The Northern Miner February 3 2020 Issue 3

SUSTAINABILITY: LAGGING ESG PERFORMACE IS HURTING MINERS, REPORT SAYS / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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Maverix proves skeptics wrong PROFILE

| Royalty and streaming company in ‘unique spot’

BY TRISH SAYWELL tsaywell@northernminer.com

I Tailings from the Feijao iron ore mine shortly after its tailings dam collapsed in January 2019. FELIPE WERNECK/IBAMA

Ex-Vale CEO charged with homicide for Brazil dam disaster MINAS GERAIS |

Expert panel says mine tailings were ‘under very high loading’

“IT IS PREMATURE TO CLAIM THERE WAS CONSCIOUS ASSUMPTION OF RISK TO CAUSE A DELIBERATE BREACH OF THE DAM.”

BY TRISH SAYWELL

S

tsaywell@northernminer.com

tate prosecutors in Brazil have charged Vale’s (NYSE: VALE) former CEO, Fabio Schvartsman, with homicide after the catastrophic tailings dam disaster a year ago at the company’s Feijao iron ore mine in Minas Gerais killed more than 250 people. Schvartsman left his position at the company in March 2019.

Homicide charges also have been levelled against 15 other people, according to a charging sheet seen

by Reuters, while state prosecutors have charged Vale and its German contractor TUV SUD with environmental crimes.

Vale did not return a request from The Northern Miner for clarification on the charges, but in a statement on its website said it “believes the accusations of fraud are perplexing” and that “it is important to note that other authorities are investigating the case, and, at this point, it is premature to claim there was conscious assumption of risk to cause a deliberate breach of the dam.

“Vale trusts in the complete clarification of the causes of the breach

Fabio Schvartsman, former Vale president and CEO, speaks in London, U.K., in 2017. VALE

STATEMENT

and reaffirms its commitment to continue to fully cooperate with the authorities,” it said.

In mid-December, the mining giant released a long-awaited report from a panel of experts on the technical causes of the dam failure at the mine in Brumadinho. The report found that the failure was “unique in that it occurred with no apparent signs of distress prior to failure.”

The report also stated that “analyses of the stress state within the dam showed that parts of the dam were under very high loading due to the steepness of the dam, the heavy weight of the tailings and the high internal water level. The

combination of a steep upstreamconstructed dam, high water level, weak fine tailings within the dam, and the brittle nature of the tailings created the conditions for failure.”

The tailings dam failure on Jan. 25 killed 257 people and left 13 others missing for an assumed death toll of 270.

“The report does not attribute blame but looks at what occurred,” Edward Sterck of BMO Capital Markets said in a research note to clients on Dec. 12, 2019. “The key conclusion is that the dam design, a lack of internal drainage and poor tailings deposition management

VALE

See VALE / 2

n the three and a half years since Geoff Burns cofounded Maverix Metals (TSX: MMX; NYSE-AM: MMX) with CEO Daniel O’Flaherty in July 2016, the royalty and streaming company’s portfolio has grown to more than 100 assets — 14 of them paying.

In 2018, Maverix posted $3.5 million in net income on record revenues of $34 million from 20,886 attributable equivalent oz. gold sold, and is on track to meet its 2019 guidance of between 22,500 and 24,500 attributable equivalent oz. gold sold.

Its largest shareholders are Newmont (TSX: NGT; NYSE: NEM), Pan American Silver (TSX: PAAS; NASDAQ: PAAS) and Kinross Gold (TSX: K; NYSE: KGC), which own 25.1%, 23.1% and 9.4% of the company (undiluted).

Burns was president and CEO of Pan American Silver from May 2004 until December 2015. After more than a decade at the company, he decided it was time to step down and let someone else take the reins for the next leg of growth. While the company was introducing Michael Steinmann as his successor, Burns happened to be reviewing Pan American Silver’s annual information form and realized that buried in the Pan American portfolio was a series of royalties for which the company was getting zero market recognition and no value. So he went to the board and asked whether they thought it would be worthwhile to pull the royalties into a separate vehicle and allow him to bring them to market. Company chairman Ross Beaty, a hugely successful entrepreneur and renowned mining operator and investor, thought about it for about a minute, Burns recalls, and said he thought it was an excellent idea.

It took six to eight months to organize the portfolio, find a shell company to use for an RTO transaction, and identify candidates to participate on the board and management team. Pan American initially held a 60% stake in the company and Maverix completed a private placement before its launch

“THE FEEDBACK WAS: ‘WHO REALLY NEEDS ANOTHER ROYALTY COMPANY?’” GEOFF BURNS COFOUNDER AND CHAIRMAN, MAVERIX METALS

on the TSX Venture Exchange, which provided it with a modest $6-million treasury.

Right out of the gates, two of the 13 royalty streams Maverix acquired from Pan American were cash flowing — contributing the modest sum of 1,500 equivalent oz. gold a year — enough to keep the lights on and the company going. The first was a gold stream on the La Colorada mine, one of Pan American’s cornerstone assets (Maverix received a life-of-mine stream for 100% of the by-product gold production See MAVERIX / 14 PM40069240

ANGLO AMERICAN: MOVES BACK INTO FERTILIZERS / 5

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2020-01-28 4:34 PM

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FEBRUARY 3–16, 2020 / THE NORTHERN MINER

TMAC Resources’ Hope Bay gold mine in Nunavut. TMAC RESOURCES

TMAC launches strategic review of Hope Bay NUNAVUT

BY TRISH SAYWELL

P

tsaywell@northernminer.com

roduction in the fourth quarter at TMAC Resources’ (TSX: TMR) Hope Bay mine in Nunavut were at the low end of expectations, and the company has begun a strategic review process.

The deferral of mining in the BTD East Limb due to rehabilitation work, which impacted available grade, was the biggest factor in the company’s weak quarterly production results of 24,650 oz. gold, TMAC said.

Disappointing plant throughput of 1,140 tonnes per day in December brought down the average for the quarter, and mainly owed to unplanned maintenance on the power generator, which meant that the company could run only one of two concentrator lines for 14 days.

Jason Neal, TMAC’s president

| Miner struggles to meet operational expectations

and CEO, said TMAC has started a strategic review process to explore potential alternatives to maximize shareholder value.

“We have been making operational performance improvements since construction was completed, although we have not reached our targets,” he stated in a news release.

Neal pointed out that the company has recently started development of a second underground mine at Madrid North, and is advancing a prefeasibility study on a production expansion at Hope Bay, which should wrap up in the first quarter of 2020.

“Ultimately, however, the value of Hope Bay may be greater in the context of a multi-asset portfolio and/or a stronger balance sheet, which is the driving force behind our strategic review process.”

The mining executive also pointed out that Resource Capital Funds

and Newmont (TSX: NGT; NYSE: NEM) own 58.5% of TMAC’s outstanding shares, and that “alignment with our largest shareholders is a key consideration in the timing of this process.”

Furthermore, he said, “a transaction in early 2020 would provide an advantage in planning and procurement for the 2020 sealift, which may include additional purchases to support investment that TMAC may not otherwise make itself at this time.”

Barry Allan of Laurentian Bank Securities speculated in a research note that the announcement of the strategic review “signals” that RCF and Newmont, the company’s two key shareholders, “may have become uncomfortable funding the company further, and are seeking assistance with the prospect of achieving a stable level of operations that provides sufficient working

capital for the annual sealift (~$40 million of seasonal working capital expenses in the third quarter) and ongoing mine development.

“We recognize that TMR has solid underlying value and that the majority of issues facing the company have been largely mechanical in origin and not related to the quality of the orebody. Nevertheless, the shift in apparent sentiment of the key shareholders does not offer the market comfort and does not bode well for the share price in spite of good underlying fundamentals.

There is a high probability the share price may drift until this review process is completed.”

TMAC’s Doris mine — its first at Hope Bay — began commercial production in 2017, and the Madrid and Boston deposits are supposed to start production in 2020 and 2022.

The Doris plant originally had nameplate capacity of 1,000 tonnes

per day and expanded to 2,000 tonnes per day in mid-2018.

The Hope Bay property is an 80 by 20 km Archean greenstone belt that has been explored by BHP, Miramar, Newmont and TMAC over 30 years, and during that time more than $1.5 billion has been spent on exploration, evaluation, surface infrastructure and mine and process plant development.

The asset has measured and indicated resources of 16.78 million tonnes grading 8 grams gold per tonne for 4.81 million oz. gold.

Inferred resources stand at 7.35 million tonnes averaging 6.9 grams gold per tonne for 1.62 million ounces.

At press time, TMAC was trading at $2.94 per share in a 52-week trading range of $2.81 to $6.95. The company has 115 million common shares outstanding for a $338-million market capitalization. TNM

Ex-Vale CEO, 15 others charged with homicide for Brazil dam disaster VALE From 1

throughout the life of the dam were the root causes. Our interpretation is that the dam would have been close to its failure envelope through most of its existence.”

The disaster has been described as a “human and environmental tragedy” by the Global Tailings Review, an initiative of the International Council on Mining and Metals, the United Nations Environment Programme and the Principles for Responsible Investment.

When the dam collapsed, 11.7 million cubic metres of mining waste plowed through the mine site towards the local town and countryside below.

“This is a stark reminder that, while the mining and metals industry has come a long way improving how it operates, there’s still much more that can be done to safeguard lives, improve performance and demonstrate transparency,” stated the Global Tailings Review, which is working on new global standards for the safer management of tailings storage facilities.

Adam Matthews, director for ethics and engagement for the Church of England Pensions Board and

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Destruction caused by spilled tailings from the Feijao iron ore mine in January 2019. FELIPE WERNECK/IBAMA

cochair of the Global Mining & Tailings Safety Initiative, has called for the creation of an independent round-the-clock alert system for all tailings dams globally. “Much more needs to still be done and removal of the most dangerous dams has to also be the immediate priority,” he said on Jan. 24 — the eve of the

one-year anniversary of the tailings dam failure in 2019.

The Global Mining & Tailings Safety Initiative, a group supported by over 100 institutions with more than US$14 trillion in assets under management, and co-led by the Church of England Pensions Board and the Council of Ethics

of the Swedish National Pension Fund, also announced the launch of the first-ever publicly accessible global database of tailings storage facilities.

The database contains 1,939 tailings facilities that have been disclosed by 98 mining companies.

The companies make up 54% of the

global mining industry by market capitalization.

According to the database, the disclosed facilities contain 45.7 billion cubic metres of tailings by volume — or 11,447 Wembley stadiums — a football stadium in London that is England’s largest, with 90,000 seats. TNM

2020-01-28 4:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 3–16, 2020

3

Report: Miners have long way to go on ESG SUSTAINABILITY

| Brumadinho distaster was the ‘trigger point’ for investors

BY TRISH SAYWELL

A

tsaywell@northernminer.com

study of environmental, social and governance (ESG) practice in the mining sector that examined the top-50 listed mining companies by market capitalization and the world’s 20 largest institutional investors says much more work needs to be done to put ESG front and centre in the industry.

“Despite the compelling business case for ESG, and its acceptance as a critical issue by essentially all mining companies, there is no company that stands out as the undisputed leader in ESG performance,” concluded a report by Egon Zehnder, a global management consulting and executive search firm. “Even the world’s top mining companies still experience fatalities, spillages, community strife, conf lict with non-governmental organizations and public relations disasters.”

The report entitled “From risk to reward: How a focus on ESG is transforming the mining industry,” noted that of the top-50 mining companies, less than half are signatories to the UN Global Compact Initiative — a voluntary initiative based on CEO commitments to implement universal sustainability principles. By contrast, 80% of the 20 largest institutional investors focused on the mining industry are signatories to the UN Principles for Responsible Investing (UNPRI).

Large investment firms like BlackRock and Vanguard “have made ESG a priority,” the report states, noting that the institutional investors who are signatories to the UNPRI jumped from 2,200 to 2,700 between March and November 2019.

“There has been one big shift from investors associating sustainable portfolios with a lower rate of return to a perception now that investing sustainably will give them higher rates of return,” Evy Hambro, chief information officer of natural resources and global head of thematic and sector investing at BlackRock, said in an interview with the report’s authors.

Sustainable investing — an investment approach that considers ESG factors — stood at US$30.7 trillion at the beginning of 2018, the report stated, a 34% increase in two years, according to the 2018 Global Sustainable Investment Review. The review is published by the Global Sustainable Investment Alliance, an international collaboration of membership-based sustainable investment organizations.

The rising popularity of ESG bonds or green bonds will continue to play an increasingly important role in debt financing, too. The report notes that BBVA, a Spanish multinational bank, has witnessed “exponential growth” in the issuance of ESG bonds.

Poor ESG performance can impact a mining company’s access to funds and its cost of capital, the report adds, particularly with the advent of third-party ESG rating indexes and agencies like MSCI and Sustainalytics. “We often see that companies with the worst ESG ratings are the ones with the most volatile stock price, and that is in itself a major risk for investors,” Sam Block, vice-president of ESG Research at MSCI, said in an interview published in the report.

Companies should also be aware that ESG is a focus for millennial retail investors, a group Egon Zehnder estimates hold as much as US$24 trillion of the world’s private wealth.

Coauthors Sameera Sandhu and Heloise Nel argue that it has only been in the last two to three years

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Secretary-General of the United Nations António Guterres speaks to attendees in January at the Sustainable Development Goals Ambition Lunch in Davos, Switzerland. The event is part of a series aimed at supporting and challenging companies to integrate their business with sustainable development. UN GLOBAL COMPACT

“WITH BRUMADINHO, INVESTORS STOOD UP AND SAID IT REALLY SHOULDN’T HAVE HAPPENED. IT CAME AS A SHOCK WORLDWIDE.” SAMEERA SANDHU HEAD OF RESEARCH FOR GLOBAL MINING AND METALS, EGON ZEHNDER

that ESG has come to the forefront of discussions in the mining sector.

“We feel that through a crosssection of the mining sector they are only just starting on ESG,” says Nel, who leads Egon Zehnder’s global mining and metals practice from South Africa.

The catalyst or watershed moment, they agree, was the Brumadinho tailings dam disaster at Vale’s Feijao iron ore mine in Brazil in January 2019 that killed 270 people, and the subsequent initiative by the Church of England Pensions Board and Sweden’s AP funds to write to nearly 700 listed mining companies requesting disclosure on their tailings facilities.

“With mining, the trigger point was Brumadinho, there wasn’t that much of a response from the investor community or otherwise in 2015 when the Samarco dam burst,” Sandhu, head of research for Egon Zehnder’s global mining and metals practice, said in an interview from New Delhi. “But with Brumadinho, investors stood up and said it really shouldn’t have happened. It came as a shock worldwide and then you had the Church of England stand up and put a spotlight on the industry.”

Mining companies must establish ESG as a priority from the top, they say.

“There needs to be a strong voice from the top — that’s the most powerful thing that any mining company can do,” Nel says in an interview from Johannesburg. “There’s still a lot of ground that can be covered.”

Among the report’s recommendations is to have mining CEOs “drive ESG across the company” and “be willing to sanction ‘bad’ behaviour rigorously and forfeit short-term profit for long-term sustainability.”

Boards should also have an ESG specialist that can “constructively challenge” the directors, CEO, and executive committee on all ESG matters and “help set the tone and culture of how the company views and addresses ESG issues,” the report states.

Egon Zehnder analyzed the board composition of the top-50 mining

companies and found that less than 40% have at least one board member with a background focused on sustainability.

In an interview with the report’s authors, Michael Proulx, director of mining research at Sustainalytics, emphasized the key role boards must play in overseeing ESG risk.

“It is important that board members have sufficient understanding of ESG in order to identify where within the organization related risks exist,” he said, citing the example of BP and the Deepwater Horizon disaster, which resulted in over US$60 billion in claims, fees and charges for the company.

“This led to a mass liquidation of assets (exceeding US$30 billion) and drastically changed the way the company is structured to meet the new operating environment.

As an investor, this is what you are

potentially concerned about.”

Proulx also said companies may need to restructure to avoid conflicts of interest, such as separating the compliance and legal departments.

“The Dodd-Frank Act exposed such a structure as a ‘conflict of interest.’ You have to separate the portion of the company that owns the risk (on the operational side), from the part of the company responsible for managing that risk,” Proulx explained in the report. “Compliance owns the risk, whereas legal manages it, so you cannot have one reporting to the other. That’s what contributed to the downfall of U.S. banks during the subprime crisis, yet it is a structure that remains prevalent in mining.”

Among its other recommendations, the report advises that chief financial officers play a greater role in ESG practice and become key champions “in measuring not only risk avoidance but also how the company is living up to its ESG promises in a very practical way.”

The report pointed to a “growing body of data” that shows companies incorporating sustainability practices do better than their peers.

“In one study, Harvard Business School research found a US$1 investment over 20 years yielded US$28 in return in those companies

focused on ESG, versus US$14 for those without the focus,” the report said of the 2015 study. “In another study, ‘Cracking the ESG code’ by Scandinavian bank Nordea, the relative performance between the highest and the lowest ESG-rated companies that were analyzed differed by as much as 40% during the period 2012–2015.”

One positive example of ESG in the industry, the report says, was BHP CEO Andrew Mackenzie’s decision in July 2019 to invest US$400 million over five years to address climate change through low carbon technologies.

“That public commitment on climate action really helped get them across the line with some people, so it really makes a difference when you take a decision to elevate sustainability to the top rungs of your leadership,” Sandhu says.

“On the surface, the mining industry may seem like the least likely player to be a leader in ESG, but the reality is that no other industry is better positioned to create real, lasting change,” the report concludes.

“Moving ESG to a company’s core will not be an easy process that is implemented overnight. But mining companies that choose to prioritize ESG will be the ones that both cultivate and reap the benefits.” TNM

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The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with the communities where it operates. eldoradogold.com TSX: ELD | NYSE: EGO

2020-02-03 10:33 AM

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E D I T O R IA L Sustainability tops discussions at Davos EDITORIAL

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O P- E D

| Trump, Thunberg speak to leaders

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n December, Time named Swedish climate activist Greta Thunberg its person of the year — the youngest person ever awarded the accolade in the magazine’s nearly 100year history. The 17-year-old from Stockholm embodies “the power of youth” Time said, and has inspired millions to stand up and demand action against climate change.

BY TRISH SAYWELL tsaywell@northernminer.com Shortly after Time put her on the cover, U.S. President Donald Trump tweeted: “So ridiculous. Greta must work on her anger management problem, then go to a good old-fashioned movie with a friend! Chill Greta, Chill!”

It’s not the first time the teenager has gotten under the skin of one of the world’s populist presidents. Last month, President Jair Bolsonaro of Brazil called Thunberg a pirralha — Portuguese for “little brat” — after she tweeted that Indigenous people in the country were “literally being murdered for trying to protect the forest from illegal deforestation.”

Her tweet followed the targeted killing of two people in the Cana Brava Indigenous reservation in Maranhao state.

“Greta has been saying Indians have died because they were defending the Amazon,” Bolsonaro told reporters on Dec. 10. “It’s amazing how much space the press gives this kind of pirralha.”

For his part, Bolsonaro has vowed to open up more of the Amazon rainforest to mining, logging and farming. Between August 2018 and July 2019, deforestation in Brazil’s part of the Amazon jumped 30% to 9,762 sq. km — its highest level in more than a decade, according to Brazil’s INPE space research agency. Last year 80,000 fires, most attributed to deforestation, were documented in the Amazon basin.

Increasing temperatures, rising seas and catastrophic fires were the key talking points at January’s World Economic Forum in Davos, where Trump and Thunberg spoke to the world’s rich and powerful.

In his speech, Trump barely mentioned environmental issues or climate change and instead took a swipe at activists, describing them as “the heirs of yesterday’s foolish fortune-tellers.”

“They predicted an overpopulation crisis in the 1960s, a mass starvation in the 1970s and an end of oil in the 1990s,” Trump declared. “This is not a time for pessimism. Fear and doubt is not a good thought process.”

Thunberg called on companies, banks, institutions and governments to stop all fossil fuel investments, end all fossil fuel subsidies, and “immediately and completely” divest from fossil fuels.

This time it wasn’t a president who criticized the climate campaigner, it was U.S. Treasury Secretary Steven Mnuchin: “After she goes and studies economics in college, she can come back and explain that to us,” he told reporters during a press conference at the forum.

It’s absurd how three aging white men — Trump (73 years old), Bolsonaro (64) and Mnuchin (57) — can ridicule a teenager.

If climate-change denying politicians don’t think they need to heed the science, maybe they should start listening to global business elite like Laurence Fink, founder, chairman and CEO of BlackRock, the world’s top asset manager with nearly US$7 trillion under management. In his 2020 letter to CEOs of the world’s largest companies, Fink warned that “every government, company and shareholder must confront climate change.”

“The evidence on climate risk is compelling investors to reassess core assumptions about modern finance,” he wrote. “We will be increasingly disposed to vote against management and board directors when companies are not making sufficient progress on sustainability-related disclosures and the business practices and plans underlying them.”

BlackRock plans to divest from companies that generate more than 25% of their revenues from thermal coal production by mid-2020. It’s a good first step. But the threshold is still too low, and diversified mining companies like Glencore and others in the coal business like Anglo American and BHP Billiton can slip under that cap.

Glencore CEO Ivan Glasenberg recently defended the company’s coal exposure, stating on a Dec. 3 conference call that coal “has a future” and makes a lot of money. “It’s something we believe is good for the company going forward,” he said.

“We did do the coal cap — we kept our coal production at 150 million tonnes — and that’s what we have done to satisfy the investors, and that’s where we are right now.”

That just isn’t good enough. Last year was the second-warmest year on record after 2016, according to researchers at the National Aeronautics and Space Administration and the National Oceanic and Atmospheric Administration.

The fires in Australia underscore the urgency. Fuelled by searing heat and record drought, the flames ravaging that country have incinerated more than 106,000 sq. km, killing at least 33 people and more than a billion native animals — and yet Australian Prime Minister Scott Morrison refuses to acknowledge climate change as a key factor and remains a big supporter of fossil fuels like coal.

“In a rational world, the burning of Australia would be a historical turning point … But the world isn’t rational,” Paul Krugman of the New York Times wrote in a recent column. The headline? “Australia shows us the road to hell.” TNM

World Gold Council: Risk, uncertainty to drive gold in 2020 METALS COMMENTARY

| Low interest rates expected to persist

The following is an edited excerpt from the World Gold Council’s Outlook 2020 report. For the full report, visit www.gold.org.

I

n 2019, gold had its best performance since 2010, rising 18.4% in U.S. dollar terms. It also outperformed major global bond and emerging market stock benchmarks over that period. In addition, gold reached record highs in most major currencies except the U.S. dollar and Swiss franc.

Gold rose most between early June and early September as uncertainty increased and interest rates fell. But investors’ appetite for gold was apparent throughout the year, as seen by strong ETF flows, robust central bank demand and an increase in COMEX net long positioning.

We expect that many of the global dynamics seeded over the past few years will remain generally supportive for gold in 2020.

In particular: • Financial and geopolitical uncertainty combined with low interest rates will likely bolster gold investment demand; • Net gold purchases by central banks will likely remain robust, even if they are lower than the record highs seen in recent quarters; • Momentum and speculative positioning may keep gold price volatility elevated; • Gold price volatility, and expectations of weaker economic growth, may result in softer consumer demand near-term, but structural economic reforms in India and China will support demand in the long-term.

Looking ahead, investors — including central banks — will face an increasing set of geopolitical concerns, while many pre-existing

COMPANY INDEX Altius Minerals. . . . . . . . . . . . . . . . . 6 ALX Uranium. . . . . . . . . . . . . . . . . 11 Anglo American. . . . . . . . . . . . . . . 5 Appia Energy. . . . . . . . . . . . . . . . . 11 Ascendant Resources . . . . . . . . . . 14 Azarga Uranium . . . . . . . . . . . . . . 13 Barrick Gold. . . . . . . . . . . . . . . . . . 14 Blue Sky Uranium. . . . . . . . . . . . . 11 Cameco. . . . . . . . . . . . . . . . . . . . 9,11 Coeur Mining. . . . . . . . . . . . . . . . . 14 Denison Mines. . . . . . . . . . . 9,11,12 Eldorado Gold. . . . . . . . . . . . . . . . . 7 Endeavour Mining. . . . . . . . . . . . . 14 Energy Fuels. . . . . . . . . . . . . . . . . . 11

Energy Resources of Australia. . . 12 Fission Uranium . . . . . . . . . . . . . . 12 Fortuna Silver Mines. . . . . . . . . . . 14 Franco Nevada. . . . . . . . . . . . . . . . 14 Global Atomic . . . . . . . . . . . . . . . . 13 Gold Fields. . . . . . . . . . . . . . . . . . . 14 Idemitsu Kosan . . . . . . . . . . . . . . . 12 Kazatomprom. . . . . . . . . . . . . . . 9,13 Kinross Gold. . . . . . . . . . . . . . . . . . . 1 Laramide Resources . . . . . . . . . . . 13 Maverix Metals. . . . . . . . . . . . . . . . . 1 Metalla Royalty & Streaming. . . . 14 Minera Alamos. . . . . . . . . . . . . . . . 8 Newmont. . . . . . . . . . . . . . . . . . . .1,2

NexGen Energy. . . . . . . . . . . . . . . 12 Northern Vertex Mining . . . . . . . 14 Orano. . . . . . . . . . . . . . . . . . . . . . . . 12 Osisko Gold Royalties. . . . . . . . 8,15 Paladin Energy. . . . . . . . . . . . . 10,13 Pan American Silver. . . . . . . . . 1,11 Peninsula Energy. . . . . . . . . . . . . . 13 Polymetal International . . . . . . . . 14 Purepoint Uranium Group . . . . . 13 QMX Gold . . . . . . . . . . . . . . . . . . . . 7 Rio Tinto. . . . . . . . . . . . . . . . . . . . . 12 RNC Minerals . . . . . . . . . . . . . . . . 14 Royal Gold . . . . . . . . . . . . . . . . . . . 15 Silvercorp Metals. . . . . . . . . . . . . . 14

Sirius Minerals. . . . . . . . . . . . . . . . . 5 Sokoman Minerals. . . . . . . . . . . . . . 6 Sparton Resources. . . . . . . . . . . . . . 7 SSR Mining. . . . . . . . . . . . . . . . . . . 11 TEPCO . . . . . . . . . . . . . . . . . . . . . . 12 TMAC Resources. . . . . . . . . . . . 2,14 Uranium Energy . . . . . . . . . . . . . . 13 Uranium Participation. . . . . . . . . . 9 Uranium Royalty. . . . . . . . . . . . . . 13 Vale. . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Yellow Cake. . . . . . . . . . . . . . . . . 9,13

ones will likely be pushed back rather than being resolved. In addition, the very low level of interest rates worldwide will likely keep stock prices high and valuations at extreme levels. And although investors may not step away from risk assets, anecdotal evidence suggests they are increasing exposure to safe-haven assets like gold to hedge their portfolios.

One of the key gold drivers, especially in the short- and medium-term, is the opportunity cost of holding it relative to other assets, such as short-dated bonds.

Unlike bonds, gold does not pay interest or dividends because it does not have credit risk. This perceived lack of yield can deter some investors. But in an environment where a whopping 90% of developed market sovereign debt is trading with negative real rates, we believe the opportunity cost of gold almost goes away. And it may even provide what can be seen as a positive “cost of carry” relative to bonds.

This is further evidenced by the strong positive correlation between the amount of debt and gold price over the past four years. To some degree this illustrates the erosion of confidence in fiat currencies due to monetary intervention.

And the low-rate environment is unlikely to change any time soon.

Many central banks — the highest number since the global financial crisis — are cutting rates, expanding or implementing quantitative (or quasi-quantitative) easing, and, in some instances, doing both.

In fact, gold has historically performed well in the 12- to 24-month period following policy shifts from tightening to “on-hold” or “easing” — the environment in which we currently find ourselves. And, historically, when real rates have been negative, gold’s average monthly returns have been twice as high as the long-term average. Even slightly positive real interest rates may not push gold prices down.

Effectively, our analysis shows that it has only been in periods with significantly higher real interest rates — an unlikely outcome given the current market conditions — that gold returns have been negative. TNM

2020-01-28 4:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 3–16, 2020

5

Anglo American goes back to fertilizers with US$527M purchase of Sirius Minerals M&A

| Woodsmith mine needs billions more invested

BY CECILIA JAMASMIE Special to The Northern Miner

A

nglo American (LON: AAL) is expanding into fertilizers after agreeing to acquire Sirius Minerals (LON: SXX), the British junior struggling to build a huge fertilizer mine beneath a national park.

As part of the deal, Sirius shareholders will receive 5.5 pence per share in cash, a 34.1% premium to the closing price on Jan. 7, which was the day before Anglo American confirmed it was in talks to buy the mine developer.

The offer values Sirius at just over £400 million ($682 million), onethird more than the targeted company’s market value by the time it was presented. The firm, however, was worth more than £1.8 billion ($3.1 billion) 18 months ago, before its funding plans failed.

Sirius, which is midway through building its Woodsmith fertilizer mine in the North Yorks Moors national park, has seen its share price collapse after warning last September that multibillion-dollar funding for the next stage had fallen through. It warned at the time it only had enough cash to last another six months.

The company has already spent £850 million ($1.5 billion) developing Woodsmith, but has struggled to secure the other £2.4 billion ($3 billion) it needs to turn it into the world’s biggest producer of polyhalite, a multi-nutrient fertilizer.

As a last resource, Sirius launched a rescue plan in November involving a potential strategic investor and a revised two-stage development plan for the mine.

Anglo American seems to be just what Sirius has been waiting for, with the British junior urging shareholders to approve the transaction, which it sees as the “only feasible option” to save its North Yorkshire mine.

Sirius noted it deeply regretted being unable to fund the project alone, but warned shareholders that if they did not accept the deal there was “a high probability that the business could be placed into administration or liquidation within

Sirius Minerals’ Woodsmith polyhalite project in North Yorkshire, England. SIRIUS MINERALS

“SIRIUS’ PLANNED PRODUCTION IS AROUND 30 TIMES LARGER THAN THE TOTAL POLYHALITE MARKET SIZE IN 2018.”

HUMPHREY KNIGHT SENIOR POTASH ANALYST, CRU

weeks thereafter.”

Anglo American’s intervention could save more than 1,000 jobs in one of England’s most underprivileged areas, which goes hand in hand with Prime Minister Boris Johnson’s pledge to revive poorer regions of the United Kingdom.

“We intend to bring Anglo American’s financial, technical and product marketing resources and capabilities to the development of the project, which of course would be expected to unlock a significant and

A service shaft under development at the Woodsmith project in England. SIRIUS MINERALS

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sustained associated employment and economic stimulus for the local area,” said Anglo American’s chief executive, Mark Cutifani.

Anglo American, which could retreat from thermal coal, sees Sirius as a way to return to the fertilizers market. It noted in January that it had found the project interesting “some time ago” due to its quality in scale, resources and costs.

“We are unashamedly transitioning our portfolio to later cycle products that we believe the world

will need as it goes forward,” chief financial officer, Stephen Pearce, said on a call with reporters on Jan. 8.

If successful, the takeover would add a second major project to Anglo American’s US$5-billion ($6.5-billion) Quellaveco copper mine in Peru, at a time when most rivals are reluctant to expand.

“We fundamentally believe part of our responsibility is to keep an eye on growth over all the aspects of different time frames,” Pearce added.

The company, however, has noted most investment at Sirius will start at the end of 2022, by which time the Peruvian copper mine should be complete and in production.

Analysts, such as Humphrey Knight, senior potash analyst at CRU, consider Anglo American’s move risky.

“Sirius’ planned production is around 30 times larger than the total polyhalite market size in 2018.

The company plans to rapidly increase production to over 10 million tonnes only a few years after starting operations, which adds to concerns of significant disruption to wider fertilizer markets — even with its numerous offtake agreements,” Knight told MINING.COM in September.

He noted that the underlying uncertainties around polyhalite, including potential market size and pricing, remain.

Sven Reinke, senior vice-president and lead analyst for Anglo American at Moody’s Investor Service, has said that a successful acquisition of Sirius would increase Anglo’s financial risk profile for a number of years.

“This is driven by the very material capital investment needed over the next few years to complete the Sirius polyhalite mining project,” Reinke wrote.

Ed Sterck, metals and mining analyst at BMO Capital Markets, said in a January note to investors that while there are question marks over the nearer-term demand for POLY4, Anglo American was clearly attracted to the scale of the project.

“This wou ld cer tainly be a counter-cyclical investment (for the fertilizer market), but given the extremely long mine life this may present an interesting opportunity in a ‘green’ commodity over the longer-term,” Sterck wrote.

BMO expects potash to remain in oversupply until 2027, meaning that the near-term take-up of what it calls a “commercially unproven alternative” may be limited.

The Woodsmith mine, poised to be one of the world’s largest in terms of the amount of resources extracted, is set to generate an initial 10 million tonnes per year of polyhalite, which contains four of the six key elements needed for plant growth (potassium, sulphur, magnesium and calcium).

— This story first appeared on The Northern Miner’s sister publication, www.MINING.com.

2020-01-28 4:34 PM

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FEBRUARY 3–16, 2020 / THE NORTHERN MINER

Sokoman Minerals president and CEO Tim Froude studies drill core at the Moosehead gold project in Newfoundland. SOKOMAN MINERALS

Sokoman advances Moosehead gold project in Newfoundland EXPLORATION

| Earth Tectonics report supports rock theory

BY RON WORTEL

I

Special to The Northern MIner

n November 2019, the Canadian Institute of Mining, Metallurgy and Petroleum’s Newfoundland and Labrador branch named Sokoman Minerals (TSXV: SIC) the prospector and explorer of the year for its wholly owned Moosehead gold property.

Moosehead, 150 km northeast of Marathon Gold’s (TSX: MOZ) Valentine Lake deposit in central Newfoundland, sits along the extension of the Cape Ray–Valentine Lake–Alder zone structural trend.

Tim Froude, Sokoman’s president, optioned the 24 sq. km project from Altius Minerals (TSX: ALS) in November 2017, and completed the earn-in for a 100% stake in February 2019. The company has drilled 88 holes (18,600 metres) since 2018.

Moosehead gained attention in July 2018, when drill hole 18-01 intersected 12 metres of 44.96 grams gold per tonne at 109 metres, including 1 metre grading 385.85 grams gold at 115 metres’ depth. The highgrade intercept worked out to more than 10 oz. gold per tonne.

News of the drill hole sent Sokoman’s shares from 5¢ to 42¢. Within a week, mine financier and investor Eric Sprott bought two-thirds of a $3-million private placement to become the company’s largest shareholder, with 15%.

Sprott’s investment still helps fund the company’s exploration program.

Hole 18-01 was drilled to test the up-dip potential of a deep, highgrade intersection from hole 3-15 drilled in 2003 that returned 277.96 grams gold over 0.4 metre from 257 metres downhole at a 200-metre depth. The two high-grade intercepts were separated by 15 years, and 80 vertical metres.

Other historic intercepts included hole 1-13, which cut 11.05 grams gold over 17 metres from 38 metres downhole, and 2-38 that intersected 14.07 grams over 17 metres from 74 metres downhole.

Froude says the success Marathon Gold has had at its Valentine Lake deposit — now sitting at over 4 million oz. gold (2.69 million oz. in the measured and indicated category, and 1.53 million oz. in the inferred) — is “changing the perception of Newfoundland as not just a place

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President and CEO Tim Froude at the Moosehead project. SOKOMAN MINERALS

for small-scale gold deposits, but world-class ones, as well.”

Sokoman’s work on Moosehead focuses on the central part of the property, where the drilling, mapping and trenching found highergrade gold mineralization zones in both the West trend and East trend.

In November 2018, drill hole 18-17 on the project’s East trend returned a 25-metre intercept grading 33.56 grams gold from 79 metres downhole, including 1 metre of 332.21 grams gold. The intersection contains more gold than the initial intercept in hole 18-01, based on a grade-times-thickness calculation.

Approximately 60 metres above this, hole 19-39 intercepted 5 metres grading 124.20 grams gold, including 1 metre averaging 550.30 grams gold.

Sokoman’s drill program last year produced other highlights. Drill hole 19-62 cut 5 metres of 33.59 grams gold, including 1 metre of 124.15 grams gold starting at a downhole depth of 240 metres. Drill hole 1981 returned 6 metres of 17.34 grams

gold from 263 metres downhole, including 75.50 grams gold over 1 metre.

Because Froude is an exploration geologist and not a structural geologist, he brought in Earth Tectonics, a consulting firm specializing in structural geology, to help him better understand the controls on Moosehead’s mineralization.

Sokoman released the results of Earth Tectonics’ report in November. Among the findings were that long-section interpretations suggested a main zone consisting of several south-plunging, high-grade shoots in the main fault vein system. These could include at least two lenses.

The deepest drilling outlined the highest-grade mineralization, with three of five intercepts equating to greater than 100 gram metres (gold grade times thickness calculations).

The mineralization is open laterally along trend and to depth.

The study also found that Moosehead’s vein style and host structures are typical of a sediment-hosted

or intrusive-hosted gold system controlled by reverse or strike-slip shears in a low-grade metamorphic, compressional regime. Earth Tectonics concluded that the relationship between shearing and folding at Moosehead is similar to the Bendigo- and Fosterville-type gold deposits in Australia. These deposits are commonly multi-structured, with principal shear-vein structures having considerable strike extent and depth of greater than 1,000 metres, as at Fosterville, the study stated.

“The Earth Tectonics report has greatly strengthened the case that the Moosehead property is of significant value to the company,” Froude says. “The geology, structure and style of mineralization compare favourably to the Fosterville gold deposit in Australia, which added some very high-grade gold resources to the inventory of Kirkland Lake Gold after a deep-drilling program in 2015.”

This comparison and similarity

to Fosterville is not a new idea for Froude, having spent most of his exploration career in this area of Newfoundland. He was fascinated by the similarities of the common geological features of the Bendigo– Ballarat area of Australia — home to the Fosterville mine — and the region of Newfoundland. In 2005, he toured Fosterville and says he saw similarities up close, and brought back a rock sample.

Thirteen years later, after drilling Moosehead, he placed his Fosterville sample on top of a Moosehead core box. They looked identical, he says, and only the labels on the samples indicated that they had come from opposite sides of the world. This comparison is now further backed by the Earth Tectonics report, he claims.

“There were many geological deposit models presumed for exploration in this camp over the years includingNevada’s Carlin and Japan’s Hishikari,” he states, “but now the Fosterville model will be used and may already be leading to new discoveries in the region.”

Froude says the success at Fosterville helped drive the value of Kirkland Lake Gold’s shares 175% higher in 2017, 85% in 2018 and 61% in 2019, and he likes to point out that Sprott is a major shareholder in Kirkland Lake, too, with just over a 6% stake in the company.

Sokoman is just beginning to test the project’s potential, he adds.

Recent drilling has confirmed the geometry of the central area of Moosehead’s East trend, which remains open along strike and at depth. In addition, Sokoman has flagged the across-strike link with the West Trend as an area of interest.

The next step is a 3-D geological model and more drilling to incorporate the structural findings from Earth Tectonics, Froude says.

“Moosehead, unlike Fosterville, has only been tested to shallow depths” of about 200 vertical metres, he says, and “the structural report identified multiple under-explored targets that will require extensive drill testing.”

At press time Sokoman was trading at 9.5¢ in a one-year trading range of 4¢ to 23¢. The junior has 109 million common shares outstanding for a $10.3-million market capitalization. TNM

2020-01-28 4:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 3–16, 2020

7

Eldorado discovers new zone at Lamaque QUEBEC

| Mine achieved commercial production in March 2019

BY MAGDA GARDNER

E

mgardner@northernminer.com

ldorado Gold (TSX: ELD; NYSE: EGO) has discovered a new gold mineralization zone, the Ormaque zone, at its Lamaque gold operations.

Drill highlights include 27 metres of 10.2 grams gold per tonne, 12 metres of 26.82 grams gold per tonne, and 16 metres of 25.53 grams gold per tonne.

The Ormaque zone is located within a previously undrilled gap in mineralization between the historic Sigma deposit and the Triangle deposit, which is being mined. It is near the company’s proposed ramp, which would link the Triangle underground mine to the Sigma mill.

In the latter half of last year, Eldorado completed 13 drill holes over an area of 250 by 300 metres and assays for seven have now been received. The drilling completed so far has traced mineralized zones at depths of 200 to 500 metres below surface. Ormaque remains open and drilling is ongoing.

“This drilling success really highlights the prospectivity of the Abitibi region generally and this area specifically, and we think Ormaque has the potential for at least a 0.7 to 1 million oz. new resource once additional drilling is completed,” Kerry Smith of Haywood Securities said in a research note. “Note the current reserve at Lamaque is 0.97 million oz. grading 7.4 grams gold per tonne with a further 2.6 million oz. of resources, all categories.”

The Lamaque mine achieved commercial production at the end of March 2019. Last year the asset produced a total of 113,940 oz. gold.

The company is evaluating a 50% expansion of the mill to 2,500 tonnes per day. The release of an associated preliminary economic assessment has been delayed to incorporate

An underground drill operator at Eldorado Gold’s Lamaque gold mine in Quebec. ELDORADO GOLD

Ormaque in the study.

The study will outline three potential projects to boost production: Sigma mill upgrades, development of a decline from the mill to the Triangle deposit, and construction of a paste plant to provide a tailings disposal solution.

In December, Eldorado closed two transactions that increased its eastern Abitibi holdings: it invested $4 million in QMX Gold (TSXV: QMX) and now holds a 19.99% stake in the company, and executed

an option agreement with Sparton Resources (TSXV: SRI) to earn up to a 75% initial interest in the Bruell project, 35 km east of Lamaque.

“The discovery of the Ormaque zone further confirms the geological prospectivity of our property and the tremendous potential we see at Lamaque,” George Burns, Eldorado’s president and CEO, said in a release. “Additionally, the transactions demonstrate our commitment to growing our asset base in Quebec and increasing our

exposure to early-stage exploration in the eastern Abitibi.”

Eldorado acquired a 100% interest in the Lamaque operations in July 2017 and poured first gold from the project in December 2018.

Smith of Haywood Securities has a “buy” rating on the stock, with a $15-per-share target price, well above Eldorado’s $9.65 share price on the Toronto Stock Exchange.

