The Northern Miner February 19 2018 Issue

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New DRC Stephen de Jong, Catherine Raw named mining ‘Young Mining Professionals of the Year’ | Iamgold, Orefinders fund new $4K YMP scholarships code upsets T miners HONOURS

BY NORTHERN MINER STAFF

INVESTMENT

| 10-year clause endangered

BY TRISH SAYWELL tsaywell@northernminer.com

A

new mining code in the Democratic Republic of the Congo that would raise royalties on metal production and eliminate a stability clause enshrined in the previous 2002 charter that protects mining companies from changes to the code for 10 years is rattling mining companies and investors.

The country’s two houses of parliament (the National Assembly and Senate) have approved the new mining code, but it has yet to be signed into law by President Joseph Kabila, and companies like Randgold Resources (LON: RRS; NYSE: GOLD) and Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF), among others, are joining together in a formal group to lobby the government.

Randgold CEO Mark Bristow says he is not ruling out international arbitration if the mining code becomes law.

“It is our express wish that the government grasps the serious consequences this ill-considered code will have on its ability as a country to attract international investment and reinvestment to the DRC, and to refer the code back to the ministry of mines for further consultation with the industry,” Bristow said in a prepared statement. “If this fails, however, we shall seek to enforce our rights, including those which provide for international arbitration.”

Bristow noted that he is disappointed the new mining code does not reflect the mining industry’s input over the proposed legislation and “what it regarded as very serious flaws in its provisions.”

Randgold co-owns the Kibali mine with AngloGold Ashanti (NYSE: AU) (each has a 45% stake) and state-owned gold miner Société Minière de Kilo-Moto owns the See DRC / 2

he Young Mining Professionals (YMP) — a nonprofit group with chapters in Vancouver, Toronto, Montreal and London, U.K. — has given its Mining Professional of the Year awards for 2017 to Stephen de Jong, chairman of Vancouverbased gold-silver junior Integra Resources (TSXV: ITR), and Catherine Raw, executive vicepresident and chief financial officer of Barrick Gold (TSX: ABX; NYSE: ABX).

The YMP Awards, presented in association with The Northern Miner, are intended by the YMP to “recognize two young mining professionals, a male and a female, who over the past year, and during the course of their careers, have demonstrated exceptional leadership skills and innovative thinking to provide value for their companies and shareholders, as well as for themselves.”

Nominees are under 40 years of age in 2017 and active in some aspect of the mining industry in Canada, the U.S. or the United Kingdom. Voting on a selection of nominees was held in January by a committee representing the four YMP branches and The Northern Miner.

Stephen de Jong has been awarded the Peter Munk Award (male), named after the legendary founder of Barrick Gold, while Catherine Raw has been awarded the Eira Thomas award (female), named after the iconic mining executive who first gained prominence for her role in growing the diamond miner Aber Resources.

Stephen de Jong De Jong, 33, was born and raised in B.C. and earned a Bachelor of Commerce degree from Royal Roads University in Victoria.

In 2012, de Jong became CEO of Integra Gold, a junior exploration company focused on reviving the venerable but bankrupted Sigma-Lamaque gold mine and mill complex in Val-d’Or, Quebec.

Over the next five years, de Jong helped build and lead a team that raised over $150 million during difficult market conditions and grew the business from a $10 million exploration company through to its $590 million sale to Eldorado

Stephen de Jong, Integra Resources’ chairman, and Catherine Raw, Barrick Gold’s CFO, will be feted at an awards gala in March.

Gold in July 2017.

Integra also showed creative promotion by its sponsorship of the $1-million Gold Rush Challenge in 2016, and as co-host alongside Goldcorp of #DisruptMining 2017.

De Jong has been chairman of Integra Resources since August 2017, and serves as a director of GFG Resources. He recently became CEO of VRify, a Vancouverbased tech startup focused on improving company engagement with stakeholders and investors.

The mining industry, de Jong says via email, is “like every other business: it’s all about people and your relationships with them. Our company wouldn’t have achieved a fraction of what it was able to without the support of so many individuals, both employees and external parties, who went out of their way to help us. Real relationships take time and energy to cultivate but they are the best investment you can make.”

As for any tips he’d give young entrepreneurs, de Jong responds: “You don’t need to pretend you know everything. Embrace this, treat your mistakes like oppor-

tunities, be open to learning new things and your personal development will happen quicker than you ever expected.

“And always try to put yourself in the shoes of the person you’re dealing with. Whether it’s an employee, director, contractor or investor, I’ve found when you try to see the situation from another’s point of view it often leads to much quicker, mutually beneficial resolutions.”

De Jong says countless individuals have helped him during his career so far, but a few stand out: “My dad played a key role in getting me started in the industry, and Integra Gold’s chairman George Salamis and our senior VP Herve Thiboutot were both phenomenal mentors that taught me all facets of this incredible industry. Looking back now, the only reason I ever had a chance at realizing any sort of success was because right from the early days, which often involved spending more time on the road than at home, I had the support of an incredible wife and family.”

PM40069240

See YMP AWARDS / 2

INTERVIEW: AME’S EDIE THOME DISCUSSES BC MINERAL POLITICS / 5

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Young Mining Professionals YMP AWARDS From 1

Catherine Raw Catherine Raw, 37, says the first inkling that her career would be in mining came during a first-year university placement working for a PhD student at Boliden’s Laisvall lead-zinc mine in northern Sweden.

She went on to earn a Master of Arts degree in Natural Sciences specializing in geology, with a first-class honours, from Downing College, University of Cambridge, and a Master of Science degree in Mineral Project Appraisal from Imperial College London, where she was sponsored by the Mineral Industries Educational Trust and had the chance to work with Anglo American in London and Johannesburg. She later rounded out her education by adding a CFA designation.

The combination of a geological background with finance allowed Raw to join Merrill Lynch Investment Managers, which was later bought by BlackRock, as a mining analyst on its Natural Resources Team in London.

She gained prominence in the U.K. mining investment scene as a fund manager of mining and gold equity funds at BlackRock, and was co-manager of the largest mining equity fund in the world, leading in-depth financial analysis and evaluation of every major mining company.

“I lived t hroug h bot h t he highs and lows of the cycle,” Raw says in an interview via email. “That allowed me to get an unparalleled understanding of the good, the bad and the ugly of the mining industr y and in particular how a focus on just production and a lack of good risk management led to the significant destruction of shareholder value.”

Raw joined Barrick in May 2015 as executive vice-president for business performance before rising to the position of chief financial officer in April 2016.

Asked what her strategy for corporate success is, she responds: “My philosophy is simple: manage risk, focus on returns and remember mining is about playing the long game. My strategy for success is to be transparent, open-minded and welcome the challenge.”

As for advice to younger people entering the mining industry, Raw comments that mining is an “old economy industry that needs to embrace the future. It is foundational to the global economy and yet it is considered in the scheme of things as relatively niche. By bringing in new ideas and combining them with the lessons of the past, the younger generation can make the mining industry, and the gold industry in particular, investable again.”

The YMP Awards Gala to present de Jong and Raw with their awards will be held on the evening of March 3 at the Shangri-La Hotel in downtown Toronto, the day before the start of the Prospectors & Developers Association of Canada convention.

Tickets are limited and can be purchased at www.eventbrite.ca.

Barrick Gold, KPMG, Cassels Brock and RBC Capital Markets are the gala sponsors.

A drill rig at Ivanhoe Mines’ Kamoa copper project in the Democratic Republic of the Congo. IVANHOE MINES

New YMP Canada scholarships In late January, YMP joined with Iamgold (TSX: IMG; NYSE: IAG) and Orefinders Resources (TSXV: ORX) to establish a new YMP scholarship fund that aims to attract young Canadians to the mineral industry by supporting their academic studies in earth sciences and mining engineering.

The scholarships are designed to help students who show superior leadership, determination and entrepreneurial spirit.

Three scholarships of $4,000 each will be awarded for the 2018–19 academic year, with one awarded to a male, one to a female, and the third to an indigenous person. Iamgold will fund the female and male scholarships, and Orefinders will fund the indigenous scholarship. (Orefinders CEO Stephen Stewart is a director of the YMP Toronto branch.)

Applicants will be considered on the basis of their academic achievements as well as how their submissions show creativity, innovative ideas and a commitment to a career in mineral exploration or mining.

Scholarship applications must be submitted by April 30, with recipients announced by May 31, 2018. For further details, visit www.YoungMiningProfessionals. com/scholarships. TNM

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New DRC mining code DRC From 1

other 10%. Randgold is the operator.

In a statement released on Feb. 5 ahead of Mining Indaba in Cape Town, Ivanhoe executive chairman Robert Friedland said the company is “absolutely determined to see that any additional revenues generated from our projects directly benefit the Congolese people,” adding that “we also expect to receive assurances that previous agreements will continue to be honoured to safeguard the DRC’s future as an important destination for mining investment.”

If signed into law, the mining code would raise royalties on base metals such as copper and cobalt from 2% to 3.5%, impose a 5% royalty on “strategic metals” and slap a 50% super tax on profits when a commodity price rises 25% above the metal price used in a project’s feasibility study.

But the most worrying part, miners say, is the lifting of a provision that exempts licence holders from compliance with the new code for 10 years. According to Bristow, the 10-year stability clause in the 2002 mining code “was the basis on which Randgold and other mining companies invested in the DRC.” “When Randgold and AngloGold Ashanti bought the project that became the Kibali mine, we sought and received a formal written declaration from the DRC government, which entrenches our rights under the 2002 code, and confirms that the law would be honoured in respect not only of Kibali, but also any permit renewals,” Bristow said.

Ivanhoe, which has been active in the DRC for more than two decades and is developing a mine at its Kamoa-Kakula copper discovery and upgrading the Kipushi mine, said its projects have become pillars

“WE ARE ABSOLUTELY DETERMINED TO SEE THAT ANY ADDITIONAL REVENUES GENERATED FROM OUR PROJECTS DIRECTLY BENEFIT THE CONGOLESE PEOPLE.” ROBERT FRIEDLAND EXECUTIVE CHAIRMAN, IVANHOE MINES

of the local economy.

“Ivanhoe supports a fair and equitable distribution of profits and benefits between the government, surrounding communities and international investors,” Friedland said in the company’s press release. “We also equally support the upholding and fulfilment of prior government commitments to foster investments in mine developments.”

For Ivanhoe, eliminating the stability clause is particularly unnerving, as the company transferred another 15% stake in the KamoaKakula copper project to the government of the DRC in November 2016.

At that time, the agreement noted that any dispute would be subject to binding arbitration.

During Friedland ’s keynote presentation on Feb. 7 at Mining Indaba, the largest annual mining conference in Africa, which attracts political leaders, government ministers and representatives of most African nations, as well as investors, financial institutions and industry executives from around the world, the billionaire mining executive emphasized that royalties and taxes must benefit local people and there must be impeccable accounting and transparency.

“I don’t mind paying … as long as that royalty goes to develop, help and empower local people,” the Financial Times reported Friedland as saying. “I’m not concerned about the level of taxation, that’s not the

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fundamental issue. The issue is that the mining industry needs stability, and we absolutely need transparency.”

The British newspaper also reported Friedland said that “the mining industry is sick and tired of being gored — we are like a herd of antelopes, our horns pointing out united in our opinions.”

Charles Watenphul, a media spokesman for Glencore (LON: GLEN), told The Northern Miner that the company is not commenting “on the latest developments,” but forwarded a letter that major mining companies sent to the DRC government last month.

“A unilateral revision of the tax and legal system currently governing the industry represents a strong negative signal sent out by the DRC which could do nothing but undermine, for a long period of time, the confidence of the stakeholders in the sector, whether they be present or not in the DRC to date,” the companies said in a press release.

The companies also noted that if the mining code becomes law, it “would cause the certain death of a young industry, however it contributes to the achievements of the national economy.”

In 2015, the mining sector generated 98% of the DRC’s exports, 25% of the government’s revenue and contributed more than 21% of its gross domestic product, the letter stated.

“While the draft revision initiated in 2013 had — following the holding of tripartite sessions — led to its abandonment, the industry was subsequently surprised when in May 2017, the government decided to relaunch the process for the revision of the mining code by directly submitting the draft to parliament without holding any consultation or tripartite session that would have enabled to bridge opposing views and analyze the relevant recent developments in the sector,” the companies stated.

The companies also pointed out that the government had yet to repay its VAT liabilities, which in December amounted to US$1 billion. TNM

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THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

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Chakana surges on Venture debut COPPER

BY TRISH SAYWELL

S

tsaywell@northernminer.com

hares of Chakana Copper (TSXV: PERU) gained 78% on their first day of trading and the release of assays from five shallow drill holes at the company’s Soledad copper-gold-silver project in central Peru, 260 km northwest of Lima.

Soledad hosts multiple high-grade, quartz-tourmaline-sulphide breccia pipes that outcrop in the Cordillera Negra and western ranges of the Andes, 35 km south of Barrick Gold’s (TSX: ABX; NYSE: ABX) Pierina gold-silver mine in the country’s prolific Miocene metallogenic belt.

The company has drilled the project since August and listed in February through a reverse takeover of Remo Resources. After starting at 50¢ per share, the junior explorer, whose chairman is renowned geologist Douglas Kirwin, shot to a high of 91¢ before closing at 89¢ — a 39¢ gain.

“The strong response to the listing seems to underscore the market’s appetite for high-grade, copper-gold projects in a favourable mining jurisdiction, such as Peru,” Chakana Copper’s president and CEO, David Kelley, tells The Northern Miner.

So far, drilling has focused on one of nine known breccia pipes (Breccia Pipe No. 1), where the company has drilled from a central platform at different azimuth and dip angles to define the geometry and grade profile of the pipe.

The assay results come from five holes and include a 69-metre intercept from surface grading 3.15

| Junior releases assays from Soledad project in Peru

“DRILLING ON THE PROJECT CONTINUES TO GO VERY WELL.” DAVID KELLEY PRESIDENT AND CEO, CHAKANA COPPER

grams gold per tonne, 11.3 grams silver per tonne and 0.39% copper, including 22 metres starting from 47 metres downhole of 3.89 grams gold, 21.3 grams silver and 1.18% copper in drill hole 17-24.

Drill hole 17-22 returned 21 metres from surface grading 4.87 grams gold and 32.9 grams silver, and 33 metres of 5.31 grams gold, 66.1 grams silver and 0.39% copper from 43 metres downhole. Drill hole 17-25 cut 30 metres from surface of 3.50 grams gold and 8 grams silver, and 5 metres of 10.05 grams gold, 22.1 grams silver and 0.74% copper from 48 metres downhole.

“Drilling on the project continues to go very well,” Kelley writes in an email from Peru. “The results ... provide further confirmation of the excellent grades in copper, gold and silver, and even some interesting zinc and lead numbers.

“It’s important for people to realize that the pipes are vertical bodies with cylindrical to oval shapes, and they have to be drilled from all angles to accurately define the geometry and grade variation,” says Kelley, who was a member of the joint discovery team of the Zuun Mod molybdenum-copper deposit in Mongolia, the Wayamaga gold

Drillers targeting Breccia Pipe #1 at Chakana Copper’s Soledad project in the western ranges of the Peruvian Andes. CHAKANA COPPER

deposit in French Guiana and the High Lake East deposit in Nunavut.

“Holes with shallower angles drilled from surface will have shorter intercepts, but these intercepts are still important, as they provide control for defining the volume potential. With additional drilling we will be testing our hypothesis that higher-grade mineralization concentrates at the margins of the breccia, and that the pipes are getting larger at depth.”

The company has drilled 8,600 metres of an original program of 16,660 metres, and is earning a 100% stake in the project over four years under an option agreement with project generator Condor Resources (TSXV: CN). The deal includes a 2% net smelter return royalty.

Kirwin, a member of the joint discovery team of the Hugo Dummett deposit at Oyu Tolgoi in Mongolia and a corecipient in 2004 of the Prospectors and Developers Association of Canada’s inaugural Thayer Lindsley Award for the most significant international mineral discovery, was asked his opinion of

the property by some of his friends in January 2017.

He was impressed by the gold and copper drill intercepts, the tourmaline breccia pipe-style mineralization and the fact that there were a number of targets ready to drill right away, and recommended that they try to acquire the project.

While breccia pipe targets tend to be relatively small tonnages, he said in an interview with The Northern Miner in late 2017, they can be very high grade, and tourmaline pipes often have a series of vertical extents of greater than a kilometre. They also occur in clusters, and the team knows of at least 12 around Soledad.

Results from two of five holes drilled into Soledad in August and September returned highlights of 147 metres from surface grading 2.51 grams gold, 48.6 grams silver and 0.77% copper, with the top 44 metres of the hole cutting 3.92 grams gold and 29.6 grams silver in hole 17-17.

The second hole, 17-18, returned a 209-metre intercept from surface grading 2.22 grams gold, 69.6 grams silver and 0.96% copper. Within the

209-metre intercept was a 74-metre interval of 3.31 grams gold, 65.5 grams silver and 1.1% copper.

In October, Chakana Copper reported assays from the other three holes. Hole 17-20 returned 113 metres from surface grading 1.17% copper, 3.58 grams gold per tonne and 51.5 grams silver. A second hole, 17-19, penetrated a blind breccia zone from 88 metres to 230 metres southwest of previous drilling.

The hole returned two mineralized intervals of 37 metres with 2.20% copper, 0.80 gram gold and 136.1 grams silver, and 25.3 metres grading 1.64% copper, 1.72 grams gold and 221.4 grams silver.

The company hopes to retrieve drill information down to 600 metres and produce an inferred resource on two of the nine pipes that have been found over 2 square kilometres. Separation between the pipes at surface ranges from 300 to 500 metres.

Typical breccia pipes can be ovalshaped and between tens of metres and hundreds of metres across, Kelley says. The biggest ones are in the Los Bronces-Rio Blanco district in Chile, where large tourmaline breccia deposits of the same style as Soledad are found.

The most spectacular, Kelley says, is the Los Sulfatos deposit, which is owned and being developed by Anglo American (LON: AAL; US-OTC: AAUK). Los Sulfatos has an inferred resource of 1.2 billion tonnes grading 1.46% copper and 0.02% molybdenum. Other tourmaline breccia deposits in the district, he says, include Sur Sur and Donoso. TNM

JOINT VENTURE ARTICLE

Vista Gold Incorporates Technology and Improves Economics at the Mt Todd Gold Project Vista Gold Corp. (TSX: VGZ; NYSEAM: VGZ) has completed a new prefeasibility study on its 100% owned Mt Todd gold project in Australia’s Northern Territory that shows the project has the capacity to become the country’s fourth largest gold mine.

Vista acquired the project, located 250 km southeast of Darwin, in 2006, already decked out with infrastructure. Since then it has tripled the resource and invested over US$100 million into the property.

“Whether you look at it and say Vista paid about $2 million to acquire Mt Todd and all we got was infrastructure, or whether you say we spent that money and we got 3 million ounces of resource that we were able to triple, it’s a toss-up in my mind,” says Vista Gold President and CEO Frederick Earnest. “But how ever you look at it, we got a phenomenal buy.”

Mt Todd’s resource now stands at 297 million measured and indicated tonnes grading 0.82 gram gold per tonne for 7.82 million oz. gold across its Batman and Quigleys deposits. An additional 63 million tonnes in the inferred category are grading 0.72 grams gold for 1.46 million oz. gold.

This resource includes a reserve estimate for the Batman deposit of 221 million proven and probable tonnes grading 0.82 grams gold for 5.85 million oz. gold.

In w h at i s n ow a n o u td ate d plan, Vista believed it needed a gold price of US$1,600 per oz. to achieve an internal rate of return higher than 20%. And so, it be-

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“WE HAVE ACHIEVED A SIGNIFICANT STEP FORWARD

BY EVALUATING PROVEN TECHNOLOGY AND APPLYING IT TO THE CHALLENGES PRESENT IN OUR PROJECT.” FREDERICK EARNEST Vista Gold Corp.’s Mt Todd gold project in Australia’s Northern Territory. Credit: Vista Gold Corp.

PRESIDENT AND CEO, VISTA GOLD

gan looking at ways to improve the fundamental performance and economic s of the proj ect, and ended up taking “a long, hard look at automated sorting.”

Earnest explains that because sulphide minerals are denser than sedimentary rocks, Vista will be able to use x-ray sorting.

With this off-the-shelf but underused technology, Vista would x-ray rocks moving across a conveyor belt. The sedimentary rocks show up as grey silhouettes whereas the sulphide mineralization shows up as white spots within the rocks. A sensor transmits images to a computer, which analyzes the shapes and sorts out those with a certain percentage of bright white spots.

The technology would rej ect approximately 10% of the plant feed, and reduce the grinding, leaching, tailings and handling

and generate results with minimal project risk.”

Earnest says that with this technology, Vista has a project that is economically viable, with an after tax IRR of 20.5% at a US$1,300 per oz. gold price and a $0.80 USD:AUD exchange rate.

In 2014 Vista got approval for the project’s environmental impact statement, but shortly after, the Commonwealth government intervened with concerns around the safety of a small bird native to the area called the Gouldian finch.

In mid-January 2018, Vista received that environmental approval.

It now has all the major environmental permits for the project to go forward.

“The Commonwealth government is very interested in making sure that we’ve addressed even the smallest questions,” says Earnest.

costs proportionally. The average grade of the rejected material in testwork varies between 0.07 and 0.23 gram gold per tonne. Vista’s lower cut off for economic ore is 0.4 gram gold per tonne, so this is material that would cost more money to process than Vista would recover in gold.

“The challenge for us in the gold industry is that we’re not sorting gold,” says Earnest. “We can’t detect the gold, and so we have to sort something that the gold is associated with, and that’s why this works.

“We are not in the business of funding R&D and developing technology. We have achieved a significant step forward by evaluating proven technology and applying it to the challenges present in our project. Our goal is to incorporate proven, off-the-shelf technology

“Ultimately we maintained open lines of communication and met with people on a regular basis. We felt that they were truly seeking to help us get a permit that genuinely protects the species.”

Vista now intends to continue building value in its brand. It still h a s s o m e d r i l l i n g a n d m e t a llurgical work to carr y out at its smaller Quigleys deposit, which has higher grade s and higher stripping requirements than the Batman deposit.

Mt Todd has a three-year stripping spike built into its mine plan.

During that period, Vista would process lower grade material from the Batman deposit. It intends to define a pit shape at Quigleys that it hopes could start supplementing the mill feed at the start of the stripping spike.

“Mt Todd is now positioned with several strategic options. We are not going to rush into a development decision,” says Earnest. “We want to get value in the company.

We want to answer a couple of these last questions and we want to have confidence that the gold price is going to stay in the range where it is today.”

Shares of Vista Gold are valued at $1.02 with a 52-week range of 77¢ to $1.61. The company has a market cap of $105 million.

— The preceding Joint Venture Article is promoted content sponsored

by Vista Gold Corp. and written in conjunction with The Northern Miner. Visit www.vistagold.com to learn more.

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E D I T O R IA L

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New environmental assessment rules proposed for Canada REGULATIONS

| NEB set to be replaced

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n Feb. 8 Canada’s Environment and Climate Change Minister Catherine McKenna introduced the 341-page Bill C-69, which seeks to comprehensively alter the current federal legislation guiding the environmental review and regulation of large resource projects in Canada, such as pipelines, oilsands extraction and mines.

BY JOHN CUMMING jcumming@northernminer.com Bill C-69 is named An Act to enact the Impact Assessment Act and the Canadian Energy Regulator Act, to amend the Navigation Protection Act and to make consequential amendments to other Acts. The tortuous title is a first hint as to how much extra regulatory burden will be added to an already cumbersome and slow permitting process for major resource projects in Canada.

The heart of the bill is the Impact Assessment Act (IAA), which would replace the Canadian Environmental Assessment Act put in place in 2012 by the previous Conservative-led government in a bid to streamline environmental permitting by reducing duplication of efforts by provincial and federal regulators.

Under the IAA, the existing Canadian Environmental Assessment Agency (CEAA) would be replaced by the new Impact Assessment Agency of Canada.

On the face of it, the IAA would seem to speed up the permitting process in that it would reduce the current legislated timelines for reviewing projects from 365 days to a maximum of 300 days for assessments led by the review agency, and from 720 days to a maximum of 600 days for assessments led by a review panel.

The complexity and conflicting implications of the bill — including this promised shorter review timeline — may explain why there has been little to no response from the Canadian mining associations about Bill C-69 so far.

But reading further into the bill, there are new requirements for a range of even more extensive consultations with the public and indigenous communities that can only add to costs and timelines for proponents of resource projects.

The bill also expands the scope of project review from how a project will affect the environment to also assessing its health, social and economic impacts on communities in the long-term.

To give a flavour of just how much more non-environmental detail would be required for every review, there are repeated lines in the legislation that an impact assessment of a designated project “must take into account ... the intersection of sex and gender with other identity factors.”

This suite of costly and time-consuming new burdens for resource proponents would make the proposed tighter approval timelines impossible to attain. Instead, the federal environment minister and cabinet would simply extend the timelines by repeatedly “stopping the clock” on the approval process, as they are allowed to do, in such a way that the legislated timelines would become meaningless and the entire process more politicized. The federal cabinet would effectively give the nod to all major resource projects rather than a politically disinterested, technically competent bureaucracy granting approvals.

Bill C-69 also seeks to replace the oil and gas focused National Energy Board (NEB) in Calgary with a newly formed Canadian Energy Regulator, which would be stripped of the environmental assessment duties previously carried out by the NEB. Bill C-69 still has long way to go before it becomes law, but with the federal Liberals holding a majority in the House of Commons and fairly pliant Senate, the bill could be the law of the land sometime in 2019 before the next federal election.

There are even more regulatory balls in the air at the moment in Canada. One of them is the launch by the CEAA of two public consultation processes to help revise the list of projects that have environmental risk and should come under regulation by the federal government rather than lower levels of government. As you can imagine, the pro-business critics think the list should shrink and the more left-leaning environmental lobby says the list should expand.

With Canada recently losing its corporate and personal tax advantages to the U.S., and the prospect of even more carbon taxes being imposed on Canadian industries, there couldn’t be a worse time to destabilize the environmental assessment process and threaten greater costs and delays for resource project proponents in Canada.

In today’s world of rapid global capital movement, the gold goose doesn’t sit around to be killed anymore. It flies off to friendlier climes to nest and begin life anew. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Professional Directory. . . . . . . . . . . . . . . . . . . . 17 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Advantage Lithium. . . . . . . . 11 Agnico Eagle Mines. . . . . . . . 23 Albemarle. . . . . . . . . . . . . . . . 11 Anglo American. . . . . . . . . . . . 3 AngloGold Ashanti. . . . . . . . . 1 Antofagasta. . . . . . . . . . . . . . . 16 Arizona Mining. . . . . . . . . . . 14 Barrick Gold. . . . . . . . . . . . 1,3,9 Chakana Copper. . . . . . . . . . . 3 Condor Resources. . . . . . . . . . 3 Corvus Gold. . . . . . . . . . . . . . 12 Emgold Mining . . . . . . . . . . . 11 First Majestic Silver. . . . . . . . . 8 Freeport-McMoRan . . . . . . . 16 Glencore . . . . . . . . . . . . . . . . . . 2 Goldcorp. . . . . . . . . . . . . . . . . . 6

Hard-Line Solutions. . . . . . . . 6 Hudbay Minerals. . . . . . . . . . 16 Iamgold. . . . . . . . . . . . . . . . . . 2,6 International Tower Hill Mines . . . . . . . . . . . . . . . . . . 12 Ivanhoe Mines. . . . . . . . . . . . . 1 Jinchuan Group Co.. . . . . . . . 15 Kaz Minerals. . . . . . . . . . . . . . 16 Kerr Mines . . . . . . . . . . . . . . . 11 Kinder Morgan. . . . . . . . . . . . . 5 Kinross Gold. . . . . . . . . . . . . . 10 Klondex Mines. . . . . . . . . . . . 13 Liberty Gold. . . . . . . . . . . . . . . 9 McEwen Mining . . . . . . . . . . 11 Monarques Gold . . . . . . . . . . 23 Nevada Sunrise Gold. . . . . . .11

Nevada Zinc. . . . . . . . . . . . . . 11 Newmont Mining . . . . . . . . . 10 NuLegacy Gold . . . . . . . . . . . 11 Orefinders Resources . . . . . . . 2 Premier Gold Mines. . . . . 6,8,9 Pure Energy Minerals. . . . . . 11 PwC Canada. . . . . . . . . . . . . . . 6 Randgold Resources. . . . . . . . 1 Richmont Mines . . . . . . . . . . 23 Rio Tinto. . . . . . . . . . . . . . . . . 15 SilverCrest Metals . . . . . . . . . . 8 Stornoway Diamond. . . . . . . . 6 Taseko Mines. . . . . . . . . . . . . 16 Turquoise Hill Resources. . . . . . . . . . . . . . . 15 Yamana Gold . . . . . . . . . . . . . 10

Gold mine production hit all-time high in 2017: WGC FACTS ‘N’ FIGURES

| Q4 demand recovery partly offsets 7% full-year decline

The following is an excerpt from the World Gold Council’s new 18-page report, Gold Demand Trends Full Year 2017. View the entire report at www.gold.org.

G

old demand rallied in the closing months of 2017, gaining 6% year-on-year to 1,095.8 tonnes (35.2 million oz.) in the fourth quarter. But it was too little, too late: full-year demand fell by 7% to 4,071.7 tonnes (130.9 million ounces). Exchange-tradedfund inflows, although positive, lagged behind 2016’s stellar growth.

Central banks added 371.4 tonnes (11.9 million oz.) to global official gold reserves, 5% down on 2016’s net purchases. Bar and coin demand fell 2% on a sharp drop in U.S. retail investment. India and China led a 4% recovery in jewellery, although demand remains below historical averages.

Increased use of gold in smartphones and vehicles sparked the first year of growth in technology demand since 2010.

Supply highlights Decline in recycling drove total supply 4% lower to 4,398 tonnes (141.4 million oz.), as mine production crept to a new high in 2017.

Mine production rose fractionally to 3,268.7 tonnes (105.1 million oz.) in 2017, the highest annual total in our series.

The full year saw net de-hedging of 30.4 tonnes (977,000 oz.), the first year of net de-hedging since 2013.

Unusually high recycling levels in 2016 were the main cause of a 10% year over year decline in 2017, as recycling activity normalized.

Mine production Mine production finished 2017 by falling 2% year-over-year to 833.1 tonnes (26.8 million oz.) in the fourth quarter. This resulted in overall annual mine production of

IN CANADA, THE START-UPS IN 2017 OF HOPE BAY, BRUCEJACK, RAINY RIVER AND MOOSE RIVER CONTRIBUTED TO A 5% INCREASE IN GOLD MINE PRODUCTION IN THE FOURTH QUARTER. 3,268.7 tonnes (105.1 million oz.)

— fractionally higher compared to 2016 — and the highest annual total in our records.

New mine starts in recent years have mostly served to fill the gap left by production losses elsewhere, which has led to a relative plateauing in global output.

Familiar issues in China and Tanzania continued to impact production in the fourth quarter.

In China — the world’s largest producer — the fourth quarter saw another year-over-year decline, with national production dropping 10%. Provisionally, 2017 output is expected to be 9% lower than 2016, only the second annual drop in production since 1980. Stricter environmental regulations — relating to cyanide in tailings — imposed earlier this year resulted in the closing of some marginal operations in 2017, negatively impacting overall output. One of the key messages in President Xi’s report at China’s 19th Communist Party Congress was the implementation of the strictest possible environmental protections.

Tanzanian mine production fell See FACTS ‘N’ FIGURES / 5

GOLD SUPPLY TONNES

2016 2017 CHANGE

Total supply

4,590.9

4,398.4

-4%

Mine production

3,263.0

3,268.7

0%

32.8

-30.4

-

1,295.1

1,160.0

-10%

Net producer hedging Recycled gold SOURCE: WORLD GOLD COUNCIL

2018-02-13 6:53 PM

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AME’s Edie Thome on BC’s mineral politics ROUNDUP 2018

| Regulatory reform top of mind for regional industry association

BY MATTHEW KEEVIL

T

mkeevil@northernminer.com VANCOUVER

he Association for Mineral Exploration’s (AME) Roundup conference in Vancouver serves as a bellwether for the mining industry as the first major technical event of the new year.

The most recent iteration featured the typical discussions on metal prices and markets, but it also marked the maiden mining voyage for B.C.’s newly elected, left-leaning New Democratic Party (NDP) and Green Party coalition government.

The NDP-led minority government’s stance on mining in the province remains untested.

Premier John Horgan has been rhetorically supportive of the business, and held over pro-mining initiatives from the previous longstanding Liberal government, including its flow-through share tax framework and exploration credits; funding for Geoscience BC; and provincial sales tax breaks for electricity used at mine sites.

Meanwhile, B.C.’s Minister of Energ y, Mines and Petroleum Resources Michelle Mungall is working with industry groups — including the AME — on the BC Mining Jobs Task Force.

Conversely, the NDP has taken a relatively combative stance on the oil industry in its approach to the Kinder Morgan (TSX: KML; NYSE: KMI) Trans-Mountain pipeline expansion.

It has also committed to the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), which adds uncertainty to a permitting process that has been regularly criticized for inefficiency and redundancy.

“We had been operating under a stable government that had been in place for quite some time,” commented AME president and Edie Thome during an interview following the Roundup conference. “Now we have new ministers transitioning into leadership from the opposition.

It looks like commodities might be firming up in 2018, so we’re very interested to see how the new government plans to integrate all of these mandates it’s outlined.”

Director of mineral development for the B.C. Ministry of Energy,

BC Mines Minister Michelle Mungall touring the Core Shack at AME Roundup in January 2018. VELOUR PRODUCTIONS/AME

“WE’VE SAID VERY CLEARLY THAT WE NEED FEDERAL AND PROVINCIAL MANDATES TO DOVETAIL TOGETHER AND THEY CAN’T BE IN CONFLICT, OR IT JUST CREATES EVEN MORE BUREAUCRACY.” EDIE THOME PRESIDENT, AME

Mines and Petroleum Resources, Gordon Clarke, revealed during the conference that mining in the province generated $9.8 billion in economic value in 2017.

The biggest earner for B.C. was metallurgical coal, which accounted for 61% of that total. The province is also Canada’s largest producer of copper, which generated $2.25 billion.

“We need to look at addressing some of the regulatory issues and making B.C. a top destination for investment capital,” Thome continued. “There are a number of initiatives that show up in multiple ministry mandate letters under the umbrella of the [UN Declaration].

There’s industry concern about stacking these things and effectively getting more bureaucratic versus

getting any value out of it. We’ve made the deputy ministers aware of that.”

The need for regulatory certainty is especially pressing for AME’s members, which includes more than 6,000 people employed in the mineral exploration industry.

AME reported $247 million in exploration spending in B.C. last year. The figure is higher than the $205 million spent in 2016, but well below the nearly $700 million spent in 2011–2012.

“When you look at the hard factors, like having a mining code and anti-corruption, B.C. is clearly near the top,” Thome said. “But when we start talking about the timing on regulatory permitting, social license, and indigenous inclusion it becomes much harder. So we need to tackle these issues and ease any concerns financial investors might have in that regard.”

The national regulatory landscape hasn’t provided much more clarity due to a pending review of Canadian

environmental assessment processes from the Liberal-led federal government. Kim Rudd, parliamentary secretary to the minister of Natural Resources Canada, was also in attendance at Roundup, but provided little details on potential changes outside of a retread of the “one project, one assessment” slogan previously leveraged by the Harper government in 2012.

Federal Environment and Climate Change Minister Catherine McKenna introduced a bill in early February to enact the Impact Assessment Act and the Canadian Energy Regulator Act, and amend the Navigation Protection Act. “There are a number of overlapping issues between the federal and provincial governments, and we’ll certainly be engaging in that process,” Thome said. “We’ve said very clearly that we need federal and provincial mandates to dovetail together and they can’t be in conflict, or it just creates even more bureaucracy.” TNM

Gold mine production up FACT ‘N’ FIGURES From 4

15% year-over-year in the fourth quarter. The ongoing concentrate exports ban — introduced in March — continues to impact output from Acacia Mining’s Buzwagi project, while the company is also in the process of reducing operations at its primary Bulyanhulu mine to help manage losses.

Several other jurisdictions also saw declines. The year-over-year change in fourth-quarter production in the U.S., Brazil and Mali were all affected by comparison with a high base period in 2016.

Output from Russia saw a yearover-year increase in the fourth quarter. The period also saw the start-up of the Natalka mine in the Magadan region. The project began commissioning in September and in December poured its first doré.

While the mine is still in the early stages of production, Polyus ex-

1-16, 23_FEB19_Main .indd 5

pect this will significantly boost the company, and Russia’s, production in coming years.

In Indonesia, the mining of higher-grade ore at Grasberg — the country’s largest mine — helped boost fourth-quarter mine production by 11%.

In Canada, the Hope Bay (firstquarter start-up) and Brucejack (second-quarter start) projects, as well as fourth-quarter start-ups Rainy River and Moose River, contributed to a 5% increase in the fourth quarter.

Several West African start-ups — Fekola and Yanfolila (Mali), and Houndé (Burkina Faso) — also entered production towards the end of 2017.

Net producer hedging Total net de-hedging in 2017 reached 30.4 tonnes, bringing an end to three consecutive years of modest net hedging. In the fourth quarter,

gold miners completed 15 tonnes (482,000 oz.) of net de-hedging; the overall global hedgebook now stands at 222 tonnes (7.1 million ounces).

As with previous quarters, fresh gold hedges were tactical in nature, mainly established to secure project cash flow, project financing, or high local gold prices.

In October, Westgold Resources announced an increase in its shortterm hedgebook of 40,000 oz. to lock in higher local prices. In November, Gold Road — which is developing the Gruyere gold mine in Australia — announced that it had entered into forward agreements which hedged 200,000 oz. to secure a portion of the mine’s future production.

And in the same month, Resolute Mining hedged 72,000 oz. of output, to fund the expansion project at its Ravenswood gold mine. This follows forward sales of 84,000 oz. in September to help fund development of the Syama mine in Mali.

To become the leading explorer and developer of GOLD properties in the Val-d’Or/Abitibi Camp.

Measured and Indicated Resource of 2.6 Million Ounces of Gold on Wasamac.

1.888.994.4465 | monarquesgold.com

2018-02-13 6:53 PM

6

WWW.NORTHERNMINER.COM

FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

PMF panel discusses innovation in mine development ROUNDTABLE

BY JOHN CUMMING

I

jcumming@northernminer.com

n this eighth and final installment of reports from the Progressive Mine Forum hosted

by The Northern Miner in Toronto in October, we present an edited transcript of a roundtable discussion between six mining industry veterans on the topic of innovation in mine development.

The roundtable participants were: Subo Chatterjee, vice-president of consulting and business transformation leader at PwC Canada; Ewan Downie, president and CEO of Premier Gold Mines (TSX: PG; US-OTC: PIRGF); Matt Manson, president and CEO of Stornoway Diamond (TSX: SWY; US-OTC: SWYDF); John Mullally, director of government relations & energy at Goldcorp (TSX: G; NYSE: GG); Walter Siggelkow, president and founder of HardLine Solutions; and Gordon Stothart, executive vice-president and chief operating officer of Iamgold (TSX: IMG; NYSE: IAG). Northern Miner editor-in-chief John Cumming served as moderator.

TNM: Let’s begin with Gord. Over your 30-year career in mining, what changes have you seen in mine development?

Gordon Stothart: A lot of it comes from automating physical tasks on the engineering side — taking away the physical side. I’m enough of a dinosaur that I did dump designs and road designs with French curves and compasses.

The mechanical piece of design has changed drastically. The equipment certainly is starting to change, but it takes a long time. I saw my first movie on automated trucks in 1984 and we’re still trying to get automated trucks into open-pit mines.

So it doesn’t always move quickly.

A lot of the change occurs in the communication and economic theories that we can apply to the mines.

But at the end of the day, we still blow it up and move it to produce metal.

TNM: Matt, could you compare building Diavik and those other diamond mines in the Territories two decades ago with Stornoway’s recent experience building the Renard diamond mine in Quebec?

Matt Manson: I’d echo the sentiment of Gord in that mine development over the past 20 years hasn’t changed

“SOME OF THE INNOVATIONS I’VE SEEN SINCE I’VE BEEN IN THIS INDUSTRY ARE THE AUTOMATION UNDERGROUND. THAT’S PRETTY IMPORTANT FOR SAFETY. UNDERGROUND MINES AREN’T THE SAFEST PLACES TO BE WORKING.” EWAN DOWNIE PRESIDENT AND CEO, PREMIER GOLD MINES

1-16, 23_FEB19_Main .indd 6

| The pitfalls and promises in bringing new technology and practices to mining hard for a few years. as much as you think it might. The “THE TREND SINCE 2014 IS MORE But actually every success enbig difference between building ergized us a little bit more, and Diavik and building Renard was the R&D IN MINING COMPARED TO OTHER a little bit more. That’s a piece of management of it: Diavik was EPCM INDUSTRIES ON A RELATIVE BASIS BUT it — necessity — but another piece and Stornoway was self-managed.

We have to remember that mining NOT AN ABSOLUTE ONE. THE TREND IS of it is just some vision. And it’s not is a non-innovative business because UPWARD, BUT THERE’S SOME CATCHING necessarily executives providing it’s capital intensive. We raise all the that vision, but asking for the local money upfront to build these mines UP TO DO.” managers and workforce to provide and we try hard not to screw it up.

The people who are giving you the money to do that are inherently risk-averse.

To Renard, we’re bringing in waste-ore sorting, and that’s an innovation that is quite current and topical. We’re doing that because we have a specific issue in our process plant that we’re addressing.

It looks great, as we’re doing all the data. It’s going to work and it’s modestly priced, and there’s a great fallback position if we don’t get the results we want.

It’s a no-brainer to do it, but when I talk to investors, the first question I get is: “What other company does that?”

When you get that kind of a question from an investor, that is the risk aversion of the mining and financing community against innovation. That holds us back, for sure.

TNM: Turning to John, Goldcorp is quite aggressive in describing the changing future of energy in mining and the company has planned its Borden gold mine in Ontario to be an all-electric mine when it is built.

Could you describe Goldcorp’s overall concept of energy use going forward and Borden as a case study?

John Mallally: I don’t think we’re immune to what Matt was mentioning in terms of the capital raised and the sunk capital, and Probe Mines (the previous owner of Borden before its acquisition by Goldcorp) was already $400 million along.

But Borden was really seen as a greenfield project and an opportunity to take a new look and have a clean slate.

From my perspective on some of the risks and challenges, we’re starting to see them addressed now.

We’re nearing the end of advanced exploration.

Other issues revolve around social acceptability and attracting top talent, as well. Turning the page in terms of the reputation of the mining industry has been interesting.

Regulators — you might be surprised — are really excited about these new technologies, as there are implications when it comes to operating electric vehicles in the underground mine.

We’ve seen a lot of original equipment manufacturers and vendors and other partners coming on, including First Nations communities.

We were faced with those same significant challenges, in particular the capital raised and the risk aversion because of that.

But we’ve taken these strides and are halfway through. We haven’t entirely proven out the concept of an all-battery electric vehicle mine, but are enough along to start to point the way to some of the benefits. It’s been an interesting journey so far.

In terms of results, there’s work to be done, but we’re starting to see some of the payoff.

TNM: Subo, your specialty is advising on procurement and supply chain management. Could you give us your latest insights on these topics in relation to mine development, and what is PwC’s “Procurement 4.0” system?

SUBO CHATTERJEE

VICE-PRESIDENT OF CONSULTING AND BUSINESS TRANSFORMATION LEADER, PWC CANADA

Subo Chatterjee: When we talk about innovation … that has sort of been the trend or messaging from 2014 all the way to 2020.

We recently did a survey of companies globally — including 2,200 mining companies — and asked questions about their adoption rates for new technologies.

What we noticed was that 9% of companies had adopted a long-term strategy for innovation. And at the other end of the spectrum, 20% of companies were more opportunistic, with no long-term vision and only going after a few areas.

We took a step back to look at what investment really was happening and put them into four clusters.

The first was around automation and robotics, and that was where the biggest investment was happening.

The second was what we call the digitally enabled workforce. How do you empower your employees to drive forward more productively?

The third was around integrated enterprises. With all the data you’ve created, how does it feed back into your systems? Do you have integration between your field workers and your corporate data centres?

The fourth is about advanced analytics, which links to our conversations earlier today on big data.

What we noticed is that it was the first two areas where we saw investment and focus, while the last two areas is where there wasn’t a whole lot of focus.

The other aspect was the investment by the mining industry in innovation versus other industries.

Certainly the trend since 2014 is more research and development (R&D) in mining compared to other industries on a relative basis but not an absolute one. The trend is upward, but there’s some catching up to do.

TNM: Ewan, asking you a similar question posed to Gord and Matt, comparing today to your Wolfden days, are you running Premier any differently from an innovation perspective?

