The Northern Miner February 22-28, 2016 by The Northern Miner Group

FRANCO-NEVADA: CEO DAVID HARQUAIL SEES RIPE MARKET FOR STREAMING/ 3 Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

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Goldcorp invests in Gold Standard Ventures NEVADA GOLD

| Railroad land package also entices OceanaGold

Northern Dynasty’s Pebble on ‘cusp of resolution’ ALASKA

| Thiessen: Copper-gold project ‘not a dead duck’ BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

here’s more battling ahead for Northern Dynasty Minerals (TSX: NDM; NYSE-MKT: NAK), as it prepares to dispute its case to the U.S. Federal court against the U.S. Environmental Protection Agency’s (EPA) decision to veto development of its world-class Pebble deposit, 321 km southwest of Anchorage, Alaska. Ron Thiessen, president and CEO of Northern Dynasty, said during a session at Vancouver’s Resource Investment Conference in January that the company is “on the cusp of a resolution,” and expects that a final decision will be reached this year. The behemoth porphyry coppergold deposit — which has measured and indicated resources of 57 billion lb. copper and 70 million oz. gold in 6.4 billion tonnes — is located at the headwaters of Bristol Bay,

A drill site at Gold Standard Ventures’ Pinion gold project in northern Nevada. GOLD STANDARD VENTURES

BY TRISH SAYWELL tsaywell@northernminer.com

oldcorp (TSX: G; NYSE: GG) has become the second gold miner in less than a year to take a strategic stake in Gold Standard Ventures (TSXV: GSV; NYSE-MKT: GSV) and its Railroad land package in Nevada. The gold major is acquiring 16.1 million shares for $1 per share in exchange for a 9.9% stake in the junior, which has amassed the second-largest land package on the gold-rich Carlin Trend after Newmont Mining (NYSE: NEM). The private placement follows an investment by OceanaGold (TSX: OGC) in May 2015, in which the miner acquired a 14.9% stake in Gold Standard Ventures in exchange for $16.2 million. The Australia-headquartered company can also acquire up to 19.9% of the junior. Jonathan Awde, Gold Standard Ventures’ president and CEO,

describes both investments as a validation of the exploration success the company has had at the Railroad-Pinion project, a nd par ticu larly notewor t hy given the challenging market environment. “The market for the last four years for any precious metal story … has been really challenging, and for us to get that financing done [with OceanaGold] at that time and in the context of that market spoke volumes about the work the team has done, and the land package,” Awde says in an interview. “To have Goldcorp come in … one of the biggest gold producers in the world … it puts Gold Standard in a good financial position, and now we have $40 million in the bank.” Under the latest transaction, Goldcorp has anti-dilution rights to keep its equity ownership interest, as well as the right to participate in future equity financings to acquire up to a 19.9% ownership position in Gold Standard Ventures. The company’s first big gold dis-

See NORTHERN DYNASTY / 2 PM40069240 – PAP Registration #09263

Mac Jackson, Gold Standard Ventures’ vice-president of exploration, holds a core sample from the Railroad gold project in Nevada. PHOTO BY ALISHA HIYATE

covery on the Railroad land package was the North Bullion sulphide gold deposit in 2011. Metallurgical tests at North Bullion indicate the mineralization is conducive to

roaster processing, with 79–90% gold recoveries. High-grade drill intercepts from North Bullion See GOLDCORP / 2

URANIUM: JUNIOR EXECS HAVE SUNNY OUTLOOK / 3

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FEBRUARY 22-28, 2016 / THE NORTHERN MINER

Northern Dynasty NORTHERN DYNASTY From 1

Gold Standard Ventures’ Railroad-Pinion gold project in northern Nevada.

Goldcorp invests GOLDCORP From 1

include 124 metres grading 4.05 grams gold per tonne and 98.1 metres grading 3.26 grams gold. Gold Standard followed up the discovery by acquiring the historic Pinion oxide gold deposit — 10 km south of North Bullion — in 2013 and 2014. Pinion has a National Instrument 43-101 compliant indicated resource of 20.8 million tonnes grading 0.63 gram gold per tonne for 423,000 contained oz. gold at a 0.14 gram gold cut-off grade, with inferred resources adding 55.9 million tonnes grading 0.57 gram gold for 1.02 million contained oz. gold. About 2.1 km east of Pinion lies Gold Standard’s Dark Star oxide gold deposit, which has an inferred resource of 23.1 million tonnes grading 0.51 gram gold per tonne for 375,000 oz. gold, using a cut-off grade of 0.14 gram gold per tonne. Proceeds from Goldcorp’s private placement will be used to expand the 6 km Dark Star corridor, where the company recently discovered the North Dark Star target. Last November, two drill intercepts from North Dark Star, 515 metres north of the Dark Star deposit, returned 149.4 metres grading 1.38 grams gold in hole 15-10, and 157 metres grading 1.51 grams gold in 15-11. “We look to aggressively drill Dark Star and that whole corridor, and offset drill at Pinion and further step out there,” Awde says when asked how the company plans to use some of its $40-million war chest.

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“The resource is definitely open for expansion. The focal point is the Dark Star corridor, which is open for a lot of opportunity.” Mike Carew of Haywood Securities points out in a research note to clients that Gold Standard’s view is that “Pinion and Dark Star may exhibit many of the same geological and metallurgical characteristics of Emigrant, a run-of-mine, heap-leach operation owned by Newmont Mining, 16 km north of Pinion-Dark Star, although further drilling — and metallurgical testing in particular — are required to support this interpretation. “We see the results of metallurgical test work from Pinion and Dark Star as milestones to determine the recovery characteristics of gold-bearing material from Pinion and Dark Star,” he added, along with their similarities with Emigrant. It has taken years for Gold Standard to consolidate its 115 sq. km land package at the southern end of Nevada’s Carlin Trend. “Prior to Gold Standard’s involvement, land concessions w it hin t he Rai lway-Pinion area were controlled by several landowners, resulting in limited exploration work,” Haywood’s Carew noted. “Having all concessions under single ownership is critical not only in terms of consolidating potential gold resources, but to enable geologists to visualize and interpret mineralization at both Pinion and Dark Star as one project.” News of Goldcorp’s strategic stake sent Gold Standard’s shares up 6¢, or 6.7%, to 96¢ per share. At press time the company traded at 94¢, within a 52-week range of 40¢ to $1.08. As for the recent rally in the gold price, Awde says the industry has negative interest rates to thank. “You’ve seen a fundamental shift in central banks around the world, where they’ve gone away from quantitative easing to a negative interest rate environment, and this is supporting the move in gold,” he says. “Historically, negative interest rate env ironments have been really strong for gold.” TNM

home to the world’s largest wild salmon fishery. The fishery generates US$1.5 billion annually, supports tens of thousands of local jobs in the region, and supplies the world with half of its sockeye salmon. The project was paralyzed in 2014 when the EPA enacted section 404c of the Clean Water Act to prohibit mining in the region, as it would create “unacceptable adverse impacts on the environment.” But Thiessen argues that the EPA “hijacked” the project and ignored the company’s US$150-million environmental baseline report, instead pursuing its own studies in a quest to “pre-emptively kill” the proposed mine. “Our report was done by the world’s best scientists and engineers and we provided it to the EPA, but they chose not to use it,” he told the audience. “It simply would not support their preconceived conclusions of Pebble, so they had to go out and concoct their own study, which was specious in and of itself.” The EPA study, called the “Bristol Bay Watershed Assessment,” was launched in 2011, and first drafts of the report were drawn the next year — five months after Northern Dynasty submitted its baseline study report. Thiessen said it likely cost the agency US$5 million to complete its assessment, in stark contrast to the US$150-million dollar report the company spent four years compiling. Northern Dynasty says its own investigations show “incontrovertible evidence” that the EPA reached final decisions about Pebble before undertaking any scientific inquiry, and had manipulated the scientific process, while conspiring with environmental activists. A 16-month long review conducted by the EPA’s inspector general cleared the agency of any wrongdoing in mid-January, and said the study followed guidelines and met requirements for peer review. The inspector general did note however, that an EPA employee may have “misused his position” by reviewing and providing comments on the section 404c petition drafted by Alaskan Native tribes before it was submitted to the agency. The EPA Senior Counsel for Ethics agreed with the possible misuse, as agency employees “must remain impartial in dealings with outside parties, particularly those that are

“WE HAVE $150-MILLION WORTH OF FACTS AND SCIENCE, AND THAT’S WHAT WINS AT THE END OF THE DAY — MERIT.” RON THIESSEN PRESIDENT & CEO NORTHERN DYNASTY MINERALS

considering petitioning or have petitioned the agency to take action on the matter.” However, the EPA was unable to draw any specific conclusions related to the employee’s potential misconduct, as 25 months of email correspondence had been wiped from record and the employee has since retired and left the country. Thiessen said that the U.S. federal court will draw its own conclusions in the months to come, and the company’s next step will be to collect depositions in March from EPA members — including testimony from the retired employee — to build its case. “The federal court has ordered the EPA to disclose and provide us with more material, and when we look through that, we see error upon error, travesty upon travesty, and it has to stop,” he said. “The EPA themselves cannot allow a precedence like this to stand, if they did it would undermine all their regulatory proceedings. There are quality people working at the EPA, they want to do the right thing and be what a regulator is meant to be — which is to come through the process with an unbiased opinion and evaluate it.” Thiessen continued that “Pebble is not a dead duck. We are on the cusp of a resolution … we have $150-million worth of facts and science, and that’s what wins at the end of the day — merit.” Thomas Collier, CEO of Pebble Ltd. Partnership and former chief of staff at the U.S. Department of the Interior during the Clinton era, explained to The Northern Miner in a phone interview that the pending litigation would give Northern Dynasty a fair right to the permitting process. “The way these permits work in the States, and have done for 44 years under the [Clean Water Act] statute — is you file an application for an environmental impact statement (EIS), and the

U.S. Army Corps of Engineers run the permitting process … and come up with a recommendation,” he said, noting that for a project of Pebble’s scale, the permit could take five years. “Then with us, for the first time ever in history, the EPA decided to institute a veto before we even filed our application for a permit, and before an EIS has been done. “The environmental community, particularly our biggest opponent — the Natural Resources Defense Council — calls the EIS process the ‘magna carta’ of environmental protection,” Collier continued. “And yet here, they didn’t want to do one because … they’re scared the environmental process might approve the mine project.” Collier also pointed out that under section 404c, Congress grants the EPA authority to veto permits for “specified disposal sites,” but for Pebble, the EPA identified the “broadest possible area where mining activity could occur,” totalling 431 sq. km, or 57 times larger than anything ever vetoed under the act. He also said that in the EPA’s a ssessment , t he agenc y used “worst-case mining scenarios” to draw its conclusion that mining in the region would damage the environment. “What we’re seeking in this litigation is two things: first is to have this veto process overturned, and second is to have this watershed assessment they’ve done be a document they can no longer rely upon,” he said. “To move forward with a veto of this project in the future, they would need to create another scientific record. And the record they would most likely rely upon would be the EIS that we would do.” Collier adds that the company would like to see these issues resolved outside of court this year. If this doesn’t happen, the political decision-making over Pebble’s future would fall upon a new U.S. administration. If the company succeeds either way, it would resume its permitting schedule with hopes to produce at Pebble by 2024. Former partners in the project Anglo American (US-OTC: NGLOY; LSE: AAL) and Rio Tinto (NYSE: RIO) pulled out in 2013 and 2014, taking massive writedowns. Northern Dynasty has traded within a 52-week range of 28¢ to 73¢, and last closed at 44¢. The company has 221.9 million shares outstanding for a $96-million market capitalization. TNM

A drill rig in 2009 at Northern Dynasty Minerals’ Pebble copper-gold project in Alaska. NORTHERN DYNASTY MINERALS

2016-02-16 8:27 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 22-28, 2016

Franco CEO touts ‘opportunity-rich’ market after Glencore deal GOLD-SILVER

| Antapaccay stream in Peru

BY MATTHEW KEEVIL

Workers at Cameco’s Cigar Lake uranium mine in Saskatchewan. CAMECO

Junior uranium execs pitch rebound in market VRIC 2016

| Nowhere to go but up, with uranium languishing since 2011

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

he CEOs of three North American uranium juniors took to the stage during an open-panel session at the Vancouver Resource Investment Conference in January to discuss the broader uranium market and argue why it is due to heat up. “The last two weeks we’ve seen the biggest shakedown in the commodity sector ever seen in the past decade, and it really showed what any commodity is made of,” Amir Adnani, CEO and president of Corpus Christi, Texas-based Uranium Energy (NYSE-MKT: UEC) said to the crowd. “Yet uranium didn’t go down … it’s been on an upward trajectory over the past 15 months.” Adnani noted that uranium prices were hit hard in 2011 when the Japanese government shut down all 52 of the country’s reactors after the Fukushima nuclear disaster, which drove spot prices down to US$28 per lb. uranium oxide (U3O8). Since then, producers have steadily worked through a supply surplus, slashing projects and making the supply side “so tight that if you buy 1 million lb. uranium, you can move the market up US$5 per lb.” “Japan is finally back online and picking up speed. U.S. utilities are in the market right now buying uranium and we’re in a contracting cycle, because they don’t want to get restricted with sanctions against Russia,” Adnani said. With current spot prices at US$35 per lb. U3O8, David Cates, president and CEO of Toronto-based Denison Mines (TSX: DML; NYSE-MKT: DNN), described Japan as the “psychological elephant” in the uranium business, considering the country only turned on two of its reactors in the second half of last year. “Utilities have bought as much uranium in the past four or five years compared to what they used to buy in one year,” Cates said. “They’re just sitting on their hands, and what are they waiting for … once the country shows they’re on the path, they’ll go back to finding uranium.” But the uranium market isn’t just hinging on what Japan will do next, Adnani said. The U.S. — which is the world’s largest uranium consumer — has a shortfall of 52 million lb. U3O8 a year, while nuclear reactors pop up worldwide, and require a steady supply.

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“IF YOU WANT TO HIDE IN COMMODITIES, HIDE IN URANIUM … WE’VE HAD OUR BOTTOM.” DEV RANDHAWA CEO AND CHAIRMAN, FISSION URANIUM

“From the U.S. to Argentina, there’s a real shortage of uranium, and most of the production that’s taking place in Canada is earmarked either for the French with Areva Resources’ involvement, or some of the long-term contracts with the Chinese,” he said. “People don’t realize that there are reactors operating in Latin America, and 16 more reactors either under construction or planned to be built in Chile, Brazil and Argentina, with zero production of uranium in South America.” For Dev Randhawa, chairman and CEO of Kelowna, B.C.-based Fission Uranium (TSX: FCU; USOTC: FCUUF), the big catalyst for growth is China and India, which is why Fission struck a deal with China’s state-owned CGN Mining last December to provide the financial footing for its Patterson Lake South uranium discovery, south of Saskatchewan’s Athabasca basin. “There are 30 reactors in China, with 24 being built, and 40 more going into the ground — that’s more than one reactor per month,” Randhawa said. “Those of us that have been to Beijing know they’re not doing it strictly for power — they need clean power. They have 1.5% coming from renewables and nuclear, and they want to go to 15–20% … we cannot continue to go at the pace we’re at and not need more uranium.” But the uranium industry is not entirely transparent, Adnani admits. Potential secondary supply fuelled by the possible decommissioning of thousands of Russian and American nuclear missile warheads creates an unpredictable overhang in the market, but he said it’s not enough to warrant concern. “As deep as Russia’s pockets of secondary supply might be, they’ve spent a couple billion dollars just as they’ve taken Uranium One private, and are buying exposure to uranium-mining operations,”

Adnani said. “Not only do they have their own domestic needs, but when they sell a reactor, they’ll give you life-of-reactor fuel supply … and when you add that up, secondary supply will not be enough for them.” Adnani said another “tender spot” of discussion is Kazakhstan. It’s the world’s largest uranium supplier, and saw a 90% ramp-up in production over the past decade, accounting for 40% of global supply. “If you’re that percent of the market you’d think that mother nature has handed you this gift — the same way the Saudis have with oil — and they’re sitting on something that’s oozing with mineralization that can defy logic,” Adnani said. “But that’s not the case, they mine grades of 0.03%, whereas Denison and Fission talk about mining uranium at 1% grade or higher, which is 10 times the grade in the world. “What Kazakhstan had for a long time was the Soviet Union — the Soviets ploughed money in during the Cold War days when money was no object because it was strategic … and they’ve reaped the benefit of that investment for the last 10 years.” Adnani reckons that the next decade of production will see more development in the Americas. “This is the biggest opportunity, and I’m putting my money where my mouth is. Myself and my team have been buying stock,” Adnani said. “We keep measuring our industry to what it looked like pre-Fukushima. Today it looks the best it’s been, yet our stocks are trading like they did in the 2008 financial crisis.” Cates agreed, arguing that uranium equities are caught up in the bigger energy sell-off. “It’s a tremendous opportunity because if you look at the performance of commodities and the equities in those sectors, and do the same for uranium, you’ll see a tremendous decoupling,” Cates said. “Which is exactly why we’re buying stock … because we know at some point rational money is going to come back into the space and see that uranium has performed well, so there’s no reason why the equities should perform poorly.” “We’ve had a crazy meltdown of commodities, and what did uranium do? It went up last year,” Randhawa said. “If you want to hide in commodities, hide in uranium. You’ve got three great stocks right here, including Cameco — we’ve had our bottom.” TNM

mkeevil@northernminer.com VANCOUVER

ranco-Nevada (TSX: FNV; NYSE: FNV) will pay US$500 million for a gold-silver stream from Glencore’s (LSE: GLNE) large Antapaccay copper mine in Peru’s Cusco region. Under the deal Franco’s initial gold and silver deliveries will be determined by copper shipments. The company will receive 300,000 oz. gold for every 1,000 tonnes of copper-in-concentrate, and 30% of gold-in-concentrate after 630,000 oz. have been delivered. For silver, Franco will receive 4,700 oz. for every 1,000 tonnes of copper-inconcentrate, and 30% silver-inconcentrate after 10 million oz. have been delivered. Franco will make payments — through its Barbados-based subsidiary — totalling 20% of spot gold and silver prices until 750,000 oz. gold and 12.8 million oz. silver have been received, and 30% of spot prices thereafter.

per, 1.95 million oz. gold and 25.3 million oz. silver. These reserves support mining at the site through 2029. “We feel really fortunate to partner with Glencore at Antapaccay. Just like our acquisition at Antamina it represents a low-cost, top-20 copper mine,” senior vicepresident of business development Paul Brink said. “The transaction will supply front-loaded cash flows, which will allow us rapid payback on the investment. Added to our other acquisitions ... we now have stream assets at four of the world’s top copper projects.” Franco picked up a US$648-million gold-silver stream on Lundin Mining’s (TSX: LUN; US-OTC: LUNMF) Candelaria and Ojos del Salado mining complex in Chile in late 2014, and holds a preciousmetal stream on First Quantum Minerals’ (TSX: FM) Cobre Panama copper-gold development in Panama. To f inance the Antapaccay acquisition, Franco arranged a US$800-million bought-deal fi-

“WE NOW HAVE STREAM ASSETS AT FOUR OF THE WORLD’S TOP COPPER PROJECTS.” PAUL BRINK SENIOR VICE-PRESIDENT OF BUSINESS DEVELOPMENT, FRANCO-NEVADA

“We are in what I call an ‘opportunity-rich environment,’” Franco president and CEO David Harquail said during a conference call. “This deal highlights the quality of these investment opportunities, and shows that they go well beyond the gold industry.” The deal marks Franco’s second major stream acquisition in the past six months. In October the company picked up a silver stream on Teck Resources’ (TSX: TCK.B; NYSE: TCK) 22.5% stake in the Antamina joint venture, which the major operates alongside Glencore, BHP Billiton (NYSE: BHP), and Mitsubishi Corp., 270 km northeast of Lima in the Peruvian Andes. The transactions could add between 100,000 and 120,000 equivalent oz. gold to Franco’s annual gold equivalent profile. Antapaccay’s reserves are 547 million tonnes at 0.5% copper, 0.11 gram gold per tonne and 1.44 grams silver per tonne. Total contained metals are 2.9 million tonnes cop-

nancing agreement (16.7 million shares priced at US$47.85 per share), with the offer led by BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and Scotiabank. “We had the option to comfortably finance the deal from our available credit facility, but if you know us, we do not believe in leveraging our return for debt,” Harquail said. “We always want to keep bullets in the revolver since … we’re dealing with a market that provides a lot of opportunity.” For Glencore the deal helps in its effort to bring its debt below US$19 billion by year-end. The company has targeted between US$3 billion and US$4 billion in asset sales to meet its goal. BMO Capital Markets analyst David Gagliano expects Glencore to sell US$2 billion in assets this year, and finish 2016 with US$21.3 billion in net debt. BMO notes Glencore had “slightly better than expected results across the asset base” last quarter. TNM

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E D I T O R IA L Negative interest rates give gold a boost GOLD

| A new kind of race to the bottom

ne of the themes already emerging for 2016 is the oxymoron of “negative interest rates.” And if you’re a gold bug who’s been loving the low interest rates of recent years, you’re over the moon about this once-inconceivable development. Until recently, it was assumed — simBY JOHN CUMMING jcumming@northernminer.com ple souls that we were — that the lowest that policymakers running central banks could go in dropping nominal interest rates was zero. But in the last two years we have entered a global banking era where it is increasingly common and acceptable in genteel circles for central banks to adopt negative interest rates — in effect, charging commercial banks for the privilege of holding their reserves with the central bank. As we step into 2016, countries and regions representing a quarter of the world’s gross domestic product have now adopted negative interest rates, including the eurozone (adopted in June 2014), Switzerland (December 2014) and Japan (January 2016). Central bankers argue these sub-zero interest rates have several benefits, at least in theory: they encourage commercial bankers to lend money to avoid charges on non-mandatory reserves; they lower the value of a nation’s currency to encourage exports and increase inf lation as imports become more expensive; they make equities more appealing compared to bonds; GOLD’S ROLE AS and they may dovetail nicely A SAFE HAVEN with other stimulus measures, such as quantitative easing. DURING TIMES However, as negative interest OF ECONOMIC rates are adopted worldwide, there are plenty of examples of TROUBLE HAS the opposite happening, parCOME ROARING ticularly as commercial banking profits get squeezed, forcing BACK TO LIFE IN banks to restrict lending and 2016. pass on higher borrowing costs to customers. But what really roiled the world markets in mid-February was U.S. Federal Reserve Chair Janet Yellen’s testimony before the U.S. Congress, in which she stated that, despite concerns, the U.S. central bank could adopt negative interest rates should it choose to do so. It’s the boldest statement yet that negative interest rates are on the table in the world’s biggest economy, and economists are pondering whether Canada may be next up to adopt sub-zero rates. U.S. stock markets plummeted and gold prices shot up more than US$55 per oz. on Yellen’s remarks, peaking intraday at US$1,260.80 per oz. on Feb. 11. Gold prices have since settled down just above US$1,200 per oz., but it was a strong move that burst decisively through the psychological US$1,200 per oz. barrier, and suddenly got gold investors thinking about US$1,300 gold again. At press time, gold prices are up US$114 per oz. over the last 30 days, or 10.5%. Even better for gold investors is that long beaten-down gold mining and exploration stocks once again showing leverage to gold prices. Since the start of the year gold prices have risen 15%, but gold mining equities are doing substantially better, with the Market Vectors Gold Miners ETF, which tracks large gold miners, up 37% (after having dropped over 70% since the most recent gold peak in 2011). By contrast, the S&P 500 has fallen 9% so far this year, the Dow Jones Industrial Average is off 8% and the tech-heav y Nasdaq has dropped 13%. European and Asian stock markets have plunged even more. Clearly, gold’s role as a safe haven during times of economic trouble has come roaring back to life in 2016. TNM

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Careers. . . . . . . . . . . . . . . . . . . . . . . . . 14 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Metal Prices. . . . . . . . . . . . . . . . . . . . . 12

Mining Jobs. . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . 13-14 Stock Tables. . . . . . . . . . . . . . . . 6, 10-12

COMPANY INDEX Advanced Security.......5 Albemarle.....................8 Anglo American........14 Arizona Mining ..........9 Ashburton Ventures....8 Austin Powder..............5 Barrick Gold.................9 BHP Billiton............3,14 CGN Mining................3 Dajin Resources...........8 Denison Mines.............3 ESS Support Services..5 First Quantum Minerals......................3

Fission Uranium..........3 Franco-Nevada............3 Glencore........................3 Gold Standard Ventures....1 Goldcorp.......................1 International Minerals Innovation Institute.....5 Lithium X Energy........8 Lundin Mining.............3 Mitsubishi.....................3 Nevada Sunrise Gold..8 NewCastle Gold...........7 Newmont Mining........1 Northec Construction...5

Northern Dynasty Minerals.....................1 OceanaGold.................1 Pure Energy Minerals.8 Quatro Industries........5 Rodinia Lithium..........8 South32.......................14 Teck Resources.............3 Tesla Motors.................7 Tulloch Engineering....5 Uranium Energy..........3 Uranium One...............3 Vital Drilling................5 Western Lithium..........8

O P- E D

World Gold Council: US dollar’s effect on gold overdone METALS COMMENTARY

| Gold price declined in 2015, but not in all currencies

The following is an edited investment commentary released by the World Gold Council in January. For more information, please visit www.gold.org.

