The Northern Miner February 20 2017 Issue

CANADIAN MINING HALL OF FAME: FIVE NEW INDUCTEES HONOURED / 5

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Opportunity abounds from coast to coast / 9–13

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FEBRUARY 20-MARCH 5, 2017 / VOL. 103 ISSUE 4 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Goldcorp scouts out investments in juniors GOLD

| Earmarks $100M to sink into 15 to 20 explorers

BY LESLEY STOKES

HONOURS

| Under-40 winners embody leadership, innovation

lstokes@northernminer.com VANCOUVER

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oldcorp (TSX: G; NYSE: GG) is looking to invest $100 million in a portfolio of junior explorers that have early stage projects with district-scale potential, Goldcorp president and CEO David Garofalo said during a presentation at this year’s Association for Mineral Exploration Roundup convention in Vancouver.

The investments would be made through private placements, rather than acquiring positions in the open market, and preference would be given to companies focused on the Americas, he added.

Garofalo, who joined Goldcorp in February last year, introduced a similar investment strategy, called the “farm system,” to Hudbay Minerals (TSX: HBM) during his tenure as the company’s president and CEO. Out of the 15 to 20 juniors in which Hudbay had small but significant stakes, Norsemont Mining and its Constancia copper-gold deposit in Peru came out on top. Hudbay acquired the entire company in 2011 for $362.8 million, and Constancia became Hudbay’s first major mining operation outside Canada.

“By and large, the major producers in our sector don’t do a great job at greenfield exploration,” Garofalo told the Vancouver crowd.

“We’re good at derisking projects, building mines and optimizing those operations over time, but the exploration game is an entirely different risk profile that requires a different set of skills — skills that junior explorers have.

“Explorers are effective at accumulating land around geologically prospective belts. They’ve done the geochemical and geophysical work and have generated good targets, but they need money to drill those targets, and that’s where we would come in,” he said.

The international gold miner has already spent the past year scooping up interests in a number of junior explorers.

In February 2016, the company injected $16.1 million into Gold Standard Ventures (TSXV: GSV; NSYE-MKT: GSV) to gain exposure

Watson, Woods win YMP awards

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BY MATTHEW KEEVIL AND SALMA TARIKH

he Young Mining Professionals (YMP) — a non-profit group with chapters in Vancouver, Toronto and Montreal — has awarded its inaugural YMP awards to Nolan Watson, president and CEO of Vancouver-based royalty firm Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND), and Alicia Woods, founder of Covergalls, which specializes in women’s work wear, and general manager of Marcotte Mining Machinery Services in Sudbury, Ontario.

The YMP Awards, presented in association with The Northern Miner, are intended to “recognize two young mining professionals,

Marathon Gold’s CEO Phillip Walford collects a sample at the Valentine Lake gold project in Newfoundland.

“WE HAVE TO COLLABORATE AMONG THE SENIOR RANKS TO CULTIVATE A GROWING RESERVE BASE … ALL OF THE MARKET LEADERS HAVE TO INVEST BACK INTO THE GROUND.” DAVID GAROFALO PRESIDENT AND CEO, GOLDCORP

to the junior’s Railroad-Pinion gold project in Nevada’s prolific Carlin trend, and $1 million into Sirios Resources (TSXV: SOI) for its flagship Cheechoo gold property next to Goldcorp’s Éléonore gold mine in Quebec.

By May, Goldcorp had bought all of Kaminak Gold for $520 million for its 5.2 million oz. Coffee gold project in the Yukon.

One month later, the company extended its reach in the Yukon

by spending $1.5 million for a 19.9% stake in Independence Gold (TSXV: IGO), which has the Boulevard gold project next to Coffee.

The latest addition to Goldcorp’s portfolio is a stake in technically driven Auryn Resources (TSX: AUG; US-OTC: GGTCF). In January, Goldcorp invested $35 million into the explorer for its promising Committee Bay gold project in Nunavut and gold projects in southern Peru.

See YMP / 2

MARATHON GOLD

“The past couple of years we’ve been in a capital-spend cycle, building up Éléonore and Cerro Negro, but now that we’re harvesting those returns we have to invest back in exploration,” Garofalo said. “We’ve taken a number of interests in junior companies, with the view of cultivating our portfolio with opportunities that could grow into something more meaningful.”

Goldcorp is after “large, long-life deposits” in prospective districts that could grow to at least 5 to 10 million oz. gold through brownfields discovery, and deliver up to 500,000 oz. in annual production, he said.

If such a project eventually fails to meet Goldcorp’s size criteria, Garofalo said his company would “recover [cents] on the dollar and recycle that capital into another junior.

“What we’re doing is a far more cost-effective way to do exploration, but it’s also risk-effective, too, because we’d diversify risk across 15 to 20 names,” he added.

While Garofalo wouldn’t comment on any projects Goldcorp may be interested in, there are at

PM40069240

See GOLDCORP / 3

TNM DATA MINER: THE WORLD’S LARGEST GOLD RESERVES / 3

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FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

Watson, Woods win YMP awards “TOO OFTEN PEOPLE THINK OF THE REASONS NOT TO DO SOMETHING … I REALLY THINK YOU NEED TO GIVE IT A SHOT.”

YMP From 1

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 required to be under 40 years of age in 2016 and active in some aspect of mining in Canada or the United States. Voting on nominees was held in January by a committee of four YMP directors and two Northern Miner executives.

Nolan Watson wins the Peter Munk Award (male), named after the legendary founder of Barrick Gold, while Alicia Woods wins 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.

The YMP Awards Gala to present the two with their awards will be held on March 4 at the Shangri-La Hotel in downtown Toronto, the day before the start of the Prospectors & Developers Association of Canada (PDAC) convention. Tickets are limited and can be purchased at: http://www.youngminingprofessionals.com/store/p19/YMPAwards17.

Barrick Gold, KPMG, Cassels Brock and the PDAC are the gala sponsors.

Nolan Watson Peter Munk Award winner Nolan Watson (b. 1979) has emerged as one of the brightest young leaders in the mining business. His journey began in 2004, at the age of 25, when he joined an experienced team of company builders as Goldcorp (TSX: G: NYSE: GG) spun-off Silver Wheaton (TSX: SLW; NYSE: SLW),which would go on to pioneer stream financing in the mining industry.

Watson emerged as an important figure in Silver Wheaton’s history.

As Silver Wheaton’s chief financial officer, Watson wrote in an early business plan that the com-

Mr. Graham Buttenshaw

ALICIA WOODS FOUNDER, COVERGALLS

Nolan Watson, president and CEO of Sandstorm Gold, and winner of YMP’s Peter Munk Award for 2016; and Alicia Woods, founder of Covergalls and general manager of Marcotte Mining Machinery Services, and winner of YMP’s Eira Thomas Award for 2016.

“LIFE IS TOO SHORT TO LIVE IT FOR YOURSELF.” NOLAN WATSON PRESIDENT & CEO, SANDSTORM GOLD

pany’s goal was to be “recognized as the largest, most profitable and best managed silver company in the world.” Four years later Silver Wheaton’s market capitalization exceeded US$5 billion, and today it remains the largest precious metals streaming company globally.

Watson helped build Silver Wheaton to these heights before his thirtieth birthday, and helped raise over US$1 billion in debt and equity capital.

But Watson was just getting started.

DMC Mining Services announces appointment of new Managing Director

DMC is pleased to announce the appointment of Mr. Graham Buttenshaw to the position of Managing Director of DMC Mining Services (DMC), effective January 16, 2017. Mr. Buttenshaw brings a wealth of global mining experience to the company and will lead DMC on its next chapter in its success through the expansion of the business domestically and abroad.

As an executive, Mr. Buttenshaw has successfully developed and led major mining projects around the world for companies such as Nyrstar, Redpath, Troy Resources and BHP Billiton. He has a B.Sc. in mining engineering from the Royal School of Mines in the UK, and completed an advanced management program at Harvard Business School. Mr. Buttenshaw has managed projects in Europe, Australia, North America and South America.

He was part of the team that founded Sandstorm Gold in early 2008 with the goal of building a new streaming company from the ground up. Unlike Silver Wheaton, Sandstorm did not inherit a portfolio or connections to an established mining company. It was founded on an experienced technical team and Watson’s commitment to becoming the best managed commodity finance company in the world.

Watson led Sandstorm’s acquisition of over 130 streams and royalties, which have fuelled the company’s growth from essentially a shell vehicle into an influential financial player with a market capitalization of nearly $900 million, and over U$60 million in annual revenues. The company has deployed in excess of US$650 million over the past seven years, and hopes to be the first to deliver a dividend in physical gold.

Watson combines his business acumen with an unwavering commitment to charity and social issues.

In the summer of 1998, he told his parents he was dropping out of university to pursue humanitarian causes, saying “life is too short to live it for yourself.” Watson was convinced to return to school and finish his degree, but his dedication to helping others never faded.

In 2003, he invested his life savings to found Nations Cry, a charitable foundation dedicated to providing education to children in Sierra Leone, West Africa. The organization has raised over $1 million in donations, built two schools and continues to help students finish secondary-level education and trade certifications.

Nations Cry’s Pathway Academy opened its doors to the community of Waterloo, Sierra Leone, in early 2016, and aims to enrol 200 students.

Watson is a fellow of Chartered Professional Accountants and a designated chartered financial analyst, and has a Bachelor of Commerce

degree, with honours, from the University of British Columbia.

He has won numerous awards for his professional and charitable achievements, including being recognized by the World Economic Forum as a “Young Global Leader,” receiving Canada’s Top 40 Under 40 Award, BC CEO of the Year

by Business In Vancouver and the Queen’s Diamond Jubilee Medal.

Alicia Woods The recipient of the inaugural Eira Thomas Award is mining entrepreneur Alicia Woods (b. 1978), the founder of Covergalls, which specializes in women’s work wear, and the general manager of Marcotte Mining Machinery Services.

Woods’ interest in the mining industry began at a young age. In 1979, her father Paul Marcotte, along with her grandfather and uncles, created Marcotte Mining, an underground mining equipment manufacturer.

“As you can imagine growing up, I would spend my weekends going to work with my father in the shop.

And it piqued my interest because there was always so much going on.

There was engineering work, design and manufacturing,” Woods says in an interview. “So growing up, I thought, I would always be my dad.”

But her dream of joining the industry faded when her dad died unexpectedly in 1992. A few years later, the family business was sold to another company.

Woods initially pursued a career in teaching, until she found herself back in familiar territory, after landing a part-time job at Marcotte Mining in 2000. Throughout her years there, she held several administrative, sales and marketing positions.

Woods recalls that the first time she went underground in 2000, there was no personal protective equipment — such as coveralls, safety gloves and hard hats — designed for women.

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“I could not believe there was nothing for women, so I just put on the smallest sizes I could find in all the men’s stuff. But it wasn’t until I went underground and asked to use the washroom that I realized the real challenges of men’s coveralls.”

Woods searched to see if she could find a coverall that didn’t have to be taken off completely to use the washroom, but came up empty-handed.

For the next 10 years, Woods stopped drinking liquids before going underground to avoid the awkward trip to the washroom. “Then one summer I was underground at a potash mine. It was dry and dusty and I had consumed three bottles of water.”

Woods was ready to go back to surface, when the cage went down for maintenance. “I had to face what I avoided all those years, which was using a porta-potty with no doors — disgusting! When I came home, I said, ‘That’s it! I can’t be the only woman struggling with wearing men’s work clothes. So I designed the covergall for myself.”

With the help of a seamstress, Woods made a prototype pair of covergalls, keeping functionality and safety in mind. The covergall has a rear opening, secured pockets and wrist snaps for a better fit. It also has an adjustable Velcro waist and a main two-way zipper. All of these features were lacking in the traditional coverall.

Receiving positive feedback from other women, Woods launched her Canadian-made Covergalls in 2014.

From there, she expanded the product line for women to include shirts, pants and accessories. Woods also introduced a line for men and kids.

Woods advises other young professionals not to let the fear of failure stop them from pursuing their dreams.

“Too often people think of the reasons not to do something, whether it’s to pursue a career opportunity, or a product or service that you want to create. I really think you need to give it a shot. I know for me in the beginning it was: ‘Should I?’ But I thought, ‘if I don’t, in a number of years I would wonder why I didn’t.’”

She continues that “you have two choices, and one is that you can build someone else’s dream, or you can choose to build your own. I have decided to pursue the path of building my own dream.”

As part of that quest, Woods aims to expand Covergalls into other industries and countries. Woods returned to Marcotte as general manager in late 2015, after seven years as a sales director at MacLean Engineering. She sits on the board of directors for the Northern Ontario Mining Supply & Services Association.

Woods was named a Woman of Distinction by the YWCA in 2016 and Young Entrepreneur of the Year (2015) by Influential Women of Northern Ontario. She is also the recipient of the 40 under 40

by Northern Ontario Business and received the Innovation Award by BPW. Woods lives in her hometown of Sudbury, Ont., with her husband and two children. TNM

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GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

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Largest global gold reserves in 2016 TNM DATA MINER

BY SALMA TARIKH

The camp at Sirios Resources’ Cheechoo gold property, next to Goldcorp’s Éléonore gold mine in Quebec. Goldcorp invested $1 million in the junior last year. SIRIOS RESOURCES

Goldcorp scouts juniors GOLDCORP From 1

least a few companies that could fit the bill.

Marathon Gold (TSX: MOZ) is one potential contender to receive a cash plug from the international miner. The junior explorer is working towards a preliminary economic study at its Valentine Lake gold project in central Newfoundland. The project hosts over 1 million oz. gold within four orogenic-style deposits, while the rest of its largely unexplored 240 sq. km land package covers a 20 km strike length of prospective structures.

Stratton Resources (TSXV: SI) also holds a significant land position in Newfoundland that may be attractive for Goldcorp.

In November last year, Stratton acquired 1,190 sq. km of ground from Shawn Ryan’s Wildwood Exploration. Ryan had picked up the ground shortly after striking a deal with G4G Capital (TSXV: GGC), which offered G4G the option to buy all of Ryan’s other gold properties, totalling 2,490 sq. km, in the Yukon’s prospective White Gold district. Stratton’s chairman and interim president and CEO is Shawn Wallace, who also serves as president and CEO of Auryn Resources. Stratton recently completed a $13-million private placement that will be used to fund exploration, further property acquisitions and general corporate purposes.

Aurion Resources (TSXV: AU) could give Goldcorp a toehold in Finland’s Central Lapland greenstone belt, a package of rocks similar to those seen within the goldprolific regions of Ontario and Quebec. The prospector generator is building momentum at its 100% owned, 140 sq. km Risti project after announcing the discovery of bonanza-grade gold mineralization on Feb. 2. Since last year, the company has discovered a 1,100-metre (1.1 km) by 700-metre gold mineralization zone, with 133 grab samples averaging 74.3 grams gold per tonne.

TerraX Minerals (TSXV: TXR; US-OTC: TRXXF) and Nighthawk Gold (TSXV: NHK; US-OTC: MIMZF) both have large land positions covering prospective greenstone belts in the Northwest Territories. TerraX is testing goldcontinuation structures south of the former 5 million oz. Con mine, with 17,000 metres of drilling at its Southbelt property outside Yellowknife. The junior explorer recently staked another 253 sq. km of claims, which brings its total land position in the greenstone belt up to 382 square kilometres.

Nighthawk is searching for a Kalgoorlie look-alike at its 899 sq. km Indin Lake gold property 200 km north of Yellowknife. Indin Lake hosts the former Colomac gold mine, which saw over 500,000 oz. gold produced between 1990 and 1997 at grades of 1.7 grams

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gold. Colomac still hosts 2 million oz. gold in 38.1 million inferred tonnes of 1.67 grams gold. The project has already gained the interest of Kinross Gold (TSX: K; NYSE: KGC) after a $10.1-million cash injection last November, which gave Kinross a 9.5% stake in Nighthawk.

While Goldcorp favours projects with low political risk, Garofalo hinted that “socially complex” regions may also be on the company’s radar.

“There are some large-scale deposits that are sitting in privates or juniors, but they don’t have the capital or technical capabilities to advance those projects further, and are generally socially complex, so you can’t build those mines overnight,” he said. “Nobody wants to hold any of those projects on their own … you’ll need potentially two or three companies working collaboratively to advance and derisk those projects over time.”

One such example could include Lumina Gold’s (TSXV: LUM) Cangrejos and Condor projects in southern Equador. Cangrejos hosts a porphyry copper-gold deposit with upwards of 4 million oz. gold in inferred resources, whereas the Condor project, located 31 km south of Lundin Gold’s (TSX: LUG; US-OTC: FTMNF) 7.4 million oz. Fruta del Norte gold project, hosts an epithermal system that contains 10.6 million oz. gold.

“If you look at the top-three producers in the world — including Goldcorp, Barrick and Newmont — collectively and individually over the last five years we’ve seen our reserves decline by a third,” Garofalo said. “That downward dynamic in gold reserves is not sustainable, and risks making the sector irrelevant to particular investors, so we have to turn that dynamic around as an industry.

And to do that we have to collaborate among the senior ranks to cultivate a growing reserve base … all of the market leaders have to invest back into the ground in a collaborative fashion to reverse that downward trend.”

This strategy is part of Goldcorp’s five-year plan to increase its production 20% to 3 million oz. gold, boost reserves 20% to 50 million oz. gold, and lower all-in sustaining costs 20% to US$700 per oz. gold.

As the company tones down greenfields exploration, brownfields work around its existing operations will continue.

Goldcorp’s mines are Musselwhite, Red Lake and Porcupine in Ontario, Éléonore in Quebec, Penasquito in Mexico, Pueblo Viejo in the Dominican Republic — in which it owns 40% — and Cerro Negro in Argentina. Potential large-scale camps in the company’s portfolio include NuevaUnion in Chile — a fifty-fifty joint venture with Teck Resources (TSX: TECK.B; NYSE: TECK) — and Coffee in the Yukon. TNM

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starikh@northernminer.com

he Northern Miner put together the largest global gold reserves at operating mines in 2016, using the Intelligence Mine database from sister company Infomine. The list excludes combined reserves at mine complexes such as Freeport-McMoRan’s (NYSE: FCX) 26.8 million oz. Grasberg coppergold operation in Indonesia and Detour Gold’s (TSX: DGC) 16.4 million oz. Detour Lake operation in Ontario, Canada.

1. South Deep, South Africa Gold Fields’ (NYSE: GFI; JSE: GFI) South Deep, which is the only mechanized gold mine in South Africa, takes the prize. The underground mine is 45 km southwest of Johannesburg in the Witwatersrand basin.

As of December 2015, South Deep had proven and probable reserves of 37.3 million oz. based on 218.8 million tonnes at 5.30 grams gold per tonne.

During the first half of 2016, South Deep produced 140,000 oz., up 87% from a year ago, due to higher volumes and grades. All-in sustaining costs were US$1,268 per ounce. As a result, Gold Fields increased the full-year guidance to 289,000 oz. from 257,000 ounces.

Despite this, the troubled mine has failed to deliver the expected 700,000 a year until 2057, with the mine life ending in 2080.

South Deep is a gold magmatic sulphide and placer deposit, with uranium. The mine workings are accessed through two shaft systems, including one with a main shaft that goes down to 2,995 metres, making it one of the world’s deepest mines.

Gold Fields employs long-hole stoping and drift-and-fill extraction.

South Deep, known as Western Areas Gold Mine until 2000, started commercial production in 1951.

Gold Fields acquired full ownership in 2007 and first reported positive free cash flow at South Deep in the second quarter of 2016.

2. Olimpiada, Russia Polyus Gold International (LON: POLG) is Russia’s largest gold producer and Olimpiada is its largest operation, accounting for more than a third of the company’s total production. The conventional shovel and truck open-pit operation sits 185 km north of Lesosibirsk in the Krasnoyarsk region.

At year-end 2015, Olimpiada contained proven and probable reserves of 29.1 million oz. from 274 million tonnes at 3.29 grams gold.

Its estimated mine life is 38 years.

During 2016, total output — including refined and concentrate — was 943,000 oz., which is up 24% from the previous year. The increase came from higher processed volumes, improved recoveries and an increase in gold contained in concentrate production. While full-year 2016 financials are not in, Olimpiada had all-in sustaining costs of US$560 per oz. in the third quarter.

The mine began production in 1996. Polyus uses flotation and bioleach processing to treat the ore onsite at two plants with a combined annual capacity of 8 million tonnes.

3. Lihir, Papaua New Guinea Newcrest Mining’s (TSX: NM; ASX: NCM) Lihir deposit is on Aniolam

| Gold operations from Africa to Russia serve up mega-ounces Island in Papua New Guinea’s New Ireland province, 900 km northeast of Port Moresby. The gold deposit occurs in the Luise Caldera, an extinct volcanic crater that is geothermally active.

As of December 2015, Lihir had proven and probable reserves of 28 million oz. contained within 370 million tonnes grading 2.3 grams gold. It has a 31-year mine life.

For the fiscal year ended in June 2016, the open-pit operation cranked out 900,034 oz. at all-in sustaining costs of US$830 per ounce. For fiscal 2017, Lihir should deliver 880,000 to 980,000 ounces.

Newcrest acquired Lihir in August 2010. Most of the ore is refractory and treated with pressure oxidation and a conventional leach process.

Since starting production in 1997, Lihir has delivered more than 10 million ounces.

4. Cadia East, Australia Newcrest’s wholly owned Cadia East hosts the largest gold reserve in Australia. The underground panel cave mine is part of the Cadia Valley Operations (CVO), which includes the Ridgeway underground mine and the Cadia Hill open-pit mine.

Both of these are on care and maintenance.

Cadia East is near the city of Orange in central-west New South Wales, 250 km west of Sydney. As of December 2015, Cadia East contained proven and probable reserves of 23 million ounces (1.5 billion tonnes at 0.47 gram gold). It has an estimated 37-year mine life.

During the 2016 fiscal year, Cadia East delivered 669,000 oz., including ounces from Ridgeway, which went on care and maintenance in

GOLD FIELDS’ MECHANIZED SOUTH DEEP MINE IN SOUTH AFRICA HAS PROVEN AND PROBABLE RESERVES OF 37.3 MILLION OZ. GOLD March 2016, after producing for 15 years. All-in sustaining costs were US$274 per oz., net of copper and silver credits.

During fiscal 2017, Cadia East should produce 730,000 to 820,000 ounces.

The mine achieved commercial production in January 2013.

5. Pueblo Viejo, Dominican Republic Barrick Gold (TSX: ABX; NYSE: ABX) holds 60% of the Pueblo Viejo gold mine in the Dominican Republic, where Goldcorp (TSX: G; NYSE: GG) has a 40% interest. The open-pit operation sits 100 km northwest of the capital city of Santo Domingo.

At year-end 2015, Pueblo Viejo had proven and probable gold reserves of 14.9 million ounces (156.5 million tonnes grading 2.97 grams gold).

Barrick and Goldcorp reported preliminary 2016 production from Pueblo Viejo of 700,000 oz. and 467,000 ounces. This puts the combined annual 2016 production at 1.16 million ounces.

Pueblo Viejo started commercial production in January 2013, and ramped up a year later. TNM

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Copper prices near two-year highs SUPPLY-DEMAND BALANCE

| 10% of world supply suddenly disrupted

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456, ext. 43564 larnold@glacierbizinfo.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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f you ever wondered what would happen to copper prices if 10% of world supply suddenly went offline, mid-February provided the answer: Spot copper prices soared to 20-month highs of US$2.79 per lb., as sociopolitical problems engulfed the world’s two largest copper mines: Escondida in northern Chile and Grasberg in

BY JOHN CUMMING Indonesia. jcumming@northernminer.com The Escondida mine, 57.5% owned by operator BHP Billiton, normally produces 1.25 million tonnes per year of copper, plus by-product gold and silver on a 100% basis — or 6% of world copper supply — from two open pits that feed two copper concentrate plants, as well as two leaching operations (oxide and sulphide).

The iconic mine is celebrating 25 years of operation during BHP’s 2016 fiscal year, having processed more than 2 billion tonnes of ore through solvent extraction-electrowinning and flotation.

But on Feb. 9, in the wake of bitter negotiations that broke off in late January, 2,500 unionized workers at the mine went on strike, demanding higher wages and a bonus that BHP refuses to pay. An ongoing strike at Escondida would translate into 25,000 tonnes of copper supply a week being removed from the market.

The union has said it is prepared to settle in for a long strike if its demands are not met, but by Feb. 14, the union had accepted the Chilean government’s invitation to try to resume a dialogue and possible mediation led by a government representative. BHP had yet to respond to the government’s invitation at press time.

News of the Escondida strike drove spot copper prices from US$2.64 per lb. to US$2.76 per lb., with copper prices now having held steady above US$2.60 per lb. for most of 2017, after having traded at a desultory US$2.10 per lb. as recently as October 2016.

Looking at a five-year price chart, copper prices look to have turned a corner with new support in the US$2.50 per lb. range, after briefly dipping below US$2 per lb. at the nadir in January 2016, when gloom pervaded every corner of the resource sector.

Last year there was only a 350,000-tonne surplus in the global copper market according to Wood Mackenzie, and most analysts had started the year predicting a similar, slight oversupply, indicating that just a couple months of disruptions at these two mega-mines could throw the copper market into deficit.

The situation at Grasberg is much murkier politically, with operator Freeport-McMoRan having yet to receive even a temporary permit to export copper concentrate from its Grasberg copper-gold mine in Papua province, which normally accounts for 4% of global copper output.

The Indonesian government famously banned all export of raw copper, nickel and bauxite concentrates from the country in 2014, though it has recently eased some restrictions on nickel and bauxite exports. Without a smelter in the country, Freeport has tried to buy time by obtaining temporary permits until it builds a smelter, the export ban is relaxed or it exits the country.

The Indonesian government’s latest refusal has forced Freeport to curtail production at Grasberg by 60%, or 35,000 tonnes per month of copper.

Scotiabank mining analysts point out that 2017 has an “unusually high number of global [copper] mines that are facing labour contract renewals,” and that 16% of global supply will deal with contract negotiations this year, the highest level in four or five years. They add that “given the overall positive sentiment on the copper price, it is likely we’ll see unions ask for more, but companies may not be ready to give in to higher wage and benefits.”

The new worry over labour disruption at the world’s copper mines has already prompted Goldman Sachs analysts to change their 2017 copper production forecast to an overall 0.4% decline, from a more conventional 1% increase.

So keep an eye on how the Escondida strike is resolved, not just for its immediate effect on the supply-demand balance for 2017, but for the tone and precedent it will set for other labour negotiations at copper mines around the world. TNM

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

COMPANY INDEX Agnico Eagle Mines. . . . . . . .13 Americas Silver . . . . . . . . . . .11 Anglo American. . . . . . . . . . . . 7 Aquila Resources . . . . . . . . . .11 Atlanta Gold . . . . . . . . . . . . . .11 Aurion Resources. . . . . . . . . . . 1 Auryn Resources . . . . . . . . . . . 1 Barrick Gold . . . . . . . . . . . . . . . 7 Brio Gold. . . . . . . . . . . . . . . . .16 Buenaventura . . . . . . . . . . . . . . 7 California Gold Mining . . . .11 Cameco . . . . . . . . . . . . . . . . . . . 8 Canadian Zinc . . . . . . . . . . . .14 Corazon Gold . . . . . . . . . . . . .12 Cordoba Minerals . . . . . . . . .15 Covergalls . . . . . . . . . . . . . . . . . 1 De Beers . . . . . . . . . . . . . . . . .14 Detour Gold . . . . . . . . . . . . 3,13 Dominion Diamonds . . . . . .14 Eloro Resources . . . . . . . . . . . . 7 First Quantum Mnrls . . . . 7,10 Fortune Minerals . . . . . . . . . .14

Freeport-McMoRan . . . . . 3,12 Fresnillo . . . . . . . . . . . . . . . . . . . 7 G4G Capital . . . . . . . . . . . . . . . 3 Goldcorp . . . . . . . . . . . . . . .1,2,3 Golden Queen Mining . . . . .11 Gold Fields . . . . . . . . . . . . . . . . 3 Gold Standard Ventures . . . . . 1 Great Panther Silver . . . . . . .23 High Power Exploration . . . .15 Hudbay Minerals . . . . . . . . . . . 1 Independence Gold . . . . . . . . . 1 Kennady Diamonds. . . . . . . .14 Kinross Gold. . . . . . . . . . . . . . . 3 Lumina Gold . . . . . . . . . . . . . . 3 Lundin Gold . . . . . . . . . . . . . . . 3 Marathon Gold. . . . . . . . . . . . . 3 Marcotte Mining M.S. . . . . . . 1 Mountain Province Diamonds. . . . . . . . . . . . . . .14 NewCastle Gold . . . . . . . . . . .13 Newcrest Mining . . . . . . . . . . . 3 Newmont Mining . . . . . . . 7,10

Nighthawk Gold. . . . . . . . . 3,14 OceanaGold . . . . . . . . . . . . . .12 Pancontinental Gold . . . . . . .12 Pilot Gold . . . . . . . . . . . . . . . . . 9 Quaterra Resources . . . . . . . .12 Rio Tinto . . . . . . . . . . . . . . . . .14 Sandstorm Gold . . . . . . . . . . . . 1 Selwyn Chihong Mining . . .14 Silver Wheaton . . . . . . . . . . . . . 2 Sirios Resources . . . . . . . . . . . . 1 Stratton Resources . . . . . . . . . . 3 Sumitomo Mining . . . . . . 10,12 Tahoe Resources . . . . . . . . . . . 7 Tartisan Resources . . . . . . . . . . 7 Teck Resources . . . . . . . . . . . . . 3 TerraX Minerals . . . . . . . . . 3,14 Tokyo Electric Power . . . . . . . 8 Torex Gold Resources . . . . . .16 Viscount Mining . . . . . . . . . . . 9 Western Pacific . . . . . . . . . . . .10 Yamana Gold . . . . . . . . . . 13,16

A stockpile at the Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo, which is owned by China Molybdenum (56%) Lundin Mining (24%) and Gécamines (20%). LUNDIN MINING

It’s cobalt’s time to shine, Macquarie says METALS COMMENTARY

| Renminbi cobalt prices have doubled in less than a year

BY TRISH SAYWELL

C

tsaywell@northernminer.com

obalt seems to be making a comeback.Current spot prices of US$17 per lb. are well above the US$10 per lb. mark of late 2015, and the metal’s steady march higher has been mirrored by moves in the price of cobalt tetroxide, a chemical used in the rechargeable battery industry, a new research report says.

Macquarie Capital says renminbi prices of cobalt tetroxide in China have doubled since mid-2016, which could mean that battery demand is improving.

“If last year was lithium’s time, for 2017 its battery-peer cobalt may be the one receiving attention,” Macquarie Capital’s London-based commodities analyst Colin Hamilton writes. “Prices have accelerated to levels last seen in 2011, and with demand from the core portable electronics sector recovering and supply growth relatively stagnant, this can be fundamentally justified.”

China has virtually no domestic metal supply, he says, and relies on the politically risky jurisdiction of the Democratic Republic of the Congo (DRC). China only produces 3% of its cobalt requirements, and of the 54,000 tonnes of cobalt it imported last year, 48,000 tonnes came from the DRC. “The ongoing Chinese purchases of DRC assets — most notably Tenke Fungurume — are with one eye on securing supply of cobalt,” he notes. “Moreover, the prioritization of higher-quality battery development by the Chinese government may even open up the coveted new energy vehicle market to greater cobalt penetration.”

Hamilton acknowledges that the metal’s comeback has been in the works for a long time. Cobalt prices reached US$50 per lb. in 2007, before sinking to US$25 per lb. in the wake of the global financial crisis. Prices found “some stability” in 2011 and 2012, before dropping sharply in 2015.

Half of cobalt consumption goes towards making batteries. “While lithium is often thought of as the battery metal, this sector only accounts for one-third of total demand,” Hamilton notes, “and may only reach cobalt’s current levels on a five- to 10-year view.”

The analyst estimates that cobalt

“THE ONGOING CHINESE PURCHASES OF DRC ASSETS — MOST NOTABLY TENKE FUNGURUME — ARE WITH ONE EYE ON SECURING SUPPLY OF COBALT.” COLIN HAMILTON COMMODITIES ANALYST, MACQUARIE CAPITAL

demand for batteries this year will increase 10% year-on-year.

Lithium-cobalt batteries are the staple of consumer electronics, including smartphones, and “continue to gain penetration in other areas, notably power tools,” he points out, adding that “this improving demand perspective clearly pressures Chinese battery manufacturers to seek more cobalt.”

While refined output in Australia, Russia and Zambia — key areas of global supply — “are well down on levels seen a decade ago,” there is a limited supply of new projects in the pipeline, and that means dependence on supply from the DRC will likely accelerate.

The problem with that scenario, the analyst says, is that the DRC is a country where “geopolitical risk is once again rising after a period of relative stability, with a transfer of presidential power due next year ... which has not gone smoothly over history.

“It is also a country under increasing pressure domestically to add value to mined products in the country, and under increasing pressure internationally to clamp down on artisanal mining — with cobalt extraction the poster child for this.”Much of the cobalt in the DRC comes as a coproduct with copper, and output there “has been stagnant for the last three years.

“Given the steady downtrend in copper pricing until October last year, investment in the DRC has been limited, while certain existing assets [most notably Glencore’s operations] have seen a supply decline.TNM

2017-02-14 8:14 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

5

Canadian Mining Hall of Fame hails five industry leaders INNOVATION

| Record crowd celebrates Zigarlick, Vaughan, McLeod, Carter and McEwen

BY SALMA TARIKH AND JOHN CUMMING

T

he Canadian Mining Hall of Fame (CMHF) bestowed honours on five industry trailblazers at its twenty-ninth induction ceremony in January at the Metro Toronto Convention Centre. The 2017 inductees — John Zigarlick, William S. Vaughan, Donald McLeod, James Carter and Robert McEwen — join 172 existing CMHF members.

“We are here tonight to celebrate the people that make our industry innovative, creative, exciting, caring, community-minded and ethical, and applaud our inductees who will receive the highest award you can receive in January,” Pierre Lassonde, chairman of FrancoNevada, told the crowd to begin the evening. Lassonde, a previous CMHF inductee, has been the evening’s master of ceremonies for the past 16 years.

Past inductees in attendance included Peter Bradshaw, George B. Cross, Graham Farquharson, Robert Friedland, John A. Hansuld, William James, Norman B. Keevil, Michael J. Knuckey, Grenville Thomas, Mark Rebagliati, Robert Dickinson, Peter Brown, Bert Wasmund and Mackenzie Iles Watson.

The CMHF also marked the passing of two inductees in 2016: Richard W. Hutchinson and David S. Robertson.

The soiree — held for the first 28 years at the nearby Fairmont Royal York hotel, with its smaller 800-person capacity — had a record attendance of 1,000 people. The attendees generously donated $600,000 to the Prospectors & Developers Association of Canada’s Mining Matters and B.C.-based MineralsEd mining educational charities, with the funds split equally.

John Zigarlick The first inductee of the evening was John Zigarlick (1937–2011), an innovative mine-builder and company-maker, who left an impression on Canada’s North by developing the world’s longest ice road and cofounding Nuna Logistics, a majority Inuit-owned mining supplier, among his other accomplishments.

“If he put his mind to something, he was going to do it. There was no stopping him,” his son Rory Zigarlick said in a video presentation, before accepting the induction on behalf of his father.

“People respected John and they respected his vision,” Nuna Logistics operations manager Patrick McHale shared in the video. “Engineering firms, you know, right

John Zigarlick, CMHF inductee.

down to the guy in the field, they respected John.”

Born in Winnipeg, Man., Zigarlick grew up in Uranium City, Saskatchewan. Following in his father’s footsteps he worked in a local uranium mine. After two years at the mine, Zigarlick joined the Royal Canadian Air Force and worked overseas as a military police officer.

Eleven years later, he returned to the mining industry. In 1971, he got a job at Echo Bay Mines as a manager of purchasing and personnel, and rapidly ascended the corporate ladder. In 1977, he became Echo Bay’s president and CEO, after earning a degree in business administration from the Northern Alberta Institute of Technology.

“My dad didn’t obtain his goals through higher education, but with vision, determination and stubbornness. And especially the ability to draw others that worked with him and around him into his ideas,” Rory said on stage.

When Zigarlick took the reins of Echo Bay, the company’s sole asset was the nearly depleted Port Radium silver mine in the Northwest Territories. Zigarlick convinced Echo’s parent company to buy the remote Lupin high-grade gold deposit, 400 km northeast of Yellowknife. After a short underground program, he envisioned developing a mine. Lupin was built entirely with materials brought in

by Hercules and Convair aircrafts, on time and on budget, in 1982.

Zigarlick then took on the task of building a 568 km ice road from Tibbitt to Contwoyto to service the Lupin mine. Around 75% of this road was built over lake ice.

Under his direction, Lupin became one of Canada’s top gold producers. And Echo Bay’s market cap grew from $7 million in 1979 to an astonishing $2 billion in 1992.

“It was kind of amazing the way Echo Bay grew and developed,” Rory said.

After retiring from Echo Bay, Zigarlick cofounded Nuna Logistics with two Inuit corporations, six

“MY DAD DIDN’T OBTAIN HIS GOALS THROUGH HIGHER EDUCATION, BUT WITH VISION, DETERMINATION AND STUBBORNNESS.” RORY ZIGARLICK SON OF CMHF INDUCTEE JOHN ZIGARLICK

years before the Nunavut Territory was established. The company’s objective was to support and supply the mining industry. “Finding the property is one thing, but getting to it is another. This can be difficult at times, especially in the Arctic, and when you don’t have an ocean right next to you.”

Nuna Logistics, which today has over 30 joint ventures, also took over annual construction of the old Lupin ice road, which passed near the developing diamond discoveries Ekati and Diavik, and became a lifeline to the diamond industry.

William S. Vaughan Up next was William S. Vaughan (b. 1937), a geologist turned influential mining lawyer, who helped shape Canada’s mining regulations and lift the industry’s reputation.

He oversaw the mining practices for several Toronto-based law firms and ranked as one of the best mining lawyers in the world. His knowledge benefitted clients involved in resource development in more than 65 countries.

“I don’t believe that you can be a successful mining lawyer unless you really understand the science and the engineering that goes into finding and developing a mine,” Vaughan said in a video before his induction.

“He rolls up his sleeves. He is out there doing the due diligence.

He’s riding a mule in the mountains of Mexico to go check out a project. He’s really passionate about the projects themselves,” Michael Bourassa, a partner at law firm Fasken Martineau DuMoulin, said

“I DON’T BELIEVE THAT YOU CAN BE A SUCCESSFUL MINING LAWYER UNLESS YOU REALLY UNDERSTAND THE SCIENCE AND THE ENGINEERING THAT GOES INTO FINDING AND DEVELOPING A MINE.” WILLIAM S. VAUGHAN CMHF inductee William S. Vaughan (left) and CMHF director Ed Thompson.

KEITH

CMHF INDUCTEE

Accepting the CMHF induction on behalf of Donald A. McLeod, son Bruce McLeod (left) and daughter Catherine McLeod-Seltzer, with CMHF director Bill Roscoe. KEITH HOUGHTON PHOTOGRAPHY

in the video of Vaughan.

