The Northern Miner July 4, 2016 Issue by The Northern Miner Group

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GOLDSOURCE MINES

CANPOTEX

CommercJal production in Guyana / 3

Nixes Prince Rupert terminal plan / 5

SILVER BEAR RESOURCES Set to produce silver in Russia / 11

JULY 4-10, 2016 / VOL. 102 ISSUE 21 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Osisko Mining rides again

Angkor Gold reels in Jogmec CAMBODIA EXPLORATION

| Prospect generator signs seven deals in four years

EXPLORATION

| Proven team focused on Quebec’s goldfields BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

t’s tempting to say that Osisko Mining (TSX: OSK) is “back.” The statement makes a great article hook, but in truth the bones of the company never went anywhere following a tumultuous bidding war two years ago that culminated in a $3.9-billion takeover by Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY). When the smoke cleared, Osisko management stood atop a spin-out company with $155 million in cash, a 5% royalty on the crown-jewel Canadian Malartic gold mine in Malartic, Que., and a bevy of interests in earlier-stage exploration projects. Questions inevitably arose over whether the core team — anchored by The Northern Miner's 2009 “Mining persons of the Year” John Burzynski, Sean Roosen and Robert Wares — would slide comfortably into the royalty and streaming business with the newly-minted Osisko Gold Royalties (TSX: OR; NYSE: OR). “It’s poetic in a sense because it was around two years ago we signed the documents on the sale of Canadian Malartic and turned the page on that chapter of our story,” current president and CEO Burzynski reminisces during an interview. “We had sort of a mixed bag with royalties and assets we’d intended to advance and develop down the road, and a lot of people wondered whether we’d even go back to mining. We took a bit of a step back at that point because it had been a very emotional battle for us.” Osisko had always viewed Canadian Malartic as a cornerstone asset that would lead to bigger things before a hostile bid from Goldcorp (TSX: G; NYSE: GG) triggered the often-cantankerous fight over the See OSISKO / 3

Field staff collecting termite mound samples on Ankgor Gold’s property in Cambodia. ANGKOR GOLD

BY TRISH SAYWELL tsaywell@northernminer.com

hen Mike Weeks first started nosing around for mineral concessions in Cambodia in late 2008 and early 2009, the typical reaction he got from people in the business was that he would be better off looking for assets in more developed mining jurisdictions like Nevada, or in parts of Canada, rather than in the small Southeast Asian nation. But Weeks stuck to his guns and the strategy has put him at an advantage, he says, as the company he took public in October 2011, Angkor Gold (TSXV: ANK), has signed a handful of deals with large Asian companies that view Cambodia as a rich and convenient source of minerals right in their backyard. In the past four years, Angkor Gold has closed on seven deals with a total value of US$15.6 million — the latest came with Japan Oil, Gas and Metals National Corp. (Jogmec) signing on to explore the junior’s Oyadao South licence, which

“THE TERMITES ARE AMAZING EXPLORERS. YOU GET A SAMPLE ALL THE WAY FROM THE SURFACE TO THE WATER TABLE.” MIKE WEEKS PRESIDENT AND CEO, ANGKOR GOLD

hosts a copper-gold-molybdenum porphyry prospect. Under the joint-venture exploration agreement, Jogmec can acquire 51% of the licence for a total US$3-million investment over three years. If Jogmec meets this target, the two companies would fund the project expenses on a pro-rata basis. Angkor will be the operator. “Jogmec is a world leader in exploration and the Jogmec joint venture brings credence to both our company’s assets, as well as the industry at large in Cambodia,” Weeks says. “It should go a long

way to dispel any questions about whether serious players are interested in exploring what Cambodia has to offer.” Weeks says that management has been working on the deal with Jogmec “for a long time” and had signed a letter of intent (LOI) three months ago, but adds, “I never announce LOIs, because if they fall through, or take three months to cross the finish line, people think there’s a problem.” Jogmec’s reputation is “second to none” he continues, noting that as an independent administrative agency under Japan’s Ministry of Economy, Trade and Industry, it has a mandate of investing in exploration projects around the world to secure a supply of natural resources for Japanese industry. And Angkor is keen to work with the Japanese group. “We are looking for more ground because Jogmec wants more ground with us,” Weeks says. “They want to do a separate joint venture with us because they think their coppergold-moly play is a lot bigger than

PM40069240

See ANGKOR / 2

PwC: WORLD'S TOP MINERS SET DISMAL RECORDS IN 2015 / 4

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The headframe for the third shaft under construction at the Phum Syarung gold project in Cambodia where Angkor Gold holds a royalty after selling the project in 2013.

ANGKOR GOLD

Angkor Gold reels in Jogmec ANGKOR From 1

that licence.” In addition to Jogmec, Angkor Gold has signed two deals with a subsidiary of Indian steelmaker Mesco. In March 2013, Angkor sold the Phum Syarung prospect on its 300 sq. km Oyadao South Concession for US$1.2 million, and the company has a net smelter return royalty on all production from Phum Syarung. Weeks says Mesco’s Cambodian subsidiary, Mesco Gold, is building the underground mine and waiting for its final permit to start production, which he expects any day now. Once in production, Phum Syarung will be the country’s first modern, commercial gold mine. “They’re working on their third horizontal adit and have finished their vertical adit, and they just commissioned a lab,” Weeks says. “They’ll start bringing rock out of the ground as soon as they get the permit.” Weeks notes that he just returned from a trip to Cambodia and met with the Minister of the Environment, who told him the EIA is in his technical department and is almost done. “He said he’ll sign it soon and the rest of the government has already said they’ll approve it, so how soon will it happen? I’d say soon.” He explains that Mesco Gold built the operation quickly because rather than complete a resource estimate compliant with National Instrument (NI) 43-101 standards, the Indian company spent the money on construction. “In that part of the world they’re not so strict on stuff like that as in North America,” he says. “They did their own resource estimate that we couldn’t announce because it wasn’t NI 43-101 … to get a resource estimate we would have had to spend US$10 million on drilling, but they spent that on building the mine, and they don’t need as many drill holes to do a resource estimate. We drilled 19 holes and they did another seven, and then they started building the mine. We hit good resources in the area and they hit good resources in the area, and as they’re building the mine they’re proving it out even more, so they’re really happy.” Angkor Gold completed a second deal with Mesco Gold earlier this year, signing a definitive jointventure agreement on its Oyadao

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North Concession on Jan. 12. Under this transaction, Mesco will spend US$1.3 million on exploration and Angkor keeps a 15% free-carried interest. Under a sliding scale, the next smelter return royalty (NSR) will be 2% when the gold price is less than US$1,000 per oz., and will increase 0.3% for every US$50 that the gold price exceeds US$1,000 per oz., up to a maximum 7.5%. For all other minerals, a 7.5% NSR will be applied. (A similar sliding-scale NSR applies to the Phum Syarung mine.) Other deals with Asia-based companies include the sale in January 2013 of a large prospect on its Oyadao South Concession to a private Chinese company, Canxiang Mining, for US$2.4 million (Angkor did not retain a royalty on that deal), and a US$10.5-million strategic investment in April 2014 with a Chinese equity fund based in the city of Chengdu and incorporated in Hong Kong under Tohui Beishan Property Group Holding. Tohui includes a consortium of associates, including Beijing Explotech Engineering Co. Ltd., and the China Chemical Geology and Mine Bureau Shandong Geological Prospecting Institute.

venture deals on another licence — one with an Asian company and one with an Australian company — and Weeks says if all goes well an agreement could be announced in the next couple of months. Angkor is the first publicly listed North American company in Cambodia and has seven exploration licences under its belt covering 1,448 sq. km (Cambodia’s total land mass measures 181,035 sq. km). The company has completed stream-sediment geochemical sampling on all of its tenements, and covered most of the ground with aeromagnetic surveys. It has drilled 22,000 metres of NQ core in 190 holes, in addition to numerous trenches and detailed geological field mapping. Termite mounds have played a role in Angkor’s exploration efforts over the last seven years, too. The company has collected more than 110,000 termite soil samples in over 20 centres of interest over a combined area exceeding 140 sq. kilometres. The termites dig down to the water table, and bring any mineralized soil back to the surface — making them a useful exploration tool. “The termites are amazing ex-

“WE’VE GOT AN EXTREMELY LOYAL SHAREHOLDER BASE DUE TO OUR UNORTHODOX APPROACH AND THAT WE’RE HERE FOR THE LONG-TERM.” STEPHEN BUREGA VICE-PRESIDENT OF CORPORATE DEVELOPMENT, ANGKOR GOLD

Angkor also has an agreement with Vancouver-based Blue River Resources (TSXV: BXR) to explore Angkor's Banlung tenement. The recent deal gives Blue River the right to participate in up to a 50% interest in the Banlung licence after investing up to US$3.5 million on exploration over four years. (It can also choose other options, such as a 10% interest or a 40% interest.) If Blue River finishes a bankable feasibility study, its ownership stake would increase by 20%. Angkor Gold would keep a 30% free-carried interest if Blue River opts for the 70% stake, but Angkor can also convert that to a 5% NSR. Angkor found a gold anomaly at Banlung measuring 2 sq. km in October 2015. The company is also closing joint-

plorers,” Weeks says, noting that on its Banlung tenement optioned to Blue River, for example, 80% of the samples taken from the termite mounds showed visible gold. “You get a sample all the way from the surface to the water table and over there it’s down five to six metres below surface, and the termites push some of the dirt up, and they also poop a lot out on the hill.” Weeks notes that the company’s former vice-president of exploration, and now a consultant to the company, Adrian Mann, confirmed their use in Cambodia by taking regular soil samples from auger drilling in a particular location and plotting them on a graph and comparing the results from samples from the termite mounds in the same loca-

tion, and the results were identical. Sampling termite mounds is also cost-effective, Weeks says, slashing costs down from US$30 per soil sample down to US$1 per termite mound sample. So far Angkor has found three mineralized porphyry systems. Its latest discovery, the Halo coppermoly prospect optioned to Jogmec, covers an area of 1 km by 750 metres. When Halo was found in June 2015, the director and associate professor at the University of British Columbia’s Mineral Deposit Research Unit, Craig Hart, noted that Cambodia was not previously known for porphyry systems. (“The fact that Angkor has discovered three porphyry systems in a jurisdiction not previously known to host such deposits is a massive measure of success and a testament to a strong exploration team,” he said. “It also indicates the opportunities and upsides that are within Cambodia.”) Cambodia has modelled its mining regulations on those of Western Australia, the company says. Permitting is fairly straightforward, the company says, as the country is keen to develop its mining sector. Corporate taxes run to 30% and the government retains a 3% NSR on all mining operations. Cambodia’s violent history, moreover, during the catastrophic dictatorship of Pol Pot and the Khmer Rouge in decades past, has meant that only 10–15% of the country has been explored with modern methods, Weeks says. “Their mining legislation is all new,” Stephen Burega, Angkor’s vice-president of corporate development, adds in an interview. “The infrastructure and the process associated with reviewing and issuing mining licences — no one has really gone through this before — so we’ve been quite impressed by how the government has handled it.” Indeed, it has been just four years since Angkor identified the Phum Syarung prospect and then sold it to Mesco, and now the mine is on the verge of production. “All of the international standards have been adhered to, so it’s been a great experience working closely with the government to see through this process for the first time, and now we’re weeks or months away,” Burega says. “We’re close to the finish line and once that mining licence is issued, Mesco will turn

the lights on within 30 days and begin mining, so for us it’s a huge milestone.” Burega notes all Angkor's asset sales have been done without having completed resource estimates. In Mesco’s case, he says, Angkor “drilled a few holes; did the surface work, geochem work and inducedpolarization work; and [Mesco] said: ‘We’ll take it.’ There was no need for us to go through the 43-101 preparation of reports because the suitors, those who we’re dealing with, aren’t interested in that. They’re interested in the facts: whether it’s mineable, and whether the country is safe.” The company has also traded above its initial public offering price from day one, Burega adds. “We’ve weathered the worst cycle in most peoples’ careers — we’ve weathered it and done quite well — and we’ve got an extremely loyal shareholder base due to our unorthodox approach, and we’re here for the long-term.” Of the company’s 90-millionplus shares outstanding, “twenty million is the float that we can’t identify, and the rest of it, some 70 million shares, is in hands that we can easily talk to,” Burega says. About 25 million of those shares are held by management, with Weeks and his wife Delayne, the company’s founders, its two biggest shareholders. (Delayne is Angkor’s vice-president of corporate social responsibility.) Another 15 to 20 million are held by a small group of major shareholders, many of whom are based in Grande Prairie, Alta., where the Weeks live. Weeks says he knew immediately that he wanted to work in Cambodia after his inaugural visit. “We first went to Cambodia at the end of 2008 and I fell in love with the country, and fell in love with the people,” he says. “Years ago I was told to look at properties in other jurisdictions and came close to making a few deals, and right now I’m glad I didn’t, because the Japanese, the Chinese, the Koreans and the Indians really like Cambodia, and it’s in their backyards.” Not only that, Weeks says, but after years of working on relationships and building community support, Angkor is “looked at as the best company in the country.” “We develop our properties, we work with the local people, we hire local people and we work hard on our social development programs.” TNM

2016-06-28 8:52 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 4–10, 2016

Goldsource hits commercial production GUYANA GOLD BY SALMA TARIKH

starikh@northernminer.com

oldsource Mines (TSXV:GXS) has reached commercial production at its Eagle Mountain gold mine in Guyana, with the junior now optimizing the small-scale operation to break even in the third quarter. Located 230 km southwest of the capital Georgetown, Eagle Mountain hit commercial production for phase one on June 20, roughly three months after pouring first gold. “This is a huge milestone. Obviously, it is the biggest achievement we’ve done to date,” Ioannis (Yannis) Tsitos, the company’s president, says. The junior defines phase one commercial production as achieving at least 80% of nameplate capacity of 1,000 tonnes per day and 45% recovery in gold concentrate in the last 30 days. Over that period, the former BHP Billiton geophysicist notes that recoveries were over 50%. Throughput reached a maximum of 1,400 tonnes per day, with an estimated average of 900 tonnes per day. Tsitos admits the operation had a slow start given the heavier than usual rains in Guyana. But, he applauded his team for finishing construction this January under budget. Commissioning kicked off in February. Total capital expenditures (capex) for phase one were US$4.8 million, compared to the budgeted US$5.9

| Junior aims to keep ramping up Eagle Mountain in stages

million in the 2014 preliminary economic assessment (PEA). The PEA envisions Eagle Mountain as a four-stage development, ramping up from 1,000 to 4,000 tonnes per day over four years. Over its eight-year mine life, Eagle Mountain should deliver 168,700 oz. (from gravity-only processing) at all-in sustaining costs of US$630 per oz., including operating costs of US$500 to US$600 per oz. Helping keep costs down is the life of mine strip ratio of 0.9-to-1. Goldsource will employ conventional open cut mining of gold mineralized saprolite, using a team of excavators, bulldozers and wheel loaders to extract and separate materials. It will use downhill gravity transport by slurry to send the materials to the processing facility. Estimated total cost for all the phases is US$25 million. “This is a phased development approach, which means we initiated something with very low capex. We are trying to keep the operating costs very low to deliver some free cash flow, which we constantly want to reinvest in several expansion phases,” Tsitos says. The operation should break even in the third quarter, and start producing free cash flow “by late Q3 or early Q4.” The PEA forecasts gold production for the first full four years as 5,600, 14,400, 21,600 and 28,800 oz., respectively. Goldsource has guided 2016 production at 3,600 oz.

mine. But now, roughly two years to the day after the ink dried on the Yamana-Agnico deal, the company has regained its old moniker and pledged to rebuild itself into a significant gold producer. “We were sitting around the table last summer in the depths of a pretty awful market when a lot of companies were throwing in the towel and turning off the lights,” Burzynski continues. “We realized that it was a very similar environment to when Bob, Sean and I started the original Osisko. It was a situation where we again saw opportunity to go in and acquire land in these brownfield mining camps, which happens so infrequently because many of these land packages have been staked for over one hundred years.” The vehicle for the rebirth was Oban Mining, which had $10 million in cash and a market capitalization of $8 million when the Osisko team decided to take its second shot at the big leagues in June 2015. Over the past 12 months the company has completed 15 deals, three financings, and now has $75 million in cash and a $280 million market capitalization. On June 14, Oban changed its name to Osisko Mining. The company has returned to its old stomping grounds in Quebec, and earmarked its wholly-owned Windfall Lake and Marban projects as potential near-term production flagships. Osisko has always had a reputation for big drill programs, and it will have completed nearly 200,000 metres across the two properties by the end of the year. “Windfall has really been a focal point for us since we started down this road last year. The first priority was getting programs rolling in the Urban Barry camp because we’d always had eyes on the potential there,” Burzynski explains. “So we ended up consolidating the package, and relying on André Gaumond and his team from

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Virginia Mines. Over the years they’ve perfected a till-sampling technique, which was used to discover Goldcorp’s Éléonore mine. They’ve covered our claims, and we completed additional geophysics because there is a sulphide relationship with the gold.” Windfall lies 115 km east of the town of Lebel-sur-Quévillon, and hosts intrusion-related gold mineralization described as “atypical greenstone-hosted deposits,” which tend to show a close spatial association with high-level porphyry stocks and dykes.

“WE HAVE THE SAME TECHNICAL PEOPLE IN CHARGE THAT DID AROUND ONEMILLION METRES OF DRILLING AT CANADIAN MALARTIC.” JOHN BURZYNSKI CEO, OSISKO MINING

Current indicated resources within the Main zone total 2.8 million tonnes of 8.42 grams gold per tonne for 748,000 contained oz. Propertywide inferred resources include 3.5 million tonnes of 7.62 grams gold for 860,000 contained oz. Osisko has almost completed a 55,000 metre program at Windfall that will underpin a new resource estimate expected in the fourth quarter. Exploration is focused on definition drilling above, and expansion drilling above and below the Red Dog intrusion. The company hopes it can push regional gold resources at Windfall towards 3 million oz. Recent assay highlights have reportedly reinforced the lateral and vertical continuity of high-grade

on June 13. Marban’s measured and indicated resource now stands at 1.83 million oz. gold in 47.6 million tonnes at 1.20 grams gold. In-pit resources total 1.48 million oz. gold in 37 million tonnes at an undiluted grade of 1.24 grams gold. Pit-constrained estimates are based on US$1,250 per oz. gold and a 0.4 gram gold cut-off grade. “We have the same technical people in charge that did around one million metres of drilling at Canadian Malartic,” Burzynski elaborates. “I think the bullet point people missed is that there are close to one million ounces gold in that resource that run nearly two grams [gold per tonne.] That’s the magic of Marban. We view it as a satellite deposit for Canadian Malartic, and had initially acquired our position, probably five or six years ago, with that strategy in mind. We’re very familiar with the logistics there, and the ore is actually softer with a higher-grade component.” The Osisko group also maintains a variety of equity interests in other juniors that could generate future royalties, or end up in the development pipeline down the road. For example, Roosen sits on the board of Falco Resources (TSXV: FPC; US-OTC: FPRGF), which recently released a preliminary economic assessment (PEA) on the Horne gold complex in Rouyn-Noranda, Quebec. Osisko Gold Royalties maintains a 16.2% equity stake in Falco, which is helmed by Canadian Malartic mastermind Luc Lessard.

“There are certain agreements in place wherein the royalty vehicle has first rights on royalties and streams in terms of Osisko Mining,” Burzynski says. “So that could offer us financing optionality down the road, and in terms of companies like Falco we’re certainly very familiar with Luc and his team. Could there be a grand coming together at some point? I’d certainly say it’s possible.” Osisko has traded within a 52week range of 96¢ and $2.70, and closed at $2.20 per share at press time. The company has 125.2 million shares outstanding for a $270.5 million market capitalization. Burzynski said that he wished it had been possible to do “double” the amount of deals during the down cycle because a recent surge in gold prices has driven multiples higher and made transactions more difficult. It seems the company is content with the portfolio it managed to assemble over the past 12 months. On June 27, Osisko took advantage of surging gold prices and announced a $25-million bought-deal financing wherein it would issue 7.57 million flow-through shares priced at roughly $3.33 each. The equity offering represents around a 45% premium on the company’s stock price at the time of signing. “I’ve had an article from an Abitibi newspaper over my desk since the Agnico-Yamana deal became official, and the rough translation of the headline reads: ‘It’s all over for Osisko,’” Burzynski says. “Today I’m going to take that article down and tear it up.” TNM

The scrubber plant and mining operations at Goldsource Mines’ Eagle Mountain gold mine in Guyana. GOLDSOURCE MINES

To optimize the operation, Goldsource intends to introduce a second shift at Eagle Mountain in the third quarter to keep the operation running around the clock. Miners currently work one 12-hour shift, 7 days a week. The additional shift should grow throughput to 1,800 tonnes per day. The junior has already bought equipment, including a 40-tonne articulated truck, and expanded the camp to accommodate new hires. It anticipates growing its current 37-person workforce to 57. The junior forecasts receiving a leach reactor permit in the third quarter. This would allow it to start intensive cyanide leaching of the gravity gold concentrates to improve the overall recovery and production.

Osisko Mining rides again OSISKO From 1

Recoveries should climb from 50% in concentrates to more than 95%. Mobilization of the leach reactor should conclude in third quarter. “These are the two biggest targets. We hope to achieve them, as we’ve achieved commercial production, with a stellar safety record, no security incidents, and with combined support of the local community, the government, and everybody in Guyana.” By year-end, Goldsource plans to initiate a prefeasibility study to assess whether it could accelerate the expansion. “We’ve studied the deposit very well, both from a geological and resource side, and from a metallurgical and process side. The target is to

reach 4,000 tonnes per day,” Tsitos notes. “The only thing I cannot say is if this is going to be with two or three or only one expansion phase.” The prefeasibility study — estimated out in first half of 2017 — should contain an upgraded resource. Eagle Mountain’s existing resource stands at 3.9 million indicated tonnes grading 1.49 grams gold for 188,000 oz., plus 20.6 million inferred tonnes at 1.19 grams for 792,000 oz. Given the deposit remains open in three lateral directions, Tsitos believes his team could expand the resource through exploration. At the start of June, Goldsource had US$1 million in its treasury, and US$6 million in mostly “inthe-money” warrants. “We have been blessed somehow in this difficult time with good market acceptance and good stock price, which makes our life easier. Because some of the warrants are controlled by insiders and very loyal shareholders, some of them have voluntarily exercised these warrants already, and some of them are exercising as we speak,” Tsitos says. “So we have no issues with available capital.” The stock closed June 23 at 48¢, a penny below its 52-week high reached June 17. Its shares sunk to a 52-week low of 13¢ last July. “It’s really good times at Goldsource,” the executive concludes. “And we are very happy with the progress to date.” TNM

gold mineralization in the Zone 27 and Caribou areas, and include: 2.5 metres at 41.8 grams gold per tonne from 40 metres depth in hole 16-626; 3.1 metres of 30.6 grams gold from 273 metres in hole 16656; and 3.9 metres averaging 17.22 grams gold from 934 metres depth in hole 16-642. Osisko plans to add another 50,000 metres to its exploration program at Windfall by the end of the year. “Our first concern is size potential because you have to remember we’re talking about the least-explored greenstone belt in Quebec. Historically, the Windfall deposit has suffered a reputation as being disjointed,” Burzynski says. “We think that’s a misconception because we’re seeing good continuity in our drilling, and we’ve been hitting new intercepts below the Red Dog dike and along a number of parallel zones. Our hope is we can do a combination open-pit and underground operation, and that’s why some of our drilling has focused on pulling together the near-surface mineralization because it could impact the scale of the mill you build,” he adds. Osisko’s regional target generation work has also paid dividends. On June 3, the company reported a new gold discovery at Windfall roughly three km southwest of the main deposit. Drilling had been targeting two induced polarization (IP) anomalies when hole 16-666 cut 183.5 grams gold over 0.3 metre from 284 metres depth, and hole 16-652 intersected 12.72 grams gold over 1.5 metres from 209 metres depth. Meanwhile, Marban is a different story since Osisko originally viewed it as a potential satellite deposit. The project sits 15 km due west of Val-d’Or, and about equal distance between the Canadian Malartic mill and Agnico’s Goldex mine. Wares spearheaded a 72,000 metre drill program at the project last year, which dovetailed into an updated resource estimate released

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| Inept UK leadership leads to confusion, regrets

ith all the political turmoil surrounding the United Kingdom’s surprise, non-binding vote in a June 23 referendum to leave the European Union, the world has certainly learned a few lessons. Number one for gold miners and investors is that gold performed exactly as promised BY JOHN CUMMING by gold bugs, serving as a valuable insurance jcumming@northernminer.com policy against political and currency risk in any investment portfolio. Polls in the months leading up to voting day all pointed to “Remain” winning, as did the early voting results, but as the night wore on, “Leave” swung to the winning side. Ultimately, 51.9% of U.K. voters supported an exit from the EU (17.4 million votes) while 48.1% (16.1 million votes) expressed their desire to remain, with a turnout of 72.2%, out of a total population of all ages of 65 million. The Leave votes were concentrated in Wales and England outside London, while the Remain votes were centred in London, Scotland and Northern Ireland. The U.K. has been in the EU and its precursor since 1973. The referendum result shocked stock, bond and commodities markets around the world. In response, gold outperformed all currencies, with the U.S. dollar notably rallying strongly as the go-to safe haven. Gold rose from a PM fix of US$1,262.15 per oz. on voting day to US$1,315.50 per oz. the next day, for a 4.2% gain, with intra-day highs of 8.1% or a two-year high. Over the same 24-hour period, silver prices rose 4.3% to US$18.04 per oz., platinum was up 2.5% to US$987 per oz., while palladium acted like an industrial metal and dropped 2.1% to US$548 per oz. At presstime, gold has been holding the line above US$1,300 per oz. and last traded at US$1,313 per oz. — up 8.3% over the past 30 days and 11.3% over the past year. The day after the vote, U.K. bond yields hit their lowest levels ever and Brent crude oil fell by 4.9% to US$48.41 barrel. Perhaps most shocking of all, the U.K. pound plummeted over 12% against the U.S. dollar in a two-day rout to its lowest level against the U.S. dollar in 31 years, touching as low as US$1.31 on June 27. There is no recovery in sight, and some banks are predicting the pound will fall to US$1.15 this year. In sterling terms, gold prices rose an astounding 20% on the day after the vote, and searches for “buy gold” on Google UK were up 500%. The FTSE 100, while plunging 8.7% midday on June 24, actually ended the week up 2%, as can happen in a country’s stock market when a currency plummets and people pile into stocks (cf. Ecuador in the late 1990s). Other stock markets around the world showed strong declines on June 24 but have since rallied and stabilized. Meanwhile, there is no end in sight to the political uncertainty in the U.K. as it becomes abundantly clear that the Leave leaders are a callow and opportunistic bunch that have never had any plan on where to take the country if they actually won the referendum. Prime Minister David Cameron, who said he is resigning by October, has shown himself to be the worst U.K. leader since Neville Chamberlain, first by calling the unneeded referendum in the first place, then by helming a tepid Remain campaign, and finally by so glibly accepting the referendum results that wouldn’t have passed the $MBSJUZ "DU standards we now have in Canada thanks to Jean Chretien and the Supreme Court of Canada. Labour Leader Jeremy Corbyn put in his own feckless and narrowly union-focussed Remain campaign, and has now overwhelmingly lost a confidence vote, but maddeningly refuses to resign. The exact process to take the U.K. out of the EU is uncertain, although it is generally expected to take longer than two years. Article 50 governs the withdrawal but has never been used before. The result has unleashed all kinds of unforeseen actions such as First Minister of Scotland Nicola Sturgeon saying that Scotland may refuse legislative consent to dropping EU law in Scotland, and Northern Ireland also starting to ponder sticking with the EU and getting closer to the republic to the south. At this point we’d have to predict that Brexit will never happen as new national leaders comes forward and more of the U.K. public come to regret a Leave vote they’d cast without fully thinking through the consequence or having put greater effort into reforming the EU from within on sticky issues such as immigration and culture — efforts that have paid off well enough in past decades for a province like Quebec to stay within Canada. TNM

DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 7

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Agnico Eagle Mines. . . . . . 1 Agrium . . . . . . . . . . . . . . . . 5 Angkor Gold. . . . . . . . . . . . 1 Blue River Resources. . . . . 2 Canasil Resources . . . . . . 16 Canpotex. . . . . . . . . . . . . . . 5 Coeur Mining. . . . . . . . . . 16 Dundee Precious Metals. . . . . . . . . . . . . . . 13 Falco Resources. . . . . . . . . 3

Goldcorp. . . . . . . . . . . . . . . 1 Goldsource Mines. . . . . . . 3 Japan Oil, Gas and Metals National Corp.. . 1 Lundin Gold. . . . . . . . . . . 13 Mesco. . . . . . . . . . . . . . . . . . 2 Mineral Deposit Research Unit . . . . . . . . . 2 Mosaic. . . . . . . . . . . . . . . . . 5 Orex Minerals. . . . . . . . . . 16

Osisko Gold Royalties. . . . 1 Osisko Mining. . . . . . . . . . 1 Potash Corp. of Saskatchewan. . . . . . . . . . 5 Sabina Gold & Silver. . . . 13 Silver Bear Resources . . . 11 Ur-Energy. . . . . . . . . . . . . 14 Yamana Gold . . . . . . . . . . . 1

O P- E D

PwC’s Top 40 sees many ‘firsts’ in 2015 — most of them bad FACTS ‘N’ FIGURES

| Net loss reaches US$27 billion and impairments hit US$53 billion

A headframe at Anglo American’s Tumela platinum mine in northwestern South Africa. ANGLO AMERICAN BY TRISH SAYWLL

tsaywell@northernminer.com

ast year, the mining companies on PwC’s Top 40 list, measured by market cap, chalked up their first-ever collective net loss of US$27 billion and their lowest return on capital employed (ROCE), in the 13 years that the consulting firm has been publishing its annual review, which this year is entitled Mine 2016 — Slower, lower, weaker ... but not defeated. ROCE in 2015 fell from 8% to 4%, compared with the commonly cited 15% hurdle rate for new projects, while impairments surged to US$53 billion, which, the study said, “may not be an absolute record, but at 77% of 2015’s capital expenditure is the highest proportion ever recorded.”

