The Northern Miner January 23 2017 Issue by The Northern Miner Group

SITE VISIT: MCEWEN MINING TO RESTART GOLD BAR IN NEVADA / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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Goldcorp drops $35M into Auryn GOLD

| Cash to help junior on Committee Bay play in Nunavut BY TRISH SAYWELL tsaywell@northernminer.com

G At Antioquia Gold’s Cisneros gold mine project in Colombia: Julian Villarruel, Antioquia’s former president and CEO, who now serves as president of Antioquia Gold’s Colombian subsidiary (front left); and Jim Decker, Antioquia’s executive vice-president of investor relations. PHOTO BY JOHN CUMMING

Antioquia Gold pushes Cisneros to production SITE VISIT BY JOHN CUMMING jcumming@northernminer.com MEDELLIN, COLOMBIA

| Junior aims to mine 30,000 oz. gold annually in Colombia Red Eagle was first out of the “RATHER THAN SPEND $3 MILLION gate with its San Ramon gold mine, ON EXPLORATION, WE SAID: ‘WE HAVE where it poured first gold in November; Antioquia Gold will be second, ENOUGH ALREADY TO GET STARTED.’”

t’s full steam ahead for Antioquia Gold (TSXV: AGD; US-OTC: AGDFX) at its Cisneros high-grade gold mine under construction 2 km east of the town of Cisneros in northwestern Colombia’s Antioquia department, with underground development well advanced and commercial production rates targeted to begin mid-2017.

JIM DECKER EXECUTIVE VICE-PRESIDENT, ANTIOQUIA GOLD

Dozens of foreign gold-mining companies have descended on Colombia over the past decade, but Antioquia Gold stands with Red Eagle Mining (TSX: R) and Continental Gold (TSX: CNL) as one of only three that have achieved,

Leave no

or are soon to achieve, commercial gold production at newly built mines in the country — with all three mines located in the miningfriendly Antioquia department, where artisanal gold miners have been active for generations.

oldcorp (TSX: G; NYSE: GG) is taking a 12.5% stake in Auryn Resources (TSX: AUG; US-OTC: GGTCF) for $35 million — a sum that will be used to fund a 55,000-metre exploration drill program this year across the junior’s projects in Nunavut, British Columbia and Peru. “We’ve spoken with a number of major mining companies over the last little while, and we realized that there was a lot of synergy with Goldcorp,” president and CEO Shawn Wallace says in an interview. “We’ve got a common mind on See AURYN / 6

PM40069240

targeting the third quarter of 2017 for start-up; and Continental Gold will likely be third at its larger Buritica project, where the firm recently obtained environmental permits that pave the way for mine construction to start in the second half of 2017, and gold production perhaps two years later. The wholly owned, 58 sq. km See ANTIOQUIA / 2

unturned.

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Hauling rock from the mine portal at the Guaico deposit at Antioquia Gold’s Cisneros gold mine in Colombia. PHOTO BY JOHN CUMMING

A development ramp into the Manuela gold zone at the Guaico deposit at Antioquia Gold’s Cisneros gold project in Colombia. PHOTO BY JOHN CUMMING

Antioquia Gold pushes Cisneros to production ANTIOQUIA From 1

Cisneros project is 55 km northeast of Medellin, or less than a two-hour drive from the big city, with most of the route being a newly extended four-lane highway. Infrastructure in the area is excellent. Antioquia Gold has already completed extensive underground development at the Cisneros property, which is divided between the Guaico deposit, which will be mined at a rate of up to 250 tonnes per day starting in July 2017, and the Guayabito deposit, 1.6 km northwest, which will be mined at a similar rate starting in March 2018 from a separate portal, though it will one day be connected via a tunnel to Guaico. Gold mineralization at Cisneros is described as porphyry-related vein deposits, with gold hosted in structurally related shear zones up to 16 metres wide containing veins and veinlets of quartz and pyrite, with minor chalcopyrite and molybdenite. Once all the latest drill results are in from Guaico and Guayabito, Antioquia plans to update its National

Mr. Graham Buttenshaw

Instrument 43-101 resource numbers by the end of March. At last count in August 2013 — taking into account only the main Guaico zone (i.e., not including two new zones at Guaico named Manuela and Nus, or the significant Guayabito deposit) — the Cisneros property hosts 599,000 measured and indicated tonnes grading 5.05 grams gold per tonne for 97,100 contained oz. gold, plus 1.1 million inferred tonnes grading 4.90 grams for 173,000 contained oz. gold. These numbers are calculated based on 35,400 metres of drilling in 141 holes collared between 2008 and 2012. (By the end of 2012 there was another 10,000 metres of drilling in 59 holes not yet included in any resource estimate, and another 1,600 metres were drilled into the Guayabito South target in 2016.) The mining method will be mechanized cut-and-fill complemented by cut-and-fill with special equipment, and some shrinking stoping. Backfill will be a combination of waste and hydraulic backfill. Antioquia’s processing plant, now

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“WE’LL DRILL UNDERGROUND WITH SHORTER HOLES, AND IT’LL BE MUCH CHEAPER. AND WE CAN USE THE CASH FLOW FROM THE MINE OPERATIONS TO PAY FOR IT.” JIM DECKER EXECUTIVE VICE-PRESIDENT, ANTIOQUIA GOLD

under construction, will have an initial 250-tonne-per-day capacity by July, which will double next January, when mineralized material from Guayabito comes onstream. Operating at a 500-tonne-per-day capacity under the original mine plan would translate to 30,000 oz. gold produced per year for a fiveto seven-year mine life according to Antioquia Gold’s preliminary studies, but extending the known mineralized zones and adding the three gold-rich zones to the resource base will likely add mine life. Gold will be recovered as free gold (55%) and in concentrate (45%), with gold shipped out as a concentrate to minimize any security problems related to pouring doré on-site. Jim Decker, Antioquia Gold’s executive vice-president of investor relations, says there is “little difference” in the metallurgy of the property’s zones, which makes for relatively uncomplicated milling with 97% recovery. He adds that because the gold processing will not use politically sensitive cyanide, “that is the reason we got our permits so quickly.” Antioquia also has a permit to store up to 4.5 million tonnes of tailings on land that it bought in an uninhabited portion of a valley west of the plant, but the company only intends to store 1.5 million tonnes of tailings in the first seven years of production. So there’s plenty of room to accommodate a longer mine life

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as the resource base grows. As of November, Antioquia Gold had extended its main access ramp at Guaico to 922 metres long (advancing at a rate of 300 metres per month); spiralled the ramp down 110 metres from the mine portal’s elevation; raised a ventilation shaft; and carved out an underground explosives magazine to enhance mine security. The host rock for all this activity is a sturdy diorite-intrusive named the Antioquia batholith, which Antioquia Gold says provides “excellent ground conditions” that need less money and effort spent on rockbolting and similar stabilization work. The tunnels are also wide and high enough to allow using 40-tonne street dump trucks underground. The idea is to go after the main Guaico vein first, but the two satellite high-grade vein structures accessible from the Guaico ramp — Manuela and Nus — are to be drilled off and incorporated into a future mine plan. An underground drilling campaign further targeting the Guaico, Manuela and Nus zones is getting underway in January 2017. “Rather than spend $3 million on exploration [on new gold zones at Guaico and Guayabito], we said: ‘We have enough already to get started,’” Decker says, noting the company has carried out internal studies, which it considers feasibility study level, but not to National Instrument 43-101 standards. “We had the critical mass to develop a mine here at 30,000 oz. a year for seven years. We said, OK, we have enough information for that, so let’s not drill from surface — we’ll drill underground with shorter holes, and it’ll be much cheaper. And we can use the cash flow from the mine operations to pay for it.” Because of this approach, even as Antioquia spirals down to mine the main Guaico vein, it has also splayed off the main ramp towards the Manuela zone — reached by a development ramp in November — and is targeting the Nus zone on the other side of the Guaico vein zone. “The Nus resources are lower grade, but they have tremendous, tremendous lateral potential, because the Nus veins go parallel to the fault, while the others are perpendicular to the fault,” Decker says. “We’re seeing drill intersections of 5 to 6 grams gold at Nus, which is respectable for underground, but it’s nowhere near the 10s, 20s and 30s we’ve seen in the other zones. We have no mine plan for Nus yet, but now that we’re down there we can drill it and explore it.” Meanwhile the 1,200-metre drilling program into the Guayabito South target has extended the highgrade gold deposit by at least 150 metres and upgraded resources into the indicated category. “We got spectacular results. These

are jewellery box numbers,” Decker says of the assays released in early October, with the best hole, No. 1095, cutting 4.6 metres of 38.1 grams gold, 3.5 metres of 19.6 grams gold and 4.5 metres of 17.5 grams gold. A 450-metre drilling campaign is underway at Guyabito to upgrade the resource. Antioquia Gold extended a road through the hills to the planned mine portal at Guayabito. And after receiving environmental approvals for Guayabito in November 2016, preliminary tunneling work got underway in December by the same contractors that are excavating the underground workings at Guaico. After the Guayabito approval, Antioquia president, CEO and chairman Felipe Ferraro said that the firm “continues to be committed to the region and the country in the development of a model project of responsible mining that applies the highest environmental standards, and that is developed in harmony with its surrounding communities.” The company cautions that it has not completed an official preliminary economic assessment, prefeasibility study or feasibility study at Guayabito, and that while it believes its “best use of resources is to go forward with mine development and construction” at Guayabito, it acknowledges there is “increased uncertainty and higher risk of economic and technical failure” associated with the decision. Compared to other gold juniors, Antioquia Gold has been in a relatively strong financial situation through the downturn in the gold sector, thanks to the backing since 2010 of its key Lima-based shareholder: privately held mining company Infinita Prosperidad Minera S.A.C. (formerly Desafio Minero). Infinita has proven an enthusiastic, technically proficient and deep-pocketed shareholder that has provided Antioquia Gold cash in stages to cover the Cisneros mine’s anticipated US$40-million total capital costs. Infinita’s extensive gold mining experience in Peru has also given it the confidence to sign off on Antioquia Gold’s higher-risk plan to build a mine without an official feasibility study in hand. With Infinita converting another $4.5 million in loans into shares in October, the Peruvian miner now owns 70% of Antioquia Gold’s shares, or 214.6 million shares — up from a 62% interest previously. At the end of September 2016, Antioquia Gold had $2 million in assets (including $1 million in cash) and $12.6 million in liabilities (not counting the $4.5-million loan subsequently converted into shares). Antioquia Gold shares last traded at 12¢ in a 52-week range of 6¢ to 16¢. With 306.8 million shares outstanding, the market capitalization is $35 million. TNM

2017-01-17 8:04 PM

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THE NORTHERN MINER / JANUARY 23–FEBRUARY 5, 2017

McEwen’s Gold Bar to pour in 2018 SITE VISIT

| Company wants to add crusher, agglomerator to mine plan to boost gold recovery

BY LESLEY STOKES

lstokes@northernminer.com ELKO, NEVADA

he only thing that McEwen Mining’s (TSX: MUX; NYSE: MUX) Simon Quick, vicepresident of projects, thinks could delay construction at the company’s Gold Bar project, 53 km from Elko, Nev., is whether a Trump-led U.S. administration would lift the Obama moratorium on federal coal leases early next year. “The war on coal is effectively going to end, and there are mountains of projects that will look for approvals from the Bureau of Land Management (BLM), so a potential concern is simply a backlog of coal projects taking precedence over other mining projects,” Quick tells The Northern Miner during a presentation at the company’s office branch in Elko. McEwen aims to restart operations at the former open-pit gold mine by 2018. Based on an updated feasibility study published in 2015, the 7,300-tonne-per-day, heap-leach operation could produce 65,000 oz. gold per year, at cash costs of US$728 per oz. gold over a five-year mine life. Quick says if it all goes according to plan, the US$60.5-million project would deliver a 20% after-tax internal rate of return (IRR) and a net present value (NPV) — at 5% discount rate — of US$30 million, assuming US$1,150 per oz. gold. “The sensitivity to the gold price is pretty good. For every US$100 move either way, the IRR would move 10%,” he says. “The break-even point, without having to do a full redesign, is US$975, so it holds up well to any gold price fluctuations.” To keep the project on schedule, McEwen must publish a draft environmental impact study (EIS) in the Federal Register and gain BLM approval by the second half of 2017, which Quick explains as being no easy task in Nevada. “The issue with the BLM is getting it through the Notice of Availability (NOA) and published in the Federal Register. By comparison, a full EIS is 2,000 pages, whereas an NOA, which can delay a project, is five pages and lacks an incredible amount of meat of what the project is about. It sits on 27 desks as it goes through Washington for sign off, and then it’s put in the Register,” Quick says. He adds that the company is engaging local, state and federal officials to “humanize the project as much as possible,” in an effort to speed up approval. “The major competitive advantage this project, from a permitting perspective, is that it’s unencumbered by local issues. We don’t have water rights — there are no water issues or enormous autoclaves. So we’re asking the government to get behind a project that will add jobs, increase the tax base, and is a net benefit from a reclamation perspective.” Sitting at the boardroom table is the rest of the Gold Bar team, including Bruce Burke, director of operations and logistics, and Jeff Snyder, director of U.S. technical services. How McEwen plans to recover the gold is a big point of discussion among the team. Snyder is leading the conversation, given he has a 33-year background in oxide and refractory gold-ore processing. He says that one of the biggest challenges gold miners in Nevada face with Carlin-style deposits is the amount of clay associated with the ore.

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Back-of-the-cab geology meeting with McEwen Mining while visiting the Gold Pick pit at the Gold Bar gold project in Nevada, from left: Xavier Ochoa, president and CEO; Christina McCarthy, director of corporate development; analyst Michael Hocking; Bruce Burke, director of operations and logistics; and Simon Quick, vice-president of projects. PHOTO BY LESLEY STOKES

High-grade gold in RC drill samples from McEwen Mining’s Gold Bar project in Nevada. Hydrothermal fluids decalcify carbonate host rocks in Carlin-style gold deposits, leaving behind gold and clay. PHOTO BY LESLEY STOKES

“GOLD BAR IS A HIGH-RECOVERY ASSET. THERE’S 50% GOLD RECOVERY IN THE FIRST 45 DAYS, SO IT LEACHES REALLY QUICK.” JEFF SNYDER DIRECTOR OF U.S. TECHNICAL SERVICES, MCEWEN MINING

Carlin-style deposits form when mineralizing fluids, moving through fractures and faults, intercept a highly permeable, clay- and silt-rich carbonate rock. The fluids dissolve the carbonate, leaving the clay, silt and gold behind. This mineralization becomes obvious while picking through the reverse-circulation chip samples that are sitting on the boardroom table. The ore zones are completely cryptic, appearing more like dull road gravel with intervals of red-brown clay, while boasting intercepts of 5 metres at 8.9 grams gold per tonne. Snyder says that column tests on bulk samples from Gold Bar suggest gold recoveries of between 88% and 92%, which he calls “remarkable” for a deposit of this style. For the project’s feasibility study, the company took a conservative approach, and went with 78% recovery. “The unique thing about the project is its leach kinetics. Gold Bar is a high-recovery asset. There’s 50% gold recovery in the first 45 days, so it leaches really quick. In the report we added some conservatism, so if we increase that recovery it will really add to the bottom line,” he says. The other concern with Carlinstyle deposits, he says, is whether

the gold is trapped in carbonaceous, refractory material, which often forces miners to use complex and expensive milling techniques, such as roasters or autoclaves. For Gold Bar, Snyder says that carbonaceous ore is found in the un-oxidized part of the deposit. Since mining would focus on the oxidized zones, any carbonaceous material found will be treated as waste. Snyder estimates that 8% of the resource contains carbon-bearing ore. “We’ll have a two-step ore-control process — ore-control the face and visually inspect the stockpile — because you can clearly see it and prevent it from getting onto the leach pad,” he says. McEwen is also looking to add a crushing and agglomeration circuit to the processing flow sheet, which mixes the gold-bearing clays with cement and is crushed and sprinkled onto the heap-leach pad to enhance the leach pad’s permeability. Snyder says the method is more expensive, but adds “a lot more security to the project,” because “at the end of the day, recovery will make this project successful.” He says that a crusher and agglom-

erator would increase the capital cost of the project to US$80 million, but increase recovery to 82%, lengthen the mine life to seven years and bump up the NPV to US$48 million, while keeping a 20% IRR. Quick uses Midway Gold’s Pan gold project, 35 km west of Eureka, as an example of how high clay or carbonaceous content can impact recoveries. The beleaguered miner saw its first gold pour at Pan in March 2015, and expected the operation would produce 81,000 oz. gold annually over its nine-year mine life. Faced with falling recoveries, the company filed for bankruptcy three months later. “Recovery was a hot topic for them, but the two things they didn’t do was incorporate a crusher and agglomerator into their processing. They also never had their plant ready when the mining fleet were active, so they pushed stacking to 50-foot lifts, which made the clay situation even worse. But now, after coming

out of bankruptcy, they’re installing a crusher and an agglomerator to get the operation up and running again. We’ve made the right choice,” Quick says. The sagebrush and pinyon-juniper forest on the gravel road to Gold Bar is dusted with fresh-fallen snow, and the former open-pit mining operation looms on the horizon. Two of the three main deposits at Gold Bar — Gold Pick and Gold Ridge — were mined between 1986 and 1994 by Atlas Precious Metals, resulting in 206,187 oz. gold production from 2.1 million tonnes averaging 2.5 grams gold per tonne at an 88.4% recovery. Mineralization at Gold Pick has a strike length of over 1.2 km, a width of 500 metres and thickness between 30 and 15 metres, whereas Gold Ridge and Cabin Creek are satellite deposits that make up 22% of the resource. Combined, the deposits have open-pittable measured and indicated resources of 20 million tonnes of 0.96 gram per tonne for 611,000 oz. gold, and 4.2 million tonnes of 0.82 gram per tonne for 111,000 oz. gold, assuming US$1,350 per oz. gold, 78% recovery and 0.3 gram gold cut-off. The deposits occur within 150 metres of surface in oxidized and orange-coloured carbonate rocks, which appear along the pit walls. Dark black spots signalling carbonaceous rocks occur in rare patches across the benches. “Cabin Creek will be mined in the first couple of years. It’s the smallest resource we have, but it’s easily accessible,” Quick says as we stand around the back of a pick-up truck near the Gold Pick pit. McEwen plans to spend US$1.6 million next year at Gold Bar as mine permitting and engineering continue, but Quick mentions that near-mine exploration will be placed on the back burner. The company spent US$1.5 million for almost 5,000 metres of drilling this year. “We’re fairly capital constrained as we get into the build scenario, so we’re going to focus on finishing the engineering and ensure long-lead items are complete before we get into more exploration,” he says. “It’s better bang for our buck to wait for the mining permit and explore things that are immediately accretive, rather than spending money on deposits that would only come in much later in the mine life.” As of Nov. 4, the company had US$68 million in its treasury and made US$24.4 million in free cash flow up to September 2016. McEwen’s revenue comes from its two operating mines: the San Jose gold-silver mine in Argentina, where it owns 49%, and its wholly owned El Gallo gold-silver mine in Mexico. McEwen has traded in a 52-week range of $1.30 to $6.40 per share, and closed at $3.70 at press time. The company has 299.5 million shares outstanding for a $1.1-billion market capitalization. TNM

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E D I T O R IA L

Kazatomprom’s cuts URANIUM

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456, ext. 43564 larnold@glacierbizinfo.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5

| Canadian uranium juniors reap benefits

hat a difference a month makes. After an absolutely desultory past few years for uranium oxide prices — which saw the spot price of yellowcake hit 11-year lows of only US$18 per lb. in December 2016 — by Jan. 16 the price was back up to US$22.50 per lb. (a 25% rise from the low), after four straight weeks of advances. BY JOHN CUMMING On a wider scale, the price chart for jcumming@northernminer.com uranium looks like it may have definitively reversed its downward trend since the Fukushima nuclear disaster in 2011, which prompted Japan to take all its reactors offline and made countries such as Germany forsake peaceful nuclear power altogether. One catalyst for the strengthened uranium price was the surprise decision on Jan. 10 by Kazakhstani state-owned Kazatomprom to lower its 2017 uranium production 10% — equating to 5.2 million lb. U3O8 , or 3% of global mine supply. More conservative commentators are at least conceding that Kazatomprom’s move puts a US$18 per lb. floor on the uranium spot price, with Kazatomprom selling most of its output at spot prices. This US$18 level is a 75% decline from pre-Fukushima price levels. Kazatomprom chairman Askar Zhumagaliyev said the drastic cut was “due to the prolonged recovery in the uranium market,” and said the exact production levels for each mine owned or partly owned by the firm would differ from mine to mine, as determined and approved by their respective management boards. “While the outlook for nuclear energy growth continues as strong as it has been in many years, the realities of the near-term uranium market remain in oversupply,” Zhumagaliyev said in a release. “Kazatomprom, and its joint-venture partners, have had to make responsible decisions in light of these market challenges. These strategic Kazakh mineral assets are far more valuable to our shareholders and stakeholders being left in the ground for the time being, rather than adding to the current oversupply situation. Their greater value will instead be realized when produced into improved markets in the coming years.” This decision by the world’s largest uranium miner in the world’s largest uranium mining country sets the tone for the whole uranium subsector, especially given that Kazatomprom’s business plan for the past several years had been to produce as much uranium as possible, no matter the price or how weak the market. Cantor Fitzgerald mining analyst Rob Chang calls Kazatomprom’s disciplined production cuts a “game changer” and an “inflection point in the uranium space.” BMO Capital Markets estimates that Kazatomprom’s 5.2 million lb. U3O8 cutback for 2017 equates to 20-45% of BMO’s previous projected 2017 global oversupply of 11.5 million lb. U3O8 (including buffer inventories for new reactors, or 25.6 million lb., excluding the buffer inventories). BMO also makes the point that Kazatomprom’s cutbacks will likely affect the spot price more than cuts by a producer such as Cameco that primarily sells into long-term contracts. For instance, Cameco announced annual production cuts of 7.5 million lb. U3O8 on April 21, 2016, with little effect on the spot price, even if price support is felt longer-term. In Canada, it was only six months ago that Cameco tabled its worst financial quarter since 2005, with CEO Tim Gitzel saying that “this second quarter has probably been the toughest quarter in the toughest market we’ve seen in the last decade, and our results reflect just how challenging the environment is … uranium demand remains low and prices are very depressed.” If the mood isn’t yet rosy for uranium miners on the ground, it has at least improved dramatically for their shareholders and stock traders. Uranium stocks are up sharply across the board, with the following onemonth share price gains on Canadian exchanges: Cameco, 20%; Denison Mines, 35%; Azarga Uranium, 71%; Energy Fuels, 29%; Fission Uranium, 18%; Kivalliq Energy, 47%; Laramide Resources, 48%; NexGen Energy, 44%; Purepoint Uranium, 39%; U3O8 Corp., 50%; UEX, 27%; U.S.-traded Uranium Energy, 44%; Uranium Participation, 8%; and Ur-Energy, 33%. One wild card is incoming U.S. president-elect Donald J. Trump’s attitude towards nuclear power and nuclear weapons. Cutting subsidies to alternative energy could bolster more traditional power sources such as nuclear, though other pro-coal and natural gas policies could leave nuclear on the sidelines. In terms of defence, Trump tweeted on Dec. 22 that the U.S. “must greatly expand and strengthen its nuclear capability.” If such a nuclear weapons upgrade and expansion indeed takes place in the years to come, we may find this Dec. 22 tweet to be the exact inflection point for uranium prices this decade. TNM

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

Professional Directory. . . . . . . . . . . . . . . 23 Stock Tables. . . . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Agnico Eagle Mines. . . 6,15 Alamos Gold. . . . . . . . . . . . 5 Alexco Resource. . . . . . . . 11 Antioquia Gold . . . . . . . . . 1 Asanko Gold. . . . . . . . . . . . 6 AuRico Metals. . . . . . . . . 11 Auryn Resources. . . . . 1,16 Avalon Advanced Materials. . . . . . . . . . . . . 14 Barkerville Gold Mines . . . . . . . . . . . . 11,12 Barrick Gold. . . . . . . . . . . 12 BHP Billiton. . . . . . . . . . . . 6 Canadian Zinc. . . . . . . . . 14 Capstone Mining. . . . . . . 11 Centerra Gold. . . . . . . . . . 12 Continental Gold. . . . . . . . 1 Dalradian Resources. . . . . 8

Doubleview Capital. . . . . 17 Fortune Minerals. . . . . . . 14 Gold Fields. . . . . . . . . . 6,13 Goldcorp. . . . . . . 1,11,12,16 Guyana Goldfields. . . . . . . 7 IDM Mining. . . . . . . . . . . . 9 Imperial Metals . . . . . . . . 12 Infinita Prosperidad Minera S.A.C. . . . . . . . . . 2 Ivanhoe Mines. . . . . . . . . . 7 KGHM Ajax Mining. . . . 12 Kinross Gold. . . . . . . . . . . 16 Margaux Resources. . . . . 11 McEwen Mining . . . . . . . . 3 MGX Minerals. . . . . . . . . 17 New Gold . . . . . . . . . . . . . 17 Newmont Mining . . . . . . . 6 Nighthawk Gold. . . . . . . 16

Nyrstar. . . . . . . . . . . . . . . . 12 Perseus Mining. . . . . . . . . . 8 Pretium Resources. . . . 9,12 Red Eagle Mining . . . . . . . 1 Seabridge Gold. . . . . . . 9,12 Skeena Resources. . . . . . . 12 Strategic Metals . . . . . . . . 13 Taseko Mines. . . . . . . . . . 12 Teck Resources. . . . . . . . . 12 Terra CO2 Technologies. . . . . . . . . 13 TerraX Minerals. . . . . . . . 15 Victoria Gold. . . . . . . . . . 11 Western Copper and Gold. . . . . . . . . . . . . . . . 12 Zijin Mining Group. . . . . . 7

Looking west from Skeena Resources’ Snip gold property in northwest British Columbia. PHOTO BY RON NICHOLS

Mine development and exploration in BC: Where we stand in 2017 COMMENTARY

| BC gov’t could strengthen support for BC’s mineral explorers

hou s a nd s of project in northwest members of the British Columbia. global mineral Both projects are under construction. exploration and deAuRico Metals is velopment industry expecting an enviare meeting in Vanronmenta l assesscouver from Jan. 23 to 26 at the Association BY GAVIN C. DIROM ment that will profor Mineral Explora- Special to The Northern Miner vide both provincial tion (AME) Roundup and federal approval conference. Roundup for their Kemess Unmarks the inaugural event in the derground project to move forexploration year at which we review ward in the first quarter of 2017. 2016 exploration work results, With positive signs that market celebrate successes, and discuss and investor interest is returning, the opportunities and challenges there is a real opportunity for the that lie ahead for the industry. B.C. government to affirm policies, It is appropriate that AME as well as take further steps in Roundup is held annually in Van- 2017 to support the exploration couver, which is home to 800 public industry and most importantly, to and private mineral exploration encourage early-stage, grassroots and mining companies active in exploration — the lifeblood of the nearly 100 countries around the industry. world. In fact, as of the end of In a highly competitive global December 2016, there were 702 market, jurisdictions that demmineral exploration and mining onstrate exploration and developcompanies based in British Colum- ment projects advancing, without bia and listed on the Toronto Stock undue roadblocks, attract more Exchange and TSXV exchanges, investment. Without these exup slightly — but encouragingly emplars, capital will not flow in — from 698 in October. Alto- the amount required to maintain gether, B.C.-based companies ac- and grow the industry to fulfill count for nearly 60% of the public its important contributions to mining companies listed on these modern society. exchanges. I have confidence that govern-

IN A HIGHLY COMPETITIVE GLOBAL MARKET, JURISDICTIONS THAT DEMONSTRATE EXPLORATION AND DEVELOPMENT PROJECTS ADVANCING, WITHOUT UNDUE ROADBLOCKS, ATTRACT MORE INVESTMENT. Despite challenges in accessing capital in 2016, companies publicly raised significant funds for exploration in northwestern B.C.’s Golden Triangle at properties like Seabridge Gold’s KSM property, Colorado Resources’ KSP property and IDM Mining’s Red Mountain property. B.C.’s favourable geographic position as a gateway to the Pacific Rim continued to be attractive for Asian companies searching for future inventories of metals, minerals and steelmaking coal. For example, Serengeti Resources received funding to advance its Kwanika copper-gold deposit in north-central B.C. through a partnership with South Korea’s Posco Daewoo Corporation. The best test of mineral exploration is developing and opening new mines, and in March 2016, Pretium Resources received private investment from both American and Chinese-owned companies for developing its Brucejack gold project. And last September, JDS Energy and Mining received funding to build its Silvertip silver-lead-zinc

ment will continue to recognize what we have accomplished as an industry under tough market conditions. I also believe that government, and the public at large, will continue to support the good people who diligently explore for the metals and minerals that society needs, and celebrate their fellow citizens who proudly bring opportunities for social and economic development to communities in all regions of B.C. and Canada. I expect this spirit of pride and optimism will be evident at AME’s Roundup 2017 conference. On behalf of the thousands of members of AME, and the mineral explorers and developers based in B.C. and operating here in Canada and around the world, I look forward to seeing you there. — Gavin C. Dirom is the president & CEO of the Association for Mineral Exploration, which hosts its annual conference, AME Roundup, in Vancouver from Jan. 23 to 26. Please visit www.amebc. ca for more information.

2017-01-17 8:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 23–FEBRUARY 5, 2017

Bre-X goes to Hollywood FILM REVIEW

| Blockbuster captures the excitement of the infamous scam, glosses over the damage done THE MOVIE ENTERTAININGLY CAPTURES THE EXCITEMENT AND ADVENTURE OF MINERAL EXPLORATION: BOOTSTRAP FUNDRAISING, STAKING CLAIMS IN THE JUNGLE AND THE VINDICATION OF MAKING A DISCOVERY.

BY DAVID PERRI

dperri@northernminer.com

he Bre-X Minerals scam was practically made for the big screen. In 1997 many surely felt like they were living something out of a movie when 200 million ounces of “gold” evaporated from the Busang project in Indonesia, along with billions of investors’ dollars and one Filipino geologist. Ripe with drama, the famous fraud is littered with greed, deception, high stakes, boardroom battles, lawsuits, politics, a suspicious death and many lingering questions. Now, 20 years after the it all unravelled, Hollywood has released its version of the infamous debacle: Gold. In blockbuster form the story loses its Canadian connection, but remains true enough to the arc and spirit of the Bre-X case. The film stars Matthew McConaughey as Kenny Wells (based on Bre-X founder David Walsh), who is a third-generation mining promoter in Nevada. He’s down on his luck in the late 1980s and desperate to live up to his family’s past success in the mining game. The Academy Award winning actor plays a sympathetic character, with crooked teeth, a bald head and a few extra pounds. In good times and bad, Wells is rarely seen without a drink in one hand and a cigarette in the other. Inspired by a dream of gold in Indonesia, Wells pawns some jewellery, jumps on a plane and person-

Matthew McConaughey (left) as Kenny Wells, based on Bre-X founder David Walsh, and Edgar Ramirez as Michael Acosta, based on Bre-X project manager Michael de Guzman, in the new Hollywood movie Gold. PHOTO BY PATRICK BROWN

ally convinces esteemed geologist Michael Acosta (played by Edgar Ramirez and based on Bre-X project manager Michael de Guzman) to go into business with him, signing a contract literally written on the back of napkin. Wells raises enough money to get drills turning in the jungle. The early results are discouraging, and Wells is incapacitated for days by a bout of malaria in the field. Upon his recovery Acosta delivers consistently rich gold intercepts.

If you know the Bre-X story, there will be no surprises about how the plot unfolds: tens of millions of ounces of gold “discovered”, a wild ride up the stock market, some corporate and political battles, and an infamous final helicopter ride over the jungle. Nonetheless, Gold entertainingly captures the excitement and adventure of mineral exploration: bootstrap fundraising, staking claims in the jungle and the vindication of making a discovery.

McConaughey claims most of the screen time with a convincing portrayal of Wells as a scrappy, desperate, dream-chasing entrepreneur imbued with an irrational affection for the yellow metal. He’s a maverick and an impulsive risk-taker, comically out of place in the Indonesian jungle and Wall Street boardroom alike. We l l s ’s g e o l o g i s t p a r t n e r (Ramirez) seems aloof and unnatural, perhaps intentionally.

And the lead’s longtime, smalltown girlfriend Kay (played by Bryce Dallas Howard) remains i ne x pl ic a bl y loy a l to We l l s , though skeptical about his business dealings. The film gives short shrift to the massive injury inflicted on investors caught up in the swindle, and it makes no mention of the regulations brought into the industry since the fraud that have made a repeat unlikely. Moreover, The Hollywood Bre-X story ends with possibly even less justice than the real-life crime. As such, it does little to dispel any negative notions about the mining business. Gold hits theatres across North America on Jan. 27, 2017. TNM

Turkish gov’t delivers forestry permit for Alamos Gold’s Kirazli GOLD

| Obtaining remaining permits could be straightforward, analysts say

BY TRISH SAYWELL

tsaywell@northernminer.com

hares of Alamos Gold (TSX: AGI; NYSE: AGI) listed on the Toronto Stock Exchange jumped 14%, or $1.43, to $11.57, after the company reported that it had received a key forestry permit for its Kirazli gold project in Turkey. Turkey’s federal government has already approved the project’s environmental impact study, which leaves the business opening and operation permit (GSM). Mining analysts covering the company say that this permit — granted by the governor of the local province of Canakkale — could be relatively easy to get. “The governor is appointed by the ruling AK Party, and our understanding is that this permit does not involve a major amount of government study,” Haywood Securities analyst Kerry Smith says of the outstanding GSM. “We would expect this permit in the second half of 2017, and once received, Alamos would be in a position to move ahead with development, subject to the remaining minor bureaucratic permits needed in Turkey.” Brian Quast of BMO Capital Markets called the Jan. 5 forestry permit news “a long-awaited milestone,” and noted that “although not all permits are in hand yet, the market will likely view the reception of the forestry permits as a precursor to the remaining permits.” Quast forecasts first gold from Kirazli in the third quarter of 2018. At Macquarie Research, Michael Gray said he expects construction at Kirazli to start in mid-2017. The mining analyst also removed the 15% asset discount on net asset value (NAV) that he had on Kirazli for a

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Looking west at Alamos Gold’s Kirazli gold project in Turkey. ALAMOS GOLD

revised $210 million NAV (previously $179 million), which increases his NAV per share by 16¢. “With an eight-year mine life at 90,000 oz. per annum (Macquarie’s estimate) from a simple open-pit heap leach, Kirazli will be a significant producer for Alamos Gold,” Gray said, adding that the company is his “top pick” amongst intermediate producers. Alamos Gold has three operating mines in North America: YoungDavidson in northern Ontario, and Mulatos and El Chanate in Sonora, Mexico. In addition to Kirazli, the company’s portfolio of developmentstage projects include Agi Dagi and Camyurt, also in Turkey; Lynn Lake in Manitoba; Esperanza in Morelos, Mexico; and Quartz Mountain in Oregon, United States. Describing 2016 as a “break-

through” year, Alamos Gold reported that it produced 392,000 oz. gold last year, while lowering operating costs. Although it has not finalized its all-in sustaining costs (AISCs) for 2016, management said it expects US$1,000 per oz., down from 2015’s US$1,091 per ounce. The company says consolidated AISCs in 2017 should fall to U$940 per oz. — a 6% year-on-year decrease. Total production in 2017 is an expected 400,000 to 430,000 oz. gold. The company has earmarked $24 million for exploration in 2017, and will focus nearly 90% on its Mulatos and Lynn Lake projects. The company’s shares finished at $10.48 at press time. BMO’s Quast has a target price on the stock of $12.50 per share, while Macquarie’s Gray forecasts $13 per share. TNM

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JANUARY 23–FEBRUARY 5, 2017 / THE NORTHERN MINER

Goldcorp drops $35M into Auryn AURYN From 1

how we see this suite of assets being developed, and the manner in which we want to explore them, our approach lined up with what they wanted to see — so it makes for a good partnership.” One of the things that attracted Goldcorp, Wallace says, is that Auryn took advantage of the dismal environment for juniors over the last few years and acquired a basket of quality assets, including the Committee Bay gold project in Nunavut, the Homestake Ridge gold project in B.C., and a portfolio of gold projects in southern Peru. “We acquired high-quality assets, and we also acquired a high-class, experienced exploration team led by Michael Henrichsen,” Wallace says, describing the team as “technical superstars.” Henrichsen, Auryn’s chief operating officer, was a former global structural geologist at Newmont Mining (NYSE: NEM), where his contributions increased the company’s reserves and resources in Ghana. Henrichsen also worked extensively at other major gold camps in South America, the Carlin trend, Guinea and Canada. In addition to Henrichsen, six others on Auryn’s 10-member technical team have previously held senior posts at Newmont, in addition to other companies including Gold Fields (NYSE: GFI) and BHP Billiton (NYSE: BHP; LON: BLT). Another, Dan McCoy, led the technical teams at Cayden Resources and Keegan Resources, two companies cofounded by Wallace and Ivan Bebek, Auryn’s executive chairman. McCoy was in charge of the team at Cayden that discovered the El Barqueno gold asset in Mexico’s Jalisco state, and helmed the team at Keegan, which discovered the Esaase gold deposit in Ghana. Cayden was sold to Agnico Eagle Mines (TSX: AEM; NYSE: AEM) in 2014 for $205 million, while Keegan, which was renamed Asanko Gold (TSX: AKG; NYSE-MKT: AKG) in March 2013, declared commercial production at Esaase in April 2016. “We were fortunate as a group that we were coming off a few successes and we had a little bit of wind at our back, and some currency in our

Auryn Resources’ Committee Bay gold camp in Nunavut. AURYN RESOURCES

equity,” Wallace says. “We are an ambitious, capital-efficient group, and that was one of the things that drew Goldcorp and others to us.” This year, Auryn plans to drill 25,0 0 0 metres of its pla nned 55,000-metre exploration drill program across 17 multi-kilometre-long targets at its flagship Committee Bay project, and another 30,000 metres split between its Homestake project in northwestern B.C. and its Sombrero, Huilacollo and Banos del Indio projects in southern Peru. “It is ambitious, but the good news is that we’re going to hit them hard and fast,” Wallace says, noting that the company has “spent the last two years getting these assets ready. “We’ve done a lot of work,” he says. “This will be a big year for us because a lot of the preparation work is going to come to fruition.” Auryn says its Committee Bay project offers district-scale discovery opportunities. The project covers 3,800 sq. km in the Arctic’s Committee Bay greenstone belt — one of a number of Archean-aged greenstone belts occurring within the larger Western Churchill province of northeastern Canada. The belt occurs 180 km northeast

of Agnico Eagle’ Meadowbank mine, and extends more than 300 km northeast to the shores of Committee Bay. “It’s one of the most exciting projects out there,” Wallace says. “It’s like one company controlling the whole Abitibi belt. The opportunity for an exploration company ... is unprecedented.” Over the last two years the company has completed surface work over 85% of the greenstone belt. In November, Auryn reported that 6,450 till samples from sampling programs in 2015 and 2016 had identified 17 multi-kilometre-long targets within five structural corridors across the belt. (Fifteen percent of the belt still remains to be surveyed during the mid-2017 program.) In conjunction with the till survey, Auryn also rock-sampled areas to find mineralization within the till anomalies. “It’s one 300 km belt [and] we had to distill it down to the best targets,” Wallace says. “We’re now ready to go drill with a deep understanding of the structural controls and the mineralization, and so forth.” Committee Bay already had a resource on Three Bluffs when Auryn

picked up the project in its mid-2015 acquisition of North Country Gold in an all-share deal valued at $20 million. Three Bluffs has an indicated resource of 4.3 million tonnes grading 4.91 grams gold per tonne for 683,000 contained oz. gold, and an inferred resource of 5.5 million tonnes of 5.43 grams gold for 965,000 oz. gold. The resource includes what Auryn describes as a “high-grade subset,” made up of 1.9 million indicated tonnes averaging 8.42 grams gold for 501,729 contained oz. gold, and 3.4 million inferred tonnes averaging 7.16 grams gold for 772,179 contained oz. gold. Three Bluffs remains open for expansion both along strike and at depth. During its eight-week mid-year field season last year, the company completed 10,000 metres of rotary air blast (RAB) drilling, 3,750 metres of diamond drilling at the Three Bluffs deposit, 5,500 regional till samples, 3,100 XRF till samples, 1,000 line kilometres of mapped boulders and 3,500 sq. km of drone imagery. Highlights included 13.7 metres of 1.91 grams gold at the Anuri prospect, and 23 metres of

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1-17_JAN23_Main .indd 6

2.5 grams gold and 30 metres of 2.12 grams gold from the Three Bluffs deposit. Boulder sampling focused on certain areas within the Anuri and Three Bluffs corridors, targeting only eight discrete boulder trains that represent only a fraction of those identified across the belt. Of the boulder trains sampled, two were identified as containing high-grade gold values, one at Anuri and the other, called Ridge, near Three Bluffs. The high-grade boulder train at the Anuri prospect has a source area along a major north–south fault zone that wasn’t drill tested in 2016. The boulder train is 2.6 km long and its 112 samples average 2.43 grams gold. The total strike length of the northto south-oriented structure is 8 km, and will be drill tested this year. While the Committee Bay project is “massive,” Wallace says, he is also excited about the company’s Homestake Ridge project in B.C. and the company’s properties in Peru. Homestake Ridge covers 75 sq. km within B.C.’s Iskut-Stewart-Kitsault belt. So far 268 drill holes totalling 77,845 metres have been completed on the property, which Auryn acquired last year in an all-share deal valued at $9 million. At a US$120 net smelter return per tonne cut-off, the project has a resource of 482,000 indicated tonnes grading 7.4 grams gold and 57 grams silver for 115,000 contained oz. gold, and 883,000 contained oz. silver. Inferred resources stand at 4.5 million tonnes averaging 5.4 grams gold and 117.5 grams silver for 779,000 contained oz. gold and 16.89 contained oz. silver. “We got almost 1 million oz., with tonnes of exploration upside, and that was a huge milestone for us,” Wallace says of the Homestake transaction, which was completed in September 2016. In addition to Homestake, Auryn picked up the rights to the Huilacollo, Sombrero and Banos del Indio properties in southern Peru last year. The company completed extensive surface sampling at Sombrero and Huilacollo in last year’s fourth quarter to advance the projects toward a drill-ready stage. At Banos del Indio, exploration plans are to undertake a property wide induced-polarization survey in the first quarter of 2017. As part of its agreement with Goldcorp, the gold major can participate in future Auryn equity issues up to a 12.5% interest. Auryn’s management and insiders hold 18% to 20% of the stock. At press time, Auryn’s shares were trading at $3.44 apiece within a 52-week trading range of $1.01 to $4.17. The company has 67 million shares outstanding. TNM

2017-01-17 8:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 23–FEBRUARY 5, 2017

A box cut that will provide access to the planned Kansoko copper mine on Ivanhoe Mines’ Kamoa deposit in the Democratic Republic of the Congo. IVANHOE MINES

Friedland says new Kamoa-Kakula PEA ‘already obsolete’ COPPER BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

vanhoe Mines’ (TSX: IVN; USOTC: IVPAF) executive chairman Robert Friedland says a preliminary economic study (PEA) released on the company’s impressive Kamoa-Kakula copper discovery in the Democratic Republic of the Congo (DRC) is “already obsolete.” Friedland was speaking on a Dec. 15 conference call, and, though he conceded the comment was somewhat tongue in cheek, added that engineers are struggling to keep up with Kakula’s growth rate over the past six months of drilling. The company’s goal is now to “double or triple” the size of the proposed operation. Ivanhoe has outlined two “initial options for the start-up” at Kamoa and nearby Kakula, which lies 5 km southeast. The first model involves a 4-million-tonne-per-year mine at Kakula that would generate 216,000

| Ivanhoe reworks agreement with Chinese partner Zijin at exceptional project in DRC

lb. copper annually at “mine-site” cash costs of US37¢ per lb. over a 10-year mine life. Preproduction capital for the stand-alone Kakula operation is estimated at US$1 billion. “We knew from drilling in 2014 that we had high-grade mineralization at Kakula,” CEO Lars-Eric Johansson said during the conference call. “But we didn’t know until we started our drilling earlier this year that Kamoa-Kakula would become the largest copper discovery ever made on the African continent. And it’s still growing.” The company says that the nearsurface, stratiform copper discoveries indicate a new district along a sedimentary rock belt that straddles the border between Zambia and the DRC. The Kakula mine design would feature an after-tax net present value (NPV) of US$3.7 billion at an 8% discount rate, which marks a 272% increase from the NPV reported in a March 2016 prefeasibility study on a 3-million-tonne-per-annum

operation focused on Kamoa. The internal rate of return (IRR) for the Kakula option is 38%. Friedland said that the plan at Kamoa was designed to be fundable under “tough market conditions,” but finding Kakula “completely changed the game.” Ivanhoe’s second development scenario involves the phased construction of two mines to a combined 8-million-tonne production rate per year. The company would build the previously outlined operation at Kakula, while developing the Kansoko mine at Kamoa. Under this alternative, the PEA envisages US$1 billion in capital costs and an average annual production rate of 292,000 tonnes copper at a mine-site cash cost of US42¢ per lb. during the first 10 years of operations. The phased scenario results in a US$4.75-billion aftertax NPV and 35% IRR. Combined resources for both deposits total 944 million indicated tonnes grading 2.8% copper for 58.9 billion contained lb. copper.

