The Northern Miner February 1-7, 2016

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FEBRUARY 1-7, 2016 / VOL. 101 ISSUE 51 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Leaders debate industry’s return on investment ROUNDTABLE

| Does the mining sector have an ROI problem?

KWG turns to China for help in Ring of Fire CHROMITE

| Junior hopes railway partnership can lead to offtake agreement

BY TRISH SAYWELL tsaywell@northernminer.com

I

ndustry leaders weighed in on whether the mining sector has performed poorly on its return on investment (ROI), and what can be done about it, at The Northern Miner’s roundtable discussion in Toronto in mid-January.

The roundtable — sponsored by PwC and moderated by Northern Miner publisher Anthony Vaccaro — augments the Miner’s independent research on the topic, which will be published in early March.

Results from our survey on ROI show that 71% of respondents share the impression that mining ranks worse than the average of all sectors of the economy, while 52% of those polled agree or strongly agree that an overabundance of capital entering the mining industry in the mid-2000s led to development of lower-quality projects that wound up driving down ROI in the sector.

President and CEO of Goldcorp (TSX: G; NYSE: GG) Chuck Jeannes kicked off the roundtable discussion by noting that during the last bull market the industry — including Goldcorp — “chased ounces” and “allowed cut-off grades to decline just about as fast as the gold price was going up,” which lifted costs per ounce. Over 10 years, he added, the “compound annual growth rate (CAGR) of the gold price was 16% and the CAGR of the cost was 15%, and so that’s what happened to our margins.”

Rob McEwen, founder and executive chairman of McEwen Mining (TSX: MUX; NYSE: MUX), pointed out that current capital constraints are imposing “discipline to the market,” after financiers and investment dealers “seduced the industry into believing there was an endless supply of money, and they’d give it to you on a handshake, almost, and you’d go build.” Companies then built bigger and bigger operations with a lot of moving parts that could be easily delayed, throwing projects off schedule and budget.

Andrew Cheatle, executive director of the Prospectors & Developers Association of Canada, said that

BY TRISH SAYWELL tsaywell@northernminer.com

A At the TNM Roundtable at the Montecito restaurant in Toronto, from left: Andrew Cheatle, executive director of the Prospectors & Developers Association of Canada; Geoff Burns, director at Pan American Silver; Catharine Farrow, CEO of TMAC Resources; and Charles A. Jeannes, president and CEO of Goldcorp. PHOTO BY STEPHEN FERRIE

railway design and engineering company named China Railway First Sur vey & Design Institute Group Co. (FSDI) and owned by China Railway Construction, one of China’s three major state-owned rail groups, is teaming with KWG Resources (CSE: KWG) to study the design and financing options for building a railroad to the junior’s chromite deposits in the remote Ring of Fire area of northern Ontario.

KWG’s agent in China, Golden Share Mining (TSXV: GSH), facilitated the memorandum of understanding (MOU) between the two companies, and will help See KWG / 11 PM40069240

Rob McEwen, executive chairman of McEwen Mining (left); and Calum K. Semple, partner and global mining consulting leader at PwC. PHOTO BY STEPHEN FERRIE

investors see the mining industry as high risk.

“And the fact of the matter is, we are high risk. Some of our studies, for example, show that if you take 100 companies over 10 years, only 22 of those will give you a positive return on your investment,” he noted, adding that those that do can offer “massive” returns. For discerning where to invest, “you have

to go back to fundamental issues ... [and] underlying geology,” and whether the company and project offe s “flexibility.”

As moderator, Vaccaro asked whether the mining industry suffers from a lack of innovation and new technology, and the kind of management “disruptors” seen in a number of other industries, such as Elon Musk, who has turned con-

ventional thinking on its head with his rockets, fintech and electric cars.

Responses were mixed. Some, like Geoff Burns, director of Pan American Silver (TSX: PAA; NASDAQ: PAAS), said the mining industry has incorporated technology on a wider scale than it gave itself credit for and adopetd it increSee ROUNDTABLE / 2

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FEBRUARY 1–7, 2016 / THE NORTHERN MINER

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Leaders debate industry’s return on investment ROUNDTABLE From 1

mentally, pointing to computer control-systems and guidance and fuel-control systems as examples. He argued that “there hasn’t been any revolutionary technology adapted specifically to mining,” adding that the oil and gas industry has a lot more money to spend on research and development than the mining industry does.

Catharine Farrow, CEO of TMAC Resources (TSX: TMR), said there have been a few advances in metallurgical processes — some as simple as froth cameras — and noted that her company might put a concentrator completely underground at its Hope Bay gold project in the Arctic.

Doug Pollitt, an analyst at Pollitt & Co., added that while much of newest tech in mining “hasn’t been that sexy,” there has been a lot of technology adapted in the industry, such as optimized dispatch systems and GPS on the end of shovels, which help operators selectively mine pits and benches.

Others, like Jeannes and McEwen, disagreed.

“Sorry, we’re doing tele-remote skips and automated haulage and scoops now, but the technology has existed to have an entirely 100% automated underground mine for 20 years, and nobody’s done it — nobody,” Jeannes said. “Every time we go to find a new mine manager or a new technical services manager, we look for the greyest hair, the one that has the most experience, the one that has built six other mines just like this, rather than someone who may have a new idea.”

“THE TECHNOLOGY HAS EXISTED TO HAVE AN ENTIRELY 100% AUTOMATED UNDERGROUND MINE FOR 20 YEARS, AND NOBODY’S DONE IT — NOBODY.” CHUCK JEANNES PRESIDENT AND CEO, GOLDCORP

McEwen added that “if you look at the technology industry, they’re innovating all the time, and they don’t have long-life duration on their products.”

Jason Neal, managing director and global co-head for BMO Metals & Mining Group, said that from a banker’s perspective, when companies go out to raise money and put together initial public offe ing presentations, one thing they try to do is show that everything about the project is completely conventional and therefore lower risk.

Calum Semple — partner and global mining consulting leader at PwC, who crossed over to mining from the manufacturing sector — argued that mining is a “fundamentally a process industry” and that while you can’t change what’s in the ground or the market price, you can change everything else.

“There’s so much to be learned from energy and manufacturing,” he said. “Mining to me is where manufacturing was in the late eighties.”

Chris MacIntyre, vice-president of corporate development at Reservoir Minerals (TSXV: RMC; US-OTC: RVRLF), said the industry “doesn’t take in young people,” citing Queen’s University, which may graduate about 120 mining engineers this year. “How many jobs are they going to get? Four? Five? ... they’re going to be driving buses for the City of Kingston … there needs to be a better way of bringing these people

Feb 1 Pgs 1 2 3 4 5 11 13 14 16.indd 2

into the business in diffe ent ways.”

TMAC’s Farrow emphasized the need to widen the talent pool by creating a corporate culture that welcomes more young people, aboriginal employees and women.

According to Pollitt, one of the things that make it tough to provide a decent ROI in the gold sector is small in relation to the capital flows that see it as an asset class unto itself. “When the asset comes into favour, there’s more money than there are available opportunities where returns are available at the margin,” he said. “Money doesn’t sleep, it’s got to go somewhere. And so it goes into suboptimal market opportunities.” Pollitt noted that “over a long enough time frame, if you look at cash in versus cash out, gold mining has been disappointing — certainly since 1980.”

Pan American Silver’s Burns emphasized that it’s tough for miners to invest in research and development, or continue to invest in exploration, when they are dealing with volatile commodity prices, which in the case of silver, has plunged from US$35 per oz. in 2013 to US$14 per oz. today. “Have you ever seen a Starbucks coff e go from $1.95 to 70¢? It doesn’t happen.” He added that “we all sinned when prices went up, but the reality is that if prices were higher now, we wouldn’t be sitting around this table talking about ROI.” BMO’s Neal said that many mining acquisitions were made at the high point in the market and paid for with cash rather than shares.

“When you put cash in an acquisition, it turns it from a relative exercise into an absolute exercise ... you’re betting on a commodity price because you’re changing your capital structure at the same time … then you put it on your balance sheet … and you go from US$1,800 gold to US$1,100 gold. You’re never going to generate a return on what was there.”

In addition to using conventional metrics like ROI in a cyclical industry like mining where commodity prices can swing wildly, Neal and others remarked on the shorter time horizons often used in evaluating projects by institutional and retail shareholders compared with boards and management teams, while Pollitt mused on gold miners impacting their end price, rather than being “price-takers.”

McEwen noted the barrier to entry in mining isn’t always high, and that “you have a lot of entrants at various points when money is plentiful, and so you’ll get this boom-and-bust type of mentality.”

He raised the issue of disappearing members of the investment community, adding that “most of the analysts right now are hiding under rocks ... they don’t want to look at anything other than cash flow.”

David Smith, Agnico Eagle Mines’ (TSX: AME; NYSE: AEM) senior vice-president of finance and chief financial officer, stressed the importance of maintaining exploration during down times.

PwC’s Semple said that a good management team in any industry is hard to find, but it’s even harder in mining, given the sector’s commodities mix, geography and mining methods. “There are a ton of mining companies out there that frankly don’t have good management teams,” he said. “You could give a lot of management teams a good portfolio of assets to manage, and I guarantee you that before the market turns again, they’ll drive that through the floor.”

He says many miners have not prepared for the next generation of leaders. “When you look at the good management teams, they haven’t all done a great job on succession ... so what’s next?” TNM

Jason Neal, managing director and global co-head at BMO Metals & Mining group (far left); Elena Mayer, senior manager of client relationship, mining at PwC Canada; and Doug Pollitt, analyst at Pollitt & Co. PHOTO BY STEPHEN FERRIE

From left: Calum K. Semple, partner and global mining consulting leader at PwC; David Smith, senior vice-president of finance and CFO at Agnico Eagle Mines; and Jason Neal, managing director and global co-head of BMO Metals & Mining group. PHOTO BY STEPHEN FERRIE

Andrew Cheatle, executive director of the, Prospectors & Developers Association of Canada (left); and Geoff Burns, director at Pan American Silver. PHOTO BY STEPHEN FERRIE

Chris MacIntyre, vice-president of corporate development, Reservoir Minerals. PHOTO BY STEPHEN FERRIE

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THE NORTHERN MINER / FEBRUARY 1–7, 2016

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Western Copper sees Casino as an economic driver in the Yukon SITE VISIT

| Long-life copper mine positioned for future market upswing

Western Copper and Gold president and CEO Paul West-Sells in the core shack at the Casino copper project, 50 km northwest of Carmacks in the Yukon. PHOTO BY MATTHEW KEEVIL

BY MATTHEW KEEVIL mkeevil@northernminer.com WHITEHORSE, YUKON

I

t may not be the best time to develop a bulk-tonnage mining operation, but Western Copper and Gold (TSX: WRN; NYSEMKT: WRN) is sure that the Casino copper-gold deposit will be one of the first projects off the production line when markets emerge from their current financial paralysis. And it’s pretty hard to argue, considering the asset is a rare beast due to its potential as a long-life, open-pit copper-gold porphyry mine in a stable Canadian jurisdiction.

Helicopters kick up clouds of dust at the well-established Casino base camp, 150 km northwest of Carmacks in west-central Yukon, as environmental crews take flight to complete late-stage baseline work and advance the project through the territory's regulatory process. It’s late August and Western Copper is running a pretty lean operation since it is well beyond the exploration and engineering stage. Casino is practically shovel-ready, outside of its mining permits.

Casino’s claims — which cover over 130 sq. km of well-rounded ridges and hills dotted with sparse black spruce and paper birch trees — have a history that dates back to silver-lead exploration in the early 1900s.

The game-changing porphyry discovery didn’t come until the late 1960s, however, with soil geochemistry results from a trenching program.

When Western Copper acquired a 100% stake in Casino in 2006, the main deposit already had over 80,000 metres of drilling data, and the company proceeded to add another 31,000 metres between 2008 and 2012.

A feasibility study followed in 2013, and it remains the most upto-date technical document filed

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Core racks and facilities at Western Copper and Gold’s camp at the Casino copper project. PHOTO BY MATTHEW KEEVIL

at Casino.

Due to Western Copper’s confidence in its copper-gold-molybdenum resource and mine planning, the company is fully committed to watching the markets, shopping for financing and advancing the project through the Yukon Environmental and Socio-economic Assessment Board's (YESAB) review process.

“I like bringing people to site because it illustrates just how relatively simple our mine plan is going to be and that there are not a lot of earthworks that need to be done to get things up and running,” president and chief operating officer Paul West-Sells says while standing in front of long rows of carefully stacked core boxes.

“What we’ll look at here is extremely conventional flotation technologies that are used at numerous copper operations in B.C. When we inherited the project it was, for the most part, drilled off. We’re dedicated to building this large,

important mine in the Yukon,” he adds.

Western Copper’s plan envisions a conventional open-pit mine, concentrator complex and heap-leach operation. The company will focus on Casino’s oxide cap, which would be heap-leached at 25,000 tonnes per day to produce gold and silver doré.

The main sulphide deposit will be processed via the 120,000-tonneper-day concentrator to produce copper-gold-silver and molybdenum concentrates.

The study is based on proven and probable millable reserves of 965 million tonnes grading 0.2% copper, 0.24 gram gold per tonne, 0.023% moly and 1.74 grams silver per tonne. Total contained metal in the combined millable and heapleach reserve is equal to 4.5 billion lb. copper, 8.9 million oz. gold, 483 million lb. molybdenum and 65 million oz. silver.

“It’s important to pay attention to the weathering profile of the

deposit because it influences what we’re doing with the metallurgy.

The cap of the deposit on top of the hill in front of us contains the gold-enriched oxide zone, created by a lack of glaciation that has essentially no pre-stripping at all,” West-Sells points out in Western Copper’s core shack.

“So that gets mined off and put on

a heap-leach pad. Beneath there’s a thin supergene oxide zone we won’t process. Then you get into the supergene sulphides and the hypogene, which are the rich copper minerals that also contain gold. Those will go through our flotation process, and offer most of the value for the project,” he continues.

The copper grades are indeed low, but gold credits help make up the diffe ence. Western Copper’s reserve grade sits at 0.5% copper equivalent.

And that’s why Casino appears economic at less than US$3 per lb. copper. Assuming a red metal price of US$2.35 per lb., the proposed mine features a US$1.3-million net present value at an 8% discount rate and a 17.5% internal rate of return.

The operation would annually produce 171 million lb. copper, 266,000 oz. gold, 1.4 million oz. silver and 15.5 million lb. moly.

The next stage of our journey is a 15-minute helicopter flyover of the Casino site atop the Dawson Range.

West-Sells points out the location of the f lotation tanks where the cafeteria stands, and where Western Copper intends to place its flooded tailings facility. The company will likely move concentrates to port in Skagway, Alaska.

Planned infrastructure include a 132 km unpaved road from the end See WESTERN COPPER / 13

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FEBRUARY 1–7, 2016 / THE NORTHERN MINER

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E D I T O R IA L

O P- E D

Mining and ROI

ICSG: Copper market remains in balance as prices wallow

EDITORIAL

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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| Refocusing on profitability in mining

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n mid-January, The Northern Miner was once again privileged to host the latest in our popular series of Roundtable discussions featuring a who’s who of mining leaders in Canada. Held in downtown Toronto and sponsored by accounting powerhouse PwC, the discussion was moderated by Northern Miner publisher Anthony Vaccaro,

BY JOHN CUMMING jcumming@northernminer.com and we asked: Does mining have a return on investment (ROI) problem?

As we enter our fifth — and hopefully last — year of the commodities downturn, and the crazy days of growth-for-growth’s sake of the mid-2000s are long behind us, it’s hard to disagree on the need for a solid ROI to restore robust financial health to our industry.

And while there’s little that mining industry professionals can do to change the nature of mineral deposits or the current metal prices, there’s wide scope for taking a fresh look at how we do things, whether it be financing alternatives, smarter exploration or more enlightened management decision-making.

Our Roundtable participants were an all-star panel representing diverse industry viewpoints: Geoff urns, a director and recently retired head of Pan American Silver; Andrew Cheatle, executive director of the Prospectors & Developers Association of Canada; Catharine Farrow, CEO of Hope Bay gold developer TMAC Resources; Chuck Jeannes, president and CEO of Goldcorp; Chris MacIntyre, vice-president of corporate development at junior Reservoir Minerals, which is having great success in Serbia; Rob McEwen, gold mogul and executive chairman of McEwen Mining; Jason Neal, managing director & global co-head of BMO Metals & Mining group; Doug Pollitt, analyst at boutique brokerage house Pollitt & Co.; Calum K. Semple, partner and global mining consulting leader at PwC; and David Smith, senior vice-president of finance and CFO at gold major Agnico Eagle Mines.

Goldcorp's Jeannes was blunt about some the industry's past problems: “Something that Goldcorp shared as a sin along with a lot of other companies was that, as the gold price was rising and as revenues were rising, we chased ounces ... As a whole, our industry allowed cutoff ates to decline just about as fast as the gold price was going up. And the net result, everybody always says, ‘Well, we couldn't help what the costs were.’ They were going up on a per-ounce basis, because there was cost inflation, but also because we were chasing the top line growth.

And by lowering those cut-off ates the tons of material that you had to move to make an ounce of gold went up, so the cost per ounce went up.”

If you haven’t already, please turn to page 1 for Trish Saywell’s coverage of the discussion’s highlights. A full report will follow during the PDAC convention in March.

In our own survey of readers carried out in early January, 55% of respondents agreed that miners had strayed from best practices in recent years, and that ROI had suffe ed as a result.

In the eyes of the respondents, the single worst ROI driver has been: over-optimistic commodity price predictions over the mine’s life (41%); overestimated capital expenses (22%); longer project development time, owing to more regulations and slower permitting (16%); and new deposits being lower grade and located in remote areas (9%).

Our readers had a few prescriptions of their own for the one best way to improve ROI, including: better financial discipline in deciding which projects to develop (47%); better cost estimation in feasibility studies (20%); better financial discipline in mergers and acquisitions (10%); and more pressure from shareholders on management to focus on ROI (7%).

Survey respondents also had an appetite for the old days when major mining companies reduced project risk at the expense of ROI by slowing down new mine production ramp-up, versus the modern style of kicking off ith a mega-project. Respondents were also keen for major mining companies get involved earlier in the exploration game to grab more of a project’s upside, in the mold of today’s Agnico Eagle Mines.

A note to readers We always strive to improve our products, and you may have noticed we now have colour on every page of the newspaper. Less visible is our switch to a new financial data provider: Fundata, which is partly owned by our parent company Glacier Media. Our new stock data is much better integrated with our Canadian & American Mines Handbook, which makes for higher-quality stock data that is updated daily. TNM

DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . 7

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . 12-13 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Agnico Eagle Mines..................................... 2 Agrium.........................................................14 Alamos Gold...............................................13 Alcoa............................................................13 AngloGold Ashanti....................................13 Barrick Gold...........................................13,16 China National Gold..................................13 China Railway Construction...................... 1 Glencore.......................................................16 Goldcorp........................................................ 1 Golden Share Mining................................... 1 Hecla Mining..............................................13 Iamgold........................................................13 Intercedent..................................................11 Kinross Gold..........................................13,16 KWG Resources............................................ 1 Lidya.............................................................16

Lundin..........................................................13 Mariana Resources.....................................16 McEwen Mining........................................... 1 Mosaic..........................................................14 Newcrest Mining........................................13 Newmont Mining.......................................16 Pan American Silver..................................... 1 Potash Corp. of Saskatchewan................14 Reservoir Minerals....................................... 2 Rio Tinto......................................................13 Sandstorm Gold..........................................16 Teck Resources.......................................13,16 TMAC Resources......................................... 2 Vale...............................................................13 Western Copper and Gold.................................... 3 Yamana Gold...............................................13

FACTS ‘N’ FIGURES

| Indonesia and Peru see rebound in mine production

The following is an edited summary of the International Copper Study Group’s (ICSG) January 2016 Copper Bulletin. For more information and to buy the bulletin, visit www. icsg.org.

A

ccording to preliminary ICSG data, the refined copper market for October 2015 (excluding the adjustment for changes in China’s bonded stocks) was roughly balanced, with an apparent production surplus of only 2,000 tonnes. When making seasonal adjustments for world refined production and usage, October showed a small production deficit of 3,000 tonnes. The refined copper balance for the first 10 months of 2015, including revisions to data previously presented, indicates a production surplus of 60,000 tonnes (and a seasonally adjusted surplus of 122,000 tonnes). This compares with a production deficit of 485,000 tonnes (a seasonally adjusted deficit of 426,000 tonnes) for the same period of 2014.

THE AVERAGE COPPER PRICE IN 2015 WAS US$5,494.50 PER TONNE, WHICH IS 20% BELOW PRICES IN 2014.

In the first 10 months of 2015, world apparent usage declined an estimated 1% (210,000 tonnes), compared with that in the same period of 2014. Excluding China, world usage declined 3.5%. Although Chinese apparent demand increased 1.5%, usage declined 4.5% and 7% in the European Union and Japan, and 46% in Russia (following the withdrawal of Russia’s cathode export tax in September 2014). On a regional basis, usage increased an estimated 1% in Africa, Asia and in the Americas, while declining10% and 60% in Europe and Oceania.

World mine production increased 3.5% (520,000 tonnes) in the first 10 months of 2015, compared with production in the same period of 2014. Concentrate production increased 4%, while solvent extraction-electrowinning increased 1%. The increase in world mine production mainly owed to a recovery in production levels at operating mines in Indonesia (with a 61% growth in Indonesian mine production, while in 2014, output was constrained by a seven-month ban on concentrates exports) and an 18% increase in Peruvian out-

put (benefitting from higher production rates at operating mines and ramped-up production from mines that started in 2014 and 2015). Production increased 0.7% in Chile while staying the same in the U.S. and China. On a regional basis, production rose 4% in South America, 10% in Asia and 1.5% in Europe. However, production declined 2% and 3.5% in Africa and Oceania, and remained flat in North America. The average world mine capacity use rate for the first 10 months of 2015 declined to 84% from 85% in the same period of 2014.

World refined production increased an estimated 1.8% (330,000 tonnes) in the first 10 months of 2015, compared with refined production in the same period of 2014, with primary production up 2% and secondary production (from scrap) essentially unchanged.

The main contributor to growth in world refined production was China (up 4%), followed by the Democratic Republic of the Congo and India, where production increased 5%. Output in Chile and Japan (the second and third leading refined copper producers) declined 2% and 3%, while in the U.S. (the fourth-largest refined copper producer), production dropped 2%. On a regional basis, refined output increased in Africa (5%) and Asia (4%), and decreased in the Americas (-1%) and in Oceania (-7%), while staying the same in Europe. The average world refinery capacity use rate for the first 10 months of 2015 was practically unchanged at 83%, compared to the same period of 2014.

Based on the average stock estimates provided by independent consultants, China’s bonded stocks declined 160,000 tonnes in the first 10 months of 2015 from the yearend 2014 level. Stocks declined 63,000 tonnes in the same period of 2014. In the first 10 months of 2015, the world refined copper balance adjusted for the change in Chinese bonded stocks indicates a 100,000-tonne production deficit, compared with a 550,000-tonne deficit in the same period of 2014.

The average LME cash price for December was US$4,629 per tonne, down from the November average of US$4,808.24 per tonne.

The 2015 high and low copper prices were US$6,448.00 (on May 12) and US$4,515.50 per tonne (on Nov. 23), and the year average was US$5,494.50 per tonne (20% below 2014 annual average). As of the end of December, copper stocks held at the major metal exchanges (LME, COMEX, SHFE) totalled 481,868 tonnes, in a 175,431-tonne (57%) increase from stocks held at the end of December 2014. Compared with December 2014 levels, stocks were up at the three exchanges. TNM

A headframe at the Oyu Tolgoi copper mine in Mongolia. TURQOISE HILL RESOURCES

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GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 1–7, 2016

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TSX Venture Exchange pledges to revitalize, diversify CAPITAL MARKETS

BY TRISH SAYWELL

A

tsaywell@northernminer.com

town hall meeting to discuss the TSX Venture Exchange’s proposed improvements to Canada’s public venture market filled a large ballroom at the Sheraton Hotel in Toronto on Jan. 18.

The meeting was called to discuss the findings of a recent White Paper by the TSXV on revitalizing the exchange, based on interviews and discussions with hundreds of clients and other stakeholders about the major factors impeding the venture market’s success.

“After gathering feedback from clients last year, we ranked ideas by how much they would impact the venture market, and awarded greater weighting to those that could be implemented sooner than later,” TSX Venture Exchange president John McCoach remarked. “We decided to focus on things we could influence, as opposed to try to make changes that were in other people’s control.”

After distilling all the feedback, the TSXV determined three priorities: reducing compliance and administrative costs for clients without compromising investor confidence; expanding the investor base funding TSXV companies and generally enhance liquidity; and diversify and grow the stock list for the marketplace.

“THERE OBVIOUSLY IS NO SINGLE MAGIC SOLUTION.” JOHN MCCOACH PRESIDENT, TSX VENTURE EXCHANGE

So far the TSXV has identified 23 initiatives that it says will help achieve these goals. “Some of the initiatives are well underway and others are a work in progress, but there is obviously no single magic solution,” McCoach said. “There is no finish line — we’ll start with these 23 initiatives, and ... we’re going to continue to refine the initiatives and put more meat on the bones on the ones that are not fully developed, and we’re going to come up with new ideas.”

On the cost-cutting front, McCoach said the TSXV will look for proxies for sponsorship, as sponsorship requirements can make up much of the time and cost ($50,000 to $100,000) of going public.

“All companies are required to obtain a sponsor, with some exceptions ... but we’re going to turn that concept on its head, and we’re going to start with the premise that sponsorship is not required unless there is no independent due diligence or other proxy, or sponsorship for that due diligence,” he said.

If a private company was backed by a venture capital firm, McCoach said, as an example, the TSXV would recognize that the venture capital firm had gone through a lot of due diligence, and had probably done the same due diligence a sponsor would have, and in that case, the exchange would not need sponsorship.

Another example would be if a company had meaningful sales or had its business vetted by its customers. In this case, the TSXV would not need sponsorship either, McCoach said.

“Last year a company from Newfoundland went public and most of their sales were to the U.S. Navy, and

Feb 1 Pgs 1 2 3 4 5 11 13 14 16.indd 5

| TSXV president McCoach vows to be ‘a lot more aggressive’

we looked at the due diligence that the U.S. Navy did in this particular case and it was very, very extensive, so we waived sponsorship.”

The TSXV can also revise the exchange’s shareholder approval requirements so that they do not apply to inactive companies completing an arm’s-length transaction, such as a change of business or reverse takeover.

“In our view, and in the view of stakeholders we spoke to [mid-year], those shareholders have given management a proxy to go out and find a business opportunity for that company,” McCoach said, adding that the change would save companies months in scheduling a shareholders’ meeting, and anywhere from $20,000 to $40,000 in costs.

“These are changes to policy and will require Securities Commission approval,” he said. “But we are drafting these as we speak, and will submit to the Securities Commission in the next few weeks.”

