The Northern Miner July 9 2018 Issue

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JULY 9–22, 2018 / VOL. 104 ISSUE 14 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Mexican Gold’s Las Minas has big-time backers ZACATECAS | Gold-silver deposit debunks ‘myth that skarns are difficult, poddy deposits’

BY TRISH SAYWELL tsaywell@northernminer.com

I Standing on Black Iron’s Shymanivske iron ore deposit near Kryvyi Rih in central Ukraine, from left: Alexander Sobko, environment specialist at Black Iron subsidiary Shymanivske Steel; Matt Simpson, CEO of Black Iron; Lyudila Reminskaya, consultant on land issues, Shymanivske Steel; Mykola Bayrak, general director, Shymanivske Steel; Pavlo Komarytsky, first deputy general director, Shymanivske Steel; Yana Novikova, general director’s assistant, Shymanivske Steel; and Yevgeny Nikolenko, chief geologist, Shymanivske Steel. PHOTO BY JOHN CUMMING

Black Iron advances Shymanivske in Ukraine SITE VISIT

| Junior seeks offtake agreement to fund scaled-down, two-phase premium iron ore mine region, 400 km east of Kryvyi Rih “WHY WOULD — into the neighbouring Russian

BY JOHN CUMMING ARCELORMITTAL jcumming@northernminer.com Federation.

KRYVYI RIH, UKRAINE Only a few weeks before, in late CHOOSE TO January 2014, Black Iron had comolitical turmoil in mining pleted a bankable feasibility study PUT SO MUCH countries may come and go, at Shymanivske showing attractive MONEY INTO but great deposits endure, economics for a 10-million-tonne- UKRAINE? ONE, waiting for better days to be devel- per-year iron ore mine, producing oped. That’s an old mining maxim a premium product with 68% iron THEY HAVE TO BE Black Iron (TSX: BKI; US-OTC: content, and low impurities.

COMFORTABLE BKIRF) cofounder and CEO Matt Simpson says Black Iron had Simpson has lived every day since circled up just shy of US$800 mil- POLITICALLY, AND Ukraine’s political crisis erupted in lion of the US$1.1 billion needed TWO, BECAUSE 2014, and put on ice the Toronto- to build the mine, with the rest to based junior’s shovel-ready, Shy- have come from an export-credit THEY’RE MAKING A manivske iron ore project, which agency, and an equipment supplier. TON OF MONEY.”

P

is now coming back to life beside the city of Kryvyi Rih in central Ukraine, 330 km southeast of the capital Kyiv.

In events that shook Eastern Europe and reverberate around the world to this day, Ukraine’s bloody Revolution of Dignity began in February 2014, with protests in Kyiv’s Independence Square that culminated in the ouster of Ukrainian president Viktor Yanukovych.

In the ensuing weeks, Russia annexed Ukraine’s Crimean Peninsula on the Black Sea and Russianbacked separatist forces launched a still ongoing civil war to bring Ukraine’s two easternmost oblasts, or provinces — called the Donbass

“What started to get scary was when the government started to turn against its own people, and started shooting people,” Simpson recalls. “That was when it was, ‘Holy, what is going on here?’ and there was quite a bit of concern for the employees and making sure they’re okay.

“We would have been off building a mine, but then Russia invaded Ukraine, iron ore prices subsequently fell from US$95 all the way to US$37 per tonne, and we just put the brakes on the project,” Simpson says. “There was shock.

Everything was looking great, but that carpet just got pulled out from under us, and there’s nothing you can do about it.”

MATT SIMPSON CEO, BLACK IRON

Black Iron clamped down on costs for the next three years, and cut its local workforce to only seven full-time employees by the end of 2017.

“It was the right thing to do to protect the cash we had and wait for better days,” Simpson says.

“And those better days are here.”

He cites several reasons behind his sunnier outlook.

“The first is, the front line hasn’t really moved since the original See BLACK IRON / 6

t all started with a cup of coffee in Zacatecas.

Brian Robertson was swapping stories with a fellow engineer when he learned about 30 historical mines in the cliffs and ravines near the small village of Las Minas, 177 km from the port city of Veracruz on the Gulf of Mexico.

Robertson was president and CEO of Source Exploration at the time, a Canadian junior that was investigating a silver property in the state of Zacatecas in north-central Mexico, roughly 1,100 km away.

(Source Exploration was renamed Mexican Gold (TSXV: MEX) in April 2017, and Robertson continues as president and CEO.) But Robertson was on the hunt for new assets, and the account of artisanal miners extracting ore in Las Minas with grades of between 20 grams and 40 grams gold per tonne and up to 15% copper, which was then shipped to smelters in the U.S. and Europe, piqued his interest.

What puzzled him was why no one had drilled the area, so he made arrangements to look for himself.

What he saw when he arrived were old workings in the hillsides dating from 1870 to 1910, and extensive skarn under dense vegetation.

He also discerned that Las Minas, 370 km east of Mexico City, hosted one of the largest, under-explored skarn systems known in Mexico, and that while the region’s production history began as far back as the Aztec era, his predecessor had barely explored the area to any depth.

“They were mining what was exposed in the wall rocks in the sides of the valley and didn’t mine anything below surface — simply what was outcropping,” he recalls. “I could see there was potential for a large, open-pit resource, and potential for undiscovered high-grade zones they weren’t aware of.”

After optioning the concessions in late 2009, Source Exploration raised enough money to start drilling them in 2011.

Matt Liard, now the company’s senior consulting geologist, remembers being asked to take a look at Las Minas in early 2013 before he

started working for the company.

One of his clients, worried about Source Exploration’s languishing share price, had asked him to evaluate the project and determine whether he was throwing his money away.

Liard concluded it was far from a poor investment.

Not only were Source’s assay results impressive, but with no previous drilling to guide it the company had hit ore-grade, substantial-length intersections at each of six or seven old showings.

“When I put the drilling into a 3-D modelling software, the first thing I noticed was that I felt we could probably go in there and start drilling for resource right away,” he recalls. “I thought, of anything I had looked at in the previous five or six years, Las Minas was one that you could go in with a small amount of money and drill off a resource.”

Liard was so keen on the project that he presented it to several of his contacts in the industry, some See MEXICAN GOLD / 2 PM40069240

ROSS BEATY: MOGUL CALLS FOR SUSTAINABILITY OVER GROWTH / 4

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JULY 9–22, 2018 / THE NORTHERN MINER

Mexican Gold’s Las Minas has big-time backers MEXICAN GOLD From 1

of whom got behind the project at the start of 2014. “We were able to finance it through some pretty bad times,” Liard says, “but that’s why we were able to get into this opportunity, when normally we probably couldn’t have, because it was a high-quality project.”

Source Exploration’s fortunes brightened early last year, when Palisade Global Investments, an offshore merchant banking and investment group, became the company’s largest shareholder.

Sean Zubick, cofounder of Palisade, got a call in February 2017 from Matt Geiger, a fund manager and founder of MJG Capital in California, who recommended that Zubick and his team take a look at the project.

“He’s one of the smartest money runners I’ve met, and I’ve made it a personal mission to meet them all,” Zubick says, adding that Las Minas, which means “the mines” in English, must be a pretty good place to start looking for gold.

“After speaking to Matt, we asked our in-house geologist, Denis Lavoilette, to take a deep dive through all the drill data. We talked to management and every board member, and the overall consensus was that it was a fantastic asset,” Zubick says. “I still remember the phone call from Denis, who said, ‘Sean, there’s 1 million equivalent oz. gold here,’ and I was staring at a 2-million market cap that had just rolled back 10 for one. So we jumped.”

In March 2017 Palisade acquired 6.6 million units at 15¢ a unit for a 12.7% stake in Source Exploration’s (22.5% fully diluted), and then bumped that up in May to 15.9% (26.7% fully diluted).

Palisade remains the largest shareholder today with a 19.8% stake.

The first thing Zubick and Palisade Global cofounder Collin Kettell did was restructure the company’s US$700,000 debt and recapitalize the company.

Palisade also recruited Ali Zamani as chairman. Zamani, managing partner of Overlook Investments LLC, had managed Goldman Sachs’ proprietary investments in publicly traded mining and material companies from 2004 until 2012.

In August 2017, Mexican Gold calculated a resource estimate on two of eight known mineralized zones — El Dorado-Juan Bran and Santa Cruz.

The open-pit, modelled resource estimate delineated 304,000 oz. gold equivalent in the measured and indicated category (5 million tonnes grading 1.90 grams goldequivalent per tonne), and another 719,000 oz. gold equivalent in 10.3 million inferred tonnes at 2.17 grams gold-equivalent per tonne).

The resource is based on 19,600 metres of diamond drilling in 140 holes.

The company has carried out five drill campaigns since 2011 and delivered a 91% success rate, with mineralization found in 158 of 173 holes for a total of 25,600 metres.

Jesús Castro (left), president of Geoconsulting Ing., and Brian Robertson, president and CEO of Mexican Gold, at the Las Minas gold-copper project in Mexico. MEXICAN GOLD

“When you do a deep dive in due diligence, and when it comes out with a million ounces of gold equivalent in front of you at a $2-million market cap, you’d better be ready to jump, because these opportunities only come up once in a lifetime,” Zubick says in a telephone interview from Machu Picchu in Peru, where he’s celebrating his 35th birthday.

“Now I’m sitting here staring at a $15-million market cap company and I ask myself: ‘Would I buy a million ounces of gold in the ground for $15 million? It’s still really cheap.”

In November, Palisade brought in a number of well-heeled investors after the company reported assays from resource-expansion drilling that includes a 54-metre interval grading 6.91 grams gold-equivalent per tonne. The intercept marks a new discovery and the area has been named the El Dorado Dike Contact Zone.

Mexican Gold’s trading volume that day spiked to a new record high.

“When we hit that hole and had that 4.5 million shares being traded we crossed a bunch of long-term investors into the stock with our shares, and we used that capital to exercise our warrants, giving more money into the treasury for the next phase of drilling,” Zubick says.

The new investors included Paul Matysek, who over the course of his career has sold six small-cap resource companies for over $10

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billion. (His most recent deal was the US$265 million sale of Lithium X to Chinese investment firm NextView in December 2017.) Others were Bob Cross, chairman of B2Gold (TSX: BTO); Greg Orrell of the OCM Fund, the OTP Fund out of Budapest; Paradox IR; James Moon of Hampton Securities; Steve Benjamin of Raymond James; Paris Tsirekas of HNW Investor; and Martin Tielker of Haywood Securities.

“These type of investors understand what a high-grade hole — five times better than your resource grade — means, and add credibility and validation to the technical merit of what we have here,” Zubick says.

Consulting geologist Liard describes Las Minas as part of a big mineralized system. The Las Minas diorite intrusive measures 10 km in diameter and underlies the Las Minas concessions, which host nearsurface gold-silver and copper-skarn mineralization, and high-grade, gold-silver epithermal vein deposits.

“There is a regional sill that underlies a vast area in this region — between 100 and 150 sq. km, at least — and this sill is at least a couple of hundred metres thick, clearly coming from a larger plutonic system,” he says. “There are also several related dike swarms in the area, and there’s mineralized skarn associated with all of the related intrusive rocks.”

Liard also says Las Minas debunks a common perception about skarns.

“There’s an old geologists’ myth in parts of the industry that skarns are difficult, poddy deposits that are hard to drill and harder to mine,” he says. “Of course, you can look around the world and a lot of the world disagrees with that, and veins and porphyries can be like that, too ... proximal copper-gold-magnetite skarns can be very consistent stratiform bodies that can rack up a lot of tonnage. We drilled 17 holes in a row in the northeastern corner of El Dorado and we hit on all of them, and that gave us enough confidence that we were into the right type of skarn deposit.”

Liard says that Las Minas is similar to the Media Luna deposit owned

by Torex Gold Resources (TSX:

“FINDING THESE OLD MINES THAT HAVE BEEN LOST TO THE JUNGLE FOR 100 YEARS REALLY HAS AN ‘INDIANA JONES’ FEEL TO IT. IT’S EASY TO FORGET THAT WE’RE DRILLING OFF A PAVED ROAD A FEW KILOMETRES AWAY.” MATT LIARD SENIOR CONSULTING GEOLOGIST, MEXICAN GOLD

TXG) in Mexico’s Guerrero state, 180 km southwest of Mexico City.

The Media Luna deposit is part of Torex’s Morelos gold project, and Liard says that the core from the two projects can look almost identical.

“I went down there and looked at a lot of core at Torex, and I really noted how similar the zoning and the mineralization and the gangue and textures were to what had been drilled at Las Minas,” he says. “The core from El Dorado was clearly from the same deposit type as Media Luna.”

Liard notes that the El Dorado deposit resource shell is one continuous lens, and there are no blank spots.

“Both Media Luna and El Dorado are essentially the same deposit type, they are proximal copper-gold magnetite skarn, relatively flat-lying, lenticular bodies, and also have a higher-grade, higher-thickness core zone, which pinches and weakens out to the periphery.”

The El Dorado and Juan Bran zone outcrops on surface and occurs as a flat-lying to sub-horizontal zone measuring 650 metres north–south, by as much as 500 metres east–west.

The zone varies from 6 to 49 metres thick. El Dorado–Juan Bran is open for more expansion (as is the El Dorado Dike Contact Zone).

The Santa Cruz zone is comprised of a series of high-grade, stacked, skarn-mineralization lenses that strike northwest and dip 50 degrees west. Overall dimensions of Santa Cruz mineralization are 220 metres by 100 metres.

Highlights from drilling last year include 2.30 grams gold, 19.07 grams silver and 1.57% copper (5.03 equivalent grams gold) over 44.5 metres in

the Santa Cruz zone; 1.58 grams gold, 13.85 grams silver and 1.65% copper (4.47 equivalent grams gold) over 4 metres in the Cinco Senores zone; 5.14 grams gold, 8.6 grams silver and 1.46% copper (7.65 equivalent grams gold) over 2 metres in the Las Minillas zone; and 2.84 grams gold, 9.50 grams silver and 1.61% copper (5.74 equivalent grams gold) over 17 metres in the Nopaltepec zone.

This year the company finished a 3,300-metre drill program, focusing on the expansion of the present resource along its periphery and on several adjunct zones and nearby geophysical targets. In particular, the high-grade West Dike Contact (DC) Zone, which has only been outlined since the publication of the maiden resource, has now been traced over 470 metres. Results released in March from the zone included 4.51 grams gold, 16.17 grams silver and 3.33% copper (10.19 grams gold equivalent) over 38 metres. At the DC Zone, mineralization occurs on both sides of the dike, though the west contact zone has received most of the attention.

Resource expansion drilling in the Santa Cruz area targeted the upward extension of the zone and its continuation to depth. The deeper holes (250 to 300 metres) intersected an interpreted continuation of the El Dorado (ED) Zone east of Santa Cruz, which shows that the ED zone is more than 500 metres wide from east to west through its entire known dip extent.

At the historic mining areas of Cinco Senores and Las Minillas, a moving-loop TDEM survey finSee MEXICAN GOLD / 16

2018-07-03 7:15 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 9–22, 2018

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At North American Helium’s Battle Creek project in Saskatchewan, from left: Brendin Sand, wellsite geologist; Bill Young, president of North American Helium; and wellsite supervisor Kristian Link. NORTH AMERICAN HELIUM

North American Helium sees opportunity in Saskatchewan SHORTAGE

BY TRISH SAYWELL tsaywell@northernminer.com

W

hen people think of helium they often think of party balloons.