“Sigma and the old Lamaque mine were both prolific gold producers, with Sigma producing about 4.5

million oz. at an average grade of 5.8 grams gold per tonne from 1937 to 1997, with a further ~500,000 oz. mined by McWatters and Century Mining from 1997 to 2003 in an open pit,” the mining analyst writes.

“The old Lamaque mine, located 2.5 km northwest of Triangle, produced about 4.6 million oz. grading 5.9 grams gold per tonne from 1935 to 1985. This is a significant gold endowment and Eldorado looks like they will continue the legacy of this camp with this new discovery.” TNM

Equipment moves material in the Lamaque mine. ELDORADO GOLD

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2020-01-28 4:34 PM

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FEBRUARY 3–16, 2020 / THE NORTHERN MINER

Minera Alamos begins construction of Santana mine MEXICO

BY TRISH SAYWELL tsaywell@northernminer.com

M

inera Alamos (TSXV: MAI) has started construction of its Santana open-pit, heap-leach mine in Sonora state and expects to transition from a developer to gold producer this year.

“This is a big year for us,” Doug Ramshaw, the company’s president, tells The Northern Miner. “There’s probably only going to be six or seven new gold producers this year, which is a pretty exclusive club we’re going to join, so it’s going to be an exciting year.”

Between now and the start of production, the company will release a maiden resource on the project.

“The Santana gold project does not have a completed feasibility study or technical report, however, results from the 50,000-tonne, bulk heap-leach test completed between 2018 and 2019 were positive, and management built the Castillo mine in Mexico in the same fashion,” Kerry Smith of Haywood Securities said in a research note. “For 2020 we model 15,000 ounces of production in a partial year, followed by 35,000 oz. in 2021, with all-in sustaining costs of ~US$800 per ounce.”

The mining analyst estimates the initial capital cost for the project will run to US$10 million.

“Minera Alamos holds two development projects in its project portfolio that can be quickly ramped up to production, with the potential to produce ~100,000 oz. gold over the next few years,” Smith noted.

“The company’s strategy of finding, building and expanding low-capex, near-term projects in Mexico is something that the management team has successfully done.”

CEO Darren Koningen was a founding member and vice-president of mine development at Castle

THE PERFECT

GIFT

| Junior fast-tracks construction based on bulk-sample results

“WHAT [CEO] DARREN [KONINGEN] AND HIS TEAM DID AT CASTLE GOLD IN 2008 IS SOMETHING VERY SIMILAR TO WHAT WE’RE DOING RIGHT NOW.” DOUG RAMSHAW PRESIDENT, MINERA ALAMOS

Gold and played a key role in the development and commissioning of the El Castillo heap-leach gold mine in Durango, Mexico. Argonaut Gold (TSX: AR) acquired Castle Gold for $130 million in 2009.

Federico Alvarez, vice-president of project development at Minera Alamos, previously worked for Castle Gold and Argonaut Gold as vice-president of operations, supervising production at El Castillo. Alvarez has connections in Mexico, where he held the position of director of mining affairs for the state of Guanajuato.

Miguel Cardona, Minera Alamos’ vice-president of exploration, managed exploration for Castle Gold, leading to a threefold increase in El Castillo’s resources from 400,000 oz. gold to 1.2 million oz. before its acquisition.

Ramshaw notes that the team “specializes in low-capex projects,” and says the company won’t be building an ADR plant at Santana.

Instead, it will ship loaded carbon to the U.S. for carbon stripping and doré production. On top of savings on opex and upfront capital costs, this will save the company money on local security costs because it won’t produce doré at the mine site,

Minera Alamos’ Santana gold project in Sonora state, Mexico. MINERA ALAMOS

he explains.

“It’s an elegant way of keeping the upfront capital down to a minimum,” he says. “We are in a very capital intensive business and there are ways to minimize that capex, especially if you’re using contract miners. It’s just heap-leach pads, ponds and a small carbon plant.”

He also notes that the business model at the company is to expand resources out of cash flow and increase the mine’s production profile as resources are expanded.

“What Darren and his team did at Castle Gold in 2008 is something very similar to what we’re doing right now,” Ramshaw says.

“At Castle Gold, initial capex was around US$6 million to US$7 million on a starting resource of around 300,000 oz. gold. As they expanded

the resource through cash flow, it was heading to 75,000 oz. gold a year when Argonaut bought them out. During that time their initial resource grew to 1.2 million oz. gold. We just like that approach. It’s classic Australian bootstrapping. We don’t mind starting on a 300,000 to 400,000 oz. gold resource, as long as we can see potential for 1.5 million oz., and that it justifies the permitting and all the other work.”

Ramshaw points out that while Santana’s previous owners did not publish a 43-101-compliant resource estimate, they drilled 30,000 metres “and were getting great results.”

“We could easily come out with a 43-101 and before we get into production we’ll come out with one,” he says, adding that “by having annual resource statements we’ll show we’re

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not curtailing resource life.”

As for starting construction without a feasibility study, he says, management thinks money spent on formal studies can be better spent on other things, like the 50,000-tonne bulk sample it did at various crush sizes in mid-2018 that recovered 1,000 oz. gold.

“We have all seen a lot of studies that ultimately don’t work out … the best study is just to get it up and running and start producing,” Ramshaw says. “The resource — though non-compliant — is very robust, and 50,000 tonnes of bulksample mining gives you a better handle on a project’s met than if you did 50 bottle-roll tests. Seeing the leach kinetics gives you a lot more confidence on the met side, and Darren is a metallurgist. The Achilles heel in a lot of projects is met, so this demonstrates why we have confidence and Osisko has confidence to back this and get it up and running.”

Osisko Gold Royalties (TSX: OR; NYSE: OR) owns an 18.7% stake in the company.

In addition to building the Santana mine, the company is undertaking a systematic review of the entire 85 sq. km project area, where breccias typically outcrop at surface.

Minera Alamos’ other key asset in Mexico is its wholly owned La Fortuna project in Mexico’s Durango state, 85 km southwest of the city of Culiacan.

Based on a preliminary economic assessment, the gold-silver-copper project has a mine life of five years based on an initial resource starter pit and average annual production of 50,000 equivalent oz. gold.

La Fortuna has measured and indicated resources of 3.5 million tonnes grading 2.78 grams gold per tonne, 16.51 grams silver per tonne and 0.22% copper for contained metal of 309,800 oz. gold, 1.84 million oz. silver and 7,600 tonnes copper.

At press time the company’s shares were trading at 28.5¢, and over the last year have traded in a range of 10¢ to 32¢.

Haywood’s Smith has a “buy” rating on the stock and recommends “accumulating shares at current levels.” He has a 50¢ target price.

Minera Alamos has 406 million common shares outstanding for a $116-million market capitalization. TNM

2020-01-28 4:34 PM

GLOBAL URANIUM SPECIAL FOCUS

The Byron Nuclear Generating Station in Ogle County, Illinois. ALLKINDZA/ISTOCK

Top-10 large, high-grade uranium projects ENERGY

| Saskatchewan’s Athabasca basin home to many top-tier assets

BY DAVID PERRI dperri@northernminer.com

U Kazatomprom workers label containers in Kazakhstan. KAZATOMPROM

Uranium holding companies offer alternative to producers INVESTORS

BY STEVE STAKIW

T

Special to The Northern Miner

he uranium spot price has hovered around US$25 ($32.86) per lb. over the better part of the last year and long-term pricing is at the US$32 per lb. level. The prolonged bear market and weak macro-environment continue to erode investor confidence in the primary uranium producers, which in some cases have curtailed output to trim operating costs and stem losses.

Market stresses on uranium producers have boosted the popularity of investment alternatives in the energy metal space, specifically, physical uranium-holding companies such as Uranium Participation (TSX: U) and Yellow Cake (USOTC: YLLXF).

These companies offer investors exposure to the physical commodity — uranium oxide (U3O8) concentrates — through their direct purchase of material from primary producers and the holding of it in inventory for future resale. These companies are leveraged to the uranium price without taking on the risks associated with mining the commodity, including permitting, resource and reserve development, and operations.

Uranium Participation is the leader in the niche sector. Upon listing through a $90-million initial public offering (IPO) in 2005, the company appointed Denison Mines (TSX: DML) as manager to handle and arrange its U3O8 purchasing and sales with a mandate to allocate at least 85% of its aggregate gross proceeds towards uranium purchases.

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| Primary uranium sources trim costs with lower output

ranium companies have been awaiting a price recovery since the Fukushima Daiichi nuclear reactor disaster in March 2011. Since early 2016 the spot uranium price has remained below US$30 per lb. uranium oxide (U3O8). Many uranium producers have curtailed and shuttered operations, maintaining assets while hoping for a more profitable future.

Juniors have developed impressive projects, poised to take advantage of a change in market conditions. The Northern Miner presents the top-10 large, high-grade uranium projects.

1. McArthur River The McArthur River deposit is in northern Saskatchewan, 40 km west of the eastern margin of the Athabasca basin, a world-class district See TOP-10 URANIUM / 12

“WE EXPECT URANIUM PRICES TO SLOWLY RECOVER AND REMAIN WELL BELOW LONG-TERM INCENTIVE LEVELS FOR SEVERAL MORE YEARS.” OREST WOWKODAW MINING ANALYST, SCOTIABANK

The company undertook initial purchase agreements for 1.85 million lb. U3O8 at an average price of US$27.87 per lb. and secured licensed storage facilities for its physical holdings in Canada, France, the U.K. and the United States.

Uranium Participation now reports 18.1 million lb. of U3 O 8 equivalent in its holdings for a net asset value of $587 million at current uranium prices. Nearly 94% of its gross proceeds are invested in uranium.

The newest player in the uranium-holding company space is Yellow Cake, which launched mid2018 through a US$200-million ($263-million) initial public offering (IPO) in London that was anchored by a 9.9% lead order from Uranium Royalty (TSXV: URC). The company added another US$34 million to its coffers in mid-2019 in a subsequent financing.

Yellow Cake’s launch was based on securing a long-term strategic supply agreement to buy U3O8 from Kazakhstan-producer Kazatomprom, the world’s largest uranium producer. Following its IPO, Yellow Cake bought 8.4 million lb. U3O 8 from the Central Asian miner at an average cost of US$21.10 per pound. The purchase represented

one-quarter of Kazatomprom’s annual output in 2018.

The agreement with Kazatomprom gives Yellow Cake the right to purchase up to US$100 million of U3O8 at the spot price each year from 2019 to 2027.

In its latest reporting, Yellow Cake’s holdings are tabled at just over 9.6 million lb. U3O 8 that are stored at Cameco’s (TSX: CCO; NYSE: CCJ) Port Hope/Blind River facility in Ontario.

Uranium Participation and Yellow Cake are not the only companies buying U3O 8 in the spot market.

Some primary producers get supply to offset production closures and deferrals at their mines due to weak commodity prices.

Cameco has been an active U3O8 buyer since its closure of the McArthur River mine and Key Lake processing plant in early 2018, and the suspension of operations at its Rabbit Lake, Crow Butte and Smith Ranch–Highland mines in 2016. The company guided it would make spot market purchases of 21 million to 23 million lb. in 2019 to meet sale commitments and maintain working inventory, and would likely continue the program in 2020.

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Uranium holding companies offer alternative to producers URANIUM From 9

The sector has seen other major producers take significant production offline in reaction to the weak uranium price.

At the end of 2017, Kazatomprom announced it would lower its uranium production 20% for three years to address oversupply. It recently extended its production curtailment through 2021. Even with these cutbacks, the company will keep its top producer status, with annual output of 45 million to 50 million lb. U3O8 .

In mid-2018, Australianlisted uranium miner Paladin Energy (ASX: PDN) shuttered operations at its 75%-owned Langer Heinrich mine in Namibia, taking 5.2 million lb.

U3O8 offline annually. Paladin recently announced the launch of a technical study to develop an optimized restart plan for

Uranium drums at Cameco’s 83%-owned Key Lake uranium mill in 2014. CAMECO

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Discipline pays off / 4

Five new inductees / 5

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Canadian Mining Hall of Fame

Discipline pays off / 4

Five new inductees / 5

Mining sector forced to innovate TECH CONFERENCE

One of The Largest Silver Discoveries of 2014 TSX.V: GRG www.goldenarrowresources.com

Canadian Mining Hall of Fame

Discipline pays off / 4

Five new inductees / 5

Mining sector forced to innovate TECH CONFERENCE

| New technology stokes productivity gains, but ‘no silver bullet’

ELECTION 2015 | Credibility and accountability are top concerns

T

BY ALISHA HIYATE ahiyate@northernminer.com

BY JOHN CUMMING jcumming@northernminer.com

he mining sector is facing a DarW delegates at the winian moment, first annual Technology and Innovation in Mining conference in Toronto heard in September.

Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said.

“If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly.

COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 Those that are slow to adapt, unfortunately, are going to go extinct.”

The conference, organized by Dubai-

BY JOHN CUMMING jcumming@northernminer.com

Mining sector W forced to innovate

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across CanTECH CONFERENCE | New technology stokes productivity gains, but ‘no silver bullet’ ada. The following are the answers from the Liberal Party of Canada ELECTION 2015 |

BY ALISHA HIYATE leader Justin Trudeau and Green Party Credibility and ahiyate@northernminer.com accountability are of Canada leader Elizabeth May and top concerns their parties: he mining sector is facing a DarThe Northern Miner: In recent years winian moment, delegates at the

BY JOHN CUMMING first annual Technology and Injcumming@northernminer.com the federal has streamlined novation in Mining conferencegovernment in Toronto heard in September. environmental permitting for miners ith Canadians looking Just as species deal with changes in byfood trying tooravoid ahead to a federal election their climate, sources other duplicating provinon Oct. 19, The Northern circumstances, miners dealing with efforts.

Do you support this apMiner submitted mining-related quesmounting cial cost, social and technical tions to the leaders of the four major pressures must innovate ifDoes they want to federal government proach? the political parties running across Cansurvive, research group AMIRA Interhave adirector unique role to play in avoiding ada. The following are the answers national managing Joe Cufrom the Liberal Party of Canada cuzza said. catastrophic tailings dam failures, such leader Justin Trudeau and Green Party “If you look at Darwinian evolution, of Canada leader Elizabeth May and there are more that go extinct as species the Mount Polley spill in B.C. in their parties: than actually quickly adapt,” Cucuzza 2014?“The point is that The Northern Miner: In recent years told the conference. the federal government has streamlined in our industry, we need to adapt quickly.

Justin Trudeau/Liberal Party: The environmental permitting for miners Those that are slow to adapt, unfortuby trying to avoid duplicating provinnately, are going to go extinct.”

Harper government has eroded the cial efforts. Do you support this apThe conference, organized by Dubaicredibility of Canada’s environmental proach? Does the federal government See TECHNOLOGY / pg. 2 have a unique role to play in avoiding reviews by narrowing their application, catastrophic tailings dam failures, such Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region. as the Mount Polley spill in B.C. in limiting public participation and slash2014? ing the capacity of the federal governJustin Trudeau/Liberal Party: The Harper government has eroded the ment to protect the environment. credibility of Canada’s environmental reviews by narrowing their application, They have ended over 50 years of limiting public participation and slashing the capacity of the federal governenvironmental oversight in Canada ment to protect the environment. by repealing the Canadian EnvironThey have ended over 50 years of environmental oversight in Canada mental Assessment Act so that the by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep enfederal government can sidestep environmental reviews of potentially vironmental reviews of potentially harmful projects. harmful projects.

Without public trust, Canada’s environmental assessment processes are Without public trust, Canada’s enincreasingly paralyzed. Not only are vironmental assessment processes are we not doing a good enough job at protecting our environment, we are increasingly paralyzed. Not only are not getting our resources to market.

We need clear and efficient processes we not doing a good enough job at that have reasonable, evenhanded protecting our environment, we are rules, clear beginning and end points and decisions that can be relied on. not getting our resources to market.

We will launch an immediate, public review of Canada’s environmental We need clear and efficient processes assessment processes. Based on this that have reasonable, evenhanded review, a Liberal government will rules, clear beginning and end points See ELECTION / pg. 3 and decisions that can be relied on.

We will launch an immediate, pubCOAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 lic review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

905 841 5004 | geotech.ca

Liberals, Greens Q&A on mining in

BY ALISHA HIYATE Canada ahiyate@northernminer.com

| Credibility and accountability are top concerns OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

| New technology stokes productivity gains, but ‘no silver bullet’

Editorial

OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

ELECTION 2015

Liberals, Greens Q&A on mining in Canada

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

SPECIAL FOCUS: QUEBEC / 7–10

T

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014?

Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment.

They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects.

Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market.

We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on.

We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.

T

he mining sector is facing a Darwinian moment, delegates at the first annual Technology and Innovation in Mining conference in Toronto heard in September.

Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said.

“If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly.

Those that are slow to adapt, unfortunately, are going to go extinct.”

The conference, organized by Dubai-

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

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation 905 841 5004 | geotech.ca

SPECIAL FOCUS: QUEBEC / 7–10

TNM_Oct 05 2015 Issue.indd 1

See TECHNOLOGY / pg. 2

Canadian Mining Hall of Fame

Discipline pays off / 4

Five new inductees / 5

PM40069240

OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Liberals, Greens Q&A on mining in Canada

Mining sector forced to innovate TECH CONFERENCE

| New technology stokes productivity gains, but ‘no silver bullet’

ELECTION 2015 | Credibility and accountability are top concerns

BY ALISHA HIYATE ahiyate@northernminer.com

T

he mining sector is facing a Darwinian moment, delegates at the first annual Technology and Innovation in Mining conference in Toronto heard in September.

Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said.

“If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly.

Those that are slow to adapt, unfortunately, are going to go extinct.”

The conference, organized by Dubai-

BY JOHN CUMMING jcumming@northernminer.com

W

See ELECTION / pg. 3

W

One of The Largest Silver Discoveries of 2014 TSX.V: GRG www.goldenarrowresources.com

Editorial

See TECHNOLOGY / pg. 2

RIO TINTO

15-09-29 8:10 PM

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014?

Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment.

They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects.

Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market.

We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on.

We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

See TECHNOLOGY / pg. 2 Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.

RIO TINTO PM40069240

See ELECTION / pg. 3

Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.

COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4

RIO TINTO PM40069240

TNM_Oct 05 2015 Issue.indd 1

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15-09-29 8:10 PM

15-09-29 8:10 PM

DESPITE THESE RECENT PRODUCTION CUTBACKS, THE MARKET REMAINS GUARDED ON URANIUM’S NEAR- TO MEDIUM-TERM OUTLOOK DUE TO ONGOING OVERSUPPLY CONCERNS. the mine that envisions annual production of up to 6.5 million lb. U3O 8 at a targeted all-in sustaining cost of $39.43 per pound.

However, Paladin’s plans come at a cost. The company estimates capital of US$80 million ($105 million) in capital — roughly split between plant repair and improvement, and working capital — will help restart production at Langer Heinrich to historic levels of 5.2 million lb. annually. Boosting output to the 6.5 million lb. level could require another US$30 million ($39.43 million in capital expenses.

Despite these recent production cutbacks, the market remains guarded on uranium’s near- to medium-term outlook due to ongoing oversupply concerns and robust inventories with end-users and customers.

In its January 2020 commodity fundamentals review, Scotiabank forecasts average uranium spot prices between 2020 and 2023 of US$30 per lb., US$35 per lb., US$40 per lb. and US$40 per lb., and said the metal’s upside potential appears capped in the medium-term based on the potential reversal of production curtailments. The bank says uranium could remain below its long-term incentive price of US$50 per lb. until 2028.

At press time, Uranium Participation traded at $4.02 per share, near the low of its 52-week trading range of $5.14 to $3.78, giving the company a $555-million market capitalization.

Orest Wowkodaw, a mining analyst at Scotiabank, has an “outperform rating” on Uranium Participation and a $5.25-per-share target price.

“Our net asset value per share increased by 5% to $5.25 per share (from $4.99), driven by an increase in our 12-month-out U3O 8 price forecast to US$32 per lb. from US$30 per lb.,” he wrote in Scotiabank’s commodity fundamentals review.

But the analyst’s outlook for uranium remains cautious. “We expect uranium prices to slowly recover and remain well below long-term incentive levels for several more years,” Wowkodaw says. “Although several large production cuts have shifted the market from significant surplus to a meaningful deficit, we forecast a largely balanced market once idled capacity inevitably returns. We anticipate the market to finally enter a sustainable structural deficit late this decade.”

Shares of Yellow Cake recently closed at £1.95 ($3.35) per share, near the lower end of its 52-week trading range of £2.42 ($4.16) to £1.80 ($3.09) — giving the company a £172-million ($296-million) market capitalization. TNM

2020-01-28 4:35 PM

GLOBAL URANIUM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 3–16, 2020

11

GLOBAL URANIUM SNAPSHOT Energetic juniors with attractive assets APPIA ENERGY Appia Energy (CNSX: API; US-OTC: APAAF) is involved with rare earth and uranium exploration in the Athabasca basin of Saskatchewan.

It holds a 100% interest in the 143.3 sq. km Alces Lake property, 34 km east of Uranium City. Alces Lake is located in the Beaverlodge geological domain with a history of uranium production. A number of near-surface, high-grade, monazitehosted rare earth element (REE) zones have been found at the property.

The company completed 44 diamond drill holes on the property in 2019, with 40 intersecting monazite, which presents potential for relatively simple metallurgical processing and extraction. In addition, Appia completed channel and grab sampling at Alces Lake last year that led to the discovery of eight new outcrops and showings. These discoveries have expanded the known footprint of mineralization within an area of 500 by 500 metres and identified the Biotite Lake zone, which potentially extends the mineralized strike to 1.8 kilometres.

In its 2019 exploration program, Appia applied its current understanding of the REE system to target more mineralization, which led to the discovery of the high-grade Richard zone, returning 9 metres of 7.58% total rare earth oxide (TREO). The Richard zone might be a connection of the previously defined Wilson and Charles zones at Alces Lake.

Additional intercepts from 2019 drilling at the Ivan zone included 16 metres of 16.06% TREO and 12 metres of 16.1% TREO. All of the zones remain open on strike and at depth.

Appia has started metallurgical testing of the REE mineralization from Alces Lake and is continuing with its geological modeling of the REE system. More geophysical modelling is planned to define drill targets for this year.

Appia also holds 100% interests in the Eastside, Loranger and North Wollaston properties in the Athabasca basin, and owns 100% of the Elliot Lake property in Ontario, with U3O8 and REE resources that are open on strike and at depth.

Core boxes at Denison Mines’ Wheeler River uranium project in northern Saskatchewan’s Athabasca basin. DENISON MINES 200 metres to over 500 metres wide and up to 23 metres thick. A resource estimate for this deposit was released in September 2018 and features total inferred resources of 28 million tonnes grading 0.037% U3O8 and 0.019% vanadium oxide (V2O5) for a total of 22.7 million lb. contained U3O8 and 11.5 million lb.

V 2O 5.

The results of a preliminary economic assessment on the Ivana deposit were released in February 2019, and outlined an open-pit mine with a 13-year life producing an average of 1.35 million lb. uranium per year at all-in sustaining costs of US$18.27 per lb. U3O8, net of vanadium credits. The preproduction capital was estimated at US$128.1 million with an after-tax net present value of US$135.2 million, at an 8% discount rate.

Blue Sky has found more exploration targets both nearby the Ivana deposit and extending into its wider Amarillo Grande holdings. Current exploration efforts are targeting three areas with uranium and vanadium anomalies at Ivana, with potential to expand the existing deposit and find new mineralized areas. Auger drilling and down-hole radiometric measurements are ongoing, with more reverse-circulation drilling planned for the first half of this year.

James Sykes, the company’s vice-president of exploration and development, has over 10 years of experience in uranium exploration and was involved with NexGen’s (TSX: NXE) Arrow and Hathor’s (now Rio Tinto’s [NYSE: RIO; LSE: RIO]) Roughrider deposits.

The company is a member of the Grosso group, which has been involved with exploration in Argentina since 1993, and played a role in finding Pan American Silver’s (TSX: PAAS, NASDAQ: PAAS) Navidad deposit and SSR Mining’s (TSX: SSRM, NASDAQ: SSRM) Chinchillas mine.

Appia has a $14.5-million market capitalization.

Blue Sky Uranium has a $13.8-million market capitalization.

BLUE SKY URANIUM

DENISON MINES

Blue Sky Uranium (TSXV: BSK) is focused on uranium and vanadium exploration at its 2,500 sq. km Amarillo Grande project in Argentina’s Rio Negro province, where it has made uranium discoveries over the past 12 years.

The Amarillo Grande project runs along a 145 km long uranium trend and features the Santa Barbara, Anit, Ivana and Bajo Valcheta properties.

Denison Mines (TSX: DML; NYSEAM: DNN) is focused on uranium exploration and development in the Athabasca basin in northern Saskatchewan. It has a 90% interest in the Wheeler River project, 35 km northeast of Cameco’s (TSX: CCO; NYSE: CCJ) Key Lake mill. The two deposits on-site are Phoenix and Gryphon. Total probable reserves at the project stand at 1.4 million tonnes at 3.5% U3O8 for a total of 109.4 million lb. U3O8, with Phoenix, the world’s highest-grade undeveloped uranium deposit, contributing 59.7 million lb. U3O8 based on 141,000 tonnes grading

The Ivana deposit is the most advanced and features a 5 km long mineralized trend with a highgrade core. The mineralization is

1-16_FEB 3_Main .indd 11

19.1% U3O8.

In December, the company reported that it has completed an in-situ recovery (ISR) field test program at Phoenix and started metallurgical testing for uranium recovery.

Denison would be the first to use ISR mining in the Athabasca basin.

The in-situ testing evaluated the permeability of the Phoenix deposit and collected data on potential insitu mining conditions.

The test wells installed confirmed significant hydraulic conductivity within the Phoenix ore zone. In-situ mining of Phoenix will require the installation of 300 large-diameter, commercial-scale wells. Denison has installed two such wells at Phoenix.

In addition, preliminary tests suggest low permeability of the basement rock units, supporting an in-situ mining scenario for the asset.

A September 2018 prefeasibility study outlined an in-situ mining operation at Phoenix with underground mining planned for Gryphon. Upfront capital costs of $322.5 million were estimated for Phoenix, with production averaging 6 million lb. U3O8 at expected all-in operating costs in the range of $11.57 per pound.

Plans include building a mine to extract the Phoenix deposit, with Gryphon as a potential second operation. In-situ recovery test work is ongoing at Phoenix, with plans to install commercial-scale wells.

The company also holds a 22.5% interest in the McClean Lake mill (70% Orano Canada and 7.5% OURD Canada), with a processing capacity of 24 million lb. U3O8 per year.

the Nichols Ranch ISR mine and processing facility in Wyoming and the White Mesa mill in Utah, the only producing uranium and vanadium mill in the country, with an annual licensed capacity of over 8 million lb. U3O8. White Mesa features a separate circuit for vanadium recovery.

Last year, the Nichols Ranch project was Energy Fuels’ primary uranium contributor, with expected output of 50,000 to 70,000 lb. U3O8. Based on a November 2019 release, the company has deferred the development of more uraniumextracting header houses at Nichols, and is operating the asset at lower levels due to uranium market conditions. Increased output is possible from Nichols Ranch within six months of a decision to increase production.

In November last year, the company also announced that due to weak vanadium prices, it would evaluate

winding down its near-term production of vanadium pentoxide.

The La Sal complex in Utah is a series of uranium and vanadium mines in proximity to the White Mesa mill. Test mining at the complex was completed in April, and three of the mines within La Sal were refurbished last year.

The Alta Mesa ISR facility in Texas, currently on standby, produced 4.6 million lb. U3O8 between 2005 and 2013. Energy Fuels expects this asset to remain on standby until uranium market conditions improve. Additional assets on standby (which are permitted, and, for the most part, developed) include the Canyon, Whirlwind, Tony M and Daneros mines.

The company’s other assets, in the permitting stage, include Roca Honda, Sheep Mountain and

See SNAPSHOT / 13

Denison also owns 80% of the 242.2 sq. km Hook–Carter property (20% ALX Uranium [TSXV: AL]), which is transected by three corridors prospective for uranium mineralization.

Denison is part of the Lundin group of companies and has a $299-million market capitalization.

ENERGY FUELS Energy Fuels (TSX: EFR, NYSEAM: UUUU) is a U.S. uranium and vanadium producer with significant optionality to its output levels. The company is the country’s largest producer of the two metals. In the first nine months of last year, it produced 56,000 lb. U3O8 and1.3 million lb. vanadium oxide (V2O5).

The company’s assets include

2020-01-28 4:35 PM

12

GLOBAL URANIUM

FEBRUARY 3–16, 2020 / THE NORTHERN MINER

TOP-10 URANIUM From 9

for uranium deposits.

The mine produced 325.2 million lb. U3O8 from 2000 to 2017. Mining was suspended at McArthur River in February 2018 and it remains on care and maintenance indefinitely.

The mine’s mineral reserves support a 23-year mine life. Cameco (TSX: CCO; NYSE: CCJ), McArthur River’s 70% owner and operator, has a restart plan that would see it produce 4 million lb. U3O 8 in the first year of restarted operations, and 18 million lb. annually for the next 20 years. A 2018 technical report pegs operating costs at US$14.97 per lb. U3O8 .

McArthur River’s geologic setting is typical of other deposits in the region. It is situated at or near the unconformity contact separating late Paleoproterozoic sandstone (of the basal portion of the Athabasca Group) from Paleoproterozoic metasedimentary gneisses and migmatites (of the Wollaston Group), which are interfolded with Archean granitoid gneisses.

France-based Orano owns 30% of McArthur River.

2. Arrow NexGen Energy’s (TSX: NXE) Arrow deposit is on its Rook I property, in the southwest part of the Athabasca basin. Since acquiring the property in 2013 it has discovered and developed the Arrow deposit, releasing a prefeasibility study in 2018.

The study outlined an operation with initial capital costs of $1.25 billion, plus $250 million in sustaining and closure costs for a nine-year mining operation running at 1,000 tonnes per day, producing 25.4 million lb. U3O 8 per year, at average operating costs of $5.81 per pound.

In 2019, the company completed an infill drilling program and plans to deliver a bankable feasibility study in the first half of 2020. NexGen reports recent drill results show continuous high-grade mineralization, consistent with the prefeasibility study findings.

The company is also advancing an environmental assessment for the project and pursuing agreements with four local communities.

3. Jabiluka The Jabiluka deposit is located in Australia’s Northern Territory within the Kakadu National Park, a UNESCO World Heritage Site, which also hosts the Ranger uranium mine, 22 km to the south.

Jabiluka (and Ranger) is owned

TOP-10 LARGE, HIGH-GRADE URANIUM PROJECTS P&P TONNES

U3O8%

M&I TONNES

U3O8%

INFERRED TONNES

U3O8%

CONTAINED U3O8 TONNES/LB.

Canada

2,572,500

6.91

132,900

2.65

80,500

2.25

183,100/403,626,000

NexGen Energy

Canada

3,433,100

3.09

2,890,000

4.03

4,836,000

0.86

158,000/348,420,000

Jabiluka

Energy Resources of Australia

Australia

—

—

15,090,000

0.55

10,030,000

0.54

137,000/302,100,000

Cigar Lake

Cameco (50%), Orano (37%), Idemitsu Kosan (8%) TEPCO (5%)

Canada

553,100

14.48

321,300

14.41

180,000

5.97

137,000/302,100,000

Patterson Lake South*

Fission Uranium

Canada

2,299,000

1.61

2,215,000

2.10

1,221,000

1.22

61,400/135,389,000

Wheeler River*

Denison (90%) JCU (10%)

Canada

1,398,000

3.55

1,809,000

3.30

82,000

1.71

61,000/134,559,000

PROJECT

OWNER(S)

McArthur River

Cameco, Orano

Arrow*

LOCATION

Kiggavik

Orano

Canada

—

—

10,418,000

0.47

731,000

0.28

51,000/112,493,000

Millennium

Cameco (70%) JCU (30%)

Canada

—

—

1,442,600

2.39

412,400

3.19

47,600/105,014,000

Rabbit Lake

Cameco

Canada

—

—

1,836,500

0.95

2,460,900

0.62

32,700/72,101,000

Fox Lake

Cameco (78%), Orano (22%)

Canada

—

—

—

—

386,700

7.99

30,900/68,117,000

* = Resources include reserves. P&P = proven and probable reserves. M&I = measured and indicated resources. Figures in tonnes and pounds are rounded. SOURCE: THE NORTHERN MINER AND MINING INTELLIGENCE

by Energy Resources of Australia (ASX: ERA), which is itself 68.4% owned by Rio Tinto (NYSE: RIO).

The project is under long-term care and maintenance. An agreement with the Mirarr Traditional Owners ensures the project cannot be developed without Mirarr’s consent, which the company is uncertain will be forthcoming.

The Mirarr and environmental groups have opposed Jabiluka’s development. In 1998 the project was halted by a 5,000-person blockade on-site. Since 2003 the company has worked on rehabilitating disturbed land on the property. Surface and subsurface infrastructure has been removed and a planting program saw 16,000 stems take root from 2005 to 2015.

4. Cigar Lake The extremely high-grade Cigar Lake mine entered production in 2014 in northern Saskatchewan. The mine produced 64.9 million lb. U3O8 from ore grading an average of 14.5% U3O8 since its commissioning in 2014.

According to Cameco’s latest report, Cigar Lake was on schedule to deliver 9 million lb. U3O8 in 2019.

The company estimates operating costs will be between $15 and $16 per lb. for the mine life, which extends to 2029.

Cigar Lake’s ore is extracted via a unique jet-boring process, which Cameco developed for the deposit.

The process begins when brine, chilled to -40 degrees Celsius, is piped underground and circulated through pipes to freeze the surrounding rock. Once frozen, machines bore production tunnels through the rock. From the tunnel, the jet boring system drills a pilot hole in the orebody, where a nozzle

Workers underground at Cameco’s 50%-owned Cigar Lake uranium mine in Saskatchewan. CAMECO

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WWW.NORTHERNMINER.COM

Cameco and Orano’s McArthur River uranium project, currently on care and maintenance in northern Saskatchewan. CAMECO

is then inserted to bore through the rock with a high-pressure water jet, flushing out loose ore, which is pumped to surface in a slurry.

Cameco operates and owns half of Cigar Lake, while Orano, Idemitsu Kosan and TEPCO own minority interests.

5. Patterson Lake South Junior developer Fission Uranium (TSX: FCU) has been advancing Patterson Lake South since discovering the deposit in 2012.

In 2019, the company released two prefeasibility studies on the project.

The first study envisioned a hybrid open-pit and underground operation and the second study contemplated an underground-only scenario, with lower costs, a smaller footprint and a faster build time.

The hybrid study outlines total capital costs of $1.71 billion and operating costs of $9.03 per lb. U3O8 .

The first six years would see open-pit mining, with underground mining starting in year five until the eighth and final year of the mine’s life.

The underground-only study estimated a total of $1.46 billion in capital expenses and operating costs of $9.57 per lb. U3O8 for a seven-year mining operation. The mine would take three years to build — one year less than the hybrid scheme.

6. Wheeler River The Wheeler River project is comprised of two high-grade deposits, Phoenix and Gryphon, in the southeastern Athabasca basin.

Phoenix is the smaller of the two, with probable reserves of just 141,000 tonnes, but it has an exceptional grade of 19.1% U3O8 . Gryphon has 1.26 million probable tonnes at 1.8% U3O8 .

Operator and 90%-owner Deni-

son Mines (TSX: DML) released a prefeasibility study for Wheeler River in 2018, which outlined development of both deposits, using in-situ recovery for higher-grade Phoenix and underground mining for Gryphon.

Production would average 7.8 million lb. U3O8 per year over a 14-year mine life. Required preproduction capital would amount to $1.13 billion. Operating would cost $4.33 and $15.21 per lb. U3O 8 produced at Phoenix and Gryphon.

Japan-Canada Uranium owns a 10% stake in Wheeler River.

7. Kiggavik Orano’s Kiggavik deposit, 80 km west of Baker Lake, Nunavut, was suspended after the project was rejected by the Nunavut Impact Review Board and Canada’s Minister of Indigenous and Northern Affairs in 2016.

The proposed project would have seen the development of a series of open-pit and underground mines feeding a centralized mill for 14 years, followed by a five-year decommissioning phase.

Concerns over the development focused on the potential for negative environmental and socioeconomic effects.

Orano is 45%-owned by the Government of France.

8. Millennium The provincial government of Saskatchewan approved the environmental assessment for Cameco’s 70%-owned Millennium deposit in 2013.

In that assessment Cameco says Millennium is amenable to underground mining and would require a 21 km access road as well as ore transport, freshwater intake and

mine-water discharge structures.

The project would make use of existing mill and waste management facilities in northern Saskatchewan for its envisioned 10-year mine life.

However, amid a weak uranium market, Cameco has not advanced Millennium since that approval. The company says no work is planned for the asset until market conditions improve.

Japan-Canada Uranium holds a 30% stake in Millennium.

9. Rabbit Lake In operation for more than 41 years, Rabbit Lake was the longest-running uranium mine in North America, according to its owner Cameco.

Poor uranium prices pushed the company to place the underground mine on care-and-maintenance in 2016. The project costs Cameco between $30 million and $35 million per year to maintain. The mine is licensed through October 2023.

Rabbit Lake produced 4.2 million lb. U3 O 8 in 2015 — its latest full year of production. Between 1975 and 2015 the mine produced 202.2 million lb. U3O8 .

10. Fox Lake Cameco announced the high-grade inferred resource for the Fox Lake deposit in 2016. Fox Lake is on the Read Lake property, near its McArthur River project in northern Saskatchewan’s Athabasca basin.

In 2016, Cameco earmarked $7 million for exploration at Read Lake, which was the last time any activity has been announced for the property.

Cameco has wound down exploration activity to save money during the current uranium market lull.

Cameco owns 78% of Read Lake and Orano owns the rest. TNM

2020-01-28 4:35 PM

GLOBAL URANIUM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 3–16, 2020

13

GLOBAL URANIUM SNAPSHOT 9.6 million lb. U3O8 for US$208.6 million. Based on a supply agreement between Yellow Cake and Kazatomprom (LSE: KAP), the world’s largest uranium producer, Yellow Cake has the option to purchase up to US$1.07-billion worth of uranium over 10 years.

SNAPSHOT From 11 Bullfrog.

On a company-wide basis, Energy Fuels’ measured and indicated uranium resources total 81.3 million lb. U3O8, with additional inferred resources of 49.1 million lb. U3O8.

In connection with its stake in Yellow Cake, Uranium Royalty has the option to acquire up to US$31.25 million of uranium between 2019 and 2028, with the option of participating in any future royalty and streaming transactions on a fifty-fifty basis.

Energy Fuels has a $214.5-million market capitalization.

GLOBAL ATOMIC Global Atomic (TSX: GLO; US-OTC: GLATF) is focused on development of its Dasa uranium project in Niger while harnessing cash flow from its 49% stake in the Befesa zinc concentrate production facility in Turkey.

The 750 sq. km Dasa project, located 105 km south of Arlit, a uranium mining town, features the high-grade Dasa deposit. Based on a resource update released in July, the current resource inventory stands at 26.3 million tonnes in the indicated category grading 1,752 parts per million (ppm) eU3O8 for a total of 101.6 million contained lb. metal, and additional inferred resources of 22.3 million tonnes grading 1,781 ppm eU3O8 for a total of 87.6 million lb. metal.

Global Atomic has commissioned CSA Global to complete a study on Dasa’s indicated resources, which appear suitable for openpit mining. It is also planning follow-up work on the deeper inferred resources, which would be more amendable to underground extraction.

This year, the company expects to complete a technical report on the project as well as an environmental impact assessment and an application for an exploitation permit. Global Atomic expects a mining license by the first half of next year.

In 2018, the company released a preliminary economic assessment for Dasa that outlined an underground operation processing material on-site and producing 4 million to 7 million lb. U3O8 annually at all-in sustaining costs of US$28.51 per lb. U3O8.

Initial capital was pegged at US$320 million with a 15-year mine life. The report also suggested an alternate mining scenario, which would entail the sale of high-grade mineralized material to Orano Mining for fast-tracked cash flow.

Niger has produced uranium since 1971, and is the world’s fourthlargest producer, the company says.

In Turkey, Global Atomic holds a 49% interest in the Befesa Silvermet joint venture in Turkey, which includes a 110,000-tonneper-year electric air furnace dust kiln capable of producing 50 million to 60 million payable lb. zinc concentrate annually from metallurgical waste.

Stephen Roman, the company’s chairman, president and CEO, has a long-standing history of uranium exploration and development. He spent 25 years with Denison Mines, and in 2005 set up Global Uranium (now known as Global Atomic).

Global Atomic has an approximately $68-million market capitalization.

PUREPOINT URANIUM Purepoint Uranium Group (TSXV: PTU) is an Athabasca basin-focused

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In its royalty portfolio, the company holds a 1.97% net smelter return royalty (NSR) on Rio Tinto’s undeveloped Roughrider project in Saskatchewan’s Athabasca basin and a 3% gross revenue royalty (GRR) on Uranium Energy’s Diabase exploration project, which is also located within the basin.

Workers at Global Atomic’s Dasa uranium project in Niger. GLOBAL ATOMIC uranium explorer that holds 10 active projects within the basin.

The Hook Lake project, located within the Patterson uranium district, is jointly owned by Purepoint (21%), Cameco (at 39.5%) and Orano Canada (a private French company, with a 39.5% stake). The 286 sq. km project features the high-grade Spitfire discovery and has been operated by Purepoint since 2007. Three prospective structural corridors have been found on the property.

This year, exploration at Hook Lake will involve drilling targets that were identified last year through airborne gravity surveying, as well as additional electromagnetic surveys.

Purepoint also holds a 27% interest in the Smart Lake project, as part of a joint venture with Cameco. The 98.6 sq. km property sits in the southern part of the Athabasca basin and hosts the Athabasca unconformity at depths of less than 350 metres. Magnetic patterns at Smart Lake appear to show an extension of the patterns underlying the Shea Creek deposit (UEX [TSX: UEX] 49.1%; 50.9%, French-owned AREVA) located 55 km north.

