The Northern Miner January 9 2017 Issue

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IG Copper, Freeport probe Russia’s Far East SITE VISIT

| Partners aim to drill 35,000 metres at Malmyzh copper-gold project in 2017

BY SALMA TARIKH

I

EXPLORATION

| Property hosts two pastproducing veins

starikh@northernminer.com KHABAROVSK, FAR EAST RUSSIA

G Copper (IGC), a privately held U.S. company, is making headway at its 51% held Malmyzh copper-gold porphyry project in Far East Russia, near the border of China, with Freeport-McMoRan (NYSE: FCX) holding the other 49%.

In mid-2016, IGC completed the Russian government’s review for “strategically significant” deposits and received a Strategic Industries Law (SIL) approval. The SIL approval is required for any large copper, gold, platinum group metals or uranium deposit to be held by a non-Russian firm.

As a result, IGC’s joint venture firm Amur Minerals LLC (not to be confused with London-listed Amur Minerals) kept full control of its 226.9 sq. km exploration and mining licences at Malmyzh, along with the mining and production rights for all minerals from Malmyzh and Malmyzh North.

The approval makes it easier for IGC and its partner to raise funds and develop the massive project, which contains an inferred resource of 12.5 billion lb. copper and 9.1 million oz. gold (nearly 16 billion equivalent lb. copper).

On the SIL announcement, the shares of IGC’s largest shareholder Eurasian Minerals (TSXV: EMX; NYSE-MKT: EMX) soared 22% to $1.28 per share on July 25. Eurasian owns a 36% equity stake in IGC on a fully diluted basis.

During a November site visit, Scott Close, Eurasian’s director of investor relations, reveals that Eurasian had heard that IGC needed cash to explore Malmyzh. The royalty and prospect generator then bought its stake in IGC through three private placements, totalling

Winston Gold drills high grade in Montana

BY TRISH SAYWELL tsaywell@northernminer.com

W

inston Gold Mining (CSE: WGC; US-OTC: WGMCF) is confident that the past-producing, steeply dipping fissure quartz-sulphide vein systems on its Winston gold property in Montana can extend to considerable depths.

The property — 30 km southeast of Helena, the state capital — is home to two past-producing veins: Custer and Edna. Mining started at Custer in the late 1800s and continued up to the 1930s, while mining at Edna lasted until the 1950s.

The Custer vein was mined continuously for over 732 metres on See WINSTON / 2 PM40069240

IG Copper’s CEO Tom Bowens (left) and consultant Dean Turner (far right) at the Malmyzh copper-gold in Russia’s Far East, 220 km northeast of the city of Khabarovsk. PHOTO BY SALMA TARIKH

“IT’S NOT A COUNTRY FOR OLD MEN.” TOM BOWENS CEO, IG COPPER

just under US$8 million in 2011.

Eurasian — known for being a mineral exploration pioneer in places such as Serbia, Kyrgyzstan

and Turkey — says its IGC investment could become the “most lucrative.”

Close reckons that “at some point, IGC is going to be bought out by somebody for way too much money.”

A day before our arrival in Russia, our taxi crawls through the evening rush hour traffic from South Korea’s Incheon airport to the heart of Seoul. The plan is to

take a three-hour flight the next morning to Khabarovsk Krai in Russia’s Far East.

Close expects that a large Asian entity or Western multinational company might be interested in a takeover. Project partner Freeport, given its current debt, might not be a likely candidate. (Freeport declined to comment on its plans See IG COPPER / 6

January 23-26, 2017 | amebc.ca/roundup

Where leaders in mineral exploration connect

MOSAIC: OFFERS US$2.5B FOR VALE’S FERTILIZER ASSETS / 3

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Winston Gold Mining’s namesake gold property in Montana, 30 km southeast of the capital city of Helena. WINSTON GOLD MINING

Winston Gold drills high grade in Montana WINSTON From 1

five primary levels. But little mining was done below the 122-metre level or at an elevation of 1,274 metres, and management says the vein could extend for another 150 metres below that level.

“Custer was the major producer in the entire area and it’s also a big fault that runs all the way through the district, and some of what we’re looking at is related to that Custer fault,” Ben Porterfield, Winston Gold Mining’s consulting geologist, says in an interview.

The Custer vein dips beneath the Edna vein, which is a nearly flat vein with fairly shallow workings.

Previous operators stoped up from the Custer to the Edna workings, Porterfield says.

“We know there are a variety of veins close together within this fault zone,” Porterfield says. “Vertical ones, Custer-style, which dip north, and the nearly flat veins like Edna.

“It’s hard to correlate from one drill hole to the next, which is why I’m anxious to get underground.

Once you have 3-D geology it will make much more sense, and we can figure out how many veins there are,” he says.

Six drill holes from the company’s 2014 drill program cut intercepts in veins on the western side of the Edna intrusive and found eight vein targets that have never been mined.

The vein trend is 150 metres long and open to the east, west and at depth.

“When we drilled there in 2014 we hit high grade 213 metres west of the

Edna mine, so now we’re infilling from the Edna mine west to where those 2014 intercepts were,” Porterfield says. “Right now we know there’s a lot of shallow ore that we can get to fairly quickly, and that’s why we’re focused on that area west of Edna, because we know it wasn’t stoped down deeply.”

The company has also just finished two drill holes from the Custer vein and is drilling a third, and should have the assays from the first two holes back fairly soon.

“The Custer vein itself goes underneath the Edna vein, so they’re connected,” Porterfield says. “Custer was [last mined] directly below the Edna mine … we plan to continue drilling underneath the old Custer mine … it’s lower priority, and it will take longer to develop, but we need to get more information to plan longer term.”

There are two diamond drills on the property — one is drilling below the Custer workings, and the other west of the Edna mine. So far the company has drilled 12 holes in its first-phase exploration program (1,463 metres over 15 to 20 holes), and in December released assay results from five holes that were collared on two drill pads 31 metres and 61 metres west of the historic Edna mine. The holes confirmed historic drill results and defined the Edna vein trend system, which wasn’t mined deeply in the past.

Highlights included 44.57 grams gold per tonne over 0.7 metre, 69.87 grams gold over 0.3 metre, 23.93 grams gold over 1.2 metres and 4.52

APPOINTMENT NOTICE Walter Siggelkow, President of HLS Hard-Line Solutions (Hard-Line), is pleased to announce the appointment of Lyle Hobbs as General Manager of Hard-Line’s U.S. Operations.

Mr. Hobbs brings a wealth of experience in the mining industry to the position, and will be responsible for the establishment of Hard-Line’s operations to be located in Salt Lake City, Utah.

“WE’VE HIT SOME STUFF WE LIKE AND WILL PROBABLY EXTEND THE DRILL PROGRAM.” MURRAY NYE PRESIDENT AND CEO, WINSTON GOLD

grams gold over 0.5 metre.

“We’ve hit some stuff we like and will probably extend the drill program,” Murray Nye, the company’s president and CEO, tells The Northern Miner. “From where the old Edna workings are, there is maybe 800 feet of strike that we’d like to define, and we believe there are two or three veins in that zone that we call the Edna trend. We’ve got the drills set up and are drilling where we think they mined the Custer vein, so we will probably continue on there in 2017.”

Nye notes that phase two will involve test mining and bulk sampling.

Montana’s small miner’s permit allows the company to access, test and mine the veins quickly, he says, and the company intends to start a bulk sample with test mining at a rate of 150 tonnes per day, and ramp up to 230 tonnes per day if possible.

“Once we get underground we can get a better idea of the orientation of some of these veins,” he says.

“We can access the area quickly with a decline or an adit. It’s not like sinking a shaft.

“The small miner’s permit means you can operate underground and allows limited surface disturbance,” he continues. “The permitting is quite reasonable and it gets you underground, and gives you a chance to figure things out.”

The company is also planning an exploration drift to the Edna mine from historic workings at the Old Hyantha lead-silver mine, a few hundred feet south of Edna. The Hyantha adit will be expanded for 122 metres, then continue another 213 metres, Porterfield says.

“Old Hyantha was a lead-silver mine south of Edna at a lower elevation, and they were partway into the mountain towards the direction we’re interested in. We’d have to slash it open bigger for modern mining equipment, but it’s quicker

The lower portal at the historic Hyantha lead-silver mine at on the Winston gold property in Montana. WINSTON GOLD MINING

to open up a smaller, older adit than start a new one.”

Porterfield, who spent much of his early career working for larger mining companies like Kennecott Exploration, says working on narrower underground vein systems like Winston “is interesting and a lot of fun.

“We saw this niche in Montana with these high-grade veins,” he says. “No one was even looking at them. This is an opportunity because there are a lot of underground mines and quite a few of them have potential, and no one really knows how to do it, and nobody is interested.

“All of my friends were openpit geologists and engineers, and there’s no way they could wrap their minds around a narrow, high-grade vein system,” he continues. “The focus and the big money moved to open-pit mining, and that’s what everybody wanted.”

Porterfield adds that Montana’s ban on using cyanide in open-pit mining also discouraged many mining companies from exploring in the state. But he says if ore comes from underground mines it can be custom milled at grandfathered treatment plants, such as the one at Barrick Gold’s (TSX: ABX; NYSE: ABX) Golden Sunlight mine.

Golden Sunlight, 55 km east of Butte, produced 68,000 oz. gold

last year.

“People have shied away from Montana, but we actually like working there,” Porterfield says. “It was controversial when that cyanide ban initiative was put in. People hear the word cyanide and they don’t understand that it’s basically a fertilizer … if people could have been educated about cyanide a little more it would never have happened.

But that’s why we’re sticking to underground mining projects.”

Porterfield adds that the management team at Winston Gold — which founded RX Exploration and includes Harold (Mike) Gunsinger as operations manager — were involved in restarting the Drumlummon gold-silver mine, 32 km northeast of Helena, Mont., in 2010, and are on good terms with regulators in the state. The group later lost the asset in a proxy fight.

“We got to know the Department of Environment Quality and regulatory people in Montana, and we managed to open up that mine and do it well, and developed a good working relationship with regulators, because we never tried to do any funny business,” Porterfield says. “We have a lot of experience in doing this and know the people involved, and hire the best consultants, so we’re not intimidated at all permitting in Montana.” TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 9–22, 2017

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Mosaic to acquire Vale’s fertilizer assets for US$2.5B M&A

| Brazilian miner to take 11% stake in Mosaic, becoming largest shareholder

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

M

osaic (NYSE: MOS) is buying the “majority” of Vale’s (NYSE: VALE) fertilizer business in a cash-and-share deal valued at US$2.5 billion.

The transaction would see Vale receive an 11% stake (42.3 million shares) in Mosaic worth US$1.25 billion, plus another US$1.25 billion in cash, which Mosaic plans to raise by issuing debt. Vale would become Mosaic’s largest shareholder, and gain two seats on Mosaic’s board.

Vale’s fertilizer portfolio includes five Brazilian phosphate rock mines, four chemical and fertilizer production facilities, and a potash facility.

Mosaic would also acquire Vale’s 40% “economic interest” in the Miski Mayo phosphate mine in Peru, and its potash project in Kronau, Saskatchewan. The U.S. company could also include the Rio Colorado potash project in Argentina at closing as part of the transaction.

Vale’s fertilizer business has contributed between 2% and 4% of its net earnings, and can produce up to 4.8 million tonnes of finished phosphate crop nutrients and 500,000 tonnes of potash.

The acquisition would include 8,000 employees, which would bring Mosaic’s global headcount to nearly 17,000.

“This is a perfect fit with our strategy to grow our core potash and phosphate businesses. We’re increasing our presence in Brazil and complementing our distribution,” Mosaic president and CEO Joc O’Rourke said during a conference call.

“We’re talking about low-cost production in close proximity to a growing agricultural sector. We’ve always said we look for value-add

The Bayovar phosphate mine in Peru, in which Vale holds a 40% interest through subsidiary Miski Mayo. VALE

“THIS IS REALLY A PERFECT FIT WITH OUR STRATEGY TO GROW OUR CORE POTASH AND PHOSPHATE BUSINESSES. WE’RE INCREASING OUR PRESENCE IN BRAZIL.” JOC O’ROURKE PRESIDENT AND CEO, MOSAIC

opportunities in the low period of the cycle, and that’s exactly what we’ve found here. It’s been a long road with many factors, but we see real value at this point in the market,” he added.

Mosaic management said “market

conditions” did not appear to warrant any production expansion, but the Kronau and Rio Colorado assets could provide “upside optionality” in the case of improving fertilizer prices.

Meanwhile, Vale views the trans-

Goldcorp, Integra team up on innovation contest NEW TECHNOLOGY

BY TRISH SAYWELL tsaywell@northernminer.com

G

oldcorp (TSX: G; NYSE: GG) and Integra Gold (TSXV: ICG; US-OTC: ICGQF) are launching a contest to find the next disruptive and exponential technologies that have the potential to revolutionize the mining industry.

“You’re seeing other industries being turned on their heads with new technologies, and it really hasn’t happened yet in the mining industry,” Integra Gold’s president and CEO Stephen de Jong says.

“Innovation has become a bit of a buzzword and gets used and abused a bit,” he adds. “But real innovation — disruptive technology combined with traditional mining and exploration techniques — is where the opportunity is.”

For the mining sector to stay competitive and deliver greater value to shareholders, the companies argue, there must be greater collaboration to foster investment and accelerate innovation in mining.

Innovators who want to pitch their ideas must submit their applications by Jan. 18, 2017, at www.

action as a “partnership” that will allow it to maintain some exposure to the fertilizer market, while bringing in a multinational company with potash and phosphate experience, and infrastructure capacity.

Vale may not sell its newly issued Mosaic shares for two years under the sales agreement.

Vale is pursuing “divestment initiatives” to lower its debt. The cash will help the company pay down net debt to US$24 billion.

“In the case of fertilizers, we simply never found large reserves that could open a window of opportunity,” Vale CEO Murilo Ferreira said in a company video. “But the business remains important to [our company], and we have decided to partner with an international company that has a relevant pro-

duction of potash, and is extremely competitive.”

The transaction is subject to regulatory approvals and closing conditions, including carving out the Cubatao-based production facilities.

The deal should close in late 2017.

Vale could receive additional payments of up to US$260 million if the average monoammonium phosphate price and Brazilian Real exchange rate exceed certain thresholds.

The deal is another example of consolidation upstream in the fertilizer business after a steep decline in the price of fertilizer products. In September, major Canadian players Potash Corp. of Saskatchewan and Agrium agreed to merge to create a US$36-billion integrated fertilizer giant. TNM

| Submissions due by Jan. 18

“REAL INNOVATION — DISRUPTIVE TECHNOLOGY, COMBINED WITH TRADITIONAL MINING AND EXPLORATION TECHNIQUES — IS WHERE THE OPPORTUNITY IS.” STEPHEN DE JONG PRESIDENT AND CEO, INTEGRA GOLD

disruptmining.com.

The submissions are limited to four pages and must include an introduction to the idea and technology being championed, and an explanation of the promise the technology holds for the mining sector.

All of the ideas will be showcased during the Prospectors & Developers Association of Canada (PDAC) convention on March 5, 2017.

Those responsible for the best five submissions — selected by

Goldcorp and Integra — will be invited to pitch their ideas live in front of a panel of five judges at a gala event. The judges will be senior executives in the industry, including Rob McEwen of McEwen Mining (TSX: MUX; NYSE: MUX).

The prize is up to $1 million in investment for a proof of concept at one of Goldcorp’s mines, or an investment in the winning technologies.

“The real prize is to get up on stage and have all these mining executives and financiers listen to your pitch, because you’re looking at a strong representation of decision makers in that room,” Integra’s de Jong says.

The format of the competition will be similar to the hit television series Shark Tank, in which entrepreneurs present their ideas to businesspeople in the hope of an investment.

The proceeds from the gala event at PDAC will go to charity.

“There seems to be a real appetite in our industry for innovation, change and looking at new ways of how we do things,” de Jong says.

“Keep an eye out in the new year, when you will start to see some big names get behind this.” TNM

Inside a potassium warehouse at Vale’s Taquari-Vassouras potash mine in Sergipe state, Brazil. VALE

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

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Leadership crisis averted in DRC ELECTIONS

| Joseph Kabila vows to step down as president by year’s end

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456, ext. 43715 dbond@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.

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W

e come out of the holiday period with good news out of the Democratic Republic of the Congo: the deep and increasingly violent divisions over the transfer of presidential power seem to have been resolved peacefully, with DRC President Joseph Kabila agreeing with an opposition group in meetings in Kinshasa on Dec. 31 to step down after a

BY JOHN CUMMING jcumming@northernminer.com national election is held before the end of 2017.

If this preliminary agreement comes to fruition, it would be the first peaceful transfer of power since the war-torn country’s independence from Belgium in 1960.

Joseph Kabila, 45, came to power in 2001 after the assassination of his father Laurent-Désiré Kabila, who had ousted Mobutu Sese Seko via an insurgency that brought an end Mobutu’s 32-year reign.

DRC’s latest agonies stem from a series of wars from 1996 to 2003 that became collectively known by historians as the Second Congo War, or more informally as “Africa’s First World War,” which sucked in troops from nine African countries and involved more than 20 armed groups, who often used resource exploitation to fund their war efforts.

The war left more than 5 million dead from fighting, disease and starvation, particularly in the eastern provinces, created millions of displaced and traumatized civilians, and led to the UN’s largest and most expensive peacekeeping program.

The latest negotiations between the government and opposition led by Étienne Tshisekedi, 84, had been launched on Dec. 8 under the aegis of the Catholic Church, with Bishop Marcel Utembi chairing the Episcopal Conference overseeing the talks. A Dec. 25 deadline had already been missed, with the opposition having insisted Kabila resign immediately and leave public life.

Kabila’s second and constitutionally dictated final five-year term was due to come to an end on Dec. 20, 2016, but he had refused to resign, citing a May 2016 court ruling that allowed him to remain in power until a successor was chosen, which sparked the succession crisis that became deadly in mid-December.

During the ensuing street demonstrations against Kabila, government security forces killed somewhere between 50 and 104 protesters, according to various media reports.

Reporters said a sticking point in the negotiations was the government’s demand that it reserve the right to hold a referendum before any national election, although it isn’t clear what the referendum would be about.

Moving forward under the agreement, Kabila is due to appoint a member of the opposition as prime minister, and assemble a government led by a “national transition council” by March 2017.

While the government had insisted the country’s election infrastructure would not be ready until April 2018, the new agreement commits the country to holding national elections before the end of 2017, even as some worry the earlier voting will disenfranchise too many Congolese not yet on the voting rolls.

Miners are perhaps more aware than anyone of the gap between the country’s potential wealth from its superb natural-resource endowment and the reality of widespread poverty in the country, with 63% of the 82 million Congolese citizens living below the poverty line of less than one dollar per day in 2012, according to the World Bank.

Despite being relatively underdeveloped, the DRC’s extractive industries — mining, timber and oil and gas — account for 95% of exports, 22% of gross domestic product, 28% of government revenue and 11% of employment, according to figures by the Extractive Industries Transparency Initiatives.

Stellar mineral deposits and mines in the DRC include: Ivanhoe Mines’ Kamoa-Kakula copper deposit and Kipushi zinc project; Katanga Mining’s Kamoto copper-cobalt mine; China Molybedenum and Lundin Mining’s Tenke Fungurume copper-cobalt mine; Randgold Resources and AngloGold Ashanti’s 31 million oz. Kibali gold mine; Banro’s mines on the Namoya-Twangiza gold trend; and Glencore and Dan Gertler’s Mutanda Mining and its Mutanda copper mine.

In light of the lower political risk associated with the DRC, the publicly traded stocks of all the above companies were up substantially on the first trading day of 2017 — the first day of trading after the DRC succession agreement was reached. TNM

Publication Mail Agreement #40069240

INTERVIEW

| Mining magnate sees gold at US$1,800 per oz. by the end of 2017

BY TRISH SAYWELL

R

tsaywell@northernminer.com

ob McEwen, chairman and chief owner of McEwen Mining (TSX: MUX; NYSE: MUX), looks back on the year that was, and ahead to what 2017 may hold in store for gold.

The Northern Miner: It’s been one of the toughest years on record for commodities, and we thought we’d ask you to reflect on the past year and offer your views on what the mining industry might expect in 2017.

Rob McEwen: The year 2016 was a surprise in many ways — pleasant in the beginning and perplexing as we approach the year-end.

Right now the election of Donald J. Trump and Republican control of the Senate and Congress has introduced a brand-new variable that most investors never contemplated. I’ve been really impressed by how president-elect Trump plans to change the U.S. economy to make it stronger by simplifying regulations, lowering taxes, speeding up the pace of approval of capital investments, incentives for repatriating the offshore profits of U.S. multinationals and putting in a seasoned group of executives into his cabinet. It shows

partners, interest rates are trending higher and money is moving out of the bond markets, and into U.S. equity markets. These abrupt changes in asset values could be a problem for the derivative market and borrowers of U.S. denominated debt. Furthermore, I expect the damage caused by these big swings is going to surface [in 2017] and reinforce the reasons for investors to have a gold investment.

TNM: So where do we go from here?

RM: Clearly gold was going up with the prospect of a win by the Democrats, but now with the Republican’s absolute victory, the gold price is having trouble holding its gains made during the year. Its price movement has been very curious. While it has been in a downtrend since the election, lately the price has traded in a fairly narrow band. Most days the price is closing up in Asia and Europe, then getting squashed in America. It appears that American investors believe a big, positive change is coming, and they don’t need exposure to gold, while investors in Asia and Europe feel their economic outlook is less certain and that they need the risk insurance afforded by gold.

“THE FIRST 100 DAYS OF ... TRUMP’S TERM WILL SET THE TONE FOR THE STRENGTH OF THE DOLLAR AND THE PRICE OF GOLD IN U.S. DOLLARS ... THE PRICE OF GOLD QUOTED IN OTHER CURRENCIES SHOULD CLIMB.” ROB MCEWEN

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 15

Professional Directory. . . . . . . . . . . . . . . 19 Stock Tables. . . . . . . . . . . . . . . . . . . . . 14-18

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Rob McEwen’s predictions for 2017

CHAIRMAN, MCEWEN MINING

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Rob McEwen, chairman of McEwen Mining, at the El Gallo silver-gold mine in Mexico in 2013. PHOTO BY TRISH SAYWELL

Abitibi Royalties. . . . . . . . . 5 Amur Minerals LLC. . . . . 1 Argonaut Gold. . . . . . . . . . 5 Barrick Gold. . . . . . . . . . 2,9 Cisco Systems. . . . . . . . . . . 9 Continental Gold. . . . . . . . 8 Eurasian Minerals. . . . . . . 1 Freeport-McMoRan . . . . . 1 G4G Capital. . . . . . . . . . . . 5 Glencore . . . . . . . . . . . . . . 12 Goldcorp. . . . . . . . . . . . 3,13 Golden Predator

Mining . . . . . . . . . . . . . . . 5 Goldquest Mining. . . . . . . 5 Hudbay Minerals. . . . . . . 12 IG Copper. . . . . . . . . . . . . . 1 Integra Gold. . . . . . . . . 3,5,8 Kinross Gold. . . . . . . . . . . . 6 Kirkland Lake Gold. . . . . 11 MacLean Engineering. . . 13 McEwen Mining . . . . . . . . 4 Monarques Gold . . . . . . . . 5 Mosaic. . . . . . . . . . . . . . . . . 3 NexGen Energy. . . . . . . . . 8

Nighthawk Gold. . . . . . . . 5 Petropavlovsk. . . . . . . . . . . 6 Pure Gold Mining. . . . . . . 5 Rambler Metals & Mining . . . . . . . . . . . . . . 12 Rio Tinto. . . . . . . . . . . . . . . 9 Sandvik Mining and Rock Technology . . . . . 13 Vale. . . . . . . . . . . . . . . . . . . . 3 Winston Gold Mining. . . . 1

real serious intent and talent to kick-start the economy. Given this scenario, it is easy to understand why there is a rush of money into the U.S. dollar and particularly into its equity markets. With large planned expenses on defence, on infrastructure and a made-in-theUSA procurement policy, I expect their labour market will tighten, prices of goods and services will increase, and cost-push inflation will appear later in the year.

Since the election, the dollar has climbed in value against many of the currencies of its trading

Clearly, investors in America like president-elect Trump’s Cabinet appointments and his plans for accelerating the economy. And there are very good reasons to believe these plans will start quickly, because Capital Hill will be able to get bills passed. The legislative logjams that characterized the Obama years are over, and that’s a huge positive. As an aside, I have to wonder what Canada’s response is going to be to this massive competitive shift in tax See MCEWEN / 5

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 9–22, 2017

5

Mexican gov’t denies permit for Argonaut’s San Antonio GOLD

BY TRISH SAYWELL

T

tsaywell@northernminer.com

he Mexican Environmental Authority has given Argonaut Gold (TSX: AR) a lump of coal for Christmas.

The regulatory body known as Semarnat has denied approval of Argonaut’s environmental impact assessment (EIA) for its San Antonio gold project in Baja California Sur, Mexico.

Peter Dougherty, Argonaut Gold’s president and CEO, declined a request for an interview, but in a press release stated that he was “disappointed” with the ruling, and that management would “review the factors that led to this decision and determine a path to move this project forward.”

He also described San Antonio as “one of the best undeveloped projects in the sector,” and said the company’s plan for the project calls for “a modern approach to mining, including cleaning up historical overburden stockpiles and tailings, and working to improve the local aquifer.”

In addition, the company noted that it is “evaluating alternatives, including legal options, the possible resubmittal of a revised EIA and continuing dialogue.”

According to Argonaut’s fourparagraph press statement, Semarnat cited the reasons for not approving the EIA as “requiring additional information regarding potential

| Junior ponders its options, including legal ones

identification, description and impacts to the environment; additional information on the construction, operation and closure plans for the project; and additional information regarding the impact on the local aquifer.”

The company added that the required information “is readily available,” and that Argonaut “has the ability to respond swiftly.”

Brian Quast, an analyst at BMO Capital Markets, noted that the decision was “slightly negative” because he ascribes only “minimal value” to the project.

“Deliberations with [Semarnat] have been ongoing for an extended period of time, calling into doubt the status of the project,” he said in a brief research note.

Permitting issues at the project arose as early as August 2012, when San Antonio’s EIA was denied due in part to a local zoning issue, the company says. Argonaut then filed a federal lawsuit stating that the local zoning plan was not validly constituted, and therefore should not have been an obstacle to permitting the project.

Earlier this year the federal appeals court ruled that the current Urban Development Plan for the Municipality of La Paz (zoning plan) was not properly established and therefore should not have been used as a criteria in the EIA review for the project.

The court’s ruling, announced in July, also instructed Semarnat

rates, simplification of regulations and trade policy. Ottawa is going to have to work overtime devising and executing a response to keep industry, top talent and markets.

TNM: Is the recent sell off in gold overdone?

RM: It has been a quick drop. Is it overdone? I don’t know. I suspect the first 100 days of president-elect Trump’s term will set the tone for the strength of the dollar and the price of gold in U.S. dollars.

However in the interim, I expect the price of gold quoted in other currencies to climb.

TNM: The Fed recently raised its interest rate by 25 basis points and signalled that it plans to raise rates as many as three times in 2017. How will that play into the gold sector?

RM: Short-term negative, intermediate-term little impact. Economic activity will likely accelerate with the large capital investment planned by the Trump government. In the late 1970s, inflation was running fast, interest rates were in the teens, and gold was reaching new highs.

In March 1980, the Federal Reserve chairman pushed the Fed funds interest rate to 20%. And only then did the price of gold and inflation fall. Today, the Fed fund rate is 0.75%. This is just an illustration to show that gold and interest rates can go higher, much higher together, before depressing the investment demand for gold.

TNM: What is your prediction for the average gold price in 2017?

RM: My 2016 prediction was doing well up until this summer and then crashed after the election.

Based on my belief that government debt levels are going to continue to grow dramatically, rising interest rates will make it more expensive

to service, the massive, opaque derivatives market is vulnerable to the large relative moves by currencies and declining bond prices all conspire to make gold an attractive alternative investment today. So, my gold price outlook is US$1,800 by year-end 2017.

TNM: What are some of your favourite companies in the junior gold space and which ones have you invested in?

RM: Golden Predator Mining (TSXV: GPY) has an interesting property in the Yukon. They’re get t i ng spla shy gold g r ades.

Nighthawk Gold (TSXV: NHK) is exploring on a property that’s been around for a long time, and they too are pulling good grades and intercepts. There’s Pure Gold Mining (TSXV: PGM) in the Red Lake camp. Their geos believe that they are looking at another structure — a folded structure — that might be a repeat of what was mined in the past. G4G Capital (TSXV: GGC), which is going to be renamed White Gold, has a most innovative and successful CEO, Shawn Ryan. The company has a large land package in the Yukon with promising exploration results, and its treasury has enough money for three years of aggressive exploration without having to go back to the capital markets. Agnico Eagle has recently become a large shareholder. Abitibi Royalties (TSXV: RZZ) I like. Its CEO, Ian Ball, has been running it well. It has a tiny share f loat outstanding, no debt, a strong treasury and a growing royalty revenue stream. Another interesting gold explorer with production capacity is Quebec-based Monarques Gold (TSXV: MQR). Its management was acquiring when most people were hiding in the closet out of fear

TNM: And then there are digital currencies and platforms like Bitcoin.

RM: The prospect of widespread use of digital currencies is a worrisome development for anyone who has concerns about big government, cyber theft of one’s deposits and a power grid failure that could deny access to one’s savings. I like physical gold and view it as a better alternative. It can’t be hacked or stolen online.

TNM: You’re one of five judges on the Goldcorp/Integra DisruptMining competition next March, which will reward the most innovative ideas

and technologies that can be applied to the mining sector.

RM: I was really delighted to be asked to be a judge. I’m a big believer that innovation will improve profit margins for miners. Integra and Goldcorp should be complimented on this initiative. It’s encouraging people to see and try out new technologies, and also to ask contestants from other industries to cross-fertilize ours. One day, hopefully soon, our politicians will understand that the mining industry is of vital importance to Canada’s future. TNM

Rafael Pacchiano Alamán, the secretary of Semarnat, Mexico’s MInistry of Environment and Natural Resources. SEMARNAT

to annul the denial of the EIA and issue a decision without considering the zoning plan.

San Antonio is 8 km north of the historic mining town of San Antonio, 40 km southeast of the port city of La Paz, and 160 km north of Cabo San Lucas.

It is situated in the lower transitional foothills leading to the Sierra de la Laguna range.

According to a technical report completed on the project in October

Rob McEwen’s predictions MCEWEN From 4

2012, “a portion of the Sierra de la Laguna range has been designated by the United Nations Educational, Scientific and Cultural Organization (Unesco) as a global biosphere reserve. The project site is located 18 km from the biosphere buffer zone, and in a completely separate hydrographic basin from the biosphere reserve.”

The project has four known gold deposits — Los Planes, Intermediate, Las Colinas and La Colpa — in

addition to a number of exploration targets.

The project is made up of 165 mineral concessions spanning 463 square kilometres.

San Antonio is envisioned as a heap-leach operation with four open pits.

As of December 2015, the project’s measured and indicated resource was 65 million tonnes averaging 0.83 gram gold per tonne for 1.7 million contained oz. gold. Inferred resources stood at 6 million tonnes grading 0.34 gram gold for 67,000 contained oz. gold.

The project has an initial capex of US$88 million, a one-and-a-half year payback and an after-tax net present value of US$219 million (at a 5% discount rate and at US$1,200 per oz. gold). Cash costs are an estimated US$549 per oz. gold.

At a production rate of 4 million tonnes per day, San Antonio would have a 15-year mine life.

The company has also looked at a 6-million-tonne-per-day run rate.

Semarnat’s decision on the EIA sent Argonaut Gold’s shares down 18%, or 35.5¢, to $1.65 apiece, on 2.7 million shares traded.

Over the last year the company’s shares have traded in a high and low range of 78¢ in January and $4.45 in July.

As of Sept. 30, the company had $50 million in cash and $1 million in debt (including equipment leases).

It also had a $30-million undrawn revolving credit facility. TNM

of everything going lower. They are building on a good resource base and have recently bought a nearby production facility. Also, I like Goldquest Mining (TSXV: GQC), which has a good-sized deposit in the Dominican Republic, and Integra Gold (TSXV: ICG; US-OTC: ICGQF), which has forward-looking management that has been using technology to unlock the potential of an old mine.

TNM: What about the impact of central banks on the gold price going forward?