Ewan Downie: Not really. As a new producer we actually view the future of our mines being exploration, so there’s a big exploration focus.

Some of the innovations I’ve seen since I’ve been in this industry are the automation underground. That’s pretty important for safety. Underground mines aren’t the safest places to be working.

For instance at our Mercedes mine, years ago going underground with the guys driving the scoops, if there was a groundfall they would be covered, [but now] at Mercedes, the trucks sit tens of metres away from the operator working. I think it’s pretty important to see that.

Some of Goldcorp’s work at the Musselwhite mine in remote northern Ontario is actually done with employees working from pods in Thunder Bay. The automation of machinery in

mining has been really impressive over the last decade or so.

In running our company, it’s changing our people that has been one of the biggest challenges. To facilitate being an explorer with almost all geologists to being mainly mining engineers has been a big change.

TNM: Following up on autonomous machinery and remote operations, Walt, could you give us a rundown on the state of the art in these areas?

Walter Siggelkow: The equipment that actually runs at Musselwhite is our equipment. The guys at surface run the machines underground and now they run it out of the Thunder Bay office.

Looking at the long-term, what does that give the people that work in the mines? Well if you take a person out of the underground, they’re safer. It is a very harsh environment underground. We have to work there but if we can get the guys out, then don’t put them underground to start with.

When you take and you move some operations — not all — to a major centre, now you have your workers who can go home at night and spend their time with their families, changing the typical culture of living in a camp.

These sorts of technologies are really moving ahead, and they’re available for many companies around the world. There are big players and there are smaller players like ourselves who specialize in retrofitting equipment.

I always say to my people as we work on a project that there are a lot of discussions these days about capital. Our job, first of all, is that I want to get some money from the mine. Our job as a supplier is to sell to you guys, but I need to make you guys money.

So that’s the first thing we have to look at. Do we add to the bottom line? How do we put black on that balance sheet?

TNM: How do you foster an “innovation culture” in a mining company? I saw an example of that culture take root at Iamgold’s mine in Suriname with Gord last month where there was an existing workforce that became far more productive. How much is it about getting the right people, and how much is it a matter of training?

Gordon Stothart: Carrying forward with your comments on what we were able to do in Suriname at our Rosebel mine, it was a case of “necessity was the mother of invention.”

That place was closing quickly.

The challenge was obvious, and the team that really took that challenge by the teeth brought in whatever they could to the table to point it in the right direction.

What’s quite interesting is that you’d think you’d get cost-cutting fatigue or product-improvement fatigue after going at this pretty

their own vision and working with them to crystallize that and take it forward.

You have to think about where you want to be. Our mines are changing from short-life mines to longer-life ones. I don’t want to be in a meeting 15 years from now — if they still let me hang around and do that — and looking at what today is current technology, and saying: “This is the way we do things and this is the way we’ve always done things.”

You can’t allow that to happen.

You have to get involved with the teams in creating a vision to move it forward.

TNM: Matt, you built up a mine workforce from almost zero at Renard.

Your thoughts?

Matt Manson: If you look at our business, all the things that were innovative were problem-solving.

We were the first mine in Canada to use liquid natural gas (LNG) for power, because we were sufficiently remote that we didn’t have a power line and it’s expensive to bring one in, but we’re not so remote that we don’t have a road. There’s a liquefaction terminal in Montreal so we can have trucks going up and down every day. We have Caterpillar LNG gen sets rather than Caterpillar diesel gen sets.

That solved an infrastructure problem, and everybody in our stakeholder group was quite happy to see that happen, and it reduced our greenhouse gas emissions. But it wasn’t done for efficiency or cost reasons, it was done for problemsolving.

It’s important to have a motivated team, because it’s often a bottom-up thing, innovation in mining. That wasn’t my idea to do LNG, that was a bunch of engineers who came up with a clever idea knowing there was a gas terminal in Montreal.

So it’s bottom-up and a freedom to come up with clever ideas and some endorsement, and support for that.

TNM: How do you reward great ideas from your workforce? Do they get a cut of the money savings? What is the incentive to innovate from the individual worker’s perspective?

Matt Manson: We bonus people at bonus time because we value clever ideas and we want to reflect that.

Subo Chatterjee: I want to build on that point. One of our clients last year was struggling with knowledge retention because their retirement rate is pretty high. You have to then ask what are the age groups and what is the impact over the next 10 years.

We noticed that 40% of the Canadian workforce are the baby boomers. The retirement rate will double in the next 10 years for most companies. And 35% is Gen Y, which is 35 years old and less.

So the challenge is that you have two ends of the spectrum: the baby boomers have all the operational knowledge, and the younger generation has the technology side of things.

For most companies, your challenge is going to be that as you have

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innovation coming in, your adoption rate for your experienced staff is going to be lower than for the younger ones.

How do you have the younger people train the baby boomers with the new technology while retaining your operational knowledge?

One of our clients has adopted “cross-learning,” where they have younger people training older people on teleremote operations, while learning about day-to-day operations from the older people.

The other aspect is the pace of technological change. What’s true today may not even exist 10 years from now. Training people on a specific technology may not be the solution — it’s more about what we call “digital IQ.” Are you instilling the values of innovation and reacting to change every couple of years?

John Mullally: I was thinking about the top-down approach, and our management has a pretty simple approach to innovation, and the first part is just: “Let’s do it.” The other part is challenging others.

We have the history of the Goldcorp Challenge in 2000, and more recently we have started the Disrupt Mining event.

Then there’s the partnering aspect. Sitting next to Walter here, and meeting other suppliers today, we know what Goldcorp can do and set out that vision, but we know there are a lot of other actors in that space. We need to know what we’re good at and find others to collaborate with.

TNM: Starting at the ’Miner 21 years ago, one of the first innovation stories I wrote was about Noranda and its Magnola project in Asbestos, Que., where a Noranda-led consortium was going to take asbestos tailings and make magnesium metal from the tailings. They spent a billion dollars on it, and they were using hydrofluoric acid, which ate through everything. It worked beautifully at the bench scale, but when they scaled it up to a commercial level, it was a total failure and almost wrecked the company, and arguably prevented Noranda from becoming a supermajor like a BHP or Rio Tinto. Now it’s a shell of itself — they got rid of their research department in Quebec when Xtrata took over. My question is: When do you get too far ahead on the innovation curve as a company?

What is the sweet spot?

Gordon Stothart: We call it the “bleeding edge.” You need to be innovative but you need to recognize when you’re going down a rabbit hole and pull your head up.

You need to have enough of a relationship with your shareholders and your board and the people who run the company that you can say: “Yeah, you’re going to make some mistakes along the way.” Not necessarily disastrous mistakes, but it’s risk versus reward.

Are you risking the whole company on an innovative idea? If you’re going down that road, you’re spending a lot of time thinking before you start doing, because it starts to get really expensive once you start doing.

TNM: Let’s take questions from the floor and online viewers. Alistair

“THE FIRST THING WE HAVE TO LOOK AT IS: DO WE ADD TO THE BOTTOM LINE? HOW DO WE PUT BLACK ON THAT BALANCE SHEET?” WALTER SIGGELKOW PRESIDENT AND FOUNDER, HARD-LINE SOLUTIONS COMPANY

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The mine development roundtable at The Northern Miner’s Progressive Mine Forum in Toronto, from left: Subo Chatterjee, vice-president of consulting and business transformation leader at PwC Canada; Gordon Stothart, executive vice-president and chief operating officer of Iamgold; Matt Manson, president and CEO of Stornoway Diamond; Walter Siggelkow, president and founder of Hard-Line Solutions; John Mullally, director of Government Relations & Energy at Goldcorp; and Ewan Downie, president and CEO of Premier Gold Mines. GEORGE MATTHEW PHOTOGRAPHY

“MINING IS A NON-INNOVATIVE BUSINESS BECAUSE IT’S CAPITAL INTENSIVE. WE RAISE ALL THE MONEY UP FRONT TO BUILD THESE MINES AND WE TRY VERY HARD NOT TO SCREW IT UP.” MATT MANSON PRESIDENT AND CEO, STORNOWAY DIAMOND

asks: “Should mining companies be obligated to contribute to a common R&D organization to advance mining technology?” We do have talk these days of encouraging “innovation clusters” across the country.

John Mullally: I don’t know about “obligated,” but going back to partnering: we need to understand where the sweet spot is for companies, and where there may be a broader group, a bigger community that may be able to add a lot of value.

Plus, there is the aspect of not necessarily competing on every aspect of the business. Do we need to compete on battery electric vehicles, for example, when there are so many health and safety aspects when you’re able to remove diesel from the underground environment and improve the operating conditions?

Do we need to be competing on tailings management? Tailings management could be outsourced and taken away from every operator. To me, if we had one consortium that was looking at ways of doing that — sort of a service model — why wouldn’t that be a good thing?

Walter Siggelkow: Innovation is driven by need, and you can’t force people to pay for something they don’t want. They need to need it.

As a supplier, I’d prefer to leave my money in my hands, and I’ll go out and build stuff, and if I build a good thing, I’ll go out and sell it to people.

There shouldn’t be an obligation to force mining companies to pay more taxes — which is what this really would be — to give to what someone decides is a good opportunity.

We make our own opportunities, and if it’s a good product, you guys will buy it.

Ewan Downie: Competition is good, too. If there is a common organization and they have a monopoly on that technology, it will probably drive the cost up. And as a mining company, you’re always looking at ways to bring costs down.

So that would be a bit of a mistake and a lot of the innovation comes from different groups with different ideas.

TNM: Another question from the crowd: “How would you build less

invasive mines?” For example: less water usage, lowered noise, less dust, et cetera.

Matt Manson: We have that now.

We’re all moving down a path of less invasive mining and smaller footprints. Whether that’s a formalized code from a regulatory authority that’s uniform or we’re all responding to our own regulatory agencies, we’re all trying to behave in a socially responsible, conscientious manner. That’s a long-term evolution in our business, and that will continue.

Gordon Stothart: We’re trying to bond together and work as an industry to come up with solutions.

And it’s not just for altruistic, pure environmental reasons, or even social reasons.

There are plenty of economic reasons to have a smaller footprint.

You spend all your money from day one separating ore from waste until you get that piece of metal, and each step is more and more expansive.

So the more surgical you can be at the start helps.

The flipside is that as metals become scarcer, prices go up and cutoff grades go down, and you start to look at larger excavations. There’s a bit of a conundrum at work there.

TNM: Goldcorp CEO David Garofalo speaking at our Canadian Mining Symposium in London last May was quite adamant that water use would be the number-one issue in terms of social acceptance of a mining project. We see it all the time in Latin America where, if agriculture conflicts with mining, agriculture usually wins the day.

John Mullally: Even in Ontario, water is one of the primary concerns when you’re trying to develop a mine. One of the biggest things that we need to be up to speed with is what’s socially acceptable, and what are the alternatives.

You see development times being 15 to 20 years from when a prospect is found to when a mine comes into operation. We really need to take a look at how to make that more efficient and take those projects through the social acceptability part.

TNM: To Gord’s point about the falling cut-off grades over time: What is the practical lower limit for cut-off

grades for a commercial mine, and what trend are we likely to see in the future?

Matt Manson: In this question, we’re not all created equal — and this is where everybody has to be a geologist — because some mineral settings lend themselves to going into the sub-1-gram-gold material, and some deposits are more binary like a volcanogenic massive sulphide deposit or a kimberlite.

So it’s not every sector of the mining industry that is able to expand with a lower cut-off into the lowergrade material. It’s the gold guys that probably have this option.

Gordon Stothart: At what price of gold? There will be a lower limit for any given time space, but into the future, it’s harder to figure out where it goes. Innovation and technology will allow you to mine it that much more cheaply. Supply and demand will drive the price to wherever it goes, depending on the availability.

I’m not a geologist, so don’t shoot me in the head for this, but as for the “easier deposits” in “more comfortable” jurisdictions, we’re now mining those or have already mined through them. The next suite of deposits could either be more challenging in terms of location, grade or other technical aspects, and more challenging from the explorationist side in being able to find it. It’s an ongoing march.

Sometimes you see these incredible technologies appear. When heap leaching in gold mining and solvent-extraction electrowinning in the copper business came in, they completely changed the whole suite of what was mineable.

The counter to that is the number of oxide copper deposits in the world is somewhat limited, and probably most of them have been discovered now. So as that goes away, you have to find something else.

Processing really is an important piece of the technology. On the pure mining side, you’re going to asymptotically approach productivities that are hard to go beyond.

TNM: Another future trend in mine development that Barrick Gold president Kelvin Dushnisky and David Garofalo both emphasized in our London symposium was the increased use of joint ventures in developing mining camps, because today they have too much overcapacity in terms of duplicate mills and infrastructure and such. What is the future of this kind of partnership model?

Gordon Stothart: It’s interesting, because our CEO Steve Letwin opened the program this morning and he comes from an oil and gas background, and it confounds the heck out of him to look at these clusters

of mines in elephant country and they all get set up as separate little self-sufficient operations.

In the oil business you’d form a consortium around that, and go for the economies of scale around it. It’s not a model that is used very often in the mining business. That’s somewhat distinct from joint ventures, but there’s a bit of overlap.

And it’s true of any sort of innovation, where we need to intentionally look outside of where mining is.

When I look at automated trucks, I’m not really interested in investing in truck automation any more. With the automation of driverless vehicles, there’s a much bigger industry out there that’s going to solve all of those problems for us in the next three or four years. Why would we invest a cent of that for trucks?

John Mullally: Before the Chilean project with Teck became NuevoUnion, it was El Morro and it went to the Supreme Court in Chile, and we just walked away from the project knowing: why would we ever build two tailings facilities, two desalination plants and two milling complexes within however many kilometres apart from each other?

That was really the imperative there. You wouldn’t see a Sudbury model where you have two different facilities right next door to each other, building the same infrastructure and taking up twice the footprint and twice the water. Especially on the water front in Chile, with their massive shortages.

So that was something we recognized and didn’t even challenge the Supreme Court decision, and walked away at that point.

Subo Chatterjee: This is a trend we’re seeing across industries, and supply chain and warehousing is one area where there is potential to have companies collaborate.

The key question where some industries get stuck is that when there is an increased demand and there is a shortage of supply, who gets the supply? Because if your operations are at risk, how do you have balanced commitment of supply? There are also issues of intellectual property and contractual obligations.

But it is being discussed, and the rail industry is making progress, and oil and gas has made progress.

We haven’t seen that in mining yet, but these are topics of discussion. It is not a trend, at least for the next year or so.

TNM: Another question from the f loor: What do you think is required for changing the mindset of mining investors such that unproven technologies are funded and embraced?

See ROUNDTABLE / 23

2018-02-13 6:53 PM

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WWW.NORTHERNMINER.COM

FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

Drillers at SilverCrest Metals’ Las Chispas silver-gold project, 180 km northeast of Hermosillo, Mexico. SILVERCREST METALS

SilverCrest finds high grade SILVER-GOLD

BY MATTHEW KEEVIL

S

mkeevil@northernminer.com VANCOUVER

ilverCrest Metals (TSXV: SIL; US-OTC SVCMF) is making rapid progress exploring its f lagship Las Chispas silver-gold project, 180 km northeast of Hermosillo, Mexico.

The company has drilled more than 40,000 metres at the property over the last two years and intends to unveil a preliminary economic assessment by year-end.

SilverCrest’s confidence comes from its familiarity with intermediate-sulphidation, epithermal-style mineralization, which is typical

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| PEA on the way after two years of drilling near historic district of many underground mines in counted at least 19 veins at this a near-surface mineralized height “WE’LL GET RIGHT Mexico. stage, and it’s clear that number of 150 to 175 metres. The average The company’s management took is going to grow.” true thickness and grade for 20 drill INTO HIGHER-LEVEL the Santa Elena project, located SilverCrest is wrapping up a intercepts along the footprint is 3.6 ENGINEERING 25 km north of Las Chispas, from 35,000-metre drill program that metres at 2.73 grams gold and 263.5 STUDIES BY YEARdiscovery to production in four will underpin a maiden resource grams silver. years before First Majestic Silver at Las Chispas to be calculated in “We’ve found a high-grade, in- END.” (TSX: FR; NYSE: AG) bought it for $154 million in mid-2015.

“Las Chispas was effectively in its infancy when we started drilling in 2016,” CEO Eric Fier says during an interview. “It’s a historic district that was a material producer in the early 1900s, which was certainly attractive to us, but I don’t believe anyone really grasped the significance of the grade and discovery potential until last year. We’ve

February. It has reported 69 intercepts grading above 600 grams silver equivalent per tonne over the past two years.

The most prospective area for drilling is the Babicanora target, which includes the Babicanora Main, Babicanora Footwall, Granaditas, Amatista and La Victoria veins.

SilverCrest has drilled 600 metres of strike length at Babicanora with

termediate-sulphidation system.

There’s this perception in the market we’re focused around ‘old workings,’ but that’s not true. Over 80% of our upcoming resource will be on virgin ground,” Fier says.

“We’ll be focusing some of the newer veins as we move into the third phase of drilling. We can leverage our experience at Santa Elena, and there are a lot of these epithermal-style systems in Mexico

ERIC FIER CEO, SILVERCREST METALS

that are comparable. We’ll get right into higher-level engineering studies by year end.”

The company continues to hit high grades during step-out drilling along the Babicanora vein, including 3.2 metres true thickness grading 26.95 grams gold and 1,494 grams silver in hole 17-43.

Meanwhile, SilverCrest’s surface drilling at the Las Chispas area uncovered the newly named, high-grade Giovanni vein near historic workings. The discovery was headlined by 2.3 metres of 3.57 grams gold and 577.8 grams silver in hole 17-37.

“We have a lot of experience to draw from in terms of metallurgy and cost assumptions for our economic studies,” Fier says. “So we can see the path forward based on our track record in the region. The main work will involve drilling out our resource base. I can look at the site and already have a good idea where I’d like to put the mill and surface infrastructure.”

In October, SilverCrest reported that Las Chispas is amenable to standard cyanidation processing, with average recoveries of 99% for gold and 87% for silver.

The company has permits to extract a 100,000-tonne bulk sample, which could be trucked to Santa Elena or Premier Gold Mines’ (TSX: PG; US-OTC: PIRGF) nearby Mercedes gold-silver mine.

SilverCrest closed a $10-million bought-deal private placement in December wherein it issued 9.57 million units at $1.05 each. The units consist of a share and a twoyear warrant exercisable at $1.45.

The company has budgeted $5 million for work over the first half of 2018. Shares have traded in a 52-week range of $1.05 to $2.79 per share and last closed at $2.

SilverCrest has 54 million shares outstanding for a $108-million market capitalization. TNM

2018-02-13 6:53 PM

UNITED STATES Liberty Gold tables maiden resource for Goldstrike UTAH GOLD

| Fronteer spin-off company takes exploration project to next level

BY TRISH SAYWELL tsaywell@northernminer.com

GOLD

| Funds programs from internal cash flow

L

iberty Gold (TSX: LGD) has completed the first resource estimate on its flagship, wholly owned Goldstrike oxide gold project in southwestern Utah.

The project lies near the Nevada border in the eastern Great Basin and hosts a Carlin-style gold system that allowed past producers to mine 209,000 oz. gold from 12 shallow pits between 1988 and 1994.

But these previous operators didn’t explore extensively, Liberty Gold says, and now its first resource — 75% of which is in the indicated category — marks the first big step in turning the 24-year-old past producer into a modern, multimillion-ounce mining project.

Based on historic and Liberty Gold drilling in 1,730 tightly spaced holes, the project has indicated resources of 865,000 oz. gold from 49.6 million tonnes grading 0.54 gram gold per tonne, and inferred resources of 274,000 oz. gold from 16.4 million tonnes at an average grade of 0.52 gram gold. The resource is based on 153,000 metres of drilling and uses a cut-off grade of 0.25 gram gold.

“When you’re going over a million ounces of Carlin-style, heapleach gold, that’s something that changes the net asset value of a public company,” Cal Everett, the junior explorer’s president and CEO, says in a telephone interview.

“When you come out with over 1 million oz., that’s a benchmark that producers look at.”

Moira Smith, the company’s vice-president of exploration and geoscience, notes that the tightly spaced drill holes give her confidence in the resource, and says it’s “very defensible and will stand the test of time.”

“The benchmark that we’re using is to come up with an operation that is a minimum 100,000 oz. per year gold producer with a minimum mine life of eight years — that’s our internal benchmark, which we think is the same as the market’s,” she says, noting that with 80% recoveries of leachable gold at Goldstrike, Liberty Gold

“WHEN YOU’RE GOING OVER A MILLION OUNCES OF CARLIN-STYLE, HEAP-LEACH GOLD, THAT’S SOMETHING THAT CHANGES THE NET ASSET VALUE OF A PUBLIC COMPANY.”

Premier plans ‘big year’ in Nevada

BY TRISH SAYWELL tsaywell@northernminer.com

H

and we’ll go in and infill drill so we have hole density that will allow us to convert that, hopefully to a resource,” she says, adding that the

aving lopped off more than half of its debt last year and with over $100 million in the bank, Premier Gold Mines (TSX: PG) is primed and ready for a big year in 2018, president and CEO Ewan Downie says.

“We paid off US$25 million of debt in the fourth quarter, so we’re making our balance sheet a lot cleaner and we’re easily able to fund our exploration development plans,” Downie says in an interview from Thunder Bay. “We’re in good shape and we’re funding all of our programs from internal cash flow that we’ve generated over the last 16 months of being a producer.”

Premier has approved a budget for exploration and development this year of US$38.8 million on several of its projects (tens of millions more dollars will be spent on other Premier properties by its joint-venture partners).

A good part of the funds it is forking out itself will be put into the ground in Nevada, where the company has joint ventures with Barrick Gold (TSX: ABX; NYSE: ABX), in addition to its wholly owned Cove project and an option to earn into another property called Goldbanks, under an agree-

See LIBERTY GOLD / 10

See PREMIER / 10

Project manager Pete Shabestari at Liberty Gold’s Goldstrike gold project in southwest Utah. LIBERTY GOLD

has reached that threshold with its first resource.

Smith also notes that there are a lot of areas that have gold in the model but didn’t make it into the classified resource because the holes

were too far apart, among other reasons, so she and her team can go back and look at those areas in greater detail this year.

“We’ve already identified those areas. We know there’s gold in them,

an expanding

gold deposit an experienced dedicated team

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CAL EVERETT PRESIDENT AND CEO, LIBERTY GOLD

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2018-02-13 6:53 PM

10

UNITED STATES

FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

A drill rig on the surface of Liberty Gold’s Goldstrike oxide gold deposit in Utah. LIBERTY GOLD

Liberty Gold tables maiden resource for Goldstrike LIBERTY GOLD From 9

best areas so far are in the Dip Slope zone, which occurs north of the main mineralization in the historic Hassayampa, Hamburg, Basin and Gold Town pits. The Dip Slope zone is open in several directions and is fairly sparsely drilled.

“We’ve drilled in and around and down dip of those historic pits and we call them the ‘main zones,’ and that’s where most of the resource is located,” Smith says. “That’s where we started our drilling. We said, ‘hey, they really only gouged the eyes out of these surface areas of mineralization, and there’s no reason why there wouldn’t be gold around and between and down dip of these pits.’

That was our initial exploration philosophy when we went in there, and we can say we demonstrated a great deal of continuity between those pits.”

In addition to building ounces through infill and step-out drilling this year in the Dip Slope zone north of the main mineralization, the company also expects to receive permits shortly that will allow it to get into previously disturbed areas, including old heap-leach pads, low-

grade stockpiles and waste piles.

“There’s actually a lot of gold left in those areas,” Smith says. “We did a couple of holes into the historic heap-leach pad last year and the average grade was 0.3 or 0.4 oxide right on the surface. Someone else had already blasted it. So we want to drill off those pads and see how much gold is left. Another focus is on new discoveries — what else is there on the property and our existing permits gets us into a lot of those areas. Late last year we built road access into some of those areas, too, so they’re primed and easy to do, and hopefully we’ll make a few new discoveries along the way.”

Earlier this month Liberty Gold announced two shallow discoveries 1.5 km northwest and 1.5 km southwest of the project’s historic Beavertail pit, the most western pit on Goldstrike’s historic mine trend.

Drill hole 473 (northwest) returned 2.25 grams gold per tonne over 12.7 metres within an intercept of 24.4 metres grading 1.46 grams gold starting from 29 metres downhole, while drill hole 466 (southwest) returned 12.2 metres of 0.78 gram gold per tonne starting from 3 metres downhole.

Mick Carew of Haywood Securities said in a research note the two discoveries underscore that “much of the company’s project area remains unexplored, providing significant upside in terms of total resource growth,” and emphasized that the Dip Slope zone is open in several directions.

Highlights from drilling at Dip Slope last year include 2.39 grams gold over 7.6 metres within an intercept of 82.3 metres grading 0.91 gram gold in hole 461; 0.53 gram gold over 30.5 metres and 0.47 gram gold over 9.1 metres in hole 454; and 1.65 grams gold over 10.7 metres in hole 463.

Metallurgical test work last year that showed 80% recoveries is also key, Everett says.

“The grade of this deposit slides right into the mid-range of the producing mines in the Great Basin, yet the metallurgy is up at the upper end of recoveries, which is why it’s such an important discovery,” he says. “Our results show that we get approximately 80% of our leachable gold out within less than 10 days, so the gold pours out of these rocks.”

Everett adds that if you only have to blast it and put it on the heap-

leach pad (eliminating the need for crushing and agglomeration) so that the rock is handled only once before you put it on the pad, it’s quite cheap to process. “A lot of people don’t understand,” he says. “But these are really big, earth-moving operations, and they’re really quite simple, and the capex to build them is quite cheap.”

The company raised $10.5 million in a financing that closed on Jan. 26, much of it taken up by Resource Capital Funds through the exercise of warrants. RCF now owns 12.1% of the company.

“They did due diligence inclusive of site visits over a prolonged period of time, and they did an exceptional amount of work,” Everett says. “They are a very smart geological group, so putting the book together didn’t take much time to get it all done. These are not hedge fund-type investors or institutional investors. They’re all mining people or mining institutions who really get it.”

Smith adds that 2018 will be a transformative year for the company.

“Up until now we’ve been very geologically and drilling focused, and the resource is a benchmark that kicks off the next growth phase

of the project in turning it from strictly geology to a mining project, in the sense that we’re going to wrap some engineering and economics around it, and we’re looking at doing more metallurgical testing, more permitting, so that we can get into areas where our drill density isn’t high enough so we can drill them off,” she says.

“We’re looking at potential water sources, we’re doing a lot of community outreach to potential stakeholders — getting to know people in the community that will be affected by us. This is my favourite phase of a project where we go from a fairly narrow focus to building ounces and understanding geology to look at it holistically as a potential mining project, and doing all the de-risking and leading up to having a fully formed project.”

Smith says this is the same approach she and her team took when she worked for Fronteer Gold on the Long Canyon deposit in Nevada.

Liberty Gold was spun out of Fronteer Gold after Newmont Mining (NYSE: NEM) acquired Fronteer in 2011, with Liberty Gold being launched with much of the team responsible for Fronteer’s success. TNM

Premier plans ‘big year’ in Nevada PREMIER From 9

.com

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ment with Kinross Gold (TSX: K; NYSE: KGC).

“It’s going to be a big year in Nevada,” Downie tells The Northern Miner, adding that “we’ve positioned Premier perfectly for growth.”

At South Arturo, in which Premier holds a 40% stake and Barrick 60%, the joint-venture partners are building an open pit (stripping will start mid-year) in addition to developing the El Nino underground deposit, with a ramp from the bottom of an existing pit that was recently mined out. The material from South Arturo will be processed at Barrick’s Goldstrike mine, 5 km away. Development of a third open pit is also being evaluated.

“There are a lot of moving parts at South Arturo but it has the potential to be a very significant long-term producer for Premier,” Downie says.

South Arturo, 40 km northwest of Carlin in Elko County, Nev., started producing in August 2016 and churned out 57,124 oz. gold in 2017. (The company’s other mine, Mercedes, is in Mexico, and produced 82,534 oz. gold and 337,983 oz. silver last year. Premier acquired Mercedes from Yamana Gold [TSX: YRI; NYSE: AUY] in October 2016.)

Meanwhile, at Premier’s wholly owned Cove project in northern Nevada, the company plans to complete an updated resource estimate as well as a preliminary

economic assessment before the end of 2018.

The Cove property, 129 km southwest of Winnemucca, hosts one of the highest-grade, undeveloped gold deposits in Nevada, the company says. Premier has budgeted US$19 million for the project this year, some of which will help drill more than 8,000 metres from surface and underground.

Cove has indicated resources of 614,000 tonnes grading 11.57 grams gold per tonne for 228,000 contained oz. gold, and inferred resources of 3.38 million tonnes averaging 12.17 grams gold for 1.32 million contained oz. gold.

Premier also expects big things from Barrick on exploration ground that surrounds its Cove project. In January, Premier signed an option agreement with the gold major where Barrick earns a 60% stake in the McCoy-Cove property by spending US$22.5 million on exploration over the next five years.

This year Barrick will fund a US$6-million exploration program, with Premier as the operator. The program will focus on finding Cove-style mineralization through surface exploration and drilling across 130 sq. km on the highly prospective Battle MountainEureka trend.

Under the agreement, Premier has full ownership of the Cove deposit portion of the McCoy-Cove property that includes the highgrade Helen, 2201 and CSD-CSD Gap deposits. Premier also secured

a one-time, bulk-sample processing arrangement with Barrick for the planned test-mining program at its wholly owned portion of the property.

Premier can acquire 100% of Barrick’s Rye Vein property — subject to a back-in right by Barrick — by spending US$3 million on exploration before Dec. 31, 2019.

The Rye property adjoins Premier’s Goldbanks property option, and the Rye vein has been traced on surface for over 2.5 km, with historic drilling returning gold intercepts showing grades of up to 139.2 grams gold per tonne. Rye is a gold-bearing, low-sulphidation epithermal vein system and the Rye vein is the largest known vein of this type in the district.

“We’ve really enjoyed working with Barrick at South Arturo, and in some ways we feel like we’ve learned a lot about Nevada exploration from Barrick,” Downie says. “They have a large Nevada team and have had a lot of success there, and we think they will bring a lot of expertise in terms of exploration.”

At Goldbanks, Premier holds an option to acquire a 50% interest from Kinross. Last year drilling east of the main zone at Goldbanks returned intersections of 28.95 grams gold per tonne along 1.5 metres, beginning at 415 metres in a reverse-circulation drill hole (17-11), and 245.27 grams gold along 3.35 metres, beginning at 430 metres.

Premier expects to drill on both Rye and Goldbanks in 2018. TNM

2018-02-13 6:53 PM

UNITED STATES

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

11

US SNAPSHOT

Six juniors with active programs With prices for gold, silver, and other metals and minerals on the upswing, the mining and exploration scene is heating up again in the U.S., particularly in traditional mining destinations such as Nevada, Arizona, Utah and Idaho. Here are six juniors with operating mines and substantial exploration programs underway in the western United States.

and precious metal mineralization at depth.

Between 2014 and 2017, Nevada Zinc drilled 83 holes at the property totalling 12,200 metres. Hole 15-27 was drilled in northwest of the deposit and returned 119 metres (not true width) grading 10.32% combined zinc and lead, including 29.07% combined zinc and lead over 15.2 metres.

AMERICAS SILVER

This year, the company looks to finish metallurgical studies on Lone Mountain, calculate an initial National Instrument 43-101 compliant resource estimate and study development scenarios for this unusual deposit.

Toronto-based junior silver miner Americas Silver (TSX: USA; NYSEAM: USAS) has been on a bit of a roll of late, with two operating mines in Idaho and Mexico, growing production and its new status as one of the lowest cost silver producers globally.

In Idaho, the company has its Galena mine and mill complex, which produced 1.14 million oz. silver and 20 million lb. lead in 2017. Exploration drilling is underway at Galena to extend and upgrade resources and reserves — particularly at depth, as the mineralization transitions from silver-lead to silver-copper. The complex has already produced 250 million oz. silver, and the mine life stands at a minimum 10 years.

In Mexico, Americas Silver achieved commercial production in the fourth quarter of 2017 at its San Rafael silver-zinc-lead mine, which is part of its wider Cosala operations in Sinaloa state. In 2017, the company produced 940,000 oz. silver, 11.6 million lb. zinc and 5.6 million lb. lead at the mine.

For 2018 from the two mines, Americas Silver is guiding combined production of 1.6 to 2 million oz. silver (or 7.2 to 8 million equivalent oz. silver) versus the 2017 total of 2.1 million oz. silver (4.7 million equivalent oz. silver).

Last year’s all-in sustainable cost (AISC) was US$13.11 per oz. silver, but Americas Silver is guiding an AISC of a maximum US$4 per oz. silver in 2018.

The junior notes that mining at San Rafael is proceeding at a planned 50% of reserve grade for the first 18 months, so that silver production will increase noticeably through 2020 as head grades rise.

KERR MINES Kerr Mines (TSX: KER; US-OTC: KERMF) is focused on its goal of redeveloping the fully permitted, past-producing Copperstone gold property located along the Walker Lane mineral belt in Arizona.

Copperstone produced over 500,000 oz. gold from an open pit in the past, but left behind was a high-grade measured resource of 934,000 tonnes at 10.4 grams gold per tonne for 311,000 contained oz. gold. Another 335,000 tonnes at 12.2 grams gold lie in the inferred category.

This year, Kerr has planned several milestones, starting with a new resource estimate and prefeasibility study expected in the first quarter and a production decision within the next three months.

Kerr sees the project having upside in several respects, including monetizing by-product copper, expanding the Copperstone and Footwall zones and exploring the property’s regional potential.

Kerr raised $17 million in 2017, and

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The company is active at its gold properties in the Yukon, and looks to corporately separate these assets from its zinc activities in Nevada.

NULEGACY GOLD

Drillers at NuLegacy Gold’s Red Hill gold property in Nevada. NULEGACY GOLD in January 2018 had $9.5 million in debt and $5.6 million in cash.

MCEWEN MINING Rob McEwen-led McEwen Mining (TSX: MUX; NYSE: MUX) is a familiar name in the gold-silver sector, and the growing company in building the Gold Bar gold mine in Nevada to complement its three operating mines in Canada, Mexico and Argentina.

Gold Bar is located in Nevada’s prolific Battle Mountain-Cortez trend, 40 km southeast of Barrick Gold’s stellar Cortez and Gold Rush assets.

The capital expense to build Gold Bar is US$60 million, and the openpit, heap-leach mine is slated to produce 65,000 oz. gold annually over a six-year mine life at an AISC of US$995 per oz. gold.

At US$1,350 per oz. gold, Gold Bar has a compelling 40% after-tax internal rate of return and 1.9-years estimated payback.

McEwen also has its newly acquired Black Fox gold mine in Ontario’s Timmins district, its aging El Gallo gold-silver mine in Mexico and its 49%-owned San Jose gold-copper mine in southern Argentina.

12.2 million tonnes grading 0.024 oz. gold per ton (0.82 gram gold per tonne) and 0.33 oz. silver per ton (11.31 grams silver per tonne), plus 3.8 million tonnes at lower gold grades. These figures were calculated in 2009.

In July 2017, Nevada Sunrise struck an agreement with Emgold Mining (TSXV: EMR) granting Emgold the option to acquire up to an 80% interest in the project by paying US$250,000 in cash, 2 million units in Emgold and spending $2.75 million on exploration over three years. The deal was amended in January 2018.

In November Nevada Sunrise Gold and its partner Advantage Lithium (TSXV: AAL) sold their Clayton NE lithium project to Pure Energy Minerals (TSXV: PE; US-OTC: PEMIF).

The Clayton NE property borders the lithium brine mine operated

by Albemarle (NYSE: ALB) at Silver Peak in Nevada’s Clayton Valley.

Just before the sale, Advantage exercised its option to acquire 70% of the project, so that Nevada Sunrise wound up with 2.1 million Pure Energy shares while Advantage received 4.9 million

Pure Energy shares.

On Nov. 21, Nevada Sunrise signed a letter of intent to acquire 100% of the Lovelock high-grade cobalt property, 150 km east of Reno, Nev., in return for a small series of cash and share payments over three years. In January 2018, Nevada Sunrise reported cobalt, nickel and copper grades in preliminary sampling.

NEVADA ZINC There’s more for miners in Nevada than gold, silver and lithium — there’s zinc, too. Exhibit A is Bruce Durham-led Nevada Zinc (TSXV: NZN), which is exploring its Lone Mountain zinc project in Nevada’’s Battle Mountain-Eureka trend, northwest of the town of Eureka.

Nevada Zinc has drilled a geochemical anomaly to 250 metres depth so far and intersected zinc oxide-carbonate with only minor lead mineralization. This contrasts with more typical zinc deposits that are comprised of zinc sulphide minerals such as sphalerite.

Nevada Zinc says there is more untested potential for zinc sulphide

Vancouver-based NuLegacy Gold (TSXV: NUG; US-OTC: NULGF) is exploring for gold in Nevada’s rich Cortez segment of the Battle Mountain gold trend, where it has assembled a wholly owned, 98 sq. km property package named Red Hill with several gold deposits, including Carlin-style deposits and one epithermal prospect.

Red Hill is on strike and southeast from Barrick’s Carlin-pophyry Cortez mining complex, and occurs at the intersection of the Battle Mountain trend and the lesser developed Northern Nevada Rift trend that hosts epithermal gold deposits such as Midas, Mule Canyon, Fire Creek and Buckhorn.

NuLegacy drilled 48 holes totalling 13,100 metres on its Red Hill holdings in 2017 and plans to step up that rate this year in a larger program starting in March. NuLegacy has found five mineralized zones over 6 km in strike named: Avocado, Serena, North Iceberg, Central Iceberg and South Iceberg. North Iceberg and Central Iceberg have received most of the attention so far.

NuLegacy has $9 million in its treasury and its shareholders include OceanaGold (16.2%), Barrick Gold (10.9%), Tocqueville (9.7%), Davenport LLC (4.9%) and Ingalls & Snyder (1.4%). It has three former senior Barrick executives on its board of directors. TNM

Development projects include the Gallo Silver project near the El Gallo mine, and the large, low-grade Los Azules copper asset in Argentina’s San Juan province.

NEVADA SUNRISE GOLD Vancouver-based Nevada Sunrise Gold (TSXV: NEV; US-OTC: NVSGF) is exploring for gold, lithium and cobalt in Nevada.

Its three gold exploration properties in the state are Golden Arrow, Kinsley Mountain and Roulette, and in the state’s southwest are its wholly owned Neptune and Aquarius lithium brine projects.

Its most advanced gold project is its wholly owned Golden Arrow property northeast along the Walker Lane structural belt.

Golden Arrow hosts a measured and indicated resource of 296,500 oz. gold and 4 million oz. silver in

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FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

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Drill rigs and vehicles at Corvus Gold’s Mother Lode gold project, 150 km northwest of Las Vegas, Nevada. CORVUS GOLD

Corvus drills toward Mother Lode PEA in Nevada GOLD

BY RICHARD QUARISA

C

rquarisa@northernminer.com

orvus Gold (TSX: KOR; USOTC: CORVF) is drilling its wholly owned Mother Lode gold project in Nevada’s Walker Lane gold belt to establish a resource estimate and preliminary economic assessment (PEA) later this year.

Although International Tower Hill Mines (TSX: ITH; NYSE-AM: THM) spun out Corvus in 2010 to handle its North Bullfrog gold-silver project, Corvus acquired Mother Lode in June 2017 — and it’s been the company’s focus ever since.

Mother Lode was mined in the 1980s, producing 34,000 oz. gold at an average grade of 1.8 grams gold per tonne. Low gold prices forced the mine to close and the area hadn’t seen any exploration till now.

Corvus acquired the 0.004 sq. km property from Goldcorp (TSX: G; NYSE: GG) in June 2017.

“We’d had our eye on this for several years,” Corvus president

| Junior envisions a combined mine plan with North Bullfrog deposit

and CEO Jeffrey A. Pontius says in an interview. “It’s a unique style of mineralization that we wanted to pursue.”

He says the property is comprised of a sulphide zone between two oxide zones. Gold mineralization dates to the Miocene and is hosted in shallowly dipping tuffaceous volcanic sediments and sills, as well as underlying Paleozoic limestones of the Roberts Mountain formation.

“The beauty of it is that it’s all open pit, so it’s relatively straightforward from a mining standpoint,” Pontius says.

By the end of June 2017, Corvus had begun permitting. It started drilling in September, first validating the historical resource of 8.5 million tonnes grading 1.6 grams gold for 433,000 oz. gold, and then expanding it.

To date there are 172 holes on the property. The latest exploration program, which ended in mid-December, encompassed the drilling of 12,800 metres across

42 holes. Highlights include 96 metres from 120 metres downhole grading 1.35 grams gold and 1.24 grams silver, and 30 metres from 148 metres downhole at a 45-degree dip grading 2.54 grams gold and 1.92 grams silver.

“We’re not looking at anything that would be deep enough for underground mining at this point,” Pontius says. “Although we are starting a series of deeper holes looking for the feeder system to this relatively large body.

“Right now we’re projecting it to be somewhere in the neighborhood of 30 to 50 million tonnes — so it’s a big exploration target.”

Corvus intends to release its first resource estimate on Mother Lode in mid-2018. It will then complete a PEA that includes a combined mine plan for Mother Lode and North Bullfrog.

Mother Lode lies 150 km northwest of Las Vegas and 10 km east of Beatty. It’s 18 km of road from North Bullfrog.

Corvus is considering a central mill facility at Mother Lode. Pontius says there are roads on Bureau of

Land Management ground that Corvus would connect with and use to move ore from Bullfrog to Mother Lode.

Corvus announced an expanded resource for North Bullfrog in October 2017. It increased the measured and indicated categories by 30% from the previous 2015 resource estimate.

In its study, Corvus will propose two phases of production. Phase one would involve a higher-grade ore mix predominantly processed by an oxide mill, but with some oxide heap-leach processing, to be mined over seven years. Phase two would feature heap-leach processing. Pontius says phase two would be scalable, with length dependent on gold prices and production desires.

Phase one accounts for 35 million measured and indicated tonnes at 0.8 gram gold and 4.86 grams silver for 904,000 oz. gold and 5.47 million oz. silver, while phase two would see 123 million measured and indicated tonnes mined at 0.22 gram gold and 0.65 gram silver for 855,000 oz. gold and 2.56 million oz. silver.

Pontius says Corvus has found other deep vein targets at North Bullfrog that could lead to “underground-type opportunities.” But for now, the focus is on Mother Lode.

“That’s where Corvus is spending its money right now — trying to assess the size and economic impact of this new discovery,” Pontius says.

He adds that the area where Corvus is in Nevada hasn’t been explored much over the last two or three decades, priming it for discoveries. With good infrastructure, it’s an attractive place to work for Pontius.

“Even though it has seen billions of dollars of exploration and people are frustrated with a low discovery rate in Nevada,” Pontius says, “there still are opportunities out here in unique situations where really ‘Class A’ projects can be found and developed, and moved forward.”

Since beginning its Mother Lode drill program, Corvus’ stock price has increased 113%. Shares are valued at $1.93 within a 52-week range of 60¢ to $1.99.

The company has a $201-million market capitalization. TNM

Developing the world’s best metals project Hermosa-Taylor is a world-class zinc-lead-silver discovery with district-scale potential in Arizona.

Fast tracking to production in 2020 at first quartile costs.

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A view of the surface of Corvus Gold’s North Bullfrog gold-silver deposit in Nevada. CORVUS GOLD

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2018-02-13 6:54 PM

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Klondex sees grades drop at Fire Creek gold mine NEVADA GOLD

| VP of exploration Morris points to district-wide growth at underground and open-pit mines

Klondex Mines’ Fire Creek gold-silver mine in northern Nevada. KLONDEX MINES

BY MATTHEW KEEVIL

K

mkeevil@northernminer.com VANCOUVER

londex Mines (TSX: KDX; NYSE-AM: KLDX) is drilling its Fire Creek underground gold-silver mine in northern Nevada, but grades and ounces in the wider deposit have fallen year-on-year.

Klondex punched 227 underground core holes over 48,000 metres last year, as well as 35 core and reverse-circulation holes from surface for 7,200 metres.

Underground drilling tested up-dip extensions of veins and structures above the current mine workings for open-pit analysis; veins west of the decline; and extensions of the Karen Joyce, Vonnie, Hui Wu and Honeyrunner veins.

On Feb. 6, Klondex released an upgraded technical report showing that Fire Creek’s underground proven and probable gold reserves had dropped 22%, while average grades were down 42% to 24.3 grams gold per tonne.

The project now hosts 289,000 proven and probable tonnes grading 24.3 grams gold and 23.66 grams silver for 229,000 equivalent oz. gold.

Meanwhile, Fire Creek’s measured and indicated resources were hit with a 28% grade drop, and now total 622,000 tonnes at 23.33 grams gold and 23.33 grams silver for 473,000 oz. gold equivalent.

