The Northern Miner January 8 2018 Issue by The Northern Miner Group

FORECAST: ELECTRIC VEHICLES TO TRIPLE LITHIUM DEMAND BY 2025, CRU SAYS / 8 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

RUBICON MINERALS

CEO George Ogilvie on what new exploration has unearthed & what lies ahead at Phoenix / 3

VTEM™ | ZTEM™ | Gravity | Magnetics 905 841 5004 | geotech.ca

JANUARY 8-21, 2018 / VOL. 104 ISSUE 1 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Maple Gold takes fresh look at Douay

Filo sets stage for near-term copper production SOUTH AMERICA

| Adam Lundin calls oxide deposit a potential ‘company maker’ BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

ilo Mining (TSXV: FIL) is targeting production within five years at its flagship Filo del Sol copper-gold-silver project in the northern Chile-Argentina border region. The company was spun-out of Lukas Lundin’s NGEx Resources (TSX: NGQ; US-OTC: NGQRF) in mid-2016. Filo released a preliminary economic assessment(PEA)inlateNovemberthat modelsa50,000-tonne-per-dayoperation with a 15-year mine life. The US$792million, open-pit development would annuallyproduce50,000tonnescopper, 115,000 oz. gold, and 5 million oz. silver. The study estimates average co-product cash costs over life-of-mine of around US$1.42 per lb. copper equivalent. Thewholly-ownedpropertystraddles the international border between Argentina’s San Juan province and Chile’s Region III. The site is a 140 km drive southeast of the city of Copiapo in the High Andes of the Atacama. The company is focused on highsulphidation epithermal copper-goldsilver mineralization at the Filo del Sol deposit,whereweatheringandsupergene processeshavecreatedoxidecopper,gold and silver zones. Filo released an updated resource estimate in August that incorporated a recent 10,000-metre drill program. The project now globally hosts 373 See FILO MINING / 2

SITE VISIT

| Ivanhoe alumni see potential in ‘forgotten’ gold district in Quebec

BY TRISH SAYWELL tsaywell@northernminer.com AMOS, QUEBEC

ver the last four decades, a series of owners have carved out a resource of nearly three million ounces of gold below the 30 metres of overburden that blankets the Douay project in the Abitibi greenstone belt of northwestern Quebec. But the structures controlling the distribution of that gold — 2.8 million inferred ounces from 83.33 million tonnes grading 1.05 grams gold per tonne — remains largely a mystery. “It’s complex structurally — I don’t think there’s been a really concerted effort to try to understand what controls the gold mineralization,” Fred Speidel, Maple Gold Mines’ (TSXV: MGM; US-OTC: MGMLF) new vice-president of exploration, says on a recent tour of the property. Speidel and his colleagues at Maple Gold Mines are determined to find out. The junior has assembled a worldclass team — several of whom, like its new president and CEO Matthew Hornor — cut their teeth working for Robert Friedland’s Ivanhoe group. Hornor spent more than a decade within the Ivanhoe family of companies and has brought with him Ivanhoe alumni David Broughton as a director and head of Maple Gold Mines’ technical committee, along with Jay Chmelauskas, as chairman. Broughton worked for Ivanplats (now Ivanhoe Mines [TSX: IVN; NYSE: IVN]) from January 2008 through October 2016 and was coawarded PDAC’s Thayer Lindsley and AME’s Colin Spence awards for world-class discoveries at Kamoa in the Democratic Republic of the Congo and Flatreef in South Africa. Chmelauskas headed up Jinshan

Fred Speidel, Maple Gold Mines’ vice-president of exploration, holds a map at the Douay gold project in Quebec’s Abitibi greenstone belt. MAPLE GOLD MINES

Gold Mines for five years in China’s Inner Mongolia region, before Ivanhoe sold its 42% stake in the company to China National Gold Group, in 2008. The mining executive, who prior to Maple Gold Mines was CEO of Western Lithium before its merger with Lithium Americas, continues to work on special projects for the Ivanhoe private equity arm HPX. “We come from the Ivanhoe world where excellence was demanded every second of the day,” says Hornor. “We’re occupying every single position with the most excellent of people to make sure this thing is a screaming success.” And like Ivanhoe, the culture at Maple Gold Mines is to em-

brace trial and error as a necessary part of making discoveries. “You have to have an open mind, you have to be prepared to let people test targets,” Broughton tells analysts and investors attending a tour of Douay in November. “I was given that opportunity when I was working for Ivanhoe in places like South Africa and Congo. Those deposits wouldn’t have been found if we hadn’t taken that approach, of saying, ‘Let’s be creative, let’s drill some wildcat holes,’ and that’s how success happened.” In this case, the company has a good head start. There’s an archive of more than 220,000

PM40069240

See MAPLE GOLD / 6

Jan 22-25, 2018 Sign up now at roundup.amebc.ca

RADISSON MINING: ATTRACTS FUNDS FROM RENAUD ADAMS / 11

1-16, 23_JAN8_Main .indd 1

2018-01-02 8:47 PM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

Drillers at Filo Mining’s Filo del Sol copper-gold project in the Atacama region of Chile and Argentina. FILO MINING

Filo sets stage for near-term copper production FILO MINING From 1

million indicated tonnes of 0.34% copper, 0.33 gram gold per tonne and 9.2 grams silver per tonne. Additional inferred resources total 239 million tonnes at 0.27% copper, 0.33 gram gold and 7.8 grams silver. The PEA mine plan includes: 170 millionindicatedtonnesat0.44%copper, 0.35 gram gold and 16.6 grams silver per tonne; and 46 million inferred tonnes grading 0.35% copper, 0.35 gram gold

and 16.7 grams silver. “We think the oxide resources could be a company maker, but it’s definitely a company starter,” explains Filo Mining president and CEO Adam Lundin duringaninterviewinVancouver.“Our team had a great exploration program last year, and we really believe we could spend the next ten years successfully drilling this project, but we have the critical mass right now. The industry has this vision of mega copper projects with huge price tags. That’s not neces-

Cradle to cradle

sarily the case here.” Filo envisions a combination of permanent cyanidation, permanent acid, and on/off acid heap-leach pads. Gold and silver would be recovered from solution via a Merrill-Crowe plant to produce doré bars, while copper will be recovered using solvent extraction and electro-winning to produce cathodes. The company’s life-of-mine recovery assumptionsare74%forcopper,75%for gold and 62% for silver. The PEA estimates a 23% after-tax internal rate of return, and a net present value of US$705 million at an 8% discount rate. Filo says the revenue split by metal over the 15-year mine life would be 56% copper, 26% gold and 18% silver. “It’s basically a copper mine with exceptional gold and silver credits,” Lundin says. “That gives us some optionality in terms of project fi-

“THE INDUSTRY HAS THIS VISION OF MEGA COPPER PROJECTS WITH HUGE PRICE TAGS. THAT’S NOT NECESSARILY THE CASE HERE.” ADAM LUNDIN CEO, FILO MINING

nancing. I’ve gone out and tried to find development scenarios that are comparable to Filo del Sol, and frankly they’re very hard to find. It’s been super beneficial to have the Lundin Group behind the asset because we’ve been ef-

New from the Society of Economic Geologists: Reviews in Economic Geology, v. 19

Edoc

na.srk.com

Volume 19

ARCHEAN BASE AND PRECIO US METAL DEPOSITS, SOUTHERN ABITIBI GREENSTONE BELT, CANAD A

QUEBEC

Same team — start to finish.

REVIEWS IN ECONOMIC GEOLOGY

ONTARIO

ISBN 978-1-629492-20-9

OPATICA SUBPROVINCE Chibougamau Matagami

ST KAPU RU CT SKAS UR AL ING ZO NE

ARCHEAN BASE AND PRECIOUS METAL DEPOSITS, SOUTHERN ABITIBI GREENSTONE BELT, CANADA

Our global experience gives you expert, integrated solutions on every phase of your mining project.

REVIEWS IN ECONOMIC GEOLOGY—V OL. 19

Exploration, feasibility, due diligence, engineering and operations through to mine closure.

Our latest publication provides a comprehensive geologic review of the major mining camps of the southern Abitibi greenstone belt, Ontario and Quebec, Canada. Recent advances in the understanding of Neoarchean geology and metallogeny are detailed, with updates on current deposit models and camp-scale geologic factors controlling the location of the worldCombo – class deposits in this edoc and print area. Print

Northern AGB

Timmins

Southern AGB

PDfz

NIC

CTO

DoyonRouynNoranda Bousquet- Malartic LaRonde Val-d’Or

PONTIAC SUBPROVINCE

Shining Tree

PALEOPROTEROZOIC

Copper, zinc

50 km

ARCHEAN

Clastic rocks

Siliciclastic rocks Volcanic rocks

MINES (past and current producers) Gold

TE NT O E FR N LE ZO

Cadillac

Kirkland Lake LLCfz

Swayze

Nickel, copper

Intermediate to felsic intrusions Mafic to ultramafic intrusions Faults, high-strain zones, and shear zones

Editors

Mercier-Langevin, and Benoît Dubé NONSOCIETY OF ECONOMIC GEOLOGIS TS, INC. MEMBER MEMBER Thomas Monecke, Patrick

US$135 US$108 US$ 90 US$ 72 US$ 90 US$ 72

Mineral Deposits of Canada A Compilation 1905–2016

SEG Compilations Volume 13

ISBN 978-1-629491-55-4 ISSN 1939-1438

Selections from SEG and Economic Geology Publications

>1,400 professionals • > 45 offices • 20 countries • 6 continents

Pair this with the newest SEG Compilation volume, Mineral Deposits of Canada, for an in-depth look at mining in the region.

Edited by Patrick Mercier-Langevin

1-16, 23_JAN8_Main .indd 2

Soc iety of

Econ omic Ge olo g ists

segweb.org/store

fectively able to internally fund a lot of work when there was really a lack of investment in copper. I feel like we’re a bit ahead of the game here.” Filo will require permits from Chilean and Argentinean regulators. Lundin explains that the permit process in Argentina can begin after filing a pre-feasibility study, while the process in Chile requires a bankable feasibility study. The company intends to stagger its developmentactivitiestoaccommodate any potential permitting gap. Filo recently started another 10,000-metre drill program to lay the groundwork for the prefeasibility study. It hopes to have the higher-level scoping work complete by early 2019. Filo shares have traded in a 52-week range of $1.70 and $3.00 per share, and closed at $2.42 at the time of writing. The company has 62.3 million shares outstanding for a $151 million market capitalization, and reported US$5.5 million in working capital at the end of the third quarter. “Our family had great success in Argentina in the 1990s and never really left. We have a strong team down there,” Lundin says. “You could say the Veladero mine was a similar heap-leach scenario and that was a Lundin Group discovery. “We’ve definitely got lots of blue sky out there as well, and we’ll be punching some deeper holes in 2018 to see what we have in terms of copper porphyry opportunities. This is really just the beginning for Filo, and I think what’s really going to push copper higher is the under-investment we’ve seen across the industry.” TNM

2018-01-02 8:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 8–21, 2018

Rubicon wraps up 2017 exploration program at Phoenix INTERVIEW

| Results have been promising, but ‘we still have work to do,’ CEO Ogilvie says “ORIENTATED DRILLING IS NOT COMMONLY EMPLOYED IN NORTH AMERICA, BUT IF YOU’RE IN RED LAKE AND PARTICULARLY IF YOU KNOW SOME OF THE DIFFICULTIES THAT OTHER OPERATIONS HAVE SEEN WITH RESPECT TO STRUCTURAL GEOLOGY, IT CAN BE A VERY VALUABLE TOOL.”

BY TRISH SAYWELL

tsaywell@northernminer.com

ubicon Minera ls (TSX: RMX; US-OTC: RBYCF) drilled 28,500 metres at its Phoenix gold project in Red Lake in 2017. Highlights from the most recent batch of assay results include a 2.5-metre intercept grading 18.41 grams gold per tonne; a 1.9-metre intercept of 12.81 grams; and a 2.8-metre interval cutting 8.39 grams gold. The company has advanced 41.5 metres in exploratory underground development on the 122- and 244-metre levels into the mineralized envelope and plans to continue underground development work through the first half of 2018. Once that is completed, it will move into a test mining phase. The company expects to deliver an updated resource estimate and technical report in the second half of 2018. The Northern Miner spoke with Rubicon president and CEO George Ogilvie about the company’s progress in 2017 and plans for 2018.

George Ogilvie: The 23,500 metres was finished in early October. While we knew that we wanted to do more diamond drilling in 2018 as part of our continuing work programs, unfortunately the 2018 budget process was not completed in October nor approved, so in order to keep the drills active we felt we’d give the diamond drill contractor another 5,000 metres. Considering that we were ahead of schedule and under budget, it made sense.

The Northern Miner: In midDecember, Rubicon announced that it had completed its planned 23,500 metre drill program for the year, and then elected to drill an additional 5,000 metres before the start of 2018.

TNM: Is it fair to say that your 2017 exploration program has demonstrated higher grades and widths than were predicted by the 2016 resource estimate, as well as higher grades at depth than in the shallower zones?

GEORGE OGILVIE PRESIDENT AND CEO, RUBICON MINERALS

GO: In general, yes, but we still have work to do. Obviously the history of the company is chequered, given the dramatically changing resource statements. In 2013, there was a 3.3 million oz. global resource in all categories and by 2016 that number had dramatically shrunk to only 400,000 oz. of global resource, which is just too small to justify an economically viable mine. When I did my own due diligence over a year ago now, I took four months before signing on the dotted line. I always thought 3.3 million ounces was probably overly optimistic but at the same time, 400,000 ounces was probably conservative. The problem was thought to arise from various East-West structures, known as D2 structures, that cross

cut the main F2 zone hosting the bulk of the mineralization. These structures were not well understood. Where they cross cut the F2 mineralization we saw grade blow-outs, as we moved away from these structures, the grade diminishes until there are areas where the grade is sub-economic. The D2 structures and structural geology were never well understood, and understanding these is one of the key objectives prior to publishing an updated NI-43-101 in 2018. TNM: Can you describe what you’ve seen this year? GO: On the 244-metre level, where we’ve developed through the mineralized zone, we see good consistent

mineralization, all better than 4 grams gold per tonne, yet when you go to the current resource model we don’t see near the same strike length nor consistency. In short, the current resource model doesn’t marry up with what we can physically touch and see in the mine. We are now seeing similar discrepancies within our new diamond drill core when compared to the existing resource model. Upon the recommendation of our geological consultants, Golder Associates, we completed structural mapping of all the pre-existing developed openings in the mine and compared these results to what was in the then geological model. There were few similarities. Any new geological model will encapsulate the actual information taken from the physical mine. As far as the resource is concerned, we’re starting from a low base and there’s a good opportunity the next 43-101 will see an uplift in the resource. The key is really the magnitude of how much the resource is going to grow and whether it will be material enough for us to justify putting the mine into commercial production. TNM: But you’re pleased with the drill results so far? See RUBICON / 12

JOINT VENTURE ARTICLE

Kutcho Copper a New Player in Northern BC Vancouver-based development company Kutcho Copper Corp. (TSXV: KC) closed out 2017 on a high note and is looking ahead to a busy year at its Kutcho high-grade copper-zinc project in northern British Columbia. In mid-December, the company changed its name to Kutcho Copper Corp. from Desert Star Resources Ltd., and its ticker to “KC” from “DSR”. The rebranding dovetailed with a milestone $117-milllion financing package and the closing of Kutcho Copper’s acquisition of a 100% interest in its flagship Kutcho copper-zinc-gold-silver property, located 100 km east of Dease Lake, within the territory of the Tahltan and Kaska First Nations. Mineralization was first discovered on the property in 1968, and since then the property has had several owners including Sumitomo, Homestake Mining, Barrick Gold and most recently Capstone Mining. Over the past year Kutcho Copper has moved quickly to build up the company and fast-track development of the property, highlighted by the tabling of a strong prefeasibility study in June. Geologically, the property sits within the King Salmon Allochthon — a narrow belt of PermoTriassic island-arc volcanic rocks and Jurassic sediments — nestled bet ween t wo nor therly-dipping thrust faults. “We’re inheriting some exceptional geological work carried out over the years, and we don’t expect we’ll be re-inventing the geological model,” says Kutcho Copper President and CEO Vince Sorace. Some of that work was carried out by Western Keltic Mines, which drilled in 2004-05, before selling the property in 2008 to Capstone, which drilled another 10,000 metres the same year and released a

1-16, 23_JAN8_Main .indd 3

The Kutcho high-grade copper-zinc project in northern British Columbia. Credit: Kutcho Copper Corp. preliminary economic assessment in 2009 and a prefeasibility study in 2011. Kutcho Copper’s revised prefeasibility study of mid-2017 envisions a 2,500 tonne-per-day underground mine producing an average of 33 million lb. copper and 42 million lb. zinc annually over 12 years. The initial capital expenditure is estimated at $221 million, while the after-tax net present value is calculated at $265 million using an 8% discount rate, and the internal rate of return at 27.6%. These project economics were generated using prices of US$2.75 per lb. copper and US$1.10 per lb. zinc — much lower than current spot prices. Mineralized material in the “probable reserve” category stands at 10.4 million tonnes grading 2.01% copper, 3.19% zinc, 0.37 gram gold per tonne and 34.61 grams silver per tonne (or 2.92% copper equivalent). By dropping the resource cutoff grade to 1% copper from 1.5% copper for all the zones, Kutcho Copper increased the measured

and indicated tonnage by 50% to 16.9 million tonnes grading 1.89% copper, 2.87% zinc, 0.36 gram gold per tonne and 32.8 grams silver per tonne. Another 5.8 million tonnes at slightly lower grades lie in the inferred category. The additional tonnage has not yet been considered in the project economics. “O n e o f t h e key a s p e c t s o f Kutcho, and most volcanogenic massive sulfide systems, is its polymetallic nature,” says Sorace. “Approximately 60% of the value is in copper and 32% is in zinc, while the rest is the precious metals. We realized that a net smelter return cut-off value had not been established including all the byproduct metal values.” The largest portion of the latest financing package is a US$65million streaming agreement with Wheaton Precious Metals (TSX: WPM; NYSE: WPM), including a US$7 million advance to help Kutcho Copper fund a feasibility study. In exchange, Wheaton will receive up to 100% of the payable gold and silver production from Kutcho which declines to 66.6% once the

company has delivered 51,000 oz. gold and 5.6 million oz. silver. Wheaton will make ongoing production payments to Kutcho Copper equal to 20% of the applicable spot prices of gold and silver delivered. An additional payment of up to US$20 million will be payable to Kutcho Copper should the mine’s processing capacity increase to 4,500 tonnes per day or more within five years of attaining commercial production. “We recognized this structure would help us finance the acquisition while minimizing share dilution,” explains Sorace. “Kutcho is well suited for selling a goldsilver stream as those two metals only constitute about 8% of the revenue from the project. We knew we wouldn’t be encumbering the economics of the project.” I n D e c e m b e r 2 017, K u t c h o Copper also closed a $20 million subordinated secured convertible term debt loan with Wheaton and a $14.7-million private placement of shares and warrants. Those funds allowed Kutcho Copper to acquire 100% of the Kutcho project from Capstone on

Dec. 15 for $28.8 million in cash plus 4.6 million shares. Kutcho Copper recently signed a communications agreement with the Tahltan Central Government in relation to the Kutcho project. Meanwhile Kutcho Copper has strengthened its management and board by adding several key members over the past year. “It’s extremely important to have the right people filling the correct roles to drive a project like this and get it to the finish line,” comments Sorace. “That’s why we assembled premier people in their fields, namely Allison Rippin-Armstrong to head our environment, permitting and community relations efforts and Rob Duncan and Rory Kutluoglu to drive the feasibility along with the considerable experience and oversight of Stephen Quin on the board of directors.” Over the next 12 to 18 months, Kutcho Copper plans to explore and expand the resource, optimize the metallurgy, update the resource and reserve numbers, and complete a feasibility study. “You will see us embark on new environmental and community work and an extensive drilling program to convert all the inferred resources on the project to the indicated category,” says Sorace. As of Dec. 15, and taking into account the latest deals, Kutcho Copper had 46.9 million shares outstanding, with the largest shareholders being Capstone Mining (16%), Wheaton Precious Metals (13%), and management and directors (10%). — The preceding Joint Venture Article is promoted content sponsored by Kutcho Copper Corp. and written in conjunction with The Northern Miner. Visit www.kutcho. ca to learn more.

2018-01-02 8:48 PM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

E D I T O R IA L

The coming US mining renaissance POLITICS

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 Richard Quarisa, BA, MA (Jour & Comm) rquarisa@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 SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.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 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118 THE NORTHERN MINER is published biweekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

1-16, 23_JAN8_Main .indd 4

O P- E D

| Deregulation and tax cuts in store

hile for much of past twenty years there has been a slow withering of the mining industry in the U.S., with the notable exceptions of a few bright spots such as gold mining in Nevada, things are starting to look much more optimistic thanks to a combination of rising commodity prices, an easing BY JOHN CUMMING of regulatory burdens and a new pro-business jcumming@northernminer.com atmosphere punctuated by the deep corporate cuts in the U.S. Tax Cuts and Jobs Act pushed through by Republicans as 2017 drew to a close. One of the first signs of recovery came in the early months of 2017 as coal mines in Appalachia started to reopen and hire new employees in response to the doubling of metallurgical coal prices — reversing a brutal 5-year decline in Big Coal that saw the bankruptcies of most of the country’s largest coal miners in the mid-2010s. Year-over-year, U.S. coal production increased 8.9% in the 52 weeks ending Dec. 23, according to the Energy Information Administration’s weekly estimates. The number of working miners in the U.S. is not yet available for 2017, but the figure hit an all-time low of 52,000 in 2016, compared to 92,000 in 2011 when met and thermal coal prices were both strong. The Trump administration’s early appointment of Oklahoma Attorney General Scott Pruitt to head up the U.S. Environmental Protection Agency signaled a new direction for the EPA that would see it narrow its regulatory focus and take a more pragmatic approach to resource development. In previous roles, Pruitt, a socially conservative lawyer who once served as state senator for the Tulsa area, had openly criticized the agency for overstepping its bounds, had sued the EPA to block its carbon emission-capping Clean Power Plan, and worked to roll back EPA regulations imposed in the oil and gas industry, which is critical to Oklahoma’s economy. For miners, the new direction at the EPA was seen in the agency adopting a moderated stance towards Northern Dynasty Minerals’ proposed Pebble copper-gold mega-project in Alaska, which is now back on track with a more modest development proposal. In another pro-domestic mining move instituted before Christmas, U.S. President Donald Trump signed an executive order to reduce the country’s dependence on imported critical minerals. In a release, the White House stated that the comprehensive order “aims to identify new sources of critical minerals, ensure miners and producers have access to the best data, and streamline the leasing and permitting process to expedite production, reprocessing and recycling of minerals at all levels of the supply chain.” “This executive order will prioritize reducing the nation’s vulnerability to disruptions in our supply of critical minerals safely and responsibility for the benefit of the American people,” Trump said in the statement. The U.S. Department of the Interior notes that in 2016 the U.S. was reliant on imports for 23 minerals including cobalt, lithium, graphite and rare-earth elements, and is most reliant on China, which supplied the U.S. with at least 20 critical minerals. The sweeping federal corporate and personal tax cuts passed at the end of 2017 are truly breathtaking and will take months for accountants to come grips with. They could certainly cause Canadianheadquartered mining companies with operations in the U.S. to relocate south of the border in the coming years, as Canada has in one fell swoop effectively lost its tax advantage over the U.S. at both the corporate and personal levels. Worse, Canadian governments are going in the wrong direction compared to the U.S. in terms of personal and corporate taxes, energy costs, carbon taxes, trade agreements and regulatory burdens that have already killed off major pipeline projects in Canada. Tucked into the recently passed Republican tax overhaul bill was a provision to open Alaska’s remote Arctic National Wildlife Refuge (ANWR) to oil and natural gas drilling, ending more than four decades of heated debate on the matter, and setting the stage for another oil boom in Alaska that can only benefit other resource development efforts in the state. One last bit of heartening news for U.S. miners came in midDecember as Wisconsin’s Republican Governor Scott Walker signed a bill to lift a ban on gold and silver mining imposed in the mineral-rich state in 1998 in order to dissuade the mining of sulphide ore and the production of sulphidic tailings. “If there’s anywhere in the world that should be able to conduct safe and environmentally sound mining, it should be the Badger State,” Walker tweeted. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory. . . . . . . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . . . . 18-23

COMPANY INDEX Agnico Eagle Mines. . . . . . . 6,11 Alamos Gold. . . . . . . . . . . . . . 11 Alamos Gold. . . . . . . . . . . . . . . 6 Albemarle. . . . . . . . . . . . . . . . . 8 Antofagasta. . . . . . . . . . . . . . . . 7 Cameco. . . . . . . . . . . . . . . . . . . 9 Carube Copper. . . . . . . . . . . . 15 Detour Gold. . . . . . . . . . . . . . . 6 Filo Mining. . . . . . . . . . . . . . . . 1 First Quantum Minerals. . . . . 7 Group Ten Metals . . . . . . . . . 10 Hecla Mining. . . . . . . . . . . . . . 6

Iamgold. . . . . . . . . . . . . . . . . . 11 Ivanhoe Mines. . . . . . . . . . . . . 1 Japan Gold. . . . . . . . . . . . . . . .14 Maple Gold Mines. . . . . . . . . . 1 Metanor Resources. . . . . . . . . 6 Monarques Gold . . . . . . . . . . 11 NGEx Resources . . . . . . . . . . . 1 Orefinders Resources . . . . . . 13 Osisko Mining. . . . . . . . . . . . . 6 Paladin Energy. . . . . . . . . . . . . 9 QMX Gold . . . . . . . . . . . . . . . 11 Radisson Mining

Resources. . . . . . . . . . . . . . . 11 Rubicon Minerals . . . . . . . . . . 3 Sibanye-Stillwater . . . . . . . . . 10 Southern Arc Minerals. . . . . . . . . . . . . . . . 14 Sumiko Resources Exploration & Development . . . . . . . . . . 14 Sumitomo Metal Mining. . . 14 Tianqi Lithium. . . . . . . . . . . . . 8 Tinka Resources. . . . . . . . . . . 16 Yamana Gold . . . . . . . . . . . . . . 6

A better suggestion for parkland in northern Manitoba LETTER TO THE EDITOR

| Nickel Belt, Seal River area not good choices for new national park

he Manitoba Saskatchewan Prospectors and Developers Association (MSPDA) takes the strong view that while it agrees with Stephen Fletcher’s view that a creating a new national park on Manitoba’s Nickel Belt is an irresponsible action by the federal government (T.N.M., Nov. 16-Dec. 10/17), he should not have so quickly suggested a park in the Seal River area as an alternative. Mr. Fletcher, Member of the Legislative Assembly for CharleswoodSt James-Assiniboia and long-time federal Conservative Member of Parliament from 2004-15, is correct that establishing a park on the nickel belt only discourages further exploration in the province by its placement on an area of high mineral potential. This is especially true given that northern Manitoba’s mining industry is in serious trouble. Vale in Thompson closed Birch Tree and in 2018 will close the smelter in Thompson. Add this to the closure in just three years of Triple 7 and Reed Lake mines operated by Hudbay Minerals. This will have a severe impact on Flin Flon and the supporting infrastructure since these mines are currently the only source of feed for the Flin Flon mill and part of the feed for the zinc plant. Northern Manitoba is already reeling from the closure of the Churchill port. The closure of western Canada’s only northern railroad — the Hudson Bay Railroad — may not be far off given they will have no industry north of The Pas to service. It looked for a while that the four main economic engines in northern Manitoba would be shut down over the next three years. While Kraft paper came in and saved the day for the paper mill in The Pas, the future of the other three towns and their connecting railroad does not look so bright. Manitoba under the stewardship of the New Democratic Party had a long history of park creation being strongly influenced by outof-province and out-of-country groups such as the World Wildlife Federation, the PEW Foundation, the Hewlett Foundation out of California, and others. The NDP designated numerous parks; some the size of PEI, most in

the north and naturally outside the Perimeter Highway within which reside 65% of Manitoba residents. These parks along with other land withdrawals account for over 20% of Manitoba. But that was nothing: in the dying mandate of the NDP, the Boreal Initiative wanted 50% of the boreal forest in Manitoba which includes taiga and barren lands in the far north. It was an unprecedented, overreaching land grab which our association fought strongly against. With some minor exceptions, the wilderness of our north does not need “protecting” given our strict environmental laws. What needs protection is land for development and for our northern communities. Large wilderness parks have not only the effect of sterilizing large areas and preventing new mining camps from ever being developed, but they also surround communities with areas of no hydro, forestry and mining. There is no farming and few secondary industries so this for many communities makes them into wilderness ghettos. Indigenous peoples can see the well-supported infrastructure inside the Perimeter Highway on TV, tablets and cell phones, but many live with 80% unemployment in communities lacking services other Manitobans take for granted. We do not need more parks. We need more exploration and economic development with government sharing the revenue to support adjacent communities on their traditional land. Enough First Nation leaders in Manitoba were on the same page with the MSPDA in that they were pro-development and didn’t want foreigners influencing what was going to happen in their own backyard. Thanks mainly to these Indigenous leaders and the MSPDA objections to a lesser extent, the Boreal Initiative was halted. Communities with 80% unemployment need development and hope for the future. Mining is the largest employer of Indigenous people in Manitoba and the third largest industry in Manitoba. As much as we appreciate Mr. See MANITOBA PARKS / 5

2018-01-02 8:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 8–21, 2018

ICMM’s Butler: Mining an ‘agent of change when it comes to alleviating poverty’ INTERVIEW

| Private sector expected to deliver value for all to stakeholders, not just shareholders, Butler says

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

n Dec. 6, The Northern Miner sat down for an interview with Tom Butler, CEO of the U.K.-based International Council of Mining and Metals (ICMM), to discuss climate change politics and other prominent themes for miners on the international stage in 2018. Butler became CEO of ICMM in July 2015. Before that, he spent 18 years with the World Bank’s International Finance Corporation in its infrastructure and natural resource teams, with an emphasis on mining and power projects in Africa.

The Northern Miner: How is the mining industry is perceived globally today? Tom Butler: There’s a trust gap, and the question is: How do we close it? The mining industry isn’t doing well in many countries. You see that in the loss of social license where governments feel they have political room to take actions because the industry doesn’t have the support of local populations. So there’s a lot of work to be done when it comes to communicating the positive impacts of mining and getting local populations behind that message. That’s especially true in developing countries where the industry can be a real agent of change when it comes to alleviating poverty and bringing resources into an economy.

Tom Butler, CEO of the International Council of Mining and Metals (ICMM), delivers a speech to the Greater Vancouver Board of Trade in December. GREATER VANCOUVER BOARD OF TRADE

At the same time, we hear a lot about climate change and the expectation that industry should do its part. I think the oil and gas industry has been hit harder by that message because there’s an awareness that mining is going to supply the raw materials needed to “decarbonize” the world. And it’s not just minerals like lithium and cobalt, but also resources like iron ore and metallurgical coal. We believe some of Canada’s major companies are really emerging as leaders in the climate change discussion. TNM: What challenges do mining companies face on the interna-

“WE BELIEVE SOME OF CANADA’S MAJOR COMPANIES ARE REALLY EMERGING AS LEADERS IN THE CLIMATE CHANGE DISCUSSION.” TOM BUTLER CEO, INTERNATIONAL COUNCIL OF MINING AND METALS

tional stage in 2018? TB: There are really three key issues you hear a lot about right now. First, society is expecting the private sector to add a lot more value to stakeholders, and not just shareholders. That means we need to

A better suggestion for northern Manitoba MANITOBA PARKS From 4

Fletcher’s support in regard to disagreeing with a national park on the Thompson Nickel Belt, his promotion of the Seal River area as an alternative is worse than a park on the Nickel Belt. The future of Canada is in its North and we should not be sterilizing vast areas from development when the area is not threatened in any way just because people love nature. We all love nature but the economy of the province for future generations should not be compromised. It is important to note here, that one lively gold play in the world right now is in conglomerates of Aphebian age (Lower Proterozoic) in Australia, in some ways similar to the Witwatersrand basin in South Africa — the most prolific area of gold in the world which held half the world’s gold resources in 2002. Where do we have quartz pebble conglomerates similar to the Wits basin host rocks in Manitoba and of similar age with gold? In the Seal River area and it is wide open for staking. Where do we have huge diamond potential? In the Nejanilini Lake area just to the north, including the Seal River area which has the second oldest continental crust in Canada. This crust exceeds 3.2 billion years and it’s a great place to look for diamonds. Unfortunately a good portion of this prospective geology lays beneath one of these new parks the size of some countries. The Caribou River Provincial

1-16, 23_JAN8_Main .indd 5

Wilderness Park, given its potential, should be opened up for diamond exploration and if diamond pipes are found, other land with less potential can be exchanged for it especially since the park is not needed in the first place. We certainly don’t need yet another park next door to this one — not with that kind of mineral potential in the area. Not a single explorationist or exploration company in Manitoba supports Mr. Fletcher’s view that the Seal River should be considered for a park and all that I speak to are adamant in their voice against it. He obviously did not consult sufficiently with the northern exploration community. The MSPDA representing prospectors and junior companies, as well as our sister association in southern Manitoba, rejects this proposal and we ask Mr. Fletcher to withdraw his proposal for the Seal River area. Manitoba has enough wilderness parks for rich tourist to play in; we need more exploration and investment in northern Manitoba given its legacy and huge untested mineral potential and that means keeping land available for exploration. This area in the far north has barely been explored. We need the provincial government to scuttle its parks branch that is deterring development of our north and to put policy and incentives in place to attract investment. We have a Conservative government. We expect it to stimulate exploration in the north so we can find the mines that support our communities and that pay for a lot of the social necessities here

and in the south. Mining is our main industry in the north. We have given the provincial government concrete and detailed proposals on how to do this and we now await action. Parks on land of high mineral potential is irresponsible and bad stewardship deterring sustainability of our northern communities and people. Stephen Masson, president Manitoba-Saskatchewan Prospectors and Developers Association (MSPDA)

deliver on sustainable development goals, address climate change and deal with inequality. Second, there’s a lot of attention paid to resource scarcity in the broader sense, and that goes beyond scarcity of minerals. It includes things like water, air and human resources. That’s leading to growing pressure around issues like water management at mine sites. Third, there are now expectations for much greater accountability and transparency. That means citizens are getting much more involved in terms of where they put their money. They want to know about their investments, and there’s much greater demand for environmental, social and governance criteria to be published and disclosed. TNM: It can be difficult to quantify the near-term financial benefits of investing in items like green energy and “decarbonizing.” How does that affect stakeholders, shareholders and capital markets?

