The Northern Miner February 6 2017 Issue by The Northern Miner Group

AME ROUNDUP 2017: GEOSCIENCE BC SHOWS OFF NEW MAG SURVEY / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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Exciting energy projects from across the globe / 9–13

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Lumina Gold tallies 4M oz. gold resource in Ecuador

New Eastmain team pursues three-asset strategy QUEBEC GOLD |

Junior advances Clearwater, Eastmain and Éléonore South JV

EXPLORATION

| Ross Beaty-linked junior drills at Cangrejos BY TRISH SAYWELL tsaywell@northernminer.com

umina Gold (TSXV: LUM) has carved out 4 million oz. gold at its Cangrejos project in the Andean foothills of southwestern Ecuador’s El Oro province, and mineralization remains open to the northwest, south and to depth. The deposit contains inferred resources of 191.8 million tonnes grading 0.64 gram gold per tonne, 0.8 gram silver per tonne and 0.1% copper, for contained metal of 4 million oz. gold, 4.6 million oz. silver and 423 million lb. copper. “We’re really excited by the resource number and there’s significant gold and copper there, and there’s upside exploration potential within our concessions around Cangrejos,” Marsha l l Koval, Lumina Gold’s president and CEO, says in an interview from Vancouver, adding that the company plans to infill drill later this year to move parts of the inferred resource into the indicated category. The maiden estimate is based on 10,829 metres of diamond drilling in 35 holes, of which 3,190 metres in eight holes were drilled by Lumina and 7,639 metres in 27 holes were drilled by Newmont Mining (NYSE: NEM), the project’s previSee LUMINA / 8

Leave no

The camp at Eastmain Resources’ Clearwater gold project in Quebec’s James Bay region. EASTMAIN RESOURCES

BY SALMA TARIKH starikh@northernminer.com

astmain Resources (TSX: ER) has new management, led by president and CEO Claude Lemasson, and a new vision to advance its three key gold assets — Clearwater, Eastmain and the Éléonore South joint venture (JV) — in Quebec’s relatively underexplored James Bay region. Eastmain holds the top land position, covering 1,376 sq. km, where Goldcorp (TSX: G; NYSE:

GG) operates its Éléonore gold mine. This mine started commercial production in April 2015. Last year, the mine forecasted output of 250,000 to 280,000 oz. gold. “As you know, the company was completely focusing on the one asset, which was Clearwater, with the Eau Claire deposit. My number-one vision was that ‘Well, we don’t have one asset, we have at least three.’ Because we have 11 properties [in James Bay] and three of those properties have interesting potential … two have actual resources in different stages, and one is potentially a discovery,”

Lemasson says. “The vision is three projects. But the other part of the vision is to define a strategy on moving each one forward. So we did that and … defined a plan of execution.” The company took action soon after Lemasson took the helm last April as part of a management shakeup triggered by former shareholder Columbus Gold (TSX: CGT). Columbus said it would launch a proxy contest to take control of Eastmain due to the “slow progress” under Eastmain’s former

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Eastmain’s new team EASTMAIN From 1

management team, which held the reins for over 20 years. Quebec-focused junior Integra Gold (TSXV: ICG) then stepped in and extended a $6-million lifeline. Along with the much-needed investment, Eastmain got a new group of executives and directors, including Integra’s chairman George Salamis and Integra’s president and CEO Stephen de Jong. Both executives sit on Eastmain’s seven-member board, chaired by Laurence Curtis. Lemasson — who is an engineer by training, with 30 years of experience in mining construction and operations, including executive stints at Guyana Goldfields (TSX: GUY) and Goldcorp — notes Eastmain’s former management had “great” prospectors, explorers and geologists that pushed the Clearwater project — where they discovered the Eau Claire deposit in 2011 — to a certain point. But given the market pressures to produce an economic study and the drop in gold price, they couldn’t advance Clearwater after the June 2015 resource estimate. This partly owed to a lack of funds. Lemasson and his five-member team, which includes mining analyst Joe Fazzini as chief financial officer, hit the ground running. They improved the firm’s cash and equivalents to $19.5 million by the end of July 2016, up from $1.2 million from the end of January. The team also defined a plan to advance Clearwater to a preliminary economic assessment (PEA). They agreed the deposit first needed “significantly more drilling.” Last August, Eastmain launched a n a g g re s s i ve $ 8 . 8 -m i l l ion , 63,300-metre drill program at the fully held Clearwater project, 45 km south of the Éléonore gold mine. Eastmain is drilling 55,700 metres at the Eau Claire deposit, with a focus on infill drilling, while the other 7,600 metres will test drillready open-pit targets within 15 km of Eau Claire. The goal of the program is not

Mr. Graham Buttenshaw

growth, but quality and proving up the deposit for an updated resource estimate, followed by a PEA, Lemasson says. “Leading up to the PEA we want to have something solid that we really believe in, as opposed to just showing this big resource with lots of indicated and inferred. I’m much more focused on trying to show what’s mineable out of the current resource.” The Eau Claire deposit hosts 7.2 million measured and indicated tonnes grading 4.09 grams gold per tonne for 951,000 oz. gold. It has another 5 million inferred tonnes at 3.88 grams gold for 633,000 ounces. The deposit also holds tellurium. The 2015 estimate includes 99,000 metres drilled between 2011 and 2013. Eastmain’s previous team conducted another 13,000 metres at Eau Claire in late 2015 that are not in the current estimate. These metres, along with the ongoing 63,300 metres, will be in the update. Lemasson says that Clearwater drilling will wrap up in April, noting the revised resource estimate should be out in June, followed by a PEA at year-end. “The PEA could show us that within 400 metres’ depth we have a mine, meaning we have an openpit and shallow underground mine, with an eight- to 10-year mine life, with a certain level of production. We are not looking for high, high production, as this is a narrowvein deposit. We are looking for a smaller-tonnage, higher-grade deposit.” Lemasson envisions the project will start with two or three smaller open pits, before mining underground starts with a shallow production ramp. Throughput could range between 1,500 to 2,000 tonnes per day. The 516 sq. km Clearwater project is road-accessible and located 20 km from a power-generating station. Gold mineralization consists of “structurally controlled, high-grade, en echelon-sheeted quartz-tourmaline veins, and adjacent altered rock.”

DMC Mining Services announces appointment of new Managing Director

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

Some of the 450 West Zone outcrop at the Eau Clair gold deposit at Eastmain Resources’ Clearwater property in Quebec. EASTMAIN RESOURCES

“WE ARE NOT LOOKING FOR HIGH, HIGH PRODUCTION, AS THIS IS A NARROWVEIN DEPOSIT. WE ARE LOOKING FOR A SMALLERTONNAGE, HIGHERGRADE DEPOSIT.” CLAUDE LEMASSON PRESIDENT AND CEO, EASTMAIN RESOURCES

The gold-bearing veins extend over 1.5 km long and 900 metres deep. The project remains open to the east and at depth. Metallurgical tests have shown 95% gold recoveries based on a straightforward process. “We are talking on the front-end: crushing, grinding and gravity, followed by flotation and a carbon-in-leach circuit.” While the base-case scenario assumes Eastmain would build a mill on-site, Lemasson says Eastmain could truck the Clearwater ore to the nearby Éléonore mill as an alternative. This would require a 50 km long road going north instead of a mill. “It’s early days to even say if it is an option, but it is something to consider.” Although Eastmain has yet to approach Goldcorp, Lemasson says he has strong ties with the major. From 2006 to 2009, he served as Goldcorp’s general manager of projects, where he was in charge of the Éléonore project. Before that, he worked as Goldcorp’s mine general manager at Red Lake for nearly six years. Elsewhere in James Bay, Eastmain is wrapping up its 2016 work programs on the wholly owned Eastmain mine project and the jointly

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

For more information visit www.dmcmining.com

held Éléonore South JV, which sits 5 km from the Éléonore mine. At Eastmain, the firm started a 3,700-metre trenching program last July, followed by a 7,500-metre drill program in September, which finished in January. The program was budgeted at $1.5 million. The Eastmain project includes a partly developed gold-copper mine, where previous owners Campbell Resources and its subsidiary defined a historic resource of 255,750 oz. gold grading 10 grams gold, and produced 40,000 oz. gold from 100,000 tonnes of 10.58 grams from the mine’s A and B zones in 1995. Rather than build a mill on-site, Campbell made an ice road to truck the stockpiled ore to a mill in Chibougamau, 320 km away. When the ice road melted away, Campbell put the mine on hold, Lemasson says, adding that the company ran into financial problems soon after and went under. The 80 sq. km property is now accessible by Route 167 North — a permanent road built as part of Quebec’s Plan Nord and by Stornoway Diamond (TSX: SWY) to access its Renard diamond mine. “This is what they wished they had 22 years ago,” Lemasson says.

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“Up next, we are underway with line cutting, followed by an inducedpolarization survey over the Julien and Suzanna targets (two of the four targets on the mine’s 10 km trend). We will drill on the targets in March, and announce our expanded drilling program later in the year,” the company’s manager of investor relations, Alison Dwoskin, notes. The company is also reviewing its historic data on the Eastmain mine project. The review should wrap up by April. At the Éléonore South JV project — where Eastmain and Goldcorp each own 36.7%, and current project manager Azimut Exploration (TSXV: AZM) holds 26.6% — Lemasson reveals little work has been done since 2013, owing to whether and how the 147 sq. km property should be explored. “Three years were completely wasted and stalled. The joint venture was not doing anything because there was this disagreement,” he says. Once Lemasson stepped into his current role, he called up both partners to smooth out the rough patches. The three firms agreed to resume exploration. They kicked off a $2-million program, including a 5,000-metre, two-phase drill program that began in September. The partners completed the 12-hole, 2,500-metre phase-one program in November. Ten of the 12 holes testing a prospective corridor at least 3 km long by 500 metres wide hit mineralization. The program’s second phase should start later this year. According to its planned budget, Eastmain expects to spend $6.6 million in the three months ending in March, leaving it with $6 million on hand to start the second quarter. As the drill results trickle in, Eastmain is putting together the 2017 technical programs on its three key assets, which could include “bigger and better” drill programs. Lemasson expects to share the details of those programs and budgets early in the second quarter. Given the firm would have spent up to $13 million in the past eight months on the programs it started in 2016, the executive anticipates Eastmain would need to raise capital to fund the upcoming programs. So far, Lemasson has expanded Eastmain’s focus, raised funds, resumed drilling on its three key properties and instilled market confidence. “This turnaround is probably the best way to summarize the last eight months … I would consider this my biggest achievement of 2016, if you want to call it that — turning this company around completely.” Eastmain shares closed Jan. 20 flat at 52¢, within a 52-week range of 29¢ (March 17) to 97¢ (Sept. 23). The company’s top-three shareholders include London-based fund Polygon at 9.7%, Goldcorp at 6% and Integra at 5.1%. TNM

2017-01-31 8:09 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 6–19, 2017

Geoscience BC showcases new mag survey AME ROUNDUP

| Area is prospective for porphyry- and epithermal-style base and precious metal deposits

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

ruce Madu, vice-president of minerals and mining at the non-profit research organization Geoscience BC, says that explorers can “take their pick” of copper, gold, silver and/or molybdenum targets outlined in the organization’s largest-ever airborne geophysical survey over west-central British Columbia. The 24,000 sq. km Search Phase II geophysical survey covered a region that hosts the former Bell-Granisle copper mines, Thompson Creek Metals’ (TSX: TCM; NYSE: TC) shuttered Endako molybdenum mine, and Imperial Metals’ (TSX: III) idled Huckleberry copper-molybdenum mine in the southwest. Just beyond the survey’s southern border is New Gold’s (TSX: NGD; NYSE-MKT: NGD) proposed Blackwater silver-gold mine. Madu revealed the results of the survey at a press conference at this year’s Association for Mineral Exploration Roundup convention in Vancouver. The data visualization shows the magnetic minerals associated with valuable metals. “Explorers and prospectors see

At the Geoscience BC presentation at the Association for Mineral Exploration’s Roundup convention in Vancouver, from left: Robin Archdekin, president and CEO of Geoscience BC; Bruce Madu, vice-president of minerals and mining at Geoscience BC; Bill Bennett, B.C.’s minister of energy and mines (behind podium); and Kendra Johnston, AME director. PHOTO BY LESLEY STOKES

hints in these maps that could lead to their next discovery … while First Nations, land planners and communities will also benefit by having access to data to help make informed decisions,” Madu said. Geoscience BC has combined Search Phase II with the organization’s two previous surveys — Search Phase I and Trek — to provide continuous, high-quality magnetic data covering 55,000 sq. km, which is nearly the size of Nova Scotia. If you toggle between the geology and geophysical datasets on Geoscience BC’s Earth Science Viewer,

there’s an occasional disconnect between the pink-and-blue magnetic hues and the mapped geology — which means that something else could lurk beneath the surface. “What you’re looking at is a virtual treasure map … it’s a computerenhanced representation of what’s potentially hidden in the bedrock,” Madu said. “The Earth Science Viewer is an easy-to-use tool that everyone can work with, interrogate and use to start on their journey to discovery.” The survey area overlies parts of the Stikine terrane — an ancient volcanic island chain prospective

for epithermal and porphyry-style deposits — where it connects with a similar rock package known as the Quesnellia terrane. Madu is excited about the area’s porphyry potential, but said epithermalstyle deposits should be investigated too, especially around Blackwater, 110 km south of Vanderhoof. According to B.C. MINFILE reports, the intensely fractured epithermal deposit is unusual because it lacks recognizable large-scale faults or shear zones, and instead is hosted within an upright, funnel-shaped fragmental zone. The deposit has

117 million measured tonnes of 5.6 grams silver per tonne and 1.04 grams gold per tonne, and 189 million indicated tonnes of 6 grams silver and 0.78 gram gold, assuming a cut-off of 0.4 gram gold. B.C.’s Minister of Energy and Mines Bill Bennett said during the press conference that the data gives explorers in B.C. a competitive advantage over other jurisdictions around the world that don’t have access to such high-quality information. “Everything we can do in the province to entice early-stage investment is going to be a fantastic investment in the long run,” Bennett said. “We know that every dollar we invest returns at least $5 to the province, so we’ll continue to fund this agency — it’s the only one of its kind in Canada, and I’m a big supporter of it.” On Jan. 23, Geoscience BC received $10 million in new funding from the B.C. government for mineral, water and energy research within the province. And while Madu couldn’t reveal any details for the upcoming Search Phase III survey, he says it will likely cover an area to the east. “We’ll focus on another part of the province that has exceptional potential for mineral deposits,” he said. TNM

Rio Tinto to sell Aussie coal assets for US$2.4B M&A BY TRISH SAYWELL

tsaywell@northernminer.com

n agreement to sell Rio Tinto’s (NYSE: RIO; LSE: RIO) Hunter Valley thermal coal assets in Australia to Yancoal Australia (ASX: YAL; US-OTC: YACAF) may come as no surprise to coal watchers — but the high sticker price might. The US$2.4-billion price tag — US$1.95 billion in cash and US$500 million in deferred payments of US$100 million a year for five years — implies a 17–22% premium, according to Macquarie Research. The Australian bank’s research analysts value the coal assets at US$2 billion. In addition to the cash payment, Rio Tinto is entitled to a US$2-pertonne production royalty over 10 years, starting three years after the sale closes. However, the royalty is payable only when benchmark prices for Newcastle thermal coal surpass US$75 per tonne. Edward Sterck and David Gagliano of BMO Capital Markets note that the additional annual income from the royalty, “assuming production stays at current levels … could provide more annual income to Rio Tinto of up to US$35 million.” (Their long-term forecast for the Newcastle benchmark is US$65 per tonne.) In addition, the BMO analysts say that the transaction appears to be net present value (NPV) accretive, noting the price “implies 2017, 2018, and 2019 enterprise value/earnings before interest, taxes, depreciation and amortization [EV/EBITDA] multiples of 3.4 times, 5.3 times and 10.1 times (three-year average: 6.3 times) — a premium to Rio’s 2017 EV/EBITDA of 4.4 times.” The assets are held in Rio Tinto’s wholly owned Australian subsidiary, Coal & Allied Industries Ltd., and consist of its thermal coal business in the Hunter Valley region of New South Wales. Coal & Allied owns and operates a number of multi-

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| Deal implies Yancoal Australia is paying 17–22% premium, Macquarie says

seam open-pit mines, with a 67.6% interest in the Hunter Valley operations, an 80% interest in the Mount Thorley mine and a 55.6% interest in Port Waratah Coal Services, which owns a coal export terminal at the Port of Newcastle, in addition to other undeveloped coal assets, including various landholdings. The Hunter Valley operations and Mount Thorley Warkworth mines produced 25.9 million tonnes of saleable thermal and semi-soft coking coal in 2016, of which Rio Tinto’s share was 17.1 million tonnes. After the transaction closes, Rio Tinto will have just two coal

mines left in its global portfolio: the Hail Creek and Kestrel mines in Queensland, Australia. Last year Hail Creek produced 4.9 million tonnes of hard coking coal and 3.1 million tonnes of thermal coal, while Kestrel churned out 3.3 million tonnes of hard coking coal and 0.7 million tonnes of thermal coal. Yancoal Australia is 78% owned by China’s Yanzhou Coal Mining (NYSE: YZC), which is listed on the Hong Kong, Shanghai and New York stock exchanges. China’s state-owned Yankuang Group Co. owns a 56% stake in Yanzhou Coal. Under the listing rules for the

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Sydney and London stock exchanges, Chinalco’s 10.1% shareholder interest in Rio Tinto makes Yancoal Australia a related party, so approval is needed from a majority of independent Rio Tinto shareholders (i.e., not including Chinalco and any other entities considered associates of Chinalco under listing rules in the United Kingdom). In a press release announcing the sale, Rio Tinto said it had undertaken a “comprehensive market testing and price discovery process” and “held extensive discussions with several potential acquirers,” but that Yancoal Australia “provided the only

offer that represented compelling value for the assets.” The sale brings Rio Tinto’s divestments since 2013 up to at least US$7.7 billion. Macquarie notes that incorporating the transaction “should see Rio’s gearing fall to 10% by the end of 2017, compared to 16% previously, and well below the company’s target range of 20–30%.” BMO notes that Rio’s balance sheet “remains amongst the strongest of its peers, with a projected year-end 2016 net debt position of less than US$11 billion, and a net debt/EBITDA of 0.8 times.” TNM

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E D I T O R IA L Resource regulators under Trump US POLICY

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| New administration supports pipelines

midst the flurry of executive orders signed by U.S. President Donald J. Trump — starting four hours after his inauguration on Jan. 20 — were several that benefitted the resource sector, and there are likely a few more business-friendly changes to come in the months ahead. Among the headline-grabbers was Trump’s BY JOHN CUMMING promise to quickly approve Energy Transfer jcumming@northernminer.com Partners’ Dakota Access Pipeline for Bakken crude after a new environmental study and the building of TransCanada’s 1,900 km Keystone XL pipeline to bring Canadian diluted bitumen to refineries in Texas. Although it may take years before construction begins on Keystone, its completion would affect production decisions and mining rates at Canada’s open-pit oilsands operations. With former ExxonMobil CEO and chairman Rex Tillerson leading the U.S. State Department, it seems a given that the State Department will approve this major crossborder energy project. There are also suggestions the Trump administration will speed up reviews for liquid natural gas (LNG) terminals and natural gas pipelines, which will compete directly with Canadian proposed LNG megaprojects. Miners are perhaps most interested in how the Interior Department and its Bureau of Land Management shapes up under the new administration. Trump’s nominee for secretary of the department is Montana Representative Ryan Zinke, who is a retired Navy SEAL and Iraq war veteran re-elected to his second term in November, and a member of the House Committee on Natural Resources. Given Trump’s election promise to make America “energy independent,” Zinke will likely be tasked with expanding oil and gas drilling and loosening regulations both on and offshore, especially by reversing the Obama administration’s ban on drilling in parts of the Arctic and Atlantic oceans, and in some newly designated national monuments. In mining, Zinke has already backed legislation that would end the Interior Department’s moratorium on coal leasing. Zinke took a softer tone in his Senate confirmation hearings, stressing his belief in strong land conservation and environmental protection, and reluctance to sell off any public lands. Trump’s pick to lead the Environmental Protection Agency (EPA) is Oklahoma Attorney General Scott Pruitt, a socially conservative lawyer who once served as state senator for the Tulsa area. Opponents of the EPA who criticize the agency for overstepping its bounds will be heartened to know that Pruitt has in the past sued the EPA to block its carbon emission-capping Clean Power Plan and has been vocal in supporting the rollback of EPA regulations imposed in the oil and gas industry, which is critical to Oklahoma’s economy. Northern Dynasty Minerals has had a huge run up in share price from $1 to $4 with Trump’s surprise win and expectations of a new mining-friendly EPA, as it was the EPA that put a hold on its monster-sized Pebble copper-gold mine development in Alaska, which has many environmental aspects due to its location under salmonspawning grounds and other sensitive wildlife zones. Northern Dynasty was able to emerge from hibernation and close a $37-million bought-deal financing at US$1.85 per share on Jan. 26. Meanwhile former Texas Governor Rick Perry is in line as secretary of the Energy Department that he famously wanted to eliminate while running for president five years ago, though he says he has since changed his mind. Apart from his many statements in favour of the oil and gas industry, Perry also said he would look at alternatives to the long-stalled Yucca Mountain nuclear waste repository in Nevada, which has drawn much local opposition despite Nevada’s long connection to nuclear weapons and energy, and intermittent uranium mining and exploration. Trump has demanded that all department heads “submit a list of every wasteful and unnecessary regulation that kills jobs and does not improve public safety, and eliminate them.” Trump’s vision is to “end the radical regulations that force jobs out of our communities and inner cities. We will stop punishing Americans for working and doing business in the United States.” He pledges to “eliminate our most intrusive regulations, like the Waters of The United States Rule … [and] scrap the EPA’s so-called Clean Power Plan, which the government estimates will cost $7.2 billion a year.” TNM

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

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

COMPANY INDEX Agnico Eagle Mines. . . . . . . . . . . 7 Agrium . . . . . . . . . . . . . . . . . . . . . 7 ALX Uranium. . . . . . . . . . . . . . . 10 Areva Resources Canada. . . . . . . . . . . . . . . . . . . . 13 Aura Energy. . . . . . . . . . . . . . . . 13 AuRico Metals. . . . . . . . . . . . . . 16 Azimut Exploration. . . . . . . . . . . 2 Barrick Gold. . . . . . . . . . . . . . . . . 7 Berkeley Energia . . . . . . . . . . . . 10 BHP Billiton. . . . . . . . . . . . . . . . 13 Blue Sky Uranium. . . . . . . . . . . 10 Brixton Metals. . . . . . . . . . . . . . 23 Cameco. . . . . . . . . . . . 7,9,10,12,13 Continental Precious Minerals. . . . . . . . . . . . . . . . . . 13 Coro Mining. . . . . . . . . . . . . . . . 14 Denison Mines. . . . . . . . . . 9,10,11 Dominion Diamond. . . . . . . . . . 7 Dynasty Metals & Mining . . . . . . . . . . . . . . . . . . . . 8 Eastmain Resources. . . . . . . . . . . 1 Eldorado Gold. . . . . . . . . . . . . . . 7 Energy Fuels. . . . . . . . . . . . . . . 9,10 Erdene Resource Development. . . . . . . . . . . . . . 16 EU Energy. . . . . . . . . . . . . . . . . . 13 First Quantum Minerals. . . . . . . . . . . . . . . . . . 7,14

Fission Uranium . . . . . . . . . . . . 10 Freeport-McMoRan . . . . . . . 14,16 Geoscience BC. . . . . . . . . . . . . . . 3 Goldcorp. . . . . . . . . . . . . . . . . . . . 7 Golden Star Resources . . . . . . . . . . . . . . . 15,16 GoviEx Uranium. . . . . . . . . . . . 10 Greenland Minerals and Energy. . . . . . . . . . . . . . . . 13 Guyana Goldfields. . . . . . . . . . . . 2 Hecla Mining. . . . . . . . . . . . . . . 13 Iamgold. . . . . . . . . . . . . . . . . . . . 15 Imperial Metals . . . . . . . . . . . . . 3,5 Integra Gold. . . . . . . . . . . . . . . . . 2 INV Metals. . . . . . . . . . . . . . . . . 15 Kazatomprom. . . . . . . . . . . . . . . 13 Kerr Mines . . . . . . . . . . . . . . . . . 15 Kinross Gold. . . . . . . . . . . . . . . . . 7 Laramide Resources . . . . . . . . . 11 Loncor Resources. . . . . . . . . . . . 15 Lumina Gold . . . . . . . . . . . . . . . . 1 Lundin Gold. . . . . . . . . . . . . . . . . 8 Marathon Gold. . . . . . . . . . . . . . 15 Mariana Resources . . . . . . . . . . 16 Mega Uranium. . . . . . . . . . . . 10,11 Nevsun Resources. . . . . . . . . . . 16 New Gold . . . . . . . . . . . . . . . . . . . 3 Nexgen Energy. . . . . . . . . . . . 10,12 Novagold Resources . . . . . . . . . . 7

OceanaGold. . . . . . . . . . . . . . . . 16 Osisko Mining. . . . . . . . . . . . . . 16 Pan American Silver. . . . . . . . . . 7 Pistol Bay Mining. . . . . . . . . . . . 11 Plateau Uranium. . . . . . . . . . . . 11 Potash Corp. of Saskatchewan. . . . . . . . . . . . . . . 7 ProPipe S.A.. . . . . . . . . . . . . . . . 14 Randgold Resources. . . . . . . . . 15 Rio Tinto. . . . . . . . . . . . . . . . . . 3,14 Sandstorm Gold. . . . . . . . . . . . . 16 Savannah Resources . . . . . . . . . 16 Silver Wheaton. . . . . . . . . . . . . . . 7 Stornoway Diamond. . . . . . . . . . 2 Teck Resources. . . . . . . . . . . . . . . 7 Thompson Creek Metals . . . . . . 3 U3O8 Corp. . . . . . . . . . . . . . . . . 11 Uranium Energy . . . . . . . . . . . . 10 Uranium One. . . . . . . . . . . . . . . 13 Uranium Participation. . . . . 10,11 Uranium Resources. . . . . . . . 10,11 Ur-Energy. . . . . . . . . . . . . . . . . . 10 Western Uranium . . . . . . . . . . . . 9 White Cliff Minerals. . . . . . . . . 16 Yancoal Australia. . . . . . . . . . . . . 3 Yankuang Group Co.. . . . . . . . . . 3 Yanzhou Coal Mining. . . . . . . . . 3

O P- E D Canada’s energy companies and miners need to work together COMMENTARY

| Canadians more disconnected than ever from realities of resource industry

ample. A straw poll of t’s interesting to ordinary Canadians watch two sectors that should be would almost certainly joined at the hip in produce the following defense of their joint predictable result: refutures and wonder source industries need why they’re not — to do way better by way at least not in any of aboriginal commuBY BILL WHITELAW publicly or politically Special to The Northern Miner nities. That’s because discernible way. ever yone reads t he The beauty of my same headlines. Who day job is this: I am privileged to gets the coverage? Communities be involved with two teams that negotiating through the mainprovide essential information stream media, of course. Those insights to Canada’s two most same communities have also efimportant resource sectors: energy fectively left-footed politicians and mining. The men and women from all levels of government. associated with venerable business But both oil and gas and minbrands such as Oilweek, The Daily ing companies can point to pretty Oil Bulletin, The Northern Miner decent records of working with and Canadian Mining Journal aboriginal communities and provide context, analysis and in- companies. And aside from octelligence insights to the diverse casional glossy advertising camstakeholders that comprise the paigns pointing this out (which energy and mining sectors. are often too rose-coloured to be Collectively, the brands repre- credible), few people outside the sent more than three centuries sectors themselves realize this. of sectoral service and have been Instead, contrary mythologies binding tools through the diverse, are propagated and the norm becomplex and often brutal cycles comes sectors too distant and through which these industries uncaring to be bothered by the pass. The teams also provide perceived sovereign, economic research and analysis services, and environmental travails of including insights into external aboriginal communities. forces that impact the sectors. The Consider the following quote brands also afford a perspective from Fort McMurray #468 First on the things that have put energy Nation (FMFN) over the recent and mining under fire. controversy sparked by Jane Fon-

LET’S CONTEMPLATE HOW TWO SECTORS WORKING MORE COLLABORATIVELY CAN TELL CANADIANS MORE COMPELLING AND COGENT STORIES. Both sectors are under tremendous social and political assault, the roots of which have common origins in the increasingly binary ways many Canadians think about the economy and the environment. Indeed, much of it has to do with a Canadian society more than ever disconnected from the realities of how Canada’s resource riches contribute to our standard of living. Forget distinctions between hard rocks and soft rocks: let’s contemplate how two sectors working more collaboratively can tell Canadians more compelling and cogent stories. In the process, we help folks understand how advanced these sectors are in terms of their environmental and social records; the things for which, paradoxically, they are most pilloried. Take aboriginal action for ex-

da’s visit to Canada’s oilsands (although “visit” really stretches the word’s semantics.) FMFN was trying to distance itself from the presence of a former councillor who appeared in a photo with Fonda. After pointing out it had no part in the planning of the actor’s visit, FMFN had this to say: “FMFN #468 does support responsible development of the oilsands, and is confident that our industry partners have the same vision. We have strong partnerships with many companies, and we are grateful for these partners for the significant role they have played in our efforts since 2011 to establish FMFN as a strong, economically self-sufficient First Nation.” There are myriad sentiments like this from aboriginal comSee COMMENTARY / 5

2017-01-31 8:09 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 6–19, 2017

Imperial’s Mount Polley disaster followed years of permit delays ENVIRONMENT

| Imperial applied for permit to release water from tailings pond in 2009, and still doesn’t have one

BY NELSON BENNETT Special to The Northern Miner

n 2004, Imperial Metals (TSX: III) notified B.C.’s Ministry of Environment that it would apply for a water-discharge permit so that it could restart its Mount Polley copper mine near Likely, British Columbia. The company said it would need to release water from a tailings pond, which would grow in volume once mining resumed operations. Ten years later, it was still waiting for permission to discharge water when, on Aug. 4, 2014, one of the tailings pond embankments gave way — solving the water surplus problem in a most dramatic way. The Mount Polley incident became one of B.C.’s worst mining disasters, spilling more than 20 million cubic metres of water and slurry into Hazeltine Creek, Polley Lake and Quesnel Lake. Documents obtained by Business in Vancouver through a Freedom of Information request confirm that the company had warned a slow-moving government that “geotechnical instability” could result if pressure on the tailings pond dam was not relieved by discharging water, although it appears no one predicted such a catastrophic failure. The documents also suggest the ministry did not appear to consider the matter all that urgent. While an expert technical panel investigating the disaster concluded that water pressure did not trigger the dam’s failure, it exacerbated the damage due to the sheer volume of tailings water and slurry that flowed into fish-bearing streams and lakes. In a separate investigation, chief inspector of mines Al Hoffman said in December 2015 that while Imperial Metals did not contravene any regulations, the company had “failed to operate using best avail-

Material flows out of the tailings pond breach in August 2014 at Imperial Metals’ Mount Polley gold-copper mine, 140 km southeast of Quesnel, British Columbia. CARIBOO REGIONAL DISTRICTT

IF THE NEWLY RELEASED DOCUMENTS REVEAL ANYTHING, IT’S THAT THE WHEELS OF BUREAUCRACY TURN PARTICULARLY SLOWLY WHEN IT COMES TO GETTING ANYTHING RELATED TO A MINE APPROVED IN BRITISH COLUMBIA. able practices.” He cited “inadequate water management” as one of the problems. Imperial Metals fired back by pointing out it had applied for a water-discharge permit in 2006. When it finally got one in 2012, it was so restrictive that it allowed for only one-tenth of the water that needed to be discharged. The company applied for an amendment and had been given the green light to start a pilot water-treatment project in December 2013, but was waiting for a new discharge permit when the dam collapsed. So why did it take so long for the government to approve a waterdischarge permit? When provincial officials were either unable or unwilling to answer this question, Business in Vancouver filed a Freedom of Information request in January 2016, asking for documentation that might provide an answer.

It took the government a year to respond to Business in Vancouver’s request, with the release of 3,500 pages of documentation. The documents appear to reveal nothing particularly problematic with the application. If they reveal anything, it’s that the wheels of bureaucracy turn particularly slowly when it comes to getting anything related to a mine approved in British Columbia. The Mount Polley mine, idle since 2001, was restarted in 2005, and in 2006 the company began seeking a water discharge permit, although it did not formally apply for one until 2009. Since the water would need to be treated before it could be released into fish-bearing waters, the company began looking at treatment options. The company decided on a two-phase plan. Until it could get a longer-range treatment plan in place, it went with a stopgap

Energy and mining COMMENTARY From 4

munities across Canada. But they’re not headline fodder, nor are they simple for stretched journalists to contextualize. Most mainstream media is so busy these days chasing its own social media tail that consequential journalism has fallen by the wayside. And, for ordinary citizens in any case, labels like “inconvenient truths” are more emotively satisfying than things like “convenient realities.” In the context of aboriginal communities described above, the oilsands sector is a good example, because such communities benefit from both mining and oil and gas activities, and provide a suitable backdrop against which to consider better and more balanced storytelling that demonstrates what is real and what is possible. But here’s a reality: both sectors are in states of profound flux, and there’s growing realization that one transformative force is the new energy era into which we have embarked.

1-16, 23_FEB6_Main .indd 5

Given what we know will be required to support next-generation renewable energy infrastructure, much of it to be sourced from various mined resources (think lithium, graphite and rare earth elements), it seems at least some stars are aligning for the sectors to chat more strategically. Many oil and gas companies are already making their own bold moves into alternative energy systems investments.

Perhaps the dawning of a new energy era will provide sufficient catalysts for the sectors to contemplate how they’re stronger together. — Based in Calgary, Bill Whitelaw is executive vice-president of Business Information at Glacier Media (The Northern Miner’s parent company), president & CEO at JuneWarrenNickle’s Energy Group and managing director of Evaluate Energy. He also serves as chairman of the Canadian Petroleum Hall of Fame.

measure to deal with an urgent water volume problem. It settled on reverse-osmosis (RO) treatment. “It is something that we were considering to get us over the hump of needing to get water off the property, but would give us time to develop a better, long-term solution,” Steve Robertson, Imperial Metals’ vicepresident of corporate affairs, told Business in Vancouver. Minutes from a November 2013 liaison committee meeting show that Luke Moger, the company’s project engineer, warned that “water in the tailings storage facility will reach the point of geotechnical instability in two to three years, if not addressed.” Before the mine’s restart in 2005, there were 1.5 million cubic metres of water in the tailings pond. It had grown to 7.6 million cubic metres by May 2013, and the company was forced to raise the dam’s embankments to prevent overtopping.

Above-average runoff and rainfall pushed it to 9 million cubic metres, and, in May 2014, the dam came close to being overtopped by water after a heavy rainfall. Email exchanges suggest that the Ministry of Energy and Mines staff were aware of the concerns. But Environment Ministry staff seemed more concerned about water quality than quantity. In a response to the company’s plan to use RO as a stopgap measure for treating water before discharging it, one ministry staffer questioned the plan: “Holy cow! RO? What has precipitated this decision and why are they in such a rush? This is a super-expensive technology with lots of issues with brines.” Environment Minister Mary Polak could not be reached for comment, but the ministry makes no apologies for taking its time. “In the interest of public health and safety, ministry staff must ensure a permit application is not rushed through without gathering the appropriate expertise to make an informed decision,” ministry spokesman David Karn said in an email. After the dam burst, the RO treatment was no longer needed. The company has since repaired the tailings pond, the mine is back in operation and it has opted for a different water-treatment system. But the company still needs a water-discharge permit, and it’s waiting to get one. — Based in Vancouver, Nelson Bennett is a reporter at Business in Vancouver, where this article first appeared. Please visit www.biv.com for more B.C. business stories. Glacier Media is the parent company of Business in Vancouver and The Northern Miner.

GOLD COPPER DIAMOND ZINC

– OPPORTUNITY –

ABITIBI GREENSTONE BELT, ONTARIO, CANADA Mining Lease and 28 contiguous non-patented Mining Claims 6,700 acres

Gold Copper Silver Over 7,000m diamond drilling. Best DDH intersection 9 meters at 29g/t [1.02 ounces] of gold per ton at 94m depth. Other high-grade drill intersections of up to 3 ounces of gold plus anomalous copper and silver. Deepest drill depth 150m [450 feet] Main Zone currently measures 300m by 400m and is open in all directions including depth. Visible gold in surface trenches. Recent assays from surface outcrop produced low grade REEs, eg Scandium 28ppm, could be recovered to reduce AISC on gold copper and silver on this location. Historic proven resource prior to NI43-101, 3g/t Au at shallow depth, located well south of the main zone. One mile from historic 11 million ounce production shaft, mined to 5,000 feet. Road access and Rail line from Noranda to Kirkland Lake runs through property. 20 years of Banked Assessment work.

Diamonds Four Diamonds found in glacial till samples on separate portion of property. Bulk sampling of glacial till produced major quantities of Diamond Indicator Minerals [DIMs], including coarse grain Olivines which indicate close proximity to the source of the DIMs. Three circular magnetic anomalies within radius of 400 m of bulk test site to be drilled to determine the source[s] of the diamonds and DIMs.

