The Northern Miner February 17 2020 Issue 4

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Coronavirus to hit demand for commodities, economists say ECONOMICS

| Outbreak to drag down growth

BY TRISH SAYWELL tsaywell@northernminer.com

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ncertainty over the coronavirus outbreak — which has sickened 43,103 people in 25 countries and left 1,018 people dead (all but two of them in mainland China) — has economists and analysts trying to calculate the economic impact of the disease on commodities, trade and supply chains and global economic growth.

UBS economists expect the current coronavirus outbreak, which originated at a market in Wuhan, China, will reduce global growth this year by 2.5 percentage points, The Wall Street Journal reported on Feb. 5.

The health crisis is expected to take a dramatic economic toll on China, where 42,708 of the 43,103 cases have been reported, according to the latest figures from the World Health Organization.

Last year, the Chinese economy grew by 6.1% — the slowest pace in nearly 30 years — and many experts have already started cutting their GDP forecasts for 2020.

Recently, Moody’s Investor Service estimated Chinese GDP will grow 5.8% this year, while BMO Capital Markets cut its GDP growth estimate for China to 4.5% in the first quarter of 2020 and to 5.5% for the full year.

China absorbs more than 50% See CORONAVIRUS / 2

The Mega Diamond Recovery XRT circuit at Lucara Diamond’s Karowe diamond mine in Botswana. LUCARA DIAMOND

Lucara recovers 549 carat white diamond BOTSWANA

| Karowe mine continues to yield exceptional stones

BY TRISH SAYWELL tsaywell@northernminer.com

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ucara Diamond (TSX: LUC) has recovered a 549 carat diamond from its Karowe mine in Botswana.

The mine — one of the world’s most prolific producers of large and high-value type IIA diamonds — is the only diamond mine in recorded history to have produced two stones greater than 1,000 carats.

Lucara said the unbroken 549 carat white diamond is the fourth-largest diamond found at Karowe and the first large gem it has recovered from its Mega Diamond Recovery XRT circuit. The MDR circuit allows for

diamond recovery after primary crushing and prior to milling and was commissioned in 2017.

The diamond was recovered from direct milling of ore sourced from the EM/PK(S) unit of the mine’s South Lobe and follows the recent recovery of another gem quality 176 carat stone from the same ore block.

Lucara’s 1,758 carat Sewelo diamond, which was recovered in April 2019 and is the largest ever recorded in Botswana, was also recovered from Karowe’s EM/PK(S) unit, as were Lucara’s 1,109 carat Lesedi La Rona diamond and its 813 carat Constellation diamond, both recovered in 2015.

A 374 carat stone from Karowe sold for US$17.5 million, while the 1,109 carat Lesedi La Rona sold for

US$53 million and the 813 carat Constellation diamond for US$63.10 million.

Edward Sterck, a mining analyst with BMO Capital Markets in London, estimated the 549 carat diamond could fetch more than US$15 million.

“This appears to be a special stone See LUCARA / 2 PM40069240

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A 549 carat diamond extracted from the Karowe mine in Botswana. LUCARA DIAMOND

CANADIAN MINING HALL OF FAME: INDUCTEES HONOURED / 5

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FEBRUARY 17–MARCH 1, 2020 / THE NORTHERN MINER

Coronavirus to hit demand for commodities, economists say CORONAVIRUS From 1

of the world’s base metals, is a major importer of iron ore (about 75% of global production), and produces about 53% of its steel.

“Reduced manufacturing activity and lower construction and infrastructure investment will hurt demand across the base metals and iron ore complex, and potentially change the dynamics where deficit positions exist in 2019 (copper, zinc, nickel) to either bring metals into a surplus position, or create an even greater surplus than forecast for 2020 — to the further detriment of prices,” Moody’s stated in a Feb. 4 research note.

“While all producers will be affected, smaller companies at the low end of the rating scale and singlecommodity producers will see the effects sooner than larger more diversified miners,” it said. “Companies with a material percentage of their revenue derived from sales into China will be hit by both price and unit sales declines.”

Comparisons to the economic impact of another coronavirus outbreak in 2002-2003 — the Severe Acute Respiratory Syndrome (SARS) — are not meaningful, many analysts say, as China’s economy today makes up a much bigger part of the global economy than it did 18 years ago.

For commodities, BMO stated in a note to clients, “it’s a whole different world now.”

“In 2003, China was about 20% of base metals demand and about 25% of steel,” BMO reported. “Now, overall markets are 50-100% larger than at that point, with China about 50% of demand. The impact on commodity markets is naturally amplified this time around.”

Hubei province, where the city of Wuhan is located and the epicentre of the coronavirus outbreak, also manufactures about 8% of the

Travellers at Beijing Capital International Airport in January 2020. XIFOTOS/ISTOCK

country’s autos and is China’s largest galvanized steel producer, BMO noted. “Thus, disruption to activity is net negative for metals markets.”

Wuhan is also one of China’s key oil and gas hubs.

“Hubei province had expected to record a regional economic growth rate of up to 7.8% in 2020 according to the local authorities, 200 basis points higher than our forecast for China’s total economy,” Moody’s stated. “As China’s ninth-most populous and seventh-highest province

by GDP, a slowdown in economic activity will pose significant repercussions for the country as a whole.”

“When SARS hit, China’s economy was on an upswing, with swelling numbers of outbound travellers and fast-growing trade, but it was only the sixth biggest economy, whereas today it is No. 2 in GDP and No. 1 in world trade,” James T. Areddy, a reporter at The Wall Street Journal, wrote in an article on Feb. 3.

“Forecasting the costs of the crisis

is impossible,” he said. “Last year, the WHO said in a report that it had tracked 1,483 epidemic events in 172 countries between 2011 and 2018. The most expensive in recent history include US$40 billion in lost productivity due to SARS in 2003 and up to US$50 billion during a 2009 H1N1 swine f lu epidemic, both of which involved China. The WHO said an outbreak of Ebola in West Africa from 2014 to 2016 cost US$53 billion in economic and social impacts.”

The early impact of the disease has been seen already in the shipping industry. The Wall Street Journal cited statistics from maritime data provider Paris Alphaliner that “ship calls at or through Chinese ports have fallen 20% since Jan. 20.”

“Brokers in China said bookings for container ships, tankers and dry bulk vessels are falling rapidly and that the slowdown could extend until March. The reduction in shipping volumes is expected to ripple across supply chains in the U.S. and

Europe, with rail and truck volumes likely sliding in the coming weeks on the reduced flow of international goods,” the newspaper reported.

An indefinite shutdown of industry in China will have important implications across supply chains. Car makers in South Korea that source parts from China have started shutting down some of their plants, while manufacturers of smartphones, computers and other electronics have also been impacted.

On Feb. 6, China National Offshore Oil Corp. (CNOOC) declared force majeure and opted out of some of its liquefied natural gas (LNG) contracts, according to The Wall Street Journal.

Declining travel will also hammer the airline industry, which has seen many carriers cancel flights to Hong Kong and China. The declining traffic has also dampened demand for jet fuel.

Domestic consumption in China – a country of 1.4 billion people – is also expected to fall as shopping

malls and markets in many cities remain empty. Companies like Apple, Starbucks and Ikea have closed their doors.

The conference business is also suffering. Credit Suisse Group cancelled its Asian Investor conference in Hong Kong scheduled in March – the first time the event has been cancelled. SEMI, an association representing electronics makers, has postponed its conference scheduled to take place in Shanghai in mid-March, marking the second cancellation of the event in 50 years.

SARS was a coronavirus found in bats that jumped to Asian palm civets and then to humans.

The current coronavirus is also thought to have originated in bats and possibly jumped to an intermediary animal host – possibly pangolins –before infecting humans, according to Nature magazine.

SARS infected 8,096 people around the world in 27 countries and killed 774 of them for a mortality rate of 9.6%. TNM

Lucara recovers 549 carat white diamond LUCARA From 1

that will garner attention and is likely to positively impact 2020 cash flows,” he wrote in a research note.

He also pointed out that the EM/ PK(S) section of the South Lobe where it was discovered “contrib-

utes the bulk of the underground resource” and as a result “will be the main contributing facies to the production profile for the underground extension, highlighting the potential of this development opportunity.”

The open-pit mine, commissioned in the second quarter of 2012, has a

Ralph Vernon Stewart

W

ith heavy hearts, we announce the passing of Ralph Vernon Stewart (April 20, 1934 – January 23, 2020). He is sadly missed by his four children, Katherine, Donna, Janet and David, son-in law Stephen, daughter-in-law Margaret and his nine grandchildren, Alexander, Lauren, Daniel, Jessamyn, Charles, Owen, Beatrice, Isabel, Allison and his wife of 13 years, Kay Skeat. Ralph was born to John and Katherine Stewart in Pictou County, Nova Scotia where he lived with his siblings Sheldon and Florence until he moved to Sackville, New Brunswick to study geology at Mount Allison University. In 1957, he married Isabel MacKinnon with whom he joyously shared his life until her passing in 2002. A talented musician, Ralph delighted all who shared in his fiddle and piano sing-alongs. He often regaled family and friends with stories of his geological prospecting adventures that spanned continents. He carried his Maritime spirit with him through the many moves he made across Canada during his career as a geologist – Elliot Lake, Baie Verte, Saint John, Thetford Mines, Calgary, Scarborough, Oshawa and Newmarket. Gracefully leaving a mark everywhere he lived, he was committed to community service and made volunteer work a priority until his health no longer allowed him to participate. His 15 years in Thetford Mines, Quebec, where he raised his family, were particularly special to him as he developed lifelong friends, made significant contributions to the United Church community, and acted as a strong role model for a generation of boys through his work with Scouts Canada. Ralph was a devoted and loyal family man and husband. He was forever courageous, gentle, kind, curious and ethically-driven with a great love of community, travel and his many close friends. The world will greatly miss him. Relatives and friends are invited to attend at McINTOSH-ANDERSON-KELLAM FUNERAL HOME LTD.,152 King St. E., Oshawa on Sunday February 2nd, 2020 from 2 to 4 pm. A service to honour his life will be held at Kingsview United Church, 505 Adelaide Ave., E., Oshawa, Ontario on February 3rd, 2020 at 10:30 am. In lieu of flowers donations can be made to Alzheimer Society of Canada. Online condolences can be shared at makfuneralhome.com.

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mine plan to a depth of 324 metres and is expected to operate until about 2025, with further underground potential.

Lucara has approved capital expenditure of up to US$53 million for early works related to a proposed underground mine and expects to make an investment decision in the first half of 2020.

An underground component at Karowe would double the mine life and generate cash flow out to 2040, according to a feasibility study in November 2019. The underground operation would access the South Lobe kimberlite resource below the current planned bottom of the open pit (which is expected to be at about 700 metres above sea level), to a depth of 310 meters above sea level. Access to the South Lobe underground would be via two vertical shafts (production and ventilation) of about 765 and 715 metres deep,

respectively.

The study was based on an updated combined open-pit and underground resource of 54.3 million indicated tonnes at 15.3 carats per hundred tonnes (cpht) for a contained diamond resource of 8.3 million carats, excluding stockpiles. It also envisioned that ore from underground mining would provide feed to the mill starting in 2023 with a ramp up to 2.7 million tonnes per year to the processing plant by 2026. All of the underground mined kimberlite would be processed over a 13-15 year mine life.

Geordie Mark, an analyst at Haywood Securities, noted that Karowe has been a very high margin operation and posted an operating margin of 48% in the third quarter of 2019.

“The Karowe diamond mine has had a strong history of being a highmargin operation due to its notable delivery of a significant proportion

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of the world’s exceptional stones,” Mark wrote in a research note to clients. “We forecast that Karowe will continue to be a high-margin operation given the preponderance of these large diamonds in the AK6 kimberlite, particularly within the South Lobe. Consequently, given that the life-of-mine plan for Karowe outlines that >75% of process material will originate from the South Lobe we believe that this balance will support the delivery of high margins over the operating life, which will continue to differentiate Lucara from its peers given the unique character of the deposit.”

For 2020, Lucara forecasts diamond recoveries of between 370,000 carats and 410,000 carats and revenues of US$180 million to US$210 million.

It expects ore mined this year will be between 3.5 million and 3.9 million tonnes at operating cash costs of between US$32 and US$36 per tonne processed.

In mid-Januar y, Lucara announced it is partnering with luxury house Louis Vuitton to transform its 1,758 carat Sewelo diamond from Karowe into a collection of jewellery.

Karowe, which means “precious stone” in the local language, is 100%-owned by Lucara.

At presstime in Toronto Lucara was trading at 87¢ within a 52-week trading range of 78¢ and $1.87 per share.

BMO’s Sterck has a target price of $1.25 per share and Haywood’s Mark a $2.10 share price target.

The company has 397 million common shares for a market cap of $345 million. TNM

2020-02-11 6:24 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 17–MARCH 1, 2020

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JOINT VENTURE ARTICLE

Nevada Copper Opens The First New U.S. Copper Mine in More Than a Decade With the continuing shift to renewable energy sources and lower carbon emissions, global demand for copper is rising. Some analysts predict that demand could increase by as much as 43% over the next 15 years.

But there are concerns about the sector, with sizeable deficits forecast as existing mines face reduced c apacit y and slowing production. For instance, producers in Chile and Peru – the two main sources for copper – have faced civil unrest, declining output and lower ore grades. To make matters worse, the current pipeline of global copper projects is at the lowest point in this century.

For Vancouver-based Nevada Copper Corp. (TSX: NCU), this makes the debut of its Pumpkin Hollow project all the more timely.

The company owns and operates the mine, which is located near the community of Yerington, in we stern Nevada. In December 2019, Nevada Copper announced it had produced its first concentrate.

According to Matt Gili, Nevada Copper’s chief executive officer, this marks an important milestone not just for the company, but also for the United States.

“I am delighted that Pumpkin Hollow has commenced concentrate production, making it the first new copper producer in the U.S. in over a decade,” he says. “This is a transformational moment for Nevada Copper.”

When production at the project’s processing plant started on December 16, it was the culmination of an expedited business plan that saw construction of the underground mine begin less than a year and half ago.

Based on its latest prefeasibility study, Nevada Copper projects the 5,000-ton-per-day underground mine to produce 50 million lb. copper, 8,000 oz. gold and 150,000 oz. silver annually over its modelled 13.5-year mine life.

Annual output over the underground mine’s first five years is modelled slightly higher at 60 million lb. copper, 9,000 oz. gold and 173,000 oz. silver. Proven and probable reser ves (for the underground mining stage) are pegged at 23.9 million tons grading 1.59% copper, with minor goldand-silver credits.

“Commencement of production is monumental for Nevada Copper, but is just the first key milestone for the company,” Gili

The Pumpkin Hollow copper mine in Nevada. Credit: Nevada Copper Corp.

“HAVING TRANSITIONED TO PRODUCER STATUS, OUR PRIMARY FOCUS IN THE FIRST HALF OF 2020 WILL BE RAMPING UP TO FULL COMMERCIAL PRODUCTION.” MATT GILI CHIEF EXECUTIVE OFFICER, NEVADA COPPER CORP.

says. “Pumpkin Hollow has multiple avenues for growth, including an advanced-stage, large-scale open pit project and significant regional exploration targets.”

Gili points out that the underground operation has the advantage of generating cash flow that potentially can be used to advance the fully permitted, open-pit project, as well as to fund exploration activities.

Nevada Copper’s open pit proj-

Loading a truck at Pumpkin Hollow. Credit: Nevada Copper Corp.

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ect is less than 4 km from the underground operation. The company models an average output of 163 million lb. copper production annually over 19 years of the open pit mine’s operational life, with proven and probable reserves of 386 million tons grading 0.47% copper, plus minor gold-andsilver credits.

The company envisions an open-pit mine plan star ting at 37,000 tons per day in 2023, fol-

lowed by a potential expansion to 70,000 tons per day. The estimated initial capital build cost is US$672 million, with another US$473 million in estimated capital costs required for the expanded operation.

Concurrent with news of concentrate production, the company also announced the identification of multiple new copper targets at Pumpkin Hollow, and the intersection of shallow copper mineralization of grades up to 0.9% copper in structural reconnaissance drill results. These include indicators of a potential porphyry-style target and grab samples as high as 6.2% copper at surface. These results came from a drilling program that occurred within 2 km of the current underground mine.

“Exploration results to-date have been extremely encouraging, with multiple new targets identified across our large property,” says

Gili. “Although our exploration program is at an early stage, we are very encouraged to have hit mineralization with porphyritic signatures in multiple holes.”

Guided by these regional geological analyses, Nevada Copper expanded its strategic land package across the Yerington district in 2019. T h e c o m p a ny a d d e d over 5,700 hectares to their land h o l din g s , a n in c re a s e of 30% that now encapsulates a majority of the re-emerging U.S. copper camp in the Eastern Yerington part of the state.

Nevada Copper’s success represents the dream of many juniors to make a discovery and use it to mature into a broader, more diversified entity. But according to Gili, Pumpkin Hollow is the result of a methodical business plan guided by a team of seasoned veterans and senior executives from some of the world’s largest mining companies.

“Having transitioned to producer status, our primary focus in the first half of 2020 will be ramping up to full commercial production.

However, we will also continue advancing our open pit project and our regional exploration strategy,” Gili says. “It is pleasing to continue to see that our successes to date are in line with this strategy and we look forward to working closely with our community as we invest in the development of Yerington, Nevada.”

At press time in Toronto, Nevada Copper’s shares were trading at 35¢ within a 52-week range of 19¢ and 53¢. The company has 762 million common shares outstanding for a market cap of $274 million.

— The preceding Joint-Venture Article is PROMOTED CONTENT sponsore d by Nevada Copper Corp. and produced in cooperation with The Northern Miner. Visit www.nevadacopper.com for more information.

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GLOBAL MINING NEWS · SINCE 1915

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China must ban wildlife trade to prevent new viruses EDITORIAL

| ‘It is hard to design more perfect conditions for new viruses’

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hen the coronavirus that caused Severe Acute Respiratory Syndrome (SARS) became a worldwide health emergency between November 2002 and July 2003, I was the bureau chief for The Far Eastern Economic Review magazine in Singapore.

Reporters were instructed to stay at home

BY TRISH SAYWELL and we spent our days tracking down scientists, tsaywell@northernminer.com doctors and healthcare workers by phone to comment on the mysterious virus. We also spent countless hours interviewing economists and businesspeople in an effort to tally the outbreak’s mounting toll on the global economy.

My brother, an architect living in Hong Kong, found himself working from home in similar circumstances.

It was a terrifying period for everyone, particularly for those with young children (mine were two and three at the time).

SARS ultimately infected 8,096 people from 27 countries and killed 774 people — for a mortality rate of 9.6%. (Of the deaths, 349 were in China, 299 in Hong Kong and 33 in Singapore.)

The current outbreak of a new coronavirus in central China called the 2019-nCoVirus has infected more than 43,000 people in 25 countries and killed 1,018 – all but two of them in mainland China. (These figures will be outdated by the time you read this.)

The SARS virus spread from bats to Asian palm civets — a small nocturnal cat-like mammal considered a culinary delicacy in China — and then to humans. Scientists believe the current coronavirus outbreak also likely originated in bats, although they are uncertain of the intermediary animal host that may have transmitted it to humans.

Last week Nature magazine reported that Chinese researchers believe the intermediate species for the current virus could be pangolins — anteating mammals eaten in China as exotic meat but also used in traditional Chinese medicine. “Genetic sequences of viruses isolated from the scaly animals are 99% similar to that of the circulating virus — but the work is yet to be formally published,” the magazine reported on Feb. 7.

Like SARS, which originated at a wet market in China where all sorts of wildlife are sold, some of it trafficked and endangered, the epicenter of the coronavirus in the current outbreak was a wet market in Wuhan.

News reports say the Wuhan market sold everything from bamboo rats to badgers, hedgehogs, snakes, turtles, ostriches, baby crocodiles and salamanders, among others. The Chinese Center for Disease Control and Prevention found that 33 of 585 animal samples tested at the Wuhan market contained evidence of the coronavirus, the Wall Street Journal reported on Feb. 6. The virus could have been transmitted through butchered meat, or from contact with an animal’s saliva, urine or feces.

“Poorly regulated, live animal markets mixed with illegal wildlife trade offer a unique opportunity for viruses to spillover from wildlife hosts into the human population and for viruses to exchange viral components amongst the multiple species being traded creating new viruses with new host spectrums,” Christian Walzer, chief global veterinarian for the New York-based Wildlife Conservation Society, said in a news release.

“Chinese scientists believe the Wuhan coronavirus originated in wildlife sold illegally in a live animal market.”

“It is hard to design more perfect conditions for new viruses to emerge than market systems such as that in Wuhan: Tightly pack together a variety of species from around the country or the world and transport them long distances directly into large markets,” he said. “Ensure that these massively stressed and immuno-compromised wild animals are in close proximity to domestic and farmed animals. Then distribute these animals out to major urban populations for consumption.”

China is not the only source of zoonotic infections — those transmitted from animals to humans — but its wet markets have now spread novel viruses twice in the last two decades.

The Chinese government failed to learn from SARS and permanently shut down the wildlife trade that thrives at markets and online across the country — even after acknowledging nearly a decade ago how easily animal viruses can leap to humans and become global pandemics.

The country must permanently ban the practice and crack down on the wildlife trade.

Perhaps this time China will learn. The government’s reputation and legitimacy are at stake.

The authoritarian regime already has come under intense criticism at home and abroad for trying to muzzle Dr. Li Wenliang, a young doctor in Wuhan, who first alerted his medical school classmates that the current virus looked like SARS. He was reprimanded by hospital and Communist party officials. He died on Feb. 7. TNM

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Americas Gold and Silver.11 Anglo American. . . . .14,15 Avidian Gold . . . . . . . . . . 11 B2Gold. . . . . . . . . . . . . . . . . 9 Barrick Gold. . . . . . . . 11,13 BeMetals. . . . . . . . . . . . . . . 9 BHP Group. . . . . . . . . . . . 15 Centerra Gold. . . . . . . . . . 13 Excelsior Mining. . . . . . . . 9 Fortescue Metals Group.15 Fortuna Silver Mines. . . . . 6

Glencore . . . . . . . . . . . . . . 13 Iron Ore Company of Canada. . . . . . . . . . . . . . . . 11 Lucara Diamond . . . . . . . . 1 MMG. . . . . . . . . . . . . . . . . 14 Nevada Gold Mines. . . . . 13 Newmont. . . . . . . . . . .11,13 NovaGold Resources. . . . 11 OceanaGold. . . . . . . . . . . 11 Paramount Gold Nevada.13 Pershing Gold. . . . . . . . . . 11

Premier Gold Mines. . . . 13 Resolute Mining. . . . . . . . . 8 Revival Gold. . . . . . . . . . . 13 Rio Tinto. . . . . . . . . . . . . . 15 Talisker Resources. . . . . . . 7 Teck . . . . . . . . . . . . . . . . . . 11 Thunder Mountain Gold. 9 Titan Mining. . . . . . . . . . 13 Yamana Gold . . . . . . . . . . 13

A gold specimen extracted from RNC Minerals’ Beta Hunt gold mine in Australia. RNC MINERALS

Gold market balanced in 2019, World Gold Council says FACTS ‘N’ FIGURES

| Investment flows were up, consumer demand down

This is an edited summary from the World Gold Council, based on its “Gold Demand Trends Full Year and Q4 2019” report. To access the report, visit www.gold.org.

G

old demand fell 1% in 2019 as a huge rise in investment flows into ETFs and similar products was matched by the price-driven slump in consumer demand.

It was a year of two distinct halves: resilience and growth across most sectors in the first half of 2019 contrasted with widespread year-over-year declines in the second half of the year.

Global demand in the second half of the year was down 10% on the same period of 2018, as year-over-year losses in the fourth quarter compounded those from the third quarter, notably in jewellery demand and retail bar and coin investment.

Central bank demand also slowed in the second half of the year — down 38% in contrast with the first half’s 65% increase. But this was partly due to the sheer scale of buying in the preceding few quarters, and annual purchases nevertheless reached a remarkable 650.3 tonnes — the second-highest level for 50 years.

ETF investment inflows bucked the general trend. Investment in these products held up strongly throughout the first nine months of the year, reaching 256.3 tonnes in the third quarter. Momentum then subsided in the fourth quarter, with inflows slowing to 26.8 tonnes (-76% year over year).

Technology saw modest declines throughout the year, although electronics demand staged a minor recovery in the fourth quarter. The annual supply of gold increased 2% to 4,776.1 tonnes. This growth came purely from recycling and hedging, as mine production slipped 1% to 3,436.7 tonnes.

Highlights • Total fourth quarter demand fell 19% from the year-earlier quarter to 1,045.2 tonnes. Two

main contributors to the drop were jewellery and physical bar demand, which reacted to the elevated gold price. In US dollar value terms, the decline in fourth-quarter demand was much shallower — down just 3% to US$49.7 billion.

• Inflows into global gold-backed ETFs and similar products pushed total holdings to a record year-end total of 2,885.5 tonnes. Holdings grew by 401.1 tonnes over the year, with 26.8 tonnes added in the fourth quarter. Inflows were heavily concentrated in the third quarter, as the US dollar gold price rallied to a six-year high.

• Central banks were net buyers for a 10th consecutive year: global reserves grew by 650.3 tonnes (-1% from 2018), the secondhighest annual total for 50 years.

Purchasing in the fourth quarter of 109.6 tonnes was 34% lower than the fourth quarter of 2018, although this was partly a reflection of the sheer scale of buying in 2018.

• China and India held sway over global consumer demand. Together, the two gold consuming giants accounted for 80% of the year-over-year decline in fourth quarter jewellery and retail investment demand. High gold prices and a softer economic environment were the main factors.

• Total annual gold supply edged up 2% to 4,776.1 tonnes. An 11% jump in recycling was the main reason for the increase, as consumers capitalized on the sharp rise in the gold price in the second half of the year. Annual mine production was marginally lower at 3,463.7 tonnes – the first annual decline for more than 10 years.

• The gold price averaged US$1,481 per oz. in the fourth quarter. This was the highest average price since the first quarter of 2013. Although the price remained below the thirdquarter high, it was well supported.

And gold priced in various currencies — including Euros, Indian rupees and Turkish lira — hit their highest levels in history. TNM

2020-02-11 6:24 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 17–MARCH 1, 2020

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Mining Hall of Fame awards gala welcomes four inductees HONOURS

| Industry heavyweights helped shape modern mining

BY TRISH SAYWELL

T

tsaywell@northernminer.com

he Canadian Mining Hall of Fame welcomed four extraordinary individuals during the thirty-second annual induction ceremony in January at the Metro Toronto Convention Centre. Industry giants Jerry Asp, Alex Balogh, Hans Lundberg and Eberhard Scherkus were celebrated for their exemplary careers and key contributions to the mining industry.

Master of ceremonies Anthony Vaccaro, group publisher of The Northern Miner and The Glacier Resource Innovation Group, acknowledged he had big shoes to fill after Pierre Lassonde relinquished the role last year. Vaccaro paid homage to his predecessor’s 18 years as MC with video clips of some of Lassonde’s best lines (“For those of you who don’t know me, that’s okay, I don’t know you either” and “What’s the difference between air miles and the Maple Leafs? At least air miles earn points.”)

“Pierre, your charm, your classiness, your sense of humour and your golden sense of style, which no one could ever emulate, has helped build this event into what it is today,” Vaccaro told the more than 1,000 attendees.

Vaccaro kicked off the evening with black and white slides from The Northern Miner’s archives – joking that he had spotted inductee Ebe Scherkus in one photograph from 1929 taken after a plane crash in the Arctic. (Scherkus was born in 1952). “Apparently Agnico Eagle’s great success in the early days was because they had Ebe poking around up there,” Vaccaro joked.

On a more serious note, Vaccaro summarized the highs and lows of the year – from soaring mergers and acquisitions activity to protest movements to the deadly tailings dam collapse in Brazil. He closed his remarks noting that the advent of civilization has been defined in metallic terms. “Historians use the terms Copper Age, Bronze Age and Iron Age to define successive epochs in which humanity rose up out of a more primitive state of existence,” he said. “Now of course some of these protestors might prefer that we go to back to the Stone Age. To which I say, so be it, but we’ll need to mine that too.”

Jerry Asp The first inductee of the evening was Jerry Asp, one of Canada’s most prominent indigenous leaders. As chief of the Tahltan Nation as well as an entrepreneur, he understood better than anyone his community’s concerns about development on their traditional lands but also how the mining industry could be a positive force bringing employment and opportunities. In 1985 he founded the Tahltan Nation Development Corporation (TNDC) and started negotiating partnerships between the TNDC and mining companies, starting with the Golden Bear mine in 1988, which required a 160 km access road across Tahltan land. Asp brokered the first Impact Benefit Agreement in the history of British Columbia, which included road construction and other contracts at Golden Bear. TNDC did a joint venture with RD Construction and within three weeks bought $3 million worth of equipment to get the project underway.

The TNDC became Canada’s larg-

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Canadian Mining Hall of Fame inductee Jerry Asp. CMHF

Canadian Mining Hall of Fame inductee Alex Balogh. CMHF

est native-owned and operated heavy construction company and TNDC signed contracts at other mines including Eskay Creek and Red Chris.

Today the TNDC has expanded and works on many aspects of mine operations – from catering to IT services. “When we first started negotiating with mining companies we already had the Tahltan Resource Development Policy in place,” Asp told the audience. “But as significant as that policy was, it was the fact that we wanted our people developed along with our resources that made all the difference to our nation’s success.”

Asp also was a founding member of what became the Canadian Aboriginal Minerals Association and co-founded the Global Indigenous Development Trust to forge alliances between indigenous communities and mining companies around the world.

“He was a real trail-blazer,” Glenn Nolan, vice president government affairs at Noront Resources, said of Asp in a tribute video. “He showed that they and us—we can actually work in this industry in a meaningful way—contribute in a meaningful way, and build those bridges between the two different cultures.”

Asp’s grandfather was born in Sweden and after jumping ship in Baton Rouge, Louisiana, worked his way up through the logging camps of Wisconsin. He then set off to look for gold in the Stakine, where he met Asp’s grandmother in 1919.

They moved to Portage Landing in 1921 and then bought the entire town when it was put up for sale in 1947. Asp chose to work in mining because he loved being outside and in the bush. He worked his way up from dishwasher to diamond driller and then to crews underground. He spent seven years at the Tantalus Butte coal mine and then went back to school to study contracting and project management.

Asp began his acceptance speech with an old saying: “If you see a turtle on a fence post, you can be sure that he had help getting up there, so like the turtle, I’d like to thank a few people who helped me reach this goal.”

In addition to Ida, his wife of 52 years, their four children, eight grandchildren and six great-grandchildren, he thanked the Tahltan leadership for their “foresight and vision” and for carving a path “for a better way of life with meaningful

winter and our suicide rate dropped to zero and we had very few people on welfare.”

Last year 46 students from the community graduated from grade 12 and six or seven more from colleges and universities, he added. In May it graduated its first mining engineer and there are at least another 12 to 15 people enrolled now in accredited apprentice programs.

Asp also noted that mining and exploration projects today contribute about $30 million in wages and contracts annually to Tahltan members. “I’d like to thank our current leadership for carrying on the work that it started and like to thank the

opportunities for our people.” He noted that his proudest achievement other than his family and siblings, was taking the Tahltan nation “from abject poverty to affluence and helping to break the cycle of welfare culture in the Tahltan Nation forever.”

“When I started at the TNDC in 1985, we had 98% unemployment in the winter and 65% unemployment in the summer on our reserves; 80% of our members were on welfare, we had a serious alcohol and drug problem, a high suicide rate and very low education standards,” Asp said.

“By 2006, we had zero unemployment in the summer and 5% in the

mining industry for being a catalyst that helped move our nation from abject poverty to affluence and for that I hold my hands up to you.”

Alex Balogh Alex Balogh was the second inductee of the night. He led and helped build Falconbridge and Noranda into two of Canada’s most successful mining and metallurgical empires.

He also developed and implemented key innovations in copper production. The first, while as a shift foreman, was the Gaspe puncher, which significantly improved the See HALL OF FAME / 16

Trevor Richardson 6th October 1974 to December 31st 2019

Trevor Leonard Richardson, or “Mr.

T” and “Big Trev” as we knew him, with his most engaging smile and chuckle, passed away terribly suddenly following a tragic accident. He will live on, as Trevor believed in organ donation, three people will gain a lease on their lives in the sad passing of our friend.

Before Trevor graduated in 1999 from Laurentian University (Sudbury, Ontario) with a BSc in Geosciences, he had already begun working in mineral exploration in the Sudbury area. After only a short time working in Canada, he saw a posting for an MSc opportunity in South Africa. Trevor was accepted and in 1999 moved to South Africa. This change in his life was more than just for the education, Trevor sought out adventure and was excited to experience something different to his Canadian home. He found South Africa welcoming and made this country his own. Seeing an opportunity to grow a geological consulting business in South Africa, he partnered with his Canadian friend Scott Jobin-Bevans and together they created Caracle Creek International Consulting (CCIC) in 2001.

From the top of mountains to the most inaccessible valley, Trevor made the work of his profession, Geology, fun, and showed how to excel in it. Initially, he worked for Anglo Platinum in the Eastern Limb of the Bushveld Complex, where he successfully managed the Driekop and Der Brochen projects. With his colleagues, he built a company of professionals around himself in the South African arena, and led a tight knit that team to be a wellrespected professional outfit with a particular strength in the Bushveld Complex. Many young South African geologists owed Trevor their first taste of real exploration work.

Trevor “left” South Africa, returning to Canada, and developed many other business interests over the past ten or so years, displaying his entrepreneurial talents and geological senses for projects that held good economic potential. He was in the middle of raising funds for

the latest of these ventures with his new business partner Laurie Meloche when tragedy struck and ended the life of a young man with still so much to do.

There is an African phrase of “ubuntu” that translates roughly as “a person is a person because of other people” and Trevor was one of those people whose contribution contributed to the Ubuntu of many communities. Through his company, CCIC he sponsored many occasions of the Geological Society of South Africa and other social events in the geological and mining fraternity. From the academic work that he did as part of his M.Sc. and research at the University of the Witwatersrand, to the economic impact that he had on the rural communities where he spent so much time exploring the bush and identifying potential deposits, Trevor interacted positively and proactively engaged with both work colleagues and friends. In fact, his outgoing and engaging nature is probably the reason that many of his work colleagues became close, personal friends within a short period of time. And Trevor was a loyal friend, always willing to help. It is this friendship that we would like to remember and someone who was great in stature and equally great in spirit. As they would say in Zulu- my friend: “Hamba Kahle”- travel safely.

Trevor leaves behind his loving wife Wendy Robidoux and his stepson Logan. Trevor will be dearly missed by his parents George Richardson (Wanda) and Gail Watson, his brother Derek and stepsisters, Kareen and Rana. He will remain forever in their hearts.

To Wendy and Logan and to Trevor’s family we just want to say how saddened we are in this way too early and devastating loss. We all have fond memories of our friend.

To his friends, he believed in organ donation and it is never too late to sign up for the privilege of being an organ donor.

Written by Friends of Trevor

2020-02-11 6:24 PM

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FEBRUARY 17–MARCH 1, 2020 / THE NORTHERN MINER

Fortuna Silver Mines’ San Jose silver-gold mine in Oaxaca, Mexico. FORTUNA SILVER MINES

Royalty dispute dogs Fortuna Silver in Mexico GOVERNMENT RELATIONS

BY TRISH SAYWELL

F

tsaywell@northernminer.com

ortuna Silver Mines (TSX: FVI; NYSE: FSM) is contesting demands for a 3% royalty of the billing value of minerals obtained from the concession hosting its San Jose mine in Oaxaca, Mexico.

The company recently received a notice from Mexico’s General Directorate of Mines (DGM) that its mining concession will be cancelled if US$30 million plus value

THE PERFECT

GIFT

| Authorities threaten to cancel mining concession

added taxes (VAT) in royalties owed from 2011 to 2019 isn’t paid before March 15.

The compa ny cou ld not be reached for clarification and comment on the dispute.

Fortuna said in a press release that the Mexican Geological Service (SGM) first notified the company in 2017 that a previous owner of one of its concessions at the San Jose silver-gold mine had granted the 3% royalty to SGM. The company said it started administrative and legal proceedings

in 2018 against the DGM to remove reference to the royalty on the title register, and the proceedings are “progressing in accordance with the procedures of the Mexican administrative court.”

Now the company will start “legal proceedings to contest the cancellation procedure and also to stay the cancellation process,” it said on Jan. 29.

If the company has to pay the royalty, or post security that it will do so, it can use its available working capital, it noted.

“In the event that the company is unsuccessful in cancelling the action taken by the DGM or in obtaining a stay of execution, it may be required to pay, or post a bond or other security, up to the amount claimed, in order to preserve the mining concession,” it said. “In that case, the company would immediately thereafter proceed with dispute proceedings.”

Fortuna also stated that it has adequate funds to meet sustaining capital requirements at its San Jose silver-gold mine and its Caylloma

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silver-lead-zinc mine in southern Peru, as well as for capital required to complete its Lindero project in Argentina.

Lindero is an open-pit gold project in Salta province with a 13-year mine life. Construction started in September 2017.

Ryan Thompson, a mining analyst at BMO Capital Markets, said the news was the first he had heard of the dispute.

“We currently model a trough cash balance of $81 million (assuming the revolver is fully drawn), so we think Fortuna has the liquidity to make the potential payment,” he said in a note. “Nonetheless, we view this as a negative update with unfortunate timing given the imminent startup of Lindero. Any operational missteps at Lindero during the startup could potentially put pressure on the balance sheet if Fortuna is required to make the payment.”

Jacques Wortman, a mining analyst at Laurentian Bank Securities, outlined two “potential valuation impacts” of the royalty in a “worstcase” scenario.

“Prior to this announcement, our net asset value (NAV) was $5.86 per share,” he wrote in a research note.

“If we adjust our NAV for a US$30million payment, our NAV falls to $5.61 per share. In addition, if we assume that the 3% royalty applies on a go-forward basis (estimated six years of mine life, based on existing reserves), our NAV would fall further to $5.48 per share and our 2020 and 2021 EBITDA estimates would also be negatively affected.”

But the analyst said he isn’t changing his estimates just yet, and has kept his “buy” rating on the company and $6.60-per-share target price.

Thompson of BMO has a $7-pershare target price.

At press time, Fortuna was trading at $5.13 per share within a 52-week trading range of $3.23 to $6.12.

The company has 160 million common shares outstanding for an $823-million market capitalization. TNM

2020-02-11 6:24 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 17–MARCH 1, 2020

7

Talisker plans systematic approach at Spences Bridge EXPLORATION

| Junior has high hopes for massive land package in southwestern British Columbia

BY ALISHA HIYATE

T

ahiyate@northernminer.com

alisker Resources (CNSX: TSK; US-OTC: TSKFF) only listed on the Canadian Stock Exchange last April, but the junior holds more than 70% of the upand-coming Spences Bridge belt in southwestern British Columbia.

Talisker is a spinout of South America-focused explorer Sable Resources, which staked the Spences Bridge belt claims in B.C. in just one day in September 2018.

Matt Filgate, a senior geologist with the company, staked 122 claim blocks online with the help of another Sable geologist in September.

Each claim block takes 10 minutes to outline on B.C.’s “Mineral Titles Online” website, then acquire, Filgate says — a task they had to repeat 122 times.

“We ended up doing it at night just because there are quite a few prospectors that will watch live staking online and will try and jump on and stake in the middle of it,” Filgate says. “We did it at 11 p.m., so there were fewer people watching. We finished at four in the morning.”

The largest staking endeavour ever in B.C., by the end of the process, Sable had staked most of the volcanic belt. Now the 2,260 sq. km land package is being advanced by Talisker, which shares much of the same management and directors as Sable.