TB: We believe there’s more alignment between shareholders and stakeholders than many people recognize. The companies realize that the major investors — including pension funds — are watching what’s happening with these issues. I mentioned that growing realization in capital markets that people are very interested in where their money is being invested. A growing number of funds are using governance, environmental and social criteria in judging investments. Certainly climate footprint is an element investors consider when making decisions. If we’re talking about social license to operate, and delivering on citizen expectations, these are things that can create a number of issues in the final analysis. If you’re on the wrong side of the reputation debate you run the risk of having people not wanting to invest, which could impact the share price. Ultimately, there’s no value for shareholders in shutting down, or losing, a valuable project due to a lack of local support. TNM: There’s also a segment out there that’s completely opposed to mining and natural resource exploitation, generally. How do you deal with that segment — for example, Apple saying it intends to make iPhones out of completely recycled material in order to “stop mining the planet”? TB: You can sit down at the table with everyone. I think that movement is still very much on the fringe. The fact is if we’re going decarbonize economies and deliver the material society needs, particularly as people move into the middle class in places like China, there’s going to have to be a huge amount of commodities supplied by the mining industry. You’re not going to get that out of purely recycled material. But that really highlights the importance of communication and leveraging platforms like social media to really get our message out there. We need to continue to underline the role mining will play in supplying the technology sector. It’s important for society to understand that mineral extraction is really part of the solution to many of these challenges. TNM

SGS DELIVERS BANKABLE EXPERTISE For over 75 years in Canada, our bankable expertise has been providing mining companies with a comprehensive understanding of their deposit and ore variability while optimizing flowsheet design for processing. SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANY

WWW.SGS.COM/MINING MINERALS@SGS.COM

2018-01-02 8:48 PM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

A historic headframe at Maple Gold Mines’ Douay gold property in northern Quebec. MAPLE GOLD MINES

Maple Gold takes fresh look at Douay MAPLE GOLD From 1

metres of historic drill core to interpret that dates to the initial Douay discovery by Inco Gold in 1976. The core is in excellent condition and the site even has a headframe built by Aurizon Mines in the 1990s and never used. “We’ve already got 3 million ounces here more or less in-pit, and it’s much larger if you can unconstrain it, so we’re well on the way to having something that is viable and with a lot of upside still to come,” Broughton says. “You’ve got this huge land package, you’ve got new ideas and people coming in, and it’s really exciting because you can make discoveries when you’re in that situation.” While there is a lot that is unknown about Douay and its surrounding 370-sq.-km land package, what Speidel and Broughton do know is that the majority of the gold found there, so far, is associated with a syenite gold system that forms part of a 7-km-long trend of mineralized zones. These zones are found within the central part of the project’s 55 km of strike length along the Casa Berardi Deformation Zone. The intrusive-related style of mineralization is also present at several other gold deposits that have been recently discovered, such as Canadian Malartic, now owned by Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY), about 157 km to the south of Douay, Osisko Mining’s (TSX: OSK) Windfall project, between Val-d’Or and Chibougamau in the Abitibi, and Alamos Gold’s (TSX: AGI; NYSE: AGI) Young-Davidson mine, 60 km west of Kirkland Lake in northern Ontario. Closer to home, Douay is 81 km to the east of Hecla Mining’s (NYSE: HL) Casa Berardi gold mine and 123 km to the southeast of Detour Gold’s (TSX: DGC) Detour Lake gold mine. Past-producing gold mines in the high-rent neighbourhood include Sleeping Giant, an orogenic gold deposit 50 km to the south, and Selbaie, a volcanogenic massive sulphide (VMS) deposit, 66 km to the north. The interesting thing about the region along the Casa Berardi break, Speidel says, is that it contains a variety of deposit types in addition to

1-16, 23_JAN8_Main .indd 6

syenite-related gold systems. There are VMS deposits — sulphides that accumulated on the sea floor that can be rich in copper, zinc, lead and gold. There are orogenic gold deposits — the more typical quartz-gold veins — such as the Casa Berardi and the Sleeping Giant mines. Elsewhere in the Quebec portion of the Abitibi Greenstone belt there are other intrusive-related gold systems, similar to Douay, such as Lac Shortt, Metanor Resources’ (TSXV: MTO) Bachelor Lake mine, and Malartic, which are associated with alkaline intrusives or intrusive complexes, including carbonatites, such as is the case at Douay and Lac Shortt. (Lac Shortt, 165 km east of Douay, was a small gold mine that produced 2.7 million tonnes grading 4.6 grams gold and operated for six years, closing in 1990.) “One of the things that I was really impressed about here is that we’re sitting in a system where there are half-a-dozen different types of gold deposits, all associated, more or less, with the Casa Berardi break,” Broughton says. “It’s not just intrusive-hosted gold. There are other opportunities here under cover. The Sleeping Giant mine has past production and resources of about 1.3 million ounces of gold at very high grades. It’s sitting just to the south of us, adjacent to the

same splay that runs through the southern part of our property, so why couldn’t there be those sorts of things here? We certainly have high-grade intersections.” Meanwhile, Canadian Malartic is a very similar deposit type to Douay, as it’s also associated with felsic to intermediate porphyritic rocks that are borderline alkaline, Speidel says. “We use Malartic as a model and in the remote spectral geology study we’re currently doing, we’re using Malartic as a calibration site to look for similar signatures at Douay, because it’s a big open pit and the spectral response is fairly obvious.” “I’m really interested in these intrusive-related gold systems because of things like Malartic,” Broughton says. “These give you an opportunity to bulk mine what probably 25 years ago you couldn’t have done, and put together large deposits with a lot of ounces. And certainly since I left the Abitibi and come back, that’s happened in Timmins in a couple of places, and now at Malartic, and I think it can happen here. So I want to look at these styles of systems. How do we find them? What do they look like under cover because we are sitting on a lot of cover here and it’s not about what we see, it’s about what we don’t see.” Intrusive-related systems like

Malartic are typically large-tonnage, low-grade and amenable to open-pit mining and they weren’t on anyone’s radar until fairly recently, Broughton says, adding that in his early career he was used to thinking of the Abitibi as having Hollinger-type gold quartz veins. “These are different,” he says of the intrusive-related systems. “They’re disseminated gold mineralization. So if you look at the core and you walk around, you don’t see many veins and you don’t see much visible gold. It’s a very different gold mineralization than the better known style, and that has implications for exploration.” Broughton notes that intrusiverelated gold systems are usually associated with relatively small intrusions, syenitic in composition, and are generally oxidized, which means they often have magnetite or hematite, which means there are geophysical implications in terms of detecting them. “If you look at a map of the Abitibi, you’ve got very large areas of igneous rocks, of plutonic rocks, big, big granites, and so on. And that’s not what we’re talking about here. We’re talking about small little porphyry systems that come off much larger ones, in a similar way as what you see if you go to British Columbia and you look at the systems at places like Red Chris. So you’re not look-

ing for these large masses. They’re actually quite small targets, but they can, obviously, be very attractive.” The geologist also notes that they tend to be smaller intrusions, often later in age, and associated with what are known as Temiskaming-type sediments in the Abitibi. The intrusions also like to come up on faults, he says, which means they’re often on geological boundaries between mafic and sedimentary packages. “If you look at Malartic, the mineralized zones that they’re mining are largely to the south of the main structure, the Cadillac-Larder break, and actually in sedimentary rocks,” Broughton says. “At Douay, it’s in mafic rocks and that has implications again on what these things look like geophysically and geochemically. So there are lots of things we can use under cover to try to understand targeting.” Over the last 18 months, Maple Gold has re-logged much of the historic core. Since joining the company in late 2017, Speidel started examining 27,000 metres of core that had yet to be re-logged. His goal: To characterize gold mineralization associated with clusters of higher grade and broader gold intercepts and select high quality targets for the company’s 2018 drill campaign. The 25,000-30,000-metre drill program will kick off on Jan. 15

The core storage facilities and buildings at Maple Gold Mines’ Douay gold project in Quebec. MAPLE GOLD MINES

2018-01-02 8:48 PM

GLOBAL MINING NEWS

and include reverse circulation (RC) and diamond drilling in brownfield and greenfield areas. About 50% of the program will test potential new discovery targets, including diamond drilling of the Northeast syenite target and top-of-bedrock RC drilling of additional greenfields targets. The remainder of the program will consist of step-out and infill drilling the existing resource. In addition to improving geological and exploration models from the re-logging work, the company plans to test a significant amount of the historic core that was never assayed for gold. An initial 8,000 samples have already been collected, and during the final phase of re-logging, another 10,000 samples will be collected. The new assays will help identify mineralization vectors and improve geo-statistical modelling of the resource. Given that much of the project over the Casa Berardi Deformation Zone is covered by thick glacial deposits, conventional soil sampling is ineffective at targeting bedrock anomalies. “We want to update the geological model and then update the block model,” Speidel says. “It seems that sometimes, as may have been the case here, the two models are developed with a degree of independence from each other, rather than using your geological model to constrain your block model. So we want to fix that.” So far early re-logging work has found evidence that when there is higher grade material (anything over a gram gold), there will be a significant structure within a few tens of metres of it, Speidel says, and there is an association that needs to be defined between the syenite, favorable mafic wall rocks and structures. “The old logs may indicate that there’s a fault zone here, there’s a shear zone there, there’s a fracture zone over there, but no one has really tried to pull it all together in terms of what this actually means and which structures may be more relevant, because they’re not all the same,” he explains. “We want to understand what controls the higher grades of gold within the sections we’re logging, but ultimately we want to get a 3-D model of the structural situation that we have. I’ve done some re-logging myself because I have to understand the rocks and contribute my own ideas about the whole system.” “That’s an important point,” Broughton chimes in. “I was recently in Africa for two weeks and other than travel time and one day in the office, I spent my time in the field and logging core. If you can’t get your senior people logging core, and they’re pushing paper, you’re not getting value.” For Speidel, whose career started in northern Quebec, working in the Abitibi is a homecoming of sorts. In his early days the geologist was responsible for brownfield exploration around Lac Shortt. He also played a role in the discovery of the Troilus gold deposit, 120 km north of Chibougamau. Inmet Mining produced over 2 million oz. gold and almost 70,000 tonnes copper from an open pit at Troilus between 1996 and 2010. Troilus was originally thought to be a shear zone-hosted gold system but turned out to be intrusiverelated. And like the early days at Douay, people thought of Troilus as a potential underground project and discounted the lower grade material. “Troilus was sitting on the shelf and the person running the exploration office for Minova at the time thought outside of the box and said, ‘Think open pit.’ So he passed the project to me and we did a bunch of drilling, and we ended up redefining the model as more of a porphyry kind of gold system.” The average grade at Troilus was around 1 gram, but there was a

1-16, 23_JAN8_Main .indd 7

THE NORTHERN MINER / JANUARY 8–21, 2018

Examining maps at Maple Gold Mines’ Douay gold project in Quebec, from left: David Broughton, director and head of the technical committee; Fred Speidel, vice-president of exploration; and Matthew Hornor, president and CEO. MAPLE GOLD MINES

“WE’VE ALREADY GOT 3 MILLION OUNCES HERE MORE OR LESS IN-PIT, AND IT’S MUCH LARGER IF YOU CAN UN-CONSTRAIN IT, SO WE’RE WELL ON THE WAY TO HAVING SOMETHING THAT IS VIABLE AND WITH A LOT OF UPSIDE STILL TO COME.” DAVID BROUGHTON DIRECTOR AND HEAD OF THE TECHNICAL COMMITTEE, MAPLE GOLD MINES

feeder zone at depth in the pit that was double the grade … Douay has potential for multiple feeders and certainly that’s what it looks like when you plot out the gold accumulations.” Later, while leading exploration teams in Central and South America for Minnova, which later became Inmet Mining, and then was acquired by First Quantum Minerals (TSX: FM; LON: FQM), Speidel was involved in several gold and copper discoveries, including Cobre Panama, the enormous copper development project in Panama. Prior to joining Maple Gold Mines, he was regional exploration manager in North America for Antofagasta (LON: ANTO; US-OTC: ANFGY). ”David and I both started in the Abitibi and then went international so we can come back and apply different thinking,” Speidel says. “We haven’t been in the Abitibi for most of our lives so some of the methodologies that we’ve used elsewhere are applicable but not commonly used around here, like remote spectral geology, for instance, and a few other things.” “Coming back to this area for me is exciting because of the time gap,” Broughton adds, noting that after starting in the Abitibi more than 30 years ago, he spent the following two decades in Africa. “When you come back and you’ve forgotten your preconceived ideas you can bring in new ideas,” he says. “And you can ask questions that maybe other people don’t ask and do things that other people maybe don’t do and that’s a great way to make discoveries.” The geologists also agree that the common perception of the area around Douay is that there is nothing left to find, an attitude that Speidel recalls encountering when he wanted his previous employers to let him look for deposits in Chile. “People would say, ‘It’s a mature country for exploration and the land is all staked and you won’t find anything.’ And I would say, ‘Well, it’s mature in some belts, and it’s mature from zero down to 400 metres, but it’s not mature below 400 metres depth.” “A lot of my career in a lot of cases has been going into places which were felt to be of little interest,”

Broughton adds. “People didn’t think there was much potential, and we were successful. That happened at Platreef in South Africa and it certainly happened at Kamoa and at other places, as well, and this is another example of really a whole district that has kind of been forgotten or written off by a lot of people. It’s sometimes not what you see but what you don’t see, and I think there’s a lot of truth in that here.” The Douay resource remains open along strike and down plunge, and the company believes brownfields exploration potential for resource expansion is excellent. The deepest hole was drilled to 958 metres; the average hole depth for the current 761-hole database is 293 metres. “Abitibi systems are mesothermal, mid-crustal systems that have tremendous depth extent,” Broughton notes. “I worked underground at Kerr-Addison, 4,500 feet below surface. Macassa is 8,000. These things go a long way down. Douay has few holes below 700 metres. And so to me, there’s a lot of downplunge extent that we will need to bear in mind when we’re doing our exploration.” Currently, Douay’s pit-constrained resource is contained in eight separate zones: 10, 20, 531, Central, Douay West, Northwest, Porphyry and Main. The Main zone averages 1.5 grams gold per tonne, Douay West 2.36 grams gold, the Northwest zone 2.15 grams, and the larger Porphyry zone around 1 gram. The smallest zones (10, 20, and Central) average 1.2 grams gold. The distance between the Main and Douay West zone is about 6.6 km end to end. The company has also defined a new zone it is calling the Northeast syenite target, which is 6 km by 1 km, and virtually untested by drilling. The target is about 2.6 km to the northeast of the Porphyry zone and Maple Gold plans to drill a minimum of 11 core holes into the target in the first quarter of 2018. In the Porphyry zone, there are at least four clusters of higher-grade intersections, at greater than 2 grams gold per tonne, and Speidel surmises they could represent structural intersections or feeder zone, particularly in the up-dip areas

where there are potential starter pits. Highlights of the company’s 2017 spring-summer drill program include 9 metres of 4.53 grams gold, including 1.5 metres of 15.7 grams gold in the central segment of the Porphyry zone and 1.2 metres averaging 13.35 grams gold. In the Douay West Zone, drilling returned a 7.5 metre intercept of 1.39 grams gold, 20.6 metres of 2.11 grams gold and 23.1 metres of 2.20 grams gold. Previous drill campaigns returned 21.18 grams over 10.5 metres; 9.27 grams gold over 21.4 metres in Douay West; 14.41 grams gold over 16.9 metres in the Main zone; 2.63 grams gold over 55.7 metres in the 531 zone; and 2.13 grams gold over 60 metres in the Porphyry zone. “We’ve expanded the area of syenite to roughly ten kilometres, that’s the brownfields target area right now, but even outside of that, along what looks to be the north strand of the Casa Berardi fault zone, there are a number of other areas that have syenite, and there’s very little drilling that’s been done out there so there’s quite a lot of upside potential in terms of finding additional resource clusters all along the Casa Berardi fault zone and secondary structures,” says chairman Chemelauskas. “This team is following the discovery model, not the finance model, and that means we’re telling our geologists ‘don’t be afraid,’” adds Pierre Lebel, who sits on the company’s board of directors and was awarded Mining Person of the Year in 2012 by the Mining Association of British Columbia for his contribu-

tion to mine development in British Columbia. “We’re not going to blame anyone for taking a chance and not getting a good result because we know that we’re not going to get results every time and we’re going to drill some dry holes.” “So often junior companies have a financing model in their approach – they don’t want to get too far away from the known, and instead nibble around the edges, and it takes so long when you do it that way. You eventually get there, but this team really has a different attitude.” In the meantime, Maple Gold’s executives are criss-crossing the globe marketing the story. “A big part of what we’re doing here is putting this company in play,” Chmelauskas says, adding that the company has recruited Gregg Orr, a former partner at Deloitte, as its chief financial officer, to bring the company’s financials into shape. “Matthew is doing laps of the world talking to people … and Gregg has brought our financials up to that senior company standard, so when Matt brings in his Japanese colleagues that want to buy into this business — or any of the intermediate or senior companies that we expect to pass this company on to — we’re ready for them today.” Hornor, who speaks fluent Japanese and honed his skills at Ivanhoe where he negotiated project financings for development projects with international banking syndicates, structured strategic alliances and directly negotiated equity raises of more than $450 million, is enjoying the challenge. “My job is the fun one — I get to sell a $2.50 stock for a quarter today and watch it grow and meet that objective — so I’m having a great time,” says Hornor. At press time in Toronto the company was trading at 24¢ per share within a 52-week range of 15¢ (December 2016) and 46¢ (March 2017). The junior has 182 million total shares outstanding for a market cap of $44 million. TNM

Global Leader

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

2018-01-02 8:48 PM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

Lithium demand to triple by 2025, CRU expects OUTLOOK 2018

| Firm predicts 7.2M EVs and 2.5M plug-in hybrids to be produced annually by 2025

BY TRISH SAYWELL

tsaywell@northernminer.com

egulations in China that plugin hybrid electric vehicles and fully electric vehicles must make up 8% of all new vehicle production in the Asian juggernaut in 2018, rising to 10% in 2019 and 12% in 2021, will drive increasing demand for lithium, Alex Laugharne, principal consultant at CRU Group, tells The Northern Miner. The New York-based analyst for the commodity markets research and consulting firm forecasts the stricter policies aimed at cleaning up the country’s excessive smog, will see China produce about 5 million fully electric vehicles (EVs) by 2025, up from a few hundred thousand today, and about 2.2 million plug-in hybrids (PHEVs), which have both combustion and electric engines. Globally, his figures total 7.2 million EVs and 2.5 million PHEVs by 2025. China isn’t the only nation trying to wean its drivers off gasoline. Britain and France hope to ban fossil-fuel powered cars by 2040, while Germany’s parliament has called for a ban by 2030, and India has committed to phase them out as early as 2020. As a result, demand for lithium, and lithium carbonate equivalent (LCE), the most widely traded of lithium products that goes into the cathodes of lithium-ion batteries used in electric cars, will more than triple between now and 2025, Laugharne estimates, moving from about 229,000 tonnes LCE in 2017 to over 700,000 tonnes in 2025. While there isn’t much transparency when it comes to LCE prices (t here is no organized lithium exchange and buyers and sellers typically price LCE by contract), Laugharne estimates that prices ranged from US$10,000 to US$12,000 per tonne in 2017, for an average of US$11,500 per tonne, up from about US$7,500 per tonne on average in 2016, and about US$5,000 per tonne in 2015. Prices for 2018, he says, should be quite close to the levels seen in 2017. “We’re expecting prices through 2018 to sit at a pretty similar level to this year, and most products are at all-time highs,” he explains, noting that CRU price assessments take an average of some of the import trade numbers and its analysts also talk to companies and traders in the market. “The peak should stick around for another year before moderating a little beyond that.” In terms of LCE content in batteries, fully electric cars (EVs) obviously contain more lithium than PHEVs. For example, a Tesla Model 3 contains a 60 kilowatt hour bat-

The processing plant, as seen in 2011, at Talison Lithium’s Greenbushes lithium mine in Western Australia, which produces about half of the world’s lithium supply. Talison is a joint venture between Albemarle and Tianqi Lithium. TALISON LITHIUM

“AS MUCH AS THERE IS A HUGE AMOUNT OF MINE-LEVEL DEVELOPMENT ACTIVITY GOING ON, THERE IS A POSSIBILITY OF DELAYS IN GETTING THAT MATERIAL OUT OF THE GROUND, RAMPED UP, AND THEN PRODUCING THE HIGHEST QUALITY THAT THE MARKET IS AFTER, SO THERE ARE POTENTIAL BOTTLENECKS AT EACH STEP IN THE PROCESS.” ALEX LAUGHARNE PRINCIPAL CONSULTANT, CRU GROUP

tery pack, while the battery in a Chevy Volt, a PHEV, contains an 18 kilowatt hour battery. “That means that Tesla needs three or four times the amount of nickel, cobalt and lithium in its battery pack than a Chevy Volt does,” Laugharne says. “The battery formulation that contains most lithium per kilowatt hour of battery capacity has about 20%-30% more lithium than the one that contains the least, and in the future, we would expect the less lithium-intensive battery will take a larger share of the market. Still, that impact is not going to be huge. Declining lithium intensity

Tesla Motors’ entry level Model 3 electric vehicle. TESLA MOTORS

1-16, 23_JAN8_Main .indd 8

isn’t a dramatically negative effect, because of the growth in the overall demand for batteries.” Cost of ownership modelling favours EVs over PHEVs, he adds. While the list price for a Tesla is about US$35,000 and that of a Chevy Volt about US$34,000, and less than that once government subsidies are thrown in, owners of fully EVs will benefit from more cost savings over time. “Our calculation assumes that running purely on a battery versus having both battery and gasoline would be cheaper over the life of the vehicle,” he says.

In addition, Laugharne expects the cost of making a lithium battery will continue to come down. In 2015, it cost about US$300 a kilowatt hour to make a lithium-ion battery and since then the price has dropped to around US$150-200 per kilowatt hour. (For Tesla to produce a 60 kilowatt hour electric battery would cost sixty times US$150-200 or about US$9,000 to US$12,000 and for the Chevy Volt to produce an 18 kilowatt hour electric battery it would cost US$2,700-US$3,600.) “That’s far less than half the list price of the cars and that’s come down substantially already so you will be able to offer these cars at a lower list price and still get a margin,” he says. “And that will make battery electric vehicles cheaper in the future.” As for fuel-cell electric cars, which have an electric engine (but unlike EVs, store hydrogen gas in a tank and generate electricity from converting hydrogen gas into water), CRU doesn’t see a big market for at least another decade. Laugharne notes that while some people believe the lithium market will be oversupplied in 2018 and 2019, which will push down prices, his analysis suggests otherwise, and explains that the LCE used in making batteries for electric vehicles has to be of a higher quality with fewer impurities than for many of the other products that use LCE.

“We think additional bottlenecks on the supply side will keep the market more balanced over the next few years, which means prices will not come down a long way,” he says. “As much as there is a huge amount of mine-level development activity going on, there is a possibility of delays in getting that material out of the ground, ramped up, and then producing the highest quality that the market is after, so there are potential bottlenecks at each step in the process.” Currently about 50% of the world’s lithium supply comes from brine operations in Chile and Argentina and the remaining 50% from mines in Western Australia, the largest of which, called Greenbushes, has been producing lithium ore (spodumene) for the last 25 years. The Greenbushes mine, about 250 km south of Perth, is operated by Talison Lithium, and is a joint-venture between U.S. specialty chemical giant Albemarle (NYSE: ALB) (49%) and China’s Tianqi Lithium (51%). The lithium ore from Greenbushes is turned into spodumene concentrate and exported to China, where it is converted into lithium carbonate. In the brine operations, by contrast, the lithium is typically converted in-country and then shipped as LCE. The partners are going to start processing some of their spodumene concentrate into lithium hydroxide for battery production at a new plant they’re building in Perth’s southern suburb of Kwinana. China has also begun to produce a small amount of lithium from small domestic brine and hard rock operations, and that amount “may grow over time,” he says. Longer term, additional supply is likely to come from Canada, where there are four to five advanced projects that could start producing material in the next five to six years, Laugharne estimates. There will also be supply coming from other lithium hard rock producers in Western Australia. TNM

2018-01-02 8:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 8–21, 2018

USGS geologist Bradley Van Gosen taking notes while sitting on top of a uranium-bearing calcrete outcrop in the southern United States. USGS

USGS identifies new uranium potential in southern US

URANIUM

| Agency estimates 40M lb U3O8 in calcrete deposits in Texas, New Mexico and Oklahoma

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

he U.S. Geological Survey (USGS) estimates there are 39.9 million lb. of undiscovered uranium oxide resources in the Southern High Plains region of Texas, New Mexico and Oklahoma. The uranium occurs within calcrete — a type of carbonate-rich rock formation prolific in uraniumproducing countries like Australia and Namibia. The deposit is the first of its kind to be reported in the United States. “It’s exciting because it’s a whole new uranium province in the U.S.,” Susan Hall, a uranium resource specialist at the USGS and lead author of the newly released report titled “Assessment of undiscovered resources in calcrete uranium deposits,” tells The Northern Miner during a phone interview from the USGS’s regional office in Denver, Colorado. Nuclear power accounts for 19% of electricity production in the U.S., yet only 11% of uranium purchased by the country’s power reactors in 2016 came from domestic sources. Hall, who just returned from an

“HAVING A DOMESTIC SOURCE FOR RUNNING ALL OUR REACTORS IS CERTAINLY A GOOD IDEA … THE ONLY PROBLEM IS FINDING ENOUGH INEXPENSIVE URANIUM TO MINE HERE.” SUSAN HALL URANIUM RESOURCE SPECIALIST, USGS

annual meeting with the Uranium Group in Paris, France, says that while the near-term outlook for uranium demand appears bleak, having a domestic source of uranium in the U.S. is “important if there’s any future restriction of supply.” “The U.S. is the world’s largest consumer of uranium, even though there’s more expansion going on in Asia,” she says. “Most of the U.S. mines are on standby status or pretty much headed that way because our uranium is so high-cost to produce. Kazakhstan can produce uranium for US$9 a pound whereas the U.S. mines are more close to US$25 to US$40 a pound. So obviously we’re buying our uranium from elsewhere. “Having a domestic source for running all our reactors is certainly

Uranium vanadate minerals outcropping at the Sulfur Springs Draw uranium deposit in Texas. USGS

1-16, 23_JAN8_Main .indd 9

a good idea … the U.S. has all the facilities to process the material, the only problem is finding enough inexpensive uranium to mine here.” The USGS was drawn into the Southern High Plains after discovering that calcrete uranium resources worldwide fall within arid climatic belts, where evaporations rates tend to be highest. The deposits form when uraniumenriched groundwater evaporates, leaving behind a hard-pan crust of uranium and carbonate minerals. “We had one geologist who looked at the calcrete resources worldwide and noticed they lined up at 30 degrees latitude north and south, adjacent to uranium provinces where there might be a source,” Hall says. “His idea was that, if it’s an evaporative system, the Southern High Plains would be a great place to look.” After sleuthing through historical reports, the USGS became aware of two unreported calcrete uranium deposits in Texas — Sulphur Springs Draw and Buzzard Draw — which have a combined historical resource of 2.6 million lb. U3O8 . The group then used a three-part method to calculate the probable amount of undiscovered calcrete uranium in the region based on known resources, in combination with geological features and existing geological models. The area was divided into the northern and southern tracts, with the southern tract covering parts of Texas and New Mexico accounting for 80% of the 39.9 million lb. U3O8 estimate.

USGS geologist Bradley Van Gosen sampling calcrete near the Sulfur Springs Draw uranium deposit in Texas. USGS

Calcrete uranium deposits occur near surface where evaporation rates are the highest, making them ideal candidates for low-cost, shallow open-pit mining. However, they tend to be lower grade — in the parts per million range — unlike the Athabasca basin region in Saskatchewan, where grades can exceed 30% U3O8 . The world’s largest calcrete uranium deposit — Cameco’s (TSX: CCO; NYSE: CCJ) Yeelirrie in Western Australia — is undeveloped, but contains a historical resource of 139 million lb. U3 O 8 at 0.13% U3O8 in the measured and indicated category, and 5 million lb. U3O8 at 0.10% U3O8 as inferred. Other examples include Paladin Energy’s (TSX: PDN) Langer Heinrich former mine in western Namibia’s Namib desert, where ore extends for 15 km in a paleochan-

nel system, some 50 metres deep. The deposit has reserves of 46,500 tonnes U3O8 , at a cut-off of 0.01% U3 O 8 . Langer Heinrich has been in production since 2006 but the company switched to processing stockpiles in 2016. The USGS expects to publish a guide on how to explore for these deposits in the U.S. in the coming months, which Hall says would “prove useful” should they become more economic in the future. “It’s a really cool detective story,” she says. “The other thing we’ve noticed is that you could have all the evaporation in the world, but you’re not going to get uranium to drop out unless you have vanadium in the groundwater. I’m not sure how it works — or if anyone really knows — but it seems like the vanadium helps the uranium to precipitate.” TNM

2018-01-02 8:48 PM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

Sibanye-Stillwater’s East Boulder PGM mine in Montana.

SIBANYE-STILLWATER

Group Ten acquires claims in Stillwater complex EXPLORATION

| Group Ten searches for ‘overlooked’ PGM-nickel-copper deposits in Montana “PUTTING OURSELVES IN THAT ICONIC PEN IS THE BEST THING WE EVER COULD’VE DONE.”

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

t would be rare to find a geologist who went through university without studying the Stillwater complex in southern Montana. The complex is a world-class example of layered mafic intrusion deposits — similar to those seen in South Africa’s Bushveld region or Russia’s Noril’sk deposits — and contains some of the planet’s highest reserves of platinum group metals (PGM) and chromium. Which is why Group Ten Metals (TSXV: PGE; US-OTC: PGEZF), a B.C.-based junior active in PGMnickel-copper exploration in the Yukon and gold in Ontario, couldn’t resist staking 23 sq. km of claims alongside Sibanye-Stillwater’s (NYSE: SBGL) Stillwater mine complex in June, only to add 17 sq. km more to its position on Nov. 15. Michael Rowley, Group Ten president and CEO, told The Northern Miner during a phone interview from the sidelines of the Silver and Gold Summit in San Francisco that exploring for PGM-nickel-copper deposits at its Stillwater West project has become the company’s top priority. “Putting ourselves in that iconic pen is the best thing we ever could’ve

MICHAEL ROWLEY PRESIDENT AND CEO, GROUP TEN METALS

The team at Group Ten Metals’ newly-acquired Stillwater West PGM-nickel-copper project in Montana, from left: Mike Ostenson, geologist; Justin Modroo, geophysicist; Michael Rowley, president and CEO; Greg Johnson, executive chair; Craig Bow, chief geologist. GROUP TEN METALS

done. A lot of people have started to notice us, and as we get talking to them, they learn there’s a lot more there than just a star on the map,” Rowley said. The district saw renewed interest in December 2016, when South African producer Sibanye Gold —

Nickel-copper-PGM mineralization in historic core from the lower Stillwater Complex on Group Ten Metals’ Stillwater West project in Montana. GROUP TEN METALS

1-16, 23_JAN8_Main .indd 10

now Sibanye-Stillwater — launched a US$2.2-billion deal to acquire Stillwater Mining for its three underground PGM mines: East Boulder, Blitz and Stillwater. The mines have produced over 12 million oz. palladium and platinum since 1986, making the Stillwater complex the largest primary PGM producer outside South Africa and Russia. The complex still contains 31.3 million oz. platinum-palladium at 17 grams per tonne in the measured and indicated category and 49.2 million oz. platinum-palladium at 16.6 grams in inferred. The average split is 78% palladium to 22% platinum. As Sibanye closed its acquisition, Rowley said Group Ten began staking ground “in case Sibanye was thinking of doing it themselves.” In doing so, he said Group Ten inherited an enormous amount of historical data dating to the 1970s. “The data kept pointing us to

acquire new ground, which is why we had a second round of staking nearly doubling the size of the property,” Rowley said. “Now we’re in a position where we can finally start talking more about the property and laying out the narrative.” Large volumes of magma in the Stillwater complex were intruded into the crust 2.7 billion years ago. Over time, slow cooling and mixing of magma blanketed layers of chromium, PGM, nickel and copperenriched rock across the 5.5 km thick rock package. Today, the most prolific PGM occurrence at Stillwater is found within the 2-metre-thick J-M reef that can be traced for 48 km discontinuously along strike, dipping to the northeast. The bulk of Group Ten’s land claims run parallel to the J-M reef, covering the deeper parts of the basin where nickel-copper and chromium occurrences are more prolific, Row-

ley said. A small string of Group Ten claims also cover the Picket Pin PGM reef, which is found 3 km stratigraphically above the J-M reef. “Nickel-copper and PGM exploration will be the focus for us,” Rowley said. “Previous explorers tagged into these systems in 2004 and surprised themselves with these large bodies of disseminated mineralization, but they ran out of gas because the markets at the time weren’t in their favour.” Rowley said most of the previous work in the district focused on the J-M reef, in part because of the “spectacular grades,” while the rest of the basin has been largely overlooked. “There wasn’t a recognition until the mid-2000s that the lower part of complex had potential to host significant PGM deposits that occur with higher nickel-copper than what you would see in the J-M reef,” he said. “We believe we are ideally positioned for a major new discovery here.” The company intends to start drilling this year. “Stillwater West will become the flagship,” Rowley said. “There’s a lot to be done here and we have an enormous step up with the data we’ve received.” Shares of Group Ten have traded in a 52-week range of 8¢ to 24¢, and closed at 22¢ at press time. There are 39.8 million shares outstanding for a $9-million market capitalization. TNM

2018-01-02 8:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 8–21, 2018

Renaud Adams invests in Radisson Mining QUEBEC

| Junior’s O’Brien gold project sits in the shadow of two headframes

BY TRISH SAYWELL tsaywell@northernminer.com

eteran miner Renaud Adams, who recently sold Richmont Mines to Alamos Gold (TSX: AGI; NYSE: AGI) in a deal valued at about US$770 million, is investing in Radisson Mining Resources (TSXV: RDS; US-OTC: RMRDF) a junior explorer focused on northwestern Quebec, where it is advancing its 100%-owned O’Brien gold project, about halfway between Rouyn-Noranda and Val-d’Or. The project hosts the former O’Brien underground mine, which is located along the Larder-LakeCadillac fault in the Abitibi greenstone belt and produced 587,121 oz. gold at a grade of 15.25 grams gold per tonne between 1926 and 1954. Adams purchased part of a $1.5-million private placement announced in late 2017, and the proceeds will fund exploration and development next year. “Renaud is taking a good chunk of the financing,” Hubert ParentBouchard, Radisson’s head of corporate development tells The Northern Miner. “It’s a great endorsement.” In addition to the historic O’Brien mine, the property contains a much smaller past-producing underground mine called Kewagama, about 1.5 km to the east, and in an area, like the former O’Brien mine, that lies just south of the Cadillac break. “We’re working in the shadow of two headframes,” Parent-Bouchard says, adding that for the last 24 months the company has focused on drilling and expanding the existing National Instrument 43-101 compliant resource in two areas: Kewagama, and a nearby zone halfway between the former O’Brien mine and Kewagama, called 36E. (Zone 36E is about 150 metres from O’Brien.) “Everything is in place at Radisson to unlock some interesting value,” Adams writes in an email explaining his investment rationale. “It has a very committed management, the project is in a friendly and prolific region with great geological potential and surrounded by best-in-class operations. I’m also particularly excited with the ongoing drilling program on the Vintage zone and more to come on the O’Brien deposit.” He also says that with just 115 million shares outstanding and a current market cap below $20 million, the company is “perfectly positioned to enter this next period of delivering superior value to shareholders.” The potential at Kewagama, which produced less than 100,000 tonnes between 1928-1939 and 1980-1983, is at depth, because the former operation did not go down deeper than about 250 metres. By contrast, the former O’Brien mine went down to 1,100 metres. The company has focused on expanding the current resource between the 36E Zone and Kewagama, which measures 570,800 indicated tonnes grading 6.53 grams gold per tonne for 119,300 oz. gold and 918,300 inferred tonnes grading 6.38 grams gold for 188,500 oz. gold. Since the resource estimate was completed in 2015, the company has compiled and digitized more than 60 years of historic work into a database. It has re-logged and assayed historic drill core, and completed more than 30,000 metres

1-16, 23_JAN8_Main .indd 11

Renaud Adams

“RENAUD IS TAKING A GOOD CHUNK OF THE FINANCING. IT’S A GREAT ENDORSEMENT.” Miners in the historic O’Brien mine in the 1950s, where Radisson Mining Resources is exploring for gold. RADISSON MINING RESOURCES

of its own drilling. Radisson plans to update the resource, which was completed in 2015, in the first quarter of 2018. The 36E Zone appears to be wider and lower grade than the majority of the current resource and represents a potentially new model, Parent-Bouchard notes. “In the past they were looking at it as a narrow vein, high-grade project, but we see that gold has been disseminated into the background, which could eventually lead to bulk mining or wider mining stopes, so 36E could be an interesting game changer for us,” he explains, adding that encountering high-grade gold mineralization in wider lowergrade envelopes at different depths is encouraging. Meanwhile, Radisson is exploring a parallel zone north of the main resource area and about 85 metres to the north of the Cadillac break, called Vintage, where it has kicked

off a 6,000-metre, second-phase drill program that will continue into next year. In mid-November, it reported a 1.4 metre intercept in the Vintage zone grading 27.5 grams gold from a depth of 66 metres. Other notable intercepts include 14.6 grams gold over 6 metres and 7.4 grams over 6 metres from a depth of 218 metres, and its deepest hole, at a depth of 610 metres, returned a 4-metre intercept grading 6.9 grams gold. The Vintage zone remains open in all directions, and due to its high grade and proximity to the current resource area, has the potential to become an important part of the O’Brien exploration and development plan, the company says. “We have hit interesting highgrade gold mineralization over a strike length of 825 metres, which is generating a lot of upside on the story, and it’s doubled or tripled our

growth potential,” Parent-Bouchard says, adding that Vintage could be accessible via the same infrastructure that exists at Kewagama to the south. “Vintage is a fresh breath of air for the project.” He also notes that what’s interesting about Vintage is the zone is in a setting comparable to Agnico Eagle Mines (TSX: AEM; NYSE: AEM) Lapa gold mine, 8 km away. “There’s historic and ongoing production at Lapa within those rocks and in the same setting,” he says. “And the main ore body at Lapa starts at 500 metres depth, and most of the results we’ve had from Vintage are from surface to 580 metres depth.” By the end of this year Radisson will have drilled about 23,000 metres, 5,000 of which were punched into Vintage. The company is fully financed for the 6,000-metre drill program and depending on the resource estimate,

HUBERT PARENT-BOUCHARD HEAD OF CORPORATE DEVELOPMENT, RADISSON MINING RESOURCES

the start of a preliminary economic assessment. Parent-Bouchard expects the company will drill a total of about 25,000 metres in 2018. The project is within 75 km of five existing mills that could custommill its ore. (Agnico Eagle’s LaRonde [7 km]; Iamgold’s [TSX: IMG] Westwood [21 km]; Monarques Gold’s [TSXV: MQR] Camflo [40 km] and Dorval [77 km]; and QMX Gold’s [TSXV: QMX] Lac Herbin [75 km].) Investors in the company include US Global Funds (6%); Caisse de dépôt et placement du Québec (4%); management and insiders (14%); and a local group of investors (38%). Over the last year Radisson’s shares have traded within a range of 14¢ and 17¢ and at press time in Toronto were trading at 16.5¢. TNM

The Art and Humour of John Kilburn Cartoons from A hilarious, 262-page anthology of mining cartoons by The Northern Miner’s resident cartoonist John Kilburn. Unique in its scope and ambitions, this anthology gathers the best Northern Miner cartoons created over 25 years by John Kilburn, a Vancouver-based mining professional who has worked in Western Canada as a mining engineer, broker, journalist, equity analyst and investor. Kilburn stylishly captures the mining sector’s biggest events over the past quarter century as well as its perennial conundrums with a cast of characters that includes engineers, geologists, miners, promoters, executives and environmentalists. Joining the cast are coal mine canaries, camp dogs and llamas, plus a special appearance by Santa. With a foreword by Pierre Lassonde, cofounder and chairman of Franco-Nevada, an introduction by John Cumming, editor-in-chief of The Northern Miner, and hundreds of boisterous JK mining cartoons like you’ve never seen them before. Specifications: 7.8” by 10”, 262 pages, B&W with a colour cover, ISBN 978-1-987932-00-3 C$34.99 plus shipping and applicable taxes.