ZINC COPPER GOLD

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Your Technical Services Partner in Geochemistry and Metallurgy For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221 RIGHT SOLUTIONS RIGHT PARTNER

The Ontario Geological Survey [OGS] report published in June 2016 highlights VMS outcrop on our property containing Dalmationite 25 km on strike with the Noranda copper zinc mine. Dalmationite is rare and an important indicator for discovery of Copper and Zinc in the Noranda VMS Mine Complex deposit. Twenty five km is within the accepted spatial range for a VMS recurrence. Channel sampling of outcrop produced up to 11% Zinc [Zn], and 0.45% Copper [Cu]. Ground magnetometer & VLF-EM survey outlined a series of magnetic and conductive anomalies occurring along strike for 250m, before swamp curtailed ground mag work. Pentlandite – Nickel Sulphides discovered recently further along strike on surface. No mag survey on outcrop yet. Please only reply if you have the financial resources to complete a 43-101 compliant reserve and Bankable Feasibility Studies on the various aforementioned minerals and diamonds. Email: rbckac@yahoo.ca

2017-01-31 8:09 PM

WWW.NORTHERNMINER.COM

FEBRUARY 6–19, 2017 / THE NORTHERN MINER

The 57 MW thermal power plant at Iamgold’s Essakane gold mine in Burkina Faso. The plant consists of 11 generators, which operate on heavy fuel oil trucked in from Benin and Togo. IAMGOLD

Powering the Essakane gold mine COMMENTARY

BY STEPHEN J.J. LETWIN Special to The Northern Miner

amgold operates in extremely remote regions of the world, and with mining a highly powerintensive business, energy is not something we take for granted. Our Essakane gold mine in Burkina Faso is located in a remote area of the Sahel region, 330 km away from the national electricity grid in the capital city of Ouagadougou, with no connecting transmission line. Africa is a land greatly deprived of electricity. Total installed grid capacity on the African continent is less than in the country of Spain. With the exception of South Africa, 70% of the sub-Saharan population, or 600 million people, do not have access to grid electricity. At Essakane, the demand for power is increasing as we mine the hard rock deep within the pit. Our power plant runs on heavy fuel oil (HFO) and our mining fleet on diesel. Power from HFO has accounted for as much as 30% of our operating costs, although less so today with the decline in oil prices. For several years we have explored options for reducing our reliance on oil to run our operations, including increasing our use of renewable energy sources. After the steep decline in the oil price in mid-2014, people questioned whether renewable energy projects were still worth it. But oil prices should not be the only factor — we have to think long-term. Maintaining a social licence to operate is important, so building a sustainable power infrastructure that will benefit the communities in which we operate is important when evaluating the returns from renewable energy projects. Renewable energy projects are not new to Iamgold. In 2014 we built a 5 MW solar power plant at our Rosebel gold mine in Suriname. It is the

1-16, 23_FEB6_Main .indd 6

| Building Africa’s largest hybrid solar and thermal power project

country’s first renewable source of energy, and when we’re gone it will be left for the people of Suriname. We are now eager to embark on a second solar power project at Essakane, but on a much larger scale. The plan is to have a 15 MW solar power plant financed, developed, operated and owned by a private renewable energy company experienced in building solar energy projects in Africa. The integration of a solar plant with our existing 57 MW thermal power plant would make this the largest hybrid project in West Africa, if not in the world. In production for six years, Essakane is our largest gold mine, expected to produce between 365,000 and 375,000 oz. gold in 2016. Based on current reserves and resources, we expect production to continue through to 2025. Two production lines, primary and secondary crushers, semi-autogenous grinding (SAG), and ball mills and leach tanks run 24 hours a day, seven days a week, to process more than 12 million tonnes of ore a year. The thermal power plant consists of 11 generators, which operate on HFO that is trucked to the site from the nearby countries of Benin and Togo. The mining fleet — comprising 30 haul trucks, 13 drill rigs, nine loading units and an ancillary fleet of 25, including bulldozers and excavators — is powered by diesel, or light fuel oil, that is also trucked to the site. The deeper we mine in the pit, the higher the proportion of hard rock. In 2012, the percentage of hard rock in the ore mix was less than 10%. We’re mining little soft rock today and expect hard rock to account for nearly 100% of the mill feed in 2017. This is based on current mine plan estimates, so it could change somewhat as exploration at Essakane secures sources of soft rock within the vicinity of the Essakane mill. To accommodate more hard rock, Essakane underwent a major expansion from 2012 to 2013. The power plant was expanded and a new precrushing circuit and ore-handling system were added, along with a SAG mill, ball mill and leach tanks. As the amount of hard rock in

THE INTEGRATION OF A SOLAR PLANT WITH OUR EXISTING 57 MW THERMAL POWER PLANT AT ESSAKANE WOULD MAKE THIS THE LARGEST HYBRID PROJECT IN WEST AFRICA, IF NOT IN THE WORLD. the mill feed increases, so does the demand for energy. Hard rock can take three to four times more power to crush and grind than soft rock. The high energy costs associated with processing more hard rock has been a challenge for Essakane. When oil was in the US$100-per-barrel range in the early part of the decade, HFO power costs accounted for 25% of Essakane’s direct-operating costs. The drop in the oil price together with a more favourable exchange rate brought this down to 17% in 2015 and closer to 14% in late 2016. While Essakane’s power costs have been as high as US30¢ per kilowatt hour in the past five years, we’re paying closer to US19¢ today.

Lower oil prices have helped us negotiate a lower price for HFO, but the government controls the price, so the full impact is not immediately passed on to us, in the same way that we don’t see the full impact of lower fuel prices at the pump. Despite the lower price we pay today, our view is that oil prices will increase over time. Lower-cost options For several years we have considered alternative energy options to lower costs at our mines. One option was connecting Essakane to the national power grid. However, that would have required building a 330 km transmission line, which in 2013 had more than a US$125-million price tag. In addition to a significant capital outlay being a deterrent, we would not have moved forward unless we were guaranteed an uninterrupted power supply along with price stability. In a country with a severe power shortage, this option had obvious drawbacks. Another option was supplementing fuel-based generators with solar energy. Having already built and commissioned a solar power plant at Rosebel, solar energy was not new to us. Generating power from solar is highly affordable, as technological advancements have brought down

Iamgold’s 5 MW solar power plant at its Rosebel gold mine in Suriname. IAMGOLD

installation and operating costs — which allows for mainstream adoption at an industrial level. The costs of silicon photovoltaic cells have fallen dramatically over the past 40 years from US$77 a watt to as low as US30¢ a watt in 2015. Costs will fluctuate somewhat with supply and demand, but costs are affordable, and could continue falling over time. While the project at Rosebel was on a scale we could manage internally, and was built by our own engineering and construction group, we were contemplating a solar project on a much larger scale for Essakane of at least three times the size. And while the solar plant at Rosebel cost less than US$12 million to build, we knew that a project three times the size would cost at least three times that amount, given Essakane’s remote location. So we took a different approach. Partnership What we wanted was a renewable energy partner who would put up the capital, build and operate the plant, and sell us the power. This led to an extensive review process beginning in 2015 for picking a partner experienced in building solar projects in Africa. Today, we are in negotiations with such a partner about moving forward with this project. With our 57 MW thermal power plant already in operation, a hybrid would be the perfect solution for Essakane. The power generated from solar would augment the power generated from HFO. But because energy produced from solar is intermittent, relying solely on renewables would interrupt power, which is unmanageable for a continuous operation. We need to have an integrated power system that would not compromise the reliability of our power supply. Plant size would be critical. A feasibility study determined that a 15 MW plant would be the optimum size for this project. Once built, the plant will employ an automated energy management system that will interact with our See ESSAKANE / 7

2017-01-31 8:09 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 6–19, 2017

14 of 100 highest paid Canadian CEOs are miners, study says COMPENSATION BY TRISH SAYWELL

tsaywell@northernminer.com

study on executive compensation by the Canadian Centre for Policy Alternatives says the 100 highest-paid CEOS working at companies listed on the Toronto Stock Exchange in 2015 earned the average annual Canadian wage before noon on Jan. 3, the first working day of that year. “Total compensation for Canada’s 100 highest-paid CEOs in 2015 hit a historic high, registering at $9.5 million — 193 times the average industrial wage in Canada,” the study’s author Hugh Mackenzie writes, noting that the average earnings rate for Canadians in that year was $49,510. In addition, the average earnings of Canada’s corporate top 100 jumped 178% between 1998 and 2015, the economist pointed out, or from $3.4 million per year in 1998 to $9.5 million in 2015. “Public outrage over the CEO pay gap hasn’t curbed corporate boards’ enthusiasm for lining the bank accounts of their executives,” Mackenzie writes. “‘Say on pay’ votes were supposed to deliver cautionary messages about pay, but those votes are simply advisory and boards are free to ignore them, and usually do.” Of the 100 CEOs whose total 2015 compensation was published in the report, 14 came from the mining sector, and of those, six were among the list’s top 50. Charles Magro of Agrium (TSX: AGU; NYSE: AGU) ranked 21 on the list; Robert A. Gannicott1, former CEO of Dominion Diamond (TSX: DDC; NYSE: DDC), ranked 22; Donald Lindsay of Teck Resources (TSX: TCK.A, TCK.B; NYSE: TCK) ranked 23; Charles Jeannes2 of Goldcorp (TSX: G; NYSE: GG) ranked 27; Sean Boyd of Agnico Eagle Mines (TSX: AEM; NYSE: AEM) ranked 38; and Paul Wright of Eldorado Gold (TSX: ELD; NYSE: EGO) ranked 50. In the bottom 50 of the top 100 were Kinross Gold’s (TSX: K; NYSE: KGC) J. Paul Rollinson, (No. 58); Cameco’s (TSX: CCO; NYSE: CCJ)

| Average total pay for top execs hit $9.5M in 2015

Highest paid mining CEOs in Canada in 2015 Rank

Name

Company

Salary

Bonus

Options

2,227,344

3,262,225

2,940,501

1,192,013

Pension

Charles Magro

Agrium

1,400,846

558,262

Robert A Gannitcott1

Dominion Diamond

397,338

Donald Lindsay

Teck Resources

1,493,500

2,113,650

2,977,800

2,975,200

Charles Jeannes2

Goldcorp

1,499,498

1,243,439

4,619,870

1,539,957

Sean Boyd

Agnico Eagle Mines

1,500,000

3,850,000

2,791,000

Paul Wright

Eldorado Gold

1,144,548

2,014,404

740,404

1,480,808

1,206,023

J. Paul Rollinson

Kinross Gold

939,250

1,465,230

2,242,929

560,732

514,781

Tim Gitzel

Cameco

1,035,282

1,084,000

1,949,300

1,300,165

548,600

Gregory Lang

Novagold Resources

714,363

887,964

1,955,386

1,602,084

Randy Smallwood

Silver Wheaton

872,806

1,417,732

1,176,671

1,110,555

John Thornton3

Barrick Gold

3,195,860

Phillip Pascall

First Quantum Minerals

1,329,478

1,278,344

1,247,664

Jochen Tilk

Potash Corp. of Saskatchewan

1,050,933

413,442

1,911,008

Geoffrey A. Burns4

Pan American Silver

735,000

744,188

2,221,417

Other

Total (C$)

46,341

10,435,519

7,481,957

10,263,321

388,000

294,600

10,242,750

435,139

120,434

9,458,337

440,170

51,250

8,632,420 6,586,187

229,212

5,952,134 5,917,347

47,462

5,207,259 4,577,764

479,379

204,347

260,897

3,936,136

31,415

3,886,901

138,153

3,717,883

3,700,605

Source: Canadian Centre for Policy Alternatives. 1Dominion Diamond’s former CEO Robert Gannicott went on medical leave in November 2014, leaving Brendan Bell as acting CEO in the interim. Bell was named permanent CEO as of July 31, 2015. 2Goldcorp’s Charles Jeannes officially retired from the company in April 2016 and was succeeded by David Garofalo, the former president and CEO of Hudbay Minerals. 3John Thornton, Barrick’s executive chairman, is listed in Barrick’s May 2016 proxy circular as “the senior named officer of the company,” according to Mackenzie. 4Pan American Silver’s Geoffrey Burns retired as CEO, effective Dec. 31, 2015.

Tim Gitzel (No. 59); Novagold Resources’ (TSX: NG; NYSE-MKT: NG) Gregory Lang (No. 65); Silver Wheaton’s (TSX: SLW; NYSE: SLW) Randy Smallwood (No. 73); Barrick Gold’s (TSX: ABX; NYSE: ABX) John Thornton3 (No. 88); First Quantum Minerals’ (TSX: FM; LON: FQM) Philip Pascall (No. 90); Potash Corp. of Saskatchewan’s (TSX: POT; NYSE: POT) Jochen Tilk (No. 97); and Pan American Silver’s (TSX: PAA; NASDAQ: PAAS) Geoffrey Burns4 (No. 99). The Canadian Centre for Policy Alternatives’ study noted that of the $9.6 million average CEO pay in 2015, $1.1 million was base pay; $1.8 million was bonus; $4.3 million was grants of shares; $1.5 million was the value of grants of stock options; $316,000 was the value of increased pension earned; and $530,000 was “other” sources of income, like ben-

“‘SAY ON PAY’ VOTES WERE SUPPOSED TO DELIVER CAUTIONARY MESSAGES ABOUT PAY, BUT THOSE VOTES ARE SIMPLY ADVISORY AND BOARDS ARE FREE TO IGNORE THEM, AND USUALLY DO.” HUGH MACKENZIE RESEARCHER AND SPOKESPERSON, CANADIAN CENTRE FOR POLICY ALTERNATIVES

efits and perks. In the subset of mining CEOs, total compensation ranged from the highest — $10.2 million earned by Agrium CEO Magro — down to the lowest, which was $3.7 million earned by Pan American Silver’s Burns. The study put forth several recommendations to close the wage gap,

among them taking compensation decisions “out of the hands of the board of directors entirely, by making shareholder votes on pay mandatory rather than advisory.” A second “less dramatic” recommendation, Mackenzie says, is changing “the accountability of compensation advisors to make them accountable to sharehold-

ers rather than to the board, like auditors.” But “in the absence of corporate board leadership,” Mackenzie writes, “it falls to government” to make changes. Options include the government ending “the special tax treatment for proceeds of stock options in the personal income tax system,” Mackenzie argues, noting that “income earned through stock options is taxed at half the rate of ordinary income — a tax break that is worth billions to Canadian executives.” Higher top marginal tax rates on all earners is another option, he reasons, and “would serve to dampen down the incentive to demand higher compensation, regardless of the form in which it is provided.” A third possibility is changing the tax treatment of stock grants, “which have become an engine of compensation growth, both in Canada and the United States. “Grants of stock are appealing to executives because the value that accrues after the grant is taxed as a capital gain [at half rates] and to corporations, because they simply issue new shares rather than dip into the company’s cash flow,” Mackenzie says. “A broader reform of capital gains taxation to even the tax playing field for all forms of income would dampen down enthusiasm for stock grants as a form of compensation.” From the perspective of corporations, he adds, “requiring public corporations paying executives using stock to pay them with stock bought in the market, rather than through new issuance, would change the way these compensation practices look to investors.” Finally, the government could introduce a tax penalty into the Income Tax Act “so that pay in excess of a given ratio to average pay would be subject to a tax penalty,” he suggests. The pay gap in 2015 — the top-100 CEOs earned 193 times more than the average wage in Canada — was the second-highest pay gap ratio in a decade. The highest pay gap in the 10 years studied was 194 times, in 2013. TNM

Powering the Essakane gold mine ESSAKANE From 6

existing thermal power plant. By providing real-time data of the interface between the solar plant and the thermal plant, we can maximize solar consumption and optimize fuel savings. With the advances in battery technology and their declining costs, we could also look into future energy storage. We would have a long-term power purchasing agreement with our partner under which the electricity produced by the solar plant would be sold to Essakane, with the option to end after nine years. In the first year we might pay US17¢ a kilowatt hour, with a set rate of escalation in subsequent years. Over nine years the rate could average US18¢ a kilowatt hour. If we mine Essakane beyond 15 years, the power rate would drop, reflecting the payback in the earlier years. So this is how such an arrangement might work. With investments in solar no longer as technically or financially risky as they once were, arrangements like this where the renewable

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energy company pays the upfront capital costs and sells the power to its customer are becoming more common. Benefits The benefits of integrating solar power with thermal power fall into three categories: Reduced costs — We would pay less on a per-kilowatt-hour basis. For years Essakane’s thermal power costs were in the US30¢ range, although they run closer to US19¢ a kWh today with the lower oil prices. If solar costs averaged just over US18¢ per kWh for the first nine years — this would be a significant reduction from what we had been paying for many years. Obviously, the lower oil prices mean we will enjoy less cost savings than we would in a higher oil-price environment, but as oil prices rise in the future, so will the savings. Lower carbon emissions — The energy provided by solar would displace 6 million litres of fuel annually, or 90 million litres over 15 years. By not burning 90 million litres of fuel, Essakane’s carbon emissions will be lowered by 255,000 tonnes over 15

years. And this number does not include all of the fuel burned just trucking HFO to the Essakane site. Socioeconomic contribution — This project could also add to the already significant contribution we make to the economy of Burkina Faso as the country’s largest private sector employer. The construction and operation of the solar plant would create local jobs. During construction we could see upwards of 120 new local jobs created, followed by 40 or more once in operation. One percent of our revenue at Essakane goes towards community development projects, so 1% of our partner’s revenue from selling us solar power could be directed in the same manner. The benefits of building a solar plant are many — not to mention that it would be our legacy long after we’re gone. In a region with a poor power infrastructure, it would give people access to clean and reliable energy, potentially propelling their communities to new heights in their quest to develop other industries, long after the mine is closed. The challenge at our Essakane mine has been higher-power costs

associated with processing a greater amount of hard rock. The solution, without compromising the reliability of our power supply, is to integrate solar energy with thermal power. Longer-term Iamgold targets to have 15% of its power generated from renewables within the next two to three years. This doesn’t include Rosebel’s power supply from hydro-generated grid electricity. We already have a solar plant at Rosebel capable of generating power for 18 more years, and now we are looking at one that is three times the size for Essakane. At our Sadiola mine in Mali, our plan is to move ahead with an expansion that would add 10 years to the mine life. With an uninterrupted supply of low-cost power critical, renewable energy could also be something we look at there. A hybrid power solution is perfect for Essakane, and more and more we could see the pendulum swing towards hybrid-power solutions for operations anywhere in the world that require continuous baseload power. And as developments in energy

storage advance, it’s only a matter of time before renewables account for a much larger share of the energy mix. Energy-storage capability bridges the gap when the sun is not shining and the wind is not blowing. More companies today are powering their entire operations with renewables. Mining, though, is a power-intensive operation — unlike the Ikeas, Googles and Teslas of the world — but I believe that our time will come. — Stephen J.J. Letwin has been president and CEO of Toronto-based gold miner Iamgold since 2010. Before joining Iamgold, he held senior positions at Enbridge, TransCanada Energy, TransCanada Pipelines, Numac (Westcoast Energy) and Encor Energy. He holds an MBA from the University of Windsor, is a certified general accountant, a graduate of McMaster University (B.Sc., Honours) and a graduate of the Harvard Advanced Management Program. For more information on Iamgold’s hybrid power programs, please contact: Anthony Moreau, CFA, special projects & innovation manager at Iamgold, at +1 (416) 594-2879 and anthony_moreau@iamgold.com.

2017-01-31 8:09 PM

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FEBRUARY 6–19, 2017 / THE NORTHERN MINER

Lumina Gold tallies 4M oz. gold resource LUMINA From 1

ous operator, in a joint venture with Lumina’s predecessor company, Odin Mining and Exploration. Odin Mining and Exploration identified the Cangrejos area in 1994 as the source of the Biron alluvial gold deposit, which yielded 69,000 oz. gold. Between 1994 and 2001, Odin and Newmont completed geophysical and geochemical surveys and tested anomalies with diamond drills. The discovery hole returned a 192-metre intercept grading 1.57 grams gold per tonne. Diego Benalcazar, Lumina’s senior vice-president, says the goldcopper porphyry mineralization at Cangrejos is hosted in breccias and diorite porphyry associated with potassic alteration where high gold values usually correlate with finely disseminated chalcopyrite. The project, 30 km southeast of the provincial capital of Machala and the Pan American Highway, is also 40 km from the deepwater commercial port of Puerto Bolivar. Ecuador’s national grid provides power to the camp. Lumina acquired the project in 2014. In addition to completing the maiden resource, Lumina Gold has been acquiring more concessions in Ecuador. Just before Christmas, it was granted mining title for the Cangrejos 20 concession, which is surrounded by the larger project. Lumina also gained three concessions through an auction conducted by the Ecuadorian government. These concessions — Tres Picachos (48 sq. km), La Canela (32 sq. km) and Las Orquideas (47 sq. km) are near Lumina’s Condor project in southeastern Ecuador’s Zamora province. Previous work by the company at Tres Picachos and La Canela showed large, high-amplitude gold geochemical signatures based on stream sediments and soil samples, which the company says correlate with regional airborne magnetic surveys. Las Orquideas has a 3 km long rock-and-soil copper-molybdenum anomaly that covers a ridge feature, the company says, and field observations suggest this could relate to a cluster of porphyry deposits similar to Lumina’s Santa Barbara deposit, which is in the same district. The Condor concessions surround Dynasty Metals & Mining’s (TSX: DMM; US-OTC: DMMIF) Jerusalem project, 40 km east of the town of Zamora near the border of Peru, and 31 km south of Lundin Gold’s (TSX: LUG) 7.4 million oz. gold Fruta del Norte project. Lumina acquired the Condor project late last year when it bought Ecuador Copper and Gold. Condor has an indicated resource of 447.3 million tonnes grading 0.55 gram gold per tonne and 2 grams silver per tonne for contained metal

Drillers at Lumina Gold’s Cangrejos gold project in southwest Ecuador’s El Oro province. LUMINA GOLD

“THEY ARE TRYING TO FOSTER EXPLORATION IN THE COUNTRY AND AS WE ALL KNOW, ECUADOR REALLY HASN’T HAD MUCH OF AN EXPLORATION BUSINESS IN THE LAST 10 YEARS.” MARSHALL KOVAL PRESIDENT AND CEO, LUMINA GOLD

of 8 million oz. gold and 28.5 million oz. silver. Inferred resources add 197.6 million tonnes averaging 0.40 gram gold and 1.40 grams silver, for 2.6 million contained oz. gold and 9.13 million contained oz. silver. In addition to the Condor and Cangrejos projects, Benalcazar says, Lumina has eight new projects comprising 24 concessions, and the company already has two exclusively dedicated exploration

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teams in the field. “Once the government of Ecuador drafted a new mining law in 2011 and regulatory code in 2013, with the aid of international consultants, Wood Mackenzie optimized the fiscal mining regime in 2015. The cadastral system was open for the tendership of new concessions in 2016,” Benalcazar says, adding that the public auction for concessions got underway in

March 2016. “Other mining companies such as SolGold, Cornerstone, INV Metals, Southern Copper, Fortitude, Codelco, Green Rock and others participated in the auction process,” he continues. “Lumina Gold was able to stake most of the proliferous land based on historical exploration data belonging to Odin Mining, now part of Lumina.” The concession terms are four years, and companies are required to submit an investment plan outlining how much they intend to spend on exploration work during this time. “We’re encouraged that the government of Ecuador has opened the cadastral system,” Lumina’s Koval says. “They are trying to foster exploration in the country and as we all know, Ecuador really hasn’t had much of an exploration business in the last 10 years

since the mining moratorium was put in place in 2008. So that’s an important step.” Benalcazar adds that major companies such as BHP Billiton (NYSE: BHP; LON: BLT) and Hankook “are looking for business opportunities, as well as Newcrest, which has invested in a project locally already. “More or less 80% of the mineral belts of Ecuador have been claimed already and close to 90% of the claims have a registered mining title in hand,” he says. “Ecuador is back on track and open to foreign investment with better and clearer fiscal conditions.” Lumina Gold recently closed at $1.20 per share, marking a 52-week high. (Its 52-week low is 33¢ per share.) The company has 232 million shares, fully diluted. TNM

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URANIUM Cooling towers at the Byron Nuclear Generating Station in Illinois. ALLKINDZA

Denison CEO on becoming Canada’s next uranium producer ATHABASCA BASIN

Wheeler River is infrastructure-rich BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

Energy Fuels’ Race Fisher (left) and Western Uranium’s vice-president of operations Michael Rutter at a Sunday Complex uranium project in Colorado. WESTERN URANIUM

Western Uranium’s keys to success at Sunday complex COLORADO

| Glasier-led junior sees ablation technology, vanadium credits as big plusses

BY TRISH SAYWELL tsaywell@northernminer.com

n some circles, George Glasier — founder of Energy Fuels (TSX: EFR; NYSE-MKT: UUUU) and more recently, Western Uranium (US-OTC: WSTRF) — is thought of as an industry rock star. During his first year as president and CEO of the wildly successful Energy Fuels — a company Glasier set up in 2006 that is now the largest uranium producer in the U.S. — the stock price surged 4,500%. And in the two years since he set up Western Uranium, Glasier has acquired seven past-producing mines, some from Energy Fuels, and all within a 330 km radius in Utah and Colorado. They contain 100 million lb. uranium and 36 million lb. vanadium. “George is the Bono of uranium,” says a former fund manager and longtime friend, likening Glasier’s stature to that of the Irish lead singer for rock band U2. “No one in the industry has his uranium experience. No one.” The four years Glasier spent at Energy Fuels were heady ones, with the uranium oxide price marching steadily higher from US$20 per lb. to US$135 per lb., before crashing back down. “We were in an up-market and it was exciting,” Glasier recalls in an interview. “We went out to raise

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US$10 million and we got US$50 million. We’d give presentations and in the first 10 minutes they’d say: ‘Here, we want to sign up.’” Glasier left Energy Fuels in 2010 to pursue other business interests, but returned to the industry in 2014 to start Western Uranium. The junior’s flagship asset is the Sunday uranium mine complex, in western San Miguel County, Colorado. The complex consists of five permitted mines and was most recently owned and operated in 2009 by Denison Mines (TSX: DML; NYSE-MKT: DNN). “It’s in great shape. There’s nothing that needs to be refurbished,” Glasier says of Sunday. “The contractor said they could be producing there in 30 days … so five of our seven mines could be put back into production within 30 days, the other two, probably in 90 to 120 days.” Building Western Uranium has been just as exhilarating as his early days at Energy Fuels, Glasier says, but he admits that acquiring uranium assets in a down-market has been an advantage. “I was buying property at Energy Fuels for sky-high prices,” he says, adding that Western Uranium “is a case of building a big asset base with the expectation of prices going up, so it’s equally exciting, but in a different way. “It took Energy Fuels 10 years to get over 100 million lb. uranium, and we did it (at Western

“IT TOOK ENERGY FUELS 10 YEARS TO GET OVER 100 MILLION LB. URANIUM, AND WE DID IT IN TWO YEARS.” GEORGE GLASIER PRESIDENT AND CEO, WESTERN URANIUM

Uranium) in two years,” he adds. “We’re working on other acquisitions and right now companies can’t get any money, so they’re interested in deals. We just raised $1 million in a bad market and at a bad time of year, so with a little bit of money, we can do a lot of stuff.” What is perhaps most exciting for Glasier this time around, however, is a new patented technology that can be used on sandstone-hosted uranium-vanadium deposits called “ablation,” which Western Uranium has the exclusive licence to use for the next 25 years. The technology, developed by scientists in Casper, Wyo., dramatically lowers transportation and milling costs because it removes between 80% and 90% of the waste rock through a process that uses kinetic energy rather than chemicals. With ablation, particles in a slurry are forcefully driven against each

other, which loosens and separates the uranium and vanadium coating from the sand. The process is quite simple. First, the sandstone rock is crushed into half the size of a fingernail. Then a slurry is formed, 20% of which is composed of the sand crushed from the rock, and 80% of which is water. The slurry is then ejected from pipes (imagine garden hoses with nozzles) that face each other — about 10 cm apart — that smash the particles in a central collision zone. Glasier estimates that by lowering the cost of transportation and milling and tailings, ablation technology could drive down the cost of producing a pound of uranium by as much as 50%. Eliminating so much of the waste rock and leaving it at the mine site, for example, would send transportation costs down from US$25 per tonne to US$2.50 per tonne, while milling expenses could fall from US$120 per tonne down to US$25 per tonne. Altogether, Glasier says, Western Uranium could process a tonne of rock containing 5 lb. recovered uranium oxide and 20 lb. recovered vanadium oxide for US$133 per tonne, including mining costs. The savings on transportation and milling costs also enable Western Uranium to mine lower-grade material. Glasier says the company has

ukas Lundin’s Denison Mines (TSX: DML; NYSE-MKT: DNN) has one vision at its Wheeler River joint venture in Saskatchewan’s Athabasca basin: to become Canada’s next uranium producer. The company may not be making headlines with grassroots discoveries of late, but it is steadily advancing its Phoenix and Gryphon uranium deposits toward a 2025 production target, while attempting to control equity dilution. The project sits in the infrastructure-rich eastern part of the Athabasca basin, and is a joint venture between Denison (66% ownership and operator by 2018), Cameco (TSX: CCO; NYSE: CCJ) (30% ownership) and JCU Exploration (10% ownership). Denison wasn’t always focused on Wheeler River. President and CEO David Cates attributes the shifting priorities to recent doldrums in uranium markets that are taking a toll across the entire industry. “There has been a tighter strategy in terms of exploration. We previously worked on 10 to 15 projects at any given time, but that was obviously a different commodity market,” Cates says during an interview at Denison’s Vancouver offices. “We were looking to generate a pipeline of targets because we had a large portfolio, but now we’re at historic lows in uranium. We need to reduce capital spending. You have to watch your equity dilution right now, so we’ve become much more focused on See DENISON / 10

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Denison CEO DENISON From 9

A five ton-per-hour plant that processes uranium-vanadium ore using ablation technology. Western Uranium has exclusive licence to use ablation for 25 years. WESTERN URANIUM

Western Uranium WESTERN URANIUM From 9

already received inquiries about the technology from other uranium companies in Africa, Australia and North America. So far, Western Uranium has tested ore from three companies in Africa, including GoviEx Uranium (CVE: GXU). “They’ve just announced we tested their ore but we haven’t done a deal,” Glaser says. The mining executive notes that a lot of uranium companies with projects in Africa would need a uranium oxide price of at least US$70 per lb. to be economic, and ablation technology would help them get into production at a lower uranium price. Western Uranium is looking at a much lower threshold to get into production, given the cost-reducing ablation and its vanadium credits. Moreover, prices for vanadium — an infrastructure metal used as a key alloy to strengthen steel — have been on a tear over the last six months, and now sit at US$5 per pound. “We’re still waiting for the uranium price to recover a bit before we put it into production,” Glasier says of the Sunday complex. “Assuming the ablation technology and with vanadium a key component at US$5 to US$6 per lb., you’re probably looking at US$35 per lb. uranium. “We have a number at mid-US$20 per lb. uranium for all-in sustaining costs, so at US$30 per lb. uranium you’re making money, at US$40 per lb. uranium you’re making more and at US$50 per lb. you’re making a lot.

“We haven’t done a PEA on the Sunday mine, we’re just using numbers common in the area and standard production costs, and this is what comes out of it — the ablation technology reduces the mass we ship to the mill by that much!” Christopher Ecclestone, an analyst at Hallgarten & Co., a boutique investment firm in the U.K., says that with vanadium as a second arrow in its quiver, the Western Uranium story becomes even more compelling. “With the tailwind of soaring vanadium prices — combined with vanadium being a prime ‘infrastructure metal’ in Trumplandia and the prospect of ‘onshore’ vanadium production in the U.S. — make the story so much more than just a uranium prospect,” he wrote in a recent research note. (Vanadium may also play a bigger role in battery manufacturing.) In addition, China, Russia and South Africa account for 90% of the global supply of vanadium, and Ecclestone says that “some estimates” suggest demand for vanadium “might grow at 7% per annum from 2010 to 2025, based on the steel applications alone.” Romeo D’Angela, a Torontobased former fund manager and now a shareholder in the company, first bought stock in the spring of 2016 and added to his position in December. “You can treat it as a uranium company with a significant vanadium credit, or vice versa, and the cherry on top is the ablation

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process. And from everything I’ve read about it, it’s a simple process.” D’Angela says he was impressed because the company has “multiple” catalysts. Not only does it have proven pounds of both uranium and vanadium in the U.S., he says, but when he did the math and valued it relative to other uranium companies, he found that it is “the cheapest by far — by about half — of the better-known names in the sector.” Companies like Uranium Energy (NYSE-MKT: UEC) , Cameco (TSX: CCO; NYSE: CCJ), Ur-Energy (TSX: URE), Energy Fuels (TSX: EFR; NYSE-MKT: UUUU), Berkeley Energia (LSE: BKY), Dension Mines (TSX: DML; NYSE-MKT: DNN) , Blue Sky Uranium (TSXV: BSK), Fission Uranium (TSXV: FCU; USOTC: FSSIF), Mega Uranium (TSX: MGA), Nexgen Energy (TSX: NXE; US-OTC: NXGEF) and Uranium Resources (NASDAQ: UREE), for instance, trade above US$1 per lb. in situ, while Western Uranium, which has the second-largest uranium package in the U.S., trades at a multiple of US25¢ per lb. in situ. Its market capitalization is just $30 million. Other catalysts for the company could include licensing out the ablation technology to other uranium companies for a fee or royalty. The technology could also be used by the U.S. Department of Energy to clean up old uranium waste dumps across the United States. And like Ecclestone, D’Angela says that a Donald J. Trump presidency would likely heighten demand for both vanadium and uranium, while throttling back on regulation. “I’m not necessarily a fan of everything he does … but what I like about it from a resource investor perspective is that he’s going to significantly tie the hands of the Environmental Protection Agency to reduce unnecessary regulation, or over-regulation, so a lot of regulations in the nuclear-uranium business could be curtailed so that the company can function easier and cheaper.” Western Uranium already has passed several milestones. It signed its first uranium off-take contract with a U.S. utility in November 2015, and is in discussions with other utilities for more. It also has an agreement with Energy Fuels to use that company’s White Mesa mill on a toll-milling basis, while Glasier has permitted a yet-to-be-built uranium mill called Pinon Ridge in Colorado — the first uranium mill permitted in the U.S. in a quarter century. (Glasier owns the permit and project, and has signed a letter of intent with Western Uranium to access the facility, once it is built.) Says Glasier: “If we start to get a recovery in uranium, investors are going to see the opportunity.” TNM

Wheeler River. We’re much more of a production story, and that strategy differentiates us from our peer group,” he continues. Denison’s strategy is based on a supply-demand scenario that stretches over the next five to 10 years. The company acknowledges that Athabasca basin deposits tend to have longer development lead times relative to projects in Africa or the U.S. due to regulatory processes and logistical considerations. Denison has a good read on uranium fundamentals because of two relationships it has in the market. First, the company manages Uranium Participation (TSX: U; US-OTC: URPTF), which invests 85% of its equity offering proceeds into uranium oxide in concentrates (U3O8) and uranium hexafluoride. Second, it holds a 22.5% interest in the McClean Lake joint venture, which includes several uranium deposits and the McClean Lake uranium mill. “What we’ll watch over the next few years are utilities and uncovered demands. Today everything is covered to generate nuclear energy, but in 10 years, 75% of the uranium utilities required hasn’t been purchased yet,” Cates says. “We’re looking at this and thinking everyone needs to be buying for 2025. There is a risk level before that, however, where 30% of the uranium requirements will be uncovered, and it’s not very far away. There’s an emerging need for utilities to contract again, and it’s going to get interesting in our space,” he says. To benefit from potential market improvements, Denison aims to release a prefeasibility study (PFS) on Wheeler River by 2018 that will set the stage for project financing and permitting. The strategy underpins 80,000 metres of drilling the company will complete on Phoenix and Gryphon by the end of 2017, which is heavily focused on generating indicated resources and optimizing the mine plan. Denison is building on a preliminary economic assessment it released on the project in April 2016. The existing model involves basement-hosted resources at Gryphon totalling 834,000 inferred tonnes at 2.3% U3O 8 for 43 million contained lb., and 166,000 indicated tonnes at Phoenix grading 19.1% U3O 8 for 70.2 million contained pounds. Gryphon would produce 40.7 million lb. U3O8 , over a seven-year mine life, at a cash-operating cost of US$14.28 per pound. Phoenix would then generate 64 million lb. U3O 8 , over a nine-year mine life, at a cash-operating cost of US$22.15 per pound. The development requires $560 million in total preproduction capital and features a pre-tax net present value (NPV) of $513 million at an 8% discount rate and a 20.4% internal rate of return. Economic results are based on a long-term uranium price of US$44 per pound. “We really want to achieve the maximum amount of indicated resources at Gryphon heading into the PFS,” Cates adds. “That can really help our economics because the material at that deposit tends to be lower cost in terms of production. In addition, the sustained capital to develop Phoenix also gets pushed out a certain number of years and discounted more. The core prize is a project

we can finance and move ahead with permitting. That’s really where our exploration program is focused this year.” Denison recently unveiled a $14.5-million, joint-exploration budget that expands mineralization around Gryphon with 46,000 metres of exploration and infill drilling. The company sees potential resource upside at newfound Dseries lenses north of Gryphon, where 2016 assay highlights include: 11 metres of 5.3% U3 O 8 from 718 metres deep in hole 641; and 6 metres averaging 2.9% U3O8 from 759 metres deep in hole 633D1. Denison drilled 40,000 metres on the D-series targets last year. Furthermore, Denison recently discovered “additional highgrade mineralization” downdip and up-dip of Gryphon’s A and B series lenses that lies outside resource calculations. For example, drill hole 674 cut 4.4 metres of 2.5% eU3O 8 from 744 metres downdip of the A and B series; while hole 602D1 intersected 11.4 metres of 1.2% eU3O 8 from 693 metres deep. “We hit mineralization in the footwall outside the Gryphon zone, and the D series became a major focus for us as we stepped out along strike,” Denison’s vicepresident of exploration Dale Verran says. “It’s going to have significant impact on our resources moving forward. The key thing to note is that the D lenses are still open, and we see potential northwest and southeast. Then, in the summer, we came in and tested downdip of the A and B lenses and cut good grades at nice thicknesses. In fact, it was an improvement from the holes that were drilled updip,” he continues. Though Denison remains committed to achieving production, it hasn’t entirely moved away from acquisitions and greenfield exploration. In late 2016 the company moved into the western Athabasca basin via the acquisition of an 80% interest in the Hook-Carter property, which is on strike from NexGen Energy’s (TSX: NXE; US-OTC: NXGEF) emerging Arrow discovery and Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) Triple R deposit beside and under Patterson Lake. Denison acquired Hook-Carter from ALX Uranium (TSXV: AL; US-OTC: ALXEF) in exchange for 7.5 million shares and $12 million in exploration expenses. The company consolidated the project by buying the Coppin Lake property, which lies between the Carter East and Carter West blocks. “We will continue to look at projects outside of Wheeler, but focus on potential high-impact discovery targets,” Cates says. “Hook-Carter is one opportunity we’re excited about along the Patterson Lake corridor. We have unconformity and basement potential to test, and there have only been five holes drilled to date along our trend. The real strategy for us is becoming the next uranium producer, and a core part of that is adding long-term discovery assets to the portfolio.” Denison shares have traded in a 52-week range of 49¢ to $1.08 per share, and gained 34% over the first four weeks of 2017 to close at 98¢ at press time. The company had 533.4 million shares outstanding for a $518.3-million market capitalization at press time, and reported US$11.8 million in cash and equivalents in September. TNM

2017-01-31 8:09 PM

URANIUM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 6–19 2017

URANIUM JUNIOR SNAPSHOT Investors returning to rebounding sector With uranium oxide prices making a rebound over the last two months after hitting 12-year lows, uranium juniors are seeing renewed interest from investors. Here are six such companies worth noting. LARAMIDE RESOURCES Toronto-based, Marc Hendersonled Laramide Resources (TSX: LAM; US-OTC: LMRXF; ASX: LAM) has early-stage uranium assets in Australia and the southwest U.S., with its flagship in recent years being the wholly owned Westmoreland project in northwest Queensland near the Mt. Isa mining district. Westmoreland was once owned by Rio Tinto, and has a sandstonehosted resource of 52 million lb. uranium oxide (U 3O 8) in 18.7 million indicated tonnes grading 0.089% U 3O 8 and 9 million inferred tonnes at 0.083% U 3O 8. An updated preliminary economic assessment on the project foresees relatively straightforward open-pit mining with mild acid tank leaching for recovery. Some 80% of the resource is within 50 metres from surface. In the U.S., Laramide has recently acquired the Churchrock and Crownpoint uranium assets in New Mexico from Uranium Resources, which Laramide says “creates a leading in-situ recovery division in a tier-one jurisdiction with enhanced project economics and low operating costs.” Laramide says they are “production ready” and it has most permits in hand for a low initial capital-cost, staged ramp-up in production. In relation to the Churchrock and Crownpoint acquisitions, Laramide closed an equity financing that raised $4.5 million. Laramide also has two hard-rock uranium properties in the U.S.: La Sal in Utah, which is productionready; and La Jara Mesa in New Mexico, where permitting is almost complete. MEGA URANIUM Mega Uranium (TSX: MGA) is another Toronto-based junior with uranium assets in Australia, but the junior has been in slumber mode since mid-2015. Mega’s flagship project is Ben Lomond, 50 km west of the port city of Townsville, Queensland, which the company has developed since acquiring it in 2006. The deposit was found in 1975 and had a feasibility study completed in 1982, but further mine development was halted by the national government’s three-mine policy, which prevented any new uranium mines coming online in Australia for many years. At last count, Ben Lomond’s National Instrument 43-101 compliant resource stood at 1.3 million indicated tonnes grading 0.3% U 3O 8 (7.9 million lb. U 3O 8) and 0.6 million inferred tonnes at 0.2% U 3O 8 (2.8 million lb. U 3O 8), plus a molybdenum credit at an average grade of 0.15% molybdenum. Mega says Ben Lomond’s “relatively high average 0.3% U 3O 8 grade and substantial molybdenum credit” makes the deposit “one of the highest value-per-tonne uranium

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resources outside the Athabasca basin in Canada.” Despite the company’s relative inactivity of late, its shares are up 75% in January 2017, as the company rides the wave of renewed interest in the uranium sector as uranium prices rebound. PISTOL BAY MINING Pistol Bay Mining (TSXV: PST) is developing its portfolio of precious and base metal projects in Ontario’s Red Lake camp, but the junior has a connection to uranium in the form of its C-4-5-6 property in Saskatchewan’s Athabasca basin. Rio Tinto (NYSE: RIO) has an option agreement on the C-4-56 property, and in late January resumed exploring the 10 sq. km C5 property, where it will drill 2,600 metres in four to six diamond drill holes to target uranium mineralization at the unconformity between Athabasca basin sediments and older basement rocks (at 400 metres deep on the property), and in the basement itself. The C5 property adjoins Denison Mines’ (TSX: DML; NYSE-MKT: DNN) 60%-owned Wheeler River uranium property and is 4.5 km north of the Phoenix uranium deposit, 5 km northeast of the Gryphon uranium deposit, and 2.6 km northeast of the 489 Uranium zone. Rio Tinto has already earned a 75% interest in the C-4-5-6 property, and Pistol Bay says Rio Tinto intends to exercise its option to acquire full interest by paying Pistol Bay $5 million before 2020 and granting Pistol Bay a 5% net profits interest. Rio Tinto has already completed 12 diamond drill holes totalling 6,100 metres on the C5 property, as well as a gravity survey and a directcurrent resistivity survey. Rio Tinto’s best hole so far at C5 is from hole 14CBK003, which was drilled in 2014 and intersected 0.054% U 3O 8 over 1.5 metres, though core recovery was only 50%. Pistol Bay notes that the C 4-5-6 property is accessible by road, and the 75 km, all-weather haul road from the McArthur River mine to Cameco’s Key Lake mine and mill passes within 5 km. PLATEAU URANIUM Plateau Uranium (TSXV: PLU) is all about Peru, and its advanced Macusani Plateau uranium project, 220 km north of Juliaca in the country’s south. There, Plateau and its predecessors have spent US$45 million over the last eight years drilling, consolidating ground and growing a resource in five deposits that stands at 51.9 million lb. U 3O 8 in the measured and indicated categories (95.2 million tonnes at 0.0248% U 3O 8), and 72.1 million lb. U 3O 8 in inferred (130 million tonnes at 0.0251% U 3O 8). The work culminated in last year’s preliminary economic assessment that foresees a large open-pit mine that would produce at least 6 million lb. U 3O 8 per year over 10 years at a US$17 per lb. life-of-mine cash production cost. With US$300 million in initial capital investment and at a US$50 per lb. uranium oxide price, the net present value is US$603 million and the internal rate of return is 40.6%, with post-tax

capital payback in 1.8 years. The resource also has a potential lithium (Li2O) by-product, with 67,000 tonnes Li2O in measured and indicated (grading 0.1% Li2O) and 109,000 tonnes Li2O in inferred (0.1% Li2O). Initial tests show 73% recovery of lithium using leaching. Plateau has a US$4- to US$5million program from 2016–2017 that includes environmental work, drilling for discovery and resource upgrades, permitting and discussions with government, metallurgical test work and starting studies to finish a prefeasibility study. All this would pave the way for a bankable feasibility study in 2018. U3O8 CORP. Richard Spencer-led U3O8 Corp. (TSX: UWE, US-OTCQB: UWEFF) has early-stage uranium projects in Argentina, Colombia and Guyana, with its most advanced being its Laguna Salada project in Argentina. Although Laguna Salada only has 10.1 million lb. U 3O 8 in the measured and inferred categories, U3O8 Corp. considers this its most advanced asset because the uranium is hosted in a flat, 1-metre-thick, near-surface gravel layer that could be put into production relatively quickly at a US$138-million capital expense. With near real-time backfilling and remediation of mined areas, there would be no open pit left behind after mining operations — in effect “cleaning up” the uranium from the land. The company says processing would be “simple,” with uranium and vanadium extracted at 80°C using baking soda and washing soda. In January 2017, the company announced uranium and vanadium assays from exploration trenching of soft gravel and sand in the La Rosada area, which the company considers an extension of the Laguna Salada deposit, 50 km south.