The project also has lower-grade, open-pit material of 39 million indicated tonnes at 0.87 gram gold and 1.88 grams silver for 1.1 million contained oz. gold equivalent; and 29 million inferred tonnes at 1.17 gram gold and 3.12 grams silver for 1.1 million oz. gold equivalent.

Fire Creek produced 25,550 tonnes of material during the fourth quarter at an average grade of 21 grams gold equivalent. The operation provided 112,270 tonnes at a grade of 25.5 grams gold equivalent in 2017.

Fire Creek could produce between 100,000 and 105,000 oz. gold equivalent this year at production cash costs ranging from US$450 to US$500 per oz. gold equivalent.

Klondex says the project’s capital expenses would total US$24 mil-

1-16, 23_FEB19_Main .indd 13

lion.

The company reports the epithermal deposit is vertically zoned within high-angle, northwest-striking structures, and has low-sulphidation hosted in a mid-Miocene basalt package.

Mineralization occurs in shallow, structurally controlled gold in variably altered Tertiary basalt, and as native gold in steeply dipping quartz-calcite veins or structures.

“Our underground resource is expanding to the northwest of existing mine workings,” senior

vice-president of exploration Brian Morris said in the release. He noted the area has 30% of Fire Creek’s underground resource ounces.

“With ongoing district-wide exploration and the 9-haulage development to the northwest in 2018, which will provide access for infill drilling, I fully expect to see continued growth of our underground and open-pit resource at Fire Creek,” Morris added.

BMO Capital Markets analyst Brian Quast cut his price target on Klondex by 25¢ to $2.50 per

share. He noted that tonnage had increased at Fire Creek, but that “grades and ounces suffer.”

“It is our contention that very little, if any, of the open-pit resources at Fire Creek will be high enough grade to truck to the Midas mill,” Quast wrote.

The company has 100% interest in four producing properties: the Fire Creek underground, the Midas mine and mill, and the Hollister mine — all in Nevada.

It also owns the True North mine and mill in Manitoba.

The company could produce between 186,000 and 202,000 total equivalent oz. gold this year at cash costs of US$675 to US$725 per oz. sold.

Klondex shares have traded in a 52-week range of $2.04 to $7.73 per share, and closed at $2.12 at press time.

The company has 180 million shares outstanding for a $381-million market capitalization, and reported US$21 million in cash and equivalents at the end of September. TNM

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Photo courtesy of BHP Billiton incorporating Rio Tinto’s “Mine of the Future” ™ technology

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Don Taylor (left), Arizona Mining COO, and Jerry Willis, senior contract geologist, with core samples at the Hermosa zinc-lead-silver project, 80 km southeast of Tucson, Arizona. ARIZONA MINING

Arizona tables ‘world-class’ PEA at Hermosa zinc deposit ZINC-LEAD

BY MATTHEW KEEVIL

A

mkeevil@northernminer.com VANCOUVER

rizona Mining (TSX: AZ) has released an improved preliminary economic assessment (PEA) of its flagship Hermosa zinc-lead-silver project, 81 km southeast of Tucson, Arizona.

The updated study is underpinned by larger defined resource following the completion of 71,000 metres of drilling in 2017.

Hermosa’s measured and indicated resources have jumped 39% year-on-year to 92 million tonnes grading 4.1% zinc, 4.3% lead and 59.5 grams silver per tonne. Inferred resources add another 40 million tonnes of 3.9% zinc, 4.8% lead and 96.4 grams silver. The calculations use a 4% zinc equivalent cut-off grade.

The mine plan is focused on the Taylor sulphide deposit and models an underground mine that would ramp up to 10,000 tonnes per day by 2023.

The na meplate level hasn’t

| Taylor Deeps mineralization could mean quick payback

“WE’RE STILL HITTING MINERALIZATION GREAT DISTANCES FROM THE DEPOSIT. I REALLY BELIEVE THIS IS GOING TO BE A MULTI-GENERATIONAL MINE.” DON TAYLOR CHIEF OPERATING OFFICER, ARIZONA MINING

changed since Arizona’s last study in mid-2017, but the mine life has been extended from 10 years to 29 years. Meanwhile, anticipated preproduction capital costs have jumped 14% to US$519 million.

The company attributes the higher price tag to faster shaft development, and more equipment required to access higher-grade Taylor Deeps mineralization in the first years of mining.

The initial focus on high-grade material reportedly cuts the payback period to just 1.6 years.

“We’ve clearly grown the resource quite a bit, and that’s especially true in terms of silver,” chief operating officer Don Taylor said during a

conference call. “Yet it remains open in multiple directions there, and we’re still hitting mineralization great distances from the deposit. I really believe this is going to be a multi-generational mine. Based on what we’ve seen from the geophysical, airborne and gravity work, I’m convinced you’ll see more than one headframe on our property in the future.”

The company anticipates producing 9.5 million oz. silver in concentrate in its first five years of operation, which means a 51% increase over previous models.

According to the PEA Hermosa’s life-of-mine annual production would average 211 million payable

Earth-moving operations ahead of building a water-treatment plant at Arizona Mining’s Hermosa project. ARIZONA MINING

1-16, 23_FEB19_Main .indd 14

lb. zinc, 262 million payable lb. lead and 5.6 million payable oz. silver at all-in sustaining costs of US61¢ per equivalent lb. zinc.

Arizona models a standard crushing and grinding circuit followed by froth flotation, concentrate thickening and filtration. The operation would produce two concentrates: a lead (galena) concentrate that would assay 69% lead and 1,100 grams silver, and a zinc (sphalerite) concentrate that would assay 56% zinc and 350 grams silver.

The company’s zinc-equivalent formulas assume preliminary recoveries of 92% for zinc, 95% for lead and 90% for silver.

The PEA yields a 48% after-tax internal rate of return and a US$1.98billion net present value at an 8% discount rate. The base case uses metal prices of US$1.10 per lb. zinc, US$1 per lb. lead and US$20 per oz. silver.

“This represents, bar none, the world’s best zinc development project. It will also number among the world’s top silver producers,” presi-

dent and CEO James Gowans added.

“We’re very lucky to be counted among a small number of worldclass deposits that have this type of size and grade. There hasn’t been a discovery of this magnitude in 20 years, and I believe this is just the beginning for the district,” he continued.

Arizona is on track to release a feasibility study on Hermosa by mid-year, which would include higher-level metallurgical work that contemplates a coarser grind.

The company is planning an exploration decline into Taylor, and has budgeted for more exploration, with nine drill rigs stationed on its patented land holdings.

Arizona has yet to obtain permits to drill the unpatented Hermosa mining claims.

On Jan. 10, the Arizona government granted the company permits for aquifer protection, a pollutant discharge elimination system, and dam safety.

The company said the permits allow it to begin staged construction on a lined tailings storage facility, a water-treatment plant and a collection pond.

Arizona hopes to receive an Arizona Class II air quality permit before March so it can excavate an exploration decline.

The company’s shares hit all-time highs after the PEA release, rising 32.5¢ to a $4.61 close.

Arizona Mining has 312 million shares outstanding for a $1.4-billion market capitalization. It reported US$73 million in cash and equivalents at the end of September.

South32 (LON: S32) grabbed a 15% stake in Arizona in May via a private placement of 45 million shares valued at $110 million.

The diversified Australian miner then entered into an over-the-counter forward contract to acquire another 15 million shares, equivalent to 4.9% of Arizona, in the open market over the ensuing 12 months. TNM

2018-02-13 6:54 PM

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THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

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Rio Tinto deepens presence in Mongolia COPPER-GOLD

| Major to open exploration and tech office in Ulaanbaatar, separate from Oyu Tolgoi LLC

BY TRISH SAYWELL

A

tsaywell@northernminer.com

week after the Mongolian government hit Turquoise Hill Resources (NYSE: TRO) with a US$155-million tax bill associated with the Oyu Tolgoi copper-gold mine, Rio Tinto (NYSE: RIO; LON: RIO), which owns 51% of Turquoise Hill Resources, says it is deepening its presence in the country.

Rio Tinto says it is opening a new country office in the capital Ulaanbaatar. The office will be separate from Oyu Tolgoi LLC and focus on exploration, global technology services and relationship building.

The office will be headed by new Mongolian leadership and Rio Tinto expects its national employees will grow to 80 this year.

Through its indirect shareholding in Oyu Tolgoi, which is jointly owned by the government of Mongolia (34%) and Turquoise Hill Resources (66%), Rio Tinto has invested more than US$7 billion in the country since 2010. Of that amount, which includes salaries, supplier payments and investment in communities, about US$1.5 billion consists of taxes, royalties and other payments to the government.

“We are proud to partner with Mongolia to build one of the best copper and gold mines in the world,” Rio Tinto CEO Jean-Sébastien Jacques said in a Jan. 22 news release.

“Mongolia is one of Rio Tinto’s most strategically important markets and we are here to stay.”

At peak production, the Oyu Tolgoi mine is expected to be the third-largest copper mine in the world, according to Turquoise Hill Resources.

But operating a mine or mineral exploration project in the country can be challenging. The government has been criticized for being unpredictable and has a history of disputes involving investment agreements and taxes.

Recently the Mongolian Tax Authority claimed Turquoise Hill Resources owes taxes for the period 2013–2015.

A busy intersection in Mongolia’s capital city Ulaanbaatar. ISTOCK/TANUKIPHOTO

In response, Turquoise Hill issued a news release on Jan. 15 stating that Oyu Tolgoi LLC “has paid all taxes and charges required under its investment agreement (and reconfirmed in the underground mine development and financing plan) and Mongolian law.”

It also said that Oyu Tolgoi LLC is evaluating the tax assessment “and a response will be issued within the timeframe required by Mongolian law.”

The two main issues of the tax assessment involve withholding taxes on the management services payment to Turquoise Hill and

withholding taxes on shareholder loan interest for the government’s 34% stake.

The management services’ payment to Turquoise Hill would not be subject to withholding tax because the service is not provided in Mongolia, according to a person familiar with the issue. (The management services payment is part of Oyu Tolgoi’s agreements with the Mongolian government and is for operating the mine.)

Withholding tax is paid on the Turquoise Hill portion (66%) of the shareholder loan interest and not on the government’s stake (34%).

In a Jan. 16 research report written after conversations with Turquoise Hill management, Dalton Baretto, an analyst at Canaccord Genuity, explained it this way: “OT currently does not pay any withholding taxes on the management fee paid to Turquoise Hill and Rio Tinto. The government believes they should.

OT currently pays withholding taxes on 66% of the interest paid

by OT to Turquoise Hill on the shareholder loans, in line with the Turquoise Hill ownership stake; the Mongolian Authorities believe that OT should pay withholding taxes on 100%.”

“We remind shareholders that Turquoise Hill was previously served a similar notice for $127 million in 2014. This assessment was eventually settled at $30 million,” the analyst continued. “We believe that this situation will likely play out in a similar manner.”

Turquoise Hill reported that it has sunk a second shaft at the mine, which would lead to production of copper and gold from Hugo North Lift 1.

The shaft, 1,284 metres in depth and 10 metres in diameter, will be used for access, production and ventilation. TNM

China ‘tweaks’ nickel taxes to favour EVs, Wood Mackenzie says OUTLOOK

BY TRISH SAYWELL

I

tsaywell@northernminer.com

n December, China made adjustments to import taxes on some nickel products that favour the production of electric vehicles (EVs).

On Jan. 1, the import tax on nickel sulphate — a key ingredient in lithium-ion batteries — was slashed to 2% from 5.5%, Wood Mackenzie says in a new report, while the tax on imports of nickel cathode for smelting purposes jumped from 1% to 2% (but it remained at the lower end for cathode more suited to plating and sulphate applications).

“With local sources pointing to the fact that over 60% of imported nickel sulphate is used in the production of ternary materials for NCM/NCA batteries, it is evident that China is laying the ground to support her capabilities in this field,” Wood Mackenzie says. (Lithium-ion batteries are composed of three parts: NCM batteries contain nickel, manganese and cobalt oxide, while NCA batteries contain nickel, cobalt and aluminum oxide.)

Subsidies in China for electric

1-16, 23_FEB19_Main .indd 15

| China ‘laying the ground to support capabilities’ to produce electric vehicles

cars that have greater ranges complement the Ministry of Finance’s latest tweaks to the nation’s import taxes, Wood Mackenzie says. A new policy in the last week of 2017, for example, ended subsidies on EVs with driving ranges of less than 150 km. However, subsidy programs remain in place through 2020 that offer financial support for EVs. The first is available for cars with ranges of up to 300 km, and a second, higher subsidy is available for cars with a range greater than 400 km.

Un d e r a n e w d u a l - c r e d i t scheme that is supposed to go into effect in April, carmakers will be rewarded or penalized based on the car manufacturer’s fuel consumption and driving range, Wood Mackenzie says in a separate news release on Jan. 19. “If an automaker does not produce any EV, it will need to purchase EV credits from an EV maker to meet the government’s goal. Those with surplus credits can sell them in the market.”

In addition, Beijing has raised minimum power-to-weight requirements from 90 W/kg to 105 W/kg, with the full subsidy only applying to electric vehicles with 140 W/kg.

“ENCOURAGING AUTOMAKERS TO PRODUCE VEHICLES WITH LONGER RANGES TRANSLATES INTO USING BATTERY TYPES CONTAINING A HIGHER NICKEL CONTENT.” REPORT WOOD MACKENZIE

“Encouraging automakers to produce vehicles with longer ranges translates into using battery types containing a higher nickel content,” the research and consultancy group says. “This dovetails well with the reduced import tax on nickel sulphate from the start of 2018.”

China has overtaken the U.S. as the world’s largest EV market, and Wood Mackenzie says the country’s EV penetration rate is projected to hit 17% in 2035.

In addition, Beijing has also raised minimum power-to-weight requirements from 90 W/kg to 105 W/kg, with the full subsidy only applying to electric vehicles with 140 W/kg.

“Encouraging automakers to produce vehicles with longer ranges

translates into using battery types containing a higher nickel content,” Wood Mackenzie says. “This dovetails well with the reduced import tax on nickel sulphate from the start of 2018.”

“With China already scouring the globe for nickel units suitable for battery and chemical applications, we have seen the initial attempts of several western nickel producers to make such products more available, often at the expense of their more customary products (eg., powders or sulphate, rather than briquettes). But this will take time to advance,” Wood Mackenzie says. “Meanwhile, the London Metal Exchange (LME), recognizing the price pressure now falling on consumers of nickel chemicals,

is assessing the feasibility of introducing new contracts dedicated to nickel [and cobalt] sulphate.” (The consulting firm expects a decision by the LME will be made this year, in time “for a 2019 launch.”)

“As we wait for this to become a reality, we can expect continued disparity between the market conditions for melting grade nickel products and those for plating/ battery chemicals, as reflected in regional spot premiums,” the report continues. “Contract premiums for both product sets, compared with 2017, have already flared out for 2018 across all regions, but the move up for chemicals has been sharper.”

In the meantime, China’s top nickel producer, Jinchuan Group Co., told Bloomberg that it expects to raise nickel sulphate production to 70,000 tonnes this year from 50,000 tonnes in 2017. The company also told the news agency that it would keep production of nickel cathode, used in stainless steel, at 135,000 tonnes in 2018.

Jinchuan also said it would increase cobalt production from 10,000 tonnes in 2017 to 11,000 tonnes this year. TNM

2018-02-13 6:54 PM

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FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

Freeport-McMoRan’s Climax molybdenum mine in Colorado. FREEPORT-MCMORAN

BMO raises moly price forecast OUTLOOK

| Supply challenges mounting for important metal strength and corrosion resistance provided by BMO machinery ana- “THE EFFECT OF THE OUTPUT FALL CAN of steel alloys and is used in a va- lyst Joel Tiss, which indicate a 43% riety of industries. But Hamilton year-on-year sales increase in the BE SEEN IN CHINESE MOLYBDENUM estimates that one-third of demand company’s oil and gas business. CONCENTRATE IMPORTS, WHICH HAVE for the metal comes from the oil The most recent data from Baker and gas sector, where it is used in Hughes, an oilfield service provider, RISEN SHARPLY OVER 2017.”

BY TRISH SAYWELL

B

tsaywell@northernminer.com

MO Capital Markets analyst Colin Hamilton is raising his molybdenum price forecast to US$10.75 per lb. for 2018.

“Having been stuck in a range of US$7 to US$9 per lb. from January to November 2017 as peer industrial metals recovered, latest spot molybdenum oxide quotes are currently above US$11 per lb. for the first time since September 2014,” Hamilton writes in a research note.

The analyst argues that a recovery in the oil and gas sector, combined with a wider global industrial recovery and a crackdown on pollution in China, all point to a “more positive demand environment” for the metal.

Molybdenu m increases t he

pipelines and as a processing catalyst in refineries.

“What is unique for molybdenum is its degree of exposure to oil, gas and petrochemical markets,” he writes in his research note. “This is significantly higher than for peer metals. And of course, the recovering oil price and resulting recovery in free cash flow at producers and associated service providers has led to an end of destocking through this supply chain, if not the beginnings of a restock.”

Hamilton cites Caterpillar’s November retail statistics, for example,

notes there are now 400 rigs in the Permian basin compared with 267 a year ago.

Meanwhile, efforts to reduce pollution in China, where much of the primary supply of molybdenum comes from, “adds fuel to the fire through potential supply restrictions,” Hamilton contends.

“Molybdenum is often thought of as a by-product commodity,” he says. “However, primary supply has provided 40% to 50% of units in recent times, with the majority of this coming from China.”

Primary molybdenum output in

COLIN HAMILTON ANALYST, BMO CAPITAL MARKETS

China in 2013 totalled 200 million lb. molybdenum (36% of global mine supply), but fell to an estimated 130 million lb. in 2017, or 25% of global output.

“The effect of the output fall can be seen in Chinese molybdenum concentrate imports, which have risen sharply over 2017 as downstream processors seek alternative units,” Hamilton writes. “First-half 2017 imports are almost triple that

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seen in the first half of 2015.”

“The drop in Chinese primary output has been partially offset by rises in molybdenum by-product recovery, which has risen by almost 30% since 2013,” he continues. “Even with this, however, global output remains lower than the 2011 to 2015 level.”

The analyst also predicts that other sources of molybdenum such as Chile and Peru will struggle this year “to match production levels seen in the second quarter of 2017.”

To be sure, Hamilton doesn’t expect the strength in molybdenum “to last forever,” and says that even if you take China out of the equation, there is “potential elastic supply response.”

He adds that “many copper miners are either not running or are under-utilizing their molybdenum circuits, and while ~US$7 per lb. spot prices didn’t encourage this supply to market, greater than US$10 per lb. probably does. At these levels, potential restarts of primary mines outside of China also become feasible. Moreover, it is difficult to see current demand strength being sustained.”

His price forecast for the metal in 2019 is US$9.50 per lb. and has a long-term equilibrium price of US$7.50 per pound.

For now, though, higher prices will flow through to higher company earnings for copper producers that produce molybdenum as a byproduct credit, he predicts.

Hamilton has raised 2018 and 2019 estimates for earnings before interest, taxes, depreciation and amortization (EBITDA) for seven companies he covers.

Hamilton estimates 2018 EBITDA will rise 5.8% for Taseko Mines (TSX: TKO; NYSE-AM: TGB); KGHM, +4.5%; Freeport-McMoRan (NYSE: FCX), 3.9%; Antofagasta (LON: ANTO), +2.5%; Hudbay Minerals (TSX: HBM; NYSE: HBM), +1%; Kaz Minerals (LON: KAZ), +0.9%; and Teck Resources (TSX: TECK.B; NYSE: TECK), +0.7%. TNM

2018-02-13 6:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

17

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18

WWW.NORTHERNMINER.COM

FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 5–9 In one of the most brutal and volatile trading weeks in recent memory, the S&P/TSX Composite Index fell 571.5 points, or 3.7%, to 15,034.53. The downturn — which started in the U.S. with two 1,000-point drops on the Dow during five trading sessions — ricocheted around the world. The S&P/ TSX Global Mining Index dropped 4.8% to 58.27 and the S&P/TSX Global Gold Index plunged 7.2% to 163.86. Spot gold fell US$16.20 per oz., or 1.2%, to finish at US$1,315.70 per ounce.

An update on the permitting process at its Pebble deposit in southwestern Alaska helped drive up the shares of Northern Dynasty Minerals by 28¢ to $1.32, in a 26.9% increase.

The company reported on Feb. 5 that the U.S. Army Corps of Engineers has picked AECOM as the third-party contractor that will support them in completing an environmental impact statement (EIS). AECOM — an integrated engineering, environmental, construction and infrastructure development firm — has a history of providing compliance with the National Environmental Policy Act (NEPA) and other regulatory support services for developing large mineral and oil and gas resource projects in Alaska, and elsewhere in the United States. AECOM’s recent experience with NEPA EIS permitting reviews include Alaska’s Donlin Gold

and Chuitna coal projects, the Midas Gold Stibnite project in Idaho and the Lone Star mine in Arizona.

Gold Standard Ventures, which is advancing its Railroad-Pinion gold project in Nevada, saw its shares climb 17¢ to $2.19. On Feb. 5 the company upsized a previously announced bought-deal financing with a syndicate of underwriters to $25 million, from $20 million. Goldcorp and OceanaGold will also complete a non-brokered private placement on the same terms as the upsized offering.

Goldcorp has agreed to increase its ownership in Gold Standard (post offering) to 9.99%.

OceanaGold, which previously committed to $4.4 million of the private placement, can increase its participation to keep its 15.7% ownership position.

TSX MOST ACTIVE ISSUES

Suncor Energy First Quantum Barrick Gold Trevali Mng Lundin Mng B2Gold Kinross Gold Eldorado Gold Nemaska Lith Goldcorp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

SU FM ABX TV LUN BTO K ELD NMX G

23073 43.99 40.82 42.38 - 1.43 18927 18.54 16.83 17.68 - 0.13 18639 17.32 15.90 16.42 - 0.62 17471 1.63 1.38 1.47 - 0.10 16527 8.72 7.57 7.87 - 0.63 15699 3.75 3.35 3.46 - 0.19 15613 5.17 4.76 4.89 - 0.19 15606 1.61 1.42 1.45 - 0.06 15377 1.85 1.31 1.60 + 0.10 14691 17.20 15.15 15.54 - 1.48

An investment by Goldcorp sent shares of Mawson Resources up 12¢ to 55¢. Goldcorp is making an $8.1-million strategic investment in the junior, whose f lagship assets are the Rajapalot and Rompas gold projects in Finland. Under the private placement, Goldcorp is subscribing for 18 million units at 45¢ per unit. Each unit will consist of a common share and one-half of one common share purchase warrant. Each

whole warrant is exercisable to acquire one more common share at 65¢ per common share for two years. When the deal closes, Goldcorp will become an insider with 18 million common shares and 9 million warrants, representing 12.7% of Mawson’s issued and outstanding common shares on a non-diluted basis, and 17.9% on a partly diluted basis, assuming full exercise of the Goldcorp warrants. TNM

TSX GREATEST PERCENTAGE CHANGE

Mawson Res Nthn Dynasty Karnalyte Res Anaconda Mng Asanko Gold Amerigo Res Lithium Amer Nautilus Mnrls Prophecy Coal Nevsun Res Anglo Pac Grp Klondex Mines Imperial Metal Auryn Res Dalradian Res Yorbeau Res Platinum Gp Mt Columbus Gold Mason Res Entree Gold

MAW NDM KRN ANX AKG ARG LAC NUS PCY NSU APY KDX III AUG DNA YRB PTM CGT MNR ETG

509 5813 53 1579 2633 2310 4193 346 61 3716 11 8029 330 458 1719 1383 400 615 193 261

0.56 1.63 0.58 0.48 1.08 1.19 9.18 0.19 3.54 2.74 3.18 2.63 2.66 2.15 1.13 0.06 0.49 0.56 0.24 0.61

0.41 1.03 0.45 0.35 0.96 0.94 7.19 0.16 3.03 2.50 1.80 1.95 2.20 1.80 0.91 0.05 0.41 0.40 0.20 0.54

0.55 1.32 0.50 0.47 1.07 1.11 8.61 0.18 3.50 2.73 1.80 1.98 2.20 1.80 0.93 0.05 0.41 0.43 0.21 0.54

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Lithium Amer Prophecy Coal Pretium Res Nthn Dynasty Nevsun Res Gold Std Vents Semafo Mawson Res Sierra Metals Teranga Gold Nutrien Franco-Nevada Agnico Eagle Silver Wheaton Nexa Resources Goldcorp Suncor Energy Teck Res North Am Pall Kirkland Lake

27.9 26.9 11.2 10.7 10.3 9.9 9.5 9.1 9.0 8.8 30.8 18.9 17.3 17.1 17.0 16.7 16.3 15.7 14.6 14.3

VOLUME WEEK (000s) CLOSE CHANGE

LAC PCY PVG NDM NSU GSV SMF MAW SMT TGZ NTR FNV AEM WPM NEXA G SU TECK.A PDL KL

4193 8.61 61 3.50 3411 8.49 5813 1.32 3716 2.73 1805 2.19 5937 3.67 509 0.55 56 3.23 1475 3.38 7134 56.05 3108 87.16 3389 54.09 6770 23.96 3 22.97 14691 15.54 23073 42.38 35 33.75 42 8.52 3981 16.75

+ 0.75 + 0.29 + 0.29 + 0.28 + 0.22 + 0.17 + 0.16 + 0.12 + 0.12 + 0.12 - 6.09 - 5.07 - 2.82 - 2.28 - 1.64 - 1.48 - 1.43 - 1.35 - 1.18 - 0.97

TSX VENTURE EXCHANGE / FEBRUARY 5–9 After falling nearly 90 points in the first week of February, the S&P/TSX Venture Composite Index has levelled off, rising 0.2% to finish at 813.39.

Shares of Gold Reserve rose 14¢ to $3.09.

The company is still working towards a preliminary economic assessment at its 45%-owned Brisas gold-copper project in Southeastern Venezuela. The project is a joint venture with the Venezuelan government. Gold Reserve developed the project from 1992 to 2008, when the Bolivian government revoked an infrastructure construction permit. The company applied to the International Centre for Settlement of Investment Disputes for arbitration and was granted a settlement, which was amended in 2016 to total more than US$1 billion across five payments.

Shortly after, the company partnered with the Venezuelan government to continue developing the project. After the U.S. and Canada imposed economic sanctions against Venezuela in August 2017, international intermediary banks declined — or limited their involvement in — some transfers between Venezuela and the company. To date, Gold Reserve has received US$187.5 million from Venezuela, but only half has been transferred to its U.S. bank account.

Shares of Novo Resources fell 51¢ to $3.04.

The company announced in January that it had received all the permits to explore its Comet Well gold property. Comet Well forms half of the company’s Karratha gold project in western Australia along with Purdy’s Reward, a joint-venture gold project with Artemis Resources.

In February, the company entered an agreement with SGS Minerals located in Perth, Australia, to access a test plant to process 5-tonne bulk samples from Karratha. Samples have been in the 300-kilogram range.

Shares of Bacanora Minerals rose 13¢ to $1.98. The company filed a feasibility study on its wholly owned Sonora lithium project, 190 km northeast of Hermosillo, Mexico. The project consists of seven TSX-V MOST ACTIVE ISSUES

Leeta Gold Alexandria Min Spearmint Res VVC Expl Westkam Gold Revelo Res Cruz Cobalt Noble Metal Gr Nitinat Mnls Gratomic

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

HIVE 14139 AZX 12805 SRJ 12779 VVC 8469 WKG 8223 RVL 7584 CUZ 7574 NMG 5593 NZZ 5365 GRAT 4802

2.30 0.10 0.10 0.07 0.05 0.04 0.37 0.04 0.15 0.22

1.75 0.07 0.08 0.05 0.04 0.02 0.28 0.01 0.05 0.19

1.89 - 0.27 0.08 - 0.02 0.10 + 0.01 0.05 unch 0.00 0.05 + 0.01 0.03 unch 0.00 0.33 + 0.02 0.03 + 0.02 0.11 + 0.06 0.21 - 0.01

exploration a nd mining concessions.

Baca nora ow ns 70% of a not her t hree concessions that surround the project.

The other concessions are jointly owned

by Cadence Minerals.

According to the feasibility study, the project has 243.8 million proven and probable tonnes grading 3,480 ppm lithium and 1.45% potassium for 4.5 million tonnes

lithium carbonate equivalent. It also has a resource of 291 million measured and indicated tonnes grading 3,250 ppm lithium, 1.4% potassium and 5 million tonnes lithium carbonate equivalent.

Bacanora has a 50% interest in the Zinnwald lithium project, 35 km southeast of Dresden, as well as a 100% interest in the Magdalena borates project in northern Mexico. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Green Valley M Noble Metal Gr Buccaneer Gold Nitinat Mnls War Eagle Mg Bluenose Gold Mezzotin Mnrls Western Pac Rs Galore Res Cerro Mng Helio Res IGC Res Ashanti Sanko Voltaic Min Cda Carbon Ross River Masuparia Gold European Elec Philippine Mtl Precipitate Gl

GVY NMG BGG NZZ WAR BN.H MEZ.H WRP GRI CRX.H HRC IGC.H ASI VLT CCB RRM.H MAS EVX PHI PRG

280 5593 1728 5365 1009 34 355 36 981 68 3583 78 1035 736 3260 273 441 32 8 465

0.40 0.04 0.18 0.15 0.19 0.10 0.02 0.03 0.06 0.22 0.28 0.03 0.04 0.31 0.08 0.02 0.11 0.88 0.13 0.10

0.12 0.01 0.08 0.05 0.11 0.00 0.02 0.02 0.03 0.00 0.01 0.02 0.03 0.04 0.04 0.01 0.08 0.00 0.09 0.07

0.40 0.03 0.18 0.11 0.18 0.10 0.02 0.03 0.04 0.22 0.20 0.02 0.03 0.25 0.05 0.01 0.08 0.60 0.09 0.07

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 263.6 + 150.0 + 125.0 + 100.0 + 100.0 + 100.0 + 100.0 + 66.7 + 60.0 + 51.7 - 46.7 - 40.0 - 37.5 - 37.5 - 33.3 - 33.3 - 31.8 - 31.8 - 30.8 - 30.0

VOLUME WEEK (000s) CLOSE CHANGE

Kitrinor Mtls Abitibi Royalt Green Valley M Bluestone Res Gold Reserve Kintavar Exp Bacanora Mnls SilverCrest Mt Prospector Res Buccaneer Gold Till Capital Cobalt 27 Cap Aurania Res Novo Res Sailfish Rylty Rock Tech Lith European Elec Metalore Res Leeta Gold Wealth Mnrls

SCYB RZZ GVY BSR GRZ KTR BCN SIL RIO BGG TIL KBLT ARU NVO FISH RCK EVX MET HIVE WML

389 30.60 8 9.95 280 0.40 201 1.53 67 3.09 1101 0.55 214 1.98 479 2.00 79 0.90 1728 0.18 6 4.12 428 11.23 169 2.82 724 3.04 95 2.03 57 1.21 32 0.60 1 2.24 14139 1.89 550 1.28

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

7.04 0.40 0.29 0.16 0.14 0.14 0.13 0.13 0.10 0.10 0.88 0.76 0.53 0.51 0.40 0.37 0.28 0.28 0.27 0.22

U.S. MARKETS / FEBRUARY 5–9 Gold closed at US$1,315.7 per oz., down 1.2% over the previous week. U.S. markets suffered as the Philadelphia Gold and Silver Index fell 6.6% to 78.35, and the Dow Jones Industrial Average and S&P 500 Index both fell 5.2% to 24,190.9 and 2,619.55.

Shares of Lithium Americas rose US53¢ to US$6.84. The company began trading on the NYSE on Jan. 25, 2018. It recently announced the pond layout and design for its 50% owned Cauchari-Olaroz project, with construction scheduled in the coming weeks.

The Cauchari-Olaroz project is a fifty-fifty joint venture between Lithium Americas and Sociedad Quimica y Minera de Chile S.A. (SQM). Lithium Americas expects that the 700 sq. km project in northwest Argentina’s Jujuy province will produce in 2020.

The project is being developed by Minera Exar S.A., a subsidiary of Lithium Americas that is partly owned by SQM. Minera says that engineering at Cauchari-Olaroz will end in March, with plant design before June.

Shares of Goldcorp fell 9.9% to US$12.34.

On Feb.7, 2018, the Yukon Environmental and Socio-economic Assessment Board rejected Goldcorp’s plan for its proposed

18_FEB19_MarketNews.indd 18

Coffee gold mine, 130 km south of Dawson City. This is the second proposal that the board has rejected.

The board says it initially rejected Goldcorp’s proposal because the company did not adequately outline how it consulted with First Nations groups. The board says it needs more information on the project’s environmental impact.

Shares of Harmony Gold Mining rose US4¢ to US$1.71. Net profits fell nearly 50% to US$75 million for the six months ending Dec. 31, 2017, over the same period a year earlier. Gold production, however, increased U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 206730 13.14 12.15 12.91 + 0.37 Frprt McMoR* FCX 164044 18.79 16.64 17.57 - 0.40 Cleveland-Clif* CLF 82423 7.23 6.30 6.62 + 0.14 Barrick Gold* ABX 80183 13.86 12.60 13.06 - 0.68 Yamana Gold* AUY 66696 3.33 2.96 3.08 - 0.20 Chevron Corp* CVX 66177 119.27 108.02 113.50 - 5.08 United States S* X 64305 35.95 30.91 34.24 - 0.34 Eldorado Gold* EGO 61807 1.28 1.13 1.14 - 0.08 Kinross Gold* KGC 58158 4.14 3.77 3.88 - 0.22 Goldcorp* GG 56947 13.80 12.00 12.34 - 1.36

1.7% to 617,929 oz. over the previous year, and the company says it is on track to achieve its group production guidance of 1.1 million oz. gold for the full year, with a boost in production expected from its Hidden Valley project in Papua New Guinea.

The company also reported that an employee at its Tshepong gold mine near Welkom, South Africa died in a mining-equipment related incident. In August 2017, five men died after a rock fall at Harmony’s Kusasalethu gold mine near Carletonville, South Africa. TNM

U.S. GREATEST PERCENTAGE CHANGE

Lithium Amer* Vale* Harmony Gold* Pretium Res* Cleveland-Clif* NACCO Ind* United States S* Rio Tinto* Trecora Res* MartinMarietta* Nutrien* Mechel* Silver Wheaton* Goldcorp* AngloGold Ash* Sibanye Gold* First Majestic* Alamos Gold* Tahoe Res* Coeur Mng*

LAC VALE HMY PVG CLF NC X RIO TREC MLM NTR MTL WPM GG AU SBGL AG AGI TAHO CDE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

1472 7.33 5.77 6.84 + 8.4 206730 13.14 12.15 12.91 + 3.0 34254 1.79 1.64 1.71 + 2.4 14530 7.00 6.51 6.74 + 2.3 82423 7.23 6.30 6.62 + 2.2 182 38.95 34.12 38.00 - 0.9 64305 35.95 30.91 34.24 - 1.0 25084 55.61 51.78 53.72 - 1.1 251 13.20 12.70 12.85 - 1.2 5261 219.03 203.39 214.38 - 1.3 16062 49.96 40.41 44.51 - 10.9 592 4.96 4.31 4.42 - 10.3 30119 21.35 18.67 19.02 - 10.0 56947 13.80 12.00 12.34 - 9.9 19587 10.81 9.44 9.66 - 9.5 27224 4.47 3.95 4.05 - 9.2 24326 5.87 4.93 5.14 - 9.2 14125 5.84 5.01 5.15 - 9.0 18757 4.37 3.76 3.84 - 8.8 24631 8.33 6.98 7.19 - 8.4

U.S. GREATEST VALUE CHANGE

Lithium Amer* LAC Vale* VALE Pretium Res* PVG Cleveland-Clif* CLF Harmony Gold* HMY DRDGOLD* DRD Eldorado Gold* EGO McEwen Mng* MUX Intrepid Pots* IPI Hecla Mining* HL Nutrien* NTR Franco-Nevada* FNV Chevron Corp* CVX Alcoa* AA Agnico Eagle* AEM MartinMarietta* MLM Newmont Mng* NEM Silver Wheaton* WPM Arch Coal* ARCH Black Hills* BKH

VOLUME WEEK (000s) CLOSE CHANGE

1472 6.84 206730 12.91 14530 6.74 82423 6.62 34254 1.71 383 2.83 61807 1.14 18662 2.03 5962 3.36 31908 3.49 16062 44.51 4937 69.03 66177 113.50 18674 45.92 8072 42.85 5261 214.38 50797 36.76 30119 19.02 1815 85.66 6376 52.04

+ 0.53 + 0.37 + 0.15 + 0.14 + 0.04 - 0.07 - 0.08 - 0.08 - 0.09 - 0.09 - 5.47 - 5.15 - 5.08 - 3.17 - 2.94 - 2.91 - 2.21 - 2.11 - 1.89 - 1.86

2018-02-13 6:30 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

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 Tuesday, February 13, 2018 Precious Metals Price (US$/oz.)

Change 1329.40 -15.25 Gold Silver $16.61 -0.20 Platinum $966.00 -28.00 Palladium $987.00 -51.00 Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK

Price (US$/tonne) Change $13415.00 +325.00 $7003.50 +173.00 $2541.00 +25.50 $3462.00 +80.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 7, 2018 (change from January 31, 2018 in brackets): Aluminium Alloy 13460 (-380) Aluminium 1059875 (-21600) Copper 294975 (-10600) Lead 128800 (-5725) Nickel 347148 (-9864) Tin 1790 (-135) Zinc 164350 (-8225)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$60.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.25 Cobalt: US$36.97/lb.

Copper: US$3.08/lb.

Copper: CME Group Futures Mar. 2018: US$3.17/lb.; Apr. 2018: US$3.18/lb Ferro-Chrome: US$2.90/kg Ferro Titanium: US$4.80/kg FerroTungsten: US$30.30/kg Ferrovanadium: US$32.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$120.6/tonne Iron Ore Fines: US$71.40/tonne Iron Ore Pellets: US$105.20/tonne Lead: US$1.14/lb.

Magnesium: US$2.25/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb.

Phosphate Rock: US$80.00/tonne Potash: US$224.00/tonne Rhodium: Mid-mkt US$1,830.00 tr. oz.

Ruthenium: Mid-mkt US$195.00/tr. oz.

Silver: Handy & Harman Base: US$16.52 per oz.; Handy & Harman Fabricated: US$20.64 per oz.

Tantalite Ore : US$151.80/kg Tin: US$9.66/lb.

Uranium: U3O8, Trade Tech spot price: US$22.25; The UX Consulting Company spot price: US$22.25/lb.

Zinc: US$1.56/lb.

Prices current Feb. 13, 2018

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Feb 09 Feb 08 Feb 07 Feb 06 Feb 05 High Low S&P/TSX Composite 15034.53 15065.61 15330.58 15363.93 15334.81 15527.30 12400.15 S&P/TSXV Composite 813.39 819.19 830.69 829.65 803.23 1050.26 883.52 S&P/TSX 60 889.20 890.13 906.87 908.72 906.70 896.74 709.99 S&P/TSX Global Gold 178.36 181.74 181.63 183.47 187.64 218.90 149.29

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Feb 01, 2018 (with changes from Jan 16, 2018) Largest short positions Eldorado Gold ELD 18155214 -757106 1/16/2018 Sandstorm Gold SSL 16424194 1374223 1/16/2018 Ivanhoe Mines IVN 13884316 1156815 1/16/2018 Suncor Energy SU 12224006 -918835 1/16/2018 OceanaGold OGC 9571784 1213779 1/16/2018 Turquoise HIl TRQ 9568353 -123240 1/16/2018 Yamana Gold YRI 8079827 -834505 1/16/2018 First Quantum FM 7664331 1318396 1/16/2018 Nevsun Res NSU 6869075 43325 1/16/2018 Alacer Gold ASR 6730124 18959 1/16/2018 Lundin Mng LUN 6717887 -822146 1/16/2018 Asanko Gold AKG 6658784 -5268268 1/16/2018 B2Gold BTO 6578257 977406 1/16/2018 First Majestic FR 6572263 993197 1/16/2018 New Gold NGD 6351222 -1581615 1/16/2018 Largest increase in short position Sandstorm Gold SSL 16424194 1374223 1/16/2018 First Quantum FM 7664331 1318396 1/16/2018 OceanaGold OGC 9571784 1213779 1/16/2018 Trevali Mng TV 4015811 1184234 1/16/2018 Ivanhoe Mines IVN 13884316 1156815 1/16/2018 Largest decrease in short position Asanko Gold AKG 6658784 -5268268 1/16/2018 NextSource Mat NEXT 100 -3236600 1/16/2018 Primero Mng P 473922 -2273527 1/16/2018 Sherritt Intl S 2803835 -1938310 1/16/2018 New Gold NGD 6351222 -1581615 1/16/2018

Short positions outstanding as of Feb 01, 2018 (with changes from Jan 16, 2018) Largest short positions Leeta Gold HIVE 12493900 2106600 1/16/2018 Noble Mnl Expl NOB 1866875 -1360325 1/16/2018 Atlantic Gold AGB 1643600 395300 1/16/2018 SilverCrest Mt SIL 1506700 370800 1/16/2018 Neo Lithium NLC 1475829 23552 1/16/2018 Advantage Lith AAL 1334690 195256 1/16/2018 Noram Vent NRM 1199536 1187202 1/16/2018 Garibaldi Res GGI 1068000 471307 1/16/2018 Redstar Gold RGC 841900 825600 1/16/2018 QMX Gold QMX 752100 695300 1/16/2018 ML Gold Corp MLG 677700 -508618 1/16/2018 US Cobalt USCO 644549 96532 1/16/2018 Cruz Cobalt CUZ 597217 423217 1/16/2018 Osisko Metals OM 533200 340400 1/16/2018 Gratomic GRAT 500942 26642 1/16/2018 Largest increase in short position Leeta Gold HIVE 12493900 2106600 1/16/2018 Noram Vent NRM 1199536 1187202 1/16/2018 Redstar Gold RGC 841900 825600 1/16/2018 QMX Gold QMX 752100 695300 1/16/2018 Glen Eagle Res GER 500500 493500 1/16/2018 Largest decrease in short position Spearmint Res SRJ 0 -3954600 1/16/2018 Altiplano Mnls APN 238626 -2664520 1/16/2018 Azincourt Ener AAZ 30500 -2260500 1/16/2018 OK2 Minerals OK 3600 -1909277 1/16/2018 Atico Mng ATY 18300 -1901911 1/16/2018

DAILY METAL PRICES Daily Metal Prices Date Feb 12 Feb 9 Feb 8 Feb 7 Feb 6 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) 1770/1780 1785/1820 1825/1835 1835/1855 1825/1835 Al Alloy Aluminum 2129/2129.50 2141.50/2143 2167.550/2162.50 2180.50/2178.50 2195.50/2194.50 Copper 6786/6834 6754.50/6800 6837/6878 7005/7049 7059/7098 2510/2510 2529/2513 2539/2524.50 2592/2590 2591/2591.50 Lead Nickel 12960/13000 12950/12995 13020/13060 13485/13490 13350/13360 Tin 21275/21130 21175/21125 21500/21350 22025/21800 21800/21650 Zinc 3432/3400 3434.50/3394.50 3459/3405 3538/3476 3529.50/3473 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1321.70 1316.05 1311.05 1328.50 1344.65 Gold PM 1322.30 1314.10 1315.45 1324.65 1331.40 Silver 16.43 16.36 16.35 16.69 16.81 Platinum 965.00 969.00 975.00 981.00 987.00 Palladium 985.00 969.00 985.00 994.00 1014.00

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 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 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) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 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 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 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 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18

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

Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

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 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 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.

Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 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 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 5–9, 2018 52 New Highs Almadex Min Anglo Pac Grp Angus Ventures Australian Mns* Avesoro Res* Black Tusk Res Blackrock Gold* Bluenose Gold Bluestone Res* Brilliant Sand* Buccaneer Gold Buccaneer Gold* Cerro Mng Crown Mining* First Energy First Energy* Gabriel Res Gold Finder Ex* Granada Gold* Graphite Egy Graphite Egy* Green Valley M

Grizzly Discvr Grizzly Discvr* Helio Res Inomin Mines Integra Res Itoco Mg Corp* Kintavar Exp Kootenay Zinc Laredo Res* Lithium X Egy Lone Star Gold* Marifil Mines New Destiny Mg Newmac Res Nitinat Mnls Nitinat Mnls* Noble Metal Gr Nrthn Mnrls &E* Pac Bay Mnrls* Peat Res Pelangio Expl Premium Expl* Rochester Res

Silver Stream* Sphinx Res Sunvest Mnrls* Voltaic Min VVC Expl War Eagle Mg Whistler Gold

80 New Lows Meridian Mg * Alamos Gold Alamos Gold* Alba Minerals* Allegiant Gold Alphamin Res * Alset Minerals Arianne Phosph Balmoral Res Barrick Gold Barrick Gold* BC Moly * Bearing Lith Black Hills* Broadway Gold

Calibre Mng Canadian Zeol Cda Carbon Cda Carbon* Champion Bear* Colorado Res Columbus Gold Columbus Gold* CONSOL Energy* Cordoba Mnls Cordoba Mnls* Dalradian Res Dalradian Res* Detour Gold DRDGOLD* Eastern Platin* Eastmain Res Erdene Res Dev Erdene Res Dev* First Majestic First Majestic* First Mg Fin * Five Star Diam*

Fura Gems* Gabriel Res GlobalMin Vent* Golden Mnls* GoldMining Hecla Mining* Hudson Res Infinite Lith Infrastructure* Ivanhoe Mines Kenadyr Mining Klondex Mines Minera Alamos MX Gold* Napier Vent New Gold* New Tech Lith Nexus Gold* Nutrien Nutrien* Pele Mtn Res PepinNini Lith* Pershing Gold*

Pure Energy Pure Energy* Randgold Res* Red Pine Expl Remington Res Roxgold* Sage Gold Sailfish Rylty Sailfish Rylty* Sibanye Gold* Sojourn Explor* Solitario Ex&R* Tahoe Res* Tanqueray Expl Teras Res* Troilus Gold Western Copper* Westmoreland* Yorbeau Res*

CANADIAN GOLD MUTUAL FUNDS Fund Feb 09 ($) Feb 02 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 19.14 19.90 -0.76 -3.82 -2.74 2.81 119.49 AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 16.41 17.22 -0.81 -4.72 -2.19 2.40 61.10 BMO ZGD 8.38 8.79 -0.41 -4.71 -4.16 0.63 BMO ZJG 8.32 8.47 -0.14 -1.68 -2.61 0.60 CIBC Prec Metal Fd A 9.06 9.57 -0.51 -5.37 -3.45 2.58 46.07 Dyn Prec Metls Fd A 6.40 6.67 -0.27 -4.05 -3.85 2.66 348.32 9.32 9.74 -0.42 -4.28 GOGO Horizons HEP 22.42 24.03 -1.61 -6.71 1.19 0.81 IG Mac GbPMetCl A 8.07 8.49 -0.42 -4.94 -2.42 2.75 38.95 iShares XGD 11.14 11.79 -0.65 -5.50 -0.54 0.55 772.54 Mac Prec Met Cl A 43.08 45.33 -2.25 -4.96 -2.42 2.52 83.55 NBI PrecMetFd Invt 11.02 11.59 -0.57 -4.92 -4.79 2.46 28.73 29.90 31.25 -1.36 -4.34 -3.96 2.13 344.00 RBC GblPreMetFd A Redw UITGoDe&ProCl A 10.00 10.00 0.00 0.00 0.00 Sentry Pre Met Fd A 33.11 35.25 -2.13 -6.05 -5.09 2.44 157.43 Sprott Gold&PrMinFdA 32.94 34.32 -1.38 -4.01 -3.09 2.96 156.94 4.99 5.25 -0.25 -4.83 -3.66 3.36 119.89 Sprott SilverEquCl A TD PreciousMetalsInv 30.38 32.10 -1.72 -5.36 -2.34 2.27 117.29

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

Feb 09 Feb 08 Feb 07 Feb 06 Feb 05 1.2581 1.2591 1.2568 1.2505 1.2538 0.7948 0.7942 0.7957 0.7997 0.7976

Exchange rates (Quote Media, February 09, 2018) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0168 0.6487 86.4805 14.8670 9.5297 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5746 4.9975 51.0856 0.7465 862.0662 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2799 0.8162 108.8139 18.7038 11.9947 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7231 6.2892 64.2213 0.9395 1084.7800

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_FEB19_MMMM.indd 19

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

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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2018-02-13 5:21 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 5–9, 2018 (100s) Stock

WWW.NORTHERNMINER.COM

FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 37 Capital 6 92 Resources V 1362 92 Resources* O 7 Abacus Mng &Ex* O 404 Abacus Mng &Ex V 154 Abcourt Mines V 1075 Abcourt Mines* O 240 ABE Resources V 588 ABE Resources* O 6 Aben Res V 1219 Aben Res* O 701 Aberdeen Intl* O 44 Aberdeen Intl T 550 Abitibi Royalt* O 4 Abitibi Royalt V 8 AbraPlata Res* O 84 AbraPlata Res V 193 Acacia Mining* O 1 Adamera Mnls V 1090 Adamera Mnls* O 498 Adex Mining V 1618 Advance Gold V 33 Advanced Expl* O 2576 Advantage Lith* O 1343 Advantage Lith V 2679 Adventus Zinc V 22 Affinity Gold* O 99 African Gold V 3681 African Mnrls* O 0 African Queen V 3016 Aftermath Slvr* O 0 Aftermath Slvr V 368 Agnico Eagle* N 8072 Agnico Eagle T 3389 AgriMinco* O 150 Aguia Resource V 65 10 Aguila Amer Gd V Aguila Amer Gd* O 10 Aida Minerals 550 Aim Explor* O 327308 Alabama Graph* O 43 Alabama Graph V 482 Alacer Gold T 2759 Alamos Gold T 4291 14125 Alamos Gold* N Alaska Pac Egy* O 5350 Alba Minerals* O 1 Albert Mining V 560 Albert Mining* O 260 Alchemist Mng 4039 N 18674 Alcoa* Alderon Iron* O 7 Alderon Iron T 352 Aldershot Res V 197 Aldershot Res* O 2 Aldever Res V 571 Aldever Res* O 208 Aldridge Min V 98 Aldridge Min* O 41 Alexandra Cap 58 O 2 Alexandra Cap* Alexandria Min* O 1678 Alexandria Min V 12805 Alexco Res T 235 Alexco Res* X 1438 Algold Res* O 1 Algold Res V 458 Alianza Min* O 13 Alianza Min V 751 Allegiant Gold V 353 Allegiant Gold* O 261 Alliance Mng V 547 Alliance Res* D 2748 Almaden Mnls T 235 Almaden Mnls* X 1393 Almadex Min V 468 Almadex Min* O 941 Almonty Ind V 619 Alopex Gold V 35 Alphamin Res * O 10 Alphamin Res V 111 Alset Minerals* O 1620 Alset Minerals V 814 Altai Res V 350 V 462 Altair Res Inc Altamira Gold V 940 Altamira Gold* O 429 Altan Nev Mnls V 500 Altan Rio Mnls V 9 Altiplano Mnls V 349 Altiplano Mnls* O 20 Altitude Res V 25 Altius Mnrls T 398 Alto Vent V 238 Altura Mng Ltd* O 1775 Alturas Mnrls V 90 Alumina Inc* O 91 ALX Uranium* O 47 ALX Uranium V 1083 Am Creek Res V 966 Am CuMo Mng* O 331 Am CuMo Mng V 492 O 543 Am Manganese* Am Manganese V 1000 401 Am Sierra Gold* O Amador Gold* O 0 Amarc Res V 474 Amarc Res* O 65 Amarillo Gold V 132 Amato Expl V 107 O 328 Amazing Energy* Amer Intl Vent* O 126 American Lith* O 43 American Lith V 234 Americas Silvr T 230 Americas Silvr* X 284 Amerigo Res T 2310 Amerigo Res* O 2616 Amex Expl* O 2 Amex Expl V 261 Anaconda Mng T 1579 O 622 Anaconda Mng* Anconia Res V 1009 Andes Gold* O 40 Andover Mng* O 440 Anfield Energy* O 45 Anfield Energy V 225 Angel Gold* O 138 Angel Gold V 861 Angkor Gold V 229 Anglo American* O 1351 4 Anglo American* O Anglo Pac Grp T 11 Anglo-Bomarc V 19 AngloGold Ash* N 19587 Angus Ventures V 30 Antioquia Gold* O 64 Antioquia Gold V 19 Antler Gold * O 28 Antler Gold V 40 Antofagasta* O 4 2 APAC Res Inc* O APAC Res Inc 227 Apex Res V 52 Apex Res * O 2 Apogee Opport * O 0 Apogee Opport V 320 Appia Energy 38 Applied Mrnls* O 554 Aquila Res* O 923 Aquila Res T 918 Arch Coal* N 1815 Archon Mineral V 4 Arctic Star* O 339 Arctic Star V 1262 Arcturus Vent V 6 Arcus Dev Grp V 257 Arena Mnls V 356 Arena Mnls* O 32 Argentina Lith* O 107 Argentina Lith V 717 Argentum Silvr V 23 Argentum Silvr* O 28 Argex Titanium T 3209 Argex Titanium* O 309 Argo Gold 99 Argonaut Gold* O 297 Argonaut Gold T 2525 Argus Metals* O 37 Argus Metals V 155 Arian Silver* O 272 Arianne Phosph* O 112 Arianne Phosph V 262 Arizona Mng* O 214 Arizona Mng T 1854 Arizona Silver V 95 Arizona Silver* O 31 Armor Mnrls V 2 Arrowstar Res V 28 Asanko Gold T 2633 Asanko Gold* X 4128 Asante Gold 529 Asbestos Corp V 0 Ascot Res V 234 Ashanti Sanko* O 3 Ashanti Sanko V 1035 Ashburton Vent* O 35 Ashburton Vent V 638 AsiaBaseMetals V 2 Asian Minl Res V 1346 Aston Bay V 802 Astorius Res V 320 ATAC Res V 606 Atacama Pacif V 72 Atacama Pacif* O 0 Atacama Res* O 417067

20-22_FEB19_StockTables.indd 20

0.20 0.00 0.20 unch 0.00 0.35 0.12 0.10 0.09 0.09 - 0.01 0.27 0.07 0.08 0.07 0.07 - 0.01 0.20 0.07 0.21 0.16 0.18 - 0.01 2.88 0.06 0.25 0.21 0.22 unch 0.00 1.25 0.19 0.07 0.06 0.07 - 0.01 0.13 0.06 0.06 0.05 0.05 - 0.01 0.10 0.04 0.66 0.45 0.61 + 0.05 0.79 0.18 0.44 0.43 0.44 - 0.07 0.62 0.34 0.16 0.13 0.14 - 0.02 0.50 0.09 0.13 0.10 0.10 - 0.01 0.41 0.07 0.15 0.14 0.14 - 0.01 0.16 0.09 0.19 0.17 0.18 unch 0.00 0.21 0.11 7.90 7.45 7.45 - 0.40 8.18 6.00 9.95 9.43 9.95 + 0.40 10.70 7.41 0.17 0.14 0.17 + 0.01 0.48 0.14 0.20 0.19 0.20 unch 0.00 0.63 0.03 2.77 2.77 2.77 unch 0.00 6.62 2.01 0.11 0.10 0.11 + 0.02 0.24 0.07 0.09 0.08 0.08 - 0.00 0.18 0.05 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.07 0.07 0.07 - 0.01 0.13 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 1.01 0.82 0.96 + 0.02 1.14 0.28 1.28 1.02 1.20 + 0.03 1.42 0.36 0.96 0.00 0.87 unch 0.00 1.15 0.57 0.03 0.02 0.02 - 0.01 0.05 0.01 0.05 0.04 0.04 unch 0.00 0.09 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.04 0.03 0.04 + 0.01 0.08 0.02 0.00 0.00 0.09 unch 0.00 0.14 0.00 0.15 0.12 0.15 + 0.03 0.19 0.04 46.12 41.56 42.85 - 2.94 51.86 39.30 57.47 52.48 54.09 - 2.82 68.76 52.36 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.32 0.30 0.31 - 0.06 0.50 0.30 0.21 0.21 0.21 unch 0.00 0.45 0.18 0.16 0.16 0.16 unch 0.00 0.16 0.16 1.07 0.90 1.05 + 0.05 1.50 0.01 0.00 0.00 0.00 + 0.00 0.04 0.00 0.06 0.05 0.06 + 0.00 0.17 0.05 0.07 0.07 0.07 unch 0.00 0.22 0.07 2.19 2.06 2.17 + 0.04 3.11 1.95 7.28 6.33 6.48 - 0.58 11.63 6.71 5.84 5.01 5.15 - 0.51 8.84 5.32 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.24 0.00 0.24 - 0.01 0.33 0.03 0.09 0.00 0.08 unch 0.00 0.15 0.04 0.06 0.06 0.06 + 0.00 0.08 0.03 0.15 0.11 0.14 + 0.01 0.35 0.05 50.75 44.15 45.92 - 3.17 57.50 29.55 0.23 0.21 0.22 + 0.01 0.53 0.16 0.31 0.25 0.27 + 0.01 0.70 0.21 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.04 0.03 0.03 unch 0.00 0.13 0.03 0.03 0.00 0.03 - 0.00 0.09 0.02 0.13 0.12 0.13 + 0.01 0.29 0.11 0.10 0.08 0.08 - 0.01 0.20 0.08 0.80 0.00 0.72 - 0.07 0.93 0.05 0.66 0.61 0.64 + 0.03 0.77 0.49 0.08 0.06 0.07 - 0.01 0.09 0.03 0.10 0.07 0.08 - 0.02 0.12 0.05 1.77 1.60 1.61 - 0.03 2.59 1.41 1.43 1.26 1.29 - 0.06 1.98 1.10 0.13 0.13 0.13 unch 0.00 0.21 0.10 0.19 0.15 0.17 + 0.01 0.29 0.12 0.06 0.05 0.06 + 0.01 0.12 0.04 0.09 0.07 0.09 + 0.02 0.16 0.05 0.68 0.47 0.51 - 0.09 0.75 0.47 0.53 0.36 0.46 + 0.02 0.53 0.36 0.05 0.04 0.04 - 0.01 0.06 0.04 20.58 17.80 18.00 - 2.40 24.85 17.60 1.16 1.06 1.07 - 0.07 2.33 0.92 0.95 0.84 0.86 - 0.06 1.75 0.71 1.75 1.47 1.50 - 0.09 1.75 0.89 1.40 1.16 1.20 - 0.09 1.44 0.65 0.59 0.54 0.57 - 0.02 0.69 0.20 0.50 0.00 0.50 unch 0.00 0.71 0.48 0.27 0.23 0.23 - 0.03 0.35 0.23 0.32 0.29 0.32 - 0.01 0.44 0.25 0.07 0.06 0.06 unch 0.00 0.15 0.05 0.08 0.06 0.07 - 0.01 0.24 0.07 0.30 0.26 0.26 - 0.01 0.37 0.05 0.08 0.08 0.08 unch 0.00 0.44 0.08 0.23 0.18 0.21 - 0.04 0.35 0.14 0.19 0.14 0.16 - 0.03 0.31 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.50 0.44 0.50 + 0.01 0.64 0.11 0.40 0.36 0.40 - 0.01 0.46 0.15 0.04 0.04 0.04 unch 0.00 0.08 0.03 12.91 11.82 12.27 - 0.40 15.58 10.05 0.06 0.05 0.06 + 0.01 0.14 0.05 0.28 0.21 0.26 - 0.01 0.40 0.09 0.03 0.03 0.03 unch 0.00 0.06 0.02 7.39 6.64 6.96 - 0.49 8.15 4.95 0.07 0.05 0.05 - 0.02 0.11 0.05 0.09 0.07 0.08 - 0.01 0.15 0.07 0.06 0.05 0.05 - 0.01 0.08 0.04 0.07 0.05 0.05 - 0.01 0.35 0.05 0.08 0.07 0.07 - 0.01 0.49 0.07 0.21 0.18 0.19 - 0.02 0.28 0.10 0.25 0.22 0.24 - 0.01 0.35 0.13 0.03 0.00 0.02 - 0.01 0.05 0.01 0.00 0.00 0.06 unch 0.00 0.13 0.06 0.14 0.12 0.13 - 0.01 0.26 0.10 0.11 0.09 0.10 - 0.01 0.21 0.07 0.30 0.27 0.30 + 0.01 0.45 0.24 0.05 0.04 0.05 + 0.01 0.06 0.03 0.73 0.45 0.55 - 0.11 0.87 0.05 0.02 0.02 0.02 + 0.00 0.11 0.01 0.53 0.47 0.47 - 0.08 0.67 0.32 0.70 0.60 0.62 - 0.06 2.05 0.33 5.00 4.17 4.41 - 0.31 6.11 3.22 4.05 3.35 3.51 - 0.28 5.04 2.50 1.19 0.94 1.11 + 0.10 1.35 0.39 0.96 0.75 0.86 + 0.07 1.09 0.29 0.10 0.00 0.10 unch 0.00 0.20 0.08 0.13 0.10 0.11 - 0.01 0.38 0.08 0.48 0.35 0.47 + 0.05 0.56 0.22 0.39 0.28 0.38 + 0.04 0.48 0.16 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.01 0.00 0.01 unch 0.00 0.03 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.21 0.20 0.20 - 0.02 0.85 0.20 0.26 0.23 0.25 - 0.01 1.15 0.23 0.08 0.05 0.08 + 0.01 0.09 0.03 0.10 0.07 0.07 - 0.01 0.12 0.04 0.21 0.18 0.21 + 0.01 0.39 0.15 11.81 10.92 11.31 - 0.16 12.67 5.95 22.90 0.00 21.77 - 1.23 25.15 12.19 3.18 1.80 1.80 - 0.80 3.18 1.31 0.07 0.07 0.07 + 0.01 0.15 0.05 10.81 9.44 9.66 - 1.01 13.68 8.86 0.50 0.40 0.50 unch 0.00 0.50 0.35 0.05 0.05 0.05 - 0.01 0.14 0.02 0.06 0.06 0.06 - 0.01 0.20 0.05 0.13 0.13 0.13 unch 0.00 0.13 0.13 0.15 0.14 0.15 + 0.01 0.57 0.14 12.65 0.00 12.30 - 1.00 14.25 9.09 0.16 0.16 0.16 unch 0.00 0.20 0.01 0.38 0.31 0.38 - 0.01 0.50 0.03 0.10 0.09 0.09 - 0.01 0.15 0.07 0.07 0.07 0.07 unch 0.00 0.09 0.04 0.26 0.26 0.26 unch 0.00 0.28 0.10 0.32 0.32 0.32 unch 0.00 0.39 0.14 0.16 0.00 0.13 - 0.01 0.47 0.10 0.14 0.09 0.11 - 0.01 0.15 0.02 0.23 0.21 0.23 + 0.01 0.24 0.17 0.28 0.25 0.28 + 0.01 0.32 0.22 89.54 83.84 85.66 - 1.89 99.53 60.13 0.90 0.00 0.87 + 0.06 1.68 0.81 0.14 0.12 0.13 - 0.01 0.24 0.09 0.17 0.14 0.16 unch 0.00 0.38 0.09 0.14 0.14 0.14 unch 0.00 0.25 0.07 0.06 0.06 0.06 unch 0.00 0.19 0.04 0.07 0.07 0.07 + 0.01 0.30 0.06 0.06 0.05 0.06 + 0.00 0.23 0.04 0.33 0.26 0.28 - 0.02 0.48 0.07 0.43 0.32 0.34 - 0.05 0.60 0.08 0.28 0.22 0.22 - 0.06 0.59 0.17 0.24 0.24 0.24 unch 0.00 0.29 0.19 0.06 0.05 0.05 unch 0.00 0.10 0.04 0.04 0.04 0.04 + 0.00 0.08 0.03 0.20 0.15 0.16 - 0.01 0.26 0.14 1.99 1.82 1.86 - 0.05 2.40 1.31 2.52 2.29 2.36 unch 0.00 2.92 1.76 0.35 0.27 0.35 - 0.04 0.55 0.06 0.49 0.40 0.47 + 0.03 0.75 0.07 0.01 0.00 0.01 unch 0.00 0.02 0.00 0.52 0.44 0.47 - 0.06 0.73 0.47 0.65 0.56 0.62 - 0.05 0.97 0.60 3.52 2.75 3.08 - 0.44 5.90 1.30 4.39 3.80 3.97 - 0.41 4.87 1.70 0.19 0.16 0.18 + 0.01 1.23 0.14 0.14 0.14 0.14 + 0.00 0.91 0.11 0.40 0.00 0.40 unch 0.00 0.55 0.32 0.08 0.06 0.06 - 0.02 0.09 0.03 1.08 0.96 1.07 + 0.10 4.45 0.55 0.86 0.75 0.84 + 0.07 3.40 0.43 0.07 0.06 0.06 - 0.01 0.20 0.06 0.00 0.00 0.50 unch 0.00 0.70 0.18 1.49 1.38 1.39 - 0.08 2.10 1.26 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.04 0.03 0.03 - 0.02 0.09 0.02 0.07 0.07 0.07 + 0.00 0.24 0.05 0.10 0.09 0.10 - 0.01 0.34 0.06 0.00 0.00 0.27 unch 0.00 0.45 0.19 0.02 0.00 0.02 - 0.01 0.05 0.02 0.14 0.12 0.12 - 0.02 0.18 0.10 0.14 0.10 0.12 - 0.02 0.20 0.06 0.54 0.48 0.50 - 0.01 0.89 0.38 0.65 0.60 0.62 - 0.01 0.83 0.26 0.49 0.49 0.49 unch 0.00 0.66 0.22 0.00 0.00 0.00 + 0.00 0.52 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Athabasca Mnls* O 85 Athabasca Mnls V 221 Athena Silver* O 19 Atico Mng* O 224 Atico Mng V 173 Atlanta Gold* O 210 Atlanta Gold V 41 Atlantic Gold V 1656 Atlantic Ind V 1173 Atlatsa Res* O 32 Atlatsa Res T 132 Atom Energy * O 2 Atom Energy V 21 Aton Res Inc V 626 O 2 Aton Res Inc* Aura Mnls* O 6 Aura Mnls T 10 Aura Silver Rs V 1026 Auramex Res V 182 Aurania Res* O 169 Aurania Res V 169 Aurcana Corp V 511 Aurcana Corp* O 298 AurCrest Gold V 708 Aurion Res * O 37 Aurion Res V 294 Aurum* O 1 Auryn Res* X 625 Auryn Res T 458 Austin Res V 83 Austral Gold* O 4 Austral Gold V 968 Australian Mns* O 30 Auxico Res 972 929 Avalon Adv Mat T 570 Avalon Adv Mat* O Avarone Metals* O 104 Avarone Metals 420 Avesoro Res T 8 Avesoro Res* O 7 Avidian Gold V 540 Avino Silver* X 895 Avino Silver T 106 Avrupa Mnls* O 148 Avrupa Mnls V 174 Awale Res V 105 AXE Expl V 3029 Axmin Inc* O 60 Axmin Inc V 22 Azarga Mtls V 122 Azarga Mtls* O 9 Azarga Uranium* O 21 T 229 Azarga Uranium Azimut Expl V 135 Azincourt Ener* O 63 Azincourt Ener V 4321 Aztec Minerals V 176 Aztec Minerals* O 39 Azteca Gold* O 44

0.11 0.11 0.11 unch 0.00 0.22 0.09 0.14 0.13 0.14 unch 0.00 0.31 0.12 0.05 0.05 0.05 - 0.00 0.33 0.02 0.59 0.53 0.54 - 0.05 0.75 0.40 0.74 0.67 0.70 unch 0.00 0.95 0.51 0.05 0.03 0.03 - 0.02 0.07 0.03 0.06 0.00 0.06 - 0.01 0.10 0.04 1.67 1.54 1.59 - 0.09 1.87 0.88 0.05 0.03 0.03 - 0.01 0.09 0.01 0.03 0.00 0.02 unch 0.00 0.06 0.01 0.04 0.03 0.03 unch 0.00 0.08 0.02 0.26 0.26 0.26 unch 0.00 0.34 0.04 0.33 0.33 0.33 - 0.01 0.65 0.05 0.05 0.04 0.04 + 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 2.31 2.23 2.23 - 0.08 2.38 1.03 2.85 2.70 2.80 - 0.15 3.00 1.30 0.04 0.03 0.03 unch 0.00 0.10 0.02 0.10 0.10 0.10 + 0.01 0.10 0.02 2.65 2.16 2.23 - 0.47 6.06 1.40 3.30 2.70 2.82 - 0.53 7.57 0.72 0.22 0.19 0.21 - 0.01 0.47 0.17 0.18 0.15 0.17 - 0.01 0.36 0.13 0.04 0.03 0.03 - 0.01 0.04 0.02 0.91 0.84 0.87 + 0.00 2.82 0.64 1.14 1.02 1.07 - 0.04 3.49 0.75 0.10 0.10 0.10 unch 0.00 1.30 0.06 1.80 1.42 1.43 - 0.32 3.00 1.29 2.15 1.80 1.80 - 0.37 3.66 1.66 0.04 0.03 0.03 - 0.01 0.04 0.01 0.08 0.08 0.08 unch 0.00 0.16 0.08 0.14 0.10 0.10 - 0.03 0.19 0.10 0.10 0.10 0.10 unch 0.00 0.10 0.09 0.35 0.25 0.34 + 0.07 0.45 0.20 0.14 0.12 0.12 - 0.01 0.20 0.11 0.11 0.10 0.10 - 0.00 0.16 0.08 0.05 0.05 0.05 unch 0.00 0.06 0.01 0.06 0.05 0.06 + 0.01 0.08 0.02 3.77 3.33 3.55 - 0.22 5.00 2.50 2.98 0.03 2.73 + 2.70 3.01 1.89 0.44 0.30 0.30 - 0.07 0.64 0.20 1.37 1.21 1.24 - 0.10 2.13 1.14 1.73 1.54 1.58 - 0.12 2.80 1.44 0.07 0.05 0.07 - 0.00 0.10 0.05 0.08 0.07 0.07 - 0.01 0.13 0.06 0.37 0.31 0.37 + 0.03 0.48 0.14 0.08 0.06 0.08 unch 0.00 0.17 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.05 0.04 0.04 + 0.01 0.09 0.03 0.13 0.11 0.11 unch 0.00 0.33 0.11 0.10 0.00 0.06 - 0.10 0.22 0.06 0.17 0.00 0.14 - 0.01 0.34 0.14 0.21 0.18 0.20 + 0.01 0.48 0.18 0.36 0.33 0.34 - 0.02 0.42 0.26 0.17 0.14 0.15 - 0.01 0.23 0.03 0.22 0.18 0.19 + 0.01 0.37 0.05 0.25 0.23 0.25 + 0.02 0.65 0.21 0.22 0.18 0.22 - 0.02 0.24 0.18 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 30401 B2Gold T 15699 B4MC Gold* O 1 Bacanora Mnls V 214 Balmoral Res* O 290 Balmoral Res T 1314 Balto Res V 744 Bandera Gold V 10 O 105 Bankers Cobalt* Bankers Cobalt V 834 O 64 Bannerman Res* Banyan Gold V 259 Banyan Gold* O 361 Bard Ventures* O 25 Bard Ventures V 19 Barker Mnrls V 174 Barkerville Go* O 193 Barkerville Go V 703 Baroyeca Go&Si V 92 Barrick Gold T 18639 Barrick Gold* N 80183 Barsele Min* O 17 Barsele Min V 204 Batero Gold V 415 Bayhorse Silvr* O 32 Bayhorse Silvr V 611 O 2 Bayswater Uran* Bayswater Uran V 14 O 0 BC Moly * BC Moly V 40 BCM Res V 25 V 4 BE Res Bear Creek Mng V 363 Bearclaw Cap V 10 Bearing Lith V 276 Bearing Lith* O 206 Beaufield Res V 1186 Beaufield Res* O 97 Beeston Ent* O 145 Bell Copper* O 90 Belmont Res V 268 Belo Sun Mng T 803 Belvedere Res V 35 Benton Res V 214 Benz Mining* O 10 Benz Mining V 336 Berkeley Egy* O 3 Berkwood Res * O 31 Berkwood Res V 635 Bird River Res 1566 Bitterroot Res* O 14 Bitterroot Res V 253 Black Dragon V 957 Black Dragon* O 57 Black Hills* N 6376 Black Iron T 1478 Black Iron* O 38 Black Isle Res V 54 Black Isle Res* O 1 Black Mam Mtls V 9 Black Sea Cop V 103 Black Sea Cop* O 6 Black Tusk Res 246 Blackheath Res V 70 Blackrock Gold V 1375 Blackrock Gold* O 213 Blind Crk Res V 333 BLOX Inc* O 1 Blue Moon Zinc* O 84 Blue Moon Zinc V 2723 Blue Rvr Res V 303 Blue Sky Uran V 203 Blue Sky Uran* O 32 Bluenose Gold V 34 Bluestone Res* O 107 Bluestone Res V 201 Bold Vent V 408 Bonanza Gldfds* O 2254 BonTerra Res V 1914 BonTerra Res* O 312 Boreal Metals V 843 Borneo Res Inv* O 3800 BQ Metals V 99 Bravada Gold V 40 Bravada Gold* O 26 Braveheart Res V 116 Bravo Multinat* O 325 Brazil Mnrls* O 3960 Brigadier Gold V 12 BrightRock Gld* O 1 Brilliant Sand* O 32 Brio Gold T 471 Britannia Mng* O 117 Brixton Mtls V 282 Brixton Mtls* O 7 Broadway Gold* O 150 Broadway Gold V 301 Brookmount Exp* O 1560 Brunswick Res V 311 Bryn Res* O 1 Buccaneer Gold* O 0 Buccaneer Gold V 1728 Buenaventura* N 8363 Buffalo Coal * O 4 Buffalo Coal V 225 Bullfrog Gold* O 124 Bullion Gld Re* O 0 Bullion Gld Res V 75 Bunker Hill 48 BWR Explor V 70

3.00 2.65 2.71 - 0.22 3.55 2.15 3.75 3.35 3.46 - 0.19 4.64 2.96 9.00 8.00 8.90 - 0.10 9.00 7.00 1.98 1.65 1.98 + 0.13 2.73 1.17 0.36 0.31 0.32 - 0.03 0.72 0.23 0.46 0.38 0.42 - 0.03 0.93 0.39 0.27 0.22 0.22 - 0.06 0.28 0.01 0.04 0.00 0.04 unch 0.00 0.11 0.03 0.43 0.35 0.35 - 0.07 0.68 0.37 0.54 0.43 0.44 - 0.11 0.85 0.11 0.04 0.03 0.04 - 0.00 0.08 0.02 0.09 0.08 0.09 unch 0.00 0.15 0.06 0.08 0.06 0.06 - 0.02 0.11 0.05 0.03 0.03 0.03 unch 0.00 0.03 0.02 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.02 0.00 0.02 unch 0.00 0.03 0.01 0.54 0.49 0.50 - 0.04 1.03 0.31 0.68 0.62 0.64 - 0.01 1.39 0.41 0.02 0.01 0.02 + 0.01 0.02 0.01 17.32 15.90 16.42 - 0.62 27.19 16.53 13.86 12.60 13.06 - 0.68 20.78 13.13 0.60 0.58 0.59 - 0.02 1.15 0.42 0.77 0.70 0.76 unch 0.00 1.49 0.53 0.09 0.09 0.09 unch 0.00 0.12 0.08 0.17 0.16 0.16 + 0.00 0.22 0.09 0.21 0.19 0.20 - 0.01 0.27 0.13 0.02 0.02 0.02 + 0.00 0.06 0.02 0.04 0.00 0.03 unch 0.00 0.08 0.02 0.00 0.00 0.05 unch 0.00 0.06 0.04 0.08 0.06 0.06 - 0.02 0.08 0.04 0.15 0.00 0.14 - 0.01 0.25 0.08 0.06 0.00 0.06 unch 0.00 0.21 0.04 2.10 1.95 2.03 - 0.03 3.40 1.64 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.78 0.61 0.70 - 0.06 1.83 0.61 0.61 0.51 0.56 - 0.06 1.41 0.50 0.16 0.12 0.12 - 0.04 0.34 0.11 0.12 0.09 0.09 - 0.02 0.25 0.08 0.00 0.00 0.00 + 0.00 0.00 0.00 0.11 0.10 0.11 + 0.01 0.16 0.04 0.04 0.04 0.04 unch 0.00 0.09 0.02 0.37 0.32 0.33 - 0.03 1.12 0.29 0.27 0.00 0.27 - 0.03 0.32 0.03 0.07 0.07 0.07 unch 0.00 0.15 0.05 0.12 0.12 0.12 unch 0.00 0.12 0.12 0.16 0.12 0.15 - 0.01 0.47 0.12 0.70 0.63 0.70 - 0.07 0.88 0.51 0.21 0.16 0.16 - 0.06 0.44 0.19 0.26 0.21 0.23 - 0.03 0.60 0.22 0.21 0.14 0.14 - 0.06 0.63 0.05 0.08 0.07 0.07 - 0.00 0.24 0.05 0.09 0.08 0.08 - 0.01 0.28 0.04 0.09 0.08 0.09 unch 0.00 0.12 0.03 0.07 0.06 0.06 - 0.02 0.09 0.02 54.37 50.71 52.04 - 1.86 72.02 50.71 0.10 0.09 0.09 - 0.01 0.17 0.08 0.09 0.06 0.06 - 0.02 0.11 0.05 0.05 0.04 0.05 + 0.02 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.03 0.13 0.12 0.12 - 0.01 0.25 0.06 0.14 0.00 0.14 + 0.01 0.29 0.10 0.12 0.00 0.10 - 0.00 0.22 0.07 0.21 0.15 0.20 + 0.03 0.21 0.12 0.05 0.05 0.05 - 0.01 0.10 0.04 0.11 0.07 0.10 + 0.03 0.12 0.05 0.09 0.08 0.09 + 0.00 0.09 0.04 0.33 0.28 0.33 - 0.02 0.38 0.16 0.27 0.27 0.27 unch 0.00 0.35 0.03 0.08 0.07 0.07 - 0.01 0.09 0.02 0.12 0.10 0.11 + 0.01 0.12 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.28 0.25 0.26 - 0.02 0.43 0.10 0.22 0.20 0.21 - 0.01 0.33 0.08 0.10 0.00 0.10 + 0.05 0.10 0.00 1.35 1.04 1.18 + 0.07 1.35 0.86 1.57 1.25 1.53 + 0.16 1.90 0.95 0.05 0.04 0.04 - 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.58 0.50 0.50 - 0.03 0.72 0.29 0.46 0.39 0.41 - 0.03 0.57 0.21 0.33 0.23 0.33 + 0.07 0.40 0.22 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.31 0.26 0.26 - 0.04 0.49 0.18 0.11 0.10 0.11 unch 0.00 0.34 0.10 0.09 0.07 0.07 - 0.01 0.26 0.07 0.11 0.09 0.11 + 0.01 0.12 0.04 0.65 0.28 0.34 - 0.09 3.49 0.32 0.00 0.00 0.00 - 0.00 0.05 0.00 0.15 0.13 0.15 + 0.02 0.30 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.12 0.05 0.09 + 0.05 0.12 0.01 2.43 2.22 2.35 + 0.05 3.40 1.54 0.00 0.00 0.00 - 0.00 0.01 0.00 0.37 0.30 0.31 - 0.06 0.65 0.23 0.30 0.28 0.28 - 0.03 0.47 0.18 0.22 0.19 0.19 - 0.03 1.29 0.19 0.27 0.23 0.24 - 0.04 1.70 0.23 0.01 0.01 0.01 - 0.00 0.13 0.01 0.04 0.03 0.03 - 0.01 0.05 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.09 0.09 unch 0.00 0.09 0.02 0.18 0.08 0.18 + 0.10 0.14 0.03 15.43 14.13 14.43 - 0.77 16.26 10.87 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.02 0.01 0.02 + 0.01 0.02 0.01 0.12 0.09 0.11 + 0.02 0.18 0.05 0.28 0.28 0.28 unch 0.00 0.33 0.06 0.40 0.36 0.36 unch 0.00 0.47 0.08 2.46 1.84 1.85 - 0.63 3.15 1.53 0.08 0.07 0.07 - 0.01 0.10 0.04