RM: Recently, the Central Bank of India eliminated their 500 and 1,000 rupee notes in an effort to stop corruption and improve their tax collection efforts. An outcome of this action was a near collapse of their economy and a large jump in the premium over the market price of gold. Gold will remain an important monetary asset for enlightened central bankers. Perhaps the new government in Washington will recognize the inherent value of gold and take steps to once again link the dollar to gold at a much higher price than where it trades today.

TNM: What about China?

RM: Here is an example of an enlightened Central Bank. China and Russia have been buying gold. Why? I’ll suggest because they appreciate its value and that they want to back their currencies with gold to make their currencies more attractive than the other fiat currencies of the world.

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JANUARY 9–22, 2017 / THE NORTHERN MINER

IG Copper, Freeport probe Russia’s Far East

Geophysicist Keiran Logan explains how he has helped IG Copper explore for deeper targets at Malmyzh. PHOTO BY SALMA TARIKH. IG COPPER From 1

for Malmyzh.)

“Some people get a little nervous when you start talking about Russia,” Close says, adding he has not come across any evidence of mining projects ever being nationalized in modern-day Russia. The country’s oil and gas sector, however, is a “completely different ball of wax,” he adds.

Russia’s second- and third-largest gold producers are Western miners: Kinross Gold (TSX: K; NYSE: KGC) and Petropavlovsk (LON: POG).

“It really does show the world that Russia is still open for business with Western companies. And it’s being done right now.”

Humble beginnings The city of Khabarovsk gives off a Parisian vibe, with its tree-lined boulevards, vintage lamps and array of shops, cafes and bars.

Ho m e t o 6 0 0 , 0 0 0 p e o pl e , Khabarovsk is the second-largest city in Russia’s Far East, after Vladivostok, about an hour’s flight or 650 km south. Khabarovsk sits 30

“MALMYZH IS REALLY A HALLMARK OF WHAT THE POTENTIAL IS OF THIS AREA.” DEAN TURNER CONSULTANT, EURASIAN MINERALS AND IG COPPER

km from northeastern China along the Amur River, the world’s tenthlongest river, which forms a natural border between these parts of Russia and China.

At IGC’s spacious of f ice in downtown Khabarovsk, American CEO Tom Bowens, 54, and Western Australian business manager Douglas McGay, 69, provide a brief history of IGC, which was previously InterGeo Copper.

Bowens, a trained geologist — with a penchant for cowboy hats and singing — and McGay, a licensed surveyor, both know each other from their days in Mongolia and

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IG Copper’s CEO Tom Bowens (second from right) with a drill crew at the Malmyzh copper-gold property. PHOTO BY SALMA TARIKH.

share an entrepreneurial streak.

Bowens began combing through Russia’s Far East as the vice-president of exploration and chief of operations for Lukas Lundin’s Fortress Minerals, 11 years ago. He played a crucial role in discovering two major deposits in the Far East, including the Svetloye gold project and Malmyzh.

McGay spent the past 20 years in Mongolia, building and managing resource-oriented businesses.

He previously held senior roles in Harrods Minerals Mongolia and Ivanhoe Mines Mongolia around the Oyu Tolgoi discovery period.

He was the founder and CEO of Batu Mining.

McGay reveals he delayed his plan to retire in a log cabin he built himself in the hills outside of Ulaanbaatar to join Bowens in Russia a year ago.

Bowens’ interest in the region dates back to his time at the Colorado School of Mines, where he graduated with a degree in geological engineering and a master’s degree in geology.

Sitting behind his desk, the jovial and sharply dressed executive says that as a student he was intrigued by how the deposits that formed around the Pacific Ring of Fire — known for frequent earthquakes and volcanic eruptions — stopped in Russia, possibly due to a lack of data. “It was like a big juicy steak just sitting there,” he says of the potential.

In 2005, Fortress did a licence swap with Phelps Dodge on its Mongolian licences, in exchange for 51% of Phelps’ Russian subsidiary that owned the Svetloye licence.

The next year Phelps identified the Malmyzh target, after perusing data archives in Moscow from the Soviet days.

IGC says the Soviets had overlooked Malmyzh, as it was a small, gold-in-stream anomaly. They were exploring for tin deposits in the Khabarovsk Krai because the “highgrade gold deposits in the Magadan district were sufficient for their needs,” Bowens says.

Freeport acquired Phelps’ interest in Malmyzh after it took over Phelps in 2007. Three years later, Fortress left Russia. It sold the Svetloye project to Russia’s Polymetal International and its 51% interest in Malmyzh to Bowens’ IG Copper.

IGC paid US$500,000 for the earn-in agreement on Malmyzh in 2010. “I heard later that Lukas said it was one of his biggest mistakes,” Bowens chuckles.

Malmyzh a district-scale play IGC’s flagship Malmyzh coppergold porphyry project is 220 km

— or a four-hour drive northeast of Khabarovsk. Beyond the city, the paved highway passes a few settlements and cuts through forested terrains, with little but snow-covered trees and low-lying hills in sight.

After a few pit stops, including one for borscht and cabbage rolls, we arrive at camp, where IGC’s eclectic crew and two camp dogs greet us.

“Malmyzh is really a hallmark of what the potential is of this area,” Dean Turner, an American resource geologist and consultant to IGC and Eurasian, says during a technical presentation. “This is a concealed porphyry copper, not deposit, but district.”

Malmyzh’s four porphyry deposits — Valley, Freedom, Central and Flats — and over 10 porphyry targets occur within a district-scale, 16 by 5 km intrusive corridor concealed under shallow cover. Much of the property has more than 15 metres of cover.

IGC largely used ground magnetics to help delineate the hidden porphyry deposits, as well as soil geochemistry to outline the copper and gold anomalies.

From 2011 to the end of 2013, IGC drilled over 70,000 metres in 205 holes on Malmyzh. Most of this drilling defined the project’s four inferred resource deposits on nominal 200-metre centres. All four deposits remain open at depth.

Using an equivalent copper cut-off grade of 0.30%, Malmyzh contains a National Instrument 43-101 openpittable inferred resource of 1.7 billion tonnes of 0.34% copper and 0.17 gram gold per tonne for 12.5 billion lb. copper and 9.1 million oz. gold.

It hosts nearly 16 billion equivalent lb. copper at 0.42% equivalent copper.

Valley is the largest deposit, with l billion tonnes at 0.41% equivalent copper. Freedom is the second largest, with 334 million tonnes at 0.46% equivalent copper.

Copper-gold mineralization at Malmyzh occurs in diorite porphyries and hornfelsed sedimentary rocks. Mineralization extends from shallow subcrop to 400 to 600 metres deep.

Turner describes diorities as intrusive rocks and hornfels as altered sedimentary rocks, or “ugly” black rocks that “only a geologist could love.”

To help identify deeper coppergold porphyry drill targets, IGC has contracted Aussie geophysicist Keiran Logan, who runs Logantek.

So far, Logan has used 3-D induced polarization and 3-D magnetics on the project. He applied these two methods on the Valley deposit to complete an orientation survey. The results from the survey combined

with these two methods will help IGC explore for “sweet spots,” or higher grades at Malmyzh.

“Stacked deposits, deep highgrade core zones and lateral overprinting of adjacent deposits are all targets we are investigating for high grades,” Bowens notes.

Touring the camp IGC’s campsite can house up to 120 people in cabins and yurts. IGC has 100 employees, including 53 on-site.

Project geologist Vlad Mramornov lets us peak inside his shared yurt containing five beds, with a warm stove in the middle. Depending on the size and quality, a yurt can cost US$2,000 to US$3,000 apiece, making for relatively cheap housing.

There is also a banya (sauna), where employees can soak in the heat after a cold day’s work. “You’ll feel like you’re in paradise in an hour or so after,” Mramornov says.

Once the drilled core arrives at camp, employees log and split it, according to international standards, before it goes to an ISO-certified lab.

Malmyzh has also gone through independent sampling, Turner says.

After a stop at the core shack, we drive a few kilometres to where the drillers are working on hole 211, the sixth hole in this year’s 35,000-metre program.

Drilling at Malmyzh resumed in late September, after IGC took a twoyear break to complete a GKZ report and the SIL review. The GKZ report includes a Russian-compliant C1 and C2 reserve estimate (5.6 million tonnes copper and 9.6 million oz. gold) and a TEO economic analysis to show that the project is a viable mining operation. (The reserve estimate isn’t 43-101 compliant.)

Bowens explains that if a foreignowned company has an asset with approved GKZ reserves of more that 1.5 million oz. gold or 500,000 tonne copper then the deposit becomes of strategic importance to the Russian Federation. As a result, the company would then need an SIL approval to retain ownership.

IGC got the thumbs up for its GKZ report, which included the TEO economic analysis, in mid2015, and received the SIL approval in mid-2016. It also prepared a 43101 inferred resource estimate in May 2015.

There’s one drill turning at Malmyzh. IGC expects to bring on a second drill in June 2017. It plans to drill another 35,000 metres by the end of 2017, with an aim of defining higher-grade zones, expanding known resources and uncovering more concealed porphyry deposits.

While it is still early days for the program, IGC has hit some interesting intercepts.

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 9–22, 2017

7

The monument to Count Nikolai Muravyov-Amurskii (1891) in Khabarovsk, the second most populous city in Russia’s Far East. PHOTO BY SALMA TARIKH.

In early November, IGC intersected a blind discovery called Sleeper near the Valley deposit. “We drilled it based on geomorphology and gut instinct,” Bowens says.

In early December, IGC began drilling hole 213 — its deepest hole to date. “It is 775 metres vertical into well mineralized hydrothermal explosion breccia in the Freedom NW deposit — many kilometres east of Sleeper — and has been in this mineralized breccia starting at 100 metres from surface,” Bowens shared in an email. “We are very excited.”

To help fund the program, IGC is raising US$10 million through an equity raise, where it will issue 1 million shares at US$10 apiece. It has 7.2 million shares outstanding.

“We plan on either closing it in mid-January and going one more year as a private company or listing the company on the AIM in 2017,” Bowens says.

As of November, IGC and Freeport have invested a total of US$35 million on the project. To keep costs low, Bowens uses his private service company KolymaGeo, which is equipped with three rigs. Drillers on average complete 70 metres a day for US$50 per metre.

KolymaGeo contains 10 of IGC’s early investors, and is IGC’s secondlargest shareholder at 11%. Bowens uses the revenue generated by KolymaGeo, which provides a range of services for other mining companies, to fund IGC. The two companies share technical staff and office space.

Working in Russia Back in the office in Khabarovsk, a beaming Bowens shows off two discoverers’ medals that the Russian Federation awarded his team in 2015 for Malmyzh and 2016 for Svetloye, which Bowens helped find years earlier. The silver medals are the first two given to a foreign mining company.

The executive says the perceived geopolitical risk of investing in Russia has stopped many Western firms and geologists from exploring the country’s geological potential.

“If this was not Russia because everybody is scared of Russia, and you hit Malmyzh, there would be Canadians all over it. Everybody would be going ‘eh,’” Bowens says.

Analysts at Florida-based Kopernik Global Investors write that some of the risks investors associate with Russia include resource nationalization, corruption, overlooking shareholders’ interests, government default and the risk of war.

While acknowledging the risks, the analysts argue that they are not unique to Russia and in some cases are overblown. The country has a lot to offer, including low tax rates, high saving rates and high education levels, they write. “Russia has gotten less risky, while most developed

“COMPARED TO OYU TOLGOI, MALMYZH IS SITTING IN THE MIDDLE OF LONDON.” DOUGLAS MCGAY CONSULTANT, BUSINESS MANAGER, IG COPPER

markets have become meaningfully more risky, yet the market is pricing that in reverse.”

As of October, three of Kopernik’s top-10 holdings in its US$887.5million Global All-Cap fund were Russian firms: Gazprom, Sberbank of Russia and RusHydro.

Despite the risks, the attitude towards working in Russia is shifting.

The Fraser Institute’s 2015 survey of mining companies places Russia 47 out of 109 jurisdictions in terms of overall investment attractiveness, just behind Washington State (46) and ahead of Spain (48). Since 2013, Russia has gone from 83 to 64 to 47. On the policy perception index, Russia ranked 75 in 2015, up from 97 in 2014.

IGC’s McGay attributes the improvement to Russia’s new tax laws, which provide companies certain exemptions and reductions for income tax and mineral extraction tax.

So far, the Russian Federation and nearby communities have been

IG Copper geologist Vlad Mramornov in his yurt at the Malmyzh project camp. PHOTO BY SALMA TARIKH

supportive of the Malmyzh development, particularly because it can create jobs and wealth.

As part of its social initiative, IGC contributes 0.5% of its annual exploration expenses to the nearby 550-person Nanai (native) village and 70-person Russian village through a fund managed by a steering committee. The villages, collectively known as Nergen, are a 15-minute drive from the project.

For 2017, IGC plans to contribute US$500,000 to the fund.

Asked about the challenges of working in Russia, Bowens replies: “It’s cold. The women are too pretty.”

In a serious tone, he reveals there are many regulations that companies have to obey. “Some Westerners just consider them burdensome and goofy, and they don’t pay attention to them. And they break the regulations. When you break them, you have to pay.”

Bowens notes that labour laws and forestry laws are “intense,” adding there’s a lot of paperwork involved in cutting down trees to make drill pads. “It’s not a country for old men,” he cautions.

One of the mistakes Western companies make is that they want to joint venture with a strong Russian

firm, Bowens says, adding this could complicate project and resource management.

While infrastructure could be a challenge at Malmyzh, it isn’t. The project is next to National Highway 46, and 65 km from the rail in Komsomolsk, which is a 1.5-hour drive from the project. There’s also a high-voltage power line within 500 metres of the project and a nearby natural gas pipeline.

“Compa red to O y u Tolgoi, Malmyzh is sitting in the middle of London,” McGay says.

Looking ahead IGC plans to add more tonnage and boost grades at the Malmyzh project before construction at the project would start, according to the project implementation timeline in the GKZ report.

The company intends to sit down with Russian regulators to extend the 2021 deadline by a few years.

This could give more time to fully unlock the deposit’s potential and arrange financing.

According to the GKZ report, the Malmyzh project has a potentially low strip ratio and a long mine life, with decent project returns at current copper prices.

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IGC is optimizing the project.

It has hired Oreoll Engineering to revise the TEO economic analysis by updating the ruble to U.S. dollar conversion rate and assessing the economics of shipping the coppergold concentrate to Asia via the closer Vanino port, instead of to a processing facility in Western Russia.

As metal prices improve, Bowens notes this will further boost the value of the Malmyzh project (estimated at US$430 million.)

In an October research note, TD Securities analysts write that the “copper market will move into deficit over the next several years, with the supply gap opening up by 2020.”

Their long-term copper price forecast is US$3.10 per pound (spot copper closed Dec. 6 at US$2.65, and over the past month, it gained 15.6%).

IGC also plans to complete a National Instrument 43-101 compliant preliminary economic assessment on Malmyzh in late 2017.

Asked if he would sell Malmyzh, Bowens says that “selling it now … would be stupid, because I wouldn’t make nearly as much money. I’m not young, but I plan on being around long enough to spend whatever I get out of this.” TNM

8

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JANUARY 9–22, 2017 / THE NORTHERN MINER

Junior miners need to address credibility gap, panel hears FINANCING

| Experts at PwC event share strategies for exploration success

The junior mining panel at PwC’s Mega Mining Mines event, from left: moderator David Redford of Cassels Brock; Steve de Jong, CEO of Integra Gold; Ari Sussman, CEO of Continental Gold; and Leigh Curyer, CEO of NexGen Energy. PHOTO BY ALISHA HIYATE

BY ALISHA HIYATE

T

ahiyate@northernminer.com

he past four years have been bleak for junior miners, but the downtrend is finally coming to an end, says Continental Gold (TSX: CNL) CEO Ari Sussman.

“We’re definitely at the beginning of the next uptrend, and raising capital is back,” he said at PwC’s Mega Mining Minds event in Toronto in December.

“For everyone in the gold business, things right now aren’t great, but the interest level is much higher than it was one year ago … raising money is going to become a much easier thing.”

While Sussman, part of a panel of junior mining leaders at the event, sounded an optimistic note on financing for the sector, no one on the panel suggested that the days of easy money for juniors would return.

Regardless of where the market goes, Stephen de Jong, president and CEO of Integra Gold (TSXV: ICG), advised that juniors need to think beyond price movements in commodities. They also need a plan to create returns for their shareholders, he said, noting that credibility is one of the biggest problems for the smallest companies.

“Microcap junior miners need to look at when we take investors’ money. What is our actual plan? Is

Published by:

“WE’RE DEFINITELY AT THE BEGINNING OF THE NEXT UPTREND, AND RAISING CAPITAL IS BACK.” ARI SUSSMAN CEO, CONTINENTAL GOLD

it really just to drill a hole, cross our fingers and hope it works out, and that the stock price goes up?” he said.

“Nine times out of 10 in exploration, the initial plan doesn’t work out. If it doesn’t work out, are we able to walk away? Or are we there to protect our jobs and keep drilling?”

While not microcaps, the three junior mining companies represented on the panel have raised cash during a hard time for the sector.

Uranium explorer NexGen Energy (TSX: NXE), for example, has taken a technically and financially rigorous approach at its Rook property in the southern Athabasca basin that has instilled confidence in investors, including Hong Kong-based Li Ka-shing of CEF Holdings, who entered a $60-million financing of unsecured convertible debentures in the company in June. The financing, which is meant to move Rook

towards production, was unusual for an exploration-stage company.

(NexGen’s Arrow deposit at Rook has an inferred resource.)

CEO Leigh Curyer said NexGen’s focus on having the best people, pursuing an objective exploration approach of building data sets from the ground up, displaying financial discipline and being in the friendly jurisdiction of Saskatchewan, have all lowered the risk of investing in the project.

“Li Ka-shing’s view is that it’s a low-risk environment and a large reward environment,” Curyer said.

“We have had more than $10 go into the ground for every $1 of overhead. And that gives investors a good sense of confidence that even though it’s high risk, this will give you the best possible chance to be successful.”

It’s not just the financing environment that has become harder for juniors, Sussman said. The expectations for juniors in terms of work on corporate social responsibility (CSR) and environment have gone way up over the past 30 years.

“Now we need to match dollar for dollar your exploration budget with community relations, CSR and environmental management. These things matter from day one,” Sussman said. “That is a big challenge a lot of people still haven’t woken up to.”

The lower threshold for risk among

investors also holds true for majors, who in better times, have been far less cautious when bidding for juniors to shore up their project pipelines.

“Senior mining companies have become much more risk-averse,” Sussman noted. “They want the projects derisked, and that is the biggest challenge.”

Juniors looking to put together their first exploration dollars need to be creative, because those first dollars will be harder than later financings, the panellists agreed.

Asked for advice on fundraising strategies by moderator David Redford — a partner at Cassels Brock — the panellists said that juniors should look to new strategies and avenues, such as crowdfunding and alternative financing through royalty companies.

Integra’s de Jong noted that there is also institutional money looking to invest in juniors of $100 million to $500 million with quality, advancedstage exploration projects.

“There’s a black hole of projects out there that meet the institutional money [standards], even though there might not be as much institutional money as there was five years ago,” de Jong said.

In 2012, when Integra’s Lamaque project was at an earlier stage and the markets were souring for mining investment, the company chose to

invest in its investor relation team.

“Everything we did was just getting harder and harder — we had to work really hard to raise $2 or $3 million,” de Jong recalls.

As a result of expanding its team (Integra’s IR team was larger than Goldcorp’s at the time), the company raised money. In 2013, a financing planned to total $4 million ballooned into a $12-million raise with 150 subscribers, de Jong noted.

For juniors nimble enough to take advantage, downturns can yield company-building opportunities.

Integra, for example, acquired the Sigma-Lamaque mill and mine — just 500 metres from its Lamaque project in Quebec — for only $7.6 million in 2014.

And NexGen’s Curyer noted that his company was incorporated in December 2011 — only eight months after Fukushima.

While they looked like “crazy men” for getting into uranium exploration so soon after that, the team understood that the long-term fundamentals of uranium remained strong.

“What distinguishes the thread of our companies [on the panel] is that we look for the top-quality assets, and even though the commodity price cycle has been very, very low, it has actually generated an opportunity to get your hands on good assets.” TNM

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Barrick taps Cisco for digital reinvention

Microbes and mining

INNOVATION

ENVIRONMENT

| How genomics, profits and social responsibility are coalescing to shape mining innovation

| New technology, analytics to drive improvements

BY KEENAN MARIE DIXON

B

Special to The Northern Miner

ioremediation became a buzzword for the Canadian mining industry in the 1970s and ’80s.

Today, researchers at the University of Toronto’s Lassonde Institute of Mining are coming up with the next generation of strategies to treat mining wastewater using biological methods. They are making use of genomics and modelling to develop new biologically informed, and more sustainable and economical strategies.

“The mining industry in Canada withdraws one billion cubic metres of water every year and up until now, companies have had to rely on chemical approaches to manage their wastewaters to prevent possible environmental impacts,” says Lesley Warren, an aqueous and microbial geochemist and professor with the Lassonde Institute of Mining. “We know that bacteria are present throughout all mining water systems, but we don’t fully understand the positive or negative impacts they can have on water quality.”

By understanding how naturally occurring bacteria within these mining water systems are influencing chemical reactions, biologically informed proactive treatment strategies can be developed — with game-changing potential to prevent problems, decrease chemical loads and lower environmental impacts.

While Canadian mining operates under some of the most stringent effluent quality guidelines worldwide, the industry continues to look for innovative ways to improve the sustainability of operations.

Currently, no biological standards exist, limiting the mining sector’s ability to design new water management and treatment methods, which take advantage of the naturally occurring bacteria within the water systems.

A cornerstone of Warren’s research is metagenomics — the genetic characterization of microbial communities. Her work is opening the microbial black box for the industry by combining this powerful approach with more comprehensive geochemical characterization.

“Metagenomics holds the key to developing innovative biological strategies, allowing us to work towards a more environmentally friendly approach to monitoring, managing and treating mining wastewater,” Warren says.

Warren works to determine the identities and roles of microbes involved in geochemical reactions occurring within these waters to gain an understanding of the bacSee MICROBES / 12

Barrick Gold’s Cortez gold mine in Nevada will be the pilot site for its digital partnership with Cisco. BARRICK GOLD

BY ALISHA HIYATE ahiyate@northernminer.com

W

hen it introduced its Mine of the Future program in 2008, Rio Tinto (NYSE: RIO) introduced automated machinery, remote operations centres and data analytics into an industry that has a reputation for resisting innovation rather than embracing it.

Since then, other miners have looked to improve their operations with similar technological leaps, but their reforms have stopped short of comprehensive.

Barrick Gold (TSX: ABX; NYSE: ABX) aims to take that further, with a deeper transformation that would embed new technology and analytics capabilities across the whole business — from mining and processing to environmental monitoring, and even encompassing stakeholder relations and permitting.

“It’s not that we’re just going to digitize. We actually want to reinvent, rethink and reengineer the processes, so that we think about them fundamentally differently,” said Michelle Ash, Barrick’s senior vice-president of transformation and innovation.

Barrick’s leadership says that the time is right for mining to “reinvent” the mining business with the help of new technology.

“There have been huge advances in the technology and it’s much cheaper than it used to be,” Ash said in a November interview. “In some

“IN SOME RESPECTS, I FEEL A BIT SORRY FOR THE RIOS AND THE BHPS THAT LED THE WAY A DECADE AGO, BECAUSE THEY SPENT A LOT OF MONEY FOR NOWHERE NEAR THE ADVANCES WE’RE GETTING NOW.” MICHELLE ASH SENIOR VICE-PRESIDENT OF TRANSFORMATION AND INNOVATION, BARRICK GOLD

respects, I feel a bit sorry for the Rios and the BHPs that led the way a decade ago, because they spent a lot of money for nowhere near the advances we’re getting now.”

Barrick announced in September that it is teaming up with tech giant Cisco Systems (NASDAQ: CSCO) to digitize its business — which includes using advanced sensing and monitoring technology, automated equipment and analytics based on collecting real-time data.

“Harnessing the potential of digital technology will unlock value across our business, helping us grow our free cash flow per share,” Barrick’s executive chairman John Thornton said in a release. “In doing so, we will make ourselves into a leading twenty-first century company — enhancing productivity and efficiency at our mines, and improving decision-making and performance across every area of our business.”

Alex Smith, an account manager at Cisco Canada who works with Barrick, says that while Cisco has worked with mining companies for

many years, the company’s partnership with Barrick represents a new relationship between the service provider and a miner.

“This is the first time we’ve looked holistically at and partnered with a mining company in this way instead of just transactionally selling them point solutions to solve a point need.”

Cisco will bring several areas of expertise to the partnership.

It will connect all the elements and equipment at Cortez through wired and wireless technology, and provide Barrick with access to other technology experts through its vast network of partners.

Cisco will also bring its experience helping cities and countries such as France, Germany, the U.K., India and Mexico, with their larger digital transformations.

“We thought if they can help transform a country, how much easier would it be to transform a business or an industry?” Ash says.

The process starts by identifying business outcomes rather than focusing on technology.

“It’s not about, ‘Hey, there’s a shiny technology out there, we could save money if we used it,’” Smith says. “You start with what the outcome is and the vision that you’re looking for, and you work backwards from there. That’s really a big part of the methodology.”

The process begins with a series of workshops that get all the departments — from exploration to the processing plant — together to share information, Smith says.

“Instead of looking at things within their own silos, the workshops get them, sometimes for the first time, looking at the entire value chain together and seeing where those connection points are,” Smith says. “Maybe someone can improve a process in mining that is going to dramatically improve how things are done in the processing plant.”

One of Barrick’s objectives with digitization is to make decisions driven by data, Smith says.

“There have been so many times that [Barrick] found decisions See BARRICK / 10

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MINING TRENDS & DEVELOPMENTS

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Barrick taps Cisco for digital reinvention BARRICK From 9

weren’t ideal — but they don’t find out until six months later, after spending a lot of money,” Smith says. “So they feel that having access to much better data in real time can lead to much better decisionmaking.”

The digitization plan is part of Barrick’s Best-in-Class program, which has already seen results from optimization, implementing “step changes” and through selective innovation, such as using cyanidefree processing at the company’s Goldstrike operation in Nevada.

Barrick aims to cut all-in sustaining costs to below US$700 per oz. by 2019. The company’s costs in 2015 averaged US$831 per oz., and for 2016, it expects to achieve US$740 to US$775 per ounce.

The company has already slashed its workforce and sold off operations over several years to restore its balance sheet and increase its cash flow. Last year alone, Barrick cut more than US$3 billion in debt, and targets another US$2 billion this year.

Another aspect of digitization is a much more agile approach to innovation than is normally the case in the mining sector. Borrowing from the software development industry, Barrick will use a phased, proof-of-concept approach that will ensure innovations that succeed will receive more funding and can be quickly implemented, and those that do not deliver are either dropped or altered within six weeks to avoid sinking too much capital into any ideas that could fail.

“Rather than building something in the back room and then taking it to the site once it’s nice and perfect in 12 months, or two years’ time, we’re in real time building it on the site with people, and every six weeks they get what’s called a ‘minimum viable product,’”Ash says.

Because employees on-site can test and give feedback on products (i.e., like an app), the company can quickly and cost-effectively deliver useful products.

Cortez pilot site While Barrick has big ambitions for its digitization initiative, it will start small, with its Cortez mine in Nevada serving as a pilot site.

Half of Barrick’s US$100-million digitization budget for 2016 and 2017 is earmarked for the underground mine, where Wi-Fi is already being installed. This connectivity will allow the implementation of a teleremote system and equipment. A remote operations centre will lower the number of personnel working

“BARRICK FEELS STRONGLY THAT THERE’S POTENTIAL FOR THE ONE PLUS ONE TO EQUAL THREE.” ALEX SMITH ACCOUNT MANAGER, CISCO CANADA

underground and the time equipment sits idle, as operators will no longer have to journey underground.

Ash says that “rather than losing an hour and a half of time every shift — so three hours a day — we’ll operate that machinery much closer to 24 hours a day.”

The partners also plan to automate the processing plant, replace the current paper-based maintenance system with a digital one, and consolidate the information that is now collected from 150 different systems and data sources into one data-management platform.

Lastly, drawing from the manufacturing sector, the companies will implement a short-interval control system underground to track performance against plan, drive improvements and address problems as they arise.

Using Cortez as a pilot site will allow Barrick to see, test and validate the potential of digitizing processes before rolling them out across the company, Smith says.

“Instead of doing a number of different pilots and spreading them around the world, Barrick feels strongly that there’s potential for the one plus one to equal three,” he says.

“The more things they do together at one site to find synergies as they digitize, and get data from various processes that didn’t have anything to do with each other before, there are new insights they’ll get by doing it all in one place.”

The payoffs from implementing analytics can be both unpredictable and extremely valuable. After implementing a predictive maintenance program at their site, one Cisco client found that there were vehicles at the operation that idled for up to several hours a day. Once they addressed the issue by turning off idling engines, the company found that the investment was paid for solely by fuel reductions.

“It’s not something they were expecting to find, but it popped out at them and it was a huge return on investment,” Smith notes.

Digitization also opens up possibilities for more hidden savings and insights through data “mashups”

Pamela Moyo, the mill metallurgy engineer at Barrick Gold’s Cortez gold mine in Nevada. BARRICK GOLD

that weren’t possible before, says Douglas Bellin, senior manager of global private sector Industries at Cisco.

“Once you have this ability, you think in completely different ways,” Bellin says. “And once you see the data in these new ways and in these

Mining engineer Erick Kennedy using pit modeling software at Barrick Gold’s Cortez gold mine. BARRICK GOLD

new formats, you’re looking at the next level of improvement — and the next level and the next level. It’s an ongoing thing, and when you look across the continuum of the value chain, that changes the business model quite a bit as well.”

The partners plan to establish an enterprise-wide analytics system. They are also looking at the potential for digital technology to streamline permitting and improve transparency.

Culture clash One of the reasons often cited for the lack of innovation in the mining industry is its culture, which tends to be conservative, preferring tried and true methods to applying new ideas and technologies from other industries.

The cultural shift won’t be an easy one, Ash concedes, but it’s essential to Barrick’s reinvention — which it hopes will become a blueprint for other miners to follow.

“We’re going to have to work with people and make sure that we’ve got the right reinforcing systems, performance metrics, incentive schemes and leadership behaviour,” Ash says. “There are a number of things that we’re going to have to do to transform our culture and align it with the culture that we want to create.”

On some levels, the industry’s resistance to new technologies and

approaches is already changing, largely because of demographic changes in the workforce, Cisco’s Bellin says.

“Part of it owes to younger workers coming in and wondering why their phones won’t work in the mine,” he says. “Technology is being absorbed by more and more people as part of their day in, day out. So they’re starting to ask the question, ‘Why can’t I do that in my business as well?’ and I think that is a big, big change right there.”

Other aspects of mining culture may be a little tougher to change.

The industry’s culture of selfreliance in solving problems and a lack of communication across departments in mining companies is one of them, Barrick’s Ash says.

“We create a lot of silos traditionally in this industry, so this issue of collaboration and using the ideas and skills of a greater group of people is quite radical.”

Digitization will also require more transparency. People at all levels of the company will have to adjust to the idea of mine site data being available instantly to Barrick’s leadership, and water-quality data transmitted in real-time on Barrick’s website for regulators, community members or anyone else to see, Ash notes.

“The industry’s going to have to get used to a radical transparency and be comfortable with that, and focus on solutions.” TNM

MINING TRENDS & DEVELOPMENTS

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 9–22, 2017

11

Artisan Vehicle Systems model 153, a battery-powered, 1.5-yard, 3-tonne load-haul-dump underground mining vehicle. ARTISAN VEHICLE SYSTEMS

Electric vehicles graduate from ‘science project’ status INNOVATION

| Artisan Vehicle Systems’ electric LHD smaller but more powerful than conventional deisel models enough to compete with On the cost side, electric vehicles “THIS IS GOING TO HELP MOVE TONNES ... vanced

BY ALISHA HIYATE diesel in open-pit applications, where are becoming more competitive. ahiyate@northernminer.com IT’S GOING TO BE SUPERIOR, IT’S GOING both the machines and the hauls are Instead of being priced at two to ince 2011, Artisan Vehicle TO BE FAR MORE MANOEUVRABLE IN bigger. But for underground mining, three times the cost of a comparable Systems has provided batteryboth the cost and the practicality diesel vehicle, Artisan’s LHDs are powered vehicles for the mining TIGHT SPACES ... IT’S GOING TO BE MORE of battery-powered vehicles have available at only a small premium sector by retrofitting diesel-powered POWERFUL — IT’S GOING TO BE ABLE TO improved over the years. to diesel, not including the cost of equipment made by other manufacThe length of time a battery will the battery packs.