The Spences Bridge belt hosts Westhaven Ventures’ Shovelnose discovery — a project that has returned impressive drill results including 18 metres of 24.5 grams gold per tonne and 107.92 grams silver per tonne and 47 metres of 8.95 grams gold per tonne and 65.47 grams silver per tonne. The belt has not been systematically explored until now.

In mid-2019, Talisker conducted a large stream-sediment sampling program across its 2,260 sq. km Spences Bridge land package. Over four months, the company collected 80% of 4,000 samples planned with a team of 22 geologists.

Talisker’s land package looks like a sliver, running 300 km northwest to southeast, and is widest in the

A soil-sampling crew training on Talisker Resources’ property in British Columbia. TALISKER RESOURCES

“ALL WE’RE DOING IS EXPORTING MAJOR COMPANY TECHNIQUES TO A JUNIOR.” MATT FILGATE SENIOR GEOLOGIST, TALISKER RESOURCES

middle at around 100 km, thinning at either end. Traversing the large area was possible because the property, in south-central B.C., is accessible by road and only a few hours’ drive from Vancouver.

So far, 100 anomalies have been identified from the data, including

22 basins that sampled above 32 ppb gold (the Shovelnose discovery was based on a sample that returned 68 ppb gold).

A soil-sampling program early in the year will be followed up by an initial drill program before the fourth quarter. The company is tar-

geting low-sulphidation epithermal systems, such as Shovelnose.

While juniors have been active on smaller parcels of land in the belt, Talisker, informed by its founders’ experiences with large-scale systematic greenfields exploration programs at AngloGold Ashanti, is taking a big-picture view. Talisker president and CEO Terry Harbort and vice-president of exploration Ruben Padilla know that systematic exploration works because both have been part of discoveries made with such an approach — such as La Colosa and Gramalote — while

working for the major.

“All we’re doing is exporting major company techniques to a junior,” says Filgate, who spent three years working at Barkerville Gold’s gold project (now owned by Osisko Gold Royalties) in B.C.’s Golden Triangle, where Harbort was also chief geoscientist.

In addition to technical chops and a rigorous exploration approach, Talisker has been proactive in engaging with First Nations from the very beginning. “Community support is a big thing for us,” Filgate says. “We want to take a different approach to junior exploration.”

Advanced project In addition to a $3.5-million exploration program at Spences Bridge, it’s also planning a work program at its recently acquired and advanced high-grade Bralone project.

While the company’s strategy is focused on acquiring dominant land positions in early-stage gold belts, the opportunity to acquire the past producer came up unexpectedly last year.

“We hadn’t planned on acquiring an advanced project — Avino Silver & Gold Mines (TSX: ASM; NYSEAM: ASM) approached us,” Filgate says. The company was pleased with what it found during due diligence.

“The upside potential there is very encouraging.”

The Bralorne acquisition was completed in December for an upfront $8.7-million cash payment, plus 12.6 million Talisker shares and 6.3 million warrants. Another US$2.5 million is payable on commercial production.

The project, 248 km northeast of Vancouver, hosts global gold resources totalling 170,000 ounces.

Soil samplers in action for Talisker Resources. TALISKER RESOURCES

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— This article first appeared in The Northern Miner’s sister publication Canadian Mining Journal.

2020-02-11 6:24 PM

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FEBRUARY 17–MARCH 1, 2020 / THE NORTHERN MINER

Resolute sells Ravenswood to focus on Africa GOLD

| Australian asset nets miner US$207M in cash

BY NICHOLAS LEPAN

R

Special to The Northern Miner

esolute Mining (LSE: RSG) is selling its Ravenswood gold mine in Queensland — its only Australian asset — to private equity firm EMR Capital Management for US$207 million in cash.

Resolute signed the definitive sales agreement in mid-January with a consortium led by Melbourne-based EMR that included Singapore-listed Golden Energy and Resources.

The underground mine, 65 km east of Charters Towers in northern Queensland, produced 54,486 oz. gold last year at all-in sustaining costs (AISCs) of US$1,356 per ounce.

Selling Ravenswood is in line with Resolute’s strategy to become the next mid-tier, Africa-focused gold producer, and will help pay down debt from a series of acquisitions on the continent.

“The divestment has strong strategic merit for Resolute,” John Welborn, managing director and CEO, said in a statement. “We have delivered on our objective of ensuring a new long-life future for Ravenswood under a world-class operator and can now focus our attention and energy on our African portfolio and the abundant opportunities our experience provides for further growth and value creation.”

Resolute’s African portfolio consists of two producing gold mines — Syama and Mako — and the Bibiani development project.

Resolute bought Syama from Randgold Resources for US$13 million in 2004. At the time, the open-pit mine, 300 km southeast of Bamako in Mali, had been closed for two years due to low gold prices that made processing its carbonaceous and refractory ore uneconomic.

Resolute restarted the mine in 2008 and closed it in 2015, although previously stockpiled sulphide ore is still being processed and the oxide circuit continues to be fed from five satellite deposits on the property: BA-01, Nafolo, Beta, Alpha and

Resolute Mining’s Ravenswood gold mine in Queensland, Australia. RESOLUTE MINING

Tabakaroni.

Resolute completed a definitive feasibility study for an underground mine at Syama in June 2016. Underground development work started in September 2016 and mining began in December 2018.

Last year, Syama’s oxide circuit produced 180,534 oz. gold and its sulphide circuit 62,524 oz. — missing its guidance of 300,000 oz. due to a crack in the roaster. The roaster is now fully operational.

Resolute poured first gold at Mako, its open-pit gold mine in eastern Senegal, in January 2018, and last year the mine produced

Workers at Resolute Mining’s Ravenswood gold mine. RESOLUTE MINING

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87,187 oz. gold at AISCs of US$687 per ounce.

Resolute produced 384,731 oz. gold last year at AISCs of US$1,090 per oz., and is forecasting 2020 production of 500,000 oz. gold at AISCs of US$980 per ounce.

Resolute’s Bibani project, a historic underground gold mine it bought in 2016 from the government of Ghana, is 75 km northwest of AngloGold Ashanti’s (NYSE: AU) Obuasi gold mine. According to an updated feasibility study in July 2018, Bibiani could produce 100,000 oz. gold a year over a 10-year mine life at AISCs of US$764 per ounce.

Resolute is assessing whether it should recommission the mine and has hired Cutfield Freeman and Treadstone Resource Partners to conduct a review, which is expected to be completed in the first half of 2020. The advisory firms will examine options, including off-balance sheet financing of the company’s proposed recommissioning plan, joint ventures, and partial or 100% divestment of the asset.

The company also has stakes in a number of junior gold companies with assets in Africa, including Loncor Resources (TSX: LN) (27%), Manas Resources (25%), Orca Gold

(TSXV: ORG: US-OTC: CANWF) (16%), Mako Gold (15%) and Oklo Resources (9%). The companies have projects spanning the continent, from Sudan to the Democratic Republic of the Congo.

To accelerate interest in the company and its African assets, Resolute listed its shares on the London Stock Exchange in June 2019. Its shares on the LSE traded at £0.62 ($1.07) apiece at press time, down from their peak in August of £1.17 ($2.02) per share.

Resolute has a history of operating in Africa.

In 1996, the company acquired BHP Group’s (NYSE: BHP; LSE: BHP) mothballed Golden Pride open-pit gold mine in Tanzania, 65 km from Buzwagi, the country’s largest open-pit gold mine.

Resolute started production at Golden Pride in February 1999 and operated the mine until it was decommissioned in 2014, producing a total of 2.2 million oz. gold.

Resolute a lso operated t he Obotan open-pit mine in Ghana from 1997 to 2002. The company mined 730,000 oz. gold at a grade of 2.2 grams gold before closing the operation for economic reasons in 2002. The claims were released and returned to the government after rehabilitation. PMI Gold acquired the project in 2006.

Asanko Gold (TSX: AKG) acquired PMI and the Obotan gold project in 2014 in an all-share deal valued at $183 million to complement the development of its Esaase gold project, 15 km from Obotan’s Nkran deposit. Obotan is now part of the Asanko gold mine complex, which hosts the Nkran and Esaase deposits, and nine satellite deposits.

Gold production began in January 2016.

At the end of December 2019, Resolute had cash, bullion and listed investments worth US$127 million, and US$267 million in debt.

The company recently announced a financing of up to US$134 million to repay debt. TNM

2020-02-11 6:24 PM

SPECIAL FOCUS

UNITED STATES Liberty Gold’s Goldstrike gold property in southwest Utah. LIBERTY GOLD

Excelsior optimizes Gunnison ahead of first copper in Q2 ARIZONA

| Fledgling producer hopes to hit breakthrough shortly

BY DAVID PERRI dperri@northernminer.com

E

At BeMetals’ South Mountain zinc-silver project in southwestern Idaho. From front: President and CEO John Wilton; technical advisor Richard Sillitoe; and project geologist Tyson Forbush. BEMETALS

BeMetals looks to development path in Idaho ZINC-SILVER

| Junior plans PEA on past-producer in 2021

BY STEVE STAKIW

S

Special to The Northern Miner

ince B2Gold (TSX: BTO; NYSE: BTG) launched BeMetals (TSXV: BMET) two years ago as a base-metals-focused junior, the company has picked up a development-stage zinc-silver project in southwestern Idaho called South Mountain.

Originally floated in early 2018 on the early-stage Pangeni copper project in Zambia, BeMetals wanted to add more advanced-stage base metal projects to its portfolio and in early 2019 acquired a two-year option to secure 100% of the pastproducing South Mountain property from Thunder Mountain Gold (TSXV: THM).

Historic underground operations at South Mountain were small-scale but high grade, with over 48,000 tonnes of ore mined at an average

1-16_FEB17_Main .indd 9

xcelsior Mining (TSX: MIN) announced in early February that it is fast-tracking a production optimization program, based on data collected at its Gunnison in-situ recovery copper mine in Arizona.

“These upgrades were planned to take place over time once nameplate production had been achieved,” the company said, noting that mining activity began in January, but Excelsior decided to make the changes earlier “to assist with breakthrough and production optimization.”

“Breakthrough is the pH level whereby copper will stay in solution. Currently, the acid that we inject down is mobilizing the copper, but it does not remain mobilized because the pH level needs to reach breakthrough level (lower pH),” JJ Jennex, Excelsior’s vice president of corporate affairs,

“ONCE BREAKTHROUGH IS ACHIEVED, WE WILL BE A MAJOR STEP CLOSER TO FIRST PRODUCTION.” JJ JENNEX VP OF CORPORATE AFFAIRS, EXCELSIOR MINING

wrote in an email to The Northern Miner.

“When we are getting free acid out of the recovery wells, then we will know that breakthrough has occurred. All of the optimizations that we recently announced are designed to get us to breakthrough as quickly and as efficiently as possible. Once breakthrough is achieved, we will be a major step closer to first production.”

See EXCELSIOR / 12

“WE REALLY LIKED SOUTH MOUNTAIN BASED ON THE GRADE, AS IT’S AT OVER 17% ZINC-EQUIVALENT.” JOHN WILTON PRESIDENT AND CEO, BEMETALS

grade of 14.5% zinc from 1941 to 1953. Some of the material was reportedly direct shipping ore sent to smelters across the United States.

Last year BeMetals commissioned a technical study on South Mountain that delivered a modest measured and indicated resource estimate of 154,000 tonnes grading 17.7% zincequivalent (10.7% zinc, 165 grams silver per tonne, 2.2 grams gold per tonne, 0.8% lead and 0.7% copper), plus additional inferred resources of 329,000 tonnes at 16.6% zincequivalent (9.7% zinc, 192 grams silver per tonne, 1.5 grams gold per

tonne, 1.2% lead and 0.7% copper).

South Mountain is the sixthhighest zinc-equivalent grade project in North America among 83 projects, the company says, and it is focused on expanding the small initial resource to ultimately feed into a preliminary economic assessment study in 2021.

“What we were trying to do was find advanced projects — something we could push forward quickly into production if it passes all the hurdles,” John Wilton, BeMetals’ See BEMETALS / 10

Pregnant leach solution ponds at Excelsior Mining’s Gunnison copper mine in January 2020. EXCELSIOR MINING

2020-02-11 6:24 PM

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FEBRUARY 17–MARCH 1, 2020 / THE NORTHERN MINER

UNITED STATES

WWW.NORTHERNMINER.COM

The Sonneman level portal at BeMetals’ South Mountain zinc-silver project in southwestern Idaho. BEMETALS

BeMetals looks to development path in Idaho BEMETALS From 9

president and CEO, said in an interview. “We really liked South Mountain based on the grade, as it’s at over 17% zinc-equivalent.

Its got a strong zinc credit to start with in the double digits, but it’s also got a very interesting precious metal content, with a relatively high silver and important gold credit that we found in our drilling last year.”

BeMetals’ 2019 phase one drill program consisted of 20 underground holes totalling 2,250 metres.

The program was designed to test potential extensions of mineralized zones and confirm grade distribution within the mineral resource estimate. Results confirmed historic grades and demonstrated additional depth potential, as demonstrated in hole SM19-014, which tested the projected extension of the DMEA zone and returned 15.1 metres grading 9.6% zinc, 127 grams silver per tonne, 1.5 grams gold per tonne, 0.7% lead and 0.3% copper. The bulk of the company’s drill results returned high-grade mineralized intervals outside of the current resource shell.

Drilling also confirmed copperrich mineralization in the Texas zone of the deposit, with hole SM19010 returning intervals of 7.2 metres of 4.4% zinc, 155 grams silver per tonne and 2.1% copper, plus an additional 10-metre interval of 1.75% copper, all associated in a skarn-hosted chalcopyrite mineralized zone.

The company believes there is zonation to the deposit that it will further test in its phase two drill program this year. It plans up to 5,000 metres of drilling plus metallurgical testing. BeMetals will also evaluate potential underground development extension out to the Texas zone, in the southeastern portion of the deposit, where the company has been getting higher grade copper results.

Wilton described underground conditions at South Mountain as good with no adverse water or rock mechanics issues.

“The bulk of the drilling will be from underground, which gives us an obvious advantage because we’re close to the mineralization and don’t have to drill through lots of hanging wall stratigraphy,” he

A HIGH-GROWTH, LOW-COST PRECIOUS METALS COMPANY IN NORTH AMERICA

TSX: USA NYSE-AM: USAS

www.americas-gold.com

Jack Perkins jperkins@americas-gold.com

1-16_FEB17_Main .indd 10

Andrea Totino atotino@americas-gold.com

“FROM A PERMITTING POINT OF VIEW, HAVING ALL THE PROPERTY ON PATENTED CLAIMS IS A BIG ADVANTAGE AND IT’S AN UNDERGROUND PROJECT AND WAS A PAST PRODUCER ... WE CAN GET THIS PROJECT MOVING FORWARD IN A RAPID MANNER.” JOHN WILTON PRESIDENT AND CEO, BEMETALS

explained. “These are fairly discrete targets and very high grade in nature — that’s the trade-off. But the fact that we’re underground means we can drill at good rates and that’s attractive. And once we’ve built up a critical resource base, having that underground development will be a huge benefit to getting this project up and running.”

Despite the current weak zinc market, Wilton is optimistic about the project given its potential byproducts. “It will remain a zinc project — the bulk of the value is in the zinc — but on a dollar per tonne value we’ve got some really high values and a significant portion of that comes from the silver, and important in the DMEA zone seems to be the gold credit.”

Wilton also notes that the operating environment in Idaho has been very good, with most permits in place and strong community support for the project. “From a permitting point of view, having all the property on patented claims is a big advantage and it’s an underground project and was a past producer,” he said. “We can get this project moving forward in a rapid manner.”

Outside of Idaho, BeMetals plans about 3,500-4,000 metres of air-core drilling this year at its Pangeni project in the Zambian Copperbelt.

The drill program will test around successful drill core results from 2019 that returned up to 0.53% copper over 5.5 metres.

The company uses air-core drilling as an exploration tool at the

An underground drill site at South Mountain. BEMETALS

Core samples from the South Mountain project. BEMETALS

copper project, which is covered under a thin layer of Kalahari Desert sand. In 2018 it completed 113 air-core holes, which resulted in the three targets that were core drilled in 2019.

The company can earn up to a 72% interest in the project under a five-year option agreement.

Since its creation, the company has raised $8.5 million and has had support from the founders and principals of B2Gold.

Clive Johnson, B2Gold’s presi-

dent and CEO, has been an active buyer of BeMetals stock and owns 9.7 million shares representing about 9.3%.

BeMetals reports that roughly 28% of its shares are owned by insiders and advisors.

Shares of BeMetals traded at 22¢ at press time, near the bottom of its 52-week trading range of 20¢-29¢, giving the company a $23 million market capitalization based on its 105 million common shares outstanding. TNM

2020-02-11 6:24 PM

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GLOBAL MINING NEWS

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11

UNITED STATES SNAPSHOT

Eight companies active across the nation The U.S. is host to a number of enviable mining jurisdictions, both in terms of geological endowment and investment attractiveness. Nevada is perhaps most well-known, with Alaska a close runner-up. Idaho is also emerging as a desirable destination for developers. We present eight companies exploring, developing and operating within the U.S. AMERICAS GOLD AND SILVER Americas Gold and Silver (TSX: USA; NYSE: USAS) is a precious metals producer operating in the Americas. The company’s producing mines include the Cosala operations in Sinaloa, Mexico as well as the Galena complex in Idaho. Other assets include the Relief Canyon development project in Nevada as well as the San Felipe property in Mexico. Americas Gold and Silver is working to substantially grow its metals production by next year.

Last year, company-wide production guidance was for 6.6 million oz. to 7 million oz. of silverequivalent at all-in sustaining costs of US$10 to US$12 per oz. silver.

The Cosala complex is the main source of the company’s silver production. The 194-sq.km property features a central processing facility, the San Rafael underground mine, El Cajon project as well as past-producing mines and mineralized showings.

In the third quarter, the San Rafael mine produced 3.6 million silver-equivalent oz. In January, the company reported an illegal blockade by a minority of its unionized workers at Cosala. The company has filed legal motions with the Mexican government and temporarily stopped mining and processing operations at the site.

As of December, the 117-sq.-km Relief Canyon project was in the final stages of construction with initial crushed ore stacked on the heap leach pads and commercial production expected in the first half of the year. A 2018 feasibility study for the project outlined an open pit producing 91,000 oz. of gold annually over a six-year mine life at all-in sustaining costs of US$801 per ounce. Proven and probable reserves for this asset stand at 27.2 million tonnes grading 0.75 gram gold per tonne for a total of 653,000 ounces.

Americas Gold and Silver acquired the Relief Canyon and Galena assets as part of its Pershing

Revival Gold personnel and visitors during an October 2019 tour of the Beartrack-Arnett gold project in Idaho. REVIVAL GOLD Gold acquisition announced in September 2018.

In September 2019, the company announced a strategic 60-40 joint venture agreement with Eric Sprott for the Galena complex to recapitalize the operation through increasing production and lowering costs. Starting in October, Sprott invested US$15 million for capital improvements with a further US$5 million committed to fund the first year of operations to earn a 40% interest in the complex.

Americas Gold and Silver has a $308-million market capitalization.

AVIDIAN GOLD Avidian Gold (TSXV: AVG) is an exploration company focused on its 106-sq.-km Golden Zone and 15-sq.km Amanita properties in Alaska, a top-ranked mining jurisdiction.

The Amanita property is located

15 km northeast of Fairbanks and is contiguous with Kinross Gold’s (TSX: K, NYSE: KGC) Fort Knox mine. The company says the Tonsina structural corridor found at Fort Knox continues onto Amanita; historical drilling along this trend intercepted oxide gold mineralization from surface to a depth of over 150 metres.

Trenching within the 4-km long Tonsina corridor last year returned 94.5 metres of 3.04 grams gold per tonne as well as 27 metres of 4.22 grams gold per tonne.

The Golden Zone property is located 320 km north of Anchorage and features high-grade gold and base metal mineralization spatially related to shallow intrusions which extends over 15 km of strike. The property sits within the prolific Tintina gold belt with golddominated showings contained within three corridors. Avidian has identified a number of gold-copper exploration targets at the site.

The Breccia pipe deposit at Golden Zone features indicated resources of 4.2 million tonnes grading 1.99 grams gold per tonne for a total of 267,400 oz. with additional inferred resources of 1.4 million tonnes at 0.83 gram gold for a total of 35,900 ounces.

Last year’s exploration work at Golden Zone also extended the strike length of the JJ-J4 zone discovery to in excess of 750 metres while mapping and compilation work at the Copper King area increased its mineralized strike to over 1.5 km.

A drill rig at NuLegacy Gold’s Red Hill gold project in Nevada. NULEGACY GOLD

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This year, Avidian plans to complete additional trenching at Amanita to continue extending the surface footprint of the mineralization, to be followed by drilling of these targets. At Golden zone, additional field work is planned to define future drill sites.

In addition, the company holds the Jungo project within Nevada’s Humboldt district as well as a 59% interest in High Tide Resources.

High Tide Resources is a private company that has the option to earn a 100% interest in the Labrador West iron ore project, located 17 km west of Iron Ore Company of Canada’s Carol Lake mine and in the Black Raven gold asset in Newfoundland. High Tide also wholly owns the Strickland base metal property in Newfoundland and Labrador.

Avidian became a publicly listed company in December 2017. It was founded as a private entity in 2011.

Avidian Gold has a $13-million market capitalization.

NOVAGOLD NovaGold Resources (TSX, NYSE: NG) is focused on developing the Donlin gold project in Alaska.

Donlin, a 50-50 partnership between Barrick Gold (TSX: ABX; NYSE: GOLD) and NovaGold, features total reserves of 504.8 million tonnes grading 2.09 grams gold per tonne for a total of 33.8 million ounces. The federallypermitted project is undergoing technical studies in advance of a construction decision.

In February, the company announced that it received final state approvals for a buried natural gas pipeline and transportation facilities at Donlin.

A 2011 feasibility study for the project suggested a 440,000 tonne per day open pit mine with a 53,500 tonne per day crusher, producing a refractory sulphur concentrate that would be treated in a pressure oxidation circuit before cyanidation.

The resulting mine would produce an average of 1.1 million oz. of gold annually over a 27-year life with life of mine operating costs of US$581

per ounce. The total estimated capital cost for the project was pegged at US$6.7 billion, including contingency. Using a gold price of US$1,200 per oz., the project’s net present value came in at US$547 million, using a 5% discount rate.

Current reserves and resources at Donlin are contained within 3 km of an 8-km long mineralized trend; the company has identified additional targets within this trend.

As of the end of 2019, NovaGold had US$149 million in cash with additional receivables pending. The company expects to receive US$100 million over the next three years in deferred proceeds from the sale of the Galore Creek project with a further US$75 million expected upon construction approval of this project, jointly owned between Newmont (TSX: NGT; NYSE: NEM) and Teck (TSX: TECK.B; NYSE: TECK).

This year, US$20 million is planned for the Donlin project with 22,000 metres of drilling scheduled to test the extensions of high-grade gold zones. Additional work is ongoing to collect geotechnical data for engineering work on the proposed tailings facility and water diversion and retention structures, as required for the dam safety certification application to the state.

NovaGold has a $3-billion market capitalization.

NULEGACY GOLD NuLegacy Gold (TSXV: NUG; OTC: NULGF) is focused on gold exploration within Nevada’s Cortez trend. The company’s 108-sq.-km Red Hill project is located on strike with Barrick Gold’s (TSX: ABX, NYSE: GOLD) Cortez complex and Goldrush project.

See SNAPSHOT / 13

2020-02-11 6:25 PM

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UNITED STATES

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The wellfield at Excelsior Mining’s Gunnison copper mine in Arizona. EXCELSIOR MINING

Excelsior optimizes Gunnison ahead of first copper in Q2 EXCELSIOR From 9

The company has pushed back its estimated first copper production from the first quarter to the second quarter of 2020.

Gunnison’s production wellfield is comprised of 57 wells, The initial configuration included 16 compliance wells and 41 production wells (16 injection wells and 25 recovery wells). Leaching solution acidified with sulfuric acid is pumped into the oxidized mineralized material via the wells and circulated in a closed-loop system through naturally fractured rock over a cubic area of 120 x 120 x 210 metres.

Hydraulic control wells around the wellfield keep the mining solution from migrating beyond the planned area.

The pregnant solution is recovered and processed into copper cathode at Excelsior’s Johnson Camp solvent extraction and electrowinning (SX-EW) plant, two

km from the wellfield. The plant is designed to process solution with a feed grade of 1.63 grams copper per liter, recovering 48.4% of the total copper.

The optimization program will see the production wells become fully reversible so they can each serve as injection or recovery wells as required. Wellheads and related piping will also be reconfigured in accordance with reversibility.

Additionally, the company will implement improved preventative maintenance to limit pump and wellfield downtime.

“Our initial copper recoveries are highly encouraging; and the implementation of these improvement programs keeps us focused on achieving long-term, low-cost copper production as soon as possible,” Stephen Twyerould, Excelsior’s president and CEO, explained in a prepared statement.

Excelsior issued a feasibility study in 2017, which outlined a

THE ANALYSTS EXPECT TO SEE AN UPDATED FEASIBILITY STUDY FOR GUNNISON’S STAGE THREE EXPANSION, AND ULTIMATELY EXPECT THE COMPANY TO SKIP STAGE TWO AND PROCEED TO FULL CAPACITY. 24-year operation producing a total 2.17 billion lb. copper and costing US$46.9 million in initial costs, plus US$741.8 million in sustaining costs. Using a base case price of US$2.75 per lb. copper the project has a US$730 million net present value (after tax, at a 7.5% discount rate) and a 35.6% after-tax internal rate of return. Life of mine allin sustaining costs are pegged at US$1.33 per lb. copper.

As outlined in the study, mining is to unfold over three stages.

Initially Gunnison will produce 25 million lb. copper per year. Stage

two will commence in the fourth year of operation and triple production to 75 million lb. copper per year, requiring a new SX-EW plant near the wellfield. The third stage would see the new plant’s capacity doubled, allowing Gunnison to produce 125 million lb. copper per year.

Gunnison’s North Star deposit has 782 million tons in reserves, grading 0.29% copper, for 4.5 billion lb. of contained copper. Mineralization is hosted in Paleozoic rocks that have been intruded by the Texas Canyon quartz monzonite along the western margin of the deposit.

The intrusion formed wide zones of calc-silicate and hornfels alteration, as well as extensive low-grade copper sulfide mineralization within the Paleozoic rocks.

Clarksons Plateau Securities has a “buy” rating on Excelsior’s stock with a target price of $2.00 per share, according to a Jan. 15 research report. Analysts said they expect Excelsior to hit the 25 million lb. copper production rate this year, but expect just 15 million lb. of production in 2020 “due to a slightly laterthan-expected start of operations.”

In 2021, the analysts also expect to see an updated feasibility study for Gunnison’s stage three expansion, and ultimately anticipate the company will skip stage two and proceed to full capacity.

Excelsior shares closed at $1.02 apiece, down 10¢, on Feb. 4, the day it announced the optimization decision. At presstime they traded for 94¢ giving the company a $226 million market cap. TNM

Excelsior Mining’s Johnson Camp solvent extraction and electrowinning copper processing plant in Arizona. EXCELSIOR MINING

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GLOBAL MINING NEWS

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13

UNITED STATES SNAPSHOT SNAPSHOT From 11 Exploration work completed in 2017 and 2018 confirmed structural and stratigraphic connections between Red Hill and Barrick’s Goldrush and Fourmile projects. As a result, the company has identified multiple Carlin targets within a rift zone that is 6 km long and 4.5 km wide. Drilling in 2018 intercepted 22.1 metres of 6.59 grams gold per tonne within this area. There are additional epithermal and Carlin targets within the property.

Targets at Red Hill include the Avocado zone, a 2012 discovery that returned Carlin-style alteration, the Serena zone, host to Carlinstyle mineralization, and the North zone, featuring near-surface oxide mineralization that could be linked to Serena.

Following the closing of a $7.5-million private placement in October 2019, NuLegacy restarted drilling at Red Hill later that month. The $4.7 million, 17-hole exploration program is expected to be completed in the spring and is targeting five zones.

Edward Cope, the company’s director of exploration and evaluations, previously led the team that generated substantial resource growth for Barrick’s Nevada division, and Charles Weakly, NuLegacy’s district geologist, contributed to the expansions of the Goldstrike and Goldrush discoveries.

The company’s shareholders include OceanaGold (TSX, ASX: OGC) with a 12.2% stake and Barrick with a 7.9% interest.

NuLegacy has a $20.4-million market capitalization.

PARAMOUNT GOLD NEVADA Paramount Gold Nevada (NYSE: PZG) is focused on development of the Grassy Mountain project in Oregon. In January, the company announced that it had received the water permit required to operate the mine following the November submission of a consolidated permit application to the Oregon state agencies for the construction and operation of the Grassy Mountain mine.

Current measured and indicated resources at Grassy Mountain stand at 28 million tonnes grading 1.17 grams gold per tonne and 3.67 grams silver per tonne for a total of 1.06 million oz. of gold and 3.2 million oz. of silver. Ausenco is working on a feasibility study for the project and will receive payment in 1.1 million restricted common shares of the company, escrowed until it delivers a final feasibility, expected in mid-2020.

A 2018 pre-feasibility study for the project outlined an underground mine producing an average of 47,000 oz. of gold and 50,000 oz. of silver annually over a seven-year mine life at cash operating costs of US$528 per ounce. The resulting net present value estimate, at a 5% discount rate, came in at US$87.8 million with a 27.6% internal rate of return. The total initial capital cost was pegged at US$110 million for the 680 tonne per day mining and milling operation.

Paramount also holds the Sleeper project in northern Nevada, a pastproducing open pit. A 2017 PEA for this project outlined a 30,000 tonne per day heap leach open pit operation producing an average of 92,400 oz. of gold and 91,800 oz.

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Paramount Gold Nevada’s Grassy Mountain gold-silver property in Oregon. PARAMOUNT GOLD NEVADA of silver annually for an after-tax net present value estimate, at a 5% discount rate, of US$126 million.

Additional exploration, permitting and metallurgical testwork is ongoing.

On the exploration front, Paramount is planning to complete follow-up drilling of the North Spur, Dennis Folley and Wally/ Wood targets, all of which are located within 3.2 km of the Grassy deposit. Additional targets include Crabgrass and Bluegrass: Crabgrass features a historic resource estimate whereas past drilling at Bluegrass intercepted shallow gold mineralization. The company acquired the Grassy Mountain project in 2016.

Paramount Gold has a US$28million market capitalization.

PREMIER GOLD MINES Premier Gold Mines (TSX: PG) is a gold producer and developer with assets in Nevada, Mexico’s Sonora state and Ontario.

Last year, the company produced 67,427 oz. of gold and 192,829 oz. of silver, primarily from the Mercedes underground mine in Mexico.

In Nevada, Premier holds a 40% interest in the South Arturo project (60% held by Nevada Gold Mines, a joint venture between Barrick Gold (TSX: ABX; NYSE: GOLD) and Newmont (TSX: NGT; NYSE: NEM) in the Carlin trend. This property hosts the El Nino underground mine, which declared commercial production in the third quarter of last year, producing a total of 7,526 oz. gold last year.

The El Nino deposit is down-plunge of a past-producing open pit with ongoing pre-stripping for a second mine; an open pit is expected to start up in the second half of the year. Work is also underway on a potential heap leach facility with an additional open pit planned for the site. South Arturo reserves attributable to Premier stand at 2.8 million tonnes grading 3.01 grams gold per tonne for a total of 275,000 ounces. Underground exploration is ongoing to support long-term production.

Premier also holds the pastproducing McCoy-Cove project in Nevada’s Battle Mountain trend. A carve-out in place with Barrick has

the major earning a 60% interest in a portion of this property with Premier retaining a 100% interest in the high-grade Cove deposit.

Premier’s share of measured and indicated gold resources stands at 950,000 tonnes grading 11.22 grams gold for 342,000 oz. with additional attributable inferred resources of 3.7 million tonnes grading 11.24 grams gold for a total of 1.3 million ounces. Additional exploration is underway in advance of a feasibility study and development decision.

an updated resource for the two deposits with 36.4 million tonnes of indicated resources grading 1.16 grams gold for a total of 1.4 million oz. with additional inferred resources of 47.2 million tonnes at 1.08 grams gold for a total of 1.6 million oz. This resource includes a total heap-leach component of 384,000 oz.; a further 1.9 million oz. across all categories are contained within open-pittable sulphides that would require milling. The release also features an underground sulphide component at Beartrack.

In Mexico, Premier holds the Mercedes mine, 150 km northeast of Hermosillo, with underground operations targeting extraction of 2,000 tonnes per day. Last year, this mine generated 59,901 oz. of gold and 191,306 oz. of silver. Recent exploration successes include discoveries at the Lupita Extension and San Martin zones, with potential for resource growth along this structural trend. This year, the asset is expected to contribute 65,000 oz. to 75,000 oz. of gold at all-in sustaining costs of US$1,125 to US$1,275 per ounce.

Work on a preliminary economic assessment for Beartrack is underway to evaluate a re-start of heap leach operations at the site.

Revival is targeting a 10,000 tonne per day to 15,000 tonne per day production rate for the preliminary economic assessment and currently envisions a future mill operation with a 20,000 tonne per day run rate.

Premier’s Ontario holdings include a 50% stake in the Greenstone property (50% Centerra Gold (TSX: CG)), 275 km northeast of Thunder Bay. Permitting is underway for this asset with measured and indicated open-pit mineral resources, updated last year, of 137.7 million tonnes at 1.33 grams gold for 5.9 million ounces. A 2016 feasibility study outlined a 27,000 tonne per day open-pit operation producing an average of 288,000 oz. gold annually with initial capex of $1.25 billion. At a gold price of US$1,250 per oz., the resulting internal rate of return, on an after-tax basis, came in at 14.4%. In December 2019, the company announced that it had received a statement of claim from its joint venture partner claiming that a project update submitted last year should not be considered a feasibility study, as defined in a partnership agreement from March 2015. Additional engineering and financial modeling work is underway for Greenstone.

Revival plans to continue exploration efforts at the project to grow its resource inventory; mineralization at both deposits remains open for expansion.

Beartrack features five known areas of mineralization within a fivekilometre stretch along the Panther Creek fault with further potential for over 5 km by the Coiner fault. At Arnett, there is a 2 km long, shallow magnetic high at the Haidee area, which contains the current pit shell.

Premier Gold Mines has a $337-million market capitalization.

REVIVAL GOLD Revival Gold (TSXV: RVG) is developing the 54-sq.-km Beartrack-Arnett project in Idaho.

In February, the company released

Beartrack produced over 600,000 oz. of gold from heap leach operations in the 1990s and historic infrastructure remains at the site.

Last year, the company completed metallurgical test work on sulphide composites from Beartrack that suggest overall gold recoveries of 94% to 95% through flotation and pressure oxidation. Heap leach gold recoveries for Arnett are estimated at 75% based on bottle roll tests and analysis of historical data.

Revival wholly owns the Arnett project site and, in September 2017, entered into an option agreement with Yamana Gold (TSX: YRI, NYSE: AUY) to earn a 100% interest in Beartrack. Under the terms of the agreement, the company needs to spend US$8 million on exploration over four years, US$5.8 million of which was spent by the end of last year.

Revival Gold has a $40-million market capitalization.

TITAN MINING Titan Mining (TSX: TI) is involved with zinc exploration and development in New York state.

The company’s flagship Empire State mine (ESM) complex consists of the ESM #4 mine, which is in production, and six historic mines. Operations at ESM #4 were restarted in January 2018 with the first zinc concentrate produced in March of that year. The 324-sq.-km property includes a 4,536 tonneper-day mill.

While Titan re-started the Empire State mine in November 2017, the company announced in February 2019 that it would be lowering throughputs at the operation to focus on underground development and exploration in the near-term. The company is working on a revised mine plan, which will incorporate the #2D zone in #2 mine, connected to the #4 shaft, as well as the New Fold zone in #4 mine.

In January, the company announced drill results from two new zones of near-surface mineralization: the Turnpike and Hoist House zones, within 1.6 km of the ESM mill. Turnpike returned 24.4 metres of 5.8% zinc, 2.8% lead and 28.2 grams silver per tonne, while Hoist House returned 6 metres of 7.3% zinc, 0.9% lead and 11.7 grams silver. According to the company, these zones are potential sources of near-term open-pit feed for the mill, which currently has excess capacity.

Both Hoist House and Turnpike are interpreted as extensions of deeper orebodies mined historically. There are additional exploration targets identified throughout the districtscale property from a re-analysis of historical data.

Current measured and indicated resources at the #4 mine stand at 2 million tonnes grading 13.27% zinc with additional inferred resources of 4.9 million tonnes at 12.5% zinc.

Titan has entered into a long-term zinc concentrate offtake agreement with Glencore (LSE: GLEN). The company acquired the Empire State complex in December 2016, completed its initial public offering in October 2017 and is part of the Augusta group of companies.

Titan Mining has a $32-million market capitalization.

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Miners should adopt ‘next-generation’ values to battle reputation crisis, Anglo American boss says ESG

BY CECILIA JAMASMIE Special to The Northern Miner

D

espite mining’s contribution to almost every aspect of modern life, the industry is still seen as one that takes more than it gives, which has brought it to the reputation crisis it faces today, Anglo American’s (LSE: AAL) chief executive officer, Mark Cutifani, said in early February.

“We need to connect the future of mining with next-generation societal values,” Cutifani told delegates at African Mining Indaba, the continent’s biggest gathering of professionals from the resource extraction sector.

“These are the values of increased transparency, responsible technological innovation, sustainability and shared prosperity, all of which are emergent in our world, and are shaping a very different future society.”

His blunt assessment comes as mining companies are under increasing investor pressure to curb carbon emissions, which has led them to shed the most polluting power sources and seek lower costs by using alternatives.

The son of a working-class crane driver, who grew up near Sydney, Australia, he has seen the sector’s transformation in the last five decades, both technologically and socially.

While the sector has modernized, using automation and artificial intelligence to make mines more productive and safer, he believes it has not changed to the same extent as other industries.

Declining grades, at the same time, are forcing companies to dig deeper to keep up production rates, while increasing energy needs and water consumption.

Cutifani said the sector faces the challenge of needing to do things differently, “to find new, safer, more sustainable and cost-effective ways” to supply the essential raw materials needed for a rapidly growing

| Cutifani says industry needs to do more on environmental and community issues

“MINING HAS THE OPPORTUNITY TO NOT ONLY CONTINUE POSITIVELY POWERING HUMAN PROGRESS ... BUT TO DO SO IN A WAY THAT IS MORE CLOSELY ALIGNED TO WHAT SOCIETY EXPECTS OF US.” MARK CUTIFANI CEO, ANGLO AMERICAN

and urbanizing global population, expected to reach 9.5 billion people by 2050.

Cutifani highlighted while mining drives 45% of the world’s economic activity, whether directly or indirectly, it disturbs only a small fraction of the earth’s surface. However, it still needs to do more on the environmental and communities front.

“If we are going to continue to play an instrumental role in powering human progress into the future, we need to ask ourselves some tough but necessary questions about our values as an industry,” he said.

Anglo’s boss noted the company has set ambitious targets to reduce its greenhouse gas emissions and improve energy efficiency by 30% by 2030. He added that while most top miners are on the same path, there is one issue that gets lost in the debate over a greener future — the fact that the transition to a low carbon economy cannot happen without the products of mining.

“The metals and minerals that we produce are the essential raw materials for all our modern lives — from the platinum group metals that clean vehicle emissions or enable hydrogen energy, to the copper essential for renewable energy and

Anglo American CEO Mark Cutifani speaking at the 2020 African Mining Indaba event in South Africa. MINING INDABA

all our phones and other devices,” Cutifani said.

He called on the audience to work collaboratively with governments on ensuring that they have an adequate supply of sustainable, cost-effective and reliable energy.

“Mining has the opportunity to not only continue positively powering human progress, including through technology, towards a cleaner, greener, more sustainable world, but to do so in a way that is more closely aligned to what society

expects of us. That is how we will deliver enduring value — locally and globally,” Cutifani concluded.