“We moved our thoughts on the mine plan down to Kakula and found the result was lower capital requirements because of thickness and consistency, higher metallurgical recoveries and a higher-grade concentrate that lowers shipping and realization costs. In short, it’s a real-world beater,” Friedland said. “We stepped back and thought: ‘Hey, what about building the Kamoa design alongside the new Kakula model?’ Now that sentiment in the mining business has turned, there are suddenly enormous capital flows available. We’re in a position to look at the full potential of this discovery and just how large it can get,” he added. Ivanhoe said another PEA is underway to more than double the initial build size to between 8 million and 10 million tonnes per year, with results expected in early 2017. IVN also announced that the shareholder agreement with Chinese partner Zijin Mining Group on Kamoa-Kakula has been amended,

wherein Zijin could hold majority control of the project by arranging financing for 65% of the project capital, or US$650 million. Zijin had committed to arrange financing on a best-efforts basis, which remains a fallback option. “The goal is to surpass this initial economic study. We’d like to double or triple it, and we’re talking to interesting companies to team up with us and achieve this task,” Friedland said. “We’re talking to sources of capital all over the world that quite literally have no limitations. The questions we get now include: ‘How big can you make this thing, and how fast can you get there?’ The mineralization is a blanket that stretches 27 km north. It’s just a question of how much we want to spend on drilling.” Ivanhoe has traded within a 52-week range of 53¢ to $2.98 per share, and closed at $2.25 at press time. The company has 779 million shares outstanding for a $1.7-billion market capitalization, along with a US$400-million cash balance. TNM

Guyana Goldfields restructures debt to boost financial flexibility GOLD

| Junior miner cuts debt in half to US$80M, eyes expansion of Aurora mine in Guyana

BY SALMA TARIKH

starikh@northernminer.com

uyana Goldfields (TSX: GUY) lightened its debt load just before the new year. Guyana Goldfields, which operates the Aurora gold mine in Guyana, has refinanced its US$160-million debt facility dated Sep. 2, 2014, with a group of existing lenders, comprising ING Capital LLC, the Bank of Nova Scotia and Export Development Canada. The facility amounts to US$80 million with 16 quarterly repayments of US$5 million over four years, starting at the end of March 2017. The restructuring bolsters Guyana’s financial flexibility, as the lenders will remove several covenants and restrictions, including unlocking US$23.2 million of restricted funds in the overrun equity account, eliminating cash sweeps and lowering the interest rate by 1.3%. Scott Caldwell, the company’s president and CEO, called the refinancing a “key milestone” in balance sheet management. It improves Guyana’s cost profile and growth potential. The Toronto-based producer expects to incur a one-time, non-cash

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The processing plant at Guyana Goldfields’ Aurora gold mine in Guyana. GUYANA GOLDFIELDS

charge of US$8 million to expense deferred financing costs in the fourth quarter. This should negatively affect that quarter’s earnings per share without affecting cash flow. Over the term of the new facility, Guyana anticipates annual cost savings of US$4.5 million per year. The previous debt is part of the project loan facility that Guyana secured in late 2014 to build its flagship Aurora mine, which achieved commercial production in January 2016. The loan consisted of two tranches:

a tranche 1 facility of US$160 million and a tranche 2 cost-overrun facility of US$25 million. Tranche 1 had a weighted average interest rate of three-month London interbank offered rate, plus 5.11%. Tranche 2 expired in late 2015 due to unwithdrawn funds. Guyana started debt principal repayments on Dec. 31, 2015. Through to the third quarter of 2016, it repaid US$24.4 million and was set to provide another US$8 million by year-end, BMO analyst Andrew

Breichmanas notes. Earlier in 2016, Guyana closed a $144.1-million bought-deal financing to fund a mill expansion at Aurora, increase exploration and potentially lower the debt level. Guyana’s management also said it would renegotiate the project loan, Breichmanas says. The facility has helped Guyana do just that. The company lowered its debt 50% to US$80 million over 2016. It anticipates a US$64-million cash balance.

At the end of September 2016, the company reported US$135.7 million in debt, plus US$105.2 million in cash and US$23.3 million in restricted cash. “The anticipated cash balance of US$64 million suggests that operations may have generated less free flow cash than our fourth-quarter 2016 estimate of US$10.8 million, potentially as a result of higherthan-expected capital expenses on the mining fleet and working capital additions,” Breichmanas points out. In 2016, Guyana would have released the updated feasibility study for the mill expansion at Aurora. Guyana plans to take the mill from 5,000 tonnes per day to 8,000 tonnes per day in 2017. It also intends to update Aurora’s ore reserves at a higher gold price and complete a preliminary economic assessment for Sulphur Rose, envisioned as a stand-alone operation, near the Aurora mine. On Dec. 22, Guyana gained 10% to close at $5.19 per share, after dipping the earlier day on the restructuring news. The stock exited 2016 at $6.12, up 99% from its 2015 close of $3.08. Breichmanas has a “market perform” rating and $6.50 price target on stock. TNM

2017-01-17 8:05 PM

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JANUARY 23–FEBRUARY 5, 2017 / THE NORTHERN MINER

Perseus shares hit by double whammy WEST AFRICA GOLD

| Miner lowers guidance and cuts resource estimate

BY SALMA TARIKH starikh@northernminer.com

lowered guidance for gold production and a shrinking resource estimate sent Perseus Mining (TSX: PRU; ASX: PRU) shares reeling in mid-December. After markets closed on Dec. 14, the West Africa-focused gold producer updated investors on its Edikan gold mine in Ghana and three gold projects in Côte d’Ivoire: Sissingué, Bélé and Yaouré. More than half of the update was rather bleak, sending shares down 38% over three trading days. Despite mill improvements at Edikan, the company’s sole producer has struggled to recover from a longer-than-planned mill shutdown in October. While Perseus was finishing upgrades, it took the mill offline for six days longer than the planned nine days. This, combined with lower head grades, led Perseus to lower its expectations for the December 2016 half year. (Perseus’ current fiscal year ends on June 30, 2017.) The company has downgraded the December half-year guidance by 12–20% to 70,000 to 80,000 oz. gold. All-in site costs should come in between US$1,550 and US$1,650 per oz., up from US$1,285 to US$1,595 per oz. gold. The June 2017 half-year target is unchanged at 125,000 to 145,000 oz. gold. “While we consider the downgrade disappointing, we continue to look to second-half 2017 for a move to positive cash flow based on improved operational performance and higher grades,” Canaccord Genuity (Australia) analyst Reg Spencer writes. Meanwhile, Perseus requested that Snowden Mining Industry Consultants re-estimate the May 2015 resource statement of its feasibility-stage Sissingué project for contamination. The December 2016 update cut Sissingué’s measured and indicated gold ounces by 20% and the inferred ounces by 8%.

“YOU WOULD NEED TO ASK THE CONSULTANTS HOW THEY FAILED TO IDENTIFY CONTAMINATION IN DRILL HOLES.” JEFF QUARTERMAINE MANAGING DIRECTOR AND CEO, PERSEUS MINING

The re-estimation request came after Perseus managing director and CEO Jeff Quartermaine asked a recently appointed group mine geologist to “totally familiarize” himself with the project’s geology and resource and reserve estimates so he could liaise with a bank’s technical team. “He noted a discrepancy between a diamond hole and an adjacent reverse-circulation (RC) hole, and started a more thorough investigation,” Quartermaine says in an email. Perseus reassessed the project’s drill database — used by both Runge Ltd. and Snowden in earlier resource estimates — ahead of planned discussions with prospective debt financiers. Perseus found a number of wet RC holes with possible “downhole contamination” that could have affected the “gold grade in specific holes or parts of holes,” the company said in the update.

Perseus Mining’s Edikan gold mine in Ghana. PERSEUS MINING

“You would need to ask the consultants how they failed to identify contamination in drill holes. Up until now, the company has [not unreasonably] relied on the findings of its well-credentialed independent consultants, that all was in order in terms of quality assurance and quality control,” Quartermaine says. To determine the amount of contamination, the company cut 6,587 metres of diamond drilling in 64 holes. Snowden reviewed both the new and old drill data and confirmed the company’s observations that some of the previous RC samples contained “smearing of grades as a result of wet drilling in ‘sticky’ material.” Snowden removed 5%, or 200 intervals, from the previous RC samples, and incorporated the new drill results before re-estimating the resource. (It did not discard any drill holes.) Sissingué’s measured and indicated resource now stands at 700,000 oz. (13 million tonnes grading 1.6 grams gold per tonne) compared to 880,000 oz. (16 million tonnes at 1.7 grams gold). Inferred resources have dropped to 58,000

oz. (940,000 tonnes at 1.9 grams gold) from 63,000 oz. (1.1 million tonnes at 1.7 grams). The resource comprises over 202,000 metres of drilling in 2,042 RC and diamond drill holes. Perseus says the 20% reduction in resources could also lower Sissingué’s reserves. But the company says it can’t confirm this until it finishes “detailed mine planning based on recently tendered mining costs, and other revised mining and processing parameters.” In February 2015, Runge calculated reserves of 429,000 oz. gold (5.5 million tonnes at 2.4 grams gold). This contributed to the revised April 2015 feasibility study. Based on those open-pittable reserves, Sissingué could crank out 385,000 oz. gold over a 5.3-year mine life, with annual production averaging 75,000 oz. for the first five years. The cost to get the mine up and running is US$106 million. Perseus aims to confirm the reserves and the feasibility assumptions in early 2017, Quartermaine says. Given the uncertainty of the reserves, the company plans to lower the project debt it seeks to build

Sissingué, while increasing internal funding. It previously aimed to secure US$60 million through debt and US$40 million through cash flow and cash reserves. Perseus has since adjusted Sissingué’s timeline, pushing initial gold production back four months to the end of February 2018. On a positive note, Perseus tabled a maiden resource estimate for the Bélé project, which is within trucking distance of Sissingué. Bélé has an inferred resource of 260,000 oz. gold from 5.2 million tonnes at 1.6 grams. Drilling is ongoing, with an update and an initial reserve estimate expected out in early 2017. “While Bélé offers potential to replace lost ounces in the reserve plan, at current gold prices we consider Sissingué a marginal project. The situation is exacerbated by reduced debt draw [US$30 million from US$60 million], and with the balance of development costs now borne by cash flow, coupled with the delayed production,” Spencer writes. Perseus also highlights that at its more substantial growth project, Yaouré, it is on track to finish a definitive feasibility study in mid-2017. But this depends on whether the company can finish a 42,000-metre resource definition program before the next wet season in June 2017, Spencer says. Perseus aims to reach a compensation agreement with landowners so that it can drill immediately. The stock closed Dec. 19 down 11% at 33¢, with Perseus shares having lost 38% since the Dec. 14 update. At press time on Jan. 12, the stock traded had recovered to 38¢. Spencer had a “buy” rating on the stock in late December and lowered his price target to A85¢ from A90¢. “While we are disappointed, our investment case remains driven by an expected turnaround at Edikan from first-quarter 2017, and production growth from the 200,000 oz. per year Yaouré development project.” TNM

Dalradian tables feasibility study for Curraghinalt UK GOLD BY MATTHEW KEEVIL mkeevil@northernminer.com

alradian Resources (TSX: DNA; US-OTC: DRLDF) has completed a feasibility study at its high-grade Curraghinalt gold deposit, 127 km west of Belfast, Northern Ireland, that models a 1,400-tonne-per-day underground operation. The company has spent the past year improving confidence in its reserves, including a test-stoping program that returned higher grades than predicted by current resource models. The study is the first major update since a preliminary economic assessment in late 2014. The company has cut the mine production rate from 1,700 tonnes per day under the previous study, which has dropped average anticipated gold production from 194,000 oz. to 130,000 oz. per year. The updated plan models life-ofmine gold production of 1.36 million oz. gold over 10.5 years at all-in sustaining cash cost of US$674 per oz. gold. The smaller scale allows for lower preproduction capital costs, which have declined US$80 million to US$192 million. Proven and probable reserves stand at 5.2 million tonnes grading

1-17_JAN23_Main .indd 8

| Scaled-down plan foresees mining 1.4M oz. gold over 11 years

8.54 grams gold per tonne and 3.9 grams silver per tonne for 1.44 million contained oz. gold and 664,000 contained oz. silver. Measured and indicated resources total 5.6 million tonnes at 11.61 grams gold for 2.1 million contained oz. gold. The Curraghinalt deposit is an orogenic gold system consisting of moderately to steeply dipping, structurally controlled, high-grade gold-bearing quartz-carbonate veins. The reserve and resource calculations incorporate over 50,000 metres of infill drilling and underground samples from drifts along the T17, Sheep Dip, 106-16, V-75, Slap Shot and No. 1 vein zones. “This study has taken us over a year to complete and incorporates a lot of underground work, including test stoping, sampling and drilling,” Dalradian president and CEO Patrick Anderson said during a conference call. “We’re completing our environmental applications, and from the moment we submit our planning application the legislated timeline for putting it through is around one year. “We’ve only drilled off part of the deposit. The study considers only part of our global resources, and stepping out to the east and the west we can see areas where we’ve

“THIS STUDY HAS TAKEN US OVER A YEAR TO COMPLETE AND INCORPORATES A LOT OF UNDERGROUND WORK.” PATRICK ANDERSON PRESIDENT & CEO, DALRADIAN

drilled veins, but not with enough density to incorporate into a mine plan. So we see a lot of upside and blue sky out there,” he said, adding that Curraghinalt also has 7.1 million tonnes of 10.06 grams gold for 2.3 million oz. in the inferred category. The mine plan features a US$301million after-tax net present value at a 5% discount rate, along with a 24.4% internal rate of return. Economic calculations are based on a US$1,250 per oz. gold price. Curraghinalt would be accessed with an existing exploration adit and a new ramp next to the plant site. Annual ore production is planned from a primary longitudinal long-hole retreat, with cut-and-fill along the veins.

The proposed processing circuit involves a crush, grind, flotation and leach flow sheet to recover gold and silver into doré. Metallurgical test work indicates life-of-mine gold and silver recoveries of 94% and 58%. “We had two public events last month where 270 people attended. We had a lot of good questions because it’s a new industry to the area. The strong project economics will help carry us through, however, and we’ve incorporated a lot of community feedback into our design,” Anderson said. Curraghinalt has been designed to fit in with the topography, incorporating a low-profile architecture and added trees, berms and sound panels to buffer noise.

Using cyanide could prove a sensitive issue locally, though tailings from the flotation circuit — which will not have come into contact with cyanide — are to be filtered and placed as dry-stack material. Anderson says the time line for permits could reach three years if regulators recommend more public inquiries and a judicial review. Dalradian is applying to carry out a public local inquiry to streamline permitting. The company is working on its environmental and social impact assessment, which would likely be filed next year. BMO Capital Markets analysts Andrew Mikitchook and Andrew Breichmanas have an “outperform” rating on Dalradian shares along with a $1.34-per-share price target. BMO Research speculates that Curraghinalt “can be mined at high grades, low costs and at a manageable capital cost,” but assumes “modest uncertainty in the permitting progress.” Dalradian shares have traded in a 52-week range of $1.16 to $1.21 per share, and closed at $1.18 at press time. The company has 242.5 million shares outstanding for a $275-million market capitalization. It reported US$40 million in net working capital at the end of September. TNM

2017-01-17 8:05 PM

SPECIAL FOCUS

BC, YUKON & NWT Pretium Resources’ Brucejack gold property in northwest British Columbia. PRETIUM RESOURCES

When the east pushed back

IDM pursues dual upside at Red Mountain SITE VISIT

| CEO Robert McLeod has deep ties to Stewart in northern BC

GEOLOGY

| Western Canada’s tectonic history sees base and precious metals driven into crust BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

n 1971, two geologists from the Geological Survey of Canada, Jim Monger and Charlie Rouse, proposed an idea that helped radically shape how we view the geological history of Western Canada today. Rather than using the more widely accepted theories of facies changes or extensive seaways to explain the presence of certain fossils in the rocks of central B.C., they proposed that the rocks, and the fossils in question, must have migrated across the Pacific Ocean to their present location. Their revolutionary idea would come to explain a geological story that was set in motion 180 million years ago, when the opening of the Atlantic Ocean drove the ancestral North American continent westwards. The movement ignited subduction beneath the western margin of the continent, and a number of offshore volcanic island chains and basins of sedimentary rocks were docked and thrusted onto the landmass. Paleomagnetic studies have shown that over the last 150 million years, a vast area of ocean floor — a distance equal to one-third of the earth’s circumference — has disappeared beneath North America. As a result, enormous volumes of magma, generated by the subducting slab, were injected into the overlying crust. These fault-bounded geological landmasses, known as terranes, occur within (but are not limited to) northwest-trending geographic belts that extend across much of B.C. and the Yukon. From east to west these are called: Foreland, Omineca, Intermontane, Coast and Insular. The accretionary collage contains pre- and post-collisional precious and base-metal deposits, ranging from coal, oil and gas (mainly in the Foreland belt), through lead, zinc, silver and tungsten (mainly in the Omineca belt), to copper, molybdenum and gold in the belts to the west. While most deposits across Canada tend to cluster within a defined district, the world-class deposits of B.C. and the Yukon are often found like pearls on a string, following the linear geological terranes and structures that host them. The Foreland Belt Found in the eastern reaches of B.C. and the Yukon, the Foreland See GEOLOGY / 12

1-17_JAN23_Main .indd 9

Visitors approach the portal at IDM Mining’s Red Mountain gold project in northwest British Columbia. PHOTO BY MATTHEW KEEVIL BY MATTHEW KEEVIL mkeevil@northernminer.com STEWART, B.C.

n aura of history surrounds IDM Mining’s (TSX: IDM; US-OTC: RVRCF) Red Mountain gold property, 18 km northeast of the town of Stewart, British Columbia. That history is especially acute for president and CEO Robert McLeod, who has long-standing family ties to the local community and cut his teeth as an exploration geologist at the project with Lac Minerals back in the early 1990s. Red Mountain has near-term production potential and exploration upside across a 170 sq. km land package that has seen limited systematic work. The region was abuzz with helicopter activity during The Northern Miner’s visit in September 2016, due to renewed interest in B.C.’s Golden Triangle near the western margin of the Stikine terrain. The region hosts a number of deposits — including the Eskay Creek and Snip — but it is likely Pretium Resources’ (TSX: PVG; NYSE: PVG) Valley of the Kings discovery at its Brucejack gold property that catalyzed more investment in the region. The flight into IDM’s exploration camp is picturesque, with the sun glinting sharply across the vast, white blanket that marks the Cambria Ice Field. Orderly rows of tents that mark the company’s base camp sit in the shadow of a stark, mountain peak that glows rust-red at sunset. IDM jumped at the chance to acquire Red Mountain in 2014 from Seabridge Gold (TSX: SEA; NYSE: SA), which controls the fully permitted KSM copper-gold porphyry project nearby. IDM is

working under a three-year option agreement, wherein it can earn a 100% interest in the project from Seabridge for 5 million shares, $2 million in staged-cash payments and $7.5 million in exploration expenses. “We made the deal during a true industry downturn, when nobody was really raising a lot of money,” McLeod said during site orientation at IDM’s mess hall. “It’s really exciting to work in the Stewart area again, because I’m a third-generation miner from the community, and it will always be my hometown. And we’ve taken advantage of the significant exploration history here, which includes a fleet of mining equipment, and,

best of all, the underground decline. It’s a significant investment that we’ve essentially inherited.” The decline was completed by Lac Minerals in 1993 to allow for 30,000 metres of underground drilling on the Marc, AV and JW zones. Royal Oak Mines extended the underground workings by another 350 metres in 1996. Seabridge carried out two preliminary economic assessments (PEA) on the property in 2012 and 2013. The company calculated global measured and indicated resources of 1.6 million tonnes grading 8.36 grams gold per tonne and 26 grams silver per tonne for 441,500 contained oz. gold and 1.4 million contained oz. silver.

Mineralized zones consist of tabular, northwest-trending and moderately to steeply southwestdipping gold- and silver-bearing iron-sulphide stockworks. Pyrite is the dominant sulphide, but locally, pyrrhotite has proven important. The stockwork zones are developed within the Hillside porphyry, and, to a lesser extent, in rafts of sedimentary and volcaniclastic rocks. Standing between core-box stacks in IDM’s camp, it’s possible to glance upslope across 1.5 km of steep terrain to the old shop and underground portal. In 2006 IDM rehabilitated the underground operations to drill See IDM MINING / 10

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2017-01-17 8:05 PM

JANUARY 23–FEBRUARY 5, 2017 / THE NORTHERN MINER

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IDM pursues dual upside at Red Mountain

IDM Mining president and CEO Robert McLeod explains trenching results at the Lost Valley target on the Red Mountain gold property in B.C. PHOTO BY MATTHEW KEEVIL IDM MINING From 9

core for further metallurgical and geotechnical studies. During our visit, mechanics and other crew continued their dewatering efforts in the decline, and we could hear the metallic groan of machinery echoing off the valley walls. IDM released another PEA in July 2016 that models a 1,500-tonneper-day operation that would run for eight months per year. The $111-million mine would produce 70,000 oz. gold and 194,000 oz. silver annually over five years at cash costs of US$418 per oz. gold after by-product credits. The model uses recovery rates of 88% to 90% to 88% for gold and 76% to 85% to 76% for silver. At US$1,250 per oz. gold and US$15 per oz. silver, the PEA estimates an $87-million after-tax net present value at a 5% discount rate, along with a 32.3% internal rate of return. McLeod adds that most of the deposit is amenable to bulk underground longhole mining, due to the wide mineralized zones.

There was a chill as we entered Red Mountain’s old underground workings, but IDM has made progress in rehabilitating them. The company’s underground drilling plan for 2016 was 5,000 metres in 36 holes focused on step-out grids along strike and down-dip from existing resources, primarily at the JW zone. In September, IDM announced results from 13 core holes that were headlined by the NK zone intersected by vertical hole 16-1187. The drilling was meant to test a “projected step-out of isolated, historic intercepts below the Marc zone,” and cut a mineralized interval of massive, coarse-grained pyrite veins and stockworks grading 7.43 grams gold and 12.51 grams silver over 6 metres true width. The company also identified a zone in the JW zone’s hanging wall in November, with hole 16-1210 intersecting 8 metres (true width) of 6.4 grams gold and 7.42 grams silver. IDM’s December assays further extended mineralization in all three primary zones, which remain open for expansion to the north, south and down-dip. Hole 16-1224 was a

The view from a helicopter of the camp at IDM Mining’s Red Mountain gold project in northwest B.C. PHOTO BY MATTHEW KEEVIL

down-dip step-out at the JW zone that cut 18.2 metres true width at 9.12 grams gold and 27.87 grams silver. The company will incorporate the drill results into an updated resource calculation early this year that will be the backbone of a subsequent feasibility study. IDM has also diligently worked on getting its environmental and social licences since it acquired the project two years ago. “We always looked at the production scenario, and so we pretty much immediately began our consultations with local communities and First Nations,” executive chairman Michael McPhie said over the low buzz of a generator in a nearby workshop. “We have also started our environmental baseline studies, and are moving through the process at the provincial and federal levels in terms of permitting,” McPhie said. “We differentiate ourselves because we have a small footprint here with limited surface expression. We hope to be recognized by the industry broadly, and communities in the north, as a leader in best practices.” But it’s easy to see McLeod is an explorer at heart, as he scrambled

300 metres across a scree slope on Red Mountain. He was excited to point out where the 141 zone comes to surface, and says the target is open for expansion to the west, north and south. The 141 zone hosts indicated resources of 158,000 tonnes at 4.82 grams gold for 24,500 contained ounces. Mineralization is interpreted to outcrop southeast at Red Mountain and northwest in the Rio Blanco area — which has not been drill tested — meaning there is 2 km of strike potential. This kind of property-wide exploration could be a game changer. There was further excitement at IDM’s camp during the visit due to a new target at the Lost Valley area, which lies 4 km southwest of Red Mountain’s resources. In early 2016, the company reported that a surface hand trench at the newly named Randell zone included a 9.4-metre continuous channel sample of subcrop averaging 22.2 grams gold and 81.3 grams silver. McLeod stood at the base of a cliff and pointed out a high slope of weathered fragments of quartz,

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sulphide material and altered monzogranite that mark the target. “Part of the duality of the Red Mountain story is that we’re strategically advancing near-term production, but there’s also exciting exploration upside. We recently announced a discovery in an area that was exposed by the rapidly melting Cambria Ice Field to the south of us,” McLeod said. “We dug down into the talus about one metre or so, and exposed a wide quartz vein with a lot of sulphide. It’s also part of a lineament that runs for hundreds of metres ... there are stacked structures above and below it, so we don’t know how thick it could be,” he continued. The company mobilized equipment for a late-season, five-hole drill program at Lost Valley targeting the Randell and Money Rock veins. Results were muted, with highlights including 1 metre of 3 grams gold and 23.8 gram silver in hole 16-1, and 1.2 metres of 4.63 grams gold and 90.9 grams silver in hole 16-2. IDM intends to return this year to the area for more surface drilling. Meanwhile, the company completed a five-hole surface program at the 141 zone that was headlined by 54 metres of 1.29 grams gold in hole 16-6, and 87.5 metres of 1.03 grams gold in hole 16-10. The zone could be important to the project, since proposed development includes an access ramp that would cut underneath it. “It’s really striking how the ice retreating has opened up areas on the property,” McLeod said during a helicopter flight over the Bromley Glacier. “When I was working here in the 1990s, a lot of this terrain simply wasn’t accessible. We’re really only scratching the surface of a mineralized trend that runs for 16 km, and our efforts will definitely continue moving into 2017.” In October, IDM closed an oversubscribed private placement co-led by Paradigm Capital and Medalist Capital, wherein it raised $9-million in gross proceeds. The financing involves 38 million units priced at 17¢ each, and 12.1 million flow-through shares at 21¢ per share. The units are composed of a share and half a warrant, with each full warrant exercisable at 25¢ for two years. IDM’s relative ease in raising capital over the past year has resulted in equity dilution. The company had 283 million shares outstanding at press time, and closed at 14¢ per share for a $40-million market capitalization. IDM has traded within a 52-week range of 6¢ to 26¢ per share. McLeod characterized IDM’s current capital structure as “not a major issue” but said it would be “something to watch moving forward.” Meanwhile the company hopes it can begin preliminary production at Red Mountain by 2018. TNM

2017-01-17 8:05 PM

BC, YUKON & NWT

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 23–FEBRUARY 5, 2017

REGIONAL SNAPSHOT

Companies and projects worth noticing in BC and the Yukon BC Explorers and Miners Despite the weakened metal markets of the past few years, B.C. is still a magnet for mineral explorers and mine developers. The following are six such companies with active programs covering all stage of upstream activity.

but subsequent above-ground expansion plans were shelved owing to local First Nations opposition. AuRico hopes its Kemess Underground development project, with its diminished surface effects, will be the way forward.

AURICO METALS

The economic metrics for Kemess Underground look good, with a feasibility study pointing to a $421-million after-tax net present value at a 5% discount rate and 15% internal rate of return, assuming US$1,250 per oz. gold, US$3 per lb. copper and a loonie worth US75¢.

Toronto-based AuRico Metals (TSX: AMI) is a spinout from the 2015 merger of Aurico Gold and Alamos Gold. It has a dual nature with its substantial, wholly owned Kemess gold-copper property in B.C. and a portfolio of gold royalties in Ontario, B.C., and Australia’s Victoria State. The Kemess open-pit mine was in production from 1998–2011,

The newer Kemess East underground discovery target looks even more prospective, with copper grades 69% higher and gold

grades 23% higher than Kemess Underground. In all categories, Kemess Underground and Kemess East now host 10.9 million equivalent oz. gold, with AuRico planning to update the Kemess East numbers in the first quarter of 2017. Meanwhile in Ontario, AuRico’s net smelter return royalties (NSRs) include Hemlo-Williams, 0.25% NSR; Hemlo-David Bell, 1.5% NSR; and Eagle River, 0.5% NSR. The Australian royalties include 1% NSRs on Leviathan, Stawell and Fosterville. AuRico’s royalties should bring in US$8 million in revenue in 2016.

Yukon Projects A January 2016 feasibility study shows an open-pit, heap-leach operation at Coffee could support a 10-year life mine, cranking out an average 184,000 oz. gold a year. Expected start-up and all-in sustaining costs are low at $317 million and US$550 per ounce.

EAGLE

Since acquiring Coffee, Goldcorp has been optimizing the Kaminak feasibility study and planning upgrades to the site infrastructure, as well as conducting consultations with First Nations and initial studies to support the permitting process.

The project, which includes the Eagle and Olive deposits, is on Victoria’s wholly owned Dublin Gulch gold property, 375 km north of Whitehorse and 85 km from the town of Mayo. Combined, the deposits host gold reserves of 2.7 million oz. from 123 million tonnes grading 0.67 gram gold per tonne. A revised September 2016 feasibility study envisages Eagle as a conventional open-pit, valleyleach operation churning out 190,000 oz. gold a year, over a 10-year mine life, at all-in sustaining costs of US$638 per ounce. The project has an initial US$370million price tag.

Barkerville Gold Mines (TSXV: BGM), which has relocated its head office to Toronto from Vancouver, has transformed itself from being a chronic underachiever with problematic resource estimates into a professionally run organization with one of the more exciting highgrade gold projects in Canada. Barkerville has mineral rights totalling 2,110 sq. km over a huge swath of the Cariboo gold district in central B.C., plus a fully permitted mill and tailings facility, in territory that historically supported six lode gold mines that produced 1.3 million oz. gold, plus alluvial operations said to have produced another 3.2 million oz. gold. Barkerville closed 2016 with a $12.2-million private placement of flow-through shares.

While Canada’s Yukon Territory has only one operating mine at the moment — Capstone Mining’s (TSX: CS) Minto copper mine, 240 km north of capital city Whitehorse — it has several projects nearing construction. Here are highlights from three of those projects:

Victoria Gold (TSXV: VIT) believes its fully permitted, feasibility-stage heap-leach gold Eagle project could become Yukon’s newest gold mine.

BARKERVILLE GOLD

Goldcorp anticipates permitting and construction activities will take four years, with first gold production expected at the end of 2020. KENO HILL Silver-focused Alexco Resource (TSX: AXR, NYSE-MKT: AXU) plans to restart production in Yukon’s Keno Hill silver district. Alexco entered the historic district in 2006. It briefly operated the past-producing Bellekeno silver mine from 2011 to 2013, before declining metal prices led it to

halt the mine and mill. Along with Bellekeno, Alexco owns the past-producing Lucky Queen mine, and the Flame & Moth and Bermingham projects in the district. The four make up the Keno Hill project, which has a total indicated resource of 67.5 million oz. silver (6 million tonnes grading 349 grams silver). Alexco listed Bermingham as a “wild card” in its November 2016 presentation, where it outlined plans to resume production from the Bellekeno, Lucky Queen and Flame & Moth deposits. The trio could produce 3 million oz. silver a year for six years, according to a 2015 preliminary economic assessment (PEA). Estimated development costs — which include driving the Flame & Moth decline, inventory build-up and working capital — are $20 million. Alexco plans to update the PEA with the Bermingham deposit this quarter. This could “impact timelines and costs, depending how it fits into the mix,” the company’s chief financial officer Michael Clark notes. TNM

This year, Barkerville plans to have production from its Bonanza Ledge mine, and calculate new reserve and resource numbers for its Barkerville, Cow and Island Mountain deposits. It will also work towards completing an environmental impact study in 2018 for a much larger mill and mine that could be built beginning in 2019, with an eye to commissioning in 2021. The current crop of directors gives a sense of the new seriousness at Barkerville, with members including: co-chairman Sean Roosen; co-chairman Gregory Gibson; president and CEO Chris Lodder; Thomas Obradovich; Anthony Makuch; Morris Prychidny; John Kutkevicius; Allan Folk; and Ian Gordon. Management also includes

vice-president of exploration Paul Geddes and chief operating officer Luc Lessard. MARGAUX RESOURCES Margaux Resources (TSXV: MRL; US-OTC: MARFF) is active at its Jersey-Emerald lead-zinc-tungstengold project in the prolific Kootenay arc, 10 km southeast of Salmo, in southeast B.C. The Calgary-based junior describes Jersey-Emerald as the secondlargest historic lead-zinc mine in British Columbia and the secondlargest historic tungsten mine in North America. Margaux notes the property is close to paved highways, rail lines, a power line, a local workforce and service and supply companies. It also boasts of “over 30 km of underground development in place, five truck-size portals and extensive historic surveying, mapping and core samples.” The company completed a work program targeting the property’s lead-zinc and tungsten potential in late 2016, and is preparing to update a resource calculation. Margaux argues that other advantages of the property include a relatively short lead time to production, and the ability to selectively mine lead-zinc or tungsten from different deposits on the property, depending on the market and commodity prices. In January 2017, Margaux hopped on the gold bandwagon with the acquisition of the Bayonne and

See SNAPSHOT / 17

CSE: XMG

DBV_Advertisement_Northern-Miner2016-2.pdf 1 1/16/2017 1:52:22 PM

Last November, Victoria raised $4.7 million to continue its drilling efforts at Eagle. It has a $6-million exploration program planned this year to test extensions and drill new targets on the Potato Hills trend.

Doubleview

TSX.V : DBV | OTCBB : DBLVF | GERMANY : A1W038

Hat - Gold Rich Copper Porphyry

Along with ongoing exploration, Lenora Hobbis, the company’s executive affairs manager, notes Victoria’s 2017 priorities include pre-construction, project financing and a detailed engineering and construction execution plan. C

Dease Lake Iskut

Red Spring Copper-Gold-Silver Mt. Milligan North Smithers Copper-Gold Terrace Stewart

Prince George Williams Lake Revelstoke

Once Victoria lines up project financing, construction at Eagle should take one year, after which initial production should start.

Goldcorp (TSX: G; NYSE: GG) aims to bring the high-grade Coffee goldK project online at the end of 2020.

CMY

The major picked up the hydrothermal gold deposit, 130 km south of Dawson City, in a $530-million acquisition of Eira Thomas’ Kaminak Gold last July. Coffee has 2.2 million oz. in reserves (46 million tonnes grading 1.45 grams gold) and potential for new discoveries on its large 600 sq. km land package.