But the party favourites make up just a fraction of the global $2-billion helium industry.

The inert gas is the only safe way to pressurize liquid fuel in rockets and keep silicon chips cool while making semiconductors.

In 2017 the European Union added helium to its list of critical elements, and the U.S. Geological Survey followed suit in May this year.

Like cobalt, which is usually produced as a by-product of nickel and copper production, helium is usually produced as a by-product of oil and gas production.

“To get more cobalt you have to mine more nickel and copper, and to get more helium, you need more big, conventional oil and gas projects that happen to have a helium component. But frankly, most of those mega oil and gas projects aren’t economic anymore because of the advent of shale gas,” says Nicholas Snyder, chairman, CEO and founder of privately held North American Helium.

The shortage has accelerated with the U.S. government’s decision in the mid-1990s to sell off its helium stockpile.

In the 1960s, the U.S. government — driven to beat the Soviet Union in both the arms and space race — subsidized the search for helium in North America.

The U.S. government mandated testing every gas field to see if it contained helium, and loaned hundreds of millions of dollars to the Bureau of Land Management to buy and stockpile the element.

At one time, the stockpile — stored in a depleted natural gas field in Amarillo, Texas — supplied one-third of the world’s demand for the commodity.

Today, 95% of the original stock-

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| Junior plans to produce high-quality helium gas at Battle Creek project to what happened to the Kasha“TO GET MORE HELIUM, YOU NEED MORE BIG, CONVENTIONAL gan megaproject in Kazakhstan,” OIL AND GAS PROJECTS THAT HAPPEN TO HAVE A HELIUM Snyder says. (In October 2013, the launch of first oil from the massive COMPONENT. BUT FRANKLY, MOST OF THOSE MEGA OIL AND oil field in the Caspian GAS PROJECTS AREN’T ECONOMIC ANYMORE BECAUSE OF THE Kashagan Sea was aborted after gas leaked from one of two 90 km pipelines ADVENT OF SHALE GAS.” NICHOLAS SNYDER CHAIRMAN AND CEO, NORTH AMERICAN HELIUM

pile is gone and there is no other store of helium in the world, Snyder says, noting that the last U.S. federal auction will take place in July.

For much of the last decade, the sell-off artificially depressed prices.

“The physics community and other groups that take a longerterm view — including people in the military — have been periodically raising the alarm about sales of this supply, albeit to no avail,” Snyder says, adding that helium is the one commodity that you can never get back once it has been used and released into the atmosphere.

“Basically, the world’s supplydemand balance for helium has moved into a shortage, and as of the spring of this year, some of the major gas companies that distribute helium have already put their customers on allocation — delivering less helium than was contractually promised — and this is only going to get worse for the foreseeable future.”

The oldest and most rapidly declining supply comes from conventional natural gas fields, like the enormous Panhandle Field in Texas, which produced most of the helium that found its way into the government’s stockpile.

More recently there have been carbon dioxide-related helium projects, from the time that CO 2 was produced for enhanced oilrecovery efforts before the shale revolution. There is a huge legacy project of this type at Shute Creek, Wyo., where Exxon produces CO 2 and methane, and some helium.

But, by and large, Snyder says,

neither the old conventional natural gas fields nor the more recent CO 2 fields are economic, as a way of adding new helium production.

“Exxon’s project might run for a long time, but no one thinks they would want to expand it or do more projects like that in this environment.”

The newest source of helium in the last 20 years (other than the U.S. government’s stockpile), has come from liquefied natural gas (LNG) projects, but only a small percent of these happen to have a helium component. Because the LNG plants are already condensing off the methane at low temperatures, they can concentrate and extract helium from fields with a much lower helium content.

The next major LNG project in the pipeline that has some helium is already delayed, Snyder says. The US$10.4-billion Barzan gas plant project in Qatar was expected to start supplying the helium market last year, but now it isn’t expected to come online until mid-2020.

The gas plant is being developed by a joint venture of Qatargas and ExxonMobil, and will provide natural gas to complement the Gulf state’s infrastructure developments, such as power and desalination plants, among others, ahead of the FIFA World Cup in 2022.

The plant will serve as a cryogenic facility to separate the hydrocarbon liquids and concentrate helium in the original gas stream for recapturing. The facility should collect 425 million cubic feet of helium, Snyder says.

One of the delays in the project involved compromised pipelines.

“Unfortunately, this project is fed by an offshore field, and the original subsea pipeline ruptured as a result of sulphur embrittlement from this high-sulphur gas, similar

that linked the platform to processing facilities onshore.)

Meanwhile, a US$30-billion, gas-treatment facility in the works

by Russia’s Gazprom in Amur, Siberia — along with a huge gas pipeline from Siberia to China — won’t run until 2021, and could take until 2025 or 2026 to reach full capacity.

See HELIUM / 16

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E D I T O R IA L New Ontario gov’t streamlines ministries, axes carbon tax

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POLITICS GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com

| Former federal MP Greg Rickford becomes provincial mines minister

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BY JOHN CUMMING jcumming@northernminer.com

he swearing-in on June 29 of new Ontario Premier Doug Ford and his Progressive Conservative majority government promises somewhat more mining-friendly policies in the province that remains Canada’s mining powerhouse.

The first order of business for the new government was streamlining the number of ministers in cabinet, which had ballooned to 29 under the previous Liberal government after 15 years in power, and now sits at 21

cabinet members.

Greg Rickford, 50, elected for the first time as a Member of the Provincial Parliament for the northwestern Ontario riding of Kenora– Rainy River, has a dual portfolio as Minister of Energy, Northern Development and Mines (a reflection of newly amalgamating the Ministry of Energy with the Ministry of Northern Development and Mines), as well as Minister of Indigenous Affairs.

Rickford will carry out the duties performed by three individual ministers in the previous government.

In 2016 under former premier Kathleen Wynne, Ontario’s Aboriginal Affairs ministry had been renamed the Ministry of Indigenous Relations and Reconciliation, with David Zimmer as the sole minister responsible.

Though new to provincial politics, Rickford is no political newbie, having served two terms as a federal Member of Parliament for Kenora in Stephen Harper’s Conservative government, before losing his seat in the 2015 federal election.

From 2010 to 2015, Rickford stacked up progressively greater roles in the Harper government, including Parliamentary Secretary for Official Languages (he is fully bilingual); Parliamentary Secretary to the Minister of Indigenous and Northern Affairs; Minister of State for Science and Technology; Minister for the Economic Development Initiative for Northern Ontario; and finally succeeding Joe Oliver as Minister of Natural Resources from March 2014 until November 2015, when the government fell.

In April 2017 he joined the board of Noront Resources, which is developing mineral assets in Ontario’s Ring of Fire region, but stepped down in December 2017 upon declaring his candidacy for local MPP. Born in Paris, Ont., Rickford holds law degrees from McGill University, an MBA from Université Laval in Quebec City, a BSc in nursing from Victoria University at the University of Toronto, and a diploma in Nursing from Mohawk College.

Before becoming a politician, Rickford worked as a nurse and lawyer in remote First Nation communities in Kenora District.

While there has been disappointment by some First Nation representatives and commentators that the ministerial responsibilities for Aboriginal Affairs have been folded into those of Energy, Northern Development and Mines — and more broadly concern over the signal that sends — there remains ample praise for Greg Rickford as he takes on the role.

Newly elected Ontario Regional Chief RoseAnne Archibald (who defeated incumbent Isadore Day in late June to become Ontario’s first female regional chief, after previously serving as Deputy Grand Chief of Nishnawbe Aski Nation) writes in a statement she is “disappointed” there’s no longer a sole minister of Indigenous relations and reconciliation, but is “heartened” Rickford is overseeing the new portfolio.

“As the MPP for Kenora-Rainy River, Minister Rickford is by far the best choice to work with our Peoples. He has worked as a nurse and lawyer in our communities and has a deep knowledge and understanding of our Peoples and the issues,” she writes.

Other immediate measures enacted by the new Ford government include a rapid but orderly wind-down of the province’s cap-and-trade carbon tax regime; a hiring freeze in the provincial government; and a wage freeze for provincial government employees not part of an existing collective bargaining agreement.

Said Ford of the carbon tax move: “Cap-and-trade and carbon tax schemes are no more than government cash grabs that do nothing for the environment, while hitting people in the wallet in order to fund big government programs. I promised that the party with taxpayers’ dollars was over and that this would include scrapping the cap-andtrade carbon tax slush fund ... we are getting Ontario out of the carbon tax business.” TNM

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

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

COMPANY INDEX Alcoa . . . . . . . . . . . . . . . . . . 5 Appian Capital Advisory LLP. . . . . . . . . . 8 Apple. . . . . . . . . . . . . . . . . . 5 ArcelorMittal . . . . . . . . . . . 6 Avalon Advanced Materials. . . . . . . . . . . . . 13 Avanco Resources. . . . . . . 8 Black Iron. . . . . . . . . . . . . . 1 Canada Rare Earth . . . . . 13 Clean TeQ. . . . . . . . . . . . . . 9 Cobalt27 Capital . . . . . . . . 9

Cornerstone Metals. . . . . 13 Euro Sun Mining. . . . . . . . 6 Evraz . . . . . . . . . . . . . . . . . . 6 First Cobalt. . . . . . . . . . . . 13 Fortune Minerals. . . . . . . 13 Fortune Minerals. . . . . . . 13 Global Energy Metals. . . 13 Harte Gold . . . . . . . . . . . . . 8 Metallurgical Corp. of China. . . . . . . . . . . . . . . . 9 Metinvest. . . . . . . . . . . . . . . 6 Mexican Gold. . . . . . . . . . . 1

Neo Lithium. . . . . . . . . . . 13 North American Helium. . . . . . . . . . . . . . . 3 Oz Minerals . . . . . . . . . . . . 8 Peak Resources. . . . . . . . . . 8 Rio Tinto. . . . . . . . . . . . . . . 5 RNC Minerals . . . . . . . . . . 9 Roxgold. . . . . . . . . . . . . . . . 8 Standard Lithium. . . . . . . 13 Torex Gold Resources. . . . 2 Vale. . . . . . . . . . . . . . . . . . . . 9

Ross Beaty speaking at The Northern Miner’s 2018 Canadian Mining Symposium in London, United Kingdom. THE NORTHERN MINER

Ross Beaty: Humanity ‘on borrowed time’ as ‘cheap metals’ disappear COMMENTARY

| Mining entrepreneur says governments use outdated economic models

BY COLIN DESMOND cdesmond@northernminer.com

The following are edited remarks made by mining entrepreneur Ross Beaty during a panel session at the Resources for Future Generations conference in Vancouver in June.

W

hen it comes to sustainability, there is both bad news and good news. I’m an optimistic person, so I always save good news for the end.

The bad news is that, for the past 50 to 70 years, we have lived on borrowed time. Global output has grown significantly, and mining output has grown even more. Copper production, for example, has grown from 2.8 million tonnes in 1950 to 20 million tonnes in 2015.

metals are probably gone as well.

Debt cannot continue to outpace economic growth.

Lands and oceans are degrading. Frontier land is gone, and oceans are becoming less productive. Nimbyism is on the rise as populations increase and people become wealthier and more entitled. This causes more protest and slower development.

Global warming is a fact. It is causing rising costs and these will accelerate, reducing GDP. The loss of biodiversity is causing enormous and invisible repercussions that also reduce productivity.

So, the bad news is that every government is using economic models that don’t work anymore, and this is a recipe for chaos.

The good news is that millions

BARRIERS TO GROWTH ARE EVERYWHERE. CHEAP OIL IS PROBABLY GONE. CHEAP COPPER, ALUMINUM, ZINC AND OTHER METALS ARE PROBABLY GONE AS WELL. All global governments remain obsessed with gross domestic product (GDP) growth. This is a recipe for disaster — growth of anything in a finite system is impossible, and always ends in collapse. Always.

If we extrapolate from the average growth rate since 1950, the world economy in 2050 will be four times larger than it is today.

If world population grows to 9 billion, as is the forecast, and everybody were to have the same per-capita consumption of Canada, the world economy would have to be 15 times bigger than it is today.

These numbers are just ridiculous. This is the very definition of unsustainable. We have neither the soil, groundwater, mineral resources, land, ocean or any other resource to support these kinds of numbers. It’s time to recognize that we cannot grow like we have to date. We need to build a new economy based on permanence.

The world is changing quickly.

We simply cannot assume that the future will be like the past. Barriers to growth are everywhere.

Cheap oil is probably gone. Cheap copper, aluminum, zinc and other

of people are aware of this and are addressing these challenges.

Moreover, technology and innovation are driving many changes that reduce per-capita resource consumption. I am very encouraged by the number of people who understand these issues and are doing something about them.

Given their metal-intensity, the energy and digital revolutions are good news for the metals industry.

Renewable energy and electric transportation, for example, use far more metals than fossil fuelbased energy. The digital revolution would be dead in its tracks without the metals that enable it.

My idea of a sustainable future is one driven by a global economy that can run for hundreds of years that doesn’t degrade the earth — as humans are currently doing, with such terrible consequences for the tens of billions of other species that share the earth with us — that isn’t based on fundamental inequality between peoples, races and nations, and that doesn’t need to be protected by ignorant, belligerent, intolerant, bigoted leaders with big weapons and zero humanity. TNM

2018-07-03 7:09 PM

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Elysis is a smelting breakthrough, Rio Tinto’s Barrios says ALUMINUM

| Rio Tinto, Alcoa, Apple, Canadian & Quebec gov’ts team up

BY COLIN DESMOND

I

cdesmond@northernminer.com VANCOUVER

n May, Rio Tinto (NYSE: RIO) and Alcoa (NYSE: AA) unveiled what they call a “revolutionary” new aluminum smelting technology that eliminates carbon emissions and produces oxygen as a by-product, and represents the “culmination of decades’ worth of research and development.”

To advance the technolog y, the two companies have set up a Montreal-based, joint-venture company named Elysis, which will have a research facility in Quebec’s Saguenay–Lac-Saint-Jean region.

Elysis will develop and license the technology for retrofitted and new facilities, and sell proprietary anode and cathode materials that the partners say will last “more than 30 times longer than traditional components.”

Tech giant Apple (NASDAQ: AAPL) and the governments of Canada and Quebec are also contributing to the venture, which will employ 100 people, including research and development, management and sales.

The five parties are providing an initial, combined investment of $188 million for the effort.

The Canadian and Quebec governments are each investing $60 million in Elysis, with the provincial government having a 3.5% equity stake in the joint venture and the remaining ownership split equally between Rio Tinto and Alcoa.

Apple is investing $13 million in Elysis and will provide technical support.

Rio Tinto and Alcoa will invest a combined $55 million in cash over the next three years and contribute intellectual property and patents.

Alcoa says its patent-protected technology produces metal at the Alcoa Technical Center near Pittsburgh, Penn., where it has operated at different scales since 2009.

Elysis intends to direct up to $40 million into the U.S. in part to support the supply chain for the proprietary anode and cathode materials.

Veteran aluminum executive Vincent Christ, vice-president of technology and equipment sales and services at Rio Tinto Aluminium, has been named CEO of Elysis.

