The Northern Miner February 5 2018 Issue by The Northern Miner Group

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New technology breeds optimism from Ontario to Argentina / 9–14

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Pretium’s Ovsenek explains Brucejack ramp-up troubles BC GOLD

| BMO’s Kaip sees Q4 production as ‘well below’ expectations

China’s Zhaojin becomes cornerstone investor in Sabina NUNAVUT

| $66M buys 9.9% of junior advancing Back River project BY TRISH SAYWELL tsaywell@northernminer.com

ne of China’s largest gold companies has invested $66 million for a 9.9% stake in Canada’s Sabina Gold & Silver (TSX: SBB), a junior that is advancing its wholly owned Back River gold project in Nunavut. Negotiations with Zhaojin International, a subsidiary of Zhaojin Mining, China’s fourth-biggest gold producer, began two years ago, Sabina president and CEO Bruce McLeod told The Northern Miner, adding that it marks the Chinese company’s first significant See SABINA / 15

The processing plant at Pretium Resources’ Brucejack gold mine in northwest British Columbia. PRETIUM RESOURCES BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

hares of Pretium Resources (TSX: PVG; N YSE: PVG) dropped after a Jan. 23 production update for its f lagship Brucejack underground gold mine in northwestern B.C.’s Golden Triangle district. The company’s stock closed at a 52-week low of $9.18 after four

days of trading on the Toronto Stock Exchange. It saw 13 million shares traded at press time. Pretium’s release reviewed the initial six-month ramp up at Brucejack and provided guidance for the first six months of 2018. The company reportedly produced 152,484 oz. gold at the operation since declaring commercial production in July. During the fourth quarter it milled 271,501 tonnes of ore and produced 70,281 oz. gold.

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“The market didn’t give us any leeway, and they’re entitled to do that, but this is all part of the process,” Pretium president and CEO Joseph Ovsenek said during an interview on Jan. 29. “We certainly started out very well, but it’s still a ramp up. You don’t just start up a mine and turn on the factory. It’s much more complicated.” Pretium said that grade reconciliation to the reserve model ran 75% to 80% from August to December. Ore from stopes developed on the project’s 1,200-metre level sill provided 25% of mill feed, and the area had a “lower drill density than stopes on other levels of the mine.” Brucejack’s Valley of the Kings (VOK) deposit contains 8.1 million oz. gold in 15.6 million proven and probable tonnes of 16.1 grams gold per tonne. The West Zone deposit, which is north of VOK and part of the current mine plan, has 2.9 million proven and probable tonnes of 6.9 grams gold for 600,000 oz. gold. “We’ve been pushing [grade reconciliation] from our first week of mining. We told everyone that

“RIGHT NOW WE’RE FIVE MONTHS INTO MINING ON AN OPERATION THAT HAS A 20-YEAR LIFE.”

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JOSEPH OVSENEK PRESIDENT AND CEO, PRETIUM RESOURCES

it was very early days and we’d do the best we could at year-end,” Ovsenek said. “It is early days on grade reconciliation along with everything else. We believe as we get into other better-defined areas, and open up the deposit, we’ll be able to approach parity with our grade model. But right now we’re five months into mining on an operation that has a 20-year life.” BMO Capital Markets analyst Andrew Kaip noted that Pretium’s fourth-quarter production numSee PRETIUM / 2

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Pretium’s Brucejack

Gold bars produced at Pretium Resources’ Brucejack gold mine in British Columbia. PRETIUM RESOURCES

PRETIUM From 1

bers were “well below” his expectation of 91,800 oz. gold. He attributed the shortfall to a lower-than-expected grade despite higher tonnes milled. BMO had projected Brucejack would produce at 12 grams gold, while the results show the latest mining averaged 8.4 grams gold. “The feasibility study called for developing a sill on the 1,200 level, and we went ahead and did that to establish the long-term infrastructure for the mine. We should have had higher density before we were mining at the 1,200, in hindsight,” Ovsenek added. “We also need our grade-control system to allow us to actually define the dimensions of our stopes. Unfortunately, we thought it would be operational in the fourth quarter, and we needed to execute better on that.” Pretium estimates production for the first half of 2018 in the range of 150,000 to 200,000 oz. gold at all-in sustaining costs (AISCs) of US$700 to US$900 per oz. gold. BMO analysts had modelled the operation to produce 205,000 oz. over the next six months at AISCs of US$400 per ounce. “We would have thought that mining would have focused on better delineated stopes, with de-

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“IN OUR VIEW, [PRETIUM] PROVIDED A [FOURTH-QUARTER] PRODUCTION UPDATE LACKING IN DETAILS, RAISING MORE QUESTIONS THAN ANSWERS AND INCREASING GRADE UNCERTAINTY AT THE BRUCEJACK MINE.” ANDREW KAIP ANALYST, BMO CAPITAL MARKETS

lineation drilling completed on the 1,200 level prior to mining,” Kaip wrote after Pretium’s press release. “In our view, [Pretium] provided a [fourth-quarter] production update lacking in details, raising more questions than answers and increasing grade uncertainty at the Brucejack mine. It is too early to be impairing grades at Brucejack, but short of details — questions remain,” he added. Pretium expected 504,000 oz. gold produced annually for the first eight years of the mine’s 18-year mine life, at an all-in sustaining cash cost of US$446 per oz. gold. Pretium reports that a “gradecontrol program” will operate during the first quarter of 2018, which allows ore blending from the various stopes on a ring-by-ring basis to smooth out head grade. Brucejack is slated to hit steadystate gold production in mid to late 2018. “It’s effectively a big tank with an agitator. So you’re looking at something resembling an industrial-sized washing machine that blends material,” Ovsenek said. “That part of the system works fine. You put drill cuttings from our long-hole drill in there and mix it up with a bunch of water for a nice, homogenous sample.” In December, Pretium said it had applied to the provincial government to increase production rates at the mine by 41% to 3,800 tonnes per day. The boost in mill capacity would cost US$25 million and the approval process could take six to 12 months. BMO analysts subsequently cut their price target on Pretium from $20 to $17.50 per share. “We recognize [the company’s] hesitation on providing grade reconciliation data given that mining has exploited a small portion of the deposit, but grade is at the crux of an investment thesis for investors,” Kaip said. “The more visibility on reserve grade reconciliation, the more confidence investors will have.” Pretium spent nearly US$811 million, including working capital, to get Brucejack up and running. The company estimated a 2.8-year payback period. Pretium has 182 million shares outstanding and had US$38 million in cash at the end of 2017. “It’s a highly variable deposit we’ve been estimating from surface. We’re now underground and opening it up, and it’s now all about the data,” Ovsenek said. “We need more of it and we need the gradecontrol system going so we can really define our stopes well. We need to continue with the infill drilling because it’s not a deposit where you can mine on 10- or 20-metre drill spacing. You have to be down in the 5- to 10-metre drill centres. So it’s more about refinement of the resource model than starting from scratch. We need to keep refining our knowledge, and our model, and we’ll get there.” TNM

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Osisko’s Sean Roosen on tackling ‘tough’ markets ROUNDUP 2018

| Group able to generate ‘a lot of interest in junior mining with our investments,’ exec says has been staggering as we move Territories. “THE INTRODUCTION west BY MATTHEW KEEVIL towards a technology-based system. “I’d prefer more exposure to copmkeevil@northernminer.com OF EXCHANGEThe introduction of exchangeper and zinc, honestly, but we’ve alVANCOUVER traded funds, index funds and ways been a gold company,” Roosen TRADED FUNDS, ean Roosen’s Osisko group of advanced trading systems has really said. “We’ve heard some buzz that INDEX FUNDS AND companies is among a rare breed eaten our lunch. We’ve also seen royalty and streaming companies of mining-focused entrepre- that shift from active to passive ADVANCED TRADING are bad for the business, but we’ve neurial firms that have flourished investing. Where is mining capital able to generate a lot of interest SYSTEMS HAS REALLY been over the past decade despite frigid going to come from? That’s our in junior mining with our investEATEN OUR LUNCH.” capital markets and low commod- great challenge.” ments. So it can be done, though

ity prices. The group emerged as a major financial player after the $4.3-billion sale of Osisko Mining’s flagship Canadian Malartic gold mine in mid-2014 and now provides alternate capital funding to explorers and miners via stream financings, equity placements and related partnerships. On Jan. 23, Roosen took the stage at the Association for Mineral Exploration’s annual Roundup conference to discuss the state of capital markets, and the challenges the mining industry must overcome to combat falling discovery rates and a lack of interest from generalist investors. “There’s a lot of money in the system right now, but not a lot of it passing down into our sector, as things are changing dramatically within the financial machine,” said Roosen, who serves as chairman and CEO of Osisko Gold Royalties (TSX: OR; US-OTC: OKSKF), among other roles. “The transition in capital markets

Osisko Royalties now sits atop a broader mining empire that includes 16 cash-flowing assets that generated in excess of $103 million in revenue over the first nine months of 2017. The company had $109 million in cash at the end of the third quarter and closed a $300-million bought deal offering of convertible debentures in November. It now holds 130 streams and royalties on assets around the world. Osisko’s biggest use of its capital has been to reinvest in exploration and development activities across Canada. The company holds a $411-million mining investment portfolio and helped fund over 900,000 metres of drilling last year. Osisko Mining (TSX: OSK) has leveraged home-field advantage in Quebec, via government support and super flow-through shares to rapidly advance its flagship Windfall gold project towards development. It drilled 800,000 metres at the project in 2017.

SEAN ROOSEN CHAIRMAN AND CEO, OSISKO GOLD ROYALTIES

Meanwhile, the Osisko group holds a 49% equity stake in Barkerville Gold Mines (TSXV: BGM), which is on pace to drill 157,000 metres in the historic Cariboo mining district in southcentral British Columbia. “Quebec and British Columbia remain our preferred jurisdictions,” Roosen said. “We’re looking at declining production pretty much across the board right now, and exploration hasn’t taken place to any great extent in recent times. We’ve tried to be part of the solution to that problem by becoming, I believe, the biggest exploration group in the world in terms of drilling. But we need to look at the landscape and realize these new discoveries are not forthcoming.”

Roosen added that the group tries to “help as many junior companies as possible” through funding, marketing efforts and leveraging the Osisko brand. The goal is to provide capital for earlier-stage generative work that can create enough value to grant smaller market capitalization companies access to often elusive institutional cash. The company’s most recent effort includes the consolidation of 500 sq. km in the historic Bathurst base metals camp in New Brunswick under the Osisko Metals (TSXV: OM; US-OTC: BWMXF) banner. It expanded the base metal exposure in January with a $35-million deal to acquire Pine Point Mining (TSXV: ZINC) and its Pine Point project near Hay River in the North-

obviously it’s still tough. I think our industry needs to act more collectively than we’ve ever been and come together on projects.” Osisko estimates it invested $1.3 billion in the mining space last year, and has another $500 million in capital that it is keen to get into the market in 2018. Roosen predicts that investment will again largely be directed to Canadian projects, where the company can leverage f low-through equity financing and existing relationships to continue aggressive exploration programs. “There are not a lot of options left in the pantry in terms of shovelready projects,” Roosen said. “Exploration companies are having a hard time with financing and there are not a lot of options in the system to fund that type of work. Meanwhile, the larger companies have broadly cancelled and slashed exploration programs. But we believe all wealth is created at the drill bit.” TNM

JOINT VENTURE ARTICLE

Neo Lithium Optimizes 3Q Project in Argentina Shortly after filing a preliminary economic assessment (PEA) on its 100% owned Tres Quebradas 3Q lithium project in northwestern Argentina’s Catamarca province, Neo Lithium Corp. (TSXV: NLC; US-OTC: NTTHF) has optimized the project’s economics even further. The company has reduced the anticipated capital expenditure by 17% to US$490 million by relocating evaporation ponds to its salar. In the prior plan, half the evaporation ponds were in the salar and half were in the alluvial cone. “The way this works is the following,” explains Neo Lithium President and CEO Waldo Perez. “If you build the ponds in the alluvial cone you have excess material that you need to put somewhere. “When you’re building ponds in the salar, it’s the opposite. The hole that you create to make the bed for the ponds is the hole that you need to put the tailings in. It works very favourably to the economics of the project.” The 35 sq. km project lies on the southern end of Argentina’s “L i t h i u m Tr i a n g l e”. I t c o n t a i n s 714,242 measured and indicated tonnes lithium carbonate equivalent averaging 716 mg lithium per litre and 2.3 million measured and indicated tonnes potassium chloride equivalent averaging 6,506 mg potassium per litre. It also contains a substantial inferred resource of 1.3 million tonnes lithium carbonate equivalent averaging 713 mg lithium and 4.4 million tonnes potassium chloride equivalent averaging 6,554 mg potassium. The change also resulted in an updated after-tax net present

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Drilling at Neo Lithium Corp.’s Tres Quebradas (3Q) lithium project in Argentina’s Catamarca province. Photo credit: Neo Lithium Corp. value of US$1.2 billion with an 8% discount rate and a 27.9% internal rate of return. With an expected life of 20 years, Neo Lithium believes the project will produce an average 35,000 tonnes of lithium carbonate annually. “This is a full, pristine discovery,” says Perez. “There are no technical or scientific reports on this area containing lithium, and the fact that it contains a lithium lake, literally, is very interesting because it was hiding in plain sight.” The lake, discovered in December 2015, was thought to contain water. When Perez and his team examined it more closely they

discovered it contained brine. He says the only other place in the world with a known lithium brine lake is China. Neo Lithium’s lake, however, contains only 2% of the lithium resource. The rest is in the salar. “You consider it an over flow from the salar that contains excess brine,” says Perez. “If you were doing an analogy in terms of oil and gas, it’s like finding a lake of oil.” Neo Lithium advanced the project from discovery to PEA in just two years. During that time it acquired the land, defined the resource and completed US$85 million in financing across multiple tranches.

Perez says part of the reason Neo Lithium was able to move so quickly is it has strong suppor t from the Catamarca government as well as major institutions like JP Morgan Chase & Co., BlackRock Inc. and M&G Investments. “It’s ver y dif ficult for a junior company to have such a premium set of institutional investors, and the reason we do is actually very obvious: massive resource, high grade with very low impurities,” says Perez. “This is one of the lowest impurities’ projects worldwide.” The project has a 1.99 magnesium to lithium ratio and a 0.5 sulfate to lithium ratio.

The other reason it has been able to move so fast is Perez and his team have experience developing a high quality lithium project. Before forming Neo Lithium, Perez was the founder and CEO of Lithium Americas Corp. (TSX: LAC; USOTC: LACDF), which has a current market cap of $822 million and advanced lithium projects in Argentina and Nevada. Neo Lithium plans to continue drilling. It currently has the eighth largest lithium brine project globally, even though its resource is only based on one season of drilling. “All the holes ended in lithium bearing brines,” says Perez. “So there’s a lot more that needs to be done.” The total thickness of the basin is unknown, but seismic reflection results indicate that the 3Q salar is approximately 600 metres deep. Neo Lithium is also approaching 4% lithium concentration in its evaporation ponds, working toward a 6% target. At the same time it’s building a pilot plant, which Perez expects will be operational by the fourth quarter of 2018. “It’s going to be a very busy year as we move toward final feasibility,” he says. Neo Lithium has a market cap of $216 million and a healthy cash position of US$60 million. Its shares are valued at $1.81 with a 52-week range of 85¢ to $2.75. — The preceding Joint Venture Article is promoted content sponsored by Neo Lithium Corp. and written in conjunction with The Northern Miner. Visit www.neolithium.ca to learn more.

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Cobalt positioned to enjoy strong year GOV’T POLICY

| DRC hikes royalties, US reconsiders strategic metals

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n many eyes, cobalt is set to become an investor darling for 2018, and the recent royalty hike on cobalt production by the government of the world’s largest producer — the Democratic Republic of the Congo (DRC) — is only adding to the bullish outlook. According to the United States Geological Survey (USGS), in 2016 the DRC accounted BY JOHN CUMMING for 54% of global cobalt production that jcumming@northernminer.com totalled 123,000 tonnes, and 49% of global reserves that totalled 7 million tonnes. Tied for second place in terms of production were China and Canada (6% each), with Australia taking second spot for reserves (14%). In late January, the DRC’s Senate approved legislation to raise taxes and royalties on metal production, including copper and cobalt. The legislation in the senate was similar to that in the lower national assembly, which also proposed a rise in the royalties on copper and cobalt from 2% to 3.5%, and a hike to 10% for the national government’s free-carried interest in any mining project — comparable to the carried interest seen in many West African mining countries. These new rates will apply to all new projects, but those companies with existing mining contracts in the DRC — such as Glencore and China Molybdenum Co. International (CMOC) — won’t be subject to most of the changes for another 10 years. Advanced cobalt projects that are likely to see higher rates are ASXlisted Nzuri Copper’s Kalongwe high-grade copper-cobalt project in Katanga province and Kazakhstan-based Eurasian Resources Group’s Roan Tailings Reclamation copper-cobalt project near the city of Kolwezi. These latest moves by the DRC government added US$10 to the cobalt price over the past two months, bringing it to US$36.40 per lb. at press time, and more than double the US$15 price seen a year ago. As the cobalt supply in the DRC becomes somewhat constrained by the new taxes and more cobalt production is carried out by nonWestern companies — such as CMOC and Eurasian Resources — the U.S. government appears increasingly concerned that it depends too much on other countries for certain minerals. This concern was highlighted by U.S. President Donald Trump’s executive order in December for the U.S. government to develop a federal critical mineral strategy and the USGS report released in January entitled “Critical mineral resources of the United States: Economic and environmental geology and prospects for future supply.” In the report, cobalt is one of 23 metals and minerals deemed paramount to “the national economy and national security of the United States.” The USGS calls its report the first comprehensive update on U.S. mineral resource requirements and supply since the 1973 Oil Crisis. The report underscores that the U.S. produces and stockpiles negligible amounts of cobalt. In 2016, the U.S. only produced 690 tonnes of cobalt and had reserves of 21,000 tonnes, or a mere 0.5% and 0.3% of global totals. Meanwhile the U.S. government’s cobalt stockpile amounted to just 301 tonnes of cobalt, plus negligible amounts of lithium cobalt oxide and lithium nickel cobalt aluminum oxide. But the USGS has identified 1 million tonnes of cobalt resources in the U.S., mostly in Minnesota as well as (alphabetically) in Alaska, California, Idaho, Michigan, Missouri, Montana, Oregon and Pennsylvania. Idaho and Missouri have primary cobalt resources, while other states could produce cobalt as a by-product when mining nickel-copper sulphide deposits. The presidential executive order also asked the Department of the Interior to begin “streamlining leasing and permitting processes to expedite exploration, production, processing, reprocessing, recycling and domestic refining of critical minerals.” Secretary Ryan Zinke of the Department of the Interior, which oversees the USGS, stated: “I commend the team of scientists at USGS for the extensive work put into the report, but the findings are shocking. The fact that previous administrations allowed the United States to become reliant on foreign nations, including our competitors and adversaries, for minerals that are so strategically important to our security and economy is deeply troubling. As both a former military commander and geologist, I know the very real national security risk of relying on foreign nations for what the military needs to keep our soldiers and our homeland safe.” U.S. government support for developing domestic cobalt sources is good news for any explorer and developer targeting cobalt deposits in the U.S., or any other metal and mineral on the critical list. TNM

World crude steel output soars 5.3% in 2017 FACTS ‘N’ FIGURES

| China, India ramp up

The following is an edited summary of steel production trends for the year 2017 from the Brusselsbased World Steel Association. For more information, visit www. worldsteel.org.

orld crude steel production reached 1,691.2 million tonnes for 2017, up 5.3% compared to 2016. Crude steel production increased in all regions in 2017 except in the CIS states in Eurasia, which has remained stable (subject to current estimates). Annual production for Asia was 1,162.5 million tonnes of crude steel in 2017 — a 5.4% increase compared to 2016. China’s crude steel production in 2017 reached 831.7 million tonnes, up 5.7% from 2016. China’s share of the world’s crude steel production increased slightly from 49% in 2016 to 49.2% in 2017. Japan produced 104.7 million tonnes in 2017, down 0.1% compared to 2016. India’s crude steel production for 2017 was 101.4 million tonnes, up 6.2% on 2016. South Korea produced 71.1 million tonnes of crude steel in 2017, in a 3.7% increase compared to 2016. In 2017, the EU produced 168.7 million tonnes of crude steel — a 4.1% increase compared to 2016. Italy produced 24 million tonnes in 2017, up 2.9% on 2016. Spain produced 14.5 million tonnes of crude steel in 2017, in a 6.2% increase compared to 2016. Crude steel production in North America was 116 million tonnes, or 4.8% higher than in 2016. The U.S. produced 81.6 million tonnes of crude steel, up 4% on 2016.

IN DECEMBER 2017, WORLD CRUDE STEEL PRODUCTION FOR THE 66 COUNTRIES REPORTING TO THE WORLD STEEL ASSOCIATION INCREASED 3.9% FROM LAST YEAR. The World Steel Association’s estimation of 2017 crude steel production in the CIS based on available data was 102.1 million tonnes, or the same amount as in 2016. Russia produced 71.3 million tonnes of crude steel in 2017, up 1.3% on 2016. Ukraine recorded a 6.4% decrease with a year-end figure of 22.7 million tonnes. (December 2017 production figures for Russia and Ukraine have not been confirmed, so their annual production figures are estimates.) Annual crude steel production for South America was 43.7 million tonnes in 2017, for an 8.7% increase on 2016. Brazil produced 34.4 million tonnes in 2017, up 9.9% compared to 2016. In December 2017, world crude steel production for the 66 countries reporting to the World Steel Association was 138.1 million tonnes, a 3.9% increase compared to December 2016. The crude steel capacity utilization ratio of the 66 countries in December 2017 was 69.5%. This is 1.8% higher than December 2016. TNM

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DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory. . . . . . . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Agnico Eagle Mines. . . . . . . . . 6 Argentina Lithium & Energy. . . . . . . . . . . . . . . .11 Aurania Resources. . . . . . . . . . 5 Avalon Advanced Materials. . . . . . . . . . . . . . . . 11 Avanti Management and Consulting. . . . . . . . . . . 5 Azincourt Energy . . . . . . . . . 12 Barkerville Gold Mines. . . . . . 3 Brio Gold. . . . . . . . . . . . . . . . . . 8 Bushveld Minerals. . . . . . . . . 15 Discovery Metals. . . . . . . . . . . 6 Everton Resources. . . . . . . . . 11 First Quantum Minerals. . . 6,16 Freeport-McMoRan . . . . . . . 16 Glencore . . . . . . . . . . . . . . . . . 15

Globex Mining Enterprises. . 9 Goldcorp. . . . . . . . . . . . . . . . . . 5 Great Thunder Gold. . . . . . . . 9 IBM Canada. . . . . . . . . . . . . . . 5 Johnson Matthey. . . . . . . . . . 14 Largo Resources. . . . . . . . . . . 15 Liberty Gold. . . . . . . . . . . . . . . 6 Lithium Americas. . . . . . . . . 14 Lithium Corp.. . . . . . . . . . . . . 14 Lorraine Copper . . . . . . . . . . . 6 Mineral Hill Industries. . . . . 10 Nemaska Lithium . . . . . . . . . 13 New Age Metals. . . . . . . . . . . . 9 Nickel Creek Platinum. . . . . . 7 North Bluff Capital . . . . . . . . . 6 Northern Vertex Mining . . . 23 OceanaGold. . . . . . . . . . . . . . . 7

Osisko Gold Royalties. . . . . . . 3 Osisko Metals. . . . . . . . . . . . . . 3 Osisko Mining. . . . . . . . . . . . 10 Pine Point Mining. . . . . . . . . . 3 Pretium Resources. . . . . . . . . . 1 Pure Gold Mining. . . . . . . . . . 6 Rock Tech Lithium . . . . . . . . 14 Sabina Gold & Silver. . . . . . . . 1 Sulliden Mining Capital. . . . . 6 Sun Metals. . . . . . . . . . . . . . . . . 6 TriStar Gold . . . . . . . . . . . . . . . 5 Troilus Gold. . . . . . . . . . . . . . . 6 Western Uranium . . . . . . . . . 15 Yamana Gold . . . . . . . . . . . . . . 8 Yorbeau Resources. . . . . . . . . . 8

TOP 10 STEEL-PRODUCING COUNTRIES

2017* 2016*

1 China

831.7

786.9

5.7

2 Japan

104.7

104.8

-0.1

3 India

101.4

95.5

6.2

78.5

4.0

United States

81.6

CHANGE (%)

5 Russia

71.3

70.5

1.3

71.1

68.6

3.7

43.6

42.1

3.5

South Korea

7 Germany 8 Turkey

37.5

33.2

13.1

9 Brazil

34.4

31.3

9.9

10 Italy

24.0

23.4

2.9

*MILLIONS OF TONNES, SOURCE: WORLD STEEL ASSOCATION

2018-01-30 9:02 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 5–18, 2018

Roundtable weighs pros and cons of AI, big data in exploration PROGRESSIVE MINE FORUM

| Industry experts contemplate AI for making discoveries

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

he exploration industry is on the cusp of a transformation in which artificial intelligence (AI) platforms could dramatically change the way geologists explore for hidden mineral deposits. But will AI ever match or replace the skills of a boots-on-theground geologist? This was one of many topics discussed during a roundtable debate on innovation in exploration at The Northern Miner’s inaugural Progressive Mine Forum in Toronto last October. Participants in the debate on innovation in exploration were Richard Spencer, president of Aurania Resources (TSXV: ARU); Michael Dehn, consultant at Avanti Management and Consulting; Robin Lee Fell, director of strategic technology solutions at Goldcorp (TSX: G; NYSE: GG); Pavel Rahman, data scientist and associate partner of IBM Canada’s cognitive and advanced analytics solutions; and Mohan Srivastava, vice-president of TriStar Gold (TSXV: TSG; US-OTC: TSGZF). Both Fell and Rahman are big advocates of IBM’s Watson technology — a computer system capable of answering questions and finding patterns in extremely large data sets — also known as “big data.” They believe this technology will enable geologists to make better exploration decisions, faster. In fact, Goldcorp is putting AI to the test at its Red Lake gold mine in Ontario. The company has fed Watson with 60 years’ worth of historical data — from drill hole data sets, academic papers and geophysical surveys — in hopes that the “educated ” computer could learn the region’s geology and predict where the next big discovery lies. “AI will not replace geologists, but it can certainly give them a lot of power,” Fell said during the discussion. “If a computer system understands your language, has a background in geology and an understanding of certain deposits, then you’re giving the power of 10,000 geologists to one geologist who is sitting at a computer asking questions.” But that doesn’t mean that geologists in the future will spend more time behind the computer than in the field, Rahman added. Instead, he says Watson would allow geologists to “do more geology” by lessening the burden of administrative work. “Let the machines do the data manipulation, information extraction, even some prediction … and let the humans make the judgement calls and the take the actions that are necessary,” Rahman said. Spencer, a seasoned geologist with multiple discoveries under his belt, pointed out that poor data quality may prevent AI from working efficiently. “If five of us were logging core, each of us would log differently — our ability to identify the clays that envelop deposits will be different because they all look so similar,” Spencer said. “Until we can get to the position where we’re using some sort of consistent logging system — the automatic loggers, the X-ray fluorescence machines, for example — then there’s going to be a whole lot of bad data that we’ll battle to distinguish from the good data. And I see that as being a massive problem.” Fell argued the opposite: big data can increase the quality of data sets because it highlights the errors, and provides the functionality to correct mistakes. “By running large queries you can spot misinterpreted geology in drill

1-16, 23_FEB5_Main .indd 5

Innovation in exploration speakers at The Northern Miner’s Progressive Mine Forum in October, from left: Mohan Srivastava, TriStar Gold vice-president; Pavel Rahman, data scientist and partner, IBM Canada; Michael Dehn, Avanti Management consultant; Robin Lee Fell, Strategic Technology Solutions director, Goldcorp; and Richard Spencer, Aurania Resources president. GEORGE MATTHEW PHOTOGRAPHY

“AI WILL NOT REPLACE GEOLOGISTS, BUT IT CAN CERTAINLY GIVE THEM A LOT OF POWER.” ROBIN LEE FELL, DIRECTOR OF STRATEGIC TECHNOLOGY SOLUTIONS, GOLDCORP

core, or pick out certain preferences geologists had over different eras. Big data allows you to modify or normalize those errors and create a cleaner data set for geologists to use,” Fell said. The discussion shifted to data

ownership, whereby Dehn and Srivastava noted their concerns over the exploration and mining industry’s lack of data sharing, and how that might impact the industry’s use of big data and AI. “You look at what the Energy

Resources Conservation Board (ERCB) did in Alberta. There are all kinds of people that camp out at the ERCB offices going through hundreds of thousands of oil wells. But in the mining industry we don’t really have that culture yet of data eventually becoming available for everyone’s use,” Srivastava said. Fell offered a solution: get Watson to “machine read” publically available assessment reports from government databases. “These are very long, very difficult-to-read documents that you have to sit down with a coffee and spend a good amount of time going through ... if you had a way of being able to ask questions of this information, that would be something that would be very cool for the people to have,” Fell said. “There’s

no reason why in the future this platform can’t be a service where people can upload their own data and do their analysis. And maybe Watson is smart enough to provide some pattern recognition and some predictions.” But the cost of such a service would raise concern among cashstrapped junior explorers, Dehn noted. “Until we have that first discovery or where you can show an incremental reduction in your cost-per-ounce of discovery, there’s not going to be a huge buy-in to these systems because, as you know, it’s the big companies that are doing it. It’s not the juniors on the street. And the juniors on the street are the ones who are making the discoveries.” TNM

2018-01-30 9:02 PM

WWW.NORTHERNMINER.COM

FEBRUARY 5–18, 2018 / THE NORTHERN MINER

Troilus revisits ‘orphaned’ gold-copper mine in Abitibi QUEBEC

| Inmet mined 2M oz. gold and 70K tonnes copper from pits during 1996-2009

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

roilus Gold (TSXV: TLG) wants to stage a revival at the dormant Troilus gold-copper mine, 175 km north of Chibougamau, Que., where it holds a twoyear option agreement with First Quantum Minerals (TSX: FM; NYSE: FM) signed in 2016. Troilus is a new venture from the core team at Sulliden Mining, which merged with Rio Alto Mining in a $300-million deal in mid-2014. Troilus CEO Justin Reid and president Paul Pint kept the property option in Sulliden Mining Capital (TSX: SMC) for nearly two years so they could bring it back to the market. The company can buy a 100% interest in the project subject to a net smelter return royalty that slides between 1.5% and 2.5%, depending on the gold price. To exercise the option, Troilus must spend at least $1 million in engineering and technical studies and make three $100,000 cash payments. “We kept our team together and have been waiting for this opportunity. We’ve been essentially operating as a publicly traded mining fund looking for undervalued precious metal assets that are resource backed,” Reid says during an interview. “We wanted opportunities that could be re-engineered and recapitalized, and then relaunched. Troilus has been on our radar for around 10 years because we like Canadian gold and we love Quebec as a jurisdiction. We thought our technical expertise could really give new life to an orphaned asset.” Inmet Mining ran an open-pit operation at Troilus between 1996

Looking west at the historic Z87 pit at Troilus Gold’s namesake gold project, 175 km north of Chibougamau, Quebec. TROILUS GOLD

Drill core from the Troilus gold project in Quebec. TROILUS GOLD

and 2009, mining over 2 million oz. gold and nearly 70,000 tonnes copper. The shuttered site is undergoing remediation and environmental monitoring, while the historical 20,000-tonne-per-day mill was sold and shipped to Mexico in late 2010. Meanwhile, Inmet was taken out in a $5.1-billion hostile takeover by First Quantum nearly five years ago. The remote property sits along the eastern segment of the Frotêt-Evans greenstone belt in Quebec’s Abitibi region. It is underlain by a sequence of intermediate to mafic flows and breccia, locally with felsic volcanic rocks, and comagmatic gabbro and ultramafic sills. Gold mineralization is hosted in a multi-phase gabbro to diorite intrusion and mostly consists of disseminated fine-grained chalcopyrite, pyrite and pyrrhotite, and streaks and stringers along the foliation and fractures. Roscoe Postle Associates completed an updated resource on the historical Z87, J4 and J5 zones in late 2017, which includes open-pit and underground material. Troilus now has indicated re-

90% for copper via a gravimetric and flotation flow sheet. “We’ve used a number of lowergrade, bulk-tonnage underground deposits as our analogs,” Reid says. “We’re very close with Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and we see an almost identical comparison to their Goldex operation in terms of grade, mining method and tenor of mineralization. We’re largely institutionally held and our plan is very simple. So we’re mobilizing the drills in the next couple of weeks for an infill program that we hope can essentially double the existing goldequivalent resources.” The company has outlined a 30,000-metre drill program focused on infilling and upgrading existing resources. It also plans to analyze down-dip extension potential and follow up on historical open-pit targets across the 47 sq. km property package. Reid said there are “easily 20 to 30 targets” at Troilus with “potentially economic drill intercepts” that could see near-term exploration. In November, Troilus closed a $23-million, bought-deal private placement wherein it sold 14 mil-

“WE WANTED OPPORTUNITIES THAT COULD BE REENGINEERED AND RECAPITALIZED, AND THEN RELAUNCHED.” JUSTIN REID CEO, TROILUS GOLD

sources of 44 million tonnes grading 1.27 grams gold and 0.12% copper for 1.8 million contained oz. gold and 116.5 million contained lb. copper. Inferred resources total 18.7 million tonnes at 1.03 grams gold and 0.084% copper for 622,000 contained oz. gold and 34.8 million contained lb. copper. The company is contemplating a smaller operation that may run at 8,600 tonnes per day and could produce between 100,000 and 150,000 equivalent oz. gold per year. It would leverage mostly underground resource material, where Inmet historically reported 82% plant recoveries for gold and

lion subscription receipts priced at $1.64 each. National Bank Financial acted as sole bookrunner, while Haywood Securities and PI Financial served as co-lead underwriters. Sulliden Mining Capital has a 40% equity stake. “It’s really a different gold-price environment. I like to use the analogy of the race track when talking about the work that has been done on the project. When we look at the infrastructure, jurisdiction and resources, it’s not hard for me to say we’re halfway around the track compared to many of our peers,” Reid says. “We’re also looking at it from a regional standpoint. If you look at the northern Abitibi it’s become a very busy neighbourhood. You’re seeing a lot of companies active up there because it’s really an under-explored region relative to the southern belt. We believe it’s the next big exploration district in Quebec.” Troilus began trading on the TSX Venture Exchange on Jan. 3, with 41.5 million shares outstanding. The company closed at $1.94 per share at press time for an $80.5-million market capitalization and reported $20 million in cash. TNM

Sun Metals drills Stardust BC

| Junior intends to gain 100% interest in polymetallic project by 2021

BY RICHARD QUARISA rquarisa@northernminer.com

ewly formed Sun Metals has released positive drill results and an updated resource estimate on its optioned 96 sq. km Stardust polymetallic project, 150 km northwest of Fort St. James in central British Columbia. The latest results from Sun Metals’ three-hole drill program include 5.2 metres from 83 metres downhole grading 0.44% copper, 2.99% zinc, 156.6 grams silver and 1.36 grams gold, as well as 4.4 metres from 90 metres downhole grading 332.6 grams silver and 3.36 grams gold. Each hole tested a different part of the geology: a zinc manto, a goldcopper skarn and a silver-gold vein. Sun Metals president and CEO Steve Robertson says he’s encouraged by the results. “The idea with that drilling was to go in and confirm the previously intersected mineralization,” Robertson says. “We didn’t actually want to twin holes. We wanted to get new data, but we drilled into areas where we were going to have a high confidence of intersecting mineralization, and we were very pleased with the results.” Formerly called Lustdust, the Stardust property is next to the Kwanika Creek deposit on the Pinchi fault. Oxygen Capital picked up an option on the Stardust property from

1-16, 23_FEB5_Main .indd 6

Sun Metals director Mark O’Dea (centre left) and president and CEO Steve Robertson (centre right), review drill core with staff and management at the Stardust polymetallic project, 150 km northwest of Fort St. James in central British Columbia. SUN METALS

Lorraine Copper (TSXV: LLC) and formed Sun Metals in mid-2017 to get through an exploration program and gear up to go public by July 2018. “The property was discovered back in the 1940s, and it has seen a steady stream of exploration ever since,” Robertson says. “The property has just recently come into our hands and we intend to do a full compilation of all that historic data.” Before Sun Metals’ involvement, $25 million had been invested into Stardust across 390 holes and 80,000

metres of drilling. Sun Metals combined this data with its own for an updated resource estimate on the Canyon Creek copper-gold skarn zone. Canyon Creek now has 985,000 indicated tonnes grading 1.34% copper, 1.59 grams gold per tonne and 36.8 grams silver per tonne, plus 1.96 million inferred tonnes grading 1.24% copper, 1.7 grams gold and 30.5 grams silver. “Lorraine bought the property from the previous owner, which was Alpha Gold, and they were

able to get the database that they had from them,” Robertson says. “Lorraine didn’t actually conduct any exploration work themselves.” Lorraine still owns Stardust. To obtain its option, Sun Metals paid $100,000 to Lorraine Copper, issued 1 million shares and spent $500,000 on exploration in 2017. For a 100% interest on the property, Sun Metals must spend $6 million by the end of 2021. At this point, Lorraine’s share total in Sun Metals would increase to 30%. Lorraine would also retain a

2% net smelter return (NSR) royalty on precious metals and a 1% NSR royalty on base metals. Sun Metals can cut the royalties in half by paying $1.5 million per royalty to Lorraine. Mineralization at Stardust trends northwest for 2.1 km over an integrated porphyry-skarn-epithermal system with carbonate replacement deposits (CRDs). Robertson says that from a geological perspective the project is fascinating. “CRDs in general are very interesting,” Robertson says. “Quite often you only see a portion of the deposit. In this case we actually have the whole thing preserved right from the intrusive through the copper-gold skarn mineralization, and then into the zinc-rich mantos and out into the epithermal precious metal veins.” Sun Metals is going public via a reverse takeover by North Bluff Capital (NEX: NBK.H) and plans to raise $5 to $10 million to fund exploration in 2018. “We want to first of all better understand the system, and we would like to expand the resource,” Robertson says. “It’s going to be our flagship project as we move forward.” Oxygen Capital is a private company with projects in the U.S., Mexico and Red Lake, Ont., in addition to British Columbia. It is a partial owner of Liberty Gold (TSX: LGD), Discovery Metals (TSXV: DSV) and Pure Gold Mining (TSXV: PGM). TNM

2018-01-30 9:02 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 5–18, 2018

A drill site at Nickel Creek Platinum’s Nickel Shaw polymetallic project, in the Yukon, 300 km northwest of Whitehorse. NICKEL CREEK PLATINUM

Rebranded Nickel Creek Platinum aims to take Wellgreen to ‘next level’ YUKON BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

he new management team at recently renamed Nickel Creek Platinum (TSX: NCP; US-OTC: NCPCF) (formerly Wellgreen Platinum) has spent the past year rebuilding its executive ranks the technical foundations of its historic Wellgreen polymetallic sulphide project, 317 km northwest of Whitehorse in southwestern Yukon. The Wellgreen project has simultaneously been renamed Nickel Shaw. The wholly owned, 144 sq. km property lies at the end of a 14 km gravel road accessed from the paved, all-weather Alaska Highway. It has been explored — and briefly developed — by numerous owners since its discovery in the 1950s due to an expansive but low-grade mineral endowment that includes nickel, copper and platinum group metals (PGMs). The company believes the time has come at Nickel Shaw to make the leap from exploration to more advanced development. “I did around six months of due diligence on the asset before taking the position, and I was absolutely blown away,” recounts president and CEO Diane Garrett, who joined the company a year and a half ago. “It is a really strategic asset that I felt it was absolutely undervalued. You have something that’s very rare and unique considering the size of the project and the access to infrastructure. It isn’t every day you see an asset with PGMs in the Western Hemisphere. You add the nickel and copper to the equation and the size is quite staggering.” The corporate overhaul at Nickel

1-16, 23_FEB5_Main .indd 7

| Expansive, low-grade resource includes nickel, copper and PGMs “YOU ADD THE NICKEL AND COPPER TO THE EQUATION AND THE SIZE IS QUITE STAGGERING.” DIANE GARRETT, PRESIDENT AND CEO, NICKEL CREEK PLATINUM

Creek has been driven by two major institutional shareholders that amassed equity positions in the company during the recent commodity downturn. Thomas Kaplan’s Electrum Strategic Opportunities Fund holds a 26% stake, while mining-focused private equity outfit Resource Capital Funds (RCF) has an 11% interest. Garrett helmed Romarco Minerals, which developed the Haile gold mine in South Carolina before Romarco was bought by Australia’s OceanaGold (TSX: OGC) for US$856 million in mid-2015. “I knew coming in that there was work to be done, and we needed to get the right team involved to take it to the next level,” Garrett says of Nickel Creek. “I spoke with Electrum and RCF prior to taking the job, and we were all on the same page. The asset already has a very long mine life in excess of 20 years and it’s been thoroughly drilled out. Frankly, the exploration work that had been done over the past couple of years had me scratching my head. I knew we needed to raise meaningful money to get the project back on track, and metallurgy is a big part of that.” The property hosts sulphide min-

eralization within the regional Quill Creek complex — a variably serpentinized, ultramafic-gabbroic body that intrudes PennsylvanianPermian sedimentary and volcanic rocks. Historic exploration defined two zones — named East and West — of gabbro-hosted massive and disseminated sulphide mineralization along nearly 2 km of east-west strike. Nickel Creek’s new geological model is based on historical data that includes 386 drill holes over 62,800 metres from 1987 to 2016. Leading the renewed geological efforts is chief geologist James Berry, who is another Romarco alum. The company released an updated resource on Nickel Shaw in June 2017 that models 362 million measured and indicated tonnes grading 0.26% nickel, 0.14% copper, 0.015% cobalt, 0.23 gram platinum per tonne, 0.24 gram palladium per tonne and 0.04 gram gold per tonne. In terms of contained metal, this translates to 2.1 billion lb. nickel, 1.1 billion lb. copper, 121 million lb. cobalt, 2.7 million oz. platinum, 2.8 million oz. palladium and 468,000 oz. gold. The project’s inferred resources total 119 million tonnes at 0.28% nickel, 0.12% copper, 0.015% cobalt,