Born in Fredericton, N.B., Vaughan got his first taste of mining at the age of 15, working underground at a local tungsten mine. Fascinated by the work, Vaughan completed a bachelor’s degree in geology from the University of New Brunswick (UNB) in 1959, followed by a master’s degree in economic geology and exploration from McGill University in 1962.

But an incident underground at an Inco mine in Manitoba had Vaughan reconsider his career choice.

“One day I was going from the twelfth level to the fourth level, climbing by ladder. A new miner put a hose down the raise and I kept yelling to him, ‘Stop! Turn the water off!’ because it was freezing on the ladder instantly, and I couldn’t hold on to the rungs because they were solid ice. When I got up, I thought, ‘there has to be a better way to be in the mining business.’”

After earning a law degree from UNB in 1965, Vaughan joined Aird & Berlis and later led its Toronto-based mining group.

From there, he continued to shape the industry. He participated in numerous projects, including the multistakeholder Whitehorse Mining Initiative aimed to endorse sustainable development, and drafting the first flow-through share mining prospectus financing in Canada.

After the Bre-X Minerals fiasco in 1997, Vaughan contributed to the Mining Standards Task Force Committee, whose findings laid the groundwork for the National Instrument 43-101 disclosure standards.

While Vaughan supported the globalization of the Canadian mining industry, he also helped many foreign jurisdictions draft their mining policies and fiscal regimes.

He helped establish the World Mine Ministers forum and authored numerous articles while serving as an informal ambassador of Canada’s

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“I’M VERY GLAD TO BE ABLE TO BE ONE OF THE LIVING INDUCTEES. AT MY AGE, YOU DON’T TAKE THAT FOR GRANTED.” DONALD A. MCLEOD CMHF INDUCTEE

mining industry.

He was also an enthusiastic mentor to a new generation of mining lawyers in Canada and abroad.

“I really learned a lot, and if it had not been for him, I wouldn’t be a mining lawyer today,” Bourassa revealed.

“It is his passion for the industry that got me really excited about it as well.”

“The great thing about the mining industry is the people who are in it,” Vaughan said at the podium. “I met a number of them — when I last looked at my contact list it was 7,428 people from around the world.

See CMHF / 6

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1-16, 23_FEB20_Main .indd 5

2017-02-14 8:14 PM

6

WWW.NORTHERNMINER.COM

FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

Canadian Mining Hall of Fame hails five industry leaders CMHF From 5

“I had a great career and I think that I’ve contributed a lot to the industry, and I’m proud of that. And I thank the induction committee for giving me this great honour.”

Donald A. McLeod The third inductee of the evening was B.C. mining icon Donald A. McLeod (b. 1928), who was born and raised in Stewart, B.C., and began his career as a pack-horse operator and miner’s helper in the 1940s, going on to become a mine finder, developer and founder of the Vancouver-based Northair Group of Companies.

McLeod began working in mining as a teenager, and rose through the ranks at various mines.

After managing the discovery of a rich lead-zinc deposit at Pine Point, N.W.T., he moved his family to Vancouver and started his own mining company.

As president of Northair Mines, he optioned a grassroots discovery near Whistler, B.C., in 1972, and brought the Brandywine mine into production 42 months later, despite a politically challenging environment. Over the next seven years, the mine profitably produced more than $70-million worth of gold, silver, lead and zinc.

McLeod also developed the Summit gold mine and raised more than $200 million of equity for his Northair Group of Companies before retiring in 2014.

In the 1980s, a Northair Group company named Newhawk Gold Mines discovered high-grade gold deposits at the Brucejack project in B.C.’s Golden Triangle region north of Stewart. (More recently, Brucejack was acquired by Pretium Resources, which went on to discover the 6.9 million oz. Valley of the Kings gold deposit slated for commercial production in 2017.)

McLeod couldn’t make the trip to the induction ceremony, but his children Bruce McLeod and Catherine McLeod-Seltzer — both with their own considerable achievements in mining — accepted the award on their father’s behalf.

From the stage, Bruce McLeod noted that upon induction, his father would be the oldest living member of the CMHF, surp a s si ng Wi l l i a m Ja me s , 8 8 .

“My father has had a long and productive career in an industry, with a positive effect on too many people to count, so many of whom are in this room tonight,” Bruce McLeod said. “What is so astounding is how many people, even today, come up to us and tell us stories about our father, and how he had an important impact on their lives and careers.

This is his greatest legacy, of which we feel honoured to be part of.”

Donald McLeod, however, was able to make an appearance that evening via video from British Columbia.

“I am truly honoured and humbled to be accepting this award tonight, and I’m very glad to be able to be one of the living inductees.

James E.C. Carter, CMHF inductee.

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At my age, you don’t take that for granted,” he said.

He recalled writing an autobiography of his time in the industry, titled The McLeod Luck.

“When I look back at what made me so lucky, it was all the wonderful people I was surrounded by, sadly many of whom have already passed,” McLeod said.

“This industry is filled with some of the most adventurous, passionate, hard-driving men and women in the world, who have helped build a great nation, and I am proud to have known and worked with so many of them. I am also proud that so many people tell me I was a mentor who helped them forge a successful career.

“My greatest joy in life is my family,” he continued. “And I want to give my heartfelt thanks and love to my beautiful wife Christa, who has been supporting me and has been by my side through thick and thin for almost 60 years, and believe me, there were many years of thin.”

Throughout his 70 years in mining, McLeod has supported health and education causes, including the Mining for Miracles campaign, and St. Paul’s Hospital Foundation through the creation of the McLeod Family Professorship in Valvular Heart Disease Intervention. McLeod has also been named a “Mining Living Legend” by Cambridge House, and has received the Association for Mineral Exploration’s E.A. Scholz Award for excellence in mine development, and the Canadian Institute of Mining, Metallurgy and Petroleum’s Proficiency Award.

“MY 28-YEAR CAREER WITH SYNCRUDE REALLY WAS A THRILLING JOURNEY — ABSOLUTELY FANTASTIC.” JAMES E.C. CARTER CMHF INDUCTEE

James E.C. Carter The fourth inductee of the evening was engineer James E.C. Carter (b.

1950), who took his experience in iron and coal mining and brought it to the fledgling oilsands industry in northern Alberta. There he steadily rose the ranks to become president and chief operating officer of Syncrude Canada, where he drove innovation and helped grow the company into a world-leading oil producer.

Carter emigrated as a child with his family from Glasgow, Scotland, to a dairy farm in Prince Edward Island.

In an introductory video, Carter recalled that “growing up on a farm, I always felt I’d be an engineer, because, you know, you’re dealing with mechanical equipment and that sort of thing at an early age.”

With an engineering degree from Dalhousie University in hand, Cart-

KEITH HOUGHTON PHOTOGRAPHY

“I HAVE A CONFESSION: I LIKE TO PUSH THE EDGE OF THE ENVELOPE AND I DON’T ACCEPT THE STATUS QUO.” ROB MCEWEN CMHF INDUCTEE

CMHF inductee Rob McEwen (left) and master of ceremonies Pierre Lassonde.

KEITH

HOUGHTON PHOTOGRAPHY

er’s first job was with the Iron Ore Co. of Canada (IOC) in Labrador City. He spent a year and a half with IOC and headed to Alberta in 1974 to Grande Cache, where he worked at a coal mine.

From there Carter entered the new world of Syncrude, Fort McMurray and the oilsands. He started with Syncrude in the truck and shovel f leet, and worked his way up to president and chief operating officer, a position he held for 10 years, before retiring in 2007.

During his term as president from 1997 to 2007, Syncrude’s production rose from 200,000 barrels to 350,000 barrels per day, while its market capitalization grew from $3 billion to $45 billion.

“It’s been an exciting journey — the whole thing,” Carter said in the video. “Over the years in the oilsands, it was a pretty tough business to be in. It was a brandnew business, and nobody else had done it, so you had to have a lot of tenacity. We had lots of things to learn, things we tried that didn’t work. Things that were supposed to work and didn’t, and you had to fix them on the fly. And so it wasn’t for the faint of heart.”

Carter helped develop surfacemining technologies that allowed oilsands operations to grow to the scale and efficiency they enjoy today. One such technology was a hydro-transport system, which crushes ore and sends it through a pipeline, starting with a prototype that pumped 5,000 tonnes an hour through an 18-inch pipeline.

Carter also worked with suppliers to surpass the limits of truck and shovel sizes. Bigger shovels always meant bigger trucks, which doubled to 170 tonnes and then swelled to 400 tonnes in size.

Carter has also been a longtime advocate of aboriginal hiring and business development, and helped create the Towards Sustainable Mining guidance tool for corporate social responsibility, launched by the Mining Association of Canada.

His commitment to education is shown by his part in rescuing the University of Alberta’s Mining Engineering program, which only had three or four students left when administrators were tempted to shut it down. Carter helped add graduate and research programs to the department, which today is graduating 80 mining engineers a year and is one of the largest mining engineering programs in the world.

He also helped launch an innovative apprenticeship program for skilled trades that has helped thousands of young people launch their careers.

“When we’re active in careers and do the things we do, we don’t often have a line of sight to nights such as this,” Carter said, as he accepted his award on stage. “Instead we tend to find ourselves more focused on the

shorter-term, as we’re going through a turbulent time, or we’re finding ways to fix a problem or improve a process. Eventually there’s a point of reckoning, and that’s when we learn about the legacy of our work.

“That’s a roundabout way for me to say how humbled I am to be admitted to the Canadian Mining Hall of Fame, and to share this honour with so many successful builders in Canada’s mining industry,” he said.

“My 28-year career with Syncrude really was a thrilling journey — absolutely fantastic. And so it was for the many, many other talented and dedicated people I had the pleasure of working with each and every single day. It’s gratifying to know that our work built a great Canadian success story in Syncrude and the oilsands industry. The industry has been so significant in contributing to the prosperity of our country, because it really is a story of grit and determination, combined with a lot of innovation and ingenuity.

“Similar things can be said about our country’s entire resource sector.

It’s been the backbone of Canada’s growth and success since the very beginning. And I sincerely wish our political leaders would stop apologizing for the bounty we’ve been blessed with in this country.

Instead I’d like them to embrace our resources as the gift that they really are.”

Carter has received many awards for his achievements, including three honorary doctorates, an induction into the Canadian Petroleum Hall of Fame, the Queen’s Diamond Jubilee Medal in 2012 and the Order of Canada in 2014.

Robert McEwen The final inductee of the evening was Robert McEwen (b. 1950), a “rock star” of Canadian mining and a well-known entrepreneur, gold bug and philanthropist. McEwen built Goldcorp into one of the world’s top gold producers — with a $17.8-billion market capitalization today — through strategic and innovative thinking.

Born and raised in Toronto, McEwen’s first exposure to mining was a summer job at Inco in Sudbury, Ont., where he was offered a scholarship for university. “And I said, ‘that’s great, thanks so much for your support, but mining isn’t in my future.’ And today I look at it and think that it’s so ironic,” McEwen recalled during a tribute video.

McEwen received a B.A. from the University of Western Ontario in 1973. After completing an MBA from York University in 1978, he travelled the world for six months in an old army truck. When he returned, he worked briefly at Merrill Lynch before joining his father Donald’s investment firm.

His father played a big role in shaping McEwen’s perspective on life. When Donald was told he would

not be able to walk after returning from World War II, he fought to regain the function of his legs.

“I look at obstacles and every time I look at them, I’m going, ‘this seems to pale in comparison to what he faced,’” McEwen said.

In the 1980s, McEwen took control of Goldcorp, then a gold fund.

In 1989, he started restructuring the company and spearheaded the acquisition of Dickinson Mines and its aging gold mine in northern Ontario’s Red Lake camp.

“Rob is a real innovator and a creative thinker. And the expression ‘outside of the box’ fits him really well,” Don Tapscott, the Tapscott Group’s CEO, said in the video.

“I have a confession: I like to push the edge of the envelope and I don’t accept the status quo,” McEwen, dressed in a kilt tuxedo, told the audience during his acceptance speech. “As I built Goldcorp, I constantly asked why and encouraged a search for alternatives.” After a $10-million exploration program in the mid-1990s, Goldcorp found a high-grade discovery at Red Lake.

At the same time, the company faced pushback from the union, resulting in an ugly strike. McEwen even had to bulletproof the windows of his house as a precaution after a death threat.

“The United Steelworkers will probably call me a shit-disturber, as a result of our 46-month strike and their subsequent decision to leave the Red Lake mine union-free after being there for 40 years.”

In the spirit of innovation, McEwen created the Goldcorp Challenge in 2000, where he put 50 years of geological data from the Red Lake property online and offered $575,000 in prizes to anyone who could find more gold. Over 1,000 people from 80 countries participated and found 50 targets, of which 80% yielded gold resources valued at $6 billion.

Between 1997 and 2001, the Red Lake mine went from an annual 50,000 oz. producer to a 500,000 oz. producer. Cash costs fell from $360 to $60 per ounce.

After Goldcorp’s $2.4-billion merger with Wheaton River Minerals in 2005, McEwen stepped back from the company to focus on junior mining. His current focus is McEwen Mining, where he owns 25% of the company, and takes no salary or bonuses.

His success has allowed him and his wife Cheryl to donate $50 million to various causes, including opening the McEwen Centre of Regenerative Medicine in Toronto and the McEwen School of Architecture in Sudbury.

Before leaving the stage, McEwen urged the audience to fight to simplify the regulations around reporting financials so they can be readily understood, and to save valuable management time. TNM — With files from the Canadian Mining Hall of Fame.

The Northern Miner is a founding sponsor of the Hall of Fame, along with the Canadian Institute of Mining, Metallurgy and Petroleum, the Mining Association of Canada and the Prospectors & Developers Association of Canada. For more information on the hall of fame and how to make a nomination, please visit www.mininghalloffame.ca.

2017-02-14 8:14 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

Eloro Resources’ La Victoria gold property in Peru’s North Central Mineral Belt.

7

ELORO RESOURCES

Eloro secures foothold in popular Peruvian gold belt GOLD

BY TRISH SAYWELL

T

tsaywell@northernminer.com

he North Central Mineral Belt of Peru is well-known for the gold mines that dot its landscape, from South America’s largest gold mine, Yanacocha, owned

by Newmont Mining (NYSE: NEM) and Buenaventura (NYSE: BVN), to Barrick Gold’s (TSX: ABX; NYSE: ABX) Lagunas Norte and Pierina mines, and the La Arena and Shahuindo mines owned by Tahoe Resources (TSX: THO; NYSE: TAHO).

“These are the elephants, and we’re looking to join the herd,” says senior vice-president of mining Jim Steel of Eloro Resources (TSXV: ELO), a junior explorer that recently added to its land position in the belt at its La Victoria project.

From La Victoria’s San Markito target, Steel says, he can see three producing gold and copper mines in the same geology to the north to northwest: Rosario de Belen’s Patibal open-pit gold mine, 11 km away; Comarsa’s Santa Rosa gold and copper mine, 22 km away; and Barrick’s Lagunas Norte, 47 km away.

Eloro Resources muscled its way into the belt in February 2014 in an option deal to earn 50% of the project from Tartisan Resources (CSE: TTC), a company that had bought the land in 2010 from a Peruvian family of artisanal miners for US$202,000.

The family had owned the ground for 30 years but was tiring of the hard work it entailed and the US$50,000 it had to pay the government annually in fees.

“It was such a coup for Tartisan to pick up the property at such a good price,” Eloro’s chairman and CEO Thomas Larsen says. “The patriarch’s sons didn’t want to continue working. He was getting old, and they just got to the point where they didn’t feel that they could keep carrying the fees, and if they didn’t pay them they’d lose the property.”

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| Recent staking rush in the area underscores region’s allure

“THESE ARE THE ELEPHANTS, AND WE’RE LOOKING TO JOIN THE HERD.” JIM STEEL SENIOR VICE-PRESIDENT OF MINING, ELORO RESOURCES

After Tartisan bought the property, the company staked more ground around La Victoria, bringing its total land package from 16 to 44 square kilometres.

Five months after signing its first option agreement with Tartisan to earn 50% of the project, the two companies amended the deal to increase Eloro’s earn-in to 60%. But it wasn’t long before Eloro decided to acquire all 100%.

Under a deal struck in October 2016, Eloro issued Tartisan 6 million shares and 3 million warrants, plus $250,000 in cash. Eloro owes another $100,000, and has granted Tartisan a 2% royalty interest, half of which it can repurchase for $3 million.

Larsen says a staking rush in the district by several major corporations since the start of 2017 underscores the area’s allure, with the La Victoria project now bordered in the north by Fresnillo (LON: FRES), south by Newmont, southeast by First Quantum Minerals (TSX: FM; LON: FQM) and east by Barrick.

According to Eloro’s general manager in Peru, Luc Pigeon, a Newmont subsidiary registered 88 sq. km in 13 mining claims contiguous with La Victoria’s southern boundary, while a Peruvian subsidiary of Mexican miner Fresnillo registered a 4 sq. km claim on the project’s northern boundary, and a Barrick subsidiary registered 6 sq. km on Victoria’s eastern boundary. Meanwhile, Anglo American (NASDAQ: AAUK; LON: AAL) staked 27 sq. km of claims along the eastern edge of Barrick’s

new ground. The recent staking activity follows First Quantum’s registering 141 sq. km of claims that adjoin La Victoria’s larger land package southeast.

Since Eloro became involved with the project two years ago, it has completed geophysical and geological mapping and sampling programs that, combined with historical work on the property, have pointed to a number of prospective targets within its four principal mineralized zones: San Markito, Rufina, Victoria and Victoria South.

Rufina and San Markito are the most advanced targets and the company expects to start a 3,000-metre drill program in March, as soon as it receives its final permits.

The Ruffina showings — where there are a lot of artisanal workings — sit at a 3,100-metre elevation, while San Markito, a higher-level silver and gold in classic epithermal breccia, sits at 4,100 metres. It was that 1 km of extent that piqued the interest of William Pearson, who has signed on as Eloro’s chief technical advisor.

“Epithermal systems typically extend 1 km in vertical extent, and we have identified mineralization on the property over a vertical extent of 1 km from San Markito to Rufina,” Pearson says. “This tells me that we likely have more than one epithermal system present, and have an extensive vertical target zone to explore.”

Pearson, who has over 40 years of experience in global mineral exploration and production, and was set to retire in June at the age of 65, says he stayed in the game because of the potential he sees at La Victoria.

“I’m in it because it’s a terrific opportunity,” he says. “I like the project. I like the belt, it’s tremendous, and La Victoria hasn’t been drilled, which is quite remarkable.

Normally a project like this in a major belt would have been drilled

years ago.

“We’ve doubled the land package and you can see how aggressive the big guys are being in that area … we’re going to see an awful lot more activity in this region, and I expect this whole belt will get pushed further south because the potential is certainly there.”

Pearson concedes it’s still early days, but says from what he has seen so far, he is encouraged.

“We’ve completed a couple of mapping and sampling programs that continue to expand the mineralization,” he notes. “We’ve done good geological work and geophysical surveys [magnetic and induced polarization (IP)], and we have a number of good drill targets now with only a relatively limited amount of work completed. I’m quite confident as we continue to work on the property that we’re going to continue to expand these zones and find more targets.”

Mineralization occurs within breccias and veins that contain gold and silver concentrations, and trace

element characteristics that are compatible with epithermal deposits, especially the low-sulphidation type.

The mineralization occurs along structures within intrusive diorite, as well as sedimentary rocks of the Chicama formation.

“We can map these rocks as well as outline mineralized target zones quite effectively using both magnetic and IP, in addition to the geological mapping and sampling,” Pearson adds.

“The thing that intrigued me when Tom first approached me about helping him out was that you have a property with a number of good showings, artisanal workings and so forth,” he continues. “It’s favourable geology in one of the world’s great gold belts, and it’s never been drilled. So that piqued my interest.”

At press time Eloro shares traded at 52¢ within a 52-week range of 12.5¢ to 58¢. The firm’s market capitalization is $15.5 million.

Eloro has $500,000 in cash and no debt. TNM

2017-02-14 8:14 PM

8

WWW.NORTHERNMINER.COM

FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

Japanese utility Tepco ends contract, Cameco to pursue legal rights URANIUM

| Long-term sales agreement made before Tepco’s Fukushima nuclear accident

BY TRISH SAYWELL

I

tsaywell@northernminer.com

n a hastily convened February conference call, CEO Tim Gitzel of Cameco (TSX: CCO; NYSE: CCJ) vowed he would “vigorously pursue remedies to recover value for our shareholders and other stakeholders” after Tokyo Electric Power Co. (Tepco) confirmed it is ending a 2009 uranium supply contract worth $1.3 billion in revenue to the Canadian uranium producer between now and 2028.

The Japanese utility is claiming force majeure, arguing that it has not operated its nuclear plants in Japan for 18 straight months because of tough government regulations enacted after the earthquake and tsunami-related accident at Tepco’s Fukushima nuclear power station in March 2011.

Tepco told Cameco on Jan. 31 not to make its scheduled Feb. 1 delivery — after notifying the Saskatoonheadquartered company on Jan. 24 that it planned to end the contract.

Gitzel rejected Tepco’s claim, calling it “without merit,” and saying that “it is our opinion that Tepco simply doesn’t like the terms they committed to, particularly the price, and want to escape from the agreement.”

Rough calculations by Edward Sterck, an analyst at BMO Capital Markets, puts the average contract price, based on $1.3 billion in potential lost revenues, at US$108 per pound.

For each of 2017, 2018 and 2019 — when Cameco expected to deliver

855,000 lb. uranium to Tepco for annual revenues of $126 million — the average contract price is closer to US$113 per lb., Sterck estimates.

Rob Chang of Cantor Fitzgerald says that the entire contract averaged US$107.53 per lb., and the termination would impact Cameco’s bottom line.”

Cameco adds that the revenue loss this year alone could be 6% of the company’s total revenue, which it expects will fall between $2.1 billion and $2.2 billion.

Gitzel listed three reasons why Cameco says Tepco’s force majeure claim is baseless.

First, the utility signed a contract obliging it to take all deliveries, and it had taken deliveries and paid for deliveries in 2014, 2015 and 2016.

Workers conducting a primary containment vessel investigation in February at Tepco’s disabled Fukushima Daiichi nuclear power station in Japan. INTERNATIONAL RESEARCH INSTITUTE FOR NUCLEAR DECOMMISSIONING

Published by:

Second, Tepco repeatedly said it would restart and run its operable reactors and has taken delivery of uranium under contract, as well as its share of production, from Cameco’s Cigar Lake facility, of which the Japanese utility owns 5%.

Third, Tepco has the ability to pay because it funds its share of the capital and operating costs at Cigar Lake.

“We can’t see how Tepco can claim force majeure due to government regulations when other Japanese utilities have restarted their plants,” Gitzel added, pointing out that nuclear power is not prohibited in Japan and that three reactors operate there now, and seven are approved to restart. The Japanese government also envisions supplying 20–22% of the country’s energy needs with nuclear power by 2030.

Gitzel does not expect other Japanese utilities will follow Tepco’s lead.

“Several operators have met the stringent requirements and have restarted,” he said. “We know they are anxious to show the benefits of safe, clean, nuclear power and restore public confidence in the industry. For that reason, they have taken a commercial approach to restructuring their uranium supply agreements.”

The contract also provides for disputes to be resolved by binding arbitration after good-faith negotiations, and Gitzel reminded participants on the conference call that Cameco had defended its contractual rights against a claim of force majeure in a previous case that went to arbitration in 2014, and expects a similar outcome in the current dispute.

While Cameco declined to give details of the previous dispute, citing confidentiality obligations, it

Workers analyze core samples at Cameco’s majority-owned Cigar Lake uranium mine in Saskatchewan. Tepco owns 5% of the operation. CAMECO

confirmed that the utility involved pointed to government regulations.

“We’ve disclosed that the resolution to that arbitration, which was in our favour, was essentially net pay,” Cameco’s senior vice-president and chief financial officer Grant Isaac said. “Cameco was entitled to the difference between the price the utility was to pay, versus the spot market at the time of the decision.

It was aggregated for all the years and discounted back to present value. That’s the remedy we would pursue, in this case.”

During a brief question and answer session, Cameco’s senior vicepresident and chief legal officer Sean Quinn confirmed that the Tepco contract was negotiated before the Fukushima nuclear disaster, and contained provisions regarding force majeure and other defences, but said that “we don’t think this is a situation that falls into any of the categories that would excuse Tepco taking deliveries.”

When questioned on how long the arbitration in the current dis-

pute might take, Quinn noted that the previous case took 30 months, which is “not a bad yardstick to use at this time, but it’s early days, and we’re still evaluating.”

Eleven percent of Cameco’s contract book involves Japanese utilities, and Tepco’s contract “is a big portion,” Isaac added, “which is driving the materiality of this disclosure.”

In his research note, BMO’s Sterck pointed out the irony of Tepco calling force majeure. “It was the operator of the Fukushima plant, and yet it is blaming increased government regulation as the issue,” Sterck writes. “It is also notable that the average implied price is a significant premium to the market price, which could point to an opportunistic upgrade of its contract portfolio.”

Cameco’s shares fell 11.2%, or $1.86, closing at $14.71 apiece, on 5 million shares traded.

Cantor Fitzgerald’s Chang lowered his rating on the company from “buy” to “hold,” and cut his target price from $17.10 per share to $15.35 per share. TNM

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2017-02-14 8:14 PM

UNITED STATES Pilot expects Goldstrike resource by mid-year

Viscount reignites Silver Cliff in Colorado

UTAH GOLD

EXPLORATION

| Company looks to update historical 50M oz. silver resource

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

T

he latest drill results from Viscount Mining’s (TSXV: VML; US-OTC: VLMGF) Silver Cliff project are casting a new light on the historic Hardscrabble silver-lead-zinc mining district, 64 km southwest of the city of Pueblo, Colorado.

The prospect generator reported a spreadofinterceptsbetween6.1metresof 53.8 grams silver per tonne to 6.1 metres of 1,778.5 grams silver from nine twin drill holes targeting the project’s Kate deposit, a flat-lying sheet of supergene silver-manganese mineralization near surface.

Other top intercepts include 18.3 metres of 203.4 grams silver, 13.7 metres of 390.9 grams silver and 17.7 metres of 265.9 metres.

“There aren’t a lot of silver projects in the U.S. with assays like the ones we are getting at Silver Cliff,” president and CEO of Viscount, Jim Mackenzie, tells The Northern Miner over coffee indowntownVancouver.“Nowthatwe’ve proved there’s still silver in the ground, the next step is to bring the historical resource into compliance and continue exploration on the property.”

Most information about Silver Cliff’s exploration and mining history is hard to find, being either lost or buried in government and university archives. Mackenzie says the company has dug out some remnants of data, including a prelimi-

| Moira Smith leads junior’s data mining efforts

BY TRISH SAYWELL tsaywell@northernminer.com

I

n the last five months Pilot Gold (TSX: PLG) has found five gold zones at its Goldstrike project in southwestern Utah near the state’s border with Nevada.

Goldstrike — a Carlin-style gold system similar in many ways to the prolific deposits along Nevada’s Carlin trend — churned out 209,000 oz. gold from 12 shallow pits between 1988 and 1994 at a grade of 1.2 grams gold per tonne, and Pilot Gold has big plans for the project.

The junior drilled 191 holes last year, including 10 large-diameter core holes for metallurgy, with another six holes completed so far this year. It expects to have results from early metallurgical work within six weeks and wrap up a resource estimate by mid-year.

“We’d like to see a resource that could produce a minimum 100,000 oz. gold a year for a 10-year mine life,” says Pilot Gold’s president and CEO Cal Everett, who joined the company in February 2016.

The economic geologist, who spent nearly two decades at BMO Nesbitt Burns and PI Financial be-

Regional geologist Peter Shabestari in the field at Pilot Gold’s Goldstrike property in southwestern Utah.

fore cofounding Axemen Resource Capital, was familiar with the project and thought it had potential.

“In 2014, I was representing another party that was looking at the Goldstrike project,” he says. “We knew they were talking to other companies — myself and four other groups — so in a bearish market for gold, in an obscure corner of southwestern Utah, five groups recognized that there was a gold

district just sitting there. It was pretty exciting.”

Pilot Gold bought the owner of Goldstrike — Cadillac Mining — for $7.2 million in shares two and a half years ago, and when the company approached Everett, it was an easy decision.

“I knew the asset reasonably well and was happy to come out of retirement and join the team,” he says.

“These big, near-surface, heap-leach

PILOT GOLD

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“There are so few projects out there for senior producing mining companies to pick up,” Everett continues. “Most of those exposed at surface have been mined. It’s no different in Chile, where the old porphyries at surface were easy to find, but now they’re drilling deeper See PILOT / 10

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2017-02-14 8:14 PM

10

FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

UNITED STATES

WWW.NORTHERNMINER.COM

Pilot expects Goldstrike resource by mid-year PILOT From 9

to find these deposits.”

Before Pilot Gold drilled a single hole at Goldstrike, its geological team — headed by Moira Smith, the company’s vice-president of exploration and geoscience — compiled data from 1,519 historic drill holes, reviewed chip trays from reversecirculation drilling, and mapped and 3-D modelled the property to determine how it should be drilled.

This all took 16 months.

“Moira is a brilliant scientist,” Everett says. “She likes data mining and likes when somebody else has spent US$20 million drilling holes 20 years ago, when gold was sub-US$400 per ounce. She takes her team into the historic database, digitizes it, models it, and says, ‘yes, we want the asset.’ They won’t drill until they are ready.”

Smith, formerly the chief geologist in Nevada for Fronteer Gold, has a laudable track record. She was instrumental in advancing Long Canyon, Fronteer Gold’s flagship asset, which is now owned by Newmont Mining (NYSE: NEM).

Before Fronteer, she served as a U.S. exploration manager, senior geologist and project manager for Teck (TSX: TCK.B; NYSE: TCK), where she managed exploration programs for several advanced-stage projects throughout the Americas, including Pogo, the 5.5 million oz. gold deposit now owned by Sumitomo Mining and in production in Alaska, the 1.5-billion-tonne Petaquilla coppermolybdenum-gold porphyry deposit in Panama and the 3.5 million oz.

El Limon gold deposit in Mexico.

(First Quantum Minerals [TSX: FM; LON: FQM] owns Petaquilla and Torex Gold Resources [TSX: TXG] owns El Limon.)

Moira and the executive team at Pilot Gold have yet to determine the size of the company’s exploration budget for the year, but Everett says drilling will continue at the property with at least two drill rigs, and notes there will be many “deliverables” on the project in 2017.

In addition to more assays and initial metallurgical results that are due shortly, the company has applied for a plan of operations that it could receive within the next couple of months. Securing a plan of operations can take just over a year, and Pilot is 10 months into the process.

The plan of operations is important for anyone exploring targets that are the size of Goldstrike. It will help Pilot Gold put in hundreds of new drill sites and give its team access to parts of the property that it hasn’t accessed yet. The company has drilled less than 10% of the 30 sq. km area, mainly around the deposit’s Main zone.

“We know that the 30 sq. km area is geochemically anomalous in gold, and to access where we know there’s additional gold, we need the plan of operations to build a few roads to these areas,” Everett says. “Once we have the plan of operations we can go to areas throughout the property — where we know historically that additional gold is located — and drill to include these areas into a resource.”

The main target is shallow Carlinstyle, oxide gold mineralization within the project’s historic mine trend between and down-dip of the historic pits.

In addition to the Main zone, the five recently discovered zones include: Aggie, Peg Leg, Dip Slope, Warrior and Covington.

Pilot Gold has confirmed two higher-grade zones within the Main and Aggie zones.

The Warrior zone is an extension 350 metres west of the Aggie zone, on strike towards the Covington pit area. The company has only drilled a few holes into Warrior so far, but Everett says “it looks great.”

The Dip Slope target covers 3.5 sq. km, of which 85% is under-drilled or only sparsely drilled. Dip Slope hosts several historic pits, as well as unmanned gold intercepts in historic holes next to the pits.

“We know it’s gold-bearing, and once we have our plan of operations

A drill rig at Pilot Gold’s Goldstrike project in Utah.

PILOT GOLD

“THESE BIG, NEARSURFACE, HEAPLEACH GOLD SYSTEMS IN THE SOUTHWESTERN U.S. ARE RARE.” CAL EVERETT PRESIDENT AND CEO, PILOT GOLD

we can fully test the Dip Slope zone,” he says. “It could be larger than 3.5 km, we just don’t know yet. There were four mined pits there historically, but it wasn’t identified as a major area at that time.”

Peg Leg is southwest of the Main zone and near the historic Covington and Hamburg pits. It is over a kilometre long and 250 metres wide. Historically, only three holes tested the zone. Last year Pilot Gold drilled 12 widely spaced holes and came up with several areas worthy of follow up.

The company has released two batches of assay results this month.

On Feb. 8 it reported results from follow-up drilling at the Peg Leg and Covington pit areas.

Highlights from the Covington pit area, west of the main zone, include 1.57 grams gold over 6.1 metres and 4.10 grams gold over 7.6 metres, including 6.32 grams gold over 4.6 metres, in hole 191; and 1.15 grams gold over 10.7 metres in hole 182.

Highlights from Peg Leg include 1.78 grams gold per tonne over 29 metres, including 3.54 grams over 12.2 metres in hole 179; 0.90 gram gold over 6.1 metres and 0.76 gram gold over 33.5 metres, including 1.47 grams gold over 6.1 metres, in hole 183; and 1.33 grams gold over 18.3 metres in hole 187.

On Feb. 1, Pilot Gold released drill

results from the Main and Aggie zones and the new Dip Slope and Warrior zones, northwest of the Main zone.

Dip Slope highlights include 0.51 gram gold over 41.1 metres, including 1.24 grams over 6.1 metres, in 142; and 1.14 grams gold over 6.1 metres in 153. At Warrior, highlights are 0.86 gram gold over 22.9 metres, including 1.45 grams over 4.6 metres, in hole 188; and 0.59 gram gold over 25.9 metres in hole 166.

In the Main and Aggie zones, intercepts were 0.53 gram gold over 22.9 metres, including 1.03 grams gold over 4.6 metres in hole 131; and 0.84 gram gold over 27.4 metres, including 1.55 grams gold over 10.7 metres in hole 175.

In January, Pilot Gold released assays from Peg Leg, including 0.82 gram gold over 21.3 metres in hole 135; and 0.54 gram gold over 25.9 metres and 0.75 gram gold over 10.7 metres in hole 149. Hole 149 was drilled along the southern Peg Leg margin and is said to lie along the same fault that hosts mineralization in the historic Covington pit, 650 metres west, and the historic Moosehead pit, located another 1 km farther west.

The drill program this year will focus on the Peg Leg, Warrior and Dip Slope targets to include these areas in the resource estimate. Drill-

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1-16, 23_FEB20_Main .indd 10

ing at Warrior will extend the zone, where it is open to the northwest.

In addition to Goldstrike, Pilot Gold owns Black Pine, an early-stage exploration project in southeastern Idaho. Like Goldstrike, the Black Pine asset came with a past-producing mine and a treasure trove of historical data.

After acquiring the project six months ago from Western Pacific Resources (TSXV: WRP; US-OTC: WRPSF) for US$800,000 in cash, 300,000 shares of Pilot Gold and a 0.5% net smelter return royalty to Western Pacific, one of Smith’s geologists found data that was hidden in an old forest services file in a back-up hard drive that Pilot Gold received from the seller.

“When we bought the project we didn’t know it existed,” Everett says.

“The dollar savings to us could be greater than US$10 million, but the real benefit is the amount of time it saves us. It would take years to redo that work.”

Smith and her team have been modelling data from Black Pine’s 1,866 historic drill holes for a few months.

“We will release the initial data compilation summary of the historic results to the market so people can understand how important this asset is,” Everett says. “We have the gold and silver assay data for all the drill holes, surface samples and blast holes. The drill target area covers 12 sq. km, so it’s got scale.”

Previously called Mineral Gulch, Black Pine hosts a large, Carlinstyle sediment-hosted gold system.

The property has a past-producing heap-leach gold mine that churned out 435,000 oz. gold at a historic grade of 0.7 gram gold per tonne from seven shallow pits between 1991 and 1998.

Kinsley Mountain, a Carlin-style, sediment-hosted gold property — 90 km south of Newmont Mining’s Long Canyon deposit — is Pilot Gold’s third project in the U.S., and a deeper, high-grade target.

The project is in southeastern Elko County in an under-explored area east of the Carlin trend in northeastern Nevada. Like Black Pine and Goldstrike, the Kinsley Mountain property hosts a past-producing mine with an exploration database and numerous, untested gold targets.

The company is waiting for results from an airborne survey over the entire project, and in the Secret Canyon shale area has identified 11 targets that Everett and his team would drill at 305 metres deep from surface. “In many cases there is historic drilling that shows gold in this horizon,” Everett says. “It covers 10 sq. km, targeting structural intercepts.”

There is already one high-grade zone, the Western Flank, that contains 284,000 oz. gold at 6 grams gold per tonne. Pilot Gold would target the Secret Canyon shale intersection with certain faults, and look for high-grade gold, rather than near-surface oxide material.

“We’d like to drill it, but we haven’t figured out the timing yet,” Everett says, adding that in terms of priorities, Goldstrike ranks first, and Black Pine and Kinsley Mountain, third.

At press time Pilot Gold’s shares traded at 62¢ per share within a 52week trading range of 26.5¢ (February 2016) to 95¢ per share (August 2016). The company has 150 million shares outstanding for a $93-million market capitalization.

Michael Gray, a mining analyst at Macquarie in Vancouver, has a oneyear, 90¢ target price on the stock, and likes what he sees at Goldstrike.

“Pilot controls 100% of a districtsize belt with multimillion-ounce potential,” Gray said in a recent research note. “Pilot is a top pick for 2017 amongst the global gold explorers we cover.” TNM

2017-02-14 8:14 PM

UNITED STATES

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

11

US SNAPSHOT: SEVEN JUNIORS OF INTEREST New vitality arises in junior sector across America The uptick in metal prices has coupled with optimism that the Trump administration’s businessfriendly approach to taxes and regulations will boost early stage mineral exploration and mine development by juniors across the United States. The following are seven such juniors with active precious and base metal projects.

In July 2014, Aquila completed a preliminary economic assessment (PEA) at Back Forty that envisioned mining 16.1 million tonnes of mineralized material over a 16-year mine life, with 12.5 million tonnes coming from an open-pit and the rest from underground.

The study calculated an after-tax net present value of US$211 million, a 32% internal rate of return and a 1.8-year payback. Initial capital cost would be US$261 million.

AMERICAS SILVER Toronto-based Americas Silver (TSX: USA; NYSE-MKT: USAS) has a memorable ticker symbol and two operating silver mines: the Galena complex in Wallace, Idaho; and the Cosala operations in Mexico’s Sinaloa state. The company also speaks of zinc and lead exposure at existing operations and brownfield development properties.

At an initial throughput rate of 5,350 tonnes per day, the expected total payable production would be 532,000 oz. gold, 721 million lb. zinc, 74 million lb. copper, 4.6 million oz. silver and 21 million lb. lead.