— This article first appeared in The Northern Miner’s sister publication, MINING.com.

China’s MMG suspends copper shipments from Las Bambas PERU

| Local uproar centres on pollution surrounding world-class producer

BY CECILIA JAMASMIE

C

Special to The Northern Miner

hinese miner MMG has once again halted copper shipments from its Las Bambas operation, one of Peru’s largest copper producers, following a road blockade by a local community protesting against alleged pollution of their lands.

The preventive measure, aimed at protecting trucks moving to and from the mine, has stopped supplies from getting through and suspended the transport of concentrates to port facilities, but is not expected to affect production volumes, local paper Diario Correo reported.

The blockade and shipment suspension has been a common issue affecting Las Bambas since its 2015-2016 ramp-up. The mine was disrupted for more than 100 days last year, with more than 70 communities situated along the 450 km road to the port of Matarani demanding action from MMG and the national government.

Protesters claim, among other issues, that their farmland has been cut by Peru’s national highway CU-135, known as the Southern Runway, and that emissions from

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Mills at MMG’s Las Bambas copper mine in Peru. MMG

Trucks hauling material at the Las Bambas copper mine. MMG

trucks exceed permitted limits.

A three-month-long environmental assessment carried out by Peru’s Environmental Assessment and Control Agency (OEFA) and community members recently concluded that Las Bambas’ trucks are contravening regulations when it comes to air, noise, land and water pollution.

The company was asked to install

on the vehicles.

Satellite technology is also expected to allow OEFA staff to verify whether the trucks are compliant with speed and load limits.

Las Bambas is the world’s ninthlargest copper mine, with an output of 400,000 tonnes copper per year, or about 2% of global production.

Operations at four of Peru’s top copper mines, accounting for

dust suppressors in the towns that surround the road used by its trucks, and to spray water on the road to reduce the spread of dust particles.

The miner was also urged to stop using the road that connects the towns of Velille and Capacmarca between 6 p.m. and 5 a.m., a measure that’s being monitored by the environmental authority in realtime through GPS devices installed

about 50% of the country’s metal production, have been affected by local opposition in the past few months. Other than Las Bambas, those mines include Freeport-McMoRan’s Cerro Verde, Glencore’s Antapaccay and Hudbay Mineral’s Constancia.

— This article first appeared in our sister publication, MINING.com.

2020-02-11 6:25 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 17–MARCH 1, 2020

15

Workers on a floating solar panel installation on a tailings pond at Anglo American’s 50.1%-owned Los Bronces copper mine in Chile. ANGLO AMERICAN

Social investors and lower emissions to shape mining’s short-term future, Deloitte reports ESG

BY CECILIA JAMASMIE

T

Special to The Northern Miner

he mining and metals sector is facing greater scrutiny from communities in host countries, consumers and society at large, demanding transparent, ethical supply chains, as well as a lower carbon footprint, a new study from Deloitte shows.

Rather than declining any time soon, the pressure to meet those expectations will force resource companies to redefine the way they do business, shaping the sector in the short- and medium-term.

According to Deloitte’s “Tracking the trends” annual mining report, now in its twelfth edition, miners will have to work this year on building trust with communities, consumers and investors.

Companies need solutions for climate change, water management, health and safety, and fair treatment of workers and communities, the report highlights.

Investing in environmental, social and governance is estimated at over US$20 trillion in assets under management, and those numbers are only expected to grow. Companies that fail to deliver value beyond compliance could face financial consequences and a blow to their reputations.

“Many investors are making it clear that they will not advance funds unless companies can demonstrate a meaningful and measurable commitment to the principles so much of society holds dear,” says Leeora Black, Deloitte Australia’s principal of risk advisory. “This causes mining companies to consider not only threats to public trust, but also potential threats to investor trust.”

Most top miners are well aware of the need for change and have already kicked off company-wide initiatives. BHP Group (NYSE: BHP; LSE: BHP) recently commit-

1-16_FEB17_Main .indd 15

| Report says miners need to pursue ‘sustainable and inclusive growth’

“MANY INVESTORS ARE MAKING IT CLEAR THAT THEY WILL NOT ADVANCE FUNDS UNLESS COMPANIES CAN DEMONSTRATE A MEANINGFUL AND MEASURABLE COMMITMENT TO THE PRINCIPLES SO MUCH OF SOCIETY HOLDS DEAR.” LEEORA BLACK PRINCIPAL OF RISK ADVISORY, DELOITTE AUSTRALIA

ted US$400 million over five years to lower greenhouse gas emissions from its operations and mined commodities.

The miner, the world’s largest, has promised to lower its Scope 3 emissions (those generated by end users) — an important consideration, given that it is the top exporter of coking coal used in steelmaking and number three in iron ore, the raw material for steel.

Rio Tinto (NYSE: RIO; LSE: RIO), the world’s second-largest miner, signed a pact last year with China’s biggest steelmaker, Baowu, to develop and implement ways to lower carbon emissions in the steel sector, which is responsible for 9% of global carbon dioxide emissions.

The transition to a low-carbon economy is underway and the pressure to accelerate this transition seems to grow every day. As of 2020, 800 financial service organizations with US$118 trillion of assets under management have committed to making climate-risk disclosures about their portfolio investments.

“Despite the business case in support of decarbonization, many mining companies continue to see it as a cost rather than an opportunity — making it difficult for proponents to unlock the capital required to move forward,” says Tim Biggs, mining and metals leader at Deloitte UK. “A massive shift toward electrification could also change the way employees work, requiring companies to obtain buy-in not only at the management level, but at the operations level.”

The sector leaders, however, are setting an example for switching towards renewables.

BHP estimates that deals announced last year to switch two giant copper mines in Chile to solar, wind, and hydro sources in place of coal and gas power will cut energy costs 20%.

Anglo American (LSE: AAL), which has installed floating solar panels on a copper mine’s waste pond, has said that renewable energy will help deliver cheaper mining operations.

Fortescue Metals Group (ASX: FMG) recently f lagged potential savings from new investments to switch mines to renewable energy as it expands a US$700-million program to add transmission lines, solar arrays and battery storage in Australia’s Pilbara region.

Together with committing to deliver value beyond compliance and reducing their emissions, companies should pay attention to growing industry trends that would affect their success. According to Deloitte, they are: Partnerships and joint ventures Mining companies should be open to consolidation to gain scale. Given the size of capex projects in the mining sector, their location in remote regions, and the growing complexity associated with accessing many orebodies, companies of all sizes can benefit from partners to finance projects, source critical skills, build local relationships and share risks.

Seize opportunity amid uncertainty Miners should start preparing for the next downturn now. Globally, trade volumes are down and geopolitical tensions remain high. Concerns about China’s economic revival remain front and centre. Deloitte’s experts recommend overinvesting in communication, town halls and one-to-one meetings.

“People long for transparency, and, in the absence of clear communication, will create their own narrative,” the report highlights.

Dynamically managing risk Miners should go back to the basics, taking time to redefine their risk appetite, identify gaps in their risk and control framework, and ensure their risk management methodology covers strategic, operational, financial, cyber, regulatory and environmental risks.

Embracing intelligent mining via investments in automation, technology modernization and the right workforce Bringing new technologies into a business is the first step. Companies must also invest in an adaptive workforce, with a new set of skills, to sustain their competitive advantage in global markets. One way companies can ensure they have the right skills in place for intelligent mining is by classifying the capabilities required on a matrix to identify skill gaps and determine how best to fill them.

Proactively planning for the social impact of digitalization In the same way as mining companies conduct life-of-asset and life-of-mine planning, longer-term and more strategic talent planning is becoming more critical to planned business outcomes, and avoiding possible repercussions on local communities.

Leadership in an industry 4.0 world The mining workforce of the future needs leaders who base their decisions on decades of hands-on experience, as well as analysis of large data sets. To leverage emerging data insights, for instance, leaders will likely need digital fluency, data visualization skills, and an understanding of cognitive and artificial intelligence-driven technologies.

Tax tribulations Concerns over “transfer mispricing” put miners in the spotlight. Deloitte recommends using bilateral agreements and partnerships with host countries, ensuring compliance with tax regulations, and an ability to substantiate positions and defend against any challenges made by tax authorities, while maintaining healthy relations with government.

In the past, miners thought that generating employment and tax receipts for the government was enough to secure a social licence to operate. But in an era of populist politics and growing activism, mining companies need to do more.

Among the pending tasks, the report highlights, miners need to show how they work towards sustainable and inclusive growth, which helps redefine the sector’s image as a responsible source of the minerals and metals that are the base for a green future.

— This article first appeared in The Northern Miner’s sister publication, MINING.com.

2020-02-11 6:25 PM

16

WWW.NORTHERNMINER.COM

FEBRUARY 17–MARCH 1, 2020 / THE NORTHERN MINER

Mining Hall of Fame awards gala welcomes four inductees HALL OF FAME From 5

operating efficiency and working conditions of copper converters.

“There was a young chap on my shift who insisted that the puncher was too arduous a task and there’s a much easier way to do it,” Balogh said during a tribute video. “Fortunately, we were both working on shift, so we secretly assembled one—that’s how it was born.” (Heath & Sherwood licensed the machine and since the late 1960s, over 250 units have been sold to copper smelters and some nickel smelters around the world.)

Balogh is also credited with the introduction of Noranda’s continuous smelting and converting process at the Horne smelter in Quebec.

The pioneering process improved energy and environmental efficiency and reduced sulphur dioxide emissions—thereby mitigating the acid rain issue. “I think if you ask me honestly, I would take no credit for it because it was true teamwork,” he said on the video.

“Alex’s technical breakthroughs and his focus on safe, environmentally responsible resource development helped create the strong platform of sustainability that underpins the entire Canadian mining industry today,” Don Lindsay of Teck said during the video.

Born in Montreal to Hungarian parents, Balogh started off studying chemical engineering at McGill University before being lured into metallurgy with a scholarship, and obtained a bachelor’s degree in metallurgical engineering. After graduating in 1954, he started his career at Noranda (Gaspe Copper), working his way up the ranks to vice president of Noranda’s copper and zinc operations by 1976. He oversaw Noranda’s investment in Falconbridge in 1989, and became president and CEO of both companies in the 1990s. During this period he developed three mines: the copper-zinc Antamina mine in Peru; the Collahuasi copper mine in Chile, and the Raglan nickel mine in Quebec—all of which are still active today.

In his acceptance speech, Balogh thanked those who had played a key role in his career, including Albert Pelletier, “a self-made instrument technician whose stubbornness and creativity led to the development of both the Noranda reactor and the Gaspe puncher.” He thanked Pierre Henri, a Gaspesian chicken farmer who painted safety signs for Gaspe Copper and was editor of the Gaspe Voyageur, a community newspaper Balogh co-founded with R. Ford that covered the Gaspe region for more than a decade. Henri went on to become a vice president of Pratt and Witney. Others of influence included Scottie Gerrie, Mike Knuckey, Graham Farquharson, Philip Mackay, David Kerr, Bill Brissenden, Alf Powis, David Bumstead, Bill Deeks, Frank Frantisak, Lance Tigert and Gerry Hatch.

The Balogh-Fortier team also played a special role in his life, he said, referring to his wife and four children. They “were obliged to move their home several times and without exception valued the experience,” he said, including his son Lou, who has Downs Syndrome and is the heart and soul of the family. “He’s mentally challenged,” Balogh said, “and my family will be the first to claim that our characters were all built by Lou.” Hans Lundberg The third inductee of the evening was Hans Lundberg (1893-1971), a visionary pioneer in the development and application of geophysical and geochemical methods in Canada and around the world. He was the first to conduct ground geophysical surveys in Canada, the first to try

1-16_FEB17_Main .indd 16

Kim Lundberg accepts the award for inductee Hans Lundberg (inset), wearing his late grandfather’s suit. CMHF

Canadian Mining Hall of Fame inductee Ebe Scherkus. CMHF

geochemical prospecting in Canada, and the first to combine the two.

Among his greatest achievements was the first application of airborne geophysics in the 1940s.

“I would say that Lundberg was one of the fathers of geophysics in Canada, but other people who are geochemists may say that he was one of the fathers of geochemistry in Canada,” Richard Smith, a geology professor at Laurentian University’s Harquail School of Earth Science, said of Lundberg in a tribute video.

Added Ken Witherly, president of Condor Consulting: “He actually created the core of people that became the founders of modern exploration geochemistry in Canada.”

Born in Sweden, he graduated from the Royal Institute of Technology in Stockholm in 1917 and became a lecturer at the institute.

During his twenties, he and a colleague developed a new variation of “equipotential” surveying that was more sensitive and practical for field use in a cold climate and led to two important polymetallic discoveries in Sweden (Kristineberg in 1918 and Bjurfors in 1922).

“The equipotential methods that he invented with his colleague was a technique where you would inject current into the ground at a very low frequency, essentially what’s known as the direct current technique,” Smith explained in the video. “You would measure the potential on the ground and find places where the potential was equal. By looking at how that potential distorted itself on the surface of the ground, you could work out if there are conductive features underneath.”

He moved to Canada in 1926, and his ground geophysical surveys led to two major discoveries in Buchans, Newfoundland (Lucky Strike and Oriental). “They did a survey in a swampy area where there was no

an extraordinary team. They ran a lab north of Toronto in the late 1940s and 1950s developing all the machines that he made or used.”

The team included Lundberg’s son Sten, a pilot during World War II. In his speech, Lundberg recalled family gatherings at his grandfather’s house in the 1950s where he displayed samples from his many mineral finds and interesting collections of Indigenous items from his prospecting missions in northern Canada and the Arctic. He talked about his grandfather’s other passions—singing and dancing, classical music (Beethoven was his favorite), and his stamp collection.

Lundberg thanked the Canadian Mining Hall of Fame for recognizing his grandfather’s wildly successful career, and The Northern Miner, Peter Newman and Pierre Burton and others for writing about him.

obvious geology. No sooner did they dig down below the cover, I recall, then they found mineralization,” Smith said.

“They transformed something that had been of interest into what became a very important mine, the largest mine of its kind in Canada at the time and that basically sealed his reputation … he became a rock star,” added Witherly.

After becoming a citizen in 1936, Lundberg also helped the government during the war effort to meet its strategic mineral resource requirements.

He started aerial magnetic surveys in 1946 in Ontario and Quebec, using Bell helicopters and fixed wing aircraft, and in 1947 conducted airborne trials of an electromagnetic (EM) system. In the 1950s he pioneered airborne radiometric surveying, which has been used extensively in uranium exploration.

Lundberg was also ahead of his time in areas of biogeochemistry, the sampling of lake sediments and boulder tracing. “He was one of the first people in Canada to buy a helicopter,” Smith said, “and he and his son would go out and collect the geophysical data.”

Lundberg’s eldest grandson, Kim Lundberg, accepted the award wearing the suit his grandfather had worn when he was granted his doctorate in geophysics from the King of Sweden in 1956. The doctorate was awarded for his life work in geophysical spot prospecting, exploration and mineral finds, particularly in Sweden but also elsewhere on the globe, his grandson said. Kim Lundberg gave special thanks to his grandfather’s flying team—“the ground crew and the people who actually flew the airplanes for his geophysical survey using magnetometers,” he said.

“Without this team none of this would have happened and it was

Ebe Scherkus Ebe Scherkus helped build Agnico Eagle Mines from a one mine company with 400 employees to a top gold producer with nine mines in Canada, Finland, and Mexico and more than 5,700 employees.

After graduating with a degree in geology from McGill University in 1975, Scherkus worked for several companies—from mine geologist to mine superintendent and project manager — before joining Agnico in 1985 as a project manager at the Dumagami mine, which became the LaRonde mine. By 1998 he had been promoted to chief operating officer and to president and COO by 2005. He remained in that role until his retirement in 2012.

Among his accomplishments at Agnico was turning the struggling LaRonde mine into a productive operation, which has been expanded at least four times. (LaRonde’s 2.2km deep Penna shaft is the deepest

Anthony Vaccaro, The Northern Miner group publisher and master of ceremonies, at the Canadian MIning Hall of Fame induction in ceremony Toronto. CMHF

single-lift shaft in the Americas.)

“LaRonde will ultimately end up mining out being the largest goldbearing, massive sulfide deposit in the history of the world,” Sean Boyd, Agnico Eagle’s vice chairman and CEO, said in a tribute video.

“We’ve mined over 5 million ounces.

We’ll likely mine 10-plus-million oz. there.”

Scherkus, who went on to qualify as a geological engineer, also developed the Goldex and Lapa mines, as well as two mines in Nunavut: Meadowbank and Meliadine. Meadowbank, Agnico’s first mine in the Arctic, poured its first gold in 2010 and by 2015 had produced two million ounces. Meliadine started commercial production last year.

“We wouldn’t be here today ready to produce almost 2 million oz. of gold next year if it wasn’t for Ebe’s contribution,” Boyd said in the video.

In his acceptance speech, Scherkus joked that he knew he was the last inductee of the evening and that everyone probably just wanted the awards dinner to end. “I know you’re all thinking, ‘Hopefully he doesn’t speak too long, we are out of wine and we’d like to go back to the bar and renew old acquaintances,” he said smiling. “But as Ricky Gervais said [at the recent Golden Globes], ‘I don’t care!’”

“In today’s nomenclature, we ended up being disrupters in the 1980s,” he said of Agnico. “We were upstarts surrounded by Placer Dome, Lac Minerals, Cambior, Inco, Barrick and Noranda.”

Scherkus thanked a long list of former colleagues including Boyd, Paul Penna, Louise Grondin, and Brian Meikle, among many others.

He also thanked the Abitibi region and the towns of Rouyn-Noranda and Val-d’Or, “towns with a rich multi-cultural mining tradition,” and the province of Quebec, “one of the best places for resource development on the globe.” The list of mining companies “who operated mines or got their start there is a Who’s Who of the mining industry.”

He reserved the biggest thanks for his wife Linda and their three children. “Mining is tough. But it’s also tough on families. Long hours, travel, and often a very grouchy dad….They have seen and experienced it all.”

Scherkus and Linda were highschool sweethearts and the couple have been married for 52 years. “She was there when I got on the midnight bus and headed off to university in Montreal. … We grew up together. … She kept the home fires burning, and she also didn’t know the meaning of the word no. Open to any adventure at any time … She’s my best friend, soul mate and glue that held it all together.” TNM

2020-02-11 6:25 PM

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THE NORTHERN MINER / FEBRUARY 17–MARCH 1, 2020

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FEBRUARY 17–MARCH 1, 2020 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 3–7 The S&P/TSX Composite Index rose 1.95% to 17,655.50. The S&P/TSX Global Mining Index fell 0.67%% to 78.49 and the S&P/ TSX Global Base Metals Index rose 3.35% to 98.30. Spot gold fell US$18.50 per oz. or 1.17% to finish at US$1,570.00 per oz., and the S&P/TSX Global Gold Index lost 3.37% to finish at 257.62.

Aura Minerals surged $20.34 to $46.85 per share on media reports that it is planning on a dual listing in Brazil. The news reports prompted the company to issue a news release on Feb. 6 stating that it is “always evaluating alternatives with the aim of creating value for its shareholders” but said “no determination to pursue any particular course of action has been made at this time.” Aura is a mid-tier gold and copper company focused on the development and operation of gold and base metal projects in the Americas.

Shares of Caledonia Mining jumped 88¢ to $14.68. The company forecast adjusted earnings per share in 2019 will be in the range of US$1.55 to US$1.75 per share compared to its earlier guidance of US86¢ to US$1.17 per share. The stronger earnings were due to higher annual gold production, lower than expected operating costs and a strong gold price. Production last year came in at about 55,182 oz. gold, ahead of revised production guidance of 50,000 to 53,000 ounces. It expects

production in 2020 will be between 53,000 and 56,000 ounces. The company increased its ownership in the Blanket mine in Zimbabwe to 64% on Jan. 21.

Cameco rose 75¢ to $11.42 per share. The company reported that it generated $527 million in cash from operations in 2019, down from $668 million in 2018. It posted adjusted net earnings of $41 million or 10¢ per share, down from $211 million or 53¢ per share in 2018. Cameco is starting 2020 with $1.1 billion in cash and $1 billion in long-term debt with maturities in 2022, 2024, and 2042.

The company also said it has added just over 36 million pounds of uranium deliveries to its long-term contract portfolio, more than replacing what it delivered in 2019.

Semafo increased 33¢ to $3.12. The company TSX MOST ACTIVE ISSUES

Suncor Energy Barrick Gold First Quantum Kirkland Lake Kinross Gold B2Gold Corp Semafo Yamana Gold Teck Res Lundin Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

SU 25313 41.06 38.50 38.67 - 1.78 ABX 15465 24.71 23.43 24.21 - 0.30 FM 14904 12.27 10.30 11.15 + 0.79 KL 14212 54.51 47.11 47.14 - 7.13 K 12141 6.86 6.45 6.55 - 0.16 BTO 11482 5.74 5.40 5.59 - 0.14 SMF 11048 3.14 2.51 3.12 + 0.33 YRI 11016 5.37 5.09 5.09 - 0.30 TECK.B 10959 19.13 17.03 17.78 + 0.68 LUN 10490 7.58 6.84 7.08 + 0.14

announced it has re-started the processing plant at its Boungou mine in Burkina Faso.

The mine was suspended last year after an attack against its workers left 39 dead and 60 wounded. Semafo said it expects initial three-month production from stockpiles of between 42,000 and 46,000 oz. gold at AISCs of US$530 and US$560 per ounce. It plans to resume mining in the fourth quarter. The stockpile contains 1.1 million tonnes grading

3.4 grams gold per tonne representing about 10 months of mill feed.

Shares of Kirkland Lake Gold fell $7.13 to $47.14. The company completed its acquisition of Detour Gold on Jan. 31. The company issued 77.22 million common shares to former Detour Gold shareholders as consideration for their Detour shares and now existing Kirkland Lake Gold and Detour Gold shareholders own about 73% and 27% of Kirkland’s shares. TNM

TSX GREATEST PERCENTAGE CHANGE

Aura Minerals Erdene Res Dev Condor Gold Forsys Metals St Augustine SouthGobi Res Yorbeau Res Energy Fuels Ur-Energy Semafo EurOmax Res Star Diamond Silvercorp Met GoGold Res Almaden Min Sulliden Mng Ascendant Res Kirkland Lake Silver Bull Re Treasury Metal

ORA ERD COG FSY SAU SGQ YRB EFR URE SMF EOX DIAM SVM GGD AMM SMC ASND KL SVB TML

23 49.38 2009 0.31 60 0.53 143 0.14 17 0.02 9 0.11 2665 0.05 1400 2.35 576 0.79 11048 3.14 996 0.03 5257 0.48 4497 6.94 3055 0.85 380 0.70 300 0.06 93 0.34 14212 54.51 1044 0.08 1781 0.30

26.52 0.22 0.39 0.12 0.02 0.09 0.04 1.98 0.70 2.51 0.03 0.27 5.19 0.64 0.60 0.05 0.28 47.11 0.07 0.25

46.85 0.28 0.41 0.13 0.02 0.11 0.04 2.16 0.74 3.12 0.03 0.36 5.21 0.68 0.60 0.05 0.30 47.14 0.07 0.25

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ORA Aura Minerals Nutrien NTR Caledonia Mng CAL Teck Res TECK.A First Quantum FM Cameco Corp CCO Teck Res TECK.B Lithium Amer LAC Semafo SMF ORL Orocobre KL Kirkland Lake Agnico Eagle AEM Endeavour Mng EDV Suncor Energy SU Silvercorp Met SVM Pretium Res PVG Seabridge Gld SEA Newmont Gdcorp NGT Ero Copper ERO Wheaton Prec M WPM

+ 76.7 + 24.4 + 22.4 + 18.2 + 16.7 + 16.7 + 14.3 + 13.7 + 12.1 + 11.8 - 28.6 - 25.0 - 24.4 - 20.0 - 18.9 - 18.2 - 14.3 - 13.1 - 12.5 - 12.3

VOLUME WEEK (000s) CLOSE CHANGE

23 46.85 5779 57.57 37 14.68 64 20.10 14904 11.15 4836 11.42 10959 17.78 1442 5.48 11048 3.12 247 2.99 14212 47.14 2881 77.29 1386 24.87 25313 38.67 4497 5.21 2363 13.03 344 17.30 587 58.52 1404 17.19 3015 37.97

+ 20.34 + 1.08 + 0.88 + 0.86 + 0.79 + 0.75 + 0.68 + 0.51 + 0.33 + 0.29 - 7.13 - 4.51 - 2.23 - 1.78 - 1.68 - 1.38 - 1.18 - 1.01 - 0.99 - 0.99

TSX VENTURE EXCHANGE / FEBRUARY 3–7 The S&P/TSX Venture Composite Index fell 0.18% to 574.16 and gold finished the week at US$1,570.00 per oz., down US$18.50 per ounce.

Revival Gold jumped 27¢ to 88¢ after the junior released an updated resource for its Beartrack-Arnett project in Idaho, with substantial growth in the inferred resource category. The latest estimate features updated numbers for the Beartrack portion as well as an initial estimate for Arnett. Indicated resources now stand at 36.4 million tonnes grading 1.16 grams gold per tonne for a total of 1.4 million oz., an increase over the previous 1.2 million ounces. The majority of these are comprised of open-pittable sulphides at Beartrack, which would require milling, unchanged from the 2018 release. The updated inferred resources consist of 47.2 million tonnes grading 1.08 grams gold per tonne for a total of 1.6 million oz., an increase over the 765,000 oz. in this category previously. Of note, the latest release now includes 471,000 oz. of underground sulphide resources at Beartrack as well as 147,000 oz. of open-pit heap leach resources at Arnett. There are now an estimated 850,000 oz. of open-pittable sulphides at the Beartrack deposit. The latest results were based on 563 drill holes totalling 93,000 metres, versus 71,000 metres used for the prior estimate.

Revival is working on a preliminary eco-

nomic assessment for Beartrack to evaluate a potential re-start of heap leach operations and plans on additional exploration drilling at Beartrack-Arnett.

Integra Resources released additional results from its 2019 drill program at War Eagle Mountain, situated in the southeast corner of its DeLamar project in Idaho. Drillhole 19-06 returned 5.40 grams gold per tonne and 45.85 grams silver per tonne over 3.05 metres and drill hole 19-05 intersected 3.29 grams gold and 155.57 grams silver over 0.30 metres. Drillhole 19-04 cut 2.98 grams gold and 7.27 grams silver over 3.05 metres. The latest drillholes intersected mineralization more than 150 metres on either side of a previously reported high-grade shoot that returned 10.88 grams gold and 115.31 grams TSX-V MOST ACTIVE ISSUES

Leeta Gold Walker River O3 Mining RosCan Gold Camino Min Osprey Gold K92 Mining Tarku Res Revelo Res Arbor Metals

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

HIVE 32584 WRR 8816 OIII 7709 ROS 7007 COR 6244 OS 5534 KNT 5403 TKU 5103 RVL 4974 ABR 4583

0.32 0.19 2.50 0.16 0.18 0.09 3.94 0.02 0.02 0.16

0.17 0.12 2.30 0.14 0.15 0.07 3.53 0.00 0.01 0.16

0.29 + 0.12 - 2.39 - 0.14 - 0.17 + 0.08 + 3.77 - 0.02 - 0.02 unch 0.16 unch

0.12 0.03 0.06 0.03 0.01 0.01 0.08 0.08 0.00 0.00

silver over 34.14 metres in December. It also identified a large gold-silver anomaly adjacent to Florida Mountain and has started drilling at its Henrietta target. The company’s shares finished the trading week at $1.19, down 13¢.

Shares of Power Metals surged 67% to 15¢. The junior announced that following a strategic review, it has decided to focus on its 100%-owned cesium projects in the spodumene

pegmatites at Case Lake, about 80 km east of Cochrane and 100 km north of Kirkland Lake in northeastern Ontario. The company says it owns three of the five cesium occurrences in Ontario: Case Lake (West Joe Dyke), Tot Lake and Marko. The Marko pegmatite is 60 km north of Kenora in northwestern Ontario and Tot Lake is 30 km northeast of Dryden in northwestern Ontario. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Handa Mining Canuc Res Parlane Res Vision Lithium Power Metals Gambier Gold Leeta Gold Great Thunder Mazarin Tintina Mines Tarku Res Running Fox Rs ExGen Res Inc IEMR Res Canterra Mnls Rathdowney Res Jiulian Res Terreno Res Hawkeye Gld&Di Cliffmont Res

HAND CDA IMIN VLI PWM GGAU HIVE GTG MAZ.H TTS TKU RUN.H EXG IRI CTM RTH JLR TNO.H HAWK CMO.H

31 452 965 321 1979 712 32584 2206 159 22 5103 68 157 109 25 253 334 48 1298 81

0.04 0.09 0.09 0.06 0.16 0.06 0.32 0.31 0.13 0.04 0.02 0.02 0.01 0.01 0.01 0.10 0.04 0.03 0.02 0.09

0.00 0.05 0.04 0.04 0.09 0.04 0.17 0.17 0.08 0.03 0.00 0.01 0.01 0.01 0.00 0.06 0.02 0.00 0.02 0.06

0.04 0.09 0.07 0.06 0.15 0.05 0.29 0.28 0.13 0.04 0.02 0.01 0.01 0.01 0.01 0.06 0.02 0.02 0.02 0.06

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 100.0 + 80.0 + 75.0 + 71.4 + 66.7 + 66.7 + 65.7 + 64.7 + 62.5 + 60.0 - 79.5 - 50.0 - 50.0 - 50.0 - 50.0 - 45.0 - 42.9 - 42.9 - 40.0 - 38.9

VOLUME WEEK (000s) CLOSE CHANGE

Metalore Res Revival Gold Garibaldi Res ePower Metals Neo Lithium Leeta Gold Guerrero Vents Aurania Res Millennial Lit Great Thunder New Pac Metals Universal Vent Dore Copper Bear Creek Mng Novo Res Cornerstone Ca EMX Royalty Gold X Mining Victoria Gold Integra Res

MET RVG GGI PRYM NLC HIVE GV ARU ML GTG NUAG MCLD DCMC BCM NVO CGP EMX GLDX VIT ITR

4 1754 762 2199 685 32584 97 83 135 2206 804 156 179 229 512 27 166 142 298 762

2.40 0.88 0.85 0.54 0.79 0.29 0.45 3.27 1.43 0.28 5.74 5.76 0.94 2.04 3.29 3.00 2.55 1.87 7.95 1.19

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

0.40 0.27 0.17 0.13 0.12 0.12 0.11 0.11 0.11 0.11 0.95 0.40 0.35 0.28 0.19 0.18 0.15 0.14 0.14 0.13

U.S. MARKETS / FEBRUARY 3–7 The Dow Jones Industrial Average rose 3.0% to 29,102.51 and the S&P 500 advanced 3.17% to 3,327.71. Spot gold fell US$18.50 per oz. to finish the trading week at US$1,570.00 per oz.

Arch Coal rose US$4.16 to US$55.69 per share. The company reported a net loss of US$8.6 million or US57¢ per diluted share in the fourth quarter of 2019, compared with net income of US$86.1 million or $4.44 per diluted share in the prior-year period. At year-end, the company had invested US$827.4 million since May 2017 to buy back 10.1 million shares while returning an additional US$85.9 million to shareholders through its quarterly dividend.

Peabody Energy’s shares climbed US$1.74 to US$8.50. Full-year 2019 revenues totalled US$4.62 billion, compared to US$5.58 billion in the prior year on an 11% decline in volumes and lower pricing, reflecting industry conditions. Its loss from continuing operations, net of income taxes, totalled US$188.3 million, while adjusted earnings before interest, taxes, depreciation and amortization totalled US$837.1 million.

Alcoa advanced US$1.60 to US$15.55 per share. The company sold its Gum Springs

18_FEB17_MarketNews.indd 18

waste treatment business for US$200 million in cash. As a result, the company expects to recognize a gain of about US$175 million in the first quarter of 2020 and an annual net income improvement of about US$10 million.

The sale is part of the company’s plan to sell non-core assets generating between US$500 million and US$1 billion in cash. Gum Springs operates a 1,300-acre hazardous waste treatment business in Arkansas.

Shares of Lithium Americas rose 10.4% to US$4.14. The company announced that its joint-venture partner Ganfeng Lithium has increased its interest in the Cauchari-Olaroz project in Argentina’s Jujuy province to 51% U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMoR* FCX 144982 12.48 11.18 11.80 + 0.70 Vale* VALE 110164 12.64 11.82 12.04 + 0.31 Yamana Gold* AUY 95439 4.05 3.83 3.84 - 0.23 United States S* X 71823 9.88 8.96 9.06 - 0.01 Kinross Gold* KGC 63173 5.16 4.86 4.93 - 0.14 Hecla Mining* HL 52714 3.47 2.87 3.43 + 0.40 Barrick Gold* GOLD 50863 18.56 17.63 18.19 - 0.33 Cleveland-Clif* CLF 44564 7.93 7.00 7.55 + 0.53 Chevron Corp* CVX 36678 110.67 105.40 108.94 + 1.80 Newmont* NEM 35422 45.71 43.53 44.02 - 1.04

from 50% for an investment of US$16 million. Lithium America’s share is now 49%.

The revised structure of the partnership will improve Ganfeng’s financial flexibility and position regarding regulatory approvals in China, Lithium Americas said. Lithium

Americas also will get US$40 million in cash from loans from Ganfeng. Cauchari-Olaroz remains on budget and schedule to start production in early 2021, and US$186 million of US$565 million in pre-production capex has been spent as of Dec. 31, 2019. TNM

U.S. GREATEST PERCENTAGE CHANGE

Peabody Enrgy* BTU CONSOL Energy* CEIX Hecla Mining* HL Alcoa* AA Lithium Amer* LAC Arch Coal* ARCH Cleveland-Clif* CLF Freeport McMoR* FCX Cameco Corp* CCJ Turquoise HIl* TRQ Kirkland Lake* KL Harmony Gold* HMY Pretium Res* PVG Eldorado Gold* EGO Intrepid Pots* IPI Seabridge Gld* SA AngloGold Ash* AU Agnico Eagle* AEM Endeavr Silver* EXK Yamana Gold* AUY

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

20386 9.87 6.50 8.50 + 25.7 3252 10.52 7.94 9.39 + 15.5 52714 3.47 2.87 3.43 + 13.2 34190 16.10 13.91 15.55 + 11.5 3164 4.49 3.75 4.14 + 10.4 3122 62.19 50.75 55.69 + 8.1 44564 7.93 7.00 7.55 + 7.5 144982 12.48 11.18 11.80 + 6.3 15153 9.25 8.00 8.57 + 6.2 6874 0.70 0.62 0.66 + 4.6 12145 41.13 35.41 35.44 - 13.8 28553 3.37 2.96 2.98 - 11.3 7402 10.89 9.74 9.80 - 10.0 10969 7.33 6.50 6.68 - 8.2 3847 2.45 2.20 2.20 - 7.6 1511 13.81 12.72 13.02 - 6.5 13416 20.17 18.92 19.08 - 6.3 4535 61.48 58.11 58.14 - 6.0 8625 2.11 1.95 2.00 - 5.7 95439 4.05 3.83 3.84 - 5.7

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Arch Coal* ARCH Chevron Corp* CVX Peabody Enrgy* BTU Alcoa* AA CONSOL Energy* CEIX Southern Copp* SCCO BKH Black Hills* Freeport McMoR* FCX NACCO Ind* NC Kirkland Lake* KL Agnico Eagle* AEM Suncor Energy* SU AngloGold Ash* AU Pretium Res* PVG Newmont* NEM Seabridge Gld* SA Wheaton Prec M* WPM Franco-Nevada* FNV Eldorado Gold* EGO

VOLUME WEEK (000s) CLOSE CHANGE

2491 274.10 3122 55.69 36678 108.94 20386 8.50 34190 15.55 3252 9.39 3618 38.64 1939 83.91 144982 11.80 52 47.77 12145 35.44 4535 58.14 24629 29.10 13416 19.08 7402 9.80 35422 44.02 1511 13.02 8240 28.54 2968 112.95 10969 6.68

+ 10.30 + 4.16 + 1.80 + 1.74 + 1.60 + 1.26 + 0.96 + 0.88 + 0.70 + 0.63 - 5.69 - 3.68 - 1.49 - 1.28 - 1.09 - 1.04 - 0.91 - 0.91 - 0.69 - 0.60

2020-02-11 6:12 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / FEBRUARY 17–MARCH 1, 2020

19

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 Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 7, 2020 (change from January 31, 2020 in brackets): 7700 (-60) Aluminium Alloy Aluminium 1242950 (-45400) Copper 171525 (-9200) Lead 66800 (0) Nickel 203946 (+8004) Tin 6520 (-240) Zinc 62675 (+12900)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$57.40 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.75 Cobalt: US$14.86/lb.

Copper: US$2.62/lb.

Copper: CME Group Futures Feb. 2020: US$2.58/lb.; Mar. 2020: US$2.58/lb Iridium: NY Dealer Mid-mkt US$1,480.00/tr oz.

Iron Ore 62% Fe CFR China-S: n.a.

Lead: US$0.86/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$9,985.00 tr. oz.

Ruthenium: Mid-mkt US$250.00/tr. oz.

Silver: Handy & Harman Base: US$18.20per oz.; Handy & Harman Fabricated: US$22.75 per oz.

Tin: US$7.51/lb.

Uranium: U3O8, Trade Tech spot price: US$24.50 per lb.

U308 Zinc: US$1.04/lb.