Participation is not an exchangetraded fund or an open-end fund. Emerging uranium miner Denison Mines (TSX: DML; NYSE-MKT: DNN), part of the Lundin Group of Companies, serves as Uranium Participation’s manager under a management services agreement, and takes direction from Uranium Participation’s independent board

of directors. As of Oct. 31, 2016, Uranium Participation held uranium oxide in concentrate totalling 9.47 million lb. and worth $238 million, plus uranium hexafluoride of 1.9 million KgU worth $140 million, for a total “uranium fair value” of $378 million. TNM

Athabasca Basin Focused Diversified & Growth-Oriented Uranium Development & Exploration Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan - including its 60% owned Wheeler River project, which hosts the high grade Phoenix and Gryphon uranium deposits. Denison also owns a 22.5% interest in the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement, and is the manager of Uranium Participation Corp., a publicly traded company which invests in uranium oxide and uranium hexafluoride.

Focused. Experienced. Growing.

“Our focus on exploration for higher-grade extensions to the Laguna Salada deposit had led to the discovery of uranium and vanadium in a layer adjacent to, and beneath, gravel in the La Rosada area,” Spencer said in a release. “That was an unexpected bonus because our target was uranium and vanadium in the gravel itself.” URANIUM PARTICIPATION Uranium Participation (TSX: U; USOTC: URPTF) is an unusual uranium investment vehicle, in that the Toronto-based firm invests solely in uranium concentrate on a “buy and hold” basis, and is geared to make money on long-term increases in uranium prices, without speculating on short-term price fluctuations. The firm says its typical investor profile is a commodity-focused or generalist investor looking for exposure to uranium prices, who would appreciate that Uranium Participation holds physical uranium in inventory, has no mineral resource or project risks, no mine or processing operating risks, and directs at least 85% of the net proceeds of any equity offering into uranium holdings.

TSX: DML | NYSE MKT: DNN @DenisonMinesCo

denisonmines.com

While it is publicly traded, Uranium

2017-01-31 8:09 PM

URANIUM

FEBRUARY 6–19, 2017 / THE NORTHERN MINER

Workers at a drill site at NexGen Energy’s Arrow uranium project in northern Saskatchewan.

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NEXGEN ENERGY

NexGen resumes drilling at Arrow EXPLORATION BY SALMA TARIKH

starikh@northernminer.com

exGen Energy (TSX: NXE; US -OTC: N XGEF) has kicked off a $14-million winter 2017 drill program at its Rook I property in Saskatchewan’s Athabasca basin. The program will comprise seven drill rigs and a minimum of 35,000 metres. Four rigs started turning on the property’s Arrow uranium deposit on Jan. 23, with the other three set to start in the coming days. From the three, the Arrow deposit will receive one rig for a total of five. The other two rigs will be used to test the ZTEM and VTEM anomalies, which sit 600 metres northeast and 400 metres southeast of Arrow. The objectives of the program are to continue from where the 2016 drilling left off, NexGen’s CEO Leigh Curyer tells The Northern Miner. Those objectives include expanding Arrow’s known mineralization through aggressive step-out drilling, infill drilling and assessing two geophysical targets near Arrow. Eighty-five percent of the winter drilling will focus on the Arrow deposit, with the rest testing the nearby anomalies. Discovered in February 2014, Arrow has grown to take the title of third-largest uranium resource in the Athabasca basin, behind Cameco’s (TSX: CCO; NYSE: CCJ) McArthur River and Cigar Lake operations. At year-end 2015, uranium reserves and resources at McArthur River totalled 401 million lb., and 328 million lb. at Cigar Lake. As of March 2016, Arrow contained 3.5 million inferred tonnes grading 2.6% uranium oxide (U3O8) for 201.9 million lb. U3O8 . This includes a higher-grade resource of

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| Newly discovered deposit now ranks as third largest in Athabasca basin

“OUR ORE IS CLEAN. WE DON’T HAVE DELETERIOUS METALS OR ANYTHING LIKE THAT IN THE ORE ITSELF.” LEIGH CURYER CEO, NEXGEN ENERGY

410,000 tonnes at 13.3% U3O 8 for 120.5 million lb. in the A2 shear. The deposit’s global uranium resource is “very high grade,” considering the world’s average production grade is 0.1%, Curyer says. The current resource contains less than 60,000 metres drilled before October 2015. NexGen completed another 73,000 metres in 2016. It plans to table an updated resource estimate in March or April, which would exclude the 2017 drilling. The upcoming estimate should indicate a “material” increase in the overall quantity of pounds and a large conversion of inferred resources into the indicated category, Curyer says. He adds that more drilling would be needed to understand the deposit, which keeps growing and remains open for expansion. Meanwhile, NexGen is conducting geotechnical drilling and continuing with environmental and engineering test work to support a prefeasibility study (PFS), expected out by year-end. Curyer anticipates the PFS will show that Arrow could be a long-life mine with a production profile that would place it among the world’s top uranium mines.

The Rook I camp in Saskatchewan’s southwest Athabasca basin. NEXGEN ENERGY

After this economic study, NexGen will seek permits related to work that would lead to obtaining a mining licence, with Curyer saying that“we expect the permitting around Arrow would be relatively simpler than previous operating mines in Saskatchewan.” There is no significant surface or underground water at the Arrow deposit, since it is land-based and basement-hosted. It would not require freezing to extract uranium in contrast to a sandstone-hosted deposit such as Cigar Lake, which should accelerate permitting times. “From a metallurgical perspective, our ore is clean. We don’t have deleterious metals or anything like that in the ore itself,” Curyer says.

While NexGen has three discoveries outside of Arrow on the Rook I property — including the August 2016 Harpoon discovery — it plans to keep the spotlight on Arrow in the near-term. “It’s always difficult to take a rig off and test those targets when Arrow is still so undefined. We really need to understand Arrow before we emphasize those higher regional targets.” Some highlights from Arrow’s 2016 drilling include the expansion of the A2 high-grade domain, growth in the A1 shear and confirmation that the deposit connects to the southwest area, 180 metres away. However, there is not enough data to include the southwest area

in the upcoming resource estimate. The Arrow deposit holds five vertical parallel shears — A1 to A5 — that vary from four to 25 metres thick. The mineralized area is 280 metres wide by 870 metres in strike, with mineralization starting at 100 metres below surface and extending to 920 metres deep. The deposit remains open in all directions. NexGen has $74 million in its treasury, which Curyer says is enough to fund the company’s activities for three years. On Jan. 24, the stock closed at $3.67 — gaining 12% over the two trading sessions since announcing the 2017 drill program. Over the past year, NexGen shares have jumped 383% from 76¢. TNM

2017-01-31 8:09 PM

URANIUM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 6–19 2017

Top global uranium resources EXCLUSIVE

| Olympic Dam stands out amongst monster deposits worldwide

BY SALMA TARIKH

starikh@northernminer.com

he Northern Miner has compiled the five largest uranium resources at assets around the world using the IntelligenceMine database of our sister company Infomine. The list excludes inactive projects. 1. OLYMPIC DAM, AUSTRALIA BHP Billiton’s (NYSE: BHP; ASX: BHP; LON: BLT) 100%-owned Olympic Dam iron oxide coppergold mine in Australia takes the cake. Located 560 km north of Adelaide, Olympic Dam is one of the world’s largest deposits of copper, gold and uranium. It also hosts large amounts of silver. As of June 2016, the underground mine contained measured and indicated resources of 6.2 billion tonnes grading 0.03% uranium oxide (U3O8) for 3.3 billion lb., which includes 678.5 million lb. in reserves. Inferred resources are 4.2 billion tonnes at 0.02% U3O8 for 2.2 million lb. tonnes. This puts reserves and uranium resources at 5.5 billion lb. U3O8 .

2. HAGGAN, SWEDEN Aura Energy’s (ASX: AEE) wholly owned Haggan exploration project forms part of a large uranium field in central Sweden. The uranium occurs with molybdenum, nickel, vanadium and zinc in black shales. A 2012 scoping study suggests Haggan could produce 7.8 million lb. U3O8 a year for 30 years. Estimated start-up costs are US$540 million. An August 2012 Joint Ore Reserves Committee (JORC) compliant resource estimate shows Haggan contains 2.3 billion inferred tonnes at 0.02% U3O8 for 803 million lb. U3O8. Aura has started a community engagement program at the project, however, and notes its 2017 focus is on completing a feasibility study at its smaller Tiris uranium project in Mauritania. Tiris is a shallow open-pit project with 49 million lb. U3O8 in indicated and inferred. Estimated start-up costs are US$45 million, with production set to start in late 2018 or early 2019. 3. KVANEFJELD, GREENLAND Greenland Minerals and Energy’s (ASX: GGG) Kvanefjeld rare earth elements and uranium project sits in Nakkaalaaq North on the southwest coast of Greenland. The company completed a feasibility study on the project in 2015, which it updated early last year. As of 2015, the project’s three deposits — Kvanefjeld, Sorensen and Zone 3 — had 451 million measured and indicated tonnes at 0.03% U3O8 for 267.3 million lb.

Facilities at BHP Billiton’s Olympic Dam polymetallic deposit in South Australia, which contains the world’s largest uranium oxide resource, with 3.3 billion pounds. BHP BILLITON

inclusive of reserves, plus 559 million inferred tonnes at 0.03% U3O8 for 325.3 million lb. U3O8 . Combined, Kvanefjeld hosts resources of 593 million lb. U3O 8 . The estimate is JORC compliant. Last September, Greenland Minerals reported the leading rare earth firm Shenghe Resources Holding agreed to acquire 12.5% of the company and start a strategic working relationship to help develop Kvanefjeld. 4. KARATAU, KAZAKHSTAN Karatau is an operating in-situ recovery uranium mine in the ChuSarysu basin in the Suzak region, South Kazakhstan province. The mine is operated by the Karatau joint venture, where Uranium One (TSX: UUU) owns 50% and stateowned firm Kazatomprom owns the other half. Karatau started commercial production in 2009. As of June 2012, reserves stood on a 100% basis at 149 million tonnes grading 0.041% U3O8 for 135 million pounds. Measured and indicated resources are 86.5 million tonnes at 0.087% U3O8 for 166 million lb., plus inferred resources of 65.9 million at 0.112% U3O8 for 163 million pounds. This puts the combined reserves and uranium resources at 464 million lb. U3O8 . Early this January, Kazatomprom said it intends to cut its 2017 planned uranium output 10% due to the slow recovery in the uranium market.

The reduction will affect all mines wholly and jointed owned by Kazatomprom. 5. MCARTHUR, CANADA Cameco’s (TSX: CCO; NYSE: CCJ) 70%-held McArthur River uranium mine is in the Athabasca basin of northern Saskatchewan. Areva Resources Canada holds the other 30%. The high-grade underground mine has been in production since 1999. At the end of 2015, McArthur River had reserves of 1.4 million tonnes grading 10.9% U3O 8 for 336.5 lb. U3O8 . It had 66,800 measured and indicated tonnes at 3.77% U3O8 for

5.6 million lb., plus 344,200 inferred tonnes at 7.72% U3O8 for 58.6 million lb. U3O8 . Combined, the mine has reserves and uranium resources of 400.7 million lb. on a 100% basis. Early last year, Cameco scaled back McArthur River’s 2016 output to 18 million lb. from 20 million lb. on a 100% basis due to the continuing weakness in the uranium market. In January 2017, Cameco said it plans to trim the workforce at the McArthur River, Key Lake and Cigar Lake uranium operations 10% — or 120 employees in total — to lower costs. The reductions should wrap up by the end of May 2017.

ON HOLD Projects with significant uranium reserves and resources on hold include Continental Precious Minerals’ (TSX: CZQ) MMS Viken uranium polymetallic project in Sweden. The company wrote down the value of the project, containing 1.16 billion lb. in indicated and inferred resources, to $1 last year, but sold it to EU Energy for $300,000 in January 2017. Areva’s majority-held Imouraren uranium development project in Niger is on ice until uranium prices pick up. The project hosts reserves and uranium resources of 727 million lb. U3O 8 . TNM

TSX-V Symbol: PLU Frankfurt: QG1 US OTC: PLUUF

Uranium & Lithium in Peru Moving toward 2020 Production

• Strong Uranium-only Project Economics at US$50/lb U3O8 • Lowest Quartile Production Potential of US$17.28/lb U3O8 • Control All Uranium Resources in Peru & 910 km2 Land Package • 52.9 M lbs U3O8 Measured & Indicated (248 ppm) • 72.1 M lbs U3O8 Inferred (251 ppm) • Additional Lithium Resources in only 4 Uranium Deposits • 67,000 t Li2O Measured & Indicated (0.13% Li2O) • 109,000 t Li2O Inferred (0.12% Li2O) • Current Drilling and Lithium-Uranium Extraction Results Positive • Environmental Baseline Study on-going – Along the Path to Permitting

TED O’CONNOR Chief Executive Officer & Director ted@plateauuranium.com

HEAD OFFICE 141 Adelaide St. W., Suite 1200 Toronto, Ontario M5H 3L5 +1-416-628-9600

VISIT US AT PDAC 2017 BOOTH 3127 – INVESTORS EXCHANGE

Drillers at the Sorensen deposit, part of Greenland Energy and Minerals’ Kvanefjeld REE-uranium project on the southwest coast of Greenland. GREENLAND ENERGY AND MINERALS

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www.plateauuranium.com

2017-01-31 8:09 PM

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FEBRUARY 6–19, 2017 / THE NORTHERN MINER

Greenstone buys majority of Coro Mining’s latest financing COPPER IN CHILE

| Marimaca resource estimate expected

BY TRISH SAYWELL

tsaywell@northernminer.com

private equity firm specializing in the mining and metals sector run by former executives of Xstrata and J.P. Morgan has bought most of the shares that Chile-focused Coro Mining (TSX: COP) recently offered in a private placement. Greenstone Resources, already Coro Mining’s largest shareholder, acquired 29.8 million of the 37.5 million common shares offered in the December financing, raising its ownership in the company to 55.9%, up from 54% in November 2016. Coro Mining hopes to produce more than 30,000 tonnes per year of copper within five years, and that goal dovetails with Greenstone Resources’ mandate to invest in companies with small- to medium-sized projects approaching production. Mark Raymond Sawyer, Greenstone Resources’ cofounder, serves as director and co-chairman of the firm’s investment committee. Previously, Sawyer was Xstrata’s cohead of group business development, and he held senior roles at Rio Tinto (NYSE: RIO; LON: RIO) and Cutfield Freeman & Co., which provides advice on mine financing. Michael John Haworth, Greenstone Resources’ senior partner, cut his teeth at J.P. Morgan, where he worked as managing director and head of Mining and Metals Corporate Finance in London. During his decade at the firm he honed his skills overseeing mergers and acquisitions for Central and Eastern Europe, the Middle East and Africa. The $5.3 million in proceeds from Coro Mining’s recent equity financing will largely help build out the facilities at the junior’s Berta project and further explore Marimaca, both in Chile. Alan Stephens, Coro Mining’s president and CEO, and previously vice-president of exploration for First Quantum Minerals (TSX: FM; LON: FQM), could not be reached for comment at press time. Stephens cofounded the company with Michael Philpot in 2005. Coro owns 65% of the Berta project in Region III, and is earning a 75% interest in Marimaca, a copper oxide deposit in Region II, in northern Chile. Berta, a near-surface, copper oxide deposit, is 20 km west of the village of Inca de Oro. Oxidation extends from surface to 50 to 100 metres deep and the deposit occurs in three areas: Berta Sur, Berta Central and Berta Norte.

www.mineshandbook.com

A drill site at Coro Mining’s Berta copper project in Chile. CORO MINING

So far Coro has defined an in-pit measured and indicated resource for Berta Sur and Central of 17.6 million tonnes grading 0.4% copper at a 0.1% copper cut-off grade. In mid-2004, Coro announced that it planned to acquire out of receivership and rehabilitate a solvent extraction-electrowinning (SXEW) plant called Nora to process pregnant leach solution (PLS) from Berta, rather than build its own stand-alone plant. The $3.3-million acquisition was completed in August 2015. The Nora plant was built in 2009 and consisted of a 750,000-tonneper-year crushing circuit and 3,000-tonne-per-day SX-EW facility, with associated heap-leach pads, spent ore stockpiles, piping and PLS ponds. An updated preliminary economic assessment completed on Berta in June 2015 outlined an eightyear mine life and total production of 37,800 tonnes copper cathode. Using a base case of US$2.80 per lb. copper, the PEA estimated US$1.59 per lb. copper average lifeof-mine cash-operating costs, a $35.2-million after-tax net present value at an 8% discount rate and 75% after-tax internal rate of return. Coro’s partner at Berta is ProPipe S.A., a project management and engineering consulting firm, which owns the other 35% of the project. Berta is being developed in two phases. In the first, Coro remediates the Nora plant and trucks high-grade material from the Berta

Sur deposit for the first 11 months, while in the second, Coro installs the Berta crusher, pads and site facilities, expands the Nora plant to 5,000 tonnes per year of cathode production (by installing Berta siteleaching facilities), and installs PLS and water pipelines between Nora and Berta. In December, Coro reported that Nora had treated material from a variety of dumps from the surrounding district since early 2016, but that as of August 2016, it exclusively test mined high-grade material from shallow pits at the Berta deposit. The operation has not yet reached commercial production, with delays in receiving operating permits for the Berta site. The company expects the final permits early in the first quarter of 2017, and will install crushing and leaching facilities. Concentrated PLS from Berta to Nora could get trucked by the end of March. The company has an option on the Salvadora copper project, 30 km northwest of the Nora plant, which could expand to 8,000 to 10,000 tonnes per year of copper. Coro has also leased the Veronica property, 26 km west of Nora. Meanwhile, at its open-pit, heapleach Marimaca project in northern Chile, the company has completed 54 reverse-circulation (RC) and six diamond drill holes for a total 13,740 metres of drilling, and is working on a resource estimate. The company plans to buy an SX-EW plant 18 km south of Ma-

rimaca, and signed a non-binding letter of intent to acquire the Ivan SX-EW plant from Minera Rayrock, a Chilean subsidiary of Compania Minera Milpo S.A.A. — a Peruvian mining company — for $6.5 million. The plant, which operated from 1995 to 2012, and is now on care and maintenance, has an installed capacity of 10,000 tonnes per year of copper cathode. This could be expanded to 24,000 tonnes copper cathode per year. Coro hopes to receive all of the necessary permits for Marimaca around the fourth quarter of 2018, with potential start-up, depending on debt financing, in the first quarter of 2019. Marimaca is 14 km from a highway and power line, 22 km from the port of Mejillones and an hour’s drive north of the port of Antofagasta. Coro describes the deposit as a 150- to 250-metre-thick, gently dipping slab of strongly fractured Jurassic diorite, formed where the major north-striking Marimaca structure and northeast striking feeder zones intersect. Coro released the latest RC drill results in October, with highlights including 102 metres of 0.8% copper, 82 metres of 0.8% copper, 66 metres of 0.8% copper and 192 metres of 0.8% copper. Coro’s other assets in Chile include its wholly owned Llancahue project — 38 km southwest of the city of Talca in Region VII of central Chile, which it staked in 2007 — and the Prat project, in which the

company is earning a 65% interest, 33 km northeast of the city of Antofagasta. In 2009, a six-hole RC drill program at Llancahue included a 100-metre intercept of 1.4% copper. The drill hole was part of an exploration agreement with Freeport-McMoRan (NYSE: FCX) between 2008 and 2009. (Freeport later withdrew from its option on the property.) Other intercepts included 12 metres of 1.6% copper and 36 metres of 2.4% copper. Coro notes that drilling to date at Llancahue suggests the mineralized intrusive and its brecciated contact zone are of “restricted areal extent,” but that “the intensity of the alteration and the accompanying high-grade copper molybdenum mineralization, together with the extensive propylitic halo, support the concept that a larger body of mineralized diorite or breccia complex may be present.” Prat consists of a small SX-EW agitation leach plant built in 2009 to treat old leach residues from a precipitation plant. The precipitation plant operated several decades ago in the nearby Mantos Blancos mine. The SX-EW plant failed to operate efficiently due to an iron sulphate buildup and closed after a few months of operation, but Coro’s management team says it can resolve the issue. At press time the company traded at 14¢ within a 52-week range of 1.5¢ to 21¢. The junior has 483 million shares outstanding. TNM

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2017-01-31 8:09 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 6–19, 2017

INV Metals’ Loma Larga gold project in Ecuador. PHOTO BY TRISH SAYWELL

Phill Walford, Marathon Gold president and CEO, examines drill core from the Valentine Lake gold project in Newfoundland. MARATHON GOLD

Best gold stocks on TSX in 2016 INVESTING

| Rise in bullion prices over 2016 stokes even bigger rally in gold mining stocks

BY SALMA TARIKH starikh@northernminer.com

hile the gold price erased most of the headway it made in early 2016, it still exited the year up 8.5% at US$1,150.90 per oz., snapping three years of consecutive losses. Despite the modest annual growth for gold, more than a few gold-focused companies on the Toronto Stock Exchange registered huge yearover-year share price gains. INV Metals (TSX: INV) topped the list, soaring 536% from 11¢ to 70¢ per share. The company’s flagship asset is its Loma Larga gold project in Ecuador, which it acquired from Iamgold (TSX: IMG; NYSE: IAG) in 2012. Iamgold holds a 36% interest in INV. In April 2016, INV closed a US$3million private placement of 15 million shares priced at 20¢ apiece. It said the proceeds would help plan a critical path and long-term items needed to finish a feasibility study at Loma Larga, after a positive updated prefeasibility study. In July, the updated study, which replaced the 2015 prefeasibility study, proposed INV could build a larger 3,000-tonne-per-day underground operation producing 150,000 oz. gold a year over a 12year mine life. Using a US$1,250 per oz. gold price, Loma Larga has a 26.3% after-tax internal rate of return. Start-up costs are US$286 million for the project, which also has significant silver and copper credits. In an email, the company’s CEO Candace MacGibbon said INV intends to start the feasibility study in 2017. It is completing geotechnical and hydrogeological drilling — and more metallurgical test work — to support the upcoming study, which should take 18 months to complete. After permitting and project financing, construction should begin in 2019, with gold production at the end of 2020. Loncor Resources (TSX: LN) shares jumped 350%, from 4¢ to 18¢. The little-known explorer has two assets in the Democratic Republic of the Congo: the Ngayu project in Orientale province and

1-16, 23_FEB6_Main .indd 15

the North Kivu project in the North Kivu province. The latter project is under force majeure due to the poor security situation in most of the province. Loncor kicked off 2016 by announcing Randgold Resources (NASDAQ: GOLD) had signed a joint-venture agreement on the Ngayu project, where the major would manage and fund all exploration until completing a prefeasibility study on any gold discovery it makes. If Randgold moves ahead with a feasibility study, Loncor would pitch in with costs to keep its 35% interest. In February 2016, Loncor raised $1 million in a non-brokered private placement of 67 million shares at 15¢ a share. In April Randgold started a regional airborne geophysical survey over Ngayu, with no results yet released. Loncor closed a non-brokered private placement of 1.75 million units at 12¢ a unit for gross proceeds of $210,000 in June. Each unit com-

prises one share and half a warrant. Since then, Loncor has not published news. At the end of September, it had US$14,000 in cash and equivalents and a US$1.1-million working capital deficit. Golden Star Resources (TSX: GSC; NYSE-MKT: GSS) gained 321% over 2016 to close at 99¢ per share. The operator of the Wassa and Prestea open-pit gold mines in Ghana had a busy year, highlighted by a 10% reserve increase, debt reduction and progress at the Wassa and Prestea underground development projects. Golden Star raised US$15 million at US66¢ per share in a bought-deal financing in May. In August, the miner closed a US$34.5-million underwritten public offering at US75¢ a share and a US$65-million private placement of 7% convertible senior notes due in 2021. The net cash proceeds of the private placement were US$21.2 million. The company used the August financing proceeds to repay in full its US$25-million

loan with Ecobank Ghana Ltd., where US$22 million, plus accrued interest, remained. The Wassa underground mine began production in July and reached commercial production on Jan. 1, 2017, with production expected to ramp up throughout the year. The Prestea underground mine is on track to produce in mid-2017. For 2016, Golden Star anticipates delivering between 180,000 and 205,000 oz. gold at cash-operating costs of US$815 to US$925 per ounce. Marathon Gold (TSX: MOZ) shares increased 293% from 15¢ to 59¢, helped by drilling success at the company’s wholly owned Valentine Lake gold property in Newfoundland. The property hosts four deposits — Leprechaun, Marathon, Victory and Sprite — with existing resources. Combined, the four deposits host in-pit and underground resources of 15 million measured and indicated tonnes of 2.2 grams gold per tonne for 1.06

million oz. gold, plus 2.2 million inferred tonnes of 2.85 grams gold for 199,800 oz. gold. More than 90% of the measured and indicated resource sits in the Leprechaun and Marathon deposits, where metallurgical testing confirmed heapleaching opportunities. From the start of 2016 to November, Marathon drilled 14,500 metres into Marathon, Leprechaun and Victory. It also expanded the mineralized corridor of the Marathon deposit to over 1.7 km and confirmed that mineralization continues more than 350 metres deep. The company closed a $3-million private placement in May and an $8-million flow-through financing in October. Proceeds from the October financing will fund ongoing fieldwork on Valentine Lake, as well as an expanded 35,000-metre drill program, which will continue into 2017 to grow and explore more resources on the property. Marathon plans to table an updated resource estimate in the second quarter. Kerr Mines (TSX: KER) ended 2016 at 11.5¢ per share, up 283% from its 3¢ close in 2015, as it struggled to improve its finances through debt restructuring and selling its non-core assets. In July, Kerr reached settlement agreements with trade creditors and some debt holders representing $8.4 million of the $22.6 million of liabilities outstanding at the end of March. It paid $2.5 million in cash, stock and future consideration in settling these debts. A month later, Kerr reached several other agreements with various creditors to improve its financial position by settling debt for less than face value, converting the debt to common shares, and securing a $2-million long-term debt facility, among other things. With its books in better shape, Kerr began dewatering and rehabilitating its core asset — the past-producing Copperstone gold mine in Arizona — in October. After dewatering, Kerr says an initial exploration and development program would help prioritize exploration targets and restore production with improved mining methods. TNM

2017-01-31 8:09 PM

WWW.NORTHERNMINER.COM

FEBRUARY 6–19, 2017 / THE NORTHERN MINER

Top-five gold drill intercepts worldwide EXPLORATION

| Erdene, Nevsun and Osisko take top honours BY JOHN CUMMING “THE RESULTS ARE gold per tonne) in hole 160119. jcumming@northernminer.com A TESTAMENT TO Timok’s Upper Zone hosts 1.7 aking use of the Intelli- WHAT DETAILED million tonnes of indicated regenceMine database of our source grading 13.5% copper and sister company Infomine, EXPLORATION CAN 10.4 grams gold per tonne, plus 35 The Northern Miner has compiled UNCOVER.” million inferred tonnes grading

five projects recording the top gold intersections (grade multiplied by width) globally in December 2016, as reported publicly.

1. Mongolia-focused gold explorer Erdene Resource Development (TSX: ERD) took top spot, with drill results reported on Dec. 19 from its Altan Nar gold-polymetallic project in southwest Mongolia. Hole 101 intersected 110 metres grading 9.3 grams gold per tonne (or 1,019 metres × grams gold per tonne); 32 grams silver per tonne; 1.4% combined lead-zinc, including 14 metres of 55.6 grams gold; 131 grams silver; and 5.6% combined lead-zinc. “Hole 101 was heavily mineralized from surface to 170 metres deep, and includes the highest grades and most continuous zone — laterally and vertically — intersected to date at Altan Nar,” Erdene president and CEO Peter Akerley said in a release. “The results are a testament to what detailed exploration can uncover as we test new targets at Altan Nar and throughout the district, while advancing our flagship gold project at Bayan Khundii.” However, Erdene makes clear that hole 101 was drilled to test a conceptual target at the intersection of a northwest-trending fault with the main northeast-trending shear zone in the project’s Discovery zone at a “low angle to the mineralized DZ trend,” and doesn’t represent the mineralized zone’s true width, which is unknown. Related nearby holes indicate a 25- to 35-metre true width of the northeast-trending mineralized zone. Based in Halifax, N.S., Erdene Resource Development has explored

PETER AKERLEY PRESIDENT AND CEO, ERDENE RESOURCE DEVELOPMENT

and developed precious and base metal prospects in Mongolia’s Edren Terrane since 2009. Erdene’s Bayan Khundii, Altan Nar and Altan Arrow projects all have a 2% net smelter return royalty held by Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND), with a buyback option to lower it 1%. 2. Number two on the top gold list — not even counting a substantial copper content — is Nevsun Resources’ (TSX: NSU; NYSE-MKT: NSU) newly acquired, prefeasibilitystage Timok copper-gold project in eastern Serbia near the Bor mining and smelting complex. The Timok copper-gold project consists of the massive to semimassive sulphide mineralized Cukaru Peki Upper Zone (wholly owned by Nevsun) and the porphyry-style Lower zone (a joint venture with Freeport-McMoRan [NYSE: FCX]). In results released on Dec. 7, Nevsun tallied four stellar new massive and semi-massive sulphide intersections the Upper Zone: • 171 metres grading 4.9% copper and 5.21 grams gold per tonne (or 890 metres × grams gold per tonne) in hole 160114; • 98.8 metres of 9.8% copper and 8.86 grams gold (879 metres × grams gold per tonne) in hole 160117; • 182 metres of 4.2% copper and 4.80 grams gold (875 metres × grams gold per tonne) in hole 160121; and • 86 metres of 9.5% copper and 8.83 grams gold (846 metres × grams

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2.9% copper and 1.7 grams gold. Nevsun says another 18,500 metres of drilling is in progress to improve confidence in the resource. 3. Osisko Mining’s (TSX: OSK) early-stage Windfall Lake gold project in northwestern Quebec’s Urban Township slid into the third spot, with results released on Dec. 5 from an ongoing 150,000-metre drilling program. The best new hole was 16-760, which intersected 5.7 metres (from 226 metres) grading an uncut 148 grams gold per tonne (844 metres × grams gold per tonne), or 65 grams gold, when cut to 100 grams gold per tonne. The latest drilling is part of an expansion program that includes step-out drilling up to 800 metres northeast of the main deposit. Osisko plans to carry out 250,000 metres of drilling in 2017, which would bring total drilling at the project to 400,000 metres. Osisko raised another $14 million in December by private-placing 4.43 million flow-through shares at $3.15 per share, with Dundee Securities acting as sole agent. 4. Golden Star Resources (TSX: GSC; NYSE-MKT: GSS) took fourth place with a golden intercept at its operating Wassa gold mine in southwestern Ghana, which is transitioning from an open-pit mine to a

Drill core from Nevsun Resources’ Timok copper-gold project in Serbia. NEVSUN RESOURCES

high-grade underground operation. Golden Star started mining from underground in July 2016, and declared first commercial production on Jan. 1, 2017. As announced on Dec. 5, the first nine holes of an infill-drilling program targeting the high-grade B Shoot zone of Wassa Underground returned an intersection of 31.7 metres (from 297 metres) grading 23.75 grams gold per tonne (753 metres × grams gold per tonne) in hole 16DD009. Other highlights are 8 metres (from 57 metres) of 13.9 grams gold in hole 16DDD002 and 18.7 metres (from 323 metres) of 4.25 grams gold in hole 16DD004. The Toronto-based firm anticipates that gold production will ramp up during 2017, as mining accesses the higher-grade B Shoot area of the Wassa Underground orebody. Golden Star expects to have produced at least 100,000 oz. gold in 2016, but will release its yearly results later in January, as well as new reserve and resource number during the first quarter of 2017. 5. Global gold miner OceanaGold (TSX: OGC) tabled strong drill results from its new open-pit Haile gold mine in South Carolina, as part of a report on its exploration activities in the U.S., New Zealand and the Philippines.