0.22 gram platinum, 0.25 gram palladium and 0.03 gram gold. All resource estimates assume a US$13.90-per-tonne net smelter return royalty cut-off grade. “We needed to drill across the breadth of the entire orebody to assure we had representative samples for our metallurgical programs,” Garrett says. “The work that had been done previously had been very preliminary, and didn’t include comprehensive laboratory testing needed to understand all the geological domains on the property. We’ve gone to one of the best labs in the world to really put together the highest-quality concentrate possible, and we’re nearing prefeasibility level. It’s been a systematic process that includes geology, mineralogy and metallurgy.” Nickel Creek is undertaking a trade-off study on the benefits of producing separate nickel and copper concentrates. It completed a 2,000-metre drill program in mid2017 to gather material for batch testing at a pilot plant in Sudbury, Ontario. Garrett says the project design “changes dramatically” under a development scenario that includes dual concentrates, where the company could realize “nearly twice” the value for its copper credits. Nickel Creek finished metallurgical testing in early 2017 that yielded a bulk concentrate at 11.9% nickel-copper grade for the project’s peridotite domain and 14.3% nickelcopper grade for its clinopyroxenite domain. “We’ve been to a few smelters to get quotes on our concentrate, but then we asked them for bids under the assumption we could separate our nickel and copper because the

project simply has so much,” Garrett says. “It turns out that the separation would be extremely beneficial to the project’s bottom line, and it completely changes the mine plan. So that’s something we have to look at before we finalize the flow sheet.” The average process recoveries for metals in the updated resource include 59% for nickel, 78% for copper, 61% for cobalt, 53% for platinum, 60% for palladium and 78% for gold. Nickel Creek closed a $9.5-million private placement in September wherein in issued 25.1 million units priced at 26¢ each. Each unit comprised a share and a purchase warrant exercisable at 35¢ for five years. The financing brought in another institutional shareholder: the Tocqueville Gold Fund, which picked up 12.4 million units. The company’s shares have traded in a 52-week range of 21.5¢ to 44¢ per share, and closed at 33¢ at press time. There are 237 million shares outstanding (337 million fully diluted) for a $78-million market capitalization. Nickel Creek reported $12 million in cash at the end of September. “The best time to get a lot of this work done is when commodity prices are relatively low, so I wouldn’t necessarily want to see a nickel rally right now,” Garrett says. “You want to position yourself well for when these metals start to turn, however, because we know they turn quickly. And we’re hearing a lot of positive commentary on base metals in terms of electric vehicles and future demand. It’s where a lot of people want to be. We’re seeing funds that were traditionally goldfocused branch out towards metals like copper and nickel.” TNM

2018-01-30 9:02 PM

WWW.NORTHERNMINER.COM

FEBRUARY 5–18, 2018 / THE NORTHERN MINER

Yorbeau tables Scott Lake PEA QUEBEC

| Updated estimate puts copper-zinc resource at 3.7M indicated tonnes

BY RICHARD QUARISA

rquarisa@northernminer.com

orbeau Resources (TSX: YRB) has announced a new resource estimate and preliminary economic assessment (PEA) for its wholly owned Scott Lake polymetallic project in the Chibougamau area of Quebec. Scott Lake’s 63.4 sq. km includes 18 km of the same felsic rocks from the Waconichi formation that host the past-producing, high-grade Lemoine mine, located 40 km southeast. Strong hydrothermal alteration and disseminated sulphides indicate a possible volcanogenic massive sulphide ore deposit. The PEA pegs pre-production capital expense at $215 million, with sustaining costs at $113.2 million and operating costs at $89 per tonne. It calculates a 16.5% pretax internal rate of return with a six-year payback period, as well as a pre-tax net present value of $144 million at an 8% discount rate. The project has a planned life of 15 years with a 2,500-tonneper-day concentrator plant at the mine site. Yorbeau estimates the plant would churn through 12 million tonnes grading 4.14% zinc, 0.81% copper, 26.59 grams silver per tonne and 0.24 gram gold over its lifetime. Peak production would occur during years five to eight for copper and silver and years nine to 12 for zinc. During peak production, Scott Lake would annually produce 15 million lb. copper per year, 395,835 oz. silver and 75 million lb. zinc. Yorbeau president Gerald Riverin says that because part of the study is based on inferred resources, Yorbeau will have to do infill drilling and perhaps underground exploration. According to the latest resource estimate, Scott La ke has 3.65 million indicated tonnes grading 0.95% copper, 4.17% zinc, 0.2 gram gold and 37 grams silver,

Yorbeau Resources’ senior management at the Gap Lens deposit’s discovery hole on the Scott Lake polymetallic project in Quebec, from left: Amit Gupta, chairman; Gérald Riverin, president; Georges Bodnar, director and interim CFO; and Sylvain Lépine, project manager. YORBEAU RESOURCES

“THE BULK OF THE ORE STARTS AT ABOUT 400 METRES VERTICAL, WHICH IS NOT VERY DEEP.” GÉRALD RIVERIN PRESIDENT, YORBEAU RESOURCES

in addition to 14.28 million inferred tonnes grading 0.78% copper, 3.49% zinc, 0.2 gram gold and 22 grams silver. “The bulk of the ore starts at about 400 metres vertical, which is not very deep,” Riverin says. “But still, for the kind of accuracy you need to bring that to the indicated category, that’s a lot of high-precision drilling. So this is

better done from underground.” He points out that an underground exploration program would give a head start on mine development because of ramp and drill accesses — with a positive impact on project economics. “The key point of Scott is its location,” Riverin says. “If those kinds of resources were located way up north there’s no way you would dream of mining that, but being located where it is — that’s the beauty of it. It’s not that deep, the ground conditions are good, access is good and [there is] manpower and infrastructure.” The project is in the Chibougamau mining camp, between the towns of Chibougamau and Chapais, 20 km from each. It’s close to a power line and 10 km north of a railroad.

“We can drive directly to the project with a car,” Riverin says. “You don’t even need a pickup truck, the access is so good.” Riverin says that part of Yorbeau’s acquisition strategy is finding projects with good infrastructure. That’s one reason it signed an option agreement to acquire the KB property in December. The KB property is located in McCorkill, 35 km east of Chibougamau. It consists of 30 claims covering 16.7 sq. km on the eastern limit of Quebec’s Abitibi belt. Per the agreement, Yorbeau has to make cumulative cash payments of $200,000 and exploration expenses of $750,000 over three years to private company Tectonic. Tectonic would keep a 1% net smelter return royalty that could be bought back for $1.5 million.

Mineralization consists of banded massive sulphides containing pyrrhotite, pyrite, sphalerite and chalcopyrite. The property hasn’t seen much exploration, but trenching and channel sampling in 2012 yielded an average 1.4% copper, 9.2% zinc, 2.2 grams gold and 56 grams silver. “Our guess is that the stratigraphy we have at KB is the same as at Scott and the same as at the Lemoine mine,” Riverin says. The KB property is accessible by logging roads. Riverin says that ore could be trucked from KB to Scott Lake for processing. Yorbeau plans to explore at KB in 2018, including an airborne geophysical survey followed by field reconnaissance. It also wants to drill more at Scott Lake and complete a feasibility study — although Riverin estimates Yorbeau would need to raise $20 to $30 million to do both. He says Yorbeau is looking for a partner to accomplish that goal, and is receptive to a joint-venture agreement. “In this business you have to be open to anything that makes sense for your shareholders,” he says. On Dec. 1, the company announced that Kinross Gold (TSX: K; NYSE: KGC) had ended its option to buy a 100% interest in Yorbeau’s Rouyn property. Kinross had committed to spend $3 million on the property in the first 18 months of the agreement, including 12,500 metres of diamond drilling. Kinross completed 24,000 metres of drilling in 12 months. Yorbeau will resume drilling at Rouyn in the first quarter of 2018 on a near-surface target that was found by its team in 2012, but never drilled. Yorbeau has 10 projects, including the Caribou project, where it plans to do more drilling in 2018. Its share price is 7¢ with a 52-week range of 6¢ to 10¢. The company has a $23-million market capitalization. TNM

Brio advances Santa Luz in Brazil GOLD BY RICHARD QUARISA

rquarisa@northernminer.com

rio Gold (TSX: BRIO) has finished a positive preliminary economic assessment (PEA) for its C1 underground resource at its flagship Santa Luz project in Bahia State, Brazil, adding half a million oz. gold and proposing a combined open-pit and underground mine. Santa Luz already features a fully built open-pit facility that was active from 2013 to 2014, before entering care and maintenance to optimize gold recoveries. “It was one of those mines that was fast-tracked into production,” Brio president and CEO Gil Clausen says during a phone interview with The Northern Miner. “Gold reconciliation was good — but they didn’t do enough technical work to do a full characterization of the deposit and a full geometallurgical model.” Clausen says that half of the orebody has 0.67% organic carbon and its impact on f lotation was not properly tested. Yamana Gold (TSX: YRI; NYSE: AUY), the mine’s previous owner, concluded the organic carbon was outcompeting the activated carbon in the carbonin-leach circuit (CIL). The organic carbon was concentrating up to 8%,

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| Company considers combined underground, open-pit mine

absorbing the gold before filtering out to the tailings pond. “Imagine this layer of fine organic carbon on top of the CIL circuit,” he says. “So in fact, the company was experiencing gold recoveries of 35–40%.” Shortly after, the plant was put on care and maintenance. That was when Brio took over. “We needed to understand and build a full geometallurgical model,” Clausen says. “We had to redo all the test work like it was a brandnew project. In fact, we redrilled the entire deposit.” The company ran its own tests and decided on a system that uses kerosene to “blank the organic carbon in the orebody,” followed by a resin-in-leach circuit that gave consistent 84% recoveries, even when the two types of ore were blended. “The resin pellets have a much better affinity to gold than even activated carbon does,” Clausen says. “Over time you’ll see resins overtake carbon in the gold industry.” The underground part of the PEA says stoping could begin in 2021. Brio intends to start a 5,000-metre infill program in 2018 to convert some of the underground resource from the inferred category to measured and indicated. It is also exploring a possible combined under-

“[SANTA LUZ] WAS ONE OF THOSE MINES THAT WAS FAST-TRACKED INTO PRODUCTION.” GIL CLAUSEN PRESIDENT & CEO, BRIO GOLD

ground and open-pit mine design for a forthcoming prefeasibility study. Underground development would not interfere with open-pit mining. “We did an integrated mine plan and the effect that it had in a general sense is that it completely eliminated the stripping hump — where you have a peak stripping in some of the mid years,” Clausen says. In the integrated model, the company supplemented lower-grade ore from the underground mine into daily production. “If we kept the milling rate the same at 7,400 tonnes per day and put in ores that were 2.5 to 3 grams gold and supplemented 1.5-gramgold material, you’d get better gold production at a lower cost,” Clausen says. “And you’d schedule them together and blend that out over the life-of-mine, and it would improve the net present value.”

The company says the underground mine could produce 62,000 oz. gold per year over nine years at an assumed gold price of US$1,300 per ounce. It aims to produce 2,500 tonnes per day at the underground mine to go along with the open pit’s 5,000 tonnes per day. Both are expected to average 84% gold recoveries. “It’s the same lithology as the open pit. It’s only constrained by the economics of the ultimate pit shell. It’s the same orebody — it’s continuous.” Brio estimates US$74 million in development costs for an underground mine and US$23 million in sustaining capital, with a 27% internal rate of return. It projects an all-in sustaining cost (AISC) of US$778 per oz. and an after tax net present value (NPV) of US$103 million at a 5% discount rate. The open pit has a US$812 per oz. AISC and US$208-million after tax NPV. Based on a September 2017 feasibility study, Santa Luz’s open-pit reserves contain 28 million proven and probable tonnes grading 1.39 grams gold per tonne for 1.3 million oz. gold, with 11.4 million measured and indicated tonnes measuring 1.9 grams gold for 695,000 oz. gold. The company intended to restart open-pit production at Santa Luz

in December 2018 and mine 1 million oz. gold evenly over 10 years. It says that the underground resource could add 511,000 oz. gold and extend the mine life by three years. “We hope to expand on the zones because it’s wide open for the prefeasibility phase,” Clausen says. “And we need to do a few metallurgical holes to confirm the recovery numbers that we have in the PEA.” Brio has three other Brazilian projects in production. In 2016 it acquired Riacho dos Machados in Minas Gerais. The mine has been active since 2014 and produced 31,714 oz. gold that year. It owns Fazenda Brasileiro, which lies 180 km northwest of Salvador and has been active in underground mining since 1984, producing 70,887 oz. gold in 2016, as well as Pilar in central Goias, which produced 87,061 oz. gold in 2016. Brio became an independent company after being spun out of Yamana in late 2016. Its share price has stumbled steadily since, peaking at $3.51 in January 2017, but dropping to a new 52-week low of $1.54 in December 2017. The company has a $187-million market capitalization. Shares have since rebounded and trade on Jan. 25 at $2.60. TNM

2018-01-30 9:02 PM

SPECIAL FOCUS

LITHIUM NeoLithium’s Tres Quebradas (3Q) lithium project in Argentina’s Catamarca province. NEO LITHIUM

New Age options Manitoba projects to Azincourt EXPLORATION

| Projects are near the Tanco mine, a former spodumene producer BY TRISH SAYWELL tsaywell@northernminer.com

ew Age Metals (TSXV: NAM; US-OTC: PAWEF) is probably best known for its River Valley project near Sudbury in northwestern Ontario, now the largest undeveloped platinum group metals (PGM) project in Canada, with an estimated 2.5 million oz. near-surface PGMs and gold. But two years ago the company set up a lithium division after its founder, chairman and CEO Harry Barr, met Carey Galeschuk, a geologist living in Manitoba. Galeschuk had spent 12 years as an exploration geologist for Tantalum Mining Corp. (owned by Cabot Corp.) at its Tanco spodumenetantalum-cesium mine, 180 km northeast of Winnipeg. The mine was built in the late 1960s to produce industrial minerals from the giant Tanco pegmatite in the Winnipeg River pegmatite field near the Manitoba-Ontario border. The Tanco pegmatite was discovered during a drilling program exploring for tin in the late 1920s. Between 1986 and 2009, the underground mine produced spodumene concentrate, much of it sold to manufacturers in the U.S. that used it to make glass-ceramic cookware known as VisionWare See NEW AGE METALS / 12

At a drill site in December 2017 on Great Thunder Gold’s Chubb lithium property near Val-d’Or, Quebec, from left: Louis-David Morin, Forages Drilling helper; Pier-Olivier Breton, Forages Drilling driller; and the project’s Qualified Person Donald Théberge. GREAT THUNDER GOLD

Great Thunder drills Chubb QUEBEC

BY RICHARD QUARISA rquarisa@northernminer.com

reat Thunder Gold (TSXV: GTG) has announced drill results from its wholly owned Chubb lithium project located 32 km north of Val-d’Or, Que., as it tries to advance the project while managing the challenges of being a small junior mining company. “We’re looking to try to expand with tight budgets and spending money wisely on the ground,” Great Thunder president and CEO Kevin Whelan tells The Northern Miner during a telephone interview. “Because you can spend it unwisely a lot in this business.”

| Junior looks for opportunity in growing lithium market The latest round of drilling consisted of 306 metres spread over three holes. Whelan says the results left him optimistic. Highlights include 5.3 metres at 1.3% lithium oxide, 2.1 metres at 1.2% lithium oxide and 3.6 metres at 0.9% lithium oxide. Whelan points to growing demands from environmental groups and skepticism around the junior mining space as hurdles to overcome. “It’s amazing the cynicism,” Whelan says. “And so I’m challenged ... and understand that we need to work better together.” Great Thunder started as a gold company with a focus on the Valentine project. It has since

expanded to hold lithium properties as well, given what Whelan calls the “obvious opportunity” in the lithium space. He says Great Thunder wouldn’t leave the gold space unless one of its lithium projects took off. “Lithium is extremely important to today’s world,” he says. “I don’t see that drying up. There have been some significant statements made by individuals like Elon Musk, who want to produce lithium in North America. There’s sort of a move towards maintaining that edge because of the production in other parts of

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the world that are unpredictable jurisdictions.” Great Thunder completed its option agreement to acquire the Chubb property from Globex Mining Enterprises (TSX: GMX) in January 2017. The deal included the nearby Bouvier lithium property. The properties are subject to a 2% gross metal royalty and a 1% net smelter return royalty (NSR). Great Thunder can buy back the NSR for $200,000. After the purchase, Great Thunder See GREAT THUNDER / 10

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2018-01-30 9:03 PM

FEBRUARY 5–18, 2018 / THE NORTHERN MINER

LITHIUM

WWW.NORTHERNMINER.COM

Great Thunder drills Chubb GREAT THUNDER From 9

decided to segregate the properties. Whelan says he was attracted to the project because of its history. Exploration on the Chubb property began in the 1950s. The best historical drill intersections were obtained in 1994 by Abitibi Lithium, producing intervals of 3.7 metres at 1.78% lithium oxide, 8 metres at 1.00% lithium oxide and 2.4 metres at 1.25% lithium oxide. In 2010, Mineral Hill Industries (TSXV: MHI) carried out its own magnetic and geophysical surveys. Chubb is situated within the Preissac-Lacorne plutonic complex of the Abitibi greenstone belt. The plutonic complex generated the Quebec Lithium project for which Canada Lithium reported proven and probable reserves of 17.1 million tonnes grading 0.94% lithium oxide, according to a feasibility study update by Canada Lithium from October 2012. RB Energy took over the project in 2014 through a merger with Canada Lithium, but by October of the same year it had shut the project down. The company ran into processing problems, and when it announced it would need to raise $78 million to reach commercial production, its stock price crashed. “Chubb is only 15 km from the Quebec Lithium project,” Whelan says. “And that’s being regenerated by a Chinese group saying they’re going to raise a ridiculous amount of money. They get that up and running and we’re not far away, so there’s no doubt that we have something on our property we need to quantify.” Chubb consists of 35 contiguous

1-16, 23_FEB5_Main .indd 10

A drill crew at Great Thunder Gold’s Chubb lithium property in Quebec. GREAT THUNDER GOLD

recorded mineral claims with a total area of 15 square kilometres. The property’s geology consists mostly of quartz monzodiorite and metasomatized quartz diorite, with spodumene-rich granitic pegmatite dikes intruding within the plutonic rocks. It does not yet have a resource estimate. “We drilled on Dec. 10, so we’re all just kind of taking a deep breath right now and my geologist is working on a report for that, and also for the property we have at Urban Thunder,” Whelan says. Urban Thunder is a gold project in the Windfall Lake area of Quebec. It encompasses 20 mineral claims across 11 square kilometres. “So we’ll file that and get the properties in good standing for a longer

period of time, and I’m focused on just maintaining the 100% integrity of our projects,” Whelan says. Great Thunder’s other properties include the Valentine Mountain gold project in B.C., the Nemaska Lake lithium property in northern Quebec, the Great Dane gold project next to Osisko Mining’s (TSX: OSK) Black Dog gold project in the Urban Barry gold camp and the Bouvier property. “My bottom line is that I want to grow Great Thunder into a junior that’s better than one that people are cynical about.” Shares of Great Thunder are valued at 4¢ apiece, with a 52-week range of 2¢ to 10¢. The company has a $2-million market capitalization. TNM

Drill core pulled from the Chubb lithium project. GREAT THUNDER GOLD

2018-01-30 9:03 PM

LITHIUM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 5–18, 2018

Construction materials on-site in 2017 at Lithium Americas’ Cauchari-Olaroz lithium project in Argentina’s Jujuy province. LITHIUM AMERICAS

LITHIUM SNAPSHOT

Six juniors with active projects With electric vehicle production ramping up globally, lithium explorers and developers are lined up for a year of substantial activity across the Americas, targeting both brine and hard rock deposits. Below are six such juniors. ARGENTINA LITHIUM & ENERGY Vancouver-based Argentina Lithium & Energy (TSXV: LIT; USOTC: PNXLF) is part of the Grosso Group of companies and is led by president and CEO Nikolaos Cacos. Its focus is its Arizaro lithium project in northwestern Argentina’s Salta province near the middle of the rich Lithium Triangle that stretches across Argentina, Chile and Bolivia, and accounts for half of the world’s lithium production.

In late January, the company closed the second and final tranche of a non-brokered private placement financing comprised of 5.4 million in this tranche for a total of 12.5 million units at 33¢ per unit, for gross proceeds of $4.1 million. AVALON ADVANCED MATERIALS Don Bubar-led Avalon Advanced Materials (TSX: AVL; US-OTC: AVLNF) has refocused in recent years on its Separation Rapids hard-rock lithium deposit, 70 km north of Kenora in northwestern Ontario, while putting on the back burner its Nechalacho rare earth element project near Great Slave Lake in the Northwest Territories. At last count, Separation Rapids’

measured and indicated resource stood at 8 million tonnes grading 1.29% Li 2O, 39% total feldspar, 0.006% Ta 2O 5, 0.021% Cs 2O and 0.352% Rb 2O. Another 1.6 million tonnes at similar grades lie in the inferred category. Avalon completed a preliminary economic assessment at Separation Rapids in September 2016 that looked at producing high-quality lithium hydroxide from Avalon’s concentrates of the lithium mineral petalite using a hydrometallurgical technique that it developed in the late 1990s, and optimized in 2016. In January, Avalon kicked off a $500,000 diamond-drilling program at Separation Rapids of at least seven holes totalling 1,500 metres to increase the total lithium

resources in the main Separation Rapids lithium deposit, which is open for expansion at depth below 200 metres, as is a lepidolite-rich sub-unit of the main pegmatite. Avalon aims to build a $25-million, demonstration-scale processing plant at an old industrial site near Kenora, funded in part by potential customers for Avalon’s lithium products. EVERTON RESOURCES Everton Resources ( TSXV: EVR; US-OTC: EVRRF) is best known for its precious metals exploration projects in the Dominican Republic and Quebec, but it also has a lithium project in Ontario named Blue Sky Jackpot, 150 km northeast of Thunder Bay.

In mid-2016, Everton reported that surface samples from the property graded up to 7.08% LiO 2, and that the results “prove the lithium-bearing nature of some of the pegmatite dikes,” though it cautioned that continuity and grade of lithium within individual pegmatite dikes can only be assessed through a more detailed evaluation. Everton said that the assay results validated visual observations of spodumene during the field program and confirmed a 2 km, 300-metre-wide trend with several outcrop areas of spodumenebearing pegmatite. The company notes that its Blue Sky Jackpot property surrounds

See SNAPSHOT / 14

The company says the “hyper-arid” Salar de Arizaro is the largest salar in Argentina and the third largest in the Lithium Triangle. Argentina Lithium can acquire full interest in the 205 sq. km Arizaro property in the central part of the Salar de Arizaro at a 3,600-metre elevation by paying $6 million in stages, spending $4.2 million on project expenses over four years and issuing 2.5 million shares. In mid-2017, Argentina Lithium drilled two holes in the Central claim block and another to the south, with the Central block holes finding minor brine at up to 356 metres’ depth, and up to 257 mg per litre of lithium and 14,653 mg per litre of potassium. It says the hole depths were limited by equipment and couldn’t reach an aquifer, but the deepest hole (ARI-1) ended in promising sand units. Next, a new geophysical program will test for even deeper bodies, and there may be follow-up drilling based on the geophysical results.

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2018-01-30 9:03 PM

FEBRUARY 5–18, 2018 / THE NORTHERN MINER

LITHIUM

Prospector Robert Freeman sampling in 2016 at New Age Metals’ Lithium One lithium property in Manitoba. The sample bag sits on an outcrop of the Spodumene-Lepidiolite Zone. PHOTO BY CAREY GALESCHUK

WWW.NORTHERNMINER.COM

Field equipment at New Age Metals’ Lithium Two project. NEW AGE METALS

New Age options Manitoba projects to Azincourt NEW AGE METALS From 9

and CorningWare. (Spodumene, a lithium-bearing mineral found in pegmatite dikes, can be used as a feedstock for producing lithium carbonate and metal, or directly in its mineral form, in the glass and ceramics industries.) The mine also produced tantalum concentrate in varying capacities from 1969 until 2009. Tanco only extracts cesium from pollucite, which it uses to make cesium formate, a drilling fluid in the petroleum industry. There are no National Instrument 43-101 compliant resources available for the Tanco pegmatite, according to New Age Metals, but academic publications have estimated the size of the deposit reaches up to 57 million tonnes. The last non-compliant reserve from the Tanco pegmatite, published in 1992, estimated the giant pegmatite contained 1.08 million tonnes grading 0.12% tantalum oxide, 3.5 million tonnes of 2.7% lithium oxide (Li 2O) and 315,000 tonnes of 23.3% cesium oxide. In a meeting in Toronto in February 2016, Galeschuk told Barr that while he had worked in exploration for the Tanco mine, the company was interested in finding tantalum-rich pegmatites rather than lithiumrich pegmatites, and said New Age Metals should stake ground around the Tanco mine and acquire more

property in the area. Between April and November 2016, New Age Metals did just that, becoming the largest claim holder in the Winnipeg River Pegmatite Field, acquiring through staking and optioning five hard-rock lithium projects near or next to the Tanco mine leases, 125 km northeast of Winnipeg, Manitoba. The Lithium One and Lithium Two Projects have known pegmatites that New Age Metals sampled in 2016. The other projects are the Lithman East, Lithman North and Lithman West. Three of the five projects are considered drill ready. Lithium One, 8.5 km southeast of the Tanco mine, has at least 40 known surface pegmatites of various dimensions and compositions, many of them lithium-bearing. The Silverleaf pegmatite, for example, is a zoned complex lithium-bearing pegmatite with a surface exposure of 80 metres by 45 metres. Samples taken from Silverleaf’s LepidoliteSpodumene zone have returned assays from 1.30% to 2.43% Li 2O. The zone is 50 metres by 20 metres and extends into a historic, excavated open pit, which dates to the late 1920s, when a bulk sample of spodumene was mined from the southwest side of the pegmatite. A sample from the historically mined spodumene rock pile returned values of up to 4.33% Li 2O. Lithium Two, 22 km north of the

“THE PEGMATITES WE FOUND WERE TESTED FOR TANTALUM AND RARELY FOR LITHIUM. THE MINE WOULD HAVE HAD NO INTEREST IN A LITHIUM-RICH PEGMATITE.” CAREY GALESCHUK CONSULTING GEOLOGIST, NEW AGE METALS

Tanco mine, has two known pegmatites exposed at surface: Eagle and FD 5. Eagle is a series of lenticular, spodumene-bearing dikes over an exposed distance of 830 metres. Drilling in 1947 resulted in a historic, non-compliant estimate of 544,000 tonnes of spodumene with an average grade of 1.4% Li2O. Eagle remains open at depth, and surface samples New Age Metals has taken in fieldwork have yielded assays of up to 3.04% Li 2O. The FD 5 pegmatite is exposed over an area of 15 metres and has not been previously drilled. The best surface assay was 2.08% Li 2O over a 1.5-metre chip sample. Lithman East and West are next to the Tanco mine leases (Lithman West used to be part of the Tanco claims), while Lithman North sits 15 km northeast of the mine leases. There are no exposed pegmatites on Lithium West but there are a lot of geochemical targets for pegmatites, while Lithman East and North have numerous pegmatites that have yet to be fully evaluated.

LITHIUM RESOURCES IN THE HEART OF THE THUNDER BAY MINING DISTRICT •

NI 43-101 lithium resources;

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Recent exploration programs resulted in new discoveries on the property, showing growth potential;

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Metallurgical tests successfully produced high-grade spodumene concentrate and battery-grade lithium carbonate;

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Only a fraction of the Georgia Lake property has been explored;

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Rock Tech Lithium is focused on acquiring and exploring properties in the field of battery metals, primarily lithium. At its 100% owned Georgia Lake lithium property in the Thunder Bay mining district, the Company has defined an NI 43-101 resource, successfully produced high-grade spodumene concentrate and battery-grade lithium carbonate on a lab-scale and demonstrated the potential for additional lithium discoveries on the property. With less than 28 34 million shares outstanding, the Company has an exceptionally tight share structure with 70% of its shares held by directors, management and cornerstone shareholders. The Company aims to minimize dilution while exploring for the metals required for the coming energy revolution.

Toronto: TSX-V: RCK | Frankfurt: RJIB (ISIN: CA77273P2017) Ph: +1.778.358.5200 | E: info@rocktechlithium.com

www.rocktechlithium.com

1-16, 23_FEB5_Main .indd 12

Barr notes that New Age Metals has more claims for lithium in the area, with over 600 sq. km, than any other company, although several other juniors have moved into the area since it acquired its properties there. “The Tanco mine is owned by Cabot Corp., but, generally, few people know about it,” Barr says in an interview from Vancouver. “You can be in a room of educated mining geologists, engineers and stock brokers, and only three out of 10 would be able to put their hands up and say that they’d heard about the Tanco mine and pegmatite field that we’re in and the fact that Cabot owns it, and has been producing there since 1969. It’s just amazing.” In another interview, Galeschuk, who lives 100 km from the Tanco mine and says he “knows the area like the back of my hand,” says that like kimberlites — which need to be found and tested extensively to see whether they contain diamonds in enough quantity and quality to

be economic — pegmatites must be found and then tested thoroughly to see if they contain “the good stuff.” Pegmatites are felsic systems and are similar in composition to a granite in the sense that they can contain feldspar, quartz and mica, Galeschuk says, and they need to be derived from certain types of granites. The best pegmatites are more “evolved,” or fractionated. When he worked for Tanco, Galescuk did surface exploration, soil and rock geochemistry, and drilled some pegmatites. “The pegmatites we found were mainly tested for tantalum and rarely for lithium,” he says. “The mine was interested in tantalum-bearing pegmatites” Galeschuk also notes that the Tanco pegmatite does not outcrop, and much of it is under Bernic Lake. “There could be another Tanco out there — that’s what we were exploring for when I was at the Tanco mine,” he says. “Tanco would never have had interest in a small one, or one that was spodumene-rich.” The Tanco pegmatite belongs to the Bernic Lake pegmatite group, part of the Cat Lake-Winnipeg River pegmatite district. The district is in the Bird River greenstone belt, which is part of the Archean Superior Province. “At the time there really were only a handful of us in the world that were exploring for pegmatites,” Galeschuk says about Tanco, “but now everyone is looking at pegmatites.” In January, New Age Metals completed an option agreement on the five projects with Azincourt Energy (TSXV: AAZ). Under the agreement, Azincourt can acquire full interest in stages. Azincourt has paid New Age Metals $10,000 and can acquire a 50% interest for $200,000 in cash — paid over 18 months — and up to 1 million shares, paid over three years. Azincourt would spend $2.1 million on exploration over three years. Azincourt can increase its stake to 60% by paying another 1 million shares and spending $750,000 by October 2021. At that point, New Age Metals can form a joint venture. If it doesn’t, Azincourt can boost its stake to 100% by paying another 1 million shares and spending another $1 million on the project by October 2022. New Age Metals would retain a 2% net smelter return royalty on all five projects. A minimum of $500,000 will be spent on exploration this year. “There’s more work to be done,” Barr says. “We’re going to go out and do a big round of field sampling on numerous different targets that haven’t been touched since the 1950s, and we’ll drill in July, August and September.” TNM

2018-01-30 9:03 PM

LITHIUM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 5–18, 2018

Nemaska Lithium upsizes Whabouchi production plans QUEBEC

| Updated feasibility sketches out 20% rise in lithium production capacity

Nemaska Lithium’s 610-tonne-per-year trial hydrometallurgical plant in Shawinigan, Quebec, where it processed a 1,050-tonne bulk sample of above 6% spodumene concentrate. NEMASKA LITHIUM BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

uebec City-based Nemaska Lithium (TSX: NMX; USOTC: NMKEF) is thinking bigger at its development-stage Whabouchi hard-rock lithium deposit and chemical plant after what it calls a “considerable strengthening” in the market for lithium-ion battery chemicals.

1-16, 23_FEB5_Main .indd 13

On Jan. 9, the company released an updated feasibility study on the project showing a 20% jump in overall commercial capacity. The biggest change is a boost in lithium carbonate capacity from 3,250 tonnes to 16,000 tonnes annually. The upsized scenario will increase project capital expenses nearly 50% to $801 million. Nemaska’s 33-year mine plan involves 7 million tonnes spodumene concentrate converted into 770,000 tonnes battery-grade

lithium hydroxide and 361,000 tonnes lithium carbonate. “The decision to expand production capacity reflects our vision and understanding of the market following discussions with customers globally for both lithium carbonate and hydroxide,” Nemaska president and CEO Guy Bourassa said during a conference call. “There’s been an unprecedented interest for the products now that we have successfully shipped high-quality, battery-grade

hydroxide from our own concentrate to a cathode producer.” Nemaska spent the past 18 months building and operating a 610-tonneper-year trial hydrometallurgical (hydromet) plant in Shawinigan, Que., which cu lminated in a 1,050-tonne bulk sample of above 6% spodumene concentrate. The company concluded it would benefit from an ore-sorting circuit See NEMASKA / 14

“BOTH PRODUCTS ARE IN HIGH DEMAND AND THE SALES PRICES ARE NOW VERY SIMILAR.” GUY BOURASSA PRESIDENT AND CEO, NEMASKA LITHIUM

2018-01-30 9:03 PM

LITHIUM

FEBRUARY 5–18, 2018 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

The Line 60 area at Rock Tech Lithium’s Geogia Lake lithium project, 145 km northeast of Thunder Bay, Ontario. ROCK TECH LITHIUM

LITHIUM SNAPSHOT SNAPSHOT From 11 the Jackpot occurrence — a small, four-claim unit group in the centre of the Everton property described by E. G. Pye in a 1965 report as hosting a historic resource of 1.8 million tonnes) of 1.09% lithium oxide. LITHIUM AMERICAS Toronto-based Lithium Americas (TSX: LAC; NYSE: LAC) stands as trailblazer in the relatively young lithium subsector, most recently evidenced by its graduation to trading on the New York Stock Exchange on Jan. 25, with overthe-counter trading in the U.S. simultaneously ceasing. In January, Lithium Americas reported that the pond layout and design for its Cauchari-Olaroz lithium project in Argentina’s Jujuy province had been finished, with a contractor mobilized at site and production pond construction scheduled in the coming weeks. The company has teamed with lithium giant Sociedad Quimica y Minera de Chile (SQM) to develop Cauchari-Olaroz, with each partner holding a half interest in the

mining company Minera Exar. Lithium Americas notes that Minera Exar has over 400 employees and contractors working in Argentina, and it expects first production in 2020, reaching 25,000 tonnes per year of Li 2CO 3 on a 100% basis in a first stage of development before doubling in a planned second stage.

of lithium, potassium and boron within a zone that measures 2.6 sq. km. It carried out a short drill program there in 2012, and intended to do follow-up work. American Lithium optioned Fish Lake Valley and planned drilling in the second half of 2017, with results due soon. American Lithium committed to spend US$300,000 on the property by April 2018.

In the U.S., Lithium Americas continues to advance the preliminary feasibility study for its Lithium Nevada project in Nevada, having completed its 2017 exploration drill program on time and on budget.

ROCK TECH LITHIUM Vancouver-based Rock Tech Lithium (TSXV: RCK) is focused this year on its Georgia Lake lithium and rare earths property located 145 km northeast of Thunder Bay, Ont., where indicated resources stand at 3.2 million tonnes grading 1.1% lithium oxide and inferred resources at 6.3 million tonnes grading 1% lithium oxide. The junior says the property hosts

more historic resources and several recently discovered lithiumbearing pegmatites. This year, Rock Tech says it plans to increase its control over lithium resources by “expanding the Georgia Lake project, in cooperation with experienced service providers, and by making strategic acquisitions in a variety of lithium sources and jurisdictions around the globe.” TNM

LITHIUM CORP. Based in Elko, Nev., and focused on lithium and related battery minerals, Lithium Corp. (US-OTC: LTUM) is exploring two wholly owned lithium-in-brine prospects in its home state and several more in B.C., including flake graphite and rare earth prospects. At its flagship Fish Lake Valley property in Nevada’s Esmeralda County, the company says it has discovered “near economic grades”

Processing facilities inside Nemaska Lithium’s trial hydrometallurgical plant in Shawinigan, Quebec. NEMASKA LITHIUM

Nemaska Lithium upsizes plans NEMASKA From 13

at the Whabouchi mine site, 280 km northwest of the municipality of Chibougamau. It also plans to expand the capacity of the commercial hydromet processing facility in Shawinigan from 27,400 tonnes to 33,000 tonnes lithium carbonate equivalent per year. “We’ve increased the ratio of lithium carbonate we’ll be producing to meet our existing contracts, though I’d point out our system remains completely flexible in terms of producing more hydroxide,” Bourassa said. “We’ve adjusted the capital requirements to expand overall capacity and carbonate production. Both products are in high demand and the sales prices are now very similar.” Nemaska has offtake agreements with Johnson Matthey (LON:

1-16, 23_FEB5_Main .indd 14

JMAT) and FMC (NYSE: FMC) for half of the company’s lithium carbonate equivalent in contracts that run three to five years long. The feasibility study assumes an average life-of-mine sales price for lithium hydroxide of US$14,000 per tonne. Meanwhile, the average selling price for lithium carbonate is pegged at US$9,500 per tonne for the first five years, and US$12,000 per tonne thereafter. The study models a hybrid openpit and underground mine with a 33-year life. The open-pit component accounts for the initial 24-year timeline based on proven and probable reserves of 24 million tonnes at 1.53% Li 2O. Whabouchi’s 9.4-year underground phase is based on 13 million proven and probable tonnes at 1.16% Li 2O. The feasibility study base case yields a $2.4-billion after-tax net present value at an 8% discount rate

and a 30.3% internal rate of return. Bourassa said he intends to put together a “60-40” debt to equity project financing by the end of March. The company is in discussions with potential downstream consumers and lenders, and has not ruled out bringing in a partner to buy part of the project. T he W habouch i m i ne a nd $531-million hydromet plant could hit commercial production by the end of 2020. Nemaska shares have traded in a 52-week range of 95¢ to $2.44 per share, and last closed at $2.19. The company has 378 million shares outstanding for an $828-million market capitalization, and reported $33 million in working capital at the end of September. The Quebec government is Nemaska’s largest shareholder. Ressources Québec holds 29.4 million shares. TNM

2018-01-30 9:03 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 5–18, 2018

Vanadium a ‘metal to watch’ in 2018, Hallgarten’s Ecclestone says OUTLOOK

| ‘Ecstasy’ grips Friedland over solar, wind redox battery component

BY TRISH SAYWELL

tsaywell@northernminer.com

rices for vanadium — a minor metal traditionally used to strengthen steel, and more recently a key component in new battery technology that could store electricity from solar and wind generation — are to rise in coming years, Christopher Ecclestone of Hallgarten & Co. forecasts. Vanadium pentoxide prices moved from US$5 per lb. at the end of December 2016 to US$12.50 per lb. at the end of July 2017, before closing the year at US$9.50 per lb., and the U.K.-based analyst predicts the price will reach US$13.20 per lb. by the end of 2018, US$15 per lb. by the end of 2019 and US$19 per lb. by the end of 2020. “Last decade vanadium surfaced as a subject of interest primarily tied to the fortunes of the then-booming steel industry,” he writes in a Jan. 3 research note. “Now vanadium is coming back with a vengeance for its potential in mass electricity storage devices, namely the vanadium redox battery [VRB].” The surge in vanadium prices in the second half of 2017, he says, can be chalked up to “a combination of perceptions of changing Chinese policies on vanadium content in steel alloys and the fervor relating to alternative battery metals.” China steelmakers have been ruminating about increasing the vanadium content in their steel to make it stronger, while vanadium’s potential in mass electricity storage devices, such as VRBs, have also made it appealing to investors. And it hasn’t hurt that mine finacier Robert Friedland, who received a lifetime achievement award from The Northern Miner last year, has also been singing the metal’s praises. At the Natural Resources Forum at the London Stock Exchange in July, Friedland spoke “in nothing short of a vanadium-induced ecstasy,” Ecclestone writes. “Never could we have imagined the metal

Largo Resources’ Maracas Menchen vanadium mine in Brazil. PHOTO BY THE NORTHERN MINER

“ALL THE PLAYERS WE KNOW OF IN THE SPACE ARE SERIOUS, WHICH MAKES THIS METAL A RARITY IN MINING CIRCLES.” CHRISTOPHER ECCLESTONE ANALYST, HALLGARTEN & COMPANY

having such a euphoric effect.” His speech “gave the Friedland imprimatur to a metal which most metals watchers have rarely paid any attention to due to it [largely] being a by-product of the mining of other metal, and, curiously, of the petroleum-refining industry,” Ecclestone says. “It was not just Friedland, though, who has latched onto this bandwagon, as we have heard vanadium name-checked at a number of events during 2017 as the next big thing now that lithium has somewhat done its dash, with promoters overcooking the soufflé.”