1-17_JAN23_Main .indd 11

Nelson

Penticton

TO CONTINUE DRILL PROGRAM IN EARLY 2017

COFFEE

Merritt

Vancouver

Driftwood Magnesium: 8.3 Million Tonnes Grading 43.3% Magnesium Oxide / Bulk Sample Completed / PEA Underway

Victoria

Selected Assay Results* (Major Intervals) DDH

From (m) To (m) Length (m) Cu (%)

Au (g/t)

Ag (g/t)

CuEq (%)

HAT-011

463.1

451.1

0.22

0.17

1.78

0.41

HAT-012

192

376.0

184.0

0.29

0.23

1.10

0.41

HAT-017

221

HAT-019

48.4

459.9

238.9

0.27

0.22

0.43

0.47

444.8

396.4

0.13

0.10

0.29

0.23

HAT-020

213.8

301.4

87.6

0.28

0.27

0.23

0.53

HAT-022

43.4

447.6

404.2

0.25

0.26

0.41

0.49

HAT-023

67.9

400.3

332.4

0.29

0.25

0.56

0.53

*True width unknown; CuEq(%) based on Au@1350/oz, Ag@19.75/oz, Cu@2.15/lb

GOLD-COPPER-SILVER EXPLORATION IN BC HAT Project is BC’s NEWEST Greenfield Gold-Copper Discovery 409 Granville St. - Suite 880 Vancouver, BC, V6C 1T2, Canada t : (604) 678.9587 corporate@doubleview.ca

Alberta Lithium: 500,000 Hectares / Well Testing with Major Oil Companies / Process Design Optimization and Pilot Plant Construction Underway

CHECK OUT OUR WEBSITE www.DoubleView.ca

“Here it comes down to the Core”

B.C. Silicon: Acquired Majority of High-Purity Deposits in BC up to 99.9% SiO2 / Evaluating Exploration and Development

1080 Howe St., Suite #303, Vancouver, BC V6C 2T1

Tel: 604.681.7735 www.mgxminerals.com

2017-01-17 8:05 PM

JANUARY 23–FEBRUARY 5, 2017 / THE NORTHERN MINER

BC, YUKON & NWT

WWW.NORTHERNMINER.COM

When the east pushed back GEOLOGY From 9

belt consists of ancient sedimentary rocks that were deposited along the western edge of the North American continent up to 1.4 billion years ago, though younger, 33-millionyear sedimentary sequences also occur. During mountain building, peat bogs that once formed on the seaway margin were buried, weakly metamorphosed into coal and later exhumed by faulting. Two main coal fields in B.C. — the East Kootenay and Peace River — are recognized in the region, where resources are similar in quality to many Permian-age coals exported from Australia. The Omineca belt Occupying the zone between the Foreland belt in the east, and the Intermontane belt in the west is the Omineca belt. Much like the Foreland, the Omineca contains the remnants of ancestral North America, however the rocks are complexly deformed and highly metamorphosed, representing the deeper, exposed roots of a mountain chain created between 180 and 60 million years ago. The belt is divided into four main terranes — Yukon-Tanana, Cassiar, Slide Mountain and Kootenay — all of which contain rocks between 2 billion and 180 million years old. Teck Resources’ (TSX: TECK.B; NYSE: TECK) historic Sullivan lead-zinc-silver mine, near the town of Kimberley in south-central B.C., is the most standout deposit in the Omineca belt. Hosted within a package of sediments belonging to the Kootenay terrane, the 1.4 billionyear-old Sullivan deposit has yielded more than 17 million tonnes of zinc and lead, and 285 million oz. silver, valued at $20 billion, over its century-long mine life. Sullivan serves as a textbook example for sedimentary-exhalative deposits, whereby metal-rich fluids released from hydrothermal vents and fissures along a seafloor migrate through permeable, water-laden sediments, and deposit metals in their wake. Similar deposits are also found in the Yukon, such as the Selwyn Chihong Mining’s Howard’s Pass zinc-lead project at the border with the Northwest Territories, where resources amount to 144.8 million

tonnes of 5.5% zinc and 2.1% lead, with another 220 million tonnes of potential. Another region in the Kootenay terrane is the Barkerville gold camp near the town of Wells in southcentral British Columbia. The camp saw over 3.1 million oz. placer gold and 1.3 million oz. lode gold from historical production, whereas modern explorers, such as Barkerville Gold Mines (TSXV: BGM), have outlined over 4.8 million oz. gold in resources from nearby bedrock sources. Mineralization in the Barkerville camp occurs as replacement pods and veins within Proterozoic-aged (2.5-billion-year to 540-millionyear) sedimentary rocks, focused along the high-strain deformation corridors that bound the Kootenay terrane with the Slide Mountain terrane in the east. The relationship between deformation and gold pegs the mineralizing event at 145 million years ago. The Intermontane belt This belt is divided into Quesnellia in the east, Stikinia in the west, and oceanic crust belonging to the Cache Creek terrane either thrust on top of the other terranes or wedged in between. These terranes were the first, truly exotic rocks to have docked onto North America, having started as volcanic arcs farther out in the ocean basin. How the terranes arrived at their present position is an enigma among geologists. Some say the Cache Creek docked onto the Quesnellia and Stikinia arc — which at the time formed a continuous belt — 230 million years ago, outboard of ancestral North America. By 150 million years ago, the complex pushed into the continent, and the northern tip of the QuesnelliaStikinia arc bent backwards onto itself in a counter-clockwise motion, while the oceanic crust thrusted up in-between. This “isoclinal bend” theory helps explain why the two arcs — which are almost geologically identical — are separated by a foreign piece of oceanic crust, with fossils that indicate a far-eastern Pacific origin. Most of the porphyry coppergold and related epithermal systems found in B.C. and the Yukon formed between 220 and 175 million years ago — before the landmass was accreted onto North America — in a setting similar to

THE WORLD-CLASS DEPOSITS OF B.C. AND THE YUKON ARE OFTEN FOUND LIKE PEARLS ON A STRING, FOLLOWING THE LINEAR ARRAY OF THE GEOLOGICAL TERRANES AND STRUCTURES THAT HOST THEM. the present-day Indonesian and Philippine volcanic arcs. The most notable examples are found in the northwest parts of the Stikinia terrane, a region known to many as B.C.’s “Golden Triangle.” The Golden Triangle encompasses a number of world-class, gold-rich porphyry deposits, such as Teck’s Shaft Creek, Imperial Metals’ (TSX: III; US-OTC: IPMLF) Red Chris copper-gold mine, and Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM camp — the latter containing a whopping 38.8 million oz. gold and 10.2 million lb. copper, at grades of 0.51 gram gold per tonne and 0.2% copper, in proven and probable reserves. Hydrothermal fluids off-gassing from underlying porphyries spurred the growth of Pretium Resources’ (TSX: PVG; NYSE: PVG) Valley of the Kings epithermal gold deposit — where proven and probable reserves stand at 8.1 million oz. gold in 16.6 million tonnes grading 16.1 grams gold — and Skeena Resources’ (TSXV: SKE; US-OTC: SKREF) 1 million oz. Snip gold deposit and former mine. Stikinia’s volcanic pile is also prospective for volcanogenic massive sulphide (VMS) deposits, as seen at Barrick Gold’s (TSX: ABX; NYSE: ABX) Eskay Creek, which produced 3.3 million oz. gold and 180 million oz. silver at grades of 49 grams gold and 2,406 grams silver over its mine life. Teck’s open-pit Highland Valley copper mine near Kamloops, B.C., is a star example of porphyry deposits in the Quesnellia terrane, having yielded more than 1.1 billion tonnes of ore in its lifetime. Other porphyry deposits in this eastern terrane include KGHM

Select deposits and districts in B.C. and Yukon relative to geological terranes. YUKON GEOLOGICAL SURVEY/BRITISH COLUMBIA GEOLOGICAL SURVEY/LESLEY STOKES

Ajax Mining’s Ajax copper-gold project, Imperial’s Mount Polley copper-gold mine and Centerra Gold’s (TSX: CG; US-OTC: CAGDF) Mount Milligan copper-gold mine in the north. After the Stikinia-Cache CreekQuesnellia landmass docked onto North America, it buckled, deformed and metamorphosed rocks belonging to the Foreland and Omineca belts. This tectonic event not only kicked-off gold mineralization at Barkerville, but also created B.C.’s Cassiar gold district, and the prolific 20 million oz. gold Klondike placer gold fields and the White Gold district in the Yukon. The Coast and Insular belts About 100 to 115 million years ago, offshore volcanic terranes belonging to the Insular belt — Wrangellia and Alexander — smashed into western Stikinia, compressing the metal-rich arc by more than 160 km, or nearly half of its width. Many of the deposits were highly deformed, and most structural clues that ex-

Outstanding Drill Results in BC’s Golden Triangle

TSX-V: AOT Dilworth Gold/Silver Property

www.ascotgold.com • 2016 drilling on the Premier/Dilworth includes intersections of: 76.30g/t Au over 1.0m; 69.40g/t Au over 1.34m; 9,640.0g/t Ag over 1.55m; 104.75g/t Au over 3.05m • Highest grades to date 14,304.50g/t Au and 6,830g/t Ag over 0.75 m. • Gold accounts for 87% of the indicated Au equivalent resource and 83% of the inferred Au equivalent resource. • Extensive drilling with five owned/operated diamond rigs, at substantially below industry average cost. • High grade trends identified within all resources. 1550 –505 Burrard St., Vancouver, BC V7X 1E5 • Large land package of 105 square kilometres. T. 778-725-1060 F. 778-725-1070 contact: Lisa Chapman at lchapman@ascotgold.com • Superb infrastructure.

1-17_JAN23_Main .indd 12

plorers use to home in on mineralization were either overprinted or reactivated, making them more challenging to find. This Cretaceous-age, mountainbuilding event drove gold-rich hydrothermal fluids into parts of the Yukon, most notably at Goldcorp’s (TSX: G; NYSE: GG) Coffee project, where resources total 4.9 million oz. gold. As the accreted landmass towered to new heights, subduction beneath the landmass picked up speed and the volcanic crust was injected with enormous volumes of granitic magma and volcanism for 50 million years. During this period, pulses in magmatism farther inland created a range of porphyry coppergold deposits, such as Imperial’s Huckleberry and Taseko Mines’ (TSX: TKO; NYSE-MKT: TGB) Prosperity deposits in B.C., and Western Copper and Gold’s (TSX: WRN; NYSE-MKT: WRN) Casino project in the Yukon. T his mi nera lizi ng event happened i n response to t he Laramide orogeny, a period of intense deformation between 80 and 35 million years ago, which produced porphyry and related deposits across the U.S., Mexico and beyond. As time passed, the tops of the mountain chain near the modernday B.C. coast eroded away, including any potential porphyry-style deposits, and the granitic core — known as the Coast belt — was exposed. Bordering the Coast belt in the west, the Insular belt forms the foundation of Vancouver Island, Queen Charlotte Islands, t he northwestern tip of B.C., southeast Alaska and southwestern Yukon. Its volcanic crust ranges from 600 million years old to recent, and is known for its world-class VMS polymetallic deposits, such as Nyrstar’s Myra Falls mine near Campbell River, Vancouver Island, and the Windy Craggy deposit in B.C.’s extreme northwest. The western margin today In the last 50 million years, the structural regime off the coast of modern-day B.C. has transitioned more towards sidewaysslipping faults than subduction, with tremors and earthquakes taking precedent over volcanism and mountain building. TNM

2017-01-17 8:05 PM

BC, YUKON & NWT

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 23–FEBRUARY 5, 2017

UBC, Terra CO2 team up for US$7.5M tailings research prize CARBON SEQUESTRATION

| Partners use ‘off-the-shelf’ technology to solve one of mining’s greatest challenges

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

ee Groat, a mineralogist and professor from the University of British Columbia, may have just cracked one of mining’s biggest environmental problems — acid rock drainage (ARD) — thanks to initial research funding from Yukon-explorer Strategic Metals (TSXV: SMD). Groat and his students have found a way to combine acidic water generated from mine tailings with carbon-dioxide from gas emissions to make siderite, a stable iron-carbonate mineral that won’t hurt the environment. The groundbreaking research has landed Groat and Terra CO2 Technologies, a private research and development company spunout of Strategic in October, in the semi-finals for the US$7.5-million NRG COSIA Carbon XPRIZE. The competition encourages the development of technologies that convert carbon gas emissions from a potential liability to something less so.

“AT FIRST I WASN’T A BELIEVER … IF THIS WAS ACTUALLY POSSIBLE, WHY HASN’T ANYONE ELSE DONE IT ALREADY?” LEE GROAT PROFESSOR, UNIVERSITY OF BRITISH COLUMBIA

“The next deadline for submissions is next August, so Terra is looking at places where we can build a pilot plant and scale up the test work,” Groat tells The Northern Miner during a phone interview. “We’ll be scored on how much CO2 we convert, so we’ll see how far we get and give it our best shot. For now we’re all pretty excited.” Groat doesn’t claim fame to the discovery. He says it was Doug Eaton, president and CEO of Strategic, who first approached him with the idea four years ago. “Doug called and asked if there was any way to combine tailings with the gases from the generator plant to create something neutral, and he was willing to put up some money for us to play around in the lab,” he says. “At first I wasn’t a believer … if this was actually possible, why hasn’t anyone else done it already?” And when the orange-coloured mineral precipitated during initial test work, Grout was still puzzled. “We couldn’t understand why it was precipitating, until one night, a student forgot to plug in the thermocouple, which is used to measure the temperature of the solution. In the morning, nothing had precipitated and we realized that all along, the thermocouple was delivering a tiny bit of electric current — just enough electricity to complete the reaction,” he says. While the economic implications of the technology will be looked at in more detail next year, Groat says it could vastly lower or eliminate the long-term stewardship costs associated with ARD, which can be enormous. One such example includes the Faro mine complex in the Yukon, which has a $1-billion price tag from public funds to clean up the

1-17_JAN23_Main .indd 13

Integrated sciences student Andrea Chang adjusting an electrochemical cell in a lab at the University of British Columbia. UNIVERSITY OF BRITISH COLUMBIA

site and prevent future ARD from entering the water stream. Or in Gauteng, South Africa’s richest mineral province, government officials announced plans in May to charge mining companies over US$500 million to clean up the water pollution created by the century-long operations. Terra’s CEO Dylan Jones says during a phone interview that carbon sequestering could also help offset costs associated with the proposed carbon tax in Canada voiced by Prime Minister Justin Trudeau. Trudeau’s government proposes to impose a price on carbon emissions at a minimum of $10 per tonne CO2 in 2018, rising to $50 by 2022. “The amount of carbon or acid a site produces is always going to be different, it depends on the size and nature of the operation,” Jones says. “Some footprints are relatively small, whereas others have huge tonnes per day because they rely on coal, diesel or LNG for power generation, have intensive processing facilities or have a long trucking route.” For comparison, Gold Fields (NYSE: GFI) stated in a 2009 report that it produced 7.4 million equivalent tonnes CO2 from 3.9 million oz. gold production, or 1.5 tonnes CO2 per equivalent oz. gold. Over 90% of the emissions came

from its operations in South Africa, which are largely underground and require energy-demanding ventilation and water pumping infrastructure, compounded with a high South African grid emission factor.

University of British Columbia professor Lee Groat and his students have found a process to combine acidic water generated from mine tailings with carbon-dioxide from gas emissions to make siderite (seen above), a stable iron-carbonate mineral that won’t hurt the environment. UNIVERSITY OF BRITISH COLUMBIA

Under Canada’s proposed carbon tax scheme, a company of Gold Field’s size and production profile would theoretically pay up to $370 million in carbon taxes annually. Jones says the aim for Terra and its UBC partners is to sequester

60 kg — or 30% — of the carbon contained in 2 tonnes of gas exhaust from the upcoming pilot plant study. After this the technology firm would turn to the mining community for strategic partnerships to expand the test work. TNM

• Inferred Mineral Resource estimate of 39.81 million tonnes with

an average grade of 1.64 g/t gold for 2.101 million ounces gold (cut-off grade of 0.6 g/t gold) • Nighthawk controls 90% of Indin Lake Gold Camp (222,203 acres) • Colomac Gold Project 100% owned with no royalty • Nighthawk’s drilling represents less than $8 per ounce discovery cost (industry average >$32) • Greater than 97% of holes intersecting gold mineralization • Confirmed existence of several high-grade gold zones • Underexplored 9 kilometre long sill represents multi-million ounce resource opportunity • Wide zones of near surface mineralization believed amenable to

bulk mining techniques

Tel: (416) 628-5940 Email: info@nighthawkgold.com

•

ConstruCtion AnD Mining serviCes

2017-01-17 8:05 PM

JANUARY 23–FEBRUARY 5, 2017 / THE NORTHERN MINER

BC, YUKON & NWT

WWW.NORTHERNMINER.COM

Development potential in NWT SPOTLIGHT BY SALMA TARIKH

starikh@northernminer.com

anada’s Northwest Territories is relatively remote, but endowed with mineral potential. Despite the region’s harsh winters and infrastructure deficit, the Northwest Territories hosts Canada’s largest and oldest producing diamond mines, Ekati and Diavik, and the new Gahcho Kué diamond mine. Along with diamonds, the region has a handful of advanced projects, including Prairie Creek, Nico and Nechalacho. Prairie Creek Canadian Zinc (TSX: CZN; USOTC: CZICF) aims to bring its wholly owned Prairie Creek zinclead-silver project online by the end of 2019. The project has a colourful history. Located 500 km west of Yellowknife in the Mackenzie Mountains, the Hunt brothers acquired Prairie Creek in 1966 and invested $65 million into the property. Before putting Prairie Creek into production, silver prices collapsed and bankruptcy proceedings halted their plans in 1983. Nearly a decade later, Canadian Zinc bought Prairie Creek for $2 million. Since then, it has focused on drilling and permitting the property. Canadian Zinc’s final permit to upgrade the access road from winter use to all-season use is

1-17_JAN23_Main .indd 14

| Three advanced projects: Prairie Creek, Nico and Nechalacho

DESPITE THE REGION’S HARSH WINTERS AND INFRASTRUCTURE DEFICIT, THE NORTHWEST TERRITORIES HOSTS CANADA’S LARGEST AND OLDEST PRODUCING DIAMOND MINES ... ALONG WITH DIAMONDS, THE REGION HAS A HANDFUL OF ADVANCED PROJECTS. undergoing environmental assessment by the Mackenzie Valley Environmental Impact Review Board, with a decision expected before mid-year, the company’s CEO John Kearney notes. According to a 2016 prefeasibility study, Prairie Creek could support a 17-year underground mine life, with an annual production of 60,000 tonnes zinc concentrate and 55,000 tonnes lead concentrate, containing 86 million lb. zinc and 82 million lb. lead, along with copper and silver by-products. Estimated start-up costs are $244 million, including a contingency. Canadian Zinc is discussing project debt with lenders and has undertaken a bankable feasibility study. As part of the study, the company has retained SGS Canada for further mineral processing optimization to improve metal recoveries and trim milling production costs, among other things. “Assuming the project financing is in place in 2017, and construction starts in 2018, Prairie Creek

could be in production by the end of 2019,” Kearney says. NICO Fortune Minerals (TSX: FT; USOTC: FTMDF) owns the Nico cobalt-gold-bismuth-copper project, 160 km northwest of Yellowknife. The project consists of a proposed mine and mill in the Northwest Territories and a proposed refinery in Saskatchewan to process the Nico concentrates. Since discovering the Nico deposit in 1996, Fortune has spent $116 million advancing the project. It has secured key permits, including environmental assessment approvals for the Nico mine, mill and refinery. For the latter, the company notes it still needs to complete the rezoning for the land it owns in Saskatchewan. An updated 2014 feasibility study envisions that a combined open-pit and underground mine at Nico could annually produce 41,300 oz. gold, 1,615 tonnes cobalt contained in battery-grade cobalt sulphate,

1,750 tonnes bismuth contained in metal ingots and oxide powder, and 265 tonnes copper a year. Based on reserves, Nico has a projected 21-year mine life. Start-up costs are $589 million. “We are working on the project financing for construction and have engaged a financial advisor to assist with this process,” Troy Nazarewicz, the company’s manager of investor relations, said in an email. Once the financing is in place, construction should take two to two and a half years to complete. On Jan. 12, Fortune reported federal government funding for the Tlicho all-season road (TASR) to the community of Whati, 50 km south of the proposed Nico mine. The TASR will allow Fortune to truck metal concentrates to the railhead at Hay River for delivery to the refinery in Saskatchewan. The firm also owns the Sue-Dianne copper-silver-gold deposit, 25 km north of the Nico project. Nechalacho Avalon Advanced Materials’ (TSX: AVL; US-OTC: AVLNF) wholly owned Nechalacho rare earth elements project is on hold until the company secures more funding. The project, previously Avalon’s flagship asset, is 100 km southeast of Yellowknife. Since acquiring Nechalacho in 2005, Avalon has invested nearly $100 million as of September 2014 into the property. The work con-

ducted to date includes metallurgical, environmental and market studies, as well as over 120,000 metres of diamond drilling. A 2013 feasibility study pegged the price tag for a mine at Nechalacho at $1.6 billion, including a 13% contingency and $122 million in sustaining capital. “We have slowed down work on the Nechalacho project since the rare earths market went quiet in 2013, but continue to do work intermittently in anticipation of renewed demand and market interest in rare earths,” Don Bubar, Avalon’s president and CEO, said in an email. “We are also looking at opportunities to take advantage of the many other rare metal resources on the property, and worked on a lithium pegmatite occurrence there in 2016.” Since the feasibility study, Avalon has initiated metallurgical test work with the goal of optimizing the process flow sheets to boost recoveries and trim project costs. This involved improving the concentrator flow sheet and designing a new flow sheet for the hydrometallurgical plant, using an alkali cracking process to treat concentrate. Avalon has planned a pilot plant campaign for Nechalacho, noting it will proceed when funding becomes available. Its current priorities are the Separation Rapids lithium project in Ontario and the East Kemptville tinindium project in Nova Scotia. TNM

2017-01-17 8:05 PM

BC, YUKON & NWT

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 23–FEBRUARY 5, 2017

TerraX Minerals advances Yellowknife City project GOLD

| On trend of past-producing, high-grade Con and Giant mines

BY TRISH SAYWELL

tsaywell@northernminer.com

oseph Campbell has had his fair share of success in the mining industry. He was part of the team that discovered the Meliadine gold project in Nunavut, which Agnico Eagle Mines (TSX: AEM; NYSE: AEM) snapped up for $697 million in cash and shares in 2010. But the chairman and CEO of TerraX Minerals (TSXV: TXR; USOTC: TRXXF) says the junior’s Yellowknife City gold project — which is on trend of two of the highestgrade gold mines in Canadian history — is one of the most exciting projects in his 35-year career. The project is on the outskirts of Yellowknife and lies on the Yellowknife greenstone belt, covering 23 km of strike length on the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines, now under closure for clean up, and where grades ran at 16 grams gold per tonne. “You don’t get the opportunity often to tie up a belt that has had two major deposits on it,” Campbell says in an interview from Ottawa. “The Giant mine produced 8 million oz. gold and Con produced 6 million, and we’re in the same rocks. We’re right next door. It’s not like we’re out in the moose pasture and trying to make a story that we’re on the same belt. We’re literally on the same structures that hosted those two deposits.” The southern section of the Yellowknife City gold project that TerraX calls the “Southbelt” is next to the Con mine, while the northern section of the project known as the “Northbelt” is next to the Giant mine. “You can walk off the Con property right onto our property,” Campbell says. “We came into this project because it’s in a major mining camp, and it’s no different than being able to stake ground next to the Dome mine in Timmins.” What’s more, Campbell says, while the Yellowknife greenstone belt is similar to the Abitibi, it has been under-explored. “It’s been a bit of a forgotten belt in terms of Archean greenstone belts,” he says. “It’s no different than if you worked in the Abitibi. The geology on this property is identical to the Abitibi. It has the same-aged rocks,

TerraX Minerals CEO Joe Campbell at a drill site at the Yellowknife City gold project in the Northwest Territories. TERRAX MINERALS

“YOU DON’T GET THE OPPORTUNITY OFTEN TO TIE UP A BELT THAT HAS HAD TWO MAJOR DEPOSITS ON IT.” JOE CAMPBELL CHAIRMAN AND CEO, TERRAX MINERALS

the same types of rocks and the same types of structures. For whatever reason, it just got ignored by the exploration industry, and when we had an opportunity to pick it up in 2013, we did. It was during a slow time for the gold industry, but it was an opportunity we could not pass on.” Highlights of drilling the North-

belt area over the last two years include 8 metres of 60.6 grams gold per tonne and 7 metres of 23.6 grams gold in the Mispickel zone; 49.7 metres of 1 gram gold and 30.7 metres of 1.33 grams gold in the Sam Otto zone; 21 metres of 2.97 grams at the Shear 20 zone; 5 metres of 62.9 grams gold at the Crestaurum zone; and 22 metres of 6.35 grams gold at the Barney zone. In the second week of January, the company released assay results from the other 23 holes (6,400 metres) of its 2016 drill program at Northbelt. Highlights from the Sam Otto main zone included 129 metres of 0.52 gram gold, including 32 metres of 1.24 grams gold; and 102 metres of 0.53 gram gold, including 38 metres of 1.04 grams gold. In the Sam Otto hanging wall zone, intercepts include 85 metres of 0.53 gram gold, including 26 metres of 1.13 grams; and 100

metres of 0.51 gram gold, including 31 metres of 1.29 grams gold. TerraX also reported results from a new zone at Sam Otto called Dave’s Pond, highlights of which were 11.5 metres grading 2.42 grams gold including 2.4 metres of 9.89 grams gold and 2 metres of 2.43 grams. “Sam Otto is a large system, so the opportunities there are tremendous,” Campbell says. He says that the Sam Otto zone has potential to form a bulk-tonnage target that could capitalize on the excellent infrastructure around Yellowknife and supplement potential mine development from previously reported higher-grade zones. The latest drill results also extend the gold mineralization for at least 350 metres of strike and 250 metres deep, with 30- to 50-metre wide zones of more than 1 gram gold. “We’re on great ground and our work has shown good results,”

Campbell says. “We have multiple deposits or mineral showings that we’ve defined with drilling, and some of them are quite high grade. Mispickel is an example of a highgrade zone, and these latest results at Sam Otto show that we have a wide lower-grade system. “The thing we like to point out is that all the zones and mineralization we’ve talked about in our press releases over the last two years is along a 5 to 6 km strike length. It’s a condensed core gold area where these zones are showing up, and it’s still pretty virgin. Everything we’ve drilled to date comes to surface — we’re not drilling into the bowels of the earth, like what goes on in some of the more mature camps.” Campbell is eager to drill Southbelt, which has multiple high-grade and high-priority targets. The company has submitted an application to the Mackenzie Valley Land and Water Board for a land-use permit to do so. The application was accepted on Dec. 2 and the company should hear within 42 days whether the permit is granted. At Northbelt, TerraX applied for the permit in 2014 and received it in 45 days. “People have had bad experiences trying to get permits, but I would have to say that if you fill out the forms the way you’re supposed to, the system works fairly cleanly and it’s not a hindrance to doing work in the territory.” In the meantime, TerraX has been surface-sampling Southbelt. A total of 530 samples have been taken from outcrop across wide areas of the property — which covers 8 km of strike length along the belt — and of those, 88 have returned values greater than 0.50 gram gold per tonne. Of those 88, 10 samples returned high values, including 3 grams gold, 15 grams gold, 16.4 grams gold and 33.6 grams gold. The company also continues to stake more ground. “Our whole strategy coming up here was to stake the greenstone belt, which is the most prospective area,” he says. “And for anybody else that comes in, the pickings tend to be pretty slim.” TNM

Introducing the

Robust Jeep J8

Phone: (705) 476-4500 Email: mtsales@millertechnology.com

www.millertechnology.com

1-17_JAN23_Main .indd 15

2017-01-17 8:05 PM

JANUARY 23–FEBRUARY 5, 2017 / THE NORTHERN MINER

BC, YUKON & NWT

WWW.NORTHERNMINER.COM

Kinross investment in Nighthawk Gold points to Colomac’s potential INTERVIEW BY TRISH SAYWELL tsaywell@northernminer.com

ighthawk Gold’s (TSXV: NHK; US-OTC: MIMZF) Colomac deposit was previously mined by Royal Oak Mines and produced just over 500,000 oz. gold from a shallow open-pit operation. The deposit is situated on Nighthawk’s wholly owned Indin Lake gold property in the Northwest Territories. Indin Lake lies within a greenstone belt 200 km north of Yellowknife that is the same age and has many of the same mineralization styles as the Timmins camp in Ontario. Unlike Timmins and Canada’s other established Archean gold camps, however, the Indin Lake area has seen little exploration, with the exception of brief periods in the 1950s, the late 1980s and the early 1990s. Nighthawk president and CEO Michael Byron describes Colomac as a unique deposit in terms of the typical mineralization styles found in Archean gold camps. The host rock is a differentiated mafic intrusion with gold preferentially located in the silica-rich upper part of the sill, and Byron, who has a PhD in geology, says it shares many similarities to the Kalgoorlie gold camp of eastern Australia including hosting high-grade domains of significant size. In November, Nighthawk completed a $10.1 million non-brokered private placement that included an investment by Kinross Gold (TSX: K; NYSE: KGC). Kinross now holds 9.5% of Nighthawk’s outstanding shares on an undiluted basis. The Northern Miner: Tell us more about the Kinross investment. Michael Byron: That had been in

| Junior says project shares similarities to Australia’s Kalgoorlie gold camp

the works for a bit. I initially met with them back in July. They were intrigued by our assets, not only Colomac but our regional land package as well, and the results we had been able to generate. After that initial meeting, a site visit was arranged for August, before shutting down our 2016 exploration program. From that point it was about finding common ground that was amenable to both parties, leading to our $10.1-million non-brokered private placement, which permitted Kinross to acquire 9.5% of Nighthawk’s common shares at the time. It’s a camp that has not seen the attention and dollars spent that other traditional mining camps in our country have seen. We view that as an opportunity, and are collectively interested in seeing not only advancement on the Colomac front, but also throughout the regional land package. TNM: Earlier this month Goldcorp (TSX: G; NYSE: GG) acquired a 12.5% stake in another junior that has a project in Northern Canada. Do you think Goldcorp’s $35-million investment in Auryn Resources (TSX: AUG; US-OTC: GGTCF), which owns the Committee Bay gold project in Nunavut, suggests that interest is heating up for projects in Northern Canada? Of course, Auryn also owns the Homestake Ridge gold project in British Columbia and a portfolio of gold projects in southern Peru. MB: Recently activity has picked up around northern stories. Any time something of this significance happens, it’s a success for all of us in the sector because it brings eyes to the north, and people see that there’s value generated here. It’s a positive sign for our industry when mid-tiers and producers take positions in junior companies. It helps

Cradle to cradle

“THEY WERE INTRIGUED BY OUR ASSETS — NOT ONLY COLOMAC, BUT OUR REGIONAL LAND PACKAGE AS WELL — AND THE RESULTS WE HAD BEEN ABLE TO GENERATE.” MICHAEL BYRON PRESIDENT AND CEO, NIGHTHAWK GOLD

validate what you’re doing, while ongoing success keeps everyone engaged. TNM: Were other companies looking at Nighthawk in addition to Kinross? MB: There’s no shortage of companies looking for good assets and that includes Nighthawk’s, which is just another healthy sign of our industry. However, it’s not like there are an unlimited number of near-surface deposits in jurisdictions that are stable, and that have the potential to grow to millions of ounces. We are one of those opportunities in the making. TNM: In 2014, Nighthawk’s discovery hole for Zone 1.5 intersected 52.5 metres of 7.78 grams gold per tonne, including 21 metres of 16.73 grams gold. Since then, what have been some of the highlights in this zone? MB: In our Sept. 13 news release, we reported on the first hole that was drilled to follow up on our initial Zone 1.5 discovery hole of 2014, marking the beginning of what I would consider the rebirth

of Colomac. Before that, it was not recognized that Colomac could host high-grade gold zones. Our initial follow-up hole intersected 52.1 metres of 7.72 grams per tonne gold. That constitutes a 40-metre true width of mineralization, atypical of this deposit, yet a significant intersection for any jurisdiction and mining camp. It needed to be determined whether or not these intersections were “one-hit wonders” — or were we on the verge of discovering a bonafide high-grade zone at Colomac? When we started drilling in 2016, our intention was to delineate Zone 1.5 by step-out drilling on 25-metre centres hoping to establish its strike length and better understand mineralization throughout its width and to depth. If it turned out to be a distinct domain with well-defined borders, then maybe opportunities like Zone 1.5 would support exploitation with a ramp-driven operation to depth. Mining would start as an open pit, and given these dimensions and

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1-17_JAN23_Main .indd 16

grades, there may be an opportunity to continue by ramp to get deeper in the system and liberate more ounces. This would change the nature of Colomac. Zone 1.5 was one of our objectives in 2016, and by the time we finished drilling, as described in our Oct. 12 news release, we defined its dimensions as 125 metres in strike, and 30 to 50 metres in true width. The last and deepest cut was reported in our Oct. 12 news release returning 72.7 metres at 5.58 grams per tonne gold, or a 50-metre true width at 260 metres vertical. Zone 1.5 is a distinct high-grade gold zone that outcrops at surface and has established boundaries along strike, but remains open to depth. Having discovered and defined one near-surface, high-grade domain, searching for others became part of our program for the rest of 2016. We did initial drill testing of two other high-grade candidates, Zone 2.5 and Zone 3.0, located a couple of kilometres south of Zone 1.5. Both looked a lot like Zone 1.5 did before we drilled that area. Neither zone had ever been looked at in this context before, and never drilled to depth. Our initial results returned mineralization over widths similar to Zone 1.5, but the grades were not of the same scale, suggesting the holes penetrated lateral to higher-grade mineralization, which is a theory we are going to test in the 2017 drill program. TNM: So altogether you have Zones 1, 1.5, 2.0, 2.5, 3.0 and 3.5, and then there’s Goldcrest, a 2.5 km mineralized mafic sill similar to the Colomac intrusion, 400 metres west, that is made up of Northern Goldcrest and Southern Goldcrest. Intercepts from Goldcrest have included 19.6 metres of 4.19 grams gold and 20.3 metres of 4.83 grams gold. MB: We adopted the zone nomenclature from the previous owners. Within the Colomac sill, Zone 1.0 lies at its northern extent and Zone 3.5 about 6 km south. Zones were labelled sequentially based on their geographical distribution along the sill. So if we talk about Zone 3.0, you know it’s between Zone 1.0 and Zone 3.5, and just south of Zone 2.5. We know the Colomac sill is 9 km long, and these zones were some of the early ones identified. Goldcrest is a sill similar in composition to Colomac that lies 400 metres west. There are two distinct bodies that make up the Goldcrest, both of which were drilled in our 2016 program. TNM: How would you rank your exploration success last year? MB: 2016 was a very good year for Nighthawk Gold. We discovered and defined the constraints of high-grade Zone 1.5, opening the door for the possibility that other similar zones exist at Colomac. We validated the Kalgoorlie deposit differentiated sill analogue that we introduced in a 2012 news release, and that like Kalgoorlie, Colomac also hosts high-grade zones. We’ve changed the reality of what Colomac represents as a result. Since its high-grade opportunities had been overlooked for so long, it’s clear that it has tremendous untapped potential, and we are actively developing target criteria to identify other high-grade domains. TNM: What’s your plan for this year? MB: Zone 1.5 lies 100 metres north of high-grade Zone 2.0, which was the location of the former producing open-pit mine. Either these

2017-01-17 8:05 PM

BC, YUKON & NWT

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 23–FEBRUARY 5, 2017

BC Explorers and Miners SNAPSHOT From 11 Sheep Creek high-grade gold properties, also in B.C.’s Kootenay arc. MGX MINERALS MGX Minerals has thrown itself headlong into the emerging industrial minerals subsector with its portfolio of magnesium, lithium and silicon projects throughout B.C. and Alberta, and a mandate to develop large-scale industrial mineral operations. In January 2017, MGX reported that it had extracted lithium from heavy oil wastewater as part of optimization for completion and deployment of a pilot plant in support of its 4,870 sq. km Alberta lithium project.

A drill rig at Nighthawk Gold’s Colomac gold property in the Northwest Territories. NIGHTHAWK GOLD

two zones are separate entities, or they merge and coalesce into one. However, no one has drilled to determine that one way or the other. This will be one of the places we plan on testing early in the 2017 program. If the zones merge into one larger, higher-grade body, we could be looking at something on a scale of several hundred metres long. A massive near-surface — in places outcropping — zone of these dimensions could impact resource expansion. Obviously we haven’t gotten there yet, and this is pure conjecture, but perhaps not so fictional a concept. None of these prospects have been investigated before, and if the deposit that was previously in production hasn’t been fully explored, the mining camp it sits in hasn’t, either. If the main part of the sill was not thoroughly explored, probably areas of the sill north and south of the main body weren’t either, and the same can be said of the highly prospective stratigraphy

east of Colomac. It’s a mine property that has this incredible exploration opportunity ... we’re preparing our most ambitious exploration program to date. We will spend close to $10 million on direct exploration in 2017. This will include upwards of 25,000 metres of drilling at Colomac as well as some regional targets. We’ll continue searching for highergrade zones at Colomac, explore Zone 1.5 to depth and resume our regional exploration activities. We are excited with what lays ahead for Nighthawk Gold in 2017. It will be a pivotal year. TNM: You completed 8,400 metres of drilling in 2016 and are looking at drilling non-stop from March until September this year. When do you expect to update your 2013 resource (39.8 million inferred tonnes grading 1.64 grams gold for 2.10 million oz. gold at a cut-off grade of 0.6 gram gold per tonne)? MB: We hope to update it by late 2017. TNM

The company says its patentpending process for extracting lithium and other valuable minerals from oil brine is “the first of its kind, reducing production time of lithium from brine by 99% compared with conventional lithium brine production times that use solar evaporation,” and that process time is lowered from 18 months to one day using its process. In December 2016, MGX said it had become Canada’s largest lithium brine landholder at 4,868 sq. km, and that it holds permits covering over 1 million barrels per day of brine production by various oil field operators throughout Alberta, including some of the highest levels of lithium-bearing brine, up to 140 mg per litre. At Driftwood Creek in B.C., 164 km north of Cranbrook, MGX says it is building North America’s next magnesium oxide mine, having recently secured a 20-year mining lease, completed a 100-tonne

bulk sample and released a maiden resource estimate. Measured and indicated resources total 8 million tonnes grading 43.3% magnesium oxide (MgO) with another 846,000 tonnes of inferred material at 43.2% MgO. MGX notes that most of this open-pittable resource is less than 100 metres from surface and open along strike and at depth. NEW GOLD Intermediate gold miner New Gold ( TSX: NGD; NYSE-MKT: NGD) has four producing mines: New Afton in B.C.; Mesquite in California; Peak Mines in Australia; and Cerro San Pedro in Mexico. In the third quarter of 2016, the company produced 95,546 oz. gold and 25.5 million lb. copper from its four mines. New Afton is located 10 km west of Kamloops in B.C.’s interior, and exploits mineralization under the old Afton pit mined out by Teck Resources years ago. For the nine months ended Sept. 30, 2016, New Afton cranked out 74,200 oz. gold and 65.8 million lb. copper, plus minor silver — on par with 2015 numbers. New Afton’s all-in sustaining costs in that period were -US$202 per oz. gold due to the significant copper credit. On the development front, New Gold is almost finished building the Rainy River gold mine in northwestern Ontario, and continues work on its Blackwater gold-silver project in southcentral British Columbia. At Blackwater, New Gold is focused on attaining approval of its environmental assessment (EA), and says that the coordinated federal and provincial EA technical review is progressing, with the company responding to comments received

from the federal government, provincial agencies and local indigenous communities. New Gold says it anticipates approval of the Blackwater EA by mid-2017, even as it evaluates further optimization of the Blackwater project. New Gold spent $7 million at Blackwater in the first nine months of 2016. The wholly owned project boasts 8.2 million oz. gold and 60.8 million oz. silver in reserves (344.4 million tonnes grading 0.74 gram gold per tonne and 5.5 grams silver per tonne). DOUBLEVIEW CAPITAL Founded in 2011, Vancouverbased micro-cap Doubleview Capital ( TSXV: DBV; US-OTC: DBLVF) is focused on its early stage Hat gold-copper porphyry project, which comprises 26 sq. km in six mineral tenures located in northwestern B.C. in the Sheslay Valley, 95 km southwest of Dease Lake and 190 km south of Atlin. Doubleview has had a fairly active second half of 2016, including diamond drilling at the Hat property, with five holes totalling 2,000 metres in a program to expand the Lisle zone. The assay results are due soon. Long intercepts of gold and copper have been drilled in previous programs at Lisle, such as hole 22 returning 404 metres grading 0.26 gram gold per tonne and 0.25% copper, and hole 23 cutting 400 metres of 0.25 gram gold and 0.29% copper. Doubleview closed a $560,000 private placement financing on Nov. 1, with the Farshad Shirvaniled junior recently proposing another financing of up to $1 million. TNM

From geotechnical engineering to environmental assessments, water management, and renewable energy integration, our international team of consulting engineers and scientists has the expertise to help you in advancing your project through all stages of mine development.