Other changes to enhance the public market experience for clients include extending the time to renew personal information forms from three years to five years; providing automated online filings (the TSXV already offe s this for private placement transactions, but now plans to expand the service to other transactions); implementing a more responsive system to accelerate transaction processing (to provide comments within a certain number of days); eliminating TSXV’s escrow requirements; and applying only the Canadian Securities Administrator’s national policy on escrow. The TSXV might also eliminate Tier 1 and Tier 2 boards.

To expand the base of investors that fund TSXV companies and enhance liquidity, McCoach said the exchange must work harder to attract more investors to the marketplace, as well as support dealers who have expertise in public venture capital, and attract other dealers that do not.

It plans to highlight the TSXV’s track record and showcase the success stories listed on the exchange, and get these companies out in front of more fund managers, retail investors, investment advisors, investment bankers and research analysts.

“We’re going to be a lot more aggressive,” McCoach said. “We’ve committed capital and new initiatives to showcase over 200 companies in 2016.”

The TSXV will reduce the barriers U.S. investors face in Canadian markets. “Fifteen years ago it was just as easy for an American to buy stocks on the TSXV or TSX as it was for a Canadian to buy shares on a U.S. exchange,” McCoach said. “A number of things have happened and it has become far more complex for Americans to now participate in our marketplace ... we’re going to do our PhD on this topic and try to identify what the issues are, and we’re going to try to reduce those barriers.”

Helping on that front, he added, are its partners in the trading group and its own legal counsel and data group, as well as law and brokerage firms that have cross-border experience.

The exchange is also working for more direct communication between issuers and developers, such as developing mobile and webbased tools to stream summaries of treasury offerings from listed

Attendees listen to a speaker at the TSX Venture Exchange town hall meeting in Toronto last month. TMX GROUP

companies.

Other plans include introducing a market-making program between issuers and qualifi d market makers, and creating investor analytic programs and research products. It also wants more stringent criteria for listing on its NEX Board, which was created in 2003 to provide a market for former Tier 1 and Tier 2 issuers that drop below the exchange’s continued listing requirements (CLR), or do not have active businesses. The companies that do not meet CLR are not de-listed (unless there are other reasons to do so), but are moved to NEX and identifi d with the trading symbol suffix “H” to show they are inactive.

The venture also wants to amend and simplify CLR, and provide more tools for companies to reactivate from NEX. The TSXV’s goal to diversify its stocklist and include more nonresource companies appeared to resonate the most at the town hall.

While there are almost 500 nonresource companies listed on the exchange, 71% are still resource companies.

“The perception of the Venture in the U.S. is that it is full of resource companies that are poorly capitalized,” one attendee said during the question-and-answer period.

One way the TSXV hopes to change that is by recruiting smalland medium-sized sale teams that bring new companies from diverse industries (and compensate the SME sale teams that bring companies to the marketplace). It is opening four new offices: one on the West Coast, one in Montreal or Ottawa, a third in New York or Boston, and a fourth in either Palo Alto or San Francisco.

It is also ensuring that private equity firms, venture capital firms and angel investors see the TSXV as an exit strategy for early-stage companies, and explore alliances with other exchanges, like the one it has with the Santiago Stock Exchange (which provides qualifi d TSXV-listed companies with dual listings).

“We have to work hard to change the perception of the venture market in that it is not just resources,” TMX Group’s president and CEO of Global Equity Capital Markets Nick Thadaney said. “We hitched our pony ... to the resource wagon, and guess what, that isn’t going to work so well right now. So we have some work to do.” TNM

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6

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FEBRUARY 1-7, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 18–22 The Toronto stock market ended in positive territory, as oil prices strengthened and investors considered possible monetary easing by central banks in Europe and Japan.

The S&P/TSX Composite Index rose 2.6% to close at 12,389.58. The S&P/TSX Global Mining Index, however, slipped 1.2% to 38.67, while the S&P/TSX Capped Diversified Metals & Mining Index added 0.6% to finish at 256.43. The S&P/TSX Global Gold Index dropped 3.2% to 127.30, despite the spot gold price climbing US$9.20 per oz. to US$1,098. The March contract for benchmark crude increased 9.4% to US$32.19 per barrel, and the loonie gained nearly two cents to finish at US70.67¢.

Nevada Copper shares climbed 25% to 60¢, after announcing Victor Bradley, a lead director since 2013, will become the non-executive chair. Bradley has more than 50 years in the industry. He founded Yamana Gold in 1994 and more recently served as the chair of Osisko Mining, which Agnico Eagle Mines and Yamana acquired in June 2014. Nevada Copper owns the feasibility-stage Pumpkin Hollow copper project in Nevada.

Sherritt International rose 22% to 72¢ per share, after releasing its 2015 production results. Annual nickel output on a 100% basis included 47,271 tonnes from the

Ambatovy mine and 33,705 tonnes from the Moa mine, up 28% and 2% from 2014. Oil and gas production totalled 11,158 barrels of oil per day and power production came in at 2,707 gigawatt hours, both slightly higher than the previous year. BMO analyst Aleksandra Bukacheva notes the production results are in-line with forecasts, but cautions that declining nickel prices are a “major overhang on Sherritt’s viability.”

The week before, the miner announced it expects a $1.6-billion, after-tax non-cash charge on its 40% stake in Ambatovy, due to softer metal prices. “Unless near-term debt restructuring takes place, we estimate that Sherritt could have a funding shortfall of $95 million in 2016, if commodity prices remain at current low levels,” Bukacheva TSX MOST ACTIVE ISSUES

VOLUME (000s) HIGH

First Quantum Teck Res Suncor Energy Barrick Gold Kinross Gold B2Gold Eldorado Gold Yamana Gold Lundin Mng Goldcorp

FM TCK.B SU ABX K BTO ELD YRI LUN G

WEEK LOW CLOSE CHANGE

50791 3.50 2.15 2.58 30392 5.84 4.36 5.29 29722 31.54 27.32 31.33 24288 12.22 10.76 12.16 19783 2.24 1.91 2.21 19720 1.07 0.92 0.93 18632 3.48 2.92 3.23 17925 2.30 2.00 2.16 15147 3.51 2.98 3.29 14635 15.23 13.55 14.37

- + + + + - - - + -

0.51 0.80 0.11 0.67 0.06 0.13 0.08 0.11 0.16 0.64

says. She has a $1 target and “market perform” rating on the stock.

Nevsun Resources advanced 24¢ per share to $3.60 after reporting the zinc expansion project at its Bisha copper mine in Eritrea is on track and under budget. The expansion is over 90% complete and could come $20 million under the $100-million budget. Ore commissioning is expected in the second quarter of 2016, followed

by production later in the year. With the expansion, Nevsun can process copperzinc-gold-silver ore at a rate of up to 2.4 million tonnes a year, and produce copper and zinc concentrates from the copper f lotation and zinc f lotation plant. Based on the open-pit mine plan, Bisha should crank out an average 225 million lb. zinc and 53 million lb. copper concentrate per year through 2025. TNM

TSX GREATEST PERCENTAGE CHANGE

VOLUME (000s) HIGH

Philippine Mtl Vanstar Mng Rs Geodex Mnrls Barker Mnrls Fieldex Expl Kings Bay Gold Claim Post Res Graniz Mondal RT Minerals Phoenix Metals Altitude Res Adex Mining Alloycorp Mng Nubian Res Laurion Mnl Ex Bullion Gld Res Bayswater Uran Falcon Gold WAI Cap Invest Granite Ck Gld

PHI VSR GXM BML FLX KBG CPS GRA.H RTM PHC.H ALI ADE AVT NBR LME BGD BYU FG WAI GCX

104 1070 304 48 304 45 1000 40 296 321 19 521 664 194 117 2053 28 110 787 132

0.03 0.07 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.02

TSX GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.00 0.03 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.02 0.01

Labrador Iron Teck Res Teck Res Barrick Gold Cameco Corp Agrium Nevsun Res Richmont Mines Lundin Mng Energy Fuels Franco-Nevada Royal Gold Agnico Eagle Seabridge Gld Silver Wheaton Detour Gold Potash Corp SK Silver Std Res Osisko Gold Tahoe Res

0.03 0.07 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01

+ 150.0 + 133.3 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 53.3 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME (000s)

LIF TCK.A TCK.B ABX CCO AGU NSU RIC LUN EFR FNV RGL AEM SEA SLW DGC POT SSO OR THO

WEEK CLOSE CHANGE

2609 8.45 15 7.80 30392 5.29 24288 12.16 5009 16.38 1673 124.32 1723 3.60 496 4.75 15147 3.29 310 3.00 3396 60.15 50 37.44 4604 38.64 1539 8.40 7413 14.99 6072 15.12 14319 22.78 2371 5.56 1136 13.14 4829 10.01

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

1.28 0.85 0.80 0.67 0.66 0.48 0.24 0.22 0.16 0.14 5.50 3.81 2.12 1.43 1.21 1.13 0.92 0.84 0.78 0.72

TSX VENTURE EXCHANGE / JANUARY 18–22 The S&P/TSX Venture Composite Index hit historic lows, as it dropped 1.1%, or 5.29 points, en route to a 483.67-point weekly close. Monetary stimulus measures were on the horizon for many of the world’s major economies, as European Central Bank president Mario Draghi suggested the ECB could ease its policy in March, while investors speculated that governments would intervene to bolster markets in China and Japan. The Canadian dollar closed up 3%, or US2¢, at US70.8¢.

February contracts for gold bullion gained US$5.70 before closing at US$1,097.20 per oz.

Base metal futures were also on the rise, as March contracts for copper jumped nearly 3%, or US5.8¢, en route to a US$2 per lb. close.

March contracts for West Texas Intermediate crude oil rose 9.4%, or US$2.77, before finishing at US$32.19 per barrel.

Gold Reserve led the value-lost category after releasing an update on legal proceedings against the Venezuelan government.

The company dropped 20¢ before closing at $3.21 per share.

Gold Reserve is seeking to enforce a US$765million arbitration award from the World Bank’s International Centre for Settlement of Investment Disputes. In 2009 the Venezuelan government seized the company’s half-built Brisas mine in the country, after which it

sought $2.1 billion in damages.

On Jan. 21 the company reported it had requested an order from the U.S. District Court in Washington, D.C., to pursue the attachment of assets. Meanwhile, the Venezuela government made arguments in court in the U.K. citing sovereign immunity. Gold Reserve is also pursuing legal action in France, where it waits for an arbitral award annulment hearing date in the Paris Court of Appeal.

Explorer Kennady Diamonds lost ground after releasing diamond recovery results from the Faraday kimberlites at its wholly owned Kennady North project in the Northwest Territories. Shares dropped 15¢ apeice on 40,000 traded, before finishing at $2.85 per share.

On Jan. 25 Kennady reported a Faraday 2 sample grade of 4.48 carats per tonne and TSX-V MOST ACTIVE ISSUES

VOLUME (000s) HIGH

Superior Coppr SPC XME Xmet Inc Walker River WRR Equitas Res EQT First Mg Fin FF Gold Mtn Mng GUM Tango Mining TGV Nomad Ventures NMD Gold Bulln Dev GBB RJK Explor RJX.A

8857 7203 6780 4395 4005 3901 2929 2757 2581 2410

0.01 0.01 0.07 0.08 0.40 0.03 0.01 0.01 0.05 0.01

WEEK LOW CLOSE CHANGE

0.01 0.01 0.03 0.07 0.35 0.03 0.01 0.01 0.04 0.01

0.01 unch 0.00 0.01 unch 0.00 0.07 + 0.03 0.08 + 0.01 0.38 - 0.03 0.03 + 0.01 0.01 unch 0.00 0.01 unch 0.00 0.04 + 0.01 0.01 unch 0.00

Faraday 1 sample grade of 3 carats per tonne.

The company said that after “ice-based core drilling,” the Faraday results extend the kimberlite’s strike beyond the 120 metres defined to date. Kennady has defined Faraday 2 over a 480-metre strike, and the Kelvin kimberlite over a more than 640-metre strike.

Equitas Resources saw high trading as investors digested news of a gold acquisition

in Brazil. The company saw nearly 4.4 million of its shares change hands, as it gained 1¢ en route to a 7¢-per-share close.

On Jan. 15 Equitas has a preliminary agreement to buy privately owned Alta Floresta Gold in an all-share deal. The acquisition marks a change in direction for the company, which had been looking for nickel in Labrador. TNM

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Philippine Mtl Vanstar Mng Rs Geodex Mnrls Barker Mnrls Fieldex Expl Kings Bay Gold Claim Post Res Graniz Mondal RT Minerals Phoenix Metals Altitude Res Adex Mining Alloycorp Mng Nubian Res Laurion Mnl Ex Bullion Gld Res Bayswater Uran Falcon Gold WAI Cap Invest Granite Ck Gld

PHI VSR GXM BML FLX KBG CPS GRA.H RTM PHC.H ALI ADE AVT NBR LME BGD BYU FG WAI GCX

104 1070 304 48 304 45 1000 40 296 321 19 521 664 194 117 2053 28 110 787 132

0.03 0.07 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.02

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.00 0.03 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.02 0.01

Till Capital Lithium X Egy Zenyatta Vent Nevada Expl ScoZinc Mg Wealth Mnrls Pure Energy Lara Expl Abitibi Royalt Anfield Res Gold Reserve Kennady Diam Southern Arc Bacanora Mnls Diamcor Mng Odin Mng & Exp Napier Vent Corazon Gold AM Gold Arianne Phosph

0.03 0.07 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01

+ 150.0 + 133.3 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 53.3 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME (000s)

TIL LIX ZEN NGE SZM WML PE LRA RZZ ARY GRZ KDI SA BCN DMI ODN NAP CGW AMG DAN

7 1418 414 433 16 353 2115 38 20 29 39 40 8 82 28 103 244 4 89 177

WEEK CLOSE CHANGE

5.01 0.59 0.90 0.37 0.75 0.25 0.63 0.30 2.95 0.14 3.21 2.85 0.26 1.60 0.75 0.33 0.15 0.18 0.08 0.82

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

0.24 0.19 0.17 0.08 0.08 0.08 0.06 0.06 0.06 0.06 0.20 0.15 0.15 0.14 0.12 0.08 0.08 0.08 0.07 0.06

U.S. MARKETS / JANUARY 19–22 U.S. markets were closed on Jan. 18 for the Martin Luther King Jr. holiday and seesawed the rest of the week, as West Texas Intermediate crude dipped below US$27.98 per barrel on Wednesday before finishing up 5.5% to US$32.20. The European Central Bank said interest rates would stay on hold until a policy review in March, while U.S. data showed housing resales in December rose 14.7% after falling 10.5% in November.

The benchmark S&P 500 Index and the Dow Jones Industrial Average posted their first gains of 2016, with the S&P 500 up 1.4% to 1,906.90 and the Dow Jones Industrial Average inching 0.7% higher to 16,093.51.

Spot gold advanced US$9.20 per oz. to US$1098.00, while the Philadelphia Gold & Silver Index fell 1.2% to 40.92.

Courts in Brazil suspended Vale’s port of Tubarao due to pollution concerns on Jan. 21. Vale said the closure would block 200,000 tonnes of iron ore loaded daily.

Last year, the company shipped 105 million tonnes of iron ore from the port, which made up 35% of its total output, according to HSBC. Vale’s shares were down US10¢ to US$2.27.

Feb 1 Pgs 6.indd 6

Shares of Teck Resources jumped 20% to US$3.72 on the back of a royalty deal with Sandstorm Gold worth US$22 million. Sandstorm is paying US$1.2 million in cash and US$20.6 million in shares for a 56-royalty package from Teck and its affiliates that include four producing assets, nine development projects, eight advanced projects and 35 exploration properties.

Barrick Gold gained US68¢ to US$8.58 per share. The company announced preliminary 2015 full-year production of 6.12 million oz. gold, in line with its updated guidance of 6 to 6.15 million oz. Barrick’s U.S. MOST ACTIVE ISSUES

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

Freeport McMo* FCX 391485 4.66 3.52 3.94 - 0.41 Alcoa* AA 253804 7.42 6.14 6.87 - 0.03 Vale* VALE 158093 2.43 2.14 2.27 - 0.10 Barrick Gold* ABX 140660 8.64 7.39 8.58 + 0.68 Chevron* CVX 89009 85.19 75.33 83.54 - 0.13 Vale* VALE.P 82095 1.83 1.55 1.68 - 0.12 Kinross Gold* KGC 67016 1.65 1.31 1.56 + 0.08 Potash Corp SK* POT 66660 16.75 15.43 16.09 - 0.21 Yamana Gold* AUY 65965 1.76 1.38 1.51 - 0.04 CONSOL Enrgy* CNX 60103 6.75 4.54 6.16 + 1.17

preliminary full-year copper production of 511 million lb. also met guidance of 480 to 520 million lb. The company is carrying out its annual accounting impairment review, and a preliminary analysis shows potential goodwill impairment charges

of US$1.8 billion, and asset impairment charges from US$1 billion to $1.2 billion, mostly related to Pascua-Lama and Pueblo Viejo. The company is assuming US$1,000 per oz. gold for 2016 and US$1,200 per oz. in the long term. TNM

U.S. GREATEST PERCENTAGE CHANGE

Natural Res Pt* CONSOL Energy* Teck Res* Cliffs Nat Res* Mechel* Barrick Gold* Fortuna Silvr* Cameco Corp* AngloGold Ash* DRDGOLD* Intrepid Pots* Seabridge Gld* Peabody Enrgy* Stillwater Mg* Freeport McMo* HudBay Mnls* Pretium Res* Coeur Mng* Gold Fields* Vale*

NRP CNX TCK CLV MTL ABX FSM CCJ AU DRD IPI SA BTU SWC FCX HBM PVG CDE GFI VALE.P

VOLUME (000s) HIGH

3715 60103 56475 1210 794 140660 1699 9172 25078 1284 5881 5121 9071 11047 391485 1147 4361 12238 28736 82095

WEEK LOW CLOSE CHANGE

1.25 0.50 1.17 + 36.0 6.75 4.54 6.16 + 23.4 4.13 2.67 3.72 + 20.0 1.45 1.01 1.35 + 17.4 1.54 1.23 1.47 + 9.7 8.64 7.39 8.58 + 8.6 2.34 2.00 2.31 + 7.4 11.67 10.31 11.59 + 7.2 8.14 7.09 7.85 + 7.1 2.51 2.20 2.40 + 5.7 2.27 1.78 1.86 - 13.5 7.37 5.46 5.94 - 12.4 4.20 2.83 3.45 - 12.2 6.23 4.99 5.35 - 10.2 4.66 3.52 3.94 - 9.4 2.24 1.56 1.85 - 8.9 4.94 4.00 4.23 - 8.2 1.94 1.62 1.75 - 7.9 3.23 2.83 2.90 - 7.6 1.83 1.55 1.68 - 6.7

U.S. GREATEST VALUE CHANGE

Agrium* AGU NACCO Ind* NC CONSOL Energy* CNX Black Hills* BKH Southern Copp* SCCO Cameco Corp* CCJ Barrick Gold* ABX Suncor Energy* SU Teck Res* TCK Trecora Res* TREC Franco-Nevada* FNV Mosaic* MOS MartinMarietta* MLM Newmont Mng* NEM Seabridge Gld* SA Agnico Eagle* AEM Stillwater Mg* SWC Silver Wheaton* SLW Peabody Enrgy* BTU Freeport McMo* FCX

VOLUME (000s)

WEEK CLOSE CHANGE

7710 87.80 173 45.82 60103 6.16 3783 47.27 7943 23.62 9172 11.59 140660 8.58 42096 22.12 56475 3.72 277 10.55 7432 42.46 40737 23.85 6461 123.60 44215 16.68 5121 5.94 15920 27.28 11047 5.35 23416 10.58 9071 3.45 391485 3.94

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

2.49 1.32 1.17 1.07 0.91 0.78 0.68 0.63 0.62 0.53 2.65 1.62 1.09 1.02 0.84 0.73 0.61 0.57 0.48 0.41

2016-01-26 8:01 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / FEBRUARY 1–7, 2016

7

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, January 26, 2016 Precious Metals Price (US$/oz.) $1114.70 Gold Silver $14.33 Platinum $841.00 Palladium $494.00 Base Metals Nickel Copper Lead Zinc

Change +27.70 +0.30 +15.00 +4.00

Price (US$/tonne) $8685.00 $4522.00 $1646.00 $1590.00

Change +120.00 +122.00 +28.50 +75.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 25, 2016 (change from January 18, 2016 in brackets): Aluminium Alloy 15320 (+120) Aluminium 2825425 (-10600) Copper 238825 (+5275) Lead 187900 (-1800) Nickel 449550 (-15876) Tin 5945 (-215) Zinc 479925 (+35225)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.23per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.25 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.70 Coal: CME Group Futures Feb. 2016: US$43.00; Mar. 2016: US$43.25 Cobalt: US$10.02/lb.

Copper: US$2.02/lb.

Copper: CME Group Futures Feb. 2016: US$2.04/lb.; Mar. 2016: US$2.04/lb Ferro-Chrome: US$1.82/kg Ferro Titanium: US$4.20/kg FerroTungsten: US$21.71/kg Ferrovanadium: US$13.17/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$41.10/tonne Iron Ore Fines: US$46.58/tonne Iron Ore Pellets: US$63.38/tonne Lead: US$0.74/lb.

Magnesium: US$1.99/kg Manganese: US$1.48/kg Molybdenum Oxide: US$5.44/lb.

Phosphate Rock: US$122.50/tonne Potash: US$295.00/tonne Rhodium: Mid-mkt US$650.00/tr. oz.

Ruthenium: Mid-mkt US$42.00/tr. oz.

Silver: Handy & Harman Base: US$14.28 per oz.; Handy & Harman Fabricated: US$17.84 per oz.

Tantalite Ore: : US$122.40/kg Tin: US$6.24/lb.

Uranium: U3O8, Trade Tech spot price: US$34.75/lb.; The UX Consulting Company spot price: US$34.75/lb.

Zinc: US$0.69/lb.

Prices current Jan. 26, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 22, 2016 (with changes from Jan 04, 2016) Largest short positions First Quantum FM 43209093 4578417 Lundin Mng LUN 34297322 357043 Potash Corp SK POT 32023016 4343030 New Gold NGD 26227284 982568 B2Gold BTO 23277508 853419 Yamana Gold YRI 20351484 4084459 Suncor Energy SU 19837594 1420957 Kinross Gold K 19096898 3985590 Barrick Gold ABX 16342752 2109091 Eldorado Gold ELD 14347554 2971552 Teck Res TCK.B 11379352 87281 IAMGOLD IMG 9699306 1490218 Thompson Creek TCM 8779037 77211 Goldcorp G 8639297 1790795 HudBay Mnls HBM 7717654 884414 Largest increase in short position First Quantum FM 43209093 4578417 Potash Corp SK POT 32023016 4343030 Yamana Gold YRI 20351484 4084459 Kinross Gold K 19096898 3985590 Eldorado Gold ELD 14347554 2971552 Largest decrease in short position Rubicon Mnrls RMX 2483166 -1705300 Namibia Rare E NRE 0 -1687000 Denison Mines DML 1176271 -1194214 Torex Gold TXG 6811513 -751958 Ur-Energy URE 1936750 -694329

Short positions outstanding as of Jan 22, 2016 (with changes from Jan 04, 2016) Largest short positions First Mg Fin FF 561300 560813 Pine Cliff En PNE 329300 123200 Golden Dawn Ml GOM 178000 -15100 Algold Res ALG 100200 100000 Miranda Gold MAD 89500 89500 Kootenay Silvr KTN 22000 -33500 Chesapeake Gld CKG 6900 1900 Tirex Res TXX 5900 5500 Orezone Gold ORE 3300 2800 Adventure Gold AGE 2000 -27000 Metalex Vent MTX 800 -500 Nevada Expl NGE 450 250 Alabama Graph ALP 100 -400 Midland Expl MD 0 -200 VMS Vent VMS 0 -58000 Largest increase in short position First Mg Fin FF 561300 560813 Pine Cliff En PNE 329300 123200 Algold Res ALG 100200 100000 Miranda Gold MAD 89500 89500 Tirex Res TXX 5900 5500 Largest decrease in short position VMS Vent VMS 0 -58000 Kootenay Silvr KTN 22000 -33500 Adventure Gold AGE 2000 -27000 Highland Copp HI 0 -19500 Golden Dawn Ml GOM 178000 -15100

DAILY METAL PRICES Date Jan 25 Jan 22 Jan 21 Jan 20 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1529/1555 1540/1560 1540/1560 1550/1570 Aluminum 1479/1480 1497/1496.50 1469/1470 1461/1467 Copper 4453/4453 4467/4456 4375.50/4378 4346/4351 1628/1631 1665/1663 1615/1618.50 1610.50/1612 Lead Nickel 8550/8590 8720/8760 8500/8550 8560/8610 Tin 13745/13575 13600/13550 13375/13325 13525/13425 1514/1516.50 1526.50/1527 1472.50/1478 1481.50/1482 Zinc

Jan 19 1550/1570 1493/1490.50 4440/4435 1637.50/1629.50 8675/8700 13325/13320 1522.50/1522

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

1103.70 1097.65 1096.80 Gold AM Gold PM 1106.60 1096.25 1096.50 14.22 14.17 14.01 Silver Platinum 862.00 833.00 814.00 Palladium 494.00 507.00 497.00

1087.00 1086.25 14.03 834.00 499.00

Jan 15 1.4120 0.7080

Jan 14 1.4268 0.7009

Exchange rates (Quote Media, January 15, 2016)

C$ to AUS C$ to EURO

1.0102 0.6557

C$ to UK Pound C$ to China Yuan

0.4965 4.6574

US to AUS US to EURO

1.4278 0.9261

US to UK Pound US to China Yuan

0.7010 6.5791

Jan 13 1.4504 0.6894

C$ to YEN 84.1190 C$ to India Rupee 47.8555 US to YEN 118.7800 US to India Rupee 67.5800

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Jan 22 S&P/TSX Composite 12389.58 S&P/TSXV Composite 483.67 S&P/TSX 60 727.80 S&P/TSX Global Gold 127.30 S&P/TSX Metals & Mining 256.43

Jan 21 12035.86 475.05 706.83 127.08 257.36

Jan 20 11843.11 473.74 695.03 128.08 255.68

Jan 19 12002.24 480.37 706.58 124.90 255.13

Jan 18 11942.17 485.07 703.69 131.62 252.60

High 15527.30 1050.26 896.74 218.90 954.68

Low 12400.15 883.52 709.99 149.29 691.69

NEW 52-WEEK HIGHS AND LOWS JANUARY 18–22, 2016 18 New Highs AM Gold Arch Coal* Carpathian Gld Cdn Intl Mnrls Explor Res* First Ams Gold GoldON Res Lithium X Egy Moneta Porcpn Moneta Porcpn* Paget Mrnls Southern Sun Sparton Res Sunridge Gold TMAC Resources Unigold* Walker River Zadar Vent

130 New Lows Aida Minerals Alacer Gold Alamos Gold Alamos Gold* Alcoa* Alexco Res* Alliance Res* Altius Mnrls Anglo American* Argonaut Gold Arianne Phosph* Avino Silver* B2Gold B2Gold* Balmoral Res Balmoral Res* Brazil Res Buenaventura*