GET INTO THE MUCKPILE AND DIG FASTER last before it needs to be recharged The battery packs are priced sepaturers, such as Atlas Copco.

The California-based company AND MORE EFFICIENTLY.” varies from mine to mine, but they rately and are meant to be com-

S

makes electric motors and battery packs that it installs in underground mining equipment, such as loadhaul-dump (LHD) vehicles and haul trucks.

But now, Artisan has made the leap from retrofitting vehicles to manufacturing its own battery-powered LHD. The company unveiled its futuristic-looking 153 LHD at the MINExpo International conference in Las Vegas in September.

“The interesting thing about our unit compared to others is that we didn’t start with a diesel piece and convert,” Artisan’s executive vicepresident John Gravelle says. “We’ve never produced diesel equipment so we don’t have this baggage that comes with having a piece of diesel equipment and using that as your starting point.”

As a result, Artisan’s 1.5-yard, 3-tonne LHD is smaller — 20% shorter than the diesel equivalent — yet three times more powerful.

The machine is also quiet and doesn’t generate heat the way diesel equipment does — a plus in underground mines that can get very hot.

“Those are the dynamics that are really exciting … this is going to help move tonnes,” Gravelle says.

“It’s going to be superior, it’s going to be far more manoeuvrable in tight spaces, which is generally what you have in narrow vein mines, it’s going to be easy to manoeuvre around corners, it’s going to be more powerful — it’s going to be able to get into the muckpile and dig faster and more efficiently.”

Artisan provided hybrid and electric powertrains for above-ground vehicles, including transport trucks, before adapting its technology for

JOHN GRAVELLE EXECUTIVE VICE-PRESIDENT, ARTISAN VEHICLE SYSTEMS

the rougher conditions of underground mining.

Its first mining client, Kirkland Lake Gold (TSX: KLG), approached Artisan in 2010, hoping to minimize spending on costly ventilation raises at its Macassa gold mine in Ontario as it expanded into deeper areas of the mine.

Since Kirkland Lake has proven the case for battery-powered vehicles in mining, Artisan has discovered other narrow-vein precious metal miners are interested in the technology.

That demand is what prompted Artisan to design and manufacture its own LHD, as the company found that original equipment manufacturers (OEMs) such as Atlas Copco (the main OEM that Artisan worked with at Macassa) weren’t interested in such a niche market, preferring to develop larger vehicles that are more widely used in mining.

When Artisan first teamed up with Kirkland Lake, Gravelle says the industry saw the venture as a “science project.” Now, competition in the space is increasing. Gravelle estimates there were eight to 10 OEMs at MINExpo that either had battery-powered offerings, or were close to introducing an electric vehicle for mining.

While he says many other OEMS still have to go through testing and debugging — which took Artisan two years — competition in the space is a good thing that will speed more widespread adoption of the

technology in the industry.

“We need the market to really embrace battery power, and getting more competitors in is going to help do that, and make it the standard piece of equipment that’s used underground.”

Gravelle notes that battery power is much more efficient than diesel.

“The amount of power you need to do the work is probably threeand-a-half or four times more for diesel.” In addition, electric vehicles use the energy created from braking to recharge the battery.

Battery technology hasn’t ad-

will generally last for a full shift, or for six hours of “seat time.” Artisan uses mine production data to model accurate predictions to new clients about battery requirements and costs.

While the batteries are heavy and need to be swapped out for a charged battery pack using a 3.5-tonne crane, the process only takes 10 minutes.

Moreover, Artisan has cut the charging time to one hour with a new cell design. Further improvements in charging and battery chemistry are inevitable, as the technology is continually evolving.

(Artisan’s batteries use lithium-ion phosphate, which has less power than the lithium-cobalt chemistry used in Tesla’s electric vehicles, but no fire risk.)

petitive with the cost of diesel and maintenance. Maintenance costs for electric vehicles are 30% lower than diesel, Gravelle says.

“What isn’t being used to justify the cost is maintenance savings, health and safety, labour productivity, increased production with the more powerful equipment and ability to perhaps reduce drift size, because you have a more manoeuvrable piece of equipment, or get more production out because it’s more powerful,” Gravelle says.

“All those factors can be really big, but … you don’t have to quantify those to justify the decision. That’s where we’re trying to get in the pricing point that we think will get this really running off the shelves.” TNM

Artisan Vehicle Systems says its electric 153 offers several advantages over diesel-powered vehicles. ARTISAN VEHICLE SYSTEMS

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At a nickel-copper mine in northern Ontario, personnel in Lesley Warren’s group collect winter samples for geochemical and microbiological analyses from a tailings pond. LASSONDE MINING INSTITUTE

Microbes and mining MICROBES From 9

teria’s beneficial — and detrimental — processes and develop tools that will help the industry better steward the water it uses and decrease the risk of potential negative environmental impacts such as acidity, metal contaminants and oxygen consumption.

With mines becoming larger in scale to compensate for lower-grade ores, ever more water is needed to maintain profitability, highlighting the need for more sustainable approaches. Indeed, the industry is focused on minimizing water requirements, while increasing the yield of recoverable minerals, to be socially and fiscally responsible.

The sector has made great strides toward minimizing its effects on water quality and waste through environmental management strategies, monitoring discharges and recycling used water. However, water pollution remains a concern.

“Acid rock or mine drainage (ARD/AMD) is the number-one priority pollution issue for the mining industry on a global scale, despite the recognition over a hundred years ago that AMD was caused by bacterial catalysis of reactions involving sulphide minerals — common components of metal ores — exposed to water and air,” Warren notes.

Global Capital Magazine reported in 2008 that over 70% of the world’s mines were still at risk of developing AMD. Sulphuric acid lowers the pH of water, which increases their dissolved metal content. Both of these impacts can affect receiving ecosystem fauna. Treatment can be costly and challenging, underscoring why the risk remains.

“Until recently, we lacked the technologies to investigate these bacteria and identify the controlling factors affecting when such negative processes initiate,” Warren says.

Warren has been a leader in developing approaches to combine metagenomics with geochemistry to reveal the biological and geochemical levers involved in such processes, which can be used to develop monitoring tools, management and treatment strategies to help improve the mining industry’s sustainable water use

.

Partnerships & innovation Improvements in genomic sequencing technologies over the past few years have lowered the cost of performing research while increasing power and accuracy.

Warren works with companies and organizations that operate in the oilsands and base metal industries.

By working across both resource sectors, her research can provide a more comprehensive picture of novel bacterial opportunities that can be applied to wastewater, closure, bioprocessing and heap-leach contexts.

By working in partnership with industry early adopters, such as Glencore (LON: GLEN) in Sudbury; Hudbay Minerals (TSX: HBM; NYSE: HBM) in Flin Flon, Man.; Rambler Metals & Mining (TSXV: RAB) in Baie Verte, Nfld.; and Syncrude in Fort McMurray,

Warren’s innovative research is ensuring that research outcomes are widely relevant and benefit the mining industry.

“Through my conversations with corporate partners and the Mining Association of Canada and the Ontario Mining Association, there is a clear message that there is a need for smarter strategies,” Warren says.

“Clear deliverables, measurable results and a realistic transfer of knowledge from the lab to active mining operations are equally important to the mining boardrooms of Canada.”

Fiscal & social responsibility In an economy where prices are volatile, fiscal responsibility informs many strategic decisions. Warren’s research has potential to address the “bottom line,” along with the social responsibility and pressure of activist and community groups.

“There is a real responsibility for companies to work with communities to plan the environmental impact of any operation,” Warren notes. “Using genomic insights to more robustly plan remediation, mine-closure strategies and emergency operations, companies will be able to provide a proactive, practical and sustainable plan to stakeholders and regulators.”

Using the tools and lessons from integrating bacterial genomic understandings into proactive waste and wastewater management, mining companies will lower chemical loads and energy consumption, while improving water use. Less water use and greater efficiency are more sustainable, allowing companies to earn social consent and acceptance to operate.

In an era where the social licence for mining operations is increasingly considered as important — if

Geochemist and professor Lesley Warren (right) collects water samples for geochemical analyses from a waste deposit undergoing reclamation in Alberta. LASSONDE MINING INSTITUTE

not more important — than governmental permits, acceptance by stakeholders like indigenous peoples and non-governmental organizations decreases liability and risk, which contributes to higher profit margins.

The success of Warren’s research highly relies on working with a growing number of industry and community partners.

“Industry collaboration is essential to the success of our research.

These collaborations enable critical input that informs and refines the research so that we can establish relevant understanding of the mining microbiome, ensuring effective communication and translation of the findings,” Warren says. “Once we understand these fundamentals, we’ll be able to give guidance that would apply to the whole industry and later develop site-specific, tailored solutions.”

The future of metagenomics in mining When asked about the impacts of her research, Warren says that in five years, there will be strategies that embrace the biological opportunities that exist within mining wastes and waters, resulting in better water monitoring and management tools. Within 10 years, site-specific applications would roll out, along with large-scale pilot testing for implementation.

And 50 years from now? Warren sees an industry that is adaptive and flexible in its operations, resulting in mines that are better stewards of the land they work on, working alongside communities to ensure sustainable operations, which helps the environment.

— Keenan Marie Dixon is the communications coordinator at the Lassonde Institute of Mining. Created in 2001, the Lassonde Institute of Mining at the University of Toronto is an international centre for excellence in mining engineering. Its research crosses traditional disciplinary boundaries, examining the fields of mineral, civil, chemical and materials engineering alongside geological and environmental science and industry. Please visit www.lassondeinstitute.utoronto.ca for more information.

MINING TRENDS & DEVELOPMENTS

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 9–22, 2017

13

Green future for Goldcorp at Borden Lake TECHNOLOGY

| Borden Lake’s proposed all-electric underground mine could revolutionize mining, Goldcorp says “WITH NEW TECHNOLOGY, SUCH AS LITHIUMBASED BATTERIES, WE NOW HAVE THE ABILITY TO QUICK CHARGE, AND THERE’S MORE POWER FOR LONGER — AND THAT’S MADE ALL THE DIFFERENCE.”

BY LESLEY STOKES

I

lstokes@northernminer.com VANCOUVER

nternational miner Goldcorp (TSX: G; NYSE: GG) has partnered with technology firm Sandvik Mining and Rock Technology to make its Borden Lake gold project near Chapleau, Ont., the world’s first all-electric mine.

Mine general manager at Goldcorp’s Porcupine gold mines in Timmins Marc Lauzier tells The Northern Miner during a phone interview that Borden Lake may set a new, higher standard for how mines are built.

“First and foremost, we chose to electrify Borden Lake because Chapleau is a pristine environmental area and we want to keep our footprint as small as possible,” Lauzier says.

“Secondly, regulations on greenhouse gas emissions are changing all the time, and they’re becoming harder for us to justify using diesel equipment. So it’s forcing us, as a company, to think of other, more environmentally friendly and costefficient ways of doing things.”

In 2015, Goldcorp acquired Borden Lake through the friendly takeover of Probe Mines for $526 million, with the intention to boost production at its Porcupine gold mine complex, 160 km east.

The company expects to deliver by the end of 2018 a prefeasibility study on combining the two operations, as well as a 30,000-tonne underground bulk sample from Borden Lake.

The open-ended, structurally hosted gold deposit has up to 1.7 million oz. gold in reserves and resources. As of June, proven and probable reserves stand at 4.1 million tonnes of 7.14 grams gold, measured and indicated resources of 3 million tonnes at 5.77 grams gold, and 2.3 million inferred tonnes of 5.49 grams gold.

Although no date has been set for commercial production at Borden Lake, Goldcorp has already procured a number of battery-powered gear from a variety of technology firms.

Goldcorp was the first company in Canada to buy Sandvik’s DD422iE underground jumbo, which was recently on display in September at the MINExpo international conference in Las Vegas. The unit produces zero emissions, and features an onboard battery that can recharge during the drill cycle, or while the unit trams downhill.

Sandvik also offers one of the world’s first battery-powered loaders, Sandvik LH307B — which can fully recharge in 15 minutes — and Sandvik DU412i, the latest generation of automated, underground production drill rigs.

Some of the less hefty items for Borden Lake will be supplied by Sudbury-based MacLean Engineering. The manufacturing firm began its electrification program in 2015, and by the time Borden Lake begins development, Goldcorp will have its pick of emission-free mining gear from its catalogue.

Items include scaler-bolters, shotcrete sprayers, transmixers, water cannons, secondary reduction drills, mobile rockbreakers and a variety of utility vehicles, such as boom trucks, scissor lifts and personal carriers.

The last remaining item Goldcorp requires is a fleet of electrified hauling trucks, which Lauzier says is a challenge because “the technology just isn’t there yet.”

He says that “smaller trucks are

MARC LAUZIER MINE GENERAL MANAGER, GOLDCORP

Sandvik Mining’s battery-powered DD422iE underground jumbo, which Goldcorp will use at its Borden Lake mine. SANDVIK MINING

“PEOPLE DON’T REALIZE HOW MUCH INNOVATION AND RESEARCH GETS DONE IN THE MINING INDUSTRY … THERE’S A LOT OF GOOD STUFF HAPPENING, AND ELECTRIFYING BORDEN LAKE IS JUST ONE EXAMPLE.” MARC LAUZIER MINE GENERAL MANAGER, GOLDCORP

available on battery power, but it’s the larger trucks that are the issue.”

Although Sandvik couldn’t provide any details on the technical hurdles, one of the challenges may involve fitting the battery pack where the diesel engine would otherwise be. Larger trucks need more power, and limited space within the vehicle

may require the battery packs to be smaller and denser than what’s available.

The partnership gives Sandvik three years to adjust the technology to meet Goldcorp’s needs, and Lauzier says he’s “confident they’ll deliver us a truck by the time we’re in full operation.”

“Battery technology has come a long way in such a short period of time,” Lauzier says. “Years ago, they were big and heavy, and the only way to get a full-duty cycle was to switch it out when it was drained.

But with new technology, such as lithium-based batteries, we now have the ability to quick charge, and there’s more power for longer — and that’s made all the difference.”

While details of the cost to outfit Borden Lake are scarce, Lauzier says that the initial investment could pay off in the long run.

“The equipment isn’t cheap, so you’ll end up paying more capital upfront, but you’re saving in operating costs over time,” he says.

The biggest savings are in ventilation costs. He says that the size of underground tunnels are dictated more by the amount of ventilation

required than the size of the equipment that passes through them.

With the mine running at zero emissions, Lauzier says Borden Lake wouldn’t need as much ventilation infrastructure.

Alternatively, for a mine that’s already been built, battery-powered gear can permit companies to increase production and development underground, without placing a heavy load on the mine’s ventilation system.

Lauzier adds the equipment also requires less maintenance, which could drive down operating costs further.

But he points out that improved air quality and substantially less noise for employees underground may be the biggest benefits of an all-electric mine.

“People don’t realize how much innovation and research gets done in the mining industry. It’s not the old industry that we all grew up with.

There’s a lot of good stuff happening, and electrifying Borden Lake is just one example,” he says. TNM

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JANUARY 9–22, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 27–30 The S&P/TSX Composite Index slipped 0.3% to 15,287.59 during the last week of 2016.

While Canada’s benchmark index exited the year on a soft note, it gained 17.5% since the end of 2015. The S&P/TSX Global Mining Index rose 2% to 63.05 and the S&P/TSX Global Gold Index climbed 7% to 194.25.

Both indexes are up more than 40% over the year. Spot gold added 1.5% to finish at US$1,150.90 per oz. gold. The yellow metal climbed 8.5% over 2015’s close of US$1,061 per ounce. U.S. benchmark West Texas Intermediate crude futures ended 2016 at US$53.72 per barrel, up 45% over 2015’s close of US$37.04 per barrel.

Gold firms dominated the value gainers’ list during trading. Agnico Eagle Mines advanced $3.84 to $56.45 per share, Barrick Gold shares added $1.80 to close at $21.49 and Goldcorp climbed $1.24 to $18.28 per share, all on no corporate news.

Azarga Uranium shares jumped 44% to 36¢. The company said the U.S. Nuclear Regulatory Commission (NRC) dismissed petitions to review the 2015 Atomic Safety and Licensing Board decision regarding Azarga’s Dewey Burdock uranium project in South Dakota. “We are pleased that the company’s NRC licence remains in good standing,” Blake Steele, the company’s president, said in a release. He added that the firm would

“continue to support the consultation efforts of the NRC staff and the Oglala Sioux Tribe to remedy the outstanding contentions.”

International Tower Hill Mines jumped 23% to 75¢ per share on financing news. The company closed its non-brokered private placement financing of 45.8 million shares at US48¢ per share for gross proceeds of US$22 million. Its current institutional shareholders participated in the financing: Paulson & Co. bought 32.4 million shares; Tocqueville Asset Management, 9 million shares; and AngloGold Ashanti (U.S.A.) Exploration, 4.36 million shares. Following the offering, Paulson, Tocqueville and AngloGold own 34.2%, 19.7% and 9.5% of the company’s 162 million shares.

International Tower Hill plans to use the TSX MOST ACTIVE ISSUES

B2Gold Yamana Gold Kinross Gold IAMGOLD Barrick Gold Eldorado Gold Nthn Dynasty Goldcorp GoGold Res OceanaGold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO 27254 3.47 2.83 3.19 + 0.33 YRI 24206 4.19 3.40 3.77 + 0.34 K 22702 4.53 3.94 4.19 + 0.22 IMG 17849 5.64 4.43 5.19 + 0.64 ABX 15612 22.62 19.19 21.49 + 1.80 ELD 15291 4.61 4.05 4.32 + 0.19 NDM 11923 3.12 2.34 2.77 + 0.23 G 11871 19.21 16.72 18.28 + 1.24 GGD 11471 0.57 0.41 0.54 + 0.12 OGC 9666 4.15 3.38 3.91 + 0.40

proceeds to cover the final January 2017 payment amounting to US$14.7 million for certain mining claims and related rights around its Livengood gold project in Alaska, as well as more optimization studies and required environmental baseline studies for Livengood.

A September 2016 prefeasibility study on an optimized configuration for Livengood envisioned the project mining 52,600 tons (47,700 tonnes) per day to produce 6.8 million oz.

gold over 23 years. This configuration lowered capital costs 34% — or US$950 million — to US$1.8 billion, compared to the 100,000-tonper-day (90,700-tonne-per-day) scenario in the September 2013 feasibility study.

After the financing, International Tower Hill appointed Marcelo Kim, a partner at Paulson, as its board chairman. Steve Lang, who has been chairman since January 2014, will become the lead independent director. TNM

TSX GREATEST PERCENTAGE CHANGE

Loncor Res Goldgroup Mng Century Global Azarga Uranium Freegold Vent Prophecy Coal Midas Gold GoGold Res Rubicon Mnrls Intl Tower Hil Avesoro Res Rockwell Diam Namibia Rare E U3O8 Corp St Augustine Heron Res Excellon Res Sherritt Intl Quest Rare Mnl New Milln Iron

LN GGA CNT AZZ FVL PCY MAX GGD RMX ITH ASO RDI NRE UWE SAU HER EXN S QRM NML

52 2734 240 372 709 27 1111 11471 647 298 5680 2086 1032 8310 272 512 4421 3337 449 2100

0.18 0.14 0.30 0.36 0.12 5.15 0.90 0.57 1.90 0.77 0.03 0.07 0.06 0.03 0.05 0.12 1.84 1.44 0.17 0.18

0.09 0.07 0.14 0.24 0.09 3.79 0.66 0.41 1.30 0.58 0.02 0.05 0.05 0.03 0.04 0.11 1.60 1.30 0.15 0.15

0.18 0.13 0.23 0.36 0.12 5.00 0.87 0.54 1.87 0.75 0.03 0.05 0.05 0.03 0.04 0.11 1.64 1.33 0.15 0.16

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agnico Eagle Torex Gold Endeavour Mng Detour Gold Silver Wheaton Franco-Nevada Barrick Gold Goldcorp TMAC Resources Pretium Res Teck Res Teck Res Agrium First Quantum Suncor Energy Cameco Corp Nevsun Res Excellon Res Lundin Mng Potash Corp SK

+ 100.0 + 62.5 + 50.0 + 44.0 + 35.3 + 31.6 + 29.9 + 28.6 + 26.4 + 23.0 - 16.7 - 16.7 - 16.7 - 16.7 - 11.1 - 8.3 - 7.3 - 6.3 - 6.3 - 5.9

VOLUME WEEK (000s) CLOSE CHANGE

AEM TXG EDV DGC SLW FNV ABX G TMR PVG TECK.A TECK.B AGU FM SU CCO NSU EXN LUN POT

2915 56.45 2547 20.79 1590 20.06 7818 18.29 5961 25.94 2315 80.28 15612 21.49 11871 18.28 104 15.33 1993 11.12 39 31.00 6341 26.87 788 134.96 8991 13.35 7318 43.90 5906 14.04 1743 4.15 4421 1.64 4584 6.40 6378 24.29

+ 3.84 + 2.70 + 2.33 + 2.29 + 2.20 + 1.86 + 1.80 + 1.24 + 1.22 + 1.20 - 1.24 - 0.89 - 0.80 - 0.48 - 0.46 - 0.17 - 0.14 - 0.13 - 0.12 - 0.11

TSX VENTURE EXCHANGE / DECEMBER 27–30 The S&P/TSX Venture Composite Index gained 34.24 points, or 4.7%, to a 762.37-point close on strengthening gold prices. Spot gold prices rose US$14.2 per oz. gold to $1,147.5, while Comex copper prices fell US3¢ to US$2.51 per pound.

Shares of GoldMining gained 45¢ to $2.02 on stronger gold prices. The company, formerly Brazil Resources, changed its name to reflect its strategy to acquire and develop gold assets throughout the Americas. In November, GoldMining closed the final tranche of a $12.4-million private placement, which saw 5 million shares issued at $2.50 per unit.

Each unit consisted of one share and one half warrant, with each warrant exercisable within three years at $3.50 a share.

Plate Resources had the greatest percentage change, gaining 6¢, or 200%, to 8¢ per share. On July 29, the junior copper explorer issued 2.5 million shares at 5¢ per share to pay debts up to $124,301. One month later, the company announced resignations of its CEO, president, chief financial officer and secretary. Plate is working to acquire 100% interest in the multi-target, 40 sq. km Lucky Mike porphyry copper project near Merritt, British Columbia. A September 2014 option agreement with Korean-based Nexgeo and state-owned Korea Resources gives Nexgeo

and Korea a right to earn 70% in Lucky Mike.

Bear Creek Mining was a front-runner in the value-added category, gaining 35¢ to $2.35 per share. The company is advancing its Corani silver-lead-zinc project in Peru, having elected a Peruvian-based firm to undertake detailed engineering work before permit applications. The company will make a construction decision for Corani at year-end, contingent on market conditions, permit approvals and project financing. In September, Bear Creek Mining announced the start of in-person hearings in regards to its international arbitration against the Republic of Peru for expropriating the company’s feasibility-stage Santa Ana silver project in 2011.

Shares of Almadex Minerals rose 40¢ to $1.82 per share. On Dec. 15, the company TSX-V MOST ACTIVE ISSUES

Kiska Metals KSK American Lith LI MX Gold MXL Equitas Res EQT Inventus Mg IVS Cyprium Mng CUG Merrex Gold MXI Nrthn Shield NRN Apple Cap Inc YD GoviEx Uranium GXU

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

18254 16549 15408 12328 10360 9710 8716 8264 7001 6501

0.08 0.20 0.15 0.03 0.27 0.03 0.24 0.07 0.46 0.16

0.07 0.13 0.13 0.02 0.00 0.03 0.19 0.05 0.32 0.13

0.08 0.19 0.15 0.03 0.24 0.03 0.22 0.06 0.41 0.15

+ 0.01 + 0.05 + 0.02 0.00 + 0.09 0.00 + 0.03 - 0.01 + 0.08 + 0.02

reported drill results from its El Cobre porphyry copper-gold project near Veracruz, Mexico. Drilling at the project’s Norte zone intercepted 268.5 metres of 0.2% copper and 0.46 gram gold per tonne within a 497-metre interval of 0.16% copper and 0.33 gram gold, starting from surface. The hole was drilled from the same pad as holes 16-10, 12 and 13. Hole 16-14, collared from the same pad,

found less stockwork mineralization, with 56.5-metre intercepts grading 0.09 gram gold from 131 metres deep, and 49 metres grading 0.08 gram gold and 0.08% copper from 307 metres deep. Mineralization could reach the undrilled high chargeablity and magnetics anomaly Villa Rica. The area also encompasses a 2.5 by 1 km untested zone of high copper-gold-molybdenum soil anomaly. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Plate Res ACP Worldwide Res WR.H Barker Mnrls BML East Asia Mnls EAS Mega Copper MCU QMC Quantum Ml QMC Peat Res PET Pac Imperial PPM Western Pac Rs WRP Paget Mrnls PGS Plato Gold PGC Lakeside Mnrls LAK.H Ashburton Vent ABR Stroud Res SDR Zena Mng ZCC Azarga Mtls AZR Austin Res AUT Emgold Mng EMR Pitchblack Res PIT.H Arak Res AAC

115 232 88 92 18 494 412 276 301 89 440 2365 148 1249 41 132 30 360 97 28

0.08 0.03 0.01 0.01 0.20 0.06 0.03 0.03 0.04 0.07 0.01 0.64 0.02 0.02 0.12 0.30 0.04 0.04 0.10 0.28

0.02 0.01 0.01 0.01 0.12 0.04 0.02 0.02 0.02 0.04 0.01 0.24 0.01 0.01 0.08 0.21 0.03 0.03 0.00 0.17

0.06 0.03 0.01 0.01 0.20 0.06 0.03 0.03 0.03 0.07 0.01 0.36 0.01 0.01 0.08 0.21 0.03 0.03 0.07 0.20

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 200.0 + 200.0 + 100.0 + 100.0 + 73.9 + 71.4 + 66.7 + 66.7 + 66.7 + 62.5 - 50.0 - 42.7 - 33.3 - 33.3 - 33.3 - 28.8 - 28.6 - 28.6 - 26.3 - 25.9

VOLUME WEEK (000s) CLOSE CHANGE

GoldMining Almadex Min Lithium X Egy Bear Creek Mng MacMillan Mnls Wealth Mnrls Tanqueray Expl Atico Mng Kennady Diam Abitibi Royalt Morumbi Res Lakeside Mnrls Gold Reserve Archon Mineral CanAlaska Uran ScoZinc Mg Corsa Coal Azarga Mtls Arak Res Bellhaven Cp&G

GOLD AMZ LIX BCM MMX WML IPA ATY KDI RZZ ASND LAK.H GRZ ACS CVV SZM CSO AZR AAC BHV

1890 572 1520 448 208 994 218 721 169 14 88 2365 38 11 1100 1 101 132 28 112

2.02 1.82 2.25 2.35 1.61 1.25 1.29 0.95 4.00 8.75 1.28 0.36 5.41 1.45 0.49 0.85 3.11 0.21 0.20 0.34

+ 0.45 + 0.40 + 0.35 + 0.35 + 0.28 + 0.23 + 0.21 + 0.20 + 0.20 + 0.20 - 0.27 - 0.27 - 0.24 - 0.15 - 0.15 - 0.14 - 0.09 - 0.09 - 0.07 - 0.06

U.S. MARKETS / DECEMBER 27–30 Revisions to gross domestic product growth in the third quarter of 2016 showed the U.S. economy grew at a pace of 3.5%, rather than the previously reported 3.2%, and double the 1.4% recorded for April, May and June, according to a report by the U.S. Department of Commerce’s Bureau of Economic Analysis.

The Dow Jones Industrial Average fell 0.86% to 19,762.60 and the S&P 500 dropped 1.1% to finish the year at 2,238.83. Gold was up 2%, or US$22.60 per oz. to US$1,150.90, and the Philadelphia Gold & Silver Index rose 6.2% to 78.86.

Freeport-McMoRan announced at the end of December that it had completed the previously announced sale of its onshore California oil and gas properties to private energy company Sentinel Peak Resources California LLC for US$592 million in cash, before closing adjustments. Under the agreement, Freeport can receive additional proceeds of US$50 million per year in 2018, 2019 and 2020, if the price of Brent crude oil averages US$70 per barrel or higher. During 2016, the company completed US$6.6 billion in asset sale transactions. Freeport is the world’s largest publicly traded copper producer and its

assets include the Grasberg minerals district in Indonesia and mining operations in the Americas. Freeport’s shares were the fourth most traded, and finished the last week of 2016 at US$13.19 per share, down US62¢, or 4.5%.

Shares of Primero Mining were up 8.6% to US79¢, despite an announcement by the company on Dec. 27 that it had received notice from the New York Stock Exchange of its non-compliance with listing standards for minimum trading prices. In a press release the company said it intended to restore compliance within the prescribed time by “delivering on a number of key strategic and operational U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 97118 8.19 7.54 7.62 - 0.09 Barrick Gold* ABX 90306 16.84 14.16 15.98 + 1.43 IAMGOLD* IAG 79772 4.21 3.26 3.85 + 0.48 Freeport McMo* FCX 79056 14.12 13.13 13.19 - 0.62 Kinross Gold* KGC 67041 3.38 2.90 3.11 + 0.17 Yamana Gold* AUY 61230 3.12 2.51 2.81 + 0.27 Hecla Mining* HL 58612 5.62 5.10 5.24 - 0.02 United States S* X 49462 37.28 32.93 33.01 - 2.77 Goldcorp* GG 40162 14.31 12.32 13.60 + 1.00 Newmont Mng* NEM 39642 36.09 31.45 34.07 + 1.61

initiatives,” including lowering costs and returning operations to “industry-leading profitability, as historically reported at its flagship San Dimas mine” in Mexico; delivering more cash flow from its Black Fox mine near Timmins, Ont., with production on the high-

grade Deep Central Zone; and exploring and identifying high-quality mineral resources around its mines and projects. In addition to its San Dimas mine in Mexico, Primero’s portfolio includes the Cerro del Gallo goldsilver-copper development project. TNM

U.S. GREATEST PERCENTAGE CHANGE

IAMGOLD* Pretium Res* Alamos Gold* First Majestic* Fortuna Silvr* Yamana Gold* Silver Wheaton* Barrick Gold* Primero Mng* Buenaventura* United States S* Cloud Peak En* Alcoa* CONSOL Energy* Freeport McMo* Intrepid Pots* Natural Res Pt* Mechel* Teck Res* Vedanta*

IAG PVG AGI AG FSM AUY SLW ABX PPP BVN X CLD AA CNX FCX IPI NRP MTL TECK VEDL

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

79772 4.21 3.26 3.85 + 14.2 10028 8.96 7.19 8.24 + 12.3 12657 7.50 6.04 6.84 + 11.2 26181 8.47 6.82 7.63 + 11.1 7279 6.30 5.01 5.65 + 10.8 61230 3.12 2.51 2.81 + 10.6 28442 20.89 17.35 19.32 + 10.1 90306 16.84 14.16 15.98 + 9.8 16659 0.83 0.70 0.79 + 8.6 5836 12.08 10.28 11.28 + 8.5 49462 37.28 32.93 33.01 - 7.7 8182 6.20 5.57 5.61 - 6.0 13258 30.17 28.01 28.08 - 5.5 11695 19.57 18.18 18.23 - 5.3 79056 14.12 13.13 13.19 - 4.5 10929 2.64 1.96 2.08 - 4.1 258 34.34 31.95 32.30 - 3.7 1881 6.00 5.61 5.73 - 2.7 14073 21.36 20.00 20.03 - 2.4 995 12.78 12.36 12.42 - 2.4

U.S. GREATEST VALUE CHANGE

Agnico Eagle* AEM Franco-Nevada* FNV Silver Wheaton* SLW Newmont Mng* NEM Barrick Gold* ABX Goldcorp* GG Pretium Res* PVG Buenaventura* BVN First Majestic* AG Alamos Gold* AGI MartinMarietta* MLM United States S* X Alcoa* AA Natural Res Pt* NRP CONSOL Energy* CNX NACCO Ind* NC Chevron* CVX Freeport McMo* FCX Teck Res* TECK Cloud Peak En* CLD

VOLUME WEEK (000s) CLOSE CHANGE

9567 42.00 3775 59.76 28442 19.32 39642 34.07 90306 15.98 40162 13.60 10028 8.24 5836 11.28 26181 7.63 12657 6.84 2010 221.53 49462 33.01 13258 28.08 258 32.30 11695 18.23 37 90.55 17991 117.70 79056 13.19 14073 20.03 8182 5.61

+ 3.14 + 1.86 + 1.77 + 1.61 + 1.43 + 1.00 + 0.90 + 0.88 + 0.76 + 0.69 - 3.58 - 2.77 - 1.63 - 1.25 - 1.02 - 0.85 - 0.72 - 0.62 - 0.50 - 0.36

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JANUARY 9–22, 2017

15

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 3, 2017 Precious Metals Price (US$/oz.)