B

C Cabral Gold V 70 0.32 0.28 0.30 - 0.01 0.50 0.28 0.06 - 0.01 0.31 0.05 Cache Expl V 588 0.07 0.06 Cache Expl* O 18 0.06 0.05 0.05 - 0.01 0.21 0.04 Cadence Min* O 1 2.11 0.00 2.09 unch 0.00 5.31 1.93 Cadillac Vent* O 18 0.03 0.03 0.03 unch 0.00 0.04 0.03 Cadillac Vent V 624 0.05 0.04 0.04 - 0.01 0.06 0.03 Calaveras Res 21 0.80 0.70 0.70 - 0.10 1.41 0.47 Caledonia Mng* X 66 7.33 6.80 7.20 - 0.05 7.96 0.06 Caledonia Mng T 65 9.11 8.69 9.11 + 0.06 9.90 6.70 0.09 - 0.01 0.30 0.09 Calibre Mng V 1016 0.10 0.09 California Gld V 222 0.32 0.27 0.32 + 0.07 0.64 0.23 California Go* O 19 0.25 0.00 0.22 + 0.01 0.49 0.20 Callinex Mines V 1582 0.35 0.29 0.31 - 0.03 0.48 0.28 Callinex Mines* O 657 0.28 0.23 0.24 - 0.02 0.39 0.21 Cameco Corp* N 16659 9.35 8.34 8.53 - 0.58 12.37 7.68 10.73 - 0.61 16.17 9.90 Cameco Corp T 9217 11.75 10.54 Cameo Res* O 5 0.50 0.50 0.50 unch 0.00 1.11 0.24 Cameo Res V 79 0.80 0.69 0.71 - 0.05 1.60 0.30 Camino Mnls* O 12 0.29 0.24 0.24 - 0.04 1.62 0.21 Camino Mnls V 1001 0.36 0.26 0.27 - 0.08 2.23 0.27 Camrova Res V 45 0.11 0.09 0.09 - 0.01 0.29 0.06 Camrova Res* O 17 0.14 0.00 0.06 - 0.01 0.21 0.00 Canada Coal V 117 0.12 0.10 0.11 + 0.01 0.12 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Canada One V 286 0.20 0.11 0.15 - 0.02 0.52 0.08 Canada One* O 50 0.00 0.00 0.14 unch 0.00 0.32 0.06 Canadian Zeol* O 25 0.26 0.22 0.24 - 0.02 0.89 0.23 Canadian Zeol V 444 0.36 0.28 0.30 - 0.04 1.16 0.29 CanAlaska Uran* O 106 0.35 0.30 0.34 + 0.01 0.46 0.21 V 122 0.44 0.39 0.40 - 0.04 0.60 0.26 CanAlaska Uran CanAm Coal* O 100 0.00 0.00 0.00 - 0.00 0.01 0.00 Canamex Gold* O 465 0.18 0.13 0.16 + 0.02 0.22 0.06 Canamex Gold V 1511 0.22 0.17 0.20 + 0.02 0.28 0.08 Canarc Res T 359 0.08 0.07 0.08 unch 0.00 0.12 0.07 0.06 + 0.00 0.09 0.05 Canarc Res* O 99 0.07 0.05 Canasil Res V 107 0.16 0.14 0.15 + 0.01 0.20 0.10 Candelaria Mg* O 9 0.57 0.57 0.57 unch 0.00 1.08 0.36 0.75 unch 0.00 1.04 0.46 Candelaria Mg V 50 0.75 0.70 Candente Coppr T 307 0.13 0.11 0.11 - 0.01 0.21 0.06 Candente Gold* O 2 0.02 0.02 0.02 unch 0.00 0.05 0.00 Candente Gold V 261 0.03 0.03 0.03 unch 0.00 0.08 0.03 CANEX Metals * O 1 0.05 0.05 0.05 unch 0.00 0.10 0.02 CANEX Metals V 101 0.07 0.06 0.07 - 0.01 0.14 0.03 CaNickel Mng* O 4 0.15 0.13 0.13 - 0.02 0.23 0.06 CaNickel Mng V 32 0.17 0.00 0.13 - 0.04 0.33 0.07 Canoe Mng Vent V 451 0.13 0.12 0.13 + 0.01 0.25 0.04 Canoe Mng Vent* O 40 0.13 0.13 0.13 unch 0.00 0.15 0.13 Canstar Res* O 72 0.06 0.05 0.05 - 0.00 0.17 0.03 Canstar Res V 371 0.07 0.05 0.05 - 0.01 0.23 0.04 Canterra Mnls V 218 0.04 0.00 0.03 unch 0.00 0.06 0.02 Cantex Mn Dev V 34 0.03 0.03 0.03 + 0.01 0.07 0.02 Canuc Res V 286 0.30 0.23 0.28 + 0.04 0.60 0.21 Canuc Res* O 65 0.23 0.18 0.23 + 0.01 0.41 0.18 O 9 0.07 0.00 0.06 - 0.01 0.22 0.05 Canyon Copper* Canyon Copper V 169 0.08 0.00 0.07 - 0.01 0.29 0.07 Capstone Mng T 3644 1.42 1.29 1.39 + 0.10 1.81 0.77 Caracara Silvr V 7 0.02 0.00 0.02 unch 0.00 0.03 0.01 Cardero Res V 576 0.16 0.12 0.15 + 0.01 0.22 0.07 Cardero Res* O 84 0.13 0.00 0.10 - 0.01 0.19 0.05 Cardinal Res* O 1 0.35 0.35 0.35 unch 0.00 0.46 0.28 Cardinal Res T 465 0.52 0.45 0.50 unch 0.00 1.05 0.43 Cariboo Rose V 953 0.05 0.05 0.05 - 0.01 0.25 0.04 Carlin Gold V 1511 0.04 0.00 0.04 unch 0.00 0.10 0.03 Carmax Mng V 125 0.10 0.09 0.09 - 0.02 0.13 0.05 Carrara Explor 359 0.51 0.38 0.45 - 0.03 1.00 0.35 Cartier Iron 90 0.16 0.14 0.14 unch 0.00 0.25 0.05 Cartier Res V 165 0.23 0.20 0.21 unch 0.00 0.38 0.18 Carube Copper V 397 0.06 0.05 0.05 unch 0.00 0.14 0.05 O 10 0.04 0.04 0.04 unch 0.00 0.11 0.03 Carube Copper* Casa Minerals V 190 0.17 0.13 0.14 - 0.01 0.19 0.07 Casablanca Mng* O 50 0.00 0.00 0.00 unch 0.00 0.00 0.00 Cascadero Copp V 633 0.15 0.11 0.12 - 0.02 0.16 0.07 Cassius Vents V 2 0.00 0.00 0.07 unch 0.00 0.07 0.03 Castle Peak Mg V 1320 0.03 0.02 0.02 - 0.01 0.04 0.02 Castle Silver* O 66 0.33 0.28 0.28 - 0.04 0.44 0.11 Castle Silver V 1196 0.42 0.35 0.37 - 0.03 0.55 0.15 Cautivo Mining 7 0.50 0.49 0.49 unch 0.00 0.85 0.20 Cava Res* O 13 0.24 0.23 0.23 - 0.01 0.29 0.14 Cava Res V 212 0.30 0.23 0.29 + 0.04 0.35 0.15 Cavan Vent V 1175 0.13 0.10 0.11 - 0.02 0.40 0.02 Cda Carbon* O 102 0.04 0.04 0.04 - 0.03 0.21 0.04 Cda Carbon V 3260 0.08 0.04 0.05 - 0.03 0.28 0.04 Cda Rare Earth V 826 0.08 0.06 0.06 - 0.02 0.10 0.03 4 0.06 0.05 0.05 unch 0.00 0.08 0.02 Cda Rare Earth* O Cda Strtgc Met V 585 0.13 0.11 0.13 + 0.01 0.16 0.09 Cda Strtgc Met * O 1 0.10 0.10 0.10 unch 0.00 0.12 0.06 Cda Zinc Mtls V 1587 0.37 0.29 0.30 - 0.06 0.41 0.22 Cdn Intl Mnrls* O 4 0.21 0.18 0.18 unch 0.00 0.56 0.06 Cdn Intl Mnrls V 21 0.25 0.23 0.23 - 0.02 0.60 0.11 Cdn Metals 479 0.15 0.12 0.12 - 0.02 0.20 0.05 Cdn Orebodies V 177 0.35 0.33 0.35 unch 0.00 0.53 0.17 Cdn Platinum V 1740 0.03 0.02 0.02 unch 0.00 0.05 0.01 Cdn Silvr Hunt V 99 0.08 0.06 0.06 unch 0.00 0.12 0.04 T 629 0.15 0.14 0.14 - 0.01 0.31 0.13 Cdn Zinc Cdn Zinc* O 285 0.12 0.11 0.11 + 0.00 0.24 0.10 Centamin T 8 2.80 2.66 2.73 - 0.02 3.23 2.19 Centaurus Diam* O 124 0.09 0.05 0.07 - 0.01 0.20 0.01 Centenera Mng V 128 0.18 0.16 0.16 - 0.02 0.30 0.15 Centenera Mng* O 96 0.14 0.12 0.12 - 0.03 0.21 0.10 Centerra Gold T 3435 6.61 6.05 6.30 + 0.03 9.35 5.90 Central Iron V 206 0.03 0.02 0.03 + 0.01 0.07 0.01 Century Global T 22 0.29 0.25 0.25 + 0.02 0.40 0.16 Century Global* O 19 0.23 0.20 0.20 + 0.01 0.29 0.13 0.02 unch 0.00 0.08 0.01 Cerro Grande 442 0.02 0.01 Cerro Mng* O 0 0.00 0.00 0.02 unch 0.00 0.02 0.02 Cerro Mng V 68 0.22 0.00 0.22 + 0.08 0.22 0.04 Ceylon Graph V 391 0.18 0.15 0.15 - 0.02 0.45 0.15 Chakana Copper V 1730 0.82 0.68 0.80 - 0.04 2.03 0.62 78 0.14 0.13 0.13 - 0.01 0.25 0.10 Chalice Gold M* O Chalice Gold M T 426 0.18 0.16 0.16 - 0.01 0.33 0.15 Champion Bear V 129 0.23 0.18 0.23 + 0.05 0.28 0.10 Champion Bear* O 47 0.17 0.00 0.16 unch 0.00 0.18 0.07 Champion Iron T 1879 1.38 1.18 1.23 - 0.09 1.59 0.85 Champion Iron* O 80 1.08 1.05 1.08 - 0.01 1.22 0.61 Chantrell Vent V 30 0.07 0.00 0.07 unch 0.00 0.11 0.07 Chatham Rock V 55 0.31 0.30 0.30 - 0.03 0.70 0.29 Chatham Rock* O 5 0.25 0.25 0.25 - 0.02 0.42 0.23 Chesapeake Gld V 28 3.24 3.00 3.10 + 0.05 4.44 2.91 O 24 2.68 2.40 2.46 - 0.04 3.33 2.28 Chesapeake Gld* Chevron Corp* N 66177 119.27 108.02 113.50 - 5.08 133.88 102.55 Chiboug Ind Mn V 329 0.07 0.05 0.07 + 0.01 0.14 0.05 Chilean Metals* O 150 0.06 0.05 0.06 + 0.01 0.23 0.04 0.07 + 0.01 0.30 0.06 Chilean Metals V 499 0.08 0.07 Chimata Gold V 249 0.16 0.14 0.16 + 0.01 0.18 0.05 China Gold Int T 1497 2.31 2.07 2.15 + 0.02 3.28 1.82 China Mnls Mng V 0 0.00 0.00 0.24 unch 0.00 0.50 0.16 China Mnls Mng* O 0 0.00 0.00 0.18 unch 0.00 0.24 0.14 Cicada Vents V 480 0.02 0.00 0.02 unch 0.00 0.03 0.01 Cipher Res* O 1 0.11 0.10 0.10 - 0.01 0.27 0.07 Cipher Res V 63 0.12 0.00 0.11 - 0.03 0.33 0.09 Claim Post Res V 664 0.10 0.08 0.09 + 0.01 0.13 0.03 Clarmin Explor V 52 0.29 0.29 0.29 unch 0.00 0.50 0.25 0.12 + 0.01 0.21 0.05 Clean Comm V 2986 0.12 0.11 Clean Comm* O 14 0.11 0.09 0.09 - 0.03 0.16 0.03 Cleghorn Mnls V 370 0.11 0.10 0.10 - 0.01 0.14 0.05 Cleveland-Clif* N 82423 7.23 6.30 6.62 + 0.14 12.37 5.56 Clifton Mng* O 128 0.08 0.06 0.08 + 0.00 0.14 0.05 6477 4.61 3.98 4.22 - 0.23 6.30 2.78 Cloud Peak En* N 0.06 unch 0.00 0.15 0.04 Clydesdale Res V 50 0.06 0.06 CMC Metals* O 1 0.03 0.03 0.03 unch 0.00 0.09 0.03 CMC Metals V 184 0.05 0.05 0.05 - 0.01 0.12 0.05 CMX Gold & Sil* O 46 0.07 0.07 0.07 unch 0.00 0.09 0.05 CMX Gold & Sil 14 0.10 0.00 0.10 + 0.02 0.10 0.04 0.27 - 0.03 1.98 0.02 CNRP Mng* O 334 0.33 0.24 V 428 12.04 10.99 11.23 - 0.76 13.75 7.42 Cobalt 27 Cap Cobalt Pwr Grp* O 144 0.20 0.18 0.18 - 0.02 0.29 0.06 Cobalt Pwr Grp V 2782 0.26 0.22 0.23 - 0.02 0.35 0.08 Coeur Mng* N 24631 8.33 6.98 7.19 - 0.66 11.57 6.71 Colibri Res* O 33 0.07 0.07 0.07 + 0.00 0.16 0.07 Colibri Res V 390 0.09 0.08 0.09 - 0.01 0.28 0.08 Colombia Crest V 97 0.02 0.00 0.02 unch 0.00 0.03 0.01 O 20 0.01 0.01 0.01 unch 0.00 0.02 0.00 Colombia Crest* Colonial Coal V 568 0.15 0.11 0.12 - 0.03 0.22 0.08 0.00 unch 0.00 0.00 0.00 Colorado Gold* O 6360 0.00 0.00 Colorado Res* O 46 0.14 0.12 0.12 - 0.00 0.37 0.12 Colorado Res V 891 0.17 0.15 0.16 unch 0.00 0.46 0.15 0.43 - 0.08 1.09 0.45 Columbus Gold T 615 0.56 0.40 Columbus Gold* O 428 0.45 0.32 0.36 - 0.04 0.83 0.36 2.95 unch 0.00 3.20 2.50 Comet Inds V 5 2.95 2.95 V 362 0.04 0.00 0.04 unch 0.00 0.06 0.03 Commander Res Commerce Res* O 36 0.06 0.06 0.06 + 0.00 0.09 0.05 Commerce Res V 247 0.08 0.07 0.07 unch 0.00 0.11 0.06 Compass Gold V 156 0.61 0.55 0.55 - 0.05 0.80 0.52 Comstock Mng* X 1529 0.41 0.34 0.36 - 0.06 1.40 0.21 Comstock Mtls V 576 0.07 0.07 0.07 - 0.01 0.20 0.07 Comstock Mtls * O 68 0.06 0.06 0.06 + 0.00 0.16 0.05 0.73 - 0.07 0.89 0.60 Condor Gold* O 128 0.80 0.73 Condor Gold T 11 0.78 0.74 0.78 + 0.06 1.75 0.47 0.10 - 0.01 0.19 0.08 Condor Res V 248 0.12 0.10 Confedertn Ml* O 1 0.37 0.35 0.35 - 0.03 0.70 0.37 Confedertn Mls V 70 0.51 0.46 0.50 + 0.03 0.99 0.46 0.05 - 0.01 0.10 0.01 Conquest Res V 484 0.06 0.05 Cons Woodjam V 76 0.07 0.06 0.07 unch 0.00 0.09 0.04 284 16.00 14.35 15.00 - 0.50 16.65 12.56 CONSOL Coal Rs* N N 30403 13.50 11.69 12.58 - 0.39 17.59 11.69 CONSOL Energy* CONSOL Energy* N 2102 32.50 27.10 29.39 - 1.59 41.89 19.51 Constantine Mt* O 55 0.17 0.14 0.16 - 0.02 0.28 0.09 Constantine Mt V 249 0.22 0.18 0.19 - 0.02 0.35 0.12 Contact Gold V 36 0.47 0.00 0.45 unch 0.00 1.10 0.43 Contact Mnrls* O 2 0.13 0.13 0.13 + 0.02 0.28 0.05 Contintl Gold* O 357 3.12 2.84 2.87 - 0.06 4.39 1.90 3.65 unch 0.00 5.75 2.62 Contintl Gold T 1624 3.93 3.55 Contintl Prec V 5 0.33 0.00 0.33 + 0.02 0.44 0.26 Contintl Prec* O 1 0.25 0.25 0.25 unch 0.00 0.35 0.20 Copper Ck Gold V 202 0.30 0.20 0.20 - 0.01 0.43 0.07 Copper Ck Gold* O 9 0.25 0.24 0.24 - 0.00 0.29 0.09 Copper Fox Mtl V 738 0.13 0.11 0.11 - 0.01 0.18 0.11 Copper Fox Mtl* O 39 0.10 0.09 0.10 + 0.00 0.15 0.08 Copper Lake Rs V 381 0.06 0.05 0.05 - 0.01 0.10 0.03 Copper Mtn Mng T 4357 1.29 1.18 1.27 + 0.02 1.85 0.72 Copper Mtn Mng* O 392 1.03 0.94 0.99 - 0.02 1.47 0.54 Copper North M V 389 0.06 0.06 0.06 + 0.01 0.12 0.05 Copper North M* O 3 0.05 0.00 0.04 - 0.01 0.09 0.00 Copper One V 267 0.16 0.15 0.16 + 0.01 0.22 0.03 Copper One * O 30 0.12 0.00 0.12 - 0.01 0.18 0.03 Copper Reef Mg 887 0.03 0.02 0.02 unch 0.00 0.04 0.01 Copperbank Res 918 0.11 0.08 0.11 + 0.01 0.18 0.06 Copperbank Res* O 588 0.09 0.07 0.09 + 0.01 0.14 0.04 Coral Gold * O 51 0.31 0.29 0.31 + 0.00 0.35 0.21 Coral Gold V 467 0.41 0.37 0.41 + 0.03 0.43 0.28 Cordoba Mnls V 1080 0.37 0.30 0.30 - 0.05 1.59 0.31 Cordoba Mnls* O 192 0.29 0.23 0.24 - 0.04 1.21 0.25 Core Gold V 293 0.28 0.25 0.28 + 0.01 0.45 0.22 Core Gold* O 75 0.21 0.20 0.20 - 0.01 0.32 0.18 Corex Gold V 1457 0.16 0.14 0.15 - 0.03 0.20 0.10 Corex Gold* O 152 0.15 0.11 0.11 - 0.02 0.16 0.07 Cornerstone Ca V 1030 0.18 0.17 0.17 - 0.02 0.55 0.16 Cornerstone Ca* O 361 0.15 0.13 0.13 - 0.01 0.44 0.13 Cornerstone Mt* O 24 0.24 0.23 0.24 - 0.02 0.33 0.13 Cornerstone Mt V 254 0.32 0.27 0.27 - 0.04 0.41 0.05 0.14 + 0.01 0.20 0.09 Coro Mining T 597 0.14 0.14 Coronet Mtls* O 14 0.19 0.18 0.19 + 0.01 0.25 0.07 Coronet Mtls 45 0.25 0.18 0.25 unch 0.00 0.25 0.18 Corsa Coal * O 28 1.61 1.34 1.40 - 0.12 2.61 1.00 Corsa Coal V 76 2.03 1.69 1.76 - 0.14 3.75 1.34 Corvus Gold T 198 1.72 1.50 1.53 - 0.19 1.99 0.67 Corvus Gold* O 117 1.39 1.18 1.22 - 0.17 1.60 0.50 CR Capital V 20 0.10 0.10 0.10 unch 0.00 0.13 0.07 1.19 + 0.04 1.86 0.67 Critical Elem V 2372 1.35 0.98 Critical Elem* O 174 1.07 0.81 0.94 + 0.01 1.48 0.49

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Crown Mining V 504 Crown Mining* O 45 Cruz Cobalt* O 1697 Cruz Cobalt V 7574 Crystal Explor* O 0 Crystal Explor V 243 Crystal Lake V 389 Crystal Lake* O 243 Crystal Peak V 12 Crystal Peak* O 1 CTGX Mining* O 0 20 Currie Rose Rs V 31 V CWN M’g Acq Cyclone Uran* O 1247 Cypress Dev* O 209 Cypress Dev V 1085

0.07 0.20 - 0.02 0.26 0.25 0.20 0.05 unch 0.00 0.19 0.19 0.19 0.18 0.12 0.27 + 0.01 0.35 0.30 0.23 0.16 0.33 + 0.02 0.41 0.37 0.28 0.06 unch 0.00 0.12 0.08 0.00 0.00 0.05 0.08 - 0.03 0.16 0.10 0.08 0.16 0.74 - 0.06 1.05 0.81 0.69 0.13 0.58 - 0.01 0.84 0.65 0.58 0.34 0.39 - 0.01 0.58 0.40 0.37 0.28 0.31 - 0.02 0.46 0.33 0.31 0.10 unch 0.00 0.10 0.10 0.00 0.00 0.11 0.04 0.06 0.06 unch 0.00 0.07 0.25 0.13 - 0.01 0.19 0.19 0.20 0.00 0.01 + 0.00 0.02 0.01 0.00 0.06 0.14 - 0.04 0.27 0.20 0.14 0.08 0.21 - 0.01 0.35 0.25 0.17

Dajin Res V 1158 Dajin Res* O 1491 19 Dakota Ter Res* O Daleco Res* O 132 Dalradian Res* O 980 Dalradian Res T 1719 Damara Gold V 98 Danakali* O 103 Darien Res V 175 Darnley Bay* O 98 Darnley Bay V 1054 Debut Dmds 200 Decade Res V 451 Decade Res* O 150 Declan Res 43 O 1 Deep-South Res* V 141 Deep-South Res Defiance Silvr V 386 Defiance Silvr* O 314 Delrand Res V 234 Denison Mines T 2665 X 4233 Denison Mines* Desert Gold* O 68 Desert Gold V 328 Detour Gold T 4430 Diamante Min* O 1142 Diamcor Mng V 59 Diamcor Mng* O 44 Diamond Disc* O 2 V 77 Diamond Fields O 0 Diamond Fields* V 95 Dios Expl O 228 Discovery Gold* Discovery Harb V 10 Discovery Met* O 1 Discovery Met V 66 36776 O Discovery Mnls* V 2 Discovery-Corp Ditem Explor* O 727 DNI Metals 1422 DNI Metals* O 239 16931 Dolat Ventures* O 210 O Dolly Vard Sil* 362 V Dolly Vard Sil O 25 Doubleview Cap* V 882 Doubleview Cap DRDGOLD* N 383 3082 Duncan Park H V 1403 Dundee Prec Mt T Dunnedin Vent* O 3 760 O Duran Vent * Duran Vent V 841 Durango Res V 383 Durango Res* O 5 DV Resources V 71 210 Dynacor Gld Mn T 38 Dynacor Gld Mn* O Dynamic Gold* O 3 O 4 DynaResource* Dynasty Gold V 84 Dynasty Gold* O 4 E3 Metals V 54 E3 Metals* O 13 Eagle Graphite V 785 O 1 Eagle Graphite* Eagle Plains V 295 157 V East Africa 30 O East Africa * 8 East Asia Mnls* O 303 East Asia Mnls V EastCoal Inc V 0 Eastern Platin T 56 Eastern Platin* O 9 Eastern Res* O 20 Eastern Zinc V 38 Eastfield Res V 512 Eastmain Res* O 232 Eastmain Res T 1194 62 Eco Oro Mnls 50 O Eco Oro Mnls* eCobalt Solns T 4049 eCobalt Solns* O 2055 V 0 Edgewater Expl O 0 Edgewater Expl* 1016 El Capitan Prc* O 8 O El Nino Vent* 353 V El Nino Vent Elcora Res V 350 Elcora Res* O 46 61807 Eldorado Gold* N Eldorado Gold T 15606 Electra Stone* O 375 Electra Stone V 914 Eloro Mnrls* O 9 Eloro Mnrls V 19 450 V Ely Gold Royal 345 Ely Gold Royal* O Elysee Dev V 37 13 O Elysee Dev * Emerita Res V 483 Emgold Mng V 0 Emgold Mng* O 0 Empire Rock V 55 EMX Royalty* X 293 EMX Royalty V 329 O 33 Encanto Potash* V 2349 Encanto Potash Endeavour Mng T 1848 O 33 Endeavour Mng* Endeavr Silver* N 8392 Endeavr Silver T 1795 O 430 Endurance Gold* V 645 Endurance Gold Energy Fuels* X 955 Energy Fuels T 428 Enforcer Gold* O 236 Enforcer Gold V 969 Engold Mines* O 20 Engold Mines V 385 O 30 Ensurge* Entree Gold* X 386 Entree Gold T 261 Equitorial Ex V 1490 Equitorial Ex* O 28 378 Erdene Res Dev T 138 Erdene Res Dev* O Erin Ventures* O 9 Erin Ventures V 123 Ero Copper T 111 Ero Copper* O 0 541 V Eros Res Corp 541 V Eros Res Corp 109 Eros Res Corp* O Eskay Mng V 207 Essex Minerals V 10 Ethos Gold* O 18 Ethos Gold V 253 Eureka Res V 252 607 T Euro Sun Mg 42 O Euro Sun Mg* EurOmax Res* O 20 EurOmax Res T 26 European Elec V 32 O 4415 European Metal* V 561 Eurotin Everton Res V 1962 Everton Res* O 31 85 EVI Global Grp Evolving Gold 18 Evolving Gold* O 29 Evrim Res V 766 Excellon Res T 495 Excellon Res* O 417 Excelsior Mng T 519 Excelsior Mng* O 102 550 ExGen Res Inc V Explor Res* O 33 Explor Res V 752 Explorex Res 73 Fairmont Res V 332 Fairmont Res* O 10 Falco Res V 658 30 O Falco Res * Falcon Gold V 346 Fancamp Expl V 710 Far Res 5331 O 211 Far Res* O 25 Fengro Industr* Fengro Industr V 64 366 V Filo Mg Corp Finlay Minrls V 165 Fiore Gold* O 888 Fiore Gold V 547 0 O Fire River Gol* Firebird Res V 120 Firesteel Res V 357 Firestone Vent V 364 Fireweed Zinc V 346 Fireweed Zinc* O 59

0.08 0.16 - 0.01 0.22 0.18 0.13 0.06 0.12 - 0.01 0.17 0.14 0.11 0.10 0.03 - 0.01 0.04 0.04 0.05 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.75 0.72 - 0.19 1.37 0.91 0.72 0.95 0.93 - 0.19 1.78 1.13 0.91 0.04 0.07 + 0.01 0.22 0.07 0.00 0.49 0.57 - 0.07 0.65 0.59 0.56 0.26 0.35 - 0.02 0.39 0.37 0.35 0.13 0.15 - 0.02 0.44 0.17 0.15 0.17 0.19 - 0.01 0.57 0.20 0.18 0.01 0.01 - 0.01 0.02 0.02 0.01 0.05 unch 0.00 0.20 0.07 0.07 0.06 0.04 0.05 - 0.00 0.16 0.06 0.05 0.06 unch 0.00 0.34 0.26 0.27 0.00 0.07 unch 0.00 0.30 0.24 0.24 0.00 0.08 0.31 + 0.03 0.37 0.31 0.00 0.22 0.29 - 0.04 0.45 0.34 0.28 0.17 0.24 - 0.02 0.35 0.28 0.22 1.00 1.35 - 0.10 2.44 1.50 1.30 0.50 0.57 - 0.01 1.10 0.60 0.54 0.38 0.45 - 0.02 0.84 0.49 0.43 0.13 0.18 + 0.01 0.30 0.18 0.15 0.14 0.23 + 0.02 0.40 0.25 0.20 12.11 12.02 - 0.58 20.30 12.92 11.78 0.02 0.05 + 0.00 0.21 0.05 0.05 0.37 0.44 - 0.06 1.12 0.50 0.44 0.29 0.35 - 0.06 0.87 0.40 0.35 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.09 0.14 + 0.01 0.23 0.14 0.13 0.07 unch 0.00 0.12 0.09 0.00 0.00 0.06 0.07 + 0.01 0.12 0.07 0.07 0.00 0.00 - 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.11 0.06 0.06 0.06 0.38 unch 0.00 0.69 0.39 0.39 0.39 0.43 0.44 - 0.02 0.92 0.47 0.43 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.04 0.02 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.04 0.09 - 0.01 0.16 0.12 0.09 0.00 0.08 - 0.01 0.13 0.09 0.06 0.00 0.04 - 0.00 0.16 0.04 0.03 0.84 0.35 - 0.11 0.57 0.58 0.67 1.04 0.45 - 0.13 0.73 0.73 0.84 0.03 unch 0.00 0.14 0.07 0.07 0.07 0.04 0.09 + 0.01 0.19 0.09 0.07 2.81 2.83 - 0.07 6.67 3.04 2.81 0.02 0.01 0.02 0.02 unch 0.00 0.02 3.70 2.13 - 0.10 2.59 2.73 2.96 0.13 unch 0.00 0.31 0.20 0.20 0.20 0.08 0.03 0.07 0.07 + 0.00 0.07 0.04 0.08 - 0.01 0.13 0.10 0.08 0.06 unch 0.00 0.36 0.08 0.08 0.08 0.05 unch 0.00 0.22 0.06 0.06 0.06 0.05 0.41 + 0.05 0.63 0.41 0.36 2.58 1.50 - 0.04 1.90 1.93 2.04 1.94 1.03 - 0.03 1.51 1.53 1.62 0.52 unch 0.00 2.00 1.00 1.00 1.00 0.65 unch 0.00 1.63 1.20 1.20 1.14 0.10 0.22 + 0.02 0.32 0.23 0.20 0.07 unch 0.00 0.20 0.18 0.18 0.00 0.25 0.40 - 0.05 1.01 0.45 0.40 0.28 unch 0.00 0.77 0.42 0.46 0.42 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.01 0.03 - 0.01 0.04 0.03 0.00 0.13 0.20 - 0.02 0.25 0.23 0.20 0.37 0.18 0.28 0.28 + 0.01 0.30 0.28 0.15 0.22 0.24 + 0.02 0.24 0.49 0.05 - 0.00 0.07 0.07 0.07 0.74 0.06 - 0.02 0.06 0.06 0.08 0.07 unch 0.00 0.30 0.12 0.00 0.00 0.23 0.35 - 0.01 0.43 0.37 0.34 0.19 0.28 - 0.01 0.32 0.30 0.00 0.03 unch 0.00 0.10 0.09 0.10 0.09 0.15 0.38 - 0.09 0.46 0.38 0.34 0.03 unch 0.00 0.08 0.04 0.05 0.04 0.21 0.20 - 0.04 0.48 0.23 0.20 0.27 0.27 - 0.02 0.64 0.29 0.26 0.45 0.15 - 0.04 0.28 0.33 0.33 0.65 0.12 0.24 0.26 + 0.01 0.26 0.77 1.37 + 0.01 2.10 1.52 1.20 0.57 1.09 - 0.02 1.74 1.23 0.97 0.13 unch 0.00 0.25 0.16 0.00 0.00 0.10 unch 0.00 0.16 0.11 0.00 0.00 2.35 0.03 - 0.00 0.03 0.04 0.04 0.06 0.02 - 0.02 0.03 0.03 0.04 0.08 0.02 - 0.01 0.04 0.04 0.05 0.13 0.38 + 0.02 0.56 0.40 0.30 0.12 0.31 + 0.02 0.44 0.31 0.25 1.10 1.14 - 0.08 3.89 1.28 1.13 1.39 1.45 - 0.06 5.13 1.61 1.42 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.01 unch 0.00 0.04 0.02 0.02 0.01 0.53 0.73 - 0.06 0.96 0.80 0.73 0.53 0.96 + 0.03 1.27 0.98 0.95 0.18 0.09 0.10 0.10 + 0.01 0.11 0.14 0.07 - 0.00 0.08 0.08 0.09 0.26 0.31 - 0.05 0.44 0.34 0.00 0.32 0.20 - 0.01 0.26 0.26 0.27 0.08 0.11 - 0.01 0.22 0.13 0.11 0.17 unch 0.00 0.31 0.21 0.00 0.00 0.13 unch 0.00 0.25 0.13 0.13 0.00 0.16 0.17 - 0.01 0.30 0.18 0.17 0.67 0.91 - 0.01 1.22 0.93 0.88 0.85 unch 0.00 1.58 1.15 1.17 1.11 0.02 0.04 - 0.00 0.09 0.04 0.04 0.04 0.05 - 0.01 0.12 0.06 0.05 19.77 22.05 - 0.21 28.00 23.40 21.52 14.41 17.22 - 0.58 21.72 18.24 17.04 1.94 2.11 - 0.13 4.87 2.31 2.00 2.50 2.65 - 0.14 6.38 2.88 2.53 0.04 unch 0.00 0.07 0.04 0.05 0.04 0.05 unch 0.00 0.10 0.06 0.06 0.05 1.30 1.61 + 0.05 2.71 1.65 1.50 1.66 2.02 + 0.09 3.53 2.07 1.82 0.05 0.06 - 0.00 0.18 0.06 0.05 0.07 unch 0.00 0.28 0.07 0.08 0.07 0.10 unch 0.00 0.50 0.16 0.16 0.16 0.13 0.19 - 0.03 0.68 0.21 0.17 0.02 0.07 + 0.02 0.12 0.07 0.05 0.21 0.43 - 0.07 0.72 0.49 0.43 0.45 0.54 - 0.09 0.94 0.61 0.54 0.05 0.10 + 0.01 0.15 0.11 0.09 0.04 0.07 + 0.00 0.11 0.07 0.07 1.40 0.45 - 0.02 0.45 0.46 0.48 1.00 0.36 - 0.02 0.36 0.36 0.39 0.01 unch 0.00 0.12 0.10 0.11 0.10 0.08 0.14 + 0.02 0.42 0.14 0.12 4.70 7.04 - 0.45 9.05 7.53 6.87 3.88 5.75 - 0.39 7.25 5.80 0.00 0.23 0.14 0.13 0.14 unch 0.00 0.15 0.23 0.14 0.13 0.14 unch 0.00 0.15 0.18 0.10 - 0.01 0.10 0.10 0.12 0.18 0.25 - 0.01 0.51 0.27 0.21 0.12 unch 0.00 0.33 0.16 0.16 0.16 0.10 0.15 + 0.00 0.23 0.15 0.13 0.13 0.18 + 0.01 0.30 0.20 0.17 0.02 unch 0.00 0.12 0.03 0.03 0.00 2.02 0.65 1.02 1.25 + 0.10 1.35 1.55 0.49 0.89 1.03 + 0.08 1.03 0.19 unch 0.00 0.42 0.24 0.24 0.24 0.24 0.25 - 0.04 0.60 0.29 0.24 0.15 0.60 - 0.28 1.15 0.88 0.00 0.00 0.00 + 0.00 0.01 0.01 0.00 0.04 0.07 - 0.01 0.12 0.08 0.07 0.03 0.04 + 0.01 0.13 0.04 0.04 0.02 0.03 - 0.01 0.09 0.04 0.03 0.43 0.02 0.21 0.38 + 0.06 0.38 0.13 0.14 - 0.02 0.41 0.16 0.00 0.10 0.12 + 0.01 0.32 0.12 0.12 0.19 0.48 - 0.01 0.55 0.51 0.48 1.22 1.58 - 0.20 2.30 1.79 1.58 0.92 1.26 - 0.18 1.87 1.43 1.25 0.66 1.13 + 0.04 1.48 1.15 1.05 0.52 0.88 - 0.01 1.18 0.91 0.85 0.04 0.01 0.02 0.03 unch 0.00 0.03 0.04 0.05 + 0.00 0.08 0.05 0.04 0.05 0.05 - 0.01 0.10 0.06 0.05 0.13 0.34 - 0.02 0.65 0.42 0.33 0.02 0.03 + 0.01 0.16 0.03 0.03 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.80 0.92 - 0.02 1.65 1.00 0.90 1.17 0.60 - 0.02 0.74 0.75 0.79 0.04 0.05 - 0.01 0.08 0.06 0.05 0.05 0.11 + 0.01 0.18 0.12 0.11 0.08 unch 0.00 1.10 0.55 0.65 0.47 0.06 0.42 - 0.04 0.87 0.52 0.40 0.11 unch 0.00 0.23 0.18 0.18 0.18 0.14 unch 0.00 0.50 0.22 0.22 0.22 3.00 1.80 2.40 2.60 unch 0.00 2.65 0.05 0.06 - 0.01 0.34 0.06 0.06 0.22 0.56 - 0.06 0.95 0.66 0.54 0.60 0.68 - 0.08 1.18 0.82 0.68 0.51 0.00 0.00 0.00 unch 0.00 0.00 0.01 0.04 - 0.01 0.09 0.05 0.04 0.04 0.11 + 0.02 0.16 0.11 0.00 0.03 0.13 - 0.01 0.19 0.14 0.12 0.67 1.59 + 0.09 1.95 1.85 1.44 0.54 1.27 + 0.01 1.58 1.40 1.20

D-F

2018-02-13 5:22 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Firma Holdings* O 156 First Bauxite V 1711 O 1437 First Cobalt * First Cobalt V 2860 First Colombia* O 0 First Energy* O 1 First Energy V 149 First Liberty* O 6079 First Majestic T 4928 First Majestic* N 24326 First Mexican V 405 First Mg Fin * O 2827 First Mg Fin T 3155 First Point* O 53 First Quantum T 18927 Fission 3.0 V 1145 Fission Uran T 2132 Fission Uran* O 1777 V 807 Five Star Diam Five Star Diam* O 0 Fjordland Exp V 63 Fjordland Exp* O 5 O 350 Focus Graphite* Focus Graphite V 791 Focus Vent V 3036 Foran Mng V 549 Forsys Metals T 276 Fort St James V 17 Fortescue Mtls* O 1 Fortuna Silvr T 1898 Fortuna Silvr* N 6248 Fortune Bay V 8 Fortune Bay* O 9 Fortune Mnrls* O 2441 Fortune Mnrls T 5076 Forum Uranium V 498 Forum Uranium* O 0 Four Nines 482 Fox River Res 11 Fox River Res* O 2 FPX Nickel V 361 Franco-Nevada* N 4937 Franco-Nevada T 3108 Franklin Mng* O 11 Freedom Egy V 281 Freegold Vent T 64 Freeport McMoR* N 164044 Freeport Res V 209 Fremont Gold V 283 Fremont Gold* O 15 Fresnillo plc* O 8 Frontier Lith V 209 Frontline Gold V 752 Full Metal Mnl V 4 Full Metal Mnl* O 0 Fura Gems V 210 Fura Gems* O 138

0.10 0.09 0.09 - 0.00 0.13 0.04 0.05 0.03 0.05 + 0.01 0.06 0.03 0.89 0.66 0.79 - 0.02 1.30 0.31 1.11 0.82 1.02 - 0.02 1.65 0.42 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.00 0.16 + 0.12 0.26 0.10 0.25 0.18 0.21 + 0.03 0.35 0.15 0.00 0.00 0.00 unch 0.00 0.00 0.00 7.31 6.24 6.47 - 0.55 14.15 6.81 5.87 4.93 5.14 - 0.52 10.78 5.42 0.02 0.02 0.02 + 0.01 0.04 0.02 0.44 0.39 0.40 - 0.02 0.84 0.39 0.55 0.49 0.51 - 0.04 1.10 0.49 0.11 0.11 0.11 unch 0.00 0.12 0.06 18.54 16.83 17.68 - 0.13 19.75 9.69 0.05 0.04 0.05 + 0.01 0.13 0.04 0.74 0.66 0.68 - 0.01 0.92 0.53 0.60 0.53 0.54 - 0.02 0.72 0.40 0.25 0.19 0.24 + 0.05 0.55 0.16 0.00 0.00 0.20 unch 0.00 0.25 0.14 0.15 0.00 0.15 + 0.01 0.59 0.10 0.11 0.11 0.11 - 0.01 0.47 0.07 0.06 0.05 0.05 unch 0.00 0.11 0.04 0.07 0.06 0.07 - 0.01 0.15 0.06 0.03 0.02 0.02 - 0.01 0.07 0.02 0.57 0.51 0.53 - 0.01 0.62 0.24 0.13 0.12 0.13 + 0.01 0.22 0.11 0.35 0.35 0.35 unch 0.00 0.45 0.10 3.90 0.00 3.90 + 0.02 5.50 3.33 5.86 5.29 5.40 - 0.28 8.76 5.13 4.69 4.19 4.28 - 0.28 6.70 4.03 0.39 0.00 0.39 + 0.02 0.67 0.37 0.31 0.00 0.30 - 0.01 0.50 0.29 0.20 0.16 0.19 - 0.01 0.33 0.00 0.26 0.22 0.25 - 0.01 0.38 0.17 0.07 0.06 0.06 unch 0.00 0.14 0.04 0.00 0.00 0.05 unch 0.00 0.10 0.03 0.12 0.10 0.10 - 0.04 0.16 0.08 0.07 0.00 0.07 unch 0.00 0.15 0.06 0.05 0.05 0.05 unch 0.00 0.10 0.02 0.14 0.11 0.14 + 0.02 0.15 0.07 74.69 67.90 69.03 - 5.15 86.06 60.10 93.32 85.75 87.16 - 5.07 110.18 81.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.05 0.07 + 0.02 0.14 0.05 0.10 0.09 0.09 unch 0.00 0.19 0.08 18.79 16.64 17.57 - 0.40 20.25 11.05 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.18 0.16 0.16 - 0.02 0.21 0.11 0.15 0.15 0.15 unch 0.00 0.17 0.10 18.72 0.00 17.49 - 1.38 22.27 16.45 0.65 0.58 0.61 unch 0.00 0.78 0.31 0.03 0.02 0.02 - 0.01 0.04 0.02 0.12 0.00 0.12 + 0.01 0.15 0.08 0.09 0.09 0.09 + 0.01 0.12 0.05 0.88 0.72 0.86 - 0.01 1.13 0.19 0.72 0.58 0.69 - 0.05 1.23 0.58

Gabriel Res T 160 Gabriel Res V 73 Gabriel Res* O 7 Gainey Capital V 357 Galane Gold V 306 Galantas Gold V 176 Galantas Gold* O 10 Galore Res V 981 Galway Gold V 393 Galway Mtls* O 188 Galway Mtls V 336 Garibaldi Res V 906 Garibaldi Res * O 184 GB Minerals V 130 V 4193 Gem Intl Res General Moly T 24 General Moly* X 1144 Genesis Mtls* O 81 Genesis Mtls V 416 Gensource Pot V 631 Gentor Res V 51 Geologix Expl* O 60 Geologix Expl V 325 Geomega Res* O 6 Geomega Res V 637 Gespeg Cop Res V 212 Getty Copper V 39 O 18 GFG Resources* GGL Res* O 9 GGL Res V 30 GGX Gold V 631 GGX Gold* O 9 Giga Metals V 387 Giga Metals* O 114 Gitennes Expl V 756 Giyani Gold* O 322 Giyani Gold V 205 Glacier Lake V 445 Gldn Predator* O 1070 Gldn Predator V 1419 Glen Eagle Res V 388 O 5031 Glencore Plc* Global Atomic V 352 Global Cobalt* O 160 Global Energy V 684 Global Gold* O 0 Global Hunter* O 2 Global Li-Ion* O 59 Global Li-Ion 304 GlobalMin Vent* O 0 Globex Mng T 409 Globex Mng* O 140 GMV Minerals V 259 GMV Minerals* O 80 GNCC Capital* O 12410 GobiMin V 9 God’s Lake Res 0 GoGold Res T 1155 Gold Dynamics* O 28 Gold Fields* O 10 Gold Fields* N 30243 Gold Finder Ex* O 11 Gold Finder Ex V 310 Gold Lakes* O 25 Gold Mng USA* O 2836 Gold Reach Res V 181 Gold Reserve V 67 Gold Reserve* O 57 X 2023 Gold Resource* Gold Std Vents* X 4240 1805 Gold Std Vents T Gold Torrent* O 3 Goldbank Mng V 129 Goldbank Mng* O 3 Goldbelt Emp V 393 Goldcliff Res* O 408 Goldcliff Res V 1242 Goldcorp T 14691 Goldcorp* N 56947 Golden Arrow V 350 Golden Arrow* O 745 Golden Band* O 75 Golden Cariboo V 28 Golden Dawn Ml V 923 20 Golden Dawn Ml* O Golden Eagle* O 46 Golden Global* O 166 Golden Goliath* O 10 Golden Goliath V 237 Golden Harp V 166 Golden Hope V 199 Golden Hope* O 5 Golden Mnls* X 723 Golden Mnls T 61 Golden Peak Mn V 97 Golden Queen* O 1234 Golden Queen T 1527 Golden Reign V 525 Golden Ridge V 473 Golden Secret V 395 Golden Share V 86 Golden Star T 1951 Golden Star* O 0 Golden Star* X 7101 Golden Tag V 253 Golden Valley* O 64 Golden Valley V 114 Goldex Res* O 1 Goldex Res V 23 Goldgroup Mng* O 82 Goldgroup Mng T 183 GoldMining V 1634 GoldON Res V 61 GoldON Res* O 15 GoldQuest Mng V 983 Goldrea Res 2541 Goldrea Res* O 223 Goldrich Mng* O 1387 Goldsource Min* O 152 Goldsource Min V 937 Goldstar Mnls V 832 Goldstream Mnl V 96 Goldstrike Res V 548 Goliath Res V 67 Gorilla Min 16 Gossan Res V 66 GoviEx Uranium* O 781 GoviEx Uranium V 2682 Gowest Gold* O 24 Gowest Gold V 1102 GPM Metals V 201 Gran Colombia* O 111 Gran Colombia T 388 Granada Gold V 359 Granada Gold* O 71 Grande Portage V 61 Grande Portage* O 15 Granite Ck Gld V 25 Graphite Corp* O 50741 Graphite Egy* O 710 Graphite Egy 257 Graphite One V 2195 Graphite One* O 1574 Gratomic* O 18 Gratomic V 4802 Gray Rock Res V 286

0.40 0.38 0.40 unch 0.00 0.50 0.26 0.40 0.36 0.37 + 0.01 0.48 0.26 0.31 0.29 0.29 - 0.00 0.36 0.20 0.11 0.10 0.10 - 0.02 0.23 0.09 0.06 0.05 0.05 unch 0.00 0.12 0.05 0.13 0.10 0.10 - 0.03 0.15 0.07 0.09 0.09 0.09 - 0.01 0.11 0.05 0.06 0.03 0.04 + 0.02 0.07 0.01 0.09 0.08 0.08 unch 0.00 0.16 0.07 0.23 0.20 0.22 - 0.01 0.36 0.18 0.29 0.25 0.29 + 0.01 0.45 0.23 2.34 2.03 2.11 - 0.01 5.27 0.12 1.87 1.62 1.65 - 0.04 4.12 0.10 0.09 0.06 0.07 - 0.03 0.09 0.04 0.02 0.02 0.02 unch 0.00 0.11 0.01 0.51 0.45 0.45 - 0.05 0.95 0.35 0.42 0.34 0.35 - 0.04 0.72 0.28 0.11 0.08 0.09 - 0.02 0.18 0.06 0.12 0.11 0.11 - 0.02 0.22 0.09 0.10 0.09 0.10 + 0.01 0.25 0.06 0.12 0.09 0.09 - 0.03 0.20 0.07 0.04 0.03 0.04 unch 0.00 0.07 0.03 0.05 0.04 0.05 unch 0.00 0.09 0.04 0.08 0.05 0.05 - 0.03 0.12 0.04 0.09 0.07 0.08 unch 0.00 0.16 0.06 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.03 0.03 0.03 - 0.01 0.04 0.02 0.39 0.35 0.35 - 0.03 0.97 0.35 0.10 0.10 0.10 unch 0.00 0.11 0.10 0.13 0.13 0.13 - 0.01 0.25 0.10 0.15 0.12 0.12 - 0.02 0.24 0.08 0.10 0.09 0.10 + 0.01 0.17 0.09 0.54 0.47 0.48 - 0.02 0.92 0.05 0.40 0.37 0.37 - 0.02 0.72 0.11 0.08 0.06 0.07 + 0.01 0.15 0.03 0.30 0.24 0.26 - 0.02 0.41 0.17 0.37 0.30 0.32 - 0.02 0.50 0.23 0.08 0.07 0.07 unch 0.00 0.19 0.05 0.62 0.53 0.57 + 0.03 1.59 0.48 0.78 0.65 0.71 + 0.05 2.05 0.62 0.18 0.15 0.17 - 0.01 0.31 0.11 10.92 9.68 10.04 - 0.57 11.68 6.90 0.25 0.21 0.24 - 0.01 0.59 0.14 0.31 0.00 0.00 + 0.00 0.43 0.00 0.22 0.18 0.19 - 0.01 0.67 0.10 0.00 0.00 2.01 unch 0.00 15.06 1.78 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.43 0.38 0.38 - 0.04 0.80 0.23 0.54 0.48 0.50 unch 0.00 0.97 0.30 0.04 0.00 0.04 unch 0.00 0.08 0.04 0.50 0.42 0.48 + 0.01 0.62 0.38 0.40 0.35 0.40 + 0.01 0.48 0.31 0.28 0.23 0.27 - 0.01 0.55 0.23 0.23 0.20 0.20 - 0.03 0.42 0.20 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.40 0.00 0.40 unch 0.00 0.58 0.38 0.00 0.00 0.35 unch 0.00 0.35 0.03 0.35 0.31 0.34 + 0.01 0.99 0.31 0.00 0.00 0.00 unch 0.00 0.01 0.00 4.25 4.25 4.25 unch 0.00 4.80 3.20 4.29 3.76 3.82 - 0.33 4.70 2.86 0.97 0.00 0.92 - 0.01 1.33 0.00 1.30 1.10 1.17 - 0.08 1.85 0.08 0.08 0.04 0.04 - 0.03 14.00 0.01 0.03 0.02 0.03 + 0.00 0.05 0.00 0.24 0.19 0.22 - 0.02 0.26 0.09 3.25 2.68 3.09 + 0.14 5.35 2.61 2.47 2.14 2.45 - 0.02 4.25 1.94 4.46 4.02 4.17 - 0.12 6.27 3.08 1.86 1.60 1.74 + 0.13 2.95 1.25 2.28 1.99 2.19 + 0.17 3.85 1.61 0.55 0.55 0.55 unch 0.00 0.85 0.51 0.15 0.15 0.15 - 0.03 0.34 0.06 0.14 0.14 0.14 unch 0.00 0.16 0.05 0.03 0.02 0.03 unch 0.00 0.06 0.01 0.15 0.11 0.15 - 0.02 0.41 0.08 0.18 0.14 0.18 + 0.02 0.52 0.11 17.20 15.15 15.54 - 1.48 23.35 15.00 13.80 12.00 12.34 - 1.36 17.87 11.64 0.61 0.55 0.56 - 0.06 0.97 0.37 0.49 0.43 0.45 - 0.05 0.71 0.29 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.12 0.10 0.12 + 0.02 0.19 0.05 0.27 0.25 0.27 + 0.01 0.42 0.23 0.21 0.19 0.21 + 0.01 0.32 0.18 0.07 0.05 0.07 + 0.01 0.12 0.04 0.04 0.00 0.04 + 0.01 0.36 0.00 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.06 0.04 0.04 - 0.01 0.08 0.03 0.15 0.01 0.08 - 0.02 0.24 0.01 0.10 0.09 0.09 - 0.01 0.23 0.07 0.08 0.06 0.08 + 0.00 0.18 0.06 0.42 0.36 0.38 - 0.04 0.79 0.37 0.53 0.46 0.48 - 0.03 1.04 0.47 0.18 0.17 0.17 + 0.01 0.52 0.16 0.16 0.14 0.15 - 0.01 0.76 0.14 0.20 0.18 0.19 + 0.01 1.01 0.18 0.23 0.19 0.23 + 0.04 0.37 0.19 0.12 0.11 0.11 - 0.01 0.41 0.11 0.35 0.30 0.34 - 0.01 0.50 0.19 0.30 0.00 0.27 + 0.01 0.30 0.09 1.00 0.87 0.87 - 0.10 1.33 0.76 0.00 0.00 1.11 unch 0.00 1.50 0.20 0.80 0.69 0.69 - 0.09 1.01 0.59 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.25 0.21 0.22 - 0.02 0.38 0.19 0.30 0.27 0.28 - 0.01 0.50 0.24 0.72 0.56 0.56 - 0.20 0.80 0.39 0.87 0.71 0.86 - 0.04 1.18 0.44 0.06 0.04 0.05 - 0.01 0.11 0.03 0.07 0.06 0.06 - 0.01 0.15 0.05 1.28 1.06 1.13 - 0.15 2.10 1.06 0.18 0.14 0.16 - 0.01 0.23 0.10 0.11 0.11 0.11 unch 0.00 0.16 0.09 0.34 0.29 0.30 - 0.05 0.59 0.27 0.30 0.14 0.22 + 0.02 0.38 0.04 0.19 0.12 0.17 + 0.01 0.30 0.03 0.04 0.03 0.03 - 0.01 0.06 0.02 0.07 0.05 0.06 - 0.01 0.14 0.04 0.09 0.07 0.08 - 0.01 0.19 0.06 0.06 0.04 0.06 + 0.02 0.06 0.03 0.09 0.06 0.09 + 0.03 0.10 0.05 0.23 0.20 0.21 + 0.01 0.43 0.18 0.10 0.09 0.09 unch 0.00 0.40 0.05 0.22 0.00 0.22 + 0.01 0.26 0.16 0.10 0.08 0.08 - 0.01 0.10 0.05 0.19 0.16 0.16 - 0.02 0.34 0.13 0.24 0.20 0.21 - 0.02 0.44 0.17 0.12 0.12 0.12 + 0.00 0.18 0.10 0.16 0.14 0.14 - 0.02 0.25 0.13 0.07 0.07 0.07 unch 0.00 0.18 0.06 1.71 1.62 1.62 + 0.00 1.83 1.02 2.17 2.02 2.12 + 0.10 2.26 1.28 0.30 0.26 0.30 unch 0.00 0.72 0.21 0.24 0.22 0.24 + 0.03 0.54 0.18 0.19 0.18 0.19 + 0.01 0.71 0.14 0.13 0.13 0.13 + 0.02 0.56 0.10 0.10 0.08 0.09 + 0.01 0.23 0.08 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.88 0.77 0.81 - 0.02 0.88 0.56 1.07 0.96 1.02 + 0.02 1.07 0.40 0.07 0.06 0.07 + 0.01 0.11 0.04 0.06 0.05 0.06 + 0.00 0.09 0.03 0.17 0.16 0.16 - 0.00 0.21 0.04 0.22 0.19 0.21 - 0.01 0.32 0.05 0.24 0.15 0.20 unch 0.00 0.57 0.15