Cameco Corp Cameco Corp* Canex Energy* Capstone Mng Cloud Peak En* Coeur Mng* CONSOL Energy* Contintl Gold Contintl Gold* Copper Mtn Mng Critical Elem Dalradian Res* Dundee Prec Mt Eldorado Gold Eldorado Gold* Endeavr Silver Endeavr Silver* Energy Fuels* Eurasian Mnls* Excelsior Mng First Majestic First Majestic* First Quantum Focus Graphite Focus Graphite* Freeport McMo* Gabriel Res Gear Intl* General Moly* Glencore Plc* Gold Resource* Goldcorp Goldcorp* Golden Mnls* Hecla Mining* Horizon Mnls* HudBay Mnls HudBay Mnls*

Impala Platnm* Imperial Metal Intrepid Pots* Ivanhoe Mines Ivanhoe Mines* Kinross Gold* Levon Res Ltd * Lundin Mng Lydian Intl Mandalay Res Matamec Expl* Metanor Res Mexus Gold* Midas Gold Midway Gold* Mosaic* Natural Res Pt* Nautilus Mnrls* New Gold* North Am Pall NovaCopper* Nrthn Graphite Nrthn Graphite* Nthn Dynasty* Orvana Mnrls Pan Am Silver* Paringa Res* Pilot Gold Pilot Gold* Pine Cliff En Platinum Gp Mt Platinum Gp Mt* Pretium Res* Primero Mng* Prospero Silvr* Rare Element* Reservoir Mnls*

Rio Tinto* Royal Gold Royal Gold* Royal Nickel Royal Nickel* Sandstorm Gold Sandstorm Gold* Sidney Resrces* Silver Std Res* Silver Wheaton Silver Wheaton* Silvercorp Met Silvercorp Met* Southern Copp* Stillwater Mg* Suncor Energy Suncor Energy* Tahoe Res Tahoe Res* Tasman Metals* Teranga Gold Thompson Creek Timmins Gold Timmins Gold* Tintina Mines Trecora Res* Turquoise HIl Turquoise HIl* Uranium Energy* Vale* Vanstar Mng Rs Vedanta* Western Potash Westmoreland* Wolverine Mnls* Yamana Gold* Yanzhou Coal*

CANADIAN GOLD MUTUAL FUNDS 1093.20 1101.75 14.05 820.00 486.00

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

TSX VENTURE WARRANTS

Jan 12 1.4580 0.6859

C$ to Mex Peso 13.0565 C$ to Swiss Franc 0.7190 US to Mex Peso 18.4424 US to Swiss Franc 1.0159

Jan 11 1.4560 0.6868

C$ to SA Rand 11.6524 C$ to S. Korea Won 847.9162 US to SA Rand 16.4703 US to S. Korea Won 1200.2000

FundName Jan 15 ($) AGF Prec Mtls Fd MF 14.54 BMO Prec Mtls Fd A 11.43 6.27 BMO ZGD BMO ZJG 4.55 CIBC Prec Metal Fd A 7.99 Dyn Prec Metls Fd A 4.10 Horizons HEP IGMacGloPrecMetCl A 5.23 7.96 iShares XGD Mac Prec Met Cl A 28.88 NB Prec Met Fd Inv 7.91 RBC GblPreMetFd A 18.90 Sentry PreMetFd A 23.47 Sprott Gold&PrMinFdA 23.38 3.02 Sprott SilverEquCl A TD PreciousMetals-I 23.88

Jan 08 ($) 15.01 11.78 6.53 4.83 8.28 4.19 3.75 5.36 8.22 29.61 8.19 19.60 24.29 23.59 3.13 24.80

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.47 -3.13 -9.71 2.80 123.87 -0.35 -3.01 -6.14 2.40 46.56 -0.27 -4.07 -10.12 0.63 -0.28 -5.76 -17.04 0.62 -0.28 -3.43 -12.33 2.62 43.08 -0.09 -2.15 14.01 2.66 142.08 -0.08 -2.21 -11.00 0.80 -0.13 -2.43 -7.98 2.75 49.07 -0.27 -3.22 -10.54 0.61 407.29 -0.73 -2.46 -8.10 2.51 78.17 -0.28 -3.42 -5.72 2.46 26.25 -0.70 -3.57 -11.66 2.13 253.76 -0.81 -3.35 -6.77 2.92 167.15 -0.20 -0.87 -6.17 3.15 143.18 -0.11 -3.63 -23.58 3.21 26.10 -0.92 -3.71 -11.20 2.26 100.49

For daily mining news, visit www.northernminer.com Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

GLOBAL MINING NEWS · SINCE 1915

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

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

Reprints

Short Road to Silver Production/Earning TSX.V: GRG www.goldenarrowresources.com

905 841 5004 | geotech.ca

FOCUS: BC, YUKON & NWT

DETOUR, ENDEAVOUR

A look at the players, projects and trends / 11–17

ELDORADO GOLD

Models of operational success / 3

Hits the brakes in Greece / 5

JANUARY 25-31, 2016 / VOL. 101 ISSUE 50 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Peter George fin d and sanctioned for QP work

Kaminak boosts confi ence in Coffee with new studies YUKON GOLD

| Junior enters 2016 in strong financial position

MISCONDUCT

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

Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $350.

| Reports written for Barkerville and Rubicon were littered with errors

BY TRISH SAYWELL tsaywell@northernminer.com

T

he Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) has reached a consent order with Peter Thomas George in which he has agreed to pay a $15,000 fine and $20,000 towards APEGBC’s legal costs for a disciplinary proceeding concerning a technical report that he wrote as the designated Qualified Person (QP) in August 2012 about Barkerville Gold Mines’ (TSXV: BGM) Cow Mountain deposit in B.C., and two technical reports he authored in 2011 for Rubicon Minerals (TSX: RMX) about the company’s F2 deposit in Ontario’s Red Lake camp.

“He’s admitted to all the charges, so we did not need to proceed to a public hearing,” Efrem Swartz, APEGBC’s director of legislation, ethics and compliance, told The Northern Miner by telephone from his office in Vancouver. “George’s licence was not revoked, but he must partner with other professional geoscientists to produce mineral resource or reserve estimates.”

Swartz noted that the British Columbia Securities Commission was the complainant in the case against George and that the QP admitted that not only had he demonstrated unprofessional conduct, incompetence or negligence, but that the Barkerville report and the Rubicon reports fell below the standard expected of a reasonably prudent QP and professional geoscientist in similar circumstances.

“Our role is to protect the public interest,” Swartz said, noting that the non-profit organization regulates the engineering and geoscience professions under the Engineers and Geoscientists Act and investigates complaints against members and licensees for failure to meet their professional and ethical obligations.

A helicopter at Kaminak Gold’s Coffee gold project in the Yukon in August 2015.

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

I

t’s hard to find a flaw in Kaminak Gold’s (TSXV: KAM; US-OTC: KMKGF) Coffee gold project, 130 km south of Dawson City in the Yukon. The economics of a proposed heapleach operation have held up through falling gold prices, and now the company has proven up its geological and metallurgical assumptions with a new feasibility study that crystallizes development plans at the site.

Kaminak enjoys the twin benefits of good grades and recoverability, with 82% of Coff e’s lifeof-mine material falling under the oxide classification and sitting near surface. The study is based on probable reserves of 46 million tonnes grading 1.45 grams gold per tonne for 2.2 million contained oz. The mine would crank out 1.86 million oz. gold over its decade-long life, assuming 86% gold recoveries.

The plan hasn’t changed much

PHOTO BY MATTHEW KEEVIL

when compared to a preliminary economic assessment (PEA) published in mid-2014, though Kaminak has made a few adjustments.

First, the new operation features a ridgetop heap-leach model as opposed to the old valley-fill facility idea.

Second, the company plans to access the site along a 214 km, single-lane gravel road that runs north to Dawson City. Previous plans considered piggybacking on Western Copper and Gold’s (TSX: WRN; NYSE-MKT: WRN) proposed southbound access route to its large-scale Casino project.

“There have been some swings and adjustments in terms of costs.

We cut capital expenses due to our plan to connect Coffee via the northern road,” president and CEO Eira Thomas said during a question-and-answer session. The estimated capital savings on the access route is $7 million.

“The movement from the valley-fill to ridgetop model also produced initial savings and the timeline for construction has come down a little bit, so that also added economic benefits,” she said.

Despite some savings on Coff e’s development, however, overall projected costs remain similar to those outlined in the PEA. The company expects initial capital expenditure for construction and commissioning to be $317 million, which compares to $305 million under the previous study.

One thing that has increased is throughput, with average total mining rates jumping from 64,000 tonnes per day to 92,000 tonnes per day. Strip ratio has also risen to 5.8 to 1.

“The detailed geotechnical work that goes along with the feasibility process allowed us to more accurately model the quantity of earthworks and construction items, so these projections are obviously a lot more accurate,” director of mine development Fred Lightner explained.

“Our recent metallurgical test work focused on different degrees of transitional material in the deposits. In the mine plan we have some of that material, which explains why our life-of-mine

PM40069240

Contact: moliveira@northernminer.com or 416-510-6768 See PETER GEORGE / 2

See KAMINAK / 21

COMMENTARY: AME BC'S CEO ON THE STATE OF THE PROVINCE / 4

Jan 25Pgs 1 2 3 4 5 18 19 21 22 24.indd 1

Feb 1 Pgs 7.indd 7

2016-01-19 8:01 PM

2016-01-26 8:02 PM

8

WWW.NORTHERNMINER.COM

FEBRUARY 1-7, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JANUARY 18–22, 2016

Stock

(100s)

Exc Volume

Week High

Low

Last Change

12-month

High Low

Stock

A 92 Resources V 1499 0.04 0.03 0.04 + 0.01 0.06 0.02 Abacus Mng &Ex V 1624 0.05 0.04 0.04 + 0.01 0.09 0.04 0.06 + 0.01 0.07 0.03 Abcourt Mines V 495 0.06 0.05 Abcourt Mines* O 340 0.04 0.03 0.04 + 0.01 0.05 0.02 ABE Res V 186 0.03 0.02 0.02 - 0.01 0.08 0.02 O 4 0.04 0.00 0.04 + 0.00 100.52 0.03 Aben Res* Aben Res V 6 0.06 0.00 0.06 + 0.01 0.30 0.06 0.08 + 0.01 0.13 0.07 Aberdeen Intl* O 13 0.09 0.08 Abitibi Royalt V 20 3.10 2.78 2.95 + 0.06 5.10 1.53 ABT Holdings* O 232 0.15 0.08 0.15 + 0.04 1.61 0.05 0.03 - 0.01 0.20 0.02 Active Growth V 87 0.03 0.03 Adex Mining V 521 0.01 0.01 0.01 - 0.01 0.02 0.01 V 121 0.14 0.10 0.14 + 0.01 0.20 0.06 Adventure Gold Africo Res T 13 0.45 0.41 0.45 + 0.04 0.55 0.30 Agave Silver V 259 0.03 0.02 0.02 - 0.01 0.04 0.01 Agnico Eagle T 4604 41.10 37.17 38.64 - 2.12 43.70 27.63 Agnico Eagle* N 15920 29.05 26.10 27.28 - 0.73 34.89 21.00 Agrium T 1673 126.53 119.88 124.32 + 0.48 146.51 114.87 Agrium* N 7710 88.96 81.90 87.80 + 2.49 116.81 81.06 Aim Explor* O 346 0.10 0.05 0.05 - 0.04 1.19 0.05 Alabama Graph* O 81 0.13 0.11 0.12 + 0.01 0.27 0.10 Alabama Graph V 1066 0.19 0.15 0.16 + 0.02 0.35 0.14 Alacer Gold T 3743 2.35 2.08 2.23 - 0.09 3.23 2.08 Alamos Gold T 4085 3.79 3.27 3.44 - 0.29 9.00 3.27 Alamos Gold* N 8177 2.93 2.27 2.44 - 0.13 8.53 2.29 Alberta Star* O 4 0.12 0.00 0.12 - 0.00 0.19 0.12 Alchemist Mng 495 0.05 0.03 0.05 + 0.03 0.08 0.01 Alcoa* N 253804 7.42 6.14 6.87 - 0.03 17.10 6.14 Alderon Iron T 249 0.10 0.07 0.09 + 0.02 0.37 0.07 Alderon Iron* O 31 0.05 0.05 0.05 - 0.00 0.30 0.05 Aldever Res V 121 0.19 0.16 0.16 - 0.01 0.49 0.09 Aldrin Res V 110 0.11 0.11 0.11 - 0.01 0.26 0.09 Alexandria Min V 1741 0.03 0.03 0.03 - 0.01 0.06 0.02 Alexco Res T 510 0.53 0.35 0.48 + 0.03 0.78 0.34 Alexco Res* X 1917 0.36 0.22 0.33 + 0.02 0.63 0.22 Alianza Min* O 367 0.10 0.09 0.09 + 0.00 0.24 0.07 Alix Res V 778 0.05 0.04 0.04 - 0.01 0.09 0.03 Alliance Mng V 39 0.01 0.01 0.01 - 0.01 0.05 0.01 Alliance Res* D 2597 12.45 10.02 12.38 + 0.35 41.07 10.02 Alloycorp Mng V 664 0.01 0.01 0.01 - 0.01 0.07 0.01 Almaden Mnls* X 474 0.57 0.50 0.55 - 0.02 1.23 0.48 Almaden Mnls T 97 0.83 0.73 0.78 - 0.05 1.52 0.65 Almadex Min V 32 0.17 0.15 0.15 - 0.02 0.24 0.13 Almo Capital V 11 0.13 0.09 0.13 + 0.04 0.16 0.09 Almonty Ind V 155 0.31 0.29 0.29 - 0.02 0.86 0.23 Alpha Nat Res* O 10990 0.02 0.01 0.02 + 0.01 1.48 0.01 Alphamin Res V 746 0.17 0.16 0.16 - 0.02 0.32 0.11 Alta Vista Vnt* O 6 0.14 0.11 0.11 - 0.03 0.14 0.01 Alta Vista Vnt 303 0.20 0.14 0.19 + 0.01 0.25 0.01 Altai Res V 82 0.05 0.00 0.05 - 0.01 0.12 0.05 Altair Gold V 22 0.17 0.17 0.17 + 0.01 0.60 0.06 Alternative ER V 152 0.07 0.06 0.06 - 0.01 0.09 0.03 Alternative ER* O 14 0.05 0.00 0.04 + 0.00 0.07 0.02 Altitude Res V 19 0.04 0.00 0.04 - 0.04 0.21 0.02 Altius Mnrls T 568 8.34 7.39 8.02 + 0.06 15.47 7.39 Alumina Inc* O 146 3.13 2.76 3.10 + 0.34 6.38 2.70 ALX Uranium V 434 0.07 0.06 0.06 - 0.01 0.24 0.06 Am Creek Res V 1336 0.05 0.04 0.04 + 0.01 0.10 0.03 Am CuMo Mng V 384 0.12 0.07 0.08 - 0.01 0.15 0.04 Am CuMo Mng* O 328 0.08 0.05 0.07 + 0.01 0.12 0.03 AM Gold V 89 0.09 0.03 0.08 - 0.07 0.30 0.07 Am Manganese* O 144 0.01 0.01 0.01 + 0.00 0.04 0.00 Amalgamated Gd* O 1470 0.00 0.00 0.00 + 0.00 0.03 0.00 Americas Petro V 875 0.20 0.16 0.20 + 0.02 0.33 0.15 Anaconda Mng* O 14 0.03 0.03 0.03 - 0.00 0.06 0.02 Anconia Res V 531 0.02 0.01 0.02 + 0.01 0.03 0.01 Anfield Res* O 16 0.08 0.07 0.08 + 0.01 0.21 0.06 Anfield Res V 29 0.14 0.08 0.14 + 0.06 0.28 0.05 Angel Gold* O 8 0.04 0.02 0.02 - 0.02 0.09 0.01 Angel Gold V 39 0.05 0.04 0.05 - 0.01 0.10 0.01 Angkor Gold V 109 0.49 0.43 0.43 - 0.06 0.64 0.38 Anglo American* O 1718 1.82 1.57 1.68 - 0.03 3.93 1.57 Anglo American* O 55 3.56 3.13 3.14 - 0.27 18.89 3.13 Anglo-Bomarc V 73 0.19 0.12 0.18 - 0.01 0.30 0.02 AngloGold Ash* N 25078 8.14 7.09 7.85 + 0.52 13.12 5.64 Anthem United V 140 0.23 0.17 0.21 - 0.02 0.47 0.17 Antioquia Gold V 73 0.09 0.09 0.09 - 0.01 0.10 0.01 APAC Res Inc 82 0.10 0.00 0.05 - 0.05 0.11 0.05 Apogee Silver V 12 0.21 0.00 0.17 - 0.04 0.65 0.15 Applied Mrnls* O 30 0.32 0.25 0.25 - 0.05 0.75 0.16 AQM Copper V 74 0.04 0.04 0.04 + 0.01 0.08 0.03 Aquila Res* O 730 0.11 0.10 0.11 + 0.01 0.19 0.08 Aquila Res T 512 0.16 0.14 0.15 - 0.01 0.24 0.10 Arch Coal* O 10142 0.51 0.15 0.47 + 0.27 14.30 0.11 Arctic Star V 753 0.02 0.01 0.01 - 0.01 0.07 0.01 Arena Mnls V 247 0.21 0.18 0.21 + 0.01 0.29 0.09 Argentex Mng V 157 0.04 0.03 0.03 - 0.01 0.08 0.02 Argentex Mng* O 78 0.03 0.01 0.02 - 0.01 0.05 0.01 Argonaut Gold T 5469 0.97 0.78 0.92 + 0.01 2.84 0.78 Argonaut Gold* O 352 0.68 0.53 0.66 + 0.03 2.27 0.53 Argus Metals* O 2 0.02 0.00 0.02 + 0.01 0.03 0.01 Arian Silver* O 9 0.03 0.00 0.00 - 0.03 0.51 0.00 Arianne Phosph V 177 0.93 0.78 0.82 - 0.06 1.00 0.69 Arianne Phosph* O 84 0.61 0.52 0.58 - 0.01 0.80 0.52 Asanko Gold* X 445 1.47 1.27 1.33 - 0.07 1.96 1.25 Asanko Gold T 1202 2.09 1.85 1.90 - 0.12 2.55 1.59 Ascot Res V 127 0.94 0.00 0.87 + 0.01 2.00 0.80 Asiamet Res V 317 0.04 0.03 0.03 - 0.01 0.04 0.01 Asian Minl Res V 267 0.03 0.00 0.03 - 0.01 0.08 0.03 Aston Bay V 147 0.18 0.15 0.18 + 0.04 0.20 0.08 Astur Gold V 640 0.01 0.01 0.01 - 0.01 0.04 0.01 ATAC Res V 520 0.34 0.29 0.32 - 0.03 0.74 0.26 Atacama Pac Gd V 190 0.15 0.14 0.14 - 0.01 0.35 0.14 Atalaya Mg plc T 11 2.00 1.80 1.95 - 0.05 3.45 1.20 Athabasca Mnls V 257 0.27 0.21 0.23 - 0.04 1.21 0.20 Athabasca Mnls* O 52 0.16 0.16 0.16 - 0.00 0.95 0.16 Athabasca Nclr V 471 0.02 0.02 0.02 + 0.01 0.05 0.02 Atico Mng V 1199 0.20 0.18 0.19 + 0.01 0.65 0.17 Atico Mng* O 68 0.14 0.12 0.13 + 0.01 0.51 0.12 Atlanta Gold V 24 0.06 0.00 0.06 - 0.01 0.11 0.05 Atlantic Coal* O 0 2.25 0.00 2.25 - 1.75 4.00 0.74 Atlantic Gold V 26 0.34 0.31 0.32 - 0.01 0.38 0.17 Augyva Mng V 83 0.10 0.09 0.09 - 0.01 0.15 0.08 Aura Mnls T 180 0.10 0.09 0.09 + 0.01 0.12 0.06 Aurcana Corp V 83 0.13 0.12 0.13 - 0.01 0.32 0.09 Aurcana Corp* O 37 0.09 0.00 0.08 - 0.01 0.25 0.07 Aureus Mng T 153 0.14 0.06 0.09 - 0.05 0.83 0.06 AuRico Metals T 716 0.62 0.55 0.60 + 0.02 0.90 0.47 Aurion Res V 328 0.07 0.06 0.06 - 0.01 0.08 0.03 Auryn Res V 221 1.08 1.01 1.05 - 0.03 1.65 0.94 Auryn Res* O 2 0.73 0.72 0.73 + 0.01 1.29 0.70 Avala Res* O 46 0.04 0.03 0.03 - 0.00 0.06 0.02 Avalon Rare Mt T 597 0.13 0.11 0.12 + 0.01 0.48 0.11 Avalon Rare Mt* O 264 0.08 0.07 0.08 + 0.01 0.40 0.07 Avino Silver* X 287 0.80 0.71 0.77 + 0.05 1.74 0.71 Avino Silver V 154 1.19 1.05 1.07 + 0.02 2.17 1.05 Avnel Gold T 93 0.21 0.19 0.21 + 0.01 0.31 0.17 AZ Mining T 53 0.33 0.28 0.28 - 0.01 0.52 0.22 Azarga Uranium T 28 0.30 0.00 0.30 + 0.01 0.43 0.24 Azarga Uranium* O 3 0.21 0.00 0.21 - 0.00 0.33 0.18 Azincourt Uran V 28 0.06 0.00 0.06 + 0.01 0.32 0.04 Azincourt Uran* O 26 0.04 0.03 0.04 + 0.01 0.05 0.02

B B2Gold* X 11019 B2Gold T 19720 Bacanora Mnls V 82 Baja Mng* O 103 Balmoral Res T 542 Balmoral Res* O 305 Bama Gold* O 1 Bannerman Res T 271 Banro T 447 Banro* X 3439 Banyan Gold V 51 Barker Mnrls V 48 Barkerville Go* O 80 Barkerville Go V 524 Barrick Gold* N 140660 Barrick Gold T 24288 Barsele Min V 240

Feb 1 Pgs 8 9.indd 8

0.81 0.64 0.67 - 0.05 2.12 0.64 1.07 0.92 0.93 - 0.13 2.62 0.92 1.74 1.50 1.60 - 0.14 2.05 0.75 0.01 0.00 0.01 + 0.00 0.04 0.00 0.37 0.33 0.35 - 0.01 1.25 0.33 0.26 0.23 0.25 - 0.00 0.98 0.23 0.06 0.00 0.06 - 0.01 0.06 0.03 0.03 0.03 0.03 + 0.01 0.08 0.03 0.24 0.23 0.23 - 0.01 0.47 0.17 0.17 0.15 0.16 - 0.00 0.40 0.14 0.04 0.03 0.03 - 0.01 0.10 0.02 0.01 0.01 0.01 + 0.01 0.02 0.01 0.17 0.00 0.17 - 0.00 0.28 0.15 0.25 0.23 0.24 + 0.01 0.35 0.20 8.64 7.39 8.58 + 0.68 13.70 5.91 12.22 10.76 12.16 + 0.67 16.54 7.89 0.11 0.00 0.09 - 0.02 0.20 0.09

(100s)

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Batero Gold V 473 Bayswater Uran V 28 V 76 BC Moly BCM Res V 379 Bear Creek Mng V 164 Bearclaw Cap V 276 Bellhaven Cp&G V 68 O 108 Bellhaven Cp&G* Belmont Res V 95 Belo Sun Mng T 955 Benton Cap* O 1 Benton Res V 560 Benz Cap V 180 BHK Mining V 150 Big North Grap* O 47 Big North Grap V 35 Bird River Res 33 Bison Gold Res V 66 Bitterroot Res* O 11 Black Hills* N 3783 Black Isle Res V 98 Black Widow Rs V 240 Blackheath Res V 365 Blue Rvr Res V 551 BonTerra Res V 226 Borneo Res Inv* O 5709 Bravada Gold V 11 Bravada Gold* O 1 Brazil Res V 301 Brilliant Sand* O 21 Brixton Mtls* O 3 Bryn Res* O 11 Buenaventura* N 8187 Bullfrog Gold* O 35 Bullion Gld Res V 2053

0.06 0.05 0.05 - 0.01 0.11 0.05 0.02 0.00 0.01 - 0.01 0.06 0.01 0.06 0.00 0.05 + 0.01 0.23 0.04 0.21 0.17 0.20 + 0.04 0.23 0.02 0.55 0.50 0.54 + 0.03 1.84 0.50 0.03 0.02 0.02 - 0.01 0.05 0.02 0.05 0.03 0.05 + 0.02 0.45 0.03 0.02 0.02 0.02 + 0.00 0.40 0.02 0.04 0.03 0.03 - 0.01 0.09 0.02 0.26 0.22 0.25 + 0.03 0.30 0.15 0.01 0.01 0.01 + 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.06 0.03 0.04 0.04 0.04 - 0.01 0.45 0.04 0.06 0.04 0.06 + 0.02 0.18 0.03 0.03 0.01 0.01 - 0.02 0.08 0.01 0.03 0.02 0.02 - 0.01 0.25 0.02 0.04 0.03 0.03 - 0.01 0.08 0.02 0.02 0.01 0.01 - 0.01 0.04 0.01 0.02 0.00 0.02 - 0.00 0.05 0.02 47.73 44.65 47.27 + 1.07 52.96 36.81 0.05 0.03 0.03 - 0.02 0.09 0.02 0.02 0.02 0.02 + 0.01 0.08 0.01 0.12 0.11 0.11 - 0.05 0.30 0.08 0.04 0.04 0.04 + 0.01 0.05 0.03 0.20 0.17 0.18 - 0.03 0.43 0.09 0.00 0.00 0.00 + 0.00 0.30 0.00 0.05 0.00 0.05 + 0.01 0.07 0.02 0.02 0.02 0.02 - 0.00 0.05 0.01 0.45 0.38 0.41 - 0.03 0.85 0.38 0.07 0.05 0.07 + 0.02 0.27 0.02 0.04 0.03 0.04 - 0.01 0.14 0.03 0.00 0.00 0.00 - 0.00 0.03 0.00 4.29 3.30 3.65 - 0.11 12.51 3.30 0.02 0.02 0.02 - 0.00 0.03 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01