In September, the China National Development and Reform Commission released a document that outlined a policy to accelerate the deployment of energy storage. The policy calls for the launch of pilot projects, including the deployment of multiple 100 megawatt-scale vanadium f low batteries by the end of 2020, with the aim of their large-scale deployment between 2020 and 2025. In November, Pu Neng, a privately held clean technology company that has developed a long-lasting vanadium redox battery, was awarded a

contract for a 3-megawatt, 12-megawatt-hour VRB. The VRB is the first phase of a demonstration project in China’s Hubei province, and, once completed, Pu Neng’s VRB will be the largest flow battery installed in China, the company says. As part of the agreement, Pu Neng and Hubei Vanadium will jointly develop a vanadium electrolyte supply from local vanadium sources to meet demand. Friedland, Pu Neng’s chairman, said in a press release on Nov. 1 that “China has the largest and highest-grade vanadium resources in the world and is poised to use this miracle metal to fundamentally transform its electricity grid.” “With massive amounts of renewable energy and storage coming online, China will create the most modern, clean and efficient grid in the world.” Pu Neng’s vanadium flow batter-

ies store energy in liquid electrolyte, which is held in tanks external to the cell stacks that contain the cathode (positive) and anode (negative) sides of the battery. When charging or discharging the battery, electrons are added into or drawn out of the electrolyte as it circulates across membranes inside the stacks. Unlike other types of batteries, the company outlines in the press release, vanadium f low batteries use the same electrolyte solution on both the positive and negative side of the battery, yielding a nearly repeatable electrochemical processes. According to the company, its VRB “has more than 800,000 hours of demonstrated performance.” In his research note, Ecclestone says the surge in vanadium prices in the last six months has “sent investors [and promoters] scrambling to find primary vanadium mines or projects into which they could sink their teeth.” By some estimates, there are 16 listed vanadium companies worldwide, he says, which makes the metal “potentially a Vancouver promoters’ delight.” “However, as the promotorial class are sheep-like, they won’t want to be interested [a good thing] until the price is significantly higher and the air is full of buzz,” he writes. “They are so high on lithium they need little else to stimulate their imaginations these days. At least so far, all the players we know of in the space are serious, which makes this metal a rarity in mining circles.” The most prominent producers that are accessible, he says, are Largo Resources (TSX: LGO; US-OTC: LGORF) and Bushveld Minerals (LON: BMN), while those with “serious short-term potential” include Western Uranium (TSXV: WUC). In December, Largo set a production record at its Maracas Menchen vanadium mine in Brazil, producing 903 tonnes of vanadium pentoxide — 13% above the plant’s nameplate capacity. TNM

China’s Zhaojin becomes cornerstone investor in Sabina SABINA From 1

investment outside of China. “They have a reputation for being very conservative in their approach,” McLeod said in a telephone interview. “They are an accomplished producer, miller, refiner, and did significant due diligence on their own and through a third-party, North America-based engineering firm. They had their people to site twice.” Zhaojin Mining, which listed on the Hong Kong Stock Exchange in 2006, has reserves of 13.6 million oz. gold and produces 655,000 oz. gold a year, according to Sabina, and has ambitious plans to double its production base within the next five to 10 years through investments in international operations. B ac k R iver c ou ld pro duc e 200,000 oz. gold a year for 11 years, based on the findings of a 2015 feasibility study. The study outlined $415 million in initial capital expenses and a 24% aftertax internal rate of return at a US$1,150 per oz. gold price, using an US80¢ exchange rate. McLeod says the company plans to finance the project with 60% debt and 40% equity, and the investment

1-16, 23_FEB5_Main .indd 15

“THEY ARE AN ACCOMPLISHED PRODUCER, MILLER, REFINER, AND DID SIGNIFICANT DUE DILIGENCE ON THEIR OWN AND THROUGH A THIRD-PARTY, NORTH AMERICA-BASED ENGINEERING FIRM. THEY HAD THEIR PEOPLE TO SITE TWICE.” BRUCE MCLEOD PRESIDENT AND CEO, SABINA GOLD & SILVER

will give it a leg up. “We’ve broken the back on the equity contribution of the project, and this will certainly make it much easier for us to raise the balance of the funds in the future.” As part of the private placement (24.9 million shares at $2.65 per share), Zhaojin will nominate one director to Sabina’s board. It says Zhaojin has an option to boost its shares up to 19.9%, at which point it could nominate a second director. “They have also given us a fouryear standstill and a four-year voting trust to our board to ensure we can develop this project as an independent company,” McLeod says. “That’s very unusual … they weren’t fussed about it because I just don’t believe they have aspirations to be more than a financial and strategic partner for Sabina … which gives us the

runway to put Back River into production.” In addition, Sabina will benefit from Zhaojin’s “technical input” as an experienced gold miner. “We don’t go underground until later in our mine life, but again, they have significant experience in underground mining and mineral processing, which would be somewhat applicable to our project, and it’s just another set of experienced eyes.” Back River is made up of gold deposits that are open at depth and along plunge a banded-iron formation in southwestern Nunavut. The project is 520 km northeast of Yellowknife in the Northwest Territories, 75 km southwest of the Bathurst Inlet and 50 k m southeast of Glencore’s (LON: GLEN) Hackett River silver-zinc project.

In December Sabina received the project certificate from the Nunavut Impact Review Board. The certificate contains terms and conditions, most of which were agreed upon during the environmental assessment process. The certificate helps the company advance through the regulatory and licensing phase, and Sabina recently submitted water licence applications. This year Sabina expects to finish preconstruction earthworks, early procurement commitments, logistical improvements and build the project execution team. In other remarks, McLeod noted that Zhaojin is “as interested in learning about how to operate in North America as we are having them as a strategic financial partner … Canada is a world leader in recognizing and promoting indig-

enous rights, and they believe they can learn from us how to operate and protect those rights.” In October, Sabina and the Kitikmeot Inuit Association executed a binding term sheet setting the principle terms for inclusion in a definitive framework agreement for Back River. Once completed, the framework agreement would set out rights and obligations for surface access on Inuit-owned land and include an Inuit Impact and Benefit Agreement, among other obligations required by the Nunavut Agreement. As of Jan. 22 the company has cash and equivalents of $93 million. In addition to Back River, Sabina has a silver royalty on Glencore’s Hackett River (22.5% of the first 190 million oz. produced and 12.5% of all silver produced thereafter). Sabina’s shares are trading at $1.96 within a 52-week trading range of $1.23 (March 2017) to $2.70 per share (September 2017). BMO’s Andrew Kaip has an “outperform” rating on the stock and a $3-per-share price target. BMO resumed coverage of Sabina on Jan. 22 after a period of restriction related to the Zhaojin investment. TNM

2018-01-30 9:03 PM

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FEBRUARY 5–18, 2018 / THE NORTHERN MINER

BMO’s Hamilton on industrial and commodity outlook MACROECONOMICS

| Plateauing mine supply, China’s outperformance and technology metals to feature in 2018

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

olin Hamilton is the managing director of commodities research at BMO Capital Markets based in London, England. He was previously head of commodities research at Macquarie Group in Australia, and specializes in commodity market analysis, production costs, quality-control techniques, technical analysis, steel metallurgy and cost competitiveness. He recently spoke to The Northern Miner about his global economic and commodity outlook heading into 2018. The Northern Miner: Looking back at the commodity space in 2017, what went as expected, and what surprised you? Colin Hamilton: In terms of what went as expected, I’d say we’ve seen another year with a lack of supply growth coming through. Of course, there’s been nobody spending [capital expenses] and we see situations where miners are still very nervous following what I’d call a near-death experience. There’s still a cautious approach out there. The big surprises for us have generally related to outperformance in China. The demand-side of the equation has been much stronger than expected. I’d also note that China has started to push through pretty aggressive supply-side reforms. We’ve talked about it a lot in markets for a while, and we always thought they’d get there in time, but 2017 was the year where China has accelerated that process. It has changed the entire investment thesis across commodity markets. TNM: Could you give examples of supply-side and environmental reforms in China?

“THEY’RE VIEWED AS HEAVY PROCESSORS OF RAW MATERIALS AND A VERY POLLUTED COUNTRY. THE ENVIRONMENT IS THE ONE THING THE CHINESE GOVERNMENT IS JUDGED ON BASICALLY EVERY DAY. ” COLIN HAMILTON MANAGING DIRECTOR, COMMODITIES RESEARCH, BMO CAPITAL MARKETS

CH: There are two elements to that story. First, China is looking at how they’re using the environment and pushing through aggressive policy measures. They’re dealing with the fact that they’re viewed as heavy processors of raw materials and a very polluted country. The environment is the one thing the Chinese government is judged on basically every day. What they’ve done is make it harder for the private sector to operate in many markets. Some of the smaller producers have found it very hard due to higher regulations and falling access to capital. So the market has lost that elastic buffer it had in terms of Chinese domestic mine-side response. The second element is the supplyside reform agenda. The model for commodity markets over the past 15 years has basically been that China buys raw materials — and it has more than enough processing capacity — then it would export you a good amount of the finished product as a deflationary pressure. This year marked the first time we saw them shut down operating steelmaking capacity. They have said that aluminum is now ‘one in, one out’ in terms of new capacity. Suddenly we’re not getting that Chinese refined capacity addition we’d become used to in the market. We’re also consequently getting fewer exports from China. If you project all that forward it suddenly

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appears we could be looking at a situation where some of these markets reincentivize ex-China capacity. TNM: There’s a lot of talk about the potential for rapid growth in electric-vehicle (EV) production and the resulting impact on demand for technology metals. What do the fundamentals look like to you? CH: It’s definitely more of a narrative story at the present time, but it’s become mainstream in terms of future projections. Now EVs are just over 1% of global sales, but expectations are for that to grow anywhere from 5% to 15% by the middle of the next decade. It has the potential to become a very real story. And the mining industry has clearly been looking for a postChina growth story. For markets it can have an impact sooner rather than later, for example cobalt and lithium, but it’s still at the margin for commodities like nickel and copper. But mining companies with a longer time horizon like to focus on that potential. TNM: There appear to be compelling supply constraints for copper. What is your view on the mid-term fundamentals for copper? CH: Commodity analysts have been saying that supply-side cliff for copper has been three years away for the past decade. But now I’d say we’re probably 18 months away from that scenario. Freeport-McMoRan’s (NYSE: FCX) Grasberg operation — the second-largest copper mine in the world — is scheduled to hit peak production next year. Meanwhile, First Quantum Minerals’ (TSX: FM; US-OTC: FQVLF) Cobre Panama development will also come online in 2018, and that’s basically the last of the true megaprojects commissioned during the last cycle. In addition, we’re seeing solvent extraction and electrowinning copper production peaks in our numbers in 2019 ... you’ll see that supply-side copper conversation hit high gear in 2019. The demand-side of the equation for copper is an interesting one because it’s quite unlike a lot of the other industrial metals. For example, the steel market has big cycles as economies industrialize. With copper you tend to see steadier demand-side growth over time. We’re running with demand growth of 2.4% per annum globally over the next five years. That’s slightly above trend, but it’s more to reflect the fact that we need a lot of distribution grids rebuilt around the world to prepare for EVs. That’s a very copper-intensive process. TNM: Nickel is receiving more attention as people talk about green energy and EVs. Is near-term nickel more of a supply-side or demand-side story? CH: It’s certainly more of a supplyside story right now. The demand for nickel has actually been above

Mills at First Quantum Minerals’ 80%-owned Cobre Panama copper project, under construction in Panama. FIRST QUANTUM MINERALS

many other base metals over the longer term, but that’s more due to stainless steel than anything else. I’m probably more cautious on nickel over a five-year period than I was at this time last year due to Indonesia relaxing its ore export ban. That means the Chinese stainless steel industry has a ready supply of nickel ore. There’s no raw material constraint in the market anymore, and the nickel price is essentially set by the price of pig iron in China, in my view. With the situation in Indonesia I can only see that price heading lower. Longer term, you’ll see bifurcation in the nickel market as you get growth from non-stainless steel applications. Of course, we expect battery technologies to lead the way as cathode chemistry becomes more nickel-rich over time. But it will take until the middle of the next decade for that to come through from a fundamental perspective. What would actually make me more positive on nickel? If some of the higher-cost, class-one nickel suppliers were actually left in the ground at the moment, that would accelerate the process. Maybe miners could take a look at their portfolios and say: ‘Hey, this could be worth more in 10 years’ time if I leave it in the ground.’ TNM: We’ve heard a lot about zinc over the past 18 months due to the price rally. How do you see zinc heading into 2018? CH: Zinc has been a great story from a commodity perspective. It has played out like it should. We had mine supply falling, refined output falling and stocks being drawn down. We’re seeing a tight zinc market today. However, no one wants it to go higher at this point. Obviously consumers don’t want any further price increases, but I’d also say producers are getting nervous about demand destruction. That kills the medium-term story. We’ve also seen a supply-side response at the mine level. Not from China, as we discussed before, but actually from smaller assets in Peru, production restarts, and greenfield stories. I don’t want to say zinc is in the rear view already, but now it feels like we’re struggling to find that next catalyst for upside. Of course, zinc could spike because it’s very inventory light on the exchanges, but I wouldn’t view that as sustainable. The best thing for the producers

in the market might be a period of consolidation around this level, and I’d say the risk-reward thesis is now starting to shift towards the down side. TNM: How are you seeing uranium markets in 2018? CH: It has been a frustrating market for quite a while. We’ve been waiting for these industry leaders to take the steps needed to control supply. The current market is awash in inventory globally, and it will take a sustained period for those inventories to draw down. We’ve finally seen big production cuts, and we’re looking at a situation where we can start to run down the inventory. The question now becomes: When do utilities worry about the situation a bit more? At the moment they’re well supplied with adequate inventory, but they can see the production cuts potentially extending through 2018. That will make them pretty nervous. It all signifies that we’re past the bottom of the cycle for uranium. We had that period where spot prices were at about US$20 per lb., and the real uranium price over the past 40 years has fallen by 95%. But it feels sort of like where the potash market was 12 to 18 months ago, where the big producers exerted some discipline in the industry. That tends to signify a bottom. We see upside in spot uranium pricing as utilities get a bit more nervous, but it’s hard to see the market go back to the levels that would incentivize new production and tonnage. That’s a long way off. TNM: How do you think about mining companies and their equity values. And what do you hear from the mining executives themselves? CH: It’s pretty interesting. I’d say there’s still not as much generalist interest in mining equities as we thought there might be — particularly considering the free cash flow yields we see come through from some of the miners. The cyclical indicators seem to show there still isn’t that belief there. I’d say there are still fears around China and the demand-side story. In our view, the mining equities still have a lot of catching up to do as people realize that the global industrial economy is in good shape for now. I think you will see that general rotation back into mining and metal investments, which will obviously benefit the equity. TNM

2018-01-30 9:03 PM

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FEBRUARY 5–18, 2018 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 22–26 Canada’s benchmark index fell 0.69% to close the trading week at 16,239.20. The S&P/TSX Global Mining Index fell 0.13% to 75.23 while the S&P/TSX Global Gold Index rose 1.55% to 200.71. West Texas Intermediate crude rose 4.37% to US$66.14 per barrel and the gold price rose 1.4% to US$1349.30 per ounce. Shares of Brio Gold rose 76¢ to $2.46. On Jan. 23, 2018, Leagold Mining announced it would make an offer to acquire all outstanding shares of Brio by Feb. 28, 2018. Holders of Brio shares would receive 0.92 of a Leagold share for every Brio share held, representing an implied $2.80 per Brio share and a US$264-million consideration of all issued and outstanding Brio shares. Leagold is trying to expand its presence in Latin America since acquiring the Los Filos gold mine in Mexico from Goldcorp in April 2017. Brio already has several assets in production in Latin America, and Leagold expects that if it completes the deal, the combined operations would produce 450,000 oz. gold in 2018. Brio is expected to produce 205,000 to 235,000 gold oz. in 2018. In a prepared statement, Brio president and CEO Gil Clausen noted that Brio must “protect the interests of our shareholders and consider all alternatives to maximize shareholder value.”

Shares of Endeavour Mining rose 89¢ to $25.69. Early in January 2018, it announced it had sold its 90% stake in the Nzema gold mine — located in Ghana’s Ashanti gold belt — to BCM International for an initial US$38.5 million. It expects to receive deferred payments of up to US$25 million by the end of 2019. The other 10% of the Nzema mine is held by the Ghanaian government. Nzema entered production in 2011. According to Endeavour, the mine produced 87,710 oz. gold at an all-in sustaining cost (AISC) of US$1,167 per oz. in 2016 and 53,334 oz. at a US$967 per oz. AISC in the first half of 2017. Endeavour has five active mines in Africa. In September 2017 it began building a TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Sherritt Intl S Royal Nickel RNX B2Gold BTO Yamana Gold YRI Kinross Gold K First Quantum FM NextSource Mat NEXT Barrick Gold ABX Lundin Mng LUN Suncor Energy SU

28776 1.44 1.23 1.33 + 0.01 24713 0.38 0.28 0.31 - 0.02 22624 4.06 3.74 3.93 + 0.13 20001 4.69 4.17 4.51 + 0.33 19684 5.89 5.23 5.56 + 0.31 18416 19.38 18.11 18.98 - 0.24 16856 0.21 0.13 0.20 + 0.06 16506 19.15 17.83 18.20 + 0.21 15232 9.21 8.35 8.83 + 0.02 14646 47.08 45.64 46.20 - 0.02

carbon-in-leach expansion to its heap-leach Ity gold mine in Côte d’Ivoire. The Ity mine has produced for 20 years and Endeavour expects the expansion will extend the mine’s life by 14 years. Shares of Pretium Resources fell 31% to $9.42. The company’s stock tanked after it announced lower-than-expected fourth quarter production from its Brucejack goldsilver mine in British Columbia. Brucejack

hit commercial production on July 1, 2017. For the year, gold production totalled 152,484 oz., but fourth-quarter production dropped 12,000 to 70,281 oz. compared to the previous quarter. The company expects the AISC at Brucejack will rise as high as US$900 per oz. gold in 2018. The AISC at Brucejack was US$788 per oz. in the third quarter of 2017, when the company predicted it would decline. TNM

TSX GREATEST PERCENTAGE CHANGE

Redhawk Res Brio Gold NextSource Mat Coro Mining Xtra-Gold Res Levon Res Ltd Midas Gold Dynacor Gld Mn Avesoro Res Gabriel Res Pretium Res Serabi Gold RTG Mining Scandium Intl Columbus Gold Condor Gold Kerr Mines Platinum Gp Mt Freegold Vent Potash Ridge

RDK BRIO NEXT COP XTG LVN MAX DNG ASO GBU PVG SBI RTG SCY CGT COG KER PTM FVL PRK

1126 1357 16856 2118 70 939 3620 597 1071 318 11985 15 20 3995 600 107 4267 748 530 3459

0.10 2.72 0.21 0.15 0.28 0.39 1.04 2.26 3.80 0.40 13.73 0.07 0.20 0.24 0.74 1.45 0.34 0.71 0.11 0.15

0.03 1.70 0.13 0.11 0.22 0.32 0.87 1.80 0.03 0.35 9.17 0.00 0.17 0.16 0.60 1.00 0.22 0.58 0.09 0.13

0.05 2.46 0.20 0.14 0.28 0.38 0.98 2.17 3.50 0.40 9.42 0.06 0.17 0.19 0.62 1.10 0.27 0.58 0.09 0.13

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agnico Eagle Endeavour Mng Brio Gold Avesoro Res Nexa Resources Nutrien Centerra Gold Dynacor Gld Mn Yamana Gold Kinross Gold Pretium Res Franco-Nevada Labrador Iron TMAC Resources Cameco Corp Teck Res Altius Mnrls Teck Res First Majestic Lithium Amer

66.7 44.7 44.4 28.6 21.7 18.8 18.1 17.9 16.7 15.9 31.2 21.4 20.9 20.8 19.5 17.9 17.2 17.1 14.3 13.8

VOLUME WEEK (000s) CLOSE CHANGE

AEM EDV BRIO ASO NEXA NTR CG DNG YRI K PVG FNV LIF TMR CCO TECK.B ALS TECK.A FR LAC

4536 60.72 1184 25.69 1357 2.46 1071 3.50 5 25.75 4667 66.58 3950 6.55 597 2.17 20001 4.51 19684 5.56 11985 9.42 2971 96.19 1225 26.44 212 9.99 7311 11.37 12364 36.13 181 13.84 32 36.28 7087 8.02 2263 9.15

+ 2.88 + 0.89 + 0.76 + 0.50 + 0.49 + 0.40 + 0.39 + 0.33 + 0.33 + 0.31 - 4.28 - 1.67 - 0.83 - 0.72 - 0.68 - 0.66 - 0.66 - 0.62 - 0.56 - 0.53

TSX VENTURE EXCHANGE / JANUARY 22–26 The S&P/TSX Venture Composite Index rose 1.18% to finish the trading week at 890.80. High-grade sample results at its Cerro Blanco gold project in Guatemala sent shares of Bluestone Resources up 30¢ to $1.45. The company reported more assays from 90 underground chip samples of known and previously mapped veins, including a 2.5-metre sample grading 270.5 grams gold per tonne and 637 grams silver per tonne. Bluestone reported that 51% of samples assayed graded equal or greater than 3 grams gold, with an average of 35.5 grams gold and 90 grams silver over widths ranging from 1 to 3 metres. Three drill rigs are operating on surface and the company has also started an underground infill drill program. The drill program will use 3 km of underground development done after a US$230-million investment in the project by previous operators, the company said. The company star ted work ing on a feasibilit y study in the second half of September 2017. Results from the underground drill program will appear in a mid-2018 resource estimate. A preliminary economic assessment estimated a nine-year mine life producing 952,000 oz. gold and 3.14 million oz. silver.

Shares of Atlantic Gold increased 25¢ to $1.76 after the company reported more results from the third phase of a resource-expansion drill program at its Fifteen Mile Stream gold project in Nova Scotia. Highlights included 20 metres grading 21.9 grams gold from 35 metres, including 1 metre of 419 grams gold in the Egerton-MacLean zone; and 3 metres of 52.9 grams gold from 18 metres, including 1 metre of 156 grams gold from the Plenty zone. Fifteen Mile Stream has measured and indicated resources of 10.59 million tonnes grading 1.33 grams gold for 452,000 contained oz. gold at a 0.35 gram gold cut-off grade. Inferred resources amount to 6.64 million tonnes grading 1.12 grams gold for 240,000 oz. gold at the same cut-off grade. TSX-V MOST ACTIVE ISSUES

Westkam Gold LiCo Energy Clean Comm Minfocus Expl Cdn Arrow Spearmint Res CKR Carbon 92 Resources Majestic Gold ML Gold Corp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WKG LIC CLE MFX CRO SRJ GRAT NTY MJS MLG

26728 16852 15792 14219 13921 11837 10631 10588 9950 9716

0.05 0.19 0.21 0.06 0.02 0.12 0.26 0.19 0.06 0.32

0.04 0.14 0.15 0.02 0.01 0.10 0.18 0.10 0.00 0.21

0.04 - 0.17 + 0.18 + 0.04 + 0.01 unch 0.10 - 0.25 + 0.11 - 0.06 + 0.22 -

0.01 0.02 0.03 0.02 0.00 0.01 0.07 0.07 0.01 0.09

Mirasol Resources rose 23¢ to $2 per share on no corporate news. The junior announced in January that it had acquired the Zeus high-sulphidation epithermal gold project in Northern Chile, 40 km southeast of Gold Fields’ multimillion-ounce Salares Norte discovery. Zeus hosts two recognized breccia-hosted gold targets: Artemisa and Apollo. The junior is looking for a joint-venture

partner to help advance the project, which covers 184.8 sq. km of contiguous exploration claims (159.8 sq. km wholly owned and 25 sq. km controlled through a five-year, option-to-purchase agreement). Exploration will likely include systematic soil sampling, geological mapping and rock-chip sampling, as well as magnetic and electrical geophysical surveys. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Atlantic Ind MBMI Res Baroyeca Go&Si IEMR Res Blue Rvr Res Cdn Orebodies Xiana Mng Minfocus Expl Libero Copper Green Arrow Cavan Vent Micrex Dev 92 Resources Terreno Res Rizal Res Kermode Res Tintina Mines Imperial Mg Gr Voltaic Min

ANL.H MBR.H BGS IRI BXR CORE XIA MFX LBC GAR VERT.H MIX NTY TNO.H RZL KLM TTS IPG VLT

6128 223 302 5137 5938 264 152 14219 125 185 1577 72 10588 1101 82 380 6 282 2111

0.09 0.10 0.02 0.05 0.03 0.35 0.30 0.06 0.15 0.13 0.25 0.03 0.19 0.11 0.05 0.02 0.06 0.15 0.07

0.01 0.00 0.01 0.02 0.02 0.20 0.15 0.02 0.09 0.00 0.13 0.00 0.10 0.06 0.04 0.01 0.00 0.09 0.04

0.05 0.07 0.02 0.04 0.03 0.35 0.27 0.04 0.15 0.08 0.13 0.02 0.11 0.08 0.04 0.01 0.06 0.10 0.05

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Kitrinor Mtls Abitibi Royalt Metalore Res Millennial Lit Bluestone Res Pac Booker Min SRG Graphite Atlantic Gold Bear Creek Mng Mirasol Res Garibaldi Res Leeta Gold Aurania Res Gold Reserve Standard Lith Novo Res Delrand Res Corsa Coal First Cobalt Kennady Diam

+ 350.0 + 133.3 + 100.0 + 100.0 + 100.0 + 89.2 + 82.8 + 75.0 + 70.6 - 46.4 - 43.5 - 40.0 - 38.9 - 37.5 - 36.4 - 33.3 - 33.3 - 33.3 - 30.8

VOLUME WEEK (000s) CLOSE CHANGE

SCYB RZZ MET ML BSR BKM SRG AGB BCM MRZ GGI HIVE ARU GRZ SLL NVO KUU CSO FCC KDI

1117 32.89 24 10.18 6 3.00 1953 4.62 509 1.45 52 1.30 268 2.20 2576 1.76 446 2.12 750 2.00 2429 2.52 6620 2.84 103 4.50 65 3.05 1583 2.17 3326 3.04 421 1.49 57 1.90 2900 1.06 60 2.75

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

8.89 0.58 0.50 0.37 0.30 0.29 0.26 0.25 0.23 0.23 0.73 0.45 0.44 0.37 0.25 0.21 0.20 0.19 0.17 0.17

U.S. MARKETS / JANUARY 22–26 The Dow Jones Industrial Average advanced 2.09% to 26,616.71 and the S&P 500 Index gained 2.23% to 2,872.87. The Philadelphia Gold & Silver Index jumped 2.66% to 90.31 on the back of higher precious metal prices. Gold touched US$1,360.00 per oz. on Jan. 25 before finishing at US$1,349.30 per oz., in a 1.41% weekly gain. Silver jumped to US$17.45 per oz. for a 2.4% weekly gain. Barrick Gold acquired another 9.87 million common shares of Royal Road Minerals in a private placement that brings the gold major’s ownership in the junior to 12.5% on a non-diluted basis. Royal Road Minerals is exploring for copper and gold in Central and South America, and has projects in Nicaragua and Colombia. Royal Road was started in 2010 by the founding members and shareholders of Lydian International. At Lydian, the team discovered, financed and developed the 5 million oz. Amulsar gold deposit in Armenia. Barrick rose US38¢ to US$14.75 per share. Gold Fields rose 5.3% to US$4.37 per share. The company announced selling its Arctic Platinum project in Finland to CD Capital for US$40 million in cash and a 2% net smelter return royalty on all metals (1%

18_FEB5_MarketNews.indd 18

capped at US$20 million and 1% uncapped). The buyer is a Finnish subsidiary of Londonheadquartered CD Capital Natural Resources Fund III. The sale of the palladium-rich, polymetallic project is part of Gold Fields’ strategy of divesting non-core assets. Shares of First Majestic Silver fell US38¢ to US$6.50. The company is offering US$150 million unsecured convertible senior notes due in 2023, with proceeds funding costs at its recent Primero Mining Corp. acquisition and general corporate purposes. First Majestic expects to grant initial buyers an option to buy up to another US$22.5 million of notes U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 160608 13.32 12.58 13.11 - 0.25 Frprt McMoR* FCX 121674 20.25 18.94 19.54 - 0.42 Cleveland-Clif* CLF 119176 9.15 7.60 7.63 - 0.86 Yamana Gold* AUY 102720 3.80 3.34 3.66 + 0.32 Barrick Gold* ABX 62841 15.52 14.30 14.75 + 0.38 Kinross Gold* KGC 61586 4.78 4.20 4.50 + 0.30 United States S* X 54638 41.28 38.34 40.95 + 2.18 Eldorado Gold* EGO 42421 1.47 1.31 1.35 + 0.01 Pretium Res* PVG 40996 11.03 7.42 7.63 - 3.33 Goldcorp* GG 39620 15.32 14.16 14.74 + 0.42

within 20 days of the offer closing. Cameco fell US39¢ to US$9.23 per share. The company filed a technical report on the Inkai operation in Kazakhstan, in which it owns a 40% stake, and Kazatomprom, 60%. Inkai produced 5.5 million lb. U3O8 in 2017,

and forecast 6.9 million lb. U3O 8 in 2018. The joint venture can increase production to 10.4 million lb. per year, subject to market conditions and the terms of its resource-use contract, with a projected mine life extending to mid-2045. TNM

U.S. GREATEST PERCENTAGE CHANGE

Yamana Gold* AUY Buenaventura* BVN AngloGold Ash* AU Kinross Gold* KGC Agnico Eagle* AEM Black Hills* BKH MartinMarietta* MLM United States S* X Alamos Gold* AGI Gold Fields* GFI Pretium Res* PVG Cleveland-Clif* CLF First Majestic* AG Turquoise HIl* TRQ Lithium Amer* LAC Cameco Corp* CCJ Hecla Mining* HL HudBay Mnls* HBM Trecora Res* TREC Freeport McMoR* FCX

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

102720 3.80 3.34 3.66 8780 16.24 14.87 16.22 16841 12.00 10.80 11.70 61586 4.78 4.20 4.50 7432 49.80 45.23 49.23 4129 57.17 53.73 57.10 2795 241.33 222.51 239.96 54638 41.28 38.34 40.95 9412 6.48 6.02 6.38 21425 4.54 4.05 4.37 40996 11.03 7.42 7.63 119176 9.15 7.60 7.63 36932 7.30 6.41 6.50 18099 3.41 3.19 3.20 1268 8.00 7.25 7.42 10405 9.86 9.19 9.23 20486 4.50 4.10 4.13 3210 9.60 8.95 9.10 123 14.00 13.70 13.70 121674 20.25 18.94 19.54

+ 9.6 + 8.0 + 7.2 + 7.1 + 6.4 + 6.4 + 5.7 + 5.6 + 5.5 + 5.3 - 30.4 - 10.1 - 5.5 - 5.0 - 4.1 - 4.1 - 3.1 - 2.7 - 2.5 - 2.1

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Black Hills* BKH Agnico Eagle* AEM United States S* X NACCO Ind* NC Newmont Mng* NEM Buenaventura* BVN MOS Mosaic* Nutrien* NTR Natural Res Pt* NRP Pretium Res* PVG Arch Coal* ARCH Cleveland-Clif* CLF Freeport McMoR* FCX CONSOL Energy* CEIX Cameco Corp* CCJ First Majestic* AG Trecora Res* TREC Lithium Amer* LAC Vale* VALE

VOLUME WEEK (000s) CLOSE CHANGE

2795 239.96 4129 57.10 7432 49.23 54638 40.95 153 44.05 22985 41.05 8780 16.22 24268 27.62 8881 54.00 229 34.65 40996 7.63 1628 93.03 119176 7.63 121674 19.54 1417 34.68 10405 9.23 36932 6.50 123 13.70 1268 7.42 160608 13.11

+ 12.98 + 3.44 + 2.97 + 2.18 + 2.05 + 1.58 + 1.20 + 1.09 + 1.00 + 0.95 - 3.33 - 1.06 - 0.86 - 0.42 - 0.40 - 0.39 - 0.38 - 0.35 - 0.32 - 0.25

2018-01-30 9:18 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / FEBRUARY 5–18, 2018

M E TA L S , M I N I N G A N D M O N EY M A R K E T S Tuesday, January 30, 2018 Precious Metals Price (US$/oz.) Change 1345.70 +8.60 Gold Silver $17.30 +0.32 Platinum $1009.00 -9.00 Palladium $1090.00 -8.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $13390.00 -455.00 $7080.00 -35.00 $2898.00 -10.00 $3507.00 -54.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 25, 2018 (change from January 18, 2018 in brackets): Aluminium Alloy 14120 (-460) Aluminium 1086575 (-4300) Copper 299600 (+94125) Lead 138050 (-1600) Nickel 362058 (-474) Tin 1820 (-180) Zinc 179450 (-575)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$58.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.25 Cobalt: US$36.40/lb. Copper: US$3.20/lb. Copper: CME Group Futures Feb. 2018: US$3.18/lb.; Mar. 2018: US$3.19/lb Ferro-Chrome: US$2.90/kg Ferro Titanium: US$4.90/kg FerroTungsten: US$30.30/kg Ferrovanadium: US$32.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$74.60/tonne Iron Ore Fines: US$71.40/tonne Iron Ore Pellets: US$105.20/tonne Lead: US$1.18/lb. Magnesium: US$2.25/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$80.00/tonne Potash: US$224.00/tonne Rhodium: Mid-mkt US$1,725.00 tr. oz. Ruthenium: Mid-mkt US$190.00/tr. oz. Silver: Handy & Harman Base: US$17.40 per oz.; Handy & Harman Fabricated: US$21.74 per oz. Tantalite Ore : US$151.80/kg Tin: US$9.98/lb. Uranium: U3O8, Trade Tech spot price: US$23.30; The UX Consulting Company spot price: US$23.15/lb. Zinc: US$1.60/lb.

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jan 26 Jan 25 Jan 24 Jan 23 Jan 22 High Low S&P/TSX Composite 16239.22 16204.01 16284.21 16357.55 16347.98 15527.30 12400.15 S&P/TSXV Composite 890.80 886.12 893.59 899.92 898.58 1050.26 883.52 S&P/TSX 60 959.77 958.04 962.81 968.24 968.64 896.74 709.99 S&P/TSX Global Gold 200.71 199.77 203.99 200.56 197.08 218.90 149.29 DJ Precious Metals 180.49 180.49 184.50 179.96 176.94 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 16, 2018 (with changes from Jan 02, 2018) Largest short positions Eldorado Gold ELD 18912320 -1471059 1/2/2018 Sandstorm Gold SSL 15049971 32493 1/2/2018 Suncor Energy SU 13142841 -391964 1/2/2018 Ivanhoe Mines IVN 12727501 1090903 1/2/2018 Asanko Gold AKG 11927052 53854 1/2/2018 Turquoise HIl TRQ 9691593 10690 1/2/2018 Yamana Gold YRI 8914332 -114911 1/2/2018 OceanaGold OGC 8358005 -1066442 1/2/2018 New Gold NGD 7932837 -964669 1/2/2018 Lundin Mng LUN 7540033 -192730 1/2/2018 Nevsun Res NSU 6825750 26484 1/2/2018 Alacer Gold ASR 6711165 -416585 1/2/2018 First Quantum FM 6345935 -630797 1/2/2018 Copper Mtn Mng CMMC 6056040 -227470 1/2/2018 McEwen Mng MUX 6038462 53805 1/2/2018 Largest increase in short position Sherritt Intl S 4742145 3209617 1/2/2018 NextSource Mat NEXT 3236700 3108000 1/2/2018 Titan Mining TI 2736300 2735300 1/2/2018 Primero Mng P 2747449 2003748 1/2/2018 Ivanhoe Mines IVN 12727501 1090903 1/2/2018 Largest decrease in short position Eldorado Gold ELD 18912320 -1471059 1/2/2018 OceanaGold OGC 8358005 -1066442 1/2/2018 New Gold NGD 7932837 -964669 1/2/2018 Imperial Metal III 553129 -952762 1/2/2018 First Quantum FM 6345935 -630797 1/2/2018

Short positions outstanding as of Jan 16, 2018 (with changes from Jan 02, 2018) Largest short positions Leeta Gold HIVE 10387300 -1742700 1/2/2018 Spearmint Res SRJ 3954600 3883600 1/2/2018 Noble Mnl Expl NOB 3227200 2425800 1/2/2018 Altiplano Mnls APN 2903146 2800993 1/2/2018 Azincourt Ener AAZ 2291000 1109600 1/2/2018 Atico Mng ATY 1920211 1913050 1/2/2018 OK2 Minerals OK 1912877 1877877 1/2/2018 Neo Lithium NLC 1452277 98894 1/2/2018 Atlantic Gold AGB 1248300 -8100 1/2/2018 ML Gold Corp MLG 1186318 1184818 1/2/2018 Cascadero Copp CCD 1159900 1152800 1/2/2018 Trek Mining EQX 1154200 -1738800 1/2/2018 Advantage Lith AAL 1139434 94350 1/2/2018 SilverCrest Mt SIL 1135900 256600 1/2/2018 Mineworx Tech MWX 1099600 1087000 1/2/2018 Largest increase in short position Spearmint Res SRJ 3954600 3883600 1/2/2018 Altiplano Mnls APN 2903146 2800993 1/2/2018 Noble Mnl Expl NOB 3227200 2425800 1/2/2018 Atico Mng ATY 1920211 1913050 1/2/2018 OK2 Minerals OK 1912877 1877877 1/2/2018 Largest decrease in short position Leeta Gold HIVE 10387300 -1742700 1/2/2018 Trek Mining EQX 1154200 -1738800 1/2/2018 Golden Ridge GLDN 6600 -882900 1/2/2018 Uragold Bay Rs HPQ 10200 -661000 1/2/2018 Giga Metals GIGA 0 -600300 1/2/2018

DAILY METAL PRICES Daily Metal Prices Date Jan 29 Jan26 Jan 25 Jan 24 Jan 23 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) 1850/1865 1815/1830 1815/1830 1810/1825 1800/1815 Al Alloy Aluminum 2251/2257 2237/2240 2237/2240 2214/2220 2213/2217 Copper 7061/7105 7063/7108 7111/7145 6942/6986.50 6904.50/6948 Lead 2641/2641 2603/2602 2619/2621 2611/2614 2609.50/2608 Nickel 13880/13880 13740/13765 13690/13720 12990/13000 12730/12800 Tin 22100/21905 22000/21740 21340/21080 21140/20900 20825/20720 Zinc 3609/3550 3525/3481 3481/3447 3427.50/3400 3442.50/3415 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1348.40 1354.35 1360.25 1350.50 1337.10 Gold PM 1343.85 1353.15 1354.95 1353.70 1333.40 Silver 17.34 17.40 17.52 17.19 16.98 Platinum 1011.00 1017.00 1020.00 1016.00 998.00 Palladium 1085.00 1087.00 1100.00 1099.00 1087.00

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

Jan 26 Jan 25 Jan 24 Jan 23 Jan 22 1.2310 1.2379 1.2353 1.2415 1.2453 0.8123 0.8078 0.8095 0.8055 0.8030

Exchange rates (Quote Media, January 26, 2018) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0014 0.6532 88.3110 15.0115 9.6381 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5737 5.1303 51.6129 0.7580 864.1649 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2328 0.8047 108.6957 18.4792 11.8569 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7057 6.3169 63.5850 0.9325 1064.1700

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_FEB5_MMMM.indd 19

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK

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

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) - 2 rights and $0.07 are required to purchase one share Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NEW 52-WEEK HIGHS AND LOWS JANUARY 22–26, 2018 165 New Highs Alba Minerals* Alexandra Cap* Alexandria Min Alexandria Min* Alturas Mnrls American Lith* Anaconda Mng Anaconda Mng* Anglo American* Arrowstar Res Atlantic Ind Aura Mnls Aura Mnls* Avesoro Res Awale Res BrightRock Gld* Buenaventura* Cava Res Cava Res* Cda Rare Earth Cda Rare Earth* CKR Carbon* Clean Comm CMX Gold & Sil* Condor Gold* Coral Gold Coral Gold * Corvus Gold Corvus Gold* Cruz Cobalt Cruz Cobalt* Declan Res

Dolly Vard Sil Dolly Vard Sil* Dynasty Gold Dynasty Gold* Eastern Res* EVI Global Grp Fireweed Zinc Fireweed Zinc* Foran Mng Fort St James Freeport McMoR* Fura Gems Glencore Plc* Gold Std Vents Golden Secret Golden Share Goldrea Res Goldrea Res* Gossan Res Gran Colombia* Granada Gold Graphite Egy* Great Bear Res Great Bear Res* Green River Greencastle Rs Group Ten Mtls Group Ten Mtls* Heron Res* Inspiration Mg Inspiration Mg* Integra Res Integra Res*

Intl Montoro* Jasper Mng Jasper Mng* Kitrinor Mtls Labrador Gold* Lamelee Iron Laurion Mnl Ex* Legend Gold* Lions Gate Mtl* Lithium X Egy* Lund Enterpr Marifil Mines MAX Res Maya Gold &Sil MBMI Res* McLaren Res Megastar Dev Midas Gold Midas Gold* Millennial Lit Millennial Lit* Minaurum Gold Minfocus Expl Mirasol Res Navy Res Nevada Egy Mtl Nevada Egy Mtl* New Destiny Mg New World Res New World Res* Newmont Mng* Nexa Resources* NextSource Mat