Prices current Feb. 11, 2020

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Feb 7 Feb 6 Feb 5 Feb 4 Feb 3 High Low S&P/TSX Composite 17655.49 17757.49 17651.59 17512.73 17379.76 15527.30 12400.15 S&P/TSXV Composite 574.16 578.00 576.36 573.42 574.58 1050.26 883.52 S&P/TSX 60 1053.03 1058.65 1052.46 1045.18 1036.00 896.74 709.99 S&P/TSX Global Gold 257.62 261.75 259.50 259.66 265.12 218.90 149.29 DJ Precious Metals 221.31 221.31 219.11 219.50 223.48 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 15, 2020 (with changes from Dec 31, 2019) Largest short positions NMX 23561483 -80037 12/31/2019 Nemaska Lith Sandstorm Gold SSL 21293206 -351419 1/15/2020 Barrick Gold ABX 15819884 113541 1/15/2020 Ivanhoe Mines IVN 15305793 -59413 1/15/2020 New Gold NGD 14044592 247303 1/15/2020 Suncor Energy SU 13614600 81782 1/15/2020 Kinross Gold K 13070503 53475 1/15/2020 Nexgen Energy NXE 11729933 473035 1/15/2020 Premier Gold M PG 10349759 135307 1/15/2020 First Quantum FM 10207755 54797 1/15/2020 Osisko Mng Inc OSK 9401791 419541 1/15/2020 Lundin Mng LUN 9183269 213652 1/15/2020 RNC Minerals RNX 8367312 -232779 1/15/2020 Fortuna Silvr FVI 8262063 124326 1/15/2020 Yamana Gold YRI 7447084 -713173 1/15/2020 Largest increase in short position Kirkland Lake KL 4311998 1693980 1/15/2020 Equinox Gold EQX 3506269 1249446 1/15/2020 Denison Mines DML 5007764 1176338 1/15/2020 Gold Std Vents GSV 1542236 1164467 1/15/2020 SilverCrest SIL 2233375 1092795 1/15/2020 Largest decrease in short position Teck Res TECK.B 5640830 -11097966 1/15/2020 Champion Iron CIA 859769 -1207631 1/15/2020 Lucara Diam LUC 966079 -1163208 1/15/2020 Largo Res LGO 598554 -1135427 1/15/2020 Copper Mtn Mng CMMC 3949978 -762490 1/15/2020

Short positions outstanding as of Jan 31, 2020 (with changes from Jan 15, 2020) Largest short positions Conic Metals NKL 3890805 -39075 1/15/2020 Gitennes Expl GIT 2143000 2083000 1/15/2020 Novo Res NVO 2081566 -26537 1/15/2020 Arbor Metals ABR 1646000 1399500 12/31/2019 Adex Mining ADE 1465000 1440000 12/31/2019 Hannan Metals HAN 1388922 1323422 1/15/2020 K92 Mining KNT 1308738 557161 1/15/2020 Colonial Coal CAD 1253808 1005889 1/15/2020 New Pac Metals NUAG 1159002 -326631 1/15/2020 Lion One Mtls LIO 848859 -39239 1/15/2020 Palladium One PDM 815169 150955 1/15/2020 Group Ten Mtls PGE 808487 698897 1/15/2020 Noram Vent NRM 785500 770000 1/15/2020 Granada Gold GGM 709427 -113745 1/15/2020 Metalla Rylty MTA 658398 492328 1/15/2020 Largest increase in short position GIT 2143000 2083000 1/15/2020 Gitennes Expl Adex Mining ADE 1465000 1440000 12/31/2019 Arbor Metals ABR 1646000 1399500 12/31/2019 Hannan Metals HAN 1388922 1323422 1/15/2020 Colonial Coal CAD 1253808 1005889 1/15/2020 Largest decrease in short position Boundary Gold BDGC 50553 -3008447 12/31/2019 Prospero Silvr PSL 205000 -1937999 1/15/2020 Orezone Gold ORE 149433 -1441367 1/15/2020 CMC Metals CMB 55 -1239945 12/31/2019 Core Gold CGLD 525500 -1165721 1/15/2020

DAILY METAL PRICES Daily Metal Prices Date Feb 10 Feb 7 Feb 6 Feb 5 Feb 4 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1300/1320 1340/1355 1350/1360 1360/1370 1355/1365 Aluminum 1675.50/1704 1693/1720.50 1697/1722.50 1687.50/1715.50 1686.50/1712 Copper 5659/5667 5652/5665 5725/5735 5713/5730 5650/5665 Lead 1809.50/1805.50 1834/1822 1843/1828 1843/1833 1854/1842 12875/12960 12760/12850 13005/13075 13000/13070 12775/12850 Nickel Tin 16300/16350 16275/16320 16550/16525 16315/16275 16150/16195 Zinc 2126/2131 2152/2153 2204/2203 2222/2214.50 2217/2211 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1574.05 1568.30 1564.75 1552.20 1571.20 Gold PM 1573.20 1572.65 1563.30 1553.30 1558.35 Silver 17.79 17.77 17.77 17.62 17.73 Platinum 967.00 971.00 977.00 974.00 964.00 Palladium 2366.00 2298.00 2416.00 2439.00 2400.00

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

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

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

Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) One Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share.

American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 3–7, 2020 100 New Highs AEX Gold Affinity Metal* AJN Resources Alpha Lithium Alpha Lithium* Alto Ventures* Altus Strat Antler Gold * Arctic Star Aura Minerals Aura Minerals* Black Hills* Bold Ventures Bold Ventures* Caledonia Mng Caledonia Mng* CANEX Metals CANEX Metals * Canoe Mng Vent* Canuc Res Carube Copper Carube Copper* Chalice Gold M* Clifton Mng* Comstock Mng*

Confedertn Ml* Coral Gold * Eloro Res Ely Gold Royal Ely Gold Royal* EMX Royalty EMX Royalty* Erdene Res Dev Erdene Res Dev* Eros Res Corp* Essex Minerals European Metal* First Mexican First Point* FPX Nickel Franco-Nevada Franco-Nevada* Gold Lion Res Golden Valley Golden Valley* Grande Portage Grande Portage* Great Atlantic Great Thunder Grid Metals Grid Metals*

Guerrero Vents* Hemcare Health* IMC Intl Mng* Intl Samuel Ex Inventus Mg Inventus Mg * Irving Res K92 Mining* KWG Res* Loncor Res Loncor Res* Mako Mining Mako Mining* Mammoth Res * Mazarin Metalla Rylty Metalore Res* Minera IRL* New Tech Min Newmont Gdcorp Newmont Gdcorp* NRG Metals* Orla Mng Ltd* Pac Bay Mnrls Quadro Res Revival Gold

Revival Gold * Rio Silver* RJK Explor RJK Explor* Robex Res Rochester Res* San Marco Res Sitka Gold* Skeena Res* Sky Gold* Taiga Gold Taiga Gold* Talisker Res Tonogold Res* TriStar Gold TriStar Gold* U.S. Lithium* Viscount Mng Voyageur Min Voyageur Min* VVC Expl Zadar Ventures Zadar Ventures* 49 New Lows Alliance Res* Alumina Ltd*

Arch Coal* Asiamet Res* Azucar Min* BTU Metals* Cameco Corp Cameco Corp* Casa Minerals Casa Minerals * Chevron Corp* Colorado Res CONSOL Energy* Decade Res Discovery Min* Five Star Diam* Fortune Mnrls* Go Cobalt* Grizzly Discvr* Honey Badger E* HudBay Min HudBay Min* IEMR Res Imperial Mg Gr Lions Bay Cap Maple Gold Mexus Gold* Midnight Sun*

Monarch Gold Monarch Gold* New Carolin Gd* Olivut Res* Puma Expl* Rain City Ravencrest Res Riverside Res* Sanatana Res* Silver Bull Re* SKRR Explor Southstone Min* Strikepoint Gd* Sun Metals Tanzanian Gold* Terreno Res TMAC Resources Trecora Res* United States S* Uranium Roylty* Winshear Gold

CANADIAN GOLD MUTUAL FUNDS Fund Feb 7 ($) AGF Gb R A Fd MF 19.06 BMO Prec Mtls Fd A 22.26 60.04 BMO ZGD BMO ZJG 59.47 CIBC Prec Metal Fd A 12.42 Dyn Prec Metls Fd A 9.01 Harvest HGGG Horizons HEP IG MacGbPreMetCl A 11.25 iShares XGD 16.06 Mac Prec Met Cl A NBI PrecMetFd Invt 16.19 40.04 NPT Go&PrMinFd A NPT SilverEquCl A 6.18 RBC GblPreMetFd A 43.79 Sentry Pre Met Fd A TD Prec Mtl Fd Inv 42.19

Jan 31 ($) 18.93 23.10 62.07 61.98 12.89 9.12 25.67 30.35 11.59 16.62 60.89 16.92 40.77 6.39 45.84 38.88 43.83

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.13 0.69 4.23 2.79 87.45 -0.84 -3.65 29.26 2.41 55.12 -2.04 -3.28 49.14 0.61 -2.51 -4.04 41.66 0.60 -0.47 -3.67 34.40 2.44 50.27 -0.11 -1.19 36.28 2.73 434.71 -0.15 -0.58 0.01 4.94 -0.29 -0.96 38.40 0.83 -0.34 -2.97 42.57 2.68 35.55 -0.56 -3.36 40.33 0.61 866.72 -0.73 -1.21 42.75 2.52 66.17 -0.73 -4.31 44.36 2.46 31.38 -0.73 -1.80 24.09 3.19 -0.20 -3.21 44.19 2.98 -2.05 -4.47 44.28 2.13 379.40 0.18 0.46 17.33 2.32 170.53 -0.38 -0.88 39.39 2.26 132.93

Feb 7 Feb 6 Feb 5 Feb 4 Feb 3 1.3287 1.3287 1.3286 1.3284 1.3295 0.7526 0.7526 0.7527 0.7528 0.7521

Exchange rates (Quote Media, February 7, 2020) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.1181 0.6854 82.7620 14.0391 11.2259 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5821 5.2462 53.6002 0.7336 892.7888 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4856 0.9107 109.9665 18.6538 14.9155 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7734 6.9708 71.5000 0.9747 1186.2500

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

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

19_FEB17_MMMM.indd 19

TSX WARRANTS

PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS

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

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton

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

GLOBAL MINING NEWS · SINCE 1915

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2020-02-11 1:03 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 3–7, 2020 (100s) Stock

WWW.NORTHERNMINER.COM

FEBRUARY 17–MARCH 1, 2020 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 12 Exploration C 41 1911 Gold* O 149 1911 Gold V 152 66 Resources C 46 Abacus Mining V 277 O 317 Abacus Mining* Abcourt Mines V 1095 Abcourt Mines* O 334 Aben Resources* O 275 Aben Resources V 231 2 Abitibi Royal* O Abitibi Royal V 6 AbraPlata Res* O 530 AbraPlata Res V 1264 Academy Metals* O 18 Academy Metals V 85 O 763 Adamera Min* Adamera Min V 1073 Adex Mining V 715 V 1472 Advance Gold V 563 Advantage Lith O 290 Advantage Lith* Adventus V 44 Adventus* O 13 AEX Gold V 29 Affinity Metal* O 3 African Gold V 815 African Gold* O 192 African Min* O 63 0 African Rainb* O Aftermath Silv* O 759 Agnico Eagle* N 4535 Agnico Eagle T 2881 AgriMinco* O 500 9 Aguila Amer Gd V AJN Resources C 201 Alacer Gold T 4544 Alamos Gold T 3015 Alamos Gold* N 10606 Alaska Pac Egy* O 304 O 77 Alba Minerals* N 34190 Alcoa* Aldebaran Res V 45 Alderon Iron* O 63 Alderon Iron T 454 Aldever Res* O 0 Aldever Res V 20 Alexandra Cap* O 244 Alexco Res* X 3600 Alexco Res T 838 Algold Res V 41 Alianza Min V 55 Alianza Min* O 35 Alien Metals* O 144 Alio Gold* X 271 Alio Gold T 62 O 847 Allegiant Gold* Allegiant Gold V 385 Alliance Mng V 250 Alliance Res* D 7783 Almaden Min T 380 Almaden Min* X 2066 Almadex Min* O 78 Almadex Min V 262 Almonty Ind * O 399 Almonty Ind T 382 Aloro Mining* O 11 Aloro Mining V 174 Alpha Lithium V 53 O 32 Alpha Lithium* Alphamin Res * O 76 Alphamin Res V 1552 Altai Resource V 198 Altair Res Inc V 253 Altamira Gold* O 32 Altamira Gold V 193 Altan Nevada V 915 Altan Rio Min V 150 Altiplano Met V 200 Altius Mnrls T 262 Altius Mnrls * O 183 O 33 Alto Ventures* Alto Ventures V 632 Altura Mining* O 120 Altus Strat V 174 Alumina Ltd* O 239 V 1138 ALX Resources ALX Resources* O 167 AM Resources V 265 Amarc Res V 153 Amarc Res* O 64 Amarillo Gold V 832 Amarillo Gold* O 53 Amer Intl Vent* O 131 American Batt* O 45 American Creek* O 166 American Creek V 572 American CuMo* O 137 American Lith V 1816 American Lith* O 609 American Mang* O 887 V 742 American Mang American Pac C 2848 American Pac* O 223 AmericanSierra* O 17 T 1563 Americas Silvr Americas Silvr* X 2116 Amerigo Res T 545 Amerigo Res* O 297 Amex Expl* O 32 Amex Expl V 378 Amilot Capital V 20 Amseco Expl V 45 Amseco Expl * O 9 AMV Capital V 25 Anaconda Mng* O 52 Anaconda Mng T 150 Andes Gold* O 61 Anfield Energy* O 720 Anfield Energy V 560 Angel Gold* O 37 Angel Gold V 20 Angkor Gold* O 50 Angkor Res V 113 Anglo American* O 629 Anglo American* O 0 12 Anglo Pac Grp T AngloGold Ash* O 1 AngloGold Ash* N 13416 Angus Ventures V 222 V 110 Antioquia Gold Antler Gold * O 53 Antler Gold V 558 Antler Hill V 35 Antofagasta* O 3 Apex Res * O 3 Apex Res V 65 Appia Energy* O 67 Appia Energy C 325 Applied Min* O 2234 Aquila Res* O 950 Aquila Res T 199 Arbor Metals V 4583 Arch Coal* N 3122 Archon Mineral V 43 Arctic Star* O 0 Arctic Star V 780 Arcus Dev Grp* O 15 Arcus Dev Grp V 55 Arcwest Explor V 296 Arcwest Explor* O 175 Arena Min* O 158 Arena Min V 258 Argentina Lith V 64 Argentina Lith* O 9 Argentum Silvr* O 3 Argentum Silvr V 19 Argo Gold C 2275 Argo Gold* O 93 Argonaut Gold* O 231 Argonaut Gold T 2119 Arianne Phosph V 205 Arianne Phosph* O 104 Arizona Silver* O 457

20-23_FEB17_StockTables.indd 20

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0.01 0.22 0.11 0.00 0.00 0.00 - 0.00 0.02 0.00 0.17 0.16 0.17 + 0.00 0.35 0.08 0.07 0.05 0.06 - 0.00 0.09 0.02 0.08 0.07 0.08 unch 0.00 0.11 0.03 0.03 0.03 0.03 + 0.00 0.10 0.00 0.34 0.28 0.32 + 0.05 0.50 0.09 0.26 0.20 0.24 + 0.04 0.38 0.06 0.18 0.15 0.17 + 0.02 0.24 0.10 0.23 0.19 0.22 + 0.03 0.31 0.13 0.08 0.06 0.07 + 0.01 0.31 0.05 0.06 0.04 0.05 + 0.01 0.24 0.04 0.02 0.00 0.02 + 0.01 0.03 0.01 3.92 3.55 3.75 - 0.16 5.19 1.96 2.95 2.67 2.80 - 0.15 3.92 1.46 0.59 0.50 0.50 - 0.01 1.21 0.40 0.43 0.37 0.37 - 0.01 0.92 0.30 1.14 1.00 1.14 + 0.05 1.27 0.43 1.52 1.30 1.52 + 0.04 1.65 0.58 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.05 0.04 0.04 - 0.01 0.09 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.03 0.08 0.08 0.08 unch 0.00 0.08 0.08 0.17 0.16 0.16 - 0.01 0.27 0.14 0.22 0.21 0.21 - 0.01 0.36 0.19 0.01 0.00 0.01 unch 0.00 0.02 0.00 0.06 0.06 0.06 + 0.01 0.20 0.06 0.09 0.08 0.08 - 0.01 0.26 0.08 0.02 0.00 0.02 - 0.00 0.03 0.01 0.02 0.00 0.02 unch 0.00 0.05 0.02 0.06 0.06 0.06 unch 0.00 0.12 0.06 0.10 0.09 0.10 unch 0.00 0.19 0.09 13.81 13.05 13.09 - 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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Arizona Silver V 488 Armor Min V 104 Artemis Gold* O 18 Artemis Gold V 134 Asanko Gold* X 872 Asanko Gold T 322 Asante Gold C 184 Asante Gold* O 30 Ascendant Res T 93 Ascot Res * O 250 Ascot Res T 617 V 119 Ashanti Sanko AsiaBaseMetals V 9 O 3 AsiaBaseMetals* Asiamet Res* O 25 Asian Mineral V 372 Asian Mineral* O 0 Aston Bay V 732 Aston Bay* O 153 Astorius Res V 95 ATAC Res* O 163 ATAC Res V 231 Atacama Res* O 27926 Atalaya Mining T 2 O 3 Athabasca Min* Athabasca Min V 124 O 137 Athena Silver* Atico Mining* O 326 Atico Mining V 432 Atlanta Gold* O 3 Atlantic Indus V 55 Aton Resources V 1155 O 0 Aton Resources* Aura Minerals* O 7 Aura Minerals T 23 Aura Resources V 47 O 112 Aura Resources* Auramex Res V 340 Aurania Res* O 39 Aurania Res V 83 Aurcana Corp V 973 O 1151 Aurcana Corp* AurCrest Gold V 8 Aurelius Min V 1544 Aurex Energy V 9 Aurion Res * O 288 Aurion Res V 609 Aurora Royal V 75 Aurwest Res C 272 O 43 AURYN Mining* Auryn Resource T 423 X 660 Auryn Resource* Aust Mines* O 116 Austin Res V 8 Austral Gold* O 9 Austral Gold V 22 Auxico Res C 30 O 376 Avalon Advance* Avalon Advance T 1203 O 11 Avarone Metals* Avarone Metals C 234 Avidian Gold V 84 Avino Silver* X 892 Avino Silver T 125 Avrupa Min V 582 Avrupa Min* O 357 Awale Res V 949 Axmin Inc* O 66 Axmin Inc V 221 V 229 Azarga Metals Azarga Metals* O 2 O 158 Azarga Uranium* Azarga Uranium T 810 Azimut Explor V 1545 Azimut Explor* O 157 O 257 Azincourt Ener* Azincourt Ener V 2050 V 124 Aztec Minerals Aztec Minerals* O 30 Azteca Gold* O 888 Azucar Min V 127 Azucar Min* O 114

0.20 0.16 0.20 + 0.02 0.25 0.10 0.35 0.32 0.35 + 0.04 0.59 0.31 1.06 0.00 1.05 - 0.01 1.20 0.81 1.40 1.35 1.37 + 0.02 1.60 0.95 0.94 0.90 0.90 - 0.04 1.10 0.50 1.24 1.19 1.21 - 0.03 1.45 0.68 0.04 0.03 0.04 + 0.01 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.34 0.28 0.30 - 0.05 0.58 0.17 0.57 0.51 0.53 - 0.05 0.77 0.34 0.76 0.68 0.68 - 0.07 1.05 0.45 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.44 0.40 0.40 - 0.01 0.64 0.12 0.34 0.34 0.34 unch 0.00 0.38 0.20 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.45 0.35 0.40 unch 0.00 0.89 0.10 0.00 0.00 0.27 unch 0.00 0.32 0.27 0.08 0.07 0.07 - 0.01 0.11 0.05 0.06 0.05 0.05 - 0.00 0.08 0.03 0.13 0.11 0.13 + 0.01 0.50 0.09 0.17 0.15 0.17 + 0.01 0.24 0.12 0.22 0.21 0.22 + 0.01 0.32 0.17 0.01 0.01 0.01 - 0.00 0.03 0.00 3.67 3.67 3.67 + 0.17 4.10 3.00 0.19 0.18 0.19 + 0.00 0.60 0.18 0.26 0.24 0.24 - 0.01 0.79 0.24 0.04 0.02 0.02 unch 0.00 0.06 0.01 0.30 0.27 0.28 + 0.00 0.33 0.17 0.40 0.37 0.40 + 0.02 0.43 0.22 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.01 0.00 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.00 0.00 0.01 unch 0.00 0.04 0.01 37.72 20.02 35.09 + 15.20 37.72 11.78 49.38 26.52 46.85 + 20.34 48.08 16.21 0.05 0.00 0.04 - 0.01 0.09 0.04 0.04 0.03 0.04 + 0.01 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.08 0.03 2.48 2.31 2.39 - 0.02 3.40 1.64 3.27 3.10 3.27 + 0.11 4.50 2.18 0.24 0.21 0.23 - 0.01 0.79 0.21 0.18 0.16 0.17 - 0.00 1.25 0.00 0.05 0.00 0.05 unch 0.00 0.05 0.02 0.04 0.03 0.04 - 0.01 0.06 0.02 0.10 0.09 0.09 unch 0.00 0.50 0.08 1.58 1.43 1.43 - 0.07 1.77 0.60 2.08 1.89 1.92 - 0.07 2.35 0.90 0.04 0.00 0.04 + 0.02 0.10 0.02 0.03 0.02 0.03 - 0.01 0.14 0.02 0.16 0.11 0.16 - 0.00 0.74 0.03 1.91 1.69 1.85 + 0.10 2.45 1.30 1.44 1.27 1.39 + 0.07 1.84 0.98 0.01 0.01 0.01 + 0.00 0.04 0.01 0.06 0.06 0.06 unch 0.00 0.13 0.05 0.05 0.04 0.05 + 0.01 0.40 0.00 0.09 0.00 0.09 unch 0.00 0.10 0.06 0.03 0.03 0.03 unch 0.00 0.26 0.03 0.04 0.03 0.04 - 0.00 0.13 0.03 0.06 0.05 0.05 unch 0.00 0.17 0.04 0.06 0.04 0.06 unch 0.00 0.11 0.03 0.08 0.07 0.08 + 0.01 0.15 0.04 0.16 0.14 0.14 - 0.02 0.22 0.07 0.55 0.51 0.52 - 0.03 0.81 0.39 0.73 0.68 0.70 - 0.03 1.07 0.53 0.04 0.03 0.03 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.00 0.05 0.01 0.10 0.08 0.09 unch 0.00 0.26 0.07 0.23 0.00 0.17 - 0.10 0.50 0.12 0.29 0.22 0.22 - 0.05 0.66 0.18 0.07 0.05 0.07 + 0.01 0.13 0.05 0.06 0.00 0.06 + 0.01 0.09 0.03 0.17 0.15 0.15 - 0.01 0.22 0.08 0.22 0.20 0.20 - 0.01 0.28 0.11 1.39 1.19 1.30 - 0.06 1.67 0.23 1.05 0.90 1.00 - 0.03 1.27 0.19 0.03 0.02 0.02 + 0.00 0.05 0.01 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.07 0.06 0.06 unch 0.00 0.20 0.05 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.18 0.15 0.15 - 0.01 0.43 0.14 0.13 0.10 0.12 - 0.00 0.34 0.11

B2Gold Corp T 11482 B2Gold Corp* X 31053 O 980 Balmoral Res* Balmoral Res T 2617 Balto Res V 152 Bam Bam Res C 751 V 79 Bankers Cobalt Bankers Cobalt* O 11 O 1790 Bannerman Res* Banyan Gold V 723 Banyan Gold* O 138 Bard Ventures V 0 O 0 Bard Ventures* Barksdale Cap* O 71 V 66 Barksdale Cap V 1 Barolo Venture Barolo Venture* O 1 Baroyeca Gold V 4 Barrick Gold T 15465 Barrick Gold* N 50863 Barsele Min* O 11 Barsele Min V 73 Batero Gold* O 55 Batero Gold V 50 O 65 Bayhorse Silvr* Bayhorse Silvr V 202 BC Moly V 0 BCM Res V 171 V 1 BE Res Bear Creek Mng V 229 Bear Creek Mng* O 240 Bearing Lith V 857 Bearing Lith* O 183 Beauce Gold V 501 Bell Copper V 127 Bell Copper* O 150 Belmont Res V 90 Belo Sun Mng T 552 Belo Sun Mng* O 2705 BeMetals * O 12 BeMetals V 109 Benchmark Met* O 15 V 532 Benchmark Met Benton Res V 489 Benton Res* O 558 Benz Mining V 135 Benz Mining* O 2 V 338 Berkwood Res Berkwood Res * O 3 Bessor Min V 1 Bessor Min* O 1 Bird River Res C 1680 Bitterroot Res* O 51 Bitterroot Res V 17 Black Hills* N 1939 Black Iron T 1146 Black Iron* O 252 V 12 Black Mammoth Black Sea * O 0 Black Sea V 0 Black Tusk Res* O 40 Black Tusk Res C 804 Blackheath Res V 16 O 156 Blackrock Gold* Blackrock Gold V 1163 Blind Creek V 33 BLOX Inc* O 3 Blue Lagoon C 229 Blue Lagoon* O 6 54 Blue Moon Zinc* O Blue Moon Zinc V 405 Blue River Res V 320 Blue River Res* O 39 Blue Sky Uran* O 276 Blue Sky Uran V 1692 Blue Star Gold V 340 BlueBird Batt* O 36 BlueBird Batt V 538 V 1871 Bluestone Res Bluestone Res* O 51 O 5093 Bold Ventures* Bold Ventures V 917

5.74 5.40 5.59 - 0.14 5.89 3.24 4.31 4.07 4.18 - 0.14 4.46 2.40 0.37 0.33 0.35 - 0.01 0.39 0.07 0.49 0.43 0.46 - 0.02 0.49 0.10 0.14 0.11 0.14 + 0.03 0.19 0.06 0.09 0.06 0.09 + 0.02 0.29 0.03 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.01 + 0.01 0.03 0.00 0.03 0.02 0.02 - 0.00 0.04 0.02 0.08 0.07 0.08 - 0.01 0.09 0.04 0.07 0.05 0.06 - 0.00 0.07 0.02 0.00 0.00 0.13 unch 0.00 0.32 0.08 0.00 0.00 0.10 unch 0.00 0.10 0.06 0.25 0.00 0.23 - 0.03 0.57 0.23 0.33 0.32 0.33 unch 0.00 0.75 0.32 0.00 0.00 0.19 unch 0.00 0.30 0.18 0.14 0.00 0.14 - 0.00 0.14 0.01 0.06 0.06 0.06 unch 0.00 0.20 0.04 24.71 23.43 24.21 - 0.30 26.69 15.72 18.56 17.63 18.19 - 0.33 20.07 11.65 0.31 0.31 0.31 - 0.04 0.55 0.29 0.43 0.41 0.41 - 0.06 0.75 0.36 0.07 0.05 0.06 - 0.00 0.07 0.04 0.08 0.07 0.07 - 0.01 0.10 0.05 0.08 0.07 0.07 - 0.01 0.14 0.04 0.10 0.09 0.10 unch 0.00 0.20 0.07 0.00 0.00 0.05 unch 0.00 0.07 0.03 0.05 0.04 0.05 unch 0.00 0.13 0.04 0.00 0.00 0.24 unch 0.00 0.35 0.15 2.51 2.00 2.04 - 0.28 2.97 1.13 1.88 1.52 1.54 - 0.24 2.35 0.84 0.18 0.11 0.15 + 0.04 0.38 0.11 0.14 0.08 0.11 + 0.03 0.29 0.08 0.15 0.13 0.14 + 0.01 0.29 0.09 0.07 0.00 0.07 + 0.01 0.15 0.03 0.00 0.00 0.04 unch 0.00 0.11 0.03 0.04 0.04 0.04 unch 0.00 0.40 0.03 0.51 0.46 0.46 - 0.06 0.72 0.22 0.40 0.35 0.35 - 0.03 0.55 0.16 0.18 0.16 0.16 - 0.02 0.25 0.16 0.24 0.22 0.22 - 0.02 0.29 0.20 0.32 0.28 0.28 - 0.03 0.37 0.12 0.42 0.38 0.39 - 0.03 0.48 0.17 0.08 0.07 0.08 + 0.01 0.11 0.04 0.06 0.06 0.06 unch 0.00 0.07 0.02 0.09 0.07 0.08 - 0.01 0.14 0.05 0.07 0.07 0.07 - 0.00 0.10 0.04 0.03 0.03 0.03 + 0.01 0.09 0.02 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.00 0.00 0.05 unch 0.00 0.12 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.00 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.03 0.00 0.03 - 0.01 0.07 0.02 87.12 82.99 83.91 + 0.88 87.12 68.23 0.11 0.10 0.11 + 0.01 0.16 0.06 0.08 0.07 0.08 - 0.00 0.12 0.04 0.04 0.04 0.04 - 0.02 0.09 0.02 0.00 0.00 0.03 unch 0.00 0.08 0.02 0.00 0.00 0.04 unch 0.00 0.12 0.03 0.05 0.05 0.05 + 0.00 0.15 0.02 0.08 0.06 0.07 unch 0.00 0.20 0.03 0.11 0.11 0.11 unch 0.00 0.20 0.05 0.16 0.14 0.15 - 0.01 0.27 0.02 0.21 0.19 0.20 unch 0.00 0.36 0.03 0.05 0.05 0.05 + 0.01 0.06 0.03 0.19 0.19 0.19 unch 0.00 0.30 0.03 1.79 1.62 1.79 + 0.09 2.11 0.26 0.91 0.91 0.91 unch 0.00 1.45 0.91 0.03 0.00 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.00 0.00 - 0.00 0.02 0.00 0.09 0.07 0.07 - 0.02 0.18 0.06 0.12 0.09 0.09 - 0.03 0.23 0.08 0.05 0.05 0.05 + 0.01 0.07 0.02 0.07 0.06 0.06 - 0.00 0.25 0.05 0.08 0.07 0.07 - 0.01 0.35 0.07 1.81 1.65 1.71 - 0.04 1.88 0.85 1.34 1.25 1.28 - 0.01 1.41 0.65 0.02 0.01 0.02 + 0.01 0.02 0.00 0.07 0.01 0.06 + 0.01 0.18 0.03

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bonanza Gold* O 2488 BonTerra Res V 392 Boreal Metals * O 35 Boreal Metals V 57 Borneo Res Inv* O 5732 O 16 Boundary Gold* Boundary Gold V 311 O 28 Bravada Gold* Bravada Gold V 54 O 16 Braveheart Res* Braveheart Res V 100 O 418 Bravo Multinat* Brazil Min* O 14462 BrightRock* O 1460 Britannia Mng* O 9 V 587 Brixton Metals Brixton Metals* O 256 O 30 Broadway Gold* Brookmount Exp* O 389 Bryn Res* O 163 BTU Metals* O 104 BTU Metals V 2547 Buenaventura* N 6047 Buffalo Coal V 0 O 140 Bullfrog Gold* Bullfrog Gold C 91 Bunker Hill C 0 BWR Explor V 752

0.00 0.00 0.00 unch 0.00 0.01 0.00 1.77 1.57 1.72 - 0.01 3.02 1.46 0.04 0.03 0.04 + 0.01 0.05 0.03 0.05 0.05 0.05 + 0.01 0.10 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.00 0.02 + 0.01 0.30 0.01 0.03 0.03 0.03 unch 0.00 0.25 0.03 0.07 0.00 0.07 - 0.00 0.15 0.04 0.09 0.08 0.09 unch 0.00 0.20 0.06 0.10 0.07 0.08 - 0.01 0.14 0.07 0.12 0.10 0.12 unch 0.00 0.21 0.06 0.33 0.18 0.25 - 0.04 0.80 0.14 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.00 0.01 + 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.16 0.15 0.16 unch 0.00 0.43 0.10 0.13 0.11 0.12 - 0.00 0.33 0.08 0.05 0.05 0.05 unch 0.00 0.13 0.00 0.01 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.05 - 0.01 0.10 0.03 0.19 0.11 0.18 + 0.05 0.35 0.11 0.25 0.19 0.23 + 0.04 0.49 0.07 13.12 12.46 12.56 - 0.37 17.85 12.13 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.15 0.11 0.13 - 0.01 0.24 0.04 0.19 0.17 0.17 - 0.03 0.23 0.12 0.00 0.00 0.70 unch 0.00 1.10 0.05 0.06 0.05 0.06 + 0.01 0.06 0.03

Cabral Gold V 611 Cabral Gold* O 53 Cache Explor V 626 Cadillac Vent V 174 Caledonia Mng* X 200 Caledonia Mng T 37 Calibre Mng T 1321 Calibre Mng* O 219 California Gld C 151 O 202 California Gld* Callinex Mines* O 79 V 45 Callinex Mines Cameco Corp* N 15153 Cameco Corp T 4836 Cameo Cobalt* O 19 V 1581 Cameo Cobalt Camino Min* O 29 Camino Min V 6244 Camrova Res* O 16 V 466 Canada Carbon Canada Carbon* O 43 Canada Cobalt V 901 Canada Cobalt * O 202 Canada One* O 48 Canada One V 45 Canada Rare V 154 Canada Rare* O 70 Canadian Metal* O 0 C 243 Canadian Metal Canadian Ore* O 166 Canadian Ore V 223 Canadian Prem V 57 O 52 CanAlaska Uran* CanAlaska Uran V 208 O 17 Canamex Gold* Canarc Res T 127 Canarc Res* O 91 Canasil Res V 50 Candelaria Mg V 10 Candente Coppr T 1096 Candente Gold* O 31 V 139 Candente Gold CANEX Metals * O 48 V 2289 CANEX Metals CaNickel Mng V 8 O 10 CaNickel Mng* Canoe Mng Vent V 226 4 Canoe Mng Vent* O Canstar Res V 215 V 25 Canterra Mnls Canterra Mnls* O 0 17 Cantex Mn Dev* O Cantex Mn Dev V 702 Canuc Res V 452 Capstone Mng T 1357 Cardero Res V 16 Cardero Res* O 14 Cardinal Res* O 36 Cardinal Res T 463 Cariboo Rose V 1235 Carlin Gold V 205 C 2008 Carrara Explor Cartier Iron C 10 Cartier Res V 1617 Carube Copper V 434 O 204 Carube Copper* Casa Minerals V 544 Casa Minerals * O 100 Cascadero Copp V 55 Castle Peak Mg V 609 Cautivo Mining C 59 C 1923 Cdn Palladium Cdn Palladium* O 386 O 505 CellCube Enrgy* Centamin T 128 O 117 Centaurus Diam* Centerra Gold T 2385 Central Iron V 120 Central Tim Ex V 6 Centurion Mnls V 69 O 83 Century Cobalt* Century Global* O 40 T 87 Century Global Cerro de Pasc C 210 20 Cerro de Pasc * O Cerro Grande C 42 Ceylon Graph V 265 Chakana Copper V 673 O 266 Chakana Copper* Chalice Gold M* O 248 O 172 Champion Bear* Champion Bear V 225 O 132 Champion Iron* Champion Iron T 3236 O 28 Chesapeake Gld* Chesapeake Gld V 24 Chevron Corp* N 36678 Chiboug Ind Mn V 401 1 Chiboug Ind Mn* O Chilean Metals V 173 O 51 Chilean Metals* China Gold Int T 316 90 CIM Intl Grp C Clarmin Explor V 85 Clean Comm* O 4 Cleghorn Mnls V 34 Cleveland-Clif* N 44564 Cliffmont Res V 81 Clifton Mng* O 68 CMC Metals V 368 CNRP Mng* O 393 CNRP Mng C 1105 Cobalt Block* O 96 Cobalt Block V 253 20222 Coeur Mng* N Colibri Res* O 25 Colibri Res V 49 Colombia Crest V 16 O 2 Colombia Crest* Colonial Coal V 1149 Colorado Res V 400 Colorado Res* O 45 T 264 Columbus Gold Columbus Gold* O 162 Comet Inds V 5 Commander Res* O 17 V 359 Commander Res Commerce Res V 193 O 20 Commerce Res* Compass Gold* O 43 V 198 Compass Gold Comstock Mng* X 1138 V 240 Comstock Mtls Comstock Mtls * O 11 Condor Gold T 60 Condor Res V 780

0.12 0.09 0.10 - 0.02 0.29 0.09 0.09 0.07 0.08 + 0.00 0.22 0.07 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.04 0.03 0.04 - 0.01 0.04 0.01 11.00 9.70 10.98 + 0.51 11.00 5.01 14.68 13.01 14.68 + 0.88 14.22 6.63 0.95 0.87 0.88 - 0.07 1.05 0.45 0.73 0.64 0.65 - 0.07 1.52 0.04 0.33 0.29 0.29 - 0.03 0.79 0.21 0.26 0.22 0.22 - 0.04 0.59 0.18 0.54 0.47 0.52 - 0.08 0.99 0.03 0.71 0.61 0.66 - 0.02 1.35 0.35 9.25 8.00 8.57 + 0.50 12.82 8.00 12.30 10.60 11.42 + 0.75 17.04 10.60 0.01 0.01 0.01 unch 0.00 0.16 0.00 0.02 0.01 0.01 unch 0.00 0.15 0.01 0.13 0.10 0.13 + 0.01 0.14 0.03 0.18 0.15 0.17 + 0.01 0.19 0.05 0.01 0.00 0.00 - 0.00 0.06 0.00 0.12 0.10 0.11 + 0.01 0.15 0.05 0.09 0.09 0.09 - 0.00 0.11 0.00 0.64 0.57 0.62 - 0.02 0.73 0.25 0.49 0.43 0.46 - 0.03 0.57 0.18 0.02 0.01 0.02 + 0.01 0.03 0.01 0.03 0.03 0.03 + 0.01 0.06 0.02 0.06 0.05 0.06 + 0.01 0.11 0.04 0.05 0.04 0.04 - 0.00 0.08 0.03 0.00 0.00 0.15 unch 0.00 0.50 0.15 0.13 0.07 0.07 - 0.06 0.70 0.06 0.08 0.07 0.08 + 0.00 0.34 0.06 0.11 0.00 0.11 + 0.01 0.45 0.07 0.44 0.35 0.36 - 0.10 1.50 0.35 0.16 0.00 0.16 - 0.00 0.28 0.09 0.21 0.20 0.20 unch 0.00 0.38 0.12 0.04 0.00 0.04 unch 0.00 0.07 0.00 0.06 0.00 0.06 - 0.01 0.08 0.04 0.05 0.04 0.04 - 0.00 0.06 0.03 0.09 0.07 0.07 - 0.02 0.09 0.05 0.19 0.13 0.19 unch 0.00 0.42 0.11 0.05 0.04 0.05 unch 0.00 0.08 0.03 0.01 0.01 0.01 - 0.00 0.03 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.21 0.18 0.21 + 0.06 0.19 0.02 0.28 0.22 0.28 + 0.08 0.28 0.03 0.07 0.00 0.07 - 0.01 0.12 0.05 0.06 0.05 0.05 - 0.01 0.09 0.04 0.15 0.00 0.15 unch 0.00 0.26 0.10 0.09 0.09 0.09 unch 0.00 0.09 0.01 0.04 0.04 0.04 unch 0.00 0.14 0.02 0.01 0.00 0.01 - 0.01 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.55 0.42 0.55 + 0.05 5.23 0.42 0.73 0.56 0.73 + 0.09 6.99 0.55 0.09 0.05 0.09 + 0.04 0.09 0.03 0.77 0.69 0.73 + 0.02 0.92 0.41 0.03 0.00 0.03 unch 0.00 0.07 0.02 0.02 0.01 0.02 - 0.01 0.04 0.01 0.27 0.26 0.27 + 0.01 0.38 0.17 0.35 0.33 0.33 - 0.01 0.50 0.26 0.05 0.05 0.05 - 0.01 0.06 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.01 0.04 0.03 0.03 unch 0.00 0.10 0.03 0.17 0.14 0.17 + 0.04 0.22 0.11 0.07 0.05 0.06 unch 0.00 0.07 0.03 0.06 0.04 0.06 + 0.01 0.04 0.03 0.08 0.05 0.07 + 0.01 0.18 0.05 0.06 0.04 0.06 + 0.00 0.12 0.04 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.13 0.13 0.13 unch 0.00 0.20 0.09 0.21 0.18 0.20 - 0.01 0.27 0.06 0.16 0.13 0.15 - 0.00 0.28 0.02 0.04 0.03 0.03 + 0.00 0.15 0.02 2.29 2.18 2.28 - 0.06 2.53 1.39 0.06 0.00 0.06 + 0.01 0.75 0.04 10.59 10.10 10.41 - 0.19 13.00 6.36 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.21 0.21 0.21 unch 0.00 0.51 0.12 0.07 0.00 0.07 - 0.01 0.27 0.04 0.02 0.01 0.02 unch 0.00 0.17 0.00 0.07 0.07 0.07 + 0.00 0.17 0.05 0.09 0.08 0.08 - 0.01 0.25 0.07 0.44 0.41 0.42 unch 0.00 0.54 0.24 0.31 0.30 0.30 - 0.01 0.41 0.19 0.01 0.00 0.01 unch 0.00 0.01 0.01 0.20 0.17 0.17 - 0.03 0.20 0.06 0.18 0.16 0.17 unch 0.00 0.54 0.14 0.14 0.12 0.13 + 0.01 0.40 0.10 0.21 0.17 0.21 + 0.02 0.20 0.08 0.08 0.08 0.08 - 0.02 0.16 0.07 0.12 0.10 0.12 unch 0.00 0.22 0.10 1.61 1.54 1.61 + 0.02 2.36 1.07 2.22 2.00 2.14 + 0.05 3.15 1.31 2.27 2.14 2.22 - 0.07 3.50 1.03 3.06 2.85 2.94 - 0.09 4.65 1.41 110.67 105.40 108.94 + 1.80 127.34 105.40 0.14 0.12 0.13 - 0.01 0.27 0.05 0.10 0.10 0.10 unch 0.00 0.19 0.03 0.05 0.05 0.05 - 0.01 0.13 0.03 0.05 0.05 0.05 unch 0.00 0.06 0.01 1.09 1.00 1.06 - 0.07 1.93 0.88 0.02 0.02 0.02 unch 0.00 0.63 0.02 0.06 0.06 0.06 unch 0.00 0.17 0.06 0.13 0.00 0.13 - 0.02 0.17 0.01 0.08 0.05 0.08 + 0.03 0.11 0.03 7.93 7.00 7.55 + 0.53 12.26 6.59 0.09 0.06 0.06 - 0.04 0.13 0.05 0.23 0.17 0.22 + 0.01 0.23 0.04 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.19 0.12 0.17 + 0.03 0.42 0.10 0.25 0.17 0.24 + 0.05 0.56 0.14 0.04 0.04 0.04 - 0.01 0.11 0.03 0.05 0.05 0.05 - 0.01 0.14 0.04 6.41 5.67 6.06 + 0.03 8.29 2.78 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.06 0.06 0.06 - 0.01 0.08 0.04 0.26 0.00 0.25 - 0.02 0.31 0.13 0.19 0.17 0.17 - 0.03 0.23 0.05 0.48 0.35 0.39 + 0.05 0.65 0.21 0.05 0.00 0.05 unch 0.00 0.13 0.04 0.04 0.04 0.04 + 0.01 0.10 0.03 0.18 0.16 0.18 + 0.01 0.27 0.11 0.13 0.12 0.13 + 0.00 0.20 0.08 3.00 3.00 3.00 unch 0.00 3.60 2.75 0.07 0.06 0.07 + 0.01 0.08 0.05 0.09 0.07 0.07 - 0.01 0.11 0.06 0.38 0.27 0.33 + 0.03 0.90 0.14 0.26 0.21 0.25 + 0.02 0.68 0.07 0.26 0.00 0.25 - 0.01 0.50 0.17 0.38 0.30 0.36 + 0.04 0.71 0.12 0.85 0.65 0.69 - 0.06 1.39 0.15 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.53 0.39 0.41 + 0.08 0.69 0.30 0.07 0.05 0.06 unch 0.00 0.08 0.04