Change Gold 1148.65 +17.65 Silver $15.95 +0.21 Platinum $907.00 +2.00 Palladium $676.00 +22.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10015.00 N/A $5493.50 -40.00 $2005.00 -10.50 $2527.50 -48.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 30, 2016 (change from December 23, 2016 in brackets): 12980 (-220) Aluminium Alloy Aluminium 2205925 (+55900) Copper 322225 (-12300) Lead 194775 (-1050) Nickel 371280 (-288) Tin 3745 (+85) Zinc 427850 (-825)

TSX WARRANTS

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$48.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.00 Coal: CME Group Central Appalachian Futures, Feb. 2017: N.A.; Mar. 2017: N.A. Cobalt: US$14.92/lb.

Copper: US$2.50/lb.

Copper: CME Group Futures Feb. 2017: US$2.49/lb.; Mar. 2017: US$2.50/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.65/kg FerroTungsten: US$24.38/kg Ferrovanadium: US$16.80/kg Iridium: NY Dealer Mid-mkt US$675.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$79.50/tonne Iron Ore Fines: US$53.07/tonne Iron Ore Pellets: US$75.93/tonne Lead: US$0.90/lb.

Magnesium: US$2.09/kg Manganese: US$1.74/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$111.00/tonne Potash: US$215.00/tonne Rhodium: Mid-mkt US$770.00/tr. oz.

Ruthenium: Mid-mkt US$40.00/tr. oz.

Silver: Handy & Harman Base: US$16.05 per oz.; Handy & Harman Fabricated: US$20.06 per oz.

Tantalite Ore : US$125.84/kg Tin: US$9.57/lb.

Uranium: U3O8, Trade Tech spot price: US$20.25; The UX Consulting Company spot price: US$20.25/lb.

Zinc: US$1.16/lb.

Prices current Jan. 3, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Dec 16, 2016 (with changes from Dec 01, 2016) Largest short positions Lundin Mng LUN 40614571 -895316 12/1/2016 Kinross Gold K 34393348 1549878 12/1/2016 New Gold NGD 26054998 844770 12/1/2016 B2Gold BTO 19714084 -1027912 12/1/2016 Eldorado Gold ELD 19251112 1220739 12/1/2016 Potash Corp SK POT 15103294 -317024 12/1/2016 Suncor Energy SU 13370318 -47449 12/1/2016 Sandstorm Gold SSL 11695969 -764 12/1/2016 Klondex Mines KDX 10410179 -2792695 12/1/2016 Detour Gold DGC 9412420 -134589 12/1/2016 Alacer Gold ASR 9207554 875036 12/1/2016 Nthn Dynasty NDM 8915297 258763 12/1/2016 Goldcorp G 7958108 -546680 12/1/2016 OceanaGold OGC 7198093 719827 12/1/2016 Argonaut Gold AR 6911700 17981 12/1/2016 Largest increase in short position Kinross Gold K 34393348 1549878 12/1/2016 Eldorado Gold ELD 19251112 1220739 12/1/2016 Golden Star GSC 6251285 1103108 12/1/2016 Paladin Energy PDN 1529000 1059500 12/1/2016 Silver Wheaton SLW 4970976 918851 12/1/2016 Largest decrease in short position Teranga Gold TGZ 318322 -6125449 12/1/2016 Timmins Gold TMM 376326 -3060920 12/1/2016 Klondex Mines KDX 10410179 -2792695 12/1/2016 Royal Nickel RNX 183200 -2462300 12/1/2016 Barrick Gold ABX 6571074 -1978773 12/1/2016

Short positions outstanding as of Dec 16, 2016 (with changes from Dec 01, 2016) Largest short positions First Mg Fin FF 3620000 3133200 12/1/2016 Cruz Cap Corp CUZ 1481000 858500 12/1/2016 Golden Arrow GRG 1158900 225403 12/1/2016 Inca One Gold IO 758900 690600 12/1/2016 Advantage Lith AAL 750900 453000 12/1/2016 Probe Metals PRB 450500 26700 12/1/2016 Alexandria Min AZX 373300 373300 12/1/2016 Melior Res MLR 362900 361000 12/1/2016 K92 Mng Inc KNT 257909 -75491 12/1/2016 Mason Graphite LLG 201700 -54600 12/1/2016 Avino Silver ASM 172900 59200 12/1/2016 Pantheon Vent MVY 170500 -220500 12/1/2016 Strikepoint Gd SKP 165000 162000 12/1/2016 Victoria Gold VIT 107000 101832 12/1/2016 Gold Std Vents GSV 96700 -76800 12/1/2016 Largest increase in short position First Mg Fin FF 3620000 3133200 12/1/2016 Cruz Cap Corp CUZ 1481000 858500 12/1/2016 Inca One Gold IO 758900 690600 12/1/2016 Advantage Lith AAL 750900 453000 12/1/2016 Alexandria Min AZX 373300 373300 12/1/2016 Largest decrease in short position Terrax Mnrls TXR 72500 -517500 12/1/2016 Orex Expl OX 0 -412000 12/1/2016 Secova Mtls SEK 1000 -400400 12/1/2016 Niobay Metals NBY 100 -323500 12/1/2016 Redstar Gold RGC 5400 -246600 12/1/2016

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

Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kaizen Discovery Inc. (KZD.RT) - Wt buy sh @ $0.105 to Apr 21/17 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Dec 30 Dec 29 Dec 28 Dec 27 Dec 26 High Low S&P/TSX Composite 15287.59 15422.12 15361.10 15328.15 15328.15 15527.30 12400.15 S&P/TSXV Composite 762.37 760.22 745.94 728.13 728.13 1050.26 883.52 S&P/TSX 60 900.05 908.74 906.78 905.69 905.69 896.74 709.99 S&P/TSX Global Gold 194.25 202.33 190.33 181.44 181.44 218.90 149.29 DJ Precious Metals 162.42 168.40 158.29 155.40 152.30 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS DECEMBER 27–30, 2016 53 New Highs Aldrin Res Aldrin Res* Americas Silvr Amex Expl Anglo-Can Mng* Antipodes Gold Atico Mng Atico Mng* Atom Energy * Azarga Mtls* BLOX Inc* Brazil Mnrls* Canamex Res* Clydesdale Res Crystal Peak Danakali*

Eco Oro Mnls Erdene Res Dev Erdene Res Dev* Fieldex Expl Golden Band* GoldMining Hadley Mng Hycroft Mg* Irving Res Irving Res* JDL Gold* Jet Gold* Jet Metal* Kitrinor Mtls MacMillan Mnls Manganese X* Mega Copper Nickel North

Northisle C&G Nthn Dynasty Nthn Dynasty* Oronova Energy Pac Wildcat* Paget Mrnls* Plate Res Prospector Res* QMX Gold QMX Gold* Sonora Gld & S Suncor Energy Tanqueray Expl Tesoro Mnrls Vendetta Mng* Waseco Res Western Copper Western Copper*

Xemplar Egy*

15 New Lows Casablanca Mng* Cdn Intl Mnrls* Ditem Explor* Far Res* Firesteel Res Focus Graphite* Goldcliff Res* Golden Sun* Nevada Egy Mtl* Noram Vent* NuLegacy Gold* Rainmaker Res* Scientific Mts Teryl Res Corp* Tirex Res*

CANADIAN GOLD MUTUAL FUNDS DAILY METAL PRICES Daily Metal Prices Jan 2 Dec 30 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 1540/1560 1540/1560 1540/1560 N/A Aluminum N/A 1713/1701 1712.50/1701 1726/1713 N/A Copper N/A 5500/5518 5512/5528 5485.50/5500 N/A Lead N/A 1983/1995 1990/2010 2068/2074.50 N/A Nickel N/A 10005/10090 10030/10120 10130/10195 N/A Tin N/A 21075/20930 21125/20950 21050/20925 N/A Zinc N/A 2562.50/2578 2539.50/2551 2561/2573 N/A

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM N/A 1159.10 1146.80 1139.75 N/A Gold PM N/A N/A 1145.90 1134.60 N/A Silver N/A 16.24 16.06 15.85 N/A Platinum N/A 907.00 898.00 899.00 N/A Palladium N/A 676.00 670.00 675.00 N/A

Fund Dec 30 ($) AGF Prec Mtls Fd MF 22.75 BMO Prec Mtls Fd A BMO ZGD BMO ZJG CIBC Prec Metal Fd A 10.64 Dyn Prec Metls Fd A 6.21 Horizons HEP IGMacGloPrecMetCl A 8.60 iShares XGD 12.13 Mac Prec Met Cl A 48.65 NB Prec Met Fd Inv RBC GblPreMetFd A Redw UITGoDe&ProCl A Sentry Pre Met Fd A 38.60 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv

Dec 23 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 21.24 1.51 7.11 48.87 2.78 160.02 16.82 2.10 12.67 54.70 2.40 66.17 8.80 1.40 16.23 47.11 0.63 7.30 1.29 17.97 64.21 0.60 9.94 0.69 6.98 25.30 2.62 51.19 5.68 0.53 9.33 59.21 2.75 362.15 23.21 2.78 12.24 42.07 0.81 8.00 0.60 7.51 65.21 2.75 84.63 11.33 0.80 7.06 47.29 0.61 623.21 45.23 3.42 7.57 67.64 2.51 115.35 11.38 1.63 14.59 51.24 2.46 34.23 29.04 4.09 14.31 57.83 2.12 374.74 10.00 35.29 3.31 9.37 55.92 2.44 209.05 32.34 4.95 15.54 54.01 3.12 233.45 6.00 0.79 13.28 95.39 3.09 89.18 32.15 4.27 13.46 41.54 2.26 129.52

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

Dec 30 Dec 29 Dec 28 Dec 27 Dec 26 1.3444 1.3481 1.3553 1.3576 1.3525 0.7438 0.7418 0.7378 0.7366 0.7393

Exchange rates (Quote Media, December 30, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0332 0.7073 87.0325 15.4215 10.2197 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6028 5.1812 50.5433 0.7570 897.2569 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3881 0.9503 116.8907 20.7324 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8105 6.9450 67.9545 1.0185 1206.4200

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

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

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

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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JANUARY 9–22, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 27–30, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 188 0.11 0.10 0.11 + 0.01 0.28 0.03 Abcourt Mines* O 70 0.07 0.06 0.07 + 0.00 0.10 0.03 Abcourt Mines V 330 0.09 0.08 0.09 + 0.01 0.13 0.04 Aben Res* O 17 0.07 0.05 0.06 - 0.00 0.26 0.04 Aben Res V 343 0.11 0.08 0.11 + 0.02 0.34 0.06 Aberdeen Intl* O 568 0.12 0.11 0.12 + 0.01 0.16 0.07 Abitibi Royalt V 14 9.23 8.55 8.75 + 0.20 10.00 2.78 ABT Holdings* O 17 0.50 0.00 0.40 - 0.10 0.76 0.06 Acme Res Inc V 97 0.10 0.07 0.10 + 0.01 0.12 0.02 Active Growth V 411 0.13 0.08 0.10 - 0.03 0.23 0.02 Adriana Res V 376 0.18 0.16 0.18 + 0.01 0.19 0.10 Advantage Lith V 1151 1.01 0.90 0.97 + 0.04 1.34 0.14 Advantage Lith* O 386 0.75 0.65 0.72 + 0.05 1.01 0.49 African Gold V 1517 0.06 0.05 0.06 + 0.01 0.12 0.04 African Mnrls* O 1979 0.00 0.00 0.00 - 0.00 0.01 0.00 Aftermath Slvr* O 18 0.00 0.00 0.00 + 0.00 0.00 0.00 Agave Silver* O 12 0.06 0.05 0.05 - 0.00 0.12 0.01 Agave Silver V 137 0.09 0.07 0.08 + 0.01 0.15 0.02 Agnico Eagle T 2915 60.00 51.45 56.45 + 3.84 78.35 35.83 Agnico Eagle* N 9567 44.67 37.95 42.00 + 3.14 60.10 26.10 Agrium T 788 140.00 134.31 134.96 - 0.80 144.50 104.70 Agrium* N 1260 103.61 99.48 100.55 + 0.27 109.73 79.94 Aim Explor* O 44815 0.03 0.01 0.02 + 0.00 60.00 0.00 Alabama Graph* O 324 0.12 0.10 0.12 + 0.01 0.17 0.08 Alabama Graph V 2213 0.16 0.14 0.16 + 0.01 0.23 0.11 Alacer Gold T 7011 2.34 1.93 2.24 + 0.24 3.79 1.75 Alamos Gold T 3591 10.07 8.19 9.26 + 0.98 13.65 3.27 Alamos Gold* N 12657 7.50 6.04 6.84 + 0.69 10.41 2.27 Alba Minerals V 33 0.22 0.19 0.19 - 0.03 0.22 0.01 Alberta Star* O 20 0.29 0.27 0.28 - 0.00 0.32 0.12 Alcoa* N 13258 30.17 28.01 28.08 - 1.63 34.50 18.42 Alderon Iron* O 129 0.24 0.20 0.23 - 0.01 0.34 0.05 Alderon Iron T 839 0.34 0.21 0.32 - 0.01 0.48 0.07 Aldever Res* O 9 0.06 0.00 0.05 + 0.00 0.11 0.04 Aldever Res V 435 0.07 0.06 0.06 - 0.01 0.63 0.06 Aldrin Res* O 16 0.20 0.10 0.20 + 0.10 0.20 0.07 Aldrin Res V 1188 0.28 0.17 0.28 + 0.10 0.28 0.07 Alexandria Min* O 479 0.05 0.04 0.05 + 0.00 0.10 0.01 Alexco Res* X 2711 1.55 1.21 1.35 + 0.13 2.54 0.22 Alexco Res T 477 2.07 1.65 1.81 + 0.16 3.31 0.35 Algold Res V 2346 0.25 0.22 0.24 + 0.02 0.44 0.07 Alianza Min* O 8 0.07 0.05 0.07 - 0.00 0.17 0.05 Alianza Min V 161 0.11 0.10 0.11 + 0.01 0.21 0.10 Alliance Mng V 559 0.04 0.04 0.04 - 0.01 0.05 0.01 Alliance Res* D 1050 23.70 21.65 22.45 - 0.65 26.65 9.95 Almaden Mnls T 442 1.44 1.14 1.31 + 0.06 2.44 0.73 Almaden Mnls* X 1749 1.08 0.84 0.97 + 0.05 1.88 0.50 Almadex Min V 572 1.82 1.30 1.82 + 0.40 2.00 0.15 Almadex Min* O 919 1.37 0.95 1.35 + 0.30 1.51 0.10 Almonty Ind V 117 0.28 0.26 0.27 + 0.01 0.44 0.20 Alphamin Res V 197 0.34 0.31 0.34 + 0.02 0.40 0.16 Alset Energy* O 74 0.08 0.06 0.07 - 0.00 0.65 0.01 Alset Energy V 312 0.10 0.09 0.09 - 0.01 0.84 0.02 Altai Res V 828 0.10 0.08 0.09 + 0.01 0.16 0.03 Altair Res Inc V 314 0.25 0.20 0.25 + 0.02 0.70 0.16 Alternative ER* O 17 0.27 0.24 0.25 + 0.00 0.46 0.18 Altiplano Mnls V 131 0.13 0.12 0.13 - 0.01 0.22 0.04 Altitude Res V 46 0.10 0.07 0.09 + 0.03 0.21 0.02 Altius Mnrls T 200 12.68 11.60 12.68 + 0.59 14.06 7.39 Alto Vent V 261 0.08 0.06 0.08 + 0.01 0.09 0.02 Altura Mng Ltd* O 110 0.11 0.10 0.11 + 0.01 0.30 0.06 Alumina Inc* O 98 5.27 5.02 5.22 + 0.12 5.32 2.70 ALX Uranium* O 24 0.07 0.00 0.05 - 0.00 0.10 0.04 Am Creek Res V 29 0.06 0.05 0.06 + 0.01 0.12 0.03 Am CuMo Mng V 1903 0.15 0.13 0.13 - 0.01 0.30 0.06 Am CuMo Mng* O 287 0.11 0.10 0.11 - 0.01 0.18 0.04 Am Manganese* O 90 0.19 0.16 0.17 + 0.00 0.27 0.01 Am Manganese V 1440 0.25 0.23 0.23 + 0.01 0.38 0.01 Amador Gold V 11 0.13 0.00 0.12 - 0.01 0.40 0.10 Amarc Res* O 95 0.07 0.05 0.06 + 0.01 0.10 0.02 Amarc Res V 422 0.09 0.08 0.08 - 0.01 0.13 0.04 Amarillo Gold V 650 0.37 0.30 0.33 + 0.01 0.68 0.06 Amato Expl V 120 0.05 0.05 0.05 - 0.01 0.10 0.01 Amazing OG* O 16 0.48 0.34 0.43 + 0.03 1.06 0.30 Amer Intl Vent* O 285 0.02 0.01 0.01 - 0.01 0.10 0.01 Amer Vanadium* O 122 0.02 0.00 0.02 + 0.00 0.07 0.00 American Lith* O 36 0.12 0.00 0.12 + 0.02 1.24 0.09 American Lith V 16549 0.20 0.13 0.19 + 0.05 1.62 0.05 Americas Silvr T 2512 3.70 0.26 3.50 + 0.32 5.76 1.02 Americas Silvr* O 1749 0.21 0.19 0.20 - 2.15 4.46 0.48 Amerigo Res T 615 0.35 0.32 0.35 + 0.01 0.36 0.10 Amerigo Res* O 61 0.25 0.24 0.25 - 0.00 0.28 0.07 Amex Expl V 112 0.15 0.00 0.15 + 0.03 0.38 0.12 AMI Res V 243 0.04 0.04 0.04 - 0.01 0.10 0.03 Anaconda Mng T 1127 0.06 0.05 0.06 + 0.01 0.11 0.04 Anaconda Mng* O 75 0.05 0.04 0.05 + 0.00 0.09 0.03 Anconia Res V 601 0.04 0.04 0.04 + 0.01 0.09 0.01 Andes Gold* O 132 0.01 0.00 0.00 - 0.00 1.00 0.00 Andover Mng* O 18 0.00 0.00 0.00 + 0.00 0.00 0.00 Anfield Nickel V 403 1.19 1.00 1.16 + 0.07 1.94 0.66 Anfield Res* O 85 0.07 0.06 0.07 + 0.02 0.22 0.04 Anfield Res V 5592 0.12 0.10 0.11 - 0.01 0.31 0.05 Angel Gold* O 111 0.07 0.04 0.07 + 0.01 0.11 0.02 Angel Gold V 575 0.10 0.07 0.09 + 0.02 0.15 0.03 Angkor Gold V 24 0.40 0.38 0.38 - 0.02 0.50 0.37 Anglo American* O 324 7.21 6.85 7.05 + 0.14 8.12 1.57 Anglo American* O 3 14.17 13.89 14.13 + 0.09 16.05 3.13 Anglo-Can Mng V 82 0.12 0.00 0.10 + 0.01 0.30 0.05 Anglo-Can Mng* O 15 0.08 0.00 0.08 + 0.02 0.07 0.04 AngloGold Ash* N 16111 11.29 9.73 10.51 + 0.63 22.91 7.09 Antioquia Gold V 82 0.13 0.12 0.13 + 0.01 0.16 0.06 Antipodes Gold V 106 0.05 0.00 0.05 + 0.02 0.05 0.01 Apex Res * O 2 0.05 0.04 0.05 + 0.01 0.10 0.04 Apogee Opport * O 5 0.13 0.00 0.13 + 0.00 0.32 0.08 Apogee Opport V 23 0.16 0.00 0.15 - 0.01 0.44 0.11 Appia Energy 50 0.25 0.21 0.25 + 0.04 0.30 0.01 Apple Cap Inc V 7001 0.46 0.32 0.41 + 0.08 0.54 0.14 Applied Mrnls* O 411 0.13 0.12 0.12 - 0.02 0.38 0.10 AQM Copper V 123 0.23 0.23 0.23 + 0.01 0.23 0.04 Aquila Res* O 320 0.20 0.00 0.20 + 0.03 0.25 0.09 Aquila Res T 216 0.27 0.21 0.26 + 0.03 0.32 0.13 Arak Res V 28 0.28 0.17 0.20 - 0.07 0.70 0.17 Arch Coal* N 1181 80.11 76.73 78.05 - 0.34 86.47 59.05 Archon Mineral V 11 1.60 1.45 1.45 - 0.15 2.10 1.26 Arctic Star* O 26 0.05 0.04 0.05 + 0.01 0.05 0.04 Arcus Dev Grp V 121 0.10 0.08 0.09 + 0.01 0.20 0.02 Argentina Lith V 84 0.37 0.32 0.35 - 0.02 0.83 0.04 Argentum Silvr V 158 0.31 0.18 0.30 + 0.11 0.35 0.02 Argex Titanium* O 568 0.05 0.04 0.04 + 0.01 0.09 0.01 Argo Gold 86 0.14 0.00 0.14 + 0.04 0.14 0.06 Argonaut Gold T 4362 2.43 1.85 2.12 + 0.16 4.45 0.78 Argonaut Gold* O 80 1.79 1.36 1.59 + 0.16 3.38 0.53 Arian Silver* O 218 0.01 0.00 0.01 + 0.00 0.16 0.00 Arianne Phosph V 101 0.82 0.75 0.80 + 0.03 1.25 0.68 Arianne Phosph* O 79 0.60 0.53 0.58 + 0.02 0.98 0.52 Arizona Mng T 6873 2.65 2.38 2.45 - 0.09 3.49 0.28 Arizona Mng* O 280 1.98 1.77 1.83 + 0.02 2.64 0.19 Asanko Gold* X 3577 3.37 2.68 3.06 + 0.34 4.68 1.27 Asanko Gold T 4823 4.52 3.61 4.12 + 0.44 6.09 1.85 Ascot Res V 223 2.00 1.77 1.96 + 0.11 2.83 0.80 Ashburton Vent V 148 0.02 0.01 0.01 - 0.01 0.07 0.01 AsiaBaseMetals V 23 0.28 0.26 0.28 + 0.02 0.40 0.04 Asiamet Res V 574 0.04 0.00 0.04 - 0.01 0.08 0.02 Asian Minl Res V 176 0.04 0.02 0.02 - 0.01 0.04 0.02 Astorius Res V 225 0.22 0.20 0.21 + 0.01 0.41 0.01 ATAC Res V 1778 0.43 0.35 0.41 + 0.05 0.95 0.29 Atacama Pac Gd* O 5 0.28 0.23 0.28 - 0.00 0.79 0.09 Atacama Pac Gd V 319 0.38 0.32 0.38 + 0.06 1.02 0.14 Athabasca Mnls V 307 0.21 0.18 0.21 + 0.01 0.32 0.14 Athabasca Mnls* O 7 0.15 0.14 0.15 + 0.00 0.23 0.11 Athena Silver* O 36 0.09 0.06 0.09 + 0.03 0.15 0.02 Atico Mng* O 609 0.71 0.54 0.70 + 0.14 0.71 0.12 Atico Mng V 721 0.95 0.73 0.95 + 0.20 0.95 0.16 Atlanta Gold* O 15 0.05 0.05 0.05 + 0.00 0.09 0.03 Atlanta Gold V 121 0.08 0.06 0.07 + 0.01 0.11 0.05 Atlantic Gold V 307 0.88 0.78 0.84 + 0.04 1.06 0.23 Atlatsa Res* O 99 0.06 0.05 0.05 - 0.00 0.10 0.02 Atom Energy * O 2 0.23 0.17 0.21 + 0.04 0.23 0.12 Aton Res Inc* O 29 0.06 0.05 0.05 - 0.00 0.12 0.03 Aton Res Inc V 384 0.07 0.06 0.06 - 0.01 0.16 0.04 Augustine Vent 272 0.10 0.08 0.10 + 0.01 0.17 0.03 Aura Silver Rs V 96 0.04 0.04 0.04 + 0.01 0.08 0.01 Auramex Res V 133 0.03 0.02 0.03 + 0.01 0.03 0.01 Aurcana Corp* O 100 0.29 0.23 0.26 + 0.03 0.63 0.08 Aurcana Corp V 235 0.39 0.32 0.35 + 0.02 0.80 0.12

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

AurCrest Gold V 209 AuRico Metals T 1323 AuRico Metals * O 88 Aurion Res V 107 Aurvista Gold* O 275 Aurvista Gold V 1075 Auryn Res* O 289 Auryn Res T 471 Austin Res V 30 Avalon Adv Mat T 960 Avalon Adv Mat* O 470 Avarone Metals 835 Avesoro Res T 5680 Avino Silver* X 2738 Avino Silver V 365 Avnel Gold T 252 Avnel Gold * O 165 Avrupa Mnls V 385 Avrupa Mnls* O 27 AXE Expl V 369 Axmin Inc V 397 Axmin Inc* O 8 Azarga Mtls V 132 Azarga Mtls* O 11 Azarga Uranium* O 31 Azarga Uranium T 372 Azimut Expl V 307 Azincourt Uran* O 46 Azteca Gold* O 34

0.03 0.02 0.03 + 0.01 0.05 0.01 1.02 0.89 1.01 + 0.12 1.26 0.55 0.75 0.64 0.74 + 0.09 0.94 0.37 0.39 0.36 0.38 + 0.03 0.49 0.06 0.14 0.11 0.13 + 0.02 0.29 0.02 0.19 0.16 0.18 + 0.02 0.39 0.03 2.25 1.96 2.21 + 0.21 3.18 0.72 3.04 2.68 2.96 + 0.28 4.17 1.01 0.04 0.03 0.03 - 0.01 0.05 0.01 0.16 0.14 0.15 + 0.01 0.33 0.10 0.12 0.10 0.11 + 0.01 0.26 0.00 0.06 0.04 0.04 - 0.02 0.14 0.02 0.03 0.02 0.03 - 0.01 0.30 0.02 1.47 1.19 1.37 + 0.17 3.14 0.71 1.98 1.62 1.83 + 0.20 4.05 1.03 0.24 0.20 0.24 + 0.04 0.39 0.18 0.16 0.14 0.16 + 0.01 0.30 0.13 0.13 0.10 0.12 + 0.01 0.25 0.08 0.09 0.08 0.09 - 0.00 0.19 0.05 0.03 0.03 0.03 + 0.01 0.05 0.01 0.05 0.03 0.05 + 0.01 0.10 0.01 0.02 0.02 0.02 - 0.00 0.06 0.01 0.30 0.21 0.21 - 0.09 0.60 0.05 1.21 0.00 0.18 + 0.00 1.21 0.03 0.20 0.19 0.19 + 0.00 0.29 0.14 0.36 0.24 0.36 + 0.11 0.40 0.18 0.33 0.25 0.33 + 0.01 0.68 0.10 0.05 0.04 0.04 - 0.01 0.07 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 16956 B2Gold T 27254 B4MC Gold* O 1 Bacanora Mnls V 125 Balmoral Res* O 373 Bannerman Res* O 216 Banro* X 7878 Banro T 1478 Banyan Gold V 588 Bard Vent V 8 Barker Mnrls V 88 Barkerville Go* O 316 Barkerville Go V 2373 Barrick Gold* N 90306 Barrick Gold T 15612 Barsele Min V 338 Barsele Min* O 101 Batero Gold V 244 Battle Mtn Gld* O 25 Bayhorse Silvr* O 197 Bayswater Uran* O 8 Bayswater Uran V 225 BCM Res V 47 BE Res V 143 Bear Creek Mng V 448 Bearing Res V 55 Beaufield Res V 2559 Beaufield Res* O 250 Beeston Ent* O 163 Bell Copper* O 1 Bell Copper V 99 Bellhaven Cp&G V 112 Bellhaven Cp&G* O 17 Belo Sun Mng T 2111 Benton Res V 739 Berkeley Egy* O 8 Berkwood Res V 74 Besra Gold* O 1446 Bethpage Cap V 50 Big Bar Res V 217 Bitterroot Res* O 6 Black Hills* N 1195 Black Sea Cop V 90 Blackheath Res V 155 Blackrock Gold V 128 BLOX Inc* O 97 Blue Rvr Res V 58 Blue Sky Uran* O 5 Bluestone Res V 151 Bold Vent V 1621 BonTerra Res V 1916 BonTerra Res* O 442 Bowmore Expl V 118 Bravada Gold* O 15 Bravada Gold V 52 Braveheart Res* O 45 Braveheart Res V 128 Bravo Multinat* O 2374 Bravura Vent 371 Bravura Vent * O 19 BrightRock Gld* O 177 Brilliant Sand* O 69 Britannia Mng* O 470 Brixton Mtls* O 75 Brixton Mtls V 332 Brookmount Exp* O 1 Buenaventura* N 5836 Bullfrog Gold* O 390 Bullman Mnls V 308

2.59 2.09 2.37 + 0.25 3.65 0.60 3.47 2.83 3.19 + 0.33 4.74 0.86 5.50 5.00 5.40 + 0.40 6.00 2.50 1.15 1.01 1.01 - 0.05 1.95 1.01 0.56 0.50 0.54 + 0.02 0.99 0.23 0.02 0.02 0.02 - 0.00 0.04 0.01 0.21 0.16 0.19 + 0.03 0.48 0.15 0.28 0.22 0.25 + 0.03 0.62 0.20 0.06 0.05 0.06 + 0.01 0.13 0.02 0.03 0.00 0.03 - 0.01 0.04 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.33 0.29 0.33 + 0.01 0.60 0.15 0.45 0.42 0.43 + 0.02 0.76 0.23 16.84 14.16 15.98 + 1.43 23.47 7.39 22.62 19.19 21.49 + 1.80 30.45 10.09 1.05 0.90 1.05 + 0.03 1.43 0.08 0.78 0.66 0.78 + 0.02 1.10 0.05 0.10 0.08 0.10 + 0.01 0.23 0.05 0.26 0.23 0.25 - 0.00 0.73 0.08 0.13 0.11 0.12 - 0.01 0.22 0.03 0.03 0.02 0.03 + 0.01 0.05 0.00 0.05 0.04 0.04 + 0.01 0.07 0.01 0.12 0.11 0.11 - 0.02 0.32 0.07 0.39 0.30 0.39 + 0.04 0.40 0.25 2.50 2.00 2.35 + 0.35 3.77 0.50 0.55 0.50 0.55 + 0.02 0.65 0.13 0.09 0.06 0.07 + 0.01 0.16 0.03 0.05 0.04 0.04 - 0.00 0.12 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.02 0.00 0.02 + 0.00 0.06 0.00 0.06 0.03 0.04 + 0.01 0.07 0.01 0.40 0.34 0.34 - 0.06 0.78 0.03 0.27 0.00 0.26 + 0.03 0.61 0.02 0.76 0.63 0.68 + 0.04 1.10 0.22 0.09 0.07 0.09 + 0.02 0.11 0.03 0.65 0.64 0.64 - 0.01 0.67 0.31 0.12 0.10 0.12 + 0.01 0.25 0.01 0.01 0.00 0.00 + 0.00 0.02 0.00 0.10 0.08 0.08 - 0.03 0.10 0.03 0.40 0.35 0.39 + 0.04 0.69 0.29 0.02 0.02 0.02 + 0.00 0.06 0.02 62.41 60.54 61.34 - 0.30 64.58 44.65 0.35 0.33 0.34 + 0.01 0.54 0.23 0.08 0.07 0.08 + 0.01 0.18 0.06 0.10 0.08 0.09 + 0.01 0.18 0.05 0.10 0.08 0.10 + 0.02 0.10 0.01 0.05 0.04 0.04 - 0.01 0.08 0.03 0.32 0.26 0.32 + 0.02 0.47 0.04 0.11 0.10 0.10 - 0.01 0.23 0.05 0.03 0.03 0.03 + 0.01 0.06 0.02 0.30 0.21 0.29 + 0.08 0.51 0.17 0.23 0.16 0.22 + 0.06 0.37 0.12 0.10 0.08 0.10 + 0.01 0.16 0.05 0.17 0.16 0.17 - 0.00 0.31 0.02 0.26 0.21 0.24 + 0.03 0.40 0.04 0.04 0.03 0.03 + 0.00 0.06 0.01 0.06 0.00 0.05 - 0.02 0.08 0.02 0.01 0.00 0.01 + 0.00 0.10 0.00 0.18 0.15 0.18 + 0.01 0.59 0.02 0.12 0.12 0.12 - 0.00 0.49 0.10 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.02 0.06 + 0.04 0.13 0.02 0.01 0.00 0.00 - 0.00 0.02 0.00 0.24 0.21 0.22 + 0.02 0.92 0.03 0.35 0.28 0.35 + 0.07 1.20 0.06 0.01 0.00 0.01 - 0.01 0.02 0.00 12.08 10.28 11.28 + 0.88 16.45 3.30 0.13 0.07 0.11 + 0.01 0.19 0.01 0.07 0.06 0.07 + 0.02 0.09 0.03