Aquila started the year by closing an oversubscribed financing that brought in $7.9 million. It will use the funds to finish a feasibility study at Back Forty; strengthen and expand its management team as it prepares for construction at Back Forty; and for general working capital purposes.

Americas Silver produced 2.4 million oz. silver (4.75 million equivalent oz. silver) at the two mines in 2016, at cash costs of US$10 per oz. silver.

The high-grade Galena complex has over 250 million historical oz. silver production, and Americas Silver says there are at least 10 more years of mine life, plus expansion opportunities.

In 2016, the mine produced 1.4 million oz. silver and 24 million lb. lead. The mine has undergone a three-year changeover from operating as a silver-copper mine, which has resulted in costs dropping by half over the past five years.

Americas Silver shares are up 23% so far this year, and last traded at $4.29 for a $167-million market capitalization. Share hit a 52-week high of $5.76 in mid-2016. At last count the company had a strong balance sheet, with $24.1 million in cash and only $3.1 million in longterm debt.

ATLANTA GOLD

A drill rig at California Gold Mining’s Fremont gold project in central California. CALIFORNIA GOLD MINING Some US$20 million of sustaining capital investment is budgeted for 2017, which will go primarily towards a second-phase heapleach facility, and additions to the company’s mining fleet.

The mine is also selling waste rock into the regional landscaping market, and looks to scale up this side business.

Major shareholders include M&G, Ingallas & Snyder, Eric Sprott, Sprott Resources and CQS.

By the end of 2017, Golden Queen says it anticipates finalizing a long-term mine plan to support an application for extending the mine life of the Soledad Mountain project beyond the first 11 years contemplated in a 2015 feasibility study.

GOLDEN QUEEN MINING

AQUILA RESOURCES

Golden Queen Mining (TSX: GQM; US-OTC: GQMNF) has joined the ranks of producers with its newly operating Soledad Mountain goldsilver mine, outside the town of Mojave in southern California. The 50%-owned, open-pit mine uses cyanide heap-leach processing and Merrill-Crowe recovery.

Aquila Resources (TSX: AQA ;

Between pouring first gold on March 1, 2016, and declaring commercial production on Dec. 19, the company shipped 17,800 oz. gold and 185,000 oz. silver. In October and November, Golden Queen achieved operating rates of 10,500 tons per operating day.

In a February operational update, Golden Queen noted several highlights from 2016: 8.9 million tons of ore and waste mined in 2016, including 2.6 million tons of ore; 2.7 million tons of ore processed grading 0.014 oz. gold per ton (0.48 gram gold per tonne) and 0.33 oz. silver per ton (11.3 grams silver per tonne); 2016 production of 19,030 oz. gold and 195,000 oz. silver; and US$13.02per-ton site-operating costs in 2016.

Golden Queen expects to increase gold production and decrease unit costs throughout 2017 and 2018, as mining transitions to the East pit.

1-16, 23_FEB20_Main .indd 11

US-OTC: AQARF) is one of the most active junior mining companies in Michigan’s Upper Peninsula, advancing its 100%-owned Back Forty gold-zinc project, where the company and its past partners — including Hudbay Minerals — have spent in excess of US$70 million on exploration and development.

Back Forty is a volcanogenic massive sulphide deposit located along the mineral-rich Penokean volcanic belt. It boasts measured and indicated resources of 15.1 million tonnes grading 2.03 grams gold per tonne, 24.48 grams silver per tonne, 0.3% copper, 0.2% lead and 3.1% zinc for 985,000 contained oz. gold and 1 million contained lb. zinc.

Another 2.3 million tonnes lie in the inferred category at similar grades.

Junior gold explorer and developer Atlanta Gold (TSXV: ATG; US-OTC: ATLDF) is active in the historic Middle Boise mining district northeast of Boise, Idaho. Its eponymous Atlanta gold project sits on Atlanta Hill (a mountain by eastern U.S. standards) on an 8.74 sq. km site that has hosted many past-producing mines since the 1860s, with historic production of 344,000 equivalent oz. gold.

In many other jurisdictions, the Atlanta property would be a candidate for bulk, open-pit mining with cyanide heap-leaching, but environmental sensitivities in the region made the company change its mining strategy in 2008 to a combined shallow open-pit and underground operation, with an on-site milling facility but no cyanide circuit.

This approach would: produce a gravity concentrate, plus a precious metal-rich sulphide concentrate to

be custom smelted; raise recovery rates from 63% to 90%; and shrink the environmental footprint by 85%.

Despite these efforts, Atlanta Gold received notice in November 2016 that the Idaho Conservation League and Northwest Environmental Defense Center submitted pleadings to reopen a closed case in the U.S. District Court in Idaho in which Atlanta was the defendant.

Atlanta says these parties filed a Motion to Hold Defendant in Civil Contempt, and Impose Additional Penalties and Enforcement Remedies, which alleges that Atlanta violated its National Pollutant Discharge Elimination System permit, and did not make all payments when due to the U.S. Treasury for an earlier imposed fine.

In October, Atlanta borrowed US$750,000 from Jipangu on an unsecured basis at an 8% per year interest rate, repayable on demand at any time after March 31, 2017, or in some instances sooner, if the company completes a significant equity financing before March 31, 2017.

CALIFORNIA GOLD MINING If you think of the phrase “mother lode,” think of California Gold Mining (TSXV: CGM; US-OTC: CFGMF). The Toronto-based junior is developing its 100%-owned flagship Fremont high-grade gold project in central California’s prodevelopment Mariposa County, on 13.56 sq. km of patented land in the prolific Mother Lode gold belt that has historically produced over 50 million oz. gold.

The property is only 150 km east of San Francisco, and has excellent infrastructure.

Total open-pit resources revealed in a November maiden estimate are 17.2 million indicated and inferred tonnes grading 1.60 grams gold per tonne for 879,000 contained oz. gold. The resource was calculated by Tudorel Ciuculescu of Roscoe Postle

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Mining & Construction Tools

2017-02-14 8:14 PM

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FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

UNITED STATES

WWW.NORTHERNMINER.COM

US SNAPSHOT SNAPSHOT From 11 Associates, and is to National Instrument 43-101 standards.

Since acquiring the property in 2013, the Vishal Gupta-led junior has carried out three phases of drilling totalling 15,100 metres, and preliminary metallurgical testing showing 93% recoveries from an oxide cap and 86% from sulphide zones.

The company started a propertywide soil geochemistry survey in late 2016, and plans to carry out a geophysical survey and $5-million worth of drilling in 2017.

Shares last traded at 46¢, generating a $15-million market capitalization with 32.2 million shares outstanding (56.4 million fully diluted).

PANCONTINENTAL GOLD Newcomer Pancontinental Gold (TSXV: PUC), or “Pancon Gold,” is drilling its flagship, wholly owned Jefferson gold project in the Carolina mineral trend, only six miles northeast of OceanaGold’s (TSX: OGC) new Haile gold mine, with an aim to establish a maiden resource estimate.

The company spent a decade exploring for uranium and rare earth elements in Australia under the moniker Pancontinental Uranium, but in 2016 changed its name and started hunting gold in the Carolinas.

Pancon’s board is comprised of chairman Donald Whalen, David Mosher, David Petroff, and president and CEO Rick Mark. Laurence Curtis serves as an advisor to the board.

Other management include chief financial officer Mark McMurdie; vice-president of exploration Dennis LaPoint; and vice-president of corporate development Layton Croft.

An initial 1,500 drilling campaign got underway at Jefferson in late 2016 into a target named Anomaly A, stepping out from drilling carried out by a previous

operator in 2011.

The best of four holes from 2011 cut 1.27 grams of gold per tonne over 164 metres, with the true width unknown.

QUATERRA RESOURCES Vancouver-based Quaterra Resources (TSXV: QTA; QTRRF), through its wholly owned subsidiary Singatse Peak Services (SPS), is drilling the Bear porphyry copper system, which is one of its assets in a 132.09 sq. km land position in Nevada’s historic Yerington copper district, south of Reno.

Freeport-McMoRan (NYSE: FCX) subsidiary Freeport Nevada has an option to earn a 55% interest in SPS by providing $40 million in option payments, or 75% by providing $138 million.

Quaterra describes its land position as containing the Bear, Yerington pit and MacArthur copper deposits, plus untested exploration targets and valuable water rights already permitted for mining.

In January Quaterra said it would drill at least 15 drill holes in 2017 to test targets throughout its land package, using funds from Freeport, which agreed to make accelerated option payments of up to $1.5 million.

Quaterra will focus on “locating and drilling both potential open-pitable and highergrade porphyry and skarn mineralization in a number of prospective areas that we have identified across our districtscale property.”

Drilling will include reversecirculation and core drilling in and around the Yerington pit, at the MacArthur deposit five miles north of the Yerington pit, and on other targets.

Quaterra notes it has spent $36 million in the Yerington District since 2006, and has released National Instrument 43-101 compliant oxide and sulphide resources at both the MacArthur and Yerington deposits, and a PEA at MacArthur. TNM

A core sample from Viscount Mining’s Silver Cliff project, which hit 1,775.5 grams silver per tonne over 6.1 metres.

Viscount reignites Silver Cliff VISCOUNT From 9

nary economic study for Silver Cliff completed by Tenneco (NYSE: TEN) in the 1980s.

Mackenzie says Tenneco and Hecla were about to spend US$30 million to build a mill and put Silver Cliff in production, but then Tenneco was bought out by a Belgian conglomerate that had little interest in the resource sector, and the project was dropped.

Corazon Gold (TSXV: CGW), a junior explorer that worked briefly on Silver Cliff in 2013 tabulated that the Kate deposit had proven and probable reserves (not compliant with National Instrument 43-101 standards) of 3.8 million tonnes grading 91.9 grams silver for 11.1 million oz. silver, using a 34.3-gram silver cut-off.

Between Kate and two other deposits at Silver Cliff, total resources historically reported were 50 million oz. silver, Mackenzie says, with drill intercept grades ranging from zero to a high of 2,125 grams silver over 13.4 metres, whereas gold ranged from zero to a high of 9.1 grams gold per tonne over 1.2 metres.

“When we acquired the project three years ago what attracted us was the historical resource and the high grades,” Mackenzie says. “The mineralization occurs between 15 and 53 metres below surface, so it’s attractive from a mining standpoint, and there’s potential to find stacked horizons beneath the deposits, or potentially high-grade epithermal veins. It just needs to be explored with more modern techniques and drilled more extensively.”

The first wave of exploration hit the region in 1870, when explorers discovered silver in rocks surrounding an ancient volcano that has been extinct for 26 million years.

Mineralization crept its way into the crust during breaks in volcanism,

driven by heat and pressures from the underlying magma chambers, according to documents in archives kept by the Colorado Geological Survey.

Hydrothermal f luids deposited silver and manganese in vugs and open spaces within carbonate reefs, whereas other fluids deposited silver and base metals within faults, fissures and other cracks in the rocks.

During the later stages of volcanism, an explosive eruption blasted through the overlying rock, and the fluids deposited metals in chimneys of rubble. Eventually the upper elevations of the volcano collapsed, creating a caldera, and bodies of magma beneath slowly solidified to become large, granitic plutons.

Both Silver Cliff and the adjacent Rosita Hills district were recognized for their shallow mineralization, and many small mines were established.

Mining reached its peak in 1940, with 10 producing mines in the Silver Cliff district, and four producing mines in the Rosita Hills district. As a whole, they produced 4.7 million oz. silver, 41.9 million lb. lead, 1.9 million lb. zinc and 627,000 lb. copper.

Most of the historical silver production at Silver Cliff and Rosita Hills came from fault-hosted veins, replacement zones and breccia pipes — the latter reported as having grades up to 24,000 grams silver at their core, surrounded by a lower-grade halo.

In the Kate deposit area, metallurgical test work by Tenneco showed that the manganese-rich ores posed a challenge for recoveries.

When Corazon was evaluating the property in 2013, it reported that Tenneco’s cyanide extraction test work only achieved 45–50% silver recovery.

Corazon collected a 20-kilogram surface sample for more testing, with assays of the sample returning 240 grams silver with 10.9% manganese.

But the company dropped the prop-

Producing Gold In California Commercial Production Announced December 2016 Golden Queen Mining Co. Ltd. TSX: GQM | OTCQX: GQMNF TEL: (778) 373-1557 E: info@goldenqueen.com

www.goldenqueen.com

1-16, 23_FEB20_Main .indd 12

VISCOUNT MINING

“THERE AREN’T A LOT OF SILVER PROJECTS IN THE U.S. WITH ASSAYS LIKE THE ONES WE ARE GETTING AT SILVER CLIFF.” JIM MACKENZIE PRESIDENT AND CEO, VISCOUNT MINING

erty — and a number of other projects — a couple of months later during a phase of corporate restructuring, and the results of the bulk sample were never released.

“The recoveries weren’t that big of problem for Tenneco because they were going to put the project into production,” Mackenzie says. “And that was back in the 1980s, so a lot has changed since then, and there are new techniques to address that. But we’ll make metallurgical tests part and parcel for the upcoming program, as we investigate the project further.”

Viscount is also advancing its Cherry Creek silver-gold-tungsten property, 48 km north of the city of Ely in White Pine County, Nev., with partner Sumitomo.

The Japanese giant signed on in February last year, agreeing to spend US$10 million on the project over eight years to earn 75% interest, in addition to producing a bankable feasibility study at an estimated cost between US$30 million and US$40 million.

“We’re fortunate to have partnered with a company like Sumitomo,” Mackenzie says. “We’re their only exploration play in North America, and that speaks volumes about the potential of Cherry Creek.”

The property hosts 20 historic mines that produced silver, gold and tungsten between 1872 and 1940, and primarily exploited mineralization entombed in veins.

But it’s the potential for Carlin-style gold deposits that caught Sumitomo’s interest, Mackenzie says.

“In 2015 we brought in geologists from Snowden to complete work on the area, and a number of them who used to work at Newmont’s Long Canyon discovered the same type of geology at the Flint Canyon prospect on our property,” he says.

The partners began a 7,300-metre Flint Canyon drill program in September, targeting a prospective contact between highly dissected fault blocks of shale and underlying limestone units. In earlier work, the companies found weakly mineralized jasperoid outcrops across the prospect, which are typical vectors to Carlin-style mineralization.

Assay results from the recent drill program are pending.

“The Cherry Creek property has never been explored properly because of the fractured land ownership,” Mackenzie says. “We’re the first company to consolidate the ground and apply modern exploration techniques, so we look forward to seeing the results as we advance this project forward.” TNM

2017-02-14 8:14 PM

UNITED STATES

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

13

NewCastle punches above its weight class at Castle Mountain GOLD

| Permitted past producer attracts strong management

BY TRISH SAYWELL

S

tsaywell@northernminer.com

ix months ago, NewCastle Gold (TSX: NCA) enticed Gerald Panneton to join the company as president and CEO to help put its past-producing Castle Mountain project in California back into production.

The geologist is perhaps best known for founding Detour Gold (TSX: DGC) and growing its Detour Lake gold deposit in northern Ontario from 1.5 million oz. to over 15 million oz. in reserves, and bringing it into production less than six years after the acquisition.

“After doing the Detour story from scratch to the end of 2013, I spent the next couple of years looking at which stories interested me enough to bring me back to the mining industry into exploration and development,” Panneton says in an interview. “There was little to look at in 2014 and 2015 — they were difficult years in the mining industry — until the NewCastle opportunity came in July 2016.”

Panneton isn’t ruling out duplicating the success he had nurturing Detour Lake in Ontario.

“The main reason I decided to come out of retirement was because this is a wonderful story with excellent potential to grow,” he continues. “When I got to Detour in 2006, there was 1 million oz. gold ... and I knew I could grow it from 1 million to 5 or 10 million. The potential at Detour was obvious because there was a lack of drilling. There was a lot of information there, it just took time to do it … the same thing can happen at NewCastle. We can take a resource of 4 million oz. and with time and drilling, perhaps we can reach 10 million ounces. If you can grow it or double it, it’s always attractive to shareholders, and it’s so much fun to do. It’s pretty certain to happen at Castle Mountain, because we control more than 20 km of the trend.”

He also liked the project because it is permitted for 8.2 million tonnes per year — or roughly 150,000 oz. gold annually — until 2025, at which point it can be renewed.

“If you want to start a project in California without a permit, good luck,” he says. “The 2025 permit can be extended at any time, which we will do this year when we start pre-stripping. This is only a local formality, and can be extended at our leisure.”

The mining permit is in good standing, and Panneton adds that “we could start the mine as soon as tomorrow if we wanted to, but in reality it doesn’t work like that.

So that’s our goal: to go back into production within the next couple of years, with the 9-million-ton [8.2-million-tonne] annual mining permit that we have.”

Once NewCastle finishes an engineering study and an operational plan, it can apply for ancillary permits, such as for construction and explosives.

The Castle Mountain heap-leach gold mine — 120 km south of Las Vegas, and previously owned and operated by Viceroy Gold — produced 1.24 million oz. gold at a head grade of 1.37 grams gold per tonne and a recovered grade of 1.18 grams gold per tonne between 1992 and 2001, when it was shut down due to low gold prices.

“It has a history of being a very good operation for Viceroy back in the 1990s,” Panneton says. “It has

1-16, 23_FEB20_Main .indd 13

Drilling equipment at NewCastle Gold’s Castle Mountain project in California’s San Bernardino County. NEWCASTLE GOLD

“2014 AND 2015 ...

WERE DIFFICULT YEARS IN THE MINING INDUSTRY. UNTIL THE NEWCASTLE OPPORTUNITY IN JULY.” GERALD PANNETON PRESIDENT AND CEO, NEWCASTLE GOLD

yielded good recoveries. It’s oxidized and there are no sulphides, so it’s a clean project.”

Panneton notes that the geology at Castle Mountain is quite different than the Archean geology in central and eastern Canada. “The rocks in Ontario and Quebec are 2.6 to 2.8 billion years old, and the rocks at Castle Mountain are only 12 million years old, so it’s more recent geology,” he says. “It’s not deformed — it’s pristine. You can see a lot of the original textures and the system is powerful. It’s 2 km wide by 20 km long, and it’s open in all directions — to the north and south and at depth — and there are more discoveries to be made.”

NewCastle plans to update the project’s resource in September 2017, followed by a prefeasibility study by year-end. It also plans to pre-strip the first pit in late 2017 or early 2018 at a rate of 4,000 to 5,000 tonnes per day, which means it could produce gold by next year, according to Panneton.

If NewCastle puts Castle Mountain back into production, it will be Panneton’s fourth mine. In addition to Detour Lake, for which he raised $2.6 billion, he put Barrick Gold’s (TSX: ABX; NYSE: ABX) Tulawaka and Buzwagi mines into production in Tanzania. The difference between the previous three mines he has built and Castle Mountain, he adds, is that the latter is far less capital intensive because it’s a lowgrade, heap-leach operation, so NewCastle doesn’t have to build a large processing plant.

Panneton reckons Castle Mountain would cost between US$100 million and US$200 million to build, including the mining fleet, which would be 50% of the total capex. This is another plus, he says, because NewCastle can look for fleet financing. “Fleet financing is the easiest financing you can get,” he says. “It [deals] with suppliers directly, so you don’t need banks and so forth.”

In November, NewCastle kicked off a 40,000-metre drill program after raising $18.5 million, and a few weeks later brought Sergio

Cattalani onboard as vice-president of exploration.

The geologist had held a similar title at Osisko Mining, leading development of the company’s new project portfolio in the U.S., until Osisko was acquired by Yamana Gold (TSX: YRI; NYSE: AUY) and Agnico Eagle Mines (TSX: AEM; NYSE: AEM) in 2014.

NewCastle also recently staked 4,300 acres of mining claims in Nevada, 7 km northeast and along trend from Castle Mountain.

The junior has already finished one-third — or 15,000 metres — of its 40,000-metre drill program with six rigs (30,000 metres of reversecirculation [RC] and 10,000 metres of core drilling), and expects to finish the program in April, followed by an updated resource estimate sometime before October.

Completed in December 2015, the resource stands at 219.9 million tonnes grading 0.59 gram gold per tonne for 4.2 million contained oz. gold in the measured and indicated category, with inferred resources of 40.8 million tonnes grading 0.58 gram gold for 0.76 million contained oz. gold. The resource’s cut-off grade is 0.20 gram gold per tonne.

In the latest results from four RC holes drilled into the South Domes project area, grades were higher than the resource estimate.

Drill hole 132 returned 1.07 grams gold per tonne over 67.1 metres, including 2.91 grams gold over 12.2 metres, and 128 cut 1.25 grams gold over 94.5 metres, including 3.37 grams gold over 15.2 metres.

The holes followed up on drilling in the South Domes target during the company’s phase one drill program, which ended in October. In that program, highlights at South Domes included 1.09 grams gold per tonne over 214 metres in core hole 79 and 1.73 grams gold per tonne over 136 metres in core hole 111.

The South Domes target remains open along strike to the north and south and at depth.

When news broke of the intercepts, Kerry Smith of Haywood

Securities said in a research note that “the grade in these few holes is at least double the current resource grade of 0.59 gram per tonne, and this program is partly designed to show the potential for a larger and better-grade resource at South Domes, which would improve economics both by reducing the strip ratio and improving overall grade.

“While we do not expect the average grade at South Domes to double, this early drilling shows the potential for a decent improvement in the overall resource grade at South Domes, likely in the 25% range.”

Andrew Kaip of BMO Capital Markets added that the drill results “provide improved resource confidence and the potential to upgrade additional inferred resources to the indicated category.”

Kaip has an “outperform” rating on the stock and a $1-per-share price target. At press time NewCastle Gold’s shares traded at 78¢ within a 52-week range of 22¢ (March 2016) to $1.30 (September 2016).

Board members include Richard Warke, Tookie Angus and Frank Giustra.

Warke, NewCastle’s executive chairman, is also founder and executive chairman of Arizona Mining (TSX: AZ). He founded Ventana Gold and Augusta Resource in 2006, then sold Ventana for $1.5 billion in 2011 and Augusta for $650 million in 2014.

Angus is chairman and director of Nevsun Resources (TSX: NSU; NYSE-MKT: NSU), and the former head of Fasken Martineau’s global mining group.

Giustra is president and CEO of Fiore Financial Corporation. He founded Lions Gate Entertainment Corporation. TNM

www.quaterra.com TSX- V:QTA

|

OTCQX:QTRRF

2017-02-14 8:14 PM

14

WWW.NORTHERNMINER.COM

FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

De Beers and Mountain Province Diamonds’ Gahcho Kué diamond mine in the Northwest Territories in 2015.

MOUNTAIN PROVINCE DIAMONDS

Diamonds add sparkle to NWT’s economy

FAR NORTH

| Diamonds accounted for 97% of the $1.8B generated from mining in the NWT in 2015

BY LESLEY STOKES

I

lstokes@northernminer.com VANCOUVER

t’s been 25 years since diamonds were found in the Northwest Territories (NWT) at Lac de Gras, and Hendrik Falck, mineral deposits geologist from the Northwest Territories Geoscience office, says the precious stone is still the most sought-after commodity in the region.

“The big news for us last year was the opening of the Gahcho Kué mine replacing Snap Lake as our third diamond mine, and that was huge for us,” Falck tells The Northern Miner during a phone interview.

De Beers and 49% joint-venture partner Mountain Province Diamonds (TSX: MPVD; NASDAQ: MVPD) opened the Gahcho Kué mine in September 2016, almost a year after De Beers placed its troubled Snap Lake underground diamond mine on care and maintenance, laying off 434 employees.

In January, the company had planned to flood Snap Lake, which failed to turn a profit since the operation opened in 2008.

Gahcho Kué meanwhile, is ramping up to full production. The $1-billion, open-pit mine is scheduled to deliver an average 4.5 million carats a year on a 100% basis over a 12-year mine life, making it the company’s second-largest mine behind Jwaneng in Botswana, which produced 9.8 million carats in 2015.

Falck notes that Gahcho Kué, at full capacity, could provide more than 2,700 jobs — including supply and service chain employment — and inject $6.7 billion into the Canadian economy.

In January, Mountain Province reported on its first diamond sale, with 49,420 carats sold for US$6.27 million, or US$127 per carat.

In February the mine recovered a 67.87-carat, gem-quality octahedron diamond.

The remaining diamond production in the territory comes from Dominion Diamonds’ (TSX:

1-16, 23_FEB20_Main .indd 14

DDC; NYSE: DDC) Ekati mine and Rio Tinto (NYSE: RIO; LON: RIO) and Dominion’s Diavik mines, both of which are being expanded.

According to company updates, development of Diavik’s A-21 pipe, located below Lac de Gras, is progressing as planned, with production scheduled to begin in 2018.

The pipe’s reserves of 3.6 million tonnes of 2.8 carats per tonne for 10 million carats would provide an incremental supply for Diavik, ensuring production until 2023.

At Ekati, the partners have received environmental approval to add the Jay kimberlite pipe to its mine plan, which could extend the mine life by 10 years to 2034. The pipe hosts 48.1 million tonnes of 1.9 carats per tonne, for 89.9 million carats.

Falck points out that diamonds accounted for 97% of the $1.8 billion made from mineral production in the NWT in 2015. And while exploration spending is still low compared

“COMPANIES ARE TAKING A SECOND LOOK AT OLDER PLAYS AND APPLYING NEW TECHNIQUES AND IDEAS.” HENDRIK FALCK MINERAL DEPOSITS GEOLOGIST, NWT GEOSCIENCE OFFICE

to the peak of the diamond rush a quarter century ago, the territory has seen an encouraging rise in activity of late.

“As an office, we’ve been active with till sampling and Quaternary mapping programs across the central Slave province, and that has given us a much stronger understanding of the glacial history of the region, which helps with the exploration for kimberlites,” Falck says. “The first pass for diamond exploration was done quickly, but now there are a lot of companies taking a second look at older plays ... and there’s been success as a consequence of that.”

One such example is Kennady

Diamonds’ (TSXV: KDI; US-OTC: KDIAF) Kennady North project, 5 km from the Gahcho Kué mine. In December last year, the company announced a maiden indicated resource of 8.5 million tonnes of 1.6 carats per tonne for 13.6 million carats at the project’s key Kelvin kimberlite.

For comparison, Gahcho Kué hosts probable reserves of 35.4 million tonnes grading 1.57 carats per tonne for 55.5 million carats.

While diamonds still attract the most attention in the NWT, Falck points out a number of precious and base metal projects that are gaining traction amongst explorers.

Rough diamonds extracted from Dominion Diamond’s Ekati mine in the Northwest Territories.

TerraX Minerals’ Yellowknife City gold project outside of Yellowknife, and Nighthawk Gold’s (TSXV: NHK; US-OTC: MIMZF) Colomac gold property, 200 km north of Yellowknife, both involve exploration for Archean-age gold deposits in greenstone belts like those found in Ontario and Quebec.

Latest drill results from TerraX at its Sam Otto zone has extended the gold mineralization for at least 350 metres of strike and 250 metres deep, with 30- to 50-metre-wide zones greater than 1 gram gold per tonne.

At Indin Lake, Nighthawk is expanding the resource at the project’s Goldcrest deposit and testing more mineralized zones. The company has outlined 39.8 million tonnes of 1.64 grams gold for 2.1 million oz. gold across a number of deposits on the property to date.

However, an anticipated 97 km, all-season road to the remote community of Whati, 166 km northwest of Yellowknife, could give a boost to Fortune Minerals’ (TSX: FT) Nico gold-cobalt-bismuth-copper project. The federal government announced in January that it would pay 25% of the cost of building the road, with more funding from the territorial government and private sector, pending approval by the legislative assembly.

Fortune has struggled to secure financing for the $589-million project in recent years. The project requires the concentrate to be shipped out and processed at the company’s proposed refinery near Saskatoon, Saskatchewan.

“The road would open up other parts of the Southern Bear province, and allow explorers to revisit a number of known deposits there,” Falck says.

Other advanced projects in the NWT include Canadian Zinc’s (TSX: CZN) Prairie Creek leadsilver-zinc property, 500 km west of Yellowknife in the Mackenzie Mountains, and Selwyn Chihong Mining’s Howard’s Pass zinc-lead project that straddles the border with the Yukon Territory. TNM

DOMINION DIAMOND

2017-02-14 8:14 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

15

Cordoba CEO discusses next steps at San Matias COPPER-GOLD

| Ongoing exploration in Colombia funded by Robert Friedland’s HPX

BY MATTHEW KEEVIL

I

mkeevil@northernminer.com VANCOUVER

t remains early days for Cordoba Minerals (TSXV: CDB; US-OTC: CDBMF) at the San Matias copper-gold property, 200 km north of Medellin, Colombia, but there’s already excitement building around the property’s discovery prospects.

Cordoba has shown enough grade potential across the 260 sq. km land package to form a joint venture with mine-finder Robert Friedland’s private exploration vehicle, High Power Exploration (HPX), and on Jan. 5 it released a maiden resource estimate on San Matias’ Alacran deposit.

The estimate incorporates drilling through October 2016, totalling 76 diamond drill holes over 20,200 metres and including 11,230 metres drilled by Ashmont Resources in 2011 and 2012.

Alacran’s copper-gold mineralization consists of chalcopyrite-pyrrhotite-pyrite veins, replacements (including massive sulphides) and disseminations that locally overprint hydrothermal magnetite-rich zones developed near intrusion contacts.

The pit-constrained, inferred resource now stands at 53.5 million tonnes grading 0.7% copper and 0.37 gram gold per tonne, or 0.95% copper equivalent, including 7.4 million tonnes at 2.1% copper and 0.41 gram gold gold above a 1% copper cut-off grade. The conceptual pit runs over 1.3 km of strike and to 220 metres deep, while Cordoba describes the mineralization’s “broad horizontal widths” as “favourable for potential open-pit development.

“We have an economic deposit emerging at Alacran, and this resource demonstrates that we’re off to a great start, with strong grades.

The copper grade we’re looking at here is twice what you’d see at most active mines,” Cordoba Minerals president and CEO Mario Stifano says during an interview.

“Obviously the next step is to demonstrate that size potential, but the benefit of having a resource is that it really increases your prospective investor base. The issue is that without a resource it’s extremely

A worker in the Montiel artisanal pit at Cordoba Minerals and HPX’s San Matias copper-gold property, 200 km north of Medellin, Colombia.

difficult to get institutional investors to look at your company,” he adds.

Cordoba drilled 13,000 metres at San Matias last year, and HPX’s budget over the first four months of 2017 is an estimated US$6 million.

HPX completed the second phase of its option agreement in late 2016, which involved spending $19 million on exploration to earn a 51% stake in the project. The third phase of the partnership would see HPX increase its stake to 65% by completing a feasibility study.

“Now it’s not only important for us to communicate where we see the resource growing through future drilling, but also the fact that we see ourselves in an emerging district,” Stifano says.

“There is definite potential here for multiple deposits, and multiple different styles of mineralization.

We’re obviously looking at skarn-

replacement systems like Alacran, but there are also promising targets in terms of porphyry systems,” he says.

Cordoba says the Alacran mineralized system remains open to depth, and surface geochemical anomalies indicated “significant potential for additional mineralized zones to the east and west.”

Drilling has intercepted coppergold mineralization below the conceptual pit shell, and elsewhere at depths greater than 220 metres below surface, though drill density is too sparse to include the material in resource estimates.

The company will release results from the 2016 drill program during the first quarter. On Jan. 11, Cordoba reported that hole 33 returned “one of the best intersections to date on the project” east of the current resource shell, where it cut 108 metres

A high-grade section of hole 33 drilled at Cordoba Minerals and HPX’s San Matias copper-gold property.

1-16, 23_FEB20_Main .indd 15

CORDOBA MINERALS

from surface grading 1.3% copper and 0.87 gram gold.

Alacran’s mineralization has now been intersected over a 1.3 km strike length to widths of up to 400 metres, and to 260 metres below surface.

After the exploration campaign, Cordoba concluded that host stratigraphy appears to steepen from north to south, while the mineralization changes from pyrrhotitepyrite-chalcopyrite to magnetitechalcopyrite. Based on magnetic and induced polarization surveys, the company says “attractive exploration targets” remain down-plunge and along strike.

“We have some drill targets along the northern and southern end of Alacran I’d classify as exploration areas,” Stifano says.

“There is a massive magnetic anomaly down south that we believe offers a good chance to discover more mineralization. We’re dealing with a replacement system here, potentially a skarn, and it’s quite complex, but at the end of the day we have to find the fluids that actually fed the deposit,” he says.

The long game for Cordoba, however, would ideally involve finding a copper-porphyry deposit. The company is exploring along a 13 km potential porphyry trend, including diamond drilling at the Montiel East and Costa Azul targets. Additional skarn replacement-style mineralization and alteration has been found at the Buenos Aires target farther south.

“We have to focus on advancing Alacran and pursuing more blue-sky exploration,” Stifano says. “Alacran provides a great base of value for the company, but Robert Friedland and HPX have come into this deal with the intention of making a much more significant discovery.

We think we could be looking at a land package with potential for a world-class deposit, and we’ve seen a lot of similarities to Oyu Tolgoi.”

Exploration work at Montiel East has focused on copper-gold mineralization associated with a series of porphyry dike and sill-like intrusives, and incorporates both sheeted

CORDOBA MINERALS

“ROBERT FRIEDLAND AND HPX HAVE COME INTO THIS DEAL WITH THE INTENTION OF MAKING A MUCH MORE SIGNIFICANT DISCOVERY.” MARIO STIFANO PRESIDENT AND CEO, CORDOBA MINERALS

and stockwork quartz-magnetitechalcopyrite-bornite veins within strongly potassic-altered diorite porphyry.

Meanwhile, Costa Azul’s mineralization is reportedly associated with quartz-magnetite-chalcopyrite-pyrite-bornite sheeted and stockwork veining, both within diorite porphyry and mafic volcanic wallrocks.

Stifano points out that having its partner HPX fully fund exploration at San Matias means Cordoba “only needs to raise money to stay public.”

Cordoba’s shares gained over 400%, or 68¢, in 2016, and traded at 83¢ at press time. Cordoba has 87 million shares outstanding for a $78-million market capitalization, and had cash and equivalents of $2.5 million at the end of September 2016. Friedland also controls a 37% equity stake in Cordoba.

“In the junior mining industry we tend to feed institutional demand by doing a series of private placements, but from our perspective we’ve eliminated that, because we don’t need that cash,” Stifano adds.

“We don’t pay attention to shortterm blips in stock prices. We’re trying to build a real mine here, so we aren’t necessarily focused on daily equity performance, because building a district-scale project involves a longer timeline than quarter-overquarter trading, though obviously it’s nice to see the share price on the rise.” TNM

2017-02-14 8:15 PM

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FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

Torex Gold reports more high grade MEXICO

| Miner plans to produce up to 380,000 oz. gold in 2017 “THESE RESULTS AND THE SUCCESS RATE OF OUR EXPLORATION PROGRAMS CONFIRM ... MINING POTENTIAL FOR GENERATIONS.”

BY TRISH SAYWELL

T

tsaywell@northernminer.com

orex Gold Resources (TSX: TXG) kicked off the new year with encouraging results from a drill program exploring the El Limon Sill on the company’s 290 sq. km Morelos gold property in Mexico’s Guerrero gold belt, 180 km southwest of Mexico City.

The results include 3.4 metres of 317.8 grams gold per tonne; 230.7 grams gold over 2.4 metres; 19.6 grams gold over 9.6 metres; 22.6 grams gold over 13.3 metres; and 83.3 grams gold over 4.3 metres.

The near-surface mineralized intercepts between 43 metres and 276 metres below surface are located in the El Limon Sill, underneath the company’s El Limon deposit. El Limon, along with the company’s Guajes deposit, entered commercial production in March 2016. A third pit, El Limon Sur, has yet to be mined.

The drill results sent the company’s shares up $4.72, or 21%, to $26.75 per share. Over the last year Torex’s shares have traded in a range of $11.50 to $35.17.

Fred Stanford, Torex Gold’s president and CEO, was not available for comment, but in a press release said the results “provide an exceptional start,” and that “3.4 metres of 10 oz. per tonne tends to bring a smile and an imperative to move quickly.”

“These results and the success rate of our exploration programs confirm our belief in the potential for mining in this area for generations to come,” said Stanford, an industrial engineer who started his career at Vale Canada in 1981 as a software designer, and moved into operations management as an underground mine foreman. (Between 2006 and 2009, Stanford served as president of Vale’s Ontario operations.)

In 2011, four exploration holes intersected a skarn zone at Morelos

FRED STANFORD PRESIDENT AND CEO, TOREX GOLD

with high-grade gold developed underneath the intrusive that underlies the El Limon deposit.

Torex drilled 34 holes (7,727 metres) between September and December last year — covering an area of 350 by 150 metres — to explore the system’s continuity and mineral potential.

The latest batch of drill results confirm the skarn zone’s continuity and high-grade mineralization, Torex says, and indicate the system remains open downdip to the west and north, and updip to the east.

Structurally the El Limon Sill target area — as well as the El Limon and El Limon Sur deposits — are hosted in a graben bounded by the La Flaca fault to the west and the Antena fault to the east, and the company considers both potential feeders for the mineralization. The mineralization at the El Limon Sill is mostly gold, associated with variable silver and copper.

Torex estimates that 75% of its wholly owned Morelos property remains unexplored.

In the meantime, commercial production at the El Limon-Guajes open-pit mine, north of the Balsas River, is well underway.

In the third quarter of 2016, the mine produced 77,915 oz. gold at total cash costs of US$517 per oz. sold and all-in sustaining costs of

US$699 per oz. sold. Net income for the quarter reached US$23.6 million, or 30¢ per share, on a basic and diluted basis.

Once in full production, Torex says, the mine will be among the largest and lowest-cost gold mines in the world, with expected life-ofmine average annual production of 370,000 oz. gold and LOM AISCs of US$616 per ounce. The mine life is estimated at 10 years.

The skarn deposit has measured and indicated resources of 4.12 million oz. gold and 6.79 million oz. silver (48.4 million tonnes grading 2.65 grams gold per tonne and 4.37 grams silver per tonne). Inferred resources add 360,000 oz. gold and 660,000 oz. silver (5.96 million tonnes grading 1.86 grams gold and 3.45 grams silver).

Michael Gray of Macquarie Research revised his target price on the stock after drill results from the El Limon Sill — raising his 12-month target to $27 per share from $26.50.

“While we are cautious on the potential of the El Limon Sill target, the new target exemplifies the district scale and multipletarget nature of the property,” Gray said in a research note. The mining analyst noted that the new

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its 2016 production figures and guidance for 2017.

In 2016, the first year of operations at its El Limon-Guajes mine, the company poured 279,937 oz. gold and sold 275,613 oz. gold.

This year Torex forecasts production of between 350,000 and 380,000 oz. gold at total cash costs per ounce sold of between US$525 and US$575. AISCs per ounce sold are an estimated US$775 to US$825 per ounce.

Torex plans to spend between US$100 million and US$130 million on capex this year, and US$10 million on exploration.

Management expects finishing the access ramp into the “under the sill” zone by mid-year, and processing the zone’s first tonnes before year-end.