“This is the first edition of Mine where we have observed a sustained deterioration in the viability of the Top 40,” the study stated, noting that the minimum threshold for inclusion on the annual list is a market cap of US$4.5 billion. The report’s other findings included negative price-to-earnings ratios (the first in the publication’s history); a 39% decline in the group’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA); and leverage at an all-time high of 46%. The study also touched on the reduction of investment on property, plant and equipment to US$580 billion from US$650 billion; the fall in capex to US$69 billion (half what it was in 2012 and 2013); “the first wide-scale mothballing of marginal assets” and decrease in capital velocity to 10.6%; the

THE FOUR NEW COMPANIES ON THE LIST WERE ALL CHINESE, BRINGING THE TOTAL NUMBER OF CHINESE FIRMS ON THE TOP 40 TO 12. Market capitalization also shrank by a large amount. At the end of 2015, the Top 40’s market capitalization contracted to US$494 billion — a 37% drop from 2014 and the lowest level since 2004. Not only did the drop in market cap outpace the 25% fall in commodity prices, the PwC study found, but “many of the established members of the Top 40 marked below their book values for the first time in the history of our publication.” “All gains made during the commodity super-cycle were effectively wiped out,” the study said. “The collapse was all the more painful for producers in 2015 because the value destruction was perceived as self-inflicted, whereas during the global financial crisis, by contrast, extraneous market forces drove valuations down across multiple sectors.”

trimming of debt by US$10 billion or 3%; nearly a third of the Top 40 companies reporting they had assets for sale; the 42% plunge in the HSBC Global Mining Index; and finally, a net debt to EBITDA ratio above four for 12 of the Top 40 companies, up from four in 2014. “Companies are now valued significantly less than what the commodity price would dictate, so they have been very severely punished,” Liam Fitzgerald, Canada’s National Mining Leader for PwC, says in an interview. While it is too premature to call the bottom, Fitzgerald notes that the sector “is starting to turn the corner” and that from a data perspective is seeing “an uptick.” “If you look at some of the deals happening and some of the money flowing through the capital markets, there are some positive signs out there,” he says. “There’s good performance on the TSX for the

2016-06-28 8:57 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 4–10, 2016

THE TOP 40 The world's largest mining companies by market capitalization as of Dec. 31, 2015. (Source: PwC) NAME

COUNTRY

BHP Billiton

UK/Australia

Rio Tinto

UK/Australia

China Shenhua Energy

China/Hong Kong

Coal India

India

Norilsk Nickel

Russia

6 Glencore

UK/Australia

Mexico

Grupo Mexico

8 Vale

Brazil

Potash Corp. of Saskatchewan

Canada

Saudi Arabian Mining (Ma’aden)

Saudi Arabia

11 Mosaic

China Coal Energy

China/Hong Kong

Zijin Mining

China/Hong Kong

14 Goldcorp

Canada

Newmont Mining

Barrick Gold

Canada

China Northern Rare Earth High Tech

China/Hong Kong

18 Freeport-McMoRan

19 Fresnillo

UK/Mexico

Polyus Gold

UK/Russia

Shaanxi Coal

China/Hong Kong

Newcrest Mining

Australia

Sumitomo Metal Mining

Japan

Canpotex nixes plan for potash terminal in Prince Rupert BC INFRASTRUCTURE

| Canpotex still has 'really good' outlook on the potash sector, CEO Seitz says

24 Uralkali

Russia

25 Antofagasta

Jiangxi Copper

China/Hong Kong

Anglo American

Agnico Eagle Mines

Canada

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

Randgold Resources

Anglogold Ashanti

South Africa/US/Australia

Sichuan Tianqi Lithium

China/Hong Kong

NMDC

India

Tongling Non Ferrous Metals

China/Hong Kong

Yanzhou Coal Mining

China/Hong Kong

Silver Wheaton

Canada

36 Cameco

Canada

Zhingjin Lingnan Non Ferrous Metals

China/Hong Kong

Shandong Gold Mining

China/Hong Kong

Inner Mongolia Yitai Coal

China/Hong Kong

Fortescue Metals

Australia

mining and materials sector, so the attitude: ‘We won’t be defeated’ will hold true and the market should improve in 2016.” The sector will see more asset sales and mergers and acquisitions, he says. “In 2015 the market was dominated by single-asset sales in the bidding processes — like Anglo’s sale of its niobium assets — so you can expect a few more of those. What we expect to see is that, given a lot of noncore asset sales have been made already, some companies will have to look at assets they may like to keep but may have to sell … there could be a few billion dollars of dispositions of assets or

M&A might increase the volume as well as the dollar amounts.” And there’s still a lot of work to be done on cutting debt, he says. “Companies don’t look anywhere as bad as they did, but there’s still some work to do on the debt side — companies can’t assume debt burdens have been taken care of.” Teck Resources and First Quantum Minerals fell off the list in 2015, while the four new companies added to the list were all Chinese, bringing the total number of Chinese companies on the Top 40 to 12. A lithium company joined the list for the first time: Sichuan Tianqi Lithium. TNM

BHP Billiton’s Western Australia iron ore mining complex. BHP BILLITON

1 2 3 4 5 11 13 14 16_JULY4_Main .indd 5

A Canpotex train heading west near Taft, British Columbia. PHOTO BY M NELSON/WIKIMEDIA COMMONS

anpotex, an exclusive offshore marketing company for potash mined in Saskatchewan by Agrium (TSX: AGU; AGY: NYSE), Mosaic (NYSE: MOS) and Potash Corp. of Saskatchewan (TSX: POT; NYSE: POT), has abandoned plans to build a $775 million potash export terminal in Prince Rupert, B.C. after nearly a decade of consideration. Ken Seitz, president and CEO of Canpotex tells The Northern Miner that the company’s export terminals located in Vancouver, B.C., Saint John, N.B., and Portland, OR., provide enough terminal capacity to meet the potash trader’s needs. “Over the years, all the work we’ve done at Prince Rupert has been in preparation to decide whether we should charge forward and build the facility, he says in an interview. “But when we weighed all of our options from a strategic, cost and commercial perspective, we concluded that the facility was not our preferred option.” The Saskatoon-based organization first announced plans for a new bulk terminal on Prince Rupert’s Ridley Island in 2008, designed with a capacity to handle 13 million tonnes of potash per year. Almost two years ago, the organization executed a lease agreement with the Prince Rupert Port Authority to equip the proposed terminal with an 180,000-tonne potash storage building, along with a conveyor and dust-collection systems. Work to date has cost Canpotex $50 million, including $15 million towards the port’s $90 million road, rail and utility corridor project, which was completed in May last year. The Canadian National Railway provided $30 million towards the project, in part with the B.C. and federal governments and the Prince Rupert Port Authority, who contributed $15 million apiece. “We had a very positive experience navigating the regulatory environment and had great working relationships with the First Nation groups and the Port Authority,” Seitz says. Canpotex’s withdrawal from

“WE DO NOT WANT OUR DECISION AT PRINCE RUPERT TO BE INTERPRETED AS A COMMENTARY ON THE HEALTH OF THE POTASH BUSINESS BECAUSE THAT’S CERTAINLY NOT THE CASE.” KEN SEITZ PRESIDENT AND CEO, CANPOTEX

Prince Rupert followed just months after PotashCorp, under pressure from falling potash prices, announced plans to shutter its oneyear-old Picadilly mine near Sussex, N.B. Seitz says the closure freed up capacity at the organization’s N.B. export terminal, giving Canpotex an “east-coast option for shipping potash.” “We do not want our decision at Prince Rupert to be interpreted as a commentary on the health of the potash business because that’s certainly not the case,” he says. “There’s a lot of short-term things at play that are driving down prices, but when we look beyond the short-term, the outlook is really good.” The crop nutrient began its swoon four years ago as weak crop prices and currency declines pinched demand. Prices also suffered following the breakup in 2013 of a RussianBelarussian marketing cartel that previously helped limit supply. However, in recent news, commentary from Belarus’ president Alexander Lukashenko has indicated that giant potash miners Belaruskali and Uralkali might resume their “cooperative” sales efforts. Lukashenko stated: “virtually every month new shareholders of Uralkali contact me to say that they want to cooperate. I tell them that I am ready to meet with them if they have proposals. Today they are ready to cooperate with us. We are not against it. But we will work on our terms. Let’s resume work. Let’s agree on the volumes of production. To put it plainly, we will divide markets and will not compete with each other. It

will bring good dividends.” In a June research note, analysts at Raymond James said that the president’s comments offer “the first tangible signal that reconciliation, and return to supply management, may be possible.” Seitz says a key factor burdening potash prices over the past 6 months is that China, the world’s largest consumer of potash fertilizer, still hasn’t signed an annual benchmark supply contract with foreign producers. “The way this business works, every year potash suppliers start negotiating with the Chinese for their annual requirements. The longer it takes to negotiate, the more uncertainty and instability it creates in the potash market,” he says. “Several other markets look to the Chinese settlement to create a floor for potash prices for the year but that hasn’t come yet.” Separately, the Raymond James report states that Belaruskali is close to inking an export contract for 700,000 tonnes of potash with an Indian buyer — an event the analysts consider as “critical” in reestablishing normal fluidity and commercial terms in the global potash sector. The analysts said the contract could land between US$220 to US$230 per tonne — a 32% drop compared to the contract price in 2015 — and may serve as a reference point for others that follow. They predict the Chinese contract may fall between US$205 to US$213 per tonne. According to Canpotex’s market review in May, while 2015 was a “challenging” year for the sector, the global microenvironment has shown signs of improvement. The organization predicts that global potash production could peak between 59 and 61 million tonnes this year, and grow at a long-term rate up to 3%, reaching 70 million tonnes of potash in 2020. Operational capability is forecast to grow at a similar average rate over the next five years, supporting a relatively balanced market outlook. “Everything we do at Canpotex has a 20-year outlook,” he says. “Growth in the demand for food is also growth in the demand for potash, so the long term picture of that shows it’s really favourable.” TNM

2016-06-28 8:57 PM

WWW.NORTHERNMINER.COM

JULY 4–10, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 20–24 Canada’s main stock index lost most of its early gains in the week due to the Brexit vote that increased global uncertainty, sending investors flocking to safe havens like gold. The S&P/TSX Composite Index ended the June 20–24 trading period at 13,891.88, down 0.07%. The S&P/TSX Global Gold Index rose nearly 5% to 243.63, after the spot gold price jumped 1.4% to US$1,315.60 per oz. The S&P/ TSX Global Mining Index advanced 1.5% to 59.08. The S&P/TSX Capped Diversified Metals & Mining Index, however, fell 1.9% to 554.32. Marathon Gold surged 34.2% to 51¢ per share on positive results from its summer 2016 drill program at the Marathon deposit, one of the four deposits on its Valentine gold camp in central Newfoundland. A 140-metre down-hole extension of the previously drilled hole MA-15-47 returned the highest gold grades to date at the deposit from 200 metres below surface. The best intercept hit 20.17 grams gold per tonne (uncut) over 7.2 metres (true thickness) including 190.88 grams gold (uncut) over 0.7 metre (true thickness). The extension shows the “potential for growth of a high-grade underground resource.” The Marathon deposit remains open along strike and at depth. The total strike length of the mineralized corridor, including the Marathon resource pit shell, now extends 1.7 km.

Metallurgical testwork should be completed in the third quarter, with column tests indicating that the Marathon ore could be heap-leachable. The Marathon deposit currently hosts an open-pit and underground resource of 195,600 oz. (3 million indicated tonnes of 1.98 grams gold) and 23,800 oz. (280,000 inferred tonnes at 2.64 grams gold). RTG Mining rose 12% to 51¢ per share, ahead of its June 27 announcement that Thor Exploration agreed to buy its interest in the Segilola gold project in Nigeria for up to US$8.5 million. The transaction — expected to close at the end of July — is conditional on several factors, including regulatory approvals, no adverse material changes before closing, Thor raising at least US$4 million and agreeing to acquire the balance of Segilola TSX MOST ACTIVE ISSUES

Kinross Gold Yamana Gold Suncor Energy First Quantum B2Gold Teck Res Barrick Gold Eldorado Gold IAMGOLD Torex Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

K YRI SU FM BTO TCK.B ABX ELD IMG TXG

34958 7.09 6.00 6.66 + 0.24 33900 6.92 5.98 6.64 + 0.43 32452 36.20 34.27 34.85 + 0.51 28375 9.95 8.37 8.85 + 0.08 26712 3.20 2.72 3.12 + 0.26 23260 16.40 14.84 15.32 - 0.02 21758 27.18 24.32 26.65 + 0.84 19147 6.00 5.16 5.73 + 0.37 18827 5.79 4.77 5.55 + 0.56 17400 2.40 2.04 2.18 + 0.07

from the other project owner. Yorbeau Resources shares jumped nearly 12% to 10¢ after inking a non-binding letter of intent with Kinross Gold, whereby the major could acquire 100% of its Rouyn gold property in Quebec over four years. As part of the option, Kinross must complete a resource estimate on the property after spending $12 million on exploration, including a $3 million commitment in the

first 18 months. Following the resource estimate, Kinross could buy 100% of the property for a cash payment of US$25 million, plus 2% of the prevailing gold prices multiplied by the gold ounces identified by Kinross. The junior would have a 2% net smelter return royalty on any gold ounces produced in excess of those identified by Kinross. The property contains four known gold deposits. TNM

TSX GREATEST PERCENTAGE CHANGE

Marathon Gold Kerr Mines Loncor Res Orvana Mnrls Lithium Amer RTG Mining Yorbeau Res IAMGOLD Dynasty Met&Mn McEwen Mng Verde Potash Century Global Horizonte Mnls Orsu Metals TVI Pacific Eco Oro Mnls Zazu Metals Corvus Gold Pine Cliff En Perseus Mng

MOZ KER LN ORV LAC RTG YRB.A IMG DMM MUX NPK CNT HZM OSU TVI EOM ZAZ KOR PNE PRU

2157 2074 57 1120 13580 17 2108 18827 736 3384 65 4 60 670 734 140 316 157 4841 4755

0.52 0.08 0.17 0.22 1.00 0.51 0.10 5.79 0.15 4.93 0.35 0.23 0.05 0.03 0.03 0.33 0.22 1.07 0.92 0.58

0.38 0.06 0.15 0.18 0.80 0.45 0.08 4.77 0.14 3.98 0.31 0.00 0.04 0.02 0.02 0.28 0.18 0.86 0.78 0.47

0.51 0.08 0.17 0.21 0.90 0.51 0.10 5.55 0.15 4.69 0.31 0.23 0.04 0.02 0.03 0.29 0.20 0.89 0.78 0.50

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Royal Gold Franco-Nevada Agnico Eagle Detour Gold Goldcorp First Majestic Tahoe Res Barrick Gold Silver Std Res Endeavour Mng Agrium Labrador Iron Altius Mnrls HudBay Mnls MAG Silver Energy Fuels Dominion Diam Cameco Corp Dundee Prec Mt Kirkland Lk Gd

+ 34.2 + 25.0 + 13.8 + 13.5 + 12.5 + 12.1 + 11.8 + 11.2 + 11.1 + 10.9 - 21.5 - 20.7 - 20.0 - 20.0 - 16.7 - 13.6 - 13.3 - 12.7 - 12.4 - 12.3

VOLUME WEEK (000s) CLOSE CHANGE

RGL FNV AEM DGC G FR THO ABX SSO EDV AGU LIF ALS HBM MAG EFR DDC CCO DPM KGI

91 89.93 3251 94.05 3517 67.51 4421 32.67 15083 23.89 3756 16.98 5525 18.02 21758 26.65 4332 15.62 2534 21.33 1322 119.58 850 12.07 147 10.15 7786 5.98 1576 16.29 608 3.08 695 12.09 4221 14.11 3553 3.05 4025 10.79

+ 4.37 + 3.23 + 2.82 + 2.64 + 0.92 + 0.89 + 0.88 + 0.84 + 0.84 + 0.84 - 1.26 - 0.49 - 0.48 - 0.46 - 0.43 - 0.35 - 0.31 - 0.28 - 0.25 - 0.22

TSX VENTURE EXCHANGE / JUNE 20–24 Economic uncertainty following the surprise vote in the United Kingdom to leave the European Union edged the S&P/TSX Venture Composite Index down 4.57 points, or 0.6%, to a 710.79-point close over the trading period. Chesapeake Gold topped the value-added category, rising $1.54 to $5.10 on rising gold prices. In March, the company updated the prefeasibility study for its Metates gold-silver project in Mexico’s Durango State, which envisaged a 30,000 tonnes-per-day open-pit operation scaling up to 90,000 tonnes-per day after four years of mining, eventually becoming a 27-year mining operation, followed by 10 years of processing low-grade stockpiles. The study calculates an after-tax net present value of US$737.4 million at 5% discount and a 7.7% after-tax internal rate of return. Hinterland Metals saw 13.3 million shares trade hands, gaining 3¢ to 6¢ on news it acquired claims 15 km southeast of Nemaska Lithium’s Whabouchi hard rock lithium project in Quebec’s James Bay region. The junior stated that previous explorers never considered the potential for lithium-bearing pegmatites on the 21 sq. km property. Shares of CanAlaska Uranium jumped 19¢ to a 94¢ after the company announced that its new joint-venture partner De Beers has collected over 100 samples for kimberlite

indicator mineral processing at their West Athabasca project in Saskatchewan. The samples will be processed in De Beers’ laboratories to establish evidence for kimberlite intrusives associated with geophysical anomalies that CanAlaska identified prior to staking the 810 sq. km land package earlier this year. The partners plan to execute high resolution geophysics on targets before drilling. Gold Reserve’s shares fell 38¢ to a $5.42 after the company extended to July 15 its memorandum of understanding with the Venezuelan government. The company stated the delay is due to “recent positive events in Venezuela” such as the formation of a new Ministry of Ecological Mining Development and appointment of a new minister. In September 2014, Gold Reserve negotiated a US$740-million TSX-V MOST ACTIVE ISSUES

IDM Mining IDM Hinterland Mtl HMI First Mg Fin FF Goldrock Mines GRM Am Manganese AMY Northisle C&G NCX Macarthur Mnl MMS Tango Mining TGV Durango Res DGO Orex Expl OX

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

17721 13251 11558 10869 10378 9512 8669 8350 7527 7437

0.20 0.12 0.76 1.11 0.07 0.11 0.11 0.07 0.14 0.04

0.14 0.03 0.66 1.00 0.03 0.07 0.08 0.05 0.11 0.02

0.19 - 0.06 + 0.72 - 1.05 unch 0.04 + 0.11 + 0.09 - 0.07 + 0.11 unch 0.03 +

0.01 0.03 0.03 0.00 0.02 0.04 0.02 0.01 0.00 0.01

settlement with the government for losses it incurred after the government rescinded permits and licenses for the company’s Brisas gold-copper project in southeastern Venezuela as part of a nationalization drive. Shares of NexGen Energy were hit by the Brexit result, dropping 23¢ to a $2.49. Prior to the event, the company announced expansion of high-grade uranium mineralization at its

Arrow deposit in Saskatchewan’s Athabasca Basin. Intercepts include 37.5 metres of 17.6% U3O8, 68 metres of 2.09% U3O8 and 32 metres at 1.97% U3O8. NexGen is wrapping up a 7,500 metre drill program and will begin the next phase of exploration at Arrow in late June that will entail more drilling at Arrow and target new areas of mineralization to the northeast and southwest of the deposit. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Austin Res Trio Gold Corp Baroyeca Go&Si NQ Explor Mustang Mnrls Pitchblack Res Berkwood Res Cicada Vents Atlantic Ind Orestone Mng Gray Rock Res Nubian Res Stroud Res Mukuba Res Madeira Mrnls Tanzania Mnls White Metal Rs Zadar Vent Samco Gold Claim Post Res

AUT TGK BGS NQE MUM PIT.H BKR CID ANL.H ORS GRK NBR SDR MKU.H MDE.H TZM WHM ZAD SGA CPS

6429 3328 386 98 6203 35 5789 22 22 2218 85 629 260 4038 56 1404 223 2734 102 100

0.04 0.02 0.02 0.01 0.02 0.12 0.04 0.01 0.01 0.04 0.09 0.10 0.01 0.01 0.03 0.01 0.13 0.20 0.06 0.03

0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.02 0.04 0.04 0.01 0.01 0.02 0.01 0.07 0.11 0.03 0.03

0.03 0.02 0.02 0.01 0.01 0.12 0.02 0.01 0.01 0.03 0.04 0.05 0.01 0.01 0.02 0.01 0.07 0.12 0.03 0.03

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 400.0 + 300.0 + 200.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 52.9 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 44.0 - 42.5 - 40.0 - 40.0

VOLUME WEEK (000s) CLOSE CHANGE

Chesapeake Gld CKG Abitibi Royalt RZZ Everest Vent EET CanAlaska Uran CVV Redhill Res ML Goldex Res GDX Tudor Gold TUD Independence G IGO Novo Res NVO Canadian Zeol CNZ Gold Reserve GRZ Falco Res FPC Nexgen Energy NXE Brixton Mtls BBB Brazil Res BRI Avino Silver ASM Bear Creek Mng BCM K92 Mng Inc KNT Rupert Res RUP Voltaic Min VLT

698 5.10 + 1.54 97 8.26 + 0.35 91 0.87 + 0.21 1059 0.94 + 0.19 339 0.50 + 0.18 29 0.65 + 0.17 63 1.40 + 0.15 4117 0.31 + 0.14 153 1.00 + 0.12 2413 0.28 + 0.12 40 5.42 - 0.38 4152 0.93 - 0.26 2691 2.49 - 0.23 181 0.75 - 0.20 3351 2.05 - 0.18 514 2.95 - 0.16 530 2.45 - 0.15 983 1.07 - 0.13 449 0.74 - 0.13 111 0.33 - 0.12

U.S. MARKETS / JUNE 20–24 U.S. equities sank after Britain’s surprise decision to leave the European Union. The main U.S. indices all lost more than 3% on June 24, erasing year-to-date gains for the S&P 500 and the Dow Jones Industrial Average, while the Nasdaq widened its 2016 loss. For the week, S&P 500 and Dow finished at 2,037.41 and 17,675.16, respectively, both down 1.6%. The Nasdaq fell 1.9% to 4,707.98. The Philadelphia Gold & Silver Index advanced 3.7% during the week to 93.70, on the back of higher gold prices. Spot gold and silver finished at US$1,315.60 per oz. and US$17.72 per oz., both up 1.4%. Raymond James analysts have increased their 2017 assumptions for gold and silver by 10% and 20% to US$1,400 per oz. and US$20 per oz., mainly due to the “potential for prolonged uncertainty of the wider Brexit ramifications for the European, U.S. and global economies, and also the diminishing prospects of interest rate increases in the U.S.” Gold companies were among the top value gainers, despite no major corporate news. Franco-Nevada shares rose US$1.89 to US$72.43 and Agnico Eagle Mines shares climbed US$1.81 to US$52.03. Newmont Mining advanced US$1.54 per share to US$37.19.

6_JULY4_MarketNews.indd 6

On June 20, Kinross Gold halted mining and processing operations at its Tasiast gold mine in Mauritania. The company said it could not fully operate the site, following the Mauritanian Ministry of Labor’s recent decision to bar certain expatriate employees from working, due to allegations of invalid work permits. Kinross has ensured the work permits are in good standing and does not expect this to affect Tasiast’s phase one expansion. Currently, 88% of the employees at Tasiast are Mauritanian nationals. The temporarily suspension comes a week after Kinross reported that the strike by unionized U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 191449 11.93 10.51 10.58 - 0.56 Vale* VALE 112047 4.99 4.49 4.55 + 0.09 Alcoa* AA 104345 10.17 9.35 9.38 - 0.20 Barrick Gold* ABX 92132 21.08 19.00 20.47 + 0.36 United States S* X 75435 18.71 15.91 15.99 - 1.99 Kinross Gold* KGC 65584 5.49 4.69 5.11 + 0.13 Yamana Gold* AUY 64226 5.32 4.66 5.10 + 0.27 Vale* VALE.P 61308 4.00 3.55 3.59 + 0.03 IAMGOLD* IAG 50933 4.46 3.73 4.27 + 0.41 Potash Corp SK* POT 50138 17.75 16.45 16.87 - 0.06

employees at the mine that started on May 24 has ended. On June 22, the major signed a non-binding letter of intent with Yorbeau Resources, for an option to acquire 100% of the junior’s Rouyn property in Quebec. Kinross shares added US13¢ to finish at US$5.11.

Vale has repaid US$1 billion of the US$3 billion drawn under the revolving credit lines in January 2016. It partially used the proceeds from the US$1.25 billion, 5.875% guaranteed notes due 2021, to repay some of its debt. Shares closed at US$3.59, up US3¢. TNM

U.S. GREATEST PERCENTAGE CHANGE

IAMGOLD* Natural Res Pt* McEwen Mng* Buenaventura* Sibanye Gold* Gold Fields* Intrepid Pots* Coeur Mng* First Majestic* Yanzhou Coal* Mechel* United States S* HudBay Mnls* Vedanta* Cloud Peak En* Freeport McMo* Southern Copp* Dominion Diam* Cameco Corp* Turquoise HIl*

IAG NRP MUX BVN SBGL GFI IPI CDE AG YZC MTL X HBM VEDL CLD FCX SCCO DDC CCJ TRQ

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

50933 4.46 3.73 4.27 + 10.6 381 18.92 14.40 15.76 + 9.4 22969 3.82 3.11 3.61 + 8.7 10518 11.63 10.12 11.32 + 8.5 6508 13.43 11.46 13.11 + 7.8 27262 4.80 4.06 4.64 + 7.7 18744 1.83 1.46 1.66 + 7.1 29491 10.22 8.93 9.95 + 7.0 24121 13.33 11.87 13.07 + 6.7 206 6.44 5.84 6.05 + 6.3 214 1.80 1.55 1.59 - 11.7 75435 18.71 15.91 15.99 - 11.1 1492 5.33 4.54 4.60 - 7.8 1219 7.60 6.69 6.70 - 6.8 10589 2.13 1.89 1.92 - 6.3 191449 11.93 10.51 10.58 - 5.0 9329 28.06 25.54 25.56 - 3.9 1206 9.79 9.17 9.27 - 3.4 8025 11.52 10.81 10.84 - 3.1 12884 3.49 3.21 3.23 - 2.4

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Franco-Nevada* FNV Agnico Eagle* AEM Newmont Mng* NEM Natural Res Pt* NRP NACCO Ind* NC Sibanye Gold* SBGL Buenaventura* BVN First Majestic* AG AngloGold Ash* AU United States S* X Agrium* AGU Southern Copp* SCCO Freeport McMo* FCX Vedanta* VEDL Rio Tinto* RIO HudBay Mnls* HBM Cameco Corp* CCJ Dominion Diam* DDC Black Hills* BKH

VOLUME WEEK (000s) CLOSE CHANGE

4702 187.92 5617 72.43 10191 52.03 39724 37.19 381 15.76 92 57.91 6508 13.11 10518 11.32 24121 13.07 18807 16.77 75435 15.99 3558 92.01 9329 25.56 191449 10.58 1219 6.70 26826 28.76 1492 4.60 8025 10.84 1206 9.27 1780 61.88

+ 5.18 + 1.89 + 1.81 + 1.54 + 1.36 + 1.29 + 0.95 + 0.89 + 0.82 + 0.74 - 1.99 - 1.77 - 1.03 - 0.56 - 0.49 - 0.43 - 0.39 - 0.35 - 0.33 - 0.32

2016-06-28 6:08 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JULY 4–10, 2016

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 SPOT PRICES COURTESY OF SCOTIABANK Tuesday, June 28, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

PRODUCER AND DEALER PRICES

Price (US$/oz.) Change $1312.00 +31.20 $17.57 +0.21 $991.00 +16.00 $550.00 +6.00

Price (US$/tonne) Change $9345.00 +360.00 $4823.50 +108.00 $1731.00 +33.00 $2077.00 +80.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, June 27, 2016 (change from June 20, 2016 in brackets): Aluminium Alloy 12400 (-320) Aluminium 2408975 (-32200) Copper 191700 (-2325) Lead 185625 (+75) Nickel 381792 (-4116) Tin 6105 (-255) Zinc 429775 (+32500)

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.80 Coal: CME Group Central Appalachian Futures July 2016: US$39.50 Aug. 2016: US$39.50 Cobalt: US$10.77/lb. Copper: US$2.08/lb. Copper: CME Group Futures July 2016: US$2.11/lb.; Aug. 2016: US$2.11/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$50.60/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.77/lb. Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$7.71/lb. Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$660.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$17.53 per oz.; Handy & Harman Fabricated: US$21.91 per oz. Tantalite Ore : US$191.35/kg Tin: US$7.71/lb. Uranium: U3O8, Trade Tech spot price: US$28.00; The UX Consulting Company spot price: US$28.00/lb. Zinc: US$0.90/lb. Prices current June 21, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jun 24, 2016 (with changes from May 16, 2016) Largest short positions Lundin Mng LUN 43339617 -1508034 Potash Corp SK POT 34929066 1694836 New Gold NGD 26776770 -1134320 Kinross Gold K 25253879 969984 B2Gold BTO 20383699 -1239552 Eldorado Gold ELD 18255905 -555016 IAMGOLD IMG 11842714 1276200 Silver Std Res SSO 11120495 1039541 Teck Res TCK.B 10153036 -4718293 Suncor Energy SU 10137902 -583844 Detour Gold DGC 9455368 -1357121 Argonaut Gold AR 9007016 -47204 Thompson Creek TCM 8728313 253351 Goldcorp G 8304549 -150173 Barrick Gold ABX 8105014 -231692 Largest increase in short position Potash Corp SK POT 34929066 1694836 Sandstorm Gold SSL 4255998 1443869 IAMGOLD IMG 11842714 1276200 Silver Std Res SSO 11120495 1039541 U3O8 Corp UWE 1190000 1003800 Largest decrease in short position FM 6739321 -20294348 First Quantum Teck Res TCK.B 10153036 -4718293 Tahoe Res THO 1189445 -4329188 Sabina Gd&Slvr SBB 353600 -3154700 HudBay Mnls HBM 3690957 -2053530

Short positions outstanding as of Jun 24, 2016 (with changes from May 16, 2016) Largest short positions Integra Gold ICG 1812600 85484 Brazil Res BRI 1312400 156800 Nexgen Energy NXE 1067600 539100 Gold Reserve GRZ 908500 49400 First Mg Fin FF 876116 465403 Nemaska Lith NMX 830834 780734 Focus Graphite FMS 666800 -370 Marlin Gold MLN 572000 -348900 Southern Silvr SSV 424000 -361700 West Af Res WAF 400000 399300 Algold Res ALG 309200 309000 ATAC Res ATC 261900 -23300 Golden Arrow GRG 211100 -237400 Bear Creek Mng BCM 194300 900 Ucore Rare Mtl UCU 193100 -60168 Largest increase in short position NMX 830834 780734 Nemaska Lith Nexgen Energy NXE 1067600 539100 First Mg Fin FF 876116 465403 West Af Res WAF 400000 399300 Algold Res ALG 309200 309000 Largest decrease in short position EPO 4200 -1028600 Encanto Potash Atlantic Gold AGB 2214 -699286 Southern Silvr SSV 424000 -361700 Nitinat Mnls NZZ 0 -350000 Marlin Gold MLN 572000 -348900

DAILY METAL PRICES Daily Metal Prices Date Jun 27 Jun 24 Jun 23 Jun 22 Jun 21 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1525/1550 1525/1550 1520/1550 1520/1560 1520/1550 Aluminum 1591.50/1602 1600/1610 1627/1633 1623.50/1633.50 1623/1633.50 Copper 4691/4701 4662/4670 4746.50/4751 4687/4698 4586.50/4596.50 Lead 1697.50/1704 1693/1698 1719.50/1725 1711.50/1717.50 1697/1705 Nickel 8950/9020 8890/8950 9175/9200 9225/9260 9175/9235 Tin 17000/16970 17055/17000 17165/17125 17140/17125 17030/16900 Zinc 2000/2004 1997/1997.50 2033/2037 2051/2056.50 1992/2004

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1324.60 1313.85 1265.75 1265.00 1280.80 Gold PM 1324.55 1315.50 1262.15 1264.85 1272.60 Silver 17.70 18.04 17.29 17.20 17.36 Platinum 986.00 987.00 963.00 980.00 974.00 554.00 548.00 560.00 557.00 544.00 Palladium

EXCHANGE RATES Date S$ in C$ C$ in S$

Jun 24 Jun 23 Jun 22 Jun 21 Jun 20 1.3002 1.2772 1.2844 1.2817 1.2804 0.7692 0.7829 0.7787 0.7802 0.7809

Exchange rates (Quote Media, June 24, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0286 0.6919 78.6730 14.5688 11.5970 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5616 5.0968 52.2640 0.7484 903.8543 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3375 0.9006 102.2010 18.9208 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7310 6.6218 67.8995 0.9718 1172.6100