In the Dec. 12 press release, the company highlighted a 66hole infill drilling program at the Horseshoe deposit at Haile, with intercepts including: 16.6 metres (from 439 metres) grading 29.90 grams gold per tonne (496 metres × grams gold per tonne) in diamond drill hole 578; 72 metres (from 403 metres) at 5 grams gold in hole 557; and 43 metres (from 392 metres) at 9.5 grams gold in hole 573. OceanaGold says the results of the exploration program at Haile will be a major input into an optimization study underway and on schedule for completion in mid-2017. The company started milling ore at Haile on Dec. 29, and plans to produce 150,000 to 170,000 oz. gold at Haile in 2017 at all-in sustaining costs between US$500 and US$550 per oz. gold. As of late December there were 675,000 tonnes of ore stockpiled on surface, including 275,000 tonnes grading 2.3 grams gold of sulphide ore, 245,000 tonnes grading 0.6 gram gold oxide ore and 155,000 tonnes grading 1.1 grams gold of transitional material. The company has permanently closed its Reefton gold mine in New Zealand, which was put on care and maintenance in early 2016. Reclamation will take several years to complete. TNM

Top global copper hits EXPLORATION

| Eurasian results lead the pack in late 2016

BY MATTHEW KEEVIL

mkeevil@northernminer.com

apping into the IntelligenceMine database of our sister company Infomine, The Northern Miner has compiled five projects recording the top copper intersections (grade multiplied by width) globally in December 2016, as reported publicly. 1. Base metal producer Nevsun Resources (TSX: NSU; NYSEMKT: NSU) acquired the highgrade Timok copper discovery in Serbia via a US$440-million deal for prospect-generator Reservoir Minerals in June. The company owns 100% of the Cukaru Peki Upper Zone, while the Lower Zone is a joint venture with Freeport-McMoRan (NYSE: FCX). The companies have announced a drill program in excess of 110,000 metres, and early results reaffirm that the project is among the most promising copper-gold discoveries in the world. Nevsun announced drill results from the high-sulphidation epithermal Upper Zone on Dec. 7, which were highlighted by a 100-metre intercept (from 500 metres) grading 9.7% copper (or 972 metres × % copper per tonne), plus 8.76 grams gold per tonne, in diamond drill hole 160117. The assay included a higher-grade section of 33 metres averaging 20% copper and 14.34 grams gold. Freeport and Nevsun announced results from the porphyry-type Lower Zone on Nov. 22, with an intersection of 686 metres (from 1,104

metres) of 0.9% copper (or 611 metres × % copper per tonne), plus 0.16 gram gold, in hole 150073/160073B. 2. U.K.-based Savannah Resources (LON: SAV) takes second place with a diamond drill intercept from its Mahab 4 prospect in the Block 5 project in Oman on the southeastern coast of the Arabian Peninsula. On Nov. 11 the company reported results from a resource delineation program that included 67.4 metres (from 19 metres) grading 4.6% copper (or 313 metres × % copper per tonne) — plus 1.1% zinc, 0.3 gram gold and 15 grams silver — in hole 16B5DD009. Block 5 hosts indicated and inferred resources, under the Joint Ore Reserves Committee standards, of 1.7 million tonnnes grading 2.2% copper, including a high-grade zone of 500,000 tonnes at 4.5% copper, which was defined at the Mahab 4 target. 3. AuRico Metals (TSX: AMI; USOTC: ARCTF) is revitalizing the past-producing Kemess South process plant and infrastructure, 430 km northwest of Prince George, British Columbia. The company takes third place with results from its Kemess East underground target released on Nov. 8, which were highlighted by 628 metres (from 853 metres) grading 0.4% copper (or 257 metres × % copper per tonne), plus 0.53 gram gold, in hole 16-13. Kemess East sits 6.5 km north of the historic Kemess South open-pit site. AuRico drilled 18,500 metres at the target last year that “focused

exclusively on step-out and infill drilling.” 4. Guernsey Islands-based Mariana Resources (TSX: MRY; LON: MARL) comes in fourth after strong results at its Hot Maden gold-copper project in northeastern Turkey’s Artvin province. Mariana released the results from its advanced exploration program on Oct. 26, wherein diamond drill hole 71 cut 69.6 metres (from 210 metres) grading 2.7% copper (or 187 metres × % copper per tonne), plus 62.7 grams gold. The company will incorporate the results into a preliminary economic assessment and drill another 20,000 metres in 2017. 5. Australia’s White Cliff Minerals rounds out the top five with reverse-circulation drill results from its Aucu gold-copper project in the Kyrgyz Republic, Central Asia. On Nov. 22 the company reported that hole 16-35 intersected “remarkable mineralization,” both within the quartz reef and in the surrounding alteration halo at Aucu’s Quartz zone, which were headlined by 66 metres (from 33 metres) grading 0.9% copper (or 170 metres × % copper per tonne), and included a higher-grade subsection of 18 metres averaging 1.9% copper. Aucu is hosted in sandstones, conglomerates and minor granodiorites that flank a series of felsicporphyry intrusions, considered responsible for both epithermal gold mineralization and copperporphyry mineralization. TNM

2017-01-31 8:09 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 6–19, 2017

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2017-01-30 12:25 PM

WWW.NORTHERNMINER.COM

FEBRUARY 6–19, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 23–27 Canada’s main stock index inched up after the first trading week since U.S. president Donald J. Trump took office. The S&P/TSX Composite Index added 0.2% to close at 15,575.81. The S&P/TSX Global Mining Index rose 0.9% to 71.03, while the S&P/TSX Global Gold Index tumbled 1.1% to 209.22. The spot gold price fell 1.5% to US$1,191.30 per ounce. Uranium producer Paladin Energy shares rose 39% on no corporate news. On Jan. 27, the company acknowledged the increase in its share price and higher-than-average share trading volume. However, Paladin stated there is no pending news and that it is not aware of any “company-specific” activities that could have led to the increase. But it noted that the uranium spot price improved, with brokers quoting the price at US$24 per lb., up 39% from its recent low in December. Meanwhile, Paladin is pursing a proposed balance sheet restructuring, which could lower the company’s debt obligation and extend the remaining debt’s maturity. Paladin finished at 13¢ per share, as 17.8 million shares changed hands. Encouraging drill results pushed Balmoral Resources shares up 22%. On Jan. 23, the company published results from seven 2016 holes testing the Bug South gold deposit on the Martiniere property in Quebec. Results continue to return wide intercepts of high-

grade gold and show continuity between sections. Highlights from these holes include 42 metres grading 3.24 grams gold per tonne, including 11.6 metres of 6.30 grams gold from the Upper Bug zone. Another hole from the Hanging Wall zone hit 10.1 metres of 7.34 grams gold, including a 5.3-metre interval of 13.54 grams gold. Balmoral also cut a new zone of zinc-leadsilver-gold mineralization at a shallow depth. The 5.4-metre interval returned an average grade of 2.8% zinc, 2.7% lead, 99.11 grams silver and 0.19 gram gold. The intercepts are not true widths. More results from the 2016 year-end program are pending. Balmoral is working on the winter road into the Martiniere camp, TSX MOST ACTIVE ISSUES

B2Gold Orbite Tech Kinross Gold Champion Iron Nthn Dynasty Ivanhoe Mines Yamana Gold First Quantum Barrick Gold UEX Corp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO ORT K CIA NDM IVN YRI FM ABX UEX

38772 4.00 3.73 3.88 + 0.12 34553 0.37 0.25 0.26 - 0.01 31409 5.13 4.64 4.75 - 0.03 28023 1.47 0.94 1.12 + 0.18 27749 4.54 3.60 3.92 + 0.44 25665 4.36 3.72 4.17 + 0.48 22843 4.45 4.11 4.21 - 0.09 20807 17.51 16.25 16.39 - 0.51 19196 24.13 22.92 23.38 + 0.56 19010 0.34 0.26 0.30 + 0.04

and is restarting drilling on the property. Balmoral shares ended at 90¢. Iron ore spot prices rose 2.9% to US$82.40 per tonne. Higher iron ore prices, among other things, helped lift the shares of iron ore developers. New Millennium Iron rose 37% to 34¢ per share. The company has a minority interest in Tata Steel Minerals Canada, which owns a direct-shipping ore project in the Schefferville

region of Canada’s Labrador Trough. New Millennium has not released any news in 2017. Alderon Iron Ore, the owner of the feasibility-stage Kami iron ore project in the Labrador Trough, jumped 36% to 72¢ per share. On Jan. 24, Alderon announced that Tayfun Eldem — the company’s president and CEO until August 2015 — returned to the board. Alderon is rescoping at Kami, with results anticipated in the first quarter. TNM

TSX GREATEST PERCENTAGE CHANGE

Paladin Energy New Milln Iron Alderon Iron Verde Potash General Moly Rio Novo Gold Orsu Metals Century Global Black Iron Balmoral Res Aquila Res Perseus Mng Contintl Prec INV Metals Prophecy Coal Minco Silver Xtra-Gold Res Horizonte Mnls Golden Queen Argonaut Gold

PDN NML ADV NPK GMO RN OSU CNT BKI BAR AQA PRU CZQ INV PCY MSV XTG HZM GQM AR

17879 12459 5234 176 53 560 1563 90 7050 2263 244 1276 17 202 41 159 67 1136 933 2997

0.15 0.36 0.80 0.39 0.77 0.16 0.04 0.72 0.08 0.95 0.27 0.45 0.31 0.80 4.93 1.26 0.27 0.05 1.09 2.73

0.09 0.26 0.55 0.27 0.51 0.12 0.00 0.40 0.05 0.76 0.24 0.34 0.00 0.65 4.10 1.10 0.24 0.04 0.90 2.36

0.13 0.34 0.72 0.37 0.70 0.16 0.04 0.46 0.06 0.90 0.24 0.36 0.31 0.65 4.10 1.10 0.24 0.04 0.92 2.40

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Metalore Res Gold Std Vents Corsa Coal Cordoba Mnls Gldn Predator Standard Lith Wealth Mnrls Filo Mg Corp Gold Reserve Regulus Res Itafos Kennady Diam Chesapeake Gld Prospector Res Bear Creek Mng Clear Mtn Res Four River Select Sands Almadex Min Viscount Mng

38.9 36.7 35.8 35.2 34.6 33.3 33.3 31.4 22.2 21.6 17.5 15.3 13.9 13.3 13.1 12.7 11.3 11.1 10.7 10.4

VOLUME WEEK (000s) CLOSE CHANGE

MET GSV CSO CDB GPY SLL WML FIL GRZ REG IFOS KDI CKG PRR BCM PAT CMM SNS AMZ VML

8 2148 348 4763 5960 491 1591 1509 69 231 21 58 74 6 547 416 1543 2816 324 277

4.55 3.65 3.31 1.45 1.41 1.04 1.50 1.93 4.80 1.65 2.25 3.55 4.02 0.61 2.70 1.45 0.71 1.60 1.48 0.61

+ 1.15 + 0.68 + 0.53 + 0.52 + 0.42 + 0.32 + 0.24 + 0.23 + 0.22 + 0.20 - 0.40 - 0.35 - 0.28 - 0.24 - 0.19 - 0.17 - 0.15 - 0.13 - 0.12 - 0.12

TSX VENTURE EXCHANGE / JANUARY 23–27 The S&P/TSX Venture Composite Index gained 12.03 points to a 809.62-point close. Spot gold prices shed US$19.12, or 1.6%, to US$1,191.2 per oz., whereas Comex copper prices gained 6¢, or 2.3%, to US$2.69 per pound. Natural gas producer Metalore Resources led the value-added category, gaining $1.15 to $4.55 per share on rising oil prices. The 65-year-old company is producing gas from 81 wells in two townships in Norfolk County, Ont., and uses part of its cash flow to fund exploration at its Cedartree Lake gold property near Sioux Narrows, Ontario. Metalore is applying for a $1-million exploration program at Cedartree, and has a 21–26% interest with Greenstone Gold Mines in 600 claims belonging to the Trans-Canada property in the prolific Beardmore-Geraldton area, Ontario. Gold Standard Ventures says its drilling has found the northern extension of its North Bullion gold target at its Railroad-Pinion project in the prolific Carlin trend of north central Nevada. The news drove the company’s shares up 68¢ to $3.65. A drill hole collared 180 metres north of North Bullion intercepted 5.3 metres grading 7.02 grams gold per tonne, within a 19.8-metre interval of 4.4 grams gold. The refractory-style mineralization occurs in a collapse breccia sandwiched

between intrusive sills within the footwall of a northeast-striking fault corridor. North Bullion is one of four Carlin-style targets or deposits located on the company’s 115 sq. km property. Graphite One Resources saw 16.5 million shares traded before closing down 2¢ to 9¢ per share on financial results from its preliminary economic assessment on its Graphite Creek deposit, 59 km north of Nome, Alaska. The company expects the operation will produce 1 million tonnes at 7% graphite annually over a 40-year mine life. The concentrate would be processed into coated spherical graphite and purified graphite powder at a potential facility in Washington, producing 55,350 tonnes of product annually at an operating cost product of US$1,774 per tonne. Based TSX-V MOST ACTIVE ISSUES

Graphite One Nexus Gold MX Gold Active Growth Sama Res Lithium Energy Uragold Bay Rs Alexandria Min Apple Cap Inc Anfield Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GPH NXS MXL QNC SME LEP HPQ AZX YD ARY

16553 13690 11914 10982 10423 10378 7376 7260 6967 6940

0.13 0.28 0.24 0.38 0.10 0.09 0.21 0.08 0.45 0.14

0.09 0.15 0.19 0.25 0.08 0.07 0.14 0.07 0.36 0.11

0.09 - 0.02 0.25 + 0.10 0.22 + 0.03 0.32 + 0.05 0.09 + 0.01 0.08 unch 0.00 0.17 + 0.01 0.07 - 0.01 0.37 unch 0.00 0.12 + 0.01

on a blended selling price of US$5,054 per tonne of product, the operation could have a 22% after-tax internal rate of return and US$616-million net present value, assuming a 10% discount rate. Colombia-focused Cordoba Minerals gained 52¢ to $1.45 per share on news of intersecting 4,440 grams gold, 10.3% copper, 24.7% zinc and 347 grams silver per tonne over

0.9 metre at its San Matias copper-gold project in Colombia. The company and its partner High Power Exploration — an exploration arm of mining entrepreneur Robert Friedland — reported that the bonanza gold vein is similar to other carbonate hosted base-metal vein systems in Colombia, such as Barrick Gold’s Porgera gold mine and Continental Gold’s Buritica deposit. TNM

TSX-V GREATEST PERCENTAGE CHANGE

DV Resources Whitemud Res ExGen Res Inc Colombia Crest Empire Rock Sego Res PNG Gold Oceanic Iron O Nexus Gold Virginia Enrgy Red Rock Enrgy Randsburg Intl Plate Res Vangold Res Terreno Res Mammoth Res Martina Mnls Tolima Gold RosCan Mrnls Micrex Dev

DLV.H WMK.H EXG CLB EPR SGZ PGK FEO NXS VUI RRK.H RGZ.H ACP VAN TNO.H MTH MTN.H TOM ROS.H MIX

1051 295 2407 303 171 273 1895 1227 13690 284 54 123 93 637 289 87 700 30 166 42

0.06 0.02 0.02 0.02 0.27 0.07 0.23 0.35 0.28 0.16 0.02 0.01 0.08 0.15 0.06 0.12 0.04 0.01 0.03 0.02

0.02 0.00 0.02 0.01 0.00 0.05 0.12 0.21 0.15 0.10 0.01 0.01 0.05 0.07 0.04 0.08 0.02 0.00 0.02 0.01

0.06 0.01 0.02 0.02 0.23 0.07 0.23 0.35 0.25 0.16 0.01 0.01 0.05 0.09 0.04 0.08 0.02 0.01 0.02 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 200.0 + 100.0 + 100.0 + 100.0 + 95.7 + 75.0 + 66.7 + 64.3 + 63.3 + 60.0 - 66.7 - 50.0 - 40.0 - 40.0 - 36.4 - 36.0 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

MET GSV CSO CDB GPY SLL WML FIL GRZ REG IFOS KDI CKG PRR BCM PAT CMM SNS AMZ VML

8 2148 348 4763 5960 491 1591 1509 69 231 21 58 74 6 547 416 1543 2816 324 277

4.55 3.65 3.31 1.45 1.41 1.04 1.50 1.93 4.80 1.65 2.25 3.55 4.02 0.61 2.70 1.45 0.71 1.60 1.48 0.61

+ 1.15 + 0.68 + 0.53 + 0.52 + 0.42 + 0.32 + 0.24 + 0.23 + 0.22 + 0.20 - 0.40 - 0.35 - 0.28 - 0.24 - 0.19 - 0.17 - 0.15 - 0.13 - 0.12 - 0.12

U.S. MARKETS / JANUARY 23–27 The Dow Jones Industrial Average closed above the 20,000 threshold three times during the trading week, and finished at 20,093.78, marking a 1.34% gain, while the S&P 500 Index rose 1.03% to 2,294.69. The Dow — considered a proxy for the wider health of the U.S. economy — is up 8.1% since Donald J. Trump was elected U.S. president, while the S&P 500 is up 6.10%. Spot gold fell US$18.70 per oz., or 1.6% to US$1,191.30, while the Philadelphia Gold & Silver Index climbed 1.02% to 89.58. West Texas Intermediate crude closed at US$53 per barrel. Freeport-McMoRan was the most heavily traded and rose US86¢ to US$16.37. The company reported US$6.6 billion in asset sales in 2016 (including US$5.2 billion in the fourth quarter) along with US$1.5 billion in at-the-market sales of its common stock, and as a result slashed its consolidated debt more than US$8 billion. For the year, Freeport posted a US$4.2-billion (US$3.16per-share) net loss attributable to common stock, although it recorded net income attributable to common stock of US$292 million, or US21¢ per share in the fourth quarter. In 2017, Freeport forecasts con-

18_FEB6_MarketNews.indd 18

solidated sales would reach 4.1 billion lb. copper, 2.2 million oz. gold and 92 million lb. molybdenum. Rio Tinto’s decision to sell most of its coal assets in Australia to Yancoal for US$2.4 billion lifted its shares US$2.42 to US$45.35. The assets are held in Rio Tinto’s Australian subsidiary, Coal & Allied Industries, and consist of its thermal coal business in the Hunter Valley region of New South Wales. Shares of Barrick Gold were up US68¢ to US$17.79 apiece. The company reported preliminary full-year gold production in 2016 of 5.52 million oz. — at the high end of its 5.25 U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeprt McMoR* FCX 219840 17.06 15.51 16.37 + 0.86 Vale* VALE 142991 10.96 10.17 10.67 + 0.64 Barrick Gold* ABX 99690 18.35 17.21 17.79 + 0.68 United States S* X 98994 34.94 31.31 33.77 + 0.39 Vale* VALE.P 66474 10.36 9.62 10.18 + 0.78 Kinross Gold* KGC 65428 3.91 3.53 3.61 + 0.02 Potash Corp SK* POT 56539 20.27 18.63 18.74 - 0.20 Goldcorp* GG 42480 16.36 15.41 15.76 + 0.38 Yamana Gold* AUY 41317 3.39 3.13 3.19 - 0.02 Alcoa* AA 40092 38.94 35.46 36.67 + 1.01

to 5.55 million oz. guidance. Barrick expects cost of sales applicable to gold at the low end of its $800 to $850 per oz. guidance for 2016. Full-year, all-in sustaining costs could be at or slightly below the low end of its full-year guidance range of $740 to $775 per oz. gold.

Preliminary annual copper production was 415 million lb., in line with 380 to 430 million lb. guidance for 2016. Full-year cost of sales applicable to copper could be US$1.35 to $1.55 per lb. for 2016, with all-in sustaining costs of $2 to $2.20 per pound. TNM

U.S. GREATEST PERCENTAGE CHANGE

Intrepid Pots* HudBay Mnls* Cameco Corp* Cloud Peak En* Vale* Vedanta* Teck Res* Southern Copp* Vale* Yanzhou Coal* NACCO Ind* Alamos Gold* Fortuna Silvr* DRDGOLD* Mechel* Trecora Res* Tahoe Res* Richmont Mines* Newmont Mng* Harmony Gold*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

IPI 14749 2.41 1.78 2.15 + 18.8 HBM 4990 8.30 6.90 8.00 + 15.1 CCJ 21780 13.33 11.72 12.98 + 10.6 CLD 7026 5.88 5.07 5.84 + 9.6 VALE.P 66474 10.36 9.62 10.18 + 8.3 VEDL 1032 15.17 14.19 15.02 + 7.8 TECK 24397 26.46 23.80 25.21 + 6.9 SCCO 6480 38.87 36.19 38.44 + 6.7 VALE 142991 10.96 10.17 10.67 + 6.4 YZC 792 7.82 7.15 7.76 + 5.7 NC 82 81.50 71.00 71.80 - 11.6 AGI 10814 8.76 7.30 7.58 - 9.1 FSM 12217 6.91 5.96 6.16 - 7.6 DRD 1676 6.10 5.33 5.45 - 6.7 MTL 1810 6.49 6.05 6.18 - 4.0 TREC 107 13.45 12.40 12.55 - 3.1 TAHO 11373 9.42 8.59 8.84 - 2.6 RIC 1531 7.90 7.20 7.45 - 2.6 NEM 36168 36.93 33.63 34.38 - 1.9 HMY 17864 2.57 2.35 2.44 - 1.6

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Southern Copp* SCCO Rio Tinto* RIO Teck Res* TECK Natural Res Pt* NRP Cameco Corp* CCJ Vedanta* VEDL HudBay Mnls* HBM Alcoa* AA Freeport McMoR* FCX NACCO Ind* NC Chevron* CVX Franco-Nevada* FNV Agrium* AGU Alamos Gold* AGI Newmont Mng* NEM Fortuna Silvr* FSM Trecora Res* TREC DRDGOLD* DRD Mechel* MTL

VOLUME WEEK (000s) CLOSE CHANGE

3984 239.78 6480 38.44 20373 45.35 24397 25.21 238 37.95 21780 12.98 1032 15.02 4990 8.00 40092 36.67 219840 16.37 82 71.80 33988 113.79 3383 62.85 3291 104.29 10814 7.58 36168 34.38 12217 6.16 107 12.55 1676 5.45 1810 6.18

+ 12.03 + 2.43 + 2.42 + 1.63 + 1.35 + 1.24 + 1.09 + 1.05 + 1.01 + 0.86 - 9.45 - 1.81 - 1.03 - 0.90 - 0.76 - 0.66 - 0.51 - 0.40 - 0.39 - 0.26

2017-01-31 7:42 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / FEBRUARY 6–19, 2017

M E TA L S , M I N I N G A N D M O N EY M A R K E T S PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, January 31, 2017 Precious Metals Price (US$/oz.) Change 1198.80 -14.50 Gold Silver $17.29 +0.19 Platinum $978.00 -1.00 Palladium $728.00 -58.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $9935.00 +255.00 $5945.50 +125.00 $2362.00 +20.50 $2867.00 -91.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 30, 2017 (change from January 23, 2017 in brackets): Aluminium Alloy 13280 (0) Aluminium 2273750 (-15525) Copper 262150 (-12500) Lead 190575 (-4650) Nickel 381006 (-9036) Tin 5805 (+1150) Zinc 398025 (-14475)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$50.00 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.80 Cobalt: US$16.90/lb. Copper: US$2.66/lb. Copper: CME Group Futures Mar. 2017: US$2.71/lb.; April 2017: US$2.72/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.65/kg FerroTungsten: US$24.38/kg Ferrovanadium: US$16.80/kg Iridium: NY Dealer Mid-mkt US$700.00/tr oz. Iron Ore 62% Fe CFR China-S: N.A. Iron Ore Fines: US$53.07/tonne Iron Ore Pellets: US$75.93/tonne Lead: US$1.05/lb. Magnesium: US$2.09/kg Manganese: US$1.74/kg Molybdenum Oxide: US$6.92/lb. Phosphate Rock: US$111.00/tonne Potash: US$215.00/tonne Rhodium: Mid-mkt US$845.00/tr. oz. Ruthenium: Mid-mkt US$40.00/tr. oz. Silver: Handy & Harman Base: US$17.13 per oz.; Handy & Harman Fabricated: US$21.41 per oz. Tantalite Ore : US$125.84/kg Tin: US$8.94/lb. Uranium: U3O8, Trade Tech spot price: US$22.50; The UX Consulting Company spot price: US$23.00/lb. Zinc: US$1.26/lb. Prices current Jan. 31, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 16, 2017 (with changes from Jan 03, 2017) Largest short positions K 39382798 1563390 1/3/2017 Kinross Gold Lundin Mng LUN 22028130 -3085739 1/3/2017 New Gold NGD 20727045 415324 1/3/2017 B2Gold BTO 19584716 -3308 1/3/2017 Potash Corp SK POT 18531847 4199953 1/3/2017 Sandstorm Gold SSL 12655922 413589 1/3/2017 Suncor Energy SU 12222915 -1040850 1/3/2017 IAMGOLD IMG 11020014 -88345 1/3/2017 Klondex Mines KDX 10811407 846615 1/3/2017 Nthn Dynasty NDM 10536321 1565127 1/3/2017 Barrick Gold ABX 9817106 -459689 1/3/2017 Detour Gold DGC 9270346 -299844 1/3/2017 HudBay Mnls HBM 9217307 3805116 1/3/2017 Alacer Gold ASR 8740692 881453 1/3/2017 Alamos Gold AGI 8622753 2160005 1/3/2017 Largest increase in short position PDN 5720200 4415800 1/3/2017 Paladin Energy Potash Corp SK POT 18531847 4199953 1/3/2017 HudBay Mnls HBM 9217307 3805116 1/3/2017 U3O8 Corp UWE 3014800 2980800 1/3/2017 Alamos Gold AGI 8622753 2160005 1/3/2017 Largest decrease in short position Lundin Mng LUN 22028130 -3085739 1/3/2017 Golden Star GSC 4243571 -1999614 1/3/2017 Goldcorp G 7218586 -1822217 1/3/2017 Americas Silvr USA 178426 -1563474 1/3/2017 Suncor Energy SU 12222915 -1040850 1/3/2017

Short positions outstanding as of Jan 16, 2017 (with changes from Jan 03, 2017) Largest short positions First Mg Fin FF 2983072 -425368 1/3/2017 Golden Arrow GRG 414282 -559318 1/3/2017 ATAC Res ATC 330500 306800 1/3/2017 Advantage Lith AAL 313200 104500 1/3/2017 Canasil Res CLZ 293285 291456 1/3/2017 Mason Graphite LLG 205600 -6200 1/3/2017 Metanor Res MTO 187000 -1500 1/3/2017 Avino Silver ASM 128400 18900 1/3/2017 Critical Elem CRE 101406 90916 1/3/2017 Zimtu Capital ZC 91500 55500 1/3/2017 Red Pine Expl RPX 89000 -2000 1/3/2017 Santacruz Silv SCZ 85000 -18601 1/3/2017 Rockcliff Cop RCU 68000 15000 1/3/2017 Integra Gold ICG 61029 21768 1/3/2017 Gold Std Vents GSV 52000 11900 1/3/2017 Largest increase in short position ATAC Res ATC 330500 306800 1/3/2017 Canasil Res CLZ 293285 291456 1/3/2017 Advantage Lith AAL 313200 104500 1/3/2017 Critical Elem CRE 101406 90916 1/3/2017 Zimtu Capital ZC 91500 55500 1/3/2017 Largest decrease in short position GRG 414282 -559318 1/3/2017 Golden Arrow Ashburton Vent ABR 250 -493750 1/3/2017 First Mg Fin FF 2983072 -425368 1/3/2017 Victoria Gold VIT 47600 -290900 1/3/2017 Amarillo Gold AGC 8121 -163879 1/3/2017

DAILY METAL PRICES Daily Metal Prices Date Jan 30 Jan 27 Jan 26 Jan 25 Jan 24 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1585/1600 1600/1615 1600/1615 1595/1610 1600/1615 Aluminum 1806/1810 1826.50/1823 1837/1838 1848.50/1844 1869/1867 Copper 5856/5875 5846.50/5864 5888/5909 5866.50/5892 5878/5890 Lead 2319.50/2293 2364/2310 2389/2387 2378/2358 2389/2359.50 Nickel 9490/9530 9375/9420 9560/9625 9630/9675 9760/9790 Tin 19695/19720 19950/19965 20175/20210 20445/20450 20170/20175 Zinc 2768/2774 2761/2768 2814/2824 2773.50/2787 2796/2815

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1189.85 1184.20 1191.55 1203.50 1213.30 Gold PM 1192.80 1184.85 1189.70 1195.00 1216.80 Silver 17.10 16.70 16.86 16.93 17.15 Platinum 979.00 965.00 972.00 993.00 986.00 Palladium 730.00 722.00 717.00 762.00 785.00

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

Jan 27 Jan 26 Jan 25 Jan 24 Jan 23 1.3091 1.3091 1.3070 1.3155 1.3238 0.7639 0.7639 0.7651 0.7602 0.7554

Exchange rates (Quote Media, January 27, 2017) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0141 0.7151 87.4255 16.2107 10.1979 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6065 5.2550 52.0740 0.7639 894.4941 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3276 0.9361 114.4440 21.2194 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7939 6.8794 68.1565 0.9999 1171.6700

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

19_FEB6_MMMM.indd 19

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

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

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

Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kaizen Discovery Inc. (KZD.RT) - Wt buy sh @ $0.105 to Apr 21/17 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jan 27 Jan 26 Jan 25 Jan 24 Jan 23 High Low S&P/TSX Composite 15575.81 15615.52 15643.84 15610.69 15480.13 15527.30 12400.15 S&P/TSXV Composite 809.62 801.31 799.52 806.74 805.08 1050.26 883.52 S&P/TSX 60 920.60 923.50 924.85 924.13 916.79 896.74 709.99 S&P/TSX Global Gold 209.22 206.89 211.16 215.45 216.81 218.90 149.29 DJ Precious Metals 176.77 176.77 180.99 183.00 177.62 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS JANUARY 23–27, 2017 209 New Highs Mg* Active Growth Agrium Agrium* Alcoa* Alderon Iron Alderon Iron* Alumina Inc* ALX Uranium ALX Uranium* Amarc Res Amerigo Res Amerigo Res* Anglo American* Anglo Pac Grp Antofagasta* Arcturus Vent Asbestos Corp Ashburton Vent Athabasca Mnls* Aurion Res Bannerman Res* Barksdale Cap Barsele Min Barsele Min* Bearing Res Benton Res Berkeley Egy* Bethpage Cap Black Iron BLOX Inc* Brazil Mnrls* Broadway Gd

Brunswick Res Cadillac Vent* Camino Mnls Camino Mnls* Cartier Iron Cda Rare Earth* Century Global Century Global* Champion Iron Champion Iron* Columbus Gold Confedertn Mls Confedertn Ml* Constant Mtl Cordoba Mnls Cordoba Mnls* Cornerstone Ca Cornerstone Ca* Crystal Peak Crystal Peak* Danakali* Denison Mines* Discovery Harb DV Resources Eastfield Res eCobalt Solns* Eloro Mnrls Emerita Res Empire Rock Entree Gold Entree Gold* Excelsior Mng

Excelsior Mng* InZinc Mining InZinc Mining* ExGen Res Inc ExGen Res Inc* Ivanhoe Mines Ivanhoe Mines* Fancamp Expl K2 Gold First Cobalt Kairos Cap First Point Katanga Mng First Quantum Kerr Mines* Fission Uran Kings Bay Gold Fission Uran* Kivalliq Enrgy Flinders Res Labdr Iron Mns* Flinders Res* Formation Mtls Laramide Res Fortescue Mtls* Libero Mg Corp* Lumina Gold* Fortune Mnrls Fortune Mnrls* Lynas Corp* Majestic Gold* Fox River Res* Freeport McMoR*Mariana Res Mariana Res* Fura Emeralds MartinMarietta* General Moly Mazarin General Moly* McLaren Res Gldn Predator Gldn Predator* Medgold Res* Mega Uranium Glencore Plc* Mega Uranium* Globex Mng Melior Res Globex Mng* GoviEx Uranium Metalore Res GoviEx Uranium* Metalore Res* MGX Minerals Gray Rock Res MGX Minerals* GT Gold Happy Ck Mnrls Millennial Lit* Heatherdale Rs Minaurum Gold Mistango River HudBay Mnls Mitchell Res HudBay Mnls*

Purepoint Uran Morien Res* Quaterra Res* Morumbi Res* Rainy Mtn Royl Mosaic* Nevada Clean M* Rio Tinto* Rise Res Inc New Milln Iron New Milln Iron* Rockridge Cap Newmarket Gold Sama Graphite Newmarket Gold* Savoy Vent Nexgen Energy Scientific Met Nexgen Energy* Scorpio Gold Sego Res Nexus Gold Sierra Metals Nexus Gold* Nrthn Freegold Sierra Metals* Nrthn Freegold* Silver Pursuit Southern Copp* Nthn Dynasty Nthn Dynasty* Standard Lith Stans Energy* NX Uranium* NxGold Ltd Stratton Res Oceanic Iron O Taseko Mines Oceanic Iron O* Taseko Mines* Orex Expl Teslin Rvr Res Orocobre Tiller Res Osisko Mng Inc Tinka Res Panex Res* Tinka Res* Pasinex Res Trident Gold PJSC Polyus Gd* Trigon Metals* Plateau Uran Tsodilo Res Plateau Uran* Turquoise HIl* Potash Corp SK UEX Corp Potash Corp SK* Ur-Energy Power Metals Ur-Energy* Power Metals* Uranium Energy* PUF Vent Inc * Vale*

Vangold Res Vedanta* Vendetta Mng Vendetta Mng* Virginia Enrgy Virginia Enrgy* Volcanic Gold Wealth Mnrls Wealth Mnrls* Western Potash Zazu Metals Zazu Metals* Zonte Mtls

17 New Lows

Brio Gold Brunswick Res Contact Mnrls* Goldsource Min Goldsource Min* Intl Lithium* MacDonald Mns* Montego Res Nevada Canyon* Nevada Egy Mtl Orex Mnrls Pershing Gold* Squire Mg Ltd Tirex Res Vanadium One Venerable Vent Winston Gld Mg*

CANADIAN GOLD MUTUAL FUNDS Fund Jan 27 ($) AGF Prec Mtls Fd MF 24.48 19.68 BMO Prec Mtls Fd A BMO ZGD 10.61 BMO ZJG 9.05 11.24 CIBC Prec Metal Fd A Dyn Prec Metls Fd A 6.96 Horizons HEP IGMacGloPrecMetCl A 9.41 iShares XGD 13.07 Mac Prec Met Cl A 53.23 NB Prec Met Fd Inv 13.46 RBC GblPreMetFd A 35.00 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 41.40 Sprott Gold&PrMinFdA 39.89 Sprott SilverEquCl A 7.16 37.24 TD PreciousMetalsInv

Jan 20 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 24.81 -0.33 -1.33 49.52 2.78 158.00 19.87 -0.19 -0.96 50.94 2.40 65.52 10.75 -0.14 -1.29 47.14 0.63 30.02 9.12 -0.08 -0.84 63.26 0.60 73.67 11.43 -0.19 -1.68 28.72 2.62 52.14 7.13 -0.17 -2.38 52.58 2.75 342.76 26.42 -0.19 -0.71 43.18 0.81 9.48 -0.07 -0.73 64.46 2.75 81.35 13.22 -0.15 -1.14 49.96 0.61 736.42 53.65 -0.42 -0.78 67.14 2.51 113.45 13.47 -0.01 -0.07 52.48 2.47 34.41 35.11 -0.11 -0.32 61.79 2.12 379.34 10.00 42.37 -0.98 -2.30 55.46 2.44 203.92 40.32 -0.42 -1.05 51.75 3.12 220.32 7.22 -0.06 -0.87 91.34 3.09 128.12 37.95 -0.71 -1.87 41.18 2.26 127.14