BMO raised its target price on the stock to $30 per share from $26 per share, after news of the company’s 2016 production results and 2017 guidance. TNM

| Major to use proceeds to pay down $1.5B debt

BY MATTHEW KEEVIL

$12.65 per agate line.

Minimum size 2 columns x 1” $354.20.

Closing date is 10 days prior to publication date.

high-grade El Limon Sill target “is skarn-related, but interpreted to be different from the disseminated open-pit mineralization at El Limon,” as well as the underground magnetic-bearing mineralization at the company’s Media Luna project.

The Media Luna deposit is a magnetic anomaly on the same land package south of the Balsas River, which was discovered in March 2012.

Media Luna has an inferred resource of 7.4 million equivalent oz. gold (51.5 million tonnes grading 4.48 grams equivalent gold per tonne). The resource is contained in less than 30% of the area of the targeted magnetic anomalies.

Based on a July 2015 preliminary economic assessment, an underground mining operation at Media Luna could produce 313,000 equivalent oz. gold a year at an average AISC of US$636 per oz. over a 13year mine life.

On Jan. 9, Torex Gold reported

Yamana’s spin-out of Brio Gold draws limited interest

CAREER OPPORTUNITIES

CAREERS ADVERTISING RATES

A conveyor at Torex Gold Resources’ El Limon-Guajes gold mine in Mexico’s Guerrero gold belt, 180 km southwest of Mexico City. TOREX GOLD RESOURCES

Y

mkeevil@northernminer.com VANCOUVER

amana Gold’s (TSX: YRI; NYSE: AUY) efforts to monetize most of its stake in newly public Brio Gold (TSX: BRIO) have, once again, failed to generate much market interest.

The company has been trying to structure a deal to divest the assets for well over a year and made its most recent attempt in October, which involved a preliminary prospectus related to a secondary offering of Brio shares. Yamana had hoped to sell up to 56% of Brio for $195 million to help with its balance sheet, but the results fell short of that goal.

On Dec. 23 the company announced the results of the purchase rights offering, wherein it sold 15%, or 17.3 million shares, for gross proceeds of nearly $56 million. The terms value Brio at $3.25 per share.

In the event that all the rights had been exercised, as well as the additional distribution of 1.2 million shares being sold on a firm commitment basis, Yamana would have decreased its interest to 46.3%.

The company has been working on operational improvements at Brio’s two active mines — Pilar

and Fazenda Brasileiro — which produced 143,000 oz. in 2015. The former subsidiary also acquired the Riacho dos Machados gold mine in Minas Gerais State, Brazil, which could add annualized production of 100,000 oz. gold at full capacity.

From a financial reporting perspective, Yamana will continue to fully consolidate the results of Brio, which involves disclosing the earnings attributable to Yamana shareholders alongside Brio earnings attributable to non-controlling shareholders.

“Now that Brio Gold is a standalone public company, we believe that its immediate value and value potential will be better realized,” chairman and CEO Peter Marrone said in prepared remarks. “It is our intention to work with the management and board of directors of Brio, and we will continue to consider all efforts that will realize better and full value.”

Yamana intends to put the proceeds towards lowering net debt that totals $1.5 billion, and will also likely leverage its share of Brio cash flow in pursuit of the goal. Scotiabank analyst Tanya Jakusconek noted that the “disappointing take up” of the offering could “muddle” Yamana’s deleveraging strategy, but adds that

the company’s “balance sheet is expected to improve in 2018 and beyond, once Cerro Moro comes online.” Scotiabank has a “sector perform” rating on Yamana, along with a $3.38 one-year price target.

Meanwhile, BMO Capital Markets analyst Andrew Kaip said that “given the lackluster interest, large Yamana control block and uncertain divestiture plan, we expect shares of Brio to continue to trade at a discount relative to peers.”

He writes that 2017 may be a “challenging year” for Yamana given the current gold-price environment, and adds that “the company appears unlikely to meet management net debt reduction targets.” BMO Research has a “market perform” rating on Yamana, and a $3.25-per-share price target.

Yamana’s shares have traded in a 52-week range of $2 to $7.87, and closed at $4.27 per share at press time. The company has 948 million shares outstanding for a $4-billion market capitalization, and reported a US$244-million cash balance at the end of October.

Brio Gold started trading on Dec. 28 and closed at $3.41 per share at press time. The newly minted company has 112.5 million shares outstanding for a $372.5-million market capitalization. TNM

2017-02-14 8:15 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

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2017-02-14 6:36 PM

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FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 6–10 Higher commodity prices, a positive jobs report and a second monthly trade surplus in December combined to power Canada’s main stock index to 15,729.12, up 1.6%, and surpassing the S&P/TSX Composite Index’s last peak in 2014. The New York spot price for gold climbed to US$1,232.90 per oz. in a 1.1% gain, sending the S&P/TSX Global Gold Index surging 4.3% to 228.23. The S&P/ TSX Global Mining Index rose 3.5% to 72.52 and West Texas Intermediate crude closed at US$54 per barrel.

B2Gold’s shares were the most traded and rose 40¢ to $4.45 apiece on strong 2016 operating results. The company reported record consolidated gold production of 550,423 oz. gold, up 12% year-on-year, and yielding annual gold revenue of US$683.3 million on sales of 548,281 oz. at US$1,246 per ounce.

The miner forecast that full-year consolidated cash-operating costs for 2016 would come in between US$500 and US$535 per oz., and all-in sustaining costs should be between US$780 and US$810 per ounce. This year, B2Gold expects consolidated gold production of between 545,000 and 595,000 oz., with cash-operating costs of between US$610 and US$650 per oz., and AISC of between US$940 and US$970 per ounce. In 2018, the company expects gold production will jump to between 900,000 and 950,000 oz., due to

the first full year of production at its Fekola project in Mali.

Teck Resources jumped $1.04 to $32.60 per share. The company updated investors on its Fort Hills oilsands project, 90 km north of Fort McMurray in northeastern Alberta. Teck holds a 20% stake in the Fort Hills Energy Ltd. Partnership, the owner of Fort Hills, while E&P Canada owns 29.2% and Suncor Energy owns 50.8%. At the end of 2016, construction was over 76% complete and the project is on track to produce first oil later this year. But the Fort McMurray wildfires last year have driven up capital cost estimates for the secondary extraction facility 10% over the project estimate, excluding foreign-exchange impacts. Teck’s share of project capital costs through to completion TSX MOST ACTIVE ISSUES VOLUME (000s) HIGH

B2Gold Kinross Gold Yamana Gold IAMGOLD Gran Colombia Black Iron Ivanhoe Mines Lundin Mng Barrick Gold Nthn Dynasty

BTO K YRI IMG GCM BKI IVN LUN ABX NDM

46747 4.58 26116 5.55 22155 4.80 19573 6.88 19152 0.11 18214 0.17 17623 4.75 16807 8.66 16629 25.84 16012 4.46

WEEK LOW CLOSE CHANGE

4.07 4.45 + 5.12 5.34 + 4.46 4.61 + 6.14 6.34 + 0.09 0.11 + 0.06 0.14 + 3.95 4.67 + 7.78 8.62 + 24.61 25.51 + 3.78 4.41 +

0.40 0.24 0.18 0.18 0.02 0.07 0.67 0.81 0.84 0.59

(including foreign exchange) — as of Dec. 31, 2016 — is an expected $805 million, with $640 million spent this year. Due to the increase, Teck said it would record an aftertax impairment charge of $164 million in its fourth-quarter results. The company expects average production rates of 186,000 barrels a day throughout the project’s life.

Shares of Verde Potash soared 156% to 78¢ after the company announced that Brazil’s

Department of Mineral Production had granted an environmental licence for its Cerrado Verde project. The next step is to secure a mining permit. The company expects to produce 19,500 tonnes of its Super Greensand product and 500 tonnes of its Alpha product in the first half of 2017. Super Greensand increases the soil’s capacity to retain water and nutrients, while Alpha is said to boost crop protection against pests and disease. TNM

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Verde Potash Black Iron Laramide Res Katanga Mng Paladin Energy Yellowhead Mng Stonegate Agri Marathon Gold Wesdome Gold Eastmain Res Silver Bull Re Formation Mtls Atlatsa Res Euro Sun Mg Quest Rare Mnl Candente Coppr Asanko Gold Goldgroup Mng Century Global Talon Metals

NPK BKI LAM KAT PDN YMI ST MOZ WDO ER SVB ECS ATL ESM QRM DNT AKG GGA CNT TLO

1462 18214 5138 13398 8727 725 879 3865 3342 3103 3147 2615 187 224 2563 581 10127 1438 44 487

0.85 0.17 0.69 0.31 0.16 0.06 0.02 1.14 3.43 0.63 0.18 0.94 0.08 0.86 0.25 0.12 4.94 0.13 0.35 0.10

TSX GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.31 0.06 0.49 0.21 0.12 0.05 0.01 0.86 2.60 0.48 0.14 0.77 0.06 0.77 0.19 0.11 4.19 0.11 0.31 0.08

0.78 0.14 0.69 0.28 0.16 0.06 0.02 1.10 3.38 0.61 0.15 0.78 0.07 0.77 0.21 0.11 4.22 0.11 0.31 0.09

+ 155.7 + 107.7 + 46.8 + 36.6 + 34.8 + 33.3 + 33.3 + 29.4 + 28.5 + 28.4 - 16.7 - 15.2 - 12.5 - 12.5 - 12.5 - 12.5 - 12.3 - 12.0 - 11.4 - 10.5

VOLUME (000s)

Agrium Franco-Nevada Endeavour Mng Agnico Eagle Seabridge Gld MAG Silver Torex Gold Teck Res HudBay Mnls Teck Res Asanko Gold Prophecy Coal Dynacor Gld Mn Formation Mtls Caledonia Mng Brio Gold Excellon Res Euro Sun Mg Orocobre Americas Silvr

AGU FNV EDV AEM SEA MAG TXG TECK.A HBM TECK.B AKG PCY DNG ECS CAL BRIO EXN ESM ORL USA

1494 2916 1643 2827 527 1573 2571 29 10457 10054 10127 64 256 2615 188 43 961 224 604 426

WEEK CLOSE

138.12 89.66 27.90 66.49 14.54 21.20 31.60 33.66 11.57 32.60 4.22 4.81 2.36 0.78 1.85 3.14 1.79 0.77 4.00 4.33

CHANGE

+ + + + + + + + + + -

3.53 2.40 2.37 2.36 1.92 1.68 1.56 1.31 1.24 1.04 0.59 0.44 0.17 0.14 0.12 0.12 0.11 0.11 0.10 0.07

TSX VENTURE EXCHANGE / FEBRUARY 6–10 The S&P/TSX Venture Composite Index gained 16.88 points to an 836.16-point close on rising commodity prices. Spot gold prices gained US$13.32, or 1.1%, to US$1,233.62 per oz., whereas Comex copper prices gained 11¢, or 4.2%, to US$2.77 per lb., its highest level since May 2015.

Junior explorer White Gold led the valueadded category, gaining 49¢ to $1.65 per share on rising gold prices. On Jan. 23, the company announced exploration results from its properties in the Yukon’s prolific White Gold district, host to the 20 million oz. Klondike goldfields. White Gold used 11,000 soil samples, rock-chip sampling, mapping and geophysics to define drillready targets at five of its 23 properties: Nolan, Loonie, IND, Dime and Bonanza.

The company is the largest landholder in the district, with land claims totalling 2,970 square kilometres. The exploration program is fully financed after an $18-million raise in December, which included $14.5 million from Agnico Eagle Mines.

Secova Metals saw 20.7 million shares traded before closing up 3¢ to 8¢ per share on news of an upcoming $500,000 non-brokered private placement. The company intends to issue up to 10 million units at 5¢ each, with one share and one warrant. Each warrant is

exercisable within two years at 8¢ per share.

If shares trade at or above 20¢ for 10 trading days during the last year of the warrant period, the warrant must be exercised. The capital would help finance exploration and development at the company’s Duvay gold project with its partner Tres-Or Resources, located in the township of Amos, Que., and greenfields exploration at its Eagle River gold project, in the Windfall Lake camp of Urban-Barry township, Quebec.

Lukas Lundin’s Filo Mining, a Vancouverbased mining company focused on coppergold-silver exploration in Chile and Argentina, rose 22¢ to $2 per share. On Jan. 20, the company announced that an 8,000-metre drill program is underway at its f lagship Filo del Sol project, 140 km southeast of TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Tango Mining Secova Mtls Sanatana Diam LiCo Energy Westkam Gold Calibre Mng Metals Creek Spearmint Res Cobalt Pwr Grp MX Gold

TGV SEK STA LIC WKG CXB MEK SRJ CPO MXL

24370 20702 16775 14790 14627 12240 11727 11180 11018 10467

0.09 0.08 0.07 0.24 0.04 0.30 0.13 0.03 0.14 0.26

WEEK LOW CLOSE CHANGE

0.03 0.05 0.03 0.18 0.03 0.24 0.09 0.02 0.09 0.24

0.06 + 0.08 + 0.05 + 0.22 + 0.03unch 0.27 + 0.11 + 0.03 + 0.13 + 0.25 -

0.03 0.03 0.02 0.05 0.00 0.03 0.03 0.01 0.04 0.01

Copiapo, Chile. The program will evaluate potential heap-leaching on the oxidized part of the high-sulphidation copper-goldsilver deposit. Step-out holes are planned north and south of the resource, which is open in both directions. Three exploration holes will test the Filo North, Filo South and Cerro Vicuna targets, which occur within 2 km of the deposit. Filo North is thought to

host a feeder zone to the Filo del Sol deposit, whereas surface sampling at Filo South has outlined a 1,000- by 200-metre wide, northwest-trending zone of gold-copper breccias. At Cerro Vicuna, drilling will target a conical hill underlain by a silicified and stockwork porphyry intrusive, with grab samples returning up to 5 grams gold per tonne from surface. TNM

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

Bandera Gold NQ Explor Randsburg Intl Homeland Egy Plato Gold Whitemud Res Eurotin Galore Res Nrthn Lion Sanatana Diam Bluenose Gold Alturas Mnrls Auramex Res Planet Mng Antipodes Gold Getty Copper BE Res Voltaic Min Sego Res Indico Res

BGL NQE RGZ.H HEG.H PGC WMK.H TIN GRI NL STA BN.H ALT AUX PXI AXG GTC BER VLT SGZ IDI

556 3359 474 9999 50 58 38 1603 87 16775 321 320 16 413 13 343 402 8372 336 464

0.02 0.04 0.01 0.02 0.01 0.01 0.10 0.05 0.72 0.07 0.04 0.04 0.03 0.05 0.06 0.03 0.27 0.19 0.06 0.02

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.00 0.02 0.01 0.01 0.01 0.00 0.10 0.03 0.47 0.03 0.02 0.02 0.02 0.05 0.00 0.02 0.18 0.13 0.00 0.00

0.02 0.03 0.01 0.01 0.01 0.01 0.10 0.05 0.72 0.05 0.02 0.02 0.02 0.05 0.06 0.02 0.19 0.14 0.06 0.02

+ 300.0 + 200.0 + 100.0 + 100.0 + 100.0 + 100.0 + 81.8 + 80.0 + 80.0 + 80.0 - 42.9 - 42.9 - 40.0 - 33.3 - 33.3 - 33.3 - 31.5 - 28.2 - 26.7 - 25.0

VOLUME (000s)

White Gold Abitibi Royalt Nrthn Lion Filo Mg Corp Avino Silver Gold Reserve Gldn Predator Aurion Res Liberty One Li PNG Gold Corsa Coal Wealth Mnrls Morumbi Res Lithium X Egy Lumina Gold Meridian Mg Millennial Lit Probe Metals Bearing Res BE Res

WGO RZZ NL FIL ASM GRZ GPY AU LBY.H PGK CSO WML ASND LIX LUM MNO ML PRB BRZ BER

WEEK CLOSE

528 1.65 28 10.70 87 0.72 27 2.00 709 2.60 295 4.79 2722 1.80 4135 1.76 972 0.60 1001 0.37 294 3.19 1130 1.39 274 1.21 2030 2.16 1408 0.97 74 0.71 957 1.69 1000 1.36 374 0.96 402 0.19

CHANGE

+ + + + + + + + + + -

0.49 0.40 0.32 0.22 0.20 0.19 0.17 0.16 0.16 0.15 0.46 0.20 0.14 0.10 0.10 0.10 0.09 0.09 0.09 0.09

U.S. MARKETS / FEBRUARY 6–10 U.S. markets touched record highs on continued uncertainty about U.S. President Donald J. Trump’s controversial polices, including a travel ban on seven predominantly Muslim countries that is being challenged in the courts. Both the Dow Jones Industrial Average and the S&P 500 Index hit 2017 highs, with the Dow up 1% to 20,269.37 and the S&P 500 up 0.8% to 2,316.10. Higher gold prices lifted gold equities and the Philadelphia Gold & Silver Index jumped 2.7% to 95.42.

Rio Tinto reported that higher iron ore prices helped lift its underlying profit in 2016 by 12% to US$5.1 billion — the miner’s first gain in annual profit since 2013. The company also said it slashed its net debt by 30% to US$9.6 billion at the end of last year. Rio is embarking on a US$500-million share buyback program lasting until December 2017. The London-based miner surged US$2.74 per share to US$45.41.

Agrium’s shares jumped US$2.41 to US$105.70. The company reported 2016 fourth-quarter results, with net earnings to Agrium equity holders of US$67 mil-

18_FEB20_MarketNews.indd 18

lion (US49¢ diluted earnings per share), compared to net earnings of US$201million (US$1.45 diluted earnings per share) in the fourth quarter of 2015. The decrease in net earnings was caused primarily by lower year-over-year nutrient pricing. Last year’s earnings to equity holders of Agrium were US$592 million (US$4.29 diluted earnings per share), compared to US$988 million (US$6.98 diluted earnings per share) in 2015. Agrium expects to achieve annual diluted earnings per share of US$4.50 to US$6 in 2017.

Shares of Coeur Mining fell 19%, or U.S. MOST ACTIVE ISSUES VOLUME (000s) HIGH

Freeport McMo* FCX 162820 Vale* VALE 130001 United States S* X 86454 Barrick Gold* ABX 67926 Kinross Gold* KGC 62860 IAMGOLD* IAG 57319 Yamana Gold* AUY 52433 Vale* VALE.P 50745 Gold Fields* GFI 45036 Harmony Gold* HMY 41282

16.56 10.50 38.21 19.65 4.23 5.23 3.65 10.02 3.74 2.92

WEEK LOW CLOSE CHANGE

15.15 9.53 33.46 18.80 3.92 4.68 3.40 9.10 3.32 2.63

15.80 10.46 37.60 19.49 4.09 4.83 3.53 9.98 3.47 2.75

+ + + + + + + +

0.03 0.73 3.82 0.56 0.17 0.10 0.13 0.76 0.11 0.09

US$2.25, to US$9.44. The company reported production in 2016 of 14.8 million oz. silver and 358,170 oz. gold, or 36.3 million equivalent oz. silver, generating net income of US$55.4 million, or US34¢ per share, and cash flow from operating activities of

US$125.8 million, for a US$12.3 million — or 11% — increase over 2015. The company also cut total debt by US$279.5 million, or 57% year-on-year, finishing 2016 with outstanding debt of US$210.9 million and a US$162.2-million cash balance. TNM

U.S. GREATEST PERCENTAGE CHANGE Seabridge Gld* Primero Mng* United States S* DRDGOLD* HudBay Mnls* Endeavr Silver* Vale* Vale* Pretium Res* First Majestic* Coeur Mng* NACCO Ind* Mechel* Arch Coal* Gold Fields* Intrepid Pots* Stillwater Mg* Southern Copp* CONSOL Energy* Chevron*

SA PPP X DRD HBM EXK VALE.P VALE PVG AG CDE NC MTL ARCH GFI IPI SWC SCCO CNX CVX

VOLUME (000s) HIGH

3635 11.20 8416 0.92 86454 38.21 2910 6.59 3917 8.90 12248 4.90 50745 10.02 130001 10.50 18054 12.53 26004 10.92 32212 12.09 54 71.60 948 6.30 3315 72.89 45036 3.74 5748 2.04 9894 17.24 8234 39.50 19450 17.85 27653 113.50

U.S. GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

9.80 11.10 0.79 0.89 33.46 37.60 5.37 6.40 7.90 8.80 4.37 4.80 9.10 9.98 9.53 10.46 11.11 11.67 10.01 10.60 9.20 9.44 67.85 69.40 5.86 6.02 68.68 69.59 3.32 3.47 1.75 1.97 16.85 16.88 37.08 37.96 16.90 17.02 110.32 113.05

+ + + + + + + + + + -

14.4 12.8 11.3 10.7 10.7 9.8 8.2 7.5 6.8 6.4 19.2 3.3 3.2 3.2 3.1 3.0 1.3 1.2 0.8 0.5

VOLUME (000s)

United States S* X Rio Tinto* RIO Agrium* AGU Agnico Eagle* AEM Franco-Nevada* FNV Alcoa* AA Seabridge Gld* SA Mosaic* MOS Newmont Mng* NEM HudBay Mnls* HBM NACCO Ind* NC Arch Coal* ARCH Coeur Mng* CDE MartinMarietta* MLM Chevron* CVX Southern Copp* SCCO Stillwater Mg* SWC Mechel* MTL CONSOL Energy* CNX Gold Fields* GFI

86454 26168 1832 5848 2933 16247 3635 27545 28828 3917 54 3315 32212 3151 27653 8234 9894 948 19450 45036

WEEK CLOSE

37.60 45.41 105.70 50.83 68.55 38.30 11.10 32.86 37.65 8.80 69.40 69.59 9.44 230.32 113.05 37.96 16.88 6.02 17.02 3.47

CHANGE

+ + + + + + + + + + -

3.82 2.74 2.41 1.62 1.55 1.44 1.40 1.01 0.89 0.85 2.35 2.31 2.25 0.59 0.52 0.48 0.22 0.20 0.14 0.11

2017-02-14 7:54 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

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 PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, February 14, 2017 Precious Metals Price (US$/oz.)

Gold 1229.65 Silver $17.91 Platinum $1007.00 Palladium $776.00

Change -1.35 +0.31 -1.00 +12.00

Base Metals Nickel Copper Lead Zinc

Change -30.00 -79.00 -60.50 -42.50

Price (US$/tonne) $10700.00 $6026.00 $2358.50 $2873.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 13, 2017 (change from February 6, 2017 in brackets): Aluminium Alloy 12860 (-420) Aluminium 2225850 (-23275) Copper 247825 (-5900) Lead 188575 (-750) Nickel 383040 (+864) Tin 5880 (-75) Zinc 383650 (-5825)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$50.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.80 Cobalt: US$19.28/lb.

Copper: US$2.77/lb.

Copper: CME Group Futures Mar. 2017: US$2.75/lb.; April 2017: US$2.76/lb Ferro-Chrome: US$1.97/kg Ferro Titanium: US$3.49/kg FerroTungsten: US$25.05/kg Ferrovanadium: US$18.46/kg Iridium: NY Dealer Mid-mkt US$720.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$91.8/tonne Iron Ore Fines: US$58.31/tonne Iron Ore Pellets: US$84.05/tonne Lead: US$1.11/lb.

Magnesium: US$2.17/kg Manganese: US$1.85/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$103.00/tonne Potash: US$215.00/tonne Rhodium: Mid-mkt US$845.00/tr. oz.

Ruthenium: Mid-mkt US$40.00/tr. oz.

Silver: Handy & Harman Base: US$17.85 per oz.; Handy & Harman Fabricated: US$22.31 per oz.

Tantalite Ore : US$124.69/kg Tin: US$8.92/lb.

Uranium: U3O8, Trade Tech spot price: US$25.50; The UX Consulting Company spot price: US$26.00/lb.

Zinc: US$1.35/lb.

Prices current Feb. 14, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Feb 1, 2017 (with changes from Jan 16, 2017) Largest short positions Kinross Gold K 33632490 -5750308 1/16/2017 Lundin Mng LUN 22196062 167932 1/16/2017 New Gold NGD 21707599 980554 1/16/2017 B2Gold BTO 20121226 536510 1/16/2017 Potash Corp SK POT 17494570 -1037277 1/16/2017 Orbite Tech ORT 16215430 15757492 1/16/2017 Sandstorm Gold SSL 12621965 -33957 1/16/2017 Suncor Energy SU 10687962 -1534953 1/16/2017 IAMGOLD IMG 10150261 -869753 1/16/2017 Detour Gold DGC 10078715 808369 1/16/2017 Klondex Mines KDX 9753187 -1058220 1/16/2017 Barrick Gold ABX 8316244 -1500862 1/16/2017 OceanaGold OGC 8084255 852155 1/16/2017 Alamos Gold AGI 7859456 -763297 1/16/2017 Eldorado Gold ELD 7631773 -674740 1/16/2017 Largest increase in short position Orbite Tech ORT 16215430 15757492 1/16/2017 Columbus Gold CGT 3435660 3415063 1/16/2017 Denison Mines DML 4547607 3047122 1/16/2017 Fortuna Silvr FVI 1861833 1252367 1/16/2017 New Gold NGD 21707599 980554 1/16/2017 Largest decrease in short position Pine Cliff En PNE 828300 -6085499 1/16/2017 Kinross Gold K 33632490 -5750308 1/16/2017 Nthn Dynasty NDM 5768407 -4767914 1/16/2017 U3O8 Corp UWE 7100 -3007700 1/16/2017 HudBay Mnls HBM 6209795 -3007512 1/16/2017

Short positions outstanding as of Feb 1, 2017 (with changes from Jan 16, 2017) Largest short positions First Mg Fin FF 3091800 108728 1/16/2017 Ely Gold & Mnl ELY 664030 664030 1/16/2017 Neo Lithium NLC 608600 -389500 1/16/2017 Lithium X Egy LIX 460000 28900 1/16/2017 Advantage Lith AAL 313043 -157 1/16/2017 Gensource Pot GSP 237055 -421245 1/16/2017 Macarthur Mnl MMS 207968 61968 1/16/2017 Fission 3.0 FUU 200000 177549 1/16/2017 Purepoint Uran PTU 173500 17500 1/16/2017 Mason Graphite LLG 159500 -46100 1/16/2017 Redstar Gold RGC 152500 1000 1/16/2017 K92 Mng Inc KNT 117418 -59463 1/16/2017 Nrthn Shield NRN 106151 105433 1/16/2017 Critical Elem CRE 105300 3894 1/16/2017 Ucore Rare Mtl UCU 85164 -39857 1/16/2017 Largest increase in short position Ely Gold & Mnl ELY 664030 664030 1/16/2017 Fission 3.0 FUU 200000 177549 1/16/2017 First Mg Fin FF 3091800 108728 1/16/2017 Nrthn Shield NRN 106151 105433 1/16/2017 Otis Gold OOO 77000 76500 1/16/2017 Largest decrease in short position ALX Uranium AL 27000 -917500 1/16/2017 Lumina Gold LUM 108 -869892 1/16/2017 Morumbi Res ASND 0 -771000 1/16/2017 Sage Gold SGX 300 -468700 1/16/2017 Medallion Res MDL 0 -449100 1/16/2017

DAILY METAL PRICES Daily Metal Prices Date Feb 13 Feb 10 Feb 9 Feb 8 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1635/1650 1635/1650 1595/1610 1595/1610 Aluminum 1867/1871 1848/1857.50 1838.50/1855 1820.50/1840 Copper 6110/6111 5871/5872 5862/5873 5864/5878 Lead 2441/2444 2405/2392 2398.50/2388 2379/2373 Nickel 10670/10710 10430/10430 10375/10430 10435/10485 Tin 19655/19675 19190/19245 19200/19200 18755/18750 Zinc 2970/2958 2905.50/2901 2863/2858 2825/2822.50

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

Gold AM 1229.40 1225.75 1241.75 Gold PM 1222.25 1228.30 1236.80 Silver 17.97 17.62 17.72 Platinum 999.00 993.00 1019.00 Palladium 778.00 781.00 777.00

Feb 7 1590/1605 1808/1823 5801/5815 2327/2322 10380/10430 18750/18760 2774/2774

1235.60 1242.10 17.74 1016.00 769.00

1231.00 1231.00 17.60 1007.00 755.00

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

Feb 10 1.3137 0.7612

Feb 9 1.3137 0.7612

Feb 8 1.3146 0.7607

Exchange rates (Quote Media, February 10, 2017) C$ to AUS C$ to EURO C$ to YEN 0.998298 0.7142 86.3535 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.6091 5.2296 50.8180 US to AUS US to EURO US to YEN 1.3114 0.9382 113.4365 US to UK Pound US to China Yuan US to India Rupee 0.8001 6.8694 66.7553

Feb 7 1.3192 0.7580

Feb 6 1.3085 0.7642

C$ to Mex Peso 15.5045 C$ to Swiss Franc 0.7624 US to Mex Peso 20.3676 US to Swiss Franc 1.0015

C$ to SA Rand 10.2188 C$ to S. Korea Won 875.9862 US to SA Rand

TSX WARRANTS Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19

TSX VENTURE WARRANTS 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 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 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 Kaizen Discovery Inc. (KZD.RT) - Wt buy sh @ $0.105 to Apr 21/17 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.RT) - 2 RT unit at $0.10 to Feb 24/17 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

Index S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

Feb 10 15729.12 836.16 927.38 228.23 194.40

Feb 9 15617.30 825.88 921.55 226.18 194.40

Feb 8 15554.04 825.41 917.19 230.85 194.40

Feb 7 15498.80 827.02 914.36 228.27 193.00

Feb 6 15456.94 826.37 911.10 228.51 193.00

High 15527.30 1050.26 896.74 218.90 420.72

Low 12400.15 883.52 709.99 149.29 130.95

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 6–10, 2017 Firma Holdings* Chilean Metals* First Cobalt Flinders Res CNRP Mng Cobalt Pwr Grp Flinders Res* Columbus Gold Formation Mtls Columbus Gold* Fortune Mnrls Fortune Mnrls* Contintl Gold Galore Res Contintl Gold* Garibaldi Res Contintl Prec Garibaldi Res * Contintl Prec* GFG Resources* Copper Mtn Gldn Predator Mng* Global Gold* Cordoba Mnls Cordoba Mnls* Golden Global* Cornerstone Ca Golden Valley Cornerstone Ca* Gonzaga Res GoviEx Uranium Damara Gold GoviEx Uranium* Darnley Bay* Discovery Mnls* Gray Rock Res Doubleview Cap GT Gold Doubleview Cap* Gungnir Res Dunnedin Vent* Gungnir Res* Hannan Metals* Eagle Plains Harte Gold eCobalt Solns* Highway 50 Gld Eloro Mnrls Endeavour Mng Highway 50 Gld* Endeavour Mng* Homeland Egy Endurance Gold Horizon Mnls* Endurance Gold* HudBay Mnls HudBay Mnls* Equitas Res I-Minerals Equitas Res* iMetal Res* Eurotin Inter-Rock Mnl* Fieldex Expl INV Metals Fieldex Expl*

220 New Highs Castle Silver* Abitibi Royalt Adriana Res Altiplano Mnls Alto Vent Amerigo Res Amerigo Res* Anglo-Can Mng Appia Energy Argentum Silvr Ashburton Vent AsiaBaseMetals* Asiamet Res Asiamet Res* Aura Mnls* Aurion Res Azincourt Uran Azincourt Uran* Bandera Gold Belo Sun Mng Bethpage Cap Black Iron Blind Crk Res BLOX Inc* Brazil Mnrls* Cairo Res Calibre Mng Camrova Res Camrova Res* Canstar Res Canstar Res* Capstone Mng Cardero Res* Castle Silver

NewRange Gold* INV Metals* Nexgen Energy Ivanhoe Mines Ivanhoe Mines* Nexgen Energy* Kaizen Discvry* Nexus Gold Nexus Gold* Katanga Mng Kings Bay Gold Nighthawk Gold Kings Bay Gold* NQ Explor Nrthn Lion Laramide Res Nrthn Vertex Liberty One Li Nrthn Vertex* LiCo Energy NxGold Ltd LiCo Energy* Orex Expl Lions Gate Mtl Orsu Metals LKA Gold* Osisko Mng Inc Lucky Mnls * OZ Minerals* Lundin Mng Pac North West Lynas Corp* Pan Am Silver Mag Copper Paringa Res* Manganese X* Marathon Gold Pasinex Res Plateau Uran Margaux Res Masuparia Gold Plateau Uran* PNG Gold Metalla Rylty Pretium Res Metalla Rylty* Pretium Res* Midnight Sun Minaurum Gold Prism Res Minecorp Egy * Prospector Res Quaterra Res Minera IRL Quaterra Res* Mitchell Res Renforth Res ML Gold* Nevada Clean M Rift Valley Nevada Clean M* Riverside Res Riverside Res* New Nadina Newmarket Gold RJK Explor Newmarket Gold* RJK Explor*

Rockshield Cap* Royal Std Mnrl* Rubicon Mnrls* Sama Res* Sanatana Diam Savoy Vent Scientific Met ScoZinc Mg Secova Mtls* Select Sands SG Spirit Gold Sidney Resrces* Sierra Metals Sierra Metals* Silver Pursuit Silvercorp Met Silvercorp Met* Skyharbour Res* Sokoman Iron* Sonora Gld & S Southern Copp* Standard Graph Standard Graph* Supreme Metals Tartisan Res Taseko Mines Taseko Mines* Tinka Res Tinka Res* Toachi Mg Inc Tower Res* Trevali Mng* Tungsten Corp* TVI Pacific*

US Rare Earths* Vanadium One Vantex Res Verde Potash Victory Nickel Victory Nickel* Volcanic Gold Wealth Mnrls Wesdome Gold Western Uran Westridge Res White Gold White Gold* Winston Res Wolfeye Res X-Terra Res Zazu Metals Zazu Metals*

12 New Lows

Avenira Ltd* BE Res Broadway Gd Mg* CNRP Mng* Conquest Res Intl Star* Navy Res Savary Gold* Squire Mg Ltd Standard Lith Teuton Res* White Mtn Engy*

CANADIAN GOLD MUTUAL FUNDS Fund Feb 10 ($) AGF Prec Mtls Fd MF 26.68 BMO Prec Mtls Fd A 21.75 BMO ZGD 11.60 BMO ZJG 9.99 CIBC Prec Metal Fd A 12.36 Dyn Prec Metls Fd A 7.84 Horizons HEP IGMacGloPrecMetCl A 10.61 iShares XGD Mac Prec Met Cl A 60.07 NB Prec Met Fd Inv 14.79 RBC GblPreMetFd A 40.35 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 46.35 Sprott Gold&PrMinFdA 44.01 Sprott SilverEquCl A 7.51 TD PreciousMetalsInv 41.19

Feb 3 ($) 25.69 20.60 11.05 9.49 11.86 7.49 27.41 10.06 13.66 56.90 14.19 37.70 10.00 44.01 42.27 7.40 39.38

Change ($) 0.99 1.16 0.56 0.49 0.50 0.35 0.72 0.55 0.51 3.17 0.60 2.64

Change (%) 3.85 5.61 5.03 5.17 4.18 4.67 2.64 5.50 3.73 5.57 4.23 7.01

2.34 1.73 0.12 1.81

5.31 4.10 1.58 4.60

YTDChange (%) 9.28 10.37 11.90 13.10 8.83 14.17 10.85 12.36 10.24 12.39 12.01 13.45 0.00 9.06 14.20 13.41 9.34

MER (%) 2.80 2.40 0.63 0.60 2.62 2.75 0.81 2.75 0.61 2.51 2.46 2.12

TotalAssets (M$) 172.31 71.97

2.44 3.12 3.09 2.26

219.09 257.56 146.85 141.33

57.22 392.61 52.23 777.07 127.48 38.54 427.28

US to S. Korea Won 1150.9100

GLOBAL MINING NEWS · SINCE 1915 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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

19_FEB20_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

Re-Publishing License Own your moment in the press with a Re-Publishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525

Contact: moliveira@northernminer.com or 416-510-6768

2017-02-14 6:41 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 6–10, 2016 (100s) Stock

WWW.NORTHERNMINER.COM

FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 92 Resources V Abcourt Mines* O Abcourt Mines V Aben Res* O Aben Res V Aberdeen Intl* O Abitibi Royalt V ABT Holdings* O Acacia Mining* O Active Growth V Adamera Mnls* O Adamera Mnls V Advantage Lith* O Advantage Lith V African Mnrls* O African Queen V Agnico Eagle T Agnico Eagle* N Agrium T Agrium* N Aguila Amer Gd V Alabama Graph* O Alabama Graph V Alacer Gold T Alamos Gold T Alamos Gold* N Alaska Pac Egy* O Alba Minerals V Alberta Star* O Alcoa* N Alderon Iron* O Alderon Iron T Aldershot Res V Aldever Res* O Aldever Res V Aldridge Min V Alexandria Min V Alexandria Min* O Alexco Res* X Alexco Res T Algold Res V Alianza Min* O Alianza Min V Alix Res V Alix Res* O Allante Potash V Alliance Res* D Almaden Mnls T Almaden Mnls* X Almadex Min* O Almadex Min V Almonty Ind V Alset Energy* O Alta Vista Vnt* O Alta Vista Vnt Altai Res V Altair Res Inc V Altan Nev Mnls V Alternative ER* O Altiplano Mnls V Altitude Res V Altius Mnrls T Altura Mng Ltd* O Alturas Mnrls V Alumina Inc* O ALX Uranium* O ALX Uranium V Am CuMo Mng* O Am Manganese* O Am Manganese V Amador Gold V Amarc Res* O Amarillo Gold V Amazing OG* O Amer Intl Vent* O Amer Vanadium* O Amer Vanadium V American Lith* O American Lith V American Pot Americas Silvr T Amerigo Res T Amerigo Res* O Amex Expl V Anaconda Mng* O Anconia Res V Andes Gold* O Andover Mng* O Anfield Nickel V Anfield Res* O Angel Gold* O Angel Gold V Angkor Gold V Anglo American* O Anglo American* O Anglo-Bomarc V Anglo-Can Mng V AngloGold Ash* N Antioquia Gold* O Antioquia Gold V Antipodes Gold V Antler Gold V Antofagasta* O Apex Res * O Apogee Opport V Appia Energy Apple Cap Inc V Applied Mrnls* O Aquila Res* O Aquila Res T Arch Coal* N Arctic Star* O Arctic Star V Arcturus Vent V Arcus Dev Grp V Arena Mnls V Arena Mnls* O Argentina Lith* O Argentina Lith V Argentum Silvr V Argex Titanium T Argex Titanium* O Argo Gold Argonaut Gold T Argonaut Gold* O Arian Silver* O Arianne Phosph V Arianne Phosph* O Arizona Mng T Arizona Mng* O Arizona Silver V Arrowstar Res V Asanko Gold T Asanko Gold* X Asante Gold Ascot Res V Ashburton Vent V Asiamet Res V Asiamet Res* O Asian Minl Res V Astorius Res V ATAC Res V Atacama Pac Gd* O Atacama Pac Gd V Athabasca Mnls V Athabasca Mnls* O Athena Silver* O Atico Mng* O Atico Mng V Atlanta Gold* O Atlanta Gold V Atlantic Gold V Atlatsa Res T Atlatsa Res* O Atom Energy V Aton Res Inc* O Aton Res Inc V Augyva Mng V Auramex Res V Aurcana Corp* O Aurcana Corp V AuRico Metals T AuRico Metals * O Aurion Res V Aurvista Gold* O Aurvista Gold V Auryn Res* O Auryn Res T Austral Gold V Austral Gold* O Avalon Adv Mat T Avalon Adv Mat* O Avesoro Res* O Avesoro Res T Avino Silver* X Avino Silver V Avnel Gold T Avnel Gold * O