$34.99

To order by phone, call toll-free: 1-888-502-3456 ext. 43702 For more information and to order online visit: www.northernminer.com/jk

2018-01-02 8:48 PM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

Rubicon completes 2017 exploration program at Phoenix RUBICON From 3

GO: The drilling this year is encouraging. And what hasn’t come out in the last two press releases — but we’ve mentioned it in prior press releases — is that all the drilling is orientated drilling. When we drill the core and we cross cut these quartz breccia structures and D2 structures or any structure, we actually know how the core barrel is orientated in 3D space, so when we bring the core to surface and the geologists start doing structural mapping and record the azimuth and dip of the structure (because the geologist knows where that barrel sits in 3D space), he or she is able to project where that structure could be at other levels of the mine, and if we have other core or development from that area and we see the same structures, it allows us to connect the dots. While there was 500,000 metres of historic drilling, none of it was orientated, so there was no mechanism to see how these structures are potentially interconnected. TNM: That’s a huge breakthrough. GO: It’s massive. And it’s not at a massive additional cost to do the directional diamond drilling. It’s a little bit more time on behalf of the driller, but he has time within the 10 hours he’s down there underground. Orientated drilling is not commonly employed in North America, but if you’re in Red Lake and particularly if you know some of the difficulties that other operations have seen with respect to structural geology, it can be a very valuable tool. The other exciting development is that we’ve now seen the first geological model for the upper levels of the mine — from surface down to the 305-metre level — which has allowed us to plan and start development into the mineralized

EVENTS Jan 1 1 CMHF Dinner and Induction Ceremony Metro Toronto Convention Centre, Toronto, ON Tel: 1-888-3088803 ext. 1 Email: reservations@ mininghalloffame.ca Website: http:// mininghalloffame.ca/about/annual_ dinner Jan 2 1-22 Vancouver Resource Investment Conference Metro Toronto Convention Centre, Toronto, ON Tel: 1-888-308-8803 ext. 1 Email: reservations@mininghalloffame.ca Website: https://cambridgehouse. com/e/vancouver-resourceinvestment-conference-2018-69 Jan 2 2-25 AME Roundup 2018 Vancouver Convention Centre, Vancouver, BC, Tel: (604) 630-3930 / 1 (877) 689-5554 Email: roundup@amebc.ca Website: http://roundup.amebc.ca/

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

Published by:

A 2015 photo of surface facilities at Rubicon Minerals’ past-producing Phoenix gold project in Ontario. RUBICON MINERALS

TNM: What test mining scenarios are you looking at for 2018?

couple of stopes at the lower end, so that will generate a certain number of tonnes and recovered ounces depending on what scenario is chosen. This, coupled with the 28,500 metres of diamond drilling in 2017, with additional metres planned for 2018, puts us in a strong position to release our next NI 43-101. We’ve made a lot of progress. When I started in the company we only had eight employees on the payroll, and this year we’ve seen that number creep up to 40 on average, and next year with the bulk of development and test trial mining our peak number of employees will get up to 80. That’s 72 jobs we would have added over an 18-24 month period, which is good for the economy of Red Lake, too. So slowly but surely we’re picking this company up by its bootstraps and moving it forward through the execution of work programs. That was one of the big attractions in joining Rubicon. I’d had success with my team at Rambler ten years ago, and four years ago we were able to turn Kirkland Lake around, and when I looked at Rubicon where there was a lot of scepticism and negativity, I saw a lot of fundamental errors that had been made at Rubicon that I’ve seen over the course of my career at other companies, and I was confident that my team and I could fix it. The story was broken but I don’t think it was a broken company.

GO: We have three that will be presented to the board. We have four stopes at the upper end and a

TNM: Currently, Rubicon has about C$24 million in the bank. Will that cover your costs in 2018?

envelope. At the same time, we are in the process of developing test trial mining and stoping plans for 2018, based on the stoping blocks we are generating from the upper level resource model. As we develop into the mineralized area we’ll be taking chip and muck samples as well as doing structural mapping of any newly exposed wall rock to see how it compares to our upper geological model, allowing us to validate the model and improve upon it when we can. In addition, our development and stoping plans are looking to take advantage as much as possible of current sunk costs, such as pre-existing development or semi-excavated stopes to minimize our own costs. Our key objective is to show that any eventual recovered head grade can be reconciled back to the stoping block and any future geological resource grade. Provided the test trial mining grades marry up well with any future NI 43-101 resource grades, we feel that the market will be able to place confidence in that new resource model and statement. We don’t know what the new NI 43101 global resource grade is going to be, as the new geological model will extend down to 1,500 metres below surface and, at the moment, we are only working on the upper 305 metres.

GO: We are fully funded until the end of 2018 and into early 2019, including the finalization and publication of a feasibility study. And depending on which mine plan scenario we go for, the company will be generating some revenue in 2018 based on saleable gold. This project is a bit different. The mine is 99% built. We’ve spoken to one of the consultants who does the feasibility studies, and we believe when we pull the trigger on the feasibility study it should be completed in three to six months. Once the feasibility study is completed, we’ll then be looking to complete the remaining capital development to connect the ramps and levels to open up enough stope blocks required to move into commercial production. We know there’s skepticism around the Rubicon name but for the moment I’m asking investors and the street to just watch this space. If you look at our eventual production peer groups there’s no reason to believe that the company couldn’t have a market cap around C$500 million to C$600 million dollars, and we’re at sub-C$100 million at the moment, so there’s substantial upside over the next couple of years if we can continue to execute on the plan. TNM: Rubicon controls over 280 sq. km of prime exploration ground in Red Lake and at the end of November, the company increased its ownership in the McCuaig property, about 6 km southwest of the Phoenix project. Rubicon acquired the

remaining 40% stake in the property that it did not previously own, in an all-share deal with Golden Tag Resources. GO: One of the exercises we completed this year was going through our entire regional land package. We drafted a criteria ranking system and asked ourselves, if we did have money available for regional exploration, where would we put our dollars? After that exercise McCuaig ranked quite high. From the second half of 2018, once we have put more information out into the market and showed the market and investors on the street that Phoenix can be an economically viable mine again — once that’s heading in the right direction — it’s my intention to turn some of our resources to the regional land package. We have 28,000 hectares of prime real estate in Red Lake, where our claims butt up against a lot of Goldcorp property, so it makes a lot of sense to move our regional land package forward. After the first two resource estimates on Phoenix, which were both in excess of 2 million ounces at over 15 grams gold per tonne, everyone thought, ‘Oh, that’s definitely a mine, we’re not particularly deep but as we go deeper it will become higher grade,’ and they forgot about the regional land package and put all of their eggs in one basket. But as one analyst recently said, we’re trading below the break-up value of the company, which is a great point. We’re getting no value for our regional land package, which I think is the jewel in the crown. TNM

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

Now Available in Spanish

1-16, 23_JAN8_Main .indd 12

Order Your Copy Today!

Call 1-888-502-3456 or email info@northernminer.com

2018-01-02 8:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 8–21, 2018

An old drill rig Orefinders Resources inherited by buying the past-producing Tyrenite gold mine in Ontario. OREFINDERS RESOURCES

Hoist cable at the historic Tyrenite mine in Ontario. OREFINDERS RESOURCES

Orefinders assembles western Abitibi land package GOLD

BY RICHARD QUARISA rquarisa@northernminer.com

refinders Resources (TSXV: ORX) is scooping up gold properties in Ontario’s Shining Tree district, near Lake Abitibi. The company will acquire three contiguous properties from three different landholders, bringing its Abitibi land package to 23 sq. km. “I’ve been aware of these properties for 10 years or more,” Orefinders CEO Stephen Stewart says. “What the area needed is somebody to put everything under one roof.” The 100% owned properties are adjacent to Tahoe Resources’s (TSX: THO; NYSE: TAHO) Juby gold project, which contains 26.6 million indicated tonnes grading 1.28 grams gold per tonne for 1 million oz. gold plus 96 million inferred tonnes grading 0.94 gram gold for 2.9 million oz. gold. “Whoever develops the Shining Tree district,” Stewart says,

| CEO Stewart sees historic Shining Tree district as site of future rush

“thinking down the road, is going to require both our land package and their land package. Neither one can be ignored.” Orefinders acquired seven properties from Premet Inc. encompassing three claims and five former producing mines: the two Mann mines plus the Minto, Duggan, Bartlett and Tyrenite — which still has leftover infrastructure, including a mine shaft and several buildings. The properties share over 30,000 metres of historical drilling. “We’re not looking to do any major grassroots exploration,” Stewart says. “It doesn’t pay to do it.” More recent drilling by Creso Exploration at Minto in 2010 showed positive results. Hole MC9-1 returned 82.5 metres at 13.3 grams gold per tonne and hole 9-2 returned 65.7 metres at 18.2 grams gold plus 79 metres at 4.6 grams gold. Creso also drilled at Duggan between 2011 and 2013 and intercepted 1.52 grams gold per tonne

over 75 metres in hole D3-7 and 2.2 grams gold per tonne over 34 metres including 40 grams gold per tonne over 1 metre in hole CD13-3. Unlike the other assets, the Mann mines are silver-cobalt projects. The company says it wants to sell these assets or enter a joint venture partnership to help develop them. “It is not part of our immediate focus,” Stewart says. “It is an outlier. Orefinders is a gold-focused, Abitibi-focused company. You will not see us go outside of those two main criteria in any substantial way.” The deal also includes 28 Porphyry Lake claims that cover 6 sq. km and two Tyrenite mine extension claims, bringing the company’s total Abitibi land package to 67 claims and 14 patented leases. According to Stewart, Shining Tree is under-explored and not a well understood region of the Abitibi, and as a result it will be a bigger focus for the mining indus-

try going forward. “That’s where I think there’s going to be a huge mergers-andacquisitions rush coming in the future,” Stewart says. “I don’t know when. It could happen tomorrow, it could happen in 2018 or 2019. Nobody knows — but I know it’s coming. And that’s why Orefinders is going to own these high quality assets. We own them 100%.” The company also expects to release a preliminary economic assessment (PEA) for its 100% owned Mirado project in January 2018. The 23 sq. km property lies 35 km south east of Ontario’s Kirkland Lake. It contains 10.6 million inferred tonnes grading 1.29 grams gold per tonne for 442,000 oz. gold, as of a 2013 resource estimate. But Stewart says he does not want to define Mirado just by the PEA. “We’re only looking at a very high grade, near surface zone which we can mine in the near term, very cost effectively, with very little capital expenditure.

“We see the Mirado, the open pit, as a little free cash flow engine that we can use to develop our properties — including the Mirado. It’s always been: let’s use this little cash f low engine to develop the Mirado because, like any project, it needs millions of dollars’ worth of drilling.” Stewart says the biggest task Orefinders faces over the next 90 days is accumulating all the data it’s received from the different owners and putting it into a “unified, cohesive model so that we can make heads or tails of this.” “We’re slow and steady,” Stewart says. “We try to be as risk-averse as we possibly can be in this risky business, and make smart decisions in terms of acquisitions and how we manage our existing treasury and how we manage our capital structure” Shares of Orefinders are currently priced at 8¢ with a 52-week trading range of 10¢ to 3¢. The company has a market cap of $4 million. TNM

A partially-flooded area of Orefinders Resources’ newly-acquired, past-producing Minto gold property in Ontario’s Shining Tree gold district. OREFINDERS RESOURCES

1-16, 23_JAN8_Main .indd 13

2018-01-02 8:48 PM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

Japan Gold chairman and CEO John Proust (left) and senior exploration geologist Glenn Christian Alburo in the field in Japan. JAPAN GOLD.

Japan Gold drills Ikutahara in Hokkaido GOLD

| Vancouver-based explorer is first foreign company granted prospecting rights in Japan

BY RICHARD QUARISA

rquarisa@northernminer.com

apan Gold (TSXV: JG; US-OTC: JGLDF) has become the first foreign company to be granted prospecting rights and a drilling permit by Japan’s Ministry of Economy, Trade and Industry for the Akebono prospect at its 100% owned Ikutahara gold project in Hokkaido in northern Japan. Ikutahara covers 191 sq. km and 17 historic mines. Japan Gold has started drilling six holes totaling 1,000 metres to confirm and extend historic, high-grade underground sampling in the Akebono vein system. Sumiko Resources Exploration & Development, a wholly owned subsidiary of Sumitomo Metal Mining (TYO: 5713), will operate two of the drill rigs. The program will continue into late December, with results expected by February 2018. “Sumiko had been very proactive and so had organized all the drill pads and equipment and had mobilized it all to site,” Japan Gold CEO John Proust says in an interview with The Northern Miner. “So literally the drill program commenced the day after we announced approval.” Akebono was discovered in 1931 and explored underground between 1938 and 1940. Exploration was then abandoned and didn’t resume until the 1960s. The Metal Mining Agency of Japan then published historical assay results in 1990,

1-16, 23_JAN8_Main .indd 14

“NOW WE CAN GO WITH MODERN TECHNOLOGY AND MODERN EXPLORATION METHODS INTO VIRGIN TERRITORY — OR AT LEAST, TERRITORY THAT HAD BEEN IN A TIME CAPSULE FOR 40 YEARS.” JOHN PROUST CEO, JAPAN GOLD

including a 1.2 metre wide sample grading 446 grams gold per tonne and 376 grams silver per tonne and a 0.65 metre wide sample grading 91.5 grams gold and 4,891 grams silver. Proust says there was a flurry of gold mining activity leading up and during the Second World War, but the national government imposed a moratorium on gold mining in 1943. After the war, some mines reopened and gold mining continued until the 1970s. There was little exploration until 2012, when Japan amended its Mining Act for the first time since 1950. Previously, the Japanese government granted mining rights on a first come, first served basis. It did not ensure that rights holders had adequate financial and technical capabilities to actually undertake exploration or development. As a result, many applications were filed to block other applicants from getting mining rights, leaving land unexplored and undeveloped. These changes in 2012 also affected on foreign companies’ prospects in the country.

“Before the change in the act, foreign companies were not allowed to hold mineral exploration permits or mining permits in Japan — full stop,” Proust says. “Now we can go with modern technology and modern exploration methods into virgin territory — or at least, territory that had been in a time capsule for 40 years.”

Michael Andrews, Japan Gold’s president and COO.

Due to the lack of commercial mineral exploration, most university geology departments have closed down in Japan, Proust says. The company therefore collaborated with the three main universities that still have geology departments: Hokkaido University, Kyushu University and Akita University. With help from their data, Japan Gold acquired 210 prospecting licenses covering 695 sq. km and 17 separate projects — or 2% of the country’s land mass. Nearly all the properties are on Hokkaido island, with three on the southernmost Kyushu island and one at the north tip of the central Honshu island. Thirteen properties lie on lowsulphidation epithermal areas, but four are on gold-bearing lithocaps. Japan Gold believes this could indicate porphyry mineralization. The company is hoping to find something like the Hishikari gold mine, located in Kyushu. It was discovered in 1981 and has been operational since 1985. Owned by Sumitomo, it’s produced 7.4 million oz. gold at 40 grams gold

per tonne. It continues to produce 200,000 oz. gold a year “Our original excitement about Japan was really based on knowledge of the Hishikari mine,” Japan Gold president and COO Michael Andrews says. When Japan Gold started looking into the geology of Japan in detail it noticed similarities in its volcanic and intrusive activities compared with the Philippines, Indonesia and Papua New Guinea. Andrews says these areas are associated with high-grade epithermal gold deposits, but also have large, lower grade copper-gold deposits. “When you look around the Pacific Rim,” Andrews continues, “there’s a big gap between the Philippines and up to Alaska, called Japan. We felt that the cause of this gap is really a lack of exploration rather than a lack of geology.” Japan Gold intends to keep the Ikutahara property and the three Kyushi properties for itself, but wants to form joint ventures for the others. “We think the best way to advance a huge portfolio like this is in partnerships,” Proust says. Japan Gold completed a $5 million private placement with Southern Arc Minerals (TSXV: SA) in August 2017, and has $3.6 million of working capital. Shares of Japan Gold are currently priced at 35¢, with a 52-week trading range of 24¢ and 40¢. The company has a market cap of $24 million. TNM

2018-01-02 8:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 8–21, 2018

Carube looking to crack open Jamaican copper industry COPPER

| Early drill results from Bellas Gate are in and look positive

BY RICHARD QUARISA rquarisa@northernminer.com

rilling at Carube Copper’s (TSXV: CUC) 100% owned copper-gold Bellas Gate property in Jamaica returned positive drill results this October. Carube owns 11 properties across Jamaica covering 536 sq. km of mineral rights, but its focus is on Bellas Gate, which consists of two 100% owned prospecting licenses covering 84 sq. km. The licenses are located within highly deformed, altered and mineralized Cretaceous rocks within the central inlier of Jamaica. From May to September, the company carried out a 1,900 metre drill program on Bellas Gate that targeted three main zones: Provost, Hendley, and Provost South East. The company drilled six holes on Bellas Gate’s south alteration zone — a 5 km long trend between its Camel porphyry in the south and its Hendley prospect in the north. So far, it has returned results on three of them in the Provost zone. Hole PVT-17-4 showed continuous copper mineralization over 340 metres from 46 metres downhole ending in mineralization with a 55.3 metre interval grading 0.51% copper equivalent including a higher grade section containing 14 metres of 1.04% copper equivalent. Hole PVT-17-5 showed continuous copper mineralization over 191 metres downhole to 324 metres with 74 metres of 0.50% copper equivalent, and hole PVT-17-6 showed continuous copper mineralization over 202

Carube Copper president and CEO Jeffrey Ackert (left) at the Bellas Gate copper project in Jamaica. CARUBE COPPER

metres from 32 metres downhole with 46 metres of 0.50% copper equivalent. Of the remaining three holes,

Drillers at Carube Copper’s Bellas Gate copper project in Jamaica. CARUBE COPPER

1-16, 23_JAN8_Main .indd 15

two were drilled in Provost South East and one at Hendley. One of the Provost South East holes was abandoned after encountering

poor ground conditions, while the Hendley hole tested an induced polarization anomaly. Although Jamaica’s mining industry is best known for its bauxite, the country does have a brief history of copper mining. “Two companies out of the U.K. were developing underground copper mines on the Bellas Gate property,” Carube CEO and president Jeffrey Ackert explains in an interview. “They would take the ore and ship it back to the U.K. to be refined there.” He adds that some historical estimates exist from the 1950s and 60s when small resources were defined — somewhere in the 10-15 million tonne range. “The historic work is important,” he says. “It shows us where these things are and then with our own subsequent geochemistry we can see the signatures popping up fairly easily.” But Ackert also says that a lot of the infrastructure that allows Carube to operate has already been established. It might be drilling holes at 500 metres elevation, but access is good. It’s been able to rely on tarmac covered roads or else tracks and trails. Sometimes it hires local crews to come in and clear out the smaller trails. “Up to this point we’ve just hand carried the drills up to the sites,” Ackert says. “We haven’t used any heavy equipment at all, which is good. The impact then is low on the environment. It’s easy to rehabilitate it if need be.” Hiring locally has helped Carube stay in good stead with the community, Ackert points out — a relationship that he says extends to the country’s government. He attributes the existing political framework to the bauxite industry. Jamaica has a mines and geology department, and a commissioner of mines and geology, who Carube meets with on a regular basis. The plan is to go back in early 2018 and start off with an induced

“WE’RE KIND OF A PROJECT GENERATOR SO WE BOUGHT LOTS OF LICENSES. WE’D LIKE TO GET THEM BEING WORKED ON BY DIFFERENT GROUPS.” JEFFREY ACKERT PRESIDENT AND CEO, CARUBE COPPER

polarization survey. By March, Ackert anticipates Carube will have an active drill program of a similar size to the last one — 2,000 or 3,000 metres. Its first goal would be to calculate a maiden resource. Ackert says Carube could have already calculated resources for Connors porphyry or Camel porphyry, two other zones on Bellas Gate, but they’re too small to stand on their own. “We’re looking for something anywhere between the 50-100 million tonne range. That is where we’d see our critical mass,” he says. While the company’s focus remains on the southern alteration zone, it hopes to drill on some of Carube’s other properties as well. “What I’d like to be able to do is attract at least one or two joint ventures in the next year,” Ackert says. The company also owns three properties in British Columbia and one in Quebec. Ideally, it would like to joint venture out the B.C. properties as well. “We’re kind of a project generator so we bought lots of licenses. We’d like to get them being worked on by different groups.” Carube shares are currently priced at 6¢. It has a 52 week range of 5¢ to 14¢, and a market cap of $7.1 million. TNM

2018-01-02 8:48 PM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

Drill rigs at Tinka Resources’ Ayawilca polymetallic property in central Peru. TINKA RESOURCES

Tinka more than doubles zinc and tin resources at Ayawilca PERU BY RICHARD QUARISA

rquarisa@northernminer.com

inka Resources (TSXV: TK) has doubled the resource at its 100%-owned Ayawilca polymetallic sulphide project, located 200 km northeast of Lima in Peru’s Department of Pasco. The four zinc zones and one tin zone are located on the larger Ayawilca property at altitudes between 3,800 and 4,300 metres, with the zinc resource open in several directions. In the report, Tinka uses a US$55-per-tonne net smelter return

| Preliminary economic assessment planned for first half of 2018

cut-off rate for both the zinc zones and the tin zone. The new estimate includes another 15,000 metres drilled in 2017. Tinka now estimates the zinc resource at Ayawilca as 42.7 million inferred tonnes grading 6% zinc, 0.2% lead, 17 grams silver per tonne and 79 grams indium per tonne. Its previous estimate pegged the resource at 18.8 million inferred tonnes grading 5.9% zinc, 0.2% lead, 15 grams silver and 74 grams indium. It also updates the tin resource, bringing the estimate to 10.5 million

CAREER OPPORTUNITIES

CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 columns x 1” $354.20. Closing date is 10 days prior to publication date. All Canadian orders subject to applicable taxes.

For further Careers advertising information contact: Joe Crofts 416-510-6816, jcrofts@northernminer.com, Toll free North America: 1-888-502-3456, (ext. 43729) Fax: 416-447-7658

inferred tonnes grading 0.63% tin, 0.23% copper and 12 grams silver from 5.4 million inferred tonnes grading 0.76% tin, 0.31% copper and 18 grams silver. It does not overlap with the zinc resource, meaning the metals could be mined separately. The tin zone is comprised of disseminated cassiterite and chalcopyrite in massive to semi-massive pyrrhotite lenses at the contact between the Pucara group and the underlying phyllite of the Devonian Excelsior group. Part of the mineralization occurs as quartz sulphide stockwork veinlets hosted by the phyllite. The zinc zone is hosted by 200-metre-thick Triassic Pucara group limestone. It’s located beneath the Goyllarisguizga group sandstone unit, which outcrops and hosts the Colquipucro silver oxide project, located 1.5 km north. This is where Tinka originally began exploring the property. Tinka picked up the Ayawilca property in 2005, when Minas Buenaventura (NYSE: BVN), who owned it for 60 years and drilled four holes in Colquipucro, dropped it. During its first six years as the owner, Tinka looked for silver in Colquipucro, and drilled 40 holes. It eventually expanded its exploration south and ended up finding zinc in 2012. Colquipucro has 7.4 million indicated tonnes at 60 grams silver per tonne for 14.3 million contained oz. silver and 8.5 million inferred

“WE’RE LOOKING TO EXPAND AND TURN THIS THING INTO A REAL MONSTER.” GRAHAM CARMAN PRESIDENT AND CEO, TINKA RESOURCES

tonnes at 48 grams silver for 13.2 million contained oz. silver. However, Tinka president and CEO Graham Carman says it’s not a focus for Tinka right now. He says the project needs a higher silver price to be feasible — noting that it could one day stand alone. “It’s never going to be a world class asset,” Carman says. “But we think the zinc will be.” The Ayawilca project database contains 44,800 metres of drilling across 122 holes. The 2017 drill permit covers three times the area of the previous 2013– 15 drill permit, and focused on the previously unexplored south zone, which Carman calls the “crown jewel” of the project. It contains 13 million tonnes grading 7.6% zinc, 0.2% lead, 25 grams silver and 118 grams indium — and is also the shallowest part of the system. As per the previous resource estimate, the central zone was the richest zone, measuring 13 million inferred tonnes grading 4.7% zinc, 0.3% lead, 13 grams silver and 54 grams indium. Carman says Tinka is still drilling on the property and awaiting drill results on nine of the holes.

He expected the company to release those results before the end of 2017, leading to a preliminary economic assessment in the first half of 2018. He says in 2018 Tinka will de-risk the existing resource, but also continue expansion drilling. Tinka is looking to expand Zone Three to the northeast but also fill in gaps between the west and the south. Carmen notes that the strong geophysical anomaly trending northeast — the same one that contains the south zone — is only half-drilled. Tinka intends to explore the anomaly further. Tinka also says there’s potential mineralization underneath the current resource. Part of the plan for 2018 is to put in some deeper holes and see if the resource can be extended at depth. “We’re looking to expand and turn this thing into a real monster,” Carman says. The company recently listed on the Lima Stock Exchange using the symbol TK — a move Carman says gives the company better exposure to South American investors. At press time, Tinka’s shares were priced at 64¢ with a 52-week range of 20¢ to 87¢. Tinka’s market cap is $136 million. TNM

Resumes Wanted Looking for a career in the mining and exploration industries? Post your resume for FREE on the website that specializes in recruitment for mining companies and suppliers... you’ll be glad you did.

Visit www.northernminerjobs.com today

1-16, 23_JAN8_Main .indd 16

Tinka Resources’ Colquipucro silver oxide project in Peru. TINKA RESOURCES

2018-01-02 8:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 8–21, 2018

PROFESSIONAL DIRECTORY Toronto Denver London Vancouver Quebec City

ASSAYERS

INSTRUMENTATION Rent / Purchase 3D IP & EM Gear Canadian Manufacturer of Geophysical Instruments since 1976

C.F. Mineral Research Ltd. INDEPENDENT SPECIALISTS IN HEAVY MINERAL GEOCHEMISTRY

Diamond Indicator Heavy Minerals Extraction • Precious and Base Metals Extraction • Electron Microprobe Precision Analyses • Diamond Indicator and Mineral Classification • Microdiamond Recovery and Characterisation • High Quality / Low Cost / Quick Turnaround

1677 Powick Road Kelowna, B.C. Canada V1X 4L1

•

TEL: 250-860-8525 FAX: 250-862-9435

Tel.: +1 418-877-4249

www.gdd.ca

Geological and Mining Consultants www.rpacan.com +1 (416) 947-0907

- 3D / 32 channels IP Receivers - 4800V / 10,000W IP Transmitters - MPP - SCIP - Chain+Level - Beep Mat

Highest Precision Magnetometers in the World Providing Robust Providing RobustHigh HighPrecision PrecisionPotassium, Potassium,Overhauser Overhauser and andProton ProtonMagnetometers Magnetometers with with New add-on oror stand New add-on standalone aloneVLF VLFfor forresistivity resistivitydepth depthsections sections

srk consulting

Leading the World of Magnetics

UAV - Airborne - Ground Solutions

Call for a Quote today since 1980 www.gemsystems.ca • info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.635.1829

Consulting services from exploration through to mine closure

www.srk.com

— SERVING THE EXPLORATION SECTOR WORLDWIDE SINCE 1977 —

Rentals and Sales Sales and Rentals: of instruments for:

GEOPHYSICS CONSTRUCTION MANAGEMENT

Project and Construction Management

New, Rebuilds Fast Track Greenﬁeld

LNA provides construction management services to assure industrial facility owners realize cost efficiency and quality of their projects within the project schedule, budgets and safety objectives.

Crone Geophysics

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

3D E-SCAN (IP/DC Res) Mapping Recon3D , Target3D , HiRes3D Any Topography, any Scale Immediate QC, daily Results Deep, Efficient, Safe R

Tel: Fax: e-mail: Website:

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

Your Exploration Advantage.

LEGAL

L. NARDELLA ASSOCIATES LTD.

2292 blvd. Industriel, Suite 207, Laval (Quebec) H7 S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel MISSISSAUGA: (905) 381-0415

TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada)

litigate

CONTRACTUAL & MINING DISPUTES CONSTRUCTION DISPUTES PRODUCT LIABILITY DISPUTES INQUESTS: OCCUPATIONAL/SAFETY DEFENCE

Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca

www.nardellagroup.com

Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic

Affleck Greene McMurtry LLP 365 Bay Street, Suite 200, Toronto Canada M5H 2V1 T 416.360.2800

905 841 5004 | geotech.ca

M3 Engineering & Technology Corporation

TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity

A full-service international firm offering EPCM services to the minerals industry. www.m3eng.com

450-679-2400 info@gprmtl.com www.geophysicsgpr.com

CONSULTING

GOLDAK AIRBORNE SURVEYS TRI-MAXIAL MAGNETIC GRADIOMETER

Caracle Creek

CCIC

1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process

GEOLOGICAL & GEOPHYSICAL CONSULTANTS

Project Design & Management 3D Compilations and Modelling Independent Reporting (NI43-101) Resource Estimation www.caraclecreek.com QA/QC Programs Sudbury, Canada Due Diligence Tel: +1-705-671-1801 Property Valuations/Evaluations

Geophysical Survey Design and Interpretation • Borehole Resistivity/ IP Tomography • Surface IP/Resistivity • Airborne EM-Mag

CORPORATE

tel 306 249 4474 - www.goldak.ca

More than 30 years of mining and exploration projects across all commodities and all stages of project development.

MINING

RESOURCES

EXPLORATION

JEAN-LUC CORRIVEAU, Q.L.S., CLS

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

GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.

rvi

Also, Magnetic probe surveys

Val-d’Or (Quebec) Tel: (819)825-3702 www.corriveaujl.com E-mail: bureau@corriveaujl.com

2 Hangar Road Saskatoon, SK S7L 5X4

Email: canada@caraclecreek.com

csaglobal.com

SURVEYORS & CORE SYSTEMS

TECHNOLOGY

Providing geophysical services for over 20 years

PETROS EIKON

Worldwide experience in sedimentary and hardrock

Processing through final Interpretation PETROSEIKON.COM

services@petroseikon.com

1.519.943.0001

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

evaluation of mineral properties; mineral resource and reserve estimates; independent engineer services; mining project and feasibility studies; expert witness and litigation support

www.micon-international.com Toronto

Vancouver

Norwich

Cornwall

International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

17_JAN8_ProDirectory .indd 17

www.mphconsulting.com +1.416.365.0930

2017-12-29 10:53 AM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 27–29 Canada’s benchmark index rose 0.27% on a shortened trading week to 16,209.10.The S&P/TSX Global Mining Index gained 0.82% to 72.31 while the S&P/TSX Global Gold Index budged slightly, moving from 195.45 to 195.46. West Texas Intermediate crude rose 3.3% to close at US$60.42 per barrel, and the price of gold rose 2.2% to US$1,302.50 per ounce. Shares of Centerra Gold fell 81¢ to $6.44. In late December, the company was forced to suspend mill processing operations at its Mount Milligan gold mine in British Columbia due to a lack of water. A drier than normal spring and summer produced low water reclaim volumes in the tailings storage facility. Some of that water was then frozen by unexpectedly cold weather. Centerra drilled more water wells in the fourth quarter of 2017 to offset the water shortage, but was not able to fully recoup its losses. The company is continuing to stockpile ore, and hopes to resume milling in late January. It predicts full operations will resume after the spring melt in April. PolyMet Mining shares rose 20% to $1.07. The company recently submitted an updated permit application to Minnesota’s Department of Natural Resources for its NorthMet copper-nickel project. Part of the revised application shows US$544 million in finan-

cial assurance for the first year of mining, which the state claims would be necessary for closure and reclamation activities, in particular water treatment. The state water sulfate standard for wild rice is 25 times cleaner than the federal standard for drinking water. Jon Cherry, president and CEO of PolyMet, called the assurance an “insurance policy.” “Costs of reclaiming and closing the site are already accounted for in our project plan,” Cherry said in a prepared statement. “It protects the state and taxpayers from incurring any costs should PolyMet not be able to do so.” Cherry went on to say he is confident that PolyMet could execute its reclamation plan cost effectively, and the financial assurance TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Potash Corp SK POT 27972 26.41 25.45 25.78 + 0.14 Yamana Gold YRI 14977 3.96 3.62 3.92 + 0.11 B2Gold BTO 11043 3.92 3.65 3.88 + 0.15 Anaconda Mng ANX 9727 0.11 0.08 0.10 + 0.02 Eldorado Gold ELD 9619 1.85 1.60 1.82 + 0.12 NextSource Mat NEXT 9539 0.07 0.06 0.07 + 0.01 Lundin Mng LUN 9112 8.51 8.06 8.36 + 0.16 First Quantum FM 9030 17.99 17.07 17.61 + 0.49 Kinross Gold K 8991 5.48 5.37 5.42 + 0.02 Suncor Energy SU 8721 46.27 44.38 46.15 + 1.45

would never have to be used. Shares of Gabriel Resources are up 29% to 42¢. More than three years ago the Romanian government gave in to pressure from environmental activists to suspend Gabriel’s Rosia Montana gold-silver project over concerns of cyanide use in the extraction process. Then, in 2014, it revoked a bill that would have allowed the mine to enter production. Gabriel said the open pit would

have been Europe’s largest gold mine and, in retaliation, sued Romania for $5.7 billion in alleged losses. In December, Romania approved a new draft law on mining activities. If the law comes into effect, exploration and production licenses would no longer go through the current government review procedure, but only need approval from the National Agency for Mineral Resources. TNM

TSX GREATEST PERCENTAGE CHANGE

Imperial Metal Gabriel Res Northcliff Res Niocorp Dev Largo Res PolyMet Mng St Augustine RTG Mining Anaconda Mng Sherritt Intl Redhawk Res Avesoro Res Verde Potash Centerra Gold Brio Gold U3O8 Corp Premier Gold M Wellgreen Plat Yorbeau Res TriMetals Mng

III GBU NCF NB LGO POM SAU RTG ANX S RDK ASO NPK CG BRIO UWE PG WG YRB TMI

2040 530 425 1240 1600 160 523 87 9727 6485 809 2074 268 4540 151 182 1110 389 641 981

3.47 0.43 0.16 0.78 1.35 1.08 0.03 0.24 0.11 1.82 0.05 0.04 0.81 7.32 2.05 0.51 3.92 0.30 0.08 0.17

2.33 0.31 0.12 0.56 0.98 0.89 0.03 0.20 0.08 1.45 0.03 0.00 0.69 6.28 1.75 0.42 3.58 0.28 0.07 0.14

3.39 0.42 0.16 0.74 1.33 1.07 0.03 0.24 0.10 1.72 0.03 0.03 0.70 6.44 1.87 0.44 3.60 0.28 0.07 0.16

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Suncor Energy Agrium Imperial Metal Teck Res Franco-Nevada Caledonia Mng Kirkland Lake Altius Mnrls Teck Res First Quantum Centerra Gold Endeavour Mng Pan Am Silver Cameco Corp First Majestic Premier Gold M Silver Wheaton Alamos Gold Barrick Gold Brio Gold

34.0 29.2 29.2 25.4 22.0 20.2 20.0 20.0 17.6 16.2 25.0 14.3 11.4 11.2 8.8 8.3 7.0 6.8 6.7 6.1

VOLUME WEEK (000s) CLOSE CHANGE

SU AGU III TECK.A FNV CAL KL ALS TECK.B FM CG EDV PAAS CCO FR PG WPM AGI ABX BRIO

8721 46.15 5364 144.58 2040 3.39 19 33.05 1674 100.46 8 9.25 2253 19.27 286 14.95 7109 32.87 9030 17.61 4540 6.44 828 25.63 725 19.58 6509 11.61 6305 8.48 1110 3.60 2713 27.79 2407 8.19 8449 18.18 151 1.87

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

1.45 0.90 0.86 0.65 0.60 0.60 0.59 0.57 0.54 0.49 0.81 0.49 0.37 0.36 0.34 0.27 0.24 0.24 0.22 0.18

TSX VENTURE EXCHANGE / DECEMBER 27–29 The S&P/TSX Venture Composite Index gained 40.42 points to a 850.72-point close, as spot gold prices gained US$28.64 to US$1,302.8 per oz. gold on a weakening U.S. dollar. Comex copper prices gained US6¢ to US$3.30 per lb. following further curbs on domestic production in China. Liberty One Lithium has decided to forgo exploration at its f lagship Pocitos West lithium property in Argentina, stating in a Dec. 22 press release that the property “falls short of the viability we require to move ahead based on our current economic projections.” In late October, the company drilled a thick, low-resistivity geophysical anomaly believed to represent a lithiumenriched brine along the length of the property package. Two of the three holes proved the anomaly was a clay-dominated sequence and has no potential to host brine. Liberty One confirmed 2018 plans to evaluate its North Paradox lithium property, which covers 18.1 sq. km within the Paradox basin in Grand County, Utah, and examine properties in Latin America and U.S. for acquisition. The news drove shares of the company up 35¢ to $1.05. Shares of U.S. coal miner Corsa Coal gained 30¢ to $2.05 on rising metallurgical coal prices. On Dec. 14, the company

stated that a ramp up at its Acosta mine, and start of production at its Horning mine — both in Pennsylvania — could increase coal production between 1.2 million and 1.4 million short tons, and increase coal sales between 2.1 million and 2.8 million short tons, up 60% and 50%, respectively, compared to 2017 forecasted levels. Corsa’s coal sales are comprised of three types: coal that Corsa produces; coal that is purchased and resold after storing, washing, blending and loaded; and coal that Corsa purchases on a clean or finished basis from suppliers outside the Northern Appalachia region. Greenfield explorer Crystal Lake Mining gained 30¢ to 92¢ per share after completing a $700,000, non-brokered private placement towards advancing the company’s TSX-V MOST ACTIVE ISSUES

Electra Stone ELT Tolima Gold TOM Iconic Mnls ICM Leeta Gold HIVE Anfield Res AEC Azincourt Ener AAZ Barker Mnrls BML True North Gem TGX Ashburton Vent ABR Liberty One Li LBY

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

24642 21762 20981 18246 12901 11172 10321 8931 7980 7064

0.04 0.05 0.25 3.49 0.47 0.20 0.03 0.01 0.14 1.35

0.01 0.01 0.15 2.83 0.03 0.11 0.01 0.01 0.07 0.64

0.03 + 0.04 + 0.17 - 3.43 + 0.35 unch 0.18 + 0.02 + 0.01 + 0.13 + 1.05 +

0.02 0.03 0.02 0.18 0.00 0.07 0.01 0.01 0.05 0.35

Emo nickel, copper, cobalt and platinum group metals properties in northwestern Ontario. The financing consists of 1.4 million units at 50¢ per unit, with each unit comprised of a share and a warrant exercisable within 2 years at 50¢ a share. Shares of Crystal Lake have risen from 20¢ per share since November, triggered by a series of private placements following the

retaining of nickel expert Peter Lightfoot to provide the company with technical services, and an earlier appointment of Richard Savage as the company’s new president and CEO. Lightfoot also serves on the advisory board of nickel explorer Garibaldi Resources, a junior explorer focused on magmatic nickel-copper exploration in northwestern B.C. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Tolima Gold Electra Stone Barker Mnrls Cicada Vents Balto Res TVI Pacific Spruce Ridge R Adex Mining True North Gem Green Arrow Mezzotin Mnrls Buffalo Coal Lovitt Res Ross River Homeland Egy Uracan Res Hawkeye Gld&Di Monitor Vent Damara Gold Galore Res

TOM ELT BML CID BAL.H TVI SHL ADE TGX GAR MEZ.H BUF LRC.H RRM.H SNX.H URC HAWK MVI DMR GRI

21762 24642 10321 2367 336 2188 4354 3397 8931 355 231 105 11 1118 8 1545 342 6 1686 809

0.05 0.04 0.03 0.03 0.21 0.02 0.04 0.02 0.01 0.12 0.02 0.02 0.05 0.02 0.31 0.04 0.07 0.29 0.10 0.02