Cache Expl V 251 Cadan Res V 126 Caledonia Mng* Q 166 Caledonia Mng T 267 Calibre Mng V 1082 California Gl* O 12 Callinex Mines* O 242 Callinex Mines V 706 Cameco Corp* N 12677 Cameco Corp T 5906 Cameo Res* O 146 Camino Mnls V 103 Camino Mnls* O 48 Camrova Res* O 31 Can-Cal Res* O 67 Canada Coal V 1081 Canadian Zeol* O 61 Canadian Zeol V 672 CanAlaska Uran V 1100 CanAlaska Uran* O 534 Canamex Res V 361 Canamex Res* O 196 Canarc Res T 721 Canarc Res* Q 684 Canasil Res V 3613 Candente Coppr T 225 Candente Gold V 661 Canoe Mng Vent V 489 Canstar Res V 30 Canyon Copper V 156 Canyon Gold* O 56 Capstone Mng T 2915 Cardero Res V 225 Cardero Res* O 37 Cariboo Rose V 246 Carlin Gold V 493 Cartier Iron 147 Cartier Res V 340 Carube Copper V 119 Casablanca Mng* O 164 Cascadero Copp V 1044 Castle Silver V 107 Caza Gold V 224 Cda Carbon* O 21 Cda Carbon V 369 Cda Rare Earth V 281 Cda Rare Earth* O 64 Cda Strtgc Met V 127 Cda Zinc Mtls V 372 Cdn Arrow V 659 Cdn Metals 182 Cdn Silvr Hunt V 404 Cdn Zinc* Q 463 Cdn Zinc T 1001 Centamin T 43

0.11 0.08 0.11 + 0.01 0.15 0.03 0.05 0.00 0.05 - 0.01 0.09 0.04 1.14 0.95 1.14 + 0.16 1.84 0.54 1.55 1.29 1.45 + 0.13 2.42 0.73 0.15 0.13 0.14 + 0.01 0.27 0.07 0.30 0.28 0.29 - 0.01 0.56 0.28 0.41 0.33 0.41 + 0.05 0.54 0.18 0.55 0.47 0.55 + 0.08 0.69 0.27 10.85 10.12 10.47 - 0.04 13.59 7.41 14.63 13.77 14.04 - 0.17 17.67 9.88 0.04 0.02 0.02 - 0.00 0.05 0.02 0.23 0.20 0.23 + 0.03 0.29 0.07 0.17 0.00 0.17 + 0.17 0.22 0.00 0.11 0.00 0.11 + 0.03 0.14 0.07 0.03 0.02 0.03 + 0.01 0.08 0.02 0.08 0.06 0.07 + 0.01 0.10 0.01 0.90 0.78 0.81 - 0.04 1.46 0.06 1.19 1.08 1.12 - 0.04 1.95 0.08 0.64 0.42 0.49 - 0.15 1.55 0.10 0.48 0.31 0.35 - 0.12 1.20 0.07 0.14 0.11 0.13 + 0.02 0.30 0.10 0.11 0.08 0.10 + 0.02 0.11 0.07 0.09 0.07 0.08 + 0.01 0.15 0.05 0.06 0.05 0.06 + 0.00 0.12 0.03 0.19 0.15 0.19 + 0.04 0.73 0.05 0.11 0.09 0.10 + 0.01 0.18 0.03 0.04 0.03 0.04 + 0.01 0.09 0.01 0.08 0.07 0.07 - 0.01 0.10 0.02 0.13 0.11 0.11 - 0.02 0.18 0.04 0.05 0.03 0.03 - 0.01 0.06 0.01 0.12 0.09 0.12 + 0.03 0.50 0.03 1.27 1.15 1.26 + 0.08 1.40 0.27 0.18 0.18 0.18 + 0.01 0.25 0.08 0.16 0.00 0.13 + 0.00 0.18 0.05 0.18 0.16 0.18 + 0.01 0.19 0.03 0.05 0.04 0.05 + 0.02 0.08 0.01 0.06 0.05 0.06 + 0.01 0.11 0.03 0.20 0.17 0.20 + 0.01 0.21 0.06 0.08 0.07 0.07 + 0.01 0.20 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.08 0.10 - 0.01 0.17 0.03 0.07 0.05 0.07 + 0.02 0.10 0.02 0.02 0.02 0.02 + 0.01 0.07 0.02 0.20 0.18 0.18 - 0.01 0.28 0.18 0.27 0.26 0.26 - 0.01 0.42 0.24 0.04 0.03 0.04 + 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.13 0.00 0.12 - 0.01 0.26 0.03 0.38 0.36 0.37 + 0.01 0.48 0.10 0.02 0.01 0.02 + 0.01 0.02 0.01 0.12 0.11 0.12 + 0.01 0.44 0.06 0.05 0.04 0.04 + 0.01 0.05 0.01 0.16 0.15 0.16 + 0.00 0.32 0.06 0.22 0.21 0.21 - 0.01 0.41 0.08 2.34 2.13 2.27 + 0.13 3.05 1.26

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Centaurus Diam* O 58 0.06 0.04 0.05 + 0.01 0.34 0.03 Centenera Mng V 142 0.20 0.18 0.18 - 0.02 0.50 0.06 Centenera Mng* O 54 0.15 0.15 0.15 + 0.00 0.37 0.04 Centerra Gold T 6124 6.64 5.65 6.29 + 0.58 8.13 5.56 Central Iron V 350 0.02 0.01 0.02 + 0.01 0.03 0.01 Centurion Mnls V 28 0.08 0.06 0.07 - 0.01 0.18 0.05 Century Global T 240 0.30 0.14 0.23 + 0.08 0.35 0.13 Chalice Gold M T 179 0.15 0.15 0.15 + 0.01 0.21 0.10 Champion Bear* O 66 0.08 0.06 0.08 + 0.01 0.08 0.02 Champion Iron* O 332 0.37 0.34 0.35 + 0.01 0.38 0.10 Champion Iron T 883 0.48 0.46 0.47 - 0.01 0.50 0.13 Chesapeake Gld* O 66 3.12 2.44 2.82 + 0.30 5.03 1.24 Chesapeake Gld V 143 4.19 3.41 3.65 + 0.20 6.50 1.75 Chevron* N 17991 118.90 117.31 117.70 - 0.72 119.00 75.33 Chiboug Ind Mn V 467 0.08 0.06 0.07 + 0.01 0.26 0.03 Chilean Metals* O 22 0.14 0.13 0.13 - 0.01 0.22 0.03 China Gold Int T 3558 2.23 1.90 1.98 + 0.08 3.67 1.84 China Mnls Mng V 127 0.02 0.00 0.02 + 0.01 0.03 0.01 China Mnls Mng* O 23 0.01 0.01 0.01 - 0.00 0.02 0.00 Cibolan Gold* O 420 0.04 0.02 0.03 - 0.00 0.13 0.02 CKR Carbon V 342 0.09 0.08 0.08 - 0.01 0.12 0.06 Clear Mtn Res V 342 1.54 1.41 1.44 - 0.06 2.03 0.10 Cleghorn Mnls V 550 0.10 0.08 0.10 + 0.02 0.13 0.08 Clifton Mng* O 26 0.13 0.11 0.12 + 0.00 0.16 0.05 Cloud Peak En* N 8182 6.20 5.57 5.61 - 0.36 8.04 1.08 Clydesdale Res V 4 0.06 0.00 0.06 + 0.01 0.06 0.01 CMC Metals V 1339 0.11 0.09 0.11 + 0.02 0.20 0.05 CobalTech M’g* O 15 0.18 0.00 0.18 + 0.02 0.23 0.01 CobalTech M’g V 177 0.25 0.23 0.24 - 0.01 0.35 0.02 Coeur Mng* N 13648 9.98 8.65 9.09 + 0.20 16.41 1.62 Colombia Crest* O 60 0.01 0.00 0.01 + 0.00 0.02 0.00 Colombian Mins V 21 0.11 0.10 0.11 + 0.01 0.25 0.02 Colonial Coal V 343 0.16 0.13 0.15 - 0.01 0.24 0.02 Colorado Res* O 96 0.21 0.17 0.20 + 0.02 0.54 0.04 Colorado Res V 1270 0.29 0.22 0.27 + 0.02 0.71 0.05 Columbus Gold* O 463 0.46 0.35 0.45 + 0.09 0.72 0.23 Columbus Gold T 485 0.63 0.47 0.60 + 0.11 0.93 0.32 Comstock Mng* X 1763 0.29 0.25 0.26 - 0.01 0.62 0.19 Comstock Mtls V 505 0.17 0.13 0.17 + 0.04 0.43 0.08 Comstock Mtls * O 28 0.13 0.09 0.13 + 0.04 0.33 0.09 Condor Res V 49 0.09 0.08 0.09 + 0.01 0.12 0.02 Confedertn Ml* O 17 0.41 0.40 0.41 + 0.00 0.63 0.31 Confedertn Mls V 73 0.57 0.55 0.57 + 0.02 9.00 0.46 Cons Woodjam V 113 0.08 0.06 0.07 + 0.01 0.08 0.02 CONSOL Energy* N 11695 19.57 18.18 18.23 - 1.02 22.34 4.54 Contintl Gold* O 255 3.32 2.57 3.32 + 0.61 3.60 0.88 Contintl Gold T 3058 4.52 3.61 4.40 + 0.71 4.69 1.28 Contintl Prec* O 2 0.20 0.00 0.20 - 0.00 0.27 0.19 Contintl Prec T 20 0.28 0.00 0.27 - 0.01 0.37 0.25 Copper Ck Gold V 82 0.11 0.08 0.11 + 0.03 0.11 0.06 Copper Fox Mtl V 265 0.14 0.13 0.13 - 0.01 0.24 0.11 Copper Fox Mtl* O 23 0.11 0.09 0.10 + 0.00 0.17 0.08 Copper Lake Rs V 33 0.06 0.05 0.05 - 0.01 0.08 0.03 Copper Mtn Mng* O 8 0.70 0.66 0.67 + 0.01 0.89 0.23 Copper Mtn Mng T 882 0.97 0.86 0.94 + 0.06 1.18 0.33 Copper North M V 64 0.12 0.10 0.10 - 0.02 0.35 0.10 Copper North M* O 10 0.09 0.00 0.09 + 0.01 0.16 0.07 Copper One V 366 0.13 0.11 0.12 + 0.01 0.30 0.03 Copperbank Res 47 0.08 0.06 0.07 + 0.01 0.10 0.03 Copperbank Res* O 17 0.05 0.04 0.05 + 0.01 0.08 0.01 Coral Gold V 206 0.31 0.28 0.28 - 0.01 0.39 0.05 Cordoba Mnls* O 25 0.58 0.51 0.55 + 0.03 0.79 0.11 Cordoba Mnls V 114 0.78 0.70 0.73 + 0.03 1.08 0.12 Corex Gold V 306 0.13 0.11 0.13 + 0.01 0.21 0.03 Cornerstone Ca* O 406 0.13 0.10 0.12 + 0.02 0.15 0.01 Cornerstone Mt V 336 0.04 0.03 0.04 + 0.01 0.04 0.01 Coro Mining T 475 0.16 0.14 0.15 + 0.01 0.21 0.02 Coronet Mtls* O 10 0.35 0.25 0.35 + 0.07 0.56 0.02 Coronet Mtls V 247 0.45 0.38 0.40 - 0.05 0.71 0.03 Corsa Coal V 101 3.30 3.06 3.11 - 0.09 3.82 0.40 Corvus Gold T 113 0.56 0.52 0.55 + 0.02 1.38 0.39 Corvus Gold* O 41 0.42 0.37 0.42 + 0.03 1.05 0.28 Cougar Mnls V 413 0.44 0.38 0.40 - 0.03 0.82 0.28 Crazy Horse Res V 30 0.03 0.02 0.03 + 0.01 0.07 0.01 Critical Elem V 450 0.53 0.49 0.51 - 0.01 0.75 0.14 Crown Mining V 74 0.10 0.08 0.10 + 0.03 0.20 0.04 Cruz Cap Corp* O 33 0.12 0.09 0.09 - 0.03 0.18 0.07 Cruz Cap Corp V 1655 0.16 0.12 0.13 - 0.01 0.25 0.02 Crystal Peak* O 87 0.34 0.29 0.34 + 0.01 0.34 0.13 Cyclone Uran* O 2250 0.00 0.00 0.00 - 0.00 0.00 0.00 Cypress Dev* O 24 0.09 0.08 0.08 - 0.01 0.16 0.03

(100s) Stock

0.09 0.08 0.09 + 0.00 0.24 0.08 0.04 0.03 0.04 + 0.00 0.20 0.02 0.02 0.01 0.01 - 0.00 0.05 0.01 0.92 0.79 0.86 + 0.03 1.27 0.45 1.24 1.10 1.17 + 0.04 1.68 0.65 0.37 0.34 0.37 + 0.02 0.37 0.17 0.45 0.38 0.42 + 0.04 0.50 0.01 0.33 0.29 0.31 + 0.02 0.37 0.00 0.07 0.05 0.06 - 0.01 0.13 0.01 0.28 0.16 0.25 + 0.07 0.49 0.04 0.40 0.23 0.38 + 0.14 0.63 0.06 0.74 0.68 0.70 - 0.01 0.85 0.49 0.58 0.51 0.51 - 0.02 0.67 0.36 0.12 0.00 0.12 + 0.01 0.32 0.05 19.39 15.96 18.29 + 2.29 35.93 14.30 0.16 0.12 0.16 - 0.00 0.55 0.10 1.21 1.15 1.20 + 0.02 1.50 0.72 0.90 0.88 0.90 + 0.02 1.11 0.54 0.17 0.16 0.17 + 0.01 0.24 0.05 0.12 0.00 0.11 - 0.02 0.15 0.10 0.09 0.07 0.09 + 0.02 0.19 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.00 0.05 + 0.02 0.10 0.02 0.03 0.03 0.03 - 0.01 0.06 0.01 0.45 0.39 0.45 + 0.06 0.81 0.08 9.88 9.19 9.68 + 0.41 12.65 7.92 13.34 12.51 13.01 + 0.45 16.82 10.47 0.09 0.07 0.09 + 0.02 0.13 0.06 5.61 4.92 5.29 + 0.07 9.10 1.65 2.43 1.97 2.25 + 0.24 4.14 0.84 0.16 0.15 0.15 - 0.01 0.20 0.04 0.05 0.05 0.05 - 0.00 0.10 0.05 0.08 0.00 0.08 + 0.01 0.20 0.07 0.04 0.04 0.04 + 0.01 0.07 0.03 0.03 0.03 0.03 + 0.00 0.04 0.02 2.59 2.09 2.49 + 0.34 3.71 1.63 1.77 1.60 1.75 + 0.05 2.00 0.00 0.03 0.02 0.03 + 0.01 0.03 0.01 0.17 0.15 0.17 + 0.01 0.34 0.08 0.23 0.21 0.22 - 0.01 0.45 0.10 0.21 0.19 0.19 - 0.01 0.36 0.04 0.01 0.01 0.01 + 0.01 0.03 0.01 0.33 0.32 0.33 + 0.01 0.89 0.32 0.45 0.42 0.44 - 0.01 1.19 0.42 0.51 0.42 0.51 + 0.04 0.97 0.29 0.79 0.60 0.70 + 0.05 0.68 0.13 0.39 0.36 0.39 + 0.02 0.59 0.34 0.13 0.13 0.13 - 0.00 0.13 0.11 0.07 0.04 0.06 + 0.01 0.28 0.03 0.03 0.02 0.03 + 0.01 0.05 0.01 0.34 0.30 0.31 - 0.02 0.75 0.25 0.24 0.23 0.23 - 0.01 0.55 0.21 3.44 2.99 3.22 + 0.17 5.16 1.87 4.61 4.05 4.32 + 0.19 6.71 2.67 0.42 0.36 0.41 + 0.02 0.58 0.13 0.18 0.14 0.16 + 0.03 0.27 0.05 0.14 0.09 0.13 + 0.02 0.20 0.03 0.39 0.34 0.38 + 0.04 0.43 0.18 0.04 0.03 0.03 - 0.01 0.05 0.01 0.08 0.00 0.08 + 0.01 0.27 0.07 15.98 13.00 15.04 + 2.04 20.85 4.78 21.72 17.56 20.06 + 2.33 27.17 6.83 4.05 3.14 3.52 + 0.27 5.95 1.00 5.43 4.26 4.75 + 0.35 7.75 1.46 0.05 0.05 0.05 - 0.01 0.07 0.02 0.05 0.04 0.04 - 0.00 0.10 0.04 0.07 0.06 0.07 + 0.01 0.13 0.06 2.35 2.02 2.21 - 0.04 4.13 1.74 1.75 1.48 1.64 - 0.03 2.98 1.29 0.09 0.06 0.07 + 0.01 0.10 0.01 0.44 0.39 0.42 + 0.03 0.47 0.25 0.32 0.29 0.31 + 0.03 0.38 0.17 0.02 0.01 0.02 + 0.00 0.10 0.01 0.05 0.03 0.04 + 0.01 0.10 0.02 0.27 0.16 0.21 + 0.05 0.50 0.10

12-month

456 Erdene Res Dev T 65 Erdene Res Dev* O Erin Ventures V 634 7 Eros Res Corp* O 57 Eros Res Corp V 57 Eros Res Corp V Eskay Mng V 212 Ethos Gold* O 22 Ethos Gold V 39 Eurasian Mnls V 71 X 296 Eurasian Mnls* Eureka Res V 188 164 T Euro Sun Mg 23 Euro Sun Mg* O O 17 EurOmax Res* EurOmax Res T 49 Everton Res* O 48 Evolving Gold 34 O 16 Evolving Gold* Evrim Res V 432 Excellon Res* O 215 Excellon Res T 4421 O 215 Excelsior Mng* Excelsior Mng V 812 Exeter Res* X 948 Exeter Res T 266 Explor Res* O 736 Explor Res V 1612 Explorex Res 152 Fairmont Res V 557 Falco Res V 381 Far Res 855 Far Res* O 26 Fieldex Expl V 1926 Finore Mng 945 Finore Mng* O 261 Fiore Explor* O 462 Fiore Explor V 2114 Firebird Res V 26 Firesteel Res V 453 Firestone Vent V 259 O 159 Firma Holdings* First Cobalt V 468 29520 O First Colombia* First Liberty* O 7918 First Majestic* N 26181 First Majestic T 6368 First Mexican V 345 V 3629 First Mg Fin First Mg Fin * O 2654 First Point V 119 First Point* O 306 First Quantum T 8991 V 1062 Fission 3.0 Fission Uran T 2805 Fission Uran* O 1433 Fjordland Exp V 1293 Flinders Res V 129 Flinders Res* O 258 O 470 Focus Graphite* Focus Vent V 182 T 653 Formation Mtls Forrester Met V 294 Forsys Metals T 424 O 29 Fortescue Mtls* T 2929 Fortuna Silvr Fortuna Silvr* N 7279 Fortune Bay* O 18 Fortune Bay V 39 Fortune Mnrls T 972 O 116 Fortune Mnrls* V 913 Forum Uranium O 182 Forum Uranium* Four River V 3030 19 Fox River Res* O N 3775 Franco-Nevada* Franco-Nevada T 2315 Franklin Mng* O 246 Freegold Vent T 709 N 79056 Freeport McMo* Fresnillo plc* O 8

0.70 0.57 0.70 + 0.11 0.67 0.13 0.51 0.43 0.51 + 0.07 0.51 0.09 0.04 0.05 + 0.01 0.09 0.05 0.04 0.12 0.11 0.11 - 0.00 0.17 0.06 0.16 0.15 0.15 - 0.01 0.23 0.09 0.16 0.15 0.15 - 0.01 0.23 0.09 0.08 0.20 + 0.02 0.42 0.20 0.18 0.05 0.14 + 0.00 0.32 0.15 0.14 0.14 0.20 + 0.01 0.41 0.21 0.20 0.50 1.33 + 0.11 1.84 1.42 1.19 0.35 1.04 + 0.15 1.40 1.10 0.88 0.04 0.10 - 0.01 0.17 0.11 0.09 0.77 0.62 0.75 + 0.10 1.45 0.62 0.56 0.47 0.55 + 0.07 1.06 0.47 0.15 0.49 + 0.07 0.59 0.49 0.41 0.30 0.65 + 0.06 0.81 0.65 0.55 0.00 0.04 - 0.01 0.14 0.05 0.04 0.04 0.18 + 0.01 0.50 0.20 0.15 0.02 0.13 + 0.01 0.38 0.14 0.11 0.12 0.18 - 0.01 0.43 0.19 0.16 0.17 1.20 - 0.12 1.85 1.35 1.19 0.25 1.64 - 0.13 2.40 1.84 1.60 0.12 0.45 + 0.02 0.52 0.47 0.42 0.19 0.63 + 0.03 0.68 0.63 0.57 0.31 0.75 + 0.08 1.48 0.80 0.66 0.43 1.01 + 0.11 1.94 1.07 0.90 0.04 0.06 + 0.00 0.18 0.06 0.04 0.07 0.08 + 0.01 0.24 0.08 0.07 0.05 0.19 + 0.08 0.19 0.19 0.11 0.02 0.10 + 0.03 0.23 0.10 0.07 0.21 0.89 + 0.03 1.39 0.95 0.82 0.02 0.08 + 0.02 0.15 0.08 0.07 0.05 0.05 - 0.02 0.07 0.05 0.05 0.05 0.11 + 0.01 0.65 0.12 0.01 0.01 0.35 + 0.02 0.50 0.35 0.32 0.02 0.26 + 0.02 0.41 0.27 0.23 0.02 0.35 + 0.06 0.55 0.36 0.27 0.03 0.47 + 0.08 0.76 0.50 0.37 0.01 0.03 - 0.01 0.05 0.03 0.03 0.01 0.05 + 0.01 0.06 0.05 0.00 0.01 0.04 + 0.01 0.08 0.04 0.04 0.02 0.04 + 0.01 0.11 0.05 0.03 0.22 0.39 - 0.01 0.41 0.40 0.37 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 8.47 6.82 7.63 + 0.76 19.15 2.40 11.37 9.24 10.26 + 0.98 24.96 3.50 0.02 0.03 + 0.01 0.08 0.03 0.02 0.88 0.82 0.86 + 0.03 1.31 0.34 0.65 0.60 0.63 + 0.01 1.02 0.24 0.04 0.09 + 0.02 0.14 0.09 0.07 0.03 0.05 - 0.00 0.08 0.06 0.05 13.35 - 0.48 16.87 2.15 14.34 13.28 0.07 0.06 0.07 + 0.01 0.12 0.05 0.49 0.64 + 0.02 0.82 0.65 0.62 0.36 0.48 + 0.02 0.63 0.49 0.46 0.01 0.05 - 0.01 0.17 0.06 0.05 0.13 0.51 + 0.02 0.77 0.53 0.46 0.09 0.37 + 0.02 0.61 0.40 0.33 0.04 0.05 + 0.00 0.23 0.05 0.04 0.05 0.06 + 0.01 0.12 0.06 0.00 0.09 0.54 + 0.04 0.78 0.54 0.50 0.04 0.07 + 0.02 0.14 0.08 0.05 0.05 0.11 + 0.02 0.12 0.12 0.09 1.00 4.24 + 0.05 5.10 4.35 4.12 8.45 6.79 7.59 + 0.71 12.73 2.92 2.00 5.65 + 0.55 9.75 6.30 5.01 0.30 0.44 + 0.03 0.64 0.44 0.38 0.25 0.60 + 0.03 0.90 0.60 0.52 0.02 0.13 + 0.02 0.17 0.14 0.11 0.01 0.09 + 0.02 0.13 0.11 0.07 0.06 0.10 + 0.01 0.20 0.10 0.09 0.03 0.08 + 0.00 0.14 0.08 0.06 0.14 0.91 - 0.01 1.28 0.99 0.85 0.04 0.04 0.04 - 0.00 0.04 0.02 41.47 59.76 + 1.86 81.16 62.64 57.08 84.24 77.30 80.28 + 1.86 105.69 58.67 0.00 0.00 - 0.00 0.01 0.00 0.00 0.06 0.12 + 0.03 0.28 0.12 0.09 13.19 - 0.62 16.42 3.52 14.12 13.13 14.80 + 0.87 26.65 9.00 15.32 13.42

Gabriel Res T 197 Gainey Capital V 102 Galane Gold V 458 Galantas Gold V 273 O 10 Galantas Gold* Galway Gold V 311 Galway Mtls* O 106 Galway Mtls V 114 13 Garibaldi Res * O Garibaldi Res V 515 General Moly* X 592 General Moly T 47 Genesis Mtls* O 1 Genesis Mtls V 310 Genius Props 450 V 1698 Gensource Pot O 246 Geologix Expl* Geologix Expl V 842 Geomega Res V 298 O 80 Geomega Res* GFK Res V 99 GGX Gold V 582 Gitennes Expl V 199 Giyani Gold* O 103 Giyani Gold V 429 O 72 Gldn Predator* Gldn Predator V 563 Glencore Plc* O 509 Global Gold* O 203 Globex Mng* O 94 Globex Mng T 329 GMCI Corp* O 0 GMV Minerals V 608 O 158 GMV Minerals* V 42 GobiMin GoGold Res T 11471 942 Gold Bulln Dev V 97 Gold Bulln Dev* O O 568 Gold Dynamics* 27926 Gold Fields* N Gold Lakes* O 7654 Gold Mng USA* O 1380 35 Gold Reach Res V Gold Reserve* O 20 Gold Reserve V 38 X 6573 Gold Resource* 434 Gold Std Vents V Gold Std Vents* X 1533 V 98 Goldbank Mng Goldcliff Res* O 34 Goldcliff Res V 136 T 11871 Goldcorp Goldcorp* N 40162 Golden Arrow* O 612 Golden Arrow V 649 Golden Band* O 261 313 Golden Dawn Ml* O Golden Dawn Ml V 1378 Golden Eagle* O 149 V 376 Golden Goliath Golden Hope* O 15 Golden Mnls* X 2069 Golden Mnls T 146 O 948 Golden Queen* Golden Queen T 693 Golden Reign V 446 Golden Secret V 90 4 Golden Sh Mng* O 56 Golden Sh Mng V Golden Star T 755 10281 Golden Star* X Golden Sun* O 201 Golden Tag V 526 Golden Valley V 305

0.13 0.53 + 0.09 0.74 0.53 0.43 0.10 0.20 - 0.02 0.37 0.22 0.19 0.03 0.08 + 0.01 0.19 0.08 0.07 0.07 0.10 - 0.01 0.18 0.11 0.10 0.06 0.08 - 0.01 0.14 0.09 0.08 0.04 0.07 + 0.01 0.13 0.07 0.07 0.06 0.21 - 0.01 0.51 0.23 0.21 0.09 0.29 - 0.01 0.65 0.32 0.28 0.10 0.09 0.09 - 0.01 0.11 0.05 0.07 0.14 - 0.01 0.20 0.15 0.14 0.15 0.25 - 0.01 0.47 0.27 0.25 0.22 0.34 - 0.02 0.59 0.36 0.34 0.01 0.08 - 0.01 0.22 0.08 0.00 0.08 0.10 - 0.02 0.28 0.12 0.00 0.02 0.04 - 0.01 0.06 0.05 0.04 0.04 0.13 + 0.01 0.14 0.13 0.12 0.01 0.04 - 0.01 0.11 0.05 0.04 0.02 0.07 + 0.01 0.15 0.07 0.06 0.06 0.08 - 0.01 0.23 0.09 0.07 0.03 0.05 - 0.01 0.16 0.06 0.05 0.04 0.10 + 0.01 0.18 0.10 0.00 0.07 0.08 - 0.01 0.39 0.09 0.08 0.01 0.03 + 0.01 0.04 0.03 0.00 0.02 0.24 - 0.04 0.50 0.29 0.24 0.06 0.35 - 0.06 0.70 0.42 0.33 0.06 0.61 + 0.16 0.89 0.61 0.00 0.09 0.77 + 0.15 1.17 0.81 0.60 1.95 6.74 + 0.17 7.67 6.88 6.56 0.01 0.03 - 0.00 0.04 0.03 0.02 0.15 0.31 + 0.01 0.38 0.32 0.30 0.19 0.42 + 0.02 0.51 0.44 0.41 0.20 2.50 - 0.08 2.60 2.50 0.00 0.08 0.53 + 0.05 0.70 0.54 0.47 0.06 0.40 + 0.04 0.55 0.40 0.36 0.28 0.50 - 0.03 0.55 0.53 0.50 0.41 0.54 + 0.12 1.65 0.57 0.41 0.07 0.06 0.07 + 0.01 0.16 0.03 0.05 0.04 0.04 + 0.00 0.11 0.01 0.00 0.00 - 0.00 0.01 0.00 0.00 2.60 3.01 + 0.17 6.60 3.27 2.79 0.01 0.01 + 0.01 1.02 0.02 0.01 0.01 0.00 0.00 - 0.00 0.17 0.00 0.14 0.00 0.14 + 0.01 0.25 0.08 0.00 4.17 - 0.01 5.90 4.18 3.63 3.06 5.41 - 0.24 8.00 5.65 5.11 1.14 4.35 + 0.27 8.22 5.09 3.92 3.04 2.55 2.87 + 0.15 4.10 0.78 2.25 1.90 2.13 + 0.13 3.20 0.54 0.05 0.13 + 0.01 0.16 0.14 0.12 0.15 0.19 + 0.02 0.36 0.19 0.00 0.05 0.26 + 0.03 0.47 0.26 0.21 13.55 18.28 + 1.24 26.56 19.21 16.72 13.60 + 1.00 20.38 9.46 14.31 12.32 0.13 0.54 + 0.10 1.30 0.60 0.43 0.17 0.73 + 0.13 1.48 0.80 0.59 0.00 0.00 + 0.00 0.01 0.00 0.00 0.17 0.16 0.17 + 0.02 0.32 0.06 0.24 0.21 0.24 + 0.03 0.44 0.07 0.00 0.03 - 0.01 0.07 0.04 0.02 0.01 0.05 + 0.01 0.14 0.05 0.04 0.12 0.12 - 0.02 0.25 0.13 0.12 0.13 0.58 - 0.04 1.16 0.65 0.58 0.19 0.81 - 0.03 1.51 0.88 0.80 0.52 0.61 + 0.03 1.56 0.62 0.54 0.70 0.81 + 0.03 2.00 0.83 0.74 0.07 0.30 + 0.07 0.36 0.30 0.20 0.02 0.38 + 0.05 0.69 0.38 0.31 0.19 0.18 0.18 + 0.00 0.22 0.07 0.30 0.24 0.30 + 0.06 0.36 0.07 0.21 0.99 + 0.06 1.46 1.03 0.93 0.14 0.75 + 0.04 1.13 0.78 0.68 0.00 0.00 - 0.00 0.00 0.00 0.00 0.02 0.06 + 0.02 0.18 0.06 0.04 0.08 0.35 + 0.02 0.36 0.35 0.32