Cache Expl V 83 Cadan Res V 44 Caledonia Mng T 57 Caledonia Mng* Q 92 Calibre Mng V 316 California Gld* O 80 Callinex Mines V 160 Callinex Mines* O 93 Cameco Corp* N 9172 Cameco Corp T 5009 Cameo Res V 252 Can-Cal Res* O 8 CanAlaska Uran V 208 CanAlaska Uran* O 64 Canamex Res V 211 Canarc Res* Q 396 Canasil Res V 92 Candente Gold V 200 Candente Gold* O 45 Canex Energy V 364 Canstar Res V 251 Canyon Gold* O 14 Capstone Mng T 10056 Cardero Res T 153 Cardero Res* O 28 Caribou King V 69 Carmax Mng V 48 Carpathian Gld 3799 Carpathian Gld* O 80 Cartier Res V 95 Castle Mtn Mng V 284 Castle Res 7 Catalyst Coppr V 165 Caza Gold V 73 CB Gold V 192 Cda Carbon* O 56 Cda Carbon V 1690 Cda Rare Earth* O 20 Cda Rare Earth V 114 Cda Strtgc Met * O 5 Cda Strtgc Met V 85 Cda Zinc Mtls V 356 Cdn Intl Mnrls V 454 Cdn Metals 84 Cdn Mng Comp V 46 Cdn Zinc* Q 202 Cdn Zinc T 543 Centamin T 52 Centaurus Diam* O 129 Centenera Mng V 83 Centerra Gold T 3407 Centurion Mnls V 613 Champion Bear V 49 Champion Iron T 100 Chesapeake Gld* O 58 Chesapeake Gld V 21 Chevron* N 89009 Chieftain Mtls V 59 China Gold Int T 620 Cibolan Gold* O 46 Claim Post Res V 1000 Claude Res* O 684 Claude Res T 2179 Cliffs Nat Res* N 1210 Clifton Mng* O 94 Clifton Star V 168 Clifton Star* O 38 Cloud Peak En* N 9581 CMC Metals V 904 Coeur Mng* N 12238 Colibri Res V 31 Colombian Mins V 198 Colorado Res V 93 Colt Res* O 100 Colt Res V 395 Columbus Gold* O 176 Comet Inds V 12 Commander Res V 275 Commerce Res* O 320 Commerce Res V 629 Compliance Egy V 132 Comstock Mng* X 559 Condor Res V 183 Confedertn Mls V 632 Confedertn Mls* O 22 CONSOL Energy* N 60103 Contintl Gold* O 684 Contintl Gold T 2423 Contintl Prec T 10 Copper Fox Mtl* O 82 Copper Lake Rs V 1222 Copper Mtn Mng* O 57 Copper Mtn Mng T 1303 Copper Reef Mg 44 Copperbank Res* O 74 Copperbank Res 300 Coral Gold V 183 Corazon Gold V 4 Corex Gold V 1114 Cornerstone Ca* O 135 Coro Mining T 2351 Coronet Mtls V 109 Coronet Mtls* O 3 Corvus Gold T 105 Corvus Gold* O 35 Critical Elem V 649 Critical Elem* O 45 Crown Mining V 28 Cypress Dev V 14 Cyprium Mng V 439

0.09 0.08 0.08 - 0.02 0.16 0.05 0.06 0.00 0.05 - 0.01 0.09 0.03 0.89 0.79 0.82 - 0.02 1.06 0.66 0.62 0.54 0.61 + 0.04 0.83 0.48 0.08 0.07 0.07 - 0.01 0.19 0.06 0.03 0.03 0.03 + 0.00 0.10 0.02 0.32 0.00 0.29 - 0.03 0.40 0.16 0.22 0.18 0.21 + 0.01 0.32 0.13 11.67 10.31 11.59 + 0.78 17.77 10.31 16.50 15.06 16.38 + 0.66 21.44 15.06 0.07 0.04 0.07 + 0.02 0.10 0.02 0.03 0.03 0.03 + 0.00 0.07 0.03 0.14 0.10 0.14 + 0.03 0.28 0.09 0.09 0.07 0.09 + 0.01 0.23 0.06 0.03 0.03 0.03 - 0.01 0.17 0.03 0.04 0.03 0.04 + 0.01 0.07 0.02 0.06 0.05 0.06 + 0.01 0.07 0.03 0.02 0.01 0.01 - 0.01 0.06 0.01 0.01 0.00 0.00 - 0.01 0.03 0.00 0.03 0.02 0.03 + 0.01 0.26 0.02 0.05 0.04 0.04 - 0.02 0.10 0.03 0.50 0.00 0.45 - 0.05 0.54 0.02 0.33 0.27 0.33 + 0.02 1.71 0.27 0.10 0.00 0.08 - 0.02 0.40 0.08 0.07 0.05 0.05 - 0.01 0.15 0.05 0.07 0.06 0.06 - 0.01 0.22 0.06 0.04 0.03 0.03 - 0.01 0.07 0.02 0.02 0.02 0.02 + 0.01 0.02 0.01 0.01 0.01 0.01 - 0.01 0.03 0.00 0.10 0.07 0.07 - 0.01 0.13 0.04 0.27 0.22 0.27 + 0.05 0.58 0.18 0.03 0.00 0.02 - 0.01 0.15 0.02 0.15 0.11 0.12 - 0.01 0.32 0.11 0.03 0.02 0.03 + 0.01 0.09 0.02 0.04 0.04 0.04 - 0.01 0.12 0.03 0.22 0.00 0.20 - 0.00 0.25 0.17 0.32 0.28 0.31 + 0.01 0.36 0.20 0.01 0.01 0.01 + 0.00 0.03 0.01 0.03 0.02 0.02 - 0.01 0.04 0.02 0.02 0.01 0.02 + 0.00 0.08 0.01 0.03 0.00 0.03 - 0.01 0.11 0.03 0.13 0.10 0.11 - 0.01 0.33 0.10 0.05 0.04 0.05 + 0.01 0.05 0.01 0.09 0.06 0.07 - 0.02 0.23 0.05 0.11 0.00 0.10 - 0.01 0.12 0.05 0.07 0.06 0.06 - 0.01 0.20 0.04 0.10 0.08 0.08 - 0.02 0.24 0.06 1.36 1.26 1.36 - 0.02 1.40 0.96 0.23 0.18 0.23 + 0.02 0.25 0.01 0.10 0.07 0.10 + 0.03 0.14 0.01 7.03 6.14 6.33 - 0.51 8.67 5.05 0.15 0.11 0.11 - 0.01 0.40 0.04 0.07 0.05 0.06 - 0.01 0.15 0.05 0.16 0.15 0.15 - 0.01 0.23 0.07 1.32 1.24 1.25 - 0.06 1.96 1.05 1.88 1.75 1.84 - 0.03 2.59 1.39 85.19 75.33 83.54 - 0.13 112.93 69.58 0.06 0.00 0.05 - 0.01 0.20 0.03 2.11 1.94 2.02 - 0.06 2.58 1.30 0.05 0.00 0.05 - 0.00 0.19 0.03 0.01 0.01 0.01 + 0.01 0.07 0.01 0.66 0.58 0.66 + 0.08 0.68 0.28 0.94 0.84 0.94 + 0.10 0.97 0.35 1.45 1.01 1.35 + 0.20 8.50 0.98 0.11 0.05 0.11 - 0.00 0.25 0.05 0.20 0.17 0.18 - 0.02 0.25 0.07 0.12 0.11 0.12 + 0.01 0.20 0.06 1.49 1.08 1.28 - 0.06 8.69 1.08 0.02 0.02 0.02 - 0.01 0.08 0.02 1.94 1.62 1.75 - 0.15 7.45 1.62 0.05 0.00 0.05 - 0.01 0.23 0.02 0.03 0.02 0.03 - 0.01 0.13 0.02 0.06 0.05 0.06 + 0.01 0.16 0.05 0.09 0.06 0.07 - 0.01 0.25 0.06 0.13 0.10 0.12 - 0.01 0.30 0.10 0.25 0.23 0.25 + 0.01 0.42 0.23 1.40 1.35 1.40 + 0.05 1.75 1.00 0.02 0.02 0.02 + 0.01 0.04 0.01 0.06 0.05 0.05 - 0.00 0.15 0.05 0.08 0.07 0.07 - 0.01 0.19 0.07 0.04 0.00 0.03 - 0.01 0.40 0.03 0.42 0.35 0.42 + 0.04 1.14 0.35 0.03 0.02 0.03 + 0.01 0.07 0.02 0.04 0.03 0.03 - 0.01 0.09 0.02 0.02 0.02 0.02 - 0.00 0.07 0.01 6.75 4.54 6.16 + 1.17 34.56 4.54 1.06 0.88 0.94 - 0.11 2.65 0.88 1.55 1.28 1.36 - 0.17 3.28 1.28 0.29 0.00 0.28 - 0.02 0.65 0.25 0.08 0.08 0.08 + 0.00 0.30 0.08 0.04 0.03 0.03 - 0.01 0.09 0.03 0.29 0.00 0.29 + 0.03 1.42 0.23 0.40 0.33 0.40 + 0.02 1.73 0.33 0.03 0.03 0.03 + 0.01 0.04 0.01 0.03 0.02 0.03 + 0.00 0.06 0.02 0.05 0.04 0.05 + 0.01 0.08 0.03 0.08 0.06 0.08 + 0.02 0.18 0.05 0.18 0.00 0.18 - 0.08 0.38 0.18 0.04 0.03 0.04 - 0.01 0.09 0.03 0.02 0.01 0.01 - 0.01 0.09 0.01 0.02 0.02 0.02 - 0.01 0.04 0.02 0.08 0.08 0.08 - 0.01 0.27 0.04 0.05 0.00 0.05 - 0.01 0.15 0.05 0.46 0.41 0.41 - 0.05 1.12 0.33 0.34 0.28 0.30 - 0.01 0.92 0.25 0.18 0.14 0.15 - 0.02 0.30 0.14 0.13 0.11 0.13 + 0.02 0.23 0.11 0.07 0.00 0.07 + 0.02 0.08 0.03 0.05 0.00 0.05 - 0.01 0.16 0.02 0.09 0.06 0.07 - 0.02 0.20 0.06

C

D-F Dakota Ter Res* O 3 0.06 0.00 0.06 - 0.01 0.24 0.06 Dalradian Res* O 179 0.50 0.45 0.50 + 0.03 0.93 0.45 Dalradian Res T 211 0.70 0.65 0.70 + 0.01 1.16 0.62

(100s)

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Stock

Danakali* O 50 Darnley Bay V 99 Debut Dmds 46 Defiance Silvr* O 75 Defiance Silvr V 75 249 Del Toro Silvr* O Denison Mines T 2447 X 2374 Denison Mines* Detour Gold T 6072 Diamante Min* O 39 Diamcor Mng V 28 Diamcor Mng* O 2 O 137 Diamond Disc* Dios Expl V 181 Discovery Vent V 483 DNI Metals* O 14 DNI Metals 251 Dolly Vard Sil V 42 Dolly Vard Sil* O 28 Dominion Diam* N 2251 Dominion Diam T 1428 Double Crn Res* O 1203 Doubleview Cap V 142 DRDGOLD* N 1284 Dundee Prec Mt T 1278 Dunnedin Vent V 105 Durango Res V 626 DuSolo Fertil V 35 Dynacor Gld Mn T 105 Dynasty Met&Mn T 160 Dynasty Met&Mn* O 33 Eagle Graphite* O 61 Eagle Graphite V 388 Eagle Plains V 96 Eastern Platin T 102 Eastfield Res V 20 Eastmain Res T 473 Eco Oro Mnls T 112 Ecuador Gd & C V 288 Edgewater Expl V 409 El Capitan Prc* O 1074 Elcora Res V 238 Eldorado Gold T 18632 Electra Stone V 1352 Eloro Mnrls V 60 Ely Gold & Mnl V 64 Ely Gold & Mnl* O 58 Elysee Dev V 29 Empire Rock V 41 Encanto Potash* O 106 Encanto Potash V 1019 Endeavour Mng T 561 Endeavour Mng* O 49 Endeavr Silver* N 3068 Endeavr Silver T 355 Energizer Res* O 364 Energizer Res T 1372 Energy Fuels T 310 Energy Fuels* X 1168 Entree Gold T 55 Entree Gold* X 285 Equitas Res V 4395 Equitorial Ex V 1882 Era Res Inc T 8 Erdene Res Dev* O 135 Erin Ventures V 318 Eskay Mng V 49 Ethos Gold V 335 Eurasian Mnls V 22 Eurasian Mnls* X 97 Eureka Res V 338 European Metal* O 2702 Europn Uran Rs* O 20 Europn Uran Rs V 2 Everton Res* O 7 Evolving Gold* O 28 Evrim Res V 109 Excellon Res* O 57 Excelsior Mng* O 98 Excelsior Mng V 291 Exeter Res* X 1619 Exeter Res T 176 Explor Res* O 66 Explor Res V 817 Explorex Res 57 Fairmont Res V 103 Falco Res V 926 Falcon Gold V 110 Fieldex Expl V 304 Firebird Res V 103 Firma Holdings* O 49 First Ams Gold V 317 First Bauxite V 222 First Liberty* O 3073 First Majestic* N 8207 First Majestic T 2071 First Mg Fin V 4005 First Point T 65 First Quantum T 50791 Fission 3.0 V 1512 Fission Uran T 4055 Fission Uran* O 2003 Fjordland Exp V 397 Flinders Res* O 65 Focus Graphite V 450 Focus Graphite* O 325 Focus Vent V 844 Formation Mtls T 264 Formation Mtls* O 1 Forsys Metals T 72 Fortescue Mtls* O 42 Fortuna Silvr* N 1699 Fortuna Silvr T 862 Fortune Bay T 94 Fortune Mnrls T 2418 Fortune Mnrls* O 55 Forum Uranium* O 9 Franco-Nevada* N 7432 Franco-Nevada T 3396 Freeport McMo* N 391485 Fresnillo plc* O 4 Full Metal Mnl V 127 Fura Emeralds V 122

0.23 0.19 0.19 - 0.04 0.40 0.17 0.02 0.00 0.01 - 0.01 0.06 0.01 0.01 0.00 0.01 - 0.01 0.02 0.01 0.04 0.04 0.04 - 0.00 0.15 0.04 0.07 0.06 0.07 + 0.01 0.19 0.06 0.01 0.01 0.01 - 0.00 0.04 0.00 0.61 0.53 0.59 + 0.01 1.22 0.48 0.42 0.36 0.41 + 0.01 0.99 0.35 16.39 14.36 15.12 - 1.13 17.12 9.08 0.45 0.37 0.40 - 0.02 2.29 0.25 0.87 0.72 0.75 - 0.12 1.45 0.65 0.61 0.00 0.55 - 0.06 1.15 0.46 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.06 0.08 - 0.01 0.10 0.04 0.14 0.13 0.13 - 0.01 0.25 0.09 0.05 0.00 0.05 - 0.01 0.20 0.03 0.07 0.05 0.05 - 0.02 0.07 0.05 0.16 0.00 0.14 - 0.05 0.65 0.11 0.11 0.08 0.09 - 0.01 0.25 0.08 10.26 9.44 9.98 + 0.09 20.30 7.27 14.62 13.70 14.11 - 0.24 24.60 9.96 0.01 0.01 0.01 + 0.00 0.02 0.01 0.10 0.09 0.09 - 0.01 0.19 0.07 2.51 2.20 2.40 + 0.13 2.88 1.10 1.18 0.84 1.04 + 0.11 3.74 0.84 0.05 0.04 0.04 - 0.01 0.19 0.04 0.03 0.00 0.03 - 0.01 0.08 0.03 0.06 0.05 0.06 + 0.01 0.26 0.04 1.82 1.63 1.82 + 0.07 2.59 1.30 0.19 0.18 0.19 + 0.01 0.80 0.18 0.16 0.12 0.14 - 0.03 0.65 0.12 0.02 0.02 0.02 - 0.00 0.07 0.01 0.03 0.02 0.02 - 0.01 0.09 0.02 0.07 0.06 0.07 + 0.01 0.08 0.05 0.75 0.00 0.72 - 0.05 2.26 0.61 0.02 0.00 0.02 + 0.01 0.05 0.02 0.36 0.31 0.32 - 0.04 0.62 0.28 0.35 0.31 0.32 - 0.07 0.95 0.31 0.03 0.02 0.02 - 0.01 0.07 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.05 0.05 0.05 + 0.00 0.16 0.05 0.32 0.28 0.30 + 0.02 0.36 0.08 3.48 2.92 3.23 - 0.08 7.75 2.92 0.11 0.08 0.10 - 0.01 0.14 0.04 0.15 0.00 0.13 - 0.01 0.20 0.06 0.06 0.05 0.05 - 0.01 0.08 0.03 0.04 0.03 0.04 + 0.00 0.07 0.02 0.19 0.00 0.18 - 0.01 0.22 0.17 0.09 0.08 0.08 - 0.01 0.15 0.04 0.05 0.04 0.04 - 0.00 0.13 0.03 0.07 0.06 0.06 - 0.01 0.16 0.05 7.34 6.94 7.25 + 0.11 8.40 4.35 5.11 4.78 5.00 + 0.06 5.86 4.40 1.21 1.00 1.08 - 0.02 3.17 1.00 1.65 1.46 1.50 - 0.11 3.78 1.46 0.07 0.05 0.05 - 0.01 0.13 0.03 0.10 0.08 0.08 - 0.02 0.14 0.03 3.15 2.60 3.00 + 0.14 6.73 2.47 2.23 1.81 2.11 + 0.15 5.60 1.81 0.31 0.25 0.27 + 0.01 0.66 0.18 0.21 0.17 0.20 + 0.02 0.51 0.08 0.08 0.07 0.08 + 0.01 0.22 0.05 0.05 0.03 0.04 + 0.01 0.20 0.03 0.35 0.00 0.14 - 0.22 1.00 0.09 0.10 0.09 0.09 - 0.01 0.13 0.08 0.07 0.07 0.07 - 0.02 0.11 0.04 0.10 0.08 0.10 + 0.02 0.20 0.01 0.16 0.14 0.15 + 0.02 0.23 0.11 0.55 0.50 0.52 - 0.02 0.97 0.48 0.40 0.35 0.36 - 0.01 0.81 0.35 0.08 0.05 0.08 + 0.04 0.16 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 0.01 0.00 0.01 - 0.00 0.02 0.00 0.01 0.00 0.01 - 0.01 0.03 0.01 0.01 0.00 0.01 - 0.00 0.04 0.00 0.04 0.03 0.03 + 0.00 0.08 0.01 0.17 0.00 0.17 + 0.05 0.22 0.10 0.20 0.17 0.20 + 0.01 0.74 0.14 0.14 0.13 0.14 + 0.01 0.31 0.13 0.22 0.19 0.19 - 0.03 0.39 0.19 0.35 0.31 0.33 - 0.01 0.65 0.29 0.48 0.45 0.47 - 0.02 0.82 0.39 0.08 0.05 0.08 + 0.01 0.08 0.03 0.11 0.09 0.10 + 0.01 0.11 0.04 0.12 0.06 0.07 - 0.06 0.19 0.05 0.03 0.02 0.03 + 0.01 0.20 0.02 0.27 0.23 0.27 + 0.02 0.69 0.21 0.01 0.00 0.01 - 0.01 0.09 0.01 0.01 0.01 0.01 + 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.05 0.01 0.04 0.02 0.04 + 0.02 0.25 0.02 0.28 0.23 0.23 - 0.04 0.28 0.03 0.05 0.04 0.04 - 0.01 0.09 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 2.84 2.40 2.69 - 0.04 6.63 2.40 4.01 3.50 3.82 - 0.14 8.21 3.50 0.40 0.35 0.38 - 0.03 0.60 0.25 0.06 0.05 0.05 - 0.01 0.10 0.04 3.50 2.15 2.58 - 0.51 19.83 2.15 0.10 0.08 0.09 - 0.01 0.14 0.06 0.66 0.58 0.64 + 0.02 1.38 0.53 0.47 0.40 0.46 + 0.03 1.12 0.39 0.02 0.01 0.02 + 0.01 0.04 0.01 0.10 0.09 0.09 - 0.00 0.50 0.09 0.09 0.07 0.07 - 0.01 0.47 0.07 0.06 0.04 0.06 - 0.00 0.36 0.04 0.06 0.05 0.05 - 0.01 0.27 0.05 0.11 0.09 0.09 - 0.01 0.22 0.09 0.07 0.06 0.06 - 0.01 0.18 0.06 0.11 0.10 0.10 - 0.01 0.36 0.08 1.10 1.00 1.10 + 0.03 2.05 1.00 2.34 2.00 2.31 + 0.16 5.20 2.00 3.30 2.92 3.25 + 0.13 6.30 2.65 0.27 0.26 0.26 - 0.01 0.43 0.26 0.02 0.02 0.02 + 0.01 0.16 0.02 0.02 0.01 0.01 + 0.00 0.13 0.01 0.05 0.03 0.03 - 0.02 0.09 0.03 47.17 41.47 42.46 - 2.65 58.84 38.20 65.86 58.67 60.15 - 5.50 74.10 49.96 4.66 3.52 3.94 - 0.41 23.97 3.52 9.84 9.00 9.84 + 0.24 13.79 8.70 0.02 0.00 0.02 - 0.01 0.10 0.02 0.15 0.11 0.15 - 0.01 0.25 0.08

G&S Minerals* O 18 Gabriel Res T 243 Gainey Capital V 247 Galway Gold V 172 Galway Mtls V 122 Galway Mtls* O 9 Garibaldi Res V 597 Gear Intl* O 11856 Gem Intl Res V 8 General Moly* X 1222 General Moly T 17 Gensource Pot V 66 Geodex Mnrls V 304 Geologix Ex* O 405 Geomega Res V 378 Gespeg Cop Res V 225 Getty Copper V 108 GFK Res V 21 Gldn Predator V 37 Glen Eagle Res V 156 Glencore Plc* O 5765 Global Cop Grp V 14 Global Gold* O 43 Global Hunter V 9 Global Mnrls* O 1 Global Mnrls V 99 Globex Mng* O 16 Globex Mng T 62

0.00 0.00 0.00 - 0.00 0.00 0.00 0.19 0.00 0.19 + 0.02 0.86 0.12 0.15 0.10 0.15 + 0.05 0.42 0.10 0.07 0.00 0.06 - 0.01 0.12 0.06 0.10 0.00 0.10 - 0.01 0.16 0.09 0.07 0.06 0.07 - 0.00 0.13 0.06 0.13 0.10 0.13 + 0.01 0.20 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.00 0.05 - 0.01 0.15 0.05 0.24 0.15 0.21 + 0.03 1.00 0.15 0.32 0.22 0.32 + 0.06 1.20 0.22 0.06 0.06 0.06 + 0.01 0.07 0.04 0.01 0.00 0.01 + 0.01 0.06 0.01 0.02 0.02 0.02 + 0.00 0.04 0.01 0.06 0.06 0.06 - 0.01 0.29 0.06 0.04 0.02 0.02 - 0.01 0.05 0.02 0.02 0.02 0.02 + 0.01 0.05 0.02 0.05 0.05 0.05 - 0.01 0.12 0.03 0.11 0.00 0.11 + 0.01 0.15 0.07 0.08 0.00 0.08 + 0.01 0.14 0.03 2.36 1.95 2.24 + 0.16 9.68 1.95 0.05 0.00 0.05 - 0.01 0.08 0.04 0.02 0.01 0.02 + 0.00 0.05 0.00 0.02 0.02 0.02 + 0.01 0.06 0.02 0.03 0.00 0.03 + 0.00 0.69 0.01 0.06 0.00 0.06 + 0.02 0.90 0.02 0.15 0.15 0.15 - 0.01 0.25 0.13 0.24 0.21 0.21 - 0.03 0.37 0.17

G-H

(100s)

Exc Volume

Week High

Low

Last Change

12-month High Low

GMV Minerals V 107 V 11 GobiMin 101 Gold Bulln Dev* O Gold Bulln Dev V 2581 O 547 Gold Dynamics* 28736 Gold Fields* N 415 Gold Jub Cap V Gold Lakes* O 75 49 Gold Mng USA* O Gold Mtn Mng V 3901 12 Gold Reach Res V Gold Reserve* O 82 Gold Reserve V 39 X 1682 Gold Resource* 588 Gold Std Vents V 574 Gold Std Vents* X Goldbelt Emp V 75 T 14635 Goldcorp N 57957 Goldcorp* Golden Arrow V 90 Golden Dawn Ml V 1032 Golden Eagle* O 91 V 90 Golden Goliath O 35 Golden Goliath* Golden Hope V 14 Golden Hope* O 5 Golden Mnls T 44 Golden Mnls* X 551 197 Golden Peak Mn V Golden Queen T 142 O 695 Golden Queen* Golden Reign V 210 70 Golden Sh Mng V Golden Star T 429 Golden Star* X 3811 Golden Tag V 172 Goldex Res V 124 Goldeye Expl V 180 Goldfields Int* O 0 O 101 Goldgroup Mng* V 675 GoldQuest Mng Goldrea Res 9 V 211 Goldrock Mines V 431 Goldsource Min V 95 Goldstrike Res Gonzaga Res V 50 Gowest Gold V 89 O 116 Gran Colombia* T 253 Gran Colombia 132 Granite Ck Gld V Graniz Mondal V 40 O 1617 Graphite Corp* Graphite One V 1520 953 Great Lakes Gr V 196 Great Lakes Gr* O X 1656 Great Panther* 157 Great Quest Fe V 41 Great Rock Dev* O O 418 Great Western* Green Arrow V 205 O 402 Greenland M&En* Grizzly Gold* O 20 183 Group Ten Mtls V V 250 Guerrero Vents Gungnir Res* O 149 Gunpoint Expl V 10 T 1009 Guyana Gldflds GWR Res V 522 Handa Copper V 35 152 Happy Ck Mnrls V 78 Hard Creek Ni V 14119 N Harmony Gold* Harte Gold T 373 Harvest Gold V 69 Harvest Gold* O 6 V 38 Heatherdale Rs 29939 Hecla Mining* N Helio Res V 190 Hellix Vent* O 103 Heron Res T 620 V 147 Highland Copp 95 Highway 50 Gld V O 219 Hochschild Mg* O 6 Homestake Res* V 455 Homestake Res 541 Honey Badger E V Horizon Mnls* O 50 27 Hornby Bay Mnl V Houston Lake V 210 HudBay Mnls* N 1147 HudBay Mnls T 10758 Hudson Res V 145 Hudson Res* O 6