0.01 0.01 0.01 0.01 0.10 0.01 0.02 0.01 0.01 0.07 0.01 0.01 0.00 0.01 0.00 0.03 0.05 0.00 0.05 0.01

0.04 0.03 0.02 0.03 0.20 0.01 0.03 0.01 0.01 0.12 0.01 0.01 0.05 0.01 0.27 0.03 0.05 0.29 0.06 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 600.0 + 400.0 + 200.0 + 150.0 + 110.5 + 100.0 + 100.0 + 100.0 + 100.0 + 76.9 - 66.7 - 50.0 - 43.8 - 33.3 - 28.9 - 28.6 - 28.6 - 25.6 - 25.0 - 25.0

VOLUME WEEK (000s) CLOSE CHANGE

Kitrinor Mtls Gold Reserve Till Capital Liberty One Li Corsa Coal Crystal Lake Cobalt 27 Cap Candelaria Mg Aurania Res Yellowhead Mng Itafos Avino Silver Wealth Mnrls Nrthn Lion Homeland Egy Monitor Vent Almadex Min QMC Qntm Ml Delrand Res Lithium X Egy

SCYB GRZ TIL LBY CSO CLM KBLT CAND ARU YMI IFOS ASM WML NL SNX.H MVI AMZ QMC KUU LIX

674 15.95 155 4.15 1 5.19 7064 1.05 412 2.05 3109 0.92 425 12.30 157 0.92 105 2.42 17 0.64 30 2.42 181 1.72 695 1.76 8 0.37 8 0.27 6 0.29 203 1.26 1134 0.98 42 1.62 2671 2.40

+ 4.15 + 0.73 + 0.47 + 0.35 + 0.30 + 0.30 + 0.30 + 0.29 + 0.23 + 0.23 - 0.28 - 0.14 - 0.13 - 0.11 - 0.11 - 0.10 - 0.09 - 0.09 - 0.08 - 0.08

U.S. MARKETS / DECEMBER 26–29 The Dow Jones Industrial Average gained 25% and the S&P 500 nearly 20% in 2017. But the shortened trading week between Christmas and New Year’s saw both moving in the opposite direction, with the Dow slipping 0.14% to 24,719.22, and the S&P 500 down 0.36% to 2,673.61. Spot gold finished the year at US$1,302.80 per oz., up 13% from US$1,151.85 per oz. at the end of 2016. Rio Tinto jumped US$1.84 to US$52.93 per share. The company said it had completed a US$1.5 billion buy-back of shares announced in February and August of 2017, and said it would start a further US$1.93 billion on-market buy-back to be completed before Dec. 31, 2018. Rio Tinto also noted that cash returns to shareholders totaled US$8.2 billion in 2017 — or US$4.2 billion of dividends and US$4 billion of share buy-backs. Eldorado Gold rose 6.7% or US$0.09 to US$1.43 per share on news of changes to its board of directors. The company appointed economic geologist and former industry analyst George Albino as independent chairman and said it won’t be replacing recent retirements, “which will make for a leaner

18_JAN8_MarketNews.indd 18

and more concentrated board,” made up of eight directors, seven of whom are independent. Eldorado also said it has reduced total and individual director compensation “in keeping with peer group considerations.” Yamana Gold shares were up US$0.13 to US$3.12. The company announced just before Christmas that it was selling the Canadian exploration assets of the Canadian Malartic Corporation (CMC), including the Kirkland Lake and Hammond Reef gold projects, to Agnico Eagle Mines, for US$162.5 million in cash. CMC is a corporation 50-50 owned and operated by Agnico and Yamana. The U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Frprt McMoR* FCX 81378 19.45 18.01 18.96 + 0.86 Vale* VALE 65633 12.30 11.82 12.23 + 0.31 Yamana Gold* AUY 48545 3.16 2.84 3.12 + 0.13 Eldorado Gold* EGO 43265 1.47 1.25 1.43 + 0.09 Cleveland-Clif* CLF 34812 7.42 7.07 7.21 - 0.07 United States S* X 30508 35.93 34.80 35.19 + 0.08 Kinross Gold* KGC 29343 4.37 4.23 4.32 + 0.07 Barrick Gold* ABX 28516 14.68 14.34 14.47 unch 0.00 Goldcorp* GG 24519 12.86 12.47 12.77 + 0.19 Potash Corp SK* POT 24217 21.04 19.92 20.65 + 0.48

deal does not affect the Canadian Malartic mine and related properties, including Odyssey, East Malartic, Midway and East Amphi, and is scheduled to close in the first quarter of 2018. Yamana also said it is “advancing on several other monetization

initiatives as part of ongoing strategic and technical reviews of its asset portfolio.” In addition, the company confirmed that its Cerro Moro project in Argentina remains on budget and on schedule for start-up in early 2018. TNM

U.S. GREATEST PERCENTAGE CHANGE

Mechel* MTL Intrepid Pots* IPI CONSOL Energy* CEIX Alcoa* AA Eldorado Gold* EGO Gold Fields* GFI Freeport McMoR* FCX MartinMarietta* MLM Suncor Energy* SU Natural Res Pt* NRP NACCO Ind* NC Endeavr Silver* EXK Cloud Peak En* CLD First Majestic* AG Cameco Corp* CCJ Hecla Mining* HL Alamos Gold* AGI Cleveland-Clif* CLF IAMGOLD* IAG Fortuna Silvr* FSM

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

1772 5.30 4.21 5.26 + 24.9 9161 5.12 4.12 4.76 + 12.0 3125 41.89 33.68 39.51 + 9.8 19043 54.61 48.81 53.87 + 7.8 43265 1.47 1.25 1.43 + 6.7 18042 4.38 4.00 4.30 + 6.2 81378 19.45 18.01 18.96 + 4.8 2856 222.45 208.45 221.04 + 4.7 13231 36.93 34.73 36.72 + 4.5 206 26.00 24.13 26.00 + 4.4 103 40.50 37.60 37.65 - 4.8 5446 2.53 2.38 2.39 - 3.2 5353 4.65 4.39 4.45 - 2.8 19294 7.52 6.62 6.74 - 2.7 12069 9.80 9.15 9.23 - 2.0 15301 4.15 3.89 3.97 - 2.0 7214 6.75 6.42 6.51 - 1.8 34812 7.42 7.07 7.21 - 1.0 15108 5.96 5.74 5.83 - 0.5 4419 5.34 5.09 5.22 - 0.4

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Alcoa* AA CONSOL Energy* CEIX Arch Coal* ARCH Agrium* AGU Rio Tinto* RIO Suncor Energy* SU Franco-Nevada* FNV Southern Copp* SCCO Natural Res Pt* NRP NACCO Ind* NC First Majestic* AG Cameco Corp* CCJ Cloud Peak En* CLD Alamos Gold* AGI Endeavr Silver* EXK Hecla Mining* HL Cleveland-Clif* CLF IAMGOLD* IAG Fortuna Silvr* FSM

VOLUME WEEK (000s) CLOSE CHANGE

2856 221.04 19043 53.87 3125 39.51 685 93.16 1771 115.00 11158 52.93 13231 36.72 2222 79.95 3153 47.45 206 26.00 103 37.65 19294 6.74 12069 9.23 5353 4.45 7214 6.51 5446 2.39 15301 3.97 34812 7.21 15108 5.83 4419 5.22

+ 9.94 + 3.88 + 3.53 + 2.03 + 2.02 + 1.84 + 1.58 + 1.45 + 1.24 + 1.10 - 1.90 - 0.19 - 0.19 - 0.13 - 0.12 - 0.08 - 0.08 - 0.07 - 0.03 - 0.02

2018-01-02 8:20 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JANUARY 8–21, 2018

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, January 2, 2018 Precious Metals Price (US$/oz.) Change 1312.80 +44.75 Gold Silver $17.06 +0.89 Platinum $927.00 +15.00 Palladium $1056.00 +28.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $12650.00 -140.00 $7216.50 -42.00 $2557.50 +82.50 $3345.00 +30.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 28, 2017 (change from December 21, 2017 in brackets): Aluminium Alloy 13900 (+400) 1103500 (-2525) Aluminium Copper 202850 (+1200) 142250 (+375) Lead Nickel 370836 (-2574) 2220 (-230) Tin 183525 (-4700) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$59.85 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.10 Cobalt: US$34.25/lb. Copper: US$3.25/lb. Copper: CME Group Futures Feb. 2018: US$3.27/lb.; Mar. 2018: US$3.28/lb Ferro-Chrome: US$2.80/kg Ferro Titanium: US$4.40/kg FerroTungsten: US$28.50/kg Ferrovanadium: US$29.70/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$72.80/tonne Iron Ore Fines: US$72.90/tonne Iron Ore Pellets: US$105.20/tonne Lead: US$1.13/lb. Magnesium: US$2.27/kg Manganese: US$2.12/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$80.00/tonne Potash: US$222.00/tonne Rhodium: Mid-mkt US$1,715.00 tr. oz. Ruthenium: Mid-mkt US$190.00/tr. oz. Silver: Handy & Harman Base: US$17.01 per oz.; Handy & Harman Fabricated: US$21.26 per oz. Tantalite Ore : US$139.20/kg Tin: US$9.02/lb. Uranium: U3O8, Trade Tech spot price: US$24.60; The UX Consulting Company spot price: US$23.75/lb. Zinc: US$1.50/lb. Prices current Jan. 2, 2018

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 16, 2017 (with changes from Nov 01, 2017) Largest short positions BTO 17439552 -1517879 11/1/2017 B2Gold Eldorado Gold ELD 17429987 3814180 11/1/2017 Sandstorm Gold SSL 15053412 -196883 11/1/2017 AKG 14125605 2650594 11/1/2017 Asanko Gold Yamana Gold YRI 13696241 1148245 11/1/2017 SU 12411963 468506 11/1/2017 Suncor Energy Ivanhoe Mines IVN 10628160 1430143 11/1/2017 New Gold NGD 10534908 -114963 11/1/2017 OceanaGold OGC 9784509 -585109 11/1/2017 TRQ 8886204 71586 11/1/2017 Turquoise HIl Alamos Gold AGI 8430803 1695998 11/1/2017 Lundin Mng LUN 8019631 1186501 11/1/2017 First Quantum FM 7582288 1440109 11/1/2017 ASR 6865940 -876133 11/1/2017 Alacer Gold Nevsun Res NSU 6777467 -151543 11/1/2017 Largest increase in short position ELD 17429987 3814180 11/1/2017 Eldorado Gold Asanko Gold AKG 14125605 2650594 11/1/2017 AuRico Metals AMI 2308094 2266894 11/1/2017 AGI 8430803 1695998 11/1/2017 Alamos Gold First Quantum FM 7582288 1440109 11/1/2017 Largest decrease in short position B2Gold BTO 17439552 -1517879 11/1/2017 ABX 2814980 -1080845 11/1/2017 Barrick Gold Alacer Gold ASR 6865940 -876133 11/1/2017 EXN 337320 -625964 11/1/2017 Excellon Res OceanaGold OGC 9784509 -585109 11/1/2017

Short positions outstanding as of Nov 16, 2017 (with changes from Nov 01, 2017) Largest short positions Leeta Gold HIVE 7042900 2412100 11/1/2017 ARY 2233000 2232400 11/1/2017 Anfield Res Liberty One Li LBY 1870400 -760541 11/1/2017 Portofino Res POR 1610800 1599500 11/1/2017 Enforcer Gold VEIN 1473400 1468400 11/1/2017 AGB 1323100 383 11/1/2017 Atlantic Gold Advantage Lith AAL 1253251 904686 11/1/2017 Uragold Bay Rs HPQ 1215800 1058000 11/1/2017 Neo Lithium NLC 1214700 -154600 11/1/2017 GGI 869100 141100 11/1/2017 Garibaldi Res Lithium X Egy LIX 634200 -1708568 11/1/2017 11/1/2017 Millennial Lit ML 579000 63896 First Cobalt FCC 560211 102211 11/1/2017 US Cobalt USCO 439300 -3700 11/1/2017 Cruz Cobalt CUZ 416300 366300 11/1/2017 Largest increase in short position HIVE 7042900 2412100 11/1/2017 Leeta Gold Anfield Res ARY 2233000 2232400 11/1/2017 Portofino Res POR 1610800 1599500 11/1/2017 VEIN 1473400 1468400 11/1/2017 Enforcer Gold Uragold Bay Rs HPQ 1215800 1058000 11/1/2017 Largest decrease in short position LIX 634200 -1708568 11/1/2017 Lithium X Egy Astorius Res ASQ 200 -1399800 11/1/2017 Liberty One Li LBY 1870400 -760541 11/1/2017 FCV 0 -500000 11/1/2017 Focus Vent Core Gold CGLD 0 -448900 11/1/2017

DAILY METAL PRICES Daily Metal Prices Jan 1 Dec 29 Dec 28 Dec 27 Date BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy N/A 1825/1840 1835/1850 1815/1830 Aluminum N/A 2241/2250.50 2245/2256.50 2199/2207 Copper N/A 7156.50/7190 7215/7251 7139/7181 Lead N/A 2494.50/2500 2511/2521 2492/2498 Nickel N/A 12250/12300 12090/12175 11830/11900 Tin N/A 19850/19800 19770/19700 19675/19595 Zinc N/A 3308/3288 3288/3279 3266/3267

Dec 26 N/A N/A N/A N/A N/A N/A N/A

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

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Dec 29 Dec 28 Dec 27 Dec 26 Dec 25 High Low Name S&P/TSX Composite 16209.13 16221.95 16203.13 16165.27 16165.27 15527.30 12400.15 S&P/TSXV Composite 850.72 842.24 826.72 810.30 810.30 1050.26 883.52 S&P/TSX 60 959.70 960.61 959.92 958.79 958.79 896.74 709.99 S&P/TSX Global Gold 195.46 195.35 196.72 195.45 195.45 218.90 149.29 DJ Precious Metals 174.01 173.78 174.46 174.46 171.81 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS DECEMBER 26–29, 2017 157 New Highs ABE Resources ABE Resources* Adex Mining Agrium Agrium* Aguila Amer Gd Alchemist Mng Alcoa* Allante Potash Amerigo Res Amerigo Res* Anaconda Mng Anaconda Mng* Anfield Res Anfield Res* Anglo American* Applied Mrnls* Arch Coal* Aura Mnls Aura Mnls* Auramex Res AuRico Metals * Balto Res Bankers Cobalt Bankers Cobalt*

Intrepid Pots* Declan Res Bard Ventures Kairos Cap Desert Star* Barker Mnrls Kingsrose Mng* eCobalt Solns BCM Res Kirkland Lake Braveheart Res* eCobalt Solns* Kirkland Lake* Caledonia Mng Electra Stone* Kitrinor Mtls Canoe Mng Vent Eloro Mnrls Labrador Iron Eloro Mnrls* Castle Silver Laurion Mnl Ex* Ero Copper Castle Silver* Leading Edge Ero Copper* Champion Bear* Leading Edge* Chevron Corp* Explorex Res* Leo Res* Fiore Gold* Cicada Vents LSC Lithium* Cobalt Pwr Grp* Fireweed Zinc CONSOL Energy* Fireweed Zinc* Lynas Corp* Manitou Gold Copper Ck Gold First Quantum Copper Ck Gold* Fortune Mnrls* Matica Ent Freeport McMoR*Matica Ent* Corex Gold Megastar Dev Glencore Plc* Corex Gold* Guyana Goldstr* Metallic Mnrls* Corvus Gold Hemcare Health* Mineworx Tech* Corvus Gold* Horizonte Mnls Nemaska Lith Crown Mining Nemaska Lith* Crown Mining* Icon Explor Nexa Resources Icon Explor* Crystal Lake Nexa Resources* Iconic Mnls Crystal Lake* Nickel One Res Iconic Mnls * Crystal Peak Nickel One Res* iMetal Res Crystal Peak* NKWE Platinum* Infinite Lith Currie Rose Rs Orca Gold* Currie Rose Rs* Intl Cobalt*

Orla Mng Ltd Orla Mng Ltd* Pac Bay Mnrls* Palamina Corp* Peabody Enrgy* Peat Res PepinNini Lith* Plateau Uran Plateau Uran* Platinex Inc Potash Corp SK* PUF Vent Inc PUF Vent Inc * Rio Tinto* Rockshield Cap Rockshield Cap* Ross River* Sama Res Sama Res* Samex Mng* Sandstorm Gold* Sherritt Intl Silvermet Skeena Res* Southern Copp* SRG Graphite St-Georges Plt*

Standard Graph* Altair Res Inc Stroud Res Bunker Hill Suncor Energy* Crystal Explor* Syrah Res* Dynasty Gold* Taseko Mines Eco Oro Mnls Teck Res* El Capitan Prc* Terreno Res Tiger Intl Ensurge* Tolima Gold Fairmont Res Torq Resources* Golden Share* Uracan Res* IDM Mining* US Energy* Lithoquest Dia Vale* Victory Res Midas Gold* Voyageur Min* Nevado Res Western Areas* Oroplata Res* Western Troy C Signature Res* Westridge Res Westridge Res* Strateco Res* Whitehaven Coa* Tanqueray Expl Wolfden Res Torq Resources* Wolfden Res* Trueclaim Expl* Wolverine Mnls Umbral Enrgy* Zincore Mtls* 25 New Lows Victoria Gold Alexandra Cap* VR Resources Alphamin Res * WAI Cap Invest*

CANADIAN GOLD MUTUAL FUNDS

Fund Dec 29 ($) Dec 22 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 21.00 20.75 0.25 1.20 -12.63 2.80 121.17 BMO Prec Mtls Fd A 18.00 18.05 -0.05 -0.29 -2.69 2.40 60.77 BMO ZGD 9.50 9.49 0.01 0.13 -3.35 0.63 BMO ZJG 9.06 9.22 -0.16 -1.70 5.92 0.60 CIBC Prec Metal Fd A 10.21 10.17 0.04 0.38 -6.32 2.58 47.84 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Dyn Prec Metls Fd A 7.01 6.93 0.08 1.15 5.80 2.66 341.98 Gold AM N/A 1296.50 1291.60 1285.40 N/A GOGO 10.28 0.11 1.06 Gold PM N/A N/A 1291.00 1279.40 N/A Horizons HEP 24.52 24.46 0.30 1.22 7.15 0.81 Silver N/A 16.87 16.74 16.50 N/A IG Mac GbPMetCl A 8.93 8.75 0.19 2.16 -1.29 2.75 39.64 Platinum N/A 927.00 925.00 919.00 N/A iShares XGD 12.21 12.21 0.00 0.00 0.02 0.55 751.36 Palladium N/A 1056.00 1057.00 1055.00 N/A Mac Prec Met Cl A 47.71 46.69 1.02 2.18 -1.19 2.52 84.37 NBI PrecMetFd AdvDSC 12.49 0.14 1.13 -2.03 2.47 28.84 NBI PrecMetFd AdvISC 12.49 0.14 1.13 -2.03 2.47 28.84 EXCHANGE RATES NBI PrecMetFd AdvLSC 12.49 0.14 1.13 -2.03 2.47 28.84 NBI PrecMetFd Invt 12.49 0.14 1.13 -2.03 2.46 28.84 RBC GblPreMetFd A 33.33 0.51 1.54 2.38 2.13 352.33 Date Dec 29 Dec 28 Dec 27 Dec 26 Dec 25 Redw UITGoDe&ProCl A 10.00 0.00 1.2576 1.2566 1.2650 1.2688 1.2717 US$ in C$ Sentry Pre Met Fd A 38.81 38.42 0.39 1.02 -2.33 2.44 168.55 0.7952 0.7958 0.7905 0.7882 0.7864 C$ in US$ Sprott Gold&PrMinFdA 35.93 0.62 1.74 -2.36 2.96 194.57 Sprott SilverEquCl A 5.61 0.03 0.52 -16.03 3.36 113.39 TD PreciousMetalsInv 33.81 0.22 0.66 -4.54 2.27 120.67 Exchange rates (Quote Media, December 29, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0193 0.6624 89.6040 15.6450 9.8333 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5887 5.1714 50.7485 0.7745 848.6339 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2812 0.8330 112.6761 19.6754 12.3820 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7400 6.5067 63.8405 0.9745 1066.7800

GLOBAL MINING NEWS · SINCE 1915

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

19_JAN18_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

2018-01-02 6:04 PM

WWW.NORTHERNMINER.COM

JANUARY 8–21, 2018 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 25–29, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources* O 185 0.12 0.11 0.12 + 0.00 0.13 0.07 0.49 0.22 0.27 - 0.01 2.88 0.06 Abacus Mng &Ex* O 2284 Abacus Mng &Ex V 2924 0.49 0.28 0.34 - 0.02 1.25 0.19 Abcourt Mines* O 56 0.05 0.04 0.05 + 0.01 0.10 0.04 ABE Resources* O 20 0.60 0.42 0.55 + 0.13 0.59 0.34 ABE Resources V 3374 0.79 0.48 0.73 + 0.18 0.79 0.18 0.09 Aben Res V 1985 0.19 0.15 0.18 + 0.02 0.50 Aben Res* O 428 0.15 0.11 0.15 + 0.03 0.41 0.06 0.09 Aberdeen Intl* O 86 0.15 0.12 0.14 - 0.01 0.16 Aberdeen Intl T 1210 0.20 0.17 0.19 + 0.01 0.21 0.11 6.00 Abitibi Royalt* O 2 7.39 7.35 7.39 + 0.04 8.18 Abitibi Royalt V 8 9.30 0.00 9.20 + 0.17 10.75 7.41 AbraPlata Res* O 244 0.20 0.18 0.20 + 0.01 0.48 0.17 0.03 AbraPlata Res V 541 0.25 0.23 0.24 - 0.01 0.63 Adamera Mnls V 341 0.10 0.09 0.10 + 0.01 0.24 0.07 Adamera Mnls* O 200 0.09 0.07 0.08 + 0.00 0.18 0.05 Adex Mining V 3397 0.02 0.01 0.01 + 0.01 0.02 0.01 0.05 Advance Gold V 121 0.07 0.06 0.07 + 0.01 0.13 Advantage Lith V 2680 1.23 1.12 1.20 + 0.04 1.42 0.36 Advantage Lith* O 664 1.00 0.88 0.98 + 0.06 1.12 0.28 Adventus Zinc V 42 0.88 0.00 0.76 + 0.05 1.15 0.57 Affinity Gold* O 70 0.02 0.02 0.02 - 0.00 0.05 0.01 African Gold V 2162 0.05 0.04 0.05 + 0.01 0.09 0.04 0.00 African Mnrls* O 59 0.00 0.00 0.00 - 0.00 0.01 O 1 0.11 0.00 0.11 + 0.01 0.11 0.00 Aftermath Slvr* Agnico Eagle* N 5268 46.60 44.40 46.18 + 0.86 51.86 39.30 Agnico Eagle T 2419 58.47 56.74 58.04 + 0.42 68.76 52.36 T 5364 147.19 142.55 144.58 + 0.90 147.19 115.16 Agrium Agrium* N 1771 117.28 111.54 115.00 + 2.02 117.28 87.82 Aguia Resource V 351 0.45 0.38 0.42 + 0.04 0.49 0.32 Aim Explor* O 129745 0.01 0.00 0.01 + 0.00 0.04 0.00 V 1958 0.09 0.09 0.09 + 0.01 0.22 0.08 Alabama Graph Alabama Graph* O 310 0.08 0.07 0.08 + 0.01 0.17 0.06 Alacer Gold T 2139 2.25 2.15 2.23 + 0.05 3.11 1.95 Alamos Gold T 2407 8.46 8.12 8.19 - 0.24 11.83 7.53 Alamos Gold* N 7214 6.75 6.42 6.51 - 0.12 9.00 5.93 Albert Mining* O 13 0.06 0.05 0.06 + 0.00 0.07 0.03 Albert Mining V 2399 0.09 0.06 0.07 - 0.01 0.15 0.04 0.05 Alchemist Mng 10298 0.34 0.17 0.28 + 0.10 0.34 Alcoa* N 19043 54.61 48.81 53.87 + 3.88 54.61 28.01 Alderon Iron* O 103 0.20 0.17 0.17 - 0.00 0.60 0.16 Alderon Iron T 414 0.25 0.22 0.23 - 0.01 0.80 0.21 0.02 Aldever Res* O 62 0.03 0.02 0.03 + 0.01 0.09 Aldridge Min V 84 0.12 0.11 0.11 - 0.01 0.29 0.11 Alexandra Cap* O 3 0.51 0.49 0.49 - 0.02 0.65 0.49 0.05 Alexandra Cap 247 0.76 0.60 0.62 - 0.02 0.85 Alexandria Min V 5833 0.09 0.07 0.08 + 0.01 0.09 0.05 Alexandria Min* O 1360 0.07 0.05 0.06 + 0.00 0.07 0.03 1.41 Alexco Res T 398 2.08 1.94 1.99 - 0.01 2.66 Alexco Res* X 1152 1.64 1.53 1.59 + 0.01 2.04 1.10 Allante Potash V 42 0.11 0.06 0.11 + 0.05 0.11 0.04 Alliance Res* D 1205 19.80 19.04 19.70 + 0.40 25.55 17.60 0.92 Almaden Mnls T 138 1.34 1.26 1.28 - 0.06 2.33 X 1014 1.05 1.00 1.03 - 0.01 1.75 0.71 Almaden Mnls* Almadex Min V 203 1.36 1.24 1.26 - 0.09 1.95 0.89 Almadex Min* O 287 1.16 0.99 1.00 - 0.06 1.46 0.65 Alopex Gold V 35 0.56 0.54 0.54 - 0.01 0.71 0.48 Alphamin Res V 582 0.32 0.29 0.29 - 0.02 0.44 0.29 Alphamin Res * O 31 0.25 0.23 0.24 - 0.01 0.35 0.23 O 7 0.06 0.05 0.06 + 0.01 0.15 0.05 Alset Minerals* Altai Res V 1310 0.29 0.23 0.25 - 0.02 0.37 0.05 Altair Res Inc V 1365 0.09 0.08 0.08 - 0.01 0.47 0.08 Altamira Gold V 1425 0.32 0.18 0.28 + 0.07 0.34 0.14 O 379 0.25 0.15 0.22 + 0.07 0.31 0.11 Altamira Gold* Altan Nev Mnls V 50 0.02 0.01 0.02 + 0.01 0.03 0.01 Altan Rio Mnls V 267 0.02 0.01 0.02 + 0.01 0.03 0.01 Altiplano Mnls V 446 0.23 0.21 0.23 + 0.01 0.28 0.11 10.05 Altius Mnrls T 286 15.00 14.16 14.95 + 0.57 15.06 Alto Vent V 1646 0.08 0.06 0.07 - 0.02 0.14 0.05 Altura Mng Ltd* O 664 0.33 0.30 0.32 + 0.01 0.35 0.09 Alumina Inc* O 45 7.55 7.38 7.51 + 0.11 7.57 4.95 0.05 ALX Uranium* O 27 0.08 0.07 0.07 - 0.01 0.12 ALX Uranium V 2058 0.11 0.08 0.11 + 0.02 0.16 0.07 270 0.05 0.05 0.05 - 0.01 0.08 0.04 Am Creek Res V Am CuMo Mng V 688 0.08 0.07 0.08 + 0.01 0.49 0.07 Am CuMo Mng* O 88 0.06 0.05 0.06 + 0.00 0.35 0.05 Am Manganese* O 217 0.24 0.21 0.22 - 0.02 0.28 0.10 Am Manganese V 1046 0.30 0.27 0.28 - 0.02 0.35 0.13 18 0.02 0.00 0.02 + 0.01 0.05 0.01 Am Sierra Gold* O Amarc Res V 305 0.16 0.14 0.16 + 0.01 0.26 0.08 Amarc Res* O 140 0.13 0.11 0.13 + 0.01 0.21 0.06 0.24 Amarillo Gold V 925 0.42 0.26 0.31 + 0.03 0.45 Amazing Energy* O 234 0.75 0.54 0.55 - 0.20 0.87 0.05 Amer Intl Vent* O 228 0.04 0.04 0.04 - 0.00 0.11 0.01 American Lith* O 53 0.38 0.32 0.37 + 0.02 0.67 0.32 American Lith V 294 0.51 0.43 0.46 + 0.01 2.20 0.33 American Pot* O 42 0.07 0.05 0.07 + 0.02 0.19 0.05 American Pot 173 0.09 0.00 0.07 - 0.02 0.26 0.05 3.14 Americas Silvr T 273 4.85 4.56 4.58 - 0.09 6.11 Americas Silvr* X 261 3.89 3.62 3.62 - 0.06 5.04 2.48 0.32 Amerigo Res T 690 1.12 1.05 1.10 + 0.05 1.10 Amerigo Res* O 803 0.90 0.76 0.87 + 0.04 0.90 0.25 0.08 Amex Expl V 267 0.12 0.10 0.12 + 0.02 0.38 Anaconda Mng T 9727 0.11 0.08 0.10 + 0.02 0.11 0.06 O 2443 0.09 0.06 0.09 + 0.02 0.09 0.04 Anaconda Mng* Anfield Res* O 90 0.32 0.03 0.30 - 0.03 1.20 0.22 Angel Gold* O 77 0.05 0.03 0.04 + 0.00 0.09 0.03 Anglo American* O 4 20.73 19.87 20.56 + 0.58 20.73 12.19 Anglo American* O 1545 10.38 9.84 10.35 + 0.37 10.38 5.95 AngloGold Ash* N 12595 10.41 9.67 10.19 + 0.38 13.68 8.86 Antioquia Gold* O 232 0.04 0.02 0.04 + 0.00 0.14 0.02 Antler Gold V 214 0.27 0.21 0.24 + 0.03 0.67 0.20 6 13.60 0.00 13.46 + 0.61 13.92 8.42 Antofagasta* O Apex Res V 66 0.09 0.00 0.09 + 0.01 0.15 0.07 Apogee Opport V 127 0.22 0.18 0.19 - 0.01 0.24 0.14 Appia Energy 224 0.17 0.14 0.17 + 0.03 0.47 0.10 0.16 Aquila Res* O 451 0.22 0.20 0.21 + 0.00 0.24 Arch Coal* N 685 94.57 89.47 93.16 + 2.03 94.57 60.13 Arctic Star* O 57 0.13 0.09 0.13 + 0.02 0.24 0.07 Arctic Star V 1256 0.17 0.12 0.16 + 0.04 0.38 0.08 Arcus Dev Grp V 144 0.07 0.06 0.07 + 0.01 0.19 0.04 Arena Mnls V 398 0.08 0.07 0.08 + 0.01 0.30 0.06 Arena Mnls* O 151 0.06 0.05 0.05 - 0.00 0.23 0.04 Argentina Lith* O 105 0.30 0.26 0.29 + 0.02 0.48 0.07 Argentina Lith V 1183 0.37 0.32 0.36 + 0.05 0.60 0.08 Argentum Silvr V 116 0.21 0.17 0.20 + 0.04 0.59 0.17 Argex Titanium* O 116 0.04 0.03 0.03 - 0.01 0.08 0.03 Argonaut Gold* O 343 2.02 1.74 1.91 - 0.04 2.40 1.31 Argonaut Gold T 2815 2.55 2.27 2.40 - 0.08 2.98 1.76 Argus Metals* O 5 0.46 0.00 0.46 + 0.03 0.55 0.06 Arian Silver* O 3157 0.01 0.00 0.00 - 0.00 0.02 0.00 Arianne Phosph* O 233 0.54 0.49 0.49 - 0.02 0.73 0.47 Arianne Phosph V 331 0.67 0.62 0.63 - 0.03 0.97 0.60 Arizona Mng T 898 3.47 3.29 3.46 + 0.15 3.68 1.70 Arizona Mng* O 171 2.80 2.48 2.74 + 0.13 3.50 1.30 Arizona Silver V 125 0.23 0.18 0.23 + 0.05 1.23 0.14 Arizona Silver* O 93 0.16 0.14 0.16 + 0.01 0.91 0.11 Arrowstar Res V 403 0.06 0.05 0.05 - 0.01 0.07 0.03 Asanko Gold T 3142 0.92 0.80 0.89 + 0.08 5.07 0.55 Asanko Gold* X 6279 0.74 0.62 0.71 + 0.06 3.90 0.43

20-23_JAN8_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Asante Gold 1392 Ascot Res V 61 Ashburton Vent V 7980 Asian Minl Res V 892 Aston Bay V 359 Astorius Res V 453 ATAC Res V 734 Atacama Pacif V 10 O 7 Atacama Pacif* Atacama Res* O 110267 Athabasca Mnls* O 183 V 485 Athabasca Mnls Athena Silver* O 7 Atico Mng* O 386 Atico Mng V 375 Atlanta Gold V 26 Atlanta Gold* O 3 Atlantic Gold V 408 Atlatsa Res* O 2364 Atom Energy V 93 Atom Energy * O 68 Aton Res Inc* O 92 Aura Mnls* O 5 Aura Mnls T 33 Auramex Res V 160 Aurania Res* O 76 Aurania Res V 105 Aurcana Corp* O 451 Aurcana Corp V 818 AurCrest Gold V 664 AuRico Metals * O 434 Aurion Res * O 39 Aurion Res V 133 Aurum* O 101 Auryn Res* X 824 Austral Gold* O 17 Auxico Res 75 Avalon Adv Mat T 1452 Avalon Adv Mat* O 733 Avarone Metals 886 Avesoro Res* O 98 Avesoro Res T 2074 Avino Silver* X 851 Avino Silver V 181 Avrupa Mnls V 821 Avrupa Mnls* O 235 AXE Expl V 4379 Axiom Mng* O 921 Axmin Inc* O 3 Azarga Mtls V 207 Azarga Mtls* O 6 O 33 Azarga Uranium* Azimut Expl V 310 Azincourt Ener* O 361 Azincourt Ener V 11172 Aztec Minerals* O 2 Azteca Gold* O 424

0.08 0.06 0.08 + 0.01 0.20 0.06 1.62 1.51 1.52 - 0.07 2.10 1.29 0.14 0.07 0.13 + 0.05 0.34 0.06 0.04 0.02 0.04 + 0.02 0.05 0.02 0.18 0.13 0.16 + 0.03 0.29 0.10 0.12 0.11 0.11 - 0.01 0.21 0.06 0.60 0.54 0.58 + 0.01 0.89 0.35 0.70 0.67 0.70 + 0.02 0.83 0.26 0.59 0.52 0.59 + 0.07 0.66 0.22 0.00 0.00 0.00 + 0.00 0.52 0.00 0.13 0.11 0.11 - 0.01 0.24 0.09 0.16 0.14 0.14 - 0.01 0.32 0.12 0.08 0.04 0.08 + 0.04 0.14 0.02 0.63 0.49 0.60 + 0.05 0.75 0.40 0.79 0.63 0.75 + 0.04 0.99 0.51 0.05 0.00 0.05 + 0.01 0.10 0.04 0.04 0.00 0.04 + 0.01 0.07 0.03 1.57 1.45 1.53 + 0.04 1.87 0.82 0.03 0.02 0.02 - 0.00 0.06 0.01 0.30 0.25 0.28 - 0.02 0.65 0.05 0.23 0.19 0.19 - 0.03 0.34 0.04 0.03 0.03 0.03 + 0.01 0.06 0.02 2.05 1.76 2.03 + 0.27 2.05 1.03 2.74 2.30 2.53 + 0.18 2.74 1.30 0.09 0.00 0.08 + 0.01 0.09 0.02 2.19 1.73 1.93 + 0.20 2.20 1.40 2.75 2.19 2.42 + 0.23 3.75 0.50 0.17 0.14 0.15 + 0.00 0.36 0.13 0.22 0.19 0.19 - 0.01 0.48 0.17 0.03 0.03 0.03 + 0.01 0.04 0.02 1.43 1.27 1.42 + 0.02 1.43 0.71 1.74 1.62 1.68 - 0.04 2.82 0.27 2.21 2.02 2.17 + 0.04 3.49 0.37 0.07 0.06 0.07 + 0.01 1.30 0.06 2.00 1.50 1.64 - 0.01 3.00 1.29 0.12 0.09 0.10 + 0.01 0.16 0.08 0.30 0.25 0.25 - 0.05 0.45 0.24 0.13 0.12 0.12 + 0.01 0.23 0.11 0.10 0.08 0.09 + 0.00 0.17 0.08 0.07 0.06 0.07 + 0.02 0.08 0.02 0.03 0.02 0.02 - 0.01 0.03 0.02 0.04 0.00 0.03 - 0.01 0.05 0.02 1.47 1.30 1.34 - 0.12 2.13 1.14 1.90 1.66 1.72 - 0.14 2.80 1.44 0.08 0.06 0.07 - 0.02 0.14 0.06 0.08 0.05 0.05 - 0.01 0.11 0.05 0.07 0.05 0.06 - 0.01 0.10 0.02 0.12 0.00 0.12 - 0.07 0.19 0.12 0.02 0.02 0.02 + 0.00 0.05 0.02 0.15 0.12 0.15 + 0.03 0.38 0.11 0.10 0.00 0.10 + 0.01 0.29 0.08 0.18 0.16 0.16 - 0.01 0.44 0.16 0.37 0.33 0.37 + 0.03 0.48 0.26 0.15 0.08 0.13 + 0.05 0.22 0.03 0.20 0.11 0.18 + 0.07 0.28 0.05 0.23 0.21 0.23 + 0.02 0.23 0.18 0.00 0.00 0.00 + 0.00 0.00 0.00

B B2Gold* X 15394 B2Gold T 11043 V 310 Bacanora Mnls Balmoral Res T 2970 Balmoral Res* O 726 Balto Res V 336 Bankers Cobalt V 747 Bankers Cobalt* O 92 Banyan Gold V 215 Bard Ventures V 404 Barker Mnrls V 10321 Barkerville Go V 926 Barkerville Go* O 172 Barrick Gold T 8449 Barsele Min V 325 Barsele Min* O 53 Batero Gold V 2851 Bayhorse Silvr* O 78 Bayswater Uran* O 5 Bayswater Uran V 212 BCM Res V 193 335 Bear Creek Mng V Bearing Lith* O 236 Bearing Lith V 330 Beaufield Res V 876 Beaufield Res* O 103 Bell Copper* O 3 Belo Sun Mng T 1567 V 92 Belvedere Res Benz Mining V 306 Berkwood Res V 646 Berkwood Res * O 100 Bethpage Cap V 123 Bird River Res 1033 O 26 Bitterroot Res* Bitterroot Res V 221 Black Dragon* O 32 Black Dragon V 755 Black Hills* N 2033 Black Iron T 415 Black Iron* O 5 Black Mam Mtls V 197 40 Black Sea Cop V Black Sea Cop* O 25 Black Tusk Res 5 Blackheath Res V 603 Blackrock Gold V 230 Blind Crk Res V 78 BLOX Inc* O 87 9 Blue Sky Uran* O Blue Sky Uran V 327 Bluestone Res* O 0 Bluestone Res V 56 Bold Vent V 307 Bonanza Gldfds* O 870 O 66 BonTerra Res* BonTerra Res V 702 Borneo Res Inv* O 8032 Bravada Gold V 111 Bravada Gold* O 134 Braveheart Res* O 33 Braveheart Res V 154 Bravo Multinat* O 69 Brazil Mnrls* O 2241 BrightRock Gld* O 45 Brilliant Sand* O 69 Brio Gold T 151 Britannia Mng* O 113 Brixton Mtls* O 72 Brixton Mtls V 282 Broadway Gold* O 258 Broadway Gold V 360