During a speech at the Resources for Future Generations conference in Vancouver in mid-June, Alf Barrios, the chief executive of Rio Tinto Aluminium, called the new process the biggest breakthrough in the aluminum industry since aluminum smelting was invented 130 years ago.

“The technology is working in the lab. This is about scaling the technology and commercializing it,” Barrios said.

Traditional aluminum smelting can emit carbon while generating the power needed for smelting and during the smelting process itself.

Given that Rio Tinto’s aluminum smelters in Canada rely almost entirely on hydropower, the company already produces some of the lowest carbon-intensive aluminum in the world. By continuing to use hydropower and adding the new Elysis processing to the mix, Rio Tinto could produce “carbon-free” aluminum.

“This really takes it to the next level, and makes it carbon-free aluminum. That’s why it’s a great opportunity for Canada as well as the rest of the world,” Barrios said.

He acknowledged the unusual

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At the launch of Elysis in Montreal in May 2018, from left: Elysis CEO Vincent Christ, Canadian Prime Minister Justin Trudeau, Quebec Premier Philippe Couillard and Rio Tinto Aluminium chief executive Alf Barrios. PMO

“THIS REALLY TAKES IT TO THE NEXT LEVEL, AND MAKES IT CARBON-FREE ALUMINUM. THAT’S WHY IT’S A GREAT OPPORTUNITY FOR CANADA AS WELL AS THE REST OF THE WORLD.” ALF BARRIOS CHIEF EXECUTIVE, RIO TINTO ALUMINIUM

structure of the joint venture: a partnership between Rio Tinto and one of its biggest competitors in the aluminum business, plus Apple and two levels of government.

Barrios explained it was Apple’s rush to lower the carbon footprint of its products that got Rio Tinto and Alcoa cooperating in the first place.

“The likelihood of us getting together and sharing information was obviously quite limited. What

happened was that we were working with Apple, and as we talked to them about the next steps in this relationship, we shared with them that we were working on this technology.

As usual, Apple went and talked to others. They found that Alcoa was working on this technology as well, which is not surprising, as this is the holy grail of this industry. They realized what Alcoa was doing and what we were doing was

actually quite complementary, and if we joined forces, we’d get it done much faster.”

Barrios said he expects the technology for commercial use by 2024.

It could be adopted in retrofitted smelters and new smelters.

“This matters for human progress.

That’s why we’re keen on continuing this journey, and Elysis is the next step.”

Alcoa president and CEO Roy

Harvey said in a release this new smelting technology “has been long sought in the aluminum industry and … is the culmination of the work from many dedicated Alcoa employees. Today, our history of innovation continues as we take aluminum’s sustainable advantage to a new level with the potential to improve the carbon footprint of a range of products, from cars to consumer electronics.”

Apple CEO Tim Cook added that his company is “committed to advancing technologies that are good for the planet and help protect it for generations to come. We are proud to be part of this ambitious new project, and look forward to one day being able to use aluminum produced without direct greenhouse gas emissions in the manufacturing of our products.” TNM

Nuna Group of Companies

•

ConstruCtion AnD Mining serviCes

2018-07-03 7:09 PM

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Black Iron advances Shymanivske in Ukraine conflict,” Simpson says. “I don’t see Russia backing out. I don’t think they want to see Ukraine have real freedom, but I don’t see them pushing it any further, because there’s no benefit to doing that.”

BLACK IRON From 1

invasion. My personal view is that it was all done, because, when Viktor Yanukovych was president, Putin basically stepped in and said, you cannot have the country implode or fall apart — we need to regain some control. In particular Russia couldn’t afford to lose Crimea to a NATO country, so Putin stepped in and took Crimea — where his naval base is located.”

Simpson speculates the Russians came into the Donbass region and stopped advancing for two reasons: so Ukraine couldn’t join NATO, because if there’s an active war in the country, it can’t join, according to NATO rules; and to keep influence over the government in Kyiv.

The still disputed separation of large areas of the Donbass from Ukraine created havoc in the country’s integrated steelmaking industry, in that much of the iron ore mined in the Kryvyi Rih area was shipped to steel mills in the Donbass that made use of Donbass-mined thermal and coking coal.

That steelmaking and coal capacity in the Donbass has mostly sat idle since the invasion, provoking severe economic distress. In the ensuing years Ukraine’s powergeneration system has adjusted to the loss of its thermal coal supply from the Donbass and to Russia’s wider halting of its natural gas exports to Ukraine. Meanwhile, the iron ore mine operators in the Kryvyi Rih region had to find new customers outside the country for their iron ore.

Black Iron’s previous partner at Shymanivske was Ukrainian industrial giant Metinvest — with its robust, pre-crisis annual revenues of US$16 billion — but Metinvest was brought to the brink of bankruptcy when it was cut off from its steel mills and coal mines in Donetsk in the Donbass region, forcing it sell its stake in Shymanivske back to Black Iron in January 2016 for US$5.6 million in cash, after having invested US$20 million. Black Iron now has a full interest in Shymanivske.

“It’s not just me who feels that things are somewhat stable in regards to what has become a frozen

ArcelorMittal Seemingly in agreement with Simpson’s optimistic take on Ukraine is steelmaking titan ArcelorMittal (NYSE: MT), which has a large iron ore mine north of the 2.6 sq. km Shymanivske property, and announced last July that it is investing US$1.1 billion into its Ukrainian operations. In December 2017, the European Bank for Reconstruction and Development chipped in US$350 million of the US$1.1 billion announced by ArcelorMittal.

“If you know ArcelorMittal, they have operations all over the world, including Canada,” Simpson says.

“Why would they choose to put so much money into Ukraine? One, they have to be comfortable politically, and two, because they’re making a ton of money.”

He says ArcelorMittal makes this money largely because of the devaluation of Ukraine’s hryvnia (UAH) currency. As part of a bailout by the International Monetary Fund, Ukraine was forced to unpeg its currency to the U.S. dollar in 2015, and let the hryvnia float free.

“Where previously it was pegged at 8 UAH to US$1, as soon as they unpegged it, it rocketed up to around 25 UAH to US$1,” Simpson says. “And since 2015, when it was unpegged, it has basically moved between 25 and 30 to 1. If you look at a number of different bank forecasts, everyone’s predicting around 30 to 31 to 1 in the coming years.”

Despite its troubles in the Donbass, Metinvest continues to mine iron ore in the Kryvyi Rih area, and immediately southeast of Shymanivske has its YuGOK mine and processing facility, which is coowned with Evraz.

In another sign of a turnaround in the Ukrainian mining industry, Metinvest recently refinanced US$2.5 billion of debt with Deutsche Bank, ING, Natixis and UniCredit.

About US$1.5 billion is made up

Storage of drill core from Black Iron’s Shymanivske iron ore deposit near Kryvyi Rih, Ukraine, housed in a leased portion of a former Soviet missile base. PHOTO BY JOHN CUMMING

of five-year notes at 7.75%, and the chunk of the balance is eight-year money at 8.5%.

“It is possible that Metinvest could come back to the table with us because they are on a much better footing right now, similar to ArcelorMittal. Even though they are a shadow of what they once were, they’re still quite profitable these days,” Simpson says. “Instead of using their iron ore domestically to produce steel, they’re now exporting it — the majority of it to China.”

Two-phase build Though Black Iron finished a bankable feasibility study for a 10-milliontonne-per-year operation in early 2014, the company returned with a preliminary economic assessment (PEA) in November 2017 that keeps the premium 68% iron final product, but lowers the scope of the project, and allows builds in two phases, starting at 4 million tonnes of dry concentrate per year, and ramping up to 8 million tonnes per year.

Construction of phase two would start in the third year of production — funded by internal cash flow — and it would be in operation by year five. The debt would be paid down in the first couple years of production and then the third year would generate enough free cash flow to start building phase two.

A location map showing Black Iron’s Shymanivske project in Ukraine. BLACK IRON

This plan eliminates the need to dilute shareholders to pay for the expansion costs.

“We’re trying to strike a balance between being big enough for people to care on the public markets, but not being so big that the amount of capex we need to raise to get this thing in operation seems insurmountable,” Simpson says. “But we do have the flexibility to go lower.”

For a possible third phase, instead of expanding to 10 million or 12 million tonnes, Simpson says Black Iron would “probably look at putting a pellet plant in, because that would further broaden the customer base and the amount you can charge for the product.”

The crash of the hryvnia makes

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the PEA’s economics even more compelling than those seen in the pre-crisis feasibility study, even with conservative iron ore price estimates.

Including a 17% contingency, the estimated capital investment would be US$436 million for phase one and another US$312 million for phase two, for a minimum 20-year mine life from open pits, which are open for resource expansion, particularly to the north.

Using an exchange rate of 28 UAH to US$1, estimated operating expenses have fallen to US$31 per tonne (average free on board), so that with a long-term assumption of US$62 per tonne for 62% iron, Black Iron estimates its premium 68% product could garner US$97 per tonne, resulting in an after-tax net present value of US$1.7 billion at a 10% discount rate, and a 36% after-tax internal rate of return.

Payback would be in 2.9 years.

“Long-term, we’re using a forecast of US$60 to US$62 per tonne [for 62% iron benchmark], but you can use your own crystal ball,” Simpson says. “The beautiful thing about this project is, whatever your view on what the price of iron ore will be — whether it’s US$50 or whether it’s US$80 or US$90 — you still have phenomenal economic returns.

“If you just have one year when iron ore goes back to US$95 per tonne, the economics go crazy. And that’s not unrealistic. We did that just last year. The point is, you’ll always be able to service your debt in the bad years, and in one or two good years you’re making crazy money on this project.”

The in-pit resource in the PEA stands at 340 measured tonnes grading 31.3% total iron and 19.2% magnetic iron, plus 140 million indicated tonnes at 31.1% total iron and 18.8% magnetic iron, with 27 million inferred tonnes at similar grades.

Under the current 20-year mine plan, the final pit would be 1.2 km long, 750 metres wide and 300 metres deep — all within the current mining allotment.

The deposit was discovered in the 1920s and has undergone waves of exploration, particularly in the early to mid-1980s.

Black Iron’s drilling program in the 2010s of 17,500 metres in 70 holes confirmed high-quality,

2018-07-03 7:09 PM

GLOBAL MINING NEWS

Soviet-era work totaling 40,000 metres in 215 holes, and brought the resource numbers into compliance with National Instrument 43-101.

The measured and indicated material in the PEA of November 2017 had already been in the proven and probable category in the 2014 feasibility study, and would move back to the reserve category at the stroke of pen — without more drilling — whenever Black Iron finishes a new feasibility study.

“It’s very quick for us to get a feasibility study done based on the work to date, but you’re not going to see materially different numbers than what we have now,” Simpson says.

He notes that the Shymanivske mine would have a very conventional f lowsheet with a gyratory crusher, a secondary crusher and high-pressure grinding rollers.

“You just throw it in and are crushing it finer and finer and finer, and running it through more and more powerful magnetic separators,” he says. “And that’s how you concentrate it from roughly 30% up to 68%. It’s really just crushing, magnet; crushing, magnet; crushing, magnet. Then you dewater it and load it on the trains. It’s the kindergarten of mining.”

Black Iron chose to produce a PEA in late 2017 rather than undertake a full revised feasibility study to save money and time, and have a document in hand with the new economics to market offtake to potential customers throughout this year.

To help on this front, veteran mining executive Bill Hart in Australia was added to Black Iron’s management team in November to market a prepaid offtake agreement to potential customers in Europe, the Middle East and Asia.

Black Iron needs to raise US$436 million for phase one. With a 40-60 split of equity-debt financing, that equates to about US$175 million in equity, financed in large part by a prepaid offtake agreement that would see Black Iron offer a discount to the benchmark price over a period of time — for instance, a 5% discount over 10 years.

The debt side could then be financed by export credit agencies and international finance agencies that are mandated to lend money to ventures in troubled but rebounding countries, such as Ukraine.

Infrastructure If there’s cosmic compensation for the political complexities at Shymanivske, it’s the superb mining infrastructure that surrounds the property, with five large, long-life iron ore mines operating nearby and another two in the wider Kryvyi Rih Iron Basin, also called the KrivBass district, which has seen more than 50 years of iron ore mining, and has many more decades of mine life to come.

Black Iron also has a letter of intent with a private shipping operator in Port Yuzhny — 430 km southwest on Ukraine’s Black Sea coast — to load up to 9.5 million tonnes per year of material onto cape-sized vessels that can access the seaborne iron ore market.

If the Soviet Union was good at anything, it was building massive

“THE BEAUTIFUL THING ABOUT THIS PROJECT IS, WHATEVER YOUR VIEW ON WHAT THE PRICE OF IRON ORE WILL BE, YOU STILL HAVE PHENOMENAL ECONOMIC RETURNS.” MATT SIMPSON CEO, BLACK IRON

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Examining rail infrastructure near Black Iron’s Shymanivske iron ore property near Kryvyi Rih, Ukraine. PHOTO BY JOHN CUMMING

infrastructure to service critical heavy industry, and the mining city of Kryvyi Rih still benefits from an abundance of mining-related infrastructure from the 1960s and 1970s.

A visit to the Shymanivske property consists largely of a tramping around wildflower-filled fields, with Black Iron personnel pointing out major rail, power, road and tailings assets in all directions, and saying things such as, “Can you believe how close this government rail line is to our property?”

Simpson says that “to make money in iron ore, yes, resources are important, but infrastructure is by far the most important thing. And when I say infrastructure, it’s rail, port, power and people. You either have them or you don’t.

“If you don’t have rail, you’re talking about US$3 million per kilometre. Power is a million, a million and half per kilometre. And pretty well every other development project out there is missing one or both of those items, let alone port access.”

Simpson praises the high technical competence and available skilled labour — 8 km from site in Kryvyi Rih — with many unemployed miners having recently settled in the city after leaving the Donbass region due to the conflict.

“We’re in a city with 750,000 people, where a skilled worker makes US$10,000 to US$14,000 a year,” Simpson says. “You compare that to Rio Tinto’s operations in Canada, you’re paying around $120,000. In Australia you’re paying closer to $180,000. So it makes a huge difference on the economics of your project.”

He points out that personnel in Black Iron’s wholly owned Ukrainian subsidiary Shymanivske Steel LLC are part of a community that have been miners for generations.

The local vendors are also supported by this labour force.

“The second big thing that makes us unique is the product grade — 68% is in the top 4% of products produced globally, and we can make an ultra-pure, 69.5% product,” Simpson says. “There’s a huge push globally to reduce emissions in making steel, and China is really leading that front now, because the air quality is so poor.”

To that end, he says, the Chinese government announced last year they are shutting down a third of their domestic iron ore mines, and they’re now shutting down all their smaller steel mills.

“You’re seeing the emergence of larger and larger steel mills, and these larger steel mills are more efficient,” Simpson says. “And the

reason why these larger steel mills require higher iron content is that instead of using coal to heat up silica, you using that coal to heat up iron and melt the iron down. Usually you’re moving from, call it 60% to 65% iron, so if you start with 68% you’re not burning as much waste, and you’re also not transporting as much waste.”

Simpson adds that another factor a lot of people aren’t aware of in the markets today is the importance of low silica and low phosphorus in iron ore.