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1-17_JAN23_Main .indd 17

2017-01-17 8:05 PM

WWW.NORTHERNMINER.COM

JANUARY 23–FEBRUARY 5, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 9–13 The gold price climbed US$24.70 per oz., or 2.1%, to finish at US$1,196.90 per oz., driven higher by uncertainty about what the upcoming presidency Donald Trump will mean for the global economy and markets. The S&P/TSX Global Gold Index inched up 0.4% to 205.47, while the S&P/TSX Global Mining Index rose 4.9% to 68.56. The S&P/ TSX Composite Index increased by a marginal 0.008% to 15,497.28, while West Texas Intermediate crude was down 3% at US$52 per barrel. Champion Iron surged 61% to 75¢ per share, prompting the company to issue a press release stating it was unaware of any undisclosed information that would account for the increase. The junior has worked on developing iron ore deposits in the Labrador Trough for more than a decade. The Quebec Government has granted $20 million for the feasibility study of a new rail linking the company’s Fire Lake North Deposit-Bloom Lake area to the Port of Sept-Îles. Two uranium juniors, Forsys Metals and Mega Uranium, posted percentage increases in share price. Forsys Metals, which has uranium properties in Namibia, climbed 60% to US20¢ per share, while Mega Uranium, with uranium properties in Australia, rose 50% to 24¢. Mega was also the third most traded stock. The UxC weekly spot price for

uranium oxide climbed to US$22.56 per lb., for a 2.5% weekly gain. U3O8 was the most traded stock, up 1¢ to 4¢ per share. The company announced discovering a second type of uranium-vanadium mineralization that occurs in addition to the typical mineralized gravel at its La Rosada target, an area within its larger Laguna Salada project in Argentina. CEO Richard Spencer noted in a press release that the company’s exploration team had found high-grade uranium-vanadium in friable volcanic rocks — and that trenching over the previous couple of months had shown that the uraniumvanadium in the volcanic rock “constitutes a target in its own right,” not only adding to the potential of the La Rosada target, but also, conceivably, helping the company lower TSX MOST ACTIVE ISSUES

U3O8 Corp B2Gold Mega Uranium Yamana Gold Kinross Gold IAMGOLD Eldorado Gold Barrick Gold First Quantum Ivanhoe Mines

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

UWE BTO MGA YRI K IMG ELD ABX FM IVN

40575 0.05 0.03 0.04 + 0.01 37264 3.75 3.49 3.64 + 0.08 30638 0.25 0.16 0.24 + 0.08 30599 4.33 3.99 4.17 + 0.10 30219 4.56 4.24 4.41 unch 0.00 25711 6.25 5.65 5.83 - 0.02 25323 4.68 4.28 4.48 - 0.02 22502 22.92 21.39 22.17 - 0.20 18550 17.25 14.36 17.17 + 2.41 18407 3.43 2.76 3.35 + 0.57

estimated production costs. Shares of Denison Mines were up 30% to $1.05. The company reached an agreement with its partners at the Wheeler River joint venture that sees Denison’s stake rise to 66% by the end of 2018. Denison owns 60% and partners Cameco Corp. and JCU (Canada) Exploration own 30% and 10%. Under the agreement, the companies will give Cameco a one-time election to fund half of its ordinary

share of joint-venture expenses in 2017 and 2018. The shortfall in Cameco’s contribution will be funded by Denison, in exchange for part of Cameco’s interest in the joint venture. Denison’s share of joint-venture expenses will be 75% in 2017 and 2018, and Cameco and JCU’s share of joint-venture expenses will be 15% and 10%. The companies have also approved a $12.5-million work program and budget for the joint venture this year. TNM

TSX GREATEST PERCENTAGE CHANGE

Champion Iron Forsys Metals Mega Uranium Alderon Iron Columbus Gold Denison Mines Sabina Gd&Slvr Black Iron Contintl Prec Laramide Res Loncor Res Redhawk Res Yellowhead Mng Detour Gold Freegold Vent Rio Novo Gold Rubicon Mnrls Minco Gold Eco Oro Mnls Paladin Energy

CIA FSY MGA ADV CGT DML SBB BKI CZQ LAM LN RDK YMI DGC FVL RN RMX MMM EOM PDN

10449 3787 30638 2385 2570 15787 3972 3131 40 3762 24 344 1449 9785 457 475 612 59 223 14978

0.81 0.47 0.75 0.28 0.13 0.20 0.25 0.16 0.24 0.46 0.31 0.46 0.90 0.61 0.85 1.07 0.78 1.05 1.32 0.99 1.27 0.06 0.04 0.05 0.40 0.00 0.36 0.50 0.37 0.48 0.17 0.00 0.14 0.05 0.04 0.04 0.07 0.05 0.05 21.34 16.88 17.38 0.14 0.11 0.12 0.13 0.11 0.12 2.17 1.76 1.91 0.29 0.26 0.26 0.84 0.67 0.75 0.10 0.07 0.10

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Teck Res Teck Res Cameco Corp Agrium First Quantum Franco-Nevada Labrador Iron Lundin Mng Pretium Res Imperial Metal Detour Gold Suncor Energy Tahoe Res Mountain Prov Guyana Gldflds Brio Gold Altius Mnrls Rubicon Mnrls Barrick Gold Goldcorp

61.3 60.0 50.0 43.8 32.8 29.6 29.6 28.6 28.6 28.4 22.2 20.0 16.7 15.5 14.3 11.5 11.2 10.3 9.6 9.5

VOLUME WEEK (000s) CLOSE CHANGE

TECK.B TECK.A CCO AGU FM FNV LIF LUN PVG III DGC SU THO MPVD GUY BRIO ALS RMX ABX G

15312 32.45 57 33.30 16734 17.43 1170 138.35 18550 17.17 2880 83.44 938 19.17 14551 8.27 3592 13.54 219 7.76 9785 17.38 10229 42.62 11141 11.84 605 6.49 5608 6.19 327 3.19 164 12.07 612 1.91 22502 22.17 14808 19.18

+ 4.61 + 3.30 + 3.19 + 2.73 + 2.41 + 2.36 + 1.47 + 1.19 + 1.18 + 1.12 - 3.20 - 1.49 - 0.89 - 0.36 - 0.36 - 0.32 - 0.28 - 0.24 - 0.20 - 0.15

TSX VENTURE EXCHANGE / JANUARY 9–13 The S&P/TSX Venture Composite Index gained 3.1 points to a 794.51-point close. Spot gold prices hit seven-week highs, gaining US$24.71, or 2.1%, to US$1,197.34 per oz., whereas Comex copper prices rose to one-month highs, gaining 14¢, or 5.5%, to US$2.69 per pound. Potash producer Itafos announced plans to appoint Raymond James as a lead syndicate of agents in preparation for the company’s US$35-million private placement. Private equity and real estate investment firm Zaff LLC owns 55.6 million shares, or 96.6% of the issued and outstanding shares of Itafos, and could subscribe for US$15 million under the offering. The funds would be used to recommission the company’s Itafos Arraias SSP operations in central Brazil. Former iron-ore explorer Augyva Mining Resources is changing its business from mining and mineral exploration to an investment issuer focused on the auto retail sector. The news drove shares of the company — which will be renamed Automotive Finance — up 8¢ on 17.7 million shares, before closing at 18¢ per share. Shares of gold explorer Canstar Resources gained 7¢ to 20¢. On Jan. 3, the company granted 2.5 million options to directors, officers and consultants at an 11¢-per-share

exercise price, expiring within five years. The company is drilling 1,000 metres at its wholly owned Kenora gold project, 9 km east of Kenora, Ontario. The program aims to test surface channel-sampling anomalies, which returned 29.3 metres of 3.1 grams per tonne gold, and a number of geophysical targets. IsoEnergy gained 40¢ to $1.50 on rising uranium prices. The company, which is 72%-owned by NexGen Energy, has begun drilling at its Thorburn Lake and Radio uranium projects in the eastern part of Saskatchewan’s Athabasca basin. It has dedicated 4,300 metres at Thorburn Lake — located 7 km east of Cameco and Areva Resources’ Cigar Lake uranium mine — to follow up on radioactivity intercepted at the unconformity in previous drill holes. A large basement clay alteration TSX-V MOST ACTIVE ISSUES

Augyva Mng American Lith MX Gold Northern Uran Anfield Res Nexus Gold LiCo Energy Integra Gold Purepoint Uran Gensource Pot

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AUV LI MXL UNO ARY NXS LIC ICG PTU GSP

17745 17421 14602 12791 12473 11111 9658 8278 8219 8144

0.22 0.22 0.20 0.03 0.16 0.15 0.18 0.75 0.18 0.23

0.16 0.14 0.14 0.02 0.11 0.10 0.14 0.67 0.13 0.15

0.18 + 0.15 - 0.20 + 0.03 + 0.14 + 0.15 + 0.15 unch 0.72 + 0.17 + 0.20 +

0.08 0.03 0.05 0.01 0.03 0.03 0.00 0.05 0.03 0.06

zone — commonly associated with uranium mineralization — was identified at Radio last year. The company plans to follow up on the target, which is located along structural trend of Rio Tinto’s Roughrider uranium deposit, with a 4,100-metre drill program. Aspiring gold producer MX Gold gained 5¢ to 20¢ per share after closing a $2.6-million private placement. The capital is intended

for payments towards earning a 50% interest in Gracepoint Mining’s Magistral del Oro gold property and former mine in Mexico, in addition to transaction costs of its new Bonaparte gold-copper property. Magistral was completed in 2013, but the operation was suspended later that year when the operation’s excess pond overflowed during heavy rain into a nearby creek. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Canstar Res Tiller Res Westridge Res Red Rock Enrgy Gonzaga Res Icon Explor Royal Sapphire ExGen Res Inc Champion Bear Monarca Mnrls Baroyeca Go&Si Worldwide Res Mezzotin Mnrls Gold Finder Ex Fort St J Nick Golden Harp Cdn Intl Mnrls Trinity Valley Mazarin Antipodes Gold

ROX TIR.H WST.H RRK.H GN IEX.H RSL EXG CBA MMN BGS WR.H MEZ GFN.H FTJ.H GHR.H CIN TE MAZ.H AXG

567 0.21 6 0.40 6203 0.08 209 0.02 1920 0.27 120 0.05 161 0.08 432 0.01 478 0.24 7160 0.05 410 0.02 155 0.05 6 0.01 16 0.13 102 0.15 15 0.18 888 0.03 16 0.02 58 0.03 3 0.03

0.13 0.05 0.03 0.01 0.10 0.02 0.04 0.01 0.17 0.03 0.01 0.02 0.01 0.00 0.00 0.11 0.02 0.01 0.02 0.00

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

0.20 + 76823.1 0.40 + 700.0 0.08 + 220.0 0.02 + 200.0 0.25 + 150.0 0.04 + 133.3 0.08 + 100.0 0.01 + 100.0 0.20 + 81.8 0.05 + 80.0 0.01 - 66.7 0.02 - 60.0 0.01 - 50.0 0.10 - 50.0 0.10 - 44.1 0.11 - 38.9 0.02 - 33.3 0.01 - 33.3 0.02 - 33.3 0.03 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Metalore Res Itafos IsoEnergy Ltd Abitibi Royalt Tiller Res Mirasol Res Flinders Res Canstar Res Canadian Zeol Azarga Mtls Corsa Coal Lithium X Egy Everest Vent Goldex Res Gold Reserve Chesapeake Gld Almadex Min Atom Energy Bear Creek Mng G4G Capital

MET IFOS ISO RZZ TIR.H MRZ LEM ROX CNZ AZR CSO LIX HOIL GDX GRZ CKG AMZ AGY.H BCM WGO

3 10 829 14 6 385 1098 567 2608 314 155 1233 38 97 40 142 496 1 398 48

4.25 2.79 1.50 9.35 0.40 1.75 0.71 0.20 1.24 0.38 2.86 2.06 1.21 0.50 5.00 4.12 1.53 0.24 2.72 1.13

+ 1.17 + 0.54 + 0.40 + 0.35 + 0.35 + 0.22 + 0.22 + 0.20 + 0.18 + 0.17 - 0.29 - 0.19 - 0.18 - 0.16 - 0.15 - 0.14 - 0.12 - 0.12 - 0.11 - 0.10

U.S. MARKETS / JANUARY 9–13 U.S. equities slipped into negative territory, as oil prices retreated and gold rose. The S&P 500 Index dipped 0.1% to 2,274.64, while the Dow Jones Industrial Average fell 0.4% to 19,885.73. The Nasdaq, however, rose nearly 1% to 5,574.12. Spot gold gained 2% to finish at US$1,196.90 per oz., while U.S. crude oil futures retreated 3% to US$52.37 per barrel. Uranium major Cameco jumped 23.4% to US$13.29 per share, on the back of production cuts from Kazatomprom, Kazakhstan’s stateowned firm and global uranium production leader. Kazatomprom said it would cut 2017 uranium output by 10%, or 5.2 million lb., after the commodity price weakened in 2016 due to a global oversupply. “This news is a definite surprise and may be the inflection point for the uranium space to head higher across the board,” Rob Chang, a Cantor Fitzgerald analyst, said in a note. Spot uranium closed Jan. 9 at US$22 per lb., up 22%, or US$4, from the low reached last November, according to UX Consulting. Around that time, Cameco shares hit a US$7.41 low. Cameco also suspended its Rabbit Lake uranium mine in Saskatchewan and lowered U.S. output last year to its lower costs.

18_JAN23_MarketNews.indd 18

Goldcorp shares finished flat at US$14.60, despite the company reporting two non-core asset sales. On Jan. 11, Goldcorp agreed to sell its Cerro Blanco gold-silver project in Guatemala to Bluestone Resources for US$18 million in cash, a 1% net smelter return royalty on production and 9.9% of Bluestone’s issued and outstanding shares once the transaction closes. Goldcorp will also receive US$15 million in cash when commercial production starts at Cerro Blanco. A day later, Goldcorp said it would sell its Los Filos mine in Mexico to Leagold Mining for US$438 million. That includes US$279 U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 163217 9.73 8.20 9.58 + 1.59 Freeport McMo* FCX 159205 15.94 14.51 15.19 + 0.29 Barrick Gold* ABX 88818 17.30 16.14 16.87 - 0.06 United States S* X 84484 35.83 32.32 32.70 - 2.70 Yamana Gold* AUY 73411 3.29 3.03 3.17 + 0.07 Kinross Gold* KGC 57035 3.49 3.23 3.36 + 0.01 IAMGOLD* IAG 56688 4.74 4.31 4.44 unch 0.00 Vale* VALE.P 42263 8.75 7.57 8.70 + 1.30 Newmont Mng* NEM 40057 36.17 33.52 34.53 - 0.89 Goldcorp* GG 37816 14.94 14.08 14.60 - 0.02

million in cash, US$71 million in Leagold shares and US$88 million in certain tax receivables. Both transactions should close by the end of March. Tahoe Resources shares dropped 6.4% to US$9.02, despite the company reporting

it could potentially increase resources at its operations after positive 2016 drill results. It is targeting to spend $35 million to $45 million this year on expensed exploration. Last year, Tahoe invested $28 million on both expensed exploration and capitalized drilling. TNM

U.S. GREATEST PERCENTAGE CHANGE

Cameco Corp* Vale* Vale* Teck Res* Pretium Res* Rio Tinto* HudBay Mnls* Coeur Mng* McEwen Mng* Mechel* United States S* Tahoe Res* Suncor Energy* Newmont Mng* NACCO Ind* Intrepid Pots* Chevron* Barrick Gold* Black Hills* Goldcorp*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

CCJ 32144 13.36 10.63 13.29 + 23.4 VALE 163217 9.73 8.20 9.58 + 19.9 VALE.P 42263 8.75 7.57 8.70 + 17.6 TECK 33389 24.91 20.75 24.69 + 17.4 PVG 11561 10.62 9.44 10.32 + 10.4 RIO 22688 42.87 38.26 42.04 + 9.5 HBM 3260 7.25 6.40 7.10 + 9.2 CDE 20324 11.45 10.51 11.39 + 8.2 MUX 22924 3.92 3.55 3.79 + 8.0 MTL 2800 6.83 5.88 6.40 + 7.9 X 84484 35.83 32.32 32.70 - 7.6 TAHO 16001 10.08 8.70 9.02 - 6.4 SU 12926 33.12 32.25 32.45 - 2.7 NEM 40057 36.17 33.52 34.53 - 2.5 NC 72 85.00 80.40 83.40 - 1.9 IPI 4299 2.25 2.03 2.08 - 1.4 CVX 29127 116.99 114.86 116.38 - 0.4 ABX 88818 17.30 16.14 16.87 - 0.4 BKH 1742 61.74 60.50 61.13 - 0.1 GG 37816 14.94 14.08 14.60 - 0.1

U.S. GREATEST VALUE CHANGE

Teck Res* TECK Rio Tinto* RIO Agrium* AGU Arch Coal* ARCH Cameco Corp* CCJ Alcoa* AA Franco-Nevada* FNV Southern Copp* SCCO Vale* VALE Vale* VALE.P United States S* X NACCO Ind* NC Suncor Energy* SU Newmont Mng* NEM Tahoe Res* TAHO Chevron* CVX Black Hills* BKH Barrick Gold* ABX Intrepid Pots* IPI Goldcorp* GG

VOLUME WEEK (000s) CLOSE CHANGE

33389 24.69 22688 42.04 1666 105.38 2305 74.98 32144 13.29 18646 33.01 3585 63.54 5245 35.35 163217 9.58 42263 8.70 84484 32.70 72 83.40 12926 32.45 40057 34.53 16001 9.02 29127 116.38 1742 61.13 88818 16.87 4299 2.08 37816 14.60

+ 3.66 + 3.65 + 2.95 + 2.72 + 2.52 + 2.33 + 2.26 + 1.76 + 1.59 + 1.30 - 2.70 - 1.60 - 0.89 - 0.89 - 0.62 - 0.46 - 0.09 - 0.06 - 0.03 - 0.02

2017-01-17 8:05 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JANUARY 23–FEBRUARY 5, 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 17, 2017 Precious Metals Price (US$/oz.) Change 1217.50 +34.30 Gold Silver $17.00 +0.34 Platinum $983.00 +12.00 Palladium $740.00 -16.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10265.00 +10.00 $5816.50 -49.00 $2292.50 +26.50 $2740.00 -9.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 16, 2017 (change from January 9, 2017 in brackets): Aluminium Alloy 13280 (0) 2250950 (+35025) Aluminium Copper 279000 (-15900) 192750 (-375) Lead Nickel 369732 (-2280) 3935 (+50) Tin 422025 (-5200) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$46.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.05 Coal: CME Group Central Appalachian Futures, Feb. 2017: N.A.; Mar. 2017: N.A. Cobalt: US$15.88/lb. Copper: US$2.66/lb. Copper: CME Group Futures Feb. 2017: US$2.60/lb.; Mar. 2017: US$2.61/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: US$80.20/tonne 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$855.00/tr. oz. Ruthenium: Mid-mkt US$40.00/tr. oz. Silver: Handy & Harman Base: US$16.77 per oz.; Handy & Harman Fabricated: US$20.96 per oz. Tantalite Ore : US$125.84/kg Tin: US$9.58/lb. Uranium: U3O8, Trade Tech spot price: US$21.75; The UX Consulting Company spot price: US$22.00/lb. Zinc: US$1.25/lb. Prices current Jan. 17, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 03, 2017 (with changes from Dec 16, 2016) Largest short positions K 37819408 3426060 12/16/2016 Kinross Gold Lundin Mng LUN 25113869 -15500702 12/16/2016 New Gold NGD 20311721 -5743277 12/16/2016 B2Gold BTO 19588024 -126060 12/16/2016 Potash Corp SK POT 14331894 -771400 12/16/2016 Suncor Energy SU 13263765 -106553 12/16/2016 Sandstorm Gold SSL 12242333 546364 12/16/2016 IAMGOLD IMG 11108359 5268317 12/16/2016 ABX 10276795 3705721 12/16/2016 Barrick Gold Klondex Mines KDX 9964792 -445387 12/16/2016 DGC 9570190 157770 12/16/2016 Detour Gold Goldcorp G 9040803 1082695 12/16/2016 NDM 8971194 55897 12/16/2016 Nthn Dynasty Eldorado Gold ELD 8635895 -10615217 12/16/2016 ASR 7859239 -1348315 12/16/2016 Alacer Gold Largest increase in short position IAMGOLD IMG 11108359 5268317 12/16/2016 Barrick Gold ABX 10276795 3705721 12/16/2016 K 37819408 3426060 12/16/2016 Kinross Gold Premier Gold M PG 4830198 1764512 12/16/2016 USA 1741900 1609193 12/16/2016 Americas Silvr Largest decrease in short position Lundin Mng LUN 25113869 -15500702 12/16/2016 Eldorado Gold ELD 8635895 -10615217 12/16/2016 TECK.B 3110386 -6447707 12/16/2016 Teck Res New Gold NGD 20311721 -5743277 12/16/2016 Alacer Gold ASR 7859239 -1348315 12/16/2016

Short positions outstanding as of Jan 03, 2017 (with changes from Dec 16, 2016) Largest short positions FF 3408440 -211560 12/16/2016 First Mg Fin GRG 973600 -185300 12/16/2016 Golden Arrow VIT 338500 231500 12/16/2016 Victoria Gold EQT 256512 256370 12/16/2016 Equitas Res BGM 222000 215500 12/16/2016 Barkerville Go LLG 211800 10100 12/16/2016 Mason Graphite AAL 208700 -542200 12/16/2016 Advantage Lith KNT 177055 -80854 12/16/2016 K92 Mng Inc ASM 109500 -63400 12/16/2016 Avino Silver Rockridge Cap RRC 108500 108500 12/16/2016 SCZ 103601 95801 12/16/2016 Santacruz Silv RGC 95000 89600 12/16/2016 Redstar Gold PWM 90000 88500 12/16/2016 Aldrin Res Fission 3.0 FUU 89000 85000 12/16/2016 RPM 77600 69600 12/16/2016 Rye Patch Gold Largest increase in short position Equitas Res EQT 256512 256370 12/16/2016 Victoria Gold VIT 338500 231500 12/16/2016 Barkerville Go BGM 222000 215500 12/16/2016 Rockridge Cap RRC 108500 108500 12/16/2016 Santacruz Silv SCZ 103601 95801 12/16/2016 Largest decrease in short position Advantage Lith AAL 208700 -542200 12/16/2016 Atico Mng ATY 9100 -476900 12/16/2016 PRB 29800 -420700 12/16/2016 Probe Metals First Mg Fin FF 3408440 -211560 12/16/2016 GRG 973600 -185300 12/16/2016 Golden Arrow

DAILY METAL PRICES Daily Metal Prices Date Jan 16 Jan 13 Jan 12 Jan 11 Jan 10 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1550/1570 1585/1600 1585/1600 1585/1600 1560/1575 Aluminum 1811.50/1811.50 1790/1791 1787/1787 1747.508/1746 1757/1746 Copper 5855/5885 5795/5827 5752/5778 5709/5730 5640/5660.50 Lead 2315/2321.50 2220/2224 2188/2193 2164.50/2184 2143/2159 Nickel 10230/10300 10110/10175 9950/10010 10440/10475 10430/10470 Tin 21120/21125 21150/21100 21095/21000 21145/21100 21270/21200 2765/2770.50 2719/2735 2724/2735 2689.50/2710 2732.50/2754.50 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1202.75 1196.35 1206.65 1187.55 1183.20 Gold PM 1203.00 1190.35 1205.05 1178.55 1189.50 Silver 16.82 16.76 16.91 16.79 16.67 Platinum 984.00 971.00 981.00 977.00 973.00 Palladium 745.00 746.00 758.00 748.00 759.00

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

TSX WARRANTS

Jan 13 Jan 12 Jan 11 Jan 10 Jan 09 1.3114 1.3152 1.3164 1.3245 1.3215 0.7625 0.7604 0.7597 0.7550 0.7567

Exchange rates (Quote Media, January 13, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.7165 87.2880 16.3790 10.2987 1.0168 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6252 5.2560 51.9886 0.7692 896.0294 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3336 0.9396 114.4820 21.4801 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8199 6.9005 68.1805 1.0089 1175.3000

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 African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Jan 13 Jan 12 Jan 11 Jan 10 Jan 09 High Low Index S&P/TSX Composite 15497.28 15418.16 15491.54 15426.28 15388.95 15527.30 12400.15 S&P/TSXV Composite 794.51 789.64 790.43 794.04 794.31 1050.26 883.52 S&P/TSX 60 916.37 911.40 915.21 910.06 907.90 896.74 709.99 S&P/TSX Global Gold 205.47 204.45 204.75 205.54 205.01 218.90 149.29 DJ Precious Metals 174.30 172.92 172.08 172.62 172.20 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS JANUARY 9–13, 2017 163 New Highs

Adriana Res Advance Gold Alberta Star* Alcoa* Alderon Iron* Alumina Inc* ALX Uranium ALX Uranium* Americas Silvr Amerigo Res Amerigo Res* Anglo American* Arizona Silver Atico Mng* Augyva Mng Azarga Uranium Azarga Uranium* Azincourt Uran Azincourt Uran* Bannerman Res* Bayswater Uran Bayswater Uran* Bearing Res Bearing Res* Berkeley Egy* Bison Gold Res* Blind Crk Res BLOX Inc* Brio Gold

Broadway Gd Mg* Buccaneer Gold Canamex Res* Canstar Res Capstone Mng Cariboo Rose Carlin Gold Cartier Res Cdn Silvr Hunt Central Iron Champion Bear Champion Bear* Champion Iron Champion Iron* CKR Carbon Contintl Prec Contintl Prec* Copper Mtn Mng Copper Mtn Mng* Crystal Peak* Currie Rose Rs* Cyclone Uran* Danakali* Denison Mines Denison Mines* Elysee Dev Engold Mines Entree Gold Entree Gold* Erdene Res Dev*

Excelsior Mng Excelsior Mng* Fancamp Expl First Cobalt First Quantum Fission Uran Fission Uran* Forsys Metals Gensource Pot GFG Resources* Glencore Plc* Golden Valley Gonzaga Res Gray Rock Res Happy Ck Mnrls Heatherdale Rs I-Minerals I-Minerals* Icon Explor Inter-Rock Mnl* InZinc Mining InZinc Mining* IsoEnergy Ltd Ivanhoe Mines Ivanhoe Mines* JDL Gold* Kairos Cap Kings Bay Gold Kitrinor Mtls Kootenay Zinc

Labdr Iron Mns* Laramide Res Luna Gold* Lundin Mng MacDonald Mns* MacMillan Mnls Majestic Gold Majestic Gold* Maverix Mtls* McLaren Res Mechel* Medgold Res* Mega Uranium Mega Uranium* Metalla Rylty Metalore Res Mitchell Res Morro Bay* Mosaic* Newmarket Gold* Nexgen Energy Nexgen Energy* Nexus Gold Nexus Gold* Norsemont Cap Nortec Mnls Northisle C&G Nrthn Lion NSGold Oriental Non F

Oronova Energy OZ Minerals* PJX Res Plate Res Plateau Uran Plateau Uran* Platinex Prospector Res Purepoint Uran Rae-Wallace Mg* Rainy Mtn Royl* Rare Element* Rio Tinto* Rockridge Cap Rockridge Cap* Royal Sapphire Rupert Res Satori Res* Scandium Int M* Select Sands SG Spirit Gold Sherritt Intl Skyharbour Res Skyharbour Res* Southern Copp* Supreme Metals Taseko Mines Taseko Mines* Tesoro Mnrls Tiller Res

Trecora Res* U3O8 Corp U3O8 Corp* Ur-Energy Ur-Energy* Uranium Energy* Uranium Res* Vale* Velocity Mnrls Vendetta Mng Vendetta Mng* Volcanic Mtls Wescan Gldflds Westridge Res

12 New Lows Argentum Silvr* Astar Mnls Azteca Gold* Brio Gold Gold Finder Ex* Kilo Goldmines* MK2 Ventures * Montego Res Nickel One Res* Tanqueray Expl* US Tungsten* Winston Gld Mg*

CANADIAN GOLD MUTUAL FUNDS Fund Jan 13 ($) AGF Prec Mtls Fd MF 24.46 BMO Prec Mtls Fd A 19.56 10.50 BMO ZGD BMO ZJG 9.02 CIBC Prec Metal Fd A 11.16 Dyn Prec Metls Fd A 6.95 Horizons HEP IGMacGloPrecMetCl A 9.37 iShares XGD 12.83 Mac Prec Met Cl A 53.04 NB Prec Met Fd Inv 13.20 RBC GblPreMetFd A 34.33 Redw UITGoDe&ProCl A 10.00 Sentry Pre Met Fd A 41.69 Sprott Gold&PrMinFdA 39.29 Sprott SilverEquCl A 7.06 TD PreciousMetalsInv 37.17

Jan 06 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 24.09 0.37 1.54 49.52 2.78 158.00 19.18 0.38 1.99 50.94 2.40 65.52 10.31 0.19 1.89 47.14 0.63 8.76 0.25 2.90 63.26 0.60 11.23 -0.07 -0.65 28.72 2.62 52.14 6.77 0.18 2.66 52.58 2.75 342.76 25.78 -0.82 -3.12 43.18 0.81 9.24 0.13 1.39 64.46 2.75 81.35 12.78 0.05 0.41 49.96 0.61 736.42 52.28 0.75 1.44 67.14 2.51 113.45 13.14 0.06 0.46 52.48 2.47 34.41 33.70 0.63 1.86 61.79 2.12 379.34 10.00 41.31 0.38 0.92 55.46 2.44 203.92 38.39 0.90 2.34 51.75 3.12 220.32 6.88 0.18 2.60 91.34 3.09 128.12 37.11 0.06 0.16 41.18 2.26 127.14

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_JAN23_MMMM.indd 19

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

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

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

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

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

2017-01-17 4:49 PM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JANUARY 9–13, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

JANUARY 23–FEBRUARY 5, 2017 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 609 0.13 0.11 0.12 + 0.02 0.28 0.03 O 51 0.07 0.06 0.06 - 0.01 0.10 0.04 Abcourt Mines* Abcourt Mines V 405 0.10 0.09 0.09 - 0.01 0.13 0.04 Aben Res* O 142 0.10 0.07 0.07 - 0.01 0.26 0.04 Aben Res V 496 0.13 0.11 0.12 + 0.02 0.34 0.06 0.12 - 0.00 0.16 0.07 Aberdeen Intl* O 118 0.12 0.11 Abitibi Royalt V 14 9.35 8.95 9.35 + 0.35 10.00 2.78 ABT Holdings* O 5 0.50 0.00 0.48 - 0.02 0.76 0.08 Acacia Mining* O 1 5.00 4.98 5.00 + 0.02 7.47 3.50 Acme Res Inc V 73 0.12 0.00 0.09 - 0.01 0.12 0.02 Active Growth V 5309 0.23 0.18 0.19 + 0.01 0.23 0.03 0.08 - 0.01 0.15 0.02 Adamera Mnls V 932 0.09 0.08 Adriana Res V 3552 0.20 0.18 0.19 + 0.02 0.20 0.10 Advance Gold V 238 0.12 0.06 0.11 + 0.05 0.12 0.01 Advantage Lith V 842 0.92 0.85 0.91 + 0.03 1.34 0.14 O 435 0.72 0.65 0.69 + 0.03 1.01 0.49 Advantage Lith* African Queen V 1259 0.07 0.04 0.06 - 0.01 0.14 0.02 O 2 0.00 0.00 0.00 - 0.00 0.00 0.00 Aftermath Slvr* Agnico Eagle T 4179 61.60 57.69 60.46 + 1.07 78.35 37.17 46.05 + 1.16 60.10 26.10 Agnico Eagle* N 9057 47.02 43.53 Agrium T 1170 139.28 134.64 138.35 + 2.73 144.50 104.70 N 1666 106.63 101.59 105.38 + 2.95 109.73 79.94 Agrium* Aguila Amer Gd V 941 0.05 0.04 0.04 - 0.01 0.14 0.04 Aim Explor* O 35777 0.02 0.02 0.02 + 0.00 26.25 0.00 Alabama Graph V 1201 0.18 0.16 0.17 + 0.01 0.23 0.11 2.43 + 0.05 3.79 1.75 Alacer Gold T 6424 2.53 2.33 Alamos Gold T 8221 11.54 10.38 10.80 + 0.32 13.65 3.27 8.81 7.89 8.21 + 0.26 10.41 2.27 Alamos Gold* N 17869 Alberta Star* O 30 0.37 0.33 0.33 + 0.00 0.37 0.12 0.05 - 0.02 0.12 0.03 Alchemist Mng 683 0.07 0.05 Alcoa* N 18646 33.50 29.22 33.01 + 2.33 34.50 18.42 0.33 + 0.11 0.34 0.05 Alderon Iron* O 123 0.35 0.22 Alderon Iron T 2385 0.46 0.31 0.46 + 0.14 0.48 0.07 Aldever Res* O 6 0.07 0.00 0.07 + 0.02 0.11 0.04 Aldever Res V 380 0.10 0.08 0.08 + 0.01 0.57 0.06 0.28 - 0.01 0.34 0.12 Aldridge Mnrls V 370 0.29 0.26 Aldrin Res V 584 0.30 0.24 0.26 + 0.01 0.32 0.07 O 210 0.05 0.04 0.05 + 0.00 0.10 0.01 Alexandria Min* Alexco Res* X 3295 1.85 1.65 1.83 + 0.17 2.54 0.22 2.41 + 0.20 3.31 0.35 Alexco Res T 552 2.42 2.19 Algold Res V 1997 0.28 0.22 0.24 - 0.02 0.44 0.07 0.09 + 0.03 0.17 0.05 Alianza Min* O 50 0.09 0.09 Alianza Min V 24 0.14 0.12 0.14 + 0.02 0.21 0.10 Alix Res V 1288 0.07 0.06 0.06 + 0.01 0.18 0.04 Alliance Res* D 1134 24.05 22.00 22.85 + 0.45 26.65 9.95 1.39 + 0.07 2.44 0.73 Almaden Mnls T 334 1.40 1.31 Almaden Mnls* X 1289 1.08 0.99 1.07 + 0.07 1.88 0.50 1.53 - 0.12 2.00 0.15 Almadex Min V 496 1.70 1.37 Almadex Min* O 543 1.29 1.05 1.17 - 0.08 1.51 0.10 0.30 + 0.02 0.44 0.20 Almonty Ind V 165 0.31 0.27 Alphamin Res V 20 0.38 0.00 0.38 - 0.02 0.40 0.16 0.09 + 0.02 0.65 0.01 Alset Energy* O 39 0.09 0.06 Alset Energy V 869 0.13 0.11 0.12 - 0.02 0.84 0.02 Altai Res V 400 0.09 0.08 0.08 - 0.01 0.16 0.03 Altair Res Inc V 791 0.40 0.32 0.40 + 0.07 0.70 0.16 O 33 0.25 0.00 0.25 + 0.01 0.46 0.18 Alternative ER* Altiplano Mnls V 284 0.20 0.17 0.18 - 0.01 0.22 0.04 0.09 - 0.01 0.21 0.02 Altitude Res V 282 0.10 0.08 Altius Mnrls T 164 12.59 12.02 12.07 - 0.28 14.06 7.39 0.07 - 0.01 0.09 0.02 Alto Vent V 46 0.08 0.00 Altura Mng Ltd* O 527 0.14 0.11 0.13 + 0.02 0.30 0.06 5.26 + 0.06 5.39 2.76 Alumina Inc* O 63 5.39 5.18 ALX Uranium V 4752 0.15 0.09 0.14 + 0.04 0.15 0.06 ALX Uranium* O 416 0.11 0.07 0.10 + 0.03 0.11 0.04 Am Creek Res V 2685 0.06 0.05 0.06 + 0.01 0.12 0.03 303 0.18 0.16 0.16 - 0.02 0.30 0.07 Am CuMo Mng V Am CuMo Mng* O 471 0.14 0.12 0.12 - 0.00 0.18 0.05 V 5001 0.30 0.25 0.28 + 0.04 0.38 0.01 Am Manganese Am Manganese* O 579 0.22 0.19 0.20 - 0.00 0.27 0.01 0.07 - 0.00 0.10 0.02 Amarc Res* O 250 0.07 0.06 Amarc Res V 722 0.09 0.08 0.08 + 0.01 0.13 0.04 0.42 + 0.04 0.68 0.06 Amarillo Gold V 542 0.45 0.38 Amato Expl V 220 0.05 0.04 0.04 - 0.01 0.10 0.01 Amazing OG* O 17 0.54 0.37 0.40 - 0.11 1.06 0.30 Amer Intl Vent* O 195 0.01 0.01 0.01 + 0.00 0.10 0.01 O 40 0.02 0.01 0.01 - 0.01 0.07 0.00 Amer Vanadium* American Lith* O 91 0.20 0.11 0.11 - 0.01 1.24 0.09 0.15 - 0.03 1.62 0.05 American Lith V 17421 0.22 0.14 American Pot 42 0.08 0.00 0.05 - 0.02 0.14 0.03 4.13 + 0.46 5.76 1.02 Americas Silvr T 415 4.13 3.65 Amerigo Res* O 80 0.29 0.27 0.29 + 0.01 0.29 0.07 0.39 + 0.02 0.39 0.10 Amerigo Res T 834 0.40 0.36 AMI Res V 261 0.08 0.04 0.06 + 0.03 0.10 0.03 Anaconda Mng T 845 0.08 0.07 0.07 + 0.01 0.11 0.05 Anaconda Mng* O 246 0.05 0.00 0.05 + 0.00 0.09 0.03 0.01 - 0.00 1.00 0.00 Andes Gold* O 132 0.01 0.01 Anfield Nickel V 382 1.37 1.20 1.29 + 0.09 1.94 0.66 0.10 + 0.01 0.22 0.04 Anfield Res* O 272 0.12 0.09 Anfield Res V 12473 0.16 0.11 0.14 + 0.03 0.31 0.05 0.39 + 0.01 0.50 0.35 Angkor Gold V 49 0.41 0.35 Anglo American* O 803 8.16 6.89 8.04 + 1.13 8.16 1.57 O 11 16.46 14.15 16.46 + 2.31 16.46 3.13 Anglo American* Anglo-Can Mng* O 10 0.08 0.07 0.07 - 0.00 0.08 0.04 Anglo-Can Mng V 59 0.12 0.09 0.12 + 0.02 0.30 0.05 12.03 + 0.64 22.91 7.09 AngloGold Ash* N 24475 12.22 11.20 Antioquia Gold V 170 0.13 0.11 0.12 - 0.01 0.16 0.06 Antipodes Gold V 3 0.03 0.00 0.03 - 0.02 0.05 0.01 Antler Gold V 88 1.00 0.76 0.80 - 0.07 1.00 0.63 Antofagasta* O 1 8.75 8.73 8.73 - 0.02 9.96 5.24 Apogee Opport V 50 0.17 0.00 0.16 - 0.01 0.44 0.11 Appia Energy 189 0.25 0.23 0.25 - 0.01 0.30 0.01 Apple Cap Inc V 3334 0.42 0.37 0.38 - 0.03 0.54 0.14 Applied Mrnls* O 262 0.12 0.11 0.11 + 0.00 0.34 0.10 Aquila Res* O 562 0.22 0.18 0.21 + 0.03 0.25 0.09 Aquila Res T 250 0.29 0.24 0.28 + 0.06 0.32 0.13 Arch Coal* N 2305 77.61 70.38 74.98 + 2.72 86.47 59.05 Arco Res V 9 0.07 0.00 0.07 + 0.01 0.09 0.03 Arctic Star V 295 0.13 0.00 0.12 + 0.01 0.40 0.04 Arcus Dev Grp V 279 0.12 0.10 0.10 - 0.01 0.20 0.02 Arena Mnls V 483 0.21 0.18 0.19 + 0.01 0.34 0.13 Argentina Lith V 94 0.32 0.30 0.31 - 0.01 0.83 0.04 Argentina Lith* O 17 0.25 0.23 0.24 - 0.01 0.63 0.03 Argentum Silvr V 17 0.30 0.23 0.23 - 0.07 0.35 0.02 Argex Titanium* O 72 0.05 0.04 0.05 + 0.00 0.09 0.01 Argo Gold 212 0.11 0.08 0.11 + 0.01 0.14 0.06 Argonaut Gold T 6134 2.98 2.65 2.75 + 0.01 4.45 0.78 Argonaut Gold* O 93 2.23 2.06 2.10 + 0.03 3.38 0.53 Argus Metals V 19 0.09 0.08 0.08 - 0.01 0.15 0.04 Arian Silver* O 12 0.01 0.01 0.01 + 0.01 0.16 0.00 Arianne Phosph V 134 0.82 0.78 0.82 + 0.02 1.25 0.68 Arianne Phosph* O 44 0.63 0.61 0.62 + 0.01 0.98 0.52 Arizona Mng* O 291 2.19 1.77 2.18 + 0.31 2.64 0.19 Arizona Mng T 6744 2.90 2.32 2.86 + 0.39 3.49 0.28 Arizona Silver V 266 0.28 0.23 0.26 + 0.04 0.28 0.01 Armor Mnrls V 1 0.35 0.00 0.35 - 0.04 0.85 0.12 Arrowstar Res V 293 0.06 0.05 0.06 + 0.01 0.17 0.05 Asanko Gold T 5951 5.04 4.62 4.95 + 0.31 6.09 1.85 Asanko Gold* X 5279 3.83 3.48 3.77 + 0.24 4.68 1.27 Asante Gold 79 0.20 0.18 0.19 - 0.01 0.27 0.05 Ascot Res V 242 2.05 1.97 1.98 - 0.02 2.83 0.81 Aston Bay V 266 0.25 0.22 0.25 + 0.03 0.49 0.15 Astorius Res V 537 0.21 0.18 0.18 - 0.02 0.41 0.01 ATAC Res V 1512 0.42 0.35 0.36 - 0.05 0.95 0.29 Atacama Pac Gd V 139 0.44 0.40 0.40 - 0.01 1.02 0.14 Atacama Res* O 17 0.28 0.15 0.28 + 0.01 0.50 0.05 Athabasca Mnls V 246 0.25 0.20 0.24 + 0.01 0.32 0.14 Athabasca Mnls* O 51 0.19 0.17 0.19 + 0.01 0.23 0.11 Atico Mng V 317 0.97 0.85 0.93 - 0.05 0.99 0.16 Atico Mng* O 364 0.75 0.66 0.71 - 0.03 0.75 0.12 Atlanta Gold* O 127 0.07 0.06 0.07 + 0.01 0.09 0.04 Atlantic Gold V 379 0.95 0.85 0.94 + 0.08 1.06 0.23 Atlatsa Res T 179 0.10 0.07 0.07 - 0.01 0.13 0.03 Atlatsa Res* O 194 0.06 0.05 0.06 + 0.00 0.10 0.02 Atom Energy V 1 0.24 0.00 0.24 - 0.12 0.53 0.16 Atom Energy * O 2 0.21 0.18 0.18 - 0.03 0.23 0.12 Aton Res Inc* O 774 0.05 0.05 0.05 + 0.00 0.12 0.03 Augustine Vent 276 0.11 0.10 0.11 + 0.01 0.17 0.03 Augyva Mng V 17745 0.22 0.16 0.18 + 0.08 0.22 0.08 Aura Silver Rs V 129 0.05 0.04 0.05 + 0.01 0.08 0.01 Auramex Res V 246 0.03 0.02 0.02 - 0.01 0.03 0.01 Aurcana Corp* O 231 0.34 0.29 0.31 - 0.02 0.63 0.08 Aurcana Corp V 493 0.45 0.38 0.42 - 0.02 0.80 0.12 AuRico Metals * O 478 0.93 0.78 0.93 + 0.14 0.94 0.37 AuRico Metals T 1223 1.23 1.04 1.18 + 0.15 1.26 0.55 Aurion Res V 150 0.41 0.38 0.41 + 0.02 0.49 0.06 Aurvista Gold V 2398 0.26 0.20 0.23 + 0.02 0.39 0.03 Aurvista Gold* O 173 0.19 0.15 0.18 + 0.03 0.29 0.02 Auryn Res T 1066 3.67 3.25 3.31 + 0.26 4.17 1.01 Auryn Res* O 466 2.74 2.43 2.54 + 0.24 3.18 0.72 Austin Res V 2383 0.03 0.02 0.02 - 0.01 0.05 0.01 Austral Gold* O 53 0.14 0.00 0.14 + 0.04 0.19 0.08 Austral Gold V 51 0.17 0.16 0.16 + 0.01 0.22 0.12 Avalon Adv Mat T 1936 0.20 0.17 0.19 + 0.01 0.33 0.10