TSX WARRANTS Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 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 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 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 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 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 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 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 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jun 24 Jun 23 Jun 22 Jun 21 Jun 20 High Low S&P/TSX Composite 13891.88 14131.38 14003.81 14012.32 13901.77 15527.30 12400.15 S&P/TSXV Composite 710.79 710.22 708.52 708.23 715.36 1050.26 883.52 S&P/TSX 60 808.55 824.18 815.70 815.70 809.88 896.74 709.99 S&P/TSX Global Gold 244.03 227.14 230.69 225.68 232.17 218.90 149.29 S&P/TSX Metals & Mining 554.32 594.20 575.66 577.89 564.82 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS JUNE 20–24, 2016 210 New Highs Abcourt Mines Abitibi Royalt Acacia Mining* Acme Res Inc African Queen Africo Res Aldridge Mnrls Almaden Mnls Almaden Mnls* Alturas Mnrls Am Manganese Am Manganese* Amato Expl Anaconda Mng* AngloGold Ash* Argonaut Gold* AsiaBaseMetals Astorius Res Aurgent Gold Austin Res Azteca Gold* B2Gold B2Gold* Bandera Gold Batero Gold Bayhorse Silvr* Beaufield Res Beaufield Res* Bell Copper Berkwood Res Blue Sky Uran Bravada Gold Bravada Gold* Cadillac Vent Canadian Zeol Canadian Zeol* CanAlaska Uran CanAlaska Uran* Canasil Res

Canterra Mnls Cap-Ex Iron Cartier Iron Castle Peak Mg Cda Strtgc Met * Centenera Mng Centenera Mng* Chalice Gold M* Chesapeake Gld Chesapeake Gld* Chevron* Chieftain Mtls Clear Mtn Res Coeur Mng* Colibri Res Colombia Crest* Contintl Gold Contintl Gold* Copperbank Res* Coral Gold Cruz Cap Corp* El Nino Vent* Ethos Gold Ethos Gold* Everest Vent Evolving Gold Evolving Gold* Falco Res Fjordland Exp Fresnillo plc* Frontline Gold Gem Intl Res Giyani Gold Gldn Predator Gldn Predator* Global Hunter* GMCI Corp* GMV Minerals GMV Minerals* Gold Fields*

Golden Dawn Ml* Goldgroup Mng Goldgroup Mng* Goldrea Res* Graniz Mondal Great Bear Res Greencastle Rs Guyana Gldflds Hecla Mining* Hinterland Mtl Homestake Res* IAMGOLD IAMGOLD* Iconic Mnls Independence G Independence G* Integra Gold* Intl Samuel Ex Jaguar Mng Jaguar Mng* Kermode Res Knick Expl Lara Expl Lion One Mtls Lion One Mtls* Logan Res* Lorraine Coppr Lorraine Coppr* Mandalay Res Marathon Gold Maritime Res Mason Graphite Mason Graphite* McEwen Mng McEwen Mng* Metallis Res Metals Creek Midas Gold Midas Gold* Millrock Res

Millrock Res* Milner Con Slv Mines Manage* Minnova Corp Monarques Res Monarques Res* Mustang Mnrls Natural Res Pt* Nevada Sunrise Nevada Sunrise* New World Res Newmont Mng* Northisle C&G Northquest Nouveau Monde NV Gold OceanaGold OceanaGold* Oceanic Iron O Orestone Mng Orex Expl Oriental Non F Orla Mng Ltd Orocobre Oronova Res Orosur Mng Pac Arc Res Pancontinental* Paramount Gold* Pasinex Res Patriot Gold* Pretium Res Pretium Res* Prophecy Coal Pure Gold Mg* Quartz Mtn Res Quartz Mtn Res* Randgold Res* Redhill Res Remington Res

Resource Cap Resource Cap* Rockridge Cap* Romios Gold Rs Romios Gold Rs* Rouge Res Roxgold Roxgold* Royal Gold Royal Gold* Rye Patch Gold Rye Patch Gold* Sandstorm Gold Sandstorm Gold* Satori Res Shamrock Ent Signal Expl Silver Predatr Silver Std Res Silver Std Res* Silver Wheaton Sparton Res* St Elias Mns* Stockport Expl Stockport Expl* Superior Mng* Syrah Res* Tahoe Res Teck Res Teck Res* Teranga Gold Teras Res* Theia Res Themac Res TomaGold Transition Mtl Tri Origin Exp Trio Gold Corp Uravan Mnrls US Energy*

Vanstar Mng Rs Vista Gold Vista Gold* Volcanic Mtls Waseco Res Wesdome Gold West Melville Western Copper Western Copper* Zephyr Mnls Zephyr Mnls*

24 New Lows Apple Cap Inc California Gld* Cameco Corp CanAm Coal* Cassidy Vents* Eagle Graphite* Hycroft Mg* IMX Res* Inter-Rock Mnl Jubilee Gold Kingsrose Mng* Knick Expl Nevada Egy Mtl Nickel One Res Nthrn Sphere* Oroco Res* Red Eagle Mng* San Gold Corp* Scientific Mts Superior Mng Vena Res Western Potash WPC Res* XLI Tech Inc*

CANADIAN GOLD MUTUAL FUNDS Fund Jun 24 ($) AGF Prec Mtls Fd MF 26.75 BMO Prec Mtls Fd A 12.31 BMO ZGD BMO ZJG 10.33 13.53 CIBC Prec Metal Fd A Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A iShares XGD 15.22 Mac Prec Met Cl A 15.18 NB Prec Met Fd Inv RBC GblPreMetFd A 36.75 Sentry Pre Met Fd A 47.05 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetals-I 45.38

Jun 17 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 25.90 0.85 3.28 53.94 2.80 183.87 20.80 -0.32 -1.56 56.88 2.40 67.89 11.63 0.68 5.82 59.03 0.63 87.61 9.72 0.61 6.32 64.95 0.60 64.40 12.91 42.58 2.62 58.46 7.72 -0.24 -3.09 67.32 2.66 384.78 31.03 -0.43 -1.40 53.90 0.80 9.75 -0.25 -2.56 65.08 2.76 87.23 14.51 0.71 4.93 60.83 0.61 676.80 54.63 -1.47 -2.67 66.46 2.51 124.69 14.62 0.56 3.83 61.26 2.46 39.57 35.28 1.46 4.15 63.61 2.13 405.97 45.34 1.72 3.79 61.18 2.92 229.07 42.43 -0.91 -2.15 58.37 3.19 235.71 6.53 -0.01 -0.11 75.43 3.23 61.07 43.03 2.35 5.46 55.46 2.26 151.01

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.$

7_JULY4_MMMM.indd 7

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

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

2016-06-28 6:09 PM

WWW.NORTHERNMINER.COM

JULY 4â&#x20AC;&#x201C;10, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 20 - JUNE 24, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 4998 0.22 0.16 0.18 - 0.01 0.28 0.03 0.10 + 0.01 0.11 0.03 Abcourt Mines V 2358 0.11 0.09 Abcourt Mines* O 213 0.09 0.07 0.08 + 0.00 0.09 0.02 Aberdeen Intl* O 34 0.14 0.00 0.14 - 0.00 0.16 0.07 Aberdeen Intl T 331 0.18 0.16 0.17 - 0.01 0.24 0.10 Abitibi Royalt V 97 8.49 7.90 8.26 + 0.35 8.24 1.53 0.65 - 0.05 0.81 0.05 ABT Holdings* O 5 0.68 0.00 Acacia Mining* O 19 5.47 0.00 5.47 + 1.16 4.64 2.40 Acme Res Inc V 91 0.07 0.04 0.07 + 0.02 0.07 0.02 Adamera Mnls V 1478 0.11 0.08 0.10 - 0.02 0.14 0.01 Adamera Mnls* O 239 0.09 0.07 0.07 - 0.03 0.10 0.01 Adriana Res V 578 0.11 0.10 0.11 + 0.01 0.15 0.08 Advance Gold V 183 0.06 0.04 0.06 + 0.01 0.06 0.01 African Gold V 1009 0.09 0.08 0.08 - 0.01 0.11 0.03 African Queen V 6508 0.14 0.08 0.12 + 0.03 0.14 0.01 Africo Res T 194 1.00 0.97 1.00 + 0.02 0.99 0.30 Agave Silver* O 10 0.07 0.00 0.07 - 0.00 0.07 0.01 Agave Silver V 270 0.09 0.07 0.09 + 0.01 0.09 0.01 Agnico Eagle* N 10191 52.73 48.80 52.03 + 1.81 52.79 21.00 Agnico Eagle T 3517 68.35 62.34 67.51 + 2.82 68.88 27.63 T 1322 122.98 118.69 119.58 - 1.26 139.99 104.70 Agrium N 3558 96.34 91.48 92.01 - 1.77 109.46 79.94 Agrium* Aim Explor* O 257 0.15 0.04 0.06 + 0.02 0.20 0.04 V 1066 0.17 0.15 0.15 - 0.01 0.24 0.11 Alabama Graph Alabama Graph* O 52 0.13 0.11 0.12 + 0.00 0.21 0.08 3.09 + 0.11 3.57 2.08 Alacer Gold T 3876 3.14 2.87 Alamos Gold T 3312 10.80 9.48 10.34 + 0.25 11.01 3.27 Alamos Gold* N 9216 8.33 7.41 7.94 + 0.14 8.59 2.27 1 0.03 0.00 0.03 + 0.01 0.20 0.00 Alaska Pac Egy* O Alberta Star* O 31 0.20 0.00 0.20 + 0.03 0.21 0.12 Alchemist Mng 306 0.07 0.06 0.06 - 0.02 0.08 0.01 Alcoa* N 104345 10.17 9.35 9.38 - 0.20 11.77 6.14 Alderon Iron* O 61 0.10 0.00 0.09 - 0.01 0.21 0.05 Alderon Iron T 127 0.13 0.11 0.12 + 0.01 0.26 0.07 Aldershot Res V 58 0.03 0.03 0.03 + 0.01 0.04 0.01 0.07 - 0.01 0.20 0.07 Aldever Res* O 8 0.08 0.00 Aldever Res V 966 0.11 0.10 0.10 - 0.01 0.30 0.09 Aldrin Res* O 88 0.12 0.09 0.09 - 0.03 0.15 0.06 Aldrin Res V 185 0.15 0.00 0.13 - 0.02 0.16 0.08 Alexander Nubi V 1403 0.07 0.06 0.06 + 0.01 0.13 0.04 Alexander Nubi* O 60 0.05 0.05 0.05 + 0.00 0.08 0.03 Alexandria Min V 2473 0.06 0.05 0.06 + 0.01 0.07 0.02 Alexandria Min* O 296 0.04 0.04 0.04 - 0.00 0.06 0.01 Alexco Res T 428 1.80 1.58 1.77 + 0.15 1.88 0.35 Alexco Res* X 1952 1.41 1.23 1.35 + 0.14 1.44 0.22 0.35 - 0.03 0.40 0.07 Algold Res V 697 0.38 0.32 Alianza Min* O 7 0.15 0.14 0.14 + 0.00 0.17 0.07 Alianza Min V 5 0.19 0.00 0.19 - 0.02 0.22 0.10 V 2802 0.15 0.11 0.12 - 0.01 0.18 0.04 Alix Res Alliance Mng V 671 0.03 0.02 0.03 + 0.01 0.04 0.01 Alliance Res* D 1323 16.18 14.69 15.52 + 0.34 26.18 9.95 Alloycorp Mng V 49 0.08 0.07 0.07 - 0.01 0.35 0.05 Almaden Mnls* X 2214 1.49 1.15 1.29 + 0.07 1.42 0.48 Almaden Mnls T 359 1.88 1.49 1.69 + 0.09 1.80 0.65 Almadex Min V 115 0.45 0.37 0.42 + 0.02 0.46 0.13 0.32 - 0.01 0.36 0.01 Almadex Min* O 145 0.32 0.29 Almo Capital V 153 0.10 0.08 0.10 + 0.01 0.14 0.05 Alpha Nat Res* O 3302 0.02 0.01 0.01 - 0.00 0.37 0.01 Alphamin Res V 521 0.26 0.25 0.25 + 0.01 0.28 0.14 ALQ Gold V 4 0.06 0.00 0.06 + 0.01 0.07 0.03 0.44 - 0.06 0.84 0.02 Alset Energy V 3639 0.54 0.40 Alta Vista Vnt 108 0.05 0.04 0.04 - 0.01 0.25 0.01 Altai Res V 1259 0.05 0.04 0.05 + 0.01 0.09 0.03 O 21 0.06 0.04 0.04 - 0.00 0.06 0.02 Alternative ER* Altiplano Mnls V 40 0.16 0.15 0.16 + 0.01 0.22 0.04 Altius Mnrls T 147 10.57 10.09 10.15 - 0.48 14.78 7.39 Alto Vent V 1594 0.06 0.04 0.04 - 0.02 0.09 0.02 Alturas Mnrls V 533 0.02 0.01 0.02 + 0.01 0.02 0.01 Alumina Inc* O 89 4.09 3.85 3.85 - 0.05 4.82 2.70 ALX Uranium V 438 0.11 0.10 0.10 - 0.01 0.15 0.06 ALX Uranium* O 5 0.07 0.07 0.07 - 0.00 0.10 0.03 Am Creek Res V 1021 0.10 0.08 0.10 + 0.01 0.12 0.03 Am CuMo Mng V 1311 0.12 0.10 0.11 + 0.01 0.16 0.06 Am CuMo Mng* O 653 0.10 0.08 0.10 + 0.01 0.12 0.04 AM Gold V 50 0.29 0.22 0.25 - 0.02 0.45 0.07 V 10378 0.07 0.03 0.04 + 0.02 0.07 0.01 Am Manganese Am Manganese* O 668 0.05 0.02 0.03 + 0.01 0.05 0.01 Amarc Res* O 31 0.06 0.05 0.05 - 0.01 0.08 0.02 0.07 + 0.01 0.11 0.04 Amarc Res V 600 0.07 0.06 Amarillo Gold V 142 0.31 0.28 0.31 + 0.03 0.41 0.04 0.03 + 0.01 0.04 0.01 Amato Expl V 180 0.04 0.03 Amazing OG* O 388 0.75 0.33 0.70 + 0.35 1.21 0.29 Amer Vanadium* O 112 0.02 0.02 0.02 + 0.00 0.08 0.00 American Lith V 1543 1.17 0.88 0.95 - 0.11 1.62 0.05 Americas Petro V 1043 0.23 0.20 0.22 - 0.01 0.33 0.15 Americas Silvr T 4047 0.36 0.31 0.35 + 0.02 0.40 0.09 Americas Silvr* O 364 0.28 0.25 0.27 + 0.01 0.32 0.04 Amerigo Res T 462 0.16 0.15 0.16 + 0.01 0.44 0.10 Amerigo Res* O 15 0.12 0.11 0.12 + 0.01 0.35 0.07 Amex Expl V 78 0.05 0.05 0.05 - 0.01 0.08 0.02 AMI Res V 245 0.08 0.06 0.08 + 0.02 0.08 0.03 Anaconda Mng* O 57 0.06 0.06 0.06 + 0.00 0.06 0.02 Anconia Res V 337 0.07 0.06 0.07 + 0.02 0.08 0.01 Andes Gold* O 454 0.01 0.00 0.00 - 0.01 1.00 0.00 Anfield Res* O 17 0.17 0.17 0.17 - 0.01 0.20 0.06 Angel Gold* O 16 0.09 0.08 0.09 + 0.03 0.10 0.01 Angel Gold V 191 0.12 0.09 0.11 + 0.03 0.12 0.01 Anglo American* O 361 5.10 4.40 4.47 - 0.06 5.76 1.57 Anglo American* O 15 10.15 9.18 9.21 + 0.21 15.54 3.13 Anglo-Bomarc V 112 0.11 0.10 0.11 - 0.03 0.30 0.10 AngloGold Ash* N 18807 17.59 15.29 16.77 + 0.74 17.39 5.64 Antioquia Gold* O 53 0.08 0.06 0.08 + 0.02 0.08 0.03 Antioquia Gold V 45 0.10 0.08 0.10 + 0.02 0.11 0.04 Antofagasta* O 6 6.61 5.76 5.76 - 0.67 11.32 5.24 O 10 0.28 0.25 0.26 - 0.04 0.45 0.08 Apogee Silver* Apogee Silver V 76 0.36 0.29 0.34 - 0.01 0.58 0.11 Appia Energy 201 0.26 0.13 0.26 + 0.04 0.30 0.01 Apple Cap Inc V 51 0.44 0.00 0.40 + 0.02 0.44 0.15 Applied Mrnls* O 143 0.16 0.12 0.15 - 0.00 0.60 0.11 AQM Copper V 606 0.12 0.09 0.10 - 0.01 0.15 0.03 Aquila Res* O 47 0.17 0.15 0.17 + 0.01 0.20 0.09 Aquila Res T 110 0.22 0.20 0.22 + 0.02 0.27 0.12 Arch Coal* O 370 0.32 0.28 0.30 - 0.03 10.35 0.11 Archon Mineral V 81 1.71 1.66 1.66 - 0.04 2.10 1.30 Arcus Dev Grp V 1087 0.06 0.05 0.05 - 0.01 0.06 0.01 Arena Mnls V 634 0.30 0.26 0.27 - 0.04 0.34 0.15 Arena Mnls* O 20 0.24 0.23 0.24 - 0.01 0.25 0.23 Argentex Mng V 79 0.09 0.08 0.09 - 0.01 0.13 0.02 Argentex Mng* O 15 0.07 0.06 0.07 - 0.01 0.10 0.01 Argentum Silvr V 22 0.07 0.06 0.06 - 0.01 0.12 0.02 Argex Titanium* O 47 0.04 0.03 0.03 - 0.01 0.19 0.01 Argex Titanium T 1515 0.06 0.05 0.05 - 0.01 0.25 0.02 Argonaut Gold T 5115 3.74 3.32 3.62 + 0.12 3.74 0.78 Argonaut Gold* O 118 2.90 2.60 2.79 + 0.06 2.85 0.53 Argus Metals V 12 0.08 0.00 0.08 + 0.01 0.11 0.02 Arian Silver* O 167 0.03 0.02 0.02 - 0.02 0.42 0.00 Arianne Phosph V 120 1.00 0.95 0.98 - 0.02 1.25 0.68 Arianne Phosph* O 41 0.78 0.72 0.74 - 0.04 0.98 0.52 Asanko Gold* X 4831 4.46 3.95 4.28 + 0.10 4.53 1.27 Asanko Gold T 5893 5.80 5.05 5.56 + 0.34 5.82 1.77 Asante Gold 100 0.13 0.13 0.13 - 0.02 0.20 0.05 Ascot Res V 211 1.15 1.00 1.15 + 0.07 1.84 0.80 Ashburton Vent V 2070 0.05 0.04 0.05 + 0.01 0.07 0.01 AsiaBaseMetals V 130 0.30 0.25 0.30 + 0.03 0.30 0.04 Asiamet Res V 180 0.05 0.00 0.04 - 0.01 0.08 0.01 Aston Bay V 75 0.39 0.32 0.37 - 0.02 0.49 0.10 Astorius Res V 104 0.06 0.06 0.06 + 0.02 0.06 0.01 ATAC Res V 843 0.81 0.74 0.80 + 0.01 0.88 0.26 Atacama Pac Gd* O 15 0.28 0.22 0.22 - 0.05 0.32 0.09 Atacama Pac Gd V 181 0.33 0.27 0.30 - 0.04 0.49 0.14 Athabasca Mnls* O 63 0.22 0.19 0.19 - 0.02 0.52 0.12 Athabasca Mnls V 373 0.29 0.23 0.25 - 0.05 0.67 0.15 Atico Mng* O 88 0.39 0.33 0.37 + 0.04 0.47 0.12 Atlantic Ind V 22 0.01 0.01 0.01 + 0.01 0.01 0.01 Atlatsa Res T 31 0.10 0.09 0.09 - 0.01 0.16 0.03 Atlatsa Res* O 39 0.08 0.07 0.08 + 0.01 0.14 0.02 Atna Res Ltd* O 444 0.00 0.00 0.00 - 0.00 0.09 0.00 Augustine Vent 171 0.09 0.08 0.08 - 0.01 0.09 0.03 Augyva Mng V 140 0.10 0.09 0.09 - 0.01 0.14 0.09 Aura Silver Rs V 811 0.04 0.03 0.04 - 0.01 0.04 0.01 Aurcana Corp V 376 0.30 0.26 0.28 - 0.02 0.41 0.09 Aurcana Corp* O 63 0.23 0.21 0.22 + 0.00 0.32 0.07 AurCrest Gold V 106 0.04 0.04 0.04 + 0.01 0.05 0.01 Aureus Mng T 8561 0.08 0.07 0.08 - 0.01 0.59 0.05

8-10_JULY4_StockTables.indd 8

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Exc Volume High Low Last Change High Low

Aureus Mng* O 100 Aurgent Gold V 212 AuRico Metals * O 118 Aurion Res V 350 Aurvista Gold V 794 Aurvista Gold* O 87 Auryn Res* O 782 Austin Res V 6429 Avalon Adv Mat T 1600 260 Avalon Adv Mat* O Avarone Metals 664 Avino Silver* X 3681 Avino Silver V 514 Avnel Gold T 462 Avnel Gold T 1369 Avrupa Mnls V 400 AXE Expl V 2767 Axmin Inc V 531 AZ Mining T 577 Azarga Uranium T 22 Azimut Expl V 226 Azincourt Uran* O 53 V 204 Azincourt Uran Azteca Gold* O 381

0.07 0.06 0.07 + 0.01 0.36 0.03 0.11 0.09 0.11 + 0.03 0.11 0.02 0.75 0.71 0.72 + 0.01 0.90 0.34 0.27 0.20 0.23 - 0.02 0.27 0.04 0.15 0.12 0.13 - 0.01 0.16 0.03 0.11 0.10 0.10 - 0.01 0.11 0.02 2.27 1.98 2.18 + 0.13 2.50 0.70 0.04 0.01 0.03 + 0.02 0.04 0.01 0.25 0.22 0.23 - 0.01 0.33 0.10 0.20 0.16 0.18 - 0.00 0.26 0.07 0.08 0.07 0.07 - 0.01 0.14 0.02 2.44 2.04 2.27 - 0.18 2.60 0.71 3.14 2.63 2.95 - 0.16 3.29 1.03 0.33 0.30 0.32 + 0.02 0.36 0.18 0.32 0.31 0.32 - 0.01 0.36 0.18 0.12 0.10 0.12 + 0.01 0.17 0.07 0.04 0.03 0.04 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 1.70 1.57 1.62 - 0.01 1.85 0.22 0.31 0.31 0.31 + 0.01 0.40 0.24 0.42 0.36 0.40 - 0.01 0.44 0.10 0.07 0.04 0.05 + 0.01 0.07 0.02 0.07 0.06 0.06 - 0.01 0.09 0.04 0.01 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 18006 B2Gold T 26712 V 137 Bacanora Mnls Baja Mng V 905 Baja Mng* O 191 Balmoral Res* O 864 Balmoral Res T 1231 Bandera Gold V 2289 Bannerman Res* O 232 Banro T 565 Barisan Gold V 676 Barker Mnrls V 8 O 220 Barkerville Go* Barkerville Go V 1051 Baroyeca Go&Si V 386 Barrick Gold T 21758 Barrick Gold* N 92132 Barsele Min* O 52 Barsele Min V 314 Batero Gold V 293 Battle Mtn Gld V 373 Battle Mtn Gld* O 57 O 75 Bayhorse Silvr* Bayhorse Silvr V 248 Bayswater Uran* O 27 BCM Res V 27 Bear Creek Mng V 530 O 216 Beaufield Res* Beeston Ent* O 159 Bell Copper V 209 Bellhaven Cp&G V 116 Bellhaven Cp&G* O 69 Belmont Res V 357 Belo Sun Mng T 7491 Belvedere Res V 150 Berkeley Egy* O 6 Berkwood Res V 5789 Besra Gold* O 235 Big Wind Cap 18 Bison Gold Res V 36 Black Hills* N 1780 Black Iron T 372 66 Black Isle Res V Black Widow Rs V 333 Blackheath Res V 87 Blind Crk Res V 193 Blue Rvr Res V 1765 107 Blue Sky Uran V BonTerra Res V 597 BonTerra Res* O 35 Brakpan Vents 12 Bravada Gold V 342 Bravada Gold* O 69 Braveheart Res V 27 Bravo Multinat* O 1466 Bravura Vent 50 Brazil Res V 3351 O 649 BrightRock Gld* Britannia Mng* O 329 Brixton Mtls* O 33 Brixton Mtls V 181 Bryn Res* O 79 Buenaventura* N 10518 Buffalo Coal V 119 Bullman Mnls V 36

2.47 2.13 2.41 + 0.21 2.35 0.60 3.20 2.72 3.12 + 0.26 3.06 0.86 1.78 1.58 1.70 + 0.08 2.04 1.16 0.02 0.01 0.02 + 0.01 0.03 0.01 0.01 0.00 0.01 - 0.00 0.03 0.00 0.64 0.58 0.62 + 0.01 0.71 0.23 0.82 0.74 0.80 + 0.02 0.90 0.33 0.02 0.00 0.02 + 0.01 0.01 0.01 0.03 0.03 0.03 - 0.01 0.04 0.01 0.42 0.36 0.38 - 0.01 0.48 0.21 0.03 0.03 0.03 + 0.01 0.05 0.02 0.01 0.00 0.01 - 0.01 0.02 0.01 0.53 0.47 0.50 - 0.00 0.53 0.15 0.66 0.60 0.65 + 0.01 0.69 0.20 0.02 0.01 0.02 + 0.01 0.02 0.01 27.18 24.32 26.65 + 0.84 27.86 7.89 21.08 19.00 20.47 + 0.36 21.40 5.91 0.55 0.50 0.53 - 0.02 0.58 0.05 0.73 0.64 0.67 - 0.03 0.84 0.08 0.18 0.14 0.16 + 0.01 0.18 0.05 0.63 0.56 0.56 - 0.04 0.68 0.09 0.49 0.43 0.43 - 0.04 0.52 0.06 0.14 0.09 0.10 - 0.04 0.14 0.03 0.17 0.13 0.14 - 0.01 0.20 0.05 0.02 0.02 0.02 + 0.00 0.05 0.00 0.25 0.20 0.25 + 0.01 0.32 0.02 2.60 2.28 2.45 - 0.15 2.82 0.50 0.10 0.08 0.10 - 0.01 0.10 0.02 0.00 0.00 0.00 + 0.00 0.02 0.00 0.07 0.04 0.06 + 0.03 0.07 0.01 0.30 0.18 0.26 + 0.06 0.40 0.03 0.22 0.00 0.20 + 0.03 0.33 0.02 0.10 0.07 0.07 - 0.02 0.12 0.02 0.87 0.78 0.84 + 0.01 1.05 0.15 0.07 0.05 0.07 + 0.03 0.09 0.01 0.51 0.46 0.51 + 0.04 0.55 0.31 0.04 0.01 0.02 + 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.10 0.08 0.08 - 0.02 0.10 0.01 0.18 0.12 0.13 + 0.01 0.38 0.12 62.90 60.81 61.88 - 0.32 63.53 36.81 0.05 0.04 0.04 - 0.01 0.06 0.03 0.04 0.03 0.04 + 0.01 0.05 0.03 0.06 0.05 0.05 - 0.02 0.08 0.01 0.13 0.11 0.13 + 0.02 0.30 0.08 0.06 0.00 0.06 + 0.01 0.08 0.03 0.05 0.04 0.05 - 0.01 0.08 0.03 0.31 0.12 0.20 + 0.09 0.12 0.04 0.37 0.34 0.36 + 0.01 0.51 0.09 0.29 0.27 0.28 - 0.01 0.37 0.08 0.05 0.00 0.04 - 0.01 0.06 0.02 0.40 0.30 0.38 + 0.08 0.39 0.02 0.31 0.24 0.29 + 0.05 0.25 0.01 0.07 0.05 0.05 - 0.02 0.08 0.02 0.03 0.02 0.02 - 0.01 0.12 0.02 0.22 0.20 0.22 - 0.01 0.25 0.02 2.33 1.89 2.05 - 0.18 2.49 0.38 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.70 0.56 0.57 - 0.20 0.76 0.03 0.90 0.70 0.75 - 0.20 0.98 0.05 0.01 0.00 0.01 + 0.00 0.01 0.00 11.63 10.12 11.32 + 0.89 11.70 3.30 0.02 0.01 0.02 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.05 0.03

Cadan Res V 281 Cadillac Vent V 229 Caledonia Mng* Q 50 Caledonia Mng T 70 Calibre Mng V 605 Calico Res* O 72 Calico Res V 1464 California Gld* O 43 California Gld V 42 Callinex Mines* O 267 Callinex Mines V 157 Cameco Corp* N 8025 Cameco Corp T 4221 Cameo Res* O 40 Camino Mnls V 194 Camino Mnls* O 1 Canada Coal V 278 Canadian Zeol* O 24 Canadian Zeol V 2413 V 1059 CanAlaska Uran CanAlaska Uran* O 220 Canamex Res* O 807 Canarc Res* Q 979 Canarc Res T 937 Canasil Res V 745 Candelaria Mg V 83 Candente Gold V 110 CaNickel Mng* O 12 CaNickel Mng V 15 Canoe Mng Vent V 546 Canstar Res V 136 Cantex Mn Dev V 128 Canyon Gold* O 479 Cap-Ex Iron V 370 T 2229 Capstone Mng Caracara Silvr V 641 Cardero Res* O 41 Cariboo Rose V 155 Carpathian Gld 17016 Carpathian Gld* O 608 Cartier Iron 613 Cartier Res V 189 Casablanca Mng* O 18 Cascadero Copp V 987 Castle Mtn Mng V 1514 Castle Peak Mg V 1217 Caza Gold* O 32 Caza Gold V 67 CB Gold V 71 Cda Carbon* O 59 Cda Carbon V 473 Cda Rare Earth V 247 Cda Rare Earth* O 129 Cda Strtgc Met V 1247 Cda Strtgc Met * O 15 Cdn Intl Mnrls V 1470 Cdn Metals 292 Cdn Zinc T 1518 Cdn Zinc* Q 365 Centamin T 154 Centaurus Diam* O 24 Centenera Mng V 81