t first glance, 2015 wasn’t good for gold. By year-end, gold ’s dollar price was down more than 11%. Investor sentiment was bearish: average net-longs reached their lowest level since 2003, and gold-backed exchange-traded funds (ETFs) saw outflows of 100 tonnes for the year. Better economic performance in the U.S. allowed the Federal Reserve (Fed) to raise its funds rate on Dec. 16, 2015 for the first time in 9.5 years. In the months before, higher bond yields strengthened the dollar, putting pressure on gold. We believe that 2015 was an exception and not the rule. While the U.S. dollar certainly drives gold, there are two more important points to consider: it is not the only driver, and it is not always the most relevant metric for most investors. The gold market is truly global, with more than 90% of physical demand coming from outside the U.S., mostly from emerging economies. For all these non-dollar buyers, it is the local price — and not the U.S. dollar price — that matters most. In fact, the non-U.S. dollar price of gold held up in 2015, even moving up in some currencies. Examples include gold’s price in Turkish lira, Russian ruble and the Indonesian rupiah. Additionally, the demand-weighted gold price (the local gold price multiplied by the percentage of annual demand a given country represents) has been, on average, 1% higher annually since the beginning of the century than the dollar gold price. In the current landscape, we see encouraging signs for the gold market. As of third-quarter 2015, both Indian and Chinese demand were up relative to the same period last year. Bar and coin demand was also up (including the U.S.). And while gold-backed ETF outflows continue, their pace has slowed. Central banks are also strong net buyers. Recycling continues to fall and mine production is likely to level off. Gold’s most recent bull run between 2001 and 2012 was driven by various factors: • Strong emerging market growth supporting consumer demand; • The global financial crisis and its aftermath creating flight-toquality flows; • Financial innovation making gold easier to buy; • C entral banks’ shifting from net gold sellers to net buyers to diversify foreign reserves. As the U.S. economy recovered and fears of deceleration in emerging markets took hold, gold prices fell. By the end of 2014, due to a perceived lack of a clear catalyst for gold prices, attention centred on the U.S. dollar and the eventual rate hike by the Fed. But will this U.S.-centric view of gold continue? We believe it will not. Historical perspective Past performance is certainly not a guarantee of future performance,

but investors can gain insight by understanding past cycles. Since the 1970s gold has experienced five bull markets and five subsequent bear markets. While there has been less uniformity in the length and magnitude of appreciation in the gold price during bull runs, pullbacks have been more consistent. Previous bear markets (excluding the current one) have had a median length of 52 months, during which the gold price declined between 35% and 55%. Each of these declines was a fraction of the gains seen in the earlier bull run. As it stands, the current pullback is not far off the median bear cycle. Historical performance without an understanding of the macroeconomic drivers, however, is not enough. For example, the most recent bull run was much longer than previous ones due to the factors explained above. What about the current bear cycle? There are important conditions that are likely to make 2016 different from 2015. Three reasons for optimism The Fed increased the federal funds rate by 0.25 basis points during its last 2015 meeting. Widely anticipated by the market, this moved the target range between 0.25 and 0.5 basis points. However, what is not so certain is how quickly and how high they will raise rates to ‘normalize’ them (i.e., reach their terminal rate). The Fed expects to increase rates 1% by the end of 2016. Market consensus is more dovish and expects a Fed Funds rate below 1% by the end of 2016. Either way, rates may remain low for some time. In our view, interest rates are not a dominant driver of the gold price once the effect of the dollar is taken into account. And the dollar has already strengthened more in the past two years than it has since the ‘dot-com bubble’ burst. In fact, the dollar is at the highest level it’s been at the beginning of a Fed tightening cycle since the 1980s. This is important for two reasons: • T he dollar tends to revert back to its long run average, and after two years, many foreign currencies show signs of recovery; • A strong U.S. dollar is a de facto tightening mechanism, which prevents the Fed from moving interest rates too far too soon, and risk crippling economic growth. The Asian gold market continues to expand. In China, the People’s Bank of China’s periodical announcements on additions to their gold reserves from June onwards and the Shanghai Gold Exchange’s intention to introduce a yuan-denominated trading mechanism highlight the growing importance of this market. Similarly, the Indian gold trade has expressed its intent to establish a gold exchange in the not-so-distant future. In add it ion, ma rket r isk s abound. The interconnectedness of global financial markets See GOLD / 5

2016-02-16 8:27 PM

GLOBAL MINING NEWS

SU P P L I E R S N EWS

EVENTS

Missanabie Cree First Nation signs deals with seven suppliers

Following the research cluster announcement in Saskatoon, from left: Al Shpyth, IMII executive director; Jeremy Harrison, Saskatchewan’s Minister Responsible for Innovation; Todd Steen, general manager of Agrium’s Vanscoy potash mine; Jim Basinger, University of Saskatchewan associate VP of research; and David Malloy, University of Regina VP of research. IMII

$2.6M research cluster to tackle corrosion in Saskatchewan The Saskatoon-based non-profit International Minerals Innovation Institute (IMII) has announced a research initiative that could benefit miners in the province. The Mining Materials Research Cluster “will examine the corrosion of materials used in mineral processing and mining equipment and its supporting infrastructure, used in Saskatchewan’s potash industry,” IMII stated in a press release. “The high chloride conditions that exist in the industry can cause corrosion and wear to production and related equipment and infrastructure, and lead to hazards to personnel and reduced asset life.” The cluster will comprise of a handful of researchers from the University of Saskatchewan and the University of Regina who will look into four related projects: slurry erosion corrosion, stress corrosion cracking, concrete corrosion and corrosion inhibitors. “The IMII is pleased that four research and development projects are poised to start up the new research cluster,” IMII executive director Al Shpyth said. The cluster’s budget totals $2.6 million over four years. IMII will provide $1.2 million and the federal government will kick in $915,000 through Western Economic Diversification Canada. The remaining funds are expected to come from the Natural Sciences and Engineering Research Council and Mitacs, an industrial research institute. “The government of Canada proudly supports further development of the mining industry in Saskatchewan. Innovations in mining will help support sustainability in our natural resource sectors, while maintaining jobs, prosperity and opportunities within the industry,” Canada’s

THE NORTHERN MINER / FEBRUARY 22-28, 2016

Minister of Innovation, Science a nd Economic Development Navdeep Bains said. Formed in 2012, IMII is driven by the industry’s priorities and funded by both industry and gov-

ernment partners. The institute focuses on developing and executing “innovative education, training, research and development partnerships” in support of the minerals industry. TNM

In January the Missanabie Cree First Nation (MCFN) announced joint ventures with seven firms to help its community work on development projects on its territories in northern Ontario. The seven firms that signed joint ventures are: Advanced Security & Controls (security and investigative services); Austin Powder (blasting services); ESS Support Services (workplace support, including meals); Northec Construction (construction services); Quatro Indust r ies (mater ia l ha ndling); Tulloch Engineering (engineering and surveying); and Vital Drilling (mineral exploration). “As a team, our first line of business is to look for opportunities to bid on mining contracts,” MCFN Chief Jason Gauthier said in a release. TNM

Feb 2 1-24 SME Annual Meeting Pheonix, AZ Email: cs@smenet.org Tel: (303) 948-4200 www.smeannualconference.com Mar 4 Red Cloud’s Annual Pre-PDAC Mining Showcase Toronto, ON Email: info@redcloudmining.com Tel: (877) 919-5979 www.redcloudmining.com Mar 6 -9 PDAC 2016 Toronto, ON Email: info@pdac.ca Tel: (416) 362-1969 www.pdac.ca Mar 8 Advanced Awareness: An Explorationist’s Advantage Toronto, ON Email: pdac@geotech.ca Tel: (416) 362-1969 www.pdac.ca May 1 -4 CIM-AGM Vancouver, BC Email: cmurphy@cim.org; cim@cim.org Tel: (514) 939-2710 www.cim.org Sep 2 6-28 MineExpo 2016 Las Vegas, NV Email: info@nma.org Tel: (202) 463-2639 www.minexpo.com Oct 5 -6 AEMQ XPLOR 2016 Montreal, PQ Email: info@aemq.org Tel: (819) 762-1599; Toll-free (Quebec) 1-877-762-1599 www.aemq.org

For more event information, please go to: www.northernminer.com/events/

GET ON BOARD WITH A LEADING SOURCE OF MINING

COMPANY & PROPERTY DATA

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World Gold Council GOLD From 5

has created a higher frequency and larger magnitude of systemic risks. Stock valuations in the U.S. remain elevated as investors increase their risk exposure in search for returns amid a low yield environment. In such an environment, bonds offer less protection to soften the blow of a stock market correction. And while macroeconomic conditions in advanced economies have improved, market and liquidity risks are close to record highs. In such an environment, gold’s role as a portfolio diversifier and tail risk hedge is particularly relevant. TNM

Feb 22 Pgs 1 2 3 4 5 7 8 9 14.indd 5

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2016-02-16 8:27 PM

WWW.NORTHERNMINER.COM

FEBRUARY 22-28, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 8–12 It was a volatile week, as investors — worried about the state of the global economy — fled stocks and sought safe-haven assets like gold, driving the price up 5.5% to US$1,237.90 per oz. (Gold hit a one-year high of US$1,262.90 per oz. on Feb. 11, and the S&P/TSX Global Gold Index climbed 9.7% to 180.84.) The trading period saw Canada’s main stock index hit a three-week low but rallied at close, in sync with a 12% jump in U.S. crude oil prices to US$29.44 per barrel. Higher oil prices lifted the Canadian dollar to US72.14¢. The S&P/TSX Composite Index was down 2.99% to 12,381.24, and the S&P/TSX Capped Diversified Metals & Mining Index dropped 4.6% to 291.68. Agrium shares fell $5.47 to $114.37 during the week, despite strong financial results. Full-year net earnings from continuous operations in 2015 reached US$988 million, or US$6.98 diluted earnings per share, compared with 2014’s US$798 million, or US$5.51 diluted earnings per share. Adjusted net earnings in the fourth quarter were the second highest in the company’s history, at US$209 million, or US$1.52 per share. The company noted that despite the weak macroeconomic environment, it expects growers in North America and other major agricultural markets will plant historically

high crop acreage in 2016, supporting demand for its crop nutrients. The company also forecast that in the U.S., growers will increase overall crop acreage, and noted that outside of the U.S., weak domestic currencies have led to attractive domestic crop prices, which could also support planted acreage. Potash Corp. of Saskatchewan’s shares slid $1.90 to $21.37 per share. In a market overview published on Feb. 10, the company said worldwide potash shipments declined 5% last year to 60 million tonnes (although this was still the second-highest year on record after 2014), and noted that demand in granular markets, mostly from the U.S. and Brazil, were most impacted. The company forecasts that global shipTSX MOST ACTIVE ISSUES

B2Gold Lake Shore Gld Yamana Gold Kinross Gold Barrick Gold First Quantum Goldcorp Teck Res Suncor Energy IAMGOLD

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO LSG YRI K ABX FM G TCK.B SU IMG

71370 1.43 1.18 1.42 + 0.25 67682 1.71 1.45 1.71 + 0.22 54232 3.83 3.00 3.71 + 0.52 50893 4.30 3.20 4.17 + 0.96 43631 17.69 14.71 16.95 + 0.76 33948 3.98 2.71 3.29 - 0.64 32263 22.27 18.43 21.71 + 2.59 24726 6.47 4.98 6.44 + 0.44 22363 31.95 28.40 30.57 - 1.31 21309 3.37 2.55 3.35 + 0.77

ments this year will reach 62 million tonnes. The major miner also pointed out that “cautious buying patterns” in 2015 resulted in deteriorating prices in potash, nitrogen and phosphate. Imperial Metals was down 79¢ to $4.20 per share in the wake of a decision to suspend operations at the Huckleberry mine and place the operation on care and maintenance until the copper price improves.

The suspension will go into effect as soon as the stockpiles have been milled, which could take until August 2016. The mine, located in west-central British Columbia, is owned and operated by Huckleberry Mines, in which Imperial owns a 50% stake. The other half is owned by Japan Group, which consists of Mitsubishi Materials Corp., Dowa Mining Co. and Furukawa Co. TNM

TSX GREATEST PERCENTAGE CHANGE

Golden Mnls Minco Gold Vena Res Freegold Vent Xtra-Gold Res Era Res Inc Luna Gold Loncor Res Kerr Mines Timmins Gold Nautilus Mnrls Nevada Copper Horizonte Mnls Orsu Metals Argex Titanium Yellowhead Mng Potash Ridge Fortune Mnrls U3O8 Corp Dundee Prec Mt

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AUM MMM VEM FVL XTG ERX LGC LN KER TMM NUS NCU HZM OSU RGX YMI PRK FT UWE DPM

390 273 614 646 262 13 583 2592 1921 11844 1593 205 100 817 3315 94 329 1015 3628 2307

0.53 0.49 0.03 0.17 0.34 0.25 0.10 0.05 0.05 0.33 0.32 0.69 0.04 0.02 0.05 0.05 0.08 0.03 0.03 1.19

0.28 0.20 0.02 0.10 0.21 0.00 0.05 0.02 0.03 0.23 0.16 0.46 0.03 0.02 0.03 0.04 0.06 0.02 0.00 0.88

0.52 0.35 0.03 0.14 0.34 0.20 0.09 0.03 0.05 0.32 0.21 0.47 0.03 0.02 0.04 0.04 0.06 0.02 0.02 0.95

TSX GREATEST VALUE CHANGE

Franco-Nevada Royal Gold Agnico Eagle Goldcorp Detour Gold Silver Wheaton Endeavour Mng First Majestic Kinross Gold Silver Std Res Agrium Potash Corp SK Altius Mnrls Cameco Corp Suncor Energy Osisko Gold Imperial Metal First Quantum HudBay Mnls Dundee Prec Mt

+ 103.9 + 86.5 + 66.7 + 64.7 + 61.9 + 60.0 + 54.5 + 50.0 + 50.0 + 43.2 - 32.3 - 28.5 - 25.0 - 25.0 - 22.2 - 22.2 - 21.4 - 20.0 - 20.0 - 19.5

VOLUME WEEK (000s) CLOSE CHANGE

FNV RGL AEM G DGC SLW EDV FR K SSO AGU POT ALS CCO SU OR III FM HBM DPM

7439 75.42 136 57.94 7230 49.40 32263 21.71 10127 21.31 13235 21.15 1750 10.49 4151 5.99 50893 4.17 4558 8.37 1891 114.37 14251 21.37 274 7.68 7138 15.85 22363 30.57 4685 14.44 136 4.20 33948 3.29 8536 2.72 2307 0.95

+ 5.79 + 3.34 + 2.85 + 2.59 + 1.92 + 1.53 + 1.50 + 1.01 + 0.96 + 0.87 - 5.47 - 1.90 - 1.42 - 1.31 - 1.31 - 1.20 - 0.79 - 0.64 - 0.33 - 0.23

TSX VENTURE EXCHANGE / FEBRUARY 8–12 The S&P/TSX Venture Composite Index held steady near a four-week high, gaining 0.6%, or 2.99 points, to a 511.14-point close, backed by rising metal prices. Spot gold prices had its strongest weekly rise in more than four years, as turmoil in global equities stoked demand for the metal, boosted by doubt on whether the Federal Reserve would raise interest rates. Gold peaked at $1,246.7 per oz. gold — its highest since February last year — before closing up US$64.57, or 5.5%, at US$1,237.97 per oz. gold. Brent crude oil fell and then rebounded sharply off speculation that the Organization of the Petroleum Exporting Countries would reduce output, before closing at US$33.36 per barrel, down 2.1%, or US70¢. Copper dropped 3.5% to US$2.03 per lb., while the Canadian/U.S. exchange rate held steady at US72¢ to the loonie. North American project-generator Chesapeake Gold topped the value-added category, rising 34¢ to a $2.39 close, boosted by surging gold prices. The company could release an updated prefeasibility study early this year on its Metates gold-silver deposit in Durango, Mexico. A 2013 study envisaged a 25-year mine life with an average annual production of 659,000 oz. gold, 15.9 million

oz. silver and 143.3 million lb. zinc, including a US$4.3-billion capital cost. Gold producer Metanor Resources saw 14 million shares traded before closing up 1¢ at 6¢ per share, after news that it would restart open-pit operations at its wholly owned Barry project in Quebec’s prolific Val-d’Or gold district. The ore would be processed at Metanor’s operating Bachelor Lake mill, 65 km away. The company has also started a 60,000-metre drilling campaign to test a mineralized zone under its Moroy gold property, 1 km southeast of its Bachelor Lake mine. Previous drilling at the property returned 10.1 grams gold per tonne over 26.2 metres and 18.9 grams gold over 5.6 metres. Avino Silver & Gold Mines also led the TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Metanor Res MTO 14022 FF 10948 First Mg Fin Visible Gold M VGD 10874 Nexgen Energy NXE 8977 New Carolin Gd LAD 8585 WPC Res WPQ 7199 ICG 6159 Integra Gold East Asia Mnls EAS 5655 Alabama Graph ALP 5506 Explor Res EXS 5235

0.06 0.44 0.05 1.00 0.09 0.05 0.38 0.02 0.15 0.23

0.05 0.38 0.03 0.85 0.06 0.03 0.35 0.01 0.11 0.15

0.06 + 0.01 0.40 - 0.02 0.04 unch 0.00 0.91 + 0.07 0.09 + 0.02 0.04 + 0.01 0.38 + 0.01 0.01 unch 0.00 0.11 - 0.04 0.19 + 0.05

value-added category, rising 28¢ to a $1.51 close on no reportable news. The company last reported in mid-January that production at its silver-gold Avino property in Durango, Mexico was up 116% over 2015, due to equipment and facility upgrades that led to a record 3 million equivalent oz. silver. Shares of Pacific Booker Minerals regained lost ground, rising 33¢ to a $1.84

close, after news on Feb. 4 that the beleaguered junior was reviewing a B.C. government’s decision to reject permitting of its Morrison copper-gold-molybdenum deposit, 35 km north of Granisle, B.C. The announcement is the latest step the company has taken since the government shot down Morrison’s development in 2013. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Peat Res Plato Gold Spruce Ridge R Golden Secret Libero Mg Corp Brionor Res Graniz Mondal SGX Res Amarillo Gold BHK Mining Alloycorp Mng Cornerstone Mt Barksdale Cap BCGold Antipodes Gold Desert Star Sokoman Iron Baroyeca Go&Si Currie Rose Rs Platinex

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

PET PGC SHL GGS LBC BNR GRA.H SXR AGC BHK AVT CCC BRO.H BCG AXG DSR SIC BGS CUI PTX

288 2051 3190 87 20 424 335 646 496 100 635 603 1 883 43 760 30 557 21 350

0.04 0.02 0.02 0.06 0.06 0.02 0.03 0.02 0.19 0.09 0.01 0.01 0.01 0.02 0.01 0.11 0.01 0.01 0.01 0.01

0.03 0.01 0.01 0.02 0.02 0.01 0.02 0.01 0.07 0.04 0.01 0.01 0.00 0.00 0.01 0.05 0.01 0.01 0.00 0.01

0.04 0.02 0.02 0.06 0.06 0.02 0.03 0.02 0.19 0.09 0.01 0.01 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

+ 250.0 + 200.0 + 200.0 + 200.0 + 200.0 + 200.0 + 200.0 + 200.0 + 171.4 + 125.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Chesapeake Gld Pac Booker Min Avino Silver Clifton Star Nrthn Vertex Marlin Gold Great Quest Fe Atacama Pac Gd Reservoir Mnls Ascot Res Till Capital Bacanora Mnls Pac Iron Ore Titanium Corp GobiMin Pure Energy Goldex Res Pine Cliff En Southern Arc Desert Star

VOLUME WEEK (000s) CLOSE CHANGE

CKG BKM ASM CFO NEE MLN GQ ATM RMC AOT TIL BCN POC TIC GMN PE GDX PNE SA DSR

130 19 181 4492 1125 395 392 741 109 283 1 39 11 2903 60 755 385 974 37 760

2.39 1.84 1.51 0.37 0.38 0.35 0.31 0.36 4.15 1.10 4.19 1.50 0.22 0.40 0.30 0.53 0.20 0.82 0.26 0.05

+ 0.34 + 0.33 + 0.28 + 0.21 + 0.20 + 0.18 + 0.16 + 0.16 + 0.15 + 0.14 - 0.31 - 0.15 - 0.12 - 0.07 - 0.05 - 0.05 - 0.05 - 0.05 - 0.05 - 0.05

U.S. MARKETS / FEBRUARY 8–12 U.S. equities rallied on Feb. 12, ending five days of losses in the S&P 500 Index, but not enough to post a weekly gain. The S&P 500 lost 0.8% to finish at 1,864.78. The Dow Jones Industrial Average fell 1.4% to 15,973.84 and the tech-heavy Nasdaq Composite Index retreated 0.5% to 4,337.51. The spot gold price rose 5.5%, or US$64.40 per oz., to US$1,237.90. The Philadelphia Gold & Silver Index, which tracks precious metal mining companies, climbed 9.6% to 60.64. The March contract for crude oil gained US$3.23 the day earlier to close Feb. 12 at US$29.44 per barrel — down 4.6% for the week. Coeur Mining surged 30.6% to US$3.33 after reporting its 2015 financials. The loss for the year was US$367.2 million, including a US$313-million writedown, compared to 2014’s US$1.2-billion loss. The non-cash writedown ref lects the reduced carrying values of the Palmarejo and San Bartolomé mines and the Endeavour silver stream, due to lower gold and silver prices. The adjusted loss was US$96.6 million, or US75¢ per share, down 13% from 2014. Annual revenue came in relatively flat at US$646 million. Raymond James analyst Chris Thompson sees 2015–16

Feb 22 Pgs 6.indd 6

as a “transitional period” for the company, as it “retools its operations to operate more economically in a low metal-price environment.” He has a US$4 target and “market perform” rating, explaining that the rating reflects Coeur’s “inability to generate free cash flow” at current metal prices. However, he says the producer could deliver free cash flow later this year, as its royalty payments drop. Franco-Nevada advanced US$4.34 per share to US$54.40, after agreeing to pay Glencore US$500 million for a gold-silver stream on the Antapaccay copper mine in Peru. Under the agreement, Franco-Nevada U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 226263 5.93 4.65 5.53 - 0.15 Alcoa* AA 151865 8.42 7.11 7.69 - 0.43 Barrick Gold* ABX 151800 12.66 10.57 12.25 + 0.61 Kinross Gold* KGC 136428 3.08 2.30 3.00 + 0.70 Yamana Gold* AUY 125399 2.75 2.16 2.68 + 0.39 Vale* VALE 102478 2.67 2.38 2.63 + 0.02 Newmont Mng* NEM 94947 26.10 22.70 25.78 + 1.37 Goldcorp* GG 92428 15.93 13.28 15.64 + 1.91 Chevron* CVX 65004 86.70 80.64 85.43 + 2.55 Hecla Mining* HL 54517 2.33 1.95 2.32 + 0.13

will receive 300 oz. gold and 4,700 oz. silver for every 1,000 tonnes of copper shipped, until Glencore delivers 630,000 oz. gold and 10 million oz. silver. After this Franco-Nevada will get 30% of Antapaccay’s gold and silver production. It will pay 20% of the gold and

silver spot prices for the first 750,000 oz. gold and 12.8 million oz. silver delivered, and 30% of the spot prices afterwards. To fund the stream, Franco-Nevada announced a US$550million bought deal, which it increased to US$800 million a day later. TNM

U.S. GREATEST PERCENTAGE CHANGE

Coeur Mng* Kinross Gold* IAMGOLD* Endeavr Silver* First Majestic* Harmony Gold* Yamana Gold* Goldcorp* Sibanye Gold* Buenaventura* Peabody Enrgy* Intrepid Pots* CONSOL Energy* HudBay Mnls* Cloud Peak En* Vedanta* Potash Corp SK* Mosaic* Cameco Corp* Turquoise HIl*

CDE KGC IAG EXK AG HMY AUY GG SBGL BVN BTU IPI CNX HBM CLD VEDL POT MOS CCJ TRQ

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

24353 3.35 2.26 3.33 + 30.6 136428 3.08 2.30 3.00 + 30.4 46818 2.43 1.82 2.43 + 29.9 7933 1.74 1.41 1.71 + 26.7 16645 4.37 3.41 4.33 + 20.6 22751 2.81 2.15 2.74 + 17.1 125399 2.75 2.16 2.68 + 17.0 92428 15.93 13.28 15.64 + 13.9 10386 12.90 10.14 12.88 + 13.3 12420 5.56 4.29 5.49 + 13.0 10129 4.43 2.15 2.43 - 42.7 5587 2.55 1.89 2.08 - 18.4 49544 9.12 6.72 7.79 - 14.4 926 2.18 1.71 1.95 - 11.0 7166 1.95 1.35 1.45 - 9.4 1028 4.20 3.52 3.86 - 9.0 38012 16.60 14.90 15.42 - 7.9 40819 25.77 22.37 22.91 - 7.8 10428 11.74 10.41 11.43 - 7.4 12511 2.09 1.85 1.94 - 7.2

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Franco-Nevada* FNV Black Hills* BKH Chevron* CVX Agnico Eagle* AEM Goldcorp* GG NACCO Ind* NC Sibanye Gold* SBGL Newmont Mng* NEM Silver Wheaton* SLW Agrium* AGU Mosaic* MOS Peabody Enrgy* BTU Potash Corp SK* POT CONSOL Energy* CNX Cameco Corp* CCJ Suncor Energy* SU Trecora Res* TREC United States S* X Intrepid Pots* IPI

VOLUME WEEK (000s) CLOSE CHANGE

9014 132.86 15815 54.40 6116 54.43 65004 85.43 23587 35.64 92428 15.64 149 46.85 10386 12.88 94947 25.78 38440 15.24 7102 82.53 40819 22.91 10129 2.43 38012 15.42 49544 7.79 10428 11.43 30095 22.08 333 9.33 40370 7.40 5587 2.08

+ 9.81 + 4.34 + 3.58 + 2.55 + 2.13 + 1.91 + 1.79 + 1.51 + 1.37 + 1.12 - 3.63 - 1.95 - 1.81 - 1.32 - 1.31 - 0.91 - 0.87 - 0.72 - 0.54 - 0.47