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Condor Res* O 62 O 202 Confedertn Ml* V 268 Confedertn Mls O 16 Conic Metals* Conic Metals V 695 V 75 Conquest Res 85 Conquest Res * O V 32 Cons Woodjam CONSOL Coal Rs* N 718 CONSOL Energy* N 3252 CONSOL Energy* N 22166 O 41 Constantine Mt* V 86 Constantine Mt O 136 Contact Gold* Contact Gold V 906 Contintl Gold T 4083 O 65 Contintl Gold* Contintl Prec* O 2 Copper Fox Mtl V 150 10 Copper Fox Mtl* O 39 Copper Lake Rs V Copper Mtn Mng T 1142 Copper Mtn Mng* O 139 0 Copper North M* O 0 Copper North M V Copper One C 102 60 Copper Reef Mg C O 62 Copperbank Res* C 498 Copperbank Res Coral Gold V 88 67 Coral Gold * O V 532 Cordoba Mnls O 214 Cordoba Mnls* Core Gold V 1755 Core Gold* O 238 Core Lithium* O 5 V 27 Cornerstone Ca O 6 Cornerstone Ca* Coro Mining T 2057 Corsa Coal V 80 50 Corsa Coal * O Corsurex Res C 305 Corvus Gold* O 128 Corvus Gold T 160 CR Capital V 10 0 Crazy Horse Res* O C 21 Crest Resource C 698 Crestview Expl Critical Elem* O 47 Critical Elem V 530 V 436 CROPS O 26 Crown Mining* Crown Mining V 114 Cruz Cobalt C 472 Cruz Cobalt* O 130 Crystal Lake V 1225 Crystal Lake* O 54 Crystal Peak* O 505 Crystal Peak V 188 O 0 CTGX Mining* Currie Rose Rs V 163 Cypress Dev V 528 Cypress Dev* O 133

0.03 0.05 0.04 0.04 - 0.01 0.06 0.09 0.25 0.18 0.18 - 0.06 0.25 0.12 0.34 0.24 0.26 - 0.02 0.37 0.19 0.27 0.25 0.25 - 0.00 0.35 0.33 0.38 0.33 0.34 + 0.01 0.48 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02 0.02 0.02 - 0.00 0.03 0.00 0.03 0.05 0.04 0.04 - 0.01 0.09 11.92 10.40 10.53 + 0.06 18.87 8.05 10.52 7.94 9.39 + 1.26 38.74 7.94 8.05 7.05 7.41 + 0.18 11.28 6.14 0.13 0.20 0.15 0.16 + 0.00 0.57 0.17 0.21 0.20 0.21 + 0.03 0.72 0.10 0.15 0.12 0.14 - 0.00 0.27 0.14 0.19 0.17 0.17 - 0.02 0.36 2.10 5.48 5.45 5.45 - 0.02 5.48 1.57 4.14 4.10 4.10 - 0.02 4.19 0.00 unch 0.00 0.25 0.00 0.00 0.00 0.09 0.08 0.09 unch 0.00 0.13 0.06 0.07 0.00 0.07 + 0.01 0.10 0.04 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.73 0.65 0.66 unch 0.00 1.18 0.53 0.53 0.49 0.50 unch 0.00 0.88 0.40 0.00 0.00 0.02 unch 0.00 0.05 0.01 0.00 0.00 0.03 unch 0.00 0.07 0.02 0.05 0.09 0.08 0.08 - 0.01 0.18 0.42 0.40 0.40 unch 0.00 0.52 0.15 0.02 0.04 0.00 0.04 - 0.00 0.06 0.04 0.06 0.05 0.05 - 0.01 0.08 0.35 unch 0.00 0.55 0.55 0.51 0.53 0.42 0.38 0.40 + 0.01 0.42 0.26 0.04 0.14 0.11 0.12 + 0.01 0.14 0.03 0.10 0.08 0.09 - 0.01 0.11 0.14 0.27 0.24 0.24 - 0.04 0.34 0.10 0.21 0.00 0.17 - 0.04 0.26 0.02 0.15 0.10 0.15 + 0.05 0.35 1.96 3.20 2.71 3.00 - 0.18 7.90 0.10 0.11 3.61 2.24 - 2.25 2.20 0.06 0.07 0.06 0.06 - 0.01 0.12 0.25 0.42 0.37 0.37 - 0.05 0.94 0.30 0.00 0.29 - 0.01 0.67 0.18 0.02 unch 0.00 0.08 0.04 0.04 0.04 1.13 1.67 1.52 1.56 - 0.04 2.04 1.55 2.20 2.00 2.08 - 0.05 2.69 0.04 unch 0.00 0.08 0.05 0.05 0.05 0.00 0.00 0.00 unch 0.00 0.38 0.00 0.06 0.09 0.07 0.09 + 0.02 0.16 0.40 1.81 1.16 1.40 + 0.10 2.60 0.20 0.27 0.25 0.25 + 0.00 0.55 0.26 unch 0.00 0.73 0.38 0.32 0.33 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02 0.04 0.02 0.02 - 0.01 0.08 0.03 unch 0.00 0.14 0.04 0.03 0.03 0.03 unch 0.00 0.06 0.05 0.05 0.05 0.01 0.04 0.03 0.03 + 0.00 0.05 0.10 unch 0.00 0.42 0.14 0.12 0.13 0.07 0.11 0.09 0.10 + 0.01 0.32 0.02 0.04 0.03 0.04 + 0.01 0.15 0.04 unch 0.00 0.20 0.04 0.00 0.04 0.00 unch 0.00 0.12 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.08 0.02 0.15 0.21 0.19 0.19 - 0.02 0.29 0.12 0.16 0.14 0.15 - 0.01 0.21

Dajin Lithium* O 217 Dajin Res V 394 Dakota Ter Res* O 112 Damara Gold V 13 Danakali* O 87 Debut Dmds C 4 Decade Res V 61 V 228 Deep-South Res C 364 DeepRock Min O 161 Defense Metals* V 434 Defense Metals Defiance Silvr V 297 O 306 Defiance Silvr* Delrand Res V 190 Delrey Metals * O 277 Delrey Metals C 347 T 1931 Denison Mines X 3747 Denison Mines* Desert Gold* O 24 Desert Gold V 604 Desert Mtn Egy V 171 O 3 Diamante Min* Diamcor Mng V 206 O 11 Diamcor Mng* O 480 Diamond Disc* V 25 Diamond Fields O 9 Diamond Fields* Dios Expl V 603 O 112 Discovery Harb* V 180 Discovery Harb O 420 Discovery Met* V 1985 Discovery Met 27478 O Discovery Min* V 1 Discovery-Corp District Cop* O 25 District Cop V 456 O 0 District Metal* District Metal V 0 Ditem Explor* O 127 Dixie Gold V 74 DNI Metals* O 238 O 14 Dolat Ventures* Dolly Vard Sil* O 155 Dolly Vard Sil V 273 Dore Copper V 179 V 568 Doubleview Cap O 200 Doubleview Cap* DRDGOLD* N 545 Dundee Prec Mt T 1674 O 105 Dunnedin Vent* Durango Res V 140 Durango Res* O 31 V 4 DV Resources O 4 DV Resources* 30 Dynacor Gld Mn* O Dynacor Gld Mn T 162 O 0 DynaResource* Dynasty Gold V 150 E3 Metals* O 30 E3 Metals V 233 V 60 Eagle Graphite O 43 Eagle Graphite* Eagle Plains V 547 V 105 East Africa 17 East Africa * O 0 East Asia Mnls* O East Asia Mnls V 489 Eastern Platin T 110 O 94 Eastern Platin* Eastern Zinc C 1189 Eastfield Res V 38 O 174 Eastmain Res* Eastmain Res T 407 Eco Oro Mnls C 111 45 Eco Oro Mnls* O V 58 Edgewater Expl El Capitan Prc* O 741 7 El Nino Vent* O El Nino Vent V 710 Elcora Adv Mat V 179 Elcora Res* O 68 Eldorado Gold* N 10969 Eldorado Gold T 3727 Eloro Res* O 75 Eloro Res V 40 Ely Gold Royal V 2728 Ely Gold Royal* O 1946 Elysee Dev * O 107 Elysee Dev V 125 Emerita Res V 157 O 354 Emgold Mining* V 593 Emgold Mining V 1 Empire Metals Empress Res V 482 O 30 Empress Res* EMX Royalty V 166 EMX Royalty* X 1210 O 32 Encanto Potash* V 54 Encanto Potash V 1881 EnCore Energy T 1386 Endeavour Mng

0.01 0.03 0.02 0.02 + 0.01 0.06 0.02 0.04 0.00 0.04 + 0.01 0.07 0.10 0.06 0.10 - 0.00 0.13 0.02 0.03 unch 0.00 0.06 0.05 0.05 0.05 0.38 0.43 0.38 0.42 + 0.02 0.59 0.08 0.15 0.00 0.13 - 0.01 0.25 0.01 unch 0.00 0.05 0.03 0.00 0.03 0.04 0.07 0.00 0.07 + 0.01 0.15 0.02 unch 0.00 0.10 0.02 0.02 0.02 0.06 0.14 0.12 0.14 + 0.01 0.25 0.06 0.18 0.16 0.17 + 0.01 0.24 0.16 0.21 0.20 0.20 - 0.01 0.37 0.12 0.16 0.15 0.15 - 0.00 0.32 0.32 0.52 0.46 0.46 - 0.07 0.71 0.03 0.01 0.02 + 0.01 0.30 0.01 0.02 0.06 0.02 0.03 + 0.01 0.24 0.43 0.50 0.46 0.47 + 0.01 0.78 0.32 0.38 0.34 0.36 + 0.02 0.59 0.07 0.11 0.10 0.11 + 0.01 0.31 0.10 unch 0.00 0.26 0.16 0.15 0.15 0.24 0.20 0.21 - 0.03 0.31 0.13 0.01 unch 0.00 0.07 0.02 0.00 0.02 0.08 0.18 0.16 0.16 - 0.02 0.25 0.06 0.14 0.13 0.13 - 0.01 0.19 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.08 0.21 0.18 0.18 - 0.04 0.25 0.00 0.13 0.00 0.13 - 0.02 0.16 0.03 0.11 0.09 0.10 + 0.01 0.17 0.09 0.10 0.00 0.09 - 0.00 0.14 0.01 0.14 0.11 0.11 - 0.01 0.18 0.13 0.54 0.47 0.52 - 0.00 0.56 0.18 0.70 0.62 0.69 + 0.01 0.74 0.00 0.00 0.00 0.00 - 0.00 0.00 0.05 unch 0.00 0.20 0.00 0.00 0.12 0.00 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.08 unch 0.00 0.12 0.00 0.00 0.08 0.08 unch 0.00 0.31 0.00 0.00 0.15 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.08 0.19 0.18 0.18 - 0.01 0.24 0.01 0.03 0.02 0.03 - 0.00 0.09 0.04 0.06 0.00 0.05 - 0.03 1.80 0.21 0.17 0.20 + 0.02 0.38 0.14 0.26 0.23 0.26 + 0.02 0.50 0.19 0.90 1.35 0.90 0.94 - 0.35 1.65 0.08 unch 0.00 0.18 0.11 0.09 0.10 0.06 unch 0.00 0.13 0.07 0.07 0.07 1.64 6.17 5.61 6.03 - 0.33 6.40 6.13 5.47 5.59 - 0.52 6.66 3.55 0.04 0.07 0.06 0.07 + 0.01 0.10 0.04 0.06 0.05 0.06 + 0.01 0.09 0.03 0.01 0.06 0.04 0.03 0.03 - 0.04 unch 0.00 0.12 0.10 0.00 0.10 0.04 0.08 0.07 0.07 - 0.01 0.11 1.31 1.25 1.28 - 0.01 1.60 1.10 1.74 1.67 1.67 - 0.06 2.00 1.50 0.24 unch 0.00 1.22 0.57 0.00 0.57 0.06 0.07 0.00 0.06 - 0.01 0.13 0.22 0.28 0.00 0.28 - 0.03 0.41 0.23 0.40 0.00 0.38 - 0.02 0.60 0.03 unch 0.00 0.10 0.04 0.04 0.04 0.02 unch 0.00 0.06 0.03 0.03 0.03 0.08 0.11 0.10 0.10 - 0.01 0.12 0.15 0.15 0.15 + 0.02 0.26 0.12 0.11 0.00 0.11 - 0.00 0.19 0.09 0.00 0.00 0.04 unch 0.00 0.09 0.02 0.05 0.04 0.04 - 0.01 0.13 0.03 0.18 0.43 0.39 0.41 - 0.03 0.72 0.14 0.33 0.29 0.30 - 0.03 0.44 0.02 0.06 0.03 0.04 - 0.03 0.20 0.03 unch 0.00 0.07 0.04 0.00 0.04 0.06 0.09 0.07 0.08 - 0.00 0.16 0.09 unch 0.00 0.22 0.11 0.10 0.11 0.06 0.00 0.06 - 0.01 0.24 0.03 0.04 0.04 0.04 unch 0.00 0.14 0.02 0.06 0.10 0.08 0.08 - 0.02 0.15 0.01 0.01 0.01 - 0.00 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.12 0.03 0.01 unch 0.00 0.09 0.03 0.02 0.03 7.33 6.50 6.68 - 0.60 10.09 3.05 9.73 8.65 8.88 - 0.74 13.34 4.10 0.13 unch 0.00 0.33 0.32 0.32 0.32 0.15 0.42 0.39 0.40 - 0.01 0.42 0.85 0.72 0.76 + 0.06 0.85 0.15 0.63 0.53 0.57 + 0.05 0.63 0.11 0.26 0.24 0.26 - 0.01 0.33 0.24 0.33 unch 0.00 0.41 0.35 0.33 0.35 0.05 0.10 0.08 0.10 + 0.01 0.17 0.03 0.08 0.06 0.07 - 0.01 0.14 0.05 0.12 0.08 0.09 - 0.02 0.20 0.13 unch 0.00 0.20 0.00 0.00 0.13 0.02 0.03 0.02 0.03 + 0.01 0.10 0.01 unch 0.00 0.02 0.01 0.01 0.01 1.43 2.77 2.51 2.55 - 0.15 2.77 1.08 2.12 1.86 1.91 - 0.12 2.12 0.03 0.05 0.05 0.05 + 0.00 0.12 0.05 0.07 0.00 0.06 - 0.01 0.17 0.09 0.17 0.14 0.14 - 0.01 0.22 17.24 27.03 24.80 24.87 - 2.23 28.98

D-F

2020-02-10 11:49 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / FEBRUARY 17–MARCH 1, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Endeavour Mng* O 143 20.20 18.70 18.70 - 1.79 21.78 13.34 N 8625 2.11 1.95 2.00 - 0.12 3.20 1.68 Endeavr Silver* Endeavr Silver T 800 2.79 2.59 2.67 - 0.14 4.26 2.21 Endurance Gold V 24 0.05 0.05 0.05 unch 0.00 0.07 0.03 1.39 Energy Fuels* X 7606 1.78 1.49 1.63 + 0.21 3.73 Energy Fuels T 1400 2.35 1.98 2.16 + 0.26 4.97 1.84 V 220 0.06 0.05 0.05 - 0.01 0.14 0.05 Engineer Gold unch 0.00 0.12 0.05 Engold Mines V 338 0.05 0.05 0.05 Engold Mines* O 75 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.01 Ensurge* O 564 0.04 0.03 0.03 - 0.02 0.06 Entree Res* O 325 0.33 0.29 0.32 + 0.04 0.46 0.05 0.22 Entree Res T 401 0.44 0.39 0.43 + 0.05 0.61 ePower Metals V 2199 0.54 0.41 0.54 + 0.13 0.55 0.27 ePower Metals* O 49 0.36 0.30 0.36 + 0.05 0.35 0.30 X 1207 8.54 7.77 8.18 - 0.23 8.95 5.20 Equinox Gold* Equinox Gold T 1516 11.21 10.32 10.86 - 0.29 11.51 4.90 Equitorial Ex V 429 0.02 0.02 0.02 unch 0.00 0.06 0.01 O 2 0.07 0.05 0.05 - 0.02 0.09 0.04 Equity Metals* Equity Metals V 100 0.09 0.08 0.09 unch 0.00 0.11 0.05 0.31 0.22 0.28 + 0.06 0.31 0.16 Erdene Res Dev T 2009 Erdene Res Dev* O 393 0.23 0.17 0.21 + 0.05 0.23 0.12 unch 0.00 0.16 0.04 Erin Ventures V 268 0.07 0.06 0.06 Ero Copper T 1404 19.97 16.97 17.19 - 0.99 25.69 12.49 Ero Copper* O 7 14.44 13.27 13.27 - 0.46 19.20 9.53 Eros Res Corp* O 4 0.07 0.00 0.07 + 0.01 0.07 0.03 0.11 0.00 0.11 + 0.01 0.11 0.05 Eros Res Corp V 207 Eros Res Corp V 207 0.11 0.00 0.11 + 0.01 0.11 0.05 0.04 Eskay Mng* O 12 0.19 0.19 0.19 + 0.03 0.27 Eskay Mng V 320 0.27 0.23 0.27 + 0.05 0.38 0.07 V 68 0.20 0.13 0.20 + 0.05 0.35 0.10 Essex Minerals Ethos Gold* O 68 0.11 0.10 0.10 - 0.01 0.24 0.09 0.13 Ethos Gold V 313 0.14 0.13 0.14 - 0.01 0.32 Etruscus Res C 22 0.26 0.23 0.25 + 0.02 0.50 0.17 V 83 0.15 0.14 0.14 + 0.01 0.32 0.11 Euro Manganese Euro Sun Mg* O 155 0.25 0.14 0.20 - 0.03 0.83 0.12 0.30 0.27 0.27 - 0.04 1.10 0.22 Euro Sun Mg T 1423 EurOmax Res* O 20 0.02 0.02 0.02 - 0.01 0.14 0.02 0.02 EurOmax Res T 996 0.03 0.03 0.03 - 0.01 0.17 European Elect* O 23 0.02 0.01 0.01 - 0.00 0.13 0.00 European Elect V 300 0.02 0.00 0.02 unch 0.00 0.18 0.01 O 18 1.00 0.03 0.10 + 0.08 1.00 0.00 European Metal* Eurotin V 6 0.00 0.00 0.03 unch 0.00 0.04 0.01 0.17 Evergold V 281 0.37 0.32 0.34 - 0.01 0.38 Evergold* O 55 0.26 0.25 0.25 - 0.04 0.29 0.15 0.20 0.15 0.16 + 0.01 1.64 0.14 EVI Global Grp C 1433 Evolving Gold C 58 0.02 0.00 0.02 + 0.01 0.07 0.01 O 1 0.01 0.00 0.01 unch 0.00 0.06 0.00 Evolving Gold* Evrim Res V 117 0.34 0.32 0.33 unch 0.00 0.40 0.27 0.68 Excellon Res T 540 0.86 0.72 0.77 - 0.08 1.51 Excellon Res* O 488 0.64 0.55 0.57 - 0.08 1.15 0.50 O 701 0.85 0.73 0.73 - 0.08 0.94 0.59 Excelsior Mng* Excelsior Mng T 1460 1.12 0.97 0.99 - 0.09 1.23 0.78 0.01 0.01 0.01 - 0.01 0.03 0.01 ExGen Res Inc V 157 Explorex Res* O 0 0.00 0.00 0.12 unch 0.00 0.26 0.12 V 250 0.03 0.03 0.03 unch 0.00 0.08 0.02 Fabled Copper Falco Res V 331 0.31 0.29 0.31 + 0.01 0.37 0.19 37 0.23 0.22 0.23 - 0.01 0.28 0.10 Falco Res * O Falcon Gold V 1925 0.05 0.03 0.05 + 0.02 0.06 0.02 V 766 0.06 0.05 0.06 unch 0.00 0.11 0.05 Fancamp Expl Far Res* O 18 0.04 0.00 0.04 + 0.00 0.13 0.02 C 954 0.05 0.04 0.05 unch 0.00 0.18 0.03 Far Res Fidelity Min V 255 0.04 0.04 0.04 - 0.01 0.45 0.03 0.04 Fieldex Expl V 200 0.07 0.06 0.06 - 0.01 0.09 Filo Mg Corp V 67 2.00 1.89 1.95 unch 0.00 3.25 1.80 3 1.45 0.00 1.45 - 0.00 2.31 1.44 Filo Mg Corp * O Finlay Minrls V 131 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.18 Fiore Gold* O 347 0.42 0.37 0.40 + 0.01 0.50 Fiore Gold V 431 0.55 0.50 0.55 + 0.05 0.63 0.26 C 25 0.10 0.10 0.10 unch 0.00 0.20 0.10 Fiorentina Min Fire River Gol* O 10 0.06 0.00 0.06 + 0.06 0.38 0.00 unch 0.00 0.04 0.01 Firebird Res V 1345 0.02 0.02 0.02 FireFox Gold V 752 0.09 0.07 0.08 - 0.01 0.30 0.07 V 5 0.05 0.00 0.05 unch 0.00 0.10 0.04 Firestone Vent Fireweed Zinc V 59 0.66 0.61 0.64 + 0.04 0.97 0.45 O 9 0.49 0.47 0.47 + 0.02 0.71 0.34 Fireweed Zinc* Firma Holdings* O 132 0.00 0.00 0.00 - 0.00 0.03 0.00 0.12 0.11 0.11 + 0.00 0.18 0.08 First Cobalt * O 638 First Cobalt V 1448 0.15 0.14 0.15 unch 0.00 0.25 0.12 O 1204 0.00 0.00 0.00 unch 0.00 0.00 0.00 First Colombia* 0.04 First Energy C 14 0.08 0.00 0.07 - 0.01 0.20 First Energy* O 11 0.07 0.00 0.06 - 0.01 0.16 0.02 10.03 9.36 9.57 - 0.50 12.69 5.48 First Majestic* N 15815 First Majestic T 2777 13.34 12.44 12.74 - 0.60 16.50 7.38 O 5 0.08 0.08 0.08 unch 0.00 0.08 0.01 First Mexican* First Mexican V 57 0.15 0.11 0.15 + 0.03 0.20 0.04 0.24 0.22 0.23 - 0.01 0.41 0.21 First Mg Fin T 1768 First Mg Fin * O 2639 0.20 0.17 0.17 - 0.00 0.30 0.16 0.08 First Point* O 18 0.16 0.13 0.15 + 0.02 0.16 First Quantum T 14904 12.27 10.30 11.15 + 0.79 16.63 7.84 V 242 0.26 0.24 0.25 - 0.02 1.08 0.17 First Vanadium First Vanadium* O 220 0.20 0.18 0.19 - 0.01 0.81 0.12 V 878 0.06 0.05 0.05 unch 0.00 0.14 0.05 Fission 3.0 Fission 3.0* O 112 0.04 0.04 0.04 - 0.00 0.11 0.03 0.18 Fission Uran* O 917 0.24 0.18 0.20 + 0.01 0.45 Fission Uran T 1741 0.27 0.25 0.26 - 0.01 0.59 0.23 0.05 0.04 0.04 unch 0.00 0.08 0.03 Five Star Diam V 125 Five Star Diam* O 2 0.02 0.00 0.02 unch 0.00 0.04 0.02 O 6 0.03 0.03 0.03 + 0.00 0.07 0.02 Fjordland Exp* Fjordland Exp V 223 0.08 0.06 0.06 - 0.02 0.09 0.03 20 0.10 0.10 0.10 unch 0.00 0.15 0.09 Flowery Gold* O Focus Graphite* O 1916 0.02 0.02 0.02 + 0.00 0.03 0.01 V 1939 0.03 0.02 0.03 + 0.01 0.04 0.01 Focus Graphite Focus Minerals* O 1 0.13 0.13 0.13 unch 0.00 0.19 0.13 0.22 Foran Mng V 223 0.28 0.00 0.28 + 0.04 0.35 Forsys Metals T 143 0.14 0.12 0.13 + 0.02 0.29 0.11 3 0.12 0.11 0.12 + 0.01 0.26 0.08 Fort St J Nick V Fort St James* O 3 0.08 0.08 0.08 unch 0.00 0.16 0.08 O 42 7.78 0.00 7.20 - 0.23 8.89 4.27 Fortescue Met* Fortuna Silvr T 1797 5.14 4.94 4.98 - 0.21 6.12 3.22 2.39 Fortuna Silvr* N 7222 3.88 3.71 3.74 - 0.18 4.59 Fortune Bay V 1 0.00 0.00 0.37 unch 0.00 0.50 0.19 0.14 Fortune Bay* O 3 0.26 0.00 0.25 - 0.00 0.39 Fortune Mnrls* O 163 0.06 0.05 0.06 - 0.00 0.11 0.05 unch 0.00 0.16 0.07 Fortune Mnrls T 641 0.09 0.08 0.08 Forum Energy V 570 0.10 0.09 0.10 + 0.01 0.11 0.03 O 374 0.08 0.07 0.07 - 0.01 0.08 0.02 Forum Energy* Four Nines C 20 0.10 0.10 0.10 unch 0.00 0.26 0.10 10 0.08 0.00 0.08 unch 0.00 0.10 0.04 Fox River Res C Fox River Res* O 1 0.06 0.06 0.06 unch 0.00 0.06 0.03 0.10 FPX Nickel V 592 0.23 0.17 0.21 + 0.04 0.23 Franco-Nevada* N 2968 114.62 110.21 112.95 - 0.69 114.62 69.16 Franco-Nevada T 1817 152.55 146.30 150.26 - 0.17 151.94 93.24 Franklin Mng* O 55 0.00 0.00 0.00 unch 0.00 0.10 0.00 unch 0.00 0.12 0.04 Freegold Vent T 156 0.05 0.05 0.05 Freeport McMoR* N 144982 12.48 11.18 11.80 + 0.70 14.68 8.43 0.04 Freeport Res V 71 0.06 0.06 0.06 + 0.01 0.15 Fremont Gold V 644 0.08 0.06 0.08 unch 0.00 0.19 0.04 O 91 0.08 0.00 0.06 + 0.01 0.12 0.04 Fremont Gold* Fresnillo plc* O 68 8.65 8.05 8.61 - 0.09 13.76 6.89 0.20 Frontier Lith V 142 0.28 0.23 0.28 + 0.05 0.41 Frontline Gold V 50 0.01 0.01 0.01 unch 0.00 0.02 0.01 1 0.00 0.00 0.00 unch 0.00 0.01 0.00 Full Metal Mnl* O Fura Gems V 333 0.14 0.00 0.14 - 0.02 0.46 0.12 0.09 Fura Gems* O 103 0.12 0.10 0.10 - 0.01 0.33

G-H G2 Goldfields* O 46 G2 Goldfields V 1132 Gabriel Res* O 101 Gabriel Res V 63 Gaia Metals* O 1 Gaia Metals V 642 V 264 Gainey Capital Galane Gold * O 331 Galane Gold V 239 Galantas Gold* O 56 V 131 Galantas Gold Galleon Gold* O 364 Galore Res V 35 19 Galway Gold * O Galway Gold V 8 Galway Mtls* O 354 Galway Mtls V 310 Gambier Gold V 712 Garibaldi Res * O 62 Garibaldi Res V 762 Gatling Explor V 316 O 99 Gatling Explor* Gem Intl Res V 1 X 445 General Moly* General Moly T 3 O 342 Generation Min* Generation Min C 1571 Genesis Mtls* O 33 Genesis Mtls V 80 C 102 Genius Metals Gensource Pot V 270 V 1990 Geomega Res Geomega Res* O 39 Gespeg Res V 117 Getchell Gold * O 201 Getchell Gold C 452

20-23_FEB17_StockTables.indd 21

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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Getty Copper V 50 V 447 GFG Resources GFG Resources* O 205 GGL Res* O 3 GGL Res V 0 GGX Gold V 272 GGX Gold* O 5 Giga Metals* O 117 Giga Metals V 121 Gitennes Expl V 301 Giyani Gold* O 180 Giyani Gold V 102 Glacier Lake* O 31 Glacier Lake V 40 Gldn Predator* O 308 Gldn Predator V 879 Glen Eagle Res V 454 20 Glen Eagle Res* O Glencore Plc * O 767 Glencore Plc* O 1259 Global Atomic* O 68 T 908 Global Atomic Global Battery V 176 O 3 Global Battery* Global Energy* O 0 V 140 Global Energy Global Gold* O 5 Global Li-Ion* O 14 Global Li-Ion C 440 O 1 GlobalMin Vent* Globex Mng* O 7 Globex Mng T 176 GMV Minerals* O 5 GMV Minerals V 50 GNCC Capital* O 4947 Go Cobalt* O 1 Go Cobalt C 0 GobiMin V 7 GoGold Res T 3055 Gold Fields* O 0 Gold Fields* N 23798 Gold Finder Ex V 957 Gold Finder Ex* O 100 Gold Lion Res C 321 Gold Reserve V 126 O 22 Gold Reserve* Gold Resource* X 2868 Gold Rush Cari V 565 Gold Std Vents T 676 Gold Std Vents* X 2340 Gold X Mining V 142 Goldcliff Res* O 21 Goldcliff Res V 310 O 180 Golden Arrow* Golden Arrow V 1080 V 10 Golden Cariboo Golden Dawn Ml V 39 0 Golden Dawn Ml* O Golden Goliath* O 24 V 803 Golden Goliath Golden Harp V 145 Golden Hope V 33 Golden Hope* O 2 Golden Lake C 135 Golden Mnls T 48 Golden Mnls* X 1806 Golden Opp Res C 513 V 60 Golden Pursuit Golden Queen* O 4 V 117 Golden Queen Golden Ridge V 405 V 112 Golden Secret Golden Share V 27 Golden Star* X 1480 Golden Star T 96 Golden Sun* O 300 Golden Tag V 185 O 160 Golden Valley* Golden Valley V 378 Goldex Res* O 16 Goldex Res V 51 O 118 Goldgroup Mng* Goldgroup Mng T 230 GoldMining* O 1035 GoldMining T 1107 GoldON Res V 93 GoldON Res* O 51 V 211 GoldQuest Mng Goldrea Res C 9 Goldrea Res* O 3 Goldrich Mng* O 195 O 924 Goldsource Min* Goldsource Min V 2194 Goldstar Mnls V 517 Goldstrike Res V 11 Goliath Res V 1026 Goliath Res* O 210 Gossan Res V 3 GoviEx Uranium* O 1368 V 1320 GoviEx Uranium Gowest Gold* O 5 Gowest Gold V 89 GPM Metals V 482 GR Silver* O 101 GR Silver V 232 O 108 Gran Colombia* Gran Colombia T 1074 Granada Gold V 300 Granada Gold* O 14 V 382 Grande Portage Grande Portage* O 204 Granite Creek V 145 Graphite One* O 71 Graphite One V 36 Gratomic* O 60 Gratomic V 110 Gray Rock Res* O 1 40 Gray Rock Res V Great Atlantic V 106 Great Bear Res V 308 Great Bear Res* O 153 Great Lakes Gr* O 801 Great Panther T 766 X 4721 Great Panther* Great Thunder V 2206 V 1 Greatbanks Re Green River C 461 80 Green Valley M V Greencastle Rs V 181 O 347 Greenland M&En* Grenville Gold C 40 O 33 Grenville Gold* Grid Metals* O 140 Grid Metals V 730 Grizzly Discvr* O 253 Grizzly Discvr V 271 Grosvenor Res V 1 Group Eleven V 304 Group Ten Mtls* O 625 Group Ten Mtls V 1373 GrowMax Res* O 2 V 146 GSP Resource GT Gold V 655 O 74 GT Gold * Guerrero Vents* O 25 V 97 Guerrero Vents Gungnir Res V 312 Gungnir Res* O 144 Gunpoint Expl V 30 T 933 Guyana Gldflds Guyana Goldstr V 1502 O 63 Guyana Goldstr* Handa Mining V 31 O 0 Handeni Gold* Hanna Capital* O 0 V 21 Hanna Capital Hannan Metals V 432 O 164 Hannan Metals* Happy Ck Mnrls V 139 O 4 Harfang Explor* Harfang Explor V 107 N 28553 Harmony Gold* Harte Gold* O 84 Harte Gold T 1673 Harvest Gold* O 15 Harvest Gold V 73 Hawkeye Gld&Di V 1298 V 516 Heatherdale Rs Hecla Mining* N 52714 O 77 Hemcare Health* Heron Res* O 13 Highbank Res V 98 Highbury Proj V 1

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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

HighGold V 635 HighGold* O 60 Highland Copp V 349 O 384 Highland Copp* Highway 50 Gld V 61 HiHo Silver C 25 O 38 Hochschild Mg* Honey Badger E* O 0 Honey Badger E V 484 T 294 Horizonte Mnls 3 Hornby Bay Mnl* O Hornby Bay Mnl V 187 HudBay Min* N 7170 HudBay Min T 9526 Hudson Res V 139 Hudson Res* O 41 Hunt Mng* O 12 Hunt Mng V 3 Hybrid Mineral V 1765 O 32 Hycroft Mining*

1.17 1.06 1.07 - 0.09 1.89 0.78 0.88 0.81 0.81 - 0.06 1.45 0.79 0.04 0.03 0.04 + 0.01 0.08 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.08 0.08 0.08 unch 0.00 0.22 0.06 0.03 0.03 0.03 unch 0.00 0.08 0.02 2.20 2.04 2.07 - 0.11 2.79 1.90 0.00 0.00 0.03 + 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.07 0.06 0.07 unch 0.00 0.09 0.03 0.04 0.04 0.04 + 0.00 0.06 0.01 0.07 0.06 0.07 + 0.01 0.08 0.02 3.41 2.93 3.05 - 0.02 7.83 2.93 4.53 3.90 4.04 - 0.02 10.42 3.90 0.20 0.15 0.17 - 0.05 0.48 0.15 0.15 0.11 0.11 - 0.06 0.38 0.11 0.05 0.04 0.04 unch 0.00 0.13 0.00 0.05 0.00 0.05 unch 0.00 0.15 0.04 0.03 0.03 0.03 unch 0.00 0.13 0.01 0.01 0.00 0.00 unch 0.00 0.03 0.00

I-Minerals* O 13 I-Minerals V 1430 IAMGOLD T 5489 IAMGOLD* N 20280 Icon Explor* O 3 Iconic Mnls V 400 63 Iconic Mnls * O Idaho Champion C 298 O 1 Idaho Champion* IEMR Res V 109 IM Exploration C 30 IMC Intl Mng C 747 35 IMC Intl Mng* O iMetal Res V 1004 iMetal Res* O 160 IMPACT Silver V 675 1 Impala Platnm* O Imperial Metal T 117 Imperial Metal* O 24 Imperial Mg Gr V 363 Inca One Gold V 210 Inception Mng * O 1889 Independence G V 79 Independence G* O 2 Indiana Res* O 0 Indigo Expl V 23 Infinite Lith* O 5 Infinite Lith V 372 Infrastructure* O 0 Inomin Mines V 126 Inspiration Mg* O 6 Integra Res* O 745 Integra Res V 762 Inter-Rock Mnl V 203 Inter-Rock Mnl* O 22 Interconnect V 15 Intercontinent* O 15 Intercontinent V 5 Intl Battery C 55 Intl Battery* O 84 Intl Bethl Mng V 211 Intl Cobalt* O 74 Intl Cobalt C 524 Intl Lithium* O 109 Intl Lithium V 236 Intl Montoro* O 25 Intl Montoro V 249 Intl Prospect * O 1 Intl Prospect V 1 Intl Samuel Ex V 303 74276 Intl Star* O Intl Tower Hil* X 626 Intl Tower Hil T 28 Intl Zeolite V 153 Intl Zeolite* O 51 Intrepid Pots* N 3847 INV Metals* O 2 INV Metals T 58 Inventus Mg * O 128 Inventus Mg V 289 InZinc Mining V 652 InZinc Mining* O 5 Irving Res* O 499 Irving Res C 635 IsoEnergy Ltd V 342 Itafos* O 6 V 17 Itafos Itoco Inc* O 452 O 574 Ivanhoe Mines* Ivanhoe Mines T 5635 Jade Leader* O 0 Jade Leader V 6 Jaeger Res V 3 Jaguar Mng T 1423 Jaguar Mng* O 217 Japan Gold V 167 Japan Gold* O 131 V 548 Jasper Mining Jaxon Mining V 291 Jayden Res V 30 Jayden Res* O 0 Jazz Res V 140 JDF Explor Inc C 429 Jervois Mining V 725 Jervois Mining* O 705 Jiulian Res V 334 Josemaria Res* O 174 Josemaria Res T 298 Joshua Gold* O 30 Jourdan Res V 81 Jubilee Gold V 0 Jubilee Metals* O 12 V 115 Juggernaut Exp Juggernaut Exp* O 1 Jupiter Gold* O 2 K2 Gold V 124 K92 Mining* O 2028 K92 Mining V 5403 Kaizen Discov V 200 Kaizen Discvry* O 24 Kanadario Gold V 20 Kapuskasing Gd V 170 Karam Min C 50 Karnalyte Res T 14 Karoo Expl V 13 KAT Expl* O 57314 Katanga Mng T 2127 Kenadyr Mining V 84 Kenadyr Mining* O 52 Kermode Res V 1332 Kerr Mines* O 169 Kerr Mines T 349 Kesselrun Res V 50 Kestrel Gold V 867 Kilo Goldmines V 2437 O 15 Kincora Copper* Kincora Copper V 98 King Global* O 200 King Global V 861 Kingsmen Res* O 3 Kingsmen Res V 58 Kingsrose Mng* O 10 Kinross Gold* N 63173 Kinross Gold T 12141 Kintavar Exp V 144 Kirkland Lake* N 12145 Kirkland Lake T 14212 Klondike Gold* O 48 Klondike Gold V 320 Klondike Silv* O 100 Klondike Silv V 868 Kombat Copper* O 41 Kombat Copper V 497 Komet Resource V 182 Kootenay Silvr* O 281 Kootenay Silvr V 780 Kootenay Zinc C 35 Kootenay Zinc* O 14 Kore Mining * O 255 Kore Mining V 219 Kutcho Copper * O 89 KWG Res* O 13 KWG Res C 1186