In addition, Purepoint wholly owns the Red Willow project, located on the northern edge of the basin.

The 401.2 sq. km property is within 10 km of Cameco’s Eagle Point deposit. Geophysical surveys on the property have outlined over 70 km of conductors that indicate favourable rock characteristics, with 21 exploration targets identified.

The 100%-owned Turnor Lake property covers 97 sq. km and lies in the eastern part of the Athabasca basin. The graphitic conductors at this project are associated with uranium showings on adjoining properties. Turnor Lake is close to Rio Tinto’s Roughrider deposit and Denison Mines’ Midwest and McClean Lake projects.

An assessment of the historic work at the company’s Rene Lake, Shearwater and Langley Lake projects is underway, with initial exploration plans for the properties to follow.

Purepoint Uranium has a $12.3-million market capitalization.

URANIUM ENERGY Uranium Energy (NYSE-AM: UEC) holds a portfolio of preproduction uranium, titanium and vanadium assets in the Americas, and owns 19.5% of Uranium Royalty’s (TSXV: URC) outstanding shares.

In the U.S., the company’s Texas assets include the Hobson processing plant, a licensed and permitted facility with an annual throughput capacity of 2 million lb. U3O8, as well as the permitted Palangana (production-ready), Burke Hollow and Goliad in-situ projects. Measured and indicated resources across the company’s potential in-situ mines in Texas near the Hobson plant total 6.6 million lb. U3O8, with inferred resources of 12.6 million lb. U3O8.

Uranium Energy also holds the permitted Reno Creek project in Wyoming, which is the largest undeveloped in-situ recovery uranium operation in the country, with measured and indicated resources of 26 million lb. U3O8 and inferred resources of 1.49 million lb.

U3O8. A prefeasibility is underway for this asset, which was acquired in August 2017.

In Arizona, the company’s Anderson project hosts uranium resources of 29.5 million tonnes grading 0.029%

U3O8 for a total of 17 million lb.

U3O8 in the measured and indicated category, with additional inferred resources of 14.3 million tonnes grading 0.046% U3O8 for a total of 12 million lb. U3O8. The Slick Rock project in Colorado features an inferred resource of 2.5 million tonnes grading 0.228% U3O8 and 1.37% V2O5 for a total of 11.6 million contained lb. uranium and 69.6 million lb. vanadium. This asset is near Energy Fuels’ White Mesa mill.

Uranium Energy owns the 220 sq. km Diabase property in Saskatchewan, located along the prospective Cable Bay fault corridor. To date, over US$20 million has been spent on exploration at this project, with past diamond drilling intersecting anomalous uranium. Diabase is located within 75 km of Cameco’s Key Lake mill.

The company also has a presence in South America, where it holds three projects: Yuty, with an established uranium resource; Oviedo, with a uranium exploration target; and Alto Parana, one of the highestgrade and largest ferrotitanium deposits in the world. A preliminary economic assessment is underway for this deposit.

Royalties on potential future conventional uranium mines include 1% NSR royalties on Uranium Energy’s Anderson, Slick Rock and Workman Creek projects, as well as a 4% GRR royalty on Energy Fuels’ Roca Honda asset.

In Canada, Uranium Royalty also holds a 2% GRR royalty on the Michelin project in Labrador (55% owned by Paladin Energy [ASX: PDN]). This development-stage asset is one of North America’s largest deposits of uranium.

URANIUM ROYALTY

Beyond North America, the company carries a royalty of A12¢ (C11¢) per kilogram U3O8 on the Langer Heinrich mine in Namibia, 75% of which is owned by Paladin Energy. The operation was placed on care and maintenance in May 2018, with a review underway to assess and optimize processes.

Uranium Royalty is a first-mover in the uranium royalty and streaming market, and also holds physical uranium.

In December, the company completed its $30-million initial public offering and started trading on the TSX Venture exchange.

The company owns 8.6% of the outstanding shares of Yellow Cake (LSE: YCA), which purchased

Uranium Royalty has an $83.3-million market capitalization.

The company has a US$151.7million market capitalization.

TNM

JUST ANNOUNCED

• Preliminary Economic Assessment • Low Cost Processing

Purepoint’s 122 sq. km Umfreville project overlies prospective crosscutting faults, with a number of drill targets identified at the site. In addition, the company’s Henday Lake property is near the Roughrider and Midwest Lake deposits.

The junior’s undrilled McArthur East project, which adjoins Cameco’s McArthur River project, features a prospective conductor identified through airborne geophysics.

In the U.S., Uranium Royalty holds royalties on projects in various stages of development. Interests in potential in-situ, uraniumproducing operations include a 0.5% net profit interest (NPI) royalty on Uranium Energy’s Reno Creek project, a 4% NSR royalty on Laramide Resources’ (TSX: LAM, ASX: LAM) Church Rock site, a 30% NPI royalty on Azarga Uranium’s (TSX: AZZ) Dewey–Burdock project, as well as a 4% GRR royalty on the Kendrick and Barber areas of Peninsula Energy’s (ASX: PEN) idled Lance project.

• Updated Uranium/ Vanadium Mineral Resource Estimate • District Scale Uranium/Vanadium Potential along 145 km Trend TSX.V: BSK | OTC: BKUCF O.

604.687.1828 |

M.

778.686.0135 |

TF.

1.800.901.0058

2020-01-28 4:35 PM

14

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FEBRUARY 3–16, 2020 / THE NORTHERN MINER

Maverix proves skeptics wrong MAVERIX From 1

at a flat fee of US$650 per gold oz. produced), and the second one was a net smelter return royalty (NSR) on San Jose, a recently commissioned producing mine in Mexico, owned

by Fortuna Silver Mines (TSX: FVI; NYSE: FSM).

Institutions were skeptical at first.

“The feedback was: ‘Who really needs another royalty company?

How do you think you’re going to be able to compete in a very crowded and competitive sector?” Burns says.

“We said: ‘Well, we understand that there’s some skepticism. But we’re not here to raise money. Watch us over the next 12 months and decide whether we’re good at what we do, or we aren’t.’”

Within four weeks of its launch, Gold Fields (NYSE: GFI) reached out. “They said: ‘Look, we have a similar-sized portfolio and we had been looking to do the same thing by launching an independent vehicle, but you have already accomplished that and instead of recreating the wheel, why don’t we see if it makes sense to put the two together,” Burns recalls.

Discussions started in August 2016 and over the ensuing three and a half months, the two companies put together a transaction where Gold Fields received an equivalent amount of equity that Maverix had issued Pan American in exchange for 11 royalties.

Gold Fields’ royalties complemented the ones Maverix already had. Four of them were already paying and most were in Australia, where the South African company had been quite active over the previous decade. With Gold Fields’ 11 royalties, Maverix’s asset portfolio nearly doubled and its annual gold attributable ounces more than quadrupled.

Maverix completed another three transactions in 2017 — what Burns describes as mostly “bolt-on” transactions. It bought a 2% NSR on Silvercorp Metals’ (TSX: SVM; NYSE AM: SVM) Silver Tip mine in B.C., now owned by Coeur Mining (NYSE: CDE). It also acquired two royalties from Auramet, a goldtrading and financing company: one on the Florida Canyon mine in Nevada, now owned by Alio Gold (TSX: ALO; NYSE AM: ALO); and a royalty on the Beta Hunt mine in Australia, owned by RNC Minerals (TSX: RNC). Later that year, it purchased from a third party a pre-existing 2% NSR on Endeavour Mining’s (TSX: EDV) Karma mine in Burkina Faso. Each transaction provided Maverix with incremental

attributable gold-equivalent ounces of production and immediate cash flow. Maverix ended 2017 with 27 assets — seven of which were paying.

In the meantime, Newmont was sitting on a portfolio of 50 royalties that had been created within the company since it had spun out Franco Nevada (TSX: FNV; NYSE: FNV) a little more than a decade earlier. “Newmont reached out to us because they had noted what Pan American and Gold Fields had done and how their initial investments had increased substantially in value,” Burns says. “They decided they were going to do some sort of transaction to harvest value from their portfolio and they thought that we might be a logical partner to talk to.”

Over the following year, Newmont ran a complete process and invited interested royalty-sector participants to engage. “Ultimately they decided that their best course of action was to transact with Maverix,” Burns says. The transaction was predominantly equity based, although it included a modest amount of cash as part of the consideration, and the deal closed in June 2018 — adding 50 assets to Maverix’s portfolio.

“The key for Newmont, which remains one of our largest shareholders, is that they had seen how putting the portfolio into a public vehicle could enhance value,” Burns says. “Typically, royalty and streaming companies trade at somewhere on average of between 1.5 and 1.7 times net asset value and somewhere between 15 to 25 times annual cash flow per share, and at the time Newmont felt that they didn’t really need cash, and could wait for the transaction to be fully reflected in Maverix’s share price and potentially increase the ultimate value they would receive.”

Burns says that Newmont was likely offered cash by other competing participants, “but thought taking equity would give them added upside, and so far their conviction and confidence has proved correct.”

Since closing the transaction, Newmont has almost doubled the value it received by taking Maverix’s paper at $3.40 per share. Today, Maverix is trading at $6.95 apiece. (When it launched in mid-July 2016, the company’s shares traded at just over $2 per share.)

Maverix completed another two bolt-on transactions in the early months of 2019. The first was a silver stream with Northern Vertex Mining (TSXV: NEE; US-OTC: NHVCF) on a small gold-silver project in Arizona called the Moss mine. (Maverix receives 100% of the

Geoff Burns (centre), Maverix Metals cofounder and chairman, opens the New York Stock Exchange in 2019. MAVERIX METALS

silver, which is a by-product of the mine, for ongoing payments of 20% of the spot silver price.) The second was with Ascendant Resources (TSX: ASND; US-OTC: ASDRF) on its El Mochito mine in Honduras.

El Mochito is predominantly a base metal mine that produces silver as a by-product. Under that silverstreaming deal, Maverix receives 22.5% of the mine’s silver production for a 25% cash payment of the spot price.

“The reason why we really liked those two deals was: A) they were both in production so immediately cash generating to Maverix, and B) both mines are long-lived insofar as the Moss mine was in only its second year of production, with a 10-year-plus mine life ahead of it, and El Mochito has been in production for over 60 years,” Burns says.

“El Mochito probably has got about another 10 years of reserves and likely well beyond that, so it fit very well with what a growing company needs, which is cash flow and long life. Plus these streams were good fits for our operating partners, as they are focused on by-product production from each of the mines.”

In addition, Maverix closed a royalty deal with TMAC Resources (TSX: TMR) on its Hope Bay mine in Nunavut. Hope Bay is in production and has a plus 20-year mine life ahead, but TMAC found itself in a situation where it needed more financing. “They had some difficulties in their start-up, which were very well documented, and they reached out to us because we already had a

royalty on the property, had visited the operation so were comfortable, and without speaking for TMAC. I suspect that they were not very enthralled with what the equity market could offer them at the time,” Burns says.

That deal, which closed in August 2019, was for another 1.5% royalty on the mine, to go with the 1% NSR that Maverix already owned. “It’s an ideal asset for Maverix to become involved with, given its long life and exceptional exploration potential, and we are confident that TMAC is ultimately going to turn their fortunes around in terms of their operations there, and make Hope Bay the exceptional asset that it has the potential to become,” Burns says.

“We were in the right place at the right time to help them out.”

Maverix’s most recent transaction with Kinross, which closed in December, contributed another 25 royalties, one of which, an NSR equivalent royalty on Polymetal International’s (LON: POLY) Omolon processing hub in the Magadan region of western Russia, is cash flowing. Among the Kinross portfolio is Cerro Casale in Chile, a 20 million oz. plus deposit that is owned by a joint venture between Newmont and Barrick Gold (TSX: ABX; NYSE: GOLD).

Burns acknowledges that Cerro Casale is not close to being in development — or is even likely to be within the next decade — but it is still an “incredible opportunity” to participate “with some of the largest players in the gold industry on

A machine operator underground at Pan American Silver’s La Colorada silver-gold in Zacatecas, Mexico. Maverix Metals owns the right to purchase all of the mine’s gold for US$650 per ounce. PAN AMERICAN SILVER

1-16_FEB 3_Main .indd 14

“THE MARGINS ARE EXCELLENT AND DO ALLOW US TO SLEEP BETTER AT NIGHT, THERE’S NO QUESTION ABOUT IT.” GEOFF BURNS COFOUNDER AND CHAIRMAN, MAVERIX METALS

essentially what you would deem a potential megaproject, and which, in the fullness of time, I fully believe will get developed. I don’t know the time frame, but Cerro Casale represents an incredibly large gold resource in a jurisdiction that remains relatively mining friendly, and is in the hands of two of the most skilled and resourceful operators in the entire sector.”

Kinross, like Newmont, ran a formal process looking at options to monetize its portfolio and chose Maverix, Burns says, because it desired some equity exposure and the potential upside that a stake in Maverix’s equity could provide. “I would like to believe that Kinross and Newmont and Gold Fields also looked carefully at the management and the board we had assembled and realized that — and I hate to put words in their mouths — but that they concluded we know what we’re doing, and, perhaps as importantly, that we are open, trustworthy and forthright partners to deal with.”

Burns notes that Maverix’s largest shareholders are really “corporate partners ... They have been supportive of our efforts, and Pan American and Newmont have nominated members to our board, which added additional strength, experience and diversity,” he says. “They also recognize that on occasion opportunities come to each of them that are either too small or in the wrong jurisdictions so don’t fit with their future plans, and they seem to happily bring those opportunities to our attention to see if they are transactable for Maverix, but in a different way. That has been very helpful as we continue to look for opportunities to grow.”

While Burns admits the field is getting more competitive, Maverix finds itself in a “sweet spot.”

“We’re the only royalty company that has a market capitalization of between US$200 million and US$1 billion,” he explains. “The next largest would be Sandstorm — they’re over US$1 billion — while Metalla Royalty & Streaming (NYSE-AM: MTA) is close to US$200 million.

And what makes that unique for

2020-01-28 4:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 3–16, 2020

15

An excavator in the pit at Endeavour Mining’s Karma gold mine in north-central Burkina Faso. Maverix Metals owns a 2% net smelter return royalty on the mine. ENDEAVOUR MINING

us is that a transaction such as the Kinross transaction actually moves the needle for Maverix. It’s a significant transaction for us, whereas a US$75-million deal for a Royal Gold (NASDAQ: RGLD) or an Osisko Gold Royalties (NYSE: OR), or certainly a Franco-Nevada (TSX: FNV; NYSE: FNV), would likely be of less interest to them, just given their size.”

Moreover, the ability to get a lift on the equity seems to be appealing to the sellers, he says. Kinross could easily have sold its royalties to a larger company, he says, but it might not enjoy the same potential rise in the share price. “They’re all high-quality companies,” Burns says of his peers. “It’s just that a transaction of this size is not going to make a huge difference to those companies, whereas for us it is still a material transaction, and we are hoping for Kinross’s sake and for that of our current shareholders that we might see a nice bump in equity just based on the value created in completing this deal.”

What’s more, he says, Maverix is in a unique place in the market because its hunting ground is most likely below the size range that really gets the larger royalty and streaming companies excited. “We’re looking in the US$20-million to US$40-million range, and while we have no doubt that the larger royalty and streaming companies will look at those opportunities, they perhaps aren’t as motivated or focused on them as we are, and we have become very adroit and skilled in identifying those types of opportunities and talking to the companies that are looking for financing in that size fraction.”

Burns acknowledges there may be a time, if Maverix’s success continues, that it will start to bump up against more competitors, because as it grows it will eventually look at larger transactions. But for now, at least, it’s in a niche spot. And with gold trading at over US$1,500 per oz., there are companies with operations in production that are looking for development financing for expansion, but, as yet, equity markets have yet to really respond to higher metal prices, and that is

1-16_FEB 3_Main .indd 15

where Maverix can be helpful.

“We have seen some level of equity financings of late, but more often than not, they have been fairly unique situations with very specific circumstances,” he says. “We have not seen equity markets generally open to companies with projects that are still looking for financing.

If and when equity markets open, and that could happen quickly, we may need to react and adjust our strategy, but, at least for now, we’re not short of opportunities to continue to grow.”

At the same time, Maverix is trying to enhance its capital markets profile and continues to market aggressively in New York and London to get its story out. In mid-2019, Maverix moved from the TSX Venture Exchange to the main Toronto stock exchange and has also listed its shares on the New York Stock Exchange-American. Today the company is covered by seven mining analysts and has a US$120-million line of credit to draw on to fund acquisitions.

“If someone had asked me when we launched in 2016 if I believed that three years later, we’d have plus-100 assets and have annual revenue in excess of $40 million, I would have sort of laughed at them and said, ‘OK, if you say so.’ But through some hard work, coupled with unwavering focus, we have built a very reputable company that is an attractive partner for some of the most wellrespected mining companies, who understand our sector and look for quality opportunities to essentially invest in. Our success in growing our business has led to even more opportunities coming our way, and it has just kind of snowballed from there. It has just been an incredibly exciting ride so far.”

Burns says the key to its strategy is to keep it simple and look for opportunities “that are right down the middle of the fairway.”

“We’re not looking to do exotic types of financing. We have no intention of doing exploration and certainly are not interested in operating. We’re going to keep it as simple as possible and stay right within the royalty and streaming model, focused on building our

“IT HAS BEEN AN ABSOLUTE SCREAM SO FAR, BUT THERE’S MORE TO GO. I’M EXCITED ABOUT WHERE WE ARE TODAY AND EVEN MORE EXCITED ABOUT WHERE WE CAN GO.” GEOFF BURNS COFOUNDER AND CHAIRMAN, MAVERIX METALS

cash-generating engine.”

For the most part, the company also plans to try to stay in what it considers the most mining-friendly jurisdictions of Canada, the U.S., Mexico, Australia, and certain South American countries, where nearly 85% of its revenue is generated.

And in terms of the metals mix, 90% of its assets are precious metals (75% gold and 15% silver). Although it won’t rule out considering a small component of base metals — it would only do so if at least 80% to 85% of its revenues still come from gold and silver.

“That is a hard line for us — a bright orange line,” he says. “That’s where we start. We might consider diversifying into some base metals, provided it didn’t become a dominant revenue line item for us. Diamonds, nope. Other battery or EV materials, no, not in our future. We are also going to avoid anything that gives us direct operating exposure — we’re just not looking at that — it’s just not in the expertise that we have built.

We’re going to keep our transactions straightforward, looking to invest cash in companies that might need some financing help in exchange for streams or royalties.”

The strategy is working. In 2018, the company’s average cash cost per attributable equivalent oz. gold of US$162 resulted in cash-operating margins of US$1,468 per ounce.

“This is quite a unique business that does lend itself to very large margins,” Burns says. “The margins are excellent and do allow us to sleep better at night, there’s no question about it.”

The royalty and streaming model also protects Maverix against negative price fluctuations, he says, while allowing significant upside when prices are strong and companies build a new project or expand their own operations.

Burns sees Maverix as an effective partner with the operating companies, providing financing to bring projects onstream or expand projects already in production. As such, it tries to be reasonable in terms of its return expectations, he says.

“It makes no sense to me to overburden an asset. If there isn’t a profit motivation for the mining operator, then we’re doing something wrong because that means we aren’t really helping. For us to get a good return for our shareholders, the underlying operator has to have an opportunity to do the same for its shareholders, so we try to be careful not to put so much of a burden on an asset that it hampers the asset or the operator,” he says. “That makes no sense, and in the long-term will ultimately be counterproductive for both ourselves and our operating partners.”

He notes that the 30 years he spent on the operating side of the business has helped him assess an

asset technically and determine how much burden it can bear. And it hasn’t hurt having shareholders like Newmont, and Pan American and hopefully Kinross, where it can access and leverage experience and expertise. “To be able to ask for advice or feedback, particularly with two of those companies having board representation with Maverix, is incredibly additive.”

Admittedly, some of Maverix’s assets are more marginal than others, or have higher-risk profiles, but there’s little that keeps Burns up at night, he says. And he has had the luxury of working on both sides of the business. “As an operator, I was always jealous of the valuation that royalty and streaming companies got, but now having sat in this seat for the last three and a half years, I think I understand it,” he says.

“When I started at Pan American Silver, we had three operations.

When I left we had seven and had tripled our production base. That took 12 years and a huge amount of effort with a consummate group of mining professionals to accomplish.

We started Maverix with just two assets that were in production, and we now have 14 in three years, so we have been able to achieve a level of diversity that really isn’t available to operating companies, and that probably helps justify a premium valuation, and perhaps even a higher premium, if you do it smartly.

“Operating is hard. Above and beyond the complex discipline of mining productively and profitably in sometimes very harsh environments, mining companies must also establish a positive social licence to operate in today’s world … It requires constant attention and nurturing, and is, frankly, just the right thing to do … I have the utmost respect for our operating partners because I understand how difficult it can be at times, and while I do miss being on the operating side, I have to be honest, there are certain operations-related headaches that I don’t miss that much.”

As for Maverix, he says, “it has been an absolute scream so far, but there’s more to go. I’m excited about where we are today and even more excited about where we can go.” TNM

2020-01-28 4:35 PM

16

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FEBRUARY 3–16, 2020 / THE NORTHERN MINER

Detour Lake Gold’s Detour Lake gold mine in northeastern Ontario, which Kirkland Lake Gold is acquiring. DETOUR LAKE GOLD

M&A will continue in 2020, Dorsey & Whitney says INTERVIEW

BY TRISH SAYWELL tsaywell@northernminer.com

Nora Pincus, a partner at the international law firm Dorsey & Whitney, forecaststhat the significant volume of mergers and acquisitions (M&A) activity in the metals and mining space in 2019 will continue into 2020.

The Northern Miner reached Pincus in Salt Lake City, Utah.

The Northern Miner: Do you think the market consolidation or M&A activity in the metals and mining industry that started in 2017 — and continued through 2018 and 2019 — is likely to continue this year, at the same pace? According to the latest research from Bank of America Securities, the total transaction value in global gold M&A last year was US$20.2 billion — a nine-year high.

Nora Pincus: Yes, I do think that market consolidation in the precious metals space is likely to continue through 2020. I don’t think it will be as big in terms of the dollar value, no, but I anticipate that there will be higher volumes and smaller dollar figures. Much of the low-hanging fruit or obvious targets for consolidation have occurred over the last 18 months — the Barricks and the Newmonts of the world — but we are likely to see more M&A in the mid-cap to small-cap areas, and potentially more investments in the mid-caps from the majors — either at the company or asset level.

TNM: Do you have any forecasts on which companies might acquire companies or assets, and which ones might be acquired?

NP: I’m hesitant to make any specific

| Market anticipates strong gold prices this year

predictions, but think that there are a number of potential targets with projects in Nevada and Alaska that may look very attractive at today’s gold prices.

TNM: What really drives the consolidation beyond the difficulty in finding significant new deposits in friendly mining jurisdictions?

NP: The increase in M&A activity globally has been driven by an anticipated rise in gold prices, which we have seen happen in the last six months, but there has been a view that commodity prices would continue to rise over the last 18 months and that started happening in midand late-2019. So when commodity prices increase, majors obviously become more bullish. There’s just more capital to invest in acquiring new assets. I also think that a lot of miners have recognized the economies of scale that come with significant mergers or consolidation of assets through joint ventures, which really do produce a pretty tangible impact on their bottom line, so there’s a lot of value that can be captured through synergistic mergers and consolidations.

TNM: Is it the easiest thing to do rather than pursue organic growth?

NP: That is a good point. But it’s not necessarily that it is harder to find good assets. The majors over the last 10 years have really cut back on their own exploration and increased their reliance on juniors to do exploration work, and have made investments in juniors and mid-caps once a deposit or resource has been found. That trend is likely to continue with the juniors and mid-caps really doing

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“THE MAJORS OVER THE LAST 10 YEARS HAVE REALLY CUT BACK ON THEIR OWN EXPLORATION AND INCREASED THEIR RELIANCE ON JUNIORS TO DO EXPLORATION WORK.” NORA PINCUS PARTNER, DORSEY & WHITNEY

the exploration work and turning to the majors to fund mine build-outs due to the significant capex needed to bring a greenfield project into development. We’re seeing a lot less reliance on the capital markets or on traditional debt financings used to finance mine building by juniors and the mid-tiers. The majors are funding project development with cash. We have also seen in the last couple of years an increasing reliance on more exotic financing structures like streaming deals and royalty transactions to fund the capex of major projects — certainly at the mid-cap level, but also to some degree even some of the majors are starting to do those types of transactions.

TNM: You have said that one of the impacts of the M&A we have seen has been a decrease in the number of midcap miners. You have argued that the industry is increasingly becoming split between the majors and the juniors.

Can you comment on this trend and what it means for the industry?

NP: I anticipate that we will continue to see the share of mid-caps and juniors decrease as more majors focus on precious metals assets and projects. That has to do with some contraction in the capital markets, as well. We’re likely to see the midcaps continue to lose market share, and that’s going to be driven by two things: 1) Contractions in the capital market participants interested investing in junior exploration companies in the mining space. We have seen a lot of interest in mining and metals shrink as investors have looked at investing in other industries like cannabis, for example, which in the

last two years has taken up a lot of those dollars instead of junior mining companies. 2) The realities of bringing a gold mine on line and how much cash is required means that it’s very hard to finance mine development either through traditional debt or from the capital markets. So that is driving more of the majors to pick up assets held by mid-caps at a rate that is competitive, at least based on current gold prices.

At the same time, because the mid-caps are having more trouble securing investment dollars or getting debt financing, they are turning to majors, either to do joint ventures with because majors have the cash to invest or they are divesting assets to the majors who will build and develop them. The majors aren’t as reliant on capital markets in the same way, as they typically fund acquisitions through cash or share deals. We’ll see a slow squeeze on the mid-caps.

What we’ll see in the future is that juniors will continue to be active on the exploration side, but we’ll see fewer of them making the leap from junior exploration to mid-cap miner, largely because the juniors will sell their projects to the majors or joint venture with them.

The majors certainly have more ready access to public debt, which many majors are reliant on, and that is certainly cheaper money than through a traditional credit facility with a standard bank.

TNM: There has been an increase in the number of foreign mining companies acquiring assets in the United States. Can you give me some of the best examples of this and comment on whether this is going to continue?

NP: The trend of non-U.S. based companies coming to the U.S to look for an acquisition is likely to continue. In some ways, it’s a perfect storm for investment in precious metal assets in the U.S., given the rise in the gold price and the continued global uncertainty we’re seeing as the dollar potentially falls, so I think commodity prices are likely to remain high for the foreseeable future. The U.S. is looking like a very good and safe place to put your investment dollars. I’m talking about the security situation in countries like Mexico, Brazil and even Chile, where we have seen unrest in the last couple of months. When you combine a relatively safe jurisdiction in the U.S. with a lot of world-class assets and a fairly predictable path to permitting major mines, all of that makes the U.S. a fairly attractive place to put money.

TNM: Yes, and the current administration seems to be making permitting easier in some cases.

NP: That’s true in terms of the review of the National Environment Policy Act (NEPA), with the current administration focused on trying to tighten up permitting time lines, which has allowed several mines to get through the NEPA process faster than they would have before the overhaul. The real impact of those regulatory reforms remains to be seen, but many miners are bullish about the Trump administration’s policies on streamlining permitting.

TNM: What do you see happening in the base metals space? Companies like South32 are investing in the Hermosa project in Arizona and Polymet’s proposed Northmet project in Minnesota.

NP: Base metals certainly have suffered over the last couple of years, but investment in base metal projects seems to be continuing as has exploration activity, so that is likely to continue. You have a number of large and often non-U.S. based miners that are funding pretty extensive capex into major project development in the base metal space, so that’s likely to continue. Whether we’re going to see a lot more greenfields development of base metal assets in the U.S. that are not already underway, however, I’m less certain of. TNM

2020-01-28 4:35 PM

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FEBRUARY 3–16, 2020 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 20–24 The S&P/TSX Composite Index rose 0.04% to 17,565.30 during the trading week. The S&P/ TSX Global Mining Index fell 0.92% to 81.52 and the S&P/TSX Global Base Metals Index lost 6.19% to 102.23. Spot gold climbed US$14.90 per oz., or 0.96%, to finish at US$1,571.60 per oz., and the S&P/TSX Global Gold Index (USD) rose 2.84% to 233.33.

Shares of Endeavour Mining jumped $1.62 to $26.71 per share. The company reported preliminary 2019 production results of 651,000 oz. gold at all-in sustaining costs (AISCs) of US$813 per oz., compared with 612,000 oz. gold at AISCs of US$744 per oz. in 2018. The company decreased net debt US$52 million in the third quarter of 2019 and by another US$77 million in the fourth quarter, leaving the company with net debt of US$533 million at year-end. Group production in 2020 is expected to increase to 740,000 oz. gold at AISCs of up to US$895 per ounce. The company plans to spend US$40 million to US$45 million on exploration in 2020.

Yamana Gold was the most actively traded stock and rose 51¢ to $5.33 per share. The company reported preliminary 2019 production results of 1.02 million equivalent oz. gold, including 900,339 oz. gold, exceeding guidance of 1.01 million equivalent oz. gold, including 899,000 oz. gold. Full-year silver production reached 10.6 million oz., exceeding

guidance of 10 million ounces. Its Jacobina mine in northeastern Brazil posted record production of 159,499 oz. gold, while its El Penon mine in northern Chile also posted a record 159,515 oz. full-year production since the company rightsized the operation in late 2016. Its Canadian Malartic mine in the Abitibi region of Quebec produced 334,596 oz. gold on a 50% basis for the year.

Seabridge Gold’s shares increased $1.02 to $18.40. The company reported that the first drill program at its Snowstorm project in northern Nevada confirmed structures and stratigraphy similar to two gold mines just a few kilometres south on the Getchell trend: Turquoise Ridge and Twin Creeks, owned by Nevada Gold Mines, a joint venture between Barrick (61.5%) and Newmont (38.5%).

TSX MOST ACTIVE ISSUES

Yamana Gold First Quantum Suncor Energy B2Gold Corp Barrick Gold Turquoise HIl Teck Res Kinross Gold Lundin Mng Black Iron

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI 14144 FM 13980 SU 13871 BTO 13461 ABX 13430 TRQ 11315 TECK.B 9809 K 9380 LUN 7742 BKI 7740

5.38 13.19 44.07 5.74 24.65 1.02 21.43 6.46 7.85 0.13

4.77 11.74 42.07 5.35 23.41 0.83 18.66 5.84 7.14 0.09

5.33 12.04 42.48 5.68 24.60 0.86 19.00 6.46 7.32 0.11

+ - - + + - - + - +

0.51 1.15 1.42 0.30 1.14 0.06 2.21 0.57 0.52 0.02

SSR Mining’s shares rose $1.01 to $24.14.

The company achieved record production in 2019 of 421,906 equivalent oz. gold from its three mining operations. Its Marigold mine in Nevada produced 220,227 oz. gold — a record in its thirtieth year of continuous operation — while its Seabee operation in northern Saskatchewan churned out a fourth consecutive annual production record of 112,137 oz. gold.

Its Puna mine in Argentina’s Jujuy province

produced 7.7 million oz. silver. In 2020 the company expects consolidated production of 425,000 equivalent oz. gold.

Ero Copper closed at $19.27 per share, down $1.32. It reported 2019 production of 42,318 tonnes copper in concentrate from its Curaca Valley operations in Brazil for a 39% year-on-year increase. Its NX Gold mine, also in Brazil, produced 30,434 oz. gold and 19,641 oz. silver.TNM

TSX GREATEST PERCENTAGE CHANGE

Almonty Ind Eastern Platin Potash Ridge Loncor Res Black Iron Freegold Vent Starcore Intl RTG Mining GoGold Res Orla Mng Ltd Taseko Mines Mandalay Res Prophecy Coal Trevali Mng Pine Cliff En Serabi Gold Ascendant Res Yorbeau Res Copper Mtn Mng PolyMet Mng

AII ELR SOP LN BKI FVL SAM RTG GGD OLA TKO MND PCY TV PNE SBI ASND YRB CMMC POM

2194 823 3585 219 7740 1051 238 40 2129 2307 1726 459 3092 5737 525 38 126 480 2005 125

0.61 0.72 0.05 0.60 0.13 0.06 0.12 0.10 0.85 2.40 0.80 1.26 0.37 0.26 0.15 1.49 0.36 0.04 0.85 0.42

0.44 0.31 0.04 0.40 0.09 0.05 0.08 0.10 0.73 2.09 0.63 0.97 0.29 0.20 0.13 1.18 0.30 0.03 0.70 0.34

0.60 0.44 0.05 0.53 0.11 0.06 0.10 0.10 0.85 2.37 0.65 1.01 0.30 0.21 0.13 1.22 0.31 0.03 0.73 0.34

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada FNV Agnico Eagle AEM Pan Am Silver PAAS Wheaton Prec M WPM Endeavour Mng EDV Newmont Gdcorp NGT Barrick Gold ABX Seabridge Gld SEA SSR Mining SSRM Alamos Gold AGI Nutrien NTR Teck Res TECK.B Teck Res TECK.A Suncor Energy SU Ero Copper ERO Labrador IOR LIF First Quantum FM Cameco Corp CCO Lundin Mng LUN HudBay Min HBM

39.5 31.3 28.6 27.7 23.5 22.2 18.8 17.6 14.9 14.5 18.8 18.5 18.1 17.6 16.1 15.9 15.3 14.3 14.1 12.8

VOLUME WEEK (000s) CLOSE CHANGE

1596 145.01 2706 81.45 1781 30.20 2890 39.06 900 26.71 453 58.11 13430 24.60 306 18.40 1194 24.14 3910 8.34 6858 58.17 9809 19.00 28 19.29 13871 42.48 757 19.27 2924 22.29 13980 12.04 2758 11.05 7742 7.32 5272 4.42

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

7.01 2.57 2.33 2.18 1.62 1.28 1.14 1.02 1.01 0.99 3.05 2.21 1.96 1.42 1.32 1.32 1.15 0.55 0.52 0.51

TSX VENTURE EXCHANGE / JANUARY 20–24 The S&P/TSX Venture Composite Index fell 0.47% to 581.76 and spot gold finished at US$1,571.60 per oz., up US$14.90 per ounce.

Abitibi Royalties posted the largest value gain, jumping $1.45 to $19.55 per share. The company’s board of directors approved a 25% dividend increase from 12¢ to 15¢ per common share on an annualized basis starting in April. The frequency of the payments will change from quarterly to monthly. The company also reported that it generated $2.1 million in total cash in the fourth quarter of 2019, with $999,000 coming from royalties on the open-pit portion contained within the company’s 3% net smelter return royalty on the Canadian Malartic mine in Quebec.

Royalties from the open-pit part of the mine started at the end of 2018. The company’s core underground royalties at East Malartic and Odyssey are not in production. For the full year, Abitibi Royalties generated $5.3 million in cash. The company has no debt and only 12.52 million issued shares. As of Jan. 17, the company had $46.3 million in cash and investments.

New Pacific Metals rose 24¢ to $6.86. The company reported assays from 19 holes of a 24-hole, 6,000-metre drill program at its Snake Hole prospect in Bolivia. Snake Hole is a target 600 metres east of the core area

of the company’s Silver Sand project. Drill hole 52-18 returned 72 metres of 279 grams silver per tonne from 61 metres, including 33 metres of 517 grams silver. Drill hole 525-20 cut 38 metres of 143 grams silver per tonne from 30 metres, including 6 metres of 749 grams silver per tonne. The prospect consists of artisanal underground workings started in the Spanish colonial era.

Camino Minerals soared 124% to 19¢ after announcing it appointed Keith Peck as chairman and Jay Chmelauskas as CEO. Peck was a founder of Chilean copper company Centenario Copper, which was acquired by Quadra Mining in 2009, and Chmelauskas was CEO of Jinshan Gold Mines, which built one of China’s largest gold mines in Inner Mongolia. China National Gold acquired a TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

New Age Metals NAM 34686 Sienna Res SIE 13373 Leeta Gold HIVE 11367 Core Gold CGLD 10518 Amarc Res AHR 8994 Arbor Metals ABR 8558 Adamera Min ADZ 8517 Palladium One PDM 8220 Benton Res BEX 8041 Sun Metals SUNM 7693

0.15 0.10 0.15 0.34 0.08 0.15 0.05 0.24 0.09 0.14

0.08 0.05 0.11 0.28 0.04 0.15 0.00 0.18 0.06 0.10

0.13 + 0.08 + 0.13 + 0.28 - 0.08 + 0.15 unch 0.04 + 0.20 - 0.07 + 0.13 -

0.05 0.04 0.01 0.01 0.04 0.00 0.01 0.02 0.02 0.07

controlling stake in the company in 2008.

K92 Mining closed at $3.52 per share, up 15¢. The company announced it was named to the 2020 OTCQX Best 50 — a ranking of top-performing companies traded on the U.S. OTC market last year. The ranking is calculated based on an equal weighting of one-year total return and average daily dollar volume growth in the previous calendar

year. This is the second consecutive year the company made the list. Last year K92 increased its gold-equivalent production by 74% year-on-year. The company also reported it is pushing ahead with the Kora expansion project at its Kainantu mine in Papua New Guinea, which should raise throughput from 200,000 tonnes per year to 400,000 tonnes by the end of 2020. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Goldstrike Res Camino Min MetalCorp Revelo Res Kestrel Gold Altan Rio Min Pacific Silk Amarc Res Rathdowney Res Sienna Res Silver Mtn Mns New Destiny Mg Warrior Gold Advance Gold Lupaka Gold Sun Metals Gray Rock Res Castle Peak Mg Taranis Res Jasper Mining

GSR COR MTC RVL KGC AMO.H PP AHR RTH SIE SMM NED WAR AAX LPK SUNM GRK CAP TRO JSP.H

18 2645 1561 3633 450 330 195 8994 150 13373 250 1505 1191 3637 31 7693 22 92 250 50

0.31 0.19 0.04 0.02 0.04 0.01 0.03 0.08 0.10 0.10 0.01 0.06 0.10 0.21 0.01 0.14 0.08 0.02 0.06 0.07

0.00 0.09 0.02 0.01 0.03 0.01 0.02 0.04 0.10 0.05 0.01 0.04 0.07 0.09 0.00 0.10 0.00 0.01 0.06 0.07

0.31 0.19 0.03 0.02 0.04 0.01 0.03 0.08 0.10 0.08 0.01 0.04 0.07 0.13 0.01 0.13 0.05 0.01 0.06 0.07

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 2950.0 + 123.5 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 87.5 + 81.8 + 77.8 - 66.7 - 38.5 - 36.4 - 34.2 - 33.3 - 33.3 - 33.3 - 33.3 - 31.3 - 30.0

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royal Great Bear Res Universal Vent EMX Royalty Goldstrike Res Pac Booker Min New Pac Metals Gold Reserve K92 Mining GT Gold Metalla Rylty Till Capital Victoria Gold Aurania Res O3 Mining Canadian Prem Chesapeake Gld Guerrero Vents Novo Res Vizsla Res

RZZ GBR MCLD EMX GSR BKM NUAG GRZ KNT GTT MTA TIL VIT ARU OIII CPS CKG GV NVO VZLA

23 19.55 450 8.85 165 6.06 245 2.50 18 0.31 18 2.36 388 6.86 32 2.24 4133 3.52 2520 1.33 390 7.15 1 1.60 332 8.62 282 3.65 51 2.65 111 0.55 21 3.00 428 0.34 520 3.42 1785 0.80

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

1.45 0.41 0.36 0.32 0.30 0.26 0.24 0.16 0.15 0.15 0.72 0.40 0.22 0.18 0.16 0.15 0.14 0.14 0.10 0.10

U.S. MARKETS / JANUARY 20–24 The Dow Jones Industrial Average rose 1.22% to 28,989.73 and the S&P 500 Index fell 1.03% to 3,295.47. Spot gold climbed US$14.90 per oz. to finish at US$1,571.60 per ounce.

Shares of Barrick Gold jumped US76¢ to US$18.71 on news the company had signed a deal with the government of Tanzania that grants the nation stakes in the three gold mines the company operates there. The arrangement comes three months after the two parties reached an agreement in which Barrick would pay US$300 million to settle outstanding tax and other disputes. The deal also includes lifting a concentrate export ban and sharing future economic benefits from the miner’s operations in the country on a fifty-fifty basis. In addition, the agreement ratifies the creation of Twiga Minerals, a company jointly owned by Barrick and the Tanzanian government, which will oversee the management of the miner’s local operations. North Mara, Buzwagi and Bulyanhulu mines, which Barrick acquired through the takeover of Acacia Mining in September 2019, are now owned 84% by the gold miner and 16% by the East African nation.

Fortuna Silver Mines rose 6.2% to US$4.11

18_FEB 3_MarketNews.indd 18

per share. The company reported its two underground mines — San Jose in Mexico and Caylloma in Peru — produced 8.81 million oz. silver, 50,525 oz. gold, 45.60 million lb. zinc and 28.75 million lb. lead, or 12.4 million equivalent oz. silver in 2019. Cash costs were US$69.60 per tonne at San Jose and US$86.13 per tonne at Caylloma.

Coeur Mining rose US17¢ to US$6.03 per share. It reported 2019 production of 359,418 oz. gold, 11.7 million oz. silver, 17.1 million lb. zinc and 16.6 million lb. lead. Its Palmajero mine in Mexico was the company’s best performing asset, while gold production at U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMoR* FCX 156651 13.08 11.22 11.84 - 1.03 Vale* VALE 116538 13.67 12.76 12.84 - 0.79 Yamana Gold* AUY 101657 4.10 3.64 4.06 + 0.38 United States S* X 84737 10.67 9.25 9.40 - 1.10 Barrick Gold* GOLD 62760 18.75 17.76 18.71 + 0.76 Cleveland-Clif* CLF 53972 7.97 7.23 7.38 - 0.51 Kinross Gold* KGC 49354 4.92 4.46 4.92 + 0.42 Alcoa* AA 43630 18.25 15.36 15.51 - 2.18 Coeur Mng* CDE 42570 6.89 5.60 6.03 + 0.17 Chevron Corp* CVX 36842 117.29 111.34 111.85 - 3.73

its Kensington mine in Alaska increased 12% year-on-year.

Freeport-McMoRan fell US$1.03 to US$11.84 per share. It posted a net loss for 2019 of US$239 million, or US17¢ per share.