G-H

20-22_FEB19_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Great Atlantic V 94 0.10 0.09 0.09 - 0.02 0.24 0.09 Great Bear Res V 541 0.66 0.49 0.51 - 0.13 0.73 0.18 156 0.53 0.38 0.41 - 0.10 0.59 0.17 Great Bear Res* O Great Lakes Gr* O 3841 0.05 0.03 0.04 - 0.01 0.08 0.02 2973 0.06 0.04 0.05 - 0.01 0.10 0.03 Great Lakes Gr V Great Panther T 414 1.55 1.40 1.45 - 0.06 2.95 1.39 1.14 - 0.07 2.28 1.06 Great Panther* X 3516 1.23 1.11 Great Quest Fe V 89 0.15 0.00 0.13 - 0.01 0.27 0.12 Great Thunder V 2006 0.04 0.03 0.03 - 0.01 0.10 0.03 Great Western* O 577 0.00 0.00 0.00 + 0.00 0.00 0.00 Green Arrow V 125 0.08 0.06 0.06 - 0.02 0.19 0.03 Green River 250 0.05 0.05 0.05 unch 0.00 0.09 0.01 Green Swan Cap V 281 0.08 0.06 0.07 + 0.01 0.13 0.05 Green Valley M V 280 0.40 0.12 0.40 + 0.29 0.23 0.08 Greencastle Rs V 177 0.14 0.12 0.13 + 0.01 0.18 0.07 Greenland M&En* O 607 0.08 0.07 0.07 - 0.00 0.16 0.06 Greenshield Ex V 4 0.10 0.10 0.10 unch 0.00 0.15 0.05 Grenville Gold V 5 0.08 0.08 0.08 unch 0.00 0.14 0.08 0.09 unch 0.00 0.11 0.03 Grizzly Discvr V 447 0.11 0.09 Grizzly Discvr* O 220 0.09 0.07 0.08 + 0.01 0.09 0.03 0.17 unch 0.00 0.21 0.16 Grosvenor Res V 18 0.17 0.17 Group Eleven V 297 0.29 0.25 0.25 + 0.01 0.40 0.25 47 0.21 0.20 0.20 - 0.02 0.22 0.08 Group Ten Mtls* O Group Ten Mtls V 553 0.26 0.23 0.26 + 0.01 0.28 0.09 GrowMax Res* O 356 0.10 0.09 0.09 unch 0.00 0.13 0.06 GrowMax Res V 867 0.13 0.12 0.12 unch 0.00 0.19 0.09 GT Gold * O 181 0.51 0.41 0.46 - 0.05 2.24 0.25 GT Gold V 627 0.64 0.53 0.60 unch 0.00 2.76 0.31 GTA Res & Mng V 177 0.05 0.04 0.05 + 0.01 0.08 0.04 Guerrero Vents V 665 0.02 0.02 0.02 unch 0.00 0.04 0.01 Gungnir Res V 67 0.12 0.11 0.11 unch 0.00 0.22 0.04 0.10 + 0.00 0.17 0.03 Gungnir Res* O 44 0.11 0.00 Gunpoint Expl V 1 0.25 0.00 0.25 + 0.05 0.30 0.16 Guyana Gldflds T 3451 4.94 4.36 4.50 - 0.11 8.11 3.96 V 572 0.30 0.21 0.29 + 0.04 0.38 0.14 Guyana Goldstr Guyana Goldstr* O 26 0.22 0.16 0.22 + 0.05 0.24 0.16 Handa Copper* O 5 0.04 0.04 0.04 unch 0.00 0.12 0.04 0.06 - 0.01 0.18 0.05 Handa Copper V 1050 0.09 0.06 Handeni Gold* O 0 0.00 0.00 0.04 unch 0.00 0.14 0.02 Hannan Metals V 491 0.31 0.24 0.31 + 0.07 0.50 0.20 Hannan Metals* O 15 0.25 0.20 0.25 + 0.05 0.36 0.17 141 0.18 0.16 0.18 + 0.01 0.29 0.14 Happy Ck Mnrls V Harfang Explor V 65 0.30 0.25 0.30 + 0.04 0.35 0.22 Harmony Gold* N 34254 1.79 1.64 1.71 + 0.04 2.99 1.56 0.34 - 0.01 0.66 0.27 Harte Gold* O 245 0.36 0.32 Harte Gold T 1959 0.44 0.41 0.42 - 0.02 0.87 0.35 Harvest Gold* O 1 0.03 0.03 0.03 unch 0.00 0.05 0.03 Harvest Gold V 138 0.05 0.00 0.05 unch 0.00 0.07 0.03 Hawkeye Gld&Di V 90 0.08 0.08 0.08 - 0.01 0.13 0.05 Heatherdale Rs V 76 0.06 0.00 0.06 + 0.01 0.09 0.04 Hecla Mining* N 31908 3.78 3.38 3.49 - 0.09 6.74 3.43 0.20 - 0.18 1.25 0.13 Helio Res V 3583 0.28 0.01 Hellix Vent* O 11 0.01 0.01 0.01 + 0.00 0.23 0.01 Hemcare Health* O 21 0.60 0.15 0.51 + 0.10 2.30 0.11 Heron Res* O 1 0.60 0.60 0.60 unch 0.00 1.45 0.60 Heron Res T 22 0.74 0.68 0.68 - 0.07 0.80 0.56 Highbank Res V 252 0.04 0.03 0.03 - 0.01 0.06 0.02 Highbury Proj V 1 0.00 0.00 0.30 unch 0.00 0.35 0.22 Highland Copp* O 235 0.12 0.09 0.10 - 0.02 0.14 0.06 Highland Copp V 1024 0.15 0.12 0.12 - 0.02 0.18 0.09 Highway 50 Gld V 78 0.34 0.30 0.30 unch 0.00 0.66 0.24 Highway 50 Gld* O 9 0.28 0.24 0.24 unch 0.00 0.48 0.18 HiHo Silver 872 0.07 0.06 0.07 unch 0.00 0.18 0.03 HiHo Silver* O 7 0.05 0.05 0.05 unch 0.00 0.07 0.04 Hinterland Mtl V 1057 0.05 0.04 0.04 unch 0.00 0.06 0.02 Hochschild Mg* O 55 3.10 2.93 2.99 - 0.19 4.37 2.77 Homeland Egy V 22 0.32 0.28 0.28 - 0.04 2.25 0.18 Honey Badger E V 455 0.07 0.06 0.06 - 0.01 0.15 0.04 Honey Badger E* O 23 0.05 0.04 0.04 - 0.01 0.06 0.03 Horizonte Mnls T 662 0.08 0.07 0.08 unch 0.00 0.11 0.04 Hornby Bay Mnl V 6 0.06 0.00 0.06 + 0.01 0.09 0.04 HudBay Mnls* N 4923 8.58 7.21 7.75 - 0.50 10.25 4.60 HudBay Mnls T 10449 10.73 9.15 9.72 - 0.51 12.65 6.13 Hudson Res V 91 0.59 0.00 0.57 + 0.06 0.80 0.38 Hudson Res* O 24 0.46 0.40 0.44 + 0.01 0.60 0.29 Hunt Mng* O 34 0.35 0.32 0.33 - 0.00 0.41 0.11 Hunt Mng V 91 0.44 0.40 0.41 + 0.01 0.51 0.13 0.48 unch 0.00 0.50 0.12 Hybrid Mineral V 38 0.48 0.48 Hycroft Mg* O 1 0.01 0.01 0.01 unch 0.00 2.00 0.01

I-J-K I-Minerals* O 37 I-Minerals V 121 IAMGOLD T 7440 IAMGOLD* N 26240 Icon Explor* O 1 Icon Explor V 173 Iconic Mnls V 2511 Iconic Mnls * O 18 IDM Mining* O 957 IDM Mining V 1967 IEMR Res V 255 IGC Res V 78 iMetal Res* O 85 iMetal Res V 473 IMPACT Silver V 568 Imperial Metal T 330 Imperial Metal* O 12 Imperial Mg Gr V 308 Inca One Gold* O 141 V 1944 Inca One Gold Inception Mng * O 0 Independence G V 45 O 12 Independence G* Indiana Res* O 1 Indico Res V 853 Indigo Expl V 240 Infinite Lith* O 80 Infinite Lith V 249 Inform Res V 3 Infrastructure* O 90 Inomin Mines V 2278 Inspiration Mg* O 81 Inspiration Mg 2128 Intact Gold V 114 Integra Res* O 96 Integra Res V 187 O 14 Inter-Rock Mnl* Inter-Rock Mnl V 163 Intercontinent V 39 Intgr Egy Sol* O 1825 Intl Battery* O 210 Intl Bethl Mng V 236 Intl Cobalt* O 48 Intl Cobalt 753 Intl Corona V 98 Intl Lithium* O 302 Intl Lithium V 1096 Intl Millm Mng V 62 Intl Montoro* O 210 Intl Montoro V 69 Intl Prospect * O 42 Intl Prospect V 66 Intl Samuel Ex* O 75 V 576 Intl Samuel Ex Intl Star* O 392 Intl Tower Hil* X 790 Intl Tower Hil T 163 Intrepid Pots* N 5962 INV Metals* O 3 INV Metals T 67 Inventus Mg * O 139 Inventus Mg V 297 InZinc Mining V 245 InZinc Mining* O 60 Ireland* O 480 Ironside Res V 160 Ironside Res * O 1 Irving Res 411 Irving Res* O 197 IsoEnergy Ltd V 147 Itafos* O 6 V 4 Itafos Itoco Mg Corp* O 505 Ivanhoe Mines* O 2345 Ivanhoe Mines T 12621 Jaguar Mng T 449 Jaguar Mng* O 86 Japan Gold* O 4 Japan Gold V 278 Jasper Mng V 99 Jasper Mng* O 84 Jaxon Mining* O 7 Jaxon Mining V 743 Jayden Res V 154 Jayden Res* O 0 V 270 Jazz Res JDF Explor Inc 1 Jiminex V 3218 Jiulian Res V 167 Jourdan Res V 455 Jubilee Gold V 96 Juggernaut Exp V 236 K2 Gold V 194 K92 Mng Inc* O 433 K92 Mng Inc V 1663 Kairos Cap V 553 Kaizen Discov V 756 Kaizen Discvry* O 131 V 473 Kapuskasing Gd Karmin Expl V 33 Karnalyte Res T 53 Karoo Expl V 50 KAT Expl* O 1040 Katanga Mng T 5257 Kenadyr Mining V 2017 Kenadyr Mining* O 49 Kennady Diam V 286 Kermode Res V 512 Kerr Mines* O 448 Kerr Mines T 1955 Kesselrun Res* O 76 Kesselrun Res V 149 Kestrel Gold V 1459 Khalkos Expl V 428 Khan Res 220 Kilo Goldmines V 837 Kilo Goldmines* O 2 Kincora Copper* O 5 Kincora Copper V 360 Kings Bay Res* O 16 Kings Bay Res V 4255 Kingsmen Res V 17 Kingsmen Res* O 3 Kinross Gold T 15613

0.27 0.00 0.26 + 0.04 0.44 0.18 0.33 0.28 0.28 unch 0.00 0.60 0.24 7.12 6.44 6.64 - 0.31 8.87 4.54 5.72 5.11 5.26 - 0.34 7.25 3.36 0.26 0.26 0.26 unch 0.00 0.59 0.15 0.45 0.40 0.41 unch 0.00 0.84 0.03 0.18 0.14 0.15 - 0.02 0.43 0.04 0.13 0.11 0.13 - 0.01 0.28 0.03 0.09 0.07 0.07 - 0.02 0.14 0.07 0.10 0.09 0.09 - 0.01 0.18 0.09 0.04 0.03 0.03 - 0.01 0.05 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.10 0.09 0.09 unch 0.00 0.12 0.04 0.14 0.12 0.13 + 0.01 0.18 0.04 0.34 0.31 0.33 - 0.01 0.88 0.26 2.66 2.20 2.20 - 0.46 7.24 2.19 2.02 1.75 1.77 - 0.38 5.49 1.72 0.15 0.11 0.13 + 0.03 0.27 0.09 0.07 0.06 0.06 + 0.00 0.18 0.04 0.08 0.07 0.08 unch 0.00 0.23 0.06 0.25 0.00 0.25 - 0.03 0.49 0.11 0.12 0.11 0.11 - 0.01 0.28 0.10 0.09 0.08 0.08 - 0.00 0.20 0.07 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.21 0.20 0.20 unch 0.00 0.34 0.07 0.27 0.21 0.23 - 0.01 0.45 0.12 0.25 0.25 0.25 unch 0.00 0.39 0.07 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.20 0.10 0.15 + 0.05 0.20 0.02 0.13 0.09 0.13 + 0.03 0.20 0.01 0.17 0.11 0.15 + 0.02 0.27 0.01 0.18 0.17 0.17 unch 0.00 0.80 0.15 1.12 1.04 1.05 - 0.03 1.12 0.05 1.40 1.27 1.32 - 0.01 1.40 0.96 0.32 0.32 0.32 unch 0.00 0.33 0.11 0.40 0.37 0.37 - 0.01 0.45 0.11 0.19 0.00 0.18 unch 0.00 0.20 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.30 0.25 0.25 + 0.00 1.11 0.15 0.12 0.10 0.11 - 0.01 0.17 0.03 0.22 0.18 0.19 - 0.04 0.31 0.15 0.28 0.22 0.23 - 0.06 0.45 0.00 0.08 0.08 0.08 unch 0.00 0.17 0.03 0.13 0.10 0.11 - 0.01 0.18 0.06 0.15 0.12 0.14 - 0.01 0.23 0.07 0.04 0.03 0.03 - 0.01 0.05 0.01 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.06 0.05 0.05 - 0.01 0.15 0.03 0.15 0.14 0.14 - 0.01 0.28 0.05 0.20 0.18 0.18 - 0.02 0.36 0.04 0.07 0.07 0.07 unch 0.00 0.12 0.04 0.10 0.08 0.09 - 0.01 0.15 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.52 0.44 0.45 - 0.03 0.71 0.29 0.62 0.56 0.57 - 0.03 0.91 0.38 3.59 3.14 3.36 - 0.09 5.12 1.24 0.61 0.61 0.61 unch 0.00 0.85 0.50 0.70 0.00 0.69 - 0.03 1.13 0.65 0.19 0.14 0.15 - 0.04 0.31 0.11 0.23 0.19 0.19 - 0.03 0.39 0.13 0.20 0.18 0.18 - 0.02 0.30 0.10 0.16 0.14 0.14 - 0.02 0.22 0.07 0.15 0.12 0.12 - 0.01 0.32 0.09 0.15 0.14 0.15 + 0.01 0.21 0.07 0.11 0.11 0.11 unch 0.00 0.12 0.05 0.90 0.83 0.86 + 0.02 1.54 0.60 0.72 0.68 0.69 + 0.01 1.24 0.09 0.51 0.45 0.50 - 0.01 1.50 0.26 2.07 0.00 2.07 + 0.01 2.21 0.97 2.75 0.00 2.59 - 0.11 2.80 1.14 0.25 0.00 0.25 + 0.01 4.77 0.15 2.70 2.15 2.29 - 0.19 4.10 0.00 3.35 2.73 2.89 - 0.18 5.47 2.76 0.39 0.34 0.34 - 0.05 0.71 0.22 0.31 0.26 0.26 - 0.05 0.54 0.18 0.20 0.16 0.16 - 0.07 0.30 0.17 0.25 0.19 0.20 - 0.05 0.40 0.22 0.10 0.10 0.10 unch 0.00 0.18 0.05 0.09 0.08 0.08 unch 0.00 0.15 0.05 0.19 0.17 0.17 - 0.02 0.27 0.16 0.23 0.22 0.23 + 0.01 0.41 0.05 0.11 0.10 0.10 - 0.02 0.38 0.07 0.00 0.00 0.09 unch 0.00 0.30 0.05 0.08 0.08 0.08 unch 0.00 0.09 0.06 0.00 0.00 0.01 unch 0.00 0.05 0.03 0.03 - 0.01 0.06 0.01 0.06 0.06 0.06 unch 0.00 0.06 0.02 0.07 0.05 0.07 + 0.01 0.20 0.04 0.65 0.43 0.54 - 0.11 0.73 0.35 0.20 0.18 0.20 + 0.02 0.59 0.08 0.30 0.25 0.28 + 0.02 0.56 0.18 0.41 0.33 0.39 + 0.02 0.86 0.31 0.51 0.42 0.49 + 0.04 1.09 0.41 1.08 0.92 0.92 - 0.10 1.35 0.25 0.11 0.09 0.09 - 0.01 0.30 0.09 0.09 0.08 0.08 - 0.01 0.21 0.07 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.97 0.75 0.79 unch 0.00 1.50 0.32 0.58 0.45 0.50 + 0.05 0.80 0.40 0.84 0.77 0.77 - 0.07 1.10 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 1.94 1.50 1.65 + 0.02 2.83 0.26 0.16 0.10 0.15 + 0.03 1.00 0.10 0.13 0.09 0.12 + 0.02 1.45 0.08 3.22 3.10 3.20 + 0.01 4.25 2.45 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.21 0.16 0.18 - 0.02 0.34 0.08 0.26 0.20 0.22 - 0.03 0.41 0.12 0.09 0.08 0.08 - 0.02 0.17 0.06 0.11 0.10 0.10 - 0.01 0.23 0.08 0.06 0.05 0.05 - 0.02 0.19 0.02 0.09 0.08 0.09 + 0.01 0.19 0.06 0.12 0.00 0.11 - 0.01 0.18 0.04 0.06 0.05 0.05 unch 0.00 0.10 0.03 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.19 0.19 0.19 unch 0.00 0.43 0.19 0.26 0.22 0.23 - 0.01 0.65 0.22 0.10 0.06 0.10 + 0.03 0.15 0.05 0.13 0.07 0.11 + 0.03 0.21 0.06 0.16 0.00 0.16 + 0.01 0.20 0.10 0.12 0.12 0.12 - 0.00 0.13 0.07 5.17 4.76 4.89 - 0.19 6.29 4.24

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kinross Gold* N 58158 4.14 3.77 3.88 - 0.22 4.91 3.15 0.55 + 0.14 0.49 0.10 Kintavar Exp V 1101 0.55 0.41 Kirkland Lake* N 4506 14.57 13.09 13.29 - 0.95 16.89 6.30 16.75 - 0.97 20.97 8.38 Kirkland Lake T 3981 18.11 16.54 Kitrinor Mtls V 389 31.40 20.70 30.60 + 7.04 34.45 3.20 0.08 unch 0.00 0.18 0.08 Kivalliq Enrgy V 761 0.09 0.08 Klondex Mines T 8029 2.63 1.95 1.98 - 0.46 7.73 2.04 Klondike Gold V 922 0.29 0.25 0.27 - 0.02 0.60 0.18 Klondike Gold* O 282 0.24 0.20 0.21 - 0.02 0.49 0.13 0.09 unch 0.00 0.12 0.04 Klondike Silv V 878 0.09 0.08 Klondike Silv* O 52 0.08 0.06 0.06 - 0.01 0.09 0.02 Knick Expl V 429 0.03 0.02 0.02 - 0.01 0.08 0.02 Kombat Copper V 188 0.28 0.26 0.26 - 0.02 0.50 0.21 V 68 0.38 0.36 0.36 - 0.01 0.42 0.31 Komet Resource Kootenay Silvr* O 139 0.16 0.14 0.16 + 0.00 0.27 0.14 0.20 + 0.01 0.35 0.17 Kootenay Silvr V 966 0.20 0.18 Kootenay Zinc 2261 0.76 0.40 0.45 + 0.01 6.70 0.30 0.04 unch 0.00 5.90 0.07 Kootenay Zinc* O 79 0.04 0.03 Kutcho Copper * O 302 0.54 0.45 0.46 - 0.03 0.84 0.22 KWG Res 2398 0.02 0.02 0.02 unch 0.00 0.03 0.01

L La Imperial 11 0.07 0.07 0.07 unch 0.00 0.08 0.04 Labdr Iron Mns* O 122 0.01 0.00 0.01 unch 0.00 0.10 0.00 0.19 unch 0.00 0.22 0.04 Labrador Gold V 116 0.19 0.18 Labrador Gold* O 7 0.18 0.18 0.18 unch 0.00 0.18 0.04 Labrador Iron T 1381 27.09 24.56 25.71 - 0.17 28.55 15.10 0.00 + 0.00 0.01 0.00 Lake Victoria* O 500 0.00 0.00 Lamelee Iron V 26 0.48 0.45 0.48 unch 0.00 0.48 0.15 V 84 0.71 0.63 0.63 - 0.09 1.19 0.50 Lara Expl Laramide Res T 284 0.35 0.31 0.31 - 0.01 0.74 0.23 43805 0.00 0.00 0.00 + 0.00 0.00 0.00 Laredo Res* O Largo Res* O 657 0.95 0.86 0.95 + 0.01 1.15 0.26 Largo Res T 2793 1.20 1.06 1.19 + 0.02 1.44 0.34 Lateral Gold V 57 0.75 0.66 0.66 - 0.15 1.27 0.66 30 0.10 0.10 0.10 unch 0.00 0.15 0.06 Latin Am Mnls* O Latin Am Mnls V 280 0.11 0.09 0.10 unch 0.00 0.21 0.07 132 0.05 0.05 0.05 unch 0.00 0.05 0.01 Laurion Mnl Ex V Laurion Mnl Ex* O 121 0.05 0.03 0.04 - 0.00 0.05 0.01 Le Mare Gold V 184 0.25 0.18 0.22 - 0.08 3.80 0.18 LeadFX Inc* O 7 1.53 1.22 1.22 - 0.08 1.57 0.26 0.64 - 0.14 1.01 0.51 Leading Edge V 215 0.76 0.64 Leading Edge* O 297 0.61 0.50 0.51 - 0.12 0.80 0.38 2.68 + 0.03 3.48 2.27 Leagold Mg T 1140 2.94 2.61 Leagold Mg* O 152 2.33 2.08 2.14 - 0.01 2.80 1.76 Leeta Gold V 14139 2.30 1.75 1.89 - 0.27 6.75 0.09 Legend Gold V 35 0.36 0.36 0.36 unch 0.00 0.37 0.10 0.28 unch 0.00 0.30 0.15 Legend Gold* O 4 0.28 0.28 Legion Metals 200 0.14 0.12 0.12 - 0.01 0.21 0.10 O 0 0.00 0.00 0.86 unch 0.00 1.88 0.86 Leo Res* Lepanto Con Mg* O 55 0.00 0.00 0.00 unch 0.00 0.02 0.00 Levon Res Ltd T 564 0.33 0.29 0.30 - 0.03 0.51 0.28 Levon Res Ltd * O 25 0.26 0.24 0.26 - 0.01 0.39 0.21 0.08 unch 0.00 0.08 0.05 Libero Copper* O 0 0.08 0.08 Libero Copper V 77 0.10 0.10 0.10 unch 0.00 0.22 0.07 0.32 - 0.01 0.49 0.27 Liberty Gold* O 420 0.34 0.31 Liberty One Li V 730 0.76 0.57 0.70 + 0.08 2.49 0.45 2116 0.61 0.44 0.57 + 0.06 1.95 0.37 Liberty One Li* O LiCo Energy* O 3222 0.12 0.10 0.10 - 0.01 0.90 0.06 0.13 - 0.01 0.24 0.08 LiCo Energy V 3019 0.15 0.12 Lincoln Mng V 16 0.04 0.00 0.04 + 0.01 0.11 0.03 Lion One Mtls V 547 0.62 0.45 0.51 - 0.08 0.91 0.45 Lion One Mtls* O 455 0.50 0.36 0.41 - 0.07 0.68 0.36 V 10 0.14 0.10 0.14 + 0.04 0.25 0.10 Lions Bay Cap Lions Gate Mtl* O 1 0.34 0.33 0.34 + 0.01 0.42 0.08 0.11 + 0.01 0.12 0.07 Lithion Energy* O 10 0.11 0.11 Lithium Amer* N 1472 7.33 5.77 6.84 + 0.53 10.95 2.87 Lithium Amer T 4193 9.18 7.19 8.61 + 0.75 14.06 3.85 Lithium Corp* O 2693 0.50 0.30 0.45 + 0.14 0.62 0.05 0.41 - 0.09 0.75 0.07 Lithium Energi* O 19 0.49 0.39 Lithium Energi V 451 0.58 0.45 0.50 - 0.09 0.97 0.07 0.06 unch 0.00 0.08 0.04 Lithium Energy V 885 0.06 0.00 Lithium Expl* O 4052 0.03 0.02 0.03 - 0.00 0.13 0.02 Lithium X Egy* O 1597 2.04 1.93 2.02 + 0.01 2.05 1.03 Lithium X Egy V 3191 2.56 2.48 2.54 + 0.06 2.55 1.40 0.38 + 0.01 0.47 0.34 Lithoquest Dia V 118 0.45 0.34 LKA Gold* O 2 0.22 0.19 0.21 + 0.00 0.68 0.11 0.03 - 0.01 0.10 0.02 Lode-Star Mg* O 44 0.03 0.03 Logan Res V 1025 0.06 0.06 0.06 unch 0.00 0.12 0.04 Lomiko Mtls V 1275 0.14 0.11 0.13 - 0.01 0.33 0.09 Lomiko Mtls* O 228 0.11 0.09 0.09 - 0.02 0.25 0.07 0.08 - 0.00 0.14 0.05 Loncor Res* O 7 0.08 0.08 Loncor Res T 42 0.11 0.00 0.11 unch 0.00 0.20 0.08 2073 0.01 0.01 0.01 + 0.00 0.01 0.00 Lone Star Gold* O Lonmin plc* O 6 1.06 0.00 1.02 + 0.01 1.83 0.79 Lonmin plc* O 0 0.00 0.00 0.90 unch 0.00 1.59 0.90 Lorraine Coppr* O 2 0.10 0.10 0.10 - 0.00 0.12 0.05 0.15 + 0.01 0.19 0.06 Lorraine Coppr V 115 0.15 0.13 Los Andes Copp V 188 0.35 0.30 0.30 - 0.05 0.47 0.15 0.08 unch 0.00 0.17 0.02 Lovitt Res V 3 0.08 0.08 LSC Lithium* O 45 1.12 0.94 1.00 - 0.07 1.31 0.94 Lucara Diam T 1625 2.49 2.30 2.44 - 0.04 3.31 2.18 Lucky Mnls * O 68 0.12 0.08 0.12 + 0.05 0.18 0.07 0.15 + 0.03 0.23 0.09 Lucky Mnls V 619 0.15 0.13 Lumina Gold* O 15 0.60 0.54 0.54 - 0.04 0.78 0.46 0.72 + 0.02 1.05 0.60 Lumina Gold V 988 0.74 0.69 Lund Enterpr V 0 0.00 0.00 0.21 unch 0.00 0.24 0.09 Lundin Gold T 510 5.09 4.71 5.01 - 0.01 6.50 4.07 Lundin Mng T 16527 8.72 7.57 7.87 - 0.63 10.22 6.62 0.18 - 0.01 0.21 0.11 Lupaka Gold V 396 0.21 0.18 Lydian Intl* O 791 0.41 0.33 0.35 - 0.06 0.50 0.23 0.44 - 0.05 0.63 0.31 Lydian Intl T 1306 0.51 0.42 Lynas Corp* O 92 1.63 1.38 1.44 - 0.24 2.00 0.51

M Macarthur Mnl V 932 0.06 0.06 0.06 - 0.01 0.16 0.05 0.05 + 0.00 0.12 0.04 Macarthur Mnl* O 393 0.05 0.04 Maccabi Vent 171 0.09 0.03 0.06 - 0.01 0.10 0.03 MacDonald Mns* O 7 0.07 0.06 0.06 - 0.02 0.20 0.04 MacDonald Mns V 723 0.08 0.08 0.08 unch 0.00 0.28 0.06 V 51 1.68 1.49 1.59 - 0.03 1.90 1.24 MacMillan Mnls Madeira Mrnls V 10 0.04 0.04 0.04 unch 0.00 0.04 0.02 12.01 - 0.69 21.99 12.41 MAG Silver T 1023 13.44 11.71 Magellan Gold* O 103 0.03 0.03 0.03 - 0.00 0.19 0.02 0.06 unch 0.00 0.09 0.04 Magna Terra V 41 0.06 0.06 Magnus Intl* O 5 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 + 0.01 0.08 0.03 Majestic Gold* O 144 0.04 0.04 Majestic Gold V 3498 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.16 + 0.01 0.24 0.13 Makena Res 5 0.16 0.00 Mammoth Res V 172 0.10 0.09 0.09 - 0.01 0.16 0.05 Manado Gold V 239 0.11 0.08 0.10 unch 0.00 0.24 0.06 0.25 - 0.02 0.85 0.25 Mandalay Res T 1316 0.27 0.24 Mandalay Res* O 402 0.21 0.19 0.20 - 0.02 0.65 0.19 0.10 - 0.04 0.19 0.07 Manganese X* O 222 0.13 0.10 Manganese X V 588 0.16 0.14 0.15 - 0.01 0.26 0.08 V 456 0.03 0.02 0.02 unch 0.00 0.04 0.02 Mangazeya Mng Manitou Gold V 279 0.16 0.12 0.12 unch 0.00 0.19 0.05 Manson Creek V 124 0.33 0.29 0.31 - 0.01 0.39 0.02 Manson Creek* O 1 0.25 0.25 0.25 unch 0.00 0.29 0.03 Maple Gold* O 743 0.24 0.20 0.21 - 0.01 0.27 0.16 Maple Gold V 2134 0.30 0.25 0.26 - 0.02 0.46 0.21 1.01 + 0.01 1.36 0.87 Marathon Gold T 2004 1.04 0.92 Marathon Gold* O 362 0.84 0.74 0.78 - 0.05 1.14 0.67 0.28 unch 0.00 0.50 0.18 Margaux Res V 1418 0.34 0.27 Marifil Mines V 141 0.24 0.12 0.15 unch 0.00 0.50 0.11 0.09 unch 0.00 0.20 0.09 Maritime Res V 167 0.09 0.09 Marlin Gold V 218 0.58 0.47 0.47 - 0.07 1.15 0.54 O 63 0.60 0.46 0.46 unch 0.00 Marlin Gold* Martina Mnls V 47 0.04 0.04 0.04 unch 0.00 0.07 0.02 214.38 - 2.91 244.32 191.09 MartinMarietta* N 5261 219.03 203.39 Mason Graphite* O 515 1.68 1.39 1.42 - 0.16 2.47 0.90 Mason Graphite V 1153 2.10 1.75 1.80 - 0.12 3.15 1.18 Mason Res* O 51 0.19 0.16 0.16 - 0.04 0.29 0.01 0.21 - 0.04 0.40 0.13 Mason Res T 193 0.24 0.20 Masuparia Gold V 441 0.11 0.08 0.08 - 0.04 0.15 0.05 V 29 0.30 0.26 0.29 + 0.03 0.34 0.21 Matachewan Con Matamec Expl V 1615 0.04 0.03 0.04 + 0.01 0.08 0.03 0.02 + 0.00 0.06 0.02 Matamec Expl* O 39 0.02 0.02 Matica Ent 50845 0.52 0.29 0.46 + 0.14 0.81 0.03 0.34 + 0.07 0.64 0.02 Matica Ent* O 284 0.40 0.23 Matmown* O 100 0.01 0.01 0.01 unch 0.00 0.02 0.01 O 2 0.00 0.00 0.00 - 0.00 0.00 0.00 Maudore Mnrls* Maverix Mtls* O 21 1.36 1.14 1.27 - 0.07 1.50 0.92 Mawson Res T 509 0.56 0.41 0.55 + 0.12 0.65 0.29 Mawson Res* O 146 0.45 0.31 0.42 + 0.05 0.48 0.24 MAX Res V 613 0.19 0.15 0.17 + 0.03 0.19 0.06 MaxTech Vent 364 0.46 0.35 0.40 - 0.04 0.63 0.14 MaxTech Vent* O 418 0.38 0.28 0.37 + 0.06 0.48 0.13 Maxwell Res* O 154 0.01 0.00 0.01 unch 0.00 0.04 0.00 1264 0.72 0.60 0.63 - 0.03 0.73 0.12 Maya Gold &Sil V Mazarin V 408 0.10 0.04 0.10 + 0.03 0.18 0.03 0.09 - 0.00 0.09 0.00 MBMI Res* O 48 0.09 0.09 MBMI Res V 233 0.10 0.08 0.10 - 0.03 0.13 0.03 0.55 - 0.09 0.87 0.37 McChip Res V 75 0.55 0.50 McEwen Mng T 1969 2.82 2.46 2.55 - 0.08 5.67 2.33 McEwen Mng* N 18662 2.25 1.94 2.03 - 0.08 4.33 1.82 McLaren Res * O 125 0.09 0.09 0.09 unch 0.00 0.09 0.06 McLaren Res 188 0.14 0.11 0.12 - 0.01 0.19 0.03 MDN Inc* O 34 0.28 0.22 0.22 - 0.04 0.68 0.09 Meadow Bay Gd V 157 0.28 0.22 0.24 - 0.04 0.36 0.06 Meadow Bay Gd* O 45 0.23 0.17 0.18 - 0.05 0.28 0.04 Mechel* N 592 4.96 4.31 4.42 - 0.51 6.23 4.00 Medallion Res* O 242 0.09 0.08 0.08 - 0.01 0.17 0.08 Medallion Res V 1202 0.11 0.10 0.10 - 0.01 0.28 0.10 Medgold Res* O 0 0.00 0.00 0.16 unch 0.00 0.19 0.12 Medgold Res V 11 0.21 0.00 0.19 - 0.02 0.25 0.13 Medinah Mnrls* O 5764 0.00 0.00 0.00 - 0.00 0.01 0.00 Mega Copper V 9 0.17 0.17 0.17 unch 0.00 0.17 0.15 Mega Uranium T 966 0.19 0.18 0.18 - 0.01 0.32 0.13 Mega Uranium* O 201 0.15 0.14 0.14 - 0.00 0.25 0.10 Megastar Dev V 246 0.09 0.08 0.08 - 0.01 0.10 0.03 Melior Res V 239 0.13 0.11 0.11 - 0.02 0.15 0.03 Melkior Res V 1159 0.04 0.04 0.04 - 0.01 0.10 0.03 Meridian Mg V 51 0.44 0.34 0.36 - 0.12 1.39 0.35 Meridian Mg * O 1 0.47 0.31 0.31 - 0.16 0.56 0.31 Meryllion Res 13782 0.05 0.03 0.05 + 0.01 0.21 0.02 MetalCorp V 86 0.03 0.02 0.03 + 0.01 0.06 0.02 Metalex Vent V 251 0.05 0.05 0.05 unch 0.00 0.10 0.05 Metalla Rylty 372 0.76 0.72 0.72 unch 0.00 0.88 0.44 Metallic Mnrls V 618 0.47 0.29 0.41 + 0.04 0.50 0.22 Metallic Mnrls* O 831 0.38 0.21 0.33 + 0.02 0.40 0.19 Metallica Min* O 60 0.04 0.03 0.04 + 0.01 0.06 0.03 Metallis Res V 418 1.07 0.97 1.06 - 0.01 2.75 0.14 Metalo Manuf 6 0.57 0.45 0.56 + 0.11 1.00 0.25 Metalore Res V 1 2.52 2.24 2.24 - 0.28 4.65 2.00 Metals Creek* O 209 0.05 0.05 0.05 - 0.01 0.09 0.03 Metals Creek V 508 0.08 0.07 0.07 unch 0.00 0.12 0.05 Metals X* O 12 0.71 0.67 0.67 - 0.09 0.96 0.51 Metanor Res V 301 0.69 0.66 0.68 unch 0.00 1.29 0.60 Metanor Res* O 38 0.56 0.54 0.54 - 0.03 0.94 0.51 Mexican Gold* O 53 0.24 0.21 0.22 - 0.02 0.32 0.17 Mexivada Mng* O 15 0.00 0.00 0.00 unch 0.00 0.00 0.00 Mexus Gold* O 1320 0.05 0.04 0.05 - 0.00 0.15 0.03 Mezzotin Mnrls V 355 0.02 0.02 0.02 + 0.01 0.05 0.01

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

MGX Minerals 3226 1.58 1.12 1.37 - 0.22 1.96 0.73 MGX Minerals* O 1676 1.26 0.90 1.10 - 0.17 1.58 0.54 Micrex Dev V 82 0.02 0.01 0.02 unch 0.00 0.03 0.01 Midas Gold* O 1718 0.84 0.71 0.72 - 0.05 0.89 0.42 Midas Gold T 1545 1.04 0.90 0.90 - 0.06 1.08 0.55 Midland Expl V 22 0.89 0.00 0.88 unch 0.00 1.20 0.82 Midnight Star 70 0.17 0.17 0.17 unch 0.00 0.25 0.08 Midnight Sun V 496 0.41 0.31 0.36 + 0.03 0.54 0.21 Millennial Lit* O 803 3.48 2.65 3.16 - 0.14 3.87 0.88 Millennial Lit V 1903 4.38 3.30 4.00 - 0.15 4.80 1.20 Millrock Res* O 136 0.23 0.19 0.20 - 0.02 0.50 0.19 0.27 - 0.01 0.64 0.24 Millrock Res V 347 0.29 0.25 Milner Con Slv V 5 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.43 unch 0.00 0.53 0.17 Minaurum Gold V 1178 0.47 0.40 Minco Silver* O 51 0.60 0.52 0.52 - 0.07 1.23 0.47 0.65 - 0.10 1.74 0.59 Minco Silver T 61 0.76 0.65 Minera Alamos * O 193 0.13 0.10 0.12 - 0.00 0.18 0.10 Minera Alamos V 420 0.16 0.13 0.15 - 0.01 0.24 0.13 Minera IRL 676 0.09 0.08 0.09 unch 0.00 0.20 0.06 Mineral Hill V 45 0.25 0.20 0.23 - 0.01 0.34 0.17 Mineral Mtn V 474 0.43 0.38 0.40 - 0.02 0.45 0.15 Mineral Mtn* O 701 0.34 0.30 0.31 - 0.03 0.41 0.13 Mineral Res* O 3 15.10 15.10 15.10 unch 0.00 16.78 7.00 MineralRite* O 13026 0.00 0.00 0.00 unch 0.00 0.00 0.00 Mineworx Tech* O 953 0.25 0.19 0.25 + 0.01 0.33 0.05 0.32 + 0.04 0.40 0.05 Mineworx Tech V 2870 0.32 0.23 Minfocus Expl V 538 0.03 0.02 0.03 unch 0.00 0.06 0.01 0.72 + 0.02 0.90 0.55 Minnova Corp V 306 0.72 0.00 Minsud Res V 18 0.08 0.07 0.07 unch 0.00 0.16 0.06 Miramont Res 39 0.49 0.46 0.46 - 0.01 0.65 0.20 0.05 - 0.01 0.11 0.05 Miranda Gold V 369 0.06 0.05 Mirasol Res V 210 2.27 2.10 2.13 - 0.02 2.60 1.42 Mistango River 83 0.05 0.04 0.04 - 0.01 0.07 0.01 MK2 Ventures V 2 0.00 0.00 0.17 unch 0.00 0.23 0.09 0.14 unch 0.00 0.24 0.04 Mkango Res V 56 0.15 0.14 ML Gold* O 106 0.18 0.15 0.17 - 0.01 0.26 0.08 ML Gold Corp V 3788 0.23 0.19 0.22 + 0.01 0.32 0.10 O 5 0.07 0.07 0.07 - 0.01 0.14 0.05 Monarca Mnrls* Monarca Mnrls V 40 0.09 0.08 0.08 - 0.01 0.23 0.07 Monarques Res V 415 0.39 0.36 0.36 - 0.03 0.48 0.25 Monarques Res* O 367 0.32 0.28 0.29 - 0.02 0.38 0.19 Moneta Porcpn* O 107 0.14 0.12 0.13 + 0.00 0.19 0.10 Moneta Porcpn T 1545 0.18 0.15 0.15 - 0.01 0.26 0.13 Monitor Vent* O 9 0.28 0.20 0.25 + 0.05 0.81 0.13 0.25 - 0.01 1.13 0.25 Monitor Vent V 23 0.26 0.00 Montan Mg V 1631 0.04 0.03 0.03 unch 0.00 0.08 0.01 Montan Mg* O 10 0.02 0.02 0.02 unch 0.00 0.05 0.01 Montego Res 632 0.43 0.31 0.43 + 0.15 0.55 0.14 Montero Mg&Ex V 22 0.33 0.00 0.31 unch 0.00 0.49 0.12 Monument Mng V 717 0.07 0.07 0.07 - 0.01 0.11 0.06 Morien Res* O 79 0.54 0.48 0.51 + 0.02 0.60 0.37 Morien Res V 85 0.67 0.60 0.64 + 0.02 0.77 0.47 Morumbi Res* O 82 0.94 0.81 0.81 - 0.12 0.94 0.45 Morumbi Res T 1091 1.22 0.98 1.07 + 0.01 1.22 0.55 Mosaic* N 29756 26.10 23.46 24.35 - 1.69 34.36 19.23 Mount Gibson * O 2 0.28 0.28 0.28 unch 0.00 0.42 0.20 Mountain Boy* O 1063 0.06 0.05 0.05 - 0.00 0.09 0.03 Mountain Boy V 408 0.07 0.06 0.07 - 0.01 0.11 0.05 Mountain Lake 76 0.04 0.00 0.03 - 0.01 0.09 0.02 Mountain Prov* D 819 2.80 2.65 2.75 - 0.05 4.90 2.45 Mountain Prov T 815 3.52 3.39 3.41 - 0.03 6.40 3.18 Mundoro Cap* O 133 0.13 0.09 0.09 - 0.03 0.22 0.09 Mundoro Cap V 474 0.16 0.12 0.12 - 0.03 0.30 0.12 Murchison Min 65 0.20 0.18 0.18 - 0.02 0.29 0.13 Mustang Mnrls* O 39 0.25 0.21 0.21 - 0.02 0.37 0.07 Mustang Mnrls V 63 0.32 0.26 0.27 - 0.02 0.52 0.05 MX Gold* O 270 0.07 0.05 0.07 - 0.01 0.20 0.05