0.05 0.05 0.05 + 0.00 0.14 0.02 0.06 0.05 0.05 - 0.01 0.19 0.03 3.97 3.60 3.85 - 0.10 5.55 3.08 2.99 2.71 2.89 - 0.07 4.17 2.28 0.03 0.03 0.03 unch 0.00 0.21 0.03 0.04 0.04 0.04 unch 0.00 0.16 0.04 0.03 0.03 0.03 - 0.00 0.12 0.03 0.09 0.08 0.08 - 0.01 0.18 0.04 0.07 0.07 0.07 unch 0.00 0.07 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.10 0.10 0.10 unch 0.00 0.15 0.04 0.45 0.40 0.40 + 0.02 0.45 0.15 0.34 0.30 0.31 + 0.02 0.34 0.25 0.10 0.08 0.09 - 0.01 0.19 0.04 0.08 0.06 0.07 - 0.01 0.14 0.03 0.45 0.40 0.41 - 0.02 0.51 0.24 9.51 9.51 9.51 unch 0.00 10.30 4.75 2.09 1.79 2.08 + 0.15 3.50 1.33 1.50 1.41 1.50 + 0.03 2.60 1.00 0.08 0.00 0.06 - 0.01 0.11 0.03 0.24 0.20 0.20 + 0.01 0.50 0.16 0.05 0.03 0.03 - 0.01 0.55 0.04 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.04 0.04 0.04 - 0.00 0.06 0.00 0.00 0.00 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.08 0.06 0.06 - 0.02 0.08 0.01 0.09 0.00 0.09 unch 0.00 0.11 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.03 0.00 1.05 0.87 0.90 - 0.10 1.07 0.46 1.39 1.15 1.19 - 0.13 1.42 0.61 0.25 0.23 0.25 + 0.02 0.35 0.19 0.19 0.19 0.19 - 0.00 0.20 0.16 0.06 0.06 0.06 unch 0.00 0.07 0.04 0.15 0.15 0.15 unch 0.00 0.20 0.07 0.20 0.00 0.20 unch 0.00 0.26 0.09 0.15 0.15 0.15 + 0.01 0.20 0.05 0.13 0.11 0.12 + 0.00 0.15 0.03 0.03 0.02 0.03 + 0.01 0.10 0.02 0.01 0.01 0.01 + 0.00 0.03 0.00 0.02 0.01 0.01 - 0.01 0.04 0.01 0.05 0.04 0.04 + 0.00 0.05 0.02 0.07 0.05 0.06 + 0.01 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.07 0.07 0.07 unch 0.00 0.12 0.05 0.09 0.00 0.09 unch 0.00 0.20 0.07 0.13 0.08 0.13 + 0.03 0.30 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.56 0.51 0.54 - 0.00 0.72 0.42 0.74 0.67 0.72 + 0.01 0.94 0.60 0.05 0.04 0.05 + 0.01 0.16 0.04 0.04 0.04 0.04 + 0.01 0.12 0.03 2.45 2.20 2.20 - 0.18 4.39 2.06 0.26 0.26 0.26 - 0.01 0.57 0.22 0.37 0.00 0.37 + 0.04 0.74 0.30 0.13 0.00 0.13 + 0.02 0.13 0.05 0.19 0.16 0.16 - 0.01 0.19 0.07 0.02 0.02 0.02 - 0.01 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 3.46 2.69 2.87 - 0.50 3.48 1.12 4.60 3.63 3.85 - 0.59 4.60 1.50 0.39 0.37 0.38 + 0.01 0.79 0.35 0.37 0.00 0.37 + 0.06 1.23 0.29 0.49 0.40 0.42 - 0.04 1.63 0.40 0.13 0.07 0.08 - 0.04 0.90 0.06 2.85 2.50 2.63 + 0.06 3.46 2.24 3.80 3.38 3.50 + 0.08 4.54 3.00 0.00 0.00 0.19 unch 0.00 0.27 0.13 0.17 0.00 0.17 - 0.02 0.35 0.13 0.00 0.00 0.01 unch 0.00 0.04 0.01 0.23 0.21 0.21 - 0.01 0.30 0.07 0.18 0.15 0.15 - 0.02 0.22 0.05 0.28 0.25 0.27 - 0.01 0.43 0.17 0.20 0.19 0.20 - 0.01 0.32 0.13 0.07 0.05 0.05 - 0.02 0.25 0.01 0.06 0.05 0.06 + 0.01 0.10 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.01 unch 0.00 0.02 0.00 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.17 0.15 0.16 unch 0.00 0.71 0.01 0.23 0.21 0.22 unch 0.00 0.24 0.13 0.17 0.15 0.17 + 0.00 0.20 0.11 0.04 0.02 0.02 - 0.02 0.14 0.01 0.54 0.00 0.52 - 0.04 0.91 0.39 0.73 0.63 0.69 - 0.06 1.22 0.50 0.17 0.16 0.17 - 0.00 0.40 0.08 0.02 0.01 0.02 + 0.01 0.06 0.01 0.00 0.00 0.53 unch 0.00 0.95 0.48 0.06 0.05 0.06 + 0.01 0.07 0.03 0.24 0.22 0.24 + 0.01 1.25 0.10 0.16 0.16 0.16 + 0.00 1.02 0.06 0.80 0.43 0.68 - 0.12 2.00 0.25 0.25 0.23 0.25 + 0.01 0.37 0.17 3.04 2.66 2.83 - 0.08 3.04 0.81 3.94 3.53 3.77 - 0.08 3.98 1.07 0.06 0.06 0.06 - 0.01 0.08 0.03 0.06 0.00 0.05 - 0.01 0.06 0.02 0.19 0.19 0.19 unch 0.00 0.25 0.15 0.10 0.09 0.10 + 0.02 0.14 0.03 0.16 0.16 0.16 unch 0.00 0.16 0.03 0.19 0.00 0.19 unch 0.00 0.30 0.15 0.21 0.00 0.15 - 0.06 1.65 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.12 0.10 0.11 unch 0.00 0.65 0.10 0.08 0.06 0.06 - 0.02 0.11 0.04 0.06 0.05 0.05 - 0.00 0.07 0.03 0.02 0.01 0.02 + 0.01 0.02 0.01 0.12 0.10 0.10 - 0.01 0.21 0.08 0.16 0.13 0.14 - 0.01 0.27 0.11 0.05 0.05 0.05 - 0.01 0.07 0.03 0.04 0.03 0.03 - 0.01 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.04 0.02 0.02 - 0.01 0.11 0.02 0.05 0.00 0.04 unch 0.00 0.16 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.00 0.04 0.03 0.03 unch 0.00 0.10 0.01 0.08 0.00 0.08 + 0.00 0.52 0.01 0.13 0.00 0.13 - 0.01 0.70 0.07 0.12 0.12 0.12 unch 0.00 0.16 0.08 5.16 4.86 4.93 - 0.14 5.47 3.00 6.86 6.45 6.55 - 0.16 7.24 4.04 0.12 0.11 0.12 unch 0.00 0.28 0.10 41.13 35.41 35.44 - 5.69 51.08 29.15 54.51 47.11 47.14 - 7.13 67.87 38.80 0.23 0.21 0.21 - 0.01 0.35 0.13 0.31 0.28 0.29 - 0.01 0.45 0.18 0.03 0.00 0.03 + 0.00 0.04 0.01 0.04 0.04 0.04 + 0.01 0.05 0.03 0.11 0.11 0.11 unch 0.00 0.15 0.07 0.13 0.12 0.13 - 0.01 0.22 0.06 0.11 0.08 0.11 + 0.03 0.20 0.05 0.23 0.20 0.23 + 0.02 0.27 0.08 0.30 0.27 0.29 + 0.02 0.35 0.11 0.06 0.05 0.05 - 0.01 0.18 0.05 0.05 0.03 0.04 - 0.00 0.12 0.02 0.26 0.24 0.24 - 0.02 0.31 0.14 0.35 0.32 0.32 - 0.01 0.41 0.14 0.17 0.13 0.17 + 0.03 0.35 0.10 0.01 0.00 0.01 unch 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01

Labrador Gold V 82 Labrador IMH* O 442 Labrador IOR* O 8 Labrador IOR T 1503

0.13 0.13 0.13 - 0.01 0.26 0.11 0.03 0.02 0.02 - 0.01 0.20 0.00 16.93 15.91 16.05 + 0.11 27.20 15.89 22.88 20.91 21.31 + 0.22 36.01 20.81

I-J-K

L

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Lake Forest Mi* O 1 Lake Resources* O 57 Lara Expl V 75 Laramide Res T 1132 Laredo Res* O 177 Largo Res T 1494 Largo Res* O 2019 Lasalle Explor V 90 Latin American V 500 O 8 Latin American* Latin Metals V 113 Laurion Mnl Ex* O 44 Laurion Mnl Ex V 172 Leading Edge* O 111 Leading Edge V 225 Leagold Mg* O 656 Leagold Mg T 1901 32584 Leeta Gold V Legion Metals C 902 Leo Res* O 7 Lepanto Con Mg* O 280 Libero Copper* O 217 V 992 Libero Copper Liberty Gold* O 1049 Liberty One Li V 242 Liberty One Li* O 213 LiCo Energy* O 228 LiCo Energy V 92 Lincoln Mng V 185 Lion One Mtls V 513 Lion One Mtls* O 193 Lions Bay Cap V 1071 Lions Bay Mg * O 2 1 Lions Bay Mg C Lithium Amer* N 3164 Lithium Amer T 1442 Lithium Chile V 98 Lithium Chile* O 15 Lithium Corp* O 1544 Lithium Energi* O 4 V 142 Lithium Energi Lithoquest Dia V 1055 LKA Gold* O 3 Lode-Star Mg* O 73 Lodge Res C 68 Logan Res V 3 Logan Res* O 1 Lomiko Mtls* O 148 Lomiko Mtls V 402 Loncor Res* O 63 Loncor Res T 162 Lone Star Gold* O 12 Los Andes* O 26 Los Andes V 165 Lucara Diam T 1689 Lucky Min V 3202 Lucky Min* O 340 Luckystrike V 0 Luckystrike * O 0 Lumina Gold* O 351 Lumina Gold V 1141 Luminex Res V 102 Lundin Gold T 1386 Lundin Mng* O 445 10490 Lundin Mng T Lupaka Gold * O 0 Lupaka Gold V 925 Lydian Intl* O 89 Lynas Corp* O 218 Lynas Corp* O 197

7.00 5.00 5.00 unch 0.00 7.00 0.50 0.04 0.03 0.04 + 0.00 0.32 0.02 0.64 0.58 0.63 + 0.04 0.66 0.42 0.24 0.19 0.20 + 0.02 0.46 0.18 0.00 0.00 0.00 + 0.00 0.01 0.00 1.08 0.98 1.00 - 0.06 2.64 0.81 0.81 0.74 0.76 - 0.04 2.00 0.62 0.15 0.14 0.14 - 0.02 0.18 0.10 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.13 0.00 0.13 unch 0.00 0.20 0.08 0.13 0.12 0.13 + 0.01 0.16 0.06 0.17 0.16 0.17 + 0.01 0.22 0.08 0.08 0.06 0.06 - 0.01 0.30 0.04 0.10 0.09 0.09 - 0.01 0.40 0.06 2.78 2.53 2.69 - 0.05 2.89 1.04 3.66 3.38 3.56 - 0.08 3.76 1.41 0.32 0.17 0.29 + 0.12 0.82 0.08 0.35 0.29 0.31 - 0.02 0.83 0.26 0.02 0.00 0.00 - 0.01 0.12 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.05 0.05 - 0.01 0.18 0.05 0.08 0.07 0.07 - 0.01 0.23 0.07 0.97 0.87 0.90 - 0.08 1.05 0.24 0.06 0.05 0.06 + 0.01 0.15 0.04 0.04 0.03 0.04 + 0.01 0.11 0.02 0.03 0.02 0.03 unch 0.00 0.10 0.01 0.07 0.00 0.06 unch 0.00 0.24 0.03 0.08 0.08 0.08 unch 0.00 0.20 0.05 1.75 1.63 1.69 - 0.03 1.90 0.44 1.33 1.23 1.29 - 0.02 1.46 0.34 0.04 0.00 0.04 unch 0.00 0.10 0.03 0.07 0.06 0.07 + 0.01 0.14 0.00 0.00 0.00 0.09 unch 0.00 0.20 0.03 4.49 3.75 4.14 + 0.39 4.89 2.75 5.99 5.00 5.48 + 0.51 6.43 3.60 0.25 0.00 0.24 + 0.03 0.65 0.20 0.18 0.00 0.17 + 0.01 0.49 0.15 0.11 0.07 0.10 + 0.02 0.20 0.05 0.10 0.09 0.09 - 0.01 0.16 0.01 0.15 0.14 0.14 + 0.01 0.24 0.03 0.04 0.03 0.03 - 0.01 0.11 0.03 0.08 0.08 0.08 unch 0.00 0.20 0.06 0.07 0.07 0.07 unch 0.00 0.15 0.03 0.45 0.40 0.45 - 0.01 0.55 0.11 0.06 0.00 0.06 - 0.01 0.24 0.04 0.06 0.00 0.06 + 0.01 0.12 0.03 0.04 0.03 0.03 - 0.00 0.07 0.01 0.06 0.04 0.05 unch 0.00 0.09 0.02 0.48 0.39 0.44 + 0.05 0.48 0.09 0.64 0.50 0.55 + 0.05 0.64 0.12 0.50 0.00 0.32 - 0.07 2.12 0.05 0.29 0.27 0.27 - 0.02 0.40 0.15 0.40 0.35 0.36 - 0.02 0.52 0.17 0.90 0.82 0.84 + 0.01 1.87 0.78 0.02 0.00 0.02 unch 0.00 0.13 0.01 0.02 0.01 0.02 - 0.00 0.10 0.01 0.00 0.00 0.50 unch 0.00 2.80 0.13 0.00 0.00 0.31 unch 0.00 2.07 0.10 0.54 0.52 0.52 - 0.02 1.03 0.38 0.72 0.69 0.70 - 0.01 0.78 0.50 0.64 0.00 0.63 + 0.01 1.02 0.54 10.39 9.65 9.72 - 0.81 10.65 5.02 5.70 5.17 5.34 + 0.11 6.34 4.35 7.58 6.84 7.08 + 0.14 8.08 5.76 0.00 0.00 0.01 unch 0.00 0.08 0.00 0.01 0.01 0.01 unch 0.00 0.12 0.01 0.03 0.03 0.03 unch 0.00 0.16 0.03 1.57 1.39 1.49 + 0.06 2.29 1.09 1.55 1.45 1.51 + 0.04 2.33 1.07

M M.P.V. Explor C 250 0.10 0.10 0.10 unch 0.00 0.18 0.06 Macarthur Min V 284 0.19 0.18 0.19 - 0.01 0.66 0.12 O 80 0.15 0.15 0.15 unch 0.00 1.24 0.10 Macarthur Min* O 184 0.06 0.04 0.05 - 0.01 0.16 0.02 MacDonald Mns* MacDonald Mns V 1015 0.07 0.06 0.06 - 0.02 0.21 0.03 11.30 MAG Silver T 699 14.29 13.33 13.77 - 0.65 18.60 Magellan Gold* O 6 0.99 0.72 0.99 + 0.02 3.80 0.75 Magna Gold V 422 0.40 0.35 0.38 + 0.01 0.55 0.19 0.20 Magna Gold* O 66 0.28 0.27 0.27 - 0.01 0.38 0.04 Majestic Gold V 551 0.05 0.00 0.05 - 0.01 0.08 Majestic Gold* O 10 0.04 0.03 0.03 - 0.00 0.06 0.03 Makena Res* O 12 0.59 0.55 0.55 - 0.04 2.18 0.40 0.07 Mako Mining* O 489 0.30 0.25 0.28 + 0.02 0.30 0.09 Mako Mining V 1027 0.40 0.34 0.37 + 0.03 0.40 Mammoth Res V 94 0.04 0.00 0.04 unch 0.00 0.05 0.02 4 0.02 0.02 0.02 unch 0.00 0.01 0.01 Mammoth Res * O Mandalay Res* O 5 0.80 0.73 0.73 - 0.04 1.12 0.05 T 137 1.04 0.96 0.96 - 0.04 1.57 0.65 Mandalay Res Manganese X V 193 0.11 0.09 0.10 unch 0.00 0.18 0.06 O 4 0.08 0.06 0.06 - 0.02 0.13 0.04 Manganese X* Mangazeya Mng* O 7 0.05 0.00 0.05 - 0.00 0.05 0.01 V 416 0.09 0.06 0.09 + 0.03 0.09 0.03 Mangazeya Mng Manitou Gold V 380 0.08 0.06 0.07 + 0.01 0.08 0.02 23 0.06 0.04 0.05 + 0.00 0.06 0.02 Manitou Gold * O Maple Gold V 2057 0.09 0.00 0.07 - 0.02 0.12 0.07 0.05 Maple Gold* O 610 0.07 0.05 0.06 - 0.01 0.09 Marathon Gold* O 250 1.24 1.13 1.15 - 0.04 1.34 0.58 T 1373 1.64 1.50 1.53 unch 0.00 1.76 0.78 Marathon Gold Margaret Lake V 346 0.04 0.03 0.04 unch 0.00 0.11 0.02 unch 0.00 0.15 0.04 Margaux Res V 294 0.05 0.05 0.05 Margaux Res* O 3 0.04 0.04 0.04 - 0.00 0.08 0.04 0.04 Marifil Mines* O 18 0.05 0.04 0.04 - 0.01 0.14 Marifil Mines V 87 0.06 0.06 0.06 + 0.01 0.18 0.05 0.15 Mariner Res C 105 0.20 0.16 0.20 + 0.04 0.20 Maritime Res V 919 0.07 0.07 0.07 - 0.01 0.12 0.07 MartinMarietta* N 2491 278.39 264.50 274.10 + 10.30 281.82 179.84 Mas Gold V 288 0.09 0.08 0.09 + 0.01 0.16 0.04 0 0.00 0.00 2.50 unch 0.00 50.00 1.21 Mascota Res* O Mason Graphite* O 437 0.25 0.20 0.20 - 0.03 0.38 0.14 V 1045 0.33 0.26 0.27 - 0.04 0.50 0.19 Mason Graphite Matachewan Con V 40 0.12 0.12 0.12 unch 0.00 0.20 0.11 0.03 Matica Ent C 1100 0.04 0.03 0.04 + 0.01 0.13 Matmown* O 60 0.01 0.01 0.01 + 0.00 0.03 0.00 Maverix Metals T 265 6.96 6.33 6.40 - 0.37 7.30 4.32 X 365 5.24 4.77 4.81 - 0.36 5.72 1.65 Maverix Metals* Mawson Res* O 119 0.22 0.19 0.19 - 0.02 0.22 0.09 0.13 Mawson Res T 211 0.29 0.26 0.27 - 0.01 0.29 MAX Res V 396 0.12 0.00 0.10 - 0.02 3.00 0.07 C 200 0.08 0.08 0.08 unch 0.00 0.13 0.03 MaxTech Vent MaxTech Vent* O 224 0.07 0.05 0.07 + 0.01 0.10 0.02 unch 0.00 4.54 0.05 Maxwell Res* O 0 0.06 0.00 0.06 Maya Gold &Sil* O 9 1.38 0.00 1.25 - 0.09 1.84 1.15 74 1.80 1.61 1.72 - 0.05 2.63 1.55 Maya Gold &Sil T Mazarin V 159 0.13 0.08 0.13 + 0.05 0.13 0.04 0.04 MBMI Res V 2 0.12 0.00 0.12 - 0.01 0.23 McChip Res V 37 0.57 0.55 0.55 - 0.02 0.89 0.50 unch 0.00 2.84 1.35 McEwen Mng T 1225 1.63 1.41 1.51 McEwen Mng* N 12741 1.23 1.06 1.14 - 0.01 2.14 1.02 0.01 McLaren Res C 297 0.03 0.03 0.03 - 0.01 0.05 MDN Inc* O 4 0.33 0.30 0.31 - 0.03 0.40 0.11 12 0.00 0.00 0.00 unch 0.00 0.04 0.00 Meadow Bay Gd* O Mechel* N 485 3.15 2.92 3.03 + 0.02 3.43 1.53 V 202 0.10 0.09 0.10 unch 0.00 0.28 0.07 Medallion Res Medallion Res* O 57 0.07 0.00 0.07 - 0.01 0.21 0.05 0.05 Medgold Res V 225 0.07 0.06 0.06 - 0.01 0.17 Medgold Res* O 174 0.06 0.05 0.05 + 0.00 0.12 0.03 O 2420 0.00 0.00 0.00 - 0.00 0.00 0.00 Medinah Mnrls* Mega Copper V 43 0.12 0.08 0.08 - 0.04 0.18 0.08 T 759 0.09 0.08 0.09 unch 0.00 0.12 0.08 Mega Uranium Mega Uranium* O 215 0.07 0.06 0.06 - 0.00 0.09 0.05 0.05 Megastar Dev V 83 0.12 0.10 0.10 - 0.02 0.19 Megastar Dev* O 13 0.09 0.09 0.09 unch 0.00 0.09 0.06 0.06 MegumaGold C 347 0.16 0.14 0.15 - 0.01 0.21 MegumaGold* O 67 0.12 0.10 0.11 - 0.01 0.15 0.03 unch 0.00 0.10 0.02 Melkior Res V 601 0.03 0.02 0.03 0 0.00 0.00 25.00 unch 0.00 Merger Mines* O Meridian Mg V 16 0.09 0.00 0.07 - 0.01 0.22 0.04 0.01 Meryllion Res C 525 0.01 0.01 0.01 + 0.01 0.02 Mesa Expl* O 3 0.00 0.00 0.00 unch 0.00 0.00 0.00 unch 0.00 0.03 0.00 MetalCorp* O 11 0.03 0.03 0.03 MetalCorp V 267 0.03 0.02 0.03 unch 0.00 0.04 0.01 0.02 Metalex Vent V 178 0.03 0.02 0.03 + 0.01 0.08 Metalex Vent * O 3 0.03 0.01 0.01 - 0.02 0.03 0.01 3.68 Metalla Rylty V 343 8.69 8.01 8.13 - 0.07 8.69 Metallic Mnrls V 224 0.30 0.26 0.26 - 0.03 0.31 0.11 O 142 0.22 0.19 0.20 - 0.02 0.24 0.08 Metallic Mnrls* Metallica Min* O 159 0.01 0.01 0.01 - 0.00 0.01 0.01 0.28 Metallis Res V 105 0.34 0.29 0.34 + 0.06 0.99 Metalo Manuf C 34 0.20 0.20 0.20 unch 0.00 0.40 0.10 0.89 Metalore Res V 4 2.41 2.40 2.40 + 0.40 2.60 Metalore Res* O 3 1.80 1.80 1.80 unch 0.00 1.80 0.71 O 1 0.04 0.03 0.04 - 0.00 0.04 0.02 Metals Creek* Metals Creek V 216 0.05 0.04 0.05 unch 0.00 0.06 0.03 0.05 Metals X* O 245 0.06 0.05 0.06 + 0.00 0.27 Metron Capital V 119 0.40 0.37 0.40 - 0.02 0.42 0.06 O 15 0.08 0.07 0.07 unch 0.00 0.14 0.04 Mexican Gold* Mexivada Mng* O 42 0.00 0.00 0.00 unch 0.00 0.00 0.00 25237 0.00 0.00 0.00 + 0.00 0.03 0.00 Mexus Gold* O MGX Minerals* O 367 0.08 0.05 0.07 - 0.01 0.33 0.03 C 572 0.11 0.09 0.09 - 0.02 0.43 0.04 MGX Minerals

2020-02-10 11:49 AM

22

WWW.NORTHERNMINER.COM

FEBRUARY 17–MARCH 1, 2020 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Mich Resources C 105 Midas Gold T 981 Midas Gold* O 1270 Midland Expl V 219 Midnight Sun* O 147 Midnight Sun V 171 Millennial Lit* O 47 Millennial Lit V 135 Millrock Res* O 1246 Millrock Res V 1417 Minaurum Gold V 191 O 529 Minaurum Gold* Minco Silver* O 26 Minco Silver T 83 Minera Alamos * O 1508 Minera Alamos V 1834 Minera IRL* O 69 Minera IRL C 231 Mineral Mtn* O 530 Mineral Mtn V 691 0 Mineral Res* O MineralRite* O 11 V 400 Mineworx Tech Mineworx Tech* O 267 V 6 Minfocus Expl Mining Global* O 7753 V 5 Minnova Corp Minsud Res V 2 O 48 Miramont Res* Miramont Res C 189 Mirasol Res V 126 Mistango River C 88 Mkango Res V 12 ML Gold* O 47 ML Gold Corp V 1343 Monarca Mnrls* O 370 V 224 Monarca Mnrls Monarch Gold T 754 O 367 Monarch Gold* Moneta Porcpn* O 96 T 575 Moneta Porcpn Mongoose Mg C 80 21 Monitor Vent V Monitor Vent* O 6 O 13 Montego Res* Monterey Min C 599 V 302 Montero Mg&Ex Monument Mng V 4229 Morien Res* O 68 Morien Res V 353 N 24402 Mosaic* Mountain Boy V 12 O 24 Mountain Boy* Mountain Prov* D 1222 T 649 Mountain Prov Mundoro Cap* O 165 Mundoro Cap V 317 Murchison Min V 168 MX Gold* O 90

0.29 0.24 0.24 - 0.05 0.50 0.08 0.60 0.55 0.56 - 0.04 0.99 0.51 0.45 0.41 0.41 - 0.03 0.75 0.39 0.86 0.76 0.80 - 0.05 1.46 0.66 0.08 0.07 0.08 - 0.00 0.11 0.07 0.11 0.11 0.11 unch 0.00 0.15 0.10 1.17 0.95 1.07 + 0.10 1.50 0.69 1.55 1.27 1.43 + 0.11 1.92 0.98 0.12 0.09 0.11 + 0.01 0.16 0.05 0.16 0.12 0.14 unch 0.00 0.21 0.07 0.50 0.46 0.50 + 0.02 0.55 0.32 0.39 0.33 0.38 + 0.02 0.43 0.23 0.51 0.46 0.49 - 0.02 0.73 0.30 0.68 0.62 0.64 - 0.07 0.99 0.37 0.22 0.19 0.20 - 0.01 0.27 0.07 0.29 0.26 0.27 - 0.02 0.32 0.10 0.15 0.13 0.13 - 0.02 0.15 0.10 0.19 0.16 0.18 unch 0.00 0.21 0.06 0.31 0.26 0.28 - 0.01 0.43 0.07 0.40 0.34 0.38 + 0.01 0.53 0.10 0.00 0.00 11.95 unch 0.00 12.00 8.77 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.10 0.11 + 0.01 0.24 0.07 0.08 0.07 0.08 - 0.00 0.18 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.09 0.09 unch 0.00 0.43 0.06 0.05 0.05 0.05 unch 0.00 0.15 0.01 0.11 0.09 0.09 - 0.01 0.48 0.05 0.13 0.12 0.12 - 0.01 0.63 0.07 0.52 0.49 0.50 unch 0.00 1.21 0.46 0.04 0.03 0.03 unch 0.00 0.05 0.01 0.16 0.13 0.13 - 0.03 0.19 0.09 0.12 0.11 0.11 - 0.01 0.54 0.01 0.18 0.14 0.17 unch 0.00 0.77 0.09 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.19 0.18 0.18 unch 0.00 0.33 0.18 0.15 0.13 0.14 + 0.00 0.24 0.13 0.10 0.08 0.10 + 0.01 0.11 0.06 0.13 0.12 0.12 - 0.01 0.14 0.09 0.14 0.11 0.14 + 0.03 0.15 0.11 0.22 0.00 0.19 + 0.02 0.26 0.14 0.14 0.00 0.14 + 0.02 0.22 0.10 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.07 0.05 0.06 unch 0.00 0.13 0.04 0.03 0.02 0.02 - 0.01 0.20 0.02 0.05 0.04 0.04 unch 0.00 0.07 0.04 0.49 0.43 0.45 + 0.03 0.50 0.25 0.65 0.56 0.57 + 0.01 0.65 0.33 21.60 19.54 20.25 + 0.41 33.91 17.36 0.24 0.00 0.24 unch 0.00 0.28 0.16 0.18 0.14 0.14 - 0.05 0.21 0.11 0.86 0.75 0.79 - 0.04 1.24 0.65 1.16 1.02 1.08 unch 0.00 1.65 0.91 0.11 0.11 0.11 unch 0.00 0.19 0.00 0.16 0.15 0.16 + 0.01 0.25 0.10 0.16 0.11 0.14 + 0.03 0.18 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00

NA Frac Sand* O 3111 NACCO Ind* N 52 Namibia Crit V 560 Namibia Crit* O 264 Napier Vent V 29 Natural Res Pt* N 122 Nautilus Mnrls* O 1288 Navy Res V 5 Neo Lithium V 685 Neometals* O 30 Network Expl* O 67 Network Expl V 295 Nevada Copper T 1094 O 12 Nevada Energy* Nevada Energy V 112 Nevada Expl * O 106 Nevada Expl V 363 O 350 Nevada Sunrise* Nevada Sunrise V 443 Nevada Zinc V 570 Nevado Res V 31 New Age Metals* O 921 New Age Metals V 3158 New Carolin Gd* O 378 New Carolin Gd V 297 54 New Destiny Mg V New Dimen Res V 626 New Dimen Res* O 405 New Energy Met V 55 50 New Energy Met* O New Gold* X 7280 New Gold T 3099 New Guinea Gld* O 139 New Jersey Mng* O 720 New Jersey Mng C 1 New Milln Iron* O 4 New Milln Iron T 254 New Oroperu V 270 New Pac Metals* O 782 New Pac Metals V 804 New Stratus V 11 New Tech Min* O 70 New Tech Min C 1141 Newlox Gold C 91 Newmac Res* O 5 Newmac Res V 3 Newmont T 587 Newmont* N 35422 Newport Expl V 441 Newport Gold* O 298 NewRange Gold* O 297 NewRange Gold V 497 Nexa Resources* N 186 Nexa Resources T 1 Nexco Res C 575 Nexgen Energy* X 2211 Nexgen Energy T 1746 NextSource Mat T 1177 Nexus Gold* O 114 Nexus Gold V 2940 NGEx Minerals V 65 NGEx Minerals* O 37 Nickel Creek T 559 Nickel Creek* O 201 Nickel North V 5 Nicola Mg Inc V 1221 Nicola Mg Inc* O 778 Nighthawk Gold T 295 Niobay Metals V 24 Niocan Inc V 39 Niocorp Dev T 363 Niocorp Dev* O 404 Nippon Dragon V 999 Nippon Dragon* O 3 Noble Metal V 300 Noble Mineral* O 97 Noble Mineral V 297 Noka Res* O 375 Noram Vent* O 12 Noram Vent V 1584 O 37 Noranda Alum* Noront Res* O 15 Noront Res V 313 Norra Metals V 248 Norsemont Cap C 175 Nortec Mnls V 442 North Am Nickl V 46 North Am Nickl* O 3 North Arrow Mn* O 20 North Arrow Mn V 220 North Bay Res * O 1509 Northcliff Res T 55 Northern Light C 251 Northern Uran V 593 Northisle C&G V 101 Northisle C&G * O 0 Northstar Gold C 520 Northway Res V 40 Norvista Cap V 28 NorZinc T 1094 NorZinc* O 472 Nouveau Monde V 3148 Nouveau Monde* O 913 NovaGold Res T 2035 NovaGold Res* X 10967

0.02 0.01 0.02 + 0.00 0.03 0.00 48.76 46.85 47.77 + 0.63 66.40 34.73 0.14 0.13 0.14 + 0.01 0.31 0.08 0.11 0.09 0.11 + 0.01 0.24 0.06 0.10 0.09 0.10 + 0.01 0.30 0.09 20.68 19.35 19.49 - 0.40 44.71 19.25 0.01 0.00 0.01 + 0.00 0.05 0.00 0.12 0.12 0.12 unch 0.00 0.16 0.10 0.85 0.63 0.79 + 0.12 1.13 0.39 0.08 0.08 0.08 unch 0.00 0.21 0.08 0.23 0.18 0.18 - 0.03 0.45 0.13 0.29 0.24 0.24 - 0.03 0.54 0.18 0.34 0.30 0.32 unch 0.00 0.49 0.19 0.07 0.06 0.06 - 0.01 0.12 0.07 0.11 0.00 0.10 unch 0.00 0.16 0.10 0.27 0.23 0.27 + 0.01 0.30 0.11 0.36 0.31 0.36 + 0.02 0.39 0.15 0.05 0.03 0.04 + 0.00 0.07 0.02 0.06 0.04 0.06 + 0.01 0.10 0.04 0.06 0.04 0.05 + 0.01 0.14 0.03 0.14 0.13 0.14 + 0.03 0.20 0.11 0.08 0.06 0.06 - 0.02 0.11 0.02 0.10 0.08 0.08 - 0.01 0.15 0.03 0.05 0.04 0.04 - 0.00 0.18 0.04 0.06 0.05 0.06 - 0.01 0.24 0.05 0.04 0.04 0.04 - 0.01 0.18 0.04 0.03 0.02 0.03 - 0.01 0.07 0.02 0.03 0.02 0.02 - 0.01 0.04 0.02 0.04 0.04 0.04 unch 0.00 0.60 0.02 0.07 0.07 0.07 unch 0.00 0.26 0.03 0.93 0.83 0.84 - 0.08 1.56 0.61 1.22 1.11 1.11 - 0.11 2.03 0.82 0.00 0.00 0.00 - 0.00 0.02 0.00 0.15 0.13 0.14 + 0.01 0.20 0.11 0.00 0.00 0.15 unch 0.00 0.20 0.15 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.79 0.72 0.79 + 0.07 0.85 0.22 5.10 4.26 4.34 - 0.73 5.60 1.24 6.78 5.66 5.74 - 0.95 6.98 1.66 0.15 0.14 0.14 unch 0.00 0.25 0.13 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.05 0.02 0.04 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.10 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.00 0.00 0.00 0.07 unch 0.00 0.08 0.04 60.76 57.79 58.52 - 1.01 60.76 40.01 45.71 43.53 44.02 - 1.04 45.71 29.77 0.45 0.39 0.40 - 0.04 0.45 0.24 0.01 0.01 0.01 + 0.00 0.04 0.00 0.10 0.09 0.09 + 0.00 0.17 0.07 0.13 0.12 0.13 + 0.02 0.22 0.11 8.09 7.53 7.89 - 0.04 12.80 7.00 10.67 10.21 10.46 + 0.25 17.05 9.40 0.05 0.04 0.04 unch 0.00 0.08 0.03 1.15 1.03 1.07 - 0.02 1.89 1.03 1.52 1.38 1.41 + 0.04 2.52 1.36 0.05 0.04 0.05 unch 0.00 0.16 0.03 0.05 0.04 0.05 + 0.00 0.18 0.03 0.07 0.06 0.07 + 0.01 0.18 0.05 0.39 0.00 0.38 - 0.01 0.66 0.27 0.31 0.27 0.29 - 0.02 0.32 0.20 0.09 0.08 0.08 - 0.01 0.15 0.03 0.07 0.06 0.06 unch 0.00 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.11 0.09 0.10 unch 0.00 0.14 0.08 0.08 0.07 0.08 + 0.00 0.11 0.06 2.27 2.00 2.20 + 0.20 3.65 1.55 0.43 0.40 0.40 unch 0.00 0.53 0.15 0.20 0.00 0.20 + 0.04 0.24 0.11 0.84 0.78 0.79 - 0.03 0.94 0.50 0.63 0.59 0.59 - 0.03 0.72 0.36 0.05 0.00 0.05 + 0.01 0.05 0.02 0.03 0.00 0.03 - 0.01 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.06 0.06 0.06 - 0.01 0.13 0.04 0.09 0.08 0.08 unch 0.00 0.18 0.06 0.09 0.07 0.08 - 0.01 0.22 0.07 0.14 0.10 0.13 + 0.03 0.14 0.04 0.21 0.13 0.18 + 0.04 0.21 0.05 0.01 0.00 0.00 + 0.00 0.02 0.00 0.13 0.11 0.11 - 0.02 0.23 0.11 0.18 0.16 0.17 - 0.01 0.32 0.14 0.04 0.04 0.04 + 0.01 0.08 0.02 0.35 0.35 0.35 + 0.05 0.43 0.29 0.03 0.02 0.02 - 0.01 0.05 0.01 0.18 0.00 0.18 - 0.02 0.35 0.10 0.13 0.13 0.13 unch 0.00 0.29 0.02 0.04 0.00 0.03 - 0.00 0.09 0.03 0.06 0.00 0.05 - 0.01 0.14 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.06 0.06 unch 0.00 0.11 0.05 0.05 0.04 0.04 - 0.01 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.07 0.06 0.07 + 0.01 0.11 0.01 0.00 0.00 0.04 unch 0.00 0.07 0.03 0.33 0.29 0.30 - 0.02 0.35 0.19 0.09 0.09 0.09 unch 0.00 0.14 0.07 0.08 0.07 0.08 + 0.01 0.13 0.07 0.08 0.07 0.08 - 0.01 0.13 0.07 0.06 0.05 0.06 - 0.00 0.10 0.05 0.27 0.23 0.24 + 0.02 0.28 0.17 0.20 0.17 0.18 + 0.00 0.21 0.14 12.17 11.61 11.62 - 0.45 12.45 4.66 9.20 8.72 8.75 - 0.37 9.48 3.52

N-O

20-23_FEB17_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Novo Res* O 395 Novo Res V 512 NRG Metals* O 453 NRG Metals* O 14 NRG Metals V 448 Nrthn Graphite V 291 Nrthn Graphite* O 364 Nrthn Lion V 5 Nrthn Mnrls &E* O 2 Nrthn Shield V 1548 Nrthn Superior* O 80 V 219 Nrthn Superior Nrthn Vertex* O 92 Nrthn Vertex V 150 NSGold V 3 NSS Res Inc C 43 Nthn Dynasty T 199 X 3062 Nthn Dynasty* O 160 Nthrn Sphere* Nubian Res V 250 Nuinsco Res C 1142 Nuinsco Res* O 711 V 1704 NuLegacy Gold NuLegacy Gold* O 1498 N 9980 Nutrien* Nutrien T 5779 NV Gold V 207 NV Gold* O 69 O.T. Mining* O 46 O3 Mining* O 56 O3 Mining V 7709 OceanaGold* O 4 OceanaGold T 5569 Oceanic Iron O V 202 O 1 Oceanus Res* Oceanus Res V 99 Odyssey Res V 52 Olivut Res V 33 Olivut Res* O 52 Omineca Mining V 291 O 78 Omineca Mining* One World Lith C 878 One World Lith* O 281 Opawica Expl V 217 Opus One Res V 122 Orbite Tech* O 16 Orca Gold* O 61 Orca Gold V 273 Ord Mountain V 80 Orefinders Res V 248 V 223 Orestone Mng Orex Mnrls* O 109 Orex Mnrls V 141 Orezone Gold* O 364 Orezone Gold V 1779 Orford Mining V 289 OrganiMax* O 0 OrganiMax V 106 Origin Gold V 1221 Original Sixtn* O 35 Orla Mng Ltd T 617 Orla Mng Ltd* O 17 Oroco Res V 224 Oroco Res* O 123 Orocobre T 247 Oronova Energy V 132 Orosur Mng T 126 Orsu Metals V 17 Orsu Metals* O 1 Orvana Mnrls T 239 O 78 Orvana Mnrls* Osino Res V 461 Osisko Gold* N 4818 Osisko Gold T 2432 O 170 Osisko Metals* Osisko Metals V 521 Osisko Mng Inc T 1600 Osprey Gold V 5534 Otis Gold V 385 Otis Gold* O 359 Otso Gold* O 17 Otso Gold V 829 O 296 Outcrop Gold* Outcrop Gold V 734 OZ Minerals* O 0