1598 241 1227 140 578 39 28 5 5 6205 749 2643 720 1028 11 790 2827 5848 1494 1832 1302 710 3557 8148 5239 15486 376 109 6 16247 180 3296 50 6 44 108 6164 577 2325 592 2698 1 68 702 8 236 1456 477 2233 681 471 548 29 90 1339 1539 924 475 8 109 57 437 217 320 105 54 1059 182 366 1690 17 81 459 153 379 164 325 95 4605 92 426 1732 169 65 356 82 259 5 588 157 43 243 124 3 366 199 48 19410 5 287 13 108 32 13 20 1110 2186 222 530 2345 3315 6 471 16 210 234 45 1 113 381 1093 146 59 5869 388 75 156 24 5324 522 358 45 10127 6380 12 185 1785 1068 117 398 1401 1022 218 621 321 62 15 492 548 87 57 607 187 75 3 51 923 991 16 143 421 609 153 4135 258 5866 337 815 134 144 1184 295 747 8509 4711 709 2952 381

20-22_FEB20_StockTables.indd 20

0.12 0.11 0.12 0.08 0.07 0.07 0.10 0.10 0.10 0.10 0.08 0.08 0.13 0.11 0.11 0.12 0.11 0.11 10.75 10.05 10.70 0.48 0.00 0.40 5.43 5.43 5.43 0.26 0.20 0.24 0.09 0.08 0.09 0.12 0.10 0.11 0.66 0.60 0.62 0.85 0.79 0.82 0.00 0.00 0.00 0.07 0.06 0.06 67.41 64.54 66.49 51.21 49.24 50.83 139.00 133.09 138.12 106.22 101.35 105.70 0.04 0.00 0.04 0.14 0.12 0.14 0.19 0.16 0.18 3.09 2.66 3.06 11.83 10.71 11.17 9.00 8.18 8.52 0.19 0.02 0.03 0.26 0.00 0.25 0.32 0.00 0.30 38.54 36.80 38.30 0.53 0.39 0.47 0.67 0.49 0.63 0.05 0.04 0.05 0.06 0.00 0.05 0.07 0.00 0.07 0.29 0.26 0.26 0.08 0.06 0.06 0.06 0.05 0.06 2.02 1.80 1.95 2.66 2.37 2.50 0.27 0.25 0.26 0.12 0.10 0.10 0.15 0.14 0.14 0.07 0.06 0.06 0.04 0.04 0.04 0.06 0.04 0.06 24.60 23.25 23.65 1.70 1.52 1.60 1.30 1.15 1.23 1.18 0.97 1.14 1.53 1.30 1.50 0.31 0.26 0.29 0.07 0.06 0.06 0.05 0.05 0.05 0.07 0.05 0.07 0.11 0.09 0.09 0.45 0.38 0.41 0.02 0.02 0.02 0.23 0.21 0.21 0.25 0.20 0.20 0.09 0.00 0.08 11.99 10.95 11.93 0.15 0.14 0.14 0.04 0.02 0.02 6.00 5.75 6.00 0.11 0.10 0.11 0.15 0.13 0.14 0.16 0.14 0.15 0.21 0.17 0.19 0.25 0.24 0.24 0.22 0.00 0.22 0.10 0.09 0.09 0.40 0.37 0.37 0.31 0.23 0.25 0.01 0.01 0.01 0.03 0.02 0.02 0.03 0.02 0.03 0.12 0.11 0.11 0.17 0.14 0.14 0.15 0.11 0.11 4.50 4.22 4.33 0.45 0.37 0.45 0.34 0.28 0.34 0.19 0.15 0.19 0.07 0.05 0.06 0.05 0.00 0.04 0.01 0.01 0.01 0.00 0.00 0.00 1.18 1.10 1.14 0.08 0.07 0.07 0.07 0.06 0.07 0.10 0.08 0.09 0.38 0.33 0.37 16.74 16.09 16.09 8.49 8.05 8.48 0.08 0.06 0.08 0.19 0.12 0.13 13.68 12.98 13.39 0.11 0.10 0.11 0.14 0.13 0.13 0.06 0.00 0.06 0.85 0.72 0.78 10.63 10.15 10.63 0.07 0.07 0.07 0.18 0.17 0.18 0.36 0.23 0.34 0.39 0.33 0.34 0.12 0.11 0.12 0.20 0.16 0.20 0.28 0.21 0.27 72.89 68.68 69.59 0.09 0.09 0.09 0.13 0.12 0.12 0.17 0.00 0.13 0.18 0.16 0.17 0.19 0.17 0.17 0.14 0.13 0.14 0.23 0.00 0.20 0.30 0.26 0.27 0.39 0.26 0.38 0.07 0.06 0.07 0.05 0.05 0.05 0.14 0.00 0.14 2.85 2.52 2.76 2.15 1.92 2.07 0.01 0.01 0.01 0.81 0.75 0.80 0.61 0.59 0.59 3.01 2.65 2.93 2.28 2.05 2.25 0.24 0.20 0.22 0.06 0.06 0.06 4.94 4.19 4.22 3.78 3.19 3.21 0.20 0.19 0.20 2.00 1.89 1.93 0.20 0.13 0.19 0.08 0.06 0.08 0.07 0.05 0.07 0.03 0.02 0.03 0.20 0.18 0.20 0.55 0.48 0.49 0.31 0.30 0.31 0.40 0.39 0.40 0.25 0.23 0.24 0.19 0.18 0.19 0.09 0.06 0.09 0.70 0.64 0.69 0.90 0.84 0.90 0.07 0.06 0.07 0.09 0.08 0.09 0.99 0.94 0.99 0.08 0.06 0.07 0.06 0.05 0.05 0.24 0.00 0.24 0.05 0.04 0.04 0.07 0.06 0.07 0.20 0.18 0.19 0.03 0.02 0.02 0.36 0.32 0.35 0.48 0.43 0.45 1.24 1.17 1.17 0.95 0.90 0.91 1.93 1.55 1.76 0.27 0.20 0.23 0.36 0.27 0.31 2.85 2.60 2.78 3.70 3.41 3.66 0.18 0.17 0.18 0.12 0.10 0.11 0.20 0.19 0.20 0.15 0.14 0.15 0.03 0.02 0.03 0.05 0.04 0.04 2.13 1.87 1.99 2.80 2.45 2.60 0.33 0.29 0.32 0.25 0.22 0.25

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.01 0.28 0.04 0.01 0.10 0.04 0.01 0.13 0.06 0.01 0.26 0.04 0.01 0.34 0.06 0.00 0.16 0.07 0.40 10.75 3.30 0.08 0.76 0.20 0.15 7.47 3.50 0.02 0.38 0.03 0.01 0.12 0.01 0.01 0.15 0.02 0.02 1.01 0.49 0.01 1.34 0.15 0.00 0.01 0.00 0.01 0.14 0.02 2.36 78.35 44.07 1.62 60.10 32.87 3.53 146.99 104.70 2.41 111.88 80.30 0.01 0.14 0.04 0.01 0.17 0.08 0.02 0.23 0.11 0.39 3.79 1.75 0.44 13.65 5.31 0.28 10.41 3.86 0.01 0.20 0.00 0.03 0.28 0.01 0.02 0.37 0.13 1.44 38.94 20.00 0.03 0.60 0.08 0.02 0.80 0.08 0.01 0.07 0.01 0.01 0.11 0.04 0.01 0.48 0.06 0.02 0.34 0.12 0.01 0.12 0.03 0.01 0.10 0.02 0.05 2.54 0.54 0.01 3.31 0.75 0.02 0.44 0.07 0.02 0.17 0.05 0.02 0.21 0.10 0.01 0.18 0.04 0.00 0.12 0.03 0.02 0.07 0.01 0.40 26.65 9.95 0.05 2.44 0.87 0.03 1.88 0.63 0.06 1.51 0.14 0.09 2.00 0.19 0.05 0.44 0.20 0.00 0.65 0.01 0.00 0.10 0.03 0.02 0.16 0.03 0.01 0.16 0.03 0.03 0.70 0.16 0.01 0.05 0.01 0.01 0.46 0.17 0.02 0.25 0.04 0.01 0.21 0.02 0.49 14.06 7.55 0.01 0.30 0.06 0.02 0.08 0.01 0.13 6.24 3.00 0.01 0.12 0.04 0.02 0.16 0.06 0.01 0.18 0.05 0.02 0.27 0.01 0.01 0.38 0.01 0.09 0.40 0.10 0.00 0.10 0.04 0.03 0.68 0.10 0.03 1.06 0.23 0.00 0.10 0.01 0.01 0.07 0.00 0.01 0.04 0.01 0.01 1.24 0.07 0.02 1.62 0.10 0.04 0.15 0.03 0.07 5.76 1.26 0.06 0.45 0.10 0.04 0.33 0.08 0.03 0.38 0.11 0.00 0.09 0.04 0.01 0.09 0.03 0.00 0.03 0.00 0.00 0.04 0.00 0.03 1.94 0.67 0.00 0.22 0.04 0.00 0.11 0.04 0.01 0.15 0.06 0.02 0.50 0.33 0.52 17.29 5.51 0.14 8.77 2.29 0.01 0.25 0.05 0.01 0.30 0.05 0.36 22.91 9.28 0.01 0.11 0.05 0.01 0.16 0.06 0.03 0.09 0.01 0.02 1.00 0.63 0.48 10.94 5.56 0.00 0.10 0.04 0.02 0.44 0.11 0.12 0.36 0.01 0.03 0.54 0.14 0.01 0.28 0.10 0.02 0.25 0.09 0.03 0.32 0.13 2.31 86.47 59.05 0.00 0.09 0.04 0.01 0.40 0.06 0.04 0.18 0.03 0.01 0.20 0.02 0.01 0.34 0.13 0.01 0.25 0.11 0.04 0.63 0.03 0.03 0.83 0.04 0.11 0.35 0.03 0.01 0.11 0.02 0.00 0.09 0.01 0.04 0.14 0.06 0.26 4.45 1.27 0.17 3.38 0.91 0.00 0.08 0.00 0.01 1.25 0.68 0.00 0.98 0.52 0.06 3.49 0.33 0.03 2.64 0.24 0.01 0.28 0.01 0.01 0.17 0.05 0.59 6.09 2.36 0.47 4.68 1.69 0.02 0.27 0.05 0.02 2.83 0.90 0.06 0.70 0.09 0.02 0.08 0.02 0.02 0.05 0.03 0.01 0.04 0.02 0.01 0.41 0.01 0.04 0.95 0.32 0.02 0.79 0.21 0.02 1.02 0.25 0.01 0.32 0.14 0.00 0.24 0.11 0.04 0.15 0.02 0.03 0.75 0.19 0.03 0.99 0.26 0.00 0.09 0.04 0.01 0.11 0.06 0.03 1.06 0.31 0.01 0.13 0.03 0.01 0.10 0.03 0.01 0.53 0.16 0.01 0.12 0.03 0.01 0.16 0.04 0.01 0.22 0.08 0.01 0.03 0.01 0.03 0.63 0.12 0.01 0.80 0.15 0.03 1.26 0.60 0.01 0.96 0.43 0.16 1.93 0.09 0.03 0.29 0.02 0.04 0.39 0.03 0.21 3.18 0.90 0.29 4.17 1.21 0.01 0.22 0.12 0.01 0.19 0.08 0.01 0.33 0.10 0.00 0.26 0.00 0.00 0.17 0.01 0.01 0.30 0.02 0.14 3.14 0.90 0.20 4.05 1.21 0.03 0.39 0.18 0.02 0.30 0.13

(100s) Stock

Exc Volume

Avrupa Mnls* Avrupa Mnls AXE Expl Axmin Inc Azarga Mtls Azarga Uranium Azimut Expl Azincourt Uran Azincourt Uran* Azteca Gold*

Week

12-month

High

Low

Last

Change

0.09 0.12 0.03 0.05 0.00 0.38 0.29 0.09 0.06 0.00

0.10 0.12 0.04 0.06 0.24 0.41 0.32 0.15 0.10 0.00

+ + + + + -

0.00 0.01 0.01 0.01 0.02 0.01 0.01 0.06 0.04 0.00

0.19 0.25 0.05 0.10 0.60 0.57 0.68 0.16 0.10 0.01

0.05 0.08 0.02 0.01 0.05 0.18 0.11 0.04 0.03 0.00

3.10 4.07 1.23 0.88 0.67 0.00 0.06 0.20 0.16 0.36 0.48 18.80 24.61 1.06 1.33 0.11 0.35 0.27 0.11 0.15 0.04 0.10 0.18 3.16 0.76 0.87 0.10 0.08 0.03 0.40 0.30 1.03 0.11 0.79 0.11 0.00 0.00 0.44 0.06 0.00 0.18 0.14 0.04 0.03 60.34 0.06 0.28 0.10 0.13 0.16 0.22 0.27 0.02 0.31 0.24 0.09 0.16 0.22 0.04 0.00 0.14 0.17 0.01 3.10 0.00 0.24 0.37 0.00 0.04 13.64 0.08 0.03 0.05

3.41 4.45 1.23 0.93 0.69 0.02 0.07 0.21 0.16 0.39 0.50 19.49 25.51 1.08 1.37 0.12 0.40 0.32 0.13 0.16 0.05 0.10 0.19 3.22 0.76 0.96 0.15 0.12 0.04 0.43 0.33 1.11 0.13 0.84 0.12 0.00 0.14 0.51 0.06 0.48 0.26 0.15 0.07 0.04 61.55 0.14 0.28 0.12 0.22 0.18 0.27 0.31 0.02 0.36 0.27 0.09 0.17 0.22 0.05 0.01 0.14 0.21 0.04 3.14 0.00 0.35 0.44 0.65 0.05 14.16 0.09 0.03 0.05

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

0.30 0.40 0.06 0.02 0.02 0.02 0.00 0.01 0.01 0.01 0.01 0.56 0.84 0.04 0.08 0.01 0.02 0.03 0.00 0.01 0.00 0.01 0.09 0.05 0.08 0.09 0.05 0.05 0.01 0.07 0.05 0.04 0.01 0.04 0.01 0.00 0.03 0.07 0.01 0.07 0.08 0.02 0.02 0.01 0.02 0.07 0.01 0.02 0.08 0.01 0.01 0.03 0.02 0.02 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.03 0.02 0.12 0.00 0.04 0.04 0.08 0.01 0.46 0.01 0.00 0.01

3.65 4.74 1.95 1.28 0.99 0.15 0.07 0.62 0.48 0.60 0.76 23.47 30.45 1.25 1.62 0.23 0.95 0.73 0.22 0.29 0.07 0.32 0.50 3.77 0.93 1.22 0.16 0.12 0.06 0.78 0.61 1.14 0.14 0.92 0.25 0.02 0.14 0.69 0.19 0.50 0.29 0.21 0.10 0.07 64.58 0.17 0.54 0.18 0.19 0.18 0.47 0.74 0.04 0.51 0.37 0.16 0.31 0.40 0.08 0.10 0.49 0.59 0.50 3.59 0.02 0.92 1.20 0.78 0.05 16.45 0.19 0.10 0.09

0.94 1.30 1.01 0.40 0.28 0.02 0.01 0.18 0.13 0.22 0.31 11.49 15.88 0.08 0.11 0.06 0.13 0.09 0.05 0.07 0.00 0.07 0.18 0.72 0.30 0.13 0.04 0.04 0.00 0.05 0.03 0.32 0.04 0.33 0.01 0.00 0.03 0.29 0.03 0.10 0.03 0.02 0.01 0.01 48.19 0.03 0.23 0.05 0.03 0.01 0.04 0.05 0.01 0.21 0.15 0.05 0.04 0.04 0.03 0.00 0.10 0.02 0.00 3.02 0.00 0.07 0.10 0.22 0.02 4.66 0.02 0.02 0.01

0.17 0.16 0.17 0.05 0.00 0.05 0.55 0.50 0.55 2.00 1.82 1.85 1.54 1.39 1.39 0.30 0.24 0.27 0.47 0.43 0.46 0.35 0.35 0.35 0.27 0.25 0.26 0.36 0.32 0.33 11.33 10.34 11.13 14.83 13.55 14.55 0.03 0.02 0.02 0.36 0.32 0.35 0.27 0.25 0.27 0.33 0.16 0.26 0.21 0.11 0.21 0.03 0.03 0.03 0.04 0.04 0.04 1.16 1.03 1.14 0.89 0.78 0.86 0.48 0.43 0.45 0.62 0.55 0.59 0.12 0.12 0.12 0.10 0.08 0.08 0.07 0.06 0.07 0.21 0.19 0.19 0.88 0.80 0.88 0.12 0.11 0.11 0.05 0.04 0.05 0.10 0.08 0.08 0.08 0.06 0.08 0.09 0.00 0.08 0.17 0.14 0.16 0.23 0.16 0.20 0.05 0.00 0.05 0.07 0.05 0.06 0.01 0.00 0.00 1.68 1.51 1.67 0.02 0.00 0.01 0.02 0.02 0.02 0.19 0.11 0.14 0.21 0.15 0.18 0.23 0.18 0.22 0.08 0.05 0.08 0.15 0.12 0.12 0.23 0.22 0.22 0.08 0.08 0.08 0.10 0.08 0.08 0.00 0.00 0.00 0.01 0.00 0.00 0.03 0.02 0.03 0.20 0.12 0.19 0.14 0.09 0.13 0.18 0.18 0.18 0.17 0.14 0.17 0.22 0.21 0.21 0.28 0.26 0.27 0.05 0.03 0.05 0.14 0.11 0.12 0.41 0.36 0.39 0.02 0.01 0.02 0.32 0.24 0.30 0.07 0.00 0.07 0.22 0.19 0.22 0.29 0.25 0.28 2.94 2.78 2.88 0.04 0.03 0.03 0.24 0.22 0.24 0.19 0.18 0.18 7.48 6.60 6.90 0.09 0.07 0.09 0.35 0.31 0.31 0.02 0.01 0.02 0.31 0.24 0.24 0.18 0.17 0.18 0.13 0.13 0.13 0.11 0.10 0.10 0.96 0.80 0.94 1.27 1.03 1.23 0.08 0.00 0.08 3.32 3.00 3.04 4.36 3.92 3.97 113.50 110.32 113.05 0.31 0.27 0.30 0.24 0.22 0.22 0.03 0.02 0.03 3.40 2.85 2.99 0.01 0.00 0.01 0.11 0.10 0.10 0.09 0.07 0.08

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

0.01 0.18 0.03 0.01 0.09 0.04 0.05 0.50 0.15 0.12 2.42 0.85 0.10 1.84 0.63 0.03 0.30 0.08 0.01 0.80 0.37 0.00 0.56 0.28 0.01 0.54 0.20 0.03 0.69 0.28 0.46 13.59 7.41 0.64 17.67 9.88 0.01 0.05 0.02 0.03 0.38 0.07 0.02 0.27 0.00 0.09 0.40 0.10 0.08 0.20 0.07 0.00 0.08 0.02 0.01 0.10 0.01 0.05 1.95 0.08 0.01 1.46 0.06 0.01 1.20 0.09 0.01 1.55 0.14 0.01 0.30 0.10 0.01 0.11 0.07 0.01 0.12 0.04 0.02 0.73 0.14 0.05 1.19 0.17 0.02 0.18 0.04 0.01 0.09 0.02 0.02 0.15 0.03 0.02 0.11 0.03 0.01 0.10 0.02 0.02 0.17 0.11 0.01 0.23 0.00 0.01 0.10 0.03 0.01 0.15 0.03 0.00 0.46 0.00 0.13 1.66 0.32 0.01 0.03 0.00 0.01 0.03 0.01 0.03 0.18 0.05 0.03 0.25 0.08 0.01 0.26 0.03 0.03 0.08 0.01 0.04 0.15 0.12 0.01 0.25 0.07 0.00 0.14 0.05 0.02 0.20 0.06 0.00 0.00 0.00 0.00 0.12 0.00 0.01 0.08 0.01 0.06 0.18 0.02 0.04 0.13 0.03 0.02 0.78 0.05 0.03 0.18 0.05 0.00 0.28 0.18 0.01 0.42 0.24 0.00 0.05 0.01 0.01 0.26 0.03 0.01 0.48 0.10 0.01 0.02 0.01 0.06 0.40 0.19 0.02 0.08 0.01 0.03 0.32 0.07 0.03 0.41 0.10 0.19 3.05 1.55 0.01 0.34 0.03 0.01 0.50 0.06 0.01 0.37 0.04 0.36 8.13 5.56 0.02 0.15 0.05 0.04 0.72 0.13 0.01 0.06 0.00 0.02 0.35 0.20 0.01 0.21 0.11 0.01 0.18 0.09 0.01 0.24 0.03 0.03 1.12 0.11 0.09 1.47 0.13 0.01 0.19 0.05 0.06 5.03 1.52 0.08 6.50 2.00 0.52 119.00 80.64 0.01 0.33 0.05 0.01 0.24 0.04 0.01 0.04 0.01 0.17 3.67 1.84 0.00 0.02 0.00 0.01 0.14 0.06 0.01 0.17 0.02

O V V V V T V V O O

235 432 1304 229 186 108 468 536 51 754

0.10 0.13 0.04 0.06 0.30 0.42 0.37 0.16 0.10 0.00

B2Gold* X B2Gold T Bacanora Mnls V Balmoral Res T Balmoral Res* O Bandera Gold V Bannerman Res* O Banro T Banro* X Barkerville Go* O Barkerville Go V Barrick Gold* N Barrick Gold T Barsele Min* O Barsele Min V Batero Gold V Battle Mtn Gld V Battle Mtn Gld* O Bayhorse Silvr* O Bayhorse Silvr V Bayswater Uran* O BCM Res V BE Res V Bear Creek Mng V Bearing Res* O Bearing Res V Beaufield Res V Beaufield Res* O Bell Copper* O Bellhaven Cp&G V Bellhaven Cp&G* O Belo Sun Mng T Benton Res V Berkeley Egy* O Berkwood Res V Besra Gold* O Bethpage Cap V Big Bar Res V Big Wind Cap Bison Gold Res V Bitterroot Res V Bitterroot Res* O Black Dragon V Black Dragon* O Black Hills* N Black Iron T Black Sea Cop V Blackrock Gold V Blind Crk Res V BLOX Inc* O Blue Sky Uran* O Blue Sky Uran V Bluenose Gold V BonTerra Res V BonTerra Res* O Bowmore Expl V Bravada Gold* O Bravada Gold V Braveheart Res V Bravo Multinat* O Bravura Vent * O Bravura Vent Brazil Mnrls* O Brio Gold T Britannia Mng* O Brixton Mtls* O Brixton Mtls V Broadway Gd Mg*O Brunswick Res V Buenaventura* N Bullfrog Gold* O Burey Gold* O BWR Explor V

34651 46747 126 1396 637 556 790 1375 6056 133 1984 67926 16629 52 266 519 447 238 19 584 80 115 402 718 26 374 7007 302 13 104 50 4669 1469 49 312 440 15 1699 325 15 1028 58 326 3 1020 18214 389 473 550 154 4 685 321 3477 858 20 40 175 251 564 9 1436 585 43 402 305 934 25 78 7429 527 15466 924

3.48 4.58 1.32 0.93 0.72 0.02 0.07 0.22 0.17 0.39 0.50 19.65 25.84 1.15 1.50 0.13 0.45 0.33 0.13 0.17 0.05 0.11 0.27 3.40 0.77 1.09 0.16 0.12 0.04 0.50 0.35 1.14 0.13 0.88 0.13 0.00 0.14 0.60 0.06 0.48 0.26 0.17 0.07 0.04 61.92 0.17 0.30 0.12 0.27 0.18 0.27 0.34 0.04 0.36 0.28 0.09 0.18 0.23 0.05 0.01 0.14 0.22 0.04 3.30 0.01 0.35 0.45 0.71 0.05 14.59 0.11 0.03 0.07

Cache Expl V Cadan Res V Cairo Res V Caledonia Mng T Caledonia Mng* Q Calibre Mng V California Gld V California Go* O Callinex Mines* O Callinex Mines V Cameco Corp* N Cameco Corp T Cameo Res* O Camino Mnls V Camino Mnls* O Camrova Res V Camrova Res* O Can-Cal Res* O Canada Coal V Canadian Zeol V Canadian Zeol* O CanAlaska Uran* O CanAlaska Uran V Canamex Res V Canamex Res* O Canarc Res* Q Canasil Res V Candelaria Mg V Candente Coppr T Candente Gold V Canex Energy V CaNickel Mng V Canoe Mng Vent V Canstar Res* O Canstar Res V Canterra Mnls V Cantex Mn Dev V Canyon Gold* O Capstone Mng T Caracara Silvr* O Caracara Silvr V Cardero Res* O Cardero Res V Cariboo Rose V Carlin Gold V Carrara Explor Cartier Res V Carube Copper* O Carube Copper V Casablanca Mng* O Cassidy Vents* O Castle Peak Mg V Castle Silver V Castle Silver* O Cava Res V CB Gold V Cda Carbon* O Cda Carbon V Cda Rare Earth* O Cda Strtgc Met V Cda Zinc Mtls V Cdn Arrow V Cdn Orebodies V Cdn Silvr Hunt V Cdn Zinc* Q Cdn Zinc T Centamin T Centaurus Diam* O Centenera Mng V Centenera Mng* O Centerra Gold T Centurion Mnls V Century Global T Cerro Grande* O Ceylon Graph V Chalice Gold M T Chalice Gold M* O Champion Bear V Champion Iron* O Champion Iron T Chantrell Vent V Chesapeake Gld* O Chesapeake Gld V Chevron* N Chilean Metals V Chilean Metals* O Chimata Gold V China Gold Int T China Mnls Mng* O CKR Carbon V Clean Comm V

235 126 21 188 188 12240 280 19 529 1464 19482 8814 84 162 10 379 24 16 530 1275 93 235 465 227 7 1699 2040 69 581 1082 260 51 151 24 2002 305 205 3732 9094 30 1232 195 98 193 672 74 588 6 148 218 82 3175 1663 130 450 1113 100 834 97 727 587 223 985 463 453 1877 152 62 167 56 6320 1128 44 10 37 224 19 25 191 8388 182 21 75 27653 133 49 1158 4059 40 387 727

High Low

B

C

(100s) Stock

Exc Volume

Week High

Low

0.05 0.05 1.29 1.35 0.11 0.14 0.12 0.13 5.25 5.60 0.10 0.11 0.00 0.09 0.09 0.13 0.16 0.16 0.22 0.24 9.20 9.44 0.16 0.16 0.24 0.25 0.33 0.35 0.65 0.82 0.85 1.07 0.06 0.06 0.00 0.07 0.05 0.05 0.24 0.27 0.15 0.15 0.11 0.11 0.09 0.09 0.93 0.93 0.00 0.04 0.00 0.07 16.90 17.02 0.13 0.14 4.55 5.31 3.52 4.06 0.28 0.35 0.37 0.40 0.07 0.07 0.15 0.16 0.11 0.11 0.05 0.07 0.88 0.95 1.13 1.27 0.10 0.10 0.00 0.07 0.05 0.05 0.06 0.06 0.04 0.06 0.28 0.33 1.08 1.13 1.44 1.49 0.13 0.13 0.21 0.29 0.16 0.22 0.16 0.19 0.28 0.32 0.23 0.25 3.02 3.19 2.28 2.45 0.47 0.55 0.62 0.72 0.41 0.45 0.61 0.70 0.47 0.53 0.00 0.11 0.15 0.15 0.18 0.19 0.25 0.25 0.22 0.24 0.36 0.38 0.02 0.02 0.00 0.00 0.09 0.10 0.11 0.14

Clean Comm* O Clear Mtn Res V Cleghorn Mnls V Clifton Mng* O Cloud Peak En* N CMC Metals V CNRP Mng Cobalt Pwr Grp V CobalTech M’g* O CobalTech M’g V Coeur Mng* N Colonial Coal V Colorado Res* O Colorado Res V Columbus Gold* O Columbus Gold T Commander Res V Commerce Res V Commerce Res* O Comstock Mng* X Comstock Mtls V Comstock Mtls * O Condor Res V Confedertn Mls V Conquest Res V Cons Woodjam V CONSOL Energy* N Constant Mtl V Contintl Gold T Contintl Gold* O Contintl Prec* O Contintl Prec T Copper Ck Gold V Copper Fox Mtl V Copper Fox Mtl* O Copper Lake Rs V Copper Mtn Mng* O Copper Mtn Mng T Copper North M V Copper North M* O Copper One * O Copperbank Res Copperbank Res* O Coral Gold V Cordoba Mnls* O Cordoba Mnls V Corex Gold V Cornerstone Ca V Cornerstone Ca* O Coro Mining T Coronet Mtls V Coronet Mtls* O Corsa Coal V Corsa Coal * O Corvus Gold* O Corvus Gold T Cougar Mnls V Critical Elem V Critical Elem* O Crown Mining V Cruz Cap Corp* O Cruz Cap Corp V Crystal Lake V Crystal Lake* O Crystal Peak* O Curlew Lke Res V Cyclone Uran* O Cypress Dev* O Cypress Dev V

29 315 339 17 6041 637 758 11018 19 1332 32212 756 198 1106 1521 2398 636 1008 138 1525 222 6 312 22 89 68 19450 393 4268 576 12 84 32 996 2 91 54 4060 181 27 40 218 15 374 271 2724 421 7035 1144 2045 80 49 294 73 159 278 774 2231 94 105 80 8900 111 7 29 262 411 80 570

0.06 1.43 0.14 0.13 5.82 0.11 0.13 0.14 0.20 0.26 12.09 0.18 0.27 0.37 0.83 1.09 0.07 0.07 0.05 0.27 0.17 0.13 0.10 0.95 0.04 0.07 17.85 0.15 5.46 4.16 0.35 0.44 0.07 0.17 0.12 0.07 0.97 1.27 0.11 0.09 0.06 0.08 0.06 0.33 1.21 1.59 0.14 0.30 0.22 0.20 0.33 0.25 3.74 2.87 0.55 0.73 0.46 0.73 0.56 0.12 0.16 0.21 0.32 0.24 0.39 0.02 0.01 0.10 0.14

Dajin Res V Dajin Res* O Dakota Ter Res* O Dalradian Res* O Dalradian Res T Damara Gold V Danakali* O Darnley Bay V Darnley Bay* O Decade Res* O Decade Res V Defiance Silvr* O Defiance Silvr V Denison Mines* X Denison Mines T Desert Gold V Desert Star V Detour Gold T Diamante Min* O Diamcor Mng V Diamcor Mng* O Diamond Fields V Dios Expl V Discovery Mnls* O Ditem Explor* O DNI Metals DNI Metals* O Dolly Vard Sil* O Dominion Diam* N Dominion Diam T Double Crn Res* O Doubleview Cap V DRDGOLD* N Dundee Prec Mt T Dunnedin Vent* O Durango Res V DuSolo Fertil V Dynacor Gld Mn T DynaResource* O Dynasty Gold V Dynasty Met&Mn*O Dynasty Met&Mn T Eagle Graphite* O Eagle Plains V East Africa V East Africa * O Eastern Platin* O Eastern Platin T Eastmain Res T Eco Oro Mnls T eCobalt Solns* O El Capitan Prc* O El Nino Vent V Elcora Res V Elcora Res* O Eldorado Gold* N Eldorado Gold T Eloro Mnrls* O Eloro Mnrls V Ely Gold & Mnl V Ely Gold & Mnl* O Elysee Dev V Emerita Res V Emgold Mng V Emgold Mng* O Empire Rock V Encanto Potash* O Encanto Potash V Endeavour Mng T Endeavour Mng* O Endeavr Silver* N Endeavr Silver T Endurance Gold* O Endurance Gold V Energizer Res T Energy Fuels T Energy Fuels* X Engold Mines* O Ensurge* O Entree Gold T Entree Gold* X Equitas Res V Equitas Res* O Equitorial Ex V Erdene Res Dev T Erdene Res Dev* O Eros Res Corp V Eros Res Corp V Eskay Mng V Ethos Gold* O Ethos Gold V Eurasian Mnls V Eurasian Mnls* X Eureka Res V Euro Sun Mg* O Euro Sun Mg T EurOmax Res T EurOmax Res* O Eurotin V Everest Vent V Everton Res V Everton Res* O Evolving Gold Evolving Gold* O Evrim Res V Excellon Res T Excellon Res* O Excelsior Mng* O

1410 1594 38 490 5875 58 365 1418 58 905 1265 256 1010 3466 6521 25 219 6061 103 194 39 8 156 8705 202 362 21 266 1054 670 1613 2547 2910 1808 132 487 304 256 6 1170 59 848 271 1210 2142 21 8 117 3103 524 1030 1466 36 341 85 25953 12804 150 188 1888 1187 145 1770 56 68 520 210 3815 1643 72 12248 2403 310 624 512 1611 3666 141 79 476 483 854 503 1388 795 198 454 454 767 26 498 138 523 140 13 224 125 4 38 9 2913 320 31 40 457 961 457 193

0.14 0.10 0.10 1.17 1.53 0.11 0.60 0.49 0.37 0.05 0.06 0.35 0.45 0.78 1.03 0.27 0.14 20.42 0.21 1.14 0.86 0.15 0.09 0.00 0.00 0.05 0.03 0.66 10.64 13.90 0.01 0.17 6.59 3.29 0.29 0.07 0.05 2.58 1.70 0.04 0.26 0.36 0.03 0.19 0.30 0.20 0.33 0.44 0.63 0.70 0.73 0.09 0.03 0.34 0.27 3.91 5.13 0.58 0.79 0.18 0.14 0.41 0.20 0.03 0.02 0.30 0.09 0.12 28.81 21.89 4.90 6.44 0.05 0.08 0.07 3.18 2.43 0.13 0.09 0.70 0.54 0.40 0.31 0.10 0.86 0.66 0.20 0.20 0.35 0.23 0.30 1.60 1.24 0.11 0.62 0.86 0.56 0.41 0.10 1.34 0.08 0.06 0.17 0.13 0.36 1.92 1.46 0.71

Last

12-month High Low

Stock

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.01 0.03 0.03 0.01 0.19 0.01 0.08 0.04 0.04 0.02 2.25 0.02 0.01 0.01 0.14 0.19 0.01 0.01 0.00 0.03 0.01 0.00 0.01 0.01 0.01 0.01 0.14 0.01 0.79 0.59 0.04 0.05 0.01 0.02 0.01 0.01 0.00 0.05 0.01 0.01 0.01 0.01 0.00 0.03 0.04 0.02 0.02 0.07 0.05 0.03 0.07 0.01 0.46 0.44 0.07 0.09 0.05 0.09 0.07 0.01 0.00 0.01 0.04 0.02 0.00 0.01 0.00 0.01 0.02

0.13 2.03 0.16 0.16 8.04 0.20 0.13 0.13 0.23 0.35 16.41 0.24 0.54 0.71 0.80 1.04 0.08 0.10 0.08 0.62 0.43 0.33 0.12 9.00 0.07 0.09 22.34 0.15 5.39 4.09 0.31 0.44 0.11 0.24 0.17 0.08 0.96 1.29 0.35 0.16 0.22 0.10 0.08 0.39 1.21 1.59 0.21 0.28 0.21 0.21 0.71 0.56 3.82 2.93 1.05 1.38 0.82 0.75 0.58 0.20 0.18 0.25 0.43 0.30 0.42 0.03 0.01 0.16 0.20

0.01 0.10 0.08 0.06 1.35 0.05 0.01 0.04 0.01 0.02 2.60 0.04 0.06 0.06 0.27 0.36 0.03 0.05 0.04 0.19 0.10 0.09 0.03 0.46 0.01 0.03 6.72 0.05 1.35 0.97 0.11 0.25 0.06 0.11 0.08 0.03 0.29 0.40 0.10 0.07 0.05 0.03 0.01 0.06 0.12 0.15 0.04 0.02 0.01 0.02 0.03 0.02 0.40 1.80 0.37 0.50 0.28 0.15 0.12 0.04 0.07 0.02 0.22 0.15 0.13 0.01 0.00 0.03 0.05

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

0.02 0.01 0.01 0.07 0.07 0.03 0.02 0.08 0.06 0.00 0.01 0.02 0.04 0.07 0.09 0.01 0.01 0.98 0.05 0.07 0.02 0.01 0.01 0.00 0.00 0.01 0.00 0.02 0.43 0.58 0.00 0.03 0.62 0.01 0.09 0.01 0.01 0.17 0.10 0.01 0.02 0.05 0.00 0.03 0.05 0.01 0.01 0.02 0.14 0.02 0.12 0.01 0.01 0.01 0.00 0.19 0.24 0.01 0.02 0.01 0.01 0.02 0.03 0.01 0.01 0.01 0.00 0.01 2.37 1.75 0.43 0.57 0.02 0.01 0.01 0.45 0.33 0.01 0.00 0.05 0.04 0.09 0.05 0.02 0.01 0.00 0.01 0.01 0.10 0.04 0.04 0.05 0.06 0.01 0.04 0.11 0.04 0.03 0.05 0.14 0.02 0.01 0.02 0.00 0.04 0.11 0.09 0.01

0.30 0.24 0.20 1.27 1.68 0.10 0.62 0.50 0.37 0.10 0.13 0.49 0.63 0.84 1.09 0.30 0.22 35.93 0.55 1.50 1.11 0.24 0.19 0.00 0.00 0.08 0.06 0.81 12.65 16.82 0.02 0.16 9.10 4.14 0.28 0.21 0.07 3.71 2.00 0.04 0.34 0.45 0.05 0.19 0.36 0.28 0.89 1.19 0.97 0.87 0.73 0.28 0.05 0.75 0.55 5.16 6.71 0.58 0.79 0.27 0.20 0.49 0.21 0.05 0.04 0.30 0.14 0.18 28.81 21.89 5.95 7.75 0.05 0.08 0.13 3.98 2.98 0.14 0.10 0.80 0.61 1.30 0.29 0.11 0.90 0.69 0.23 0.23 0.42 0.32 0.41 1.84 1.40 0.17 1.06 1.45 0.81 0.59 1.00 1.52 0.20 0.14 0.50 0.38 0.43 2.40 1.85 0.72