D-F Dajin Res* O 196 Dakota Ter Res* O 199 Daleco Res* O 948 Dalradian Res* O 413 Dalradian Res T 607 Danakali* O 61 Darnley Bay V 518 Darnley Bay* O 257 Decade Res V 1251 Defiance Silvr* O 286 Defiance Silvr V 579 Denison Mines T 1322 Denison Mines* X 2929 Desert Star V 489 Detour Gold T 7818 Diamante Min* O 17 Diamcor Mng V 48 Diamcor Mng* O 7 Diamond Fields V 27 Diamond Fields* O 9 Dios Expl V 236 Discovery Gold* O 303 DNI Metals 280 DNI Metals* O 67 Dolly Vard Sil* O 34 Dominion Diam* N 1137 Dominion Diam T 987 Doubleview Cap V 1602 DRDGOLD* N 2642 Dundee Prec Mt T 1996 Dunnedin Vent* O 22 Duran Vent * O 3 Duran Vent V 47 DuSolo Fertil V 453 DuSolo Fertil* O 160 Dynacor Gld Mn T 229 DynaResource* O 3 Dynasty Gold V 253 Dynasty Met&Mn* O 20 Dynasty Met&Mn T 263 East Africa V 550 East Asia Mnls V 92 Eastern Platin* O 20 Eastern Platin T 4976 Eastmain Res T 2328 Eco Oro Mnls T 117 eCobalt Solns* O 208 Edgewater Expl* O 24 El Capitan Prc* O 3247 El Nino Vent V 49 Elcora Res V 131 Elcora Res* O 12 Eldorado Gold* N 24865 Eldorado Gold T 15291 Eloro Mnrls V 156 Ely Gold & Mnl V 384 Ely Gold & Mnl* O 242 Elysee Dev V 84 Emgold Mng V 360 Empire Rock V 253 Endeavour Mng* O 43 Endeavour Mng T 1590 Endeavr Silver* N 12186 Endeavr Silver T 2356 Endurance Gold V 479 Energizer Res* O 265 Energizer Res T 1755 Energy Fuels T 1141 Energy Fuels* X 3106 Ensurge* O 161 Entree Gold T 733 Entree Gold* X 235 Equitas Res* O 3482 Equitorial Ex V 2320 Era Res Inc V 17

Week

Exc Volume High Low Last Change High Low

G-H

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 9–22, 2017

17

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldgroup Mng T 2734 Goldgroup Mng* O 1755 GoldMining V 1890 GoldON Res V 49 GoldQuest Mng V 1189 Goldrea Res* O 1 Goldrea Res 209 Goldsource Min* O 928 Goldsource Min V 1316 Goldstrike Res V 1661 Gonzaga Res V 215 GoviEx Uranium* O 647 GoviEx Uranium V 6501 Gowest Gold V 1275 Gowest Gold* O 89 GPM Metals V 166 Gran Colombia* O 135 Gran Colombia T 987 Graphite Corp* O 263 Graphite One V 1551 Graphite One* O 524 Great Atlantic V 662 Great Bear Res V 13 Great Lakes Gr* O 375 Great Panther T 2484 Great Panther* X 9417 Great Quest Fe V 240 Great Rock Dev* O 210 Great Western* O 468 Green Swan Cap V 172 Green Valley M V 284 Greencastle Rs V 83 Grizzly Gold* O 22 Gunpoint Expl V 18 Guyana Gldflds T 3798 Hadley Mng 621 Handeni Gold* O 4 Happy Ck Mnrls V 564 Hard Creek Ni* O 1 Hard Creek Ni V 218 Harmony Gold* N 31670 Harte Gold T 3519 Harvest Gold V 148 Hawkeye Gld&Di V 116 Heatherdale Rs V 1002 Hecla Mining* N 58612 Helio Res V 203 Hellix Vent* O 303 Hemcare Health* O 51 Heron Res T 512 Highbank Res V 128 HiHo Silver 37 Hochschild Mg* O 217 Horizon Mnls* O 23 HudBay Mnls* N 1174 HudBay Mnls T 5653 Hudson Res V 207 Hudson Res* O 26 Hunt Mng V 31 Hunt Mng* O 22 Hycroft Mg* O 2

0.14 0.07 0.13 + 0.05 0.39 0.06 0.11 0.06 0.10 + 0.04 0.30 0.04 2.40 1.53 2.02 + 0.45 3.35 0.38 0.15 0.00 0.15 + 0.03 0.36 0.05 0.30 0.24 0.27 + 0.01 0.68 0.12 0.02 0.02 0.02 + 0.00 0.10 0.01 0.05 0.03 0.05 + 0.02 0.14 0.03 0.20 0.12 0.18 - 0.02 0.45 0.12 0.27 0.19 0.25 - 0.02 0.57 0.16 0.18 0.13 0.18 + 0.05 0.41 0.10 0.11 0.09 0.10 + 0.01 0.13 0.01 0.15 0.10 0.11 + 0.01 0.16 0.04 0.16 0.13 0.15 + 0.02 0.19 0.09 0.17 0.13 0.16 + 0.02 0.28 0.06 0.12 0.10 0.12 + 0.02 0.22 0.04 0.11 0.00 0.11 + 0.01 0.57 0.08 0.07 0.06 0.07 + 0.00 0.13 0.04 0.10 0.09 0.10 + 0.01 0.16 0.06 0.00 0.00 0.00 - 0.00 0.02 0.00 0.09 0.08 0.09 + 0.01 0.18 0.07 0.07 0.06 0.07 + 0.01 0.14 0.05 0.10 0.08 0.08 - 0.02 0.15 0.03 0.20 0.00 0.17 + 0.01 0.36 0.05 0.06 0.05 0.06 + 0.01 0.09 0.04 2.36 2.02 2.22 + 0.06 2.82 0.54 1.75 1.50 1.66 + 0.05 2.25 0.41 0.27 0.21 0.21 - 0.02 0.38 0.11 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.06 0.07 + 0.01 0.14 0.01 0.05 0.04 0.05 + 0.01 0.06 0.01 0.09 0.08 0.09 + 0.01 0.18 0.05 0.07 0.03 0.03 - 0.00 0.22 0.01 0.27 0.00 0.27 + 0.01 0.32 0.14 6.66 5.12 6.12 + 0.94 10.35 3.01 0.04 0.02 0.04 + 0.02 0.04 0.01 0.04 0.00 0.04 - 0.01 0.36 0.04 0.18 0.13 0.18 + 0.03 0.20 0.09 0.02 0.02 0.02 + 0.00 0.04 0.00 0.04 0.00 0.04 + 0.01 0.05 0.01 2.43 1.91 2.21 + 0.17 4.87 1.01 0.30 0.27 0.30 + 0.02 0.35 0.07 0.06 0.00 0.06 + 0.01 0.10 0.02 0.16 0.12 0.12 - 0.02 0.33 0.03 0.06 0.03 0.05 + 0.02 0.07 0.01 5.62 5.10 5.24 - 0.02 7.64 1.45 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.00 0.01 + 0.01 0.06 0.00 0.02 0.02 0.02 + 0.00 0.24 0.02 0.12 0.11 0.11 - 0.01 0.17 0.07 0.04 0.04 0.04 + 0.01 0.12 0.04 0.11 0.08 0.09 - 0.02 0.15 0.07 2.68 2.25 2.68 + 0.35 4.16 0.59 0.43 0.41 0.41 - 0.02 0.80 0.05 6.00 5.50 5.70 + 0.10 7.35 1.56 8.01 7.45 7.68 + 0.14 9.75 2.26 0.38 0.33 0.33 - 0.02 0.50 0.29 0.25 0.24 0.24 + 0.00 0.38 0.24 0.33 0.00 0.28 - 0.05 0.40 0.02 0.21 0.21 0.21 - 0.00 0.31 0.02 0.20 0.00 0.20 + 0.20 0.05 0.00

I-Minerals V 55 I-Minerals* O 17 IAMGOLD* N 79772 IAMGOLD T 17849 Iberian Mnrls V 1372 IC Potash* O 75 Icon Explor V 12 Iconic Mnls V 1086 IDM Mining V 1599 IEMR Res V 861 iMetal Res V 169 IMPACT Silver V 275 Impala Platnm* O 486 Imperial Metal T 128 Imperial Metal* O 24 Inca One Gold V 1420 Inca One Gold* O 581 Inception Mng * O 36 Independence G* O 70 Independence G V 384 Inspiration Mg 24 Inspiration Mg* O 31 Intact Gold V 550 Integra Gold V 3938 Integra Gold* O 1208 Intl Bethl Mng V 400 Intl Lithium* O 98 Intl Lithium V 315 Intl Samuel Ex V 100 Intl Tower Hil* X 1588 Intl Tower Hil T 298 Intrepid Pots* N 10929 INV Metals T 22 Inventus Mg * O 24 Inventus Mg V 10360 InZinc Mining V 78 Ireland* O 818 Ironside Res V 114 Irving Res 1633 Irving Res* O 30 Itoco Mg Corp* O 17 Ivanhoe Mines* O 611 Ivanhoe Mines T 6304 Jaguar Mng* O 104 Japan Gold* O 35 Jasper Mng V 18 Jayden Res* O 3 Jayden Res V 622 JDL Gold* O 38 JDL Gold V 347 Jet Gold V 150 Jet Gold* O 27 Jet Metal* O 38 K2 Gold V 33 K92 Mng Inc* O 374 K92 Mng Inc V 1513 Kaizen Discvry* O 230 Kapuskasing Gd* O 164 Karmin Expl V 53 Karnalyte Res T 110 KAT Expl* O 3270 Katanga Mng T 560 Kennady Diam V 169 Kerr Mines* O 24 Kerr Mines T 114 Kesselrun Res* O 197 Kesselrun Res V 116 Kilo Goldmines* O 110 Kilo Goldmines V 1452 Kings Bay Gold V 81 Kingsmen Res V 40 Kingsmen Res* O 13 Kinross Gold* N 67041 Kinross Gold T 22702 Kiska Metals* O 2264 Kiska Metals V 18254 Kitrinor Mtls V 4 Kivalliq Enrgy V 1176 Klondex Mines T 3436 Klondike Gold V 419 Klondike Gold* O 48 Klondike Silv* O 1 Klondike Silv V 548 Knick Expl V 33 Kombat Copper V 115 Komet Resource V 325 Kootenay Silvr V 1136 Kootenay Zinc 92 KWG Res* O 1

0.31 0.28 0.29 + 0.01 0.34 0.20 0.23 0.21 0.23 + 0.02 0.26 0.15 4.21 3.26 3.85 + 0.48 5.87 1.15 5.64 4.43 5.19 + 0.64 7.65 1.66 0.10 0.09 0.10 + 0.02 0.11 0.04 0.07 0.05 0.07 + 0.01 0.11 0.03 0.02 0.00 0.02 + 0.01 0.03 0.01 0.14 0.10 0.14 + 0.03 0.45 0.03 0.15 0.13 0.14 + 0.01 0.26 0.07 0.02 0.02 0.02 - 0.01 0.06 0.01 0.06 0.00 0.05 + 0.01 0.08 0.03 0.66 0.55 0.65 + 0.10 1.28 0.11 3.25 3.00 3.16 + 0.15 5.23 1.45 6.07 5.79 6.06 + 0.08 8.50 3.46 4.48 4.30 4.38 - 0.06 6.21 2.78 0.30 0.26 0.28 + 0.01 0.74 0.21 0.22 0.19 0.21 - 0.00 0.35 0.18 0.58 0.26 0.44 - 0.02 1.65 0.25 0.14 0.11 0.14 + 0.03 0.37 0.04 0.20 0.15 0.20 + 0.02 0.50 0.06 0.04 0.02 0.03 + 0.01 0.10 0.02 0.03 0.01 0.02 + 0.00 0.07 0.01 0.07 0.06 0.07 + 0.01 0.18 0.06 0.59 0.53 0.56 + 0.03 0.96 0.30 0.44 0.39 0.42 + 0.01 0.76 0.21 0.06 0.04 0.06 + 0.01 0.08 0.02 0.12 0.11 0.11 - 0.00 0.55 0.02 0.16 0.15 0.16 - 0.01 0.38 0.06 0.07 0.06 0.07 + 0.01 0.15 0.05 0.59 0.43 0.55 + 0.09 1.40 0.18 0.77 0.58 0.75 + 0.14 1.82 0.27 2.64 1.96 2.08 - 0.09 3.26 0.65 0.70 0.00 0.70 + 0.04 1.10 0.11 0.17 0.11 0.17 + 0.06 0.28 0.11 0.27 0.00 0.24 + 0.09 0.35 0.03 0.20 0.19 0.19 - 0.01 0.25 0.05 0.12 0.07 0.11 + 0.04 0.34 0.04 0.07 0.06 0.07 + 0.01 0.16 0.05 1.08 0.50 0.89 + 0.39 1.08 0.11 0.99 0.33 0.70 + 0.36 0.99 0.09 0.15 0.13 0.15 + 0.02 0.30 0.00 1.95 1.75 1.90 + 0.13 2.26 0.36 2.61 2.35 2.54 + 0.14 2.98 0.53 0.46 0.00 0.46 + 0.03 0.65 0.09 0.24 0.00 0.23 - 0.01 0.67 0.21 0.08 0.05 0.08 + 0.03 0.08 0.03 0.06 0.05 0.05 - 0.00 0.17 0.01 0.10 0.00 0.10 + 0.02 0.23 0.03 1.45 1.21 1.37 + 0.13 1.64 1.10 1.98 1.60 1.82 + 0.16 2.55 0.74 0.19 0.00 0.19 - 0.01 0.39 0.07 0.10 0.00 0.10 - 0.09 0.24 0.10 0.20 0.00 0.10 - 0.02 0.12 0.00 0.40 0.36 0.36 - 0.04 0.45 0.08 0.75 0.62 0.73 + 0.09 1.72 0.61 1.02 0.86 0.97 + 0.10 2.24 0.81 0.08 0.08 0.08 - 0.01 0.19 0.06 0.02 0.02 0.02 - 0.00 0.08 0.02 0.29 0.00 0.28 - 0.04 0.37 0.18 0.78 0.70 0.73 - 0.04 4.15 0.64 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.13 0.14 + 0.02 0.23 0.12 4.20 3.77 4.00 + 0.20 5.00 2.66 0.10 0.08 0.10 + 0.02 0.12 0.02 0.13 0.12 0.12 - 0.01 0.16 0.02 0.09 0.07 0.09 + 0.01 0.17 0.07 0.13 0.09 0.13 + 0.04 0.43 0.03 0.08 0.08 0.08 - 0.00 0.19 0.05 0.11 0.09 0.10 - 0.01 0.25 0.07 0.09 0.08 0.09 + 0.01 0.15 0.05 0.11 0.00 0.09 - 0.02 0.18 0.03 0.07 0.06 0.06 + 0.00 0.12 0.02 3.38 2.90 3.11 + 0.17 5.82 1.31 4.53 3.94 4.19 + 0.22 7.56 1.91 0.06 0.05 0.06 + 0.01 0.09 0.01 0.08 0.07 0.08 + 0.01 0.12 0.01 0.12 0.00 0.12 + 0.01 0.30 0.05 0.10 0.09 0.09 - 0.01 0.10 0.07 6.52 5.52 6.25 + 0.70 7.95 2.57 0.18 0.15 0.17 + 0.02 0.45 0.11 0.13 0.10 0.13 + 0.03 0.32 0.10 0.03 0.00 0.03 + 0.00 0.12 0.01 0.07 0.05 0.07 + 0.02 0.15 0.02 0.06 0.05 0.06 + 0.01 0.11 0.01 0.45 0.40 0.40 - 0.01 0.95 0.25 0.44 0.41 0.43 + 0.02 0.58 0.29 0.32 0.29 0.32 + 0.03 0.60 0.17 0.53 0.44 0.50 + 0.06 0.59 0.06 0.02 0.00 0.02 + 0.00 0.03 0.01

I-J-K

L Labrador Iron T 526 18.84 18.31 18.62 + 0.22 20.55 6.85 Lakeside Mnrls V 2365 0.64 0.24 0.36 - 0.27 0.64 0.02 Lara Expl V 298 1.15 0.86 1.07 + 0.20 1.58 0.22

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Laramide Res T 990 Largo Res* O 76 Largo Res T 132 Lateral Gold V 248 Latin Am Mnls V 212 LeadFX Inc* O 4 Levon Res Ltd T 712 Levon Res Ltd * O 475 Lexam VG Gold* O 518 Lexam VG Gold T 1498 Li3 Energy* O 1978 Libero Mg Corp V 100 LiCo Energy* O 1181 LiCo Energy V 950 Lion One Mtls V 110 Lion One Mtls* O 96 Lithium Amer* O 1092 Lithium Amer T 1676 Lithium Corp* O 437 Lithium Energy V 686 Lithium Expl* O 86110 Lithium X Egy* O 1107 Lithium X Egy V 1520 LKA Gold* O 85 Logan Res V 126 Lomiko Mtls V 318 Loncor Res* O 43 Loncor Res T 52 Lone Star Gold* O 689 Lonmin plc* O 26 Lorraine Coppr V 49 Lucara Diam T 2624 Lumina Gold V 361 Lumina Gold* O 16 Luna Gold T 22 Luna Gold* O 8 Lundin Gold T 138 Lundin Mng T 4584 Lupaka Gold V 234 Lydian Intl T 1740 Lydian Intl* O 127 Lynas Corp* O 496

0.30 0.26 0.29 - 0.01 0.38 0.18 0.40 0.32 0.38 + 0.04 0.56 0.08 0.54 0.46 0.49 + 0.03 0.72 0.11 0.72 0.58 0.60 - 0.05 1.25 0.26 0.18 0.16 0.18 + 0.02 0.48 0.09 0.55 0.00 0.55 - 0.17 0.73 0.11 0.31 0.25 0.29 + 0.04 0.71 0.09 0.23 0.18 0.22 + 0.04 0.54 0.07 0.18 0.12 0.15 + 0.02 0.29 0.04 0.23 0.17 0.21 + 0.03 0.38 0.07 0.02 0.01 0.01 - 0.00 0.03 0.01 0.18 0.17 0.18 + 0.01 0.21 0.02 0.10 0.08 0.10 + 0.02 0.16 0.04 0.14 0.12 0.14 + 0.02 0.21 0.04 0.96 0.00 0.96 + 0.17 1.17 0.34 0.71 0.54 0.71 + 0.13 0.91 0.23 0.64 0.59 0.59 - 0.03 0.87 0.34 0.85 0.80 0.80 - 0.04 1.15 0.28 0.08 0.06 0.07 - 0.00 0.13 0.02 0.07 0.06 0.06 - 0.01 0.11 0.01 0.00 0.00 0.00 + 0.00 0.14 0.00 1.69 1.38 1.67 + 0.25 2.20 0.65 2.26 1.87 2.25 + 0.35 2.85 0.39 0.52 0.40 0.51 + 0.02 0.53 0.16 0.10 0.00 0.10 + 0.03 0.26 0.04 0.28 0.19 0.21 - 0.05 0.50 0.19 0.07 0.06 0.06 - 0.01 0.20 0.01 0.18 0.09 0.18 + 0.09 0.25 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 1.85 1.67 1.85 + 0.16 10.45 0.55 0.08 0.00 0.08 - 0.02 0.12 0.04 3.18 3.00 3.04 + 0.01 4.39 2.00 0.85 0.76 0.83 + 0.07 0.97 0.33 0.62 0.58 0.62 + 0.04 0.84 0.25 1.74 1.50 1.59 + 0.04 3.50 0.35 1.30 1.15 1.30 + 0.08 1.96 1.14 5.35 5.15 5.26 + 0.06 6.62 3.80 6.74 6.36 6.40 - 0.12 7.15 2.98 0.17 0.15 0.15 - 0.01 0.29 0.04 0.35 0.29 0.33 + 0.02 0.52 0.19 0.27 0.23 0.24 + 0.01 0.41 0.13 0.06 0.05 0.05 - 0.01 0.08 0.03

M Macarthur Mnl V 4809 0.09 0.07 0.08 + 0.01 0.18 0.02 Macarthur Mnl* O 541 0.07 0.05 0.07 + 0.00 0.14 0.02 MacMillan Mnls V 208 1.65 1.33 1.61 + 0.28 1.65 0.30 MAG Silver T 1879 16.45 13.18 14.78 + 0.74 23.32 8.79 Magellan Gold* O 585 0.28 0.08 0.15 + 0.04 0.35 0.04 MagIndustries* O 71 0.02 0.00 0.00 + 0.00 0.05 0.00 Majescor Res* O 3 0.06 0.05 0.05 - 0.01 0.09 0.02 Majescor Res V 467 0.08 0.08 0.08 - 0.01 0.15 0.02 Majestic Gold V 1839 0.08 0.07 0.07 - 0.01 0.10 0.05 Majestic Gold* O 20 0.06 0.04 0.06 + 0.01 0.07 0.03 Makena Res* O 316 0.00 0.00 0.00 - 0.00 0.04 0.00 Makena Res V 276 0.02 0.01 0.02 + 0.01 0.05 0.01 Malbex Res V 153 0.36 0.00 0.35 + 0.01 0.46 0.25 Mandalay Res T 2887 0.84 0.73 0.80 + 0.05 1.35 0.59 Manganese X* O 115 0.15 0.11 0.14 + 0.03 0.13 0.09 Mangazeya Mng V 453 0.02 0.02 0.02 + 0.01 0.06 0.02 Marathon Gold T 964 0.60 0.48 0.59 + 0.08 0.83 0.14 Margaux Res V 452 0.31 0.25 0.27 - 0.02 0.36 0.11 Mariana Res* O 322 0.91 0.80 0.89 + 0.05 1.05 0.02 Mariana Res V 333 1.20 1.06 1.20 + 0.06 1.40 0.85 Marifil Mines V 271 0.02 0.01 0.02 + 0.01 0.04 0.01 Maritime Res V 125 0.15 0.14 0.14 - 0.01 0.31 0.08 Marlin Gold* O 184 0.46 0.37 0.43 + 0.06 0.54 0.10 Marlin Gold V 216 0.62 0.50 0.58 + 0.09 0.69 0.15 MartinMarietta* N 2010 233.76 220.78 221.53 - 3.58 236.41 108.31 Mason Graphite* O 61 0.99 0.94 0.95 - 0.01 1.21 0.21 Matamec Expl* O 30 0.03 0.03 0.03 + 0.00 0.07 0.01 Matica Ent 3560 0.02 0.02 0.02 + 0.01 0.05 0.01 Maudore Mnrls* O 138 0.00 0.00 0.00 - 0.00 0.01 0.00 Mawson Res* O 34 0.29 0.25 0.29 + 0.04 0.42 0.12 Mawson Res T 74 0.39 0.35 0.38 + 0.03 0.56 0.17 Maxwell Res* O 61 0.01 0.00 0.01 + 0.00 0.02 0.00 Maya Gold &Sil V 194 0.15 0.13 0.14 + 0.01 0.27 0.10 Mazarin V 517 0.03 0.02 0.03 + 0.01 0.04 0.01 MBAC Fertilizr V 44 2.25 2.05 2.20 - 0.02 5.00 0.90 McEwen Mng* N 20666 3.49 2.68 2.91 + 0.21 4.92 0.96 McEwen Mng T 2573 4.68 3.62 3.93 + 0.29 6.44 1.41 MDN Inc* O 52 0.57 0.56 0.56 - 0.00 0.92 0.05 Meadow Bay Gd T 226 0.05 0.05 0.05 + 0.01 0.14 0.05 Meadow Bay Gd* O 204 0.04 0.03 0.03 - 0.01 0.11 0.03 Mechel* N 1881 6.00 5.61 5.73 - 0.16 6.74 1.23 Medallion Res* O 21 0.02 0.01 0.01 + 0.00 0.04 0.01 Medallion Res V 143 0.03 0.02 0.02 - 0.01 0.06 0.02 Medinah Mnrls* O 12762 0.01 0.00 0.01 + 0.00 0.02 0.00 Mega Copper V 18 0.20 0.12 0.20 + 0.09 0.20 0.02 Mega Uranium T 1419 0.15 0.13 0.14 - 0.01 0.20 0.06 Mega Uranium* O 363 0.12 0.10 0.10 - 0.01 0.15 0.04 Mercator Mnls* O 30 0.00 0.00 0.00 - 0.00 0.01 0.00 Merrex Gold V 8716 0.24 0.19 0.22 + 0.03 0.31 0.13 Merrex Gold* O 114 0.18 0.14 0.17 + 0.03 0.24 0.10 Mesa Expl V 29 0.06 0.05 0.06 + 0.01 0.17 0.01 MetalCorp V 210 0.03 0.02 0.03 + 0.01 0.04 0.01 Metalex Vent V 459 0.06 0.04 0.06 + 0.01 0.11 0.04 Metalla Rylty 99 0.41 0.38 0.39 - 0.01 0.45 0.02 Metalla Rylty* O 66 0.30 0.26 0.30 + 0.00 0.34 0.21 Metallic Mnrls* O 50 0.32 0.25 0.29 - 0.03 0.44 0.04 Metallic Mnrls V 150 0.39 0.31 0.39 + 0.04 0.59 0.05 Metallica Min* O 19 0.05 0.03 0.03 - 0.02 0.05 0.03 Metallis Res V 28 0.14 0.13 0.14 + 0.01 0.28 0.03 Metalo Manuf 4 0.57 0.47 0.57 + 0.10 1.50 0.26 Metals Creek V 411 0.07 0.06 0.07 + 0.01 0.20 0.06 Metals X* O 22 0.43 0.41 0.43 + 0.02 1.43 0.41 Mexus Gold* O 5645 0.16 0.10 0.15 - 0.01 0.24 0.00 MGX Minerals 1590 0.50 0.39 0.49 + 0.08 0.54 0.08 MGX Minerals* O 206 0.37 0.29 0.36 + 0.07 0.50 0.11 Midas Gold T 1111 0.90 0.66 0.87 + 0.20 1.22 0.25 Midas Gold* O 1297 0.68 0.47 0.64 + 0.15 0.95 0.02 Midland Expl V 95 1.15 1.04 1.10 + 0.02 1.25 0.45 Midnight Star 58 0.14 0.13 0.14 + 0.01 0.19 0.06 Midnight Sun V 270 0.19 0.17 0.18 + 0.01 0.24 0.08 Midway Gold* O 573 0.00 0.00 0.00 + 0.00 0.01 0.00 Millennial Lit* O 6 1.14 0.00 1.07 - 0.04 1.20 0.97 Millennial Lit V 417 1.51 1.41 1.41 - 0.05 2.45 0.06 Millrock Res* O 310 0.36 0.29 0.35 + 0.03 0.54 0.13 Millrock Res V 337 0.47 0.40 0.47 + 0.05 0.70 0.20 Milner Con Slv V 4 0.03 0.03 0.03 + 0.01 0.07 0.02 Minaurum Gold V 538 0.10 0.09 0.09 - 0.01 0.14 0.04 Minco Gold* X 411 0.21 0.19 0.20 + 0.00 0.42 0.12 Minco Gold T 20 0.27 0.23 0.27 + 0.02 0.55 0.15 Minco Silver T 169 1.10 0.87 1.07 + 0.17 2.05 0.39 Minco Silver* O 107 0.81 0.65 0.76 + 0.11 1.54 0.27 Mineral Hill V 21 0.33 0.29 0.32 + 0.03 0.40 0.11 Mineral Mtn* O 65 0.23 0.22 0.23 + 0.02 0.38 0.04 Mineral Mtn V 186 0.31 0.26 0.28 - 0.01 0.49 0.08 Mirasol Res V 340 1.60 1.30 1.51 + 0.18 3.50 0.77 Monarca Mnrls V 683 0.02 0.02 0.02 - 0.01 0.10 0.01 Monarques Res* O 45 0.28 0.21 0.28 + 0.08 0.48 0.04 Monarques Res V 609 0.48 0.30 0.39 + 0.08 0.66 0.06 Moneta Porcpn* O 241 0.20 0.16 0.20 + 0.02 0.28 0.07 Moneta Porcpn T 914 0.26 0.23 0.26 + 0.02 0.36 0.11 Montan Mg V 451 0.06 0.05 0.06 + 0.01 0.10 0.02 Montan Mg* O 45 0.05 0.00 0.05 + 0.00 0.07 0.02 Montego Res 950 0.06 0.04 0.04 - 0.02 0.16 0.04 Monument Mng V 3115 0.10 0.08 0.10 + 0.02 0.19 0.07 Morumbi Res V 88 1.70 1.25 1.28 - 0.27 1.70 0.08 Mosaic* N 13794 30.38 28.80 29.33 + 0.15 31.54 22.02 Mount Gibson* O 5 2.68 2.62 2.62 - 0.06 2.68 2.16 Mountain Boy V 514 0.07 0.06 0.07 - 0.01 0.08 0.01 Mountain Boy* O 402 0.05 0.04 0.05 - 0.00 0.06 0.00 Mountain Prov* D 462 5.45 4.75 5.05 + 0.20 5.52 2.56 Mountain Prov T 456 6.90 6.39 6.72 + 0.17 7.18 3.69 Mundoro Cap V 234 0.15 0.13 0.15 + 0.01 0.23 0.06 Murchison Min 123 0.19 0.17 0.18 + 0.02 0.35 0.05 MX Gold V 15408 0.15 0.13 0.15 + 0.02 0.39 0.12 MX Gold* O 515 0.11 0.09 0.11 + 0.02 0.31 0.08

N-O NACCO Ind* N 37 Namibia Rare E T 1032 Natan Res V 158 Natural Res Pt* N 258 Nautilus Mnrls* O 1128 Nemaska Lith* O 104

94.60 90.15 90.55 - 0.85 99.55 40.75 0.06 0.05 0.05 - 0.01 0.14 0.04 0.22 0.20 0.20 - 0.02 0.40 0.05 34.34 31.95 32.30 - 1.25 40.00 5.00 0.12 0.10 0.11 - 0.01 0.24 0.08 0.93 0.89 0.92 + 0.03 1.50 0.26

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nemaska Lith T 1912 Nevada Copper T 543 Nevada Egy Mtl* O 1305 Nevada Egy Mtl V 918 Nevada Expl * O 238 Nevada Expl V 189 Nevada Sunrise* O 196 Nevada Sunrise V 432 Nevada Zinc V 128 Nevsun Res* X 3376 Nevsun Res T 1743 New Carolin Gd* O 1113 New Colombia* O 53384 New Gold* O 40 New Gold T 6465 New Gold* X 21827 New Jersey Mng* O 728 New Milln Iron* O 23 New Milln Iron T 2100 New Nadina* O 0 New World Res V 23 NewCastle Gold V 1783 NewCastle Gold* O 128 Newmarket Gold T 4442 Newmont Mng* N 39642 Newport Expl V 16 Newport Gold* O 47 Newstrike Res V 13 Nexgen Energy T 3315 Nexgen Energy* O 463 Next Gen Mtls* O 58 Next Gen Mtls 1350 Nexus Gold V 1635 Nexus Gold* O 173 NGEx Res* O 1 Nickel North V 94 Nicola Mg Inc* O 75 Nicola Mg Inc V 1269 Nighthawk Gold V 1316 Niobay Metals V 156 Niocorp Dev* O 286 Noka Res V 48 Nomad Ventures V 156 Noram Vent* O 40 Noram Vent V 455 Noranda Alum* O 143 Noront Res V 1006 North Am Nickl* O 1 North Am Pall T 24 North Am Pall* O 14 Northcliff Res T 973 Northisle C&G V 2679 Northn Empire V 391 Norvista Cap V 18 Nouveau Monde V 195 NovaGold Res T 1889 NovaGold Res* X 11927 Novo Res* O 243 Nrthn Freegold* O 33 Nrthn Freegold V 196 Nrthn Graphite V 578 Nrthn Graphite* O 355 Nrthn Lion V 32 Nrthn Mnrls &E* O 222 Nrthn Shield V 8264 Nrthn Superior V 55 Nrthn Vertex V 42 Nrthn Vertex* O 14 Nthn Dynasty* X 33251 Nthn Dynasty T 11923 Nthrn Sphere 446 Nubian Res V 203 NuLegacy Gold* O 1104 NuLegacy Gold V 1169 NV Gold V 18 NxGold Ltd V 109 O.T. Mining* O 37 OceanaGold T 9666 OceanaGold* O 45 Oceanus Res V 200 Oceanus Res* O 12 Olivut Res* O 79 Omineca Mg &Ml V 39 Opawica Expl V 36 Orbite Tech T 3019 Orbite Tech* O 68 Orca Gold V 454 Orca Gold* O 351 Orex Mnrls V 1443 Orex Mnrls* O 381 Orezone Gold V 580 Orezone Gold* O 188 Orla Mng Ltd V 288 Oroco Res* O 76 Oroco Res V 530 Orocobre T 233 Orofino Mnrls V 63 Oroplata Res* O 604 Orosur Mng T 313 Orsu Metals* O 6 Orvana Mnrls* O 16 Osisko Gold T 2346 Osisko Gold* N 1051 Osisko Mng Inc T 909 Otis Gold* O 116 Otis Gold V 213 OZ Minerals* O 11