0.08 0.07 0.07 - 0.01 0.09 0.03 0.04 0.04 0.04 + 0.01 0.04 0.01 1.03 0.95 0.95 - 0.06 1.12 0.48 1.31 1.20 1.23 - 0.04 1.45 0.66 0.15 0.13 0.14 - 0.01 0.16 0.06 0.10 0.08 0.09 - 0.01 0.12 0.05 0.12 0.11 0.12 + 0.01 0.16 0.06 0.49 0.48 0.48 - 0.00 0.55 0.48 0.63 0.62 0.62 - 0.02 1.80 0.20 0.33 0.28 0.30 - 0.03 0.44 0.17 0.42 0.37 0.37 - 0.03 0.54 0.23 11.52 10.81 10.84 - 0.35 14.97 10.31 14.69 14.01 14.11 - 0.28 19.32 14.16 0.04 0.04 0.04 - 0.00 0.08 0.02 0.16 0.14 0.14 - 0.03 0.21 0.07 0.12 0.11 0.11 - 0.01 0.15 0.05 0.04 0.03 0.04 + 0.01 0.05 0.01 0.21 0.10 0.21 + 0.11 0.17 0.06 0.30 0.15 0.28 + 0.12 0.25 0.06 0.97 0.75 0.94 + 0.19 0.81 0.09 0.75 0.58 0.64 + 0.06 0.65 0.06 0.04 0.04 0.04 + 0.00 0.05 0.02 0.07 0.06 0.06 - 0.00 0.12 0.03 0.09 0.08 0.08 - 0.01 0.15 0.04 0.44 0.38 0.40 + 0.01 0.44 0.03 0.18 0.14 0.18 + 0.02 0.21 0.06 0.04 0.00 0.04 + 0.01 0.05 0.01 0.08 0.06 0.07 - 0.00 0.09 0.01 0.09 0.00 0.08 - 0.01 0.14 0.03 0.04 0.03 0.04 - 0.01 0.09 0.02 0.09 0.08 0.09 + 0.01 0.12 0.03 0.08 0.00 0.08 + 0.01 0.10 0.03 0.20 0.05 0.07 - 0.11 0.54 0.02 0.06 0.04 0.05 - 0.01 0.06 0.01 0.73 0.66 0.70 + 0.05 1.26 0.27 0.02 0.01 0.02 + 0.01 0.02 0.01 0.16 0.14 0.15 + 0.01 0.17 0.05 0.07 0.07 0.07 + 0.02 0.08 0.03 0.09 0.07 0.08 + 0.01 0.09 0.01 0.06 0.05 0.06 + 0.01 0.07 0.00 0.10 0.05 0.09 + 0.04 0.10 0.01 0.13 0.11 0.13 + 0.01 0.16 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.12 0.02 0.74 0.64 0.68 - 0.02 0.78 0.18 0.05 0.03 0.05 + 0.02 0.05 0.01 0.06 0.02 0.02 - 0.03 0.06 0.01 0.05 0.04 0.04 - 0.01 0.07 0.02 0.13 0.10 0.13 + 0.02 0.15 0.03 0.22 0.22 0.22 - 0.01 0.28 0.18 0.30 0.28 0.29 - 0.01 0.42 0.23 0.04 0.03 0.04 + 0.01 0.04 0.02 0.03 0.02 0.02 + 0.00 0.03 0.01 0.11 0.10 0.11 + 0.02 0.13 0.03 0.08 0.00 0.08 + 0.02 0.07 0.01 0.06 0.05 0.05 - 0.01 0.13 0.01 0.30 0.25 0.29 - 0.03 0.44 0.06 0.32 0.27 0.28 - 0.01 0.34 0.06 0.24 0.21 0.21 - 0.02 0.26 0.04 2.15 1.97 2.11 + 0.04 2.30 1.07 0.25 0.20 0.25 + 0.03 0.34 0.01 0.29 0.24 0.24 - 0.04 0.29 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Centenera Mng* O 8 0.22 0.22 0.22 + 0.01 0.22 0.02 Centerra Gold T 5036 7.77 6.78 7.61 + 0.60 8.67 5.51 Century Global T 4 0.23 0.00 0.23 - 0.06 0.36 0.15 Chalice Gold M T 82 0.20 0.15 0.16 - 0.01 0.21 0.09 Champion Bear V 128 0.10 0.09 0.10 + 0.01 0.15 0.03 Champion Bear* O 126 0.08 0.07 0.08 + 0.01 0.08 0.02 Champion Iron T 445 0.25 0.21 0.23 - 0.01 0.30 0.09 Champion Iron* O 27 0.19 0.18 0.19 + 0.01 0.23 0.09 Chantrell Vent V 105 0.18 0.12 0.15 - 0.03 0.18 0.06 Chesapeake Gld* O 295 4.11 3.01 3.93 + 1.21 3.74 1.05 Chesapeake Gld V 698 5.49 3.86 5.10 + 1.54 4.86 1.39 Chevron* N 33180 104.45 101.17 101.90 + 0.33 104.45 69.58 Chiboug Ind Mn V 146 0.11 0.00 0.07 - 0.04 0.15 0.03 Chieftain Mtls V 139 0.22 0.13 0.21 + 0.06 0.18 0.03 Chilean Metals V 206 0.15 0.00 0.15 + 0.02 0.15 0.02 Chilean Metals* O 176 0.12 0.10 0.12 + 0.02 0.12 0.00 2.41 2.19 2.38 + 0.13 2.72 1.52 China Gold Int T 1531 China Mnls Mng* O 146 0.01 0.01 0.01 - 0.00 0.01 0.00 0.06 + 0.00 0.15 0.03 Cibolan Gold* O 23 0.06 0.06 Cicada Vents V 22 0.01 0.01 0.01 + 0.01 0.02 0.01 CIM Intl Grp 65 1.31 1.16 1.16 - 0.14 1.50 1.15 0.08 - 0.01 0.18 0.06 CKR Carbon V 440 0.10 0.08 Claim Post Res V 100 0.03 0.03 0.03 - 0.02 0.06 0.01 Clear Mtn Res V 133 0.19 0.10 0.19 + 0.08 0.40 0.10 Clifton Mng* O 460 0.14 0.11 0.13 + 0.01 0.18 0.05 2.13 1.89 1.92 - 0.13 5.22 1.08 Cloud Peak En* N 10589 CMC Metals V 119 0.14 0.11 0.13 + 0.02 0.42 0.05 CMC Metals* O 35 0.08 0.08 0.08 + 0.01 0.10 0.07 29491 10.22 8.93 9.95 + 0.65 9.78 1.62 Coeur Mng* N Colibri Res V 60 0.21 0.17 0.19 + 0.01 0.21 0.02 O 120 0.01 0.00 0.01 + 0.00 0.01 0.00 Colombia Crest* V 21 0.08 0.06 0.08 + 0.01 0.09 0.02 Colombian Mins Colonial Coal V 784 0.12 0.10 0.12 - 0.01 0.18 0.02 0.32 - 0.03 0.38 0.02 Colorado Res* O 184 0.37 0.32 Colorado Res V 1071 0.47 0.41 0.42 - 0.03 0.48 0.05 Colt Res V 181 0.07 0.00 0.07 + 0.01 0.24 0.06 O 400 0.55 0.48 0.50 - 0.01 0.58 0.23 Columbus Gold* Columbus Gold T 337 0.71 0.61 0.65 - 0.01 0.75 0.31 V 946 0.07 0.00 0.06 - 0.01 0.07 0.01 Commander Res Commerce Res* O 112 0.08 0.06 0.06 - 0.02 0.10 0.04 V 1920 0.10 0.07 0.07 - 0.02 0.13 0.06 Commerce Res X 1585 0.42 0.34 0.36 - 0.00 0.70 0.33 Comstock Mng* Comstock Mtls V 213 0.21 0.18 0.18 - 0.02 0.25 0.05 57 0.16 0.14 0.14 + 0.00 0.20 0.10 Comstock Mtls * O Condor Res V 523 0.11 0.09 0.11 - 0.01 0.12 0.02 Confedertn Mls V 854 0.08 0.06 0.07 - 0.01 0.09 0.02 O 171 0.06 0.05 0.05 - 0.01 0.06 0.01 Confedertn Mls* Conquest Res V 145 0.03 0.03 0.03 + 0.01 0.04 0.01 CONSOL Energy* N 22487 15.50 14.33 14.58 + 0.28 23.52 4.54 Constant Mtl V 462 0.10 0.08 0.10 + 0.01 0.17 0.05 2.57 + 0.14 2.57 0.88 Contintl Gold* O 93 2.84 2.35 Contintl Gold T 2046 3.59 2.96 3.34 + 0.19 3.29 1.28 Contintl Prec* O 1 0.20 0.20 0.20 - 0.06 0.28 0.18 0.30 - 0.02 0.38 0.25 Contintl Prec T 41 0.31 0.30 Copper Ck Gold V 95 0.07 0.07 0.07 - 0.02 0.10 0.05 51 0.39 0.36 0.39 + 0.03 1.01 0.23 Copper Mtn Mng* O 0.51 0.47 0.48 + 0.01 1.27 0.33 Copper Mtn Mng T 1359 Copper North M* O 3 0.11 0.00 0.11 + 0.01 0.11 0.10 0.03 + 0.01 0.15 0.03 Copper One V 12 0.03 0.00 Copperbank Res* O 31 0.06 0.04 0.04 - 0.01 0.06 0.01 Copperbank Res 428 0.06 0.04 0.04 - 0.02 0.07 0.03 0.31 + 0.11 0.38 0.05 Coral Gold V 1593 0.38 0.20 Cordoba Mnls V 279 0.67 0.60 0.62 - 0.03 1.00 0.10 0.15 + 0.02 0.21 0.03 Corex Gold V 568 0.15 0.13 Cornerstone Ca* O 155 0.04 0.03 0.04 - 0.00 0.06 0.01 V 612 0.04 0.03 0.04 + 0.01 0.04 0.01 Cornerstone Mt 0.10 - 0.01 0.21 0.02 Coro Mining T 2973 0.12 0.10 Coronet Mtls* O 275 0.23 0.18 0.23 - 0.00 0.23 0.02 0.06 - 0.01 0.11 0.02 Corsa Coal V 184 0.07 0.06 Corvus Gold T 157 1.07 0.86 0.89 - 0.13 1.12 0.33 Corvus Gold* O 77 0.83 0.67 0.71 - 0.10 0.89 0.25 0.49 - 0.11 0.82 0.06 Cougar Mnls V 197 0.60 0.48 Crazy Horse Res V 990 0.03 0.02 0.02 + 0.01 0.07 0.01 Cresval Cap V 34 0.05 0.04 0.04 - 0.01 0.06 0.01 Critical Elem* O 162 0.51 0.46 0.46 - 0.04 0.58 0.10 0.63 - 0.02 0.75 0.14 Critical Elem V 1400 0.65 0.58 Crown Mining V 370 0.13 0.11 0.11 - 0.01 0.20 0.03 Cruz Cap Corp* O 10 0.34 0.26 0.34 + 0.14 0.34 0.20 259 0.39 0.33 0.33 - 0.02 0.42 0.13 Crystal Pk Min V Crystal Pk Min* O 103 0.31 0.26 0.26 + 0.01 0.32 0.11 0.00 + 0.00 0.01 0.00 Cyclone Uran* O 1217 0.00 0.00 0.11 - 0.02 0.16 0.01 Cypress Dev* O 92 0.13 0.11 Cypress Dev V 225 0.16 0.14 0.14 - 0.01 0.20 0.02 0.06 - 0.01 0.19 0.06 Cyprium Mng V 682 0.07 0.06

D-F Dajin Res V 647 Dajin Res* O 1464 Dakota Ter Res* O 13 Daleco Res* O 7 Dalradian Res* O 301 Dalradian Res T 3111 Damara Gold V 157 Danakali* O 152 Darnley Bay V 564 Debut Dmds 36 Decade Res* O 308 Decade Res V 1418 Defiance Silvr V 560 Defiance Silvr* O 199 Denison Mines T 1601 Denison Mines* X 1255 Desert Gold V 25 Detour Gold T 4421 Diamante Min* O 80 Diamcor Mng* O 86 Diamcor Mng V 112 Diamond Fields V 23 Discovery Harb V 574 Ditem Explor* O 31 DNI Metals* O 136 Dolly Vard Sil* O 42 Dolly Vard Sil V 177 Dominion Diam T 695 Dominion Diam* N 1206 Double Crn Res* O 4111 DRDGOLD* N 1881 Dundee Prec Mt T 3553 Dunnedin Vent* O 6 Duran Vent V 218 Duran Vent * O 64 DuSolo Fertil V 1102 DuSolo Fertil* O 525 DV Resources V 110 Dynacor Gld Mn T 197 DynaResource* O 15 Dynasty Met&Mn* O 91 Dynasty Met&Mn T 736 Eagle Graphite V 1022 Eagle Graphite* O 225 Eagle Plains V 1305 East Africa * O 11 East Asia Mnls V 282 Eastern Platin* O 31 Eastern Platin T 133 Eastfield Res V 133 Eco Oro Mnls T 140 Ecuador Gold V 23 V 171 Edgewater Expl El Capitan Prc* O 3732 El Nino Vent* O 40 Elcora Res V 266 Elcora Res* O 40 Eldorado Gold* N 31724 Eldorado Gold T 19147 Electra Stone V 357 Eloro Mnrls V 108 Ely Gold & Mnl V 687 Ely Gold & Mnl* O 355 Elysee Dev V 27 Emerita Res V 845 Emgold Mng V 114 Encanto Potash* O 69 Encanto Potash V 3159 Endeavour Mng T 2534

0.21 0.19 0.19 + 0.01 0.30 0.06 0.17 0.14 0.14 - 0.00 0.24 0.04 0.19 0.00 0.12 - 0.08 0.20 0.05 0.04 0.00 0.03 - 0.01 0.10 0.01 0.88 0.74 0.82 + 0.04 1.04 0.45 1.16 0.95 1.06 + 0.06 1.32 0.62 0.10 0.04 0.05 + 0.01 0.12 0.04 0.28 0.00 0.28 - 0.01 0.36 0.17 0.15 0.11 0.14 + 0.04 0.18 0.01 0.03 0.00 0.03 + 0.01 0.03 0.01 0.10 0.08 0.09 - 0.01 0.10 0.00 0.12 0.10 0.12 + 0.01 0.13 0.01 0.36 0.29 0.32 - 0.04 0.37 0.06 0.27 0.23 0.24 - 0.05 0.29 0.04 0.75 0.70 0.71 - 0.03 0.97 0.48 0.59 0.54 0.54 - 0.03 0.79 0.35 0.14 0.14 0.14 + 0.05 0.35 0.08 32.71 28.85 32.67 + 2.64 32.81 10.62 0.44 0.40 0.44 + 0.01 0.85 0.17 0.87 0.82 0.85 - 0.02 1.11 0.46 1.17 1.05 1.12 + 0.07 1.38 0.65 0.02 0.00 0.02 - 0.01 0.03 0.01 0.03 0.02 0.02 + 0.01 0.06 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.03 0.03 - 0.00 0.10 0.03 0.35 0.29 0.34 + 0.05 0.38 0.08 0.46 0.38 0.45 + 0.04 0.48 0.11 12.53 11.88 12.09 - 0.31 18.74 9.96 9.79 9.17 9.27 - 0.33 15.14 7.27 0.02 0.01 0.01 + 0.00 0.02 0.01 5.52 4.90 5.48 + 0.17 6.05 1.10 3.31 2.84 3.05 - 0.25 3.47 0.84 0.04 0.04 0.04 + 0.01 0.06 0.04 0.11 0.10 0.10 - 0.02 0.20 0.07 0.08 0.07 0.08 - 0.01 0.09 0.07 0.04 0.03 0.03 - 0.01 0.22 0.03 0.03 0.03 0.03 + 0.00 0.18 0.02 0.04 0.03 0.04 + 0.01 0.06 0.03 2.12 2.01 2.02 - 0.09 2.32 1.30 1.50 1.35 1.50 + 0.10 2.00 0.80 0.10 0.10 0.10 + 0.00 0.56 0.08 0.15 0.14 0.15 + 0.02 0.68 0.10 0.05 0.05 0.05 + 0.01 0.08 0.02 0.04 0.00 0.03 - 0.01 0.07 0.01 0.17 0.16 0.16 - 0.01 0.17 0.05 0.13 0.12 0.12 - 0.01 0.13 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.85 0.79 0.81 - 0.03 1.35 0.47 1.06 0.96 0.99 - 0.08 1.69 0.61 0.04 0.03 0.04 + 0.01 0.05 0.02 0.33 0.28 0.29 - 0.05 0.70 0.25 0.38 0.34 0.34 - 0.04 0.48 0.10 0.04 0.03 0.03 - 0.01 0.04 0.01 0.06 0.04 0.05 - 0.02 0.10 0.03 0.04 0.02 0.04 + 0.02 0.04 0.00 0.45 0.35 0.38 + 0.03 0.75 0.15 0.34 0.29 0.30 + 0.04 0.55 0.20 4.63 4.03 4.40 + 0.23 5.16 1.87 6.00 5.16 5.73 + 0.37 6.65 2.67 0.07 0.06 0.06 - 0.01 0.14 0.04 0.31 0.24 0.31 + 0.02 0.33 0.09 0.13 0.09 0.13 - 0.02 0.17 0.03 0.11 0.07 0.09 - 0.02 0.12 0.02 0.25 0.24 0.25 + 0.02 0.27 0.17 0.10 0.08 0.09 - 0.01 0.17 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.09 0.08 0.09 + 0.01 0.14 0.03 0.11 0.10 0.11 - 0.01 0.18 0.05 21.50 19.51 21.33 + 0.84 22.83 4.35

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 104 Endeavour Mng* N 8601 Endeavr Silver* Endeavr Silver T 1060 Energizer Res T 630 O 220 Energizer Res* Energy Fuels T 608 Energy Fuels* X 5005 Engold Mines V 535 Ensurge* O 122 Entree Gold T 602 Entree Gold* X 720 Equitas Res* O 475 Equitas Res V 2498 Equitorial Ex V 924 8 V Era Res Inc 28 Erdene Res Dev* O 294 Erdene Res Dev T 404 Eros Res Corp V 404 Eros Res Corp V Ethos Gold V 358 Ethos Gold* O 180 Eurasian Mnls V 36 X 180 Eurasian Mnls* Eureka Res V 97 O 25 EurOmax Res* EurOmax Res V 267 O 828 European Metal* 66 Europn Uran Rs V Everest Vent V 91 Everton Res* O 150 Evolving Gold 327 O 11 Evolving Gold* O 535 Excalibur Res* Excellon Res T 739 Excellon Res* O 134 O 103 Excelsior Mng* Exeter Res T 235 Exeter Res* X 751 Explor Res* O 430 Explorex Res 162 Fairmont Res V 2187 Falco Res V 4152 Far Res 690 Finlay Minrls V 432 2 Fire River Gol* O O 167 Firma Holdings* First Liberty* O 531 First Majestic T 3756 First Majestic* N 24121 V 11558 First Mg Fin First Mg Fin * O 7169 First Point T 96 First Quantum T 28375 Fission Uran T 2238 Fission Uran* O 1938 Fjordland Exp V 1702 Flinders Res* O 108 Flinders Res V 133 V 1172 Focus Graphite O 75 Focus Graphite* T 672 Formation Mtls O 33 Fortescue Mtls* Fortuna Silvr T 3573 Fortuna Silvr* N 4268 Fortune Bay T 62 O 351 Fortune Mnrls* O 11 Forum Uranium* V 87 Forum Uranium Four River V 28 353 Fox River Res N 5617 Franco-Nevada* Franco-Nevada T 3251 Franklin Mng* O 6 Freegold Vent T 241 191449 N Freeport McMo* 4 Fresnillo plc* O Frontline Gold V 2905 75 Full Metal Mnl V Fura Emeralds V 119

16.36 + 0.47 17.75 4.40 16.60 15.33 1.00 3.78 + 0.12 4.28 3.93 3.53 1.46 4.91 + 0.21 5.36 5.10 4.52 0.03 0.01 0.13 + 0.08 0.09 0.08 0.03 0.06 + 0.00 0.10 0.06 0.06 2.47 3.08 - 0.35 6.59 3.51 2.98 1.81 2.36 - 0.30 5.35 2.74 2.29 0.02 0.05 - 0.01 0.08 0.05 0.04 0.01 0.03 + 0.00 0.09 0.03 0.03 0.25 0.37 - 0.03 0.53 0.42 0.36 0.17 0.29 - 0.02 0.40 0.32 0.27 0.02 0.06 - 0.01 0.17 0.07 0.06 0.05 0.08 - 0.01 0.22 0.09 0.07 0.02 0.05 - 0.01 0.13 0.05 0.05 0.45 0.33 0.40 + 0.07 0.50 0.09 0.27 0.25 0.25 - 0.01 0.42 0.08 0.35 0.32 0.33 - 0.02 0.55 0.11 0.18 0.17 0.17 - 0.01 0.20 0.09 0.18 0.17 0.17 - 0.01 0.20 0.09 0.11 0.31 + 0.01 0.34 0.35 0.27 0.09 0.27 + 0.05 0.27 0.27 0.21 0.48 1.05 - 0.06 1.34 1.19 1.03 0.35 0.83 - 0.04 1.03 0.93 0.83 0.04 0.10 - 0.01 0.13 0.10 0.09 0.15 0.33 + 0.00 0.46 0.36 0.33 0.21 0.47 + 0.04 0.62 0.47 0.43 0.00 0.00 - 0.00 0.01 0.00 0.00 0.23 0.00 0.21 + 0.02 0.27 0.05 0.09 0.87 + 0.21 0.95 0.95 0.66 0.00 0.06 + 0.01 0.07 0.06 0.04 0.02 0.32 - 0.13 0.46 0.46 0.31 0.02 0.31 - 0.00 0.35 0.35 0.29 0.00 0.04 + 0.01 0.06 0.04 0.03 0.20 1.19 + 0.08 1.40 1.33 1.08 0.14 0.94 + 0.05 1.13 1.01 0.85 0.12 0.28 - 0.02 0.31 0.30 0.28 0.39 1.16 - 0.03 1.34 1.24 1.06 0.29 0.90 - 0.02 1.07 0.95 0.82 0.03 0.11 + 0.01 0.18 0.11 0.09 0.05 0.12 + 0.01 0.19 0.13 0.11 0.02 0.17 - 0.03 0.23 0.23 0.16 0.21 0.93 - 0.26 1.25 1.25 0.88 0.02 0.09 - 0.01 0.15 0.10 0.09 0.02 0.04 - 0.01 0.05 0.05 0.04 0.00 0.00 0.00 + 0.00 0.77 0.00 0.02 0.04 - 0.00 0.25 0.05 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 16.98 + 0.89 17.56 3.50 17.28 15.17 13.07 + 0.82 13.57 2.40 13.33 11.87 0.76 0.66 0.72 - 0.03 0.84 0.25 0.61 0.51 0.55 - 0.03 0.67 0.19 0.04 0.09 - 0.01 0.10 0.10 0.08 9.95 8.37 8.85 + 0.08 18.10 2.15 0.53 0.68 - 0.03 1.10 0.71 0.66 0.39 0.51 - 0.02 0.87 0.57 0.51 0.01 0.10 + 0.03 0.09 0.10 0.06 0.09 0.40 - 0.00 0.47 0.43 0.38 0.12 0.47 - 0.04 0.60 0.55 0.45 0.07 0.11 - 0.01 0.30 0.13 0.11 0.04 0.08 - 0.01 0.23 0.10 0.08 0.09 0.48 - 0.04 0.63 0.55 0.45 1.00 0.12 2.80 2.55 + 2.67 0.00 2.65 8.17 + 0.02 8.95 8.56 7.70 2.00 6.29 + 0.07 6.87 6.62 6.01 0.25 0.31 - 0.02 0.43 0.32 0.00 0.01 0.07 - 0.01 0.11 0.09 0.07 0.03 0.08 - 0.00 0.14 0.10 0.00 0.04 0.11 - 0.01 0.20 0.12 0.11 0.05 0.35 - 0.02 0.39 0.37 0.00 0.05 0.00 0.05 - 0.01 0.06 0.03 38.20 72.43 + 1.89 72.88 72.86 67.75 49.96 94.05 + 3.23 95.06 94.47 86.55 0.00 0.00 + 0.00 0.00 0.00 0.00 0.05 0.19 + 0.01 0.27 0.21 0.18 10.58 - 0.56 20.66 3.52 11.93 10.51 19.45 0.00 19.25 + 1.44 18.24 8.70 0.01 0.03 + 0.01 0.03 0.03 0.02 0.06 0.00 0.06 + 0.02 0.07 0.02 0.08 0.14 - 0.01 0.25 0.15 0.14

Gabriel Res T 444 Galantas Gold V 56 Galway Gold V 371 Galway Mtls V 334 Galway Mtls* O 26 54 Garibaldi Res * O Garibaldi Res V 940 GB Minerals V 13 Gear Intl* O 3540 382 V Gem Intl Res General Moly T 5 General Moly* X 368 Genesis Mtls V 278 Genius Props 544 O 1 Geodex Mnrls* Geodex Mnrls V 1 O 83 Geologix Expl* Geomega Res V 269 Gespeg Cop Res V 1466 Getty Copper V 276 GFK Res V 109 Gitennes Expl V 360 Giyani Gold V 1366 Giyani Gold* O 61 O 49 Gldn Predator* Gldn Predator V 670 643 Glen Eagle Res V Glencore Plc* O 1644 Global Gold* O 125 O 10 Global Hunter* Globex Mng* O 32 Globex Mng T 492 GMCI Corp* O 1 GMV Minerals V 193 O 96 GMV Minerals* V 400 GobiMin GoGold Res T 1432 Gold & Silver* O 1285 419 Gold Bulln Dev* O Gold Bulln Dev V 1915 O 463 Gold Dynamics* 27262 Gold Fields* N 331 Gold Jub Cap V Gold Lakes* O 1 708 Gold Mng USA* O 127 Gold Reach Res V Gold Reserve* O 71 Gold Reserve V 40 X 8350 Gold Resource* Gold Std Vents V 1085 Gold Std Vents* X 3316 V 24 Goldbank Mng Goldcliff Res V 1214 T 15083 Goldcorp Goldcorp* N 49907 Golden Arrow V 1784 12 Golden Dawn Ml* O Golden Dawn Ml V 2402 V 3863 Golden Goliath O 251 Golden Goliath* Golden Hope* O 12 Golden Hope V 88 Golden Matrix* O 3465 Golden Mnls* X 3643 Golden Mnls T 369 701 Golden Peak Mn V O 487 Golden Queen* Golden Queen T 188 Golden Reign V 751 Golden Secret V 604 28 Golden Sh Mng V Golden Star T 481 Golden Star* X 6901 Golden Tag V 66

0.12 0.44 + 0.04 0.48 0.45 0.38 0.07 0.15 - 0.01 0.18 0.16 0.13 0.04 0.07 + 0.01 0.10 0.07 0.06 0.09 0.13 - 0.02 0.18 0.15 0.13 0.06 0.10 - 0.01 0.12 0.12 0.10 0.09 0.07 0.07 - 0.01 0.13 0.03 0.05 0.10 + 0.01 0.18 0.11 0.09 0.02 0.09 - 0.01 0.12 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.15 0.12 0.14 + 0.01 0.15 0.04 0.22 0.51 - 0.04 0.86 0.52 0.51 0.15 0.37 + 0.02 0.80 0.40 0.34 0.05 0.02 0.23 0.17 - 0.19 0.17 0.02 0.03 - 0.01 0.09 0.04 0.03 0.05 0.07 - 0.00 0.07 0.07 0.00 0.05 0.09 + 0.01 0.20 0.09 0.00 0.01 0.05 - 0.01 0.08 0.06 0.05 0.06 0.17 - 0.02 0.23 0.20 0.16 0.04 0.03 0.04 + 0.01 0.05 0.02 0.02 0.02 - 0.01 0.04 0.02 0.00 0.03 0.09 - 0.02 0.14 0.10 0.09 0.01 0.04 + 0.02 0.04 0.04 0.03 0.06 0.11 + 0.03 0.11 0.12 0.06 0.02 0.05 + 0.00 0.09 0.06 0.04 0.06 0.75 + 0.01 0.79 0.79 0.71 0.07 0.97 + 0.03 1.01 1.03 0.90 0.12 0.09 0.12 + 0.02 0.16 0.03 1.95 3.72 - 0.27 8.70 4.48 3.70 0.00 0.02 + 0.00 0.05 0.02 0.02 0.01 0.04 + 0.00 0.04 0.04 0.04 0.13 0.28 - 0.03 0.38 0.32 0.28 0.17 0.37 - 0.03 0.51 0.40 0.34 0.20 2.50 + 0.10 2.51 2.51 0.00 0.05 0.32 + 0.03 0.34 0.34 0.29 0.06 0.26 + 0.04 0.22 0.26 0.22 0.27 0.45 - 0.02 0.47 0.47 0.45 0.94 1.18 + 0.01 1.65 1.21 1.12 0.01 0.01 0.01 - 0.00 3120.00 0.00 0.07 0.06 0.06 - 0.01 0.11 0.01 0.09 0.08 0.08 - 0.01 0.16 0.02 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 4.64 + 0.33 4.76 4.80 4.06 0.16 0.14 0.16 + 0.01 0.28 0.07 0.03 0.54 + 0.14 1.25 0.54 0.00 0.02 0.01 0.01 + 0.00 0.19 0.01 0.19 0.17 0.17 - 0.01 0.22 0.08 2.19 4.19 - 0.30 5.90 4.60 4.00 3.06 5.42 - 0.38 8.00 5.84 5.15 1.14 3.45 + 0.11 3.88 3.75 3.12 2.42 2.07 2.31 + 0.05 2.45 0.40 1.88 1.62 1.78 + 0.02 1.89 0.26 0.03 0.11 - 0.03 0.16 0.16 0.11 0.01 0.03 + 0.01 0.03 0.03 0.02 13.55 23.89 + 0.92 25.35 24.63 22.21 18.38 + 0.50 20.24 9.46 19.01 17.36 0.17 0.71 + 0.01 0.83 0.73 0.65 0.14 0.13 0.14 + 0.00 0.14 0.06 0.19 0.15 0.18 - 0.01 0.21 0.07 0.01 0.05 - 0.02 0.14 0.08 0.05 0.00 0.03 - 0.02 0.10 0.06 0.03 0.12 0.17 + 0.01 0.50 0.19 0.16 0.16 0.22 - 0.01 0.64 0.25 0.00 0.01 0.00 0.00 + 0.00 3000.00 0.00 0.13 0.55 - 0.04 0.94 0.64 0.50 0.19 0.70 - 0.03 1.22 0.81 0.63 0.08 0.05 0.05 - 0.03 0.09 0.05 0.48 1.27 - 0.04 1.56 1.37 1.22 0.65 1.68 - 0.01 2.00 1.74 1.58 0.07 0.28 - 0.03 0.34 0.32 0.23 0.02 0.57 + 0.10 0.67 0.58 0.49 0.03 0.26 0.04 + 0.20 0.21 0.17 0.21 0.81 + 0.03 1.05 0.85 0.74 0.14 0.63 + 0.02 0.84 0.66 0.59 0.02 0.06 + 0.01 0.09 0.06 0.06

G-H

2016-06-28 5:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 4â&#x20AC;&#x201C;10, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Valley V 940 Goldex Res V 29 Goldgroup Mng T 3206 Goldgroup Mng* O 2353 GoldON Res V 35 Goldrea Res* O 12 Goldrea Res 419 Goldsource Min* O 1259 Goldsource Min V 1707 Goldstar Mnls V 63 Goldstrike Res V 3141 Gowest Gold* O 216 GPM Metals V 954 Gran Colombia T 1684 Gran Colombia* O 2375 Graphite Corp* O 242 Graphite One V 3859 Graphite One* O 1131 Gray Rock Res V 85 Great Atlantic V 710 22 Great Bear Res V Great Lakes Gr* O 405 Great Panther T 1575 Great Panther* X 5466 Great Thunder V 744 Great Western* O 106 Green Swan Cap V 1011 V 40 Greencastle Rs Greenland M&En* O 289 Grizzly Discvr V 321 Grizzly Gold* O 347 GTA Res & Mng V 177 Gungnir Res* O 300 Gungnir Res V 372 Gunpoint Expl V 53 Guyana Gldflds T 4933 Handa Copper V 492 Handeni Gold* O 2 Happy Ck Mnrls V 259 54 Hard Creek Ni V N 26439 Harmony Gold* Hawkeye Gld&Di V 218 V 85 Heatherdale Rs Hecla Mining* N 43881 Helio Res V 371 Hellix Vent* O 243 Highbank Res V 166 Highland Copp V 80 Highway 50 Gld V 29 29 Highway 50 Gld* O Hinterland Mtl V 13251 Hochschild Mg* O 29 V 4650 Homestake Res Homestake Res* O 312 55 Honey Badger E V T 60 Horizonte Mnls Houston Lake V 198 HudBay Mnls* N 1492 HudBay Mnls T 7786 Hudson Res* O 12 Hudson Res V 40 Hunt Mng V 57 Hunt Mng* O 41