0.11 0.08 0.02 0.56 0.77 0.04 0.17 0.01 0.01 0.03 0.02 0.05 0.07 0.37 0.49 0.09 0.05 15.36 0.10 0.80 0.62 0.05 0.06 0.00 0.00 0.02 0.01 0.09 7.92 10.47 0.00 0.06 3.08 0.88 0.04 0.03 0.03 1.86 0.00 0.01 0.08 0.10 0.02 0.06 0.05 0.04 0.29 0.39 0.29 0.13 0.34 0.03 0.01 0.29 0.22 2.54 3.46 0.16 0.17 0.06 0.04 0.19 0.02 0.01 0.00 0.07 0.04 0.06 9.59 6.88 1.57 2.11 0.02 0.02 0.06 1.74 1.29 0.02 0.01 0.29 0.22 0.19 0.16 0.02 0.14 0.11 0.09 0.09 0.10 0.05 0.14 0.55 0.40 0.05 0.47 0.62 0.33 0.26 0.03 0.09 0.02 0.01 0.04 0.02 0.16 0.33 0.24 0.16

D-F 0.12 0.09 0.00 1.03 1.35 0.06 0.56 0.38 0.29 0.04 0.05 0.29 0.38 0.70 0.92 0.26 0.11 18.77 0.16 1.02 0.00 0.15 0.08 0.00 0.00 0.04 0.02 0.57 10.07 13.17 0.01 0.13 5.37 2.96 0.21 0.05 0.05 2.24 1.60 0.03 0.21 0.26 0.03 0.15 0.25 0.18 0.32 0.41 0.48 0.65 0.57 0.06 0.00 0.33 0.25 3.60 4.71 0.56 0.71 0.13 0.10 0.39 0.16 0.03 0.02 0.28 0.08 0.11 25.94 19.60 4.37 5.73 0.03 0.06 0.06 2.73 2.08 0.11 0.06 0.63 0.49 0.31 0.24 0.07 0.82 0.62 0.19 0.19 0.22 0.16 0.23 1.44 1.10 0.10 0.00 0.77 0.53 0.38 0.10 1.22 0.06 0.05 0.15 0.11 0.31 1.74 1.32 0.63

0.12 0.09 0.06 1.09 1.43 0.11 0.58 0.49 0.37 0.05 0.06 0.30 0.40 0.78 1.02 0.27 0.13 19.70 0.16 1.07 0.81 0.15 0.08 0.00 0.00 0.04 0.03 0.58 10.50 13.73 0.01 0.17 6.40 3.04 0.29 0.07 0.05 2.36 1.60 0.03 0.24 0.34 0.03 0.18 0.30 0.19 0.32 0.42 0.61 0.68 0.60 0.08 0.03 0.33 0.25 3.79 4.95 0.58 0.75 0.17 0.13 0.40 0.17 0.03 0.02 0.28 0.09 0.12 27.90 21.34 4.80 6.27 0.05 0.07 0.07 3.17 2.43 0.11 0.09 0.69 0.54 0.39 0.29 0.07 0.86 0.66 0.19 0.19 0.35 0.19 0.26 1.48 1.16 0.11 0.59 0.77 0.53 0.38 0.10 1.34 0.08 0.06 0.17 0.11 0.32 1.79 1.35 0.67

(100s)

Change

Exc Volume

Week

12-month

High

Low

Last

Change

High Low

648 Excelsior Mng T 1062 X Exeter Res* 330 T Exeter Res 144 ExGen Res Inc* O 811 Expedition Mng* O 123 O Explor Res* 285 Explorex Res 911 V Fairmont Res 1038 V Falco Res 2075 Fancamp Expl V 27687 Far Res 898 V Fieldex Expl 19 O Fieldex Expl* 27 V Filo Mg Corp 1381 V Fiore Explor 181 O Fiore Explor* 336 V Firesteel Res 370 Firestone Vent V 527 Firma Holdings* O 93 V First Bauxite 432 V First Cobalt 65 O First Energy* O 5738 First Liberty* First Majestic* N 26004 7195 T First Majestic 954 V First Mexican 6877 V First Mg Fin O 3070 First Mg Fin * 198 O First Point* 716 V First Point First Quantum T 13983 2082 V Fission 3.0 4033 T Fission Uran O 1425 Fission Uran* 972 O Flinders Res* 1194 V Flinders Res 709 Focus Graphite* O 7237 Focus Graphite V 2405 V Focus Vent 352 V Foran Mng 2615 Formation Mtls T 188 Forrester Met* O 446 Forsys Metals T 27 Fortescue Mtls* O 3889 T Fortuna Silvr Fortuna Silvr* N 11849 43 V Fortune Bay 5 O Fortune Bay* 8053 Fortune Mnrls T Fortune Mnrls* O 1656 1966 Forum Uranium V Forum Uranium* O 1084 704 V Four River 24 Fox River Res Franco-Nevada* N 2933 2916 Franco-Nevada T 26 Franklin Mng* O 395 Freegold Vent T Freeport McMoR* N 162820 19 V Freeport Res 9 O Fresnillo plc* 49 Frontier Rr Er* O 3491 Frontline Gold V 685 Fura Emeralds V

0.90 1.17 1.54 0.02 0.12 0.09 0.15 0.11 1.02 0.07 0.14 0.21 0.13 2.00 0.44 0.32 0.04 0.04 0.12 0.05 0.76 0.05 0.00 10.92 14.36 0.03 0.91 0.70 0.09 0.13 17.09 0.09 0.86 0.66 0.71 0.93 0.09 0.12 0.06 0.34 0.94 0.09 0.19 5.10 9.04 6.87 0.63 0.48 0.23 0.18 0.14 0.10 0.84 0.13 69.06 90.46 0.00 0.14 16.56 0.07 19.67 0.02 0.04 0.29

0.82 1.05 1.37 0.01 0.01 0.06 0.14 0.09 0.96 0.06 0.09 0.13 0.10 1.78 0.39 0.29 0.04 0.00 0.05 0.05 0.58 0.05 0.00 10.01 13.10 0.02 0.81 0.62 0.09 0.10 15.84 0.08 0.77 0.59 0.63 0.84 0.07 0.09 0.05 0.31 0.77 0.09 0.17 4.80 8.21 6.23 0.00 0.00 0.18 0.13 0.11 0.08 0.69 0.00 66.51 87.20 0.00 0.12 15.15 0.05 18.30 0.01 0.02 0.22

0.87 1.13 1.50 0.01 0.06 0.07 0.15 0.10 0.97 0.07 0.10 0.16 0.13 2.00 0.44 0.32 0.04 0.04 0.10 0.05 0.69 0.05 0.00 10.60 13.87 0.03 0.90 0.68 0.09 0.12 16.86 0.09 0.85 0.65 0.68 0.89 0.08 0.10 0.05 0.32 0.78 0.09 0.19 5.07 8.73 6.66 0.59 0.45 0.23 0.17 0.13 0.08 0.80 0.10 68.55 89.66 0.00 0.12 15.80 0.06 19.20 0.02 0.03 0.22

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

0.94 0.23 0.01 1.48 0.48 0.08 1.94 0.66 0.13 0.02 0.00 0.01 0.22 0.03 0.02 0.18 0.04 0.00 0.19 0.06 0.01 0.23 0.03 0.01 1.39 0.37 0.02 0.08 0.02 0.01 0.15 0.02 0.01 0.65 0.10 0.02 0.13 0.10 0.02 2.15 0.64 0.22 0.76 0.03 0.05 0.55 0.02 0.01 0.06 0.01 0.01 0.08 0.01 0.01 0.12 0.03 0.05 0.07 0.03 0.01 0.76 0.22 0.08 0.12 0.01 0.01 0.00 0.00 0.00 0.64 19.15 3.87 0.90 24.96 5.41 0.08 0.02 0.01 1.31 0.36 0.09 1.02 0.27 0.05 0.09 0.03 0.00 0.14 0.04 0.01 0.80 17.51 2.71 0.11 0.05 0.01 0.89 0.49 0.09 0.68 0.36 0.06 0.71 0.09 0.00 0.93 0.14 0.01 0.23 0.04 0.01 0.30 0.06 0.01 0.11 0.05 0.01 0.43 0.06 0.02 0.94 0.09 0.14 0.11 0.01 0.01 0.28 0.05 0.02 5.19 1.18 0.07 0.52 12.73 4.38 9.75 3.15 0.36 0.90 0.26 0.03 0.64 0.30 0.02 0.22 0.02 0.05 0.16 0.02 0.04 0.20 0.07 0.02 0.14 0.05 0.01 1.28 0.14 0.06 0.13 0.03 0.01 1.55 81.16 48.69 2.40 105.69 67.94 0.01 0.00 0.00 0.28 0.08 0.01 0.03 17.06 4.65 0.09 0.01 0.01 0.57 26.65 12.54 0.05 0.00 0.01 0.05 0.01 0.01 0.30 0.10 0.07

333 T Gabriel Res 278 Gainey Capital V 124 Galantas Gold* O 411 Galantas Gold V 1603 V Galore Res 160 V Galway Gold 64 O Galway Mtls* 258 V Galway Mtls 1183 V Garibaldi Res 151 Garibaldi Res * O 1892 V Gem Intl Res 17 T General Moly 1230 General Moly* X 2 Genesis Mtls* O 872 V Genesis Mtls 39 Genius Props 3751 Gensource Pot V 32 Geodex Mnrls V 342 Geologix Expl* O 1060 Geologix Expl V 881 Geomega Res V 800 Gespeg Cop Res V 343 V Getty Copper 20 GFG Resources* O 128 V GFK Res 38 V GGL Res 584 Gitennes Expl V 2722 Gldn Predator V 390 Gldn Predator* O 883 Glencore Plc* O 119 O Global Gold* 39 O Globex Mng* 331 T Globex Mng 66 GMV Minerals* O 5 God’s Lake Res 1838 T GoGold Res 409 Gold & Silver* O 289 Gold Bulln Dev* O 1661 Gold Bulln Dev V N 45036 Gold Fields* O 146572 Gold Lakes* 250 Gold Mng USA* O 152 Gold Reach Res V 295 V Gold Reserve 117 Gold Reserve* O 5959 Gold Resource* X 1667 Gold Std Vents V 59 Goldbelt Emp V 94 V Goldcliff Res 54 Goldcliff Res* O N 34622 Goldcorp* T 13865 Goldcorp 976 Golden Arrow V 600 Golden Arrow* O 19 Golden Cariboo V 5677 Golden Dawn Ml V 242 Golden Dawn Ml* O 183 Golden Eagle* O 2 Golden Global* O 398 Golden Goliath V 97 Golden Goliath* O 6 V Golden Harp 347 V Golden Hope 12 Golden Hope* O 296 T Golden Mnls 2829 X Golden Mnls* 49 Golden Peak Mn V 398 Golden Queen* O 212 Golden Queen T 765 Golden Reign V 101 Golden Secret V 25 Golden Sh Mng V 3440 T Golden Star X 16031 Golden Star* 670 V Golden Tag 594 Golden Valley V 3 O Goldex Res* 9 V Goldex Res 1438 Goldgroup Mng T 853 Goldgroup Mng* O 22 O GoldON Res* 79 V GoldON Res 4068 GoldQuest Mng V 2 O Goldrea Res* 104 Goldrea Res 460 Goldsource Min* O 1293 Goldstar Mnls V 1407 Goldstrike Res V 22 GoldTrain Res 213 V Gonzaga Res 423 V Gossan Res 595 GoviEx Uranium* O 5617 GoviEx Uranium V 258 Gowest Gold* O 771 V Gowest Gold 384 Gran Colombia* O Gran Colombia T 19152 3309 V Graphite One 410 Graphite One* O 235 Gray Rock Res V 62 Great Atlantic V 155 Great Bear Res V 2100 Great Lakes Gr V Great Lakes Gr* O 1394 1736 Great Panther T Great Panther* X 10539 194 Great Quest Fe V 60 Great Rock Dev* O Great Western* O 2291 99 Green Swan Cap V 499 Green Valley M V 163 Greencastle Rs V

0.48 0.22 0.09 0.11 0.05 0.12 0.32 0.43 0.21 0.16 0.12 0.75 0.58 0.12 0.20 0.20 0.19 0.09 0.07 0.09 0.13 0.04 0.03 1.00 0.13 0.04 0.04 1.80 1.34 8.03 0.04 0.45 0.59 0.42 0.03 0.86 0.00 0.06 0.08 3.74 0.00 0.01 0.15 4.85 3.71 6.23 3.85 0.05 0.28 0.22 17.05 22.41 0.80 0.60 0.08 0.37 0.27 0.04 0.00 0.07 0.06 0.19 0.16 0.12 1.06 0.81 0.53 0.80 1.03 0.30 0.39 0.21 1.33 1.01 0.07 0.50 0.39 0.60 0.13 0.10 0.16 0.23 0.53 0.04 0.06 0.14 0.05 0.23 0.09 0.34 0.08 0.32 0.43 0.15 0.19 0.08 0.11 0.08 0.06 0.40 0.10 0.21 0.11 0.08 2.77 2.12 0.28 0.01 0.00 0.07 0.05 0.10

0.43 0.44 0.19 0.19 0.09 0.09 0.09 0.11 0.03 0.05 0.10 0.11 0.30 0.31 0.39 0.42 0.17 0.19 0.13 0.15 0.09 0.10 0.00 0.67 0.50 0.51 0.11 0.12 0.17 0.17 0.00 0.16 0.15 0.17 0.07 0.09 0.07 0.07 0.08 0.09 0.09 0.13 0.03 0.03 0.02 0.02 0.96 1.00 0.10 0.13 0.00 0.03 0.03 0.04 1.52 1.80 1.16 1.34 7.61 7.99 0.02 0.02 0.41 0.41 0.50 0.54 0.39 0.40 0.03 0.03 0.76 0.85 0.00 0.00 0.04 0.05 0.07 0.07 3.32 3.47 0.00 0.00 0.00 0.00 0.14 0.15 4.10 4.79 3.10 3.58 5.63 6.10 3.56 3.72 0.04 0.04 0.24 0.27 0.19 0.21 16.29 17.00 21.32 22.25 0.74 0.75 0.56 0.58 0.06 0.08 0.29 0.35 0.22 0.26 0.00 0.04 0.00 0.00 0.06 0.07 0.00 0.05 0.19 0.19 0.14 0.16 0.12 0.12 0.92 0.98 0.70 0.75 0.44 0.44 0.70 0.73 0.94 0.97 0.28 0.29 0.36 0.37 0.00 0.20 1.11 1.30 0.86 0.99 0.05 0.07 0.47 0.47 0.00 0.39 0.00 0.60 0.11 0.11 0.08 0.08 0.15 0.15 0.18 0.19 0.39 0.53 0.03 0.03 0.04 0.04 0.12 0.13 0.03 0.04 0.21 0.23 0.08 0.09 0.27 0.34 0.07 0.08 0.18 0.30 0.23 0.39 0.13 0.14 0.17 0.18 0.07 0.08 0.09 0.11 0.08 0.08 0.06 0.06 0.37 0.39 0.09 0.10 0.17 0.20 0.09 0.10 0.07 0.08 2.43 2.73 1.86 2.09 0.21 0.26 0.00 0.00 0.00 0.00 0.05 0.06 0.04 0.05 0.09 0.09

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

0.04 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.05 0.02 0.01 0.01 0.05 0.02 0.02 0.00 0.01 0.04 0.01 0.01 0.04 0.02 0.01 0.01 0.17 0.09 0.31 0.00 0.00 0.01 0.02 0.01 0.12 0.00 0.01 0.01 0.11 0.00 0.00 0.01 0.19 0.06 0.52 0.01 0.01 0.01 0.01 0.72 1.04 0.01 0.00 0.03 0.06 0.05 0.00 0.18 0.01 0.00 0.01 0.01 0.00 0.05 0.04 0.08 0.05 0.01 0.01 0.01 0.01 0.20 0.13 0.01 0.01 0.06 0.11 0.02 0.01 0.01 0.01 0.15 0.00 0.01 0.00 0.01 0.01 0.01 0.08 0.01 0.11 0.14 0.01 0.02 0.01 0.02 0.01 0.00 0.01 0.01 0.02 0.01 0.00 0.30 0.23 0.02 0.00 0.00 0.01 0.01 0.01

G-H 0.74 0.37 0.14 0.18 0.05 0.13 0.51 0.65 0.21 0.16 0.15 0.77 0.60 0.22 0.28 0.38 0.23 0.11 0.11 0.15 0.23 0.06 0.04 1.00 0.18 0.05 0.04 1.79 1.38 8.28 0.04 0.46 0.63 0.55 0.08 1.65 0.40 0.11 0.16 6.60 1.02 0.17 0.25 8.00 5.90 8.22 4.10 0.07 0.47 0.36 20.38 26.56 1.48 1.30 0.15 0.44 0.32 0.07 0.36 0.14 0.10 0.28 0.39 0.25 1.51 1.16 0.90 1.56 2.00 0.36 0.69 0.36 1.46 1.13 0.18 0.50 0.63 0.90 0.39 0.30 0.18 0.36 0.68 0.10 0.14 0.45 0.09 0.41 0.25 0.34 0.11 0.26 0.35 0.22 0.28 0.13 0.16 0.18 0.14 0.40 0.15 0.36 0.13 0.09 2.82 2.25 0.38 0.01 0.00 0.14 0.06 0.18

0.17 0.10 0.06 0.07 0.01 0.04 0.07 0.10 0.07 0.05 0.04 0.27 0.18 0.01 0.09 0.08 0.04 0.05 0.02 0.03 0.06 0.02 0.01 0.77 0.05 0.01 0.01 0.12 0.09 2.46 0.01 0.19 0.23 0.07 0.02 0.41 0.00 0.01 0.05 2.60 0.00 0.00 0.09 3.28 0.00 1.55 1.01 0.02 0.05 0.15 11.91 15.95 0.19 0.14 0.03 0.08 0.08 0.00 0.00 0.02 0.01 0.05 0.14 0.11 0.32 0.24 0.12 0.52 0.70 0.08 0.05 0.08 0.37 0.26 0.03 0.12 0.08 0.10 0.07 0.04 0.08 0.08 0.16 0.01 0.03 0.11 0.01 0.10 0.05 0.01 0.03 0.04 0.09 0.05 0.07 0.06 0.08 0.07 0.05 0.02 0.03 0.10 0.06 0.04 0.80 0.57 0.14 0.00 0.00 0.01 0.01 0.05

2017-02-14 6:31 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

21

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

Exc Volume

Week High

Low

0.09 0.10 0.10 0.10 0.05 0.05 0.02 0.03 0.09 0.10 0.11 0.11 0.32 0.47 0.07 0.08 0.01 0.02 0.05 0.07 0.04 0.05 7.22 7.84 0.00 0.03 0.00 0.04 0.33 0.33 0.21 0.22 0.03 0.04 2.63 2.75 0.37 0.37 0.00 0.10 0.07 0.08 6.38 6.58 0.03 0.03 0.01 0.02 0.12 0.14 0.11 0.11 0.09 0.09 0.18 0.19 0.20 0.25 0.08 0.09 0.03 0.03 3.00 3.29 0.01 0.01 0.02 0.02 0.94 1.29 0.04 0.05 0.00 0.05 0.29 0.36 7.90 8.80 10.37 11.57 0.28 0.31 0.37 0.41 0.25 0.34

Greenland M&En* O Grenville Gold V Grizzly Discvr V Grizzly Gold* O Group Ten Mtls V GrowMax Res* O GT Gold V GTA Res & Mng V Guerrero Vents V Gungnir Res V Gungnir Res* O Guyana Gldflds T Hadley Mng Handeni Gold* O Hannan Metals* O Happy Ck Mnrls V Hard Creek Ni V Harmony Gold* N Harte Gold T Hawkeye Gld&Di V Heatherdale Rs V Hecla Mining* N Helio Res V Hellix Vent* O Heron Res T Heron Res* O Highland Copp* O Highway 50 Gld* O Highway 50 Gld V HiHo Silver Hinterland Mtl V Hochschild Mg* O Homeland Egy V Honey Badger E V Horizon Mnls* O Horizonte Mnls T Hornby Bay Mnl V Houston Lake V HudBay Mnls* N HudBay Mnls T Hudson Res* O Hudson Res V Hunt Mng V

402 9 140 81 34 172 307 129 64 2553 1275 5605 827 0 7 330 149 41282 3506 140 605 28823 205 64 258 70 13 161 228 27 68 15 9999 655 4878 882 124 445 3917 10457 23 532 42

0.14 0.12 0.05 0.05 0.10 0.13 0.50 0.08 0.02 0.09 0.06 8.03 0.03 0.04 0.39 0.25 0.04 2.92 0.40 0.12 0.09 6.78 0.03 0.02 0.15 0.11 0.09 0.19 0.25 0.10 0.03 3.36 0.02 0.03 1.67 0.05 0.07 0.36 8.90 11.60 0.31 0.42 0.34

I-Minerals* O I-Minerals V IAMGOLD T IAMGOLD* N Iberian Mnrls V IC Potash* O Iconic Mnls * O IDM Mining V IDM Mining* O iMetal Res V IMPACT Silver V Impala Platnm* O Imperial Metal* O Imperial Metal T Inca One Gold V Inca One Gold* O Inception Mng * O Independence G V Independence G* O Indico Res V Inform Res V Infrastructure* O Inspiration Mg Inspiration Mg* O Intact Gold V Integra Gold* O Inter-Rock Mnl V Intigold Mines V Intigold Mines* O Intl Bethl Mng V Intl Lithium* O Intl Millm Mng V Intl Montoro V Intl Montoro* O Intl Samuel Ex V Intl Tower Hil* X Intl Tower Hil T Intrepid Pots* N INV Metals T INV Metals* O Inventus Mg * O Inventus Mg V InZinc Mining V InZinc Mining* O Ireland* O Irving Res* O IsoEnergy Ltd V Itafos V Itoco Mg Corp* O Ivanhoe Mines* O Ivanhoe Mines T Jaguar Mng T Jaguar Mng* O Japan Gold V Japan Gold* O Jaxon Mnls V Jayden Res* O JDL Gold V JDL Gold* O Jet Metal* O Joshua Gold* O K2 Gold V K92 Mng Inc* O K92 Mng Inc V Kaizen Discvry* O Kaizen Discvry V Kapuskasing Gd V Karmin Expl V Karnalyte Res T Katanga Mng T Kennady Diam V Kerr Mines* O Kesselrun Res V Khalkos Expl V Khan Res Kilo Goldmines* O Kincora Copper V Kings Bay Gold V Kingsmen Res V Kingsmen Res* O Kinross Gold* N Kinross Gold T Kiska Metals* O Kitrinor Mtls V Kivalliq Enrgy V Klondex Mines T Klondike Gold V Klondike Gold* O Klondike Silv V Klondike Silv* O Knick Expl V Kombat Copper V Komet Resource V Kootenay Silvr V KWG Res* O

48 122 19573 57319 3434 7 62 4401 956 201 1543 409 20 161 2476 757 39 559 148 464 1 574 19 4 4362 1512 280 319 168 115 45 48 517 52 77 2644 257 5748 504 43 150 66 1094 58 380 7 74 13 50 1496 17623 1371 225 1022 123 1260 3 1494 750 27 131 19 560 1659 241 2081 1041 45 155 13398 35 85 1921 426 78 1 98 2574 7 8 62860 26116 72 6 923 4676 862 134 2114 6 2290 58 416 2007 1

0.32 0.43 6.88 5.23 0.10 0.09 0.09 0.18 0.14 0.06 0.82 4.13 5.33 7.00 0.25 0.20 0.52 0.28 0.20 0.02 0.18 0.01 0.04 0.02 0.08 0.68 0.16 0.05 0.04 0.04 0.12 0.05 0.03 0.02 0.08 0.77 1.01 2.04 1.13 0.85 0.15 0.23 0.32 0.22 0.16 0.78 1.49 2.25 0.12 3.64 4.75 0.73 0.56 0.40 0.30 0.09 0.10 1.90 1.46 0.19 0.12 0.52 0.88 1.15 0.21 0.30 0.03 0.33 0.80 0.31 3.90 0.12 0.16 0.18 0.05 0.07 0.49 0.21 0.13 0.09 4.23 5.55 0.07 0.16 0.16 7.49 0.23 0.17 0.12 0.09 0.07 0.59 0.45 0.32 0.01

121 885 32 24 230 5138 224 76 469 419 264 321 102 282 1039 411 837 4818 134 972 9579 14790 209 98 16 27 1570 3893 1214 1415 256175 1149 2030 172 310

0.04 19.58 0.32 0.28 1.15 0.69 0.41 0.71 0.23 0.14 0.03 0.04 0.03 0.38 0.50 0.19 0.26 0.02 0.22 0.60 0.20 0.24 0.11 0.90 0.67 0.30 0.80 1.05 0.09 0.07 0.00 1.78 2.33 0.64 0.09

Last

High Low

Stock

Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Lonmin plc* Lucara Diam Lucky Mnls * Lumina Gold* Lumina Gold Luna Gold Luna Gold* Lund Enterpr Lundin Gold Lundin Mng Lydian Intl Lydian Intl* Lynas Corp*

+ + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.02 0.02 0.01 0.02 0.01 0.02 0.15 0.01 0.01 0.03 0.02 0.74 0.01 0.01 0.24 0.03 0.01 0.09 0.02 0.01 0.02 0.04 0.01 0.00 0.01 0.00 0.01 0.01 0.05 0.01 0.01 0.31 0.01 0.01 0.39 0.01 0.01 0.01 0.85 1.24 0.03 0.05 0.03

0.15 0.18 0.07 0.22 0.46 0.22 0.50 0.24 0.04 0.09 0.06 10.35 0.09 0.36 0.39 0.26 0.05 4.87 0.40 0.33 0.12 7.64 0.08 0.06 0.17 0.13 0.11 0.19 0.25 0.15 0.12 4.16 0.01 0.05 1.37 0.06 0.08 0.40 8.35 10.91 0.38 0.50 0.40

0.00 0.07 0.03 0.01 0.08 0.10 0.09 0.03 0.01 0.01 0.01 4.03 0.01 0.04 0.09 0.09 0.01 1.86 0.09 0.03 0.02 2.10 0.02 0.00 0.08 0.05 0.07 0.10 0.08 0.07 0.01 0.86 0.01 0.02 0.05 0.02 0.03 0.15 1.71 2.39 0.24 0.29 0.03

0.31 0.43 6.34 4.83 0.10 0.07 0.08 0.17 0.12 0.06 0.82 4.07 5.30 6.99 0.23 0.17 0.46 0.25 0.19 0.02 0.18 0.01 0.04 0.02 0.07 0.64 0.11 0.04 0.04 0.03 0.11 0.05 0.02 0.02 0.07 0.68 0.88 1.97 1.02 0.78 0.15 0.23 0.28 0.22 0.15 0.70 1.40 2.12 0.12 3.56 4.67 0.69 0.53 0.36 0.29 0.08 0.10 1.88 1.45 0.16 0.12 0.52 0.81 1.06 0.21 0.29 0.03 0.33 0.74 0.28 3.73 0.12 0.16 0.18 0.04 0.07 0.47 0.19 0.13 0.09 4.09 5.34 0.06 0.16 0.15 7.41 0.22 0.17 0.10 0.09 0.07 0.50 0.40 0.31 0.01

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.00 0.04 0.18 0.10 0.01 0.02 0.02 0.02 0.01 0.01 0.08 0.14 0.35 0.40 0.01 0.02 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.03 0.03 0.06 0.10 0.02 0.00 0.03 0.04 0.00 0.00 0.05 0.05 0.03 0.01 0.51 0.67 0.01 0.03 0.07 0.05 0.01 0.05 0.04 0.02 0.07 0.06 0.07 0.05 0.04 0.08 0.08 0.01 0.01 0.06 0.08 0.13 0.01 0.05 0.03 0.01 0.00 0.03 0.01 0.01 0.00 0.17 0.24 0.00 0.01 0.01 0.61 0.04 0.03 0.01 0.02 0.01 0.11 0.01 0.01 0.00

0.32 0.43 7.65 5.87 0.11 0.11 0.33 0.26 0.21 0.08 1.28 5.23 6.21 8.50 0.74 0.35 1.65 0.50 0.37 0.10 0.40 0.01 0.10 0.07 0.18 0.76 0.18 0.19 0.08 0.08 0.55 0.10 0.04 0.03 0.15 1.40 1.82 3.04 1.13 0.85 0.28 0.35 0.36 0.27 0.34 0.99 1.70 4.00 0.30 3.50 4.62 0.85 0.65 0.88 0.67 0.13 0.17 2.55 1.64 0.20 0.15 0.58 1.72 2.24 0.20 0.31 0.10 0.37 4.15 0.31 5.00 0.12 0.43 0.26 0.88 0.19 0.55 0.21 0.18 0.12 5.82 7.56 0.09 0.30 0.19 7.95 0.45 0.32 0.15 0.12 0.11 0.95 0.58 0.60 0.03

0.15 0.20 2.62 1.95 0.04 0.03 0.04 0.08 0.05 0.04 0.22 1.99 2.78 3.46 0.21 0.17 0.25 0.08 0.05 0.02 0.05 0.00 0.02 0.01 0.06 0.25 0.02 0.03 0.01 0.02 0.02 0.04 0.02 0.01 0.05 0.25 0.35 0.65 0.14 0.15 0.11 0.03 0.05 0.03 0.04 0.09 0.63 0.90 0.00 0.40 0.56 0.17 0.13 0.28 0.21 0.03 0.02 0.94 1.10 0.00 0.04 0.08 0.61 0.81 0.06 0.09 0.02 0.19 0.70 0.12 2.71 0.02 0.04 0.07 0.02 0.06 0.15 0.05 0.07 0.04 2.66 3.61 0.01 0.05 0.07 3.40 0.13 0.10 0.02 0.01 0.01 0.35 0.29 0.21 0.01

0.02 0.04 18.08 19.46 0.28 0.28 0.24 0.24 1.06 1.08 0.49 0.69 0.36 0.36 0.67 0.70 0.18 0.18 0.11 0.14 0.02 0.03 0.04 0.04 0.03 0.03 0.31 0.38 0.41 0.49 0.18 0.19 0.23 0.25 0.02 0.02 0.19 0.22 0.44 0.60 0.13 0.17 0.18 0.22 0.00 0.09 0.83 0.87 0.63 0.67 0.30 0.30 0.74 0.80 0.97 1.05 0.07 0.08 0.07 0.07 0.00 0.00 1.60 1.66 2.08 2.16 0.45 0.53 0.00 0.09

+ + + + + + + + + + + + + + + + + + + + + + +

0.02 0.70 0.05 0.06 0.07 0.22 0.01 0.01 0.02 0.03 0.01 0.01 0.00 0.08 0.08 0.01 0.03 0.00 0.02 0.16 0.04 0.05 0.01 0.01 0.01 0.10 0.02 0.03 0.02 0.01 0.00 0.08 0.10 0.03 0.01

0.06 20.55 0.64 0.50 1.58 0.68 0.56 1.25 0.48 0.36 0.05 0.08 0.05 0.54 0.71 0.29 0.38 0.03 0.22 0.60 0.20 0.24 0.17 1.17 0.91 0.36 0.87 1.15 0.13 0.11 0.12 2.20 2.85 0.55 0.26

0.00 9.20 0.02 0.10 0.32 0.18 0.12 0.26 0.09 0.07 0.00 0.01 0.02 0.10 0.14 0.07 0.10 0.01 0.05 0.01 0.04 0.05 0.03 0.36 0.27 0.08 0.34 0.37 0.02 0.01 0.00 0.65 0.68 0.20 0.04

I-J-K 0.30 0.40 6.14 4.68 0.09 0.07 0.07 0.15 0.12 0.05 0.71 3.89 4.75 6.18 0.22 0.17 0.41 0.23 0.17 0.00 0.00 0.01 0.00 0.02 0.06 0.61 0.10 0.04 0.03 0.03 0.11 0.00 0.02 0.02 0.00 0.62 0.82 1.75 0.87 0.78 0.15 0.20 0.25 0.19 0.11 0.00 1.29 2.10 0.11 3.01 3.95 0.66 0.51 0.28 0.22 0.07 0.10 1.84 1.40 0.10 0.06 0.45 0.77 1.01 0.13 0.20 0.03 0.30 0.72 0.21 3.55 0.10 0.10 0.15 0.04 0.07 0.00 0.18 0.13 0.09 3.92 5.12 0.06 0.15 0.14 6.81 0.18 0.15 0.09 0.08 0.06 0.00 0.38 0.29 0.01

L Labdr Iron Mns* Labrador Iron Lakeside Mnrls Lamelee Iron Lara Expl Laramide Res Largo Res* Lateral Gold Latin Am Mnls Latin Am Mnls* Laurion Mnl Ex* Laurion Mnl Ex Legend Gold* Levon Res Ltd * Levon Res Ltd Lexam VG Gold* Lexam VG Gold Li3 Energy* Libero Mg Corp Liberty One Li LiCo Energy* LiCo Energy Lincoln Mng Lion One Mtls Lion One Mtls* Lions Gate Mtl Lithium Amer* Lithium Amer Lithium Corp* Lithium Energy Lithium Expl* Lithium X Egy* Lithium X Egy LKA Gold* Logan Res

O T V V V T O V V O O V O O T O T O V V O V V V O O T O V O O V O V

20-22_FEB20_StockTables.indd 21

(100s)

12-month Change

Exc Volume

Week

12-month

High

Low

Last

Change

0.25 0.16 0.11 0.15 0.00 1.69 2.93 0.03 0.74 0.93 1.90 1.46 0.09 5.66 7.78 0.37 0.28 0.08

0.27 0.22 0.12 0.16 0.00 1.78 3.13 0.03 0.75 0.97 1.94 1.50 0.11 5.82 8.62 0.39 0.30 0.08

+ + + + + + + + + + +

0.02 0.01 0.00 0.01 0.00 0.08 0.16 0.00 0.07 0.10 0.05 0.02 0.01 0.15 0.81 0.02 0.01 0.00

0.50 0.38 0.20 0.25 0.01 3.42 4.39 0.03 0.89 1.20 3.50 1.96 0.19 6.62 8.37 0.52 0.41 0.09

0.19 0.11 0.03 0.02 0.00 1.08 2.20 0.03 0.26 0.36 0.60 1.14 0.02 3.93 3.09 0.23 0.17 0.03

0.07 0.08 0.05 0.05 0.06 0.06 0.04 0.04 1.46 1.51 0.00 0.19 19.56 21.20 0.09 0.10 0.00 0.00 0.00 0.10 0.11 0.11 0.08 0.08 0.00 0.01 0.35 0.35 0.08 0.08 0.80 0.83 0.17 0.19 0.03 0.04 0.09 0.10 0.86 1.10 0.29 0.32 0.93 1.00 1.24 1.26 0.14 0.14

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

0.01 0.01 0.01 0.00 0.06 0.06 1.68 0.02 0.01 0.02 0.01 0.00 0.00 0.01 0.01 0.03 0.03 0.01 0.01 0.25 0.01 0.00 0.03 0.01

0.18 0.14 0.12 0.06 1.84 0.15 23.32 0.35 0.05 0.15 0.12 0.09 0.04 0.46 0.20 1.35 0.18 0.06 0.20 1.14 0.41 1.12 1.50 0.31

0.02 0.02 0.05 0.04 0.32 0.03 9.29 0.04 0.00 0.02 0.05 0.03 0.00 0.25 0.02 0.67 0.09 0.02 0.03 0.17 0.11 0.02 0.85 0.13

V O O T O O T O O V T O V T T T O O

121 80 32 16 144 24 1678 3 28 1408 394 126 30 226 16807 1301 131 995

0.29 0.22 0.12 0.16 0.01 1.80 3.16 0.03 0.83 1.12 2.00 1.54 0.11 5.90 8.66 0.40 0.31 0.09

Macarthur Mnl V Macarthur Mnl* O Maccabi Vent MacDonald Mns* O MacMillan Mnls V Mag Copper MAG Silver T Magellan Gold* O MagIndustries* O Majescor Res V Majestic Gold V Majestic Gold* O Makena Res* O Malbex Res V Mammoth Res V Mandalay Res T Manganese X* O Mangazeya Mng V Manitou Gold V Marathon Gold T Margaux Res V Mariana Res* O Mariana Res V Maritime Res V

2969 312 114 15 181 81 1573 27 40 1310 2373 10 633 65 134 2973 166 978 1195 3865 50 629 738 510

0.08 0.06 0.07 0.05 1.70 0.19 21.64 0.10 0.01 0.10 0.12 0.08 0.02 0.36 0.08 0.87 0.19 0.04 0.12 1.14 0.41 1.04 1.35 0.16

High Low

M

(100s) Stock

Exc Volume

Minco Gold Minco Silver Minco Silver* Minecorp Egy * Minecorp Egy Minera Alamos Minera IRL Mineral Hill Mineral Mtn* Mineral Mtn Minfocus Expl Minnova Corp Miranda Gold Mirasol Res MK2 Ventures Mkango Res ML Gold* Monarca Mnrls Monarca Mnrls* Monarques Res* Monarques Res Moneta Porcpn* Moneta Porcpn Montan Mg Montego Res Morien Res* Morumbi Res Mosaic* Mountain Boy Mountain Boy* Mountain Prov Mountain Prov* Mundoro Cap* Mundoro Cap Murchison Min MX Gold* MX Gold

T T O O V V

O V

334 576 199 8 17 317 1586 24 182 416 244 392 1160 271 9 105 101 1856 62 15 424 238 2404 651 165 92 274 27545 766 178 2743 361 489 1307 26 2366 10467

NACCO Ind* Namibia Rare E Napier Vent Napier Vent* Natan Res

N T V O V

54 56 38 49 687

V O V V V V V V V O V O O V O T V O V N V O T D O V

Week High

Low

Last

0.28 1.60 1.21 0.12 0.15 0.17 0.22 0.26 0.22 0.29 0.03 0.84 0.10 2.01 0.22 0.06 0.21 0.05 0.04 0.36 0.48 0.19 0.25 0.06 0.22 0.42 1.39 33.04 0.08 0.06 6.40 4.90 0.13 0.17 0.27 0.20 0.26

0.24 0.25 1.30 1.49 0.98 1.15 0.11 0.11 0.13 0.13 0.15 0.15 0.17 0.17 0.23 0.25 0.18 0.19 0.25 0.26 0.02 0.03 0.75 0.75 0.09 0.10 1.80 1.88 0.22 0.22 0.00 0.06 0.19 0.20 0.03 0.04 0.02 0.04 0.00 0.35 0.43 0.44 0.17 0.17 0.22 0.23 0.05 0.05 0.16 0.22 0.38 0.40 1.10 1.21 30.66 32.86 0.07 0.07 0.05 0.06 5.81 6.31 4.43 4.80 0.11 0.13 0.15 0.17 0.00 0.27 0.18 0.19 0.24 0.25

71.60 0.07 0.35 0.27 0.23

12-month High Low

Stock

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

0.01 0.28 0.22 0.02 0.01 0.02 0.02 0.01 0.02 0.01 0.01 0.03 0.01 0.06 0.03 0.01 0.02 0.01 0.01 0.01 0.02 0.00 0.01 0.01 0.06 0.02 0.14 1.01 0.01 0.00 0.45 0.30 0.01 0.02 0.04 0.01 0.01

0.55 2.05 1.54 0.12 0.18 0.29 0.22 0.40 0.38 0.49 0.07 0.90 0.18 3.50 0.30 0.11 0.21 0.10 0.10 0.48 0.66 0.28 0.36 0.10 1.60 0.44 1.70 33.99 0.08 0.06 7.18 5.52 0.20 0.23 0.35 0.31 0.39

