The Northern Miner July 10 2017 Issue by The Northern Miner Group

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Orla to buy Camino Rojo from Goldcorp for $35M

Endeavour Mining bids for Avnel Gold

GOLD

| Avnel’s Kalana would be Endeavour’s second mine in Mali

M&A

| Gold deposit lies 50 km from Penasquito in Zacatecas, Mexico BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

rla Mining (TSXV: OLA; US-OTC: ORRLF) may have scored a “fire-sale” deal on Goldcorp’s (TSX: G; NYSE: GG) Camino Rojo gold-silver project that lies 50 km southeast of Goldcorp’s large Penasquito polymetallic mine in Zacatecas State, Mexico. As announced June 21, Orla will acquire the oxide asset for 31.9 million shares and a 2% net smelter return royalty. The details imply a $35-million valuation. Camino Rojo hosts proven and probable reserves of 75.5 million tonnes grading 0.7 gram gold per tonne and 14.22 grams silver per tonne for 1.7 million contained oz. gold and 34.53 million contained oz. silver. Measured and indicated resources total 223.1 million tonnes at 1.05 grams gold and 8.02 grams silver for 7.5 million contained oz. gold and 65 million oz. silver. Goldcorp bought Camino Rojo in early 2010 via a US$300-million, all-share acquisition of Canplats Resources, and then spent US$150 million in technical work including more than 250,000 metres of drilling as well as airborne-gravity, and magnetic and transient electromagnetic surveys. “You have to remember it was a different time in the gold cycle and assets were much more expensive,” said Orla non-executive chairman Charles Jeannes, who joined the Orla in May but served as Goldcorp’s president and CEO between 2009 and 2016. “Goldcorp has a large projectdevelopment schedule. As they have acquired new assets, I assume Camino Rojo has moved down the list — and here’s an opportunity for us to come in, focus and create value for [them] through their shareholdings, and back-in right on the sulphides.” Goldcorp can reclaim a controlSee ORLA / 2

A worker operating equipment in the pit at Endeavour Mining’s Tabakoto gold mine in southwestern Mali. ENDEAVOUR MINING BY TRISH SAYWELL tsaywell@northernminer.com

nless another gold miner like B2Gold (TSX: BTO; N YSE-MKT: BTG) or Randgold Resources (LON: RRS; NASDAQ: GOLD) swoops in with a sweeter offer, the boards of both Endeavour Mining (TSX: AVK) and Avnel Gold Mining (TSX: AVK) have unanimously agreed to merge their two West Africafocused gold companies. Endeavour Mining is looking to fill a few gaps in its project and construction pipeline after it finishes building its Houndé gold mine in Burkina Faso and Ity carbon-in-leach gold mine in Côte d’Ivoire, and Avnel’s 80%-owned, development-stage Kalana gold project in southwestern Mali seems the perfect fit, the chief executives of both companies say. If the deal goes ahead, Kalana would be Endeavour’s second mine in Mali after Tabakoto, 450 km north. Endeavour’s core construction team has a 10-year history of de-

“IN THE UNIVERSE OF WEST AFRICA OPERATIONS, ENDEAVOUR SEEMED TO US THE BEST ONE TO CONTINUE OUR LEGACY.”

PM40069240

HOWARD MILLER CHAIRMAN AND CEO, AVNEL GOLD

livering mine construction projects on time and within budget, including Agbaou in Côte d’Ivoire, Nzema in Ghana and Karma in Burkina Faso. Endeavour plans to pour its first gold at Houndé in the fourth quarter of 2017 and at from the Ity carbon-in-leach expansion in the first quarter of 2019. An optimized feasibility study released earlier this year on Avnel’s Kalana project, 270 km south of the capital Bamako, and near Mali’s border with Guinea, outlined an 18-year, open-pit mine life recovering 1.82 million oz. gold at an average all-in-sustaining cost (AISC) in the first five years of US$561 per oz., and a US$730 per oz. AISC over the mine’s life. Sébastien de Montessus, Endeavour Mining’s president and

CEO, says that the company has been “carefully monitoring the West African space” over the last two years, looking for projects that meet its criteria: a mine life in excess of 10 years, and AISCs of less than US$800 per oz. gold. Howard Miller, Avnel’s chairman and CEO, says that while the merger will bring his many years in Mali to an end in a deal that is bittersweet, he is confident that Endeavour will carry on his company’s legacy “extremely efficiently and well. “It seemed to us that it was time to exit,” says Miller, who has raised more than $600 million to fund the exploration and development of 10 mines in Africa, Central See MERGER / 2

HECLA MINING: AIMS TO FOSTER A ‘CULTURE OF INNOVATION’ / 5

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Drillers at Avnel Gold Mining’s flagship Kalana gold project in southwest Mali in 2015. AVNEL GOLD MINING

Endeavour Mining bids for Avnel Gold MERGER From 1

Asia and Canada, principally for gold and precious stones. “In the universe of West Africa operations, Endeavour seemed to us the best one to continue our legacy. They have the ability to build — probably more efficiently than we would — and have the culture and depth of knowledge to meet all of our social and stakeholder ambitions, so I am thrilled with the combination.” But while Endeavour is an ideal partner, Miller admits that he wasn’t overjoyed with the valuation. The all-share deal values Avnel at US$122 million, which is a 48% premium to Avnel’s closing share price on the Toronto Stock Exchange on June 28, and a 52% premium to Avnel’s 20-day, trailing volumeweighted average price (VWAP). Avnel shareholders would get 0.0187 of an Endeavour share for each Avnel share owned, which represents 42¢ per share based on Endeavour’s five-day VWAP ($22.58 per share) on June 28. Avnel shareholders would hold 6.8% of Endeavour’s pro forma share capital. Miller’s own family trust owns just under 9% of the company’s tightly held shares, while the Elliott Group owns 63.5%, Iamgold (TSX: IMG; NYSE: IAG) holds just over 5% and a U.S.-based shareholder owns 6%. When asked if he thought the valuation was fair, Miller shot back: “Of course not!” adding that valuation is “partly subjective. “Three shareholders held 85–90% of the company, so it’s not the type of share structure that the market likes,” he says. “It was a significant premium to the market price, but we felt the market price was undervalued. But no remorse on that. The facts are what they are.”

“WE ALREADY HAVE A PRETTY LARGE MINE IN MALI SO IT’S A COUNTRY THAT WE KNOW PRETTY WELL.” SÉBASTIEN DE MONTESSUS PRESIDENT AND CEO, ENDEAVOUR MINING

Miller also points out that while Avnel is a small company with a small team and a single asset, Kalana has “enormous” exploration potential on a “very sizeable” 387 sq. km exploration permit. In addition to the Kalana main project’s proven and probable reserves of 21.7 million tonnes grading 2.8 grams gold per tonne for 1.96 million contained oz. gold, Avnel has 29 prospects across its large land package — only three of which have been drill tested. These include its highest-priority exploration target, Kalanako. The Kalanako deposit, 2.5 km northeast of the main Kalana project, has measured and indicated resources of 770,000 tonnes grading 4.61 grams gold for 14,000 oz. gold, calculated at a cut-off grade of 0.9 gram gold and US$1,400 per oz. gold. When Avnel released the results of the optimized feasibility study in January, the company said it was discussing project debt financing for part of the initial capex to commercial production of US$171 million, and was considering alternatives to advance the project to production. It was also considering contract miners. The optimized feasibility study envisions US$1,200 per oz. gold at an after-tax net present value of US$250 million at an 8% discount rate, and a 50% after-tax internal rate of return. Endeavour plans to redesign and optimize the feasibility study to

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expand the plant’s capacity, which would increase average annual production and shorten the mine life based on current reserves. Kalana would become Endeavour’s priority after its Houndé and Ity mines reach commercial production. “We already have a pretty large mine in Mali so it’s a country that we know pretty well, and we’ve been focusing and seeing our footprint grow in key countries in West Africa,” Endeavour’s de Montessus says. “We see Mali as an important country going forward in terms of gold production.” This year Endeavour expects to produce between 600,000 and 800,000 oz. gold at AISCs of US$860 to US$905 per oz. gold. TNM

Mining saprolite ore in the Salman pit at Endeavour Mining’s Nzema gold mine in Ghana. ENDEAVOUR MINING

Orla to buy Camino Rojo ORLA From 1

ling interest in Camino Rojo under two conditions, which both involve prefeasibility-level sulphide projects. The conditions include: a scenario where sulphide ore is processed at Penasquito, which would entitle Goldcorp to a 70% interest, or where Orla outlines at least 500 million tonnes of proven and probable reserves, wherein Goldcorp would assume a 60% interest. Camino Rojo’s Represa deposit sits in a “broad, alluvial pediment along the eastern Mexican foldbelt,” where folded Mesozoic clastic and carbonate sedimentary units have been intruded by intermediate composition and felsic dikes. The host formation is reportedly the same as that peripheral to the diatremes at Penasquito. A preliminary economic assessment (PEA) was released on Camino Rojo in 2009. The proposed 20,000-tonne-per-day operation was scheduled to produce 122,300 oz. gold annually over a 10.4-year mine life. Goldcorp estimates gold and silver recoveries of 75% and 27%.

Orla’s chief operating officer Hans Smit says his company’s strategy is to “get going pretty much right away. We have a large amount of previous drilling so we don’t need a capital-intensive program here. Smit said Orla will rebuild the geological model at Camino Rojo and take a second look at metallurgy and recovery estimates. “ “If it goes as well as we hope, that will roll right into a PEA,” Smit said. “We won’t forget about the sulphides, but the way to add value to the company is to quickly advance the oxide project.” Orla has some heavy hitters as shareholders. Franco-Nevada (TSX: FNV; NYSE: FNV) chairman Pierre Lassonde holds a 10% equity stake, while Agnico Eagle Mines (TSX: AEM; NYSE: AEM) held 18.6% in the company just prior to the Camino Rojo deal. Goldcorp will end up with a 19.9% pro-rata equity interest when the deal closes. BMO Capital Market analyst Andrew Kaip said that Goldcorp’s sale of Camino Rojo comes “at a fire-sale valuation,” and that he previously valued the project at

US$300 million based on current oxide reserves. Kaip also noted the project could run into developmental “constraints” with its open pit, since Mexico’s Fresnillo (LON: FRES; US-OTC: FNLPF) owns the land north of the deposit. Orla has traded in a 52-week range of 22¢ to $1.75. On the Camino Rojo news shares gained nearly 27%, or 29¢, en route to a $1.39-per-share close at press time. The company has 128 million shares outstanding for a $178-million market capitalization, Orla is also advancing the Cerro Quema oxide-gold project in Panama, and reported $22 million in working capital at the end of March. “When we set out to create a high-quality gold company two years ago, we felt a number of opportunities in the Americas could become cornerstone assets and drive growth,” Orla president and CEO Marc Prefontaine said. “We identified these two advanced heapleach opportunities in good mining jurisdictions. First, we acquired Cerro Quema. Now we’ve finally added Camino Rojos.” TNM

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Sabina finds deeper gold at Back River in Nunavut NUNAVUT

| Step-out drilling yields high-grade intercepts at multimillion-ounce deposit

BY TRISH SAYWELL tsaywell@northernminer.com

rilling during Sabina Gold & Silver’s (TSX: SBB) secondquarter exploration program has extended mineralization 300 metres down-plunge of the Back River gold project’s existing resources in southwestern Nunavut. Drill hole 17GSE513 stepped out 300 metres down-plunge of the existing resource structure at the project’s Llama deposit and intersected 48 metres of altered and mineralized iron formation that included a 6.52-gram gold intercept over 8.3 metres from 619 metres deep. Another hole, 17GSE512, cut 6.30 grams gold over 2.7 metres from 604 metres deep. “Results bode well for future resource growth,” Andrew Kaip of BMO Capital Markets said in a research note. “The Back River project represents an attractive feasibility study stage project at advanced permitting in a safe jurisdiction, and with a large reserve base containing above-average grade.” The Llama deposit remains open and hosts 3.6 million tonnes grading 6.50 grams gold for 743,000 measured and indicated oz. gold and 295,000 tonnes grading 6.77 grams gold for 64,000 inferred oz. gold. Sabina says that Llama, which has been intersected to 550 metres deep, is analogous to other gold-bearing iron formation deposits around the world, including Goldcorp’s Musselwhite gold complex in Ontario, where mining continues along structures that are well in excess of 1,000 metres and remain open. Sabina is also certain that Back

The camp at Sabina Gold & Silver’s Back River gold project in southwestern Nunavut. SABINA GOLD & SILVER

“THE BACK RIVER PROJECT REPRESENTS AN ATTRACTIVE FEASIBILITY STUDY STAGE PROJECT AT ADVANCED PERMITTING IN A SAFE JURISDICTION, AND WITH A LARGE RESERVE BASE CONTAINING ABOVE-AVERAGE GRADE.” ANDREW KAIP MANAGING DIRECTOR, BMO CAPITAL MARKETS

River’s Umwelt Vault zone is analogous to other iron formation deposits. As part of the spring exploration campaign, drill results released in May included an intersection in hole 17GSE511B of 16.86 grams gold over 13.5 metres from 734 metres. The strongly mineralized zone was intersected at 675 metres deep and open east and down-dip.

Bruce McLeod, Sabina’s president and CEO, said in prepared remarks that there is potential at the Umwelt Vault zone “to grow a high-grade portion of the deposit with grades that are two to three times our resource average.” The Umwelt deposit hosts 9.05 million tonnes grading 6.90 grams gold for 2.03 million measured and

indicated oz. gold, as well as 1.91 million tonnes of 11.01 grams gold for 676,000 inferred oz. gold. Parts of these resources are included in the current feasibility study for open-pit and underground development. The second-quarter drilling program consisted of five holes totalling 2,700 metres.

The company plans to examine these targets in a follow-up program that consists of at least 4,000 metres of drilling, along with geologic mapping, and till and rock sampling. A feasibility study in September 2015 on the fully owned project envisioned a mining operation producing 200,000 oz. gold a year for 11 years, with a $415-million initial capital expense payback in just under three years. At a US$1,150 per oz. gold price, and a 0.80 U.S.Canadian dollar exchange rate, the study forecast a potential 24.2% after-tax internal rate of return. Sabina is undergoing an environmental assessment at Back River, and final public hearings with the Nunavut Impact Review Board (NIRB) were held from May 31 to June 3. BMO’s Kaip expects the NIRB will issue its findings by the end of July. The company acquired the project in late 2009, and advanced the project after discovering gold deposits in banded-iron formation during 2010 and 2011. The project is 75 km southwest of the Bathurst Inlet and 520 km northeast of Yellowknife in the Northwest Territories. Back River is also 50 km southeast of Glencore’s (LON: GLEN) Hackett River silver-zinc project, where it holds a silver royalty. Sabina’s royalty is 22.5% of the first 190 million oz. silver produced and 12.5% of all silver produced thereafter. BMO’s Kaip has a $2.40-per-share target price on Sabina shares. At press time, Sabina was trading at $1.80 per share in a 52-week range of 84¢ (December 2016) to $2 (May 2017). TNM

Richmont studies Island Gold expansion, steps up exploration ONTARIO BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

ichmont Mines (TSX: RIC; NYSE: RIC) has completed a preliminary economic assessment (PEA) at its flagship Island Gold operation in Ontario in late May that models 115,000 oz. in average annual gold production over the next eight years. The property lies 83 km northeast of Wawa, Ont., within the Michipicoten greenstone belt, which is part of the Archean-aged Wawa geological subprovince and Superior province. Over the past few years Richmont has doubled Island Gold’s production profile and tripled its gold reserves. The PEA incorporates a recent reserve-resource update and considers a base-case mill expansion to 1,100 tonnes per day, and extending mining over four horizons to 1,000 metres deep. Proven and probable reserves stand at 2.6 million tonnes grading 9.17 grams gold per tonne for 752,000 oz., and while measured and indicated resources tip the scales at 479,000 at 5.94 grams gold for 91,500 oz., Richmont has included 24% of inferred resources that total 3 million tonnes of 10.18 grams gold for 995,700 ounces. “We can start talking about a district versus an asset based on the results we’ve seen to date,” Richmont president and CEO Renaud

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| Expanded operations could produce 115,000 oz. gold annually for the next eight years

Adams said during an investor presentation. “I don’t look at the PEA as an endgame, but instead as our next phase. “The beauty of the scenario is that we’re capable of mining 1 million oz. at the mill without the need for new infrastructure ... we minimize incremental capital and develop an interesting situation down the road in terms of another expansion.” Richmont would spend $28 million on the plan as outlined in the PEA, including $16 million in mill upgrades, $7 million for new mobile equipment and $5 million for expanded underground ventilation. The company would also spend $40 million in project capital to accelerate ramp development and infrastructure. Richmont received required permit amendments for the expansion in relation to air and wastewater compliance approvals from the Ontario Ministry of Environment and Climate Change in late 2016. The mill operates at 900 tonnes per day, but could ramp up to 1,100 tonnes per day by late 2018. The upgrades would focus on the grinding circuit, and include another ball mill. The study assumes 3.1 million total tonnes milled at a head grade of 9.68 grams gold and 96.5% recovery for life-of-mine production of 926,000 oz. gold. Assuming US$1,260 per oz. gold, the PEA features an after-tax net

present value of $335 million at a 5% discount rate. The operation would have all-in costs, which include project and sustaining capital, of US$675 per oz. gold. “Moving ahead over the next eight years we see many opportunities for that next phase. Our team doesn’t believe Island Gold has been fully optimized, and we see more measures that can lower costs and add ounces,” Adams said. “Our short-term goal is to reach 2 million oz. gold in resources and look at the project at a completely different scale. It’s going to flow through the drill bit, and our focus is going to be on exploration.” Richmont added 450,000 oz. gold of total resources through drill programs last year at a cost of $35 per oz. gold. The company has budgeted up to $16 million for drilling at Island Gold in 2017, in a program that would include over 100,000 metres from surface and underground to infill current resources. Richmont has budgeted for 37,000 metres of exploration drilling across the property’s eastern lateral area, where in March it cut high-grade mineralization 800 metres east of Island Gold’s core production area. The discovery hole 640-5 intersected 20.6 grams gold over 11.3 metres of true width. “This year we plan to continue to drill at depth between the 1,000 and 1,500-metre levels,” senior exploration geologist Doug MacMillan said. “We’ll also follow up on the

mine horizon to the high-grade eastern lateral area, where the mineralization appears to be similar to what we see at our main deep C zone to the west. We need to trace that mine horizon east, where we have 5 km of potential strike that is under-explored.” Canaccord Genuity analyst Rahul Paul has a $13 price target on Richmont stock and a “buy” recommendation. He notes that the study uses “existing infrastructure to access a much larger [and deeper] mineable resource, and lower capital costs.” Paul adds that the “more attractive opportunities

not considered in the PEA could provide for meaningful upside” to economics and forecasts. Richmont expects to produce between 110,000 and 120,000 oz. gold this year at all-in sustaining costs ranging from US$905 to US$950 per ounce. The company’s shares have traded in a 52-week range of $7.36 to $15.01, and closed at $9.54 per share at press time. Richmont has 64 million shares outstanding for a $608-million market capitalization, and reported $75 million in cash at the end of the first quarter. TNM

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BC falls to NDPGreen coalition POLITICS

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| Miners wonder what comes next

ritish Columbia is famous in Canada for politics that are seemingly forever polarized between a freewheeling probusiness crowd and a coalition of left-leaning labour and environmental groups. And B.C. politics has never been short on drama, as voters unexpectedly lurch from hard left to hard right and back again every decade or so, with more BY JOHN CUMMING jcumming@northernminer.com than a few characters thrown into the mix. The past week has delivered another doozy as B.C. Premier Christy Clark was forced to resign after her newly re-elected, pro-business minority Liberal government lost a confidence vote and the province’s Lieutenant Governor Judith Guichon asked left-wing New Democratic Party Leader John Horgan to become Premier and form a government with the backing of the environmentalist Green Party. The provincial Liberals had won a minority 43 seats in the 87-seat legislature during the election on May 9 and a cabinet had been sworn in June 12, but the government fell on a confidence vote of 44 to 42 on June 29, with 41 NDP members and three Green Party members voting against the Liberals’ 42 (one Liberal member was Speaker and could not cast a vote). With a total of 44 seats, the NDP-Green coalition has a one-seat advantage over the Liberals. If the NDP sacrifices one seat to the Speaker’s role this immediately puts the long-term viability of the new government in doubt, with many political observers expecting voters will return to the ballot box within a year. Miners and mineral explorers in the province have enjoyed stability in provincial leadership since the pro-mining Liberals first came to power 16 years ago, but there has been a wholesale turnover in familiar faces at the top over the past few months, with the retirement from politics in May of long-time and indefatigable Mines and Energy Minister Bill Bennett, the resignation of Premier Clark and fall of her government, as well as the resignations of Association of Mineral Exploration president and CEO Gavin Dirom and Mining Association of British Columbia president and CEO Karina Briño. Most people in the B.C. mining industry look back with dread and loathing at the NDP’s last turn at the helm in B.C. from 1991 to 2001. The government infamously expropriated the Windy Craggy copper deposit in 1993, killing off an exploration boom in the Golden Triangle in the province’s northwest that had started in 1989 with the Eskay Creek discovery. Mineral investment in B.C. during the “lost decade” dried up to 50-year lows, forcing the once-parochial B.C. miners abroad, where they found success in more welcoming locales, such as Mexico, Chile, Peru and Mongolia. The B.C. Liberals were good friends to the mining industry, with such accomplishments as streamlining bureaucracy, creating Geoscience BC in 2005 and in more recent years building the $746-million Northwest Transmission Line to bring power to new mines and communities in the province’s remote northwest. Mineral-exploration expenses in B.C. reached an all-time high of $680 million in 2012, in no small part due to the provincial government’s creation of an attractive regulatory setting. In looking through the policy statements of the NDP and Green parties in this most recent election, both parties look to have mellowed in their outlook towards mining. Horgan and Green Party Leader Andrew Weaver (a long-time professor of environmental and earth sciences at the University of Victoria) both pledged to be supporters of mining and mineral exploration and recognized the industry’s role in job creation in both urban and rural B.C., and supported a continuation of a flow-through share tax credits. The area where the NDP and Greens most criticized the Liberals was their handling of environmental permitting and Aboriginal title disputes, claiming the process had become “structurally broken” and resulted in unnecessary permitting delays, investor uncertainty and a loss in public trust. Still, with the new government hanging so precariously to power, it seems unlikely any major policy changes are in store, at least until another election can bring a clearer outcome. For now, we’d predict the biggest impact on miners will be in dealing with provincial government officials as higher-ups in the government move in and out of office, and mining-related decisions get delayed amidst the political upheaval. TNM

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

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

COMPANY INDEX Agnico Eagle Mines. . . . . . . 2,23 Albemarle. . . . . . . . . . . . . . . . 10 Alio Gold. . . . . . . . . . . . . . . . . 23 Almaden Minerals. . . . . . . . . 23 Argentina Lithium & Energy. . . . . . . . . . . . . . . .13 Arizona Silver Exploration. . . 8 Avalon Advanced Materials. . . . . . . . . . . . . . . . 13 Avnel Gold Mining. . . . . . . . . 1 B2Gold. . . . . . . . . . . . . . . . . . . . 1 Barrick Gold. . . . . . . . . . . . . . 5,6 Canadian Silver Hunter. . . . . . . . . . . . . . . . . . 12 Candelaria Mining. . . . . . . . .23 CBH Resources . . . . . . . . . . . . 7 Clean TeQ Holdings. . . . . . . 14 Cobalt 27 Capital. . . . . . . . . . 16 Cobalt One. . . . . . . . . . . . . . . . 9 CobalTech Mining. . . . . . . . . . 9

Coeur Mining. . . . . . . . . . . . . . 7 Denison Mines. . . . . . . . . . . . 16 Dynasty Metals & Mining. . . 7 Endeavour Mining. . . . . . . . . . 1 First Cobalt. . . . . . . . . . . . . . . . 9 FMC Corporation. . . . . . . . . 15 Fortune Minerals. . . . . . . . . . 13 Franco-Nevada. . . . . . . . . . . . 2,7 Fresnillo. . . . . . . . . . . . . . . . . . . 2 Glencore . . . . . . . . . . . . . . . . . 3,6 Goldcorp. . . . . . . . . . . . . . . 1,6,7 Harte Gold . . . . . . . . . . . . . . . . 6 Hecla Mining. . . . . . . . . . . . . . 5 Johnson Matthey. . . . . . . . . . 15 Lithium X. . . . . . . . . . . . . . . . 10 Metalla Royalty & Streaming. . . . . . . . . . . . . . 7 MGX Minerals. . . . . . . . . . . . 13 Nemaska Lithium . . . . . . . . . 15 Neo Lithium. . . . . . . . . . . . . . 13

NextSource Materials. . . . . . 13 Orla Mining. . . . . . . . . . . . . . . 1 Osisko Gold Royalties. . . . . . . 7 Pan American Silver. . . . . . . . 7 Pengxin Int’l Mining. . . . . . . 14 Pure Energy Minerals. . . . . . . 9 Randgold Resources. . . . . . . . 1 Regulus Resources. . . . . . . . . . 7 Richmont Mines . . . . . . . . . . 3,6 Roxgold. . . . . . . . . . . . . . . . . . . 6 Royal Gold . . . . . . . . . . . . . . . . 7 Sabina Gold & Silver. . . . . . . . 3 Sandstorm Gold. . . . . . . . . . 7.16 Sienna Resources. . . . . . . . . . 13 Silver Wheaton. . . . . . . . . . . . . 7 Silverback Ltd. . . . . . . . . . . . . . 7 Tahoe Resources . . . . . . . . . . . 7 Uranium Participation. . . . . 16 Vale. . . . . . . . . . . . . . . . . . . . . . . 6 Wesdome Gold Mines. . . . . . . 6

Battery makers want more from specialty mineral miners COMMENTARY | Lithium, cobalt, graphite developers need early metallurgical test work BY ARON CLEUGH, REINER HAUS AND JANE SPOONER Special to The Northern Miner

etals and minerals for rechargeable batteries are in the spotlight as projections of rapidly increasing demand indicate future supply shortages. Over the next 10 years, demand for lithium and cobalt is expected to more than double, and graphite demand is expected to triple. Vanadium, manganese, nickel and rare earth elements are also needed in rechargeable batteries. Against this background of anticipated demand grow th, technology is changing at a furious pace in the battery sector as manufacturers are challenged to improve performance. For example, electric-vehicle battery manufacturers face intense pressure to boost charge capacity, shorten recharging time, lighten weight, improve cold weather performance and safety, and cut costs. To realize these performance advancements, manufacturers are demanding improved quality and processing efficiency from their lithium, cobalt and graphite feedstock suppliers. These demands take on a new dimension when considering specialty mineral deposits, which differ from base and precious metal deposits in that their economic viability is affected by factors such mineralogy, chemical purity and the nature of any impurities, and not just the resource tonnage and grade. For instance, the crystal structure of mined graphite appears in the final battery. This is not the case for metals such as cobalt, which are leached from their native minerals and take on new crystal structures in a battery. In the case of both graphite and lithium, the specifics of the deposit will determine a miner’s ability to economically produce battery-grade materials. Because the physical, chemical and mineralogical aspects of the

deposit are so critical to meet the quality demands of the market, we recommend investigative metallurgical tests early in any exploration program. Early investigation of mineralogy and chemical composition will also help identify potential markets — information that can then be integrated into a larger exploration program to provide better focus and potentially save money. When calculating an initial resource estimate, this early test work may also support a case that the deposit is potentially economic at a suitable product price. Market studies are an important aspect of specialty mineral projects because these markets are opaque, trade occurs directly between seller and buyer, and transaction prices are rarely published. Furthermore, product specifications are often proprietary, adding another layer of market opacity. Lithium, cobalt & graphite Lithium resources occur as brines in salars (salt lakes) and in hard rock as the minerals spodumene, petalite, lepidolite and mica, and to a lesser extent, in lithium-bearing clays. Lithium brines are concentrated using solar evaporation and processed to recover the principal battery chemicals lithium carbonate and lithium hydroxide. Hard-rock lithium minerals must be physically beneficiated to produce a mineral concentrate that is processed by calcination and acid leaching, after which the leach solutions are treated to recover lithium carbonate or hydroxide. Lithium hydroxide is gaining use in batteries which have a higher nickel content, since the carbonate may cause passivation of the nickel during manufacturing of the cathode alloy. Several hydrometallurgical processes are under development that will produce lithium hydroxide directly without going through the carbonate stage. These processes promise to lower See COMMENTARY / 23

2017-07-04 9:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 10–23, 2017

An above-ground worker (left) operating an automated load-haul-dump machine (right) at Hecla Mining’s Greens Creek silver mine in southeast Alaska. HECLA MINING

Hecla to boost productivity via ‘culture of innovation’ TECHNOLOGY

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

daho-based silver and gold miner Hecla Mining (NYSE: HL) hosted a technology gathering for investors alongside its recent annual general meeting in Vancouver, where The Northern Miner caught up with Hecla president and CEO Phillips S. Baker, Jr., to talk about how Hecla is investing in technological innovation to increase productivity, profits and safety. “In the late 1970s, heap-leach technology really took off and fundamentally changed the goldmining industry,” Baker said. “We’re at another tipping point where the industry is changing due to the available technologies. If you don’t change alongside it, well, you’re going to get left in the dust. “The companies that failed to understand heap leaching, and what it could do operationally, disappeared. Other companies emerged by leveraging new technologies to develop the assets that were left behind.” Hecla describes its approach to technological research and integration as incremental and iterative. Baker said his management team is not pursuing a top-down approach to innovation, but is rather drawing on the firm’s collective experience at long-life mines to identify opportunities where new technology could improve operations and profits. “When it comes to innovation, we have to understand it can take some time before you see big returns on investment,” Baker said. “We’re getting more practical experience on the ground, with more technologies than anyone in our peer group. We’re dealing with things at a smaller scope, so incremental improvements at the mine can make a big difference. In many ways, we’re more incentivized to explore the upside of technology than the larger companies.” Hecla’s productivity drive at its core assets underpinned improved financial performance over the

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| CEO says miners who don’t adopt new methods will be ‘left in the dust’ “WE’RE AT ANOTHER TIPPING POINT WHERE THE INDUSTRY IS CHANGING DUE TO THE AVAILABLE TECHNOLOGIES. IF YOU DON’T CHANGE ALONGSIDE IT, WELL, YOU’RE GOING TO GET LEFT IN THE DUST.” PHILLIPS S. BAKER, JR. PRESIDENT AND CEO, HECLA MINING

last 12 months. The company reported a 16% year-on-year jump in quarterly adjusted earnings to start 2016, while boosting its total liquidity 59% to US$313 million. Hecla has outpaced many peers with a 180% increase in share price over the past 18 months. “One of the pillars in our strategy are long-life mines, where we can work to control the costs,” Baker said. “We want our operations to run for a long time, which allows us the opportunity to understand and benefit from new methods and machinery over the mine life.” Hecla expected to produce between 46 million and 50 million equivalent oz. silver this year from its four mining operations: Greens Creek in Alaska, Lucky Friday in Idaho, Casa Berardi in Quebec and San Sebastian in Mexico. The company has been at the historic Green Creek’s operation since the 1980s, while Lucky Friday has operated in Mullan, Idaho, for nearly 75 years. Meanwhile, Casa Berardi has also seen off-and-on production since the late 1980s. Hecla has added nearly 300 million oz. in total silver reserves over the past decade despite its aging mines. The journey hasn’t been without its setbacks, however, and in March the United Steelworkers Union Local 5114 declared a strike at Lucky Friday. The mine had been scheduled to produce between 8 million and 9 million equivalent oz. silver this year, though Hecla says the labour negotiations “will not have a material impact on its financial position.” Negotiations are ongoing. Hecla has leveraged a variety

of technologies to improve mine performance. At Green’s Creek, the company has instituted load-haul-dump (LHD) automation to increase productivity during shift changes and blasting. Hecla has also applied Woodgrove Technologies’ staged f lotation reactor cells to boost average recoveries at the mine by 7%. Meanwhile, the company is testing battery-powered LHD technology at Lucky Friday to reduce ventilation requirements in the absence of diesel exhaust. It has also made a five-year investment with Atlas Copco into continuous mechanical cutting to eliminate drilling and blasting, which it speculates could “revolutionize some mines.” “We’re looking at a mechanical mining machine that would operate continuously. I’m going to look at a prototype that’s designed to mine reefs, but we’d look at adapting the technology for vein mining,” Baker said. “It uses some of the technology in tunnel boring, so instead of drilling and blasting, you’d cut the rock. It would change it from a batch to a continuous process. We’re funding the development of the machine, and it will probably be three years before we see results.” Hecla has been on a mission to improve Casa Berardi since acquiring the operation in a $796-million deal for Aurizon Mines in 2013. The company has spent $200,000 on automated shaft and rock breakers, as well as jumbo-stop drill automation and haulage. Hecla says that two 40-tonne Sandvik trucks could save $5 mil-

lion on Casa Berardi’s 985 automated drift in the near term. The company modelled the improvements on Barrick Gold’s (TSX: ABX; NYSE: ABX) Williams gold mine in the Hemlo camp, 350 km east of Thunder Bay, Ontario. “It’s a question of testing new technologies and finding the best way forward. It’s a long journey

from the old way of doing things and being able to quantify how technolog y might impact t he economics of a deposit,” Baker said. “We have long-term employees step forward who are really excited about a new technology or process, and they get involved. From a company perspective, it’s really exciting to see because what we want is to create that culture of innovation.” Hecla shares have traded in a 52week range of US$4.18 to US$7.64, and closed at US$5.30 per share at press time. The company has 396 million shares outstanding for a US$2.1billion market capitalization, and reported a 152% year-onyear increase in free cash flows, to US$44.5 million, in 2016. TNM

MINING, CONSTRUCTION AND NEW INVENTORY

WEBCAST / ONSITE AUCTION Surplus Assets from

SNAP LAKE MINE

Tues. & Wed. August 1 & 2 • 10 AM MDT

Assets located in Yellowknife, NWT, Canada / Inspection: July 31, 9 AM – 4 PM, or by appt.