N-O NA Frac Sand* O 73 NACCO Ind* N 182 Napier Vent V 46 Napier Vent* O 95 Natural Res Pt* N 107 Nautilus Mnrls T 346 Nautilus Mnrls* O 492 0 Navis Res Corp* O Navis Res Corp 2 Navy Res V 25 Nemaska Lith T 15377 Nemaska Lith* O 1491 Neo Lithium V 706 Neometals* O 12 Network Expl* O 4 Network Expl V 233 Nevada Canyon* O 16 193 Nevada Clean M* O Nevada Clean M V 409 T 182 Nevada Copper Nevada Energy* O 13 Nevada Energy V 22 Nevada Expl * O 108 Nevada Expl V 157 Nevada Sunrise* O 98 V 208 Nevada Sunrise Nevada Zinc V 195 Nevado Res V 63 Nevsun Res* X 5112 Nevsun Res T 3716 New Age Metals* O 507 1275 New Age Metals V New Carolin Gd* O 26 490 New Carolin Gd V New Destiny Mg V 112 2 New Dimen Res V New Dimen Res* O 1 New Gold* X 33733 New Gold T 5328 274 New Jersey Mng* O New Milln Iron* O 50 New Milln Iron T 387 New Nadina V 270 New Nadina* O 44 New Oroperu V 4 316 New Pac Metals V New Pac Metals* O 37 5 New Point Expl New Stratus V 5 147 New Tech Lith* O New Tech Lith 1643 New World Res V 159 New World Res* O 3 Newlox Gold 336 Newmac Res V 89 Newmac Res* O 3 Newmont Mng* N 50797 Newport Expl V 64 Newport Gold* O 37 NewRange Gold* O 68 V 704 NewRange Gold Nexa Resources T 3 Nexa Resources* N 815 Nexco Res 1 Nexgen Energy T 2732 Nexgen Energy* X 1660 NextSource Mat T 8246 Nexus Gold V 742 Nexus Gold* O 72 NGEx Res* O 8 NGEx Res T 315 Nickel Creek T 327 Nickel Creek* O 481 Nickel North V 182 5 Nickel One Res* O Nickel One Res V 987 V 414 Nicola Mg Inc Nicola Mg Inc* O 8 Nighthawk Gold* O 114 Nighthawk Gold T 518 Niobay Metals V 153 Niocan Inc V 11 Niocorp Dev T 228 Niocorp Dev* O 364 Nippon Dragon V 115 Nippon Dragon* O 156 Nitinat Mnls* O 12 Nitinat Mnls V 5365 O 25 NKWE Platinum* Noble Metal Gr V 5593 52 Noble Mnl Expl* O Noble Mnl Expl V 1635 Noka Res* O 190 Noram Vent* O 25 Noram Vent V 930 Noranda Alum* O 147 Noront Res V 2045 Norsemont Cap 10 Nortec Mnls* O 225 Nortec Mnls V 147 North Am Nickl V 580 North Am Nickl* O 63 North Am Pall* O 37 North Am Pall T 42 North Arrow Mn* O 0 110 North Arrow Mn V Northcliff Res T 59 Northern Uran V 218 Northisle C&G V 89 Northland Res* O 0 Northn Empire* O 265 Northn Empire V 629 Norvista Cap V 30 Nouveau Monde* O 173 Nouveau Monde V 914 NovaGold Res* X 11326 NovaGold Res T 992 Novo Res* O 448 Novo Res V 724 NovX21* O 15 NRG Metals V 2621 NRG Metals* O 2011 Nrthn Graphite* O 797 Nrthn Graphite V 732 Nrthn Lion V 3 Nrthn Mnrls &E* O 309 Nrthn Shield V 1192 Nrthn Superior V 1688 Nrthn Superior* O 512 Nrthn Vertex* O 242 Nrthn Vertex V 434 NSGold V 35 NSS Res Inc 1011 Nthn Dynasty T 5813 Nthn Dynasty* X 26384 Nthrn Sphere* O 150

0.01 0.01 0.01 - 0.00 0.09 0.01 38.95 34.12 38.00 - 0.35 48.85 14.20 0.44 0.00 0.44 unch 0.00 0.54 0.28 0.35 0.35 0.35 - 0.00 0.44 0.26 29.47 26.55 27.65 - 1.80 45.60 22.81 0.19 0.16 0.18 + 0.02 0.28 0.14 0.15 0.13 0.14 + 0.00 0.21 0.11 0.00 0.00 0.56 unch 0.00 2.00 0.18 0.37 0.00 0.37 unch 0.00 2.50 0.33 0.32 0.32 0.32 unch 0.00 0.32 0.09 1.85 1.31 1.60 + 0.10 2.44 0.95 1.47 1.06 1.28 + 0.09 1.96 0.70 2.00 1.65 1.82 + 0.08 2.75 0.85 0.34 0.27 0.27 - 0.07 0.80 0.20 0.32 0.32 0.32 - 0.03 0.39 0.32 0.42 0.38 0.40 + 0.02 0.48 0.37 0.08 0.08 0.08 unch 0.00 0.22 0.05 0.03 0.03 0.03 + 0.00 0.08 0.02 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.80 0.71 0.71 - 0.06 0.84 0.41 0.24 0.19 0.23 - 0.02 1.48 0.18 0.30 0.00 0.30 - 0.03 1.80 0.22 0.26 0.23 0.24 - 0.02 0.35 0.21 0.33 0.28 0.29 - 0.03 0.46 0.27 0.15 0.12 0.12 - 0.03 0.28 0.09 0.20 0.16 0.16 - 0.03 0.36 0.12 0.24 0.22 0.22 - 0.01 0.51 0.18 0.04 0.04 0.04 + 0.01 0.10 0.02 2.18 2.00 2.17 + 0.15 3.27 1.96 2.74 2.50 2.73 + 0.22 4.26 2.49 0.11 0.10 0.10 - 0.00 0.15 0.04 0.14 0.11 0.13 unch 0.00 0.19 0.05 0.36 0.33 0.34 - 0.11 0.62 0.18 0.50 0.39 0.45 - 0.05 0.80 0.20 0.35 0.28 0.35 + 0.10 0.32 0.11 0.00 0.00 0.06 unch 0.00 0.17 0.04 0.04 0.04 0.04 unch 0.00 0.13 0.02 2.98 2.54 2.57 - 0.31 4.25 2.57 3.71 3.21 3.28 - 0.28 5.16 3.44 0.17 0.16 0.17 + 0.00 0.19 0.09 0.08 0.08 0.08 unch 0.00 0.21 0.06 0.11 0.10 0.10 - 0.01 0.33 0.08 0.23 0.18 0.20 + 0.01 4.60 0.08 0.18 0.18 0.18 + 0.02 3.60 0.06 0.40 0.00 0.40 unch 0.00 0.65 0.33 1.44 1.31 1.39 + 0.04 1.65 0.98 1.16 1.05 1.05 - 0.03 1.28 0.74 0.11 0.11 0.11 unch 0.00 0.20 0.11 0.20 0.20 0.20 unch 0.00 0.48 0.08 0.09 0.07 0.07 - 0.02 0.19 0.05 0.11 0.07 0.09 - 0.02 0.17 0.08 0.27 0.20 0.22 + 0.02 0.29 0.10 0.19 0.19 0.19 unch 0.00 0.19 0.09 0.06 0.05 0.05 - 0.01 0.08 0.03 0.09 0.06 0.07 + 0.01 0.09 0.05 0.05 0.05 0.05 unch 0.00 0.05 0.05 39.48 35.98 36.76 - 2.21 42.04 31.42 0.25 0.24 0.25 - 0.02 0.32 0.19 0.03 0.03 0.03 - 0.00 0.07 0.00 0.26 0.23 0.25 - 0.01 0.59 0.16 0.35 0.28 0.32 unch 0.00 0.75 0.20 24.77 22.41 22.97 - 1.64 26.44 19.80 19.81 17.64 18.27 - 1.38 21.61 15.27 0.00 0.00 0.32 unch 0.00 0.50 0.15 2.76 2.58 2.67 - 0.11 4.45 2.40 2.23 2.06 2.11 - 0.12 3.40 1.82 0.16 0.12 0.16 + 0.01 0.22 0.06 0.06 0.06 0.06 - 0.01 0.37 0.05 0.05 0.04 0.05 unch 0.00 0.27 0.04 1.10 0.92 0.92 - 0.14 1.10 0.58 1.33 1.11 1.16 - 0.17 1.49 0.75 0.32 0.26 0.29 + 0.01 0.41 0.22 0.26 0.19 0.22 - 0.01 0.33 0.16 0.05 0.04 0.04 - 0.02 0.06 0.02 0.06 0.06 0.06 unch 0.00 0.11 0.03 0.06 0.05 0.06 unch 0.00 0.13 0.02 0.18 0.17 0.18 unch 0.00 0.30 0.14 0.13 0.00 0.13 - 0.02 0.23 0.11 0.52 0.46 0.47 - 0.05 0.97 0.45 0.66 0.58 0.61 - 0.03 1.15 0.57 0.35 0.29 0.29 - 0.06 0.88 0.11 0.08 0.08 0.08 unch 0.00 0.18 0.05 0.61 0.55 0.58 + 0.03 0.89 0.37 0.49 0.45 0.47 + 0.02 0.68 0.29 0.06 0.05 0.06 + 0.01 0.11 0.05 0.05 0.04 0.04 unch 0.00 0.09 0.03 0.07 0.00 0.07 + 0.03 0.07 0.03 0.15 0.05 0.11 + 0.06 0.15 0.04 0.03 0.03 0.03 unch 0.00 2.04 0.00 0.04 0.01 0.03 + 0.02 0.02 0.01 0.12 0.10 0.12 - 0.01 0.15 0.03 0.15 0.12 0.15 + 0.02 0.19 0.04 0.22 0.21 0.21 - 0.01 0.30 0.05 0.04 0.04 0.04 - 0.00 0.06 0.02 0.06 0.05 0.05 - 0.01 0.08 0.03 0.04 0.03 0.04 + 0.00 0.17 0.01 0.36 0.31 0.35 unch 0.00 0.52 0.22 0.40 0.40 0.40 unch 0.00 0.47 0.31 0.12 0.12 0.12 unch 0.00 0.14 0.05 0.12 0.11 0.12 + 0.01 0.18 0.06 0.08 0.07 0.07 - 0.01 0.10 0.06 0.06 0.05 0.06 + 0.01 0.08 0.04 7.90 6.47 6.75 - 1.14 9.31 3.51 10.00 8.18 8.52 - 1.18 11.60 4.65 0.00 0.00 0.18 unch 0.00 0.23 0.13 0.22 0.19 0.22 + 0.02 0.40 0.17 0.15 0.14 0.15 unch 0.00 0.23 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.13 0.12 0.12 + 0.01 0.20 0.09 0.00 0.00 0.01 unch 0.00 2.00 0.00 1.05 0.87 0.98 + 0.04 1.12 0.47 1.31 1.09 1.22 + 0.07 1.38 0.58 0.14 0.12 0.12 - 0.02 0.18 0.08 0.30 0.26 0.29 - 0.01 0.42 0.19 0.39 0.31 0.36 unch 0.00 0.54 0.26 3.82 3.59 3.60 - 0.03 6.19 3.35 4.77 4.48 4.56 + 0.07 8.10 4.33 2.82 2.39 2.47 - 0.41 7.08 0.49 3.59 3.02 3.04 - 0.51 8.83 0.66 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.38 0.27 0.28 - 0.07 0.62 0.09 0.29 0.21 0.22 - 0.05 0.49 0.07 0.40 0.33 0.35 - 0.03 0.55 0.19 0.50 0.42 0.42 - 0.07 0.70 0.24 0.52 0.00 0.41 - 0.12 0.74 0.31 0.06 0.04 0.06 + 0.02 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.05 0.04 0.04 - 0.01 0.08 0.03 0.04 0.03 0.03 - 0.01 4.63 0.02 0.46 0.38 0.42 - 0.02 0.58 0.34 0.58 0.48 0.55 unch 0.00 0.70 0.43 0.14 0.11 0.14 unch 0.00 0.17 0.02 0.36 0.18 0.21 - 0.01 1.39 0.05 1.63 1.03 1.32 + 0.28 4.46 1.00 1.30 0.82 1.05 + 0.19 3.41 0.81 0.10 0.09 0.09 unch 0.00 0.32 0.07

2018-02-13 5:22 PM

22

WWW.NORTHERNMINER.COM

FEBRUARY 19–MARCH 4, 2018 / 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

Nthrn Sphere 848 Nubian Res V 37 NuLegacy Gold V 413 NuLegacy Gold* O 556 Nunavik Nickel V 125 Nutrien T 7134 Nutrien* N 16062 NV Gold* O 42 V 38 NV Gold NX Uranium* O 36 NxGold Ltd* O 18 NxGold Ltd V 26 Nyrstar NV* O 0 O.T. Mining* O 42 OceanaGold* O 13 OceanaGold T 12047 94 Oceanic Iron O V Oceanic Iron O* O 6 Oceanus Res V 93 Oceanus Res* O 49 Odyssey Res V 881 OK2 Minerals V 1486 Olivut Res V 26 Olivut Res* O 19 Omineca Mg &Ml V 3 116 One World Lith Opawica Expl V 253 V 756 Opus One Res Orbite Tech* O 65 Orca Gold V 809 Orca Gold* O 270 Orefinders Res V 375 Orestone Mng V 52 Orex Mnrls* O 73 Orex Mnrls V 227 Orezone Gold* O 258 Orezone Gold V 376 Orford Mining V 34 Organic Potash 105 0 Oriental Non F Original Sixtn* O 15 Orla Mng Ltd* O 10 V 195 Orla Mng Ltd Oro East Mg* O 270 Oroco Res V 329 Oroco Res* O 113 Orocobre T 1391 Orofino Mnrls V 175 Oronova Energy V 3 Oroplata Res* O 83 Orosur Mng T 76 Orsu Metals V 19 Orsu Metals* O 0 Orvana Mnrls* O 16 Orvana Mnrls T 512 Osisko Gold* N 5206 Osisko Gold T 2451 Osisko Metals* O 2 Osisko Metals V 318 3280 Osisko Mng Inc T Osprey Gold V 324 Otis Gold V 148 Otis Gold* O 67 OZ Minerals* O 3

0.12 0.10 0.10 + 0.01 0.55 0.08 0.18 0.17 0.18 + 0.02 0.38 0.17 0.18 0.16 0.16 - 0.02 0.30 0.16 0.15 0.13 0.13 - 0.01 0.23 0.12 0.11 0.11 0.11 unch 0.00 0.17 0.08 62.34 55.72 56.05 - 6.09 70.05 55.72 49.96 40.41 44.51 - 5.47 56.18 40.41 0.24 0.23 0.23 - 0.01 0.39 0.13 0.28 0.00 0.28 - 0.02 0.48 0.17 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.24 0.22 0.22 - 0.02 0.26 0.17 0.27 0.25 0.27 unch 0.00 0.72 0.18 0.00 0.00 8.08 unch 0.00 8.25 6.15 0.11 0.10 0.11 unch 0.00 0.29 0.03 2.46 2.39 2.39 - 0.10 3.60 2.23 3.29 2.97 3.04 - 0.09 5.00 2.92 0.12 0.11 0.12 + 0.01 0.32 0.06 0.10 0.09 0.09 - 0.01 0.19 0.07 0.23 0.20 0.20 - 0.02 0.36 0.17 0.18 0.00 0.18 - 0.01 0.29 0.13 0.06 0.05 0.05 - 0.02 0.08 0.02 0.05 0.05 0.05 unch 0.00 0.15 0.05 0.15 0.12 0.13 + 0.01 0.21 0.08 0.11 0.09 0.09 - 0.02 0.15 0.06 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.16 0.15 0.15 - 0.01 0.16 0.13 0.19 0.00 0.19 + 0.01 0.73 0.10 0.08 0.06 0.08 + 0.02 0.15 0.06 0.01 0.00 0.01 - 0.00 0.21 0.00 0.59 0.50 0.51 - 0.06 0.78 0.34 0.47 0.40 0.41 - 0.05 0.63 0.25 0.13 0.11 0.12 + 0.01 0.17 0.04 0.11 0.10 0.10 - 0.01 0.13 0.05 0.12 0.10 0.11 + 0.01 0.20 0.08 0.15 0.13 0.15 + 0.02 0.26 0.10 0.69 0.61 0.63 - 0.03 0.82 0.37 0.84 0.77 0.78 - 0.07 1.02 0.50 0.30 0.27 0.27 - 0.02 0.70 0.19 0.05 0.00 0.03 - 0.02 0.05 0.01 0.00 0.00 1.05 unch 0.00 1.05 0.72 0.12 0.12 0.12 + 0.04 0.12 0.00 1.29 1.24 1.24 - 0.04 1.48 0.88 1.60 1.43 1.48 - 0.12 1.85 1.04 0.01 0.00 0.01 + 0.00 0.01 0.00 0.11 0.09 0.11 + 0.02 0.12 0.02 0.08 0.08 0.08 unch 0.00 0.10 0.02 6.60 5.70 6.19 - 0.56 7.36 2.73 0.14 0.14 0.14 unch 0.00 0.19 0.06 0.11 0.11 0.11 - 0.01 0.45 0.10 0.11 0.09 0.10 - 0.02 0.34 0.09 0.18 0.16 0.16 - 0.02 0.32 0.16 0.20 0.16 0.16 - 0.01 0.45 0.13 0.00 0.00 0.17 unch 0.00 0.22 0.11 0.18 0.16 0.17 - 0.01 0.25 0.14 0.23 0.20 0.21 - 0.01 0.33 0.17 11.17 10.24 10.31 - 0.70 14.39 10.02 13.94 12.93 13.02 - 0.68 17.58 13.04 0.60 0.54 0.57 - 0.04 1.33 0.54 0.80 0.65 0.69 - 0.10 1.74 0.23 3.48 3.01 3.08 - 0.40 5.65 3.07 0.10 0.09 0.09 - 0.01 0.44 0.07 0.23 0.20 0.22 + 0.01 0.39 0.17 0.18 0.15 0.18 + 0.01 0.29 0.13 7.24 6.88 6.88 - 0.53 7.41 4.70

Pac Arc Res V 408 Pac Bay Mnrls V 126 7 Pac Bay Mnrls* O 18 Pac Booker Min V Pac Booker Min* O 9 Pac Imperial V 2466 Pac Iron Ore V 143 Pac Link Mng V 62 Pac Potash V 54 Pac Ridge Expl* O 1 129 Pac Ridge Expl V Pac Topaz V 250 Pacific Rim 173 Pacific Rim* O 104 Pacton Gold V 833 Paget Mrnls V 67 Paget Mrnls* O 67 O 1206 Paladin Energy* Palamina Corp* O 83 Palamina Corp V 304 Palladon Vent* O 129 Pan Am Silver T 1542 Pan Am Silver* D 10469 45 Pan Andean Min* O Pan Global Res V 145 Pancontinental V 382 Pancontinental* O 10 Pangolin Dia V 306 Panoro Mnrls V 747 Pantheon Vent V 496 V 207 Para Resources Parallel Mng V 39 Paramount Gold* X 313 Paringa Res* O 13 Pasinex Res 528 Patriot Gold* O 342 Peabody Enrgy* N 9803 V 3729 Peat Res Pedro Res V 65 Pelangio Expl* O 64 Pelangio Expl V 896 Pele Mtn Res V 86 O 0 Pele Mtn Res* Peloton Mnrls* O 215 Peloton Mnrls 66 PepinNini Lith* O 168 Peregrine Diam T 1545 Perseus Mng T 390 Pershing Gold T 9 Pershing Gold* D 504 Pershing Res* O 117 Petra Diamonds* O 6 Philex Mng* O 37 Philippine Mtl* O 1 Philippine Mtl V 8 Pine Cliff En T 8130 Pine Cliff En* O 130 Pinecrest Res V 48 Pistol Bay Mng V 1771 Pistol Bay Mng* O 62 PJSC Polyus Gd* O 1 PJX Res V 174 Plata Latina V 81 Plate Res V 455 Plateau Uran* O 134 Plateau Uran V 464 Platinex Inc 2134 Platinum Gp Mt T 400 Platinum Gp Mt* X 3608 Plato Gold V 356 Playfair Mng V 344 Playfair Mng* O 0 PolyMet Mng* X 3972 PolyMet Mng T 344 Portage Res* O 344 Portofino Res V 695 Portofino Res* O 50 Potash Ridge* O 581 Potash Ridge T 3415 Power Metals* O 27 Power Metals V 1542 PPX Mining* O 528 PPX Mining V 1241 Precipitate Gl V 465 Premier Gold M T 1909 Premium Expl* O 287 Pretium Res* N 14530 Pretium Res T 3411 Primero Mng T 3503 Primero Mng* O 1085 Prism Res V 50 Prize Mng* O 68 Prize Mng V 171 ProAm Expl V 558 Probe Metals* O 628 Probe Metals V 654 0 Promithian Gl * O Prophecy Coal* O 14 Prophecy Coal T 61 Prospect Glob* O 1 Prospector Res* O 20 Prospector Res V 79 Prosper Gold V 94 Prospero Silvr V 174 Prospero Silvr* O 10 Provenance Gld 123 Providence V 49 PUF Vent Inc 7755 PUF Vent Inc * O 779 Puma Expl V 1639 Puma Expl* O 80 Pure Energy* O 1144 Pure Energy V 1059 Pure Gold Mg* O 406 Pure Gold Mg V 1775 Pure Nickel* O 31 Pure Nickel V 140 Purepoint Uran V 1264 Q-Gold Res* O 0 Q-Gold Res V 18 QMC Quantum Ml* O 1203 QMC Quantum Ml V 639 QMX Gold* O 5 QMX Gold V 881 Quadro Res V 1 Quantum Cobalt 2340 Quartz Mtn Res V 0 Quaterra Res V 116 Quaterra Res* O 229 Quest Rare Mnl* O 208 Quinto Res V 1225

0.77 0.70 0.70 unch 0.00 0.82 0.09 0.06 0.04 0.04 - 0.02 0.07 0.03 0.04 0.03 0.04 + 0.01 0.03 0.02 1.30 1.00 1.17 - 0.18 1.44 0.42 1.05 0.80 1.00 - 0.05 1.10 0.35 0.04 0.03 0.04 unch 0.00 0.06 0.01 0.13 0.12 0.12 unch 0.00 0.23 0.11 0.06 0.03 0.03 unch 0.00 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.07 0.06 0.06 + 0.01 0.12 0.05 0.15 0.15 0.15 unch 0.00 0.23 0.10 1.05 0.76 0.81 - 0.25 1.59 0.33 0.96 0.94 0.96 unch 0.00 1.25 0.91 0.30 0.26 0.27 - 0.01 0.40 0.06 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.05 0.01 0.04 - 0.01 0.13 0.00 0.27 0.22 0.22 - 0.01 0.27 0.12 0.35 0.28 0.28 - 0.01 0.38 0.15 0.00 0.00 0.00 unch 0.00 0.01 0.00 20.55 18.54 19.13 - 0.67 27.78 18.00 16.40 14.69 15.18 - 0.73 21.19 13.99 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.23 0.22 0.22 + 0.01 0.30 0.05 0.05 0.03 0.04 - 0.01 0.10 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.06 0.00 0.05 - 0.01 0.09 0.04 0.37 0.34 0.34 - 0.02 0.48 0.15 0.10 0.08 0.10 + 0.01 0.26 0.08 0.20 0.18 0.20 - 0.01 0.25 0.13 0.07 0.06 0.06 unch 0.00 0.14 0.06 1.30 1.22 1.23 - 0.09 2.10 1.16 0.44 0.31 0.41 - 0.04 0.50 0.26 0.22 0.19 0.20 - 0.02 0.34 0.17 0.09 0.07 0.07 - 0.01 0.14 0.05 41.00 37.48 38.21 - 1.84 41.17 22.58 0.20 0.13 0.16 + 0.02 0.20 0.01 0.33 0.32 0.32 unch 0.00 1.05 0.13 0.04 0.03 0.04 + 0.01 0.05 0.02 0.06 0.05 0.05 + 0.01 0.06 0.04 0.06 0.00 0.06 - 0.01 0.40 0.06 0.00 0.00 0.04 - 0.01 0.40 0.01 0.07 0.06 0.06 unch 0.00 0.08 0.04 0.11 0.09 0.11 - 0.01 0.11 0.05 0.03 0.03 0.03 - 0.00 0.07 0.03 0.15 0.13 0.14 unch 0.00 0.23 0.11 0.42 0.39 0.40 - 0.03 0.47 0.27 2.74 2.66 2.68 unch 0.00 4.43 2.63 2.21 2.10 2.16 + 0.01 3.40 2.10 0.02 0.01 0.02 + 0.00 0.10 0.01 1.10 1.10 1.10 unch 0.00 1.76 0.85 0.12 0.12 0.12 unch 0.00 0.19 0.10 0.08 0.08 0.08 unch 0.00 0.10 0.03 0.13 0.09 0.09 - 0.04 0.16 0.04 0.34 0.29 0.31 - 0.03 0.90 0.29 0.26 0.24 0.24 - 0.05 0.68 0.24 0.32 0.31 0.31 - 0.01 0.56 0.24 0.08 0.06 0.07 - 0.01 0.12 0.04 0.06 0.05 0.06 - 0.00 0.08 0.03 0.00 0.00 40.00 unch 0.00 50.23 31.83 0.13 0.11 0.12 unch 0.00 0.26 0.11 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.70 0.51 0.60 - 0.09 0.78 0.21 0.86 0.64 0.71 - 0.12 0.96 0.26 0.22 0.17 0.20 - 0.02 0.30 0.05 0.49 0.41 0.41 - 0.08 3.19 0.36 0.40 0.32 0.33 - 0.06 2.45 0.28 0.06 0.05 0.05 unch 0.00 0.06 0.01 0.06 0.06 0.06 unch 0.00 0.12 0.05 0.04 0.00 0.04 - 0.00 0.09 0.03 1.25 1.07 1.15 - 0.03 1.36 0.57 1.56 1.35 1.43 - 0.04 1.66 0.71 0.00 0.00 0.00 + 0.00 0.00 0.00 0.11 0.09 0.10 - 0.01 0.19 0.04 0.08 0.08 0.08 unch 0.00 0.11 0.08 0.10 0.08 0.09 - 0.01 0.22 0.07 0.12 0.10 0.11 - 0.01 0.31 0.09 0.56 0.40 0.50 + 0.01 0.70 0.20 0.70 0.50 0.62 + 0.02 0.88 0.25 0.07 0.06 0.06 - 0.01 0.08 0.04 0.09 0.08 0.08 - 0.01 0.10 0.05 0.10 0.07 0.07 - 0.03 0.19 0.06 3.49 3.23 3.34 - 0.12 4.13 2.17 0.01 0.00 0.01 unch 0.00 0.01 0.00 7.00 6.51 6.74 + 0.15 12.44 6.47 8.82 8.19 8.49 + 0.29 15.93 8.03 0.23 0.19 0.21 - 0.02 1.20 0.08 0.18 0.15 0.16 - 0.02 0.92 0.06 0.10 0.10 0.10 unch 0.00 0.25 0.08 0.24 0.22 0.24 + 0.00 0.52 0.21 0.33 0.27 0.33 + 0.05 0.72 0.25 0.03 0.02 0.03 + 0.01 0.06 0.02 1.17 1.05 1.09 unch 0.00 1.42 0.95 1.47 1.32 1.37 + 0.02 1.74 1.25 0.00 0.00 0.10 unch 0.00 0.10 0.02 2.80 2.41 2.80 + 0.23 4.00 2.21 3.54 3.03 3.50 + 0.29 5.58 2.75 0.05 0.00 0.05 - 0.02 0.08 0.02 0.65 0.65 0.65 unch 0.00 1.28 0.65 1.00 0.80 0.90 + 0.10 1.90 0.71 0.11 0.09 0.11 + 0.02 0.25 0.08 0.15 0.13 0.13 unch 0.00 0.34 0.11 0.12 0.10 0.12 + 0.02 0.25 0.08 0.29 0.23 0.24 - 0.05 0.40 0.08 0.16 0.14 0.16 + 0.01 0.27 0.08 1.31 0.76 1.20 + 0.34 2.09 0.28 1.05 0.61 1.00 + 0.32 1.85 0.21 0.10 0.08 0.09 - 0.01 0.13 0.05 0.07 0.07 0.07 unch 0.00 0.09 0.04 0.33 0.28 0.29 - 0.02 0.50 0.28 0.41 0.36 0.37 - 0.02 0.65 0.36 0.47 0.42 0.42 - 0.04 0.55 0.35 0.61 0.53 0.53 - 0.04 0.72 0.46 0.03 0.03 0.03 - 0.00 0.04 0.00 0.04 0.00 0.04 - 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.16 0.06 0.00 0.00 0.01 unch 0.00 0.06 0.06 0.23 0.00 0.22 + 0.01 0.30 0.10 0.76 0.51 0.67 + 0.05 1.46 0.05 0.95 0.64 0.84 + 0.08 1.85 0.06 0.22 0.00 0.18 - 0.06 0.29 0.14 0.27 0.22 0.22 - 0.05 0.40 0.19 0.00 0.00 0.10 unch 0.00 0.18 0.09 0.53 0.38 0.45 + 0.05 1.90 0.03 0.00 0.00 0.90 unch 0.00 1.50 0.55 0.09 0.00 0.07 - 0.01 0.15 0.05 0.07 0.05 0.06 - 0.01 0.13 0.03 0.01 0.00 0.00 unch 0.00 0.22 0.00 0.07 0.07 0.07 - 0.01 0.16 0.05

P-Q

20-22_FEB19_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

R Rackla Mtls V 1 0.00 0.00 0.10 unch 0.00 0.17 0.08 Rackla Mtls* O 1 0.07 0.00 0.07 - 0.00 0.13 0.05 Radisson Mng V 254 0.20 0.18 0.19 - 0.01 0.25 0.12 Radius Gold V 58 0.11 0.11 0.11 - 0.01 0.16 0.09 Rae-Wallace Mg* O 200 0.01 0.01 0.01 unch 0.00 0.02 0.00 Rainforest Res* O 49 6.95 0.00 5.69 - 1.26 7.30 1.00 Rainy Mtn Royl* O 0 0.00 0.00 0.08 unch 0.00 0.13 0.03 Rainy Mtn Royl V 147 0.09 0.08 0.08 - 0.01 0.17 0.05 Rambler Ml &Mg V 67 0.17 0.12 0.14 + 0.01 0.22 0.11 Randgold Res* O 0 101.90 101.90 101.90 unch 0.00 103.90 84.30 8591 96.03 81.35 83.00 - 16.23 108.29 83.18 Randgold Res* D Randsburg Int* O 5 0.01 0.01 0.01 unch 0.00 0.01 0.00 Randsburg Intl V 861 0.02 0.02 0.02 unch 0.00 0.03 0.01 Rapier Gold V 867 0.07 0.06 0.07 unch 0.00 0.14 0.05 Rare Element* O 276 0.23 0.16 0.23 + 0.02 0.44 0.07 Rathdowney Res V 102 0.16 0.15 0.16 + 0.01 0.33 0.13 Ravencrest Res 283 1.50 1.30 1.43 - 0.05 2.10 0.05 RB Energy* O 47 0.00 0.00 0.00 unch 0.00 0.00 0.00 94 0.09 0.07 0.09 + 0.02 0.30 0.06 Red Eagle Expl V Red Eagle Mng* O 194 0.24 0.21 0.24 + 0.01 0.68 0.17 Red Eagle Mng T 1301 0.30 0.27 0.30 + 0.02 0.88 0.23 Red Moon Res V 28 0.06 0.05 0.05 - 0.01 0.08 0.03 Red Oak Mg V 124 0.14 0.13 0.13 unch 0.00 0.25 0.05 Red Pine Expl V 2519 0.08 0.07 0.07 unch 0.00 0.16 0.07 Redhawk Res T 382 0.04 0.03 0.04 unch 0.00 0.10 0.02 Redstar Gold V 1407 0.05 0.04 0.05 unch 0.00 0.15 0.04 Redstar Gold* O 386 0.04 0.04 0.04 + 0.00 0.12 0.03 Redzone Res* O 4 0.37 0.33 0.33 - 0.05 0.57 0.08 Redzone Res V 216 0.46 0.40 0.44 - 0.03 0.75 0.10 Regal Res* O 25 0.09 0.09 0.09 unch 0.00 0.09 0.00 Regency Gold V 11 0.19 0.00 0.19 + 0.01 0.27 0.10 Regulus Res V 180 1.90 1.63 1.75 - 0.15 3.00 1.33 Reliant Gold V 110 0.03 0.03 0.03 unch 0.00 0.04 0.02 Remington Res V 6 0.40 0.00 0.40 unch 0.00 1.70 0.40 Renaissance Gd* O 42 0.24 0.19 0.19 - 0.03 0.38 0.16 Renaissance Gd V 217 0.30 0.24 0.24 - 0.09 0.48 0.21 Renforth Res 475 0.04 0.04 0.04 unch 0.00 0.09 0.04 Resolve Vent V 1184 0.03 0.02 0.02 - 0.01 0.12 0.02 Resource Cap V 450 0.11 0.09 0.11 unch 0.00 0.23 0.09 Resource Cap* O 46 0.09 0.07 0.09 + 0.00 0.17 0.06 Reunion Gold V 300 0.15 0.13 0.13 - 0.01 0.18 0.07 Revelo Res V 7584 0.04 0.02 0.03 unch 0.00 0.07 0.02 Revival Gold * O 83 0.62 0.57 0.59 - 0.03 0.70 0.52 Revival Gold V 176 0.75 0.71 0.74 - 0.03 0.86 0.08 Rhyolite Res V 41 0.29 0.29 0.29 - 0.01 0.40 0.17 Richmond Mnls V 228 0.05 0.05 0.05 unch 0.00 0.18 0.04 Rift Valley 93 0.10 0.09 0.10 + 0.01 0.15 0.03 Riley Resource V 10 0.11 0.11 0.11 unch 0.00 0.20 0.11 Rimrock Gold* O 64421 0.00 0.00 0.00 - 0.00 0.00 0.00 Rio Novo Gold* O 3 0.11 0.11 0.11 unch 0.00 0.15 0.06 Rio Novo Gold T 900 0.14 0.13 0.13 - 0.01 0.23 0.08 Rio Silver V 8 0.07 0.07 0.07 unch 0.00 0.09 0.04 Rio Silver* O 200 0.06 0.05 0.06 unch 0.00 0.07 0.04 Rio Tinto* N 25084 55.61 51.78 53.72 - 0.61 57.78 37.66 Rio Tinto* O 1 60.89 0.00 58.46 - 6.84 65.30 43.87 Rio Tinto* O 1 54.35 0.00 51.55 - 2.80 56.75 37.20 Rise Gold Corp 968 0.13 0.11 0.12 - 0.02 0.36 0.09 River Wild Exp 10 0.15 0.00 0.15 unch 0.00 0.22 0.01 Riverside Res* O 69 0.24 0.20 0.21 - 0.02 0.45 0.20 Riverside Res V 162 0.29 0.26 0.28 - 0.01 0.59 0.26 Rizal Res V 33 0.04 0.04 0.04 unch 0.00 0.06 0.02 RJK Explor V 39 0.07 0.07 0.07 + 0.01 0.25 0.06 RJK Explor* O 23 0.06 0.05 0.06 + 0.01 0.19 0.04 Robex Res V 619 0.09 0.08 0.09 + 0.01 0.14 0.06 Rochester Res* O 0 0.00 0.00 0.03 unch 0.00 0.05 0.02 Rochester Res V 68 0.09 0.00 0.08 + 0.01 0.09 0.03 Rock Tech Lith* O 7 1.24 1.09 1.09 + 0.09 1.66 0.59 Rock Tech Lith V 57 1.55 1.21 1.21 - 0.37 2.16 0.76 Rockcliff Met V 992 0.06 0.05 0.06 + 0.01 0.12 0.05 Rockex Mng 85 0.04 0.03 0.03 unch 0.00 0.05 0.01 Rockhaven Res V 310 0.15 0.13 0.15 + 0.01 0.20 0.12 Rockridge Gold V 50 0.30 0.30 0.30 unch 0.00 0.50 0.30 Rockshield Cap* O 241 0.34 0.26 0.31 + 0.01 0.67 0.06 Rockshield Cap 3007 0.43 0.30 0.39 + 0.03 0.84 0.09 Rockwealth Res V 12 0.23 0.19 0.23 unch 0.00 0.30 0.15 Rockwell Diam* O 5 0.00 0.00 0.00 + 0.00 0.05 0.00 Rodinia Lithm V 453 0.36 0.26 0.35 + 0.04 0.46 0.09 Rogue Res* O 6 0.33 0.27 0.27 - 0.06 0.50 0.16 Rogue Res V 48 0.36 0.30 0.31 - 0.03 0.65 0.18 Rokmaster Res V 341 0.03 0.03 0.03 unch 0.00 0.07 0.02 Rokmaster Res* O 150 0.03 0.03 0.03 unch 0.00 0.05 0.02 Romios Gold Rs* O 65 0.04 0.04 0.04 - 0.01 0.07 0.03 Romios Gold Rs V 180 0.06 0.05 0.06 unch 0.00 0.08 0.04 RosCan Mrnls V 270 0.08 0.07 0.07 unch 0.00 0.12 0.02 Rosita Mg Corp* O 5 0.06 0.06 0.06 unch 0.00 0.06 0.01 Rosita Mg Corp V 728 0.09 0.08 0.08 - 0.01 0.12 0.02 Ross River V 273 0.02 0.01 0.01 - 0.01 0.03 0.01 Ross River* O 5 0.01 0.00 0.01 + 0.00 0.01 0.00 Rotation Mnls V 139 0.34 0.30 0.30 - 0.04 0.45 0.12 Roughrider Exp V 207 0.06 0.05 0.05 unch 0.00 0.12 0.04 Roxgold* O 65 0.90 0.00 0.84 - 0.03 1.22 0.78 Roxgold T 2018 1.15 0.99 1.00 - 0.09 1.61 1.03 Royal Gold* D 5387 87.94 78.78 80.96 - 6.28 94.39 61.00 Royal Nickel T 5163 0.28 0.22 0.25 - 0.02 0.39 0.16 Royal Nickel* O 366 0.22 0.18 0.20 - 0.02 0.31 0.12 Royal Rd Mnrls V 644 0.16 0.13 0.15 - 0.01 0.18 0.06 Royal Sapphire V 1 0.00 0.00 0.13 unch 0.00 1.40 0.06 Royal Std Mnrl* O 533 0.00 0.00 0.00 + 0.00 0.01 0.00 RT Minerals V 725 0.06 0.05 0.05 unch 0.00 0.15 0.04 RT Minerals* O 5 0.04 0.03 0.03 - 0.01 0.10 0.03 RTG Mining T 32 0.22 0.00 0.18 - 0.03 0.55 0.10 Rubicon Mnrls* O 13 1.15 0.00 0.99 - 0.14 1.48 1.00 Rubicon Mnrls T 194 1.44 1.25 1.28 - 0.16 2.37 1.27 0.37 unch 0.00 0.50 0.23 Rugby Mng V 177 0.40 0.36 Running Fox Rs* O 5 0.02 0.02 0.02 + 0.00 0.02 0.01 Running Fox Rs V 918 0.03 0.03 0.03 unch 0.00 0.04 0.01 Rupert Res V 81 0.90 0.83 0.85 unch 0.00 1.47 0.68 Rusoro Mng* O 6299 0.07 0.05 0.06 - 0.02 0.17 0.05 Rusoro Mng V 296 0.07 0.07 0.07 - 0.01 0.22 0.06 Rye Patch Gold* O 145 1.04 0.94 0.94 - 0.08 1.74 0.92 Rye Patch Gold V 588 1.30 1.19 1.19 - 0.09 2.37 1.17

S Sabina Gd&Slvr T 4290 1.80 1.56 1.62 - 0.14 2.70 1.23 Sabina Gd&Slvr* O 1345 1.45 1.24 1.28 - 0.14 2.17 0.91 Sable Res* O 3 0.13 0.13 0.13 unch 0.00 0.14 0.10 Sable Res V 918 0.17 0.14 0.15 + 0.01 0.20 0.11 Sage Gold* O 61 0.08 0.07 0.07 - 0.01 0.20 0.07 0.09 - 0.01 0.27 0.09 Sage Gold V 725 0.10 0.09 Sailfish Rylty V 95 2.41 0.00 2.03 - 0.40 3.07 1.00 Sailfish Rylty* O 79 1.95 1.55 1.55 - 0.42 2.10 1.59 Saint Jean* O 87 0.04 0.03 0.03 - 0.01 0.26 0.02 0.04 - 0.01 0.35 0.03 Saint Jean V 1422 0.04 0.04 0.11 unch 0.00 0.14 0.06 Salazar Res* O 150 0.11 0.11 Salazar Res V 282 0.13 0.12 0.13 + 0.01 0.18 0.08 Salt Lake Pot* O 0 0.37 0.37 0.37 unch 0.00 0.45 0.27 Sama Res V 912 0.42 0.35 0.40 + 0.03 0.50 0.12 Sama Res* O 56 0.34 0.30 0.32 + 0.02 0.41 0.10 0.07 - 0.03 0.11 0.02 Samco Gold V 534 0.09 0.03 Samex Mng* O 1035 0.00 0.00 0.00 + 0.00 0.00 0.00 San Gold Corp* O 1120 0.00 0.00 0.00 unch 0.00 0.00 0.00 San Marco Res* O 45 0.14 0.13 0.13 - 0.01 0.20 0.10 43 0.17 0.17 0.17 - 0.01 0.27 0.13 San Marco Res V 0.04 + 0.01 0.07 0.03 Sanatana Diam V 263 0.04 0.04 Sandfire Res V 335 0.11 0.08 0.10 - 0.01 0.14 0.06 Sandfire Res* O 281 0.09 0.06 0.08 - 0.01 0.10 0.05 Sandspring Res* O 596 0.27 0.22 0.23 - 0.04 0.51 0.20 Sandspring Res V 691 0.34 0.28 0.30 - 0.02 0.67 0.27 T 2044 6.37 5.66 5.82 - 0.28 6.95 4.37 Sandstorm Gold Sandstorm Gold* X 11367 5.12 4.48 4.58 - 0.32 5.64 3.18 Sandy Lake Gld* O 4 0.07 0.07 0.07 unch 0.00 0.07 0.03 Sandy Lake Gld V 164 0.09 0.08 0.08 - 0.01 0.13 0.05 383 0.16 0.13 0.16 - 0.00 0.23 0.05 Santa Fe Gold* O Santacruz Silv V 524 0.16 0.13 0.14 unch 0.00 0.38 0.09 Sarama Res V 235 0.11 0.10 0.11 + 0.01 0.28 0.08 Sarissa Res* O 2300 0.00 0.00 0.00 - 0.00 0.01 0.00 Satori Res V 92 0.15 0.11 0.13 + 0.01 0.30 0.07 Satori Res* O 10 0.09 0.09 0.09 unch 0.00 0.18 0.07 0.15 + 0.03 0.17 0.07 Saturn Mnrls V 1235 0.15 0.13 Savary Gold V 1793 0.07 0.05 0.06 + 0.01 0.10 0.04 Savary Gold* O 145 0.05 0.03 0.05 + 0.01 0.08 0.03 Saville Res V 1365 0.10 0.09 0.09 - 0.01 0.40 0.06 0.14 - 0.01 0.35 0.12 Scandium Intl* O 243 0.15 0.13 Scandium Intl T 1045 0.19 0.16 0.18 unch 0.00 0.48 0.16 Scorpio Gold V 1451 0.04 0.03 0.04 + 0.01 0.12 0.02 ScoZinc Mg V 27 1.36 1.25 1.26 - 0.14 1.75 0.96 1.18 + 0.06 1.44 0.76 ScoZinc Mg* O 10 1.18 1.18 Seabridge Gld T 398 14.40 13.04 13.41 - 0.74 17.65 12.40 Seabridge Gld* N 2454 11.55 10.30 10.60 - 0.70 13.70 9.22 Search Mnls V 244 0.09 0.07 0.08 + 0.01 0.10 0.03 Searchlight* O 353 0.01 0.00 0.01 + 0.00 0.11 0.01 Secova Mtls* O 560 0.02 0.02 0.02 + 0.00 0.09 0.01 Secova Mtls V 608 0.03 0.02 0.02 - 0.01 0.11 0.02 Sego Res V 249 0.06 0.05 0.05 unch 0.00 0.09 0.03 Select Sands V 2242 0.50 0.40 0.44 + 0.02 1.93 0.35 Semafo T 5937 3.78 3.43 3.67 + 0.16 5.00 2.68 Senator Mnrls V 163 0.24 0.20 0.23 + 0.03 1.99 0.18 Sennen Potash V 241 0.55 0.44 0.55 + 0.06 1.05 0.30 Sennen Potash* O 1 0.40 0.40 0.40 unch 0.00 0.63 0.33 Serabi Gold T 30 0.07 0.05 0.05 - 0.01 0.10 0.05 Serengeti Res V 144 0.15 0.14 0.14 - 0.01 0.26 0.13 Shamrock Ent 121 0.05 0.04 0.05 + 0.01 0.06 0.02 Sherritt Intl T 10527 1.29 1.05 1.15 - 0.07 1.87 0.74 Shoshoni Gold V 10 0.05 0.05 0.05 unch 0.00 0.07 0.04 Sibanye Gold* N 27224 4.47 3.95 4.05 - 0.41 10.59 4.01 Sibanye Gold* O 28 1.13 1.05 1.05 - 0.08 2.44 1.13 O 180 0.01 0.01 0.01 unch 0.00 0.02 0.00 Sidney Resrces* Sienna Res* O 38 0.26 0.23 0.23 - 0.02 0.32 0.07 Sienna Res V 2138 0.32 0.29 0.30 - 0.01 0.39 0.09 Sierra Metals* X 33 2.54 2.26 2.36 - 0.14 3.10 2.10 Sierra Metals T 56 3.23 3.00 3.23 + 0.12 3.75 2.75 Signature Res* O 33 0.06 0.06 0.06 unch 0.00 0.09 0.06 Signature Res V 408 0.09 0.06 0.06 - 0.02 0.19 0.06 Silver Bear Rs T 372 0.28 0.25 0.26 - 0.02 0.49 0.12 Silver Bear Rs* O 36 0.23 0.21 0.21 - 0.01 0.38 0.08 Silver Bull Re* O 1736 0.20 0.14 0.15 - 0.02 0.23 0.06 Silver Bull Re T 1799 0.22 0.18 0.20 - 0.02 0.29 0.08 Silver Dragon* O 815 0.02 0.01 0.01 - 0.00 0.03 0.00 Silver Grail V 166 0.08 0.00 0.08 unch 0.00 0.13 0.05 Silver Hill* O 0 0.00 0.00 0.14 unch 0.00 0.36 0.10 Silver Mtn Mns V 104 0.03 0.02 0.02 - 0.01 0.06 0.02 Silver Predatr V 25 0.12 0.12 0.12 - 0.01 0.40 0.11 Silver Pursuit* O 1 0.13 0.13 0.13 unch 0.00 0.16 0.13 Silver Pursuit V 194 0.17 0.00 0.14 - 0.03 0.23 0.14