3.13 2.85 3.10 + 0.16 3.55 2.15 3.92 3.65 3.88 + 0.15 4.64 2.96 1.90 1.61 1.90 + 0.15 2.00 1.01 0.57 0.49 0.55 + 0.01 0.98 0.42 0.47 0.38 0.44 + 0.02 0.75 0.23 0.21 0.10 0.20 + 0.11 0.21 0.01 0.83 0.71 0.83 + 0.12 0.83 0.11 0.67 0.57 0.67 + 0.07 0.64 0.37 0.12 0.08 0.09 + 0.01 0.15 0.05 0.05 0.04 0.05 + 0.01 0.05 0.02 0.03 0.01 0.02 + 0.01 0.03 0.01 0.75 0.70 0.75 + 0.04 1.39 0.41 0.60 0.55 0.59 + 0.04 1.03 0.31 18.55 18.06 18.18 - 0.22 27.19 17.07 0.71 0.62 0.69 + 0.05 1.62 0.53 0.53 0.50 0.52 + 0.02 1.25 0.42 0.11 0.09 0.10 + 0.01 0.13 0.08 0.17 0.15 0.16 + 0.01 0.21 0.09 0.02 0.02 0.02 - 0.00 0.07 0.02 0.04 0.03 0.04 + 0.01 0.09 0.02 0.25 0.14 0.20 + 0.02 0.25 0.07 2.16 1.95 2.02 + 0.01 3.40 1.64 0.69 0.64 0.65 + 0.01 1.41 0.50 0.88 0.80 0.80 - 0.02 1.83 0.55 0.13 0.12 0.12 - 0.01 0.34 0.07 0.10 0.09 0.09 - 0.00 0.25 0.06 0.16 0.00 0.16 + 0.02 0.16 0.02 0.40 0.39 0.40 - 0.01 1.14 0.29 0.31 0.29 0.31 + 0.01 0.32 0.02 0.18 0.15 0.15 - 0.03 0.47 0.15 0.36 0.32 0.34 - 0.01 0.65 0.25 0.29 0.25 0.25 - 0.02 0.44 0.20 0.10 0.08 0.09 - 0.02 0.16 0.06 0.40 0.27 0.32 - 0.06 0.63 0.05 0.11 0.09 0.10 + 0.01 0.24 0.02 0.14 0.11 0.14 + 0.02 0.29 0.04 0.04 0.04 0.04 - 0.00 0.09 0.02 0.06 0.05 0.06 - 0.01 0.12 0.03 60.51 58.13 60.11 + 1.09 72.02 57.01 0.12 0.11 0.12 - 0.01 0.17 0.04 0.10 0.08 0.10 + 0.02 0.11 0.03 0.11 0.08 0.09 - 0.01 0.25 0.06 0.13 0.11 0.13 - 0.01 0.35 0.10 0.11 0.07 0.10 + 0.02 0.26 0.07 0.15 0.14 0.15 + 0.02 0.17 0.12 0.07 0.05 0.06 - 0.01 0.11 0.04 0.08 0.08 0.08 + 0.01 0.12 0.05 0.22 0.18 0.20 + 0.02 0.38 0.12 0.29 0.28 0.29 + 0.01 0.35 0.03 0.21 0.18 0.18 - 0.03 0.33 0.08 0.26 0.23 0.24 - 0.03 0.43 0.10 0.87 0.86 0.87 + 0.01 0.96 0.86 1.11 1.05 1.10 + 0.04 1.90 0.95 0.05 0.04 0.05 - 0.01 0.06 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.50 0.40 0.45 - 0.03 0.57 0.18 0.63 0.55 0.58 - 0.02 0.72 0.24 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.12 0.16 + 0.04 0.34 0.10 0.13 0.00 0.13 + 0.02 0.26 0.07 0.06 0.06 0.06 + 0.00 0.06 0.03 0.10 0.08 0.09 - 0.01 0.12 0.04 0.75 0.43 0.58 + 0.06 3.49 0.32 0.01 0.00 0.00 - 0.00 0.05 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.02 0.03 + 0.01 0.06 0.01 2.05 1.75 1.87 - 0.18 3.59 1.54 0.00 0.00 0.00 - 0.00 0.01 0.00 0.25 0.22 0.23 + 0.00 0.47 0.18 0.33 0.28 0.30 + 0.02 0.65 0.23 0.30 0.27 0.30 + 0.01 1.29 0.24 0.40 0.34 0.40 + 0.04 1.70 0.31

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Brookmount Exp* O 17910 Bryn Res* O 156 Buenaventura* N 4928 Buffalo Coal V 105 Bullfrog Gold* O 385 Bullion Gld Res V 110 Bunker Hill 48 BWR Explor V 1157

0.04 0.01 0.02 - 0.01 0.13 0.01 0.01 0.00 0.00 - 0.01 0.01 0.00 14.19 13.66 14.08 + 0.38 14.96 10.87 0.02 0.01 0.01 - 0.01 0.02 0.01 0.10 0.08 0.09 + 0.01 0.18 0.05 0.31 0.26 0.26 + 0.01 0.47 0.08 1.61 1.53 1.53 - 0.05 1.85 1.53 0.08 0.06 0.08 + 0.02 0.10 0.04

C Cabral Gold V 36 0.49 0.42 0.42 - 0.06 0.50 0.31 Cache Expl V 1037 0.07 0.06 0.06 - 0.01 0.31 0.05 Caledonia Mng* X 38 7.48 6.81 7.39 + 0.48 7.96 0.05 Caledonia Mng T 8 9.25 8.59 9.25 + 0.60 10.30 6.50 Calibre Mng V 2170 0.15 0.12 0.13 - 0.01 0.30 0.10 California Go* O 102 0.32 0.26 0.26 - 0.07 0.49 0.21 Callinex Mines* O 126 0.28 0.23 0.26 - 0.01 0.43 0.21 Callinex Mines V 858 0.35 0.32 0.32 - 0.02 0.57 0.28 Cameco Corp T 6509 12.55 11.51 11.61 - 0.36 17.65 9.90 Cameco Corp* N 12069 9.80 9.15 9.23 - 0.19 13.36 7.68 Cameo Res* O 11 0.56 0.52 0.52 - 0.03 1.11 0.24 Cameo Res V 156 0.74 0.66 0.73 + 0.06 1.60 0.30 Camino Mnls V 330 0.45 0.41 0.41 - 0.03 2.23 0.20 Camrova Res V 71 0.11 0.09 0.11 + 0.01 0.33 0.06 Camrova Res* O 11 0.08 0.00 0.05 - 0.03 0.21 0.00 Canada One V 739 0.25 0.22 0.24 + 0.01 0.52 0.08 0.06 Canada One* O 6 0.18 0.17 0.17 - 0.01 0.32 Canadian Zeol V 963 0.41 0.34 0.38 - 0.01 1.43 0.33 Canadian Zeol* O 11 0.30 0.26 0.30 - 0.00 1.09 0.26 O 47 0.31 0.28 0.30 + 0.01 0.52 0.21 CanAlaska Uran* CanAlaska Uran V 224 0.40 0.36 0.36 - 0.02 0.70 0.26 Canamex Gold* O 352 0.17 0.13 0.15 - 0.00 0.21 0.06 Canamex Gold V 2305 0.21 0.17 0.18 - 0.01 0.28 0.08 Canarc Res T 456 0.09 0.08 0.09 + 0.01 0.12 0.07 Canarc Res* O 262 0.07 0.06 0.07 + 0.00 0.09 0.05 Canasil Res V 595 0.15 0.13 0.15 + 0.02 0.21 0.10 Candelaria Mg V 157 0.99 0.61 0.92 + 0.29 1.04 0.48 Candente Coppr T 782 0.15 0.12 0.14 + 0.02 0.21 0.06 O 84 0.03 0.00 0.02 + 0.01 0.05 0.00 Candente Gold* Candente Gold V 187 0.03 0.03 0.03 + 0.01 0.08 0.03 CANEX Metals V 393 0.06 0.04 0.05 + 0.01 0.14 0.03 CaNickel Mng V 24 0.19 0.00 0.19 + 0.06 0.33 0.05 CaNickel Mng* O 2 0.10 0.09 0.09 - 0.01 0.23 0.06 Cantex Mn Dev V 329 0.03 0.02 0.03 + 0.01 0.07 0.02 Canuc Res V 123 0.30 0.26 0.27 - 0.01 0.60 0.24 Canyon Copper V 42 0.17 0.15 0.15 - 0.01 0.29 0.08 Canyon Copper* O 15 0.14 0.12 0.14 + 0.02 0.22 0.09 Capstone Mng T 2608 1.47 1.36 1.44 + 0.03 1.81 0.77 O 12 0.01 0.01 0.01 + 0.01 0.02 0.00 Caracara Silvr* Cardero Res* O 118 0.12 0.11 0.12 + 0.01 0.19 0.05 Cardero Res V 152 0.16 0.14 0.16 + 0.02 0.22 0.07 0.04 Cariboo Rose V 544 0.05 0.05 0.05 + 0.01 0.26 Carlin Gold V 324 0.04 0.03 0.03 - 0.01 0.10 0.03 Carrara Explor 233 0.50 0.47 0.47 - 0.03 1.00 0.35 Cartier Res V 164 0.21 0.19 0.21 + 0.02 0.38 0.18 Carube Copper V 1308 0.06 0.05 0.06 + 0.01 0.14 0.05 Casablanca Mng* O 331 0.00 0.00 0.00 - 0.00 0.00 0.00 Cascadero Copp V 515 0.08 0.07 0.08 + 0.01 0.16 0.07 Castle Peak Mg V 145 0.03 0.02 0.03 + 0.01 0.04 0.01 Castle Silver* O 183 0.31 0.27 0.28 + 0.00 0.31 0.04 Castle Silver V 4807 0.40 0.32 0.35 - 0.02 0.40 0.05 Cautivo Mining 1 0.46 0.00 0.46 - 0.01 0.85 0.20 Cava Res V 175 0.27 0.22 0.26 - 0.01 0.32 0.15 Cavan Vent V 1309 0.20 0.12 0.19 - 0.01 0.20 0.02 Cda Carbon* O 43 0.08 0.08 0.08 + 0.00 0.22 0.07 Cda Carbon V 573 0.10 0.09 0.09 - 0.01 0.28 0.08 Cda Rare Earth V 4145 0.05 0.03 0.05 + 0.01 0.06 0.03 0.05 0.02 0.05 + 0.02 0.05 0.02 Cda Rare Earth* O 1043 Cda Strtgc Met V 646 0.11 0.10 0.11 + 0.01 0.16 0.09 Cda Strtgc Met * O 17 0.08 0.00 0.08 - 0.00 0.12 0.06 Cda Zinc Mtls V 1243 0.28 0.24 0.27 + 0.02 0.43 0.22 Cdn Arrow V 3259 0.02 0.01 0.02 + 0.01 0.03 0.01 Cdn Intl Mnrls* O 7 0.30 0.00 0.29 - 0.01 0.56 0.06 Cdn Intl Mnrls V 22 0.37 0.28 0.28 - 0.06 0.60 0.11 Cdn Metals 1840 0.19 0.14 0.18 + 0.04 0.20 0.05 Cdn Orebodies V 162 0.25 0.17 0.22 + 0.05 0.53 0.17 0.13 Cdn Zinc T 1664 0.18 0.16 0.17 - 0.01 0.31 Cdn Zinc* O 468 0.14 0.12 0.13 + 0.00 0.24 0.10 Centamin T 27 2.69 2.59 2.63 + 0.03 3.23 2.19 Centaurus Diam* O 115 0.14 0.08 0.08 - 0.00 0.20 0.01 Centenera Mng* O 14 0.13 0.12 0.13 + 0.00 0.21 0.10 V 77 0.19 0.15 0.16 - 0.02 0.30 0.15 Centenera Mng Centerra Gold T 4540 7.32 6.28 6.44 - 0.81 9.35 6.00 T 34 0.24 0.21 0.24 + 0.03 0.72 0.16 Century Global Cerro Grande* O 8 0.00 0.00 0.00 - 0.00 0.05 0.00 Cerro Grande 656 0.02 0.01 0.02 - 0.01 0.08 0.01 Ceylon Graph V 407 0.22 0.19 0.21 + 0.01 0.45 0.16 Chalice Gold M T 570 0.19 0.17 0.18 + 0.01 0.33 0.15 79 0.14 0.12 0.14 + 0.02 0.25 0.10 Chalice Gold M* O Champion Bear V 67 0.22 0.20 0.20 - 0.01 0.28 0.10 Champion Iron* O 37 1.09 0.95 1.04 + 0.04 1.22 0.35 Champion Iron T 944 1.31 1.26 1.28 + 0.01 1.59 0.46 Chatham Rock V 110 0.32 0.00 0.31 + 0.01 0.90 0.29 Chesapeake Gld* O 85 2.66 2.54 2.60 - 0.00 3.45 2.28 V 186 3.35 3.20 3.27 - 0.04 4.57 2.91 Chesapeake Gld Chevron Corp* N 17557 126.20 124.57 125.19 + 0.21 126.20 102.55 O 45 0.06 0.05 0.06 + 0.01 0.24 0.04 Chilean Metals* V 153 0.08 0.06 0.07 + 0.01 0.33 0.06 Chilean Metals Chimata Gold V 561 0.13 0.11 0.12 - 0.01 0.17 0.05 China Gold Int T 844 2.35 2.13 2.35 + 0.17 3.40 1.82 China Mnls Mng* O 3 0.18 0.00 0.18 + 0.01 0.24 0.14 China Mnls Mng V 5 0.23 0.00 0.23 + 0.02 0.75 0.16 0.01 Cicada Vents V 2367 0.03 0.01 0.03 + 0.02 0.03 Cipher Res* O 390 0.11 0.08 0.08 + 0.00 0.27 0.08 Cipher Res V 265 0.17 0.10 0.13 + 0.03 0.33 0.09 CKR Carbon V 319 0.11 0.09 0.11 + 0.01 0.19 0.05 Claim Post Res V 605 0.09 0.07 0.08 + 0.01 0.13 0.02 Clean Comm V 3932 0.11 0.10 0.11 + 0.01 0.16 0.05 Clean Comm* O 12 0.09 0.07 0.09 + 0.02 0.11 0.03 Cleghorn Mnls V 275 0.10 0.06 0.09 + 0.03 0.16 0.05 Cleveland-Clif* N 34812 7.42 7.07 7.21 - 0.07 12.37 5.56 Clifton Mng* O 147 0.10 0.05 0.10 + 0.02 0.14 0.05 Cloud Peak En* N 5353 4.65 4.39 4.45 - 0.13 6.30 2.78 CMX Gold & Sil 47 0.09 0.00 0.08 - 0.02 0.10 0.04 CNRP Mng* O 304 0.74 0.42 0.49 - 0.01 1.98 0.02 Cobalt 27 Cap V 425 12.30 11.88 12.30 + 0.30 13.75 7.42 Cobalt Pwr Grp* O 312 0.19 0.15 0.15 - 0.01 0.19 0.06 Coeur Mng* N 11559 7.73 7.36 7.50 + 0.03 12.30 6.71 Colibri Res V 627 0.11 0.09 0.11 + 0.01 0.28 0.08 Colombia Crest* O 14 0.02 0.00 0.01 - 0.01 0.02 0.00 Colonial Coal V 1227 0.14 0.12 0.14 + 0.02 0.24 0.08 Colorado Gold* O 21 0.00 0.00 0.00 - 0.00 0.00 0.00 O 118 0.17 0.15 0.15 - 0.01 0.37 0.13 Colorado Res* Colorado Res V 1533 0.20 0.19 0.20 + 0.01 0.46 0.17 Columbus Gold* O 180 0.68 0.60 0.63 - 0.02 0.83 0.40 Columbus Gold T 538 0.83 0.76 0.78 - 0.03 1.09 0.50 Commerce Res* O 118 0.07 0.05 0.06 - 0.00 0.09 0.04 Comstock Mng* X 2985 0.40 0.27 0.39 + 0.09 1.53 0.21 Comstock Mtls * O 112 0.06 0.05 0.06 - 0.00 0.16 0.05 Confedertn Ml* O 5 0.44 0.00 0.44 + 0.00 0.80 0.39 Conquest Res V 384 0.07 0.05 0.07 + 0.03 0.10 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

159 CONSOL Coal Rs* N N 3125 CONSOL Energy* N 14611 CONSOL Energy* V 375 Constantine Mt O 85 Constantine Mt* Contact Gold V 20 O 1 Contact Mnrls* Contintl Gold T 775 Contintl Gold* O 97 Contintl Prec* O 5 5 Copper Ck Gold* O 180 Copper Ck Gold V 848 Copper Fox Mtl V 30 Copper Fox Mtl* O Copper Mtn Mng* O 180 Copper Mtn Mng T 2994 421 Copper North M V Copper One V 1343 30 Copper One * O O 137 Copperbank Res* Copperbank Res 1761 112 O Coral Gold * Coral Gold V 704 Core Gold V 520 Core Gold* O 124 Corex Gold* O 90 Corex Gold V 1043 V 759 Cornerstone Ca O 327 Cornerstone Ca* O 24 Cornerstone Mt* V 155 Cornerstone Mt Coro Mining T 956 Coronet Mtls* O 33 Coronet Mtls V 98 Corsa Coal V 412 152 Corsa Coal * O Corvus Gold T 266 Corvus Gold* O 157 Critical Elem* O 46 Critical Elem V 925 Crown Mining V 1532 Cruz Cobalt* O 446 Cruz Cobalt V 2101 O 8 Crystal Explor* Crystal Explor V 315 Crystal Lake* O 127 Crystal Lake V 3109 Crystal Peak V 91 Crystal Peak* O 31 124 Curlew Lke Res V 14 Currie Rose Rs* O 87 Currie Rose Rs V O 297 Cyclone Uran* Cypress Dev* O 135 Cypress Dev V 397

15.75 14.71 15.65 + 0.35 15.75 12.56 19.51 41.89 33.68 39.51 + 3.53 41.89 13.37 15.14 14.40 14.63 + 0.02 15.51 0.11 0.19 0.16 0.16 - 0.03 0.35 0.08 0.14 0.12 0.12 - 0.02 0.28 0.46 0.52 0.51 0.51 - 0.01 1.10 0.05 0.28 0.27 0.28 + 0.01 0.28 2.62 3.54 3.33 3.38 - 0.05 5.75 1.90 2.79 2.57 2.68 - 0.00 4.39 0.11 0.25 0.25 0.25 + 0.00 0.35 0.12 0.10 0.12 + 0.03 0.29 0.09 0.16 0.13 0.16 + 0.01 0.55 0.07 0.13 0.12 0.13 + 0.01 0.19 0.11 0.11 0.00 0.10 + 0.01 0.15 0.08 1.29 1.10 1.25 + 0.12 1.47 0.54 1.65 1.40 1.53 + 0.09 1.85 0.72 0.09 0.07 0.09 + 0.01 0.13 0.06 0.03 0.20 0.15 0.16 - 0.02 0.22 0.16 0.12 0.12 - 0.01 0.17 0.03 0.04 0.09 0.08 0.09 + 0.00 0.14 0.05 0.11 0.09 0.11 + 0.02 0.18 0.27 0.26 0.27 + 0.01 0.30 0.20 0.28 0.36 0.34 0.36 + 0.02 0.40 0.21 0.28 0.25 0.27 + 0.01 0.45 0.17 0.22 0.19 0.22 + 0.02 0.32 0.07 0.14 0.11 0.13 + 0.02 0.13 0.10 0.19 0.15 0.18 + 0.03 0.19 0.17 0.30 0.26 0.28 - 0.01 0.55 0.12 0.25 0.20 0.24 + 0.00 0.44 0.13 0.20 0.18 0.20 + 0.02 0.33 0.05 0.24 0.22 0.22 - 0.01 0.41 0.09 0.13 0.11 0.12 + 0.01 0.20 0.20 0.17 0.17 - 0.01 0.34 0.07 0.10 0.26 0.20 0.22 - 0.02 0.44 1.34 2.05 1.63 2.05 + 0.30 3.75 2.25 1.30 1.64 + 0.26 2.89 1.00 0.53 1.77 1.56 1.65 - 0.02 1.77 0.41 1.40 1.23 1.31 - 0.01 1.40 0.37 1.37 1.20 1.37 + 0.10 1.48 0.48 1.70 1.52 1.70 + 0.12 1.86 0.07 0.26 0.16 0.25 + 0.09 0.26 0.09 0.24 0.21 0.22 + 0.01 0.26 0.13 0.29 0.27 0.28 + 0.02 0.33 0.06 0.06 0.06 0.06 - 0.00 0.12 0.05 0.09 0.08 0.09 + 0.02 0.16 0.13 0.84 0.46 0.71 + 0.24 0.84 0.16 1.05 0.56 0.92 + 0.30 1.05 0.34 0.58 0.43 0.45 - 0.05 0.58 0.28 0.46 0.37 0.37 - 0.02 0.46 1.20 0.87 1.20 + 0.20 1.49 0.10 0.04 0.03 0.04 + 0.01 0.04 0.03 0.07 0.05 0.07 + 0.03 0.08 0.04 0.00 0.00 0.00 0.00 - 0.00 0.02 0.06 0.22 0.17 0.21 + 0.02 0.27 0.08 0.28 0.24 0.27 + 0.02 0.35

Dajin Res V 564 Dajin Res* O 576 18 Dakota Ter Res* O Daleco Res* O 415 O 324 Dalradian Res* Dalradian Res T 711 Damara Gold V 1686 Damara Gold* O 32 Danakali* O 42 Darnley Bay* O 123 Darnley Bay V 2569 Debut Dmds 1856 Decade Res V 1167 Decade Res* O 1121 Declan Res 48 V 68 Deep-South Res Defiance Silvr V 372 O 421 Defiance Silvr* Delrand Res V 42 T 2626 Denison Mines X 3220 Denison Mines* Desert Gold V 10 Desert Star V 1112 Desert Star* O 27 Detour Gold T 4096 O 289 Diamante Min* O 33 Diamcor Mng* Diamcor Mng V 259 O 3140 Diamond Disc* Dios Expl V 167 V 62 Discovery Harb Discovery Met V 59 V 1135 Discovery-Corp DNI Metals 575 DNI Metals* O 183 28002 O Dolat Ventures* 113 Dolly Vard Sil* O 185 Dolly Vard Sil V Duran Vent V 181 Durango Res V 1109 DuSolo Fertil V 575 DuSolo Fertil* O 11 165 Dynacor Gld Mn* O 385 Dynacor Gld Mn T O 1 Dynamic Gold* O 5 DynaResource* E3 Metals* O 275 E3 Metals V 152 O 53 Eagle Graphite* Eagle Plains V 869 V 1128 East Africa 3 East Asia Mnls* O 505 East Asia Mnls V O 18 Eastern Platin* Eastern Platin T 149 O 430 Eastmain Res* Eastmain Res T 1225 22 Eco Oro Mnls 11 Eco Oro Mnls* O eCobalt Solns T 3406 O 2306 eCobalt Solns* El Capitan Prc* O 1956 185 V El Nino Vent Elcora Res* O 44 43265 N Eldorado Gold* T 9619 Eldorado Gold Electra Stone* O 250 Electra Stone V 24642 Eloro Mnrls* O 123 Eloro Mnrls V 145 171 Ely Gold Royal* O Elysee Dev V 104 59 Elysee Dev * O Emerita Res V 872

0.08 0.17 0.15 0.17 + 0.01 0.22 0.06 0.14 0.12 0.13 + 0.00 0.17 0.07 0.04 0.04 - 0.03 0.10 0.03 0.00 0.00 0.00 0.00 + 0.00 0.01 0.80 1.08 0.98 1.05 - 0.01 1.37 1.10 1.36 1.25 1.33 - 0.02 1.78 0.04 0.10 0.05 0.06 - 0.02 0.22 0.02 0.05 0.00 0.05 - 0.02 0.14 0.35 0.56 0.53 0.55 - 0.01 0.65 0.13 0.16 0.14 0.15 + 0.01 0.44 0.17 0.21 0.19 0.20 + 0.01 0.57 0.01 0.02 0.01 0.02 + 0.01 0.03 0.05 0.09 0.07 0.09 + 0.01 0.20 0.04 0.07 0.06 0.07 + 0.01 0.16 0.06 0.32 0.00 0.32 + 0.10 0.32 0.08 0.19 0.15 0.19 + 0.04 0.32 0.22 0.38 0.28 0.37 + 0.09 0.45 0.17 0.30 0.22 0.28 + 0.06 0.35 0.75 1.77 1.47 1.62 - 0.08 2.44 0.50 0.72 0.66 0.69 - 0.01 1.10 0.38 0.57 0.52 0.55 + 0.00 0.84 0.14 0.27 0.24 0.24 - 0.02 0.40 0.18 0.68 0.55 0.64 + 0.04 0.78 0.22 0.55 0.00 0.55 + 0.07 0.54 12.50 14.94 13.75 14.78 + 0.46 21.48 0.02 0.03 0.02 0.03 - 0.00 0.21 0.29 0.39 0.31 0.38 + 0.07 0.90 0.37 0.48 0.43 0.47 + 0.01 1.22 0.00 0.00 0.00 0.00 + 0.00 0.00 0.06 0.07 0.06 0.07 + 0.01 0.12 0.05 0.07 0.05 0.07 + 0.02 0.12 0.45 0.50 0.48 0.49 + 0.01 0.92 0.01 0.04 0.02 0.03 + 0.01 0.04 0.04 0.10 0.08 0.09 + 0.01 0.16 0.00 0.08 0.06 0.08 + 0.01 0.13 0.00 0.04 0.02 0.03 - 0.00 0.16 0.61 0.54 0.56 - 0.03 0.71 0.35 0.74 0.69 0.71 + 0.01 0.88 0.45 0.04 0.06 0.04 0.06 + 0.02 0.13 0.05 0.09 0.08 0.08 - 0.01 0.36 0.14 0.24 0.14 0.23 + 0.08 0.50 0.11 0.14 0.11 0.14 + 0.02 0.23 1.33 1.12 1.31 + 0.08 2.10 1.03 1.71 1.54 1.66 + 0.08 2.75 1.50 0.52 1.75 1.50 1.50 - 0.25 2.00 0.26 1.30 1.11 1.11 - 0.19 1.75 0.28 0.42 0.38 0.39 + 0.01 0.77 0.18 0.56 0.49 0.50 - 0.04 1.01 0.01 0.03 0.02 0.03 + 0.01 0.04 0.13 0.25 0.22 0.25 + 0.01 0.25 0.31 0.26 0.28 + 0.03 0.37 0.18 0.08 0.00 0.07 + 0.01 0.49 0.05 0.10 0.08 0.10 + 0.02 0.74 0.05 0.19 0.27 0.24 0.25 + 0.00 0.35 0.35 0.32 0.33 - 0.01 0.45 0.23 0.21 0.29 0.24 0.27 + 0.02 0.48 0.28 0.35 0.31 0.35 + 0.02 0.64 0.40 0.00 0.39 - 0.01 0.45 0.15 0.28 0.28 0.28 - 0.01 0.65 0.12 0.50 2.08 1.67 1.95 + 0.25 2.07 0.37 1.74 1.30 1.56 + 0.23 1.74 0.04 0.03 0.03 - 0.00 2.35 0.03 0.04 0.04 0.04 + 0.01 0.05 0.02 0.12 0.39 0.29 0.34 - 0.00 0.44 1.10 1.47 1.25 1.43 + 0.09 3.91 1.39 1.85 1.60 1.82 + 0.12 5.13 0.01 0.03 0.01 0.02 + 0.01 0.03 0.01 0.04 0.01 0.03 + 0.02 0.04 0.32 0.87 0.83 0.87 + 0.04 0.87 0.40 1.15 1.04 1.06 + 0.02 1.15 0.08 0.07 0.08 + 0.00 0.16 0.07 0.26 0.29 0.28 0.29 + 0.01 0.49 0.25 0.20 0.23 + 0.01 0.37 0.20 0.08 0.11 0.10 0.11 - 0.01 0.22

D-F

2018-01-02 12:14 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 8â&#x20AC;&#x201C;21, 2018

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

Week

12-month

Exc Volume High Low Last Change High Low

Emgold Mng* O 20 0.17 0.13 0.13 - 0.00 0.25 0.13 EMX Royalty* X 394 0.86 0.81 0.83 + 0.01 1.24 0.67 EMX Royalty V 166 1.09 1.02 1.03 - 0.04 1.60 0.85 Encanto Potash* O 90 0.03 0.03 0.03 + 0.00 0.13 0.02 Encanto Potash V 4039 0.05 0.04 0.05 + 0.01 0.17 0.04 Endeavour Mng T 828 26.30 25.46 25.63 - 0.49 28.81 19.23 Endeavour Mng* O 40 20.93 19.35 20.35 - 0.27 21.89 14.41 Endeavr Silver* N 5446 2.53 2.38 2.39 - 0.08 4.90 1.94 2.50 Endeavr Silver T 666 3.19 2.99 3.02 - 0.10 6.44 Endurance Gold V 304 0.07 0.06 0.07 + 0.01 0.10 0.04 Energy Fuels* X 807 1.88 1.75 1.79 - 0.02 2.71 1.30 1.66 Energy Fuels T 647 2.35 2.21 2.26 - 0.04 3.53 Enforcer Gold V 1382 0.09 0.07 0.09 + 0.01 0.28 0.07 O 10 0.15 0.14 0.15 + 0.01 0.50 0.10 Engold Mines* Engold Mines V 311 0.20 0.18 0.20 + 0.01 0.68 0.12 Entree Gold* X 923 0.63 0.56 0.60 + 0.04 0.72 0.21 0.40 Entree Gold T 305 0.78 0.71 0.77 + 0.06 0.94 Equitorial Ex* O 80 0.09 0.07 0.07 - 0.02 0.11 0.03 Equitorial Ex V 1368 0.10 0.09 0.09 - 0.01 0.15 0.04 Erdene Res Dev T 1002 0.60 0.53 0.60 + 0.04 1.40 0.47 Erdene Res Dev* O 743 0.46 0.41 0.46 + 0.03 1.00 0.37 Ero Copper* O 3 5.96 5.00 5.96 + 0.96 5.96 3.88 Ero Copper T 83 7.60 6.83 7.58 + 0.11 7.55 4.70 Eros Res Corp* O 8 0.15 0.15 0.15 + 0.00 0.18 0.11 Eros Res Corp V 123 0.20 0.00 0.19 - 0.01 0.23 0.15 Eros Res Corp V 123 0.20 0.00 0.19 - 0.01 0.23 0.15 Ethos Gold V 223 0.28 0.25 0.25 - 0.03 0.30 0.13 Ethos Gold* O 47 0.23 0.19 0.20 + 0.00 0.23 0.10 Euro Sun Mg* O 11 1.03 0.92 0.99 + 0.01 1.55 0.49 Euro Sun Mg T 368 1.30 1.17 1.20 - 0.05 2.02 0.65 EurOmax Res* O 16 0.20 0.00 0.20 + 0.01 0.49 0.19 EurOmax Res T 73 0.28 0.25 0.28 + 0.03 0.69 0.25 European Metal* O 1254 0.00 0.00 0.00 + 0.00 0.01 0.00 Everton Res* O 92 0.03 0.02 0.03 - 0.00 0.09 0.02 Everton Res V 2327 0.04 0.03 0.04 + 0.01 0.13 0.03 EVI Global Grp 115 0.25 0.20 0.25 + 0.02 0.25 0.02 Evolving Gold 31 0.17 0.00 0.17 + 0.01 0.41 0.13 Evolving Gold* O 8 0.13 0.00 0.13 - 0.00 0.32 0.10 Evrim Res V 541 0.25 0.22 0.25 + 0.02 0.36 0.18 Excellon Res* O 175 1.51 1.37 1.48 + 0.07 1.87 0.92 Excellon Res T 636 1.91 1.76 1.84 + 0.03 2.30 1.22 O 150 1.06 0.93 1.06 + 0.13 1.18 0.44 Excelsior Mng* Excelsior Mng T 763 1.35 1.17 1.33 + 0.16 1.48 0.57 ExGen Res Inc V 1071 0.03 0.02 0.03 + 0.01 0.04 0.01 Explor Res V 983 0.07 0.06 0.06 + 0.01 0.11 0.05 Explorex Res 5 0.39 0.00 0.37 - 0.04 0.65 0.13 Fairmont Res* O 7 0.02 0.02 0.02 - 0.00 0.07 0.01 Falco Res V 1265 0.96 0.85 0.87 - 0.05 1.65 0.80 Falco Res * O 6 0.74 0.70 0.74 + 0.03 1.17 0.60 Far Res 4334 0.82 0.66 0.81 + 0.04 1.03 0.06 Far Res* O 574 0.67 0.52 0.64 + 0.03 0.81 0.06 Filo Mg Corp V 30 2.52 2.35 2.41 + 0.06 3.00 1.70 Fiore Gold* O 830 0.79 0.56 0.70 + 0.11 0.79 0.22 0.60 Fiore Gold V 1292 0.89 0.70 0.88 + 0.13 1.10 Fire River Gol* O 1 0.04 0.00 0.04 + 0.04 0.51 0.00 Firebird Res V 154 0.04 0.03 0.03 - 0.01 0.09 0.01 Firesteel Res V 753 0.10 0.09 0.09 - 0.01 0.16 0.04 Firestone Vent V 88 0.13 0.00 0.13 + 0.01 0.15 0.03 Fireweed Zinc V 126 1.20 1.06 1.19 + 0.12 1.20 0.67 Fireweed Zinc* O 157 0.95 0.80 0.92 + 0.11 0.95 0.54 Firma Holdings* O 111 0.12 0.10 0.10 + 0.01 0.13 0.04 First Bauxite V 17 0.03 0.00 0.03 + 0.01 0.06 0.03 First Cobalt * O 552 1.00 0.91 0.97 + 0.04 1.30 0.31 0.34 First Cobalt V 2300 1.25 1.15 1.24 + 0.08 1.65 First Energy* O 22 0.03 0.00 0.03 + 0.01 0.06 0.02 First Energy V 599 0.05 0.04 0.05 + 0.01 0.09 0.03 0.00 First Liberty* O 4815 0.00 0.00 0.00 - 0.00 0.00 First Majestic T 6305 9.60 8.32 8.48 - 0.34 14.36 7.51 First Majestic* N 19294 7.52 6.62 6.74 - 0.19 10.92 5.92 First Mexican V 415 0.02 0.02 0.02 + 0.01 0.04 0.02 First Mg Fin * O 2467 0.51 0.45 0.50 + 0.03 0.84 0.39 First Mg Fin T 1897 0.63 0.58 0.62 + 0.03 1.10 0.50 0.05 First Point* O 386 0.08 0.06 0.07 + 0.01 0.12 First Quantum T 9030 17.99 17.07 17.61 + 0.49 17.99 9.69 Fission 3.0 V 2620 0.06 0.05 0.06 + 0.01 0.13 0.05 Fission Uran T 2453 0.82 0.75 0.78 - 0.03 0.92 0.53 Fission Uran* O 1431 0.65 0.60 0.61 - 0.01 0.70 0.40 Five Star Diam V 351 0.21 0.17 0.21 + 0.01 0.55 0.16 O 10 0.25 0.21 0.23 - 0.02 0.47 0.07 Fjordland Exp* 0.10 Fjordland Exp V 41 0.30 0.27 0.30 + 0.01 0.59 Focus Graphite* O 660 0.07 0.05 0.06 + 0.00 0.11 0.04 Foran Mng V 410 0.42 0.37 0.42 + 0.04 0.47 0.24 Forsys Metals T 317 0.18 0.15 0.17 - 0.01 0.28 0.10 Fort St James V 108 0.25 0.16 0.17 + 0.02 0.30 0.08 O 7 3.91 3.60 3.88 + 0.13 5.50 3.33 Fortescue Mtls* Fortuna Silvr T 2201 6.79 6.40 6.56 - 0.11 9.18 5.13 4.03 Fortuna Silvr* N 4419 5.34 5.09 5.22 - 0.02 6.92 Fortune Bay V 26 0.45 0.00 0.44 - 0.01 0.73 0.40 Fortune Bay* O 6 0.35 0.33 0.35 + 0.01 0.56 0.31 Fortune Mnrls T 4293 0.30 0.27 0.30 + 0.02 0.34 0.12 Fortune Mnrls* O 2251 0.27 0.21 0.24 + 0.02 0.27 0.08 V 2402 0.09 0.07 0.09 + 0.01 0.17 0.04 Forum Uranium Forum Uranium* O 20 0.06 0.05 0.06 + 0.01 0.12 0.03 Fox River Res* O 15 0.05 0.05 0.05 - 0.01 0.10 0.02 Franco-Nevada* N 2222 80.23 77.50 79.95 + 1.45 86.06 59.30 Franco-Nevada T 1674 100.88 98.96 100.46 + 0.60 110.18 79.71 0.00 Franklin Mng* O 18 0.00 0.00 0.00 + 0.00 0.01 Freeport McMoR* N 81378 19.45 18.01 18.96 + 0.86 19.45 11.05 0.11 Fremont Gold V 101 0.13 0.12 0.13 + 0.02 0.20 Fresnillo plc* O 3 19.72 0.00 19.25 + 1.20 22.27 14.80 Frontier Lith V 216 0.67 0.61 0.65 - 0.01 0.78 0.24 Full Metal Mnl V 39 0.11 0.00 0.11 + 0.01 0.13 0.07 Fura Gems V 631 0.58 0.55 0.55 - 0.03 0.70 0.16