0.31 0.27 0.29 + 0.03 0.32 0.07 0.65 0.48 0.65 + 0.17 0.65 0.10 0.30 0.21 0.25 + 0.02 0.28 0.05 0.24 0.16 0.19 + 0.01 0.21 0.03 0.25 0.00 0.20 + 0.02 0.36 0.03 0.08 0.07 0.07 + 0.01 0.08 0.02 0.09 0.00 0.09 + 0.01 0.11 0.02 0.39 0.35 0.38 - 0.01 0.39 0.11 0.49 0.45 0.49 - 0.01 0.49 0.13 0.05 0.00 0.04 - 0.01 0.07 0.01 0.27 0.17 0.17 - 0.11 0.34 0.07 0.08 0.07 0.08 + 0.00 0.10 0.04 0.43 0.37 0.41 + 0.02 0.44 0.08 0.10 0.09 0.10 + 0.01 0.32 0.06 0.08 0.06 0.08 + 0.00 0.26 0.04 0.01 0.01 0.01 - 0.00 0.02 0.00 0.12 0.10 0.11 - 0.01 0.18 0.07 0.09 0.07 0.08 - 0.01 0.14 0.05 0.09 0.04 0.04 - 0.05 0.09 0.02 0.07 0.05 0.07 + 0.01 0.14 0.03 0.35 0.26 0.28 + 0.03 0.35 0.05 0.06 0.05 0.06 + 0.00 0.09 0.04 2.22 1.85 2.05 + 0.02 2.82 0.40 1.72 1.44 1.58 + 0.03 2.25 0.30 0.10 0.08 0.09 - 0.01 0.24 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.08 0.08 - 0.04 0.14 0.01 0.11 0.10 0.11 + 0.01 0.11 0.05 0.03 0.02 0.03 + 0.01 0.17 0.00 0.06 0.06 0.06 - 0.01 0.10 0.01 0.18 0.08 0.16 + 0.06 0.20 0.01 0.07 0.06 0.07 + 0.01 0.08 0.02 0.03 0.02 0.02 + 0.00 0.04 0.00 0.04 0.04 0.04 + 0.01 0.05 0.01 0.30 0.26 0.30 + 0.05 0.30 0.13 10.35 9.04 10.11 + 0.71 10.00 2.48 0.05 0.00 0.04 - 0.01 0.07 0.03 0.16 0.00 0.12 - 0.06 0.18 0.12 0.18 0.16 0.16 - 0.02 0.19 0.08 0.03 0.03 0.03 + 0.01 0.08 0.01 3.75 3.15 3.62 + 0.14 4.19 0.53 0.08 0.06 0.08 + 0.01 0.10 0.03 0.05 0.04 0.05 - 0.01 0.05 0.01 4.85 4.35 4.72 + 0.22 4.75 1.45 0.07 0.06 0.06 - 0.01 0.08 0.02 0.02 0.02 0.02 + 0.00 0.06 0.00 0.06 0.05 0.06 + 0.01 0.21 0.04 0.08 0.00 0.08 - 0.01 0.18 0.07 0.24 0.19 0.24 - 0.01 0.25 0.05 0.19 0.16 0.19 - 0.00 0.19 0.05 0.12 0.03 0.06 + 0.03 0.12 0.01 2.35 2.24 2.33 + 0.05 2.44 0.59 0.16 0.14 0.16 + 0.01 0.16 0.01 0.13 0.00 0.13 + 0.01 0.12 0.01 0.04 0.03 0.04 - 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.06 0.02 0.31 0.29 0.29 - 0.02 0.40 0.13 5.33 4.54 4.60 - 0.39 9.03 1.56 6.81 5.90 5.98 - 0.46 11.15 2.26 0.33 0.32 0.33 + 0.01 0.41 0.26 0.44 0.42 0.43 - 0.02 0.55 0.34 0.25 0.15 0.19 - 0.09 0.35 0.02 0.22 0.14 0.14 - 0.08 0.22 0.01

I-Minerals V 50 I-Minerals* O 10 50933 IAMGOLD* N IAMGOLD T 18827 IC Potash* O 87 IC Potash T 295 Iconic Mnls V 1058 Idaho North* O 50 IDM Mining* O 177 IDM Mining V 17721 IEMR Res V 259 IMPACT Silver V 718 O 326 Impala Platnm* Imperial Metal* O 4 167 Imperial Metal T Independence G* O 389 Independence G V 4117 Indigo Expl V 134 Infrastructure* O 150 Inspiration Mg* O 2 Inspiration Mg 7 Intact Gold* O 50 Intact Gold V 1075 Integra Gold V 4087 Integra Gold* O 2118 Inter-Rock Mnl V 25 Intgr Egy Sol* O 14790 Intl Bethl Mng V 436 Intl Lithium* O 369 Intl Lithium V 572 Intl Montoro V 958 Intl Samuel Ex V 722 Intl Tower Hil* X 1690 Intrepid Pots* N 18744 INV Metals* O 84 INV Metals T 141 Inventus Mg V 555 InZinc Mining V 275 InZinc Mining* O 86 Ireland* O 186 Irving Res 108 Irving Res* O 8 Itoco Mg Corp* O 10 Ivanhoe Mines* O 289 Ivanhoe Mines T 4358 Jaguar Mng* O 2770 Jaguar Mng V 3213 Jayden Res V 170 Jayden Res* O 157 Jet Metal* O 31 K92 Mng Inc V 983 K92 Mng Inc* O 71 Kaizen Discvry V 331 Kaminak Gold* O 316 Kaminak Gold V 2292 V 172 Kapuskasing Gd Karmin Expl V 24 Karnalyte Res T 96 Katanga Mng T 615 Kennady Diam V 84 Kermode Res V 623 Kerr Mines* O 65 Kerr Mines T 2074 Kesselrun Res V 823 Khalkos Expl V 32 Khan Res 371 Kilo Goldmines* O 140 Kincora Copper V 483 Kinross Gold* N 65584 Kinross Gold T 34958 Kirkland Lk Gd* O 117 Kirkland Lk Gd T 4025 Kiska Metals* O 307 Kiska Metals V 980 Klondike Gold V 465 Klondike Gold* O 6 Klondike Silv* O 14 Klondike Silv V 405 Knick Expl V 1095 Kombat Copper V 3029 Komet Resource V 368 Kootenay Silvr V 1044 KWG Res 927

0.31 0.27 0.28 - 0.04 0.37 0.16 0.25 0.21 0.21 - 0.04 0.28 0.14 4.46 3.73 4.27 + 0.41 4.14 1.15 5.79 4.77 5.55 + 0.56 5.40 1.50 0.06 0.04 0.06 + 0.01 0.20 0.03 0.07 0.06 0.06 - 0.01 0.25 0.04 0.45 0.28 0.34 - 0.07 0.45 0.03 0.10 0.10 0.10 - 0.00 0.10 0.06 0.16 0.12 0.15 - 0.01 0.19 0.04 0.20 0.14 0.19 - 0.01 0.24 0.07 0.03 0.03 0.03 - 0.01 0.06 0.01 0.71 0.62 0.71 + 0.08 0.80 0.11 3.25 2.96 3.06 - 0.09 4.79 1.45 4.75 4.41 4.60 + 0.22 8.81 2.81 6.18 5.52 6.00 + 0.26 11.01 3.92 0.25 0.15 0.23 + 0.08 0.20 0.04 0.33 0.19 0.31 + 0.14 0.32 0.06 0.03 0.03 0.03 - 0.01 0.04 0.01 0.01 0.01 0.01 + 0.00 0.02 0.01 0.01 0.01 0.01 + 0.01 0.10 0.01 0.05 0.02 0.02 - 0.03 0.10 0.02 0.05 0.05 0.05 + 0.00 0.14 0.05 0.08 0.07 0.08 + 0.01 0.18 0.02 0.74 0.68 0.72 + 0.01 0.74 0.23 0.60 0.53 0.57 + 0.02 0.59 0.18 0.09 0.09 0.09 - 0.01 0.14 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.10 0.02 0.22 0.17 0.18 - 0.04 0.55 0.01 0.28 0.22 0.24 - 0.02 0.38 0.03 0.03 0.02 0.03 + 0.01 0.08 0.02 0.15 0.08 0.08 - 0.04 0.15 0.05 0.66 0.55 0.64 + 0.02 0.75 0.18 1.83 1.46 1.66 + 0.11 12.23 0.65 0.39 0.00 0.39 + 0.07 0.58 0.08 0.56 0.00 0.52 - 0.03 0.80 0.08 0.35 0.25 0.29 - 0.06 0.35 0.02 0.13 0.11 0.12 + 0.01 0.13 0.04 0.10 0.08 0.10 + 0.00 0.10 0.03 0.29 0.22 0.27 + 0.05 0.48 0.13 0.18 0.14 0.16 + 0.03 0.20 0.11 0.13 0.11 0.12 + 0.01 0.15 0.09 0.24 0.24 0.24 + 0.12 1.10 0.08 0.81 0.74 0.75 - 0.00 0.89 0.36 1.04 0.96 0.97 + 0.01 1.13 0.53 0.35 0.30 0.33 - 0.01 0.35 0.07 0.47 0.40 0.44 - 0.01 0.45 0.12 0.11 0.08 0.08 - 0.01 0.14 0.03 0.07 0.07 0.07 + 0.01 0.07 0.01 0.05 0.01 0.01 - 0.04 0.12 0.00 1.19 1.06 1.07 - 0.13 1.33 0.87 0.94 0.84 0.84 - 0.08 1.03 0.77 0.23 0.19 0.20 - 0.03 0.28 0.08 2.03 1.88 1.98 + 0.04 2.05 0.47 2.65 2.41 2.58 + 0.07 2.67 0.61 0.06 0.05 0.05 - 0.01 0.07 0.02 0.28 0.23 0.23 - 0.05 0.38 0.15 1.95 1.81 1.83 - 0.07 4.15 0.52 0.17 0.14 0.15 - 0.01 0.24 0.13 4.20 3.95 4.07 + 0.06 5.24 2.35 0.02 0.02 0.02 + 0.01 0.02 0.01 0.06 0.00 0.05 + 0.00 0.09 0.01 0.08 0.06 0.08 + 0.02 0.12 0.02 0.35 0.26 0.27 - 0.08 0.35 0.02 0.13 0.13 0.13 - 0.01 0.26 0.05 0.85 0.83 0.83 - 0.01 0.88 0.34 0.09 0.06 0.06 - 0.02 0.13 0.03 0.04 0.03 0.03 - 0.01 0.06 0.02 5.49 4.69 5.11 + 0.13 5.82 1.31 7.09 6.00 6.66 + 0.24 7.49 1.79 8.62 8.03 8.35 - 0.20 9.61 3.12 11.30 10.25 10.79 - 0.22 12.34 4.49 0.08 0.07 0.07 - 0.01 0.09 0.01 0.10 0.08 0.09 - 0.01 0.12 0.01 0.30 0.27 0.27 - 0.03 0.42 0.08 0.23 0.00 0.21 - 0.04 0.32 0.06 0.05 0.04 0.05 + 0.02 0.06 0.01 0.07 0.04 0.07 + 0.01 0.08 0.01 0.05 0.00 0.05 + 0.01 0.05 0.01 0.08 0.05 0.07 + 0.02 0.10 0.02 0.48 0.43 0.45 - 0.02 0.50 0.29 0.41 0.37 0.40 - 0.01 0.50 0.17 0.03 0.03 0.03 + 0.01 0.04 0.01

Labdr Iron Mns* O Labrador Iron T Lara Expl V Laramide Res T

0.01 0.01 0.01 - 0.01 0.02 0.00 13.07 11.93 12.07 - 0.49 17.44 6.85 1.35 0.93 0.98 + 0.01 1.23 0.20 0.26 0.23 0.25 - 0.01 0.38 0.15

I-J-K

L 136 850 819 365

8-10_JULY4_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Largo Res* O 59 Largo Res V 113 934 Latin Am Mnls V Latin Am Mnls* O 1 Legend Gold V 188 279 Levon Res Ltd * O Levon Res Ltd T 1068 588 Lexam VG Gold* O Li3 Energy* O 336 Liberty Star* O 19147 Lincoln Mng V 287 Lion One Mtls* O 82 Lithium Amer T 13580 Lithium Amer* O 7166 Lithium Corp* O 867 Lithium Expl* O 2199 LKA Gold* O 13 Logan Res* O 1 Lomiko Mtls* O 447 Loncor Res T 57 Lonmin plc* O 3 Lorraine Coppr V 258 O 4 Lorraine Coppr* Los Andes Copp V 465 Lowell Copper V 137 Lucara Diam T 3826 Luna Gold T 252 Luna Gold* O 188 Lundin Gold T 433 Lundin Mng T 7971 Lupaka Gold V 425 Lydian Intl T 1037 Lydian Intl* O 61 Lynas Corp* O 75

0.38 0.33 0.37 + 0.04 0.68 0.08 0.48 0.43 0.48 + 0.05 0.83 0.11 0.14 0.12 0.12 + 0.01 0.20 0.05 0.08 0.08 0.08 - 0.00 0.11 0.06 0.05 0.04 0.04 - 0.01 0.06 0.02 0.22 0.18 0.20 - 0.03 0.26 0.07 0.30 0.23 0.27 - 0.01 0.34 0.09 0.22 0.17 0.20 + 0.00 0.23 0.04 0.02 0.02 0.02 + 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.00 0.07 + 0.02 0.10 0.02 0.69 0.56 0.61 + 0.05 0.69 0.18 1.00 0.80 0.90 + 0.10 1.00 0.26 0.78 0.63 0.70 + 0.07 0.80 0.34 0.11 0.06 0.07 - 0.03 0.13 0.02 0.00 0.00 0.00 + 0.00 0.45 0.00 0.40 0.32 0.33 - 0.07 0.53 0.10 0.07 0.00 0.07 + 0.00 0.07 0.05 0.04 0.03 0.03 - 0.00 0.04 0.02 0.17 0.15 0.17 + 0.02 0.18 0.02 2.78 0.00 2.63 - 0.03 200.00 0.55 0.10 0.08 0.08 - 0.01 0.13 0.04 0.04 0.04 0.04 + 0.00 0.04 0.03 0.19 0.15 0.18 - 0.02 0.20 0.05 0.27 0.24 0.24 + 0.02 0.39 0.12 3.93 3.68 3.70 - 0.02 4.37 1.42 0.20 0.18 0.19 - 0.01 0.21 0.03 0.16 0.14 0.16 - 0.00 0.16 0.02 6.25 5.47 5.70 + 0.08 6.51 3.46 4.48 4.11 4.18 - 0.17 5.50 2.98 0.16 0.13 0.15 - 0.03 0.22 0.04 0.42 0.38 0.39 - 0.02 0.55 0.19 0.34 0.30 0.31 - 0.02 0.42 0.13 0.05 0.05 0.05 + 0.00 0.10 0.02

M Macarthur Mnl V 8669 0.11 0.08 0.09 - 0.02 0.18 0.02 Macarthur Mnl* O 40 0.09 0.08 0.08 - 0.00 0.14 0.02 Madeira Mrnls V 56 0.03 0.02 0.02 - 0.02 0.03 0.02 16.29 - 0.43 18.58 8.13 MAG Silver T 1576 17.54 15.19 MAG Silver* X 890 13.71 11.85 12.52 - 0.56 14.40 6.12 Magellan Gold* O 301 0.22 0.15 0.22 + 0.04 0.29 0.04 Magnus Intl* O 20 0.00 0.00 0.00 + 0.00 0.00 0.00 Majescor Res* O 40 0.09 0.07 0.07 - 0.02 0.09 0.01 0.07 + 0.01 0.12 0.04 Majestic Gold V 351 0.08 0.00 Makena Res V 1671 0.04 0.03 0.03 + 0.01 0.04 0.01 Malbex Res V 40 0.37 0.34 0.34 - 0.03 0.55 0.20 Mandalay Res T 2035 1.20 1.05 1.17 + 0.10 1.18 0.59 Mangazeya Mng V 75 0.05 0.04 0.05 + 0.01 0.06 0.01 0.08 + 0.02 0.10 0.02 Manitou Gold V 543 0.10 0.07 Manson Creek V 70 0.03 0.02 0.02 - 0.01 0.03 0.01 Marathon Gold T 2157 0.52 0.38 0.51 + 0.13 0.49 0.11 Maritime Res V 431 0.31 0.19 0.26 + 0.07 0.31 0.08 Marlin Gold* O 12 0.46 0.40 0.41 - 0.05 0.52 0.10 0.57 - 0.02 0.68 0.15 Marlin Gold V 166 0.60 0.51 MartinMarietta* N 4702 191.75 181.07 187.92 + 5.18 193.87 108.31 Mason Graphite* O 117 0.64 0.53 0.59 + 0.05 0.64 0.21 Mason Graphite V 663 0.82 0.67 0.76 + 0.06 0.82 0.30 Masuparia Gold V 1256 0.06 0.05 0.05 - 0.01 0.08 0.03 V 19 0.35 0.35 0.35 - 0.03 0.49 0.17 Matachewan Con Matmown* O 10 0.04 0.04 0.04 + 0.00 0.19 0.01 Mawson Res T 219 0.29 0.00 0.28 + 0.02 0.30 0.16 Mawson Res* O 91 0.22 0.19 0.22 + 0.01 0.23 0.12 MAX Res V 100 0.08 0.00 0.07 - 0.02 0.11 0.04 0.01 + 0.00 0.07 0.00 Maxwell Res* O 122 0.01 0.01 McEwen Mng* N 22969 3.82 3.11 3.61 + 0.29 3.77 0.65 McEwen Mng T 3384 4.93 3.98 4.69 + 0.46 4.91 0.84 MDN Inc V 189 0.08 0.07 0.07 - 0.01 0.08 0.01 Meadow Bay Gd T 672 0.08 0.07 0.08 - 0.01 0.24 0.06 265 0.06 0.05 0.06 - 0.01 0.17 0.04 Meadow Bay Gd* O Mechel* N 214 1.80 1.55 1.59 - 0.21 2.56 1.23 Medallion Res* O 4 0.03 0.03 0.03 - 0.00 0.04 0.01 Medallion Res V 950 0.04 0.03 0.03 - 0.01 0.06 0.01 Medgold Res V 3919 0.14 0.11 0.13 + 0.02 0.15 0.05 O 4369 0.01 0.01 0.01 - 0.00 0.03 0.01 Medinah Mnrls* Mega Uranium* O 334 0.12 0.11 0.11 - 0.01 0.15 0.04 Melior Res V 150 0.04 0.03 0.04 + 0.01 0.09 0.01 Merrex Gold* O 58 0.20 0.17 0.18 + 0.01 0.24 0.10 Merrex Gold V 515 0.25 0.21 0.23 + 0.01 0.31 0.10 0.08 + 0.01 0.11 0.01 Mesa Expl V 175 0.11 0.06 Metallis Res V 100 0.28 0.21 0.26 - 0.02 0.28 0.01 Metalo Manuf 3 1.00 0.00 1.00 + 0.05 1.50 0.30 Metalore Res T 1 2.65 2.60 2.60 - 0.05 3.40 1.26 Metals Creek* O 563 0.14 0.10 0.12 + 0.01 0.14 0.05 0.15 + 0.01 0.20 0.05 Metals Creek V 1278 0.20 0.12 Metals X* O 4 1.02 0.96 1.02 + 0.06 1.02 0.68 Metanor Res V 5702 0.09 0.08 0.08 - 0.01 0.13 0.03 Mexus Gold* O 3806 0.05 0.05 0.05 - 0.00 0.07 0.00 MGX Minerals 314 0.22 0.17 0.18 - 0.04 0.70 0.08 Micrex Dev V 131 0.03 0.02 0.03 + 0.01 0.03 0.01 Midas Gold T 2464 0.88 0.77 0.82 + 0.01 0.88 0.25 Midas Gold* O 2437 0.69 0.60 0.63 + 0.00 0.69 0.16 Midasco Cap V 11 0.07 0.00 0.07 + 0.01 0.13 0.07 Midland Expl V 61 0.91 0.85 0.91 + 0.01 0.91 0.45 Midnight Sun V 217 0.12 0.09 0.12 + 0.02 0.24 0.08 0.00 - 0.00 0.02 0.00 Midway Gold* O 975 0.00 0.00 Millrock Res* O 199 0.38 0.34 0.36 + 0.02 0.38 0.11 Millrock Res V 659 0.49 0.44 0.46 + 0.02 0.49 0.15 Millstream Min V 121 0.07 0.07 0.07 + 0.01 0.16 0.01 Milner Con Slv V 322 0.03 0.02 0.03 + 0.01 0.03 0.02 V 110 0.12 0.10 0.12 + 0.02 0.14 0.04 Minaurum Gold Minco Gold* X 1255 0.30 0.26 0.28 - 0.01 0.40 0.10 Minco Gold T 153 0.37 0.34 0.37 + 0.01 0.55 0.12 Minco Silver T 391 1.30 1.18 1.18 - 0.02 1.48 0.32 Minco Silver* O 71 1.05 0.91 0.91 - 0.07 1.16 0.26 V 1251 0.15 0.12 0.12 - 0.03 0.18 0.07 Minera Alamos Mineral Hill V 50 0.27 0.20 0.27 + 0.02 0.40 0.11 Mineral Mtn V 170 0.33 0.28 0.33 + 0.05 0.37 0.08 Mineral Mtn* O 3 0.25 0.00 0.25 + 0.02 0.26 0.04 Mines Manage* X 366 1.05 0.97 1.05 + 0.06 1.05 0.11 Mines Manage T 9 1.36 1.29 1.33 + 0.01 1.45 0.17 Minsud Res V 191 0.07 0.06 0.06 - 0.01 0.09 0.06 Miranda Gold V 516 0.11 0.09 0.09 - 0.01 0.12 0.06 2.34 + 0.04 2.49 0.72 Mirasol Res V 381 2.40 2.06 Mkango Res V 232 0.09 0.08 0.08 - 0.01 0.11 0.03 Molycorp* O 762 0.04 0.03 0.03 - 0.00 0.22 0.02 Monarques Res* O 30 0.32 0.29 0.31 + 0.02 0.32 0.04 Monarques Res V 1116 0.45 0.37 0.41 + 0.01 0.41 0.06 O 81 0.19 0.17 0.17 - 0.02 0.22 0.05 Moneta Porcpn* Moneta Porcpn T 1894 0.24 0.23 0.23 - 0.03 0.27 0.07 Monument Mng V 943 0.13 0.12 0.13 + 0.01 0.16 0.08 Mosaic* N 34219 28.70 26.08 26.91 + 0.17 47.13 22.02 Mountain Boy V 935 0.05 0.04 0.05 - 0.01 0.05 0.01 6.16 + 0.15 6.60 3.38 Mountain Prov T 262 6.37 6.03 Mountain Prov* D 113 4.98 4.69 4.75 + 0.09 5.10 2.47 Mukuba Res V 4038 0.01 0.01 0.01 - 0.01 0.02 0.01 Mundoro Cap V 27 0.14 0.13 0.14 - 0.01 0.18 0.04 Mustang Mnrls* O 60 0.01 0.01 0.01 + 0.00 0.01 0.00 Mustang Mnrls V 6203 0.02 0.01 0.01 + 0.01 0.02 0.01 MX Gold* O 820 0.19 0.15 0.18 + 0.01 0.23 0.07 MX Gold V 6263 0.25 0.20 0.23 - 0.01 0.29 0.10 Myson Group* O 506 0.05 0.01 0.02 - 0.02 0.18 0.00

N-O NACCO Ind* N 92 Namibia Rare E T 67 Napier Vent* O 180 Natural Res Pt* N 381 Nautilus Mnrls T 669 Nautilus Mnrls* O 572 Navis Res Corp* O 10 80 Navis Res Corp Nemaska Lith V 4870 Nemaska Lith* O 173 Nevada Clean M* O 210 Nevada Clean M V 401 Nevada Copper T 184 Nevada Egy Mtl* O 887 Nevada Egy Mtl V 1833 Nevada Expl * O 287 Nevada Expl V 193 Nevada Sunrise* O 1000 Nevada Sunrise V 2559 Nevada Zinc V 39 Nevado Res V 1262

60.81 56.21 57.91 + 1.29 62.96 40.04 0.10 0.09 0.09 - 0.01 0.17 0.04 0.23 0.22 0.22 - 0.00 0.26 0.19 18.92 14.40 15.76 + 1.36 38.80 5.00 0.16 0.15 0.15 - 0.01 0.47 0.14 0.12 0.12 0.12 - 0.00 0.38 0.10 0.01 0.01 0.01 - 0.00 0.03 0.01 0.01 0.01 0.01 - 0.01 0.03 0.00 1.47 1.36 1.40 - 0.02 1.97 0.16 1.16 1.05 1.08 - 0.02 1.50 0.13 0.02 0.01 0.02 - 0.00 0.05 0.00 0.03 0.00 0.03 + 0.01 0.06 0.02 0.63 0.58 0.59 - 0.03 1.62 0.45 0.12 0.10 0.10 - 0.01 0.20 0.06 0.15 0.13 0.13 - 0.02 0.26 0.01 0.36 0.29 0.31 - 0.03 0.61 0.08 0.46 0.38 0.40 - 0.02 0.94 0.05 0.28 0.19 0.23 + 0.04 0.28 0.09 0.37 0.24 0.30 + 0.05 0.37 0.13 0.34 0.33 0.34 - 0.01 0.43 0.19 0.05 0.04 0.05 + 0.01 0.05 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevsun Res* X 4498 Nevsun Res T 5439 New Carolin Gd V 1944 New Carolin Gd* O 112 O 2172 New Colombia* New Dimen Res V 47 New Gold* O 78 New Gold T 8307 New Gold* X 22297 New Jersey Mng* O 479 New Milln Iron T 1429 New Nadina V 29 New Oroperu V 17 New World Res V 35 O 45 NewCastle Gold* Newmac Res V 106 Newmarket Gold T 2930 Newmarket Gold* O 585 Newmont Mng* N 39724 Nexgen Energy V 2691 O 387 Nexgen Energy* Next Gen Mtls* O 13 Next Gen Mtls 156 NGEx Res T 148 NGEx Res* O 4 Nicola Mg Inc* O 55 Nicola Mg Inc V 1578 Nighthawk Gold V 534 Nikos Expl V 97 Niocorp Dev* O 249 Niocorp Dev T 438 Nippon Dragon V 166 Nitinat Mnls V 43 Noble Mnl Expl V 556 Noka Res V 3200 Noram Vent V 6750 Noranda Alum* O 390 Noront Res V 489 Nortec Mnls V 1526 North Am Nickl* O 143 109 North Am Nickl V North Am Pall T 17 North Am Pall* O 14 North Am Ptash V 25 North Arrow Mn V 418 North Springs* O 421 Northcliff Res T 518 Northisle C&G V 9512 Northn Empire V 57 Northn Empire* O 27 Nouveau Monde V 2234 NovaCopper* X 623 NovaGold Res T 2549 NovaGold Res* X 20856 Novo Res* O 84 Novo Res V 153 NQ Explor V 98 NRG Metals V 239 Nrthn Abitibi V 690 Nrthn Freegold* O 74 Nrthn Freegold V 197 Nrthn Graphite* O 49 Nrthn Graphite V 79 Nrthn Iron V 121 Nrthn Lion V 22 Nrthn Mnrls &E* O 39 Nrthn Shield V 1772 Nrthn Vertex V 10 Nrthn Vertex* O 3 Nthn Dynasty T 1464 Nthn Dynasty* X 1422 Nthrn Sphere* O 16 Nthrn Sphere 25 Nubian Res V 629 NuLegacy Gold* O 405 NuLegacy Gold V 1589 Nunavik Nickel V 91 NV Gold V 80 O.T. Mining* O 132 OceanaGold* O 22 OceanaGold T 11213 Oceanic Iron O V 174 Oceanic Iron O* O 85 Oceanus Res V 1339 Oceanus Res* O 488 Odin Mng & Exp V 104 Odin Mng & Exp* O 20 Olivut Res* O 44 Olivut Res V 100 Omineca Mg &Ml V 351 Opawica Expl V 52 Orbite Tech T 3083 Orbite Tech* O 148 Orca Gold V 268 Orca Gold* O 10 Orefinders Res V 3031 Oremex Silver V 528 Orestone Mng V 2218 Orex Expl V 7437 Orezone Gold V 631 Orezone Gold* O 121 Original Sixtn* O 9 Oro East Mg* O 999 Oroco Res V 441 Orocobre T 547 Oronova Res V 50 Oroplata Res* O 1933 Orosur Mng T 230 Orsu Metals T 670 Orsu Metals* O 6 Orvana Mnrls T 1120 Orvana Mnrls* O 3 Osisko Gold * O 80 Osisko Gold T 1708 Otis Gold* O 250 Otis Gold V 722 OZ Minerals* O 3