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Exc Volume High Low Last Change High Low

Avalon Adv Mat* O 587 Avesoro Res T 3676 Avino Silver* X 2611 Avino Silver V 154 Avnel Gold T 3381 Avnel Gold * O 340 Avrupa Mnls V 810 Avrupa Mnls* O 172 Azarga Mtls* O 26 Azarga Mtls V 314 Azarga Uranium* O 83 Azarga Uranium T 414 Azimut Expl V 218 O 137 Azincourt Uran* Azincourt Uran V 960

0.15 0.13 0.14 + 0.01 0.26 0.00 0.03 0.03 0.03 + 0.01 0.30 0.02 1.48 1.32 1.40 - 0.01 3.14 0.71 1.97 1.75 1.84 - 0.03 4.05 1.03 0.28 0.24 0.28 + 0.05 0.39 0.18 0.21 0.18 0.21 + 0.03 0.30 0.13 0.14 0.12 0.13 + 0.01 0.25 0.08 0.10 0.08 0.09 - 0.00 0.19 0.05 0.29 0.00 0.29 + 0.12 1.21 0.03 0.38 0.22 0.38 + 0.17 0.60 0.05 0.44 0.24 0.33 + 0.09 0.44 0.14 0.57 0.31 0.41 + 0.09 0.57 0.18 0.47 0.34 0.38 + 0.04 0.68 0.10 0.10 0.07 0.08 + 0.01 0.10 0.03 0.14 0.09 0.11 + 0.01 0.14 0.04

B2Gold* X 23716 B2Gold T 37264 Bacanora Mnls V 83 Balmoral Res T 953 Bama Gold 22 Bannerman Res* O 1027 Banro* X 5362 Banro T 1016 Banyan Gold V 293 Bard Vent V 30 Barkerville Go* O 68 Barkerville Go V 1318 Baroyeca Go&Si V 410 Barrick Gold T 22502 Barrick Gold* N 88818 Barsele Min V 205 Barsele Min* O 53 Batero Gold V 418 Battle Mtn Gld V 54 Battle Mtn Gld* O 53 Bayhorse Silvr* O 6 Bayhorse Silvr V 408 Bayswater Uran* O 138 Bayswater Uran V 2675 BCGold V 471 BCM Res V 31 BE Res V 48 Bear Creek Mng V 398 Bearclaw Cap V 20 Bearing Res* O 24 Bearing Res V 172 Beaufield Res V 1347 Beaufield Res* O 216 Bellhaven Cp&G V 25 Bellhaven Cp&G* O 8 Belo Sun Mng T 1308 Benton Res V 769 Berkeley Egy* O 9 Besra Gold* O 1766 BHK Mining V 468 Big Bar Res V 782 Bison Gold Res* O 67 Bison Gold Res V 47 Black Dragon* O 7 Black Hills* N 1742 Black Iron T 3131 Black Mam Mtls V 29 Black Sea Cop V 161 Blackheath Res V 100 Blackrock Gold V 448 Blind Crk Res V 94 BLOX Inc* O 161 Blue Sky Uran* O 4 Blue Sky Uran V 467 BonTerra Res V 2026 BonTerra Res* O 290 Bowmore Expl V 221 Bravada Gold* O 31 Bravada Gold V 57 Braveheart Res V 18 Bravo Multinat* O 2486 Bravura Vent 4000 Bravura Vent * O 100 Brio Gold T 327 Brionor Res V 110 Brixton Mtls* O 77 Brixton Mtls V 215 Broadway Gd Mg* O 269 Brookmount Exp* O 70 Buccaneer Gold V 60 Buenaventura* N 5482 Bullfrog Gold* O 451 BWR Explor V 201

2.87 2.65 2.78 + 0.07 3.65 0.60 3.75 3.49 3.64 + 0.08 4.74 0.86 1.35 1.21 1.25 - 0.08 1.95 1.01 0.75 0.71 0.73 - 0.01 1.28 0.33 0.02 0.00 0.02 - 0.01 0.20 0.01 0.05 0.02 0.05 + 0.03 0.05 0.01 0.20 0.18 0.19 - 0.01 0.48 0.15 0.27 0.23 0.25 - 0.01 0.62 0.20 0.06 0.06 0.06 - 0.01 0.13 0.02 0.03 0.03 0.03 + 0.01 0.04 0.01 0.40 0.37 0.38 + 0.01 0.60 0.15 0.53 0.49 0.49 - 0.02 0.76 0.23 0.02 0.01 0.01 - 0.01 0.03 0.01 22.92 21.39 22.17 - 0.20 30.45 10.69 17.30 16.14 16.87 - 0.06 23.47 7.39 1.25 1.00 1.15 + 0.16 1.43 0.08 0.84 0.77 0.84 + 0.07 1.10 0.05 0.13 0.10 0.11 - 0.01 0.23 0.05 0.34 0.31 0.32 - 0.02 0.95 0.11 0.25 0.24 0.24 - 0.02 0.73 0.09 0.13 0.13 0.13 + 0.01 0.22 0.03 0.16 0.14 0.14 - 0.02 0.29 0.06 0.07 0.00 0.07 + 0.03 0.07 0.00 0.09 0.05 0.08 + 0.03 0.09 0.01 0.06 0.05 0.06 + 0.01 0.13 0.05 0.12 0.11 0.12 + 0.01 0.32 0.07 0.42 0.33 0.35 - 0.06 0.50 0.25 2.98 2.57 2.72 - 0.11 3.77 0.50 0.04 0.00 0.04 + 0.01 0.06 0.02 0.58 0.58 0.58 - 0.00 0.58 0.30 0.80 0.65 0.75 + 0.13 0.80 0.13 0.11 0.09 0.10 - 0.01 0.16 0.03 0.08 0.07 0.08 + 0.00 0.12 0.04 0.50 0.44 0.50 + 0.07 0.78 0.03 0.38 0.00 0.38 + 0.12 0.61 0.02 0.92 0.76 0.86 + 0.09 1.10 0.22 0.09 0.00 0.09 + 0.01 0.11 0.03 0.92 0.68 0.83 + 0.15 0.92 0.31 0.00 0.00 0.00 + 0.00 0.02 0.00 0.03 0.03 0.03 + 0.01 0.09 0.03 0.54 0.40 0.51 + 0.13 0.69 0.29 0.23 0.23 0.23 + 0.14 0.23 0.09 0.39 0.31 0.39 + 0.14 0.50 0.10 0.04 0.03 0.04 + 0.00 0.07 0.00 61.74 60.50 61.13 - 0.09 64.58 44.65 0.06 0.04 0.05 + 0.01 0.06 0.03 0.07 0.00 0.07 - 0.01 0.13 0.04 0.35 0.32 0.32 - 0.01 0.54 0.23 0.10 0.08 0.10 + 0.01 0.18 0.06 0.10 0.08 0.08 - 0.01 0.18 0.05 0.18 0.12 0.16 + 0.03 0.18 0.03 0.12 0.11 0.12 + 0.01 0.12 0.01 0.26 0.21 0.26 + 0.05 0.47 0.04 0.39 0.28 0.36 + 0.09 0.74 0.04 0.28 0.24 0.24 - 0.02 0.51 0.17 0.20 0.18 0.18 - 0.03 0.37 0.12 0.11 0.09 0.11 + 0.01 0.16 0.05 0.19 0.16 0.17 - 0.00 0.31 0.02 0.25 0.00 0.24 + 0.02 0.40 0.04 0.05 0.00 0.05 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.00 0.10 0.00 0.32 0.24 0.25 - 0.02 0.59 0.02 0.23 0.18 0.19 - 0.01 0.49 0.10 3.59 3.10 3.19 - 0.32 3.59 3.11 0.05 0.03 0.05 + 0.02 0.05 0.01 0.39 0.31 0.35 + 0.00 0.92 0.03 0.48 0.41 0.45 - 0.04 1.20 0.06 0.67 0.55 0.67 + 0.13 0.64 0.22 0.02 0.01 0.02 + 0.01 0.02 0.00 0.05 0.05 0.05 + 0.01 0.05 0.02 13.55 12.44 13.08 + 0.50 16.45 3.30 0.12 0.10 0.11 - 0.03 0.19 0.01 0.05 0.04 0.04 - 0.01 0.09 0.01

Cache Expl V 281 Cadan Res V 58 Cadillac Vent V 397 Caledonia Mng* Q 212 Caledonia Mng T 452 Calibre Mng V 2799 California Gl* O 12 California Gld V 38 Callinex Mines V 775 Callinex Mines* O 275 Cameco Corp T 16734 Cameco Corp* N 32144 Cameo Res V 1233 Cameo Res* O 54 Camino Mnls V 172 Camino Mnls* O 7 Camrova Res V 154 Camrova Res* O 7 Can-Cal Res* O 240 Canada Coal V 462 Canadian Zeol* O 191 Canadian Zeol V 2608 CanAlaska Uran* O 344 Canamex Res* O 58 Canamex Res V 109 Canarc Res T 1899 Canarc Res* Q 2010 Canasil Res V 946 Candente Coppr T 385 Canex Energy V 113 CaNickel Mng V 7 Canoe Mng Vent V 30 Canstar Res V 567 Canyon Gold* O 903 Capstone Mng T 5886 Cardero Res V 199 Cardero Res* O 190 Carlin Gold V 316 Carmax Mng V 948 Cartier Iron 762 Cartier Res V 687 Carube Copper V 69 O 74 Casablanca Mng* Cascadero Copp V 465 Castle Peak Mg V 1485 Castle Res 2 Castle Silver V 151 Castle Silver* O 3 Cava Res V 123 Caza Gold* O 182 CB Gold V 246 Cda Carbon* O 127 Cda Carbon V 587 Cda Rare Earth V 291 Cda Rare Earth* O 108 Cda Strtgc Met * O 100 Cdn Intl Mnrls V 888 Cdn Metals 358 Cdn Platinum V 6899 Cdn Silvr Hunt V 296 Cdn Zinc T 943 Cdn Zinc* Q 339 Centamin T 72 Centaurus Diam* O 105 V 227 Centenera Mng Centenera Mng* O 107 Centerra Gold T 4892 Central Iron V 856 Century Global T 137 Century Global* O 25 Cerro Grande* O 11 Chalice Gold M* O 55

0.12 0.10 0.10 - 0.01 0.15 0.03 0.05 0.00 0.05 + 0.01 0.09 0.04 0.04 0.04 0.04 - 0.01 0.05 0.01 1.55 1.36 1.41 + 0.01 1.84 0.54 2.06 1.80 1.82 - 0.03 2.42 0.79 0.20 0.16 0.20 + 0.03 0.27 0.07 0.40 0.35 0.36 - 0.04 0.56 0.28 0.51 0.00 0.51 + 0.01 0.80 0.35 0.54 0.43 0.47 - 0.06 0.69 0.27 0.41 0.32 0.36 - 0.04 0.54 0.18 17.49 14.09 17.43 + 3.19 17.67 9.88 13.36 10.63 13.29 + 2.52 13.59 7.41 0.04 0.03 0.03 - 0.01 0.07 0.03 0.03 0.02 0.02 - 0.00 0.05 0.02 0.28 0.21 0.28 + 0.08 0.29 0.07 0.21 0.15 0.21 + 0.06 0.22 0.00 0.14 0.12 0.13 + 0.01 0.40 0.10 0.10 0.09 0.09 - 0.01 0.14 0.07 0.03 0.02 0.03 + 0.01 0.08 0.02 0.07 0.06 0.06 - 0.01 0.10 0.01 1.09 0.78 0.95 + 0.16 1.46 0.06 1.43 1.05 1.24 + 0.18 1.95 0.08 0.52 0.43 0.48 + 0.04 1.20 0.07 0.11 0.09 0.09 - 0.01 0.11 0.07 0.14 0.13 0.14 + 0.01 0.30 0.10 0.09 0.08 0.08 + 0.01 0.15 0.05 0.06 0.05 0.06 + 0.01 0.12 0.03 0.20 0.18 0.19 - 0.01 0.73 0.05 0.12 0.11 0.12 + 0.01 0.18 0.03 0.13 0.11 0.12 + 0.01 0.15 0.03 0.06 0.00 0.05 - 0.01 0.11 0.03 0.09 0.08 0.08 + 0.01 0.10 0.02 0.21 0.13 0.20 + 0.20 0.21 0.00 0.06 0.02 0.03 - 0.01 0.50 0.03 1.52 1.32 1.48 + 0.15 1.52 0.27 0.19 0.16 0.18 + 0.02 0.25 0.08 0.14 0.12 0.13 + 0.02 0.18 0.05 0.08 0.06 0.06 - 0.01 0.08 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02 0.08 0.06 0.08 + 0.02 0.11 0.03 0.24 0.22 0.24 + 0.01 0.24 0.06 0.09 0.09 0.09 + 0.01 0.20 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.11 0.10 0.11 + 0.01 0.17 0.03 0.03 0.02 0.02 + 0.01 0.08 0.01 0.30 0.00 0.30 - 0.02 0.40 0.01 0.06 0.05 0.06 - 0.01 0.10 0.02 0.04 0.00 0.04 + 0.00 0.08 0.03 0.20 0.19 0.19 - 0.02 0.78 0.04 0.01 0.00 0.01 + 0.00 0.06 0.01 0.15 0.13 0.13 - 0.02 0.18 0.04 0.19 0.18 0.18 - 0.01 0.28 0.18 0.27 0.24 0.25 - 0.01 0.42 0.24 0.04 0.03 0.04 + 0.01 0.05 0.02 0.03 0.02 0.02 + 0.01 0.04 0.01 0.10 0.09 0.09 + 0.01 0.19 0.01 0.03 0.02 0.02 - 0.01 0.13 0.02 0.11 0.07 0.10 - 0.02 0.44 0.06 0.02 0.02 0.02 + 0.01 0.03 0.01 0.07 0.04 0.06 + 0.01 0.07 0.01 0.25 0.22 0.24 + 0.01 0.41 0.08 0.19 0.17 0.18 + 0.01 0.32 0.06 2.46 2.26 2.41 + 0.16 3.05 1.26 0.06 0.05 0.05 - 0.01 0.34 0.03 0.27 0.19 0.24 + 0.04 0.50 0.06 0.20 0.15 0.17 + 0.02 0.37 0.04 7.06 6.65 6.94 + 0.24 8.13 5.56 0.03 0.02 0.03 + 0.01 0.03 0.01 0.25 0.21 0.25 + 0.01 0.35 0.13 0.18 0.17 0.18 - 0.00 0.25 0.15 0.01 0.01 0.01 - 0.00 0.06 0.00 0.15 0.11 0.14 + 0.01 0.18 0.09

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12-month

Exc Volume High Low Last Change High Low

Chalice Gold M T 265 0.17 0.15 0.16 + 0.01 0.21 0.10 Champion Bear V 478 0.24 0.17 0.20 + 0.09 0.24 0.03 Champion Bear* O 1463 0.15 0.13 0.15 + 0.07 0.15 0.02 Champion Iron* O 1559 0.60 0.35 0.60 + 0.26 0.60 0.10 Champion Iron T 10449 0.81 0.47 0.75 + 0.29 0.55 0.13 0.06 - 0.02 0.19 0.05 Chantrell Vent V 108 0.08 0.06 Chesapeake Gld V 142 4.39 4.05 4.12 - 0.14 6.50 1.75 Chesapeake Gld* O 25 3.32 3.10 3.14 - 0.06 5.03 1.24 Chevron* N 29127 116.99 114.86 116.38 - 0.46 119.00 75.33 Chiboug Ind Mn V 966 0.10 0.07 0.10 + 0.03 0.26 0.03 Chilean Metals V 148 0.20 0.17 0.17 - 0.02 0.30 0.04 Chilean Metals* O 45 0.15 0.14 0.15 + 0.01 0.22 0.03 China Gold Int T 3134 2.70 2.35 2.52 + 0.20 3.67 1.84 CKR Carbon V 2525 0.14 0.08 0.12 + 0.04 0.14 0.06 Claim Post Res V 728 0.04 0.02 0.03 + 0.01 0.06 0.01 Clean Comm V 1332 0.08 0.06 0.08 + 0.01 0.17 0.02 Clear Mtn Res V 848 1.63 1.46 1.57 - 0.01 2.03 0.10 Cleghorn Mnls V 633 0.10 0.09 0.10 - 0.01 0.13 0.08 0.12 - 0.00 0.16 0.05 Clifton Mng* O 44 0.14 0.12 Cloud Peak En* N 5845 5.73 5.01 5.57 + 0.27 8.04 1.08 0.12 + 0.01 0.20 0.05 CMC Metals V 866 0.12 0.11 Cobalt Pwr Grp V 85 0.07 0.07 0.07 - 0.01 0.12 0.04 O 65 0.19 0.16 0.16 - 0.03 0.23 0.01 CobalTech M’g* CobalTech M’g V 1925 0.25 0.19 0.22 + 0.01 0.35 0.02 Coeur Mng* N 20324 11.45 10.51 11.39 + 0.86 16.41 1.62 Colombian Mins V 676 0.14 0.11 0.12 - 0.02 0.25 0.02 Colonial Coal V 893 0.18 0.16 0.18 + 0.01 0.24 0.02 0.27 + 0.01 0.71 0.05 Colorado Res V 572 0.28 0.25 Colorado Res* O 219 0.21 0.19 0.21 - 0.00 0.54 0.04 Columbus Gold* O 3451 0.69 0.46 0.64 + 0.15 0.72 0.23 Columbus Gold T 2570 0.90 0.61 0.85 + 0.21 0.93 0.32 2.80 + 0.15 3.00 1.25 Comet Inds V 23 2.80 2.60 Commerce Res* O 73 0.05 0.04 0.04 - 0.01 0.08 0.04 Commerce Res V 958 0.06 0.06 0.06 + 0.01 0.10 0.05 Comstock Mng* X 1236 0.31 0.27 0.28 + 0.01 0.62 0.19 Comstock Mtls V 175 0.17 0.13 0.14 - 0.03 0.43 0.08 Comstock Mtls * O 79 0.13 0.12 0.12 - 0.01 0.33 0.09 Confedertn Ml* O 18 0.52 0.41 0.41 + 0.00 0.63 0.31 V 47 0.75 0.58 0.58 - 0.07 9.00 0.46 Confedertn Mls Conquest Res V 364 0.04 0.03 0.03 - 0.01 0.07 0.01 V 23 0.46 0.00 0.35 - 0.09 0.56 0.22 Cons Westview Cons Woodjam V 125 0.08 0.07 0.08 + 0.02 0.08 0.02 CONSOL Energy* N 12042 18.82 17.95 18.64 + 0.17 22.34 4.54 3.37 + 0.06 3.60 0.88 Contintl Gold* O 133 3.49 3.10 Contintl Gold T 4410 4.65 4.06 4.35 - 0.05 4.73 1.28 0.31 + 0.20 0.31 0.11 Contintl Prec* O 5 0.31 0.00 Contintl Prec T 40 0.40 0.00 0.36 + 0.08 0.40 0.25 0.15 0.13 0.15 + 0.02 0.24 0.11 Copper Fox Mtl V 1698 Copper Fox Mtl* O 48 0.11 0.10 0.11 + 0.00 0.17 0.08 Copper Mtn Mng* O 66 0.95 0.78 0.95 + 0.15 0.95 0.23 Copper Mtn Mng T 4473 1.25 1.00 1.23 + 0.18 1.24 0.33 Copper North M V 21 0.12 0.00 0.12 - 0.01 0.35 0.10 0 0.08 0.00 0.08 + 0.00 0.16 0.07 Copper North M* O Copper One V 110 0.13 0.11 0.12 - 0.01 0.30 0.03 Copperbank Res 338 0.07 0.06 0.07 + 0.01 0.10 0.03 Copperbank Res* O 108 0.05 0.00 0.04 - 0.01 0.08 0.01 0.28 - 0.01 0.39 0.05 Coral Gold V 196 0.30 0.28 Cordoba Mnls* O 469 0.64 0.57 0.62 + 0.03 0.79 0.11 Cordoba Mnls V 1258 0.83 0.74 0.82 + 0.07 1.08 0.12 Corex Gold V 114 0.13 0.11 0.12 - 0.01 0.21 0.03 Cornerstone Ca V 1432 0.19 0.17 0.18 + 0.01 0.20 0.02 O 329 0.14 0.13 0.14 + 0.00 0.15 0.01 Cornerstone Ca* Cornerstone Mt V 64 0.05 0.04 0.04 - 0.01 0.05 0.01 0.17 + 0.01 0.21 0.02 Coro Mining T 1447 0.18 0.16 Coronet Mtls* O 7 0.34 0.27 0.28 - 0.06 0.56 0.02 0.38 - 0.06 0.71 0.03 Coronet Mtls V 64 0.43 0.36 Corsa Coal V 155 3.15 2.50 2.86 - 0.29 3.82 0.40 Corvus Gold T 135 0.65 0.60 0.60 - 0.01 1.38 0.39 0.46 - 0.02 1.05 0.28 Corvus Gold* O 65 0.51 0.45 Crazy Horse Res V 220 0.03 0.02 0.03 + 0.01 0.07 0.01 0.57 + 0.06 0.75 0.14 Critical Elem V 1960 0.58 0.51 Critical Elem* O 24 0.43 0.38 0.42 + 0.04 0.58 0.10 O 10 0.08 0.07 0.08 + 0.00 0.13 0.04 Crown Mining* Cruz Cap Corp* O 35 0.11 0.11 0.11 - 0.01 0.18 0.07 Cruz Cap Corp V 2288 0.15 0.13 0.13 - 0.01 0.25 0.02 Crystal Lake* O 16 0.24 0.23 0.24 - 0.00 0.30 0.15 Crystal Lake V 170 0.33 0.29 0.32 + 0.03 0.43 0.22 0.44 + 0.03 0.46 0.17 Crystal Peak V 219 0.46 0.42 Crystal Peak* O 67 0.35 0.32 0.34 - 0.00 0.35 0.13 Currie Rose Rs* O 94 0.01 0.01 0.01 - 0.00 0.01 0.00 Currie Rose Rs V 802 0.03 0.02 0.03 + 0.01 0.05 0.01 0.01 + 0.00 0.01 0.00 Cyclone Uran* O 4114 0.01 0.00 Cypress Dev* O 151 0.11 0.09 0.11 + 0.01 0.16 0.03 Cypress Dev V 632 0.14 0.12 0.14 + 0.02 0.20 0.04

D-F Dajin Res V 696 Dajin Res* O 396 Dakota Ter Res* O 338 O 407 Dalradian Res* Dalradian Res T 934 Danakali* O 574 Darnley Bay V 342 Darnley Bay* O 15 Decade Res* O 810 Decade Res V 631 Defiance Silvr* O 192 Defiance Silvr V 536 Del Toro Silvr* O 139 Delrand Res V 41 X 14285 Denison Mines* Denison Mines T 15787 Desert Gold V 23 Detour Gold T 9785 Diamante Min* O 1530 Diamcor Mng V 91 Diamcor Mng* O 38 Diamond Fields* O 23 Dios Expl V 263 Discovery Gold* O 255 DNI Metals* O 24 Dolly Vard Sil* O 150 276 Dolly Vard Sil V Dominion Diam T 759 Dominion Diam* N 945 DRDGOLD* N 2103 Dunnedin Vent* O 22 Durango Res V 292 DuSolo Fertil V 1632 Dynacor Gld Mn T 232 Dynasty Gold V 190 Dynasty Met&Mn* O 11 Dynasty Met&Mn T 488 Eagle Graphite* O 118 East Africa * O 44 East Africa V 1771 Eastern Platin T 830 Eastern Platin* O 31 Eastmain Res T 1613 Eco Oro Mnls T 223 eCobalt Solns* O 808 El Capitan Prc* O 1238 El Nino Vent V 88 Elcora Res V 407 Elcora Res* O 53 Eldorado Gold T 25323 Eloro Mnrls V 82 Ely Gold & Mnl V 181 Ely Gold & Mnl* O 119 Elysee Dev V 118 Emerita Res V 1899 Emgold Mng* O 17 Empire Rock V 34 Encanto Potash* O 127 Encanto Potash V 3496 Endeavour Mng T 1795 Endeavour Mng* O 95 Endeavr Silver* N 12035 Endeavr Silver T 3088 Endurance Gold* O 5 Endurance Gold V 322 Energizer Res* O 161 Energizer Res T 488 Energy Fuels* X 6395 Energy Fuels T 2795 Engold Mines V 986 Engold Mines* O 250 Ensurge* O 97 Entree Gold* X 1008 Entree Gold T 1703 Equitas Res V 431 Equitas Res* O 35 Equitorial Ex V 1341 Era Res Inc V 12

0.15 0.13 0.14 + 0.01 0.30 0.11 0.11 0.09 0.10 + 0.01 0.24 0.08 0.06 0.05 0.06 + 0.01 0.20 0.02 0.99 0.88 0.93 - 0.01 1.27 0.45 1.32 1.16 1.22 - 0.02 1.68 0.65 0.48 0.35 0.48 + 0.12 0.48 0.17 0.39 0.35 0.35 - 0.03 0.50 0.01 0.29 0.26 0.26 + 0.01 0.37 0.00 0.05 0.05 0.05 + 0.01 0.10 0.00 0.07 0.06 0.06 - 0.01 0.13 0.01 0.33 0.25 0.31 - 0.01 0.49 0.04 0.45 0.34 0.42 + 0.02 0.63 0.06 0.05 0.03 0.04 - 0.01 0.06 0.00 0.84 0.75 0.75 - 0.05 0.90 0.26 0.82 0.58 0.81 + 0.20 0.82 0.36 1.07 0.78 1.05 + 0.24 1.07 0.49 0.30 0.26 0.28 - 0.01 0.30 0.09 21.34 16.88 17.38 - 3.20 35.93 14.36 0.19 0.12 0.16 - 0.01 0.55 0.10 1.18 1.10 1.13 - 0.05 1.50 0.72 0.87 0.84 0.84 - 0.04 1.11 0.54 0.11 0.10 0.11 + 0.01 0.15 0.10 0.10 0.08 0.10 + 0.02 0.19 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.00 0.03 - 0.00 0.06 0.01 0.56 0.48 0.53 + 0.05 0.81 0.08 0.73 0.62 0.69 + 0.06 1.11 0.12 13.15 12.53 13.12 + 0.12 16.82 10.47 10.03 9.47 9.99 + 0.15 12.65 7.92 5.95 5.52 5.77 + 0.08 9.10 2.20 0.18 0.16 0.16 - 0.02 0.20 0.04 0.06 0.05 0.05 - 0.01 0.21 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 2.59 2.45 2.56 + 0.14 3.71 1.63 0.02 0.02 0.02 + 0.01 0.03 0.01 0.20 0.17 0.20 + 0.03 0.34 0.08 0.27 0.22 0.27 + 0.05 0.45 0.10 0.02 0.02 0.02 - 0.00 0.05 0.02 0.17 0.13 0.17 + 0.03 0.28 0.03 0.25 0.21 0.23 + 0.05 0.36 0.04 0.45 0.44 0.45 + 0.01 1.19 0.42 0.34 0.33 0.34 + 0.01 0.89 0.32 0.58 0.53 0.55 + 0.01 0.97 0.29 0.84 0.67 0.75 - 0.08 0.87 0.13 0.56 0.44 0.53 + 0.07 0.59 0.34 0.06 0.06 0.06 + 0.01 0.28 0.03 0.04 0.03 0.03 + 0.01 0.05 0.01 0.39 0.33 0.39 + 0.05 0.75 0.26 0.30 0.26 0.30 + 0.06 0.55 0.21 4.68 4.28 4.48 - 0.02 6.71 2.67 0.42 0.00 0.42 + 0.01 0.58 0.13 0.18 0.16 0.16 - 0.02 0.27 0.05 0.13 0.12 0.12 - 0.01 0.20 0.03 0.49 0.43 0.47 + 0.05 0.49 0.18 0.15 0.12 0.14 - 0.01 0.17 0.02 0.03 0.03 0.03 + 0.00 0.04 0.00 0.12 0.00 0.12 + 0.01 0.27 0.07 0.08 0.07 0.07 + 0.00 0.14 0.04 0.10 0.09 0.09 - 0.01 0.18 0.06 24.06 22.50 22.83 + 0.57 27.17 6.83 18.30 17.10 17.39 + 0.51 20.85 4.78 4.27 3.88 4.03 + 0.01 5.95 1.00 5.63 5.12 5.29 - 0.02 7.75 1.46 0.04 0.04 0.04 - 0.00 0.05 0.02 0.06 0.05 0.05 - 0.01 0.07 0.02 0.05 0.04 0.05 + 0.00 0.10 0.04 0.07 0.06 0.07 + 0.01 0.13 0.06 2.41 1.83 2.29 + 0.34 2.98 1.29 3.15 2.45 2.98 + 0.41 3.98 1.74 0.19 0.14 0.17 + 0.04 0.19 0.03 0.13 0.10 0.13 + 0.03 0.14 0.02 0.10 0.09 0.09 - 0.00 0.10 0.01 0.41 0.31 0.40 + 0.09 0.41 0.17 0.53 0.41 0.53 + 0.12 0.51 0.25 0.25 0.22 0.23 + 0.02 1.30 0.19 0.18 0.00 0.18 + 0.01 0.18 0.18 0.06 0.05 0.06 + 0.02 0.10 0.02 0.34 0.26 0.27 + 0.05 0.50 0.10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Erdene Res Dev T 1364 31 Eros Res Corp* O Eskay Mng V 354 Ethos Gold* O 7 Ethos Gold V 319 Eurasian Mnls V 38 Eureka Res V 1255 7 Euro Sun Mg* O 92 T Euro Sun Mg O 29 EurOmax Res* EurOmax Res T 66 V 46 Eurotin Everest Vent V 38 Everton Res* O 400 Evolving Gold 13 Evrim Res V 244 Excellon Res* O 300 Excellon Res T 616 O 260 Excelsior Mng* Excelsior Mng V 831 Exeter Res* X 588 Exeter Res T 223 432 ExGen Res Inc V O 198 Expedition Mng* Explor Res* O 455 Explor Res V 2332 Explorex Res 180 Fairmont Res V 670 Falcon Gold V 176 Fancamp Expl V 2577 Far Res 7726 Fieldex Expl V 67 Finore Mng 1119 Fiore Explor* O 348 Firebird Res V 90 Firesteel Res V 142 Firestone Vent V 243 O 284 Firma Holdings* First Cobalt V 237 First Energy V 163 First Energy* O 55 First Majestic* N 27842 First Majestic T 7788 V 4767 First Mg Fin First Mg Fin * O 2019 First Point V 1812 First Point* O 105 First Quantum T 18550 V 3403 Fission 3.0 Fission Uran T 9456 Fission Uran* O 2407 Fjordland Exp V 186 Flinders Res V 1098 Flinders Res* O 847 V 1324 Focus Graphite O 256 Focus Graphite* Foran Mng V 138 T 1376 Formation Mtls Forrester Met V 135 Forsys Metals T 3787 102 Fort St J Nick V O 32 Fortescue Mtls* T 3958 Fortuna Silvr Fortuna Silvr* N 7595 Fortune Bay V 6 Fortune Bay* O 5 Fortune Mnrls T 3455 O 949 Fortune Mnrls* V 1283 Forum Uranium O 101 Forum Uranium* Four River V 808 95 Fox River Res* O N 3585 Franco-Nevada* Franco-Nevada T 2880 Franklin Mng* O 27 Freegold Vent T 457 159205 N Freeport McMo* Freeport Res V 39 Fresnillo plc* O 12 532 Frontier Rr Er* O Fura Emeralds V 662

0.90 0.80 0.83 - 0.02 0.90 0.13 0.16 0.14 0.16 + 0.02 0.17 0.06 0.08 0.23 + 0.02 0.42 0.23 0.17 0.05 0.18 + 0.03 0.32 0.18 0.14 0.14 0.25 + 0.03 0.41 0.25 0.20 0.50 1.40 - 0.05 1.84 1.50 1.37 0.05 0.13 + 0.03 0.17 0.13 0.09 0.62 0.61 0.62 + 0.01 1.06 0.47 0.86 0.79 0.85 + 0.05 1.45 0.62 0.15 0.46 - 0.03 0.59 0.49 0.41 0.30 0.63 - 0.02 0.81 0.69 0.57 0.03 0.05 - 0.01 1.00 0.05 0.05 0.09 1.21 - 0.18 1.52 1.34 1.21 0.00 0.05 + 0.01 0.14 0.06 0.04 0.04 0.21 + 0.01 0.50 0.22 0.20 0.12 0.23 + 0.02 0.43 0.23 0.20 0.17 1.33 - 0.05 1.85 1.50 1.33 0.25 1.79 - 0.04 2.40 1.97 1.75 0.12 0.57 + 0.05 0.59 0.59 0.53 0.19 0.74 + 0.05 0.78 0.78 0.68 0.31 0.79 - 0.01 1.48 0.83 0.77 0.45 1.02 - 0.01 1.94 1.09 1.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.06 + 0.01 0.22 0.06 0.03 0.04 0.08 + 0.03 0.18 0.09 0.06 0.07 0.11 + 0.03 0.24 0.11 0.08 0.05 0.16 - 0.03 0.19 0.19 0.16 0.02 0.12 + 0.03 0.23 0.13 0.09 0.03 0.07 + 0.02 0.20 0.07 0.05 0.02 0.06 + 0.02 0.07 0.07 0.04 0.02 0.08 - 0.02 0.15 0.10 0.06 0.05 0.12 - 0.02 0.65 0.13 0.12 0.01 0.40 + 0.01 0.50 0.43 0.38 0.02 0.34 - 0.00 0.55 0.37 0.34 0.01 0.04 + 0.01 0.05 0.04 0.00 0.01 0.05 - 0.01 0.06 0.06 0.05 0.01 0.05 + 0.01 0.08 0.05 0.04 0.02 0.04 - 0.00 0.11 0.04 0.04 0.22 0.44 + 0.09 0.45 0.45 0.34 0.02 0.07 - 0.01 0.15 0.08 0.00 0.01 0.05 - 0.01 0.12 0.06 0.00 9.38 8.61 9.18 + 0.39 19.15 2.40 12.05 + 0.42 24.96 3.50 12.37 11.33 0.88 0.83 0.86 + 0.01 1.31 0.35 0.67 0.62 0.65 + 0.00 1.02 0.25 0.04 0.09 + 0.01 0.14 0.10 0.08 0.03 0.07 + 0.01 0.08 0.07 0.05 17.17 + 2.41 17.02 2.15 17.25 14.36 0.09 0.07 0.09 + 0.02 0.11 0.05 0.49 0.85 + 0.15 0.87 0.87 0.68 0.36 0.65 + 0.12 0.66 0.66 0.52 0.01 0.05 + 0.01 0.17 0.05 0.05 0.13 0.71 + 0.22 0.77 0.77 0.50 0.09 0.54 + 0.17 0.61 0.59 0.37 0.06 0.08 + 0.01 0.30 0.09 0.07 0.04 0.06 + 0.00 0.23 0.07 0.05 0.05 0.34 - 0.01 0.43 0.37 0.33 0.09 0.69 + 0.09 0.78 0.74 0.58 0.04 0.08 + 0.01 0.14 0.08 0.00 0.05 0.20 + 0.08 0.28 0.28 0.13 0.15 0.00 0.10 - 0.08 0.35 0.05 1.00 4.71 + 0.21 5.10 4.74 4.27 8.84 8.11 8.51 + 0.19 12.73 2.92 2.00 6.47 + 0.17 9.75 6.73 6.16 0.25 0.61 - 0.01 0.90 0.61 0.00 0.30 0.46 - 0.00 0.64 0.49 0.42 0.02 0.15 + 0.02 0.17 0.15 0.12 0.01 0.11 + 0.03 0.13 0.12 0.10 0.06 0.14 + 0.03 0.20 0.15 0.12 0.03 0.10 + 0.01 0.14 0.11 0.09 0.14 0.91 + 0.05 1.28 0.93 0.84 0.04 0.04 0.04 + 0.00 0.04 0.02 41.47 63.54 + 2.26 81.16 63.96 60.20 83.98 79.81 83.44 + 2.36 105.69 58.67 0.00 0.00 - 0.00 0.01 0.00 0.00 0.06 0.12 - 0.02 0.28 0.14 0.11 15.19 + 0.29 16.42 3.52 15.94 14.51 0.01 0.07 - 0.01 0.09 0.08 0.07 17.20 + 0.61 26.65 9.00 17.75 16.59 0.01 0.00 0.01 + 0.01 0.05 0.00 0.10 0.20 + 0.03 0.25 0.20 0.00