GLOBAL MINING NEWS · SINCE 1915

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2017-01-31 6:10 PM

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FEBRUARY 6–19, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JANUARY 23–27, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 272 0.13 0.11 0.11 + 0.01 0.28 0.04 Abacus Mng &Ex V 1800 0.05 0.05 0.05 + 0.01 0.07 0.04 Abcourt Mines* O 105 0.07 0.06 0.07 + 0.01 0.10 0.04 0.10 + 0.01 0.13 0.05 Abcourt Mines V 569 0.10 0.09 Aben Res V 94 0.12 0.00 0.12 + 0.01 0.34 0.06 Aberdeen Intl* O 272 0.11 0.00 0.11 - 0.01 0.16 0.07 Abitibi Royalt V 17 9.76 9.53 9.53 - 0.07 10.00 2.93 ABT Holdings* O 3 0.26 0.00 0.26 - 0.22 0.76 0.20 O 5 5.25 5.25 5.25 - 0.18 7.47 3.50 Acacia Mining* Acme Res Inc V 8 0.06 0.00 0.06 - 0.03 0.12 0.02 Active Growth V 10982 0.38 0.25 0.32 + 0.05 0.38 0.03 Adamera Mnls* O 99 0.08 0.07 0.07 - 0.00 0.12 0.01 Adamera Mnls V 2990 0.12 0.08 0.09 + 0.01 0.15 0.02 0.20 + 0.01 0.21 0.10 Adriana Res V 1552 0.21 0.19 Advance Gold V 267 0.10 0.08 0.10 + 0.02 0.12 0.01 Advantage Lith V 955 0.90 0.83 0.87 - 0.04 1.34 0.15 Advantage Lith* O 780 0.69 0.63 0.65 - 0.03 1.01 0.49 0.07 + 0.01 0.12 0.04 African Gold V 1495 0.07 0.06 Agnico Eagle T 2804 62.98 58.18 60.29 - 0.56 78.35 39.23 45.92 + 0.28 60.10 28.00 Agnico Eagle* N 7324 47.90 44.34 Agrium T 1933 146.99 136.30 136.88 - 3.27 146.99 104.70 Agrium* N 3291 111.88 103.74 104.29 - 0.90 111.88 79.94 Aguila Amer Gd V 966 0.05 0.04 0.05 + 0.01 0.14 0.04 Alabama Graph* O 704 0.14 0.13 0.13 + 0.01 0.17 0.08 2.40 - 0.04 3.79 1.75 Alacer Gold T 3890 2.47 2.32 Alamos Gold T 4769 11.51 9.56 9.97 - 1.14 13.65 4.31 Alamos Gold* N 10814 8.76 7.30 7.58 - 0.76 10.41 3.07 14 0.07 0.01 0.01 + 0.01 0.20 0.00 Alaska Pac Egy* O 0.35 + 0.02 0.37 0.13 Alberta Star* O 10 0.35 0.33 Alcoa* N 40092 38.94 35.46 36.67 + 1.01 38.94 20.00 Alderon Iron* O 177 0.59 0.42 0.55 + 0.14 0.59 0.05 Alderon Iron T 5234 0.80 0.55 0.72 + 0.19 0.80 0.08 0.04 - 0.01 0.07 0.01 Aldershot Res V 105 0.05 0.04 Aldever Res* O 7 0.06 0.04 0.06 + 0.01 0.11 0.04 0.07 - 0.01 0.56 0.06 Aldever Res V 190 0.08 0.07 Aldridge Min V 1478 0.29 0.27 0.29 + 0.02 0.34 0.12 Alexandria Min V 7260 0.08 0.07 0.07 - 0.01 0.12 0.02 O 391 0.06 0.05 0.06 - 0.00 0.10 0.01 Alexandria Min* Alexco Res T 459 2.43 2.14 2.26 - 0.08 3.31 0.50 1.72 - 0.04 2.54 0.35 Alexco Res* X 1743 1.84 1.64 Algold Res* O 7 0.18 0.18 0.18 - 0.00 0.33 0.09 Algold Res V 1039 0.23 0.22 0.23 + 0.01 0.44 0.07 0.10 + 0.00 0.17 0.05 Alianza Min* O 2 0.10 0.00 Alianza Min V 106 0.14 0.14 0.14 + 0.01 0.21 0.10 V 1187 0.07 0.06 0.07 + 0.01 0.18 0.04 Alix Res Alix Res* O 21 0.06 0.05 0.05 - 0.00 0.12 0.03 0.04 - 0.01 0.05 0.01 Alliance Mng V 270 0.05 0.04 Alliance Res* D 2389 24.50 21.70 24.35 + 2.30 26.65 9.95 Almaden Mnls T 286 1.36 1.31 1.35 + 0.01 2.44 0.78 X 1009 1.05 1.00 1.02 + 0.02 1.88 0.57 Almaden Mnls* Almadex Min V 324 1.63 1.41 1.48 - 0.12 2.00 0.16 Almadex Min* O 580 1.24 1.09 1.12 - 0.09 1.51 0.11 0.07 - 0.01 0.65 0.01 Alset Energy* O 15 0.08 0.07 Alset Energy V 235 0.11 0.10 0.11 + 0.01 0.84 0.02 Alta Vista Vnt 464 0.06 0.05 0.05 - 0.02 0.19 0.03 Altair Res Inc V 720 0.47 0.38 0.39 - 0.06 0.70 0.16 Altair Res Inc* O 5 0.34 0.33 0.33 - 0.01 0.47 0.12 36 0.02 0.02 0.02 + 0.01 0.04 0.01 Altan Rio Mnls V Alternative ER* O 21 0.25 0.21 0.22 - 0.04 0.46 0.18 0.20 + 0.02 0.22 0.04 Altiplano Mnls V 146 0.20 0.17 Altitude Res V 48 0.10 0.09 0.10 + 0.01 0.21 0.02 Altius Mnrls T 285 12.00 11.11 11.69 - 0.22 14.06 7.55 0.06 - 0.01 0.09 0.02 Alto Vent V 67 0.06 0.00 Altura Mng Ltd* O 658 0.14 0.11 0.14 + 0.02 0.30 0.06 0.04 - 0.01 0.08 0.01 Alturas Mnrls V 35 0.05 0.04 Alumina Inc* O 240 6.24 5.35 5.85 + 0.47 6.24 2.78 ALX Uranium V 1894 0.16 0.14 0.14 + 0.01 0.16 0.06 0.11 + 0.02 0.12 0.04 ALX Uranium* O 123 0.12 0.09 Am CuMo Mng V 2258 0.23 0.17 0.22 + 0.04 0.30 0.08 965 0.17 0.13 0.17 + 0.04 0.18 0.05 Am CuMo Mng* O Am Manganese* O 415 0.21 0.18 0.19 - 0.02 0.27 0.01 Am Manganese V 2782 0.28 0.24 0.26 - 0.02 0.38 0.01 Amador Gold V 11 0.13 0.00 0.12 + 0.01 0.40 0.10 Amarc Res V 959 0.14 0.09 0.11 + 0.02 0.14 0.05 0.08 + 0.01 0.10 0.04 Amarc Res* O 43 0.10 0.07 Amarillo Gold V 183 0.42 0.37 0.38 + 0.01 0.68 0.06 Amazing OG* O 38 0.44 0.27 0.41 + 0.08 1.06 0.30 O 112 0.02 0.01 0.02 + 0.00 0.07 0.00 Amer Vanadium* American Lith* O 31 0.11 0.09 0.10 - 0.00 1.24 0.07 American Pot* O 9 0.07 0.00 0.07 + 0.03 0.11 0.03 American Pot 302 0.10 0.06 0.10 + 0.05 0.14 0.03 Amerigo Res* O 356 0.31 0.29 0.29 - 0.01 0.31 0.08 0.16 + 0.04 0.38 0.11 Amex Expl V 584 0.16 0.11 Anaconda Mng T 796 0.08 0.07 0.07 - 0.01 0.11 0.05 O 34 0.06 0.05 0.05 - 0.01 0.09 0.04 Anaconda Mng* Andes Gold* O 112 0.01 0.00 0.01 + 0.00 0.03 0.00 Anfield Nickel V 363 1.33 1.18 1.23 - 0.03 1.94 0.66 0.09 - 0.01 0.22 0.04 Anfield Res* O 132 0.11 0.08 Anfield Res V 6940 0.14 0.11 0.12 + 0.01 0.31 0.05 0.07 - 0.00 0.11 0.02 Angel Gold* O 154 0.09 0.07 Angkor Gold V 30 0.39 0.38 0.39 + 0.01 0.50 0.35 Anglo American* O 3 17.29 16.18 17.10 + 0.92 17.29 3.60 Anglo American* O 552 8.66 8.11 8.53 + 0.61 8.66 1.79 AngloGold Ash* O 7 12.27 0.00 12.25 + 2.18 22.25 10.07 AngloGold Ash* N 18663 12.78 11.70 12.00 - 0.06 22.91 7.97 Antipodes Gold V 105 0.05 0.00 0.05 + 0.01 0.05 0.01 0.90 + 0.07 1.00 0.63 Antler Gold V 87 0.99 0.87 53 10.94 9.77 10.41 + 1.30 10.94 5.26 Antofagasta* O APAC Res Inc 310 0.10 0.06 0.06 - 0.04 0.14 0.03 Apogee Opport V 22 0.19 0.00 0.17 - 0.03 0.44 0.11 8 0.13 0.13 0.13 - 0.00 0.32 0.08 Apogee Opport * O Appia Energy 49 0.25 0.21 0.24 + 0.03 0.30 0.01 Applied Mrnls* O 182 0.11 0.10 0.10 - 0.01 0.28 0.10 Aquila Res* O 283 0.21 0.18 0.18 - 0.02 0.25 0.09 Aquila Res T 244 0.27 0.24 0.24 - 0.05 0.32 0.13 Arch Coal* N 2187 79.28 73.04 73.65 + 0.15 86.47 59.05 V 7 1.45 1.32 1.45 + 0.13 2.05 1.26 Archon Mineral Arctic Star* O 25 0.08 0.08 0.08 - 0.01 0.09 0.04 Arctic Star V 1026 0.12 0.10 0.12 + 0.01 0.40 0.06 Arcturus Vent V 10 0.18 0.11 0.12 + 0.04 0.15 0.03 Arcus Dev Grp V 259 0.15 0.14 0.14 - 0.01 0.20 0.02 0.14 - 0.01 0.25 0.11 Arena Mnls* O 68 0.16 0.00 Argentina Lith* O 11 0.22 0.21 0.21 - 0.02 0.63 0.03 Argentina Lith V 351 0.30 0.23 0.30 - 0.01 0.83 0.04 Argentum Silvr V 25 0.29 0.23 0.29 + 0.06 0.35 0.03 Argex Titanium T 1188 0.06 0.06 0.06 - 0.01 0.11 0.02 Argex Titanium* O 255 0.05 0.05 0.05 - 0.00 0.09 0.01 Argo Gold 55 0.11 0.00 0.11 + 0.04 0.14 0.06 Argonaut Gold T 2997 2.73 2.36 2.40 - 0.28 4.45 1.00 Argonaut Gold* O 109 2.04 1.80 1.83 - 0.20 3.38 0.72 0.01 + 0.00 0.16 0.00 Arian Silver* O 21 0.01 0.01 V 254 0.84 0.77 0.79 - 0.01 1.25 0.68 Arianne Phosph Arianne Phosph* O 107 0.62 0.57 0.60 + 0.00 0.98 0.52 Arizona Mng T 4297 3.15 2.89 3.03 + 0.16 3.49 0.30 Arizona Mng* O 317 2.38 2.17 2.30 + 0.15 2.64 0.21 Arizona Silver V 791 0.24 0.21 0.24 + 0.01 0.28 0.01 Armor Mnrls V 2 0.40 0.00 0.40 + 0.05 0.85 0.12 Arrowstar Res V 240 0.05 0.00 0.05 - 0.01 0.17 0.05 Asanko Gold T 4406 5.07 4.51 4.72 - 0.14 6.09 1.93 Asanko Gold* X 3367 3.85 3.45 3.60 - 0.04 4.68 1.35 Asante Gold 40 0.20 0.16 0.16 - 0.02 0.27 0.05 0.12 - 0.02 0.19 0.05 Asante Gold* O 16 0.14 0.12 Asbestos Corp V 42 0.28 0.20 0.25 + 0.05 0.28 0.14 AsiaBaseMetals V 66 0.37 0.31 0.31 - 0.03 0.40 0.04 Asiamet Res* O 500 0.04 0.04 0.04 - 0.00 0.05 0.03 Aston Bay V 600 0.18 0.15 0.17 + 0.01 0.49 0.15 Astorius Res V 303 0.19 0.17 0.19 - 0.01 0.41 0.01 ATAC Res V 1398 0.49 0.42 0.46 - 0.02 0.95 0.32 Athabasca Mnls* O 98 0.24 0.18 0.19 + 0.01 0.24 0.11 Athabasca Mnls V 1832 0.32 0.23 0.25 + 0.01 0.32 0.14 Atico Mng V 577 0.94 0.85 0.93 + 0.03 0.99 0.16 Atico Mng* O 478 0.72 0.65 0.71 + 0.03 0.75 0.15 Atlanta Gold V 56 0.09 0.00 0.09 + 0.01 0.11 0.06 Atlanta Gold* O 75 0.07 0.06 0.07 - 0.00 0.09 0.04 Atlantic Gold V 3772 1.02 0.93 0.98 + 0.02 1.06 0.23 Atlatsa Res* O 319 0.06 0.05 0.06 + 0.01 0.10 0.02 Atom Energy V 19 0.28 0.00 0.28 + 0.01 0.53 0.16 Atom Energy * O 7 0.22 0.18 0.22 + 0.04 0.23 0.12 Aton Res Inc* O 238 0.06 0.04 0.06 + 0.00 0.12 0.03 Augyva Mng V 1925 0.21 0.19 0.20 - 0.01 0.22 0.08 Aura Mnls T 14 1.85 1.76 1.76 - 0.09 3.10 0.80 Aura Silver Rs V 658 0.05 0.04 0.05 + 0.01 0.08 0.01 Auramex Res V 25 0.03 0.00 0.03 + 0.01 0.03 0.01 Aurania Res V 9 0.55 0.50 0.50 - 0.05 0.73 0.41 Aurcana Corp V 773 0.45 0.37 0.44 - 0.01 0.80 0.12 Aurcana Corp* O 370 0.34 0.28 0.33 + 0.01 0.63 0.08 AurCrest Gold V 201 0.03 0.02 0.02 - 0.01 0.05 0.01 AuRico Metals T 1032 1.25 1.11 1.14 - 0.06 1.26 0.56 AuRico Metals * O 187 0.95 0.84 0.88 - 0.02 0.96 0.40 Aurion Res V 255 0.50 0.41 0.50 + 0.04 0.50 0.06 Aurvista Gold* O 182 0.19 0.16 0.17 - 0.02 0.29 0.02

20-22_FEB6_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aurvista Gold V 1508 Auryn Res* O 769 Auryn Res T 1004 Austin Res V 1367 Austral Gold* O 18 Austral Gold V 125 Avalon Adv Mat* O 316 Avalon Adv Mat T 1179 Avarone Metals 363 Avesoro Res T 7872 Avesoro Res* O 210 Avino Silver* X 3599 Avino Silver V 362 Avnel Gold T 2068 Avnel Gold * O 359 Avrupa Mnls V 157 Avrupa Mnls* O 44 AXE Expl V 804 Axmin Inc V 90 Axmin Inc* O 11 Azarga Mtls V 287 Azarga Mtls* O 10 O 12 Azarga Uranium* Azarga Uranium T 130 Azimut Expl V 30 Azincourt Uran V 258

0.25 0.21 0.21 - 0.03 0.39 0.03 2.87 2.44 2.54 - 0.29 3.18 0.83 3.78 3.21 3.35 - 0.35 4.17 1.15 0.03 0.03 0.03 + 0.01 0.05 0.01 0.13 0.11 0.11 + 0.01 0.19 0.08 0.18 0.15 0.17 - 0.02 0.22 0.12 0.16 0.14 0.15 + 0.01 0.26 0.00 0.21 0.19 0.19 - 0.01 0.33 0.10 0.04 0.03 0.03 - 0.01 0.14 0.02 0.04 0.03 0.04 + 0.01 0.30 0.02 0.03 0.02 0.03 + 0.01 0.17 0.01 1.59 1.40 1.57 + 0.17 3.14 0.75 2.09 1.85 2.06 + 0.20 4.05 1.03 0.30 0.27 0.29 + 0.02 0.39 0.18 0.23 0.21 0.22 + 0.01 0.30 0.13 0.13 0.13 0.13 + 0.01 0.25 0.08 0.11 0.09 0.11 + 0.01 0.19 0.05 0.03 0.03 0.03 + 0.01 0.05 0.01 0.06 0.05 0.05 - 0.01 0.10 0.01 0.05 0.03 0.03 - 0.02 0.06 0.01 0.29 0.00 0.27 - 0.01 0.60 0.05 0.20 0.00 0.20 - 0.01 1.21 0.03 0.35 0.30 0.33 + 0.02 0.44 0.14 0.46 0.42 0.43 - 0.02 0.57 0.18 0.42 0.39 0.42 + 0.01 0.68 0.11 0.11 0.08 0.08 - 0.02 0.14 0.04

B2Gold* X 20379 B2Gold T 38772 Bacanora Mnls V 222 Balmoral Res T 2263 Balmoral Res* O 679 Bama Gold 450 Bannerman Res* O 1197 Banro T 1674 X 5119 Banro* Banyan Gold V 402 Barisan Gold V 521 Barkerville Go* O 39 Barkerville Go V 1411 V 63 Barksdale Cap Barrick Gold* N 99690 Barrick Gold T 19196 Barsele Min* O 233 Barsele Min V 372 Batero Gold V 231 Battle Mtn Gld V 445 Battle Mtn Gld* O 265 Bayhorse Silvr* O 131 Bayhorse Silvr V 227 O 105 Bayswater Uran* Bayswater Uran V 472 BC Moly V 15 BCM Res V 15 BE Res V 71 547 Bear Creek Mng V Bearing Res V 691 Beaufield Res* O 136 Bell Copper V 23 Bell Copper* O 1 V 123 Bellhaven Cp&G Bellhaven Cp&G* O 53 Belmont Res V 301 Belo Sun Mng T 1500 Benton Res V 3811 Berkeley Egy* O 20 Berkwood Res V 52 Besra Gold* O 3209 Bethpage Cap V 80 Big Bar Res V 1331 16 Bison Gold Res V Bitterroot Res* O 204 Black Dragon V 359 Black Dragon* O 43 Black Hills* N 1211 Black Iron T 7050 Black Isle Res V 76 Black Mam Mtls V 36 Black Sea Cop V 207 Blackheath Res V 407 173 Blind Crk Res V BLOX Inc* O 165 Blue Sky Uran* O 5 Bold Vent V 1124 BonTerra Res* O 34 Borneo Res Inv* O 37223 Bowmore Expl V 65 Bravada Gold* O 105 Bravada Gold V 771 Braveheart Res V 58 O 1996 Bravo Multinat* Bravura Vent * O 2 Bravura Vent 1340 Brazil Mnrls* O 48347 BrightRock Gld* O 100 Brio Gold T 81 Britannia Mng* O 126 Brixton Mtls* O 157 Brixton Mtls V 1082 Broadway Gd Mg* O 34 Brookmount Exp* O 50 Brunswick Res V 357 Buenaventura* N 4323 Bullfrog Gold* O 374

3.05 2.83 2.94 + 0.11 3.65 0.72 4.00 3.73 3.88 + 0.12 4.74 1.00 1.27 1.20 1.21 - 0.01 1.95 1.01 0.95 0.76 0.90 + 0.16 1.28 0.35 0.73 0.56 0.69 + 0.13 0.99 0.26 0.06 0.00 0.06 + 0.01 0.60 0.03 0.06 0.03 0.06 + 0.02 0.06 0.01 0.27 0.23 0.25 - 0.01 0.62 0.20 0.20 0.18 0.18 - 0.01 0.48 0.15 0.07 0.06 0.07 + 0.01 0.13 0.02 0.02 0.00 0.02 - 0.01 0.04 0.02 0.40 0.37 0.38 + 0.02 0.60 0.18 0.52 0.48 0.49 + 0.01 0.76 0.25 0.65 0.41 0.55 + 0.15 0.65 0.01 18.35 17.21 17.79 + 0.68 23.47 9.30 24.13 22.92 23.38 + 0.56 30.45 13.05 1.12 1.02 1.08 + 0.01 1.12 0.07 1.47 1.30 1.43 + 0.03 1.47 0.09 0.12 0.10 0.10 - 0.02 0.23 0.05 0.38 0.33 0.36 + 0.01 0.95 0.12 0.29 0.25 0.27 + 0.01 0.73 0.09 0.11 0.10 0.10 - 0.00 0.22 0.04 0.16 0.14 0.14 - 0.01 0.29 0.06 0.07 0.05 0.07 + 0.02 0.07 0.00 0.09 0.08 0.08 + 0.01 0.09 0.02 0.06 0.00 0.05 - 0.01 0.09 0.03 0.12 0.11 0.11 - 0.01 0.32 0.07 0.33 0.26 0.26 - 0.05 0.50 0.25 2.95 2.55 2.70 - 0.19 3.77 0.55 1.00 0.75 0.90 + 0.18 1.00 0.13 0.09 0.08 0.09 + 0.01 0.12 0.04 0.06 0.00 0.05 - 0.01 0.07 0.01 0.03 0.02 0.03 + 0.01 0.06 0.00 0.55 0.46 0.53 - 0.02 0.78 0.04 0.42 0.36 0.41 + 0.05 0.61 0.03 0.06 0.05 0.05 - 0.01 0.12 0.02 0.97 0.85 0.85 - 0.03 1.10 0.25 0.14 0.10 0.12 + 0.03 0.14 0.04 0.92 0.77 0.85 + 0.09 0.92 0.31 0.12 0.00 0.11 - 0.01 0.25 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.11 0.09 0.11 + 0.01 0.11 0.03 0.64 0.56 0.59 - 0.02 0.69 0.29 0.39 0.37 0.39 - 0.02 0.50 0.10 0.21 0.14 0.17 - 0.03 0.21 0.02 0.05 0.00 0.05 + 0.02 0.10 0.01 0.03 0.02 0.03 + 0.00 0.07 0.00 62.70 61.36 62.08 + 0.53 64.58 48.12 0.08 0.05 0.06 + 0.01 0.08 0.03 0.05 0.05 0.05 - 0.01 0.05 0.02 0.09 0.08 0.09 + 0.02 0.13 0.04 0.33 0.00 0.30 - 0.04 0.54 0.23 0.08 0.07 0.08 - 0.02 0.18 0.06 0.17 0.14 0.15 + 0.02 0.18 0.03 0.15 0.13 0.14 + 0.02 0.14 0.01 0.26 0.00 0.26 - 0.00 0.47 0.04 0.04 0.03 0.04 + 0.01 0.06 0.02 0.19 0.18 0.18 - 0.01 0.37 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.10 0.11 + 0.01 0.16 0.05 0.17 0.16 0.16 - 0.02 0.31 0.04 0.23 0.20 0.20 - 0.03 0.40 0.04 0.05 0.05 0.05 - 0.01 0.08 0.02 0.01 0.01 0.01 - 0.00 0.10 0.00 0.16 0.16 0.16 + 0.00 0.49 0.10 0.24 0.18 0.18 - 0.06 0.59 0.02 0.03 0.00 0.03 - 0.03 0.50 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 3.33 3.02 3.15 - 0.08 3.59 3.02 0.01 0.00 0.01 + 0.00 0.02 0.00 0.35 0.27 0.32 - 0.02 0.92 0.06 0.46 0.36 0.41 + 0.02 1.20 0.07 0.78 0.67 0.67 - 0.07 0.78 0.22 0.02 0.01 0.01 - 0.01 0.02 0.00 0.05 0.00 0.05 + 0.02 0.05 0.01 13.79 12.86 13.31 + 0.16 16.45 3.83 0.13 0.10 0.11 - 0.01 0.19 0.01

Cache Expl V 135 Cadan Res V 8 Caledonia Mng T 195 Q 188 Caledonia Mng* Calibre Mng V 1983 California Gld V 295 California Go* O 2 Callinex Mines* O 519 Callinex Mines V 1678 Cameco Corp* N 21780 Cameco Corp T 14621 Cameo Res* O 43 Camino Mnls V 643 Camino Mnls* O 62 Camrova Res V 469 Camrova Res* O 151 Canadian Zeol* O 67 Canadian Zeol V 783 CanAlaska Uran V 621 CanAlaska Uran* O 203 Canamex Res* O 14 Canarc Res* Q 438 Canasil Res V 1173 Candente Coppr T 490 Candente Gold V 188 Canex Energy V 303 CaNickel Mng V 10 Canoe Mng Vent V 101 Canstar Res V 558 Cantex Mn Dev V 132 Canyon Gold* O 1721 Capstone Mng T 6583 Cardero Res* O 8 Carlin Gold V 271 Carmax Mng V 410 Cartier Iron 587 Carube Copper V 141 Cascadero Copp V 3747 Castle Peak Mg V 2794 Cda Carbon* O 97 Cda Rare Earth V 536 Cda Rare Earth* O 22 Cda Strtgc Met V 680 Cda Strtgc Met * O 32 Cdn Metals 126 Cdn Orebodies V 223 Cdn Zinc* Q 530 Cdn Zinc T 1765 Centamin T 32 Centenera Mng* O 115 Centerra Gold T 3158 Central Iron V 1312 Centurion Mnls V 793 Century Global* O 4 Century Global T 90

0.18 0.15 0.15 - 0.01 0.18 0.03 0.04 0.00 0.04 - 0.01 0.09 0.04 1.90 1.69 1.76 + 0.01 2.42 0.84 1.45 1.28 1.34 + 0.05 1.84 0.59 0.20 0.18 0.19 - 0.01 0.27 0.07 0.47 0.42 0.47 + 0.02 0.80 0.35 0.36 0.33 0.33 - 0.03 0.56 0.28 0.31 0.26 0.27 - 0.01 0.54 0.19 0.40 0.35 0.35 - 0.02 0.69 0.27 13.33 11.72 12.98 + 1.24 13.59 7.41 17.49 15.60 17.03 + 1.38 17.67 9.88 0.03 0.02 0.03 - 0.00 0.05 0.02 0.38 0.21 0.33 + 0.10 0.36 0.07 0.27 0.17 0.27 + 0.09 0.27 0.00 0.19 0.12 0.15 + 0.04 0.40 0.10 0.11 0.09 0.11 + 0.02 0.14 0.07 0.90 0.81 0.89 + 0.00 1.46 0.06 1.19 1.07 1.18 + 0.04 1.95 0.08 0.67 0.57 0.58 + 0.02 1.55 0.13 0.51 0.43 0.46 + 0.03 1.20 0.09 0.10 0.00 0.10 + 0.01 0.11 0.07 0.06 0.06 0.06 - 0.00 0.12 0.04 0.20 0.17 0.18 - 0.02 0.73 0.14 0.12 0.11 0.12 + 0.01 0.18 0.03 0.04 0.04 0.04 + 0.01 0.09 0.02 0.13 0.11 0.12 + 0.02 0.15 0.03 0.05 0.00 0.05 - 0.01 0.11 0.03 0.08 0.07 0.07 - 0.01 0.10 0.02 0.20 0.12 0.17 - 0.02 0.21 0.00 0.06 0.05 0.05 - 0.01 0.15 0.03 0.02 0.01 0.01 - 0.01 0.46 0.01 1.49 1.29 1.46 + 0.14 1.52 0.32 0.13 0.00 0.13 + 0.01 0.18 0.05 0.07 0.05 0.05 - 0.02 0.08 0.01 0.03 0.03 0.03 + 0.01 0.04 0.02 0.16 0.08 0.15 + 0.06 0.16 0.03 0.10 0.00 0.10 + 0.02 0.20 0.06 0.16 0.11 0.14 + 0.02 0.17 0.03 0.02 0.02 0.02 - 0.01 0.08 0.01 0.20 0.19 0.19 - 0.00 0.28 0.18 0.06 0.05 0.05 - 0.01 0.06 0.02 0.05 0.03 0.04 + 0.00 0.05 0.01 0.12 0.10 0.11 + 0.01 0.26 0.03 0.09 0.09 0.09 - 0.01 0.19 0.01 0.11 0.09 0.11 + 0.02 0.44 0.06 0.40 0.19 0.23 + 0.03 0.40 0.20 0.21 0.18 0.20 + 0.00 0.32 0.06 0.28 0.25 0.27 + 0.03 0.41 0.08 2.56 2.36 2.49 + 0.03 3.05 1.35 0.21 0.17 0.20 + 0.01 0.37 0.04 6.75 6.49 6.55 - 0.05 8.13 5.56 0.04 0.03 0.03 - 0.01 0.04 0.01 0.08 0.07 0.08 + 0.01 0.16 0.05 0.40 0.39 0.40 + 0.16 0.40 0.15 0.72 0.40 0.46 + 0.11 0.72 0.13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cerro Grande* O 1 0.01 0.01 0.01 - 0.00 0.06 0.00 Ceylon Graph V 153 0.30 0.00 0.26 + 0.01 0.35 0.20 Chalice Gold M T 35 0.17 0.15 0.17 + 0.01 0.21 0.11 Champion Bear V 103 0.13 0.00 0.11 - 0.02 0.24 0.03 Champion Iron* O 2394 1.12 0.72 0.83 + 0.12 1.12 0.11 Champion Iron T 28023 1.47 0.94 1.12 + 0.18 1.47 0.13 Chantrell Vent V 204 0.08 0.06 0.08 + 0.02 0.19 0.05 Chesapeake Gld* O 31 3.28 3.06 3.06 - 0.20 5.03 1.26 Chesapeake Gld V 74 4.45 4.00 4.02 - 0.28 6.50 1.78 Chevron* N 33988 117.82 112.85 113.79 - 1.81 119.00 79.85 Chilean Metals V 500 0.22 0.19 0.20 + 0.02 0.30 0.05 Chilean Metals* O 88 0.17 0.15 0.15 + 0.00 0.22 0.04 China Gold Int T 1209 2.65 2.49 2.56 - 0.05 3.67 1.84 China Mnls Mng V 293 0.02 0.02 0.02 + 0.01 0.03 0.01 Cibolan Gold* O 123 0.02 0.00 0.02 - 0.01 0.13 0.02 CKR Carbon V 506 0.13 0.10 0.11 - 0.02 0.14 0.06 Claim Post Res V 585 0.04 0.04 0.04 - 0.01 0.06 0.01 Clean Comm V 2022 0.10 0.07 0.09 + 0.02 0.17 0.02 Clean Comm* O 22 0.06 0.05 0.06 + 0.01 0.13 0.01 Clear Mtn Res V 416 1.64 1.45 1.45 - 0.17 2.03 0.10 Cleghorn Mnls V 159 0.12 0.11 0.11 - 0.05 0.16 0.08 Clifton Mng* O 79 0.14 0.09 0.14 + 0.02 0.16 0.06 Cloud Peak En* N 7026 5.88 5.07 5.84 + 0.51 8.04 1.27 191 0.10 0.09 0.10 + 0.01 0.10 0.05 CMX Gold & Sil Cobalt Pwr Grp V 713 0.09 0.08 0.08 + 0.01 0.12 0.04 CobalTech M’g* O 25 0.17 0.13 0.17 + 0.03 0.23 0.01 CobalTech M’g V 1018 0.23 0.18 0.22 + 0.03 0.35 0.02 Coeur Mng* N 16929 12.30 10.97 11.26 - 0.15 16.41 1.93 Colombia Crest V 303 0.02 0.01 0.02 + 0.01 0.04 0.01 Colorado Res* O 157 0.21 0.19 0.21 + 0.01 0.54 0.04 Colorado Res V 1234 0.29 0.26 0.29 + 0.04 0.71 0.06 Columbus Gold* O 1589 0.72 0.63 0.66 + 0.00 0.72 0.24 Columbus Gold T 2069 0.94 0.83 0.85 - 0.02 0.94 0.32 Commerce Res* O 109 0.06 0.04 0.05 + 0.01 0.08 0.04 Commerce Res V 1050 0.07 0.06 0.07 + 0.01 0.10 0.05 Comstock Mng* X 1795 0.26 0.23 0.23 - 0.02 0.62 0.19 V 312 0.17 0.14 0.15 + 0.01 0.43 0.10 Comstock Mtls Condor Res V 110 0.09 0.08 0.09 + 0.01 0.12 0.02 Confedertn Ml* O 18 0.80 0.67 0.74 + 0.13 0.80 0.31 Confedertn Mls V 247 1.06 0.84 0.91 + 0.09 9.00 0.46 Cons Woodjam V 158 0.08 0.07 0.08 - 0.02 0.09 0.02 CONSOL Energy* N 11569 19.76 18.22 19.00 + 0.72 22.34 6.50 Constant Mtl V 1279 0.15 0.13 0.14 + 0.01 0.15 0.05 Contact Mnrls* O 90 0.05 0.05 0.05 - 0.01 0.12 0.05 Contintl Gold* O 116 3.49 3.22 3.30 - 0.11 3.60 0.97 Contintl Gold T 2034 4.63 4.23 4.34 - 0.22 4.73 1.35 Contintl Prec T 17 0.31 0.00 0.31 - 0.05 0.40 0.25 Copper Ck Gold V 31 0.08 0.07 0.07 - 0.01 0.11 0.06 0.19 0.14 0.17 + 0.03 0.24 0.11 Copper Fox Mtl V 2487 Copper Fox Mtl* O 32 0.13 0.00 0.13 + 0.02 0.17 0.08 Copper Mtn Mng* O 44 0.93 0.85 0.86 + 0.01 0.95 0.29 Copper Mtn Mng T 5611 1.22 1.11 1.15 + 0.03 1.25 0.38 Copper North M V 716 0.12 0.10 0.11 - 0.01 0.35 0.10 Copper North M* O 3 0.08 0.00 0.08 + 0.00 0.16 0.07 Copperbank Res 139 0.08 0.07 0.07 - 0.01 0.10 0.03 Copperbank Res* O 52 0.06 0.04 0.06 - 0.00 0.08 0.01 Coral Gold V 128 0.30 0.28 0.29 - 0.02 0.39 0.05 Cordoba Mnls V 4763 1.45 1.02 1.45 + 0.52 1.40 0.12 Cordoba Mnls* O 1262 1.07 0.77 1.03 + 0.33 1.07 0.11 Corex Gold V 679 0.15 0.13 0.14 + 0.02 0.21 0.04 Cornerstone Ca V 3448 0.23 0.18 0.21 + 0.03 0.23 0.02 O 281 0.18 0.14 0.17 + 0.03 0.18 0.01 Cornerstone Ca* Coro Mining T 436 0.18 0.17 0.18 + 0.02 0.21 0.02 Coronet Mtls V 17 0.36 0.00 0.34 - 0.03 0.71 0.03 Coronet Mtls* O 9 0.29 0.27 0.29 + 0.02 0.56 0.02 Corsa Coal V 348 3.60 2.71 3.31 + 0.53 3.82 0.40 Corvus Gold T 143 0.69 0.62 0.62 - 0.04 1.38 0.39 Corvus Gold* O 71 0.53 0.48 0.48 - 0.01 1.05 0.28 Cougar Mnls V 632 0.45 0.41 0.45 + 0.05 0.82 0.28 Crazy Horse Res V 255 0.03 0.02 0.02 - 0.01 0.07 0.01 Critical Elem V 2695 0.74 0.65 0.68 + 0.01 0.75 0.14 Critical Elem* O 91 0.56 0.51 0.53 + 0.07 0.58 0.10 Cruz Cap Corp* O 105 0.11 0.09 0.11 + 0.01 0.18 0.07 0.17 0.13 0.17 + 0.04 0.25 0.02 Cruz Cap Corp V 4664 Crystal Lake V 51 0.33 0.28 0.28 - 0.02 0.43 0.22 Crystal Lake* O 50 0.25 0.21 0.24 + 0.00 0.30 0.15 Crystal Peak* O 550 0.42 0.36 0.37 - 0.02 0.42 0.13 Crystal Peak V 455 0.56 0.50 0.51 - 0.01 0.56 0.17 CWN M’g Acq V 600 0.20 0.18 0.19 - 0.02 0.27 0.11 Cypress Dev* O 88 0.09 0.08 0.08 - 0.01 0.16 0.03 Cypress Dev V 438 0.12 0.11 0.11 - 0.01 0.20 0.05

D-F Dajin Res V 567 Dajin Res* O 766 Dakota Ter Res* O 66 Daleco Res* O 195 Dalradian Res* O 685 Dalradian Res T 1519 Damara Gold V 9 Danakali* O 504 Darnley Bay V 979 Darnley Bay* O 125 Debut Dmds 4649 Decade Res* O 1012 Defiance Silvr* O 125 Defiance Silvr V 253 Denison Mines T 9799 Denison Mines* X 5915 Desert Gold V 11 Detour Gold T 6691 O 1064 Diamante Min* Diamcor Mng V 472 Diamcor Mng* O 26 Diamond Fields* O 11 Dios Expl V 197 Discovery Gold* O 99 Discovery Mnls* O 14263 Ditem Explor* O 12 DNI Metals 104 DNI Metals* O 1 Dolly Vard Sil* O 74 Dolly Vard Sil V 286 Dominion Diam T 897 Dominion Diam* N 1223 Double Crn Res* O 7405 DRDGOLD* N 1676 Duncan Park H V 193 Dundee Prec Mt T 828 Dunnedin Vent* O 18 Duran Vent * O 310 Duran Vent V 280 Durango Res V 227 DuSolo Fertil V 363 DV Resources V 1051 Dynacor Gld Mn T 245 O 2 DynaResource* Dynasty Gold V 183 O 8 Dynasty Met&Mn* Eagle Graphite* O 35 Eagle Plains V 577 East Africa V 690 East Africa * O 29 Eastern Platin* O 17 Eastern Platin T 471 Eastern Res* O 5 Eastfield Res V 1430 Eastmain Res T 1885 Eco Oro Mnls T 255 eCobalt Solns* O 480 Edgewater Expl V 5 El Nino Vent V 576 Elcora Res V 413 Elcora Res* O 25 Eldorado Gold* N 21657 Eldorado Gold T 11932 Eloro Mnrls V 165 Ely Gold & Mnl V 546 Ely Gold & Mnl* O 440 Elysee Dev V 67 Emerita Res V 1826 Emgold Mng* O 59 Empire Rock V 171 Encanto Potash* O 205 Encanto Potash V 6070 Endeavour Mng T 1108 Endeavour Mng* O 90 Endeavr Silver T 1950 Endurance Gold V 211 Energizer Res* O 506 Energy Fuels* X 5876 Energy Fuels T 2252

0.15 0.14 0.14 - 0.01 0.30 0.11 0.11 0.10 0.11 + 0.01 0.24 0.08 0.10 0.05 0.10 + 0.05 0.20 0.02 0.01 0.01 0.01 + 0.00 0.05 0.01 1.01 0.88 1.00 + 0.09 1.27 0.47 1.32 1.17 1.32 + 0.13 1.68 0.68 0.06 0.05 0.06 + 0.02 0.10 0.04 0.62 0.53 0.60 + 0.11 0.62 0.17 0.42 0.33 0.37 + 0.02 0.50 0.01 0.30 0.24 0.30 + 0.05 0.37 0.00 0.02 0.00 0.02 - 0.01 0.03 0.01 0.05 0.04 0.04 - 0.01 0.10 0.00 0.29 0.26 0.26 - 0.01 0.49 0.04 0.38 0.35 0.38 + 0.01 0.63 0.06 1.08 0.93 0.98 + 0.03 1.09 0.49 0.84 0.70 0.74 + 0.02 0.84 0.37 0.28 0.25 0.27 - 0.01 0.30 0.09 18.73 16.47 16.79 - 0.58 35.93 15.36 0.21 0.12 0.21 + 0.07 0.55 0.10 1.10 0.99 1.10 + 0.06 1.50 0.75 0.84 0.78 0.78 - 0.06 1.11 0.54 0.13 0.11 0.12 + 0.01 0.15 0.10 0.09 0.08 0.08 - 0.01 0.19 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.04 0.04 + 0.01 0.10 0.02 0.03 0.02 0.03 + 0.00 0.06 0.01 0.60 0.54 0.58 - 0.03 0.81 0.09 0.79 0.71 0.75 - 0.04 1.11 0.14 13.78 13.19 13.24 - 0.23 16.82 10.47 10.55 10.03 10.07 - 0.04 12.65 7.92 0.01 0.00 0.01 + 0.00 0.02 0.00 6.10 5.33 5.45 - 0.39 9.10 2.72 0.02 0.02 0.02 + 0.01 0.03 0.01 3.12 2.89 2.93 - 0.11 4.14 0.88 0.14 0.14 0.14 - 0.02 0.20 0.04 0.07 0.06 0.06 - 0.01 0.10 0.05 0.09 0.08 0.09 + 0.01 0.20 0.07 0.06 0.05 0.05 - 0.01 0.21 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 0.06 0.02 0.06 + 0.04 0.06 0.02 2.71 2.45 2.52 - 0.07 3.71 1.79 1.70 1.00 1.70 - 0.04 2.00 0.00 0.03 0.02 0.02 - 0.01 0.03 0.01 0.20 0.19 0.19 - 0.01 0.34 0.08 0.03 0.02 0.03 + 0.01 0.05 0.02 0.15 0.14 0.14 + 0.01 0.17 0.06 0.29 0.25 0.25 - 0.02 0.36 0.05 0.19 0.16 0.17 + 0.00 0.28 0.03 0.35 0.33 0.35 + 0.01 0.89 0.32 0.45 0.42 0.42 - 0.02 1.19 0.42 0.03 0.00 0.03 - 0.01 0.10 0.02 0.06 0.04 0.05 + 0.01 0.06 0.02 0.54 0.46 0.48 - 0.05 0.97 0.29 0.69 0.64 0.65 - 0.04 0.87 0.13 0.64 0.53 0.61 + 0.09 0.64 0.34 0.18 0.17 0.18 + 0.01 0.28 0.06 0.03 0.00 0.02 - 0.01 0.05 0.01 0.39 0.32 0.37 + 0.02 0.75 0.29 0.28 0.27 0.27 - 0.00 0.55 0.22 3.58 3.34 3.43 - 0.03 5.16 2.19 4.71 4.38 4.51 - 0.12 6.71 3.09 0.65 0.52 0.55 + 0.05 0.65 0.14 0.19 0.16 0.16 - 0.02 0.27 0.05 0.16 0.11 0.12 - 0.01 0.20 0.03 0.47 0.00 0.47 + 0.03 0.49 0.18 0.19 0.14 0.15 - 0.02 0.19 0.02 0.02 0.02 0.02 + 0.00 0.04 0.00 0.27 0.00 0.23 + 0.11 0.27 0.07 0.11 0.09 0.09 - 0.01 0.14 0.04 0.14 0.11 0.12 - 0.02 0.18 0.06 25.05 23.56 24.13 + 0.25 27.17 8.16 19.00 17.94 18.35 + 0.41 20.85 5.85 5.63 5.12 5.40 - 0.09 7.75 1.67 0.05 0.05 0.05 - 0.01 0.07 0.02 0.05 0.05 0.05 - 0.00 0.10 0.04 2.57 2.19 2.25 + 0.05 2.98 1.29 3.38 2.92 2.95 + 0.03 3.98 1.74