0.05 0.09 - 0.01 0.26 0.09 0.09 0.27 0.30 + 0.02 0.50 0.30 0.28 0.03 0.02 0.02 - 0.01 0.04 0.01 0.05 0.04 0.04 + 0.01 0.05 0.02 0.00 0.00 - 0.00 0.00 0.00 0.00 2.04 2.90 - 0.24 6.01 3.23 2.83 0.09 0.09 0.09 - 0.01 0.24 0.07 0.03 1.06 + 0.03 1.25 1.13 1.00 0.12 0.07 0.07 - 0.05 0.51 0.05 0.03 0.03 0.03 + 0.01 0.12 0.02 0.09 0.00 0.09 + 0.01 0.50 0.08 2.08 2.26 - 0.11 4.24 2.59 2.19 2.48 3.21 - 0.20 5.39 3.76 3.17 1.14 1.30 + 0.04 3.70 1.32 1.14 0.87 0.78 0.84 - 0.02 0.96 0.40 0.61 0.54 0.60 + 0.01 0.69 0.26 0.04 0.04 - 0.01 0.10 0.04 0.04 13.55 14.37 - 0.64 30.95 15.23 13.55 10.85 9.46 10.14 - 0.18 25.00 9.68 0.17 0.18 + 0.01 0.50 0.19 0.17 0.12 0.09 0.12 + 0.03 0.30 0.04 0.00 0.00 + 0.00 0.02 0.00 0.00 0.01 0.02 - 0.01 0.03 0.02 0.02 0.00 0.01 - 0.00 0.02 0.01 0.01 0.11 0.22 - 0.03 0.64 0.24 0.00 0.08 0.04 0.50 0.14 - 0.18 0.14 0.19 0.21 - 0.08 0.80 0.30 0.19 0.13 0.15 - 0.04 0.64 0.20 0.13 0.06 0.05 0.06 - 0.01 0.09 0.04 0.65 1.00 + 0.04 1.68 1.10 0.89 0.48 0.70 - 0.02 1.38 0.76 0.62 0.06 0.07 - 0.01 0.13 0.07 0.07 0.09 0.00 0.08 - 0.01 0.09 0.03 0.21 0.24 + 0.02 0.51 0.24 0.21 0.14 0.18 + 0.02 0.42 0.18 0.14 0.02 0.02 - 0.01 0.07 0.03 0.02 0.02 0.02 - 0.01 0.06 0.03 0.02 0.02 0.02 + 0.01 0.06 0.02 0.00 0.01 0.01 - 0.00 0.25 0.01 0.00 0.03 0.05 - 0.00 0.12 0.05 0.04 0.07 0.12 - 0.02 0.20 0.14 0.12 0.02 0.04 - 0.03 0.10 0.06 0.04 0.15 0.20 - 0.01 0.40 0.22 0.18 0.13 0.24 - 0.04 0.29 0.28 0.21 0.07 0.12 - 0.01 0.21 0.14 0.12 0.02 0.02 - 0.01 0.15 0.02 0.02 0.05 0.07 - 0.01 0.10 0.07 0.07 0.04 0.06 + 0.02 0.44 0.06 0.04 0.06 0.09 + 0.02 0.51 0.09 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.01 0.02 + 0.01 0.06 0.02 0.01 0.00 0.01 - 0.00 0.03 0.01 0.01 0.07 0.08 + 0.01 0.13 0.08 0.07 0.10 0.08 0.09 + 0.01 0.15 0.03 0.07 0.05 0.06 - 0.00 0.12 0.03 0.30 0.45 + 0.01 0.77 0.46 0.41 0.14 0.00 0.14 + 0.01 0.63 0.11 0.01 0.01 0.01 - 0.00 0.02 0.00 0.00 0.00 - 0.00 0.05 0.00 0.00 0.04 0.09 - 0.01 0.10 0.10 0.07 0.01 0.03 + 0.02 0.08 0.05 0.01 0.01 0.01 - 0.00 0.04 0.02 0.01 0.04 0.03 0.04 + 0.02 0.06 0.01 0.01 0.01 - 0.01 0.10 0.02 0.01 0.00 0.01 - 0.00 0.02 0.01 0.01 0.13 0.01 0.20 0.15 - 0.17 0.14 2.48 3.41 - 0.07 4.48 3.60 3.24 0.01 0.04 - 0.01 0.08 0.05 0.04 0.03 0.03 - 0.02 0.12 0.04 0.00 0.10 0.09 0.10 + 0.01 0.17 0.08 0.01 0.00 0.01 - 0.01 0.13 0.01 0.53 1.65 + 0.04 3.18 1.73 1.45 0.04 0.08 + 0.01 0.10 0.08 0.07 0.01 0.05 + 0.01 0.06 0.05 0.02 0.01 0.02 + 0.00 0.03 0.02 0.00 0.01 0.01 - 0.01 0.05 0.01 0.00 1.45 1.58 - 0.04 3.54 1.69 1.45 0.02 0.03 - 0.01 0.07 0.04 0.03 0.00 0.00 + 0.00 0.05 0.00 0.00 0.07 0.08 - 0.01 0.14 0.08 0.07 0.10 0.11 - 0.02 0.39 0.13 0.10 0.08 0.05 0.08 + 0.02 0.40 0.05 0.59 0.71 + 0.10 1.70 0.71 0.59 0.01 0.01 - 0.00 0.02 0.01 0.01 0.01 0.02 - 0.01 0.04 0.02 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.10 0.20 + 0.05 0.55 0.20 0.10 0.05 0.00 0.04 - 0.02 0.10 0.03 0.12 0.17 + 0.01 0.20 0.18 0.14 2.24 1.56 1.85 - 0.18 10.37 1.56 3.25 2.27 2.62 - 0.32 12.61 2.27 0.23 0.42 - 0.01 0.55 0.49 0.42 0.19 0.30 + 0.01 0.44 0.30 0.29

I-Minerals* O 42 I-Minerals V 77 IAMGOLD T 5028 26406 IAMGOLD* N Iberian Mnrls V 861 IC Potash* O 67 Iconic Mnls V 34 Idaho North* O 27 IDM Mining* O 32 IDM Mining V 622 iMetal Res V 48 O 69 Impala Platnm* 182 Imperial Metal T 116 Inca One Gold V Q 65 Inception Mng* V 383 Independence G Indico Res V 151 Integra Gold* O 405 Intgr Egy Sol* O 19769 Intigold Mines V 246 Intl Lithium V 65 Intl Montoro* O 110 Intl Montoro V 354 56769 Intl Star* O 957 Intl Tower Hil* X 144 T Intl Tower Hil Intrepid Pots* N 5881 InZinc Mining V 96 O 95 Ireland* Ironside Res V 32 Irving Res 84 O 488 Ivanhoe Mines* Ivanhoe Mines T 5270 V 34 Mng Jaguar Jaguar Mng* O 2 243 James Rvr Coal* O Jayden Res* O 7 Jet Metal* O 47 V 105 Kaizen Discvry O 222 Kaminak Gold* Karnalyte Res T 100 KAT Expl* O 3669 Katanga Mng T 191 Kennady Diam V 40 Kerr Mines* O 128 Kestrel Gold V 4 Khan Res 222 V 237 Kilo Goldmines V 133 Kincora Copper 45 Kings Bay Gold V Kinross Gold T 19783 67016 Kinross Gold* N Kirkland Lk Gd T 1954 Kiska Metals* O 27 Kiska Metals V 346 Kivalliq Enrgy V 486 Klondex Mns T 784 Klondike Gold V 76

0.11 0.17 + 0.01 0.28 0.17 0.00 0.14 0.24 - 0.01 0.37 0.25 0.22 1.50 1.87 - 0.10 3.76 1.99 1.66 1.15 1.32 - 0.03 3.39 1.43 1.15 0.04 0.08 - 0.01 0.11 0.08 0.07 0.03 0.03 - 0.01 0.25 0.04 0.03 0.03 0.04 - 0.01 0.09 0.04 0.00 0.05 0.06 - 0.01 0.14 0.07 0.06 0.04 0.05 - 0.01 0.12 0.06 0.04 0.07 0.07 - 0.01 0.14 0.07 0.07 0.03 0.03 - 0.01 0.10 0.04 0.00 1.45 1.65 + 0.06 7.35 1.65 1.45 4.96 4.11 4.64 - 0.31 13.69 4.11 0.10 0.00 0.08 - 0.01 0.29 0.08 0.05 0.20 + 0.02 0.40 0.20 0.00 0.06 0.06 - 0.01 0.11 0.06 0.00 0.02 0.05 + 0.02 0.16 0.05 0.04 0.18 0.22 + 0.01 0.29 0.23 0.21 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.09 + 0.01 0.32 0.09 0.00 0.02 0.07 + 0.01 0.09 0.07 0.00 0.02 0.03 + 0.01 0.09 0.03 0.02 0.03 0.01 0.10 0.03 - 0.04 0.03 0.00 0.00 - 0.00 0.00 0.00 0.00 0.25 0.19 0.22 - 0.02 0.60 0.18 0.35 0.28 0.30 - 0.02 0.74 0.26 2.27 1.78 1.86 - 0.29 15.09 1.79 0.04 0.05 + 0.01 0.15 0.05 0.05 0.15 0.23 + 0.02 0.51 0.28 0.18 0.02 0.02 - 0.01 0.35 0.02 0.00 0.11 0.12 - 0.03 0.20 0.20 0.11 0.36 0.39 + 0.00 1.08 0.42 0.36 0.53 0.54 - 0.04 1.36 0.59 0.53 0.12 0.20 + 0.05 0.65 0.20 0.00 0.07 0.09 - 0.01 0.53 0.09 0.00 0.01 0.01 0.01 - 0.00 0.07 0.01 0.01 0.01 + 0.00 0.08 0.01 0.01 0.03 0.07 - 0.00 0.13 0.07 0.04 0.08 0.08 - 0.02 0.32 0.10 0.08 0.47 0.60 + 0.02 0.93 0.61 0.56 0.52 0.68 - 0.02 1.33 0.74 0.64 0.00 0.00 + 0.00 0.14 0.00 0.00 0.13 0.16 + 0.04 0.35 0.16 0.13 2.35 2.85 - 0.15 5.95 2.99 2.66 0.01 0.02 + 0.01 0.20 0.02 0.02 0.01 0.02 + 0.01 0.07 0.02 0.00 0.34 0.40 + 0.05 0.80 0.40 0.36 0.04 0.09 - 0.01 0.14 0.11 0.07 0.02 0.02 - 0.01 0.04 0.02 0.00 0.01 0.01 0.01 + 0.01 0.01 0.01 1.79 2.21 + 0.06 4.38 2.24 1.91 1.31 1.56 + 0.08 3.71 1.65 1.31 4.98 4.51 4.65 - 0.20 6.88 4.14 0.01 0.01 - 0.01 0.05 0.02 0.01 0.01 0.02 + 0.01 0.07 0.02 0.02 0.06 0.09 + 0.01 0.16 0.09 0.07 2.30 2.75 + 0.03 3.87 2.78 2.57 0.08 0.13 + 0.01 0.28 0.13 0.12

I-J-K

2016-01-26 8:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 1–7, 2016

9

S T O C K TA B L E S

Stock

(100s)

Exc Volume

Week High

Low

Last Change

12-month

High Low

Stock

Kombat Copper V 1049 0.05 0.03 0.04 + 0.01 0.11 0.02 0.19 + 0.01 0.56 0.17 Kootenay Silvr V 234 0.19 0.17 KWG Res* O 222 0.02 0.01 0.02 + 0.00 0.03 0.00

L Labdr Iron Mns* O 2 Labrador Iron T 2609 Lake Shore Gld T 11833 Lake Shore Gld* X 1675 Lake Victoria* O 106 Lancaster Cap V 5 Lara Expl V 38 Laramide Res T 440 Laredo Res* O 2 Largo Res* O 127 Largo Res V 621 Latin Am Mnls V 3 Laurion Mnl Ex V 117 LeadFX Inc T 57 Legend Gold* O 7 Lepanto Con Mg* O 101 Levon Res Ltd T 439 Levon Res Ltd * O 489 Lexam VG Gold T 885 Lexam VG Gold* O 18 Li3 Energy* O 697 Lion One Mtls V 85 Lion One Mtls* O 101 Lithium Corp* O 376 Lithium Expl* O 145 Lithium X Egy V 1418 Lode-Star Mg* O 69 Lomiko Mtls* O 318 Loncor Res T 609 Lone Star Gold* O 237 Lornex Cap 70 Lorraine Coppr V 233 Los Andes Copp V 6 Lowell Copper V 57 Lucara Diam T 1445 Luna Gold T 101 Luna Gold* O 102 Lundin Gold T 161 Lundin Mng T 15147 Lupaka Gold V 314 Lydian Intl* O 132 Lydian Intl T 592 Lynas Corp* O 793

0.00 0.00 0.00 - 0.00 0.02 0.00 8.57 7.16 8.45 + 1.28 19.12 6.85 1.24 1.13 1.21 + 0.07 1.38 0.88 0.87 0.78 0.85 + 0.07 1.14 0.69 0.01 0.01 0.01 - 0.00 0.09 0.01 0.12 0.09 0.09 - 0.04 0.15 0.04 0.30 0.24 0.30 + 0.06 0.45 0.20 0.28 0.22 0.23 - 0.02 0.40 0.15 0.00 0.00 0.00 - 0.00 0.03 0.00 0.17 0.11 0.12 - 0.03 1.06 0.11 0.24 0.15 0.18 - 0.05 1.35 0.15 0.09 0.09 0.09 - 0.04 0.95 0.05 0.01 0.00 0.01 - 0.01 0.03 0.01 0.21 0.00 0.16 - 0.01 2.25 0.12 0.02 0.01 0.01 - 0.00 0.07 0.01 0.01 0.00 0.01 + 0.00 0.02 0.00 0.14 0.12 0.12 - 0.03 0.32 0.12 0.10 0.08 0.08 - 0.01 0.15 0.08 0.07 0.07 0.07 + 0.01 0.11 0.05 0.05 0.00 0.05 + 0.00 0.08 0.04 0.02 0.02 0.02 - 0.00 0.04 0.01 0.40 0.34 0.36 - 0.03 0.60 0.17 0.27 0.23 0.26 - 0.01 0.45 0.12 0.04 0.03 0.03 + 0.01 0.06 0.02 0.12 0.08 0.08 - 0.01 9.00 0.02 0.63 0.39 0.59 + 0.19 0.63 0.05 0.03 0.03 0.03 + 0.00 0.11 0.01 0.03 0.02 0.03 + 0.00 0.07 0.02 0.04 0.02 0.02 - 0.02 0.13 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.26 0.25 0.26 + 0.02 0.30 0.07 0.03 0.00 0.03 - 0.01 0.08 0.03 0.08 0.06 0.06 - 0.03 0.23 0.05 0.22 0.14 0.16 - 0.04 0.47 0.12 2.18 2.04 2.18 + 0.07 2.38 1.42 0.04 0.04 0.04 - 0.01 0.43 0.03 0.03 0.00 0.02 - 0.01 0.32 0.02 4.25 3.95 4.00 - 0.15 4.30 3.46 3.51 2.98 3.29 + 0.16 6.46 2.98 0.06 0.04 0.05 + 0.01 0.16 0.04 0.18 0.13 0.14 - 0.03 0.48 0.13 0.25 0.19 0.21 - 0.03 0.60 0.19 0.08 0.05 0.06 - 0.01 0.10 0.02

M MacMillan Mnls* O 2 0.12 0.00 0.10 - 0.02 0.15 0.01 MacMillan Mnls V 14 0.19 0.00 0.19 + 0.01 0.24 0.05 MAG Silver T 614 9.60 8.79 9.02 - 0.48 10.80 6.90 MAG Silver* X 246 6.79 6.12 6.36 - 0.19 8.45 5.57 Magellan Mnrls V 552 0.04 0.00 0.04 + 0.01 0.10 0.03 Magnum Goldco V 10 0.04 0.04 0.04 + 0.01 0.13 0.02 Majestic Gold V 1390 0.10 0.08 0.09 + 0.01 0.12 0.04 Mandalay Res T 1329 0.72 0.59 0.71 + 0.09 0.99 0.59 Manitou Gold V 357 0.03 0.02 0.03 + 0.01 0.04 0.01 Marathon Gold T 357 0.16 0.15 0.15 - 0.01 0.38 0.11 Margaux Res V 28 0.17 0.14 0.17 - 0.01 0.30 0.14 Marlin Gold V 44 0.20 0.16 0.19 - 0.02 1.09 0.15 Marlin Gold* O 70 0.14 0.11 0.11 - 0.03 0.73 0.11 MartinMarietta* N 6461 126.48 113.49 123.60 - 1.09 178.67 105.32 Mason Graphite* O 63 0.26 0.21 0.22 - 0.01 0.52 0.21 Mason Graphite V 195 0.35 0.30 0.31 - 0.02 0.65 0.30 Matachewan Con V 5 0.34 0.30 0.30 - 0.04 0.49 0.17 Matamec Expl V 128 0.03 0.02 0.02 - 0.01 0.07 0.02 Matamec Expl* O 81 0.01 0.01 0.01 - 0.00 0.05 0.01 Mawson Res T 48 0.20 0.19 0.19 - 0.01 0.30 0.15 Mawson Res* O 16 0.13 0.13 0.13 - 0.00 0.27 0.12 Mawson West T 18 0.03 0.02 0.03 + 0.01 0.08 0.01 MBAC Fertilizr T 830 0.05 0.04 0.04 - 0.01 0.17 0.01 MBAC Fertilizr* O 9 0.03 0.02 0.02 - 0.01 0.13 0.01 McEwen Mng* N 4915 1.11 0.96 1.09 + 0.03 1.40 0.65 Meadow Bay Gd T 690 0.08 0.07 0.07 - 0.02 0.31 0.07 Mechel* N 794 1.54 1.23 1.47 + 0.13 3.76 1.23 Medallion Res V 871 0.06 0.04 0.05 + 0.01 0.07 0.01 Medallion Res* O 369 0.04 0.03 0.03 - 0.00 0.05 0.01 Medgold Res V 158 0.06 0.05 0.05 - 0.02 0.20 0.05 Medinah Mnrls* O 3321 0.02 0.01 0.02 - 0.00 0.05 0.01 Mega Uranium* O 53 0.05 0.04 0.05 + 0.00 0.11 0.04 Mega Uranium T 1200 0.07 0.06 0.07 + 0.01 0.14 0.05 Melkior Res V 704 0.03 0.02 0.02 - 0.01 0.05 0.01 Merrex Gold V 116 0.18 0.16 0.16 - 0.02 0.23 0.07 Merrex Gold* O 45 0.13 0.11 0.11 - 0.01 0.20 0.05 Mesa Expl V 31 0.02 0.02 0.02 - 0.01 0.03 0.02 Metalex Vent V 586 0.09 0.06 0.08 + 0.03 0.12 0.04 Metalo Manuf 8 0.40 0.32 0.33 - 0.02 0.40 0.32 Metalore Res T 13 2.00 0.00 1.70 - 0.45 3.72 1.50 Metals Creek V 71 0.11 0.09 0.09 - 0.02 0.25 0.05 Mexus Gold* O 35938 0.00 0.00 0.00 - 0.00 0.03 0.00 MGX Minerals 312 0.23 0.18 0.21 - 0.01 0.70 0.12 Micrex Dev V 71 0.02 0.01 0.02 - 0.01 0.05 0.01 Midas Gold* O 166 0.22 0.16 0.19 + 0.00 0.47 0.16 Midland Expl V 58 0.55 0.45 0.54 + 0.04 0.77 0.45 Midnight Sun V 99 0.14 0.10 0.13 - 0.01 0.19 0.08 Millrock Res* O 102 0.18 0.13 0.15 + 0.00 0.36 0.11 Millrock Res V 267 0.25 0.00 0.22 - 0.03 0.49 0.15 Milner Con Slv V 219 0.02 0.02 0.02 - 0.01 0.07 0.02 Minaurum Gold V 458 0.05 0.04 0.04 - 0.01 0.10 0.04 Minco Gold* X 406 0.14 0.12 0.14 + 0.02 0.31 0.10 Minco Gold T 30 0.20 0.15 0.20 + 0.02 0.39 0.12 Minco Silver T 377 0.44 0.39 0.40 - 0.01 0.74 0.32 Minco Silver* O 57 0.30 0.27 0.30 + 0.02 0.54 0.26 Minera Alamos V 278 0.09 0.08 0.08 - 0.01 0.21 0.06 Mines Manage* X 271 0.40 0.27 0.38 + 0.03 0.74 0.11 Mines Manage T 48 0.56 0.36 0.50 + 0.05 0.85 0.17 Miranda Gold V 195 0.09 0.07 0.07 - 0.01 0.12 0.06 Mirasol Res V 22 0.85 0.00 0.84 + 0.01 1.15 0.72 Molycorp* O 9278 0.05 0.03 0.03 - 0.01 1.15 0.02 Monarques Res V 165 0.06 0.06 0.06 + 0.01 0.13 0.06 Moneta Porcpn* O 100 0.11 0.09 0.11 + 0.02 0.11 0.04 Moneta Porcpn T 993 0.15 0.12 0.14 + 0.01 0.15 0.05 Monument Mng V 118 0.11 0.10 0.10 - 0.01 0.14 0.08 Morro Bay V 640 0.01 0.01 0.01 - 0.01 0.07 0.01 Mosaic* N 40737 26.23 22.69 23.85 - 1.62 53.83 22.69 Mountain Prov T 151 3.94 3.69 3.90 - 0.04 5.46 3.38 Mountain Prov* D 136 2.81 2.56 2.77 + 0.07 4.40 2.47 MPH Vent V 34 0.07 0.00 0.06 - 0.01 0.11 0.04 MPH Vent* O 43 0.05 0.03 0.05 + 0.01 0.08 0.03 Myson Group* O 90 0.02 0.01 0.01 - 0.00 0.18 0.01

N-O NACCO Ind* N 173 Namibia Rare E T 355 Napier Vent V 244 Natural Res Pt* N 3715 Nautilus Mnrls* O 295 Nemaska Lith V 1775 Nemaska Lith* O 55 Nevada Clean M* O 32 Nevada Clean M V 156 Nevada Copper T 242 Nevada Expl V 433 Nevada Expl * O 320 Nevada Sunrise V 533 Nevada Sunrise* O 8 Nevada Zinc V 112 Nevsun Res T 1723 Nevsun Res* X 848 New Carolin Gd V 321 New Colombia* O 458 New Dimen Res V 10 New Gold* X 20418 New Gold* O 124 New Gold T 5657 123 New Jersey Mng* O New Pac Metals T 3 New World Res V 14 Newlox Gold 300

Feb 1 Pgs 8 9.indd 9

46.46 42.35 45.82 + 1.32 62.96 40.04 0.05 0.05 0.05 + 0.01 0.22 0.04 0.23 0.15 0.15 - 0.08 0.35 0.11 1.25 0.50 1.17 + 0.31 9.80 0.50 0.20 0.18 0.20 + 0.00 0.44 0.18 0.42 0.38 0.40 - 0.03 0.48 0.15 0.30 0.27 0.29 + 0.01 0.34 0.13 0.02 0.00 0.02 + 0.02 0.05 0.00 0.04 0.03 0.03 - 0.01 0.06 0.03 0.61 0.45 0.60 + 0.12 2.03 0.45 0.44 0.30 0.37 + 0.08 0.94 0.05 0.30 0.21 0.26 + 0.05 0.61 0.08 0.18 0.15 0.18 + 0.02 0.47 0.13 0.14 0.11 0.12 - 0.02 0.37 0.09 0.27 0.24 0.26 - 0.01 0.44 0.19 3.64 3.28 3.60 + 0.24 5.35 3.27 2.58 2.27 2.53 + 0.20 4.36 2.27 0.05 0.00 0.04 - 0.01 0.08 0.02 0.01 0.01 0.01 - 0.00 0.02 0.00 0.05 0.00 0.05 + 0.01 0.09 0.04 2.17 1.76 2.02 + 0.02 4.60 1.76 0.04 0.03 0.04 - 0.01 0.79 0.03 3.00 2.56 2.87 - 0.04 5.73 2.52 0.09 0.05 0.05 - 0.04 0.12 0.02 0.18 0.00 0.18 - 0.01 0.30 0.14 0.02 0.00 0.02 + 0.01 0.12 0.01 0.04 0.04 0.04 + 0.02 0.08 0.02

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Newmarket Gold* O 134 Newmont Mng* N 44215 Newport Expl V 288 Nexgen Energy V 1973 O 324 Nexgen Energy* Nexus Gold V 706 NGEx Res T 46 NGEx Res* O 95 Nicola Mg Inc V 495 221 Nicola Mg Inc* O Nighthawk Gold V 170 Niocorp Dev* O 951 Niocorp Dev T 591 Niogold Mng V 554 Niogold Mng* O 156 Nippon Dragon V 183 Noble Mnl Expl V 740 Noka Res V 390 Noram Vent V 575 Noranda Alum* O 483 Noront Res V 969 North Am Nickl V 189 North Am Pall* O 8 Northair Silvr V 281 Northisle C&G V 266 Northn Empire V 15 Norvista Cap V 91 Nouveau Monde V 128 NovaCopper* X 460 NovaGold Res* X 11325 NovaGold Res T 1697 Novo Res V 82 Novo Res* O 114 Nrthn Freegold* O 2 Nrthn Graphite V 98 Nrthn Graphite* O 148 Nrthn Lion V 24 Nrthn Mnrls &E* O 14 Nrthn Shield V 116 Nrthn Vertex V 146 Nthn Dynasty T 328 Nthn Dynasty* X 1189 Nubian Res V 194 NuLegacy Gold V 122 NuLegacy Gold* O 132 O.T. Mining* O 7 OceanaGold T 6119 OceanaGold* O 12 Oceanus Res V 70 Odin Mng & Exp V 103 Odin Mng & Exp* O 3 Olivut Res* O 5 Olivut Res V 33 Orbite Tech* O 73 Orca Gold V 332 Orca Gold* O 42 Orefinders Res V 25 Orezone Gold* O 31 Orezone Gold V 69 Oro East Mg* Q 185 Oroco Res* O 203 Orocobre T 378 Orsu Metals* O 3 Orvana Mnrls T 182 Orvana Mnrls* O 45 Osisko Gold T 1136 Otis Gold* O 53 Otis Gold V 128 OZ Minerals* O 4

0.99 0.92 0.97 + 0.03 2.45 0.61 17.87 16.05 16.68 - 1.02 27.90 15.39 0.21 0.19 0.20 + 0.01 0.49 0.19 0.76 0.70 0.76 + 0.05 0.89 0.32 0.54 0.47 0.53 + 0.03 0.70 0.27 0.09 0.07 0.08 - 0.01 0.14 0.07 0.67 0.00 0.64 + 0.01 1.10 0.44 0.48 0.47 0.47 - 0.01 0.85 0.37 0.07 0.05 0.06 - 0.02 0.20 0.04 0.05 0.03 0.04 - 0.02 0.07 0.03 0.09 0.07 0.09 + 0.01 0.30 0.04 0.46 0.37 0.44 + 0.04 1.51 0.37 0.64 0.55 0.64 + 0.08 1.90 0.51 0.38 0.35 0.36 - 0.02 0.46 0.24 0.27 0.23 0.25 - 0.00 0.33 0.18 0.10 0.08 0.10 + 0.02 0.15 0.03 0.01 0.01 0.01 - 0.01 0.02 0.01 0.05 0.04 0.04 - 0.01 0.26 0.03 0.02 0.02 0.02 - 0.01 0.03 0.01 0.25 0.14 0.25 + 0.04 27.51 0.14 0.33 0.28 0.32 - 0.01 0.67 0.27 0.10 0.08 0.08 - 0.01 0.28 0.08 2.80 2.71 2.80 + 0.06 149.96 2.71 0.06 0.06 0.06 + 0.01 0.08 0.04 0.02 0.00 0.02 - 0.01 0.04 0.02 0.10 0.00 0.10 - 0.02 0.15 0.06 0.13 0.11 0.11 - 0.01 0.16 0.08 0.16 0.14 0.16 + 0.03 0.24 0.07 0.21 0.15 0.19 - 0.01 0.74 0.15 3.89 3.50 3.80 + 0.01 4.60 2.65 5.59 5.09 5.42 - 0.09 6.34 3.42 0.68 0.53 0.62 - 0.02 1.46 0.40 0.48 0.43 0.48 - 0.00 1.20 0.29 0.03 0.00 0.03 + 0.00 0.08 0.02 0.20 0.16 0.17 - 0.03 0.89 0.16 0.14 0.12 0.12 - 0.01 0.70 0.12 0.06 0.06 0.06 - 0.04 0.16 0.03 0.03 0.00 0.03 + 0.00 0.14 0.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.20 0.16 0.20 + 0.03 0.30 0.09 0.36 0.28 0.32 - 0.04 0.83 0.28 0.27 0.20 0.22 - 0.02 0.72 0.20 0.01 0.01 0.01 - 0.01 0.03 0.01 0.10 0.08 0.09 - 0.01 0.17 0.08 0.07 0.06 0.06 + 0.00 0.14 0.06 0.03 0.00 0.03 - 0.00 0.14 0.03 2.77 2.50 2.62 - 0.07 3.18 1.79 2.05 1.73 1.74 - 0.31 2.39 1.43 0.18 0.16 0.16 - 0.02 0.35 0.14 0.41 0.33 0.33 - 0.08 0.50 0.21 0.28 0.00 0.28 + 0.01 0.40 0.17 0.09 0.06 0.08 + 0.01 0.14 0.05 0.13 0.00 0.13 + 0.03 0.17 0.08 0.29 0.27 0.28 + 0.00 0.40 0.16 0.14 0.12 0.12 - 0.03 0.43 0.12 0.09 0.09 0.09 - 0.00 0.35 0.09 0.02 0.01 0.01 - 0.01 0.04 0.01 0.20 0.16 0.18 - 0.02 0.48 0.16 0.29 0.23 0.26 + 0.01 0.61 0.22 0.03 0.02 0.02 + 0.00 0.09 0.01 0.02 0.01 0.01 - 0.00 0.05 0.01 2.65 2.33 2.45 + 0.08 2.80 1.33 0.01 0.00 0.01 - 0.01 0.03 0.01 0.14 0.11 0.12 - 0.01 0.47 0.11 0.10 0.08 0.09 - 0.01 0.38 0.08 13.89 12.78 13.14 - 0.78 18.64 12.39 0.08 0.06 0.07 - 0.00 0.10 0.01 0.10 0.00 0.08 - 0.02 0.14 0.02 2.50 0.00 2.29 - 0.03 3.81 2.29