G4G Capital V 48 G4G Capital* O 20 Gabriel Res T 119 Gainey Capital V 72 Galane Gold V 245 O 25 Galantas Gold* Galway Gold V 330 Galway Mtls* O 70 Galway Mtls V 215 92 Garibaldi Res * O GB Minerals V 5 General Moly T 39 Genesis Mtls* O 55 V 8144 Gensource Pot Geodex Mnrls V 69 O 50 Geomega Res* O 25 GFG Resources* GGL Res V 133 GGX Gold V 142 Gitennes Expl V 156 Giyani Gold* O 11 Giyani Gold V 264 Gldn Predator V 795 O 310 Gldn Predator* Glencore Plc* O 1009 O 1 Global Hunter* Globex Mng* O 57 Globex Mng T 430 GMCI Corp* O 10 O 186 GMV Minerals* GMV Minerals V 746 V 10 GobiMin GoGold Res T 1488 935 Gold & Silver* O 598 Gold Bulln Dev* O 35528 Gold Fields* N 16 Gold Finder Ex V Gold Lakes* O 5646 653 Gold Mng USA* O Gold Reserve* O 9 Gold Reserve V 40 X 6626 Gold Resource* Gold Std Vents* X 1228 990 Gold Std Vents V V 1 Goldbank Mng Goldcliff Res* O 32 Goldcliff Res V 44 T 14808 Goldcorp Goldcorp* N 37816 Golden Arrow V 580 Golden Arrow* O 406 V 25 Golden Cariboo Golden Dawn Ml V 1316 294 Golden Dawn Ml* O Golden Eagle* O 55 V 234 Golden Goliath O 116 Golden Goliath* Golden Harp V 15 Golden Matrix* O 3971 Golden Mnls T 185 Golden Mnls* X 2237 52 Golden Peak Mn V O 555 Golden Queen* Golden Queen T 467 Golden Reign V 761 Golden Secret V 96 45 Golden Sh Mng V Golden Star T 4177 12959 Golden Star* X Golden Valley V 518 Goldex Res V 97 T 2265 Goldgroup Mng O 583 Goldgroup Mng* GoldMining V 1201 GoldON Res V 49 V 4910 GoldQuest Mng Goldrea Res 10 Goldrea Res* O 2 O 541 Goldsource Min* V 881 Goldsource Min Goldstar Mnls V 1062

0.04 1.13 - 0.10 1.35 1.25 1.13 0.03 0.86 - 0.05 0.96 0.95 0.86 0.16 0.48 - 0.04 0.74 0.50 0.46 0.10 0.19 + 0.01 0.37 0.20 0.18 0.03 0.08 + 0.01 0.19 0.08 0.08 0.06 0.08 - 0.00 0.14 0.08 0.08 0.04 0.09 - 0.02 0.13 0.10 0.09 0.06 0.28 + 0.00 0.51 0.29 0.26 0.10 0.34 - 0.02 0.65 0.38 0.31 0.11 0.10 0.11 - 0.01 0.11 0.05 0.04 0.07 - 0.02 0.10 0.07 0.07 0.22 0.38 - 0.02 0.59 0.39 0.38 0.01 0.11 + 0.01 0.22 0.11 0.10 0.04 0.20 + 0.06 0.23 0.23 0.15 0.05 0.07 + 0.01 0.11 0.09 0.07 0.03 0.07 + 0.00 0.16 0.07 0.07 0.77 0.08 0.95 + 0.95 0.95 0.87 0.01 0.03 - 0.01 0.05 0.03 0.00 0.07 0.09 + 0.01 0.39 0.09 0.08 0.01 0.02 - 0.01 0.04 0.03 0.00 0.02 0.26 + 0.01 0.50 0.26 0.25 0.06 0.35 - 0.01 0.70 0.40 0.33 0.09 0.74 + 0.02 1.17 0.76 0.66 0.06 0.57 + 0.01 0.89 0.57 0.51 1.95 7.67 + 0.61 7.75 7.75 7.12 0.01 0.01 + 0.00 0.25 0.01 0.01 0.15 0.32 + 0.00 0.38 0.35 0.32 0.19 0.43 + 0.01 0.51 0.45 0.43 0.20 2.51 + 0.51 2.60 2.51 1.75 0.06 0.38 - 0.05 0.55 0.45 0.36 0.08 0.49 - 0.08 0.70 0.58 0.48 0.28 0.53 - 0.01 0.55 0.55 0.53 0.41 0.72 + 0.05 1.65 0.74 0.70 0.00 0.00 0.00 - 0.00 0.60 0.00 0.06 0.05 0.06 + 0.01 0.11 0.01 2.60 3.44 + 0.20 6.60 3.49 3.21 0.13 0.00 0.10 - 0.10 0.28 0.10 0.01 0.01 - 0.00 1.02 0.02 0.01 0.01 0.00 0.00 - 0.00 0.17 0.00 0.00 3.80 - 0.10 5.90 4.02 3.61 3.17 5.00 - 0.15 8.00 5.30 4.77 1.14 5.30 + 0.27 8.22 5.70 5.07 2.33 2.18 2.23 - 0.02 3.20 0.54 3.05 2.83 2.92 - 0.06 4.10 0.78 0.05 0.13 + 0.03 0.16 0.13 0.00 0.15 0.25 + 0.06 0.36 0.25 0.18 0.05 0.33 + 0.08 0.47 0.33 0.24 13.55 19.18 - 0.15 26.56 19.75 18.66 14.60 - 0.02 20.38 9.46 14.94 14.08 0.17 0.82 + 0.02 1.48 0.84 0.79 0.13 0.62 + 0.01 1.30 0.65 0.59 0.03 0.08 - 0.01 0.15 0.08 0.08 0.24 0.22 0.23 - 0.01 0.44 0.08 0.18 0.17 0.18 - 0.00 0.32 0.08 0.00 0.03 - 0.00 0.07 0.04 0.00 0.02 0.07 - 0.01 0.14 0.07 0.06 0.01 0.04 - 0.00 0.10 0.05 0.04 0.03 0.11 - 0.07 0.28 0.18 0.11 0.02 0.00 0.01 + 0.01 2092.50 0.00 0.19 0.88 + 0.06 1.51 1.10 0.80 0.13 0.68 + 0.06 1.16 0.85 0.61 0.60 0.52 0.59 - 0.01 0.90 0.12 0.52 0.72 + 0.07 1.56 0.74 0.65 0.70 0.94 + 0.08 2.00 0.95 0.86 0.07 0.30 + 0.02 0.36 0.33 0.28 0.02 0.02 0.69 0.42 - 0.44 0.37 0.31 0.26 0.27 - 0.04 0.36 0.07 0.21 1.16 + 0.15 1.46 1.21 0.99 0.14 0.88 + 0.11 1.13 0.92 0.74 0.08 0.41 + 0.05 0.42 0.42 0.35 0.10 0.50 - 0.16 0.90 0.66 0.49 0.06 0.15 - 0.01 0.39 0.16 0.13 0.04 0.11 - 0.01 0.30 0.12 0.10 0.38 2.03 - 0.03 3.35 2.15 1.95 0.07 0.18 + 0.02 0.36 0.18 0.00 0.12 0.38 + 0.09 0.68 0.39 0.29 0.03 0.05 - 0.01 0.14 0.05 0.05 0.01 0.03 + 0.01 0.10 0.03 0.02 0.12 0.16 - 0.00 0.45 0.18 0.14 0.16 0.21 - 0.01 0.57 0.23 0.19 0.01 0.08 + 0.02 0.09 0.08 0.06

G-H

2017-01-17 4:53 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 23â&#x20AC;&#x201C;FEBRUARY 5, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldstream Mnl V 7 V 3572 Goldstrike Res Gonzaga Res V 1920 Gossan Res V 309 GoviEx Uranium* O 701 GoviEx Uranium V 5540 Gowest Gold* O 154 Gowest Gold V 674 GPM Metals V 397 Gran Colombia* O 195 Gran Colombia T 3142 V 117 Grande Portage Graniz Mondal V 7 Graphite Corp* O 199 Graphite One* O 205 Great Lakes Gr V 1656 Great Lakes Gr* O 1065 Great Panther T 2356 X 11847 Great Panther* Great Quest Fe V 238 Great Rock Dev* O 1949 Green Valley M V 488 V 788 Greencastle Rs Greenland M&En* O 296 Grizzly Discvr V 78 Grizzly Gold* O 13 193 Group Ten Mtls V GrowMax Res* O 259 V 92 GT Gold GTA Res & Mng V 115 Gungnir Res V 288 Gunpoint Expl V 113 Guyana Gldflds T 5608 Hadley Mng 1265 Handeni Gold* O 1 Happy Ck Mnrls V 413 405 Hard Creek Ni V Harmony Gold* N 23434 Harvest Gold V 385 Hawkeye Gld&Di V 501 V 1879 Heatherdale Rs Hecla Mining* N 34160 Hellix Vent* O 75 Hemcare Health* O 77 Heron Res T 138 Highbank Res V 816 V 224 Highland Copp Highway 50 Gld V 22 O 14 Hochschild Mg* Honey Badger E V 940 Horizon Mnls* O 72 Hornby Bay Mnl V 31 Houston Lake V 101 HudBay Mnls* N 3260 HudBay Mnls T 13073 Hudson Res V 102 Hudson Res* O 15 Hunt Mng V 22 Hunt Mng* O 13

0.09 0.00 0.09 + 0.02 0.40 0.05 0.26 0.22 0.26 + 0.04 0.41 0.10 0.27 0.10 0.25 + 0.15 0.27 0.01 0.08 0.06 0.06 + 0.01 0.11 0.02 0.20 0.14 0.19 + 0.03 0.20 0.04 0.26 0.18 0.26 + 0.05 0.27 0.09 0.14 0.13 0.14 + 0.01 0.22 0.04 0.19 0.17 0.18 + 0.02 0.28 0.06 0.11 0.10 0.11 + 0.01 0.57 0.08 0.08 0.08 0.08 + 0.01 0.13 0.04 0.11 0.10 0.11 + 0.01 0.16 0.06 0.17 0.15 0.15 - 0.02 0.22 0.04 0.04 0.04 0.04 + 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.07 0.07 - 0.00 0.14 0.05 0.09 0.07 0.09 + 0.02 0.13 0.06 0.07 0.06 0.07 + 0.01 0.09 0.04 2.55 2.21 2.27 - 0.06 2.82 0.54 1.94 1.68 1.74 - 0.03 2.25 0.41 0.26 0.22 0.25 - 0.01 0.38 0.11 0.01 0.00 0.01 + 0.00 0.01 0.00 0.05 0.04 0.05 + 0.02 0.06 0.01 0.11 0.10 0.10 + 0.01 0.18 0.05 0.09 0.05 0.08 + 0.04 0.17 0.00 0.05 0.00 0.04 - 0.01 0.07 0.03 0.05 0.04 0.05 + 0.02 0.22 0.01 0.10 0.08 0.10 + 0.01 0.46 0.08 0.12 0.11 0.11 - 0.00 0.22 0.10 0.24 0.22 0.24 + 0.01 0.26 0.09 0.07 0.06 0.07 - 0.01 0.24 0.02 0.04 0.04 0.04 - 0.01 0.06 0.01 0.27 0.27 0.27 - 0.03 0.32 0.14 6.80 6.07 6.19 - 0.36 10.35 3.24 0.08 0.00 0.04 - 0.02 0.09 0.01 0.06 0.06 0.06 - 0.04 0.36 0.04 0.24 0.19 0.23 + 0.03 0.24 0.09 0.03 0.03 0.03 - 0.01 0.05 0.01 2.52 2.36 2.47 + 0.09 4.87 1.45 0.05 0.04 0.05 + 0.01 0.10 0.02 0.16 0.12 0.13 + 0.01 0.33 0.03 0.11 0.06 0.08 + 0.02 0.11 0.01 6.02 5.62 5.97 + 0.30 7.64 1.45 0.02 0.01 0.01 - 0.01 0.06 0.00 0.02 0.01 0.01 - 0.01 0.24 0.01 0.17 0.11 0.12 + 0.01 0.17 0.07 0.05 0.04 0.05 + 0.01 0.11 0.04 0.11 0.10 0.11 + 0.01 0.17 0.07 0.22 0.14 0.16 - 0.06 0.25 0.05 2.87 2.76 2.85 - 0.07 4.16 0.59 0.03 0.03 0.03 - 0.01 0.05 0.02 0.55 0.51 0.51 - 0.04 0.80 0.05 0.03 0.00 0.03 - 0.01 0.08 0.03 0.28 0.26 0.27 - 0.01 0.40 0.14 7.25 6.40 7.10 + 0.60 7.35 1.56 9.46 8.47 9.37 + 0.82 9.75 2.26 0.39 0.35 0.37 + 0.02 0.50 0.29 0.27 0.24 0.27 + 0.03 0.38 0.24 0.30 0.27 0.30 + 0.03 0.40 0.02 0.23 0.20 0.23 + 0.03 0.31 0.02

I-Minerals V 225 I-Minerals* O 43 IAMGOLD T 25711 IC Potash* O 74 Icon Explor V 120 Iconic Mnls V 999 Idaho North* O 27 IDM Mining* O 310 IMPACT Silver V 486 Impala Platnm* O 285 O 3 Imperial Metal* Imperial Metal T 219 Inca One Gold* O 195 Inca One Gold V 448 35 Inception Mng * O Independence G V 348 O 132 Independence G* Indico Res V 165 Inform Res V 10 Infrastructure* O 5 Inspiration Mg 27 Intact Gold V 845 Integra Gold* O 1404 Integra Gold V 8278 O 127 Intigold Mines* Intl Bethl Mng V 153 Intl Lithium* O 26 Intl Lithium V 905 323 Intl Millm Mng V Intl Star* O 5498 T 212 Intl Tower Hil Intl Tower Hil* X 1795 Intrepid Pots* N 4299 INV Metals T 82 12 Inventus Mg * O Inventus Mg V 143 InZinc Mining V 622 Ironside Res V 11 Irving Res 60 Irving Res* O 3 IsoEnergy Ltd V 829 Itafos V 10 Itoco Mg Corp* O 84 Ivanhoe Mines* O 884 Ivanhoe Mines T 18407 Jaguar Mng* O 199 Japan Gold V 467 Japan Gold* O 72 Jayden Res V 298 JDL Gold* O 83 JDL Gold V 214 Jet Metal* O 28 Jubilee Gold V 47 K92 Mng Inc V 2001 K92 Mng Inc* O 516 Kairos Cap V 80 Kaizen Discvry V 4927 Kapuskasing Gd* O 226 Karnalyte Res T 94 Katanga Mng T 5403 Kennady Diam V 139 Kermode Res V 365 Kerr Mines* O 6 Kerr Mines T 488 Kesselrun Res V 257 Khalkos Expl V 108 Khan Res 1136 Kilo Goldmines* O 19 Kilo Goldmines V 1087 Kincora Copper V 62 Kings Bay Gold V 968 Kingsmen Res* O 10 Kinross Gold* N 57035 Kiska Metals* O 294 Kiska Metals V 7144 Kitrinor Mtls V 114 Kivalliq Enrgy V 4899 Klondex Mines T 5864 Klondike Gold V 123 Klondike Gold* O 14 Klondike Silv* O 1 Knick Expl V 1440 Kombat Copper V 153 Komet Resource V 120 Kootenay Silvr V 373 Kootenay Zinc 51

0.36 0.29 0.35 + 0.05 0.36 0.20 0.27 0.21 0.27 + 0.04 0.26 0.15 6.25 5.65 5.83 - 0.02 7.65 1.66 0.07 0.06 0.06 + 0.00 0.11 0.03 0.05 0.02 0.04 + 0.02 0.05 0.01 0.14 0.11 0.12 - 0.02 0.45 0.03 0.09 0.07 0.09 + 0.02 0.12 0.06 0.12 0.10 0.11 - 0.00 0.21 0.04 0.77 0.67 0.70 - 0.01 1.28 0.11 3.64 3.41 3.63 + 0.23 5.23 1.45 5.60 0.00 5.60 + 0.59 6.21 2.78 7.89 6.50 7.76 + 1.12 8.50 3.46 0.22 0.19 0.22 + 0.01 0.35 0.18 0.29 0.26 0.29 + 0.02 0.74 0.21 0.57 0.40 0.50 + 0.00 1.65 0.25 0.22 0.17 0.22 + 0.02 0.50 0.06 0.17 0.13 0.16 - 0.00 0.37 0.04 0.03 0.02 0.03 + 0.01 0.10 0.02 0.16 0.16 0.16 + 0.01 0.40 0.05 0.01 0.01 0.01 + 0.00 0.01 0.00 0.05 0.03 0.03 - 0.01 0.10 0.02 0.08 0.07 0.08 + 0.01 0.18 0.06 0.57 0.50 0.55 + 0.04 0.76 0.21 0.75 0.67 0.72 + 0.05 0.96 0.30 0.03 0.02 0.02 - 0.01 0.08 0.01 0.06 0.04 0.04 - 0.02 0.08 0.02 0.12 0.11 0.12 + 0.01 0.55 0.02 0.16 0.14 0.16 + 0.01 0.38 0.06 0.05 0.04 0.05 + 0.01 0.10 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.84 0.72 0.75 - 0.07 1.82 0.28 0.64 0.56 0.57 - 0.06 1.40 0.19 2.25 2.03 2.08 - 0.03 3.04 0.65 0.75 0.70 0.70 - 0.02 1.10 0.11 0.14 0.14 0.14 - 0.01 0.28 0.11 0.20 0.17 0.19 - 0.02 0.35 0.03 0.26 0.21 0.22 - 0.01 0.26 0.05 0.09 0.00 0.09 + 0.02 0.16 0.05 1.05 0.85 0.90 - 0.14 1.18 0.11 0.79 0.69 0.69 - 0.07 0.99 0.09 1.70 1.07 1.50 + 0.40 1.70 0.63 2.85 2.25 2.79 + 0.54 4.50 0.90 0.15 0.10 0.10 - 0.05 0.30 0.00 2.62 2.09 2.57 + 0.46 2.62 0.36 3.43 2.76 3.35 + 0.57 3.10 0.53 0.48 0.45 0.47 - 0.01 0.65 0.09 0.33 0.29 0.32 + 0.02 0.88 0.24 0.24 0.22 0.23 + 0.00 0.67 0.21 0.14 0.09 0.11 + 0.01 0.23 0.03 1.46 1.37 1.38 - 0.05 1.64 1.10 1.91 1.78 1.80 - 0.06 2.55 0.74 0.15 0.10 0.15 + 0.04 0.20 0.00 0.53 0.51 0.51 - 0.02 0.75 0.30 0.96 0.87 0.89 - 0.06 2.24 0.81 0.74 0.66 0.69 - 0.04 1.72 0.61 0.10 0.09 0.10 + 0.02 0.10 0.02 0.16 0.12 0.16 + 0.03 0.31 0.08 0.02 0.02 0.02 + 0.00 0.08 0.02 0.81 0.73 0.81 + 0.06 4.15 0.64 0.18 0.16 0.17 + 0.01 0.23 0.12 4.05 3.50 3.95 - 0.06 5.00 2.66 0.02 0.02 0.02 + 0.01 0.04 0.01 0.09 0.09 0.09 - 0.00 0.12 0.02 0.14 0.00 0.14 + 0.02 0.16 0.02 0.12 0.09 0.10 - 0.01 0.43 0.03 0.16 0.15 0.16 + 0.01 0.26 0.07 0.05 0.04 0.05 + 0.01 0.88 0.02 0.09 0.00 0.09 + 0.01 0.19 0.05 0.11 0.10 0.10 - 0.01 0.25 0.07 0.47 0.39 0.47 + 0.04 0.55 0.15 0.11 0.09 0.10 + 0.01 0.15 0.05 0.10 0.07 0.10 + 0.04 0.12 0.02 3.49 3.23 3.36 + 0.01 5.82 1.31 0.07 0.06 0.07 + 0.01 0.09 0.01 0.10 0.08 0.09 + 0.01 0.12 0.01 0.19 0.15 0.19 + 0.04 0.30 0.05 0.14 0.12 0.13 + 0.01 0.15 0.07 6.80 6.31 6.77 + 0.46 7.95 2.57 0.19 0.17 0.18 - 0.01 0.45 0.12 0.15 0.00 0.15 - 0.00 0.32 0.10 0.03 0.00 0.03 - 0.01 0.12 0.01 0.08 0.06 0.08 - 0.01 0.11 0.01 0.41 0.00 0.37 + 0.02 0.95 0.25 0.42 0.38 0.40 - 0.02 0.58 0.29 0.37 0.33 0.37 + 0.02 0.60 0.17 0.60 0.54 0.57 - 0.01 0.60 0.06

Labdr Iron Mns* O 332 Labrador Iron T 938 Lakeside Mnrls V 94 Lara Expl V 133 Laramide Res T 3762 Largo Res* O 70 Lateral Gold V 188 Latin Am Mnls* O 22 Latin Am Mnls V 650 Laurion Mnl Ex* O 92 LeadFX Inc* O 4 Legend Gold V 162 Levon Res Ltd * O 153 Levon Res Ltd T 389

0.04 0.02 0.03 + 0.01 0.04 0.00 19.40 17.22 19.17 + 1.47 20.55 6.85 0.35 0.27 0.27 - 0.06 0.64 0.02 1.20 1.15 1.20 - 0.01 1.58 0.23 0.50 0.37 0.48 + 0.11 0.50 0.18 0.37 0.34 0.34 - 0.03 0.56 0.08 0.73 0.66 0.73 + 0.05 1.25 0.26 0.18 0.13 0.18 + 0.04 0.36 0.06 0.21 0.18 0.18 - 0.02 0.48 0.09 0.02 0.02 0.02 - 0.00 0.05 0.00 0.63 0.00 0.63 + 0.08 0.73 0.11 0.04 0.03 0.04 + 0.01 0.07 0.02 0.32 0.28 0.30 + 0.03 0.54 0.07 0.44 0.37 0.39 + 0.02 0.71 0.09

I-J-K

20-22_JAN23_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lexam VG Gold* O 595 Lexam VG Gold T 763 Li3 Energy* O 651 Libero Mg Corp V 18 LiCo Energy* O 5107 Lion One Mtls* O 109 Lion One Mtls V 108 Lithium Amer T 5778 Lithium Amer* O 2340 Lithium Corp* O 655 Lithium Energy V 2287 Lithium Expl* O 142315 Lithium X Egy V 1233 Lithium X Egy* O 962 LKA Gold* O 42 Logan Res V 686 Lomiko Mtls V 155 Lomiko Mtls* O 43 Loncor Res T 24 Loncor Res* O 4 Lone Star Gold* O 22 Lonmin plc* O 30 Lorraine Coppr V 346 215 Los Andes Copp V Lovitt Res* O 12 Lucara Diam T 1326 Lumina Gold* O 102 Lumina Gold V 1212 Luna Gold* O 13 Luna Gold T 28 Lundin Gold T 559 Lundin Mng T 14551 Lupaka Gold V 285 Lydian Intl T 1162 Lydian Intl* O 38 Lynas Corp* O 172

0.21 0.17 0.19 + 0.01 0.29 0.04 0.27 0.23 0.24 - 0.01 0.38 0.07 0.02 0.01 0.02 + 0.00 0.03 0.01 0.20 0.18 0.18 - 0.02 0.21 0.02 0.14 0.11 0.11 - 0.01 0.16 0.04 0.69 0.58 0.62 - 0.06 0.91 0.23 0.92 0.80 0.85 - 0.03 1.17 0.34 0.90 0.79 0.89 + 0.09 1.15 0.31 0.68 0.60 0.67 + 0.07 0.87 0.34 0.10 0.08 0.08 + 0.00 0.13 0.02 0.08 0.07 0.08 + 0.01 0.11 0.01 0.00 0.00 0.00 - 0.00 0.14 0.00 2.26 2.01 2.06 - 0.19 2.85 0.39 1.72 1.52 1.56 - 0.14 2.20 0.65 0.46 0.41 0.41 - 0.06 0.53 0.16 0.10 0.00 0.10 + 0.01 0.26 0.04 0.28 0.21 0.27 + 0.05 0.50 0.19 0.22 0.15 0.20 + 0.03 0.26 0.14 0.17 0.00 0.14 - 0.04 0.25 0.02 0.14 0.13 0.14 + 0.00 0.20 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 2.29 2.10 2.29 - 0.08 3.42 0.55 0.10 0.08 0.10 + 0.02 0.12 0.04 0.21 0.17 0.17 - 0.04 0.25 0.06 0.07 0.04 0.07 + 0.03 0.10 0.02 3.13 3.05 3.10 + 0.01 4.39 2.04 0.71 0.67 0.71 + 0.03 0.84 0.25 0.94 0.85 0.92 + 0.04 0.97 0.33 1.60 1.36 1.45 + 0.13 1.96 1.14 1.95 1.80 1.90 + 0.10 3.50 0.35 5.84 5.40 5.60 + 0.18 6.62 3.81 8.28 7.02 8.27 + 1.19 7.96 2.98 0.18 0.16 0.17 - 0.02 0.29 0.04 0.39 0.31 0.37 + 0.03 0.52 0.19 0.28 0.24 0.28 + 0.02 0.41 0.13 0.07 0.06 0.06 + 0.01 0.08 0.03

M Macarthur Mnl* O 265 0.06 0.06 0.06 - 0.00 0.14 0.02 V 346 0.07 0.06 0.07 + 0.01 0.20 0.05 MacDonald Mns MacDonald Mns* O 48 0.06 0.04 0.06 + 0.02 0.06 0.04 MacMillan Mnls V 55 1.80 1.65 1.70 + 0.05 1.80 0.32 MAG Silver T 1476 17.40 15.78 16.91 + 1.09 23.32 8.79 O 125 0.14 0.10 0.12 - 0.02 0.35 0.04 Magellan Gold* Magnus Intl* O 18 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 + 0.02 0.11 0.05 Majestic Gold V 3676 0.11 0.09 Majestic Gold* O 82 0.07 0.06 0.07 + 0.01 0.07 0.03 Malbex Res V 8 0.36 0.32 0.33 - 0.01 0.46 0.25 Mandalay Res T 1775 0.98 0.89 0.91 + 0.02 1.35 0.59 Manganese X* O 3 0.14 0.12 0.14 + 0.02 0.15 0.09 0.08 - 0.02 0.20 0.02 Manitou Gold V 136 0.10 0.08 Marathon Gold T 1098 0.67 0.59 0.66 + 0.09 0.83 0.15 0.26 - 0.05 0.36 0.11 Margaux Res V 173 0.30 0.25 Mariana Res* O 502 0.98 0.87 0.98 + 0.05 1.05 0.02 Mariana Res V 702 1.32 1.18 1.29 + 0.10 1.40 0.85 0.16 + 0.01 0.31 0.08 Maritime Res V 418 0.16 0.15 Marlin Gold* O 117 0.53 0.45 0.46 - 0.07 0.57 0.10 0.61 - 0.09 0.75 0.15 Marlin Gold V 99 0.72 0.57 MartinMarietta* N 2738 222.50 216.80 220.67 + 0.83 236.41 108.31 O 111 1.07 0.99 1.03 - 0.01 1.21 0.21 Mason Graphite* Mason Graphite V 576 1.38 1.30 1.34 - 0.01 1.60 0.30 Masuparia Gold V 79 0.04 0.00 0.04 - 0.02 0.06 0.03 Matachewan Con V 50 0.35 0.28 0.29 - 0.02 0.44 0.21 Matica Ent* O 38 0.02 0.02 0.02 - 0.00 0.03 0.00 O 250 0.00 0.00 0.00 - 0.00 0.01 0.00 Maudore Mnrls* Maverix Mtls* O 2 1.29 0.00 1.25 + 0.01 16.33 0.66 Mawson Res* O 64 0.32 0.29 0.31 + 0.01 0.42 0.12 Mawson Res T 225 0.43 0.36 0.41 + 0.01 0.56 0.18 0.01 + 0.00 0.01 0.00 Maxwell Res* O 232 0.01 0.01 Mazarin V 58 0.03 0.02 0.02 - 0.01 0.04 0.01 22924 3.92 3.55 3.79 + 0.28 4.92 0.96 McEwen Mng* N McEwen Mng T 3517 5.12 4.71 4.99 + 0.35 6.44 1.41 McLaren Res 210 0.06 0.02 0.06 + 0.04 0.06 0.01 0.57 - 0.02 0.92 0.06 MDN Inc* O 93 0.63 0.57 Meadow Bay Gd* O 174 0.05 0.04 0.05 + 0.01 0.11 0.03 N 2800 6.83 5.88 6.40 + 0.47 6.83 1.23 Mechel* Medallion Res V 1186 0.03 0.02 0.02 - 0.01 0.06 0.02 O 1390 0.02 0.02 0.02 + 0.01 0.04 0.01 Medallion Res* Medgold Res V 743 0.21 0.19 0.20 + 0.04 0.25 0.05 Medinah Mnrls* O 6142 0.01 0.01 0.01 + 0.00 0.02 0.00 0.24 + 0.08 0.25 0.06 Mega Uranium T 30638 0.25 0.16 Mega Uranium* O 5207 0.19 0.11 0.18 + 0.07 0.19 0.04 Melior Res V 5 0.04 0.00 0.04 - 0.01 0.06 0.01 Melkior Res V 342 0.03 0.02 0.03 + 0.01 0.06 0.02 O 38 0.00 0.00 0.00 + 0.00 0.01 0.00 Mercator Mnls* Merrex Gold* O 47 0.20 0.19 0.19 + 0.01 0.24 0.10 Meryllion Res* O 1 0.00 0.00 0.00 - 0.01 0.03 0.00 Meryllion Res 65 0.03 0.02 0.03 + 0.01 0.05 0.01 Mesa Expl V 93 0.07 0.06 0.07 + 0.01 0.17 0.01 0.06 - 0.01 0.11 0.04 Metalex Vent V 66 0.06 0.06 Metalla Rylty 437 0.48 0.38 0.47 + 0.08 0.48 0.02 Metallic Mnrls* O 107 0.36 0.31 0.34 + 0.00 0.44 0.04 Metallis Res V 91 0.15 0.13 0.14 - 0.01 0.28 0.03 0.31 - 0.26 1.50 0.26 Metalo Manuf 40 0.40 0.00 Metalore Res V 3 4.25 0.00 4.25 + 1.17 4.25 1.26 2.74 + 0.48 2.77 0.99 Metalore Res* O 1 2.75 0.00 Metals Creek* O 236 0.06 0.05 0.05 + 0.01 0.14 0.04 Metals Creek V 3250 0.08 0.06 0.08 + 0.01 0.20 0.06 0.51 + 0.03 1.43 0.41 Metals X* O 2 0.52 0.46 Metanor Res V 4081 0.07 0.06 0.06 + 0.01 0.13 0.03 Mexus Gold* O 1686 0.15 0.13 0.14 - 0.00 0.24 0.00 Mezzotin Mnrls V 6 0.01 0.01 0.01 - 0.01 0.04 0.01 MGX Minerals* O 398 0.61 0.43 0.43 - 0.10 0.65 0.11 MGX Minerals 3081 0.80 0.55 0.56 - 0.14 0.88 0.08 Midas Gold* O 520 0.73 0.68 0.70 - 0.01 0.95 0.02 Midas Gold T 456 0.95 0.89 0.90 - 0.03 1.22 0.25 Midland Expl V 72 1.15 1.06 1.10 - 0.03 1.25 0.45 Midnight Star 50 0.15 0.14 0.15 + 0.02 0.19 0.06 Midnight Sun V 571 0.22 0.18 0.20 + 0.01 0.24 0.08 Midway Gold* O 83 0.00 0.00 0.00 - 0.00 0.01 0.00 Millennial Lit* O 102 1.11 0.98 1.07 - 0.01 1.20 0.97 Millennial Lit V 1566 1.48 1.27 1.40 - 0.04 2.45 0.06 Millrock Res* O 211 0.38 0.34 0.35 - 0.01 0.54 0.13 Millrock Res V 197 0.50 0.45 0.46 - 0.02 0.70 0.20 Minaurum Gold V 2987 0.12 0.09 0.10 + 0.01 0.14 0.04 Minco Gold* X 469 0.23 0.20 0.20 - 0.01 0.42 0.12 Minco Gold T 59 0.29 0.26 0.26 - 0.03 0.55 0.15 1.13 + 0.01 2.05 0.39 Minco Silver T 164 1.16 1.08 Minco Silver* O 75 0.88 0.82 0.88 + 0.04 1.54 0.27 Minera Alamos V 92 0.15 0.13 0.15 - 0.01 0.29 0.07 Mineral Hill V 26 0.29 0.24 0.25 - 0.08 0.40 0.11 0.22 - 0.01 0.38 0.04 Mineral Mtn* O 59 0.23 0.21 Mineral Mtn V 67 0.31 0.28 0.29 - 0.02 0.49 0.08 Minfocus Expl V 490 0.02 0.02 0.02 - 0.01 0.07 0.01 0.80 - 0.02 0.90 0.30 Minnova Corp V 159 0.85 0.80 Mirasol Res V 385 1.92 1.55 1.75 + 0.22 3.50 0.77 Mistango River 37 0.03 0.00 0.03 + 0.01 0.05 0.01 Mitchell Res V 60 0.36 0.35 0.35 + 0.05 0.36 0.03 0.22 + 0.06 0.30 0.05 MK2 Ventures V 13 0.22 0.00 0.06 - 0.01 0.11 0.03 Mkango Res V 753 0.08 0.05 Monarca Mnrls V 7160 0.05 0.03 0.05 + 0.02 0.10 0.01 O 280 0.03 0.01 0.03 + 0.02 0.10 0.00 Monarca Mnrls* Monarques Res* O 13 0.33 0.31 0.31 - 0.02 0.48 0.04 V 1037 0.45 0.41 0.45 + 0.05 0.66 0.06 Monarques Res Moneta Porcpn* O 836 0.20 0.19 0.19 - 0.01 0.28 0.09 Moneta Porcpn T 1451 0.27 0.24 0.26 - 0.01 0.36 0.12 Montego Res 3369 0.04 0.03 0.03 - 0.01 0.16 0.03 Montero Mg&Ex V 202 0.03 0.03 0.03 + 0.01 0.08 0.02 Monument Mng V 1076 0.13 0.12 0.12 - 0.01 0.19 0.07 Morien Res* O 10 0.33 0.33 0.33 + 0.00 0.34 0.15 Morumbi Res V 601 1.50 1.20 1.50 + 0.16 1.70 0.08 Mosaic* N 15972 31.78 30.29 31.25 + 0.45 31.78 22.02 Mountain Boy V 419 0.08 0.07 0.07 + 0.01 0.08 0.01 Mountain Boy* O 524 0.06 0.05 0.05 - 0.00 0.06 0.00 Mountain Prov T 605 6.94 6.42 6.49 - 0.36 7.18 3.69 Mountain Prov* D 309 5.25 4.85 4.95 - 0.30 5.52 2.56 Mundoro Cap* O 41 0.11 0.10 0.10 - 0.00 0.20 0.04 Mundoro Cap V 266 0.14 0.14 0.14 + 0.01 0.23 0.06 Murchison Min 320 0.20 0.00 0.20 + 0.02 0.35 0.05 MX Gold* O 2068 0.15 0.10 0.15 + 0.04 0.31 0.08 MX Gold V 14602 0.20 0.14 0.20 + 0.05 0.39 0.12

N-O NACCO Ind* N 72 Napier Vent V 73 Natural Res Pt* N 151 Nautilus Mnrls T 210 Nautilus Mnrls* O 428 Nemaska Lith* O 439 Nemaska Lith T 8923 Nevada Canyon* O 120 Nevada Clean M* O 17 Nevada Copper T 333

85.00 80.40 83.40 - 1.60 99.55 42.35 0.34 0.31 0.31 - 0.02 0.34 0.15 35.25 32.15 35.05 + 0.95 40.00 5.00 0.16 0.15 0.15 + 0.01 0.32 0.10 0.12 0.11 0.11 - 0.00 0.24 0.08 1.18 1.07 1.15 + 0.10 1.50 0.26 1.55 1.41 1.50 + 0.13 1.97 0.36 0.16 0.15 0.15 - 0.01 0.25 0.01 0.03 0.03 0.03 + 0.00 0.04 0.00 0.81 0.71 0.77 - 0.01 1.10 0.45

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevada Egy Mtl* O 320 Nevada Expl * O 94 Nevada Expl V 129 Nevada Sunrise* O 112 Nevada Zinc V 664 Nevado Res V 269 Nevsun Res* X 4347 Nevsun Res T 4650 New Carolin Gd V 1012 New Carolin Gd* O 62 New Colombia* O 44414 New Dimen Res V 137 22761 New Gold* X New Gold T 7716 New Gold* O 32 New Guinea Gld* O 194 408 New Jersey Mng* O 7 New Milln Iron* O New Milln Iron T 2387 New Oroperu V 3 NewCastle Gold* O 44 V 1429 NewCastle Gold Newmarket Gold* O 428 Newmarket Gold T 5574 Newmont Mng* N 40057 Newport Expl V 139 Newport Gold* O 10 Newstrike Res V 304 Nexgen Energy T 16844 O 1005 Nexgen Energy* Next Gen Mtls 1891 5 Next Gen Mtls* O Nexus Gold* O 2303 Nexus Gold V 11111 NGEx Res T 175 NGEx Res* O 6 Nickel North V 125 256 Nickel One Res V Nicola Mg Inc V 1625 50 Nicola Mg Inc* O Nighthawk Gold V 1024 Nikos Expl V 37 Niobay Metals V 485 Niocorp Dev T 566 Niocorp Dev* O 317 V 479 Nippon Dragon Noka Res* O 15 Noka Res V 1187 Nomad Ventures V 55 O 172 Noranda Alum* Norsemont Cap 106 Nortec Mnls V 221 North Am Nickl V 97 48 North Am Pall T North Am Pall* O 19 24 North Arrow Mn V Northcliff Res T 110 Northern Uran V 12791 Northisle C&G V 1688 Norvista Cap V 45 Nouveau Monde V 700 NovaGold Res T 2138 NovaGold Res* X 10936 Novo Res* O 217 Novo Res V 606 V 86 Nrthn Freegold Nrthn Freegold* O 66 O 177 Nrthn Graphite* Nrthn Graphite V 167 Nrthn Lion V 30 Nrthn Mnrls &E* O 10 Nrthn Shield V 1245 Nrthn Vertex V 159 Nrthn Vertex* O 10 NSGold V 146 Nthn Dynasty T 11737 Nthn Dynasty* X 24960 Nthrn Sphere 73 NuLegacy Gold V 1267 O 558 NuLegacy Gold* NV Gold V 20 O.T. Mining* O 31 OceanaGold T 11003 OceanaGold* O 26 Oceanic Iron O V 494 Oceanus Res V 87 Oceanus Res* O 21 Olivut Res V 103 Olivut Res* O 37 Orbite Tech T 3929 Orbite Tech* O 34 Orca Gold V 797 Orca Gold* O 36 V 261 Orefinders Res Orestone Mng V 1147 Orex Mnrls* O 67 Orex Mnrls V 389 Orezone Gold V 2940 Orezone Gold* O 183 Organic Potash 23 15 Oriental Non F Orla Mng Ltd V 445 Oro East Mg* O 528 Oroco Res V 368 Oroco Res* O 22 Orocobre T 268 Oroplata Res* O 760 Orosur Mng T 175 Orsu Metals* O 164 Orvana Mnrls T 392 Orvana Mnrls* O 70 Osisko Gold T 3359 Osisko Gold* N 1261 Osisko Mng Inc T 2983 Otis Gold* O 152 Otis Gold V 288 OZ Minerals* O 107