0.22 0.44 0.32 0.00 0.02 0.07 0.16 0.11 0.04 0.10 0.01 0.30 0.07 0.90 0.05 0.03 0.03 0.01 0.00 0.05 0.07 0.10 0.14 0.02 0.10 0.17 0.08 22.20 0.01 0.00 4.48 3.22 0.05 0.07 0.05 0.08 0.12

+ +

2.35 0.01 0.02 0.01 0.01

99.55 0.14 0.35 0.27 0.40

44.36 0.04 0.18 0.18 0.05

North Am Nickl* O North Am Nickl V North Am Pall T North Am Pall* O North Am Ptash* O North Arrow Mn V Northcliff Res T Northisle C&G V Northn Empire V Norvista Cap V Nouveau Monde V NovaGold Res T NovaGold Res* X Novo Res* O Novo Res V NQ Explor V Nrthn Freegold* O Nrthn Freegold V Nrthn Graphite V Nrthn Graphite* O Nrthn Lion V Nrthn Shield V Nrthn Vertex V Nrthn Vertex* O NSGold V Nthn Dynasty* X Nthn Dynasty T Nubian Res V NuLegacy Gold* O NuLegacy Gold V NV Gold V O.T. Mining* O OceanaGold T OceanaGold* O Oceanic Iron O V Oceanus Res V Oceanus Res* O Olivut Res V Olivut Res* O Omineca Mg &Ml V Opawica Expl V Orbite Tech T Orbite Tech* O Orca Gold V Orca Gold* O Orefinders Res V Orex Expl V Orex Mnrls* O Orezone Gold V Orezone Gold* O Organic Potash Oroco Res* O Orocobre T Orofino Mnrls V Oronova Energy V Oroplata Res* O Orsu Metals* O Orsu Metals V Orvana Mnrls* O Osisko Gold T Osisko Gold* N Osisko Mng Inc T Otis Gold V Otis Gold* O OZ Minerals* O

N-O 67.85 69.40 0.07 0.07 0.33 0.33 0.25 0.26 0.21 0.22

NEVADA, USA The Right Place, The Right Time

131 248 3151 176 872 661 28 166 10519 72 13 344 38 85 476 142 22261 2727 525 99 448 214 948 2679 134 1138 6129 6390 737 67 139 74 5829 93 53 153 106 356 18 298 122 11727 762 4750 4606 1868 12691 1244 1280 378 14 640 240 122 957 570 625 3843 357

0.53 0.45 0.50 0.70 0.58 0.66 231.56 221.33 230.32 0.98 0.88 0.98 1.29 1.16 1.29 0.09 0.05 0.09 0.33 0.30 0.30 0.04 0.03 0.03 0.04 0.03 0.03 0.03 0.03 0.03 1.22 1.13 1.13 0.48 0.44 0.46 0.36 0.33 0.36 0.01 0.01 0.01 0.15 0.13 0.14 0.03 0.03 0.03 4.43 4.01 4.23 5.83 5.24 5.54 0.09 0.07 0.08 0.68 0.64 0.65 0.07 0.06 0.06 0.05 0.04 0.05 6.30 5.86 6.02 0.02 0.02 0.02 0.14 0.00 0.14 0.24 0.00 0.22 0.01 0.01 0.01 0.28 0.23 0.28 0.21 0.17 0.21 0.07 0.06 0.07 0.07 0.06 0.06 0.88 0.70 0.71 0.30 0.27 0.27 0.04 0.02 0.03 0.11 0.00 0.11 0.06 0.05 0.05 0.59 0.37 0.59 0.77 0.50 0.77 0.30 0.30 0.30 0.39 0.35 0.38 0.20 0.00 0.20 0.13 0.09 0.11 0.09 0.04 0.09 0.07 0.06 0.07 0.13 0.09 0.13 1.53 0.72 0.95 1.99 0.92 1.24 0.74 0.66 0.70 0.94 0.88 0.89 1.20 1.04 1.20 0.16 0.15 0.15 0.37 0.22 0.28 0.00 0.00 0.00 1.38 1.24 1.30 1.80 1.62 1.69 0.43 0.32 0.43 0.57 0.43 0.54 0.21 0.14 0.20 0.22 0.17 0.19

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.03 0.57 0.15 0.04 0.75 0.20 0.59 243.98 126.69 0.05 1.21 0.32 0.04 1.60 0.44 0.04 0.06 0.03 0.03 0.44 0.25 0.01 0.07 0.02 0.01 0.05 0.01 0.00 0.03 0.00 0.07 16.33 0.66 0.02 0.56 0.18 0.01 0.42 0.14 0.00 0.01 0.00 0.01 0.27 0.10 0.01 0.05 0.01 0.21 4.92 1.51 0.30 6.44 2.10 0.01 0.09 0.01 0.04 0.92 0.06 0.01 0.14 0.05 0.00 0.11 0.03 0.20 6.83 1.46 0.00 0.04 0.01 0.00 0.16 0.12 0.04 0.25 0.06 0.00 0.02 0.00 0.04 0.29 0.07 0.02 0.22 0.04 0.01 0.08 0.02 0.02 0.08 0.02 0.10 1.54 0.14 0.01 0.31 0.13 0.01 0.05 0.01 0.01 0.17 0.01 0.01 0.10 0.04 0.21 0.54 0.01 0.28 0.70 0.02 0.02 0.44 0.04 0.03 0.59 0.05 0.03 0.28 0.06 0.03 0.20 0.06 0.04 0.14 0.04 0.01 0.13 0.05 0.01 0.24 0.00 0.58 2.12 0.11 0.76 2.75 0.08 0.02 0.95 0.02 0.01 1.22 0.34 0.15 1.25 0.52 0.01 0.19 0.06 0.06 0.37 0.08 0.00 0.01 0.00 0.06 1.43 0.97 0.09 2.45 0.08 0.11 0.54 0.14 0.12 0.70 0.20 0.06 0.19 0.05 0.02 0.42 0.01

Natural Res Pt* N Nautilus Mnrls* O Navis Res Corp Nemaska Lith T Nemaska Lith* O Nevada Clean M* O Nevada Clean M V Nevada Copper T Nevada Egy Mtl* O Nevada Egy Mtl V Nevada Expl * O Nevada Expl V Nevada Sunrise* O Nevada Sunrise V Nevada Zinc V Nevsun Res* X Nevsun Res T New Carolin Gd* O New Colombia* O New Gold* O New Gold* X New Gold T New Guinea Gld* O New Jersey Mng* O New Milln Iron* O New Milln Iron T New Nadina V New Oroperu V New World Res V NewCastle Gold T NewCastle Gold* O Newmarket Gold T Newmarket Gold* O Newmont Mng* N NewRange Gold* O Nexgen Energy* O Nexgen Energy T Next Gen Mtls Next Gen Mtls* O Nexus Gold* O Nexus Gold V NGEx Res T NGEx Res* O Nickel North V Nickel One Res* O Nickel One Res V Nicola Mg Inc* O Nicola Mg Inc V Nighthawk Gold V Nikos Expl V Niocorp Dev* O Niocorp Dev T Nippon Dragon V Nitinat Mnls* O Noble Mnl Expl V Noka Res V Nomad Ventures V Noranda Alum* O Nortec Mnls V

186 349 351 6797 162 96 2000 305 1478 1045 167 397 108 320 347 5168 4108 288 38049 219 39402 15785 114 264 53 4868 82 15 83 3159 173 5525 539 28828 82 403 8575 3782 30 2758 9022 46 6 259 21 1524 63 2607 2870 295 521 1265 1411 0 53 246 13 150 360

37.40 0.12 0.02 1.51 1.14 0.05 0.08 0.80 0.07 0.09 0.30 0.39 0.22 0.29 0.47 3.24 4.23 0.06 0.02 0.02 3.07 4.03 0.00 0.12 0.21 0.30 0.18 0.70 0.14 0.81 0.62 11.15 8.46 38.01 0.21 3.04 3.98 0.22 0.15 0.27 0.37 1.35 1.00 0.06 0.08 0.10 0.18 0.25 0.81 0.15 0.57 0.75 0.10 0.04 0.07 0.09 0.26 0.03 0.14

33.85 37.20 0.11 0.12 0.01 0.02 1.41 1.44 1.08 1.12 0.04 0.05 0.05 0.05 0.74 0.80 0.06 0.07 0.08 0.09 0.24 0.25 0.32 0.34 0.19 0.21 0.26 0.27 0.43 0.45 3.01 3.21 3.98 4.20 0.04 0.05 0.02 0.02 0.01 0.01 2.75 3.00 3.61 3.91 0.00 0.00 0.11 0.12 0.21 0.21 0.25 0.28 0.09 0.14 0.00 0.66 0.11 0.14 0.73 0.78 0.55 0.60 10.09 10.72 7.54 8.20 36.75 37.65 0.19 0.21 2.50 3.02 3.32 3.91 0.18 0.18 0.14 0.14 0.17 0.27 0.22 0.35 1.30 1.30 0.00 1.00 0.03 0.06 0.05 0.05 0.08 0.08 0.17 0.18 0.23 0.24 0.69 0.72 0.12 0.13 0.52 0.57 0.68 0.74 0.09 0.09 0.00 0.04 0.00 0.05 0.08 0.09 0.21 0.21 0.02 0.03 0.10 0.12

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.20 0.00 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.01 0.01 0.10 0.14 0.01 0.00 0.00 0.09 0.13 0.00 0.00 0.01 0.01 0.06 0.08 0.01 0.04 0.04 0.65 0.47 0.89 0.01 0.43 0.55 0.03 0.01 0.07 0.10 0.05 0.04 0.02 0.03 0.02 0.01 0.02 0.01 0.01 0.04 0.05 0.01 0.01 0.01 0.01 0.02 0.00 0.01

Exc Volume

Week High

Low

Last

2 80 27 8 20 96 717 452 300 402 1694 2378 15161 429 751 3359 191 407 147 137 87 3524 667 41 68 38442 16012 123 1680 2318 185 127 12351 58 298 273 26 250 73 204 931 5396 66 855 211 1553 1207 55 741 199 96 145 604 96 132 174 674 943 450 2660 1314 6738 1194 440 35

0.05 0.09 6.08 4.66 0.03 0.20 0.15 0.17 0.18 0.18 0.29 8.15 6.21 0.84 1.11 0.04 0.36 0.46 0.35 0.27 0.72 0.06 0.68 0.49 0.17 3.41 4.46 0.24 0.26 0.35 0.22 0.09 4.60 3.40 0.31 0.23 0.17 0.14 0.11 0.07 0.11 0.26 0.20 0.47 0.36 0.07 0.07 0.20 0.73 0.57 0.04 0.03 4.14 0.13 0.43 0.29 0.03 0.05 0.19 15.90 12.07 3.94 0.33 0.26 7.26

0.00 0.05 0.00 0.08 5.75 5.80 4.40 4.49 0.02 0.03 0.00 0.20 0.13 0.15 0.15 0.17 0.16 0.18 0.15 0.18 0.25 0.28 7.19 7.84 5.50 5.98 0.70 0.80 0.91 0.98 0.02 0.03 0.32 0.34 0.42 0.43 0.32 0.35 0.24 0.25 0.47 0.72 0.05 0.06 0.57 0.64 0.46 0.47 0.13 0.13 2.86 3.36 3.78 4.41 0.20 0.20 0.20 0.21 0.26 0.28 0.20 0.20 0.04 0.08 4.34 4.56 3.21 3.34 0.27 0.27 0.20 0.22 0.16 0.17 0.12 0.13 0.09 0.10 0.00 0.07 0.10 0.10 0.25 0.26 0.18 0.20 0.42 0.47 0.32 0.35 0.06 0.06 0.06 0.07 0.18 0.19 0.68 0.71 0.52 0.54 0.03 0.04 0.02 0.03 3.93 4.00 0.08 0.13 0.43 0.43 0.24 0.27 0.02 0.02 0.04 0.04 0.17 0.17 14.78 15.31 11.30 11.71 3.41 3.86 0.27 0.33 0.19 0.26 6.90 7.26

Pac Booker Min V Pac Booker Min* O Pac North West V Pac Potash V Pac Ridge Expl* O Pac Ridge Expl V Pac Topaz V Paladin Energy T Palamina Corp* O Palamina Corp V Pan Am Silver* D Pan Am Silver T Panex Res* O Panoro Mnrls V Pantheon Vent V Para Resources V Parallel Mng V Paramount Gold* X Parlane Res V Pasinex Res Passprt Potash* O Patriot Gold* O Peabody Enrgy* O Pedro Res V Pele Mtn Res V Pele Mtn Res* O Peloton Mnrls Peregrine Diam T Perseus Mng T Pershing Gold* D Pershing Gold T Pilot Gold T Pilot Gold* O Pine Cliff En* O Pine Cliff En T Pinecrest Res V PJSC Polyus Gd* O PJX Res V Planet Mng V Plata Latina V Plate Res V Plateau Uran V Plateau Uran* O Platinex V Platinum Gp Mt* X Platinum Gp Mt T Plato Gold V Playfair Mng V Playfair Mng* O PNG Gold V Polaris Mater T PolyMet Mng* X PolyMet Mng T Portex Mnrls* O Potash Corp SK T Potash Corp SK* N Potash Ridge T Potash Ridge* O Power Metals* O PPX Mining* O Precipitate Gl V Premier Gold M T Pretium Res T Pretium Res* N Primero Mng* N Primero Mng T Prism Res V ProAm Expl V Probe Metals V Probe Metals* O Prophecy Coal T Prophecy Coal* O Prospector Res V Prosper Gold V Prospero Silvr V PUF Vent Inc * O PUF Vent Inc Pure Energy* O Pure Gold Mg V Pure Gold Mg* O Pure Nickel* O Purepoint Uran V Q-Gold Res V QMC Quantum MlV QMX Gold* O QMX Gold V Quartz Mtn Res V Quaterra Res V Quaterra Res* O Quest Rare Mnl* O Quest Rare Mnl T Quinto Real V

28 14 683 27 43 277 75 8727 36 160 7169 800 1200 418 720 265 657 771 183 1076 11 296 2232 28 2728 134 146 1259 3847 761 11 2102 493 43 2413 7 5 336 413 521 156 1557 164 2112 8638 1466 50 905 18 1001 110 632 102 3 8024 29290 3391 44 183 171 707 4404 4106 18054 8416 2686 116 33 1000 372 64 2 35 474 41 90 1366 1108 2959 606 101 4015 43 132 24 1088 202 601 891 279 2563 274

0.98 0.76 0.13 0.05 0.08 0.11 0.20 0.16 0.19 0.25 21.29 27.99 0.00 0.21 0.23 0.25 0.16 2.10 0.17 0.26 0.00 0.10 2.33 0.14 0.04 0.03 0.08 0.21 0.34 3.40 4.54 0.68 0.51 0.70 0.93 0.28 38.00 0.26 0.05 0.06 0.06 0.66 0.51 0.21 2.45 3.19 0.01 0.12 0.09 0.37 1.27 0.88 1.16 0.00 25.07 19.16 0.27 0.19 0.31 0.07 0.13 3.45 16.48 12.53 0.92 1.21 0.25 0.03 1.45 1.12 5.58 4.21 0.93 0.15 0.30 0.23 0.31 0.50 0.62 0.47 0.02 0.16 0.05 0.07 0.20 0.26 0.09 0.11 0.09 0.19 0.25 0.15

Radisson Mng V Radius Gold V Rae-Wallace Mg* O Rainforest Res* O Rainmaker Res V Rainy Mtn Royl V Randgold Res* D Randgold Res* O Randsburg Intl V Rapier Gold V Rare Earth Mnl* O Rare Element* O Rathdowney Res V Red Eagle Mng T Red Eagle Mng* O Red Moon Res V Red Pine Expl V

420 568 85 16 222 1295 5955 1 474 202 1 1201 34 1368 509 72 2430

0.18 0.16 0.02 3.95 0.08 0.14 95.09 94.35 0.01 0.12 6.10 0.35 0.25 0.85 0.65 0.04 0.16

12-month Change

High Low

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.01 0.01 0.06 0.10 0.00 0.01 0.01 0.04 0.01 0.02 0.03 0.76 0.54 0.10 0.08 0.02 0.00 0.01 0.02 0.01 0.32 0.01 0.14 0.07 0.04 0.43 0.59 0.04 0.02 0.03 0.01 0.04 0.20 0.06 0.01 0.01 0.01 0.01 0.03 0.02 0.02 0.00 0.00 0.02 0.01 0.01 0.02 0.00 0.03 0.01 0.01 0.01 0.10 0.05 0.01 0.02 0.00 0.01 0.02 0.54 0.35 0.29 0.07 0.06 0.36

0.11 0.15 6.49 5.06 0.08 0.32 0.15 0.19 0.27 0.30 0.38 9.56 7.29 1.41 1.95 0.03 0.38 0.50 0.63 0.47 0.69 0.30 0.68 0.49 0.20 3.45 4.54 0.24 0.41 0.54 0.48 0.09 5.56 4.26 0.35 0.35 0.26 0.42 0.30 0.11 0.16 0.49 0.37 0.55 0.44 0.12 0.07 1.02 1.28 0.99 0.07 0.05 5.04 0.25 0.46 2.04 0.04 0.05 0.29 18.64 14.74 3.94 0.42 0.32 7.12

0.05 0.07 4.00 2.86 0.02 0.12 0.08 0.02 0.08 0.10 0.13 5.09 3.79 0.44 0.62 0.01 0.04 0.05 0.18 0.14 0.11 0.02 0.22 0.17 0.05 0.28 0.37 0.01 0.00 0.09 0.03 0.02 3.24 2.36 0.09 0.14 0.11 0.09 0.07 0.05 0.02 0.20 0.15 0.14 0.10 0.01 0.02 0.05 0.30 0.21 0.01 0.01 2.15 0.06 0.04 0.16 0.01 0.01 0.11 11.90 8.88 0.99 0.10 0.07 3.75

0.87 0.72 0.13 0.04 0.08 0.10 0.19 0.16 0.18 0.24 20.92 27.35 0.00 0.19 0.22 0.23 0.13 2.09 0.16 0.26 0.00 0.10 2.00 0.14 0.03 0.03 0.07 0.20 0.34 3.34 4.37 0.62 0.48 0.68 0.90 0.28 37.93 0.25 0.05 0.05 0.06 0.64 0.49 0.20 2.26 2.96 0.01 0.10 0.09 0.37 1.18 0.88 1.14 0.00 24.96 19.06 0.25 0.19 0.30 0.07 0.12 3.28 15.28 11.67 0.89 1.16 0.25 0.03 1.36 1.03 4.81 3.89 0.93 0.13 0.28 0.22 0.30 0.49 0.60 0.45 0.01 0.15 0.04 0.07 0.19 0.24 0.08 0.10 0.07 0.16 0.21 0.15

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.03 0.07 0.04 0.01 0.00 0.01 0.01 0.04 0.03 0.01 0.51 0.76 0.00 0.01 0.03 0.01 0.05 0.30 0.03 0.04 0.00 0.02 0.15 0.04 0.01 0.00 0.01 0.01 0.03 0.05 0.11 0.04 0.03 0.08 0.02 0.05 1.64 0.03 0.03 0.01 0.02 0.02 0.06 0.01 0.39 0.52 0.01 0.01 0.00 0.15 0.05 0.02 0.05 0.00 0.77 0.50 0.01 0.01 0.00 0.00 0.01 0.26 1.02 0.74 0.10 0.14 0.08 0.01 0.09 0.08 0.44 0.35 0.14 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.03 0.03 0.05

1.95 1.42 0.23 0.07 0.08 0.11 0.29 0.27 0.19 0.25 21.59 27.99 0.01 0.21 0.38 0.36 0.18 2.93 0.33 0.25 0.01 0.23 18.75 0.27 0.06 0.04 0.15 0.32 0.67 5.02 5.52 0.95 0.72 0.89 1.22 0.30 39.57 0.27 0.08 0.12 0.14 0.66 0.51 0.24 4.04 5.25 0.03 0.18 0.12 0.33 1.75 1.28 1.71 0.00 26.62 20.27 0.50 0.38 0.38 0.13 0.37 5.05 16.48 12.53 2.63 3.42 0.23 0.03 2.18 1.66 7.19 5.17 0.85 0.44 0.38 0.27 0.39 0.91 0.77 0.60 0.03 0.19 0.14 0.09 0.22 0.30 0.09 0.11 0.09 0.23 0.30 0.20

0.63 0.45 0.05 0.03 0.02 0.02 0.10 0.07 0.08 0.08 8.29 11.52 0.00 0.11 0.10 0.08 0.05 1.05 0.08 0.04 0.00 0.05 0.55 0.02 0.02 0.01 0.06 0.09 0.29 2.98 3.95 0.27 0.06 0.51 0.61 0.05 19.60 0.13 0.02 0.02 0.04 0.17 0.12 0.01 1.13 1.58 0.01 0.04 0.03 0.03 1.00 0.71 0.93 0.00 19.93 14.90 0.06 0.04 0.07 0.02 0.08 1.87 6.00 4.43 0.70 0.94 0.07 0.01 0.36 0.27 1.33 0.64 0.01 0.12 0.08 0.03 0.04 0.35 0.14 0.11 0.00 0.04 0.03 0.01 0.01 0.02 0.02 0.05 0.03 0.03 0.06 0.04

0.16 0.18 0.12 0.15 0.01 0.02 0.00 3.55 0.07 0.08 0.12 0.12 87.72 93.44 0.00 94.35 0.01 0.01 0.00 0.12 6.10 6.10 0.30 0.34 0.23 0.23 0.79 0.84 0.60 0.64 0.03 0.04 0.13 0.14

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

0.01 0.20 0.12 0.01 0.17 0.07 0.01 0.03 0.00 0.06 8.25 0.30 0.01 0.25 0.07 0.01 0.18 0.03 7.66 126.55 67.54 8.56 120.75 70.61 0.01 0.02 0.01 0.02 0.17 0.05 0.10 15.28 2.75 0.05 0.53 0.00 0.02 0.33 0.12 0.04 1.05 0.63 0.02 0.91 0.26 0.01 0.09 0.02 0.01 0.24 0.04

P-Q

NEVADA SUNRISE GOLD CORP. Gold & Lithium Properties in Nevada www.nevadasunrise.ca PH: (604) 428-8028

Marlin Gold* O Marlin Gold V MartinMarietta* N Mason Graphite* O Mason Graphite V Masuparia Gold V Matachewan Con V Matamec Expl* O Matica Ent Matica Ent* O Maverix Mtls* O Mawson Res T Mawson Res* O Maxwell Res* O Maya Gold &Sil V Mazarin V McEwen Mng* N McEwen Mng T McLaren Res MDN Inc* O Meadow Bay Gd T Meadow Bay Gd* O Mechel* N Medallion Res* O Medgold Res* O Medgold Res V Medinah Mnrls* O Mega Uranium T Mega Uranium* O Megastar Dev V Melior Res V Meridian Mg V Merrex Gold V Meryllion Res Mesa Expl V Metalex Vent V Metalla Rylty* O Metalla Rylty Metallic Mnrls* O Metallic Mnrls V Metallis Res V Metals Creek V Metals Creek* O Metanor Res V Mexus Gold* O MGX Minerals* O MGX Minerals Midas Gold* O Midas Gold T Midland Expl V Midnight Star Midnight Sun V Midway Gold* O Millennial Lit* O Millennial Lit V Millrock Res* O Millrock Res V Minaurum Gold V Minco Gold* O

(100s)

Change

40.00 0.20 0.02 1.97 1.50 0.05 0.08 1.10 0.20 0.26 0.56 0.72 0.37 0.47 0.80 3.80 4.81 0.12 0.05 0.17 6.04 7.87 0.00 0.15 0.27 0.36 0.18 0.72 0.16 1.30 0.96 11.15 8.46 46.07 0.21 2.87 3.78 0.42 0.29 0.27 0.37 1.50 1.14 0.06 0.10 0.18 0.39 0.54 0.81 0.19 0.87 1.14 0.11 0.05 0.15 0.21 0.40 0.10 0.15

6.89 0.08 0.00 0.37 0.28 0.01 0.02 0.46 0.06 0.08 0.18 0.24 0.11 0.16 0.26 2.68 3.55 0.04 0.00 0.01 2.39 3.11 0.00 0.07 0.04 0.05 0.05 0.14 0.02 0.22 0.30 3.39 2.42 23.12 0.02 0.62 0.86 0.09 0.07 0.05 0.04 0.56 0.41 0.01 0.03 0.05 0.04 0.06 0.07 0.03 0.47 0.66 0.05 0.04 0.03 0.04 0.10 0.01 0.02

0.00 0.00 0.07 0.04 0.07 0.08 0.19 0.12 0.15 0.20 20.29 26.55 0.00 0.17 0.18 0.22 0.09 1.77 0.14 0.22 0.00 0.08 1.90 0.11 0.03 0.03 0.06 0.19 0.31 3.28 4.29 0.58 0.44 0.68 0.84 0.23 37.35 0.23 0.05 0.04 0.04 0.57 0.44 0.18 1.85 2.42 0.01 0.09 0.09 0.21 1.16 0.83 1.10 0.00 23.90 18.19 0.24 0.19 0.28 0.06 0.11 3.03 14.50 11.11 0.79 1.02 0.16 0.02 1.29 0.98 4.81 3.87 0.00 0.13 0.28 0.22 0.28 0.47 0.56 0.43 0.01 0.12 0.04 0.00 0.17 0.19 0.08 0.10 0.07 0.14 0.19 0.10

R

2017-02-14 6:31 PM

22

WWW.NORTHERNMINER.COM

FEBRUARY 20–MARCH 5, 2017 / THE NORTHERN MINER

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

Week

Exc Volume

High

Low

Last

0.04 0.12 0.09 0.13 0.26 1.38 0.27 0.35 0.00 0.03 0.18 0.00 0.07 0.15 0.04 9.11 11.95 0.00 0.14 42.35 0.00 49.47 0.26 0.21 0.42 0.54 0.19 0.12 0.04 0.00 0.84 0.09 0.04 0.17 0.72 0.11 0.10 0.45 0.55 0.05 0.04 0.10 0.35 1.20 1.54 69.51 0.32 0.25 0.09 0.00 2.14 1.66 0.02 1.01 0.13 0.17 0.23 0.30

Red Tiger Mng V Redstar Gold V Redstar Gold* O Redzone Res V Regency Gold V Regulus Res V Renaissance Gd* O Renaissance Gd V Renforth Res Resolve Vent V Resource Cap V Resource Cap* O Reunion Gold V Rheingold Expl Richmond Mnls V Richmont Mines* N Richmont Mines T Rift Valley Rio Novo Gold T Rio Tinto* N Rio Tinto* O Rio Tinto* O Rise Res Inc Rise Res Inc* O Riverside Res* O Riverside Res V RJK Explor V RJK Explor* O Rochester Res V Rock Tech Lith* O Rock Tech Lith V Rockcliff Cop V Rockex Mng Rockhaven Res V Rockridge Cap V Rockshield Cap Rodinia Lithm V Rogue Res* O Rogue Res V Rokmaster Res V Romios Gold Rs* O Romulus Res V Rotation Mnls V Roxgold* O Roxgold V Royal Gold* D Royal Nickel T Royal Nickel* O Royal Rd Mnrls V Royal Std Mnrl* O Rubicon Mnrls T Rubicon Mnrls* O Running Fox Rs V Rupert Res V Rusoro Mng* O Rusoro Mng V Rye Patch Gold* O Rye Patch Gold V

35 1779 470 500 22 164 179 376 13 387 361 16 1281 54 80 2560 1879 21 94 26168 5 3 471 756 216 541 997 78 206 76 150 360 167 350 1295 545 47 25 160 234 43 90 6 85 1653 2811 5307 60 356 14278 194 46 102 730 139 842 729 4021

0.05 0.14 0.11 0.14 0.38 1.50 0.36 0.47 0.06 0.04 0.22 0.17 0.08 0.27 0.05 10.05 13.19 0.02 0.15 45.41 42.98 51.42 0.34 0.28 0.46 0.60 0.25 0.18 0.05 0.68 0.93 0.10 0.05 0.19 0.82 0.15 0.13 0.49 0.65 0.06 0.05 0.15 0.40 1.23 1.63 71.89 0.37 0.28 0.10 0.01 2.39 1.80 0.03 1.28 0.15 0.23 0.26 0.34

Sabina Gd&Slvr T Sabina Gd&Slvr* O Sage Gold* O Sage Gold V Saint Jean* O Saint Jean V Sama Graphite V Sama Res V San Marco Res* O Sanatana Diam V Sandspring Res V Sandspring Res* O Sandstorm Gold T Sandstorm Gold* X Sandy Lake Gld V Santa Fe Gold* O Sarama Res V Sarissa Res* O Satori Res V Satori Res* O Savary Gold* O Savary Gold V Savoy Vent V Scandium Int M* O Scientific Met V Scorpio Gold V ScoZinc Mg V Seabridge Gld* N Seabridge Gld T Search Mnls V Searchlight* O Secova Mtls* O Secova Mtls V Sego Res V Select Sands V Semafo T Senator Mnrls V Senator Mnrls* O Sennen Potash V SG Spirit Gold V

2092 911 340 1805 998 5535 304 1810 93 16775 1656 437 1534 9813 567 705 1487 1479 190 86 263 1410 201 303 1614 1032 20 3635 527 221 126 2991 20702 336 2497 9034 85 13 231 3301

1.50 1.15 0.10 0.14 0.06 0.08 0.58 0.15 0.17 0.07 0.54 0.41 6.81 5.18 0.12 0.06 0.29 0.00 0.17 0.13 0.09 0.11 0.20 0.27 0.48 0.13 1.24 11.20 14.63 0.09 0.11 0.07 0.08 0.06 2.04 5.24 0.80 0.50 0.11 0.61

12-month

(100s)

Change

High Low

Stock

0.05 0.13 0.10 0.13 0.26 1.50 0.35 0.46 0.06 0.04 0.21 0.16 0.08 0.21 0.05 9.60 12.49 0.02 0.14 45.41 42.02 49.75 0.27 0.21 0.45 0.58 0.23 0.18 0.05 0.67 0.87 0.09 0.05 0.18 0.77 0.15 0.12 0.45 0.65 0.05 0.05 0.15 0.40 1.20 1.57 71.53 0.36 0.28 0.10 0.01 2.24 1.69 0.02 1.25 0.15 0.20 0.24 0.31

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.01 0.01 0.00 0.02 0.08 0.05 0.07 0.14 0.01 0.01 0.01 0.01 0.01 0.08 0.01 0.30 0.40 0.02 0.02 2.74 2.91 1.67 0.05 0.04 0.06 0.07 0.02 0.06 0.01 0.03 0.03 0.01 0.01 0.01 0.05 0.04 0.01 0.03 0.03 0.01 0.00 0.05 0.05 0.01 0.01 1.59 0.04 0.06 0.01 0.01 0.06 0.02 0.01 0.15 0.02 0.03 0.01 0.02

0.10 0.17 0.15 0.32 0.60 1.87 0.52 0.66 0.06 0.30 0.35 0.26 0.08 0.35 0.09 11.66 15.01 0.02 0.30 46.04 45.35 51.42 0.40 0.40 0.46 0.60 0.25 0.14 0.11 0.83 1.45 0.16 0.75 0.29 0.86 0.16 0.16 0.56 1.50 0.08 0.08 0.17 0.40 1.35 1.76 87.74 0.63 0.50 0.18 0.00 2.39 27.56 0.04 1.30 0.31 0.41 0.37 0.47

0.03 0.04 0.03 0.09 0.05 0.29 0.11 0.15 0.01 0.02 0.02 0.02 0.01 0.01 0.03 4.24 5.81 0.01 0.08 24.29 24.78 30.04 0.11 0.08 0.14 0.19 0.05 0.06 0.03 0.05 0.05 0.02 0.02 0.14 0.03 0.04 0.08 0.25 0.32 0.01 0.02 0.08 0.12 0.56 0.77 39.02 0.18 0.13 0.05 0.00 1.30 1.09 0.02 0.04 0.06 0.07 0.10 0.14

1.37 1.46 1.04 1.11 0.10 0.10 0.12 0.13 0.04 0.05 0.06 0.07 0.48 0.50 0.13 0.15 0.15 0.16 0.03 0.05 0.45 0.52 0.35 0.39 5.96 6.35 4.55 4.82 0.08 0.10 0.05 0.06 0.25 0.27 0.00 0.00 0.15 0.16 0.12 0.12 0.00 0.08 0.09 0.10 0.16 0.20 0.23 0.27 0.36 0.48 0.12 0.12 0.00 0.97 9.80 11.10 12.78 14.54 0.07 0.08 0.07 0.10 0.04 0.06 0.05 0.08 0.00 0.06 1.71 1.87 4.80 4.88 0.62 0.74 0.00 0.50 0.00 0.11 0.50 0.57

+ + + + + + + + + + + + + + + + + + + + + + + + + + +

0.08 0.05 0.00 0.01 0.01 0.01 0.02 0.01 0.02 0.02 0.08 0.05 0.41 0.26 0.02 0.00 0.04 0.00 0.01 0.01 0.00 0.01 0.05 0.03 0.13 0.01 0.03 1.40 1.92 0.01 0.02 0.02 0.03 0.02 0.02 0.08 0.12 0.06 0.01 0.02

1.87 1.55 0.12 0.16 0.06 0.09 0.58 0.16 0.22 0.07 0.94 0.72 8.73 6.75 0.59 0.08 0.55 0.01 0.19 0.14 0.12 0.15 0.16 0.30 0.40 0.15 1.24 15.88 20.71 0.10 0.13 0.06 0.10 0.08 2.04 7.46 0.80 0.54 0.18 0.61

0.71 0.53 0.04 0.04 0.02 0.03 0.04 0.07 0.05 0.01 0.19 0.14 3.53 2.57 0.04 0.00 0.07 0.00 0.04 0.04 0.05 0.04 0.05 0.08 0.16 0.06 0.41 7.00 9.78 0.05 0.01 0.03 0.04 0.02 0.20 3.60 0.07 0.17 0.08 0.07

Sherritt Intl T Shoshoni Gold V Sibanye Gold* N Sidney Resrces* O Sienna Res V Sienna Res* O Sierra Metals T Sierra Metals* O Signature Res* O Signature Res V Silver Bear Rs T Silver Bull Re* O Silver Bull Re T Silver Grail V Silver Predatr V Silver Predatr* O Silver Pursuit V Silver Range V Silver Spruce* O Silver Std Res T Silver Std Res* D Silver Wheaton T Silver Wheaton* N Silvercorp Met T Silvercorp Met* O Silvermet V SinoCoking Cl* D Sirios Res* O Skeena Res* O Skeena Res V Skyharbour Res V Skyharbour Res* O Slam Explor V Sokoman Iron V Sokoman Iron* O Solitario Ex&R T Solitario Ex&R* X Sonora Gld & S V Sonoro Mtls V Source Expl V Southern Arc V Southern Arc* O Southern Copp* N Southern Lith V Southern Silvr* O Southern Silvr V SouthGobi Res T Spada Gold V Spanish Mtn Gd* O Spanish Mtn Gd V Sparton Res V Sparton Res* O Spearmint Res V Sphinx Res V Squire Mg Ltd St Augustine T Stakeholdr Gld* O Stakeholdr Gld V Standard Graph* O Standard Lith V Standard Metal* O Stans Energy V Stans Energy* O Starcore Intl T Starr Peak Exp V Stellar Africa V Stelmine Can V Stillwater Mg* N Stina Res Stina Res* O Stonegate Agri* O Stonegate Agri T Stornoway Diam* O Stornoway Diam T Strategic Metl V Stratton Res V Stria Lithium V Strongbow Expl V Stroud Res V Sulliden Mng T Suncor Energy T Suncor Energy* N Sunvest Mnrls V Supreme Metals Sutter Gold* O Syrah Res* O

Tahoe Res* Tahoe Res Tajiri Res Taku Gold* Taku Gold Talon Metals Tanager Energy Tango Mining Tanqueray Expl Tantalex Res Tanzania Rlty Tanzania Rlty*

S

Week

Exc Volume

High

Low

Last

5157 168 10986 380 526 33 322 28 50 101 2384 2766 3147 177 233 122 93 281 28 2350 14350 6027 20155 6925 2472 258 80 84 467 10112 1760 668 563 2421 150 76 778 463 380 307 204 39 8234 611 504 1960 26 40 245 1907 193 70 11180 413 43 670 31 521 74 49 123 629 113 258 145 125 7 9894 275 25 35 879 260 5038 373 236 1690 174 421 200 14297 20308 1286 13575 43 13

1.38 0.08 9.16 0.02 0.15 0.10 3.15 2.35 0.09 0.10 0.48 0.14 0.18 0.07 0.08 0.06 0.21 0.23 0.05 16.11 12.25 30.32 23.06 5.25 3.98 0.06 2.46 0.38 0.07 0.09 0.58 0.44 0.05 0.12 0.08 1.09 0.84 0.15 0.12 0.23 0.64 0.50 39.50 0.25 0.45 0.57 0.35 0.25 0.12 0.17 0.07 0.05 0.03 0.08 0.08 0.06 0.17 0.25 0.13 1.05 0.05 0.06 0.04 0.62 0.10 0.05 0.28 17.24 0.10 0.08 0.01 0.02 0.69 0.90 0.63 0.94 0.06 0.15 0.02 0.37 42.36 32.33 0.13 0.14 0.04 2.50

1.20 0.06 8.67 0.01 0.13 0.09 2.90 0.00 0.08 0.10 0.37 0.11 0.14 0.06 0.06 0.04 0.18 0.19 0.04 14.59 11.15 28.57 21.74 4.30 3.26 0.05 2.23 0.33 0.06 0.08 0.48 0.37 0.04 0.06 0.06 0.92 0.70 0.12 0.10 0.18 0.51 0.41 37.08 0.22 0.39 0.50 0.32 0.17 0.10 0.14 0.06 0.05 0.02 0.07 0.06 0.05 0.17 0.20 0.10 0.00 0.05 0.05 0.03 0.58 0.08 0.04 0.28 16.85 0.09 0.08 0.01 0.01 0.64 0.83 0.56 0.88 0.05 0.13 0.01 0.32 39.70 30.17 0.10 0.10 0.04 2.31

11779 5387 371 29 46 487 229 24370 216 1067 339 2696

9.58 12.59 0.19 0.07 0.09 0.10 0.10 0.09 1.30 0.10 0.81 0.62

12-month High Low

Stock

1.34 0.06 8.94 0.01 0.14 0.10 2.90 2.31 0.08 0.10 0.44 0.12 0.15 0.07 0.07 0.05 0.21 0.19 0.04 15.36 11.72 29.17 22.29 5.07 3.88 0.06 2.28 0.35 0.06 0.08 0.58 0.43 0.04 0.10 0.08 1.08 0.83 0.15 0.12 0.23 0.60 0.45 37.96 0.22 0.40 0.52 0.32 0.25 0.12 0.16 0.07 0.05 0.03 0.07 0.06 0.06 0.17 0.24 0.12 0.94 0.05 0.06 0.04 0.61 0.10 0.04 0.28 16.88 0.09 0.08 0.01 0.02 0.65 0.83 0.59 0.89 0.06 0.14 0.02 0.36 41.52 31.71 0.13 0.14 0.04 2.44