The company reported consolidated sales

last year of 3.3 billion lb. copper, 991,000 oz. gold and 90 million lb. molybdenum. As of Dec. 31, 2019, the company’s total debt stood at US$9.8 billion and it held US$2 billion in consolidated cash, with US$3.5 billion available under a revolving credit facility. TNM

U.S. GREATEST PERCENTAGE CHANGE

Alamos Gold* Yamana Gold* Kinross Gold* Fortuna Silvr* Wheaton Prec M* Seabridge Gld* Gold Fields* Franco-Nevada* Barrick Gold* Harmony Gold* CONSOL Energy* CONSOL Energy* Arch Coal* Peabody Enrgy* Mosaic* Alcoa* HudBay Min* Teck Res* United States S* Southern Copp*

AGI AUY KGC FSM WPM SA GFI FNV GOLD HMY CNX CEIX ARCH BTU MOS AA HBM TECK X SCCO

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

14867 6.37 5.49 6.34 101657 4.10 3.64 4.06 49354 4.92 4.46 4.92 9523 4.11 3.83 4.11 11211 29.81 27.90 29.72 1853 14.31 13.01 13.97 20812 6.44 6.03 6.43 2848 110.46 104.84 110.31 62760 18.75 17.76 18.71 20735 3.67 3.46 3.67 24807 8.09 6.42 6.73 2724 11.54 9.08 9.57 2475 69.28 55.35 57.21 10983 8.86 7.28 7.47 24866 22.14 19.02 19.14 43630 18.25 15.36 15.51 5144 3.81 3.31 3.36 23810 16.24 14.19 14.45 84737 10.67 9.25 9.40 5351 44.19 39.65 39.85

+ 13.0 + 10.3 + 9.3 + 6.2 + 5.3 + 5.2 + 4.9 + 4.4 + 4.2 + 3.4 - 13.8 - 13.8 - 13.7 - 12.8 - 12.5 - 12.3 - 11.1 - 10.9 - 10.5 - 9.3

U.S. GREATEST VALUE CHANGE

Franco-Nevada* FNV Agnico Eagle* AEM Wheaton Prec M* WPM Black Hills* BKH Newmont Gdcorp* NEM Barrick Gold* GOLD Alamos Gold* AGI Seabridge Gld* SA AngloGold Ash* AU Kinross Gold* KGC Arch Coal* ARCH Southern Copp* SCCO Chevron Corp* CVX Rio Tinto* RIO MartinMarietta* MLM Mosaic* MOS Nutrien* NTR Alcoa* AA Teck Res* TECK CONSOL Energy* CEIX

VOLUME WEEK (000s) CLOSE CHANGE

2848 110.31 6779 61.99 11211 29.72 1207 82.47 32584 44.29 62760 18.71 14867 6.34 1853 13.97 12251 20.98 49354 4.92 2475 57.21 5351 39.85 36842 111.85 10323 57.76 2224 263.89 24866 19.14 8352 44.28 43630 15.51 23810 14.45 2724 9.57

+ 4.68 + 1.64 + 1.50 + 1.44 + 0.81 + 0.76 + 0.73 + 0.69 + 0.59 + 0.42 - 9.09 - 4.08 - 3.73 - 2.91 - 2.85 - 2.73 - 2.59 - 2.18 - 1.77 - 1.53

2020-01-28 4:58 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / FEBRUARY 3–16, 2020

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S LME WAREHOUSE LEVELS

PRODUCER AND DEALER PRICES

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 24, 2020 (change from January 17, 2020 in brackets): 8420 (-460) Aluminium Alloy 1260150 (-80575) Aluminium 190075 (+64555) Copper Lead 66200 (-50) Nickel 192762 (+9828) 6945 (-110) Tin Zinc 50425 (-1025)

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

Copper: US$2.62/lb.

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

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

Lead: US$0.86/lb.

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

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

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

Tin: US$7.51/lb.

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

U308 Zinc: US$1.04/lb.

Prices current Jan. 28, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 High Low S&P/TSX Composite 17565.34 17621.78 17599.86 17572.28 17597.39 15527.30 12400.15 S&P/TSXV Composite 581.76 582.38 585.36 582.46 585.91 1050.26 883.52 S&P/TSX 60 1047.97 1051.69 1049.41 1047.14 1048.50 896.74 709.99 S&P/TSX Global Gold 264.56 259.80 260.28 260.02 257.12 218.90 149.29 DJ Precious Metals 221.81 221.81 222.18 222.69 218.79 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 15, 2020 (with changes from Dec 31, 2019) Largest short positions Nemaska Lith NMX 23561483 -80037 12/31/2019 Sandstorm Gold SSL 21644625 515762 12/31/2019 Teck Res TECK.B 16738796 10960683 12/31/2019 Barrick Gold ABX 15706343 116807 12/31/2019 Ivanhoe Mines IVN 15365206 -184446 12/31/2019 New Gold NGD 13797289 -1993056 12/31/2019 Suncor Energy SU 13532818 855511 12/31/2019 Kinross Gold K 13017028 -1010154 12/31/2019 Nexgen Energy NXE 11256898 381717 12/31/2019 Premier Gold M PG 10214452 -121031 12/31/2019 First Quantum FM 10152958 439665 12/31/2019 Osisko Mng Inc OSK 8982250 1626913 12/31/2019 Lundin Mng LUN 8969617 1106940 12/31/2019 RNC Minerals RNX 8600091 333186 12/31/2019 Yamana Gold YRI 8160257 2316607 12/31/2019 Largest increase in short position Teck Res TECK.B 16738796 10960683 12/31/2019 Yamana Gold YRI 8160257 2316607 12/31/2019 Osisko Mng Inc OSK 8982250 1626913 12/31/2019 Champion Iron CIA 2067400 1271645 12/31/2019 Lundin Mng LUN 8969617 1106940 12/31/2019 Largest decrease in short position OceanaGold OGC 4401862 -4769599 12/31/2019 New Gold NGD 13797289 -1993056 12/31/2019 Argonaut Gold AR 5962821 -1287785 12/31/2019 Dundee Prec Mt DPM 5892422 -1163393 12/31/2019 Kinross Gold K 13017028 -1010154 12/31/2019

Short positions outstanding as of Jan 15, 2020 (with changes from Dec 31, 2019) Largest short positions Conic Metals NKL 3929880 27191 12/31/2019 Prospero Silvr PSL 2142999 1999917 12/31/2019 Novo Res NVO 2108103 -151110 12/31/2019 Core Gold CGLD 1691221 1505923 12/31/2019 Arbor Metals ABR 1646000 1399500 12/31/2019 Orezone Gold ORE 1590800 1559300 12/31/2019 New Pac Metals NUAG 1485633 783917 12/31/2019 Adex Mining ADE 1465000 1440000 12/31/2019 Ely Gold Royal ELY 1186627 1045912 12/31/2019 QMX Gold QMX 939800 654007 12/31/2019 Lion One Mtls LIO 888098 138005 12/31/2019 Granada Gold GGM 823172 751779 12/31/2019 K92 Mining KNT 751577 171147 12/31/2019 Benchmark Met BNCH 723840 566639 12/31/2019 Palladium One PDM 664214 619816 12/31/2019 Largest increase in short position Prospero Silvr PSL 2142999 1999917 12/31/2019 Orezone Gold ORE 1590800 1559300 12/31/2019 Core Gold CGLD 1691221 1505923 12/31/2019 Adex Mining ADE 1465000 1440000 12/31/2019 Arbor Metals ABR 1646000 1399500 12/31/2019 Largest decrease in short position Boundary Gold BDGC 50553 -3008447 12/31/2019 Ucore Rare Mtl UCU 278643 -1585578 12/31/2019 CMC Metals CMB 55 -1239945 12/31/2019 District Metal DMX 46 -1019954 12/31/2019 Azincourt Ener AAZ 94730 -693689 12/31/2019

DAILY METAL PRICES Jan 27 Jan 24 Jan 23 Jan 22 Jan 21 Date BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) 1410/1410 1430/1420 1410/1400 1415/1410 1420/1410 Al Alloy Aluminum 1755/1764 1775/1785 1781/1793 1807/1817 1810/1817.50 Copper 5778/5808 5965/5993 6048/6081 6103/6138 6158/6184 Lead 1900/1878 1959.50/1945 1988.50/1986 1972/1965 1951/1963 Nickel 12630/12740 12980/13040 13290/13370 13640/13730 13745/13835 Tin 16560/16575 16895/16900 17125/17150 17550/17575 17670/17675 Zinc 2292/2277 2354/2338 2385/2372 2466/2449 2450/2432 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1583.45 1561.85 1554.05 1558.10 1556.25 Gold PM 1580.10 1564.30 1562.90 1556.90 1551.30 Silver 18.30 17.83 17.60 17.77 17.99 Platinum 988.00 1013.00 1001.00 1003.00 994.00 Palladium 2330.00 2455.00 2410.00 2425.00 2420.00

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NEW 52-WEEK HIGHS AND LOWS JANUARY 20–24, 2020 138 New Highs 1911 Gold 1911 Gold* Abitibi Royal Abitibi Royal* Adamera Min Adamera Min* AEX Gold Amarc Res Amarc Res* Antler Gold * Aura Minerals Aura Minerals* B2Gold Corp B2Gold Corp* Banyan Gold BE Res Black Hills* Blackheath Res Bluestone Res* Camino Min Canada Cobalt * Central Tim Ex Chalice Gold M* Colombia Crest Colombia Crest* Contintl Gold Copper Reef Mg

Coral Gold Core Gold Core Gold* Cruz Cobalt Dixie Gold DRDGOLD* DV Resources* Eastern Platin Eastern Platin* Ely Gold Royal Ely Gold Royal* EMX Royalty EMX Royalty* Evergold* Fieldex Expl First Mexican Fortescue Met* Forum Energy Forum Energy* Franco-Nevada Franco-Nevada* Gaia Metals* Generation Min Generation Min* GoGold Res Gold Lion Res Goldcliff Res* Golden Harp

Goldstrike Res Gran Colombia Gran Colombia* Gray Rock Res* Great Atlantic Grid Metals Grid Metals* Group Ten Mtls Group Ten Mtls* GT Gold GT Gold * Hannan Metals Hannan Metals* Idaho Champion* Impala Platnm* Irving Res* Jubilee Metals* K92 Mining Kaizen Discov Karam Min Kestrel Gold Lake Forest Mi* Lasalle Explor Liberty Gold* Lithium Corp* Loncor Res Loncor Res* Lumina Gold

Lundin Gold Mechel* Mesa Expl* MetalCorp MetalCorp* Metallic Mnrls* Morien Res Morien Res* New Age Metals New Age Metals* New Pac Metals Newmont Gdcorp Newmont Gdcorp* NovaGold Res NovaGold Res* Nrthn Graphite Nrthn Graphite* Omineca Mining Omineca Mining* Orla Mng Ltd Orla Mng Ltd* Pacific Silk* Palladium One Parallel Mng Platinum Gp Mt Platinum Gp Mt* Primary Energy QMX Gold

QMX Gold* Quadro Res Rainy Mtn Royl* Rise Gold Corp* RJK Explor* Running Fox Rs* Salazar Res Salazar Res* San Gold Corp* Sienna Res Sienna Res* Silver Viper* SKRR Explor Tocvan Venture Transition Met Transition Met* U.S. Lithium* Universal Vent ValOre Metals Valterra Res* Vizsla Res Vizsla Res * VR Resources Yamana Gold Yamana Gold* Zadar Ventures Zadar Ventures* 28 New Lows

Alcoa* Arch Coal* Buenaventura* Cantex Mn Dev CONSOL Energy* Delrey Metals * Denison Mines Galane Gold * Garibaldi Res Gratomic Great Lakes Gr* Grizzly Discvr* New Carolin Gd New Carolin Gd* New Jersey Mng Nutrien Nutrien* Peabody Enrgy* Project One Scandium Intl* Sun Metals Tarku Res Teck Res Teck Res* TMAC Resources TNR Gold UEX Corp United States S*

CANADIAN GOLD MUTUAL FUNDS Fund Jan 24 ($) AGF Gb R A Fd MF 19.26 BMO Prec Mtls Fd A BMO ZGD BMO ZJG CIBC Prec Metal Fd A 12.75 Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A 11.55 iShares XGD 16.49 Mac Prec Met Cl A 60.63 NBI PrecMetFd Invt 16.77 NPT Go&PrMinFd A 40.56 NPT SilverEquCl A 6.40 RBC GblPreMetFd A 45.66 Sentry Pre Met Fd A TD Prec Mtl Fd Inv

Jan 17 ($) 19.30 22.40 59.77 59.14 12.30 8.83 24.55 29.36 11.32 15.94 59.43 16.19 39.19 6.21 44.16 37.99 41.84

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.04 -0.22 4.23 2.79 87.45 0.12 0.55 29.26 2.41 55.12 -0.14 -0.24 49.14 0.61 0.12 0.21 41.66 0.60 0.45 3.66 34.40 2.44 50.27 0.09 0.97 36.28 2.73 434.71 0.61 2.51 0.01 4.94 0.33 1.11 38.40 0.83 0.23 2.00 42.57 2.68 35.55 0.55 3.46 40.33 0.61 866.72 1.20 2.02 42.75 2.52 66.17 0.58 3.58 44.36 2.46 31.38 1.37 3.49 24.09 3.19 0.19 3.07 44.19 2.98 1.50 3.39 44.28 2.13 379.40 0.36 0.96 17.33 2.32 170.53 0.65 1.55 39.39 2.26 132.93

Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 1.3130 1.3130 1.3141 1.3074 1.3046 0.7616 0.7616 0.7610 0.7649 0.7665

Exchange rates (Quote Media, January 24, 2020) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.1138 0.6890 83.4450 14.2907 10.9570 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5806 5.2831 54.3822 0.7385 889.7500 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4623 0.9046 109.5600 18.7623 14.3861 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7623 6.9367 71.3310 0.9696 1168.6000

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

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

19_FEB3_MMMM.indd 19

TSX WARRANTS

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

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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

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

2020-01-28 4:02 PM

20

WWW.NORTHERNMINER.COM

FEBRUARY 3–16, 2020 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JANUARY 20–24, 2020 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 1911 Gold* O 104 1911 Gold V 638 66 Resources C 1550 Abacus Mining V 532 O 100 Abacus Mining* Abcourt Mines V 435 O 288 Abcourt Mines* Aben Resources* O 248 Aben Resources V 699 Abitibi Royal* O 10 Abitibi Royal V 23 AbraPlata Res* O 221 AbraPlata Res V 2666 Academy Metals* O 0 Academy Metals V 5 Adamera Min* O 984 Adamera Min V 8517 Adex Mining V 59 V 3637 Advance Gold Advantage Lith V 112 O 75 Advantage Lith* Adventus V 8 Adventus* O 9 AEX Gold V 177 African Gold* O 438 African Gold V 720 African Min* O 15 African Rainb* O 0 Aftermath Silv* O 1027 Agnico Eagle T 2706 Agnico Eagle* N 6779 AgriMinco* O 420 2 Aguila Amer Gd* O Aguila Amer Gd V 14 C 65 AJN Resources Alacer Gold T 3731 Alamos Gold T 3910 Alamos Gold* N 14867 Alaska Pac Egy* O 3157 Alba Minerals* O 2 N 43630 Alcoa* Aldebaran Res V 336 Alderon Iron* O 8 Alderon Iron T 74 Aldever Res* O 0 Aldever Res V 100 O 283 Alexandra Cap* Alexco Res* X 6133 Alexco Res T 1517 Algold Res V 46 Alianza Min V 370 Alianza Min* O 4 Alien Metals* O 51 Alio Gold* X 461 Alio Gold T 143 Allegiant Gold V 237 O 102 Allegiant Gold* Alliance Mng V 178 Alliance Res* D 3934 Almaden Min T 169 Almaden Min* X 1319 Almadex Min* O 124 Almadex Min V 158 Almonty Ind * O 46 Almonty Ind T 2194 Aloro Mining* O 10 Aloro Mining V 390 Alpha Lithium* O 8 Alpha Lithium V 97 Alphamin Res * O 23 Alphamin Res V 257 Altai Resource V 298 80 Altair Res Inc V Altamira Gold* O 62 Altamira Gold V 112 Altan Nevada V 176 Altan Rio Min V 330 Altiplano Met V 551 Altius Mnrls * O 138 Altius Mnrls T 311 O 42 Alto Ventures* Alto Ventures V 489 O 190 Altura Mining* Alturas Min V 405 Altus Strat V 203 Alumina Ltd* O 48 V 622 ALX Resources ALX Resources* O 166 V 120 AM Resources Amani Gold* O 9 Amarc Res V 8994 Amarc Res* O 37 Amarillo Gold V 627 Amarillo Gold* O 197 Amer Intl Vent* O 405 American Batt* O 5 American Creek* O 173 American Creek V 939 American CuMo* O 58 American Lith V 556 American Lith* O 248 O 271 American Mang* American Mang V 226 American Pac C 5630 American Pac* O 496 O 72 AmericanSierra* Americas Silvr* X 1644 Americas Silvr T 1250 Amerigo Res T 616 Amerigo Res* O 156 Amex Expl* O 18 Amex Expl V 266 Amilot Capital V 28 Amseco Expl V 53 Amseco Expl * O 1 Anaconda Mng T 639 Anaconda Mng* O 124 Andes Gold* O 87 Andover Mng* O 2 Anfield Energy* O 519 Anfield Energy V 405 Angel Gold* O 20 Angel Gold V 85 Angkor Gold* O 5 Angkor Res V 186 O 8 Anglo American* Anglo American* O 576 Anglo Pac Grp T 1 Anglo-Bomarc* O 25 AngloGold Ash* N 12251 AngloGold Ash* O 0 Antioquia Gold* O 95 Antioquia Gold V 61 Antler Gold * O 26 Antler Gold V 527 Antler Hill V 30 Antofagasta* O 7 Apex Res * O 25 Apex Res V 125 Appia Energy* O 186 Appia Energy C 248 Applied Min* O 1652 Aquila Res* O 261 Aquila Res T 114 Arbor Metals V 8558 Arch Coal* N 2475 Archon Mineral* O 11 Archon Mineral V 42 Arctic Star* O 0 Arctic Star V 961 Arcturus Vent* O 1 Arcus Dev Grp* O 12 Arcus Dev Grp V 57 Arcwest Explor V 102 Arcwest Explor* O 80 Arena Min* O 153 Arena Min V 230 Argentina Lith V 23 Argentina Lith* O 60 Argentum Silvr V 48 Argentum Silvr* O 3 Argo Gold C 214 Argo Gold* O 41

20-23_FEB3_StockTables.indd 20

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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argonaut Gold* O 561 T 2631 Argonaut Gold Arianne Phosph V 113 O 84 Arianne Phosph* Arizona Silver* O 35 Arizona Silver V 86 Armor Min V 212 Artemis Gold* O 25 Artemis Gold V 118 Asanko Gold* X 1527 Asanko Gold T 456 Asante Gold C 265 Asante Gold* O 30 5 Asbestos Corp V Ascendant Res* O 9 T 126 Ascendant Res Ascot Res * O 146 Ascot Res T 422 Ashanti Sanko V 1470 AsiaBaseMetals V 4 Asian Mineral V 168 Aston Bay* O 167 Aston Bay V 564 Astorius Res V 25 ATAC Res V 319 ATAC Res* O 554 O 9655 Atacama Res* Atalaya Mining T 9 O 22 Athabasca Min* Athabasca Min V 171 O 10 Athena Silver* Atico Mining* O 631 Atico Mining V 903 Atlanta Gold* O 0 Atlantic Indus V 250 Aton Resources V 119 O 152 Aton Resources* 6 Aura Minerals* O Aura Minerals T 13 Aura Resources V 20 O 22 Aura Resources* Auramex Res V 130 Aurania Res* O 103 Aurania Res V 282 Aurcana Corp V 1359 O 720 Aurcana Corp* AurCrest Gold V 41 O 4 AurCrest Gold* Aurelius Min V 239 Aurex Energy V 266 Aurion Res * O 156 Aurion Res V 497 Aurora Royal V 105 Aurwest Res C 144 AURYN Mining* O 11 T 677 Auryn Resource Auryn Resource* X 1300 Aust Mines* O 204 Austin Res V 10 Austral Gold V 10 Auxico Res C 61 T 3142 Avalon Advance Avalon Advance* O 258 O 27 Avarone Metals* Avarone Metals C 136 Avidian Gold V 241 Avino Silver* X 1517 Avino Silver T 217 Avrupa Min V 62 Avrupa Min* O 194 Awale Res V 249 Axmin Inc* O 21 Axmin Inc V 144 V 24 Azarga Metals Azarga Metals* O 1 O 358 Azarga Uranium* Azarga Uranium T 444 Azimut Explor* O 360 Azimut Explor V 3103 Azincourt Ener* O 166 V 980 Azincourt Ener Aztec Minerals V 96 O 35 Aztec Minerals* Azteca Gold* O 1621 Azucar Min V 165 Azucar Min* O 201

1.45 1.27 1.32 + 0.03 2.15 1.06 1.79 1.67 1.75 + 0.07 2.87 1.46 0.25 0.24 0.25 unch 0.00 0.65 0.22 0.20 0.18 0.19 - 0.00 0.49 0.17 0.13 0.11 0.12 - 0.01 0.19 0.08 0.18 0.16 0.16 - 0.02 0.25 0.10 0.34 0.32 0.32 - 0.02 0.59 0.31 1.08 1.03 1.06 + 0.03 1.20 0.81 1.49 1.36 1.39 - 0.06 1.60 0.95 0.93 0.86 0.90 + 0.03 1.10 0.50 1.22 1.12 1.18 + 0.04 1.45 0.68 0.04 0.03 0.03 - 0.01 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.40 0.40 0.40 unch 0.00 0.55 0.30 0.28 0.28 0.28 unch 0.00 0.44 0.12 0.36 0.30 0.31 - 0.06 0.58 0.17 0.63 0.58 0.60 - 0.01 0.84 0.34 0.82 0.77 0.77 - 0.01 1.13 0.45 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.40 0.40 0.40 unch 0.00 0.64 0.12 0.50 0.41 0.44 + 0.01 0.89 0.10 0.06 0.05 0.06 + 0.00 0.08 0.03 0.08 0.07 0.08 + 0.01 0.11 0.05 0.12 0.12 0.12 unch 0.00 0.50 0.09 0.24 0.23 0.23 - 0.01 0.34 0.17 0.18 0.17 0.17 - 0.01 0.25 0.12 0.02 0.01 0.02 - 0.00 0.03 0.00 3.69 3.48 3.60 unch 0.00 4.10 3.00 0.21 0.20 0.21 + 0.01 0.60 0.18 0.30 0.26 0.28 + 0.01 0.79 0.24 0.04 0.04 0.04 unch 0.00 0.06 0.01 0.33 0.29 0.29 - 0.02 0.33 0.17 0.42 0.38 0.38 - 0.02 0.43 0.22 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.02 0.02 0.02 + 0.01 0.02 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 19.91 0.00 19.89 + 1.49 19.91 11.78 26.20 26.01 26.15 + 0.06 26.20 16.21 0.04 0.04 0.04 - 0.01 0.09 0.04 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.04 0.04 0.04 + 0.01 0.08 0.03 3.02 2.58 2.80 - 0.19 3.40 1.64 3.82 3.41 3.65 - 0.18 4.50 2.18 0.28 0.24 0.26 - 0.01 0.79 0.21 0.22 0.19 0.20 - 0.01 1.25 0.00 0.05 0.04 0.04 - 0.01 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.05 0.04 0.04 unch 0.00 0.06 0.02 0.14 0.09 0.09 - 0.03 0.50 0.08 1.54 1.41 1.54 + 0.07 1.77 0.60 2.02 1.83 2.02 + 0.08 2.35 0.85 0.04 0.00 0.03 unch 0.00 0.11 0.02 0.03 0.03 0.03 unch 0.00 0.14 0.02 0.26 0.14 0.26 + 0.04 0.74 0.03 1.85 1.60 1.71 - 0.09 2.45 1.30 1.40 1.22 1.29 - 0.08 1.84 0.98 0.02 0.01 0.02 + 0.00 0.06 0.01 0.10 0.09 0.10 unch 0.00 0.13 0.05 0.08 0.08 0.08 unch 0.00 0.10 0.06 0.05 0.04 0.04 - 0.01 0.27 0.03 0.06 0.05 0.06 unch 0.00 0.17 0.04 0.05 0.04 0.04 - 0.00 0.13 0.03 0.06 0.04 0.06 - 0.00 0.11 0.03 0.09 0.07 0.07 - 0.01 0.15 0.04 0.14 0.12 0.14 + 0.02 0.35 0.07 0.54 0.50 0.52 - 0.01 0.81 0.39 0.69 0.64 0.69 + 0.02 1.07 0.53 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.03 0.02 0.02 - 0.00 0.05 0.01 0.13 0.11 0.12 - 0.01 0.26 0.07 0.29 0.23 0.27 + 0.04 0.50 0.12 0.41 0.26 0.30 + 0.01 0.66 0.18 0.07 0.00 0.06 - 0.01 0.13 0.05 0.04 0.00 0.04 unch 0.00 0.09 0.03 0.16 0.14 0.14 - 0.01 0.22 0.08 0.20 0.19 0.19 - 0.02 0.28 0.11 1.16 1.03 1.14 + 0.07 1.27 0.18 1.54 1.31 1.50 + 0.09 1.67 0.23 0.02 0.02 0.02 + 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.07 0.02 0.07 0.07 0.07 unch 0.00 0.20 0.05 0.07 0.05 0.05 - 0.02 0.15 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.16 0.17 - 0.01 0.43 0.15 0.14 0.12 0.13 - 0.01 0.34 0.12

B2Gold Corp T 13461 B2Gold Corp* X 29030 O 562 Balmoral Res* Balmoral Res T 1359 Balto Res V 251 Bam Bam Res C 119 Bankers Cobalt* O 18 Bankers Cobalt V 266 O 284 Bannerman Res* Banyan Gold V 1004 Banyan Gold* O 183 Bard Ventures V 0 O 131 Barksdale Cap* Barksdale Cap V 227 V 1 Barolo Venture Baroyeca Gold V 5 Barrick Gold* N 62760 Barrick Gold T 13430 Barsele Min* O 34 Barsele Min V 359 Batero Gold* O 134 Batero Gold V 221 O 92 Bayhorse Silvr* Bayhorse Silvr V 253 BCM Res V 535 BE Res V 81 Bear Creek Mng* O 186 Bear Creek Mng V 247 Bearing Lith* O 86 Bearing Lith V 467 Beauce Gold V 82 Bell Copper V 74 Bell Copper* O 15 Belmont Res V 439 Belo Sun Mng T 1192 Belo Sun Mng* O 2496 BeMetals * O 27 BeMetals V 357 V 1093 Benchmark Met Benchmark Met* O 188 Benton Res V 8041 Benton Res* O 162 Benz Mining V 842 Benz Mining* O 24 Berkwood Res * O 165 V 1168 Berkwood Res Bessor Min V 48 Bird River Res C 230 Bitterroot Res* O 73 Bitterroot Res V 97 Black Hills* N 1207 Black Iron T 7740 Black Iron* O 355 V 40 Black Mammoth Black Sea V 137 O 2 Black Sea * Black Tusk Res* O 11 Black Tusk Res C 1656 Blackheath Res V 31 O 262 Blackrock Gold* Blackrock Gold V 637 Blind Creek V 55 BLOX Inc* O 4 Blue Lagoon C 171 Blue Lagoon* O 5 Blue Moon Zinc* O 110 Blue Moon Zinc V 531 Blue River Res V 920 Blue River Res* O 40 Blue Sky Uran* O 280 Blue Sky Uran V 304 Blue Star Gold V 168 BlueBird Batt V 309 BlueBird Batt* O 5 V 1219 Bluestone Res Bluestone Res* O 99 Bold Ventures V 2098

5.74 5.35 5.68 + 0.30 5.69 3.24 4.37 4.07 4.32 + 0.20 4.37 2.40 0.29 0.24 0.28 + 0.02 0.39 0.07 0.37 0.32 0.37 + 0.03 0.49 0.10 0.13 0.11 0.13 + 0.02 0.19 0.06 0.07 0.00 0.07 + 0.02 0.29 0.03 0.01 0.01 0.01 + 0.00 0.03 0.00 0.02 0.01 0.01 unch 0.00 0.05 0.01 0.03 0.02 0.03 - 0.00 0.04 0.02 0.09 0.07 0.08 + 0.01 0.09 0.04 0.07 0.05 0.06 + 0.00 0.07 0.02 0.00 0.00 0.13 unch 0.00 0.37 0.08 0.29 0.26 0.27 - 0.02 0.57 0.23 0.38 0.34 0.34 - 0.04 0.75 0.32 0.00 0.00 0.19 unch 0.00 0.30 0.18 0.06 0.06 0.06 - 0.02 0.20 0.04 18.75 17.76 18.71 + 0.76 20.07 11.65 24.65 23.41 24.60 + 1.14 26.69 15.62 0.42 0.33 0.33 - 0.09 0.55 0.29 0.50 0.40 0.45 - 0.03 0.75 0.36 0.07 0.05 0.07 + 0.01 0.07 0.04 0.08 0.06 0.08 + 0.02 0.10 0.05 0.09 0.07 0.07 - 0.01 0.14 0.04 0.11 0.10 0.10 - 0.01 0.20 0.07 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.20 0.00 0.20 - 0.03 0.35 0.13 2.00 1.75 2.00 + 0.11 2.35 0.84 2.66 2.25 2.60 + 0.14 2.97 1.13 0.10 0.09 0.09 - 0.01 0.29 0.08 0.13 0.11 0.12 unch 0.00 0.38 0.11 0.15 0.12 0.14 + 0.02 0.29 0.07 0.07 0.06 0.06 unch 0.00 0.15 0.03 0.06 0.00 0.06 - 0.00 0.12 0.03 0.05 0.04 0.04 unch 0.00 0.40 0.03 0.53 0.49 0.53 + 0.01 0.72 0.22 0.42 0.36 0.40 - 0.01 0.55 0.16 0.18 0.17 0.18 + 0.01 0.25 0.16 0.25 0.22 0.24 + 0.02 0.30 0.20 0.45 0.40 0.41 unch 0.00 0.48 0.17 0.33 0.30 0.33 + 0.02 0.37 0.12 0.09 0.06 0.07 + 0.02 0.11 0.04 0.06 0.00 0.06 + 0.02 0.07 0.02 0.10 0.07 0.08 + 0.01 0.14 0.05 0.07 0.06 0.07 + 0.01 0.10 0.04 0.02 0.02 0.02 - 0.00 0.07 0.02 0.03 0.02 0.02 - 0.01 0.09 0.02 0.05 0.05 0.05 unch 0.00 0.12 0.03 0.01 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.00 0.07 0.01 0.04 0.00 0.03 unch 0.00 0.07 0.02 83.09 80.69 82.47 + 1.44 83.09 64.36 0.13 0.09 0.11 + 0.02 0.16 0.05 0.10 0.06 0.09 + 0.03 0.12 0.04 0.06 0.06 0.06 unch 0.00 0.09 0.02 0.07 0.00 0.04 - 0.01 0.12 0.03 0.05 0.00 0.03 - 0.02 0.08 0.02 0.06 0.05 0.05 - 0.01 1.06 0.02 0.08 0.06 0.07 - 0.02 0.20 0.03 0.11 0.10 0.11 + 0.04 0.20 0.05 0.14 0.12 0.13 + 0.01 0.27 0.02 0.18 0.17 0.18 + 0.02 0.36 0.03 0.05 0.05 0.05 + 0.01 0.06 0.03 0.27 0.24 0.24 - 0.03 0.30 0.03 1.76 1.55 1.73 unch 0.00 2.11 0.26 1.45 1.18 1.29 + 0.11 1.45 1.13 0.02 0.02 0.02 - 0.00 0.04 0.01 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.10 0.08 0.09 + 0.01 0.18 0.06 0.13 0.11 0.12 + 0.01 0.23 0.08 0.05 0.05 0.05 - 0.01 0.07 0.02 0.08 0.08 0.08 + 0.01 0.35 0.07 0.07 0.07 0.07 unch 0.00 0.25 0.05 1.52 1.43 1.52 + 0.12 1.60 0.85 1.15 1.01 1.15 + 0.07 1.15 0.65 0.01 0.01 0.01 unch 0.00 0.04 0.01

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bonanza Gold* O 12864 BonTerra Res V 524 Boreal Metals V 101 75 Boreal Metals * O Borneo Res Inv* O 18938 O 8 Boundary Gold* Boundary Gold V 247 O 83 Bravada Gold* Bravada Gold V 117 O 40 Braveheart Res* Braveheart Res V 124 O 270 Bravo Multinat* Brazil Min* O 21350 BrightRock* O 16 Britannia Mng* O 5 O 332 Brixton Metals* Brixton Metals V 598 O 6 Broadway Gold* Brookmount Exp* O 5 Bryn Res* O 117 BTU Metals* O 98 BTU Metals V 1937 Buenaventura* N 5442 Bullfrog Gold C 1355 Bullfrog Gold* O 1283 Bunker Hill C 4 BWR Explor V 120

0.00 0.00 0.00 unch 0.00 0.01 0.00 1.77 1.56 1.64 - 0.07 3.02 1.46 0.05 0.04 0.05 + 0.01 0.11 0.03 0.03 0.03 0.03 + 0.00 0.05 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.02 0.00 0.01 - 0.00 0.30 0.01 0.03 0.03 0.03 - 0.01 0.25 0.03 0.08 0.06 0.08 + 0.00 0.15 0.04 0.10 0.09 0.10 + 0.01 0.20 0.06 0.10 0.10 0.10 unch 0.00 0.14 0.08 0.13 0.12 0.13 unch 0.00 0.21 0.06 0.27 0.14 0.20 - 0.05 0.80 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.13 0.12 0.12 - 0.01 0.33 0.08 0.17 0.16 0.16 - 0.02 0.43 0.10 0.05 0.05 0.05 unch 0.00 0.13 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.03 0.06 + 0.02 0.10 0.03 0.29 0.25 0.25 - 0.05 0.35 0.19 0.38 0.32 0.34 - 0.04 0.49 0.07 13.72 12.92 13.23 - 0.31 17.85 12.92 0.16 0.12 0.14 - 0.01 0.23 0.12 0.12 0.10 0.11 - 0.00 0.24 0.04 0.70 0.70 0.70 unch 0.00 2.00 0.05 0.05 0.04 0.05 unch 0.00 0.06 0.03

Cabral Gold V 532 Cabral Gold* O 7 Cache Explor* O 1 Cache Explor V 1202 Cadillac Vent V 403 X 60 Caledonia Mng* Caledonia Mng T 22 Calibre Mng T 924 Calibre Mng* O 413 California Gld C 90 O 67 California Gld* O 58 Callinex Mines* Callinex Mines V 24 Cameco Corp* N 10891 Cameco Corp T 2758 O 71 Cameo Cobalt* Cameo Cobalt V 488 Camino Min* O 235 Camino Min V 2645 Camrova Res* O 9 V 244 Canada Carbon O 25 Canada Carbon* Canada Cobalt V 1679 Canada Cobalt * O 688 Canada One* O 21 Canada One V 103 Canada Rare V 218 Canada Rare* O 41 V 184 Canadian Engy Canadian Metal C 7 O 10 Canadian Metal* Canadian Ore V 237 O 105 Canadian Ore* Canadian Prem V 111 O 4 Canadian Prem* CanAlaska Uran V 380 O 194 CanAlaska Uran* Canamex Gold* O 7 Canarc Res T 224 Canarc Res* O 291 Canasil Res V 148 T 1087 Candente Coppr Candente Gold* O 225 V 19 Candente Gold CANEX Metals * O 75 V 1429 CANEX Metals CaNickel Mng V 7 O 2 CaNickel Mng* Canoe Mng Vent V 470 Canstar Res V 164 Canstar Res* O 0 V 290 Canterra Mnls Cantex Mn Dev V 855 34 Cantex Mn Dev* O Canuc Res V 124 Canuc Res* O 1 Capstone Mng T 2206 Cardero Res V 168 Cardero Res* O 24 Cardinal Res* O 101 Cardinal Res T 1666 Cariboo Rose V 85 Carlin Gold V 400 C 3550 Carrara Explor Cartier Iron C 1014 Cartier Res V 320 Carube Copper V 1590 O 75 Carube Copper* Casa Minerals V 337 V 429 Cascadero Copp Castle Peak Mg V 92 C 118 Cautivo Mining Cdn Palladium C 11573 O 1340 Cdn Palladium* CellCube Enrgy* O 1635 Centamin T 458 O 77 Centaurus Diam* Centerra Gold T 3457 Central Iron V 198 Central Tim Ex V 9 O 1 Centurion Mnls* Centurion Mnls V 35 O 36 Century Cobalt* Century Global* O 270 T 390 Century Global Cerro de Pasc * O 85 Cerro de Pasc C 447 Cerro Grande C 2 Ceylon Graph V 249 Chakana Copper V 306 O 140 Chakana Copper* Chalice Gold M* O 230 O 135 Champion Bear* Champion Bear V 230 O 9 Champion Iron* Champion Iron T 1380 V 3 Chatham Rock Chatham Rock* O 0 O 24 Chesapeake Gld* Chesapeake Gld V 21 Chevron Corp* N 36842 Chiboug Ind Mn V 177 13 Chiboug Ind Mn* O Chilean Metals V 380 O 21 Chilean Metals* China Gold Int T 100 0 CIM Intl Grp C Clarmin Explor V 65 Clean Comm* O 22 Cleghorn Mnls V 40 Cleveland-Clif* N 53972 Cliffmont Res V 7 Clifton Mng* O 147 CMC Metals V 164 CMC Metals* O 1 CNRP Mng C 351 CNRP Mng* O 318 Cobalt Block V 164 Cobalt Block* O 13 Coeur Mng* N 42570 Colibri Res* O 84 Colibri Res V 32 V 55 Colombia Crest Colombia Crest* O 5 Colonial Coal V 1300 Colorado Res V 389 O 74 Colorado Res* Columbus Gold T 192 O 74 Columbus Gold* Comet Inds V 8 O 42 Commander Res* Commander Res V 192 V 154 Commerce Res Commerce Res* O 9 O 60 Compass Gold* Compass Gold V 345

0.12 0.10 0.10 unch 0.00 0.33 0.09 0.09 0.08 0.09 + 0.00 0.25 0.08 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.02 0.01 0.02 unch 0.00 0.03 0.01 8.50 8.04 8.41 - 0.00 8.68 5.01 11.10 10.73 11.09 + 0.27 11.15 6.63 0.97 0.92 0.95 + 0.02 1.05 0.45 0.83 0.70 0.71 - 0.01 1.52 0.04 0.36 0.32 0.32 unch 0.00 0.79 0.21 0.28 0.24 0.25 + 0.00 0.59 0.18 0.67 0.00 0.61 - 0.02 0.99 0.03 0.85 0.81 0.82 + 0.01 1.35 0.35 9.00 8.31 8.42 - 0.46 13.04 8.03 11.66 10.94 11.05 - 0.55 17.12 10.70 0.01 0.01 0.01 - 0.00 0.16 0.00 0.01 0.01 0.01 unch 0.00 0.15 0.01 0.14 0.00 0.13 + 0.06 0.14 0.03 0.19 0.09 0.19 + 0.11 0.19 0.05 0.03 0.00 0.03 + 0.02 0.06 0.00 0.09 0.08 0.09 + 0.02 0.15 0.05 0.06 0.06 0.06 unch 0.00 0.11 0.00 0.72 0.65 0.70 + 0.01 0.73 0.25 0.57 0.47 0.53 - 0.01 0.57 0.18 0.02 0.01 0.02 - 0.00 0.03 0.01 0.02 0.00 0.02 unch 0.00 0.06 0.02 0.06 0.05 0.05 - 0.01 0.11 0.04 0.06 0.04 0.05 - 0.00 0.08 0.02 0.04 0.00 0.04 - 0.01 0.15 0.02 0.18 0.00 0.18 + 0.06 0.70 0.06 0.15 0.00 0.15 unch 0.00 0.51 0.15 0.10 0.10 0.10 - 0.01 0.45 0.07 0.08 0.07 0.07 - 0.01 0.34 0.06 0.70 0.51 0.55 - 0.15 1.55 0.42 0.39 0.39 0.39 unch 0.00 0.83 0.38 0.22 0.20 0.21 - 0.02 0.38 0.12 0.17 0.15 0.16 - 0.01 0.28 0.09 0.05 0.00 0.02 - 0.03 0.07 0.00 0.06 0.05 0.06 - 0.01 0.08 0.04 0.05 0.04 0.04 - 0.00 0.06 0.03 0.09 0.08 0.09 - 0.01 0.09 0.05 0.05 0.03 0.04 + 0.01 0.08 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.16 0.14 0.15 + 0.00 0.17 0.02 0.21 0.16 0.20 + 0.01 0.22 0.03 0.06 0.00 0.06 - 0.02 0.12 0.05 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.17 0.15 0.17 unch 0.00 0.26 0.08 0.05 0.00 0.05 + 0.01 0.20 0.02 0.00 0.00 0.02 unch 0.00 0.14 0.02 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.72 0.55 0.66 - 0.05 6.99 0.55 0.59 0.48 0.51 - 0.05 5.23 0.48 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.91 0.77 0.78 - 0.10 0.92 0.41 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.27 0.26 0.26 - 0.01 0.38 0.17 0.36 0.34 0.34 - 0.03 0.50 0.26 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.02 0.01 0.02 + 0.01 0.03 0.01 0.04 0.02 0.04 + 0.02 0.08 0.01 0.04 0.03 0.04 + 0.01 0.10 0.03 0.15 0.14 0.15 unch 0.00 0.22 0.11 0.06 0.05 0.06 - 0.01 0.06 0.03 0.04 0.04 0.04 unch 0.00 0.04 0.03 0.08 0.07 0.07 - 0.01 0.18 0.07 0.03 0.02 0.02 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.13 0.00 0.13 + 0.03 0.20 0.09 0.14 0.11 0.14 unch 0.00 0.27 0.06 0.18 0.11 0.15 + 0.03 0.28 0.02 0.06 0.03 0.04 - 0.00 0.15 0.02 2.25 2.16 2.25 + 0.05 2.53 1.39 0.08 0.00 0.06 - 0.02 1.00 0.04 9.97 9.17 9.76 + 0.30 13.00 6.36 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.21 0.00 0.21 + 0.06 0.51 0.12 0.05 0.05 0.05 unch 0.00 0.08 0.05 0.08 0.00 0.07 - 0.01 0.27 0.04 0.03 0.01 0.02 - 0.00 0.18 0.00 0.08 0.05 0.06 + 0.01 0.17 0.05 0.09 0.07 0.08 - 0.01 0.25 0.07 0.38 0.36 0.36 + 0.00 0.41 0.19 0.50 0.45 0.48 unch 0.00 0.54 0.24 0.01 0.00 0.01 unch 0.00 0.01 0.01 0.18 0.13 0.18 + 0.04 0.19 0.06 0.20 0.19 0.19 unch 0.00 0.54 0.14 0.16 0.14 0.14 - 0.01 0.40 0.10 0.19 0.18 0.19 + 0.00 0.19 0.08 0.10 0.09 0.09 - 0.01 0.16 0.07 0.13 0.00 0.12 - 0.01 0.22 0.10 1.93 1.76 1.81 - 0.12 2.36 0.95 2.63 2.35 2.42 - 0.14 3.15 1.15 0.12 0.12 0.12 unch 0.00 0.18 0.07 0.00 0.00 0.09 unch 0.00 0.11 0.07 2.40 2.24 2.29 - 0.11 3.50 1.03 3.07 2.90 3.00 - 0.14 4.65 1.41 117.29 111.34 111.85 - 3.73 127.34 110.42 0.14 0.13 0.14 + 0.01 0.27 0.05 0.10 0.10 0.10 unch 0.00 0.19 0.03 0.06 0.05 0.05 unch 0.00 0.13 0.03 0.05 0.00 0.05 + 0.01 0.06 0.01 1.18 1.08 1.11 - 0.03 1.93 0.88 0.00 0.00 0.02 unch 0.00 0.63 0.02 0.07 0.07 0.07 unch 0.00 0.17 0.07 0.15 0.00 0.15 + 0.01 0.17 0.01 0.05 0.05 0.05 unch 0.00 0.11 0.03 7.97 7.23 7.38 - 0.51 12.26 6.59 0.09 0.00 0.09 unch 0.00 0.14 0.05 0.20 0.18 0.20 + 0.01 0.21 0.04 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.20 0.19 0.19 + 0.01 0.56 0.14 0.15 0.14 0.14 + 0.00 0.42 0.10 0.07 0.00 0.06 - 0.01 0.15 0.04 0.06 0.04 0.05 - 0.00 0.12 0.03 6.89 5.60 6.03 + 0.17 8.29 2.78 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.07 0.06 0.06 - 0.01 0.08 0.04 0.31 0.19 0.31 + 0.03 0.31 0.13 0.23 0.00 0.23 + 0.08 0.23 0.05 0.33 0.30 0.32 + 0.01 0.65 0.21 0.06 0.05 0.05 - 0.01 0.13 0.04 0.05 0.04 0.04 - 0.01 0.10 0.03 0.17 0.16 0.17 unch 0.00 0.27 0.11 0.13 0.12 0.12 - 0.01 0.20 0.08 3.40 3.40 3.40 unch 0.00 3.60 2.75 0.06 0.05 0.06 + 0.00 0.08 0.05 0.08 0.07 0.07 unch 0.00 0.11 0.06 0.35 0.26 0.30 - 0.01 0.90 0.14 0.21 0.19 0.21 + 0.01 0.68 0.07 0.30 0.28 0.28 - 0.02 0.50 0.17 0.40 0.35 0.37 - 0.01 0.71 0.11