0.08 0.07 0.07 + 0.00 0.20 0.06 0.29 0.25 0.28 + 0.01 0.56 0.18 0.38 0.34 0.37 + 0.02 0.72 0.24 0.22 0.18 0.19 - 0.01 0.37 0.11 0.55 0.47 0.51 + 0.04 0.80 0.24 0.06 0.05 0.06 + 0.01 0.11 0.01 3.52 3.16 3.51 + 0.28 3.80 2.27 4.63 4.18 4.59 + 0.31 4.81 3.27 0.07 0.07 0.07 + 0.01 0.15 0.04 0.05 0.05 0.05 - 0.00 0.12 0.04 0.03 0.02 0.03 + 0.01 0.05 0.00 0.11 0.10 0.10 - 0.01 0.19 0.04 4.18 3.82 4.07 + 0.26 6.04 1.76 5.47 5.06 5.36 + 0.32 7.87 2.56 0.03 0.03 0.03 - 0.01 0.17 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.11 0.13 + 0.00 0.15 0.05 0.15 0.12 0.15 + 0.02 0.15 0.04 0.20 0.15 0.20 + 0.04 0.26 0.05 0.60 0.60 0.60 + 0.08 0.72 0.12 0.58 0.56 0.56 - 0.01 0.96 0.30 0.79 0.72 0.74 - 0.01 1.30 0.22 6.36 5.68 6.14 + 0.45 8.23 1.95 8.34 7.56 8.06 + 0.59 10.67 2.80 36.17 33.52 34.53 - 0.89 46.07 16.05 0.31 0.28 0.30 - 0.01 0.38 0.19 0.06 0.04 0.04 - 0.02 0.06 0.00 0.14 0.13 0.14 + 0.01 0.19 0.02 3.35 2.70 3.33 + 0.63 3.17 0.69 2.54 2.05 2.54 + 0.51 2.54 0.47 0.28 0.23 0.25 - 0.03 0.42 0.09 0.19 0.15 0.18 + 0.03 0.29 0.07 0.12 0.08 0.11 + 0.01 0.12 0.05 0.15 0.10 0.15 + 0.03 0.15 0.04 1.40 1.28 1.39 + 0.03 1.50 0.56 1.01 0.99 1.01 + 0.01 1.14 0.41 0.05 0.04 0.05 - 0.01 0.06 0.01 0.07 0.05 0.06 - 0.01 0.18 0.05 0.21 0.20 0.21 + 0.01 0.54 0.05 0.16 0.14 0.15 - 0.01 0.39 0.03 0.52 0.46 0.46 - 0.02 0.61 0.07 0.11 0.09 0.09 - 0.01 0.19 0.03 0.83 0.73 0.77 - 0.01 1.25 0.08 0.75 0.70 0.72 - 0.03 1.14 0.54 0.76 0.53 0.55 - 0.02 0.87 0.37 0.07 0.07 0.07 - 0.01 0.11 0.05 0.07 0.06 0.06 + 0.03 0.15 0.02 0.09 0.07 0.08 + 0.01 0.21 0.04 0.26 0.22 0.25 - 0.02 0.40 0.10 0.03 0.02 0.03 + 0.01 0.34 0.01 0.37 0.00 0.37 + 0.12 0.37 0.22 0.15 0.00 0.13 + 0.04 0.15 0.02 0.10 0.00 0.10 + 0.01 0.15 0.07 6.20 5.65 5.87 + 0.04 6.49 3.91 4.70 4.31 4.49 + 0.06 5.06 2.71 0.19 0.18 0.18 + 0.01 0.32 0.12 0.11 0.10 0.11 + 0.01 0.15 0.08 0.03 0.02 0.03 + 0.01 0.03 0.01 0.19 0.16 0.18 + 0.01 0.19 0.02 0.16 0.00 0.16 + 0.01 0.30 0.08 0.23 0.22 0.22 - 0.01 0.38 0.13 6.80 6.42 6.71 + 0.40 9.56 5.09 5.18 4.84 5.10 + 0.30 7.29 3.50 0.63 0.55 0.63 + 0.01 1.41 0.37 0.82 0.72 0.80 - 0.01 1.95 0.53 0.28 0.24 0.25 - 0.02 0.29 0.04 0.23 0.18 0.19 + 0.01 0.23 0.02 0.25 0.19 0.24 + 0.03 0.47 0.12 0.33 0.26 0.31 + 0.05 0.63 0.16 0.40 0.35 0.40 + 0.05 0.40 0.11 0.02 0.00 0.02 + 0.00 0.05 0.02 0.07 0.06 0.06 - 0.01 0.30 0.01 0.45 0.43 0.45 + 0.02 0.52 0.16 0.35 0.33 0.35 + 0.02 0.42 0.17 0.15 0.12 0.13 + 0.01 0.15 0.04 3.08 2.54 2.98 + 0.44 3.12 0.28 2.35 1.93 2.28 + 0.36 2.50 0.20 0.65 0.46 0.60 - 0.05 0.85 0.17 0.32 0.27 0.29 - 0.01 0.54 0.08 0.25 0.20 0.22 + 0.00 0.41 0.00 0.25 0.00 0.24 - 0.02 0.48 0.03 0.04 0.03 0.03 - 0.01 0.09 0.02 4.31 3.95 4.09 - 0.05 5.56 2.50 3.25 3.07 3.08 - 0.17 4.26 1.73 0.25 0.18 0.24 + 0.02 0.34 0.09 0.23 0.21 0.21 - 0.02 0.35 0.14 0.17 0.17 0.17 + 0.02 0.26 0.11 0.22 0.15 0.19 + 0.04 0.42 0.08 0.17 0.10 0.15 + 0.04 0.30 0.06 0.30 0.28 0.28 - 0.02 0.49 0.20 0.23 0.21 0.22 - 0.01 0.37 0.15 0.38 0.35 0.36 - 0.01 0.55 0.12 0.28 0.27 0.27 - 0.01 0.44 0.08 0.07 0.05 0.06 + 0.01 0.12 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.23 0.19 0.20 - 0.02 1.02 0.05 0.31 0.26 0.27 - 0.01 1.38 0.15 0.72 0.55 0.68 + 0.13 1.28 0.23 0.55 0.41 0.53 + 0.12 0.99 0.16 0.04 0.02 0.04 - 0.02 0.07 0.01 1.20 0.75 0.90 + 0.15 1.20 0.27 1.40 1.26 1.35 + 0.09 1.75 0.10 0.02 0.01 0.01 + 0.00 0.03 0.00 0.05 0.03 0.05 + 0.02 0.06 0.02 0.02 0.02 0.02 - 0.00 0.05 0.01 4.24 4.01 4.17 + 0.10 4.92 2.15 0.35 0.19 0.29 + 0.09 2.04 0.16 0.25 0.24 0.25 + 0.01 0.38 0.10 0.03 0.00 0.03 + 0.01 0.04 0.01 0.25 0.23 0.25 + 0.01 0.39 0.11 0.19 0.17 0.19 + 0.01 0.29 0.07 14.46 13.74 13.97 + 0.16 18.64 11.90 11.05 10.45 10.65 + 0.20 14.74 8.88 2.98 2.54 2.94 + 0.31 3.42 0.96 0.24 0.20 0.22 + 0.01 0.32 0.06 0.31 0.27 0.28 - 0.01 0.42 0.08 6.60 0.00 6.60 + 1.10 6.60 2.29

Pac Bay Mnrls V 199 Pac Booker Min* O 9 Pac Imperial V 329 147 Pac North West* O Pac Potash V 101 Pac Ridge Expl V 29 Pac Topaz V 65 Paladin Energy T 14978 Palamina Corp V 220 O 9 Palamina Corp* Pan Am Silver* D 8394 Pan Am Silver T 2512 Panoro Mnrls V 136 Pantheon Vent V 308 Para Resources V 636 Parallel Mng V 881 Paramount Gold* X 241 Parlane Res V 168 Pasinex Res 754 Patriot Gold* O 265 Peabody Enrgy* O 5568 Peat Res V 61 Pedro Res V 126 Pelangio Expl* O 41 Pele Mtn Res V 4744 Pele Mtn Res* O 336 Peloton Mnrls 164 Peregrine Diam T 1287 Perseus Mng T 885 Pershing Gold* D 526 Pershing Gold T 29 Philippine Mtl* O 1 Pilot Gold* O 194 Pilot Gold T 771 Pine Cliff En* O 55 Pine Cliff En T 3283 Pinecrest Res V 4 Pistol Bay Mng V 660 Pitchblack Res V 184 Pitchblack Res* O 0 PJX Res V 1019 Plata Latina V 118 Plate Res V 249 Plateau Uran V 1596 Plateau Uran* O 224

0.06 0.04 0.06 + 0.02 0.09 0.03 0.65 0.00 0.61 - 0.09 1.61 0.45 0.04 0.02 0.04 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.00 0.06 0.00 0.04 0.03 0.04 + 0.02 0.07 0.03 0.08 0.07 0.08 + 0.01 0.11 0.02 0.21 0.20 0.21 + 0.01 0.29 0.08 0.10 0.07 0.10 - 0.01 0.27 0.07 0.23 0.15 0.22 + 0.06 0.25 0.07 0.14 0.10 0.14 + 0.04 0.19 0.08 17.62 16.60 17.46 + 0.60 21.59 5.38 23.12 22.00 22.94 + 0.64 27.56 7.85 0.19 0.18 0.18 - 0.02 0.21 0.09 0.17 0.15 0.17 + 0.01 0.38 0.10 0.26 0.19 0.21 - 0.03 0.36 0.08 0.11 0.08 0.11 + 0.01 0.18 0.05 1.87 1.73 1.76 - 0.06 2.93 0.96 0.17 0.14 0.16 - 0.01 0.33 0.08 0.12 0.10 0.10 - 0.01 0.17 0.04 0.09 0.08 0.08 + 0.00 0.23 0.05 5.24 2.32 4.92 + 0.22 18.75 0.55 0.03 0.02 0.02 - 0.01 0.07 0.01 0.11 0.10 0.11 + 0.01 0.27 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.10 0.08 0.08 - 0.02 0.15 0.07 0.26 0.22 0.23 + 0.01 0.32 0.09 0.42 0.36 0.38 + 0.02 0.67 0.27 3.48 3.30 3.33 - 0.02 5.02 3.10 4.69 0.00 4.40 + 0.02 5.52 4.20 0.03 0.03 0.03 + 0.02 0.07 0.01 0.42 0.37 0.38 - 0.01 0.72 0.06 0.55 0.49 0.49 - 0.03 0.95 0.22 0.80 0.77 0.79 + 0.01 0.89 0.51 1.08 0.99 1.06 + 0.02 1.22 0.61 0.20 0.00 0.20 + 0.02 0.30 0.03 0.07 0.05 0.07 + 0.01 0.14 0.02 0.11 0.00 0.09 - 0.01 0.16 0.05 0.06 0.00 0.06 + 0.01 0.12 0.03 0.27 0.20 0.22 + 0.01 0.27 0.13 0.04 0.03 0.03 - 0.01 0.12 0.02 0.09 0.00 0.09 + 0.03 0.14 0.04 0.45 0.30 0.44 + 0.12 0.45 0.17 0.35 0.23 0.34 + 0.10 0.35 0.12

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Platinex V 3336 Platinum Gp Mt T 356 Platinum Gp Mt* X 2595 Playfair Mng V 912 Playfair Mng* O 81 Polaris Mater T 119 PolyMet Mng* X 2968 PolyMet Mng T 126 Portage Res* O 1472 Portofino Res V 322 Potash Corp SK* N 23857 Potash Corp SK T 9255 Potash Ridge T 1372 Potash Ridge* O 187 PPX Mining* O 29 PPX Mining V 231 Precipitate Gl V 775 Premier Gold M T 4437 Premium Expl* O 42 Pretium Res* N 11561 Pretium Res T 3592 Primero Mng* N 7148 Primero Mng T 2244 Probe Metals* O 52 Prophecy Coal T 34 O 8 Prophecy Coal* Prospect Glob* O 2 Prospector Res V 23 Prosper Gold V 506 PUF Vent Inc * O 23 528 PUF Vent Inc Pure Energy* O 840 V 1356 Pure Energy Pure Gold Mg* O 207 Pure Gold Mg V 2367 Pure Nickel V 1232 Pure Nickel* O 3 V 8219 Purepoint Uran Q-Gold Res V 40 QMC Quantum Ml V 8 QMX Gold* O 227 QMX Gold V 672 Quaterra Res* O 506 Quest Rare Mnl* O 112 Quest Rare Mnl T 1159 Quinto Real V 150

0.24 0.16 0.23 + 0.06 0.24 0.01 2.38 2.22 2.33 + 0.03 5.25 1.35 1.82 1.68 1.78 + 0.05 4.04 0.96 0.08 0.06 0.07 - 0.02 0.18 0.02 0.06 0.04 0.05 + 0.02 0.12 0.01 1.25 1.20 1.21 - 0.04 1.75 1.00 0.97 0.75 0.83 + 0.03 1.28 0.68 1.27 1.02 1.09 + 0.05 1.71 0.93 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.07 0.08 + 0.02 0.12 0.06 19.21 18.36 18.91 + 0.45 19.88 14.64 25.16 24.29 24.84 + 0.41 26.14 19.93 0.29 0.25 0.26 - 0.03 0.50 0.06 0.21 0.19 0.20 - 0.01 0.38 0.04 0.09 0.07 0.09 + 0.02 0.13 0.02 0.12 0.10 0.11 + 0.01 0.16 0.04 0.20 0.18 0.18 - 0.02 0.37 0.07 3.05 2.73 2.91 + 0.01 5.05 1.87 0.01 0.01 0.01 - 0.00 0.04 0.00 10.62 9.44 10.32 + 0.97 12.41 4.00 13.92 12.51 13.54 + 1.18 16.17 5.74 0.83 0.77 0.81 + 0.00 2.73 0.70 1.10 1.01 1.07 + 0.02 3.78 0.94 1.03 0.97 1.00 + 0.01 1.66 0.24 5.35 4.51 5.33 - 0.07 7.19 1.00 4.05 0.00 4.05 + 0.13 5.17 0.64 0.04 0.00 0.04 + 0.00 0.20 0.03 0.60 0.46 0.60 + 0.10 0.60 0.01 0.21 0.18 0.19 - 0.02 0.44 0.10 0.20 0.18 0.20 + 0.02 0.24 0.03 0.26 0.24 0.26 + 0.01 0.39 0.04 0.54 0.49 0.50 - 0.02 0.91 0.34 0.70 0.64 0.67 - 0.01 1.15 0.46 0.45 0.39 0.41 - 0.02 0.60 0.07 0.57 0.52 0.53 - 0.03 0.77 0.09 0.03 0.02 0.02 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.03 0.00 0.18 0.13 0.17 + 0.03 0.18 0.03 0.05 0.00 0.05 + 0.01 0.14 0.02 0.06 0.06 0.06 - 0.01 0.09 0.01 0.22 0.17 0.17 + 0.00 0.22 0.01 0.29 0.19 0.25 + 0.01 0.30 0.02 0.06 0.05 0.06 + 0.00 0.07 0.03 0.16 0.12 0.14 + 0.02 0.20 0.03 0.21 0.16 0.20 + 0.04 0.25 0.06 0.10 0.08 0.10 + 0.02 0.20 0.03

Radius Gold V 463 O 418 Rae-Wallace Mg* Rainforest Res* O 5 Rainmaker Res V 813 Rainy Mtn Royl V 1149 Rainy Mtn Royl* O 3 125 Rambler Ml &Mg V Randgold Res* O 1 Randgold Res* D 6053 Randsburg Int* O 197 Rapier Gold V 148 Raptor Res* O 23 Rare Element* O 3819 Rathdowney Res V 99 Red Eagle Mng T 549 Red Eagle Mng* O 105 Red Hut V 112 5 Red Moon Res V Red Pine Expl V 730 209 Red Rock Enrgy V Redhawk Res T 344 Redstar Gold V 2273 Redstar Gold* O 294 Redzone Res V 462 Regulus Res V 186 Reliant Gold V 243 V 95 Renaissance Gd Renaissance Gd* O 48 Renforth Res 333 Resource Cap V 440 Resource Cap* O 35 Reunion Gold V 492 Rheingold Expl 60 V 113 Richmond Mnls Richmont Mines* X 2102 Richmont Mines T 1667 Rio Novo Gold T 475 Rio Tinto* N 22688 O 3 Rio Tinto* Rio Tinto* O 6 Rise Res Inc 551 Rise Res Inc* O 3 O 138 Riverside Res* Riverside Res V 226 RJK Explor V 40 Robex Res V 898 Rock Tech Lith V 83 20 Rock Tech Lith* O Rockcliff Cop* O 34 Rockhaven Res V 365 Rockland Mnls V 177 Rockridge Cap V 272 O 143 Rockshield Cap* Rockshield Cap 244 Rockwell Diam* O 21 Rodinia Lithm V 446 Rogue Res* O 14 Rogue Res V 23 Rojo Res V 245 Rokmaster Res V 757 197 Romios Gold Rs* O Roughrider Exp V 123 Roxgold* O 127 Roxgold V 786 Royal Gold* D 2458 Royal Nickel T 2793 Royal Nickel* O 33 Royal Rd Mnrls V 1324 Royal Sapphire V 161 RT Minerals V 638 Rubicon Mnrls T 612 Rubicon Mnrls* O 51 Running Fox Rs* O 500 Rupert Res V 182 Rusoro Mng* O 233 Rye Patch Gold* O 1115

0.12 0.10 0.11 + 0.01 0.17 0.05 0.03 0.02 0.03 + 0.01 0.03 0.00 5.80 4.40 5.80 + 1.20 8.25 0.30 0.08 0.07 0.08 + 0.01 0.25 0.07 0.13 0.12 0.13 - 0.01 0.14 0.03 0.10 0.10 0.10 + 0.04 0.10 0.03 0.14 0.00 0.13 - 0.01 0.16 0.05 81.95 0.00 81.95 + 4.05 120.75 64.70 83.80 78.37 81.90 + 1.00 126.55 60.14 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.00 0.12 - 0.01 0.17 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.43 0.11 0.40 + 0.28 0.39 0.00 0.28 0.25 0.25 - 0.03 0.33 0.12 0.84 0.75 0.78 - 0.02 1.05 0.63 0.64 0.58 0.61 + 0.01 0.91 0.19 0.10 0.08 0.08 - 0.02 0.29 0.02 0.03 0.00 0.03 - 0.01 0.09 0.02 0.16 0.14 0.14 - 0.02 0.24 0.03 0.02 0.01 0.02 + 0.01 0.03 0.01 0.05 0.04 0.04 - 0.01 0.09 0.04 0.16 0.14 0.15 - 0.01 0.17 0.03 0.12 0.11 0.12 + 0.01 0.15 0.02 0.12 0.11 0.12 - 0.01 0.32 0.06 1.45 1.27 1.40 + 0.10 1.87 0.19 0.03 0.02 0.03 + 0.01 0.04 0.01 0.34 0.32 0.33 + 0.01 0.66 0.14 0.26 0.24 0.25 - 0.01 0.52 0.09 0.05 0.04 0.04 + 0.01 0.05 0.01 0.24 0.21 0.24 + 0.02 0.35 0.02 0.17 0.00 0.16 - 0.02 0.26 0.02 0.07 0.06 0.07 + 0.01 0.08 0.01 0.28 0.25 0.28 + 0.02 0.35 0.01 0.06 0.04 0.05 + 0.02 0.09 0.03 8.00 7.19 7.55 + 0.15 11.66 3.01 10.52 9.44 9.88 + 0.11 15.01 4.39 0.13 0.11 0.12 - 0.02 0.30 0.07 42.87 38.26 42.04 + 3.65 42.87 21.89 41.20 0.00 41.20 + 3.80 41.70 21.90 46.93 0.00 46.93 + 3.20 47.00 25.47 0.26 0.22 0.25 - 0.02 0.35 0.11 0.16 0.16 0.16 + 0.00 0.40 0.08 0.41 0.35 0.35 - 0.02 0.41 0.08 0.53 0.45 0.46 - 0.02 0.54 0.12 0.15 0.13 0.13 - 0.01 0.25 0.05 0.10 0.08 0.09 - 0.01 0.17 0.05 0.92 0.77 0.89 + 0.04 1.45 0.05 0.70 0.65 0.67 + 0.02 0.83 0.05 0.08 0.07 0.07 - 0.00 0.12 0.01 0.22 0.19 0.22 + 0.02 0.29 0.11 0.10 0.07 0.08 - 0.01 0.11 0.01 0.69 0.54 0.66 + 0.14 0.69 0.05 0.07 0.07 0.07 + 0.00 0.08 0.04 0.14 0.09 0.12 + 0.03 0.16 0.04 0.04 0.04 0.04 + 0.00 0.09 0.03 0.10 0.09 0.10 - 0.01 0.16 0.08 0.56 0.54 0.54 - 0.02 0.56 0.25 0.74 0.70 0.70 - 0.04 1.50 0.32 0.08 0.06 0.06 - 0.01 0.15 0.04 0.07 0.05 0.05 - 0.02 0.08 0.01 0.05 0.04 0.04 + 0.00 0.08 0.01 0.12 0.07 0.12 + 0.04 0.15 0.05 1.07 1.01 1.06 + 0.08 1.35 0.49 1.42 1.30 1.41 + 0.09 1.76 0.69 68.29 65.13 67.18 + 1.67 87.74 24.68 0.30 0.27 0.28 - 0.03 0.63 0.12 0.23 0.20 0.20 - 0.02 0.50 0.10 0.11 0.07 0.11 + 0.01 0.18 0.05 0.08 0.04 0.08 + 0.04 0.08 0.03 0.10 0.08 0.10 + 0.02 0.30 0.05 2.17 1.76 1.91 - 0.24 2.39 1.30 1.60 1.40 1.46 - 0.17 27.56 1.09 0.02 0.01 0.02 + 0.00 0.03 0.01 1.00 0.82 0.99 + 0.12 1.00 0.02 0.16 0.14 0.16 + 0.00 0.31 0.04 0.23 0.21 0.22 - 0.00 0.37 0.08

Sabina Gd&Slvr* O 1147 Sabina Gd&Slvr T 3972 Saint Jean* O 523 Salazar Res* O 50 Sama Res V 205 Samex Mng* O 268 San Marco Res* O 63 226 San Marco Res V Sanatana Diam V 2418 Sandspring Res V 918 Sandspring Res* O 412 Sandstorm Gold* X 8794 Sandstorm Gold T 1937 Sandy Lake Gld V 428 Sandy Lake Gld* O 11 Santa Fe Gold* O 1434 Santacruz Silv V 1128 Sarama Res V 241 Sarissa Res* O 410 Satori Res V 252 Satori Res* O 4 Savary Gold V 4404 Savary Gold* O 160 Scandium Int M* O 273 Scientific Mts V 783 Scorpio Gold V 895 ScoZinc Mg V 6 Seabridge Gld* N 2557 Seabridge Gld T 681 Search Mnls V 402 Searchlight* O 60 Sego Res V 570 Select Sands V 2531 Semafo T 10025 Senator Mnrls* O 7 Serabi Gold T 178 Serengeti Res V 500

1.00 0.74 0.98 + 0.23 1.55 0.38 1.32 0.99 1.27 + 0.29 1.87 0.54 0.05 0.05 0.05 + 0.01 0.06 0.02 0.08 0.08 0.08 - 0.00 0.12 0.03 0.10 0.10 0.10 + 0.01 0.16 0.07 0.00 0.00 0.00 - 0.00 0.01 0.00 0.17 0.12 0.17 + 0.05 0.22 0.05 0.22 0.20 0.20 - 0.02 0.30 0.03 0.02 0.02 0.02 + 0.01 0.04 0.01 0.48 0.41 0.43 + 0.01 0.94 0.11 0.37 0.31 0.33 + 0.00 0.72 0.08 4.52 4.18 4.30 + 0.14 6.75 1.94 5.96 5.52 5.63 + 0.14 8.73 2.82 0.10 0.06 0.09 + 0.01 0.59 0.04 0.07 0.04 0.06 + 0.02 0.09 0.04 0.06 0.05 0.06 + 0.00 0.08 0.00 0.38 0.34 0.37 + 0.04 0.63 0.09 0.21 0.19 0.20 + 0.01 0.55 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.18 0.14 0.18 + 0.04 0.18 0.03 0.14 0.10 0.14 + 0.04 0.14 0.04 0.09 0.08 0.09 - 0.01 0.15 0.03 0.07 0.07 0.07 - 0.00 0.12 0.05 0.28 0.23 0.28 + 0.04 0.27 0.08 0.06 0.06 0.06 - 0.01 0.10 0.04 0.11 0.10 0.11 + 0.01 0.11 0.05 0.90 0.00 0.86 + 0.06 1.15 0.40 9.70 8.75 9.40 + 0.50 15.88 5.46 12.68 11.58 12.37 + 0.61 20.71 7.99 0.07 0.07 0.07 - 0.01 0.10 0.05 0.07 0.06 0.07 + 0.00 0.19 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 1.62 1.32 1.48 + 0.15 1.62 0.20 4.93 4.64 4.87 + 0.18 7.46 3.19 0.45 0.44 0.45 + 0.00 0.54 0.04 0.09 0.08 0.09 + 0.01 0.12 0.04 0.16 0.14 0.14 - 0.02 0.33 0.03

2017-01-17 4:53 PM

WWW.NORTHERNMINER.COM

JANUARY 23–FEBRUARY 5, 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

SG Spirit Gold V 2059 Sherritt Intl T 8075 Shore Gold T 609 Shoshoni Gold V 10 Sibanye Gold* N 7937 Sienna Res* O 44 Sienna Res V 195 Sierra Metals* O 2 Sierra Metals T 61 Signature Res V 380 Signature Res* O 15 Silver Bear Rs T 869 Silver Bull Re T 1237 Silver Bull Re* O 2343 Silver Grail V 57 Silver Mtn Mns V 192 Silver Shield 522 Silver Spruce V 270 Silver Spruce* O 13 Silver Std Res T 2210 Silver Std Res* D 11910 Silver Wheaton T 6270 Silver Wheaton* N 24422 Silvercorp Met T 4264 Silvercorp Met* O 714 Silvermet V 15 SinoCoking Cl* D 201 Sirios Res* O 20 Skeena Res* O 180 Skeena Res V 1365 Skyharbour Res V 2238 Skyharbour Res* O 283 Slam Explor* O 2 Slam Explor V 1957 Sokoman Iron V 1321 Sokoman Iron* O 110 Solitario Ex&R T 25 Solitario Ex&R* X 114 Sonora Gld & S V 383 Sonoro Mtls V 323 Source Expl V 368 Southern Arc V 75 Southern Arc* O 29 Southern Copp* N 5245 Southern Lith V 1575 Southern Silvr* O 220 Southern Silvr V 802 SouthGobi Res T 4 Spanish Mtn Gd* O 102 Spanish Mtn Gd V 1054 Sparton Res V 95 Sphinx Res V 569 Stakeholdr Gld V 28 Standard Metal* O 576 Stans Energy V 138 Stans Energy* O 166 Star Gold* O 64 Starcore Intl T 273 Starr Peak Exp V 75 Stellar Africa V 364 Sterling Grp* O 228 Stillwater Mg* N 9268 Stina Res* O 25 Stina Res 116 Stockport Expl* O 40 Stockport Expl V 425 Stornoway Diam T 5549 Stornoway Diam* O 109 Strategic Metl V 291 Stratton Res V 67 Stria Lithium V 1159

0.31 0.23 0.30 + 0.07 0.31 0.07 1.65 1.39 1.61 + 0.18 1.65 0.57 0.18 0.17 0.17 - 0.01 0.25 0.17 0.05 0.00 0.05 + 0.01 0.25 0.04 8.29 7.71 8.06 + 0.29 20.97 6.16 0.10 0.09 0.09 - 0.01 0.20 0.01 0.13 0.12 0.12 - 0.01 0.27 0.02 1.59 1.52 1.59 + 0.06 1.69 0.69 2.07 1.95 2.05 + 0.07 2.35 0.95 0.13 0.11 0.12 - 0.01 0.14 0.02 0.09 0.08 0.08 - 0.01 0.10 0.07 0.33 0.28 0.31 + 0.03 0.53 0.03 0.20 0.16 0.19 + 0.03 0.28 0.04 0.16 0.12 0.15 + 0.02 0.21 0.02 0.09 0.08 0.08 + 0.01 0.16 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.06 0.05 0.06 - 0.02 0.17 0.02 0.10 0.08 0.08 - 0.02 0.14 0.05 0.07 0.06 0.07 + 0.01 0.10 0.04 13.90 12.64 13.22 + 0.22 20.48 5.28 10.53 9.54 10.07 + 0.24 15.84 3.66 27.52 25.88 26.89 + 0.04 40.80 14.51 20.79 19.63 20.47 + 0.17 31.35 10.04 3.85 3.53 3.67 + 0.16 4.73 0.60 2.93 2.68 2.80 + 0.13 3.67 0.41 0.06 0.00 0.06 + 0.01 0.06 0.03 3.38 2.70 3.08 + 0.38 7.69 1.66 0.34 0.33 0.33 + 0.02 1.13 0.10 0.08 0.07 0.07 + 0.02 0.15 0.04 0.11 0.09 0.09 + 0.01 0.20 0.06 0.60 0.36 0.45 + 0.07 0.60 0.08 0.39 0.27 0.35 + 0.05 0.39 0.18 0.04 0.02 0.02 - 0.02 0.09 0.02 0.05 0.03 0.04 - 0.01 0.15 0.03 0.08 0.06 0.07 + 0.02 0.13 0.01 0.06 0.04 0.06 + 0.02 0.08 0.03 0.96 0.90 0.94 + 0.02 1.29 0.58 0.75 0.68 0.73 + 0.06 0.95 0.41 0.11 0.10 0.11 + 0.01 0.13 0.01 0.13 0.10 0.13 + 0.02 0.16 0.04 0.19 0.15 0.17 + 0.01 0.50 0.10 0.54 0.50 0.50 - 0.04 1.09 0.25 0.41 0.38 0.38 - 0.03 0.75 0.17 35.45 33.19 35.35 + 1.76 35.45 21.55 0.26 0.21 0.25 + 0.03 0.49 0.01 0.37 0.31 0.35 + 0.02 0.52 0.02 0.48 0.42 0.45 + 0.03 0.66 0.03 0.27 0.00 0.27 + 0.01 0.65 0.21 0.10 0.10 0.10 - 0.00 0.17 0.02 0.14 0.11 0.13 + 0.02 0.22 0.02 0.08 0.07 0.07 + 0.01 0.09 0.03 0.08 0.07 0.08 + 0.01 0.14 0.01 0.31 0.23 0.31 + 0.06 0.89 0.08 0.06 0.05 0.05 - 0.01 0.21 0.04 0.05 0.00 0.05 + 0.01 0.09 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.08 0.05 0.08 + 0.01 0.20 0.05 0.59 0.54 0.58 + 0.04 0.91 0.25 0.12 0.08 0.08 - 0.02 0.19 0.05 0.05 0.04 0.05 + 0.01 0.08 0.01 0.18 0.12 0.15 - 0.02 0.18 0.01 17.11 16.80 17.00 + 0.13 17.50 4.99 0.08 0.08 0.08 + 0.01 0.14 0.05 0.11 0.10 0.11 + 0.01 0.18 0.07 0.03 0.02 0.03 + 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 1.03 0.93 0.94 - 0.08 1.33 0.66 0.77 0.00 0.73 - 0.03 0.96 0.47 0.58 0.50 0.50 - 0.02 0.86 0.25 0.74 0.65 0.74 + 0.15 0.85 0.07 0.10 0.07 0.08 - 0.01 0.18 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strongbow Expl V 247 Stroud Res V 392 Sulliden Mng T 117 Sultan Mnrls V 62 Suncor Energy T 10229 Suncor Energy* N 12926 Sunvest Mnrls V 786 Sunvest Mnrls* O 12 Supreme Metals 829 Sutter Gold V 20 Sutter Gold* O 37 Syrah Res* O 29

0.15 0.13 0.13 - 0.01 0.25 0.06 0.02 0.00 0.02 + 0.01 0.03 0.01 0.34 0.29 0.31 + 0.02 0.47 0.19 0.09 0.08 0.08 - 0.01 0.20 0.05 43.75 42.40 42.62 - 1.49 44.90 27.32 33.12 32.25 32.45 - 0.89 33.79 18.71 0.13 0.10 0.11 - 0.02 0.28 0.01 0.09 0.07 0.09 + 0.02 0.18 0.02 0.06 0.05 0.06 + 0.01 0.06 0.02 0.05 0.00 0.05 - 0.01 0.16 0.04 0.04 0.03 0.03 - 0.00 0.13 0.02 2.74 2.50 2.60 + 0.10 4.90 2.00

Tahoe Res* N 16001 Tahoe Res T 11141 Tajiri Res V 43 Taku Gold* O 6 Talon Metals T 177 Tanager Energy V 198 Tango Mining V 1835 Tanqueray Expl* O 16 Tanqueray Expl V 291 Tantalex Res 1786 Tanzania Rlty T 353 Tanzania Rlty* X 1321 Tarku Res V 547 Tasca Res V 281 Taseko Mines* X 4928 Taseko Mines T 2887 T 15312 Teck Res Teck Res* N 33389 Teck Res T 57 O 27 Telson Res * Telson Res V 21 Tembo Gold* O 134 Teranga Gold T 8597 Terraco Gold V 376 Terrax Mnrls* O 118 Terrax Mnrls V 979 22 Teryl Res Corp* O Teslin Rvr Res V 881 Tesoro Mnrls V 66 Teuton Res* O 13 Teuton Res V 35 Texas Mineral* O 570 Themac Res V 89 Thunder Mtn Gd V 25 37 Thunder Mtn Gd* O Till Capital V 1 Till Capital* D 1 Tiller Res V 6 Timberline Res V 174 O 98 Timberline Res* Timmins Gold T 6530 Timmins Gold* X 3630 Tinka Res* O 197 Tinka Res V 638 Tintina Res* O 352 Tirex Res* O 136 Tirex Res V 597 TMAC Resource* O 7 TMAC Resources T 253 TNR Gold V 162 Toachi Mg Inc V 514 Tolima Gold V 420 TomaGold V 394 Tombstone Expl* O 1919 Tonogold Res* O 34

10.08 8.70 9.02 - 0.62 17.01 6.48 13.28 11.44 11.84 - 0.89 22.13 9.45 0.17 0.15 0.16 - 0.02 0.19 0.01 0.05 0.05 0.05 + 0.00 0.14 0.01 0.09 0.07 0.09 + 0.02 0.15 0.06 0.10 0.09 0.10 - 0.01 0.12 0.03 0.04 0.02 0.04 + 0.01 0.14 0.01 0.75 0.00 0.75 - 0.12 0.89 0.75 1.01 0.88 0.96 + 0.02 1.35 0.02 0.17 0.08 0.17 + 0.05 0.18 0.02 0.79 0.70 0.76 + 0.02 1.95 0.24 0.63 0.53 0.58 + 0.02 1.49 0.17 0.05 0.04 0.05 + 0.02 0.10 0.02 0.13 0.09 0.09 - 0.02 0.21 0.00 1.20 0.90 1.17 + 0.18 1.20 0.24 1.57 1.20 1.53 + 0.24 1.53 0.35 32.71 27.46 32.45 + 4.61 35.67 3.75 24.91 20.75 24.69 + 3.66 33.76 2.67 33.44 28.31 33.30 + 3.30 36.49 5.69 0.23 0.19 0.20 + 0.01 0.43 0.08 0.30 0.26 0.30 + 0.03 0.55 0.08 0.03 0.02 0.03 + 0.00 0.06 0.01 1.02 0.93 0.94 + 0.02 1.40 0.38 0.14 0.13 0.14 + 0.01 0.19 0.09 0.55 0.52 0.54 + 0.01 0.80 0.17 0.73 0.68 0.70 + 0.01 1.05 0.25 0.00 0.00 0.00 - 0.00 0.01 0.00 0.38 0.34 0.36 + 0.03 0.43 0.21 0.12 0.10 0.12 + 0.02 0.12 0.01 0.17 0.14 0.17 + 0.06 0.34 0.03 0.24 0.19 0.24 + 0.03 0.46 0.04 0.14 0.10 0.13 + 0.02 0.19 0.09 0.05 0.04 0.04 - 0.02 0.10 0.01 0.12 0.12 0.12 - 0.02 0.23 0.08 0.12 0.09 0.12 + 0.03 0.16 0.02 5.50 0.00 5.39 - 0.01 6.00 3.28 4.17 0.00 4.13 - 0.01 5.00 2.76 0.40 0.05 0.40 + 0.35 0.85 0.05 0.38 0.33 0.34 - 0.05 0.73 0.16 0.30 0.23 0.28 - 0.03 0.53 0.02 0.46 0.43 0.46 + 0.04 0.80 0.11 0.35 0.32 0.35 + 0.02 0.63 0.07 0.18 0.17 0.18 - 0.00 0.22 0.07 0.25 0.22 0.24 + 0.01 0.27 0.09 0.05 0.05 0.05 - 0.00 0.12 0.04 0.05 0.04 0.05 - 0.00 0.14 0.04 0.07 0.06 0.06 - 0.01 0.20 0.05 12.65 12.10 12.63 + 0.55 15.16 9.26 16.80 15.72 16.60 + 0.73 20.18 6.03 0.03 0.03 0.03 + 0.01 0.09 0.01 0.44 0.33 0.33 - 0.07 0.59 0.05 0.02 0.00 0.02 + 0.01 0.03 0.01 0.08 0.07 0.07 - 0.01 0.17 0.05 0.01 0.00 0.01 - 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.07 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Torex Gold* O 122 Torex Gold T 3049 Tower Res V 76 Transition Mtl V 252 Treasury Metal T 417 Trecora Res* N 220 Tres-Or Res V 312 Trevali Mng* O 177 Trevali Mng T 7593 Trilogy Mtls* X 1457 TriMetals Mng* O 91 O 170 TriMetals Mng* TriMetals Mng T 259 Trinity Res* O 13 Trinity Valley V 16 Trio Resources* O 4 TriStar Gold V 166 Troymet Expl V 236 Tsodilo Res V 2 Tudor Gold * O 15 Tudor Gold V 28 Tungsten Corp* O 143 21802 Turquoise HIl* N Turquoise HIl T 8150 TVI Pacific* O 70 Tyhee Gold* O 818 Typhoon Expl V 1345

21.95 19.60 20.44 + 0.88 27.34 8.00 28.80 25.95 26.74 + 0.91 35.17 11.50 0.16 0.15 0.15 - 0.01 0.21 0.01 0.15 0.14 0.14 - 0.02 0.25 0.09 0.66 0.58 0.58 - 0.03 0.85 0.37 14.80 13.75 14.20 + 0.30 14.80 8.17 0.04 0.03 0.04 + 0.01 0.06 0.02 1.00 0.84 0.99 + 0.13 1.05 0.24 1.32 1.10 1.29 + 0.16 1.41 0.33 0.54 0.48 0.53 + 0.01 0.86 0.15 0.19 0.16 0.17 - 0.02 0.32 0.06 0.18 0.16 0.17 - 0.01 0.28 0.04 0.23 0.21 0.23 + 0.01 0.36 0.06 0.06 0.00 0.05 + 0.00 0.33 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.29 0.24 0.28 + 0.03 0.53 0.16 0.02 0.01 0.02 + 0.01 0.05 0.01 0.80 0.00 0.80 + 0.10 0.90 0.50 0.49 0.49 0.49 + 0.13 1.26 0.33 0.70 0.60 0.70 + 0.07 2.50 0.37 0.00 0.00 0.00 - 0.00 0.00 0.00 3.57 3.29 3.43 + 0.06 3.67 1.55 4.72 4.35 4.49 + 0.03 5.03 2.30 0.01 0.01 0.01 + 0.00 0.03 0.00 0.01 0.00 0.01 + 0.00 0.02 0.00 0.09 0.06 0.07 - 0.02 0.15 0.03