Major Assets for Sale Include: • Komatsu HM3501, HM3502, HM3501L Haul Trucks, Komatsu PC200LC-7L, PC400LC-7L Excavators, Komatsu D375A-6, D155AX-6 Dozers, Komatsu WA250-5, WA250-5L, WA450-6 Wheel Loaders • Sandvik Robolt 7-3 UG Bolters, Sandvik T40 UG Haul Truck, Sandvik Axera 7-240 UG Rock Drills, Sandvik LH410, LH307, UG Scooptrams • Getman A64 UG Articulated Vehicles • Minecat UT99D UG Utility Trucks • Skytrak 8042 Telehandler • Freightliner Tru-Cam and M2 Tank Trucks • Tamrock Regulation solo UG Bolter UNIC URW376C2UR Crane, Skid Steers, Attachments, Ford Pick Up Trucks • General Mine Site & Construction Equipment • New Pumps, motors, etc. • Machine shop, maintenance tools, air compressors, utility equipment, used pumps & motors, generators, frost fighters, consumables, etc. AVAILABLE FOR IMMEDIATE SALE: Large qty. of Bridgestone, Michelin & Firestone tires, UEE electrical sub-stations & transformers, Pipe, Swellex rock bolts, anchors, etc., Bulk chemicals, Victaulic inventory, Mine meshing, etc. Sale in conjunction with:

Contact Terrance Jacobs at 905.660.1367 or tjacobs@managingyourassets.com

For more information, visit www.managingyourassets.com

2017-07-04 9:34 PM

WWW.NORTHERNMINER.COM

JULY 10–23, 2017 / THE NORTHERN MINER

A view of Harte Gold’s Sugar Zone gold project in northern Ontario. HARTE GOLD

A drill site at the Sugar Zone project. HARTE GOLD

Harte Gold’s Sugar Zone just ‘the tip of the iceberg’ ONTARIO

BY TRISH SAYWELL tsaywell@northernminer.com

arte Gold’s (TSX: HRT) Suga r Zone deposit in northern Ontario will be in commercial production in the second quarter of 2018, chairman and CEO Stephen Roman told The Northern Miner’s Canadian Mining Symposium in London. When Roman took over management of the company at the request of shareholders in 2009, Suga r was k now n to conta i n 200,000 oz. gold. But the mining executive, who had sold Gold Eagle Mines the year before to Goldcorp (TSX: G; NYSE: GG) for $1.5 billion, had a hunch that the project, 25 km northeast of White River and 60 km east of the Hemlo area gold mines, held an awful lot more gold than that. “Their property was fractured at the time so we cleaned up the company and acquired the other 51% of the property. We’ve been going hard ever since.” So far Harte Gold has defined half a million ounces of gold in the Sugar Zone alone — one of seven zones defined on the 620 sq. km property. “Initially nobody paid attention to this asset because it was small,” he said, despite its location within 100 km of three operating gold mines, Barrick Gold’s (TSX: ABX; NYSE: ABX) Hemlo mine, Richmont Mines’ (TSX: RIC; NYSE-MKT: RIC) Island Gold mine and Wesdome Gold Mines’ (TSX: WDO) Eagle River mine. Goldcorp’s Borden Lake gold project is also 100 km away. The underground mine development sits on the relatively unexplored Dayohessarah belt, an Archean-aged greenstone belt and part of the Wawa geological subprovince, which also contains the 30 million oz. gold HemloSchrieber gold belt. “It’s all the same greenstone belt. It’s the same geology, it’s the same age as Hemlo and we feel we have excellent potential to increase ounces with further exploration,” Roman said. “It’s a phenomenal orebody that will continue to grow.” The high-grade Sugar Zone contains 319,280 oz. gold in the indicated category (980,900 tonnes grading 10.13 grams gold per tonne) and another 155,960 oz. gold in the inferred category (580,500 tonnes

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| Underground mine development sits on Dayohessarah belt

grading 8.36 grams gold). That estimate was completed in 2012 and Harte Gold expects to finish a resource update before year-end. The company released more highgrade drill results from its $15-million exploration program. Six rigs are active and will drill 75,000 metres this year. The company is also undertaking airborne geophysical surveying, geochemical and field mapping and grab sampling. The latest results from infill and step-out drilling with three rigs in the Sugar Zone returned 115.49 grams gold over 2.1 metres in hole 17-162; 37.19 grams gold over 1.65 metres in hole 17-163; and 35.49 grams gold over 2.2 metres in hole 17-165. New results from the Middle zone, just north of Sugar, include 8.03 grams gold over 7.6 metres in 17-75W2. The company says the results suggest convergence with the Sugar Zone at depth and two drill rigs are active in the zone doing step-out drilling to expand the mineralized envelope and infill drilling to bring mineralization into the resource category. The dimensions of the Middle zone are now 400 metres on strike and 800 metres down-dip, and the zone remains open down dip and south. In the Wolf zone, 1.7 km northwest of the Sugar Zone, a sixth rig is working in an area where historic drilling returned an intercept of 9.5 grams gold over 7.5 metres, and follow-up drilling has resumed at depth. Four other zones — Lynx, Marten, Moose and Fisher — are also being studied. The Lynx zone has a strike length 3 km south of the Sugar Zone deposit and features five historic prospects, with high grades recovered from grab sampling that include 595 grams, 54.2 grams, 74.2 grams, 38.1 grams, 114.7 grams and 12.8 grams. Harte Gold is initially targeting production in the Sugar Zone of 50,000 oz. gold a year. “It’s not a big mine, but it should be a profitable mine,” Roman said. “The big upside is the regional exploration and the continued defining of a larger-sized deposit.” The recently discovered Middle and Wolf zone deposits “are growing in size, and that’s why we feel in this area we have potential just on that 3,000-metre strike length of 3 million oz. — but it also extends south,” he added.

Harte Gold president and CEO Stephen Roman addresses attendees at The Northern Miner’s Canadian Mining Symposium in London, UK, in May. PHOTO BY MARTINA LANG

“IT’S NOT A BIG MINE, BUT IT SHOULD BE A VERY PROFITABLE MINE.” STEPHEN ROMAN CHAIRMAN AND CEO, HARTE GOLD

Michael Gray of Macquarie Research says the Sugar Zone could be “the tip of the iceberg,” and that the company “is in the early innings of exploring and expanding its Sugar Zone project resources.” The mining analyst says there is “high potential for on strike and subparallel zones to be discovered in the more than 3 km Sugar Deformation Zone, and throughout the large land position for over 5 million oz. ultimate potential … the Sugar Zone project has a large, 620 sq. km consolidated land position covering a vastly unexplored series of greenstone belts — especially given the region hosts the more than 30 million oz. Hemlo Gold belt and the plus 2 million oz. Island Gold mine.” In the meantime, Gray forecasts the underground mine could run at 40,000 oz. gold a year in 2018, with cash costs of US$450 per oz. and all-in-sustaining costs (AISCs) of US$700 per oz., followed by “staged expansions to 90,000 oz. gold a year in 2023.” Based on its bulk sample, the company says it can produce at 540 tonnes a day, which keeps the operation below the provincial permitting guidelines. But full commercial production permitting is underway to eventually increase this rate. (Federal authorization is needed to raise the throughput rate above 600 tonnes per day.)

An impacts and benefits agreement with the Pic Mobert First Nation is moving along and should be completed in June or July. “We engaged the First Nations from the moment we took over managing this company, and they have been involved with us all through,” Roman said. “They’re working at the site; they’re working underground; they’re working at the shop; they helped us build the roads; they’re crushing and hauling to Barrick ’s mill. It’s a big engagement.” Roman also noted that the estimate for US$700 per oz. AISCs should go down once the company builds its own mill (commissioning is expected to start in the first quarter of 2018). “We’ve shipped 67,454 d r y tonnes to Barrick so far at a grade of 8.5 grams gold — that’s what they’ve recovered for us,” he said. “With our own mill, we can recover a higher grade than that.” He points out that because mining will be by long-hole stoping, and because it’s a steeply dipping orebody, it will be “a very low-cost operation.” Roman noted t hat wit h t he completed bulk sample, Harte confirmed the geology, continuity, mineralized widths, modelled grades and mining method. “It’s a narrow deposit but high grade, and we were wondering

whether we could mine it with long-hole methods. It has proven extremely good for long-hole mining, with little dilution and excellent recoveries. “We’re around the 10-gram-pertonne range, which puts us ahead of many other gold projects.” Pierre Vaillancourt of Haywood Securities says the project has robust economics. At US$1,200 per oz. gold, the project has a $326-million net present value at a 5% discount rate and could generate a 100% internal rate of return, based on a 550-tonne-per-day operation increasing to 800 tonnes per day (subject to permitting) and a 1 million oz. resource. Vaillancourt says Harte’s next resource estimate could increase from the 2012 estimate to at least 1 million oz. gold grading 9 grams gold. He writes in a June 15 research note that “longer term, the current mineralization zones — Sugar, Middle and Wolf — each have the potential to deliver a 1 million oz. resource.” “With a property covering more than 620 sq. km, including 30 km of strike length along the Dayohessarah deformation zone, the regional potential is significant,” he notes. “The geology at the south and northwest parts of the property suggests a mineralization style that compares to the Hemlo gold mines … as the resource grows and the regional potential comes into focus, Harte Gold, which has already received interest from several producers, could become a takeover target.” The company also has a team with deep mining experience, including vice-president of projects Roger Emdin, who has held operating roles with large mines, including Glencore’s (LON: GLEN) Nickel Rim mine; and general manager Stephen Ball, who held projectmanagement roles at Vale’s (NYSE: VALE) narrow-vein Coleman mine, and at Voisey’s Bay. As of May 9, the company had $25 million in cash. Harte has 453 million outstanding shares at 69¢ apiece for a $313-million market capitalization. United Kingdom-based investment fund Appian Natural Resources is the company’s largest shareholder, with a 17% stake. Macquarie’s Gray notes that Appian was also a pre-construction investor in Roxgold (TSX: ROXG; US-OTC: ROGFF). TNM

2017-07-04 9:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 10–23, 2017

Metalla picks up royalties, stream from Coeur Mining M&A BY TRISH SAYWELL tsaywell@northernminer.com

etalla Royalty & Streaming (CSE: MTA; US-OTC: EXCFF) is buying three royalties and one stream — two of which are on producing mines — from Coeur Mining (NYSE: CDE) in a deal worth US$13 million. In exchange, Coeur will receive 19.9% of the junior’s shares. The balance of the purchase price will come from an unsecured convertible debenture bearing interest at 5% a year. The assets in Australia, Argentina, Ecuador and Chile are owned by CBH Resources, Pan American Silver (TSX: PAA; NASDAQ: PAAS), Dynasty Metals & Mining (TSX: DMM; US-OTC: DMMIF) and Regulus Resources (TSXV: REG). Metalla’s strategy is to target smaller royalties and stream to avoid competing with larger companies, such as Franco-Nevada (TSX: FNV; NYSE: FNV), Silver Wheaton (TSX: SLW; NYSE: SLW), Royal Gold (NASDAQ: RGLD), Osisko Gold Royalties (TSX: OR; NYSE: OR) and Sandstorm Gold (TSX: SSL; NYSE: SAND). “There was an opportunity we saw in cultivating the smaller assets in the space — typically transactions with a value per asset of less than $10 million,” Metalla’s president Brett Heath says. “By focusing on the more accretive transactions on the smaller end, we can build out a diversified portfolio of royalties and streams with much more attractive returns, without competing with the majors. This will allow us to return more value to shareholders.” The portfolio Metalla is acquiring from Coeur consists of a silver stream from the producing Endeavor zinc-lead-silver mine, owned by CBH Resources in Australia; a 1.5% net smelter return royalty (NSR) on Dynasty’s Zaruma gold mine in southern Ecuador; a 2% NSR on Pan American Silver’s Joaquin project in Argentina; and a 1.5% NSR on Regulus’ Puchuldiza project in northern Chile. Heath expects the silver stream from the Endeavor mine in New South Wales will generate cash flow of US$2 to US$2.5 million in 2017 and US$3.8 to US$4.2 million in 2018, based on an average silver price of US$17 per ounce. The forecast is based on the underground zinc, lead and silver mine delivering 987,500 oz. silver over the next 24 months. Metalla has the right to buy 100% of the silver produced, up to 20 million ounces. Endeavor has a mine life extending to 2019. “The Endeavor mine is a short mine life, and we were OK with that because so much of our portfolio is future growth, so we needed something that was a near-term way to get cash f low with exposure to gold and silver, and this fit perfectly,” Heath says. “If the mine had had a 15-year mine life, that would probably have been a purchase of more than $100 million, and would have gone to one of the bigger companies.” “The deal works great for Coeur because they can monetize noncore assets while holding on to all the upside as a Metalla shareholder.” Heath also likes the 2% NSR on Pan American Silver’s Joa-

1-16, 23_JULY10_Main .indd 7

| $13M deal will see Coeur become largest shareholder in junior

“IF WE CAN CONSOLIDATE 10, 15 OR 20 OF THESE ROYALTIES AND STREAMS, WE’LL HAVE A PORTFOLIO OF ASSETS THAT WILL BE VERY ATTRACTIVE FOR A BIGGER COMPANY TO CONSOLIDATE ALL OF THEM.” BRETT HEATH PRESIDENT, METALLA ROYALTY & STREAMING

quin project, which Pan American recently bought from Coeur for US$25 million. The project in Argentina’s Santa Cruz province is 145 km from Pan American’s Manantial Espejo silver-gold mine. The Joaquin project has measured and indicated resources of 15.7 million tonnes grading 128.9 grams silver per tonne and 0.12 gram gold per tonne for 65.2 million contained oz. silver and 61,100 contained oz. gold. The project “ looks to be in development in a year or two,” Heath says. “It’s a near-surface, open-pittable deposit that is within trucking distance to the plant at Manantial Espejo, so the timing and economics to put the Joaquin project into production should be attractive to Pan American.” Dynasty’s Zaruma gold mine, 3 km north of the town of Zaruma in southern Ecuador, has a measured and indicated resource of 2.6 million tonnes grading 12.97 grams gold per tonne for 1.09 million contained oz. gold, and an inferred resource of 3.7 million tonnes grading 12.2 grams gold for 1.45 million contained oz. gold. “The resource and grade of Zaruma allows for the potential of a long-life asset,” Heath says. “The new management is working through the issues the company previously had, and so far it looks positive.” The mine produced 72,430 oz. gold and 152,292 oz. silver between 2012 and 2014. Dynasty has recently restructured and is trial mining at lower levels, Metalla says. Finally, Regulus’ Puchuldiza project in the Andean Plateau in Chile has an inferred resource of 30.07 million tonnes grading 0.71 gram gold for 686,000 contained oz. gold. The Puchuldiza royalty is subject to a right of first refusal and is capped at US$5 million. “The Coeur transaction was great for us and Coeur,” Heath says. Before the Coeur deal, Metalla had already built up a number of other royalties and streams. The company has a 2% NSR on Goldcorp’s (TSX: G; NYSE: GG) Hoyle Pond Extension properties that include the leased mining rights in Hoyle township, east of the Hoyle Pond gold mine. The royalty is payable after meeting the initial 500,000 equivalent oz. gold threshold. Metalla also has a 1.5% NSR on the West Timmins extension properties, owned by Tahoe Resources (TSX: THO; NYSE: TAHOE). The royalty is on the Wallingford claim,

A drill rig at Pan American Silver’s Joaquin silver project in Argentina in 2009, where Metalla Royalty & Streaming has acquired a royalty. MIRASOL RESOURCES

which lies on the extension of the Timmins deposit, which is part of the West Timmins mine. Tahoe acquired the mine from Lake Shore Gold in April 2016. In addition, Metalla has a 15% stake in Silverback, a private company that owns 100% of a silver stream on the New Luika gold mine in southwestern Tanzania. Silverback bought the silver stream to provide the operator with construction financing. Under Silverback’s streaming agreement, silver is bought at 10% of the spot price, and the stream continues until 2026. The streaming agreement covers 100% of monthly silver production up to 11,250 oz. and 80% of silver production thereafter. The mine has produced since 2012. As of April, Metalla had received its

first delivery of 8,008 oz. silver for production between October 2016 and March 2017. “We’re expecting a significant amount of cash f low from the Endeavor operation and the New Luika gold mine stream, so this will make the company cash-flow positive and provide more capital to buy more streams and royalties,” Heath says, estimating cash flow in 2018 of up to $6 million. Heath notes that in the current market there are many opportunities to make deals that are too small to be of interest to the larger royalty and streaming companies, but are just right for Metalla’s more humble aspirations. “You’re going to see more deals in the future that are similar to this,” Heath says of the Coeur transaction. “We don’t want to grow in

deal size and compete with lower and lower returns at the higher end. If you look at what the bigger deals are costing the bigger royalty and streaming companies, the internal rates of return are normally in the single digits.” Heath notes that eventually the company wants to pay out half of its cash to shareholders as dividends and spend the rest on acquiring new assets, of which there are many, he says. “If we can consolidate 10, 15 or 20 of these royalties and streams, we’ll have a portfolio of assets that will be very attractive for a bigger company to consolidate all of them. In the meantime, we will work towards our goal of paying a dividend to create a company that has a real yield to gold and silver prices.” TNM

2017-07-04 9:34 PM

WWW.NORTHERNMINER.COM

JULY 10–23, 2017 / THE NORTHERN MINER

A driller on a rig at Arizona Silver Exploration’s Ramsey silver project in western Arizona, where the company is completing a 2,000-metre drill program testing a large magnetic anomaly 450 metres north of historical mine workings. ARIZONA SILVER EXPLORATION

Arizona Silver tumbles on Ramsey assay results SILVER

| First two drill holes targeting a magnetic anomaly largely barren

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

ssay results from the first two reverse-circulation drill holes targeting a magnetic anomaly at Arizona Silver Exploration’s (TSXV: AZS) Ramsey silver project in western Arizona prompted a 77% drop in the company’s share price. The stock had soared from 40¢ to $1.22 after a May 11 announcement that one of the holes, 1702, hit 44.2 metres of quartz veins peppered with a “sub-metallic grey mineral,” which could be a silver-bearing sulphide. On May 30, assay results confirmed the mineral in question was ilmenite — a titanium-bearing oxide — but the interval was devoid of silver. Another hole reported in the release, 1703, was only weakly mineralized, with 58 metres containing 0.5 to 0.3 gram silver per tonne. Shares of the company dropped to 24¢ at press time. Mike Stark, the company’s chairman, tells The Northern Miner during a phone interview that upbeat analyst reports may have driven the company’s stock into oversold territory. “I’ve been speaking with 75 people per day who were asking for clarification on why the stock was overbought at the beginning, especially when we went well over $1,” Stark says. “It was based purely on hype — people listening to other people — and a lot of downfall can happen in very quick order if claims are not substantiated. The assay results read ‘we missed,’ and sometimes that’s all investors need to decide they’re out. But it’s only part of the story. We’re still waiting for more assays.” A research report by newsletter writer John Kaiser from Kaiser Research predicted shares of Arizona Silver could surge to $18 if mineralization correlates with a prospective magnetic anomaly on the property. The anomaly is 20

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An exposed historic mine shaft at Arizona Silver Exploration’s Ramsey silver project. The mine produced 7,620 tonnes of ore grading 1,093 grams silver per tonne between 1921 and 1969. ARIZONA SILVER EXPLORATION

“WE EITHER STEPPED OUT TOO FAR, OR WE’RE ON THE WRONG FAULT. WE DON’T KNOW THE ANSWER TO THAT YET, BUT WE’RE GOING TO FIND OUT. IT’S STILL EARLY DAYS.” GREG HAHN PRESIDENT AND CEO, ARIZONA SILVER EXPLORATION

times larger than the one seen 450 metres south at the Ramsey silver mine, where production between 1921 and 1969 totalled 7,620 tonnes grading 1,093 grams silver. The company says the anomaly could represent the northern extension of the Ramsey mine, but offset by a younger, northeast-trending fault. “Kaiser was looking for 2 to 3 oz. silver spread out over a 500- by 500-metre area. His model is fair and reasonable, but it has to be proven, and something of that magnitude won’t happen overnight,” Stark says. “Our current drill program is exploratory and not of that size. We’re just getting our feet on the ground and trying to figure out what’s causing the anomaly. If it carries silver, we can start drilling it out.” Arizona Silver is halfway through its 2,000-metre drill campaign, in which five holes will test the northern anomaly for a regionally

trending fault. The fault, which separates an overlying package of rhyolites from metasediments and volcanics below, was a conduit for silver-rich fluids at Ramsey. While only one of the two reported holes intercepted the fault, both holes show strong magnetitebearing zones with pyrrhotite, so The Northern Miner asked Greg Hahn, president and CEO of Arizona Silver, whether those minerals could explain the magnetic response in geophysics. “We hit recognizable amounts of pyrite and magnetite, both of which can generate geophysical anomalies,” Hahn says. “But those minerals are also present in the Ramsey mine mineralizing system, along with silica, so it’s encouraging to see them all together in the northern anomaly. What our intercepts lack is silver, so we either stepped out too far, or we’re on the wrong fault. We don’t know the answer to that yet, but we’re going to find out.

Mineralization at the historical Ramsey silver mine occurs within epithermal veins focused along a regionally trending fault that separates overlying rhyolitic rocks from metasediments and volcanics below. ARIZONA SILVER EXPLORATION

It’s still early days.” One challenge Arizona Silver faces at Ramsey is that the entire northern anomaly is covered under 100 metres of Pleistocene gravels, which is why the company relies on geophysical surveying to generate drill targets. “You can’t see anything at surface — there’s little to no geology to make an informed decision,” Hahn says. “But everything we’ve seen in drilling looks identical to what we see with mineralization at the Ramsey mine. There appears to be a big system cooking underneath, it’s just a matter of hooking into it with a drill hole.” Part of this year’s program will test the southeastern extensions of

high-grade mineralization at the Ramsey mine, where drilling this year returned intercepts of 15.3 metres of 102 grams silver. “The entire strike length of the mineralizing system appears to extend for over two miles,” Hahn says. “We’ve only tested a small part of the northern extension, and haven’t tested the area around the Ramsey mine or the southeastern extension where it’s wide open. There’s still a lot of work to do, so stay tuned.” Shares of the company have traded in a 52-week range of 4¢ to $1.22, and closed at 24¢ at press time. The company has 28.8 million shares outstanding for a $7-million market capitalization. TNM

2017-07-04 9:34 PM

SPECIAL FOCUS

TECHNOLOGY METALS

Pure Energy unveils PEA for Clayton Valley lithium NEVADA

| PEA forecasts 10,300 tonnes produced annually over 20 years

First Cobalt to merge with Cobalt One, CobalTech M&A | Consolidating ground and processing facilities in Ontario’s venerable Cobalt camp BY TRISH SAYWELL tsaywell@northernminer.com

rent Mell of First Cobalt (T SX V: FCC ; US - OTC: FTSSF) is making good on his promise to build a diversified portfolio of cobalt assets to capitalize on growing demand for the metal in electric vehicle batteries. The president and CEO has signed letters of intent to merge First Cobalt with Cobalt One and CobalTech Mining (TSXV: CSK), which have cobalt properties and processing facilities near First Cobalt’s KeeleyFrontier project in Ontario. If the three-way merger is completed, Mell says the new company would be the largest cobalt explorer in the world. “Once you put these three companies together we would have 45% of the prospective properties in the Cobalt, Ont., camp,” he says. “Agnico Eagle is left with 21%, so you See FIRST COBALT / 12

Workers at a drill site on Pure Energy’s Clayton Valley lithium property in Nevada. PURE ENERGY MINERALS BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

ure Energy Minerals (TSXV: PE; US-OTC: PEMIF) hopes to start construction on a lithium hydroxide operation at its Clayton Valley project in Nevada by 2019. On June 26, the company released a preliminary economic assessment (PEA) that lays out its path to production, which hinges on a US$10-million pilot plant that could be operation by the end of 2018. Clayton Valley lies halfway between Las Vegas and Reno in Esmeralda County. The 105 sq. km project hosts lithium brines within unconsolidated sediments (gravel, sand, etc.) that infill a basin beneath the claim area. Pure Energy found lithium-bearing brines 130 to 600 metres underground. The study forecasts average annual production of 10,300 tonnes of lithium hydroxide — or 9,100 tonnes lithium carbonate equivalent (LCE) — over a 20-year mine life. The mine plan is underpinned by an updated “drainable mineral resource,” which includes 218,000 tonnes of LCE in the inferred category. “The geology has been the biggest curveball for us. It’s a structurally complex basin that has multiple stages of deformation. It was ripped apart at the same time it was formed,” CEO Patrick Highsmith says during a phone interview. “Our resource has gotten smaller. Most comparable basins tend to be pretty homogenous, but in Clayton Valley that’s not entirely true. There is exploration potential in the south,

1-16, 23_JULY10_Main .indd 9

but at this time we’ve opted to be conservative and draw a hard line. We’ve offset that with higher grades and a deeper resource,” he adds. The company released a resource update in mid-2015 that estimated Clayton Valley contained 816,000 inferred tonnes of LCE. In the new resource estimate, an area in the south was excluded owing to negative drill results. Pure Energy is working with Tenova Advanced Technologies (TAT) and GE Water and Process Technologies to develop a proprietary lithium flow sheet that could

improve recoveries and lower water use. Based on “mini pilot-plant” testing, the process achieves lithium recoveries over 91%, which is higher than traditional evaporation ponds. Proof-of-concept plant test work was finished in 2016 at TAT’s Research and Development Center in Israel. The operation would cost US$300 million in upfront capital to build, and feature a 21% after-tax internal rate of return and US$264-million net present value at an 8% discount See PURE ENERGY / 10

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Tel: 604.681.7735 www.mgxminerals.com

ACQUISITION &DEVELOPMENT

2017-07-04 9:34 PM

TECHNOLOGY METALS

JULY 10–23, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Drillers on a platform at Pure Energy Minerals’ Clayton Valley lithium project in Nevada. PURE ENERGY MINERALS

Pure Energy unveils PEA for Clayton Valley lithium PURE ENERGY From 9

rate. The project payback period is estimated at four years. The base case in Pure Energy’s study forecasts a lithium hydroxide price of US$12,000 per tonne in 2021 — when the proposed Clayton Valley project would ramp up. The price is modelled to strengthen through 2025 to US$16,500 per tonne.

“We opted for a smaller, initial design proposal. When you look at the lithium space you see companies declaring these huge megaprojects,” Highsmith says. “Mine plans can take years to ramp up, and might be a little too ambitious. We’re just fine with our design because we see high-margin potential from the new technology, and the investment returns are

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downright attractive. Our flow sheet indicates we’ll make battery-grade hydroxide right in Nevada, and that’s a rare thing,” he says. Pure Energy says it will need US$18 million to move Clayton Valley through feasibility, which includes US$10 million earmarked for the new pilot plant in Nevada. The test facility would run continuously for six months. Highsmith says the process will “answer a lot of engineering questions” and help the company commercialize and scale its processing technology. The company aims to start pilot testing in late 2018. Meanwhile, Pure Energy will follow up on exploration potential. It is budgeting for more geophysical surveys across Clayton Valley’s broader property package, and announced in May that it had acquired another 60 sq. km in the region from Frank Giustra’s Lithium X (TSXV: LIX; US-OTC: LIXXF). Pure Energy will pay 20 million shares and 2 million warrants for the 756 unpatented mineral claims. “It’s a bit easier in terms of expansion than a traditional mine because we’re talking about the well field,” Highsmith says. “We’ll look at the exploration and expan-

A worker unloads drill core at Pure Energy Minerals’ Clayton Valley lithium project in Nevada. PURE ENERGY MINERALS

sion potential in tandem with our feasibility work. We’ve allowed six quarters for the basin drilling work, so it will be continuous as we advance. The Lithium X ac-

2017-05-30 10:37:47 AM

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1 877 704-6038 info@nemaskalithium.com

quisition was nicely timed and our team says there’s brine on those claims.” Lithium X also completed a $2-million investment in Pure Energy wherein it bought 3.6 million units at 56¢ apiece, with each unit comprised of a share and half a warrant exercisable at 75¢ for three years. As for permitting, Clayton Valley’s hydrographic basin was designated “in need of additional administration” by the Nevada state engineer in early 2016. The company will have to obtain its water rights for the pilot plant, and eventual production. In addition, Pure Energy will have to navigate water concerns raised by chemical producer Albemarle (NYSE: ALB), which operates the Silver Peak lithium mine nearby. “When you bring a project like Clayton Valley to the feasibility stage, you tend to see investors emerge who want direct involvement in the project,” Highsmith says. “This is the time to go out and build those relationships. We don’t believe the feasibility study will need to be funded fully by equity ... other parties will want to join. Maybe they want to get a lithium contract in place, or become a partner.” Pure Energy has traded in a 52week range of 49¢ to 97¢, and closed at 51¢ per share at press time. The company has 66 million shares outstanding for a $34-million market capitalization. TNM

2017-07-04 9:34 PM

TECHNOLOGY METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 10–23, 2017

BUILDING THE WORLD’S LARGEST

cobalt exploration/development company Canadian Presence Leverage •Substantial land position in the best mining jurisdiction •16 past producing mines, a mill, and a fully permitted refinery on future land package of over 10,000 hectares Proven Methods from the gold industry for new mine “re-discovery” •Re-examining historical data and employing modern mining techniques •Assessing potential for large-scale bulk mining – a new approach in this camp Mine Builders •Track record of discovery, construction, funding, and operation

Proposed Transactions

Expanding our footprint

• Creating the world’s largest cobalt exploration/development company • District-scale potential in historical mining camp in Cobalt, Ontario

•First Cobalt announces non-binding intention to merge with Cobalt One Limited (ASX:CO1)

• Fast-track to production with fully permitted mill, refinery and stockpiles

•First Cobalt announces binding intention to merge with CobalTech Mining Inc. (TSXV:CSK)

• Extremely rare, high-grade cobalt targets outside of the DRC

•The largest, contiguous land package in the Cobalt Mining Camp of northern Ontario

•100% owner of the past producing Duncan Kerr property, production facilities and equipment

•Holds 7,272 hectares of highly prospective exploration property that contains several past producing Co-Ag mines, including Silverfields which produced ~18.2 Moz Ag

•Duncan Kerr consists of 296 hectares in Cobalt, Ontario

•Has an 80.0% (+20.0% option) ownership interest in the Cobalt Town, Silver Centre and Lorrain Valley cobalt projects

•Hosts the past-producing Kerr Lake and Lawson mines which from 1905-1996 produced ~32.7 Moz Ag and significant Co by product •100% ownership of a 100 TPD fully permitted facility

•100% ownership of Yukon Refinery

w w w. f i r s t c o b a l t . c o m Investor Relations | Heather Smiles | E: info@firstcobalt.com | T: +1 416 900 3891 | TSX.V: FCC OTCQB: FTSSF

1-16, 23_JULY10_Main .indd 11

2017-07-04 9:34 PM

JULY 10–23, 2017 / THE NORTHERN MINER

TECHNOLOGY METALS

WWW.NORTHERNMINER.COM

A view of First Cobalt’s Frontier cobalt property from Gibson Lake in Northern Ontario’s Cobalt mining camp. FIRST COBALT

First Cobalt to merge with Cobalt One, CobalTech FIRST COBALT From 9

can imagine who we want to speak to next.” Cobalt One owns the Yukon cobalt extraction refinery in Cobalt, Ont., 25 km from First Cobalt’s KeeleyFrontier project. The Yukon refinery is one of only four facilities in Canada environmentally permitted to treat and process ore containing arsenic, and the only one in North America with no set limits on processing or storing arsenic from feeds. The permitting is critical, Mell says, because the Cobalt-area camp has produced silver-cobalt arsenide ores throughout its history, and mineralization at First Cobalt’s flagship asset, the past-producing Keeley-Frontier mine, occurs as

silver-cobalt-nickel-bismuth arsenides. The refinery sits on a 16-hectare property and includes a tailings management facility and two watermanagement points, with both the space and environmental permits needed to expand the tailings facility to three times its current size. First Cobalt and Cobalt One already have a joint-venture agreement in place on the refinery and surrounding properties in a transaction signed on June 1, but a full merger of the two companies makes more sense, Mell argues. “The refinery was built in the 1990s. It is small and may serve a purpose for the short-term just for metallurgical testing, or small batches of high-grade material to

Neo Lithium Corp. (TSXV:NLC) A large, advanced stage, high grade lithium brine discovery in the lithium triangle Right Project • Lithium salar and brine-reservoir complex in the mining friendly province of Catamarca, Argentina • The 8th largest lithium brine project in the world with a measured and indicated resource of 714,242 tonnes, and inferred resource of 1,339,546 tonnes of lithium carbonate • One of the highest grade lithium projects in the world, with very low impurities • On track to report PEA in Q3 2017 • Strong balance sheet with in excess of $30mm of cash and strong institutional support • Funded to complete Feasibility Study Right Team • Successful and experienced technical team – discovered and developed the Cauchari salar (Lithium Americas Corp.) to full feasibility study in 36 months • Deep relationships with lithium end-users

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1-16, 23_JULY10_Main .indd 12

generate cash flow,” he says in an interview. “But longer term, what interests me is really the permitted land where the refinery is located. Our vision for the camp is to go out and find two, three or four open pits … the permitted property would shorten a permitting timeline. You’ve done away with lots of consultation, and you have ample baseline data, as well as an existing tailings management system … the regulatory hurdles of getting a process plant permitted are significant, so with 40 acres already permitted, it helps the economics of a future mine.” Mell says First Cobalt’s joint-venture option agreement with Cobalt One brought the management teams of both companies together for the first time, and that he has developed a rapport with Cobalt One’s CEO, Jason Bontempo. “When I was in Vancouver recently I had lunch with Jason, and he shares our view to step away from just looking at high-grade silver veins in old mines and look at what’s left behind in the host rock,” Mell says. “So after our joint-venture refinery deal, First Cobalt thought we should look to consolidate with Cobalt One.” There are 50 cobalt juniors around the world with a market capitalization of $30 million or less, and investors are looking for scale, Mell contends. “We wanted to become the go-to in the space. I talked with Jason just before I sent the merger proposal and he appeared receptive to the idea, and he said his board will go away and consider it.” Cobalt One’s market cap is twice that of First Cobalt, Mell adds, which would give the merged entity a larger presence in the market. A secondary listing in Australia would also give the Toronto-based company access to new investors. “Aussie investors are a little ahead of the curve when it comes to cobalt, as they were with lithium, so valuations tend to be stronger and investor support seems to migrate from retail to institutional investors a little faster, so merging with Cobalt One would help us drive our liquidity and give us access to more capital.” A merger with CobalTech Mining, meanwhile, would also bring greater scale to First Cobalt. CobalTech has a portfolio of properties that include 11 past-producing mines in the town of Cobalt, Ontario. Its flagship asset, the Duncan Kerr project, contains the past-producing

“WHAT INTERESTS ME IS THE PERMITTED LAND WHERE THE REFINERY IS LOCATED. OUR VISION FOR THE CAMP IS TO GO OUT AND FIND TWO, THREE OR FOUR OPEN PITS.” TRENT MELL PRESIDENT AND CEO, FIRST COBALT

Kerr Lake and Lawson mines, which operated between 1905 and 1966, and reportedly produced significant cobalt by-product from mining 32.7 million oz. silver. At Duncan Kerr, CobalTech has 6,588 tonnes of crushed stockpile with an average grade of 761 grams silver per tonne and 0.95% cobalt. The other historic mines on the property are Drummond, Conisil, Hargrave, Belmont, Silver Cross, Campbell-Crowford, Silver Bird and Airgiod. CobalTech also owns a 100-tonneper-day mill, which would complement Cobalt One’s Yukon refinery. “We understand that the mill equipment was acquired from China within the past four years by a local entrepreneur, and a circuit was built in a former mill building in the town of Cobalt,” Mell says. “It produced concentrate from stockpiled material found near legacy operations in the camp. There are stockpiles of cobalt and silver material all over the place, so this gentleman was collecting material and producing a concentrate, and shipping it directly to China for refining, allegedly with some success.” If the mergers go ahead, it will take some time to close the transactions, Mell concedes, and there will be lots of work to be done to better understand the camp’s geology. Previous operators focused on mining the silver veins and very little was

understood about the cobalt. At the Keeley-Frontier property, which it is optioning from Canadian Silver Hunter (TSXV: CSH), First Cobalt plans to start a 7,000-metre drill program on August 1. “The most exciting thing is going to be the first assay results we get,” Mell says, noting that no work has been done on the property for more than 50 years. The past-producing Keeley and Frontier mines in the town of Silver Centre, 25 km south of the town of Cobalt, were developed and operated as separate mines before being integrated in 1961. Between 1908 and 1965, KeeleyFrontier produced over 3.3 million lb. cobalt at a recovered grade of 0.5%, and 19.1 million oz. silver at a recovered grade of 58 oz. per tonne (1,644 grams silver per tonne). The neighbouring towns of Silver Centre and Cobalt were the most prolific cobalt jurisdictions in Canada, he says. In addition to First Cobalt’s Ontario projects, the company is earning a controlling 70% interest in seven properties in the Democratic Republic of Congo, a country that contains 48% of the world’s cobalt reserves. Says Mell: “Assuming we get to the finish line with these two deals, we become a cobalt powerhouse in Ontario and beyond.” TNM

2017-07-04 9:35 PM

TECHNOLOGY METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 10–23, 2017

SEVEN JUNIORS HUNTING FOR BATTERY MINERALS Snapshot: Lithium, cobalt and graphite prove attractive targets The boom in electric vehicle manufacturing has translated into a lively subsector of junior explorers scouring the world for new deposits of lithium, cobalt, graphite and other minerals suited for use in emerging technologies. Here are seven such juniors.

and partners before deployment of commercial systems. MGX also says it is “building North America’s next magnesium oxide mine” in the Driftwood Creek mining district 164 km north of Cranbrook, B.C., where it is carrying out a preliminary economic assessment of an 8-million-tonne measured and indicated resource grading 43.31% MgO.