Norsemont Cap Northn Empire Northn Empire* Orezone Gold Orezone Gold* Oroco Res Oroco Res* Pac Booker Min* Palamina Corp Palamina Corp* Pan Global Res Peabody Enrgy* Perseus Mng Plateau Uran* Plato Gold Pure Nickel Pure Nickel* Q-Gold Res Randsburg Int* Redhawk Res Redzone Res Redzone Res* Reliant Gold Rio Tinto* Rosita Mg Corp Royal Nickel* Royal Rd Mnrls Sailfish Rylty* Sandstorm Gold Sandstorm Gold* Sennen Potash* Sienna Res Sienna Res*

Silver Scott* Silver Stream* Skeena Res Skeena Res* Southern Copp* SRG Graphite Stakeholdr Gld Stakeholdr Gld* Standard Graph* Starr Peak Exp* Stone Ridge Ex Stratabd Mnr Superior Gold* Tirex Res Trueclaim Expl* United Lithium United Res Hdg* US Tungsten* Vanadiumcorp* Vedanta* VR Resources* Wescan Gldflds* Westkam Gold Westkam Gold* White Energy* Whitehaven Coa* Wolfden Res Wolfden Res* Wolverine Mnls* Xiana Mng Xiana Mng* Xtierra Yamana Gold*

Yanzhou Coal*

29 New Lows Meridian Mg * Alabama Graph Broadway Gold Cabral Gold Canoe Mng Vent* Colorado Res Condor Gold Cordoba Mnls Cordoba Mnls* Discovery-Corp GFG Resources* Global Cobalt* GoGold Res Golden Star* Heron Res Highbury Proj Imperial Mg Gr LSC Lithium* Marlin Gold* NSS Res Inc Pretium Res* Puma Expl Quantum Cobalt Sable Res* Stockport Expl* Ucore Rare Mtl Ucore Rare Mtl* Universal Vent Zonte Mtls

CANADIAN GOLD MUTUAL FUNDS Fund Jan 26 ($) Jan 19 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 21.19 21.12 0.07 0.33 -7.71 2.81 125.54 AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 18.13 17.99 0.14 0.80 -0.52 2.40 63.35 BMO ZGD 9.47 9.48 -0.01 -0.10 -1.01 0.63 BMO ZJG 9.17 8.98 0.20 2.21 11.92 0.60 CIBC Prec Metal Fd A 10.22 10.16 0.06 0.58 -4.03 2.58 48.89 Dyn Prec Metls Fd A 7.07 7.03 0.04 0.57 12.88 2.66 360.97 10.19 10.14 0.05 0.47 GOGO Horizons HEP 25.50 25.13 0.38 1.50 8.49 0.81 IG Mac GbPMetCl A 9.01 8.95 0.06 0.68 3.99 2.75 41.12 iShares XGD 12.54 12.35 0.19 1.54 0.80 0.55 786.52 Mac Prec Met Cl A 48.10 47.78 0.32 0.67 4.12 2.52 87.04 NBI PrecMetFd Invt 12.44 12.42 0.02 0.16 1.79 2.46 30.44 33.86 33.69 0.17 0.51 6.76 2.13 363.63 RBC GblPreMetFd A Redw UITGoDe&ProCl A 10.00 10.00 0.00 0.00 0.00 Sentry Pre Met Fd A 38.02 38.07 -0.05 -0.13 0.55 2.44 170.15 Sprott Gold&PrMinFdA 36.61 36.70 -0.09 -0.25 1.79 2.96 165.42 5.55 5.68 -0.13 -2.37 -12.11 3.36 112.91 Sprott SilverEquCl A TD PreciousMetalsInv 34.09 33.93 0.16 0.47 -2.90 2.27 122.10

GLOBAL MINING NEWS · SINCE 1915

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2018-01-30 5:41 PM

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FEBRUARY 5–18, 2018 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JANUARY 22–26, 2018 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 37 Capital 1 92 Resources V 10588 92 Resources* O 120 Abacus Mng &Ex* O 413 193 Abacus Mng &Ex V Abcourt Mines V 375 Abcourt Mines* O 56 V 882 ABE Resources ABE Resources* O 5 Aben Res V 706 Aben Res* O 294 Aberdeen Intl* O 208 Aberdeen Intl T 643 Abitibi Royalt* O 5 Abitibi Royalt V 24 AbraPlata Res* O 59 AbraPlata Res V 686 Abzu Gold* O 0 Acacia Mining* O 0 Adamera Mnls V 2058 Adamera Mnls* O 2987 Adex Mining V 941 Advance Gold V 75 O 36 Advanced Expl* Advantage Lith V 2023 Advantage Lith* O 913 Adventus Zinc V 93 Affinity Gold* O 49 African Gold V 3713 African Mnrls* O 40 African Queen V 3485 Aftermath Slvr V 48 Aftermath Slvr* O 1 Agnico Eagle* N 7433 Agnico Eagle T 4536 AgriMinco* O 4 V 25 Aguia Resource Aguila Amer Gd V 2 Aim Explor* O 88268 Alabama Graph* O 538 Alabama Graph V 1831 Alacer Gold T 1784 Alamos Gold T 4216 Alamos Gold* N 9412 Alaska Pac Egy* O 7861 Alba Minerals* O 77 Albert Mining V 1661 Albert Mining* O 30 Alchemist Mng 2750 Alcoa* N 18145 Alderon Iron* O 15 Alderon Iron T 554 Aldershot Res V 128 Aldershot Res* O 1 Aldever Res V 438 Aldever Res* O 368 Aldridge Min V 102 Aldridge Min* O 0 Alexandra Cap 243 Alexandra Cap* O 64 Alexandria Min* O 1928 Alexandria Min V 9589 Alexco Res* X 1808 Alexco Res T 464 Algold Res* O 1 Algold Res V 662 Alianza Min V 60 Alianza Min* O 16 Alliance Mng V 1013 Alliance Res* D 1589 Almaden Mnls T 243 Almaden Mnls* X 1443 Almadex Min V 1298 Almadex Min* O 1973 Almonty Ind V 147 Alopex Gold V 4 39 Alphamin Res * O Alphamin Res V 38 Alset Minerals* O 811 Alset Minerals V 2651 Altai Res V 519 V 634 Altair Res Inc Altamira Gold V 457 Altamira Gold* O 176 Altan Nev Mnls V 445 Altan Rio Mnls V 860 Altiplano Mnls V 1164 Altiplano Mnls* O 0 Altitude Res V 101 Altius Mnrls T 181 Alto Vent V 988 1391 Altura Mng Ltd* O Alturas Mnrls V 190 Alumina Inc* O 52 ALX Uranium V 666 ALX Uranium* O 49 Am Creek Res V 1951 Am CuMo Mng V 305 312 Am CuMo Mng* O Am Manganese* O 263 Am Manganese V 984 0 Am Sierra Gold* O Amador Gold* O 1 Amarc Res V 366 Amarc Res* O 103 Amarillo Gold V 455 Amato Expl V 182 Amazing Energy* O 199 Amer Intl Vent* O 100 American Lith* O 12 American Lith V 184 Americas Silvr T 281 Americas Silvr* X 281 Amerigo Res T 1333 Amerigo Res* O 752 Amex Expl* O 1 Amex Expl V 529 Anaconda Mng T 1009 Anaconda Mng* O 313 Anconia Res V 44 Andes Gold* O 37 Andover Mng* O 30 Anfield Energy* O 28 Anfield Energy V 148 Angel Gold* O 64 Angel Gold V 89 Angkor Gold V 173 Anglo American* O 1024 Anglo American* O 7 Anglo-Bomarc V 25 AngloGold Ash* O 0 AngloGold Ash* N 16842 Antioquia Gold V 314 Antioquia Gold* O 112 Antler Gold V 297 Antler Gold * O 14 Antofagasta* O 25 APAC Res Inc* O 3 59 APAC Res Inc Apex Res V 138 Apex Res * O 0 Apogee Opport * O 6 Apogee Opport V 301 Appia Energy 136 Applied Mrnls* O 410 Aquila Res* O 239 Aquila Res T 228 Arch Coal* N 1636 Archon Mineral V 4 Arctic Star* O 603 Arctic Star V 1458 Arcturus Vent V 40 Arcus Dev Grp V 102 Arena Mnls V 190 Arena Mnls* O 9 Argentina Lith* O 178 Argentina Lith V 1922 Argentum Silvr V 168 Argex Titanium T 3270 Argex Titanium* O 26 Argo Gold* O 54 Argo Gold 150 Argonaut Gold* O 308 Argonaut Gold T 2592 Argus Metals* O 80 Argus Metals V 256 Arian Silver* O 253 Arianne Phosph* O 110 Arianne Phosph V 175 Arizona Mng* O 231 Arizona Mng T 2058 Arizona Silver V 275 Arizona Silver* O 48 Armor Mnrls V 5 Arrowstar Res V 336 Asanko Gold T 3944 Asanko Gold* X 7995 Asante Gold 170 Asbestos Corp V 8 Ascot Res V 218 Ashanti Sanko* O 5 Ashanti Sanko V 160 Ashburton Vent* O 132 Ashburton Vent V 1762 AsiaBaseMetals V 5 Asian Minl Res V 1915 Aston Bay V 908 Astorius Res V 98 ATAC Res V 522 Atacama Pacif V 25 Atacama Pacif* O 200 Atacama Res* O 1003145 Athabasca Mnls* O 42 Athabasca Mnls V 74 Athena Silver* O 1 Atico Mng* O 295

20-22_FEB5_StockTables.indd 20

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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Atico Mng V 448 Atlanta Gold* O 36 Atlanta Gold V 23 Atlantic Gold V 2576 Atlantic Ind V 6128 Atlatsa Res* O 120 Atlatsa Res T 146 Atom Energy * O 1 Atom Energy V 21 V 995 Aton Res Inc Aton Res Inc* O 100 Aura Mnls* O 2 Aura Mnls T 25 V 5448 Aura Silver Rs Auramex Res V 255 Aurania Res* O 111 Aurania Res V 103 Aurcana Corp V 1330 Aurcana Corp* O 193 AurCrest Gold V 278 AuRico Metals * O 42 AuRico Metals T 32 Aurion Res * O 104 Aurion Res V 1088 Auryn Res T 503 Auryn Res* X 608 Austin Res V 946 Austral Gold* O 187 Austral Gold V 75 O 110 Australian Mns* Auxico Res 225 940 Avalon Adv Mat T Avalon Adv Mat* O 174 Avarone Metals 409 Avesoro Res T 1071 Avesoro Res* O 18 Avino Silver* X 1223 Avino Silver T 220 Avrupa Mnls* O 223 Avrupa Mnls V 544 Awale Res V 114 AXE Expl V 7426 Axmin Inc* O 25 Axmin Inc V 20 Azarga Mtls V 15 Azarga Mtls* O 5 Azarga Uranium* O 4 Azarga Uranium T 235 Azimut Expl V 355 O 79 Azincourt Ener* Azincourt Ener V 4667 Aztec Minerals V 106 Aztec Minerals* O 33 Azteca Gold* O 505

0.80 0.70 0.74 + 0.04 0.95 0.51 0.05 0.00 0.05 + 0.01 0.07 0.03 0.06 0.00 0.06 + 0.01 0.10 0.04 1.83 1.50 1.76 + 0.25 1.87 0.88 0.09 0.01 0.05 + 0.04 0.09 0.01 0.04 0.03 0.03 + 0.00 0.06 0.01 0.05 0.00 0.04 unch 0.00 0.09 0.02 0.25 0.25 0.25 unch 0.00 0.34 0.04 0.34 0.32 0.34 + 0.02 0.65 0.05 0.05 0.04 0.04 unch 0.00 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.02 2.38 0.00 2.38 + 0.08 2.38 1.03 3.00 2.85 2.85 unch 0.00 3.00 1.30 0.05 0.03 0.04 + 0.01 0.10 0.02 0.09 0.00 0.08 unch 0.00 0.09 0.02 4.11 3.52 3.66 - 0.30 6.06 1.40 4.95 4.35 4.50 - 0.44 7.57 0.72 0.25 0.20 0.20 unch 0.00 0.48 0.17 0.21 0.16 0.16 + 0.00 0.36 0.13 0.04 0.03 0.04 + 0.01 0.04 0.02 1.44 1.39 1.43 unch 0.00 1.45 0.72 1.80 1.79 1.80 unch 0.00 1.80 0.96 0.81 0.66 0.77 + 0.06 2.82 0.39 1.00 0.82 0.94 + 0.06 3.49 0.49 2.09 1.89 1.99 + 0.10 3.70 1.66 1.85 1.51 1.62 + 0.11 3.00 1.29 0.04 0.03 0.03 unch 0.00 0.04 0.01 0.10 0.10 0.10 + 0.01 0.16 0.08 0.15 0.14 0.14 - 0.01 0.19 0.12 0.09 0.09 0.09 unch 0.00 0.09 0.09 0.29 0.20 0.28 - 0.01 0.45 0.20 0.15 0.14 0.14 - 0.01 0.20 0.11 0.12 0.11 0.11 - 0.00 0.16 0.08 0.07 0.06 0.07 + 0.01 0.08 0.02 3.80 0.03 3.50 + 0.50 5.00 2.50 0.03 0.03 0.03 - 2.97 3.20 1.89 1.61 1.37 1.51 + 0.04 2.13 1.14 1.99 1.70 1.87 + 0.08 2.80 1.44 0.07 0.05 0.07 + 0.01 0.11 0.05 0.09 0.07 0.09 + 0.02 0.13 0.06 0.48 0.38 0.48 + 0.14 0.48 0.14 0.12 0.09 0.09 - 0.02 0.17 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.04 0.04 0.04 + 0.01 0.09 0.03 0.13 0.00 0.13 unch 0.00 0.33 0.11 0.16 0.00 0.16 + 0.06 0.22 0.08 0.16 0.00 0.16 + 0.00 0.34 0.16 0.22 0.20 0.20 - 0.02 0.48 0.20 0.37 0.32 0.36 + 0.03 0.42 0.26 0.20 0.15 0.18 - 0.01 0.23 0.03 0.26 0.19 0.24 + 0.01 0.37 0.05 0.27 0.22 0.25 + 0.02 0.65 0.21 0.22 0.18 0.22 + 0.02 0.23 0.18 0.00 0.00 0.00 + 0.00 0.00 0.00

B2Gold* X 29671 T 22624 B2Gold B4MC Gold* O 1 Bacanora Mnls V 209 Balmoral Res* O 523 Balmoral Res T 1872 Balto Res V 400 Bandera Gold V 74 Bankers Cobalt* O 42 Bankers Cobalt V 775 Bannerman Res* O 539 Banyan Gold V 292 Banyan Gold* O 4 Bard Ventures* O 0 Bard Ventures V 29 Barker Mnrls V 975 Barkerville Go* O 173 Barkerville Go V 796 Baroyeca Go&Si V 302 Barrick Gold* N 62842 Barrick Gold T 16506 Barsele Min* O 89 Barsele Min V 833 Batero Gold V 720 Bayhorse Silvr* O 166 Bayhorse Silvr V 469 Bayswater Uran V 239 O 115 Bayswater Uran* BC Moly V 5 BCM Res V 33 BE Res V 28 Bear Creek Mng V 446 Bearclaw Cap V 0 Bearing Lith V 234 Bearing Lith* O 257 Beaufield Res V 1002 Beaufield Res* O 61 Beeston Ent* O 8 Bell Copper* O 50 Belmont Res V 742 Belo Sun Mng T 3019 Belvedere Res V 352 Belvedere Res* O 50 Benton Res V 839 Benz Mining V 733 Berkeley Egy* O 1 Berkwood Res * O 49 Berkwood Res V 1259 Bethpage Cap V 20 Bird River Res 450 Bitterroot Res* O 45 Bitterroot Res V 321 Black Dragon V 921 Black Dragon* O 16 Black Hills* N 4130 Black Iron T 837 Black Iron* O 10 V 94 Black Isle Res Black Mam Mtls* O 1 55 Black Mam Mtls V Black Sea Cop* O 3 16 Black Sea Cop V Black Tusk Res 34 V 221 Blackheath Res Blackrock Gold V 135 Blackrock Gold* O 6 Blind Crk Res V 1135 BLOX Inc* O 1 Blue Moon Zinc V 3687 144 Blue Moon Zinc* O Blue Rvr Res V 5938 V 471 Blue Sky Uran Blue Sky Uran* O 36 Bluenose Gold V 203 Bluestone Res V 509 Bold Vent V 265 Bonanza Gldfds* O 2456 BonTerra Res V 1879 BonTerra Res* O 293 Boreal Metals V 1021 Borneo Res Inv* O 10090 BQ Metals V 564 Bravada Gold V 150 Bravada Gold* O 107 Braveheart Res V 138 Bravo Multinat* O 49 Brazil Mnrls* O 4299 Brigadier Gold V 9 BrightRock Gld* O 164 Brilliant Sand* O 49 Brio Gold T 1357 Britannia Mng* O 119 Brixton Mtls V 602 Brixton Mtls* O 31 Broadway Gold* O 381 Broadway Gold V 774 Brookmount Exp* O 2119 Brunswick Res V 57 Bryn Res* O 2 V 1205 Buccaneer Gold Buenaventura* N 8783 Buffalo Coal * O 2 Buffalo Coal V 554 Bullfrog Gold* O 120 Bullion Gld Res V 413 Bunker Hill 38 BWR Explor V 434

3.30 3.00 3.18 + 0.13 3.55 2.15 4.06 3.74 3.93 + 0.13 4.64 2.96 8.00 8.00 8.00 unch 0.00 8.85 7.00 2.25 2.05 2.24 + 0.16 2.73 1.17 0.40 0.36 0.38 - 0.01 0.75 0.23 0.49 0.46 0.47 - 0.02 0.98 0.42 0.27 0.25 0.26 + 0.04 0.28 0.01 0.05 0.00 0.04 - 0.01 0.11 0.02 0.58 0.51 0.51 - 0.06 0.68 0.37 0.71 0.63 0.64 - 0.08 0.85 0.11 0.05 0.04 0.05 + 0.00 0.08 0.02 0.12 0.10 0.10 - 0.01 0.15 0.06 0.08 0.06 0.08 + 0.02 0.11 0.05 0.00 0.00 0.02 unch 0.00 0.03 0.02 0.05 0.00 0.05 unch 0.00 0.06 0.02 0.02 0.00 0.02 unch 0.00 0.03 0.01 0.61 0.56 0.58 - 0.00 1.03 0.31 0.75 0.71 0.72 unch 0.00 1.39 0.41 0.02 0.01 0.02 + 0.01 0.02 0.01 15.52 14.30 14.75 + 0.38 20.78 13.28 19.15 17.83 18.20 + 0.21 27.19 17.07 0.62 0.59 0.62 + 0.03 1.25 0.42 0.80 0.70 0.80 + 0.07 1.62 0.53 0.10 0.09 0.10 + 0.01 0.13 0.08 0.19 0.17 0.18 - 0.02 0.22 0.09 0.23 0.21 0.22 - 0.01 0.27 0.13 0.04 0.03 0.03 unch 0.00 0.09 0.02 0.03 0.02 0.02 + 0.00 0.06 0.02 0.08 0.08 0.08 unch 0.00 0.08 0.04 0.15 0.13 0.15 unch 0.00 0.25 0.07 0.07 0.06 0.06 + 0.01 0.30 0.04 2.38 1.85 2.12 + 0.23 3.40 1.64 0.00 0.00 0.04 unch 0.00 0.06 0.03 0.87 0.78 0.81 - 0.08 1.83 0.67 0.70 0.63 0.66 - 0.04 1.41 0.50 0.16 0.13 0.14 - 0.01 0.34 0.09 0.12 0.11 0.11 - 0.01 0.25 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.11 0.13 + 0.03 0.16 0.04 0.05 0.04 0.04 unch 0.00 0.09 0.02 0.47 0.36 0.39 + 0.03 1.14 0.29 0.29 0.24 0.26 - 0.01 0.32 0.03 0.19 0.19 0.19 unch 0.00 0.19 0.02 0.08 0.07 0.07 unch 0.00 0.15 0.05 0.14 0.12 0.13 - 0.03 0.47 0.12 0.70 0.00 0.70 - 0.08 0.90 0.51 0.28 0.21 0.21 - 0.07 0.44 0.20 0.34 0.27 0.30 - 0.05 0.63 0.25 0.11 0.11 0.11 unch 0.00 0.16 0.07 0.43 0.34 0.35 + 0.02 0.63 0.05 0.09 0.00 0.09 + 0.00 0.24 0.05 0.11 0.10 0.11 + 0.01 0.28 0.04 0.07 0.07 0.07 unch 0.00 0.12 0.03 0.04 0.04 0.04 unch 0.00 0.09 0.02 57.17 53.73 57.10 + 3.44 72.02 52.50 0.11 0.10 0.10 + 0.01 0.17 0.05 0.08 0.08 0.08 + 0.00 0.11 0.05 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.09 0.09 0.09 unch 0.00 0.18 0.09 0.11 0.11 0.11 unch 0.00 0.25 0.06 0.12 0.10 0.10 + 0.00 0.23 0.07 0.15 0.00 0.13 unch 0.00 0.30 0.10 0.17 0.16 0.17 - 0.02 0.20 0.12 0.06 0.05 0.06 unch 0.00 0.10 0.04 0.09 0.07 0.08 unch 0.00 0.12 0.05 0.06 0.06 0.06 unch 0.00 0.07 0.04 0.37 0.20 0.27 + 0.07 0.38 0.13 0.27 0.27 0.27 - 0.02 0.35 0.03 0.11 0.08 0.10 + 0.01 0.12 0.02 0.08 0.07 0.08 + 0.02 0.09 0.02 0.03 0.02 0.03 + 0.02 0.05 0.01 0.29 0.23 0.29 + 0.04 0.43 0.10 0.23 0.18 0.23 + 0.02 0.33 0.08 0.08 0.05 0.05 + 0.05 0.00 0.00 1.50 1.10 1.45 + 0.30 1.90 0.95 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.55 0.54 0.54 - 0.01 0.72 0.24 0.45 0.43 0.45 + 0.01 0.57 0.20 0.37 0.31 0.32 - 0.01 0.40 0.22 0.00 0.00 0.00 - 0.00 0.00 0.00 0.28 0.27 0.27 unch 0.00 0.49 0.18 0.15 0.00 0.14 + 0.01 0.34 0.10 0.12 0.00 0.12 + 0.02 0.26 0.07 0.11 0.09 0.11 + 0.01 0.12 0.04 0.59 0.44 0.47 + 0.01 3.49 0.32 0.00 0.00 0.00 + 0.00 0.05 0.00 0.13 0.13 0.13 unch 0.00 0.30 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 unch 0.00 0.07 0.01 2.72 1.70 2.46 + 0.76 3.40 1.54 0.00 0.00 0.00 - 0.00 0.01 0.00 0.49 0.37 0.38 - 0.04 0.65 0.23 0.39 0.34 0.34 - 0.02 0.47 0.18 0.33 0.24 0.27 - 0.04 1.29 0.24 0.40 0.30 0.34 - 0.03 1.70 0.30 0.01 0.01 0.01 - 0.00 0.13 0.01 0.04 0.00 0.04 unch 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.07 0.06 0.06 - 0.01 0.08 0.03 16.24 14.87 16.22 + 1.20 16.24 10.87 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.02 0.01 0.02 + 0.01 0.02 0.01 0.13 0.11 0.11 - 0.02 0.18 0.05 0.38 0.30 0.38 + 0.03 0.47 0.08 3.15 2.95 3.00 unch 0.00 3.15 1.53 0.08 0.08 0.08 + 0.01 0.10 0.04

C Cabral Gold V 236 0.34 0.31 0.34 + 0.01 0.50 0.31 Cache Expl V 1562 0.08 0.07 0.07 - 0.01 0.31 0.05 Cadillac Vent* O 45 0.04 0.03 0.03 - 0.01 0.04 0.03 Cadillac Vent V 46 0.05 0.05 0.05 - 0.01 0.06 0.03 Calaveras Res 27 1.41 1.15 1.35 - 0.06 1.41 0.47 Caledonia Mng* X 25 7.68 7.32 7.57 - 0.02 7.96 0.06 Caledonia Mng T 21 9.41 9.15 9.16 - 0.14 10.00 6.70 Calibre Mng V 956 0.11 0.10 0.11 - 0.01 0.30 0.10 California Gld V 264 0.30 0.26 0.28 - 0.02 0.64 0.23 California Go* O 27 0.26 0.21 0.23 - 0.01 0.49 0.21 Callinex Mines* O 3052 0.37 0.31 0.33 + 0.03 0.39 0.21 Callinex Mines V 4808 0.45 0.39 0.41 + 0.03 0.48 0.28 Cameco Corp* N 10405 9.86 9.19 9.23 - 0.39 13.05 7.68 11.37 - 0.68 17.11 9.90 Cameco Corp T 7311 12.18 11.33 Cameo Res* O 1 0.54 0.54 0.54 unch 0.00 1.11 0.24 Cameo Res V 207 0.69 0.65 0.66 - 0.04 1.60 0.30 Camino Mnls* O 26 0.32 0.27 0.32 + 0.04 1.62 0.21 Camino Mnls V 571 0.42 0.32 0.38 + 0.04 2.23 0.27 Camrova Res V 73 0.11 0.09 0.10 + 0.01 0.33 0.06 Camrova Res* O 4 0.07 0.06 0.07 + 0.00 0.21 0.00 Canada Coal V 293 0.11 0.08 0.11 + 0.02 0.11 0.04 Canada One V 172 0.24 0.19 0.22 + 0.01 0.52 0.08 Canada One* O 4 0.17 0.17 0.17 unch 0.00 0.32 0.06 Canadian Zeol* O 15 0.31 0.28 0.29 - 0.02 0.90 0.26 Canadian Zeol V 467 0.38 0.33 0.35 - 0.03 1.19 0.33 CanAlaska Uran* O 153 0.33 0.28 0.31 + 0.04 0.49 0.21 CanAlaska Uran V 294 0.41 0.35 0.40 + 0.05 0.64 0.26 CanAm Coal* O 80 0.00 0.00 0.00 unch 0.00 0.01 0.00 Canamex Gold V 750 0.23 0.19 0.21 - 0.01 0.28 0.08 Canamex Gold* O 389 0.18 0.15 0.16 - 0.02 0.22 0.06 Canarc Res T 1518 0.09 0.07 0.08 + 0.01 0.12 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Canarc Res* O 235 0.07 0.06 0.06 - 0.00 0.09 0.05 Canasil Res V 1548 0.19 0.15 0.17 + 0.02 0.21 0.10 0.51 unch 0.00 1.08 0.36 Candelaria Mg* O 1 0.51 0.51 Candelaria Mg V 15 0.72 0.55 0.55 - 0.02 1.04 0.48 Candente Coppr T 174 0.13 0.12 0.13 + 0.01 0.21 0.06 Candente Gold* O 1009 0.02 0.02 0.02 + 0.00 0.05 0.00 Candente Gold V 202 0.04 0.03 0.03 unch 0.00 0.08 0.03 CANEX Metals V 293 0.08 0.00 0.06 unch 0.00 0.14 0.03 0.20 + 0.04 0.33 0.05 CaNickel Mng V 96 0.21 0.16 CaNickel Mng* O 9 0.15 0.00 0.13 unch 0.00 0.23 0.06 Canoe Mng Vent V 1024 0.19 0.14 0.14 - 0.03 0.25 0.04 80 0.13 0.13 0.13 - 0.02 0.15 0.13 Canoe Mng Vent* O Canstar Res* O 72 0.07 0.06 0.07 unch 0.00 0.17 0.03 Canstar Res V 623 0.08 0.05 0.08 + 0.03 0.23 0.04 0.03 - 0.01 0.06 0.02 Canterra Mnls V 270 0.04 0.00 Cantex Mn Dev V 74 0.03 0.03 0.03 unch 0.00 0.07 0.02 Canuc Res V 225 0.27 0.24 0.25 unch 0.00 0.60 0.21 Canuc Res* O 3 0.21 0.20 0.21 + 0.01 0.41 0.19 Canyon Copper* O 315 0.10 0.06 0.08 - 0.02 0.22 0.06 Canyon Copper V 966 0.12 0.08 0.09 - 0.02 0.29 0.08 1.40 - 0.05 1.81 0.77 Capstone Mng T 2580 1.47 1.37 Caracara Silvr V 2070 0.02 0.02 0.02 unch 0.00 0.03 0.01 Cardero Res V 414 0.18 0.16 0.16 - 0.02 0.22 0.07 Cardero Res* O 45 0.15 0.13 0.14 + 0.02 0.19 0.05 Cardinal Res* O 5 0.35 0.35 0.35 - 0.00 0.46 0.21 0.53 + 0.05 1.05 0.43 Cardinal Res T 1761 0.55 0.45 Cariboo Rose V 343 0.06 0.05 0.05 + 0.01 0.26 0.04 0.04 unch 0.00 0.10 0.03 Carlin Gold V 278 0.04 0.03 Carmax Mng V 58 0.09 0.00 0.08 - 0.01 0.13 0.05 0.60 + 0.10 1.00 0.35 Carrara Explor 780 0.65 0.47 Cartier Iron 204 0.19 0.16 0.16 - 0.01 0.25 0.05 0.24 - 0.01 0.38 0.18 Cartier Res V 218 0.25 0.23 Carube Copper V 217 0.06 0.06 0.06 unch 0.00 0.14 0.05 O 21 0.04 0.04 0.04 - 0.00 0.11 0.03 Carube Copper* Casablanca Mng* O 8 0.00 0.00 0.00 unch 0.00 0.00 0.00 V 1278 0.16 0.14 0.14 - 0.01 0.16 0.07 Cascadero Copp Castle Peak Mg V 317 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.40 - 0.11 0.55 0.06 Castle Silver V 2206 0.54 0.39 Castle Silver* O 222 0.42 0.33 0.33 - 0.07 0.44 0.09 0.49 unch 0.00 0.85 0.20 Cautivo Mining 0 0.00 0.00 Cava Res V 394 0.35 0.26 0.34 + 0.08 0.35 0.15 0.29 + 0.07 0.29 0.14 Cava Res* O 402 0.29 0.22 Cavan Vent V 1577 0.25 0.13 0.13 - 0.10 0.40 0.02 0.07 unch 0.00 0.22 0.06 Cda Carbon* O 40 0.07 0.07 Cda Carbon V 763 0.09 0.08 0.08 - 0.01 0.28 0.08 2450 0.10 0.07 0.09 + 0.03 0.10 0.03 Cda Rare Earth V Cda Rare Earth* O 181 0.07 0.05 0.07 + 0.02 0.07 0.02 350 0.14 0.13 0.13 - 0.01 0.16 0.09 Cda Strtgc Met V Cda Strtgc Met * O 27 0.12 0.10 0.10 - 0.02 0.12 0.06 V 3927 0.37 0.30 0.37 + 0.07 0.41 0.22 Cda Zinc Mtls Cdn Arrow V 13921 0.02 0.01 0.01 unch 0.00 0.03 0.01 Cdn Arrow* O 56 0.01 0.00 0.00 - 0.01 0.02 0.00 Cdn Intl Mnrls V 105 0.35 0.24 0.28 unch 0.00 0.60 0.11 10 0.23 0.18 0.23 + 0.05 0.56 0.06 Cdn Intl Mnrls* O Cdn Metals 311 0.15 0.13 0.13 - 0.01 0.20 0.05 0.35 + 0.17 0.53 0.17 Cdn Orebodies V 264 0.35 0.20 Cdn Orebodies* O 12 0.16 0.16 0.16 unch 0.00 0.39 0.14 Cdn Platinum V 1317 0.03 0.02 0.03 + 0.01 0.05 0.01 Cdn Silvr Hunt V 340 0.09 0.06 0.08 + 0.02 0.12 0.04 T 2198 0.16 0.14 0.15 - 0.01 0.31 0.13 Cdn Zinc Cdn Zinc* O 710 0.13 0.11 0.12 - 0.01 0.24 0.10 2.80 + 0.02 3.23 2.19 Centamin T 18 2.88 2.76 Centaurus Diam* O 91 0.10 0.00 0.08 - 0.02 0.20 0.01 Centenera Mng V 232 0.21 0.18 0.19 - 0.02 0.30 0.15 Centenera Mng* O 72 0.17 0.15 0.15 - 0.01 0.21 0.10 6.55 + 0.39 9.35 5.90 Centerra Gold T 3950 6.64 5.90 Central Iron V 160 0.03 0.03 0.03 unch 0.00 0.07 0.01 O 33 0.21 0.19 0.19 + 0.00 0.29 0.13 Century Global* Century Global T 67 0.26 0.24 0.24 - 0.01 0.46 0.16 0.01 unch 0.00 0.08 0.01 Cerro Grande 129 0.02 0.00 Cerro Mng V 26 0.15 0.15 0.15 unch 0.00 0.18 0.04 0.19 - 0.02 0.45 0.16 Ceylon Graph V 645 0.20 0.17 Chalice Gold M* O 46 0.15 0.14 0.15 unch 0.00 0.25 0.10 533 0.19 0.18 0.18 - 0.01 0.33 0.15 Chalice Gold M T Champion Bear V 213 0.20 0.18 0.18 - 0.02 0.28 0.10 O 88 0.16 0.15 0.16 - 0.00 0.18 0.07 Champion Bear* Champion Iron T 2629 1.45 1.35 1.37 - 0.01 1.59 0.85 O 103 1.16 1.11 1.11 - 0.01 1.22 0.61 Champion Iron* Chantrell Vent V 25 0.10 0.10 0.10 unch 0.00 0.11 0.07 0.33 unch 0.00 0.90 0.29 Chatham Rock V 0 0.00 0.00 Chatham Rock* O 0 0.00 0.00 0.26 unch 0.00 0.42 0.23 V 87 3.65 3.20 3.35 + 0.12 4.44 2.91 Chesapeake Gld Chesapeake Gld* O 21 2.94 2.57 2.91 + 0.32 3.33 2.28 131.19 - 0.11 133.88 Chevron Corp* N 28772 132.67 130.34 102.55 22 0.07 0.07 0.07 unch 0.00 0.14 0.05 Chiboug Ind Mn V Chiboug Ind Mn* O 36 0.05 0.05 0.05 unch 0.00 0.11 0.03 0.08 + 0.02 0.33 0.06 Chilean Metals V 752 0.09 0.07 Chilean Metals* O 223 0.07 0.05 0.06 + 0.01 0.24 0.04 0.15 unch 0.00 0.18 0.05 Chimata Gold V 393 0.15 0.13 China Gold Int T 974 2.53 2.38 2.52 + 0.13 3.40 1.82 China Mnls Mng V 8 0.28 0.23 0.28 + 0.05 0.50 0.16 China Mnls Mng* O 1 0.19 0.00 0.19 - 0.00 0.24 0.14 0.02 unch 0.00 0.03 0.01 Cicada Vents V 1500 0.02 0.02 CIM Intl Grp 17 0.18 0.18 0.18 unch 0.00 0.79 0.08 0.10 - 0.01 0.27 0.08 Cipher Res* O 490 0.11 0.09 Cipher Res V 372 0.12 0.10 0.12 - 0.02 0.33 0.09 CKR Carbon V 10631 0.26 0.18 0.25 + 0.07 0.30 0.05 CKR Carbon* O 436 0.21 0.14 0.21 + 0.07 0.21 0.04 488 0.10 0.07 0.10 + 0.02 0.13 0.03 Claim Post Res V Clarmin Explor V 19 0.28 0.28 0.28 unch 0.00 0.50 0.25 0.18 + 0.03 0.21 0.05 Clean Comm V 15792 0.21 0.15 Clean Comm* O 128 0.16 0.12 0.15 + 0.06 0.16 0.03 Cleghorn Mnls V 100 0.10 0.09 0.10 unch 0.00 0.14 0.05 Cleghorn Mnls* O 10 0.08 0.08 0.08 unch 0.00 0.11 0.04 9.15 7.60 7.63 - 0.86 12.37 5.56 Cleveland-Clif* N 119190 Clifton Mng* O 329 0.08 0.06 0.07 - 0.01 0.14 0.05 3507 5.41 5.15 5.33 + 0.10 6.30 2.78 Cloud Peak En* N Clydesdale Res V 250 0.06 0.06 0.06 + 0.02 0.15 0.04 0.03 unch 0.00 0.09 0.03 CMC Metals* O 120 0.04 0.03 CMC Metals V 624 0.06 0.05 0.05 unch 0.00 0.12 0.05 39 0.09 0.07 0.07 - 0.01 0.09 0.05 CMX Gold & Sil* O CMX Gold & Sil 66 0.09 0.08 0.08 - 0.02 0.10 0.04 CNRP Mng* O 203 0.64 0.35 0.36 - 0.02 1.98 0.02 Cobalt 27 Cap V 643 13.60 12.70 13.16 + 0.21 13.75 7.42 191 0.23 0.20 0.22 + 0.01 0.29 0.06 Cobalt Pwr Grp* O Cobalt Pwr Grp V 2219 0.28 0.26 0.27 - 0.01 0.35 0.08 Coeur Mng* N 16964 8.94 8.01 8.46 + 0.13 12.09 6.71 Colibri Res* O 250 0.08 0.08 0.08 unch 0.00 0.16 0.07 Colibri Res V 394 0.10 0.09 0.09 - 0.01 0.28 0.08 0.02 unch 0.00 0.03 0.01 Colombia Crest V 170 0.02 0.00 Colombia Crest* O 134 0.01 0.01 0.01 + 0.00 0.02 0.00 0.14 + 0.01 0.24 0.08 Colonial Coal V 141 0.14 0.12 Colorado Gold* O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.14 + 0.00 0.37 0.13 Colorado Res* O 84 0.14 0.13 Colorado Res V 1393 0.18 0.17 0.17 unch 0.00 0.46 0.17 Columbus Gold T 600 0.74 0.60 0.62 - 0.15 1.09 0.50 Columbus Gold* O 686 0.62 0.48 0.50 - 0.12 0.83 0.40 Comet Inds V 10 2.95 2.95 2.95 unch 0.00 3.20 2.50 Commander Res V 628 0.04 0.00 0.04 + 0.01 0.07 0.03 Commerce Res* O 208 0.07 0.06 0.06 + 0.00 0.09 0.05 Commerce Res V 945 0.08 0.07 0.08 - 0.01 0.11 0.06 O 1 0.00 0.00 0.00 unch 0.00 0.00 0.00 Compliance Egy* Comstock Mng* X 5759 0.49 0.39 0.44 + 0.05 1.40 0.21 0.07 - 0.01 0.20 0.07 Comstock Mtls V 182 0.08 0.07 Comstock Mtls * O 48 0.07 0.06 0.06 - 0.00 0.16 0.05 1.10 - 0.24 1.75 1.00 Condor Gold T 107 1.45 1.00 Condor Gold* O 5 0.89 0.70 0.89 + 0.19 0.89 0.60 Condor Res V 505 0.11 0.09 0.11 unch 0.00 0.19 0.07 Confedertn Ml* O 2 0.39 0.39 0.39 - 0.05 0.76 0.39 Confedertn Mls V 108 0.55 0.47 0.55 + 0.05 1.06 0.46 Conquest Res V 711 0.07 0.05 0.06 unch 0.00 0.10 0.01 Cons Woodjam V 114 0.07 0.06 0.07 + 0.01 0.09 0.04 CONSOL Coal Rs* N 229 16.65 15.55 16.45 + 0.80 16.65 12.56 CONSOL Energy* N 15663 15.10 14.20 14.45 + 0.16 15.58 11.58 CONSOL Energy* N 1417 37.90 33.45 34.68 - 0.40 41.89 19.51 0.19 unch 0.00 0.35 0.12 Constantine Mt V 195 0.19 0.18 Constantine Mt* O 241 0.15 0.14 0.15 + 0.00 0.28 0.09 0.48 - 0.04 1.10 0.46 Contact Gold V 32 0.52 0.48 Contact Mnrls* O 1 0.15 0.15 0.15 unch 0.00 0.28 0.05 Contintl Gold* O 198 3.21 2.89 3.03 + 0.05 4.39 1.90 Contintl Gold T 1782 3.95 3.57 3.77 + 0.03 5.75 2.62 Contintl Prec* O 2 0.25 0.24 0.24 - 0.00 0.35 0.20 Contintl Prec V 5 0.32 0.31 0.32 + 0.01 0.44 0.26 Copper Ck Gold V 18 0.22 0.18 0.20 - 0.02 0.43 0.07 Copper Ck Gold* O 0 0.00 0.00 0.13 unch 0.00 0.29 0.09 Copper Fox Mtl* O 2 0.12 0.00 0.11 - 0.01 0.15 0.08 Copper Fox Mtl V 334 0.15 0.13 0.13 unch 0.00 0.19 0.11 178 0.05 0.00 0.05 unch 0.00 0.08 0.03 Copper Lake Rs V Copper Mtn Mng T 2527 1.41 1.29 1.31 - 0.09 1.85 0.72 481 1.13 1.04 1.06 - 0.07 1.47 0.54 Copper Mtn Mng* O Copper North M* O 0 0.06 0.00 0.06 - 0.01 0.09 0.00 Copper North M V 729 0.08 0.00 0.07 - 0.02 0.12 0.06 Copper One V 383 0.21 0.17 0.18 - 0.03 0.22 0.03 Copper One * O 5 0.17 0.17 0.17 + 0.01 0.18 0.03 Copper Reef Mg 187 0.03 0.03 0.03 + 0.01 0.04 0.01 Copperbank Res 1250 0.12 0.10 0.11 - 0.01 0.18 0.06 Copperbank Res* O 112 0.09 0.08 0.09 - 0.00 0.14 0.04 Coral Gold * O 126 0.35 0.32 0.34 + 0.01 0.35 0.21 Coral Gold V 819 0.43 0.38 0.42 + 0.02 0.43 0.28 Cordoba Mnls V 748 0.40 0.33 0.38 - 0.02 1.59 0.33 Cordoba Mnls* O 210 0.32 0.27 0.32 + 0.01 1.21 0.27 Core Gold V 715 0.31 0.28 0.30 + 0.03 0.45 0.22 Core Gold* O 16 0.24 0.21 0.24 + 0.03 0.32 0.18 Corex Gold V 533 0.19 0.17 0.18 + 0.01 0.20 0.10 Corex Gold* O 43 0.15 0.13 0.14 - 0.00 0.16 0.07 Cornerstone Ca V 876 0.21 0.19 0.20 + 0.01 0.55 0.16 Cornerstone Ca* O 177 0.18 0.15 0.15 + 0.00 0.44 0.14 Cornerstone Mt* O 38 0.27 0.22 0.24 - 0.01 0.33 0.13 Cornerstone Mt V 169 0.33 0.27 0.27 - 0.04 0.41 0.05 Coro Mining T 2118 0.15 0.11 0.14 + 0.03 0.20 0.09 Coronet Mtls V 8 0.21 0.21 0.21 unch 0.00 0.40 0.10 Coronet Mtls* O 8 0.18 0.18 0.18 + 0.00 0.25 0.07 Coronet Mtls 3 0.25 0.25 0.25 unch 0.00 0.25 0.25 Corsa Coal * O 41 2.20 1.59 1.60 - 0.10 2.89 1.00 Corsa Coal V 57 2.20 1.90 1.90 - 0.19 3.75 1.34 Corvus Gold T 518 1.99 1.75 1.87 - 0.02 1.99 0.60 Corvus Gold* O 179 1.60 1.44 1.52 + 0.01 1.60 0.46 CR Capital V 93 0.10 0.10 0.10 unch 0.00 0.13 0.07 Crazy Horse Res* O 1 0.15 0.15 0.15 unch 0.00 0.18 0.12 Critical Elem V 5974 1.36 1.13 1.28 - 0.12 1.86 0.59 Critical Elem* O 270 1.09 0.92 1.05 - 0.06 1.48 0.45 Crown Mining V 120 0.24 0.20 0.22 unch 0.00 0.26 0.07 Cruz Cobalt* O 2696 0.35 0.30 0.32 + 0.01 0.35 0.12 Cruz Cobalt V 9384 0.41 0.38 0.38 + 0.01 0.41 0.16 Crystal Explor* O 10 0.08 0.08 0.08 + 0.00 0.12 0.06 0.10 + 0.01 0.16 0.05 Crystal Explor V 84 0.10 0.10 Crystal Lake V 1245 0.88 0.70 0.85 + 0.10 1.05 0.16 Crystal Lake* O 32 0.67 0.56 0.66 + 0.09 0.84 0.13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Crystal Peak* O 23 Crystal Peak V 69 CTGX Mining* O 0 39 Curlew Lke Res V 215 Currie Rose Rs V 5 V CWN M’g Acq Cyclone Uran* O 1165 Cypress Dev* O 40 Cypress Dev V 560