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

X 1338 Comstock Mng* V 70 Comstock Mtls 7 Comstock Mtls * O Condor Gold* O 25 Condor Gold T 108 Condor Res V 211 Condor Res* O 81 O 0 Confedertn Ml* V 77 Confedertn Mls Conic Metals V 288 V 438 Conquest Res 4 Conquest Res * O V 29 Cons Woodjam CONSOL Coal Rs* N 477 CONSOL Energy* N 2724 CONSOL Energy* N 24807 O 60 Constantine Mt* V 163 Constantine Mt O 112 Contact Gold* Contact Gold V 228 O 5 Contact Mnrls* Contintl Gold T 4606 O 80 Contintl Gold* Contintl Prec* O 0 Copper Fox Mtl V 238 65 Copper Fox Mtl* O Copper Lake Rs V 101 Copper Mtn Mng T 2005 Copper Mtn Mng* O 238 0 Copper North M* O 2 Copper North M V Copper One C 52 Copper Reef Mg C 198 O 300 Copperbank Res* C 869 Copperbank Res Coral Gold * O 140 Coral Gold V 136 V 257 Cordoba Mnls O 139 Cordoba Mnls* 10518 Core Gold V Core Gold* O 1243 Core Lithium* O 6 V 37 Cornerstone Ca O 5 Cornerstone Ca* Coro Mining T 463 Corsa Coal V 55 5 Corsa Coal * O Corsurex Res C 485 Corvus Gold* O 118 Corvus Gold T 138 CR Capital V 10 0 Crazy Horse Res* O C 260 Crest Resource C 432 Crestview Expl Cresval Cap V 130 Critical Elem* O 42 Critical Elem V 861 V 1022 CROPS O 91 Crown Mining* Crown Mining V 399 Cruz Cobalt C 1023 Cruz Cobalt* O 226 Crystal Lake* O 162 Crystal Lake V 1333 Crystal Peak V 207 Crystal Peak* O 221 O 0 CTGX Mining* 44 Currie Rose Rs V Currie Rose Rs* O 100 Cypress Dev* O 104 Cypress Dev V 578

0.15 0.75 0.65 0.70 - 0.02 1.39 0.02 0.03 0.02 0.03 + 0.01 0.06 0.01 0.01 0.01 + 0.01 0.04 0.01 0.22 unch 0.00 0.37 0.25 0.25 0.25 0.30 0.43 0.40 0.43 + 0.03 0.69 0.04 0.08 0.00 0.08 + 0.02 0.08 0.03 0.06 0.04 0.06 + 0.00 0.06 0.09 unch 0.00 0.22 0.00 0.00 0.11 0.12 0.20 0.18 0.20 + 0.04 0.37 0.33 0.40 0.36 0.38 - 0.02 0.48 0.01 0.04 0.03 0.03 - 0.01 0.04 0.03 0.03 0.03 unch 0.00 0.03 0.00 0.03 0.05 0.04 0.05 + 0.01 0.09 10.58 9.70 10.00 - 0.49 19.47 8.05 11.54 9.08 9.57 - 1.53 38.74 9.08 8.09 6.42 6.73 - 1.08 13.63 6.14 0.13 0.17 0.16 0.17 + 0.01 0.57 0.17 0.29 0.19 0.19 - 0.04 0.72 0.10 0.17 0.14 0.14 - 0.02 0.28 0.14 0.21 0.19 0.19 - 0.02 0.36 0.02 unch 0.00 0.30 0.05 0.05 0.05 1.76 5.48 5.41 5.47 + 0.03 5.46 1.33 0.01 4.19 4.17 4.14 4.15 - 0.00 0.00 0.00 0.00 - 0.00 0.27 0.09 0.08 0.09 unch 0.00 0.13 0.06 0.08 0.06 0.06 - 0.01 0.10 0.04 0.02 0.00 0.02 unch 0.00 0.02 0.01 0.85 0.70 0.73 - 0.12 1.18 0.53 0.66 0.54 0.55 - 0.10 0.88 0.40 0.00 0.00 0.02 unch 0.00 0.05 0.01 0.00 0.00 0.03 unch 0.00 0.07 0.02 0.05 0.09 0.05 0.05 - 0.04 0.18 0.52 0.39 0.50 + 0.10 0.52 0.15 0.02 0.05 0.04 0.04 - 0.00 0.06 0.04 unch 0.00 0.08 0.06 0.05 0.06 0.39 0.35 0.35 - 0.03 0.39 0.26 0.35 0.52 0.48 0.49 - 0.02 0.52 0.04 0.14 0.12 0.13 + 0.01 0.15 0.03 unch 0.00 0.11 0.10 0.09 0.10 0.14 0.34 0.28 0.28 - 0.01 0.34 0.10 0.26 0.21 0.21 + 0.00 0.25 0.02 0.15 0.02 0.10 - 0.05 0.35 1.96 3.50 3.10 3.15 - 0.01 7.90 0.10 2.55 2.25 2.50 + 0.19 3.61 0.06 unch 0.00 0.12 0.07 0.07 0.07 0.25 0.35 0.32 0.35 + 0.03 0.94 0.27 0.00 0.25 + 0.01 0.67 0.18 0.02 0.05 0.04 0.04 - 0.03 0.08 1.13 1.57 1.46 1.54 + 0.01 2.04 1.55 2.08 1.91 2.01 + 0.02 2.69 0.04 unch 0.00 0.08 0.05 0.05 0.05 0.00 0.00 0.00 unch 0.00 0.38 0.00 0.06 0.07 0.07 0.07 + 0.01 0.16 0.40 2.10 0.95 0.96 - 1.14 2.60 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.20 0.30 0.27 0.27 - 0.03 0.57 0.26 0.38 0.35 0.36 - 0.02 0.77 0.01 0.04 0.02 0.03 + 0.01 0.05 0.02 unch 0.00 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.14 0.05 0.04 0.04 0.03 0.06 0.04 0.06 + 0.02 0.06 0.01 0.04 0.02 0.04 + 0.02 0.05 0.07 0.14 0.11 0.11 - 0.03 0.32 0.10 0.18 0.13 0.14 - 0.04 0.42 0.05 unch 0.00 0.20 0.07 0.00 0.05 0.03 0.05 0.03 0.04 + 0.00 0.16 0.00 unch 0.00 0.12 0.00 0.00 0.00 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.12 0.17 0.16 0.16 + 0.00 0.21 0.15 0.22 0.20 0.20 - 0.01 0.29

Dajin Lithium* O 618 Dajin Res V 439 58 Dakota Ter Res* O Damara Gold V 43 O 2 Damara Gold* Danakali* O 27 Debut Dmds C 12 Decade Res V 144 Decade Res* O 102 V 405 Deep-South Res C 42 DeepRock Min O 421 Defense Metals* V 587 Defense Metals Defiance Silvr V 413 O 331 Defiance Silvr* Delrand Res V 121 Delrey Metals * O 115 Delrey Metals C 262 T 1003 Denison Mines X 1700 Denison Mines* Desert Gold* O 40 Desert Gold V 50 Desert Mtn Egy V 146 Detour Gold T 6684 O 430 Diamante Min* Diamcor Mng V 564 O 142 Diamcor Mng* O 213 Diamond Disc* V 9 Diamond Fields 6 Diamond Fields* O Dios Expl V 1640 V 567 Discovery Harb O 264 Discovery Met* V 947 Discovery Met 33502 O Discovery Min* V 19 Discovery-Corp District Cop V 143 District Cop* O 5 O 1 District Metal* District Metal V 12 Ditem Explor* O 3 O 500 Diversified Rs* Dixie Gold V 197 DNI Metals* O 4 O 33 Dolat Ventures* Dolly Vard Sil* O 960 Dolly Vard Sil V 740 Dore Copper V 108 V 1845 Doubleview Cap O 162 Doubleview Cap* DRDGOLD* N 585 Dundee Prec Mt T 1473 O 222 Dunnedin Vent* Durango Res V 201 O 10 DV Resources* V 108 DV Resources Dynacor Gld Mn T 208 42 Dynacor Gld Mn* O O 16 DynaResource* Dynasty Gold V 91 O 60 Dynasty Gold* E3 Metals V 157 O 9 Metals* E3 V 65 Eagle Graphite O 158 Eagle Graphite* Eagle Plains V 181 V 395 East Africa 1 East Africa * O 32 East Asia Mnls* O East Asia Mnls V 714 EastCoal Inc V 0 O 102 Eastern Platin* Eastern Platin T 823 Eastern Zinc C 854 Eastfield Res V 275 O 13 Eastfield Res* Eastmain Res T 1001 O 178 Eastmain Res* 40 Eco Oro Mnls C 71 Eco Oro Mnls* O V 44 Edgewater Expl El Capitan Prc* O 499 21 El Nino Vent* O 8 El Nino Vent V Elcora Adv Mat V 181 Elcora Res* O 104 Eldorado Gold* N 9018 Eldorado Gold T 2965 0 Electra Stone* O Eloro Res* O 133 Eloro Res V 365 Ely Gold Royal V 2257

0.01 0.02 0.01 0.02 + 0.00 0.06 0.02 unch 0.00 0.07 0.03 0.02 0.03 0.09 0.06 0.09 unch 0.00 0.19 0.02 0.03 0.04 0.03 0.04 + 0.01 0.05 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.39 0.43 0.39 0.42 + 0.02 0.59 0.08 0.14 0.00 0.14 + 0.01 0.25 0.01 0.04 0.04 0.04 + 0.01 0.05 0.01 unch 0.00 0.04 0.02 0.01 0.02 0.04 0.07 0.05 0.07 + 0.02 0.15 0.02 unch 0.00 0.10 0.03 0.03 0.03 0.06 0.16 0.11 0.15 + 0.03 0.25 0.06 0.20 0.17 0.19 + 0.03 0.24 0.16 0.23 0.21 0.22 - 0.01 0.37 0.12 0.18 0.16 0.18 + 0.01 0.32 0.29 0.62 0.54 0.60 - 0.02 0.71 0.02 0.01 0.02 + 0.01 0.30 0.01 0.02 0.03 0.02 0.03 + 0.01 0.29 0.50 0.52 0.50 0.51 - 0.01 0.78 0.38 0.40 0.38 0.39 - 0.01 0.59 0.07 0.11 0.10 0.10 - 0.01 0.31 0.10 0.14 0.14 0.14 - 0.01 0.26 0.24 0.22 0.23 unch 0.00 0.31 0.13 11.22 25.01 24.07 24.50 - 0.12 26.14 0.01 0.02 0.01 0.01 - 0.00 0.07 0.08 0.20 0.15 0.18 + 0.03 0.27 0.06 0.15 0.12 0.13 + 0.02 0.20 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.08 0.22 0.21 0.21 - 0.01 0.25 0.14 0.14 0.14 unch 0.00 0.16 0.00 0.03 0.13 0.10 0.10 - 0.01 0.17 0.01 0.16 0.12 0.15 + 0.03 0.18 0.13 0.48 0.41 0.47 + 0.01 0.56 0.18 0.63 0.54 0.61 + 0.02 0.74 0.00 0.00 0.00 0.00 - 0.00 0.00 0.05 0.09 0.08 0.08 - 0.01 0.20 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.00 unch 0.00 0.03 0.01 0.01 0.01 0.08 unch 0.00 0.12 0.08 0.00 0.08 0.08 0.17 0.00 0.15 + 0.04 0.31 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.08 0.23 0.19 0.20 + 0.02 0.24 0.01 unch 0.00 0.09 0.03 0.02 0.03 0.05 0.08 0.05 0.06 + 0.01 1.80 0.20 0.17 0.18 - 0.02 0.38 0.14 0.19 0.50 0.00 nch u 0.25 0.26 0.23 1.08 1.45 1.25 1.45 + 0.10 1.65 0.08 unch 0.00 0.18 0.12 0.09 0.10 0.06 0.09 0.07 0.08 - 0.00 0.13 1.64 6.25 5.74 6.13 + 0.20 6.25 6.28 5.81 6.18 + 0.23 6.66 3.55 0.04 0.08 0.05 0.05 - 0.02 0.10 0.04 unch 0.00 0.09 0.06 0.06 0.06 0.04 0.11 0.07 0.11 + 0.05 0.11 0.04 0.08 0.05 0.06 + 0.01 0.12 1.75 1.67 1.74 + 0.03 2.00 1.50 1.42 1.29 1.32 + 0.03 1.60 1.10 0.24 0.57 0.48 0.54 - 0.03 1.22 0.06 0.08 0.07 0.07 - 0.02 0.13 0.04 unch 0.00 0.09 0.05 0.05 0.05 0.23 unch 0.00 0.60 0.41 0.39 0.41 0.22 unch 0.00 0.41 0.31 0.30 0.31 0.03 unch 0.00 0.10 0.04 0.04 0.04 0.02 0.04 0.04 0.04 - 0.00 0.06 0.08 0.11 0.10 0.10 - 0.01 0.12 0.16 0.14 0.15 + 0.01 0.26 0.12 0.11 0.11 0.11 unch 0.00 0.19 0.09 0.08 0.00 0.04 - 0.01 0.09 0.02 0.06 0.05 0.05 - 0.01 0.13 0.03 0.05 unch 0.00 0.10 0.00 0.00 0.09 0.14 0.44 0.24 0.35 + 0.10 0.44 0.18 0.72 0.31 0.44 + 0.11 0.72 0.02 0.03 0.02 0.02 - 0.01 0.20 0.03 unch 0.00 0.07 0.04 0.04 0.04 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.09 0.11 0.10 0.10 - 0.01 0.22 0.06 0.09 0.07 0.08 - 0.01 0.16 0.08 0.06 0.07 - 0.01 0.24 0.03 0.04 0.03 0.04 - 0.00 0.14 0.02 0.06 0.08 0.00 0.08 - 0.01 0.15 0.01 0.01 0.01 + 0.00 0.04 0.01 0.04 0.03 0.03 - 0.01 0.04 0.01 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.04 0.00 0.03 + 0.01 0.12 0.03 0.01 0.03 0.02 0.03 + 0.00 0.09 7.54 7.17 7.50 + 0.24 10.09 2.66 9.92 9.36 9.84 + 0.34 13.34 3.49 0.00 0.00 0.01 unch 0.00 0.13 0.30 0.29 0.30 + 0.01 0.32 0.15 0.41 0.36 0.41 + 0.03 0.42 0.59 0.43 0.57 + 0.13 0.59 0.13

D-F

2020-01-27 2:58 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / FEBRUARY 3–16, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Ely Gold Royal* O 1410 0.45 0.33 0.44 + 0.10 0.41 0.09 30 0.27 0.27 0.27 + 0.00 0.33 0.25 Elysee Dev * O Elysee Dev V 7 0.36 0.35 0.35 unch 0.00 0.42 0.33 Emerita Res V 15 0.07 0.07 0.07 - 0.01 0.17 0.05 O 38 0.07 0.05 0.07 + 0.02 0.14 0.03 Emgold Mining* Emgold Mining V 441 0.09 0.07 0.09 + 0.01 0.20 0.05 V 2 0.00 0.00 0.13 unch 0.00 0.20 0.13 Empire Metals unch 0.00 0.10 0.02 Empress Res V 300 0.03 0.03 0.03 Empress Res* O 240 0.02 0.02 0.02 unch 0.00 0.02 0.01 1.43 EMX Royalty V 245 2.65 2.20 2.50 + 0.32 2.65 EMX Royalty* X 1341 2.03 1.65 1.89 + 0.21 2.03 1.08 O 21 0.05 0.05 0.05 + 0.00 0.13 0.03 Encanto Potash* Encanto Potash V 85 0.07 0.06 0.07 + 0.01 0.17 0.05 EnCore Energy V 914 0.15 0.14 0.15 + 0.01 0.22 0.09 T 900 26.89 24.65 26.71 + 1.62 28.98 17.24 Endeavour Mng O 51 20.36 18.95 20.33 + 0.85 21.78 13.34 Endeavour Mng* Endeavr Silver* N 8402 2.22 2.08 2.15 + 0.01 3.20 1.68 T 654 2.88 2.74 2.83 + 0.04 4.26 2.21 Endeavr Silver Endurance Gold V 127 0.05 0.04 0.05 unch 0.00 0.07 0.03 1.50 Energy Fuels* X 3560 1.85 1.61 1.62 - 0.11 3.73 Energy Fuels T 457 2.28 2.12 2.14 - 0.12 4.97 2.00 V 71 0.07 0.06 0.07 + 0.01 0.14 0.05 Engineer Gold Engold Mines V 163 0.05 0.05 0.05 - 0.01 0.14 0.05 O 80 0.04 0.04 0.04 + 0.00 0.09 0.04 Engold Mines* Ensurge* O 40 0.04 0.03 0.04 unch 0.00 0.06 0.01 0.05 Entree Res* O 119 0.30 0.28 0.29 + 0.00 0.46 Entree Res T 107 0.39 0.37 0.38 + 0.01 0.61 0.22 V 1266 0.45 0.40 0.45 + 0.03 0.55 0.27 ePower Metals ePower Metals* O 34 0.34 0.31 0.33 - 0.01 0.37 0.04 X 1605 8.54 8.20 8.42 + 0.10 8.95 5.20 Equinox Gold* Equinox Gold T 1635 11.20 10.73 11.09 + 0.19 11.51 4.90 unch 0.00 0.03 0.01 Equitorial Ex* O 50 0.01 0.01 0.01 Equitorial Ex V 25 0.02 0.02 0.02 unch 0.00 0.06 0.01 O 1 0.06 0.06 0.06 unch 0.00 0.09 0.04 Equity Metals* Equity Metals V 284 0.09 0.09 0.09 - 0.01 0.12 0.05 0.18 0.15 0.17 + 0.00 0.19 0.12 Erdene Res Dev* O 138 Erdene Res Dev T 699 0.24 0.20 0.23 + 0.03 0.26 0.16 O 51 0.04 0.04 0.04 unch 0.00 0.11 0.02 Erin Ventures* Erin Ventures V 119 0.07 0.06 0.07 + 0.01 0.16 0.04 Ero Copper T 757 20.65 18.05 19.27 - 1.32 25.69 10.92 18 15.65 0.00 14.20 - 1.45 19.20 9.26 Ero Copper* O Eros Res Corp* O 0 0.00 0.00 0.06 unch 0.00 0.07 0.03 0.11 0.00 0.10 + 0.01 0.11 0.05 Eros Res Corp V 137 Eros Res Corp V 137 0.11 0.00 0.10 + 0.01 0.11 0.05 0.04 Eskay Mng* O 133 0.25 0.19 0.20 - 0.04 0.27 Eskay Mng V 643 0.33 0.24 0.25 - 0.08 0.38 0.07 V 10 0.03 0.03 0.03 unch 0.00 0.07 0.02 Essex Minerals Ethos Gold* O 96 0.15 0.12 0.13 - 0.01 0.24 0.09 0.13 Ethos Gold V 205 0.18 0.16 0.17 - 0.02 0.32 Etruscus Res C 9 0.28 0.25 0.26 - 0.02 0.50 0.17 V 160 0.18 0.14 0.14 - 0.05 0.44 0.11 Euro Manganese Euro Sun Mg T 581 0.32 0.29 0.30 unch 0.00 1.10 0.22 0.24 0.21 0.22 - 0.00 0.83 0.12 Euro Sun Mg* O 144 EurOmax Res* O 39 0.02 0.02 0.02 + 0.00 0.14 0.02 unch 0.00 0.17 0.02 EurOmax Res T 73 0.04 0.04 0.04 European Elect* O 81 0.02 0.01 0.01 - 0.00 0.14 0.00 V 70 0.02 0.02 0.02 - 0.01 0.19 0.01 European Elect European Metal* O 12 0.03 0.03 0.03 unch 0.00 0.26 0.00 V 520 0.04 0.02 0.03 - 0.01 0.04 0.01 Eurotin Evergold V 430 0.35 0.30 0.35 + 0.04 0.35 0.17 0.15 Evergold* O 10 0.25 0.22 0.25 + 0.04 0.25 Everton Res* O 3 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.20 0.16 0.17 - 0.01 1.64 0.14 EVI Global Grp C 1922 Evolving Gold C 31 0.04 0.00 0.03 unch 0.00 0.07 0.01 O 8 0.01 0.01 0.01 - 0.00 0.06 0.00 Evolving Gold* Evrim Res V 88 0.32 0.31 0.32 + 0.01 0.40 0.27 0.68 Excellon Res T 363 0.98 0.88 0.93 - 0.05 1.51 Excellon Res* O 223 0.77 0.66 0.70 - 0.05 1.15 0.50 O 159 0.89 0.84 0.88 + 0.01 0.94 0.59 Excelsior Mng* Excelsior Mng T 758 1.16 1.09 1.13 unch 0.00 1.23 0.78 97 0.01 0.01 0.01 unch 0.00 0.03 0.01 ExGen Res Inc V Fabled Copper V 103 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.19 Falco Res V 466 0.33 0.30 0.33 + 0.04 0.37 Falco Res * O 20 0.26 0.22 0.26 + 0.03 0.28 0.10 unch 0.00 0.06 0.02 Falcon Gold V 798 0.04 0.03 0.04 Fancamp Expl V 178 0.07 0.06 0.07 unch 0.00 0.11 0.05 C 3845 0.06 0.04 0.05 + 0.01 0.18 0.03 Far Res Far Res* O 580 0.05 0.02 0.04 + 0.01 0.13 0.02 unch 0.00 0.30 0.03 Fidelity Min* O 33 0.03 0.03 0.03 unch 0.00 0.50 0.03 Fidelity Min V 485 0.05 0.05 0.05 Fieldex Expl V 533 0.08 0.06 0.07 + 0.01 0.08 0.04 2.05 1.90 2.00 unch 0.00 3.25 1.80 Filo Mg Corp V 121 Filo Mg Corp * O 0 0.00 0.00 1.45 unch 0.00 2.31 1.45 0.03 Finlay Minrls V 25 0.05 0.05 0.05 + 0.01 0.07 Fiore Gold* O 435 0.43 0.38 0.41 + 0.01 0.50 0.18 unch 0.00 0.63 0.26 Fiore Gold V 492 0.55 0.50 0.53 Fire River Gol* O 5 0.02 0.01 0.01 - 0.01 0.40 0.00 0.01 Firebird Res V 940 0.02 0.01 0.02 + 0.01 0.04 FireFox Gold V 657 0.09 0.08 0.08 - 0.01 0.30 0.07 V 60 0.05 0.05 0.05 + 0.01 0.10 0.04 Firestone Vent Fireweed Zinc V 246 0.65 0.60 0.63 + 0.01 0.97 0.45 O 37 0.50 0.48 0.48 - 0.01 0.71 0.34 Fireweed Zinc* Firma Holdings* O 95 0.00 0.00 0.00 + 0.00 0.03 0.00 unch 0.00 0.25 0.12 First Cobalt V 1879 0.16 0.15 0.16 First Cobalt * O 953 0.13 0.11 0.12 - 0.00 0.18 0.08 O 119 0.00 0.00 0.00 unch 0.00 0.00 0.00 First Colombia* First Energy C 44 0.10 0.07 0.10 + 0.03 0.20 0.04 0.02 First Energy* O 20 0.08 0.04 0.08 + 0.04 0.16 First Majestic* N 23037 11.12 9.81 10.58 + 0.05 12.69 5.37 First Majestic T 3488 14.03 12.82 13.91 + 0.14 16.50 6.86 First Mexican* O 2 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.04 First Mexican V 77 0.08 0.05 0.08 + 0.03 0.20 First Mg Fin * O 2246 0.20 0.17 0.18 - 0.00 0.30 0.16 0.25 0.23 0.24 - 0.01 0.41 0.21 First Mg Fin T 2018 First Point* O 64 0.12 0.11 0.11 unch 0.00 0.14 0.08 First Quantum T 13980 13.19 11.74 12.04 - 1.15 16.63 7.84 First Vanadium V 105 0.33 0.28 0.32 + 0.02 1.08 0.17 O 379 0.25 0.20 0.25 + 0.02 0.81 0.12 First Vanadium* Fission 3.0 V 735 0.06 0.05 0.06 - 0.01 0.15 0.05 0.03 Fission 3.0* O 15 0.05 0.04 0.04 - 0.00 0.12 Fission Uran* O 1277 0.23 0.20 0.21 - 0.01 0.45 0.19 0.25 Fission Uran T 1404 0.30 0.27 0.27 - 0.02 0.59 Five Star Diam* O 40 0.04 0.03 0.03 unch 0.00 0.04 0.02 0.04 0.04 0.04 - 0.02 0.08 0.03 Five Star Diam V 375 Fjordland Exp* O 575 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.03 Fjordland Exp V 129 0.05 0.04 0.04 - 0.01 0.09 Flowery Gold* O 10 0.10 0.10 0.10 unch 0.00 0.15 0.09 O 1101 0.02 0.01 0.01 + 0.00 0.03 0.01 Focus Graphite* Focus Graphite V 418 0.02 0.02 0.02 + 0.01 0.04 0.01 O 14 0.16 0.00 0.13 - 0.06 0.19 0.13 Focus Minerals* Foran Mng V 38 0.27 0.26 0.26 - 0.01 0.35 0.22 0.11 Forsys Metals T 237 0.13 0.11 0.12 - 0.01 0.29 Fort St J Nick V 11 0.11 0.10 0.10 - 0.01 0.28 0.08 O 31 8.89 7.68 8.64 + 0.79 8.89 3.35 Fortescue Met* Fortuna Silvr T 1883 5.39 5.00 5.38 + 0.33 6.12 3.22 2.39 Fortuna Silvr* N 9523 4.11 3.83 4.11 + 0.24 4.59 Fortune Bay* O 2 0.28 0.00 0.28 - 0.00 0.39 0.14 unch 0.00 0.50 0.19 Fortune Bay V 16 0.37 0.00 0.37 Fortune Mnrls* O 442 0.06 0.06 0.06 - 0.00 0.11 0.05 unch 0.00 0.16 0.07 Fortune Mnrls T 288 0.08 0.08 0.08 Forum Energy V 3164 0.11 0.07 0.10 + 0.03 0.11 0.03 O 764 0.08 0.05 0.08 + 0.02 0.08 0.02 Forum Energy* Four Nines C 70 0.12 0.10 0.10 - 0.02 0.26 0.10 5 0.07 0.00 0.07 unch 0.00 0.10 0.04 Fox River Res C Fox River Res* O 0 0.00 0.00 0.05 unch 0.00 0.06 0.03 0.10 FPX Nickel V 54 0.17 0.16 0.16 + 0.01 0.18 Franco-Nevada* N 2848 110.46 104.84 110.31 + 4.68 110.46 69.16 Franco-Nevada T 1596 145.25 137.00 145.01 + 7.01 143.54 93.24 Franklin Mng* O 3838 0.01 0.00 0.00 - 0.00 0.10 0.00 0.04 Freegold Vent T 1051 0.06 0.05 0.06 + 0.01 0.12 Freeport McMoR* N 156651 13.08 11.22 11.84 - 1.03 14.68 8.43 unch 0.00 0.15 0.04 Freeport Res V 10 0.06 0.06 0.06 Fremont Gold V 487 0.08 0.06 0.07 + 0.01 0.19 0.04 O 9 0.05 0.04 0.05 + 0.01 0.15 0.04 Fremont Gold* Fresnillo plc* O 61 8.59 8.15 8.36 + 0.01 13.76 6.89 0.20 Frontier Lith V 507 0.28 0.23 0.25 - 0.04 0.47 Frontline Gold V 135 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.12 Fura Gems V 323 0.18 0.00 0.17 + 0.02 0.46 Fura Gems* O 9 0.13 0.11 0.11 - 0.01 0.34 0.09

G-H G2 Goldfields* O 3 G2 Goldfields V 314 Gabriel Res V 81 Gabriel Res* O 68 Gaia Metals* O 50 Gaia Metals V 319 V 267 Gainey Capital Galane Gold V 527 75 Galane Gold * O Galantas Gold* O 10 V 49 Galantas Gold Galleon Gold* O 301 Galore Res V 42 71 Galway Gold * O Galway Gold V 148 Galway Mtls* O 41 Galway Mtls V 406 Garibaldi Res V 1317 Garibaldi Res * O 213 V 491 Gatling Explor Gatling Explor* O 146

20-23_FEB3_StockTables.indd 21

0.14 0.14 0.14 unch 0.00 0.26 0.08 0.20 0.17 0.19 unch 0.00 0.43 0.17 0.47 0.43 0.47 + 0.04 0.71 0.35 0.36 0.33 0.34 + 0.01 0.54 0.27 0.08 0.07 0.08 + 0.00 0.66 0.06 0.09 0.00 0.09 - 0.02 0.90 0.08 0.08 0.06 0.07 unch 0.00 0.16 0.04 0.10 0.08 0.09 - 0.01 0.13 0.04 0.07 0.00 0.07 + 0.01 0.10 0.03 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.02 0.00 0.02 unch 0.00 0.12 0.02 0.07 0.06 0.06 - 0.01 0.08 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.07 0.06 0.07 + 0.00 0.10 0.00 0.10 0.09 0.09 - 0.01 0.15 0.07 0.25 0.23 0.24 - 0.00 0.30 0.14 0.32 0.29 0.30 - 0.01 0.44 0.20 0.81 0.67 0.73 - 0.08 2.25 0.67 0.63 0.51 0.57 - 0.07 1.70 0.51 0.52 0.45 0.46 - 0.03 0.71 0.29 0.39 0.34 0.34 - 0.03 0.54 0.21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gem Intl Res V 112 General Moly* X 848 General Moly T 9 Generation Min* O 597 C 7189 Generation Min Genesis Mtls* O 140 Genesis Mtls V 390 Genius Metals C 141 V 474 Gensource Pot Geomega Res V 452 O 29 Geomega Res* Gespeg Res V 113 Getchell Gold * O 139 Getchell Gold C 124 Getty Copper V 38 GFG Resources V 879 O 1205 GFG Resources* GGL Res* O 10 GGL Res V 17 GGX Gold V 449 GGX Gold* O 4 Giga Metals V 62 Giga Metals* O 108 Gitennes Expl V 78 Giyani Gold V 113 Giyani Gold* O 110 Glacier Lake V 16 Gldn Predator* O 733 Gldn Predator V 686 Glen Eagle Res* O 50 77 Glen Eagle Res V Glencore Plc * O 194 Glencore Plc* O 1267 Global Atomic* O 40 T 98 Global Atomic Global Battery V 256 O 2 Global Energy* Global Energy V 109 Global Gold* O 0 Global Li-Ion* O 13 Global Li-Ion C 56 GlobalMin Vent* O 0 Globex Mng* O 30 Globex Mng T 33 O 9 GMV Minerals* GMV Minerals V 50 O 15101 GNCC Capital* Go Cobalt* O 2 Go Cobalt C 42 GobiMin V 36 GoGold Res T 2129 Gold Fields* N 20812 Gold Finder Ex V 4929 Gold Finder Ex* O 90 Gold Lion Res C 361 Gold Reserve V 32 O 23 Gold Reserve* Gold Resource* X 2539 3 Gold Rush Cari* O Gold Rush Cari V 839 Gold Std Vents T 772 Gold Std Vents* X 1913 Gold X Mining V 171 Goldbank Mng V 3 Goldcliff Res V 991 Goldcliff Res* O 240 Golden Arrow V 398 Golden Arrow* O 180 V 90 Golden Cariboo Golden Dawn Ml V 356 19 Golden Dawn Ml* O Golden Goliath V 439 O 330 Golden Goliath* Golden Harp V 344 Golden Hope V 142 Golden Hope* O 83 Golden Lake C 98 Golden Mnls T 126 Golden Mnls* X 1645 Golden Opp Res C 240 O 25 Golden Queen* Golden Queen V 0 Golden Ridge V 152 Golden Secret V 87 Golden Share V 23 Golden Star T 179 Golden Star* X 2605 Golden Sun* O 60 Golden Tag V 866 Golden Valley* O 80 Golden Valley V 470 Goldex Res* O 5 Goldex Res V 170 Goldgroup Mng T 274 O 55 Goldgroup Mng* GoldMining* O 1817 GoldMining T 1212 GoldON Res V 238 GoldON Res* O 23 GoldQuest Mng V 316 Goldrea Res C 134 Goldrea Res* O 62 O 67 Goldrich Mng* Goldsource Min V 730 O 944 Goldsource Min* Goldstar Mnls V 68 V 18 Goldstrike Res Goliath Res V 515 Goliath Res* O 67 Gossan Res V 97 O 387 GoviEx Uranium* GoviEx Uranium V 861 Gowest Gold* O 24 Gowest Gold V 107 GPM Metals V 330 GPM Metals* O 150 GR Silver* O 36 GR Silver V 444 O 134 Gran Colombia* Gran Colombia T 1130 Granada Gold V 606 Granada Gold* O 173 V 944 Grande Portage Grande Portage* O 123 Granite Creek V 422 Graphite Egy* O 30 O 116 Graphite One* Graphite One V 60 Gratomic* O 0 Gratomic V 231 22 Gray Rock Res V Gray Rock Res* O 2 Great Atlantic V 150 Great Bear Res V 450 Great Bear Res* O 235 Great Lakes Gr* O 815 Great Panther T 582 Great Panther* X 5763 V 23 Great Thunder Greatbanks Re V 140 Green River C 775 Green Valley M V 50 V 1294 Greencastle Rs Greenland M&En* O 790 V 3 Greenshield Ex Grenville Gold* O 3 Grid Metals V 2670 Grid Metals* O 519 O 30 Grizzly Discvr* Grizzly Discvr V 591 V 0 Grosvenor Res Group Eleven V 234 Group Ten Mtls* O 1581 Group Ten Mtls V 3421 O 28 GrowMax Res* GSP Resource V 141 GT Gold V 2520 GT Gold * O 139 V 428 Guerrero Vents Gungnir Res V 89 Gungnir Res* O 43 Gunpoint Expl V 1 T 811 Guyana Gldflds Guyana Goldstr V 699 O 26 Guyana Goldstr* Handa Mining V 0 O 6 Handeni Gold* Hanna Capital* O 0 V 184 Hanna Capital Hannan Metals V 1924 O 535 Hannan Metals* Happy Ck Mnrls V 280 V 139 Harfang Explor

0.12 0.10 0.10 - 0.03 0.13 0.05 0.26 0.23 0.23 - 0.01 0.45 0.16 0.31 0.30 0.31 + 0.01 0.59 0.22 0.62 0.39 0.52 + 0.08 0.62 0.04 0.75 0.56 0.68 + 0.11 0.75 0.10 0.31 0.00 0.29 - 0.02 0.37 0.14 0.43 0.36 0.38 - 0.04 0.53 0.23 0.21 0.19 0.21 + 0.01 0.24 0.14 0.13 0.11 0.11 - 0.02 0.16 0.08 0.19 0.17 0.18 - 0.01 0.23 0.07 0.15 0.14 0.14 - 0.01 0.17 0.06 0.08 0.06 0.06 + 0.02 0.18 0.03 0.12 0.10 0.10 - 0.02 0.19 0.05 0.16 0.13 0.13 - 0.02 0.35 0.06 0.04 0.03 0.04 + 0.01 0.04 0.02 0.19 0.17 0.18 - 0.01 0.44 0.16 0.15 0.13 0.13 - 0.00 0.32 0.12 0.06 0.05 0.05 unch 0.00 0.10 0.05 0.08 0.00 0.08 unch 0.00 0.17 0.07 0.09 0.08 0.08 unch 0.00 0.33 0.07 0.06 0.06 0.06 unch 0.00 0.29 0.04 0.33 0.30 0.31 unch 0.00 0.53 0.15 0.26 0.22 0.25 - 0.00 0.40 0.11 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.20 0.19 0.19 - 0.01 0.35 0.09 0.16 0.15 0.15 + 0.00 0.26 0.07 0.24 0.18 0.24 + 0.06 0.30 0.05 0.30 0.23 0.25 - 0.05 0.38 0.13 0.37 0.31 0.32 - 0.03 0.50 0.18 0.07 0.07 0.07 unch 0.00 0.10 0.05 0.09 0.08 0.09 + 0.01 0.14 0.07 3.23 2.98 3.00 - 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0.02 1.00 0.00 0.33 0.29 0.33 + 0.02 0.40 0.12 0.05 0.00 0.05 + 0.01 0.49 0.03 0.07 0.00 0.06 unch 0.00 0.70 0.03 0.08 0.00 0.05 - 0.03 0.15 0.04 0.07 0.07 0.07 unch 0.00 0.07 0.07 0.77 0.55 0.70 + 0.15 0.77 0.30 9.12 8.10 8.85 + 0.41 9.57 2.20 6.93 6.28 6.73 + 0.21 7.23 1.63 0.00 0.00 0.00 - 0.00 0.10 0.00 0.84 0.76 0.82 unch 0.00 1.58 0.53 0.64 0.58 0.62 - 0.01 1.19 0.40 0.15 0.00 0.15 - 0.01 0.16 0.06 0.07 0.07 0.07 + 0.01 0.15 0.06 0.06 0.05 0.06 unch 0.00 0.08 0.04 0.09 0.08 0.09 + 0.01 0.98 0.05 0.07 0.06 0.07 + 0.01 0.09 0.02 0.09 0.08 0.08 - 0.01 0.12 0.04 0.15 0.15 0.15 unch 0.00 0.22 0.00 0.05 0.05 0.05 - 0.00 0.13 0.05 0.18 0.14 0.18 + 0.04 0.18 0.09 0.14 0.11 0.14 + 0.03 0.14 0.06 0.03 0.02 0.03 + 0.00 0.05 0.02 0.03 0.03 0.03 + 0.01 0.07 0.03 0.00 0.00 0.13 unch 0.00 0.15 0.08 0.07 0.00 0.06 unch 0.00 0.17 0.03 0.28 0.19 0.24 + 0.01 0.28 0.01 0.38 0.28 0.30 unch 0.00 0.38 0.12 0.12 0.03 0.03 - 0.01 0.15 0.00 0.18 0.15 0.17 + 0.02 0.44 0.13 1.38 1.17 1.33 + 0.15 1.38 0.57 1.05 0.88 1.03 + 0.13 1.05 0.42 0.39 0.31 0.34 - 0.14 0.48 0.07 0.07 0.06 0.07 unch 0.00 0.13 0.06 0.05 0.00 0.05 - 0.01 0.11 0.04 0.00 0.00 0.53 unch 0.00 0.74 0.38 0.69 0.65 0.65 unch 0.00 1.84 0.46 0.05 0.05 0.05 + 0.01 0.22 0.04 0.04 0.03 0.04 - 0.00 0.16 0.02 0.00 0.00 0.02 unch 0.00 0.04 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.00 0.00 0.01 unch 0.00 0.07 0.01 0.03 0.00 0.03 unch 0.00 0.11 0.03 0.28 0.23 0.25 + 0.02 0.28 0.05 0.22 0.17 0.19 + 0.01 0.22 0.04 0.09 0.08 0.08 unch 0.00 0.17 0.08 0.27 0.25 0.27 unch 0.00 0.32 0.19