1.25 1.20 1.24 + 0.04 1.97 0.36 0.78 0.73 0.77 + 0.01 1.10 0.45 0.08 0.06 0.07 - 0.00 0.20 0.06 0.10 0.09 0.09 - 0.01 0.26 0.05 0.27 0.22 0.24 + 0.01 0.56 0.18 0.35 0.31 0.32 + 0.02 0.72 0.24 0.20 0.17 0.20 + 0.02 0.37 0.11 0.27 0.22 0.26 + 0.02 0.47 0.15 0.55 0.49 0.50 - 0.05 0.80 0.24 3.20 3.08 3.09 - 0.08 3.80 2.27 4.33 4.14 4.15 - 0.14 4.81 3.27 0.05 0.04 0.05 + 0.00 0.12 0.04 0.02 0.01 0.02 + 0.00 0.05 0.00 0.04 0.03 0.04 + 0.01 0.17 0.03 5.05 4.23 4.71 + 0.44 7.87 2.56 3.77 3.11 3.50 + 0.34 6.04 1.76 0.12 0.09 0.12 + 0.01 0.15 0.05 0.12 0.11 0.12 + 0.01 0.15 0.04 0.18 0.15 0.16 - 0.01 0.26 0.05 0.06 0.00 0.06 + 0.00 0.11 0.06 0.09 0.08 0.09 + 0.01 0.16 0.02 0.78 0.64 0.73 + 0.05 1.30 0.22 0.57 0.47 0.54 + 0.03 0.96 0.18 7.49 6.49 7.02 + 0.36 10.67 2.80 36.09 31.45 34.07 + 1.61 46.07 16.05 0.30 0.00 0.30 + 0.01 0.38 0.19 0.06 0.04 0.06 + 0.02 0.06 0.00 0.13 0.11 0.12 - 0.02 0.19 0.02 2.33 2.23 2.33 + 0.03 2.86 0.68 1.73 1.62 1.72 + 0.03 2.25 0.47 0.19 0.17 0.18 - 0.01 0.29 0.07 0.28 0.23 0.27 + 0.04 0.42 0.09 0.09 0.08 0.09 + 0.01 0.12 0.04 0.07 0.06 0.07 + 0.01 0.08 0.05 0.90 0.89 0.89 - 0.01 1.14 0.41 0.06 0.03 0.05 + 0.02 0.06 0.01 0.12 0.11 0.11 - 0.01 0.39 0.03 0.17 0.15 0.16 + 0.01 0.54 0.05 0.46 0.36 0.44 + 0.05 0.61 0.07 0.78 0.73 0.75 + 0.02 1.25 0.08 0.60 0.53 0.57 + 0.01 0.87 0.37 0.05 0.04 0.05 + 0.01 0.21 0.04 0.26 0.21 0.22 - 0.01 0.40 0.10 0.05 0.04 0.04 - 0.01 0.06 0.04 0.06 0.05 0.06 - 0.01 0.13 0.01 0.04 0.02 0.02 + 0.00 0.37 0.01 0.26 0.23 0.25 + 0.01 0.51 0.23 0.07 0.00 0.06 - 0.00 0.11 0.05 5.50 5.10 5.36 + 0.26 6.49 3.91 4.10 3.73 3.98 + 0.22 5.06 2.71 0.11 0.09 0.10 - 0.01 0.15 0.08 0.18 0.13 0.17 + 0.02 0.18 0.02 0.15 0.12 0.15 + 0.01 0.27 0.08 0.19 0.15 0.15 - 0.04 0.30 0.08 0.24 0.22 0.23 - 0.01 0.38 0.13 6.57 5.31 6.14 + 0.67 9.56 5.09 4.90 3.92 4.56 + 0.51 7.29 3.50 0.62 0.57 0.60 + 0.02 1.41 0.37 0.19 0.15 0.19 + 0.01 0.23 0.02 0.29 0.21 0.28 + 0.01 0.29 0.04 0.31 0.24 0.28 + 0.03 0.63 0.16 0.23 0.17 0.20 + 0.01 0.47 0.12 0.28 0.26 0.28 + 0.02 0.32 0.10 0.03 0.00 0.02 - 0.00 0.05 0.02 0.07 0.05 0.06 - 0.01 0.30 0.01 0.04 0.00 0.04 - 0.01 0.06 0.01 0.44 0.41 0.41 - 0.02 0.52 0.16 0.34 0.32 0.33 + 0.01 0.42 0.17 2.50 1.72 2.07 + 0.18 2.50 0.20 3.12 2.34 2.77 + 0.23 3.12 0.28 0.75 0.43 0.75 + 0.05 0.75 0.17 0.15 0.10 0.15 + 0.04 0.23 0.01 0.23 0.00 0.23 + 0.05 0.41 0.00 0.31 0.23 0.30 + 0.07 0.54 0.08 0.25 0.00 0.25 + 0.02 0.48 0.03 0.42 0.33 0.42 + 0.09 0.45 0.07 0.04 0.03 0.04 + 0.01 0.09 0.02 4.15 3.38 3.91 + 0.40 5.56 2.50 3.10 2.36 2.83 + 0.43 4.26 1.73 0.24 0.21 0.23 + 0.02 0.35 0.14 0.16 0.13 0.16 - 0.01 0.26 0.11 0.12 0.10 0.10 - 0.01 0.30 0.06 0.06 0.00 0.06 + 0.01 0.11 0.03 0.09 0.08 0.08 - 0.01 0.16 0.02 0.31 0.28 0.29 - 0.02 0.49 0.20 0.23 0.21 0.21 - 0.01 0.37 0.15 0.37 0.32 0.34 + 0.02 0.55 0.12 0.29 0.20 0.26 + 0.02 0.44 0.08 0.29 0.24 0.27 + 0.03 1.38 0.14 0.22 0.18 0.19 + 0.00 1.02 0.05 0.55 0.47 0.53 + 0.04 1.28 0.22 0.41 0.34 0.38 + 0.02 0.99 0.16 1.28 1.20 1.25 - 0.03 1.75 0.10 0.02 0.02 0.02 + 0.00 0.05 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 4.44 4.08 4.35 + 0.23 4.92 2.15 0.10 0.08 0.10 + 0.02 0.25 0.06 0.20 0.17 0.20 + 0.01 2.04 0.16 0.23 0.19 0.23 + 0.04 0.38 0.10 0.02 0.00 0.02 + 0.01 0.04 0.01 0.19 0.15 0.19 + 0.02 0.29 0.07 13.55 12.12 13.09 + 0.85 18.64 11.90 10.09 8.92 9.72 + 0.68 14.74 8.88 2.63 2.14 2.44 + 0.21 3.42 0.96 0.23 0.18 0.19 - 0.03 0.32 0.05 0.30 0.25 0.25 - 0.05 0.42 0.07 5.63 0.00 5.50 - 0.13 6.20 2.29

Pac Booker Min* O 16 Pac Gold* O 39163 Pac Imperial V 276 Pac North West* O 13 Pac Ridge Expl V 127 Pac Ridge Expl* O 171 Pac Topaz V 25 Paget Mrnls V 89 Paget Mrnls* O 56 Paladin Energy T 6065 Palamina Corp V 129 Palamina Corp* O 23 Pan Am Silver* D 9434 Pan Am Silver T 1295 Pancontinental* O 59 Pancontinental V 433 Panoro Mnrls V 548 Para Resources V 349 Parallel Mng V 473 Paramount Gold* X 168 Passprt Potash* O 745 Patriot Gold* O 164 Peabody Enrgy* O 5228 Peat Res V 412 Pelangio Expl V 355 Pele Mtn Res* O 100 Peloton Mnrls* O 5 Peregrine Diam T 247 Perseus Mng T 1849 Pershing Gold* D 614 Pershing Gold T 8 Philex Mng* O 19 Philippine Mtl* O 1 Philippine Mtl V 45 Pilot Gold T 668 Pilot Gold* O 631 Pine Cliff En* O 213 Pine Cliff En T 1200 Pistol Bay Mng V 292 Pitchblack Res V 97 Pitchblack Res* O 0 PJSC Polyus Gd* O 2 Planet Mng V 181 Plata Latina V 277 Plate Res V 115 Plateau Uran V 288 Plateau Uran* O 19 Platinex V 782

0.70 0.55 0.70 + 0.15 1.61 0.45 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.05 0.01 0.02 0.02 0.02 - 0.00 0.06 0.00 0.09 0.07 0.07 + 0.01 0.11 0.02 0.06 0.05 0.05 - 0.01 0.08 0.02 0.20 0.17 0.20 + 0.03 0.29 0.08 0.07 0.04 0.07 + 0.03 0.09 0.01 0.05 0.03 0.05 + 0.02 0.05 0.03 0.09 0.08 0.09 + 0.01 0.27 0.07 0.16 0.14 0.15 - 0.01 0.25 0.07 0.11 0.10 0.10 - 0.00 0.19 0.08 16.19 14.12 15.07 + 0.77 21.59 5.38 21.71 19.11 20.25 + 0.92 27.56 7.85 0.07 0.05 0.07 + 0.01 0.10 0.00 0.09 0.07 0.09 + 0.02 0.16 0.01 0.19 0.17 0.19 + 0.01 0.21 0.09 0.27 0.19 0.27 + 0.06 0.36 0.08 0.09 0.08 0.09 + 0.01 0.18 0.05 1.78 1.62 1.78 + 0.12 2.93 0.96 0.00 0.00 0.00 + 0.00 0.01 0.00 0.09 0.07 0.08 - 0.01 0.23 0.05 8.20 4.15 5.00 - 2.46 18.75 0.55 0.03 0.02 0.03 + 0.01 0.07 0.01 0.04 0.04 0.04 + 0.01 0.08 0.02 0.02 0.01 0.02 - 0.00 0.04 0.01 0.07 0.05 0.07 + 0.02 0.12 0.04 0.21 0.20 0.20 - 0.01 0.32 0.09 0.35 0.29 0.31 + 0.01 0.67 0.27 3.45 3.10 3.27 + 0.06 5.02 3.10 4.80 4.20 4.36 - 0.01 5.52 4.20 0.15 0.00 0.15 - 0.03 0.21 0.05 0.01 0.00 0.01 - 0.04 0.07 0.01 0.04 0.00 0.04 + 0.02 0.18 0.03 0.50 0.43 0.45 + 0.02 0.95 0.22 0.38 0.31 0.33 + 0.01 0.72 0.06 0.83 0.81 0.81 + 0.00 0.89 0.51 1.14 1.08 1.13 + 0.04 1.22 0.61 0.07 0.06 0.06 - 0.01 0.14 0.02 0.10 0.00 0.07 - 0.03 0.16 0.05 0.05 0.00 0.05 - 0.00 0.12 0.03 36.76 0.00 36.32 - 0.18 37.59 18.67 0.05 0.04 0.05 + 0.01 0.08 0.02 0.03 0.03 0.03 - 0.01 0.12 0.02 0.08 0.02 0.06 + 0.04 0.14 0.04 0.27 0.24 0.25 + 0.01 0.45 0.17 0.21 0.18 0.18 - 0.01 0.35 0.12 0.15 0.14 0.14 - 0.01 0.17 0.01

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Platinum Gp Mt* X 2068 Platinum Gp Mt T 442 Plato Gold V 440 Playfair Mng V 1185 PNG Gold V 310 Polaris Mater T 197 PolyMet Mng* X 1152 PolyMet Mng T 29 Portage Res* O 907 Portofino Res V 160 Potash Corp SK* N 16528 Potash Corp SK T 6378 Potash Ridge T 778 Potash Ridge* O 124 PPX Mining V 269 PPX Mining* O 117 Precipitate Gl V 294 Premier Gold M T 4218 Premium Expl* O 48 Pretium Res* N 10028 Pretium Res T 1993 Primero Mng T 4284 Primero Mng* N 16659 Probe Metals V 239 Probe Metals* O 35 Prophecy Coal T 27 Prophecy Coal* O 15 Prospect Glob* O 30 Prospector Res* O 0 Prosper Gold V 270 Prospero Silvr V 29 PUF Vent Inc 540 PUF Vent Inc * O 72 Puma Expl V 705 Pure Energy* O 1077 Pure Energy V 1569 Pure Gold Mg* O 185 Pure Gold Mg V 1219 Pure Nickel* O 32 QMC Quantum Ml V 494 QMX Gold* O 48 QMX Gold V 559 Quaterra Res* O 1263 Quaterra Res V 367 Quest Rare Mnl* O 76 Quest Rare Mnl T 449 Quinto Real V 102

1.55 1.40 1.43 - 0.03 4.04 0.96 2.10 1.89 1.94 - 0.03 5.25 1.35 0.01 0.01 0.01 - 0.01 0.03 0.01 0.06 0.05 0.06 + 0.01 0.18 0.02 0.10 0.09 0.10 + 0.01 0.31 0.03 1.30 1.21 1.21 - 0.04 1.75 1.00 0.78 0.74 0.74 - 0.03 1.28 0.68 1.03 1.00 1.00 - 0.02 1.71 0.93 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.06 0.07 + 0.01 0.12 0.06 18.77 17.90 18.09 + 0.07 19.88 14.64 25.49 24.18 24.29 - 0.11 26.14 19.93 0.29 0.26 0.29 + 0.02 0.50 0.06 0.21 0.19 0.20 + 0.01 0.38 0.04 0.11 0.08 0.11 + 0.01 0.16 0.03 0.09 0.06 0.09 + 0.03 0.13 0.02 0.22 0.17 0.22 + 0.04 0.37 0.06 2.78 2.30 2.56 + 0.20 5.05 1.87 0.02 0.00 0.01 - 0.01 0.04 0.00 8.96 7.19 8.24 + 0.90 12.41 4.00 12.02 9.74 11.12 + 1.20 16.17 5.74 1.12 0.96 1.06 + 0.08 3.78 0.94 0.83 0.70 0.79 + 0.06 2.73 0.70 1.41 1.23 1.35 + 0.05 2.18 0.34 1.04 0.94 1.04 + 0.10 1.66 0.24 5.15 3.79 5.00 + 1.20 5.48 1.00 3.81 2.65 3.72 + 1.07 4.05 0.64 0.04 0.04 0.04 - 0.00 0.20 0.03 0.34 0.00 0.34 + 0.33 0.34 0.01 0.22 0.18 0.20 + 0.02 0.44 0.10 0.28 0.27 0.28 + 0.02 0.38 0.05 0.25 0.22 0.24 + 0.01 0.39 0.04 0.19 0.15 0.17 - 0.01 0.24 0.03 0.08 0.06 0.08 + 0.02 0.11 0.03 0.50 0.43 0.43 - 0.03 0.91 0.34 0.65 0.57 0.57 - 0.05 1.15 0.46 0.41 0.33 0.39 + 0.06 0.60 0.07 0.55 0.43 0.52 + 0.09 0.77 0.09 0.01 0.01 0.01 + 0.00 0.03 0.00 0.06 0.04 0.06 + 0.03 0.09 0.01 0.13 0.00 0.13 + 0.02 0.13 0.01 0.18 0.13 0.17 + 0.02 0.18 0.01 0.06 0.05 0.05 - 0.00 0.07 0.03 0.08 0.07 0.08 + 0.01 0.10 0.05 0.12 0.10 0.11 - 0.00 0.20 0.03 0.17 0.15 0.15 - 0.01 0.25 0.06 0.10 0.08 0.09 - 0.01 0.20 0.03

Radisson Mng V 97 Radius Gold V 52 Rainforest Res* O 36 Rainmaker Res* O 25 Rambler Ml &Mg V 63 Randgold Res* O 1 Randgold Res* D 4459 Rapier Gold V 107 Raptor Res* O 1329 Rare Element* O 1402 Rathdowney Res V 45 RB Energy* O 76 Red Eagle Mng T 927 Red Eagle Mng* O 208 Red Moon Res V 173 Red Pine Expl V 1641 Red Tiger Mng V 120 Redhawk Res T 345 Redstar Gold V 3652 Redstar Gold* O 723 Redzone Res V 75 Regulus Res V 67 Renaissance Gd* O 154 Renaissance Gd V 300 Resolve Vent V 100 Resource Cap V 261 Resource Cap* O 34 Reunion Gold V 151 Revelo Res V 814 Richmont Mines* X 2009 Richmont Mines T 1700 Rimrock Gold* O 481131 Rio Novo Gold T 147 Rio Silver V 265 Rio Tinto* N 8428 Rio Tinto* O 23 Rise Res Inc 218 Rise Res Inc* O 130 Riverside Res V 268 Riverside Res* O 72 RJK Explor V 403 Rochester Res V 8 Rock Tech Lith* O 5 Rock Tech Lith V 24 Rockcliff Cop* O 35 Rockland Mnls V 295 Rockridge Cap V 169 Rockshield Cap 209 Rockwell Diam* O 79 Rockwell Diam T 2086 Rodinia Lithm V 525 Rogue Res* O 6 Rogue Res V 116 Rokmaster Res V 270 Romios Gold Rs V 1170 Romios Gold Rs* O 732 Roxgold V 1165 Roxgold* O 43 Royal Gold* D 3636 Royal Nickel* O 325 Royal Nickel T 2099 Royal Std Mnrl* O 67 RT Minerals V 299 RTG Mining T 27 Rubicon Mnrls T 647 Rugby Mng V 59 Running Fox Rs* O 110 Rupert Res V 254 Rusoro Mng* O 76 Rusoro Mng V 408 Rye Patch Gold* O 555 Rye Patch Gold V 1686

0.17 0.15 0.17 + 0.02 0.20 0.10 0.11 0.09 0.11 + 0.02 0.17 0.05 6.47 4.09 4.59 - 0.71 8.25 0.30 0.05 0.05 0.05 - 0.00 0.14 0.05 0.16 0.15 0.16 + 0.01 0.16 0.05 79.83 0.00 77.90 + 3.35 120.75 64.70 80.60 71.42 76.34 + 4.50 126.55 59.96 0.12 0.10 0.11 + 0.01 0.17 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.04 0.06 + 0.03 0.28 0.00 0.30 0.26 0.28 + 0.02 0.33 0.12 0.00 0.00 0.00 - 0.00 0.01 0.00 0.75 0.65 0.75 + 0.09 1.05 0.63 0.56 0.50 0.55 + 0.04 0.91 0.19 0.04 0.04 0.04 - 0.01 0.09 0.02 0.14 0.11 0.14 + 0.02 0.24 0.03 0.03 0.03 0.03 - 0.01 0.10 0.03 0.05 0.04 0.05 + 0.01 0.09 0.04 0.15 0.12 0.15 + 0.02 0.17 0.03 0.11 0.08 0.11 + 0.02 0.15 0.02 0.12 0.10 0.11 - 0.02 0.32 0.06 1.23 1.16 1.20 + 0.01 1.87 0.19 0.26 0.20 0.23 - 0.00 0.52 0.08 0.35 0.27 0.31 - 0.01 0.66 0.11 0.03 0.03 0.03 + 0.01 0.30 0.02 0.23 0.21 0.22 - 0.01 0.35 0.02 0.18 0.15 0.16 - 0.01 0.26 0.02 0.05 0.04 0.04 - 0.01 0.08 0.01 0.08 0.06 0.07 + 0.01 0.12 0.05 7.15 5.60 6.50 + 0.85 11.66 3.01 9.61 7.59 8.72 + 1.09 15.01 4.39 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.10 0.12 - 0.01 0.30 0.07 0.09 0.07 0.09 + 0.01 0.18 0.02 39.51 37.96 38.46 + 0.34 42.61 21.89 44.18 41.62 42.92 - 1.26 47.00 25.47 0.28 0.24 0.26 + 0.02 0.35 0.11 0.21 0.17 0.21 + 0.03 0.40 0.08 0.50 0.40 0.46 + 0.06 0.54 0.12 0.37 0.29 0.35 + 0.05 0.41 0.08 0.10 0.08 0.10 + 0.01 0.25 0.05 0.07 0.00 0.07 + 0.01 0.11 0.03 0.64 0.61 0.64 + 0.03 0.83 0.04 0.90 0.00 0.89 + 0.03 1.45 0.05 0.08 0.07 0.07 - 0.00 0.12 0.01 0.09 0.06 0.08 + 0.02 0.11 0.01 0.43 0.39 0.43 + 0.04 0.57 0.05 0.10 0.08 0.08 - 0.02 0.16 0.04 0.05 0.03 0.03 - 0.01 0.09 0.03 0.07 0.05 0.05 - 0.01 0.14 0.04 0.11 0.00 0.09 - 0.01 0.16 0.08 0.51 0.00 0.48 - 0.03 0.51 0.25 0.68 0.56 0.67 + 0.07 1.50 0.32 0.06 0.05 0.06 + 0.01 0.08 0.01 0.06 0.05 0.05 + 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.08 0.01 1.29 1.14 1.21 + 0.04 1.76 0.69 0.96 0.86 0.91 + 0.05 1.35 0.49 68.40 61.37 63.35 + 1.06 87.74 24.68 0.22 0.19 0.22 + 0.01 0.50 0.10 0.29 0.26 0.28 + 0.01 0.63 0.12 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.30 0.05 0.24 0.21 0.24 + 0.04 0.70 0.21 1.90 1.30 1.87 + 0.39 2.00 1.30 0.30 0.26 0.29 + 0.03 0.58 0.03 0.02 0.01 0.01 - 0.00 0.03 0.01 0.84 0.64 0.79 + 0.11 0.99 0.02 0.18 0.16 0.18 + 0.01 0.31 0.04 0.24 0.22 0.24 + 0.03 0.41 0.05 0.24 0.17 0.23 + 0.04 0.37 0.08 0.32 0.23 0.31 + 0.06 0.47 0.12

Sabina Gd&Slvr T 2525 Sabina Gd&Slvr* O 1665 Sage Gold V 1202 Saint Jean V 2695 Saint Jean* O 102 Salazar Res V 148 Sama Res V 220 Samco Gold V 290 Samex Mng* O 225 San Marco Res* O 117 San Marco Res V 397 Sanatana Diam V 92 Sandspring Res V 608 Sandspring Res* O 177 Sandstorm Gold* X 8500 Sandstorm Gold T 1636 Sandy Lake Gld V 47 Santa Fe Gold* O 1766 Santacruz Silv V 1183 Sarama Res V 255 Sarissa Res* O 359 Satori Res V 242 Satori Res* O 1 Savary Gold* O 16 Savary Gold V 336 Scandium Int M* O 69 Scorpio Gold V 956 ScoZinc Mg V 1 ScoZinc Mg* O 1 Seabridge Gld* N 3506 Seabridge Gld T 564 Search Mnls V 393 Searchlight* O 1662 Select Sands V 1704

1.03 0.87 0.98 + 0.11 1.87 0.54 0.77 0.61 0.74 + 0.10 1.55 0.38 0.16 0.12 0.14 - 0.01 0.16 0.03 0.07 0.06 0.06 - 0.01 0.09 0.03 0.06 0.05 0.05 - 0.00 0.06 0.02 0.12 0.11 0.11 - 0.01 0.16 0.05 0.08 0.07 0.08 + 0.01 0.16 0.07 0.03 0.02 0.03 + 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.14 0.12 0.12 - 0.02 0.22 0.05 0.19 0.16 0.18 - 0.01 0.30 0.02 0.02 0.02 0.02 - 0.01 0.04 0.01 0.43 0.36 0.39 + 0.01 0.94 0.11 0.32 0.26 0.29 + 0.01 0.72 0.08 4.26 3.38 3.90 + 0.42 6.75 1.94 5.71 4.58 5.27 + 0.59 8.73 2.82 0.06 0.00 0.05 - 0.01 0.59 0.04 0.06 0.03 0.05 - 0.01 0.08 0.00 0.32 0.25 0.31 + 0.06 0.63 0.09 0.21 0.18 0.20 + 0.02 0.55 0.06 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.12 0.14 + 0.01 0.18 0.03 0.11 0.10 0.10 - 0.01 0.13 0.04 0.08 0.07 0.07 - 0.00 0.12 0.05 0.11 0.09 0.10 + 0.01 0.15 0.03 0.20 0.19 0.20 - 0.00 0.23 0.08 0.09 0.07 0.09 + 0.02 0.11 0.05 0.86 0.00 0.85 - 0.14 1.15 0.40 0.63 0.62 0.63 + 0.00 0.89 0.37 8.69 7.35 8.15 + 0.60 15.88 5.46 11.70 10.07 11.04 + 0.75 20.71 7.99 0.08 0.06 0.06 - 0.01 0.10 0.05 0.11 0.05 0.07 + 0.02 0.19 0.01 1.20 0.87 1.15 + 0.12 1.21 0.20

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JANUARY 9–22, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Semafo T 7903 Sennen Potash V 238 Serengeti Res V 850 SG Spirit Gold V 291 Shear Diamonds* O 1 Sherritt Intl T 3337 Shore Gold T 561 Sibanye Gold* N 10223 Sienna Res V 702 Sierra Metals T 39 Sierra Metals* O 7 Signature Res* O 12 Signature Res V 102 Silver Bull Re* O 1026 Silver Bull Re T 751 Silver Falcon* O 350 Silver Grail V 60 Silver Predatr V 13 Silver Pursuit V 181 Silver Range V 364 Silver Scott* O 3 Silver Std Res T 1917 Silver Std Res* D 9072 Silver Wheaton T 5961 Silver Wheaton* N 28442 Silvercorp Met T 3176 Silvercorp Met* O 994 SinoCoking Cl* D 62 Sirios Res V 2052 Skeena Res* O 277 Skyharbour Res V 385 Skyharbour Res* O 81 Slam Explor V 242 Sokoman Iron V 329 Solitario Ex&R T 14 Solitario Ex&R* X 118 Sonora Gld & S V 307 Sonoro Mtls V 116 Source Expl V 37 Source Expl * O 8 Southern Arc V 33 Southern Arc* O 30 Southern Copp* N 3090 Southern Lith V 253 Southern Silvr* O 271 Southern Silvr V 379 Spanish Mtn Gd* O 220 Spanish Mtn Gd V 857 Sparton Res* O 129 Sphinx Res V 1113 St Augustine T 272 St Elias Mns* O 193 Stakeholdr Gld V 94 Stakeholdr Gld* O 30 Standard Graph V 593 Standard Graph* O 62 Standard Metal* O 85 Stans Energy* O 280 Starcore Intl T 1087 Starr Peak Exp V 57 Stelmine Can V 143 Stillwater Mg* N 11823 Stina Res* O 30 Stina Res 313 Stockport Expl* O 28 Stockport Expl V 108 Stonegate Agri* O 394 Stratabd Mnr V 132

4.72 3.84 4.42 + 0.47 7.46 3.19 0.10 0.09 0.10 + 0.01 0.18 0.09 0.14 0.12 0.14 + 0.02 0.33 0.02 0.16 0.14 0.16 + 0.01 0.20 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 1.44 1.30 1.33 - 0.09 1.57 0.53 0.18 0.17 0.18 + 0.01 0.25 0.17 7.62 6.47 7.06 + 0.37 20.97 6.09 0.12 0.10 0.12 + 0.01 0.27 0.02 2.06 1.98 2.06 + 0.07 2.35 0.95 1.58 0.00 1.56 - 0.01 1.69 0.69 0.10 0.09 0.09 - 0.02 0.10 0.07 0.13 0.12 0.12 - 0.01 0.14 0.02 0.12 0.09 0.11 + 0.01 0.21 0.02 0.14 0.12 0.14 + 0.01 0.28 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.06 0.06 - 0.01 0.16 0.02 0.05 0.04 0.05 + 0.01 0.12 0.01 0.12 0.11 0.12 + 0.02 0.13 0.02 0.15 0.13 0.15 + 0.01 0.24 0.03 0.03 0.03 0.03 - 0.00 0.04 0.00 13.19 10.81 12.01 + 1.04 20.48 5.28 9.82 7.97 8.92 + 0.81 15.84 3.66 28.07 23.50 25.94 + 2.20 40.80 14.51 20.89 17.35 19.32 + 1.77 31.35 10.04 3.54 2.83 3.13 + 0.29 4.73 0.60 2.64 2.07 2.35 + 0.25 3.67 0.41 2.75 2.42 2.51 - 0.11 7.69 1.66 0.52 0.36 0.45 + 0.01 1.42 0.08 0.07 0.05 0.05 - 0.01 0.15 0.04 0.34 0.29 0.33 + 0.03 0.42 0.08 0.26 0.22 0.25 + 0.03 0.32 0.18 0.04 0.00 0.04 + 0.01 0.15 0.03 0.06 0.04 0.06 + 0.01 0.13 0.01 0.86 0.82 0.83 - 0.01 1.29 0.58 0.68 0.61 0.62 - 0.02 0.95 0.41 0.13 0.08 0.13 + 0.05 0.13 0.01 0.12 0.00 0.11 + 0.01 0.16 0.04 0.16 0.00 0.15 + 0.02 0.50 0.10 0.11 0.11 0.11 - 0.00 0.21 0.11 0.50 0.00 0.50 + 0.04 1.09 0.24 0.39 0.32 0.35 + 0.01 0.75 0.17 32.72 31.84 31.94 - 0.15 35.01 21.55 0.25 0.21 0.23 + 0.01 0.49 0.01 0.27 0.19 0.26 + 0.04 0.52 0.02 0.36 0.29 0.33 + 0.03 0.66 0.03 0.10 0.06 0.10 + 0.03 0.17 0.02 0.13 0.09 0.12 + 0.02 0.22 0.02 0.06 0.05 0.05 - 0.01 0.07 0.01 0.07 0.05 0.07 + 0.02 0.14 0.01 0.05 0.04 0.04 - 0.01 0.14 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.29 0.00 0.26 - 0.02 0.89 0.08 0.22 0.18 0.19 - 0.03 0.67 0.05 0.07 0.05 0.07 + 0.02 0.13 0.01 0.05 0.04 0.05 + 0.01 0.09 0.02 0.06 0.05 0.06 + 0.00 0.21 0.02 0.04 0.03 0.03 + 0.00 0.06 0.01 0.56 0.52 0.56 + 0.01 0.91 0.25 0.12 0.00 0.10 + 0.02 0.19 0.05 0.32 0.30 0.32 + 0.02 0.38 0.05 16.29 15.82 16.11 + 0.13 17.50 4.99 0.08 0.07 0.08 + 0.00 0.14 0.05 0.10 0.09 0.10 + 0.01 0.18 0.07 0.02 0.02 0.02 - 0.00 0.04 0.01 0.04 0.03 0.03 - 0.01 0.06 0.02 0.02 0.01 0.02 + 0.01 0.03 0.00 0.03 0.02 0.03 + 0.01 0.08 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strategic Metl V 497 Stratton Res V 124 Stria Lithium V 624 Strongbow Expl V 289 Stroud Res V 1249 Sultan Mnrls V 58 Suncor Energy T 7318 Suncor Energy* N 7930 Sunvest Mnrls* O 20 Sunvest Mnrls V 812 Sutter Gold V 318 Sutter Gold* O 309 Syrah Res* O 12

0.49 0.39 0.48 + 0.08 0.86 0.25 0.60 0.00 0.57 - 0.01 0.85 0.07 0.07 0.05 0.07 + 0.01 0.18 0.03 0.15 0.13 0.15 + 0.02 0.25 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.08 0.07 0.08 - 0.01 0.20 0.05 44.67 43.80 43.90 - 0.46 44.67 27.32 33.17 32.42 32.69 - 0.09 33.79 18.71 0.07 0.00 0.07 - 0.06 0.18 0.02 0.10 0.09 0.10 + 0.01 0.28 0.01 0.06 0.00 0.06 + 0.02 0.16 0.04 0.05 0.03 0.04 + 0.01 0.13 0.02 2.29 0.00 2.19 + 0.11 4.90 2.00