AVALON ADVANCED MATERIALS Don Bubar-led Avalon Advanced Materials (TSX: AVL; US-OTC: AVLNF) has been best known over the past decade for its Nechalacho rare earth element project near Great Slave Lake in the Northwest Territories. But with the rare earths market cooling, Avalon has shifted gears and refocused on its Separation Rapids hard-rock lithium deposit 70 km north of Kenora in northwestern Ontario. First discovered and drilled out by Avalon two decades ago, Separation Rapids’ measured and indicated resource stands at 8 million tonnes grading 1.29% Li2O, 39% total feldspar, 0.006% Ta2O5, 0.021% Cs2O and 0.352% Rb2O. Another 1.6 million tonnes at similar grades lie in the inferred category. Avalon completed a preliminary economic assessment at Separation Rapids in September 2016 that looked at producing high-quality lithium hydroxide from Avalon’s concentrates of the lithium mineral petalite using an “innovative hydrometallurgical technique” that it developed in the late 1990s, and optimized in 2016. Avalon recently infill-drilled 1,500 metres in five holes, and is aiming to build a $25-million, demonstrationscale processing plant at an old industrial site near Kenora, funded in part by potential customers for Avalon’s lithium products. In June Avalon raised $510,000 by privately placing 3.4 million flow-through shares at 15¢ apiece, and secured $500,000 from the Ontario government under the Northern Innovation Program of the government’s Northern Ontario Heritage Fund Corp. to help with metallurgical processing studies and scale-up of the pilot plant. In March, Avalon also raised $2.5 million in a preferred share financing.

NEO Lithium’s Tres Quebradas lithium project in Argentina. NEO LITHIUM conductive zones interpreted as geologic units at depth that are saturated with high-density — and potentially lithium-bearing — brines.

chief operating officer of De Beers Canada, where his expertise in northern mine building should help Fortune’s upcoming work in the Northwest Territories.

Next, the company intends to drill three or four holes up to 400 metres deep to test the new targets.

Fortune is completing baseline environmental work at the NICO site in the Northwest Territories, and building and improving roads and lay-down areas before the arrival of supplies during the next winter road season.

FORTUNE MINERALS Fortune Minerals (TSX: FT; US-OTC: FTMDF) has been working away for many years developing its vertically integrated NICO cobalt-goldbismuth-copper project, comprised of a proposed mine and mill in the Northwest Territories that would produce a bulk concentrate for shipment to a refinery the company would build in Saskatchewan. Fortune describes NICO as “one of the world’s few near-term primary cobalt assets positioned to meet the growing demand for cobalt in lithium-ion batteries” needed for electric vehicles and stationary power-storage units. Renewed interest in the cobalt sector fuelled by surging demand for high-performance rechargeable batteries has been a tonic to Fortune’s share price, which has doubled to 20¢ in the past six months and touched a two-and-ahalf-year high of 31.5¢ in February. In June Fortune appointed mining engineer Glen Koropchuk to the positions of technical director and chief operating officer to lead development of the NICO project. Koropchuck spent 27 years in the Anglo American group of companies, most recently as

It is also in discussions with PwC Corporate Finance Canada regarding possible project financing. MGX MINERALS Vancouver-based MGX Minerals (US-OTC: MGXMF) describes itself as a “developer of lithium, magnesium and silicon projects using innovative processes to supply the new energy economy.” Led by chairman Marc Bruner and president and CEO Jared Lazerson, MGX has an intriguing suite of assets that include lithium properties in Alberta and Utah, as well as silicon and magnesium properties in the Rockies of British Columbia. MGX has just completed a 1,000-litre-per-day petrolithium extraction and water treatment system with partner PurLucid Treatment Solutions that is now operational. MGX says the system will be used for large-scale testing of bulk-water samples from MGX’s petrolithium projects, including Sturgeon Lake, Alta., and Paradox Basin, Utah, as well as customers

In mid-June, MGX raised $3.3 million by privately placing 3.3 million flow-through units at $1 apiece. Each units comprises a flow-through share and a full warrant to buy another share at $1.15 within two years. NEXTSOURCE MATERIALS Toronto-based NextSource Materials (TSX: NEXT; US-OTC: NSRC) is the rebranded name of well-known graphite developer Energizer Resources, which has been steadily bringing to production its wholly owned Molo graphite project in southern Madagascar, 160 km by road southeast of the country’s administrative capital and port city of Toliara. The company completed a feasibility study of Molo in February 2015 and updated it in February 2017. NextSource says the work vaulted Molo into the ranks of “one of the largest and highest-quality flake graphite deposits in the world,” with a total combined graphite resource of 141 million tonnes at 6.13% total graphitic carbon, and a reserve-level core of 22.4 million tonnes at 7.02% total graphitic carbon. NextSource envisions a first phase of mining at Molo that would consist of a processing plant with a feed rate of 240,000 tonnes per annum and an annual production rate of 15,000 tonnes of finished flake graphite concentrate at purities of up to 98% total graphitic carbon. This would make Molo one of the world’s top-five largest graphite producers. NEO LITHIUM Waldo Perez-led Neo Lithium (TSXV:

NLC; US-OTC: NTTHF) is another junior active in South America’s Lithium Triangle. Its Tres Quebradas (or 3Q) lithium brine project in Argentina’s Catamarca province cover 350 sq. km and hosts a newly calculated measured and indicated resource of 714,000 tonnes of lithium carbonate equivalent at an average grade of 716 mg lithium per litre, plus an inferred resource of 1.34 million tonnes of lithium carbonate equivalent at an average grade of 713 mg lithium per litre. Neo Lithium says the “low magnesium and sulphate content of the resource are consistent with prior samplings and drilling results, and could make the brine favourable for future processing.” Nova Scotia’s Groundwater Insight calculated the maiden resource for Neo Lithium. Neo Lithium points to four advantageous characteristics of the 3Q project: it is one of the highestgrade lithium brine projects in the world; it has the lowest impurity content of any known salar; its salar footprint is large, at over 150 sq. km; and it is 100% owned and fully permitted. SIENNA RESOURCES Vancouver-based Sienna Resources (TSXV: SIE) has its Clayton Valley Deep Basin lithium brine project in Nevada, acquired by staking in May 2016 at a cost of $23,600. The property is located between lithium projects by Pure Energy Minerals and Lithium X Energy, and Sienna says it represents the deepest sections of the only lithium brine basin with a producing operation in North America — Albemarle’s Silver Peak lithium mine. In July 2016 Sienna hired GeoXplor to oversee an initial work program on the property that could start soon, according to a May 2017 filing by Sienna. As at March 31, 2017, Sienna had a working capital deficiency of $1.5 million, cash of $8,200, and an “accumulated deficit” of $20.6 million since inception. TNM

ARGENTINA LITHIUM & ENERGY Vancouver-based Argentina Lithium & Energy (TSXV: LIT; USOTC: PNXLF) is led by president and CEO Nikolaos Cacos and is focused on its Arizaro lithium project in northwestern Argentina’s Salta province, in the rich “Lithium Triangle” that encompasses areas of Argentina, Chile and Bolivia, and accounts for half of the world’s lithium production. The company describes the “hyper-arid” Salar de Arizaro as the largest in Argentina and the third-largest in the Lithium Triangle. Argentina Lithium has an option to acquire a 100% interest in the 205 sq. km Arizaro property, located in the central portion of the Salar de Arizaro at an elevation of 3,600 metres and near several rail lines. To acquire the property, the company must pay $6 million in stages, spend $4.2 million on project expenses over four years and issue 2.5 million shares. In May, Argentina Lithium completed a vertical-electricsounding geophysical survey that it says found conductive and semi-

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

NI 43-101 lithium resources Recent exploration programs resulted in a new discovery on the property, showing growth potential

•

High-grade drill assay results recently released, additional assays pending

•

Successful metallurgical tests produced high-grade spodumene concentrate and battery-grade lithium carbonate

•

Only a fraction of the Georgia Lake property has been explored

•

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

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

www.rocktechlithium.com

2017-07-04 9:35 PM

TECHNOLOGY METALS

JULY 10–23, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Friedland’s Clean TeQ, China’s Pengxin eye Syerston project AUSTRALIA

| Feasibility study for nickel-cobalt-scandium mine due later this year

A sample of cobalt sulphate solution, with cobalt sulphate crystals visible at the base of container. CLEAN TEQ HOLDINGS

Workers at a drill site at Clean TeQ Holdings’ Syerston nickel-cobalt-scandium project in New South Wales, Australia. CLEAN TEQ HOLDINGS BY TRISH SAYWELL tsaywell@northernminer.com

ith renowned mine financier Robert Friedland owning 16.5% of Clean TeQ Holdings (ASX: CLQ) and China’s Pengxin International Mining holding an equal stake, development of the company’s Syerston nickel-cobalt-scandium project in the Australian state of New South Wales seems almost guaranteed. The project is one of the largest and highest-grade undeveloped nickel and cobalt resources outside of Africa, and it will be the first mine dedicated to producing the raw materials needed to make nickel sulphate and cobalt sulphate, salts or oxides of the metals that are used in lithium ion batteries to power electric vehicles, Friedland told The Northern Miner. Cobalt sulphate and nickel sulphate make up the lion’s share of the raw material by cost in lithium batteries, he says, estimating that just 4% of the raw material by cost in a lithium battery is actually lithium, while 15%, plus or minus,

is cobalt sulphate, and 80% is nickel sulphate. “Both of these metals are going to be huge winners to the degree to which the automobile industry goes to batteries or the degree to which home-based battery storage units may incorporate what we call lithium batteries,” Friedland said during an interview with The Northern Miner in March. Syerston also contains a good amount of scandium, an element that turns aluminum into a “super material” Friedland says, making it weldable, stronger and “much more metallurgically virtuous.” Scandium oxide can be used to make lighter and stronger aluminum alloys for the aerospace and automotive industries, as well as in the emerging field of 3-D printing. Friedland joined Clean TeQ’s board as co-chairman in 2016, and says that management may pursue a Canadian listing when the time is right. An October 2016 prefeasibility study estimated that Syerston could produce 3,100 tonnes of cobalt and 18,200 tonnes of nickel a year for at least two decades with an initial

“THE PERMITTED SYERSTON PROJECT IS ONE OF THE FEW SIZEABLE ADVANCED COBALT DEVELOPMENT PROJECTS WORLDWIDE, AND REPRESENTS ONE OF THE LARGEST POTENTIAL SOURCES OF COBALT OUTSIDE OF AFRICA.” ANDREW MIKITCHOOK MINING ANALYST, BMO CAPITAL MARKETS

capex of A$906 million (US$683 million). A definitive feasibility study is expected before year-end. Syerston has proven reserves of 55 million tonnes grading 0.71% nickel, 0.10% cobalt and 640 grams scandium per tonne. Probable reserves tally 41 million tonnes grading 0.58% nickel, 0.10% cobalt and 557 grams scandium per tonne. The company will use proprietary continuous resin-in-pulp (cRIP) technology to process the ore and produce nickel and cobalt sulphate that will go into battery cathode fabrication. The prefeasibility study was based on a flow sheet processing 2.5 mil-

Offering investors exposure to lithium and other critical materials

www.AvalonAdvancedMaterials.com TSX: AVL

1-16, 23_JULY10_Main .indd 14

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lion tonnes a year of feed in Syerston’s near-surface resource. The processing plant would consist of a high pressure acid leach circuit followed by Clean TeQ’s cRIP for scandium recovery, then partial neutralization and cRIP for nickel and cobalt recovery. The nickel and cobalt-rich sulphate solution would be processed through a small solvent extraction separation and purification step before crystallization to produce separate hydrated nickel sulphate and hydrated cobalt sulphate products. The scandium-rich solution would be processed through selective precipitation stages and a final calcination to make high-purity scandium oxide. Andrew Mikitchook of BMO Capital Markets notes that while the cRIP technology has been used in other applications in the mining sector, it has never been used on nickel or cobalt laterites. The mining analyst initiated coverage of Clean TeQ in June with an “outperform” rating and a A$1.40-per-share target price — nearly twice the company’s A73¢ per share at press time. “The permitted Syerston project is one of the few sizeable advanced cobalt development projects worldwide, and represents one of the largest potential sources of cobalt outside of Africa,” Mikitchook said in a research note to clients. The analyst notes that 3,100 tonnes of cobalt a year equates to cathodes for the batteries of 500,000 electric vehicles a year. To put this into context, he says, 800,000 electric vehicles were produced in 2016, and this number is expected to grow to 2 million electric vehicles a year by 2020. He forecasts that construction and commissioning of the wholly

owned project will run from 2018 through to 2020, with commercial production starting in 2021. Financing the project shouldn’t be too hard. Pengxin International Mining is part of the Pengxin Group, a privately held Chinese conglomerate based in Shanghai with interests in mining, real estate, construction, water treatment and dairy farms. The Chinese company has agreed to help Clean TeQ procure Chinese project financiers to participate in financing the project for part of its capital costs. Clean TeQ can use Pengxin’s business network to market off-take agreements and water treatment. The Pengxin Group is the largest shareholder in one of China’s largest publicly traded water-treatment companies. Pengxin International Mining also owns a copper mine in the Democratic Republic of the Congo, the world’s largest cobalt producer, with 60% of all cobalt mined on the planet. Mikitchook says that cobalt would contribute 24% of Syerston’s life-of-mine revenue based on BMO’s long-term average price of US$15 per lb. cobalt, and 45% at current spot prices of US$29 per lb. cobalt. Last year 109,000 tonnes of cobalt was produced, he says, and virtually all of it as a by-product from copper and nickel mines. “Supply sources are concentrated in the Congo (with 48% of global reserves), which has seen negative publicity surrounding artisanal mining, creating some demand for ethical and auditable sources of cobalt,” he wrote. The cobalt market entered a deficit in 2016, he says, and forecasts “are calling for further deficits in the near- to medium-term, driven by cobalt cathode demand for lithium ion batteries for electric vehicles.” He says that cobalt consumption in cathodes for all battery applications — including vehicles and other portable storage — is 30,000 to 40,000 tonnes, and expects that demand for cobalt cathodes will grow to 60,000 tonnes a year in 2020. In June, Clean TeQ announced that it had produced samples of high-purity nickel sulphate from processing Syerston ore at the company’s nickel and cobalt recovery purification demonstration plant in Perth. The samples were sent to potential customers in the lithium ion battery supply chain for testing and analysis. Production of highpurity cobalt sulphate samples are now underway, and will be sent to potential customers. Clean TeQ is in discussions with several companies in the lithium ion battery cathode supply chain to nail down offtake commitments and says it “has received strong expressions of interest for offtake from a number of these parties.” The project is near the Moomba-Sydney natural gas pipeline, and within 20 km of a rail line. A water pipeline would be built, which would provide water from a borefield near the Lachlan River, 65 km south. TNM

2017-07-04 9:35 PM

TECHNOLOGY METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 10–23, 2017

Nemaska Lithium’s Whabouchi could produce for 26 years QUEBEC BY TRISH SAYWELL

tsaywell@northernminer.com

ince Nemaska Lithium (TSX: NMX; US-OTC: NMKEF) completed an updated feasibility study in April last year on its Whabouchi hard-rock lithium deposit in Quebec and the chemical plant it will build to make lithium hydroxide and lithium carbonate, the price for the two lithium chemicals used in making lithium-ion batteries has surged. The feasibility study used a conservative price of US$7,000 per tonne for lithium carbonate, which in May 2017 was selling at US$12,000 per tonne, up 71%. For lithium hydroxide, the feasibility study used US$9,500 per tonne, but last month it was priced at US$16,000 per tonne, in a 68% increase. Assuming production costs outlined in the study of US$2,753 per tonne for lithium carbonate and US$2,154 per tonne for lithium hydroxide remain constant, the company says it would be the world’s lowest-cost producer of lithium hydroxide from either brine or hard-rock lithium deposits, and the lowest-cost producer of lithium carbonate from a hardrock lithium deposit. “We are in very good shape,” Guy Bourassa, Nemaska Lithium’s president and CEO, says in an interview, noting that management has already signed off-take agreements with Johnson Matthey (LON: JMAT) and FMC (NYSE: FMC) for half of the company’s lithium carbonate equivalent, in contracts running three to five years long. “We easily could have signed other off-take agreements that would have allowed us to sell more than 100% of our capacity, but we assumed, and were quite right in our assumption, that 50% of take-or-pay off-take agreements would be enough to justify 60–65% of the debt in the project financing,” Bourassa adds. “And the discussions we are having with lenders at the moment prove us right. They are satisfied with the off-take agreements that we have.” Nemaska Lithium is negotiating with two potential lenders, one a natural resources bank and the other a group of private lenders in the U.S., Bourassa says. “We’re doing these discussions in parallel and the first one that comes to the fore is the one who gets it,” he says. “There isn’t room for both — they are capable of taking it all. It’s just a question of timing.” The plan ca lls for shipping spodumene concentrate produced at Whabouchi to a hydromet plant the company will build in Shawinigan, Que., where it will go from concentrate to high-purity lithium hydroxide and lithium carbonate, using methods the company has developed and patented. Nemaska’s electrolysis technology eliminates the need to use soda ash as a reagent in producing lithium carbonate. And by using electrolysis, Nemaska Lithium’s main input cost is electricity, which in Quebec is cost effective and predictable, the company says. The compa ny pla ns to ta ke a 6% spodumene concentrate produced from its Whabouchi mine and process it into lithium

1-16, 23_JULY10_Main .indd 15

| Firm negotiates project finance with two potential lenders, but only needs one “WE EASILY COULD HAVE SIGNED OTHER OFF-TAKE AGREEMENTS THAT WOULD HAVE ALLOWED US TO SELL MORE THAN 100% OF OUR CAPACITY.” GUY BOURASSA PRESIDENT AND CEO, NEMASKA LITHIUM

sulphate. After several stages of impurity removals, the lithium sulphate solution will be transformed through electrolysis into a high-purity liquid lithium hydroxide. The lithium hydroxide is then transformed into a lithium monohydrate (solid), or bubbled with carbon dioxide and changed into lithium carbonate. The company chose Shawinigan, 140 km west of Quebec City, because of its history of industrial development, mainly in the forestry, aluminum and chemical sectors. The area emerged as an industrial centre because operators could exploit the hydroelectric potential of Shawinigan Falls. Since the 1960s, however, there has been a decline in the city’s economy, as many industries have stopped. The Belgo pulp and paper mill closed in 2008, Alcan’s aluminum plant closed in 2013 and the Laurentide pulp and paper mill closed in 2014. Nemaska Lithium is already using the Shawinigan site for its 610-tonne-per-year demonstration plant, which was built in part to show customers like Johnson Matthey — a cathode manufacturer for lithium-ion batteries — that its proprietary process could meet Johnson Matthey’s specifications. Nemaska can then integrate any process improvements when it builds its commercial hydromet plant. In March, Nemaska was producing spodumene concentrate using a dense media separation (DMS) modular mill at Whabouchi that processed material from a bulk sample taken from the eastern end of the main dike within the

planned pit. Between March 8 and April 2, close to 1,200 tonnes of ore was processed through the DMS plant with an average head grade of over 1.75% Li 2 O. The assay results received returned an average grade of 6.2% Li 2 O for the dense media concentrate. Nemaska delivered the f irst shipment of lithium hydroxide solution — equivalent to 1.2 tonnes of lithium hydroxide monohydrate — to Johnson Matthey in April, and a second shipment in June. Both shipments met the customer’s specifications. Johnson Matthey Battery Materials uses lithium hydroxide to produce lithium iron phosphate cathodes. In June the company unveiled a $50-million bought-dea l f inancing with a syndicate of underwriters led by National Bank Financial. The proceeds will help advance construction of the mine, spodumene concentrator and the hydromet plant. Bourassa notes that there is no rush to build the mine because it doesn’t expect to commission the hydromet plant until the second ha lf of 2018, and commercia l production likely won’t begin until the first quarter of 2019. The mine will take nine months to build, and construction could begin as early as September. Initial capex for the project is estimated at $549 million — $210 million for the mine and $339 million for the chemical plants — and the 2016 feasibility study forecasts this sum can be paid off in under two and a half years. Overall the project has an after-tax net present value of $1.2 billion at an 8% discount rate,

and an anticipated 30.3% post-tax internal rate of return. Over a 26-year mine life, Nemaska expects to produce 5.5 million tonnes of spodumene concentrate. The company plans to convert the concentrate into 714,000 tonnes of battery-grade lithium hydroxide and 84,000 tonnes of battery grade lithium carbonate, for total life-of-mine revenue of $9.2 billion. On an annual basis, 213,000 tonnes of concentrate would be conver ted into 27,50 0 tonnes of lithium hydroxide and 3,245 tonnes of lithium carbonate for revenue of $354 million a year. Whabouchi would be mined as an open pit for the first 20 years based on in-pit proven and probable reserves of 20 million tonnes of 1.53% lithium oxide (the pit would developed to a maximum

depth of 190 metres), and si x years as an underground mine, accessed by a ramp in the open pit, based on proven and probable reser ves of 7.3 million tonnes grading 1.28% lithium oxide. The underground development would extend 90 metres below the pit bottom. The open pit would be mined at a rate of 2,740 tonnes per day and the underground at 3,340 tonnes per day. The Quebec government is Nemaska Lithium’s largest sharehold e r, t h rou g h R e s s ou rc e s Québec’s holding of 29.4 million shares. At press time, Nemaska Lithium’s shares were trading at $1.02 in a 52-week range of 89¢ to $1.60. The company has 329 million shares outstanding for a $336-million market capitalization. TNM

Argentina Lithium and Energy Corp. Energy from Experience · People: Best in Class management and technical team with proven success in prospect development in Argentina · Location: +20 k hectares of the Largest Salar in Argentina, situated in the middle of the Lithium Triangle · Infrastructure: Close proximity to rail, water, power and roads · Jurisdiction: New opportunities for investment in Argentina in a mining friendly province · Blue Sky Potential: prospect of high-grade brines at site and future growth through acquisition

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2017-07-04 9:35 PM

JULY 10–23, 2017 / THE NORTHERN MINER

TECHNOLOGY METALS

WWW.NORTHERNMINER.COM

Cobalt 27 offers ‘pure play’ IPO

| New listing fills niche with focus on physical material, royalties and streams

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

obalt 27 Capital’s (TSXV: KBLT) $200-million initial public offering (IPO) on the TSX Venture Exchange on June 23 shows there’s a growing appetite among investors for exposure to the booming demand for minerals used in the lithium-ion battery and electric vehicle industries. Cobalt 27 issued 22.2 million shares at $9 each, with the financing led by underwriters Scotiabank, Canaccord Genuity and TD Securities. Cobalt 27 shares hit an intraday high of $11 during June 26 trading before closing at $9.14 per share. The company has 24 million shares outstanding for a $216 million market capitalization. Cobalt 27 will have two areas of focus in the niche cobalt subsector: physical supply procurement, and royalty and stream acquisitions. “It is the culmination of a few years of hard work. I started looking at battery metals and electric vehicles, and the first thing we thought of was copper and nickel, but those are big, liquid markets,” Cobalt 27 chairman and CEO Anthony Milewski says during an interview. “We looked at graphite, as sort of a cost-plus model, and then lithium, but we arrived at cobalt. It’s obviously a by-product of nickel and copper mining, and there aren’t many big projects on the horizon. So when we explored the lithiumion battery market, the thread that seemed to weave through it all was cobalt. The penetration of electric vehicles, globally, is going to be far swifter and larger than anyone anticipates.” Milewski also serves as a managing director at Vladimir Iorich’s Pala Investments, which ended up with a 19.46% post-IPO equity stake in Cobalt 27. Cobalt 27 has 2,160 tonnes of physical cobalt warehoused in the U.S., which would be valued at press time at US$125 million, based on a London Metals Exchange cobalt price of US$26.13 per pound. The company’s physical holdings consist of 1,486 tonnes of “premium-grade” cobalt and 671 tonnes

Tesla’s Gigafactory near Sparks, Nevada, which is expected to start producing battery cells later this year. TESLA

of “standard-grade” cobalt, with 952 tonnes paid for with cash and 1,206 tonnes paid for in shares. As a result, the cobalt vendors hold a 47% equity stake in Cobalt 27. Milewski says the concept for Cobalt 27 arose during his time investing in Uranium Participation (TSX: U; US-OTC: URPTF), which is managed by Lukas Lundin’s Denison Mines (TSX: DML; NYSE-MKT: DNN), and offers direct exposure to physical uranium. “It’s difficult to find pure-play cobalt — in fact there really isn’t any,” Milewski says. “I had experienced the type of premiums you could generate in the uranium space, and it’s an asymmetric risk profile because you get the upside of the price rally without the exploration or development risk. “But I said: ‘How can we take it a step further? How can we evolve this model?’ The answer we came up with was to start off with the

“IT’S AN ASYMMETRIC RISK PROFILE BECAUSE YOU GET THE UPSIDE OF THE PRICE RALLY WITHOUT THE EXPLORATION OR DEVELOPMENT RISK.” ANTHONY MILEWSKI CHAIRMAN AND CEO, COBALT 27 CAPITAL

exposure to the physical metal, but the growth and expansion should come from producing streams and royalties over time,” he adds. To develop the streaming business, Cobalt 27 brought in president

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and chief operating offier Justin Cochrane, who has 15 years in royalty and stream finance and recently served as executive vicepresident of corporate development at Sandstorm Gold (TSX: SSL;

NYSE-MKT: SAND). Cobalt 27 has entered into six agreements to acquire eight net smelter return royalties on exploration-stage properties containing cobalt. Milewski describes these agreements as akin to “long-term options” since most of the projects are in early stages, but he notes Cobalt 27’s near-term focus will be leveraging its capital position to acquire “big, profit-driving streams.” In 2016, 65% of global cobalt production came from the Democratic Republic of the Congo (DRC), where political conditions have deteriorated af ter democratic struggles to replace President Joseph Kabila after he refused to step down in December. In addition, some technology companies have voiced concerns over working conditions and child labour at independent cobalt operations in the DRC. “The difference here, relative to stories like rare earths, is that we’re seeing billions of dollars in infrastructure being built to underpin the cobalt market. All this money being spent is predicated on this battery technology, so you have a firm demand side developing,” Milewski says. “The other element for us was that all our cobalt material is stored in the U.S., and it is all conflict-free. We have original producer documents that trace it all the way back to the source, and take great care to make sure of that.” TNM

2017-07-04 9:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 10–23, 2017

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2017-07-04 11:55 AM

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JUNE 26–JULY 9, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 12–16 The S&P/TSX Composite Index fell 0.9%, or 137.37 points, to a 15,182.19-point close. Spot gold prices ventured near eight-week lows, falling US$15.10 to US$1,241.61 per oz., whereas Comex copper prices gained US6¢ to US$2.69 per lb. on increased demand from China. Kirk land La ke Gold led t he va lueadded categor y, r isi ng 83¢ to $12 .27 per share on news of underground drill results at its f lagship Macassa gold mine in K irk la nd La ke, Onta rio. The dri l l program extended mineralization at the South Mine Complex (SMC) 259 metres east, with intercepts including 65.8 grams gold per tonne over 2.1 metres and 160.3 grams gold over 0.3 metre, and extended minera lizat ion in t he Lower SMC 60 metres west, with intercepts including 302.1 grams gold over 0.8 metre. The company also intercepted a hangingwall gold system at the Lower SMC that returned 82.6 grams gold over 1.7 metres. The company intends to follow up on the zone throughout the year. Shares of Avnel Gold Mining gained 14¢, or 46%, to 41¢, af ter t he June 29 announcement that West Africa-focused Endeavour Mining intends to acquire Av nel Gold for US$122 mi l l ion. T he transaction, which is expected to close

in September, represents a 52% premium to Avnel’s 20-day, volume-weighted average price as of June 29. Avnel owns the feasibility-stage Kalana Main gold project in Mali, which has proven and probable reserves of 21 million tonnes at 2.8 grams gold for 1.9 million oz. gold. A definitive feasibility study last year envisaged an 18-year mine life with annual production of 101,000 oz. gold. The study highlighted an after-tax net present value (NPV) of US$196 million, assuming an 8% discount rate, and a 38% after-tax internal rate of return (IRR). Goldcorp lost $1.57 to $16.72 per share on falling gold prices. On June 29, the international gold miner announced selling its 21% minority interest in the San TSX MOST ACTIVE ISSUES

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VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI 80433 3.53 3.09 3.12 - 0.41 ELD 62607 3.89 3.46 3.50 - 0.39 OGC 49623 4.69 4.14 4.19 - 0.29 K 29000 5.92 5.35 5.41 - 0.41 ASR 28818 2.53 2.11 2.21 + 0.07 SMF 28293 3.14 2.90 2.99 + 0.01 BTO 27610 3.79 3.51 3.64 - 0.02 KL 26158 11.54 10.14 10.54 - 0.07 CG 24351 7.52 6.60 6.72 - 0.61 ABX 23194 22.22 20.57 20.71 - 1.25

Nicolas copper-zinc project in Zacatecas, Mexico, to Teck Resources for US$50 million. The news came two days after Goldcorp announced plans to acquire Exeter Resource, a junior explorer developing its Caspiche gold-copper project in Chile. Goldcorp would acquire 77.4 million shares of Exeter in exchange for a 0.12 share in Goldcorp for each Exeter share, representing a 60% premium based

on Exeter’s 20-day, volume-weighted average trading price ending on March 27. Caspiche has 1.4 billion measured and indicated tonnes of 0.51 gram gold and 0.19% copper. A preliminary economic assessment in 2014 reported Caspiche could have an NPV of US$355 million at a 5% discount rate and 34.7% IRR, assuming a 30,000-tonne-per-day mining scenario on the deposit’s oxide resource. TNM

TSX GREATEST PERCENTAGE CHANGE

Minco Silver IC Potash Alexco Res Sierra Metals Golden Mnls Heron Res Loncor Res Aura Mnls Niocorp Dev Verde Potash Atlatsa Res Quest Rare Mnl General Moly Platinum Gp Mt Teck Res Mandalay Res Teck Res SouthGobi Res Nighthawk Gold First Quantum

MSV ICP AXR SMT AUMN HER LN ORA NB NPK ATL QRM GMO PTM TECK.B MND TECK.A SGQ NHK FM

824 4607 208 599 118 647 23 17 1416 499 71 1531 15 489 15173 2910 21 5 1768 18313

1.74 1.03 1.50 0.07 0.05 0.06 1.97 1.67 1.97 3.63 3.22 3.63 0.88 0.75 0.83 0.10 0.08 0.09 0.19 0.17 0.19 1.63 0.00 1.63 0.81 0.72 0.79 1.22 1.03 1.13 0.07 0.05 0.05 0.11 0.08 0.09 0.51 0.41 0.41 1.47 1.07 1.13 24.78 19.27 19.73 0.52 0.39 0.41 25.00 20.00 20.42 0.37 0.31 0.31 1.06 0.88 0.88 12.40 10.18 10.21

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Sierra Metals Minco Silver Torex Gold Klondex Mines Alexco Res Aura Mnls Prophecy Coal Contintl Gold Silvercorp Met Golden Mnls Teck Res Teck Res Agrium Agnico Eagle Franco-Nevada Pan Am Silver Suncor Energy Silver Wheaton First Quantum Detour Gold

48.5 20.0 16.6 16.3 13.7 12.5 11.8 10.9 9.7 9.7 23.1 22.7 19.6 19.3 18.3 18.2 16.7 16.2 15.4 14.4

VOLUME WEEK (000s) CLOSE CHANGE

SMT MSV TXG KDX AXR ORA PCY CNL SVM AUMN TECK.B TECK.A AGU AEM FNV PAAS SU WPM FM DGC

599 3.63 824 1.50 7340 22.79 7397 4.71 208 1.97 17 1.63 36 3.38 10072 3.51 14495 3.96 118 0.83 15173 19.73 21 20.42 2848 124.23 5024 62.00 3052 95.11 2131 21.51 22419 39.26 5737 25.28 18313 10.21 15962 15.80

+ 0.51 + 0.49 + 0.40 + 0.38 + 0.28 + 0.16 + 0.13 + 0.12 + 0.12 + 0.10 - 4.41 - 4.08 - 3.51 - 2.85 - 2.44 - 2.14 - 1.99 - 1.76 - 1.72 - 1.68

TSX VENTURE EXCHANGE / JUNE 12–16 The S&P/TSX Venture Composite Index lost 1.4%, or 10.51 points, to a 766.74-point close, as spot gold prices hit eight-week lows, falling US$15.10 to US$1,241.61 per oz., . More demand from China drove Comex copper prices up US6¢ to US$2.69 per pound. Shares of Millennial Lithium gained 19¢ to $1.57 after the company struck an option agreement with private landholders to acquire 100% of the Cauchari East Expansion brine lithium project in Jujuy Province, Argentina. The 87.4 sq. km land package adds to Millennial’s wholly owned Cauchari East project, which is next to Orocobre and Advantage Lithium’s Cauchari lithium project and the Lithium Americas-SQM advanced-stage Cauchari-Olaroz lithium project. Before the agreement, Millennial conducted vertical electrical sounding surveys and found an anomaly that indicates brine-bearing sediments. Further studies suggest the target may be a continuation of brine-bearing aquifers of the Olaroz and Cauchari basins. The company is preparing for a drill campaign this quarter. Aurion Resources rose 20¢ to $1.89 per share. The company recently began a $3-million exploration program at its Aamurusko gold project — formerly the Aurora prospect — in northern Finland’s central Lap-

land greenstone belt. The company plans to conduct mapping, prospecting and ground magnetic and radiometric surveys over 1,100 by 500 metres of high-grade gold mineralization found in subcrop late last year. Out of the 133 rock grab samples collected, 36 samples graded more than 31 grams gold per tonne and averaged 74.3 grams gold. The program will also include 2,500 metres of drilling in August. First Cobalt saw 11.5 million shares traded, rising 9¢ to 76¢ per share. On June 26, the company finalized intentions to merge with junior explorers Cobalt One and CobaltTech Mining for exposure to their cobalt properties and processing facilities near First Cobalt’s Keeley-Frontier project in Ontario. Under the agreement, shareholders of CobaltTech TSX-V MOST ACTIVE ISSUES

First Mg Fin Pantheon Vent Vanadium One Integra Gold VVC Expl Redstar Gold Galane Gold Alexandria Min Pele Mtn Res Saint Jean

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FF MVY VONE ICG VVC RGC GG AZX GEM SJL

50732 18289 12837 10532 9078 8258 7999 6696 5526 4656

0.69 0.17 0.17 1.00 0.04 0.15 0.11 0.08 0.02 0.06

0.58 0.14 0.11 0.92 0.03 0.12 0.09 0.07 0.02 0.05

0.58 - 0.09 0.16 + 0.01 0.14 + 0.02 0.95 - 0.05 0.04 + 0.01 0.15 + 0.02 0.10 unch 0.00 0.08 - 0.01 0.02 unch 0.00 0.05 - 0.01

will receive 0.2632 of a First Cobalt share, representing 20¢ per CobaltTech share, whereas Cobalt One shareholders will receive 0.145 of a First Cobalt share, representing AU11¢ per First Cobalt share. Shares of Gold Standard Ventures fell 24¢ to $2.22 after the company updated the resource for its Dark Star gold deposit at its Railroad-Pinion gold project in Nevada’s

Carlin trend. The resource incorporates tonnes from the North Dark Star deposit, which the company discovered in 2015. Mineralization at North Dark Star forms a 1.3 km long gold zone with the Dark Star deposit. The combined resource stands at 15.4 million indicated tonnes of 0.54 gram gold, and 17.1 million inferred tonnes of 1.31 grams gold. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Crazy Horse Res Cavan Vent Tower Res Pac Imperial Spearmint Res AurCrest Gold Caracara Silvr Amato Expl Laurion Mnl Ex Cdn Silvr Hunt Royal Sapphire Niobay Metals EastCoal Inc Cicada Vents Bandera Gold Starr Peak Exp Saville Res Galore Res Ashburton Vent Alturas Mnrls

RWR CVN.H TWR PPM SRJ AGO CSV.H AMT.H LME AGH.H RSL NBY ECX.H CID BGL STE SRE GRI ABR ALT

266 130 1667 1317 4573 604 64 55 138 519 83 2711 222 24 45 28 104 54 1843 667

0.20 0.06 0.34 0.02 0.03 0.03 0.02 0.05 0.03 0.08 0.34 0.50 0.01 0.01 0.07 0.12 0.08 0.04 0.17 0.03

0.00 0.03 0.20 0.02 0.02 0.03 0.02 0.05 0.02 0.05 0.23 0.16 0.01 0.01 0.04 0.11 0.05 0.04 0.10 0.00