2016-02-16 8:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 22-28, 2016

UNITED STATES SPECIAL FOCUS

Pure Energy’s head start on Nevada lithium rush

NewCastle Gold project outside of protected area

ENERGY MINERALS

CALIFORNIA

| None of the company’s mill site and lode claims are impacted

| Expected battery boom lifts prospects for lithium juniors

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

he buzz around the North American lithium market that began last year has blossomed into a full-blown exploration BY TRISH SAYWELL cacophony, with Canadian juniors tsaywell@northernminer.com flocking to stake ground in marketable proximity to Elon Musk’s .S. President Barack near-mythical US$5-billion Tesla Oba ma’s decision to Motors (NASDAQ: TSLA) “gigafacSMSJ_Sept 2012_Pro_TH_PC protect an 84.7 sq. km tory” outside Reno, Nev. land parcel — surrounded on Musk ignited the frenzy in SepMobile Equipment for when he declared on Twitter three sides by the Mojave Natember tional PreserveSafety — as a and National that Tesla would “definitely” be on Productivity Monument under the 1906 Anthe lookout for lithium sources in tiquities eAct,ocated presents which prompted struggling tonoa threat sq Nevada, ft Lant to NewCastle Gold’s (TSXV: exploration companies — as well NCA) Castle Mountain project as shell companies — to proclaim in California’s San Bernardino an interest in picking up a lithium County, the company says. asset and striking a deal with the The designated Monument multibillion dollar U.S. electric car lands on the border between manufacturer. Anyone who buys, processes or California and Nevada near the uses lithium carbonates and hydroxcompany’s gold project, but do ides has likely expected a supply not include the 33.8 sq. km land deficit on the horizon. Industry obparcel referred to as the “Castle SMSJ_Sept 2012_Pro_TH_PC SMSJ_Sept 2012_Pro_TH_PC servers might even recall a lithium Mountain” mine area, which Equipment private for “pre-rush” in 2009, when carbonate includesMobile the company’s andof Productivity prices went on a similar run. claims,Safety Bureau Land Management federal and state Re-Located to a 50,000 sq.ftland, . PLant! and an area where NewCastle Gold intends to draw its water. The company’s road access also remains intact. The proclamation clears up long-standing land designation uncertainty in the area. “It looks like we’re going to get what we need to move forward, and there’s some clarity here,” vice-president of business development Martin Tunney says. Tunney adds that a map shows part of theAuthorized company’s northwest Landcruiser placer Toyota claims could be impacted,

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Drillers at Pure Energy Minerals’ Clayton Valley South lithium project in Nevada. PURE ENERGY MINERALS

According to analysts at Benchmark Mineral Intelligence, lithium carbonate prices averaged US$5,500 per tonne in early 2015, and now range from between US$9,000 and

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2016-02-16 8:27 PM

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FEBRUARY 22-28, 2016 / THE NORTHERN MINER

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Pure Energy’s head start on Nevada lithium rush LITHIUM From 7

Lithium Carbonate Price Trend 2005-2015 (US$ per tonne)

in the past 15 years, so it’s positive for potential suppliers,” Benchmark’s managing director Simon Moores said during an interview. “There isn’t a real differentiation in deposit type from the customer base. People simply need lithium units on the market at the moment. When we’re talking about prices it’s important to remember that we’re speaking about a price range … some people quote really high prices, but that’s just one contract, and it doesn’t necessarily reflect the greater market.” Benchmark estimates that lithium demand totalled 160,000 tonnes last year, which equates to a 20,000 supply deficit. Meanwhile, Musk says that the world will need hundreds of the gigafactories to fulfill a growing global demand for lower-cost batteries for cars and power storage. Benchmark analysts figure that given the current growth in lithium-ion battery production, the global demand for lithium will hit 250,000 tonnes by 2020. “One thing to look at in terms of something like the graphite boom a few years ago is that it corresponded with a rise in other commodities, thanks largely to China,” Moores said. “The current lithium boom is basically juxtaposed against a market where all other commodities suffered badly. The point we try to make is that it’s a fundamental shift driven by lithium-ion battery demand. I never expected an explosion like this, however, before the gigafactory going online.” Nevada’s lithium rush encircles Clayton Valley, which lies between Reno and Las Vegas in Esmeralda County. The region hosts North America’s only producing lithium operation — Albemarle’s (NYSE: ALB) Silver Peak brine facility. One of the earliest movers in the Clayton Valley area was Pure Energy Minerals (TSXV: PE), which is advancing the Clayton Valley South project. The company entered the lithium business in 2009, and

$6,000

$5,000

$4,000

$3,000

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Source: Benchmark Mineral Intelligence

picked up the asset after Rodinia Lithium (TSXV: RM; US-OTC: RDNAF) released the claims in 2011. “At that time there were promising projects in South America, but they came with a variety of political challenges,” Pure Energy CEO Robert Mintak said during an interview. “After the shine came off the market, the project was let go, and that downturn allowed us to stay in the game in Nevada, when many other companies looked at alternative commodities. We were only looking at brine projects, because they represent a low-cost entry to production.” The deposit is a salty “brine” groundwater, with lithium contained in two aquifers. The brine would be extracted by drilling boreholes into the aquifers and pumping it to surface for lithium removal. Pure Energy has claimed over 40 sq. km in Clayton Valley, and released a maiden resource estimate on its deposit in July. Clayton South hosts an inferred

resource of 816,000 inferred tonnes of lithium carbon equivalent at grades ranging from 37 parts per million (ppm) to 400 ppm. The company followed up with news in November it reached a fiveyear agreement to supply lithium hydroxide to Tesla. “We focused on maintaining the asset and developing strategic relationships. We were confident in the work done at the project and its prospective value, and we were quite fortunate with how the market has emerged,” Mintak said. “Tesla wasn’t a name people were talking about when we got started, but it quickly became the big story. As the space became more exciting, and these announcements came out about Nevada, fortune sort of smiled upon us. There wasn’t any secret strategy outside of managing our money and advancing a strong project,” he added. Brine-based lithium operations

often rely on processing technologies. A raw resource number doesn’t mean much if auxiliary minerals in the aquifers, like magnesium and calcium, impact the percentage of lithium that can be recovered. Lithium-ion battery producers also have proprietary manufacturing that requires different chemical balances. Pure Energy has formed three technology partnerships to work on recovery techniques at Clayton South. The company has agreements with Korean multinational Posco and Bateman Advanced Technologies, and research partnerships with SRI International and the University of British Columbia. Pure Energy has achieved nearly 100% lithium recovery from brine and produced a 99.9% purity in lithium chloride solution. “We need to put more holes in the ground like a hard-rock deposit, but it’s different, since we

NewCastle Gold NEWCASTLE From 7

but not the operating area. “None of our mill site and lode claims are impacted … and we’ve got access to the property. Those are the key things.” The proclamation states that after mining and reclamation — or after 10 years, during which time no mining takes place — the federal land in the Castle Mountain mine area will be transferred to the National Park Service. Oliver Turner of GMP Securities said in a research note that the proclamation is “positive news” for the mine’s development. “This issue has been an overhang on the company [and equity] since it surfaced last August, and the designation of mining areas in today’s proclamation should serve to resolve this issue.”

The news follows the December 2015 release of an updated resource estimate for the project, which is hosted in a disseminated low sulphidation epithermal system. Measured and indicated resources stand at 219.9 million tonnes grading 0.59 gram gold per tonne for 4.2 million contained oz. gold. Inferred resources tack on 40.8 million tonnes grading 0.58 gram gold for 0.76 million contained oz. gold. The resource was calculated at a cut-off grade of 0.20 gram gold per tonne. “It is a spectacular resource,” Tunney says. “If you look at the open-pit heap leach projects in North America that are greater than 4 million oz., we’re one of two that isn’t owned by a major or a mid-tier company, so we really are one of the best out there.” The Castle Mountain heap-leach

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Feb 22 Pgs 1 2 3 4 5 7 8 9 14.indd 8

need to show that the resource is pervasive and that the chemistry in the aquifers has a representative value. It’s interesting because there hadn’t been any resource on a brine-lithium deposit in North America until we released ours last year,” Mintak said. “The salient point with these deposits, however, is that you can’t just measure a resource in the ground for lithium and assume it’s going to work. You have to have a process that proves you can make it into a material that will fit the supply chain and find a customer.” There have been a number of juniors in Clayton Valley staking claims or acquiring projects. Graphite outfit Ashburton Ventures (TSXV: ABR; US-OTC: ASHXF) picked up the Elon lithium claims in September, while Frank Giustra’s Lithium X Energy (TSXV: LIX; US-OTC: ROCEF) staked the Clayton Valley North claims in November. Meanwhile, Nevada Sunrise Gold (TSXV: NEV; US-OTC: NVSGF) staked the area’s Atlantis exploration project in December, and Dajin Resources (TSXV: DJI; US-OTC: DJIFF) staked the Tell Marsh property northwest of Silver Peak in late 2014. A bit further down the development road is Western Lithium’s (TSX: WLC; US-OTC: WLCDF) Kings Valley project, which hosts proven and probable reserves of 27 million tonnes grading 0.395% lithium. The company hopes to get the asset into production by 2019. “You have to remember that the exploration community is reactive to a situation like this, because they aren’t involved in the lithium industry until there is a perceived supply deficit, and we need new deposits,” Moores said. “I wrote an article in late 2014 about the lithium hydroxide shortage, and it wasn’t until nearly one year later that it filtered down into the junior market.” TNM

gold mine produced over 1 million oz. gold from 1992 to 2001, when mining was suspended due to low gold prices. The mine and reclamation plan — under which the mine operated — was authorized by the County of San Bernardino as the lead agency, and remains in effect. Water for the drill programs was accessed from patented wells on the project. Tara Hassan of Haywood Securities said in a research note that “permitting risk is partly mitigated, since the company has current mining permits in place that are valid until the end of 2025.” While the company has its main mining permit, there are still ancillary permits that it will need before start-up, such as those for construction and explosives. “We apply for these once we have an engineering study and plan of operations,” Tunney says. The gold at Castle Mountain is mostly hosted by late-stage rhyolite volcanic units within silicification and brecciation zones associated with northeast- to southwest-trending and southeast-dipping fault structures, which are interpreted to have developed within a collapsed caldera environment. Eleven gold domains are represented by both steep and shallow-dipping orientations. At press time NewCastle Gold traded at 31¢ per share, within a 52-week trading range of 18¢ to 58¢. GMP’s Turner maintains a 50¢-per-share target price for the company. TNM

2016-02-16 8:28 PM

UNITED STATES

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 22-28, 2016

Arizona Mining has a ton of upside at Taylor ZINC, LEAD & SILVER

| Richard Warke and Jim Gowans-led junior hopes to connect two deposits

A lead-copper float, part of the metallurgical test work that Arizona Mining has completed at the Taylor project. ARIZONA MINING BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

hen it comes to opportunities in the junior space that tick all the boxes for mineral development, there aren’t many that can match Arizona Mining (TSX: AZ) and its emerging Taylor zinc-lead-silver deposit, 80 km southeast of Tucson, Ariz. The company boasts an accomplished management team and strong financial backing, and it ran a promising drill campaign last year that shows potential for a great mining opportunity, driven by high grades and a clear permitting path. Arizona Mining is the brainchild of chairman — and well-known corporate finance figure — Richard Warke, who founded Augusta Resource and Ventana Gold. The company previously operated under the Wildcat Silver banner before shifting its identify in mid-2015 to signal a focus on the Taylor discovery, which is part of the 140 sq. km Hermosa project. Arizona had previously advanced the Central manto-style, oxide deposit at Hermosa and outlined an open-pit prefeasibility study for the project in 2013, based on proven and probable reserves of nearly 60 million tonnes grading 68 grams silver per tonne and 8.3% manganese. “Our focus had really been on the oxides and working on that study to get it up and running. We recognized for quite some time, however, that we had some intersections of nice sulphide mineralization down-dip,” chief operating officer Donald Taylor said during an interview. “This is a perfect geological story in terms of zonation for these types of deposits. It was really just a matter of getting ourselves oriented and proceeding with the drilling as we move towards what is likely an intrusive source. It definitely looks like we’ve found the right location because we’ve had some wonderful drill intercepts.” he added. To solve the “geological puzzle” that would lead to the Taylor discovery, Arizona compiled a wealth of historic data — areas of Hermosa were previously explored by the American Smelting and Refining Co. (Asarco) — and combined it with an airborne versatile time domain electromagnetic survey in 2011. Once the magnetics led to drilling in a different location, the richness of Taylor’s grades started to emerge. Arizona punched 25 holes over nearly 20,000 metres before releasing an updated resource on the deposit in early 2016. Taylor now hosts 39 million tonnes of 4.5% zinc, 4.5% lead and 0.1% copper, for an 11% zinc-equivalent grade. The discovery drew the attention of new president and CEO James

Feb 22 Pgs 1 2 3 4 5 7 8 9 14.indd 9

Drillers working at Arizona Mining’s Taylor zinc-lead-silver deposit, 80 km southeast of Tucson. ARIZONA MINING

Gowans, who served as president and CEO of De Beers Canada, and recently as co-president at Barrick Gold (TSX: ABX; NYSE: ABX). Gowans’ mining history includes metallurgical and engineering work on some of Canada’s most prolific zinc-lead mines, however, and he sees a chance for another development at Taylor. “I was retiring from Barrick and moving back to the Vancouver area when I got a call from Richard about the project opportunity, and leadzinc deposits are sort of like coming home for me,” Gowans said. “I was involved in the development of the Polaris and Red Dog mines with Teck Cominco back in the day, so I went down to Arizona to look at the property and go through some drill core. That’s when I decided to postpone my retirement, because I figured it looked like a great opportunity to build my seventh mine.” Another thing at Taylor that excites Gowans is relatively simple metallurgy. Arizona released test results in early January that indicate overall recoveries of 92.9% lead, 85.5% zinc and 91% silver using standard froth flotation processing techniques. The project also appears to have no penalty credits, which would mean a clean concentrate. The question for Arizona now is expansion potential. The company is confident that Taylor’s resource hosts the tonnes and grade to sup-

“I POSTPONED MY RETIREMENT BECAUSE I FIGURED IT LOOKED LIKE A GREAT OPPORTUNITY TO BUILD MY SEVENTH MINE.” JAMES GOWANS PRESIDENT AND CEO ARIZONA MINING

port a 12-year operation, but the true continuity and breadth of the deposit have yet to be established. On Jan. 26 the company acquired 1.2 sq. km of patented mining claims next to Taylor that hosted Asarco’s past-producing Trench Camp mine. The property was part of a US$1.8-billion environmental bankruptcy case in 2009, and Arizona acquired the claims in return for building a passivewater treatment system for US$1.9 million. The company also posted two bonds totalling US$1.97 million, with Warke loaning the $4 million needed to close the deal. “Trench was really one of the more unique situations I’ve dealt with in this business. It was a historically owned Asarco property with an operation focused on a high-grade, lead-silver vein up in the volcanics,”

Taylor said. “What made it so difficult for us was that when it went through the bankruptcy, they didn’t transfer all the properties to the state trust.” Asarco completed drilling at Trench in the 1970s in search of porphyry copper, and the results indicate the same carbonate stratigraphy at Taylor. Since the two targets are located on patented mining claims, which is the same as owning the surface and mineral rights, Arizona can proceed with a drill program at Trench right away. “We believe we’ll connect the two, and we now have around twice as much untested strike length as we have already tested on the patented claims,” Taylor said. “We’re also working to permit for a drill program on the unpatented claims that give us even greater expansion potential. The real goal of this drilling will be to outline the limits of the deposit.” The company is sizing up the structure and quantity of prospective financing packages, but it is aiming for a widely spaced, 40-hole program over the Trench claim blocks this year. Depending on the amount of capital raised — and the drilling results — Arizona could release a preliminary economic assessment on an underground mine by late 2016. “The strategy is to drill across Trench in a program to establish continuity and get an idea of the

breadth of the Taylor deposit,” Gowans said. “The question then becomes where to do infill drilling to maximize the net present value of the resource, because there are impressive sections in our core in terms of grades, and a lot of strike distance to work with here.” The other upside from the Trench deal is regulatory. Acquiring more patented claims means the company could keep its mine infrastructure on private land, and only require state permits for an underground operation. Arizona Mining shares have traded within a 52-week range of 26¢ to 43¢, and closed at 38¢ per share at press time. The company has 162 million shares outstanding for a $58.5-million market capitalization, with management and insiders holding a 32% equity stake. The company raised $2.7 million in early November via a $700,000 private placement, and another $2 million loan from Warke. Arizona issued 2 million units priced a 35¢ per unit, which each consisting of a share and a warrant exercisable at 45¢ for five years. Insiders subscribed for 1.3 million units. “The other opportunity we have in our back pocket are suspect-looking signatures in the magnetics that we believe may represent buried copper-porphyry intrusions, Taylor said. “We’ve put plans for drilling in our permit applications to test those outside targets.” TNM

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S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 8â&#x20AC;&#x201C;12, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 489 0.05 0.00 0.04 - 0.01 0.06 0.03 Abacus Mng &Ex V 2758 0.05 0.04 0.05 + 0.01 0.09 0.04 Abcourt Mines* O 119 0.05 0.04 0.05 + 0.01 0.05 0.02 0.06 + 0.01 0.07 0.03 Abcourt Mines V 1382 0.06 0.05 ABE Res V 179 0.03 0.02 0.03 + 0.01 0.08 0.02 O 9 0.04 0.04 0.04 - 0.00 100.52 0.03 Aben Res* Aberdeen Intl* O 13 0.08 0.07 0.08 + 0.00 0.13 0.07 Aberdeen Intl T 383 0.12 0.10 0.11 - 0.01 0.17 0.10 3.40 + 0.12 5.10 1.53 Abitibi Royalt V 142 3.85 3.30 ABT Holdings* O 106 0.47 0.27 0.34 - 0.07 1.61 0.05 0.03 + 0.01 0.18 0.02 Active Growth V 64 0.03 0.03 Adamera Mnls* O 100 0.02 0.02 0.02 + 0.01 0.04 0.01 Adex Mining V 36 0.01 0.00 0.01 + 0.01 0.02 0.01 V 38 0.22 0.15 0.17 + 0.04 0.22 0.06 Adventure Gold African Metals V 20 0.06 0.06 0.06 - 0.01 0.11 0.02 African Queen V 190 0.03 0.02 0.03 + 0.01 0.03 0.01 Agave Silver* O 3 0.01 0.01 0.01 + 0.00 0.03 0.01 Agave Silver V 32 0.02 0.02 0.02 + 0.01 0.04 0.01 Agnico Eagle T 7230 51.04 44.22 49.40 + 2.85 51.04 27.63 35.64 + 2.13 36.53 21.00 Agnico Eagle* N 23587 36.53 31.84 Agrium T 1891 119.46 110.89 114.37 - 5.47 146.51 110.89 Agrium* N 7102 85.85 79.94 82.53 - 3.63 116.81 79.94 Aguila Amer Gd* O 11 0.04 0.04 0.04 + 0.00 0.06 0.04 Aguila Amer Gd V 449 0.05 0.00 0.05 + 0.01 0.11 0.03 0.08 - 0.02 0.23 0.08 Aida Minerals 9 0.10 0.08 Aim Explor* O 37012 0.01 0.00 0.00 - 0.01 1.19 0.00 Alabama Graph* O 585 0.11 0.08 0.09 - 0.03 0.27 0.08 Alabama Graph V 5506 0.15 0.11 0.11 - 0.04 0.35 0.11 Alacer Gold T 6486 2.74 2.37 2.70 + 0.19 3.23 2.08 6.04 + 0.60 9.00 3.27 Alamos Gold T 10062 6.19 5.03 Alamos Gold* N 10107 4.45 3.62 4.36 + 0.43 7.54 2.27 Alaska Pac Egy* O 1 0.10 0.00 0.10 + 0.09 0.25 0.00 Alcoa* N 151865 8.42 7.11 7.69 - 0.43 16.07 6.14 Alderon Iron T 112 0.10 0.08 0.09 + 0.01 0.35 0.07 0.06 + 0.00 0.28 0.05 Alderon Iron* O 13 0.06 0.00 Aldridge Mnrls V 180 0.14 0.13 0.14 + 0.01 0.21 0.12 Alexander Nubi V 11 0.06 0.06 0.06 + 0.01 0.20 0.04 Alexandria Min* O 392 0.02 0.01 0.02 + 0.01 0.05 0.01 Alexandria Min V 2272 0.03 0.02 0.03 + 0.01 0.06 0.02 0.67 + 0.21 0.67 0.22 Alexco Res* X 2080 0.67 0.47 Alexco Res T 714 0.94 0.63 0.91 + 0.27 0.84 0.34 Algold Res V 274 0.10 0.07 0.08 - 0.01 0.35 0.07 Alianza Min* O 38 0.10 0.10 0.10 - 0.00 0.24 0.07 Alianza Min V 55 0.14 0.14 0.14 + 0.01 0.35 0.10 V 1354 0.06 0.04 0.04 - 0.01 0.09 0.03 Alix Res Alix Res* O 13 0.04 0.03 0.03 - 0.01 0.07 0.03 Alliance Mng V 375 0.01 0.01 0.01 + 0.01 0.05 0.01 Alliance Res* D 2811 13.31 10.12 10.81 - 2.56 40.68 10.02 Alloycorp Mng V 635 0.01 0.01 0.01 - 0.01 0.06 0.01 X 735 0.71 0.60 0.68 + 0.03 1.13 0.48 Almaden Mnls* Almaden Mnls T 131 0.98 0.83 0.93 + 0.03 1.39 0.65 Almo Capital V 13 0.06 0.06 0.06 - 0.03 0.14 0.06 0.25 + 0.01 0.86 0.21 Almonty Ind V 329 0.28 0.21 Alpha Nat Res* O 1711 0.02 0.01 0.02 + 0.00 1.48 0.01 0.16 + 0.01 0.32 0.11 Alphamin Res V 40 0.16 0.16 ALQ Gold V 75 0.04 0.03 0.04 - 0.02 0.06 0.03 Alta Vista Vnt* O 21 0.11 0.09 0.09 - 0.00 0.14 0.01 253 0.16 0.13 0.15 - 0.02 0.25 0.01 Alta Vista Vnt Alternative ER* O 57 0.04 0.03 0.03 - 0.01 0.07 0.02 0.02 - 0.01 0.06 0.02 Altiplano Mnls V 250 0.03 0.02 Altitude Res V 67 0.09 0.05 0.09 + 0.04 0.21 0.02 Altius Mnrls T 274 9.20 7.55 7.68 - 1.42 15.47 7.39 0.03 + 0.01 0.09 0.02 Alto Vent V 9 0.03 0.02 Alumina Inc* O 77 3.20 3.00 3.13 - 0.07 5.99 2.70 0.06 - 0.01 0.24 0.06 ALX Uranium V 230 0.07 0.06 Am Creek Res V 516 0.05 0.04 0.05 + 0.01 0.10 0.03 Am CuMo Mng V 160 0.09 0.08 0.09 - 0.01 0.15 0.04 0.12 + 0.05 0.30 0.07 AM Gold V 45 0.12 0.00 Am Manganese V 220 0.03 0.02 0.03 + 0.01 0.05 0.01 O 452 0.00 0.00 0.00 - 0.00 0.03 0.00 Amalgamated Gd* Amarc Res V 326 0.06 0.05 0.06 - 0.01 0.18 0.04 Amarillo Gold V 496 0.19 0.07 0.19 + 0.12 0.19 0.04 0.33 + 0.03 2.80 0.29 Amazing OG* O 9 0.33 0.30 American Pot* O 2 0.04 0.04 0.04 + 0.02 0.47 0.03 V 599 0.19 0.16 0.18 + 0.01 0.33 0.15 Americas Petro Americas Silvr T 5672 0.15 0.09 0.13 + 0.02 0.15 0.09 Americas Silvr* O 321 0.11 0.06 0.11 + 0.04 0.23 0.04 0.14 - 0.02 0.45 0.10 Amerigo Res T 434 0.20 0.12 Amerigo Res* O 153 0.11 0.09 0.09 - 0.02 0.37 0.07 T 1786 0.07 0.06 0.06 + 0.01 0.07 0.04 Anaconda Mng Andes Gold* O 254 0.03 0.01 0.01 - 0.00 1.00 0.01 Anfield Nickel V 38 0.77 0.00 0.77 + 0.03 0.96 0.52 0.06 + 0.01 0.26 0.05 Anfield Res V 630 0.07 0.05 Angel Gold V 351 0.08 0.04 0.07 + 0.03 0.10 0.01 0.05 + 0.02 0.09 0.01 Angel Gold* O 24 0.06 0.04 Angkor Gold V 83 0.48 0.45 0.46 - 0.01 0.64 0.38 Anglo American* O 1104 2.77 2.29 2.77 + 0.13 3.93 1.57 32 5.48 0.00 4.96 - 0.16 18.89 3.13 Anglo American* O Anglo-Bomarc V 60 0.15 0.13 0.15 + 0.02 0.30 0.02 O 1 11.32 10.15 11.32 + 1.17 11.75 6.45 AngloGold Ash* AngloGold Ash* N 34318 11.75 9.94 11.70 + 0.97 12.44 5.64 Anthem United V 18 0.21 0.00 0.21 + 0.01 0.47 0.17 O 6 0.07 0.06 0.06 - 0.02 0.07 0.01 Antioquia Gold* Antioquia Gold V 39 0.10 0.10 0.10 + 0.01 0.10 0.02 V 43 0.01 0.01 0.01 - 0.01 0.04 0.01 Antipodes Gold Antofagasta* O 63 6.11 0.00 5.56 + 0.30 12.30 5.24 Apogee Silver V 44 0.16 0.14 0.15 - 0.01 0.65 0.14 Apogee Silver* O 8 0.11 0.00 0.11 - 0.01 0.45 0.11 Applied Mrnls* O 39 0.23 0.21 0.22 - 0.03 0.75 0.16 Aquila Res T 175 0.16 0.14 0.15 + 0.02 0.24 0.12 0.11 + 0.01 0.19 0.09 Aquila Res* O 140 0.11 0.09 Arch Coal* O 1189 0.71 0.38 0.47 - 0.24 14.30 0.11 Arco Res V 13 0.04 0.00 0.03 - 0.01 0.09 0.03 Arctic Star V 1801 0.03 0.02 0.02 - 0.01 0.07 0.01 Arena Mnls V 518 0.25 0.20 0.25 + 0.02 0.29 0.11 Argentex Mng V 381 0.05 0.04 0.05 + 0.01 0.08 0.02 Argentex Mng* O 166 0.04 0.03 0.04 + 0.00 0.05 0.01 Argex Titanium* O 24 0.03 0.02 0.02 - 0.01 0.49 0.01 Argex Titanium T 3315 0.05 0.03 0.04 - 0.01 0.60 0.03 Argonaut Gold T 6877 1.42 1.19 1.36 + 0.20 2.25 0.78 Argonaut Gold* O 405 1.01 0.85 0.99 + 0.17 1.77 0.53 Arian Silver* O 104 0.08 0.00 0.05 + 0.02 0.51 0.00 Arianne Phosph V 241 0.84 0.76 0.80 - 0.03 1.00 0.69 Arianne Phosph* O 88 0.60 0.54 0.57 - 0.03 0.80 0.52 Asanko Gold* X 1486 1.86 1.61 1.80 + 0.12 1.96 1.25 Asanko Gold T 4236 2.62 2.22 2.53 + 0.18 2.62 1.59 Asante Gold 130 0.12 0.10 0.12 + 0.02 0.15 0.08 Ascot Res V 283 1.19 0.99 1.10 + 0.14 2.00 0.80 AsiaBaseMetals V 15 0.04 0.04 0.04 - 0.01 0.14 0.04 Asian Minl Res V 200 0.03 0.03 0.03 + 0.01 0.08 0.02 0.23 + 0.04 0.32 0.08 Aston Bay V 132 0.24 0.00 ATAC Res V 1625 0.58 0.40 0.52 + 0.12 0.64 0.26 Atacama Pac Gd* O 10 0.25 0.15 0.25 + 0.15 0.25 0.09 Atacama Pac Gd V 741 0.40 0.21 0.36 + 0.16 0.40 0.14 Atalaya Mg plc T 7 1.79 1.76 1.76 - 0.14 3.45 1.20 Athabasca Mnls* O 16 0.15 0.12 0.12 - 0.04 0.95 0.12 Athabasca Mnls V 870 0.20 0.15 0.20 - 0.01 1.21 0.15 Atico Mng* O 87 0.24 0.20 0.24 + 0.05 0.51 0.12 Atico Mng V 157 0.35 0.25 0.33 + 0.06 0.65 0.16 Atna Res Ltd* O 76 0.02 0.00 0.00 - 0.00 0.10 0.00 Atom Energy V 23 0.06 0.00 0.06 + 0.01 0.15 0.03 Aura Mnls T 192 0.10 0.09 0.09 + 0.01 0.12 0.06 Aurcana Corp* O 200 0.14 0.10 0.13 + 0.03 0.25 0.07 Aurcana Corp V 768 0.19 0.14 0.18 + 0.05 0.32 0.09 AurCrest Gold V 527 0.02 0.00 0.02 + 0.01 0.04 0.01 Aureus Mng T 696 0.11 0.05 0.08 + 0.02 0.83 0.05 AuRico Metals T 1946 0.70 0.61 0.62 - 0.03 0.90 0.47 Aurion Res V 557 0.11 0.07 0.11 + 0.03 0.11 0.03 Aurvista Gold* O 60 0.02 0.02 0.02 - 0.00 0.07 0.02 Auryn Res V 401 1.45 1.20 1.25 - 0.04 1.65 0.94 Auryn Res* O 11 0.95 0.00 0.93 + 0.02 1.29 0.70 Avala Res V 318 0.05 0.04 0.04 - 0.01 0.08 0.03 Avala Res* O 50 0.03 0.03 0.03 - 0.00 0.06 0.02 Avalon Rare Mt* O 194 0.08 0.07 0.07 + 0.00 0.40 0.07 Avenira Ltd T 11 0.10 0.09 0.10 + 0.01 0.13 0.07 Avino Silver* X 748 1.09 0.90 1.09 + 0.20 1.69 0.71 Avino Silver V 181 1.54 1.25 1.51 + 0.28 2.09 1.03 Avnel Gold T 296 0.26 0.21 0.25 + 0.02 0.31 0.18 Axmin Inc V 155 0.02 0.01 0.01 - 0.01 0.03 0.01 0.34 - 0.05 0.52 0.22 AZ Mining T 442 0.41 0.33 Azarga Uranium T 114 0.30 0.26 0.27 - 0.03 0.43 0.24 Azarga Uranium* O 2 0.21 0.20 0.20 - 0.02 0.31 0.18 Azimut Expl V 26 0.13 0.11 0.13 + 0.02 0.25 0.10 Azincourt Uran V 8 0.07 0.00 0.05 - 0.02 0.24 0.04 Azincourt Uran* O 20 0.05 0.03 0.05 + 0.02 0.05 0.02 Azteca Gold* O 1302 0.00 0.00 0.00 + 0.00 0.00 0.00