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Engold Mines* O 114 Ensurge* O 286 Entree Gold T 1190 Entree Gold* X 1579 Equitas Res V 402 Equitas Res* O 73 Erdene Res Dev T 1669 59 Erdene Res Dev* O Erin Ventures V 3429 132 Eros Res Corp* O 238 Eros Res Corp V 238 Eros Res Corp V Eskay Mng V 320 Ethos Gold* O 29 Ethos Gold V 22 Eurasian Mnls V 253 X 444 Eurasian Mnls* Eureka Res V 143 14 Euro Sun Mg* O 85 T Euro Sun Mg O 32 EurOmax Res* O 48 European Metal* Everest Vent V 22 Everton Res V 1214 Everton Res* O 24 Evolving Gold 14 O 23 Evolving Gold* Evrim Res V 560 Excellon Res* O 273 Excellon Res T 703 O 64 Excelsior Mng* Excelsior Mng V 644 Exeter Res* X 943 Exeter Res T 379 ExGen Res Inc V 2407 40 ExGen Res Inc* O O 2231 Expedition Mng* Explor Res* O 129 Explor Res V 810 Explorex Res 128 Fairmont Res V 452 Falco Res V 1517 Falcon Gold V 395 Fancamp Expl V 4814 Far Res 2470 Filo Mg Corp V 1509 Finlay Minrls V 190 Finore Mng 1204 Finore Mng* O 49 Fiore Explor* O 246 Fiore Explor V 1463 Firesteel Res V 176 O 132 Firma Holdings* First Bauxite V 177 First Cobalt V 331 First Energy* O 13 First Liberty* O 9906 First Majestic* N 20638 First Majestic T 6327 First Mexican V 499 V 3743 First Mg Fin First Mg Fin * O 4140 First Point* O 61 First Point V 1004 First Quantum T 20807 V 3314 Fission 3.0 Fission Uran T 5551 Fission Uran* O 2011 Fjordland Exp V 171 Flinders Res V 2550 Flinders Res* O 1653 O 984 Focus Graphite* Focus Vent V 1864 Foran Mng V 132 T 1356 Formation Mtls Forrester Met V 493 Forsys Metals T 2182 24 Fort St J Nick V O 120 Fortescue Mtls* T 3544 Fortuna Silvr 12217 Fortuna Silvr* N Fortune Bay V 10 Fortune Bay* O 6 Fortune Mnrls T 8823 O 1352 Fortune Mnrls* V 1012 Forum Uranium O 232 Forum Uranium* Four River V 1543 2 Fox River Res* O 179 Fox River Res N 3383 Franco-Nevada* Franco-Nevada T 2753 Freegold Vent T 277 219840 N Freeport McMoR* Freeport Res V 250 Fresnillo plc* O 7 Frontline Gold V 753 9 Full Metal Mnl V Fura Emeralds V 778

0.02 0.12 - 0.02 0.14 0.13 0.12 0.01 0.08 - 0.01 0.10 0.08 0.07 0.26 0.69 - 0.01 0.80 0.80 0.65 0.18 0.53 - 0.03 0.61 0.61 0.49 0.19 0.25 + 0.02 1.30 0.25 0.23 0.16 0.17 - 0.00 0.18 0.18 0.16 0.84 0.76 0.84 + 0.08 0.90 0.14 0.64 0.58 0.63 + 0.06 0.69 0.11 0.04 0.06 + 0.01 0.07 0.06 0.04 0.16 0.13 0.16 + 0.00 0.17 0.06 0.20 0.18 0.18 - 0.02 0.23 0.09 0.20 0.18 0.18 - 0.02 0.23 0.09 0.10 0.22 - 0.01 0.42 0.23 0.19 0.05 0.16 - 0.01 0.32 0.19 0.16 0.14 0.21 - 0.04 0.41 0.24 0.00 0.52 1.40 - 0.09 1.84 1.50 1.32 0.37 1.08 - 0.02 1.40 1.15 1.00 0.05 0.11 - 0.01 0.17 0.13 0.10 0.69 0.60 0.62 - 0.02 1.06 0.47 0.89 0.79 0.82 - 0.01 1.45 0.62 0.26 0.44 - 0.01 0.59 0.44 0.42 0.00 0.00 - 0.01 0.01 0.00 0.00 0.09 1.35 + 0.10 1.52 1.35 1.22 0.01 0.05 - 0.01 0.20 0.06 0.05 0.01 0.05 + 0.01 0.14 0.05 0.04 0.04 0.18 - 0.03 0.50 0.21 0.00 0.02 0.14 - 0.01 0.38 0.16 0.14 0.16 0.33 + 0.03 0.43 0.36 0.26 0.19 1.39 - 0.01 1.85 1.44 1.29 0.26 1.83 - 0.04 2.40 1.91 1.69 0.14 0.60 + 0.06 0.63 0.63 0.53 0.19 0.77 + 0.04 0.83 0.83 0.71 0.35 0.95 + 0.12 1.48 1.05 0.84 0.50 1.24 + 0.14 1.94 1.38 1.13 0.02 0.02 0.02 + 0.01 0.02 0.01 0.00 0.01 0.00 + 0.02 0.02 0.01 0.03 0.07 + 0.01 0.22 0.08 0.00 0.04 0.07 - 0.01 0.18 0.08 0.06 0.07 0.09 - 0.02 0.24 0.10 0.09 0.05 0.15 - 0.01 0.19 0.16 0.14 0.02 0.10 - 0.01 0.23 0.11 0.08 0.34 0.94 + 0.02 1.39 0.98 0.88 0.03 0.05 - 0.01 0.20 0.06 0.05 0.02 0.07 + 0.01 0.08 0.08 0.07 0.02 0.07 - 0.01 0.15 0.07 0.06 1.93 1.70 1.93 + 0.23 2.15 0.64 0.03 0.06 + 0.01 0.09 0.06 0.05 0.01 0.35 - 0.01 0.50 0.39 0.34 0.02 0.27 + 0.01 0.41 0.32 0.26 0.02 0.32 - 0.02 0.55 0.33 0.30 0.03 0.41 - 0.02 0.76 0.44 0.38 0.01 0.04 - 0.02 0.06 0.05 0.04 0.02 0.04 + 0.01 0.11 0.04 0.04 0.03 0.06 + 0.02 0.07 0.06 0.04 0.22 0.55 + 0.10 0.50 0.55 0.45 0.01 0.05 - 0.00 0.12 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 9.66 8.78 9.21 + 0.10 19.15 2.80 12.09 - 0.06 24.96 3.94 12.69 11.51 0.02 0.02 + 0.01 0.08 0.03 0.02 0.86 0.80 0.82 - 0.03 1.31 0.36 0.65 0.60 0.61 - 0.03 1.02 0.26 0.03 0.08 + 0.01 0.08 0.08 0.07 0.04 0.11 + 0.02 0.14 0.12 0.09 16.39 - 0.51 17.51 2.47 17.51 16.25 0.11 0.09 0.09 + 0.01 0.11 0.05 0.49 0.84 + 0.05 0.89 0.89 0.79 0.36 0.64 + 0.06 0.68 0.68 0.59 0.01 0.05 - 0.01 0.17 0.05 0.05 0.13 0.83 + 0.02 0.92 0.92 0.83 0.09 0.64 + 0.04 0.69 0.69 0.63 0.04 0.07 - 0.00 0.23 0.08 0.06 0.05 0.05 - 0.01 0.11 0.06 0.05 0.06 0.33 + 0.01 0.43 0.35 0.32 0.09 0.79 + 0.08 0.83 0.83 0.68 0.04 0.07 - 0.01 0.14 0.08 0.06 0.05 0.21 + 0.03 0.28 0.23 0.17 0.09 0.00 0.09 + 0.01 0.35 0.05 1.10 4.96 + 0.21 5.12 5.12 4.48 9.18 7.83 8.11 - 0.77 12.73 3.32 2.36 6.16 - 0.51 9.75 6.91 5.96 0.25 0.67 + 0.01 0.90 0.72 0.63 0.30 0.51 + 0.03 0.64 0.56 0.00 0.02 0.18 + 0.03 0.18 0.18 0.15 0.02 0.13 + 0.02 0.14 0.14 0.11 0.06 0.16 + 0.03 0.20 0.17 0.12 0.05 0.11 + 0.01 0.14 0.12 0.09 0.14 0.71 - 0.15 1.28 0.90 0.66 0.04 0.04 0.04 + 0.00 0.04 0.02 0.09 0.00 0.09 + 0.02 0.10 0.03 42.42 62.85 - 1.03 81.16 65.71 62.36 86.28 81.79 82.40 - 2.70 105.69 59.50 0.08 0.13 + 0.02 0.28 0.13 0.11 16.37 + 0.86 17.06 4.21 17.06 15.51 0.01 0.06 - 0.02 0.09 0.07 0.06 10.10 17.76 + 0.22 26.65 18.87 17.06 0.01 0.02 - 0.01 0.05 0.03 0.00 0.08 0.00 0.08 + 0.01 0.12 0.02 0.10 0.26 + 0.04 0.30 0.30 0.25

Gabriel Res T 230 Gainey Capital V 76 Galane Gold V 948 Galantas Gold V 1006 Galore Res V 213 Galway Mtls* O 146 Galway Mtls V 239 Garibaldi Res V 558 105 Garibaldi Res * O General Moly T 53 General Moly* X 4001 Genesis Mtls* O 48 Genesis Mtls V 322 Genius Props 1421 V 3626 Gensource Pot O 406 Geologix Expl* Geomega Res V 577 O 2 GFG Resources* GFK Res V 32 GGL Res V 283 GGX Gold V 585 Giyani Gold* O 19 Giyani Gold V 144 Gldn Predator V 5960 O 829 Gldn Predator* 185 Glen Eagle Res V Glencore Plc* O 1118 Global Gold* O 51 Globex Mng* O 71 GMCI Corp* O 2 O 139 GMV Minerals* GMV Minerals V 455 O 9835 GNCC Capital* V 44 GobiMin GoGold Res T 1798 Gold & Silver* O 4712 Gold Bulln Dev* O 1050 Gold Bulln Dev V 2257 28262 Gold Fields* N 62 Gold Finder Ex V 36444 Gold Lakes* O 831 Gold Mng USA* O 270 Gold Reach Res V Gold Reserve* O 35 Gold Reserve V 69 Gold Std Vents V 2148 Gold Std Vents* X 5276 Goldbelt Emp V 245 Goldcliff Res V 162 Goldcliff Res* O 75 Goldcorp* N 42480 T 17245 Goldcorp Golden Arrow V 697 Golden Arrow* O 459 V 67 Golden Cariboo Golden Dawn Ml V 2341 372 Golden Dawn Ml* O Golden Eagle* O 20 O 49 Golden Goliath* Golden Hope* O 29 Golden Hope V 442

0.17 0.48 - 0.05 0.74 0.54 0.46 0.10 0.16 - 0.01 0.37 0.18 0.16 0.04 0.07 - 0.01 0.19 0.09 0.07 0.07 0.11 + 0.03 0.18 0.12 0.09 0.01 0.03 + 0.01 0.04 0.03 0.03 0.06 0.25 - 0.01 0.51 0.25 0.24 0.10 0.03 0.65 0.32 - 0.35 0.31 0.07 0.12 - 0.02 0.20 0.14 0.12 0.11 0.09 0.10 - 0.01 0.11 0.05 0.23 0.70 + 0.18 0.77 0.77 0.51 0.16 0.54 + 0.15 0.58 0.60 0.36 0.01 0.11 + 0.01 0.22 0.13 0.10 0.08 0.15 - 0.01 0.28 0.16 0.15 0.02 0.04 - 0.02 0.07 0.07 0.04 0.04 0.15 - 0.01 0.23 0.17 0.14 0.01 0.07 - 0.00 0.11 0.07 0.06 0.06 0.09 - 0.01 0.23 0.10 0.08 0.77 0.92 + 0.04 0.95 0.92 0.88 0.05 0.09 - 0.01 0.18 0.09 0.09 0.01 0.04 + 0.02 0.05 0.04 0.03 0.07 0.14 + 0.02 0.39 0.14 0.10 0.02 0.31 - 0.04 0.50 0.35 0.31 0.06 0.42 - 0.08 0.70 0.49 0.40 0.12 1.41 + 0.42 1.28 1.43 1.05 0.08 1.05 + 0.29 0.96 1.09 0.80 0.10 0.09 0.10 - 0.01 0.16 0.06 2.29 8.16 + 0.36 8.24 8.24 7.95 0.01 0.02 - 0.01 0.04 0.03 0.02 0.19 0.43 + 0.09 0.46 0.46 0.42 0.20 2.50 - 0.04 2.60 2.50 0.00 0.06 0.45 + 0.04 0.55 0.47 0.41 0.08 0.59 + 0.06 0.70 0.61 0.54 0.00 0.00 + 0.00 0.00 0.00 0.00 0.28 0.54 + 0.01 0.55 0.54 0.50 0.41 0.71 + 0.04 1.65 0.73 0.64 0.00 0.00 0.00 + 0.00 0.60 0.00 0.06 0.04 0.06 - 0.01 0.11 0.01 0.08 0.07 0.07 - 0.01 0.16 0.03 2.60 3.46 - 0.01 6.60 3.65 3.37 0.14 0.00 0.09 - 0.04 0.28 0.10 0.01 0.01 - 0.00 1.02 0.01 0.01 0.00 0.00 0.00 - 0.00 0.17 0.00 0.15 0.13 0.13 - 0.01 0.25 0.09 0.00 3.45 + 0.02 5.90 3.70 3.44 3.28 4.80 + 0.22 8.00 4.84 4.51 3.75 3.00 3.65 + 0.68 4.10 0.89 2.86 2.26 2.78 + 0.54 3.20 0.63 0.02 0.05 - 0.01 0.07 0.05 0.05 0.05 0.26 - 0.09 0.47 0.34 0.26 0.15 0.20 - 0.07 0.36 0.27 0.20 10.68 15.76 + 0.38 20.38 16.36 15.41 14.97 20.70 + 0.15 26.56 21.48 20.30 0.19 0.75 - 0.05 1.48 0.80 0.72 0.14 0.57 - 0.03 1.30 0.61 0.54 0.03 0.06 - 0.01 0.15 0.09 0.06 0.28 0.25 0.27 + 0.02 0.44 0.08 0.22 0.20 0.20 + 0.01 0.32 0.08 0.00 0.03 + 0.00 0.07 0.04 0.00 0.01 0.04 - 0.00 0.10 0.05 0.04 0.11 0.12 - 0.01 0.25 0.15 0.11 0.14 0.16 - 0.03 0.39 0.20 0.14

G-H

2017-01-31 6:11 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 6â&#x20AC;&#x201C;19, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Mnls T 81 Golden Mnls* X 912 Golden Peak Mn V 1041 Golden Queen* O 596 Golden Queen T 933 Golden Reign V 448 Golden Sh Mng V 155 Golden Star* X 6698 Golden Valley V 561 Goldex Res V 29 Goldfields Int* O 2 Goldgroup Mng* O 655 Goldgroup Mng T 1429 GoldMining V 1859 GoldON Res V 153 GoldON Res* O 34 GoldQuest Mng V 2105 Goldsource Min* O 2969 Goldsource Min V 3552 Goldstar Mnls V 1197 Goldstrike Res V 925 Gonzaga Res V 212 GoviEx Uranium* O 899 GoviEx Uranium V 5645 Gowest Gold* O 42 Gowest Gold V 970 GPM Metals V 304 Gran Colombia* O 135 Gran Colombia T 2724 Grande Portage V 67 Granite Ck Gld V 16 O 2858 Graphite Corp* Graphite One V 16553 Graphite One* O 1459 242 Gray Rock Res V Great Atlantic V 147 Great Bear Res V 364 Great Lakes Gr* O 633 Great Panther T 1210 167 Great Quest Fe V Great Rock Dev* O 118 O 610 Great Western* Green Arrow V 10 Green Valley M V 183 Greencastle Rs V 289 Greenland M&En* O 365 Grizzly Gold* O 8 Group Ten Mtls V 42 GrowMax Res* O 655 V 785 GT Gold GTA Res & Mng V 455 Guerrero Vents V 881 Gungnir Res V 380 Gungnir Res* O 136 Guyana Gldflds T 2870 Hadley Mng 425 Handeni Gold* O 2 280 Happy Ck Mnrls V Harmony Gold* N 17864 Harte Gold T 5368 Hawkeye Gld&Di V 98 Heatherdale Rs V 1587 Hecla Mining* N 37969 Hellix Vent* O 152 Heron Res T 246 Highland Copp* O 125 27 Highway 50 Gld V Hochschild Mg* O 21 Honey Badger E V 473 Horizonte Mnls T 1136 Houston Lake V 139 HudBay Mnls* N 4990 HudBay Mnls T 15699 Hudson Res* O 10 Hunt Mng V 4

0.93 0.86 0.87 - 0.02 1.51 0.22 0.71 0.65 0.67 - 0.00 1.16 0.17 0.52 0.37 0.43 - 0.07 0.90 0.12 0.83 0.69 0.74 - 0.03 1.56 0.52 1.09 0.90 0.92 - 0.11 2.00 0.70 0.30 0.28 0.29 - 0.01 0.36 0.08 0.27 0.22 0.24 + 0.01 0.36 0.07 0.88 0.79 0.84 + 0.01 1.13 0.18 0.43 0.39 0.41 - 0.02 0.43 0.08 0.55 0.00 0.47 - 0.04 0.90 0.10 0.01 0.00 0.01 - 0.02 0.03 0.01 0.11 0.09 0.10 - 0.01 0.30 0.04 0.16 0.12 0.13 - 0.01 0.39 0.06 2.18 1.97 1.99 - 0.02 3.35 0.46 0.22 0.15 0.22 + 0.08 0.36 0.08 0.16 0.12 0.16 + 0.04 0.18 0.05 0.40 0.36 0.40 + 0.02 0.68 0.13 0.15 0.11 0.12 - 0.03 0.45 0.11 0.20 0.16 0.16 - 0.04 0.57 0.16 0.07 0.05 0.06 + 0.01 0.09 0.01 0.25 0.20 0.23 + 0.01 0.41 0.10 0.33 0.26 0.27 - 0.06 0.33 0.01 0.25 0.19 0.22 + 0.03 0.25 0.04 0.34 0.26 0.28 + 0.02 0.34 0.09 0.14 0.13 0.14 + 0.00 0.22 0.04 0.20 0.16 0.17 - 0.01 0.28 0.06 0.11 0.10 0.10 - 0.01 0.57 0.08 0.08 0.07 0.08 - 0.01 0.13 0.05 0.11 0.10 0.11 - 0.01 0.16 0.07 0.18 0.15 0.18 + 0.03 0.22 0.04 0.04 0.04 0.04 - 0.01 0.06 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.13 0.09 0.09 - 0.02 0.18 0.07 0.09 0.07 0.07 - 0.01 0.14 0.05 0.36 0.30 0.33 + 0.02 0.36 0.02 0.09 0.08 0.08 - 0.01 0.15 0.03 0.18 0.15 0.17 - 0.01 0.36 0.05 0.08 0.07 0.07 - 0.00 0.09 0.04 2.49 2.22 2.37 - 0.02 2.82 0.70 0.33 0.25 0.28 + 0.03 0.38 0.11 0.01 0.00 0.01 + 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.04 0.04 - 0.01 0.06 0.03 0.05 0.05 0.05 + 0.01 0.06 0.01 0.10 0.09 0.09 - 0.01 0.18 0.05 0.11 0.07 0.08 - 0.01 0.17 0.00 0.05 0.04 0.04 - 0.01 0.22 0.01 0.10 0.00 0.10 + 0.01 0.46 0.08 0.12 0.11 0.12 + 0.00 0.22 0.10 0.36 0.23 0.34 + 0.12 0.35 0.09 0.07 0.06 0.06 - 0.01 0.24 0.02 0.02 0.02 0.02 + 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.03 0.00 0.03 - 0.01 0.04 0.01 6.32 5.70 6.16 + 0.06 10.35 3.45 0.03 0.03 0.03 - 0.01 0.09 0.01 0.05 0.00 0.05 - 0.01 0.36 0.04 0.26 0.19 0.25 + 0.03 0.26 0.09 2.57 2.35 2.44 - 0.04 4.87 1.75 0.34 0.31 0.33 + 0.02 0.35 0.08 0.12 0.10 0.10 - 0.01 0.33 0.03 0.12 0.08 0.11 + 0.03 0.12 0.01 6.63 6.10 6.34 + 0.20 7.64 1.72 0.02 0.01 0.02 + 0.00 0.06 0.00 0.15 0.13 0.13 - 0.01 0.17 0.07 0.09 0.08 0.09 + 0.01 0.11 0.07 0.23 0.22 0.22 - 0.01 0.25 0.08 3.24 2.82 2.89 + 0.10 4.16 0.70 0.03 0.03 0.03 + 0.01 0.05 0.02 0.05 0.04 0.04 - 0.01 0.06 0.02 0.33 0.30 0.31 - 0.02 0.40 0.15 8.30 6.90 8.00 + 1.05 8.25 1.63 10.84 9.21 10.57 + 1.37 10.77 2.29 0.29 0.26 0.28 + 0.02 0.38 0.24 0.33 0.27 0.27 - 0.07 0.40 0.02

I-Minerals V 217 I-Minerals* O 41 IAMGOLD* N 32455 IAMGOLD T 18161 Iberian Mnrls V 1947 IC Potash* O 251 IC Potash T 1687 Iconic Mnls V 936 IDM Mining V 2912 IDM Mining* O 991 IEMR Res V 481 IMPACT Silver V 325 Impala Platnm* O 469 Imperial Metal T 122 Imperial Metal* O 6 Inca One Gold V 496 103 Inca One Gold* O Inception Mng * O 9 Independence G V 353 Independence G* O 37 Inform Res V 17 Inspiration Mg 61 Inspiration Mg* O 29 Intact Gold V 250 Integra Gold* O 1034 Integra Gold V 3302 Intigold Mines V 239 Intigold Mines* O 230 Intl Bethl Mng V 113 Intl Lithium* O 153 Intl Lithium V 739 Intl Montoro* O 200 Intl Montoro V 3044 Intl Star* O 11232 Intl Tower Hil* X 2874 Intl Tower Hil T 493 Intrepid Pots* N 14749 INV Metals T 202 Inventus Mg V 217 InZinc Mining V 499 InZinc Mining* O 92 Ironside Res V 48 Irving Res 30 Irving Res* O 13 IsoEnergy Ltd V 108 Itafos V 21 118 Itoco Mg Corp* O Ivanhoe Mines* O 1846 Ivanhoe Mines T 25665 Jaguar Mng* O 120 Jaguar Mng T 835 Japan Gold V 455 Jaxon Mnls* O 110 Jayden Res V 506 JDL Gold* O 51 JDL Gold V 253 Jet Metal* O 74 Jubilee Gold V 32 K92 Mng Inc V 5128 K92 Mng Inc* O 408 Kairos Cap V 92 Kaizen Discvry V 2412 Karmin Expl V 104 Karnalyte Res T 114 KAT Expl* O 6605 Katanga Mng T 4744 Kennady Diam V 58 Kermode Res V 224 Kerr Mines* O 108 Kerr Mines T 778 Kesselrun Res V 204 Khalkos Expl V 216 Kilo Goldmines* O 78 Kilo Goldmines V 728 Kincora Copper V 257 Kings Bay Gold V 2459 Kingsmen Res V 124 Kingsmen Res* O 3 Kinross Gold* N 65428 Kinross Gold T 31409 Kiska Metals* O 195 Kiska Metals V 1906 Kitrinor Mtls V 159 Kivalliq Enrgy V 4033 Klondex Mines T 3033

0.41 0.37 0.39 - 0.01 0.42 0.20 0.31 0.29 0.29 + 0.01 0.32 0.15 4.79 4.36 4.47 + 0.02 5.87 1.40 6.29 5.72 5.88 - 0.07 7.65 1.96 0.10 0.09 0.09 + 0.01 0.11 0.04 0.10 0.07 0.07 + 0.00 0.11 0.03 0.12 0.10 0.10 - 0.01 0.15 0.05 0.12 0.10 0.10 - 0.01 0.45 0.04 0.15 0.14 0.14 - 0.01 0.26 0.08 0.12 0.10 0.11 + 0.00 0.21 0.05 0.03 0.02 0.03 + 0.01 0.06 0.01 0.74 0.64 0.68 + 0.01 1.28 0.13 4.14 3.71 3.98 + 0.31 5.23 1.88 7.60 6.80 6.94 - 0.07 8.50 3.46 5.51 5.35 5.42 + 0.22 6.21 2.78 0.29 0.25 0.27 - 0.01 0.74 0.21 0.22 0.19 0.21 + 0.01 0.35 0.18 0.54 0.41 0.51 - 0.05 1.65 0.25 0.26 0.23 0.26 + 0.03 0.50 0.06 0.19 0.00 0.19 + 0.01 0.37 0.04 0.17 0.15 0.17 + 0.01 0.40 0.05 0.05 0.00 0.04 - 0.02 0.10 0.02 0.03 0.00 0.02 + 0.00 0.07 0.01 0.08 0.07 0.07 - 0.01 0.18 0.06 0.59 0.51 0.55 + 0.01 0.76 0.22 0.77 0.67 0.72 + 0.01 0.96 0.32 0.05 0.04 0.05 - 0.01 0.19 0.03 0.04 0.02 0.04 + 0.02 0.08 0.01 0.04 0.04 0.04 - 0.01 0.08 0.02 0.12 0.00 0.12 - 0.00 0.55 0.02 0.16 0.14 0.16 + 0.01 0.38 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.75 0.59 0.72 + 0.13 1.40 0.20 0.97 0.78 0.92 + 0.14 1.82 0.29 2.41 1.78 2.15 + 0.34 3.04 0.65 0.80 0.65 0.65 - 0.10 1.10 0.11 0.23 0.18 0.21 - 0.01 0.35 0.03 0.27 0.21 0.26 + 0.04 0.26 0.05 0.20 0.16 0.20 + 0.03 0.19 0.03 0.10 0.00 0.10 + 0.01 0.16 0.05 0.90 0.00 0.81 - 0.09 1.18 0.11 0.70 0.00 0.69 + 0.01 0.99 0.09 1.48 1.25 1.48 - 0.02 1.70 0.63 2.70 2.25 2.25 - 0.40 4.00 0.90 0.14 0.08 0.10 - 0.00 0.30 0.00 3.32 2.80 3.17 + 0.39 3.32 0.40 4.36 3.72 4.17 + 0.48 4.36 0.56 0.55 0.48 0.54 + 0.06 0.65 0.10 0.71 0.65 0.69 + 0.05 0.85 0.14 0.34 0.32 0.33 + 0.01 0.88 0.28 0.05 0.04 0.05 + 0.00 0.09 0.04 0.16 0.12 0.15 + 0.01 0.23 0.03 1.45 1.36 1.45 + 0.07 1.64 1.10 1.92 1.80 1.90 + 0.06 2.55 0.90 0.15 0.08 0.08 - 0.02 0.20 0.00 0.54 0.00 0.50 - 0.01 0.75 0.30 1.10 0.87 1.01 + 0.13 2.24 0.81 0.82 0.65 0.76 + 0.10 1.72 0.61 0.25 0.10 0.12 + 0.02 0.10 0.02 0.22 0.16 0.21 + 0.05 0.31 0.09 0.33 0.00 0.30 + 0.03 0.37 0.18 0.95 0.82 0.85 + 0.06 4.15 0.69 0.00 0.00 0.00 - 0.00 0.00 0.00 0.24 0.20 0.24 + 0.04 0.24 0.12 4.00 3.51 3.55 - 0.35 5.00 2.71 0.02 0.01 0.02 + 0.01 0.04 0.01 0.12 0.09 0.10 + 0.01 0.12 0.02 0.15 0.13 0.14 + 0.01 0.16 0.02 0.11 0.00 0.11 + 0.01 0.43 0.03 0.15 0.13 0.15 + 0.01 0.26 0.07 0.08 0.08 0.08 - 0.00 0.19 0.05 0.11 0.10 0.10 - 0.01 0.25 0.07 0.49 0.44 0.49 - 0.01 0.55 0.15 0.15 0.11 0.15 + 0.04 0.15 0.05 0.17 0.11 0.13 + 0.01 0.18 0.05 0.10 0.08 0.09 - 0.01 0.12 0.03 3.91 3.53 3.61 + 0.02 5.82 1.58 5.13 4.64 4.75 - 0.03 7.56 2.24 0.07 0.07 0.07 - 0.00 0.09 0.01 0.10 0.09 0.09 - 0.01 0.12 0.01 0.19 0.13 0.18 - 0.02 0.30 0.05 0.19 0.15 0.17 + 0.02 0.19 0.07 6.95 6.13 6.53 - 0.23 7.95 2.81

I-J-K

20-22_FEB6_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Klondike Gold V 486 Klondike Gold* O 131 Klondike Silv* O 44 Klondike Silv V 1801 Kombat Copper V 214 Kootenay Silvr V 1153 Kootenay Zinc 60

0.19 0.16 0.17 - 0.01 0.45 0.12 0.14 0.12 0.12 - 0.01 0.32 0.10 0.06 0.03 0.06 + 0.03 0.12 0.01 0.08 0.06 0.07 + 0.02 0.15 0.02 0.44 0.39 0.39 - 0.02 0.95 0.35 0.39 0.32 0.34 - 0.02 0.60 0.20 0.65 0.58 0.58 - 0.08 0.66 0.06

Labdr Iron Mns* O 522 Labrador Iron T 787 Lakeside Mnrls V 98 Lamelee Iron V 7 Lara Expl V 205 Laramide Res T 2983 Largo Res* O 54 Largo Res T 216 Lateral Gold V 129 Latin Am Mnls* O 229 Latin Am Mnls V 745 Laurion Mnl Ex V 660 Legend Gold V 571 Lepanto Con Mg* O 345 Levon Res Ltd T 636 Levon Res Ltd * O 422 Lexam VG Gold* O 272 Lexam VG Gold T 729 Li3 Energy* O 423 218 Libero Mg Corp V Liberty One Li V 20 LiCo Energy* O 1491 LiCo Energy V 1638 Lion One Mtls V 145 Lion One Mtls* O 107 Lithium Amer* O 2838 Lithium Amer T 9734 Lithium Corp* O 563 Lithium Expl* O 408217 Lithium X Egy* O 664 Lithium X Egy V 923 LKA Gold* O 55 Lomiko Mtls V 210 Lomiko Mtls* O 116 Loncor Res* O 1 Loncor Res T 82 Lone Star Gold* O 143 Lonmin plc* O 1 Lonmin plc* O 85 Lorraine Coppr V 2403 Los Andes Copp V 66 Lucara Diam T 1578 Lumina Gold* O 37 Luna Gold* O 23 Luna Gold T 49 Lund Enterpr V 18 Lundin Gold T 600 Lundin Mng T 15217 Lydian Intl T 1955 Lydian Intl* O 205 Lynas Corp* O 978

0.05 0.03 0.05 + 0.02 0.05 0.00 19.60 18.24 19.26 + 1.01 20.55 8.34 0.34 0.32 0.32 - 0.03 0.64 0.02 0.17 0.17 0.17 - 0.01 0.50 0.10 1.19 1.00 1.10 - 0.04 1.58 0.24 0.65 0.45 0.52 + 0.06 0.65 0.18 0.41 0.34 0.41 + 0.06 0.56 0.08 0.55 0.44 0.54 + 0.08 0.72 0.11 0.75 0.67 0.75 + 0.04 1.25 0.26 0.18 0.11 0.11 - 0.07 0.36 0.07 0.17 0.13 0.15 - 0.02 0.48 0.09 0.04 0.03 0.03 - 0.01 0.08 0.01 0.04 0.03 0.03 + 0.01 0.07 0.02 0.01 0.00 0.00 - 0.00 0.02 0.00 0.41 0.32 0.37 - 0.01 0.71 0.09 0.30 0.25 0.29 + 0.01 0.54 0.07 0.20 0.16 0.16 - 0.01 0.29 0.05 0.26 0.21 0.21 - 0.02 0.38 0.07 0.02 0.01 0.02 - 0.00 0.03 0.01 0.20 0.19 0.20 + 0.02 0.21 0.02 0.42 0.00 0.42 - 0.04 0.46 0.01 0.14 0.13 0.13 + 0.00 0.16 0.04 0.18 0.17 0.18 + 0.01 0.21 0.04 0.87 0.79 0.85 + 0.02 1.17 0.34 0.64 0.60 0.64 + 0.01 0.91 0.26 0.80 0.74 0.76 - 0.01 0.87 0.34 1.06 0.97 1.01 - 0.01 1.15 0.37 0.10 0.08 0.10 + 0.01 0.13 0.02 0.01 0.00 0.00 - 0.00 0.14 0.00 1.62 1.50 1.60 + 0.05 2.20 0.65 2.12 1.96 2.11 + 0.03 2.85 0.53 0.51 0.40 0.50 + 0.09 0.53 0.18 0.31 0.26 0.30 + 0.04 0.50 0.19 0.31 0.18 0.22 - 0.08 0.38 0.18 0.14 0.09 0.09 - 0.04 0.20 0.02 0.20 0.12 0.20 + 0.03 0.25 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 2.23 2.10 2.23 + 0.13 3.12 2.10 2.39 1.72 1.75 - 0.47 3.42 0.70 0.09 0.07 0.07 - 0.02 0.12 0.04 0.20 0.16 0.20 + 0.04 0.25 0.06 3.17 2.83 3.02 + 0.09 4.39 2.17 0.86 0.76 0.80 - 0.01 0.86 0.25 1.44 1.25 1.30 - 0.13 1.96 1.14 1.92 1.65 1.73 - 0.17 3.50 0.50 0.13 0.10 0.10 - 0.05 0.19 0.02 5.76 5.46 5.53 - 0.17 6.62 3.81 8.13 7.43 7.95 + 0.37 8.28 2.98 0.39 0.35 0.37 + 0.03 0.52 0.20 0.29 0.26 0.27 - 0.00 0.41 0.15 0.08 0.05 0.07 + 0.02 0.08 0.03

M Macarthur Mnl V 5277 0.09 0.08 0.09 + 0.01 0.18 0.02 Macarthur Mnl* O 1175 0.07 0.06 0.07 + 0.01 0.14 0.02 Maccabi Vent 180 0.06 0.05 0.06 + 0.01 0.12 0.05 MacDonald Mns V 243 0.08 0.00 0.07 + 0.01 0.20 0.05 V 85 1.70 1.50 1.67 - 0.03 1.84 0.32 MacMillan Mnls MAG Silver T 1504 18.61 17.15 18.08 + 0.31 23.32 8.95 Magellan Gold* O 286 0.11 0.08 0.10 - 0.02 0.35 0.04 Majestic Gold* O 4 0.09 0.08 0.09 + 0.00 0.09 0.03 Makena Res* O 89 0.01 0.01 0.01 + 0.01 0.04 0.00 Makena Res V 1023 0.02 0.01 0.02 + 0.01 0.05 0.01 Malbex Res V 57 0.34 0.00 0.33 + 0.01 0.46 0.25 Mammoth Res V 87 0.12 0.08 0.08 - 0.05 0.20 0.02 Mandalay Res T 1381 0.93 0.80 0.83 - 0.04 1.35 0.64 Manson Creek V 115 0.03 0.03 0.03 + 0.01 0.06 0.01 Marathon Gold T 1323 0.82 0.76 0.79 + 0.02 0.83 0.15 Mariana Res* O 1045 1.12 1.00 1.07 + 0.06 1.12 0.02 Marlin Gold V 85 0.62 0.56 0.62 + 0.02 0.75 0.15 0.48 + 0.03 0.57 0.10 Marlin Gold* O 23 0.48 0.45 Martina Mnls V 700 0.04 0.02 0.02 - 0.01 0.06 0.02 MartinMarietta* N 3984 243.98 225.51 239.78 + 12.03 243.98 108.31 Mason Graphite* O 325 1.00 0.83 0.99 + 0.01 1.21 0.25 Mason Graphite V 667 1.31 1.10 1.26 - 0.05 1.60 0.34 Matachewan Con V 21 0.34 0.28 0.31 + 0.04 0.44 0.21 Matamec Expl* O 84 0.05 0.04 0.05 + 0.01 0.07 0.01 Matica Ent* O 577 0.02 0.02 0.02 - 0.00 0.03 0.00 Matica Ent 6302 0.02 0.01 0.02 + 0.01 0.05 0.01 Maudore Mnrls* O 309 0.00 0.00 0.00 - 0.00 0.01 0.00 Mawson Res* O 66 0.33 0.29 0.33 + 0.03 0.42 0.12 Maxwell Res* O 18 0.01 0.01 0.01 - 0.00 0.01 0.00 247 0.15 0.14 0.15 + 0.01 0.27 0.10 Maya Gold &Sil V Mazarin V 131 0.05 0.03 0.04 + 0.01 0.05 0.01 McEwen Mng* N 18545 4.14 3.73 3.89 + 0.03 4.92 1.16 5.11 - 0.02 6.44 1.63 McEwen Mng T 2247 5.43 4.90 McLaren Res 81 0.09 0.08 0.09 + 0.01 0.09 0.01 MDN Inc* O 20 0.70 0.64 0.70 + 0.06 0.92 0.06 Meadow Bay Gd* O 140 0.05 0.04 0.04 + 0.01 0.11 0.03 Mechel* N 1810 6.49 6.05 6.18 - 0.26 6.83 1.43 Medallion Res* O 1020 0.02 0.02 0.02 - 0.01 0.04 0.01 Medgold Res* O 15 0.15 0.15 0.15 + 0.00 0.15 0.12 O 6600 0.01 0.01 0.01 + 0.00 0.02 0.00 Medinah Mnrls* 0.27 + 0.03 0.29 0.07 Mega Uranium T 14461 0.29 0.23 Mega Uranium* O 1605 0.22 0.17 0.19 + 0.03 0.22 0.04 Megastar Dev V 235 0.06 0.04 0.06 + 0.02 0.08 0.02 Melior Res V 357 0.08 0.05 0.06 + 0.01 0.08 0.01 0.03 + 0.01 0.06 0.02 Melkior Res V 827 0.03 0.02 0.18 - 0.01 0.24 0.10 Merrex Gold* O 35 0.20 0.00 Meryllion Res* O 51 0.01 0.00 0.00 - 0.00 0.03 0.00 Mesa Expl* O 255 0.08 0.07 0.07 - 0.01 0.14 0.01 Mesa Expl V 66 0.09 0.08 0.08 - 0.01 0.17 0.01 Metalla Rylty 223 0.51 0.45 0.47 - 0.01 0.51 0.02 O 9 0.31 0.29 0.31 + 0.00 0.44 0.04 Metallic Mnrls* Metallic Mnrls V 103 0.41 0.36 0.40 - 0.01 0.59 0.05 0.15 + 0.02 0.28 0.04 Metallis Res V 59 0.16 0.13 Metalo Manuf 10 0.48 0.42 0.42 - 0.07 1.50 0.26 Metalore Res V 8 4.95 3.41 4.55 + 1.15 4.75 1.26 Metalore Res* O 14 3.50 0.00 3.50 + 0.77 3.50 0.99 Metals Creek* O 37 0.05 0.04 0.04 - 0.01 0.14 0.04 0.55 + 0.01 1.43 0.41 Metals X* O 12 0.55 0.52 Metanor Res V 4387 0.06 0.06 0.06 - 0.01 0.13 0.04 Mexus Gold* O 2917 0.14 0.10 0.12 - 0.02 0.24 0.00 MGX Minerals* O 1299 1.39 0.55 1.34 + 0.80 1.05 0.11 MGX Minerals 8281 1.81 0.72 1.76 + 1.07 1.44 0.08 Micrex Dev V 42 0.02 0.01 0.01 - 0.01 0.03 0.01 Midas Gold T 915 0.94 0.87 0.90 + 0.04 1.22 0.30 0.69 + 0.04 0.95 0.02 Midas Gold* O 904 0.72 0.65 0.97 - 0.07 1.25 0.45 Midland Expl V 217 1.04 0.94 Midnight Star 30 0.16 0.15 0.16 + 0.01 0.19 0.06 Midnight Sun V 192 0.23 0.21 0.21 - 0.02 0.24 0.08 Midway Gold* O 324 0.00 0.00 0.00 - 0.00 0.01 0.00 1.24 + 0.12 1.28 0.97 Millennial Lit* O 436 1.28 1.12 Millennial Lit V 2762 1.70 1.47 1.61 + 0.14 2.45 0.07 Millrock Res* O 254 0.38 0.33 0.37 + 0.01 0.54 0.14 Millrock Res V 454 0.48 0.42 0.45 - 0.03 0.70 0.20 Minaurum Gold V 3816 0.16 0.11 0.14 + 0.04 0.16 0.04 Minco Silver T 159 1.26 1.10 1.10 - 0.16 2.05 0.41 Minco Silver* O 89 0.95 0.83 0.83 - 0.10 1.54 0.29 Minecorp Egy V 24 0.13 0.10 0.10 - 0.04 0.18 0.02 Minera Alamos V 408 0.17 0.15 0.16 + 0.01 0.29 0.07 Mineral Mtn* O 76 0.23 0.20 0.21 - 0.02 0.38 0.04 Mineral Mtn V 263 0.31 0.25 0.27 - 0.03 0.49 0.08 Minfocus Expl V 336 0.02 0.02 0.02 + 0.01 0.07 0.01 Minnova Corp V 150 0.80 0.00 0.79 - 0.01 0.90 0.30 Miranda Gold V 505 0.11 0.09 0.10 + 0.01 0.18 0.07 Mirasol Res V 255 2.04 1.73 1.95 + 0.15 3.50 0.85 Mistango River 57 0.05 0.00 0.03 - 0.01 0.05 0.01 Mitchell Res V 32 0.40 0.00 0.34 - 0.01 0.40 0.05 MK2 Ventures V 30 0.24 0.00 0.24 + 0.03 0.30 0.05 Mkango Res V 106 0.06 0.05 0.05 - 0.01 0.11 0.03 Monarca Mnrls V 1179 0.05 0.03 0.04 - 0.01 0.10 0.01 Monarca Mnrls* O 488 0.05 0.02 0.04 - 0.01 0.10 0.00 Monarques Res* O 109 0.38 0.33 0.33 - 0.01 0.48 0.04 Monarques Res V 1104 0.49 0.42 0.44 - 0.03 0.66 0.06 Moneta Porcpn* O 278 0.19 0.17 0.17 - 0.00 0.28 0.10 Moneta Porcpn T 1765 0.25 0.22 0.22 - 0.02 0.36 0.14 Montego Res 277 0.03 0.00 0.03 - 0.01 0.16 0.03 Monument Mng V 806 0.12 0.11 0.11 - 0.02 0.19 0.07 Morien Res* O 83 0.35 0.32 0.34 + 0.02 0.35 0.17 Morumbi Res* O 8 1.17 1.07 1.17 + 0.10 1.21 1.07 Morumbi Res V 1262 1.69 1.39 1.60 + 0.15 1.70 0.08