2.63 2.42 2.48 - 0.13 3.07 1.38 3.50 3.23 3.29 - 0.19 3.96 1.87 0.05 0.04 0.05 - 0.00 0.25 0.03 0.30 0.15 0.18 unch 0.00 0.25 0.03 0.07 0.00 0.33 - 0.03 2.52 0.30 0.20 0.14 0.15 + 0.02 0.28 0.06 0.16 0.10 0.12 + 0.02 0.20 0.04 0.12 0.12 0.12 unch 0.00 0.46 0.10 0.04 0.04 0.04 unch 0.00 0.12 0.03 0.11 0.09 0.09 - 0.01 0.12 0.04 0.14 0.12 0.12 + 0.00 0.22 0.05 0.19 0.17 0.19 unch 0.00 0.29 0.07 0.20 0.18 0.18 - 0.01 0.27 0.12 0.26 0.24 0.26 - 0.01 0.35 0.16 0.15 0.15 0.15 unch 0.00 0.15 0.06 0.07 0.00 0.05 - 0.01 0.18 0.03 0.59 0.56 0.57 + 0.01 1.47 0.50 0.44 0.42 0.44 + 0.01 1.07 0.38 0.02 0.02 0.02 unch 0.00 0.20 0.00 0.12 0.12 0.12 unch 0.00 0.22 0.07 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.01 0.01 0.01 - 0.00 0.04 0.00 0.06 0.04 0.05 unch 0.00 0.14 0.03 0.05 0.03 0.04 - 0.00 0.10 0.02 44.68 42.43 43.27 + 0.58 56.00 42.37 59.36 56.43 57.57 + 1.08 73.64 56.06 0.14 0.13 0.13 - 0.01 0.29 0.11 0.11 0.10 0.10 - 0.01 0.22 0.08 0.06 0.04 0.06 - 0.00 0.11 0.04 1.85 1.74 1.76 - 0.04 2.29 1.71 2.50 2.30 2.39 - 0.06 4.00 2.00 2.11 1.86 1.86 - 0.24 3.38 1.68 2.75 2.43 2.47 - 0.30 4.59 2.12 0.11 0.10 0.10 - 0.02 0.17 0.04 0.06 0.06 0.06 - 0.01 0.09 0.04 0.08 0.07 0.08 unch 0.00 0.13 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.05 0.04 0.05 + 0.01 0.16 0.04 0.04 0.02 0.04 + 0.00 0.12 0.02 0.14 0.00 0.12 unch 0.00 0.14 0.03 0.09 0.00 0.09 unch 0.00 0.11 0.01 0.10 0.05 0.07 - 0.02 0.28 0.05 0.08 0.05 0.06 - 0.01 0.22 0.05 0.10 0.07 0.10 + 0.04 0.10 0.06 0.05 0.03 0.05 unch 0.00 0.08 0.01 0.00 0.00 0.00 - 0.00 0.17 0.00 0.25 0.23 0.25 - 0.00 0.40 0.22 0.34 0.32 0.34 + 0.02 0.55 0.30 0.10 0.08 0.08 unch 0.00 0.12 0.08 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.14 0.11 0.11 - 0.02 0.25 0.06 0.07 0.07 0.07 + 0.00 0.11 0.03 0.09 0.08 0.09 + 0.01 0.14 0.05 0.37 0.31 0.33 - 0.03 0.67 0.30 0.48 0.41 0.44 - 0.04 0.88 0.39 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.06 0.00 0.06 - 0.06 0.14 0.02 0.09 0.00 0.07 - 0.02 0.21 0.05 0.12 0.10 0.12 + 0.02 0.12 0.05 0.19 0.15 0.15 unch 0.00 0.19 0.00 2.57 2.40 2.43 - 0.12 2.58 0.85 1.89 0.00 1.83 + 0.03 1.89 0.73 0.44 0.39 0.40 - 0.05 0.74 0.23 0.40 0.29 0.32 - 0.02 0.56 0.13 3.45 2.65 2.99 + 0.29 3.63 2.01 0.07 0.06 0.07 + 0.02 0.10 0.04 0.06 0.05 0.05 - 0.01 0.13 0.04 0.26 0.22 0.22 - 0.02 0.40 0.20 0.18 0.18 0.18 unch 0.00 0.30 0.13 0.26 0.24 0.24 - 0.01 0.41 0.12 0.19 0.18 0.18 - 0.00 0.30 0.09 0.85 0.77 0.82 unch 0.00 1.07 0.28 9.95 9.32 9.63 - 0.35 13.43 8.34 13.17 12.40 12.80 - 0.40 17.47 11.00 0.39 0.37 0.37 - 0.03 0.54 0.29 0.52 0.48 0.50 - 0.01 0.72 0.38 3.98 3.52 3.53 - 0.45 4.19 2.58 0.09 0.07 0.08 + 0.01 0.12 0.04 0.14 0.11 0.12 - 0.03 0.15 0.07 0.11 0.08 0.08 - 0.03 0.11 0.05 0.07 0.05 0.06 + 0.00 0.07 0.02 0.09 0.07 0.08 unch 0.00 0.11 0.02 0.07 0.00 0.07 - 0.00 0.33 0.02 0.11 0.09 0.10 - 0.01 0.43 0.08 0.00 0.00 6.86 unch 0.00 7.99 6.10

Pac Arc Res V 100 72 Pac Bay Mnrls V Pac Booker Min* O 9 59 Pac Booker Min V Pac Imperial V 18 59 Pac Ridge Expl V Pac Ridge Expl* O 45 V 428 Pacific Empire Pacific Rim C 1030 Pacific Rim* O 133 Pacific Silk* O 113 Pacific Silk V 50 Pacton Gold V 1312 Paladin Energy* O 1797 Palamina Corp V 175 Palamina Corp* O 34 Palayan Res* O 5 Paleo Resource V 22 Paleo Resource* O 73 Palladium One V 1441 O 98 Palladium One* Pan Am Silver* D 11954 Pan Am Silver T 1774 Pan Global Res V 328 Pancontinental V 507 Pancontinental* O 9 Panex Res* O 248 Pangolin Dia V 607 Panoro Mnrls V 321 Pantheon Vent V 355 V 169 Para Resources Parallel Mng V 362 Paramount Gold* X 241 Paringa Res* O 24 Parlane Res V 965 Pasinex Res C 19 Pasofino Gold V 127 Pasofino Gold* O 2 Patriot Gold* O 105 Peabody Enrgy* N 20386 O 6 Pelangio Expl* Pelangio Expl V 151 Peloton Mnrls C 81 Peloton Mnrls* O 100 PepinNini Lith* O 280 Perseus Mng T 166 Pershimex Res V 345 Pershing Res* O 1173 Peruvian Metal* O 6 Peruvian Metal V 1003 Petra Diamonds* O 3 Philex Mng* O 65 Pike Mountain C 30 Pine Cliff En T 655 Pine Cliff En* O 6 Pinecrest Res * O 8 Pinecrest Res V 162 Pistol Bay Mng V 209 Pistol Bay Mng* O 28 Pivit Explor C 217 PJSC Polyus Gd* O 1 PJX Res V 138 Plata Latina V 16 Plate Res V 100 Plateau Energy V 1213 Plateau Energy* O 218 Platinex Inc C 48 Platinex Inc* O 150 Platinum Gp Mt T 513 Platinum Gp Mt* X 1438 Plato Gold V 188 Playfair Mng V 225 Playfair Mng* O 44 PolyMet Mng* X 1827 PolyMet Mng T 19 Portage Res* O 316 Portofino Res V 80 Potash Ridge* O 71 Potash Ridge T 177

0.17 0.17 0.17 - 0.04 0.30 0.17 0.15 0.14 0.14 + 0.02 0.15 0.06 1.94 1.46 1.50 - 0.44 3.10 0.90 2.39 1.72 2.00 - 0.03 4.10 1.21 0.02 0.02 0.02 + 0.01 0.03 0.01 0.05 0.04 0.05 unch 0.00 0.06 0.03 0.04 0.03 0.04 - 0.00 0.05 0.03 0.06 0.05 0.05 - 0.01 0.10 0.02 0.21 0.18 0.21 + 0.02 0.34 0.11 0.16 0.13 0.15 + 0.01 0.26 0.08 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.11 0.10 0.11 - 0.01 0.30 0.10 0.08 0.06 0.06 - 0.00 0.15 0.05 0.22 0.21 0.22 + 0.01 0.38 0.17 0.17 0.00 0.16 unch 0.00 0.28 0.14 1.00 1.00 1.00 unch 0.00 1.00 1.00 0.03 0.00 0.03 + 0.01 0.08 0.01 0.03 0.01 0.03 + 0.00 0.06 0.00 0.18 0.16 0.16 - 0.01 0.24 0.05 0.14 0.11 0.13 + 0.01 0.20 0.04 23.00 21.52 22.29 - 0.69 24.02 10.26 30.53 28.58 29.65 - 0.77 31.23 13.83 0.12 0.11 0.11 - 0.01 0.16 0.06 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.03 0.03 0.03 - 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.00 0.03 unch 0.00 0.10 0.03 0.09 0.08 0.08 - 0.01 0.23 0.07 0.05 0.04 0.04 - 0.01 0.09 0.04 0.09 0.08 0.09 - 0.01 0.22 0.08 0.17 0.17 0.17 unch 0.00 0.75 0.10 1.03 0.90 0.93 - 0.05 1.04 0.64 0.03 0.03 0.03 unch 0.00 0.35 0.02 0.09 0.04 0.07 + 0.03 0.20 0.03 0.03 0.03 0.03 unch 0.00 0.12 0.02 0.08 0.06 0.07 - 0.01 0.21 0.06 0.05 0.05 0.05 unch 0.00 0.11 0.03 0.05 0.04 0.05 - 0.00 0.15 0.03 9.87 6.50 8.50 + 1.74 32.25 6.45 0.11 0.00 0.10 - 0.01 0.29 0.09 0.17 0.13 0.14 unch 0.00 0.37 0.12 0.09 0.08 0.09 + 0.01 0.13 0.07 0.05 0.05 0.05 - 0.01 0.11 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 1.01 0.94 0.96 - 0.08 1.08 0.33 0.05 0.04 0.04 - 0.01 0.06 0.03 0.01 0.01 0.01 - 0.00 0.06 0.00 0.03 0.03 0.03 + 0.00 0.04 0.01 0.05 0.00 0.05 unch 0.00 0.05 0.03 0.14 0.10 0.10 - 0.04 0.38 0.09 0.10 0.04 0.10 + 0.06 0.10 0.00 0.07 0.07 0.07 unch 0.00 0.15 0.07 0.14 0.11 0.13 + 0.01 0.27 0.10 0.10 0.09 0.10 + 0.01 0.21 0.07 0.13 0.13 0.13 unch 0.00 0.17 0.12 0.18 0.17 0.18 + 0.01 0.27 0.16 0.03 0.00 0.03 - 0.01 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.20 0.19 0.19 + 0.02 0.64 0.06 61.50 0.00 60.50 + 0.35 62.50 37.19 0.16 0.14 0.15 + 0.01 0.32 0.10 0.04 0.00 0.04 + 0.01 0.06 0.02 0.09 0.07 0.08 + 0.01 0.16 0.03 0.33 0.22 0.27 + 0.03 0.78 0.17 0.25 0.17 0.20 + 0.02 0.65 0.08 0.03 0.00 0.03 + 0.01 0.06 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 3.35 2.79 3.00 + 0.08 3.86 1.36 2.52 2.15 2.26 + 0.08 2.98 1.04 0.04 0.03 0.03 - 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.07 0.03 0.03 0.02 0.02 - 0.01 0.05 0.02 0.28 0.25 0.27 + 0.01 0.91 0.23 0.38 0.34 0.38 + 0.04 1.22 0.30 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.13 0.02 0.04 0.04 0.04 - 0.00 0.08 0.01 0.06 0.05 0.05 - 0.01 0.11 0.02

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Power Group V 44 O 19 Power Group* Power Metals* O 834 Power Metals V 1979 PowerOre V 63 PPX Mining V 29 PPX Mining* O 196 Precipitate Gl V 448 O 145 Precipitate Gl* Premier Gold M T 2406 O 56 Premium Expl* Pretium Res* N 7402 Pretium Res T 2363 C 1393 Primary Energy Prime Meridian V 105 Probe Metals* O 108 Probe Metals V 111 Prog Planet V 100 Prog Planet* O 0 Project One C 25 10 Promithian Gl * O Prophecy Coal T 2436 Prophecy Coal* O 515 Prophecy Pot C 5 Prosper Gold V 176 Prospero Silvr V 298 O 64 Prospero Silvr* Provenance Gld C 40 Providence V 96 Providence Gld* O 32 PUF Vent Inc * O 3759 Puma Expl* O 0 Puma Expl V 478 Pure Energy V 636 Pure Energy* O 1444 Pure Gold Mg* O 1288 Pure Gold Mg V 1524 Purepoint Uran V 676 Q-Gold Res V 3 QC Precious V 168 QC Precious * O 7 QMC Quantum Ml V 622 QMC Quantum Ml* O 144 QMX Gold* O 297 QMX Gold V 2745 Quadro Res V 692 Quantum Cobalt C 88 Quartz Mtn Res V 0 Quartz Mtn Res* O 0 Quaterra Res V 365 Quaterra Res* O 691 Quest Rare Mnl* O 465 Quinto Res V 22

0.08 0.07 0.07 + 0.01 0.24 0.06 0.05 0.05 0.05 + 0.01 0.18 0.05 0.12 0.05 0.12 + 0.05 0.15 0.03 0.16 0.09 0.15 + 0.06 0.20 0.04 0.07 0.06 0.06 - 0.01 0.14 0.05 0.05 0.05 0.05 - 0.01 0.08 0.05 0.03 0.03 0.03 - 0.01 0.06 0.03 0.23 0.20 0.20 - 0.03 0.28 0.08 0.18 0.15 0.16 - 0.01 0.22 0.05 1.64 1.50 1.61 + 0.02 2.55 1.41 0.00 0.00 0.00 unch 0.00 0.01 0.00 10.89 9.74 9.80 - 1.09 13.83 6.80 14.41 12.96 13.03 - 1.38 18.30 9.03 0.60 0.53 0.59 + 0.01 0.82 0.08 0.09 0.07 0.07 - 0.01 0.16 0.04 0.93 0.87 0.90 - 0.03 1.16 0.69 1.26 1.15 1.16 - 0.10 1.53 0.90 0.05 0.05 0.05 unch 0.00 0.18 0.05 0.00 0.00 0.04 unch 0.00 0.04 0.01 0.16 0.16 0.16 unch 0.00 0.30 0.16 4.40 2.80 4.40 + 1.25 6.30 0.02 0.28 0.24 0.26 - 0.02 0.55 0.15 0.22 0.18 0.20 - 0.01 0.43 0.11 0.10 0.09 0.09 unch 0.00 0.19 0.01 0.05 0.04 0.05 + 0.01 0.12 0.04 0.02 0.00 0.02 - 0.01 0.11 0.01 0.01 0.01 0.01 - 0.00 0.08 0.01 0.14 0.10 0.14 + 0.01 0.23 0.08 0.11 0.10 0.11 + 0.01 0.20 0.08 0.11 0.09 0.09 - 0.02 0.16 0.06 0.09 0.06 0.06 - 0.03 0.64 0.05 0.00 0.00 0.10 unch 0.00 0.30 0.05 0.13 0.10 0.10 - 0.03 0.40 0.10 0.05 0.05 0.05 + 0.01 0.12 0.04 0.04 0.03 0.04 + 0.01 0.08 0.02 0.63 0.57 0.60 - 0.03 0.68 0.36 0.83 0.76 0.79 - 0.04 0.88 0.49 0.06 0.05 0.05 - 0.01 0.10 0.05 0.25 0.25 0.25 + 0.01 0.30 0.14 0.35 0.29 0.31 - 0.04 0.40 0.21 0.28 0.00 0.23 - 0.05 0.31 0.16 0.12 0.10 0.11 + 0.01 0.34 0.07 0.09 0.07 0.08 + 0.00 0.26 0.05 0.10 0.08 0.08 - 0.01 0.10 0.03 0.13 0.11 0.11 - 0.01 0.13 0.04 0.09 0.07 0.08 + 0.01 0.09 0.02 0.03 0.03 0.03 unch 0.00 0.10 0.01 0.00 0.00 0.17 unch 0.00 0.35 0.15 0.00 0.00 0.13 unch 0.00 0.24 0.13 0.07 0.06 0.07 + 0.01 0.13 0.06 0.05 0.05 0.05 + 0.01 0.10 0.04 0.02 0.00 0.01 - 0.00 0.06 0.00 0.04 0.04 0.04 unch 0.00 0.09 0.03

R Rackla Metals* O 3 0.09 0.00 0.09 unch 0.00 0.12 0.00 Rackla Metals V 1 0.00 0.00 0.13 unch 0.00 0.20 0.09 Radisson Mng V 1172 0.19 0.17 0.19 + 0.01 0.24 0.10 Radius Gold V 331 0.24 0.22 0.23 + 0.01 0.47 0.10 Rae-Wallace Mg* O 33 0.01 0.01 0.01 unch 0.00 0.05 0.00 0.04 Rain City C 91 0.13 0.00 0.09 - 0.05 0.15 Rainforest Res* O 181 2.49 1.18 1.60 - 0.65 7.60 1.18 Rainy Mtn Royl* O 6 0.07 0.00 0.07 unch 0.00 0.17 0.05 Rainy Mtn Royl V 145 0.09 0.08 0.09 unch 0.00 0.40 0.07 Rare Element* O 837 0.76 0.55 0.73 + 0.08 0.96 0.05 Rathdowney Res V 253 0.10 0.06 0.06 - 0.05 0.13 0.03 Ravencrest Res C 5816 0.04 0.03 0.03 - 0.01 0.75 0.03 Red Eagle Mng* O 198 0.00 0.00 0.00 unch 0.00 0.00 0.00 12 0.10 0.10 0.10 + 0.01 0.24 0.01 Red Moon Res V Red Oak Mining V 0 0.00 0.00 0.12 unch 0.00 0.28 0.04 Red Pine Expl V 92 0.04 0.04 0.04 - 0.01 0.08 0.03 Redstar Gold V 107 0.03 0.02 0.02 unch 0.00 0.04 0.02 O 291 0.02 0.02 0.02 + 0.00 0.04 0.01 Redstar Gold* Regis Res NL* O 20 3.05 2.81 2.81 - 0.24 4.61 2.75 Regulus Res V 142 1.20 1.10 1.14 - 0.01 2.00 1.02 Renaissance Gd* O 196 0.25 0.23 0.23 - 0.02 0.33 0.12 V 396 0.35 0.30 0.31 - 0.02 0.43 0.17 Renaissance Gd Renforth Res C 208 0.05 0.04 0.05 + 0.01 0.06 0.04 Resolve Vent V 54 0.13 0.00 0.13 - 0.01 0.16 0.06 Resource Cap* O 13 0.00 0.00 0.00 unch 0.00 0.01 0.00 O 16 0.11 0.09 0.09 - 0.01 0.25 0.08 Reunion Gold* Reunion Gold V 252 0.14 0.12 0.12 - 0.01 0.34 0.11 Revelo Res V 4974 0.02 0.01 0.02 unch 0.00 0.03 0.01 Revival Gold * O 1540 0.70 0.47 0.66 + 0.19 0.65 0.32 Revival Gold V 1754 0.92 0.62 0.88 + 0.27 0.92 0.43 Rhyolite Res V 431 0.07 0.07 0.07 - 0.01 0.26 0.07 V 370 0.05 0.04 0.05 + 0.01 0.06 0.02 Richmond Mnls Ridgestone M’g V 20 0.24 0.20 0.24 + 0.02 0.27 0.15 Ridgestone M’g* O 10 0.18 0.18 0.18 unch 0.00 0.19 0.14 Riley Resource V 22 0.14 0.13 0.14 + 0.01 0.21 0.11 Rimrock Gold* O 16735 0.00 0.00 0.00 - 0.00 0.00 0.00 Rio Silver* O 104 0.05 0.04 0.04 + 0.00 0.05 0.02 Rio Silver V 372 0.06 0.05 0.05 - 0.01 0.06 0.03 Rio Tinto* N 7269 55.87 53.01 53.73 + 0.30 64.02 47.88 Rio Tinto* O 44 54.70 0.00 54.70 + 0.26 62.00 48.15 O 0 62.79 0.00 62.79 - 5.81 74.50 53.92 Rio Tinto* Rio2 Limited* O 531 0.33 0.29 0.29 - 0.02 0.52 0.23 Rio2 Limited V 685 0.44 0.39 0.39 - 0.03 0.70 0.30 Rise Gold Corp C 91 0.77 0.69 0.70 - 0.05 1.15 0.40 Rise Gold Corp* O 101 0.60 0.52 0.52 - 0.06 1.00 0.40 Riverside Res V 217 0.16 0.14 0.15 + 0.01 0.22 0.13 Riverside Res* O 140 0.12 0.00 0.11 + 0.01 0.17 0.09 0.04 RJK Explor* O 50 0.24 0.22 0.23 + 0.00 0.24 RJK Explor V 709 0.32 0.26 0.28 - 0.02 0.32 0.05 RNC Minerals* O 787 0.34 0.31 0.33 - 0.02 0.57 0.25 RNC Minerals T 3010 0.45 0.42 0.44 - 0.02 0.76 0.33 Robex Res V 914 0.19 0.16 0.18 + 0.02 0.19 0.06 Rochester Res V 112 0.07 0.07 0.07 - 0.01 0.07 0.03 Rochester Res* O 45 0.05 0.00 0.05 + 0.02 0.05 0.02 Rock Tech Lith* O 1 0.64 0.64 0.64 unch 0.00 0.68 0.37 66 0.83 0.80 0.80 unch 0.00 0.98 0.45 Rock Tech Lith V Rockcliff Met C 464 0.07 0.06 0.06 - 0.01 0.19 0.06 Rockcliff Met* O 109 0.05 0.05 0.05 - 0.00 0.14 0.02 Rockex Mng C 66 0.04 0.02 0.02 - 0.03 0.05 0.01 Rockhaven Res V 215 0.13 0.12 0.12 unch 0.00 0.19 0.10 V 811 0.18 0.15 0.16 unch 0.00 0.39 0.13 Rockridge Res Rockshield Cap* O 8 0.04 0.04 0.04 unch 0.00 0.09 0.02 Rockwell Diam* O 1 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rodinia Lithm V 2 0.00 0.00 0.03 unch 0.00 0.06 0.03 0.04 Rogue Res* O 6 0.06 0.06 0.06 - 0.00 0.10 Rogue Res V 38 0.08 0.08 0.08 unch 0.00 0.13 0.05 Rokmaster Res V 271 0.13 0.09 0.09 - 0.03 0.13 0.03 Romios Gold Rs* O 107 0.03 0.03 0.03 + 0.01 0.05 0.01 0.05 0.04 0.04 unch 0.00 0.07 0.02 Romios Gold Rs V 114 RosCan Gold V 7007 0.16 0.14 0.14 - 0.03 0.33 0.10 O 378 0.12 0.11 0.11 - 0.01 0.23 0.05 RosCan Gold* Rover Metals* O 11 0.12 0.00 0.12 + 0.05 2.01 0.02 Roxgold* O 282 0.81 0.70 0.72 - 0.08 1.07 0.60 Roxgold T 5616 1.10 0.94 0.96 - 0.08 1.42 0.79 0.02 Royal Gold* O 41 0.37 0.37 0.37 - 0.02 0.39 Royal Gold V 119 0.54 0.47 0.47 unch 0.00 0.60 0.12 Royal Gold* D 3259 114.84 105.00 105.66 - 9.66 138.78 80.65 Royal Mines &M* O 15 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.24 0.22 0.23 + 0.01 0.35 0.07 Royal Rd Mnrls V 171 Royal Std Mnrl* O 0 0.00 0.00 0.03 unch 0.00 1.69 0.01 RT Minerals V 0 0.00 0.00 0.04 unch 0.00 0.08 0.03 RT Minerals* O 5 0.04 0.02 0.02 - 0.02 0.04 0.02 RTG Mining * O 0 0.06 0.06 0.06 + 0.00 0.11 0.05 RTG Mining T 90 0.08 0.08 0.08 unch 0.00 0.14 0.07 Rubicon Mnrls* O 86 0.91 0.81 0.81 - 0.08 1.01 0.46 Rubicon Mnrls T 254 1.16 1.06 1.07 - 0.08 1.34 0.61 Rugby Mng V 50 0.14 0.14 0.14 unch 0.00 0.26 0.07 Running Fox Rs* O 16 0.01 0.01 0.01 unch 0.00 0.01 0.01 Running Fox Rs V 68 0.02 0.01 0.01 - 0.01 0.03 0.01 unch 0.00 1.00 0.65 Rupert Res V 104 0.80 0.72 0.80 Rusoro Mng* O 12 0.06 0.05 0.05 - 0.01 0.12 0.03 Rusoro Mng V 274 0.07 0.07 0.07 - 0.01 0.16 0.04

S Sabina Gd&Slvr T 836 Sabina Gd&Slvr* O 916 Sable Res* O 135 Sable Res V 102 Sage Gold* O 94 Sailfish Rylty V 65 Salazar Res* O 105 Salazar Res V 144 Salt Lake Pot* O 5 Sama Res V 712 Sama Res* O 25 San Gold Corp* O 1287 San Marco Res* O 92 San Marco Res V 467 Sanatana Res V 564 Sanatana Res* O 28 Sandfire Res V 29 Sandfire Res* O 369 Sandspring Res* O 69 Sandstorm Gold T 1718 Sandstorm Gold* X 7371 Santa Fe Gold* O 131

1.82 1.70 1.70 - 0.08 2.28 0.99 1.37 1.27 1.27 - 0.09 1.72 0.73 0.07 0.07 0.07 - 0.01 0.12 0.06 0.10 0.00 0.10 unch 0.00 0.19 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.96 0.87 0.90 unch 0.00 1.81 0.66 0.18 0.15 0.18 + 0.00 0.23 0.09 0.23 0.20 0.22 - 0.01 0.27 0.12 0.46 0.45 0.45 unch 0.00 0.59 0.37 0.23 0.19 0.22 - 0.01 0.44 0.16 0.17 0.15 0.16 - 0.02 0.33 0.12 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.12 0.13 + 0.00 0.22 0.06 0.25 0.16 0.18 + 0.02 0.29 0.09 0.02 0.01 0.02 unch 0.00 0.06 0.01 0.01 0.01 0.01 + 0.00 0.04 0.01 0.26 0.00 0.26 + 0.01 0.40 0.06 0.20 0.16 0.20 + 0.01 0.31 0.05 1.49 1.40 1.41 - 0.07 2.72 0.85 9.12 8.54 8.92 - 0.16 9.89 6.70 6.86 6.42 6.71 - 0.15 7.67 4.96 0.09 0.08 0.08 - 0.01 0.12 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 295 Santacruz Silv Sarama Res V 1726 Sarissa Res* O 2004 Satori Res V 83 Satori Res* O 83 Saturn Mnrls V 888 Saville Res V 347 Scandium Intl T 265 O 153 Scandium Intl* Scorpio Gold V 125 41 Scorpio Gold * O Scotch Creek C 72 Scottie Res V 4336 Scottie Res* O 194 ScoZinc Mg V 90 ScoZinc Mg* O 0 Seabridge Gld T 344 N 1511 Seabridge Gld* Seafield Res* O 8 Search Mnls V 371 Searchlight* O 11 O 340 SearchlightMin* V 178 SearchlightRes Sego Res V 2284 Select Sands V 825 11048 T Semafo Serabi Gold T 10 Serengeti Res V 390 Sherritt Intl T 859 V 82 Shine Minerals Sibanye-Stillw* N 25518 O 3 Sibanye-Stillw* O 1977 Sidney Resrces* Sienna Res* O 184 Sienna Res V 2209 Sierra Madre V 300 Sierra Metals T 18 Sierra Metals* X 27 V 5 Sigma Lithium O 410 Signature Res* Signature Res V 585 29 Silver Bear Rs* O Silver Bear Rs T 221 Silver Bull Re* O 1664 Silver Bull Re T 1044 Silver Grail V 199 Silver Mtn Mns V 112 O 5 Silver Predatr* Silver Predatr V 19 Silver Range* O 11 Silver Range V 91 Silver Scott* O 10 O 2 Silver Spruce* Silver Spruce V 49 Silver Viper V 104 Silver Viper* O 27 T 4497 Silvercorp Met X 8792 Silvercorp Met* SilverCrest* X 2641 SilverCrest T 1507 O 79 Silverore Mns* O 0 Silverstar Res* Sirios Res* O 3 Sirios Res V 386 Sitka Gold C 159 Sitka Gold* O 60 Sixty North C 9 Sixty North* O 1 Skeena Res V 1450 Skeena Res* O 988 SKRR Explor V 163 Sky Gold V 416 Sky Gold* O 12 V 391 Skyharbour Res O 218 Skyharbour Res* Slam Explor V 80 50 Slave Lake Zn C O 214 Sokoman Min* Sokoman Min V 1689 SolGold plc* O 250 SolGold plc T 95 T 27 Solitario Ex&R X 188 Solitario Ex&R* Solstice Gold V 533 31 Sonora Gld & S V O 297 Sonoro Metals* V 394 Sonoro Metals South32* O 35 O 19 Southern Arc* Southern Arc V 21 N 3618 Southern Copp* O 198 Southern Silvr* V 144 Southern Silvr T 9 SouthGobi Res O 40 Southstone Min* V 285 Southstone Min Spanish Mtn Gd V 408 Spanish Mtn Gd* O 322 Sparton Res V 92 Sparton Res* O 40 O 121 Spearmint Res* C 1904 Spearmint Res Sphinx Res V 84 Sprott Res Hld T 104 Spruce Ridge R V 124 SRG Mining V 259 SSR Mining* D 5586 SSR Mining T 1196 St Augustine T 17 C 685 St-Georges Eco O 20 St-Georges Eco* V 547 Stakeholdr Gld O 141 Stakeholdr Gld* O 507 Standard Graph* Standard Lith V 262 O 225 Standard Metal* Stans Energy V 431 O 888 Stans Energy* O 193 Star Diamond* Star Diamond T 5257 Star Gold* O 41 Starcore Intl T 235 27 Starr Peak Exp V 2 Starr Peak Exp* O O 0 Steele Oceanic* Stelmine Can V 70 Steppe Gold T 181 O 2908 Stornoway Diam* Stratabd Mnr V 89 O 77 Strategic Metl* Strategic Metl V 102 O 0 Strategic Res* Strategic Res V 40 Stria Lithium V 60 V 1597 Strikepoint Gd O 825 Strikepoint Gd* V 253 Strongbow Expl O 514 Strongbow Expl* Stroud Res V 52 Stuhini Explor V 68 Sulliden Mng T 300 Sun Metals V 1087 N 24629 Suncor Energy* Suncor Energy T 25313 Superior Gold V 182 O 20 Superior Gold* Superior Mng V 92 C 2368 Supreme Metals 20 Surge Copper * O Surge Copper V 70 Surge Explor* O 318 Surge Explor V 1562 Sutter Gold* O 1519 Syrah Res* O 133

0.05 0.15 0.14 0.14 - 0.01 0.20 0.05 0.06 0.05 0.06 - 0.01 0.12 0.00 0.00 0.00 0.00 + 0.00 0.00 0.01 0.06 0.05 0.05 - 0.01 0.10 0.03 0.04 0.03 0.03 - 0.01 0.07 0.09 0.16 0.14 0.15 + 0.02 0.18 0.02 0.05 0.04 0.04 + 0.01 0.06 0.08 0.07 0.07 - 0.01 0.20 0.07 0.05 0.06 0.05 0.05 + 0.00 0.15 0.06 0.10 0.09 0.10 + 0.01 0.16 0.08 0.08 0.08 - 0.01 0.11 0.02 0.06 0.08 0.07 0.07 - 0.01 0.13 0.11 0.25 0.21 0.22 - 0.01 0.30 0.10 0.19 0.15 0.15 - 0.04 0.23 0.34 0.64 0.00 0.60 - 0.03 0.90 0.26 unch 0.00 0.59 0.46 0.00 0.54 14.74 18.33 16.89 17.30 - 1.18 21.98 10.95 13.81 12.72 13.02 - 0.91 16.55 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.03 0.05 0.04 0.05 + 0.01 0.06 0.00 0.03 0.00 0.03 + 0.00 0.10 0.01 0.02 0.01 0.01 - 0.01 0.07 0.02 0.04 0.04 0.04 - 0.01 0.05 0.03 0.06 0.05 0.05 + 0.01 0.07 0.01 0.03 0.03 0.03 - 0.01 0.14 2.36 3.14 2.51 3.12 + 0.33 5.75 0.45 unch 0.00 1.49 1.35 1.27 1.35 0.15 0.24 0.22 0.23 - 0.01 0.40 0.17 0.18 0.18 0.18 + 0.01 0.53 0.01 0.05 0.04 0.04 - 0.01 0.08 10.69 9.61 9.70 - 0.50 11.27 3.16 0.82 2.56 2.56 2.56 - 0.24 2.80 0.00 0.03 0.02 0.02 - 0.00 0.04 0.02 0.07 0.06 0.06 - 0.01 0.08 0.03 0.09 0.08 0.08 - 0.01 0.10 0.02 unch 0.00 0.15 0.03 0.02 0.02 1.33 unch 0.00 2.50 2.30 2.08 2.12 1.01 1.73 1.59 1.59 - 0.01 1.90 1.59 unch 0.00 2.05 1.95 1.92 1.95 0.03 unch 0.00 0.07 0.06 0.04 0.06 0.04 unch 0.00 0.09 0.07 0.06 0.07 0.11 0.09 0.09 - 0.01 0.18 0.07 0.15 0.12 0.15 + 0.02 0.25 0.10 0.06 0.05 0.05 - 0.00 0.12 0.05 0.08 0.07 0.07 - 0.01 0.16 0.07 0.02 0.11 0.09 0.11 + 0.01 0.12 0.02 0.01 0.01 - 0.01 0.02 0.01 0.04 unch 0.00 0.12 0.06 0.06 0.06 0.06 0.11 0.00 0.11 + 0.03 0.17 0.05 0.08 0.00 0.07 - 0.00 0.11 0.07 unch 0.00 0.15 0.11 0.09 0.10 0.01 unch 0.00 0.07 0.02 0.02 0.02 0.01 unch 0.00 0.05 0.00 0.00 0.02 0.02 unch 0.00 0.07 0.04 0.04 0.04 0.13 unch 0.00 0.38 0.30 0.25 0.27 0.13 0.21 0.19 0.19 - 0.03 0.26 2.71 6.94 5.19 5.21 - 1.68 7.69 2.00 5.26 3.90 3.95 - 1.25 5.93 2.96 6.51 5.86 6.06 - 0.55 7.94 3.99 8.70 7.80 8.05 - 0.72 9.75 0.01 0.02 0.01 0.01 - 0.02 0.03 0.02 0.02 0.00 0.02 + 0.00 0.14 0.11 0.02 0.20 0.11 0.11 0.11 - 0.14 0.16 0.14 0.15 + 0.01 0.27 0.08 0.24 0.22 0.24 + 0.02 0.26 0.10 0.18 0.16 0.18 + 0.01 0.18 0.03 0.05 0.00 0.05 + 0.01 0.09 0.02 0.04 0.04 0.04 + 0.00 0.05 0.27 1.20 1.03 1.10 + 0.09 1.20 0.19 0.92 0.77 0.83 + 0.07 0.90 0.28 0.34 0.28 0.28 - 0.03 0.35 0.05 0.12 0.09 0.11 - 0.01 0.70 0.04 0.09 0.08 0.09 + 0.01 0.71 0.15 0.17 0.15 0.16 - 0.01 0.44 0.11 0.13 0.11 0.11 - 0.01 0.33 0.01 unch 0.00 0.03 0.02 0.00 0.02 0.09 0.09 0.09 unch 0.00 0.13 0.04 0.04 0.09 0.07 0.08 + 0.01 0.15 0.04 0.11 0.10 0.11 + 0.02 0.20 0.21 0.27 0.21 0.22 - 0.06 0.56 0.28 0.35 0.31 0.32 - 0.03 0.76 0.34 0.38 0.34 0.36 - 0.02 0.59 0.26 0.29 0.26 0.27 - 0.01 0.54 0.05 0.09 0.08 0.08 - 0.01 0.27 0.05 0.04 0.04 - 0.01 0.07 0.03 0.09 0.11 0.09 0.10 - 0.01 0.15 0.12 0.14 0.12 0.14 + 0.01 0.20 1.59 1.73 0.00 1.67 - 0.06 2.86 0.23 unch 0.00 0.47 0.30 0.30 0.30 0.30 0.38 0.38 0.38 - 0.01 0.62 29.39 41.08 37.63 38.64 + 0.96 44.82 0.10 0.15 0.14 0.14 - 0.01 0.23 0.14 unch 0.00 0.31 0.20 0.19 0.20 0.07 0.11 0.09 0.11 + 0.02 0.18 0.05 unch 0.00 0.17 0.04 0.03 0.03 0.04 0.07 0.00 0.05 - 0.02 0.25 0.09 0.09 0.09 unch 0.00 0.14 0.05 0.09 0.06 0.08 - 0.00 0.11 0.04 0.02 0.03 0.03 0.03 + 0.01 0.07 0.01 unch 0.00 0.05 0.02 0.02 0.02 0.01 0.03 0.02 0.03 + 0.00 0.08 0.01 unch 0.00 0.04 0.04 0.03 0.03 0.01 unch 0.00 0.06 0.03 0.00 0.02 0.72 0.68 0.69 - 0.02 1.77 0.66 0.06 0.00 0.06 - 0.03 0.13 0.04 0.47 0.58 0.47 0.50 - 0.09 1.15 10.59 18.25 17.23 17.67 - 0.64 19.42 14.23 24.20 22.92 23.46 - 0.78 25.33 0.02 0.02 0.02 0.02 + 0.00 0.03 0.06 0.08 0.06 0.08 + 0.01 0.25 0.04 unch 0.00 0.17 0.05 0.05 0.05 0.02 0.04 0.00 0.04 + 0.01 0.08 0.01 unch 0.00 0.04 0.02 0.02 0.02 0.10 0.14 0.11 0.12 - 0.00 0.65 0.53 0.95 0.87 0.95 + 0.07 1.23 0.03 0.07 0.04 0.04 - 0.01 0.09 0.01 0.02 0.01 0.02 + 0.01 0.11 0.00 0.01 0.00 0.01 + 0.00 0.08 0.14 0.37 0.22 0.24 - 0.12 0.41 0.18 0.48 0.27 0.36 - 0.12 0.53 0.02 0.04 0.04 0.04 + 0.01 0.09 0.05 unch 0.00 0.16 0.13 0.11 0.11 0.30 0.28 0.28 - 0.02 0.48 0.09 0.25 0.25 0.25 unch 0.00 0.29 0.20 0.40 unch 0.00 1.00 0.00 0.00 0.40 0.07 0.08 0.07 0.07 - 0.03 0.17 0.59 0.90 0.80 0.90 + 0.05 1.14 0.00 0.02 0.00 0.00 - 0.00 0.15 0.02 0.11 0.09 0.11 + 0.02 0.15 0.21 0.34 0.32 0.32 - 0.01 0.43 0.28 0.45 0.43 0.44 + 0.01 0.57 0.16 unch 0.00 0.46 0.00 0.00 0.21 0.23 0.31 0.28 0.31 + 0.01 0.70 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.03 unch 0.00 0.17 0.04 0.03 0.04 0.02 0.03 0.02 0.03 - 0.00 0.12 0.03 0.05 0.04 0.04 - 0.01 0.15 0.02 0.04 0.00 0.03 - 0.01 0.10 0.05 unch 0.00 0.37 0.24 0.24 0.24 0.19 unch 0.00 0.35 0.29 0.28 0.29 0.03 0.06 0.05 0.05 - 0.01 0.11 0.10 0.02 0.65 0.12 0.10 0.10 - 27.28 30.90 28.94 29.10 - 1.49 34.87 36.32 41.06 38.50 38.67 - 1.78 46.50 0.38 0.80 0.73 0.80 + 0.01 1.14 0.28 0.61 0.58 0.61 + 0.03 0.84 0.05 0.21 0.19 0.19 - 0.01 0.24 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.03 0.05 0.04 0.04 - 0.01 0.08 0.01 0.01 0.01 0.01 + 0.00 0.08 0.01 0.02 0.00 0.01 - 0.01 0.10 0.00 0.00 0.00 0.00 - 0.00 0.01 0.24 0.39 0.32 0.37 + 0.01 1.06