B B2Gold* X 10433 B2Gold T 71370 Bacanora Mnls V 39 Baja Mng* O 1793 Baja Mng V 1945 Balmoral Res* O 449 Balmoral Res T 2072 Banro T 3143 Banro* X 10384 Banyan Gold V 346

Feb 22 Pgs 10 11.indd 10

1.04 0.85 1.04 + 0.20 1.79 0.60 1.43 1.18 1.42 + 0.25 2.21 0.86 1.70 1.45 1.50 - 0.15 2.05 1.00 0.02 0.01 0.02 + 0.01 0.04 0.00 0.02 0.02 0.02 + 0.01 0.05 0.01 0.38 0.28 0.37 + 0.07 0.98 0.23 0.52 0.39 0.51 + 0.10 1.25 0.33 0.31 0.24 0.29 + 0.02 0.47 0.18 0.22 0.17 0.21 + 0.02 0.40 0.14 0.04 0.03 0.03 - 0.01 0.10 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barisan Gold V 330 Barkerville Go* O 191 Barkerville Go V 2603 Barksdale Cap V 1 V 557 Baroyeca Go&Si Barrick Gold T 43631 Barrick Gold* N 151800 Barsele Min V 209 Batero Gold V 653 525 Battle Mtn Gld V 111 Battle Mtn Gld* O Bayhorse Silvr V 251 Bayswater Uran* O 2 BC Moly V 21 V 883 BCGold 960 Bear Creek Mng V Beaufield Res V 396 Bell Copper* O 8 Bellhaven Cp&G V 82 Bellhaven Cp&G* O 41 Belmont Res V 481 Belo Sun Mng T 2148 Benton Cap V 41 Benton Res V 68 BHK Mining V 100 Bird River Res 16 Bitterroot Res* O 4 Bitterroot Res V 27 Black Hills* N 6116 Black Iron T 763 Blackheath Res V 175 BLOX Inc* O 979 Blue Rvr Res V 459 Bold Vent V 201 BonTerra Res V 1136 BonTerra Res* O 47 Borneo Res Inv* O 4965 Bowmore Expl V 49 Bravada Gold V 361 Bravada Gold* O 140 Braveheart Res V 121 Brionor Res V 424 Britannia Mng* O 298 Brixton Mtls V 117 Brixton Mtls* O 15 Brunswick Res V 188 Buenaventura* N 12420 Buffalo Coal V 303 Bullfrog Gold* O 1154 Burnstone Vent V 905

0.02 0.02 0.02 + 0.01 0.09 0.02 0.26 0.21 0.25 + 0.04 0.26 0.15 0.35 0.29 0.35 + 0.04 0.35 0.20 0.01 0.00 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 17.69 14.71 16.95 + 0.76 17.69 7.89 12.66 10.57 12.25 + 0.61 13.70 5.91 0.16 0.09 0.16 + 0.07 0.20 0.08 0.07 0.06 0.06 + 0.01 0.11 0.05 0.17 0.12 0.15 - 0.01 0.22 0.09 0.11 0.11 0.11 - 0.01 0.16 0.06 0.08 0.06 0.08 + 0.02 0.13 0.05 0.01 0.00 0.00 - 0.00 0.04 0.00 0.05 0.05 0.05 + 0.01 0.23 0.04 0.02 0.00 0.01 - 0.01 0.03 0.01 0.81 0.66 0.78 + 0.14 1.53 0.50 0.05 0.04 0.05 + 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.04 0.00 0.07 0.00 0.07 - 0.01 0.45 0.03 0.05 0.03 0.05 + 0.01 0.40 0.02 0.03 0.03 0.03 + 0.01 0.09 0.02 0.37 0.29 0.37 + 0.08 0.35 0.15 0.02 0.00 0.02 - 0.01 0.03 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 0.09 0.04 0.09 + 0.05 0.15 0.03 0.06 0.06 0.06 + 0.03 0.08 0.02 0.02 0.02 0.02 + 0.00 0.05 0.02 0.04 0.04 0.04 + 0.01 0.10 0.03 54.59 48.19 54.43 + 3.58 54.59 36.81 0.05 0.04 0.05 + 0.01 0.05 0.02 0.15 0.12 0.13 - 0.02 0.30 0.08 0.01 0.01 0.01 + 0.00 0.25 0.01 0.05 0.04 0.05 + 0.01 0.05 0.03 0.03 0.02 0.03 + 0.01 0.06 0.02 0.22 0.21 0.22 + 0.01 0.43 0.09 0.16 0.16 0.16 + 0.00 0.34 0.08 0.00 0.00 0.00 + 0.00 0.16 0.00 0.07 0.00 0.07 + 0.02 0.11 0.03 0.07 0.04 0.06 + 0.02 0.07 0.02 0.05 0.04 0.05 + 0.02 0.05 0.01 0.04 0.04 0.04 + 0.01 0.08 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.01 0.00 0.01 - 0.00 0.01 0.00 0.12 0.09 0.12 + 0.03 0.18 0.05 0.09 0.07 0.09 + 0.03 0.14 0.03 0.02 0.01 0.02 + 0.01 0.03 0.01 5.56 4.29 5.49 + 0.63 12.51 3.30 0.03 0.02 0.02 - 0.01 0.10 0.02 0.03 0.01 0.03 + 0.01 0.03 0.01 0.01 0.00 0.01 + 0.01 0.04 0.01

Cache Expl V 73 Cadan Res V 19 Caledonia Mng* Q 163 Caledonia Mng T 138 Calibre Mng V 1942 Calico Res* O 3 Calico Res V 149 California Gld* O 94 Callinex Mines V 220 Callinex Mines* O 129 Cameco Corp* N 10428 Cameco Corp T 7138 Cameo Res V 947 Camino Mnls* O 34 Can-Cal Res* O 161 CanAlaska Uran* O 116 Canamex Res V 2388 Canamex Res* O 597 Canarc Res T 570 Canarc Res* Q 533 Canasil Res V 1208 Cancana Res V 284 Candente Coppr T 280 Candente Gold* O 14 Candente Gold V 468 Canex Energy V 242 CaNickel Mng V 27 Canoe Mng Vent V 38 Canstar Res V 272 Canyon Gold* O 24 Capstone Mng T 3063 Cardero Res T 140 Cardero Res* O 89 Cariboo Rose V 612 Caribou King V 141 Carmax Mng V 240 Carpathian Gld* O 529 Carpathian Gld 7562 Cartier Res V 477 Carube Copper V 75 Casablanca Mng* O 30 Cassidy Gold V 624 Castle Mtn Mng V 1629 Castle Res 31 Catalyst Coppr V 523 Caza Gold V 225 Caza Gold* O 1010 CB Gold V 164 Cda Carbon V 375 Cda Carbon* O 12 Cda Rare Earth V 72 Cda Strtgc Met * O 16 Cda Zinc Mtls V 90 Cdn Intl Mnrls V 129 Cdn Zinc T 1180 Cdn Zinc* Q 712 Centamin T 296 Centaurus Diam* O 141 Centenera Mng V 161 Centerra Gold T 5845 Centurion Mnls V 32 Chalice Gold M T 48 Champion Iron T 141 Chesapeake Gld* O 99 Chesapeake Gld V 130 Chevron* N 65004 Chiboug Ind Mn V 9 Chieftain Mtls V 303 Chimata Gold V 253 China Gold Int T 1206 China Mnls Mng* O 17 Cibolan Gold* O 87 Claude Res T 6338 Claude Res* O 1428 Clifton Mng* O 53 Clifton Star V 4492 Clifton Star* O 783 Cloud Peak En* N 7166 CMC Metals* O 60 CMC Metals V 3160 Coeur Mng* N 24353 Colibri Res* O 5 Colibri Res V 25 Colombian Mins V 315 Colorado Res* O 44 Colorado Res V 148 Colt Res V 117 Columbus Gold* O 177 T 408 Columbus Gold Commander Res V 261 Commerce Res V 191 Commerce Res* O 235 Comstock Mng* X 1521 V 66 Comstock Mtls Confedertn Mls* O 101 Confedertn Mls V 628 Cons Woodjam V 545 CONSOL Energy* N 49544 Constant Mtl V 1730 Contintl Gold* O 324 Contintl Gold T 2494 Contintl Prec* O 2 Copper Fox Mtl* O 28 Copper Mtn Mng* O 36 Copper Mtn Mng T 721 Copper North M V 3687 Copper One V 28 Copperbank Res* O 35 Copperbank Res 403 Coral Gold V 567 Corazon Gold* O 1 Cordoba Mnls V 558 Cornerstone Ca* O 25 Cornerstone Ca V 699 Cornerstone Mt V 603 Corsa Coal V 35 Corvus Gold T 259 Corvus Gold* O 82

0.09 0.08 0.08 - 0.01 0.16 0.05 0.05 0.00 0.05 - 0.01 0.09 0.03 0.69 0.62 0.66 + 0.01 0.83 0.48 0.95 0.86 0.88 + 0.01 1.06 0.66 0.10 0.07 0.09 + 0.02 0.18 0.06 0.07 0.07 0.07 + 0.00 0.14 0.05 0.09 0.07 0.07 + 0.01 0.17 0.06 0.04 0.03 0.04 + 0.01 0.10 0.02 0.32 0.28 0.32 + 0.02 0.40 0.17 0.23 0.20 0.23 + 0.02 0.32 0.13 11.74 10.41 11.43 - 0.91 17.77 10.31 16.37 14.56 15.85 - 1.31 21.44 14.56 0.07 0.04 0.06 - 0.01 0.10 0.02 0.07 0.00 0.07 + 0.00 0.17 0.05 0.04 0.03 0.03 - 0.01 0.07 0.03 0.12 0.09 0.10 + 0.00 0.23 0.06 0.05 0.03 0.05 + 0.02 0.15 0.03 0.03 0.03 0.03 + 0.00 0.12 0.02 0.10 0.09 0.10 + 0.01 0.15 0.03 0.07 0.06 0.07 + 0.01 0.08 0.02 0.19 0.15 0.18 + 0.02 0.20 0.03 0.18 0.16 0.16 - 0.02 0.32 0.13 0.04 0.03 0.04 + 0.01 0.13 0.03 0.02 0.00 0.02 + 0.01 0.03 0.00 0.03 0.02 0.03 + 0.01 0.06 0.01 0.02 0.02 0.02 - 0.01 0.24 0.02 0.04 0.00 0.03 + 0.01 0.20 0.03 0.03 0.02 0.02 - 0.01 0.10 0.02 0.05 0.00 0.04 + 0.01 0.10 0.03 0.34 0.25 0.25 - 0.09 0.54 0.02 0.37 0.32 0.34 - 0.03 1.71 0.27 0.09 0.00 0.08 - 0.01 0.40 0.08 0.08 0.00 0.05 - 0.01 0.15 0.05 0.03 0.03 0.03 + 0.01 0.07 0.03 0.09 0.07 0.07 - 0.01 0.22 0.06 0.03 0.02 0.03 + 0.01 0.06 0.02 0.02 0.01 0.02 - 0.00 0.03 0.00 0.03 0.02 0.03 + 0.01 0.03 0.01 0.07 0.06 0.07 + 0.01 0.13 0.04 0.07 0.00 0.07 - 0.01 0.21 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.02 0.02 0.02 + 0.01 0.05 0.01 0.31 0.24 0.29 + 0.03 0.58 0.18 0.02 0.00 0.02 - 0.01 0.15 0.02 0.15 0.10 0.15 + 0.04 0.29 0.10 0.03 0.00 0.03 + 0.01 0.09 0.02 0.02 0.01 0.02 + 0.00 0.04 0.01 0.07 0.05 0.07 + 0.03 0.11 0.03 0.31 0.29 0.31 + 0.01 0.36 0.20 0.22 0.21 0.21 - 0.01 0.25 0.17 0.03 0.02 0.02 + 0.01 0.04 0.02 0.02 0.02 0.02 - 0.00 0.08 0.01 0.13 0.12 0.13 + 0.01 0.33 0.10 0.04 0.03 0.03 - 0.01 0.06 0.01 0.11 0.09 0.10 + 0.01 0.24 0.06 0.08 0.06 0.07 + 0.01 0.19 0.04 1.62 1.47 1.62 + 0.18 1.62 0.96 0.22 0.17 0.22 + 0.03 0.25 0.01 0.08 0.07 0.08 - 0.03 0.14 0.02 7.31 6.10 6.94 - 0.12 8.67 5.05 0.16 0.12 0.12 - 0.04 0.40 0.04 0.12 0.11 0.11 + 0.01 0.15 0.09 0.16 0.15 0.15 - 0.01 0.23 0.07 1.70 1.42 1.65 + 0.15 1.96 1.05 2.40 1.99 2.39 + 0.34 2.59 1.39 86.70 80.64 85.43 + 2.55 112.93 69.58 0.03 0.02 0.03 + 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.19 0.03 0.05 0.03 0.03 - 0.01 0.19 0.01 2.29 1.91 2.29 + 0.27 2.58 1.30 0.01 0.01 0.01 - 0.00 0.01 0.00 0.10 0.05 0.05 + 0.01 0.19 0.03 1.19 1.01 1.16 + 0.17 1.19 0.36 0.85 0.72 0.82 + 0.11 0.85 0.29 0.14 0.13 0.14 + 0.02 0.23 0.05 0.38 0.19 0.37 + 0.21 0.38 0.09 0.28 0.13 0.27 + 0.15 0.28 0.06 1.95 1.35 1.45 - 0.15 8.69 1.08 0.02 0.01 0.02 - 0.10 0.40 0.06 0.10 0.01 0.09 - 0.02 0.53 0.05 3.35 2.26 3.33 + 0.78 7.45 1.62 0.06 0.04 0.06 + 0.02 0.06 0.02 0.09 0.00 0.09 + 0.01 0.15 0.02 0.05 0.04 0.05 + 0.01 0.13 0.02 0.05 0.04 0.05 + 0.00 0.13 0.02 0.07 0.06 0.07 + 0.01 0.16 0.05 0.13 0.10 0.11 - 0.01 0.30 0.10 0.30 0.25 0.29 + 0.03 0.38 0.23 0.43 0.36 0.40 + 0.04 0.48 0.31 0.04 0.03 0.04 + 0.01 0.04 0.01 0.08 0.06 0.07 + 0.01 0.18 0.06 0.06 0.05 0.06 + 0.01 0.15 0.04 0.58 0.45 0.48 - 0.01 0.87 0.35 0.03 0.00 0.03 + 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.05 0.01 0.03 0.03 0.03 + 0.01 0.07 0.02 0.03 0.02 0.03 + 0.01 0.09 0.02 9.12 6.72 7.79 - 1.31 34.56 4.54 0.08 0.05 0.05 - 0.02 0.17 0.05 1.37 0.97 1.12 - 0.16 2.65 0.88 1.95 1.35 1.53 - 0.21 3.28 1.28 0.24 0.21 0.21 - 0.03 0.48 0.18 0.10 0.08 0.08 + 0.00 0.30 0.08 0.30 0.29 0.30 + 0.01 1.42 0.23 0.46 0.40 0.44 - 0.01 1.73 0.33 0.02 0.02 0.02 - 0.01 0.09 0.02 0.04 0.04 0.04 - 0.02 0.20 0.03 0.03 0.03 0.03 + 0.00 0.06 0.02 0.04 0.03 0.03 - 0.01 0.08 0.03 0.08 0.05 0.07 + 0.01 0.18 0.05 0.12 0.12 0.12 - 0.05 0.23 0.12 0.17 0.14 0.16 + 0.01 0.25 0.09 0.02 0.01 0.02 + 0.01 0.09 0.01 0.03 0.02 0.02 - 0.01 0.10 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.00 0.03 - 0.01 0.17 0.02 0.72 0.57 0.69 - 0.02 1.05 0.33 0.52 0.41 0.50 + 0.01 0.81 0.25

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Crazy Horse Res V 2052 Critical Elem V 932 Critical Elem* O 147 Crystal Explor V 335 41 Crystal Pk Min* O 21 Currie Rose Rs V Cypress Dev V 50 Cypress Dev* O 50 Cyprium Mng V 611

0.02 0.01 0.01 + 0.01 0.03 0.01 0.16 0.14 0.15 - 0.01 0.30 0.14 0.13 0.10 0.12 - 0.01 0.23 0.10 0.12 0.09 0.10 - 0.02 0.14 0.05 0.14 0.14 0.14 + 0.00 0.33 0.10 0.01 0.00 0.01 - 0.01 0.02 0.01 0.06 0.05 0.05 - 0.01 0.14 0.02 0.05 0.04 0.04 - 0.00 0.09 0.01 0.08 0.06 0.07 - 0.01 0.20 0.06

Dajin Res* O 1061 Dakota Ter Res* O 341 Dalradian Res* O 352 Dalradian Res T 2999 Danakali* O 38 Darnley Bay V 156 Decade Res V 2423 Defiance Silvr* O 254 Defiance Silvr V 597 X 2096 Denison Mines* Denison Mines T 2378 Desert Star V 760 Detour Gold T 10127 Diamante Min* O 26 Diamcor Mng V 16 Diamond Disc* O 24 Dios Expl V 149 Discovery Vent V 1454 DNI Metals* O 2 DNI Metals 99 Dolly Vard Sil* O 61 166 Dolly Vard Sil V Dominion Diam T 1172 Dominion Diam* N 2058 Double Crn Res* O 4530 Doubleview Cap V 322 DRDGOLD* N 3025 Dundee Prec Mt T 2307 Dunnedin Vent V 28 Duran Vent V 312 Dynacor Gld Mn T 334 Dynasty Gold V 1722 Dynasty Met&Mn* O 165 Dynasty Met&Mn T 1989 Eagle Plains V 496 East Africa V 234 Eastern Platin T 96 Eastmain Res T 972 Eco Oro Mnls T 253 O 98 Edgewater Expl* Elcora Res V 334 N 33971 Eldorado Gold* Eldorado Gold T 20799 Electra Stone V 428 Eloro Mnrls V 26 Ely Gold & Mnl V 186 Ely Gold & Mnl* O 94 Elysee Dev V 92 Emgold Mng V 12 Emgold Mng* O 21 Encanto Potash* O 48 Endeavour Mng* O 72 Endeavour Mng T 1750 Endeavr Silver T 1058 N 7933 Endeavr Silver* Energizer Res T 734 Energizer Res* O 196 Energy Fuels T 257 Energy Fuels* X 670 Ensurge* O 79 Entourage Mtls V 298 Entree Gold T 1025 Entree Gold* X 880 Equitas Res V 1504 T 13 Era Res Inc Erdene Res Dev T 284 Erdene Res Dev* O 103 Erin Ventures V 258 Eros Res Corp V 115 115 Eros Res Corp V Eskay Mng V 109 Ethos Gold* O 63 Ethos Gold V 203 Eurasian Mnls V 57 X 163 Eurasian Mnls* Eureka Res V 152 EurOmax Res V 167 O 1950 European Metal* Europn Uran Rs* O 18 Everton Res V 992 Everton Res* O 421 Evolving Gold 7 Evolving Gold* O 20 Evrim Res V 67 Excellon Res T 605 Excellon Res* O 105 Excelsior Mng* O 263 Exeter Res* X 725 Exeter Res T 277 Explor Res* O 533 Explor Res V 5235 Explorex Res 9 Falco Res V 2582 Far Res 200 Firebird Res V 977 Firma Holdings* O 38 First Liberty* O 1131 First Majestic* N 16645 First Majestic T 4151 First Mexican V 820 First Mg Fin V 10948 First Point T 79 First Quantum T 33948 Fission 3.0 V 954 Fission Uran T 4744 Fission Uran* O 1420 Flinders Res* O 56 Flinders Res V 79 Focus Graphite V 567 Focus Vent V 208 Foran Mng V 360 Formation Mtls T 268 Forsys Metals T 87 Fortescue Mtls* O 5 Fortuna Silvr* N 2822 Fortuna Silvr T 3285 Fortune Bay T 109 Fortune Mnrls T 1015 Fox River Res 427 Franco-Nevada* N 15815 Franco-Nevada T 7439 Freegold Vent T 646 Freeport McMo* N 226263 Fresnillo plc* O 4 Frontier Rr Er* O 50 Frontline Gold V 47 Full Metal Mnl V 64 Fura Emeralds V 251