Pac Bay Mnrls V 79 Pac Bay Mnrls* O 252 Pac Booker Min V 14 Pac Booker Min* X 12 Pac Iron Ore V 31 Pac North West V 292 Paget Mrnls V 95 Paladin Energy T 1219 Palladon Vent* O 1004 Pan Am Silver* D 11811 Pan Am Silver T 1318 Pancontinental* O 30 Pangolin Dia V 261 Panoro Mnrls V 560 Para Resources V 52 Paramount Gold* X 114 Paringa Res* O 23 Parlane Res V 169 Passprt Potash* O 68 Patriot Gold* O 38 Peabody Enrgy* N 9071 Pelangio Expl V 530 Pele Mtn Res V 1467 Pele Mtn Res* O 152 Peregrine Diam T 1144 Perseus Mng T 1151 Pershimco Res V 353 Pershing Gold* D 319 Pershing Res* O 138 Peruvian Prc M V 1765 Petaquilla Mnl* O 41 Petro One Engy V 113 Philippine Mtl V 104 Phoenix Metals V 321 Phoscan Chem T 483 Pilot Gold* O 456 Pilot Gold T 951 Pine Cliff En V 1940 Pitchblack Res V 50 Plateau Uran* O 37 Plateau Uran V 151 Platinum Gp Mt T 3970 Platinum Gp Mt* X 5905 Playfair Mng* O 5 Polaris Mater T 153 PolyMet Mng* X 829 PolyMet Mng T 35 Potash Corp SK T 14319 Potash Corp SK* N 66660 Potash Ridge T 2129 Precipitate Gl V 87 Premier Gold M T 1455 Pretium Res* N 4361 Pretium Res T 1821 Prime Meridian V 76 Primero Mng T 2738 Primero Mng* N 2742 Probe Metals V 232 Probe Metals* O 227 Prophecy Coal* O 161 Prosper Gold V 78 PUF Vent Inc 2397 Puma Expl V 318 Pure Energy V 2115 Pure Energy* O 667 Pure Gold Mg V 193 QMC Quantum Ml V 327 QMX Gold V 104 QMX Gold* O 0 Quartz Mtn Res* O 0 Quaterra Res* O 1510 Quaterra Res V 92 Quest Rare Mnl* O 21 Quest Rare Mnl T 256

0.08 0.05 0.06 + 0.01 0.10 0.02 0.06 0.00 0.06 - 0.01 0.07 0.02 2.38 2.25 2.25 - 0.05 6.90 1.02 1.61 1.50 1.51 + 0.01 5.76 1.04 0.26 0.20 0.20 - 0.06 0.39 0.10 0.02 0.00 0.02 - 0.01 0.04 0.01 0.07 0.01 0.05 - 0.03 0.15 0.04 0.23 0.20 0.21 - 0.01 0.41 0.15 0.00 0.00 0.00 - 0.00 0.41 0.00 6.26 5.38 5.93 - 0.13 12.05 5.38 8.88 7.85 8.40 - 0.43 15.06 7.77 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 0.03 0.03 - 0.01 0.08 0.03 0.12 0.10 0.11 - 0.02 0.25 0.09 0.09 0.00 0.09 + 0.01 0.18 0.06 1.07 0.96 1.04 - 0.01 1.85 0.87 0.21 0.18 0.18 - 0.03 0.25 0.18 0.10 0.08 0.10 + 0.01 0.23 0.01 0.00 0.00 0.00 - 0.00 0.27 0.00 0.09 0.08 0.08 - 0.01 0.13 0.02 4.20 2.83 3.45 - 0.48 123.45 2.83 0.02 0.02 0.02 + 0.01 0.05 0.01 0.05 0.03 0.05 + 0.02 0.09 0.03 0.03 0.03 0.03 - 0.00 0.07 0.02 0.13 0.11 0.12 + 0.02 0.39 0.11 0.35 0.31 0.32 - 0.02 0.48 0.23 0.14 0.11 0.13 + 0.01 0.26 0.09 3.36 3.17 3.21 - 0.02 7.45 3.04 0.04 0.03 0.03 + 0.00 0.15 0.01 0.06 0.05 0.06 + 0.01 0.14 0.03 0.00 0.00 0.00 + 0.00 0.07 0.00 0.03 0.00 0.03 - 0.01 0.16 0.02 0.03 0.00 0.03 + 0.02 0.05 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.25 0.24 0.25 - 0.01 0.33 0.24 0.19 0.16 0.18 - 0.01 0.96 0.16 0.27 0.22 0.24 - 0.03 1.19 0.22 0.91 0.75 0.88 + 0.03 1.65 0.75 0.07 0.07 0.07 + 0.02 0.20 0.05 0.27 0.23 0.27 + 0.00 0.57 0.18 0.40 0.35 0.38 - 0.01 0.69 0.24 0.17 0.14 0.16 - 0.01 0.74 0.14 0.13 0.10 0.11 - 0.00 0.60 0.10 0.02 0.01 0.02 + 0.00 0.04 0.00 1.45 1.12 1.28 - 0.06 2.83 1.12 0.78 0.68 0.73 + 0.02 1.37 0.55 1.04 0.97 0.97 - 0.06 1.75 0.76 24.04 22.46 22.78 - 0.92 47.10 21.50 16.75 15.43 16.09 - 0.21 37.60 15.02 0.09 0.06 0.09 + 0.02 0.16 0.03 0.08 0.07 0.08 + 0.01 0.21 0.06 2.63 2.34 2.44 - 0.12 2.92 1.65 4.94 4.00 4.23 - 0.38 7.44 4.00 6.83 5.74 6.01 - 0.67 9.00 5.57 0.13 0.08 0.12 + 0.05 0.19 0.05 2.99 2.66 2.94 - 0.04 5.56 2.56 2.17 1.83 2.07 + 0.02 4.78 1.83 0.38 0.00 0.38 - 0.01 0.56 0.33 0.26 0.24 0.26 + 0.00 0.42 0.24 0.03 0.01 0.01 - 0.01 0.07 0.01 0.11 0.10 0.10 - 0.01 0.17 0.06 0.05 0.04 0.05 + 0.01 0.12 0.03 0.04 0.03 0.04 + 0.01 0.17 0.03 0.66 0.50 0.63 + 0.06 1.03 0.18 0.46 0.34 0.45 + 0.06 0.77 0.17 0.11 0.09 0.10 - 0.01 0.33 0.07 0.01 0.01 0.01 - 0.00 0.03 0.01 0.02 0.00 0.02 + 0.01 0.04 0.01 0.01 0.00 0.01 + 0.00 0.03 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.04 - 0.00 0.11 0.03 0.07 0.06 0.06 - 0.01 0.15 0.04 0.04 0.04 0.04 - 0.00 0.23 0.03 0.07 0.07 0.07 + 0.01 0.29 0.06

Rackla Mtls* O 2 Rainy Mtn Royl V 19 Rambler Ml &Mg V 253 0 Randgold Res* O Randgold Res* D 4634

0.04 0.03 0.03 - 0.00 0.05 0.03 0.04 0.00 0.04 + 0.01 0.09 0.02 0.07 0.00 0.07 + 0.02 0.37 0.05 64.70 0.00 64.70 - 0.50 84.60 57.00 65.94 60.14 65.67 + 3.55 85.84 54.88

P-Q

R

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Stock

Rapier Gold V 108 Rare Element* X 1976 Rathdowney Res V 188 RB Energy* O 48 72 Red Eagle Mng* O Red Eagle Mng V 176 Red Moon Potsh V 31 Red Tiger Mng V 315 Redhawk Res T 185 Regulus Res V 7 Renaissance Gd* O 24 Renaissance Gd V 9 Reservoir Mnls V 133 Reservoir Mnls* O 79 Richmond Mnls V 260 Richmont Mines* X 901 Richmont Mines T 496 Rio Novo Gold T 187 Rio Silver V 100 Rio Tinto* N 31076 O 5 Rio Tinto* Rio Tinto* O 3 Riverside Res* O 38 Riverside Res V 163 Robex Res V 911 30 Rock Tech Lith V Rockhaven Res V 301 Rockland Mnls V 68 T 2 Rockwell Diam Rogue Res V 549 26 Romios Gold Rs* O Rosita Mg Corp V 137 Roxgold V 702 Royal Gold T 50 Royal Gold* D 10279 Royal Nickel T 540 Royal Nickel* O 44 Royal Rd Mnrls V 10 RT Minerals V 296 Rubicon Mnrls* O 8273 Rupert Res V 429 Rusoro Mng* O 205 Rusoro Mng V 1506 153 Rye Patch Gold* O Rye Patch Gold V 244

0.06 0.04 0.05 - 0.01 0.08 0.02 0.15 0.06 0.08 - 0.05 1.06 0.06 0.17 0.13 0.16 - 0.01 0.35 0.11 0.01 0.00 0.00 - 0.00 0.04 0.00 0.21 0.19 0.19 - 0.00 0.29 0.18 0.29 0.27 0.27 - 0.01 0.36 0.25 0.03 0.00 0.02 - 0.01 0.09 0.02 0.03 0.03 0.03 - 0.02 0.17 0.02 0.04 0.04 0.04 - 0.01 0.10 0.04 0.20 0.19 0.19 - 0.01 0.54 0.19 0.12 0.09 0.10 - 0.02 0.25 0.08 0.18 0.00 0.14 + 0.02 0.30 0.11 3.73 3.26 3.60 - 0.05 5.05 3.26 2.68 2.25 2.49 - 0.03 4.08 2.25 0.05 0.03 0.04 - 0.01 0.14 0.03 3.41 3.01 3.33 + 0.22 3.75 2.27 4.81 4.39 4.75 + 0.22 5.27 3.14 0.10 0.08 0.10 + 0.02 0.16 0.07 0.03 0.02 0.03 + 0.01 0.04 0.01 24.65 21.89 23.77 + 0.15 50.07 21.89 25.18 0.00 23.45 - 1.40 49.45 21.90 27.44 25.47 25.92 - 1.42 50.94 25.47 0.09 0.08 0.08 + 0.00 0.25 0.08 0.13 0.12 0.12 - 0.01 0.31 0.12 0.07 0.06 0.06 - 0.01 0.11 0.05 0.06 0.00 0.05 - 0.01 0.10 0.03 0.14 0.11 0.12 - 0.02 0.27 0.10 0.02 0.01 0.01 - 0.01 0.06 0.01 0.11 0.00 0.11 - 0.02 0.28 0.11 0.10 0.08 0.08 - 0.01 0.16 0.02 0.02 0.01 0.02 - 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.10 0.01 0.77 0.71 0.75 - 0.01 0.84 0.51 42.50 35.46 37.44 - 3.81 95.64 35.46 29.37 24.68 26.44 - 1.94 77.20 24.68 0.17 0.12 0.14 - 0.02 0.59 0.12 0.12 0.11 0.11 - 0.01 0.39 0.11 0.05 0.05 0.05 - 0.01 0.35 0.04 0.01 0.01 0.01 + 0.01 0.03 0.01 0.02 0.01 0.02 + 0.00 1.26 0.01 0.03 0.02 0.03 + 0.01 0.08 0.02 0.04 0.04 0.04 + 0.00 0.05 0.01 0.07 0.06 0.07 + 0.02 0.07 0.03 0.10 0.08 0.09 - 0.01 0.16 0.08 0.13 0.12 0.12 - 0.02 0.20 0.11

Sabina Gd&Slvr* O 41 Sabina Gd&Slvr T 613 Sage Gold V 211 Salt Lake Pot* O 10 Samex Mng* O 108 San Gold Corp* O 78 San Marco Res V 42 O 63 Sandspring Res* Sandspring Res V 948 Sandstorm Gold T 2834 X 3912 Sandstorm Gold* Santa Fe Gold* O 584 210 Santa Fe Mtls V Santacruz Silv* O 22 Santacruz Silv V 252 Sarissa Res* O 218 Satori Res V 186 Saturn Mnrls V 822 Scandium Int M* O 126 ScoZinc Mg V 16 Seabridge Gld T 1539 Seabridge Gld* N 5121 Search Mnls V 97 Searchlight* O 160 Select Sands V 342 T 9883 Semafo Sherritt Intl T 3029 Shore Gold T 606 Sibanye Gold* N 8961 Sienna Res V 6 82 Sierra Iron Or V Sierra Metals* O 7 Sierra Metals T 32 Sierra Res* O 179602 Silver Bull Re* O 723 Silver Bull Re T 133 Silver Dragon* O 576 13593 Silver Falcon* O Silver Spruce V 261 Silver Spruce* O 6 Silver Std Res T 2371 Silver Std Res* D 8534 Silver Wheaton T 7413 Silver Wheaton* N 23416 Silvercorp Met T 1713 Silvercorp Met* O 1269 Silvermet V 72 SinoCoking Cl* D 188 Sirios Res V 325 Sky Ridge V 67 V 735 Skyharbour Res Slam Explor V 217 Solitario Ex&R T 12 Solitario Ex&R* X 120 Source Gold* O 533 Southern Arc V 8 Southern Arc* O 11 Southern Copp* N 7943 Southern Silvr V 86 Southern Sun V 1645 SouthGobi Res T 17 Spanish Mtn Gd V 331 Sparton Res V 485 Sparton Res* O 33 St Andrew Gldf T 2748 St Andrew Gldf* O 429 St Augustine T 64 Stakeholdr Gld V 60 Standard Graph V 84 O 287 Standard Metal* Stans Energy* O 315 Star Minerals 84 Starcore Intl T 52 Stillwater Mg* N 11047 Stina Res 29 Stina Res* O 46 Stockport Expl V 51 Stonegate Agri T 83 Stonegate Agri* O 92 Strategic Metl V 139 Strategic Res V 24 Stratton Res V 304 Sulliden Mng T 407 Suncor Energy T 29722 Suncor Energy* N 42096 Sunridge Gold* O 1404 Sunridge Gold V 1505 Sutter Gold* O 695 Sutter Gold V 303 Syrah Res* O 11

0.43 0.38 0.39 - 0.04 0.57 0.24 0.63 0.54 0.56 - 0.06 0.80 0.30 0.06 0.04 0.04 - 0.02 0.14 0.03 0.16 0.15 0.15 - 0.01 0.16 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.03 0.00 0.03 0.02 0.03 + 0.01 0.08 0.02 0.11 0.00 0.08 - 0.04 0.18 0.08 0.14 0.11 0.12 - 0.04 0.44 0.11 3.29 2.82 2.91 - 0.34 5.23 2.82 2.37 1.94 2.05 - 0.18 4.23 1.94 0.00 0.00 0.00 - 0.00 0.18 0.00 0.02 0.02 0.02 + 0.01 0.03 0.01 0.09 0.06 0.06 - 0.01 0.34 0.06 0.12 0.09 0.10 - 0.01 0.43 0.09 0.00 0.00 0.00 + 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.25 0.02 0.14 0.11 0.12 - 0.02 0.24 0.10 0.10 0.08 0.10 + 0.01 0.17 0.06 0.75 0.00 0.75 + 0.08 1.25 0.40 10.01 7.99 8.40 - 1.43 13.55 4.34 7.37 5.46 5.94 - 0.84 9.82 3.31 0.06 0.00 0.06 - 0.01 0.13 0.03 0.19 0.00 0.15 - 0.03 0.45 0.06 0.35 0.28 0.29 - 0.05 0.50 0.05 3.94 3.19 3.38 - 0.56 4.49 2.46 0.74 0.60 0.72 + 0.13 3.24 0.53 0.21 0.19 0.20 - 0.01 0.30 0.13 8.43 7.20 8.20 + 0.42 11.56 4.07 0.02 0.00 0.02 - 0.01 0.04 0.01 0.40 0.26 0.27 - 0.02 0.62 0.15 0.89 0.69 0.70 - 0.17 1.29 0.69 1.08 0.96 0.96 - 0.12 1.63 0.84 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 0.03 0.03 + 0.00 0.15 0.03 0.05 0.04 0.05 + 0.01 0.19 0.04 0.03 0.02 0.02 - 0.00 0.05 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.00 0.07 - 0.01 0.10 0.02 0.05 0.00 0.05 + 0.01 0.07 0.01 6.51 5.28 5.56 - 0.84 10.56 5.22 4.75 3.66 3.93 - 0.47 8.02 3.66 16.31 14.51 14.99 - 1.21 29.86 14.51 11.41 10.04 10.58 - 0.57 24.22 10.04 0.70 0.60 0.63 - 0.06 1.91 0.60 0.49 0.41 0.45 - 0.02 1.56 0.41 0.04 0.03 0.03 - 0.02 0.10 0.02 0.55 0.40 0.42 - 0.06 3.15 0.26 0.09 0.08 0.09 + 0.01 0.13 0.07 0.12 0.12 0.12 + 0.02 0.15 0.03 0.03 0.02 0.03 - 0.01 0.07 0.02 0.09 0.04 0.06 - 0.03 0.09 0.01 0.63 0.61 0.63 + 0.02 1.18 0.57 0.48 0.41 0.44 + 0.01 0.94 0.40 0.01 0.00 0.01 - 0.00 2.00 0.00 0.30 0.00 0.26 - 0.15 1.00 0.24 0.28 0.17 0.18 - 0.10 0.29 0.17 23.99 21.55 23.62 + 0.91 33.31 21.55 0.04 0.03 0.04 + 0.01 0.13 0.03 0.20 0.13 0.18 + 0.03 0.20 0.02 0.29 0.00 0.26 - 0.03 1.25 0.24 0.03 0.00 0.03 - 0.01 0.05 0.02 0.05 0.04 0.05 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.00 0.03 0.00 0.45 0.41 0.42 - 0.02 0.48 0.21 0.30 0.28 0.29 - 0.01 0.34 0.17 0.11 0.10 0.10 - 0.01 0.17 0.07 0.11 0.08 0.10 - 0.01 2.35 0.04 0.01 0.01 0.01 - 0.01 0.04 0.01 0.06 0.04 0.06 + 0.02 1.31 0.01 0.01 0.01 0.01 - 0.00 0.10 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.28 0.27 0.28 + 0.01 0.66 0.25 6.23 4.99 5.35 - 0.61 15.07 4.99 0.15 0.12 0.15 + 0.03 0.19 0.12 0.11 0.11 0.11 + 0.00 0.20 0.04 0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.00 0.02 - 0.01 0.05 0.02 0.02 0.01 0.01 - 0.01 0.04 0.01 0.28 0.25 0.25 - 0.01 0.37 0.24 0.03 0.00 0.03 - 0.01 0.04 0.02 0.12 0.07 0.12 + 0.05 0.14 0.06 0.24 0.00 0.23 - 0.01 0.40 0.19 31.54 27.32 31.33 + 0.11 40.93 27.32 22.31 18.71 22.12 + 0.63 33.49 18.71 0.19 0.18 0.19 + 0.00 0.21 0.10 0.29 0.27 0.29 + 0.01 0.29 0.13 0.03 0.02 0.02 - 0.01 0.09 0.02 0.04 0.04 0.04 - 0.01 0.10 0.04 2.54 2.37 2.54 + 0.17 3.57 1.81

Tahoe Res T 4829 Tahoe Res* N 6944 Takara Res V 133 Talon Metals T 105 Tanzania Rlty T 66 Tanzania Rlty* X 357 Taseko Mines* X 1485 Taseko Mines T 743 Tasman Metals* X 532 Tasman Metals V 149 Teck Res T 15 Teck Res T 30392 Teck Res* N 56475

10.79 9.45 10.01 - 0.72 18.65 9.45 8.00 6.48 7.06 - 0.32 15.64 6.48 0.05 0.03 0.04 - 0.01 0.06 0.01 0.14 0.13 0.13 - 0.01 0.25 0.08 0.43 0.36 0.41 + 0.01 0.83 0.32 0.29 0.26 0.27 - 0.01 0.67 0.25 0.33 0.24 0.32 + 0.07 0.95 0.23 0.46 0.36 0.45 + 0.08 1.22 0.35 0.19 0.15 0.19 - 0.00 0.79 0.15 0.25 0.23 0.25 - 0.01 0.99 0.21 8.25 6.02 7.80 + 0.85 22.64 5.69 5.84 4.36 5.29 + 0.80 20.58 3.65 4.13 2.67 3.72 + 0.62 16.40 2.56

S

T

(100s)

Exc Volume

Week High

Low

Last Change

12-month High Low

TECO Enrgy* N 10399 Teranga Gold T 6353 Teras Res V 657 Terrax Mnrls* O 6 Terrax Mnrls V 73 705 Teslin Rvr Res V Teslin Rvr Res* O 5 119 Texas Rare Eth* O Themac Res V 81 O 5606 Thompson Creek* T 2314 Thompson Creek Thunder Mtn Gd* O 51 Till Capital V 7 Till Capital* D 6 X 846 Timberline Res* Timberline Res V 203 Timmins Gold* X 4036 Timmins Gold T 4420 Tinka Res* O 203 Tinka Res V 281 Tintina Res V 148 Tintina Res* O 14 Tirex Res* O 80 Tirex Res V 117 Titanium Corp V 162 T 73 TMAC Resources TomaGold V 184 Torex Gold T 5132 Torex Gold* O 327 Treasury Metal T 157 Trecora Res* N 277 Trevali Mng* O 312 Trevali Mng T 2585 Tri Origin Exp V 213 Tri-River Vent V 82 TriMetals Mng* O 47 TriMetals Mng* O 8 Trio Resources* O 1275 TriStar Gold V 202 TriStar Gold* O 57 Troy Res* O 31 Troymet Expl V 58 True Gold Mng V 1348 True Gold Mng* O 380 Trueclaim Expl V 101 Tungsten Corp* O 352 Turquoise HIl* N 10077 Turquoise HIl T 9419 TVI Pacific* O 100 TVI Pacific T 79 Typhoon Expl V 19

27.11 26.69 27.04 + 0.13 27.23 17.60 0.45 0.39 0.40 - 0.04 0.82 0.39 0.04 0.03 0.03 - 0.01 0.12 0.03 0.21 0.17 0.18 - 0.04 0.34 0.17 0.27 0.25 0.26 - 0.01 0.43 0.23 0.25 0.22 0.23 - 0.02 0.34 0.20 0.18 0.18 0.18 - 0.00 0.23 0.18 0.18 0.15 0.16 - 0.00 0.44 0.10 0.02 0.01 0.02 + 0.01 0.03 0.01 0.15 0.07 0.12 - 0.00 1.63 0.07 0.20 0.16 0.18 - 0.01 2.04 0.16 0.06 0.00 0.05 - 0.01 0.15 0.02 5.02 0.00 5.01 + 0.24 8.00 4.31 3.50 0.00 3.50 - 0.47 6.23 3.50 0.15 0.09 0.14 + 0.03 0.78 0.08 0.21 0.16 0.20 + 0.04 0.91 0.16 0.11 0.07 0.10 + 0.00 1.14 0.07 0.16 0.11 0.15 + 0.01 1.41 0.11 0.10 0.07 0.07 - 0.01 0.34 0.07 0.14 0.10 0.10 - 0.01 0.43 0.10 0.08 0.06 0.08 + 0.01 0.10 0.04 0.05 0.04 0.04 - 0.01 0.08 0.03 0.14 0.07 0.12 + 0.03 0.28 0.05 0.20 0.12 0.16 + 0.03 0.35 0.07 0.69 0.59 0.60 + 0.02 1.55 0.58 6.39 6.03 6.20 + 0.10 6.39 4.85 0.06 0.05 0.05 - 0.01 0.13 0.04 1.24 1.15 1.20 - 0.03 1.58 0.85 0.90 0.80 0.85 - 0.01 1.31 0.67 0.45 0.39 0.44 + 0.05 0.62 0.25 10.80 9.39 10.55 + 0.53 16.50 9.40 0.27 0.24 0.27 + 0.03 1.03 0.18 0.39 0.34 0.37 + 0.02 1.24 0.25 0.03 0.02 0.03 + 0.01 0.04 0.01 0.05 0.00 0.05 - 0.02 0.17 0.05 0.05 0.00 0.04 - 0.01 0.09 0.03 0.09 0.00 0.08 - 0.00 0.15 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.18 0.16 0.18 + 0.02 0.22 0.10 0.11 0.11 0.11 + 0.00 0.18 0.09 0.15 0.13 0.15 + 0.02 0.50 0.13 0.02 0.01 0.01 - 0.01 0.03 0.01 0.27 0.24 0.27 + 0.01 0.27 0.15 0.18 0.16 0.18 + 0.00 0.21 0.11 0.03 0.02 0.02 - 0.01 0.05 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 1.88 1.55 1.78 - 0.02 4.74 1.55 2.67 2.30 2.55 - 0.05 5.80 2.30 0.01 0.00 0.00 - 0.01 0.02 0.00 0.01 0.00 0.01 - 0.01 0.03 0.01 0.03 0.03 0.03 - 0.01 0.08 0.03