“That’s why mines in Canada are still very relevant and mines here in Ukraine are still very relevant,” Simpson says. “The impurities continue to go up in the Australian mines, and that’s becoming more and more of an issue to make highquality, structural steel.”

There’s a list of impurities you need to watch out for with iron ore, but the big four would be silica, phosphorus, alumina and sulphur.

Simpson says an iron ore miner generally wants silica levels below 4.5%, phosphorus below 0.1%, alumina below 2.5% and sulphur below 0.05%.

“Those are the threshold targets of where you want to be,” Simpson says. “But the lower, the better.”

Shymanivske ore can yield a standard blast furnace concentrate product with silica at 4.5%, phosphorus at 0.02%, alumina at 0.43% and sulphur at 0.05%.

“This is an ultra, high-grade product,” Simpson says. “Beyond that, we can also make a direct-reduction (DR) concentrate, which very few companies in the world can make.

That’s a 69.5% product, but more than the high iron content, to qualify you also have to have the silica plus alumina below 2.3%. In our case if you add them up it’s 1.6% (1.3% silica and 0.28% alumina in the DR concentrate), so it’s well below that 2.3% threshold.”

The DR product is the only one that steel mills in the Middle East can take, because they use a different process called Midrex that takes advantage of the region’s cheap natural gas.

“Proximity to markets is also important,” Simpson adds. “The closer you are to your customers, the less money spent shipping product around. In our case, we’re extremely close to Turkey. We’re right around the corner from all the steel mills in the Middle East, and we can also hit the markets of China and India at about 20–25% shorter shipping than North and South American suppliers.

“Obviously we’re not as close as

Australia is to China, but again, we’re the sweetener against some of the quality issues the Australian ores are facing.”

Other issues Apart from securing the prepaid offtake agreement, another focus for Black Iron this year is tidying up a few land ownership and access issues in and around the Shymanivske property. Black Iron is working towards relocating a small village and is negotiating a land swap involving the Ministry of Defense and the Kryvyi Rih city council for land it can use for its waste piles and processing plant. The costs are already built into its cost estimates.

Other activities for Black Iron this year are continuing with similar high-level permitting, which involves public hearings, and more engineering design work, which is 80% complete.

When asked about Ukraine’s reputation for corruption and heavy bureaucracy, Simpson replies that “Ukraine is a very bureaucratic country, but for us it’s really important as Canadians — and we have Pierre Pettigrew on our board, who introduced the anti-corruption act to Canada — to make sure everything’s done in a very professional manner.”

He notes that in Black Iron’s case, it had “quite a bit of difficulty” in the initial years with local inspectors, and the company found itself repeatedly in court.

“I’m pleased to say that with the new government taking a different attitude, we’ve been able to resolve those outstanding environmental issues — or perceived issues is what they should really be classified as — on the project, and move forward.

“I can’t say we’re not going to have further inspectors coming to us looking for graft or a bribe, but what I can say is we’re hypersensitive to it, because if you go down that road, it’s a very slippery slope,” Simpson says. “So it’s better to do things the right way.”

Corporately, Black Iron was founded 2010 as part of Stan Bharti’s Forbes & Manhattan group of companies and went public on the Toronto Stock Exchange in 2011, raising $38 million at $1.40 per share.

The share price dropped to the 3¢ range in mid-2015 and last traded at a dime, for a $15-million market capitalization.

Black Iron’s directors are chairman Bruce Humphrey, Pierre Pettigrew, John Detmold (chairman and founder of Mexico’s Invecture Group, which is a 15% and longtime Black Iron shareholder), David Porter and CEO Matt Simpson.

Simpson was previously the mine manager at Rio Tinto’s Iron Ore Co. of Canada — North America’s largest iron ore mine — before catching the entrepreneurial bug and cofounding Black Iron.

Other management includes president Michael Spektor (who is based in Kyiv and is former CEO of Ukrainian energy company VS Energy), chief operating officer Les Kwasik, chief financial officer Paul Bozoki in Ukraine, senior vice-president of corporate development Bill Hart, and vice-president of government and community relations Nikolay Bayrak (a former Ukrainian politician at the national level).

Bharti is a substantial Black Iron shareholder, with 10.25% of outstanding shares at the end of the first quarter, with many of those shares scooped up when the share price had tumbled to all-time lows in the 4–5¢ range.

Virtually all the above-mentioned directors and officers each held many hundreds of thousands of Black Iron shares at the end of March.

Black Iron is debt-free and parked $4 million of its cash in May 2016 into shares and warrants of Euro Sun Mining (TSX: ESM; US-OTC: CPNFF) at a $1.27 per unit buy-in cost, hoping for a quick capital gain that so far hasn’t materialized. Euro Sun is developing gold assets in Romania, and is another Forbes & Manhattan-linked company, and Matt Simpson — who is also CEO of Forbes & Manhattan — joined Euro Sun’s board with the Black Iron investment.

At year-end 2017, Black Iron had US$3.8 million in working capital, including US$840,000 in cash and US$3.2 million in the Euro Sun investment.

“The money we have now, given our current burn rate, should be sufficient for us to hit the land allotment, surface rights for the orebody, surface rights for the tailings and the waste rock, and get the feasibility study done,” Simpson says.

“It’s important for people to know that Ukraine is getting better — everything is trending in the right direction for Ukraine,” Simpson says. “Make no mistake, it’s still a country in transition, it’s really just to say that compared to other countries that people are somewhat comfortable with, it actually is better.

“The big message I have for people is: I appreciate we’re in Ukraine, so the project can’t just be good, it has to be exceptional. And look at these numbers and returns — that’s not stretching it, these are realistic numbers. You can see it’s pretty exceptional.” TNM

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Appian Capital brings long-term money to mining business INTERVIEW

BY TRISH SAYWELL

P

tsaywell@northernminer.com

rivate equity firm Appian Capital Advisory LLP closed its first natural resources fund in 2014 taking in US$400 million.

Since then, the London-headquartered firm has helped bring five mines into production and expects that another two investments will start production within two years.

In March, Appian marked its first major exit from an investment with the US$350-million sale of Avanco Resources, which owns the world’s fifth-highest grade, open-pit copper mine in Carajas, Brazil to Oz Minerals (ASX: OZL; US-OTC: OZMLF).

The fund is also invested in Roxgold (TSX: ROXG), owner of the Yaramoko gold mine in Burkina Faso; Harte Gold (TSX: HRT), whose key asset is the Sugar Zone gold property, 80 km east of the Hemlo gold camp in Ontario; and Peak Resources (ASX: PEK), which owns the Ngualla project in Tanzania, one of the world’s largest and highest-grade undeveloped rare earth assets.

Michael Scherb, a dual AustrianSingaporean national, founded Appian Capital after working for JP Morgan Cazenove’s mining team in London, where he worked on US$185-billion worth of deals across M&A, equity and debt. His work included advising clients such as Xstrata, Rio Tinto and BHP Billiton.

Before JP Morgan, Scherb completed a finance degree and lived for two years in China (2001–2003), where he invested European capital and family office money. Scherb recently spoke with The Northern Miner about his career and Appian Capital’s investment philosophy.

The Northern Miner: You were 19 years old when you finished your undergraduate degree in international business and economics in Canterbury, England, and decided to move to China. What did you learn from your two years in Beijing and Shanghai?

Michael Scherb: I went to Beijing just before the supercycle. I was curious and it was the right business decision. I really came to understand the Chinese mentality and got a real sense of where demand was coming from. It gave me great exposure and an idea of how the Chinese think.

The Chinese mentality is to think on 200-year terms. We in the West are thinking in two-year terms, or even in quarterly terms, and it’s very difficult to plan a business that way.

TNM: Wasn’t that one of the reasons you left JP Morgan — frustration over how short-term thinking was being applied in mine finance?

MS: It was too much short-term capital and short-term thinking.

The people, the institutions, management, hedge funds — they were all trying to invest in a long lead time, capital-intensive business, with a short-term mentality — so I set up Appian Capital to provide long-term capital. We are a 10- to 15-year investor. That’s the deal horizon we think is best able to support management teams and projects in the mining sector. We don’t put pressure on them at the wrong point in the cycle. We want to build mining projects, put them into production, and sell them with everything we have. It’s that type

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| Founder Michael Scherb talks about his investment philosophy

of capital that the industry needs, because the mining business has a short-term mentality.

We like backing a project and supporting it every step along the way to production. Imagine a CEO not having to waste his time going to trade shows, constantly raising funds on the street, dealing with retail investors? Imagine if he has a backer that will provide the capital and he can focus on what he does best, putting that asset into production? It eliminates the short-termism. They come to us and get a long-term, supportive backer.

TNM: Tell us more about the first fund you launched.

MS: We have made eight investments, five of which we’ve brought into production in a very short period of time, and we’re expecting another two in production in the next 18 months. What we’ve done is proven that the business model works, and now we’re going to scale up in size. We had about US$1.2 billion in interest in the first fund, but we accepted only US$400 million.

TNM: Can you tell us more about the second fund you plan to launch?

MS: In our new fund, which will be larger in size, we would simply scale up on what we have proven to be a successful business model.

The only other difference is that we will get involved in a small amount of advanced exploration, only because the industry has cut back on that in the past five years. This is something new. There are a lot of strategic opportunities for us to help projects grow.

TNM: Appian says it prides itself on being different from other private equity firms in terms of in-house capabilities (i.e., technical expertise on strategy, metallurgy, geology and mine build). Wouldn’t most private equity firms say the same?

MS: Our model is a bit different.

First we capture the long-term value of it, and second is how much support we provide management teams.

You take a CEO who invariably is a geologist or engineer. They need help and support, and members of our financing team in their previous lives have advised and assisted in over US$200-billion worth of deals.

Our technical team members over their careers have brought more than 60 mines into production. So every group we support has capital through to production. They have financial support to understand markets and have technical support to put their projects into production.

If your project is stuck for financial or technical reasons, we sit at the table with you and figure it out.

Appian is a good long-term partner.

TNM: Is it true that last year you looked at 409 projects and made only three long-term investments?

Why did so many fail to meet your requirements?

MS: We’re very selective. It takes us three to six months of due diligence.

I’d say the diligence is deep because we’re going to back the project for as long as it needs backing, and that’s why we take a lot of time to understand the project. Often CEOs find capital with the path of least resistance, they’re tapping capital markets, which might be a quick solution. However, when things

“IT’S AMAZING THAT OIL AND GAS HAS MATURED WHERE MINING STILL SEEMS A BIT FRONTIER, AND IT DOESN’T NEED TO BE.” MICHAEL SCHERB FOUNDER, APPIAN CAPITAL

go bad that capital isn’t going to support them. Take Roxgold, for example. It has phenomenal assets.

When Burkina Faso was having problems, everyone was selling, but we were the only group supporting that asset. When we’re in, we’re in.

You know you’re going to have that backing for a long time. Now that means a lot of projects aren’t for us, so we have a very selective hit rate.

TNM: Can you talk about the success you had in selling Avanco Resources to Oz Minerals?

MS: That was a great exit for us and Avanco is a perfect example of what we do. We went there early, we oversaw it through permitting, financing, development — and put it into production. It was us that brought in Oz Minerals, and we closed the deal with the Oz Minerals team, and, ultimately, that ended up being a great result for all the shareholders. It was nearly four years between the time we invested and the time they went into production.

TNM: You’ve also acquired some private projects, a copper-gold project in Brazil that you are fast-tracking to development. Which one is that?

And another investment in a nickel sulphide project with cobalt as a by-product, also in that region. Can you talk about those?

MS: We kept those private. Those are both owned by us, 100% owned, and we have the same management team overseeing them both. They’re both permitted. They’re both construction ready, and we’ll be bringing the nickel project into production in the next 12 months and the copper-gold project into production over the next 24 months. Then likely we’ll do an initial public offering of some sort or we might stream dividends back to our investors, but we’re focusing on the technical side right now and bringing those two into production.

TNM: What about royalties? Is that going to become a bigger part of your portfolio?

MS: That’s one area where we’ve branched out from traditional equity exposure. We have four royalties, one producing copper royalty — we own a royalty on a copper-gold asset in Brazil, some of the offtake on Harte Gold, and Peak Resources,

A portal at Harte Gold’s Sugar Zone gold project in Ontario. Appian Capital is an investor in the company. HARTE GOLD

we have a royalty on that, so that’s a very attractive royalty package and we are seeking one or two more with either a stream dividend so shareholders hold, or exit our royalty position.

TNM: You’ve said a common mistake is to get too large too quickly.

Are there other tips for investors in the space?

MS: Our model is being long-term value investors, so we apply what we think is the appropriate methodology and a technical overlay. In some areas, mining deviates from those traditional methodologies. For example, mining is a finite business.

It’s not purely capital appreciation over the long-term. You need to seek extensions. I think a common mistake is having a short-term mentality: the move for volume versus margin. Bigger isn’t always better and with mining, people should be more and more profitable rather than just having scale.

TNM: How does private equity in mining compare with the oil and gas sector?

MS: For investors who back private equity groups in mining and oil and gas, all they need to see is an investment model that provides appropriate downside risk protection while keeping upside optionality.

The oil and gas sector seems to have done it very well, but it still seems that mining takes too high of a risk relative to reward. If you can move them away from that philosophy of how much they can make rather than how much they can lose — they’re focused on making the 10-time returns rather than making stable returns, which is what the mining industry needs. So the way to do that is focus on fundamental asset quality, high margins, low cost and turning mining into a bottom-up fundamental analysis as a long-term value investor would do, rather than just a pure punt on a commodity. Essentially, it needs to be more focused on bottom-up fundamentals, rather than just making a gamble.

TNM: Why is that thinking so pervasive in the mining industry?

MS: It’s the heritage of it. It’s the chance of hitting it big on an exploration play — that’s in the DNA

of mining. It’s amazing that oil and gas has matured where mining still seems a bit frontier, and it doesn’t need to be. We’re on the cutting edge of applying a long-term investment model, and what we’re doing is pretty different than anything I’ve seen in the space, and it seems to be working.

TNM: What is the best financing model?

MS: We’re going through a unique time in the industry, where there’s an identity crisis when it comes to mine finance. Mining just came through a very turbulent time where it was very challenging for nearly everybody, and that changed peoples’ risk profiles. It changed the appreciation for different types of capital. Before that, you’d take whatever capital was available, and people are realizing there are advantages and disadvantages in each type of capital they take on, and management teams are thinking more and more about what partners they want to have. And I encourage that debate. Rather than taking that hot money on the table, is that the true right capital to be with you in good and bad times? You have to consider all the aspects.

TNM: Often people talk about the need to diversify. What is your view and how have you structured your investments on that score?

MS: The economic theory out there is to be perfectly diversified in your portfolio, but I don’t believe that’s true. If you have 25 good investments to make, the theory is to allocate to all 25, in case some don’t work out. But that’s not accurate because you’re going to spread yourself too thin. I would analyze those projects deeply, and then I would spend a lot of time and choose the top eight, and then back them with everything I have. If you’re going to invest $1 you might as well invest $100. You have to have that level of conviction in every investment you make. So we’re not macro investors calling commodity prices, we’re investors seeking bottom-up, fundamental value through analysis.

TNM: Have you had any duds?