Tahoe Res* N 11266 Tahoe Res T 5908 Tajiri Res V 70 Taku Gold 21 Taku Gold* O 8 Talon Metals T 172 Tamino Mnrls* O 68 Tanager Energy V 179 Tanqueray Expl V 218 Tanzania Rlty T 342 Tanzania Rlty* X 3656 Taranis Res V 41 Tarku Res V 1136 Tartisan Res 500 Taseko Mines* X 1791 Teck Res T 6341 Teck Res* N 14073 Teck Res T 39 Telson Res * O 3 Telson Res V 27 Tembo Gold* O 47 Teranga Gold T 7092 Terraco Gold V 183 Terrax Mnrls* O 30 Terrax Mnrls V 825 Teryl Res Corp* O 143 Teslin Rvr Res V 578 Tesoro Mnrls V 53 Teuton Res* O 10 Texas Mineral* O 374 Thunder Mtn Gd* O 11 Thunderstruck V 1130 Till Capital* D 1 Timberline Res V 127 Timberline Res* O 245 Timmins Gold T 6370 Timmins Gold* X 5153 Tinka Res* O 202 Tinka Res V 1475 Tintina Res* O 123 Tirex Res* O 709 Tirex Res V 358 Titanium Corp V 374 TMAC Resource* O 15 TMAC Resources T 104 TNR Gold V 327 Toachi Mg Inc V 43 Tombstone Expl* O 2566 Tonogold Res* O 42 Torex Gold* O 222 Torex Gold T 2547 Transatlan Mng V 462

10.27 8.64 9.42 + 0.67 17.01 6.48 13.79 11.70 12.65 + 0.82 22.13 9.45 0.16 0.14 0.16 + 0.02 0.19 0.01 0.08 0.00 0.08 - 0.01 0.22 0.02 0.07 0.05 0.05 - 0.02 0.14 0.01 0.07 0.06 0.07 + 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.10 0.10 + 0.01 0.12 0.03 1.35 0.83 1.29 + 0.21 1.35 0.02 0.84 0.56 0.67 + 0.04 1.95 0.24 0.61 0.41 0.50 + 0.07 1.49 0.17 0.11 0.00 0.11 + 0.01 0.15 0.04 0.04 0.03 0.04 + 0.01 0.10 0.02 0.10 0.04 0.06 + 0.02 0.10 0.01 0.89 0.79 0.85 + 0.00 1.00 0.23 28.80 26.87 26.87 - 0.89 35.67 3.65 21.36 20.00 20.03 - 0.50 33.76 2.56 33.49 31.00 31.00 - 1.24 36.49 5.69 0.20 0.18 0.18 - 0.01 0.43 0.08 0.32 0.00 0.32 + 0.05 0.55 0.08 0.03 0.03 0.03 + 0.00 0.06 0.01 0.93 0.76 0.82 + 0.06 1.40 0.38 0.13 0.11 0.13 + 0.01 0.19 0.09 0.52 0.44 0.52 + 0.08 0.80 0.17 0.73 0.61 0.68 + 0.04 1.05 0.25 0.01 0.00 0.00 - 0.00 0.01 0.00 0.36 0.31 0.36 + 0.03 0.43 0.21 0.09 0.00 0.08 + 0.01 0.09 0.01 0.12 0.11 0.11 - 0.01 0.34 0.03 0.11 0.10 0.11 - 0.00 0.19 0.09 0.09 0.08 0.08 - 0.01 0.16 0.02 0.06 0.05 0.06 + 0.01 0.20 0.01 4.21 0.00 4.20 + 0.05 5.00 2.76 0.39 0.34 0.38 + 0.04 0.73 0.16 0.29 0.02 0.28 + 0.02 0.53 0.08 0.48 0.39 0.42 + 0.03 0.80 0.11 0.36 0.29 0.31 + 0.02 0.63 0.07 0.17 0.15 0.17 + 0.01 0.22 0.07 0.23 0.21 0.23 + 0.02 0.27 0.09 0.05 0.04 0.04 - 0.01 0.12 0.04 0.05 0.04 0.05 + 0.01 0.16 0.04 0.07 0.05 0.07 + 0.02 0.22 0.05 0.51 0.45 0.50 + 0.04 0.90 0.31 11.85 10.38 11.56 + 1.11 15.16 9.26 16.00 14.09 15.33 + 1.22 20.18 6.03 0.03 0.02 0.03 + 0.01 0.09 0.01 0.36 0.35 0.36 + 0.01 0.59 0.05 0.01 0.01 0.01 - 0.00 0.02 0.00 0.03 0.03 0.03 + 0.00 0.07 0.01 16.64 13.09 15.49 + 2.12 27.34 8.00 22.36 17.71 20.79 + 2.70 35.17 11.50 0.04 0.04 0.04 + 0.01 0.15 0.03

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Transition Mtl V 84 Treasury Metal T 490 Trecora Res* N 125 Tres-Or Res V 378 Trevali Mng* O 67 Trevali Mng T 3110 Tri Origin Exp V 276 Trigen Res V 82 Trilogy Mtls* X 446 Trilogy Mtls T 79 TriMetals Mng* O 91 TriMetals Mng* O 63 TriMetals Mng T 540 Trio Resources* O 411 TriStar Gold* O 24 TriStar Gold V 247 Troy Res* O 52 True Grit Res V 170 Trueclaim Expl V 713 Tsodilo Res V 17 Tudor Gold * O 35 Tudor Gold V 79 Tungsten Corp* O 1317 Turquoise HIl* N 8687 TVI Pacific* O 82 Typhoon Expl V 77

0.15 0.12 0.15 + 0.03 0.25 0.09 0.60 0.55 0.60 + 0.04 0.85 0.35 14.10 13.60 13.85 + 0.05 14.55 8.17 0.03 0.03 0.03 + 0.01 0.06 0.02 0.90 0.84 0.84 - 0.02 1.05 0.24 1.19 1.11 1.13 - 0.04 1.41 0.33 0.06 0.04 0.06 + 0.02 0.08 0.02 0.10 0.08 0.08 - 0.02 0.11 0.03 0.52 0.45 0.51 + 0.05 0.86 0.15 0.66 0.58 0.66 + 0.04 1.08 0.20 0.18 0.16 0.17 - 0.00 0.28 0.04 0.18 0.15 0.18 + 0.00 0.32 0.06 0.24 0.22 0.23 + 0.01 0.36 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.21 0.19 0.20 - 0.01 0.41 0.10 0.28 0.25 0.27 - 0.01 0.53 0.16 0.12 0.10 0.12 - 0.00 0.56 0.09 0.04 0.03 0.03 - 0.01 0.08 0.01 0.05 0.03 0.03 + 0.01 0.05 0.01 0.70 0.69 0.69 - 0.01 0.90 0.50 0.37 0.33 0.36 + 0.04 1.26 0.33 0.65 0.49 0.65 + 0.05 2.50 0.37 0.00 0.00 0.00 + 0.00 0.00 0.00 3.29 3.13 3.23 + 0.04 3.67 1.55 0.01 0.01 0.01 + 0.00 0.03 0.00 0.08 0.00 0.08 + 0.01 0.15 0.03

U.S. Lithium* O 1836 U3O8 Corp* O 764 U3O8 Corp T 8310 Ucore Rare Mtl* O 519 UEX Corp T 1896 Ultra Lithium* O 11 Unigold V 534 Unigold* O 16 United Res Hdg* O 271 United States A* X 779 United States S* N 49462 Ur-Energy* X 2532 Uracan Res* O 125 Uracan Res V 473 Uragold Bay Rs V 942 Uranium Energy* X 8211 Uranium Res* D 12486 Uranium Valley V 18 US Energy* D 978 US Precious M* O 2819 US Rare Earths* O 13 US Tungsten* O 22 Vale* N 31450 Vale* N 97118 ValGold Res V 70 Valley High Mg* O 15992 Valterra Res V 266 Valterra Res* O 51 Vanadiumcorp V 742 Vanadiumcorp* O 320 Vanstar Mng Rs V 472 Vedanta* N 995 Vela Minerals V 62 Vendetta Mng V 1170 Vendetta Mng* O 75 Vendome Res V 261 Venerable Vent V 30 Venture Mnrls* O 27 Verde Potash T 99

0.05 0.04 0.04 + 0.00 0.15 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02 0.24 0.22 0.24 + 0.01 0.35 0.16 0.25 0.22 0.25 + 0.02 0.29 0.14 0.15 0.13 0.13 - 0.02 0.27 0.09 0.34 0.24 0.33 + 0.05 0.69 0.12 0.25 0.17 0.25 + 0.08 0.51 0.08 0.03 0.01 0.01 - 0.02 0.05 0.01 0.31 0.22 0.25 - 0.04 0.60 0.16 37.28 32.93 33.01 - 2.77 39.14 6.15 0.56 0.50 0.53 + 0.01 0.73 0.41 0.06 0.04 0.04 - 0.01 0.08 0.01 0.07 0.06 0.06 - 0.01 0.10 0.02 0.15 0.13 0.14 + 0.01 0.31 0.05 1.15 1.00 1.12 + 0.10 1.47 0.65 1.64 1.27 1.37 - 0.04 7.80 0.97 0.23 0.19 0.19 - 0.04 0.35 0.04 1.58 1.20 1.28 - 0.24 3.03 0.73 0.00 0.00 0.00 + 0.00 0.03 0.00 0.15 0.00 0.06 - 0.08 0.27 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 7.32 6.64 6.89 + 0.10 8.30 1.55 8.19 7.54 7.62 - 0.09 9.34 2.13 0.03 0.03 0.03 + 0.01 0.08 0.01 0.01 0.01 0.01 + 0.01 0.02 0.00 0.05 0.04 0.05 + 0.02 0.09 0.01 0.04 0.02 0.04 + 0.01 0.07 0.00 0.07 0.06 0.07 + 0.01 0.08 0.03 0.05 0.04 0.05 + 0.00 0.06 0.02 0.07 0.05 0.06 - 0.01 0.10 0.03 12.78 12.36 12.42 - 0.30 14.40 3.52 0.04 0.04 0.04 - 0.01 0.08 0.03 0.19 0.15 0.19 + 0.02 0.19 0.05 0.14 0.12 0.13 + 0.01 0.14 0.08 0.13 0.11 0.13 + 0.02 0.35 0.05 0.17 0.11 0.14 - 0.03 0.18 0.05 0.02 0.02 0.02 - 0.00 0.04 0.01 0.26 0.22 0.26 + 0.02 0.48 0.13

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victoria Gold V 3543 Virginia Enrgy V 338 O 152 Virginia Enrgy* 792 Visible Gold M V Vista Gold* X 2339 Vista Gold T 144 Voltaic Min V 1451 Vulcan Mnrls V 120

0.15 0.56 + 0.11 0.80 0.58 0.43 0.04 0.06 + 0.01 0.08 0.07 0.05 0.02 0.03 - 0.00 0.06 0.04 0.00 0.03 0.00 0.03 + 0.01 0.07 0.02 0.27 0.96 + 0.07 2.09 1.04 0.87 0.39 1.28 + 0.09 2.73 1.38 1.18 0.05 0.08 - 0.01 0.52 0.08 0.08 0.02 0.05 + 0.01 0.08 0.05 0.04

Walker River V 747 O 2487 Walter Energy* 186 War Eagle Mg V Waseco Res V 187 Wealth Mnrls* O 380 Wealth Mnrls V 994 Wellgreen Plat T 476 O 279 Wellgreen Plat* T 675 Wesdome Gold 91 V West Af Res 122 West High Yld V West Kirkland V 856 111 West Red Lake* O 149 West Red Lake X 2450 Western Copper* T 1436 Western Copper O 6378 Western Graphi* 167 Western Pac Rs* O 301 Western Pac Rs V T 1290 Western Potash Western Uran 24 Western Uran* O 20 O 18 Westhaven Vent* V 988 Westhaven Vent V 120 Westminster Rs Westmoreland* D 814 O 23 WestMountain* 314 White Mtn Engy* O O 2 Whitehaven Coa* O 6 Wincash Apolo* 636 Winston Gld Mg 452 Winston Gld Mg* O Wolfden Res V 273 Wolfeye Res V 170 O 43 Wolverine Mnls* V 110 Wolverine Mnls O 97 Worldwide Res* V 232 Worldwide Res WPC Res* O 134 X-Terra Res V 44 Xiana Mng V 30 Ximen Mng* O 41 V 120 Xtierra Xtra-Gold Res T 72 O 84 Xtra-Gold Res* Yamana Gold T 24206 61230 Yamana Gold* N Yanzhou Coal* N 260 Yanzhou Coal* O 6 87 O Zadar Vent * Zena Mng V 41 Zenyatta Vent V 425 O 67 Zenyatta Vent* Zimtu Capital V 234 Zincore Mtls V 67 Zonte Mtls V 64

0.03 0.11 + 0.01 0.18 0.11 0.10 0.01 0.16 + 0.02 0.28 0.20 0.12 0.05 0.04 0.05 + 0.01 0.07 0.01 0.02 0.12 + 0.04 0.12 0.12 0.07 0.11 0.93 + 0.19 1.16 0.94 0.73 0.14 1.25 + 0.23 1.50 1.27 0.98 0.17 0.43 - 0.02 0.62 0.45 0.41 0.12 0.32 - 0.00 0.46 0.33 0.30 0.98 2.09 + 0.01 3.08 2.18 2.04 0.23 0.00 0.22 + 0.02 0.40 0.05 0.18 0.12 0.12 - 0.03 0.30 0.09 0.04 0.10 + 0.01 0.17 0.11 0.08 0.14 0.13 0.14 + 0.01 0.31 0.02 0.20 0.17 0.19 + 0.01 0.40 0.01 0.20 1.38 + 0.20 1.80 1.80 1.13 0.29 1.86 + 0.27 2.13 2.13 1.53 0.00 0.00 - 0.00 0.00 0.00 0.00 0.03 0.01 0.02 + 0.01 0.04 0.00 0.04 0.02 0.03 + 0.01 0.05 0.01 0.12 0.18 + 0.01 0.22 0.19 0.17 1.20 1.70 + 0.05 2.56 1.70 1.65 0.96 1.25 + 0.05 2.67 1.27 1.10 0.08 0.07 - 0.03 0.12 0.10 0.07 0.04 0.11 + 0.01 0.16 0.11 0.10 0.02 0.03 + 0.01 0.18 0.04 0.03 17.67 - 0.05 19.92 3.44 18.66 17.04 0.02 0.04 + 0.02 0.20 0.04 0.02 0.03 0.03 0.03 + 0.00 0.16 0.01 0.25 1.96 + 0.15 2.50 1.96 1.81 0.05 0.05 - 0.01 0.10 0.06 0.00 0.24 0.17 0.19 - 0.05 0.64 0.10 0.18 0.12 0.14 - 0.02 0.49 0.10 0.07 0.12 + 0.01 0.19 0.13 0.11 0.23 0.32 - 0.02 0.37 0.35 0.32 0.05 0.05 - 0.01 0.10 0.06 0.05 0.06 0.08 + 0.01 0.18 0.08 0.07 0.01 0.03 + 0.00 0.04 0.03 0.03 0.01 0.03 + 0.02 0.06 0.03 0.01 0.05 0.05 + 0.01 0.08 0.06 0.05 0.06 0.17 - 0.01 0.31 0.18 0.17 0.03 0.11 - 0.01 0.21 0.12 0.11 0.02 0.04 - 0.01 0.13 0.05 0.04 0.01 0.03 - 0.01 0.08 0.05 0.03 0.19 0.24 + 0.04 0.56 0.24 0.20 0.14 0.15 + 0.01 0.43 0.18 0.14 2.00 3.77 + 0.34 7.87 4.19 3.40 1.38 2.81 + 0.27 5.99 3.12 2.51 3.66 6.68 + 0.11 8.09 6.76 6.39 0.39 0.68 - 0.04 0.83 0.72 0.68 0.06 0.05 0.06 + 0.00 0.20 0.05 0.05 0.08 - 0.04 0.12 0.12 0.08 0.63 0.88 + 0.04 1.55 0.89 0.83 0.48 0.64 - 0.01 1.17 0.66 0.61 0.12 0.18 + 0.01 0.38 0.18 0.16 0.03 0.12 - 0.01 0.30 0.13 0.12 0.05 0.09 - 0.01 0.13 0.09 0.09

W-Z

BID-ASK — DECEMBER 27–30, 2016

STOCK

37 Capital One ABE Resources Acme Res Corp Advance Gold Afrasia Mnls African Metals Aftermath Slvr Aida Minerals Alberta Star Alchemist Mng Alderon Iron* Aldershot Res Alexandra Cap Allante Potash Alta Vista Vnt Altan Rio Mnls Amanta Res Anglo Pac Grp APAC Res Inc Arch Coal* Arco Res Arcturus Vents Ardonblue Vent Armor Mnrls Arrowstar Res Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Augyva Mng Aurania Res Balto Res Bandera Gold Baroyeca Go&Si Bearclaw Cap Benz Mining Benz Mining BHK Mining Big Wind Cap Bird River Res Bison Gold Res Black Bull Res BlackEagle Dev Blind Crk Res Bluenose Gold Boss Power Brunswick Res Buffalo Coal Cairo Res Cancana Res Candelaria Mg Canuc Res Carmax Mng Carrie Arran Cascade Res Cassidy Gold Cassius Vents Cava Res Chantrell Vent Chieftain Mtls Chinapintza Mg Cicada Vents CIM Intl Grp Cliffs Nat Res* CNRP Mng Colibri Res Comet Inds Compliance Egy Copper Reef Mg Corazon Gold Cresval Cap Cricket Res Curlew Lke Res CWN M’g Acq Cyprium Mng Damara Gold Declan Res Desert Gold DGS Mnls Dorex Mnrls Duncan Park H DV Resources EastCoal Inc Eastfield Res Enfield Expl European Metal Eurotin Excalibur Res Finlay Minrls Fire River Gol First Idaho Freeport Res

12-MONTH

EXC BID ASK LAST HIGH

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

0.10 0.40 0.15 0.25 0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.05 0.06 0.05 0.10 0.04 0.05 0.04 0.08 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.10 0.12 0.12 0.23 0.20 0.22 0.20 0.23 0.05 0.07 0.05 0.12 ... 0.40 0.14 0.52 0.05 0.07 0.05 0.07 0.02 ...

0.02 0.03 0.04 0.11 0.04 0.07 0.05 0.05 0.06 0.22 0.02 0.02 0.02 0.04 0.01 0.02 0.01 1.20 1.98 1.11 1.50 0.08 0.11 0.08 0.14 ... ...

0.58 0.06 0.07 0.06 0.09 0.02 0.03 0.02 0.03 0.08 0.11 0.08 0.10 0.32 0.59 0.39 0.85 0.05 0.06 0.05 0.17 0.23 0.42 0.23 0.40 0.06 0.08 0.08 0.10 0.01 0.05 0.01 0.01 ... ...

0.06 0.45 0.11 0.12 0.11 0.16 0.61 0.70 0.61 0.73 0.01 0.03 0.01 0.03 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.03 0.04 0.04 0.04 0.06 0.03 0.03 0.03 0.08 0.02 0.03 0.02 0.05 0.04 0.04 0.04 0.09 0.07 0.12 0.07 0.19 0.03 0.30 0.03 0.06 0.24 0.33 0.26 0.50 ...

0.01 0.01 0.03 ...

0.03 0.12 0.09 0.12 0.09 0.16 0.02 0.04 0.01 0.04 0.17 0.20 0.17 0.03 0.05 0.03 0.04 0.01 0.02 0.02 0.04 0.34 0.54 0.34 0.39 0.38 0.41 0.40 0.52 0.85 0.90 0.90 1.19 0.23 0.29 0.25 0.27 0.03 0.03 0.03 0.04 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.02 0.06 0.03 0.05 0.19 0.21 0.21 0.78 0.06 0.08 0.06 0.19 ... ...

0.05 0.23 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 ... ...

0.80 1.50 1.45 3.20 1.43 7.17 0.01 0.10 0.01 0.01 0.17 0.17 0.17 0.23 2.65 2.90 2.70 3.00 0.03 0.03 0.03 0.25 0.02 0.03 0.02 0.05 0.52 0.55 0.55 0.55 0.04 0.06 0.04 0.06 0.01 0.12 0.01 0.01 0.02 0.03 0.02 0.03 0.20 0.27 0.24 0.27 0.03 0.03 0.03 0.12 0.05 0.05 0.05 0.10 0.01 0.01 0.01 0.02 0.27 0.28 0.28 0.30 0.04 0.09 0.04 0.04 0.02 0.02 0.02 0.03 0.01 0.02 0.02 0.03 0.03 0.04 0.04 0.06 0.01 0.02 0.01 0.01 0.04 0.04 0.04 0.06 ... ...

0.01 0.01 ... 0.01 0.01 0.01 0.05 0.05 0.05 1.00 0.09 0.10 0.10 0.11 0.04 0.05 0.05 0.09 0.03 0.07 0.09 0.75 0.08 ...

0.08 0.14 0.06 0.08 0.08 0.09

LOW

STOCK

0.05 0.02

Fura Emeralds V Galena Intl Rs V GAR Limited C GB Minerals V Gentor Res V Gespeg Cop Res V GFM Res V Global Cobalt V Global Cop Grp V God’s Lake Res C Gold Ridge Exp V Goldbelt Emp V Golden Harp V Golden Peak Mn V Goldstream Mnl V GoldTrain Res C Gravis Energy C Great Thunder V Greatbanks Res V Green Arrow V Greenshield Ex V Greywacke Expl C Grizzly Discvr V HFX Holding V Highbury Proj V Highvista Gold V Highway 50 Gld V Homeland Egy V IGC Res V Inform Res V Inter-Rock Mnl V Interconnect V Intigold Mines V Iron South Mng V IsoEnergy Ltd V Jazz Res V Jet Metal V Jiulian Res V Jubilee Gold V Karoo Expl V Kenna Res V Kestrel Gold V La Imperial C Lamelee Iron V Leagold Mg V Leo Res C Lions Bay Cap V Los Andes Copp V Lovitt Res V Lucky Mnls V Lund Enterpr V Maccabi Vent C Madeira Mrnls V Mag Copper C MAG Silver* X Mainstream Mnl V Mammoth Res V Manado Gold V Martina Mnls V Masuparia Gold V Matachewan Con V Match Capital V MaxTech Vent C McChip Res V McLaren Res C Megastar Dev V Metallum Res V Metalore Res V Mezzotin Mnrls V Midasco Cap V MillenMin Vent V Minera Alamos V Minfocus Expl V Minsud Res V Mistango River C Mitchell Res V Moag Copper C Montana Gold C Montero Mg&Ex V Morro Bay V Mountain Lake C Mukuba Res V Navy Res V Nebu Res V Network Expl V Nevado Res V New Destiny Mg V New Klondike V New Oroperu V Newmac Res V Nickel One Res V Nitinat Mnls V

0.01 0.01 0.03 0.01 0.08 0.16 0.02 0.12 0.01 0.02 0.01 0.03 0.01 0.75 0.03 0.03 0.01 0.05 0.12 0.05 0.09 0.01 0.01 0.06 0.08 0.41 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.03 0.01 0.10 0.01 0.03 0.01 0.01 0.01 0.13 0.13 0.17 0.05 0.02 0.05 0.02 0.01 0.01 0.04 0.05 0.03 0.01 0.01 0.40 0.98 0.01 0.04 1.25 0.03 0.02 0.18 0.04 0.01 0.01 0.11 0.03 0.04 0.01 0.09 0.04 0.01 0.01 0.03 0.01 0.02 0.01 0.01 0.03 0.01 0.03 0.03 0.05 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.17 0.20 0.17 0.25 0.09 0.10 0.10 0.15 0.02 0.04 0.04 0.05 0.07 0.09 0.09 0.10 0.01 0.02 0.01 0.02 0.02 0.03 0.03 0.06 0.02 0.09 0.02 0.03 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.02 ...

0.02 0.08 0.30 0.35 0.35 0.70 0.04 0.05 0.04 0.07 0.12 0.18 0.15 0.28 0.60 0.62 0.60 0.90 0.07 0.09 0.07 0.40 0.05 0.20 0.08 0.25 0.01 0.03 0.01 0.01 0.04 0.05 0.05 0.24 0.03 0.05 0.03 0.03 0.04 0.03 0.10 0.01 0.10 0.06 0.08 ... 0.06 0.06 0.06 0.04 0.05 0.04 0.07 0.08 0.17 0.10 0.10 0.26 ...

0.26 0.27 ... 0.16 0.17 0.14 0.19 0.19 0.25 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.13 0.16 0.16 0.40 0.15 0.17 0.15 0.18 0.07 0.17 0.06 0.14 0.03 0.04 0.03 0.19 0.24 0.27 0.24 0.28 0.72 1.03 0.90 1.50 0.08 0.10 0.08 0.25 0.10 0.10 0.09 0.11 0.02 0.05 0.02 0.05 0.46 0.70 0.46 0.75 0.01 0.02 0.01 0.02 0.13 0.16 0.15 0.27 0.02 0.02 0.02 0.07 0.05 0.23 0.05 0.08 0.18 0.20 0.18 0.50 0.60 0.65 0.63 0.98 0.04 0.10 0.05 0.05 0.04 0.10 0.04 0.04 0.17 0.20 0.18 0.25 0.06 0.07 0.07 0.16 0.13 0.18 0.12 0.12 0.10 0.14 0.10 0.19 0.05 0.15 0.05 0.12 0.02 0.03 0.02 0.03 0.01 0.02 0.01 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.02 0.02 0.02 0.05 0.10 0.10 0.10 0.15 0.03 0.04 0.04 0.06 0.04 0.05 0.05 0.06 0.27 0.31 0.30 0.44 0.01 0.04 0.04 0.04 0.24 0.35 0.25 0.27 0.44 0.50 0.50 0.77 0.02 0.03 0.02 0.03 0.04 0.04 0.04 0.08 0.03 0.06 0.12 3.12 3.70 3.08 3.70 0.01 0.01 0.01 0.04 0.08 0.15 0.08 0.15 0.05 0.07 0.05 0.14 0.13 0.15 0.15 0.29 0.02 0.03 0.02 0.07 0.05 0.10 0.05 0.10 0.01 0.03 0.01 0.05 0.23 0.30 0.22 0.22 ... ...

0.08 0.09 0.10 0.10 0.10 0.03 0.03 0.03 0.08 0.01 0.01 0.01 0.03 ... 0.01 0.01 0.01 0.08 0.17 0.08 0.45 0.20 0.29 0.20 0.30 0.01 0.02 0.01 0.02 0.17 0.23 0.17 0.22 0.04 0.05 0.05 0.11 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.52 0.70 0.52 0.72 0.06 0.08 0.06 0.12 0.07 0.07 0.07 0.18 0.06 0.09 0.06 0.09

0.10 0.03 0.01 0.04 0.01 0.02 0.02 0.01 0.04 0.02 0.05 0.02 0.03 0.12 0.05 0.05 0.01 0.01 0.03 0.01 0.04 0.03 0.03 0.13 0.05 0.01 0.01 0.05 0.02 0.05 0.03 0.04 0.63 0.07 0.07 0.01 0.30 0.01 0.12 0.01 0.01 0.10 0.01 0.01 0.01 0.06 0.02 0.05 0.02 0.05 0.01 0.01 6.12 0.01 0.10 0.02 0.03 0.21 0.01 0.08 0.40 0.01 0.02 1.26 0.01 0.06 0.01 0.07 0.01 0.03 0.01 0.03 0.02 0.02 0.01 0.01 0.08 0.15 0.01 0.02 0.01 0.08 0.12 0.04 0.07 0.04

STOCK

North Am Ptash North Am Tung NQ Explor NRG Metals NSGold NSS Res Inc Open Gold Orestone Mng Oriental Non F Oxford Res Pac Arc Res Pac Cascade Pac Iron Ore Pac Link Mng Palisades Vent Pan Global Res Parlane Res Pasinex Res Phoenix Gold Phoenix Metals Prime Meridian Prism Res ProAm Expl Pure Nickel Q-Gold Res Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Remington Res Remo Res Renforth Res Rheingold Expl Rhyolite Res Riley Resource River Wild Exp Rockex Mng Romulus Res RosCan Mrnls Ross River Rotation Mnls Rubicon Mnrls* Savant Expl Saville Res Scavo Res Sego Res Senator Mnrls Serabi Gold SGX Res Shamrock Ent Shoshoni Gold Silver Phoenix Silvermet Sniper Res Squire Mg Ltd Standard Toll Stone Ridge Ex Strata Mnls Strategic Res Strikepoint Gd Swift Res Talmora Diamd Tasca Res Tearlach Res Telferscot Res Terreno Res Teryl Res Corp Thor Expl Thunder Mtn Gd Tiller Res Tintina Mines Tower Res Tri-River Vent Trident Gold Trinity Valley Troy Enrgy UC Res United Coal Universal Vent Vangold Res Victory Res Volcanic Mtls VVC Expl WCB Res Westridge Res White Metal Rs Winston Res Xander Res Zephyr Mnls Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.01 0.02 0.01 0.02 0.11 0.11 0.11 0.18 0.07 0.13 0.07 0.12 ... ...

0.20 0.01 0.01 0.01 0.02 0.02 0.02 0.04 ... ...

0.70 0.87 0.02 0.03 0.03 0.16 0.19 0.16 0.50 0.01 0.02 0.01 0.02 0.19 0.23 0.19 0.34 0.02 0.03 0.02 0.03 0.06 0.07 0.07 0.07 0.04 0.05 0.04 0.08 0.17 0.19 0.19 0.33 0.11 0.12 0.11 0.17 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.18 0.16 0.21 0.20 0.23 0.02 0.03 0.02 0.03 0.02 0.02 0.02 0.04 0.04 0.05 0.04 0.14 0.11 0.16 0.15 0.89 0.03 ...

0.03 0.03 0.01 0.04 0.03 0.08 0.02 0.03 0.02 0.02 0.16 0.23 0.17 0.18 0.05 0.20 0.10 0.10 0.04 0.05 0.05 0.05 0.21 0.29 0.21 0.35 0.15 0.23 0.16 0.27 0.05 ...

0.13 0.13 0.01 0.10 0.01 0.01 0.05 0.06 0.06 0.75 0.09 ...

0.09 0.17 0.02 0.03 0.02 0.04 0.01 0.01 0.01 0.03 0.25 0.30 0.25 0.30 ... ...

0.03 1.35 0.02 0.02 0.02 0.03 0.03 0.04 0.02 0.05 0.36 0.57 0.36 0.54 0.03 0.03 0.03 0.05 0.55 0.63 0.63 0.80 0.07 0.08 0.07 0.12 0.02 0.02 0.02 0.05 0.02 0.04 0.03 0.06 0.04 0.05 0.04 0.25 0.02 0.38 0.15 0.15 0.05 0.06 0.05 0.06 0.01 0.01 0.01 0.07 0.11 0.17 0.16 0.19 ... 0.01 0.01 0.02 0.05 0.19 0.05 0.17 0.01 0.02 0.01 0.05 0.18 0.28 0.22 0.34 0.38 0.43 0.39 0.43 0.20 0.24 0.25 0.25 0.01 0.05 0.01 0.05 0.09 0.13 0.10 0.21 0.08 0.15 0.08 0.16 0.01 0.02 0.01 0.05 0.04 0.04 0.04 0.08 0.01 0.02 0.02 0.02 0.10 0.12 0.12 0.16 0.14 0.20 0.14 0.23 0.04 0.08 0.05 0.09 0.05 0.09 0.09 0.12 0.13 0.16 0.16 0.21 0.03 0.12 0.03 0.07 0.02 0.02 0.02 0.03 0.01 0.02 0.02 0.04 0.01 0.06 0.01 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.05 0.06 0.06 0.09 0.03 0.03 0.03 0.09 0.23 0.30 0.23 0.23 0.02 0.03 0.03 0.05 0.03 0.04 0.03 0.08 0.01 0.03 0.01 0.03 0.04 0.05 0.04 0.13 0.02 0.05 0.03 0.10 0.30 0.36 0.36 0.49 0.36 0.37 0.36 0.42 0.05 0.07 0.05 0.08

0.03 0.01 0.01 0.02 0.04 0.01 0.27 0.05 0.01 0.15 0.01 0.05 0.01 0.07 0.04 0.02 0.08 0.07 0.01 0.01 0.01 0.06 0.01 0.01 0.01 0.02 0.05 0.01 0.01 0.09 0.10 0.01 0.02 0.08 0.01 0.01 0.02 0.03 0.01 0.01 0.26 0.01 0.06 0.04 0.01 0.01 0.04 0.01 0.03 0.01 0.10 0.01 0.04 0.01 0.08 0.05 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.08 0.01 0.03 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.03 0.04 0.01 0.02 0.01 0.02 0.01 0.30 0.13 0.01

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 9–22, 2017

19

PROFESSIONAL DIRECTORY srk consulting

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