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Mosaic* N 33440 Mountain Boy V 198 O 149 Mountain Boy* Mountain Prov T 865 Mountain Prov* D 703 O 400 Mundoro Cap* Mundoro Cap V 1246 O 630 Mustang Mnrls* MX Gold V 11914 MX Gold* O 767

33.99 31.05 31.42 + 0.14 33.99 22.02 0.07 0.06 0.06 - 0.01 0.08 0.01 0.05 0.05 0.05 + 0.01 0.06 0.00 6.40 5.51 5.67 - 0.60 7.18 4.05 4.90 4.25 4.35 - 0.40 5.52 2.89 0.12 0.11 0.12 + 0.01 0.20 0.05 0.15 0.14 0.15 + 0.01 0.23 0.06 0.01 0.01 0.01 + 0.00 0.02 0.00 0.24 0.19 0.22 + 0.03 0.39 0.12 0.18 0.14 0.17 + 0.03 0.31 0.08

NACCO Ind* N 82 Namibia Rare E* O 22 192 Namibia Rare E T Napier Vent V 66 Natan Res V 1451 238 Natural Res Pt* N Nautilus Mnrls* O 248 Nemaska Lith* O 126 Nemaska Lith T 7859 Nevada Clean M* O 238 Nevada Clean M V 287 Nevada Copper T 352 Nevada Egy Mtl* O 475 Nevada Egy Mtl V 592 Nevada Expl * O 156 Nevada Expl V 272 Nevada Sunrise* O 653 Nevada Sunrise V 994 Nevada Zinc V 557 Nevado Res V 245 Nevsun Res* X 6303 Nevsun Res T 7192 New Carolin Gd* O 419 New Colombia* O 91792 New Dimen Res V 284 New Gold* X 25543 New Gold T 11616 New Gold* O 301 New Guinea Gld* O 89 New Jersey Mng* O 163 337 New Milln Iron* O New Milln Iron T 12459 New Oroperu V 11 NewCastle Gold* O 64 NewCastle Gold T 2004 O 333 Newmarket Gold* Newmarket Gold T 3145 Newmont Mng* N 36168 Newport Expl V 184 NewRange Gold* O 5 Newstrike Res V 213 Nexgen Energy T 9654 Nexgen Energy* O 590 Next Gen Mtls 2878 31 Next Gen Mtls* O Nexus Gold* O 2094 Nexus Gold V 13690 NGEx Res T 5412 NGEx Res* O 10 Nickel North V 70 904 Nickel One Res V Nicola Mg Inc V 1619 Nicola Mg Inc* O 123 Nikos Expl V 19 Niobay Metals V 448 Niocan Inc V 5 Niocorp Dev T 1001 Niocorp Dev* O 675 Nippon Dragon V 698 228 Noble Metal Gr V Noka Res* O 63 Nomad Ventures V 210 Noranda Alum* O 57 Noront Res V 1177 Norsemont Cap 57 Nortec Mnls V 141 North Am Nickl* O 109 North Am Nickl V 674 North Am Pall* O 7 North Arrow Mn* O 48 348 North Arrow Mn V Northcliff Res T 432 Northisle C&G V 331 Northn Empire V 905 O 1 Northn Empire* Norvista Cap V 80 Nouveau Monde V 776 NovaGold Res T 1514 NovaGold Res* X 7645 Novo Res* O 207 Novo Res V 330 NQ Explor V 452 O 581 Nrthn Freegold* Nrthn Freegold V 350 Nrthn Graphite* O 350 Nrthn Graphite V 519 Nrthn Lion V 6 Nrthn Mnrls &E* O 139 Nrthn Shield V 3163 Nrthn Vertex* O 10 Nrthn Vertex V 127 NSGold V 164 Nthn Dynasty T 27749 Nthn Dynasty* X 78504 Nthrn Sphere 60 NuLegacy Gold V 1097 NuLegacy Gold* O 936 Nunavik Nickel V 24 NV Gold V 113 NX Uranium* O 80 NxGold Ltd V 69 O.T. Mining* O 30 OceanaGold T 8445 OceanaGold* O 24 Oceanic Iron O V 1227 Oceanus Res* O 37 Olivut Res V 27 Olivut Res* O 22 Omineca Mg &Ml V 9 Opawica Expl V 248 Orbite Tech T 34553 Orbite Tech* O 260 Orca Gold V 2370 Orca Gold* O 460 Orefinders Res V 226 Orex Expl V 1152 Orex Mnrls V 881 Orex Mnrls* O 146 Orezone Gold V 847 Orezone Gold* O 253 Organic Potash 555 Orla Mng Ltd V 1244 Oro East Mg* O 554 Orocobre T 652 Orofino Mnrls V 18 Oronova Energy V 84 Oroplata Res* O 255 Orosur Mng T 517 Orsu Metals T 1563 Orsu Metals* O 829 Orvana Mnrls T 664 Orvana Mnrls* O 83 Osisko Gold T 1656 Osisko Gold* N 934 Osisko Mng Inc T 3828 Otis Gold V 827 Otis Gold* O 440

81.50 71.00 71.80 - 9.45 99.55 44.28 0.06 0.05 0.05 - 0.02 0.09 0.03 0.08 0.00 0.08 + 0.01 0.14 0.04 0.34 0.33 0.34 + 0.01 0.34 0.17 0.26 0.19 0.20 - 0.06 0.40 0.05 39.85 36.20 37.95 + 1.35 40.00 6.89 0.13 0.11 0.12 + 0.00 0.24 0.08 1.14 1.01 1.12 + 0.07 1.50 0.26 1.49 1.35 1.44 + 0.06 1.97 0.36 0.04 0.04 0.04 + 0.00 0.04 0.01 0.05 0.04 0.05 + 0.01 0.05 0.02 0.84 0.76 0.81 + 0.03 1.10 0.46 0.07 0.06 0.07 - 0.00 0.20 0.06 0.10 0.08 0.09 - 0.01 0.26 0.09 0.27 0.24 0.27 + 0.00 0.56 0.18 0.36 0.31 0.35 - 0.01 0.72 0.24 0.26 0.20 0.23 + 0.03 0.37 0.11 0.33 0.25 0.30 + 0.05 0.47 0.15 0.49 0.44 0.46 - 0.03 0.80 0.25 0.06 0.05 0.05 - 0.01 0.11 0.01 3.37 3.16 3.19 - 0.01 3.80 2.53 4.39 4.15 4.18 - 0.09 4.81 3.54 0.06 0.05 0.05 + 0.00 0.12 0.04 0.02 0.02 0.02 - 0.00 0.05 0.00 0.13 0.10 0.13 + 0.02 0.19 0.04 4.41 3.83 3.96 - 0.23 6.04 2.34 5.79 5.03 5.20 - 0.39 7.87 3.30 0.03 0.01 0.01 - 0.02 0.17 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.11 0.12 + 0.00 0.15 0.06 0.27 0.21 0.27 + 0.07 0.26 0.04 0.36 0.26 0.34 + 0.09 0.35 0.05 0.67 0.53 0.67 + 0.04 0.72 0.13 0.57 0.50 0.52 - 0.01 0.96 0.30 0.75 0.64 0.67 - 0.05 1.30 0.22 6.84 6.48 6.84 + 0.35 8.23 2.20 9.01 8.50 8.99 + 0.38 10.67 3.07 36.93 33.63 34.38 - 0.66 46.07 18.72 0.31 0.27 0.31 + 0.02 0.38 0.19 0.10 0.10 0.10 + 0.02 0.19 0.02 0.15 0.13 0.15 + 0.01 0.19 0.02 3.75 3.26 3.62 + 0.35 3.75 0.77 2.87 2.45 2.76 + 0.32 2.87 0.54 0.25 0.20 0.22 - 0.03 0.42 0.09 0.18 0.15 0.16 - 0.01 0.29 0.07 0.21 0.11 0.19 + 0.07 0.21 0.05 0.28 0.15 0.25 + 0.10 0.28 0.04 1.36 1.28 1.33 - 0.04 1.50 0.56 1.01 0.97 0.97 - 0.04 1.14 0.41 0.05 0.05 0.05 + 0.01 0.06 0.01 0.07 0.06 0.06 - 0.01 0.18 0.05 0.24 0.21 0.21 - 0.01 0.54 0.06 0.17 0.15 0.15 - 0.02 0.39 0.04 0.10 0.00 0.10 + 0.01 0.19 0.03 0.95 0.86 0.93 + 0.06 1.25 0.08 0.08 0.08 0.08 + 0.01 0.18 0.05 0.74 0.66 0.69 - 0.03 1.14 0.61 0.57 0.51 0.53 - 0.01 0.87 0.43 0.08 0.06 0.07 - 0.01 0.11 0.05 0.02 0.01 0.02 + 0.01 0.02 0.01 0.09 0.08 0.09 + 0.03 0.15 0.02 0.29 0.24 0.25 + 0.01 0.40 0.10 0.03 0.02 0.02 - 0.01 0.33 0.01 0.29 0.25 0.28 + 0.03 0.51 0.23 0.38 0.00 0.29 - 0.09 0.38 0.22 0.13 0.00 0.08 - 0.01 0.15 0.02 0.07 0.07 0.07 + 0.01 0.11 0.05 0.10 0.08 0.09 - 0.01 0.15 0.07 4.62 4.39 4.60 + 0.02 5.06 2.80 0.15 0.13 0.13 - 0.02 0.24 0.11 0.24 0.17 0.18 - 0.02 0.32 0.12 0.12 0.10 0.12 + 0.02 0.15 0.08 0.17 0.15 0.16 - 0.02 0.19 0.02 0.19 0.17 0.17 + 0.02 0.27 0.08 0.12 0.12 0.12 + 0.01 0.22 0.07 0.17 0.00 0.17 + 0.01 0.30 0.08 0.24 0.22 0.23 - 0.01 0.38 0.13 6.99 6.49 6.78 - 0.03 9.56 5.09 5.25 4.96 5.15 + 0.05 7.29 3.79 0.71 0.60 0.68 + 0.06 1.41 0.43 0.95 0.80 0.90 + 0.08 1.95 0.58 0.02 0.01 0.02 + 0.01 0.02 0.01 0.29 0.18 0.29 + 0.11 0.23 0.03 0.38 0.23 0.32 + 0.04 0.29 0.04 0.28 0.23 0.26 + 0.04 0.47 0.13 0.36 0.31 0.31 + 0.01 0.63 0.18 0.40 0.00 0.40 - 0.05 0.45 0.11 0.02 0.02 0.02 - 0.01 0.05 0.02 0.06 0.05 0.05 - 0.01 0.30 0.01 0.34 0.33 0.34 + 0.01 0.42 0.17 0.45 0.42 0.45 + 0.01 0.52 0.18 0.15 0.10 0.12 - 0.04 0.20 0.05 4.54 3.60 3.92 + 0.44 4.54 0.36 3.45 2.70 3.00 + 0.37 3.45 0.25 0.60 0.00 0.45 - 0.13 0.85 0.17 0.31 0.28 0.31 + 0.03 0.54 0.09 0.23 0.20 0.23 + 0.02 0.41 0.00 0.09 0.00 0.09 - 0.02 0.27 0.03 0.22 0.19 0.22 - 0.03 0.48 0.03 0.03 0.02 0.03 + 0.00 0.03 0.01 0.55 0.42 0.52 + 0.10 0.55 0.10 0.04 0.03 0.04 + 0.01 0.09 0.02 4.35 4.15 4.31 + 0.14 5.56 2.77 3.28 2.98 3.21 + 0.21 4.26 1.99 0.35 0.21 0.35 + 0.14 0.35 0.09 0.17 0.16 0.16 - 0.01 0.26 0.11 0.18 0.16 0.17 + 0.01 0.42 0.09 0.14 0.13 0.13 + 0.00 0.30 0.07 0.07 0.00 0.06 - 0.01 0.11 0.04 0.09 0.07 0.08 + 0.01 0.16 0.02 0.37 0.25 0.26 - 0.01 0.49 0.20 0.29 0.20 0.20 + 0.00 0.37 0.15 0.47 0.37 0.39 - 0.02 0.55 0.12 0.36 0.28 0.28 - 0.03 0.44 0.08 0.07 0.06 0.06 - 0.01 0.12 0.01 0.07 0.05 0.06 + 0.02 0.07 0.02 0.29 0.19 0.24 - 0.03 1.38 0.19 0.22 0.15 0.18 - 0.02 1.02 0.05 0.71 0.63 0.67 - 0.01 1.28 0.23 0.54 0.48 0.51 + 0.01 0.99 0.17 0.04 0.00 0.03 + 0.01 0.07 0.01 1.36 1.26 1.30 - 0.04 1.75 0.10 0.01 0.01 0.01 + 0.00 0.03 0.00 5.04 4.47 4.72 + 0.27 5.04 2.15 0.09 0.08 0.08 - 0.01 0.25 0.06 0.45 0.43 0.44 + 0.01 0.46 0.04 0.30 0.27 0.30 + 0.03 2.04 0.16 0.29 0.26 0.28 + 0.02 0.38 0.11 0.04 0.00 0.04 + 0.01 0.05 0.01 0.04 0.02 0.02 - 0.01 0.04 0.01 0.23 0.21 0.23 + 0.02 0.39 0.11 0.17 0.16 0.17 + 0.00 0.29 0.08 14.31 13.77 14.15 + 0.15 18.64 11.90 10.88 10.45 10.78 + 0.29 14.74 8.88 3.81 3.21 3.41 + 0.21 3.81 0.98 0.31 0.27 0.29 + 0.02 0.42 0.09 0.23 0.20 0.22 + 0.01 0.32 0.06

Pac Bay Mnrls V 50 Pac Booker Min V 15 Pac North West* O 70 Pac North West V 895 Pac Ridge Expl V 214 Pac Ridge Expl* O 125 Paladin Energy T 17879 V 44 Palamina Corp Pan Am Silver T 1180 Pan Am Silver* D 7454

0.05 0.04 0.04 - 0.01 0.09 0.03 1.00 0.87 0.95 + 0.05 1.95 0.63 0.02 0.02 0.02 + 0.00 0.06 0.01 0.04 0.03 0.03 + 0.01 0.08 0.02 0.09 0.07 0.07 - 0.02 0.11 0.02 0.07 0.05 0.05 - 0.01 0.08 0.02 0.15 0.09 0.13 + 0.04 0.27 0.07 0.24 0.21 0.23 + 0.01 0.25 0.08 25.34 23.66 24.73 + 0.21 27.56 8.73 19.28 18.02 18.84 + 0.45 21.59 6.22

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pancontinental* O 143 Pancontinental V 866 Panex Res* O 2873 Pangolin Dia V 317 Pantheon Vent V 358 Parallel Mng V 366 Paramount Gold* X 206 Pasinex Res 2601 Passprt Potash* O 133 Patriot Gold* O 328 Peabody Enrgy* O 10511 Pedro Res V 10 Pele Mtn Res* O 396 Peloton Mnrls 77 Peregrine Diam T 873 Perseus Mng T 1276 Pershing Gold* D 481 Pershing Gold T 8 Pilot Gold T 1369 Pilot Gold* O 472 Pine Cliff En* O 26 Pine Cliff En T 1721 Pinecrest Res V 78 Pistol Bay Mng V 6397 Pistol Bay Mng* O 33 Pitchblack Res* O 2 PJSC Polyus Gd* O 1 V 376 PJX Res Plate Res V 93 Plateau Uran* O 221 Plateau Uran V 1449 Platinex V 2023 Platinum Gp Mt T 1083 Platinum Gp Mt* X 5601 PNG Gold V 1895 Polaris Mater T 189 PolyMet Mng* X 1127 PolyMet Mng T 105 Portage Res* O 1687 Potash Corp SK T 13612 Potash Corp SK* N 56539 Potash Ridge T 2716 Potash Ridge* O 40 Power Metals* O 16 Power Metals V 3551 PPX Mining* O 150 PPX Mining V 586 Precipitate Gl V 1511 Premier Gold M T 2875 Premium Expl* O 12 Pretium Res* N 6892 Pretium Res T 1616 Primero Mng T 1454 Primero Mng* N 4672 Probe Metals V 439 Probe Metals* O 94 Prophecy Coal T 41 Prophecy Coal* O 5 Prospector Res V 6 Prosper Gold V 1005 PUF Vent Inc 4941 PUF Vent Inc * O 41 Puma Expl V 1327 Pure Energy* O 757 Pure Energy V 1072 241 Pure Gold Mg* O Pure Gold Mg V 3875 Pure Nickel* O 173 Pure Nickel V 26 Purepoint Uran V 6285 Q-Gold Res V 29 QMC Quantum Ml V 289 QMX Gold* O 33 QMX Gold V 429 Quartz Mtn Res V 344 Quaterra Res V 323 Quaterra Res* O 562 117 Quest Rare Mnl* O Quest Rare Mnl T 1781 Quinto Real V 181

0.07 0.05 0.05 - 0.02 0.10 0.00 0.07 0.04 0.06 - 0.01 0.16 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.05 0.04 0.04 - 0.01 0.22 0.03 0.17 0.15 0.17 + 0.01 0.38 0.10 0.11 0.09 0.09 - 0.02 0.18 0.05 1.80 1.70 1.78 + 0.04 2.93 0.99 0.24 0.12 0.22 + 0.11 0.18 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.09 0.07 0.08 - 0.01 0.23 0.05 2.89 1.70 1.77 + 0.07 18.75 0.55 0.11 0.11 0.11 + 0.01 0.27 0.01 0.03 0.02 0.03 + 0.00 0.04 0.01 0.09 0.07 0.09 + 0.01 0.15 0.07 0.23 0.20 0.22 + 0.02 0.32 0.09 0.45 0.34 0.36 - 0.07 0.67 0.27 3.25 3.07 3.08 - 0.11 5.02 3.10 4.30 4.01 4.08 - 0.18 5.52 4.07 0.57 0.52 0.57 + 0.05 0.95 0.24 0.43 0.39 0.43 + 0.03 0.72 0.06 0.78 0.76 0.76 - 0.02 0.89 0.51 1.06 0.99 1.01 - 0.02 1.22 0.61 0.23 0.21 0.22 + 0.01 0.30 0.03 0.09 0.06 0.08 + 0.02 0.14 0.02 0.07 0.00 0.07 - 0.01 0.09 0.02 0.07 0.06 0.06 - 0.02 0.12 0.03 39.57 0.00 39.57 + 0.57 39.57 19.25 0.24 0.22 0.22 - 0.01 0.27 0.13 0.08 0.05 0.05 - 0.03 0.14 0.04 0.48 0.35 0.45 + 0.09 0.45 0.12 0.64 0.46 0.62 + 0.16 0.59 0.17 0.23 0.20 0.21 - 0.01 0.24 0.01 2.23 1.99 2.20 + 0.09 5.25 1.41 1.71 1.51 1.68 + 0.09 4.04 1.01 0.23 0.12 0.23 + 0.09 0.31 0.03 1.34 1.15 1.28 + 0.06 1.75 1.00 0.91 0.83 0.88 + 0.05 1.28 0.71 1.20 1.09 1.16 + 0.04 1.71 0.93 0.00 0.00 0.00 - 0.00 0.01 0.00 26.62 24.52 24.58 - 0.65 26.62 19.93 20.27 18.63 18.74 - 0.20 20.27 14.75 0.28 0.24 0.25 - 0.02 0.50 0.06 0.21 0.20 0.20 + 0.01 0.38 0.04 0.28 0.21 0.28 + 0.06 0.23 0.07 0.39 0.25 0.36 + 0.07 0.32 0.07 0.08 0.06 0.08 - 0.01 0.13 0.02 0.11 0.09 0.10 - 0.01 0.16 0.04 0.14 0.12 0.12 - 0.01 0.37 0.07 3.12 2.80 2.85 - 0.21 5.05 1.87 0.01 0.00 0.01 + 0.00 0.04 0.00 10.88 10.19 10.55 + 0.27 12.41 4.13 14.30 13.34 13.84 + 0.13 16.17 5.80 1.04 0.98 1.00 - 0.02 3.78 0.94 0.78 0.74 0.76 - 0.00 2.73 0.70 1.46 1.37 1.41 + 0.06 2.18 0.34 1.11 1.01 1.10 + 0.07 1.66 0.25 4.93 4.10 4.10 - 0.62 7.19 1.00 3.63 0.00 3.31 - 0.41 5.17 0.64 0.80 0.61 0.61 - 0.24 0.85 0.01 0.19 0.14 0.15 - 0.04 0.44 0.10 0.35 0.27 0.29 + 0.03 0.39 0.04 0.27 0.21 0.25 + 0.04 0.27 0.03 0.09 0.07 0.09 + 0.02 0.11 0.04 0.52 0.48 0.50 - 0.02 0.91 0.35 0.68 0.63 0.64 - 0.02 1.15 0.46 0.45 0.42 0.43 + 0.01 0.60 0.07 0.58 0.54 0.55 - 0.02 0.77 0.10 0.01 0.01 0.01 - 0.00 0.03 0.00 0.02 0.00 0.02 - 0.01 0.04 0.01 0.19 0.16 0.17 + 0.01 0.18 0.04 0.05 0.00 0.05 - 0.01 0.14 0.02 0.08 0.06 0.08 + 0.01 0.09 0.01 0.18 0.16 0.16 + 0.00 0.22 0.01 0.24 0.20 0.22 + 0.02 0.30 0.02 0.08 0.05 0.06 - 0.02 0.08 0.01 0.10 0.00 0.09 + 0.02 0.10 0.05 0.07 0.06 0.07 + 0.01 0.07 0.03 0.21 0.17 0.17 - 0.01 0.23 0.03 0.28 0.22 0.24 - 0.01 0.30 0.06 0.11 0.09 0.09 - 0.02 0.20 0.03

Rackla Mtls* O 1 Radisson Mng V 262 Radius Gold V 362 Rae-Wallace Mg* O 228 Rainforest Res* O 1 Rainmaker Res* O 62 Rainmaker Res V 297 Rainy Mtn Royl V 2600 Rambler Ml &Mg V 216 Randgold Res* O 0 Randgold Res* D 4570 Randsburg Intl V 123 Rapier Gold V 198 Rare Earth Mnl* O 0 Rare Element* O 1681 Red Eagle Mng T 1508 Red Eagle Mng* O 484 Red Moon Res V 64 Red Pine Expl V 758 54 Red Rock Enrgy V Redstar Gold* O 1166 Redstar Gold V 3298 Redzone Res V 58 Regulus Res V 231 Reliant Gold V 247 Renaissance Gd* O 71 Renforth Res 669 Resource Cap* O 5 Reunion Gold V 930 Rheingold Expl 88 Rhyolite Res V 40 Richmond Mnls V 222 Richmont Mines* N 1531 Richmont Mines T 1124 Rio Novo Gold T 560 Rio Silver V 676 Rio Tinto* N 20373 Rio Tinto* O 13 Rio Tinto* O 5 960 Rise Res Inc Rise Res Inc* O 669 Riverside Res V 252 Riverside Res* O 46 RJK Explor* O 53 RJK Explor V 403 Robex Res V 349 Rochester Res V 45 Rock Tech Lith V 73 Rockcliff Cop V 614 Rockhaven Res V 694 Rockland Mnls V 69 Rockridge Cap V 2920 Rockridge Cap* O 2 Rockshield Cap 47 Rockwell Diam* O 1 Rockwell Diam T 194 Rodinia Lithm V 286 Rogue Res* O 11 Rokmaster Res V 175 Romios Gold Rs V 711 Romios Gold Rs* O 131 RosCan Mrnls V 166 Roughrider Exp V 60 Roxgold* O 65 Roxgold V 1542 Royal Gold* D 2864 Royal Nickel T 2725 Royal Nickel* O 88 Royal Rd Mnrls V 598 Royal Std Mnrl* O 954 RT Minerals V 329 RTG Mining T 15 Rubicon Mnrls* O 36 Rubicon Mnrls T 245 Rugby Mng V 224 Rupert Res V 225 Rusoro Mng* O 364 Rusoro Mng V 403 Rye Patch Gold* O 608 Rye Patch Gold V 2269

0.11 0.09 0.09 + 0.00 0.17 0.03 0.18 0.17 0.17 + 0.01 0.20 0.12 0.17 0.14 0.14 - 0.01 0.17 0.05 0.03 0.02 0.02 - 0.01 0.03 0.00 5.20 0.00 4.60 - 0.60 8.25 0.30 0.06 0.05 0.05 + 0.00 0.14 0.05 0.09 0.07 0.08 - 0.01 0.25 0.07 0.18 0.13 0.17 + 0.03 0.18 0.03 0.15 0.13 0.15 + 0.01 0.16 0.05 85.79 0.00 85.79 + 3.84 120.75 70.61 86.39 80.34 82.26 - 0.63 126.55 67.54 0.01 0.01 0.01 - 0.01 0.02 0.01 0.11 0.10 0.11 + 0.01 0.17 0.05 3.24 0.00 3.24 + 0.22 15.28 2.75 0.27 0.18 0.27 + 0.04 0.53 0.00 0.88 0.76 0.85 + 0.01 1.05 0.63 0.67 0.58 0.65 + 0.01 0.91 0.20 0.04 0.03 0.03 - 0.01 0.09 0.02 0.14 0.12 0.13 + 0.01 0.24 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 0.10 0.08 0.09 - 0.01 0.15 0.02 0.13 0.11 0.12 - 0.01 0.17 0.03 0.17 0.12 0.17 + 0.05 0.32 0.06 1.67 1.45 1.65 + 0.20 1.87 0.25 0.03 0.03 0.03 - 0.01 0.05 0.01 0.25 0.22 0.23 - 0.02 0.52 0.10 0.05 0.04 0.05 + 0.01 0.05 0.01 0.16 0.16 0.16 + 0.00 0.26 0.02 0.08 0.06 0.06 - 0.01 0.08 0.01 0.34 0.28 0.33 + 0.05 0.35 0.01 0.18 0.13 0.13 - 0.04 0.27 0.09 0.06 0.00 0.05 - 0.01 0.09 0.03 7.90 7.20 7.45 - 0.20 11.66 3.46 10.48 9.47 9.74 - 0.49 15.01 4.86 0.16 0.12 0.16 + 0.04 0.30 0.07 0.09 0.07 0.09 + 0.01 0.18 0.02 46.04 43.45 45.35 + 2.42 46.04 22.88 45.35 42.85 44.55 + 1.90 45.35 22.65 49.90 0.00 49.90 + 2.97 49.90 26.05 0.40 0.24 0.35 + 0.11 0.35 0.11 0.34 0.16 0.27 + 0.08 0.40 0.08 0.49 0.44 0.44 - 0.03 0.54 0.14 0.37 0.34 0.34 - 0.01 0.41 0.10 0.14 0.12 0.12 - 0.01 0.14 0.06 0.18 0.15 0.15 - 0.01 0.25 0.05 0.08 0.00 0.08 - 0.01 0.17 0.05 0.06 0.00 0.05 - 0.01 0.11 0.03 0.88 0.75 0.80 - 0.09 1.45 0.05 0.10 0.09 0.10 - 0.01 0.16 0.02 0.20 0.15 0.16 - 0.04 0.29 0.14 0.09 0.07 0.08 + 0.01 0.11 0.01 0.93 0.65 0.75 + 0.15 0.78 0.03 0.52 0.52 0.52 + 0.17 0.34 0.15 0.14 0.11 0.11 - 0.03 0.16 0.04 0.05 0.05 0.05 + 0.00 0.09 0.03 0.07 0.06 0.06 - 0.01 0.13 0.04 0.11 0.09 0.09 - 0.01 0.16 0.08 0.48 0.47 0.48 + 0.02 0.56 0.25 0.06 0.04 0.05 - 0.01 0.08 0.01 0.06 0.06 0.06 - 0.01 0.10 0.03 0.05 0.04 0.05 - 0.00 0.08 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.10 0.08 0.09 + 0.01 0.15 0.05 1.18 1.11 1.17 + 0.04 1.35 0.49 1.55 1.43 1.55 + 0.06 1.76 0.69 72.47 68.79 70.48 + 1.70 87.74 28.50 0.28 0.26 0.26 - 0.02 0.63 0.14 0.22 0.20 0.20 - 0.01 0.50 0.10 0.11 0.09 0.09 - 0.02 0.18 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.30 0.05 0.34 0.00 0.30 + 0.05 0.70 0.21 1.45 1.35 1.44 + 0.10 27.56 1.09 1.92 1.82 1.88 + 0.06 2.39 1.30 0.33 0.30 0.31 + 0.01 0.58 0.03 1.03 0.94 1.01 + 0.01 1.30 0.02 0.14 0.13 0.14 - 0.01 0.31 0.06 0.19 0.17 0.18 - 0.01 0.41 0.07 0.24 0.22 0.23 - 0.00 0.37 0.08 0.32 0.28 0.29 - 0.01 0.47 0.12

2017-01-31 6:11 PM

WWW.NORTHERNMINER.COM

FEBRUARY 6–19, 2017 / 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

S Sabina Gd&Slvr* O 725 Sabina Gd&Slvr T 2346 Sage Gold* O 25 Sage Gold V 471 Saint Jean* O 939 Salt Lake Pot* O 25 Sama Graphite V 789 Sama Res V 10423 Samex Mng* O 28 San Marco Res* O 72 San Marco Res V 316 Sandspring Res V 1272 Sandspring Res* O 260 X 5364 Sandstorm Gold* Sandstorm Gold T 1032 Santa Fe Gold* O 970 Santacruz Silv V 1603 Sarama Res V 1024 Sarissa Res* O 331 Satori Res V 339 Saturn Mnrls V 880 Savoy Vent V 238 134 Scandium Int M* O Scientific Met V 1438 Scorpio Gold V 2018 ScoZinc Mg V 29 Seabridge Gld* N 2826 Seabridge Gld T 409 Searchlight* O 474 Sego Res V 273 Select Sands V 2816 Semafo T 5257 Senator Mnrls V 43 Sennen Potash V 405 SG Spirit Gold V 1080 Sherritt Intl T 5582 Shore Gold T 665 Sibanye Gold* O 1 Sibanye Gold* N 11576 O 1786 Sidney Resrces* Sienna Res V 190 Sienna Res* O 22 Sierra Metals* O 6 Sierra Metals T 177 Signature Res V 216 Silver Bear Rs T 595 Silver Bull Re* O 1005 534 Silver Bull Re T Silver Mtn Mns V 218 Silver Predatr V 92 Silver Range V 1107 Silver Scott* O 22 Silver Shield 77 Silver Spruce* O 42 Silver Spruce V 3666 Silver Std Res* D 7251 Silver Wheaton T 6445 N 22162 Silver Wheaton* Silvercorp Met T 2498 O 673 Silvercorp Met* Silvermet V 150 SinoCoking Cl* D 77 Sirios Res V 1057 Sirios Res* O 46 Skeena Res* O 24 Skyharbour Res* O 208 Slam Explor V 966 Sokoman Iron V 2142 Sokoman Iron* O 49 X 189 Solitario Ex&R* Sonora Gld & S V 305 Sonoro Mtls V 95 Source Expl V 203 Southern Arc V 90 Southern Arc* O 50 Southern Copp* N 6480 Southern Silvr V 1248 O 943 Southern Silvr* SouthGobi Res T 13 Spada Gold V 52

1.07 0.95 1.04 + 0.06 1.55 0.45 1.41 1.26 1.36 + 0.04 1.87 0.61 0.10 0.10 0.10 - 0.01 0.12 0.04 0.14 0.12 0.12 - 0.01 0.16 0.04 0.06 0.05 0.05 - 0.00 0.06 0.02 0.48 0.47 0.47 - 0.01 0.48 0.24 0.58 0.43 0.50 - 0.01 0.58 0.04 0.10 0.08 0.09 + 0.01 0.16 0.07 0.00 0.00 0.00 - 0.00 0.01 0.00 0.15 0.14 0.14 - 0.01 0.22 0.05 0.21 0.18 0.19 - 0.01 0.30 0.03 0.47 0.40 0.42 - 0.02 0.94 0.12 0.36 0.30 0.30 - 0.03 0.72 0.08 4.55 4.13 4.31 - 0.10 6.75 2.20 6.03 5.41 5.67 - 0.20 8.73 3.09 0.06 0.05 0.05 - 0.01 0.08 0.00 0.38 0.30 0.32 - 0.05 0.63 0.09 0.20 0.15 0.19 + 0.01 0.55 0.07 0.00 0.00 0.00 - 0.00 0.01 0.00 0.17 0.14 0.17 + 0.01 0.19 0.04 0.10 0.08 0.08 + 0.01 0.22 0.07 0.08 0.07 0.08 + 0.02 0.08 0.05 0.26 0.23 0.23 - 0.04 0.30 0.08 0.36 0.06 0.35 + 0.11 0.40 0.16 0.15 0.12 0.13 - 0.01 0.15 0.05 1.00 0.90 1.00 + 0.15 1.15 0.41 10.40 9.25 9.45 - 0.15 15.88 5.71 13.66 12.12 12.36 - 0.39 20.71 8.01 0.13 0.07 0.10 + 0.01 0.16 0.01 0.07 0.05 0.07 + 0.03 0.07 0.01 1.76 1.47 1.60 - 0.13 1.84 0.20 5.00 4.60 4.88 - 0.02 7.46 3.32 0.64 0.52 0.64 + 0.07 0.80 0.06 0.09 0.08 0.09 - 0.01 0.18 0.08 0.36 0.30 0.33 + 0.01 0.40 0.07 1.60 1.40 1.49 + 0.07 1.67 0.58 0.19 0.17 0.18 - 0.01 0.25 0.17 2.25 0.00 2.25 + 0.35 5.12 1.90 9.23 8.31 8.56 + 0.34 20.97 6.16 0.01 0.00 0.01 + 0.01 0.02 0.00 0.13 0.12 0.12 - 0.01 0.27 0.02 0.09 0.09 0.09 + 0.00 0.20 0.02 2.07 1.76 1.76 + 0.19 2.07 0.72 2.73 2.17 2.30 + 0.14 2.73 0.99 0.12 0.10 0.11 - 0.01 0.14 0.02 0.32 0.29 0.32 + 0.02 0.53 0.03 0.14 0.11 0.12 - 0.01 0.21 0.03 0.19 0.15 0.17 - 0.01 0.28 0.04 0.05 0.03 0.03 - 0.01 0.05 0.01 0.05 0.05 0.05 - 0.01 0.12 0.01 0.23 0.15 0.20 + 0.03 0.24 0.04 0.03 0.03 0.03 + 0.00 0.04 0.00 0.09 0.07 0.07 - 0.01 0.17 0.02 0.06 0.05 0.05 - 0.01 0.10 0.04 0.08 0.05 0.06 - 0.02 0.14 0.05 10.46 9.75 10.18 + 0.14 15.84 3.92 29.18 27.31 28.15 - 0.16 40.80 15.10 22.20 20.82 21.42 + 0.20 31.35 10.77 3.94 3.61 3.79 + 0.01 4.73 0.65 2.96 2.74 2.87 + 0.02 3.67 0.46 0.06 0.05 0.06 + 0.01 0.06 0.03 2.85 2.55 2.61 - 0.17 7.69 1.66 0.49 0.41 0.46 - 0.02 1.42 0.08 0.37 0.34 0.35 + 0.01 1.13 0.10 0.07 0.06 0.07 - 0.00 0.15 0.04 0.34 0.31 0.33 + 0.01 0.39 0.18 0.05 0.04 0.04 - 0.01 0.15 0.03 0.09 0.06 0.07 + 0.01 0.13 0.01 0.06 0.05 0.05 + 0.00 0.08 0.03 0.73 0.64 0.70 + 0.02 0.95 0.43 0.10 0.10 0.10 + 0.01 0.13 0.01 0.11 0.11 0.11 - 0.01 0.16 0.04 0.22 0.18 0.18 - 0.01 0.50 0.10 0.63 0.00 0.60 + 0.05 1.09 0.25 0.48 0.38 0.48 + 0.04 0.75 0.18 38.87 36.19 38.44 + 2.43 38.87 23.54 0.46 0.36 0.42 - 0.02 0.66 0.04 0.35 0.27 0.32 - 0.03 0.52 0.03 0.28 0.00 0.28 + 0.03 0.65 0.21 0.17 0.15 0.17 + 0.02 0.60 0.13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Spanish Mtn Gd V 720 Spanish Mtn Gd* O 58 Sparton Res V 176 Spearmint Res V 328 Sphinx Res V 195 Stakeholdr Gld V 109 O 50 Stakeholdr Gld* Standard Graph V 5357 Standard Graph* O 62 Standard Lith V 491 Standard Metal* O 790 Stans Energy V 2392 Stans Energy* O 587 Starcore Intl T 265 Sterling Grp* O 414 Stillwater Mg* N 7396 Stina Res 239 Stina Res* O 25 Stockport Expl V 482 O 57 Stonegate Agri* Stornoway Diam T 4413 Stornoway Diam* O 53 Strategic Metl V 235 Stratton Res V 254 Stria Lithium V 2504 Strongbow Expl V 54 Sultan Mnrls V 43 Suncor Energy T 15810 Suncor Energy* N 24225 Supreme Metals 206 Sutter Gold* O 172 Syrah Res* O 12