MS: I don’t what to jinx it, but in Fund I, we have not! TNM

2018-07-03 7:09 PM

SPECIAL FOCUS

TECHNOLOGY METALS

NeoLithium’s Tres Quebradas lithium project in Argentina’s Catamarca province. NEO LITHIUM

Cobalt27 ramps up its physical stock

INTERVIEW

| Cobalt27’s Anthony Milewski on Vale transaction, cobalt outlook

BY TRISH SAYWELL

C

tsaywell@northernminer.com

obalt27 Capital (TSXV: KBLT) recently acquired a US$300-million cobalt stream on Vale’s (NYSE: VALE) Voisey’s Bay nickel-copper-cobalt mine, beginning in 2021. It also has a stream on the Ramu nickelcobalt mine in Papua New Guinea owned by the Metallurgical Corp. of China, and a net smelter return royalty (NSR) on the constructionready Dumont nickel-cobalt project owned by RNC Minerals (TSX: RNX) in Quebec. In total the company has 12 streams and royalties, as well as physical cobalt. In the last five months alone the company has increased its physical stock of cobalt by 800 tonnes to 3,000 tonnes. The Northern Miner recently spoke with Cobalt27’s chairman and CEO, Anthony Milewski, about the company’s investments and his outlook for nickel and cobalt in the emerging electric vehicle (EV) revolution.

The Northern Miner: You have just completed a $300-million equity raise to pay for the cobalt stream in your portfolio from Voisey’s Bay mine in Labrador.

Anthony Milewski: Vale’s Voisey’s Bay Mine is one of the best nickelcobalt asset in the world, and so, as a company focused on cobalt and nickel, we felt it was important to participate and add value to our shareholders through streaming this orebody. Voisey’s Bay is considered “generational” as it represents the only new, significant nickel sulphide discovery in the last 30 years. You

Study shows Clean TeQ’s Sunrise is world-class AUSTRALIA

| Nickelcobalt-scandium deposit could be mined for 40 years

BY TRISH SAYWELL tsaywell@northernminer.com

C begin, we went out and acquired the world’s largest commercial stockpile of physical cobalt. Having physical cobalt gave us a balance sheet, and once we had that, we could use the physical cobalt as part of our leverage to borrow money and complete streaming and royalty transactions. Since our initial public offering in June 2017, Cobalt 27 has raised equity and secured a revolving-credit facility, which we intend to increase, as we build our electric metalsfocused investment portfolio. In addition to a portfolio of streams and royalties, we also have approximately 3,000 metric tonnes of cobalt sitting in London Market Exchange-bonded warehouses in the U.S. and Europe. We are building a cobalt-mining company with an excel spreadsheet, and not a shovel. We have physical cobalt,

lean TeQ’s (TSX: CLQ; USOTC: CTEQF) Sunrise nickel, cobalt and scandium project in Australia is one step closer to becoming a significant producer of nickel and cobalt sulphate for the lithium-ion battery market.

A definitive feasibility study modelling the first 25 years of production confirmed over US$14 billion in lifeof-mine revenues; US$344-million annual earnings before interest, taxes, amortization and depreciation (EBITDA), peaking at US$550 million in years when the operation runs at maximum production rates; a nearly US$1.4-billion after-tax, net present value at an 8% discount rate; and a 19% post-tax, internal rate of return.

The permitted project, 370 km west of Sydney, is one of the largest, undeveloped cobalt projects outside of Africa, and has enough reserves of all three metals to last beyond 40 years.

Initial life-of-mine production could total 450,871 tonnes nickel, 84,007 tonnes cobalt and 250 tonnes scandium oxide.

“Unlike many projects in the market today, this project is shovel-ready and has the benefit of almost 20 years of drilling, evaluation, piloting studies and permitting,” Sam Riggall, Clean TeQ CEO, said during a conference call. “It is not an easy process to prep many projects of

See COBALT27 / 12

See CLEANTEQ / 10

The Basamuk processing plant, part of Metallurgical Corp. of China’s majority-owned Ramu nickel-nobalt mine in Papua New Guinea, where Cobalt27 holds a cobalt stream on the project. HIGHLANDS PACIFIC

just have to look back at the interest it generated after being discovered, with both Inco and Falconbridge vying to acquire it. Vale, which acquired Voisey’s Bay in 2006, is the largest producer of nickel globally, and are significant producers of cobalt. The opportunity for Cobalt 27 to gain access to this asset through a 32.6% cobalt stream is really once in a lifetime, when you think about it. There may be two or three assets in this class globally.

Although the current life-of-mine is stated at approximately 14 years, the Voisey’s Bay deposit is massive, and we believe that once Vale goes underground, further definition of the resource will take place to really understand what is possible in extending the life of the mine. This

has been demonstrated in similar deposits of this nature, and there is the potential that Voisey’s Bay could produce nickel and cobalt for another 20 to 30 years. The fact that Cobalt 27 was able to secure this cobalt stream is significant to delivering on our pledge to generate shareholder returns.

TNM: That’s quite a big transaction for a company that has been around for just a year.

AM: It was a big year. We’ve built the company to a $733-million market capitalization in 12 months. We always knew that it would be a challenge to start a streaming and royalty company. If you look at a lot of the big streaming and royalty companies, they were founded on some form of spin-off, or other corporate transaction. We realized that was never going to happen for us, so, to

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2018-07-03 7:09 PM

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JULY 9–22, 2018 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Study shows Clean TeQ’s Sunrise is world-class CLEANTEQ From 9

this scale in today’s market.”

Not only are the outcomes in the study compelling, Riggall said, but they demonstrate a project that can generate significant volumes of cobalt and nickel sulphate — as well as scandium — from a secure and established mining jurisdiction.

For automotive and consumer electronics customers, he noted, Sunrise is the “largest political-risk insurance policy available in the market today, particularlyforusersofcobalt,”assupply from the Democratic Republic of the Congois“increasinglyproblematic,both from a regulatory and cost perspective.”

The Sunrise project benefits from significant cobalt grades, and, according to the study, will have a C1 cash position of negative US$1.46 per lb. nickel (net of by-product credits from cobalt, scandium and ammonium sulphate) and US$4.68 per lb. nickel before credits.

The study uses commodity prices based on long-term, analyst consensus forecasts, which in the case of nickel was a flat US$7 per lb., plus a US$1 per lb. sulphate premium.

Over the past year, the quoted premium for nickel sulphate has averaged US$1.62 per lb. nickel. For cobalt sulphate, the study assumes a long-term, flat US$30 per lb. cobalt price with no premium, while for

A drill site at Clean TeQ’s Sunrise nickel-cobalt-scandium project in Australia. CLEAN TEQ

scandium oxide it assumes US$1,500 per kilogram.

The study estimates the capital expense to build the US$1.49 billion, including a US$165-million contingency.

This exceeds the capital expense of US$680 million (A$906 million) — including a US$62-million contingency — estimated in a 2016 prefeasibility study.

The higher cost in the latest study

owes primarily to changes of scope for delivering more revenue, EBITDA and return on capital, such as a larger refinery to boost metal production, and revising the mine plan to bring forward cobalt metal production.

An investment decision on the laterite project is expected early next year and construction could start shortly thereafter.

The company estimates it will

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take 24 months to build and another 24 months to ramp up to full production.

The project is forecast to be cashf low positive in 2022 and make cumulative free cash flows of US$5 billion over the initial 25-year mine life.

During the 10 years following the first year of ramp-up, the project is forecast to produce an annual 19,600 tonnes per year of nickel in sulphate form and 4,400 tonnes of cobalt in sulphate form. Life-of-mine revenue from nickel sulphate is an estimated US$7.8 billion (or 56.5% of total revenue), and US$5.6 billion from cobalt sulphate (or 39.5% of total revenue).

The company would use proprietary, continuous resin-in-pulp technology to process the ore and produce nickel and cobalt sulphate for battery-cathode production.

The scandium would be used in lightweight aluminum alloys for transportation markets.

The mine would produce an average 95 tonnes a year of scandium oxide. But the financial model in the study assumes only 10 tonnes a year would be refined into highpurity scandium oxide and sold to end users.

The company is working with its partners Universal Alloy Corp., Chinalco and Airbus Group to develop lightweight aluminum-scandium alloys for the aerospace and automotive sectors.

“This is the right project for this moment in time,” Riggall said. “It’s

TSXv: KBLT | FRA: 270

Leading electric metals investment vehicle Streams & Royalties Physical Cobalt VOISEY’S BAY MINE

Mineral Properties

WORLD’S FIRST PRODUCING COBALT-NICKEL STREAM

Cobalt 27’s asset base includes: e

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• 32.6% cobalt stream on Vale’s Voisey’s Bay mine expansion commencing January 1, 2021.

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LABRADOR

IC

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• Cash flowing cobalt-nickel stream on the producing world-class Ramu Nickel-Cobalt Mine.

N CE

NT

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e

NEWFOUNDLAND

VALE NICKEL REFINERY

• 2,982 Mt of physical cobalt, the world’s second largest stockpile of refined cobalt* • 8 cobalt royalties, including a royalty on Dumont, the largest construction-ready nickel cobalt project.

* The Government of China through the State Bureau of Material Reserves’ acquired the largest strategic cobalt stockpile in excess of 5,000 Mt, in 2015-2016.

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“THE MARKET FOR A PRODUCT LIKE THIS IS VERY GOOD. THERE ARE A NUMBER OF COMPANIES THAT ARE SIGNIFICANTLY ENGAGED WITH US ALREADY, AND MANY OF THEM WERE WAITING FOR THE DFS TO BE RELEASED.” SAM RIGGALL CEO, CLEANTEQ

strongly leveraged to the batterydriven revolution that is changing the way the world approaches sustainability in key industries of transport, energy storage and power supply.”

According to Clean TeQ, global passenger plug-in electric vehicle (EV) sales year-to-date were 418,000 units — up 66% year-on-year. EV lithium-ion battery sales from January to April reached 23.3 gigawatt hours, which is up 60% from the same period a year ago.

Riggall noted that with the feasibility study completed, the company can now work to line up offtake agreements and project financing. So far, 20% of Sunrise’s future production has been committed to offtakers.

He added the feasibility study has “confirmed that the Sunrise project is a highly economic, sustainable and globally significant resource development. It’s ideally placed to provide the critical raw material the world needs to expand the global EV fleet.

“The market for a product like this is very good, there are a number of companies that are significantly engaged with us already, and many of them were waiting for the definitive feasibility study to be released.”

The company already has a banking syndicate that includes International Commercial Bank of China, National Australia Bank, Natixis and Société Générale, which Riggall said is “standing by to commence work in earnest on a debt-finance facility.”

Current proven and probable reserves measure 147.4 million tonnes grading 0.56% nickel and 0.09% cobalt, and 53 parts per million scandium.

On news of the feasibility study’s release, Clean TeQ’s shares closed at 90¢, down 12%, within a 52-week trading range of 87¢ to $2.10.

Wit h 59 0. 5 m i l l ion sha res outstanding, the company has a $531-million market capitalization. TNM

2018-07-03 7:09 PM

GLOBAL MINING NEWS

TECHNOLOGY METALS

THE NORTHERN MINER / JULY 9–22, 2018

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FUELING TOMORROW'S ENERGY ECONOMY, TODAY MGX Minerals is leading the transition from fossil fuels to renewables through investments in battery commodities, extraction processes, and clean technologies.

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www.mgxminerals.com

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2018-07-03 7:09 PM

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TECHNOLOGY METALS

JULY 9–22, 2018 / THE NORTHERN MINER

Cobalt27 COBALT27 From 9

however, with the exception of one state-owned mine in Morocco, there really aren’t any other primary cobalt mines to invest in. About 98% or 99% of all cobalt comes as a by-product from copper and nickel production.

TNM: The Democratic Republic of the Congo (DRC) accounts for 60% of mined cobalt, and BMO estimates that will rise to 67% in 2025. But Cobalt 27 has sworn off doing any deals in the DRC for ethical reasons.

(Apple calls DRC cobalt a “conflict mineral.”)

AM: One of our key tenets is that we don’t invest inside the DRC. TNM: If the DRC produces so much of the world’s cobalt, doesn’t that mean battery makers will be under pressure to find substitutes for the cobalt in their batteries?

AM: Australia and Canada are two of the main regions where we expect to see increased mined cobalt production required to meet future demand. If you look at additional sources of cobalt outside the Congo, those regions are really taking off. You have Clean TeQ’s Sunrise project in Australia, RNC’s Dumont project in Quebec, which is moving towards construction, and now, Vale’s recently announced, US$1.7-billion expansion of Voisey’s Bay mine in Labrador, with production from underground operations scheduled to begin in 2021.

What we’re really talking about is additional supply coming from nickel mines, with corresponding projected increases in nickel and cobalt prices over time.

TNM: We’re at an inflection point — the transportation industry is on the cusp of massive disruption.

AM: This is a big change and we are all just beginning to appreciate how fast it’s coming. We’re talking about a structural change in two of the major industries on earth: the energy industry and the automotive industry. It’s not very often that you have this type of disruptive change in two global industries.

The automotive manufacturers are moving towards electric and quasi-electric vehicles. And then you have as much as 70% of crude used in the transportation sector. And, in the coming decades, a switch from fossil fuels into electric battery-powered vehicles ultimately weighs on the energy industry, and

the accelerating adoption of the EVs, which includes rapidly increasing demand for electric metals used in lithium ion batteries. I believe we are talking about “peak oil” in terms of demand, and not supply.

That’s not happening tomorrow, these take five or 10 years to transpire. But you’re seeing a real disruption in important industries and as a result you’ll see changes in demand for basic materials. Not just cobalt, but for nickel, copper and lithium, as well.

TNM: But EVs still aren’t that cheap.

AM: The entry point for the latest Tesla sedan is about US$35,000. I’m not saying that’s not real money, or that you don’t have to earn that money, but there aren’t a lot of new cars that sell for less than US$35,000.

EVs cost almost the same as conventional cars. In China you can buy an EV for about US$6,000.

TNM: What about some of the other barriers to adoption, like range anxiety and the availability of charging stations?

AM: When we look at disruptive technologies and the timeline for technology adoption, the first driver is price. Does the new technology cost about the same as whatever it is replacing? And for EVs, the answer is yes. The second driver of technology adoption is utility, and in the automotive sector there are two parts to that. The first is range — how far does a conventional car travel versus an EV — and the answer is that the new generation of EVs travel further than the majority of all commuter travel in a conventional car in a single day.

The second aspect of utility in the case of EVs is rechargeability. I would encourage readers to go to Tesla’s website and look at all the recharging stations. They are everywhere now — even at hotels. The industry has moved through these barriers, which were real, and the acceleration of the adoption of EV technology is happening. We have now reached a tipping point. And the basic materials that comprise EVs are cobalt, copper, nickel and lithium, and for those metals we believe we are at the beginning of a five- to 10-year bull market.

TNM: How big is total cobalt demand today?

AM: The cobalt market today is approximately 110,000 metric tonnes, and a lot of that is driven by superalloy industries — the airlines — and

“CHINA IS AT THE MOMENT A GLOBAL LEADER IN ENVIRONMENTAL POLICY AROUND THE AUTOMOTIVE AND TRANSPORTATION SECTOR.” ANTHONY MILEWSKI CHAIRMAN AND CEO, COBALT27

also batteries that have traditionally been used in mobile phones and laptops. What we have today is a new and rapidly growing source of demand, and depending on the penetration rate of EVs, could require as much as three times today’s mined cobalt production by 2025.