0.10 0.08 0.10 - 0.00 0.13 0.03 0.08 0.05 0.06 + 0.00 0.21 0.05 0.63 0.53 0.62 + 0.05 0.93 0.45 0.89 0.73 0.87 + 0.09 1.16 0.62 0.20 0.18 0.18 - 0.02 0.40 0.18 0.01 0.00 0.01 - 0.01 0.06 0.01 0.03 0.02 0.03 + 0.01 0.08 0.01 0.07 0.05 0.07 + 0.01 0.15 0.04 0.09 0.07 0.08 + 0.01 0.19 0.06 0.44 0.41 0.43 - 0.02 0.99 0.35 0.62 0.57 0.61 - 0.03 1.22 0.48 0.11 0.05 0.05 - 0.05 0.22 0.05 21.45 18.65 21.31 + 1.92 21.38 9.08 0.39 0.00 0.39 + 0.01 2.29 0.25 0.92 0.87 0.88 - 0.04 1.45 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.07 0.08 - 0.02 0.10 0.04 0.16 0.14 0.16 + 0.01 0.25 0.09 0.04 0.00 0.04 - 0.02 0.20 0.03 0.08 0.05 0.06 - 0.03 0.10 0.05 0.13 0.09 0.10 - 0.01 0.25 0.08 0.19 0.14 0.14 - 0.01 0.60 0.11 15.76 14.46 15.62 - 0.03 24.60 9.96 11.39 10.38 11.28 + 0.04 20.30 7.27 0.01 0.01 0.01 - 0.00 0.02 0.01 0.10 0.09 0.10 - 0.01 0.19 0.07 4.03 3.09 3.41 + 0.09 4.03 1.10 1.19 0.88 0.95 - 0.23 3.34 0.84 0.05 0.04 0.05 + 0.01 0.19 0.04 0.02 0.02 0.02 - 0.01 0.04 0.01 2.04 1.83 2.03 + 0.18 2.59 1.30 0.02 0.01 0.01 - 0.01 0.03 0.01 0.19 0.16 0.18 + 0.01 0.63 0.12 0.27 0.22 0.25 + 0.03 0.80 0.18 0.07 0.06 0.07 + 0.01 0.08 0.05 0.06 0.05 0.05 - 0.01 0.09 0.03 0.80 0.71 0.74 - 0.06 2.26 0.61 0.41 0.36 0.40 + 0.05 0.62 0.28 0.42 0.30 0.34 - 0.01 0.90 0.30 0.01 0.01 0.01 - 0.00 0.01 0.00 0.45 0.32 0.39 + 0.07 0.45 0.08 3.17 2.49 3.13 + 0.27 5.80 1.87 4.38 3.46 4.35 + 0.37 7.25 2.67 0.07 0.06 0.06 - 0.01 0.14 0.04 0.18 0.15 0.18 + 0.03 0.20 0.09 0.07 0.05 0.07 + 0.02 0.08 0.03 0.04 0.03 0.04 + 0.01 0.06 0.02 0.20 0.00 0.20 + 0.02 0.22 0.17 0.01 0.00 0.01 - 0.01 0.03 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.05 0.04 0.05 - 0.00 0.13 0.03 7.56 6.64 7.49 + 1.04 7.56 4.40 10.54 9.26 10.49 + 1.50 10.54 4.35 2.42 1.96 2.36 + 0.48 3.13 1.46 1.74 1.41 1.71 + 0.36 2.53 1.00 0.10 0.09 0.09 - 0.01 0.14 0.03 0.07 0.06 0.07 - 0.00 0.11 0.03 3.16 2.82 3.09 - 0.04 6.73 2.47 2.29 2.03 2.23 + 0.07 5.60 1.81 0.02 0.02 0.02 - 0.00 0.09 0.01 0.07 0.06 0.06 - 0.01 0.22 0.03 0.40 0.28 0.38 + 0.10 0.66 0.18 0.30 0.19 0.27 + 0.06 0.51 0.08 0.06 0.05 0.06 - 0.01 0.22 0.05 0.25 0.00 0.20 + 0.08 1.00 0.09 0.17 0.14 0.14 - 0.02 0.17 0.10 0.12 0.11 0.11 - 0.02 0.13 0.08 0.06 0.05 0.05 - 0.01 0.11 0.04 0.10 0.09 0.10 + 0.01 0.17 0.09 0.10 0.09 0.10 + 0.01 0.17 0.09 0.14 0.00 0.11 - 0.02 0.20 0.01 0.10 0.10 0.10 - 0.01 0.15 0.09 0.15 0.14 0.15 + 0.01 0.23 0.11 0.64 0.56 0.63 + 0.07 0.94 0.48 0.46 0.39 0.44 + 0.05 0.78 0.35 0.09 0.05 0.09 + 0.04 0.16 0.02 0.40 0.33 0.40 + 0.01 0.57 0.21 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.00 0.00 - 0.00 0.02 0.00 0.03 0.02 0.02 + 0.01 0.05 0.01 0.02 0.01 0.02 + 0.01 0.04 0.00 0.07 0.04 0.04 - 0.03 0.10 0.02 0.05 0.02 0.05 + 0.03 0.08 0.01 0.23 0.16 0.23 + 0.05 0.23 0.10 0.39 0.29 0.37 + 0.07 0.92 0.20 0.28 0.21 0.26 + 0.04 0.74 0.14 0.19 0.15 0.17 + 0.01 0.31 0.12 0.52 0.47 0.52 + 0.06 0.65 0.29 0.73 0.65 0.72 + 0.09 0.82 0.39 0.17 0.11 0.14 + 0.03 0.17 0.03 0.23 0.15 0.19 + 0.05 0.23 0.04 0.11 0.00 0.07 - 0.04 0.19 0.05 0.43 0.36 0.41 + 0.05 0.69 0.21 0.04 0.02 0.02 - 0.02 0.05 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 0.05 0.03 0.05 + 0.01 0.25 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 4.37 3.41 4.33 + 0.74 6.30 2.40 6.05 4.75 5.99 + 1.01 7.83 3.50 0.03 0.03 0.03 - 0.01 0.07 0.02 0.44 0.38 0.40 - 0.02 0.60 0.25 0.07 0.05 0.06 - 0.01 0.10 0.04 3.98 2.71 3.29 - 0.64 19.83 2.15 0.11 0.08 0.09 - 0.02 0.14 0.06 0.73 0.60 0.63 - 0.11 1.38 0.53 0.53 0.43 0.45 - 0.08 1.12 0.39 0.12 0.09 0.12 + 0.03 0.50 0.09 0.16 0.13 0.15 + 0.03 0.49 0.12 0.08 0.07 0.07 - 0.01 0.44 0.07 0.08 0.07 0.07 + 0.01 0.27 0.05 0.07 0.06 0.07 + 0.01 0.48 0.05 0.11 0.09 0.10 + 0.01 0.22 0.09 0.11 0.09 0.09 - 0.01 0.36 0.08 1.27 1.18 1.22 - 0.11 2.05 1.00 3.58 2.91 3.52 + 0.28 4.69 2.00 4.97 4.07 4.86 + 0.40 5.84 2.65 0.31 0.27 0.28 + 0.03 0.43 0.25 0.03 0.02 0.02 - 0.01 0.16 0.02 0.05 0.00 0.05 + 0.02 0.05 0.03 54.83 48.69 54.40 + 4.34 56.04 38.20 75.93 67.94 75.42 + 5.79 75.70 49.96 0.17 0.10 0.14 + 0.06 0.24 0.05 5.93 4.65 5.53 - 0.15 23.97 3.52 13.00 0.00 13.00 + 1.35 13.79 8.70 0.01 0.00 0.00 - 0.01 0.29 0.00 0.01 0.01 0.01 + 0.01 0.01 0.01 0.03 0.00 0.03 + 0.01 0.07 0.02 0.18 0.14 0.17 + 0.02 0.25 0.08

G&S Minerals* O 90 Gabriel Res T 621 Gainey Capital V 26 Galane Gold V 876 Galway Gold V 1846 Galway Mtls* O 17 Garibaldi Res V 1121 GB Minerals V 78 Gear Intl* O 5593 Gem Intl Res V 21 General Moly* X 933 General Moly T 12 Geodex Mnrls* O 1 Geodex Mnrls V 56 Geologix Ex T 750 Geomega Res V 1541 Geomega Res* O 11 Getty Copper V 73 GFK Res V 112 GGL Res V 219 Gldn Predator V 66 Gldn Predator* O 13 Glen Eagle Res V 441 Glencore Plc* O 2523 Global Cobalt V 730 Global Cop Grp V 207 Global Gold* O 473 Global Hunter V 5

0.00 0.00 0.00 + 0.00 0.00 0.00 0.26 0.20 0.24 + 0.04 0.84 0.12 0.13 0.10 0.10 - 0.03 0.29 0.10 0.10 0.00 0.09 + 0.04 0.18 0.03 0.07 0.07 0.07 - 0.01 0.12 0.06 0.07 0.06 0.07 - 0.01 0.13 0.06 0.14 0.09 0.10 - 0.01 0.20 0.05 0.07 0.06 0.06 - 0.01 0.12 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.15 0.04 0.22 0.16 0.20 - 0.02 1.00 0.15 0.30 0.00 0.30 - 0.03 1.20 0.22 0.00 0.00 0.00 - 0.01 0.31 0.01 0.06 0.00 0.06 + 0.01 0.55 0.05 0.03 0.03 0.03 + 0.01 0.05 0.02 0.09 0.07 0.08 + 0.01 0.29 0.06 0.06 0.03 0.06 + 0.03 0.15 0.03 0.03 0.02 0.03 + 0.01 0.05 0.02 0.07 0.05 0.06 + 0.01 0.12 0.03 0.02 0.02 0.02 + 0.01 0.05 0.01 0.15 0.00 0.14 + 0.01 0.15 0.07 0.08 0.08 0.08 + 0.00 0.11 0.06 0.08 0.06 0.08 + 0.01 0.14 0.03 2.96 2.46 2.82 - 0.05 9.68 1.95 0.03 0.02 0.03 + 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.08 0.04 0.01 0.01 0.01 - 0.00 0.05 0.00 0.02 0.00 0.02 - 0.01 0.04 0.02

D-F

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Globex Mng T 86 GMCI Corp* O 6 GMV Minerals V 36 V 60 GobiMin GoGold Res T 422 Gold Bulln Dev V 3211 170 Gold Bulln Dev* O O 66 Gold Dynamics* 40841 Gold Fields* N 1 Gold Hills Mng* O 431 Gold Jub Cap V Gold Lakes* O 58 Gold Mng USA* O 2234 81 Gold Mtn Mng V 360 Gold Reach Res V Gold Reserve* O 763 X 3841 Gold Resource* Gold Std Vents V 1312 Gold Std Vents* X 1649 V 10 Goldbank Mng Goldbelt Emp V 145 T 32263 Goldcorp Goldcorp* N 92428 Golden Arrow V 841 Golden Band* O 132 Golden Hope V 79 Golden Mnls T 390 Golden Mnls* X 1695 121 Golden Peak Mn V O 709 Golden Queen* Golden Queen T 353 Golden Reign V 221 Golden Secret V 87 Golden Star T 952 14737 Golden Star* X Golden Valley V 935 Goldex Res V 385 Goldeye Expl V 594 T 4351 Goldgroup Mng O 332 Goldgroup Mng* GoldON Res V 9 V 2474 GoldQuest Mng Goldrea Res* O 6 V 536 Goldrock Mines O 257 Goldsource Min* V 565 Goldsource Min V 208 Goldstrike Res GoviEx Uranium 502 Gowest Gold* O 61 Gowest Gold V 582 GPM Metals V 78 O 52 Gran Colombia* T 2418 Gran Colombia Graniz Mondal V 335 O 904 Graphite Corp* Graphite One V 1806 Graphite One* O 112 431 Great Bear Res V 289 Great Lakes Gr* O Great Lakes Gr V 1116 Great Panther T 1356 X 4637 Great Panther* 14 Great Quest Fe* O 392 Great Quest Fe V O 632 Great Western* Green Arrow V 321 V 147 Greencastle Rs O 43 Greenflag Vent* Grenville Gold V 13 Grizzly Discvr V 110 Grizzly Gold* O 134 GTA Res & Mng V 1331 V 161 Guerrero Vents T 2475 Guyana Gldflds Handa Copper V 11 O 1 Handa Copper* 270 Happy Ck Mnrls V 22751 N Harmony Gold* Harte Gold T 1943 V 99 Hawkeye Gld&Di V 481 Heatherdale Rs 54517 Hecla Mining* N Helio Res V 423 Hellix Vent* O 1005 O 20 Hemcare Health* Heron Res T 1677 Highbank Res V 374 312 Highway 50 Gld V Hinterland Mtl V 934 O 5 Hochschild Mg* V 189 Homestake Res T 100 Horizonte Mnls Houston Lake V 204 HudBay Mnls T 8536 926 HudBay Mnls* N Hudson Res V 65 Hunt Mng V 390

0.17 0.27 + 0.04 0.37 0.27 0.22 0.05 1.80 + 0.30 1.80 1.80 0.00 0.05 0.11 + 0.03 0.26 0.11 0.00 0.27 0.30 - 0.05 0.49 0.35 0.30 0.94 1.07 - 0.03 1.67 1.19 1.03 0.05 0.04 0.05 + 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.00 0.00 - 0.00 0.00 0.00 0.00 2.04 4.56 + 0.39 5.00 4.60 3.74 1.00 0.00 1.00 + 0.96 1.49 0.02 0.25 0.10 0.12 + 0.02 0.25 0.07 0.03 0.77 - 0.23 1.25 1.00 0.77 0.17 0.10 0.14 + 0.04 0.51 0.05 0.06 0.05 0.05 - 0.01 0.12 0.02 0.16 0.10 0.15 + 0.04 0.50 0.08 2.19 3.11 + 0.12 4.24 3.15 2.35 1.14 1.69 + 0.12 3.65 1.80 1.50 1.19 1.04 1.06 + 0.03 1.19 0.40 0.85 0.74 0.76 + 0.02 0.85 0.26 0.03 0.05 - 0.03 0.09 0.05 0.00 0.02 0.02 - 0.01 0.10 0.03 0.02 13.55 21.71 + 2.59 29.56 22.27 18.43 15.64 + 1.91 23.75 9.46 15.93 13.28 0.17 0.22 + 0.03 0.50 0.22 0.19 0.00 0.00 + 0.00 0.01 0.00 0.00 0.11 0.25 + 0.04 0.64 0.27 0.22 0.19 0.52 + 0.27 0.69 0.53 0.28 0.13 0.38 + 0.18 0.55 0.38 0.19 0.09 0.07 0.08 + 0.01 0.09 0.04 0.48 0.93 + 0.09 1.34 0.99 0.82 0.65 1.30 + 0.13 1.65 1.38 1.14 0.07 0.09 + 0.01 0.10 0.10 0.08 0.02 0.06 + 0.04 0.06 0.06 0.02 0.21 0.42 + 0.09 0.51 0.45 0.34 0.14 0.30 + 0.07 0.42 0.33 0.23 0.07 0.12 + 0.03 0.21 0.14 0.09 0.15 0.20 - 0.05 0.60 0.22 0.02 0.02 0.03 + 0.01 0.06 0.03 0.02 0.05 0.08 + 0.02 0.15 0.09 0.06 0.03 0.06 + 0.01 0.12 0.06 0.04 0.03 0.09 + 0.01 0.20 0.09 0.00 0.07 0.17 + 0.02 0.20 0.18 0.15 0.00 0.02 - 0.00 0.04 0.02 0.02 0.15 0.32 + 0.07 0.40 0.33 0.25 0.11 0.24 + 0.04 0.27 0.27 0.20 0.13 0.34 + 0.06 0.38 0.38 0.27 0.07 0.12 - 0.02 0.21 0.14 0.12 0.04 0.08 - 0.02 0.26 0.10 0.08 0.04 0.05 + 0.01 0.07 0.05 0.00 0.05 0.08 + 0.01 0.10 0.08 0.07 0.08 0.12 - 0.01 0.33 0.13 0.12 0.04 0.07 + 0.02 0.43 0.07 0.00 0.06 0.09 + 0.01 0.51 0.09 0.08 0.01 0.02 0.06 + 0.03 0.03 0.02 0.00 0.01 - 0.00 0.02 0.01 0.01 0.07 0.08 - 0.01 0.13 0.09 0.07 0.05 0.05 - 0.01 0.11 0.06 0.05 0.02 0.02 0.02 - 0.01 0.09 0.01 0.07 0.06 0.07 - 0.00 0.12 0.03 0.10 0.09 0.10 + 0.01 0.15 0.03 0.40 0.90 + 0.10 0.86 0.90 0.72 0.30 0.65 + 0.07 0.67 0.65 0.52 0.15 0.09 0.15 + 0.06 0.43 0.09 0.38 0.15 0.31 + 0.16 0.63 0.11 0.00 0.00 + 0.00 0.05 0.00 0.00 0.03 0.05 + 0.01 0.10 0.05 0.03 0.05 0.05 - 0.01 0.09 0.06 0.05 0.00 0.02 - 0.02 0.15 0.05 0.02 0.04 0.12 + 0.04 0.15 0.12 0.08 0.01 0.04 - 0.01 0.10 0.04 0.04 0.01 0.01 - 0.01 0.04 0.02 0.01 0.04 0.03 0.03 + 0.01 0.09 0.02 0.01 0.02 + 0.01 0.09 0.02 0.02 2.48 4.42 + 0.17 4.48 4.44 3.94 0.03 0.04 + 0.01 0.12 0.04 0.00 0.02 0.02 - 0.01 0.10 0.02 0.02 0.11 0.09 0.11 + 0.01 0.17 0.08 0.53 2.74 + 0.40 2.81 2.81 2.15 0.04 0.10 + 0.01 0.11 0.11 0.09 0.02 0.03 - 0.02 0.08 0.05 0.00 0.01 0.02 + 0.01 0.05 0.03 0.01 1.45 2.32 + 0.13 3.50 2.33 1.95 0.02 0.05 + 0.02 0.06 0.05 0.04 0.00 0.00 + 0.00 0.05 0.00 0.00 0.01 0.05 - 0.01 0.80 0.06 0.05 0.07 0.08 - 0.01 0.14 0.09 0.08 0.05 0.08 + 0.02 0.21 0.08 0.07 0.15 0.12 0.14 + 0.02 0.35 0.05 0.01 0.02 + 0.01 0.02 0.02 0.01 0.59 1.02 + 0.20 1.70 1.02 0.82 0.01 0.04 + 0.02 0.04 0.04 0.02 0.02 0.03 - 0.01 0.06 0.04 0.03 0.12 0.17 - 0.03 0.20 0.18 0.15 3.04 2.39 2.72 - 0.33 12.61 2.26 2.18 1.71 1.95 - 0.24 10.37 1.56 0.24 0.40 - 0.01 0.55 0.42 0.40 0.02 0.03 + 0.01 0.40 0.03 0.02

I-Minerals* O 240 I-Minerals V 299 IAMGOLD T 21309 46818 IAMGOLD* N Iberian Mnrls V 152 IC Potash* O 61 Icon Explor V 600 Iconic Mnls V 110 IDM Mining* O 132 IDM Mining V 1308 IMPACT Silver V 1625 O 107 Impala Platnm* 136 Imperial Metal T 22 Imperial Metal* O 538 Inca One Gold V Q 94 Inception Mng* V 1197 Independence G Indico Res V 165 Inspiration Mg 45 O 45 Inspiration Mg* Intact Gold V 235 Integra Gold V 6159 Integra Gold* O 1063 V 15 Inter-Rock Mnl Intgr Egy Sol* O 12082 Intigold Mines V 249 Intl Lithium V 167 Intl Montoro V 261 18161 Intl Star* O Intl Tower Hil* X 1548 258 T Intl Tower Hil Intrepid Pots* N 5587 INV Metals T 641 InZinc Mining V 10 O 49 Ireland* Irving Res 44 O 380 Ivanhoe Mines* Ivanhoe Mines T 3342 J.A.G. Mines V 33 Jaguar Mng* O 254 Jaguar Mng V 1433 68 James Rvr Coal* O Jayden Res V 147 V 130 Jet Gold Jet Metal* O 7 Jet Metal V 2 O 24 Kaizen Discvry* O 369 Kaminak Gold* Kaminak Gold V 2927 Karnalyte Res T 52 37884 KAT Expl* O Katanga Mng T 134 Kenna Res V 126 Kennady Diam V 139 Kerr Mines* O 184 Kerr Mines T 1921 Kesselrun Res V 223 O 100 Kilo Goldmines* V 367 Kilo Goldmines Kingsmen Res V 76 Kinross Gold T 50893 136428 Kinross Gold* N Kirkland Lk Gd T 6571 Kiska Metals* O 360 Kiska Metals V 3353 Kivalliq Enrgy V 335 Klondex Mns T 3778 Klondike Gold V 142 O 45 Klondike Gold* Klondike Silv V 597 V 939 Kombat Copper

0.11 0.18 + 0.01 0.28 0.22 0.16 0.14 0.25 + 0.02 0.37 0.30 0.22 1.50 3.35 + 0.77 3.34 3.37 2.55 1.15 2.43 + 0.56 2.51 2.43 1.82 0.04 0.09 - 0.01 0.11 0.09 0.08 0.03 0.04 + 0.01 0.25 0.04 0.04 0.01 0.03 + 0.02 0.04 0.03 0.00 0.03 0.05 + 0.01 0.09 0.06 0.05 0.04 0.06 - 0.00 0.11 0.06 0.05 0.07 0.09 + 0.01 0.14 0.09 0.08 0.11 0.28 + 0.13 0.30 0.30 0.16 1.45 2.31 - 0.07 6.89 2.52 2.05 5.06 3.92 4.20 - 0.79 13.69 3.92 3.60 2.81 3.06 - 0.46 11.00 2.81 0.10 0.08 0.10 + 0.02 0.29 0.07 0.05 0.14 + 0.01 0.35 0.15 0.13 0.06 0.08 + 0.01 0.11 0.09 0.07 0.02 0.04 - 0.01 0.16 0.04 0.04 0.03 0.03 - 0.01 0.05 0.05 0.03 0.01 0.02 - 0.00 0.10 0.02 0.01 0.03 0.34 + 0.01 0.35 0.35 0.29 0.23 0.38 + 0.01 0.38 0.38 0.35 0.18 0.28 + 0.01 0.29 0.28 0.25 0.01 0.03 - 0.02 0.07 0.05 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.08 - 0.03 0.32 0.11 0.08 0.02 0.06 - 0.01 0.09 0.07 0.06 0.03 0.03 + 0.01 0.10 0.03 0.03 0.00 0.00 - 0.00 0.00 0.00 0.00 0.35 0.24 0.31 + 0.05 0.46 0.18 0.49 0.34 0.42 + 0.08 0.57 0.26 2.55 1.89 2.08 - 0.47 15.09 1.75 0.08 0.16 + 0.03 0.20 0.16 0.12 0.04 0.06 - 0.01 0.14 0.06 0.06 0.15 0.21 - 0.02 0.51 0.25 0.19 0.11 0.11 - 0.02 0.20 0.14 0.00 0.36 0.43 - 0.03 1.08 0.47 0.40 0.53 0.62 - 0.01 1.36 0.63 0.56 0.01 0.02 + 0.01 0.06 0.02 0.02 0.07 0.15 + 0.04 0.53 0.16 0.13 0.12 0.21 + 0.03 0.65 0.24 0.16 0.01 0.01 0.01 - 0.00 0.07 0.01 0.03 0.04 + 0.01 0.16 0.04 0.04 0.03 0.04 - 0.01 0.11 0.05 0.00 0.03 0.08 - 0.00 0.13 0.08 0.00 0.04 0.10 + 0.03 0.16 0.10 0.00 0.06 0.06 - 0.03 0.25 0.08 0.06 0.47 0.73 + 0.06 0.83 0.74 0.66 0.61 1.02 + 0.11 1.05 1.05 0.93 0.52 0.94 + 0.10 1.33 0.97 0.76 0.00 0.00 + 0.00 0.14 0.00 0.00 0.13 0.02 0.35 + 0.17 0.17 0.15 0.08 0.12 + 0.01 0.17 0.12 0.10 2.35 3.00 + 0.05 5.95 3.00 2.75 0.01 0.03 + 0.02 0.17 0.04 0.02 0.02 0.05 + 0.02 0.25 0.05 0.03 0.02 0.06 + 0.01 0.06 0.06 0.04 0.03 0.07 + 0.01 0.08 0.07 0.06 0.04 0.09 - 0.01 0.14 0.12 0.08 0.03 0.08 + 0.03 0.18 0.08 0.06 1.79 4.17 + 0.96 4.30 4.30 3.20 1.31 3.00 + 0.70 3.08 3.08 2.30 6.90 5.96 6.81 + 0.75 6.88 4.30 0.01 0.02 + 0.01 0.05 0.02 0.01 0.01 0.03 + 0.01 0.06 0.03 0.03 0.06 0.08 - 0.01 0.16 0.09 0.08 2.30 3.71 + 0.49 3.87 3.85 3.32 0.08 0.15 + 0.01 0.24 0.17 0.15 0.06 0.12 + 0.05 0.19 0.12 0.12 0.01 0.02 - 0.01 0.05 0.02 0.02 0.02 0.05 + 0.01 0.11 0.05 0.04

I-J-K

2016-02-16 8:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 22-28, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Komet Resource V 40 0.38 0.35 0.35 + 0.01 0.57 0.26 Kootenay Silvr V 453 0.30 0.22 0.24 - 0.01 0.56 0.17 0.03 + 0.01 0.03 0.01 KWG Res 1785 0.03 0.02

L Labrador Iron T 1314 Lake Shore Gld* X 11425 Lake Shore Gld T 67682 Lake Victoria* O 1087 Lancaster Cap V 38 Lara Expl V 269 Laramide Res T 250 Laredo Res* O 1 Largo Res* O 109 Largo Res V 144 226 Latin Am Mnls V LeadFX Inc T 2 Legend Gold V 143 Legend Gold* O 19 Lepanto Con Mg* O 54 Levon Res Ltd T 580 421 Levon Res Ltd * O Lexam VG Gold T 1202 Lexam VG Gold* O 572 Li3 Energy* O 1927 Libero Mg Corp V 20 Liberty Star* Q 4500 Lincoln Mng V 418 Lion One Mtls V 158 Lion One Mtls* O 48 Lithium Corp* O 517 Lithium Expl* O 252 Lithium X Egy V 542 LKA Gold* O 78 Lode-Star Mg* O 225 Lomiko Mtls* O 258 Loncor Res* O 250 Loncor Res T 2592 Lone Star Gold* O 294 Lonmin plc* O 37 Lornex Cap 205 Lucara Diam T 2285 Luna Gold* O 284 Luna Gold T 583 Lund Enterpr V 17 Lundin Gold T 122 Lundin Mng T 11207 Lupaka Gold V 1035 Lydian Intl* O 101 Lydian Intl T 724 Lynas Corp* O 929