0.20 0.05 0.29 0.02 0.03 0.03 0.02 0.05 0.03 0.08 0.34 0.18 0.01 0.01 0.04 0.11 0.05 0.04 0.11 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 900.0 + 100.0 + 56.8 + 50.0 + 50.0 + 50.0 + 50.0 + 50.0 + 50.0 + 45.5 - 72.1 - 64.0 - 50.0 - 50.0 - 38.5 - 38.2 - 37.5 - 36.4 - 34.4 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Gold Reserve Bearing Lith Leading Edge Mirasol Res Crazy Horse Res Gold Std Vents Prospector Res NewRange Gold Yellowhead Mng Tower Res Royal Sapphire Niobay Metals Comet Inds Chesapeake Gld Curlew Lke Res Select Sands Avino Silver Gldn Predator Terrax Mnrls Regulus Res

GRZ BRZ LEM MRZ RWR GSV RIO NRG YMI TWR RSL NBY CMU CKG CWQ.H SNS ASM GPY TXR REG

201 2231 1341 645 266 1079 35 473 178 1667 83 2711 7 49 7 1890 69 930 1613 109

3.46 0.98 0.79 1.81 0.20 2.65 1.26 0.45 0.65 0.29 0.34 0.18 2.50 3.40 1.25 0.65 1.97 1.26 0.43 1.61

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

0.48 0.24 0.23 0.21 0.18 0.17 0.16 0.11 0.11 0.11 0.88 0.32 0.30 0.25 0.23 0.22 0.17 0.16 0.16 0.14

U.S. MARKETS / JUNE 12–16 Real gross domestic product in the U.S. increased at an annual rate of 1.4% in the first quarter of 2017, down from 2.1% in the fourth quarter of 2016. Consumer spending, which makes up more than two-thirds of U.S. economic activity, rose 1.1% from January to March, while exports posted a 7% gain. The gold price was down 1.23% to US$1,241.20 per oz. and the Philadelphia Gold & Silver Index dropped 3.18% to 80.78. The Dow Jones Industrial Average fell 0.21% to 21,349.63 and the S&P 500 Index lost 0.61%, finishing at 2,423.41. West Texas Intermediate crude rose 7% to US$46 per barrel. Rio Tinto’s shares jumped 8%, or US$3.14, to US$42.31. After considering revised bids from both Glencore and Yancoal for its wholly owned subsidiary Coal & Allied Industries, Rio confirmed that it preferred Yancoal as the buyer, given the “high level of completion certainty and an improved offer of $2.69 billion.” Yancoal’s offer consists of US$2.5 billion in cash payable in full on completion and US$240 million via unconditional guaranteed royalty payments, with US$200 million received before the

18_JUNE26_MarketNews.indd 18

end of 2018. The break fee was raised from US$100 million to US$225 million and the offer stipulates the receipt or waiver of all regulatory approvals. Rio reported that it cut its gross debt another US$2.5 billion. Since January 2016, Rio has lowered the nominal value of its outstanding bonds from US$21 billion to US$9.5 billion. The early redemption costs could lower its underlying earnings by US$180 million and cash f low from operating activities by US$260 million, but the company says the reductions “will be offset by savings in future periods.” U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Yamana Gold* AUY 156988 2.63 2.39 2.45 Vale* VALE 135753 8.35 7.65 7.88 United States S* X 99559 22.74 19.75 20.16 Frprt McMoR* FCX 99341 12.61 11.20 11.42 Eldorado Gold* EGO 95858 2.93 2.61 2.75 Sibanye Gold* SBGL 93120 5.41 4.62 4.80 Gold Fields* GFI 90188 3.78 3.34 3.42 IAMGOLD* IAG 73838 5.71 4.87 5.05 Barrick Gold* ABX 66790 16.59 15.53 15.69 Hecla Mining* HL 64101 5.82 4.95 5.06

- 0.18 - 0.43 - 1.66 - 0.94 - 0.15 - 0.43 - 0.33 - 0.02 - 0.63 - 0.76

Shares of Eldorado Gold fell 9%, or US27¢ to US$2.64, after it revised production guidance for its Kisladag mine in Turkey. Eldorado reported that the low-grade, bulk-tonnage open-pit operation will produce 180,000 to 210,000 oz. gold in 2017 rather than its origi-

nal guidance of 230,000 to 245,000 ounces. The company said gold solution grade and gold recovery from the leach pad has lagged expectations. The ounces that aren’t produced in 2017 are expected pushed into the first half of 2018. TNM

U.S. GREATEST PERCENTAGE CHANGE

MSV ICP AXR SMT AUMN HER LN ORA NB NPK ATL QRM GMO PTM TECK.B MND TECK.A SGQ NHK FM

824 4607 208 599 118 647 23 17 1416 499 71 1531 15 489 15173 2910 21 5 1768 18313

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

U.S. GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

48.5 20.0 16.6 16.3 13.7 12.5 11.8 10.9 9.7 9.7 23.1 22.7 19.6 19.3 18.3 18.2 16.7 16.2 15.4 14.4

Black Hills* Chevron Corp* DRDGOLD* Alamos Gold* Intrepid Pots* IAMGOLD* Primero Mng* McEwen Mng* Endeavr Silver* Eldorado Gold* Arch Coal* MartinMarietta* Alcoa* Teck Res* Rio Tinto* Southern Copp* United States S* NACCO Ind* AngloGold Ash* Buenaventura*

VOLUME WEEK (000s) CLOSE CHANGE

BKH CVX DRD AGI IPI IAG PPP MUX EXK EGO ARCH MLM AA TECK RIO SCCO X NC AU BVN

2152 71.88 38061 108.35 5511 3.16 24732 7.08 11098 2.18 73838 5.05 18991 0.34 39949 2.58 21175 2.91 95858 2.75 2671 63.70 1996 230.33 19422 30.00 30569 14.94 17671 39.30 3234 34.44 99559 20.16 86 74.75 23129 10.30 17290 11.22

+ 3.03 + 1.95 + 0.08 + 0.05 - 0.01 - 0.02 - 0.03 - 0.04 - 0.06 - 0.15 - 6.34 - 4.49 - 3.01 - 3.00 - 2.43 - 1.83 - 1.66 - 1.65 - 1.65 - 1.51

2017-07-04 9:23 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JULY 10–23, 2017

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, July 4, 2017 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change 1224.25 -26.15 $16.15 -0.51 $919.00 -2.00 $843.00 -15.00 Price (US$/tonne) Change $9160.00 -225.00 $5883.50 -43.50 $2293.50 -43.50 $2778.50 -26.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 3, 2017 (change from June 26, 2017 in brackets): Aluminium Alloy 12340 (0) 1409775 (-14700) Aluminium Copper 278275 (+23600) 164150 (-6275) Lead Nickel 371454 (-3492) 1680 (-60) Tin 289275 (-11900) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.55 Cobalt: US$26.99/lb. Copper: US$2.67/lb. Copper: CME Group Futures July 2017: US$2.67/lb.; Aug. 2017: US$2.68/lb Ferro-Chrome: US$2.29/kg Ferro Titanium: US$3.58/kg FerroTungsten: US$25.55/kg Ferrovanadium: US$21.14/kg Iridium: NY Dealer Mid-mkt US$960.00/tr oz. Iron Ore 62% Fe CFR China-S: US$62.80/tonne Iron Ore Fines: US$67.56/tonne Iron Ore Pellets: US$95.30/tonne Lead: US$1.04/lb. Magnesium: US$2.23/kg Manganese: US$1.97/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$98.00/tonne Potash: US$214.00/tonne Rhodium: Mid-mkt US$1,040.00tr. oz. Ruthenium: Mid-mkt US$65.00/tr. oz. Silver: Handy & Harman Base: US$16.11 per oz.; Handy & Harman Fabricated: US$20.14 per oz. Tantalite Ore : US$123.13/kg Tin: US$9.21/lb. Uranium: U3O8, Trade Tech spot price: US$20.15; The UX Consulting Company spot price: US$20.10/lb. Zinc: US$1.26/lb. Prices current July 4, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jun 16, 2017 (with changes from Jun 01, 2017) Largest short positions K 45479152 2534053 6/1/2017 Kinross Gold New Gold NGD 32894823 536214 6/1/2017 Trevali Mng TV 25920347 -421752 6/1/2017 Eldorado Gold ELD 22837270 -5409215 6/1/2017 SSL 22450142 1257888 6/1/2017 Sandstorm Gold B2Gold BTO 22446503 744434 6/1/2017 YRI 13681444 4931889 6/1/2017 Yamana Gold Detour Gold DGC 12778176 279052 6/1/2017 AKG 12771471 239555 6/1/2017 Asanko Gold Potash Corp SK POT 12482937 254314 6/1/2017 SU 11209117 -5286 6/1/2017 Suncor Energy OceanaGold OGC 11189571 938663 6/1/2017 Barrick Gold ABX 10197139 3433450 6/1/2017 Ivanhoe Mines IVN 9810330 -206230 6/1/2017 G 9058004 3128675 6/1/2017 Goldcorp Largest increase in short position Yamana Gold YRI 13681444 4931889 6/1/2017 Barrick Gold ABX 10197139 3433450 6/1/2017 G 9058004 3128675 6/1/2017 Goldcorp Nemaska Lith NMX 6317993 3070142 6/1/2017 K 45479152 2534053 6/1/2017 Kinross Gold Largest decrease in short position Eldorado Gold ELD 22837270 -5409215 6/1/2017 Katanga Mng KAT 8132 -1079768 6/1/2017 SVM 3399358 -848105 6/1/2017 Silvercorp Met Franco-Nevada FNV 1988293 -747657 6/1/2017 Dundee Prec Mt DPM 247265 -731500 6/1/2017

Short positions outstanding as of Jun 16, 2017 (with changes from Jun 01, 2017) Largest short positions GSV 1500200 544400 6/1/2017 Gold Std Vents Barkerville Go BGM 684565 -14735 6/1/2017 Probe Metals PRB 630800 -200 6/1/2017 Rye Patch Gold RPM 310198 296998 6/1/2017 KIV 244000 230700 6/1/2017 Kivalliq Enrgy Neo Lithium NLC 237600 -155600 6/1/2017 AIX 150000 149800 6/1/2017 Alix Res Falco Res FPC 137606 -591894 6/1/2017 Avino Silver ASM 117200 27100 6/1/2017 Five Star Diam STAR 102650 16800 6/1/2017 NUG 94488 94162 6/1/2017 NuLegacy Gold Superior Gold SGI 89600 -14600 6/1/2017 Alexandria Min AZX 76000 47300 6/1/2017 Critical Elem CRE 74800 63859 6/1/2017 Victoria Gold VIT 56900 41537 6/1/2017 Largest increase in short position Gold Std Vents GSV 1500200 544400 6/1/2017 Rye Patch Gold RPM 310198 296998 6/1/2017 Kivalliq Enrgy KIV 244000 230700 6/1/2017 Alix Res AIX 150000 149800 6/1/2017 NUG 94488 94162 6/1/2017 NuLegacy Gold Largest decrease in short position Colonial Coal CAD 200 -666300 6/1/2017 Falco Res FPC 137606 -591894 6/1/2017 ICG 9900 -199000 6/1/2017 Integra Gold Aurvista Gold AVA 6000 -190200 6/1/2017 GPY 44000 -174500 6/1/2017 Gldn Predator

DAILY METAL PRICES Daily Metal Prices Date July 3 June 30 June 29 June 28 June 27 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1620/1630 1600/1610 1615/1625 1600/1610 1585/1595 Aluminum 1917/1921 1908/1914 1897/1901 1885.50/1892 1861/1871 Copper 5893/5916 5907/5917 5905/5920 5821/5839 5788.50/5810 Lead 2282/2308 2273/2288 2291/2305 2264/2280 2247/2267 Nickel 9365/9405 9275/9330 9270/9325 9120/9170 9050/9100 Tin 20250/20000 20150/19900 20050/19800 19445/19280 19325/19225 2779/2783 2753.50/2752 2752/2755 2732/2733 2725.50/2732 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1235.20 1243.25 1246.60 1251.60 1250.40 Gold PM 1229.25 1242.25 1243.50 1248.00 1249.55 Silver 16.48 16.47 16.83 16.78 16.66 Platinum 911.00 922.00 910.00 921.00 920.00 Palladium 838.00 841.00 851.00 858.00 865.00

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

Jun 30 Jun 29 Jun 28 Jun 27 Jun 26 1.2996 1.2996 1.3038 1.3175 1.3254 0.7694 0.7694 0.7670 0.7590 0.7545

Exchange rates (Quote Media, June 30, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0017 0.6724 86.1465 13.8863 10.0054 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5914 5.2240 49.7710 0.7351 882.3899 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3019 0.8739 111.9580 18.0472 13.0157 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7686 6.7872 64.7951 0.9554 1147.1400

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

19_JULY10_MMMM.indd 19

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

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

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

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry 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 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 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 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18

Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 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.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.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. 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 Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 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 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jun 30 Jun 29 Jun 28 Jun 27 Jun 26 High Low S&P/TSX Composite 15182.19 15213.42 15355.58 15281.22 15316.02 15527.30 12400.15 S&P/TSXV Composite 766.74 762.40 769.50 769.86 771.91 1050.26 883.52 S&P/TSX 60 892.65 895.85 904.32 900.37 901.88 896.74 709.99 S&P/TSX Global Gold 194.86 194.31 199.76 200.95 204.75 218.90 149.29 DJ Precious Metals 167.42 166.63 170.91 170.47 172.88 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS JUNE 26–30, 2017 54 New Highs Alexandra Cap Atlantic Gold Avnel Gold Avnel Gold * Azteca Gold* B4MC Gold* Bluenose Gold Bravo Multinat* Caledonia Mng Cdn Arrow* Cdn Silvr Hunt Cobalt 27 Cap Coral Gold * Cornerstone Mt* Dynamic Gold* E3 Metals Edgewater Expl* Euro Sun Mg*

ExGen Res Inc ExGen Res Inc* Explorex Res Fairmile Gldt* Far Res Far Res* Gray Rock Res Handa Copper* Harfang Explor Indigo Expl Jaxon Mnls* Kirkland Lake Kirkland Lake* Laredo Res* Magna Terra Marlin Gold Marlin Gold* Matica Ent Matica Ent* Midnight Sun

NewRange Gold NewRange Gold* Randsburg Int* Red Oak Mg Sabina Gd&Slvr Sabina Gd&Slvr* Sarissa Res* Silverstar Res* Spada Gold Stina Res Stina Res* Taku Gold Teranga Gold* Trident Gold Upper Canyon Verde Res*

61 New Lows Northn Empire* Advantage Lith* Altamira Gold

American Lith Appia Energy Arianne Phosph* Aston Bay Athabasca Mnls* Aztec Minerals BHK Mining CanAlaska Uran Canstar Res* Cavan Vent Cdn Arrow* Cresval Cap Cypress Dev Eastmain Res Elcora Res* Eldorado Gold Eldorado Gold* Fission 3.0 Five Star Diam Gainey Capital

Glacier Lake GMV Minerals Goldbelt Emp Golden Arrow Golden Secret Graphite One* Guyana Goldstr IMPACT Silver Intl Lithium Kenadyr Mining* Kintavar Exp Kootenay Silvr Lithium Energi Mandalay Res Matamec Expl* MaxTech Vent* Nevada Clean M Nevada Clean M* Nevada Egy Mtl* New Carolin Gd*

Nippon Dragon Orex Mnrls Pac Potash* PolyMet Mng Primero Mng Red Eagle Mng Red Eagle Mng* Rise Gold Corp Roughrider Exp Santacruz Silv Sherritt Intl Signature Res Tajiri Res Tirex Res* Trifecta Gold Troy Res* West Kirkland Winston Gld Mg*

CANADIAN GOLD MUTUAL FUNDS Fund Jun 30 ($) AGF Prec Mtls Fd MF 22.18 BMO Prec Mtls Fd A BMO ZGD 9.69 BMO ZJG 8.61 CIBC Prec Metal Fd A 10.43 Dyn Prec Metls Fd A 6.60 24.15 Horizons HEP IGMacGloPrecMetCl A 8.56 iShares XGD 12.17 45.64 Mac Prec Met Cl A NBI PrecMetFd AdvDSC 12.74 NBI PrecMetFd AdvISC 12.74 NBI PrecMetFd AdvLSC 12.74 NBI PrecMetFd Invt 12.74 RBC GblPreMetFd A 33.96 Redw UITGoDe&ProCl A 10.00 Sentry Pre Met Fd A 37.67 Sprott Gold&PrMinFdA 35.48 Sprott SilverEquCl A 6.18 TD PreciousMetalsInv 34.82

Jun 23 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 23.20 -1.02 -4.40 1.60 2.80 151.97 18.92 -0.42 -2.25 3.42 2.40 67.08 10.16 -0.48 -4.68 3.13 0.63 8.78 -0.16 -1.86 -1.02 0.60 11.04 -0.61 -5.51 4.12 2.58 54.18 6.82 -0.22 -3.23 6.44 2.75 354.04 25.57 -1.27 -5.00 11.14 0.81 8.88 -0.32 -3.65 5.42 2.75 47.16 12.92 -0.75 -5.77 7.78 0.55 785.88 47.44 -1.79 -3.78 5.64 2.51 96.88 13.41 -0.67 -5.00 7.14 2.47 33.42 13.41 -0.67 -5.00 7.14 2.47 33.42 13.41 -0.67 -5.00 7.14 2.47 33.42 13.41 -0.67 -5.00 7.14 2.46 33.42 35.42 -1.46 -4.12 10.33 2.12 401.62 10.00 0.00 38.72 -1.05 -2.71 -3.22 2.44 187.92 36.92 -1.44 -3.91 1.64 3.12 219.33 6.47 -0.30 -4.59 2.23 3.09 142.13 36.18 -1.36 -3.76 4.17 2.26 135.14

GLOBAL MINING NEWS · SINCE 1915

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2017-07-04 9:04 PM

WWW.NORTHERNMINER.COM

JULY 10–23, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 26–30, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 311 0.09 0.08 0.08 - 0.01 0.22 0.07 Abacus Mng &Ex* O 22 0.51 0.46 0.49 + 0.00 2.88 0.06 Abacus Mng &Ex V 45 0.66 0.61 0.61 - 0.06 0.78 0.24 0.08 + 0.01 0.13 0.07 Abcourt Mines V 324 0.08 0.07 Abcourt Mines* O 159 0.06 0.06 0.06 - 0.00 0.10 0.05 Aben Res V 161 0.10 0.10 0.10 + 0.01 0.34 0.07 Aberdeen Intl* O 487 0.10 0.09 0.10 + 0.01 0.14 0.09 Aberdeen Intl T 921 0.14 0.13 0.14 + 0.01 0.19 0.11 9 9.40 9.09 9.14 - 0.07 10.75 6.36 Abitibi Royalt V AbraPlata Res* O 5 0.43 0.38 0.38 - 0.01 0.48 0.31 AbraPlata Res V 76 0.56 0.00 0.50 - 0.03 0.63 0.00 Acacia Mining* O 6 3.75 0.00 3.75 + 0.03 7.47 3.70 Adamera Mnls V 1748 0.20 0.16 0.17 - 0.02 0.24 0.06 O 271 0.15 0.12 0.13 + 0.01 0.18 0.04 Adamera Mnls* Advantage Lith V 2365 0.45 0.36 0.38 - 0.06 1.34 0.36 Advantage Lith* O 309 0.34 0.28 0.29 - 0.05 1.01 0.28 Affinity Gold* O 50 0.03 0.02 0.03 + 0.01 0.05 0.00 0.04 - 0.01 0.12 0.03 African Queen V 1216 0.05 0.04 Agnico Eagle T 3097 63.33 57.91 58.48 - 4.95 78.35 46.91 45.12 - 2.72 60.10 35.05 Agnico Eagle* N 6762 47.93 44.63 Agrium T 1488 123.48 116.56 117.53 - 4.86 146.99 114.05 Agrium* N 3306 93.46 89.92 90.49 - 1.82 111.88 87.62 Aim Explor* O 6011 0.01 0.01 0.01 + 0.00 0.07 0.00 Alabama Graph* O 181 0.11 0.10 0.11 + 0.00 0.17 0.08 2.08 - 0.15 3.79 1.75 Alacer Gold T 1964 2.29 2.07 Alamos Gold T 3804 9.88 8.88 9.20 - 0.69 13.65 7.86 Alamos Gold* N 9595 7.47 6.82 7.18 - 0.26 10.41 5.95 0.00 0.00 0.00 - 0.00 0.19 0.00 Alaska Pac Egy* O 163583 N 19043 33.45 30.65 32.65 + 1.56 39.78 20.00 Alcoa* Alderon Iron* O 28 0.28 0.21 0.28 + 0.08 0.60 0.08 Alderon Iron T 454 0.38 0.28 0.33 + 0.05 0.80 0.08 Aldershot Res V 112 0.07 0.05 0.05 - 0.02 0.10 0.03 0.05 + 0.00 0.11 0.04 Aldever Res* O 150 0.05 0.00 Aldever Res V 997 0.06 0.05 0.05 - 0.01 0.30 0.05 0.21 - 0.01 0.34 0.17 Aldridge Min V 47 0.22 0.21 Alexandria Min* O 427 0.06 0.05 0.06 - 0.00 0.10 0.03 Alexco Res* X 590 1.42 1.30 1.32 - 0.04 2.54 1.10 1.72 - 0.07 3.31 1.47 Alexco Res T 97 1.86 1.70 Algold Res V 410 0.21 0.19 0.21 + 0.01 0.44 0.17 18.90 - 0.30 26.65 15.50 Alliance Res* D 1514 20.25 18.65 Almaden Mnls T 94 1.80 1.61 1.62 - 0.21 2.44 1.01 Almaden Mnls* X 643 1.36 1.24 1.26 - 0.11 1.88 0.75 1.01 - 0.04 2.00 0.39 Almadex Min V 81 1.02 0.95 Almadex Min* O 141 0.79 0.73 0.78 + 0.01 1.51 0.29 0.24 - 0.02 0.44 0.20 Almonty Ind V 104 0.25 0.22 Alset Minerals* O 40 0.08 0.07 0.07 - 0.00 0.34 0.06 0.10 - 0.01 0.53 0.08 Alset Minerals V 569 0.11 0.10 Altair Res Inc V 107 0.30 0.29 0.30 + 0.02 0.47 0.16 Altamira Gold V 238 0.26 0.20 0.20 - 0.04 0.30 0.20 0.15 - 0.04 0.31 0.15 Altamira Gold* O 18 0.20 0.15 Altiplano Mnls V 1115 0.22 0.16 0.18 - 0.05 0.28 0.08 Altitude Res V 100 0.06 0.06 0.06 - 0.01 0.21 0.02 10.79 + 0.41 14.06 9.01 Altius Mnrls T 236 10.92 10.20 Altura Mng Ltd* O 230 0.10 0.10 0.10 - 0.01 0.17 0.09 Alumina Inc* O 60 6.05 5.83 5.92 + 0.10 6.24 3.83 ALX Uranium* O 60 0.08 0.07 0.08 + 0.00 0.12 0.05 ALX Uranium V 464 0.11 0.09 0.09 - 0.01 0.16 0.06 642 0.05 0.04 0.05 - 0.01 0.12 0.04 Am Creek Res V Am CuMo Mng* O 304 0.31 0.28 0.28 - 0.00 0.35 0.05 268 0.39 0.35 0.37 - 0.01 0.49 0.08 Am CuMo Mng V Am Manganese* O 30 0.13 0.11 0.13 + 0.02 0.27 0.03 Am Manganese V 581 0.17 0.13 0.17 + 0.02 0.38 0.03 1 0.01 0.00 0.01 - 0.01 0.05 0.01 Am Sierra Gold* O Amador Gold V 4 0.28 0.00 0.28 + 0.06 0.40 0.10 0.03 + 0.00 0.06 0.01 Amani Gold* O 330 0.03 0.03 Amarc Res* O 142 0.13 0.13 0.13 + 0.00 0.15 0.04 Amarillo Gold V 3196 0.38 0.32 0.34 - 0.02 0.68 0.28 O 29 0.40 0.00 0.38 + 0.04 0.66 0.05 Amazing Energy* Amer Intl Vent* O 447 0.10 0.06 0.07 - 0.03 0.11 0.01 O 58 0.03 0.01 0.03 - 0.00 0.03 0.00 Amer Vanadium* Amer Vanadium V 96 0.04 0.00 0.02 - 0.01 0.05 0.01 American Lith* O 23 0.07 0.06 0.06 - 0.00 0.68 0.06 American Pot 125 0.09 0.09 0.09 - 0.01 0.19 0.03 Americas Silvr* X 129 2.97 2.75 2.84 - 0.06 3.65 2.39 3.73 - 0.17 5.76 2.70 Americas Silvr T 101 3.95 3.58 Amerigo Res T 417 0.55 0.50 0.55 + 0.03 0.83 0.14 Amerigo Res* O 104 0.42 0.37 0.41 + 0.03 0.63 0.10 0.01 + 0.00 0.03 0.00 Andes Gold* O 51 0.01 0.01 Anfield Nickel V 512 0.47 0.44 0.44 - 0.03 1.94 0.43 Anfield Res* O 273 0.05 0.05 0.05 + 0.00 0.22 0.04 Angel Gold* O 255 0.06 0.04 0.06 + 0.02 0.11 0.04 Angel Gold V 409 0.08 0.06 0.07 + 0.01 0.15 0.06 43 12.88 0.00 12.88 + 0.66 17.61 9.75 Anglo American* O Anglo American* O 242 6.70 6.15 6.65 + 0.50 8.87 4.58 0.13 - 0.01 0.15 0.05 Anglo-Bomarc V 188 0.14 0.11 Anglo-Can Mng V 26 0.13 0.12 0.13 + 0.01 0.30 0.05 AngloGold Ash* N 15889 10.71 9.64 9.72 - 0.87 22.91 9.28 O 5 0.10 0.09 0.10 + 0.00 0.14 0.05 Antioquia Gold* Antler Gold V 58 0.48 0.45 0.47 + 0.02 1.00 0.45 3 9.93 0.00 9.93 + 0.16 11.00 6.20 Antofagasta* O Appia Energy 1054 0.18 0.10 0.16 - 0.03 0.47 0.10 Applied Mrnls* O 394 0.04 0.03 0.04 + 0.00 0.19 0.02 Aquila Res* O 53 0.20 0.18 0.18 - 0.00 0.25 0.15 Arch Coal* N 2603 69.04 62.55 68.30 + 3.86 86.47 59.05 Archon Mineral V 6 1.24 1.13 1.24 + 0.11 1.85 1.02 Arco Res V 6 0.11 0.00 0.06 - 0.06 0.12 0.01 0.22 - 0.01 0.23 0.04 Arctic Star* O 1 0.22 0.22 0.24 - 0.04 0.38 0.06 Arctic Star V 1171 0.29 0.24 Arcturus Vent V 50 0.15 0.13 0.13 - 0.02 0.25 0.05 Arcus Dev Grp V 71 0.16 0.13 0.15 + 0.02 0.20 0.05 V 113 0.27 0.00 0.22 + 0.01 0.27 0.08 Ardonblue Vent Arena Mnls* O 114 0.12 0.11 0.12 + 0.01 0.23 0.10 Arena Mnls V 387 0.17 0.15 0.16 + 0.01 0.30 0.13 Argentina Lith V 622 0.14 0.10 0.12 + 0.03 0.83 0.09 Argentum Silvr V 187 0.31 0.29 0.29 - 0.01 0.59 0.05 Argex Titanium T 11634 0.06 0.04 0.04 - 0.02 0.11 0.04 O 27 0.04 0.04 0.04 - 0.01 0.09 0.03 Argex Titanium* Argo Gold 29 0.18 0.00 0.18 - 0.02 0.26 0.06 Argonaut Gold* O 73 1.86 1.72 1.85 + 0.05 3.38 1.12 Argus Metals V 10 0.10 0.00 0.09 - 0.01 0.15 0.05 Arian Silver* O 1057 0.01 0.01 0.01 + 0.01 0.03 0.00 V 94 0.92 0.84 0.90 - 0.02 1.04 0.70 Arianne Phosph Arianne Phosph* O 59 0.70 0.00 0.68 - 0.01 0.80 0.52 Arizona Mng T 3557 2.90 2.33 2.85 + 0.35 3.49 1.58 Arizona Mng* O 207 2.20 1.76 2.16 + 0.29 2.64 1.22 Arizona Silver V 2408 0.33 0.17 0.29 + 0.09 1.23 0.04 Arizona Silver* O 347 0.24 0.13 0.21 + 0.06 0.91 0.13 Asanko Gold* X 10758 1.55 1.46 1.53 + 0.02 4.68 1.28 Asbestos Corp V 34 0.25 0.00 0.25 + 0.05 0.30 0.14 Ascot Res V 168 2.00 1.86 1.89 - 0.11 2.83 1.18 0.03 - 0.01 0.10 0.03 Ashanti Sanko V 374 0.03 0.03 O 121 0.09 0.08 0.09 + 0.03 0.24 0.06 Ashburton Vent* Ashburton Vent V 10009 0.14 0.09 0.11 + 0.01 0.45 0.09 Aston Bay V 79 0.15 0.00 0.15 + 0.01 0.47 0.13 Astorius Res V 62 0.12 0.00 0.11 - 0.01 0.41 0.07 ATAC Res V 341 0.64 0.60 0.60 - 0.06 0.95 0.32 Atacama Pacif* O 17 0.53 0.39 0.53 + 0.14 0.79 0.22 Atacama Pacif V 153 0.75 0.57 0.70 + 0.10 1.02 0.26 Atacama Res* O 26 0.26 0.23 0.23 - 0.04 0.52 0.06 Athabasca Mnls V 257 0.18 0.17 0.17 - 0.02 0.32 0.14 Athabasca Mnls* O 25 0.13 0.00 0.13 - 0.01 0.24 0.11 0.70 + 0.04 0.99 0.44 Atico Mng V 166 0.72 0.64 Atico Mng* O 105 0.55 0.48 0.55 + 0.04 0.75 0.32 Atlanta Gold V 18 0.07 0.07 0.07 + 0.01 0.11 0.06 Atlanta Gold* O 5 0.06 0.06 0.06 + 0.02 0.08 0.04 Atlantic Gold V 1871 1.64 1.44 1.57 + 0.02 1.64 0.69 Atlatsa Res T 326 0.07 0.05 0.05 - 0.02 0.13 0.05 Atlatsa Res* O 360 0.04 0.02 0.04 - 0.01 0.10 0.02 Atom Energy V 20 0.13 0.12 0.12 - 0.01 0.65 0.11 Aton Res Inc* O 17 0.04 0.04 0.04 + 0.00 0.12 0.03 Aura Mnls* O 13 1.13 1.09 1.13 - 0.04 1.42 1.07 Aura Mnls T 343 1.45 1.40 1.44 + 0.03 2.80 1.40 Aura Silver Rs V 331 0.07 0.06 0.06 - 0.01 0.10 0.03 Aurania Res V 4 2.31 0.00 2.26 - 0.04 3.75 0.50 Aurcana Corp V 517 0.34 0.29 0.29 - 0.04 0.80 0.27 Aurcana Corp* O 149 0.26 0.23 0.23 - 0.02 0.63 0.20 AurCrest Gold V 145 0.03 0.03 0.03 - 0.01 0.04 0.02 AuRico Metals T 680 1.24 1.11 1.14 - 0.10 1.32 0.82 AuRico Metals * O 207 0.94 0.86 0.87 - 0.06 0.99 0.62 Aurion Res V 378 1.89 1.60 1.89 + 0.20 2.29 0.31 Aurvista Gold* O 125 0.24 0.20 0.22 + 0.00 0.34 0.10 Aurvista Gold V 2077 0.31 0.27 0.28 + 0.01 0.46 0.15 Auryn Res* O 212 2.46 2.31 2.35 - 0.05 3.18 1.58 Auryn Res T 377 3.22 3.00 3.05 - 0.16 4.17 2.14 Austral Gold V 368 0.16 0.15 0.15 - 0.02 0.22 0.12 Austral Gold* O 3 0.11 0.00 0.11 - 0.05 0.19 0.08 Avalon Adv Mat T 995 0.15 0.14 0.14 - 0.01 0.26 0.14 Avalon Adv Mat* O 231 0.12 0.10 0.10 - 0.00 0.19 0.00 Avarone Metals 100 0.03 0.03 0.03 - 0.01 0.08 0.02 Avino Silver V 101 2.13 2.03 2.09 + 0.03 4.05 1.52 Avino Silver* X 593 1.63 1.54 1.60 + 0.03 3.14 1.12

20-22_JULY10_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Avnel Gold * O 2907 Avnel Gold T 21673 Avrupa Mnls* O 1115 AXE Expl V 146 Axmin Inc V 34 Azarga Mtls* O 7 Azarga Mtls V 37 Azarga Uranium T 15 Azimut Expl V 139 Azincourt Uran* O 267 Azincourt Uran V 2577 Aztec Minerals V 291 Azteca Gold* O 134

0.32 0.20 0.31 + 0.10 0.32 0.13 0.42 0.27 0.41 + 0.13 0.42 0.18 0.10 0.07 0.09 + 0.01 0.19 0.06 0.03 0.00 0.03 - 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.10 0.02 0.14 0.11 0.14 + 0.02 1.21 0.11 0.21 0.17 0.17 - 0.05 0.60 0.14 0.29 0.28 0.29 + 0.02 0.57 0.18 0.31 0.27 0.27 - 0.06 0.68 0.24 0.04 0.04 0.04 - 0.02 0.22 0.03 0.06 0.05 0.05 - 0.01 0.28 0.04 0.38 0.33 0.36 - 0.02 0.65 0.33 0.00 0.00 0.00 + 0.00 0.00 0.00

B2Gold* X 14862 B2Gold T 13186 B4MC Gold* O 0 Bacanora Mnls V 50 Balmoral Res T 532 Balmoral Res* O 268 Bandera Gold V 44 Bannerman Res* O 293 Banro Corp T 64 Banro Corp* X 251 Banyan Gold V 153 Barkerville Go* O 257 Barkerville Go V 1375 Baroyeca Go&Si V 122 Barrick Gold* N 45048 Barrick Gold T 11214 Barsele Min* O 47 Barsele Min V 229 Batero Gold V 199 O 60 Bayhorse Silvr* Bayswater Uran V 92 BE Res V 196 Bear Creek Mng V 144 Bearclaw Cap V 241 Bearing Lith* O 293 Bearing Lith V 361 Beaufield Res V 1180 Beaufield Res* O 160 Beeston Ent* O 28 V 64 Bell Copper Bell Copper* O 25 Belo Sun Mng T 637 Belvedere Res V 291 Benton Res V 59 Berkeley Egy* O 2 Besra Gold* O 191 BHK Mining V 1006 Big Wind Cap 191 Bitterroot Res* O 17 Black Dragon V 709 Black Dragon* O 2 Black Hills* N 1896 Black Iron T 541 Black Isle Res V 231 30 Black Mam Mtls V Black Sea Cop* O 49 Blind Crk Res V 208 BLOX Inc* O 667 Blue Rvr Res V 1998 48 Blue Sky Uran* O Bluenose Gold V 325 Bluestone Res V 224 Bold Vent V 98 Bonanza Gldfds* O 1125 BonTerra Res V 1745 BonTerra Res* O 110 Borneo Res Inv* O 11319 Bravada Gold V 183 Bravada Gold* O 168 O 17 Bravo Multinat* Bravura Vent * O 16 Bravura Vent 118 Brazil Mnrls* O 984 Brilliant Sand* O 45 Brio Gold T 706 Britannia Mng* O 159 Brixton Mtls* O 65 Brixton Mtls V 113 Broadway Gold* O 46 V 215 Broadway Gold Brookmount Exp* O 401 Buccaneer Gold V 35 Buenaventura* N 8172 Buffalo Coal V 2 Bullfrog Gold* O 183 Bullion Gld Res V 102 BWR Explor V 252