0.28 0.30 - 0.04 0.46 0.36 0.30 0.34 0.37 - 0.11 0.58 0.45 0.37 0.10 unch 0.00 0.10 0.10 0.00 0.00 1.49 0.10 1.25 1.38 unch 0.00 1.38 0.11 0.04 - 0.01 0.06 0.09 0.09 0.25 0.13 0.20 0.20 unch 0.00 0.20 0.00 0.01 - 0.00 0.02 0.01 0.00 0.06 0.17 - 0.06 0.27 0.22 0.17 0.08 0.21 - 0.06 0.35 0.28 0.21

Dajin Res V 929 Dajin Res* O 1379 41 Dakota Ter Res* O Daleco Res* O 9 Dalradian Res* O 417 Dalradian Res T 783 Damara Gold V 50 Danakali* O 15 Darnley Bay* O 315 Darnley Bay V 1391 Debut Dmds 21 Decade Res V 3279 Decade Res* O 1364 Declan Res 43 O 5 Deep-South Res* V 315 Deep-South Res Defiance Silvr* O 189 Defiance Silvr V 450 Delrand Res V 421 Denison Mines T 2811 X 3284 Denison Mines* Desert Gold* O 1 Desert Gold V 237 Desert Star V 442 Desert Star* O 149 Detour Gold T 4816 Diamante Min* O 733 Diamcor Mng V 129 Diamcor Mng* O 55 Diamond Disc* O 248 V 334 Diamond Fields O 0 Diamond Fields* V 96 Dios Expl O 1020 Discovery Gold* Discovery Harb V 13 Discovery Met* O 3 Discovery Met V 96 415644 O Discovery Mnls* V 59 Discovery-Corp Ditem Explor* O 16 Diversified Rs* O 24 DNI Metals 2106 DNI Metals* O 395 42404 Dolat Ventures* O 1567 V Dolly Vard Sil 844 O Dolly Vard Sil* V 2412 Doubleview Cap DRDGOLD* N 339 377 Duncan Park H V 888 Dundee Prec Mt T Dunnedin Vent* O 1 Duran Vent V 562 154 O Duran Vent * Durango Res V 383 Durango Res* O 5 DuSolo Fertil V 71 DuSolo Fertil* O 20 DV Resources V 91 597 Dynacor Gld Mn T 181 Dynacor Gld Mn* O Dynamic Gold* O 2 O 16 DynaResource* Dynasty Gold V 124 Dynasty Gold* O 82 E3 Metals V 90 E3 Metals* O 18 Eagle Graphite V 824 O 5 Eagle Graphite* Eagle Plains V 685 586 V East Africa 23 O East Africa * 159 East Asia Mnls* O 1010 East Asia Mnls V EastCoal Inc V 0 Eastern Platin* O 6 Eastern Platin T 110 Eastern Res* O 13 Eastfield Res V 538 Eastmain Res* O 182 Eastmain Res T 1322 48 Eco Oro Mnls 23 O Eco Oro Mnls* eCobalt Solns T 3311 eCobalt Solns* O 1870 V 11 Edgewater Expl O 5 Edgewater Expl* 1949 El Capitan Prc* O 635 O El Nino Vent* 287 V El Nino Vent Elcora Res V 658 Elcora Res* O 55 42423 Eldorado Gold* N Eldorado Gold T 13583 Electra Stone* O 185 Electra Stone V 2163 Eloro Mnrls* O 205 Eloro Mnrls V 78 654 V Ely Gold Royal 372 Ely Gold Royal* O Elysee Dev V 17 29 O Elysee Dev * Emerita Res V 465 Emgold Mng V 16 Emgold Mng* O 14 Empire Rock V 3 EMX Royalty* X 406 EMX Royalty V 235 O 1641 Encanto Potash* V 3570 Encanto Potash Endeavour Mng T 1184 O 35 Endeavour Mng* Endeavr Silver* N 7876 Endeavr Silver T 1717 O 106 Endurance Gold* V 349 Endurance Gold Energy Fuels* X 811 Energy Fuels T 450 Enforcer Gold* O 44 Enforcer Gold V 967 Engold Mines* O 67 Engold Mines V 515 O 96 Ensurge* Entree Gold* X 975 Entree Gold T 475 Equitorial Ex V 615 Equitorial Ex* O 20 234 Erdene Res Dev* O 636 Erdene Res Dev T Erin Ventures V 77 Ero Copper T 213 Ero Copper* O 22 98 Eros Res Corp* O 429 V Eros Res Corp 429 V Eros Res Corp Eskay Mng V 144 Essex Minerals V 216 Ethos Gold* O 35 Ethos Gold V 99 Eureka Res V 2319 18 O Euro Sun Mg* 402 T Euro Sun Mg EurOmax Res* O 24 EurOmax Res T 93 O 1720 European Metal* V 133 Eurotin Everton Res* O 2533 Everton Res V 2672 1562 EVI Global Grp Evolving Gold 34 Evolving Gold* O 26 Evrim Res V 637 Excellon Res T 1954 Excellon Res* O 668 Excelsior Mng* O 87 Excelsior Mng T 473 304 ExGen Res Inc V 50 ExGen Res Inc* O Explor Res* O 5 Explor Res V 237 Explorex Res 17 Fairmont Res* O 19 Fairmont Res V 445 Falco Res V 405 118 O Falco Res * Falcon Gold V 493 Fancamp Expl V 2134 Far Res 6850 O 554 Far Res* 113 V Filo Mg Corp Finlay Minrls V 177 Fiore Gold* O 593 Fiore Gold V 619 0 O Fire River Gol* Firebird Res V 130 Firesteel Res V 636 Firestone Vent V 50 Fireweed Zinc V 604 Fireweed Zinc* O 105 O 95 Firma Holdings* First Bauxite V 4597 1357 O First Cobalt * First Cobalt V 2900 First Colombia* O 2900 First Energy* O 18 First Energy V 111 First Idaho V 0

0.08 0.16 - 0.02 0.22 0.19 0.15 0.06 0.13 - 0.01 0.17 0.15 0.13 0.10 0.03 - 0.01 0.00 0.05 0.07 0.00 0.00 - 0.00 0.01 0.00 0.00 0.80 0.99 + 0.04 1.37 1.03 0.92 1.10 1.22 + 0.03 1.78 1.26 1.16 0.04 unch 0.00 0.22 0.07 0.07 0.07 0.49 0.57 + 0.00 0.65 0.59 0.56 0.13 0.17 + 0.01 0.44 0.17 0.16 0.17 0.22 + 0.02 0.57 0.22 0.20 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.05 unch 0.00 0.20 0.08 0.09 0.07 0.04 0.06 + 0.00 0.16 0.07 0.06 0.06 unch 0.00 0.34 0.30 0.34 0.30 0.07 0.25 - 0.06 0.30 0.25 0.25 0.08 0.30 - 0.04 0.37 0.35 0.30 0.17 0.29 - 0.02 0.35 0.31 0.28 0.22 0.36 - 0.02 0.45 0.38 0.34 1.00 1.49 - 0.20 2.44 1.69 1.42 0.50 0.62 - 0.03 1.10 0.67 0.61 0.38 0.51 - 0.01 0.84 0.54 0.50 0.13 unch 0.00 0.30 0.22 0.22 0.22 0.14 unch 0.00 0.40 0.25 0.26 0.20 0.18 0.71 - 0.07 1.04 0.80 0.71 0.22 0.59 - 0.05 0.84 0.64 0.57 12.50 13.94 - 0.05 20.42 14.79 13.80 0.02 0.05 + 0.00 0.21 0.05 0.05 0.37 0.50 + 0.01 1.15 0.51 0.48 0.29 0.41 - 0.02 0.87 0.43 0.38 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.09 0.13 + 0.01 0.23 0.13 0.12 0.07 unch 0.00 0.12 0.09 0.00 0.00 0.06 unch 0.00 0.12 0.08 0.09 0.07 0.00 0.00 - 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.11 0.06 0.06 0.06 0.38 unch 0.00 0.69 0.38 0.38 0.38 0.45 unch 0.00 0.92 0.46 0.47 0.45 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 0.02 - 0.01 0.04 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.02 unch 0.00 0.16 0.05 0.05 0.02 0.04 0.14 + 0.01 0.16 0.15 0.12 0.00 0.11 + 0.00 0.13 0.12 0.10 0.00 0.04 + 0.01 0.16 0.05 0.03 1.04 0.45 0.77 0.89 + 0.13 1.04 0.84 0.35 0.62 0.73 + 0.12 0.84 0.04 0.08 + 0.01 0.19 0.09 0.07 2.84 3.12 - 0.01 6.67 3.38 3.09 0.02 0.01 0.02 0.02 unch 0.00 0.02 3.70 2.13 - 0.08 3.05 3.12 3.22 0.13 unch 0.00 0.31 0.13 0.13 0.13 0.04 0.08 - 0.01 0.13 0.10 0.07 0.08 0.03 0.07 0.07 + 0.00 0.07 0.05 unch 0.00 0.36 0.09 0.09 0.08 0.05 unch 0.00 0.22 0.06 0.06 0.06 0.14 0.23 + 0.03 0.50 0.24 0.20 0.11 0.18 - 0.02 0.23 0.20 0.18 0.05 unch 0.00 0.63 0.23 0.23 0.21 2.61 1.50 1.80 2.17 + 0.33 2.26 2.00 1.03 1.37 1.75 + 0.25 1.81 0.52 unch 0.00 2.00 1.10 1.10 1.00 0.65 1.20 + 0.01 1.65 1.20 1.11 0.10 0.21 + 0.04 0.32 0.22 0.16 0.07 0.17 + 0.03 0.19 0.19 0.15 0.18 unch 0.00 1.01 0.56 0.61 0.56 0.28 0.47 + 0.01 0.77 0.47 0.46 0.02 0.03 - 0.01 0.05 0.04 0.03 0.01 0.03 + 0.01 0.04 0.03 0.03 0.13 0.23 - 0.01 0.25 0.25 0.21 0.37 0.18 0.29 0.30 + 0.01 0.32 0.28 0.15 0.23 0.25 + 0.01 0.25 0.49 0.05 - 0.01 0.07 0.07 0.08 0.74 0.06 - 0.01 0.08 0.08 0.10 0.07 unch 0.00 0.30 0.12 0.00 0.00 0.19 0.31 + 0.03 0.33 0.31 0.28 0.23 0.39 + 0.04 0.44 0.39 0.35 0.03 0.09 + 0.06 0.10 0.10 0.09 0.03 unch 0.00 0.08 0.05 0.05 0.04 0.21 0.25 + 0.00 0.48 0.25 0.24 0.28 unch 0.00 0.64 0.30 0.31 0.30 0.45 0.15 0.30 0.31 unch 0.00 0.38 0.65 0.12 - 0.00 0.30 0.30 0.30 0.77 1.58 - 0.03 2.10 1.70 1.48 0.57 1.29 - 0.01 1.74 1.37 1.18 0.13 0.15 - 0.01 0.25 0.16 0.15 0.10 unch 0.00 0.16 0.11 0.11 0.11 2.35 0.03 - 0.00 0.04 0.04 0.05 0.06 0.02 0.06 0.06 unch 0.00 0.06 0.08 0.02 - 0.02 0.05 0.05 0.07 0.13 0.42 + 0.01 0.56 0.46 0.39 0.12 0.33 - 0.00 0.44 0.37 0.32 1.10 1.35 + 0.01 3.91 1.47 1.31 1.39 1.65 - 0.01 5.13 1.81 1.64 0.01 0.02 - 0.00 0.03 0.02 0.02 0.01 unch 0.00 0.04 0.02 0.03 0.02 0.53 0.81 - 0.04 0.96 0.81 0.80 0.53 0.96 - 0.04 1.27 1.00 0.95 0.18 0.09 - 0.01 0.10 0.11 0.12 0.14 0.07 - 0.01 0.08 0.09 0.09 0.26 0.31 + 0.01 0.49 0.33 0.00 0.36 0.20 0.24 0.25 + 0.00 0.29 0.08 unch 0.00 0.22 0.10 0.10 0.10 0.17 0.18 - 0.03 0.35 0.21 0.00 0.13 0.18 + 0.01 0.25 0.18 0.00 0.16 unch 0.00 0.30 0.20 0.20 0.20 0.67 0.96 + 0.04 1.24 0.97 0.86 0.85 1.18 + 0.06 1.60 1.21 1.06 0.02 0.04 - 0.00 0.09 0.04 0.04 0.04 unch 0.00 0.12 0.06 0.06 0.05 19.77 25.69 + 0.89 28.81 26.86 24.14 14.41 20.99 + 1.05 21.89 21.72 19.61 1.94 2.47 + 0.08 4.90 2.64 2.36 2.50 3.04 + 0.06 6.44 3.24 2.94 0.03 0.05 + 0.00 0.07 0.05 0.05 0.05 0.06 - 0.01 0.10 0.06 0.05 1.30 1.62 - 0.03 2.71 1.73 1.60 1.66 2.00 - 0.06 3.53 2.14 1.99 0.05 0.06 + 0.00 0.18 0.07 0.06 0.07 0.08 - 0.01 0.28 0.09 0.07 0.10 0.16 - 0.05 0.50 0.21 0.16 0.13 0.22 - 0.01 0.68 0.25 0.21 0.02 0.05 - 0.02 0.12 0.07 0.05 0.21 0.53 + 0.01 0.72 0.55 0.50 0.45 0.66 + 0.01 0.94 0.69 0.61 0.05 0.10 - 0.01 0.15 0.10 0.09 0.04 0.07 - 0.00 0.11 0.08 0.07 1.00 0.37 - 0.00 0.42 0.43 0.46 1.40 0.47 - 0.02 0.51 0.51 0.56 0.08 0.13 - 0.01 0.42 0.14 0.12 4.70 7.45 - 0.42 9.05 7.97 7.20 3.88 6.08 - 0.13 7.25 6.24 5.90 0.18 0.12 - 0.01 0.12 0.12 0.14 0.23 0.15 0.15 0.16 unch 0.00 0.16 0.23 0.15 0.15 0.16 unch 0.00 0.16 0.18 0.25 - 0.02 0.51 0.27 0.25 0.12 unch 0.00 0.33 0.16 0.18 0.16 0.10 0.19 + 0.02 0.23 0.20 0.17 0.13 unch 0.00 0.30 0.21 0.24 0.00 0.02 unch 0.00 0.13 0.04 0.05 0.04 1.55 0.49 - 0.00 1.01 1.04 1.05 2.02 0.65 1.25 1.29 + 0.01 1.34 0.19 0.24 + 0.01 0.44 0.24 0.22 0.25 0.29 + 0.01 0.60 0.31 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.04 0.08 - 0.01 0.12 0.08 0.07 0.02 0.03 + 0.00 0.09 0.05 0.03 0.03 0.04 - 0.01 0.13 0.05 0.04 0.43 0.02 0.12 0.39 + 0.19 0.43 0.13 0.16 + 0.01 0.41 0.17 0.00 0.10 0.13 + 0.01 0.32 0.13 0.00 0.19 0.45 + 0.11 0.47 0.45 0.36 1.22 1.74 - 0.23 2.30 1.82 1.51 0.92 1.41 - 0.17 1.87 1.51 1.21 0.52 0.92 - 0.02 1.18 0.96 0.91 0.66 1.15 - 0.03 1.48 1.20 1.13 0.04 0.01 0.02 0.03 unch 0.00 0.03 0.03 0.01 0.01 0.01 unch 0.00 0.01 0.04 0.05 + 0.00 0.09 0.05 0.05 0.05 0.06 - 0.01 0.10 0.06 0.06 0.13 0.42 + 0.03 0.65 0.45 0.39 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.02 0.04 + 0.01 0.16 0.04 0.00 0.80 1.03 + 0.02 1.65 1.05 1.00 1.17 0.60 0.80 0.82 + 0.00 0.88 0.04 0.06 - 0.01 0.08 0.06 0.06 0.05 0.12 - 0.01 0.18 0.13 0.12 0.06 0.80 - 0.17 1.10 0.96 0.74 0.06 0.64 - 0.13 0.87 0.76 0.61 3.00 1.78 2.50 2.68 + 0.08 2.68 0.05 unch 0.00 0.34 0.06 0.06 0.06 0.22 0.64 - 0.03 0.95 0.71 0.63 0.60 0.79 - 0.06 1.18 0.87 0.77 0.51 0.00 - 0.04 0.00 0.00 0.00 0.01 0.05 - 0.01 0.09 0.05 0.05 0.04 0.08 - 0.01 0.16 0.09 0.08 0.03 0.18 + 0.03 0.19 0.18 0.15 0.67 1.65 - 0.10 1.95 1.95 1.56 0.54 1.35 - 0.05 1.58 1.58 1.27 0.04 0.10 + 0.00 0.13 0.10 0.09 0.03 0.04 + 0.01 0.06 0.05 0.03 1.30 0.31 - 0.13 0.80 0.86 1.02 0.42 1.06 - 0.17 1.65 1.26 0.99 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.02 0.04 - 0.00 0.05 0.05 0.04 0.03 0.05 - 0.01 0.07 0.06 0.00 0.05 unch 0.00 0.06 0.06 0.00 0.00

D-F

2018-01-30 5:33 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / FEBRUARY 5–18, 2018

Week

12-month

Exc Volume High Low Last Change High Low

First Liberty* O 7622 T 7087 First Majestic First Majestic* N 36944 First Mexican V 150 First Mg Fin T 2569 First Mg Fin * O 2220 First Point* O 66 First Quantum T 18416 Fission 3.0 V 692 Fission Uran T 1664 Fission Uran* O 1203 Five Star Diam V 119 Fjordland Exp V 218 Fjordland Exp* O 209 Flowery Gold* O 1 O 696 Focus Graphite* Focus Graphite V 2007 Focus Vent V 1472 Foran Mng V 1387 Forsys Metals T 136 V 192 Fort St James Fort St James* O 0 Fortescue Mtls* O 3 Fortuna Silvr* N 5383 Fortuna Silvr T 3229 Fortune Bay* O 3 Fortune Bay V 9 Fortune Mnrls* O 1896 Fortune Mnrls T 4068 Forum Uranium V 725 Forum Uranium* O 246 Four Nines 137 Fox River Res 715 Fox River Res* O 63 FPX Nickel V 624 Franco-Nevada* N 3559 Franco-Nevada T 2971 Franklin Mng* O 4 Freedom Egy V 301 Freegold Vent T 530 N 121811 Freeport McMoR* Freeport Res V 122 Fremont Gold V 389 Fremont Gold* O 45 Fresnillo plc* O 19 Frontier Lith V 254 Frontline Gold V 124 Full Metal Mnl V 8 Full Metal Mnl* O 2 Fura Gems V 1147 Fura Gems* O 292

0.00 0.00 0.00 - 0.00 0.00 0.00 9.01 7.90 8.02 - 0.56 14.36 7.51 7.30 6.41 6.50 - 0.38 10.92 5.92 0.02 0.02 0.02 - 0.01 0.04 0.02 0.57 0.52 0.52 - 0.04 1.10 0.50 0.47 0.42 0.43 - 0.01 0.84 0.39 0.11 0.09 0.11 + 0.02 0.12 0.06 19.38 18.11 18.98 - 0.24 19.75 9.69 0.06 0.05 0.05 - 0.01 0.13 0.05 0.84 0.77 0.78 - 0.01 0.92 0.53 0.70 0.62 0.64 - 0.00 0.72 0.40 0.19 0.18 0.19 + 0.02 0.55 0.16 0.18 0.15 0.15 - 0.05 0.59 0.10 0.15 0.12 0.12 - 0.01 0.47 0.07 0.18 0.18 0.18 unch 0.00 0.40 0.12 0.07 0.05 0.06 - 0.00 0.11 0.04 0.08 0.07 0.08 - 0.01 0.15 0.06 0.03 0.03 0.03 - 0.01 0.07 0.02 0.62 0.56 0.59 + 0.02 0.62 0.24 0.13 0.12 0.13 unch 0.00 0.22 0.11 0.45 0.28 0.36 - 0.07 0.45 0.10 0.00 0.00 0.06 unch 0.00 0.08 0.06 4.10 4.01 4.10 - 0.07 5.50 3.33 5.15 4.78 4.84 - 0.04 6.87 4.03 6.35 5.95 5.99 - 0.11 9.04 5.13 0.30 0.00 0.30 - 0.02 0.52 0.29 0.37 0.00 0.37 - 0.03 0.73 0.37 0.25 0.22 0.24 + 0.01 0.33 0.13 0.31 0.27 0.28 - 0.01 0.38 0.16 0.07 0.06 0.07 + 0.01 0.17 0.04 0.05 0.04 0.05 + 0.00 0.12 0.03 0.14 0.12 0.13 + 0.01 0.16 0.08 0.15 0.06 0.07 + 0.01 0.15 0.06 0.05 0.05 0.05 unch 0.00 0.10 0.02 0.14 0.12 0.13 - 0.01 0.15 0.07 79.12 74.88 78.03 - 0.23 86.06 60.10 98.19 93.36 96.19 - 1.67 110.18 81.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.08 0.00 0.07 - 0.01 0.14 0.05 0.11 0.09 0.09 - 0.02 0.19 0.08 20.25 18.94 19.54 - 0.42 20.25 11.05 0.07 0.06 0.07 + 0.01 0.08 0.03 0.21 0.17 0.18 - 0.03 0.21 0.11 0.16 0.15 0.15 - 0.02 0.17 0.10 19.93 0.00 19.24 + 0.14 22.27 16.45 0.66 0.60 0.65 + 0.01 0.78 0.29 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.11 0.00 0.11 + 0.01 0.15 0.08 0.07 0.07 0.07 unch 0.00 0.12 0.05 1.13 0.85 1.02 + 0.15 1.13 0.19 1.23 0.68 0.85 + 0.17 1.23 0.68

Gabriel Res T 318 Gainey Capital V 115 Galane Gold V 306 Galantas Gold* O 7 Galantas Gold V 193 Galore Res V 325 Galway Gold V 274 Galway Mtls* O 64 Galway Mtls V 127 Garibaldi Res V 2429 286 Garibaldi Res * O GB Minerals V 1460 Gem Intl Res V 183 General Moly T 14 General Moly* X 1664 Genesis Mtls* O 890 Genesis Mtls V 4682 Gensource Pot V 391 Geologix Expl* O 139 Geologix Expl V 1163 Geomega Res* O 38 Geomega Res V 994 Gespeg Cop Res V 500 Getty Copper V 250 GFG Resources* O 152 V 135 GGL Res GGX Gold V 280 GGX Gold* O 8 Giga Metals V 747 Giga Metals* O 421 Gitennes Expl V 754 Giyani Gold* O 220 Giyani Gold V 303 Glacier Lake V 587 Gldn Predator V 642 Gldn Predator* O 84 Glen Eagle Res V 754 Glencore Plc* O 1346 Global Cobalt* O 17 Global Energy V 1073 Global Gold* O 385 Global Hunter* O 0 Global Li-Ion 935 Global Li-Ion* O 165 GlobalMin Vent* O 10 Globex Mng T 148 Globex Mng* O 85 GMV Minerals* O 62 GMV Minerals V 145 GNCC Capital* O 10525 V 18 GobiMin 1 God’s Lake Res GoGold Res T 1177 Gold Dynamics* O 105 Gold Fields* N 21426 324 Gold Finder Ex V O 78 Gold Lakes* Gold Mng USA* O 1737 Gold Reach Res V 137 Gold Reserve* O 70 Gold Reserve V 65 X 2374 Gold Resource* Gold Std Vents* X 6468 2223 Gold Std Vents T Gold Torrent* O 3 Goldbank Mng V 1 O 1 Goldbank Mng* Goldbelt Emp V 803 Goldcliff Res* O 48 Goldcliff Res V 573 Goldcorp T 14363 Goldcorp* N 39632 Golden Arrow V 904 Golden Arrow* O 1026 Golden Band* O 214 Golden Cariboo V 12 Golden Dawn Ml V 1707 Golden Dawn Ml* O 111 Golden Eagle* O 236 Golden Global* O 194 Golden Goliath V 360 Golden Goliath* O 186 Golden Harp V 14 Golden Hope V 174 Golden Hope* O 88 Golden Mnls* X 928 Golden Mnls T 66 Golden Peak Mn V 292 Golden Queen* O 929 Golden Queen T 768 Golden Reign V 868 Golden Ridge V 7688 Golden Secret V 357 Golden Share V 69 Golden Star T 732 Golden Star* O 0 Golden Star* X 8217 Golden Sun* O 7 Golden Tag V 166 Golden Valley* O 208 Golden Valley V 320 Goldex Res* O 0 Goldex Res V 33 Goldgroup Mng T 943 Goldgroup Mng* O 181 GoldMining V 1036 GoldON Res V 23 GoldON Res* O 3 GoldQuest Mng V 3021 Goldrea Res 7659 Goldrea Res* O 289 Goldrich Mng* O 385 Goldsource Min* O 667 Goldsource Min V 2346 Goldstar Mnls V 3449 Goldstream Mnl V 35 Goldstrike Res V 731 Goliath Res V 259 Gorilla Min 682 Gossan Res V 272 GoviEx Uranium* O 676 GoviEx Uranium V 3759 Gowest Gold* O 85 Gowest Gold V 635 GPM Metals V 431 Gran Colombia* O 53 Gran Colombia T 473 Granada Gold V 419 Granada Gold* O 18 Grande Portage V 125 Grande Portage* O 14 Granite Ck Gld V 48 Graphite Corp* O 93519 Graphite Egy* O 651 Graphite Egy 511 Graphite One V 1847 Graphite One* O 899 Gravis Energy 378 Gray Rock Res V 19 Great Atlantic V 512 Great Bear Res V 1260 Great Bear Res* O 224 Great Lakes Gr* O 628 Great Lakes Gr V 1342 Great Panther* X 3213 Great Panther T 543 Great Quest Fe V 263 Great Thunder V 2440 Great Western* O 466 Green Arrow V 185 Green River 301 Green Swan Cap V 482 Green Valley M V 44

0.40 0.35 0.40 + 0.06 0.50 0.26 0.13 0.11 0.11 - 0.01 0.23 0.09 0.06 0.05 0.06 unch 0.00 0.12 0.05 0.09 0.09 0.09 - 0.00 0.11 0.05 0.12 0.10 0.12 + 0.01 0.15 0.07 0.04 0.03 0.04 unch 0.00 0.07 0.01 0.09 0.09 0.09 - 0.01 0.16 0.07 0.29 0.25 0.29 + 0.00 0.36 0.18 0.36 0.33 0.34 - 0.01 0.45 0.23 3.25 2.40 2.52 - 0.73 5.27 0.12 2.59 1.99 2.03 - 0.50 4.12 0.10 0.09 0.09 0.09 unch 0.00 0.09 0.04 0.02 0.02 0.02 - 0.01 0.12 0.01 0.55 0.46 0.52 + 0.06 0.95 0.35 0.43 0.36 0.42 + 0.05 0.72 0.28 0.12 0.10 0.11 + 0.02 0.18 0.06 0.15 0.13 0.13 unch 0.00 0.22 0.09 0.09 0.08 0.09 unch 0.00 0.25 0.06 0.04 0.03 0.03 - 0.00 0.07 0.03 0.05 0.04 0.05 unch 0.00 0.09 0.04 0.06 0.05 0.06 + 0.00 0.12 0.04 0.09 0.07 0.08 + 0.01 0.16 0.06 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.03 0.02 0.03 + 0.01 0.04 0.02 0.39 0.35 0.35 - 0.04 1.00 0.35 0.15 0.13 0.13 - 0.02 0.25 0.10 0.13 0.12 0.13 - 0.01 0.24 0.08 0.11 0.11 0.11 + 0.00 0.17 0.09 0.61 0.42 0.45 - 0.14 0.92 0.05 0.49 0.33 0.37 - 0.11 0.72 0.11 0.09 0.07 0.07 - 0.01 0.15 0.02 0.29 0.22 0.24 - 0.00 0.41 0.17 0.37 0.29 0.30 - 0.01 0.50 0.23 0.08 0.07 0.08 + 0.01 0.19 0.05 0.82 0.70 0.71 - 0.09 2.05 0.62 0.64 0.57 0.60 - 0.05 1.59 0.48 0.25 0.19 0.25 + 0.05 0.31 0.10 11.42 10.82 11.34 + 0.05 11.42 6.90 0.09 0.00 0.09 - 0.01 0.43 0.00 0.26 0.21 0.22 - 0.03 0.67 0.10 0.01 0.01 0.01 + 0.00 0.06 0.01 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.63 0.50 0.63 + 0.12 0.97 0.30 0.51 0.40 0.51 + 0.09 0.80 0.23 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.49 0.44 0.47 unch 0.00 0.62 0.38 0.40 0.35 0.37 - 0.02 0.48 0.31 0.25 0.20 0.21 - 0.02 0.49 0.20 0.30 0.25 0.26 - 0.02 0.61 0.25 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.42 0.00 0.42 - 0.02 0.58 0.38 0.35 0.00 0.35 unch 0.00 0.35 0.03 0.42 0.37 0.40 + 0.02 0.99 0.37 0.00 0.00 0.00 + 0.00 0.01 0.00 4.54 4.05 4.37 + 0.22 4.70 2.86 1.45 1.25 1.39 + 0.11 1.85 0.08 0.05 0.02 0.02 - 0.02 40.00 0.01 0.04 0.03 0.03 - 0.00 0.05 0.00 0.23 0.20 0.21 - 0.03 0.26 0.09 3.01 2.43 2.44 - 0.36 4.25 1.94 3.50 0.00 3.05 - 0.37 5.35 2.61 5.05 4.63 4.71 - 0.12 6.27 3.08 1.99 1.75 1.99 + 0.15 2.95 1.25 2.45 2.17 2.45 + 0.15 3.85 1.61 0.60 0.55 0.55 - 0.05 0.85 0.51 0.18 0.00 0.18 - 0.01 0.34 0.06 0.14 0.14 0.14 unch 0.00 0.16 0.05 0.03 0.02 0.03 unch 0.00 0.06 0.01 0.18 0.14 0.17 + 0.04 0.41 0.08 0.23 0.18 0.19 + 0.03 0.52 0.11 18.92 17.65 18.19 + 0.28 23.35 15.00 15.32 14.16 14.74 + 0.42 17.87 11.64 0.70 0.66 0.66 - 0.01 0.97 0.37 0.57 0.52 0.54 + 0.01 0.71 0.29 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.12 0.00 0.12 + 0.01 0.19 0.05 0.28 0.25 0.27 + 0.03 0.42 0.23 0.22 0.19 0.22 + 0.02 0.32 0.18 0.07 0.06 0.06 - 0.01 0.12 0.03 0.05 0.03 0.03 - 0.01 0.36 0.00 0.05 0.03 0.05 + 0.02 0.08 0.03 0.04 0.02 0.04 + 0.01 0.07 0.02 0.10 0.00 0.10 - 0.01 0.24 0.06 0.11 0.10 0.10 - 0.01 0.23 0.07 0.08 0.08 0.08 - 0.01 0.18 0.06 0.48 0.42 0.46 + 0.02 0.81 0.37 0.58 0.52 0.54 unch 0.00 1.06 0.47 0.18 0.16 0.16 unch 0.00 0.57 0.16 0.17 0.15 0.15 - 0.00 0.81 0.14 0.22 0.19 0.19 - 0.01 1.05 0.18 0.22 0.19 0.21 + 0.01 0.37 0.19 0.17 0.11 0.14 + 0.02 0.41 0.11 0.50 0.36 0.38 - 0.08 0.50 0.19 0.30 0.27 0.27 - 0.01 0.30 0.09 1.04 0.97 0.99 - 0.01 1.33 0.76 0.00 0.00 1.11 unch 0.00 1.50 0.20 0.84 0.78 0.80 - 0.00 1.01 0.59 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 + 0.01 0.08 0.03 0.25 0.21 0.25 + 0.03 0.38 0.19 0.30 0.27 0.30 + 0.02 0.50 0.24 0.00 0.00 0.49 unch 0.00 0.80 0.39 0.78 0.66 0.77 + 0.03 1.18 0.44 0.08 0.06 0.08 + 0.01 0.15 0.05 0.06 0.05 0.06 + 0.01 0.11 0.03 1.48 1.34 1.38 - 0.05 2.10 1.22 0.16 0.14 0.14 unch 0.00 0.23 0.10 0.11 0.11 0.11 unch 0.00 0.16 0.09 0.46 0.35 0.40 + 0.02 0.59 0.27 0.38 0.21 0.35 + 0.13 0.38 0.04 0.30 0.20 0.29 + 0.13 0.30 0.03 0.04 0.03 0.04 unch 0.00 0.06 0.02 0.09 0.06 0.07 - 0.01 0.14 0.04 0.10 0.09 0.09 - 0.01 0.19 0.06 0.06 0.04 0.06 + 0.02 0.06 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.23 0.21 0.22 unch 0.00 0.43 0.18 0.10 0.09 0.10 unch 0.00 0.40 0.05 0.23 0.16 0.23 + 0.03 0.26 0.16 0.10 0.08 0.10 + 0.01 0.10 0.05 0.20 0.18 0.20 + 0.02 0.34 0.13 0.26 0.23 0.25 + 0.01 0.44 0.17 0.12 0.11 0.11 - 0.02 0.18 0.10 0.16 0.15 0.15 unch 0.00 0.25 0.13 0.07 0.06 0.07 + 0.01 0.18 0.06 1.83 1.72 1.81 + 0.03 1.83 1.02 2.25 2.15 2.23 + 0.03 2.26 1.28 0.30 0.24 0.27 + 0.02 0.72 0.21 0.22 0.18 0.22 + 0.02 0.54 0.18 0.17 0.15 0.16 + 0.01 0.71 0.14 0.13 0.12 0.12 unch 0.00 0.56 0.10 0.11 0.11 0.11 unch 0.00 0.23 0.09 0.00 0.00 0.00 - 0.00 0.01 0.00 0.81 0.70 0.79 + 0.11 0.81 0.56 0.97 0.88 0.96 + 0.11 0.99 0.40 0.08 0.07 0.07 + 0.01 0.11 0.04 0.07 0.05 0.06 + 0.01 0.09 0.03 0.40 0.28 0.40 + 0.12 0.50 0.01 0.21 0.00 0.20 unch 0.00 0.57 0.20 0.13 0.09 0.10 - 0.04 0.24 0.09 0.65 0.50 0.57 + 0.13 0.65 0.17 0.53 0.42 0.48 + 0.14 0.53 0.14 0.05 0.04 0.05 - 0.00 0.08 0.02 0.06 0.05 0.06 - 0.01 0.11 0.03 1.41 1.28 1.32 unch 0.00 2.28 1.06 1.74 1.59 1.62 - 0.03 2.95 1.39 0.14 0.14 0.14 - 0.02 0.29 0.12 0.05 0.04 0.04 + 0.01 0.10 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.00 0.08 - 0.07 0.19 0.03 0.09 0.07 0.09 + 0.03 0.09 0.01 0.08 0.07 0.08 - 0.01 0.13 0.05 0.09 0.09 0.09 unch 0.00 0.23 0.08

G-H

20-22_FEB5_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Greencastle Rs V 1536 0.17 0.14 0.14 - 0.01 0.17 0.07 O 391 0.08 0.07 0.08 + 0.01 0.16 0.06 Greenland M&En* Greenshield Ex V 30 0.14 0.14 0.14 unch 0.00 0.15 0.05 Grenville Gold V 24 0.08 0.08 0.08 unch 0.00 0.14 0.08 Grizzly Discvr V 201 0.07 0.06 0.07 + 0.01 0.08 0.03 Grizzly Discvr* O 116 0.05 0.05 0.05 + 0.00 0.06 0.03 Grosvenor Res V 1 0.00 0.00 0.17 unch 0.00 0.21 0.16 126 0.22 0.20 0.22 + 0.03 0.22 0.06 Group Ten Mtls* O Group Ten Mtls V 744 0.27 0.23 0.24 + 0.01 0.27 0.09 0.11 - 0.01 0.13 0.06 GrowMax Res* O 474 0.13 0.10 GrowMax Res V 2216 0.16 0.13 0.14 - 0.01 0.19 0.09 GT Gold V 1320 0.63 0.57 0.60 - 0.01 2.76 0.30 O 72 0.50 0.46 0.48 - 0.02 2.24 0.25 GT Gold * GTA Res & Mng V 262 0.05 0.04 0.05 unch 0.00 0.08 0.04 Guerrero Vents V 25 0.02 0.02 0.02 + 0.01 0.04 0.01 0.10 - 0.02 0.22 0.03 Gungnir Res V 747 0.13 0.10 Gungnir Res* O 129 0.11 0.09 0.09 - 0.01 0.17 0.02 Gunpoint Expl V 1 0.19 0.00 0.19 unch 0.00 0.31 0.16 Guyana Gldflds T 2938 5.21 4.80 4.83 - 0.18 8.11 3.96 Guyana Goldstr V 453 0.27 0.23 0.25 - 0.02 0.38 0.14 O 153 0.22 0.18 0.21 - 0.02 0.24 0.16 Guyana Goldstr* Handa Copper V 42 0.10 0.00 0.08 - 0.03 0.18 0.05 Handeni Gold* O 2 0.04 0.00 0.04 + 0.02 0.14 0.02 Hannan Metals V 157 0.34 0.00 0.26 - 0.08 0.51 0.20 O 57 0.28 0.22 0.22 - 0.04 0.39 0.17 Hannan Metals* Happy Ck Mnrls V 265 0.18 0.14 0.17 - 0.01 0.29 0.14 0.29 - 0.02 0.35 0.22 Harfang Explor V 32 0.29 0.00 Harmony Gold* N 21163 1.80 1.70 1.73 unch 0.00 2.99 1.56 Harte Gold* O 32 0.39 0.37 0.38 - 0.00 0.66 0.24 0.46 - 0.02 0.87 0.32 Harte Gold T 1552 0.49 0.46 Harvest Gold V 324 0.06 0.04 0.05 + 0.01 0.07 0.03 V 87 0.12 0.07 0.09 unch 0.00 0.13 0.05 Hawkeye Gld&Di Hawkeye Gld&Di* O 0 0.00 0.00 0.05 unch 0.00 0.09 0.04 Heatherdale Rs V 487 0.06 0.06 0.06 - 0.01 0.11 0.04 Hecla Mining* N 20496 4.50 4.10 4.13 - 0.13 6.78 3.43 0.02 unch 0.00 0.05 0.01 Helio Res V 550 0.02 0.02 Hellix Vent* O 81 0.04 0.01 0.02 + 0.01 0.23 0.01 Hemcare Health* O 5 0.43 0.38 0.41 + 0.04 2.30 0.11 0.60 + 0.00 1.45 0.60 Heron Res* O 13 0.60 0.60 Heron Res T 38 0.80 0.00 0.80 + 0.06 0.80 0.56 0.04 unch 0.00 0.06 0.02 Highbank Res V 471 0.05 0.04 Highbury Proj V 1 0.00 0.00 0.22 unch 0.00 0.30 0.22 Highland Copp* O 203 0.13 0.11 0.12 - 0.01 0.14 0.06 0.14 - 0.01 0.18 0.09 Highland Copp V 809 0.16 0.14 Highway 50 Gld V 49 0.39 0.34 0.35 + 0.01 0.66 0.20 24 0.32 0.28 0.29 + 0.01 0.48 0.18 Highway 50 Gld* O 0.06 + 0.02 0.18 0.03 HiHo Silver 2374 0.07 0.04 Hinterland Mtl V 95 0.05 0.00 0.05 + 0.01 0.06 0.02 Hochschild Mg* O 37 3.39 3.26 3.27 - 0.03 4.37 2.77 Homeland Egy V 22 0.32 0.00 0.32 + 0.04 2.25 0.18 Honey Badger E* O 23 0.05 0.05 0.05 - 0.00 0.06 0.03 457 0.07 0.06 0.06 - 0.01 0.15 0.04 Honey Badger E V Horizonte Mnls T 332 0.09 0.07 0.08 unch 0.00 0.11 0.04 Hornby Bay Mnl V 116 0.06 0.05 0.06 + 0.01 0.09 0.04 HudBay Mnls* N 3210 9.60 8.95 9.10 - 0.25 10.25 4.60 11.23 - 0.52 12.65 6.13 HudBay Mnls T 7606 11.83 11.19 0.55 - 0.01 0.80 0.34 Hudson Res V 646 0.64 0.55 Hudson Res* O 225 0.52 0.43 0.45 + 0.02 0.60 0.26 Hunt Mng* O 144 0.39 0.32 0.39 + 0.04 0.41 0.11 Hunt Mng V 144 0.48 0.40 0.48 + 0.05 0.51 0.13 2 0.00 0.00 0.00 unch 0.00 0.01 0.00 Hunter Bay Mnl* O 0.50 unch 0.00 0.50 0.11 Hybrid Mineral V 40 0.50 0.26 Hycroft Mg* O 0 0.01 0.00 0.01 unch 0.00 2.00 0.01