So when you introduce a brandnew source of demand it changes the dynamic. You had a market that was flat and now out of nowhere you have a huge source of demand, as people increasingly are buying EVs. There are multiple points here.

On the one hand, EVs are coming online, with prices comparable to conventional cars. Even in places like China, more so than in the West, people are becoming more socially conscious. People are being given the option to buy a car at the same price point, and there’s an increasing awareness of the environment and the destruction that fossil fuels are causing the earth. That’s real.

TNM: Would you agree that China is at the forefront of the EV movement? It subsidizes the EV market and has set a target that would see zero-emission vehicles make up 10% of all new sales by 2019, and 12% of all new sales by 2020. There are 172 car companies in China, among them the world’s largest EV company, BYD Auto Co. in Xi’an, Shaanxi province.

(Berkshire Hathaway owns 8.25% of BYD Auto, which stands for “Build Your Dreams”). According to BMO, China has 40% of the world’s EV car stock and 30% of global sales overall.

Last year there were over 600,000 units of battery electric and plug-in hybrid EVs — up 71% from 2016.

AM: China is at the moment a global

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leader in environmental policy around the automotive and transportation sector. In the West we’re lagging behind. China is targeting 25% penetration of EVs in 2025. It’s clear the government has looked at ways to clean up the air, particularly in large urban areas, and they’ve determined the most cost-effective and fastest way is through EVs. It’s an important moment in the world.

The U.S. has guided global policy since World War II, and now you’ve got China sticking its hand up and becoming a world leader on one of the most important issues of our time, the environment. What China is spending on EVs, in terms of manufacturing, research and development and infrastructure, will far outweigh what everyone else is spending.

TNM: Pollution from transportation is responsible for 25–30% of global greenhouse gas emissions. Is reducing emissions a reason you decided to jump into the cobalt business?

AM: Cobalt 27 is contributing by helping to fund the production and development of mined cobalt outside of the Congo. Through the acquisition of streaming and royalties on current and future production, we are helping to fund sustainable mines that produce cobalt and nickel that will help drive EVs. By creating this company, we’re helping to finance nickel and cobalt mines that ultimately power a cleaner future. And we’re avoiding the Congo, which is one of the other ways we’re contributing.

TNM: There are two major types of lithium-ion batteries: nickel-manganese-cobalt (NMC) and nickelcobalt-aluminum (NCA). Are you concerned about changing battery chemistries and cobalt thrifting, or the emergence of a new battery technology that doesn’t require cobalt at all?

AM: We’re going to be using nickelmanganese-cobalt chemistry for a long time. Tesla uses NCA batteries and the balance of the world uses NMC batteries. The overwhelming majority of investment dollars, perhaps as much as 95%, are being spent on developing NMC batteries, so we believe NMC battery chemistry is going to be around for at least the next decade.

However, the chemistry within the NMC will evolve over time.

The conventional wisdom today is that the battery chemistry that has the best stability, longevity, and rechargeability is the 6-2-2 (six parts nickel, two parts manganese and 2 parts cobalt). We are at a 5-2-3 (five parts nickel, two parts manganese and 3 parts cobalt) today, and the generation after the 6-2-2 is the 8-1-1 (8 parts nickel, 1 part manganese and 1 part cobalt).

TNM: The idea with the 8-1-1 is that its higher nickel content will increase the range, or energy density, of an EV, and lower the amount of cobalt — making it cheaper. But there are some risks when you increase the nickel content, such as instability, because cobalt (and manganese) stabilize nickel. Doesn’t the formulation lose its capacity more quickly as well?

AM: While the actual chemistry may work over the next four or five years, the commercial viability of that chemistry is highly in question.

Can it be done? Yes, of course. Is it a commercially viable chemistry?

The answer is not at this time. And it’s a long time before it becomes commercially viable. When you go to a lower chemistry like an 8-1-1, the temperature at which the battery catches fire may be 50% lower, so we believe the 6-2-2, which is being rolled out today and in the coming years, will be the chemistry for a very long time.

TNM: What about the long-term supply of cobalt? By some estimates cobalt demand in lithium ion batteries is expected to average 11.7% between 2016 and 2022.

AM: The world has vast cobalt resources. What I say is: go build Clean TeQ’s Sunrise, go build RNC’s Dumont and go build Vale’s underground mine at Voisey’s Bay. We don’t need to go exploring when I think we have what we need.

TNM: We have enough cobalt perhaps for the next 25 years, but what happens after that? Cobalt demand has grown from 40,000 tonnes in 2000 to more than 100,000 tonnes this year, and Bank of America Merrill Lynch stated in an April report that in a decade, the market for EVs will require 10 times the amount of cobalt currently in use.

AM: Fair enough. You have to be continually adding to supply, but the scare story that there is not enough basic material is not supported. We believe there are enough resources.

The cost might be a bit higher, in particular nickel, but the resources are there.

TNM: More than 39 carmakers have invested in electric and plugin electric vehicles, and the Paris Declaration on Electro-Mobility and Climate Change is targeting 100 million EVs by 2030. The landscape is changing quickly.

AM: People didn’t appreciate EVs three years ago. The penetration rate was zero, and last year it was a couple of million EVs. I think it’s happening already, and people are now beginning to appreciate how quickly it’s rolling out.

TNM: What do you see are advantages of streaming, especially from the investor’s point of view?

AM: The advantage of streaming is that cobalt is a by-product and there’s only one primary cobalt mine in the world, and it’s a governmentowned mine in Morocco. As a byproduct, cobalt is ideally suited to streaming because it doesn’t impact the economics of the primary metal.

With metal streaming the investor has many of the same benefits of investing in a producer, however, with significantly lower risk exposure.

The streamer has upside exposure to metal price appreciation, earnings from dividends and increases in production efficiencies, rates and resources, and reserve increases. The streaming company does not have exposure to capital or operating cost risk and is disconnected from any environmental costs associated with the operation. In a sense, a stream deal, with appropriate due diligence and understanding of risk, can have all of the benefits of an integrated operation without any of the risks the operator must assume.

From the investor’s point of view, a well-structured stream is accretive to the share value of the streamer, with minimal downside risk.

TNM: You studied law and then completed a masters’ degree in Russian studies. You then worked in a law firm in Russia for several years before moving into fund management. How did you come to start Cobalt 27 Capital?

AM: Living in Russia got me interested in natural resources and oil initially, because oil and coal were the drivers of the Russian economy, and they still are today. So after a few years at the law firm I moved into fund management and focused on natural resources.

I grew up in the Pacific Northwest, I love the outdoors, so I enjoy being — in some small way — a part of the environmental revolution, and funding companies that are going to change the world. TNM

2018-07-03 7:09 PM

TECHNOLOGY METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 9–22, 2018

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TECHNOLOGY METALS SNAPSHOT

Eight juniors step up to meet the tech-metal challenge The wider use globally of advanced technologies such as electric vehicles has led to a boom in juniors developing technology-metal assets, with an emphasis on lithium, cobalt, vanadium and rare earths. Here is a look at eight such juniors active worldwide.

AVALON ADVANCED MATERIALS Don Bubar-led Avalon Advanced Materials (TSX: AVL; US-OTC: AVLNF) has refocused on its Separation Rapids hard-rock lithium deposit, 70 km north of Kenora in northwestern Ontario, while scaling down efforts at its Nechalacho rare earth element project near Great Slave Lake in the Northwest Territories.

In May, Avalon updated the resource at Separation Rapids, bringing the total measured and indicated Resources to 8.4 million tonnes grading 1.41% Li2O, with another 1.8 million tonnes at 1.35% Li2O. The new resource figure incorporates results from a fourhole drill program carried out in early 2018, and boosts tonnage by 10% from the prior estimate.

Avalon will soon update a preliminary economic assessment carried out at Separation Rapids in September 2016, and will study the economics of a smaller-scale operation that can built up in stages, bringing down initial capital expense estimates into the $50to $70-million-range, versus the original $450-million plan.

Avalon said it will reactivate its Nechalacho project this year due to “strong demand for the ‘magnet rare earths’ neodymium and praseodymium,” and has updated its plans for small-scale redevelopment of the past-producing East Kemptville tin mine in Nova Scotia’s Yarmouth County.

CANADA RARE EARTH Canada Rare Earth (TSXV: LL; US-OTC: RAREF) describes itself as a developer of a vertically and horizontally integrated business within the global rare earth industry that seeks to build a supply chain “connecting mining operations to rare earth concentration processes to rare earth separation and refining facilities, and to major international customers.”

To that end, the company says it: identifies existing and potential rare earth sources that can provide reliable, long-term supply; develops pre-treatment facilities and fullcapability, rare earth-separation facilities in strategic locations; and enhances relationships with major international manufacturing companies and their supply networks.

Based in Vancouver, the firm is led

by CEO Tracy A. Moore and chief operating officer Peter Shearing.

As of November 2017, directors, senior management and advisers own 22% of the company’s shares, and the market capitalization was $11 million at press time.

Canada Rare Earth is involved with projects in North America, the Caribbean, South America, Africa, Asia and Southeast Asia.

CORNERSTONE METALS While the prices for many other mined commodities take a breather

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First Cobalt’s permitted cobalt refinery in northern Ontario, where the company envisions processing ore from the Iron Creek project in Idaho. FIRST COBALT in mid-2018, the vanadium market continues to heat up, with vanadium oxide prices rising to US$32 per lb. in recent months — the highest level since 2008.

2017.

Vancouver-based Cornerstone Metals (TSXV: CCC; US-OTC: CCCCF) hopes to ride the vanadium wave with its Carlin vanadium project located 22 km from Elko, Nev., which Cornerstone calls the “one of the largest, highest-grade primary vanadium deposits in North America.”

FORTUNE MINERALS

In June, Cornerstone announced more preliminary results of metallurgical test work conducted on Carlin vanadium-mineralized material, with the third round of testing reaching 95.5% vanadium extraction levels.

“Our testing has very quickly moved the needle from the low eighties — which were strong — to outstanding numbers, far exceeding even our metallurgists’ expectations”, Cornerstone president and CEO Paul Cowley said in a release. “These numbers show a clear sign of a major technical breakthrough for our project.”

An historic resource estimate calculated in 2010 delineated 28 million tons (25.4 million tonnes) grading 0.515% vanadium oxide at a 0.3% cut-off grade, for 289 million lb. contained vanadium oxide.

FIRST COBALT Led by president and CEO Trent Mell, Toronto-based First Cobalt (TSXV: FCC; US-OTC: FTSSF) bills itself as the largest cobalt exploration company in the world, and aims to create the world’s “largest pure-play cobalt exploration and development company.”

Though it was only formed in early 2017, First Cobalt has already accumulated over 100 sq. km of prospective ground in Ontario’s iconic Cobalt camp, with the company’s Greater Cobalt Project comprising land that includes over 50 past-producing mines, a mill and the only permitted cobalt refinery in North America that makes battery materials.

In June, First Cobalt outlined a $9-million work program for its newly acquired Iron Creek cobalt project in Idaho, where it intends to calculate a resource estimate

by October 2018, and complete another 30,000 metres of drilling to double the mineralized zone along strike beyond the area drilled in

The historic resource at Iron Creek is 1.3 million tons (1.2 million tonnes) grading 0.59% cobalt.

Fortune Minerals (TSX: FT; US-OTC: FTMDF) is steadily advancing its vertically integrated Nico cobaltgold-bismuth-copper project. The original Nico concept would see a mine and mill in the Northwest Territories that produces a bulk concentrate for shipment to a refinery, which the company plans to build in Saskatchewan.

Fortune has said the products at the refinery would include cobalt chemicals for high-performance, rechargeable batteries and bismuth metals and chemicals, as well as gold.

However, in June Fortune said it had been approached by several global mining and refining companies interested in buying metal concentrates directly from the mine.

If the junior goes this route, it says it could “defer the Saskatchewan refinery, reducing upfront capital by about 50% and mitigating risks in commissioning and downstream processing.”

Fortune says it is adjusting its Nico project engineering designs to allow flexibility to accommodate all of its downstream process options.

GLOBAL ENERGY METALS

work campaign to advance the past-producing Werner Lake cobalt mine in Ontario, where a drilling program is underway.

NEO LITHIUM Waldo Perez-led Neo Lithium (TSXV: NLC; US-OTC: NTTHF) is active in South America’s Lithium Triangle. Its Tres Quebradas (3Q) lithium brine project in Argentina’s Catamarca province covers 350 sq. km, and hosts a measured and indicated resource of 714,000 tonnes lithium-carbonate equivalent at an average grade of 716 mg lithium per litre, plus an inferred resource of 1.34 million tonnes lithium-carbonate equivalent at an average grade of 713 mg lithium per litre.

Neo Lithium says 3Q is one of the highest-grade lithium brine projects in the world. It has the lowest impurity content of any known salar; its salar footprint is large, at over 150 sq. km; and it is wholly owned and fully permitted.

Neo Lithium says the highlights of its recently completed second drilling season at 3Q are: the highest-grade intercept ever over 99.5 metres, with an average of 1,407 mg per litre lithium and 10,562 mg per litre potassium; the

average grade of all drill samples coming at 14% higher than the initial season’s results; and the deep aquifer drilled to 647 metres, and still open at depth.

STANDARD LITHIUM Standard Lithium (TSXV: SLL; US-OTC: STLHF) is exploring and developing its Bristol Dry Lake lithium project in the Mojave region of San Bernardino County, California.

The Vancouver-based junior says the location has infrastructure in place, with easy road and rail access, and abundant electricity and water sources, and is already permitted for extensive brine extraction and processing activities.

The company is also starting due diligence and resource evaluation on 121 sq. km of brine leases located in the Smackover Formation in southern Arkansas.

In mid-June, Standard Lithium engaged consultants Hunt, Guillot & Associates of Ruston, La., to provide engineering services for site preparation, utility connections, and brine supply and disposal pipeline connections at Standard’s pilot plant site in El Dorado, Arkansas. TNM

In the Business of Rare Earths

Junior Global Energy Metals (TSXV: GEMC; US-OTC: GBLEF) is developing its Millennium cobalt project in the Mt. Isa mining district in Queensland, Australia.

Millennium hosts an inferred resource of 3.1 million tonnes grading 0.14% cobalt, 0.34% copper and 0.12 gram gold per tonne.

The junior has just boosted its ownership of the Millennium project to 100% from 25%, and acquired 100% of the nearby Mt. Dorothy and Cobalt Ridge cobalt projects (the latter two now collectively called the “Mt. Isa project.”)

“This combination creates one of the largest and most exciting cobalt exploration packages in Australia,” said Mitchell Smith, president and CEO of Global Energy Metals.

The company has also teamed with Australia’s Marquee Resources, which is sole funding a $2.5-million

w Emerging as a global leader in the rare earths industry w Increasing revenues: $2 million in past 12 months with strong growth momentum w Expanding our global reach

through a network of suppliers and clients

w Securing proprietary processing capability through permitting and acquisition of a state-of-the art rare earths refinery w Partnering with a worldrenowned commodity trading company entering the rare earth industry

CONTACT:

TSX.V: LL.V

604.638.8886 www.canadarareearth.com

2018-07-03 7:09 PM

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WWW.NORTHERNMINER.COM

JULY 9–22, 2018 / THE NORTHERN MINER

Canadian Mining Symposium 2018 I

SCRAPBOOK

| Photo highlights from The Northern Miner’s second annual event at Canada House in London

n April The Northern Miner hosted the second annual Canadian Mining Symposium at Canada House in London, United Kingdom.