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Harmony Gold* N 20735 Harte Gold T 1336 Harte Gold* O 953 Harvest Gold* O 12 Harvest Gold V 169 O 2 Hawkeye Gld&Di* Hawkeye Gld&Di V 481 V 375 Heatherdale Rs Hecla Mining* N 29861 O 102 Hemcare Health* Heron Res* O 15 Highbank Res V 207 HighGold* O 282 HighGold V 809 O 274 Highland Copp* V 579 Highland Copp Highway 50 Gld V 45 HiHo Silver C 296 HiHo Silver* O 1 O 12 Hochschild Mg* Honey Badger E* O 4 Honey Badger E V 1018 T 87 Horizonte Mnls 6 Hornby Bay Mnl* O Hornby Bay Mnl V 115 HudBay Min T 5272 HudBay Min* N 5144 Hudson Res V 54 Hudson Res* O 26 Hunt Mng* O 26 Hunt Mng V 516 V 473 Hybrid Mineral

3.67 3.46 3.67 + 0.12 3.93 1.57 0.18 0.15 0.16 - 0.02 0.41 0.09 0.13 0.11 0.12 - 0.01 0.31 0.06 0.07 0.07 0.07 - 0.00 0.45 0.04 0.11 0.00 0.10 unch 0.00 0.55 0.09 0.02 0.02 0.02 unch 0.00 0.05 0.00 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.12 0.12 0.12 unch 0.00 0.24 0.10 3.24 3.01 3.19 + 0.09 3.51 1.21 1.54 1.40 1.53 + 0.08 1.54 0.41 0.08 0.00 0.08 unch 0.00 0.42 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.89 0.81 0.88 + 0.02 1.45 0.79 1.16 1.06 1.16 + 0.01 1.89 0.78 0.03 0.02 0.02 - 0.01 0.07 0.02 0.04 0.03 0.04 + 0.01 0.10 0.02 0.08 0.07 0.08 - 0.01 0.22 0.06 0.04 0.00 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 2.29 2.22 2.28 + 0.02 2.79 1.90 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.07 0.07 0.07 unch 0.00 0.09 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.01 0.06 0.05 0.05 - 0.02 0.08 0.02 4.93 4.36 4.42 - 0.51 10.42 3.98 3.81 3.31 3.36 - 0.42 7.83 2.99 0.22 0.20 0.22 + 0.02 0.48 0.17 0.18 0.00 0.17 - 0.00 0.38 0.13 0.06 0.05 0.06 + 0.02 0.13 0.00 0.08 0.05 0.06 - 0.02 0.19 0.04 0.02 0.02 0.02 + 0.01 0.13 0.01

I-Minerals* O 13 I-Minerals V 159 IAMGOLD T 4868 IAMGOLD* N 28179 Icon Explor* O 20 Iconic Mnls * O 50 Iconic Mnls V 115 Idaho Champion C 1532 O 0 Idaho Champion* IEMR Res V 135 C 0 IM Exploration IMC Intl Mng C 1619 0 IMC Intl Mng* O iMetal Res V 4006 iMetal Res* O 178 IMPACT Silver V 834 4 Impala Platnm* O T 93 Imperial Metal Imperial Metal* O 58 Imperial Mg Gr V 540 10 Inca One Gold* O 79 Inca One Gold V Inception Mng * O 235 V 187 Independence G Independence G* O 25 Indiana Res* O 11 Indigo Expl V 8 Infinite Lith* O 229 Infinite Lith V 2032 Inform Res V 0 Infrastructure* O 145 Inomin Mines V 104 Intact Gold* O 0 Integra Res* O 200 Integra Res V 332 O 25 Inter-Rock Mnl* Inter-Rock Mnl V 69 Intercontinent V 37 Intercontinent* O 40 Intl Battery* O 169 Intl Battery C 73 Intl Cobalt C 824 Intl Cobalt* O 0 Intl Lithium V 428 Intl Lithium* O 1228 Intl Montoro* O 17 Intl Montoro V 425 Intl Prospect * O 3 Intl Prospect V 533 Intl Samuel Ex V 135 26002 Intl Star* O Intl Tower Hil* X 673 67 Intl Tower Hil T Intl Zeolite V 180 Intl Zeolite* O 75 Intrepid Pots* N 4010 INV Metals* O 78 INV Metals T 70 Inventus Mg * O 226 Inventus Mg V 531 InZinc Mining V 156 InZinc Mining* O 1 Irving Res* O 336 Irving Res C 432 IsoEnergy Ltd V 200 Itafos* O 14 V 24 Itafos Itoco Inc* O 254 O 451 Ivanhoe Mines* Ivanhoe Mines T 3431 Jade Leader* O 30 Jade Leader V 100 Jaeger Res V 100 Jaguar Mng T 1195 Jaguar Mng* O 419 Japan Gold V 215 Japan Gold* O 104 Jasper Mining V 50 O 2 Jasper Mining* O 20 Jaxon Mining* Jaxon Mining V 323 Jayden Res* O 416 Jayden Res V 214 Jazz Res V 610 JDF Explor Inc C 149 V 2569 Jervois Mining Jervois Mining* O 1255 Jiulian Res V 400 Josemaria Res* O 24 T 448 Josemaria Res Joshua Gold* O 82 Jourdan Res V 334 Jubilee Metals* O 71 V 265 Juggernaut Exp Juggernaut Exp* O 47 Jupiter Gold* O 20 K2 Gold V 106 K92 Mining* O 1504 K92 Mining V 4133 V 569 Kaizen Discov Kaizen Discvry* O 33 O 33 Kapuskasing Gd* Kapuskasing Gd V 706 Karam Min C 1834 Karnalyte Res T 32 Karoo Expl V 63 KAT Expl* O 11347 Katanga Mng T 1008 Kenadyr Mining V 722 O 53 Kenadyr Mining* Kermode Res V 2260 Kerr Mines* O 264 Kerr Mines T 288 V 721 Kesselrun Res Kestrel Gold V 450 V 912 Kilo Goldmines Kilo Goldmines* O 40 O 40 Kincora Copper* Kincora Copper V 33 King Global V 531 Kingsmen Res* O 18 V 32 Kingsmen Res Kinross Gold T 9380 49354 Kinross Gold* N Kintavar Exp V 657 Kirkland Lake* N 5643 Kirkland Lake T 6062 O 139 Klondike Gold* Klondike Gold V 340 Klondike Silv* O 12 Klondike Silv V 4 O 125 Kombat Copper* Kombat Copper V 256 V 136 Komet Resource Kootenay Silvr* O 155 V 679 Kootenay Silvr Kootenay Zinc C 28 O 42 Kootenay Zinc*

0.05 0.03 0.05 + 0.01 0.14 0.02 0.06 0.03 0.04 + 0.01 0.19 0.03 4.05 3.85 3.97 + 0.03 5.55 3.08 3.15 2.94 3.01 unch 0.00 4.17 2.28 0.03 0.00 0.03 - 0.04 0.21 0.03 0.04 0.03 0.03 - 0.00 0.12 0.03 0.05 0.05 0.05 unch 0.00 0.16 0.04 0.10 0.08 0.10 + 0.03 0.20 0.04 0.07 0.07 0.07 unch 0.00 0.07 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.10 unch 0.00 0.15 0.04 0.40 0.34 0.38 + 0.04 0.40 0.15 0.25 0.00 0.25 unch 0.00 0.25 0.25 0.12 0.09 0.11 + 0.01 0.19 0.04 0.09 0.08 0.09 + 0.01 0.14 0.03 0.45 0.39 0.44 + 0.03 0.51 0.24 10.30 0.00 9.51 - 0.59 10.30 4.75 2.24 2.06 2.09 - 0.08 3.50 1.33 1.69 1.57 1.57 - 0.10 2.60 1.00 0.07 0.05 0.07 + 0.02 0.11 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.25 0.20 0.22 - 0.03 0.50 0.20 0.05 0.05 0.05 unch 0.00 0.55 0.05 0.07 0.05 0.06 + 0.01 0.10 0.05 0.04 0.04 0.04 unch 0.00 0.08 0.00 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.08 0.06 0.08 + 0.00 0.08 0.01 0.10 0.08 0.10 unch 0.00 0.11 0.03 0.00 0.00 0.06 unch 0.00 0.06 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.07 0.00 0.92 0.84 0.92 + 0.00 1.07 0.46 1.21 1.11 1.21 + 0.02 1.42 0.61 0.19 0.19 0.19 unch 0.00 0.20 0.16 0.25 0.24 0.24 unch 0.00 0.35 0.19 0.20 0.17 0.17 - 0.02 0.26 0.09 0.15 0.14 0.15 + 0.00 0.20 0.07 0.12 0.09 0.12 + 0.02 0.15 0.03 0.15 0.15 0.15 + 0.02 0.20 0.05 0.02 0.01 0.01 unch 0.00 0.05 0.01 0.00 0.00 0.01 unch 0.00 0.04 0.00 0.05 0.04 0.04 + 0.01 0.09 0.03 0.03 0.03 0.03 - 0.00 0.06 0.02 0.03 0.03 0.03 - 0.00 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.07 0.07 0.07 unch 0.00 0.12 0.05 0.10 0.09 0.10 unch 0.00 0.20 0.07 0.11 0.08 0.10 unch 0.00 0.35 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.55 0.51 0.54 - 0.00 0.72 0.42 0.72 0.00 0.72 + 0.03 0.94 0.60 0.05 0.05 0.05 + 0.01 0.16 0.05 0.04 0.04 0.04 unch 0.00 0.12 0.03 2.42 2.19 2.21 - 0.17 4.39 2.06 0.27 0.27 0.27 unch 0.00 0.59 0.22 0.36 0.36 0.36 + 0.01 0.83 0.30 0.13 0.12 0.12 - 0.01 0.13 0.05 0.17 0.15 0.15 - 0.02 0.17 0.07 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 2.86 2.58 2.84 + 0.20 2.86 1.12 3.75 3.39 3.72 + 0.29 3.80 1.50 0.42 0.39 0.39 - 0.03 0.79 0.35 0.47 0.00 0.47 + 0.01 1.23 0.29 0.60 0.00 0.51 - 0.09 1.63 0.45 0.15 0.06 0.10 - 0.04 0.90 0.06 3.14 2.80 2.85 - 0.22 3.46 1.65 4.08 3.69 3.80 - 0.23 4.54 2.25 0.19 0.00 0.19 unch 0.00 0.27 0.13 0.23 0.18 0.18 - 0.05 0.35 0.13 0.01 0.00 0.01 unch 0.00 0.04 0.01 0.25 0.22 0.23 - 0.01 0.30 0.07 0.20 0.17 0.17 - 0.02 0.22 0.05 0.26 0.24 0.25 - 0.01 0.43 0.17 0.20 0.00 0.19 - 0.01 0.32 0.13 0.07 0.07 0.07 - 0.03 0.25 0.01 0.00 0.00 0.08 unch 0.00 0.08 0.03 0.05 0.05 0.05 unch 0.00 0.07 0.02 0.06 0.00 0.05 - 0.01 0.10 0.03 0.01 0.00 0.01 unch 0.00 0.02 0.00 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.05 0.05 0.05 + 0.01 0.06 0.03 0.22 0.15 0.22 unch 0.00 0.71 0.01 0.23 0.19 0.22 + 0.03 0.24 0.13 0.18 0.14 0.18 + 0.02 0.20 0.11 0.04 0.00 0.04 + 0.01 0.14 0.01 0.59 0.58 0.58 + 0.00 0.91 0.39 0.85 0.72 0.72 - 0.04 1.22 0.50 0.17 0.14 0.17 - 0.00 0.40 0.08 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.07 0.06 0.06 - 0.00 0.07 0.03 0.23 0.22 0.23 + 0.01 1.25 0.10 0.16 0.16 0.16 unch 0.00 1.02 0.06 0.65 0.00 0.60 unch 0.00 2.00 0.25 0.27 0.25 0.25 + 0.03 0.37 0.17 2.72 2.43 2.67 + 0.10 2.80 0.78 3.57 3.15 3.52 + 0.15 3.57 1.04 0.08 0.06 0.08 + 0.02 0.08 0.03 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.08 0.08 0.08 unch 0.00 0.08 0.07 0.09 0.09 0.09 - 0.01 0.14 0.03 0.16 0.15 0.16 + 0.01 0.16 0.03 0.20 0.19 0.19 unch 0.00 0.30 0.15 0.32 0.25 0.27 - 0.03 1.65 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.12 0.11 0.12 unch 0.00 0.71 0.11 0.07 0.06 0.06 + 0.01 0.11 0.04 0.05 0.03 0.05 + 0.02 0.07 0.03 0.02 0.01 0.02 + 0.01 0.02 0.01 0.13 0.11 0.12 + 0.01 0.21 0.08 0.16 0.15 0.16 + 0.01 0.27 0.11 0.06 0.05 0.05 - 0.01 0.07 0.03 0.04 0.03 0.04 + 0.02 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.05 0.00 0.05 - 0.01 0.16 0.01 0.04 0.02 0.03 + 0.01 0.10 0.01 0.12 0.00 0.10 - 0.01 0.52 0.01 0.13 0.11 0.11 - 0.01 0.70 0.07 6.46 5.84 6.46 + 0.57 7.24 4.04 4.92 4.46 4.92 + 0.42 5.47 3.00 0.14 0.11 0.12 - 0.01 0.28 0.10 44.36 42.37 43.06 - 0.38 51.08 28.58 57.89 55.59 56.64 - 0.14 67.87 36.61 0.25 0.22 0.23 - 0.02 0.35 0.13 0.32 0.30 0.31 - 0.01 0.45 0.17 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.00 0.04 unch 0.00 0.05 0.03 0.12 0.12 0.12 unch 0.00 0.15 0.05 0.18 0.14 0.15 - 0.02 0.22 0.05 0.11 0.10 0.10 - 0.01 0.20 0.05 0.23 0.21 0.22 - 0.00 0.27 0.08 0.29 0.27 0.28 unch 0.00 0.35 0.11 0.07 0.00 0.06 + 0.01 0.29 0.05 0.05 0.04 0.05 + 0.01 0.17 0.02

I-J-K

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Kore Mining * O 119 Kore Mining V 370 Kutcho Copper * O 97 KWG Res* O 1 KWG Res C 212

0.23 0.20 0.20 - 0.02 0.31 0.14 0.29 0.25 0.25 - 0.03 0.41 0.14 0.16 0.15 0.15 - 0.00 0.35 0.10 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01

Labrador Gold V 94 Labrador IMH* O 311 Labrador IOR* O 92 Labrador IOR T 2924 Lake Forest Mi* O 1 O 35 Lake Resources* Lara Expl V 68 Laramide Res T 312 Laredo Res* O 10 Largo Res* O 638 Largo Res T 983 Lasalle Explor V 159 O 32 Latin American* Latin American V 1033 Latin Metals V 45 Laurion Mnl Ex V 1332 5 Laurion Mnl Ex* O Leading Edge V 512 Leading Edge* O 575 Leagold Mg* O 770 Leagold Mg T 1279 Leeta Gold V 11367 Legion Metals C 1113 Leo Res* O 0 Lepanto Con Mg* O 12045 Libero Copper V 544 Libero Copper* O 379 Liberty Gold* O 1496 Liberty One Li V 471 Liberty One Li* O 261 LiCo Energy* O 267 LiCo Energy V 169 Lightspeed Dis* O 0 Lincoln Mng V 3 Lion One Mtls V 434 Lion One Mtls* O 368 Lions Bay Cap V 1432 Lions Bay Mg * O 1 8 Lions Bay Mg C Lithium Amer* N 1972 Lithium Amer T 770 Lithium Chile V 106 Lithium Chile* O 37 Lithium Corp* O 5116 Lithium Energi* O 10 Lithium Energi V 40 Lithoquest Dia V 714 LKA Gold* O 9 Lodge Res C 90 Logan Res V 40 Logan Res* O 0 Lomiko Mtls* O 209 Lomiko Mtls V 1783 Loncor Res* O 357 Loncor Res T 219 Lone Star Gold* O 12 Los Andes V 134 Los Andes* O 19 Lucara Diam T 2706 Lucky Min V 295 Lucky Min* O 95 Luckystrike * O 2 Luckystrike V 58 Lumina Gold* O 262 Lumina Gold V 1151 Luminex Res V 295 Lundin Gold T 1546 Lundin Mng* O 167 Lundin Mng T 7742 Lupaka Gold * O 2 Lupaka Gold V 31 Lydian Intl* O 6 Lynas Corp* O 416 Lynas Corp* O 183

0.17 0.14 0.14 - 0.01 0.26 0.11 0.03 0.02 0.02 - 0.01 0.20 0.00 18.34 16.70 16.87 - 1.47 27.20 16.69 23.80 21.91 22.29 - 1.32 36.01 21.87 5.00 2.25 5.00 + 2.75 5.00 0.50 0.04 0.04 0.04 unch 0.00 0.32 0.02 0.59 0.56 0.59 + 0.01 0.66 0.42 0.21 0.19 0.19 - 0.01 0.46 0.18 0.00 0.00 0.00 + 0.00 0.01 0.00 0.87 0.79 0.81 + 0.01 2.21 0.62 1.14 1.06 1.07 + 0.02 2.93 0.81 0.15 0.12 0.15 + 0.04 0.15 0.10 0.00 0.00 0.00 + 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.13 0.13 0.13 unch 0.00 0.20 0.08 0.17 0.15 0.16 - 0.01 0.22 0.08 0.12 0.12 0.12 - 0.00 0.16 0.06 0.12 0.10 0.11 + 0.01 0.40 0.06 0.09 0.07 0.08 + 0.00 0.30 0.04 2.79 2.66 2.77 + 0.08 2.89 1.04 3.66 3.48 3.63 + 0.08 3.76 1.41 0.15 0.11 0.13 + 0.01 0.82 0.08 0.42 0.36 0.37 + 0.01 0.83 0.26 0.00 0.00 0.00 unch 0.00 0.12 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.08 0.09 + 0.01 0.23 0.07 0.07 0.06 0.07 + 0.00 0.18 0.05 1.03 0.90 1.01 + 0.06 1.03 0.24 0.06 0.00 0.06 + 0.01 0.15 0.04 0.05 0.04 0.04 - 0.01 0.11 0.02 0.03 0.02 0.03 + 0.00 0.10 0.01 0.04 0.00 0.03 unch 0.00 0.13 0.02 0.00 0.00 0.07 unch 0.00 0.11 0.07 0.09 0.00 0.09 unch 0.00 0.20 0.05 1.75 1.52 1.62 - 0.06 1.90 0.43 1.32 1.15 1.22 - 0.07 1.46 0.28 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.00 0.00 0.06 unch 0.00 0.14 0.00 0.12 0.00 0.12 + 0.04 0.20 0.03 4.42 3.93 3.97 - 0.17 4.89 2.75 5.77 5.16 5.24 - 0.20 6.43 3.60 0.25 0.00 0.23 unch 0.00 0.65 0.21 0.18 0.17 0.18 + 0.01 0.49 0.16 0.20 0.10 0.13 + 0.01 0.20 0.05 0.12 0.12 0.12 - 0.01 0.16 0.01 0.16 0.12 0.15 unch 0.00 0.24 0.03 0.04 0.04 0.04 unch 0.00 0.11 0.04 0.11 0.08 0.08 - 0.03 0.20 0.06 0.50 0.00 0.50 - 0.03 0.55 0.11 0.06 0.06 0.06 unch 0.00 0.24 0.04 0.00 0.00 0.03 unch 0.00 0.12 0.03 0.03 0.02 0.03 + 0.01 0.07 0.01 0.06 0.03 0.04 + 0.01 0.09 0.02 0.41 0.29 0.40 + 0.09 0.40 0.09 0.60 0.40 0.53 + 0.12 0.60 0.12 0.51 0.38 0.45 - 0.06 2.12 0.05 0.43 0.38 0.41 unch 0.00 0.52 0.17 0.32 0.30 0.31 + 0.01 0.40 0.15 0.87 0.84 0.86 - 0.01 1.87 0.78 0.02 0.02 0.02 unch 0.00 0.14 0.01 0.02 0.00 0.02 + 0.00 0.10 0.01 0.31 0.00 0.31 unch 0.00 2.07 0.10 0.42 0.00 0.42 unch 0.00 0.58 0.02 0.60 0.49 0.54 + 0.05 1.03 0.38 0.78 0.65 0.70 + 0.06 0.78 0.50 0.75 0.55 0.71 - 0.02 1.02 0.54 10.02 9.03 9.50 + 0.43 9.79 4.76 6.34 5.45 5.55 - 0.45 6.34 4.14 7.85 7.14 7.32 - 0.52 8.08 5.46 0.00 0.00 0.00 - 0.00 0.08 0.00 0.01 0.00 0.01 - 0.01 0.12 0.01 0.05 0.05 0.05 unch 0.00 0.16 0.04 1.75 1.59 1.63 - 0.06 2.29 1.08 1.71 1.55 1.62 - 0.07 2.33 1.05

L

M M.P.V. Explor C 262 0.10 0.10 0.10 unch 0.00 0.18 0.06 Macarthur Min* O 451 0.16 0.14 0.16 + 0.01 1.24 0.08 Macarthur Min V 924 0.22 0.19 0.20 + 0.01 0.27 0.01 O 119 0.07 0.06 0.06 + 0.00 0.16 0.02 MacDonald Mns* MacDonald Mns V 1245 0.09 0.08 0.08 + 0.01 0.21 0.03 MAG Silver T 697 14.74 13.73 14.60 + 0.80 18.60 10.39 Magellan Gold* O 18 1.18 0.77 1.02 - 0.05 3.80 0.75 Magna Gold V 277 0.40 0.34 0.34 + 0.04 0.55 0.19 Magna Gold* O 224 0.36 0.25 0.28 + 0.01 0.38 0.20 Magnitude Mng V 25 0.13 0.13 0.13 unch 0.00 0.20 0.04 Majestic Gold V 1807 0.05 0.04 0.05 unch 0.00 0.08 0.04 Majestic Gold* O 1 0.05 0.03 0.03 - 0.01 0.06 0.03 Makena Res* O 103 0.66 0.55 0.61 + 0.06 2.18 0.40 Mako Mining* O 409 0.26 0.22 0.25 + 0.02 0.28 0.01 Mako Mining V 843 0.35 0.29 0.34 + 0.03 0.37 0.09 Mammoth Res V 129 0.04 0.04 0.04 unch 0.00 0.05 0.02 Mandalay Res* O 20 1.00 0.74 0.77 - 0.18 1.12 0.05 Mandalay Res T 459 1.26 0.97 1.01 - 0.23 1.60 0.65 0.06 Manganese X V 798 0.12 0.07 0.11 + 0.02 0.18 Manganese X* O 25 0.07 0.07 0.07 unch 0.00 0.13 0.04 Mangazeya Mng* O 4 0.04 0.04 0.04 unch 0.00 0.05 0.01 Mangazeya Mng V 161 0.06 0.06 0.06 - 0.01 0.08 0.03 0.02 Manitou Gold V 468 0.07 0.06 0.07 + 0.01 0.07 Manitou Gold * O 55 0.05 0.00 0.05 - 0.00 0.06 0.02 Maple Gold V 2235 0.09 0.08 0.09 - 0.01 0.13 0.07 Maple Gold* O 860 0.08 0.06 0.07 - 0.00 0.10 0.05 O 567 1.22 1.13 1.22 + 0.05 1.34 0.58 Marathon Gold* Marathon Gold T 2453 1.61 1.37 1.61 + 0.06 1.76 0.78 O 12 0.02 0.02 0.02 unch 0.00 0.06 0.02 Margaret Lake* Margaret Lake V 1730 0.04 0.03 0.04 + 0.01 0.11 0.02 Margaux Res V 113 0.06 0.06 0.06 unch 0.00 0.15 0.04 Margaux Res* O 2 0.04 0.04 0.04 + 0.00 0.08 0.04 0.04 Marifil Mines* O 52 0.05 0.04 0.04 - 0.01 0.14 Marifil Mines V 14 0.06 0.00 0.06 - 0.01 0.18 0.05 Mariner Res C 50 0.16 0.16 0.16 unch 0.00 0.20 0.15 Maritime Res V 2305 0.08 0.07 0.07 - 0.01 0.12 0.07 MartinMarietta* N 2224 269.03 262.27 263.89 - 2.85 281.82 174.38 Mas Gold V 105 0.09 0.08 0.08 unch 0.00 0.16 0.04 Mascota Res* O 0 2.50 0.00 2.50 unch 0.00 50.00 1.21 Mason Graphite* O 461 0.27 0.23 0.26 + 0.00 0.40 0.14 Mason Graphite V 745 0.35 0.33 0.34 + 0.01 0.53 0.19 Matachewan Con V 3 0.12 0.12 0.12 unch 0.00 0.20 0.11 Matica Ent C 501 0.04 0.03 0.04 unch 0.00 0.15 0.03 Matmown* O 183 0.02 0.01 0.02 + 0.00 0.03 0.00 Maverix Metals T 341 7.05 6.60 6.60 - 0.16 7.30 4.32 X 422 5.37 5.02 5.03 - 0.15 5.72 1.65 Maverix Metals* Mawson Res* O 416 0.22 0.19 0.19 - 0.00 0.22 0.09 Mawson Res T 498 0.29 0.24 0.27 - 0.01 0.29 0.13 MAX Res V 481 0.15 0.00 0.11 - 0.02 3.00 0.07 MaxTech Vent* O 115 0.09 0.07 0.08 - 0.01 0.11 0.02 MaxTech Vent C 194 0.10 0.09 0.10 - 0.02 0.14 0.03 Maxwell Res* O 1 0.06 0.00 0.06 unch 0.00 4.54 0.05 Maya Gold &Sil* O 3 1.43 1.34 1.34 - 0.07 1.84 1.15 Maya Gold &Sil T 64 1.88 1.76 1.82 unch 0.00 2.63 1.55 Mazarin V 59 0.12 0.07 0.12 + 0.05 0.12 0.04 MBMI Res* O 0 0.00 0.00 0.04 unch 0.00 0.10 0.01 MBMI Res V 0 0.00 0.00 0.13 unch 0.00 0.23 0.04 McChip Res V 1 0.00 0.00 0.54 unch 0.00 0.93 0.50 McEwen Mng T 1496 1.58 1.50 1.55 + 0.02 2.84 1.35 McEwen Mng* N 11676 1.23 1.15 1.18 unch 0.00 2.14 1.02 McLaren Res C 15 0.03 0.00 0.03 unch 0.00 0.05 0.01 MDN Inc* O 2 0.33 0.29 0.33 + 0.04 0.40 0.11 Meadow Bay Gd* O 11 0.02 0.00 0.00 - 0.02 0.04 0.00 Mechel* N 1288 3.43 3.05 3.20 + 0.08 3.43 1.53 Medallion Res V 295 0.10 0.09 0.10 - 0.01 0.28 0.07 Medallion Res* O 71 0.09 0.07 0.07 - 0.01 0.21 0.05 0.05 Medgold Res V 254 0.07 0.06 0.06 + 0.01 0.17 Medgold Res* O 3 0.06 0.06 0.06 unch 0.00 0.12 0.03 Medinah Mnrls* O 2795 0.00 0.00 0.00 - 0.00 0.00 0.00 Mega Uranium* O 271 0.07 0.06 0.07 + 0.00 0.09 0.05 Mega Uranium T 400 0.09 0.08 0.09 + 0.01 0.12 0.08 Megastar Dev V 188 0.14 0.11 0.13 + 0.02 0.19 0.05 MegumaGold* O 16 0.11 0.09 0.11 + 0.01 0.15 0.03 MegumaGold C 56 0.15 0.13 0.15 unch 0.00 0.21 0.06 Melkior Res V 340 0.03 0.03 0.03 unch 0.00 0.11 0.02 Meridian Mg V 7 0.10 0.00 0.10 unch 0.00 0.22 0.04 Meryllion Res C 52 0.01 0.00 0.01 unch 0.00 0.04 0.01 Mesa Expl* O 6 0.00 0.00 0.00 + 0.00 0.00 0.00 MetalCorp* O 5 0.03 0.01 0.03 + 0.02 0.03 0.00 MetalCorp V 1561 0.04 0.02 0.03 + 0.02 0.04 0.01 Metalex Vent V 179 0.02 0.00 0.02 unch 0.00 0.08 0.02 Metalla Rylty* O 286 6.41 5.89 5.95 unch 0.00 6.41 2.26 Metalla Rylty V 390 8.28 6.80 7.15 - 0.72 8.61 3.28 Metallic Mnrls* O 395 0.24 0.20 0.23 - 0.01 0.24 0.08 Metallic Mnrls V 356 0.30 0.27 0.29 - 0.01 0.30 0.11 Metallica Min* O 20 0.01 0.00 0.01 unch 0.00 0.01 0.01 Metallis Res V 83 0.33 0.29 0.29 - 0.04 0.99 0.28 Metalo Manuf C 142 0.20 0.10 0.20 + 0.10 0.40 0.10

2020-01-27 2:58 PM

22

WWW.NORTHERNMINER.COM

FEBRUARY 3–16, 2020 / THE NORTHERN MINER

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

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12-month

Exc Volume High Low Last Change High Low

Metalore Res V 1 O 11 Metalore Res* Metals Creek* O 1 Metals Creek V 134 Metals X* O 137 O 65 Mexican Gold* Mexus Gold* O 9169 O 633 MGX Minerals* MGX Minerals C 553 C 118 Mich Resources Midas Gold T 561 Midas Gold* O 1295 Midland Expl V 61 O 312 Midnight Sun* Midnight Sun V 444 Millennial Lit* O 59 Millennial Lit V 279 Millrock Res* O 577 Millrock Res V 1024 V 364 Minaurum Gold Minaurum Gold* O 400 Minco Silver* O 11 Minco Silver T 48 Minera Alamos * O 1015 Minera Alamos V 2651 Minera IRL C 220 Minera IRL* O 51 Mineral Mtn V 2643 Mineral Mtn* O 745 Mineral Res* O 7 MineralRite* O 45301 V 612 Mineworx Tech Mineworx Tech* O 556 V 45 Minfocus Expl Mining Global* O 6 V 60 Minnova Corp Miramont Res* O 155 C 581 Miramont Res Mirasol Res V 264 C 6 Mistango River Mkango Res V 137 ML Gold* O 0 ML Gold Corp V 1312 O 435 Monarca Mnrls* Monarca Mnrls V 239 Monarch Gold T 757 O 348 Monarch Gold* Moneta Porcpn* O 50 T 300 Moneta Porcpn Mongoose Mg C 35 1 Monitor Vent V Monitor Vent* O 0 O 27 Montego Res* Monterey Min C 3069 V 125 Montero Mg&Ex Montero Mg&Ex * O 2 V 841 Monument Mng Morien Res* O 41 Morien Res V 394 Mosaic* N 24866 Mountain Boy V 25 Mountain Boy* O 10 D 196 Mountain Prov* Mountain Prov T 398 O 401 Mundoro Cap* Mundoro Cap V 88 V 170 Murchison Min MX Gold* O 60

2.00 2.00 2.00 + 0.10 2.60 0.89 1.48 1.44 1.44 unch 0.00 1.52 0.71 0.04 0.04 0.04 + 0.00 0.05 0.02 0.05 0.04 0.04 unch 0.00 0.06 0.03 0.07 0.06 0.06 - 0.01 0.28 0.05 0.08 0.06 0.07 + 0.01 0.16 0.04 0.01 0.00 0.01 + 0.00 0.03 0.00 0.10 0.07 0.09 + 0.01 0.34 0.03 0.13 0.10 0.11 unch 0.00 0.44 0.04 0.32 0.27 0.30 - 0.02 0.50 0.08 0.65 0.58 0.59 - 0.04 1.00 0.51 0.50 0.43 0.45 - 0.05 0.76 0.39 0.93 0.88 0.88 - 0.02 1.46 0.66 0.09 0.08 0.09 unch 0.00 0.11 0.08 0.12 0.11 0.12 unch 0.00 0.15 0.10 1.20 0.98 1.05 - 0.05 1.59 0.69 1.59 1.30 1.38 - 0.05 2.12 0.98 0.11 0.09 0.10 - 0.01 0.16 0.05 0.15 0.11 0.12 - 0.01 0.21 0.07 0.52 0.46 0.50 - 0.02 0.55 0.32 0.40 0.35 0.38 - 0.01 0.43 0.23 0.56 0.00 0.54 - 0.02 0.73 0.30 0.72 0.68 0.71 unch 0.00 0.99 0.37 0.24 0.20 0.21 - 0.02 0.27 0.07 0.30 0.27 0.28 - 0.02 0.32 0.10 0.18 0.18 0.18 - 0.02 0.21 0.06 0.14 0.13 0.14 + 0.00 0.14 0.10 0.51 0.35 0.39 - 0.01 0.53 0.10 0.39 0.26 0.30 - 0.00 0.43 0.07 11.95 11.95 11.95 unch 0.00 12.00 8.77 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.12 0.10 0.11 unch 0.00 0.24 0.07 0.09 0.08 0.09 - 0.00 0.18 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.46 0.06 0.10 0.08 0.10 + 0.01 0.48 0.05 0.16 0.11 0.15 + 0.03 0.63 0.07 0.53 0.49 0.50 - 0.02 1.34 0.46 0.03 0.00 0.03 - 0.01 0.05 0.01 0.14 0.13 0.13 unch 0.00 0.19 0.09 0.00 0.00 0.09 unch 0.00 0.54 0.01 0.16 0.10 0.16 + 0.06 0.77 0.09 0.03 0.02 0.03 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.08 0.03 0.21 0.20 0.21 + 0.01 0.33 0.20 0.17 0.15 0.16 - 0.00 0.24 0.14 0.10 0.08 0.10 + 0.01 0.11 0.06 0.13 0.12 0.13 + 0.01 0.14 0.09 0.14 0.14 0.14 unch 0.00 0.15 0.12 0.00 0.00 0.17 unch 0.00 0.30 0.14 0.00 0.00 0.12 unch 0.00 0.23 0.10 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.05 0.04 0.05 + 0.01 0.16 0.04 0.04 0.00 0.04 - 0.01 0.20 0.03 0.05 0.05 0.05 unch 0.00 0.17 0.02 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.43 0.39 0.43 + 0.03 0.42 0.25 0.58 0.50 0.58 + 0.10 0.58 0.33 22.14 19.02 19.14 - 2.73 33.91 17.36 0.24 0.24 0.24 - 0.03 0.28 0.16 0.15 0.15 0.15 unch 0.00 0.21 0.11 0.93 0.84 0.89 + 0.01 1.31 0.65 1.21 1.14 1.18 + 0.03 1.65 0.91 0.11 0.00 0.11 unch 0.00 0.19 0.00 0.15 0.15 0.15 - 0.01 0.25 0.10 0.16 0.00 0.13 - 0.04 0.18 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00

NA Frac Sand* O 1683 NACCO Ind* N 47 Namibia Crit V 378 Namibia Crit* O 372 Napier Vent V 106 Natural Res Pt* N 136 O 739 Nautilus Mnrls* Neo Lithium V 561 Neometals* O 16 Network Expl* O 82 Network Expl V 584 Nevada Copper T 1257 O 19 Nevada Energy* V 22 Nevada Energy Nevada Expl V 384 Nevada Expl * O 251 V 53 Nevada Sunrise O 48 Nevada Sunrise* Nevada Zinc V 357 Nevado Res V 4 New Age Metals* O 2059 New Age Metals V 34686 New Carolin Gd* O 546 New Carolin Gd V 1758 New Destiny Mg V 1505 New Dimen Res V 322 New Dimen Res* O 0 14 New Energy Met V New Energy Met* O 237 New Gold T 3149 New Gold* X 9429 New Guinea Gld* O 102 New Jersey Mng C 1 New Jersey Mng* O 584 New Milln Iron* O 153 New Milln Iron T 551 New Oroperu V 321 New Pac Metals* O 546 New Pac Metals V 388 New Stratus V 255 New Tech Min C 97 Newlox Gold C 19 Newmac Res V 0 Newmont T 453 Newmont* N 32584 Newport Expl V 179 O 506 Newport Gold* NewRange Gold* O 229 V 419 NewRange Gold Nexa Resources T 3 Nexa Resources* N 309 Nexgen Energy* X 1371 T 956 Nexgen Energy NextSource Mat T 1336 Nexus Gold* O 47 Nexus Gold V 658 V 202 NGEx Minerals NGEx Minerals* O 16 Nickel Creek T 1567 Nickel Creek* O 506 Nickel North V 300 Nicola Mg Inc V 518 48 Nicola Mg Inc* O Nighthawk Gold* O 366 T 550 Nighthawk Gold Niobay Metals V 37 Niocan Inc V 18 Niocorp Dev T 326 Niocorp Dev* O 538 Nippon Dragon V 209 O 18 Nippon Dragon* Noble Metal V 420 O 28 Noble Mineral* Noble Mineral V 99 Noka Res* O 398 Noram Vent V 52 Noram Vent* O 5 Noranda Alum* O 21 Noront Res* O 187 Noront Res V 745 Norra Metals V 224 Nortec Mnls V 165 North Am Nickl V 69 3 North Am Nickl* O North Arrow Mn* O 11 77 North Arrow Mn V North Bay Res * O 76 Northcliff Res T 75 Northern Light C 138 11 Northisle C&G * O Northisle C&G V 146 V 188 Northway Res Norvista Cap V 111 T 283 NorZinc NorZinc* O 135

0.03 0.01 0.02 + 0.00 0.03 0.00 48.81 47.01 47.75 - 0.76 66.40 33.51 0.16 0.14 0.14 - 0.02 0.31 0.08 0.13 0.10 0.11 - 0.01 0.24 0.06 0.10 0.09 0.09 unch 0.00 0.30 0.09 22.02 20.43 20.93 - 0.90 44.71 19.25 0.01 0.01 0.01 - 0.00 0.05 0.00 0.76 0.64 0.65 - 0.07 1.13 0.39 0.13 0.08 0.08 - 0.05 0.22 0.08 0.21 0.17 0.18 - 0.03 0.45 0.13 0.27 0.22 0.25 - 0.03 0.54 0.18 0.36 0.34 0.34 - 0.02 0.50 0.19 0.10 0.08 0.10 + 0.00 0.12 0.07 0.13 0.10 0.12 + 0.02 0.16 0.10 0.39 0.32 0.33 unch 0.00 0.39 0.15 0.30 0.24 0.24 - 0.05 0.30 0.11 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.04 0.02 0.03 - 0.00 0.08 0.02 0.05 0.04 0.05 + 0.01 0.14 0.03 0.11 0.00 0.11 unch 0.00 0.20 0.11 0.11 0.05 0.10 + 0.03 0.11 0.02 0.15 0.08 0.13 + 0.05 0.15 0.03 0.06 0.04 0.05 - 0.01 0.18 0.04 0.07 0.05 0.06 - 0.01 0.24 0.05 0.06 0.04 0.04 - 0.03 0.21 0.04 0.03 0.00 0.03 unch 0.00 0.08 0.03 0.00 0.00 0.02 unch 0.00 0.05 0.02 0.04 0.00 0.04 unch 0.00 0.80 0.02 0.10 0.03 0.03 unch 0.00 0.26 0.03 1.32 1.18 1.23 - 0.06 2.03 0.82 1.03 0.90 0.94 - 0.04 1.56 0.61 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 0.15 unch 0.00 0.20 0.15 0.16 0.13 0.14 - 0.01 0.20 0.11 0.05 0.04 0.05 - 0.00 0.08 0.03 0.08 0.07 0.07 - 0.01 0.11 0.05 0.85 0.75 0.80 - 0.05 0.85 0.22 5.40 4.95 5.12 + 0.04 5.60 1.24 6.98 6.51 6.86 + 0.24 6.98 1.66 0.25 0.13 0.15 + 0.01 0.25 0.13 0.03 0.02 0.03 + 0.01 0.04 0.01 0.06 0.05 0.06 unch 0.00 0.10 0.03 0.00 0.00 0.07 unch 0.00 0.09 0.04 58.29 56.29 58.11 + 1.28 57.78 40.01 44.36 43.09 44.29 + 0.81 44.36 29.77 0.44 0.41 0.42 - 0.02 0.45 0.23 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.10 0.08 0.10 - 0.00 0.21 0.07 0.13 0.11 0.12 - 0.01 0.23 0.11 11.80 11.22 11.63 + 0.31 17.05 9.40 8.97 8.37 8.40 - 0.24 12.80 7.00 1.28 1.15 1.16 - 0.11 1.98 1.10 1.67 1.51 1.53 - 0.13 2.59 1.46 0.06 0.05 0.06 + 0.01 0.16 0.03 0.05 0.04 0.05 + 0.00 0.18 0.03 0.07 0.06 0.06 - 0.01 0.18 0.05 0.42 0.36 0.38 - 0.04 0.66 0.27 0.32 0.28 0.31 - 0.01 0.32 0.20 0.10 0.09 0.10 - 0.01 0.15 0.03 0.08 0.04 0.08 - 0.01 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.11 0.10 0.11 unch 0.00 0.14 0.08 0.08 0.08 0.08 unch 0.00 0.11 0.06 0.41 0.39 0.40 unch 0.00 0.54 0.23 2.34 2.02 2.21 - 0.15 3.65 1.55 0.45 0.41 0.42 + 0.02 0.53 0.15 0.22 0.00 0.21 + 0.02 0.24 0.11 0.84 0.80 0.84 + 0.04 0.94 0.50 0.64 0.61 0.64 + 0.02 0.72 0.36 0.05 0.04 0.05 + 0.01 0.05 0.02 0.04 0.03 0.03 + 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.07 0.06 0.07 + 0.01 0.13 0.04 0.10 0.00 0.10 unch 0.00 0.18 0.06 0.10 0.08 0.09 - 0.00 0.22 0.07 0.09 0.08 0.09 + 0.01 0.30 0.05 0.07 0.05 0.05 - 0.02 0.19 0.04 0.00 0.00 0.00 - 0.00 0.02 0.00 0.12 0.12 0.12 - 0.00 0.25 0.11 0.17 0.15 0.16 unch 0.00 0.34 0.14 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.19 0.00 0.16 - 0.02 0.40 0.10 0.15 0.00 0.13 - 0.01 0.33 0.02 0.03 0.03 0.03 + 0.00 0.09 0.03 0.06 0.05 0.06 unch 0.00 0.14 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.06 0.06 unch 0.00 0.11 0.05 0.06 0.05 0.06 + 0.01 0.07 0.02 0.04 0.00 0.03 - 0.00 0.07 0.03 0.06 0.05 0.06 unch 0.00 0.11 0.01 0.10 0.09 0.09 - 0.01 0.14 0.07 0.08 0.07 0.08 + 0.02 0.13 0.07 0.09 0.08 0.08 unch 0.00 0.13 0.08 0.07 0.06 0.07 + 0.00 0.10 0.05