2.94 2.77 2.81 - 0.15 3.65 2.02 3.87 3.60 3.65 - 0.27 4.74 2.69 7.65 0.00 7.65 + 0.55 7.65 5.00 1.30 1.22 1.24 - 0.05 1.75 1.01 0.71 0.66 0.68 - 0.01 1.28 0.62 0.55 0.50 0.53 + 0.03 0.99 0.46 0.04 0.04 0.04 - 0.01 0.15 0.02 0.03 0.02 0.02 - 0.00 0.08 0.01 0.99 0.92 0.92 - 0.01 62.00 0.86 0.76 0.68 0.72 - 0.01 4.80 0.65 0.13 0.10 0.13 + 0.01 0.15 0.05 0.75 0.67 0.68 - 0.05 1.03 0.29 0.98 0.87 0.87 - 0.09 1.39 0.41 0.02 0.01 0.02 + 0.01 0.02 0.01 16.59 15.70 15.91 - 0.57 23.47 13.81 21.88 20.43 20.63 - 1.23 30.45 18.52 0.54 0.48 0.50 + 0.01 1.25 0.47 0.70 0.64 0.68 + 0.04 1.62 0.63 0.08 0.08 0.08 - 0.01 0.23 0.08 0.13 0.12 0.12 - 0.01 0.22 0.09 0.05 0.00 0.05 + 0.01 0.09 0.02 0.07 0.00 0.07 - 0.01 0.50 0.06 2.15 2.00 2.10 - 0.04 3.77 1.72 0.06 0.00 0.05 - 0.01 0.06 0.03 0.74 0.69 0.73 + 0.04 1.41 0.30 0.97 0.91 0.95 + 0.03 1.83 0.13 0.22 0.19 0.22 + 0.02 0.34 0.06 0.17 0.15 0.16 - 0.00 0.25 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.08 0.09 - 0.02 0.12 0.03 0.08 0.06 0.06 - 0.00 0.10 0.02 0.69 0.60 0.60 - 0.07 1.14 0.50 0.08 0.06 0.07 - 0.02 0.09 0.01 0.08 0.08 0.08 - 0.01 0.15 0.06 0.57 0.54 0.54 - 0.05 0.92 0.47 0.00 0.00 0.00 + 0.00 0.01 0.00 0.03 0.02 0.02 - 0.02 0.08 0.02 0.16 0.11 0.16 - 0.01 0.20 0.05 0.14 0.12 0.14 + 0.01 0.22 0.02 0.05 0.03 0.04 - 0.01 0.10 0.03 0.02 0.02 0.02 + 0.00 0.07 0.02 70.84 67.40 67.47 - 3.21 72.02 54.76 0.09 0.08 0.09 - 0.01 0.17 0.03 0.05 0.00 0.05 + 0.01 0.06 0.02 0.24 0.18 0.24 + 0.04 0.25 0.06 0.18 0.00 0.16 + 0.00 0.46 0.13 0.25 0.21 0.24 + 0.01 0.38 0.07 0.21 0.15 0.18 + 0.02 0.35 0.01 0.05 0.05 0.05 - 0.01 0.08 0.03 0.11 0.08 0.09 - 0.02 0.47 0.08 0.06 0.00 0.06 + 0.02 0.06 0.01 1.74 1.57 1.58 - 0.16 1.90 0.40 0.05 0.00 0.05 + 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.49 0.41 0.46 + 0.04 0.55 0.21 0.37 0.31 0.35 + 0.04 0.40 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.20 0.17 0.17 - 0.02 0.38 0.17 0.15 0.14 0.14 + 0.01 0.28 0.13 3.49 2.78 3.49 + 0.70 9.75 0.32 0.19 0.18 0.19 + 0.01 4.85 0.18 0.27 0.00 0.24 - 0.04 5.90 0.20 0.02 0.01 0.01 - 0.01 0.50 0.00 0.03 0.03 0.03 + 0.01 0.10 0.02 2.61 2.32 2.50 - 0.04 3.59 2.25 0.00 0.00 0.00 + 0.00 0.02 0.00 0.29 0.25 0.28 - 0.00 0.92 0.15 0.39 0.33 0.33 - 0.04 1.20 0.18 0.57 0.49 0.51 - 0.00 1.29 0.22 0.73 0.64 0.67 - 0.02 1.70 0.07 0.08 0.02 0.02 - 0.08 0.13 0.00 0.05 0.04 0.05 + 0.01 0.08 0.02 11.63 10.87 11.50 - 0.07 16.45 9.87 0.01 0.00 0.01 - 0.01 0.03 0.01 0.12 0.10 0.10 - 0.01 0.19 0.06 0.12 0.00 0.11 - 0.01 0.14 0.08 0.06 0.00 0.05 - 0.01 0.09 0.04

Cache Expl V 1408 Cache Expl* O 6 Cadillac Vent V 143 Caledonia Mng* O 57 5 Caledonia Mng T Calibre Mng V 1601 California Gld V 22 Callinex Mines* O 125 Cameco Corp* N 12860 Cameco Corp T 6567 Cameo Res V 61 Camino Mnls V 266 Camino Mnls* O 36 Camrova Res V 100 Canadian Mng V 193 Canadian Zeol V 3846 Canadian Zeol* O 140 CanAlaska Uran* O 66 Canamex Res* O 113 Canamex Res V 427 Canarc Res T 2571 Canarc Res* O 484 Canasil Res V 356 Candelaria Mg V 26 T 99 Candente Coppr CaNickel Mng V 23 10 Canoe Mng Vent V Canstar Res* O 884 Canstar Res V 575 Cantex Mn Dev V 1745 Canyon Gold* O 37835 T 3047 Capstone Mng Caracara Silvr V 145 Cardero Res V 60 Cariboo Rose V 120 Carlin Gold V 70 Cartier Res V 419 Carube Copper V 60 Cascadero Copp V 523 Castle Res 6 Castle Silver V 821 Castle Silver* O 66 Cava Res V 4 Cavan Vent* O 26 Cda Carbon* O 26 Cda Carbon V 157 Cda Rare Earth V 522 Cda Strtgc Met V 283 Cda Zinc Mtls V 1018 Cdn Arrow* O 557 Cdn Intl Mnrls V 75 Cdn Metals 683 Cdn Orebodies* O 341 Cdn Silvr Hunt V 664 Cdn Zinc T 553 Cdn Zinc* O 252 Centamin T 93 Centaurus Diam* O 156 Centenera Mng V 423 Centerra Gold T 3408 V 1913 Centurion Mnls Century Global T 4 Cerro Grande* O 94 Ceylon Graph V 192 Champion Bear V 184 Champion Iron* O 344 Champion Iron T 1315 Chantrell Vent V 1202

0.27 0.23 0.25 - 0.02 0.31 0.05 0.20 0.20 0.20 - 0.00 0.20 0.05 0.04 0.03 0.04 - 0.01 0.06 0.03 1.28 1.24 1.25 + 1.19 0.09 0.05 8.50 1.65 8.46 - 0.14 12.10 6.25 0.16 0.15 0.15 - 0.01 0.30 0.10 0.33 0.00 0.28 - 0.05 0.76 0.28 0.25 0.22 0.24 - 0.01 0.54 0.21 9.68 8.96 9.10 - 0.24 13.36 7.41 12.77 11.63 11.81 - 0.58 17.65 9.88 1.45 1.25 1.25 - 0.20 1.75 0.31 0.82 0.75 0.75 - 0.03 2.23 0.14 0.62 0.57 0.58 - 0.02 1.62 0.00 0.10 0.07 0.07 - 0.03 0.40 0.07 0.35 0.30 0.32 - 0.02 0.43 0.10 0.84 0.64 0.84 + 0.24 1.95 0.31 0.64 0.50 0.64 + 0.19 1.46 0.24 0.30 0.25 0.26 + 0.00 1.18 0.24 0.13 0.11 0.13 - 0.00 0.13 0.07 0.16 0.15 0.16 + 0.01 0.30 0.10 0.10 0.09 0.09 - 0.01 0.14 0.07 0.08 0.07 0.07 + 0.00 0.11 0.05 0.17 0.15 0.16 - 0.01 0.73 0.14 0.94 0.73 0.93 - 0.01 1.19 0.47 0.08 0.07 0.08 + 0.01 0.18 0.06 0.14 0.00 0.13 + 0.01 0.33 0.05 0.05 0.00 0.05 - 0.01 0.10 0.04 0.06 0.04 0.05 - 0.01 0.17 0.04 0.09 0.07 0.07 - 0.02 0.23 0.00 0.04 0.03 0.03 - 0.01 0.15 0.03 0.01 0.00 0.00 - 0.00 0.21 0.00 1.00 0.82 0.94 + 0.11 1.81 0.65 0.02 0.01 0.01 + 0.01 0.03 0.01 0.11 0.00 0.10 + 0.01 0.25 0.09 0.11 0.00 0.11 + 0.01 0.26 0.07 0.08 0.00 0.08 + 0.01 0.10 0.03 0.32 0.29 0.31 - 0.01 0.38 0.12 0.12 0.11 0.12 + 0.01 0.20 0.06 0.12 0.11 0.11 - 0.01 0.17 0.07 0.22 0.21 0.21 - 0.01 0.42 0.01 0.26 0.24 0.26 - 0.01 0.30 0.02 0.20 0.18 0.18 + 0.00 0.22 0.03 0.20 0.00 0.19 - 0.01 0.78 0.09 0.03 0.00 0.00 - 0.02 0.03 0.00 0.14 0.13 0.13 - 0.01 0.24 0.11 0.19 0.17 0.17 - 0.01 0.32 0.14 0.04 0.04 0.04 + 0.01 0.06 0.03 0.15 0.13 0.13 - 0.02 0.26 0.10 0.26 0.22 0.24 - 0.03 0.48 0.20 0.02 0.00 0.02 + 0.01 0.02 0.00 0.02 0.02 0.02 - 0.01 0.06 0.02 0.08 0.05 0.07 + 0.01 0.30 0.05 0.25 0.22 0.24 + 0.01 0.39 0.00 0.12 0.08 0.09 - 0.01 0.12 0.02 0.18 0.17 0.18 + 0.02 0.41 0.15 0.14 0.12 0.14 + 0.01 0.32 0.11 2.73 2.58 2.62 - 0.18 3.23 1.84 0.07 0.06 0.07 + 0.01 0.23 0.01 0.20 0.15 0.15 - 0.05 0.50 0.15 7.15 6.86 7.08 - 0.03 8.32 5.56 0.05 0.05 0.05 - 0.01 0.10 0.05 0.23 0.00 0.17 - 0.06 0.72 0.13 0.01 0.01 0.01 - 0.00 0.06 0.01 0.25 0.23 0.25 + 0.01 0.45 0.17 0.19 0.15 0.19 + 0.04 0.28 0.06 0.76 0.68 0.76 + 0.08 1.12 0.17 1.00 0.90 0.98 + 0.08 1.47 0.21 0.08 0.08 0.08 - 0.01 0.19 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Chatham Rock V 54 0.45 0.45 0.45 - 0.02 0.90 0.15 Chesapeake Gld V 51 3.52 3.15 3.15 - 0.17 6.50 3.15 Chesapeake Gld* O 39 2.69 2.42 2.42 + 0.02 5.03 2.36 Chevron Corp* N 21721 105.19 103.89 104.33 - 0.67 119.00 97.53 Chiboug Ind Mn V 298 0.09 0.08 0.08 - 0.01 0.26 0.06 Chilean Metals V 121 0.14 0.00 0.13 + 0.01 0.33 0.10 Chilean Metals* O 8 0.11 0.10 0.11 + 0.01 0.24 0.07 Chimata Gold V 789 0.02 0.01 0.01 - 0.01 0.03 0.01 China Gold Int T 1261 2.04 1.87 1.98 + 0.06 3.67 1.82 China Mnls Mng* O 2 0.01 0.01 0.01 - 0.00 0.02 0.00 Cibolan Gold* O 358 0.01 0.00 0.00 - 0.00 0.13 0.00 CIM Intl Grp 5 0.50 0.35 0.50 + 0.25 1.13 0.25 CKR Carbon V 454 0.10 0.09 0.10 + 0.02 0.19 0.06 Clean Comm* O 61 0.04 0.03 0.03 - 0.00 0.13 0.03 Clifton Mng* O 135 0.13 0.09 0.09 - 0.01 0.16 0.09 Cloud Peak En* N 6551 3.78 3.17 3.53 + 0.25 8.04 2.03 Cobalt 27 Cap V 119 11.00 8.87 9.10 - 0.04 13.20 8.87 Cobalt Pwr Grp* O 45 0.07 0.07 0.07 + 0.01 0.09 0.06 Cobalt Pwr Grp V 3676 0.09 0.08 0.08 - 0.01 0.18 0.04 CobalTech M’g* O 58 0.13 0.11 0.11 - 0.00 0.32 0.01 CobalTech M’g V 4154 0.17 0.14 0.14 - 0.01 0.45 0.02 Coeur Mng* N 10501 9.00 8.48 8.58 - 0.09 16.41 7.30 Colibri Res V 50 0.21 0.00 0.21 + 0.03 0.28 0.11 O 3 0.02 0.01 0.01 - 0.01 0.02 0.00 Colombia Crest* Colonial Coal V 210 0.10 0.09 0.10 + 0.01 0.24 0.07 Colorado Res* O 51 0.20 0.19 0.19 + 0.01 0.54 0.13 Columbus Gold* O 295 0.60 0.54 0.55 - 0.05 0.83 0.31 Columbus Gold T 255 0.77 0.70 0.71 - 0.06 1.09 0.42 Commander Res V 412 0.05 0.04 0.04 - 0.01 0.08 0.04 Commerce Res* O 136 0.06 0.05 0.05 - 0.00 0.09 0.04 Commerce Res V 590 0.08 0.07 0.07 - 0.01 0.11 0.05 Comstock Mng* X 21378 0.22 0.16 0.18 + 0.01 0.47 0.13 Comstock Mtls * O 29 0.12 0.11 0.11 - 0.01 0.33 0.09 Condor Res V 540 0.13 0.10 0.12 + 0.01 0.19 0.06 Confedertn Ml* O 11 0.47 0.47 0.47 + 0.00 0.80 0.31 Confedertn Mls V 19 0.68 0.60 0.62 + 0.01 6.40 0.46 V 319 0.05 0.04 0.05 + 0.01 0.09 0.04 Cons Woodjam CONSOL Energy* N 16798 15.63 13.92 14.94 + 0.79 22.34 13.55 Constantine Mt V 324 0.17 0.15 0.17 + 0.01 0.20 0.08 Contintl Gold* O 118 3.01 2.84 2.95 + 0.04 4.39 1.90 Contintl Gold T 2325 4.00 3.72 3.82 - 0.06 5.75 2.62 Contintl Prec T 12 0.27 0.00 0.27 - 0.01 0.44 0.25 Copper Fox Mtl V 232 0.13 0.12 0.12 - 0.01 0.19 0.11 Copper Fox Mtl* O 20 0.10 0.00 0.09 + 0.00 0.14 0.08 Copper Mtn Mng* O 12 0.61 0.00 0.61 + 0.03 1.02 0.32 Copper Mtn Mng T 1038 0.87 0.76 0.83 + 0.07 1.32 0.40 Copper North M* O 4 0.06 0.00 0.06 - 0.01 0.16 0.00 Copper One V 351 0.04 0.00 0.03 - 0.01 0.30 0.03 425 0.02 0.02 0.02 - 0.01 0.05 0.02 Copper Reef Mg Copperbank Res 1882 0.13 0.11 0.12 - 0.01 0.18 0.05 Copperbank Res* O 36 0.09 0.08 0.08 - 0.01 0.14 0.03 Coral Gold * O 173 0.30 0.26 0.27 + 0.01 0.30 0.20 Coral Gold V 1507 0.40 0.35 0.38 + 0.02 0.40 0.27 Cordoba Mnls V 875 0.90 0.70 0.75 - 0.15 1.59 0.65 Cordoba Mnls* O 528 0.61 0.52 0.60 + 0.03 1.21 0.45 Corex Gold V 1138 0.15 0.13 0.15 + 0.01 0.20 0.10 Cornerstone Ca V 1552 0.47 0.44 0.46 + 0.01 0.52 0.04 Cornerstone Ca* O 139 0.36 0.33 0.36 + 0.01 0.40 0.03 Cornerstone Mt V 83 0.05 0.04 0.04 - 0.01 0.06 0.02 Coro Mining T 457 0.11 0.10 0.11 + 0.01 0.20 0.10 Coronet Mtls V 48 0.19 0.16 0.16 - 0.02 0.71 0.15 1.50 - 0.04 3.82 0.80 Corsa Coal V 161 1.60 1.47 Corsa Coal * O 40 1.22 1.13 1.14 + 0.00 2.93 1.12 Corvus Gold* O 63 0.58 0.53 0.53 - 0.04 1.05 0.37 Cresval Cap V 65 0.05 0.00 0.05 + 0.01 0.06 0.04 Critical Elem V 1923 1.16 1.02 1.11 - 0.02 1.19 0.39 Critical Elem* O 66 0.88 0.83 0.83 - 0.02 0.88 0.31 Cruz Cobalt* O 139 0.17 0.15 0.15 - 0.01 0.23 0.09 Cruz Cobalt V 2349 0.22 0.21 0.21 - 0.01 0.31 0.10 Crystal Explor V 493 0.11 0.10 0.10 - 0.01 0.16 0.10 Crystal Lake V 33 0.21 0.19 0.21 + 0.01 0.43 0.19 Crystal Peak* O 2 0.35 0.00 0.35 + 0.02 0.42 0.14 Curlew Lke Res V 26 1.35 1.20 1.20 - 0.05 1.49 0.05 0.01 + 0.00 0.02 0.00 Cyclone Uran* O 118 0.01 0.00 Cypress Dev* O 59 0.07 0.06 0.06 - 0.01 0.15 0.06 Cypress Dev V 205 0.10 0.09 0.09 - 0.01 0.20 0.09

D-F Dajin Res V 228 Dajin Res* O 130 Dakota Ter Res* O 19 Daleco Res* O 887 Dalradian Res* O 821 Dalradian Res T 900 Damara Gold V 233 Danakali* O 32 Darnley Bay V 1530 Darnley Bay* O 174 Decade Res V 626 Deep-South Res V 506 Defiance Silvr V 215 Defiance Silvr* O 57 Del Toro Silvr* O 164 Delrand Res* O 12 Delrand Res V 41 Denison Mines T 2901 Denison Mines* X 2010 Desert Gold V 54 Detour Gold T 5215 Diamante Min* O 621 Diamcor Mng V 34 Diamond Disc* O 2866 Diamond Fields V 34 Discovery Harb V 31 Ditem Explor* O 507 Diversified Rs* O 34 DNI Metals 363 DNI Metals* O 125 Dolat Ventures* O 37821 Dolly Vard Sil* O 19 59 Dolly Vard Sil V Dominion Diam T 382 Dominion Diam* N 1803 Dorex Mnrls V 118 DRDGOLD* N 652 Dundee Prec Mt T 1133 Dunnedin Vent* O 187 Durango Res V 685 72 Dynacor Gld Mn T Dynamic Gold* O 1 DynaResource* O 32 Dynasty Gold V 257 O 33 Dynasty Met&Mn* V 21 Dynasty Met&Mn E3 Metals V 126 Eagle Plains V 399 East Africa V 217 East Asia Mnls* O 12 East Asia Mnls V 390 Eastern Platin* O 7 Eastern Platin T 439 Eastfield Res V 168 Eastmain Res* O 790 Eastmain Res T 6715 Eco Oro Mnls T 9 eCobalt Solns T 909 eCobalt Solns* O 472 Edgewater Expl V 35 El Capitan Prc* O 1683 Elcora Res V 259 Elcora Res* O 11 Eldorado Gold* N 30045 Eldorado Gold T 17022 Eloro Mnrls* O 340 Ely Gold & Mnl V 300 Ely Gold & Mnl* O 137 Elysee Dev * O 2 Emerita Res V 743 Emgold Mng* O 596 Encanto Potash* O 48 Endeavour Mng* O 72 Endeavour Mng T 1245 Endeavr Silver* N 7855 Endeavr Silver T 1181 Endurance Gold* O 120 Endurance Gold V 136 Energy Fuels T 374 Energy Fuels* X 927 Enforcer Gold V 551 Engold Mines V 586 Engold Mines* O 95 Ensurge* O 64

0.10 0.09 0.09 - 0.01 0.22 0.09 0.07 0.07 0.07 - 0.00 0.17 0.06 0.06 0.00 0.05 + 0.00 0.12 0.02 0.01 0.00 0.01 - 0.00 0.04 0.00 1.32 1.18 1.30 + 0.06 1.35 0.73 1.71 1.57 1.69 + 0.06 1.78 0.97 0.05 0.00 0.04 - 0.01 0.11 0.04 0.59 0.56 0.57 - 0.02 0.65 0.27 0.31 0.27 0.28 - 0.01 0.57 0.12 0.23 0.21 0.21 + 0.02 0.44 0.09 0.08 0.07 0.07 - 0.01 0.11 0.04 0.14 0.10 0.10 - 0.03 0.39 0.10 0.32 0.28 0.31 + 0.02 0.63 0.21 0.24 0.22 0.24 + 0.03 0.49 0.16 0.04 0.03 0.04 + 0.01 0.06 0.00 1.03 0.93 0.93 - 0.10 1.33 0.58 1.38 1.00 1.20 - 0.10 1.40 0.30 0.61 0.55 0.56 - 0.02 1.10 0.49 0.46 0.42 0.44 - 0.01 0.84 0.37 0.20 0.19 0.19 - 0.01 0.40 0.09 15.91 14.66 15.18 - 0.79 35.93 14.35 0.13 0.02 0.09 + 0.01 0.51 0.02 0.91 0.89 0.89 - 0.01 1.50 0.82 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.00 0.13 - 0.02 0.24 0.07 0.03 0.03 0.03 - 0.01 0.04 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.07 0.07 - 0.03 0.40 0.03 0.07 0.06 0.07 + 0.01 0.09 0.02 0.06 0.04 0.04 - 0.01 0.09 0.00 0.08 0.05 0.06 - 0.01 0.13 0.00 0.45 0.40 0.41 - 0.01 0.81 0.35 0.59 0.52 0.52 - 0.04 1.11 0.48 16.83 16.01 16.32 - 0.36 18.27 10.47 12.85 12.39 12.56 - 0.03 13.65 7.92 0.17 0.14 0.14 - 0.02 0.30 0.10 3.39 3.10 3.15 - 0.15 9.10 2.84 2.66 2.25 2.42 + 0.11 4.14 1.87 0.22 0.20 0.21 + 0.01 0.31 0.14 0.08 0.06 0.07 - 0.01 0.36 0.05 2.08 1.92 1.92 - 0.07 3.71 1.83 1.75 1.09 1.73 + 1.08 1.75 0.25 1.63 1.15 1.63 + 0.38 1.99 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01 0.21 0.20 0.20 - 0.01 0.31 0.10 0.32 0.28 0.32 + 0.03 0.45 0.14 0.78 0.56 0.60 + 0.13 0.78 0.15 0.19 0.16 0.16 - 0.02 0.24 0.11 0.24 0.20 0.20 - 0.01 0.36 0.17 0.30 0.00 0.25 - 0.12 0.49 0.11 0.40 0.31 0.36 + 0.04 0.74 0.05 0.21 0.20 0.20 - 0.01 0.82 0.19 0.27 0.25 0.26 - 0.01 1.08 0.23 0.04 0.04 0.04 - 0.01 0.08 0.03 0.27 0.23 0.26 - 0.01 0.73 0.21 0.34 0.30 0.33 - 0.02 0.97 0.30 0.49 0.00 0.49 + 0.03 0.87 0.13 1.23 1.08 1.12 - 0.08 1.48 0.41 0.93 0.85 0.86 - 0.05 1.14 0.34 0.21 0.21 0.21 - 0.01 0.28 0.08 0.07 0.06 0.06 - 0.01 2.35 0.04 0.22 0.18 0.19 - 0.02 0.43 0.18 0.16 0.14 0.14 - 0.01 0.32 0.14 2.93 2.50 2.64 - 0.27 5.13 2.50 3.86 3.21 3.44 - 0.40 6.71 3.30 0.59 0.58 0.58 + 0.01 0.62 0.30 0.12 0.12 0.12 - 0.01 0.27 0.12 0.10 0.08 0.08 - 0.01 0.20 0.08 0.25 0.25 0.25 + 0.00 0.37 0.18 0.11 0.00 0.11 + 0.02 0.22 0.04 0.02 0.02 0.02 - 0.00 0.04 0.01 0.05 0.05 0.05 - 0.00 0.13 0.04 17.78 16.89 17.07 + 0.00 21.89 13.00 23.25 22.05 22.38 - 0.31 28.81 17.37 3.22 2.94 3.05 - 0.12 5.95 2.76 4.22 3.90 3.95 - 0.24 7.75 3.73 0.05 0.04 0.05 - 0.01 0.07 0.03 0.07 0.06 0.06 - 0.01 0.10 0.04 2.24 2.02 2.06 - 0.04 3.53 1.74 1.69 1.55 1.59 + 0.01 2.71 1.29 0.20 0.18 0.18 - 0.01 0.28 0.18 0.47 0.34 0.37 - 0.08 0.68 0.03 0.36 0.28 0.28 - 0.04 0.50 0.03 0.09 0.04 0.08 + 0.01 0.12 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Entree Gold* X 369 Entree Gold T 219 Equitorial Ex* O 202 Equitorial Ex V 1755 Erdene Res Dev T 1067 159 Erdene Res Dev* O Erin Ventures* O 10 Erin Ventures V 1285 7 Eros Res Corp* O Eskay Mng V 100 V 55 Essex Minerals Ethos Gold V 31 X 110 Eurasian Mnls* Eurasian Mnls V 30 92 Euro Sun Mg* O 904 T Euro Sun Mg O 4 EurOmax Res* EurOmax Res T 23 Everton Res* O 14 Evolving Gold 73 O 15 Evolving Gold* Evrim Res V 139 Excellon Res* O 91 Excellon Res T 81 O 1072 Excelsior Mng* Excelsior Mng T 1175 Exeter Res* X 155 Exeter Res T 85 68 ExGen Res Inc* O ExGen Res Inc V 2650 Explor Res* O 31 Explor Res V 341 Explorex Res 99 Fairmont Res V 1598 Falco Res V 1234 Far Res 24352 Far Res* O 424 Finlay Minrls V 72 Fiore Explor* O 22 Firestone Vent V 509 Fireweed Zinc V 141 O 9 Firma Holdings* First Bauxite V 651 First Energy V 9 77771 First Liberty* O First Majestic* N 13103 First Majestic T 2573 First Mexican V 946 T 7289 First Mg Fin First Mg Fin * O 5114 First Point V 16 First Quantum T 14518 Fission Uran T 1626 Fission Uran* O 622 O 10 Fjordland Exp* Fjordland Exp V 208 O 150 Focus Graphite* V 302 Focus Graphite Foran Mng V 143 Forsys Metals T 50 O 80 Fortescue Mtls* T 2772 Fortuna Silvr Fortuna Silvr* N 5485 Fortune Bay V 93 Fortune Bay* O 1 O 309 Fortune Mnrls* 73 Fox River Res N 2151 Franco-Nevada* Franco-Nevada T 2052 Franklin Mng* O 8 Freedom Egy V 3 Freegold Vent T 104 N 71943 Freeport McMoR* 17 Fresnillo plc* O Frontline Gold V 1584 25 Full Metal Mnl V Fura Gems V 341

0.21 0.38 + 0.03 0.72 0.38 0.35 0.29 0.49 + 0.02 0.94 0.49 0.47 0.03 0.08 + 0.01 0.10 0.09 0.08 0.03 0.10 - 0.01 0.14 0.11 0.10 1.09 0.97 1.00 - 0.07 1.40 0.29 0.81 0.75 0.79 - 0.01 1.00 0.22 0.02 0.03 + 0.00 0.05 0.03 0.03 0.03 0.03 - 0.01 0.06 0.03 0.03 0.13 0.00 0.13 + 0.01 0.17 0.10 0.15 0.34 - 0.04 0.45 0.40 0.29 0.14 0.15 + 0.01 0.33 0.20 0.14 0.17 0.18 + 0.01 0.41 0.18 0.17 0.62 0.93 + 0.03 1.40 0.97 0.90 0.86 1.21 - 0.05 1.84 1.29 1.19 1.00 0.82 0.90 + 0.04 1.06 0.47 1.44 1.05 1.15 - 0.07 1.45 0.62 0.31 0.31 - 0.02 0.59 0.33 0.31 0.38 0.45 - 0.02 0.81 0.48 0.00 0.03 0.03 - 0.01 0.14 0.04 0.03 0.13 0.19 + 0.01 0.45 0.19 0.18 0.10 0.14 + 0.00 0.33 0.14 0.13 0.16 0.23 - 0.04 0.43 0.27 0.23 0.83 1.08 - 0.03 1.85 1.14 1.08 1.07 1.42 - 0.05 2.40 1.50 1.40 0.25 0.70 + 0.07 0.72 0.70 0.65 0.34 0.87 + 0.02 0.94 0.92 0.82 0.66 1.54 - 0.10 1.89 1.65 1.53 0.89 2.00 - 0.18 2.52 2.16 1.97 0.02 0.01 0.02 + 0.01 0.02 0.00 0.04 0.02 0.03 + 0.01 0.04 0.01 0.04 0.05 - 0.00 0.14 0.06 0.04 0.06 0.07 + 0.01 0.18 0.07 0.06 0.10 0.21 + 0.05 0.21 0.21 0.16 0.03 0.03 - 0.01 0.22 0.03 0.03 0.77 1.00 - 0.05 1.65 1.10 0.98 0.05 0.02 0.15 + 0.13 0.15 0.11 0.05 0.10 + 0.04 0.11 0.11 0.09 0.04 0.06 - 0.01 0.09 0.06 0.00 0.23 0.25 - 0.01 0.55 0.27 0.25 0.03 0.04 + 0.01 0.08 0.04 0.03 0.82 0.84 - 0.01 1.00 0.91 0.82 0.03 0.06 - 0.01 0.12 0.07 0.06 0.03 0.03 - 0.02 0.07 0.05 0.03 0.04 0.05 + 0.01 0.15 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 8.52 8.05 8.31 - 0.08 19.15 6.62 10.76 - 0.35 24.96 8.89 11.24 10.48 0.02 0.02 - 0.01 0.08 0.02 0.02 0.74 0.62 0.66 - 0.08 1.31 0.57 0.57 0.48 0.50 - 0.06 1.02 0.42 0.07 0.09 - 0.01 0.15 0.09 0.00 10.97 + 0.56 17.55 8.97 11.39 10.27 0.49 0.61 + 0.02 0.92 0.63 0.57 0.36 0.47 + 0.02 0.70 0.48 0.43 0.07 0.09 + 0.01 0.09 0.09 0.09 0.11 0.13 + 0.02 0.80 0.14 0.12 0.04 0.06 - 0.00 0.15 0.07 0.06 0.06 0.08 - 0.01 0.20 0.09 0.08 0.17 0.33 + 0.07 0.47 0.33 0.28 0.05 0.13 - 0.01 0.28 0.14 0.00 2.70 3.95 + 0.53 5.50 3.95 0.00 6.79 6.27 6.35 - 0.41 12.73 5.65 4.11 4.89 - 0.22 9.75 5.14 4.83 0.31 0.60 - 0.04 0.90 0.64 0.56 0.30 0.41 - 0.07 0.64 0.49 0.00 0.07 0.16 + 0.01 0.26 0.17 0.15 0.08 0.07 0.07 - 0.02 0.15 0.04 53.31 72.16 - 2.34 81.16 74.45 71.68 98.41 93.10 93.57 - 5.12 105.69 71.44 0.00 0.00 - 0.00 0.01 0.00 0.00 0.10 0.10 + 0.01 0.14 0.10 0.00 0.08 0.14 - 0.03 0.28 0.16 0.14 12.01 + 0.25 17.06 9.24 12.33 11.68 20.45 0.00 19.70 - 0.46 26.65 13.18 0.01 0.03 + 0.01 0.05 0.03 0.02 0.08 0.08 0.08 + 0.01 0.13 0.05 0.10 0.44 + 0.06 0.50 0.45 0.38

Gabriel Res T 250 Gainey Capital V 360 Galane Gold V 549 Galantas Gold V 126 O 107 Galantas Gold* Galway Mtls* O 33 Galway Mtls V 127 Garibaldi Res V 920 123 Garibaldi Res * O GB Minerals V 65 General Moly T 13 General Moly* X 1813 Genesis Mtls* O 111 Genesis Mtls V 823 Genius Props 134 V 691 Gensource Pot O 184 Geologix Expl* Geologix Expl V 467 O 669 Geomega Res* Geomega Res V 454 184 Gespeg Cop Res V Getty Copper V 36 O 49 GFG Resources* GFK Res V 512 GGL Res V 322 GGX Gold V 1328 Gitennes Expl V 142 Giyani Gold V 83 O 141 Gldn Predator* Gldn Predator V 522 381 Glen Eagle Res V Glencore Plc* O 831 Global Energy V 92 Globex Mng T 165 Globex Mng* O 27 O 4 GMV Minerals* GMV Minerals V 69 O 1081 Gold Dynamics* 27646 Gold Fields* N 66 Gold Mng USA* O 155 Gold Reach Res V Gold Reserve* O 131 Gold Reserve V 167 X 4305 Gold Resource* 579 Gold Std Vents V Gold Std Vents* X 4110 V 99 Goldbank Mng Goldcliff Res* O 80 Goldcliff Res V 117 T 10901 Goldcorp Goldcorp* N 30097 Golden Arrow V 762 Golden Arrow* O 529 V 63 Golden Cariboo 826 Golden Dawn Ml V 40 Golden Dawn Ml* O Golden Eagle* O 163 O 52 Golden Global* V 56 Golden Goliath Golden Hope V 87 Golden Hope* O 1 Golden Mnls T 28 Golden Mnls* X 270 32 Golden Peak Mn V O 265 Golden Queen* Golden Queen T 153 Golden Reign V 177 Golden Secret V 420 21 Golden Sh Mng V Golden Star T 1257 Golden Star* X 9562 Golden Valley V 146 Goldex Res* O 1 Goldex Res V 23 O 143 Goldgroup Mng* GoldMining V 917 GoldON Res* O 43 V 953 GoldQuest Mng Goldrea Res 19 Goldrich Mng* O 419 O 177 Goldsource Min* V 296 Goldsource Min Goldstar Mnls V 190

0.27 0.30 - 0.01 0.74 0.33 0.27 0.09 0.11 - 0.02 0.37 0.12 0.00 0.06 0.10 - 0.01 0.19 0.11 0.10 0.08 0.08 - 0.01 0.18 0.09 0.00 0.05 0.08 + 0.01 0.14 0.08 0.06 0.10 0.19 - 0.03 0.51 0.22 0.19 0.14 0.25 - 0.03 0.65 0.29 0.25 0.07 0.17 + 0.04 0.21 0.17 0.15 0.13 0.10 0.13 + 0.03 0.16 0.05 0.05 0.01 0.10 0.05 - 0.07 0.05 0.30 0.48 + 0.07 0.95 0.61 0.41 0.21 0.37 + 0.05 0.72 0.40 0.32 0.01 0.15 - 0.00 0.22 0.16 0.00 0.09 0.19 - 0.02 0.28 0.20 0.18 0.10 0.20 + 0.01 0.38 0.20 0.17 0.06 0.15 - 0.01 0.25 0.16 0.14 0.04 0.04 + 0.00 0.11 0.05 0.04 0.05 0.06 + 0.01 0.15 0.06 0.05 0.05 0.07 + 0.02 0.14 0.07 0.06 0.06 0.09 + 0.02 0.17 0.09 0.00 0.07 0.06 0.07 + 0.01 0.08 0.02 0.01 0.03 + 0.01 0.04 0.03 0.00 0.50 0.56 + 0.02 1.00 0.56 0.54 0.08 0.12 - 0.01 0.18 0.13 0.10 0.02 0.03 + 0.01 0.05 0.03 0.00 0.07 0.23 + 0.03 0.39 0.24 0.17 0.02 0.06 - 0.01 0.08 0.06 0.05 0.10 0.28 - 0.01 0.70 0.33 0.28 0.38 0.05 1.59 + 0.97 0.97 0.90 0.50 1.25 + 0.01 2.05 1.27 1.17 0.30 0.26 0.30 + 0.03 0.30 0.09 4.01 7.47 + 0.41 8.62 7.53 6.99 0.13 0.14 - 0.01 0.67 0.15 0.14 0.28 0.46 - 0.02 0.63 0.50 0.45 0.21 0.38 - 0.01 0.48 0.40 0.37 0.21 0.27 - 0.02 0.55 0.27 0.27 0.28 0.37 - 0.03 0.70 0.40 0.00 0.00 0.00 + 0.00 0.01 0.01 0.00 2.60 3.48 - 0.16 6.60 3.68 3.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.10 0.11 - 0.01 0.25 0.09 0.00 2.78 - 0.01 5.54 2.78 2.62 2.61 3.55 - 0.17 7.34 3.66 3.42 3.08 4.08 - 0.04 8.22 4.34 3.95 2.53 2.16 2.22 - 0.24 4.10 1.67 1.93 1.63 1.71 - 0.14 3.20 1.27 0.06 0.14 + 0.04 0.15 0.15 0.10 0.09 0.10 - 0.02 0.36 0.13 0.09 0.12 0.14 - 0.02 0.47 0.16 0.13 15.95 16.72 - 1.57 26.56 18.27 16.61 11.91 12.91 - 0.89 20.38 13.80 12.82 0.55 0.55 - 0.06 1.48 0.62 0.55 0.40 0.42 - 0.04 1.30 0.47 0.42 0.05 0.11 + 0.01 0.15 0.14 0.00 0.34 0.31 0.31 - 0.02 0.44 0.16 0.25 0.24 0.25 + 0.02 0.32 0.14 0.01 0.07 + 0.01 0.11 0.08 0.04 0.00 0.01 - 0.00 0.36 0.02 0.01 0.04 0.05 - 0.01 0.11 0.05 0.04 0.14 0.15 + 0.01 0.39 0.15 0.14 0.10 0.10 - 0.02 0.25 0.10 0.00 0.61 0.73 - 0.03 1.51 0.77 0.71 0.45 0.56 - 0.02 1.16 0.58 0.53 0.30 0.00 0.29 + 0.01 0.74 0.12 0.50 0.52 + 0.01 1.47 0.55 0.52 0.67 0.70 + 0.03 1.90 0.71 0.68 0.20 0.24 + 0.02 0.36 0.24 0.22 0.24 0.24 - 0.04 0.69 0.28 0.24 0.14 0.14 0.14 + 0.01 0.36 0.13 0.81 0.85 - 0.03 1.46 0.91 0.84 0.60 0.65 - 0.02 1.13 0.69 0.64 0.23 0.29 - 0.01 0.50 0.30 0.28 0.39 0.67 - 0.00 0.68 0.68 0.00 0.46 0.93 - 0.03 1.04 0.98 0.00 0.06 0.07 - 0.00 0.30 0.07 0.06 1.47 1.76 + 0.03 3.35 1.84 1.69 0.09 0.11 - 0.00 0.18 0.11 0.11 0.20 0.38 - 0.03 0.68 0.40 0.37 0.03 0.07 + 0.01 0.14 0.08 0.00 0.02 0.02 + 0.00 0.06 0.03 0.02 0.07 0.09 + 0.00 0.45 0.09 0.08 0.11 0.12 + 0.01 0.57 0.12 0.11 0.03 0.03 - 0.01 0.09 0.03 0.00