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

0.01 0.01 0.08 0.00 0.01 0.01 0.07 0.10 0.01 0.02 0.08 0.02 0.03 0.01 0.01 0.01 0.02 0.01 0.01 1.00 0.69 0.25 0.08 0.87 0.66 0.01 0.18 0.01 0.01 0.02 0.08 0.04 0.01 0.03 0.02 0.15 0.13 0.03 0.02 0.06 0.01 0.05 0.48 0.02 0.04 0.05 0.02 0.09 0.01 0.02 0.01 0.00 0.01 0.01 0.02 0.01 0.02 0.01 0.04 0.01 0.00 0.01 0.00 0.01 0.03 0.01 0.01 0.22 0.02 0.00 0.00 0.01 0.02 0.04 0.01 0.02 0.01 0.01 0.01 0.02 0.79 0.44 0.02 0.05 0.00 0.10

1.67 0.25 20.97 0.02 0.27 0.20 3.15 2.35 0.10 0.14 0.53 0.21 0.28 0.16 0.12 0.08 0.19 0.24 0.10 20.48 15.84 40.80 31.35 5.25 3.98 0.06 7.69 1.13 0.15 0.20 0.60 0.43 0.15 0.13 0.08 1.29 0.95 0.15 0.16 0.50 1.09 0.75 39.23 0.49 0.52 0.66 0.65 0.60 0.17 0.22 0.09 0.07 0.06 0.14 0.19 0.14 0.67 0.89 0.13 1.09 0.21 0.09 0.06 0.91 0.19 0.08 0.38 17.50 0.18 0.14 0.03 0.04 0.96 1.33 0.86 0.95 0.18 0.25 0.03 0.47 44.90 33.79 0.28 0.14 0.13 4.90

0.58 0.04 6.16 0.00 0.03 0.03 0.99 0.72 0.07 0.02 0.04 0.04 0.06 0.02 0.01 0.01 0.02 0.04 0.04 6.92 5.20 20.05 14.36 0.91 0.64 0.03 1.66 0.10 0.04 0.06 0.10 0.18 0.03 0.01 0.03 0.58 0.43 0.01 0.04 0.13 0.26 0.18 23.54 0.01 0.03 0.04 0.22 0.13 0.02 0.04 0.03 0.02 0.01 0.02 0.08 0.04 0.08 0.12 0.02 0.10 0.04 0.02 0.01 0.33 0.06 0.02 0.05 6.64 0.07 0.05 0.00 0.01 0.56 0.76 0.31 0.10 0.03 0.07 0.01 0.25 28.40 20.35 0.01 0.02 0.03 2.00

Taranis Res* O Taranis Res V Tartisan Res Taseko Mines* X Taseko Mines T Teck Res T Teck Res* N Teck Res T Telson Res * O Telson Res V Tembo Gold* O Teranga Gold T Teras Res V Terraco Gold V Terrax Mnrls* O Terrax Mnrls V Teryl Res Corp* O Teslin Rvr Res V Teuton Res V Teuton Res* O Texas Mineral* O Thunder Mtn Gd* O Thunder Mtn Gd V Thunderstruck V Till Capital V Till Capital* D Timberline Res V Timberline Res* O Timmins Gold T Timmins Gold* X Tinka Res* O Tinka Res V Tintina Res V Tintina Res* O Tirex Res* O Tirex Res V TMAC Resource* O TMAC Resources T TNR Gold V Toachi Mg Inc V Tolima Gold V TomaGold V Tombstone Expl* O Tonogold Res* O Torex Gold* O Torex Gold T Tower Res* O Tower Res V Transatlan Mng V Transition Mtl V Treasury Metal T Trecora Res* N Trevali Mng* O Trevali Mng T Trilogy Mtls* X TriMetals Mng T TriMetals Mng* O TriMetals Mng* O Trinity Res* O TriStar Gold* O TriStar Gold V Troy Res* O Trueclaim Expl V Tsodilo Res V Tudor Gold V Tudor Gold * O Tungsten Corp* O Turquoise HIl T TVI Pacific* O Typhoon Expl V

8.99 9.21 11.80 12.06 0.18 0.19 0.05 0.07 0.07 0.09 0.08 0.09 0.09 0.09 0.03 0.06 1.10 1.29 0.07 0.08 0.68 0.73 0.52 0.56

+ + + + + + + + +

0.18 0.29 0.03 0.01 0.03 0.01 0.01 0.03 0.13 0.03 0.02 0.02

17.01 22.13 0.19 0.14 0.22 0.15 0.12 0.14 1.35 0.18 1.95 1.49

7.94 11.04 0.01 0.01 0.02 0.06 0.03 0.01 0.02 0.02 0.27 0.21

U.S. Lithium* U3O8 Corp* U3O8 Corp Ucore Rare Mtl Ucore Rare Mtl* UEX Corp Ultra Lithium* Ultra Lithium Umbral Enrgy Unigold Unigold* United Res Hdg* United States A* United States S* Unity Energy Ur-Energy Ur-Energy* Uracan Res* Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Valley Uravan Mnrls US Energy* US Precious M* US Rare Earths* USCorp*

T N T V O T V V V T X

(100s)

Change

Week

Exc Volume

High

Low

Last

35 98 1416 5803 1895 10054 21460 29 16 10 38 8293 209 1083 205 2095 49 877 238 31 245 38 12 279 2 2 171 268 3178 4941 2123 4830 961 448 122 417 13 198 179 1043 32 987 489 132 85 2571 152 953 719 2451 758 148 248 7257 349 180 152 137 8 100 537 2 354 24 81 9 16244 4099 319 165

0.09 0.11 0.14 1.53 1.99 32.62 24.93 33.66 0.22 0.34 0.03 0.95 0.16 0.16 0.70 0.92 0.00 0.45 0.24 0.17 0.14 0.15 0.12 0.13 5.37 4.09 0.51 0.40 0.56 0.43 0.30 0.39 0.11 0.09 0.06 0.07 14.36 19.00 0.05 0.60 0.02 0.12 0.01 0.09 25.59 33.85 0.13 0.17 0.04 0.22 0.80 12.65 1.05 1.38 0.53 0.29 0.22 0.18 0.05 0.22 0.29 0.12 0.04 1.00 0.64 0.46 0.00 4.76 0.06 0.10

0.07 0.09 0.08 1.31 1.74 30.40 23.10 31.50 0.19 0.28 0.02 0.89 0.14 0.13 0.64 0.84 0.00 0.40 0.21 0.00 0.13 0.11 0.12 0.11 0.00 0.00 0.41 0.32 0.50 0.38 0.24 0.33 0.07 0.06 0.05 0.06 13.45 17.60 0.04 0.00 0.00 0.10 0.01 0.06 22.88 29.85 0.13 0.16 0.03 0.13 0.62 11.90 0.94 1.21 0.49 0.27 0.21 0.16 0.00 0.19 0.24 0.10 0.03 0.90 0.00 0.44 0.00 4.61 0.01 0.08

1285 396 6184 970 903 5551 16 59 14224 548 54 306 199 86454 64 671 3339 115 3031 11631 1 11918 14 1415 352 484 164 118

0.05 0.03 0.05 0.36 0.28 0.33 0.14 0.18 0.08 0.29 0.22 0.01 0.47 38.21 0.07 1.09 0.84 0.05 0.19 1.76 1.20 2.23 0.25 0.10 1.12 0.01 0.70 0.01

12-month High Low

Stock

0.08 0.10 0.11 1.49 1.94 32.60 24.90 33.66 0.22 0.30 0.03 0.95 0.15 0.15 0.67 0.87 0.00 0.45 0.23 0.16 0.14 0.11 0.12 0.12 5.37 4.09 0.43 0.33 0.52 0.40 0.29 0.37 0.11 0.09 0.06 0.07 13.89 18.32 0.04 0.53 0.02 0.11 0.01 0.08 24.13 31.60 0.13 0.17 0.04 0.22 0.78 12.50 1.05 1.38 0.52 0.29 0.22 0.18 0.05 0.22 0.28 0.12 0.03 0.95 0.60 0.46 0.00 4.67 0.02 0.10

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.01 0.01 0.03 0.05 0.06 1.04 0.66 1.31 0.02 0.01 0.00 0.06 0.01 0.01 0.02 0.01 0.00 0.03 0.01 0.02 0.00 0.04 0.03 0.01 0.07 0.02 0.03 0.02 0.02 0.02 0.06 0.06 0.04 0.03 0.00 0.01 0.38 0.63 0.01 0.13 0.01 0.01 0.00 0.00 1.08 1.56 0.00 0.01 0.01 0.09 0.14 0.10 0.06 0.11 0.00 0.01 0.00 0.00 0.01 0.02 0.04 0.02 0.01 0.05 0.03 0.02 0.00 0.03 0.00 0.03

0.12 0.15 0.14 1.50 1.94 35.67 26.60 36.49 0.43 0.55 0.06 1.40 0.21 0.19 0.80 1.05 0.01 0.47 0.46 0.34 0.19 0.16 0.23 0.20 6.00 5.00 0.73 0.53 0.80 0.63 0.30 0.39 0.15 0.12 0.12 0.16 15.16 20.18 0.09 0.59 0.03 0.17 0.02 0.09 27.34 35.17 0.13 0.21 0.15 0.25 0.85 14.80 1.05 1.41 0.86 0.36 0.28 0.32 0.33 0.41 0.53 0.56 0.05 1.05 2.50 1.26 0.00 5.03 0.06 0.15

0.04 0.06 0.02 0.31 0.44 4.98 3.55 7.74 0.08 0.08 0.01 0.49 0.04 0.09 0.22 0.29 0.00 0.21 0.05 0.04 0.09 0.02 0.08 0.01 3.28 2.76 0.16 0.02 0.27 0.20 0.09 0.11 0.06 0.04 0.04 0.05 9.26 6.70 0.02 0.08 0.01 0.05 0.00 0.01 10.06 13.50 0.05 0.01 0.03 0.11 0.41 8.17 0.24 0.33 0.25 0.08 0.05 0.07 0.03 0.11 0.16 0.09 0.01 0.50 0.37 0.33 0.00 2.59 0.00 0.04

Vale* Vale* Valencia Vent ValGold Res Valley High Mg* Valterra Res* Vanadium One Vanadiumcorp* Vangold Res Vanstar Mng Rs Vantex Res Vatic Vent Vedanta* Vendetta Mng* Vendetta Mng Verde Potash Victoria Gold Victory Nickel* Victory Nickel Victory Res Victory Vent Virginia Enrgy* Virginia Enrgy Viscount Mng Visible Gold M Vista Gold* Vista Gold Volcanic Gold Voltaic Min Vulcan Mnrls

0.03 0.04 0.03 0.03 0.04 0.04 0.31 0.34 0.24 0.27 0.27 0.32 0.13 0.14 0.17 0.18 0.03 0.07 0.24 0.29 0.18 0.22 0.01 0.01 0.36 0.45 33.46 37.60 0.06 0.07 0.95 1.09 0.73 0.83 0.05 0.05 0.17 0.17 1.47 1.73 0.00 1.15 1.80 2.10 0.00 0.24 0.08 0.10 0.92 1.01 0.01 0.01 0.20 0.58 0.00 0.01

+ + + + + + + + + + + + + + + + + + + + + +

0.01 0.00 0.01 0.02 0.02 0.04 0.01 0.02 0.03 0.04 0.04 0.00 0.01 3.82 0.01 0.11 0.07 0.01 0.02 0.12 0.20 0.16 0.03 0.02 0.09 0.00 0.36 0.00

0.15 0.04 0.05 0.45 0.35 0.34 0.27 0.35 0.10 0.69 0.51 0.05 0.60 39.14 0.48 1.18 0.90 0.08 0.31 1.82 6.00 4.00 0.35 0.42 3.03 0.03 0.70 0.03

0.01 0.01 0.02 0.27 0.19 0.14 0.12 0.11 0.02 0.18 0.14 0.01 0.17 6.67 0.05 0.55 0.41 0.01 0.06 0.69 0.85 0.97 0.04 0.05 0.92 0.00 0.01 0.00

U-V O O T V O T O V V O O X N V T X O V X O D V V D O O O

(100s)

Change

Week

Exc Volume

High

Low

N 130001 N 50745 8 V 405 V O 20465 310 O 2892 V 587 O 117 V 417 V 183 V 666 V N 1000 379 O 3259 V 1462 T 2208 V 166 O 382 368 V 475 V 217 O 271 V 695 V 3842 V 5061 X 441 T 259 V 8372 V 48 V

10.50 10.02 0.10 0.04 0.02 0.04 0.17 0.06 0.14 0.09 0.18 0.09 15.14 0.19 0.25 0.85 0.66 0.04 0.06 0.03 0.06 0.23 0.27 0.61 0.03 1.24 1.60 0.61 0.19 0.05

9.53 10.46 9.10 9.98 0.00 0.10 0.03 0.04 0.01 0.01 0.02 0.04 0.14 0.16 0.05 0.06 0.00 0.13 0.06 0.08 0.15 0.17 0.08 0.08 14.62 15.03 0.18 0.19 0.22 0.24 0.31 0.78 0.61 0.64 0.04 0.04 0.04 0.05 0.00 0.03 0.05 0.05 0.17 0.19 0.20 0.24 0.55 0.59 0.02 0.03 1.02 1.19 1.35 1.55 0.59 0.59 0.13 0.14 0.05 0.05

37 69 563 871 264 230 1130 796 861 114 3342 143 1284 558 5 1669 2946 118 310 3479 1012 114 146 42 307 87 993 39 1844 528 38 61 2776 4 58 20 3616 853 75 130 205 875 1292 42 452 180 496 251 48 206 22155 52433 305 725 0 10145 34 1087 85 379 38 17 330 47 194 13 1808

0.07 0.18 0.08 0.15 0.07 1.26 1.64 0.31 0.40 0.13 3.43 0.30 0.31 0.24 2.02 2.12 1.63 0.03 0.03 0.27 0.04 2.60 1.98 0.09 0.12 0.03 18.33 0.04 0.39 1.80 1.31 0.05 0.03 2.23 0.01 0.05 0.15 0.12 0.50 0.42 0.10 0.07 0.39 0.18 0.07 0.06 0.01 0.05 0.28 0.37 4.80 3.65 7.56 0.06 0.06 0.09 0.07 0.12 0.33 0.46 0.10 0.79 1.05 0.40 0.32 0.10 0.34

12-month

Last

Change

High Low

+ + + + + + + + + + + + + + + + + + + + + +

0.73 0.76 0.02 0.01 0.00 0.00 0.01 0.00 0.01 0.02 0.02 0.02 0.23 0.02 0.02 0.48 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.17 0.23 0.01 0.06 0.01

10.96 10.36 0.40 0.08 0.02 0.07 0.17 0.06 0.17 0.10 0.40 0.24 15.44 0.19 0.26 0.62 0.80 0.04 0.06 0.06 0.07 0.54 0.38 0.91 0.07 2.09 2.73 0.61 0.52 0.08

2.38 1.74 0.07 0.01 0.00 0.00 0.13 0.02 0.02 0.04 0.05 0.05 3.52 0.08 0.05 0.13 0.19 0.01 0.02 0.03 0.02 0.02 0.04 0.45 0.02 0.33 0.46 0.05 0.05 0.02

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

0.01 0.03 0.01 0.01 0.01 0.13 0.20 0.02 0.04 0.02 0.75 0.10 0.06 0.04 0.12 0.45 0.34 0.00 0.01 0.02 0.02 0.45 0.16 0.01 0.02 0.00 0.85 0.00 0.02 0.49 0.36 0.01 0.02 0.17 0.01 0.01 0.02 0.01 0.20 0.05 0.02 0.01 0.08 0.02 0.01 0.00 0.00 0.01 0.02 0.02 0.18 0.13 0.01 0.02 0.01 0.01 0.01 0.02 0.09 0.09 0.01 0.09 0.12 0.03 0.08 0.01 0.02

0.10 0.70 0.18 0.28 0.12 1.27 1.64 0.46 0.62 0.13 3.20 0.30 0.40 0.31 2.35 2.13 1.80 0.04 0.05 0.36 0.05 2.56 2.67 0.12 0.16 0.07 19.92 0.20 0.39 1.45 1.09 0.13 0.15 2.50 0.03 0.10 0.64 0.49 0.45 0.42 0.18 0.13 0.39 0.21 0.18 0.13 1.30 0.08 0.43 0.56 7.87 5.99 8.09 0.10 0.09 0.14 0.20 0.26 0.31 0.43 0.12 1.17 1.55 0.42 0.40 0.30 0.38

0.04 0.15 0.05 0.02 0.02 0.16 0.19 0.13 0.18 0.02 1.41 0.09 0.02 0.02 1.33 0.32 0.23 0.00 0.01 0.12 0.01 1.20 0.96 0.07 0.06 0.02 4.42 0.02 0.01 0.04 0.03 0.02 0.01 0.34 0.01 0.03 0.10 0.09 0.02 0.23 0.06 0.03 0.09 0.03 0.04 0.03 0.00 0.01 0.14 0.19 3.29 2.40 3.72 0.04 0.07 0.07 0.05 0.06 0.11 0.15 0.05 0.49 0.63 0.14 0.14 0.03 0.05

W-Z Wabi Expl O Walker Lane* V Walker River Walter Energy* O V Waseco Res Wealth Mnrls* O V Wealth Mnrls Wellgreen Plat* O Wellgreen Plat T Wescan Gldflds V Wesdome Gold T West High Yld V West Red Lake West Red Lake* O Western Areas* O Western Copper T Western Copper* X Western Pac Rs* O Western Pac Rs V Western Potash T Western Troy C V Western Uran Western Uran* O Westhaven Vent* O Westhaven Vent V Westkam Gold* O Westmoreland* D WestMountain* O Westridge Res V V White Gold O White Gold* White Metal Rs V White Mtn Engy* O Whitehaven Coa* O Whitemud Res V Wincash Apolo* O Winston Gld Mg Winston Gld Mg* O Winston Res V Wolfeye Res Wolverine Mnls V V WPC Res V X-Terra Res V Xiana Mng V Ximen Mng O Ximen Mng* O XLI Tech Inc* V Xtierra Xtra-Gold Res* O Xtra-Gold Res T T Yamana Gold Yamana Gold* N Yanzhou Coal* N Yellowhead Mng T Yorbeau Res* O T Yorbeau Res O Zadar Vent * V Zadar Vent O Zazu Metals* V Zazu Metals V Zena Mng Zenyatta Vent* O Zenyatta Vent V V Zephyr Mnls V Zimtu Capital V Zincore Mtls V Zonte Mtls

0.07 0.07 0.15 0.15 0.07 0.08 0.13 0.14 0.07 0.07 1.01 1.08 1.34 1.39 0.28 0.29 0.36 0.36 0.10 0.11 2.60 3.38 0.18 0.29 0.20 0.28 0.17 0.21 2.01 2.02 1.58 2.11 1.20 1.62 0.03 0.03 0.03 0.03 0.21 0.23 0.03 0.04 1.98 2.50 1.50 1.91 0.07 0.08 0.07 0.10 0.02 0.03 17.27 17.40 0.04 0.04 0.29 0.32 1.13 1.65 0.86 1.29 0.04 0.05 0.01 0.01 2.06 2.06 0.00 0.01 0.00 0.05 0.12 0.15 0.10 0.12 0.25 0.50 0.37 0.41 0.00 0.09 0.07 0.07 0.30 0.37 0.16 0.16 0.07 0.07 0.05 0.05 0.00 0.01 0.04 0.05 0.21 0.25 0.29 0.32 4.46 4.61 3.40 3.53 7.30 7.52 0.05 0.06 0.06 0.06 0.08 0.09 0.00 0.06 0.09 0.10 0.24 0.32 0.32 0.42 0.09 0.09 0.67 0.79 0.88 1.02 0.35 0.40 0.25 0.26 0.00 0.10 0.25 0.30

BID-ASK — FEBRUARY 6–10, 2017 12-MONTH STOCK

EXC

BID

ASK

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

0.10 0.03 0.01 0.06 ...

0.20 0.05 ...

0.02 0.06 0.06 0.01 0.35 0.05 0.23 ...

1.45 0.08 0.21 0.06 0.06 0.03 ...

0.13 0.01 0.04 0.01 0.03 0.03 0.05 ...

0.04 0.05 0.10 0.03 0.17 0.05 0.09 0.06 0.23 0.05 0.02 0.01 0.03 ...

0.01 0.40 1.45 0.06 0.17 0.04 0.03 0.55 0.52 0.04 0.01 0.03 0.01 0.75 0.04 0.03 0.02 0.01 0.03 ... ...

0.09 0.06 0.35 0.03 0.08 0.01

0.40 0.03 0.03 0.09 0.01 0.22 0.07 0.40 ...

0.06 0.15 0.02 2.02 0.10 0.69 ...

1.61 0.11 0.28 0.10 0.08 0.04 ...

0.14 0.03 0.05 0.03 0.03 0.04 0.09 0.01 0.05 0.09 0.15 0.04 0.20 0.08 0.11 0.10 0.29 ...

0.04 0.02 0.04 ...

0.02 0.79 3.20 0.12 0.17 0.04 0.03 0.70 0.55 0.05 0.12 0.03 0.01 1.00 0.09 0.04 0.03 0.02 0.10 ...

0.01 0.10 0.06 0.36 0.07 ...

0.04

37 Capital One ABE Resources Acme Res Corp African Metals Aftermath Slvr Alberta Star Alchemist Mng Alderon Iron* Alexandra Cap Alliance Mng ALQ Gold Amanta Res Anglo Pac Grp APAC Res Inc Arak Res Arch Coal* Archon Mineral Ardonblue Vent Asbestos Corp Ashanti Sanko Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Balto Res Bearclaw Cap Benz Mining Benz Mining BHK Mining Bird River Res Black Bull Res Black Isle Res BlackEagle Dev Bluestone Res Bold Vent Boss Power Buccaneer Gold Bullion Gld Res Bullman Mnls Canuc Res Carrie Arran Cascade Res Cassidy Gold Cassius Vents Chieftain Mtls Chinapintza Mg CIM Intl Grp Cliffs Nat Res* Clydesdale Res Colibri Res Colt Res Compliance Egy Cons Westview Corazon Gold Cresval Cap Cricket Res Cyprium Mng Declan Res Delrand Res DGS Mnls Discovery Harb Dorex Mnrls Duncan Park H DV Resources Enfield Expl European Metal Excalibur Res Finlay Minrls Finore Mng Fire River Gol First Idaho GAR Limited

20-22_FEB20_StockTables.indd 22

LAST

0.15 0.03 0.02 0.06 0.01 0.20 0.05 0.14 0.02 0.04 0.06 0.01 2.01 0.06 0.23 0.58 1.59 0.08 0.20 0.10 0.08 0.05 0.06 0.14 0.01 0.04 0.02 0.03 0.05 0.06 0.01 0.05 0.05 0.10 0.03 0.17 0.05 0.09 0.07 0.25 0.05 0.02 0.02 0.02 0.05 0.01 0.80 1.43 0.06 0.17 0.04 0.03 0.55 0.55 0.05 0.01 0.03 0.01 0.75 0.04 0.04 0.02 0.02 0.06 0.01 0.01 0.10 0.06 0.35 0.09 0.08 0.01

12-MONTH

HIGH

LOW

STOCK

0.25 0.05

0.05 0.02

0.11 0.03 0.23 0.12 0.52 0.03 0.05 0.06

0.03 0.01 0.16 0.03 0.12 0.02 0.01 0.03

2.02 0.14 0.70

0.75 0.03 0.17

2.05 0.10 0.28 0.10 0.10 0.05 0.45 0.15 0.03 0.06 0.04 0.08 0.08 0.06

1.26 0.05 0.14 0.03 0.01 0.01 0.06 0.03 0.01 0.03 0.01 0.01 0.03 0.01

0.05 0.12 0.23 0.06

0.02 0.01 0.05 0.02

0.05 0.15 0.09 0.27 0.07 0.05 0.04 0.05 0.23 0.01 1.50 7.17 0.06 0.23 0.12 0.25 0.56 0.55 0.06 0.01 0.12 0.02 0.90 0.04 0.04 0.03 0.03 0.06

0.02 0.05 0.03 0.07 0.05 0.02 0.01 0.01 0.03 0.01 0.40 0.98 0.01 0.04 0.03 0.03 0.23 0.19 0.04 0.01 0.03 0.01 0.26 0.04 0.01 0.01 0.01 0.02

0.01 0.11 0.09 0.50 0.75 0.14 0.05

0.01 0.01 0.03 0.01 0.03 0.05 0.01

GB Minerals Gentor Res GFM Res Global Cobalt Global Cop Grp GobiMin Gold Ridge Exp Goldbank Mng Granite Ck Gld Graniz Mondal Gravis Energy Greatbanks Res Green Arrow Greywacke Expl Handa Copper HFX Holding Highbury Proj Highvista Gold IEMR Res IGC Res Indigo Expl Interconnect Iron South Mng Jasper Mng Jazz Res JDF Explor Inc Jet Metal Jiulian Res Jubilee Gold Kairos Cap Karoo Expl Kenna Res Kestrel Gold La Imperial Leagold Mg Leeta Gold Leo Res Lions Bay Cap Lovitt Res Lucky Mnls Madeira Mrnls MAG Silver* Mainstream Mnl Match Capital MaxTech Vent McChip Res Mega Copper Metallum Res Metalo Manuf Metalore Res Mezzotin Mnrls Midasco Cap MillenMin Vent Millstream Min Minsud Res Moag Copper Montana Gold Morgan Res Mountain Lake Nebu Res Network Expl New Destiny Mg New Klondike Newlox Gold Newmac Res Newstrike Res Niocan Inc Norsemont Cap North Am Ptash North Am Tung NRG Metals NSS Res Inc

EXC

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

BID

0.07 0.01 0.02 0.02 0.07 0.54 0.30 0.10 0.03 0.01 0.01 0.03 0.03 ...

0.06 0.09 0.26 ...

0.02 0.01 0.03 0.07 0.24 0.05 0.10 0.01 0.10 0.04 0.41 0.21 0.01 0.13 0.02 0.06 0.60 0.11 0.07 0.04 0.06 0.10 0.04 12.52 ...

0.01 0.26 0.44 0.14 0.03 0.42 4.60 0.01 0.07 0.05 0.04 0.06 ...

0.09 0.01 ...

0.01 0.17 0.20 0.01 0.02 0.07 0.15 0.07 0.31 0.05 ...

0.11 ...

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

0.08 0.02 0.09 0.02 0.08 0.72 0.35 0.13 0.04 0.34 0.03 0.05 0.04 0.06 0.10 0.11 ...

0.16 0.03 0.01 0.04 0.17 0.27 0.06 0.15 ...

0.10 0.05 0.69 0.30 0.02 0.16 0.02 0.20 0.65 0.17 0.30 0.10 0.12 0.12 0.05 13.30 0.01 0.04 0.39 0.60 0.28 0.06 0.54 6.57 0.01 0.15 0.07 0.06 0.11 ...

0.10 0.02 0.01 0.02 0.23 0.22 0.01 0.03 0.11 0.18 0.08 0.34 0.08 0.01 0.11 ...

0.07 0.01 0.02 0.02 0.08 0.54 0.35 0.10 0.03 0.04 0.01 0.03 0.03 0.06 0.08 0.09 0.26 0.17 0.02 0.01 0.04 0.06 0.24 0.06 0.10 0.01 0.09 0.03 0.50 0.25 0.01 0.15 0.02 0.11 0.63 0.11 0.07 0.04 0.06 0.09 0.04 12.52 0.01 0.04 0.35 0.44 0.14 0.12 0.42 5.02 0.01 0.08 0.05 0.04 0.06 0.08 0.10 0.01 0.01 0.01 0.17 0.22 0.01 0.03 0.08 0.15 0.07 0.31 0.04 0.01 0.11 0.20

0.10 0.02 0.03 0.08 0.11 0.55 0.70 0.16 0.06 0.05 0.01

0.04 0.01 0.02 0.01 0.04 0.32 0.06 0.05 0.01 0.01 0.01

0.05 0.06 0.10 0.12 0.27

0.03 0.04 0.03 0.03 0.13

0.06 0.02 0.04 0.14 0.28 0.08 0.25 0.01 0.09 0.05 0.75 0.25 0.02 0.27 0.07 0.11 0.98 0.14 0.07 0.04 0.16 0.12 0.05 14.40

0.01 0.01 0.01 0.06 0.04 0.03 0.07 0.01 0.08 0.01 0.30 0.02 0.01 0.14 0.01 0.01 0.02 0.03 0.01 0.01 0.02 0.05 0.01 6.12

0.04 0.35 0.77 0.30

0.01 0.10 0.40 0.02

1.50 5.16 0.04 0.15 0.14 0.13 0.10

0.26 1.26 0.01 0.06 0.01 0.04 0.03

0.10 0.02 0.01 0.01 0.22 0.32

0.02 0.01 0.01 0.01 0.13 0.08

0.06 0.12 0.19 0.18 0.38 0.15 0.02 0.18

0.02 0.04 0.02 0.05 0.24 0.03 0.01 0.03

Open Gold Orestone Mng Oxford Res Pac Arc Res Pac Cascade Pac Iron Ore Pac Link Mng Palisades Vent Pan Global Res Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian Prize Mng Rackla Mtls Rare Element* Ravencrest Res Razore Rock Res Red Hut Red Rock Enrgy Reliant Gold Remington Res Remo Res Rhyolite Res Riley Resource River Wild Exp Rockland Mnls Rojo Res RTG Mining Rubicon Mnrls* Rugby Mng Samco Gold Saville Res Scavo Res SGX Res Shamrock Ent Silver Phoenix Sniper Res Stone Ridge Ex Strata Mnls Strategic Res Strikepoint Gd Superior Mng Swift Res Talmora Diamd Tearlach Res Teryl Res Corp Theia Res Themac Res Thor Expl Tiger Intl Tintina Mines Tri-River Vent Trident Gold Trigen Res Trinity Valley Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vanadium One Velocity Mnrls Venerable Vent WCB Res Whistler Gold Xander Res Zara Res Zinco Mng

EXC

BID

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

0.01 0.02 0.02 0.16 0.01 0.18 0.02 0.06 0.04 ...

0.19 0.08 0.12 0.40 0.12 0.11 0.02 0.01 0.07 0.01 0.02 0.16 0.13 0.21 0.05 0.01 0.07 0.07 0.25 ...

0.30 0.03 0.03 0.36 0.02 0.02 0.03 0.01 0.05 0.01 0.15 0.38 0.01 0.20 0.01 0.08 0.01 0.11 0.04 0.11 0.08 0.05 0.04 0.02 0.08 0.01 0.02 0.03 0.01 ...

0.40 0.13 0.25 0.12 0.03 0.03 0.26 0.01 0.05

ASK

0.01 0.02 0.03 0.19 0.02 0.23 0.08 0.07 0.05 0.01 0.20 0.12 0.15 0.42 0.16 0.16 ...

0.04 0.08 0.02 0.04 0.23 0.30 0.29 ...

0.10 0.08 0.08 0.30 ...

0.32 0.03 0.04 0.57 0.02 0.03 0.20 0.01 0.19 0.02 0.22 0.43 0.02 0.24 0.05 0.15 0.02 0.16 0.05 0.14 0.18 0.08 0.12 0.03 0.10 0.02 0.56 0.05 0.02 0.01 ...

0.15 0.33 0.20 0.04 0.08 0.35 0.03 0.07

LAST

0.01 0.02 0.03 0.16 0.01 0.20 0.02 0.07 0.04 0.01 0.21 0.09 0.14 0.42 0.15 0.15 0.02 0.02 0.07 0.01 0.03 0.17 0.13 0.21 0.13 0.01 0.08 0.07 0.30 0.03 0.32 0.03 0.02 0.36 0.02 0.02 0.20 0.01 0.05 0.01 0.15 0.39 0.01 0.25 0.01 0.08 0.02 0.12 0.05 0.14 0.08 0.08 0.04 0.02 0.08 0.01 0.01 0.05 0.02 0.01 0.45 0.13 0.25 0.12 0.03 0.05 0.35 0.01 0.05

HIGH

LOW

0.04

0.01

0.50 0.02 0.25 0.03 0.07 0.08

0.05 0.01 0.15 0.01 0.05 0.01

0.21 0.16 0.15 0.43 0.22 0.89 0.03 0.05 0.29 0.03 0.05 0.18 0.13 0.27 0.13 0.01 0.11 0.15 0.70 1.35 0.58 0.08 0.05 0.54 0.05 0.06 0.25 0.07 0.17 0.05 0.34 0.43 0.04 0.25 0.05 0.16 0.02 0.20 0.10 0.16 0.20 0.12 0.07 0.04 0.11 0.04 0.05 0.08 0.03

0.02 0.05 0.08 0.01 0.06 0.06 0.01 0.01 0.02 0.01 0.02 0.04 0.06 0.09 0.10 0.01 0.01 0.04 0.21 0.03 0.06 0.02 0.01 0.26 0.01 0.01 0.03 0.01 0.04 0.01 0.08 0.09 0.01 0.01 0.01 0.02 0.01 0.06 0.03 0.02 0.08 0.03 0.03 0.01 0.03 0.01 0.01 0.01 0.01

0.35 0.28 0.18 0.08 0.06 0.49 0.01 0.08

0.05 0.08 0.05 0.03 0.01 0.30 0.01 0.01

2017-02-14 6:31 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 20–MARCH 5, 2017

23

Great Panther to buy Coricancha from Nyrstar SILVER

| Restarted Peruvian mine could boost junior’s silver-equivalent production 75%

BY LESLEY STOKES

S

lstokes@northernminer.com VANCOUVER

ilver miner Great Panther Silver (TSX: GPR; NYSE-MKT: GPL) has struck a deal with Nyrstar to acquire the European smelting giant’s shuttered Coricancha polymetallic mine complex, 90 km by road east of Lima, Peru.

Great Panther wants to bring the 600-tonne-per-day underground operation — which has been under care and maintenance since August 2013 — back into production by the second half of 2018.

Coricancha could increase the company’s annual silver-equivalent production by 75%, Great Panther president and CEO Robert Archer tells The Northern Miner during a phone interview.

“Once the mine reaches full production it could crank out 3 million equivalent oz. silver annually, and that’s a substantial bump in production for us,” Archer says.

“After the deal closes, we’ll hit the ground running, starting with mine rehabilitation and underground drilling.”

The company expects to complete a preliminary economic study at Coricancha by this year’s second half, and while Archer wouldn’t discuss any numbers, he estimates that it could cost US$25 million to restart the mine.

He adds that Great Panther has $54 million cash-in-hand, with revenue generated from its Guanajuato and San Ignacio silver-gold mines, and its Topia silver-lead-zinc mine, which are all in Mexico.

“You could say that Coricancha is a turn-key operation, with most of the key permits still in place,” he says. “The plant needs a bit of work and new equipment will be purchased, but we’re fully funded to bring it online, and we don’t have to go back to the market.”

Under the agreement, Great Panther is buying Nyrstar Coricancha — Nyrstar’s Peruvian subsidiary — for US$100,000 and 15% of the mine’s free cash flow, up to a maximum US$10 million over five years.

Archer says the deal is structured to ensure that Great Panther won’t suffer much financial loss if commodity prices fall short of company expectations.

“The nice thing about the deal is that we pay very little upfront costs,” he says. “We don’t pay anything more until we recoup all of our capital investment and prove the mine is profitable ... it’s a risksharing model.”

While mining in the area dates back two centuries, Coricancha saw most of its development between 1955 and 2000, before ramping up to current levels in the early 2000s.

The mine came under the public eye in 2008, when a landslide above the mine’s tailings dam washed tailings into a nearby river, and the operation was suspended by the Peruvian government pending clean-up.

Nyrstar acquired the mine the next year, restarted the operation and produced — according to InfoMine’s IntelligenceMine data — 33,200 oz. gold, 1.4 million oz. silver, 2,100 tonnes copper, 3,100 tonnes lead and 5,600 tonnes zinc, before closing the operation in 2014 because of declining metal prices.

“You could say Nyrstar was a motivated seller,” Archer says. “At

1-16, 23_FEB20_Main .indd 23

“ONCE THE MINE REACHES FULL PRODUCTION IT COULD CRANK OUT 3 MILLION EQUIVALENT OZ. SILVER ANNUALLY, AND THAT’S A SUBSTANTIAL BUMP IN PRODUCTION FOR US.” ROBERT ARCHER PRESIDENT AND CEO, GREAT PANTHER SILVER

the time, they were mandated by senior management to get out of mining, sell off their mining assets and focus on their core business, which is smelting and trading.”

He adds that Nyrstar is also responsible for the relocation and reclamation of legacy tailings associated with the project, or any fines or sanctions that arise because of them.

“The deal would’ve been a nonstarter if they never agreed to those terms,” Archer says. “There are maximums on both of those, but we feel they should be able to do all the necessary work without costing us anything.”

Negotiations for buying Coricancha began in May 2015, when Great Panther signed a two-year option agreement with Nyrstar to earn a 100% interest in the property.

Great Panther paid Nyrstar US$1.5 million upon signing, and committed US$2 million towards exploring the deposit and its surroundings.

Historical resources at Coricancha stand at 890,000 measured and indicated tonnes of 5.04 grams gold per tonne, 174.62 grams silver per tonne, 0.42% copper, 1.97% lead and 3.11% zinc, plus 4.9 million inferred tonnes of 4.91 grams gold, 224.54 grams silver, 0.48% copper, 1.57% lead and 2.98% zinc.

“The resource estimate is historical, but it’s fairly substantial and the grades are high. The drilling certainly confirmed that, and we added resource ounces ... and

demonstrated there’s a lot of potential to increase the resource.”

Great Panther withdrew from the option agreement in May last year — a move that was well-calculated, Archer says.

“We just needed a couple more months of desktop work to complete our evaluation,” he says. “If we had hung on, we would’ve had to commit to another US$3 million in exploration and made another US$1.5-million cash payment, as opposed to the approach we’ve taken now.”

For the third quarter, Great Panther produced 953,632 equivalent oz. silver, down 12% from the comparable period in 2015, due to lower grades at Guanajuato and two temporary shutdowns at Topia. The company made US$15 million in revenue and recorded a US$2.1-million net income, up 22% and 183% from the year-ago period.

Archer says the company has lowered its annual production guidance to 3.9 million equivalent oz. silver from 4.2 million equivalent oz. silver, due to another temporary shutdown at Topia for plant maintenance, and to upgrade its tailings facility to dry-stacked tailings.

The company’s shares have traded in a 52-week range of 54¢ to $2.82 per share, and closed at $2.32 at press time. The company has 166.4 million shares outstanding for a $366-million market capitalization. TNM

Nyrstar’s past-producing Coricancha polymetallic project in Peru, which it is selling to Great Panther Silver. GREAT PANTHER SILVER

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2017-02-14 8:13 PM

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2017-02-14 6:30 PM