G-H Gabriel Res T 530 Galane Gold V 589 Galantas Gold V 299 Galantas Gold* O 57 Galore Res V 809 Galway Gold V 1106 Galway Mtls* O 63 Galway Mtls V 152 Garibaldi Res V 3775 Garibaldi Res * O 503 GB Minerals V 182 Gem Intl Res V 1165 General Moly* X 2114 General Moly T 47 Genesis Mtls* O 211 Genesis Mtls V 590 Gensource Pot V 709 Gentor Res V 150 Geologix Expl* O 122 Geologix Expl V 1024 GFG Resources* O 62 GFM Res V 94 GGL Res V 69 GGX Gold V 112 Giga Metals* O 449 Giga Metals V 1130

20-23_JAN8_StockTables.indd 21

0.43 0.31 0.42 + 0.10 0.59 0.26 0.06 0.05 0.05 - 0.01 0.12 0.05 0.09 0.08 0.08 - 0.02 0.15 0.07 0.08 0.06 0.06 - 0.02 0.11 0.05 0.02 0.01 0.02 - 0.01 0.07 0.01 0.10 0.08 0.08 - 0.02 0.16 0.07 0.30 0.27 0.28 - 0.01 0.36 0.18 0.39 0.35 0.35 - 0.01 0.45 0.23 2.83 2.18 2.46 + 0.17 5.27 0.12 2.22 1.73 2.04 + 0.27 4.12 0.09 0.09 0.00 0.09 + 0.04 0.09 0.04 0.02 0.01 0.02 + 0.01 0.12 0.01 0.36 0.30 0.33 + 0.00 0.72 0.25 0.44 0.39 0.41 + 0.01 0.95 0.34 0.09 0.08 0.09 + 0.00 0.18 0.06 0.12 0.10 0.12 + 0.02 0.22 0.09 0.08 0.07 0.08 - 0.01 0.25 0.06 0.14 0.12 0.14 + 0.02 0.20 0.07 0.04 0.03 0.04 + 0.00 0.07 0.03 0.05 0.04 0.05 - 0.01 0.09 0.04 0.43 0.40 0.41 + 0.00 1.00 0.36 0.10 0.07 0.10 + 0.03 0.10 0.01 0.16 0.00 0.16 + 0.02 0.25 0.10 0.14 0.13 0.14 - 0.01 0.24 0.08 0.63 0.39 0.60 + 0.20 0.72 0.11 0.80 0.48 0.74 + 0.17 0.92 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gitennes Expl V 457 Giyani Gold V 591 Giyani Gold* O 88 Gldn Predator V 820 Gldn Predator* O 233 Glen Eagle Res V 205 931 Glencore Plc* O Global Energy V 2945 Global Gold* O 266 Global Li-Ion* O 393 Global Li-Ion 1579 Globex Mng* O 6 Globex Mng T 243 GMV Minerals V 118 O 68 GMV Minerals* GobiMin V 47 GoGold Res T 795 Gold Dynamics* O 87 Gold Fields* N 18042 Gold Finder Ex* O 1 Gold Lakes* O 58 920 Gold Mng USA* O Gold Reach Res V 96 Gold Reserve* O 57 Gold Reserve V 155 Gold Resource* X 2732 Gold Std Vents* X 1247 Goldbank Mng V 62 Goldbelt Emp V 1322 Goldcliff Res V 604 Goldcliff Res* O 26 Goldcorp* N 24519 T 7018 Goldcorp Golden Arrow* O 2058 Golden Arrow V 2576 Golden Band* O 120 Golden Cariboo V 189 711 Golden Dawn Ml V Golden Dawn Ml* O 54 Golden Eagle* O 70 Golden Global* O 590 O 21 Golden Goliath* Golden Hope* O 4 Golden Mnls T 74 Golden Mnls* X 744 Golden Peak Mn V 121 Golden Queen* O 1746 Golden Queen T 706 Golden Reign V 490 Golden Ridge V 781 Golden Secret V 151 Golden Share V 33 Golden Star T 1443 Golden Star* X 5339 Golden Tag V 93 Golden Valley* O 51 Goldex Res* O 6 Goldex Res V 33 Goldgroup Mng* O 292 GoldON Res V 37 GoldQuest Mng V 777 Goldrea Res 393 Goldrea Res* O 177 Goldrich Mng* O 255 Goldsource Min* O 446 Goldsource Min V 921 Goldstar Mnls V 470 Goldstrike Res V 1274 Goliath Res V 309 Gossan Res V 25 GoviEx Uranium* O 688 V 4618 GoviEx Uranium Gowest Gold* O 162 Gowest Gold V 1172 GPM Metals* O 254 GPM Metals V 221 Gran Colombia T 215 O 16 Gran Colombia* Granada Gold V 180 Grande Portage* O 17 Grande Portage V 77 Granite Ck Gld V 64 O 26959 Graphite Corp* Graphite Egy 40 Graphite One V 4885 Graphite One* O 1162 Gravis Energy 83 Great Bear Res* O 42 Great Bear Res V 62 Great Lakes Gr V 2140 Great Lakes Gr* O 577 X 3134 Great Panther* Great Panther T 595 Great Quest Fe V 247 Great Quest Fe* O 27 Great Thunder V 1733 Great Western* O 1414 Green Arrow V 355 Green Swan Cap V 483 Green Valley M V 40 Greencastle Rs V 203 Greenland M&En* O 476 Greenshield Ex V 62 Grizzly Discvr* O 96 Group Ten Mtls* O 36 GrowMax Res V 1887 GrowMax Res* O 330 GT Gold V 822 GT Gold * O 76 Gungnir Res* O 45 Gungnir Res V 147 Guyana Gldflds T 2240 Guyana Goldstr V 121 Handa Copper V 716 Hannan Metals* O 29 V 23 Hannan Metals Happy Ck Mnrls V 181 Harmony Gold* N 9339 Harte Gold* O 179 Harte Gold T 1957 Hawkeye Gld&Di V 342 Hecla Mining* N 15301 Hellix Vent* O 94 Hemcare Health* O 22 Heron Res T 43 HFX Holding V 89 Highland Copp V 870 Highland Copp* O 55 Highway 50 Gld V 94 HiHo Silver 137 Hinterland Mtl V 345 Hochschild Mg* O 3

0.08 0.07 0.07 - 0.01 0.15 0.02 0.29 0.23 0.23 - 0.04 0.50 0.23 0.23 0.17 0.20 - 0.03 0.41 0.19 0.87 0.79 0.81 + 0.01 2.05 0.62 0.74 0.60 0.64 - 0.01 1.59 0.48 0.15 0.14 0.15 + 0.01 0.31 0.09 10.49 9.98 10.41 + 0.41 10.49 6.70 0.24 0.14 0.23 + 0.08 0.67 0.10 0.01 0.01 0.01 - 0.00 0.06 0.01 0.42 0.29 0.32 - 0.09 0.80 0.23 0.55 0.37 0.40 - 0.10 0.97 0.30 0.31 0.00 0.31 - 0.01 0.48 0.31 0.43 0.39 0.41 - 0.01 0.63 0.39 0.32 0.27 0.29 + 0.02 0.61 0.25 0.25 0.21 0.23 + 0.02 0.49 0.20 0.42 0.38 0.39 + 0.01 0.58 0.38 0.45 0.39 0.45 + 0.02 0.99 0.37 0.00 0.00 0.00 + 0.00 0.01 0.00 4.38 4.00 4.30 + 0.25 4.70 2.86 0.09 0.00 0.09 + 0.03 0.14 0.00 0.10 0.03 0.04 - 0.01 95.00 0.01 0.02 0.02 0.02 + 0.00 0.03 0.00 0.17 0.00 0.16 + 0.01 0.23 0.09 3.30 0.00 3.29 + 0.59 4.25 1.94 4.25 3.26 4.15 + 0.73 5.60 2.61 4.60 4.18 4.40 + 0.20 6.27 3.08 1.81 1.71 1.75 + 0.02 2.95 1.25 0.19 0.17 0.17 - 0.02 0.34 0.06 0.03 0.02 0.03 + 0.01 0.06 0.01 0.22 0.17 0.18 - 0.03 0.52 0.11 0.19 0.14 0.14 - 0.02 0.41 0.08 12.86 12.47 12.77 + 0.19 17.87 11.64 16.13 15.86 16.03 + 0.03 23.35 15.00 0.57 0.50 0.57 + 0.07 0.71 0.29 0.71 0.63 0.70 + 0.07 0.97 0.37 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.06 0.07 - 0.01 0.19 0.05 0.29 0.27 0.27 - 0.02 0.42 0.22 0.23 0.21 0.21 - 0.02 0.32 0.17 0.09 0.00 0.09 + 0.01 0.12 0.02 0.04 0.01 0.03 + 0.00 0.36 0.00 0.03 0.02 0.02 - 0.00 0.07 0.02 0.07 0.06 0.07 - 0.00 0.18 0.06 0.56 0.50 0.53 + 0.01 1.10 0.47 0.44 0.40 0.43 + 0.01 0.85 0.37 0.20 0.18 0.18 - 0.01 0.60 0.18 0.18 0.14 0.16 + 0.01 0.83 0.14 0.21 0.19 0.21 + 0.01 1.09 0.18 0.25 0.23 0.24 + 0.01 0.37 0.20 0.16 0.12 0.13 - 0.02 0.41 0.09 0.32 0.28 0.32 + 0.04 0.45 0.19 0.21 0.19 0.19 - 0.02 0.32 0.09 1.14 1.06 1.11 + 0.02 1.33 0.76 0.92 0.83 0.89 + 0.04 1.01 0.59 0.05 0.04 0.04 - 0.01 0.08 0.03 0.23 0.20 0.21 + 0.01 0.38 0.19 0.49 0.46 0.49 + 0.03 0.80 0.39 0.76 0.59 0.75 + 0.16 1.18 0.44 0.05 0.03 0.04 - 0.00 0.13 0.03 0.16 0.00 0.14 + 0.01 0.23 0.10 0.37 0.35 0.37 + 0.01 0.59 0.27 0.13 0.08 0.10 - 0.01 0.14 0.04 0.10 0.07 0.10 + 0.01 0.11 0.02 0.04 0.03 0.04 + 0.01 0.06 0.02 0.06 0.04 0.05 - 0.00 0.20 0.04 0.07 0.06 0.07 + 0.01 0.26 0.06 0.04 0.03 0.04 + 0.01 0.08 0.03 0.23 0.19 0.23 + 0.02 0.43 0.16 0.15 0.10 0.12 + 0.02 0.40 0.04 0.09 0.08 0.08 - 0.01 0.09 0.05 0.22 0.19 0.21 + 0.01 0.34 0.11 0.27 0.25 0.27 + 0.02 0.44 0.15 0.13 0.12 0.13 - 0.00 0.18 0.10 0.17 0.15 0.16 - 0.01 0.25 0.13 0.06 0.04 0.04 - 0.01 0.11 0.04 0.07 0.07 0.07 - 0.01 0.18 0.06 1.98 1.88 1.96 + 0.07 2.23 1.28 1.59 0.00 1.54 + 0.05 1.81 1.02 0.25 0.23 0.23 - 0.01 0.72 0.23 0.14 0.00 0.14 + 0.01 0.56 0.10 0.20 0.14 0.19 - 0.01 0.71 0.14 0.12 0.11 0.11 - 0.01 0.23 0.09 0.00 0.00 0.00 + 0.00 0.01 0.00 0.90 0.71 0.72 + 0.01 0.99 0.40 0.09 0.07 0.09 + 0.02 0.13 0.04 0.07 0.05 0.07 + 0.02 0.09 0.03 0.38 0.32 0.33 - 0.03 0.50 0.01 0.29 0.26 0.29 + 0.03 0.38 0.14 0.40 0.33 0.40 + 0.07 0.50 0.15 0.07 0.06 0.06 - 0.01 0.11 0.03 0.06 0.05 0.06 + 0.00 0.08 0.02 1.35 1.28 1.29 - 0.02 2.28 1.06 1.74 1.62 1.63 - 0.06 2.95 1.39 0.17 0.13 0.15 - 0.02 0.33 0.12 0.16 0.10 0.10 - 0.07 0.21 0.10 0.04 0.03 0.04 + 0.01 0.10 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.07 0.12 + 0.05 0.17 0.03 0.08 0.06 0.07 - 0.01 0.13 0.05 0.09 0.09 0.09 + 0.01 0.23 0.08 0.10 0.09 0.10 + 0.01 0.14 0.07 0.09 0.07 0.07 - 0.01 0.16 0.04 0.14 0.12 0.13 - 0.01 0.15 0.04 0.04 0.03 0.03 - 0.01 0.05 0.03 0.18 0.15 0.17 + 0.02 0.18 0.06 0.11 0.10 0.11 - 0.01 0.17 0.09 0.09 0.08 0.08 - 0.00 0.13 0.06 0.77 0.68 0.74 + 0.04 2.76 0.22 0.62 0.54 0.62 + 0.08 2.24 0.25 0.11 0.00 0.10 + 0.01 0.17 0.02 0.14 0.12 0.13 + 0.01 0.22 0.03 5.31 4.91 5.08 + 0.05 8.11 3.96 0.30 0.28 0.29 - 0.02 0.38 0.14 0.14 0.12 0.14 + 0.02 0.18 0.05 0.22 0.17 0.19 - 0.01 0.39 0.17 0.27 0.23 0.24 - 0.03 0.51 0.20 0.20 0.17 0.18 + 0.01 0.29 0.16 1.89 1.81 1.87 + 0.03 2.99 1.56 0.39 0.34 0.38 + 0.04 0.66 0.22 0.49 0.42 0.47 + 0.03 0.87 0.29 0.07 0.05 0.05 - 0.02 0.16 0.05 4.15 3.89 3.97 - 0.08 6.78 3.43 0.03 0.01 0.01 - 0.02 0.23 0.01 0.80 0.21 0.45 + 0.24 2.30 0.10 0.72 0.62 0.72 + 0.10 0.80 0.56 0.12 0.08 0.12 + 0.04 0.12 0.04 0.15 0.14 0.15 - 0.01 0.18 0.08 0.12 0.11 0.12 + 0.00 0.14 0.06 0.31 0.30 0.31 + 0.01 0.66 0.14 0.06 0.04 0.05 + 0.01 0.18 0.03 0.04 0.03 0.04 + 0.01 0.06 0.02 3.52 3.33 3.52 + 0.19 4.37 2.48

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Homeland Egy V 8 Horizonte Mnls T 992 HudBay Mnls T 5707 HudBay Mnls* N 2732 Hudson Res V 103 Hudson Res* O 4 Hunt Mng* O 85 Hunt Mng V 168

0.31 0.00 0.27 - 0.11 2.25 0.18 0.11 0.08 0.09 + 0.01 0.11 0.04 11.42 10.69 11.13 + 0.29 11.95 6.13 9.10 8.35 8.80 + 0.25 9.35 4.60 0.43 0.40 0.43 + 0.03 0.80 0.33 0.34 0.31 0.34 + 0.03 0.60 0.24 0.20 0.13 0.20 + 0.07 0.25 0.11 0.25 0.20 0.25 + 0.05 0.34 0.13

I-Minerals* O 149 I-Minerals V 133 IAMGOLD T 4094 15108 IAMGOLD* N Icon Explor* O 12 Icon Explor V 3949 77 Iconic Mnls * O Iconic Mnls V 20981 IDM Mining* O 447 IGC Res V 189 iMetal Res V 3032 IMPACT Silver V 1062 Imperial Metal T 2040 Imperial Metal* O 203 40 Inca One Gold* O 1 Inception Mng * O V 241 Independence G Independence G* O 53 Indigo Expl V 46 Infinite Lith V 2124 O 98 Inspiration Mg* Inspiration Mg 42 Integra Res V 83 Inter-Rock Mnl* O 24 Inter-Rock Mnl V 34 Interconnect V 18 Intercontinent V 11 Intl Battery* O 461 Intl Bethl Mng V 151 Intl Cobalt* O 5 Intl Cobalt 285 Intl Corona V 56 Intl Lithium* O 304 Intl Lithium V 940 Intl Montoro V 68 Intl Samuel Ex V 802 Intl Tower Hil T 362 Intl Tower Hil* X 1496 Intrepid Pots* N 9161 INV Metals T 67 Inventus Mg V 391 134 Inventus Mg * O InZinc Mining V 410 Ireland* O 752 Ironside Res V 33 Irving Res 133 Irving Res* O 93 IsoEnergy Ltd V 410 O 4 Itafos* Itafos V 30 Itoco Mg Corp* O 866 O 618 Ivanhoe Mines* T 4612 Ivanhoe Mines Jaguar Mng T 1936 Jaguar Mng* O 246 Japan Gold V 133 Japan Gold* O 7 Jaxon Mining V 710 Jayden Res* O 3 Jayden Res V 122 Jiminex V 935 Jourdan Res V 2257 V 63 Juggernaut Exp K2 Gold V 88 K92 Mng Inc* O 908 K92 Mng Inc V 1412 Kairos Cap V 174 Kaizen Discov V 370 Karnalyte Res T 76 Karoo Expl V 196 Katanga Mng T 4450 Kenadyr Mining V 944 O 97 Kenadyr Mining* Kerr Mines* O 102 Kerr Mines T 896 Kesselrun Res V 274 Kestrel Gold V 893 Khalkos Expl V 35 Khan Res 644 O 66 Kilo Goldmines* Kilo Goldmines V 3819 Kincora Copper* O 15 Kings Bay Res V 171 Kingsmen Res* O 1 O 7 Kingsrose Mng* Kinross Gold* N 29343 Kinross Gold T 8991 Kintavar Exp V 216 Kirkland Lake* N 2493 Kirkland Lake T 2253 Kitrinor Mtls V 674 Kivalliq Enrgy V 693 Klondex Mines T 2766 Klondike Gold V 1502 Klondike Gold* O 275 Klondike Silv* O 11 Knick Expl V 982 Kombat Copper V 462 Komet Resource V 152 Kootenay Silvr* O 90 Kootenay Zinc 1328 Kootenay Zinc* O 379

0.21 0.18 0.21 + 0.01 0.44 0.18 0.25 0.24 0.25 + 0.01 0.60 0.24 7.50 7.26 7.33 - 0.11 8.87 4.54 5.96 5.74 5.83 - 0.03 7.25 3.36 0.30 0.00 0.28 + 0.13 0.18 0.15 0.38 0.20 0.32 + 0.09 0.38 0.02 0.18 0.12 0.13 - 0.02 0.18 0.03 0.25 0.15 0.17 - 0.02 0.25 0.04 0.09 0.08 0.09 + 0.00 0.14 0.08 0.02 0.01 0.02 + 0.01 0.02 0.01 0.15 0.08 0.14 + 0.05 0.15 0.04 0.39 0.35 0.35 - 0.04 0.88 0.26 3.47 2.33 3.39 + 0.86 7.89 2.19 2.77 1.86 2.74 + 0.86 5.86 1.72 0.05 0.04 0.05 + 0.01 0.22 0.04 0.30 0.00 0.28 - 0.01 0.57 0.11 0.13 0.10 0.12 + 0.01 0.28 0.10 0.10 0.08 0.09 + 0.01 0.21 0.07 0.03 0.03 0.03 + 0.01 0.06 0.02 0.40 0.27 0.39 + 0.12 0.40 0.12 0.02 0.01 0.01 - 0.00 0.04 0.01 0.03 0.02 0.02 - 0.01 0.09 0.01 1.11 1.00 1.10 + 0.10 1.25 0.96 0.31 0.31 0.31 - 0.00 0.33 0.10 0.40 0.37 0.37 - 0.03 0.45 0.10 0.08 0.08 0.08 - 0.01 0.08 0.05 0.17 0.00 0.17 - 0.02 0.20 0.07 0.40 0.32 0.33 - 0.05 1.11 0.28 0.12 0.09 0.11 - 0.02 0.12 0.03 0.26 0.00 0.26 + 0.03 0.26 0.15 0.31 0.00 0.30 + 0.01 0.40 0.00 0.08 0.05 0.08 + 0.02 0.17 0.03 0.16 0.13 0.15 - 0.00 0.18 0.06 0.19 0.17 0.18 + 0.01 0.23 0.07 0.06 0.05 0.06 + 0.01 0.15 0.03 0.09 0.08 0.09 + 0.01 0.15 0.05 0.61 0.53 0.56 + 0.03 1.01 0.38 0.53 0.41 0.43 + 0.01 0.77 0.29 5.12 4.12 4.76 + 0.51 5.12 1.24 0.73 0.67 0.69 - 0.01 1.13 0.65 0.31 0.24 0.30 + 0.06 0.39 0.13 0.24 0.16 0.23 + 0.02 0.31 0.11 0.15 0.13 0.14 + 0.01 0.36 0.10 0.17 0.10 0.12 - 0.01 0.32 0.09 0.13 0.12 0.12 - 0.01 0.21 0.07 0.89 0.74 0.89 + 0.14 1.54 0.60 0.71 0.58 0.65 + 0.07 1.24 0.09 0.63 0.53 0.59 - 0.04 1.70 0.26 2.00 0.00 2.00 + 0.16 2.16 0.97 2.80 2.39 2.42 - 0.28 2.85 1.14 0.01 0.01 0.01 + 0.00 0.16 0.01 3.60 3.20 3.35 + 0.10 4.10 0.00 4.54 4.08 4.24 + 0.10 5.47 2.49 0.35 0.31 0.35 + 0.03 0.75 0.22 0.28 0.24 0.28 + 0.02 0.58 0.18 0.35 0.31 0.33 + 0.02 0.40 0.24 0.27 0.25 0.26 + 0.02 0.30 0.17 0.24 0.22 0.23 - 0.01 0.41 0.04 0.09 0.00 0.09 + 0.01 0.30 0.05 0.15 0.13 0.15 + 0.01 0.38 0.07 0.04 0.02 0.04 + 0.01 0.06 0.01 0.05 0.04 0.05 + 0.01 0.20 0.04 0.23 0.19 0.23 + 0.01 0.59 0.08 0.27 0.23 0.26 + 0.03 0.58 0.18 0.45 0.34 0.43 + 0.07 0.89 0.31 0.56 0.45 0.54 + 0.09 1.17 0.41 1.35 1.08 1.16 + 0.06 1.35 0.10 0.11 0.11 0.11 - 0.01 0.30 0.10 0.47 0.42 0.43 - 0.03 0.95 0.40 0.75 0.57 0.65 - 0.02 0.85 0.01 1.87 1.62 1.85 + 0.22 2.00 0.13 0.19 0.14 0.17 - 0.01 1.00 0.11 0.15 0.12 0.12 - 0.01 1.45 0.08 0.24 0.21 0.23 + 0.00 0.34 0.08 0.30 0.27 0.30 + 0.02 0.41 0.12 0.12 0.10 0.11 + 0.01 0.23 0.08 0.05 0.04 0.05 + 0.02 0.19 0.02 0.10 0.00 0.09 - 0.01 0.19 0.06 0.12 0.10 0.12 + 0.02 0.17 0.04 0.03 0.03 0.03 + 0.00 0.09 0.02 0.05 0.03 0.04 + 0.01 0.11 0.03 0.22 0.20 0.21 - 0.01 0.43 0.20 0.10 0.09 0.09 - 0.01 0.21 0.08 0.08 0.08 0.08 + 0.00 0.13 0.06 0.32 0.30 0.32 + 0.03 0.32 0.30 4.37 4.23 4.32 + 0.07 4.91 3.10 5.48 5.37 5.42 + 0.02 6.29 4.17 0.14 0.11 0.14 + 0.03 0.35 0.10 15.42 14.10 15.36 + 0.63 15.42 5.24 19.35 18.66 19.27 + 0.59 19.32 6.86 16.30 11.10 15.95 + 4.15 16.30 2.30 0.10 0.09 0.09 - 0.01 0.19 0.08 3.48 3.17 3.26 + 0.06 7.73 2.75 0.38 0.33 0.35 + 0.02 0.60 0.16 0.30 0.26 0.28 + 0.02 0.49 0.11 0.04 0.00 0.04 + 0.00 0.09 0.02 0.03 0.03 0.03 + 0.01 0.08 0.03 0.36 0.29 0.30 - 0.06 0.59 0.21 0.35 0.31 0.32 - 0.02 0.45 0.31 0.17 0.16 0.17 + 0.01 0.29 0.14 0.07 0.04 0.07 + 0.03 0.70 0.03 0.05 0.03 0.05 + 0.01 0.59 0.01

Labdr Iron Mns* O 283 Labrador Iron T 963 Lake Victoria* O 1331 Lamelee Iron V 16 Lara Expl V 235 Laramide Res T 1915 Laredo Res* O 847 Largo Res* O 155 Largo Res T 1600 Lateral Gold V 80 Latin Am Mnls V 348 Laurion Mnl Ex V 184 Laurion Mnl Ex* O 92 Leading Edge V 1141 Leading Edge* O 802 Leagold Mg T 320 Leagold Mg* O 21

0.01 0.00 0.01 + 0.00 0.10 0.00 27.51 26.60 27.20 - 0.13 27.51 15.10 0.00 0.00 0.00 - 0.00 0.01 0.00 0.27 0.00 0.27 - 0.02 0.35 0.15 0.77 0.70 0.71 - 0.04 1.23 0.50 0.48 0.38 0.47 + 0.02 0.74 0.23 0.00 0.00 0.00 + 0.00 0.00 0.00 1.08 0.77 1.07 + 0.24 1.08 0.26 1.35 0.98 1.33 + 0.24 1.35 0.34 0.85 0.76 0.80 - 0.05 1.27 0.57 0.11 0.08 0.11 + 0.02 0.23 0.07 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.03 0.04 + 0.01 0.04 0.01 0.95 0.78 0.91 + 0.11 0.95 0.49 0.76 0.56 0.73 + 0.10 0.71 0.33 3.00 2.81 2.92 + 0.05 3.48 2.27 2.33 2.24 2.32 + 0.05 2.80 1.76

I-J-K

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Leeta Gold V 18246 Legend Gold V 120 Levon Res Ltd * O 66 Levon Res Ltd T 1475 Liberty Gold* O 213 Liberty One Li V 7064 Liberty One Li* O 10344 LiCo Energy V 5099 Lincoln Mng V 136 Lion One Mtls V 332 72 Lion One Mtls* O Lithium Amer T 2005 Lithium Amer* O 605 Lithium Corp* O 1162 Lithium Energi V 686 O 38 Lithium Energi* Lithium Energy V 302 Lithium X Egy V 2671 Lithium X Egy* O 1368 Lithoquest Dia V 177 LKA Gold* O 7 Logan Res* O 45 Logan Res V 665 Lomiko Mtls V 557 Lomiko Mtls* O 298 Loncor Res* O 5 Loncor Res T 156 Lone Star Gold* O 1130 Lonmin plc* O 12 Lorraine Coppr* O 34 V 52 Lorraine Coppr Los Andes Copp V 395 Lovitt Res V 11 LSC Lithium* O 37 Lucara Diam T 631 Lucky Mnls V 560 176 Lucky Mnls * O Lumina Gold V 392 Lumina Gold* O 26 Lund Enterpr V 8 Lundin Gold T 506 T 9112 Lundin Mng Lupaka Gold V 215 Lydian Intl* O 306 Lydian Intl T 1089 Lynas Corp* O 76

3.49 2.83 3.43 + 0.18 6.75 0.09 0.37 0.33 0.37 + 0.04 0.40 0.10 0.26 0.21 0.25 + 0.01 0.39 0.20 0.33 0.28 0.32 + 0.03 0.51 0.26 0.42 0.34 0.36 - 0.00 0.51 0.27 1.35 0.64 1.05 + 0.35 2.49 0.41 1.07 0.51 0.84 + 0.28 1.95 0.37 0.13 0.11 0.12 - 0.01 0.24 0.08 0.04 0.03 0.03 - 0.01 0.11 0.03 0.64 0.58 0.63 + 0.02 0.96 0.45 0.51 0.44 0.50 + 0.04 0.71 0.36 11.44 10.55 11.18 + 0.38 14.06 3.80 9.00 8.31 8.89 + 0.43 10.95 2.87 0.29 0.25 0.28 + 0.02 0.45 0.05 0.59 0.47 0.55 + 0.06 0.97 0.07 0.47 0.37 0.47 + 0.08 0.75 0.07 0.06 0.05 0.06 + 0.01 0.11 0.04 2.49 2.35 2.40 - 0.08 2.54 1.40 1.96 1.84 1.92 - 0.02 1.96 1.03 0.45 0.35 0.42 + 0.02 0.47 0.35 0.16 0.00 0.16 + 0.00 0.68 0.11 0.03 0.03 0.03 + 0.00 0.07 0.02 0.06 0.04 0.06 + 0.02 0.12 0.04 0.17 0.13 0.13 - 0.03 0.35 0.09 0.14 0.10 0.10 - 0.02 0.32 0.07 0.06 0.06 0.06 - 0.00 0.14 0.05 0.10 0.09 0.09 - 0.01 0.20 0.08 0.01 0.00 0.00 + 0.00 0.01 0.00 1.18 1.06 1.17 - 0.01 2.39 0.79 0.08 0.08 0.08 + 0.00 0.10 0.05 0.10 0.00 0.10 + 0.01 0.12 0.06 0.36 0.33 0.36 + 0.01 0.47 0.15 0.05 0.00 0.05 - 0.04 0.17 0.02 1.31 1.19 1.20 + 0.02 1.31 1.09 2.82 2.75 2.81 + 0.03 3.31 2.18 0.15 0.12 0.15 + 0.02 0.23 0.09 0.12 0.08 0.09 - 0.00 0.18 0.03 0.79 0.73 0.75 - 0.04 1.20 0.60 0.63 0.59 0.59 + 0.00 0.89 0.46 0.11 0.11 0.11 - 0.01 0.18 0.09 4.55 4.39 4.53 + 0.08 6.50 4.07 8.51 8.06 8.36 + 0.16 10.22 6.36 0.17 0.15 0.17 + 0.02 0.23 0.11 0.30 0.27 0.30 + 0.00 0.32 0.23 0.38 0.35 0.38 - 0.01 0.41 0.31 1.74 1.52 1.71 + 0.11 1.90 0.50

M Macarthur Mnl V 3155 0.07 0.06 0.07 + 0.01 0.16 0.05 Macarthur Mnl* O 201 0.05 0.04 0.05 + 0.00 0.12 0.04 MacDonald Mns* O 19 0.09 0.08 0.08 + 0.00 0.20 0.04 MacDonald Mns V 630 0.12 0.10 0.10 - 0.01 0.28 0.06 12.94 MAG Silver T 520 15.94 15.26 15.52 - 0.11 21.99 O 356 0.04 0.02 0.03 - 0.00 0.28 0.02 Magellan Gold* Magna Terra V 53 0.06 0.04 0.06 + 0.01 0.09 0.04 Majestic Gold* O 7879 0.04 0.00 0.04 + 0.00 0.09 0.03 Majestic Gold V 6323 0.06 0.05 0.05 - 0.01 0.12 0.05 0.13 Makena Res 9 0.19 0.00 0.16 - 0.03 0.23 Malbex Res V 26 0.40 0.39 0.39 - 0.02 0.43 0.29 0.06 Manado Gold V 273 0.14 0.11 0.12 - 0.02 0.24 Mandalay Res T 1605 0.27 0.26 0.27 + 0.01 0.99 0.26 O 637 0.22 0.20 0.21 - 0.00 0.72 0.20 Mandalay Res* Manganese X V 653 0.15 0.13 0.14 - 0.01 0.26 0.08 O 232 0.13 0.12 0.12 - 0.01 0.19 0.07 Manganese X* Manitou Gold V 454 0.18 0.13 0.16 + 0.02 0.18 0.05 Manson Creek V 225 0.25 0.22 0.25 + 0.03 0.25 0.02 Manson Creek* O 19 0.19 0.00 0.19 + 0.01 0.20 0.03 0.16 Maple Gold* O 638 0.22 0.19 0.21 + 0.01 0.22 Maple Gold V 2428 0.26 0.24 0.26 + 0.01 0.46 0.18 O 146 0.95 0.86 0.91 + 0.04 1.14 0.40 Marathon Gold* Marathon Gold T 951 1.19 1.10 1.15 + 0.03 1.36 0.52 0.03 Marifil Mines V 272 0.07 0.05 0.07 + 0.02 0.13 Marifil Mines* O 2 0.04 0.04 0.04 - 0.00 0.05 0.02 0.09 Maritime Res V 324 0.10 0.10 0.10 + 0.01 0.20 0.55 Marlin Gold V 69 1.02 0.84 1.02 + 0.17 1.15 MartinMarietta* N 2856 222.45 208.45 221.04 + 9.94 244.32 191.09 Mason Graphite* O 218 2.03 1.75 1.96 + 0.01 2.47 0.83 Mason Graphite V 401 2.59 2.41 2.45 - 0.03 3.15 1.10 Mason Res* O 80 0.19 0.17 0.19 + 0.00 0.29 0.01 Mason Res T 464 0.26 0.21 0.25 - 0.01 0.40 0.13 Matamec Expl V 827 0.03 0.03 0.03 + 0.01 0.08 0.03 Matica Ent 76792 0.72 0.41 0.55 + 0.07 0.72 0.01 Matica Ent* O 1130 0.56 0.33 0.44 + 0.06 0.56 0.02 Maverix Mtls* O 2 1.47 1.40 1.40 - 0.06 1.50 0.92 Mawson Res T 314 0.45 0.35 0.45 + 0.06 0.65 0.29 Mawson Res* O 90 0.35 0.28 0.33 + 0.02 0.48 0.24 MAX Res V 234 0.11 0.00 0.10 + 0.02 0.14 0.06 MaxTech Vent 386 0.50 0.43 0.44 - 0.06 0.63 0.14 MaxTech Vent* O 249 0.40 0.35 0.39 + 0.04 0.48 0.13 Maxwell Res* O 50 0.01 0.01 0.01 - 0.00 0.04 0.00 Maya Gold &Sil V 1172 0.42 0.38 0.41 + 0.03 0.44 0.10 Mazarin V 32 0.15 0.11 0.15 + 0.01 0.18 0.02 MBMI Res* O 5 0.00 0.00 0.00 + 0.00 0.01 0.00 McEwen Mng* N 12161 2.38 2.18 2.28 + 0.03 4.43 1.82 McLaren Res 924 0.12 0.09 0.11 + 0.01 0.15 0.02 MDN Inc* O 6 0.22 0.17 0.22 + 0.06 0.70 0.09 Meadow Bay Gd V 190 0.22 0.18 0.20 + 0.02 0.28 0.06 Meadow Bay Gd* O 60 0.17 0.14 0.16 + 0.02 0.19 0.04 Mechel* N 1772 5.30 4.21 5.26 + 1.05 6.83 4.00 Medallion Res* O 119 0.11 0.10 0.10 - 0.01 0.17 0.08 Medallion Res V 165 0.15 0.13 0.15 + 0.01 0.28 0.08 Medgold Res V 178 0.18 0.16 0.16 - 0.01 0.25 0.13 Mega Uranium T 3706 0.22 0.20 0.21 - 0.01 0.32 0.13 Mega Uranium* O 435 0.18 0.16 0.17 + 0.01 0.25 0.10 0.03 Megastar Dev V 68 0.08 0.06 0.08 + 0.02 0.08 Melior Res V 344 0.12 0.11 0.11 - 0.01 0.15 0.03 0.35 Meridian Mg V 6 0.70 0.62 0.64 - 0.05 1.39 Meryllion Res 723 0.07 0.05 0.06 + 0.01 0.08 0.02 Meryllion Res* O 42 0.04 0.04 0.04 + 0.00 0.05 0.00 Metalex Vent V 156 0.06 0.05 0.05 - 0.01 0.10 0.05 Metalla Rylty* O 67 0.56 0.50 0.52 + 0.01 0.68 0.29 Metalla Rylty 228 0.66 0.60 0.66 + 0.02 0.88 0.38 Metallic Mnrls V 1596 0.46 0.30 0.46 + 0.07 0.47 0.22 Metallic Mnrls* O 873 0.38 0.24 0.36 + 0.06 0.38 0.19 Metallica Min* O 100 0.05 0.04 0.04 - 0.00 0.06 0.03 Metallis Res V 1177 1.25 1.10 1.19 + 0.01 2.75 0.13 Metalore Res V 1 2.27 2.23 2.27 + 0.04 5.16 2.00 Metals Creek V 1399 0.10 0.08 0.09 + 0.01 0.13 0.05 Metals Creek* O 489 0.08 0.06 0.08 + 0.01 0.09 0.03 Metals X* O 26 0.77 0.74 0.77 + 0.03 0.81 0.42 Metanor Res* O 43 0.60 0.51 0.55 - 0.01 0.94 0.51 Metanor Res V 545 0.73 0.66 0.70 + 0.01 1.29 0.50 O 91 0.28 0.24 0.25 - 0.02 0.32 0.11 Mexican Gold* Mexivada Mng* O 60 0.00 0.00 0.00 + 0.00 0.00 0.00 Mexus Gold* O 2411 0.06 0.05 0.05 - 0.00 0.16 0.03 Mezzotin Mnrls V 231 0.02 0.01 0.01 - 0.01 0.05 0.01 MGX Minerals* O 417 0.84 0.76 0.78 - 0.00 2.12 0.35 Midas Gold* O 984 0.49 0.42 0.48 + 0.01 0.74 0.42 Midnight Sun V 77 0.30 0.28 0.28 - 0.02 0.54 0.18 Millennial Lit* O 258 3.10 2.75 2.91 + 0.07 3.40 0.88 Millennial Lit V 475 3.88 3.51 3.66 - 0.04 4.38 1.20 Millrock Res* O 323 0.26 0.22 0.23 - 0.03 0.50 0.19