Taiga Gold* O 66 Taiga Gold C 519 Tajiri Res V 366 Taku Gold* O 22 Taku Gold C 15 Talisker Res C 1770 Talisker Res* O 112 C 150 Talmora Diamd Talon Metals T 326 O 8978 Tamino Mnrls* V 271 Tanqueray Expl Tantalex Res C 493 T 48 Tanzanian Gold X 706 Tanzanian Gold* Taranis Res V 18 Tarku Res V 5103

0.04 0.11 0.07 0.10 + 0.02 0.11 0.06 0.15 0.10 0.13 + 0.03 0.15 0.03 unch 0.00 0.08 0.08 0.07 0.08 0.03 unch 0.00 0.08 0.04 0.04 0.04 0.03 unch 0.00 0.10 0.06 0.00 0.06 0.08 0.38 0.30 0.37 + 0.07 0.38 0.00 0.26 0.23 0.26 + 0.03 0.28 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.08 0.15 0.14 0.14 - 0.01 0.25 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.45 0.61 0.55 0.61 + 0.04 0.85 0.01 unch 0.00 0.06 0.01 0.00 0.01 0.67 0.77 0.67 0.72 - 0.02 1.56 0.50 0.57 0.50 0.54 - 0.01 1.20 0.05 0.06 0.00 0.05 - 0.01 0.09 0.07 0.02 0.00 0.02 - 0.08 0.29

T

2020-02-10 11:50 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / FEBRUARY 17–MARCH 1, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Tartisan Nick* O 25 Tartisan Nick C 563 Taseko Mines T 1234 X 1684 Taseko Mines* Tearlach Res V 5 Teck Res T 10959 Teck Res* N 22062 Teck Res T 64 Tectonic Metal V 48 Telson Res * O 251 Telson Res V 282 Tembo Gold V 122 Tembo Gold* O 80 Teranga Gold T 1481 Teranga Gold* O 116 Teras Res* O 206 Teras Res V 293 Terrax Mnrls V 407 Terrax Mnrls* O 14 Terreno Res V 48 Teslin Rvr Res V 932 Tesoro Mnrls V 0 Tethyan Res V 343 Teuton Res V 200 Teuton Res* O 41 Texas Mineral* O 1042 Themac Res* O 5 Themac Res V 5 Thor Expl V 2 Thunder Mtn Gd* O 4 V 770 Thunderstruck Thunderstruck* O 275 Tiger Intl V 28 Till Capital V 1 V 174 Timberline Res Timberline Res* O 486 Tinka Res* O 222 Tinka Res V 391 Tintina Mines V 22 Tisdale Res V 105 Titan Mining T 103 Titan Mining* O 21 V 36 Titanium Corp TMAC Resource* O 109 T 583 TMAC Resources TNR Gold V 271 C 626 Tocvan Venture Tombstone Expl* O 3 O 228 Tonogold Res* Torex Gold* O 500 Torex Gold T 2386 Torq Resources* O 65 V 166 Torq Resources Tower Res* O 10 Tower Res V 514 Transatlantic V 1916 Transatlantic* O 3 Transition Met* O 47 V 237 Transition Met Treasury Metal T 1781 O 168 Treasury Metal* Trecora Res* N 137 Tres-Or Res* O 0 Tres-Or Res V 198 Trevali Mng* O 561 Trevali Mng T 9261 70 Tri Origin Exp V Trident Gold V 20 Trifecta Gold V 80 Trifecta Gold* O 0

0.09 0.09 0.09 unch 0.00 0.09 0.02 0.12 0.10 0.12 unch 0.00 0.12 0.03 0.64 0.59 0.60 - 0.01 1.05 0.50 0.48 0.44 0.46 unch 0.00 0.79 0.38 0.15 0.15 0.15 unch 0.00 0.28 0.07 19.13 17.03 17.78 + 0.68 34.31 16.84 14.40 12.82 13.36 + 0.45 25.75 12.72 21.00 18.86 20.10 + 0.86 34.00 17.99 0.25 0.25 0.25 unch 0.00 0.31 0.22 0.11 0.08 0.09 + 0.01 0.31 0.08 0.14 0.11 0.11 unch 0.00 0.42 0.10 0.02 0.02 0.02 - 0.01 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 7.46 6.83 7.29 - 0.24 7.64 2.97 5.71 5.17 5.48 - 0.18 5.78 2.23 0.05 0.04 0.05 unch 0.00 0.07 0.03 0.06 0.00 0.06 - 0.01 0.12 0.02 0.26 0.25 0.25 - 0.02 0.46 0.23 0.20 0.19 0.19 - 0.01 0.34 0.17 0.03 0.00 0.02 - 0.02 0.05 0.01 0.30 0.27 0.28 - 0.02 0.60 0.26 0.00 0.00 0.05 unch 0.00 0.07 0.04 0.16 0.15 0.15 - 0.02 0.85 0.11 0.53 0.47 0.50 + 0.01 0.65 0.13 0.38 0.37 0.37 - 0.01 0.49 0.09 0.82 0.65 0.82 + 0.07 1.58 0.12 0.00 0.00 0.05 unch 0.00 0.07 0.02 0.06 0.04 0.04 - 0.02 0.08 0.03 0.00 0.00 0.15 unch 0.00 0.18 0.12 0.11 0.10 0.10 - 0.01 0.14 0.03 0.08 0.05 0.07 + 0.01 0.11 0.03 0.06 0.04 0.05 - 0.00 0.08 0.02 0.10 0.07 0.10 + 0.01 0.15 0.04 1.99 0.00 1.99 + 0.11 2.54 1.00 0.11 0.09 0.11 + 0.01 0.14 0.08 0.09 0.07 0.08 + 0.01 0.13 0.03 0.16 0.14 0.14 - 0.00 0.28 0.09 0.21 0.19 0.19 - 0.01 0.40 0.11 0.04 0.03 0.04 + 0.02 0.08 0.02 0.10 0.07 0.08 - 0.03 0.25 0.06 0.28 0.26 0.26 unch 0.00 1.00 0.25 0.21 0.21 0.21 unch 0.00 0.75 0.20 0.68 0.00 0.61 - 0.01 1.20 0.47 2.04 1.74 1.74 - 0.30 5.27 1.82 2.65 2.32 2.40 - 0.24 6.95 2.42 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.22 0.21 0.22 unch 0.00 0.24 0.07 2.23 0.00 2.23 - 0.03 3.80 0.50 0.50 0.30 0.50 + 0.13 0.50 0.12 13.97 12.62 13.65 - 0.10 16.86 8.49 18.50 16.86 18.18 - 0.03 21.91 11.41 0.39 0.36 0.39 + 0.01 0.42 0.24 0.55 0.47 0.55 + 0.04 0.57 0.33 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.04 0.03 0.04 + 0.01 0.16 0.02 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.15 0.14 0.15 - 0.00 0.18 0.07 0.20 0.18 0.18 - 0.02 0.24 0.09 0.30 0.25 0.25 - 0.04 0.42 0.21 0.22 0.18 0.19 - 0.03 0.32 0.15 7.09 6.55 6.65 - 0.12 10.54 6.55 0.00 0.00 0.08 unch 0.00 0.15 0.01 0.10 0.09 0.09 unch 0.00 0.30 0.08 0.15 0.12 0.13 - 0.02 0.36 0.11 0.20 0.17 0.18 - 0.02 0.49 0.15 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.19 0.19 0.19 unch 0.00 0.20 0.14 0.04 0.00 0.04 + 0.01 0.07 0.03 0.02 0.00 0.02 unch 0.00 0.05 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Trilogy Mtls* X 1489 Trilogy Mtls T 235 TriMetals Mng* O 216 Trinity Res* O 1 Trinity Valley V 589 Trio Resources* O 29 TriStar Gold V 599 TriStar Gold* O 466 Triumph Gold V 149 O 100 Triumph Gold* Troilus Gold* O 112 Troilus Gold T 367 Troubadour Res V 824 Troy Enrgy V 140 True North Gem* O 10 True North Gem V 11 Tsodilo Res V 51 Tudor Gold * O 105 Tudor Gold V 367 O 48 Turmalina Met* Turmalina Met V 707 Turquoise HIl* N 6874 Turquoise HIl T 2741 TVI Pacific V 1173 TVI Pacific* O 78 Tyhee Gold* O 600 Tymbal Res V 50 Typhoon Expl V 39

2.37 2.14 2.22 + 0.08 3.13 1.50 3.13 2.85 2.94 + 0.09 4.10 2.00 0.10 0.08 0.08 - 0.02 0.13 0.03 0.10 0.00 0.09 - 0.01 0.50 0.01 0.09 0.07 0.08 + 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.32 0.25 0.31 + 0.06 0.32 0.10 0.25 0.19 0.24 + 0.03 0.23 0.07 0.25 0.23 0.23 - 0.01 0.58 0.21 0.18 0.17 0.17 - 0.01 0.44 0.16 0.53 0.49 0.52 - 0.01 0.81 0.40 0.70 0.65 0.68 - 0.01 1.16 0.52 0.05 0.04 0.04 - 0.01 0.20 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.09 0.00 0.09 unch 0.00 0.14 0.04 0.12 0.00 0.12 + 0.05 0.28 0.05 0.09 0.08 0.08 - 0.01 0.27 0.05 0.53 0.47 0.47 - 0.03 0.81 0.20 0.71 0.63 0.64 - 0.01 1.07 0.26 0.61 0.58 0.61 + 0.02 0.65 0.55 0.82 0.75 0.81 + 0.04 0.85 0.53 0.70 0.62 0.66 + 0.03 2.17 0.40 0.92 0.83 0.87 + 0.01 2.84 0.53 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.00 0.01 - 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 unch 0.00 0.10 0.03 0.07 0.04 0.04 - 0.01 0.07 0.02

U.S. Gold* D 389 U.S. Lithium* O 1490 U3O8 Corp* O 77 U3O8 Corp T 43 C 0 Ubique Mineral UC Res* O 596 Ucore Rare Mtl V 508 Ucore Rare Mtl* O 861 UEX Corp T 641 Ultra Resource* O 20 V 25 Ultra Resource Umbral Enrgy* O 242 Unigold* O 13 Unigold V 364 O 141 United Battery* United Battery C 12 2 United Res Hdg* O United States A* X 130 United States S* N 71823 Universal Cop V 1234 V 156 Universal Vent Ur-Energy T 576 Ur-Energy* X 2524 Uragold Bay Rs V 775 X 4951 Uranium Energy* Uranium Hunter* O 1 Uranium Res* D 3176 Uranium Roylty V 286 O 63 Uranium Roylty* Uravan Mnrls* O 65 Uravan Mnrls V 147 UrbanGold Min V 333 USCorp* O 300 Usha Res V 45 Val-d’Or Mg V 4 Val-d’Or Mg* O 50 N 110164 Vale* Valley High Mg* O 1240

0.84 0.75 0.80 - 0.01 1.53 0.65 1.74 0.49 1.07 + 0.40 1.74 0.11 0.08 0.06 0.06 + 0.00 0.19 0.03 0.10 0.09 0.09 - 0.01 0.28 0.04 0.00 0.00 0.04 unch 0.00 0.20 0.03 0.23 0.21 0.22 - 0.01 1.27 0.12 0.18 0.15 0.17 + 0.02 0.34 0.09 0.13 0.11 0.13 + 0.01 0.25 0.07 0.12 0.11 0.12 + 0.01 0.20 0.11 0.05 0.05 0.05 - 0.00 0.09 0.05 0.06 0.06 0.06 unch 0.00 0.12 0.06 0.21 0.19 0.20 - 0.01 0.54 0.15 0.14 0.00 0.14 + 0.00 0.21 0.07 0.20 0.17 0.18 + 0.02 0.27 0.09 0.02 0.01 0.02 - 0.00 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.09 0.02 0.46 0.39 0.42 + 0.01 0.80 0.34 9.88 8.96 9.06 - 0.01 24.74 8.96 0.03 0.02 0.02 - 0.01 0.14 0.02 6.48 5.76 5.76 - 0.40 6.50 2.80 0.79 0.70 0.74 + 0.08 1.30 0.61 0.59 0.52 0.53 + 0.05 0.99 0.46 0.08 0.08 0.08 unch 0.00 0.12 0.07 0.92 0.83 0.87 + 0.04 1.58 0.75 2.75 0.00 1.50 - 0.45 3.50 0.51 2.47 1.98 2.05 + 0.04 9.88 1.96 1.21 1.16 1.19 + 0.04 1.28 1.10 0.92 0.00 0.89 + 0.01 0.95 0.88 0.01 0.01 0.01 - 0.00 0.04 0.00 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.15 0.13 0.15 + 0.03 0.18 0.10 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.13 0.16 + 0.03 0.17 0.11 0.11 0.07 0.07 - 0.02 0.15 0.03 0.09 0.08 0.09 + 0.01 0.12 0.04 12.64 11.82 12.04 + 0.31 14.19 10.20 0.00 0.00 0.00 - 0.00 0.01 0.00

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

ValOre Metals* O 71 ValOre Metals V 695 Valterra Res* O 13 Valterra Res V 79 Vanadian Enrgy* O 148 Vanadian Enrgy V 182 O 11 Vanadium One* Vanadium One V 481 Vanadiumcorp* O 40 Vanadiumcorp V 174 Vangold Res* O 16 Vanstar Mng Rs* O 17 Vanstar Mng Rs V 172 Vantex Res V 7 Velocity Mnrls V 466 Velocity Mnrls* O 44 Vendetta Mng V 759 Vendetta Mng* O 128 Venerable Vent V 50 Venture Mnrls* O 2 Verde Potash T 69 Verde Res* O 20 Veris Gold* O 5 Vertical Expl V 263 Victoria Gold V 298 O 37 Victory Metals* Victory Metals V 94 O 10 Victory Nickel* Victory Nickel C 288 O 13 Virginia Enrgy* Virginia Enrgy V 13 Viscount Mng V 567 Visible Gold M V 158 Vision Lithium V 321 Vision Lithium* O 13 Vista Gold T 15 Vista Gold* X 562 Viva Gold* O 21 Viva Gold V 50 Vizsla Res V 1236 Vizsla Res * O 203 Volcanic Gold V 10 Volt Energy V 190 Voyageur Min V 931 Voyageur Min* O 8 V 56 VR Resources VR Resources* O 128 Vulcan Mnrls V 162 VVC Expl V 719

0.25 0.21 0.22 - 0.03 0.31 0.11 0.33 0.29 0.29 - 0.04 0.41 0.16 0.08 0.07 0.07 + 0.00 0.28 0.06 0.10 0.00 0.10 + 0.01 0.35 0.08 0.03 0.01 0.03 + 0.01 0.06 0.00 0.03 0.02 0.02 - 0.01 0.07 0.01 0.05 0.04 0.04 + 0.00 0.12 0.03 0.05 0.05 0.05 unch 0.00 0.21 0.05 0.04 0.03 0.03 - 0.00 0.10 0.02 0.04 0.00 0.04 unch 0.00 0.10 0.04 0.04 0.04 0.04 unch 0.00 0.04 0.03 0.35 0.31 0.35 + 0.04 0.38 0.12 0.47 0.41 0.47 + 0.06 0.49 0.13 0.16 0.00 0.16 - 0.08 0.40 0.10 0.44 0.40 0.42 unch 0.00 0.58 0.24 0.33 0.30 0.30 - 0.02 0.44 0.18 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.04 0.03 0.04 + 0.01 0.11 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.40 0.38 0.38 - 0.01 0.82 0.38 0.01 0.01 0.01 + 0.00 0.10 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.04 0.04 + 0.01 0.09 0.02 8.30 7.48 7.95 - 0.14 9.90 5.55 0.29 0.28 0.29 + 0.00 0.57 0.28 0.40 0.38 0.39 + 0.02 0.77 0.37 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.03 0.00 0.03 + 0.01 0.05 0.02 0.06 0.00 0.06 + 0.01 0.25 0.03 0.08 0.00 0.08 unch 0.00 0.37 0.04 0.35 0.30 0.32 unch 0.00 0.35 0.15 0.11 0.09 0.09 - 0.02 0.14 0.04 0.06 0.04 0.06 + 0.03 0.18 0.03 0.04 0.03 0.04 + 0.01 0.13 0.02 0.92 0.88 0.89 - 0.01 1.39 0.68 0.71 0.66 0.67 - 0.01 1.05 0.52 0.17 0.16 0.17 - 0.01 0.28 0.15 0.26 0.22 0.22 - 0.04 0.43 0.19 0.78 0.66 0.70 - 0.05 0.96 0.13 0.59 0.50 0.54 - 0.04 0.73 0.29 0.22 0.00 0.22 + 0.02 0.44 0.13 0.09 0.05 0.05 - 0.01 0.10 0.02 0.12 0.07 0.09 + 0.02 0.12 0.05 0.10 0.08 0.08 - 0.02 0.10 0.04 0.40 0.36 0.38 - 0.02 0.50 0.12 0.34 0.26 0.29 + 0.02 0.35 0.09 0.05 0.00 0.05 - 0.01 0.21 0.02 0.06 0.05 0.05 + 0.01 0.06 0.02

Walker Lane* O 57 Walker River* O 702 Walker River V 8816 Wallbridge Mng T 5656 Warrior Gold V 342 Warrior Gold* O 34 Waseco Res V 236 Wealth Mnrls V 296 O 591 Wealth Mnrls* Wescan Gldflds V 2 O 436 Wesdome Gold* Wesdome Gold T 2580 46 West High Yld V West Kirkland V 118 28 West Kirkland * O West Red Lake* O 364 West Red Lake C 1053

0.17 0.05 0.17 + 0.12 0.40 0.02 0.14 0.00 0.10 - 0.02 0.19 0.05 0.19 0.12 0.12 - 0.03 0.27 0.07 0.96 0.89 0.90 - 0.02 0.98 0.21 0.06 0.00 0.05 - 0.01 0.13 0.05 0.04 0.03 0.03 - 0.02 0.09 0.04 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.35 0.30 0.32 - 0.02 0.65 0.16 0.27 0.21 0.24 - 0.02 0.50 0.12 0.00 0.00 0.05 unch 0.00 0.11 0.03 6.83 6.20 6.28 - 0.51 8.02 2.95 9.08 8.24 8.31 - 0.71 10.47 3.96 0.13 0.12 0.13 + 0.01 0.47 0.10 0.05 0.00 0.05 unch 0.00 0.09 0.03 0.04 0.04 0.04 - 0.00 0.07 0.02 0.06 0.05 0.06 - 0.00 0.10 0.02 0.08 0.07 0.08 unch 0.00 0.12 0.04

W-Z

(100s) Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

Western Areas* O 11 Western Atlas V 43 Western Copper T 178 X 425 Western Copper* Western Mag V 1204 Western Mag* O 466 Western Pac Rs* O 2 Western Pac Rs V 2 Western Potash T 386 Western Res* O 3 Western U&V* O 230 Western U&V C 351 Westgold Res* O 19 O 250 Westhaven Vent* Westhaven Vent V 640 Westkam Gold* O 6 Westkam Gold V 26 Westminster Rs V 365 Westmoreland* O 55 O 0 WestMountain* Wheaton Prec M* N 8240 Wheaton Prec M T 3015 White Gold* O 121 White Gold V 309 White Metal Rs V 189 White Mtn Engy* O 181 O 1 Whitehaven Coa* Wildsky Res* O 15 Wildsky Res V 2 Winshear Gold V 231 O 196 Winston Gold* Winston Gold C 169 Winston Res C 2 Wolfden Res V 138 Wolfden Res* O 38 Wolfeye Res V 1491 O 33 Worldwide Res* Worldwide Res V 58 X-Terra Res V 1412 X-Terra Res* O 25 T 10 Xanadu Mines Xiana Mng V 2 Xiana Mng* O 2 Ximen Mining* O 2 Ximen Mining V 238 Xtierra Inc V 401 T 114 Xtra-Gold Res Xtra-Gold Res* O 93 11016 Yamana Gold T Yamana Gold* N 95439 O 0 Yanzhou Coal* Yorbeau Res T 2665 O 28 Zadar Ventures* Zadar Ventures V 283 C 209 Zanzibar Gold Zara Res* O 878 V 194 ZEN Graphene ZEN Graphene* O 4 Zena Mining V 68 Zenith Explor C 3 Zephyr Mnls V 109 Zephyr Mnls* O 28 Zimtu Capital V 165 Zinc One Res V 241 72 Zinc One Res * O ZincX Res V 639 ZincX Res* O 166 Zonte Metals V 57 O 50 Zonte Metals*

1.71 1.61 1.61 - 0.38 2.32 1.43 0.08 0.06 0.08 unch 0.00 0.11 0.05 0.90 0.84 0.84 - 0.05 1.15 0.62 0.69 0.62 0.63 - 0.05 0.89 0.45 0.12 0.11 0.11 - 0.00 0.35 0.04 0.09 0.08 0.08 - 0.01 0.43 0.03 0.17 0.17 0.17 unch 0.00 0.44 0.16 0.23 0.23 0.23 unch 0.00 0.58 0.20 0.27 0.25 0.27 + 0.01 0.55 0.11 0.20 0.00 0.20 + 0.01 0.41 0.08 0.76 0.56 0.60 + 0.03 1.23 0.49 1.02 0.74 0.80 + 0.07 1.61 0.65 1.49 1.44 1.45 - 0.04 1.67 0.74 0.67 0.55 0.55 - 0.09 0.93 0.39 0.89 0.73 0.73 - 0.12 1.25 0.51 0.08 0.00 0.07 - 0.00 0.44 0.02 0.11 0.00 0.10 unch 0.00 0.35 0.10 0.09 0.06 0.08 + 0.01 0.30 0.05 0.01 0.01 0.01 - 0.00 0.05 0.01 1.75 1.75 1.75 unch 0.00 3.00 1.00 29.49 28.37 28.54 - 0.91 30.90 19.73 39.08 37.64 37.97 - 0.99 40.95 26.50 0.70 0.64 0.65 - 0.03 1.13 0.54 0.92 0.84 0.85 - 0.07 1.49 0.73 0.05 0.05 0.05 + 0.01 0.07 0.03 0.02 0.02 0.02 - 0.00 0.07 0.00 1.68 1.66 1.68 + 0.02 3.32 1.66 0.06 0.06 0.06 - 0.02 0.11 0.04 0.06 0.00 0.06 + 0.01 0.14 0.01 0.14 0.12 0.12 - 0.02 0.20 0.05 0.06 0.05 0.06 - 0.00 0.13 0.02 0.08 0.07 0.07 unch 0.00 0.17 0.03 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.13 0.11 0.11 - 0.01 0.24 0.08 0.09 0.00 0.09 + 0.01 0.17 0.06 0.86 0.78 0.85 + 0.02 0.93 0.45 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.05 0.03 0.03 unch 0.00 0.07 0.02 0.12 0.10 0.12 + 0.02 0.17 0.07 0.09 0.09 0.09 unch 0.00 0.10 0.07 0.04 0.04 0.04 unch 0.00 0.14 0.02 0.24 0.00 0.22 - 0.02 0.61 0.21 0.16 0.16 0.16 - 0.00 0.44 0.16 0.32 0.32 0.32 - 0.00 0.62 0.24 0.42 0.36 0.36 - 0.06 0.84 0.30 0.06 0.04 0.06 + 0.01 0.08 0.03 0.58 0.55 0.56 - 0.01 0.64 0.28 0.45 0.00 0.42 - 0.03 0.50 0.20 5.37 5.09 5.09 - 0.30 5.54 2.41 4.05 3.83 3.84 - 0.23 4.21 1.78 0.79 0.00 0.79 + 0.01 1.08 0.78 0.05 0.04 0.04 + 0.01 0.05 0.02 0.12 0.12 0.12 + 0.00 0.12 0.02 0.18 0.16 0.17 + 0.01 0.20 0.08 0.12 0.10 0.10 - 0.01 0.32 0.09 0.02 0.01 0.01 - 0.00 0.63 0.01 0.36 0.33 0.36 + 0.04 0.53 0.28 0.27 0.25 0.27 + 0.03 0.41 0.21 0.08 0.08 0.08 unch 0.00 0.10 0.04 0.05 0.05 0.05 unch 0.00 0.20 0.05 0.30 0.28 0.28 - 0.01 0.34 0.15 0.23 0.21 0.22 - 0.00 0.54 0.12 0.12 0.10 0.11 - 0.01 0.34 0.09 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.01 0.00 0.01 unch 0.00 0.08 0.00 0.13 0.10 0.11 - 0.02 0.25 0.09 0.10 0.08 0.09 - 0.02 0.18 0.07 0.37 0.34 0.34 - 0.01 0.39 0.20 0.26 0.26 0.26 - 0.00 0.30 0.16

BID-ASK — FEBRUART 3–7, 2020

STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration African Metals Aftermath Silv Aguila Amer Gd Allante Res Alliance Mng Altair Res Inc Altan Rio Min Alturas Min American CuMo American Uran AMV Capital Anconia Res Anglo-Bomarc Arbor Metals Archon Mineral Arcturus Vent Arcus Dev Grp Asbestos Corp Atlanta Gold Aurelius Min Banro Corp* Bard Ventures Barker Min Barrian Mining Bearclaw Cap Bessor Min BHK Mining Bird River Res Blackheath Res Bluenose Gold Bond Resources Boss Power Brigadier Gold Broadway Gold Brunswick Res Bullion Gold Cairo Res Camrova Res Canada Coal Canadian Silv Carlin Gold Cartier Iron Cassius Vents CAT Strategic Cautivo Mining Central Iron Central Tim Ex Century Metals Cerro de Pasc Cerro Mng Chatham Rock Chinapintza Mg CIM Intl Grp Clarmin Explor Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Contintl Prec CR Capital Cresval Cap CWN M’g Acq Cyntar Venture Cyprium Mng EastCoal Inc Edison Cobalt Electra Stone Empire Metals Endurance Gold Eurotin Everton Res Excalibur Res Explorex Res Fengro Industr Finore Mng Fiorentina Min Fire River Gol Four Nines Freedom Egy Frontline Gold Full Metal Mnl Fusion Gold

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

20-23_FEB17_StockTables.indd 23

0.15 ...

0.15 0.25 0.06 0.09 0.06 0.24 0.25 0.25 0.33 0.17 0.27 0.17 0.24 0.10 ...

0.16 0.19 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.07 0.01 0.02 0.01 0.01 ... 0.01 0.01 0.02 0.06 0.07 0.06 0.08 0.24 0.06 0.06 0.07 0.20 0.08 0.08 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.12 0.17 0.16 0.27 0.25 0.45 0.26 0.60 0.56 0.56 0.50 0.97 0.02 0.02 0.02 0.05 0.40 0.60 0.40 0.55 0.03 0.04 0.03 0.04 0.13 0.14 0.14 0.15 0.11 0.11 0.11 2.10 0.10 0.16 0.13 0.32 0.01 0.01 0.01 0.01 0.15 0.15 0.13 0.27 0.02 0.02 0.02 0.03 0.05 0.07 0.05 0.12 0.02 0.02 0.02 0.01 0.01 0.01 0.05 0.10 0.14 0.11 0.20 0.14 0.14 0.14 0.20 0.20 ...

0.15 0.20 0.17 0.20 0.17 ... 0.14 0.15 0.21 0.06 0.06 0.08 0.14 ... 0.03 0.03 0.03 0.06 0.15 0.10 0.47 ... ...

0.30 0.34 ... 0.05 0.07 0.02 0.03 0.03 0.07 0.01 0.06 0.06 0.01 0.02 0.01 0.03 0.03 0.04 0.03 0.10 0.06 0.13 0.07 0.09 0.04 0.05 0.04 0.07 ... ...

0.13 0.20 0.01 0.01 0.01 0.03 0.15 0.22 0.21 0.51 0.08 0.08 0.07 0.11 ... ...

0.29 0.34 0.09 0.17 0.10 0.36 0.12 0.30 0.12 0.18 0.01 0.02 0.01 0.03 0.02 0.10 0.02 0.63 0.06 0.10 0.06 0.17 1.45 3.20 1.43 7.17 0.02 0.15 0.02 0.03 ...

0.06 0.05 0.08 0.30 ...

0.30 0.35 0.05 0.05 0.05 0.08 0.02 0.03 0.02 0.05 0.02 0.05 0.07 0.08 0.13 ...

0.11 0.11 0.03 0.03 0.03 0.06 0.14 0.09 0.10 0.06 0.06 0.06 0.09 0.01 0.02 0.01 0.13 0.28 0.13 0.20 0.04 0.06 0.05 0.07 0.01 0.03 0.03 0.04 0.05 0.05 0.03 0.04 0.09 0.10 0.10 0.11 ... 0.18 0.18 0.40 0.01 0.01 0.01 0.04 0.12 0.12 0.11 0.11 0.15 0.10 0.20 0.03 0.07 0.09 0.11 0.18 0.10 0.26 0.02 0.02 0.01 0.03 0.01 0.01 0.01 0.02 0.01 0.01 0.10 0.10 ...

0.17 0.30

LOW

STOCK

0.15

Galleon Gold Galore Res GAR Limited Generic Gold Gentor Res GFM Res GK Resources Global Cop Grp Global Vanad GMV Minerals Goldbank Mng Goldbelt Emp Golden Pursuit Goldstream Mnl Graphite Egy Gray Rock Res Great Lakes Gr Great Quest Fe Green Arrow Green Swan Cap Green Valley M Greenshield Ex GrowMax Res HFX Holding Highbank Res Highvista Gold Hybrid Mineral Indico Res Indigo Expl Infinite Lith Inform Res Inomin Mines Inspiration Mg Intact Gold Intl Battery Intl Millm Mng Iron South Mng Jazz Res Jubilee Gold Kal Minerals Kings Bay Res Knick Expl La Imperial Latin American Latin Metals Le Mare Gold Leo Res Lightspeed Dis Lithium Energy Lovitt Res M.P.V. Explor Madeira Mrnls MAG Silver* Magna Terra Magnitude Mng Manado Gold Margaret Lake Martina Mnls Meadow Bay Gd Meridius Res Metalo Manuf Micrex Dev Midasco Cap Midnight Star MillenMin Vent Milner Con Slv Minecorp Egy Mineral Hill Montana Gold Mountain Lake MX Gold Navy Res Nebu Res New Energy Met New Jersey Mng New Klondike New World Res Nexco Res Nickel North Noble Metal Northway Res Nrthn Lion

0.05 0.15 0.15 0.01 0.01 0.01 0.01 0.06 0.08 0.01 0.10 0.26 0.05 0.02 0.30 0.03 0.03 0.10 0.08 0.01 0.10 0.01 0.03 0.01 0.05 0.11 0.11 0.13 0.07 0.03 0.09 0.30 0.01 0.01 0.03 0.06 0.04 0.09 0.01 0.12 0.06 0.12 0.07 0.07 0.01 0.02 0.06 0.98 0.02 0.03 0.30 0.04 0.02 0.03 0.07 0.05 0.04 0.13 0.03 0.01 0.02 0.01 0.15 0.01 0.10 0.10 0.01 0.01 0.12

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.06 0.07 0.06 0.09 0.02 0.02 0.02 0.05 ... ...

0.15 4.13 ... 0.09 0.06 0.06 0.06 0.10 0.05 0.07 0.05 0.09 0.05 0.05 1.00 1.00 0.26 0.30 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.10 0.14 0.14 0.25 0.14 0.17 0.14 0.19 0.01 0.01 0.02 0.06 0.08 0.05 0.11 0.01 0.07 0.05 0.09 0.04 0.04 0.47 1.35 0.05 0.08 0.05 0.15 0.05 0.05 0.04 0.04 0.08 0.08 0.10 0.02 0.03 0.02 0.04 0.01 0.03 0.02 0.05 0.05 0.10 0.09 0.50 0.15 0.20 0.15 0.22 0.03 0.04 0.09 0.13 0.01 ...

0.01 0.06 0.01 0.02 0.01 0.03 ... ...

0.17 0.03 0.04 0.03 0.13 ... 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.26 0.29 0.28 0.32 0.05 0.16 0.06 0.06 0.03 0.04 0.04 0.05 0.04 0.04 0.03 0.04 0.06 0.05 0.09 ... ...

0.31 ...

0.01 0.03 0.24 0.27 0.24 0.28 0.04 0.05 0.04 0.06 0.42 0.98 0.53 0.95 0.08 0.25 0.08 0.25 0.03 0.03 0.04 0.05 0.01 0.01 0.01 0.01 0.01 0.13 0.02 0.04 0.01 0.01 0.01 0.02 0.03 0.04 0.03 0.16 0.05 0.05 0.09 0.18 ... ...

1.09 0.08 0.19 0.10 0.32 0.15 0.15 0.10 0.08 0.13 0.10 0.08 0.15 0.10 0.18 ... ...

0.03 0.04 12.52 13.30 12.52 14.40 0.01 0.01 0.02 0.05 0.14 0.20 0.13 0.20 0.01 0.21 0.05 0.04 0.04 0.04 0.11 0.02 0.19 0.05 0.12 0.05 0.05 0.04 0.06 0.07 ...

0.15 0.22 0.11 0.30 0.20 0.40 0.02 0.02 0.01 0.09 0.15 0.08 0.15 0.14 0.14 0.15 0.34 0.01 0.50 0.05 0.02 0.05 0.04 0.08 ... ...

0.12 0.20 0.15 0.48 0.15 0.09 0.10 0.10 0.10 ... ...

0.05 0.11 0.11 0.11 0.12 0.18 0.12 0.16 0.04 0.04 0.04 0.04 0.04 0.04 0.60 0.10 ...

0.15 0.20 0.01 0.01 0.01 0.30 0.30 0.21 0.24 0.04 0.05 0.04 0.08 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.01 0.08 0.09 0.09 0.14 0.12 0.50 0.12 0.46

0.01 0.01 0.13 0.05 0.05 0.05 0.15 0.04 0.16 0.09 0.11 0.02 0.04 0.04 0.04 0.03 0.02 0.02 0.05 0.00 0.08 0.01 0.01 0.01 0.01 0.01 0.12 0.03 0.02 0.05 0.04 0.03 0.48 0.08 0.03 0.01 0.02 0.01 0.02 0.03 0.08 0.06 0.02 6.12 0.01 0.04 0.02 0.04 0.03 0.09 0.10 0.08 0.11 0.02 0.07 0.02 0.10 0.02 0.15 0.18 0.03 0.01 0.01 0.07 0.10

STOCK

NSGold NxGold Ltd Optimum Vent Ord Mountain Pac Cascade Pacific Silk Pan Andean Min Parallel Mng Paringa Res* Patriot Gold Pedro Res Philippine Mtl Phoenix Gold Pike Mountain Portofino Res Prism Res ProAm Expl Project One Quantum Cobalt Rainy Mtn Royl Rare Element* Razore Rock Res Regency Gold Reliant Gold Remington Res Rizal Res Rockland Mnls Rockwealth Res Rojo Res Ross River Roughrider Exp Rover Metals Rubicon Mnrls* Rugby Mng Sage Gold Saint Jean Samco Gold Secova Mtls Sennen Potash Sierra Madre Silver Phoenix Skarb Explor Slave Lake Zn Southstone Min Spey Resources Stellar Africa Surge Explor Talmora Diamd Tearlach Res Thor Expl Thunder Mtn Gd TomaGold Tri-River Vent TriMetals Mng Troy Enrgy True Grit Res Tymbal Res Ubique Mineral Ultra Resource United Battery Upper Canyon Vale* ValOre Metals Vangold Res Vatic Vent Venerable Vent Victory Res Walcott Res Waseco Res Western Pac Rs Western Troy C Whitemud Res Winshear Gold Winston Res Xander Res Yukoterre Res Zara Res Zena Mining Zinco Mng Zincore Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.07 0.15 0.15 0.15 0.03 0.03 0.03 0.11 0.20 ...

0.15 0.15 0.08 0.14 0.08 0.12 0.01 0.02 0.01 0.01 0.03 0.02 0.04 0.08 0.09 0.09 0.10 0.17 0.20 0.17 0.75 ... ...

1.44 8.75 0.05 0.09 0.05 0.06 ... 0.24 0.10 0.25 0.02 0.12 0.08 0.14 ... 0.05 0.05 0.07 0.08 0.10 0.07 0.15 0.04 0.05 0.04 0.13 0.02 0.03 0.02 0.05 0.07 0.17 0.07 0.12 0.15 0.27 0.16 0.30 ... ...

1.10 3.15 0.09 0.10 0.09 0.40 0.11 0.16 0.15 0.89 0.06 ...

0.07 0.10 0.03 ...

0.13 0.14 ... 0.02 0.02 0.12 0.18 0.15 0.20 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.46 0.78 0.46 0.50 ... 0.30 0.19 0.22 ...

0.26 0.26 0.08 0.10 0.06 0.09 0.04 0.05 0.07 0.08 ... ...

0.03 1.35 0.14 0.15 0.14 0.26 0.01 0.01 0.02 0.02 0.02 0.04 0.04 0.03 ...

0.05 0.08 0.05 0.06 0.05 0.06 0.20 0.40 0.45 0.03 0.12 0.02 0.15 0.10 0.19 0.12 0.20 0.04 ...

0.08 0.10 0.04 0.08 0.09 0.13 0.01 0.01 0.01 0.04 0.03 0.04 0.04 0.10 0.03 0.04 0.03 0.04 0.39 0.44 0.39 0.23 0.02 0.05 0.02 0.06 0.15 0.20 0.15 0.28 0.12 0.16 0.15 0.18 0.07 ...

0.17 0.17 0.04 0.04 0.05 ... ...

0.04 0.11 0.12 0.12 0.12 0.02 0.04 0.03 0.05 0.01 ...

0.02 0.02 0.03 0.06 0.05 0.10 0.04 0.05 0.04 0.20 0.06 0.09 0.06 0.12 0.02 0.04 0.03 0.08 ... 2.00 0.25 ... ...

10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.07 0.07 0.10 0.10 0.07 0.09 0.06 0.10 0.02 0.02 0.02 0.12 0.12 0.20 0.20 0.20 0.03 0.04 0.04 0.05 0.20 0.39 0.23 0.58 0.02 0.04 0.02 0.10 0.01 0.02 0.02 0.03 0.12 0.14 0.14 0.15 0.01 0.01 0.01 0.05 0.10 ...

0.09 0.08 0.20 0.09 0.16 ... ...

0.07 0.22 0.08 0.12 0.08 0.10 0.05 0.07 0.05 0.03 0.03 0.05

0.06 0.03 0.15 0.08 0.01 0.03 0.10 1.40 0.04 0.09 0.04 0.04 0.07 0.02 0.02 0.05 0.16 0.20 0.07 0.06 0.07 0.10 0.12 0.01 0.01 0.13 0.13 0.06 0.05 0.03 0.07 0.02 0.04 0.02 0.02 0.12 0.08 0.04 0.01 0.03 0.02 0.03 0.02 0.07 0.12 0.17 0.03 0.02 0.01 0.03 0.03 0.06 0.02 6.57 0.07 0.08 0.05 0.01 0.10 0.02 0.20 0.02 0.01 0.05 0.01 0.09 0.07 0.04

2020-02-10 11:50 AM

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2020-02-10 1:36 PM