I-J-K I-Minerals* O 56 I-Minerals V 24 IAMGOLD T 8527 IAMGOLD* N 24727 Icon Explor* O 100 Icon Explor V 630 Iconic Mnls V 4867 O 32 Iconic Mnls * IDM Mining* O 637 IDM Mining V 1226 IEMR Res V 5137 V 45 IGC Res iMetal Res* O 18 iMetal Res V 953 IMPACT Silver V 1325 Impala Platnm* O 1 Imperial Metal T 335 Imperial Metal* O 36 Imperial Mg Gr V 282 1535 Inca One Gold* O Inca One Gold V 6817 3 Inception Mng * O V 77 Independence G Independence G* O 37 Indiana Res* O 2 Indico Res V 374 Indigo Expl V 75 Infinite Lith* O 13 Infinite Lith V 464 Inform Res V 98 Infrastructure* O 40 Inomin Mines V 62 Inspiration Mg* O 146 Inspiration Mg 10118 Intact Gold* O 5 Intact Gold V 74 Integra Res* O 93 Integra Res V 376 Inter-Rock Mnl V 114 Intercontinent V 15 Intercontinent* O 0 O 35244 Intgr Egy Sol* Intl Battery* O 214 Intl Bethl Mng V 210 50 Intl Bethl Mng* O Intl Cobalt* O 19 Intl Cobalt 1727 Intl Corona V 316 Intl Lithium* O 389 Intl Lithium V 863 Intl Millm Mng V 193 Intl Montoro* O 60 Intl Montoro V 120 Intl Prospect * O 6 Intl Prospect V 21 Intl Samuel Ex V 351 O 6807 Intl Star* Intl Tower Hil* X 1603 Intl Tower Hil T 307 Intrepid Pots* N 3632 INV Metals* O 7 INV Metals T 52 Inventus Mg * O 73 Inventus Mg V 343 InZinc Mining V 625 InZinc Mining* O 169 Ireland* O 375 Ironside Res V 50 Irving Res 587 Irving Res* O 207 IsoEnergy Ltd V 255 Itafos* O 7 Itafos V 20 Itoco Mg Corp* O 585 Ivanhoe Mines* O 518 Ivanhoe Mines T 6049 Jaguar Mng* O 132 Jaguar Mng T 3022 Japan Gold* O 32 Japan Gold V 157 Jasper Mng* O 115 Jasper Mng V 236 Jaxon Mining* O 8 Jaxon Mining V 985 Jayden Res* O 0 Jayden Res V 13 Jazz Res V 75 Jiminex V 894 Jiulian Res V 6 Jourdan Res V 538 Juggernaut Exp V 344 K2 Gold V 212 K92 Mng Inc* O 298 K92 Mng Inc V 1020 Kairos Cap V 193 Kaizen Discov V 476 Kaizen Discvry* O 120 Kapuskasing Gd V 811 Karmin Expl V 46 Karnalyte Res T 84 Karoo Expl V 158 KAT Expl* O 3867 Katanga Mng T 3212 Kenadyr Mining V 848 Kenadyr Mining* O 179 Kennady Diam V 60 Kermode Res V 380 Kerr Mines* O 1482 Kerr Mines T 4267 Kesselrun Res* O 82 Kesselrun Res V 593 Kestrel Gold V 421 Khalkos Expl V 234 Khan Res 211 Kilo Goldmines* O 715 Kilo Goldmines V 1136 Kincora Copper* O 1 Kincora Copper V 398 Kings Bay Res* O 26 Kings Bay Res V 1058 Kingsmen Res V 59 Kingsmen Res* O 2 Kinross Gold T 19684 Kinross Gold* N 61587 Kintavar Exp V 1703 Kirkland Lake* N 3451 Kirkland Lake T 3028 Kitrinor Mtls V 1117 Kivalliq Enrgy V 268 Klondex Mines T 2027 Klondike Gold V 1021 Klondike Gold* O 153 Klondike Silv V 1831 Klondike Silv* O 247 Knick Expl V 639 Kombat Copper V 205 Komet Resource V 161 Kootenay Silvr* O 202 Kootenay Silvr V 1657 Kootenay Zinc 3527 Kootenay Zinc* O 169

0.26 0.23 0.25 + 0.00 0.44 0.18 0.33 0.29 0.30 - 0.01 0.60 0.24 8.05 7.42 7.63 - 0.06 8.87 4.54 6.52 5.99 6.18 + 0.02 7.25 3.36 0.38 0.38 0.38 unch 0.00 0.59 0.15 0.45 0.36 0.41 + 0.06 0.84 0.03 0.21 0.16 0.17 - 0.02 0.43 0.04 0.17 0.13 0.15 - 0.01 0.28 0.03 0.09 0.08 0.09 + 0.00 0.14 0.07 0.11 0.10 0.11 + 0.01 0.18 0.09 0.05 0.02 0.04 + 0.02 0.05 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.12 0.11 0.11 - 0.01 0.12 0.04 0.14 0.12 0.12 - 0.02 0.18 0.04 0.36 0.31 0.34 + 0.01 0.88 0.26 2.65 2.65 2.65 unch 0.00 4.00 2.10 2.48 2.26 2.41 unch 0.00 7.24 2.19 1.99 1.85 1.98 - 0.01 5.49 1.72 0.15 0.09 0.10 - 0.05 0.27 0.09 0.09 0.06 0.07 + 0.01 0.21 0.04 0.11 0.08 0.09 + 0.02 0.27 0.06 0.30 0.00 0.30 + 0.01 0.54 0.11 0.13 0.12 0.12 unch 0.00 0.28 0.10 0.10 0.09 0.09 - 0.01 0.21 0.07 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.03 0.03 0.03 + 0.01 0.06 0.02 0.22 0.22 0.22 - 0.04 0.34 0.07 0.32 0.27 0.28 - 0.04 0.45 0.12 0.25 0.21 0.22 - 0.04 0.39 0.07 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.13 0.13 0.13 unch 0.00 0.13 0.02 0.20 0.11 0.11 - 0.04 0.20 0.01 0.27 0.14 0.15 - 0.05 0.27 0.01 0.14 0.14 0.14 unch 0.00 0.53 0.08 0.19 0.16 0.17 - 0.02 0.80 0.15 1.12 1.00 1.10 + 0.10 1.12 0.05 1.38 1.17 1.35 + 0.10 1.38 0.96 0.42 0.39 0.39 - 0.03 0.45 0.10 0.18 0.00 0.18 + 0.01 0.20 0.07 0.00 0.00 0.12 unch 0.00 0.16 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.33 0.27 0.27 - 0.07 1.11 0.15 0.13 0.00 0.12 + 0.01 0.17 0.03 0.11 0.11 0.11 unch 0.00 0.13 0.11 0.27 0.25 0.27 + 0.02 0.31 0.15 0.35 0.30 0.32 + 0.02 0.45 0.00 0.08 0.05 0.07 + 0.01 0.17 0.03 0.15 0.14 0.14 - 0.01 0.18 0.06 0.19 0.17 0.17 - 0.02 0.23 0.07 0.04 0.03 0.04 + 0.01 0.05 0.01 0.06 0.06 0.06 unch 0.00 0.06 0.03 0.07 0.05 0.07 + 0.02 0.15 0.03 0.17 0.16 0.17 + 0.01 0.28 0.05 0.22 0.00 0.22 + 0.02 0.36 0.04 0.10 0.09 0.10 + 0.01 0.15 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.55 0.45 0.52 + 0.07 0.77 0.29 0.69 0.55 0.65 + 0.08 1.01 0.38 4.40 4.07 4.20 unch 0.00 5.12 1.24 0.61 0.59 0.61 + 0.02 0.85 0.50 0.79 0.71 0.75 + 0.04 1.13 0.65 0.20 0.20 0.20 - 0.00 0.31 0.11 0.26 0.22 0.23 - 0.02 0.39 0.13 0.20 0.18 0.20 unch 0.00 0.36 0.10 0.17 0.14 0.15 - 0.00 0.27 0.07 0.15 0.11 0.12 + 0.01 0.32 0.09 0.15 0.13 0.13 + 0.01 0.21 0.07 0.90 0.78 0.88 + 0.10 1.54 0.60 0.73 0.62 0.72 + 0.10 1.24 0.09 0.57 0.49 0.50 - 0.02 1.50 0.26 2.20 0.00 2.20 - 0.01 2.21 0.97 2.80 2.60 2.67 + 0.02 2.80 1.14 0.01 0.01 0.01 + 0.00 0.16 0.01 3.55 3.27 3.32 + 0.02 4.10 0.00 4.32 4.06 4.06 - 0.08 5.47 3.71 0.33 0.29 0.31 + 0.04 0.58 0.18 0.40 0.34 0.39 + 0.04 0.75 0.22 0.25 0.23 0.23 + 0.00 0.30 0.17 0.31 0.29 0.29 - 0.02 0.40 0.24 0.15 0.08 0.08 - 0.07 0.15 0.05 0.18 0.07 0.12 + 0.04 0.18 0.05 0.20 0.19 0.20 + 0.01 0.27 0.16 0.25 0.23 0.23 - 0.01 0.41 0.04 0.00 0.00 0.09 unch 0.00 0.30 0.05 0.12 0.00 0.12 + 0.01 0.38 0.07 0.09 0.09 0.09 unch 0.00 0.09 0.06 0.04 0.03 0.04 unch 0.00 0.06 0.01 0.06 0.06 0.06 unch 0.00 0.06 0.02 0.07 0.05 0.06 unch 0.00 0.20 0.04 0.23 0.19 0.21 - 0.02 0.59 0.08 0.27 0.23 0.26 + 0.02 0.58 0.18 0.41 0.36 0.37 - 0.00 0.89 0.31 0.50 0.45 0.45 - 0.02 1.17 0.41 1.10 1.00 1.00 - 0.06 1.35 0.12 0.12 0.11 0.11 - 0.01 0.30 0.10 0.10 0.10 0.10 + 0.00 0.21 0.07 0.04 0.03 0.03 - 0.01 0.09 0.03 0.80 0.75 0.80 unch 0.00 1.50 0.30 0.59 0.50 0.54 + 0.04 0.88 0.40 0.88 0.79 0.84 - 0.05 1.10 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 2.33 2.00 2.05 - 0.23 2.83 0.20 0.15 0.13 0.13 - 0.02 1.00 0.11 0.12 0.10 0.10 - 0.02 1.45 0.08 2.92 2.46 2.75 - 0.17 4.25 2.45 0.02 0.01 0.01 - 0.01 0.02 0.01 0.28 0.18 0.22 - 0.04 0.34 0.08 0.34 0.22 0.27 - 0.06 0.41 0.12 0.10 0.09 0.10 + 0.00 0.17 0.06 0.13 0.12 0.12 - 0.01 0.23 0.08 0.05 0.00 0.04 unch 0.00 0.19 0.02 0.09 0.08 0.09 unch 0.00 0.19 0.06 0.15 0.13 0.13 - 0.02 0.18 0.04 0.04 0.03 0.04 + 0.00 0.08 0.02 0.06 0.05 0.05 unch 0.00 0.10 0.03 0.19 0.19 0.19 - 0.01 0.43 0.19 0.25 0.22 0.25 + 0.01 0.65 0.22 0.05 0.05 0.05 unch 0.00 0.15 0.05 0.08 0.07 0.08 + 0.01 0.21 0.06 0.19 0.12 0.15 + 0.01 0.20 0.10 0.12 0.09 0.12 + 0.03 0.13 0.07 5.89 5.23 5.56 + 0.31 6.29 4.24 4.78 4.20 4.50 + 0.30 4.91 3.15 0.35 0.25 0.35 + 0.08 0.35 0.10 16.46 15.29 15.73 - 0.20 16.89 6.30 20.35 19.06 19.42 - 0.47 20.97 8.38 33.00 24.24 32.89 + 8.89 33.00 2.80 0.09 0.00 0.09 unch 0.00 0.18 0.08 2.98 2.69 2.81 + 0.05 7.73 2.10 0.34 0.29 0.30 - 0.04 0.60 0.16 0.27 0.23 0.23 - 0.02 0.49 0.13 0.09 0.08 0.09 unch 0.00 0.12 0.04 0.08 0.06 0.06 - 0.01 0.09 0.02 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.35 0.32 0.32 - 0.01 0.59 0.21 0.38 0.35 0.36 - 0.03 0.45 0.31 0.19 0.16 0.18 - 0.00 0.27 0.14 0.25 0.20 0.22 - 0.02 0.35 0.17 0.07 0.00 0.05 - 0.02 0.70 0.03 0.07 0.03 0.04 - 0.02 0.59 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

KWG Res 1701 KWG Res* O 350

0.02 0.02 0.02 + 0.01 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00

L La Imperial 250 0.08 0.08 0.08 unch 0.00 0.08 0.04 Labdr Iron Mns* O 34 0.02 0.00 0.02 + 0.02 0.10 0.00 Labrador Gold V 244 0.21 0.19 0.19 - 0.01 0.22 0.04 Labrador Gold* O 4 0.18 0.18 0.18 unch 0.00 0.18 0.04 Labrador Iron T 1225 27.30 25.78 26.44 - 0.83 28.55 15.10 Lake Victoria* O 25 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.48 + 0.08 0.48 0.15 Lamelee Iron V 61 0.48 0.40 Lara Expl V 89 0.84 0.75 0.79 + 0.04 1.20 0.50 0.38 unch 0.00 0.74 0.23 Laramide Res T 407 0.42 0.37 Laredo Res* O 1000 0.00 0.00 0.00 unch 0.00 0.00 0.00 Largo Res T 926 1.30 1.20 1.27 - 0.02 1.44 0.34 Largo Res* O 177 1.05 0.98 1.03 - 0.02 1.15 0.26 Lateral Gold V 97 0.85 0.80 0.80 - 0.04 1.27 0.67 Latin Am Mnls V 498 0.13 0.12 0.12 - 0.01 0.23 0.07 Latin Am Mnls* O 22 0.11 0.10 0.10 - 0.01 0.15 0.06 Laurion Mnl Ex* O 223 0.04 0.03 0.03 + 0.00 0.04 0.01 Laurion Mnl Ex V 954 0.05 0.05 0.05 + 0.01 0.05 0.01 LeadFX Inc* O 3 1.07 0.99 1.07 + 0.17 1.21 0.26 Leading Edge* O 439 0.73 0.60 0.63 - 0.04 0.80 0.38 Leading Edge V 442 0.88 0.75 0.76 - 0.07 1.01 0.51 Leagold Mg T 761 3.09 2.68 2.88 - 0.17 3.48 2.27 2.33 - 0.11 2.80 1.76 Leagold Mg* O 261 2.52 2.16 Leeta Gold V 6620 3.30 2.76 2.84 - 0.45 6.75 0.09 Legend Gold* O 18 0.28 0.28 0.28 + 0.01 0.30 0.15 Legend Gold V 156 0.36 0.34 0.36 + 0.03 0.37 0.10 0.15 + 0.04 0.21 0.10 Legion Metals 654 0.15 0.11 Lepanto Con Mg* O 110 0.00 0.00 0.00 unch 0.00 0.02 0.00 Levon Res Ltd T 939 0.39 0.32 0.38 + 0.06 0.51 0.28 Levon Res Ltd * O 203 0.32 0.25 0.30 + 0.05 0.39 0.21 Libero Copper* O 1 0.08 0.08 0.08 unch 0.00 0.08 0.05 0.15 + 0.06 0.22 0.07 Libero Copper V 125 0.15 0.09 Liberty Gold* O 348 0.37 0.34 0.36 + 0.01 0.51 0.27 Liberty One Li V 737 0.85 0.73 0.74 - 0.09 2.49 0.44 Liberty One Li* O 2018 0.68 0.59 0.61 - 0.06 1.95 0.37 LiCo Energy* O 18192 0.16 0.11 0.14 + 0.02 0.90 0.06 0.17 + 0.02 0.24 0.08 LiCo Energy V 16853 0.19 0.14 Lincoln Mng V 47 0.04 0.00 0.04 - 0.01 0.11 0.03 V 185 0.67 0.61 0.62 - 0.01 0.91 0.45 Lion One Mtls Lion One Mtls* O 31 0.54 0.51 0.52 - 0.01 0.68 0.36 Lions Bay Cap V 100 0.13 0.13 0.13 unch 0.00 0.25 0.11 Lions Gate Mtl* O 2 0.42 0.42 0.42 unch 0.00 0.42 0.08 Lithion Energy* O 6 0.10 0.10 0.10 unch 0.00 0.12 0.07 N 1268 8.00 7.25 7.42 - 0.32 10.95 2.87 Lithium Amer* Lithium Amer T 2263 9.84 8.91 9.15 - 0.53 14.06 3.85 Lithium Corp* O 2138 0.55 0.43 0.48 - 0.06 0.62 0.05 Lithium Energi* O 137 0.53 0.47 0.50 + 0.04 0.75 0.07 Lithium Energi V 861 0.65 0.57 0.62 + 0.05 0.97 0.07 0.06 + 0.01 0.08 0.04 Lithium Energy V 194 0.06 0.05 Lithium Expl* O 2598 0.07 0.05 0.06 - 0.01 0.13 0.05 Lithium X Egy* O 1523 2.02 1.93 2.02 + 0.08 2.02 1.03 V 1066 2.48 2.41 2.48 + 0.06 2.54 1.40 Lithium X Egy Lithoquest Dia V 43 0.38 0.00 0.35 - 0.03 0.47 0.35 0.20 + 0.01 0.68 0.11 LKA Gold* O 112 0.21 0.11 Lode-Star Mg* O 32 0.03 0.02 0.02 - 0.01 0.10 0.02 Logan Res V 1479 0.06 0.06 0.06 + 0.01 0.12 0.04 0.18 - 0.02 0.33 0.09 Lomiko Mtls V 1741 0.22 0.18 Lomiko Mtls* O 411 0.18 0.15 0.15 - 0.01 0.31 0.07 0.11 + 0.01 0.20 0.08 Loncor Res T 63 0.11 0.10 Loncor Res* O 2 0.09 0.08 0.09 + 0.01 0.14 0.05 Lone Star Gold* O 359 0.01 0.00 0.00 - 0.00 0.01 0.00 1.11 - 0.11 1.83 0.79 Lonmin plc* O 5 1.22 1.11 Lonmin plc* O 0 0.00 0.00 0.90 unch 0.00 1.59 0.90 Lorraine Coppr* O 40 0.11 0.10 0.10 - 0.00 0.12 0.05 Lorraine Coppr V 85 0.15 0.13 0.14 + 0.01 0.19 0.06 Los Andes Copp V 105 0.34 0.33 0.33 unch 0.00 0.47 0.15 0.06 unch 0.00 0.17 0.02 Lovitt Res V 15 0.06 0.06 LSC Lithium* O 16 1.17 0.00 1.17 + 0.07 1.31 1.08 Lucara Diam T 1101 2.62 2.45 2.51 - 0.09 3.31 2.18 Lucky Mnls * O 170 0.11 0.00 0.11 - 0.01 0.18 0.03 Lucky Mnls V 217 0.14 0.12 0.13 unch 0.00 0.23 0.09 0.61 - 0.03 0.89 0.46 Lumina Gold* O 31 0.65 0.58 Lumina Gold V 400 0.79 0.69 0.77 + 0.02 1.20 0.60 Lund Enterpr V 224 0.24 0.21 0.22 - 0.01 0.24 0.09 Lundin Gold T 166 5.27 4.95 5.12 + 0.17 6.50 4.07 Lundin Mng T 15232 9.21 8.35 8.83 + 0.02 10.22 6.62 Lupaka Gold V 570 0.19 0.17 0.19 + 0.02 0.23 0.11 Lydian Intl* O 646 0.48 0.38 0.45 - 0.00 0.50 0.23 0.55 - 0.02 0.63 0.31 Lydian Intl T 1535 0.59 0.49 Lynas Corp* O 67 1.74 1.62 1.74 + 0.13 2.00 0.51

M Macarthur Mnl V 8408 0.08 0.06 0.06 - 0.01 0.16 0.05 Macarthur Mnl* O 410 0.06 0.05 0.06 + 0.01 0.12 0.04 Maccabi Vent 50 0.08 0.03 0.04 - 0.02 0.10 0.03 MacDonald Mns* O 23 0.08 0.07 0.08 + 0.01 0.20 0.04 MacDonald Mns V 350 0.10 0.09 0.09 - 0.01 0.28 0.06 V 183 1.80 1.62 1.75 + 0.10 1.90 1.24 MacMillan Mnls Madeira Mrnls V 10 0.02 0.02 0.02 unch 0.00 0.04 0.02 MAG Silver T 1097 15.06 14.00 14.12 - 0.43 21.99 12.94 Magellan Gold* O 158 0.03 0.03 0.03 - 0.01 0.19 0.02 Magna Terra V 11 0.06 0.05 0.06 + 0.01 0.09 0.04 Magnus Intl* O 2 0.00 0.00 0.00 unch 0.00 0.01 0.00 Majestic Gold* O 31899 0.04 0.03 0.03 - 0.00 0.09 0.03 0.06 + 0.01 0.12 0.04 Majestic Gold V 9950 0.06 0.00 Makena Res* O 3 0.15 0.15 0.15 unch 0.00 0.15 0.10 Makena Res 81 0.18 0.16 0.17 - 0.02 0.24 0.13 Mammoth Res V 718 0.13 0.08 0.11 - 0.01 0.16 0.05 Manado Gold V 416 0.15 0.11 0.12 + 0.01 0.24 0.06 0.30 + 0.02 0.90 0.25 Mandalay Res T 980 0.30 0.27 Mandalay Res* O 347 0.24 0.22 0.24 + 0.02 0.68 0.20 Manganese X* O 323 0.15 0.14 0.14 + 0.01 0.19 0.07 Manganese X V 500 0.19 0.16 0.16 unch 0.00 0.26 0.08 Mangazeya Mng V 95 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.14 - 0.01 0.19 0.05 Manitou Gold V 480 0.16 0.14 Manson Creek V 170 0.33 0.30 0.33 - 0.02 0.39 0.02 Manson Creek* O 7 0.25 0.24 0.25 - 0.05 0.29 0.03 0.26 + 0.03 0.27 0.16 Maple Gold* O 915 0.26 0.23 Maple Gold V 2524 0.33 0.29 0.31 + 0.03 0.46 0.21 Marathon Gold* O 292 0.96 0.89 0.91 + 0.01 1.14 0.58 Marathon Gold T 1448 1.18 1.11 1.12 unch 0.00 1.36 0.76 Margaux Res* O 5 0.23 0.23 0.23 unch 0.00 0.27 0.16 0.25 - 0.03 0.50 0.18 Margaux Res V 417 0.28 0.25 Marifil Mines V 12 0.12 0.07 0.12 - 0.04 0.50 0.11 Maritime Res V 388 0.10 0.09 0.10 + 0.01 0.20 0.09 Marlin Gold V 78 0.62 0.57 0.60 + 0.04 1.15 0.55 Marlin Gold* O 24 0.50 0.46 0.49 - 0.01 0.55 0.46 0.07 unch 0.00 0.07 0.02 Martina Mnls V 4 0.07 0.07 MartinMarietta* N 2802 241.33 222.51 239.96 + 12.98 244.32 191.09 Mason Graphite* O 253 2.00 1.87 1.90 - 0.03 2.47 0.88 Mason Graphite V 611 2.47 2.30 2.39 - 0.01 3.15 1.16 Mason Res* O 51 0.20 0.00 0.20 + 0.01 0.29 0.01 Mason Res T 264 0.26 0.24 0.24 - 0.01 0.40 0.13 Masuparia Gold V 304 0.14 0.00 0.11 - 0.03 0.15 0.05 Matachewan Con V 23 0.26 0.26 0.26 unch 0.00 0.34 0.21 Matamec Expl V 430 0.04 0.03 0.04 unch 0.00 0.08 0.03 Matamec Expl* O 103 0.03 0.02 0.03 + 0.00 0.06 0.02 Matica Ent 18457 0.65 0.57 0.63 + 0.03 0.81 0.02 Matica Ent* O 380 0.52 0.47 0.51 + 0.05 0.64 0.02 Matmown* O 80 0.01 0.01 0.01 unch 0.00 0.04 0.01 Maudore Mnrls* O 154 0.00 0.00 0.00 unch 0.00 0.00 0.00 Maverix Mtls* O 11 1.40 1.26 1.34 - 0.05 1.50 0.92 Mawson Res T 175 0.54 0.47 0.50 + 0.01 0.65 0.29 Mawson Res* O 140 0.44 0.37 0.40 + 0.00 0.48 0.24 MAX Res V 1287 0.18 0.15 0.15 + 0.01 0.18 0.06 MaxTech Vent 298 0.49 0.37 0.44 - 0.01 0.63 0.14 MaxTech Vent* O 516 0.40 0.30 0.36 - 0.00 0.48 0.13 Maxwell Res* O 34 0.01 0.01 0.01 unch 0.00 0.04 0.00 Maya Gold &Sil V 1906 0.72 0.66 0.71 + 0.03 0.72 0.10 Mazarin V 132 0.13 0.07 0.10 - 0.04 0.18 0.03 MBMI Res* O 168 0.08 0.00 0.08 + 0.07 0.08 0.00 MBMI Res V 223 0.10 0.00 0.07 + 0.04 0.10 0.03 McChip Res V 15 0.80 0.70 0.70 - 0.10 0.87 0.37 McEwen Mng T 2456 3.15 2.75 2.87 + 0.07 5.83 2.33 McEwen Mng* N 19319 2.55 2.20 2.33 + 0.09 4.43 1.82 McLaren Res 2649 0.19 0.12 0.13 - 0.01 0.19 0.03 MDN Inc* O 1 0.26 0.26 0.26 unch 0.00 0.70 0.09 Meadow Bay Gd V 484 0.34 0.29 0.34 + 0.01 0.36 0.06 Meadow Bay Gd* O 55 0.28 0.24 0.28 + 0.01 0.28 0.04 Mechel* N 694 5.44 5.16 5.18 + 0.01 6.38 4.00 Medallion Res* O 182 0.10 0.09 0.10 + 0.00 0.17 0.08 Medallion Res V 820 0.14 0.10 0.14 + 0.02 0.28 0.08 Medgold Res* O 1 0.19 0.00 0.19 unch 0.00 0.19 0.12 Medgold Res V 25 0.21 0.00 0.18 - 0.02 0.25 0.13 Medinah Mnrls* O 2678 0.00 0.00 0.00 unch 0.00 0.01 0.00 Mega Copper V 6 0.17 0.16 0.17 + 0.01 0.17 0.14 Mega Uranium T 2320 0.21 0.19 0.19 - 0.02 0.32 0.13 Mega Uranium* O 192 0.17 0.14 0.15 - 0.01 0.25 0.10 Megastar Dev V 85 0.10 0.09 0.10 + 0.02 0.10 0.03 Melior Res V 1131 0.14 0.11 0.14 + 0.02 0.15 0.03 Melkior Res V 624 0.05 0.04 0.04 - 0.01 0.10 0.02 Meridian Mg V 38 0.67 0.52 0.56 - 0.07 1.39 0.35 Meridian Mg * O 1 0.47 0.47 0.47 unch 0.00 0.56 0.47 Meryllion Res 137 0.07 0.05 0.07 + 0.01 0.21 0.02 MetalCorp V 260 0.04 0.02 0.03 unch 0.00 0.06 0.02 Metalex Vent V 500 0.06 0.05 0.05 - 0.01 0.10 0.05 Metalla Rylty* O 119 0.64 0.58 0.61 + 0.03 0.68 0.34 Metalla Rylty 539 0.78 0.71 0.76 + 0.04 0.88 0.44 Metallic Mnrls V 566 0.48 0.37 0.42 - 0.07 0.50 0.22 Metallic Mnrls* O 521 0.39 0.30 0.34 - 0.05 0.40 0.19 Metallica Min* O 1250 0.04 0.04 0.04 unch 0.00 0.06 0.03 Metallis Res V 729 1.18 1.05 1.16 unch 0.00 2.75 0.13 Metalo Manuf 3 0.40 0.00 0.40 + 0.05 1.00 0.26 Metalore Res V 6 3.00 0.00 3.00 + 0.50 5.16 2.00 Metals Creek* O 1109 0.06 0.05 0.06 + 0.01 0.09 0.03 Metals Creek V 896 0.08 0.07 0.08 unch 0.00 0.13 0.05 Metals X* O 36 0.90 0.80 0.82 - 0.11 0.96 0.51 Metanor Res* O 83 0.63 0.59 0.61 - 0.01 0.94 0.51 Metanor Res V 317 0.77 0.71 0.76 - 0.01 1.29 0.55 Mexican Gold* O 103 0.30 0.25 0.26 - 0.01 0.32 0.17 Mexus Gold* O 1890 0.06 0.05 0.06 - 0.00 0.15 0.03 Mezzotin Mnrls V 175 0.01 0.00 0.01 unch 0.00 0.05 0.01 MGX Minerals 7166 1.96 1.55 1.70 - 0.05 2.75 0.73 MGX Minerals* O 2495 1.58 1.27 1.38 - 0.01 2.12 0.54 Micrex Dev V 72 0.03 0.00 0.02 - 0.01 0.03 0.01 Midas Gold T 3620 1.04 0.87 0.98 + 0.15 1.04 0.55 0.79 + 0.12 0.85 0.42 Midas Gold* O 4272 0.85 0.70 Midasco Cap V 8 0.08 0.08 0.08 unch 0.00 0.11 0.05 Midland Expl V 77 0.99 0.93 0.95 unch 0.00 1.20 0.82 Midnight Star 50 0.20 0.20 0.20 unch 0.00 0.25 0.08 Midnight Sun V 380 0.39 0.33 0.37 + 0.01 0.54 0.20 Millennial Lit* O 400 3.87 3.42 3.76 + 0.41 3.87 0.88 4.62 + 0.37 4.80 1.20 Millennial Lit V 1953 4.80 4.25 Millrock Res* O 215 0.25 0.23 0.23 - 0.01 0.50 0.19 Millrock Res V 388 0.31 0.28 0.29 - 0.01 0.64 0.24 Milner Con Slv V 5 0.09 0.09 0.09 unch 0.00 0.09 0.04 Minaurum Gold V 3454 0.53 0.38 0.49 + 0.12 0.53 0.13 Minco Silver* O 137 0.67 0.58 0.59 - 0.04 1.23 0.47 Minco Silver T 418 0.82 0.71 0.73 - 0.07 1.74 0.59 Minecorp Egy * O 2 0.04 0.04 0.04 unch 0.00 0.15 0.04 Minera Alamos * O 274 0.15 0.13 0.15 + 0.00 0.18 0.10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Minera Alamos V 584 0.18 0.17 0.18 unch 0.00 0.24 0.15 0.09 - 0.01 0.22 0.06 Minera IRL 657 0.10 0.09 Mineral Hill V 40 0.23 0.00 0.23 unch 0.00 0.34 0.17 Mineral Mtn V 415 0.40 0.34 0.39 + 0.01 0.43 0.15 Mineral Mtn* O 184 0.33 0.29 0.31 + 0.01 0.34 0.13 Mineral Res* O 10 16.10 16.10 16.10 unch 0.00 16.78 7.00 MineralRite* O 7957 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.31 - 0.08 0.40 0.05 Mineworx Tech V 3835 0.39 0.29 Mineworx Tech* O 1256 0.31 0.24 0.25 - 0.05 0.33 0.05 0.04 + 0.02 0.06 0.01 Minfocus Expl V 14219 0.06 0.02 Mining Global* O 8100 0.00 0.00 0.00 unch 0.00 0.00 0.00 Minnova Corp V 615 0.78 0.70 0.74 + 0.04 0.90 0.55 0.08 unch 0.00 0.16 0.06 Minsud Res V 3 0.08 0.08 Miramont Res 185 0.54 0.41 0.49 + 0.02 0.65 0.20 Miranda Gold V 120 0.06 0.05 0.06 unch 0.00 0.11 0.05 2.00 + 0.23 2.60 1.42 Mirasol Res V 750 2.60 1.71 Mistango River 1 0.00 0.00 0.05 unch 0.00 0.05 0.01 MK2 Ventures V 7 0.17 0.00 0.17 + 0.01 0.24 0.09 Mkango Res V 272 0.19 0.16 0.17 - 0.02 0.24 0.04 ML Gold* O 1788 0.25 0.18 0.18 - 0.07 0.26 0.08 V 9716 0.32 0.21 0.22 - 0.09 0.32 0.10 ML Gold Corp Monarca Mnrls* O 1 0.08 0.06 0.06 - 0.01 0.14 0.05 Monarca Mnrls V 30 0.10 0.09 0.10 unch 0.00 0.23 0.07 Monarques Res V 526 0.41 0.40 0.41 + 0.01 0.48 0.25 O 340 0.33 0.31 0.33 - 0.00 0.38 0.19 Monarques Res* Moneta Porcpn* O 298 0.14 0.13 0.13 - 0.01 0.19 0.10 0.16 - 0.02 0.26 0.13 Moneta Porcpn T 856 0.18 0.16 Monitor Vent* O 16 0.22 0.00 0.20 - 0.05 0.81 0.13 Monitor Vent V 8 0.27 0.00 0.26 - 0.06 1.13 0.25 0.04 unch 0.00 0.04 0.02 Monster Uran* O 0 0.00 0.00 Montan Mg* O 50 0.02 0.02 0.02 + 0.01 0.05 0.01 0.03 - 0.01 0.08 0.01 Montan Mg V 1688 0.04 0.03 Montego Res 218 0.40 0.35 0.35 - 0.01 0.55 0.10 Montero Mg&Ex V 33 0.34 0.00 0.33 unch 0.00 0.49 0.12 Monument Mng V 877 0.08 0.00 0.07 - 0.01 0.11 0.06 0.54 + 0.02 0.60 0.34 Morien Res* O 50 0.56 0.49 Morien Res V 142 0.68 0.61 0.66 + 0.03 0.77 0.44 Morumbi Res* O 7 0.74 0.70 0.74 + 0.02 1.26 0.45 0.90 + 0.01 1.65 0.55 Morumbi Res T 2705 0.93 0.83 Mosaic* N 24448 27.74 26.27 27.62 + 1.09 34.36 19.23 0.08 unch 0.00 0.11 0.05 Mountain Boy V 856 0.09 0.07 Mountain Boy* O 323 0.06 0.05 0.05 - 0.01 0.09 0.03 Mountain Lake 1000 0.03 0.03 0.03 - 0.02 0.09 0.02 2.88 + 0.03 4.90 2.45 Mountain Prov* D 221 2.89 2.70 Mountain Prov T 2199 3.55 3.40 3.55 + 0.02 6.40 3.18 0.23 unch 0.00 0.25 0.06 Mukuba Res V 48 0.23 0.19 0.14 + 0.01 0.30 0.12 Mundoro Cap V 142 0.15 0.13 Mundoro Cap* O 105 0.12 0.10 0.10 + 0.00 0.22 0.09 Murchison Min 31 0.20 0.00 0.20 - 0.01 0.29 0.13 Mustang Mnrls* O 303 0.33 0.28 0.28 - 0.04 0.37 0.07 Mustang Mnrls V 303 0.41 0.34 0.34 - 0.04 0.52 0.05 0.08 - 0.01 0.20 0.06 MX Gold* O 241 0.09 0.06 MX Gold V 3505 0.11 0.10 0.11 unch 0.00 0.26 0.08

N-O NA Frac Sand* O 269 NACCO Ind* N 153 Napier Vent V 33 Napier Vent* O 38 229 Natural Res Pt* N Nautilus Mnrls T 536 Nautilus Mnrls* O 661 0 Navis Res Corp* O Navis Res Corp 28 V 5 Navy Res Nemaska Lith T 8480 Nemaska Lith* O 844 Neo Lithium V 3428 Neometals* O 180 Network Expl* O 4 Network Expl V 1501 Nevada Canyon* O 18 Nevada Clean M* O 321 Nevada Clean M V 591 Nevada Copper T 312 60 Nevada Egy Mtl* O Nevada Egy Mtl V 79 Nevada Expl * O 218 Nevada Expl V 562 O 172 Nevada Sunrise* V 271 Nevada Sunrise Nevada Zinc V 100 Nevado Res V 325 Nevsun Res T 1551 Nevsun Res* X 2852 250 New Age Metals* O New Age Metals V 8618 45 New Carolin Gd* O New Carolin Gd V 3005 New Destiny Mg V 236 New Dimen Res V 263 New Dimen Res* O 0 New Gold* X 31575 New Gold T 7766 New Guinea Gld* O 15 613 New Jersey Mng* O New Milln Iron* O 30 T 427 New Milln Iron New Nadina V 661 New Nadina* O 7 New Oroperu V 19 New Pac Metals V 222 246 New Pac Metals* O New Point Expl 3 New Stratus V 7 29 New Tech Lith* O New Tech Lith 834 New World Res V 136 New World Res* O 1 Newlox Gold 819 Newmac Res V 0 Newmac Res* O 12 Newmont Mng* N 23312 Newport Expl V 354 Newport Gold* O 11 NewRange Gold* O 145 NewRange Gold V 853 Nexa Resources T 5 Nexa Resources* N 800 Nexco Res 50 Nexgen Energy T 4844 Nexgen Energy* X 883 NextSource Mat T 16856 Nexus Gold V 1092 Nexus Gold* O 270 NGEx Res* O 25 NGEx Res T 830 Nickel Creek T 591 Nickel Creek* O 822 Nickel North V 50 Nickel One Res* O 1 Nickel One Res V 553 Nicola Mg Inc V 1649 Nicola Mg Inc* O 184 Nighthawk Gold* O 188 Nighthawk Gold T 1240 Niobay Metals V 433 Niocan Inc V 23 Niocorp Dev T 354 Niocorp Dev* O 353 Nippon Dragon V 502 Nippon Dragon* O 23 Nitinat Mnls* O 0 Nitinat Mnls V 20 NKWE Platinum* O 7 Noble Metal Gr V 829 Noble Mnl Expl* O 295 Noble Mnl Expl V 1532 Noka Res* O 53 Noram Vent V 1839 Noram Vent* O 35 Noranda Alum* O 76 Noront Res V 2591 Norsemont Cap 33 Nortec Mnls* O 227 Nortec Mnls V 239 North Am Nickl V 41 North Am Nickl* O 37 North Am Pall T 56 North Am Pall* O 47 North Arrow Mn* O 26 North Arrow Mn V 689 Northcliff Res T 213 Northern Uran V 327 Northisle C&G V 136 Northn Empire V 1066 Northn Empire* O 130 Norvista Cap V 332 Nouveau Monde V 859 Nouveau Monde* O 8 NovaGold Res T 1729 NovaGold Res* X 14622 Novo Res* O 1742 Novo Res V 3326 NovX21* O 40 NRG Metals V 4063 NRG Metals* O 4129 Nrthn Graphite V 394 Nrthn Graphite* O 393 Nrthn Lion V 7 Nrthn Mnrls &E* O 20 Nrthn Shield V 2596 Nrthn Superior V 490 Nrthn Superior* O 26 Nrthn Vertex* O 112 Nrthn Vertex V 377 NSGold V 29 NSS Res Inc 165 Nthn Dynasty T 2536 Nthn Dynasty* X 15889 Nthrn Sphere 3146 Nthrn Sphere* O 180 Nubian Res V 109 NuLegacy Gold V 1077 NuLegacy Gold* O 614 Nunavik Nickel V 46 Nutrien T 4667 Nutrien* N 8882 NV Gold* O 14 NV Gold V 14 NX Uranium* O 54 NxGold Ltd V 36 Nyrstar NV* O 28 O.T. Mining* O 54 OceanaGold* O 15 OceanaGold T 10971