2018-01-02 12:14 PM

WWW.NORTHERNMINER.COM

JANUARY 8â&#x20AC;&#x201C;21, 2018 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Millrock Res V 408 V 791 Minaurum Gold Minco Silver* O 75 Minera Alamos * O 37 Minera Alamos V 2775 Minera IRL 89 Mineral Hill V 115 Mineral Mtn* O 128 Mineral Mtn V 430 Mineworx Tech* O 349 Mineworx Tech V 1929 Minnova Corp V 225 Miramont Res 49 Miranda Gold V 234 Mirasol Res V 92 ML Gold Corp V 531 O 141 Monarca Mnrls* Monarques Res* O 219 Monarques Res V 839 Moneta Porcpn* O 87 Moneta Porcpn T 768 Monitor Vent* O 5 Monitor Vent V 6 Montego Res 498 Montero Mg&Ex V 189 Morien Res* O 16 Morien Res V 108 Morumbi Res* O 18 Morumbi Res T 241 Mosaic* N 14350 Mountain Boy* O 942 Mountain Lake 21 T 456 Mountain Prov Mountain Prov* D 415 Mundoro Cap* O 73 Mundoro Cap V 144 Mustang Mnrls V 708 Mustang Mnrls* O 121 MX Gold V 2637 MX Gold* O 330

0.33 0.28 0.30 - 0.02 0.64 0.24 0.26 0.22 0.26 + 0.03 0.38 0.09 0.72 0.61 0.67 + 0.02 1.23 0.47 0.16 0.13 0.13 - 0.00 0.18 0.10 0.18 0.17 0.18 + 0.01 0.24 0.13 0.14 0.11 0.11 + 0.01 0.22 0.06 0.22 0.20 0.20 - 0.02 0.34 0.17 0.28 0.23 0.27 + 0.02 0.28 0.13 0.36 0.28 0.35 + 0.03 0.37 0.15 0.21 0.14 0.16 + 0.01 0.21 0.05 0.21 0.18 0.19 + 0.01 0.21 0.05 0.74 0.65 0.74 + 0.09 0.90 0.55 0.50 0.46 0.48 - 0.03 0.65 0.20 0.06 0.05 0.06 + 0.01 0.11 0.05 1.69 1.61 1.62 - 0.04 2.28 1.42 0.13 0.11 0.11 - 0.02 0.29 0.10 0.07 0.05 0.07 + 0.01 0.14 0.05 0.29 0.23 0.23 - 0.01 0.38 0.19 0.34 0.28 0.30 - 0.05 0.49 0.25 0.14 0.13 0.13 - 0.00 0.20 0.10 0.19 0.17 0.18 + 0.01 0.27 0.13 0.33 0.21 0.23 - 0.00 0.81 0.13 0.29 0.00 0.29 - 0.10 1.13 0.25 0.40 0.33 0.40 + 0.05 0.70 0.10 0.34 0.27 0.28 - 0.06 0.49 0.12 0.58 0.49 0.56 + 0.07 0.60 0.31 0.73 0.60 0.71 + 0.09 0.77 0.38 0.58 0.55 0.58 + 0.03 1.26 0.45 0.72 0.69 0.72 + 0.01 1.69 0.55 26.12 25.27 25.66 + 0.14 34.36 19.23 0.07 0.06 0.06 + 0.01 0.09 0.03 0.04 0.00 0.04 - 0.03 0.09 0.02 3.54 3.35 3.41 - 0.07 6.94 3.28 3.00 2.65 2.75 + 0.05 5.45 2.45 0.12 0.09 0.12 + 0.01 0.22 0.09 0.14 0.12 0.13 - 0.01 0.30 0.12 0.47 0.26 0.43 + 0.15 0.48 0.05 0.35 0.23 0.32 + 0.08 0.36 0.07 0.09 0.08 0.09 + 0.01 0.26 0.08 0.07 0.06 0.07 + 0.00 0.20 0.06

NA Frac Sand* O 1309 NACCO Ind* N 103 Napier Vent* O 23 Natural Res Pt* N 206 Nautilus Mnrls* O 1138 Navis Res Corp 5 Nemaska Lith T 8481 Nemaska Lith* O 1093 Neo Lithium V 538 Neometals* O 54 Nevada Canyon* O 30 96 Nevada Clean M* O Nevada Clean M V 127 Nevada Copper T 1425 Nevada Egy Mtl V 103 Nevada Egy Mtl* O 77 Nevada Expl * O 56 Nevada Expl V 183 Nevada Sunrise* O 306 Nevada Sunrise V 439 Nevada Zinc V 201 Nevsun Res* X 3045 Nevsun Res T 1489 New Carolin Gd* O 78 New Destiny Mg V 114 New Gold T 2196 10589 New Gold* X New Guinea Gld* O 600 New Jersey Mng* O 335 New Milln Iron* O 67 New Milln Iron T 1014 New Nadina V 188 New Nadina* O 65 New Pac Metals V 33 New Pac Metals* O 10 New Stratus V 71 169 New World Res V Newlox Gold 245 Newmont Mng* N 15578 Newport Expl V 28 NewRange Gold* O 85 NewRange Gold V 533 Nexa Resources T 5 Nexa Resources* N 631 Nexco Res 28 X 1360 Nexgen Energy* NextSource Mat T 9539 Nexus Gold* O 222 Nexus Gold V 1444 NGEx Res T 148 NGEx Res* O 13 Nickel North V 388 Nickel One Res* O 1 Nickel One Res V 4925 Nicola Mg Inc V 797 Nicola Mg Inc* O 11 Nighthawk Gold* O 139 Nighthawk Gold T 563 Niobay Metals V 721 Niocan Inc V 12 Niocorp Dev T 1240 Niocorp Dev* O 1595 Nippon Dragon V 518 O 405 Nippon Dragon* Noble Mnl Expl V 1112 Noble Mnl Expl* O 34 Noka Res* O 28 Noram Vent V 3065 Noram Vent* O 456 Noranda Alum* O 46 Noront Res V 1319 Norsemont Cap 52 Nortec Mnls V 92 North Am Nickl* O 24 North Am Pall* O 19 North Arrow Mn* O 11 North Arrow Mn V 137 Northcliff Res T 425 Northn Empire* O 58 Northn Empire V 398 Norvista Cap V 308 Nouveau Monde* O 44 Nouveau Monde V 620 X 6343 NovaGold Res* NovaGold Res T 516 Novo Res* O 2539 Novo Res V 4908 NRG Metals* O 2131 NRG Metals V 2309

0.01 0.01 0.01 + 0.00 0.09 0.01 40.50 37.60 37.65 - 1.90 48.85 14.20 0.36 0.36 0.36 + 0.00 0.44 0.25 26.00 24.13 26.00 + 1.10 45.60 22.81 0.15 0.11 0.13 - 0.00 0.21 0.10 0.78 0.00 0.60 + 0.22 2.50 0.33 2.40 2.11 2.35 + 0.20 2.39 0.95 1.95 1.66 1.86 + 0.18 1.95 0.70 2.30 2.14 2.30 + 0.12 2.45 0.85 0.35 0.00 0.34 + 0.04 0.37 0.20 0.14 0.10 0.10 - 0.04 0.22 0.05 0.04 0.03 0.03 - 0.00 0.08 0.03 0.05 0.04 0.05 + 0.01 0.08 0.04 0.80 0.63 0.75 + 0.06 0.84 0.41 0.19 0.16 0.17 + 0.01 1.00 0.15 0.15 0.11 0.14 + 0.02 0.80 0.10 0.27 0.24 0.26 + 0.02 0.35 0.21 0.35 0.31 0.32 - 0.02 0.46 0.27 0.17 0.11 0.12 - 0.01 0.28 0.09 0.20 0.15 0.16 - 0.02 0.36 0.12 0.23 0.19 0.21 - 0.02 0.55 0.18 2.48 2.25 2.44 + 0.16 3.52 1.96 3.11 2.86 3.06 + 0.17 4.63 2.49 0.03 0.02 0.02 - 0.01 0.06 0.02 0.16 0.12 0.16 + 0.05 0.22 0.11 4.30 4.08 4.13 - 0.04 5.79 3.11 3.40 3.25 3.29 + 0.01 4.41 2.39 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.12 0.15 + 0.01 0.17 0.09 0.07 0.06 0.07 + 0.00 0.27 0.06 0.11 0.09 0.11 + 0.01 0.36 0.08 3.43 2.90 3.30 + 0.04 4.60 0.08 2.67 2.35 2.67 + 0.09 3.60 0.06 1.47 1.39 1.47 + 0.07 1.65 0.68 1.16 1.10 1.16 + 0.03 1.28 0.56 0.15 0.11 0.15 + 0.02 0.48 0.07 0.16 0.12 0.14 - 0.02 0.16 0.08 0.07 0.06 0.06 - 0.01 0.08 0.02 38.04 36.71 37.52 + 0.60 39.63 31.42 0.25 0.00 0.24 + 0.01 0.32 0.19 0.30 0.23 0.30 + 0.04 0.59 0.08 0.38 0.31 0.38 + 0.08 0.75 0.10 24.86 23.70 24.51 + 0.16 24.82 19.80 20.00 18.56 19.61 + 0.60 20.00 15.27 0.40 0.39 0.39 - 0.01 0.50 0.15 2.77 2.48 2.56 + 0.04 3.40 1.70 0.07 0.06 0.07 + 0.01 0.11 0.06 0.08 0.04 0.05 + 0.00 0.27 0.04 0.07 0.06 0.06 - 0.01 0.37 0.06 1.07 1.01 1.05 + 0.01 1.45 0.75 0.84 0.79 0.84 + 0.05 1.05 0.58 0.03 0.02 0.02 - 0.01 0.06 0.02 0.11 0.09 0.09 - 0.02 0.11 0.03 0.13 0.08 0.11 + 0.02 0.13 0.02 0.19 0.17 0.18 - 0.01 0.30 0.14 0.15 0.13 0.14 - 0.01 0.23 0.11 0.59 0.54 0.58 + 0.04 0.97 0.32 0.75 0.68 0.74 + 0.04 1.15 0.42 0.35 0.27 0.30 - 0.02 0.97 0.11 0.12 0.00 0.12 + 0.02 0.18 0.05 0.78 0.56 0.74 + 0.15 0.89 0.37 0.62 0.44 0.59 + 0.13 0.81 0.29 0.06 0.05 0.06 + 0.01 0.11 0.05 0.05 0.04 0.05 + 0.01 0.09 0.03 0.12 0.10 0.10 - 0.01 0.19 0.04 0.10 0.08 0.08 - 0.01 0.15 0.03 0.27 0.23 0.25 - 0.01 0.30 0.03 0.06 0.05 0.06 + 0.01 0.08 0.03 0.06 0.03 0.05 + 0.01 0.06 0.02 0.03 0.01 0.01 - 0.01 0.05 0.01 0.32 0.31 0.32 + 0.01 0.52 0.22 0.45 0.38 0.38 - 0.07 0.45 0.26 0.10 0.00 0.08 + 0.01 0.18 0.06 0.07 0.06 0.07 + 0.00 0.08 0.04 6.01 5.69 5.87 + 0.17 7.60 3.51 0.19 0.15 0.18 + 0.03 0.23 0.13 0.24 0.20 0.22 - 0.02 0.40 0.17 0.16 0.12 0.16 + 0.04 0.23 0.09 0.75 0.00 0.75 + 0.06 0.78 0.47 0.94 0.87 0.94 + 0.02 1.05 0.36 0.12 0.10 0.12 + 0.01 0.18 0.10 0.36 0.35 0.36 + 0.00 0.42 0.16 0.46 0.43 0.45 + 0.01 0.54 0.22 4.11 3.91 3.93 - 0.04 6.21 3.35 5.19 4.92 4.94 - 0.10 8.15 4.33 3.15 2.38 2.93 + 0.17 7.08 0.49 3.89 3.15 3.69 + 0.14 8.83 0.66 0.44 0.36 0.38 - 0.01 0.49 0.07 0.51 0.46 0.47 - 0.02 0.62 0.09

N-O

20-23_JAN8_StockTables.indd 22

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nrthn Graphite* O 435 Nrthn Lion V 8 Nrthn Superior V 2476 Nrthn Superior* O 107 Nrthn Vertex* O 172 Nrthn Vertex V 1083 NSS Res Inc 1415 Nthn Dynasty* X 12320 Nthn Dynasty T 3252 Nthrn Sphere* O 134 Nubian Res V 18 O 615 NuLegacy Gold* NuLegacy Gold V 881 V 401 NV Gold NV Gold* O 114 NX Uranium* O 51 O.T. Mining* O 123 OceanaGold T 3871 OceanaGold* O 23 Oceanic Iron O V 47 Oceanus Res V 363 Oceanus Res* O 39 Odyssey Res V 17 Olivut Res V 240 Olivut Res* O 216 One World Min 996 Opus One Res V 124 Orbite Tech* O 589 Orca Gold* O 129 Orefinders Res V 1712 Orex Mnrls V 253 Orex Mnrls* O 87 Orezone Gold V 869 Orezone Gold* O 134 Orford Mining V 19 Orla Mng Ltd* O 158 Orla Mng Ltd V 536 Oroco Res V 2524 Oroco Res* O 108 Orocobre T 539 Oronova Energy V 632 Oroplata Res* O 227 Orosur Mng T 283 Orsu Metals V 17 Orvana Mnrls* O 42 Orvana Mnrls T 652 Osisko Gold T 1864 Osisko Gold* N 2379 Osisko Metals* O 33 Osisko Metals V 790 Osisko Mng Inc T 882 Osprey Gold V 193 Otis Gold V 724 Otis Gold* O 182 OZ Minerals* O 6

0.39 0.35 0.37 + 0.01 0.55 0.19 0.48 0.00 0.37 - 0.11 0.74 0.30 0.05 0.04 0.05 + 0.01 0.08 0.03 0.04 0.03 0.04 + 0.00 4.63 0.02 0.55 0.39 0.53 + 0.13 0.57 0.33 0.68 0.49 0.68 + 0.16 0.70 0.41 0.54 0.38 0.42 - 0.05 1.39 0.05 1.89 1.76 1.77 - 0.07 3.45 1.06 2.37 2.22 2.24 - 0.10 4.54 1.43 0.09 0.07 0.08 + 0.01 0.32 0.07 0.23 0.20 0.22 - 0.01 0.38 0.11 0.17 0.14 0.16 - 0.01 0.26 0.00 0.22 0.20 0.20 - 0.01 0.35 0.16 0.34 0.30 0.30 - 0.01 0.48 0.17 0.24 0.23 0.23 - 0.01 0.39 0.13 0.02 0.01 0.02 + 0.01 0.04 0.01 0.10 0.04 0.10 + 0.06 0.29 0.03 3.39 3.23 3.23 - 0.10 5.00 2.92 2.77 2.48 2.77 + 0.27 3.60 2.23 0.10 0.10 0.10 + 0.01 0.35 0.06 0.27 0.25 0.25 - 0.02 0.36 0.17 0.20 0.20 0.20 - 0.00 0.29 0.13 0.06 0.05 0.05 - 0.01 0.08 0.02 0.20 0.12 0.18 + 0.06 0.22 0.08 0.15 0.09 0.14 + 0.05 0.17 0.06 0.16 0.15 0.15 - 0.01 0.75 0.13 0.10 0.08 0.10 + 0.02 0.15 0.06 0.01 0.00 0.00 - 0.01 0.29 0.00 0.59 0.50 0.55 + 0.03 0.59 0.25 0.10 0.08 0.10 + 0.02 0.11 0.04 0.15 0.12 0.14 + 0.01 0.31 0.10 0.12 0.08 0.12 + 0.01 0.24 0.08 0.77 0.67 0.71 + 0.02 0.85 0.48 0.60 0.52 0.56 + 0.03 0.63 0.35 0.37 0.35 0.35 - 0.02 0.70 0.19 1.45 1.41 1.45 + 0.03 1.44 0.88 1.82 1.74 1.78 + 0.03 1.82 1.04 0.08 0.02 0.08 + 0.01 0.10 0.02 0.07 0.03 0.07 + 0.01 0.07 0.02 6.89 6.66 6.80 + 0.07 6.92 2.73 0.20 0.18 0.18 - 0.01 0.46 0.15 0.11 0.09 0.10 - 0.00 0.35 0.09 0.21 0.20 0.20 + 0.01 0.32 0.18 0.20 0.00 0.17 - 0.04 0.45 0.13 0.20 0.15 0.20 + 0.02 0.25 0.14 0.25 0.20 0.24 + 0.02 0.33 0.17 14.88 14.25 14.52 - 0.07 17.58 12.72 11.84 11.13 11.56 + 0.08 14.39 9.64 0.70 0.59 0.70 + 0.10 1.33 0.59 0.92 0.76 0.87 + 0.05 1.74 0.23 3.54 3.32 3.39 - 0.06 5.65 2.41 0.11 0.10 0.10 - 0.01 0.44 0.07 0.23 0.20 0.22 + 0.02 0.39 0.17 0.20 0.14 0.18 + 0.02 0.29 0.13 7.18 6.44 7.18 + 0.74 7.39 4.70

Pac Booker Min V 63 Pac Booker Min* O 20 Pac Imperial V 453 Pac Iron Ore V 12 Pac North West V 2535 Pac North West* O 27 Pac Ridge Expl* O 95 Pac Wildcat* O 22 Pacific Rim 382 Pacton Gold V 1315 Paladin Energy* O 1751 Palamina Corp* O 22 Palamina Corp V 53 Pan Am Silver* D 5542 725 Pan Am Silver T Pan Global Res V 81 Pangolin Dia V 398 Pantheon Vent V 1143 Para Resources V 512 Parallel Mng V 311 Paramount Gold* X 248 Parlane Res V 107 Pasinex Res 193 Patriot Gold* O 587 Peabody Enrgy* N 3529 Peat Res V 1009 Pedro Res V 2 Pele Mtn Res V 1301 Pele Mtn Res* O 33 O 3 Peloton Mnrls* O 90 PepinNini Lith* Perseus Mng T 1200 Pershing Gold* D 788 Pershing Gold T 11 Pershing Res* O 153 Pine Cliff En* O 251 Pine Cliff En T 2470 Pinecrest Res V 20 Pistol Bay Mng* O 29 PJX Res V 749 Plateau Uran V 1407 Plateau Uran* O 569 Platinex Inc 3249 Platinum Gp Mt* X 3532 Platinum Gp Mt T 625 Plato Gold V 652 Playfair Mng V 385 Playfair Mng* O 12 PolyMet Mng* X 3041 PolyMet Mng T 160 Portage Res* O 1295 Portofino Res V 2153 Potash Corp SK* N 24217 Potash Corp SK T 27972 Potash Ridge T 1439 Potash Ridge* O 679 Power Metals* O 43 Power Metals V 1692 PPX Mining V 85 PPX Mining* O 232 Precipitate Gl V 152 Premier Gold M T 1110 Premium Expl* O 60 Pretium Res T 1503 Pretium Res* N 5682 Primero Mng T 2716 Primero Mng* O 2364 Prism Res V 84 Prize Mng* O 35 Probe Metals* O 122 Probe Metals V 191 Prophecy Coal* O 6 Prophecy Coal T 14 Prospero Silvr V 422

0.92 0.00 0.92 + 0.02 1.44 0.42 0.70 0.59 0.67 - 0.03 0.99 0.35 0.04 0.03 0.04 + 0.01 0.04 0.01 0.15 0.13 0.15 + 0.02 0.23 0.12 0.12 0.08 0.12 + 0.03 0.15 0.05 0.10 0.00 0.10 + 0.03 0.10 0.04 0.04 0.00 0.03 - 0.00 0.09 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 1.45 1.26 1.40 + 0.10 1.50 0.33 0.33 0.26 0.29 - 0.04 0.40 0.05 0.02 0.01 0.02 + 0.00 0.13 0.00 0.24 0.22 0.22 - 0.00 0.24 0.10 0.30 0.26 0.28 - 0.02 0.30 0.15 15.86 15.42 15.56 - 0.11 21.29 13.99 20.15 19.37 19.58 - 0.37 27.99 18.00 0.18 0.16 0.18 + 0.02 0.20 0.05 0.05 0.04 0.05 + 0.01 0.09 0.04 0.10 0.09 0.09 - 0.01 0.26 0.08 0.19 0.16 0.18 + 0.01 0.27 0.13 0.07 0.06 0.06 - 0.01 0.16 0.06 1.34 1.22 1.30 + 0.05 2.10 1.16 0.18 0.16 0.17 - 0.01 0.18 0.10 0.22 0.20 0.21 + 0.01 0.34 0.10 0.09 0.07 0.07 - 0.00 0.14 0.05 39.86 37.91 39.37 + 0.92 39.86 22.58 0.09 0.06 0.09 + 0.03 0.09 0.01 0.30 0.00 0.30 - 0.04 1.05 0.13 0.08 0.06 0.06 - 0.02 0.40 0.06 0.15 0.05 0.05 - 0.01 0.40 0.01 0.06 0.05 0.05 - 0.00 0.08 0.04 0.06 0.05 0.06 + 0.02 0.06 0.03 0.37 0.32 0.37 + 0.04 0.45 0.27 2.64 2.32 2.40 + 0.05 3.49 2.26 3.27 2.98 3.00 - 0.01 4.80 2.90 0.03 0.02 0.02 - 0.00 0.10 0.02 0.39 0.35 0.38 - 0.01 0.80 0.35 0.50 0.45 0.46 - 0.01 1.14 0.45 0.29 0.28 0.29 + 0.01 0.56 0.19 0.06 0.05 0.05 - 0.01 0.08 0.03 0.14 0.12 0.14 + 0.02 0.27 0.11 0.86 0.60 0.80 + 0.10 0.86 0.24 0.70 0.48 0.68 + 0.14 0.58 0.18 0.28 0.15 0.25 + 0.09 0.28 0.05 0.31 0.29 0.30 + 0.01 2.45 0.28 0.40 0.37 0.38 + 0.01 3.19 0.36 0.05 0.04 0.05 - 0.01 0.05 0.01 0.07 0.06 0.06 + 0.01 0.12 0.05 0.04 0.04 0.04 + 0.00 0.09 0.03 0.86 0.68 0.86 + 0.17 0.97 0.57 1.08 0.89 1.07 + 0.18 1.27 0.71 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.09 0.11 + 0.01 0.19 0.04 21.04 19.92 20.65 + 0.48 21.04 15.74 26.41 25.45 25.78 + 0.14 26.62 20.68 0.14 0.13 0.13 - 0.01 0.31 0.09 0.11 0.10 0.11 - 0.00 0.22 0.07 0.57 0.41 0.57 + 0.11 0.67 0.18 0.74 0.58 0.74 + 0.13 0.85 0.23 0.09 0.08 0.08 - 0.01 0.12 0.05 0.08 0.06 0.06 - 0.02 0.09 0.04 0.10 0.09 0.10 + 0.01 0.23 0.06 3.92 3.58 3.60 - 0.27 4.13 2.17 0.01 0.00 0.00 - 0.01 0.01 0.00 14.79 14.25 14.34 - 0.07 16.48 9.73 11.75 11.17 11.41 + 0.08 12.53 7.75 0.10 0.09 0.09 - 0.01 1.21 0.08 0.08 0.06 0.07 - 0.00 0.92 0.06 0.10 0.09 0.10 + 0.01 0.25 0.08 0.25 0.23 0.25 - 0.00 0.52 0.21 1.18 1.00 1.18 + 0.11 1.42 0.95 1.50 1.30 1.50 + 0.14 1.74 1.25 3.42 0.00 3.27 - 0.04 5.17 2.21 4.47 3.95 4.37 + 0.17 7.19 2.75 0.13 0.11 0.13 - 0.01 0.34 0.11

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Prospero Silvr* O 300 Providence V 149 PUF Vent Inc 13012 PUF Vent Inc * O 2406 Puma Expl V 353 Pure Energy V 1139 Pure Gold Mg* O 386 472 Pure Gold Mg V Pure Nickel V 208 Pure Nickel* O 115 V 1684 Purepoint Uran QMC Quantum Ml* O 1102 QMC Quantum Ml V 1134 QMX Gold* O 3 QMX Gold V 697 Quadro Res V 119 Quantum Cobalt 1083 Quartz Mtn Res V 1181 Quaterra Res V 336 Quaterra Res* O 532 Quest Rare Mnl* O 820 Quinto Res V 362

0.08 0.00 0.08 - 0.02 0.25 0.08 0.14 0.13 0.14 + 0.01 0.27 0.07 1.70 1.26 1.35 - 0.05 1.70 0.23 1.85 1.02 1.12 + 0.01 1.85 0.17 0.09 0.08 0.09 + 0.01 0.13 0.05 0.43 0.41 0.41 - 0.01 0.70 0.38 0.48 0.42 0.46 + 0.03 0.55 0.35 0.59 0.52 0.56 + 0.02 0.72 0.46 0.03 0.02 0.02 + 0.01 0.03 0.01 0.02 0.01 0.01 - 0.00 0.03 0.00 0.09 0.08 0.09 + 0.01 0.19 0.06 0.90 0.76 0.82 - 0.01 1.46 0.05 1.12 0.97 0.98 - 0.09 1.85 0.04 0.22 0.00 0.21 + 0.00 0.29 0.12 0.28 0.26 0.26 - 0.02 0.40 0.16 0.12 0.11 0.12 + 0.01 0.18 0.09 1.78 1.54 1.55 - 0.17 1.90 0.03 0.11 0.00 0.09 - 0.01 0.15 0.05 0.09 0.07 0.09 + 0.02 0.15 0.05 0.07 0.05 0.07 + 0.01 0.13 0.03 0.01 0.00 0.01 + 0.01 0.23 0.00 0.08 0.06 0.07 - 0.01 0.16 0.05

Radisson Mng V 480 Rae-Wallace Mg* O 246 Rainforest Res* O 0 Rainy Mtn Royl V 389 Rambler Ml &Mg V 73 Randgold Res* D 1441 O 25 Randsburg Int* Rapier Gold V 215 Rare Element* O 518 V 153 Rathdowney Res Ravencrest Res 158 Red Eagle Expl V 27 Red Eagle Mng T 2880 Red Eagle Mng* O 827 Red Oak Mg V 384 Redhawk Res T 809 Redstar Gold* O 572 Regulus Res V 164 Renaissance Gd* O 164 Renaissance Gd V 329 Renforth Res 752 Resolve Vent V 556 Resource Cap V 716 Revival Gold V 54 Revival Gold * O 30 Richmond Mnls V 36 Rift Valley 32 Rio Novo Gold* O 38 Rio Novo Gold T 168 Rio Tinto* N 11158 Rio Tinto* O 38 Rio Tinto* O 1 Rise Gold Corp 374 Riverside Res* O 257 Riverside Res V 418 RJK Explor* O 12 O 11 Rochester Res* Rochester Res V 60 Rock Tech Lith V 183 Rock Tech Lith* O 11 Rockcliff Met* O 52 V 436 Rockhaven Res V 90 Rockridge Gold Rockshield Cap* O 218 Rockshield Cap 5953 Rockwealth Res V 100 Rodinia Lithm V 1235 Rogue Res* O 72 Rogue Res V 638 172 Romios Gold Rs V Romios Gold Rs* O 341 Ross River V 1118 Ross River* O 118 Rotation Mnls V 60 T 913 Roxgold Roxgold* O 37 Royal Gold* D 4497 Royal Nickel T 2812 Royal Nickel* O 148 Royal Rd Mnrls V 147 V 19 Royal Sapphire Royal Std Mnrl* O 12 RT Minerals V 1090 RTG Mining T 87 Rubicon Mnrls* O 74 Rubicon Mnrls T 141 Rugby Mng V 35 Running Fox Rs* O 536 Running Fox Rs V 235 Rupert Res V 334 Rusoro Mng* O 5310 Rye Patch Gold V 4649 Rye Patch Gold* O 638

0.21 0.19 0.21 + 0.01 0.25 0.12 0.01 0.01 0.01 - 0.01 0.03 0.00 6.00 0.00 6.00 - 0.00 7.30 1.00 0.06 0.05 0.06 + 0.01 0.18 0.05 0.17 0.00 0.15 + 0.01 0.22 0.11 99.53 95.49 98.89 + 2.84 108.29 76.24 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.06 0.07 + 0.01 0.14 0.05 0.25 0.22 0.23 - 0.01 0.53 0.04 0.21 0.16 0.18 + 0.02 0.33 0.13 1.79 1.39 1.55 + 0.15 2.10 0.02 0.09 0.08 0.08 - 0.01 0.30 0.06 0.34 0.28 0.33 + 0.02 0.88 0.23 0.27 0.22 0.26 + 0.02 0.68 0.17 0.18 0.00 0.15 - 0.03 0.25 0.05 0.05 0.03 0.03 - 0.01 0.08 0.02 0.06 0.05 0.05 + 0.00 0.12 0.04 2.00 1.72 1.85 + 0.10 3.00 1.20 0.25 0.20 0.22 + 0.01 0.38 0.16 0.31 0.26 0.27 - 0.02 0.48 0.21 0.06 0.05 0.05 - 0.01 0.09 0.03 0.07 0.06 0.06 - 0.01 0.12 0.02 0.10 0.09 0.09 - 0.01 0.24 0.09 0.75 0.70 0.70 - 0.03 0.86 0.08 0.58 0.55 0.56 - 0.02 0.70 0.52 0.07 0.00 0.07 + 0.02 0.18 0.04 0.10 0.09 0.09 - 0.01 0.15 0.03 0.10 0.09 0.09 + 0.01 0.15 0.06 0.13 0.12 0.12 + 0.01 0.23 0.08 53.69 50.40 52.93 + 1.84 53.69 37.66 52.90 49.15 52.01 + 1.56 52.90 37.20 57.02 55.17 57.02 + 1.85 57.02 43.73 0.17 0.14 0.15 + 0.01 0.40 0.09 0.28 0.22 0.28 + 0.03 0.46 0.20 0.36 0.29 0.36 + 0.04 0.60 0.26 0.05 0.04 0.05 + 0.01 0.19 0.04 0.03 0.03 0.03 + 0.01 0.05 0.02 0.06 0.04 0.05 + 0.01 0.07 0.03 1.88 1.54 1.85 + 0.15 2.16 0.75 1.48 1.14 1.48 + 0.33 1.66 0.59 0.05 0.04 0.05 + 0.01 0.10 0.04 0.16 0.14 0.16 + 0.01 0.22 0.12 0.42 0.35 0.40 + 0.05 0.50 0.30 0.31 0.21 0.31 + 0.08 0.31 0.06 0.42 0.25 0.38 + 0.10 0.42 0.09 0.23 0.00 0.21 - 0.02 0.30 0.15 0.44 0.32 0.36 - 0.05 0.46 0.09 0.21 0.00 0.21 + 0.04 0.56 0.16 0.30 0.19 0.30 + 0.09 0.74 0.18 0.06 0.06 0.06 + 0.01 0.08 0.04 0.05 0.04 0.05 + 0.00 0.07 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 0.01 0.00 0.01 + 0.00 0.00 0.00 0.32 0.29 0.32 + 0.03 0.45 0.12 1.42 1.33 1.40 + 0.05 1.67 1.03 1.13 1.05 1.13 + 0.07 1.27 0.78 88.10 78.25 82.12 - 4.44 94.39 61.00 0.18 0.16 0.18 + 0.01 0.39 0.16 0.15 0.13 0.15 + 0.02 0.30 0.12 0.14 0.12 0.12 - 0.01 0.15 0.06 0.13 0.00 0.13 + 0.04 1.40 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.04 0.05 + 0.01 0.15 0.04 0.24 0.20 0.24 + 0.04 0.55 0.10 1.17 1.08 1.16 + 0.01 1.48 1.00 1.49 1.41 1.44 - 0.01 2.39 1.27 0.38 0.35 0.35 + 0.01 0.50 0.23 0.02 0.02 0.02 - 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.04 0.01 0.94 0.75 0.94 + 0.12 1.47 0.68 0.06 0.05 0.06 + 0.01 0.17 0.05 0.30 0.23 0.29 + 0.04 0.37 0.18 0.23 0.17 0.23 + 0.04 0.27 0.14

Sabina Gd&Slvr T 1194 Sabina Gd&Slvr* O 820 Sage Gold* O 58 Sage Gold V 1850 Saint Jean* O 58 Salazar Res V 100 Salazar Res* O 45 Sama Res V 5195 Sama Res* O 639 Samex Mng* O 524 San Gold Corp* O 155 Sanatana Diam V 594 Sandspring Res V 547 Sandspring Res* O 331 Sandstorm Gold T 1631 Sandstorm Gold* X 6465 Santa Fe Gold* O 947 Santacruz Silv V 1939 Sarama Res V 935 Satori Res* O 41 Satori Res V 122 Saturn Mnrls V 421 Savary Gold V 372 Savary Gold* O 192 Saville Res V 241 Scandium Intl* O 133 Scandium Intl T 1121 ScoZinc Mg* O 10 Seabridge Gld* N 1326 Seabridge Gld T 281 Seafield Res* O 4 Search Mnls V 1747

2.36 2.20 2.27 - 0.06 2.70 0.91 1.92 1.75 1.81 - 0.02 2.17 0.70 0.13 0.10 0.13 + 0.03 0.20 0.10 0.18 0.14 0.16 + 0.01 0.27 0.12 0.04 0.02 0.03 - 0.00 0.26 0.02 0.13 0.12 0.13 + 0.02 0.18 0.08 0.11 0.09 0.10 + 0.01 0.14 0.06 0.50 0.38 0.47 + 0.08 0.50 0.08 0.41 0.30 0.40 + 0.09 0.38 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.04 0.06 + 0.01 0.07 0.02 0.34 0.30 0.34 + 0.03 0.67 0.27 0.27 0.23 0.26 + 0.01 0.51 0.20 6.59 6.16 6.28 - 0.15 6.81 4.37 5.27 4.82 4.99 - 0.05 5.27 3.18 0.20 0.12 0.18 + 0.04 0.23 0.04 0.12 0.09 0.11 + 0.02 0.39 0.09 0.11 0.10 0.11 + 0.01 0.29 0.08 0.08 0.07 0.07 - 0.00 0.18 0.07 0.11 0.09 0.09 + 0.01 0.30 0.07 0.15 0.14 0.15 + 0.01 0.17 0.07 0.06 0.05 0.06 - 0.01 0.12 0.04 0.04 0.04 0.04 - 0.01 0.09 0.03 0.10 0.09 0.09 - 0.01 0.40 0.06 0.19 0.17 0.17 - 0.02 0.35 0.17 0.24 0.23 0.24 - 0.01 0.48 0.22 1.19 1.16 1.18 + 0.02 1.44 0.63 11.68 10.70 11.30 + 0.15 13.70 8.10 14.75 13.65 14.27 + 0.10 17.65 10.93 0.03 0.00 0.00 - 0.02 0.03 0.00 0.06 0.04 0.05 + 0.01 0.10 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Searchlight* O 1048 Secova Mtls V 1659 Secova Mtls* O 315 Select Sands V 2194 T 2744 Semafo Senator Mnrls V 1774 V 24 Sennen Potash Serabi Gold T 290 Serengeti Res V 904 Shamrock Ent 16 Sherritt Intl T 6485 Shore Gold T 1035 V 5 Shoshoni Gold Sibanye Gold* N 10498 Sibanye Gold* O 14 O 52 Sidney Resrces* Sienna Res V 647 Sienna Res* O 61 Sierra Metals* X 14 Signature Res V 479 908 Silver Bear Rs T 191 Silver Bear Rs* O 642 Silver Bull Re* O Silver Bull Re T 1407 O 910 Silver Dragon* Silver Grail V 157 25 Silver Mtn Mns V Silver Predatr V 2 Silver Pursuit V 20 Silver Range V 85 Silver Scott* O 33 Silver Spruce V 608 Silver Spruce* O 1 Silver Wheaton T 2713 N 7372 Silver Wheaton* T 1771 Silvercorp Met X 2021 Silvercorp Met* O 305 SilverCrest Mt* SilverCrest Mt V 506 Silvermet V 441 O 224 Silverstar Res* Sirios Res* O 30 Skeena Res* O 188 Skeena Res V 677 O 172 Skyharbour Res* V 257 Skyharbour Res Slam Explor V 887 V 376 Sojourn Explor O 172 Sokoman Iron* SolGold plc T 1014 SolGold plc* O 262 Solitario Ex&R T 68 X 219 Solitario Ex&R* 814 Sonora Gld & S V Sonoro Mtls V 484 Southern Arc V 55 Southern Arc* O 22 N 3153 Southern Copp* Southern Lith V 212 O 260 Southern Silvr* Southern Silvr V 619 T 7 SouthGobi Res 829 Spanish Mtn Gd V 357 Spanish Mtn Gd* O Sparton Res V 1379 V 3698 Spearmint Res O 97 Spearmint Res* Sphinx Res V 389 Sprott Res Hld T 2303 Spruce Ridge R V 4354 SRG Graphite V 273 SSR Mining* D 2729 753 T SSR Mining St Augustine T 523 7 St Elias Mns* O O 374 St-Georges Plt* V 170 Stakeholdr Gld O 67 Stakeholdr Gld* O 635 Standard Graph* Standard Lith V 818 Stans Energy* O 132 Star Gold* O 34 Stelmine Can V 133 Sterling Grp* O 3 Stina Res 1530 Stina Res* O 61 111 Stone Ridge Ex T 977 Stornoway Diam O 21 Stornoway Diam* Strateco Res* O 187 O 171 Strategic Metl* Strategic Metl V 66 Strategic Res V 2 Stria Lithium V 748 V 528 Strikepoint Gd O 84 Strikepoint Gd* V 123 Strongbow Expl Sulliden Mng T 109 N 13231 Suncor Energy* Suncor Energy T 8721 Sunvest Mnrls V 1368 O 31 Sunvest Mnrls* O 3 Superior Gold* Supreme Metals 634 Sutter Gold V 216 Sutter Gold* O 326 Syrah Res* O 60