U3O8 Corp T 616 U3O8 Corp* O 321 Ucore Rare Mtl* O 358 Ucore Rare Mtl V 899 UEX Corp T 1250 Ultra Lithium V 105 Umbral Enrgy 698 V 65 Unigold Unigold* O 5 United Res Hdg* O 452 United Silver* O 804 United States A* X 319 United States S* N 44904 Unity Energy V 15 Ur-Energy T 137 Ur-Energy* X 945 Uracan Res V 944 Uracan Res* O 7 Uranium Energy* X 4378 Uranium Res* D 1286 Uravan Mnrls V 31 US Energy* D 967 US Precious M* O 14073 US Rare Earths* O 124 Vale* N 158093 Vale* N 82095 O 154 Vanadiumcorp* Vanstar Mng Rs V 1070 Vantex Res V 124 Vedanta* N 2007 Vela Minerals V 87 Vena Res T 1195 Verde Potash T 72 Victoria Gold V 1187 Victory Nickel T 488 Virginia Enrgy V 21 Virginia Enrgy* O 30 Viscount Mng V 194 Visible Gold M V 967 Vista Gold* X 463 Vista Gold T 27 Volcanic Mtls V 267 Vulcan Mnrls V 78

0.03 0.02 0.02 - 0.01 0.07 0.02 0.02 0.01 0.02 - 0.00 0.06 0.01 0.20 0.16 0.19 + 0.03 0.35 0.15 0.29 0.25 0.25 + 0.01 0.44 0.20 0.16 0.14 0.15 - 0.01 0.32 0.11 0.13 0.10 0.10 - 0.02 0.35 0.05 0.03 0.02 0.02 + 0.01 0.07 0.02 0.19 0.14 0.15 + 0.01 0.25 0.08 0.11 0.00 0.11 + 0.01 0.16 0.06 0.03 0.02 0.02 - 0.00 0.11 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.32 0.20 0.26 + 0.03 1.65 0.20 7.80 6.56 7.24 + 0.35 27.68 6.43 0.16 0.15 0.15 - 0.01 0.20 0.05 0.89 0.74 0.87 + 0.04 1.35 0.60 0.63 0.51 0.62 + 0.05 1.08 0.45 0.03 0.02 0.02 - 0.01 0.05 0.01 0.02 0.01 0.01 - 0.01 0.04 0.00 0.86 0.65 0.82 + 0.10 3.00 0.65 0.42 0.36 0.38 - 0.00 1.94 0.35 0.06 0.05 0.06 + 0.01 0.17 0.04 0.22 0.14 0.20 + 0.06 1.77 0.11 0.01 0.00 0.01 + 0.00 0.20 0.00 0.07 0.00 0.04 + 0.01 5.00 0.01 2.43 2.14 2.27 - 0.10 9.14 2.18 1.83 1.55 1.68 - 0.12 7.77 1.61 0.03 0.03 0.03 - 0.01 0.05 0.01 0.07 0.03 0.07 + 0.04 0.08 0.03 0.02 0.01 0.02 - 0.01 0.03 0.01 4.36 3.65 3.99 - 0.11 14.43 3.65 0.04 0.03 0.04 + 0.01 0.08 0.02 0.04 0.01 0.02 - 0.03 0.10 0.01 0.16 0.14 0.15 - 0.03 0.55 0.14 0.16 0.16 0.16 - 0.01 0.24 0.11 0.03 0.00 0.02 + 0.01 0.19 0.01 0.05 0.04 0.05 + 0.01 0.10 0.03 0.04 0.00 0.04 + 0.01 0.08 0.02 0.50 0.44 0.49 + 0.03 0.63 0.16 0.04 0.03 0.03 - 0.01 0.27 0.03 0.32 0.27 0.29 + 0.01 0.45 0.24 0.45 0.39 0.41 + 0.01 0.55 0.31 0.04 0.04 0.04 + 0.01 0.12 0.04 0.02 0.02 0.02 - 0.01 0.04 0.02

WAI Cap Invest V 787 Walker River V 6780 Wallbridge Mng T 392 Walter Energy* O 9407 Wealth Mnrls* O 7 Wealth Mnrls V 353 Wellgreen Plat T 252 Wellgreen Plat* O 65 Wesdome Gold T 890 West Af Res V 143 West High Yld V 41 West Kirkland V 368 Western Copper T 163 Western Copper* X 266 Western Graphi* O 58171 Western Lith T 2827 Western Lith* O 1454 Western Pac Rs* O 90 Westminster Rs V 450 Westmoreland* D 1779 White Mtn Engy* O 262 Whitehaven Coa* O 639 Wildcat Expl V 24 Wincash Apolo* O 3 Winston Res 11 Wolfden Res V 454 Wolverine Mnls V 99 WPC Res V 969 Xander Res V 90 Ximen Mng V 1722 Ximen Mng* O 151 XLI Tech Inc* O 4033 Xtra-Gold Res* O 21 Yamana Gold T 17925 Yamana Gold* N 65965 Yanzhou Coal* N 174 Yellowhead Mng T 106 Yorbeau Res T 79 Zadar Vent V 1069 Zazu Metals T 111 Zazu Metals* O 269 Zena Mng V 38 Zenyatta Vent V 414 Zenyatta Vent* O 50 Zinco Mng* O 116 Zinco Mng V 45 Zonte Mtls V 92

0.03 0.02 0.02 - 0.02 0.10 0.02 0.07 0.03 0.07 + 0.03 0.07 0.02 0.04 0.03 0.04 + 0.01 0.06 0.02 0.07 0.01 0.04 + 0.03 1.16 0.01 0.13 0.11 0.13 + 0.02 0.33 0.09 0.25 0.17 0.25 + 0.08 0.42 0.12 0.20 0.17 0.18 - 0.01 0.67 0.16 0.15 0.12 0.14 - 0.01 0.55 0.12 1.23 0.98 1.22 + 0.01 1.40 0.89 0.07 0.06 0.06 - 0.01 0.10 0.05 0.23 0.00 0.21 - 0.01 0.43 0.17 0.04 0.04 0.04 + 0.01 0.08 0.04 0.32 0.29 0.30 - 0.01 0.75 0.29 0.24 0.20 0.22 + 0.01 0.65 0.20 0.00 0.00 0.00 - 0.00 0.02 0.00 0.38 0.32 0.38 + 0.06 0.96 0.26 0.27 0.22 0.27 + 0.05 0.81 0.18 0.01 0.00 0.00 - 0.00 0.06 0.00 0.03 0.03 0.03 - 0.01 0.10 0.01 5.01 3.44 4.88 + 0.59 31.49 3.44 0.13 0.10 0.13 - 0.00 0.46 0.10 0.35 0.29 0.29 - 0.06 1.24 0.29 0.05 0.00 0.04 - 0.01 0.08 0.02 0.08 0.08 0.08 + 0.00 0.35 0.08 0.05 0.00 0.05 + 0.04 0.08 0.01 0.09 0.08 0.08 - 0.01 0.22 0.05 0.03 0.02 0.02 - 0.01 0.08 0.02 0.04 0.03 0.03 - 0.01 0.08 0.03 0.39 0.33 0.39 + 0.02 0.41 0.18 0.07 0.04 0.07 + 0.03 0.21 0.02 0.03 0.02 0.02 - 0.01 0.13 0.01 1.48 0.90 0.96 - 0.15 1.50 0.14 0.15 0.00 0.15 - 0.01 0.22 0.12 2.30 2.00 2.16 - 0.11 5.63 1.89 1.76 1.38 1.51 - 0.04 4.66 1.38 4.01 3.66 4.01 + 0.08 12.24 3.66 0.04 0.03 0.04 + 0.01 0.18 0.03 0.08 0.07 0.08 + 0.01 0.17 0.04 0.08 0.05 0.08 + 0.04 0.08 0.01 0.13 0.12 0.12 - 0.01 0.35 0.09 0.08 0.08 0.08 + 0.00 0.29 0.08 0.06 0.06 0.06 - 0.01 0.12 0.05 0.93 0.75 0.90 + 0.17 2.61 0.63 0.64 0.48 0.64 + 0.15 2.20 0.47 0.04 0.02 0.02 - 0.02 0.04 0.00 0.05 0.04 0.04 - 0.01 0.08 0.01 0.08 0.00 0.08 + 0.01 0.15 0.02

U-V

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2016-01-26 8:01 PM

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WWW.NORTHERNMINER.COM

FEBRUARY 1–7, 2016 / THE NORTHERN MINER

BID-ASK — JANUARY 18–22, 2016

STOCK

Acme Res Corp Advance Gold African Metals Aftermath Slvr Alba Minerals Alberta Star Alderon Iron* Alexander Nubi Allante Potash Alpha Nat Res* Alto Vent Alturas Mnrls Amador Gold Amanta Res Amato Expl Amer Vanadium AMI Res Anglo Pac Grp Appalaches Res Appia Energy Arch Coal* Ardonblue Vent Armor Mnrls Arrowhead Gold Arrowstar Res Artha Res Asbestos Corp Asher Res Asia Now Res Astar Mnls Atlantic Ind Atlatsa Res* AurCrest Gold Austin Res Avalon Rare Mt* Banks Island Baroyeca Go&Si BE Res Bearing Res Bethpage Cap Big Bar Res Big Wind Cap Blue Sky Uran Bluefire Mng Bluenose Gold Boss Power Brunswick Res Buccaneer Gold Buffalo Coal Bullman Mnls Cairo Res Canada Coal Canuc Res Cariboo Rose Carlin Gold Carrie Arran Cartier Iron Cascade Res Cascadero Copp Cdn Arrow Cdn Platinum Cdn Silvr Hunt Celeste Mng Celtic Minrls Central Iron Century Global Cerro Grande Chantrell Vent Chinapintza Mg Cicada Vents Clydesdale Res Colombia Crest Conquest Res Cougar Mnls Crestwell Res Cresval Cap Cricket Res Crystal Explor CWN M’g Acq Damara Gold Dawson Gold Declan Res Delrand Res Desert Gold Deveron Res DGS Mnls Discovery Harb Duncan Park H DV Res E-Energy Vent Elissa Res Emerge Res Emerita Res Endurance Gold Expedition Mng Far Res Ferrum Am Mng Finore Mng Fire River Gol Firesteel Res Firestone Vent First Idaho Fort St J Nick Four River Freeport Res Frontline Gold G4G Res GAR Limited GB Minerals Genius Props GFM Res Gitennes Expl Giyani Gold God’s Lake Res Gold Ridge Exp Golden Brg Dev Golden Harp Golden Secret Goldstar Mnls Goldstream Mnl GoldTrain Res Gossan Res GoviEx Uranium

12-MONTH

EXC

BID

ASK

LAST

HIGH

LOW

STOCK

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

0.02 0.01 0.06 ...

0.01 0.20 ...

0.04 0.01 0.23 0.02 0.01 ...

0.01 0.01 0.09 0.04 1.07 0.01 0.01 ...

0.05 0.12 0.03 0.06 0.13 0.21 0.02 0.01 0.09 ... ...

0.02 0.01 0.08 0.01 ...

0.32 0.03 0.04 0.08 ...

0.04 0.06 0.01 0.17 0.01 0.02 0.03 0.03 0.13 0.01 0.05 0.03 0.01 0.05 0.03 0.02 0.03 ... ...

0.01 ... ...

0.01 0.21 ...

0.06 0.01 ...

0.02 0.01 ...

0.05 0.12 0.03 0.01 0.09 0.12 0.05 0.12 ...

0.11 0.09 0.25 0.04 0.01 0.01 0.04 ...

0.13 0.05 0.03 0.02 0.16 0.02 0.01 ...

0.03 0.01 0.01 0.06 0.01 0.08 0.01 ...

0.05 ...

0.04 0.05 0.02 ...

0.08 0.05 0.01 0.08 0.04 0.03 0.01 ... ...

0.02 0.05

0.05 0.02 0.09 0.01 0.03 0.22 0.40 0.07 0.10 0.24 0.03 0.01 0.01 0.02 0.02 0.09 0.05 1.30 0.01 ... ...

0.10 0.35 0.04 0.15 0.15 0.29 0.02 0.02 0.15 0.02 ...

0.02 0.01 0.17 0.01 0.01 0.35 0.03 0.08 0.20 0.02 0.05 0.07 0.02 0.20 0.02 0.03 0.03 0.05 0.20 0.02 0.07 0.04 0.01 ...

0.03 0.03 0.04 0.01 0.01 0.02 0.01 0.01 0.01 0.34 0.02 0.09 0.02 0.01 ...

0.01 0.01 0.06 0.13 0.06 0.05 0.11 0.25 0.06 0.15 0.01 0.20 0.15 0.27 0.10 0.01 0.01 0.05 0.01 0.14 0.07 0.04 0.03 0.20 0.04 0.02 0.04 0.07 0.01 0.01 0.12 0.02 0.10 0.02 0.01 0.07 0.05 0.06 0.13 0.11 0.01 0.09 0.10 0.04 0.12 0.06 0.09 0.02 0.01 0.01 0.03 0.08

0.02 0.04 0.02 0.03 0.11 0.11 0.01 0.03 0.01 0.04 0.20 0.23 0.14 0.52 0.04 0.20 0.01 0.07 0.24 4.16 0.02 0.09 0.01 0.01 0.01 0.01 0.01 0.01 0.09 0.22 0.05 0.06 1.07 2.05 0.01 0.01 0.05 0.58 15.00 0.05 0.07 0.12 0.17 0.03 0.08 0.07 0.20 0.12 0.20 0.27 0.30 0.02 0.08 0.02 0.03 0.09 0.16 0.01 0.01 0.06 0.45 0.02 0.04 0.01 0.03 0.09 0.40 0.01 0.17 0.01 0.01 0.35 0.03 0.04 0.04 0.10 0.10 0.10 0.01 0.05 0.04 0.26 0.07 0.39 0.01 0.04 0.17 0.30 0.01 0.06 0.02 0.04 0.03 0.10 0.03 0.14 0.13 0.26 0.01 0.04 0.07 0.35 0.03 0.07 0.01 0.02 0.05 0.07 0.03 0.14 0.02 0.05 0.03 0.05 0.01 0.01 0.01 0.01 0.01 0.07 0.01 0.01 0.01 0.01 0.01 0.21 0.40 0.01 0.05 0.06 0.15 0.01 0.02 0.01 0.02 0.02 0.08 0.01 0.01 0.01 0.01 0.05 0.15 0.13 0.16 0.06 0.06 0.01 0.04 0.09 0.14 0.20 0.50 0.06 0.16 0.12 0.15 0.01 0.03 0.11 0.75 0.09 0.50 0.24 0.32 0.05 0.06 0.01 0.11 0.01 0.03 0.04 0.06 0.01 0.01 0.14 0.25 0.05 0.07 0.03 0.07 0.03 0.08 0.18 0.20 0.02 0.05 0.02 0.03 0.01 0.04 0.09 0.75 0.01 0.08 0.01 0.01 0.06 0.15 0.01 0.01 0.07 0.20 0.01 0.02 0.01 0.01 0.05 0.10 0.05 0.10 0.06 0.12 0.06 0.13 0.02 0.03 0.01 0.01 0.09 0.13 0.05 0.10 0.01 0.02 0.08 0.18 0.04 0.07 0.04 0.04 0.01 0.04 0.01 0.02 0.01 0.01 0.02 0.05 0.05 0.35

0.01 0.01 0.02 0.01 0.01 0.16 0.12 0.04 0.01 0.20 0.02 0.01 0.01

Grande Portage Gravis Energy Gray Rock Res Great Thunder Greatbanks Res Green Swan Cap Green Valley M Greenock Res Greenshield Ex Grenville Gold Greywacke Expl Hansa Res HFX Holding Highbury Proj Highvista Gold HiHo Silver Homeland Egy Icon Explor IEMR Res IGC Res Indigo Expl Inform Res Infrastructure Inter-Rock Mnl Interconnect Intl Samuel Ex Inventus Mg Jasper Mng Jaxon Mnls Jazz Res Jiulian Res Jubilee Gold Kairos Cap Karmin Expl Kazax Mnls Kenna Res Kermode Res Kesselrun Res Kitrinor Mtls La Imperial La Quinta Res Lakeside Mnrls Lateral Gold Leeta Gold Leo Res Lions Bay Cap Lions Gate Mtl Logan Res Lovitt Res Lund Enterpr Macarthur Mnl Maccabi Vent Mag Copper Mahdia Gold Mainstream Mnl Majescor Res Mammoth Res Manado Gold Maritime Res Masuparia Gold Match Capital MAX Res MaxTech Vent McChip Res McLaren Res Megastar Dev Menika Mining Metallum Res Mezzotin Mnrls Midasco Cap Midnight Star MillenMin Vent Mindoro Res Minecorp Egy Mineral Hill Minfocus Expl Minsud Res Mitchell Res Moag Copper Monster Mng Monster Uran Montana Gold Morgan Res Mountainstar Mukuba Res Murchison Min Mustang Mnrls Navy Res New Destiny Mg New Era Mnrls New Klondike New Nadina Newmac Res Next Gen Mtls Nikos Expl North Am Ptash North Am Tung NovX21 NQ Expl NSGold NSS Res Inc NSX Silver Nunavik Nickel NV Gold Odyssey Res Open Gold Oracle Mng Orestone Mng Orla Mng Ltd Oroco Res Orofino Mnrls Oronova Res Otterburn Res Oxford Res Pac Arc Res Pac Coal Res Pac Imperial Pac Link Mng Pac Potash Pac Topaz Palisades Vent Pantheon Vent Parallel Mng

Published by:

0.05 0.01 1.00 0.01 0.58 0.05 0.06 0.03 0.04 0.01 0.13 0.02 0.01 0.09 0.01 0.06 0.01 0.01 0.08 0.01 0.01 0.02 0.03 0.06 0.01 0.04 0.07 0.01 0.15 0.01 0.02 0.02 0.03 0.08 0.01 0.05 0.03 0.01 0.05 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.15 0.01 0.06 0.01 0.01 0.02 0.01 0.01 0.03 0.07 0.01 0.01 0.05 0.11 0.04 0.03 0.01 0.05 0.08 0.09 0.02 0.01 0.01 0.03 0.01 0.06 0.04 0.03 0.02 0.08 0.02 0.01 0.01 0.03 0.01 0.01 0.05 0.01 0.05 0.01 0.01 0.03 0.03 0.02 0.02 0.02 0.01 0.05 0.01 0.01 0.06 0.04 0.02 0.01 0.01 0.01 0.02 0.04

EXC

BID

ASK

V C V V V V V V V V C V V V V C V V V V V V V V V V V V V V V V V V V V V V V C V V V V C V C V V V V C C C V V V V V V V V C V C V V V V V C V V V V V V V C V V C V C V C V V V V V V V C V V V V V V C V V V V V V V V V V V V V V V V V V V V V V

...

0.01 0.02 0.01 0.01 0.01 ...

0.08 0.02 0.07 0.01 0.01 0.04 0.14 0.17 ... ...

0.02 ...

0.01 0.01 0.01 0.01 0.03 0.05 0.01 0.01 0.03 0.03 0.08 0.02 0.22 0.02 0.18 0.01 0.08 ...

0.03 ...

0.01 0.01 ...

0.07 0.03 0.01 0.01 0.02 0.05 0.03 0.02 0.02 0.10 0.03 0.01 ...

0.02 0.01 0.03 0.09 0.03 0.01 0.06 0.07 0.56 0.01 0.02 0.12 0.11 0.01 0.11 0.08 0.01 ...

0.02 0.14 0.01 0.09 0.02 ...

0.01 0.02 0.04 0.01 0.09 0.01 ... ...

0.18 ...

0.12 0.01 0.01 0.08 0.02 0.04 ... ...

0.02 0.01 0.04 ...

0.03 0.04 0.01 0.02 0.01 0.01 ...

0.10 0.01 0.07 0.04 0.19 0.02 0.01 0.01 0.01 0.01 0.04 0.08 0.05 0.08 0.04

0.01 ...

0.03 0.02 0.02 0.02 0.01 0.10 0.12 0.08 ...

0.02 0.09 0.20 0.17 0.01 0.01 0.03 0.01 0.01 0.02 0.03 0.02 0.07 0.14 0.02 0.02 0.07 0.04 0.14 0.04 2.50 0.02 0.22 0.02 0.11 0.01 0.04 0.01 0.05 0.02 0.01 0.12 0.10 0.10 0.02 0.06 0.06 0.10 0.03 0.03 0.11 0.04 0.01 0.01 0.03 0.01 0.03 0.14 0.04 0.02 0.08 0.10 0.60 0.01 0.03 0.15 0.13 0.01 0.20 0.15 0.02 0.01 0.03 0.14 0.02 0.12 0.03 0.09 0.01 0.05 0.05 0.01 0.13 0.01 0.01 0.01 0.24 0.01 0.15 0.01 0.01 0.20 0.03 0.06 0.01 0.01 0.02 0.01 0.07 ...

0.04 0.05 0.02 0.04 0.01 0.01 0.01 0.12 0.02 0.12 0.06 0.25 0.03 0.01 0.02 0.02 0.03 0.05 0.11 0.08 0.10 0.07

LAST

12-MONTH HIGH

0.01 0.02 0.01 0.01 0.02 0.04 0.02 0.03 0.01 0.14 0.02 0.05 0.01 0.01 0.10 0.10 0.02 0.05 0.07 0.15 0.01 0.01 0.01 0.03 0.09 0.15 0.15 0.33 0.17 0.28 0.01 0.02 0.01 0.01 0.03 0.04 0.01 0.01 0.01 0.02 0.01 0.02 0.03 0.03 0.01 0.02 0.07 0.07 0.07 0.15 0.01 0.30 0.02 0.11 0.03 0.07 0.03 0.06 0.08 0.23 0.02 0.04 0.50 0.50 0.02 0.03 0.22 0.40 0.02 0.06 0.08 0.20 0.01 0.02 0.03 0.06 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.07 0.36 0.04 0.07 0.01 0.10 0.01 0.05 0.02 0.12 0.05 0.06 0.05 0.05 0.02 0.06 0.02 0.08 0.10 0.14 0.03 0.15 0.01 0.02 0.01 0.03 0.06 0.01 0.07 0.03 0.08 0.09 0.24 0.03 0.09 0.01 0.02 0.06 0.15 0.07 0.22 0.60 1.10 0.01 0.01 0.02 0.05 0.12 0.15 0.12 0.13 0.01 0.01 0.12 0.12 0.08 0.10 0.01 0.02 0.01 0.03 0.02 0.20 0.14 0.01 0.04 0.09 0.09 0.02 0.05 0.08 0.15 0.01 0.01 0.02 0.12 0.04 0.05 0.01 0.10 0.10 0.30 0.01 0.02 0.01 0.04 0.01 0.02 0.18 0.23 0.01 0.03 0.13 0.29 0.01 0.02 0.01 0.03 0.08 0.29 0.02 0.06 0.06 0.12 0.01 0.01 0.01 0.06 0.02 0.09 0.01 0.02 0.04 0.11 0.20 0.20 0.03 0.07 0.04 0.18 0.01 0.17 0.02 0.04 0.01 0.01 0.07 0.01 0.02 0.10 0.32 0.02 0.05 0.07 0.20 0.04 0.04 0.20 0.03 0.04 0.01 0.01 0.02 0.12 0.01 0.01 0.01 0.01 0.05 0.45 0.08 0.12 0.05 0.26 0.10 0.13 0.04 0.07

LOW

0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.03 0.01 0.04 0.01 0.01 0.01 0.10 0.14 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.05 0.05 0.01 0.02 0.01 0.03 0.02 0.50 0.01 0.15 0.01 0.08 0.01 0.02 0.01 0.01 0.01 0.01 0.07 0.03 0.01 0.01 0.01 0.03 0.02 0.02 0.01 0.10 0.03 0.01 0.03 0.01 0.01 0.08 0.03 0.01 0.04 0.03 0.57 0.01 0.02 0.05 0.08 0.01 0.05 0.08 0.01 0.01 0.01 0.01 0.05 0.01 0.07 0.01 0.02 0.02 0.01 0.09 0.01 0.01 0.01 0.06 0.01 0.04 0.01 0.01 0.06 0.02 0.02 0.01 0.01 0.02 0.01 0.03 0.20 0.02 0.04 0.01 0.02 0.01 0.01 0.04 0.01 0.05 0.03 0.01 0.01 0.01 0.01 0.01 0.03 0.06 0.03 0.03 0.03

STOCK

Phoenix Gold Planet Mng Plata Latina Plate Res Platinex Plato Gold PNG Gold Polar Res Portex Mnrls Portofino Res Prima Diamond Prize Mng Q-Gold Res Rainmaker Res Randsburg Intl Ravencrest Res Razore Rock Res Red Hut Red Oak Mg Red Rock Enrgy Regal Res Reliance Res Reliant Gold Remington Res Renforth Res Resolve Vent Reva Res Revolver Res Rheingold Expl Rhyolite Res Rift Valley River Wild Exp RJK Explor Rochester Res Rockridge Cap Rodinia Lithm Rokmaster Res Romulus Res RosCan Mrnls Ross River Rotation Mnls Royal Sapphire Rubicon Mnrls* Rugby Mng Running Fox Rs Samco Gold Savoy Vent Scavo Res Senator Mnrls Sennen Potash Serabi Gold Serengeti Res SG Spirit Gold Shamrock Ent Shoshoni Gold Signal Expl Silver Fields Silver Mtn Mns Silver Phoenix Slater Mng Sniper Res SolidusGold Sona Res Sonora Gld & S Spearmint Res Spruce Ridge R Squire Mg Ltd Standard Toll Stria Lithium Stroud Res Sunrise Res Sunset Cove Mg Superior Mng TAD Mineral Taku Gold Talmora Diamd Tantalex Res Tanzania Mnls Tarku Res Tawsho Mng Telferscot Res Tembo Gold Teryl Res Corp Teuton Res Theia Res Thompson Creek* Thor Expl Thunder Mtn Gd Tiger Intl Tolima Gold Trident Gold Trinity Valley Trio Gold Corp Troy Enrgy True Grit Res True Zone Res Tumi Res Turbo Cap Inc UC Res Universal Vent Uranium Valley Vangold Res Vatic Vent Vendome Res Victory Vent Viking Gold Wabi Expl WCB Res West Red Lake Western Troy C Westhaven Vent Westridge Res Whistler Gold White Metal Rs Williams Creek Wolfeye Res Worldwide Res X-Terra Res Xiana Mng Zara Res Zephyr Mnls Zincore Mtls

EXC

BID

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

0.01 0.02 0.02 0.05 ... ...

0.01 0.03 ...

0.06 0.01 0.01 0.01 0.13 ...

0.01 0.01 0.01 0.01 0.01 0.04 ...

0.02 0.03 0.02 0.04 0.04 0.07 0.01 0.09 0.01 0.01 0.01 0.03 0.05 0.01 0.01 0.09 ... ...

0.03 0.03 ...

0.05 0.01 0.03 0.15 0.36 0.07 0.10 0.05 0.02 0.06 0.01 ...

0.02 ...

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

0.03 ...

0.01 0.01 ... ...

0.02 ...

0.04 ...

0.02 0.01 0.01 0.01 0.01 0.04 0.05 ...

0.02 0.05 0.12 ...

0.01 0.01 ...

0.02 0.01 0.01 0.05 ...

0.01 0.40 0.04 ...

0.02 ...