3.05 2.79 2.80 - 0.21 4.10 2.27 3.89 3.62 3.63 - 0.21 5.06 3.27 0.12 0.10 0.10 - 0.01 0.15 0.04 0.09 0.08 0.08 - 0.02 0.12 0.03 0.02 0.01 0.02 + 0.01 0.05 0.00 0.17 0.13 0.17 + 0.02 0.19 0.04 0.08 0.07 0.08 + 0.00 0.28 0.03 5.83 5.06 5.77 + 0.46 6.25 2.52 4.51 3.95 4.43 + 0.32 4.85 1.76 0.12 0.09 0.12 + 0.02 0.12 0.02 0.08 0.07 0.08 + 0.01 0.15 0.05 0.12 0.09 0.09 - 0.04 0.18 0.05 0.43 0.36 0.43 + 0.07 0.43 0.09 0.11 0.07 0.11 + 0.02 0.10 0.01 0.57 0.53 0.53 - 0.03 0.61 0.14 0.09 0.06 0.07 + 0.01 0.15 0.05 3.88 3.52 3.87 - 0.01 4.10 0.80 3.02 2.75 2.97 - 0.04 3.14 0.61 38.68 34.29 37.19 + 1.54 37.39 15.39 2.76 2.44 2.49 - 0.23 2.86 0.56 2.16 1.91 1.93 - 0.18 2.25 0.41 0.09 0.08 0.08 - 0.01 0.14 0.08 0.12 0.10 0.10 - 0.03 0.18 0.01 0.97 0.92 0.93 - 0.04 1.09 0.44 0.72 0.00 0.72 - 0.05 0.83 0.37 0.13 0.10 0.12 + 0.01 0.14 0.03 0.18 0.12 0.17 + 0.03 0.20 0.05 0.30 0.27 0.27 - 0.02 0.35 0.04 0.09 0.07 0.08 - 0.01 0.19 0.02 0.69 0.63 0.63 - 0.03 0.87 0.37 0.88 0.81 0.81 - 0.02 1.14 0.51 0.08 0.07 0.08 - 0.01 0.15 0.03 0.06 0.06 0.06 + 0.01 0.08 0.03 0.02 0.02 0.02 - 0.01 0.03 0.01 0.14 0.09 0.13 + 0.03 0.21 0.03 0.08 0.06 0.06 - 0.01 0.12 0.01 0.07 0.04 0.05 - 0.00 7.21 0.02 0.31 0.30 0.31 + 0.02 0.51 0.28 0.08 0.03 0.04 - 0.02 0.08 0.02 0.06 0.05 0.05 - 0.01 0.18 0.05 0.08 0.07 0.08 - 0.01 0.23 0.07 5.25 4.70 5.18 + 0.14 20.00 3.85 3.95 3.65 3.70 - 0.23 15.20 2.71 0.07 0.07 0.07 + 0.01 0.15 0.03 0.22 0.17 0.17 - 0.02 0.50 0.12 0.70 0.25 0.47 + 0.07 40.00 0.10 0.12 0.10 0.10 - 0.01 0.15 0.06 0.11 0.07 0.11 + 0.04 0.09 0.02 0.19 0.00 0.17 - 0.03 0.22 0.06 0.15 0.13 0.13 - 0.02 0.15 0.04 0.38 0.25 0.30 + 0.04 0.38 0.12 0.51 0.47 0.49 + 0.02 0.86 0.15 8.71 7.78 8.35 + 0.19 8.86 3.42 6.77 6.07 6.40 + 0.13 6.79 2.65 0.79 0.67 0.76 + 0.07 1.00 0.29 1.05 0.85 1.00 + 0.12 1.30 0.40 0.01 0.01 0.01 + 0.01 0.01 0.01 0.11 0.09 0.09 - 0.01 0.18 0.02 0.02 0.00 0.02 + 0.01 0.02 0.01 0.16 0.13 0.13 - 0.02 0.20 0.02 0.21 0.16 0.18 - 0.02 0.28 0.04 0.40 0.35 0.37 - 0.01 0.52 0.12 0.51 0.46 0.48 + 0.01 0.64 0.16 0.02 0.02 0.02 - 0.01 0.03 0.01 0.12 0.08 0.08 - 0.04 0.16 0.03 0.03 0.03 0.03 - 0.00 0.14 0.02 0.19 0.14 0.17 - 0.01 0.23 0.01 0.42 0.38 0.39 + 0.02 0.47 0.13 0.33 0.30 0.33 + 0.00 0.42 0.15 0.44 0.37 0.39 - 0.04 0.67 0.28 0.35 0.28 0.30 - 0.03 0.53 0.20 0.37 0.00 0.37 + 0.06 0.39 0.07 0.48 0.37 0.48 + 0.11 0.53 0.10 0.10 0.04 0.05 - 0.05 0.10 0.01 0.29 0.24 0.28 + 0.01 0.32 0.06 0.37 0.31 0.35 + 0.02 0.39 0.08 0.12 0.08 0.08 - 0.04 0.12 0.03 0.10 0.10 0.10 + 0.02 0.13 0.03 0.05 0.04 0.05 + 0.01 0.09 0.02 3.78 3.37 3.60 + 0.19 3.66 1.43 4.82 4.19 4.78 + 0.39 4.74 1.79 0.25 0.16 0.23 + 0.06 0.25 0.08 0.12 0.12 0.12 - 0.00 0.12 0.05 0.30 0.22 0.28 + 0.05 0.35 0.14 0.19 0.17 0.19 + 0.01 0.26 0.17 0.74 0.00 0.70 + 0.02 0.85 0.21 0.54 0.00 0.54 - 0.02 0.58 0.17 0.27 0.23 0.25 + 0.02 0.30 0.05 0.34 0.27 0.28 - 0.03 0.42 0.08 0.09 0.07 0.09 + 0.03 0.11 0.01 0.12 0.12 0.12 + 0.01 0.15 0.02 0.32 0.30 0.31 - 0.01 0.53 0.20 0.25 0.23 0.24 + 0.01 0.40 0.15 0.33 0.29 0.30 - 0.01 0.35 0.12 0.26 0.23 0.24 - 0.02 0.27 0.08 0.07 0.04 0.06 + 0.01 0.08 0.01 0.06 0.04 0.04 - 0.01 0.06 0.01 0.04 0.02 0.03 + 0.02 0.04 0.01 0.04 0.02 0.03 + 0.01 0.04 0.01 1.16 1.00 1.10 - 0.02 1.19 0.22 0.89 0.80 0.86 - 0.01 0.92 0.16 0.10 0.05 0.05 - 0.05 0.23 0.00 0.02 0.01 0.02 + 0.01 0.06 0.00 0.03 0.03 0.03 + 0.01 0.05 0.01 4.84 4.40 4.59 + 0.11 4.84 1.33 0.08 0.08 0.08 + 0.01 0.08 0.03 1.69 1.40 1.49 - 0.16 1.70 0.25 0.24 0.21 0.23 + 0.02 0.24 0.10 0.03 0.02 0.02 - 0.01 0.06 0.01 0.02 0.00 0.02 + 0.00 0.03 0.01 0.22 0.18 0.21 + 0.03 0.32 0.11 0.14 0.14 0.14 - 0.00 0.25 0.07 13.50 12.67 12.92 + 0.00 13.56 8.88 17.65 16.12 16.77 + 0.14 17.24 12.39 0.13 0.10 0.10 - 0.03 0.15 0.04 0.18 0.13 0.15 - 0.02 0.19 0.05 4.42 4.12 4.12 - 0.30 4.42 2.29

Pac Arc Res V 348 Pac Booker Min* O 13 Pac Booker Min V 11 Pac Iron Ore V 171 Pac North West V 1826 Pac North West* O 133 Pac Potash V 363 Pac Ridge Expl V 247 Palamina Corp V 138 Palamina Corp* O 12 Pan Am Silver* D 16305 Pan Am Silver T 2248 Pancontinental* O 396 Pancontinental V 393 Pangolin Dia V 1350 Panoro Mnrls V 149 Parallel Mng V 315 Paramount Gold* X 136 Parlane Res V 45 Pasinex Res 2153 Passprt Potash* O 3 Patriot Gold* O 1820 Peabody Enrgy* O 3136 Peat Res V 9 Pedro Res V 4 Pelangio Expl* O 141 Pele Mtn Res V 80 Pele Mtn Res* O 4 Peregrine Diam T 1904 Perseus Mng T 4755 Pershimco Res V 730 Pershing Gold* D 3016 Petaquilla Mnl* O 260 Philippine Mtl V 131 Pilot Gold* O 245 Pilot Gold T 851

0.05 0.02 0.03 + 0.01 0.05 0.01 0.84 0.78 0.78 - 0.07 4.39 0.45 1.10 1.00 1.02 - 0.08 5.67 0.63 0.18 0.00 0.18 + 0.01 0.39 0.11 0.06 0.05 0.05 - 0.01 0.08 0.01 0.05 0.04 0.04 - 0.01 0.06 0.00 0.05 0.03 0.04 - 0.01 0.10 0.03 0.08 0.07 0.07 + 0.01 0.10 0.02 0.19 0.00 0.19 + 0.02 0.19 0.06 0.13 0.12 0.12 - 0.01 0.14 0.08 16.10 14.38 15.27 + 0.24 16.49 5.38 20.85 18.39 19.83 + 0.17 21.27 7.77 0.03 0.02 0.03 + 0.00 0.03 0.00 0.04 0.03 0.04 + 0.01 0.04 0.01 0.18 0.15 0.17 - 0.01 0.22 0.03 0.18 0.16 0.17 - 0.01 0.21 0.09 0.12 0.09 0.10 - 0.02 0.12 0.05 1.69 1.50 1.55 - 0.11 1.68 0.93 0.15 0.12 0.12 - 0.03 0.21 0.01 0.08 0.06 0.08 + 0.01 0.08 0.03 0.00 0.00 0.00 - 0.00 0.27 0.00 0.20 0.16 0.20 + 0.04 0.19 0.03 1.61 1.19 1.60 + 0.40 41.10 0.55 0.05 0.04 0.05 + 0.01 0.07 0.01 0.07 0.00 0.07 + 0.01 0.09 0.01 0.04 0.04 0.04 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.06 0.03 0.03 0.02 0.03 - 0.00 0.04 0.02 0.23 0.19 0.20 - 0.02 0.26 0.09 0.58 0.47 0.50 - 0.07 0.62 0.27 0.25 0.22 0.24 + 0.01 0.25 0.09 4.45 3.81 4.21 + 0.22 6.15 3.04 0.01 0.00 0.01 - 0.00 0.03 0.00 0.07 0.06 0.06 - 0.01 0.07 0.01 0.58 0.53 0.54 - 0.04 0.64 0.06 0.74 0.69 0.72 - 0.03 0.83 0.22

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pine Cliff En* O 125 Pine Cliff En T 4841 Pinecrest Res V 126 Pitchblack Res V 35 PJSC Polyus Gd* O 2 V 298 PJX Res Plata Latina V 2299 Plate Res V 86 Plateau Uran V 77 Plateau Uran* O 27 Platinum Gp Mt* X 1973 Platinum Gp Mt T 367 Playfair Mng V 258 PNG Gold V 1493 Polaris Mater T 88 PolyMet Mng* X 459 Potash Corp SK* N 50138 Potash Corp SK T 13289 Potash Ridge* O 226 Precipitate Gl V 580 Premier Gold M T 4058 Premium Expl* O 60 Pretium Res T 2338 Pretium Res* N 7423 Primero Mng T 6119 Primero Mng* N 7129 Probe Metals V 459 Probe Metals* O 320 Prophecy Coal* O 0 Prophecy Coal T 22 Prospero Silvr V 17 PUF Vent Inc 4898 Puma Expl V 828 Pure Energy* O 1929 Pure Energy V 4310 Pure Gold Mg* O 345 Pure Gold Mg V 1959 Pure Nickel V 34 Q-Gold Res V 631 QMX Gold V 217 Quartz Mtn Res V 511 Quartz Mtn Res* O 2 Quaterra Res* O 1224 Quest Rare Mnl* O 62 Quinto Real V 13

0.64 0.60 0.61 - 0.02 1.06 0.51 0.92 0.78 0.78 - 0.11 1.46 0.61 0.24 0.00 0.23 + 0.01 0.25 0.03 0.12 0.00 0.12 + 0.06 0.20 0.05 36.25 35.50 36.25 + 0.45 37.59 13.70 0.18 0.16 0.16 - 0.03 0.23 0.13 0.06 0.05 0.05 - 0.02 0.07 0.01 0.06 0.05 0.05 - 0.01 0.11 0.03 0.34 0.31 0.33 + 0.03 0.45 0.24 0.26 0.24 0.24 + 0.01 0.36 0.18 3.14 2.78 3.06 + 0.17 4.40 0.96 4.02 3.57 3.97 + 0.25 5.25 1.35 0.07 0.05 0.06 - 0.02 0.08 0.02 0.02 0.01 0.02 + 0.01 0.02 0.01 1.25 1.11 1.16 - 0.08 2.29 1.11 0.82 0.77 0.78 - 0.01 1.29 0.55 17.75 16.45 16.87 - 0.06 32.18 14.64 22.63 21.10 21.94 + 0.12 39.82 20.03 0.24 0.21 0.24 + 0.00 0.38 0.02 0.33 0.29 0.30 - 0.02 0.37 0.06 3.68 3.22 3.65 + 0.32 3.80 1.65 0.00 0.00 0.00 + 0.00 0.04 0.00 13.40 11.90 12.99 + 0.72 12.68 5.57 10.36 9.31 9.99 + 0.42 9.89 4.00 2.74 2.39 2.63 + 0.07 5.31 1.94 2.11 1.87 2.02 + 0.03 4.30 1.41 1.19 1.02 1.14 + 0.02 1.26 0.33 0.92 0.81 0.88 + 0.01 0.95 0.24 1.44 0.00 1.44 + 0.01 1.57 1.25 2.10 1.69 1.85 + 0.08 7.50 1.00 0.15 0.13 0.15 + 0.02 0.17 0.05 0.03 0.02 0.02 - 0.01 0.07 0.01 0.08 0.07 0.07 - 0.01 0.13 0.03 0.56 0.45 0.51 - 0.01 0.91 0.18 0.72 0.58 0.64 - 0.02 1.15 0.21 0.60 0.50 0.54 - 0.02 0.60 0.05 0.72 0.63 0.71 - 0.02 0.76 0.07 0.02 0.01 0.02 + 0.01 0.03 0.01 0.11 0.08 0.08 + 0.01 0.13 0.01 0.07 0.06 0.06 + 0.01 0.11 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.02 0.02 0.02 + 0.00 0.02 0.00 0.06 0.04 0.05 + 0.00 0.11 0.04 0.13 0.11 0.11 + 0.00 0.20 0.03 0.13 0.00 0.13 + 0.01 0.16 0.01

R Rackla Mtls* O 143 0.09 0.00 0.09 - 0.02 0.11 0.03 Rackla Mtls V 171 0.14 0.12 0.12 - 0.02 0.14 0.05 Rainforest Res* O 1 2.00 0.00 1.90 - 0.10 2.00 0.30 Rainy Mtn Royl V 338 0.08 0.05 0.05 - 0.01 0.08 0.03 Rainy Mtn Royl* O 1 0.04 0.04 0.04 - 0.00 0.04 0.02 105.58 93.42 101.17 + 6.30 101.60 54.88 Randgold Res* D 4207 Randgold Res* O 1 101.00 98.44 98.90 + 0.46 98.44 57.00 Raptor Res* O 165 0.00 0.00 0.00 - 0.00 0.00 0.00 Rare Earth Mnl* O 2 5.05 0.00 4.00 - 1.58 5.75 3.59 Rare Element* O 339 0.11 0.09 0.09 - 0.00 0.55 0.06 V 57 0.26 0.20 0.25 - 0.01 0.26 0.11 Rathdowney Res RB Energy* O 119 0.01 0.00 0.00 - 0.00 0.01 0.00 Red Eagle Mng V 901 0.73 0.68 0.71 - 0.01 0.89 0.25 Red Eagle Mng* O 121 0.57 0.00 0.55 + 0.00 0.91 0.18 Red Hut V 94 0.13 0.08 0.08 - 0.02 0.15 0.01 0.50 + 0.18 0.44 0.06 Redhill Res V 339 0.50 0.16 Redhill Res* O 0 0.00 0.00 0.11 - 0.11 0.23 0.05 Redstar Gold V 1969 0.06 0.05 0.06 - 0.01 0.07 0.03 Redzone Res V 5 0.12 0.00 0.12 - 0.01 0.30 0.06 Regulus Res V 158 1.31 1.20 1.25 - 0.02 1.44 0.19 V 75 0.05 0.05 0.05 + 0.01 0.05 0.01 Remington Res Renaissance Gd* O 50 0.35 0.28 0.30 + 0.02 0.38 0.08 Renaissance Gd V 201 0.45 0.37 0.43 + 0.05 0.48 0.11 Resolve Vent V 180 0.21 0.12 0.17 + 0.01 0.30 0.04 Resource Cap* O 13 0.05 0.05 0.05 + 0.00 0.05 0.02 0.10 + 0.02 0.08 0.02 Resource Cap V 98 0.10 0.06 Revolver Res V 38 0.26 0.20 0.20 - 0.07 0.27 0.07 Rheingold Expl 660 0.04 0.02 0.04 + 0.01 0.05 0.01 Rhyolite Res V 450 0.22 0.17 0.20 - 0.02 0.23 0.09 Richmont Mines T 1201 12.20 10.75 11.55 - 0.14 12.47 3.14 X 2168 9.36 8.39 8.88 - 0.20 9.59 2.27 Richmont Mines* Rio Novo Gold T 262 0.16 0.14 0.16 + 0.02 0.16 0.07 Rio Silver V 46 0.05 0.04 0.04 - 0.01 0.05 0.02 Rio Tinto* N 26826 31.26 28.43 28.76 - 0.43 43.49 21.89 Rio Tinto* O 2 30.45 28.15 29.05 + 0.90 42.15 21.90 25 0.15 0.14 0.14 - 0.01 0.25 0.08 Rise Res Inc* O Rise Res Inc 100 0.23 0.15 0.18 - 0.05 0.23 0.11 Riverside Res V 250 0.33 0.28 0.30 - 0.01 0.36 0.12 Riverside Res* O 52 0.24 0.00 0.24 - 0.01 0.27 0.08 Robex Res V 324 0.13 0.11 0.11 - 0.01 0.17 0.05 258 0.30 0.24 0.30 + 0.06 0.38 0.03 Rock Tech Lith V Rock Tech Lith* O 60 0.22 0.21 0.22 + 0.04 0.27 0.02 Rockcliff Cop V 201 0.06 0.05 0.05 - 0.01 0.06 0.02 Rockex Mng 81 0.14 0.09 0.09 - 0.05 0.75 0.02 Rockhaven Res V 310 0.23 0.19 0.20 - 0.02 0.24 0.10 Rockridge Cap V 414 0.40 0.27 0.28 - 0.12 0.57 0.05 Rockshield Cap 130 0.07 0.07 0.07 - 0.01 0.14 0.06 Rockwell Diam* O 16 0.09 0.08 0.08 - 0.01 0.20 0.05 Rodinia Lithm* O 4 0.00 0.00 0.00 - 0.00 0.03 0.00 Rogue Res* O 127 0.05 0.04 0.05 + 0.01 0.11 0.04 Romios Gold Rs V 448 0.10 0.07 0.09 - 0.01 0.10 0.02 Romios Gold Rs* O 126 0.08 0.06 0.07 - 0.00 0.08 0.01 Rosita Mg Corp V 1068 0.07 0.06 0.07 - 0.01 0.09 0.01 Rosita Mg Corp* O 35 0.06 0.06 0.06 + 0.02 0.06 0.01 Rouge Res V 3840 0.60 0.49 0.59 + 0.08 0.58 0.03 Roughrider Exp V 5 0.13 0.00 0.13 + 0.02 0.14 0.05 Roxgold* O 98 1.19 1.06 1.15 + 0.00 1.16 0.42 Royal Gold* D 4863 72.00 65.02 69.17 + 2.68 69.36 24.68 Royal Gold T 91 92.69 83.33 89.93 + 4.37 90.48 35.46 Royal Nickel T 2164 0.44 0.41 0.41 - 0.02 0.63 0.12 Royal Nickel* O 19 0.34 0.32 0.32 - 0.01 0.50 0.10 Royal Rd Mnrls V 411 0.10 0.09 0.10 - 0.02 0.15 0.04 Royal Sapphire V 129 0.07 0.05 0.07 + 0.03 0.07 0.02 Royal Std Mnrl* O 193 0.00 0.00 0.00 + 0.00 0.00 0.00 RT Minerals V 342 0.23 0.17 0.19 + 0.01 0.30 0.05 RTG Mining T 17 0.51 0.45 0.51 + 0.06 0.70 0.33 Rubicon Mnrls* O 1107 0.05 0.04 0.04 - 0.00 1.08 0.01 Rubicon Mnrls T 1131 0.06 0.05 0.05 - 0.01 1.33 0.02 Rugby Mng V 408 0.36 0.33 0.33 - 0.01 0.38 0.03 Running Fox Rs* O 15 0.02 0.01 0.01 + 0.00 0.02 0.00 Running Fox Rs V 135 0.03 0.03 0.03 + 0.01 0.03 0.01 Rupert Res V 449 0.86 0.72 0.74 - 0.13 0.87 0.02 Rusoro Mng* O 126 0.11 0.09 0.11 + 0.01 0.13 0.02 Rusoro Mng V 233 0.15 0.12 0.13 - 0.03 0.19 0.03 Rye Patch Gold* O 1242 0.35 0.29 0.33 + 0.01 0.33 0.08 Rye Patch Gold V 1249 0.45 0.37 0.44 + 0.03 0.42 0.11

S Sabina Gd&Slvr T 7762 Sabina Gd&Slvr* O 2075 Sage Gold V 1139 Sage Gold* O 34 Salazar Res V 35 Sama Res V 169 Samco Gold V 102 San Gold Corp* O 285 Sandspring Res* O 383 Sandspring Res V 1177 Sandstorm Gold T 2520 Sandstorm Gold* X 7000 Santa Fe Gold* O 7297 Santacruz Silv V 1942 Sarama Res V 254 Sarissa Res* O 749 Satori Res V 111 Saturn Mnrls V 857 Savant Expl V 308 Savary Gold* O 97 Savary Gold V 1032 Scandium Int M* O 88 Scientific Mts V 2861 Scorpio Gold V 524 ScoZinc Mg V 4 Seabridge Gld T 390 Seabridge Gld* N 3910 Search Mnls V 504 Searchlight* O 139 Select Sands V 165

1.20 0.96 1.12 + 0.06 1.87 0.32 0.92 0.75 0.87 + 0.04 1.55 0.24 0.06 0.05 0.06 + 0.01 0.09 0.03 0.05 0.04 0.04 - 0.00 0.07 0.03 0.12 0.00 0.11 - 0.01 0.16 0.03 0.14 0.08 0.13 + 0.01 0.20 0.07 0.06 0.03 0.03 - 0.02 0.30 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.48 0.40 0.45 + 0.03 0.52 0.08 0.62 0.51 0.58 + 0.04 0.66 0.11 6.35 5.57 6.28 + 0.34 6.10 2.82 4.90 4.34 4.83 + 0.28 4.68 1.94 0.00 0.00 0.00 + 0.00 0.09 0.00 0.44 0.40 0.41 + 0.02 0.63 0.09 0.20 0.15 0.18 + 0.02 0.20 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.14 0.10 0.12 + 0.01 0.14 0.02 0.11 0.10 0.10 - 0.01 0.22 0.09 0.02 0.01 0.02 + 0.01 0.02 0.01 0.11 0.09 0.09 - 0.02 0.11 0.06 0.13 0.11 0.12 - 0.01 0.15 0.02 0.15 0.14 0.15 - 0.00 0.17 0.06 0.11 0.09 0.09 - 0.02 0.11 0.10 0.10 - 0.01 0.13 0.05 0.70 0.00 0.70 + 0.04 1.25 0.40 19.08 17.24 18.73 + 0.66 19.93 4.34 14.74 13.45 14.40 + 0.49 15.50 3.31 0.10 0.09 0.09 - 0.01 0.11 0.04 0.12 0.06 0.12 + 0.01 0.42 0.05 0.27 0.24 0.24 - 0.02 0.49 0.20

2016-06-28 5:19 PM

WWW.NORTHERNMINER.COM

JULY 4–10, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Semafo T 7663 Senator Mnrls V 46 Sennen Potash V 49 Serabi Gold T 800 Serengeti Res V 321 Shamrock Ent 387 Sherritt Intl T 3727 Shore Gold T 656 Sibanye Gold* N 6508 Sienna Res V 3223 Sienna Res* O 192 133 Sierra Iron Or V Sierra Metals* O 14 Sierra Metals T 209 Sierra Res* O 35 Signal Expl V 3942 Signature Res V 786 Silver Bear Rs T 1053 Silver Bull Re T 1011 Silver Bull Re* O 1447 Silver Dragon* O 654 Silver Grail V 95 Silver Predatr V 520 Silver Range V 196 Silver Shield 251 Silver Std Res* D 12000 Silver Std Res T 4332 Silver Wheaton T 5802 Silver Wheaton* N 27083 Silvercorp Met T 2230 Silvercorp Met* O 884 SinoCoking Cl* D 128 Sirios Res V 765 Sirios Res* O 146 Skeena Res* O 503 Skeena Res V 2779 Sky Ridge V 30 Skyharbour Res V 244 Slam Explor V 97 Solitario Ex&R T 84 Solitario Ex&R* X 369 Sona Res V 248 Sonora Gld & S V 619 Sonoro Mtls V 890 Sonoro Mtls* O 2002 Source Expl V 215 Southern Arc V 9 Southern Arc* O 4 Southern Copp* N 9329 Southern Silvr* O 467 Spanish Mtn Gd* O 36 Sparton Res V 1557 Sparton Res* O 154 Spearmint Res V 4648 Spruce Ridge R V 422 Stakeholdr Gld V 93 Stakeholdr Gld* O 6 Standard Graph* O 131 Standard Metal* O 108 Stans Energy* O 44 Starcore Intl T 220 Starr Peak Exp V 140 Stellar Africa V 178 Sterling Grp* O 271 Stillwater Mg* N 6910 Stina Res 152 Stockport Expl* O 24 Stornoway Diam T 1945 Stratabd Mnr V 1136 Strategic Metl V 424 Strategic Res* O 0

6.54 5.66 6.41 + 0.48 6.59 2.46 0.50 0.45 0.48 - 0.01 0.50 0.03 0.13 0.00 0.13 + 0.01 0.28 0.09 0.09 0.08 0.09 + 0.01 0.09 0.04 0.09 0.08 0.09 + 0.01 0.11 0.02 0.05 0.03 0.05 + 0.02 0.04 0.01 0.83 0.75 0.76 - 0.02 2.25 0.53 0.20 0.18 0.19 + 0.01 0.25 0.13 13.43 11.46 13.11 + 0.95 16.63 4.07 0.24 0.20 0.20 - 0.02 0.25 0.01 0.18 0.16 0.16 - 0.00 0.19 0.01 0.31 0.25 0.28 - 0.01 0.55 0.22 1.12 0.99 0.99 - 0.10 1.40 0.69 1.40 1.25 1.28 - 0.02 1.80 0.84 0.00 0.00 0.00 + 0.00 0.01 0.00 0.20 0.11 0.17 + 0.06 0.13 0.01 0.05 0.04 0.04 - 0.01 0.09 0.01 0.29 0.25 0.26 - 0.01 0.32 0.02 0.16 0.14 0.16 + 0.02 0.18 0.04 0.13 0.10 0.12 + 0.01 0.15 0.02 0.03 0.03 0.03 + 0.00 0.05 0.01 0.09 0.06 0.09 + 0.01 0.11 0.02 0.09 0.07 0.08 + 0.02 0.09 0.01 0.18 0.13 0.15 - 0.01 0.18 0.02 0.11 0.10 0.10 - 0.02 0.17 0.01 12.39 10.91 12.02 + 0.57 12.04 3.66 16.01 13.96 15.62 + 0.84 15.71 5.28 28.36 26.05 27.69 + 0.64 28.19 14.51 21.85 20.37 21.29 + 0.37 22.19 10.04 2.99 2.55 2.85 + 0.13 3.10 0.60 2.30 2.02 2.20 + 0.06 2.45 0.41 0.38 0.31 0.33 - 0.01 1.94 0.26 0.43 0.41 0.41 - 0.01 0.51 0.07 0.33 0.31 0.33 + 0.01 0.39 0.07 0.07 0.06 0.07 + 0.00 0.09 0.04 0.10 0.09 0.09 + 0.01 0.13 0.06 0.30 0.00 0.30 + 0.03 0.30 0.03 0.05 0.00 0.05 - 0.01 0.06 0.02 0.07 0.00 0.07 - 0.01 0.12 0.01 0.75 0.65 0.65 - 0.06 0.82 0.57 0.59 0.53 0.56 - 0.02 0.65 0.40 0.09 0.04 0.06 + 0.02 0.09 0.01 0.06 0.05 0.06 + 0.02 0.08 0.01 0.10 0.07 0.10 + 0.01 0.13 0.04 0.07 0.05 0.05 - 0.02 0.10 0.03 0.03 0.03 0.03 + 0.01 0.05 0.01 0.50 0.00 0.50 + 0.02 1.00 0.24 0.30 0.28 0.30 + 0.02 0.41 0.17 28.06 25.54 25.56 - 1.03 31.31 21.55 0.35 0.28 0.35 + 0.01 0.39 0.02 0.07 0.07 0.07 + 0.00 0.08 0.01 0.05 0.00 0.05 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.04 0.00 0.06 0.04 0.05 - 0.01 0.06 0.01 0.05 0.04 0.04 - 0.01 0.06 0.01 0.52 0.45 0.45 - 0.07 0.62 0.04 0.41 0.33 0.33 - 0.05 0.46 0.05 0.07 0.07 0.07 + 0.01 0.09 0.00 0.13 0.11 0.12 - 0.02 0.90 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.83 0.77 0.80 - 0.02 0.90 0.25 0.08 0.08 0.08 + 0.01 0.19 0.05 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.03 0.03 - 0.00 0.04 0.01 11.65 10.44 10.65 + 0.13 12.84 4.99 0.17 0.14 0.17 + 0.03 0.19 0.11 0.04 0.00 0.02 + 0.00 0.04 0.00 1.00 0.97 0.98 - 0.02 1.08 0.65 0.02 0.01 0.02 + 0.01 0.02 0.01 0.49 0.44 0.47 - 0.01 0.50 0.24 0.02 0.00 0.02 + 0.01 0.02 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stratton Res V 99 Stria Lithium V 238 Strikepoint Gd V 198 Strongbow Expl V 150 Stroud Res V 260 Sulliden Mng T 247 Suncor Energy T 32452 Suncor Energy* N 20356 Sunvest Mnrls V 41 Sutter Gold* O 285 Syrah Res* O 28

0.39 0.33 0.37 + 0.01 0.40 0.07 0.12 0.08 0.08 - 0.03 0.18 0.02 0.27 0.20 0.22 - 0.06 0.55 0.05 0.15 0.14 0.15 + 0.01 0.23 0.05 0.01 0.01 0.01 - 0.01 0.01 0.01 0.40 0.35 0.40 + 0.01 0.45 0.19 36.20 34.27 34.85 + 0.51 40.35 27.32 28.29 26.75 26.85 + 0.23 30.70 18.71 0.13 0.09 0.09 - 0.01 0.55 0.01 0.07 0.00 0.06 - 0.00 0.13 0.02 4.90 0.00 4.89 + 0.09 4.90 1.81

Tahoe Res* N 11895 Tahoe Res T 5525 Takara Res V 257 Talon Metals T 816 Tanager Energy V 1161 Tango Mining V 8350 Tantalex Res 936 Tanzania Mnls V 1404 Tanzania Rlty T 391 Tanzania Rlty* X 1465 Taranis Res V 275 Tarku Res V 380 Tartisan Res 130 Taseko Mines* X 367 Tasman Metals* O 169 V 97 Tasman Metals T 12 Teck Res Teck Res T 23260 Teck Res* N 34003 TECO Enrgy* N 8444 Telson Res V 12 Tembo Gold* O 971 Tembo Gold V 404 Teranga Gold T 6463 Teras Res V 191 Teras Res* O 44 Terrax Mnrls V 637 Terrax Mnrls* O 69 6 Teryl Res Corp* O Teslin Rvr Res V 220 Tesoro Mnrls V 237 Teuton Res V 195 Teuton Res* O 45 Themac Res V 240 Thompson Creek* O 1681 88 Thunder Mtn Gd* O Thunderstruck V 316 Till Capital V 4 Till Capital* D 3 Timberline Res* O 625 V 268 Timberline Res Timmins Gold T 3538 Timmins Gold* X 6100 Tinka Res* O 89 Tinka Res V 479 Tintina Res* O 515 Tintina Res V 172 Tirex Res V 181 Tirex Res* O 82 Titanium Corp V 93 TMAC Resource* O 102 T 299 TMAC Resources TNR Gold V 195 Toachi Mg Inc V 221 TomaGold V 4406 Tombstone Expl* O 199