G-H

2017-07-04 9:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 10â&#x20AC;&#x201C;23, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldstrike Res V 608 Gossan Res V 161 GoviEx Uranium* O 173 GoviEx Uranium V 1499 Gowest Gold* O 148 Gowest Gold V 351 GPM Metals V 176 Gran Colombia* O 14 Gran Colombia T 312 Granada Gold V 1640 O 1179 Granada Gold* Granite Ck Gld V 97 Graphite Corp* O 2738 Graphite One V 2973 Graphite One* O 374 143 Gray Rock Res V Great Atlantic V 56 Great Bear Res V 162 Great Lakes Gr V 206 Great Lakes Gr* O 36 Great Panther T 393 X 5784 Great Panther* Great Quest Fe V 15 Green Arrow V 62 460 Green Swan Cap V Greenland M&En* O 221 Greywacke Expl 83 Grizzly Gold* O 22 Group Ten Mtls* O 15 Group Ten Mtls V 1034 GrowMax Res* O 497 262 GrowMax Res V GT Gold V 443 GTA Res & Mng V 167 V 301 Guerrero Vents Gungnir Res V 122 Gungnir Res* O 111 Guyana Gldflds T 1766 Guyana Goldstr V 170 Handa Copper V 91 Handa Copper* O 30 V 84 Hannan Metals Hannan Metals* O 14 Happy Ck Mnrls V 97 Hard Creek Ni* O 12 Harmony Gold* N 12552 Harte Gold* O 180 Harte Gold T 1597 Harvest Gold V 200 Harvest Gold* O 51 Heatherdale Rs V 197 Hecla Mining* N 20799 Hellix Vent* O 44 Highland Copp V 866 Highland Copp* O 3 HiHo Silver 72 Homeland Egy V 132 T 370 Horizonte Mnls Hornby Bay Mnl V 290 HudBay Mnls* N 3838 HudBay Mnls T 9953 Hudson Res V 290 Hudson Res* O 58 Hunt Mng V 214

0.30 0.27 0.30 + 0.01 0.43 0.12 0.08 0.06 0.06 - 0.02 0.11 0.03 0.16 0.15 0.15 + 0.00 0.34 0.04 0.21 0.19 0.19 - 0.01 0.44 0.09 0.17 0.16 0.17 + 0.01 0.22 0.08 0.22 0.21 0.22 + 0.01 0.28 0.10 0.11 0.00 0.09 - 0.01 0.57 0.08 1.12 1.09 1.10 - 0.02 1.20 1.02 1.47 1.42 1.44 - 0.01 2.40 1.20 0.08 0.07 0.07 - 0.01 0.14 0.06 0.06 0.05 0.05 - 0.00 0.11 0.04 0.06 0.04 0.05 - 0.01 0.08 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.06 0.06 0.06 - 0.01 0.13 0.06 0.05 0.04 0.05 + 0.00 0.09 0.04 0.55 0.44 0.51 + 0.08 0.55 0.06 0.15 0.13 0.13 - 0.01 0.16 0.05 0.27 0.00 0.24 - 0.02 0.36 0.13 0.07 0.07 0.07 + 0.01 0.11 0.06 0.06 0.05 0.06 - 0.00 0.08 0.04 1.67 1.51 1.66 + 0.11 2.95 1.48 1.29 1.14 1.28 + 0.12 2.28 1.11 0.19 0.16 0.19 + 0.04 0.35 0.14 0.04 0.00 0.04 - 0.01 0.05 0.03 0.10 0.09 0.10 + 0.01 0.13 0.05 0.08 0.07 0.08 + 0.01 0.16 0.01 0.05 0.05 0.05 - 0.01 0.06 0.01 0.03 0.03 0.03 + 0.00 0.22 0.01 0.14 0.10 0.10 - 0.04 0.17 0.06 0.20 0.12 0.14 - 0.05 0.46 0.08 0.09 0.09 0.09 - 0.01 0.19 0.08 0.12 0.11 0.12 + 0.01 0.24 0.11 0.41 0.38 0.38 - 0.01 0.50 0.10 0.05 0.04 0.05 + 0.01 0.24 0.04 0.01 0.00 0.01 - 0.01 0.04 0.01 0.06 0.05 0.06 + 0.01 0.12 0.03 0.05 0.04 0.05 - 0.01 0.08 0.02 6.13 5.82 6.08 + 0.01 9.68 4.56 0.31 0.00 0.29 - 0.02 0.35 0.03 0.10 0.09 0.09 - 0.02 0.18 0.04 0.07 0.06 0.06 - 0.00 0.07 0.03 0.42 0.36 0.41 - 0.01 0.51 0.08 0.33 0.00 0.31 + 0.00 0.39 0.09 0.23 0.20 0.21 - 0.05 0.29 0.13 0.03 0.02 0.03 + 0.00 0.09 0.02 1.71 1.59 1.65 - 0.05 4.87 1.58 0.53 0.49 0.50 - 0.03 0.66 0.17 0.69 0.63 0.63 - 0.06 0.87 0.20 0.06 0.05 0.06 + 0.01 0.10 0.04 0.04 0.00 0.03 - 0.01 0.05 0.02 0.06 0.04 0.06 + 0.01 0.12 0.03 5.37 5.03 5.10 - 0.22 7.64 4.61 0.02 0.01 0.01 - 0.00 0.08 0.00 0.11 0.10 0.11 + 0.01 0.18 0.08 0.07 0.06 0.06 - 0.00 0.14 0.06 0.07 0.00 0.07 - 0.02 0.18 0.06 0.13 0.09 0.11 - 0.02 1.13 0.09 0.05 0.00 0.04 - 0.01 0.06 0.03 0.06 0.05 0.06 + 0.02 0.08 0.03 6.25 5.25 5.75 + 0.55 9.15 3.57 8.12 6.92 7.50 + 0.62 11.95 4.74 0.51 0.44 0.44 - 0.05 0.80 0.29 0.38 0.34 0.34 - 0.03 0.60 0.24 0.21 0.00 0.21 + 0.02 0.40 0.16

I-Minerals V 23 I-Minerals* O 17 IAMGOLD* N 20920 IAMGOLD T 7948 IC Potash* O 77 IC Potash T 1014 Iconic Mnls V 376 Idaho North* O 125 IDM Mining* O 199 IDM Mining V 843 iMetal Res V 114 IMPACT Silver V 791 Impala Platnm* O 189 O 36 Imperial Metal* Imperial Metal T 88 Inca One Gold V 837 Inca One Gold* O 398 Inception Mng * O 12 V 135 Independence G Independence G* O 23 Indigo Expl V 312 Inomin Mines V 61 O 21 Inspiration Mg* Integra Gold V 8781 Integra Gold* O 1421 V 78 Inter-Rock Mnl Intl Cobalt 81 Intl Lithium* O 87 Intl Lithium V 405 Intl Samuel Ex V 157 T 105 Intl Tower Hil Intl Tower Hil* X 526 Intrepid Pots* N 4995 INV Metals T 198 INV Metals* O 27 Inventus Mg * O 24 Inventus Mg V 114 InZinc Mining* O 65 Ireland* O 84 Ironside Res V 57 Irving Res 123 Irving Res* O 11 IsoEnergy Ltd V 54 Itafos V 6 Itoco Mg Corp* O 724 Ivanhoe Mines T 7925 Ivanhoe Mines* O 549 Jaguar Mng* O 87 Jaguar Mng T 291 Japan Gold V 41 Japan Gold* O 4 Jasper Mng V 18 Jaxon Mnls* O 25 Jaxon Mnls V 2147 Jayden Res* O 60 Jazz Res V 57 Jourdan Res V 118 K2 Gold V 127 K92 Mng Inc* O 261 K92 Mng Inc V 850 Kairos Cap V 75 O 16 Kaizen Discvry* V 70 Kaizen Discvry Kapuskasing Gd V 170 Karmin Expl V 32 Karnalyte Res T 57 Katanga Mng T 3502 Kenadyr Mining V 1046 Kenadyr Mining* O 83 Kennady Diam V 24 Kerr Mines* O 73 Kerr Mines T 575 Kesselrun Res V 337 Kestrel Gold V 27 Khalkos Expl V 268 Khan Res 413 Kilo Goldmines V 3674 Kilo Goldmines* O 251 Kings Bay Gold V 388 Kinross Gold T 12768 Kinross Gold* N 46205 Kintavar Exp V 51 Kirkland Lake* O 493 Kirkland Lake T 6232 Klondex Mines T 2941 Klondike Gold V 954 Klondike Gold* O 40 Klondike Silv* O 162 Knick Expl V 603 Kombat Copper V 73 Kootenay Silvr V 864 Kootenay Silvr* O 466 Kootenay Zinc 399 Kootenay Zinc* O 141 KWG Res 3068 KWG Res* O 5

0.48 0.46 0.46 - 0.02 0.60 0.27 0.36 0.00 0.35 - 0.01 0.44 0.20 5.30 5.06 5.16 - 0.17 5.87 3.14 6.99 6.60 6.69 - 0.35 7.65 4.18 0.04 0.04 0.04 - 0.01 0.11 0.04 0.06 0.05 0.05 - 0.01 0.15 0.05 0.07 0.06 0.07 - 0.01 0.41 0.06 0.02 0.02 0.02 + 0.01 0.12 0.02 0.11 0.10 0.11 + 0.01 0.21 0.08 0.15 0.13 0.14 - 0.01 0.26 0.12 0.05 0.05 0.05 - 0.01 0.08 0.04 0.50 0.43 0.48 - 0.03 1.28 0.43 2.83 2.58 2.78 + 0.06 5.23 2.53 3.76 3.33 3.65 + 0.29 6.21 2.78 4.90 4.41 4.77 + 0.31 8.50 3.46 0.09 0.00 0.09 + 0.01 0.50 0.08 0.07 0.06 0.07 + 0.00 0.35 0.06 0.36 0.00 0.36 - 0.04 1.00 0.25 0.21 0.17 0.17 - 0.01 0.50 0.13 0.13 0.13 0.13 + 0.02 0.37 0.10 0.06 0.05 0.06 + 0.01 0.06 0.02 0.06 0.06 0.06 - 0.01 0.10 0.05 0.01 0.01 0.01 - 0.00 0.07 0.01 1.01 0.89 0.94 - 0.06 1.16 0.52 0.76 0.69 0.72 - 0.04 0.87 0.38 0.26 0.00 0.24 - 0.02 0.34 0.03 0.14 0.14 0.14 - 0.01 0.30 0.00 0.09 0.07 0.08 + 0.00 0.21 0.07 0.11 0.09 0.10 - 0.01 0.27 0.09 0.08 0.00 0.07 - 0.01 0.11 0.05 0.64 0.62 0.62 - 0.03 1.82 0.57 0.49 0.48 0.48 - 0.01 1.40 0.43 2.36 2.14 2.26 - 0.05 3.04 0.93 0.90 0.83 0.90 + 0.02 1.13 0.48 0.66 0.65 0.66 + 0.01 0.85 0.41 0.11 0.11 0.11 - 0.00 0.25 0.11 0.18 0.14 0.16 + 0.01 0.34 0.13 0.09 0.08 0.09 + 0.01 0.27 0.07 0.30 0.26 0.30 + 0.01 0.32 0.04 0.14 0.11 0.11 + 0.01 0.16 0.06 0.76 0.67 0.75 + 0.10 1.18 0.17 0.55 0.00 0.50 + 0.00 0.99 0.09 0.81 0.00 0.78 - 0.02 1.70 0.63 2.10 1.62 2.00 + 0.06 3.45 0.90 0.01 0.01 0.01 - 0.00 0.21 0.00 4.19 3.86 4.17 + 0.24 5.47 0.99 3.23 2.94 3.22 + 0.26 4.10 0.00 0.34 0.30 0.31 - 0.01 0.65 0.28 0.42 0.40 0.40 - 0.02 0.85 0.37 0.31 0.30 0.31 + 0.01 0.88 0.24 0.24 0.00 0.24 - 0.01 0.67 0.17 0.07 0.06 0.06 - 0.01 0.10 0.03 0.25 0.25 0.25 + 0.02 0.25 0.04 0.33 0.30 0.31 + 0.01 0.35 0.04 0.06 0.00 0.06 + 0.01 0.17 0.04 0.08 0.07 0.07 - 0.01 0.25 0.06 0.17 0.17 0.17 - 0.03 0.20 0.06 0.41 0.33 0.41 + 0.04 0.58 0.25 0.64 0.59 0.61 + 0.01 1.72 0.51 0.84 0.76 0.78 - 0.01 2.24 0.71 0.68 0.00 0.61 - 0.04 0.95 0.02 0.12 0.12 0.12 + 0.01 0.21 0.08 0.16 0.15 0.16 - 0.01 0.31 0.11 0.05 0.00 0.05 + 0.01 0.10 0.02 0.45 0.00 0.45 + 0.05 0.86 0.21 0.66 0.56 0.66 + 0.07 2.38 0.56 0.64 0.51 0.64 + 0.15 0.65 0.12 0.38 0.34 0.35 - 0.03 1.00 0.20 0.29 0.26 0.26 - 0.02 1.45 0.26 3.60 3.30 3.30 - 0.22 5.00 3.01 0.20 0.18 0.19 + 0.00 0.22 0.07 0.26 0.23 0.25 - 0.01 0.27 0.09 0.14 0.10 0.11 - 0.04 0.43 0.08 0.16 0.00 0.15 - 0.01 0.17 0.02 0.11 0.09 0.10 - 0.01 0.22 0.09 0.06 0.00 0.06 - 0.01 0.88 0.02 0.05 0.04 0.04 - 0.01 0.25 0.04 0.03 0.03 0.03 - 0.00 0.19 0.03 0.11 0.10 0.10 + 0.01 0.21 0.05 5.68 5.17 5.27 - 0.35 7.56 3.87 4.30 3.99 4.07 - 0.17 5.81 2.88 0.17 0.00 0.16 + 0.03 0.35 0.13 9.62 8.51 9.46 + 0.80 9.62 4.84 12.48 11.30 12.27 + 0.83 12.30 6.33 4.74 4.34 4.37 - 0.39 7.95 3.88 0.35 0.30 0.35 + 0.02 0.45 0.14 0.27 0.22 0.27 + 0.02 0.32 0.10 0.04 0.03 0.04 + 0.00 0.12 0.03 0.06 0.05 0.05 - 0.01 0.11 0.03 0.25 0.23 0.25 - 0.01 0.75 0.23 0.26 0.23 0.24 - 0.02 0.60 0.23 0.20 0.00 0.19 - 0.00 0.46 0.18 0.15 0.12 0.12 + 0.01 0.70 0.06 0.12 0.08 0.12 + 0.04 0.59 0.08 0.03 0.02 0.02 - 0.01 0.03 0.02 0.02 0.01 0.01 - 0.00 0.03 0.00

I-J-K

20-22_JULY10_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

L Labdr Iron Mns* O 9 Labrador Iron T 1759 Lamelee Iron V 6 Lara Expl V 70 Laramide Res T 286 Largo Res* O 2 Largo Res T 40 Lateral Gold V 123 108 Latin Am Mnls V Latin Am Mnls* O 10 Laurion Mnl Ex* O 303 Laurion Mnl Ex V 162 Leading Edge* O 567 Leading Edge V 531 Leagold Mg V 455 Leagold Mg* O 108 Legend Gold V 1715 Leo Res 600 Levon Res Ltd T 179 99 Levon Res Ltd * O Li3 Energy* O 175 Liberty One Li V 1156 571 Liberty One Li* O Liberty Silver 63 LiCo Energy* O 261 Lion One Mtls V 116 Lion One Mtls* O 102 68 Lions Gate Mtl Lithium Amer T 1831 Lithium Amer* O 872 Lithium Corp* O 531 Lithium Energi V 147 233599 Lithium Expl* O Lithium X Egy* O 793 711 Lithium X Egy V LKA Gold* O 16 Lode-Star Mg* O 25 Logan Res V 747 Lomiko Mtls V 210 Lomiko Mtls* O 35 Loncor Res* O 26 Loncor Res T 95 Lone Star Gold* O 47 Lonmin plc* O 41 V 220 Lorraine Coppr Los Andes Copp V 341 Lucara Diam T 1541 Lucky Mnls V 621 Lumina Gold* O 104 Lumina Gold V 483 Lundin Gold T 192 Lundin Mng T 13180 Lupaka Gold V 153 Lydian Intl* O 66 Lydian Intl T 427 Lynas Corp* O 104

0.01 0.01 0.01 + 0.00 0.07 0.00 16.61 15.59 15.72 - 0.79 20.67 12.17 0.16 0.00 0.16 + 0.01 0.50 0.14 0.80 0.72 0.72 - 0.10 1.58 0.72 0.35 0.33 0.34 - 0.01 0.74 0.18 0.33 0.31 0.33 + 0.00 0.53 0.28 0.42 0.40 0.41 - 0.01 0.70 0.37 0.95 0.89 0.95 - 0.03 1.27 0.57 0.12 0.11 0.12 + 0.01 0.48 0.11 0.09 0.08 0.09 - 0.00 0.36 0.08 0.03 0.02 0.03 + 0.00 0.05 0.00 0.03 0.00 0.03 + 0.01 0.08 0.01 0.59 0.50 0.59 + 0.04 0.71 0.22 0.76 0.65 0.76 + 0.03 0.93 0.25 2.54 2.35 2.36 - 0.13 4.90 0.63 1.93 1.82 1.82 - 0.06 2.37 1.82 0.02 0.02 0.02 - 0.01 0.07 0.02 1.14 1.08 1.09 - 0.07 2.50 0.05 0.36 0.32 0.34 - 0.01 0.71 0.25 0.27 0.24 0.27 - 0.01 0.54 0.18 0.02 0.02 0.02 + 0.00 0.06 0.01 0.55 0.50 0.55 + 0.03 0.70 0.03 0.43 0.38 0.43 + 0.03 0.51 0.37 1.99 1.85 1.99 + 0.14 3.00 1.70 0.10 0.09 0.10 + 0.00 0.20 0.06 0.65 0.59 0.59 - 0.04 1.17 0.55 0.48 0.44 0.45 + 0.01 0.91 0.42 0.13 0.00 0.13 - 0.02 0.36 0.10 0.90 0.85 0.87 - 0.03 1.26 0.52 0.70 0.66 0.66 - 0.02 0.96 0.38 0.06 0.05 0.06 + 0.01 0.11 0.05 0.09 0.07 0.07 - 0.02 0.55 0.07 0.00 0.00 0.00 - 0.00 0.02 0.00 1.51 1.43 1.51 + 0.09 1.94 1.03 1.99 1.85 1.95 + 0.07 2.50 1.32 0.55 0.46 0.53 + 0.03 0.68 0.24 0.07 0.02 0.02 - 0.05 0.10 0.02 0.05 0.05 0.05 - 0.01 0.26 0.05 0.22 0.19 0.19 - 0.03 0.40 0.19 0.18 0.14 0.18 + 0.01 0.35 0.11 0.11 0.10 0.11 - 0.01 0.20 0.06 0.17 0.00 0.17 + 0.01 0.25 0.09 0.00 0.00 0.00 + 0.00 0.01 0.00 0.92 0.85 0.92 + 0.06 3.42 0.83 0.09 0.08 0.08 + 0.01 0.12 0.06 0.27 0.24 0.26 - 0.01 0.30 0.15 2.83 2.72 2.76 - 0.05 4.39 2.62 0.19 0.14 0.19 + 0.04 0.20 0.05 0.57 0.00 0.56 + 0.01 0.89 0.49 0.75 0.69 0.71 - 0.02 1.20 0.66 5.80 5.44 5.50 - 0.32 6.62 4.94 7.59 7.18 7.37 + 0.07 8.94 4.32 0.15 0.14 0.14 - 0.02 0.29 0.13 0.28 0.26 0.27 - 0.01 0.41 0.22 0.38 0.35 0.36 - 0.02 0.52 0.28 0.08 0.07 0.08 - 0.00 0.12 0.04

M MacDonald Mns V 1290 0.12 0.10 0.12 - 0.01 0.28 0.05 MacMillan Mnls V 126 1.55 1.40 1.51 + 0.03 1.84 0.70 Mag Copper 118 0.20 0.16 0.16 - 0.02 0.20 0.03 MAG Silver T 840 17.62 16.67 16.93 - 0.38 23.32 12.75 O 1123 0.13 0.11 0.11 - 0.01 0.35 0.07 Magellan Gold* Magna Terra V 83 0.09 0.08 0.09 + 0.01 0.09 0.03 Magnus Intl* O 10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 - 0.01 0.12 0.05 Majestic Gold V 130 0.06 0.00 Makena Res V 61 0.15 0.14 0.15 - 0.01 0.21 0.14 0.35 + 0.01 0.46 0.29 Malbex Res V 56 0.35 0.34 Mammoth Res V 86 0.09 0.00 0.09 + 0.01 0.20 0.06 Mandalay Res T 4387 0.42 0.37 0.38 - 0.03 1.35 0.38 0.11 - 0.01 0.26 0.07 Manganese X V 494 0.12 0.10 Manganese X* O 21 0.09 0.09 0.09 - 0.00 0.19 0.07 V 162 0.04 0.03 0.03 + 0.01 0.06 0.02 Mangazeya Mng Manitou Gold V 183 0.09 0.08 0.09 + 0.01 0.20 0.04 Marathon Gold T 744 1.09 1.01 1.05 - 0.05 1.36 0.43 Margaux Res V 17 0.28 0.00 0.28 + 0.01 0.50 0.18 Maritime Res V 199 0.12 0.11 0.12 + 0.01 0.30 0.10 0.81 + 0.03 0.85 0.33 Marlin Gold* O 206 0.85 0.72 Marlin Gold V 332 1.10 0.91 1.06 + 0.02 1.10 0.44 MartinMarietta* N 3705 235.19 219.00 222.58 - 5.69 244.32 167.06 O 46 1.35 1.30 1.31 - 0.00 1.40 0.60 Mason Graphite* Mason Graphite V 282 1.77 1.69 1.71 - 0.07 1.88 0.77 Mason Res T 674 0.17 0.16 0.16 - 0.01 0.40 0.13 Mason Res* O 27 0.13 0.00 0.12 - 0.01 0.20 0.10 V 18 0.28 0.00 0.27 - 0.02 0.44 0.24 Matachewan Con Matamec Expl V 143 0.05 0.05 0.05 - 0.01 0.11 0.04 Matica Ent* O 1381 0.14 0.08 0.08 - 0.01 0.14 0.00 111251 0.18 0.10 0.11 + 0.01 0.18 0.01 Matica Ent Maverix Mtls* O 18 1.20 1.09 1.20 + 0.13 16.33 0.66 Mawson Res T 229 0.36 0.31 0.34 - 0.02 0.57 0.21 0.24 - 0.01 0.44 0.16 Mawson Res* O 65 0.26 0.24 MAX Res V 39 0.09 0.00 0.09 - 0.01 0.14 0.07 MaxTech Vent 303 0.33 0.32 0.32 - 0.01 0.63 0.20 MaxTech Vent* O 7 0.25 0.25 0.25 - 0.00 0.46 0.25 Maxwell Res* O 69 0.01 0.01 0.01 - 0.00 0.04 0.00 Maya Gold &Sil V 1777 0.20 0.19 0.19 + 0.01 0.27 0.10 Mazarin V 833 0.06 0.04 0.05 + 0.01 0.07 0.01 McEwen Mng* N 10862 2.74 2.57 2.63 - 0.13 4.92 2.47 McEwen Mng T 1106 3.61 3.35 3.40 - 0.26 6.44 3.30 0.09 + 0.03 0.14 0.01 McLaren Res 925 0.09 0.06 0.13 + 0.00 0.92 0.12 MDN Inc* O 60 0.13 0.13 Meadow Bay Gd* O 24 0.03 0.03 0.03 + 0.00 0.08 0.03 Mechel* N 688 4.77 4.43 4.63 + 0.04 6.83 1.46 O 98 0.04 0.03 0.03 - 0.00 0.05 0.01 Medallion Res* Medgold Res V 41 0.17 0.16 0.16 - 0.01 0.25 0.13 Medinah Mnrls* O 3176 0.01 0.00 0.00 + 0.00 0.02 0.00 Mega Uranium* O 117 0.16 0.13 0.15 + 0.01 0.25 0.08 Mega Uranium T 1923 0.21 0.17 0.20 + 0.02 0.32 0.11 Megastar Dev V 26 0.04 0.03 0.04 + 0.01 0.07 0.03 Melior Res V 375 0.06 0.04 0.05 + 0.01 0.09 0.02 0.06 - 0.01 0.10 0.02 Melkior Res V 503 0.06 0.06 Mercator Mnls* O 3 0.00 0.00 0.00 - 0.00 0.00 0.00 Meridian Mg V 33 0.60 0.00 0.60 + 0.13 1.54 0.17 Metalla Rylty* O 165 0.44 0.41 0.41 - 0.02 0.68 0.14 0.53 - 0.06 0.88 0.15 Metalla Rylty 513 0.59 0.52 Metallic Mnrls* O 44 0.25 0.24 0.25 - 0.01 0.44 0.04 Metallica Min* O 3 0.04 0.04 0.04 - 0.01 0.06 0.03 Metallis Res V 56 0.19 0.16 0.19 + 0.01 0.26 0.09 Metalore Res V 0 3.66 2.95 2.95 - 0.71 5.16 1.50 Metalore Res* O 1 2.80 2.80 2.80 + 0.00 3.96 1.20 Metals Creek* O 39 0.06 0.05 0.06 + 0.01 0.12 0.04 Metals Creek V 175 0.08 0.00 0.08 + 0.01 0.15 0.06 Metanor Res* O 64 0.69 0.00 0.69 + 0.03 0.94 0.60 0.89 + 0.01 1.29 0.45 Metanor Res V 219 0.90 0.85 O 51 0.26 0.21 0.21 - 0.05 0.29 0.11 Mexican Gold* Mexus Gold* O 1642 0.07 0.06 0.06 - 0.01 0.24 0.04 MGX Minerals* O 175 0.78 0.68 0.68 + 0.01 2.12 0.11 MGX Minerals 1757 1.00 0.87 0.88 - 0.03 2.75 0.14 Midas Gold T 443 0.73 0.68 0.72 - 0.01 1.22 0.62 Midas Gold* O 498 0.56 0.52 0.56 + 0.00 0.95 0.02 Midnight Sun V 792 0.54 0.45 0.53 + 0.08 0.54 0.08 Midway Gold* O 68 0.00 0.00 0.00 - 0.00 0.01 0.00 Millennial Lit* O 398 1.29 0.95 1.25 + 0.26 1.43 0.88 Millennial Lit V 1793 1.66 1.25 1.57 + 0.19 2.45 0.60 Millrock Res* O 201 0.30 0.25 0.29 - 0.01 0.54 0.23 Millrock Res V 155 0.40 0.34 0.38 - 0.02 0.70 0.32 Minaurum Gold V 1023 0.33 0.30 0.31 - 0.03 0.38 0.07 Minco Silver* O 12 0.91 0.82 0.88 + 0.03 1.54 0.64 Minco Silver T 104 1.21 1.08 1.13 + 0.03 2.05 0.86 Minera Alamos V 2699 0.20 0.16 0.20 + 0.03 0.29 0.12 Minera IRL 821 0.12 0.10 0.10 - 0.01 0.22 0.10 Mineral Hill V 5 0.24 0.00 0.19 - 0.06 0.35 0.17 Mineral Mtn* O 85 0.15 0.13 0.15 + 0.01 0.38 0.13 Mineral Mtn V 247 0.22 0.18 0.20 + 0.02 0.49 0.18 Mineworx Tech* O 253 0.07 0.06 0.07 + 0.00 0.08 0.05 Mirasol Res V 41 1.75 1.59 1.59 - 0.19 3.50 1.18 MK2 Ventures V 12 0.15 0.00 0.15 + 0.02 0.30 0.14 Mkango Res V 285 0.07 0.05 0.06 + 0.01 0.11 0.04 ML Gold Corp V 534 0.15 0.14 0.15 - 0.01 0.29 0.06 Monarques Res* O 229 0.29 0.25 0.26 + 0.02 0.48 0.18 Monarques Res V 372 0.38 0.31 0.35 + 0.02 0.66 0.26 Moneta Porcpn* O 111 0.13 0.12 0.13 - 0.00 0.28 0.11 Moneta Porcpn T 937 0.17 0.16 0.17 - 0.01 0.36 0.15 Montan Mg V 212 0.04 0.03 0.03 - 0.01 0.10 0.03 Montego Res 10 0.25 0.00 0.25 + 0.08 1.60 0.10 Montero Mg&Ex V 243 0.03 0.02 0.03 + 0.01 0.05 0.02 Morien Res* O 47 0.47 0.45 0.47 + 0.06 0.55 0.21 Morien Res V 129 0.62 0.55 0.62 + 0.04 0.74 0.27 Morumbi Res* O 3 0.50 0.46 0.50 - 0.02 1.26 0.45 Morumbi Res V 351 0.66 0.59 0.64 - 0.02 1.70 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Mosaic* N 13948 Mount Gibson* O 6 O 16 Mountain Boy* D 148 Mountain Prov* Mountain Prov T 247 O 92 Mundoro Cap* Mundoro Cap V 77 MX Gold* O 307 MX Gold V 1441

23.34 22.50 22.83 - 0.14 34.36 21.79 2.43 2.22 2.43 + 0.17 3.15 2.16 0.05 0.04 0.04 - 0.01 0.06 0.03 3.10 2.85 3.00 + 0.10 5.52 2.55 4.03 3.77 3.88 - 0.02 7.18 3.56 0.13 0.13 0.13 + 0.00 0.22 0.08 0.19 0.17 0.18 + 0.01 0.30 0.10 0.11 0.09 0.09 - 0.01 0.31 0.08 0.14 0.12 0.12 - 0.01 0.39 0.12

NACCO Ind* N 47 Namibia Rare E* O 1600 Namibia Rare E T 189 Napier Vent* O 56 113 Natural Res Pt* N Nautilus Mnrls* O 669 Nautilus Mnrls T 440 Nemaska Lith T 3283 Nemaska Lith* O 362 Neo Lithium V 630 Nevada Clean M V 214 Nevada Copper T 270 Nevada Egy Mtl V 2015 Nevada Expl * O 22 Nevada Expl V 93 Nevada Zinc V 488 Nevsun Res* X 2304 Nevsun Res T 2032 New Carolin Gd V 2235 New Carolin Gd* O 242 New Colombia* O 32986 New Dimen Res V 122 28472 New Gold* X New Gold T 6248 New Gold* O 20 New Jersey Mng* O 230 New Milln Iron T 229 7 New World Res V NewCastle Gold* O 134 NewCastle Gold T 1447 Newlox Gold 642 Newmont Mng* N 23209 Newport Expl V 1295 NewRange Gold* O 115 NewRange Gold V 1007 Nexgen Energy T 3067 Nexgen Energy* X 436 NextSource Mat T 594 Nexus Gold* O 429 Nexus Gold V 4161 NGEx Res T 222 NGEx Res* O 1 Nickel One Res V 1078 Nicola Mg Inc V 930 Nicola Mg Inc* O 29 T 509 Nighthawk Gold Nighthawk Gold* O 106 Nikos Expl V 177 Niocorp Dev* O 758 Niocorp Dev T 1377 Nippon Dragon V 764 Nippon Dragon* O 91 Nitinat Mnls V 54 Noble Mnl Expl V 184 Noka Res* O 257 Noram Vent V 1287 Noranda Alum* O 41 Noront Res V 1490 Norsemont Cap 46 Nortec Mnls V 15 45 North Am Nickl* O North Am Pall T 10 5 North Am Pall* O North Arrow Mn* O 9 Northcliff Res T 899 Northern Uran V 201 Northn Empire V 313 Northn Empire* O 2 Norvista Cap V 242 Nouveau Monde V 409 NovaGold Res T 1805 NovaGold Res* X 14863 Novo Res* O 216 Novo Res V 689 NRG Metals* O 23 NRG Metals V 952 Nrthn Graphite V 133 O 24 Nrthn Graphite* Nrthn Superior V 1056 Nrthn Vertex* O 7 Nrthn Vertex V 281 NSS Res Inc 25 Nthn Dynasty T 3580 Nthn Dynasty* X 15665 Nthrn Sphere 159 NuLegacy Gold* O 783 V 76 Nunavik Nickel NV Gold* O 113 NV Gold V 159 NX Uranium* O 19 NxGold Ltd V 70 O.T. Mining* O 152 OceanaGold T 10492 OceanaGold* O 35 Oceanic Iron O V 497 Oceanus Res V 453 Oceanus Res* O 48 OK2 Minerals V 490 Olivut Res V 125 Olivut Res* O 93 Omineca Mg &Ml V 143 20 One World Min Orca Gold* O 103 Orefinders Res V 840 Orex Mnrls V 304 Orex Mnrls* O 168 Orezone Gold V 379 Orezone Gold* O 199 Organic Potash 500 Oriental Non F 18 Original Sixtn* O 2 Orla Mng Ltd V 712 Orla Mng Ltd* O 78 Oro East Mg* O 79 Oroco Res* O 61 Orocobre T 127 Oroplata Res* O 212 Orosur Mng T 158 Orvana Mnrls T 137 Orvana Mnrls* O 4 Osisko Gold T 2564 Osisko Gold* N 2690 Osisko Mng Inc T 5338 Osprey Gold V 3693 Otis Gold V 544 Otis Gold* O 298