0.02 0.01 0.02 + 0.00 0.09 0.01 45.90 41.40 44.05 + 2.05 48.85 14.20 0.45 0.44 0.44 - 0.01 0.54 0.28 0.35 0.35 0.35 + 0.00 0.44 0.25 35.30 33.09 34.65 + 0.95 45.60 22.81 0.17 0.15 0.17 unch 0.00 0.28 0.14 0.14 0.12 0.14 + 0.00 0.21 0.11 0.00 0.00 0.56 unch 0.00 2.00 0.18 0.45 0.00 0.36 - 0.10 2.50 0.33 0.32 0.32 0.32 unch 0.00 0.32 0.09 2.00 1.77 1.85 + 0.08 2.44 0.95 1.61 1.41 1.49 + 0.08 1.96 0.70 2.18 1.65 1.93 - 0.06 2.75 0.85 0.80 0.33 0.40 + 0.04 0.80 0.20 0.39 0.00 0.39 unch 0.00 0.39 0.39 0.48 0.37 0.42 - 0.05 0.48 0.37 0.10 0.07 0.08 - 0.03 0.22 0.05 0.04 0.00 0.04 + 0.01 0.08 0.02 0.05 0.04 0.04 + 0.01 0.08 0.04 0.81 0.76 0.79 - 0.01 0.84 0.41 0.27 0.13 0.27 - 0.01 1.48 0.18 0.35 0.16 0.33 - 0.01 1.80 0.22 0.30 0.27 0.27 + 0.01 0.35 0.21 0.38 0.33 0.35 + 0.03 0.46 0.27 0.19 0.15 0.16 - 0.03 0.28 0.09 0.23 0.18 0.20 - 0.02 0.36 0.12 0.25 0.22 0.24 unch 0.00 0.51 0.18 0.05 0.04 0.04 - 0.01 0.10 0.02 2.99 2.87 2.92 - 0.04 4.27 2.49 2.45 2.30 2.36 - 0.01 3.27 1.96 0.12 0.10 0.11 + 0.00 0.15 0.04 0.15 0.12 0.14 + 0.01 0.19 0.05 0.55 0.41 0.45 - 0.13 0.62 0.18 0.74 0.47 0.55 - 0.06 0.80 0.20 0.30 0.20 0.25 + 0.05 0.30 0.11 0.06 0.06 0.06 unch 0.00 0.17 0.04 0.00 0.00 0.03 unch 0.00 0.13 0.02 3.42 3.08 3.19 + 0.08 4.25 2.39 4.19 3.84 3.94 + 0.06 5.29 3.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.17 0.16 0.17 + 0.01 0.19 0.09 0.08 0.08 0.08 + 0.00 0.27 0.06 0.12 0.10 0.10 - 0.02 0.36 0.08 0.29 0.25 0.27 - 0.02 4.60 0.08 0.24 0.20 0.21 - 0.03 3.60 0.06 0.41 0.39 0.41 + 0.03 0.70 0.33 1.35 1.22 1.31 + 0.01 1.65 0.94 1.10 0.99 1.07 + 0.05 1.28 0.74 0.12 0.12 0.12 unch 0.00 0.20 0.11 0.21 0.00 0.21 unch 0.00 0.48 0.08 0.12 0.10 0.10 - 0.00 0.19 0.05 0.14 0.10 0.12 - 0.02 0.15 0.10 0.28 0.00 0.25 + 0.08 0.28 0.10 0.19 0.19 0.19 unch 0.00 0.19 0.09 0.07 0.06 0.07 unch 0.00 0.08 0.02 0.00 0.00 0.07 unch 0.00 0.08 0.05 0.05 0.05 0.05 unch 0.00 0.05 0.05 42.04 39.10 41.05 + 1.58 42.04 31.42 0.25 0.24 0.25 unch 0.00 0.32 0.19 0.04 0.04 0.04 - 0.00 0.07 0.00 0.31 0.25 0.25 - 0.03 0.59 0.16 0.38 0.32 0.34 - 0.01 0.75 0.16 26.40 24.66 25.75 + 0.49 26.44 19.80 21.61 19.54 20.74 + 0.63 21.61 15.27 0.32 0.32 0.32 unch 0.00 0.50 0.15 2.97 2.83 2.87 - 0.03 4.45 2.40 2.42 2.27 2.32 unch 0.00 3.40 1.82 0.21 0.13 0.20 + 0.06 0.21 0.06 0.07 0.06 0.07 + 0.01 0.37 0.05 0.06 0.05 0.05 + 0.00 0.27 0.04 0.90 0.83 0.90 + 0.08 1.05 0.58 1.12 1.04 1.10 + 0.05 1.40 0.75 0.35 0.30 0.33 - 0.01 0.43 0.22 0.30 0.24 0.27 - 0.01 0.33 0.16 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.06 0.06 0.06 unch 0.00 0.11 0.03 0.08 0.07 0.07 - 0.01 0.13 0.02 0.20 0.17 0.20 + 0.02 0.30 0.14 0.15 0.13 0.15 + 0.02 0.23 0.11 0.63 0.55 0.57 + 0.02 0.97 0.40 0.76 0.67 0.70 + 0.02 1.15 0.51 0.40 0.34 0.40 + 0.07 0.97 0.11 0.10 0.00 0.08 - 0.01 0.18 0.05 0.63 0.57 0.61 - 0.02 0.89 0.37 0.53 0.46 0.51 + 0.01 0.68 0.29 0.06 0.06 0.06 - 0.01 0.11 0.05 0.05 0.04 0.04 + 0.00 0.09 0.03 0.00 0.00 0.04 unch 0.00 0.04 0.03 0.06 0.00 0.06 unch 0.00 0.07 0.04 0.03 0.03 0.03 - 0.00 2.04 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.09 0.10 + 0.01 0.15 0.03 0.13 0.11 0.11 - 0.01 0.19 0.04 0.26 0.24 0.24 - 0.01 0.30 0.05 0.06 0.05 0.06 - 0.01 0.08 0.03 0.05 0.05 0.05 - 0.00 0.06 0.02 0.05 0.03 0.03 - 0.02 0.17 0.01 0.41 0.39 0.40 + 0.01 0.52 0.22 0.47 0.39 0.47 + 0.01 0.47 0.29 0.12 0.11 0.12 + 0.01 0.14 0.05 0.16 0.13 0.14 + 0.01 0.18 0.06 0.08 0.08 0.08 - 0.01 0.10 0.06 0.07 0.07 0.07 + 0.00 0.08 0.04 11.26 10.15 10.99 - 0.28 11.60 4.65 9.23 8.14 8.91 - 0.19 9.31 3.51 0.16 0.15 0.16 - 0.01 0.23 0.13 0.21 0.18 0.20 - 0.01 0.40 0.17 0.15 0.13 0.14 unch 0.00 0.23 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.12 0.10 0.11 + 0.01 0.20 0.09 1.38 1.20 1.27 unch 0.00 1.38 0.47 1.12 1.00 1.02 + 0.02 1.12 0.47 0.14 0.11 0.12 + 0.01 0.18 0.08 0.41 0.38 0.39 - 0.02 0.54 0.22 0.32 0.32 0.32 - 0.01 0.42 0.18 5.43 4.70 4.88 - 0.10 8.15 4.33 4.42 3.81 3.97 - 0.01 6.21 3.35 2.72 1.98 2.49 - 0.07 7.08 0.49 3.30 2.45 3.04 - 0.21 8.83 0.66 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.44 0.32 0.41 + 0.04 0.62 0.09 0.36 0.25 0.34 + 0.05 0.49 0.07 0.50 0.44 0.44 - 0.06 0.70 0.24 0.42 0.36 0.37 - 0.03 0.55 0.19 0.61 0.00 0.50 - 0.01 0.74 0.31 0.05 0.05 0.05 unch 0.00 0.05 0.01 0.04 0.03 0.03 - 0.01 0.09 0.03 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.04 0.03 0.03 + 0.00 4.63 0.02 0.49 0.43 0.46 + 0.00 0.58 0.34 0.60 0.54 0.57 + 0.03 0.70 0.42 0.14 0.10 0.14 + 0.05 0.19 0.02 0.31 0.00 0.24 - 0.07 1.39 0.05 2.12 1.86 1.88 - 0.27 4.46 1.43 1.71 1.50 1.53 - 0.18 3.41 1.06 0.14 0.10 0.11 - 0.04 0.55 0.08 0.12 0.09 0.09 - 0.03 0.32 0.07 0.20 0.18 0.18 - 0.02 0.38 0.14 0.20 0.17 0.20 + 0.01 0.35 0.16 0.16 0.14 0.15 - 0.01 0.26 0.12 0.12 0.11 0.11 unch 0.00 0.17 0.08 67.07 65.10 66.58 + 0.40 70.05 64.74 54.35 52.75 54.00 + 1.00 56.18 51.51 0.25 0.24 0.25 - 0.00 0.39 0.13 0.31 0.30 0.30 + 0.01 0.48 0.17 0.03 0.01 0.03 - 0.00 0.04 0.01 0.29 0.26 0.26 unch 0.00 0.72 0.18 8.08 8.08 8.08 unch 0.00 8.25 6.15 0.12 0.09 0.12 unch 0.00 0.29 0.03 2.95 2.66 2.85 + 0.20 3.60 2.23 3.65 3.39 3.47 + 0.07 5.00 2.92

2018-01-30 5:33 PM

WWW.NORTHERNMINER.COM

FEBRUARY 5â&#x20AC;&#x201C;18, 2018 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Oceanic Iron O V 229 0.15 0.12 0.13 - 0.01 0.35 0.06 1 0.08 0.08 0.08 unch 0.00 0.27 0.07 Oceanic Iron O* O Oceanus Res V 392 0.25 0.19 0.22 - 0.04 0.36 0.17 0.19 - 0.00 0.29 0.13 Oceanus Res* O 42 0.20 0.00 Odyssey Res V 15 0.05 0.00 0.05 unch 0.00 0.08 0.02 OK2 Minerals V 426 0.06 0.05 0.05 unch 0.00 0.17 0.05 0.13 - 0.02 0.21 0.08 Olivut Res V 52 0.16 0.13 Olivut Res* O 52 0.12 0.11 0.11 - 0.01 0.15 0.06 5 0.03 0.00 0.03 unch 0.00 0.07 0.03 Omineca Mg &Ml V One World Lith 105 0.15 0.13 0.13 - 0.02 0.15 0.13 Opawica Expl V 44 0.20 0.19 0.20 + 0.01 0.73 0.10 V 86 0.08 0.07 0.08 unch 0.00 0.15 0.06 Opus One Res Orbite Tech* O 0 0.00 0.00 0.00 unch 0.00 0.21 0.00 0.71 + 0.05 0.78 0.34 Orca Gold V 906 0.72 0.57 Orca Gold* O 450 0.59 0.45 0.56 + 0.03 0.63 0.25 Orefinders Res V 818 0.14 0.11 0.13 - 0.01 0.17 0.04 0.11 unch 0.00 0.13 0.05 Orestone Mng V 5 0.11 0.11 Orex Mnrls* O 42 0.15 0.13 0.15 + 0.01 0.20 0.08 0.17 - 0.01 0.27 0.10 Orex Mnrls V 154 0.18 0.17 Orezone Gold V 1258 1.02 0.87 0.90 - 0.02 1.02 0.50 0.70 - 0.04 0.82 0.37 Orezone Gold* O 621 0.82 0.70 Orford Mining V 19 0.34 0.28 0.34 - 0.01 0.70 0.19 Organic Potash 52 0.05 0.03 0.04 - 0.01 0.05 0.01 Oriental Non F 0 0.00 0.00 1.05 unch 0.00 1.05 0.72 Orla Mng Ltd* O 4 1.36 1.31 1.31 - 0.03 1.48 0.88 Orla Mng Ltd V 609 1.74 1.58 1.68 unch 0.00 1.85 1.04 Oro East Mg* O 407 0.01 0.00 0.00 - 0.00 0.01 0.00 Oroco Res V 1164 0.12 0.10 0.12 + 0.02 0.12 0.02 Oroco Res* O 398 0.10 0.07 0.10 + 0.02 0.10 0.02 Orocobre T 964 7.10 6.57 7.03 + 0.30 7.17 2.73 Orofino Mnrls V 35 0.19 0.11 0.15 - 0.04 0.19 0.06 Oronova Energy V 88 0.14 0.12 0.12 - 0.02 0.45 0.10 Oroplata Res* O 291 0.11 0.09 0.10 - 0.00 0.34 0.09 Orosur Mng T 174 0.19 0.18 0.19 + 0.01 0.32 0.18 Orsu Metals V 66 0.19 0.17 0.17 unch 0.00 0.45 0.13 Orsu Metals* O 0 0.00 0.00 0.15 unch 0.00 0.22 0.11 Orvana Mnrls T 861 0.25 0.18 0.22 - 0.02 0.33 0.17 Orvana Mnrls* O 397 0.20 0.15 0.18 - 0.02 0.25 0.14 Osisko Gold T 3041 14.85 14.07 14.14 - 0.50 17.58 13.59 Osisko Gold* N 3458 12.04 11.29 11.47 - 0.22 14.39 10.02 Osisko Metals V 436 0.84 0.72 0.79 + 0.03 1.74 0.23 Osisko Metals* O 47 0.68 0.58 0.68 + 0.07 1.33 0.58 Osisko Mng Inc T 2098 3.69 3.31 3.55 + 0.12 5.65 3.14 Osprey Gold V 432 0.11 0.09 0.10 + 0.01 0.44 0.07 Otis Gold V 529 0.24 0.21 0.22 unch 0.00 0.39 0.17 Otis Gold* O 269 0.20 0.17 0.17 - 0.02 0.29 0.13 OZ Minerals* O 1 7.34 0.00 7.34 + 0.27 7.39 4.70

P-Q Pac Arc Res V 2041 Pac Bay Mnrls V 22 Pac Booker Min* O 12 Pac Booker Min V 52 Pac Imperial V 2845 Pac Iron Ore V 160 Pac Link Mng V 1 Pac Potash V 120 Pac Ridge Expl* O 5 Pac Ridge Expl V 65 Pac Topaz V 226 Pac Wildcat* O 1 Pacific Rim 321 Pacific Rim* O 31 Pacton Gold V 1299 Paget Mrnls V 13 Paladin Energy* O 906 Palamina Corp* O 122 Palamina Corp V 232 Palladon Vent* O 55 Pan Am Silver T 1388 Pan Am Silver* D 7293 Pan Andean Min* O 5 Pan Global Res V 450 Pancontinental V 865 Pancontinental* O 30 Panex Res* O 45 Pangolin Dia V 81 Panoro Mnrls V 409 Pantheon Vent V 287 Para Resources V 197 Parallel Mng V 107 Paramount Gold* X 565 Parana Copper 23 Paringa Res* O 4 Parlane Res V 17 Pasinex Res 548 Patriot Gold* O 100 Peabody Enrgy* N 4544 Peat Res V 3048 Pedro Res V 36 Pelangio Expl* O 58 Pelangio Expl V 52 Pele Mtn Res V 56 Pele Mtn Res* O 34 Peloton Mnrls 80 Peloton Mnrls* O 600 PepinNini Lith* O 101 Peregrine Diam T 1084 Perseus Mng T 998 Pershing Gold* D 786 Pershing Gold T 5 Pershing Res* O 50 Petra Diamonds* O 13 Philex Mng* O 56 Philippine Mtl* O 4 Philippine Mtl V 29 Phoenix Metals* O 0 Pine Cliff En T 10597 Pine Cliff En* O 2184 Pinecrest Res V 64 Pinecrest Res * O 16 Pistol Bay Mng V 1328 Pistol Bay Mng* O 63 PJSC Polyus Gd* O 1 PJX Res V 17 Plata Latina V 279 Plate Res V 2 Plateau Uran V 1277 Plateau Uran* O 524 Platinex Inc 3670 Platinum Gp Mt* X 4794 Platinum Gp Mt T 748 Plato Gold V 1184 Playfair Mng V 65 Playfair Mng* O 50 PolyMet Mng* X 1980 PolyMet Mng T 103 Portage Res* O 405 Portofino Res V 1865 Portofino Res* O 30 Potash Ridge* O 1030 Potash Ridge T 3459 Power Metals V 1501 Power Metals* O 53 PPX Mining* O 73 PPX Mining V 59 Precipitate Gl V 219 Premier Gold M T 1887 Premium Expl* O 5 Pretium Res* N 40997 Pretium Res T 11985 Primero Mng T 6309 Primero Mng* O 1522 Prism Res V 53 Prize Mng* O 61 Prize Mng V 368 ProAm Expl V 3 Probe Metals* O 142 Probe Metals V 274 Promithian Gl * O 24 Prophecy Coal* O 17 Prophecy Coal T 93 Prospect Glob* O 19 Prospector Res* O 137 Prospector Res V 1059 Prosper Gold V 303 Prospero Silvr V 331 Prospero Silvr* O 50 Provenance Gld 131 Providence V 95 Providence Gld* O 27 PUF Vent Inc 3474 PUF Vent Inc * O 716 Puma Expl V 2274 Puma Expl* O 50 Pure Energy* O 617 Pure Energy V 1110 Pure Gold Mg* O 469 Pure Gold Mg V 1162 Pure Nickel* O 328 Pure Nickel V 1028 Purepoint Uran V 1400 Q-Gold Res* O 0 Q-Gold Res V 36 QMC Quantum Ml* O 1462 QMC Quantum Ml V 1314 QMX Gold* O 42 QMX Gold V 1303 Quadro Res V 61 Quantum Cobalt 4751 Quartz Mtn Res V 1 Quaterra Res V 223 Quaterra Res* O 729 Quest Rare Mnl* O 498 Quinto Res V 281

0.77 0.70 0.70 unch 0.00 0.82 0.09 0.04 0.04 0.04 unch 0.00 0.07 0.03 1.03 1.00 1.02 + 0.15 1.03 0.35 1.35 0.00 1.30 + 0.29 1.44 0.42 0.05 0.05 0.05 unch 0.00 0.06 0.01 0.14 0.11 0.14 unch 0.00 0.23 0.11 0.00 0.00 0.04 unch 0.00 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.05 0.05 0.05 unch 0.00 0.09 0.03 0.07 0.06 0.06 - 0.01 0.12 0.05 0.15 0.13 0.15 + 0.02 0.23 0.10 0.00 0.00 0.00 unch 0.00 0.01 0.00 1.39 1.18 1.19 - 0.11 1.59 0.33 1.08 1.04 1.06 - 0.02 1.25 0.91 0.34 0.30 0.30 - 0.02 0.40 0.06 0.06 0.06 0.06 - 0.01 0.08 0.03 0.02 0.01 0.02 + 0.00 0.13 0.00 0.27 0.24 0.26 + 0.02 0.27 0.12 0.38 0.31 0.33 unch 0.00 0.38 0.15 0.00 0.00 0.00 unch 0.00 0.01 0.00 21.78 20.14 20.72 - 0.14 27.99 18.00 17.66 16.14 16.83 + 0.15 21.29 13.99 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.30 0.19 0.24 + 0.01 0.30 0.05 0.05 0.04 0.04 - 0.02 0.10 0.02 0.04 0.03 0.03 + 0.00 0.05 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.39 0.36 0.38 + 0.01 0.48 0.15 0.11 0.10 0.11 unch 0.00 0.26 0.08 0.23 0.20 0.22 + 0.03 0.25 0.13 0.08 0.07 0.07 - 0.01 0.16 0.06 1.40 1.26 1.37 + 0.07 2.10 1.16 0.35 0.35 0.35 unch 0.00 0.45 0.09 0.33 0.00 0.33 - 0.01 0.50 0.26 0.16 0.16 0.16 unch 0.00 0.18 0.10 0.22 0.19 0.20 + 0.01 0.34 0.17 0.09 0.08 0.09 + 0.01 0.14 0.05 41.09 39.10 40.91 + 0.92 41.09 22.58 0.16 0.13 0.15 unch 0.00 0.19 0.01 0.42 0.00 0.42 unch 0.00 1.05 0.13 0.04 0.03 0.03 - 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.06 0.04 0.07 0.06 0.07 + 0.01 0.40 0.06 0.06 0.05 0.05 - 0.01 0.40 0.01 0.10 0.09 0.09 - 0.01 0.10 0.05 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.06 0.04 0.04 - 0.02 0.07 0.03 0.15 0.13 0.15 + 0.01 0.23 0.11 0.47 0.42 0.45 + 0.03 0.47 0.27 2.50 2.27 2.44 + 0.05 3.40 2.26 3.06 0.00 3.06 + 0.06 4.54 2.90 0.02 0.00 0.02 unch 0.00 0.10 0.02 1.10 1.10 1.10 unch 0.00 1.76 0.85 0.14 0.12 0.12 unch 0.00 0.19 0.10 0.08 0.08 0.08 unch 0.00 0.10 0.02 0.13 0.11 0.13 - 0.02 0.16 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.39 0.34 0.37 - 0.02 1.03 0.34 0.31 0.28 0.30 - 0.02 0.76 0.28 0.31 0.29 0.30 - 0.01 0.56 0.22 0.25 0.25 0.25 unch 0.00 1.36 0.23 0.09 0.08 0.09 + 0.01 0.12 0.04 0.08 0.06 0.08 + 0.02 0.08 0.03 0.00 0.00 45.15 unch 0.00 50.23 31.83 0.14 0.13 0.13 - 0.01 0.26 0.11 0.05 0.04 0.05 unch 0.00 0.06 0.03 0.00 0.00 0.06 unch 0.00 0.08 0.04 0.96 0.78 0.93 + 0.13 0.96 0.26 0.78 0.63 0.75 + 0.11 0.78 0.21 0.30 0.23 0.24 - 0.04 0.30 0.05 0.57 0.46 0.48 - 0.07 2.45 0.28 0.71 0.58 0.58 - 0.12 3.19 0.36 0.06 0.05 0.06 + 0.01 0.06 0.01 0.06 0.00 0.06 unch 0.00 0.12 0.05 0.05 0.00 0.04 - 0.00 0.09 0.03 1.06 0.98 1.05 + 0.05 1.14 0.57 1.30 1.21 1.28 + 0.04 1.40 0.71 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.10 0.11 - 0.02 0.19 0.04 0.08 0.00 0.08 - 0.02 0.11 0.08 0.13 0.10 0.10 - 0.01 0.22 0.07 0.15 0.13 0.13 - 0.02 0.31 0.09 0.85 0.79 0.82 + 0.01 0.88 0.25 0.69 0.64 0.67 + 0.00 0.70 0.20 0.08 0.06 0.06 unch 0.00 0.08 0.04 0.09 0.09 0.09 unch 0.00 0.10 0.05 0.12 0.09 0.09 - 0.02 0.19 0.06 3.64 3.33 3.48 + 0.06 4.13 2.17 0.00 0.00 0.00 unch 0.00 0.01 0.00 11.03 7.42 7.63 - 3.33 12.53 7.42 13.73 9.17 9.42 - 4.28 16.48 9.17 0.29 0.24 0.25 - 0.03 1.21 0.08 0.23 0.19 0.20 - 0.02 0.92 0.06 0.12 0.10 0.10 - 0.02 0.25 0.08 0.26 0.25 0.25 - 0.01 0.52 0.21 0.35 0.29 0.32 - 0.01 0.72 0.25 0.00 0.00 0.02 unch 0.00 0.06 0.02 1.17 1.08 1.17 + 0.06 1.42 0.95 1.44 1.33 1.42 + 0.04 1.74 1.25 0.10 0.00 0.10 + 0.08 0.10 0.02 3.20 2.73 3.00 - 0.20 4.24 2.21 4.00 3.35 3.55 - 0.45 5.58 2.75 0.07 0.00 0.05 - 0.00 0.08 0.02 0.72 0.71 0.72 + 0.00 1.28 0.65 0.90 0.88 0.88 + 0.08 1.90 0.58 0.11 0.09 0.10 unch 0.00 0.25 0.08 0.13 0.11 0.13 + 0.01 0.34 0.11 0.10 0.10 0.10 unch 0.00 0.25 0.08 0.29 0.00 0.29 + 0.07 0.40 0.08 0.16 0.14 0.15 - 0.03 0.27 0.08 0.00 0.00 0.11 unch 0.00 0.13 0.11 1.66 1.36 1.47 - 0.16 2.09 0.28 1.39 1.10 1.14 - 0.16 1.85 0.21 0.09 0.08 0.09 unch 0.00 0.13 0.05 0.07 0.07 0.07 - 0.00 0.09 0.04 0.34 0.31 0.33 - 0.00 0.51 0.29 0.43 0.40 0.41 + 0.01 0.66 0.38 0.47 0.41 0.45 + 0.04 0.55 0.35 0.58 0.52 0.55 + 0.03 0.72 0.46 0.04 0.03 0.04 + 0.00 0.04 0.00 0.05 0.03 0.04 unch 0.00 0.05 0.01 0.08 0.07 0.07 unch 0.00 0.19 0.06 0.00 0.00 0.01 unch 0.00 0.06 0.06 0.30 0.00 0.21 - 0.02 0.30 0.10 0.92 0.77 0.82 - 0.02 1.46 0.05 1.15 0.93 1.00 - 0.07 1.85 0.06 0.25 0.22 0.22 - 0.00 0.29 0.14 0.31 0.27 0.29 unch 0.00 0.40 0.19 0.10 0.00 0.10 unch 0.00 0.18 0.09 0.99 0.65 0.69 - 0.31 1.90 0.03 0.90 0.00 0.90 + 0.06 1.50 0.55 0.08 0.07 0.07 unch 0.00 0.15 0.05 0.07 0.05 0.07 + 0.01 0.13 0.03 0.01 0.00 0.00 - 0.00 0.22 0.00 0.09 0.08 0.08 unch 0.00 0.16 0.05

Rackla Mtls V 0 Rackla Mtls* O 0 Radisson Mng V 162 Radius Gold V 598 Rae-Wallace Mg* O 13 Rainforest Res* O 1 Rainy Mtn Royl V 2307 Rainy Mtn Royl* O 1007

0.00 0.00 0.10 unch 0.00 0.17 0.08 0.00 0.00 0.08 unch 0.00 0.13 0.05 0.20 0.19 0.20 + 0.01 0.25 0.12 0.14 0.11 0.13 - 0.01 0.16 0.09 0.01 0.01 0.01 - 0.00 0.02 0.00 6.00 0.00 6.00 + 0.00 7.30 1.00 0.10 0.06 0.08 + 0.02 0.18 0.05 0.08 0.05 0.08 + 0.03 0.14 0.03

20-22_FEB5_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Rambler Ml &Mg V 70 0.17 0.14 0.15 unch 0.00 0.22 0.11 0 101.90 101.90 101.90 unch 0.00 103.90 84.30 Randgold Res* O Randgold Res* D 2545 104.05 97.91 101.25 + 2.60 108.29 81.35 0.01 + 0.00 0.01 0.00 Randsburg Int* O 2 0.01 0.01 Randsburg Intl V 442 0.02 0.00 0.02 unch 0.00 0.03 0.01 Rapier Gold V 180 0.07 0.06 0.07 + 0.01 0.14 0.05 Rare Element* O 381 0.22 0.19 0.21 - 0.01 0.44 0.07 V 88 0.16 0.15 0.15 - 0.01 0.33 0.13 Rathdowney Res Ravencrest Res 350 1.80 1.43 1.45 - 0.35 2.10 0.05 Razore Rock Res 105 0.16 0.12 0.16 unch 0.00 0.90 0.09 RB Energy* O 1111 0.00 0.00 0.00 - 0.00 0.00 0.00 68 0.09 0.08 0.09 + 0.01 0.30 0.06 Red Eagle Expl V Red Eagle Mng* O 214 0.26 0.24 0.24 - 0.01 0.68 0.17 Red Eagle Mng T 848 0.32 0.29 0.32 + 0.01 0.88 0.23 Red Moon Res V 26 0.07 0.00 0.07 + 0.02 0.08 0.03 V 525 0.15 0.15 0.15 unch 0.00 0.25 0.05 Red Oak Mg Red Pine Expl V 2118 0.09 0.08 0.08 unch 0.00 0.16 0.08 0.05 + 0.02 0.10 0.02 Redhawk Res T 1126 0.10 0.03 Redstar Gold V 5716 0.06 0.05 0.05 - 0.01 0.15 0.05 0.04 - 0.01 0.12 0.04 Redstar Gold* O 858 0.05 0.04 Redzone Res* O 106 0.57 0.33 0.50 + 0.19 0.57 0.08 Redzone Res V 2603 0.75 0.39 0.61 + 0.21 0.75 0.10 0.12 unch 0.00 0.38 0.10 Regency Gold V 0 0.00 0.00 Regulus Res V 126 2.19 2.00 2.06 + 0.06 3.00 1.33 Reliant Gold V 1318 0.04 0.03 0.03 + 0.01 0.04 0.02 0.40 unch 0.00 1.70 0.40 Remington Res V 2 0.40 0.40 O 33 0.26 0.23 0.25 + 0.03 0.38 0.16 Renaissance Gd* Renaissance Gd V 131 0.32 0.29 0.30 + 0.02 0.48 0.21 0.05 - 0.01 0.09 0.04 Renforth Res 711 0.05 0.05 Resolve Vent V 626 0.04 0.03 0.04 + 0.01 0.12 0.02 0.12 + 0.03 0.23 0.09 Resource Cap V 1279 0.13 0.10 Resource Cap* O 57 0.11 0.07 0.09 + 0.02 0.17 0.06 Reunion Gold V 819 0.16 0.14 0.15 - 0.01 0.18 0.06 0.03 + 0.01 0.07 0.02 Revelo Res V 6939 0.03 0.02 Revival Gold * O 195 0.65 0.54 0.64 + 0.05 0.70 0.52 0.76 + 0.04 0.86 0.08 Revival Gold V 330 0.81 0.66 0.29 unch 0.00 0.40 0.17 Rhyolite Res V 50 0.29 0.29 Richmond Mnls V 230 0.06 0.06 0.06 unch 0.00 0.18 0.04 0.12 unch 0.00 0.15 0.03 Rift Valley 255 0.13 0.10 Rimrock Gold* O 75276 0.00 0.00 0.00 unch 0.00 0.00 0.00 154 0.11 0.10 0.11 + 0.01 0.15 0.06 Rio Novo Gold* O Rio Novo Gold T 374 0.15 0.00 0.13 unch 0.00 0.23 0.08 V 66 0.07 0.00 0.06 - 0.01 0.09 0.04 Rio Silver O 1 56.24 0.00 55.70 + 0.50 56.75 37.20 Rio Tinto* Rio Tinto* N 11016 56.98 55.13 56.31 + 0.26 57.78 37.66 Rio Tinto* O 17 65.30 0.00 65.30 + 1.47 65.30 43.87 1194 0.17 0.14 0.15 - 0.02 0.40 0.09 Rise Gold Corp River Wild Exp 13 0.15 0.15 0.15 unch 0.00 0.22 0.01 0.25 - 0.01 0.46 0.20 Riverside Res* O 106 0.26 0.23 0.30 - 0.02 0.60 0.26 Riverside Res V 369 0.32 0.28 Rizal Res V 82 0.05 0.04 0.04 - 0.02 0.06 0.02 RJK Explor V 169 0.09 0.07 0.07 - 0.02 0.25 0.06 0.06 unch 0.00 0.19 0.04 RJK Explor* O 3 0.06 0.06 0.08 unch 0.00 0.14 0.06 Robex Res V 672 0.09 0.00 Rochester Res V 2 0.00 0.00 0.04 unch 0.00 0.06 0.03 Rochester Res* O 4 0.03 0.03 0.03 unch 0.00 0.05 0.02 10 1.31 1.26 1.27 - 0.05 1.66 0.59 Rock Tech Lith* O Rock Tech Lith V 72 1.68 1.52 1.60 + 0.04 2.16 0.75 0.06 unch 0.00 0.10 0.04 Rockcliff Met* O 1 0.06 0.06 0.06 unch 0.00 0.12 0.06 Rockcliff Met V 327 0.07 0.06 0.03 unch 0.00 0.05 0.01 Rockex Mng 7 0.03 0.03 Rockhaven Res V 593 0.16 0.14 0.14 - 0.01 0.20 0.12 V 40 0.36 0.30 0.31 - 0.04 0.50 0.30 Rockridge Gold Rockshield Cap* O 589 0.47 0.38 0.44 + 0.04 0.67 0.06 Rockshield Cap 6211 0.58 0.49 0.54 + 0.05 0.84 0.09 V 1 0.00 0.00 0.24 unch 0.00 0.30 0.15 Rockwealth Res Rockwell Diam* O 0 0.00 0.00 0.00 unch 0.00 0.05 0.00 Rodinia Lithm V 132 0.39 0.34 0.37 + 0.03 0.46 0.09 0.33 - 0.06 0.50 0.16 Rogue Res* O 11 0.39 0.33 0.35 - 0.01 0.65 0.18 Rogue Res V 67 0.40 0.30 0.03 unch 0.00 0.07 0.02 Rokmaster Res V 332 0.03 0.03 Romios Gold Rs V 768 0.07 0.05 0.07 + 0.01 0.08 0.04 210 0.05 0.04 0.05 + 0.01 0.07 0.03 Romios Gold Rs* O 0.08 unch 0.00 0.12 0.02 RosCan Mrnls V 182 0.08 0.07 Rosita Mg Corp* O 19 0.03 0.03 0.03 + 0.01 0.04 0.01 4003 0.08 0.05 0.08 + 0.03 0.08 0.02 Rosita Mg Corp V V 2310 0.02 0.01 0.02 + 0.01 0.03 0.01 Ross River Ross River* O 8 0.00 0.00 0.00 - 0.00 0.01 0.00 Rotation Mnls V 102 0.40 0.37 0.37 unch 0.00 0.45 0.12 V 102 0.05 0.05 0.05 unch 0.00 0.12 0.04 Roughrider Exp T 1475 1.28 1.16 1.16 - 0.11 1.67 1.03 Roxgold Roxgold* O 132 1.03 0.96 0.96 - 0.04 1.27 0.78 Royal Gold* D 2415 90.51 85.42 88.54 + 1.40 94.39 61.00 0.31 - 0.02 0.39 0.16 Royal Nickel T 24713 0.38 0.28 Royal Nickel* O 963 0.31 0.24 0.25 - 0.01 0.31 0.12 1440 0.17 0.12 0.17 + 0.03 0.17 0.06 Royal Rd Mnrls V 0.14 + 0.05 1.40 0.06 Royal Sapphire V 128 0.14 0.09 Royal Std Mnrl* O 191 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 - 0.01 0.15 0.04 RT Minerals V 228 0.06 0.00 0.04 - 0.01 0.10 0.03 RT Minerals* O 41 0.05 0.04 0.17 - 0.05 0.55 0.10 RTG Mining T 20 0.20 0.17 Rubicon Mnrls* O 94 1.35 1.21 1.31 + 0.09 1.48 1.00 1.60 + 0.11 2.39 1.27 Rubicon Mnrls T 173 1.65 1.50 Rugby Mng V 121 0.42 0.36 0.36 + 0.02 0.50 0.23 Running Fox Rs V 83 0.03 0.03 0.03 unch 0.00 0.04 0.01 5 0.02 0.02 0.02 unch 0.00 0.02 0.01 Running Fox Rs* O 0.82 - 0.04 1.47 0.68 Rupert Res V 45 0.90 0.82 Rusoro Mng* O 71 0.07 0.06 0.06 - 0.00 0.17 0.05 Rusoro Mng V 135 0.08 0.00 0.08 - 0.01 0.23 0.06 158 1.15 1.00 1.06 - 0.05 1.74 0.92 Rye Patch Gold* O 784 1.49 1.25 1.26 - 0.09 2.37 1.17 Rye Patch Gold V

S Sabina Gd&Slvr T 1227 O 660 Sabina Gd&Slvr* Sable Res* O 3 Sable Res V 277 Sage Gold* O 290 Sage Gold V 1147 Sailfish Rylty V 42 Sailfish Rylty* O 32 Saint Jean* O 44 Saint Jean V 1510 Salazar Res* O 100 Salazar Res V 178 Salt Lake Pot* O 0 Sama Res V 1274 Sama Res* O 113 Samco Gold V 5 Samex Mng* O 693 San Gold Corp* O 76 207 San Marco Res* O San Marco Res V 433 Sanatana Diam V 430 Sandspring Res V 972 Sandspring Res* O 247 Sandstorm Gold T 3260 Sandstorm Gold* X 10304 Sandy Lake Gld* O 3 Sandy Lake Gld V 776 Santa Fe Gold* O 533 Santacruz Silv V 1599 Sarama Res V 898 Sarissa Res* O 187 Satori Res V 72 Satori Res* O 68 Saturn Mnrls V 160 Savary Gold V 2939 Savary Gold* O 727 Saville Res V 605 Scandium Intl* O 1922 Scandium Intl T 3995 Scorpio Gold V 1640 ScoZinc Mg* O 8 ScoZinc Mg V 58 Seabridge Gld T 486 Seabridge Gld* N 1800 Search Mnls V 415 Searchlight* O 336 Secova Mtls V 2531 Secova Mtls* O 47 Sego Res V 412 Select Sands V 1374 T 6112 Semafo Senator Mnrls* O 3 Senator Mnrls V 833 Sennen Potash V 113 Sennen Potash* O 0 Serabi Gold T 15 Serengeti Res V 853 Shamrock Ent 91 Sherritt Intl T 28776 Shore Gold T 885 Shoshoni Gold* O 10 Shoshoni Gold V 20 Sibanye Gold* N 13711 Sibanye Gold* O 0 Sidney Resrces* O 365 Sienna Res* O 266 Sienna Res V 3551 Sierra Metals* X 111 Sierra Metals T 128 Signature Res* O 35 Signature Res V 123 Silver Bear Rs T 422 Silver Bear Rs* O 115 Silver Bull Re* O 1896 Silver Bull Re T 2476 Silver Dragon* O 211 Silver Grail V 139 Silver Hill* O 0 Silver Mtn Mns V 149 Silver Phoenix 8 Silver Predatr* O 40 Silver Predatr V 3 Silver Pursuit* O 0 Silver Pursuit V 145 Silver Range V 123 Silver Scott* O 56 Silver Spruce* O 103 Silver Spruce V 451 Silver Stream* O 4 Silver Viper V 116 Silver Wheaton T 4809 Silver Wheaton* N 11482 Silvercorp Met T 1811 Silvercorp Met* X 1922

2.23 2.00 2.04 - 0.04 2.70 1.23 1.81 1.61 1.65 - 0.02 2.17 0.91 0.13 0.00 0.13 - 0.01 0.14 0.10 0.17 0.15 0.16 + 0.01 0.20 0.11 0.09 0.08 0.09 + 0.00 0.20 0.08 0.12 0.11 0.11 unch 0.00 0.27 0.11 2.60 2.11 2.38 + 0.04 3.07 1.00 2.10 1.70 1.93 + 0.04 2.10 1.59 0.04 0.03 0.04 unch 0.00 0.26 0.02 0.05 0.04 0.04 - 0.01 0.35 0.03 0.12 0.12 0.12 unch 0.00 0.14 0.06 0.15 0.13 0.15 unch 0.00 0.18 0.08 0.37 0.00 0.37 - 0.03 0.50 0.27 0.48 0.44 0.45 - 0.02 0.50 0.08 0.39 0.36 0.37 - 0.00 0.41 0.10 0.00 0.00 0.02 unch 0.00 0.04 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.15 0.14 0.14 - 0.01 0.20 0.10 0.18 0.17 0.18 - 0.01 0.27 0.13 0.05 0.00 0.04 - 0.01 0.07 0.02 0.40 0.34 0.36 + 0.01 0.67 0.27 0.32 0.27 0.31 + 0.02 0.51 0.20 6.95 6.36 6.64 + 0.22 6.95 4.37 5.64 5.10 5.37 + 0.22 5.64 3.18 0.05 0.05 0.05 unch 0.00 0.05 0.03 0.11 0.07 0.08 + 0.02 0.13 0.05 0.19 0.14 0.17 + 0.02 0.23 0.05 0.16 0.13 0.16 + 0.03 0.38 0.09 0.12 0.11 0.11 - 0.01 0.29 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.14 0.12 0.12 - 0.01 0.30 0.07 0.09 0.09 0.09 + 0.00 0.18 0.07 0.14 0.13 0.14 - 0.01 0.17 0.07 0.06 0.05 0.06 + 0.01 0.11 0.04 0.05 0.04 0.04 + 0.00 0.09 0.03 0.12 0.09 0.12 + 0.02 0.40 0.06 0.19 0.12 0.16 - 0.04 0.35 0.12 0.24 0.16 0.19 - 0.05 0.48 0.16 0.04 0.04 0.04 unch 0.00 0.14 0.02 1.15 1.11 1.11 unch 0.00 1.44 0.76 1.49 1.40 1.49 + 0.09 1.75 0.95 14.75 13.70 14.30 + 0.28 17.65 12.22 11.98 10.95 11.60 + 0.40 13.70 9.22 0.09 0.07 0.08 - 0.01 0.10 0.03 0.02 0.01 0.02 + 0.00 0.11 0.01 0.03 0.03 0.03 - 0.01 0.11 0.02 0.03 0.03 0.03 - 0.00 0.09 0.01 0.06 0.05 0.06 + 0.01 0.09 0.03 0.50 0.42 0.47 + 0.01 2.04 0.35 4.14 3.75 3.87 + 0.05 5.24 2.68 0.21 0.21 0.21 unch 0.00 1.57 0.21 0.27 0.23 0.23 - 0.04 1.99 0.21 0.50 0.00 0.50 + 0.06 1.10 0.30 0.40 0.40 0.40 unch 0.00 0.63 0.33 0.07 0.00 0.06 - 0.02 0.10 0.05 0.17 0.14 0.15 - 0.02 0.26 0.13 0.05 0.04 0.05 unch 0.00 0.06 0.02 1.44 1.23 1.33 + 0.01 1.87 0.74 0.18 0.17 0.17 - 0.02 0.44 0.15 0.04 0.04 0.04 unch 0.00 0.04 0.03 0.06 0.00 0.06 unch 0.00 0.08 0.04 5.25 4.96 5.01 - 0.05 10.59 4.27 0.00 0.00 1.24 unch 0.00 2.44 1.14 0.01 0.01 0.01 - 0.00 0.02 0.00 0.31 0.27 0.31 + 0.06 0.31 0.07 0.38 0.33 0.38 + 0.05 0.38 0.09 2.73 2.58 2.59 - 0.09 3.10 1.75 3.35 3.18 3.18 - 0.12 3.75 2.30 0.06 0.06 0.06 unch 0.00 0.09 0.06 0.08 0.06 0.08 + 0.01 0.19 0.06 0.31 0.26 0.30 + 0.04 0.49 0.12 0.25 0.20 0.25 + 0.04 0.38 0.08 0.20 0.17 0.18 - 0.01 0.23 0.06 0.25 0.21 0.22 - 0.02 0.29 0.08 0.01 0.01 0.01 + 0.00 0.03 0.00 0.09 0.00 0.09 + 0.01 0.13 0.05 0.00 0.00 0.14 unch 0.00 0.36 0.10 0.03 0.03 0.03 + 0.01 0.06 0.02 0.06 0.06 0.06 unch 0.00 0.25 0.05 0.12 0.12 0.12 unch 0.00 0.32 0.05 0.15 0.11 0.11 - 0.04 0.40 0.11 0.00 0.00 0.16 unch 0.00 0.16 0.13 0.21 0.18 0.18 - 0.03 0.23 0.11 0.18 0.15 0.15 + 0.01 0.29 0.12 0.24 0.04 0.04 + 0.02 0.24 0.01 0.05 0.00 0.04 - 0.01 0.08 0.03 0.07 0.00 0.07 - 0.01 0.12 0.05 0.27 0.04 0.27 unch 0.00 0.27 0.01 0.18 0.16 0.17 - 0.01 0.30 0.15 28.03 26.69 27.34 - 0.18 30.32 23.18 22.72 21.41 22.16 + 0.14 23.06 18.32 3.63 3.27 3.35 - 0.06 5.90 2.72 2.95 2.63 2.73 + 0.01 4.50 2.12