14.06 12.93 13.86 + 0.53 14.29 6.48 18.20 16.56 18.02 + 0.88 18.12 9.45 0.06 0.05 0.05 - 0.01 0.06 0.02 0.10 0.00 0.10 + 0.01 0.15 0.07 0.10 0.08 0.10 + 0.01 0.10 0.02 0.07 0.05 0.07 + 0.01 0.08 0.01 0.05 0.03 0.05 + 0.01 0.07 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.70 0.60 0.65 + 0.01 0.76 0.24 0.54 0.47 0.50 - 0.00 0.57 0.17 0.09 0.06 0.06 - 0.04 0.12 0.03 0.08 0.06 0.08 + 0.02 0.08 0.02 0.05 0.04 0.05 + 0.01 0.07 0.01 0.53 0.47 0.48 - 0.02 0.70 0.23 0.23 0.19 0.20 - 0.03 0.56 0.06 0.29 0.25 0.26 - 0.03 0.66 0.09 18.00 0.00 17.18 + 0.18 18.00 5.69 16.40 14.84 15.32 - 0.02 16.40 3.65 12.84 11.44 11.79 - 0.15 12.84 2.56 27.70 27.60 27.66 + 0.03 27.83 17.60 0.21 0.20 0.20 - 0.05 0.25 0.04 0.05 0.04 0.04 - 0.01 0.05 0.01 0.06 0.05 0.05 - 0.01 0.06 0.01 1.25 1.04 1.13 - 0.06 1.23 0.38 0.16 0.15 0.16 + 0.01 0.16 0.03 0.13 0.11 0.12 + 0.01 0.13 0.02 0.44 0.40 0.42 - 0.01 0.46 0.23 0.34 0.31 0.34 + 0.01 0.35 0.17 0.01 0.01 0.01 - 0.00 0.01 0.00 0.37 0.00 0.35 - 0.01 0.43 0.20 0.05 0.05 0.05 + 0.01 0.06 0.01 0.25 0.22 0.23 - 0.01 0.33 0.04 0.19 0.18 0.19 + 0.00 0.25 0.03 0.10 0.04 0.05 - 0.03 0.10 0.01 0.43 0.40 0.41 - 0.02 0.92 0.07 0.12 0.00 0.12 + 0.05 0.15 0.02 0.04 0.03 0.04 - 0.01 0.06 0.01 4.50 4.10 4.10 - 0.05 6.60 3.28 3.73 0.00 3.36 + 0.16 5.43 2.76 0.42 0.36 0.39 - 0.03 0.78 0.08 0.52 0.44 0.51 - 0.02 0.75 0.16 0.46 0.38 0.45 + 0.04 0.75 0.11 0.36 0.29 0.35 + 0.02 0.62 0.07 0.18 0.17 0.18 - 0.01 0.22 0.07 0.23 0.22 0.23 - 0.01 0.27 0.09 0.08 0.08 0.08 - 0.00 0.09 0.03 0.11 0.10 0.10 - 0.01 0.11 0.04 0.12 0.10 0.12 + 0.02 0.22 0.07 0.10 0.08 0.10 + 0.01 0.18 0.05 0.45 0.43 0.43 - 0.03 1.55 0.31 13.39 12.25 13.04 + 0.01 13.63 9.26 17.10 15.65 16.95 + 0.20 17.73 4.85 0.08 0.06 0.08 + 0.01 0.09 0.01 0.38 0.35 0.38 + 0.01 0.43 0.03 0.14 0.10 0.12 + 0.01 0.14 0.04 0.01 0.00 0.01 - 0.00 0.02 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Torex Gold T 17400 Torex Gold* O 823 Tower Res V 1142 Transatlan Mng V 841 Transition Mtl V 135 Treasury Metal T 785 Trecora Res* N 387 Trevali Mng* O 1858 Trevali Mng T 5403 Tri Origin Exp V 278 TriMetals Mng T 462 TriMetals Mng* O 223 TriMetals Mng* O 241 Trio Gold Corp V 3328 Trio Resources* O 25 TriStar Gold* O 56 TriStar Gold V 146 Troy Res* O 21 True North Gem V 1364 Trueclaim Expl V 253 Tsodilo Res V 18 Tudor Gold V 63 Tungsten Corp* O 329 Turquoise HIl* N 12884 Turquoise HIl T 5917 TVI Pacific T 734 TVI Pacific* O 499 Typhoon Expl V 87

2.40 2.04 2.18 + 0.07 2.40 0.85 1.84 1.59 1.68 + 0.03 1.93 0.67 0.06 0.04 0.05 - 0.02 0.07 0.01 0.09 0.04 0.05 - 0.03 0.15 0.03 0.19 0.17 0.19 + 0.02 0.19 0.06 0.60 0.52 0.58 + 0.03 0.62 0.32 10.45 9.86 10.12 - 0.11 16.50 8.17 0.45 0.37 0.39 - 0.04 0.76 0.18 0.59 0.45 0.51 - 0.05 0.97 0.25 0.08 0.06 0.06 - 0.01 0.08 0.02 0.32 0.28 0.29 - 0.02 0.36 0.04 0.25 0.22 0.22 - 0.03 0.28 0.03 0.26 0.20 0.25 + 0.00 0.32 0.06 0.02 0.01 0.02 + 0.02 0.01 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.25 0.24 0.24 - 0.02 0.32 0.10 0.33 0.30 0.31 - 0.02 0.40 0.10 0.37 0.37 0.37 - 0.06 0.56 0.13 0.11 0.10 0.11 + 0.01 0.20 0.07 0.03 0.02 0.03 + 0.01 0.04 0.01 0.75 0.69 0.74 - 0.04 1.03 0.54 1.40 1.19 1.40 + 0.15 1.51 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 3.49 3.21 3.23 - 0.08 3.97 1.55 4.47 4.15 4.20 - 0.11 4.92 2.30 0.03 0.02 0.03 - 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.03 0.00 0.10 0.08 0.10 + 0.01 0.12 0.03

U3O8 Corp* O 188 Ucore Rare Mtl* O 351 Ucore Rare Mtl V 482 UEX Corp T 915 Ultra Lithium* O 47 Ultra Lithium V 139 Umbral Enrgy 1868 Unigold V 421 Unigold* O 78 168 United Res Hdg* O 515 United States A* X United States S* N 75435 Unity Energy V 279 Ur-Energy* X 924 Ur-Energy T 141 Uracan Res* O 40 Uracan Res V 551 715 Uragold Bay Rs V Uranium Energy* X 12270 Uranium Hunter* O 15993 738 Uranium Res* D Uravan Mnrls V 487 US Energy* D 243 US Precious M* O 1301 US Rare Earths* O 26 USCorp* O 371 Vale* N 112047 N 61308 Vale* Valley High Mg* O 1218 Valterra Res V 269 O 25 Vanadiumcorp* Vanadiumcorp V 1076 Vantex Res V 566 Vedanta* N 1219 Vendetta Mng V 1228 Verde Potash T 65 Victoria Gold V 4538 Victory Nickel 141 Victory Vent V 667

0.02 0.02 0.02 + 0.01 0.04 0.01 0.34 0.30 0.31 - 0.02 0.35 0.15 0.43 0.39 0.41 - 0.02 0.45 0.20 0.25 0.22 0.22 - 0.02 0.29 0.11 0.18 0.17 0.17 + 0.00 0.27 0.06 0.24 0.21 0.24 + 0.01 0.35 0.05 0.05 0.04 0.04 - 0.01 0.10 0.02 0.40 0.34 0.35 - 0.01 0.42 0.08 0.29 0.26 0.28 + 0.01 0.31 0.06 0.03 0.03 0.03 + 0.01 0.09 0.01 0.25 0.23 0.23 - 0.00 0.89 0.16 18.71 15.91 15.99 - 1.99 22.52 6.15 0.26 0.20 0.22 - 0.03 0.48 0.05 0.59 0.54 0.56 - 0.01 0.83 0.44 0.75 0.70 0.72 - 0.02 1.03 0.60 0.06 0.04 0.04 - 0.01 0.06 0.00 0.06 0.05 0.06 - 0.01 0.08 0.01 0.16 0.13 0.16 + 0.02 0.23 0.02 1.02 0.85 0.86 - 0.13 1.71 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 1.94 1.60 1.61 - 0.17 16.08 1.39 0.22 0.18 0.22 + 0.07 0.22 0.05 2.13 0.35 1.77 - 0.51 4.86 0.67 0.01 0.01 0.01 - 0.00 0.16 0.00 0.20 0.04 0.20 + 0.05 1.68 0.01 0.01 0.00 0.01 - 0.00 0.02 0.00 4.99 4.49 4.55 + 0.09 6.34 2.13 4.00 3.55 3.59 + 0.03 5.47 1.55 0.01 0.00 0.00 - 0.00 0.01 0.00 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.05 0.01 0.06 0.04 0.04 - 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 7.60 6.69 6.70 - 0.49 11.32 3.52 0.11 0.09 0.10 + 0.02 0.14 0.05 0.35 0.31 0.31 - 0.09 0.48 0.13 0.52 0.47 0.48 - 0.04 0.54 0.11 0.04 0.04 0.04 - 0.01 0.05 0.02 0.05 0.03 0.03 - 0.02 0.06 0.01

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Viscount Mng V 342 13293 Vista Gold* X Vista Gold T 626 Volcanic Mtls V 180 Voltaic Min V 111 Vulcan Mnrls V 176 VVC Expl V 513

0.16 0.77 + 0.01 0.91 0.79 0.76 0.24 1.57 + 0.12 1.47 1.67 0.83 0.31 2.01 + 0.13 1.90 2.15 1.13 0.04 0.14 + 0.06 0.15 0.15 0.00 0.03 0.33 - 0.12 0.52 0.45 0.33 0.02 0.03 - 0.01 0.04 0.04 0.03 0.01 0.04 + 0.01 0.05 0.04 0.03

625 WAI Cap Invest V Walker Lane* O 41 Walker River V 983 O 579 Walter Energy* Waseco Res V 193 Wealth Mnrls* O 57 Wealth Mnrls V 300 Wellgreen Plat T 712 O 352 Wellgreen Plat* V 55 Wescan Gldflds T 10856 Wesdome Gold 176 V West Af Res 41 West High Yld V West Kirkland V 933 West Melville V 1 47 West Red Lake* O 436 West Red Lake X 228 Western Copper* T 266 Western Copper T 531 Western Potash 322 Western Troy C V Western Uran 41 Western Uran* O 46 V 98 Westhaven Vent V 6866 Westkam Gold O 120 Westkam Gold* V 5581 Westminster Rs Westmoreland* D 896 Westridge Res V 5 White Energy* O 4 6 White Metal R* O 223 White Metal Rs V 165 White Mtn Engy* O Wildcat Expl V 484 V 344 Williams Creek 35 Winston Gld Mg Wolfden Res V 384 V 61 Wolverine Mnls WPC Res* O 132 WPC Res V 914 X-Terra Res V 388 Xander Res V 252 Ximen Mng V 2297 XLI Tech Inc* O 5819 Xtra-Gold Res T 40 O 85 Xtra-Gold Res* Yamana Gold T 33900 64226 Yamana Gold* N Yanzhou Coal* N 206 Yorbeau Res T 2108 Zadar Vent V 2734 542 O Zadar Vent * Zazu Metals* O 137 Zazu Metals T 316 Zenyatta Vent V 405 O 121 Zenyatta Vent* Zephyr Mnls* O 56 Zimtu Capital V 108 Zonte Mtls V 91

0.03 0.02 0.02 - 0.01 0.05 0.02 0.28 0.30 - 0.06 0.95 0.41 0.28 0.02 0.06 + 0.01 0.08 0.06 0.05 0.01 0.08 - 0.00 0.34 0.09 0.08 0.02 0.06 + 0.01 0.05 0.06 0.05 0.10 0.63 - 0.08 0.83 0.75 0.59 0.14 0.84 - 0.11 1.06 0.95 0.76 0.16 0.35 + 0.03 0.43 0.37 0.30 0.12 0.28 + 0.03 0.35 0.29 0.23 0.02 0.07 + 0.01 0.10 0.07 0.00 0.89 2.04 + 0.13 2.11 2.12 1.88 0.19 0.17 0.19 + 0.02 0.22 0.05 0.25 0.19 0.19 - 0.06 0.39 0.17 0.04 0.12 + 0.01 0.14 0.12 0.09 0.08 0.28 + 0.01 0.40 0.28 0.00 0.02 0.26 0.24 0.20 0.21 - 0.01 0.30 0.25 0.27 - 0.05 0.34 0.01 0.20 0.75 + 0.00 0.78 0.78 0.72 0.29 0.97 + 0.01 1.00 1.00 0.92 0.17 0.17 - 0.02 0.34 0.18 0.17 0.03 0.03 0.03 - 0.01 0.05 0.01 1.20 1.77 - 0.21 5.00 1.98 0.00 1.19 1.45 - 0.09 1.80 1.52 1.37 0.04 0.16 + 0.04 0.16 0.16 0.15 0.02 0.08 + 0.01 0.09 0.08 0.06 0.01 0.04 - 0.01 0.07 0.06 0.04 0.01 0.07 - 0.04 0.18 0.11 0.07 9.77 9.01 9.38 + 0.33 23.28 3.44 0.01 0.01 - 0.01 0.02 0.01 0.00 0.27 0.27 - 0.07 0.89 0.34 0.27 0.05 0.05 0.05 + 0.02 0.06 0.01 0.13 0.07 0.07 - 0.06 0.13 0.02 0.09 0.07 0.07 + 0.00 0.40 0.07 0.02 0.07 - 0.03 0.16 0.10 0.07 0.01 0.03 - 0.01 0.04 0.04 0.03 0.10 0.10 0.10 - 0.01 0.13 0.10 0.05 0.17 - 0.03 0.19 0.19 0.15 0.08 0.13 + 0.02 0.38 0.13 0.09 0.06 0.06 - 0.02 0.08 0.08 0.06 0.03 0.08 - 0.01 0.12 0.09 0.07 0.06 0.20 - 0.02 0.25 0.23 0.20 0.19 0.45 + 0.07 0.46 0.45 0.38 0.02 0.07 - 0.01 0.15 0.08 0.06 0.05 0.02 0.04 - 0.01 1.50 0.02 0.18 0.50 - 0.02 0.53 0.52 0.00 0.12 0.38 - 0.01 0.42 0.40 0.36 1.89 6.64 + 0.43 7.01 6.92 5.98 1.38 5.10 + 0.27 5.38 5.32 4.66 3.66 6.05 + 0.36 8.58 6.44 5.84 0.06 0.10 + 0.01 0.17 0.10 0.08 0.01 0.12 - 0.09 0.26 0.20 0.11 0.15 0.11 0.13 - 0.03 0.20 0.06 0.08 0.15 - 0.03 0.24 0.17 0.00 0.09 0.20 - 0.03 0.33 0.22 0.18 0.63 0.68 - 0.03 1.78 0.76 0.64 0.47 0.51 - 0.04 1.33 0.58 0.51 0.15 0.24 + 0.01 0.25 0.25 0.22 0.12 0.23 - 0.02 0.38 0.25 0.23 0.02 0.10 + 0.03 0.15 0.10 0.07

W-Z

BID-ASK — JUNE 20–24, 2016 STOCK

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Active Growth Afrasia Mnls African Metals Aftermath Slvr Aguila Amer Gd Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alpha Nat Res* Altan Rio Mnls Altitude Res Amanta Res Anthem United Arch Coal* Arctic Star Arcturus Vents Ardonblue Vent Arrowhead Gold Arrowstar Res Artha Res Asbestos Corp Astar Mnls Ateba Res Atlatsa Res* Aurania Res Balto Res Bama Gold Banks Island Banyan Gold Barksdale Cap BC Moly BCGold BE Res Bearclaw Cap Bearing Res Benz Cap BHK Mining Big Bar Res Bird River Res Black Bull Res BlackEagle Dev Bluenose Gold Bluestone Res Boss Power Buccaneer Gold Bullion Gld Res Cache Expl Cairo Res Canuc Res Canyon Copper Carrie Arran Cascade Res Cassidy Gold Cassius Vents Cataca Res* Cdn Arrow Celtic Minrls Chinapintza Mg Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Comet Inds Compliance Egy Cons Woodjam Crestwell Res Cricket Res CWN M’g Acq Delrand Res Desert Star Deveron Res DGS Mnls Discovery-Corp E-Energy Vent EastCoal Inc Enfield Expl European Metal Eurotin Fire River Gol

8-10_JULY4_StockTables.indd 10

12-MONTH

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

0.06 1.63 0.15 0.20 0.01 0.03 0.02 0.03 0.06 0.06 0.06 0.10 0.03 0.08 0.03 0.05 0.06 0.09 0.09 0.11 ... 0.01 0.01 0.03 0.08 0.10 0.08 0.12 0.06 0.15 0.15 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.03 ... 0.03 0.03 0.03 0.10 0.03 0.06 0.23 0.24 0.24 4.16 0.01 0.02 0.02 0.03 0.05 0.11 0.07 0.21 0.01 0.02 0.01 0.20 0.29 0.22 0.43 ... ... 0.58 15.00 0.02 0.02 0.02 0.10 0.01 0.02 0.02 0.02 0.04 0.08 0.05 0.07 0.01 ... 0.03 0.05 0.07 0.13 0.13 0.13 0.13 0.15 0.12 0.20 0.19 0.30 0.18 0.30 0.10 ... 0.10 0.15 ... 0.01 0.01 0.01 ... ... 0.06 0.45 0.55 0.60 0.60 0.60 0.01 0.03 0.01 0.03 0.09 0.10 0.11 0.20 0.01 0.01 0.01 0.17 0.07 0.09 0.09 0.09 0.01 0.04 0.01 0.02 0.05 0.09 0.05 0.23 0.05 0.07 0.05 0.13 ... 0.34 0.35 0.04 0.04 0.04 0.06 0.01 0.05 0.03 0.02 0.04 0.02 0.12 0.03 0.04 0.04 0.10 0.08 0.50 0.10 0.10 0.03 0.09 0.05 0.07 ... 0.01 0.01 0.04 ... 0.04 0.04 0.01 0.03 0.01 0.03 0.12 0.23 0.13 0.17 0.17 0.20 0.17 0.17 0.03 0.04 0.04 0.04 0.09 0.12 0.09 0.15 0.11 0.13 0.13 0.16 0.24 0.39 0.30 0.30 0.23 0.29 0.25 0.30 0.02 0.03 0.03 0.04 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.02 0.03 0.03 0.03 ... ... 0.20 0.51 0.01 0.01 0.01 0.01 ... ... 0.01 0.01 0.02 0.01 0.01 1.45 3.20 1.43 7.17 0.01 0.02 0.01 0.08 ... 0.10 0.10 0.10 1.32 1.75 1.32 1.75 0.03 0.03 0.03 0.25 0.04 0.06 0.05 0.09 0.04 0.10 0.13 0.14 0.01 0.04 0.01 0.03 0.11 0.50 0.11 0.22 0.45 0.80 0.45 0.60 0.07 0.10 0.07 0.16 0.20 0.22 0.24 0.31 0.04 0.09 0.04 0.06 0.03 0.04 0.04 0.10 ... 0.01 0.01 0.01 0.01 0.01 0.01 ... ... 0.01 0.01 ... 0.01 0.01 0.01 0.03 0.13 0.10 1.00 0.03 0.07 0.09 0.75

LOW

STOCK

0.05 0.01 0.02 0.01 0.02 0.01 0.03 0.08 0.16 0.12 0.03 0.01 0.20 0.01 0.02

Firesteel Res First Idaho Fort St J Nick Freeport Res G4G Res Galore Res GFM Res Global Cobalt Global Cop Grp Global Hunter God’s Lake Res Goldbelt Emp Golden Band Golden Harp Gonzaga Res Grande Portage Granite Ck Gld Gravis Energy Green Arrow Grenville Gold Greywacke Expl Group Ten Mtls Harvest Gold Heron Res HFX Holding Highbury Proj Highvista Gold HiHo Silver Homeland Egy iMetal Res Interconnect Intigold Mines Jasper Mng Jaxon Mnls JDF Explor Inc Jet Gold Jet Metal Jiulian Res Kairos Cap Karoo Expl Kazax Mnls Kenna Res Kestrel Gold Lakeside Mnrls Lateral Gold Leeta Gold Leo Res Libero Mg Corp Lions Bay Cap Lions Gate Mtl Lovitt Res Lucky Mnls Lund Enterpr Maccabi Vent MacMillan Mnls Mag Copper Mainstream Mnl Manado Gold Margaux Res Match Capital MaxTech Vent McChip Res McLaren Res Mega Copper Megastar Dev Meryllion Res Metallum Res Mezzotin Mnrls Midnight Star MillenMin Vent Mindoro Res Minecorp Egy Minfocus Expl Mistango River Mitchell Res Moag Copper Montego Res Morgan Res Morumbi Res Mountain Lake Natan Res Navy Res

0.14 0.58 0.01 0.01 0.05 0.03 0.04 0.01 0.13 0.09 0.01 0.06 0.30 0.01 0.07 0.01 0.02 0.01 0.03 0.03 0.02 0.01 0.03 0.10 0.02 0.03 0.01 0.05 0.17 0.02 0.05 0.06 0.08 0.05 0.01 0.05 0.02 0.01 0.01 0.20 0.01 0.01 0.98 0.01 0.09 1.15 0.03 0.02 0.08 0.01 0.11 0.10 0.03 0.17 0.03 0.03 0.01 0.01 0.01 0.05 0.03

12-MONTH

EXC BID ASK LAST HIGH LOW

V V V V V V V V V V C V V V V V V C V V C V V T V V V C V V V V V V C V V V V V V V V V V V C V V C V V V C V C V V V V C V C V V C V V C V V V V C V C C V V C V V

0.02 0.03 0.02 0.03 0.06 0.13 0.05 0.12 0.01 0.02 0.01 0.03 0.02 0.03 0.02 0.09 0.07 0.10 0.08 0.11 0.02 0.02 0.02 0.03 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.05 0.05 0.05 0.06 0.03 0.04 0.03 0.07 0.05 ... 0.08 0.10 0.04 0.05 0.04 0.10 ... 0.01 0.01 0.01 0.16 0.23 0.23 0.28 0.04 0.06 0.04 0.04 0.10 0.13 0.08 0.14 0.04 0.06 0.04 0.05 ... 0.02 0.01 0.03 0.04 0.03 0.10 0.07 0.14 0.07 0.15 0.04 ... 0.04 0.04 0.03 0.03 0.03 0.06 0.04 0.12 0.04 0.05 0.13 0.14 0.13 0.15 0.04 0.06 0.04 0.15 0.18 ... 0.20 0.20 ... 0.16 0.17 ... 0.02 0.01 0.01 ... 0.01 0.01 0.01 0.05 0.06 0.06 0.10 0.09 0.14 0.09 0.10 0.06 0.08 0.06 0.22 0.05 0.08 0.06 0.08 0.07 0.07 0.06 0.09 ... 0.02 0.02 0.02 0.04 0.08 0.06 0.06 0.10 0.10 0.09 0.15 0.02 0.05 0.02 0.03 0.02 0.04 0.02 0.03 0.01 0.02 0.01 0.02 0.01 0.03 0.01 0.05 0.10 0.15 0.12 0.17 0.02 0.02 0.02 0.07 0.01 0.01 0.01 0.01 0.11 0.16 0.14 0.18 0.04 0.10 0.04 0.05 0.01 0.03 0.01 0.01 0.11 0.17 0.17 0.18 0.01 0.03 0.01 0.01 0.05 0.08 0.05 0.06 0.03 0.10 0.03 0.05 0.05 0.06 0.06 0.14 0.08 0.10 0.08 0.14 0.08 0.10 0.08 0.14 0.21 0.27 0.27 0.30 0.01 0.02 0.01 0.05 ... 0.01 0.01 0.01 0.01 0.03 0.08 0.18 0.24 0.24 0.29 0.01 0.04 0.01 0.01 0.24 0.38 0.25 0.26 0.61 0.80 0.61 1.02 ... 0.01 0.01 0.01 0.05 0.12 0.05 0.05 0.04 0.06 0.04 0.08 0.02 0.03 0.02 0.02 0.03 0.06 0.12 0.01 0.01 0.01 0.01 0.06 0.15 0.06 0.10 0.02 0.10 0.02 0.02 0.01 0.01 0.01 0.02 0.10 0.13 0.10 0.18 0.03 0.03 0.03 0.05 0.02 0.04 0.02 0.07 0.04 0.43 0.04 0.05 ... ... 0.08 0.12 0.07 0.10 0.10 0.13 0.01 0.01 0.01 0.03 0.03 0.06 0.06 0.06 ... 0.01 0.01 0.01 0.20 0.29 0.23 0.23 0.23 0.30 0.30 0.30

0.01 0.05 0.01 0.01 0.03 0.01 0.02 0.01 0.04 0.01 0.01 0.02 0.01 0.03 0.01 0.04 0.01 0.03 0.06 0.01 0.01 0.01 0.07 0.01 0.10 0.01 0.01 0.03 0.05 0.06 0.02 0.01 0.02 0.03 0.04 0.01 0.01 0.01 0.01 0.08 0.01 0.01 0.07 0.03 0.01 0.02 0.01 0.01 0.02 0.05 0.02 0.08 0.08 0.01 0.02 0.11 0.01 0.05 0.40 0.01 0.02 0.02 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.01 0.08 0.09 0.01 0.02 0.01 0.05 0.06

STOCK

Nebu Res Network Expl New Destiny Mg New Klondike Newlox Gold Newstrike Res Nickel North Noble Metal Gr North Am Tung Northern Uran NovX21 NSGold NSS Res Inc Open Gold Oracle Mng Organic Potash Oxford Res Pac Cascade Pac Link Mng Pac Topaz Pantheon Vent Phoenix Gold Phoenix Metals Planet Mng Prime Meridian Prism Res Prize Mng ProAm Expl Rare Element* Ravencrest Res Razore Rock Res Red Rock Enrgy Regency Gold Remo Res Rift Valley River Wild Exp Rodinia Lithm Romulus Res RosCan Mrnls Rotation Mnls Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Mtn Mns Silver Phoenix Silver Pursuit Sniper Res Stelmine Can Strata Mnls Sunrise Res Sunset Cove Mg Tajiri Res Tasca Res Tearlach Res Telferscot Res Teryl Res Corp Tiger Intl Trident Gold Trigen Res Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vangold Res Vatic Vent Vela Minerals Velocity Mnrls Venerable Vent Wabi Expl Western Pac Rs Weststar Res Whistler Gold Wolfeye Res Xiana Mng Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.06 0.05 0.06 0.05 0.08 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.01 ... 0.01 0.01 0.02 0.02 0.03 0.02 0.05 0.02 0.03 0.02 0.05 0.07 0.10 0.07 0.10 ... ... 0.20 0.20 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.01 0.06 0.02 0.09 0.02 0.03 0.03 0.01 0.02 0.01 0.02 0.01 0.09 0.02 0.03 0.15 0.18 0.16 0.29 0.11 0.11 0.10 ... 0.01 0.01 0.02 0.19 0.20 0.21 0.21 0.04 0.06 0.05 0.08 0.08 0.16 0.12 0.18 0.12 0.15 0.12 0.15 0.01 0.02 0.02 0.05 0.01 0.02 0.01 0.02 0.11 0.16 0.15 0.89 0.02 ... 0.02 0.02 ... 0.05 0.05 0.08 0.01 0.03 0.01 0.04 0.01 0.05 0.01 0.05 0.09 0.15 0.09 0.10 0.01 0.04 0.01 0.04 0.01 ... 0.01 0.01 0.02 0.02 0.01 0.05 0.11 0.16 0.15 0.16 0.02 0.02 0.02 0.02 0.09 0.40 0.04 0.04 ... ... 0.03 1.35 0.02 0.02 0.02 0.04 ... ... 0.16 0.36 0.57 0.36 0.54 0.11 ... 0.09 0.20 0.02 0.02 0.02 0.05 0.02 0.02 0.02 0.03 0.01 0.24 0.10 0.10 0.07 0.08 0.08 0.13 0.01 0.01 0.01 0.07 0.08 0.10 0.08 0.20 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.02 0.03 0.04 0.03 0.06 0.07 0.18 0.09 0.10 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.01 0.02 0.02 0.02 0.13 0.25 0.13 0.25 0.01 0.01 0.01 0.02 0.06 0.20 0.06 0.07 0.01 0.50 0.01 0.03 0.01 0.05 0.01 0.04 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.45 0.01 0.02 0.02 0.02 0.11 0.14 0.12 0.24 0.04 0.07 0.05 0.08 0.15 0.19 0.15 0.20 0.01 0.04 0.02 0.02 0.04 0.05 0.05 0.06 0.02 0.03 0.02 0.03 0.04 0.06 0.06 0.06 0.02 0.28 0.02 0.02 0.25 ... 0.25 0.28 0.03 0.05 0.03 0.07 0.07 0.09 0.07 0.10 0.05 0.07 0.05 0.08

0.01 0.02 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.02 0.03 0.20 0.01 0.01 0.01 0.01 0.06 0.01 0.02 0.02 0.05 0.04 0.02 0.01 0.06 0.01 0.01 0.01 0.01 0.04 0.01 0.01 0.01 0.07 0.01 0.02 0.03 0.01 0.26 0.05 0.01 0.01 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.12 0.01 0.03 0.01 0.01 0.01 0.42 0.01 0.04 0.02 0.05 0.01 0.03 0.01 0.01 0.01 0.25 0.03 0.05 0.01

2016-06-28 5:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 4–10, 2016

Workers building the main plant at Silver Bear Resources’ Vertikalny Central silver mine in Russia’s Far East. The conveyor support base is seen in the foreground with the mill feed bin foundation behind it and ball mill foundation in the background. SILVER BEAR RESOURCES

Silver Bear moving swiftly to develop Vertikalny Central

HIGH GRADE SILVER BY TRISH SAYWELL

tsaywell@northernminer.com

ince the end of last year, shares of Russia-focused Silver Bear Resources (TSX: SBR) have soared from 1.5¢ to 24¢ apiece. “That’s more than a tenfold increase in the last six months — it’s huge,” the junior’s Moscow-based president and CEO Graham Hill says. “People are recognizing that we’re doing what we said we were going to do.” What the company has said it will do is produce the first silver from its Vertikalny Central deposit in Russia’s Far East by year-end. And while Hill concedes that the target is “a tall order” — he also believes that meeting the self-imposed deadline is entirely possible. The company has already procured all of the major equipment it needs to build the mine and processing plant, having brought most of it in during the winter road season (January to April), and expects to start commissioning in the fourth quarter of this year. Steady state production is targeted for the first quarter of 2017. On June 9, Silver Bear released the results of a feasibility study, which Hill describes as “exceptional,” including an initial capex estimate of US$48.6 million, a post-tax payback in just over two years, a post-tax net present value at a 5% discount rate of US$70.7 million and a 40.2% post-tax internal rate of return. “It really is very, very good,” he says of the study, adding that the open-pit operation, 400 km north of the capital city of Yakutsk in Russia’s Far Eastern Republic of Sakha, will produce 16.8 million oz. silver over a 7.3-year mine life. “What we are producing is go-

1 2 3 4 5 11 13 14 16_JULY4_Main .indd 11

| Junior hopes to complete mine construction in Russia’s Far East by end of 2016

ing to be a very high-grade silver powder,” he says. “The final process is an electrowinning-electrolysis process, from which we will provide 99.8% to 99.9% silver powder — we won’t be doing further smelting or doré bars — we don’t need to, we can do off-take agreements on the silver powder.” Hill notes that the feasibility study used conservative silver prices (US$16 per oz. in the first year of production, US$17.25 per oz. during the second year of production, and US$18 per oz. during the remainder of the project, with a life-of-mine weighted average silver price of US$17.74 per oz.) “We said, ‘let’s be realistic, let’s look at what forward curves are’ and we took the median of 25 financial institutions,” he explains. “The prices we’ve used further demonstrate the robustness of our project — even if silver doesn’t go beyond US$18 per oz. The median gives you a reasonable set of numbers — those are not extreme numbers in anybody’s books.” Vertikalny Central is one of the highest-grade silver deposits in the world and has an indicated resource of 800,000 tonnes grading 909 grams silver per tonne for 23.4 million contained oz. silver, and an inferred resource of 680,000 tonnes averaging 615 grams silver for 13.4 million oz. silver. The resource estimate used a cut-off grade of 335 grams silver. Hill acknowledges that the main reason why the company is able to move so quickly and fast-track the development process is due to the support it has from the local government, Silver Bear’s board of directors and its major Russia-based shareholders. Two of the company’s biggest shareholders are Russian