75.50 69.91 70.85 - 4.85 99.55 53.51 0.06 0.05 0.05 - 0.00 0.09 0.03 0.07 0.06 0.07 + 0.01 0.12 0.04 0.37 0.33 0.36 - 0.01 0.37 0.18 27.87 26.50 27.55 - 0.15 45.60 13.97 0.17 0.16 0.17 + 0.00 0.21 0.08 0.23 0.21 0.22 - 0.02 0.28 0.10 1.04 0.98 0.98 - 0.04 1.60 0.89 0.80 0.75 0.77 - 0.01 1.25 0.68 1.22 1.02 1.15 + 0.14 2.09 0.91 0.05 0.00 0.04 - 0.01 0.08 0.02 0.49 0.46 0.49 + 0.01 0.86 0.41 0.03 0.02 0.03 + 0.01 0.15 0.02 0.27 0.25 0.27 + 0.02 0.56 0.22 0.35 0.33 0.34 + 0.01 0.72 0.29 0.30 0.25 0.25 - 0.04 0.80 0.25 2.48 2.25 2.41 + 0.14 3.56 2.06 3.21 2.99 3.13 + 0.13 4.63 2.83 0.05 0.04 0.04 - 0.01 0.11 0.04 0.04 0.03 0.04 + 0.00 0.09 0.03 0.01 0.01 0.01 + 0.00 0.05 0.00 0.08 0.06 0.06 - 0.02 0.17 0.06 3.23 2.97 3.18 + 0.09 6.04 2.39 4.18 3.92 4.12 + 0.03 7.87 3.11 0.00 0.00 0.00 - 0.00 0.17 0.00 0.13 0.12 0.13 + 0.00 0.15 0.09 0.16 0.14 0.15 + 0.01 0.36 0.07 0.14 0.00 0.14 + 0.02 0.16 0.07 0.73 0.69 0.70 - 0.03 0.96 0.39 0.96 0.89 0.90 - 0.05 1.30 0.52 0.05 0.05 0.05 + 0.01 0.06 0.02 34.09 32.12 32.39 - 1.42 46.07 30.19 0.29 0.19 0.21 - 0.08 0.37 0.19 0.56 0.48 0.56 + 0.01 0.56 0.07 0.75 0.64 0.75 + 0.03 0.75 0.07 2.93 2.61 2.87 + 0.14 4.45 1.42 2.25 2.02 2.19 + 0.13 3.40 1.05 0.07 0.07 0.07 - 0.01 0.11 0.06 0.15 0.12 0.13 - 0.02 0.27 0.05 0.21 0.15 0.17 - 0.03 0.37 0.04 0.82 0.79 0.80 - 0.03 1.50 0.79 0.61 0.61 0.61 - 0.00 1.14 0.61 0.05 0.03 0.04 + 0.01 0.13 0.03 0.20 0.18 0.20 + 0.01 0.54 0.11 0.15 0.13 0.15 + 0.01 0.39 0.09 0.89 0.80 0.81 - 0.06 1.15 0.32 0.68 0.61 0.64 - 0.01 0.83 0.25 0.04 0.00 0.04 - 0.01 0.21 0.04 0.65 0.56 0.58 - 0.05 0.81 0.45 0.84 0.73 0.75 - 0.06 1.07 0.60 0.06 0.05 0.05 - 0.01 0.11 0.05 0.05 0.04 0.04 - 0.01 0.09 0.04 0.06 0.05 0.05 - 0.01 0.09 0.05 0.05 0.00 0.05 + 0.01 0.15 0.03 0.10 0.09 0.10 + 0.01 0.11 0.02 0.04 0.03 0.03 + 0.01 0.13 0.03 0.03 0.00 0.02 - 0.00 0.10 0.01 0.38 0.33 0.37 + 0.03 0.51 0.22 0.35 0.34 0.34 - 0.01 0.45 0.25 0.10 0.10 0.10 - 0.01 0.18 0.03 0.05 0.04 0.04 - 0.01 0.11 0.04 5.84 4.93 5.00 - 0.14 6.49 4.54 4.02 0.00 3.86 - 0.03 5.06 3.33 0.19 0.18 0.19 + 0.01 0.23 0.11 0.22 0.18 0.19 - 0.01 0.23 0.09 0.02 0.01 0.02 + 0.01 0.03 0.01 0.78 0.70 0.74 - 0.05 0.95 0.33 0.57 0.57 0.57 - 0.01 0.60 0.57 0.13 0.00 0.13 + 0.02 0.30 0.11 0.29 0.28 0.28 - 0.01 0.36 0.20 6.40 5.71 5.88 - 0.17 9.56 5.09 4.89 4.38 4.56 - 0.01 7.29 3.78 0.66 0.61 0.64 + 0.03 1.41 0.49 0.86 0.80 0.82 + 0.02 1.95 0.66 0.11 0.08 0.11 + 0.01 0.15 0.06 0.14 0.11 0.14 + 0.02 0.22 0.07 0.32 0.28 0.30 + 0.01 0.50 0.18 0.24 0.22 0.23 + 0.01 0.38 0.14 0.05 0.04 0.05 + 0.01 0.08 0.02 0.38 0.37 0.38 + 0.00 0.50 0.27 0.50 0.48 0.49 - 0.03 0.70 0.35 0.06 0.06 0.06 - 0.15 0.21 0.05 1.97 1.76 1.81 - 0.15 4.54 0.39 1.50 1.34 1.39 - 0.09 3.45 0.30 0.25 0.21 0.21 - 0.01 0.85 0.17 0.18 0.14 0.16 - 0.00 0.41 0.00 0.10 0.09 0.09 - 0.01 0.20 0.06 0.31 0.27 0.27 - 0.02 0.37 0.08 0.43 0.35 0.35 - 0.03 0.48 0.10 0.02 0.02 0.02 + 0.00 0.04 0.01 0.40 0.32 0.40 + 0.10 0.72 0.13 0.15 0.04 0.15 + 0.11 0.29 0.03 4.23 3.88 3.91 - 0.39 5.56 3.24 3.32 3.10 3.18 - 0.02 4.26 2.36 0.14 0.12 0.12 - 0.01 0.35 0.12 0.29 0.25 0.29 + 0.01 0.32 0.14 0.23 0.21 0.23 + 0.02 0.23 0.11 0.10 0.09 0.09 + 0.01 0.21 0.09 0.16 0.14 0.16 + 0.02 0.39 0.12 0.13 0.10 0.11 + 0.01 0.30 0.09 0.05 0.04 0.04 - 0.01 0.11 0.04 0.38 0.32 0.35 - 0.03 0.75 0.32 0.30 0.28 0.30 + 0.02 0.44 0.20 0.08 0.07 0.08 + 0.01 0.12 0.04 0.16 0.13 0.13 - 0.02 1.38 0.13 0.12 0.11 0.11 - 0.01 1.02 0.05 0.78 0.73 0.73 - 0.06 1.28 0.42 0.60 0.57 0.57 - 0.03 0.99 0.31 0.03 0.03 0.03 - 0.01 0.05 0.01 0.95 0.90 0.92 - 0.03 1.20 0.38 0.09 0.00 0.09 - 0.01 0.12 0.04 1.45 1.25 1.31 - 0.08 1.75 0.49 1.04 0.99 1.03 - 0.01 1.07 0.88 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.05 0.01 3.53 3.44 3.49 + 0.10 5.04 2.73 0.18 0.15 0.18 + 0.02 2.04 0.10 0.24 0.23 0.23 - 0.01 0.38 0.19 0.29 0.27 0.27 - 0.01 0.39 0.18 0.22 0.21 0.22 + 0.00 0.29 0.14 16.38 15.74 15.85 - 0.65 18.64 11.90 12.53 12.14 12.22 - 0.23 14.74 8.88 4.59 3.87 4.10 - 0.59 5.65 2.03 0.38 0.26 0.29 - 0.06 0.44 0.04 0.32 0.29 0.29 - 0.01 0.42 0.16 0.24 0.22 0.23 - 0.00 0.32 0.11

Pac Bay Mnrls V 130 Pac Booker Min* O 11 Pac Booker Min V 14 Pac Ridge Expl V 157 Pac Topaz V 95 Pacton Gold V 1767 Paladin Energy* O 162 Palamina Corp* O 3 Palamina Corp V 43 Pan Am Silver* D 7268 Pan Am Silver T 1156 Pan Andean Min* O 37 Pan Global Res V 89 Pangolin Dia V 463 Panoro Mnrls V 203 Para Resources V 389 Paramount Gold* X 220 Parlane Res V 102 Pasinex Res 419 Passprt Potash* O 161 Patriot Gold* O 66 Peabody Enrgy* N 5485

0.05 0.04 0.04 - 0.01 0.07 0.03 0.42 0.37 0.41 - 0.03 1.16 0.37 0.55 0.00 0.53 + 0.03 1.50 0.48 0.06 0.00 0.06 - 0.01 0.12 0.05 0.17 0.15 0.17 + 0.02 0.28 0.15 0.13 0.09 0.13 + 0.03 0.16 0.04 0.04 0.03 0.03 - 0.01 0.18 0.00 0.15 0.14 0.14 - 0.01 0.19 0.10 0.20 0.00 0.19 - 0.01 0.26 0.14 17.51 16.72 16.82 - 0.31 21.59 13.80 22.82 21.70 21.81 - 0.90 27.99 18.70 0.02 0.02 0.02 - 0.00 0.07 0.02 0.16 0.14 0.14 - 0.01 0.17 0.03 0.07 0.07 0.07 - 0.01 0.15 0.04 0.17 0.17 0.17 - 0.01 0.22 0.13 0.22 0.20 0.22 - 0.02 0.33 0.17 1.62 1.51 1.54 - 0.05 2.93 1.36 0.13 0.13 0.13 + 0.01 0.33 0.10 0.21 0.19 0.20 + 0.01 0.34 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.08 0.08 - 0.01 0.23 0.07 24.60 22.76 24.45 + 1.44 32.50 22.58

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Peat Res V 26 Pedro Res V 448 Pelangio Expl V 52 Pele Mtn Res* O 18 Peregrine Diam T 157 Perseus Mng T 867 Pershing Gold* D 251 Pershing Gold T 9 Petra Diamonds* O 4 Philippine Mtl V 21 30 Pine Cliff En* O Pine Cliff En T 349 Pinecrest Res V 23 Pinecrest Res * O 8 Pistol Bay Mng* O 41 2 PJSC Polyus Gd* O PJX Res V 81 Plateau Uran* O 49 Plateau Uran V 634 Platinex Inc 56 Platinum Gp Mt* X 1307 333 Platinum Gp Mt T Playfair Mng V 192 Polaris Mater T 156 PolyMet Mng* X 569 PolyMet Mng T 50 Portage Res* O 1598 Portofino Res V 580 Potash Corp SK* N 20089 Potash Corp SK T 6245 Potash Ridge T 7781 Potash Ridge* O 71 Power Metals* O 23 Power Metals V 548 PPX Mining* O 76 Premier Gold M T 2038 O 30 Premium Expl* Pretium Res T 1346 Pretium Res* N 4687 Primero Mng T 1755 Primero Mng* N 3616 Prize Mng* O 9 Prize Mng V 422 ProAm Expl V 12 Probe Metals V 253 Probe Metals* O 200 T 18 Prophecy Coal O 1 Prophecy Coal* Prospector Res V 34 Prosper Gold V 641 Prospero Silvr V 126 1301 PUF Vent Inc PUF Vent Inc * O 32 Puma Expl V 726 Pure Energy* O 1996 Pure Energy V 1372 182 Pure Gold Mg* O Pure Gold Mg V 765 Pure Nickel V 334 O QMC Quantum Ml* 0.02 186 QMC Quantum Ml V QMX Gold* O 49 QMX Gold V 302 17 Quartz Mtn Res* O Quartz Mtn Res V 22 Quaterra Res V 18 Quaterra Res* O 170 Quest Rare Mnl* O 299 668 Quest Rare Mnl T Quinto Real V 322

0.02 0.01 0.02 + 0.01 0.05 0.01 0.08 0.05 0.07 - 0.01 0.27 0.05 0.05 0.04 0.04 - 0.01 0.08 0.04 0.02 0.01 0.02 + 0.00 0.03 0.01 0.17 0.16 0.16 - 0.01 0.32 0.13 0.31 0.29 0.30 - 0.03 0.67 0.28 2.94 2.72 2.79 - 0.07 5.02 2.60 3.87 3.55 3.55 - 0.18 5.52 3.55 1.48 1.45 1.45 - 0.05 2.12 1.45 0.07 0.00 0.07 + 0.01 0.18 0.03 0.60 0.58 0.60 + 0.02 0.89 0.51 0.81 0.76 0.77 - 0.01 1.22 0.67 0.43 0.36 0.36 - 0.05 0.56 0.16 0.28 0.00 0.28 - 0.05 1.36 0.28 0.04 0.04 0.04 - 0.00 0.09 0.04 35.35 0.00 35.25 - 2.12 40.00 32.95 0.18 0.00 0.18 + 0.02 0.27 0.13 0.32 0.25 0.29 + 0.02 0.54 0.12 0.41 0.33 0.34 - 0.05 0.71 0.17 0.10 0.08 0.08 - 0.03 0.23 0.05 0.91 0.82 0.84 - 0.03 3.98 0.75 1.18 1.06 1.09 - 0.04 4.95 1.00 0.09 0.00 0.09 + 0.01 0.18 0.05 1.00 0.95 0.99 - 0.01 1.49 0.95 0.63 0.58 0.59 - 0.01 1.14 0.57 0.79 0.71 0.77 - 0.02 1.48 0.71 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.12 0.04 16.72 16.13 16.30 - 0.26 20.27 15.21 22.11 20.91 21.15 - 0.81 26.62 19.93 0.25 0.22 0.22 - 0.02 0.38 0.20 0.19 0.18 0.19 + 0.00 0.28 0.15 0.22 0.20 0.20 - 0.02 0.38 0.07 0.32 0.26 0.31 + 0.03 0.55 0.07 0.05 0.05 0.05 + 0.01 0.13 0.03 3.16 2.89 2.93 - 0.15 5.05 1.87 0.01 0.00 0.00 - 0.00 0.03 0.00 12.86 12.21 12.46 - 0.34 16.48 9.17 9.71 9.37 9.61 - 0.05 12.53 6.82 0.47 0.43 0.45 - 0.01 3.42 0.43 0.36 0.33 0.35 - 0.00 2.63 0.33 0.52 0.50 0.51 + 0.00 0.52 0.43 0.68 0.63 0.66 - 0.01 0.72 0.01 0.03 0.00 0.03 - 0.01 0.06 0.02 1.40 1.33 1.34 - 0.06 2.18 0.99 1.07 1.03 1.04 - 0.02 1.66 0.75 3.30 3.08 3.13 - 0.19 7.19 2.10 2.46 2.38 2.41 - 0.08 5.17 2.21 1.20 0.00 1.02 - 0.08 1.90 0.01 0.18 0.13 0.17 + 0.01 0.44 0.13 0.27 0.00 0.25 - 0.01 0.38 0.13 0.37 0.33 0.33 - 0.04 0.47 0.05 0.29 0.26 0.29 + 0.02 0.35 0.05 0.07 0.06 0.06 - 0.01 0.11 0.05 0.47 0.38 0.40 - 0.06 0.74 0.36 0.61 0.50 0.51 - 0.08 0.97 0.49 0.41 0.38 0.41 - 0.00 0.60 0.29 0.54 0.50 0.54 + 0.01 0.77 0.40 0.02 0.01 0.02 - 0.01 0.03 0.01 20 0.08 0.08 0.08 - 0.02 0.14

Rackla Mtls V 67 Rackla Mtls* O 3 Rae-Wallace Mg* O 209 O 30 Rainforest Res* Rainy Mtn Royl V 379 Rambler Ml &Mg V 91 Randgold Res* D 2821 Randsburg Int* O 28 V 200 Randsburg Intl Rare Element* O 233 Rathdowney Res V 133 RB Energy* O 171 Red Eagle Expl V 1135 Red Eagle Mng* O 2037 Red Eagle Mng T 21644 Red Hut V 183 29 Red Moon Res V Red Oak Mg V 1 Redhawk Res T 295 Redstar Gold V 1168 Redstar Gold* O 1781 Regulus Res V 53 Reliant Gold V 360 Renaissance Gd V 108 Renaissance Gd* O 62 Renforth Res 306 Resolve Vent V 254 Resource Cap V 147 Revelo Res V 131 Rheingold Expl 99 Richmond Mnls V 1115 Richmond Mnls* O 1403 Richmont Mines* N 1647 Richmont Mines T 1137 Rift Valley 16 Rio Novo Gold T 163 Rio Tinto* N 16762 Rio Tinto* O 2 Rio Tinto* O 3 Riverside Res V 239 Riverside Res* O 76 Rizal Res V 67 RJK Explor* O 11 RJK Explor V 109 Rock Tech Lith V 64 Rockcliff Cop V 728 Rockex Mng 6 Rockhaven Res V 105 Rockshield Cap 852 Rockwealth Res V 40 Rockwealth Res* O 9 Rogue Res V 8 Romios Gold Rs* O 347 Romios Gold Rs V 303 Romulus Res V 35 Roxgold T 1270 Roxgold* O 103 Royal Gold* D 2475 Royal Nickel T 1545 Royal Nickel* O 15 Royal Rd Mnrls V 739 Royal Std Mnrl* O 247 RTG Mining T 62 Rubicon Mnrls* O 20 Rubicon Mnrls T 37 Rusoro Mng* O 1471 Rusoro Mng V 1465 Rye Patch Gold* O 521 Rye Patch Gold V 2357

0.13 0.00 0.13 + 0.02 0.22 0.08 0.07 0.05 0.07 - 0.02 0.17 0.05 0.00 0.00 0.00 - 0.00 0.03 0.00 4.89 1.00 4.89 + 2.69 8.25 1.00 0.14 0.12 0.12 - 0.02 0.18 0.04 0.15 0.13 0.15 + 0.03 0.22 0.06 90.50 87.63 88.46 - 2.43 126.55 67.54 0.01 0.00 0.01 + 0.00 0.01 0.00 0.01 0.01 0.01 - 0.01 0.03 0.01 0.17 0.13 0.17 + 0.01 0.53 0.00 0.22 0.18 0.18 - 0.03 0.33 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.16 0.09 0.12 - 0.03 0.30 0.08 0.29 0.17 0.21 - 0.13 0.79 0.17 0.37 0.23 0.29 - 0.16 1.05 0.23 0.13 0.11 0.11 - 0.02 0.28 0.07 0.05 0.04 0.04 - 0.01 0.09 0.02 0.11 0.00 0.11 - 0.05 0.25 0.05 0.03 0.02 0.03 - 0.01 0.09 0.02 0.15 0.14 0.15 + 0.01 0.17 0.05 0.12 0.11 0.11 + 0.00 0.15 0.04 1.58 1.54 1.54 - 0.13 2.00 1.05 0.02 0.02 0.02 - 0.01 0.05 0.02 0.32 0.28 0.28 - 0.03 0.66 0.25 0.24 0.21 0.21 - 0.03 0.52 0.20 0.07 0.06 0.07 + 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.13 0.02 0.18 0.16 0.18 - 0.01 0.35 0.10 0.05 0.04 0.04 - 0.01 0.12 0.04 0.36 0.31 0.33 + 0.01 0.40 0.02 0.07 0.00 0.07 + 0.02 0.07 0.03 0.05 0.04 0.05 + 0.00 0.05 0.03 8.15 7.50 7.80 - 0.20 11.66 5.45 10.78 9.73 10.10 - 0.48 15.01 7.36 0.12 0.11 0.12 + 0.01 0.13 0.03 0.14 0.12 0.12 - 0.01 0.30 0.09 42.55 38.95 42.31 + 3.14 47.11 29.62 39.04 39.04 39.04 + 0.06 46.20 29.75 46.14 44.89 46.14 + 1.96 52.50 34.55 0.38 0.33 0.33 - 0.05 0.60 0.31 0.29 0.25 0.25 - 0.03 0.46 0.24 0.05 0.04 0.04 - 0.01 0.06 0.02 0.10 0.10 0.10 - 0.01 0.19 0.06 0.15 0.00 0.13 - 0.03 0.25 0.08 0.95 0.86 0.95 + 0.01 1.45 0.37 0.07 0.06 0.06 - 0.01 0.16 0.06 0.04 0.00 0.04 + 0.01 0.15 0.02 0.17 0.16 0.16 - 0.01 0.29 0.14 0.12 0.10 0.12 + 0.01 0.16 0.04 0.20 0.19 0.19 + 0.02 0.40 0.15 0.15 0.12 0.14 - 0.00 0.15 0.12 0.55 0.00 0.53 - 0.02 0.90 0.32 0.04 0.04 0.04 + 0.01 0.08 0.03 0.05 0.05 0.05 + 0.01 0.10 0.04 0.15 0.13 0.15 + 0.02 0.20 0.09 1.16 1.10 1.12 - 0.02 1.76 1.05 0.87 0.83 0.85 - 0.02 1.35 0.78 79.51 76.67 78.17 + 0.35 87.74 60.21 0.23 0.20 0.21 - 0.01 0.45 0.17 0.16 0.15 0.15 - 0.00 0.35 0.12 0.07 0.00 0.07 + 0.01 0.18 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.19 0.14 0.15 + 0.02 0.67 0.13 1.22 0.00 1.18 + 0.04 11.35 1.10 1.61 1.52 1.59 + 0.07 2.39 1.30 0.13 0.12 0.13 + 0.00 0.31 0.06 0.17 0.15 0.17 + 0.02 0.41 0.09 0.20 0.18 0.18 - 0.02 0.37 0.16 0.27 0.23 0.23 - 0.03 0.47 0.22

Sabina Gd&Slvr* O 652 Sabina Gd&Slvr T 2531 Sage Gold* O 56 Sage Gold V 804 Saint Jean* O 329 Saint Jean V 1365 Sama Graphite V 232 San Marco Res* O 284 San Marco Res V 72 Sanatana Diam V 1879 Sandspring Res V 421 Sandspring Res* O 30 Sandstorm Gold* X 6118 Sandstorm Gold T 2027 Sandy Lake Gld V 658 Santa Fe Gold* O 436 Santacruz Silv V 1092 Sarama Res V 476

1.56 1.37 1.55 + 0.14 1.56 0.61 2.02 1.82 2.00 + 0.14 2.02 0.84 0.17 0.15 0.15 - 0.02 0.19 0.06 0.23 0.19 0.20 - 0.03 0.27 0.06 0.04 0.03 0.04 + 0.00 0.26 0.02 0.05 0.04 0.04 - 0.01 0.35 0.03 0.45 0.40 0.40 - 0.03 0.58 0.15 0.14 0.13 0.14 + 0.01 0.22 0.10 0.20 0.16 0.18 - 0.01 0.30 0.13 0.05 0.04 0.05 + 0.01 0.07 0.01 0.40 0.35 0.37 - 0.03 0.94 0.31 0.30 0.28 0.29 - 0.02 0.72 0.23 3.88 3.65 3.87 + 0.16 6.75 3.18 5.03 4.84 5.01 + 0.09 8.73 4.29 0.07 0.06 0.06 - 0.03 0.59 0.04 0.10 0.09 0.09 + 0.00 0.23 0.01 0.24 0.19 0.19 - 0.04 0.59 0.19 0.17 0.14 0.14 + 0.01 0.55 0.13

0.13 0.10 0.10 + 0.01 0.19 0.04 0.19 0.17 0.19 + 0.01 0.22 0.03 0.25 0.22 0.25 + 0.02 0.30 0.04 0.05 0.04 0.04 - 0.01 0.07 0.03 0.07 0.06 0.06 - 0.01 0.12 0.04 0.10 0.09 0.09 - 0.02 0.15 0.06 0.08 0.07 0.08 + 0.01 0.13 0.03 0.08 0.06 0.08 + 0.02 0.23 0.06 0.10 0.09 0.10 + 0.01 0.30 0.08 0.09 0.07 0.07 - 0.02 0.20 0.05

2017-07-04 9:05 PM

WWW.NORTHERNMINER.COM

JULY 10–23, 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

Sarissa Res* O 8188 Satori Res V 97 Savant Expl V 289 Savary Gold* O 121 Saville Res V 111 Scandium Intl* O 105 Scandium Intl T 696 ScoZinc Mg V 81 ScoZinc Mg* O 12 Seabridge Gld T 210 Search Mnls V 251 Searchlight* O 279 Secova Mtls* O 294 Secova Mtls V 654 Sego Res V 243 Select Sands V 1415 Semafo T 6396 Senator Mnrls V 525 Serabi Gold T 216 Serengeti Res V 290 Shamrock Ent 162 Sherritt Intl T 2736 Shore Gold T 2057 Sibanye Gold* N 17432 Sienna Res V 189 Sienna Res* O 17 Sierra Metals* O 9 Signature Res V 58 Silver Dragon* O 174 Silver Grail V 252 Silver Predatr* O 40 Silver Predatr V 53 Silver Pursuit V 42 Silver Range V 599 Silver Scott* O 52 Silver Shield 219 Silver Spruce* O 60 Silver Spruce V 82 Silver Std Res T 1353 Silver Std Res* D 7553 Silver Wheaton T 2706 N 12390 Silver Wheaton* Silvercorp Met T 3538 Silvercorp Met* X 1513 O 107 SilverCrest Mt* SilverCrest Mt V 139 O 18 Silverstar Res* Sirios Res* O 28 Sirios Res V 264 Skeena Res* O 73 Skyharbour Res V 288 O 109 Skyharbour Res* Solitario Ex&R T 15 Solitario Ex&R* X 197 332 Sonora Gld & S V Sonora Res * O 1608 Sonoro Mtls V 94 Sonoro Mtls* O 18 Southern Arc* O 6 Southern Arc V 77 Southern Copp* N 3256 Southern Lith V 149 Southern Silvr* O 289 Southern Silvr V 383 Spada Gold V 26 Spanish Mtn Gd V 701 267 Spanish Mtn Gd* O Sparton Res V 463 Sphinx Res V 701 516 Sprott Res Hld T Spruce Ridge R V 49 St Augustine T 5236 St Elias Mns* O 22 Stakeholdr Gld V 239 O 29 Stakeholdr Gld* Standard Lith V 1049 O 320 Standard Metal* Stans Energy* O 128 Starr Peak Exp V 13 Stellar Africa V 156 Stelmine Can V 40

0.01 0.00 0.01 + 0.01 0.01 0.00 0.26 0.23 0.25 + 0.02 0.30 0.07 0.06 0.05 0.06 - 0.01 0.10 0.01 0.06 0.06 0.06 - 0.00 0.12 0.05 0.05 0.03 0.03 - 0.03 0.08 0.01 0.27 0.25 0.25 - 0.01 0.35 0.10 0.35 0.32 0.32 - 0.03 0.48 0.14 1.10 1.08 1.08 - 0.17 1.26 0.66 0.83 0.83 0.83 + 0.07 0.89 0.62 14.40 13.60 13.95 - 0.39 20.71 9.99 0.08 0.08 0.08 - 0.01 0.10 0.06 0.06 0.04 0.05 + 0.01 0.13 0.02 0.04 0.04 0.04 + 0.00 0.09 0.03 0.05 0.05 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 + 0.01 0.08 0.02 0.93 0.69 0.86 + 0.18 2.04 0.20 3.13 2.96 2.99 - 0.11 7.46 2.68 1.19 0.00 1.18 - 0.01 1.59 0.36 0.08 0.07 0.07 - 0.02 0.12 0.07 0.16 0.14 0.16 + 0.03 0.33 0.08 0.05 0.03 0.04 - 0.01 0.06 0.02 0.79 0.74 0.77 + 0.01 1.67 0.74 0.36 0.29 0.32 - 0.03 0.44 0.17 5.14 4.61 4.63 - 0.46 20.97 4.61 0.12 0.10 0.10 - 0.01 0.27 0.09 0.08 0.08 0.08 - 0.00 0.20 0.07 2.71 2.38 2.71 + 0.24 2.75 0.99 0.12 0.00 0.12 + 0.03 0.19 0.05 0.02 0.01 0.02 + 0.01 0.04 0.00 0.06 0.05 0.06 - 0.01 0.16 0.05 0.04 0.03 0.03 - 0.01 0.08 0.02 0.05 0.00 0.04 - 0.01 0.12 0.03 0.19 0.15 0.18 - 0.01 0.23 0.07 0.22 0.20 0.21 - 0.03 0.29 0.08 0.03 0.02 0.02 - 0.01 0.04 0.01 0.08 0.08 0.08 + 0.01 0.11 0.03 0.05 0.05 0.05 + 0.01 0.10 0.04 0.07 0.06 0.06 - 0.01 0.14 0.05 13.31 12.37 12.59 - 0.61 20.48 10.32 10.23 9.54 9.71 - 0.25 15.84 7.70 26.87 25.54 25.76 - 1.06 40.80 22.63 20.43 19.71 19.89 - 0.33 31.35 16.94 4.34 4.00 4.15 + 0.06 5.90 2.82 3.33 3.01 3.21 + 0.12 4.50 2.07 1.47 1.39 1.42 - 0.05 3.13 0.90 1.92 1.85 1.86 - 0.04 4.09 1.17 2.28 2.15 2.28 + 0.08 2.28 2.15 0.24 0.22 0.22 - 0.02 1.13 0.21 0.31 0.29 0.29 - 0.03 1.42 0.25 0.04 0.04 0.04 + 0.00 0.15 0.03 0.51 0.44 0.50 + 0.06 0.70 0.18 0.39 0.34 0.38 + 0.05 0.54 0.18 0.90 0.85 0.85 - 0.06 1.29 0.69 0.69 0.65 0.67 + 0.01 0.95 0.54 0.07 0.06 0.07 - 0.01 0.15 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.12 0.12 - 0.03 0.16 0.08 0.10 0.09 0.10 + 0.01 0.10 0.09 0.52 0.00 0.52 - 0.00 0.75 0.30 0.70 0.68 0.68 - 0.03 1.09 0.38 35.60 34.35 34.63 - 0.25 39.50 24.90 0.22 0.17 0.22 + 0.01 0.49 0.05 0.30 0.25 0.27 - 0.01 0.52 0.12 0.39 0.33 0.33 - 0.04 0.66 0.27 0.38 0.30 0.38 + 0.13 0.38 0.13 0.15 0.14 0.14 + 0.01 0.23 0.09 0.12 0.10 0.12 + 0.00 0.17 0.06 0.05 0.05 0.05 - 0.01 0.09 0.04 0.06 0.05 0.06 - 0.01 0.14 0.03 0.17 0.16 0.16 - 0.01 0.23 0.13 0.02 0.02 0.02 - 0.01 0.05 0.02 0.04 0.03 0.03 + 0.01 0.13 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.39 0.29 0.35 + 0.02 0.89 0.19 0.26 0.22 0.26 + 0.04 0.67 0.17 1.13 1.04 1.06 - 0.02 1.25 0.20 0.13 0.09 0.12 + 0.03 0.22 0.04 0.03 0.02 0.03 + 0.00 0.06 0.01 0.16 0.11 0.12 + 0.01 0.17 0.07 0.05 0.04 0.05 + 0.01 0.08 0.02 0.26 0.22 0.22 - 0.06 0.38 0.10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stina Res 6502 Stina Res* O 202 Stockport Expl V 32 Stonegate Agri* O 95 Stonegate Agri T 84 Stornoway Diam T 508 Stornoway Diam* O 19 Strata Mnls V 9 Stratabd Mnr V 156 Strateco Res* O 93 Strategic Metl V 220 Stria Lithium V 148 Strikepoint Gd V 276 Strikepoint Gd* O 36 Strongbow Expl V 229 Suncor Energy T 14351 Suncor Energy* N 17494 Sunvest Mnrls V 528 Superior Gold V 320 Superior Mng* O 17 Superior Mng V 60 Supreme Metals 962 Sutter Gold V 12 Sutter Gold* O 31 Syrah Res* O 8

0.27 0.16 0.25 + 0.10 0.27 0.07 0.19 0.14 0.19 + 0.07 0.19 0.05 0.02 0.02 0.02 - 0.01 0.06 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.79 0.77 0.77 - 0.02 1.33 0.73 0.60 0.59 0.59 - 0.01 0.96 0.58 0.36 0.35 0.35 - 0.05 0.40 0.08 0.04 0.03 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.01 0.07 0.01 0.55 0.46 0.55 + 0.04 0.86 0.37 0.04 0.04 0.04 + 0.01 0.13 0.04 0.44 0.36 0.44 + 0.02 0.67 0.18 0.32 0.29 0.29 - 0.03 0.47 0.14 0.19 0.17 0.17 - 0.01 0.27 0.12 38.69 37.72 37.89 - 0.63 44.90 33.76 29.77 28.72 29.20 + 0.18 33.79 25.70 0.12 0.00 0.11 - 0.01 0.28 0.08 1.08 1.00 1.00 - 0.07 1.25 0.85 0.06 0.05 0.06 + 0.01 0.06 0.05 0.08 0.07 0.08 + 0.01 0.40 0.05 0.04 0.03 0.04 + 0.01 0.15 0.02 0.05 0.04 0.05 + 0.01 0.08 0.04 0.03 0.03 0.03 + 0.00 0.07 0.03 2.16 0.00 2.16 + 0.11 4.69 1.68

Tahoe Res* N 11236 Tahoe Res T 3705 Tajiri Res V 125 Taku Gold 367 Talon Metals T 139 Tamino Mnrls* O 673 Tanager Energy V 98 Tango Mining V 777 Tanqueray Expl V 681 Tantalex Res 415 Tanzania Rlty T 35 Tanzania Rlty* X 211 Tarku Res V 496 Tartisan Res 45 Taseko Mines T 309 Taseko Mines* X 2182 Teck Res T 10511 Teck Res* N 23624 Teck Res T 11 Telson Res V 150 Tembo Gold V 623 Tembo Gold* O 22 Teranga Gold T 1887 Teranga Gold* O 37 Teras Res V 596 Terrax Mnrls V 2020 Terrax Mnrls* O 76 Terreno Res V 19 Teslin Rvr Res V 960 Tesoro Mnrls V 50 Teuton Res* O 50 Teuton Res V 39 Texas Mineral* O 76 Theia Res V 68 Thor Expl V 160 Thunder Mtn Gd* O 28 Thunderstruck V 187 Till Capital V 0 Till Capital* D 8 Timberline Res V 53 Timberline Res* O 85 Timmins Gold T 2065 Timmins Gold* X 1317 Tinka Res* O 361 Tinka Res V 1110 Tintina Res V 123 Tintina Res* O 102 Tirex Res* O 246 Tirex Res V 502 Titanium Corp V 78 TMAC Resource* O 2 TMAC Resources T 113 TNR Gold V 181