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12-month

Exc Volume High Low Last Change High Low

Nouveau Monde V 612 O 39 Nouveau Monde* NovaGold Res T 1930 X 11766 NovaGold Res* Novo Res* O 448 Novo Res V 520 NRG Metals* O 280 NRG Metals V 84 V 1069 Nrthn Graphite O 1077 Nrthn Graphite* Nrthn Lion V 1 Nrthn Mnrls &E* O 4 Nrthn Shield V 1940 O 31 Nrthn Superior* Nrthn Superior V 188 Nrthn Vertex* O 86 Nrthn Vertex V 149 NSGold V 1 78 NSS Res Inc C Nthn Dynasty T 1671 Nthn Dynasty* X 8686 Nthrn Sphere* O 5 Nubian Res V 189 Nuinsco Res C 3156 Nuinsco Res* O 104 NuLegacy Gold V 367 NuLegacy Gold* O 153 T 6858 Nutrien Nutrien* N 8352 NV Gold* O 56 NV Gold V 538 O.T. Mining* O 12 O3 Mining* O 15 O3 Mining V 51 OceanaGold* O 10 OceanaGold T 6065 Oceanic Iron O V 219 Oceanus Res* O 74 Oceanus Res V 78 Odyssey Res V 104 Olivut Res V 246 Olivut Res* O 34 Omineca Mining V 956 Omineca Mining* O 132 One World Lith C 144 9 One World Lith* O Opawica Expl V 325 Opus One Res V 264 Orbite Tech* O 55 Orca Gold V 921 Orca Gold* O 74 Ord Mountain V 160 Orefinders Res V 208 V 447 Orestone Mng Orex Mnrls* O 38 Orex Mnrls V 56 Orezone Gold* O 234 Orezone Gold V 1109 Orford Mining V 36 OrganiMax* O 0 OrganiMax V 140 Origin Gold V 268 O 19 Original Sixtn* Orla Mng Ltd T 2307 Orla Mng Ltd* O 29 Oroco Res V 330 Oroco Res* O 177 Orocobre T 110 Oronova Energy V 230 Orosur Mng T 80 Orsu Metals V 6 Orsu Metals* O 1 Orvana Mnrls T 496 Orvana Mnrls* O 101 Osino Res V 523 Osisko Gold* N 3359 Osisko Gold T 1415 Osisko Metals* O 68 Osisko Metals V 898 Osisko Mng Inc T 1269 Osprey Gold V 501 Otis Gold V 121 Otis Gold* O 146 Otso Gold* O 222 Otso Gold V 1342 Outcrop Gold V 209 Outcrop Gold* O 149 OZ Minerals* O 2

0.23 0.20 0.20 unch 0.00 0.28 0.17 0.16 0.00 0.15 - 0.01 0.21 0.14 12.45 11.29 12.15 + 0.70 12.45 4.57 9.48 8.65 9.24 + 0.50 9.48 3.52 2.80 2.55 2.60 - 0.13 3.07 1.38 3.66 3.37 3.42 - 0.10 3.96 1.87 0.07 0.05 0.06 + 0.00 0.25 0.03 0.08 0.00 0.07 unch 0.00 0.44 0.06 0.28 0.14 0.22 + 0.08 0.28 0.06 0.20 0.09 0.17 + 0.06 0.19 0.04 0.12 0.12 0.12 unch 0.00 0.46 0.10 0.04 0.00 0.04 unch 0.00 0.12 0.03 0.10 0.09 0.09 - 0.01 0.12 0.04 0.17 0.14 0.16 - 0.01 0.22 0.05 0.20 0.18 0.20 + 0.03 0.29 0.07 0.23 0.19 0.21 + 0.01 0.27 0.12 0.30 0.25 0.28 + 0.01 0.35 0.16 0.00 0.00 0.15 unch 0.00 0.15 0.06 0.07 0.05 0.07 - 0.01 0.18 0.03 0.61 0.53 0.60 + 0.06 1.47 0.50 0.46 0.41 0.45 + 0.03 1.12 0.38 0.05 0.05 0.05 unch 0.00 0.20 0.00 0.10 0.07 0.08 - 0.02 0.22 0.07 0.01 0.01 0.01 + 0.01 0.08 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.06 0.06 0.06 - 0.01 0.14 0.03 0.05 0.04 0.04 - 0.01 0.11 0.02 61.60 58.01 58.17 - 3.05 73.64 59.12 47.27 44.17 44.28 - 2.59 56.00 44.17 0.13 0.10 0.10 + 0.00 0.22 0.08 0.17 0.14 0.14 + 0.01 0.29 0.11 0.06 0.04 0.06 unch 0.00 0.11 0.04 2.22 2.09 2.12 - 0.05 2.29 1.71 2.86 2.65 2.65 - 0.16 4.00 2.00 1.88 1.77 1.80 - 0.08 3.58 1.68 2.48 2.35 2.37 - 0.08 4.73 2.12 0.13 0.10 0.10 - 0.02 0.17 0.04 0.07 0.06 0.06 - 0.00 0.09 0.04 0.08 0.07 0.07 unch 0.00 0.13 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.05 0.04 0.05 - 0.01 0.16 0.04 0.04 0.03 0.04 + 0.01 0.12 0.03 0.14 0.10 0.13 + 0.04 0.14 0.03 0.11 0.06 0.10 + 0.03 0.11 0.01 0.10 0.09 0.10 + 0.01 0.28 0.07 0.08 0.06 0.08 + 0.01 0.22 0.05 0.07 0.07 0.07 unch 0.00 0.11 0.06 0.05 0.04 0.05 unch 0.00 0.08 0.01 0.01 0.00 0.00 unch 0.00 0.17 0.00 0.34 0.32 0.33 + 0.01 0.55 0.30 0.26 0.24 0.24 - 0.00 0.40 0.22 0.10 0.08 0.08 unch 0.00 0.12 0.08 0.06 0.05 0.06 unch 0.00 0.08 0.03 0.11 0.09 0.09 - 0.02 0.25 0.06 0.08 0.07 0.08 - 0.00 0.11 0.03 0.10 0.09 0.09 - 0.02 0.14 0.05 0.40 0.36 0.38 - 0.01 0.67 0.30 0.52 0.49 0.49 - 0.01 0.88 0.39 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.13 0.00 0.13 unch 0.00 0.14 0.02 0.14 0.10 0.10 - 0.04 0.21 0.05 0.10 0.08 0.10 - 0.01 0.12 0.05 0.02 0.02 0.02 unch 0.00 0.13 0.00 2.40 2.09 2.37 + 0.30 2.37 0.85 1.80 1.58 1.80 + 0.22 1.76 0.73 0.52 0.50 0.52 + 0.03 0.74 0.23 0.40 0.38 0.40 + 0.03 0.56 0.13 3.44 3.06 3.13 - 0.15 3.63 2.01 0.06 0.05 0.05 - 0.01 0.10 0.04 0.06 0.05 0.05 unch 0.00 0.13 0.04 0.27 0.00 0.26 - 0.01 0.40 0.20 0.19 0.00 0.19 - 0.03 0.30 0.13 0.26 0.21 0.25 + 0.03 0.41 0.12 0.19 0.15 0.19 + 0.03 0.30 0.09 0.88 0.81 0.84 - 0.02 1.07 0.27 9.82 9.32 9.71 + 0.22 13.43 8.34 12.82 12.17 12.75 + 0.35 17.47 11.00 0.39 0.37 0.39 + 0.02 0.54 0.29 0.52 0.48 0.52 + 0.02 0.72 0.38 3.90 3.71 3.85 - 0.04 4.19 2.51 0.06 0.05 0.06 unch 0.00 0.07 0.04 0.13 0.12 0.13 + 0.01 0.14 0.07 0.10 0.08 0.10 + 0.00 0.11 0.05 0.04 0.03 0.04 + 0.01 0.09 0.02 0.06 0.05 0.06 + 0.01 0.12 0.02 0.12 0.11 0.11 - 0.01 0.43 0.08 0.10 0.08 0.08 - 0.01 0.33 0.01 7.52 7.26 7.26 - 0.26 7.99 6.10

Pac Arc Res V 138 Pac Bay Mnrls V 103 Pac Booker Min* O 6 Pac Booker Min V 18 Pac Imperial V 50 Pac Ridge Expl V 165 Pac Ridge Expl* O 5 Pacific Empire V 423 Pacific Rim C 368 Pacific Rim* O 130 Pacific Silk* O 21 Pacific Silk V 195 Pacton Gold V 874 Paladin Energy* O 678 Palamina Corp V 31 Palamina Corp* O 82 Paleo Resource V 32 Paleo Resource* O 31 Palladium One V 8220 Palladium One* O 477 Pan Am Silver* D 11155 Pan Am Silver T 1781 Pan Andean Min V 908 Pan Global Res V 131 Pancontinental V 1018 Pancontinental* O 578 Panex Res* O 13 Pangolin Dia V 101 Panoro Mnrls V 248 PanTerra Gold* O 100 V 57 Pantheon Vent Para Resources V 118 Parallel Mng V 115 Paramount Gold* X 220 Parlane Res V 289 Pasinex Res C 224 O 12 Pasofino Gold* Pasofino Gold V 46 Patriot Gold* O 154 Peabody Enrgy* N 10983 O 115 Pelangio Expl* Pelangio Expl V 87 Peloton Mnrls C 281 Peloton Mnrls* O 0 Perseus Mng T 206 Pershimex Res V 250 Pershing Res* O 1407 Peruvian Metal* O 0 Peruvian Metal V 3243 Philex Mng* O 35 Philippine Mtl* O 2 C 10 Pike Mountain Pine Cliff En T 525 Pine Cliff En* O 108 Pinecrest Res V 222 10 Pinecrest Res * O Pistol Bay Mng V 1400 Pistol Bay Mng* O 158 Pivit Explor C 128 PJSC Polyus Gd* O 2 PJX Res V 199 Plata Latina V 600 Plate Res V 152 Plateau Energy V 161 Plateau Energy* O 58 Platinex Inc C 161 Platinum Gp Mt* X 5500 Platinum Gp Mt T 699 Plato Gold V 162 Playfair Mng V 654 Playfair Mng* O 273 PolyMet Mng* X 3746 PolyMet Mng T 125 Portage Res* O 209 Portofino Res V 186

0.21 0.21 0.21 unch 0.00 0.30 0.20 0.14 0.00 0.14 + 0.05 0.14 0.06 1.87 1.57 1.80 + 0.17 3.10 0.90 2.46 2.20 2.36 + 0.26 4.10 1.21 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.05 0.04 0.05 + 0.01 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.05 0.04 0.05 + 0.01 0.10 0.02 0.20 0.17 0.20 + 0.01 0.34 0.11 0.16 0.12 0.13 - 0.00 0.26 0.08 0.03 0.02 0.02 - 0.00 0.03 0.01 0.03 0.02 0.03 + 0.02 0.04 0.01 0.13 0.11 0.12 - 0.01 0.30 0.10 0.09 0.06 0.07 + 0.00 0.15 0.06 0.25 0.21 0.23 - 0.02 0.38 0.17 0.20 0.17 0.19 - 0.00 0.28 0.14 0.03 0.03 0.03 - 0.01 0.08 0.01 0.03 0.03 0.03 - 0.00 0.06 0.00 0.24 0.18 0.20 - 0.02 0.24 0.05 0.17 0.14 0.16 - 0.01 0.17 0.04 23.31 20.91 23.02 + 1.69 24.02 10.26 30.63 27.30 30.20 + 2.33 31.23 13.83 0.09 0.08 0.09 unch 0.00 0.10 0.03 0.13 0.11 0.12 - 0.01 0.16 0.06 0.05 0.04 0.04 + 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.05 0.05 0.05 + 0.01 0.10 0.03 0.10 0.08 0.09 + 0.01 0.24 0.07 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.05 0.04 0.05 unch 0.00 0.10 0.04 0.10 0.10 0.10 unch 0.00 0.22 0.10 0.20 0.17 0.20 + 0.05 0.83 0.10 0.97 0.77 0.95 + 0.17 1.04 0.64 0.06 0.04 0.04 unch 0.00 0.20 0.03 0.02 0.02 0.02 - 0.01 0.12 0.02 0.06 0.05 0.05 - 0.01 0.11 0.03 0.08 0.07 0.07 - 0.01 0.21 0.07 0.05 0.04 0.05 + 0.00 0.15 0.03 8.86 7.28 7.47 - 1.10 37.37 7.28 0.10 0.10 0.10 unch 0.00 0.29 0.09 0.15 0.13 0.13 - 0.02 0.38 0.12 0.09 0.08 0.09 unch 0.00 0.13 0.07 0.06 0.00 0.06 unch 0.00 0.11 0.05 1.02 0.92 1.01 + 0.06 1.06 0.33 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.02 0.01 0.01 - 0.00 0.06 0.00 0.00 0.00 0.02 unch 0.00 0.04 0.01 0.05 0.04 0.05 + 0.01 0.05 0.03 0.03 0.03 0.03 unch 0.00 0.10 0.00 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.10 0.08 0.08 unch 0.00 0.15 0.08 0.15 0.13 0.13 - 0.03 0.28 0.10 0.12 0.10 0.10 - 0.01 0.21 0.07 0.18 0.16 0.17 + 0.01 0.27 0.16 0.13 0.13 0.13 unch 0.00 0.17 0.12 0.04 0.03 0.03 + 0.01 0.07 0.02 0.03 0.03 0.03 + 0.00 0.05 0.01 0.23 0.17 0.19 - 0.01 0.64 0.06 60.50 0.00 59.00 - 1.50 60.99 37.19 0.16 0.15 0.15 - 0.01 0.32 0.10 0.03 0.00 0.03 - 0.01 0.06 0.02 0.08 0.07 0.08 - 0.01 0.16 0.03 0.32 0.26 0.27 + 0.02 0.78 0.17 0.23 0.19 0.21 + 0.01 0.65 0.08 0.03 0.03 0.03 + 0.01 0.07 0.01 2.98 1.95 2.21 - 0.44 2.98 1.04 3.86 2.84 2.88 - 0.42 3.86 1.36 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.07 0.03 0.04 0.03 0.03 unch 0.00 0.05 0.02 0.32 0.26 0.27 - 0.03 0.91 0.23 0.42 0.34 0.34 - 0.05 1.22 0.30 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.13 0.02

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Potash Ridge* O 167 Potash Ridge T 3585 Power Group* O 2 Power Group V 82 Power Metals* O 74 Power Metals V 176 PowerOre V 400 PPX Mining* O 528 PPX Mining V 375 Precipitate Gl* O 318 Precipitate Gl V 963 Premier Gold M T 1503 Premium Expl* O 4 Pretium Res* N 7970 Pretium Res T 1898 Primary Energy C 9784 V 260 Prime Meridian Prism Res V 10 Probe Metals* O 100 Probe Metals V 307 Prog Planet V 20 Prog Planet* O 3 Project One C 30 13 Promithian Gl * O Prophecy Coal T 3092 Prophecy Coal* O 821 Prophecy Pot C 50 Prosper Gold V 277 Prospero Silvr V 210 Prospero Silvr* O 19 C 50 Provenance Gld Providence V 77 Providence Gld* O 29 PUF Vent Inc * O 3822 Puma Expl* O 0 Puma Expl V 170 Pure Energy* O 808 Pure Energy V 778 Pure Gold Mg* O 1576 Pure Gold Mg V 1400 Purepoint Uran V 66 Q-Gold Res V 33 QC Precious V 199 QC Precious * O 30 QMC Quantum Ml V 251 QMC Quantum Ml* O 145 QMX Gold* O 612 QMX Gold V 5388 Quadro Res V 2961 C 82 Quantum Cobalt Quartz Mtn Res V 0 Quartz Mtn Res* O 0 Quaterra Res V 157 Quaterra Res* O 306 Quest Rare Mnl* O 709 Quinto Res V 70

0.04 0.00 0.04 + 0.01 0.08 0.01 0.05 0.04 0.05 + 0.01 0.11 0.02 0.06 0.06 0.06 unch 0.00 0.18 0.01 0.08 0.00 0.07 + 0.01 0.25 0.06 0.06 0.05 0.05 + 0.00 0.16 0.03 0.08 0.08 0.08 + 0.01 0.20 0.04 0.08 0.08 0.08 unch 0.00 0.14 0.05 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.06 0.05 0.05 - 0.01 0.09 0.05 0.19 0.16 0.18 - 0.01 0.22 0.05 0.25 0.20 0.24 - 0.01 0.28 0.08 1.76 1.63 1.65 - 0.07 2.55 1.41 0.00 0.00 0.00 unch 0.00 0.01 0.00 10.73 10.14 10.72 + 0.24 13.83 6.80 14.09 13.30 14.07 + 0.38 18.30 9.00 0.82 0.54 0.59 - 0.06 0.82 0.08 0.07 0.06 0.07 + 0.01 0.16 0.04 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.97 0.92 0.93 + 0.01 1.16 0.69 1.26 1.20 1.23 + 0.02 1.53 0.90 0.06 0.05 0.05 - 0.01 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.16 0.16 0.16 unch 0.00 0.30 0.16 5.40 3.60 5.00 + 0.65 6.30 0.02 0.37 0.29 0.30 - 0.07 0.55 0.15 0.31 0.21 0.22 - 0.07 0.43 0.11 0.10 0.05 0.05 unch 0.00 0.19 0.01 0.05 0.04 0.05 + 0.01 0.13 0.04 0.02 0.02 0.02 unch 0.00 0.11 0.01 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.12 0.11 0.12 unch 0.00 0.23 0.09 0.11 0.10 0.11 + 0.01 0.20 0.08 0.08 0.07 0.07 unch 0.00 0.16 0.06 0.09 0.07 0.08 - 0.01 0.64 0.05 0.10 0.10 0.10 unch 0.00 0.32 0.05 0.14 0.12 0.13 - 0.01 0.40 0.10 0.04 0.03 0.04 - 0.00 0.08 0.02 0.05 0.04 0.04 - 0.01 0.12 0.04 0.61 0.55 0.61 + 0.03 0.68 0.36 0.80 0.72 0.78 + 0.03 0.88 0.49 0.06 0.05 0.06 unch 0.00 0.11 0.05 0.20 0.20 0.20 unch 0.00 0.30 0.14 0.39 0.33 0.38 unch 0.00 0.40 0.21 0.29 0.00 0.29 + 0.01 0.31 0.16 0.12 0.00 0.12 unch 0.00 0.34 0.07 0.10 0.08 0.08 + 0.00 0.26 0.05 0.10 0.00 0.09 + 0.01 0.10 0.03 0.13 0.11 0.12 + 0.01 0.13 0.04 0.08 0.04 0.07 + 0.03 0.08 0.02 0.03 0.00 0.03 unch 0.00 0.10 0.01 0.00 0.00 0.17 unch 0.00 0.35 0.15 0.00 0.00 0.13 unch 0.00 0.24 0.13 0.07 0.00 0.07 unch 0.00 0.13 0.06 0.05 0.05 0.05 - 0.00 0.10 0.04 0.03 0.01 0.01 - 0.01 0.06 0.00 0.04 0.03 0.04 + 0.01 0.09 0.03

R Rackla Metals* O 2 0.10 0.09 0.09 - 0.01 0.12 0.00 V 16 0.15 0.00 0.15 - 0.03 0.20 0.08 Rackla Metals Radisson Mng V 434 0.20 0.17 0.20 + 0.02 0.24 0.10 Radius Gold V 562 0.24 0.20 0.24 + 0.05 0.47 0.09 O 138 0.02 0.00 0.02 unch 0.00 0.05 0.00 Rae-Wallace Mg* Rain City C 33 0.13 0.13 0.13 unch 0.00 0.15 0.04 Rainforest Res* O 27 2.99 1.74 2.36 + 0.19 7.60 1.56 Rainy Mtn Royl* O 6 0.07 0.00 0.05 - 0.02 0.17 0.06 Rainy Mtn Royl V 24 0.09 0.00 0.09 unch 0.00 0.40 0.07 O 0 0.00 0.00 0.01 unch 0.00 0.04 0.00 Rambler Metals* Rare Element* O 917 0.80 0.66 0.68 - 0.03 0.96 0.05 Rathdowney Res V 150 0.10 0.10 0.10 + 0.05 0.13 0.03 Ravencrest Res C 5602 0.09 0.06 0.06 - 0.02 0.75 0.05 Red Eagle Mng* O 86 0.00 0.00 0.00 unch 0.00 0.01 0.00 Red Moon Res V 160 0.12 0.11 0.11 unch 0.00 0.24 0.01 Red Oak Mining V 3 0.12 0.00 0.12 + 0.03 0.28 0.04 Red Pine Expl V 356 0.04 0.04 0.04 - 0.00 0.08 0.03 Redstar Gold* O 766 0.02 0.02 0.02 + 0.00 0.04 0.01 Redstar Gold V 1162 0.03 0.02 0.03 unch 0.00 0.04 0.02 4 3.20 0.00 3.08 + 0.03 4.61 2.75 Regis Res NL* O Regulus Res V 279 1.26 1.15 1.15 - 0.07 2.00 1.02 Renaissance Gd* O 251 0.26 0.23 0.25 + 0.01 0.33 0.12 Renaissance Gd V 316 0.33 0.30 0.33 + 0.03 0.43 0.17 0.04 Renforth Res C 299 0.04 0.04 0.04 + 0.01 0.06 Resolve Vent V 14 0.14 0.11 0.14 + 0.02 0.16 0.06 Reunion Gold V 237 0.14 0.13 0.13 - 0.01 0.34 0.11 Reunion Gold* O 53 0.11 0.10 0.10 - 0.01 0.25 0.08 0.01 Revelo Res V 3633 0.02 0.01 0.02 + 0.01 0.03 Revival Gold * O 256 0.50 0.42 0.45 - 0.04 0.67 0.32 Revival Gold V 376 0.65 0.54 0.60 - 0.04 0.87 0.43 Richmond Mnls V 335 0.05 0.04 0.05 unch 0.00 0.06 0.02 O 46 0.03 0.03 0.03 unch 0.00 0.03 0.01 Richmond Mnls* Ridgestone M’g V 135 0.20 0.20 0.20 unch 0.00 0.27 0.15 Riley Resource V 28 0.13 0.13 0.13 + 0.01 0.21 0.11 Rimrock Gold* O 32358 0.00 0.00 0.00 + 0.00 0.00 0.00 Rio Silver V 435 0.05 0.04 0.04 unch 0.00 0.06 0.03 unch 0.00 0.04 0.02 Rio Silver* O 25 0.03 0.03 0.03 Rio Tinto* O 19 60.98 57.05 58.23 - 2.75 62.00 48.15 Rio Tinto* N 10323 61.11 57.43 57.76 - 2.91 64.02 47.88 Rio Tinto* O 1 71.08 0.00 68.60 + 0.78 74.50 53.92 Rio2 Limited* O 453 0.32 0.29 0.32 + 0.02 0.52 0.23 Rio2 Limited V 948 0.42 0.38 0.42 + 0.03 0.70 0.30 Rise Gold Corp C 131 0.90 0.77 0.85 unch 0.00 1.15 0.40 Rise Gold Corp* O 35 0.77 0.65 0.66 unch 0.00 1.00 0.40 Riverside Res V 369 0.16 0.15 0.16 + 0.01 0.22 0.13 Riverside Res* O 209 0.12 0.10 0.10 - 0.01 0.17 0.09 RJK Explor* O 163 0.22 0.20 0.22 + 0.02 0.22 0.03 RJK Explor V 371 0.29 0.25 0.27 + 0.01 0.29 0.04 RNC Minerals* O 667 0.36 0.33 0.33 - 0.02 0.57 0.25 RNC Minerals T 3519 0.46 0.43 0.43 - 0.03 0.76 0.33 Robex Res V 250 0.16 0.15 0.16 unch 0.00 0.16 0.06 V 27 0.05 0.00 0.05 unch 0.00 0.06 0.03 Rochester Res Rock Tech Lith V 88 0.85 0.00 0.85 + 0.08 0.98 0.45 Rock Tech Lith* O 5 0.41 0.00 0.41 unch 0.00 0.68 0.37 Rockcliff Met* O 400 0.06 0.04 0.04 - 0.02 0.14 0.02 Rockcliff Met C 473 0.08 0.06 0.07 - 0.01 0.19 0.06 Rockex Mng C 18 0.04 0.04 0.04 unch 0.00 0.05 0.01 Rockhaven Res V 218 0.14 0.13 0.13 + 0.01 0.19 0.10 Rockridge Res V 1201 0.23 0.19 0.19 - 0.02 0.39 0.13 Rockshield Cap* O 25 0.04 0.04 0.04 - 0.01 0.09 0.02 Rodinia Lithm V 27 0.04 0.00 0.04 unch 0.00 0.07 0.03 Rogue Res* O 21 0.07 0.06 0.07 + 0.01 0.10 0.04 Rogue Res V 228 0.08 0.07 0.08 + 0.01 0.13 0.05 Rokmaster Res V 1994 0.11 0.07 0.10 + 0.04 0.13 0.03 Romios Gold Rs* O 186 0.03 0.00 0.02 - 0.00 0.05 0.01 Romios Gold Rs V 658 0.04 0.03 0.04 + 0.01 0.07 0.02 O 78 0.11 0.09 0.11 + 0.01 0.23 0.05 RosCan Gold* RosCan Gold V 3704 0.15 0.13 0.14 + 0.01 0.33 0.10 Rover Metals* O 417 0.07 0.07 0.07 unch 0.00 2.01 0.02 Roxgold T 2333 0.94 0.88 0.89 - 0.02 1.42 0.75 0.57 Roxgold* O 214 0.73 0.66 0.69 - 0.03 1.07 Royal Gold V 150 0.51 0.43 0.47 unch 0.00 0.60 0.10 Royal Gold* O 2 0.38 0.00 0.38 unch 0.00 0.39 0.02 Royal Gold* D 2798 115.84 109.64 114.86 + 2.09 138.78 80.65 17 0.00 0.00 0.00 + 0.00 0.01 0.00 Royal Mines &M* O Royal Rd Mnrls V 120 0.28 0.27 0.27 - 0.01 0.35 0.07 0 0.00 0.00 0.03 unch 0.00 2.00 0.01 Royal Std Mnrl* O RT Minerals V 65 0.04 0.04 0.04 unch 0.00 0.10 0.03 unch 0.00 0.07 0.02 RT Minerals* O 11 0.02 0.02 0.02 RTG Mining * O 15 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.07 RTG Mining T 40 0.10 0.10 0.10 + 0.02 0.16 Rubicon Mnrls* O 198 0.91 0.73 0.84 + 0.02 1.03 0.46 Rubicon Mnrls T 614 1.19 0.99 1.10 unch 0.00 1.34 0.61 Rugby Mng V 13 0.15 0.14 0.14 - 0.01 0.26 0.07 Running Fox Rs* O 56 0.01 0.01 0.01 + 0.00 0.01 0.01 Running Fox Rs V 874 0.02 0.01 0.02 + 0.01 0.03 0.01 Rupert Res V 388 0.79 0.67 0.76 + 0.08 1.08 0.65 Rusoro Mng* O 2 0.06 0.05 0.06 + 0.01 0.12 0.03 Rusoro Mng V 909 0.08 0.07 0.08 + 0.01 0.16 0.04

S Sabina Gd&Slvr T 1607 Sabina Gd&Slvr* O 637 Sable Res* O 33 Sable Res V 1054 Sage Gold* O 94 Sailfish Rylty V 77 Salazar Res* O 165 Salazar Res V 365 Salt Lake Pot* O 25 Sama Res V 433 Sama Res* O 188 Samex Mng* O 14 San Gold Corp* O 12977 San Marco Res* O 57 San Marco Res V 306 Sanatana Res V 568 Sanatana Res* O 20 Sandfire Res V 19 Sandfire Res* O 99 Sandspring Res* O 116 Sandstorm Gold T 2691 Sandstorm Gold* X 7718

1.91 1.74 1.86 + 0.07 2.28 0.99 1.48 1.33 1.42 + 0.05 1.72 0.73 0.08 0.08 0.08 - 0.00 0.16 0.06 0.12 0.10 0.11 - 0.01 0.22 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.90 0.82 0.89 + 0.05 1.81 0.66 0.23 0.15 0.20 + 0.05 0.23 0.09 0.27 0.18 0.26 + 0.07 0.27 0.11 0.52 0.00 0.52 unch 0.00 0.59 0.32 0.24 0.22 0.23 + 0.01 0.44 0.16 0.19 0.17 0.18 + 0.00 0.33 0.12 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.11 0.12 + 0.00 0.23 0.06 0.17 0.14 0.17 + 0.02 0.30 0.09 0.02 0.01 0.02 unch 0.00 0.06 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 0.28 0.00 0.24 - 0.04 0.40 0.06 0.20 0.18 0.19 + 0.01 0.31 0.05 1.71 1.55 1.61 - 0.10 2.72 0.85 9.20 8.90 9.17 + 0.13 9.89 6.04 7.09 6.75 6.98 + 0.08 7.67 4.65

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Santa Fe Gold* O 413 V 254 Santacruz Silv Sarama Res V 692 Sarissa Res* O 1392 Satori Res V 72 Satori Res* O 9 Saturn Mnrls V 400 Saville Res V 30 Scandium Intl T 638 O 92 Scandium Intl* Scorpio Gold V 142 66 Scorpio Gold * O Scotch Creek C 38 Scottie Res* O 669 Scottie Res V 2093 ScoZinc Mg* O 0 ScoZinc Mg V 39 Seabridge Gld T 306 N 1853 Seabridge Gld* Search Mnls V 292 Searchlight* O 26 O 109 SearchlightMin* V 220 SearchlightRes Sego Res V 901 Select Sands V 481 T 3430 Semafo Serabi Gold T 38 Serabi Gold* O 0 Serengeti Res V 881 Sherritt Intl T 1306 V 181 Shine Minerals Sibanye-Stillw* N 31880 O 1 Sibanye-Stillw* O 4129 Sidney Resrces* Sienna Res* O 342 13373 Sienna Res V Sierra Madre V 20 Sierra Metals T 24 Sierra Metals* X 66 V 3 Sigma Lithium O 134 Signature Res* Signature Res V 199 Silver Bear Rs T 248 71 Silver Bear Rs* O Silver Bull Re* O 1125 Silver Bull Re T 358 Silver Grail V 32 Silver Mtn Mns V 250 O 34 Silver Predatr* Silver Predatr V 158 52 Range V Silver Silver Scott* O 100 O 115 Silver Spruce* Silver Spruce V 262 O 0 Silver Stream* Silver Viper V 120 Silver Viper* O 17 X 4996 Silvercorp Met* T 1738 Silvercorp Met SilverCrest* X 2333 SilverCrest T 1089 O 2 Silverore Mns* O 11 Silverstar Res* Sirios Res* O 16 Sirios Res V 513 Sitka Gold C 274 Sitka Gold* O 161 Sixty North C 165 Sixty North* O 1 Skeena Res V 1968 Skeena Res* O 2828 SKRR Explor V 110 Sky Gold* O 2 Sky Gold V 185 O 205 Skyharbour Res* V 300 Skyharbour Res Slam Explor* O 0 Slam Explor V 679 10 Slave Lake Zn C O 11 Sokoman Min* Sokoman Min V 501 SolGold plc* O 33 SolGold plc T 38 T 17 Solitario Ex&R X 540 Solitario Ex&R* 215 V Gold Solstice 1 Sonora Gld & S V O 3 Sonoro Metals* V 41 Sonoro Metals South32* O 3 O 20 Southern Arc* Southern Arc V 37 N 5351 Southern Copp* O 273 Southern Silvr* V 487 Southern Silvr T 63 SouthGobi Res O 1 Southstone Min* V 23 Southstone Min Spanish Mtn Gd V 447 Spanish Mtn Gd* O 178 Sparton Res V 591 Sparton Res* O 250 O 276 Spearmint Res* C 7007 Spearmint Res C 150 Spey Resources Sphinx Res V 404 Sprott Res Hld T 127 Spruce Ridge R V 135 SRG Mining V 20 SSR Mining* D 4492 SSR Mining T 1194 St Augustine T 167 C 593 St-Georges Eco O 50 St-Georges Eco* V 226 Stakeholdr Gld O 17 Stakeholdr Gld* O 830 Standard Graph* Standard Lith V 631 O 147 Standard Metal* Stans Energy V 203 O 385 Stans Energy* Star Diamond T 992 O 72 Star Diamond* Star Gold* O 114 Starcore Intl T 238 Starr Peak Exp V 351 O 0 Steele Oceanic* Stellar Africa* O 2 Stellar Africa V 237 Stelmine Can V 50 Steppe Gold T 156 O 5158 Stornoway Diam* Stratabd Mnr V 112 Strateco Res* O 20 O 268 Strategic Metl* Strategic Metl V 303 O 0 Strategic Res* Strategic Res V 423 Stria Lithium V 30 V 3496 Strikepoint Gd O 60 Strikepoint Gd* V 564 Strongbow Expl O 5 Strongbow Expl* Stroud Res V 35 Stuhini Explor V 120 Sulliden Mng T 322 Sun Metals V 7693 Suncor Energy T 13871 N 15053 Suncor Energy* O 193 Superior Gold* Superior Gold V 229 Superior Mng V 116 O 0 Supreme Metal* C 225 Supreme Metals 10 Surge Copper * O Surge Copper V 82 Surge Explor* O 914 Surge Explor V 2517 Sutter Gold* O 92 Syrah Res* O 157

0.09 0.07 0.08 + 0.00 0.14 0.04 0.05 0.14 0.13 0.14 - 0.01 0.20 0.05 unch 0.00 0.12 0.07 0.06 0.07 0.00 0.00 0.00 0.00 - 0.00 0.00 0.01 0.07 0.06 0.06 - 0.01 0.10 0.03 unch 0.00 0.07 0.04 0.04 0.04 0.09 0.16 0.14 0.15 - 0.02 0.19 0.02 unch 0.00 0.06 0.03 0.03 0.03 0.09 0.07 0.08 - 0.01 0.20 0.07 0.05 0.07 0.05 0.06 - 0.01 0.15 0.03 0.10 0.09 0.09 - 0.01 0.16 0.08 0.07 0.08 - 0.00 0.11 0.01 0.06 unch 0.00 0.13 0.08 0.08 0.08 0.10 0.19 0.15 0.17 - 0.03 0.23 0.10 0.25 0.21 0.22 - 0.03 0.30 0.26 unch 0.00 0.59 0.00 0.00 0.54 0.34 0.70 0.64 0.64 - 0.06 0.90 14.74 18.79 17.03 18.40 + 1.02 21.98 10.95 14.31 13.01 13.97 + 0.69 16.55 0.04 unch 0.00 0.06 0.05 0.04 0.05 0.00 0.03 0.02 0.03 + 0.00 0.10 0.01 0.02 0.01 0.02 + 0.01 0.07 0.02 0.04 0.04 0.04 - 0.01 0.05 0.03 0.01 0.07 0.06 0.05 0.06 + 0.01 unch 0.00 0.14 0.03 0.03 0.03 2.36 2.69 2.57 2.66 + 0.02 5.75 0.45 1.49 1.18 1.22 - 0.23 1.49 0.62 unch 0.00 1.08 0.00 0.00 0.90 0.15 0.26 0.22 0.22 - 0.01 0.40 0.17 0.20 0.19 0.20 - 0.01 0.53 0.01 0.05 0.03 0.04 + 0.02 0.08 11.27 9.97 10.63 - 0.52 11.27 2.96 0.82 2.70 0.00 2.70 + 0.30 2.70 0.00 0.02 0.02 0.02 - 0.00 0.04 0.02 0.08 0.03 0.06 + 0.03 0.08 0.03 0.10 0.05 0.08 + 0.04 0.10 0.03 unch 0.00 0.15 0.03 0.03 0.03 1.33 2.22 2.02 2.12 - 0.11 2.60 1.01 1.73 1.60 1.60 - 0.13 1.90 1.59 1.95 1.89 1.95 + 0.05 2.05 0.03 0.06 0.04 0.06 + 0.01 0.07 0.04 0.07 0.06 0.07 + 0.02 0.09 0.15 0.13 0.13 - 0.01 0.25 0.10 0.12 0.10 0.10 - 0.01 0.18 0.07 0.07 0.06 0.07 + 0.00 0.14 0.06 0.09 0.08 0.08 - 0.01 0.19 0.08 0.02 0.10 0.09 0.09 - 0.02 0.12 0.01 0.01 0.01 - 0.01 0.02 0.01 0.04 unch 0.00 0.12 0.07 0.07 0.07 0.06 unch 0.00 0.17 0.10 0.00 0.08 0.07 0.11 0.09 0.11 + 0.02 0.15 0.01 0.05 0.03 0.03 - 0.02 0.07 0.01 0.03 0.00 0.03 + 0.00 0.05 0.02 0.04 0.04 0.04 + 0.01 0.07 7.10 unch 0.00 8.00 8.00 8.00 8.00 0.11 0.36 0.29 0.29 - 0.07 0.38 0.13 0.26 0.25 0.25 - 0.01 0.26 2.00 5.66 5.30 5.51 + 0.05 5.93 2.70 7.44 6.93 7.24 + 0.11 7.69 2.96 6.95 6.39 6.86 + 0.29 7.94 3.99 9.09 8.54 9.00 + 0.42 9.75 0.02 0.03 0.00 0.03 + 0.01 0.03 0.02 0.09 0.02 0.06 + 0.04 0.14 0.11 0.14 0.13 0.13 - 0.01 0.20 0.15 0.17 0.16 0.16 - 0.01 0.28 0.08 0.23 0.20 0.21 - 0.02 0.26 0.10 0.18 0.16 0.17 - 0.00 0.18 0.03 unch 0.00 0.09 0.04 0.04 0.04 0.02 0.04 0.03 0.04 + 0.00 0.05 0.27 1.09 0.90 1.00 - 0.04 1.20 0.19 0.87 0.70 0.76 - 0.04 0.90 0.30 0.35 0.30 0.31 + 0.01 0.35 0.04 0.07 0.00 0.07 + 0.01 0.71 0.05 0.11 0.09 0.09 - 0.02 0.70 0.11 0.13 0.12 0.12 - 0.00 0.33 0.15 unch 0.00 0.44 0.17 0.16 0.16 0.01 unch 0.00 0.02 0.00 0.00 0.01 0.01 0.02 0.02 0.02 + 0.01 0.03 0.09 0.09 0.09 unch 0.00 0.13 0.04 0.04 0.07 0.00 0.07 + 0.01 0.18 0.04 unch 0.00 0.23 0.10 0.09 0.10 0.21 0.29 0.25 0.25 - 0.03 0.56 0.28 unch 0.00 0.76 0.36 0.35 0.35 0.34 0.39 0.37 0.38 + 0.01 0.59 0.26 0.31 0.28 0.29 + 0.00 0.54 0.05 0.10 0.08 0.09 - 0.01 0.27 0.00 0.00 0.04 unch 0.00 0.07 0.03 0.09 0.11 0.10 0.10 - 0.01 0.15 0.12 0.15 0.13 0.14 - 0.02 0.20 1.59 2.00 0.00 1.93 - 0.06 2.86 0.23 0.30 0.29 0.29 - 0.01 0.47 0.30 0.40 0.38 0.39 - 0.01 0.62 29.39 44.19 39.65 39.85 - 4.08 44.82 0.10 0.17 0.15 0.16 - 0.01 0.23 0.14 0.23 0.20 0.21 - 0.01 0.31 0.07 0.10 0.00 0.10 + 0.01 0.18 0.05 unch 0.00 0.17 0.06 0.06 0.06 0.05 0.08 0.07 0.07 - 0.01 0.25 0.11 0.09 0.09 - 0.01 0.14 0.05 0.09 0.07 0.08 - 0.00 0.11 0.04 0.02 unch 0.00 0.08 0.03 0.00 0.03 0.01 unch 0.00 0.05 0.02 0.02 0.02 0.00 0.03 0.01 0.03 + 0.02 0.08 0.01 0.04 0.03 0.04 + 0.01 0.04 0.03 unch 0.00 0.11 0.04 0.04 0.04 0.01 0.02 0.00 0.02 - 0.01 0.06 0.74 0.00 0.72 unch 0.00 1.77 0.66 0.08 0.06 0.08 unch 0.00 0.13 0.04 0.67 0.73 0.69 0.71 + 0.02 1.15 10.59 18.47 17.47 18.35 + 0.64 19.42 14.23 24.27 22.76 24.14 + 1.01 25.33 0.02 unch 0.00 0.03 0.02 0.00 0.02 0.06 0.08 0.07 0.08 + 0.01 0.25 0.04 unch 0.00 0.17 0.05 0.05 0.05 0.02 0.04 0.04 0.04 - 0.01 0.08 0.01 unch 0.00 0.04 0.03 0.03 0.03 0.10 0.17 0.14 0.15 - 0.01 0.65 0.53 0.97 0.85 0.86 - 0.07 1.44 0.02 0.07 0.04 0.07 + 0.01 0.09 0.01 0.02 0.01 0.02 + 0.01 0.11 0.00 0.01 0.00 0.01 + 0.00 0.08 0.18 0.50 0.46 0.50 + 0.03 0.53 0.14 0.38 0.35 0.38 + 0.03 0.41 0.02 0.06 0.03 0.05 + 0.02 0.09 0.05 0.12 0.08 0.10 + 0.02 0.16 0.31 0.31 0.31 unch 0.00 0.48 0.09 0.40 unch 0.00 1.00 0.00 0.00 0.40 0.01 unch 0.00 0.04 0.04 0.04 0.04 0.02 unch 0.00 0.04 0.04 0.03 0.03 0.08 0.11 0.10 0.10 - 0.01 0.17 0.59 0.88 0.75 0.80 - 0.07 1.14 0.00 0.00 0.00 0.00 - 0.00 0.15 0.02 0.10 0.10 0.10 - 0.01 0.15 0.00 unch 0.00 0.01 0.01 0.00 0.01 0.21 0.37 0.32 0.36 - 0.01 0.43 0.28 unch 0.00 0.57 0.50 0.42 0.48 0.16 unch 0.00 0.46 0.00 0.00 0.21 0.23 unch 0.00 0.70 0.36 0.35 0.35 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.04 0.05 0.04 0.04 - 0.01 0.17 0.03 0.03 0.03 0.03 - 0.00 0.12 0.03 0.06 0.06 0.06 - 0.01 0.15 0.02 unch 0.00 0.10 0.05 0.05 0.05 0.05 0.26 0.24 0.26 + 0.01 0.37 0.19 0.35 0.24 0.35 + 0.11 0.35 0.03 0.07 0.06 0.06 + 0.01 0.11 0.10 0.14 0.10 0.13 - 0.07 0.65 36.32 44.07 42.07 42.48 - 1.42 46.50 27.28 34.06 31.99 32.34 - 1.27 34.87 0.28 0.57 0.52 0.57 + 0.05 0.84 0.38 0.78 0.69 0.75 + 0.06 1.14 0.05 0.21 0.19 0.20 + 0.01 0.24 0.01 unch 0.00 0.03 0.00 0.00 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.03 0.00 0.03 - 0.00 0.06 0.03 0.03 0.06 0.05 0.06 + 0.01 0.08 0.01 0.01 0.01 0.01 - 0.00 0.08 0.02 unch 0.00 0.10 0.02 0.02 0.02 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.24 0.47 0.37 0.42 - 0.05 1.48