The two-day event brings together British and European mining and investment communities for a comprehensive showcase of Canadian projects and Canadian companies in the mineral development sector.

This year’s symposium featured fireside talks with Ross Beaty, Pierre Lassonde and Kelvin Dushnisky, who accepted a Northern Miner Lifetime Achievement Award on behalf of the late Peter Munk, founder of Barrick Gold.

All presentations are now available for free on The Northern Miner’s YouTube channel at www.youtube.com/user/northernminertv, with audio highlights on The Northern Miner Podcast at www.soundcloud.com/ northern-miner.

PHOTO CAPTIONS 1 Pierre Lassonde, chairman of Franco-Nevada. 2 Lance Hooper, president and COO of Cobalt Blockchain. 3 Stephen de Jong, CEO of VRify and chairman of Integra Resources. 4 Delegates at Canada House. 5 Video tribute to Barrick Gold founder Peter Munk.

6 Barrick Gold president Kelvin Dushnisky (R) accepts The Northern Miner’s Lifetime Achievement Award on behalf of Peter Munk from Northern Miner publisher Anthony Vaccaro. 7 Edie Thome, president and CEO of Association for Mineral Exploration and David Nikolejsin, British Columbia’s Deputy Minister of the Ministry of Energy, Mines and Petroleum.

8 Andrew Cheatle (L), Forbes & Manhattan’s senior VP of Africa and Condor Gold director, with Mark Child, executive chairman and CEO of Condor Gold. 9 Stephen Mills (L), Yukon’s Deputy Minister of Energy, Mines and Resources, and Graham Downs, president and CEO of Atac Resources. 10 Pam Strand (L), Director of Mineral Resources, ITI in the Northwest Territories government, and Gary Baschuk, managing director of mining & senior geologist at PearTree Securities. 11 Ross Beaty (L), chairman of Pan American and chairman of Equinox Gold, and Gianni Kovacevic, chairman of Copperbank Resources. 12 Chad Norman Day (L), President of the Tahltan Central Government and his father Chad Day. 13 Guy Bourassa (L), president and CEO of Nemaska Lithium, and Paul Sauvé, CEO of Société du Plan Nord. 14 Dean McPherson (L), the TMX Group’s head of business development for global mining and Shea Small, corporate partner and co-leader of global mining at McCarthy Tétrault. 15 Lisa Davis, CEO of Peartree Securities.

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North American Helium sees opportunity in Saskatchewan HELIUM From 3

Even then, the timing of first production is uncertain.

“Complex, industrial plants that cost US$30 billion and are being constructed somewhere like East Siberia usually don’t come online on time, and 2022 is just the first phase of the project,” Snyder says, adding that stage one involved building the pipeline, and “that was the easy part.”

Russia is good at producing pipelines and can use rubles to buy the pipes and pay for the labour, he says. But the track record of completing the more technically challenging aspects of the project, like the Amur gas plant, usually has delays, as do most megaprojects around the world that involve a number of international firms.

“It is also unclear how Gazprom will fund this project and if sanctions could come into play,” he adds. “The original expectation was that the Chinese — who are the project’s customers — were going to loan them the money, but so far they have refused.”

Snyder says it’s time to develop new helium sources in North America, and, since the founding of North American Helium in 2013, the company has acquired a large land position in Saskatchewan.

The Calgary-based company has amassed rights to 1.2 million acres (4,856 sq. km) in southwestern Saskatchewan, where its Battle Creek project is located, and is the most active driller of helium wells in the province.

“The most economic source of new helium supply is in southwestern Saskatchewan, where you have it in deep, large, high-pressure fields that have helium in a nitrogen carrier gas,” he says. “Frankly, in this price environment any CO2 or natural gas component to a project is likely to have negative value, and without them, there’s a smaller environmental footprint, and you don’t have to build pipelines. You can build a plant to separate out the helium and vent the nitrogen, which is already the largest part of the atmosphere and has no negative environmental effects.”

Battle Creek was one of the three or four places helium was found 60 years ago, but it was never put into production, he says.

In the last six months the company has drilled the first successful helium exploration well in an untapped structure, where no one has ever found it before, versus expanding a known discovery, which hasn’t been done since the 1960s, he says. “We drilled a well into a brand-new field and it’s been successful, and we then immediately moved to another structure eight miles [13 km] away, and drilled a well there, and that was successful, too, and proved our theory was right,” he says. “Now we’re getting ready to drill more structures, and we think it’s going to kick off a really significant industry in Western Canada.”

Battle Creek makes up just 12.1 sq. km of the company’s 4,856 sq. km, and there have been 36,000 shallow oil and gas wells drilled in the area by previous operators.

There are ot her compa nies looking for helium in Alberta and Montana, but Snyder thinks Saskatchewan is unique because of its favourable business climate and regulatory regime, as well as its infrastructure and human capital.

The province also benefits by not having a lot of CO 2 , or other contaminants in its gas.

“As you move westward into Alberta, there have also been historical helium discoveries, but they have a significant CO2 component, so we think we’re in a sweet spot, geologically,” he says. “And we’re extremely lucky that it falls under a pro-development regulatory regime, and with the Trans-Canada highway running right through the middle of our operating area.”

While exploration for helium looks like oil and gas exploration, producing it looks a lot more like the mining business, he says, where the barriers to entry are high. With helium, companies need to reach a pretty significant scale to justify building a helium-purification plant with specialized infrastructure.

Another hurdle is that the pricing of helium is opaque. Almost

CAREER OPPORTUNITIES

Nicholas Snyder (left), North American Helium chairman and CEO, and Kristian Link, wellsite supervisor, examine directional drilling tools at the Battle Creek helium project in southwest Saskatchewan. NORTH AMERICAN HELIUM

all helium contracts have a confidentiality clause, he says, and most people are reluctant to invest in a commodity if they don’t know what it costs.

“The helium market itself is almost completely opaque for a number of reasons, not least of which is that no one wants to get on the wrong side of the competition laws, so the industrial gas oligopoly doesn’t really talk to each other and share information,” he explains. “You can google the price of helium and you won’t be able to find it, so there’s not a lot of information. This wouldn’t be strange if it were a $50-million

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1-16, 23_July9_Main .indd 16

annual market for some minor rare earth metal, but it’s actually a $2-billion global market that major industries are absolutely dependent on, from medical imaging to semiconductor manufacture to space exploration.”

North American Helium bought helium in a federal helium sale last year and is selling it as liquid helium to one of the industrial gas companies for between US$180 and US$200 per thousand cubic feet (mcf) at the factory gate. But due to declining supply, and demand that he estimates grows 2–3% a year, Snyder says the market price is higher than that. Ten years ago,

by contrast, helium was US$50 per mcf.

In addition, financing a heliumpurification plant isn’t as easy as financing a mining project, he says, where companies can resort to stream financing or off-take agreements to get started. “Helium is a unique situation because an industrial gas company that controls the helium industry will not invest in the upstream,” Snyder says.

He notes that every other gas the industrial gas company distributes they get themselves from air-separation units. “These companies don’t drill for other gases and don’t have geologists working for them. They’re not interested in taking that kind of risk. So without that financing infrastructure in place to support exploration, it’s a tremendous hurdle to say: ‘Hey, let’s get some risk capital and drill some risky exploration wells without a plan to get into production.’”

So far North American Helium has raised $35 million and plans to build a production plant in the fourth quarter of this year. The plant will produce high-quality helium gas, which will be shipped in tube trailers. The plant will produce at least 50 million cubic feet of helium a year after coming online in the first quarter of 2020.

Beyond that, the company’s exploration program recently found multiple fields, and it plans to move towards production by drilling more development wells in the fields next year.

The goal in 2019, Snyder says, is to prove up enough reserves to justify construction of a larger helium purifier and a helium liquefier, so that it can convert all of its production to liquid helium, which has lower shipping costs.

For now, the company has no plans to go public, but isn’t ruling it out entirely.

“We have ample funding from institutional investors for our current needs, and we do not have any immediate plans for a public offering, but this is an issue that is periodically considered by our board of directors, and we may choose to take this path in the future,” Snyder says. TNM

ished late last year found several potentially contiguous, flat-lying conductors similar to what was seen in an orientation survey at the El Dorado-Juan Bran zone. These targets will be prioritized in the next drilling program.

Mexican Gold has also been engaged in fieldwork with two crews, each deployed at the Changaro mineralized corridor and on the Pueblo Nuevo concession. These extensive historic mining areas have received little to no modern exploration, so initial work is mostly stripping, trenching and sampling, Liard explains.

The Changaro zone is a mineralized corridor measuring 800 metres by 500 metres, situated 400 to 800 metres above the extensive skarn zone that hosts the present resource at Las Minas. The company believes the zone is a structurally controlled system of distal, retrograde, goldskarn development hosted within marble, which forms steeply plunging ore shoots.

The zone is characterized by numerous small-scale mines (more than 13 have been found so far) and mineralized showings. The namesake Changaro mine was mined as a high-grade, dike-related zone over 200 metres high.

Sampling at the Changaro mine

in 2011 yielded 8 metres grading 9.92 grams gold, 20.78 grams silver and 0.63% copper (11.45 grams gold equivalent).

In May 2018, field exploration at Changaro yielded 13.04 grams gold, 6.83 grams silver and 0.21% copper (13.48 grams gold equivalent ) over 8 metres.

At the Pueblo Nuevo concession, 3.5 km north of the El Dorado and Juan Bran resource area, exploration last year found multiple, high-grade, gold-bearing quartz veins near the same sill contact (and possibly part of the same metallogenic system) as the better known gold-copper skarn deposits at Las Minas proper.

Sampling of the Tamiagua 1 vein structure returned 24.86 grams gold, 17.8 grams silver over 0.25 metre.

Historic mines and showings with significant gold values occur over more than 450 vertical metres in the flat-lying carbonates and in the underlying dioritic sill, and veining has been traced for more than 1 km of strike length.

So far the 2018 fieldwork has used mapping, trenching and sampling to find potential parallel vein systems and define potential drill targets.

Sampling results from the Tamiahua I vein released in April include 2.2 metres grading 17.01 grams gold and 7.61 grams silver. The Tamiagua II vein sampled 10.65 grams gold and 21.1 grams silver over 0.45 metre.

Since starting in February, fieldwork at Pueblo Nuevo resulted in the discovery of a number of previously unknown historical gold mines within a cluster of similar mines.

These mines feature extensive drifting and stoping up to 40 metres high and up to 85 metres long, often on several levels.

Historical mining was carried out with hand tools through very hard granitic rock, followed by packing the raw ore up and down a 500-metre-high ridge with mules, indicating that the veins contained high-grade gold values.

“Finding these old mines that have been lost to the jungle for 100 years really has an ‘Indiana Jones’ feel to it,” Liard says. “It’s easy to forget that we’re drilling off a paved road a few kilometres away.”

Liard says his team constantly finds new veins and mineralized structures in trenches, even by just cutting new access pathways through the dense vegetation.

“Everything goes to the lab, as even clean quartz veining or moderate alteration can assay multiple tens of grams of gold,” Liard says.

“Every geologist has been involved at some point in projects where you spend a lot of money and there’s nothing there, so it has been really gratifying to work on a project like Las Minas, with this density and scale of mineralization.” TNM

2018-07-03 7:10 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 9–22, 2018

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2018-07-03 6:47 PM

18

WWW.NORTHERNMINER.COM

JULY 9–22, 2018 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 25–29 The S&P/TSX Composite Index fell 1.05% to 16,277.73. The S&P/TSX Global Gold Index declined 0.63% to finish at 191.54, while spot gold fell 1.15% to US$1,252.40 per oz. gold.

The S&P/TSX Global Mining Index (USD) climbed 0.64% to 60.24.

Detour Gold wa s t he second most traded stock of the week, rising 85¢ to $11.82. The company released an updated life-of-mine plan that it says will lower the annual variation in projected gold production in the previous plan. Under t he updated pla n, gold production is more consistent over the next 12 years, at 614,000 oz. a year, and increases to 725,000 oz. a year for the mine’s last 10 years. The 22.6-year mine life is based on amended reserves and assumes continued development of the Detour Lake pit, with the West Detour pit start-up i n 2 0 2 5 a nd t he Nor t h pit i n 2 0 2 6 .

Compa red to t he prior pla n, average mining costs over the life-of-mine will rise 9%; average milling unit costs, 8%; and average general and administrative expenses, 16%. The company noted in a press release that “ if any bona f ide, strategic alternatives become available to the company that compete with the value delivered by this stand-alone plan, the board would pursue the best course of

action to maximize shareholder value.”

The company has come under criticism from shareholder Paulson & Co. for its “failure to announce a strategic review, including a sa le of the company,” the Gl obe and Mail newspaper repor ted on June 29.

Steppe Gold released a development update on its flagship Altan Tsagaan Ovoo goldsilver project in eastern Mongolia, sending its shares up 19% to $1.25. The junior is building an open-pit, heap-leach mine at an initial US$19.6-million capital expense, and expects first pour in the fourth quarter.

Based on a technical report in October 2017, the mine will produce a total 146,699 oz. gold and 672,518 oz. silver. The company said construction costs are under budget. Steppe TSX MOST ACTIVE ISSUES

Trevali Mng First Quantum Suncor Energy Dalradian Res Lundin Mng Kinross Gold Barrick Gold HudBay Mnls Yamana Gold Arizona Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TV FM SU DNA LUN K ABX HBM YRI AZ

22448 1.04 0.83 0.90 - 0.15 21113 20.19 17.70 19.37 - 0.95 20840 54.39 50.89 53.50 + 0.15 17703 1.46 1.44 1.44 - 0.02 17156 7.93 7.06 7.31 - 0.79 13150 5.03 4.83 4.95 - 0.02 12878 17.37 16.72 17.27 - 0.08 11670 7.94 7.02 7.33 - 0.82 10758 4.04 3.79 3.83 - 0.19 10145 6.16 6.13 6.16 + 0.02

Shares of Silver Bear Resources climbed 12% to 24¢ in the wake of the first silver production from its Mangazeisky project in Russia’s Far East, 400 km north of Yakutsk. Commissioning began in April, and the company has mined 13,436 tonnes and milled 9,545 tonnes ore for 41,500 contained oz. silver in dry powder. Metallurgical test work confirms a mining grade average of 963 grams silver per tonne. TNM

Gold forecasts initial annual production of 40,000 equivalent oz. gold at cash costs of under US$350 per oz. gold. Between now and November, Steppe Gold carries out construction and commissioning on the first-phase leach pad; a 5-tonne absorption, desorption and refining plant; crusher commissioning; site power; and haul roads. Three drill rigs will also undertake exploration and development drilling.