Week

12-month

Exc Volume High Low Last Change High Low

Silver Range V 54 Silver Scott* O 7 Silver Spruce* O 1 Silver Spruce V 220 Silver Stream* O 5 Silver Viper V 451 Silver Wheaton T 6770 Silver Wheaton* N 30119 Silvercorp Met T 2257 Silvercorp Met* X 2035 SilverCrest Mt* O 179 SilverCrest Mt V 479 Silverstar Res* O 55 Sirios Res* O 40 Sirios Res V 494 Sitka Gold 122 Skeena Res V 428 Skeena Res* O 108 O 102 Skyharbour Res* Skyharbour Res V 214 Slam Explor* O 22 Slam Explor V 657 O 51 Sojourn Explor* Sojourn Explor V 337 Sokoman Iron* O 39 Sokoman Iron V 3784 SolGold plc* O 476 SolGold plc T 103 Solitario Ex&R T 84 Solitario Ex&R* X 829 Sonora Gld & S V 150 O 11 Sonora Res * Sonoro Mtls V 44 Southern Arc* O 21 Southern Arc V 88 Southern Copp* N 6828 Southern Silvr* O 232 Southern Silvr V 300 SouthGobi Res T 4 Spanish Mtn Gd* O 277 Spanish Mtn Gd V 605 Sparton Res V 311 Sparton Res* O 38 Spearmint Res* O 19 Spearmint Res V 12779 Sphinx Res V 604 Sprott Res Hld T 1410 Spruce Ridge R V 135 Squire Mg Ltd 3095 SRG Graphite V 96 SSR Mining* D 7923 T 2163 SSR Mining St Augustine T 488 St Elias Mns* O 2 St-Georges Eco* O 99 St-Georges Eco 15595 Stakeholdr Gld* O 60 Stakeholdr Gld V 192 Standard Graph* O 565 Standard Lith V 1201 Standard Metal* O 74 Stans Energy V 588 Stans Energy* O 295 Star Diamond T 702 Star Gold* O 1 Starcore Intl T 180 Starr Peak Exp* O 0 Starr Peak Exp V 10 Steele Oceanic* O 0 Stellar Africa* O 14 Stellar Africa V 209 Stelmine Can V 234 Sterling Grp* O 282 Stina Res* O 51 Stina Res 2352 Stockport Expl* O 2 Stone Ridge Ex 410 O 55 Stornoway Diam* Stornoway Diam T 1453 Stratabd Mnr V 238 Strateco Res* O 8 Strategic Metl V 177 Strategic Metl* O 197 Strategic Res V 0 Stria Lithium V 2456 Strikepoint Gd V 587 Strikepoint Gd* O 38 V 349 Strongbow Expl Stroud Res V 590 Sulliden Mng T 124 Suncor Energy T 23073 Suncor Energy* N 33281 Sunvest Mnrls* O 58 Sunvest Mnrls V 3955 Superior Gold* O 161 Superior Gold V 730 Superior Mng V 6 Supreme Metals 1754 Sutter Gold* O 37 Sutter Gold V 39 Syrah Res* O 137

0.16 0.14 0.15 - 0.01 0.29 0.12 0.06 0.00 0.06 + 0.01 0.24 0.01 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.07 0.06 0.06 unch 0.00 0.12 0.05 1.00 0.54 0.55 + 0.29 1.00 0.01 0.22 0.18 0.20 + 0.01 0.30 0.15 26.65 23.54 23.96 - 2.28 29.90 23.18 21.35 18.67 19.02 - 2.11 22.78 18.32 3.24 2.84 2.98 - 0.16 5.90 2.72 2.59 2.18 2.37 - 0.16 4.50 2.12 1.66 1.46 1.58 + 0.05 2.10 0.84 2.06 1.83 2.00 + 0.13 2.79 1.05 0.29 0.22 0.22 - 0.03 3.36 0.20 0.26 0.23 0.23 - 0.03 0.36 0.21 0.31 0.29 0.29 + 0.01 0.49 0.25 0.23 0.17 0.23 + 0.03 0.30 0.16 0.76 0.66 0.66 - 0.06 0.80 0.40 0.60 0.53 0.55 - 0.04 0.67 0.27 0.32 0.28 0.28 - 0.04 0.54 0.24 0.40 0.36 0.36 - 0.03 0.70 0.31 0.04 0.04 0.04 - 0.00 0.05 0.02 0.05 0.04 0.05 unch 0.00 0.11 0.03 0.15 0.12 0.12 - 0.03 0.15 0.12 0.17 0.13 0.15 - 0.04 0.30 0.11 0.04 0.03 0.04 + 0.00 0.08 0.02 0.06 0.04 0.04 + 0.01 0.12 0.03 0.32 0.28 0.31 + 0.00 0.63 0.28 0.39 0.00 0.38 - 0.01 0.95 0.34 0.72 0.66 0.67 - 0.06 1.21 0.66 0.62 0.53 0.53 - 0.02 0.91 0.53 0.14 0.10 0.14 + 0.01 0.20 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.18 0.18 - 0.01 0.20 0.10 0.36 0.34 0.34 - 0.01 0.65 0.34 0.44 0.36 0.40 - 0.05 0.90 0.36 48.56 45.19 46.50 - 0.90 50.90 32.63 0.26 0.21 0.22 - 0.02 0.46 0.17 0.33 0.27 0.27 - 0.02 0.60 0.22 0.18 0.00 0.18 unch 0.00 0.47 0.12 0.10 0.08 0.09 + 0.00 0.17 0.06 0.12 0.10 0.11 + 0.01 0.23 0.08 0.11 0.09 0.09 - 0.01 0.14 0.03 0.08 0.07 0.07 - 0.00 0.11 0.02 0.08 0.07 0.07 - 0.02 0.11 0.02 0.10 0.08 0.10 + 0.01 0.14 0.02 0.08 0.06 0.07 unch 0.00 0.08 0.04 0.15 0.14 0.14 - 0.01 0.23 0.13 0.05 0.04 0.04 - 0.01 0.06 0.01 0.18 0.15 0.18 unch 0.00 0.18 0.05 1.96 1.76 1.84 unch 0.00 2.25 0.22 8.50 7.76 7.86 - 0.52 11.40 7.75 10.63 9.80 9.94 - 0.47 15.73 9.66 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.41 0.28 0.34 - 0.01 2.20 0.15 0.55 0.33 0.45 + 0.04 2.90 0.01 0.39 0.30 0.31 - 0.05 0.45 0.18 0.49 0.37 0.37 - 0.08 0.64 0.23 0.68 0.47 0.59 + 0.03 0.86 0.11 2.20 1.86 2.04 - 0.19 2.85 0.71 0.13 0.07 0.13 + 0.05 0.22 0.02 0.04 0.00 0.03 - 0.01 0.06 0.03 0.03 0.02 0.02 - 0.01 0.05 0.02 0.18 0.16 0.18 + 0.01 0.44 0.15 0.05 0.05 0.05 unch 0.00 0.16 0.05 0.26 0.23 0.23 - 0.01 0.62 0.23 0.09 0.09 0.09 unch 0.00 0.09 0.09 0.14 0.14 0.14 unch 0.00 0.19 0.08 0.00 0.00 1.01 unch 0.00 10.40 1.01 0.04 0.04 0.04 + 0.00 0.05 0.03 0.06 0.05 0.05 unch 0.00 0.07 0.03 0.21 0.18 0.18 - 0.02 0.45 0.16 0.04 0.03 0.03 unch 0.00 0.16 0.03 0.28 0.23 0.23 - 0.02 0.28 0.06 0.35 0.28 0.29 - 0.06 0.36 0.08 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.34 0.25 0.30 + 0.01 0.60 0.05 0.46 0.42 0.43 - 0.02 0.73 0.42 0.58 0.51 0.56 - 0.01 0.99 0.51 0.05 0.04 0.05 - 0.01 0.06 0.01 0.00 0.00 0.00 unch 0.00 0.07 0.00 0.50 0.45 0.45 - 0.01 0.73 0.40 0.40 0.35 0.36 - 0.03 0.54 0.31 0.00 0.00 0.18 unch 0.00 0.25 0.10 0.07 0.05 0.06 + 0.01 0.08 0.03 0.23 0.18 0.21 + 0.01 0.67 0.15 0.18 0.15 0.18 + 0.01 0.47 0.11 0.19 0.15 0.16 unch 0.00 0.27 0.13 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.38 0.34 0.38 + 0.01 0.65 0.18 43.99 40.82 42.38 - 1.43 47.69 36.09 35.25 32.32 33.68 - 1.58 38.39 27.96 0.18 0.09 0.17 + 0.08 0.18 0.06 0.14 0.11 0.12 + 0.02 0.15 0.08 0.90 0.76 0.76 - 0.14 0.98 0.69 1.10 0.95 1.00 - 0.07 1.28 0.85 0.08 0.07 0.07 - 0.01 0.13 0.04 0.05 0.04 0.04 - 0.01 0.15 0.03 0.03 0.02 0.02 - 0.01 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.02 2.83 2.45 2.51 - 0.41 3.85 1.68

Tahoe Res* N 18757 T 5910 Tahoe Res Tajiri Res V 180 Taku Gold* O 20 Taku Gold 122 Talmora Diamd 2 Talon Metals T 167 Tamerlane Vent* O 13 Tamino Mnrls* O 6104 Tanager Energy V 601 Tango Mining V 2496 Tanqueray Expl V 337 Tantalex Res 1938 Tanzania Mnls V 2403 Tanzania Rlty T 153 Tanzania Rlty* X 730 Taranis Res* O 43 Taranis Res V 51 Tarku Res V 439 Tartisan Res 797 Tasca Res* O 2 Tasca Res V 390 Taseko Mines T 1387 Taseko Mines* X 4040 Teck Res T 12092 Teck Res T 35 Teck Res* N 26301 Telson Res * O 2 Telson Res V 557 Tembo Gold V 1491 Tembo Gold* O 35 Teranga Gold* O 109 Teranga Gold T 1475 Teras Res V 416 Teras Res* O 22 Terraco Gold V 805 Terrax Mnrls V 297 Terrax Mnrls* O 183 Terreno Res V 273 Teslin Rvr Res V 585 Tesoro Mnrls V 26 Tethyan Res V 80 Teuton Res* O 36 Teuton Res V 151 Texas Mineral* O 46 Theia Res V 58 Themac Res V 7 Thor Expl V 19 65 Thunder Mtn Gd* O Thunderstruck V 324 Thunderstruck* O 32 Tiger Intl V 20 Till Capital V 6 Till Capital* D 28 Tiller Res V 56 Timberline Res V 264 Timberline Res* O 250 Timmins Gold T 534 Timmins Gold* X 840 Tinka Res* O 554 Tinka Res V 1106 Tintina Mines V 11 Tirex Res* O 11 Titan Mining T 475 Titanium Corp V 448 TMAC Resource* O 3 TMAC Resources T 102 TNR Gold V 960 Toachi Mg Inc* O 5 Toachi Mg Inc V 965 Tolima Gold V 340 TomaGold V 336 Tombstone Expl* O 2135 Tonogold Res* O 158 Torex Gold* O 152 Torex Gold T 2542 Toron, Inc* O 3210 Torq Resources V 193 Torq Resources* O 40 Tower Res V 764 Transatlan Mng* O 32 Transatlan Mng V 181 Transition Mtl V 50 Treasury Metal T 324 Treasury Metal* O 104 Trecora Res* N 251 Trek Mining V 1852 Trek Mining* O 557 Tres-Or Res V 106 Trevali Mng T 17471 Trevali Mng* O 325 Tri Origin Exp V 64 Trident Gold V 9 Trifecta Gold* O 6 Trifecta Gold V 18 Trilogy Mtls T 89 Trilogy Mtls* X 1266 TriMetals Mng* O 44 TriMetals Mng* O 43 TriMetals Mng T 541 Trinity Res* O 0 Trinity Valley V 212

4.37 3.76 3.84 - 0.37 9.68 3.96 5.45 4.75 4.85 - 0.38 12.98 4.98 0.10 0.09 0.10 + 0.01 0.21 0.08 0.07 0.07 0.07 unch 0.00 0.20 0.00 0.09 0.00 0.09 unch 0.00 0.25 0.06 0.00 0.00 0.05 unch 0.00 0.05 0.01 0.08 0.06 0.07 - 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.08 0.09 + 0.01 0.20 0.08 0.05 0.04 0.04 - 0.01 0.09 0.03 0.50 0.44 0.45 - 0.04 1.56 0.45 0.20 0.15 0.20 + 0.02 0.25 0.03 0.03 0.01 0.02 unch 0.00 0.04 0.01 0.48 0.41 0.43 - 0.02 0.79 0.31 0.38 0.33 0.33 - 0.03 0.60 0.24 0.09 0.06 0.06 - 0.02 0.11 0.06 0.11 0.09 0.11 unch 0.00 0.14 0.08 0.05 0.04 0.05 + 0.01 0.07 0.03 0.18 0.12 0.15 - 0.02 0.20 0.07 0.09 0.09 0.09 unch 0.00 0.38 0.08 0.10 0.08 0.09 - 0.01 0.62 0.05 2.18 1.91 1.95 - 0.15 2.98 1.36 1.76 1.52 1.58 - 0.09 2.46 1.00 36.51 33.28 34.88 - 0.31 38.89 19.27 37.00 33.26 33.75 - 1.35 38.88 20.00 29.29 26.39 27.70 - 0.63 30.79 14.56 0.56 0.55 0.55 - 0.01 0.72 0.19 0.74 0.70 0.74 + 0.04 0.89 0.27 0.03 0.02 0.02 unch 0.00 0.06 0.01 0.02 0.02 0.02 - 0.00 0.04 0.01 2.84 2.59 2.60 unch 0.00 6.40 1.83 3.60 3.20 3.38 + 0.12 5.25 2.36 0.09 0.07 0.07 - 0.02 0.18 0.07 0.07 0.06 0.06 - 0.00 0.13 0.06 0.09 0.08 0.09 - 0.01 0.16 0.08 0.57 0.48 0.54 + 0.01 0.87 0.38 0.45 0.38 0.41 - 0.02 0.67 0.30 0.09 0.07 0.07 unch 0.00 0.18 0.03 0.50 0.45 0.46 - 0.02 0.76 0.39 0.11 0.08 0.08 - 0.02 0.12 0.06 0.30 0.26 0.29 - 0.01 0.57 0.18 0.15 0.12 0.15 - 0.02 0.26 0.12 0.19 0.17 0.19 unch 0.00 0.35 0.15 0.20 0.19 0.20 + 0.01 0.39 0.12 0.10 0.07 0.07 unch 0.00 0.12 0.07 0.07 0.00 0.05 - 0.02 0.10 0.03 0.18 0.15 0.18 unch 0.00 0.25 0.08 0.17 0.15 0.15 - 0.02 0.30 0.08 0.08 0.07 0.07 - 0.01 0.14 0.05 0.07 0.06 0.07 + 0.00 0.11 0.04 0.09 0.09 0.09 unch 0.00 0.15 0.08 5.00 0.00 4.12 - 0.88 5.85 3.79 4.40 0.00 4.01 - 0.19 5.45 3.30 0.37 0.36 0.37 + 0.01 0.65 0.19 0.22 0.19 0.19 - 0.02 0.69 0.19 0.21 0.15 0.17 - 0.00 0.52 0.15 4.07 3.55 3.57 - 0.19 7.99 3.60 3.27 2.81 2.83 - 0.21 6.06 2.82 0.52 0.45 0.46 - 0.05 0.75 0.24 0.66 0.56 0.57 - 0.06 0.87 0.32 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.71 0.48 0.48 - 0.23 0.92 0.14 1.36 1.21 1.21 - 0.14 1.65 0.92 1.30 0.95 1.08 - 0.12 1.50 0.42 7.13 6.80 7.13 - 0.09 14.15 5.45 9.33 8.25 8.39 - 0.46 18.67 6.90 0.06 0.04 0.04 - 0.01 0.09 0.03 0.18 0.13 0.13 - 0.06 0.35 0.18 0.18 0.15 0.17 unch 0.00 0.62 0.15 0.02 0.02 0.02 - 0.01 0.06 0.01 0.07 0.06 0.07 unch 0.00 0.12 0.06 0.01 0.00 0.01 - 0.00 0.01 0.00 0.22 0.13 0.20 + 0.03 0.40 0.03 9.86 8.79 9.16 - 0.69 25.03 8.15 12.49 10.93 11.61 - 0.59 32.85 10.12 0.01 0.01 0.01 - 0.00 0.02 0.00 0.51 0.48 0.49 - 0.01 1.00 0.43 0.41 0.41 0.41 unch 0.00 1.10 0.35 0.13 0.10 0.11 - 0.02 0.34 0.11 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.07 0.06 0.07 + 0.01 0.50 0.04 0.14 0.00 0.14 + 0.01 0.24 0.12 0.55 0.53 0.55 unch 0.00 0.90 0.50 0.45 0.42 0.42 - 0.05 0.67 0.30 13.20 12.70 12.85 - 0.15 14.30 10.13 1.19 1.06 1.08 - 0.04 1.90 0.88 0.96 0.84 0.86 - 0.05 1.49 0.69 0.05 0.04 0.05 - 0.01 0.07 0.03 1.63 1.38 1.47 - 0.10 1.75 1.03 1.30 1.09 1.18 - 0.07 1.37 0.76 0.04 0.03 0.03 - 0.01 0.06 0.03 0.17 0.17 0.17 unch 0.00 0.22 0.12 0.08 0.00 0.08 - 0.00 0.20 0.07 0.11 0.00 0.10 - 0.01 0.40 0.10 1.75 1.48 1.55 + 0.01 2.03 0.60 1.40 1.17 1.23 - 0.01 1.64 0.45 0.11 0.10 0.11 + 0.00 0.22 0.10 0.19 0.18 0.19 + 0.01 0.20 0.11 0.15 0.12 0.13 - 0.02 0.29 0.12 0.00 0.00 0.01 unch 0.00 0.16 0.01 0.13 0.12 0.12 - 0.01 0.20 0.08

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 875 Trio Resources* TriStar Gold* O 170 TriStar Gold V 197 Triumph Gold V 461 Triumph Gold* O 128 Troilus Gold* O 0 Troilus Gold V 14 Troy Enrgy V 75 Troy Res* O 16 Troymet Expl V 334 50 V True Grit Res 3898 True North Gem V Trueclaim Expl V 48 Trueclaim Expl* O 0 Tsodilo Res V 2 Tudor Gold V 112 18 O Tudor Gold * O 768 Tungsten Corp* 20412 Turquoise HIl* N Turquoise HIl T 5056 TVI Pacific V 1094 TVI Pacific* O 30 Tyhee Gold* O 10 Typhoon Expl V 36

0.00 0.00 - 0.00 0.00 0.00 0.00 0.13 0.22 - 0.02 0.34 0.25 0.21 0.18 0.28 - 0.02 0.44 0.33 0.27 0.25 0.29 - 0.05 0.57 0.36 0.27 0.20 0.22 - 0.06 0.46 0.29 0.22 0.47 unch 0.00 1.43 1.43 0.00 0.00 0.10 1.94 - 0.08 2.25 2.02 0.00 0.03 unch 0.00 0.15 0.06 0.06 0.06 0.05 0.09 + 0.01 0.13 0.09 0.08 0.01 unch 0.00 0.03 0.01 0.02 0.01 0.07 0.02 0.05 0.05 unch 0.00 0.05 0.02 0.01 0.01 0.01 unch 0.00 0.01 0.07 0.13 - 0.01 0.40 0.13 0.13 0.01 unch 0.00 0.19 0.11 0.00 0.00 0.54 unch 0.00 0.99 0.58 0.58 0.00 0.37 0.46 - 0.01 0.94 0.47 0.45 0.71 0.31 0.35 0.37 + 0.00 0.37 0.00 0.00 - 0.00 0.00 0.00 0.00 2.44 2.75 - 0.19 3.65 2.99 2.69 3.25 3.45 - 0.21 4.76 3.73 3.40 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.00 0.01 + 0.00 0.05 0.02 0.01 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.04 0.08 - 0.01 0.12 0.09 0.08

U.S. Lithium* O 1715 U3O8 Corp* O 19 U3O8 Corp T 94 O 0 UC Res* 713 Ucore Rare Mtl* O 541 Ucore Rare Mtl V UEX Corp T 1045 Ultra Lithium* O 6 Ultra Lithium V 236 Umbral Enrgy* O 252 O 6 Unigold* V 250 Unigold United Lithium 5 85 United Res Hdg* O United Silver* O 8080 449 United States A* X United States S* N 64305 Unity Energy V 17 Unity Energy* O 3 Universal Vent V 306 Upper Canyon V 20 Ur-Energy T 177 Ur-Energy* X 1738 Uracan Res V 291 Uracan Res* O 5 884 Uragold Bay Rs V X 6539 Uranium Energy* O 0 Uranium Hunter* Uranium Res* D 833 Uravan Mnrls V 94 URZ Energy V 30 URZ Energy* O 114 1378 V US Cobalt 650 O US Cobalt * US Energy* D 507 4596 US Precious M* O US Tungsten* O 6 O 9 USCorp* 206730 N Vale* Valencia Vent* O 0 ValGold Res V 132 6427 Valley High Mg* O Valterra Res V 60 Valterra Res* O 284 Vanadium One V 545 Vanadiumcorp V 1152 Vanadiumcorp* O 318 Vangold Res* O 100 Vangold Res V 339 368 Vanstar Mng Rs V 4 O Vantex Res * Vantex Res V 15 Vatic Vent V 465 Vatic Vent V 423 N 4721 Vedanta* Vela Minerals V 3 Velocity Mnrls* O 65 Velocity Mnrls V 1993 Vendetta Mng* O 71 Vendetta Mng V 2890 Venerable Vent V 25 Venture Mnrls* O 12 Verde Potash T 53 Verde Res* O 0 Veris Gold* O 2 Victoria Gold V 1499 Victory Nickel 23 Victory Nickel* O 27 Victory Res V 5 Victory Vent V 482 Victory Vent* O 1 Virginia Enrgy V 131 Virginia Enrgy* O 94 Viscount Mng V 460 95 V Visible Gold M 131 Visible Gold M* O Vista Gold T 94 Vista Gold* X 1990 Viva Gold V 4 Volcanic Gold V 210 Volcanic Gold* O 24 Voltaic Min V 736 Voyageur Min V 64 VR Resources* O 99 VR Resources V 56 Vulcan Mnrls V 82 V 8469 VVC Expl

0.02 0.03 - 0.00 0.07 0.03 0.03 0.18 0.30 - 0.01 0.49 0.36 0.30 0.21 0.38 + 0.01 0.90 0.45 0.37 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.28 0.14 0.14 0.16 + 0.00 0.16 0.37 0.18 - 0.01 0.18 0.19 0.20 0.15 0.23 - 0.03 0.43 0.26 0.23 0.11 0.22 - 0.01 0.63 0.23 0.21 0.14 0.28 - 0.03 0.80 0.36 0.25 0.03 0.45 + 0.05 0.64 0.49 0.34 0.12 unch 0.00 0.24 0.19 0.19 0.18 0.15 0.22 + 0.02 0.33 0.22 0.20 0.40 unch 0.00 0.53 0.53 0.53 0.53 0.07 0.00 - 0.00 0.03 0.03 0.03 0.00 0.00 - 0.00 0.01 0.01 0.00 0.52 0.20 - 0.03 0.28 0.30 0.33 - 0.34 41.83 18.55 35.95 30.91 34.24 0.10 0.12 - 0.01 0.35 0.13 0.00 0.08 unch 0.00 0.19 0.09 0.09 0.09 0.33 0.38 - 0.06 0.50 0.44 0.38 0.03 0.23 + 0.01 0.34 0.23 0.00 0.62 unch 0.00 1.19 0.83 0.86 0.80 0.50 0.66 - 0.00 0.91 0.70 0.64 0.02 0.03 - 0.01 0.08 0.03 0.03 0.01 0.02 - 0.01 0.09 0.03 0.02 0.26 0.08 0.10 0.10 + 0.01 0.11 0.96 1.32 - 0.13 2.00 1.50 1.29 0.94 unch 0.00 3.00 1.20 0.00 0.00 0.76 0.82 - 0.01 2.64 0.90 0.79 0.04 unch 0.00 0.16 0.05 0.05 0.05 0.20 0.48 + 0.02 0.79 0.50 0.43 0.31 0.39 + 0.02 0.51 0.40 0.35 0.99 0.45 0.56 0.68 + 0.02 0.74 0.88 0.29 - 0.01 0.45 0.52 0.58 0.60 1.32 - 0.16 1.96 1.61 1.25 0.02 0.00 - 0.00 0.01 0.01 0.01 0.60 unch 0.00 9.10 1.50 1.55 1.50 0.00 unch 0.00 0.02 0.01 0.01 0.01 7.47 12.91 + 0.37 13.57 13.14 12.15 0.06 unch 0.00 0.15 0.15 0.00 0.00 0.03 0.08 + 0.01 0.09 0.08 0.07 0.04 0.00 0.01 0.01 + 0.00 0.02 0.02 unch 0.00 0.06 0.03 0.03 0.00 0.01 0.02 - 0.01 0.05 0.02 0.02 0.06 0.07 - 0.01 0.19 0.08 0.07 0.05 unch 0.00 0.18 0.13 0.14 0.12 0.04 0.11 + 0.00 0.14 0.11 0.08 0.05 0.18 - 0.01 1.38 0.20 0.16 0.06 0.22 - 0.01 0.25 0.24 0.20 0.15 0.06 0.08 0.10 + 0.01 0.10 0.16 0.04 - 0.02 0.07 0.07 0.09 0.05 unch 0.00 0.24 0.09 0.09 0.00 0.04 unch 0.00 0.09 0.09 0.09 0.07 0.04 0.08 + 0.01 0.09 0.09 0.06 13.78 19.52 - 0.75 21.99 20.94 18.75 0.19 0.25 - 0.02 0.54 0.25 0.25 0.13 0.13 - 0.02 0.35 0.15 0.13 0.16 0.18 - 0.02 0.47 0.20 0.16 0.15 0.17 + 0.00 0.27 0.18 0.17 0.20 0.22 + 0.01 0.35 0.23 0.21 0.09 unch 0.00 0.18 0.10 0.10 0.10 0.02 unch 0.00 0.04 0.03 0.03 0.03 0.31 0.70 + 0.02 1.77 0.77 0.66 0.01 unch 0.00 0.20 0.07 0.07 0.07 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.40 0.41 - 0.01 0.74 0.43 0.41 0.03 unch 0.00 0.09 0.05 0.06 0.05 0.00 0.04 + 0.00 0.14 0.04 0.04 0.13 unch 0.00 0.75 0.49 0.49 0.42 0.06 0.18 - 0.03 0.76 0.21 0.18 0.06 0.14 - 0.06 0.24 0.20 0.14 0.07 0.10 - 0.01 0.25 0.12 0.00 0.04 0.08 - 0.02 0.19 0.09 0.08 0.22 0.34 - 0.02 0.61 0.37 0.31 0.35 0.09 0.14 0.17 + 0.04 0.17 0.15 0.04 0.13 0.14 unch 0.00 0.14 0.77 1.01 + 0.05 1.61 1.08 0.94 0.60 0.80 + 0.03 1.24 0.86 0.75 0.29 unch 0.00 0.69 0.69 0.69 0.69 0.20 0.23 + 0.01 0.65 0.23 0.00 0.16 unch 0.00 0.45 0.17 0.17 0.00 0.25 0.25 - 0.15 2.00 0.31 0.04 0.04 0.08 - 0.01 0.15 0.10 0.08 0.21 0.22 - 0.02 0.27 0.24 0.22 0.21 0.27 - 0.04 0.41 0.30 0.27 0.04 0.05 + 0.01 0.08 0.05 0.04 0.02 unch 0.00 0.07 0.05 0.07 0.05

Walker Lane* O 0 Walker River V 274 T 213 Wallbridge Mng 1009 V War Eagle Mg Waseco Res V 62 Wealth Mnrls* O 289 Wealth Mnrls V 550 V 107 Wescan Gldflds O 21 Wescan Gldflds* Wesdome Gold T 1146 O 107 Wesdome Gold* 509 V West Af Res 88 V West High Yld West Kirkland V 428 69 West Kirkland * O 463 West Red Lake 96 West Red Lake* O Westcot Vent V 54 Western Areas* O 25 T 345 Western Copper X 529 Western Copper* 36 Western Pac Rs V 4 Western Pac Rs* O T 89 Western Potash Western Res* O 45 60 Western Troy C V Western Uran 110 Western Uran* O 147 V 253 Westhaven Vent O 54 Westhaven Vent* O 520 Westkam Gold* Westkam Gold V 8223 Westmoreland* D 3711 WestMountain* O 115 Westridge Res* O 6 Westridge Res 51 Whistler Gold V 4 White Energy* O 1 White Gold* O 39 White Gold V 489 250 White Metal R* O 247 White Metal Rs V 18 White Mtn Engy* O O 0 Whitehaven Coa* Whitemud Res V 89 O 0 Wincash Apolo* Winston Gold 487 Winston Gold* O 225 Wolfden Res* O 198 Wolfden Res V 540 Wolfeye Res V 427 O 1 Wolverine Mnls* Wolverine Mnls V 232 Worldwide Res V 68 WPC Res* O 151 WPC Res V 543 X-Terra Res* O 100 X-Terra Res V 349 Xander Res V 277 Xiana Mng* O 3 Xiana Mng V 76 Ximen Mng V 148 Ximen Mng* O 50 800 O XLI Tech Inc* Xmet Inc* O 48 V 2987 Xtierra Xtra-Gold Res* O 22 Xtra-Gold Res T 113 Yamana Gold T 13316 66696 Yamana Gold* N Yanzhou Coal* O 1 V 2 Yellowhead Mng Yorbeau Res T 1383 Yorbeau Res* O 200 0 O You Han Data* 20 O Zadar Vent * Zadar Vent V 350 Zenyatta Vent V 327 Zenyatta Vent* O 32 Zephyr Mnls V 220 Zephyr Mnls* O 46 Zimtu Capital V 59 1608 V Zinc One Res 1298 Zinc One Res * O Zincore Mtls V 67 Zincore Mtls* O 0 Zonte Mtls V 127

0.10 unch 0.00 0.20 0.10 0.00 0.00 0.06 0.08 + 0.01 0.17 0.08 0.06 0.06 0.08 - 0.01 0.15 0.09 0.08 0.18 0.04 0.11 0.18 + 0.09 0.19 0.04 0.05 - 0.01 0.08 0.06 0.05 0.91 1.03 - 0.18 1.85 1.19 1.01 1.22 1.28 - 0.22 2.34 1.45 1.27 0.05 unch 0.00 0.12 0.07 0.10 0.00 0.04 0.08 - 0.00 0.08 0.08 0.08 1.64 1.91 + 0.05 4.40 2.02 1.83 0.00 1.50 + 0.00 3.22 1.60 1.40 0.50 0.19 - 0.01 0.40 0.41 0.43 3.80 0.24 0.37 0.39 unch 0.00 0.40 0.06 0.08 - 0.01 0.11 0.08 0.07 0.08 0.04 - 0.00 0.05 0.06 0.07 0.31 0.08 0.11 0.11 unch 0.00 0.14 0.24 0.06 - 0.01 0.09 0.09 0.10 0.04 0.99 - 0.01 1.09 1.00 0.91 1.57 unch 0.00 2.74 2.63 2.71 2.63 1.06 1.06 - 0.07 2.24 1.14 1.01 0.85 0.84 - 0.07 1.72 0.93 0.80 0.03 0.01 0.02 0.03 + 0.01 0.03 0.02 0.01 0.02 0.02 unch 0.00 0.02 0.37 unch 0.00 1.20 0.40 0.42 0.40 0.29 0.32 - 0.01 0.47 0.32 0.32 0.06 0.02 - 0.01 0.03 0.03 0.03 0.54 0.64 - 0.04 2.80 0.73 0.63 0.44 0.47 - 0.03 2.17 0.55 0.47 0.07 unch 0.00 0.17 0.11 0.13 0.11 0.05 0.09 - 0.00 0.12 0.10 0.08 0.01 0.03 - 0.00 0.04 0.04 0.02 0.01 0.05 + 0.01 0.05 0.05 0.04 1.05 0.50 0.60 - 0.43 17.97 0.64 0.00 0.02 - 0.01 0.04 0.02 0.02 0.12 unch 0.00 0.60 0.46 0.46 0.46 0.29 unch 0.00 0.80 0.60 0.60 0.55 0.03 unch 0.00 0.08 0.08 0.08 0.08 0.12 unch 0.00 0.30 0.30 0.30 0.30 0.55 0.55 - 0.20 1.73 0.68 0.55 0.65 0.70 - 0.16 2.34 0.87 0.65 0.17 0.05 0.08 0.08 unch 0.00 0.08 0.24 0.03 0.10 0.10 unch 0.00 0.12 0.01 0.00 0.00 0.00 unch 0.00 0.00 1.83 unch 0.00 3.95 3.95 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.02 0.01 0.03 unch 0.00 0.22 0.04 0.00 0.00 0.03 unch 0.00 0.14 0.04 0.04 0.03 0.02 0.03 - 0.00 0.04 0.03 0.02 0.10 0.45 - 0.06 0.56 0.49 0.43 0.11 0.57 - 0.03 0.68 0.62 0.54 0.37 unch 0.00 1.64 1.02 1.05 0.95 0.05 unch 0.00 0.12 0.10 0.10 0.00 0.05 unch 0.00 0.17 0.13 0.15 0.12 0.01 unch 0.00 0.09 0.04 0.04 0.04 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.04 unch 0.00 0.07 0.05 0.05 0.05 0.15 unch 0.00 0.28 0.15 0.15 0.15 0.17 0.19 - 0.01 0.40 0.20 0.00 0.17 0.19 + 0.01 0.42 0.19 0.18 0.06 0.34 - 0.01 0.35 0.35 0.34 0.08 0.39 - 0.04 0.54 0.40 0.38 0.13 unch 0.00 0.60 0.17 0.19 0.16 0.11 unch 0.00 0.44 0.13 0.13 0.13 0.05 0.00 0.01 0.01 + 0.00 0.01 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.02 unch 0.00 0.08 0.05 0.06 0.04 0.11 0.19 - 0.01 0.27 0.20 0.19 0.17 0.24 - 0.02 0.36 0.25 0.23 2.84 3.89 - 0.16 4.76 4.16 3.74 2.21 3.08 - 0.20 3.80 3.33 2.96 0.77 unch 0.00 1.83 1.83 1.83 1.83 0.38 0.48 + 0.04 1.20 0.48 0.00 0.05 0.05 - 0.01 0.10 0.06 0.05 0.04 0.04 - 0.00 0.07 0.04 0.04 2.00 1.00 0.00 2.00 unch 0.00 0.00 0.12 0.05 0.07 0.08 unch 0.00 0.08 0.07 unch 0.00 0.16 0.08 0.09 0.08 0.52 0.74 + 0.03 1.29 0.75 0.64 0.46 0.57 - 0.01 0.93 0.57 0.51 0.18 0.24 + 0.02 0.41 0.24 0.20 0.15 0.19 + 0.01 0.28 0.19 0.00 0.20 0.26 - 0.02 0.35 0.28 0.26 0.90 0.31 - 0.06 0.43 0.44 0.51 0.67 0.01 - 0.05 0.34 0.35 0.42 0.06 0.16 - 0.02 0.35 0.17 0.14 0.06 0.09 - 0.03 0.25 0.09 0.00 0.12 0.19 + 0.01 0.49 0.19 0.16

U-V

W-Z

2018-02-13 5:22 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

23

Monarques to acquire gold properties from Agnico QUEBEC

| $4.6M deal brings Quebec land package to 300 sq. km

BY RICHARD QUARISA rquarisa@northernminer.com

M

onarques Gold (TSXV: MQR; US-OTC: MRQRF) is set to acquire the McKenzie Break and Swanson gold properties from Agnico Eagle Mines (TSX: AEM; NYSE: AEM). The agreement brings Monarques’ Quebec land package to 300 sq. km.

Both properties host near-surface gold deposits, with historical resource estimates situated close to Monarques’ Beacon and Camf lo mills. Neither site has been drilled deeply, however, with holes at McKenzie averaging 150 metres.

“The idea behind those acquisitions is to ensure we have a full pipeline of projects to make sure that we could fill in the two mills in the coming years,” Monarques Gold CEO Jean-Marc Lacoste says in a telephone interview with The Northern Miner.

The McKenzie property is 40 km north of the Beacon mill and 25 km north of Val-d’Or. It consists of nine claims covering 3.4 sq. km, accessible by road year-round.

A historical 1991 estimate stands at 800,000 tonnes grading 6.63 grams gold per tonne for a total

The ramp entrance at the McKenzie Break gold project, 25 km north of Val-d’Or, Quebec. Monarques Gold has optioned the project from Agnico Eagle Mines. MONARQUES GOLD

173,500 oz. gold at a 1.7 gram gold cut-off grade. In 1994, another estimate calculated 160,000 tonnes at 10.86 grams gold using a 3.5 grams gold cut-off for 56,300 indicated oz. gold. So far, 37,800 metres have been drilled at McKenzie in 258 holes.

“The main focus should be McKenzie Break, followed by Swanson,” Lacoste says. “Swanson is more of a long-term project. But the McKenzie Break already has a ramp that was built in 2012 and it’s got access to the mineralization. So phase one at McKenzie Break will be to dewater

and get to understand the system better.”

The Swanson property is 65 km north of the Beacon mill. It holds one mineral lease and 129 claims covering 51 square kilometres. Compared to McKenzie it is relatively unexplored. A railway crosses the property, as does a transmission line.

As of a 1985 historical estimate, Swanson contains 815,000 inferred tonnes grading 3.71 grams gold for 91,200 oz. gold.

Both properties are connected to the Beacon mill by back roads.

Lacoste points out that ore from Swanson could be sent by train down to Beacon, which sits only 400 metres from the train tracks.

The Beacon mill is fully built and permitted, but has been on care and maintenance for the last five years. Lacoste says it would take $2 million to get the mill up and running again.

“Our goal is to have the Beacon mill ready by the end of 2018, so we’ll have more options,” Lacoste says.

“The Beaufor (ore) could be milled at the Beacon mill, leaving more room to the Camflo mill because we have a bit of a line-up with clients to go to the Camflo mill.”

Monarques will acquire the properties from Agnico for $1.6 million in cash and $3 million in shares.

Agnico was entitled to a 1.5% net smelter return royalty on each property, but Monarques bought it back on McKenzie Break for US$50,000 cash and 600,000 shares.

“The good news is, when you get something from Agnico, it comes with data rooms full of information and engineering,” Lacoste says.

“If you look at the Swanson property, they actually took it almost to production. We have a lot of information, we understand the

pit shape — all these things have been done for us.”

Monarques has several exploration assets as well as the producing, underground Beaufor mine located 20 km northeast of Vald’Or, which produced 19,662 oz. gold in 2016.

Monarques acquired Beaufor and the Camflo mill as well as several other properties in a deal with Richmont Mines (TSX: RIC; NYSE: RIC) that closed in October 2017. It poured its first gold later that month.

Lacoste says the focus for early 2018 will be on its wholly owned Croinor property. Croinor has 541,000 proven and probable tonnes grading 6.77 grams gold per tonne for 117,870 oz. gold.

“The beauty with Croinor is there’s no limit on the bulk sample,” Lacoste says. “Because we have the permits in place for mining, we can just go in and do any amount of bulk sampling we want to do, and that’s going to help us understand Croinor a lot better. So that might be the number-one position for flow-through money in 2018.”

Monarques shares are trading at 30¢ with a 52-week range of 25¢ to 49¢. The company has a $63-million market capitalization. TNM

PMF panel discusses innovation in mine development ROUNDTABLE From 7

Ewan Downie: I don’t know if that’s possible. We’re seeing more passive investors investing in our sector rather than active investors, so I don’t think a lot of those investors care about what innovations are going on. They buy a basket of stocks and whatever happens, happens.

Gordon Stothart: Some of it goes back to vision. You need to sell the vision of why you’re doing it. It’s challenging. In quarterly reports and so on, the feedback on innovation is lost a little bit.

As an industry, we’ve moved from a model where Inco had a research facility, Falconbridge had a research facility and Noranda had one, and so did Cominco, Teck and so on.

Most of those big companies have since moved offshore, and all of those facilities have gone away.

We’re right in the midst of trying to reinvent how we do technology as a mining industry in this country.

It’s challenging and it’s a tough sell for investors.

Matt Manson: Investors are moving away from being a fund manager that’s interested in a specific sector and a specific team, and a specific long-term vision.

It’s become a short-term vision.

It’s exchange-traded funds driven, and has become much more passive.

For investors, it’s about the next quarterly report. That’s the mark.

It’s not how clever and forwardthinking the management team is.

Unfortunately, that’s the way it has been going.

Gordon Stothart: Earlier, we spoke about “needs-driven” so that if the demands come from either the technical aspects of the deposit itself or the regulatory space, or the social space, where you’re trying to open up operations, you just have to get better at it. At some point in time, the investor community will follow it.

1-16, 23_FEB19_Main .indd 23

There is a segment of the investor community that is focused on ethical investments and is driving in those directions. It will take some learning, but it can get there.

John Mullally: Up till now, we don’t really see any evidence of this. There is no data to work with. So that’s what we’re trying to do when we go out and work with a Glencore for battery electric vehicles or with vendors and consortiums: develop evidence, and then these things can be linked to productivity.

But right now, we’re still in pilot mode to develop this evidence to link to quarterly results and see that they’re driving results.

Subo Chatterjee: We do analysis of failed projects in relation to innovation and what we noticed is that most companies invest in a vision. They do pilots and then jump to transformation. What they’re missing is their bottom-up capability, and building it up within their organization.

They’ve invested in all this technology and all these assets, but what they haven’t done is build their workforce to deal with that level of change.

That’s where a lot of the transformations fail because a lot of their workforce is not ready for that. If you build up the innovation story in a gradual approach as a confidencebuilding exercise, if might help, and that may apply to investors, too.

Gordon Stothart: Then you get Goldcorp with Probe and the “clean slate” idea. Our next project Côté is like that in the same way: a clean slate. You don’t have a lot of the other inertia to change.

It’s really tough to gradually change a mining operation because of all the aforementioned reasons: you make big investments that are very expensive, and to incrementally change them is a challenge.

Walter Siggelkow: On the tech-

nology provider end of it, we don’t believe it’s the mine’s business to go out and try to convince shareholders to buy into unknown, unproven technologies.

At some point in time the vendors have to go out and put our money where our mouth is. And we have to invest our own money and build products that actually make money for the mine.

If you sell something to a mine, it needs to make money. It needs to put black on the balance sheet.

And investors are going to invest in the mine that makes money. That’s return on investment.

As an innovation-driven company, 30% of our revenues go right back into R&D every year.

So if I want to sell to the mine next year, well, I better have something to sell them that’s going to make them money.

John Mullally: That’s why Walter’s Hard-Line won northern Ontario’s Entrepreneur of the Year Award. A shout-out to Walter.

TNM: Let’s wrap up by asking each of you our poll question: Who is the biggest driver of innovation today in mine development? Is it mining companies, mining suppliers, government research institutes or universities and colleges? Our poll respondents gave us a tie, saying the answer is mining companies and mining suppliers.

more of the minerals.

Everything drives the innovation, but money drives it at the end of the day.

John Mullally: The biggest factor would be people’s values. If you think about who we are trying to attract at a remote site, people have different values and make different choices. They don’t want to come work at these remote sites. Or the regulators themselves, if they see

things differently and they don’t want to move forward, there are tremendous barriers that can be put up. The changing role of First Nations and indigenous communities around the mine site play a part. If it’s not acceptable in their view, there’s not much that a mining company can really do to gain that acceptability.

So it’s really the shift in values and we’re seeing that everywhere, domestically and internationally. TNM

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Subo Chatterjee: It’s all of the above.

Matt Manson: Mining suppliers.

Gordon Stothart: Mining suppliers. And mining companies right behind that.

Walter Siggelkow: [Mining suppliers] to an extent. At the end of the day, we need these minerals. We need to mine them, and we need to mine them safely, and cheaper and faster. We need to make better use of these orebodies, anything to lower the cut-off point so we can take out

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2018-02-13 6:43 PM

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2018-02-13 12:12 PM