Taiga Gold C 320 Taiga Gold* O 27 Tajiri Res V 346 Taku Gold* O 8 Taku Gold C 17 Talisker Res* O 31 Talisker Res C 2380 C 161 Talmora Diamd Talon Metals T 509

0.06 unch 0.00 0.13 0.10 0.09 0.09 0.04 0.07 0.06 0.07 - 0.00 0.09 0.03 0.08 0.07 0.08 + 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.08 0.03 0.07 0.06 0.07 + 0.01 0.10 0.00 0.26 0.23 0.26 + 0.01 0.28 0.08 0.35 0.29 0.34 + 0.04 0.36 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.08 0.14 0.13 0.13 - 0.01 0.25

T

2020-01-27 2:58 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / FEBRUARY 3–16, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Tamino Mnrls* O 1997 Tanqueray Expl V 354 Tantalex Res C 1605 Tanzanian Gold T 96 X 1410 Tanzanian Gold* Taranis Res* O 15 Taranis Res V 250 Tarku Res V 674 Tartisan Nick* O 9 Tartisan Nick C 1857 Taseko Mines T 1726 Taseko Mines* X 4152 Tearlach Res V 0 Teck Res T 9809 T 28 Teck Res Teck Res* N 23810 Tectonic Metal V 174 Telson Res * O 210 Telson Res V 233 Tembo Gold V 1417 Tembo Gold* O 202 Teranga Gold T 1317 O 123 Teranga Gold* Teras Res V 569 Teras Res* O 195 Terrax Mnrls V 382 Terrax Mnrls* O 18 Terreno Res V 37 Teslin Rvr Res V 1299 Tesoro Mnrls V 39 Tethyan Res V 418 Teuton Res V 319 Teuton Res* O 117 O 2066 Texas Mineral* Themac Res V 59 Thor Expl V 61 Thunder Mtn Gd* O 6 Thunderstruck V 674 O 150 Thunderstruck* Till Capital V 1 V 79 Timberline Res Timberline Res* O 184 Tinka Res V 2076 Tinka Res* O 1444 Tintina Mines V 12 Tisdale Res V 17 Titan Mining T 156 Titan Mining* O 44 V 53 Titanium Corp TMAC Resource* O 88 T 768 TMAC Resources TNR Gold V 205 C 170 Tocvan Venture Tombstone Expl* O 1 O 71 Tonogold Res* Torex Gold* O 174 Torex Gold T 1298 Torq Resources* O 33 V 130 Torq Resources Tower Res* O 3 Tower Res V 333 Transatlantic V 338 Transatlantic* O 538 Transition Met V 3686 O 58 Transition Met* Treasury Metal T 1018 O 87 Treasury Metal* Trecora Res* N 177 Tres-Or Res V 118 Trevali Mng* O 983 Trevali Mng T 5737

0.00 0.00 0.00 - 0.00 0.01 0.00 0.67 0.58 0.63 + 0.03 0.85 0.45 0.02 0.01 0.01 - 0.01 0.06 0.01 0.79 0.68 0.74 + 0.03 1.56 0.49 0.58 0.52 0.56 + 0.02 1.20 0.41 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.06 0.06 0.06 - 0.03 0.10 0.05 0.02 0.00 0.02 unch 0.00 0.05 0.01 0.06 0.06 0.06 unch 0.00 0.08 0.02 0.10 0.09 0.09 + 0.01 0.11 0.03 0.80 0.63 0.65 - 0.15 1.05 0.50 0.62 0.48 0.49 - 0.12 0.79 0.38 0.00 0.00 0.20 unch 0.00 0.28 0.07 21.43 18.66 19.00 - 2.21 34.31 19.34 20.93 0.00 19.29 - 1.96 34.00 19.60 16.24 14.19 14.45 - 1.77 25.75 14.19 0.25 0.23 0.25 + 0.02 0.31 0.22 0.09 0.09 0.09 - 0.00 0.31 0.08 0.12 0.11 0.11 - 0.02 0.42 0.10 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.01 0.01 0.01 - 0.00 0.03 0.01 7.32 6.91 7.29 + 0.12 7.45 2.97 5.56 5.23 5.55 + 0.08 5.71 2.23 0.07 0.05 0.07 + 0.02 0.12 0.02 0.05 0.04 0.05 + 0.01 0.07 0.03 0.28 0.26 0.28 + 0.02 0.46 0.23 0.22 0.19 0.20 + 0.01 0.35 0.17 0.04 0.02 0.04 + 0.02 0.05 0.01 0.31 0.26 0.28 - 0.02 0.60 0.26 0.05 0.05 0.05 unch 0.00 0.07 0.04 0.18 0.16 0.17 + 0.01 0.85 0.11 0.55 0.50 0.55 + 0.05 0.65 0.13 0.43 0.39 0.40 + 0.00 0.49 0.09 0.95 0.71 0.76 - 0.10 1.58 0.12 0.05 0.05 0.05 - 0.01 0.08 0.03 0.16 0.00 0.15 - 0.01 0.18 0.12 0.11 0.07 0.07 + 0.00 0.14 0.03 0.06 0.05 0.06 + 0.02 0.11 0.03 0.05 0.03 0.05 + 0.02 0.08 0.02 1.80 0.00 1.60 - 0.40 2.54 1.00 0.11 0.09 0.11 unch 0.00 0.14 0.08 0.09 0.07 0.09 + 0.00 0.13 0.03 0.24 0.20 0.22 + 0.02 0.40 0.11 0.19 0.13 0.17 + 0.02 0.28 0.09 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.10 0.08 0.08 - 0.02 0.25 0.06 0.28 0.00 0.27 - 0.01 1.07 0.25 0.21 0.21 0.21 - 0.01 0.77 0.20 0.70 0.00 0.65 unch 0.00 1.20 0.47 2.31 2.05 2.08 - 0.23 5.29 2.05 3.02 2.67 2.75 - 0.25 6.95 2.67 0.03 0.00 0.03 + 0.01 0.05 0.02 0.20 0.15 0.20 + 0.01 0.20 0.07 2.40 0.00 2.38 - 0.02 3.80 0.12 0.47 0.41 0.47 + 0.02 0.47 0.07 13.82 12.96 13.64 + 0.22 16.86 8.49 18.10 17.03 17.94 + 0.38 21.91 11.41 0.37 0.36 0.37 + 0.01 0.42 0.24 0.50 0.46 0.48 + 0.01 0.57 0.33 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.16 0.02 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.24 0.18 0.23 + 0.06 0.24 0.08 0.18 0.12 0.18 + 0.06 0.17 0.07 0.27 0.26 0.27 unch 0.00 0.42 0.21 0.21 0.20 0.21 - 0.00 0.32 0.15 7.48 7.02 7.14 - 0.11 10.54 7.01 0.11 0.10 0.11 + 0.01 0.30 0.08 0.20 0.16 0.16 - 0.03 0.36 0.11 0.26 0.20 0.21 - 0.05 0.49 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tri Origin Exp V 3073 Trifecta Gold V 195 Trifecta Gold* O 6 Trilogy Mtls T 106 Trilogy Mtls* X 1117 O 215 TriMetals Mng* Trinity Res* O 66 Trinity Valley V 108 Trio Resources* O 32 TriStar Gold* O 309 TriStar Gold V 258 Triumph Gold V 272 O 116 Triumph Gold* Troilus Gold* O 84 Troilus Gold T 942 V 335 Troubadour Res Troy Enrgy V 300 25 True North Gem* O True North Gem V 57 Tsodilo Res V 125 Tudor Gold * O 76 Tudor Gold V 1092 V 296 Turmalina Met 10954 Turquoise HIl* N Turquoise HIl T 11315 TVI Pacific* O 45 TVI Pacific V 482 Tyhee Gold* O 16235 Tymbal Res V 6 Typhoon Expl V 55

0.03 0.02 0.02 unch 0.00 0.04 0.01 0.04 0.00 0.04 unch 0.00 0.07 0.03 0.02 0.02 0.02 - 0.00 0.05 0.02 3.40 2.89 2.91 - 0.36 4.10 2.00 2.63 2.20 2.22 - 0.29 3.13 1.50 0.12 0.09 0.09 - 0.02 0.13 0.03 0.10 0.05 0.05 - 0.05 0.50 0.01 0.08 0.08 0.08 unch 0.00 0.15 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.20 0.18 0.19 unch 0.00 0.22 0.07 0.26 0.24 0.25 unch 0.00 0.28 0.10 0.26 0.23 0.25 + 0.01 0.58 0.21 0.20 0.18 0.18 - 0.01 0.44 0.16 0.47 0.43 0.43 - 0.03 0.81 0.40 0.64 0.57 0.58 - 0.02 1.16 0.52 0.05 0.04 0.05 unch 0.00 0.20 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.06 0.06 0.06 unch 0.00 0.14 0.00 0.09 0.00 0.09 unch 0.00 0.28 0.05 0.08 0.06 0.08 - 0.02 0.30 0.05 0.58 0.50 0.51 - 0.04 0.81 0.20 0.79 0.66 0.66 - 0.07 1.07 0.26 0.77 0.71 0.75 - 0.02 0.84 0.53 0.76 0.63 0.65 - 0.04 2.17 0.40 1.02 0.83 0.86 - 0.06 2.84 0.53 0.01 0.01 0.01 - 0.00 0.01 0.00 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 unch 0.00 0.10 0.03 0.05 0.05 0.05 unch 0.00 0.07 0.02

U.S. Gold* D 282 U.S. Lithium* O 631 U3O8 Corp* O 33 U3O8 Corp T 282 Ubique Mineral C 4 UC Res* O 109 Ucore Rare Mtl V 786 Ucore Rare Mtl* O 1612 UEX Corp T 2468 O 106 Ultra Resource* Ultra Resource V 48 Umbral Enrgy* O 298 Unigold* O 44 V 2216 Unigold United Battery* O 79 C 60 United Battery United Res Hdg* O 81 United States A* X 163 United States S* N 84737 O 125 Universal Cop* Universal Cop V 155 V 165 Universal Vent Ur-Energy* X 1326 Ur-Energy T 210 Uragold Bay Rs V 171 X 3179 Uranium Energy* Uranium Hunter* O 1 Uranium Res* D 771 Uranium Roylty V 719 O 247 Uranium Roylty* UrbanGold Min V 366 USCorp* O 26 Usha Res V 55 Val-d’Or Mg V 75 Val-d’Or Mg* O 17 N 116538 Vale* Valley High Mg* O 2004 O 388 ValOre Metals*

0.90 0.80 0.83 - 0.02 1.53 0.65 0.62 0.39 0.51 + 0.05 0.62 0.11 0.09 0.07 0.08 + 0.00 0.19 0.03 0.12 0.10 0.10 + 0.01 0.28 0.04 0.04 0.00 0.04 unch 0.00 0.20 0.03 0.24 0.20 0.22 + 0.02 1.27 0.12 0.21 0.16 0.17 - 0.04 0.34 0.09 0.17 0.12 0.12 - 0.04 0.25 0.07 0.12 0.11 0.11 - 0.01 0.20 0.11 0.06 0.06 0.06 unch 0.00 0.09 0.05 0.07 0.06 0.06 - 0.01 0.13 0.06 0.23 0.20 0.21 - 0.02 0.54 0.15 0.18 0.13 0.13 - 0.05 0.21 0.07 0.22 0.15 0.17 - 0.06 0.27 0.09 0.02 0.01 0.02 + 0.00 0.08 0.01 0.03 0.03 0.03 + 0.01 0.10 0.02 0.05 0.02 0.02 - 0.03 0.09 0.01 0.40 0.35 0.40 - 0.00 0.80 0.34 10.67 9.25 9.40 - 1.10 24.74 9.25 0.00 0.00 0.04 unch 0.00 0.09 0.03 0.03 0.00 0.03 + 0.01 0.14 0.02 6.08 5.41 6.06 + 0.36 6.08 2.80 0.57 0.54 0.56 - 0.01 0.99 0.50 0.74 0.70 0.72 - 0.02 1.30 0.70 0.09 0.08 0.08 - 0.01 0.12 0.06 0.90 0.83 0.83 - 0.04 1.58 0.82 1.65 0.00 1.54 - 0.81 3.50 0.51 2.39 1.96 2.06 - 0.14 9.88 1.96 1.23 1.15 1.16 - 0.03 1.28 1.10 0.95 0.89 0.90 - 0.02 0.95 0.89 0.10 0.10 0.10 unch 0.00 0.18 0.10 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.12 0.12 0.12 unch 0.00 0.17 0.11 0.10 0.06 0.09 - 0.01 0.15 0.03 0.08 0.00 0.07 - 0.01 0.12 0.04 13.67 12.76 12.84 - 0.79 15.45 10.20 0.00 0.00 0.00 + 0.00 0.01 0.00 0.31 0.25 0.28 + 0.03 0.31 0.00

U-V

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

ValOre Metals V 4057 Valterra Res* O 15 Valterra Res V 84 Vanadian Enrgy* O 25 V 383 Vanadian Enrgy Vanadium One* O 23 V 236 Vanadium One O 1173 Vanadiumcorp* Vanadiumcorp V 605 35 Vanstar Mng Rs* O Vanstar Mng Rs V 177 2 Vantex Res * O Vantex Res V 13 Velocity Mnrls V 326 O 19 Velocity Mnrls* O 45 Vendetta Mng* Vendetta Mng V 318 V 90 Venerable Vent Venture Mnrls* O 5 Verde Potash T 10 Verde Res* O 26 Veris Gold* O 36 Vertical Expl V 286 Victoria Gold V 332 Victory Metals* O 199 V 409 Victory Metals Victory Nickel* O 4 Victory Nickel C 38 Virginia Enrgy* O 36 Virginia Enrgy V 18 Viscount Mng V 438 36 Visible Gold M V Vision Lithium* O 35 Vision Lithium V 35 Vista Gold T 22 Vista Gold* X 946 Viva Gold* O 65 Viva Gold V 47 Vizsla Res V 1785 Vizsla Res * O 345 Volcanic Gold V 16 Volt Energy V 260 Voyageur Min V 215 Voyageur Min* O 50 O 367 VR Resources* VR Resources V 540 Vulcan Mnrls V 57 VVC Expl V 2696

0.41 0.31 0.38 + 0.04 0.41 0.16 0.08 0.07 0.07 - 0.00 0.28 0.07 0.10 0.08 0.08 - 0.02 0.35 0.08 0.02 0.00 0.02 + 0.01 0.06 0.00 0.03 0.02 0.03 + 0.01 0.08 0.01 0.05 0.03 0.04 + 0.00 0.12 0.03 0.06 0.05 0.05 - 0.01 0.21 0.05 0.04 0.03 0.03 - 0.01 0.10 0.02 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.35 0.31 0.32 - 0.02 0.38 0.11 0.45 0.41 0.44 - 0.01 0.49 0.12 0.10 0.10 0.10 unch 0.00 0.22 0.08 0.24 0.24 0.24 unch 0.00 0.40 0.10 0.47 0.40 0.41 - 0.06 0.58 0.20 0.34 0.31 0.31 - 0.03 0.44 0.16 0.04 0.00 0.04 - 0.01 0.12 0.03 0.06 0.05 0.05 - 0.01 0.15 0.04 0.07 0.07 0.07 unch 0.00 0.10 0.05 0.01 0.01 0.01 + 0.00 0.02 0.01 0.44 0.42 0.43 + 0.03 0.82 0.39 0.01 0.01 0.01 - 0.00 0.10 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 + 0.01 0.09 0.02 8.84 8.01 8.62 - 0.22 9.90 5.55 0.40 0.29 0.31 + 0.01 0.57 0.28 0.41 0.38 0.40 unch 0.00 0.77 0.37 0.02 0.00 0.02 + 0.00 0.04 0.01 0.03 0.00 0.02 unch 0.00 0.05 0.02 0.05 0.00 0.05 - 0.01 0.25 0.03 0.09 0.00 0.09 unch 0.00 0.37 0.04 0.30 0.25 0.28 + 0.03 0.31 0.15 0.12 0.00 0.11 unch 0.00 0.14 0.04 0.03 0.03 0.03 unch 0.00 0.13 0.02 0.05 0.04 0.05 + 0.01 0.18 0.03 0.91 0.86 0.91 + 0.03 1.39 0.68 0.70 0.65 0.69 + 0.03 1.05 0.52 0.17 0.17 0.17 - 0.00 0.32 0.15 0.25 0.23 0.25 + 0.03 0.44 0.19 0.96 0.74 0.80 - 0.10 0.96 0.13 0.69 0.56 0.60 - 0.07 0.69 0.29 0.16 0.15 0.15 - 0.01 0.44 0.13 0.05 0.04 0.04 unch 0.00 0.10 0.02 0.08 0.07 0.08 - 0.01 0.11 0.05 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.34 0.28 0.31 + 0.01 0.35 0.09 0.50 0.39 0.41 + 0.02 0.50 0.12 0.06 0.00 0.05 unch 0.00 0.21 0.02 0.05 0.04 0.05 + 0.01 0.05 0.02

Walcott Res C 15 Walker Lane* O 76 Walker River* O 37 Walker River V 1421 T 6300 Wallbridge Mng Warrior Gold* O 71 Warrior Gold V 1191 Waseco Res V 226 Wealth Mnrls V 458 Wealth Mnrls* O 627 V 160 Wescan Gldflds Wesdome Gold* O 473 Wesdome Gold T 2489 West High Yld V 88 West Kirkland V 88 West Kirkland * O 10 West Red Lake* O 176 West Red Lake C 1672 Western Areas* O 1 Western Atlas V 165

0.20 0.20 0.20 unch 0.00 0.20 0.10 0.15 0.05 0.05 - 0.02 0.40 0.02 0.10 0.09 0.10 + 0.02 0.19 0.05 0.15 0.12 0.14 + 0.02 0.27 0.07 0.84 0.75 0.78 - 0.03 0.98 0.17 0.09 0.06 0.06 - 0.03 0.09 0.04 0.10 0.07 0.07 - 0.04 0.13 0.06 0.04 0.03 0.04 + 0.01 0.05 0.02 0.35 0.29 0.35 + 0.02 0.65 0.16 0.27 0.22 0.26 + 0.00 0.50 0.12 0.08 0.04 0.05 + 0.01 0.11 0.03 7.25 6.68 6.73 - 0.05 8.02 2.95 9.17 8.73 8.89 + 0.01 10.47 3.96 0.13 0.13 0.13 + 0.01 0.47 0.10 0.07 0.06 0.06 - 0.01 0.09 0.03 0.05 0.05 0.05 unch 0.00 0.07 0.02 0.06 0.05 0.05 - 0.00 0.10 0.02 0.08 0.06 0.07 unch 0.00 0.12 0.04 1.99 1.99 1.99 unch 0.00 2.32 1.43 0.08 0.08 0.08 - 0.01 0.11 0.05

Stock

12-month

Exc Volume High Low Last Change High Low

O 32 Western Atlas* Western Copper T 303 X 812 Western Copper* Western Mag V 1092 O 603 Western Mag* Western Pac Rs* O 2 2 Western Pac Rs V Western Potash T 195 Western Res* O 47 Western U&V C 25 O 85 Western U&V* Westgold Res* O 9 Westhaven Vent* O 120 V 231 Westhaven Vent Westkam Gold* O 1 V 29 Westkam Gold Westminster Rs V 7 O 3 Westminster Rs* Westmoreland* O 13 O 1 WestMountain* Wheaton Prec M* N 11211 Wheaton Prec M T 2890 White Gold* O 100 White Gold V 261 White Metal R* O 100 White Metal Rs V 563 White Mtn Engy* O 103 O 10 Whitehaven Coa* Wildsky Res* O 7 Wildsky Res V 16 Winston Gold* O 576 Winston Gold C 230 Winston Res C 10 Wolfden Res V 744 Wolfden Res* O 74 Wolfeye Res V 526 Worldwide Res* O 100 V 50 Worldwide Res X-Terra Res V 2539 X-Terra Res* O 5 Xanadu Mines T 1125 Xemplar Egy* O 0 Xiana Mng V 51 Xiana Mng* O 38 Ximen Mining* O 16 Ximen Mining V 965 Xtierra Inc V 5 O 80 Xtra-Gold Res* Xtra-Gold Res T 107 14144 Yamana Gold T Yamana Gold* N 101657 O 15 Yanzhou Coal* Yorbeau Res T 480 O 62 Zadar Ventures* Zadar Ventures V 233 C 557 Zanzibar Gold Zara Res* O 571 O 14 ZEN Graphene* ZEN Graphene V 125 Zena Mining V 55 Zephyr Mnls V 151 Zephyr Mnls* O 61 Zimtu Capital V 60 Zinc One Res V 510 Zinc One Res * O 128 ZincX Res V 163 ZincX Res* O 57 Zonte Metals V 156 O 23 Zonte Metals*

W-Z

Week

23

0.05 0.05 0.05 unch 0.00 0.07 0.04 1.00 0.91 0.92 - 0.06 1.15 0.62 0.77 0.69 0.71 - 0.03 0.89 0.45 0.13 0.11 0.12 - 0.02 0.35 0.04 0.10 0.09 0.09 - 0.01 0.43 0.03 0.17 0.00 0.17 - 0.03 0.44 0.16 0.23 0.23 0.23 unch 0.00 0.68 0.20 0.27 0.24 0.26 - 0.01 0.55 0.11 0.21 0.00 0.20 unch 0.00 0.41 0.08 0.95 0.90 0.90 - 0.07 1.68 0.65 0.74 0.67 0.67 - 0.07 1.30 0.49 1.65 0.00 1.65 + 0.10 1.67 0.74 0.66 0.61 0.62 - 0.01 0.93 0.39 0.86 0.80 0.81 - 0.02 1.25 0.51 0.07 0.00 0.07 - 0.01 0.44 0.02 0.11 0.00 0.11 + 0.01 0.35 0.10 0.09 0.00 0.09 + 0.02 0.45 0.05 0.05 0.05 0.05 unch 0.00 0.14 0.05 0.01 0.00 0.01 + 0.00 0.05 0.01 2.00 1.75 1.75 - 0.25 3.00 1.00 29.81 27.90 29.72 + 1.50 30.90 19.02 39.19 36.43 39.06 + 2.18 40.95 24.99 0.82 0.75 0.76 - 0.02 1.18 0.54 1.05 0.98 1.01 unch 0.00 1.54 0.73 0.03 0.03 0.03 unch 0.00 0.05 0.00 0.06 0.04 0.05 + 0.01 0.07 0.03 0.03 0.02 0.02 - 0.00 0.07 0.00 1.80 1.80 1.80 unch 0.00 3.32 1.72 0.08 0.00 0.08 unch 0.00 0.11 0.04 0.07 0.05 0.05 - 0.01 0.14 0.01 0.06 0.05 0.06 + 0.00 0.13 0.02 0.08 0.07 0.07 - 0.01 0.17 0.03 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.15 0.13 0.13 - 0.01 0.24 0.08 0.11 0.00 0.10 - 0.00 0.18 0.06 0.75 0.67 0.70 + 0.01 0.93 0.45 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.03 0.03 0.03 - 0.01 0.07 0.02 0.13 0.10 0.12 + 0.01 0.17 0.07 0.09 0.00 0.09 - 0.01 0.10 0.07 0.04 0.04 0.04 unch 0.00 0.14 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.29 0.21 0.24 - 0.01 0.61 0.21 0.22 0.16 0.16 unch 0.00 0.45 0.16 0.35 0.25 0.33 + 0.08 0.66 0.24 0.47 0.33 0.42 + 0.10 0.86 0.30 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.45 0.41 0.45 + 0.03 0.50 0.20 0.59 0.54 0.58 + 0.04 0.64 0.28 5.38 4.77 5.33 + 0.51 5.38 2.41 4.10 3.64 4.06 + 0.38 4.10 1.78 0.88 0.88 0.88 unch 0.00 1.08 0.81 0.04 0.03 0.03 - 0.01 0.05 0.02 0.12 0.11 0.12 + 0.01 0.12 0.02 0.17 0.15 0.16 + 0.01 0.25 0.08 0.10 0.09 0.10 unch 0.00 0.32 0.09 0.03 0.02 0.02 - 0.01 0.63 0.01 0.28 0.26 0.28 + 0.01 0.42 0.21 0.36 0.35 0.36 + 0.01 0.58 0.28 0.08 0.08 0.08 unch 0.00 0.10 0.04 0.26 0.24 0.26 + 0.01 0.34 0.15 0.20 0.16 0.20 + 0.02 0.54 0.12 0.14 0.11 0.11 - 0.01 0.35 0.09 0.02 0.02 0.02 - 0.01 0.10 0.02 0.02 0.01 0.01 - 0.00 0.08 0.00 0.13 0.11 0.13 + 0.01 0.25 0.09 0.10 0.08 0.09 - 0.01 0.18 0.07 0.36 0.34 0.34 - 0.01 0.39 0.20 0.28 0.26 0.27 - 0.01 0.30 0.16

BID-ASK — JANUARY 20–24, 2020

STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration 66 Resources African Metals Aftermath Silv Allante Res Altan Nevada Alturas Min American CuMo American Uran Anconia Res Anglo-Bomarc Antler Hill Arcturus Vent Asbestos Corp Atlanta Gold Aurelius Min Austin Res Austral Gold Banro Corp* Barker Min Barolo Venture Barrian Mining BC Moly Bearclaw Cap BHK Mining Bluenose Gold Bond Resources Boss Power Brigadier Gold Broadway Gold Brunswick Res Buffalo Coal Bullion Gold Cairo Res Camrova Res Canada Coal Canadian Silv Candelaria Mg Canoe Mng Vent Cassius Vents CAT Strategic Cdn Palladium Century Metals Cerro de Pasc Cerro Mng Chatham Rock Chinapintza Mg Cleghorn Mnls Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Comet Inds Contintl Prec Copper North M CR Capital Cresval Cap CWN M’g Acq Cyntar Venture Cyprium Mng EastCoal Inc Edison Cobalt El Nino Vent Electra Stone Empress Res Equitorial Ex Essex Minerals Everton Res Excalibur Res Explorex Res Fengro Industr Finore Mng Fiorentina Min Fire River Gol Freedom Egy Freeport Res Full Metal Mnl Fusion Gold Galleon Gold GAR Limited Generic Gold Gentor Res GFM Res GK Resources Global Cop Grp

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

20-23_FEB3_StockTables.indd 23

0.15 0.25 0.15 0.25 0.09 0.15 0.10 0.37 0.06 0.09 0.06 0.24 0.25 0.25 0.33 0.10 ...

0.16 0.19 0.03 0.04 0.03 0.07 ... 0.01 0.01 0.02 0.06 0.07 0.06 0.06 0.24 0.06 0.06 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.06 0.07 0.06 0.09 0.54 0.54 0.50 0.97 0.40 0.60 0.40 0.55 0.03 0.04 0.03 0.04 0.13 0.14 0.14 0.15 0.06 0.10 0.10 0.13 0.08 0.10 0.08 0.10 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.01 0.19 0.38 0.19 0.30 0.15 0.15 0.13 0.27 0.05 0.21 0.05 0.07 0.02 0.02 0.02 0.04 0.02 0.02 0.02 0.14 0.14 0.14 0.20 0.20 ...

0.15 0.20 0.17 0.20 0.17 ... 0.67 0.15 0.21 0.08 0.08 0.08 0.14 ... 0.03 0.03 0.03 0.01 0.01 0.01 0.01 0.06 0.15 0.10 0.47 ... ...

0.30 0.34 ... 0.01 0.07 0.03 0.03 0.03 0.07 0.01 0.06 0.06 0.14 0.20 0.20 0.42 0.11 0.15 0.17 0.26 0.06 0.13 0.07 0.09 0.04 ...

0.04 0.07 0.20 0.20 0.20 0.27 0.06 0.06 0.07 0.11 ... ...

0.29 0.34 0.09 0.17 0.10 0.36 0.12 0.31 0.12 0.18 0.01 0.97 0.01 0.03 0.04 0.06 0.05 0.11 1.45 3.20 1.43 7.17 0.02 0.03 0.02 0.04 ...

0.06 0.05 0.08 3.40 3.95 3.40 3.60 0.40 ...

0.30 0.35 0.03 0.03 0.03 0.07 0.05 0.06 0.05 0.08 0.02 0.03 0.02 0.05 0.04 0.05 0.07 0.08 0.13 0.20 0.11 0.11 0.03 0.03 0.03 0.06 0.10 0.09 0.10 0.08 0.08 0.06 0.09 0.04 0.05 0.05 0.05 0.01 0.02 0.01 0.03 0.03 0.03 0.10 0.02 0.02 0.02 0.06 0.03 0.03 0.03 0.07 0.02 0.03 0.03 0.04 0.09 0.10 0.10 0.11 ... 0.18 0.18 0.40 0.01 0.01 0.01 0.05 0.12 0.12 0.11 0.10 0.15 0.18 0.20 0.03 0.07 0.09 0.02 0.02 0.01 0.03 0.05 0.06 0.06 0.15 0.01 0.01 0.10 0.10 ...

0.17 0.30 0.06 0.07 0.06 0.09 ... ...

0.15 4.13 ... 3.33 0.06 0.06 0.05 0.10 0.05 0.07 0.05 0.09 0.05 0.05 1.01 1.01 0.26 0.30 0.07 0.08 0.08 0.11

LOW

STOCK

0.15 0.05

Global Vanad Goldbank Mng Goldbelt Emp Golden Cariboo Golden Lake Golden Pursuit Goldstream Mnl Graphite Egy Great Lakes Gr Great Quest Fe Green Arrow Green River Green Swan Cap Greenshield Ex Grenville Gold Grosvenor Res GrowMax Res Handa Mining HFX Holding Highbury Proj Highvista Gold IM Exploration Indico Res Indigo Expl Infinite Lith Inform Res Inspiration Mg Intact Gold Inter-Rock Mnl Interconnect Intl Battery Intl Bethl Mng Intl Millm Mng Iron South Mng Jubilee Gold Kal Minerals Kanadario Gold Kings Bay Res Knick Expl La Imperial Lateral Gold Latin Metals Le Mare Gold Leo Res Lightspeed Dis Lions Bay Cap Lithion Energy Lithium Energy Logan Res Lovitt Res Lydian Intl Madeira Mrnls MAG Silver* Magna Terra Magnitude Mng Manado Gold Mariner Res Martina Mnls Mas Gold McChip Res Meadow Bay Gd Mega Copper Meridius Res Metron Capital Micrex Dev Midasco Cap Midnight Star Midnight Sun MillenMin Vent Milner Con Slv Minecorp Egy Mineral Hill Minsud Res Mongoose Mg Montana Gold Mountain Lake MX Gold Navy Res Nebu Res Nemaska Lith New Klondike New World Res Nexco Res Nickel North

0.05 0.11 0.02 0.01 0.06 0.01 0.04 0.05 0.30 0.03 0.03 0.05 0.06 0.10 0.01 0.18 0.10 0.03 0.01 0.11 0.11 0.13 0.07 0.03 0.01 0.09 0.30 0.01 0.11 0.08 0.06 0.04 0.06 0.06 0.12 0.07 0.07 0.01 0.03 0.98 0.02 0.03 2.75 0.30 0.02 0.04 0.02 0.03 0.07 0.05 0.04 0.02 0.02 0.01 0.02 0.02 0.01 0.15 0.01 0.18 0.01 0.04 0.12 0.01 0.13 0.04 0.05 0.05 0.15 0.04

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.17 0.24 0.24 0.28 0.14 0.17 0.14 0.19 0.01 0.01 0.02 0.03 0.05 0.04 0.06 0.17 0.19 0.19 0.20 0.05 0.08 0.05 0.11 0.06 0.07 0.05 0.09 0.04 0.04 0.47 1.35 0.05 0.05 0.04 0.04 0.04 0.04 0.10 0.02 0.03 0.02 0.04 0.04 0.06 0.06 0.08 0.01 0.03 0.02 0.05 0.15 0.19 0.15 0.22 0.07 0.11 0.08 0.35 0.13 0.19 0.13 0.15 0.05 0.05 0.09 0.13 0.02 0.03 0.02 0.04 0.01 ...

0.01 0.06 0.20 0.36 0.30 0.30 ... ...

0.17 0.04 0.10 0.10 0.15 ... 0.01 0.01 0.02 0.01 0.02 0.01 0.02 0.26 0.29 0.28 0.32 0.05 0.16 0.06 0.06 0.04 0.04 0.03 0.04 0.06 0.05 0.09 0.23 0.25 0.24 0.35 0.06 0.35 0.06 0.07 ... ...

0.31 0.02 0.04 0.03 0.10 ...

0.01 0.03 0.24 0.27 0.24 0.28 0.39 3.00 0.53 0.95 0.08 0.25 0.08 0.25 0.17 0.30 0.19 0.25 0.03 0.03 0.04 0.05 0.01 0.01 0.01 0.01 0.02 0.13 0.02 0.04 0.02 0.02 0.03 0.39 0.03 0.04 0.03 0.16 0.05 0.05 0.09 0.18 ... ...

1.09 0.09 0.19 0.10 0.32 0.03 0.04 0.04 0.10 ... ...

0.10 0.13 0.13 0.10 0.12 0.06 0.07 0.06 0.24 0.08 0.13 0.10 0.05 0.05 0.08 0.24 ... ...

0.03 0.04 12.52 13.30 12.52 14.40 0.01 0.01 0.02 0.05 0.13 0.20 0.13 0.20 0.01 0.21 0.05 0.15 0.25 0.16 0.20 0.02 0.19 0.05 0.12 0.07 0.08 0.08 0.16 0.56 0.63 0.54 0.93 0.04 0.04 0.04 0.06 0.12 0.19 0.12 0.18 0.10 ...

0.15 0.22 0.04 0.04 0.05 0.07 0.02 0.02 0.01 0.08 0.15 0.08 0.15 0.15 0.15 0.15 0.34 0.11 0.12 0.12 0.15 0.01 0.50 0.05 0.02 0.05 0.04 0.08 ... ...

0.12 0.20 0.15 0.48 0.15 0.05 0.08 0.05 0.15 0.11 0.14 0.14 0.15 0.09 0.10 0.10 0.10 ... ...

0.05 0.11 0.11 0.11 0.10 0.19 0.15 0.16 0.04 0.04 0.04 0.05 0.05 0.17 0.66 0.01 0.01 0.01 0.30 0.30 0.21 0.24 0.04 0.05 0.04 0.08 0.01 0.02 0.02 0.03

0.16 0.11 0.02 0.08 0.02 0.04 0.03 0.03 0.02 0.04 0.02 0.00 0.08 0.08 0.08 0.02 0.01 0.17 0.04 0.01 0.01 0.12 0.03 0.05 0.19 0.04 0.02 0.04 0.48 0.08 0.15 0.03 0.01 0.02 0.03 0.02 0.03 0.08 0.03 0.10 0.04 0.06 0.02 6.12 0.01 0.04 0.15 0.04 0.04 0.50 0.03 0.12 0.09 0.04 0.08 0.11 0.10 0.02 0.07 0.01 0.12 0.02 0.10 0.15 0.18 0.03 0.01

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Norsemont Cap Northern Uran NSGold NxGold Ltd Opawica Expl Optimum Vent Pac Arc Res Pac Cascade Pan Andean Min Paringa Res* Patriot Gold Pedro Res Peloton Mnrls Philippine Mtl Phoenix Gold Pike Mountain Prism Res ProAm Expl Prophecy Pot Q-Gold Res Quantum Cobalt Quartz Mtn Res Rain City Rare Element* Razore Rock Res Red Moon Res Regency Gold Reliant Gold Remington Res Rhyolite Res Rizal Res Rockland Mnls Rockwealth Res Rojo Res Ross River Roughrider Exp Rover Metals RT Minerals Rubicon Mnrls* Sage Gold Saint Jean Samco Gold Secova Mtls Sennen Potash Sierra Madre Silver Phoenix Skarb Explor Southstone Min Spey Resources Spruce Ridge R Stellar Africa Strategic Res Surge Explor Tearlach Res Tesoro Mnrls Thunder Mtn Gd Tiger Intl TomaGold Tri-River Vent Trident Gold TriMetals Mng True Grit Res Tymbal Res Upper Canyon Uravan Mnrls Vale* ValOre Metals Vangold Res Vantex Res Vatic Vent Victory Res Volt Energy Walcott Res Western Troy C Whitemud Res Winshear Gold Xanadu Mines Xander Res Yukoterre Res Zara Res Zena Mining Zenith Explor Zinco Mng Zincore Mtls

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

0.29 0.37 0.35 0.43 0.01 0.01 0.01 0.02 0.10 0.15 0.15 0.15 0.03 0.03 0.03 0.11 0.07 0.08 0.07 0.11 0.20 ...

0.15 0.15 0.17 0.21 0.21 0.30 0.01 0.02 0.01 0.08 0.09 0.09 0.10 ... ...

1.44 9.02 0.05 0.09 0.05 0.06 ... 0.24 0.10 0.25 0.08 0.09 0.09 0.13 0.02 0.12 0.08 0.14 ... 0.05 0.05 0.07 0.07 0.10 0.08 0.15 0.02 0.03 0.02 0.05 0.07 0.17 0.07 0.12 0.10 0.15 0.05 0.19 0.25 0.38 0.20 0.30 ... ...

1.10 3.15 0.16 0.30 0.17 0.35 0.10 0.13 0.13 0.15 0.11 0.16 0.15 0.89 0.06 0.25 0.07 0.10 0.11 0.15 0.11 0.24 0.03 0.15 0.13 0.14 ... 0.02 0.02 0.11 0.18 0.15 0.20 0.08 0.11 0.10 0.26 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.46 0.78 0.46 0.50 ... 0.20 0.19 0.22 ...

0.26 0.26 0.08 0.10 0.06 0.09 0.04 0.05 0.07 0.08 0.03 0.05 0.04 0.10 ... ...

0.03 1.35 0.01 0.01 0.02 0.02 0.02 0.04 0.04 0.03 ...

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

0.08 0.10 0.01 0.01 0.01 0.04 0.03 0.04 0.04 0.11 0.05 0.08 0.08 0.13 0.03 0.04 0.03 0.04 0.33 0.34 0.35 0.70 0.39 0.44 0.39 0.23 0.15 0.20 0.20 0.28 0.05 0.06 0.05 0.07 0.05 ...

0.17 0.17 0.05 0.11 0.06 0.15 0.04 0.04 0.05 ... ...

0.04 0.16 0.25 0.20 0.20 0.11 0.12 0.12 0.12 0.01 0.04 0.02 0.03 0.03 0.06 0.05 0.10 ... 2.00 0.25 0.04 0.04 0.04 0.05 ... ...

10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.15 0.29 0.24 0.40 0.07 0.07 0.10 0.10 0.02 0.02 0.02 0.12 0.05 0.09 0.04 0.10 0.10 0.20 0.20 0.20 0.02 0.04 0.02 0.10 0.01 0.02 0.02 0.03 0.12 0.14 0.14 0.15 0.04 0.04 0.04 0.14 0.08 ...

0.09 0.08 0.20 0.09 0.16 ... ...

0.07 0.22 0.08 0.12 0.08 0.10 0.03 0.11 0.11 0.20 0.05 0.07 0.05 0.03 0.03 0.05

0.26 0.01 0.06 0.03 0.06 0.15 0.20 0.03 1.40 0.04 0.09 0.07 0.04 0.04 0.08 0.02 0.05 0.01 0.14 0.20 0.15 0.04 0.06 0.07 0.01 0.10 0.12 0.09 0.01 0.01 0.12 0.10 0.06 0.05 0.03 0.03 0.02 0.02 0.02 0.03 0.12 0.08 0.01 0.03 0.04 0.02 0.23 0.03 0.07 0.04 0.17 0.04 0.14 0.03 0.01 0.03 0.02 6.57 0.07 0.10 0.08 0.01 0.02 0.10 0.02 0.01 0.05 0.02 0.09 0.07 0.04 0.06

2020-01-27 2:58 PM

24_FEB3_BackCover.indd 24

2020-01-27 3:00 PM