9.97 9.15 9.45 - 0.22 18.71 6.85 1.24 1.04 1.24 + 0.17 1.24 0.69 1.71 1.45 1.71 + 0.22 1.71 0.88 0.02 0.01 0.01 - 0.01 0.09 0.01 0.13 0.00 0.13 + 0.03 0.15 0.04 0.38 0.30 0.34 - 0.01 0.45 0.20 0.26 0.22 0.24 - 0.03 0.40 0.15 0.00 0.00 0.00 + 0.00 0.03 0.00 0.16 0.12 0.15 - 0.00 1.06 0.08 0.22 0.17 0.20 + 0.01 1.35 0.11 0.12 0.09 0.12 + 0.01 0.95 0.05 0.19 0.00 0.19 - 0.01 2.25 0.12 0.03 0.03 0.03 + 0.01 0.14 0.03 0.02 0.02 0.02 + 0.00 0.07 0.01 0.02 0.01 0.01 - 0.01 0.02 0.00 0.16 0.13 0.15 + 0.03 0.32 0.09 0.10 0.09 0.10 + 0.02 0.15 0.07 0.12 0.08 0.11 + 0.03 0.12 0.05 0.10 0.06 0.08 + 0.02 0.10 0.04 0.01 0.01 0.01 - 0.00 0.04 0.01 0.06 0.02 0.06 + 0.04 0.11 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.03 0.02 0.03 + 0.01 0.09 0.02 0.45 0.38 0.41 + 0.04 0.60 0.17 0.30 0.26 0.29 + 0.00 0.45 0.12 0.03 0.03 0.03 - 0.01 0.06 0.02 0.13 0.08 0.09 - 0.02 9.00 0.02 0.75 0.59 0.73 + 0.13 0.75 0.05 0.35 0.22 0.34 + 0.10 0.66 0.10 0.04 0.03 0.04 + 0.01 0.06 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 + 0.01 0.13 0.01 0.05 0.02 0.03 + 0.01 0.13 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 1.42 1.04 1.42 + 0.41 256.00 0.55 0.28 0.25 0.28 + 0.03 0.30 0.07 2.27 2.18 2.26 - 0.04 2.38 1.42 0.06 0.03 0.05 + 0.01 0.31 0.02 0.10 0.05 0.09 + 0.03 0.40 0.03 0.02 0.02 0.02 - 0.01 0.06 0.02 4.23 3.91 4.16 + 0.25 4.30 3.46 3.59 3.09 3.45 - 0.10 6.46 2.98 0.07 0.05 0.06 + 0.01 0.16 0.04 0.23 0.16 0.21 + 0.02 0.48 0.13 0.30 0.22 0.28 + 0.02 0.60 0.19 0.06 0.05 0.05 - 0.02 0.10 0.02

M Maccabi Vent 223 0.09 0.08 0.08 - 0.01 0.14 0.08 MAG Silver T 1322 10.85 9.89 10.84 + 0.64 10.82 6.90 MAG Silver* X 337 7.83 7.15 7.80 + 0.44 8.45 5.57 Magellan Gold* O 65 0.06 0.05 0.05 - 0.01 0.09 0.03 V 934 0.07 0.04 0.06 + 0.02 0.09 0.03 Magellan Mnrls MagIndustries* O 5 0.05 0.01 0.05 + 0.03 0.20 0.01 Majescor Res V 204 0.03 0.02 0.03 - 0.01 0.06 0.02 Majestic Gold V 3786 0.10 0.08 0.09 + 0.01 0.12 0.04 Malbex Res V 148 0.28 0.25 0.26 - 0.03 0.55 0.05 0.83 + 0.02 0.99 0.59 Mandalay Res T 2524 0.91 0.80 Mangazeya Mng V 407 0.06 0.03 0.05 + 0.02 0.06 0.01 Manitou Gold V 328 0.04 0.03 0.03 + 0.01 0.04 0.02 Manson Creek V 5 0.02 0.00 0.02 + 0.01 0.03 0.01 Marathon Gold T 1963 0.26 0.19 0.21 + 0.01 0.38 0.11 Margaux Res V 11 0.15 0.00 0.13 - 0.04 0.30 0.13 Marifil Mines V 260 0.02 0.01 0.02 + 0.01 0.02 0.01 Maritime Res V 931 0.16 0.12 0.16 + 0.04 0.24 0.08 Marlin Gold* O 54 0.29 0.13 0.26 + 0.14 0.73 0.10 Marlin Gold V 395 0.45 0.17 0.35 + 0.18 1.09 0.15 MartinMarietta* N 9014 138.00 108.31 132.86 + 9.81 178.67 108.31 Mason Graphite* O 78 0.35 0.29 0.35 + 0.05 0.52 0.21 Mason Graphite V 475 0.53 0.39 0.48 + 0.05 0.65 0.30 Matachewan Con V 13 0.34 0.25 0.34 + 0.09 0.49 0.17 Matica Ent 3617 0.03 0.02 0.02 + 0.01 0.15 0.02 Mawson Res T 123 0.22 0.18 0.20 + 0.01 0.30 0.15 Mawson Res* O 19 0.18 0.14 0.18 + 0.04 0.27 0.12 MaxTech Vent 401 0.10 0.00 0.10 + 0.02 0.22 0.03 Maya Gold &Sil V 624 0.19 0.10 0.15 + 0.04 0.30 0.10 MBAC Fertilizr T 628 0.04 0.00 0.04 + 0.01 0.17 0.01 McEwen Mng T 1557 2.31 1.91 2.21 + 0.24 2.28 0.84 McEwen Mng* N 13761 1.66 1.37 1.59 + 0.17 1.66 0.65 Mechel* N 775 1.63 1.44 1.59 - 0.06 3.76 1.23 Medallion Res V 1661 0.05 0.04 0.04 - 0.02 0.07 0.01 Medallion Res* O 1753 0.03 0.03 0.03 - 0.01 0.05 0.01 Medgold Res V 97 0.09 0.07 0.09 + 0.02 0.20 0.05 Medinah Mnrls* O 75270 0.02 0.02 0.02 + 0.01 0.04 0.01 Mega Uranium* O 111 0.05 0.04 0.05 + 0.00 0.11 0.04 Mega Uranium T 1042 0.07 0.07 0.07 + 0.01 0.14 0.05 Megastar Dev V 33 0.03 0.00 0.02 - 0.01 0.05 0.02 Melior Res V 55 0.02 0.01 0.02 + 0.01 0.11 0.01 Menika Mining V 478 0.11 0.08 0.11 + 0.04 0.15 0.05 Merrex Gold* O 32 0.16 0.13 0.15 + 0.02 0.20 0.07 Merrex Gold V 1312 0.22 0.17 0.20 + 0.02 0.23 0.09 Meryllion Res 28 0.01 0.00 0.01 - 0.01 0.03 0.01 Mesa Expl V 5 0.02 0.02 0.02 + 0.01 0.03 0.01 Metalo Manuf 48 0.40 0.35 0.35 - 0.05 0.40 0.32 Metals Creek V 1076 0.12 0.08 0.10 + 0.01 0.21 0.05 Metanor Res V 14022 0.06 0.05 0.06 + 0.01 0.08 0.03 Mexus Gold* O 18624 0.00 0.00 0.00 + 0.00 0.03 0.00 Midas Gold* O 344 0.29 0.23 0.28 + 0.05 0.44 0.16 Midas Gold T 2106 0.41 0.31 0.38 + 0.07 0.54 0.25 Midland Expl V 91 0.57 0.50 0.55 + 0.05 0.77 0.45 Midnight Sun V 80 0.24 0.13 0.24 + 0.11 0.24 0.08 Midway Gold* O 221 0.01 0.00 0.00 + 0.00 0.76 0.00 Millrock Res* O 61 0.18 0.00 0.18 + 0.01 0.33 0.11 Millrock Res V 145 0.25 0.21 0.25 + 0.01 0.49 0.15 Millstream Min V 17 0.08 0.00 0.07 - 0.02 0.16 0.01 Minco Gold* X 2686 0.40 0.14 0.25 + 0.11 0.40 0.10 Minco Gold T 273 0.49 0.20 0.35 + 0.16 0.46 0.12 Minco Silver T 752 0.47 0.41 0.46 + 0.05 0.74 0.32 Minco Silver* O 80 0.34 0.30 0.33 + 0.02 0.54 0.26 Minera Alamos V 121 0.11 0.10 0.11 + 0.01 0.16 0.06 Mineral Mtn V 595 0.03 0.00 0.02 - 0.01 0.06 0.02 Mines Manage* X 512 0.50 0.35 0.50 + 0.12 0.74 0.11 Mines Manage T 17 0.63 0.51 0.63 + 0.01 0.85 0.17 Minnova Corp V 676 0.48 0.42 0.48 + 0.05 0.48 0.18 Miranda Gold V 358 0.10 0.08 0.09 + 0.01 0.11 0.06 Mirasol Res V 236 1.04 0.90 0.93 + 0.06 1.09 0.72 Mitsui Mâ&#x20AC;&#x2122;g* O 2 7.90 0.00 6.85 - 1.05 14.63 6.85 Mkango Res V 110 0.02 0.01 0.01 - 0.01 0.12 0.01 Molycorp* O 4207 0.05 0.03 0.05 + 0.01 1.15 0.02 Monarques Res* O 5 0.05 0.04 0.05 + 0.01 0.10 0.04 Monarques Res V 755 0.08 0.06 0.08 + 0.02 0.13 0.06 Moneta Porcpn* O 488 0.15 0.11 0.13 + 0.02 0.15 0.04 Moneta Porcpn T 4390 0.20 0.14 0.18 + 0.03 0.20 0.05 Montan Mg V 913 0.05 0.03 0.04 + 0.01 0.26 0.02 Montego Res 345 0.11 0.09 0.09 - 0.02 0.25 0.09 Monument Mng V 736 0.16 0.14 0.15 + 0.02 0.16 0.08 Mosaic* N 40819 25.77 22.37 22.91 - 1.95 53.83 22.02 Mountain Boy V 3458 0.02 0.01 0.01 + 0.01 0.02 0.01 Mountain Prov T 261 4.65 4.41 4.53 + 0.05 5.46 3.38 Mountain Prov* D 80 3.35 3.19 3.27 + 0.05 4.40 2.47 0.07 - 0.01 0.14 0.04 Mundoro Cap V 185 0.08 0.06 Musgrove Mnls V 88 0.15 0.07 0.10 + 0.03 0.20 0.04 Myson Group* O 191 0.02 0.01 0.01 - 0.00 0.18 0.01

N-O NACCO Ind* N 149 Namibia Rare E* O 71 Namibia Rare E T 91 Napier Vent V 29 Natural Res Pt* N 1628 Nautilus Mnrls* O 1208 Nautilus Mnrls T 1593 Navy Res V 22 Nebu Res V 41 Nemaska Lith V 1850 Nemaska Lith* O 24 Network Expl V 113 Nevada Copper T 205 Nevada Expl * O 574 Nevada Expl V 1132 Nevada Sunrise* O 33 Nevada Zinc V 345 Nevsun Res T 2767 Nevsun Res* X 2029 New Carolin Gd V 8585 New Colombia* O 145 New Destiny Mg V 1875 New Dimen Res V 22 New Gold* O 586 New Gold T 12933 New Gold* X 36085 New Guinea Gld* O 209 New Jersey Mng* O 619

Feb 22 Pgs 10 11.indd 11

48.45 44.36 46.85 + 1.79 62.96 40.04 0.03 0.03 0.03 - 0.01 0.18 0.03 0.06 0.05 0.05 - 0.01 0.20 0.04 0.20 0.19 0.20 + 0.01 0.35 0.11 1.11 0.84 1.04 - 0.05 8.34 0.50 0.24 0.12 0.15 - 0.08 0.44 0.12 0.32 0.16 0.21 - 0.10 0.55 0.16 0.20 0.19 0.20 + 0.01 0.23 0.06 0.02 0.00 0.01 - 0.01 0.05 0.01 0.43 0.39 0.39 - 0.02 0.48 0.15 0.33 0.29 0.29 - 0.01 0.34 0.13 0.15 0.12 0.14 + 0.04 0.15 0.02 0.69 0.46 0.47 - 0.19 2.03 0.45 0.34 0.24 0.28 - 0.02 0.61 0.08 0.48 0.35 0.38 - 0.03 0.94 0.05 0.14 0.11 0.14 + 0.00 0.34 0.09 0.28 0.25 0.28 + 0.02 0.44 0.19 4.23 3.87 4.17 + 0.11 5.35 3.27 3.05 2.78 3.01 + 0.10 4.36 2.27 0.09 0.06 0.09 + 0.02 0.09 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.02 0.01 0.01 + 0.01 0.03 0.01 0.05 0.04 0.05 + 0.01 0.09 0.04 0.10 0.06 0.08 + 0.00 0.63 0.03 4.44 3.56 4.09 + 0.10 5.04 2.52 3.19 2.55 2.95 + 0.06 4.03 1.76 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.07 0.10 + 0.01 0.12 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

New Oroperu V 5 New Pac Metals T 20 15 New Pac Metals* O Newmac Res V 79 Newmarket Gold* O 375 T 7436 Newmarket Gold Newmont Mng* N 94947 Newport Expl V 232 Nexgen Energy V 8977 Nexgen Energy* O 290 Nexus Gold V 1215 NGEx Res* O 8 NGEx Res T 76 Nicola Mg Inc V 210 Nicola Mg Inc* O 17 V 234 Nighthawk Gold Nikos Expl V 93 Niocorp Dev* O 536 Niocorp Dev T 483 Niogold Mng V 1063 Niogold Mng* O 98 V 182 Nippon Dragon Noble Metal Gr V 460 Noka Res V 375 Noranda Alum* O 1462 Nord Res* O 2557 5 North Am Nickl* O North Am Nickl V 48 North Am Pall T 10 6 North Am Pall* O North Arrow Mn V 71 Northair Silvr V 973 Northcliff Res T 95 Northisle C&G V 550 Northn Empire V 24 Northquest V 378 Norvista Cap V 1084 Nouveau Monde V 395 NovaCopper* X 229 NovaCopper T 27 NovaGold Res* X 13906 NovaGold Res T 3177 Novo Res* O 208 Novo Res V 254 NRG Metals V 719 Nrthn Graphite V 173 O 263 Nrthn Graphite* Nrthn Iron V 24 Nrthn Mnrls &E* O 14 Nrthn Shield V 1385 Nrthn Sun V 3 Nrthn Superior V 51 Nrthn Vertex V 1125 Nthn Dynasty T 1905 Nthn Dynasty* X 1077 Nthrn Sphere 16 O 74 NuLegacy Gold* NX Uranium* O 108 OceanaGold T 16053 OceanaGold* O 4 Oceanic Iron O V 10 Oceanus Res V 229 Odin Mng & Exp V 276 Olivut Res* O 35 121 Omineca Mg &Ml V Orbite Tech T 4795 Orbite Tech* O 282 Orca Gold* O 35 Oremex Silver* O 526 Orezone Gold V 2504 Orezone Gold* O 360 Oro East Mg* Q 119 Orocobre T 143 Orosur Mng T 211 Orsu Metals T 817 Orvana Mnrls T 685 Orvana Mnrls* O 35 Osisko Gold T 4685 Otis Gold* O 120 OZ Minerals* O 5

0.14 0.00 0.14 + 0.01 0.22 0.07 0.24 0.00 0.24 + 0.04 0.30 0.14 0.15 0.15 0.15 + 0.01 0.15 0.11 0.07 0.07 0.07 - 0.01 0.29 0.06 1.24 1.10 1.22 + 0.09 2.45 0.61 1.72 1.55 1.69 + 0.13 1.75 0.80 26.10 22.70 25.78 + 1.37 27.90 15.39 0.22 0.00 0.21 - 0.01 0.49 0.19 1.00 0.85 0.91 + 0.07 1.00 0.33 0.72 0.61 0.66 + 0.06 0.72 0.29 0.06 0.06 0.06 - 0.01 0.14 0.06 0.45 0.00 0.42 - 0.04 0.85 0.37 0.62 0.56 0.59 - 0.03 1.10 0.44 0.08 0.06 0.06 - 0.01 0.15 0.04 0.05 0.00 0.05 - 0.01 0.07 0.03 0.08 0.07 0.07 - 0.01 0.30 0.04 0.05 0.04 0.04 + 0.01 0.10 0.02 0.59 0.53 0.55 - 0.04 1.51 0.37 0.82 0.75 0.78 - 0.04 1.90 0.51 0.42 0.39 0.41 + 0.01 0.46 0.24 0.30 0.28 0.29 + 0.01 0.33 0.18 0.09 0.08 0.09 - 0.01 0.15 0.03 0.01 0.01 0.01 + 0.01 0.01 0.01 0.05 0.04 0.05 + 0.01 0.26 0.03 0.04 0.03 0.04 + 0.01 27.51 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.07 0.07 + 0.01 0.22 0.06 0.09 0.00 0.07 - 0.01 0.27 0.07 4.19 3.95 4.15 + 0.19 188.00 3.85 2.99 0.00 2.98 + 0.11 149.96 2.71 0.28 0.22 0.22 - 0.03 1.34 0.15 0.09 0.08 0.08 + 0.01 0.09 0.04 0.10 0.09 0.09 - 0.01 0.24 0.06 0.03 0.02 0.02 - 0.01 0.04 0.02 0.10 0.08 0.09 - 0.01 0.15 0.06 0.23 0.22 0.22 + 0.01 0.32 0.07 0.12 0.10 0.10 - 0.04 0.16 0.08 0.16 0.13 0.16 + 0.03 0.24 0.08 0.29 0.25 0.28 + 0.01 0.74 0.15 0.40 0.00 0.39 + 0.01 0.93 0.20 4.93 4.13 4.84 + 0.32 4.93 2.65 6.88 5.77 6.69 + 0.41 6.88 3.42 0.57 0.47 0.54 + 0.03 1.20 0.29 0.76 0.66 0.74 + 0.06 1.46 0.40 0.06 0.02 0.03 + 0.01 0.12 0.02 0.28 0.20 0.23 + 0.03 0.89 0.16 0.19 0.16 0.17 + 0.02 0.70 0.12 0.02 0.01 0.02 + 0.01 0.05 0.01 0.03 0.03 0.03 + 0.00 0.14 0.03 0.02 0.02 0.02 + 0.01 0.04 0.01 0.08 0.00 0.08 + 0.04 0.30 0.04 0.02 0.01 0.02 + 0.01 0.04 0.01 0.40 0.21 0.38 + 0.20 0.40 0.09 0.50 0.38 0.45 + 0.07 0.73 0.28 0.37 0.27 0.33 + 0.05 0.59 0.20 0.25 0.00 0.23 + 0.03 0.60 0.10 0.09 0.07 0.07 - 0.01 0.14 0.06 0.02 0.02 0.02 - 0.00 0.19 0.02 3.88 3.46 3.83 + 0.48 3.88 1.79 2.72 2.40 2.61 + 0.40 2.72 1.43 0.10 0.00 0.09 - 0.01 0.26 0.08 0.25 0.15 0.25 + 0.08 0.35 0.14 0.41 0.35 0.39 + 0.03 0.50 0.21 0.09 0.07 0.08 + 0.01 0.14 0.05 0.08 0.00 0.05 - 0.02 0.11 0.01 0.32 0.27 0.30 + 0.02 0.53 0.20 0.23 0.19 0.22 + 0.02 0.40 0.16 0.12 0.10 0.11 + 0.00 0.32 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.33 0.27 0.32 + 0.04 0.60 0.22 0.24 0.20 0.23 + 0.03 0.47 0.16 0.03 0.02 0.02 + 0.01 0.08 0.01 2.64 2.39 2.55 + 0.20 2.79 1.33 0.15 0.00 0.15 + 0.02 0.20 0.10 0.02 0.02 0.02 - 0.01 0.06 0.01 0.20 0.16 0.19 + 0.03 0.45 0.11 0.14 0.11 0.14 + 0.03 0.35 0.07 16.15 13.37 14.44 - 1.20 18.64 12.39 0.08 0.06 0.07 + 0.00 0.10 0.01 2.93 0.00 2.89 + 0.04 3.81 2.29

Pac Bay Mnrls* O 80 80 Pac Bay Mnrls V Pac Booker Min* X 4 Pac Booker Min V 19 Pac Iron Ore V 11 Paladin Energy T 2041 V 37 Palamina Corp Pan Am Silver T 2467 Pan Am Silver* D 22516 Pancontinental V 62 Paramount Gold* X 186 Parlane Res V 27 Passprt Potash* O 238 Patriot Gold* O 258 Peabody Enrgy* N 10129 Peat Res V 288 Pelangio Expl* O 20 Pelangio Expl V 3777 Pele Mtn Res V 965 Peregrine Diam T 1593 Perseus Mng T 4748 Pershimco Res V 1875 Pershing Gold* D 990 Peruvian Prc M* O 1106 Petaquilla Mnl* O 185 Petro One Engy V 567 Philippine Mtl V 190 Pilot Gold T 2751 Pilot Gold* O 1026 Pine Cliff En V 974 Pinecrest Res V 263 Pitchblack Res V 75 Plata Latina V 165 Plateau Uran V 177 Plateau Uran* O 30 Platinex V 350 Platinum Gp Mt* X 5158 Platinum Gp Mt T 773 Plato Gold V 2051 Playfair Mng V 145 Polaris Mater T 60 PolyMet Mng T 18 Portage Res* O 379 Potash Corp SK T 14251 Potash Corp SK* N 38012 Potash Ridge T 329 Potash Ridge* O 71 Precipitate Gl V 222 Premier Gold M T 5296 Premium Expl* O 24 Pretium Res* N 4858 Pretium Res T 2251 Prime Meridian V 30 Primero Mng T 7775 Primero Mng* N 8221 Probe Metals V 186 Probe Metals* O 11 Prophecy Coal* O 5789 Prospect Glob* O 89 Prosper Gold V 198 PUF Vent Inc* O 250 PUF Vent Inc 1358 Pure Energy* O 328 Pure Energy V 755 Pure Gold Mg* O 123 Pure Gold Mg V 1440 Pure Nickel V 307 Pure Nickel* O 485 Purepoint Uran V 364 QMX Gold V 120 Quaterra Res V 161 Quaterra Res* O 842 Quest Rare Mnl* O 99 Quest Rare Mnl T 600 Quinto Real V 32

0.06 0.00 0.06 + 0.01 0.07 0.03 0.08 0.07 0.08 + 0.01 0.10 0.02 1.36 1.19 1.35 + 0.25 5.50 1.04 1.90 1.65 1.84 + 0.33 6.90 1.02 0.34 0.22 0.22 - 0.12 0.39 0.10 0.22 0.18 0.19 - 0.02 0.41 0.15 0.09 0.00 0.09 + 0.02 0.11 0.06 12.38 10.49 12.27 + 0.54 15.00 7.77 8.88 7.57 8.86 + 0.42 12.05 5.38 0.01 0.01 0.01 + 0.01 0.03 0.01 1.24 1.01 1.14 + 0.06 1.85 0.87 0.21 0.00 0.20 + 0.05 0.21 0.01 0.00 0.00 0.00 - 0.00 0.27 0.00 0.08 0.06 0.08 + 0.02 0.13 0.02 4.43 2.15 2.43 - 1.81 120.30 2.15 0.04 0.03 0.04 + 0.03 0.04 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 0.05 0.02 0.04 + 0.02 0.05 0.01 0.05 0.04 0.04 - 0.01 0.09 0.03 0.12 0.09 0.11 - 0.01 0.39 0.09 0.37 0.29 0.36 + 0.06 0.48 0.23 0.13 0.11 0.12 + 0.01 0.26 0.09 4.95 3.72 4.70 + 0.95 7.45 3.04 0.05 0.04 0.05 + 0.01 0.10 0.02 0.01 0.00 0.01 + 0.00 0.04 0.00 0.03 0.03 0.03 + 0.01 0.14 0.02 0.04 0.04 0.04 - 0.03 0.06 0.01 0.32 0.27 0.32 + 0.04 1.13 0.22 0.23 0.19 0.23 + 0.04 0.91 0.16 0.88 0.78 0.82 - 0.05 1.65 0.75 0.07 0.04 0.07 + 0.02 0.50 0.03 0.07 0.00 0.07 - 0.01 0.20 0.05 0.03 0.02 0.03 + 0.01 0.12 0.01 0.38 0.28 0.36 - 0.02 0.69 0.24 0.26 0.24 0.26 - 0.00 0.57 0.18 0.01 0.01 0.01 - 0.01 0.01 0.01 1.20 1.02 1.13 - 0.03 5.99 0.96 1.63 1.41 1.58 - 0.02 7.40 1.35 0.02 0.01 0.02 + 0.01 0.02 0.01 0.06 0.00 0.05 + 0.02 0.08 0.01 1.59 1.35 1.54 + 0.04 2.83 1.12 1.18 1.09 1.14 + 0.02 1.75 0.76 0.00 0.00 0.00 + 0.00 0.01 0.00 23.11 20.85 21.37 - 1.90 47.03 20.65 16.60 14.90 15.42 - 1.32 37.60 14.64 0.08 0.06 0.06 - 0.02 0.11 0.03 0.05 0.00 0.05 - 0.01 0.09 0.02 0.10 0.08 0.10 + 0.02 0.21 0.06 3.27 2.77 3.24 + 0.49 3.18 1.65 0.00 0.00 0.00 - 0.00 0.02 0.00 5.35 4.63 5.23 + 0.26 6.95 4.00 7.47 6.40 7.23 + 0.34 9.00 5.57 0.18 0.08 0.08 - 0.04 0.19 0.05 2.56 2.11 2.34 + 0.09 5.51 2.11 1.84 1.51 1.70 + 0.08 4.49 1.51 0.40 0.34 0.39 + 0.01 0.56 0.33 0.28 0.25 0.27 + 0.03 0.42 0.24 0.02 0.01 0.01 - 0.01 0.06 0.01 0.19 0.10 0.15 + 0.04 0.19 0.02 0.14 0.10 0.12 + 0.02 0.17 0.06 0.02 0.02 0.02 - 0.01 0.05 0.02 0.03 0.03 0.03 - 0.01 0.12 0.03 0.42 0.36 0.40 - 0.02 0.77 0.17 0.58 0.51 0.53 - 0.05 1.03 0.18 0.12 0.09 0.11 + 0.02 0.24 0.01 0.17 0.12 0.15 + 0.03 0.32 0.07 0.02 0.01 0.02 + 0.01 0.02 0.01 0.01 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.05 - 0.01 0.07 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.06 0.05 0.06 + 0.01 0.15 0.04 0.05 0.04 0.05 + 0.01 0.11 0.03 0.05 0.03 0.05 + 0.01 0.23 0.03 0.07 0.06 0.06 + 0.01 0.29 0.06 0.05 0.00 0.05 + 0.01 0.05 0.01