0.01 0.02 0.01 0.01 + 0.00 0.13 0.02 0.03 0.03 0.03 + 0.01 0.11 0.01 0.02 0.02 0.02 - 0.00 0.09 0.35 0.47 0.37 0.43 + 0.05 2.04 2.68 3.64 3.47 3.57 - 0.02 5.24 0.21 0.40 0.23 0.35 + 0.11 1.99 0.30 0.45 0.39 0.45 + 0.06 1.10 0.05 0.06 0.05 0.06 + 0.01 0.10 0.13 0.18 0.14 0.17 + 0.01 0.26 0.02 0.05 0.04 0.04 - 0.01 0.06 0.74 1.82 1.45 1.72 + 0.24 1.77 0.15 0.19 0.17 0.18 + 0.01 0.44 0.04 0.05 0.00 0.05 - 0.01 0.08 5.24 4.70 5.05 + 0.18 10.59 4.27 1.14 1.24 1.16 1.24 + 0.08 2.44 0.00 0.01 0.01 0.01 - 0.01 0.02 0.09 0.25 0.24 0.24 - 0.01 0.27 0.07 0.19 0.18 0.18 - 0.01 0.21 1.47 2.48 2.31 2.48 + 0.14 3.10 0.06 0.08 0.06 0.08 + 0.01 0.19 0.22 0.16 0.18 + 0.01 0.49 0.12 0.17 0.13 0.17 + 0.02 0.38 0.08 0.13 0.12 0.12 + 0.01 0.16 0.06 0.17 0.15 0.16 + 0.01 0.21 0.08 0.00 0.02 0.00 0.01 + 0.00 0.03 0.05 0.08 0.00 0.08 + 0.02 0.13 0.02 0.02 0.02 + 0.01 0.06 0.02 0.13 0.17 0.00 0.17 + 0.02 0.40 0.11 0.19 0.00 0.19 + 0.01 0.23 0.12 0.16 0.13 0.14 - 0.01 0.29 0.01 0.02 0.01 0.02 + 0.01 0.04 0.05 0.07 0.00 0.07 + 0.01 0.12 0.03 0.05 0.03 0.05 - 0.00 0.08 23.18 28.17 27.32 27.79 - 0.24 30.32 18.32 22.30 21.76 22.13 + 0.10 23.06 2.72 3.55 3.28 3.28 - 0.16 5.90 2.12 2.86 2.61 2.62 - 0.07 4.50 0.84 1.51 1.25 1.42 + 0.15 2.10 1.05 1.97 1.58 1.79 + 0.17 2.79 0.14 0.27 0.12 0.26 - 0.07 0.59 0.75 1.12 0.75 0.85 - 0.15 3.36 0.21 0.24 0.00 0.23 - 0.02 0.42 0.27 0.59 0.49 0.55 - 0.00 0.77 0.40 0.73 0.63 0.70 + 0.01 1.05 0.23 0.41 0.34 0.39 - 0.00 0.54 0.31 0.52 0.47 0.52 + 0.03 0.70 0.03 0.05 0.04 0.05 - 0.01 0.11 0.11 0.15 0.11 0.12 - 0.03 0.30 0.02 0.05 0.03 0.03 - 0.01 0.08 0.42 0.52 0.47 0.51 + 0.02 0.95 0.30 0.43 0.35 0.42 + 0.03 0.63 0.70 0.77 0.70 0.75 - 0.01 1.21 0.54 0.61 0.55 0.60 - 0.01 0.91 0.14 0.10 0.14 + 0.02 0.15 0.05 0.10 0.18 0.16 0.18 + 0.02 0.18 0.49 0.71 0.61 0.61 - 0.04 0.90 0.33 0.57 0.48 0.50 - 0.00 0.65 31.88 47.93 45.82 47.45 + 1.24 47.93 0.32 0.37 0.34 0.34 - 0.03 3.80 0.17 0.31 0.21 0.30 + 0.08 0.46 0.22 0.38 0.27 0.38 + 0.10 0.60 0.12 0.18 0.18 0.18 + 0.01 0.47 0.14 0.10 0.14 + 0.03 0.23 0.08 0.11 0.08 0.11 + 0.02 0.17 0.06 0.03 0.11 0.09 0.11 + 0.01 0.14 0.02 0.06 0.05 0.06 + 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.06 0.04 0.05 0.05 0.05 - 0.01 0.08 0.16 0.14 0.16 + 0.02 0.23 0.13 0.04 0.02 0.03 + 0.02 0.04 0.01 0.15 1.95 1.71 1.85 - 0.01 1.95 8.84 8.57 8.79 + 0.13 11.40 7.80 11.13 10.86 11.07 + 0.05 16.11 10.02 0.02 0.03 0.03 0.03 + 0.01 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.40 0.23 0.24 - 0.11 0.40 0.20 0.42 0.36 0.42 + 0.06 0.53 0.17 0.34 0.28 0.33 + 0.04 0.43 0.06 0.45 0.29 0.43 + 0.11 0.38 0.46 2.39 2.05 2.14 - 0.01 2.85 0.02 0.03 0.03 0.03 + 0.00 0.06 0.04 0.07 0.05 0.07 + 0.02 0.16 0.16 0.22 0.19 0.20 + 0.01 0.32 0.03 0.03 0.03 0.03 + 0.00 0.18 0.08 0.25 0.20 0.20 - 0.04 0.36 0.06 0.19 0.15 0.17 - 0.02 0.28 0.30 0.26 0.30 + 0.04 0.35 0.05 0.60 0.67 0.65 0.66 - 0.01 1.07 0.47 0.52 0.00 0.51 - 0.01 0.79 0.00 0.00 0.00 0.00 - 0.00 0.07 0.31 0.41 0.36 0.40 + 0.02 0.54 0.40 0.51 0.46 0.51 + 0.04 0.73 0.10 0.17 0.00 0.17 + 0.01 0.25 0.03 0.07 0.06 0.07 + 0.01 0.10 0.15 0.25 0.22 0.22 - 0.02 0.67 0.11 0.19 0.17 0.18 + 0.00 0.47 0.13 0.17 0.15 0.16 + 0.01 0.27 0.18 0.49 0.42 0.43 - 0.03 0.65 27.96 36.93 34.73 36.72 + 1.58 36.93 46.27 44.38 46.15 + 1.45 46.66 36.09 0.08 0.10 0.09 0.10 + 0.01 0.15 0.07 0.07 0.07 0.07 - 0.00 0.16 0.69 0.85 0.84 0.85 + 0.01 0.88 0.03 0.04 0.03 0.04 + 0.01 0.15 0.02 0.03 0.02 0.02 - 0.01 0.08 0.01 0.02 0.01 0.02 + 0.00 0.06 1.68 3.61 3.27 3.57 + 0.17 3.61

N 9310 Tahoe Res* T 3737 Tahoe Res Taku Gold* O 26 Talon Metals T 838 O 38 Tamerlane Vent* Tamino Mnrls* O 476 V 163 Tanager Energy V 404 Tanqueray Expl Tantalex Res 1715 Tanzania Rlty* X 1988 Taranis Res* O 12 Tarku Res V 580 Tartisan Res 255 Tasca Res* O 21 Tasca Res V 3472 X 4685 Taseko Mines* Taseko Mines T 1017 T 7109 Teck Res T 19 Teck Res N 15107 Teck Res* Telferscot Res 15058 1 Telson Res * O

4.86 4.56 4.79 + 0.11 11.43 4.15 6.15 5.83 6.03 + 0.07 15.11 5.31 0.00 0.07 0.00 0.07 + 0.00 0.20 0.05 0.06 0.05 0.06 + 0.01 0.15 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.08 0.10 0.00 0.10 + 0.01 0.20 0.47 0.61 0.47 0.60 + 0.10 1.56 0.03 0.16 0.14 0.15 + 0.01 0.17 0.24 0.33 0.25 0.28 + 0.01 0.63 0.06 0.09 0.08 0.09 + 0.00 0.11 0.03 0.04 0.03 0.03 - 0.01 0.07 0.04 0.15 0.14 0.15 - 0.01 0.18 0.24 0.29 0.25 0.25 - 0.04 0.38 0.05 0.39 0.29 0.32 - 0.03 0.62 0.83 2.38 2.16 2.33 + 0.11 2.46 1.13 2.98 2.77 2.94 + 0.12 2.97 19.27 33.76 32.05 32.87 + 0.54 34.60 20.00 33.56 32.10 33.05 + 0.65 35.14 26.82 25.10 26.17 + 0.76 26.82 14.56 0.01 0.05 0.04 0.04 - 0.01 0.06 0.53 0.00 0.53 + 0.00 0.72 0.18

2018-01-02 12:14 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 8–21, 2018

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

Week

12-month

Exc Volume High Low Last Change High Low

Telson Res V 118 Tembo Gold V 1286 Tembo Gold* O 78 Teranga Gold T 569 Teranga Gold* O 91 Teras Res V 689 Teras Res* O 91 Terraco Gold V 307 Terrax Mnrls* O 99 Terrax Mnrls V 621 Terreno Res V 475 Teslin Rvr Res V 650 Teuton Res V 378 Teuton Res* O 149 Texas Mineral* O 334 Themac Res V 12 Thor Expl V 737 Thunder Mtn Gd* O 47 V 341 Thunderstruck Thunderstruck* O 147 Tiger Intl V 3 Till Capital V 1 Till Capital* D 75 Tiller Res V 413 Timberline Res V 151 Timberline Res* O 179 Timmins Gold T 540 Timmins Gold* X 896 Tinka Res V 1508 Tinka Res* O 370 Tintina Res* O 80 Tirex Res* O 711 Titan Mining T 140 Titanium Corp V 86 TMAC Resource* O 4 TMAC Resources T 54 217 Toachi Mg Inc V Tolima Gold V 21762 Tombstone Expl* O 221 Tonogold Res* O 82 O 170 Torex Gold* Torex Gold T 1779 Toron, Inc* O 14258 Torq Resources* O 32 Tower Res V 153 Transatlan Mng V 187 Transition Mtl V 197 O 70 Treasury Metal* Treasury Metal T 208 Trek Mining* O 511 Trek Mining V 5389 Tres-Or Res V 242 Trevali Mng* O 253 Trevali Mng T 5551

0.72 0.66 0.72 + 0.01 0.89 0.21 0.03 0.02 0.03 + 0.01 0.06 0.01 0.02 0.01 0.02 + 0.00 0.04 0.01 3.05 2.93 2.99 + 0.04 5.25 2.36 2.40 1.85 2.37 + 0.06 6.40 1.83 0.10 0.08 0.08 - 0.02 0.18 0.08 0.08 0.08 0.08 - 0.00 0.13 0.07 0.09 0.08 0.09 + 0.01 0.16 0.08 0.44 0.32 0.42 + 0.07 0.70 0.30 0.56 0.41 0.53 + 0.10 0.92 0.38 0.10 0.07 0.09 + 0.02 0.10 0.03 0.55 0.49 0.55 + 0.02 0.76 0.32 0.23 0.19 0.21 + 0.02 0.35 0.15 0.17 0.15 0.16 + 0.01 0.26 0.12 0.22 0.17 0.21 + 0.03 0.39 0.10 0.07 0.07 0.07 - 0.01 0.10 0.03 0.15 0.12 0.13 + 0.01 0.25 0.08 0.22 0.18 0.20 + 0.03 0.30 0.06 0.07 0.06 0.07 + 0.01 0.14 0.05 0.06 0.05 0.05 + 0.01 0.11 0.04 0.15 0.00 0.15 + 0.06 0.15 0.08 5.19 0.00 5.19 + 0.47 5.85 3.79 5.11 4.31 4.41 - 0.09 5.45 3.30 0.40 0.36 0.37 - 0.03 0.65 0.05 0.31 0.28 0.30 - 0.02 0.69 0.27 0.24 0.20 0.23 - 0.01 0.52 0.02 4.67 4.37 4.62 + 0.13 7.99 3.60 3.74 3.44 3.67 + 0.15 6.06 2.82 0.75 0.60 0.73 + 0.11 0.87 0.21 0.59 0.46 0.58 + 0.11 0.75 0.15 0.09 0.07 0.08 + 0.00 0.10 0.04 0.04 0.02 0.04 + 0.00 0.09 0.01 1.22 1.05 1.22 + 0.08 1.40 0.92 1.23 1.18 1.20 - 0.03 1.50 0.41 7.70 6.55 7.68 + 0.13 14.36 5.45 9.79 9.29 9.66 + 0.05 19.00 6.90 0.29 0.21 0.26 - 0.03 0.62 0.20 0.05 0.01 0.04 + 0.03 0.05 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 0.18 0.10 0.15 + 0.02 0.25 0.03 9.81 8.96 9.50 + 0.08 25.59 8.87 12.55 11.27 11.93 - 0.08 33.85 11.25 0.01 0.00 0.01 - 0.00 0.02 0.00 1.10 0.00 0.49 + 0.02 1.10 0.35 0.13 0.12 0.12 - 0.01 0.34 0.11 0.08 0.00 0.08 + 0.02 0.50 0.04 0.14 0.13 0.13 - 0.01 0.24 0.12 0.65 0.44 0.51 + 0.03 0.67 0.30 0.65 0.58 0.62 + 0.01 0.90 0.50 0.99 0.76 0.90 + 0.13 1.55 0.69 1.13 0.96 1.12 + 0.12 2.02 0.88 0.05 0.05 0.05 + 0.01 0.07 0.03 1.20 1.04 1.20 + 0.06 1.34 0.76 1.52 1.43 1.52 + 0.07 1.64 1.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tri Origin Exp V 23 Trifecta Gold V 105 Trifecta Gold* O 59 Trilogy Mtls* X 1190 Trilogy Mtls T 89 O 85 TriMetals Mng* O 37 TriMetals Mng* TriMetals Mng T 981 Trinity Res* O 4 O 260 Trio Resources* TriStar Gold* O 45 TriStar Gold V 113 Triumph Gold V 303 O 136 Triumph Gold* Troy Res* O 62 True North Gem V 8931 Trueclaim Expl V 448 Tsodilo Res V 34 Tudor Gold * O 17 Tudor Gold V 148 Tungsten Corp* O 5327 Turquoise HIl* N 7874 Turquoise HIl T 1470 TVI Pacific* O 124 TVI Pacific V 2188 Typhoon Expl V 214

0.03 0.03 0.03 - 0.01 0.07 0.03 0.11 0.10 0.11 + 0.01 0.40 0.10 0.08 0.07 0.08 + 0.01 0.20 0.07 1.19 1.06 1.09 + 0.01 1.35 0.45 1.49 1.33 1.39 + 0.04 1.60 0.60 0.14 0.11 0.13 + 0.01 0.23 0.11 0.19 0.14 0.18 + 0.01 0.20 0.11 0.17 0.14 0.16 - 0.01 0.29 0.15 0.01 0.00 0.01 + 0.00 0.16 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.19 0.16 0.17 + 0.01 0.34 0.13 0.25 0.21 0.23 + 0.01 0.44 0.18 0.30 0.26 0.28 + 0.02 0.57 0.23 0.23 0.20 0.23 + 0.03 0.46 0.18 0.08 0.07 0.08 + 0.01 0.13 0.05 0.01 0.01 0.01 + 0.01 0.01 0.01 0.16 0.07 0.11 - 0.02 0.40 0.07 0.65 0.54 0.65 + 0.06 1.05 0.54 0.39 0.34 0.34 - 0.05 0.71 0.34 0.45 0.40 0.42 - 0.02 0.94 0.40 0.00 0.00 0.00 + 0.00 0.00 0.00 3.47 3.29 3.43 + 0.10 3.80 2.44 4.36 4.20 4.29 + 0.06 4.92 3.25 0.01 0.00 0.01 + 0.00 0.06 0.00 0.02 0.01 0.01 + 0.01 0.03 0.01 0.06 0.05 0.06 + 0.01 0.12 0.04

U.S. Lithium* O 3550 U3O8 Corp* O 72 U3O8 Corp T 182 Ucore Rare Mtl* O 798 UEX Corp T 4135 Ultra Lithium V 154 Ultra Lithium* O 104 Unigold V 86 Unigold* O 20 United Res Hdg* O 440 United Silver* O 344 United States A* X 378 United States S* N 30508 Upper Canyon V 19 Ur-Energy* X 2301 Uracan Res V 1545 Uracan Res* O 114 Uragold Bay Rs V 1454 Uranium Energy* X 7458 Uranium Hunter* O 1 Uranium Res* D 2604 Uravan Mnrls V 303 URZ Energy V 498 US Cobalt * O 461 US Cobalt V 1350 US Energy* D 873

0.04 0.03 0.03 - 0.00 0.07 0.02 0.43 0.33 0.41 + 0.03 0.49 0.18 0.51 0.42 0.44 - 0.04 1.00 0.21 0.20 0.19 0.20 + 0.00 0.28 0.18 0.37 0.34 0.35 - 0.02 0.43 0.15 0.50 0.42 0.46 - 0.01 0.80 0.14 0.38 0.33 0.35 - 0.03 0.63 0.11 0.22 0.21 0.21 - 0.01 0.35 0.15 0.16 0.15 0.16 + 0.00 0.25 0.12 0.01 0.01 0.01 - 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.34 0.29 0.32 + 0.01 0.52 0.20 35.93 34.80 35.19 + 0.08 41.83 18.55 0.32 0.17 0.22 + 0.06 0.30 0.03 0.72 0.66 0.68 + 0.01 0.91 0.50 0.04 0.03 0.03 - 0.01 0.09 0.02 0.09 0.02 0.03 + 0.01 0.09 0.01 0.12 0.09 0.11 + 0.02 0.26 0.08 1.91 1.70 1.77 - 0.03 1.98 0.96 1.62 0.00 1.50 - 0.12 3.00 0.94 1.15 1.00 1.07 + 0.04 4.00 0.76 0.07 0.05 0.07 + 0.02 0.16 0.04 0.52 0.47 0.50 + 0.01 0.79 0.20 0.50 0.38 0.48 + 0.07 0.88 0.27 0.63 0.50 0.60 + 0.08 0.99 0.45 1.76 1.29 1.50 + 0.17 1.76 0.60

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

US Precious M* O 4136 US Tungsten* O 926 USCorp* O 658 N 65633 Vale* ValGold Res V 236 Valley High Mg* O 20574 V 565 Vanadium One Vanadiumcorp* O 234 Vatic Vent V 1259 N 1717 Vedanta* Velocity Mnrls V 582 Vendetta Mng V 1678 O 604 Vendetta Mng* Venerable Vent V 36 Verde Potash T 268 Verde Res* O 81 Veris Gold* O 221 Victoria Gold V 3602 Victory Nickel* O 21 Victory Nickel 108 Victory Res V 183 Victory Vent V 661 O 50 Virginia Enrgy* Virginia Enrgy V 93 Viscount Mng V 344 Vista Gold* X 2447 Vista Gold T 52 Volcanic Gold V 290 Voyageur Min V 260 VR Resources V 105 VVC Expl V 1503

0.01 0.00 0.00 - 0.00 0.02 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.01 0.02 + 0.01 0.02 0.00 12.30 11.82 12.23 + 0.31 12.30 7.47 0.07 0.07 0.07 + 0.01 0.08 0.03 0.01 0.01 0.01 + 0.00 0.02 0.00 0.08 0.08 0.08 + 0.01 0.19 0.06 0.09 0.08 0.09 - 0.00 0.13 0.04 0.08 0.05 0.08 + 0.02 0.12 0.04 21.16 19.82 20.83 + 0.81 21.63 12.41 0.22 0.18 0.21 + 0.02 0.47 0.18 0.25 0.22 0.25 + 0.03 0.35 0.17 0.20 0.17 0.20 + 0.02 0.27 0.12 0.11 0.10 0.10 - 0.01 0.18 0.09 0.81 0.69 0.70 - 0.09 1.77 0.22 0.03 0.01 0.03 + 0.01 0.20 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.45 0.40 0.44 + 0.01 0.74 0.40 0.05 0.03 0.05 + 0.02 0.14 0.00 0.05 0.04 0.05 + 0.01 0.09 0.02 0.65 0.44 0.63 + 0.17 0.88 0.13 0.22 0.18 0.20 + 0.01 0.76 0.06 0.11 0.00 0.09 - 0.02 0.54 0.04 0.14 0.12 0.12 - 0.02 0.38 0.06 0.35 0.33 0.33 - 0.01 0.74 0.22 0.73 0.65 0.70 + 0.05 1.24 0.60 0.90 0.82 0.89 + 0.04 1.61 0.77 0.23 0.21 0.23 + 0.01 0.65 0.21 0.10 0.07 0.10 + 0.03 0.15 0.04 0.38 0.00 0.32 - 0.05 0.41 0.21 0.04 0.03 0.04 + 0.01 0.05 0.02

Walker Lane* O 2 Walker River V 311 War Eagle Mg V 140 Waseco Res V 21 Wealth Mnrls V 695 Wealth Mnrls* O 388 Wellgreen Plat T 389 Wellgreen Plat* O 529 T 1327 Wesdome Gold O 112 Wesdome Gold* V 15 West Af Res West High Yld V 114 West Kirkland V 909 162 West Kirkland * O West Red Lake* O 117 290 West Red Lake Western Areas* O 11 Western Copper* X 484 Western Graphi* O 36636 414 Western Pac Rs* O

0.17 0.17 0.17 + 0.00 0.22 0.10 0.08 0.08 0.08 - 0.01 0.17 0.07 0.08 0.00 0.08 + 0.02 0.09 0.04 0.05 0.04 0.05 + 0.01 0.12 0.04 1.90 1.71 1.76 - 0.13 2.34 1.13 1.60 1.35 1.41 - 0.08 1.85 0.79 0.30 0.28 0.28 - 0.02 0.45 0.22 0.25 0.22 0.22 - 0.02 0.35 0.16 2.24 1.91 2.11 + 0.14 4.40 1.64 1.76 1.51 1.73 + 0.19 3.22 0.00 0.38 0.38 0.38 + 0.01 0.42 0.19 0.43 0.36 0.36 - 0.05 3.80 0.12 0.07 0.06 0.06 - 0.01 0.12 0.06 0.06 0.05 0.06 + 0.01 0.08 0.04 0.11 0.09 0.10 + 0.00 0.24 0.06 0.14 0.11 0.13 - 0.01 0.31 0.08 2.60 2.47 2.60 + 0.13 2.60 1.57 1.06 0.95 1.01 + 0.03 1.72 0.85 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.01 0.01 + 0.00 0.03 0.01

W-Z

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Western Pac Rs V 1220 Western Res* O 33 Western Troy C V 1276 Western Uran 170 Western Uran* O 101 V 279 Westhaven Vent Westhaven Vent* O 50 O 360 Westkam Gold* Westmoreland* D 1994 WestMountain* O 698 Westridge Res* O 220 Westridge Res 3990 White Gold V 82 White Gold* O 24 256 White Metal R* O White Metal Rs V 3067 White Mtn Engy* O 432 Whitehaven Coa* O 1 Winston Gold 608 O 88 Winston Gold* Wolfden Res* O 300 Wolfden Res V 3413 Wolfeye Res V 439 Wolverine Mnls V 932 X-Terra Res V 1178 Xemplar Egy* O 56 Xiana Mng* O 23 Ximen Mng* O 45 Ximen Mng V 1840 509 XLI Tech Inc* O Xtierra V 54 Xtra-Gold Res T 110 Xtra-Gold Res* O 53 Yamana Gold T 14977 Yamana Gold* N 48545 Yellowhead Mng V 17 Yorbeau Res T 641 Zadar Vent * O 54 Zadar Vent V 909 Zena Mng V 95 Zenyatta Vent* O 42 Zenyatta Vent V 229 Zephyr Mnls V 35 Zephyr Mnls* O 38 Zimtu Capital V 115 Zinc One Res V 2445 Zinc One Res * O 370 Zincore Mtls V 2 Zincore Mtls* O 1 Zonte Mtls V 446

0.03 0.02 0.03 + 0.01 0.04 0.01 0.33 0.32 0.32 + 0.00 0.47 0.29 0.06 0.04 0.06 + 0.02 0.06 0.02 1.01 0.88 1.00 + 0.10 2.80 0.80 0.82 0.70 0.81 + 0.08 2.17 0.65 0.14 0.11 0.13 + 0.02 0.17 0.07 0.10 0.08 0.08 - 0.02 0.10 0.05 0.02 0.00 0.02 - 0.00 0.03 0.01 1.74 1.07 1.21 + 0.04 19.03 0.95 0.01 0.00 0.01 + 0.00 0.08 0.00 0.59 0.35 0.55 + 0.18 0.59 0.12 0.80 0.45 0.80 + 0.35 0.80 0.29 1.35 1.11 1.32 + 0.07 2.34 1.01 1.06 0.87 0.95 + 0.08 1.73 0.82 0.14 0.11 0.12 - 0.00 0.17 0.05 0.16 0.12 0.15 - 0.01 0.24 0.03 0.00 0.00 0.00 + 0.00 0.03 0.00 3.46 3.24 3.46 + 0.22 3.46 1.83 0.04 0.03 0.04 + 0.01 0.15 0.03 0.03 0.02 0.03 + 0.00 0.04 0.02 0.47 0.35 0.46 + 0.08 0.42 0.10 0.60 0.46 0.58 + 0.10 0.60 0.11 1.16 0.99 1.02 - 0.08 1.64 0.30 0.17 0.12 0.15 + 0.01 0.17 0.05 0.24 0.23 0.23 - 0.02 0.40 0.17 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.06 0.07 + 0.00 0.15 0.06 0.03 0.02 0.03 + 0.00 0.09 0.02 0.04 0.03 0.04 - 0.01 0.12 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 0.02 0.00 0.02 + 0.01 0.06 0.02 0.20 0.19 0.20 + 0.02 0.37 0.17 0.18 0.14 0.15 + 0.01 0.28 0.12 3.96 3.62 3.92 + 0.11 4.80 2.84 3.16 2.84 3.12 + 0.13 3.65 2.21 0.64 0.41 0.64 + 0.23 1.20 0.38 0.08 0.07 0.07 - 0.01 0.10 0.07 0.05 0.00 0.05 - 0.01 0.12 0.05 0.08 0.07 0.07 - 0.01 0.16 0.07 0.13 0.08 0.13 + 0.05 0.18 0.07 0.60 0.53 0.54 + 0.00 0.93 0.46 0.70 0.67 0.67 - 0.01 1.29 0.58 0.33 0.30 0.33 + 0.03 0.42 0.18 0.27 0.24 0.27 + 0.03 0.30 0.15 0.24 0.23 0.24 + 0.01 0.40 0.17 0.46 0.40 0.44 + 0.03 0.90 0.28 0.37 0.30 0.35 + 0.02 0.81 0.01 0.30 0.00 0.30 + 0.03 0.35 0.06 0.25 0.18 0.25 + 0.08 0.25 0.06 0.22 0.16 0.21 + 0.04 0.49 0.08

BID-ASK — DECEMBER 25–29, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital Acme Res Corp African Metals African Queen Aida Minerals Alba Minerals Alderon Iron* ALQ Gold Amador Gold Amanta Res Amato Expl Anconia Res Anglo Pac Grp Angus Ventures APAC Res Inc Arch Coal* Archon Mineral Arco Res Arcturus Vent Arian Res Asbestos Corp Ashanti Sanko Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Austin Res Banro Corp* Banro Corp Bearclaw Cap Bell Copper BHK Mining Big Wind Cap Black Bull Res Bluenose Gold Boss Power Buccaneer Gold Bullman Mnls Bunker Hill Cadillac Vent Cairo Res Canadian Mng Canex Energy Cascade Res Cassius Vents Cdn Silvr Hunt Centurion Mnls Chantrell Vent Chieftain Mtls Chinapintza Mg Cliffs Nat Res* Clydesdale Res CNRP Mng Comet Inds Compass Gold CR Capital Cresval Cap CWN M’g Acq Cyprium Mng Dawson Gold Duncan Park H DV Resources Eastern Zinc Essex Minerals European Metal Excalibur Res Fieldex Expl Finore Mng Fire River Gol

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

20-23_JAN8_StockTables.indd 23

0.17 0.30 0.12 0.20 0.01 0.03 0.02 0.06 0.09 0.06 0.02 0.03 0.02 0.08 0.91 1.03 1.00 1.50 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.25 0.29 0.22 0.45 0.17 0.19 0.19 0.39 0.01 0.02 0.01 0.03 0.05 0.03 0.06 0.01 0.01 0.01 0.05 1.52 2.00 1.51 2.02 0.41 0.50 0.41 0.45 0.04 0.06 0.06 0.10 ... ... 0.58 0.65 1.21 0.81 1.68 0.06 0.08 0.06 0.12 0.15 0.20 0.15 0.25 0.01 0.02 0.01 0.02 0.45 0.50 0.45 0.45 0.04 0.04 0.04 0.10 0.06 0.08 0.08 0.10 0.01 0.02 0.02 0.05 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.02 0.02 0.02 0.04 0.11 0.11 0.11 2.10 0.15 0.16 0.15 28.00 0.04 0.05 0.04 0.06 0.17 0.20 0.20 0.22 0.02 0.02 0.02 0.05 0.70 0.76 0.70 1.05 0.10 0.18 0.10 0.15 0.06 0.09 0.06 0.09 0.17 0.20 0.17 0.06 0.07 0.07 0.08 0.06 0.20 0.06 0.12 ... ... 1.83 3.00 0.05 0.05 0.05 0.06 0.36 0.95 0.34 0.60 0.31 0.33 0.33 0.79 0.33 0.40 0.32 0.68 0.02 0.04 0.02 0.03 0.05 0.03 0.06 0.07 0.09 0.09 0.12 0.03 0.03 0.03 0.09 0.07 0.10 0.10 0.11 ... ... 0.05 0.01 0.05 0.01 0.02 1.45 3.20 1.43 7.17 0.12 0.15 0.14 0.14 0.71 0.76 0.76 12.50 2.65 3.40 3.05 3.20 0.14 0.16 0.15 0.49 0.09 0.11 0.08 0.13 0.04 0.05 0.05 0.06 0.15 0.26 0.16 0.24 0.03 0.03 0.03 0.15 0.34 0.30 0.30 0.01 0.02 0.01 0.02 0.18 0.30 0.18 0.63 0.20 0.28 0.20 0.30 0.16 0.22 0.16 0.33 ... 0.01 0.01 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.21 0.12 0.12 0.11 0.88 0.03 0.07 0.09

LOW

0.12

0.02 0.01 0.04 0.12 0.05 0.12 0.03 0.01 1.31 0.35 0.03 0.81 0.01 0.07 0.01 0.18 0.02 0.01 0.01 0.06 0.03 0.01 0.10 0.13 0.03 0.03 0.02 0.05 0.06 0.02 0.03 0.06 0.90 0.03 0.21 0.10 0.30 0.02 0.04 0.03 0.06 0.01 0.98 0.05 0.18 2.50 0.06 0.06 0.04 0.15 0.09 0.01 0.02 0.15 0.12 0.01 0.10 0.17

STOCK

First Idaho Four Nines Freeport Res Frontline Gold GAR Limited Genius Props Global Cobalt Global Cop Grp God’s Lake Res Gold Finder Ex GoldTrain Res Gorilla Min Greatbanks Res Grenville Gold Grosvenor Res Gunpoint Expl Hadley Mng Halio Energy Harfang Explor Harvest Gold Highbury Proj Highvista Gold IEMR Res Infinite Lith Inform Res Intl Battery Iron South Mng Jasper Mng Jazz Res JDF Explor Inc Jiulian Res Jubilee Gold Kenna Res Legion Metals Leo Res Libero Copper Lions Bay Cap Lions Gate Mtl Lithion Energy Maccabi Vent Madeira Mrnls MAG Silver* Martina Mnls Match Capital McChip Res Mega Copper Mesa Expl Metalo Manuf Midasco Cap Midnight Star MillenMin Vent Millstream Min Minecorp Egy Minsud Res Mkango Res Moag Copper Montana Gold Morgan Res Murchison Min Namibia Rare E Napier Vent Navy Res Nebu Res Network Expl New Klondike New Oroperu Newmac Res North Am Ptash NQ Explor Omineca Mg &Ml

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.06 0.25 0.06 0.06 0.11 0.12 0.11 0.16 0.05 0.06 0.05 0.08 0.02 0.02 0.02 0.04 0.11 0.21 0.11 0.13 0.15 0.16 0.16 0.38 0.02 0.02 0.02 0.07 0.08 0.08 0.11 0.23 0.34 0.23 0.35 0.11 0.14 0.12 0.20 0.08 0.37 0.08 0.19 0.18 0.24 0.24 0.24 0.03 0.05 0.03 0.09 0.13 0.09 0.14 0.17 0.28 0.17 0.21 0.18 0.20 0.18 0.31 0.95 0.98 0.95 1.08 0.15 0.18 0.18 1.50 0.23 0.25 0.25 0.35 0.05 0.05 0.05 0.07 0.22 ... 0.22 0.30 ... 0.16 0.17 0.02 0.03 0.02 0.05 0.26 0.29 0.28 0.32 0.29 0.42 0.31 0.39 ... ... 0.31 0.40 0.24 0.27 0.24 0.28 0.08 0.10 0.08 0.10 0.07 0.08 0.08 0.11 0.01 0.05 0.01 0.05 0.06 0.05 0.06 0.42 0.65 0.70 0.73 0.13 0.16 0.15 0.10 0.20 0.10 0.11 1.06 1.09 1.09 2.50 0.07 0.08 0.07 0.22 0.11 0.16 0.16 0.25 0.43 0.44 0.43 0.48 ... ... 0.10 0.18 0.04 0.17 0.04 0.07 0.03 0.07 0.03 0.05 12.52 13.30 12.52 14.40 0.04 0.10 0.06 0.06 0.01 0.04 0.04 0.64 0.80 0.70 0.80 0.17 0.27 0.17 0.30 0.04 0.05 0.05 0.12 0.35 ... 0.35 1.00 0.08 0.20 0.08 0.11 0.17 0.25 0.17 0.25 0.05 0.07 0.05 0.05 0.04 0.06 0.04 0.04 ... ... 0.12 0.20 0.07 0.09 0.07 0.16 0.11 0.18 0.11 0.19 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.07 0.20 0.25 0.20 0.29 0.04 0.05 0.04 0.10 0.42 0.45 0.46 0.54 0.28 0.50 0.28 0.29 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.01 0.01 0.01 0.38 0.55 0.42 0.70 0.07 0.07 0.07 0.08 0.05 0.08 0.04 0.01 0.01 0.01 0.04 0.03 0.04 0.03 0.07

0.05 0.10 0.03 0.02 0.01 0.11 0.04 0.03 0.08 0.06 0.16 0.09 0.16 0.16 0.24 0.15 0.22 0.03 0.22 0.01 0.12 0.07 0.11 0.04 0.05 0.06 0.02 0.35 0.10 0.30 0.07 0.12 0.10 0.03 0.03 0.02 6.12 0.02 0.37 0.14 0.04 0.26 0.05 0.08 0.05 0.04 0.07 0.06 0.04 0.02 0.01 0.13 0.04 0.28 0.09 0.01

0.33 0.05 0.01 0.03

STOCK

Orestone Mng Oriental Non F Orofino Mnrls Pac Arc Res Pac Cascade Pac Link Mng Pac Topaz Parana Copper Patriot Gold Phoenix Gold Phoenix Metals Pitchblack Res Plata Latina Prime Meridian ProAm Expl Prospector Res Quantum Cobalt Randsburg Intl Rare Element* Razore Rock Res Red Tiger Mng Regency Gold Reliant Gold Remington Res Remo Res Rhyolite Res Rio Silver River Wild Exp Rockland Mnls Rojo Res Romulus Res Roughrider Exp Rubicon Mnrls* Samco Gold Savoy Vent Scavo Res SGX Res Sniper Res Spada Gold Squire Mg Ltd Starr Peak Exp Stockport Expl Tajiri Res Talmora Diamd Taranis Res Tearlach Res Tesoro Mnrls Tethyan Res Theia Res Thunder Mtn Gd Tri-River Vent Trident Gold Trigen Res Troy Enrgy UC Res Umbral Enrgy United Coal Vale* Valencia Vent Vanadium One Vela Minerals Wabi Explor Westbay Vent Westminster Rs Whistler Gold Whitemud Res Winston Res Worldwide Res Zara Res Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.09 0.10 0.09 0.13 0.70 1.22 1.05 1.20 0.09 0.14 0.09 0.15 0.17 0.30 0.16 0.30 0.01 0.02 0.01 0.03 0.06 0.03 0.07 0.14 0.20 0.14 0.23 0.23 0.35 0.17 0.45 0.07 0.15 0.09 0.15 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.03 0.04 0.03 0.06 0.12 0.15 0.14 0.02 0.03 0.02 0.06 0.80 0.98 0.90 1.90 ... ... 1.10 3.15 0.01 0.01 0.01 0.03 0.11 0.16 0.15 0.89 0.16 0.25 0.25 0.90 0.02 0.03 0.03 0.07 0.16 0.23 0.12 0.38 0.02 0.03 0.03 0.05 0.35 0.52 0.41 1.70 0.09 0.15 0.09 0.30 0.29 0.50 0.29 0.40 0.05 0.05 0.05 0.09 0.15 0.60 0.15 0.22 0.07 0.08 0.08 0.11 0.40 0.49 0.40 0.50 0.15 0.23 0.19 0.20 0.05 0.06 0.06 0.12 ... ... 0.03 1.35 0.02 0.02 0.02 0.04 0.25 0.45 0.45 0.45 0.36 0.57 0.36 0.54 0.02 0.02 0.02 0.01 0.01 0.01 0.25 0.38 0.25 0.38 0.12 0.24 0.15 0.16 0.12 0.16 0.16 0.18 0.02 0.03 0.03 0.04 0.09 0.11 0.09 0.21 0.01 0.05 0.01 0.05 0.10 0.11 0.11 0.14 0.08 0.15 0.08 0.07 0.07 0.07 0.12 0.23 0.30 0.22 0.57 0.08 0.15 0.08 0.12 0.15 ... 0.15 0.32 0.04 0.12 0.04 0.04 0.16 0.25 0.22 0.22 0.08 0.12 0.08 0.10 0.07 0.11 0.08 0.15 0.01 0.02 0.02 0.03 0.14 0.15 0.14 0.20 ... 0.01 0.01 ... ... 10.24 11.10 0.21 0.22 0.22 0.30 0.13 0.15 0.13 0.14 0.05 0.06 0.05 0.09 0.08 0.09 0.09 0.09 0.38 0.47 0.47 0.48 0.35 0.36 0.35 0.40 0.05 0.08 0.04 0.06 0.01 0.02 0.01 0.02 0.56 0.58 0.56 0.82 0.01 0.02 0.01 0.05 0.07 0.15 0.15 0.43 0.05 0.07 0.05

0.05 0.72 0.06 0.09 0.02 0.10 0.09 0.09

0.09 0.03 0.02 0.46 0.20 0.01 0.06 0.09 0.02 0.10 0.02 0.40 0.09 0.11 0.04 0.01 0.01 0.23 0.10 0.04 0.03 0.02 0.06 0.26

0.14 0.05 0.08 0.02 0.08 0.01 0.08 0.06 0.18 0.07 0.11 0.04 0.05 0.07 0.03 0.01 0.03 6.57 0.08 0.12 0.04 0.05 0.17 0.15 0.03 0.01 0.08 0.01 0.02

2018-01-02 12:14 PM

24_JAN8_BackCover.indd 24

2018-01-02 11:16 AM