0.02 0.01 0.04 0.02 0.02 0.01 0.04 0.01 0.02 0.02 0.01 0.22 0.01 0.06 0.03 0.05 0.13 0.01

ASK

0.01 0.04 0.03 0.05 0.01 0.01 0.02 0.08 0.01 0.09 0.01 0.02 0.02 0.19 0.01 ...

0.08 0.02 0.02 0.02 0.07 0.01 0.02 0.05 0.03 0.07 0.10 0.12 0.04 0.13 0.13 0.10 0.01 0.04 0.09 0.02 0.02 0.15 0.01 0.01 0.15 0.05 ...

0.06 0.02 0.04 ...

0.57 0.12 0.12 0.07 0.03 0.14 0.02 0.01 0.04 0.01 0.01 0.24 0.05 0.01 0.07 0.02 0.02 0.02 0.02 ...

0.01 0.04 0.01 0.02 0.01 0.01 0.01 0.03 0.04 0.06 0.01 0.03 0.03 0.01 0.01 0.02 0.05 0.10 ...

0.03 0.12 0.20 0.01 0.01 0.02 0.01 0.26 0.06 0.01 0.09 0.01 0.02 0.45 0.04 0.01 0.03 0.01 0.02 0.01 0.06 0.03 0.03 0.02 0.05 0.02 0.09 0.03 0.01 0.29 0.02 0.09 0.05 0.15 0.20 0.01

LAST

12-MONTH HIGH

LOW

0.01 0.04 0.04 0.06 0.03 0.12 0.05 0.21 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.08 0.01 0.01 0.06 0.20 0.01 0.04 0.02 0.05 0.01 0.06 0.13 0.34 0.01 0.01 0.01 0.01 0.08 0.08 0.01 0.06 0.01 0.06 0.02 0.06 0.07 0.13 0.01 0.02 0.02 0.05 0.03 0.04 0.03 0.06 0.04 0.06 0.04 0.10 0.08 0.23 0.05 0.05 0.11 0.20 0.01 0.04 0.01 0.01 0.01 0.01 0.03 0.15 0.05 0.08 0.01 0.05 0.02 0.05 0.09 0.24 0.01 0.02 0.01 0.01 0.05 0.15 0.03 0.10 0.03 1.35 0.05 0.18 0.01 0.02 0.03 0.63 0.16 0.36 0.54 0.07 0.17 0.10 1.00 0.07 0.10 0.02 0.07 0.06 0.20 0.01 0.04 0.01 0.02 0.02 0.04 0.01 0.03 0.01 0.04 0.01 0.10 0.05 0.06 0.01 0.07 0.04 0.23 0.01 0.06 0.01 0.03 0.02 0.05 0.02 0.06 0.10 0.11 0.01 0.25 0.04 0.15 0.01 0.01 0.01 0.06 0.01 0.06 0.01 0.01 0.01 0.02 0.10 0.01 0.04 0.04 0.09 0.01 0.06 0.02 0.18 0.01 0.03 0.01 0.05 0.01 0.06 0.02 0.02 0.05 0.20 0.05 0.20 0.15 1.63 0.02 0.05 0.12 0.12 0.20 0.26 0.01 0.01 0.01 0.02 0.02 0.04 0.01 0.02 0.02 0.04 0.01 0.08 0.01 0.03 0.05 0.18 0.01 0.02 0.02 0.03 0.45 0.45 0.04 0.10 0.01 0.02 0.02 0.04 0.01 0.03 0.02 0.03 0.01 0.01 0.04 0.06 0.02 0.20 0.02 0.06 0.01 0.02 0.04 0.09 0.01 0.04 0.02 0.02 0.03 0.05 0.01 0.11 0.25 0.35 0.01 0.08 0.06 0.30 0.03 0.10 0.10 0.10 0.13 0.20 0.01 0.07

0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.03 0.01 0.06 0.01 0.01 0.01 0.09 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.01 0.04 0.02 0.06 0.02 0.11 0.01 0.01 0.01 0.03 0.04 0.01 0.01 0.07 0.01 0.01 0.05 0.02 0.03 0.04 0.01 0.03 0.26 0.03 0.10 0.06 0.02 0.05 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.04 0.01 0.01 0.02 0.01 0.10 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.04 0.05 0.14 0.02 0.05 0.12 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.05 0.01 0.01 0.23 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.04 0.01 0.01 0.02 0.01 0.03 0.01 0.06 0.03 0.04 0.08 0.01

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

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2016-01-26 8:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 1–7, 2016

11

KWG Resources turns to China for help in Ring of Fire KWG From 1

representatives from FSDI travel to Ontario in early March for initial consultations with First Nations groups and other stakeholders.

“This is in part driven by China’s desire to expand their rail construction industry globally,” KWG’s vice-president of exploration and development Moe Lavigne says in an interview. FSDI has led the design and construction of more than 48,000 km of railways in western China’s rail network, along with more than 5,000 km of high-speed railways and rail transit projects in over 30 Chinese cities, and thousands of kilometres of railway, highway and subway projects overseas.

Set up in the early 1950s, the stateowned enterprise has over 2,000 engineers whose signature projects include building a railway from Qinghai to Tibet and from Baotou to Lanzhou. The company is also part of a joint venture by Chinese rail companies and a U.S. passenger rail company that plans to build a high-speed railway between Reno, Nev., and Los Angeles, Calif.

But KWG’s MOU with the Chinese is mostly about finance. “We could easily build a railway using only North American talent, no question about it, but it’s not about the engineering, it’s about the financing,” Lavigne says. He and KWG CEO Frank Smeenk say FSDI will likely finance development of the chromite deposits, and says there’s “a very good chance” that the Chinese company will end up with an offtake agreement that helps KWG build a mining operation there.

“There’s no engineering company in North America that can give us that,” Lavigne says. “That’s why the Chinese will end up doing a substantial amount of the engineering work.”

The bottom line, Lavigne says, is developing the Big Daddy chromite deposit, in which KWG holds a 30% stake, and the Black Horse chromite deposit, where it has the right to earn 80%. The deposits sit in the James Bay Lowlands, about 280 km north of Nakina.

“If I go to the banks today and say I want money to build a mine, they won’t offer it to me unless I have an offtake agreement — it’s a catch-22,” Lavigne says. “We have a situation where we can bypass this catch-22 and end up with an offtake agree-

Moe Lavigne, KWG Resources’ vice-president of exploration and development, inspects core in 2010 at the Big Daddy chromite deposit in Ontario. KWG RESOURCES

ment that will get us the finance to build the mine, and that’s why the Chinese are important.”

Lavigne says KWG has reached out to various companies in China for years because China makes more than half of the world’s stainless steel, and consumes more than half of the world’s chromite and ferrochrome.

“China has no chromite deposits and there are no other huge sources of chromite like South Africa, so that’s where the Ring of Fire stands out,” Lavigne says. “The Ring of Fire is going to be a huge source of chromite that will probably be there for a couple of centuries, depending on what consumption rates are,” he continues. “Around 20 million tonnes of ferrochrome is produced every year, so it’s not a huge amount, and everything is sold through offtake agreements. If we didn’t have an offtake agreement with China, chromite developments in the Ring of Fire are next to impossible.”

John Gruetzner, a long-time China watcher and founder of Intercedent — an investment, corporate advisory and capital-raising services firm in Beijing that is acting as an advisor on the transaction — says resources in the Ring of Fire could be “the single-largest export item

from Ontario to Asia.”

In an email, Gruetzner says the value of exports could reach US$8 billion a year.

“This is the first step forward,” he says of the KWG-FSDI MOU. “But strategically, you will see after the National People’s Congress a lot of long-term strategic interest by China in positioning its industrial capacity for the next resource boom.”

One thing that KWG brings to the table is its vision of lowering processing costs using natural gas.

Over the last three years, the company has developed technology to reduce chromite in its solid state into metallic ferrochrome with natural gas, rather than using conventional smelters with electric arc furnaces.

“In an electric arc furnace you’re heating the chromite to 1,700°C to melt it, and you end up producing an iron and chromium alloy, and your slag makes up the rest,” Lavigne says. “When you use natural gas ... the temperature at which all of that happens is much lower (1,200 to 1,300°C), so the total energy consumption is much lower, and the plant costs are much lower.”

Lavigne notes that in the iron ore industry they have a method called “direct-reduction in gas.” It’s not

new technology, but it’s never been used on chromite before.

Metallurgical, consulting, technology and test services business XPS has worked with KWG, and its lab-scale tests have been a success.

The next step is to choose a commercial furnace and do pilot-scale tests.

Lavigne adds that in South Africa, the world’s largest chromite producer, miners contemplated developing a similar technique 25 years ago, but didn’t have enough natural gas to adequately develop the technology.

“Our projections are not fleshed out because they haven’t been verifi d on one of the new furnaces, but based on what we know, our cost to produce ferrochrome could be half of what other producers produce it for at the moment,” he says, noting that making a pound of ferrochrome costs between US55¢ and US85¢. He is confident “we’ll at least be at the low end of that range.

“Our potential Chinese partner recognizes that one of North America’s advantages is the endless supply of natural gas that comes out of fracking … so they understand the advantages of developing the gas-reduction technique,” Lavigne says.

KWG has had a patent application in progress on the technique for two years, and while KWG’s management is confident the company will eventually receive it, commercialization will cost a lot of money.

“That’s where the Chinese are interested in possibly being partners and helping us,” he says. “They see the whole picture and want to participate in all aspects of the project, not just the rail.”

Lavigne says KWG hopes to “get a stainless steel industry up and running in Canada.” The company aspires to build a chromite gasreduction plant and ship its ferrochrome to Montreal, and use electric arc furnaces to blend its ferrochrome with other material and make custom stainless steel billets that can be shipped worldwide.

Another option is to use an existing steel mill in Sault Ste. Marie.

“We’re trying to set things up in Canada that will invite stainless steelmakers of the world to set up shop here, and we ourselves might become a stainless steelmaker,” he says. “None of that will happen until we have ways of getting chromite out of the Ring of Fire. That’s the start — the foundation — for everything else to happen.” TNM

A drill site at the Big Daddy chromite deposit in late 2009. Big Daddy is one of the most significant known deposits in Ontario's Ring of Fire area. KWG RESOURCES

Feb 1 Pgs 1 2 3 4 5 11 13 14 16.indd 11

2016-01-26 7:59 PM

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Moody’s puts 55 miners on review for downgrade DOWNTURN

M Western Copper and Gold’s Casino copper project in the Yukon. PHOTO BY MATTHEW KEEVIL

Western Copper and Gold's Casino WESTERN COPPER From 3

of the Freegold Road, which runs 70 km northwest of Carmacks; and a stand-alone liquefi d natural gas (LNG) station that would power the off-the-grid operation.

“We put a lot of thought into our power supply situation, and around five years ago we determined that LNG was the way to go. When we first started talking about it, people were skeptical, but we consulted with Yukon Energy Corp. about the possibility, and they have moved forward with it,” West-Sells says.

“You can see the result with the recently commissioned LNG plant in Whitehorse. It adds up and makes a lot of sense, because it is a cheap and relatively clean way to generate electricity in the North.”

The 150-megawatt power station would require storage tanks to keep seven days’ worth of fuel on-site, with the Casino operation needing 10 trucks of LNG daily.

The next steps for Western Copper involve moving into YESAB’s assessment stage.

Advancing through a multi-year

Feb 1 Pgs 1 2 3 4 5 11 13 14 16.indd 13

regulatory process was viewed as a down period for companies during previous commodity booms due to a lack of exciting news and potential share catalysts.

But given that copper prices recently dropped below US$2 per lb., however, it appears that Western Copper couldn’t be in a better position to weather the commodity downturn.

The company was sitting on working capital of $10 million at the end of 2015, and can adjust its burn rate and corporate spend throughout permitting to keep its cash position.

Meanwhile, management will search for prospective partners to help fund the US$2.4-billion project, and hope for a higher share price to limit dilution on any equity financings.

“Our view has always been more focused on the longer term. We know that the world will continue to need copper, and there will be a preference for long-life mines located in strong, low-risk jurisdictions ... we’re going through a down market, but projects like Casino are where people make money in our business,” West-Sells says.

“Our mine would be one of the lower-cost producers when it comes to development-stage projects globally. These are important assets, but we have to remember that building a mine of this size takes time and requires patience. In terms of the macro-mining environment ... there aren’t that many projects of this type in the development pipeline, since most companies are in cost-savings mode and foregoing expansion.”

Over its mine life, Casino could conceivably contribute an estimated $9.7 billion to Canada’s gross domestic product, create 51,000 full-time equivalent positions and pay out $2.5 billion in wages and salaries. During each of its 22 years of operation, the mine could add $274 million to the Yukon’s economy.

Western Copper shares have traded within a 52-week range of 30¢ to 75¢, and closed at 33¢ per share at press time. The company has 94.2 million shares outstanding for a $31.1-million market capitalization. TNM

| Low prices hurt miners’ credit ratings

oody’s Investors Service has put the credit ratings of 55 mining companies under review due to poor market conditions, noting this downturn marks a “unprecedented shift” for the mining industry.

The agency points out that slowing growth in China has weakened demand for commodities, sending prices to multi-year lows and increasing the credit risk for mining companies.

“China’s outsized influence on the commodities market — coupled with the need for significant recalibration of supply to bring the industry back into balance — indicates that this is not a normal cyclical downturn, but a fundamental shift that will place an unprecedented level of stress on mining companies,” Carol Cowan, a Moody’s senior vice-president, says in a release.

The strong U.S. dollar has also contributed to the deteriorating demand and softer prices, as most metals are traded in U.S. dollars, the agency adds.

The current review focuses on miners within the A1 to B3 rating range, where “A” is defined as “upper medium grade,” but below the higher-quality Aaa and Aa ratings, and “B” is considered “speculative,” and below the Baa and Ba ratings.

There are three levels within each rating category from Aa through Caa, with “1” being the highest.

Spea k ing on background, a Moody’s analyst explains that when a company’s credit rating moves below investment grade or Baa3, the borrowing costs could increase.

“With things such as credit facilities, typically what could happen is the bank or the lenders will look to have financial covenants or more stringent type of restrictions

on the lending, as [companies] move down the scale on credit quality,” the analyst says.

The market judges anything below Baa3 as non-investment grade, or “junk.” There are several miners with a Baa3 rating under rev iew, including Vale (N YSE: VALE), Barrick Gold (TSX: ABX; NYSE: ABX), Yamana Gold (TSX: YRI; NYSE: AUY), Newcrest Mining (ASX: NCM; US-OTC: NCMGF), AngloGold Ashanti (NYSE: AU) and China National Gold.

However, most of the 55 companies on review already have a noninvestment grade or junk rating, including Teck Resources (TSX: TCK.B; NYSE: TCK), Rio Tinto (NYSE: RIO; LSE: RIO), Alcoa (NYSE: AA), Hecla Mining, Alamos Gold (TSX:AGI; NYSE: AGI), Iamgold (TSX: IMG; NYSE: IAG), Kinross Gold (TSX: K; NYSE: KGC) and Lundin Mining (TSX: LUN; US-OTC: LUNMF).

The current evaluation will consider each mining company’s asset base, cost structure, liquidity and management plan, and will assess each company’s cash f low and credit metrics closer to Moody’s latest stressed price assumptions.

The agency expects to downgrade most companies’ ratings at least one notch, cautioning that many of the miners could see multi-notch declines.

A long w it h t he 55 m i ners, Moody’s has placed 120 oil and gas companies on review for downgrade, due to declining prices.

“It’s going to take some time to get through them all,” the analyst says. The agency aims to wrap up its review by the end of March.

Meanwhile, it will monitor the credit metrics of all the companies in its oil, gas, mining and metals portfolios. TNM

2016-01-26 7:59 PM

14

WWW.NORTHERNMINER.COM

FEBRUARY 1–7, 2016 / THE NORTHERN MINER

PotashCorp suspends its newest mine in NB POTASH

| 430 workers laid off at $2B Picadilly mine in response to 'troubled' potash market

BY SALMA TARIKH

P

starikh@northernminer.com

otash Corp. of Saskatchewan (TSX: POT; NYSE: POT) is indefinitely suspending its new Picadilly potash mine in New Brunswick to lower its companywide costs — dismissing roughly 430 workers.

“It’s just a very sad day for us. We have made a significant investment in New Brunswick. We had a lot of great employees, some of whom have been with the company close to 30 years, so this is kind of a blow to the PotashCorp family,” the company’s director of public relations and communications Randy Burton said in an interview.

The Saskatoon-based fertilizer giant has invested more than US$2 billion to date at Picadilly, with construction starting in 2008 and production beginning in late 2014.

Expected potash production from the mine had been 450,000 tonnes this year and 1.8 million tonnes annually when fully ramped up.

PotashCorp intends to keep up to 100 employees on the payroll

Potash Corp. of Saskatchewan's recently shuttered potash mines in Sussex, New Brunswick: Picadilly (left) and Penobsquis. POTASH CORP. OF SASKATCHEWAN

for the four-month transition, after which it will retain 35 workers for care and maintenance, for as long as the mine is offline.

Picadilly’s estimated holding costs are US$20 million for 2016 and US$15 million in the following years.

The suspension reflects the weakening global commodity markets, particularly for potash, Burton says.

“We are in a situation were there is essentially an overhang or overproduction ... and prices are soft, and they are getting softer ... they are at

a 10-year low.”

PotashCorp is focusing on its five lower-cost potash mines in Saskatchewan — Rocanville, Cory, Allan, Lanigan and Patience Lake — and has mothballed its New Brunswick operations. In November, it shut

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down Picadilly’s neighbouring Penobsquis mine.

While the company anticipated production costs at Picadilly would be lower than at Penobsquis, they are still higher than the Saskatchewan mines, Burton explains, without providing figures.

“Given what’s going on in global markets, we just felt that we couldn’t continue any longer. So we’re suspending operations there, and we’re focusing more on our Saskatchewan assets, which are more competitive and lower cost,” he says.

By optimizing its Saskatchewan production, the miner forecasts lowering the cost of sold goods by US$40 million to US$50 million in 2016, which will be partly offset by the expected US$35 million in severance and transition costs.

Picadilly’s suspension will also cut US$50 million from capital expenses in 2016, and US$135 million in 2017 and 2018.

Despite this writedown, Raymond James analyst Steve Hansen notes the closure could boost PotashCorp’s weakening free cash flow profile.

PotashCorp will serve its international customers — previously served by New Brunswick — from Saskatchewan through Canpotex, the international marketing arm for PotashCorp and fertilizer producers Agrium (TSX: AGU; NYSE: AGU) and Mosaic (NYSE: MOS). Potash has offe ed its 2.5-million-tonneper-year export terminal in Saint John, N.B., to Canpotex in exchange for a 750,000-tonnne increase in its annual volume entitlement. With this, PotashCorp’s Canpotex allocation climbs 1.2% to 51.5%.

“We have waited for something to give in a deteriorating potash industry, but we did not expect this development in which PotashCorp cuts production from its only mine outside of Canpotex,” BMO analyst Joel Jackson says in a note.

The Picadilly mine in New Brunswick was “an important strategic hub of production” that helped PotashCorp ship directly to the Brazilian market, Hansen notes, adding that the shutdown speaks to the global potash market’s “troubled nature.”

Before the suspension, Jackson had estimated US$400 million and US$150 million of dividend shortfalls in 2016 and 2017. But considering PotashCorp’s recent actions and assuming potash prices stabilize, he predicts the miner could gain “narrow breathing room in 2017.”

PotashCorp is opening 100 positions for the affected Picadilly workers in Saskatchewan. It plans to establish a $5-million community investment fund to help employees transition and find work.

“Our anticipation is that with this move in New Brunswick, we will not be forced to have any lay-offs in Saskatchewan,” Burton said. TNM

2016-01-26 7:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 1–7, 2016

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Feb 1 pg 15.indd 15

2016-01-26 6:47 PM

16

WWW.NORTHERNMINER.COM

FEBRUARY 1–7, 2016 / THE NORTHERN MINER

Sandstorm picks up 56 royalties from Teck INTERVIEW

| The share-and-cash deal could return $15 million in cash flow per year

BY LESLEY STOKES

B

lstokes@northernminer.com VANCOUVER

usiness has been booming for outfits in the precious metalstreaming and royalty game, with the latest deal seeing Sandstorm Gold (TSX: SSL) amass another 56 royalties from Teck Resources (TSX: TCK.B; NYSE: TCK).

The junior royalty company is paying US$1.2 million in cash and US$20.6 million in shares priced at $3.57 per share for a diversifi d, international package from the major miner, which includes four producing assets, nine development projects, eight advanced projects and 35 exploration properties.

The acquisitions will inject Sandstorm with up to US$2 million in immediate cash flow for 2016, growing potentially to US$15 million in cash flow per year.

Nolan Watson, Sandstorm's president, CEO and chairman, told The Northern Miner during a phone interview — while on a business trip in London — that the deal provides his company with a diversifi d asset base with strong upside potential, backed by major counterparties, including Barrick Gold (TSX: ABX; NYSE: ABX), Glencore, Newmont Mining (NYSE: NEM) and Kinross Gold (TSX: K; NYSE: KGC).

The secondary crusher at Copper Mountain Mining’s namesake copper mine in British Columbia, where Sandstorm Metals now owns a royalty. COPPER MOUNTAIN MINING

In this Q&A session, Watson shares his thoughts on how the transaction enhances Sandstorm’s portfolio, and why he believes the company is wellpositioned going forward.

The Northern Miner: Fifty-six royalties is quite the number of assets.

Why did Sandstorm make this size of a deal?

Nolan Watson: The attraction for us was on a few fronts — the first being the significant number of royalties in the package. If there’s one thing I’ve learned in the royalty business, it’s that you never know where the

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Hot Maden

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Bahar Madencilik Sanayi ve Ticaret A.S.

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Barrick Gold U.S.

USA

Exploration

3% NSR

Cabin Creek

McEwen Mining

USA

Exploration

10% NPI

Cherry Creek

McEwen Mining

USA

Exploration

1.5% GOR

Lichen

Silver Phoenix Resources

USA

Exploration

2% NSR

Shotgun

TNR Gold

USA

Exploration

5% NPI

Van Stone

Equinox Resources

USA

Exploration

1.5% NSR

Amapari

Mineracao Amapari S.A.

Brazil

Exploration

3% NPI

Rio Novo South

Rio Minas Mineracao S.A.

Brazil

Exploration

0.75% NSR

Gatita

Compania Minera Potosi S.A.

Peru

Exploration

1% NSR

Huajoto

Alturas Minerals

Peru

Exploration

0.5%-1% NSR

Mario

Fortuna Silver Mines

Peru

Exploration

2% NSR

Arcas

Altius Minerals

Chile

Exploration

1% NSR

Celeste

Coro Mining

Chile

Exploration

2% NSR

Pampa Lina

Sierra Gorda Sociedad Contractual Minera

Chile

Exploration

0.3% NSR

Kiskama

Talga Resources

Sweden

Exploration

1% NSR

Masugnsbyn

Talga Resources

Sweden

Exploration

1% NSR

Vittangi

Talga Resources

Sweden

Exploration

1% NSR 2% NSR

Hasandagi

Newmont Mining

Turkey

Exploration

Muratdagi

Kenz Enerji ve Madencilik San. Ve Tic A.S.

Turkey

Exploration

2% NSR

Tombul

Elazig Baskil Madencilik A.S.

Turkey

Exploration

2% NSR

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exploration upside surprises come from. The more exposure you have, the probability of looking smart and having done a good transaction dramatically increases.

TNM: Which assets drew your interest?

NW: There are a number of royalties that we’re particularly drawn to — the Hot Maden gold-copper deposit in northeastern Turkey being one of them. It’s potentially the discovery of the year in 2015, with a 3 million equivalent oz. gold resource at 10 grams per tonne, and a 2.2% copper by-product — and it’s still growing — so we believe it’s going to be a highly economic asset.

It’s owned by joint-venture partners Mariana Resources (TSX: MRY; US-OTC: MRLDF; LSE: MARL) and Lidya, which is a large Turkish conglomerate that knows how to operate in Turkey and has the financial backing to move the project forward.

Other assets include the Hackett River silver-rich massive sulphide deposit in Nunavut, owned and operated by Glencore (LSE: GLEN).

It’s a ways off and still needs the infrastructure, so we’re not sure when it’ll go into production, but it’s a large, economic silver-zinc mine that — at long-term analysts’ average commodity prices — could provide US$8 million a year to Sandstorm in royalty. And to put it in perspective, we’ve only allocated US$5 million towards the purchase price, so we get all of our capital back, and more every single year of its operation.

Kinross Gold's Lobo-Marte project in Chile is another interest to us. We can get US$4 million in cash flow a year, yet only allocated US$2 million to the purchase of the royalty. That’s 200% of our capital paid back every year once the asset is up and running.

There are a number of other assets in the portfolio that were attractive, so overall, the deal was bit of a nobrainer for us.

TNM: With equity markets freezing up and companies not being able to access debt, have you noticed an uptick in precious metal deals, even with seasoned developers?

NW: This challenging market is somewhat of a blessing and a curse, with our share prices being lower ... and with commodity prices being lower. It’s been a bit of a challenge and headwind, but at the same time the market has brought us incredible opportunities.

In the last three years, we’ve acquired over 100 royalties and streams and, as of recently, have done it with tremendous value.

We would not have put together the company we have today with 130-plus streams and royalties if the market had not been this bad.

It has brought us to a place where we’re going to build a pretty incredible company. We just need to be patient and wait for the market to appreciate it, which I’m sure they will in time.

TNM: It was a busy year in 2015 for Sandstorm: you struck a diamond royalty at the Diavik mine and a multi-asset stream deal with Yamana Gold (TSX: YRI; NYSE: AUY) for US$152 million, along with a number of others. Can we expect to see an equally busy 2016?

NW: We’ll probably slow down the pace of deals. There are more and more deals coming to us, and we’re somewhat in a cat-bird seat where we don’t have to do deals as much anymore. We’ve now built ourselves a large enough and diversifi d portfolio, and we’re happy with it.

We’re only going to add to it when we think it’s going to be a creator for our shareholders on a per-share basis — we don’t like growth for the sake of growth, we only like it when it makes sense for our shareholders.

We’ll continue to grow, but we’ll do so at a selective pace.

TNM: Can you update us on the company’s financial position?

NW: We have US$85 million in debt.

That debt is a revolving facility from a syndicate of Canadian banks, and we still have room to draw US$25 million further. Having said that, I don’t really like debt, so our plan is to pay it off over the next two to three years and be debt-free, and sit in a cash position.

We also have a number of noncore financial assets — we own US$15 million of stock of other mining companies and we have US$40 million in other mining companies’ debt, for a total of close to US$60 million in other financial assets.

On a net of financial debt we own of other companies, versus ours, we’re not really carrying much ourselves.

TNM: What are your thoughts on the gold market ahead?

NW: The gold market will continue to be volatile. We’re sort of in a mid range where we’re going to bounce around, and I wouldn’t be surprised to see it go lower — but I also wouldn’t be surprised to see it go higher, and fluctuate back and forth this year.

I’m bullish on the gold price five to 10 years out, but for the next two to three years, there will be a lot of treading water and bouncing around. TNM

2016-01-26 7:59 PM