Rackla Mtls* O 2 Radisson Mng V 181 Rambler Ml &Mg V 580 Randgold Res* O 6 Randgold Res* D 9856 Rapier Gold V 41 Raptor Res* O 1005 Rare Element* X 657 Rathdowney Res V 105 Razor Res* O 33

0.04 0.03 0.03 - 0.00 0.05 0.03 0.15 0.14 0.15 + 0.02 0.15 0.09 0.06 0.05 0.05 - 0.01 0.30 0.05 85.70 0.00 83.65 + 18.95 85.70 57.00 90.28 80.46 90.28 + 11.98 90.28 54.88 0.05 0.00 0.05 - 0.01 0.08 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.06 0.06 - 0.01 1.06 0.06 0.20 0.17 0.17 - 0.03 0.35 0.11 0.01 0.00 0.00 - 0.00 0.01 0.00

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

RB Energy* O 305 Red Eagle Mng* O 142 Red Eagle Mng V 928 Red Pine Expl V 2054 Redhawk Res T 334 Redstar Gold V 725 Regulus Res V 59 Remington Res V 389 Renaissance Gd* O 34 Renaissance Gd V 46 Renforth Res 768 Reservoir Mnls* O 61 Reservoir Mnls V 109 Revelo Res V 262 Richmond Mnls V 32 Richmont Mines* X 2365 Richmont Mines T 1559 38 Rio Novo Gold* O Rio Novo Gold T 995 Rio Tinto* N 31805 Rio Tinto* O 2 Rio Tinto* O 2 Rise Res Inc 525 Rise Res Inc* O 66 Riverside Res* O 17 Riverside Res V 428 Robex Res V 76 Rock Tech Lith V 36 Rockex Mng 564 Rockhaven Res V 405 O 10 Rockwell Diam* Rockwell Diam T 90 Rogue Res* O 58 Rogue Res V 828 551 Romios Gold Rs* O Rotation Mnls V 22 V 2869 Roxgold Royal Gold T 136 Royal Gold* D 9543 Royal Nickel T 1796 Royal Nickel* O 47 Royal Rd Mnrls V 141 Royal Std Mnrl* O 115 O 5570 Rubicon Mnrls* Rubicon Mnrls T 6562 Rugby Mng V 430 Rupert Res V 459 Rusoro Mng* O 429 Rusoro Mng V 744 234 Rye Patch Gold* O Rye Patch Gold V 557

0.00 0.00 0.00 - 0.00 0.03 0.00 0.28 0.24 0.27 + 0.04 0.29 0.18 0.40 0.31 0.38 + 0.06 0.40 0.25 0.05 0.04 0.05 + 0.01 0.15 0.03 0.04 0.04 0.04 - 0.01 0.10 0.04 0.05 0.04 0.05 + 0.01 0.06 0.03 0.29 0.29 0.29 - 0.03 0.54 0.19 0.05 0.04 0.04 - 0.01 0.05 0.01 0.14 0.10 0.14 + 0.01 0.24 0.08 0.20 0.15 0.19 + 0.04 0.30 0.11 0.02 0.01 0.02 + 0.01 0.05 0.01 3.06 2.89 3.01 + 0.21 3.88 2.25 4.26 4.01 4.15 + 0.15 4.87 3.26 0.07 0.06 0.07 + 0.01 0.14 0.04 0.05 0.04 0.04 - 0.01 0.14 0.03 4.94 4.04 4.73 + 0.60 4.94 2.27 6.88 5.63 6.57 + 0.86 6.88 3.14 0.11 0.08 0.08 - 0.03 0.13 0.07 0.16 0.09 0.12 + 0.02 0.16 0.07 26.73 24.29 26.52 + 0.31 50.07 21.89 26.20 24.78 24.78 - 1.13 49.45 21.90 29.30 28.83 29.08 - 0.22 50.94 25.47 0.15 0.11 0.15 + 0.04 0.15 0.11 0.11 0.10 0.10 + 0.00 0.79 0.10 0.12 0.10 0.12 + 0.02 0.25 0.08 0.22 0.17 0.21 + 0.04 0.31 0.12 0.06 0.06 0.06 + 0.01 0.10 0.05 0.06 0.05 0.05 - 0.02 0.10 0.03 0.15 0.04 0.15 + 0.11 0.15 0.01 0.23 0.18 0.20 + 0.03 0.24 0.10 0.07 0.07 0.07 + 0.00 0.22 0.07 0.10 0.09 0.10 + 0.01 0.28 0.09 0.08 0.07 0.08 + 0.01 0.10 0.01 0.11 0.09 0.09 - 0.01 0.16 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.04 0.04 + 0.02 0.15 0.02 0.96 0.77 0.81 + 0.04 0.96 0.51 60.41 50.39 57.94 + 3.34 91.50 35.46 43.30 36.06 41.74 + 2.52 73.48 24.68 0.23 0.19 0.21 - 0.01 0.59 0.12 0.17 0.13 0.13 - 0.04 0.39 0.10 0.08 0.05 0.07 + 0.01 0.35 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.03 0.04 - 0.00 1.23 0.01 0.06 0.04 0.05 - 0.01 1.49 0.02 0.05 0.04 0.05 + 0.01 0.18 0.03 0.05 0.03 0.05 + 0.02 0.08 0.02 0.09 0.07 0.09 + 0.03 0.09 0.02 0.13 0.09 0.09 - 0.01 0.13 0.03 0.11 0.10 0.11 + 0.00 0.16 0.08 0.15 0.13 0.15 + 0.01 0.20 0.11

Sabina Gd&Slvr* O 297 Sabina Gd&Slvr T 1695 Saint Jean* O 54 Salazar Res V 41 San Gold Corp* O 123 O 609 Sandspring Res* Sandspring Res V 3438 Sandstorm Gold T 1904 X 5301 Sandstorm Gold* Santacruz Silv V 1632 O 58 Santacruz Silv* Sarissa Res* O 5170 Satori Res V 71 Saturn Mnrls V 4730 156 Scandium Int M* O Scorpio Gold V 1515 Seabridge Gld T 787 N 5915 Seabridge Gld* Search Mnls V 356 Searchlight* O 345 T 9910 Semafo Senator Mnrls V 108 Serabi Gold T 240 Serengeti Res V 551 SG Spirit Gold V 22 SGX Res V 646 Sherritt Intl T 4141 Shore Gold T 590 Sibanye Gold* N 10386 O 120 Sidney Resrces* Sienna Res V 609 Sierra Iron Or* O 23 Sierra Metals T 15 Sierra Res* O 12591 Silver Bull Re* O 1234 182 Silver Bull Re T Silver Dragon* O 1053 Silver Grail V 60 Silver Predatr V 98 Silver Pursuit V 386 Silver Range V 185 Silver Spruce* O 21 Silver Spruce V 196 Silver Std Res T 4558 Silver Std Res* D 9981 Silver Wheaton T 13235 Silver Wheaton* N 38440 Silvercorp Met T 2828 Silvercorp Met* O 1945 SinoCoking Cl* D 78 Sirios Res V 1299 Skeena Res V 805 Skeena Res* O 9 Sky Ridge V 101 Skyharbour Res V 475 Slam Explor V 273 SnipGold V 420 Sokoman Iron V 30 Solitario Ex&R* X 535 Solitario Ex&R T 13 Sona Res V 59 Source Gold* O 72357 Southern Arc V 37 Southern Arc* O 3 Southern Copp* N 8655 Spanish Mtn Gd* O 75 Spanish Mtn Gd V 1266 Sparton Res V 85 Sparton Res* O 6 Sphinx Res V 37 Spruce Ridge R V 3190 St Elias Mns* O 16 Stakeholdr Gld* O 14 Stakeholdr Gld V 40 Standard Graph V 216 Standard Metal* O 542 Stans Energy V 231 Stans Energy* O 485 Star Minerals 264 Starcore Intl T 110 Sterling Grp* O 188 Stillwater Mg* N 8147 Stina Res 148 Stina Res* O 40 Stockport Expl V 249 Stornoway Diam T 1628 Strategic Metl V 628 Stratton Res V 38 Strikepoint Gd V 5026 Strikepoint Gd* O 108 Strongbow Expl V 204 Sulliden Mng T 163 Suncor Energy T 22363 Suncor Energy* N 30095 Sunridge Gold* O 297 Sunridge Gold V 2081 Sutter Gold V 370 Sutter Gold* O 488 Syrah Res* O 7

0.57 0.50 0.56 + 0.05 0.57 0.24 0.80 0.70 0.78 + 0.05 0.80 0.30 0.02 0.02 0.02 - 0.01 0.04 0.01 0.07 0.07 0.07 + 0.02 0.16 0.03 0.00 0.00 0.00 + 0.00 0.03 0.00 0.20 0.13 0.19 + 0.07 0.20 0.08 0.28 0.18 0.27 + 0.09 0.44 0.11 3.96 3.29 3.89 + 0.31 4.71 2.82 2.84 2.38 2.81 + 0.24 3.78 1.94 0.17 0.11 0.16 + 0.05 0.38 0.09 0.12 0.08 0.12 + 0.05 0.31 0.06 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.05 + 0.01 0.15 0.02 0.22 0.13 0.18 + 0.05 0.24 0.09 0.09 0.08 0.08 - 0.02 0.17 0.06 0.07 0.06 0.07 + 0.01 0.16 0.05 11.99 9.78 10.83 + 0.51 13.55 4.34 8.47 7.00 7.81 + 0.38 9.63 3.31 0.06 0.05 0.05 - 0.01 0.13 0.03 0.11 0.08 0.08 - 0.03 0.44 0.06 4.40 3.66 4.18 + 0.24 4.40 2.46 0.10 0.06 0.08 + 0.03 0.17 0.03 0.06 0.05 0.06 + 0.01 0.10 0.04 0.04 0.03 0.04 + 0.01 0.07 0.02 0.12 0.00 0.12 + 0.07 0.20 0.05 0.02 0.01 0.02 + 0.01 0.03 0.01 0.73 0.58 0.64 - 0.08 3.24 0.53 0.20 0.18 0.19 - 0.01 0.30 0.13 12.90 10.14 12.88 + 1.51 12.90 4.07 0.01 0.01 0.01 - 0.00 0.02 0.00 0.05 0.03 0.05 + 0.02 0.05 0.01 0.19 0.18 0.18 - 0.00 0.42 0.13 1.08 0.00 1.08 + 0.01 1.60 0.84 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.05 0.06 + 0.02 0.15 0.02 0.09 0.07 0.08 + 0.02 0.18 0.04 0.03 0.01 0.02 + 0.00 0.05 0.01 0.03 0.03 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.03 0.00 0.03 + 0.01 0.05 0.02 0.05 0.04 0.04 - 0.01 0.11 0.02 0.05 0.05 0.05 - 0.00 0.07 0.02 0.07 0.07 0.07 + 0.01 0.10 0.02 8.61 7.30 8.37 + 0.87 10.56 5.22 6.18 5.26 6.04 + 0.63 8.02 3.66 21.28 18.75 21.15 + 1.53 28.76 14.51 15.36 13.50 15.24 + 1.12 23.12 10.04 1.06 0.75 1.03 + 0.29 1.79 0.60 0.77 0.53 0.76 + 0.23 1.44 0.41 0.43 0.36 0.40 - 0.02 2.97 0.26 0.13 0.09 0.12 + 0.03 0.13 0.07 0.08 0.07 0.08 + 0.01 0.13 0.06 0.05 0.04 0.05 + 0.01 0.09 0.04 0.15 0.14 0.15 + 0.03 0.15 0.03 0.03 0.03 0.03 - 0.01 0.07 0.02 0.12 0.06 0.09 + 0.03 0.12 0.01 0.08 0.07 0.08 + 0.03 0.10 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.50 0.43 0.50 + 0.06 0.94 0.40 0.69 0.60 0.69 + 0.07 1.18 0.57 0.02 0.02 0.02 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 2.00 0.00 0.28 0.00 0.26 - 0.05 1.00 0.24 0.20 0.18 0.18 + 0.00 0.29 0.17 26.76 23.75 26.37 - 0.13 33.31 21.55 0.03 0.02 0.03 + 0.01 0.04 0.01 0.05 0.04 0.05 + 0.02 0.05 0.02 0.05 0.04 0.05 + 0.01 0.05 0.01 0.03 0.03 0.03 - 0.00 0.04 0.00 0.02 0.00 0.02 - 0.01 0.07 0.01 0.02 0.01 0.02 + 0.01 0.06 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.07 0.09 + 0.01 0.09 0.05 0.14 0.09 0.13 + 0.03 1.95 0.04 0.02 0.02 0.02 - 0.01 0.04 0.01 0.20 0.11 0.12 - 0.08 1.28 0.01 0.02 0.00 0.02 + 0.01 0.13 0.01 0.02 0.01 0.01 - 0.00 0.10 0.01 0.02 0.00 0.01 - 0.01 0.04 0.01 0.36 0.29 0.35 + 0.07 0.66 0.25 0.01 0.01 0.01 + 0.00 0.03 0.01 7.38 6.40 7.32 + 0.45 15.07 4.99 0.16 0.14 0.16 + 0.01 0.19 0.12 0.11 0.10 0.10 - 0.01 0.20 0.06 0.03 0.03 0.03 - 0.01 0.04 0.01 0.80 0.75 0.80 + 0.04 0.85 0.54 0.36 0.28 0.35 + 0.05 0.36 0.24 0.13 0.11 0.13 + 0.02 0.14 0.06 0.02 0.02 0.02 + 0.01 0.08 0.01 0.02 0.01 0.02 + 0.01 0.06 0.00 0.07 0.00 0.07 - 0.01 0.18 0.05 0.27 0.23 0.27 + 0.03 0.31 0.19 31.95 28.40 30.57 - 1.31 40.93 27.32 23.00 20.35 22.08 - 0.87 33.49 18.71 0.22 0.20 0.20 - 0.01 0.22 0.10 0.30 0.28 0.29 + 0.02 0.30 0.13 0.07 0.04 0.07 + 0.03 0.10 0.04 0.05 0.03 0.05 + 0.02 0.09 0.02 2.81 2.58 2.63 - 0.02 3.57 1.81

Tahoe Res T 14511 Tahoe Res* N 11346 Takara Res V 23 Taku Gold 23 Talon Metals T 182 Tamino Mnrls* O 32524 Tanager Energy V 11 Tantalex Res 53 Tanzania Rlty T 873 Tanzania Rlty* X 1987 Taranis Res V 71 Tartisan Res 475 Taseko Mines T 347 Taseko Mines* X 489

11.89 9.92 11.85 + 0.19 18.65 9.45 8.58 7.12 8.56 + 0.16 15.14 6.48 0.04 0.03 0.04 + 0.01 0.06 0.01 0.03 0.03 0.03 - 0.01 0.10 0.02 0.10 0.09 0.09 - 0.01 0.23 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 0.04 0.04 + 0.01 0.07 0.01 0.05 0.00 0.04 + 0.02 0.09 0.01 0.42 0.26 0.35 + 0.06 0.77 0.24 0.31 0.18 0.31 + 0.11 0.65 0.17 0.06 0.05 0.06 + 0.01 0.15 0.03 0.04 0.03 0.04 + 0.01 0.06 0.01 0.51 0.44 0.48 - 0.02 1.22 0.35 0.37 0.31 0.34 - 0.02 0.95 0.23

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tasman Metals V 260 Teck Res T 24726 T 13 Teck Res Teck Res* N 39245 TECO Enrgy* N 11909 Telferscot Res 1072 Telson Res * O 2 Telson Res V 7 Tembo Gold* O 70 Teranga Gold T 10039 Teras Res V 500 Terraco Gold V 688 Terrax Mnrls* O 97 Terrax Mnrls V 263 68 Teslin Rvr Res V Teuton Res V 272 Texas Rare Eth* O 153 Thompson Creek T 3345 Thompson Creek* O 2577 Thunder Mtn Gd* O 51 Till Capital V 1 Till Capital* D 2 Timberline Res V 41 Timberline Res* X 388 Timmins Gold* X 8414 Timmins Gold T 11844 Tinka Res* O 459 Tinka Res V 654 Tintina Mines V 135 Tintina Res V 58 Tintina Res* O 38 Tirex Res* O 223 Tirex Res V 266 Titanium Corp V 2903 TMAC Resources T 29 TomaGold V 487 Torex Gold* O 427 Torex Gold T 13182 Transition Mtl V 178 Treasury Metal T 652 Trecora Res* N 333 Tres-Or Res V 122 Trevali Mng T 3176 Trevali Mng* O 49 43 Tri Origin Exp V TriMetals Mng* O 94 TriMetals Mng* O 2041 TriMetals Mng T 703 Trinity Res* O 2 O 358 Trio Resources* TriStar Gold V 200 TriStar Gold* O 68 Troy Res* O 68 True Gold Mng V 5046 402 True Gold Mng* O True North Gem V 917 O 520 Tungsten Corp* Turquoise HIl* N 12511 Turquoise HIl T 4868 TVI Pacific* O 332 Typhoon Expl V 171

0.20 0.13 0.15 - 0.03 0.99 0.12 6.47 4.98 6.44 + 0.44 20.58 3.65 8.99 7.74 8.52 - 0.16 22.64 5.69 4.68 3.55 4.68 + 0.38 16.40 2.56 27.43 27.06 27.18 - 0.10 27.45 17.60 0.01 0.01 0.01 - 0.01 0.05 0.01 0.08 0.00 0.08 + 0.01 0.09 0.07 0.12 0.00 0.12 + 0.01 0.14 0.01 0.01 0.01 0.01 - 0.00 0.05 0.01 0.55 0.44 0.55 + 0.13 0.82 0.38 0.04 0.04 0.04 - 0.01 0.12 0.03 0.11 0.09 0.10 - 0.01 0.16 0.07 0.24 0.21 0.24 + 0.05 0.34 0.17 0.33 0.30 0.31 + 0.02 0.43 0.23 0.26 0.24 0.24 - 0.03 0.34 0.20 0.08 0.04 0.06 + 0.02 0.13 0.04 0.19 0.16 0.16 - 0.02 0.44 0.10 0.49 0.31 0.34 - 0.01 2.04 0.16 0.35 0.21 0.25 + 0.01 1.63 0.07 0.08 0.07 0.08 + 0.01 0.15 0.02 4.19 0.00 4.19 - 0.31 8.00 3.89 3.10 0.00 3.05 - 0.20 6.23 3.05 0.23 0.20 0.23 + 0.01 0.91 0.16 0.17 0.14 0.17 + 0.01 0.78 0.08 0.23 0.16 0.23 + 0.07 1.03 0.07 0.33 0.23 0.32 + 0.10 1.29 0.11 0.12 0.08 0.11 + 0.03 0.34 0.07 0.16 0.11 0.14 + 0.03 0.43 0.09 0.10 0.05 0.10 + 0.06 0.10 0.02 0.08 0.06 0.08 + 0.01 0.09 0.04 0.05 0.04 0.04 - 0.01 0.08 0.03 0.09 0.06 0.08 - 0.00 0.24 0.05 0.12 0.09 0.11 - 0.01 0.30 0.07 0.50 0.38 0.40 - 0.07 1.55 0.38 7.20 6.79 7.10 + 0.45 7.20 4.85 0.06 0.06 0.06 + 0.01 0.11 0.04 1.16 0.95 1.15 + 0.18 1.16 0.67 1.61 1.33 1.61 + 0.26 1.56 0.85 0.13 0.10 0.13 + 0.03 0.23 0.06 0.49 0.42 0.45 + 0.04 0.62 0.25 10.27 8.80 9.33 - 0.72 16.50 8.80 0.03 0.02 0.02 - 0.01 0.03 0.01 0.38 0.34 0.36 - 0.03 1.24 0.25 0.27 0.24 0.26 - 0.02 1.03 0.18 0.03 0.02 0.03 + 0.01 0.04 0.01 0.06 0.04 0.06 + 0.01 0.09 0.03 0.13 0.08 0.09 - 0.00 0.15 0.06 0.09 0.06 0.09 + 0.02 0.13 0.04 0.08 0.00 0.08 + 0.00 1.50 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.22 0.16 0.20 + 0.03 0.22 0.10 0.14 0.11 0.14 + 0.03 0.18 0.09 0.22 0.20 0.22 + 0.02 0.44 0.13 0.37 0.31 0.33 - 0.02 0.37 0.15 0.26 0.22 0.25 - 0.00 0.26 0.11 0.17 0.14 0.16 - 0.02 0.20 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 2.09 1.85 1.94 - 0.15 4.74 1.55 2.90 2.59 2.69 - 0.22 5.80 2.30 0.01 0.00 0.01 + 0.01 0.02 0.00 0.05 0.04 0.05 + 0.01 0.07 0.03

U3O8 Corp* O 473 U3O8 Corp T 3628 Ucore Rare Mtl* O 829 848 Ucore Rare Mtl V UEX Corp T 1010 Ultra Lithium V 13 Umbral Enrgy 976 Unigold V 145 Unigold* O 38 United Res Hdg* O 433 180 United States A* X United States S* N 40370 Unity Energy V 313 Ur-Energy* X 1402 Ur-Energy T 232 Uracan Res* O 3 Uracan Res V 311 Uragold Bay Rs V 434 Uranium Energy* X 2192 Uranium Res* D 2559 V 38 Uranium Valley US Energy* D 1663 US Precious M* O 2820 US Rare Earths* O 50 US Tungsten* O 51 USCorp* O 632 Vale* N 43305 Vale* N 102478 ValGold Res V 130 Vanadiumcorp* O 124 N 1028 Vedanta* Vena Res T 614 Verde Potash T 167 Verde Res* O 78 Victoria Gold V 3030 Victory Res V 477 Virginia Enrgy V 3 Viscount Mng V 223 Vista Gold* X 2468 Vista Gold T 193

0.02 0.00 0.02 + 0.00 0.06 0.01 0.03 0.00 0.02 - 0.01 0.07 0.02 0.25 0.19 0.24 + 0.04 0.35 0.15 0.34 0.28 0.34 + 0.07 0.44 0.20 0.16 0.14 0.15 - 0.01 0.32 0.11 0.13 0.11 0.11 - 0.02 0.30 0.05 0.03 0.02 0.02 - 0.01 0.07 0.02 0.24 0.18 0.21 + 0.04 0.24 0.08 0.15 0.13 0.15 + 0.02 0.16 0.06 0.02 0.02 0.02 - 0.00 0.11 0.02 0.29 0.16 0.27 + 0.09 1.65 0.16 8.20 6.67 7.40 - 0.54 27.68 6.15 0.15 0.14 0.15 + 0.01 0.20 0.05 0.53 0.46 0.48 - 0.05 1.08 0.45 0.74 0.65 0.67 - 0.07 1.35 0.60 0.02 0.02 0.02 + 0.00 0.04 0.00 0.04 0.03 0.03 - 0.01 0.05 0.01 0.06 0.06 0.06 + 0.01 0.07 0.02 0.90 0.77 0.88 + 0.02 3.00 0.65 0.34 0.20 0.25 - 0.08 1.93 0.20 0.05 0.04 0.05 + 0.01 0.10 0.04 0.51 0.28 0.43 + 0.11 1.51 0.11 0.02 0.01 0.02 + 0.00 0.20 0.00 0.21 0.00 0.12 + 0.02 5.00 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 0.00 + 0.00 0.02 0.00 1.99 1.74 1.91 - 0.07 6.99 1.55 2.67 2.38 2.63 + 0.02 9.14 2.13 0.02 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.04 + 0.00 0.05 0.01 4.20 3.52 3.86 - 0.38 14.43 3.52 0.03 0.02 0.03 + 0.01 0.10 0.01 0.15 0.13 0.14 - 0.01 0.55 0.13 0.08 0.06 0.07 + 0.01 0.20 0.02 0.22 0.19 0.21 + 0.02 0.22 0.11 0.05 0.03 0.04 + 0.01 0.09 0.02 0.06 0.00 0.06 + 0.01 0.10 0.03 0.54 0.47 0.50 - 0.04 0.63 0.16 0.41 0.31 0.41 + 0.09 0.41 0.24 0.59 0.44 0.57 + 0.13 0.59 0.31

WAI Cap Invest V 4 Walker River V 1987 Wallbridge Mng T 529 Walter Energy* O 975 Waseco Res V 193 WCB Res V 100 Wealth Mnrls V 208 Wellgreen Plat* O 141 V 8 Wescan Gldflds Wesdome Gold T 2815 West Af Res V 586 West High Yld V 32 West Kirkland V 1834 West Melville V 123 Western Copper* X 250 Western Graphi* O 423501 Western Lith T 1680 Western Lith* O 722 Western Pac Rs* O 2446 Western Potash T 480 V 555 Westhaven Vent Westkam Gold V 2757 Westminster Rs V 392 Westmoreland* D 1505 WestMountain* O 6 White Energy* O 1 White Mtn Engy* O 365 Whitehaven Coa* O 18 Wildcat Expl V 143 Wolfden Res V 418 Wolverine Mnls V 25 WPC Res V 7199 X-Terra Res V 174 Xander Res V 67 XLI Tech Inc* O 1560 Xtra-Gold Res* O 98 Xtra-Gold Res T 262 Yamana Gold T 54232 Yamana Gold* N 125399 Yanzhou Coal* N 133 Yellowhead Mng T 94 Yorbeau Res T 202 Yorbeau Res* O 39 Zadar Vent V 1170 Zara Res 1 Zazu Metals T 63 Zazu Metals* O 9 Zenyatta Vent* O 20 Zenyatta Vent V 394 Zephyr Mnls V 23 Zimtu Capital V 63 Zonte Mtls V 89