U.S. Lithium* O 2575 U3O8 Corp* O 1495 U3O8 Corp T 40575 Ucore Rare Mtl* O 328 UEX Corp T 11802 Unigold V 383 Unigold* O 9 430 United Res Hdg* O United Silver* O 408 642 United States A* X United States S* N 84484 Unity Energy V 332 Ur-Energy T 2461 Ur-Energy* X 10863 Uracan Res V 1548 Uracan Res* O 230 Uragold Bay Rs V 1561 X 22507 Uranium Energy* Uranium Res* D 56098 V 40 Uranium Valley Uravan Mnrls V 1309 US Energy* D 1458 US Precious M* O 5163 US Rare Earths* O 8 USCorp* O 44 Vale* N 163217 Vale* N 42263 Valley High Mg* O 8230 Valterra Res V 443 O 867 Vanadiumcorp* Vanadiumcorp V 1144 Vatic Vent V 517 N 1360 Vedanta* Velocity Mnrls V 57 Vendetta Mng V 1352 Vendetta Mng* O 322 Vendome Res V 618 Verde Potash T 172 Verde Res* O 41 Veris Gold* O 106

0.05 0.04 0.04 - 0.01 0.15 0.01 0.04 0.02 0.03 + 0.01 0.04 0.01 0.05 0.03 0.04 + 0.01 0.05 0.02 0.27 0.25 0.26 + 0.00 0.35 0.16 0.29 0.24 0.27 - 0.01 0.30 0.14 0.31 0.27 0.28 - 0.03 0.69 0.14 0.23 0.23 0.23 - 0.01 0.51 0.08 0.02 0.02 0.02 - 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.38 0.26 0.36 + 0.09 0.60 0.16 35.83 32.32 32.70 - 2.70 39.14 6.15 0.09 0.07 0.09 + 0.03 0.48 0.05 1.09 0.80 1.02 + 0.20 1.09 0.55 0.84 0.59 0.77 + 0.15 0.84 0.41 0.09 0.07 0.09 + 0.02 0.10 0.02 0.07 0.05 0.06 + 0.01 0.08 0.01 0.17 0.15 0.16 + 0.02 0.31 0.05 1.79 1.26 1.68 + 0.39 1.79 0.65 4.00 1.62 2.52 + 0.88 5.10 0.97 0.27 0.00 0.27 + 0.05 0.35 0.04 0.13 0.10 0.10 + 0.01 0.42 0.05 1.65 1.16 1.23 + 0.03 3.03 0.86 0.02 0.00 0.01 + 0.01 0.03 0.00 0.15 0.06 0.06 - 0.09 0.27 0.01 0.00 0.00 0.00 - 0.00 0.03 0.00 9.73 8.20 9.58 + 1.59 9.73 2.13 8.75 7.57 8.70 + 1.30 8.75 1.55 0.02 0.01 0.01 - 0.01 0.02 0.00 0.05 0.05 0.05 - 0.01 0.09 0.01 0.06 0.05 0.05 - 0.00 0.06 0.02 0.07 0.07 0.07 + 0.01 0.08 0.03 0.10 0.07 0.09 + 0.02 0.24 0.05 14.18 13.34 13.98 + 0.60 14.40 3.52 0.22 0.22 0.22 + 0.04 0.22 0.06 0.20 0.17 0.18 - 0.01 0.20 0.05 0.15 0.12 0.12 - 0.02 0.15 0.08 0.14 0.12 0.13 + 0.02 0.35 0.05 0.26 0.22 0.25 + 0.01 0.48 0.13 0.03 0.03 0.03 - 0.01 0.08 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victoria Gold V 1500 Victory Nickel* O 76 Victory Nickel 63 Victory Res* O 200 Victory Vent V 1027 Virginia Enrgy V 164 O 61 Virginia Enrgy* Viscount Mng V 248 580 Visible Gold M V Vista Gold* X 2761 Vista Gold T 162 Volcanic Mtls V 299 Vulcan Mnrls V 58 VVC Expl V 126

0.16 0.55 - 0.01 0.80 0.57 0.53 0.01 0.03 + 0.01 0.04 0.03 0.02 0.02 0.03 + 0.01 0.05 0.03 0.00 0.02 0.03 - 0.00 0.03 0.03 0.03 0.02 0.05 - 0.02 0.07 0.06 0.05 0.04 0.12 + 0.01 0.14 0.14 0.09 0.02 0.08 - 0.01 0.10 0.09 0.07 0.43 0.67 - 0.03 0.91 0.71 0.66 0.03 0.02 0.02 - 0.01 0.07 0.02 0.27 0.96 - 0.02 2.09 1.07 0.95 0.39 1.27 - 0.03 2.73 1.40 1.26 0.04 0.40 + 0.09 0.40 0.40 0.27 0.02 0.06 + 0.01 0.08 0.06 0.00 0.01 0.03 + 0.01 0.05 0.03 0.03

Wabi Expl 6 Walker River V 433 O 1930 Walter Energy* Waseco Res V 88 Wealth Mnrls* O 236 Wealth Mnrls V 766 O 378 Wellgreen Plat* Wellgreen Plat T 652 V 56 Wescan Gldflds T 1273 Wesdome Gold 92 West High Yld V 25 West Red Lake* O X 1074 Western Copper* T 618 Western Copper 186 Western Pac Rs V 225 Western Pac Rs* O T 420 Western Potash Western Uran 147 Western Uran* O 369 V 165 Westhaven Vent O 29 Westhaven Vent* V 5540 Westkam Gold Westmoreland* D 1104 Westridge Res V 6203 231 Winston Gld Mg* O 491 Winston Gld Mg Wolfden Res V 216 O 1 Wolverine Mnls* V 33 Wolverine Mnls V 155 Worldwide Res X-Terra Res V 130 Xiana Mng V 93 Ximen Mng V 132 607 XLI Tech Inc* O V 122 Xtierra O 8 Xtra-Gold Res* Xtra-Gold Res T 30 Yamana Gold T 30599 73411 Yamana Gold* N Yanzhou Coal* N 58 T 1449 Yellowhead Mng O 11 Yellowhead Mng* Zadar Vent V 1181 900 O Zadar Vent * Zazu Metals V 85 Zazu Metals* O 14 Zenyatta Vent V 168 O 17 Zenyatta Vent* Zephyr Mnls V 76 Zimtu Capital V 254 Zincore Mtls V 20 Zonte Mtls V 23

0.04 0.08 - 0.01 0.10 0.08 0.08 0.03 0.10 - 0.01 0.18 0.10 0.10 0.01 0.13 - 0.04 0.28 0.17 0.10 0.02 0.08 - 0.01 0.12 0.09 0.08 0.11 0.05 1.16 0.93 - 0.99 0.86 0.17 1.22 - 0.06 1.50 1.30 1.14 0.12 0.32 + 0.00 0.46 0.34 0.30 0.17 0.42 - 0.01 0.62 0.45 0.39 0.02 0.13 + 0.05 0.13 0.13 0.00 0.98 2.60 + 0.30 3.08 2.62 2.33 0.14 0.12 0.13 - 0.01 0.30 0.09 0.15 0.14 0.14 - 0.01 0.31 0.02 0.20 1.33 - 0.11 1.80 1.48 1.25 0.29 1.75 - 0.15 2.13 1.96 1.65 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.01 0.03 + 0.01 0.04 0.00 0.12 0.17 + 0.01 0.22 0.17 0.16 1.20 1.81 - 0.24 2.56 2.10 1.81 0.96 1.51 + 0.02 2.67 1.64 1.33 0.04 0.11 - 0.01 0.16 0.12 0.11 0.07 0.09 + 0.00 0.12 0.09 0.09 0.02 0.04 + 0.01 0.09 0.04 0.03 17.55 + 0.03 19.92 3.44 18.23 17.11 0.01 0.08 + 0.06 0.08 0.08 0.03 0.15 0.09 0.12 - 0.02 0.49 0.10 0.18 0.13 0.16 - 0.02 0.64 0.10 0.07 0.12 - 0.01 0.19 0.12 0.11 0.05 0.07 + 0.02 0.10 0.07 0.05 0.06 0.09 + 0.01 0.18 0.09 0.00 0.01 0.02 - 0.03 0.06 0.05 0.02 0.06 0.25 + 0.07 0.31 0.25 0.00 0.03 0.17 + 0.07 0.21 0.17 0.14 0.04 0.07 - 0.01 0.18 0.08 0.07 0.01 0.01 0.01 - 0.00 1.48 0.00 0.01 0.04 - 0.01 0.08 0.05 0.04 0.14 0.19 - 0.01 0.43 0.20 0.18 0.19 0.25 - 0.01 0.56 0.26 0.24 2.00 4.17 + 0.10 7.87 4.33 3.99 1.38 3.17 + 0.07 5.99 3.29 3.03 3.66 7.30 + 0.39 8.09 7.30 6.91 0.03 0.05 - 0.01 0.10 0.07 0.05 0.02 0.01 0.06 0.03 - 0.04 0.03 0.05 0.08 - 0.01 0.26 0.10 0.08 0.08 0.08 0.08 + 0.02 0.20 0.05 0.12 0.22 - 0.02 0.33 0.22 0.20 0.08 0.17 - 0.01 0.24 0.17 0.17 0.63 1.01 + 0.11 1.55 1.05 0.90 0.48 0.73 + 0.08 1.17 0.73 0.66 0.13 0.34 - 0.03 0.42 0.38 0.34 0.12 0.20 + 0.01 0.38 0.22 0.19 0.03 0.11 - 0.03 0.30 0.13 0.11 0.05 0.09 - 0.02 0.13 0.10 0.00

W-Z

BID-ASK — JANUARY 9–13, 2017 STOCK

12-MONTH

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* Aldershot Res Alexandra Cap Allante Potash ALQ Gold Alturas Mnrls Amanta Res Anglo Pac Grp APAC Res Inc Arak Res Arch Coal* Archon Mineral Arcturus Vents Ardonblue Vent Asian Minl Res Astur Gold Atlatsa Res* Aurania Res Aurelius Min Balto Res Bandera Gold Benz Mining Benz Mining Bethpage Cap Big Wind Cap Bird River Res Black Bull Res BlackEagle Dev Bluenose Gold Bluestone Res Boss Power Brunswick Res Bullman Mnls Cairo Res Canuc Res Carrie Arran Cascade Res Cassidy Gold Cassius Vents Cdn Arrow Chieftain Mtls Chinapintza Mg Cicada Vents CIM Intl Grp Cliffs Nat Res* Clydesdale Res CMX Gold & Sil CNRP Mng Colibri Res Compliance Egy Copper Ck Gold Corazon Gold Cresval Cap Cricket Res CWN M’g Acq Cyprium Mng Declan Res DGS Mnls Dorex Mnrls Duncan Park H EastCoal Inc Eastfield Res Enfield Expl European Metal Excalibur Res

20-22_JAN23_StockTables.indd 22

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

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 0.08 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.10 0.12 0.12 0.23 0.16 0.22 0.16 0.22 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.04 0.05 0.05 0.07 0.02 ... 0.02 0.03 0.04 0.11 0.04 0.07 0.05 0.12 0.05 0.06 0.04 0.05 0.05 0.08 0.01 0.02 0.01 1.20 1.98 1.11 1.50 0.06 0.10 0.08 0.14 0.19 0.84 0.19 0.70 ... ... 0.58 1.45 1.61 1.45 2.05 0.02 0.03 0.02 0.03 0.08 0.11 0.08 0.10 0.02 0.03 0.02 0.04 0.06 0.08 0.08 0.10 ... ... 0.06 0.45 0.55 0.73 0.60 0.73 0.13 0.14 0.14 0.15 0.01 0.03 0.01 0.03 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.08 0.02 0.03 0.02 0.05 0.06 0.10 0.06 0.10 0.07 0.12 0.07 0.19 0.03 0.09 0.06 0.06 ... 0.01 0.01 0.03 ... 0.03 0.12 0.03 0.04 0.02 0.04 0.10 0.15 0.10 0.23 0.17 0.20 0.17 0.04 0.04 0.04 0.04 0.06 0.10 0.07 0.09 0.34 0.54 0.34 0.39 0.23 0.29 0.25 0.27 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.02 0.06 0.03 0.05 0.01 0.02 0.01 0.02 ... ... 0.05 0.23 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 ... ... 0.80 1.50 1.45 3.20 1.43 7.17 0.06 0.12 0.06 0.06 0.09 0.10 0.10 0.10 0.01 0.08 0.01 0.01 0.17 0.17 0.17 0.23 0.03 0.03 0.03 0.25 0.09 0.10 0.09 0.11 0.52 0.55 0.55 0.55 0.04 0.05 0.04 0.06 0.01 0.12 0.01 0.01 0.20 0.27 0.24 0.27 0.03 0.03 0.03 0.12 0.01 0.01 0.01 0.02 0.04 0.09 0.04 0.04 0.02 0.03 0.02 0.03 0.01 0.02 0.02 0.03 0.01 0.02 0.01 0.01 0.04 0.05 0.04 0.06 ... ... 0.01 0.01 ... 0.01 0.01 0.01 0.09 0.10 0.10 0.11

LOW

STOCK

0.05 0.02

V Fire River Gol First Bauxite V First Idaho V GAR Limited C Gentor Res V Gespeg Cop Res V GFK Res V GFM Res V Global Cobalt V Global Cop Grp V God’s Lake Res C Gold Ridge Exp V GoldTrain Res C Gravis Energy C Greatbanks Res V Green Arrow V Greenshield Ex V Grenville Gold V Greywacke Expl C Highbury Proj V Highvista Gold V Homeland Egy V IGC Res V Indigo Expl V Interconnect V Iron South Mng V Jazz Res V JDF Explor Inc C Jet Metal V K2 Gold V Karoo Expl V Kenna Res V Kestrel Gold V Kingsmen Res V La Imperial C Leagold Mg V Leo Res C Lions Bay Cap V Lund Enterpr V Maccabi Vent C Madeira Mrnls V Mag Copper C MAG Silver* X Mainstream Mnl V Manado Gold V Marifil Mines V Match Capital V MAX Res V MaxTech Vent C Megastar Dev V Metallum Res V Midasco Cap V MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V V Minsud Res Moag Copper C Montana Gold C Mountain Lake C Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V Newmac Res V Nitinat Mnls V Noble Metal Gr V North Am Ptash V North Am Tung V NRG Metals V NSS Res Inc C Nunavik Nickel V Open Gold V

0.01 0.03 0.01 0.08 0.01 0.16 0.12 0.01 0.02 0.01 0.03 0.01 0.75 0.03 0.17 1.26 0.01 0.05 0.02 0.01 0.06 0.41 0.03 0.01 0.01 0.01 0.01 0.03 0.03 0.01 0.01 0.01 0.05 0.01 0.03 0.13 0.05 0.05 0.02 0.01 0.01 0.01 0.03 0.01 0.01 0.40 0.98 0.01 0.05 0.01 0.04 0.03 0.06 0.18 0.04 0.01 0.11 0.03 0.01 0.04 0.01 0.01 0.01 0.02 0.01 0.01 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.03 0.07 0.09 0.75 0.04 0.06 0.05 0.07 0.08 ... 0.08 0.14 0.02 ... 0.01 0.05 0.01 0.02 0.01 0.02 0.03 0.03 0.03 0.06 0.10 0.12 0.10 0.18 0.02 0.09 0.02 0.03 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.02 ... 0.02 0.08 0.30 0.35 0.35 0.70 0.05 0.20 0.08 0.25 0.01 0.03 0.01 0.01 0.03 0.05 0.03 0.03 0.04 0.03 0.09 0.03 0.18 0.04 0.08 0.09 0.12 0.09 0.18 ... 0.06 0.06 0.06 0.26 ... 0.26 0.27 ... 0.16 0.17 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.04 0.07 0.17 0.06 0.14 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 0.36 0.40 0.36 0.45 0.01 0.02 0.01 0.02 0.13 0.16 0.15 0.27 0.02 0.02 0.02 0.07 0.09 0.14 0.09 0.18 0.05 0.23 0.05 0.08 0.60 0.65 0.63 0.98 0.04 0.10 0.05 0.05 0.04 0.10 0.04 0.04 0.10 0.14 0.10 0.19 0.05 0.15 0.05 0.12 0.06 0.08 0.05 0.05 0.02 0.02 0.02 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.10 0.10 0.10 0.15 0.01 0.02 0.02 0.04 0.01 0.04 0.04 0.04 0.08 0.09 0.08 0.11 0.24 0.35 0.24 0.27 0.04 0.04 0.04 0.08 0.03 0.06 0.12 0.08 0.15 0.08 0.15 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.03 0.07 0.03 0.07 0.11 0.15 0.14 0.18 0.05 0.10 0.05 0.10 ... ... 0.08 0.09 0.10 0.10 0.10 ... 0.01 0.01 0.01 0.16 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 0.06 0.08 0.06 0.12 0.06 0.09 0.06 0.09 0.01 0.02 0.01 0.02 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.11 0.11 0.11 0.18 ... ... 0.20 0.08 0.12 0.10 0.27 0.01 0.01 0.01

0.03 0.03 0.05 0.01 0.01 0.02 0.05 0.02 0.01 0.04 0.02 0.05 0.05 0.01 0.03 0.01 0.07 0.04 0.13 0.01 0.01 0.01 0.05 0.04 0.07 0.01 0.07 0.08 0.01 0.14 0.01 0.04 0.01 0.01 0.01 0.01 0.02 0.05 0.01 0.01 6.12 0.10 0.01 0.01 0.05 0.08 0.02 0.06 0.01 0.04 0.02 0.01 0.03 0.02 0.01 0.15 0.01 0.10 0.08 0.04 0.04 0.01 0.03 0.01 0.02 0.03

STOCK

Orofino Mnrls Oxford Res Pac Arc Res Pac Cascade Pac Iron Ore Palisades Vent Pan Global Res Phoenix Gold Phoenix Metals Planet Mng Prime Meridian Prism Res Prize Mng ProAm Expl Quartz Mtn Res Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Remington Res Remo Res Resolve Vent Rhyolite Res Rift Valley Riley Resource River Wild Exp Rockex Mng Romulus Res RTG Mining Rubicon Mnrls* Samco Gold Savannah Gold Saville Res Savoy Vent Scavo Res Sennen Potash SGX Res Shamrock Ent Silver Phoenix Silver Pursuit Sniper Res Spada Gold Squire Mg Ltd Standard Toll Stone Ridge Ex Strata Mnls Strategic Res Strikepoint Gd Swift Res Talmora Diamd Tearlach Res Terreno Res Teryl Res Corp Theia Res Tiger Intl Tintina Mines Tri-River Vent Trident Gold Trigen Res Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vangold Res Venerable Vent WCB Res Western Troy C Whistler Gold Xander Res Zara Res 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 X C C V V V V V C V C C V T X V V V V C V V C C V V V C V C V V V V C V V V V V V V V V V V V C V V V V V V V C V

0.08 0.09 0.09 0.25 0.02 0.03 0.03 0.16 0.19 0.16 0.50 0.01 0.02 0.01 0.02 0.19 0.23 0.19 0.34 0.06 0.07 0.07 0.07 0.04 0.05 0.04 0.08 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.05 0.09 0.05 0.08 0.12 0.15 0.14 0.18 0.16 0.21 0.20 0.23 0.40 0.42 0.42 0.43 0.02 0.03 0.02 0.03 0.05 0.10 0.05 0.07 0.11 0.16 0.15 0.89 0.02 ... 0.02 0.03 0.01 0.04 0.03 0.05 0.02 0.03 0.03 0.03 0.16 0.23 0.17 0.18 0.05 0.20 0.10 0.10 0.03 0.04 0.03 0.30 0.11 0.25 0.15 0.27 0.02 0.02 0.01 0.01 0.05 ... 0.13 0.13 0.01 0.10 0.01 0.01 0.05 0.06 0.06 0.75 0.09 ... 0.09 0.17 0.19 0.24 0.24 0.70 ... ... 0.03 1.35 0.02 0.03 0.03 0.08 0.04 0.06 0.04 0.15 0.03 0.04 0.02 0.05 0.05 ... 0.06 0.06 0.36 0.57 0.36 0.54 0.09 0.11 0.10 0.18 0.02 0.02 0.02 0.05 0.02 0.04 0.02 0.06 0.02 0.38 0.15 0.15 0.10 0.12 0.12 0.13 0.01 0.01 0.01 0.07 0.15 0.30 0.16 0.60 0.11 0.17 0.16 0.19 ... 0.01 0.01 0.02 0.05 0.19 0.05 0.17 0.01 0.02 0.01 0.05 0.18 0.28 0.22 0.34 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 0.06 0.07 0.06 0.08 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 0.09 0.09 0.12 0.03 0.12 0.03 0.07 0.02 0.02 0.02 0.03 0.08 0.10 0.09 0.11 0.01 0.06 0.01 0.05 0.02 0.03 0.01 0.08 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.05 0.06 0.06 0.09 0.11 0.21 0.14 0.18 0.03 0.04 0.03 0.08 0.03 0.03 0.03 0.05 0.03 0.08 0.05 0.06 0.30 0.36 0.36 0.49 0.01 0.04 0.01 0.03 0.05 0.07 0.05 0.08

0.06 0.05 0.01 0.15 0.05 0.01 0.02 0.02 0.08 0.07 0.01 0.01 0.01 0.06 0.01 0.01 0.01 0.03 0.05 0.02 0.09 0.01 0.10 0.01 0.02 0.08 0.21 0.03 0.02 0.01 0.01 0.05 0.26 0.09 0.01 0.01 0.01 0.02 0.01 0.13 0.10 0.01 0.04 0.01 0.08 0.05 0.01 0.01 0.02 0.02 0.01 0.06 0.08 0.03 0.03 0.01 0.03 0.01 0.01 0.01 0.02 0.05 0.02 0.01 0.01 0.30 0.01 0.01

2017-01-17 4:53 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 23–FEBRUARY 5, 2017

PROFESSIONAL DIRECTORY srk consulting

ASSAYERS

GENETIC MODELLING

Consulting services from exploration through to mine closure

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INSTRUMENTATION Rent / Purchase 3D IP & EM Gear Canadian Manufacturer of

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Tel.: +1 418-877-4249

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Worldwide 3D Pulse-EM TDEM, 3D E-SCAN IP/Resistivity Surveys www.cronegeophysics.com

(905) 814-0100

3D Pulse-EM (Time-Domain EM) Borehole and Surface Surveys Coil, Fluxgate or SQUID Sensors High Power, Low noise Step Response

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Providing Robust High Precision Potassium, Overhauser and Proton Magnetometers with New add-on or stand alone VLF for resistivity depth sections

UAV - Airborne - Ground Solutions Call for a Quote today www.gemsystems.ca • info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.397.4083

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Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS 1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

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23-24_JAN23_ProDirectory-Hardline.indd 23

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To reserve space for your advertisement in the Professional Directory please contact:

Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com Fax: 416-447-7658

2017-01-16 4:23 PM

23-24_JAN23_ProDirectory-Hardline.indd 24

2017-01-16 4:23 PM

MARCH 5 – 8

WHERE THE WORLD’S MINERAL & FINANCE INDUSTRY MEETS

SPECIAL SUPPLEMENT TO THE NORTHERN MINER / JANUARY 23-FEBRUARY 5, 2017

PAGES 1 - 16

NEW OPPORTUNITIES. NEW HORIZONS. By Dr. James Siddorn, PGeo, President of SRK Consulting (Canada) Inc. and Chair of the 2017 Convention Planning Committee of the Prospectors & Developers Association of Canada

A renewed sense of optimism is flowing through our industry as we enter 2017, buoyed by rising iron ore, zinc and copper prices, along with the potential for increased government infrastructure spending. Project acquisitions continue with consolidation in the market and assets changing hands, as well as junior market activity being rekindled. The timing is thus excellent for a meeting of global mining and financial communities at the PDAC 2017 Convention at Metro Toronto Convention Centre (MTCC) in Toronto, Canada from March 5 to 8. This year’s event marks the convention’s 85th anniversary and, with market activity and capital liquidity increasing, I expect we will surpass the number of attendees of the past two years. We are delighted to have more than 40 sponsors. On behalf of the PDAC, I would like to thank our Diamond sponsor Teck Resources Limited., our Platinum sponsors Barrick Gold Corporation and Goldcorp Inc., and our Patron sponsors BMO Capital Markets, Caterpillar, IBK Capital Corp., TMX Group and Vale Canada Limited. I would also like to thank and welcome back our Mining Country Sponsors Peru, Ecuador and Chile. PDAC 2017 will feature more than 900 exhibitors, with over 400 at the Investors Exchange and 500 at the Trade Show. Our Trade Show will take place in the South and North Buildings at the MTCC, and will include the Northern Ontario Mining Showcase regional pavilion with 100 booths.

The range of Short Courses will include an SEG workshop focused on World-class gold deposits (March 3) and, for the first time, a MERC workshop that will address New exploration methods for base and

Prospectors & Developers Association of Canada (PDAC) 2017 International Convention, Trade Show & Investors Exchange March 5 – 8, 2017 Metro Toronto Convention Centre, Toronto, Canada Register online by February 3, 2017 to qualify for early registration rates. Review the full program and registration details at www.pdac.ca/convention

precious metal deposits (March 5). Other Short Courses will cover Applied structural geology in exploration and mining, and Improving strategic capital management with integrated valuation and risk modeling methods (both on March 3). In keeping with tradition, PDAC 2017 will offer outstanding Technical Program with invaluable educational and networking opportunities for attendees. Highlights will include Mark Cutifani, Anglo American,

leading off the Commodities and Market Outlook session (March 5), and Mark Bristow, Randgold Resources Limited, Lukas Lundin, Lundin Mining Corporation and Roque Benavides Ganoza, Buenaventura, speaking during the Keynote Session (March 6) followed by Dr. Dambisa Moyo presenting at the Mineral Outlook Luncheon. In addition, a special symposium dedicated to Richard W. Hutchison will focus on volcanogenic and exhalative deposits (March 7).

And don’t forget about the convention’s excellent networking events, such as the Opening Day and Trade Show Receptions (March 5 and 6), the Mineral Outlook Luncheon (March 6), and the Awards Gala & After Party (March 7). New for 2017 is a free event—the Grand Finale (March 8) where you can relax and enjoy yourself after four exhilarating days at the world’s premier mineral exploration and financial convention. I look forward to seeing you there!

For more information on registration, contact PDAC Registration Department at pdac@pdacevents.ca or 1 866 939 6468 | 647 362 8442. For more information about the convention, contact: Prospectors & Developers Association of Canada 135 King Street East Toronto, ON M5C 1G6, Canada E convention@pdac.ca | T 1 416 362 1969 | F 1 416 362 0101 CONVENTION REGISTRATION DESK HOURS Onsite Information and Registration Centre Sponsored by Barrick Gold Corporation Friday, March 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 6:00 pm Saturday, March 4 . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 6:00 pm Sunday, March 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 5:00 pm Monday, March 6. . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 5:00 pm Tuesday, March 7. . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 5:00 pm

Headquartered in Vancouver, B.C., Teck is Canada’s largest diversified resource company, committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. With ownership or interest in 12 operating mines in Canada, the USA, Chile and Peru and one large metallurgical complex in Canada, Teck has expertise across a wide range of activities including exploration (primarily focused on three commodities: copper, zinc and gold), development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. Teck’s close to 10,000 employees work each day to deliver on their commitment to health and safety, protection of the environment and the sustainability of the communities in which Teck operates. Teck is proud to be the Diamond Sponsor for the PDAC 2017 Convention.

Wednesday, March 8. . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 12 noon

PDAC 2017.indd 1

2017-01-16 11:11 AM

PDAC 2017

Where the worldâ&#x20AC;&#x2122;s mineral & finance industry meets

Proud Sponsors

PLATINUM SPONSORS

MINING COUNTRY SPONSORS

PATRON SPONSORS

IBK Capital Corp.

PREMIER SPONSORS

GOLD PLUS SPONSORS

GOLD SPONSORS

BRONZE SPONSORS Peter Bojtos

INC.

Prospectors & Developers Association of Canada

PDAC 2017.indd 2

2017-01-16 11:11 AM

3 International Convention, Trade Show & Investors Exchange March 5-8 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

TECHNICAL PROGRAM

AM sessions sponsored by Agnico Eagle Mines Limited

Program details as of January 6, 2017

2:00 – 500 pm GEOPHYSICS: NEW TECHNOLOGIES AND CASE HISTORIES

Attendees will learn next and best practices while industry experts share timely insights during these dynamic series of presentations. For more information, visit www.pdac. ca/convention/programming/ technical-program Need professional development hours to maintain your professional designation? Upon request, PDAC will provide a certificate of completion for the Technical Program and Short Courses to help you meet your professional development requirements. SUNDAY, MARCH 5 1:00 – 5:00 pm COMMODITIES AND MARKET OUTLOOK Sponsored by IBK Capital Corp., KPMG, PearTree Securities, RBC Capital Markets and Scotiabank CHAIRS: Terence Ortslan, TSO &

Associates, Montreal & Mark Selby, Royal Nickel Corporation, Toronto, Canada

1:00 – 3:00 pm RICHES OF THE IBERIAN PENINSULA CHAIRS: Pierre Landry, Centerra Gold

Inc., Toronto, Canada & Miguel Cabal, Geomatec, Huelva, Spain

ABORIGINAL PROGRAM

PM sessions sponsored by Roscoe Postle Associates Inc

CHAIRS: Robert Hearst, AREVA Resources Canada, Saskatoon, Canada & Tim Dohey, Newmont Mining Corporation, Denver, USA

MONDAY, MARCH 6

2:00 – 5:30 pm 9:00 – 11:30 am SEEKING BETTER MINING OUTCOMES IN THE NEXT CYCLE CHAIRS: David Davidson, Paradigm Capital, Toronto, Canada & Mark Fellows, Skarn Associates, Worcester, England

MINING VALUATION: NEW PERSPECTIVES AND A GLOBAL UPDATE

TUESDAY, MARCH 7 9:00 – 11:30 am ADAPTING TO OPERATIONAL RISKS AND COSTS IN A CARBONCONSTRAINED WORLD CHAIRS: Jim Chan, ERM, Toronto &

Stephen Wallace, Consultant, Dundas, Canada

2:00 – 4:00 pm GOVERNANCE AND TRANSPARENCY: HOT TOPICS IMPACTING THE MINING INDUSTRY

9:00 – 11:30 am UPDATE ON NEW DISCOVERIES: WHAT HAPPENED AND WHY

CHAIRS: James Lusby,

CHAIRS: Charles Beaudry, Consultant

PricewaterhouseCoopers LLP & Sander Grieve, Bennett Jones LLP, Toronto, Canada

2:00 – 4:30 pm THE FUTURE OF EXPLORATION CHAIRS: John Morganti, Lucca Advisors Inc., Vancouver & David Christie, Goodman & Company Investment Counsel, Toronto, Canada

2:00 – 4:30 pm

1:00 – 3:00 pm

DIAMONDS IN AFRICA: PART 2 – THE REST OF THE STORY!

A SECOND OPINION ON THE HIGH-GRADE METAMORPHIC POTENTIAL OF THE GRENVILLE

CHAIRS: Patricia Sheahan, Consultant, Toronto & Jennifer Pell, Peregrine Diamonds Ltd., Vancouver, Canada

CHAIRS: Neil Gow, Consultant,

Burlington & Jonathan Lafontaine, Gestion Sodémex Inc., Quebec, Canada

The Aboriginal Program at the PDAC Convention provides an excellent opportunity for the minerals industry and Aboriginal communities and companies to share knowledge, foster relationships and create partnerships. For more details, visit www.pdac.ca/convention/ programming/aboriginalprogram

CHAIRS: Keith Spence, Global Mining Capital Corp. & William Roscoe, RPA Inc., Toronto, Canada

WEDNESDAY, MARCH 8

9:30 - 12 noon THE MINERAL INDUSTRY AND INDIGENOUS COMMUNITIES: CANADIAN AND INTERNATIONAL EXPERIENCES 2:00 - 4:30 pm

9:00 –11:30 am

THE ABORIGINAL FORUM: RECONCILIATION—THE NEW CONTEXT FOR RELATIONSHIP BUILDING IN CANADA

WATER IN MINING CHAIRS: Todd Hamilton, SRK Consulting (Canada) Inc., Toronto & Spencer Ramshaw, CAMESE, Mississauga, Canada

TUESDAY, MARCH 7

& Bill Mercer, Avalon Advanced Materials Inc., Toronto, Canada

9:00 – 11:30 am

9:00 am - 12 noon

SUCCESSFULLY RAISING CAPITAL

2:00 – 4:30 pm

CHAIRS: Brian Prill, BLP Law Professional Corporation & Thomas King, KPMG LLP, Toronto, Canada

ABORIGINAL LAW, INDIGENOUS FRAMEWORKS AND REGULATORY REGIMES: EXAMINING THE EVOLVING LANDSCAPE

SPECIALTY METALS AND MINERALS: CRITICAL MATERIALS FOR NEW TECHNOLOGY CHAIRS: Don Bubar, Avalon Advanced

Materials Inc. & Don Hains, Hains Engineering Co. Ltd., Toronto, Canada

2:00 – 4:30 pm VOLCANOGENIC AND EXHALATIVE: A SYMPOSIUM DEDICATED TO RICHARD W. HUTCHINSON

9:00 –11:30 am

2:00 - 5:00 pm

NEW DISCOVERIES AND DEVELOPMENTS

KEY ISSUES IN COMPANYCOMMUNITY ENGAGEMENT AND ABORIGINAL PARTICIPATION IN THE MINERAL INDUSTRY

CHAIRS: Charles Beaudry, Consultant & Bill Mercer, Avalon Advanced Materials Inc., Toronto, Canada

CHAIRS: Robert Valliant, Tri Origin Exploration Ltd., Aurora & Jim Franklin, Franklin Geosciences Ltd., Ottawa, Canada

MONDAY, MARCH 6 8:30 – 9:15 am OPENING CEREMONIES Welcoming remarks from Glenn Mullan, PDAC President and Ed Sackaney, Knowledge & Wisdom Keeper

9:35 am – 11:35 am KEYNOTE SESSION: WHAT DRIVES SUCCESS IN OUR INDUSTRY? CHAIRS: James Siddorn, SRK Consulting

(Canada) Inc. & James Lusby, PricewaterhouseCoopers LLP, Toronto, Canada

Your

complete source for

DRILLING rock

9:00 – 11:30 am GEOMETALLURGY: WITH YOU EVERY STEP OF THE WAY CHAIRS: Giovanni Di Prisco, Terra Mineralogical Services Inc., Peterborough & Charles Beaudry, Consultant, Toronto, Canada

SURFACE

DRILLING TOOLS

UNDERGROUND

Brunner Canada Inc. Call (800) 325-8213 or visit BrunnerCanada.com

PDAC 2017.indd 3

Mining & Construction Tools

2017-01-16 11:11 AM

4 International Convention, Trade Show & Investors Exchange March 5-8 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

CORPORATE SOCIAL RESPONSIBILITY (CSR) EVENT SERIES The Corporate Social Responsibility (CSR) Event Series is designed to provide a forum for learning and discussion on a range of issues related to CSR in the mining industry, and the exploration sector in particular. The Series aims to reflect both the industry’s challenges and successes in this area, emphasizing the value of learning from one another’s experiences. SUNDAY, MARCH 5 9:00 am - 12:00 noon

MONDAY, MARCH 6 9:30 am - 12:30 pm WHERE IS THE TRUST? REDEFINING MINING’S SOCIAL CONTRACT ORGANIZER: International Council on Mining and Metals (ICMM)

2:00 - 3:00 pm SOCIAL CONFLICT IN THE EXTRACTIVE SECTOR: DEVELOPING GOOD SECURITY PRACTICES ORGANIZER: Geneva Center for

WHY PARTNERING FOR DEVELOPMENT IS THE FUTURE OF MINING

Democratic Control of Armed Forces (DCAF)

ORGANIZER: Development Partner

3:00 - 4:30 pm

12:15 – 1:45 pm

LIQUID ASSETS: COMPANIES, COMMUNITIES, AND COLLABORATIVE WATER MANAGEMENT

Institute (DPI) and Kellogg Innovation Network (KIN)

INTEGRATING LOCAL CONTENT REGULATIONS: A WIN-WIN FOR COMMUNITIES AND COMPANIES? ORGANIZER: Mining Shared Value

2:00 - 5:00 pm UNDERSTANDING THE ESSENTIAL BUILDING BLOCKS OF INTEGRATED RESOURCE MANAGEMENT ORGANIZER: Canadian International

Resources & Development Institute (CIRDI)

ORGANIZERS: ERM

TUESDAY, MARCH 7 9:00am - 12:00 pm TWO SECRET INGREDIENTS FOR BUILDING A STRONGER, MORE RESILIENT COMPANY: WHAT HAPPENS WHEN WOMEN ARE ON THE BOARD & THE MULTIPLIER EFFECT OF LOCAL CONTENT ORGANIZER: International Finance Corporation (IFC), World Bank Group

3:30 - 5:00 pm CEO SUSTAINABILITY PANEL ORGANIZER: Prospectors & Developers Association of Canada (PDAC)

WEDNESDAY, MARCH 8

The PDAC has established a Travel Fund to help student groups cover the costs of travelling to Toronto to attend the convention. Please apply by February 6, 2017 at www.pdac.ca/students VOLUNTEER OPPORTUNITIES Volunteer at the convention in exchange for a complimentary All Access Student Pass, a ticket to the Mineral Outlook Luncheon ($80 value), volunteer apparel, food vouchers and a certificate. This is a good opportunity to network with industry professionals while saving money.

9:00 - 10:30 am

BRINGING TOGETHER THE PUBLIC AND PRIVATE PERSPECTIVES

PDAC-CIM TORONTO BRANCH GUIDED TOURS

ORGANIZER: IAMGOLD

10:30 am – 12:00 noon LEVERAGING MINERAL RESOURCES FOR ECONOMY WIDE GROWTH ORGANIZER: Organization for Economic Cooperation and Development (OECD)

CAPITAL MARKETS PROGRAM Sponsored by IBK Capital Corp.

Canada’s capital markets play a critical role in supporting the financing of mineral exploration in Canada and around the world. PDAC’s Capital Markets Program (CMP) is intended to create a forum for learning and dialogue on a range of topics related to the financing of mineral exploration. TUESDAY, MARCH 7 8:30 – 10:00 am THE FUTURE OF EXPLORATION AND MINING FINANCE, PART ONE: A GLOBAL BANKER’S PERSPECTIVE 10:30 am – 12 noon THE FUTURE OF EXPLORATION AND MINING FINANCE, PART TWO: PRIVATE EQUITY PANEL 1:30 – 3:00 pm WHERE EVEN EXPLORERS MIGHT FEAR TO TREAD: COUNTRY RISK AND FINANCING

We see an additional 100,000 ounces of gold

STUDENT PROGRAM

These tours are a great way to become acquainted with the 900+ companies that exhibit in the Trade Show and Investors Exchange. Each tour stop will last approximately seven minutes and will focus on the exploration and/or production aspects of the company’s projects and career opportunities.

SUNDAY, MARCH 5 2:30 – 4:00 pm PDAC SURVIVAL SKILLS Discover the many opportunities available to you during the Convention and learn strategies for successfully networking and navigating your way through PDAC 2017. Patrick McAndless will help you showcase your potential value to employers and build marketing tools to help you succeed in your career.

MONDAY, MARCH 6 12 noon – 7:00 pm PDAC-SEG STUDENT MINERALS COLLOQUIUM PDAC is pleased to partner with the NSERC-CMIC Footprints Network, the Goodman School of Mines, and the Society of Economic Geologists Canada Foundation in sponsoring the Annual Student Minerals Colloquium. This event is hosted by the SEG Student Chapters at Laurentian University and the Ottawa-Carleton Geoscience Centre and will feature 100 poster presentations highlighting current research on mineral deposits and related studies by students from across North America.

3:30 – 5:00 pm STUDENT-INDUSTRY FORUM Learn about the exciting range of career opportunities in exploration and development from industry experts and take advantage of the opportunity to participate in the Q&A to follow.

TUESDAY, MARCH 7 11:30 am – 1:30 pm STUDENT-INDUSTRY NETWORKING LUNCHEON The flagship event of the student program; this reception-style buffet luncheon provides an opportunity to make valuable connections with industry professionals and peers. The winner of the Mary-Claire Ward Geoscience Award will be announced as well as the selected 2017 Student-Industry Mineral Exploration Workshop (S-IMEW) students. There will be a random draw for our annual tuition top-up awards. Proof of student membership is required to claim the award. RSVP is required.

EXPLORATION INSIGHTS

3:30 – 4:45 pm