0.15 0.12 0.12 - 0.02 0.22 0.03 0.11 0.09 0.09 - 0.01 0.17 0.02 0.07 0.07 0.07 + 0.01 0.09 0.03 0.02 0.02 0.02 - 0.01 0.06 0.01 0.07 0.06 0.06 - 0.01 0.14 0.02 0.27 0.25 0.27 + 0.01 0.89 0.08 0.21 0.21 0.21 + 0.00 0.67 0.07 0.12 0.08 0.11 + 0.02 0.13 0.02 0.09 0.07 0.08 + 0.01 0.09 0.02 1.09 0.75 1.04 + 0.32 1.09 0.10 0.06 0.05 0.06 + 0.01 0.21 0.04 0.08 0.04 0.06 + 0.01 0.09 0.01 0.06 0.03 0.04 - 0.00 0.06 0.01 0.61 0.57 0.61 + 0.04 0.91 0.28 0.17 0.15 0.17 + 0.02 0.18 0.01 17.16 16.96 17.14 + 0.07 17.50 6.20 0.10 0.09 0.09 - 0.01 0.18 0.07 0.08 0.08 0.08 - 0.00 0.14 0.05 0.04 0.03 0.03 - 0.01 0.06 0.02 0.02 0.01 0.01 + 0.00 0.03 0.00 0.95 0.81 0.87 - 0.06 1.33 0.69 0.71 0.65 0.66 - 0.03 0.96 0.49 0.69 0.54 0.59 + 0.02 0.86 0.26 0.95 0.75 0.93 + 0.18 0.95 0.10 0.08 0.06 0.07 - 0.01 0.18 0.03 0.16 0.14 0.14 - 0.02 0.25 0.06 0.10 0.08 0.10 - 0.01 0.20 0.05 42.88 41.24 41.32 - 0.96 44.90 28.40 32.66 31.07 31.48 - 0.25 33.79 20.35 0.07 0.06 0.06 - 0.01 0.07 0.02 0.04 0.03 0.04 + 0.00 0.13 0.02 2.64 2.51 2.51 - 0.08 4.90 2.00

Tahoe Res* N 11373 Tahoe Res T 9220 Tajiri Res V 34 Talon Metals T 97 Tamino Mnrls* O 775 Tango Mining V 624 V 313 Tanqueray Expl Tantalex Res 454 Tanzania Rlty T 194 Tanzania Rlty* X 1017 Taranis Res* O 16 Tarku Res V 190 Tartisan Res 127 Taseko Mines* X 6399 Taseko Mines T 3039 Teck Res T 12732 Teck Res* N 24397 Teck Res T 47 Telferscot Res 886 Telson Res V 3 Teranga Gold T 4444 Teras Res V 287 Terraco Gold V 558 Terrax Mnrls* O 155 Terrax Mnrls V 2007 Terreno Res V 289 25 Teryl Res Corp* O Teslin Rvr Res V 2069 Teuton Res V 105 Teuton Res* O 24 Texas Mineral* O 90 16 Thunder Mtn Gd* O Thunder Mtn Gd V 11 Thunderstruck V 433 Till Capital V 1 Till Capital* D 22 Tiller Res V 14 Timberline Res* O 81 Timmins Gold T 4661 Timmins Gold* X 5287 Tinka Res* O 832 Tinka Res V 1572 Tintina Res V 289 Tintina Res* O 169 Tirex Res* O 842 Titanium Corp V 121

9.42 8.59 8.84 - 0.24 17.01 7.12 12.43 11.27 11.61 - 0.49 22.13 9.92 0.16 0.15 0.15 - 0.01 0.19 0.01 0.08 0.08 0.08 - 0.01 0.15 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.14 0.01 1.30 1.10 1.16 - 0.06 1.35 0.02 0.14 0.11 0.13 - 0.01 0.18 0.02 0.74 0.63 0.64 - 0.06 1.95 0.24 0.56 0.49 0.51 - 0.02 1.49 0.17 0.08 0.08 0.08 + 0.00 0.12 0.04 0.06 0.05 0.05 - 0.01 0.10 0.02 0.05 0.04 0.04 - 0.01 0.10 0.02 1.50 1.27 1.45 + 0.19 1.50 0.31 1.94 1.69 1.90 + 0.22 1.94 0.44 34.60 31.70 33.12 + 1.70 35.67 4.67 26.46 23.80 25.21 + 1.63 33.76 3.35 35.10 32.00 33.85 + 1.84 36.49 7.30 0.01 0.01 0.01 - 0.01 0.05 0.01 0.29 0.00 0.29 + 0.02 0.55 0.08 1.00 0.91 0.94 - 0.04 1.40 0.38 0.17 0.13 0.15 - 0.01 0.21 0.04 0.16 0.14 0.15 + 0.01 0.19 0.09 0.63 0.56 0.61 + 0.07 0.80 0.18 0.84 0.74 0.77 + 0.04 1.05 0.25 0.06 0.04 0.04 - 0.02 0.08 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.47 0.38 0.45 + 0.06 0.46 0.21 0.23 0.18 0.18 - 0.02 0.46 0.04 0.17 0.13 0.14 - 0.03 0.34 0.03 0.14 0.12 0.13 + 0.00 0.19 0.09 0.10 0.08 0.10 + 0.04 0.16 0.02 0.12 0.12 0.12 + 0.01 0.23 0.08 0.09 0.07 0.09 + 0.01 0.20 0.01 5.40 0.00 5.40 - 0.05 6.00 3.28 4.13 4.08 4.08 - 0.05 5.00 2.76 0.45 0.00 0.45 + 0.05 0.85 0.05 0.32 0.28 0.30 + 0.00 0.53 0.02 0.52 0.46 0.51 + 0.02 0.80 0.17 0.39 0.35 0.39 + 0.02 0.63 0.12 0.26 0.21 0.25 + 0.03 0.26 0.07 0.34 0.28 0.33 + 0.03 0.34 0.10 0.07 0.07 0.07 + 0.01 0.15 0.06 0.06 0.05 0.05 + 0.00 0.12 0.04 0.06 0.04 0.05 - 0.01 0.13 0.04 0.49 0.47 0.48 + 0.01 0.88 0.31

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TMAC Resource* O 3 TMAC Resources T 92 TNR Gold V 395 Toachi Mg Inc V 141 Tolima Gold V 30 TomaGold V 1439 O 3770 Tombstone Expl* Tonogold Res* O 24 Torex Gold* O 138 Torex Gold T 1560 Tower Res V 322 Transatlan Mng V 2257 Treasury Metal T 319 Trecora Res* N 107 Trevali Mng* O 371 Trevali Mng T 8207 Trident Gold V 724 Trigen Res V 80 Trigon Metals* O 61 Trilogy Mtls* X 486 Trilogy Mtls T 92 TriMetals Mng* O 117 TriMetals Mng* O 296 TriMetals Mng T 290 Trinity Res* O 1 Trio Resources* O 9 TriStar Gold* O 133 TriStar Gold V 300 Troy Res* O 349 True Grit Res V 160 Tsodilo Res V 53 Tudor Gold V 19 O 5 Tudor Gold * Tungsten Corp* O 1070 Turquoise HIl* N 24468 Turquoise HIl T 6890 TVI Pacific* O 125 Tyhee Gold* O 4520

12.79 11.78 11.78 - 0.86 15.16 9.26 17.00 15.39 15.61 - 1.07 20.18 6.21 0.05 0.00 0.04 + 0.02 0.09 0.01 0.47 0.42 0.42 + 0.03 0.59 0.05 0.01 0.00 0.01 - 0.01 0.03 0.01 0.10 0.08 0.10 + 0.01 0.17 0.05 0.01 0.00 0.01 + 0.00 0.02 0.00 0.06 0.04 0.06 + 0.01 0.07 0.01 21.20 19.35 19.96 - 0.72 27.34 8.66 28.02 25.35 26.26 - 1.22 35.17 12.10 0.15 0.14 0.15 + 0.01 0.21 0.01 0.04 0.04 0.04 - 0.01 0.15 0.03 0.60 0.56 0.58 - 0.01 0.85 0.40 13.45 12.40 12.55 - 0.40 14.80 8.17 1.02 0.92 0.98 + 0.06 1.05 0.24 1.34 1.23 1.27 + 0.04 1.41 0.33 0.04 0.01 0.02 + 0.01 0.04 0.01 0.09 0.08 0.08 - 0.01 0.11 0.03 0.31 0.30 0.30 + 0.00 0.33 0.27 0.53 0.47 0.51 + 0.02 0.86 0.21 0.70 0.00 0.66 + 0.02 1.08 0.29 0.18 0.16 0.17 + 0.00 0.32 0.06 0.20 0.16 0.20 + 0.02 0.28 0.04 0.26 0.22 0.25 + 0.03 0.36 0.06 0.07 0.00 0.06 + 0.01 0.33 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.22 0.19 0.21 - 0.01 0.41 0.11 0.29 0.25 0.27 - 0.02 0.53 0.16 0.11 0.10 0.10 - 0.01 0.56 0.09 0.05 0.03 0.05 + 0.02 0.08 0.01 1.05 0.84 1.00 + 0.15 0.95 0.50 0.73 0.66 0.66 - 0.04 2.50 0.37 0.50 0.49 0.50 + 0.01 1.26 0.33 0.00 0.00 0.00 - 0.00 0.00 0.00 3.70 3.40 3.52 + 0.10 3.70 1.85 4.84 4.52 4.63 + 0.06 5.03 2.59 0.02 0.01 0.02 + 0.01 0.03 0.00 0.01 0.00 0.01 + 0.01 0.02 0.00

U.S. Lithium* O 934 U3O8 Corp* O 813 Ucore Rare Mtl* O 349 Ucore Rare Mtl V 490 UEX Corp T 19010 Ultra Lithium* O 61 Ultra Lithium V 154 Umbral Enrgy 2020 Unigold V 573 Unigold* O 24 United Silver* O 106 United States A* X 326 United States S* N 98994 Unity Energy V 66 Ur-Energy* X 7990 Uracan Res* O 416 Uragold Bay Rs V 7376 X 20058 Uranium Energy* Uranium Res* D 16522 V 44 Uranium Valley Uravan Mnrls V 350 US Energy* D 685 US Precious M* O 4218 US Rare Earths* O 20 USCorp* O 278 N 142991 Vale* Vale* N 66474 Valencia Vent V 5 ValGold Res V 28 Valley High Mg* O 5081 Valterra Res* O 25 Vanadium One V 190 O 398 Vanadiumcorp* Vangold Res V 637 Vantex Res V 1308 Vatic Vent V 360 Vedanta* N 1032 Vela Minerals V 34 Vendetta Mng V 1684 Vendetta Mng* O 231

0.04 0.03 0.04 + 0.00 0.15 0.01 0.04 0.03 0.03 + 0.01 0.04 0.01 0.27 0.25 0.26 + 0.00 0.35 0.17 0.35 0.33 0.34 - 0.01 0.45 0.25 0.34 0.26 0.30 + 0.04 0.34 0.14 0.17 0.00 0.13 - 0.02 0.27 0.09 0.21 0.17 0.18 - 0.01 0.35 0.10 0.04 0.03 0.04 + 0.01 0.10 0.02 0.25 0.24 0.25 - 0.01 0.69 0.14 0.20 0.00 0.19 - 0.01 0.51 0.13 0.00 0.00 0.00 - 0.00 0.01 0.00 0.37 0.30 0.36 + 0.03 0.60 0.16 34.94 31.31 33.77 + 0.39 39.14 6.15 0.11 0.08 0.08 - 0.03 0.48 0.05 0.90 0.77 0.79 + 0.02 0.90 0.41 0.06 0.05 0.05 - 0.00 0.08 0.01 0.21 0.14 0.17 + 0.01 0.31 0.06 1.82 1.50 1.59 + 0.05 1.82 0.69 2.62 2.07 2.21 - 0.13 4.80 0.97 0.29 0.00 0.23 - 0.04 0.35 0.04 0.11 0.09 0.10 + 0.01 0.42 0.05 1.25 1.07 1.17 - 0.08 3.03 1.07 0.01 0.00 0.01 + 0.00 0.03 0.00 0.14 0.12 0.14 + 0.07 0.27 0.01 0.01 0.00 0.01 - 0.00 0.03 0.00 10.96 10.17 10.67 + 0.64 10.96 2.14 10.36 9.62 10.18 + 0.78 10.36 1.63 0.09 0.00 0.09 - 0.01 0.40 0.07 0.03 0.03 0.03 + 0.01 0.08 0.01 0.01 0.01 0.01 + 0.00 0.02 0.00 0.03 0.03 0.03 + 0.00 0.07 0.00 0.15 0.13 0.13 - 0.02 0.16 0.13 0.06 0.05 0.05 - 0.01 0.06 0.02 0.15 0.07 0.09 - 0.06 0.15 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.09 0.09 0.09 - 0.01 0.24 0.05 15.17 14.19 15.02 + 1.09 15.17 3.52 0.04 0.04 0.04 + 0.01 0.08 0.03 0.23 0.19 0.22 + 0.03 0.23 0.05 0.17 0.15 0.17 + 0.05 0.17 0.08

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Verde Potash T 176 Verde Res* O 43 Veris Gold* O 369 Victoria Gold V 1906 Victory Nickel* O 68 Victory Res* O 41 Virginia Enrgy V 284 O 87 Virginia Enrgy* Viscount Mng V 277 279 V M Gold Visible Vista Gold* X 2848 Vista Gold T 226 Volcanic Gold V 1117 Voltaic Min V 2062 Vulcan Mnrls V 216 VVC Expl V 349

0.13 0.37 + 0.10 0.48 0.39 0.27 0.03 0.03 - 0.01 0.08 0.05 0.03 0.00 0.00 + 0.00 0.01 0.00 0.00 0.16 0.59 + 0.01 0.80 0.62 0.58 0.01 0.02 - 0.01 0.04 0.03 0.02 0.02 0.02 - 0.01 0.03 0.03 0.02 0.04 0.16 + 0.06 0.14 0.16 0.10 0.02 0.13 + 0.05 0.10 0.13 0.00 0.43 0.61 - 0.12 0.91 0.73 0.59 0.03 0.02 0.03 + 0.01 0.07 0.02 0.27 0.99 + 0.03 2.09 1.01 0.92 0.39 1.30 + 0.02 2.73 1.33 1.20 0.04 0.59 + 0.14 0.59 0.60 0.45 0.05 0.09 + 0.01 0.52 0.10 0.08 0.02 0.04 - 0.01 0.08 0.05 0.04 0.01 0.02 - 0.01 0.05 0.03 0.02

Walker River V 620 T 1805 Wallbridge Mng O 1557 Walter Energy* 60 War Eagle Mg V Waseco Res V 699 Wealth Mnrls* O 440 Wealth Mnrls V 1591 Wellgreen Plat T 669 O 780 Wellgreen Plat* V 47 Wescan Gldflds T 1343 Wesdome Gold 135 West High Yld V West Kirkland V 590 33 West Red Lake* O 281 West Red Lake X 942 Western Copper* T 750 Western Copper 61 Western Pac Rs* O T 13122 Western Potash Western Uran 28 Western Uran* O 89 V 311 Westhaven Vent O 38 Westhaven Vent* O 377 Westkam Gold* Westmoreland* D 1435 O 6 WestMountain* Westridge Res V 768 White Energy* O 2 White Gold* O 15 White Gold V 624 284 White Mtn Engy* O Whitemud Res V 295 1863 Winston Gld Mg 285 Winston Gld Mg* O Wolfeye Res V 327 O 94 Wolverine Mnls* V 269 Wolverine Mnls WPC Res V 1932 WPC Res* O 150 X-Terra Res V 456 Xiana Mng V 43 Xiana Mng* O 8 Ximen Mng V 1330 XLI Tech Inc* O 1057 V 560 Xtierra O 17 Xtra-Gold Res* Xtra-Gold Res T 67 Yamana Gold T 22843 41317 Yamana Gold* N Yanzhou Coal* N 792 T 428 Yellowhead Mng Zadar Vent V 427 21 O Zadar Vent * Zazu Metals V 189 Zazu Metals* O 46 Zenyatta Vent V 162 O 36 Zenyatta Vent* Zephyr Mnls* O 176 Zephyr Mnls V 14 Zimtu Capital V 166 Zincore Mtls V 18 Zonte Mtls V 1498

0.05 0.07 - 0.03 0.18 0.09 0.07 0.03 0.07 - 0.01 0.10 0.08 0.06 0.02 0.13 - 0.01 0.28 0.15 0.12 0.05 0.00 0.05 - 0.01 0.07 0.01 0.02 0.06 - 0.02 0.12 0.12 0.06 0.14 1.17 + 0.22 1.16 1.17 0.94 0.19 1.50 + 0.24 1.50 1.51 1.25 0.17 0.42 + 0.01 0.62 0.43 0.40 0.12 0.32 + 0.01 0.46 0.33 0.30 0.02 0.02 0.13 0.11 - 0.11 0.00 1.22 2.64 + 0.17 3.08 2.71 2.28 0.23 0.13 0.22 + 0.08 0.30 0.09 0.04 0.09 - 0.01 0.17 0.10 0.09 0.15 0.00 0.14 + 0.01 0.31 0.02 0.20 0.17 0.20 + 0.02 0.40 0.02 0.22 1.36 + 0.10 1.80 1.46 1.26 0.31 1.74 + 0.06 2.13 1.88 1.68 0.03 0.02 0.03 + 0.01 0.04 0.00 0.12 0.27 - 0.01 0.36 0.36 0.22 1.20 2.15 + 0.05 2.56 2.27 1.91 0.96 1.65 + 0.10 2.67 1.75 1.46 0.04 0.10 - 0.01 0.16 0.11 0.10 0.07 0.07 - 0.01 0.12 0.07 0.07 0.02 0.03 + 0.01 0.07 0.03 0.02 18.45 + 1.67 19.92 4.42 19.03 16.05 0.02 0.04 + 0.00 0.20 0.04 0.04 0.01 0.24 - 0.03 0.28 0.28 0.23 0.22 0.19 - 0.05 0.57 0.24 0.19 0.03 0.91 + 0.05 0.96 0.91 0.84 0.04 1.19 + 0.05 1.35 1.24 1.10 0.03 0.03 0.03 - 0.00 0.15 0.01 0.01 0.01 + 0.01 0.03 0.02 0.00 0.15 0.13 0.13 - 0.02 0.64 0.10 0.12 0.09 0.09 - 0.01 0.49 0.09 0.23 0.31 - 0.02 0.37 0.34 0.31 0.05 0.05 - 0.02 0.10 0.07 0.05 0.06 0.08 - 0.01 0.18 0.10 0.07 0.03 0.07 - 0.01 0.13 0.08 0.07 0.05 0.05 - 0.01 0.08 0.05 0.05 0.06 0.26 + 0.02 0.31 0.29 0.24 0.03 0.20 + 0.03 0.21 0.21 0.17 0.02 0.14 + 0.01 0.15 0.15 0.14 0.04 0.06 - 0.01 0.18 0.07 0.00 0.01 0.00 0.00 - 0.00 1.30 0.00 0.01 0.04 - 0.01 0.08 0.05 0.02 0.14 0.18 - 0.01 0.43 0.19 0.18 0.19 0.24 - 0.03 0.56 0.27 0.24 2.23 4.21 - 0.09 7.87 4.45 4.11 1.59 0.02 5.99 3.19 - 3.39 3.13 3.72 7.76 + 0.42 8.09 7.82 7.15 0.03 0.05 + 0.01 0.10 0.06 0.05 0.06 0.09 + 0.01 0.26 0.09 0.08 0.07 0.06 0.07 - 0.00 0.20 0.05 0.13 0.34 + 0.05 0.40 0.40 0.28 0.09 0.29 + 0.09 0.30 0.30 0.20 0.63 0.98 - 0.01 1.55 1.02 0.95 0.49 0.74 + 0.02 1.17 0.78 0.72 0.15 0.28 - 0.02 0.30 0.30 0.28 0.13 0.40 - 0.01 0.42 0.40 0.37 0.13 0.22 + 0.01 0.38 0.25 0.00 0.03 0.12 + 0.01 0.30 0.12 0.00 0.05 0.21 + 0.08 0.17 0.21 0.13

W-Z

BID-ASK — JANUARY 23–27, 2017 STOCK

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp Afrasia Mnls African Metals Aftermath Slvr Aida Minerals Alba Minerals Alberta Star Alderon Iron* Alexandra Cap ALQ Gold Amanta Res Amato Expl Arak Res Arch Coal* Arco Res Ashanti Sanko Asian Minl Res Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Bearclaw Cap Benz Mining Benz Mining BHK Mining Big Wind Cap Bird River Res Black Bull Res Bluenose Gold Bluestone Res Boss Power Buccaneer Gold Bullion Gld Res Bullman Mnls Canuc Res Carrara Explor Carrie Arran Cascade Res Cassidy Gold Cava Res Cerro Mng Chieftain Mtls Chinapintza Mg Cliffs Nat Res* Clydesdale Res Colibri Res Compliance Egy Corazon Gold Cricket Res Cyprium Mng Delrand Res DGS Mnls Discovery-Corp Enfield Expl European Metal Eurotin Excalibur Res Fire River Gol First Idaho GAR Limited GB Minerals

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12-MONTH

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

0.10 0.40 0.15 0.25 0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.04 0.05 0.04 0.30 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.10 0.12 0.12 0.15 0.16 0.21 0.21 0.22 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.02 ... 0.02 0.03 0.05 0.12 0.05 0.06 0.01 0.02 0.01 0.05 0.07 0.04 0.10 0.22 0.73 0.22 0.70 ... ... 0.58 0.06 0.10 0.10 0.10 0.04 0.10 0.10 0.10 0.02 0.03 0.02 0.04 0.23 0.39 0.23 0.40 0.06 0.08 0.08 0.10 0.03 0.04 0.05 0.05 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.04 0.05 0.04 0.06 0.02 0.03 0.02 0.04 0.03 0.03 0.03 0.08 0.03 0.03 0.03 0.09 0.07 0.12 0.07 0.19 0.05 0.09 0.06 0.06 ... 0.01 0.01 0.03 0.04 0.02 0.04 0.10 0.15 0.10 0.23 0.17 0.20 0.17 0.05 0.08 0.05 0.05 0.09 0.12 0.09 0.15 0.06 0.10 0.07 0.09 0.23 0.29 0.25 0.27 0.11 0.20 0.13 0.13 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.18 0.21 0.21 0.78 0.01 0.03 0.01 0.03 ... ... 0.05 0.23 0.01 0.02 0.01 0.01 1.45 3.20 1.43 7.17 0.06 0.12 0.06 0.06 0.17 0.17 0.17 0.23 0.03 0.03 0.03 0.25 0.52 0.55 0.55 0.55 0.01 0.12 0.01 0.01 0.03 0.03 0.03 0.12 0.75 1.00 0.75 0.90 0.04 0.09 0.04 0.04 0.02 0.03 0.02 0.08 ... ... 0.01 ... 0.01 0.01 0.01 0.05 0.10 0.06 1.00 0.09 0.10 0.10 0.11 0.03 0.07 0.09 0.75 0.08 ... 0.08 0.14 0.02 ... 0.01 0.05 0.07 0.08 0.08 0.10

LOW

STOCK

0.05 0.02

V Gentor Res V GFM Res Global Cobalt V Global Cop Grp V Gold Ridge Exp V Goldbank Mng V Golden Harp V Goldstream Mnl V Graniz Mondal V C Gravis Energy Greatbanks Res V Grenville Gold V Greywacke Expl C HFX Holding V Highbury Proj V Highvista Gold V IGC Res V Interconnect V Intl Millm Mng V V Iron South Mng Jazz Res V JDF Explor Inc C Jet Metal V Jiulian Res V Karoo Expl V Kenna Res V Kestrel Gold V La Imperial C Leagold Mg V Leeta Gold V Lions Bay Cap V Lovitt Res V Lucky Mnls V Mag Copper C MAG Silver* X Mainstream Mnl V Manado Gold V Marifil Mines V Masuparia Gold V Match Capital V McChip Res V Mega Copper V Metallum Res V Mezzotin Mnrls V MillenMin Vent V Millstream Min V V Milner Con Slv Minsud Res V Moag Copper C Montana Gold C Mountain Lake C Mukuba Res V Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V Newmac Res V North Am Ptash V North Am Tung V NRG Metals V C NSS Res Inc Open Gold V Oroco Res V

0.04 0.03 0.01 0.08 0.01 0.16 0.12 0.02 0.03 0.01 0.17 0.03 0.03 0.02 0.09 0.01 0.01 0.06 0.03 0.03 0.01 0.01 0.03 0.03 0.01 0.01 0.05 0.02 0.05 0.03 0.07 0.13 0.05 0.02 0.01 0.04 0.01 0.03 0.01 0.98 0.01 0.04 0.03 0.18 0.01 0.03 0.26 0.04 0.02 0.01 0.03 0.01 0.03 0.05 0.01 0.04

12-MONTH

EXC BID ASK LAST HIGH LOW

0.01 0.02 0.01 0.02 0.02 0.09 0.02 0.03 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.30 0.35 0.35 0.70 0.10 0.13 0.10 0.16 0.11 0.28 0.19 0.28 0.08 0.09 0.09 0.40 0.01 0.34 0.04 0.05 0.01 0.03 0.01 0.01 0.03 0.05 0.03 0.09 0.12 0.09 0.18 ... 0.06 0.06 0.06 0.08 0.12 0.11 0.12 0.26 ... 0.26 0.27 ... 0.16 0.17 0.01 0.01 0.01 0.02 0.07 0.17 0.06 0.14 0.04 0.05 0.04 0.10 0.24 0.27 0.24 0.28 0.10 0.15 0.10 0.25 0.01 ... 0.01 0.01 0.10 0.10 0.09 0.10 0.03 0.04 0.03 0.05 0.01 0.02 0.01 0.02 0.13 0.16 0.15 0.27 0.02 0.02 0.02 0.07 0.06 0.20 0.11 0.11 0.60 0.65 0.63 0.98 0.11 0.17 0.11 0.14 0.04 0.10 0.04 0.04 0.06 0.12 0.06 0.16 0.10 0.12 0.09 0.12 0.02 0.02 0.02 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.10 0.14 0.10 0.15 0.01 0.02 0.01 0.04 0.04 0.05 0.04 0.06 0.01 0.04 0.04 0.04 0.45 0.60 0.45 0.77 0.14 0.30 0.30 0.30 0.03 0.06 0.12 0.01 0.01 0.01 0.04 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.03 0.07 0.03 0.07 0.05 0.10 0.05 0.10 ... ... 0.08 0.09 0.10 0.10 0.10 ... 0.01 0.01 0.01 0.09 0.17 0.09 0.45 0.16 0.30 0.16 0.30 0.01 0.02 0.01 0.02 0.17 0.23 0.17 0.22 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.07 0.08 0.07 0.12 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.11 0.11 0.11 0.18 ... ... 0.20 0.01 0.01 0.01 0.03 0.04 0.04 0.06

0.01 0.02 0.01 0.04 0.05 0.05 0.03 0.05 0.01 0.01 0.07 0.04 0.03 0.13 0.01 0.05 0.04 0.04 0.07 0.01 0.08 0.01 0.01 0.14 0.01 0.01 0.01 0.03 0.01 0.02 0.05 0.01 6.12 0.10 0.01 0.03 0.01 0.40 0.02 0.01 0.01 0.04 0.02 0.03 0.02 0.01 0.08 0.15 0.01 0.10 0.08 0.04 0.03 0.01 0.02 0.02

STOCK

Oxford Res Pac Arc Res Pac Cascade Pac Imperial Pac Iron Ore Pac Link Mng Pac Topaz Paget Mrnls Palisades Vent Pan Global Res Peat Res Phoenix Gold Phoenix Metals Pitchblack Res Planet Mng Plato Gold Portofino Res Prime Meridian Prism Res Prize Mng ProAm Expl Rare Element* Razore Rock Res Red Oak Mg Remington Res Remo Res Resolve Vent Riley Resource Rockex Mng Romulus Res Ross River Royal Sapphire Rubicon Mnrls* Savannah Gold Saville Res Scavo Res SGX Res Silver Grail Silver Phoenix Sniper Res Spruce Ridge R Starr Peak Exp Stone Ridge Ex Strata Mnls Strikepoint Gd Swift Res Talmora Diamd Tearlach Res Teryl Res Corp Theia Res Tiger Intl Tintina Mines Troy Enrgy UC Res United Coal Universal Vent Vanadium One Velocity Mnrls WCB Res Whistler Gold Winston Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

V V V V V V V V V V V V V V V V V V V V V X C V V V V V C V V V X V V C V V C V V V C V V V C V V V V V V V C V V V V V C V V

0.02 0.03 0.03 0.16 0.19 0.16 0.50 0.01 0.02 0.01 0.02 0.03 0.03 0.03 0.05 0.22 0.23 0.22 0.34 0.02 0.08 0.02 0.03 0.19 0.22 0.21 0.29 0.05 0.06 0.05 0.09 0.06 0.07 0.07 0.07 0.04 0.05 0.04 0.08 0.02 0.03 0.02 0.07 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.09 0.10 0.09 0.16 0.05 0.08 0.05 0.08 0.01 0.01 0.01 0.03 0.07 0.08 0.08 0.12 0.12 0.15 0.14 0.15 0.17 0.22 0.22 0.23 0.40 0.42 0.42 0.43 0.02 0.03 0.02 0.03 0.11 0.16 0.15 0.89 0.01 0.04 0.02 0.05 0.02 0.03 0.03 0.03 0.16 0.23 0.17 0.18 0.11 0.30 0.10 0.11 0.03 0.04 0.03 0.30 0.05 ... 0.13 0.13 0.05 0.05 0.06 0.75 0.09 ... 0.09 0.17 0.01 0.01 0.01 0.03 0.08 0.10 0.10 0.10 ... ... 0.03 1.35 0.04 0.06 0.04 0.15 0.03 0.04 0.02 0.05 0.36 0.57 0.36 0.54 0.02 0.02 0.02 0.05 0.08 0.08 0.08 0.16 0.02 0.38 0.15 0.15 0.01 0.01 0.01 0.07 0.03 0.04 0.03 0.05 0.08 0.10 0.08 0.19 0.05 0.19 0.05 0.17 0.01 0.02 0.01 0.05 0.38 0.43 0.39 0.43 0.20 0.24 0.25 0.25 0.01 0.05 0.01 0.05 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.11 0.16 0.12 0.20 0.08 0.18 0.08 0.20 0.05 0.08 0.08 0.12 0.02 0.56 0.01 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.13 0.15 0.13 0.35 0.18 0.24 0.22 0.22 0.04 0.05 0.04 0.08 0.03 0.08 0.05 0.06 0.03 0.10 0.03 0.10 0.09 0.16 0.09 0.12 0.05 0.07 0.05 0.08

0.05 0.01 0.01 0.15 0.01 0.08 0.01 0.05 0.01 0.01 0.02 0.05 0.02 0.01 0.06 0.08 0.07 0.01 0.01 0.06 0.01 0.01 0.04 0.05 0.02 0.10 0.02 0.08 0.01 0.03 0.03 0.01 0.01 0.26 0.01 0.02 0.01 0.01 0.01 0.06 0.04 0.01 0.05 0.01 0.01 0.02 0.01 0.06 0.08 0.03 0.01 0.01 0.05 0.08 0.02 0.01 0.01 0.05 0.01

2017-01-31 6:11 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 6–19, 2017

Brixton Metals acquires third past producer near Cobalt SILVER

| Once-famous camp offers unique brownfield opportunities, company says

BY TRISH SAYWELL tsaywell@northernminer.com

Since Brixton Metals (TSXV: BBB) started looking a year ago at the historic silver-cobalt camp near the northern Ontario town of Cobalt, the junior has picked up three past-producing underground mines that could churn out more silver someday. Brixton announced its third acquisition — the Gowganda mine — on Dec. 19. Gowganda, 85 km west of Cobalt, produced 40.7 million oz. silver at an average grade of 754 grams silver per tonne between 1910 and 1972. A resource estimate in 2011 on Gowganda’s tailings showed that 2.96 million oz. silver from 1.9 million tonnes averaging 47.5 grams silver per tonne remained in the indicated category, at a cut-off grade of 10 grams silver per tonne. Gary Thompson, Brixton’s chairman and CEO, says the once-famous silver camp offers brownfield opportunities, and his team has already grown its land position there. In February, Brixton closed the acquisition of the Langis mine, 500 km north of Toronto. The mine produced 10.4 million oz. silver from 379,479 tonnes at an average grade of 857 grams silver per tonne between 1908 and 1989. Since that acquisition, Brixton has twice added to its land holdings near the Langis mine, first in May and then again in September, bringing its total land package at Langis to 32.8 square kilometres. Brixton also picked up the Hudson Bay silver mine in April. This mine operated from 1905 to 1943, and again in 1953, producing 6.4 million oz. silver at a grade of 4,217 grams silver per tonne. Production at Hudson Bay came from two narrow vein systems. Vein No. 1 and Vein No. 2 both had a strike length of 400 feet and extended 200 feet vertically. Thompson says the geology is similar at all three underground mines. “The Archean basement rocks are overlain by sediments, which have been intruded by the Nipissing diabase sill,” he says in an interview. “The silver mineralization, including native silver, is hosted within all three of the rock units in the area. The mineralized veins occur within carbonate alteration that fills fissures in moderate to steeply dipping structures, as single veins and parallel sets.” Thompson adds that there are only a few primary silver opportunities in Canada, and says this is one of the reasons why Brixton is so attractive to its shareholders, which include Rob McEwen (9%), U.S. Global and Hecla Mining (NYSE: HL) — each holding 6% — Eric Sprott (5%), and retail (55%). Management owns 12%. “We’re excited — it’s brownfield exploration for the most part, and you know the old saying: ‘A good place to look for a mine is near a mine,’” Thompson says. “But we’ve got work to do to get those resources defined.” Thompson, one of the company’s cofounders, notes that the historic workings at all three mines were relatively shallow. Hudson Bay was mined down to 60 metres, Langis went down 200 metres and Gowganda reached 260 metres. “If you’re looking at the Abitibi greenstone belt, we know that the basement rocks can have mineral-

1-16, 23_FEB6_Main .indd 23

An aerial view of core boxes near the Simcoe No. 6 shaft at Brixton Metals’ past-producing Gowganda silver project near Cobalt in northern Ontario. BRIXTON METALS

“WE KNOW WE HAVE LARGE-SCALE REGIONAL FAULTS, AND WE THINK THE SPLAYS OFF THOSE FAULTS COULD BE CONDUITS FOR THE FLUID FLOW BOTH AT SHALLOW LEVELS AND AT DEPTH.” GARY THOMPSON CHAIRMAN AND CEO, BRIXTON METALS

ization down to a significant depth, so we see an opportunity for that potential with some of the deeper structures at our projects,” he says. “We know we have large-scale regional faults, and we think the splays off those faults could be conduits for the fluid flow both at shallow levels and at depth.” The company drilled 15 holes at Langis in mid-2016, some of which returned high grade, including 3.1 metres of 1,944.6 grams silver and 2 metres of 1,084 grams silver.

One of the most intriguing holes, however, intersected 4.9 grams gold per tonne and 397 grams silver at 156 metres deep. “We got pretty nice intercepts on our first round and we’re showing there’s gold in the system as well ... as far as we could tell, there are no reported gold production numbers from this camp, and we haven’t seen any gold numbers in any of the historical drilling,” Thompson says. Brixton’s geologists aren’t sure, however, whether previous operators

assayed for gold at Langis, and if they did, whether they discounted it. “When they drilled underground they were looking for obvious highgrade mineralization, and would sample that and toss the rest,” he says. “We took the strategy of sampling from top to bottom. If you look at the core, it’s got hematite, but it’s not obvious, high-grade mineralization, so if you were instructed to only sample the high grade. I can see why it was missed ... we’re seeing gold in the system and we’re looking at the basement rocks, as well, which I don’t think was much of a focus for historic exploration.” Thompson says Brixton will continue exploring around the old workings for extensions, but is also looking at the feeder zones at depth to build something more there. The high-grade silver at Langis has been recovered from within all rock types and the silver-bearing veins are moderate to steeply dip-

ping, and categorized as single vein or multiple-vein type structures. The deposit is open on strike and to depth. Thompson says the company has been digitizing and 3-D modelling historic data. “We need to get the old paper data and get out there with the drills and start drilling,” he says. “Hopefully early in the new year we’ll do more drilling.” Historically, the silver-cobalt camp near Temiskaming produced 500 million oz. silver, Thompson says, but when the silver price fell to US$5 per oz. in 1990, activity in the area dried up. “When we looked at this camp we were impressed by the sheer number of mines that were in it historically,” Thompson says. “But after 1990 the camp was pretty much dead for 25 years, so we saw that as an opportunity to get established.” Drilling next to the Langis mine intersected a new zone just before the silver price collapse, with a historic intercept of 2,115.04 grams silver over 9.4 metres and 1,262.80 grams silver over 3.9 metres. Thompson says that the three deposits, if developed and put into production, could feed a central mill. The Hudson Bay mine property is part of the city’s limits, while Langis is just 20 km northeast of Cobalt, and Gowganda, 70 km northwest. While Brixton focuses on precious metals, it sees cobalt production as a potential bonus. The Langis mine produced 358,000 lb. cobalt and Hudson Bay produced 185,000 lb. cobalt. Over the last year Brixton’s shares have traded from 35¢ to $1.20 per share. At press time the junior’s shares traded at 26¢ apiece. The company has 40 million shares outstanding. As of Sept. 30, it had $4.2 million in cash and no debt. In addition to its Ontario properties, Brixton owns the Thorn exploration project in northwestern British Columbia. TNM

SAVE UP TO 50% OFF WITH SITE LICENSE THE NORTHERN MINER TEAM ACCOUNTS Save Up to 50% with The Northern Miner Group Account Subscriptions Each member of your team can have their own access to reliable, timely and informed analysis of global mining and exploration activity. For pricing and other inquiries please email Dan Bond at

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2017-01-31 7:45 PM

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2017-01-31 11:07 AM