“THE PRICES WE’VE USED FURTHER DEMONSTRATE THE ROBUSTNESS OF OUR PROJECT — EVEN IF SILVER DOESN’T GO BEYOND US$18 PER OUNCE.” GRAHAM HILL PRESIDENT AND CEO, SILVER BEAR RESOURCES

privately held investment management firms: Inflection Capital Partners, with a 25.6% stake, and Aterra Capital, which owns a 25.2% stake. Aterra is owned by Russian billionaire Alexey Mordashov. “I have the full support of the board and shareholders for advancing this to completion — the money that has gone into the project has come from our two major shareholders and they stand right behind the project,” Hill says, adding that the local community and local government are also supportive. “The government of Yakutsk is very keen for us to develop our mine here,” Hill says. “We were favourably received, they were encouraging us in terms of making sure we can get our applications completed in time, and there is a Far East Russia tax incentive scheme that gives us necessary tax relief and relief on mineral royalties for a number of years. It’s great encouragement for us and improves returns on projects for all companies looking to start up in a location like this.” Under the region’s tax incentives, Hill says, there is a five-year hiatus

on profit taxes, while mineral royalties are charged on a sliding scale that starts at zero and then increases gradually over a similar time frame. Silver Bear says that while it has proceeded with construction in advance of regulatory approval for the project, it expects that all of the permits needed for construction and operation will be in place before the start of production. “There are a series of permits we need to obtain as per the Russian regulatory process; there are ecological permits, safety permits, construction and commissioning permits, so there are a series of permits required — it’s like a sequence of events — so we have started the permitting process and so far we’ve had positive responses to or applications so we are progressing,” he says. “Our current plan is that we will have all the permits we need by the end of the third quarter, before we start commissioning. It’s an unusual environment to work in [but] we are working as closely as possible with all the regulatory authorities to make sure we get all our permits. It’s a little bit different working in the Russian environment … it’s a challenging environment to work in, but it can also be a supportive environment to work in, so we’re happy to be here and building new mining projects.” The Vertikalny Central deposit is one of several deposits at the Mangazeisky project. The idea is that a central facility will process ore from all of the satellite pits, which include Vertikalny Northwest, 1 km north of Vertikalny Central; Nizhny Endybal, 2.5 km east of Vertikalny Central; and the Mangazeisky North deposits, 7 km north. Vertikalny Northwest has an in-

ferred resource of 310,000 tonnes grading 458 grams silver for 4.6 million oz. silver and Nizhny Endybal has an inferred resource of 710,000 tonnes grading 316 grams silver for 7.2 million oz. silver. The Mangazeisky North deposit has an indicated resource of 304,000 tonnes grading 626 grams silver for 6.1 million oz. silver and an inferred resource of 98,000 averaging 671 grams silver for 2.1 million oz., while Mangazeisky South has an inferred resource of 60,000 tonnes measuring 246 grams silver for 500,000 oz. silver. Hill says the company focused on Vertikalny Central first because that’s where the grade and definition were the best and it was better explored, but is now focusing a bit more on Mangazeisky North to develop that as the next resource that will be fed into the processing plant. “We’ve also got a few other interesting deposits fairly nearby and hopefully we’ll be making some further announcements on those,” he says. “There are deposits for which we do not have a maiden resource, so hopefully we’ll be producing some maiden resources for additional deposits and adding to our total resource on the property.” Hill is familiar with working in challenging and often remote conditions. Before joining Silver Bear as CEO in November 2014, Hill helped build the Yatela and Sadiola gold mines in Mali; developed and managed the Amantaytau gold and silver mines in Central Asia in the mountains of Kyrgyzstan and the desert-like Kyzylkum Region of the Navoi Oblast in Uzbekistan; and developed the Passendro gold project in the Central African Republic. TNM

2016-06-28 6:34 PM

WWW.NORTHERNMINER.COM

JULY 4–10, 2016 / THE NORTHERN MINER

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2016-06-28 4:52 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 4–10, 2016

Lundin Gold tables feasibility study for Fruta del Norte ECUADOR

| Mine construction at high-grade gold deposit could begin in mid-2017

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

undin Gold (TSX: LUG; USOTC: FTMNF) has completed a feasibility study that outlines a path to production at its flagship Fruta del Norte (FDN) gold project in southeastern Ecuador. The company hopes to secure its environmental licence and water permits by the fourth quarter, which would set the stage for project financing in mid2017. The first year of commercial production is scheduled for 2021. The study, released on June 6, is the second milestone for Lundin this year. In late January the company negotiated an agreement with the Ecuadorian government that outlines a financial and tax regime for FDN’s development. The study was prepared by lead engineering firm Amec Foster Wheeler, and supported by Klohn Crippen Berger. The operation would produce 340,000 oz. gold annually over a 13-year mine life at all-in sustaining costs of US$623 per oz. gold. Lundin models capital expenses of US$669 million, which doesn't include US$430 million in sunk costs that will have been incurred at FDN before an expected official construction date in early July 2017. Twin declines would be built 155 metres below the Machinaza River, while the mine ramp would be located central to the main workings east of the deposit. The plan is based on probable reserves of 15.5 million tonnes of 9.67 grams gold per tonne and 12.7 grams silver per tonne for 4.8 million contained oz. gold and

Lundin Gold’s Fruta Del Norte gold project in southeastern Ecuador. LUNDIN GOLD

6.34 million contained oz. silver. “This [study] provides a solid basis for FDN to advance immediately into development and become a landmark and profitable mining operation,” president and CEO Ron Hochstein said during a conference call. “This is the type of deposit that companies are built on, and it will be a new economic driver for Ecuador. Our focus now shifts to environmental permitting and further optimization in preparation for the start of portal construction and operations.” Ore would be processed using a gravity, flotation and leaching flow sheet. The gravity circuit would recover the coarse free gold, and small amounts of fine free gold, while the flotation circuit would recover gold

associated with sulphides. Flotation tailings would be treated in a carbon-in-leach to recover the fine-grained gold. Over the mine’s life, 70% of the gold would be produced in concentrate and the rest in doré. The silver production would be 82% in concentrate and 18% in doré. At a US$1,250 per oz. gold price , the project would have a US$676million after-tax net present value (NPV) at a 5% discount rate, and a 15.7% internal rate of return (IRR). Pre-tax numbers feature a US$1.3billion NPV and a 23.8% IRR. Basic engineering and early site work would start in the third quarter, with an exploitation agreement and US$25 million in advance royalty payments following early next year.

Dundee Precious Metals to start construction at Krumovgrad in Q3 BULGARIAN GOLD BY TRISH SAYWELL tsaywell@northernminer.com

pdating investors on its Krumovgrad gold project in southern Bulgaria, Dundee Precious Metals (TSX: DPM) says it could start construction before October and has revised its construction capital cost estimate to US$178 million, up from a US$164-million estimate in March 2014. The company says it has nearly cleared the last permitting hurdle for a construction permit. Subject to financing and board approval, production could kick off in the second half of 2018. The increase in the cost estimate is owed to higher levels of definition from detailed engineering in the first quarter and updated contractor and equipment pricing, along with execution and operational readiness plans. The new estimate includes a US$12.4-million contingency, and was partly offset by savings associated with leasing the mine fleet. Rick Howes, Dundee’s president and CEO, could not be reached for comment. Once in production, Krumovgrad would be Dundee’s second operating mine in the country. Its first, Chelopech, is 70 km east of Sofia, the national capital, in central-western Bulgaria, on the southern Balkan Ranges. Chelopech produces a copper concentrate containing gold and silver and a pyrite concentrate

1 2 3 4 5 11 13 14 16_JULY4_Main .indd 13

Lundin would begin earthworks in late 2017 and process plant construction in early 2018. “We’ve come a long way in Ecuador over the past 18 months,” chairman Lukas Lundin said. “When we started the journey, we were worried about permits and different tax regimes. Now I think we have it all in place, and have full cooperation from the government to get the project going. The study demonstrates a long-life mine and we have great exploration potential, so I see us being there for a long time.” Hochstein explained that the company will be looking at a “two-stage” financing, with the first component scheduled to close by the third quarter. Lundin expects to spend US$120 million at FDN to reach construction in mid-2017. The company would then complete a larger financing to fund the feasibility study’s development capital. “We believe we’ll be able to minimize dilution and lower our cost of capital by de-risking the project over the next year, improving the

economics. The two-stage financial strategy will also get us through the election in Ecuador in February,” Hochstein added. Lundin has carried out a regional drill campaign 15 km to 20 km south of FDN that includes the Robles, Chanchito and Emperador targets, comprising 20 holes totalling 7,500 metres. The company may follow up with another 3,000 metres. Lundin has traded within a 52week range of $3.46 to $6.51 per share, and dropped 6.5%, or 40¢ on the feasibility study news, en route to a $5.84 per share close at press time. The company has 101.3 million shares outstanding for a $632-million market capitalization, and at the end of March reported US$7.8 million in cash. On June 27, Lundin lined up a bought deal financing of 15 million shares priced at $5.50 per share, for gross proceeds of $82.5 million. If a 15% over-allotment option is exercised under the same terms, the money raised would rise to $94.9 million. TNM

| Construction costs creep up to US$1`78M containing gold. Last year the operation produced a total 115,000 oz. gold, 39.8 million lb. copper and 242 million oz. silver. Dundee acquired Chelopech in September 2003, and since then annual ore processed has increased from 523,810 tonnes in 2004 to 2.1 million tonnes in 2014. Krumovgrad could produce 85,700 oz. gold and 38,700 oz. silver per year over an eight-year mine life at total cash costs of US$404 per equivalent oz. gold, yielding earnings before interest, taxes, depreciation and amortization of US$66 million a year. Over its mine life, Krumovgrad would churn out 685,549 oz. gold and 309,915 oz. silver. At US$1,250 per oz. gold and US$15 per oz. silver, payback would take 2.4 years and the mine would generate a post-tax net present value, at a 5% discount rate, of US$187.6 million and a 24.8% internal rate of return. Dundee says the project can be funded from internally generated cash flow and supplemented with available lines of credit under the company’s revolving credit facility, in addition to proceeds from the March sale of its Kapan mine in southern Armenia to Polymetal International (LSE: POLY). Dundee sold Kapan, which produces a copper concentrate and a zinc concentrate, both containing gold and silver, for US$10 million

in cash, US$15 million in Polymetal shares and a 2% net smelter return royalty on future production capped at US$25 million. In addition to Chelopech and Krumovgrad, Dundee owns the Tsumeb smelter, a copper concentrate processing facility in Namibia, and has interests in several gold development properties across Bulgaria, Serbia and northern Canada. It also owns 100% of Avala Resources and has a 12% interest in Sabina Gold & Silver (TSX: SBB). On June 20, Dundee announced that it had entered into a an agreement with a syndicate of investment dealers that would purchase on a bought-deal basis 15.8 million shares of the company at $3 per share for gross proceeds of $47.5 million. The underwriters can buy up to another 2.4 million shares for total proceeds of $54.7 million. Concurrent with the offering, Dundee intends to undertake a non-brokered private placement of 840,000 shares of the company at $3 per share for additional proceeds of $2.5 million. The company says the proceeds of both financings “will be used to lower drawdowns under its revolver credit facility, support advancing its growth initiatives and for general corporate purposes.” At press time Dundee’s shares traded at $2.98 apiece within a 52-week trading range of 87¢ and $3.47. TNM

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r-E nerg y (T SX : U R E ; N YSE-MKT: URG) has cut both its workforce and annual production guidance, amid the depressed uranium prices. Ur-Energy recently announced that it has eliminated 12 employees, or 15% of its staff, from the Littleton, Colo.; Casper, Wyo.; and Lost Creek locations. Before the reductions, it had 79 employees. As part of its cost-saving measures, Ur-Energy has asked several employees to change positions

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Barrick investors revolt against $11.9m bonus

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By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion MEXICdollar overrun at its O flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, 4 20 changed its11-15 chief executive officer and seen its share price sliced in half. So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million. The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record. “This compensation is inconsistent with the governance principle of pay-for-performance the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. and is therefore disproportionate setstheawestern troubling preceSleeper was one of the lowest-cost Sleeperand lies within Site ViSit gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future. Sipping coffee inside Para- Mesozoic meta-sedimentary rocks ada-based explorer Paramount statement. As a group these funds Gold and Silver (PZG-T, PZG-X), mount’s headquarters in the min- of the Auld Lang Syne group and granitic intrusions. there’s a lot to be said for making ing town of Winnemucca, vice- Cretaceous collectively manage over $900 something old new again. In mid- president of exploration Glen van Mineralization at Sleeper falls into billion in assets. main categories, including: 2010 the company picked up the Treek, who joined Paramount four

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11-15

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But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24. “I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.” Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers. “We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter. Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna. The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide. Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees. “We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18

Guerrero

gold belt.

How Mexico mantle as a top reclaimed its mining nation April 29-May

BY ALISHA

PICKS,

Edgewater uncovers gold at Corcoesto in Galicia

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years. Now Edgewater stands poised on the development threshold, having pulled together a gold re-

TSX-V:RRI

Pages

Newstrike

price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the SVLC-X) While juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July SilverCrest 2011. churn out SilverCrest Mines expects Analysts: 2.4 million silver (579,000 Christos equivalent to cap Securities; Doulis, oz. silver oz. gold) oz. StoneNicholas and 33,500 Canaccord per oz. at a cash cost Campbell, Genuity silver, of US$8.50 with production creasing to 4.6 million inSee STOCK equivalent

Endeavour Bradford Silver’s shares his Cooke recipe

Barrick investors revolt against $11.9m bonus By Gwen Preston in vancouver

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half. So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million. The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record. “This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

El Tigre Silver Sees a bright future in old tailings

5, 2013

NEWSTRIKE

CAPITAL

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico. BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — any other is excellent, Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total an idea into Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the silver of how with Cooke to erations large and profitable a rural ton, working after in just per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion. despite almost four Hina leader cop(AEM-T, Agnico-Eagle budget purchase years. Mexico’s derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. and companies gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s of So how land packages. Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko gold And more per oz. 2012, compared at the end at M&A of to US$17 See MEXICO, and

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past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new gold at developing Otjikoto mine By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals. And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation. Otjikoto sits 300 km north of the Namibian capital of Windhoek. The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014. Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year. Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit. Using historic data and a few drill See B2GoLd, Page 3

early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially

Edgewater uncovers gold at Corcoesto in Galicia

Pages Newstrike

Site ViSit

By matthew keevil

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

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How Mexico mantle as a top reclaimed its mining nation April 29-May

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Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

Endeavour Bradford Silver’s shares his Cooke recipe

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BY ALISHA

To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico. BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — any other is excellent, Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the silver of how erations large and profitable to a rural ton, working after in just per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion. Hindespite almost four copa leader (AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. companies and gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s of So how land packages. Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko gold per oz. And more 2012, compared at the end at M&A of to US$17 See MEXICO, and

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

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Valued

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Ag; 3.11%

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Ontario,

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

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13-04-24

Commentary

Rainforest reclamation done right in Brazil

and trish saywell in toronto

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

By matthew keevil

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

B2Gold hits new gold at developing Otjikoto mine By Gwen Preston

Site ViSit

By matthew keevil

See EdGEwatEr, Page 18

in Mexico’s

STOCK

Excellon

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

PICKS,

in High-Grade

Valued

Suite 900,

Ag; 3.11%

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Knowledge is Golden™ www.rivres.com

gold belt.

How Mexico mantle as a top reclaimed its mining nation April 29-May

5, 2013

NEWSTRIKE

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Page 14

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the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

Site ViSit By matthew keevil

By Gwen Preston

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions. Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years. Now Edgewater stands poised on the development threshold, having pulled together a gold re-

gold project

Endeavour Bradford Silver’s shares his Cooke recipe

An Evolution

• Market

TNM April

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future. Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new EdgewaterPhoto uncovers by MAtthew Keevil gold at developing Otjikoto mine in Galicia

Ana Paula

BY ALISHA

SilverCrest

Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

paramount orchestrates a golden revival at Sleeper

gold at Corcoesto the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

Site ViSit

MEXICO

11-15

Capital’s

Four muy silver stockcaliente picks

To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and development $4.25 Rating: Miner in Mexico, The SpeculativeOutperform asked Northern (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one price Mexico-focused of their (SVL-V, because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico. BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — is excellent, any other Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely With theseis delicious.” a big part Godfrey Walaccording a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that leads At least this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern concapturing sums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of silver of erations large and profitable the per; to get Mining silver; ton, Alta., how a rural kid working after in just explorationnon-ferrous cades, and (CS-T), eight opfrom Hinbecame With the $21.5 billion. despite almost four izing Mexico’s a leader cop(AEM-T, Agnico-Eagle budget purchase years. derelated derachieving in revitalof said AEM-N), violence frequent drugMining of a third silver sector. Mines protests. and companies gold — mine, they are un- ‘I plans to pected Endeavour Megaw, anti-mining have got hooked’ repeat panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand with its The attraction MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordThe marketsat Queen’s is partly of So how land packages. Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in such success? chammergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several in the cracked v e r p r o d u Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. silver with producing Mining’s deof top-10, a n d His colleagues See ENDEAVOUR, Resources takeover goldfirst time countries must agree of Cerro in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen year, risk First CDEsilver hard (FR-T, attracted U S$30 was tradingthis AG-N) Majestic Silver in Silver per oz. US$1,657 (OK-V). its bid for Orko at a And more per oz. nd gold 2012, M&A compared at the end at of to US$17 See MEXICO, and

Barrick investors revolt against $11.9m bonus By Gwen Preston in vancouver

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

5:28 PM

$3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

See ParaMount, Page 2

PM40069240 – PAP Registration #09263

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

El Tigre Silver Sees a bright future in old tailings

5:28 PM

Photo by MAtthew Keevil

Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com

Commentary

Rainforest reclamation done right in Brazil $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

Barrick investors revolt against $11.9m bonus

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

STOCK

PICKS,

TSX-V:RRI

How Mexico mantle as a top reclaimed its mining nation April 29-May

5, 2013

NEWSTRIKE

CAPITAL

11-15

SilverCrest

Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

Endeavour Bradford Silver’s shares his Cooke recipe

Knowledge is Golden™ www.rivres.com

gold belt.

BY ALISHA

To discern HIYATE the winners crowded Price target: from field holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Securities, Both analysts country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the they believe picks will open-pit, Santa mine in northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN state, Mexico. is BY GWEN litically, support for VANCOUVER PRESTON more exploration mining the MAG SILVER pothe people geology is CEO of — As founder any other Endeavour spending Endeavour are incrediblyexcellent, and the and T, EXK-N), president try in 2012,Latin American than food Silver ton are friendly is likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDRcounto come. based Earlier producers SNL Metals to Halifaxsuperlatives, that At least leads this year, of the answer. sulting small, Group, geologist Miner sat — Fortuna three defunct has turned Mines Economics capturing contwo mines down withThe Northern sums up why Peter Mexican (FVI-T, total an idea into Megaw Capstone worldwideabout 6% of FSM-N), Silver Cooke he silver of erations large and profitable the metals to get in Mexico after is still working ton, Alta., how a rural kid in just per; and Mining (CS-T),silver; explorationnon-ferrous almost from Hin- cades, despite became opeight With the $21.5 billion. izing Mexico’s four dea leader cop(AEM-T, Agnico-Eagle budget purchase years. in revital- related violence frequent derachieving of silver sector. Mining of a third said they AEM-N), gold Mines drugprotests. companies and unmine, plans to pected — have are considering Endeavour ‘I got Megaw, anti-mining repeat panding to invest were International hooked’ potentially the process president Mexico $7.6 billion exexects in their portfolio in — and In 1976, Cooke Exploration Development of silver majorattract the attention Mexico. what they 2012, more than in of projwas of a B.Sc. and co-founderand The attraction with its MAG of a in geology in his final year and high-potential ing to the spent in 2010, double Silver growing result at Queen’s output versity. The is an expert (MAG-T, Mexican of accordis partly of So how ber. Recent land packages. markets Uniologists mining the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chammergers such success? Mexico tions been instrumental Gemetal geology such demand and acquisitop s achieve near-term grads ( is the discovery Bradford il includedM & A ) a c t world’s that job offers were Cooke of several cracked v e r p r o d u in the posits Primero i v i t y h a s and at Christmas.flooded with cer (P-T, PPP-N) the list there. silver producing Mining’s of top-10, a n d deHis colleagues See ENDEAVOUR, Resources takeover goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen yea r, risk First CDEsilv er hard (FR-T, attracted this US $ 3 0 wa s tra AG-N) Majestic Silver in Silver ding US$1,657p er oz. an (OK-V). its bid for Orko d go ld a t And more per oz. 2012, M&A compared at the end at of to US$17 and See MEXICO,

paramount orchestrates a golden revival at Sleeper An Evolution

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By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billi

See ParaMount, Page 2

the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

PM40069240 – PAP Registration #09263

Site ViSit By matthew keevil

Edgewater uncovers gold at Corcoesto in Galicia Site ViSit

By matthew keevil

B2Gold hits new gold at developing Otjikoto mine By Gwen Preston

Photo by MAtthew Keevil

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions. Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially See ParaMount, Page 2 PM40069240 – PAP Registration #09263

See B2GoLd, Page 3

See ParaMount, Page 2 PM40069240 – PAP Registration #09263

Empower Your Team With Analysis From The Northern Miner See EdGEwatEr, Page 18

See B2GoLd, Page 3

or add responsibilities. The staff reduction and reorganization could result in US$1.5 million in annual savings, starting in 2017. While the company has a strong base of long-term contracts averaging US$50 per lb. uranium oxide (U 3 O 8), Jeff K lenda, the company’s chair and CEO, said the changes were necessary to drive down costs in response to the weakening spot price in 2016. “Difficult times require difficult decisions. Sadly, in this case, it meant saying goodbye to high-quality people whom we truly hate to lose,” he said in a release. The firm has offered the affected employees severances and assistance to find other employment opportunities. The reorganization should be complete in the coming weeks. T he mont h ly average for spot prices has fallen 21% from US$34.70 per lb. in January to US$27.25 per lb. in May, making the company take proactive measures. In April, major producer Cameco (TSX: CCO; NYSE: CCJ) suspended the Rabbit Lake mine and trimmed output at the McArthur R iver operation, both in Saskatchewan, while deferring wellfield development at its U.S. in-situ recovery operations. As a result, it lowered its 2016 guidance to 25.7 million lb. U 3 O 8 , down from 30 million lb. earlier. While the spot price has rebounded slightly to close June 6 at US$28.25 per lb., Ur-Energy remains cautious and has no exploration planned for 2016 and 2017. It has trimmed its 2016 production guidance at the Lost Creek mine in Wyoming to between 600,000 and 700,000 lb. U 3 O 8 , from 650,000 to 750,000 lb. earlier. The revised figure is more than enough for the producer to meet its remaining long-term sale commitments for the year. Ur-Energy’s contractual sales obligations for 2016 are 662,000 lb. U3 O 8 at an average realizable price of US$47.16 per lb. U 3 O 8 . This amount includes the 25,000 lb. sold under contract in the first quarter and the 200,000 lb. it assigned during that quarter to a third party. “We don’t have to produce those [assig ned] pou nds, basica l ly, somebody else does. We strip the profits out on those contracts more or less,” the company’s chief financial officer Roger Smith said. For the year, the junior is responsible for delivering 462,000 lb. U3 O 8 . “Anything that we produce over and above the 462,000 lb. is available to build inventory and/or sell into the spot market, if prices support it,” he added. From 2016 to 2021, the junior is contracted to deliver 3.1 million lb. at an average price of US$49.81 per lb., which is US$20 per lb. more than the current spot price. At the end of March 2016, UrEnergy had 266,842 lb. in total inventory, up 46% from the end of 2015, Cantor Fitzgerald analyst Michael Wichterle notes. Despite the lower production guidance, he has a “buy” rating and a $3-pershare target price. In Toronto, Ur-Energy lost 2.4% to close June 9 at 81¢ per share. TNM

2016 06 28 6 34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 4–10, 2016

www.northernminerjobs.com Financial Controller Rouyn-Noranda, Québec, Canada

Mineral Exploration and Development Program Specialist Sudbury, Ontario, Canada

Lab Manager Langley, BC. Canada

Financial Controller wanted for junior mining company operating

The lab manager’s job will be to schedule the staffs’ time to ensure efficient

near Rouyn-Noranda and expected to start production within the next

use of lab equipment. You will train lab technicians and assistants on the

Mineral Exploration and Development with the Ministry of Northern

few months.

correct use of lab equipment, as well as ensuring that employees follow

Development and Mines is seeking a strong team leader to join the Mineral

industry standards and safety regulations for handling and disposing of test

Development and Lands Branch as Mineral Exploration and Development

samples.

Program Specialist.

Regional Director, Northern Region Sudbury, Ontario, Canada

Artisanal Gold Programme Officer Ottawa, Canada

Mineral Exploration and Development Consultant Timmins, On. Canada

As Regional Director in the Operations Division of the Ministry of Labour,

Partnership Africa Canada (PAC) is a global leader in developing innovative

Are you looking for an exciting opportunity in one of Canada’s most prolific

you will lead the delivery of occupational health and safety and employment

approaches to strengthen natural resource governance in high-risk and

and active mining areas? If so, consider this exceptional opportunity with

standards programs for the Northern Region, which includes North Bay,

conflict regions. For 30 years, PAC has collaborated with partners to promote

the Ministry of Northern Development and Mines.

Sault Ste. Marie, Sudbury, Thunder Bay and Timmins.

policy dialogue and solutions for sustainable development. The Just Gold

Playing a key role in the monitoring and stimulation of exploration, you will

project aims to develop an independent, equitable and sustainable system

lead and deliver the mineral exploration and development program, guiding

that brings legal, conflict-free and traceable gold from artisanal mine sites

components through the regulatory process.

in the Democratic Republic of Congo to international markets.

Mine Planning Engineer / Technician British Columbia, Canada

Regional Manager Industrial Minerals, Exploration & Development Canada

Chief Mining Engineer Nevada, USA

Reporting to the Director Competence Center Materials – Canada Region,

In this role, you will use your expertise to provide complex specialist

The Chief Mining Engineer is responsible for the development and

this position is responsible for leading the Mineral Exploration & Resource

underground planning services that support quarterly and annual

implementation of practical mine plans which allow for orderly development

Development team as well as the development, planning and execution of

projections. Your responsibilities will encompass all aspects of the mine’s

and exploitation of economically minable ore reserves. Oversees the

exploration projects on schedule, on budget, in alignment with the

value chain, from mining reserves and resources to the production of

development of holistic long and short range mine plans including mine

Company’s exploration strategy and in close coordination with internal and

quality ore for processing.

services, infrastructure, and production. Supervises all technical personnel related to Mine Engineering, including contractors.

external stakeholders.

Mine Technologist Timmins, ON. Canada

Geotechnical Engineer Rainy River, Ontario,

Sr. Engineer, Maintenance McArthur River Saskatchewan, Canada

Lake Shore Gold Corporation is seeking a Mine Technologist to support the Engineering department at our

Do you want to be part of the development and start-up of one of Canada’s

Timmins Mine site. General duties will include assisting in the long and short

Reporting to the chief engineer, maintenance in the maintenance engineer-

premier mining operations? We are looking for dynamic individuals to join

range designs for all three mines within the Timmins West Complex.

ing department, your knowledge of equipment and mechanical design will

our team and live in our community as we pursue this exciting project. A

be relied upon to support surface and underground operations. Additionally,

competitive salary, performance bonus plan, and benefits, will be provided.

you will supervise a team of maintenance technologists and provide technical design and planning expertise for capital and expense projects on site.

Mine Operations Manager Wells, BC, Canada

RECRUIT SMARTER WITH MINING JOBS

Roles and Responsibilities: Leader for the safe and sustainable development

The Northern Miner’s new section dedicated to recruiting in mining

of the Bonanza Ledge Mine operations; Responsible of the achievement of the production and profitability objectives; Managing the complete mining operations of the Bonanza Ledge Mine (contract mining and milling operations); Assessing the feasibility and the potential for commercial benefits of new sites; Managing budgets; Training and supervising staff.

British Columbia Securities Commission Vancouver, BC. Canada

As the Senior Geologist/Engineer you will conduct in-depth reviews and analysis of technical reports and other scientific or technical disclosure,

One listing is all you need Print Edition. Circulated to TNM 20K+ readership

4 INDUSTRY JOB BOARDS CANADIAN Mining Journal

including disclosure of resources and reserves. You will work with and provide expert advice to Commission staff, as well as interface with public companies and the mining industry on securities related matters.

EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND S TA R T R E C R U I T I N G S M A R T E R T O D AY

For full job details visit www.northernminerjobs.com and enter the Job Name in the search field

15-JULY4_NEW-MiningJobs.indd 15

2016-06-28 4:55 PM

WWW.NORTHERNMINER.COM

JULY 4–10, 2016 / THE NORTHERN MINER

Geologist Dale Brittliffe collects data with a handheld XRF unit at an outcrop on Orex Minerals and Canasil Resources’ Sandra Escobar silver project in Durango state, Mexico. PHOTO BY BEN WHITING

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Orex, Canasil strike again at Sandra Escobar DISCOVERY

| Partners step-out 350 metres from deposit, hit 26 metres of 156 grams silver per tonne “It’s not our intention to go into BY LESLEY STOKES “WE HAVEN’T HAD production. What we do is add value lstokes@northernminer.com THIS PROJECT FOR to a project and at some point we VANCOUVER reach a stage where it’s appropriate VERY LONG BUT artners Orex Minerals (TSXV: to place it with a producing mining REX; US-OTC: ORXIF) and WE’VE MOVED company.” Canasil Resources (CVE: AHEAD VERY The partners have contracted CLZ) have ignited a discovery at consulting firm Mining Plus to their Sandra Escobar silver proj- QUICKLY AND calculate the resource and expect ect, 183 km northeast of the city of WE’RE AT A STAGE to release the results by August. Durango, Mexico. says drilling will resume WHERE PEOPLE ARE in Whiting The pair hit 26 metres of 156 June or July to expand mineralizagrams silver per tonne in a drill hole ASKING HOW MUCH tion at the Main and Burro zones, at the Burro zone, 350 metres west of IT HAS.” and will test other targets on the the Main zone of stratiform-hosted, 69.8 sq. km property.

epithermal silver mineralization on the property. Ben Whiting, vice-president of exploration for Orex, tells The Northern Miner during a phone interview that it’s “possible” the two zones connect. “They’re similar in elevation, rock type and styles of mineralization,” he says. “And we don’t know how much further west the new zone could go either, so it’s all looking very positive.” Only months ago, Whiting says Sandra Escobar was a project with nothing but “dull grey rocks” at surface and anomalous stream sediment samples. Yet the project sits in the heart of the Mexican Silver Trend — home to one of the world’s largest silver camps and deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles and Zacatecas. Being a veteran explorer in Durango state and backed by a management team that discovered Coeur Mining’s (NYSE: CDE) La Preciosa silver-gold deposit, Orex became interested and signed on with Canasil in September last year. Under the agreement Orex can earn 55% of the project with a $500,000 upfront payment, followed by US$2 million in exploration expenses over three years. It can earn another 10% by spending US$2 million along with a cash payment of $500,000. In January this year, the partners announced a drill intercept of 43.1 metres of 359 grams silver in the first hole of the maiden drill program.

BEN WHITING

VICE-PRESIDENT OF EXPLORATION, OREX MINERALS

Since then, Whiting says the footprint of mineralization is 550-by-200 metres, averages 35 metres thick and is open to the south and west. He notes that mineralization is mostly native silver and silver halides, which work well with heapleach operations. “We haven’t had this project for long, but we’ve moved ahead quickly, and we’re at a stage where people are asking how much it has,” he says. “We’re looking at getting a maiden resource on it, which gets us on the scoreboard for a lot of mining analysts.

Sandra Escobar formed when structurally controlled, silver-rich fluids became trapped underneath an impenetrable rhyolitic cap and flushed laterally into a porous volcaniclastic horizon. “There are no regional examples similar to Sandra Escobar. It doesn’t have the bright red gossan that people like to bang their hammers on,” he says. “But once you develop an eye for it, it’s easy to see where the favourable horizons are. So maybe in a couple of years we’ll see deposits like this one all over the place.” Orex has traded in a 52-week range of 10¢ to 84¢ per share and last closed at 84¢. Canasil last traded at 40¢ within a 52-week range of 3¢ to 44¢. TNM

Early morning mist over Orex Minerals and Canasil Resources’ Sandra Escobar silver project in Mexico. PHOTO BY BEN WHITING

2016-06-28 6:32 PM