0.03 0.00 0.03 + 0.01 0.10 0.02 0.07 0.06 0.07 + 0.01 0.08 0.02 0.04 0.04 0.04 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 1.11 0.01 0.02 0.02 0.02 + 0.01 0.06 0.02 0.03 0.03 0.03 + 0.01 0.20 0.02 0.22 0.19 0.20 + 0.01 0.42 0.14 0.14 0.13 0.13 - 0.00 0.49 0.12 0.03 0.00 0.03 + 0.01 0.06 0.01 1.53 1.34 1.49 + 0.18 1.53 0.89 0.07 0.06 0.06 - 0.01 0.10 0.05 0.30 0.23 0.29 + 0.06 0.43 0.17 0.06 0.05 0.06 + 0.02 0.08 0.04 0.05 0.03 0.05 + 0.02 0.15 0.03 0.28 0.23 0.25 - 0.00 0.65 0.20 0.00 0.00 0.00 - 0.00 0.02 0.00 0.44 0.37 0.40 - 0.04 0.96 0.26 0.31 0.26 0.29 - 0.03 0.81 0.18 0.00 0.00 0.00 - 0.00 0.06 0.00 0.18 0.18 0.18 - 0.01 0.34 0.17 0.07 0.05 0.06 - 0.01 0.09 0.04 0.04 0.03 0.04 + 0.01 0.05 0.02 0.05 0.04 0.05 + 0.01 0.10 0.01 6.38 4.42 4.99 - 1.40 30.92 3.44 0.08 0.04 0.08 + 0.04 0.42 0.04 0.35 0.00 0.35 - 0.16 1.50 0.35 0.13 0.07 0.07 - 0.06 0.46 0.07 0.28 0.25 0.25 - 0.03 1.24 0.25 0.07 0.05 0.07 + 0.01 0.08 0.02 0.08 0.07 0.08 + 0.01 0.21 0.05 0.02 0.02 0.02 + 0.01 0.08 0.02 0.05 0.03 0.04 + 0.01 0.08 0.03 0.11 0.09 0.09 - 0.02 0.30 0.06 0.34 0.00 0.33 - 0.01 0.41 0.18 1.10 0.94 1.09 + 0.02 1.50 0.14 0.25 0.15 0.25 + 0.09 0.25 0.12 0.34 0.21 0.34 + 0.13 0.31 0.18 3.83 3.00 3.71 + 0.52 5.40 1.89 2.75 2.16 2.68 + 0.39 4.32 1.38 3.91 3.72 3.85 - 0.11 12.24 3.66 0.05 0.04 0.04 - 0.01 0.18 0.03 0.08 0.07 0.08 + 0.01 0.17 0.04 0.04 0.04 0.04 - 0.00 0.09 0.03 0.10 0.08 0.09 - 0.01 0.13 0.01 0.01 0.00 0.01 - 0.01 0.10 0.01 0.16 0.15 0.16 - 0.02 0.33 0.09 0.12 0.00 0.12 - 0.00 0.26 0.08 0.62 0.56 0.59 + 0.04 2.20 0.47 0.90 0.76 0.84 - 0.01 2.61 0.63 0.15 0.13 0.14 + 0.01 0.20 0.08 0.18 0.15 0.15 + 0.02 0.37 0.12 0.12 0.08 0.09 + 0.01 0.15 0.02

U-V

W-Z

2016-02-16 8:28 PM

WWW.NORTHERNMINER.COM

FEBRUARY 22-28, 2016 / THE NORTHERN MINER

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, February 16, 2016 Precious Metals Price (US$/oz.) Change $1212.00 +23.10 Gold Silver $15.35 +0.01 Platinum $936.00 +30.00 Palladium $519.00 +20.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8285.00 +30.00 $4553.00 -9.00 $1806.00 -22.50 $1662.00 -23.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 15, 2016 (change from February 8, 2016 in brackets): Aluminium Alloy 15400 (0) Aluminium 2747650 (-20475) Copper 218300 (-8800) Lead 181400 (-2325) Nickel 439098 (-42) Tin 4265 (-250) Zinc 458725 (-3350)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.13 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.55 Coal: CME Group Futures Mar. 2016: US$43.20; Apr. 2016: US$44.13 Cobalt: US$9.98/lb. Copper: US$2.07/lb. Copper: CME Group Futures Mar. 2016: US$2.05/lb.; Apr. 2016: US$2.06/lb Ferro-Chrome: US$1.82/kg Ferro Titanium: US$4.20/kg FerroTungsten: US$21.71/kg Ferrovanadium: US$13.17/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$43.20/tonne Iron Ore Fines: US$46.58/tonne Iron Ore Pellets: US$63.38/tonne Lead: US$0.84/lb. Magnesium: US$1.99/kg Manganese: US$1.48/kg Molybdenum Oxide: US$5.44/lb. Phosphate Rock: US$122.50/tonne Potash: US$295.00/tonne Rhodium: Mid-mkt US$660.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.79 per oz.; Handy & Harman Fabricated: US$19.74 per oz. Tantalite Ore: : US$122.40/kg Tin: US$6.99/lb. Uranium: U3O8, Trade Tech spot price: US$34.15/lb.; The UX Consulting Company spot price: US$34.25/lb. Zinc: US$0.77/lb. Prices current Feb. 16, 2016

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

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Feb 12, 2016 (with changes from Jan 04, 2016) Largest short positions First Quantum FM 43209093 4578417 Lundin Mng LUN 34297322 357043 Potash Corp SK POT 32023016 4343030 New Gold NGD 26227284 982568 B2Gold BTO 23277508 853419 Yamana Gold YRI 20351484 4084459 Suncor Energy SU 19837594 1420957 Kinross Gold K 19096898 3985590 Barrick Gold ABX 16342752 2109091 Eldorado Gold ELD 14347554 2971552 Teck Res TCK.B 11379352 87281 IAMGOLD IMG 9699306 1490218 Thompson Creek TCM 8779037 77211 Goldcorp G 8639297 1790795 HudBay Mnls HBM 7717654 884414 Largest increase in short position First Quantum FM 43209093 4578417 Potash Corp SK POT 32023016 4343030 Yamana Gold YRI 20351484 4084459 Kinross Gold K 19096898 3985590 Eldorado Gold ELD 14347554 2971552 Largest decrease in short position Rubicon Mnrls RMX 2483166 -1705300 Namibia Rare E NRE 0 -1687000 Denison Mines DML 1176271 -1194214 Platinum Gp Mt PTM 33861 -872050 Torex Gold TXG 6811513 -751958

Short positions outstanding as of Feb 12, 2016 (with changes from Jan 04, 2016) Largest short positions First Mg Fin FF 561300 560813 Pine Cliff En PNE 329300 123200 Golden Dawn Ml GOM 178000 -15100 Integra Gold ICG 45472 -22849 Kootenay Silvr KTN 22000 -33500 Chesapeake Gld CKG 6900 1900 Avino Silver ASM 4300 400 Bear Creek Mng BCM 4000 -81300 Orezone Gold ORE 3300 0 Victoria Gold VIT 2700 -2500 Tasman Metals TSM 2200 200 Adventure Gold AGE 2000 -27000 Panoro Mnrls PML 2000 -43000 Gold Std Vents GSV 1226 -16675 Roxgold ROG 1181 -20200 Largest increase in short position First Mg Fin FF 561300 560813 Pine Cliff En PNE 329300 123200 Chesapeake Gld CKG 6900 1900 Nevada Expl NGE 900 450 Avino Silver ASM 4300 400 Largest decrease in short position East Asia Mnls EAS 0 -1049000 Pershimco Res PRO 0 -93500 Bear Creek Mng BCM 4000 -81300 Panoro Mnrls PML 2000 -43000 Kootenay Silvr KTN 22000 -33500

DAILY METAL PRICES Date Feb 15 Feb 12 Feb 11 Feb 10 Feb 9 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1560/1585 1555/1580 1575/1600 1560/1585 1565/1590 Aluminum 1505/1505 1498/1494 1493.50/1488.50 1498/1494.50 1491.50/1491 Copper 4561.50/4557 4488/4486.50 4472/4465.50 4505/4502 4530/4525 1853/1851 1843/1837 1826/1818.50 1829.50/1827 1826.50/1824 Lead Nickel 8100/8180 7715/7765 7700/7725 8035/8065 8095/8130 Tin 15375/15300 15275/15275 15590/15400 15850/15800 15750/15670 1688/1695 1711.50/1711 1721.50/1715 1711.50/1708 1712.50/1710 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) 1239.50 1223.25 1183.40 1188.90 Gold AM 1208.45 Gold PM 1208.20 1239.75 1241.00 1190.00 1191.00 Silver 15.26 15.64 15.65 15.12 15.34 957.00 948.00 926.00 932.00 Platinum 938.00 Palladium 516.00 526.00 521.00 519.00 517.00

EXCHANGE RATES Date Feb 12 Feb 11 Feb 10 Feb 09 Feb 08 US$ in C$ 1.3848 1.3933 1.3926 1.3866 1.3928 C$ in S$ 0.7220 0.7177 0.7181 0.7212 0.7180 Exchange rates (Quote Media, February 12, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.016 0.6415 81.7715 13.6552 11.4635 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.4978 4.7502 49.1835 0.7056 870.9650 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4072 0.8886 113.2300 18.9087 16.0325 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6889 6.5739 68.1300 0.9768 1211.6000

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.$

Feb 22 Pgs 12.indd 12

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Name Feb 12 Feb 11 Feb 10 Feb 09 Feb 08 High Low S&P/TSX Composite 12381.24 12087.37 12185.72 12282.65 12535.40 15527.30 12400.15 S&P/TSXV Composite 511.14 508.29 505.31 505.49 508.25 1050.26 883.52 S&P/TSX 60 729.46 710.42 716.97 723.80 738.81 896.74 709.99 S&P/TSX Global Gold 180.84 177.27 167.12 164.26 172.09 218.90 149.29 S&P/TSX Metals & Mining 291.68 263.27 266.81 275.14 296.17 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS FEBRUARY ?–?, 2016 123 New Highs Adventure Gold Agnico Eagle Agnico Eagle* Alaska Pac Egy* Alexco Res Alexco Res* AM Gold Amarillo Gold American Pot* Anaconda Mng Asanko Gold Atacama Pac Gd Aurion Res Avenira Ltd Barkerville Go Barrick Gold Belo Sun Mng Black Hills* Carpathian Gld Centamin Claude Res Claude Res* Clifton Star Clifton Star* CMC Metals Colibri Res Colibri Res* Currie Rose Rs* Detour Gold DRDGOLD* Elcora Res Endeavour Mng Endeavour Mng* Evolving Gold* Evrim Res Explor Res Explor Res* Fox River Res Franco-Nevada Gldn Predator

Gold Jub Cap Gold Std Vents Gold Std Vents* Golden Peak Mn Golden Secret Goldex Res GoldON Res* Goldsource Min Goldsource Min* Great Panther Greenland M&En* Harte Gold IAMGOLD Icon Explor IMPACT Silver Intact Gold Integra Gold Kinross Gold Kirkland Lk Gd La Imperial Lake Shore Gld Lake Shore Gld* Lexam VG Gold Lexam VG Gold* Lithium X Egy MAG Silver McEwen Mng McEwen Mng* Midnight Sun Minco Gold Minco Gold* Moneta Porcpn Moneta Porcpn* Monument Mng Mountain Boy* Network Expl New Carolin Gd New Pac Metals* Nexgen Energy Nexgen Energy* Northair Silvr

NovaGold Res NovaGold Res* Nrthn Vertex OceanaGold OceanaGold* Parlane Res Peat Res Pelangio Expl Platinum Gp Mt Premier Gold M Randgold Res* Red Eagle Mng Richmont Mines Richmont Mines* Rise Res Inc Romios Gold Rs Roxgold Rusoro Mng Rusoro Mng* Sandspring Res Sandspring Res* Sibanye Gold* Sienna Res Slam Explor Strategic Metl Sunridge Gold Sunridge Gold* Telson Res * Thompson Creek* Tintina Mines TMAC Resources Torex Gold TriStar Gold True Gold Mng True Gold Mng* Unigold Unigold* Vista Gold Vista Gold* Wesdome Gold

Xtra-Gold Res Xtra-Gold Res*

34 New Lows Cassius Vents Agrium Agrium* Aida Minerals Alabama Graph Argex Titanium Aston Bay Aurvista Gold* Cameco Corp Critical Elem* Diamante Min* Discovery Mnls* Double Crn Res* Durango Res* Explorex Res Fox River Res Goldbelt Emp GPM Metals* Imperial Metal Inspiration Mg MartinMarietta* Montego Res Nautilus Mnrls* Nevada Egy Mtl Peregrine Diam Primero Mng Primero Mng* Sarissa Res* Trecora Res* Trueclaim Expl* United Res Hdg* Uranium Res* Vedanta* Westridge Res

CANADIAN GOLD MUTUAL FUNDS Fund Name Feb 12 ($) Feb 05 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 18.21 16.91 1.30 7.69 1.56 2.80 124.25 BMO Prec Mtls Fd A 14.58 13.38 1.20 8.97 1.14 2.40 46.97 8.77 7.94 0.83 10.39 4.70 0.63 BMO ZGD BMO ZJG 6.27 5.59 0.68 12.13 0.59 0.62 CIBC Prec Metal Fd A 10.43 9.69 0.74 7.63 4.56 2.62 44.99 Dyn Prec Metls Fd A 5.19 4.68 0.51 10.90 4.18 2.66 229.31 4.79 4.52 0.27 5.92 7.07 0.80 Horizons HEP IGMacGloPrecMetCl A 7.13 6.48 0.64 9.92 7.84 2.75 53.01 11.30 10.30 1.00 9.69 8.55 0.61 465.86 iShares XGD Mac Prec Met Cl A 39.58 35.94 3.64 10.14 7.85 2.51 83.55 NB Prec Met Fd Inv 10.58 9.70 0.88 9.07 5.57 2.46 27.64 RBC GblPreMetFd A 24.87 22.94 1.93 8.39 4.80 2.13 265.86 Sentry PreMetFd A 31.13 28.01 3.12 11.14 4.21 2.92 171.84 Sprott Gold&PrMinFdA 29.73 27.16 2.58 9.50 4.05 3.15 150.77 3.21 26.09 Sprott SilverEquCl A 3.94 3.65 0.29 7.98 -2.46 TD PreciousMetals-I 32.02 29.23 2.79 9.54 4.34 2.26 103.69

For daily mining news, visit www.northernminer.com

GLOBAL MINING NEWS · SINCE 1915

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

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

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

Canadian mining Hall of fame

905 841 5004 | geotech.ca

This year’s inductees honoured at gala / 5

geosCienCe BC

Royal niCkel

New mag survey in central BC / 14

Buys two producing assets / 16

FEBRuaRy 15-21, 2016 / VOL. 102 ISSuE 1 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Tahoe bids $945M for Lake Shore Gold M&A

| Analysts say a competing bid is unlikely

Ross Beaty: It’s time to buy mining stocks VRIC 2016 | Good management, diversity and timing keys for investment success By lesley stokes lstokes@northernminer.com VaNCoUVer

M The headframe and surface facilities at Lake Shore Gold’s Timmins West gold mine in Ontario.

ining financier and entrepreneur Ross Beaty told an audience at the Vancouver Resource Investment Conference in late January that it’s a “phenomenal” time to buy resource stocks. “The tide is way out and it’s a buyer’s market everywhere across the board from oil, mining, currencies and real estate,” Beaty said. “Every so often cycles get to the point they are at today, and it’s just hard to lose. It’s a wonderful time to be in the market.” He admits most of his money has always gone into companies he either manages or is otherwise involved with, but in recent years, he’s been

Lake Shore GoLd

Contact: moliveira@northernminer.com or 416-510-6768 T By salma taRikH

starikh@northernminer.com

See Beaty / 2

ahoe Resources (TSX: THO; NySE: TaHO) is set to buy Toronto-based junior producer Lake Shore Gold (TSX: LSG; NySE-MKT: LSG) in a $945-million, all-share bid, with analysts on both sides of the deal approving. Reno, Nev.-based Tahoe — the operator of the Escobal silver mine in Guatemala and the La arena gold mine in Peru — is offering 0.1467 of a share for each Lake Shore share. The deal values Lake Shore at $1.71 per share, a 14.8% premium to its Feb. 5 close and a 28.6% premium to its Feb. 4 close. “It is a decent, reasonable bid,” Haywood Securities’ analyst Kerry Smith, who covers Lake Shore, writes in an email. “The premium is more than 15%, but the deal got leaked … and Lake Shore ran up 15%.” “It seems a win-win for both companies,” Raymond James analyst Chris Thompson, who covers Tahoe, says in an interview. Both posted solid 2015 operating results and offer growth opportunities with Tahoe’s Shahuindo mine in Peru and Lake Shore’s 144 Gap zone in Timmins, Ont. “If you throw that all together and put it

PM40069240

Tahoe Resources’ flagship Escobal silver mine in Guatemala.

in one bucket, it provides a positive from a geopolitical risk perspective, or diversifying somewhat against Guatemala for Tahoe. and obviously, Lake Shore is going to benefit on the back of a strong cash-generating machine in the form of Escobal,” he says, adding that Tahoe is paying a “fair price” for the Canadian junior. Lake Shore operates the Timmins West and Bell Creek gold mines near Timmins, Ont. Last year, it produced a total of 179,600 oz. at

Tahoe reSoUrCeS

all-in sustaining costs of uS$870 per oz., below its uS$950 target. The Bell Creek mill processes ore from both operations. This year, Lake Shore is targeting total production of 170,000 to 180,000 oz. gold. This includes 10,000 to 15,000 oz. non-commercial production from the 144 Gap zone, near the Timmins West mine. (Commercial production at 144 Gap should begin in the second half.) Last year Tahoe cranked out 20.4

million oz. silver from Escobal and 230,436 oz. gold from La arena. This year, it has guided production of 18 million to 21 million oz. silver at Escobal and 200,000 to 250,000 oz. gold. Tahoe’s gold production will come from La arena (170,000 to 190,000 oz.) and the Shahuindo mine. Shahuindo, an initial 10,000-tonne-per-day operation, is set to hit commercial production in the second quarter. See tahoe / 2

AME BC’s DIROM: BC mining’s Biggest issues foR 2016 / 3

2016-02-16 8:29 PM

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South32 restructures, flags US$1.7B writedown MANGANESE BY TRISH SAYWELL

tsaywell@northernminer.com

he world’s largest manganese producer is taking a machete to supply so that it can rebalance the market. South32 (LSE: S32; US-OTC: SOUHY) will remove 23% — or 900,000 tonnes per year — of future saleable production from its Hotazel manganese mines in South Africa. The Hotazel mines include Mamatwan, an open-pit mine that produces lower-grade ore, and the Wessels mine, which has a highergrade ore mined 300 metres below the surface. The mines are in the Kalahari basin of South Africa’s Northern

| BHP spin-off to cut production 23% at Kalahari basin mines

Cape province, a region that holds 80% of the world’s known manganese resources, according to figures from South32. They are owned by Samancor Holdings, a joint venture in which South32 owns a 60% stake, and Anglo American (NASDAQ: AAUK; LSE: AAL), which has a 40% interest. The cuts in manganese production follow a decision in November 2015 to suspend mining at the Hotazel mines, which took out 700,000 tonnes of manganese ore production from the global supply chain and slashed inventories. Mining is restarting at Hotazel, but at a much lower rate of 2.9 million tonnes per year. The cuts in South Africa will lower

the headcount across the joint-venture by 620 employees. Production at the Wessels mine will drop 36% to 740,000 tonnes per year, while production at the Mamatwan mine cuts back to 2.2 million tonnes per year, or 18%. In addition, only one of four furnaces at the joint venture’s Metalloys smelter will operate. The Metalloys alloy plant one is of the largest smelters in the world, producing high-carbon ferromanganese and medium-carbon ferromanganese alloy. Samancor also owns operations in Australia, including Gemco, an open-pit manganese mine in the Northern Territory, the largest and one of the world’s lowest-cost man-

ganese ore producers, and Temco, a manganese alloy plant in Tasmania. Together the operations are known as “Australia Manganese.” Like many other commodities, manganese has lost more than half of its value in recent years. The metal fetched over US$3 per kilogram in January 2011, and at press time sold for just US$1.48 per kilogram. “It will not be until commodity prices have stabilized and all companies have made the necessary adjustments that a platform for relative comparisons can be made again,” analysts at Investec Securities said in a research note. “South32 is certainly making an effort in this regard.” While it makes meaningful cuts

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Feb 22 Pgs 1 2 3 4 5 7 8 9 14.indd 14

to supply at its manganese operations in South Africa, South32 also plans to lower costs at its manganese operations in Australia (Gemco and Temco), at Illawarra Metallurgical Coal’s three underground coal mines in southern Australia, its Cerro Matoso nickel mine and smelter in northern Colombia, and at Worsley Alumina, one of the largest and lowest-cost bauxite mining and alumina refining operations in the world. These initiatives, the company says, will lower headcount for the rest of the fiscal year. In a statement, South32 CEO Graham Kerr said the restructuring at many operations across its portfolio will “strengthen our financial position and increase our cash-generating capacity through the cycle.” Still, he warned, the company is “not immune to external influences and the significant change in the outlook for commodity prices,” and said management would post non-cash charges of US$1.7 billion when it reports its December 2015 half-year financial results. “This is a classic example of ‘cleaning up the balance sheet’ going forward,” Toronto-based independent analyst Alka Singh says. “The new management team wants to take the writedowns and move ahead.” “We will continue to focus on the things that we can control — safety, volume, costs and capital expenses — as we seek to optimize the performance of our operations,” South32 CEO Kerr said. “This strategy to maximize value, rather than volume. High-quality operations and well-defined financial policies underpin our resilience at current commodity prices, and we remain exceptionally well positioned for any improvement in industry fundamentals.” South32 was created in May 2015 by spinning-off non-core assets owned by BHP Billiton (NYSE:BHP; LSE: BLT), where Kerr served as chief financial officer. Most of the assets funnelled into South32 were acquired by BHP in 2001, when it merged with Londonbased Billiton. TNM

2016-02-16 8:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 22-28, 2016

Associate Director, Global Mining Management York University, Toronto, ON Working with the maintenance engineering department, you will be responsible for providing greater technical focus on asset life cycle management. You will work with the team to create and implement broader, more effective maintenance techniques and identify equipment critical to

Engineer, Reliability Key Lake Operations, SK

RECRUIT SMARTER WITH MINING JOBS

operation and equipment with significant failure effects.

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Working with the maintenance engineering department, you will be responsible for providing greater technical focus on asset life cycle management. You will work with the team to create and implement broader, more effective maintenance techniques and identify equipment critical to operation and equipment with significant failure effects.

The Northern Miner’s new section dedicated to recruiting in mining Sr. Engineer, Mine McArthur River Operations, SK

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Consultation Support Officer Ontario, Canada

Are you interested in engaging and building relationships with Aboriginal communities? If so, consider joining the Mineral Exploration and Development Branch of the Ministry of Northern Development and Mines, where you will provide consultation expertise and advice through the implementation and administration of the Mining Act, regulations and policies.

The Financial Accountant is a key member of the Finance group. This position will be responsible for cash management as well as playing an important role in the monthly reporting requirements of J.S. Redpath Limited and its affiliates. The Financial Accountant analyzes key account balances, cost allocations and ensures timely submission of monthly tax remittances.

CANADIAN Mining Journal Occupational Health & Safety Inspector – Surface & Underground Mining Ontario, Canada

Director, Compliance Monitoring & Inspections Whitehorse, YT

This high-impact opportunity leading the planning, development and management of effective and integrated client support and inspection services for the Department of Energy, Mines and Resources (EMR) would suit a strategic-minded leader and seasoned natural resource administrator looking to further his or her leadership career in a spectacular setting.

Occupational Health and Safety Inspector – Electrical/ Mechanical Ontario, Canada Do you have electrical/mechanical mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

Procurement Specialist Saskatoon, SK

EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND START RECRUITING SMARTER TODAY.

Do you have surface and underground mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your underground experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Mining with the Ministry of Labour.

President & CEO Vancouver,BC,Canada

The President and CEO will be accountable for the overall leadership and management of the business, reporting to the Wellgreen Board of Directors. Overall responsibilities include strategic planning, business planning, financial management, leadership of a highly qualified and professional team, investor relations, corporate communications and corporate compliance.

Occupational Health & Safety Inspector – Surface & Plant Mining Ontario, Canada Do you have surface and plant mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your surface and plant mining experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Surface Mining with the Ministry of Labour.

Occupational Health & Safety Inspector – Electrical/ Mechanical Ontario, Canada

Contracts Administrator Ontario, CA

In this role you will source a range of materials, equipment and services, conduct RFQ’s/RFP’s and interact closely with internal and external stakeholders. In your work, you will be contributing to value creation from procurement activities, acting as a service provider to our partners in Saskatchewan operations, as well as participating in continuous improvement of processes and procedures.

The Administrator, Contracts reviews the RFQ/RFT documents from potential clients, providing commercial and general information for tenders in addition to providing general contract support to various Operational personnel.

Do you have electrical/mechanical mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

For full job details visit MINING-JOBS.NET and enter the For Online full jobReference details visit No.MINING-JOBS.NET in the search fieldand enter the Job Name in the search field

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OF MINING FOR THE FUTURE Established in 1891, 125 years later, Hecla is the last of Idaho’s fabled Coeur d’Alene Mining District’s pioneer mining companies—and the largest primary silver producer in the United States.

PERSISTENCE. PERSPECTIVE. POSITION.

These three characteristics have allowed Hecla to become stronger than it’s ever been. Long-lived assets in safe jurisdictions. The highest proven and probable silver reserves in the company’s history. Exploration properties and pre-development projects with the promise of organic growth. And it’s all driven by 1,400 of the best people in the industry—who, together with the Hecla Charitable Foundation, work tirelessly to meet local challenges and needs. This is the platform that will drive Hecla Mining Company forward. These are the characteristics that will ensure continued longevity; that will enable the company to grow and evolve even more in the present century than it has in the previous two.

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NYSE: HL HECLA-MINING.COM T: 208.769.4100 HMC-INFO@HECLA-MINING.COM

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