Week

12-month

Exc Volume High Low Last Change High Low

SilverCrest Mt* O 296 SilverCrest Mt V 528 V 597 Silvermet Silverstar Res* O 518 Sirios Res V 542 Sirios Res* O 182 Skeena Res V 538 Skeena Res* O 101 Skyharbour Res V 391 Skyharbour Res* O 180 Slam Explor* O 4 Slam Explor V 4034 O 38 Sojourn Explor* Sojourn Explor V 82 Sokoman Iron* O 520 Sokoman Iron V 889 SolGold plc* O 606 SolGold plc T 387 Solitario Ex&R T 54 Solitario Ex&R* X 659 Sonora Gld & S V 595 Sonora Res * O 40 Sonoro Mtls V 388 Southern Arc* O 64 Southern Arc V 46 Southern Copp* N 4480 Southern Lith V 131 Southern Silvr* O 153 Southern Silvr V 441 SouthGobi Res T 5 161 Spanish Mtn Gd* O 1012 Spanish Mtn Gd V Sparton Res V 1283 Sparton Res* O 710 O 175 Spearmint Res* Spearmint Res V 11837 Sphinx Res V 459 T 3589 Sprott Res Hld Spruce Ridge R V 1657 SRG Graphite V 268 D 4871 SSR Mining* SSR Mining T 1743 St Augustine T 211 St-Georges Plt* O 226 Stakeholdr Gld V 273 O 65 Stakeholdr Gld* Standard Graph* O 451 Standard Lith V 1583 O 123 Standard Metal* Stans Energy V 1354 Stans Energy* O 109 Star Gold* O 1 Starcore Intl T 193 1 Starr Peak Exp* O Starr Peak Exp V 36 0 Steele Oceanic* O Stellar Africa V 141 Stelmine Can V 1035 Sterling Grp* O 21 Stina Res 3464 Stina Res* O 228 O 2 Stockport Expl* Stone Ridge Ex 577 O 25 Stornoway Diam* T 1941 Stornoway Diam Stratabd Mnr V 1037 Strateco Res* O 164 Strategic Metl* O 139 Strategic Metl V 114 Strategic Res V 0 Stria Lithium V 1519 Strikepoint Gd V 1859 Strikepoint Gd* O 17 V 206 Strongbow Expl Stroud Res V 503 Sulliden Mng T 386 Suncor Energy T 14646 Suncor Energy* N 13942 Sunvest Mnrls* O 101 Sunvest Mnrls V 737 Superior Gold* O 136 Superior Gold V 497 Superior Mng V 25 Supreme Metals 2582 Sutter Gold* O 114 Sutter Gold V 180 Syrah Res* O 86

1.62 1.41 1.59 + 0.06 2.10 0.84 1.99 1.75 1.90 - 0.02 2.79 1.05 0.29 0.26 0.27 unch 0.00 0.59 0.14 0.43 0.21 0.23 - 0.17 3.36 0.20 0.32 0.30 0.30 - 0.01 0.50 0.25 0.26 0.25 0.25 - 0.01 0.38 0.21 0.80 0.72 0.76 + 0.01 0.95 0.40 0.65 0.60 0.62 + 0.04 0.74 0.27 0.47 0.42 0.43 unch 0.00 0.70 0.31 0.38 0.34 0.35 + 0.00 0.54 0.24 0.04 0.03 0.03 - 0.01 0.05 0.02 0.07 0.04 0.05 + 0.01 0.11 0.03 0.15 0.15 0.15 unch 0.00 0.15 0.15 0.20 0.15 0.20 + 0.01 0.30 0.11 0.04 0.04 0.04 + 0.00 0.08 0.02 0.05 0.04 0.04 unch 0.00 0.12 0.03 0.38 0.33 0.33 - 0.03 0.63 0.33 0.45 0.42 0.42 - 0.02 0.95 0.42 0.81 0.00 0.79 - 0.01 1.21 0.70 0.67 0.60 0.66 + 0.01 0.91 0.54 0.16 0.12 0.14 - 0.03 0.20 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.18 0.15 0.15 - 0.03 0.20 0.10 0.46 0.38 0.39 - 0.08 0.65 0.38 0.57 0.00 0.49 - 0.08 0.90 0.46 50.90 48.90 50.63 + 0.29 50.90 32.63 0.38 0.35 0.38 + 0.03 3.80 0.32 0.30 0.27 0.30 + 0.02 0.46 0.17 0.37 0.33 0.35 - 0.03 0.60 0.22 0.19 0.18 0.18 - 0.01 0.47 0.12 0.11 0.09 0.11 + 0.01 0.17 0.06 0.14 0.11 0.13 + 0.01 0.23 0.08 0.11 0.10 0.11 unch 0.00 0.14 0.03 0.09 0.08 0.09 + 0.00 0.11 0.02 0.09 0.08 0.09 - 0.00 0.11 0.02 0.12 0.10 0.10 - 0.01 0.14 0.02 0.07 0.06 0.06 unch 0.00 0.08 0.04 0.17 0.15 0.15 - 0.02 0.23 0.13 0.05 0.03 0.04 - 0.01 0.06 0.01 2.25 1.90 2.20 + 0.26 2.25 0.22 9.54 8.91 9.10 + 0.02 11.40 7.75 11.73 11.05 11.22 - 0.15 16.11 9.66 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.56 0.31 0.38 - 0.05 2.20 0.15 0.64 0.45 0.47 - 0.03 0.64 0.20 0.45 0.37 0.37 - 0.02 0.45 0.17 0.80 0.56 0.79 + 0.17 0.80 0.08 2.50 2.15 2.17 - 0.25 2.85 0.71 0.08 0.05 0.05 - 0.03 0.22 0.02 0.04 0.03 0.04 unch 0.00 0.06 0.03 0.03 0.02 0.03 - 0.00 0.05 0.02 0.05 0.05 0.05 unch 0.00 0.16 0.05 0.28 0.25 0.26 + 0.01 0.65 0.23 0.09 0.09 0.09 unch 0.00 0.09 0.09 0.19 0.00 0.14 - 0.02 0.19 0.08 0.00 0.00 1.01 unch 0.00 10.40 1.01 0.06 0.05 0.05 - 0.01 0.07 0.03 0.44 0.23 0.25 unch 0.00 0.45 0.16 0.03 0.03 0.03 unch 0.00 0.17 0.03 0.32 0.28 0.31 + 0.03 0.36 0.08 0.24 0.22 0.23 + 0.02 0.28 0.06 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.60 0.33 0.40 + 0.08 0.60 0.05 0.52 0.46 0.46 - 0.06 0.73 0.46 0.62 0.56 0.58 - 0.06 0.99 0.56 0.06 0.04 0.06 + 0.02 0.06 0.01 0.01 0.00 0.00 + 0.00 0.07 0.00 0.41 0.38 0.40 + 0.02 0.54 0.31 0.50 0.47 0.49 - 0.02 0.73 0.40 0.00 0.00 0.18 unch 0.00 0.25 0.10 0.08 0.06 0.06 - 0.02 0.08 0.03 0.22 0.17 0.22 + 0.04 0.67 0.15 0.19 0.14 0.17 + 0.03 0.47 0.11 0.16 0.15 0.15 - 0.01 0.27 0.13 0.03 0.00 0.02 unch 0.00 0.03 0.01 0.52 0.42 0.45 + 0.03 0.65 0.18 47.08 45.64 46.20 - 0.02 47.69 36.09 37.98 36.84 37.49 + 0.51 38.39 27.96 0.09 0.07 0.09 + 0.01 0.16 0.06 0.10 0.10 0.10 + 0.01 0.15 0.08 0.98 0.96 0.97 - 0.00 0.98 0.69 1.20 1.17 1.19 - 0.01 1.28 0.85 0.08 0.06 0.08 + 0.02 0.13 0.04 0.06 0.05 0.06 unch 0.00 0.15 0.03 0.02 0.01 0.02 - 0.00 0.06 0.01 0.03 0.02 0.02 unch 0.00 0.08 0.02 3.60 3.34 3.39 - 0.10 3.85 1.68

Tahoe Res* N 14159 Tahoe Res T 7920 V 99 Tajiri Res Taku Gold* O 45 Taku Gold 141 Talmora Diamd 30 Talon Metals T 205 Tamino Mnrls* O 2 Tanager Energy V 48 Tango Mining V 1530 Tanqueray Expl V 237 Tantalex Res 948 Tanzania Rlty* X 1620 Tanzania Rlty T 263 Taranis Res* O 68 Taranis Res V 34 Tarku Res V 1350 Tartisan Res 889 Tasca Res* O 14 Tasca Res V 552 Taseko Mines T 1366 Taseko Mines* X 4687 T 12364 Teck Res Teck Res T 32 N 20160 Teck Res* Telferscot Res 7278 Telferscot Res* O 200 Telson Res V 16 Telson Res * O 14 Tembo Gold* O 50 Tembo Gold V 436 Teranga Gold* O 158 Teranga Gold T 1317 Teras Res V 136 Teras Res* O 0 Terraco Gold V 761 Terrax Mnrls* O 125 Terrax Mnrls V 559 Terreno Res V 1101 Teslin Rvr Res V 604 Tesoro Mnrls V 108 Tesoro Mnrls* O 0 Tethyan Res V 70 Teuton Res* O 212 Teuton Res V 494 Texas Mineral* O 142 Theia Res V 193 Themac Res V 93 Thor Expl V 622 Thunder Mtn Gd* O 86 Thunderstruck V 795 Thunderstruck* O 227 Tiger Intl V 10 Till Capital V 3 Till Capital* D 6 V 68 Tiller Res Timberline Res V 140 Timberline Res* O 111 Timmins Gold* X 663 Timmins Gold T 475 Tinka Res* O 578 Tinka Res V 993 Tintina Mines V 6 Tintina Res* O 171 Tintina Res V 193 Tirex Res* O 195 Tirex Res V 397 Titan Mining T 1516 Titanium Corp V 102 TMAC Resource* O 7 TMAC Resources T 212 TNR Gold V 249 Toachi Mg Inc* O 9 Toachi Mg Inc V 555 Tolima Gold V 2611 TomaGold V 941 Tombstone Expl* O 14163 Tonogold Res* O 202 O 95 Torex Gold* Torex Gold T 2433 Toron, Inc* O 7201 Torq Resources* O 31 Torq Resources V 326 Tower Res V 386 Transatlan Mng V 20 Transatlan Mng* O 16 Transition Mtl V 218 Treasury Metal T 259 Treasury Metal* O 71 Trecora Res* N 123 Trek Mining* O 589 Trek Mining V 2948 Tres-Or Res V 625 Trevali Mng* O 230 Trevali Mng T 6834 Tri Origin Exp V 2027 Trifecta Gold V 52 Trifecta Gold* O 3 Trilogy Mtls T 88 Trilogy Mtls* X 1810 TriMetals Mng* O 26 TriMetals Mng* O 40 TriMetals Mng T 199 Trinity Res* O 0 Trinity Valley V 50 Trinity Valley* O 1 Trio Resources* O 1672 TriStar Gold* O 73 TriStar Gold V 245 Triumph Gold V 312 Triumph Gold* O 228 Troilus Gold* O 0 Troilus Gold V 167 Troy Enrgy V 10 Troy Res* O 20 Troymet Expl V 1594

4.87 4.32 4.45 - 0.01 9.68 4.15 6.01 5.34 5.50 - 0.06 12.98 5.31 0.12 0.00 0.10 - 0.03 0.21 0.08 0.07 0.07 0.07 unch 0.00 0.20 0.00 0.10 0.09 0.09 unch 0.00 0.25 0.06 0.02 0.02 0.02 + 0.01 0.05 0.01 0.06 0.06 0.06 unch 0.00 0.15 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.00 0.09 unch 0.00 0.20 0.08 0.05 0.04 0.05 + 0.01 0.09 0.03 0.57 0.49 0.55 - 0.01 1.56 0.47 0.21 0.17 0.19 + 0.01 0.25 0.03 0.42 0.35 0.39 + 0.03 0.62 0.24 0.54 0.44 0.48 + 0.05 0.81 0.31 0.09 0.08 0.09 + 0.00 0.11 0.06 0.10 0.08 0.10 + 0.01 0.14 0.08 0.06 0.05 0.06 + 0.01 0.07 0.03 0.16 0.14 0.15 - 0.02 0.18 0.05 0.13 0.12 0.12 unch 0.00 0.38 0.12 0.12 0.10 0.10 - 0.01 0.62 0.05 2.43 2.06 2.28 - 0.06 2.98 1.36 1.94 1.65 1.83 - 0.05 2.46 1.00 36.70 34.65 36.13 - 0.66 38.89 19.27 36.57 34.65 36.28 - 0.62 38.88 20.00 29.76 27.77 29.36 - 0.07 30.79 14.56 0.06 0.05 0.06 unch 0.00 0.12 0.01 0.05 0.05 0.05 unch 0.00 0.07 0.02 0.70 0.68 0.70 + 0.01 0.89 0.27 0.58 0.55 0.57 - 0.01 0.72 0.19 0.03 0.03 0.03 + 0.00 0.04 0.01 0.03 0.00 0.03 - 0.01 0.06 0.01 3.00 2.69 2.80 - 0.03 6.40 1.83 3.68 3.35 3.49 - 0.06 5.25 2.36 0.10 0.09 0.10 unch 0.00 0.18 0.08 0.09 0.09 0.09 unch 0.00 0.13 0.07 0.10 0.08 0.09 + 0.01 0.16 0.08 0.46 0.40 0.44 - 0.02 0.70 0.30 0.57 0.51 0.54 - 0.03 0.92 0.38 0.11 0.06 0.08 - 0.05 0.18 0.03 0.54 0.50 0.54 + 0.01 0.76 0.39 0.10 0.08 0.10 + 0.02 0.12 0.06 0.00 0.00 0.06 unch 0.00 0.07 0.05 0.35 0.32 0.35 + 0.05 0.57 0.18 0.19 0.16 0.17 - 0.02 0.26 0.12 0.23 0.20 0.21 unch 0.00 0.35 0.15 0.21 0.19 0.21 + 0.01 0.39 0.12 0.09 0.07 0.09 - 0.01 0.12 0.07 0.05 0.00 0.05 - 0.01 0.10 0.03 0.20 0.11 0.19 + 0.07 0.25 0.08 0.17 0.15 0.15 - 0.01 0.30 0.08 0.08 0.07 0.08 + 0.01 0.14 0.05 0.07 0.05 0.06 + 0.02 0.11 0.04 0.09 0.09 0.09 unch 0.00 0.15 0.08 5.60 0.00 5.25 + 0.15 5.85 3.79 4.46 4.19 4.46 + 0.19 5.45 3.30 0.40 0.00 0.40 unch 0.00 0.65 0.19 0.27 0.22 0.27 + 0.01 0.69 0.22 0.22 0.16 0.20 - 0.01 0.52 0.16 3.69 3.33 3.44 - 0.08 6.06 2.82 4.54 4.15 4.23 - 0.16 7.99 3.60 0.62 0.56 0.57 + 0.02 0.75 0.23 0.76 0.70 0.70 unch 0.00 0.87 0.31 0.06 0.00 0.06 - 0.03 0.09 0.04 0.08 0.07 0.08 + 0.01 0.10 0.05 0.10 0.09 0.10 + 0.01 0.14 0.06 0.07 0.06 0.06 - 0.58 0.92 0.14 0.80 0.07 0.80 + 0.05 1.15 0.15 1.55 1.36 1.50 - 0.09 1.65 0.92 1.15 1.06 1.12 + 0.05 1.50 0.41 9.24 8.04 8.04 - 0.49 14.36 5.45 11.50 9.74 9.99 - 0.72 19.00 6.90 0.07 0.07 0.07 - 0.01 0.09 0.03 0.19 0.19 0.19 + 0.01 0.35 0.18 0.24 0.22 0.23 + 0.02 0.62 0.20 0.03 0.02 0.02 - 0.01 0.06 0.01 0.08 0.07 0.07 unch 0.00 0.13 0.06 0.01 0.00 0.01 - 0.00 0.01 0.00 0.35 0.21 0.23 - 0.07 0.40 0.03 10.21 9.19 9.75 - 0.26 25.59 8.15 12.58 11.42 12.07 - 0.39 33.85 10.12 0.01 0.01 0.01 + 0.00 0.02 0.00 0.44 0.43 0.43 + 0.01 1.10 0.35 0.56 0.51 0.55 + 0.03 1.00 0.43 0.15 0.13 0.13 + 0.01 0.34 0.11 0.07 0.00 0.06 unch 0.00 0.50 0.04 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.14 0.13 0.14 + 0.02 0.24 0.12 0.62 0.58 0.59 - 0.01 0.90 0.50 0.49 0.00 0.47 - 0.01 0.67 0.30 14.00 13.70 13.70 - 0.35 14.30 10.13 1.09 1.00 1.03 - 0.01 1.55 0.69 1.35 1.25 1.27 - 0.03 2.02 0.88 0.06 0.05 0.05 unch 0.00 0.07 0.03 1.34 1.20 1.31 + 0.07 1.34 0.76 1.65 1.49 1.62 + 0.09 1.75 1.03 0.04 0.04 0.04 - 0.01 0.07 0.03 0.13 0.11 0.12 unch 0.00 0.40 0.10 0.09 0.08 0.09 + 0.01 0.20 0.07 2.00 1.59 1.71 - 0.22 2.03 0.60 1.56 1.33 1.39 - 0.17 1.64 0.45 0.17 0.15 0.17 + 0.02 0.20 0.11 0.13 0.11 0.12 - 0.00 0.23 0.11 0.16 0.15 0.16 unch 0.00 0.29 0.14 0.01 0.00 0.01 unch 0.00 0.16 0.01 0.16 0.16 0.16 unch 0.00 0.20 0.08 0.09 0.09 0.09 unch 0.00 0.09 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.26 0.23 0.23 + 0.00 0.34 0.13 0.32 0.28 0.29 unch 0.00 0.44 0.18 0.42 0.38 0.38 - 0.03 0.57 0.25 0.35 0.31 0.32 - 0.00 0.46 0.20 0.00 0.00 1.43 unch 0.00 1.43 0.47 2.25 2.05 2.05 - 0.15 2.25 0.10 0.06 0.06 0.06 + 0.01 0.15 0.03 0.09 0.09 0.09 + 0.00 0.13 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

84 V True Grit Res 1836 True North Gem V Trueclaim Expl V 6 Trueclaim Expl* O 3 Tsodilo Res V 8 Tudor Gold V 408 23 O Tudor Gold * O 8087 Tungsten Corp* 18099 Turquoise HIl* N Turquoise HIl T 4449 TVI Pacific V 1880 TVI Pacific* O 14 Tyhee Gold* O 1 Typhoon Expl V 242

0.07 0.02 0.00 0.07 + 0.01 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.01 0.07 0.16 + 0.02 0.40 0.16 0.15 0.01 0.17 + 0.16 0.19 0.17 0.00 0.54 0.59 - 0.05 1.05 0.64 0.59 0.37 0.52 + 0.09 0.94 0.58 0.45 0.71 0.31 0.36 0.46 + 0.10 0.46 0.00 0.00 + 0.00 0.00 0.00 0.00 2.44 3.20 - 0.17 3.80 3.41 3.19 3.25 3.93 - 0.26 4.92 4.25 3.93 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.00 0.00 - 0.01 0.06 0.01 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.04 unch 0.00 0.12 0.08 0.09 0.07

U.S. Lithium* O 3240 U3O8 Corp* O 78 U3O8 Corp T 94 O 1 UC Res* 1737 Ucore Rare Mtl V 1150 Ucore Rare Mtl* O UEX Corp T 1923 Ultra Lithium* O 167 Ultra Lithium V 207 Umbral Enrgy* O 127 O 22 Unigold* V 242 Unigold United Lithium 11 1083 United Res Hdg* O United Silver* O 3099 545 United States A* X United States S* N 54660 Unity Energy* O 5 Unity Energy V 14 Universal Vent V 335 Upper Canyon V 8 Ur-Energy* X 1690 Ur-Energy T 263 Uracan Res V 22 Uracan Res* O 88 1161 Uragold Bay Rs V X 5873 Uranium Energy* O 0 Uranium Hunter* Uranium Res* D 1551 Uravan Mnrls V 56 URZ Energy V 155 URZ Energy* O 29 4113 V US Cobalt 1190 O US Cobalt * US Energy* D 524 9333 US Precious M* O US Tungsten* O 5461 O 111 USCorp* 160608 N Vale* Valencia Vent* O 0 ValGold Res V 158 Valley High Mg* O 11092 Valterra Res V 409 Valterra Res* O 367 Vanadium One V 1091 Vanadiumcorp* O 742 Vanadiumcorp V 4357 Vangold Res* O 3 Vangold Res V 386 336 Vanstar Mng Rs V Vantex Res V 255 8 O Vantex Res * Vatic Vent V 325 N 3489 Vedanta* Vela Minerals V 142 Velocity Mnrls* O 18 Velocity Mnrls V 448 Vendetta Mng* O 33 Vendetta Mng V 2731 Venerable Vent V 28 Venture Mnrls* O 16 Verde Potash T 148 Veris Gold* O 65 Victoria Gold V 1733 Victory Nickel 58 Victory Nickel* O 33 Victory Res V 101 Victory Vent V 462 Victory Vent* O 0 Virginia Enrgy V 96 Virginia Enrgy* O 102 Viscount Mng V 268 105 V Visible Gold M 10 Visible Gold M* O Vista Gold T 72 Vista Gold* X 1708 Volcanic Gold V 156 Voltaic Min V 2111 Voyageur Min* O 11 Voyageur Min V 61 VR Resources* O 234 VR Resources V 476 Vulcan Mnrls V 52 V 579 VVC Expl

0.02 0.03 - 0.00 0.07 0.03 0.03 0.18 0.33 + 0.00 0.49 0.33 0.31 0.21 unch 0.00 0.90 0.40 0.40 0.38 0.01 unch 0.00 0.01 0.01 0.01 0.01 0.37 0.19 - 0.03 0.19 0.20 0.23 0.28 0.15 - 0.02 0.15 0.16 0.18 0.15 0.27 - 0.03 0.43 0.30 0.26 0.11 0.27 - 0.06 0.63 0.33 0.26 0.14 0.33 - 0.06 0.80 0.42 0.32 0.03 0.59 + 0.10 0.64 0.60 0.46 0.12 0.19 + 0.01 0.24 0.19 0.17 0.15 0.21 - 0.01 0.33 0.23 0.20 0.40 0.53 + 0.02 0.53 0.53 0.51 0.07 0.00 0.01 0.04 + 0.03 0.07 0.00 0.00 + 0.00 0.01 0.01 0.00 0.52 0.20 0.31 0.34 + 0.03 0.36 41.28 38.34 40.95 + 2.18 41.83 18.55 0.08 unch 0.00 0.19 0.10 0.10 0.10 0.11 unch 0.00 0.35 0.12 0.12 0.12 0.33 0.37 + 0.01 0.50 0.37 0.33 0.03 unch 0.00 0.34 0.24 0.34 0.00 0.50 0.71 - 0.04 0.91 0.75 0.69 0.62 0.87 - 0.06 1.19 0.92 0.84 0.02 0.04 + 0.01 0.08 0.04 0.04 0.01 0.04 + 0.01 0.09 0.04 0.02 0.26 0.08 0.10 0.11 + 0.01 0.11 0.96 1.57 - 0.07 2.00 1.69 1.55 0.94 1.20 - 0.10 3.00 1.20 0.00 0.76 0.92 - 0.09 2.64 1.06 0.88 0.04 0.05 - 0.01 0.16 0.05 0.05 0.20 0.49 - 0.01 0.79 0.52 0.44 0.31 0.40 - 0.01 0.51 0.41 0.36 0.99 0.45 0.71 0.76 + 0.07 0.90 0.88 0.27 0.55 0.62 + 0.07 0.72 0.60 1.61 - 0.01 1.96 1.84 1.55 0.02 0.00 0.00 0.00 + 0.00 0.01 0.60 3.00 + 1.00 9.10 3.00 0.00 0.00 0.01 - 0.01 0.02 0.02 0.01 7.47 13.11 - 0.25 13.57 13.32 12.58 0.06 unch 0.00 0.15 0.15 0.00 0.00 0.03 0.07 + 0.02 0.08 0.07 0.06 0.04 0.00 - 0.00 0.01 0.01 0.02 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.01 0.03 + 0.00 0.05 0.03 0.02 0.06 unch 0.00 0.19 0.09 0.10 0.08 0.04 0.12 + 0.02 0.13 0.13 0.10 0.05 0.15 + 0.02 0.18 0.16 0.13 0.05 0.11 - 0.00 1.38 0.11 0.10 0.06 0.17 + 0.04 0.22 0.17 0.14 0.15 0.06 0.09 0.10 + 0.01 0.11 0.05 0.09 + 0.01 0.24 0.12 0.09 0.16 0.04 0.06 0.09 + 0.02 0.09 0.04 0.08 + 0.01 0.09 0.08 0.06 13.78 21.89 + 0.91 21.99 21.99 20.60 0.19 0.29 + 0.04 0.54 0.30 0.25 0.15 0.17 - 0.02 0.35 0.19 0.17 0.18 0.21 - 0.03 0.47 0.23 0.20 0.15 unch 0.00 0.27 0.18 0.18 0.17 0.20 unch 0.00 0.35 0.22 0.23 0.21 0.09 unch 0.00 0.18 0.13 0.13 0.13 0.02 0.03 + 0.00 0.04 0.03 0.03 0.31 unch 0.00 1.77 0.71 0.77 0.70 0.00 0.00 + 0.00 0.02 0.00 0.00 0.40 0.44 + 0.01 0.74 0.45 0.43 0.03 0.06 + 0.01 0.09 0.06 0.00 0.00 0.04 - 0.01 0.14 0.05 0.04 0.13 0.43 - 0.06 0.75 0.49 0.00 0.06 0.28 - 0.01 0.76 0.31 0.23 0.06 unch 0.00 0.24 0.24 0.00 0.00 0.07 0.13 + 0.01 0.38 0.14 0.12 0.04 0.10 + 0.01 0.54 0.11 0.09 0.22 unch 0.00 0.62 0.35 0.37 0.33 0.35 0.09 - 0.01 0.14 0.16 0.18 0.15 0.04 0.14 0.14 + 0.03 0.14 0.77 1.03 + 0.09 1.61 1.03 0.93 0.60 0.84 + 0.09 1.24 0.85 0.73 0.21 0.25 - 0.01 0.65 0.26 0.24 0.04 0.05 - 0.02 0.24 0.07 0.04 0.06 unch 0.00 0.08 0.08 0.08 0.08 0.04 0.09 - 0.01 0.15 0.10 0.00 0.21 0.24 + 0.02 0.27 0.27 0.21 0.21 0.32 + 0.03 0.41 0.33 0.29 0.04 0.05 - 0.01 0.08 0.05 0.05 0.02 0.04 - 0.01 0.05 0.05 0.04

Walker Lane* O 0 Walker River V 513 T 827 Wallbridge Mng 103 V War Eagle Mg Waseco Res V 224 Wealth Mnrls* O 591 Wealth Mnrls V 1658 V 11 Wescan Gldflds O 1 Wescan Gldflds* Wesdome Gold T 1594 O 146 Wesdome Gold* 1121 V West Af Res 62 V West High Yld West Kirkland V 1260 158 West Kirkland * O 96 West Red Lake 36 West Red Lake* O Westcot Vent V 25 Western Areas* O 116 T 437 Western Copper X 409 Western Copper* 176 Western Pac Rs* O 313 Western Pac Rs V T 172 Western Potash Western Res* O 0 20 Western Troy C V Western Uran 200 Western Uran* O 301 V 633 Westhaven Vent O 153 Westhaven Vent* O 1328 Westkam Gold* Westkam Gold V 26728 Westmoreland* D 782 WestMountain* O 690 Westridge Res* O 29 Westridge Res 254 Whistler Gold V 100 White Energy* O 1 White Gold* O 173 White Gold V 1019 176 White Metal R* O 289 White Metal Rs V 310 White Mtn Engy* O O 1 Whitehaven Coa* Whitemud Res V 278 O 250 Wincash Apolo* Winston Gold 1694 Winston Gold* O 140 Wolfden Res* O 47 Wolfden Res V 1276 Wolfeye Res V 640 O 35 Wolverine Mnls* Wolverine Mnls V 353 Worldwide Res V 84 WPC Res* O 500 WPC Res V 314 X-Terra Res* O 47 X-Terra Res V 255 Xander Res V 346 Xemplar Egy* O 1 Xiana Mng V 152 Xiana Mng* O 18 Ximen Mng* O 80 Ximen Mng V 61 868 O XLI Tech Inc* V 2788 Xtierra Xtra-Gold Res T 70 Xtra-Gold Res* O 6 Yamana Gold T 20001 102723 Yamana Gold* N Yanzhou Coal* O 12 V 12 Yellowhead Mng Yorbeau Res T 948 0 O You Han Data* 85 O Zadar Vent * Zadar Vent V 4564 Zenyatta Vent V 145 Zenyatta Vent* O 26 Zeox Corp* O 300 Zephyr Mnls V 98 Zephyr Mnls* O 12 Zimtu Capital V 164 5334 V Zinc One Res 3389 Zinc One Res * O Zincore Mtls V 56 Zincore Mtls* O 9 Zonte Mtls V 682

0.10 unch 0.00 0.20 0.10 0.10 0.10 0.07 unch 0.00 0.17 0.08 0.08 0.07 0.06 0.09 - 0.01 0.15 0.10 0.09 0.12 0.04 0.00 0.09 + 0.01 0.10 0.04 0.05 + 0.01 0.08 0.05 0.04 0.91 1.24 - 0.03 1.85 1.29 1.01 1.22 1.55 - 0.02 2.34 1.59 1.22 0.05 0.08 - 0.03 0.13 0.08 0.00 0.04 unch 0.00 0.08 0.08 0.08 0.08 1.64 2.06 - 0.05 4.40 2.25 2.03 0.00 1.69 - 0.03 3.22 1.78 1.65 0.50 0.19 0.41 0.44 + 0.01 0.49 3.80 0.16 - 0.03 0.32 0.37 0.40 0.06 0.08 + 0.01 0.11 0.08 0.08 0.08 0.04 0.06 0.07 + 0.00 0.07 0.31 0.08 - 0.01 0.12 0.13 0.15 0.24 0.06 0.10 0.12 + 0.01 0.12 0.04 0.97 - 0.05 1.09 0.97 0.96 1.57 2.64 - 0.01 2.74 2.65 2.51 1.10 1.22 + 0.03 2.24 1.25 1.13 0.85 0.99 + 0.03 1.72 1.02 0.91 0.03 0.01 - 0.01 0.01 0.01 0.02 0.04 0.01 0.02 0.02 unch 0.00 0.02 0.37 0.42 - 0.01 1.58 0.44 0.42 0.29 unch 0.00 0.47 0.33 0.00 0.00 0.06 0.02 0.04 0.04 unch 0.00 0.04 0.54 0.62 - 0.10 2.80 0.76 0.54 0.44 0.50 - 0.10 2.17 0.62 0.44 0.07 0.12 + 0.02 0.17 0.13 0.10 0.05 0.11 + 0.02 0.12 0.11 0.08 0.01 0.04 + 0.00 0.04 0.04 0.03 0.01 0.04 - 0.01 0.05 0.05 0.04 1.25 1.14 1.17 - 0.02 19.03 0.95 0.00 0.01 + 0.01 0.04 0.02 0.00 0.12 0.46 + 0.01 0.60 0.46 0.46 0.29 unch 0.00 0.80 0.60 0.60 0.55 0.03 unch 0.00 0.06 0.06 0.06 0.06 0.12 unch 0.00 0.30 0.30 0.30 0.30 0.69 0.80 + 0.02 1.73 0.81 0.69 0.84 0.98 + 0.01 2.34 1.05 0.84 0.17 0.05 0.00 0.11 + 0.01 0.11 0.24 0.03 0.12 0.13 + 0.01 0.14 0.03 0.00 0.00 0.00 + 0.00 0.00 1.83 3.85 + 0.30 3.85 3.85 3.55 0.01 0.02 + 0.01 0.02 0.02 0.01 0.03 unch 0.00 0.22 0.04 0.05 0.04 0.03 0.04 + 0.01 0.14 0.04 0.04 0.02 0.03 + 0.00 0.04 0.03 0.03 0.10 0.55 + 0.10 0.56 0.56 0.00 0.11 0.67 + 0.13 0.68 0.68 0.55 0.31 1.00 - 0.01 1.64 1.09 0.95 0.05 0.10 - 0.00 0.12 0.12 0.10 0.05 0.14 + 0.02 0.17 0.15 0.00 0.01 0.04 - 0.01 0.09 0.04 0.04 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.04 unch 0.00 0.07 0.05 0.05 0.05 0.16 0.20 + 0.01 0.28 0.20 0.00 0.17 0.22 - 0.03 0.40 0.26 0.22 0.17 0.18 - 0.01 0.42 0.19 0.17 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.08 0.27 + 0.12 0.30 0.30 0.15 0.06 0.18 + 0.07 0.18 0.18 0.11 0.11 0.11 - 0.00 0.43 0.11 0.11 0.13 0.15 + 0.01 0.60 0.16 0.15 0.05 0.00 0.01 0.01 + 0.00 0.01 0.02 0.06 + 0.01 0.08 0.08 0.03 0.17 0.28 + 0.05 0.37 0.28 0.22 0.12 unch 0.00 0.28 0.21 0.21 0.20 2.84 4.51 + 0.33 4.80 4.69 4.17 2.21 3.66 + 0.32 3.80 3.80 3.34 0.77 unch 0.00 1.67 1.65 1.67 1.65 0.38 0.45 - 0.01 1.20 0.45 0.38 0.06 0.07 - 0.01 0.10 0.08 0.06 2.00 1.00 0.00 2.00 unch 0.00 2.00 0.12 0.05 0.00 0.08 + 0.01 0.08 0.07 0.10 - 0.01 0.16 0.13 0.09 0.56 0.59 - 0.06 1.29 0.65 0.58 0.46 0.49 - 0.02 0.93 0.51 0.47 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.18 0.24 - 0.06 0.42 0.30 0.21 0.15 0.20 - 0.05 0.29 0.24 0.20 0.20 0.29 + 0.02 0.40 0.29 0.26 0.90 0.31 0.40 0.50 + 0.08 0.55 0.81 0.01 0.32 0.41 + 0.06 0.45 0.06 0.17 - 0.01 0.35 0.17 0.16 0.06 0.12 - 0.05 0.25 0.17 0.12 0.12 0.17 - 0.03 0.49 0.21 0.00

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2018-01-30 5:33 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 5–18, 2018

Northern Vertex moves toward production at Moss in Arizona GOLD

BY RICHARD QUARISA rquarisa@northernminer.com

orthern Vertex Mining (TSXV: NEE) has released a new preliminary economic assessment (PEA) for its Moss goldsilver mine in northwest Arizona that would double the amount of mineable material by including resources on unpatented mining claims. The plan includes expanding the mine facilities onto federal public lands and would require the Bureau of Land Management (BLM) to approve a new mine plan of operations and amendments to several permits. “We’re actually going to be up and running here in the next six weeks,” Northern Vertex president and CEO Kenneth Berry says in an interview with The Northern Miner. “We’ll be pouring gold and generating economic activity with up to 100 employees, so we see the expansion of this project as being the normal course.” The current facility is expected to produce 5,000 tonnes per day over five years for a total 8 million tonnes grading 0.82 gram gold per tonne and 9.29 grams silver per tonne for 211,130 oz. gold and 2.4 million oz. silver, according to a June 2015 feasibility study. But that’s only half of the available resource. Northern Vertex says the phase-two pit design was constrained by property boundaries and water — not by economics. “We’ve removed the restraints of the private patented boundary,” Berry says. “When the project was scoped out we hadn’t drilled off sufficient water. We now have more than enough water supply for mining purposes, so this allows us to scale up our production profile.” Under the new PEA, Northern Vertex could mine 15.3 million measured and indicated tonnes grading 0.72 gram gold and 8.68 grams silver to produce 357,000 oz. gold and 4.3 million oz. silver over 10 years, plus 1.8 million inferred tonnes grading 0.44 gram gold and 5.37 grams silver for 5,000 oz. gold and 308,000 oz. silver. The new PEA uses the same metrics as the feasibility study, including US$1,250 per oz. gold and US$20 per oz. silver. It also assumes the company could incorporate the expanded resource into production before depleting the phase-two pit. Northern Vertex says this would provide a “more efficient extraction plan” with a “more favourable production schedule.” According to the PEA, the phasetwo crushing and agglomeration

Published by:

| Peak output of 60,000 equivalent oz. gold in year four

plant will suit the life-of-mine operation, but another heap-leach pad would be almost entirely on BLM lands. Northern Vertex then redesigned phase two to avoid relocating the crushing plant in the mine’s third year, as was assumed in the feasibility study. It also includes a new power source to make the mine more efficient. “We’re currently in the process of permitting a power line to our site,” Berry says, “which is going to replace the generators that have been purchased and will get the project up and running. The power line replaces the generators and it will save 5,600 gallons of diesel per day.” The plan is to have the new heap leach pad operating by the end of the mine’s third year, which increases production to a peak 60,000 equivalent oz. gold in its fourth year. Production was previously anticipated to peak in the third year at 47,000 equivalent oz. gold, with fourth-year production pegged at 35,200 equivalent oz. gold. The PEA estimates capital expenses at US$61.6 million, including US$37.5 million in sunk costs for building the phase-two mine. Operating costs are estimated at US$190 million. The after-tax internal rate of return is 52.5%, with an after tax net present value of US$93 million at a 5% discount rate. Northern Vertex has funded the project in part through several private financings over the past seven years, including two in November 2012 for $7.5 million and $9 million. “The financings that we’ve conducted since 2011 through to 2015 speak for themselves,” Berry says. “Very few other companies were active in the sector and we were raising funds and developing during a challenging period when others were sitting idle.” The Moss project encompasses 15 patented lode claims covering 1 sq. km and 468 unpatented lode claims for a total 40 square kilometres. Northern Vertex recently received a US$5-million funding tranche and signed a US$6-million working capital deal. The funds will help see Northern Vertex through to production as it builds its Moss mine. Shares of Northern Vertex are priced at 48¢ with a 52-week trading range of 36¢ to 70¢. The company has an $83-million market capitalization. “It’s a project that has a lot of growth potential,” Berry says. “It has blue-sky exploration and is robust economically. It has an opportunity to throw off a lot of cash flow, and so we see this as the company builder.” TNM

Processing facilities at Northern Vertex Mining’s Moss gold-silver mine in northwest Arizona. NORTHERN VERTEX MINING

Northern Vertex Mining milling facilities, which could process 5,000 tonnes daily over five years by March. NORTHERN VERTEX MINING

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

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