8.86 8.34 8.62 - 0.22 17.01 7.12 11.70 10.81 11.18 - 0.52 22.13 9.58 0.12 0.00 0.11 - 0.01 0.21 0.03 0.23 0.17 0.23 + 0.05 0.23 0.06 0.12 0.10 0.11 + 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.14 0.16 - 0.01 0.20 0.05 0.04 0.03 0.04 + 0.01 0.14 0.02 1.22 1.00 1.17 + 0.13 1.56 0.03 0.08 0.06 0.07 - 0.01 0.18 0.04 0.60 0.57 0.57 - 0.05 1.95 0.52 0.47 0.44 0.44 - 0.01 1.49 0.40 0.06 0.05 0.05 - 0.01 0.10 0.03 0.12 0.10 0.12 + 0.02 0.18 0.03 1.67 1.54 1.64 + 0.04 2.12 0.55 1.29 1.16 1.27 + 0.09 1.63 0.42 23.33 21.61 22.48 + 0.51 35.67 16.24 17.93 16.33 17.33 + 0.78 26.60 12.62 23.69 22.08 23.00 + 0.50 36.49 17.40 0.35 0.34 0.35 - 0.01 0.55 0.16 0.02 0.02 0.02 - 0.01 0.07 0.02 0.02 0.01 0.02 - 0.00 0.06 0.01 3.77 3.32 3.51 + 0.08 7.00 2.97 2.87 2.53 2.71 + 0.13 2.87 2.21 0.11 0.09 0.10 + 0.01 0.21 0.08 0.54 0.42 0.51 + 0.06 1.05 0.40 0.40 0.34 0.37 + 0.03 0.80 0.30 0.05 0.05 0.05 - 0.01 0.08 0.03 0.64 0.54 0.54 - 0.10 0.72 0.21 0.06 0.00 0.06 - 0.01 0.12 0.05 0.16 0.13 0.14 + 0.01 0.34 0.11 0.20 0.19 0.20 + 0.01 0.46 0.15 0.28 0.21 0.21 + 0.00 0.39 0.09 0.10 0.08 0.08 - 0.03 0.20 0.08 0.22 0.00 0.22 + 0.02 0.25 0.08 0.11 0.10 0.11 + 0.01 0.16 0.02 0.09 0.00 0.08 - 0.01 0.20 0.04 5.85 0.00 5.85 + 0.99 6.00 3.92 4.00 3.91 4.00 + 0.04 5.00 3.08 0.58 0.48 0.48 - 0.10 0.73 0.32 0.42 0.36 0.36 - 0.04 0.53 0.02 7.47 5.76 5.87 - 1.33 8.00 3.70 5.74 4.43 4.53 - 0.88 6.28 2.70 0.48 0.43 0.48 + 0.05 0.59 0.13 0.64 0.56 0.64 + 0.07 0.78 0.17 0.12 0.10 0.12 + 0.02 0.15 0.06 0.10 0.08 0.10 + 0.02 0.12 0.04 0.03 0.02 0.03 + 0.00 0.10 0.02 0.04 0.03 0.04 + 0.01 0.13 0.03 0.94 0.81 0.83 - 0.09 1.25 0.38 11.71 0.00 11.28 - 0.42 15.16 9.73 15.65 14.49 14.52 - 1.42 20.18 13.05 0.04 0.04 0.04 + 0.01 0.06 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TomaGold V 379 Tombstone Expl* O 707 Tonogold Res* O 38 Torex Gold* O 101 Torex Gold T 1135 Toron, Inc* O 2393 Torq Resources V 221 Tower Res V 152 Tower Res* O 23 Transatlan Mng V 299 Transition Mtl V 410 Trecora Res* N 169 Trek Mining V 175 Trek Mining* O 39 Trevali Mng T 12246 Trevali Mng* O 161 45 Tri Origin Exp V Trifecta Gold V 127 Trifecta Gold* O 66 Trigen Res V 60 Trilogy Mtls* X 200 Trilogy Mtls T 36 O 37 TriMetals Mng* TriMetals Mng* O 37 Trio Resources* O 352 TriStar Gold* O 194 Triumph Gold* O 58 Triumph Gold V 191 Troymet Expl V 394 True Grit Res V 10 Tudor Gold V 61 Tungsten Corp* O 238 16913 Turquoise HIl* N Turquoise HIl T 4913 TVI Pacific V 563 Tyhee Gold* O 725 Typhoon Expl V 215

0.07 0.07 0.07 - 0.01 0.17 0.06 0.01 0.01 0.01 - 0.00 0.02 0.00 0.08 0.06 0.06 - 0.02 0.13 0.02 19.70 18.95 19.03 - 0.65 27.34 12.73 26.07 24.31 24.73 - 1.45 35.17 17.05 0.01 0.00 0.01 + 0.00 0.01 0.00 0.72 0.65 0.66 - 0.05 1.00 0.36 0.28 0.21 0.25 - 0.02 0.34 0.05 0.21 0.19 0.19 - 0.02 0.21 0.05 0.18 0.10 0.12 + 0.01 0.90 0.10 0.17 0.14 0.15 - 0.03 0.25 0.12 11.75 11.05 11.25 - 0.40 14.80 9.75 1.15 1.11 1.12 + 0.01 2.55 1.03 0.88 0.84 0.86 + 0.01 1.64 0.79 1.30 1.18 1.27 + 0.10 1.57 0.54 0.98 0.89 0.97 + 0.08 1.16 0.43 0.04 0.04 0.04 - 0.01 0.08 0.04 0.26 0.23 0.25 - 0.01 0.40 0.23 0.20 0.17 0.17 - 0.03 0.20 0.19 0.09 0.08 0.08 - 0.01 0.11 0.07 0.65 0.61 0.63 - 0.02 0.85 0.41 0.84 0.80 0.80 - 0.05 1.02 0.58 0.17 0.16 0.17 + 0.00 0.25 0.13 0.17 0.14 0.17 + 0.02 0.27 0.11 0.00 0.00 0.00 + 0.00 0.00 0.00 0.30 0.27 0.27 - 0.02 0.41 0.15 0.28 0.23 0.25 - 0.01 0.38 0.12 0.35 0.29 0.29 - 0.05 0.50 0.16 0.02 0.01 0.02 + 0.01 0.05 0.01 0.04 0.00 0.04 - 0.01 0.08 0.01 0.65 0.00 0.62 - 0.07 2.50 0.37 0.00 0.00 0.00 + 0.00 0.00 0.00 2.74 2.52 2.65 + 0.01 3.80 2.44 3.61 3.32 3.45 - 0.04 5.03 3.25 0.01 0.01 0.01 + 0.01 0.03 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.12 0.09 0.09 + 0.01 0.15 0.06

U.S. Lithium* O 649 U3O8 Corp* O 514 U3O8 Corp T 1466 Ucore Rare Mtl V 852 Ucore Rare Mtl* O 794 UEX Corp T 1309 Ultra Lithium* O 5 Ultra Lithium V 53 Umbral Enrgy* O 34 Umbral Enrgy 38827 Unigold* O 10 Unigold V 60 United Res Hdg* O 63 United Silver* O 23 United States A* X 228 United States S* N 100320 Upper Canyon V 116 Ur-Energy* X 1136 Ur-Energy T 110 Uracan Res V 86 Uracan Res* O 14 Uranium Energy* X 9507 Uranium Hunter* O 0 Uranium Res* D 2118 US Cobalt V 2148 O 888 US Cobalt * US Energy* D 138 US Precious M* O 7066 Vale* N 35193 Vale* N 125882 ValGold Res V 297 Valley High Mg* O 2116 Valterra Res* O 80 Vanadium One V 7075 Vanadiumcorp* O 188 Vanadiumcorp V 1611 Vangold Res V 36 Vanstar Mng Rs V 33 Vantex Res V 467 Vatic Vent V 403 N 2174 Vedanta*

0.03 0.02 0.02 - 0.00 0.08 0.01 0.03 0.02 0.02 + 0.00 0.04 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02 0.32 0.28 0.32 + 0.04 0.44 0.25 0.25 0.21 0.25 + 0.04 0.33 0.18 0.21 0.19 0.20 - 0.01 0.43 0.15 0.12 0.11 0.12 + 0.01 0.18 0.11 0.16 0.15 0.16 + 0.01 0.26 0.14 0.07 0.07 0.07 - 0.00 0.08 0.02 0.10 0.07 0.10 + 0.03 0.11 0.02 0.23 0.23 0.23 + 0.01 0.51 0.12 0.33 0.29 0.29 - 0.01 0.69 0.15 0.01 0.01 0.01 - 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.41 0.34 0.39 - 0.00 0.60 0.20 23.30 21.47 22.14 - 0.11 41.83 15.72 0.03 0.01 0.02 + 0.01 0.03 0.01 0.64 0.57 0.63 + 0.03 0.91 0.41 0.82 0.75 0.82 + 0.04 1.19 0.55 0.04 0.03 0.03 - 0.01 0.10 0.03 0.02 0.02 0.02 - 0.00 0.08 0.02 1.62 1.47 1.59 - 0.03 1.92 0.81 1.20 0.00 1.20 - 0.30 3.00 0.85 1.56 1.40 1.49 - 0.03 4.00 0.97 0.72 0.61 0.70 + 0.05 0.99 0.53 0.56 0.46 0.54 + 0.05 0.88 0.27 0.75 0.64 0.68 + 0.02 2.84 0.60 0.01 0.00 0.01 + 0.00 0.02 0.00 8.32 7.72 8.15 + 0.51 11.10 3.75 8.93 8.24 8.75 + 0.58 11.70 4.68 0.06 0.04 0.05 - 0.01 0.08 0.02 0.01 0.00 0.01 + 0.00 0.02 0.00 0.04 0.03 0.03 - 0.00 0.07 0.02 0.16 0.11 0.12 - 0.02 0.19 0.08 0.09 0.07 0.09 + 0.00 0.13 0.02 0.13 0.10 0.11 - 0.01 0.18 0.04 0.17 0.15 0.16 - 0.01 0.22 0.03 0.08 0.07 0.08 + 0.01 0.15 0.05 0.11 0.09 0.09 - 0.02 0.40 0.09 0.06 0.05 0.05 - 0.01 0.15 0.05 15.60 14.57 15.52 + 0.78 17.34 7.78

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Velocity Mnrls V 10213 O 341 Vendetta Mng* Vendetta Mng V 3371 Venture Mnrls* O 125 Verde Res* O 789 Victoria Gold V 2295 Victory Nickel* O 37 Victory Nickel 56 Victory Vent V 2642 O 22 Virginia Enrgy* Virginia Enrgy V 28 Viscount Mng V 174 84 Visible Gold M V Vista Gold* X 502 Vista Gold T 26 Volcanic Gold V 131 Voyageur Min V 59

0.09 0.31 + 0.01 0.34 0.34 0.26 0.08 0.21 - 0.03 0.26 0.26 0.20 0.06 0.27 - 0.04 0.35 0.35 0.26 0.02 0.02 + 0.00 0.03 0.02 0.02 0.02 0.16 + 0.07 0.14 0.16 0.03 0.42 0.58 - 0.04 0.80 0.63 0.55 0.00 0.04 + 0.01 0.14 0.04 0.03 0.02 0.05 + 0.01 0.09 0.05 0.04 0.02 0.03 - 0.01 0.19 0.03 0.02 0.02 0.10 - 0.01 0.54 0.12 0.10 0.04 0.14 - 0.02 0.38 0.15 0.14 0.23 0.24 - 0.01 0.81 0.26 0.24 0.19 0.17 0.17 - 0.03 0.45 0.17 0.80 0.87 + 0.02 2.05 0.88 0.83 1.03 1.12 + 0.03 2.65 1.15 1.09 0.14 0.54 - 0.06 0.65 0.60 0.54 0.07 0.07 - 0.01 0.13 0.07 0.07

Walker River V 830 Waseco Res V 62 WCB Res V 316 Wealth Mnrls* O 258 Wealth Mnrls V 340 O 442 Wellgreen Plat* Wellgreen Plat T 979 V 2 Wescan Gldflds T 1953 Wesdome Gold 188 West High Yld V West Kirkland V 907 109 West Kirkland * O 23 West Red Lake* O 64 West Red Lake Westbay Vent V 13 X 377 Western Copper* T 318 Western Copper 23 Western Pac Rs V 41 Western Pac Rs* O Western Res* O 17 45 Western Troy C V Western Uran* O 46 Western Uran 56 V 105 Westhaven Vent O 81 Westhaven Vent* V 14 Westminster Rs Westmoreland* D 2179 O 4 WestMountain* Westridge Res V 454 White Gold V 55 White Gold* O 30 O 26 Wincash Apolo* 903 Winston Gld Mg 400 Winston Gld Mg* O Wolfden Res* O 44 Wolfeye Res V 154 V 62 Wolverine Mnls X-Terra Res V 148 X-Terra Res* O 226 Xander Res V 234 Xiana Mng V 30 V 330 Xtierra O 103 Xtra-Gold Res* Xtra-Gold Res T 212 Yamana Gold T 20293 55518 Yamana Gold* N V 5 Yellowhead Mng Yorbeau Res* O 73 Yorbeau Res T 1601 208 O Zadar Vent * Zadar Vent V 171 Zenyatta Vent V 304 O 61 Zenyatta Vent* Zephyr Mnls* O 32 Zimtu Capital V 26 849 Zinc One Res V 333 Zinc One Res * O Zincore Mtls V 5 Zonte Mtls V 1051

0.05 0.14 + 0.02 0.18 0.14 0.12 0.04 0.06 + 0.02 0.12 0.06 0.04 0.03 0.03 - 0.02 0.09 0.04 0.03 0.52 1.23 - 0.01 1.55 1.30 1.17 0.71 1.59 - 0.05 2.10 1.68 1.50 0.16 0.23 - 0.01 0.46 0.24 0.18 0.22 0.30 - 0.03 0.62 0.32 0.24 0.05 0.07 - 0.01 0.13 0.07 0.00 1.50 3.05 - 0.10 4.40 3.21 3.02 0.39 0.29 0.35 + 0.08 0.43 0.09 0.06 0.07 - 0.01 0.17 0.08 0.00 0.07 0.05 0.05 - 0.02 0.13 0.05 0.15 0.00 0.15 - 0.00 0.31 0.10 0.21 0.20 0.20 - 0.01 0.40 0.16 0.16 0.23 - 0.01 0.36 0.24 0.00 0.65 1.02 + 0.05 1.80 1.05 0.97 0.85 1.29 + 0.01 2.24 1.37 1.28 0.02 0.00 0.02 + 0.01 0.05 0.01 0.01 0.01 0.01 + 0.00 0.04 0.01 0.37 0.38 - 0.00 0.47 0.39 0.38 0.03 0.00 0.03 - 0.01 0.04 0.01 0.94 0.98 - 0.07 2.17 1.17 0.98 1.22 1.27 - 0.03 2.80 1.52 1.27 0.07 0.09 - 0.01 0.16 0.10 0.09 0.05 0.07 - 0.01 0.12 0.08 0.07 0.15 0.26 - 0.04 0.85 0.30 0.26 5.01 4.47 4.87 + 0.24 19.92 4.33 0.01 0.02 + 0.01 0.10 0.02 0.00 0.01 0.19 - 0.04 0.39 0.24 0.18 0.09 2.07 - 0.01 2.34 2.10 1.94 0.05 1.61 + 0.03 1.73 1.63 1.47 0.03 0.10 + 0.01 0.22 0.10 0.00 0.05 0.04 0.04 - 0.01 0.64 0.04 0.03 0.03 0.03 - 0.01 0.49 0.03 0.10 0.11 + 0.01 0.12 0.12 0.10 0.23 0.61 - 0.01 0.99 0.62 0.55 0.06 0.06 - 0.01 0.13 0.07 0.06 0.13 0.31 + 0.01 0.40 0.31 0.30 0.16 0.24 + 0.01 0.27 0.24 0.23 0.26 0.35 + 0.04 0.49 0.37 0.31 0.04 0.10 + 0.02 0.21 0.10 0.09 0.02 0.03 - 0.01 0.08 0.03 0.03 0.12 0.20 + 0.02 0.43 0.22 0.18 0.17 0.27 + 0.04 0.56 0.27 0.00 3.09 3.13 - 0.40 7.87 3.51 3.12 2.33 2.43 - 0.23 5.99 2.67 2.41 0.44 0.61 + 0.17 1.20 0.61 0.61 0.05 0.06 + 0.01 0.09 0.06 0.06 0.08 0.09 + 0.01 0.14 0.09 0.08 0.07 0.00 0.07 + 0.02 0.14 0.05 0.07 0.08 + 0.01 0.19 0.08 0.08 0.63 1.04 + 0.04 1.55 1.04 0.95 0.49 0.76 - 0.02 1.17 0.77 0.72 0.15 0.18 + 0.00 0.30 0.20 0.18 0.15 0.28 - 0.03 0.40 0.30 0.28 0.47 0.43 0.44 - 0.04 0.90 0.10 0.36 0.33 0.34 - 0.01 0.81 0.01 0.08 0.17 + 0.03 0.30 0.17 0.00 0.05 0.33 + 0.02 0.49 0.35 0.30

W-Z

BID-ASK — JUNE 26–30, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital Acme Res Corp African Metals Aftermath Slvr Alba Minerals Alderon Iron* Allante Potash Alliance Mng ALQ Gold Altan Rio Mnls Amanta Res Amato Expl APAC Res Inc Arch Coal* Arian Res AsiaBaseMetals Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Balto Res BCM Res Bethpage Cap Bird River Res Boss Power Brigadier Gold Bullman Mnls Canex Energy Carrara Explor Cascade Res Catalina Gold Chalice Gold M Chieftain Mtls Chinapintza Mg Cleghorn Mnls Cliffs Nat Res* Clydesdale Res CMX Gold & Sil CNRP Mng Comet Inds Compliance Egy Conquest Res Cons Westview Copper Ck Gold Corazon Gold Cricket Res CWN M’g Acq Cyprium Mng Dawson Gold Desert Star Discovery-Corp DV Resources Empire Rock Enfield Expl European Metal EVI Global Grp Excalibur Res Fieldex Expl Finore Mng Fiore Explor Fire River Gol Firesteel Res First Cobalt

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

20-22_JULY10_StockTables.indd 22

0.20 0.50 0.20 0.25 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.07 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.05 0.09 0.05 0.06 0.02 0.03 0.02 0.04 0.01 0.02 0.01 0.03 0.05 0.03 0.10 0.04 0.06 0.06 0.14 ... ... 0.58 0.01 0.02 0.01 0.02 0.32 0.35 0.35 0.45 0.06 0.08 0.08 0.10 0.04 0.05 0.04 0.05 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.02 0.03 0.02 0.02 0.10 0.11 0.10 0.24 0.07 0.15 0.07 0.16 0.07 0.09 0.09 0.09 0.17 0.20 0.17 0.17 0.25 0.17 0.30 0.07 0.10 0.10 0.12 0.33 0.40 0.32 0.75 0.17 0.22 0.22 0.29 0.02 0.04 0.02 0.05 0.05 0.07 0.08 0.08 0.15 0.16 0.16 0.21 ... ... 0.05 0.23 0.01 0.15 0.01 0.01 0.08 0.10 0.09 0.16 1.45 3.20 1.43 7.17 0.07 0.08 0.06 0.06 0.10 0.10 0.10 0.10 0.28 0.51 0.35 12.50 2.55 3.05 2.55 3.00 0.03 0.03 0.03 0.25 0.03 0.04 0.03 0.07 0.36 0.70 0.36 0.56 0.04 0.05 0.04 0.11 0.52 0.55 0.55 0.55 0.02 0.09 0.03 0.03 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.39 0.50 0.45 0.47 0.02 0.03 0.03 0.07 0.51 0.59 0.55 0.63 0.17 0.24 0.17 0.30 ... ... 0.01 ... 0.01 0.01 0.02 0.04 0.04 0.12 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.65 0.12 0.12 0.11 0.50 0.39 0.41 0.40 0.76 0.03 0.07 0.09 0.75 0.05 0.05 0.05 0.12 0.75 0.76 0.76 0.92

LOW

0.10 0.03 0.01 0.04 0.12 0.04 0.01 0.03 0.01 0.03 0.03 0.01 0.12 0.01 0.01 0.06 0.03 0.01 0.07 0.04 0.01 0.13 0.04 0.23 0.12 0.02 0.08 0.14 0.03 0.01 0.08 0.98 0.02 0.05 0.18 1.75 0.03 0.02 0.27 0.04 0.23 0.01 0.11 0.03 0.09 0.18 0.02 0.02 0.07 0.01 0.01 0.10 0.01 0.32 0.03 0.02 0.22

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

First Idaho V GAR Limited C V GFM Res Global Cobalt V V Global Cop Grp God’s Lake Res C Gold Ridge Exp V Graniz Mondal V Gravis Energy C Greatbanks Res V Green Valley M V Greenshield Ex V Grosvenor Res V Gunpoint Expl V Hadley Mng C Halio Energy V Highvista Gold V Highway 50 Gld V Interconnect V Intl Bethl Mng V Iron South Mng V JDF Explor Inc C Jubilee Gold V Karoo Expl V Kenna Res V Kitrinor Mtls V La Imperial C Leeta Gold V Libero Mg Corp V Lions Bay Cap V Lithion Energy V Madeira Mrnls V MAG Silver* X Mainstream Mnl V Manado Gold V Mariana Res V Match Capital V McChip Res V Mega Copper V Metalo Manuf C Midnight Star C MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Minsud Res V Miramont Res C Moag Copper C Montana Gold C Morro Bay V Mountain Lake C Murchison Min C Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V Newmac Res V Niocan Inc V North Am Ptash V North Am Tung V Orestone Mng V Oronova Energy V Osisko Metals V

0.08 ... 0.08 0.14 0.07 0.10 0.09 0.13 0.01 0.10 0.01 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.03 ... 0.03 0.03 0.03 0.07 0.04 0.50 0.02 0.03 0.02 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.16 0.20 0.18 0.27 0.06 0.08 0.06 0.08 0.17 0.38 0.16 0.35 0.22 0.28 0.22 0.32 0.95 0.98 0.95 1.08 0.55 0.65 0.65 1.52 ... 0.16 0.17 0.35 0.38 0.38 0.66 0.06 0.09 0.07 0.14 0.05 0.06 0.05 0.06 0.24 0.27 0.24 0.28 0.01 ... 0.01 0.44 0.73 0.73 0.75 0.02 0.02 0.02 0.03 0.13 0.16 0.15 0.27 0.16 0.21 0.16 0.30 0.06 0.09 0.06 0.11 0.29 0.33 0.29 0.30 0.11 0.12 0.11 0.22 0.04 0.10 0.04 0.04 ... ... 0.10 0.18 0.03 0.25 0.03 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.10 0.12 0.10 0.15 1.72 1.73 1.73 1.83 0.01 0.04 0.04 0.04 0.50 0.65 0.50 0.60 0.16 0.25 0.16 0.30 0.31 0.60 0.60 1.20 0.17 0.22 0.17 0.19 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.04 0.04 0.07 ... ... 0.12 0.20 0.10 0.13 0.10 0.10 0.25 0.35 0.30 0.30 ... ... 0.08 0.09 0.10 0.10 0.10 0.11 0.15 0.15 0.25 ... 0.01 0.01 0.14 0.18 0.14 0.35 0.18 0.30 0.20 0.25 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.06 0.07 0.07 0.10 0.09 0.16 0.09 0.15 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.01 0.02 0.01 0.03 0.36 0.40 0.40 0.46 0.28 0.29 0.30 0.31

0.06 0.01 0.01 0.01 0.04 0.02 0.04 0.01 0.01 0.05 0.03 0.16 0.21 0.06 0.40 0.08 0.06 0.02 0.04 0.33 0.01 0.14 0.05 0.03 0.04 0.11 0.01 0.03 0.01 6.12 0.06 0.85 0.04 0.44 0.05 0.26 0.06 0.05 0.04 0.03 0.07 0.03 0.20 0.02 0.05 0.13 0.09 0.01 0.08 0.04 0.05 0.03 0.01 0.01 0.04 0.07

STOCK

Oxford Res Pac Arc Res Pac Cascade Pac Link Mng Paladin Energy Palisades Vent Patriot Gold Pele Mtn Res Peloton Mnrls Phoenix Gold Phoenix Metals Pitchblack Res Planet Mng Prime Meridian Prism Res Rainmaker Res Rare Element* Ravencrest Res Razore Rock Res Red Rock Enrgy Red Tiger Mng Remington Res Remo Res Rhyolite Res River Wild Exp Rockland Mnls Rockwell Diam Rojo Res Royal Sapphire Rubicon Mnrls* Samco Gold Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Phoenix SinoCoking Cl* Sniper Res Squire Mg Ltd Standard Graph Stone Ridge Ex Talmora Diamd Tearlach Res Telferscot Res Teryl Res Corp Tiger Intl Tiller Res Tintina Mines Tri-River Vent Troy Enrgy UC Res United Coal Universal Vent Valencia Vent Vanadium One Vela Minerals Wabi Expl Whistler Gold Whitemud Res Winston Res Zara Res Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.02 0.03 0.03 0.12 0.18 0.15 0.20 0.01 0.02 0.01 0.02 0.02 0.08 0.02 0.03 0.05 0.05 0.05 0.24 0.06 0.07 0.07 0.07 0.10 ... 0.10 0.15 0.02 0.02 0.02 0.04 0.06 0.07 0.07 0.15 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.03 0.03 0.03 0.08 0.12 0.15 0.14 0.15 0.17 0.22 0.17 0.25 0.05 0.06 0.05 0.17 0.11 0.16 0.15 0.89 0.05 0.10 0.05 0.09 0.02 0.05 0.04 0.18 0.01 0.02 0.01 0.27 0.02 0.03 0.03 0.10 0.13 0.20 0.15 0.18 0.11 0.15 0.13 0.30 0.18 0.47 0.21 0.30 0.02 0.25 0.02 0.03 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.12 0.39 0.45 0.45 0.68 0.12 0.20 0.15 1.40 ... ... 0.03 1.35 0.03 0.03 0.03 0.05 0.08 0.25 0.12 0.20 0.36 0.57 0.36 0.54 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.05 0.20 0.05 0.25 ... ... 4.64 7.69 0.01 0.01 0.01 0.07 0.03 0.08 0.05 0.16 0.18 0.18 0.17 0.20 0.06 ... 0.06 0.17 0.01 0.02 0.01 0.05 0.08 0.15 0.08 0.16 0.02 0.02 0.02 0.05 0.01 0.02 0.02 0.02 0.08 0.21 0.08 0.10 0.37 0.67 0.35 0.85 0.04 0.05 0.04 0.09 0.04 0.12 0.04 0.07 0.05 0.07 0.06 0.06 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.14 0.16 0.16 0.18 0.13 0.15 0.13 0.35 0.05 0.06 0.05 0.09 0.07 0.15 0.07 0.10 0.03 0.10 0.03 0.06 0.01 0.02 0.01 0.02 0.56 0.58 0.56 0.82 0.07 0.15 0.15 0.43 0.05 0.07 0.05 0.08

0.09 0.01 0.01 0.04 0.05 0.10 0.02 0.05 0.07 0.03 0.10 0.15 0.05 0.06 0.01 0.01 0.07 0.02 0.06 0.10 0.11 0.01 0.01 0.04 0.30 0.10 0.03 0.02 0.05 0.26 0.07 0.01 0.03 1.66 0.01 0.05 0.05 0.04 0.01 0.02 0.01 0.01 0.08 0.05 0.03 0.03 0.01 0.01 0.07 0.05 0.03 0.05 0.01 0.01 0.02 0.01 0.01

2017-07-04 9:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 10–23, 2017

Agnico Eagle invests $10M in Mexico-focused Candelaria Mining GOLD-SILVER BY TRISH SAYWELL

tsaywell@northernminer.com

ess than a year after picking up the Caballo Blanco project in Mexico for US$17.5 million, Candelaria Mining (TSXV: CAND) has pulled in a $9.8-million strategic investment from Agnico Eagle Mines (TSX: AEM; NYSE: AEM). Agnico Eagle says the junior’s wholly owned, gold-silver project looks a lot like its own La India project did before it entered commercial production in February 2014. “It has similarities with our La India mine, so we see it as the early days of La India with a good half a million ounces, with room to grow, and with apparently some easy metallurgy,” Guy Gosselin, Agnico’s vice-president of exploration, tells The Northern Miner. “We thought it was a good opportunity for us to get involved, and, for them, they’re going to use the proceeds to continue to advance studies and regional exploration. It was a good fit.” Ramon Perez, Candelaria’s CEO, could not be reached for comment, but describes Agnico’s investment in a press release as a “strong endorsement of the quality and potential” of Caballo Blanco. Caballo Blanco has 590,000 oz. gold and 2.17 million oz. silver in the indicated category (31.2 million tonnes grading 0.52 gram gold per tonne and 2.16 grams silver per tonne). Inferred resources add 95,000 oz. gold and 590,000 oz. silver (8.63 million tonnes grading 0.34 gram gold and 2.14 grams silver). The resource is contained within a conceptual open pit, using gold and silver prices of US$1,150 per oz. and US$21 per oz., and a cut-off grade of 0.11 gram gold. Mineralization remains open to the north and south along trend and at depth. “It’s shallow and they have identified some good targets. This is why we believe that with more exploration it could become a more sizeable deposit, so it was a good early-stage opportunity for us,” Gosselin says. “It’s an oxidized system, having a good strip ratio per metre. It just needs to get bigger.” When Agnico started at La India, Gosselin adds, the deposit was close to 1 million oz., but it grew larger

| Gold major sees shades of La India in Candelaria’s Caballo Blanco property was when Charlie Warren “CABALLO BLANCO of Whitehorse, Yukon, “sampled IS HALF THE SIZE a small quartz vein outcrop in a road cut along the Pan American OF WHAT LA INDIA Highway” and “through his Mexican WAS, BUT IT’S OPEN wife, staked several mineral claims to cover what is known today at TO GROW, SO FOR the Highway zone.” Warren has a US, IT APPEARS TO net smelter return royalty (NSR) on the project, which is scaled to BE AN ATTRACTIVE production rates. OPPORTUNITY.” In 1997, Warren optioned the GUY GOSSELIN

VICE-PRESIDENT OF EXPLORATION, AGNICO EAGLE MINES

with drilling, and he suspects the same thing might happen with Caballo Blanco. “We continued to drill and add ounces, and we even managed to process some of the sulphide or transitional mineralization below the oxides,” he says of La India. “Caballo Blanco is half the size of what La India was, but it’s open to growth, so for us, it appears to be an attractive opportunity.” Agnico acquired the La India property, 200 km east of Hermosillo in the state of Sonora, in November 2011, and within 22 months had completed its design, permitting, construction and start-up. Mining began in September 2013, with initial leaching the following month, and the first gold pour in November of that year. The mine is a collection of deposits grouped into three open pits — North, La India (central) and Main — that are being mined over an estimated six-year mine life. Last year it produced 115,162 oz. gold total cash costs of US$395 per oz. gold. This year Agnico plans to spend US$6.9 million on 31,000 metres of exploration drilling and US$800,000 on 5,000 metres of conversion drilling. During the first quarter, the company drilled infill holes in La India’s Main pit to evaluate the potential to extend reserves and resources below the current pit design. At Caballo Blanco, 233 core holes and 36 reverse-circulation (RC) holes have been drilled since gold was found there. So far, two large zones of epithermal gold mineralization have been found called the

Workers prepare samples at Candelaria Mining’s Caballo Blanco gold-silver project in Mexico. CANDELARIA MINING

Northern zone and the Highway zone. Both are prominent high-sulphidation and low-sulphidation epithermal gold prospects that occur within extensive areas of clay and silica alteration. The Northern and Highway zones lie along a north to south linear trend over a distance of more than 9 km, and include the La Paila discovery on the north end of the trend in the Northern zone. The Northern zone is 4 by 5 km and the Highway zone is 4 by 2 km in area. Drilling at La Paila has returned intercepts of 2.19 grams gold over 90 metres in hole 8CDN-4; 0.58 gram gold over 216 metres in hole 7CBN-2; and 1.08 grams gold over 60 metres in hole 11CBN-183. The deposit is oxidized to at least 300 metres deep and gold mineralization is very fine, occurring within a vuggy and brecciated silica alteration of an original andesite host rock in the upper levels of the surrounding epithermal system. The company says the elongate and silicified gold-rich mineralization at La Paila likely formed from fluid rising along a north-trending fault structure above a deeper intrusive heat source. The property lies at the eastern end of the Trans-Mexican volcanic belt. According to a technical report

published in April 2017, the property is “underlain by sub-aerial basalts, andesites and diorite dikes of Miocene age covered by a sequence of felsic quartz tuffs, andesitic ‘dome’ complexes, volcaniclastics and younger intrusive dacitic plugs.” The technical report recommends a US$6-million budget for further exploration that would consist of 40,000 metres of core drilling, focused on infill and definition drilling at La Paila and drill testing or investigation of less developed gold targets outside La Paila, such as Bandera, Las Cuevas, La Cruz and Red Valley in the Northern zone, and La Luz, Highway North and Highway South in the Highway zone. Metallurgical work on core and surface samples from La Paila by previous owners in 2009 was favourable, Candelaria says. Initial bottle roll testing indicated the mineralized material is “highly amenable” to leaching. Caballo Blanco consists of 14 contiguous mining claims over 198 square kilometres. The project, on the eastern coast of Mexico, is 65 km northwest of Veracruz, a major port city on the Gulf of Mexico. Access to the property is via the Pan American Highway, which transects the eastern part of the claim block. According to the technical report, the first record of gold on the

property to Almaden Minerals (TSX: AMM), which has a 1.5% NSR on the property. Almaden drilled 17 RC holes and in 2001 optioned the property to Noranda, which drilled nine core holes and returned the property to Almaden later the same year. In 2002, Almaden signed a jointventure agreement with Comaplex Minerals, which drilled 10 core holes between 2004 and 2006, during which time it discovered the La Paila zone. Comaplex earned a 60% interest in the property by spending US$2 million over four years, but in February 2017, Almaden bought Comaplex’s 60% stake for US$1.3 million and optioned the property to Canadian Gold Hunter Corporation. Between 2007 and 2009, Canadian Gold Hunter drilled 42 core holes, at least 30 of which targeted La Paila. In September 2009, Canadian Gold Hunter changed its name to NGEx Resources (TSX: NGQ; US-OTC: NGQ) and signed a share-purchase agreement with Goldgroup Resources to earn a 70% stake in the project. Between 2010 and 2012 Goldgroup Resources drilled 193 holes in seven areas in the Northern zone and in October 2011 acquired the other 30% of the project from Almaden. Two resource estimates were completed, one in March 2010 and a second in February 2012. In December 2014, Goldgroup Resources sold its 100% interest to Timmins Gold for US$10 million in cash and 16 million shares. Timmins Gold, now called Alio Gold (TSX: ALO; NYSE: ALO), sold its full stake in the project to Candelaria in July 2016. Candelaria’s shares on the TSX were trading at 99¢ at press time within a 52-week range of 36¢ to $1.19. The company has 92 million shares outstanding. TNM

Battery makers want more from specialty mineral miners COMMENTARY From 4

energy and reagent consumption and achieve even higher purity, considering that impurities often must be in the parts-per-million range. However, these innovations can’t be implemented immediately, as they first need to be scaled up and prove their commercial viability. This commercialization phase can take several years, so proven technology will likely remain the first choice for participants looking to gain market share and capitalize on any short-term supply problems. Cobalt resources are widespread but the metal is mostly recovered as a by-product of nickel or copper mining, with just one primary source. There is a complex relationship between battery chemistry and performance: cobalt hydroxide is used in nickel-cadmium and nickel-metalhydride batteries for portable electronics and electric vehicles; cobalt oxide is used in lithium-cobalt oxide

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THE ECONOMIC VIABILITY OF SPECIALTY MINERAL DEPOSITS IS AFFECTED BY FACTORS SUCH MINERALOGY, CHEMICAL PURITY AND THE NATURE OF ANY IMPURITIES. batteries for consumer electronics; and cobalt sulphate is mainly used in lithium-nickel-cobalt-alumina and nickel-manganese-cobalt batteries for electric vehicles and power tools. As for lithium battery chemicals, battery-grade cobalt sulphate specifications may require certain impurities in the parts-per-million range, particularly iron, copper, lead and cadmium. Graphite is naturally abundant but has economic interest when it occurs as lenses, layers or veins of microcrystalline masses (termed amorphous) or discrete crystalline flakes between 75 and 850 microns

in size, or in more lumpy particles. For battery applications, both synthetic and natural graphite may be used, but synthetic graphite is derived from hydrocarbons using energy intensive processes, and so natural deposits of graphite usually offer cost advantages. Natural graphite is liberated and concentrated using multiple stages of conventional flotation to produce a high-purity concentrate that is processed into a spherical product, and further refined to produce battery-grade material. Recent developments in graphite processing have focused on micron-

izing, spherodizing and purification. The spherodization process folds and wraps each graphite flake into a sphere, also known as a “potato.” This allows the graphite to be efficiently packed within the anode while, at the same time, allowing rapid passage of lithium ions. The challenge today in beneficiation is to achieve purity through liberation of the graphite flakes while maintaining the flake size and aspect ratio, such that the final sphere can be produced with sufficient size and with total final impurities less than 0.05%. TNM — Aron Cleugh, P.Eng., MBA, is managing director of M.Plan International and an extractive metallurgist specializing in hydrometallurgy, comminution and process development. He has nearly 20 years of experience in operations and with major engineering firms, and has worked on detailed engineering and project development studies for a variety of metals and minerals in Canada and

internationally. Reiner Haus, PhD, MBA, is cochairman of M.Plan International and managing director of M.Plan’s German shareholding company Dorfner Analysenzentrum und Anlagenplanungsgesellschaft mbH (Anzaplan). A geological engineer by training, he has extensive knowledge of the production and processing of specialty minerals and metals. Jane Spooner, M.Sc., P.Geo., is cochairman of M.Plan International and a vice-president of M.Plan’s shareholding company, Micon International Limited. Trained as a geologist, she specializes in mineral economics and marketing for specialty minerals and metals. Toronto-based M.Plan International Ltd. is a joint venture formed by Germany’s Dorfner Anzaplan and Canada’s Micon International to provide an integrated suite of services to the specialty minerals and metals sector. Visit www.mplaninternational.com for more information.

2017-07-04 9:27 PM

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2017-06-30 12:58 PM