TSX GREATEST PERCENTAGE CHANGE

SouthGobi Res Xtra-Gold Res Steppe Gold Forsys Metals Red Eagle Mng Silver Bear Rs Corvus Gold Golden Mnls Orosur Mng Entree Gold Nickel Creek U3O8 Corp Trevali Mng Nexa Resources Katanga Mng New Milln Iron Goldgroup Mng Teranga Gold Nevada Copper Prophecy Coal

SGQ XTG STGO FSY R SBR KOR AUMN OMI ETG NCP UWE TV NEXA KAT NML GGA TGZ NCU PCY

15 338 527 161 1219 208 6256 41 598 360 427 326 22448 16 5364 271 244 1712 1732 127

0.16 0.16 0.16 0.30 0.28 0.30 1.48 1.00 1.25 0.18 0.17 0.18 0.19 0.16 0.19 0.24 0.00 0.24 2.71 1.92 2.58 0.48 0.40 0.48 0.05 0.04 0.05 0.59 0.51 0.57 0.24 0.18 0.19 0.34 0.27 0.29 1.04 0.83 0.90 17.02 15.43 15.50 1.13 0.91 0.96 0.08 0.07 0.07 0.08 0.06 0.07 5.46 4.50 4.69 0.72 0.60 0.61 2.74 2.02 2.30

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Detour Gold Kirkland Lake Agnico Eagle Nutrien Centerra Gold Corvus Gold Energy Fuels Silver Wheaton Steppe Gold Nexa Resources Teck Res North Am Pall Teck Res First Quantum HudBay Mnls Lundin Mng MAG Silver Labrador Iron Teranga Gold

23.1 20.0 19.0 12.5 12.1 11.9 11.7 11.6 11.1 9.6 19.1 18.6 14.3 13.7 13.5 13.3 13.3 12.7 11.6 11.5

VOLUME WEEK (000s) CLOSE CHANGE

FNV DGC KL AEM NTR CG KOR EFR WPM STGO NEXA TECK.A PDL TECK.B FM HBM LUN MAG LIF TGZ

2466 95.95 7199 11.82 3088 27.84 2765 60.27 8138 71.52 3624 7.31 6256 2.58 2054 2.98 3218 29.02 527 1.25 16 15.50 28 32.76 32 9.55 8856 33.49 21113 19.37 11670 7.33 17156 7.31 685 14.20 1428 24.09 1712 4.69

+ 2.96 + 0.85 + 0.82 + 0.73 + 0.30 + 0.28 + 0.27 + 0.23 + 0.21 + 0.20 - 2.47 - 2.19 - 1.11 - 1.10 - 0.95 - 0.82 - 0.79 - 0.74 - 0.69 - 0.68

TSX VENTURE EXCHANGE / JUNE 25–29 The S&P/TSX Venture Exchange dropped 2.15% to finish the trading week at 739.96.

Aurania Resources fell 65¢ to $2.15 per share. The company completed a first tranche of a non-brokered, private-placement financing of 2 million units at $2 per unit for $4 million in proceeds. (Each unit consisted of one common share and one-half common share-purchase warrant, which entitles the holder to buy a common share at $3 per share over 18 months.) Aurania’s president, Richard Spencer, subscribed for 11,250 units. The funds will help exploration at its Lost Cities–Cutucu project in southeastern Ecuador. Aurania anticipates a second tranche of the offering for gross proceeds of up to $500,000.

Regulus Resources advanced 25¢ to $2.05 per share. The company is spinning out its Argentina assets into a company called “Aldebaran.” The new company will contain Regulus’ Altar copper-gold project in San Juan province, its Rio Grande copper-gold project in Salta province, and other earlier-stage Argentine assets, including the Aguas Calientes gold-silver project in Jujuy province. Under the transaction, Regulus shareholders will receive one post-consolidated share of Aldebaran for every three Regulus shares held.

Aldebaran’s focus will be Altar, where it has entered into an option agreement to acquire up to an 80% working interest from Sibanye-Stillwater through cash payments, shares and expenses. Altar consists of 2,057 million tonnes of measured and indicated resources at 0.3% copper and 0.1 gram gold per tonne (14.5 billion lb. copper and 5.2 million oz. gold), and 557 million tonnes of inferred resources at 0.3% copper and 0.1 gram gold (3.4 billion lb. copper and 1.1 million oz. gold). Mineralization at Altar is open in several directions laterally and to depth. Antofagasta Minerals’ Pelambres copper mine is 25 km south of Antar in Chile. The spin-off will help Regulus focus on its AntaKori copper-gold-silver project in northern Peru.

TSX-V MOST ACTIVE ISSUES

Sage Gold GrowMax Res Westkam Gold Leeta Gold Aton Res Inc Tinka Res Amseco Expl Canada Cobalt First Cobalt Search Mnls

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

SGX GRO WKG HIVE AAN TK AEL.H CCW FCC SMY

10916 9313 8349 6847 4568 4350 4210 3672 3441 3389

0.03 0.13 0.02 0.74 0.03 0.58 0.02 0.77 0.50 0.06

0.01 0.10 0.02 0.62 0.03 0.43 0.01 0.53 0.45 0.05

0.02 - 0.11 + 0.02 unch 0.74 + 0.03 - 0.55 + 0.01 - 0.75 + 0.47 - 0.05 -

0.01 0.01 0.00 0.04 0.01 0.10 0.01 0.12 0.04 0.01

Assay results from resource step-out drilling at its Ayawilca zinc project in Peru sent shares of Tinka Resources up 10¢ to 55¢. Drill hole 18-129 at West Ayawilca returned 10.4 metres grading 44% zinc from 341 metres’ depth. The high-grade mineralization occurred beneath phyllite metamorphic rock within a repetition of the Pucara limestone formation, which

favours mineralization and typically occurs above the phyllite. Most of the previous drill holes were stopped a few metres into the phyllite, which was considered “basement.” Other intercepts included 7.8 metres at 8.1% zinc from 94 metres’ depth; 2.4 metres of 14.9% zinc from 351.3 metres; and 1 metre at 23.7% zinc from 101.1 metres. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Nevado Res Candelaria Mg Centurion Mnls Great Atlantic Opus One Res Jade Leader Mangazeya Mng Adex Mining Northern Uran Pedro Res Valoro Res Troymet Expl Colibri Res Sage Gold Pac Link Mng Bold Vent Electra Stone Knick Expl Amseco Expl ExGen Res Inc

VDO.H CAND CTN GR OOR JADE MGZ.H ADE UNO PED.H VRO TYE CBI SGX PKC.H BOL ELT KNX AEL.H EXG

168 132 365 689 314 420 468 241 73 2611 1084 186 990 10916 312 457 528 156 4210 1319

0.04 0.85 0.04 0.11 0.10 0.31 0.03 0.02 0.02 0.26 0.03 0.02 0.06 0.03 0.11 0.03 0.02 0.02 0.02 0.02

0.01 0.42 0.02 0.06 0.06 0.20 0.03 0.02 0.01 0.18 0.02 0.01 0.04 0.01 0.00 0.02 0.01 0.01 0.01 0.01

0.02 0.80 0.04 0.11 0.10 0.31 0.03 0.02 0.02 0.26 0.02 0.01 0.04 0.02 0.10 0.02 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 200.0 + 81.8 + 75.0 + 61.5 + 53.8 + 51.2 + 50.0 + 50.0 + 50.0 + 50.0 - 90.0 - 50.0 - 41.7 - 40.0 - 35.5 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Candelaria Mg Kitrinor Mtls Regulus Res Filo Mg Corp Northn Empire Canada Cobalt Till Capital Jade Leader Universal Vent Tinka Res Cobalt 27 Cap Aurania Res Novo Res Millennial Lit Archon Mineral Cornerstone Mt Valoro Res Leading Edge SilverCrest Mt Chesapeake Gld

CAND SCYB REG FIL NM CCW TIL JADE MCLD TK KBLT ARU NVO ML ACS CCC VRO LEM SIL CKG

132 1550 140 33 893 3672 1 420 751 4350 1301 86 567 646 11 2052 1084 1120 429 62

0.80 4.20 2.05 2.39 1.20 0.75 2.50 0.31 0.62 0.55 8.83 2.15 4.25 1.95 0.83 1.29 0.02 0.37 2.74 2.00

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

0.36 0.33 0.25 0.19 0.16 0.12 0.12 0.11 0.10 0.10 0.81 0.65 0.31 0.20 0.19 0.18 0.18 0.18 0.15 0.15

U.S. MARKETS / JUNE 25–29 Gold fell 1.3% to close at US$1,252.4, as threats of a trade war with China continue to loom over the United States. The Philadelphia Gold and Silver Index slipped 0.5% to 81.59 and the Dow Jones Industrial Average fell 1.2% to 24,271.41, while the S&P 500 Index fell 1.3% to 2,718.37.

Shares of Freeport-McMoRran rose 5% to US$17.26 after Indonesia said it was nearing a US$4-billion agreement to take a 51% stake in Freeport’s Grasberg copper-gold mine, of which Rio Tinto is also a part owner. Under the current terms, Indonesia owns 9% of the project.

Indonesia’s state-owned enterprises minister Rini Soemarno and deputy minister Fajar Harry Sampurno said the parties had reached an agreement for Rio Tinto’s stake.

Rio Tinto has a joint venture with Freeport for 40% of production above specific levels until 2021, and 40% of all production beyond 2021.

Freeport shares dropped from US$18.20 in June to under US$16 by the end of the month.

Shares of Agnico Eagle rose 2.2% to US$45.83. The Canadian government recently granted environmental approval for Agnico’s Akasaba West gold-copper project, 15 km east of Val-d’Or and less than 30 km

18_July9_MarketNews.indd 18

from the company’s Goldex underground gold mine.

The approval came with more than 100 conditions to protect the environment, in particular the local caribou herd. Agnico expects to start up the mine by 2020, taking advantage of extra milling capacity at its Goldex and LaRonde mines.

The company acquired the project in 2014.

It has 5.2 million probable tonnes grading 0.87 gram per tonne gold and 0.49% copper for 145,000 oz. gold, as well as 2.2 million indicated tonnes at 0.7 gram gold and 0.41% copper for 49,000 oz. gold.

U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 106007 13.02 12.28 12.82 + 0.01 Freeport McMoR* FCX 93185 17.46 15.46 17.26 + 0.82 Cleveland-Clif* CLF 52961 8.92 8.13 8.43 - 0.57 United States S* X 52297 36.69 33.76 34.75 - 2.16 Yamana Gold* AUY 49760 3.04 2.85 2.90 - 0.12 Barrick Gold* ABX 44059 13.21 12.57 13.13 + 0.09 Kinross Gold* KGC 29585 3.79 3.63 3.76 + 0.04 Chevron Corp* CVX 26219 127.73 121.93 126.43 + 1.33 Suncor Energy* SU 25497 41.07 38.23 40.68 + 0.52 Eldorado Gold* EGO 23240 1.11 0.94 0.99 - 0.12

Shares of Agnico have trended up since February.

Shares of Sibanye-Stillwater fell another 16.3% to US$2.42. The company is the target of U.S. law firm Bernstein Liebhard’s classaction lawsuit, which it filed on behalf of

shareholders after 21 deaths at the company’s South African mines caused its stock to fall in the first half.

In late June, the twenty-first death was reported at Sibanye’s Driefontein gold mine after a miner was hit by a scraper. TNM

U.S. GREATEST PERCENTAGE CHANGE

Freeport McMoR* FCX Franco-Nevada* FNV Kirkland Lake* KL Alcoa* AA Agnico Eagle* AEM Silver Wheaton* WPM CONSOL Energy* CNX Vedanta* VEDL IAMGOLD* IAG Suncor Energy* SU Sibanye Gold* SBGL Nexa Resources* NEXA Eldorado Gold* EGO Hecla Mining* HL Intrepid Pots* IPI Buenaventura* BVN Cloud Peak En* CLD CONSOL Energy* CEIX DRDGOLD* DRD HudBay Mnls* HBM

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

93185 17.46 15.46 17.26 + 5.0 3095 73.48 69.08 73.02 + 4.3 2669 21.27 19.70 21.12 + 4.1 13847 47.32 43.59 46.88 + 2.9 6021 46.22 43.55 45.83 + 2.2 6605 22.18 21.30 22.06 + 1.7 12851 18.09 16.97 17.78 + 1.6 3282 13.66 13.07 13.60 + 1.4 12959 5.87 5.60 5.81 + 1.4 25497 41.07 38.23 40.68 + 1.3 21815 2.89 2.25 2.42 - 16.3 837 13.40 11.58 11.77 - 11.6 23240 1.11 0.94 0.99 - 10.5 18868 3.91 3.43 3.48 - 10.1 4424 4.55 4.07 4.10 - 9.9 8457 14.92 13.54 13.63 - 9.0 1599 3.80 3.43 3.49 - 8.4 3018 42.50 36.39 38.35 - 8.3 195 2.81 2.50 2.54 - 8.3 3129 6.00 5.25 5.60 - 8.2

U.S. GREATEST VALUE CHANGE

Franco-Nevada Detour Gold Kirkland Lake Agnico Eagle Nutrien Centerra Gold Corvus Gold Energy Fuels Silver Wheaton Steppe Gold Nexa Resources Teck Res North Am Pall Teck Res First Quantum HudBay Mnls Lundin Mng MAG Silver Labrador Iron Teranga Gold

VOLUME WEEK (000s) CLOSE CHANGE

FNV DGC KL AEM NTR CG KOR EFR WPM STGO NEXA TECK.A PDL TECK.B FM HBM LUN MAG LIF TGZ

2466 95.95 7199 11.82 3088 27.84 2765 60.27 8138 71.52 3624 7.31 6256 2.58 2054 2.98 3218 29.02 527 1.25 16 15.50 28 32.76 32 9.55 8856 33.49 21113 19.37 11670 7.33 17156 7.31 685 14.20 1428 24.09 1712 4.69

+ 2.96 + 0.85 + 0.82 + 0.73 + 0.30 + 0.28 + 0.27 + 0.23 + 0.21 + 0.20 - 2.47 - 2.19 - 1.11 - 1.10 - 0.95 - 0.82 - 0.79 - 0.74 - 0.69 - 0.68

2018-07-03 7:04 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JULY 9–22, 2018

19

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 Tuesday, July 3, 2018 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Price (US$/oz.)

Change $1249.00 -20.80 $15.98 -0.40 $842.00 -35.00 $950.00 -7.00

Price (US$/tonne) Change $14335.00 -105.00 $6510.00 -32.00 $2386.00 +4.00 $2779.00 -33.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, June 29, 2018 (change from June 22, 2018 in brackets): Aluminium Alloy 12040 (-20) Aluminium 1114125 (-14200) Copper 294525 (-11450) Lead 131625 (-800) Nickel 272616 (-1860) Tin 3065 (+470) Zinc 249300 (+2050)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$66.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.35 Cobalt: US$34.02/lb.

Copper: US$2.99/lb.

Copper: CME Group Futures Aug. 2018: US$2.91/lb.; Sept.

2018: US$2.92/lb Ferro-Chrome: US$2.80/kg Ferro Titanium: US$4.90/kg FerroTungsten: US$31.40/kg Ferrovanadium: US$35.20/kg Iridium: NY Dealer Mid-mkt US$1,410.00/tr oz.

Iron Ore 62% Fe CFR China-S: n.a.

Iron Ore Fines: US$71.00/tonne Iron Ore Pellets: US$108.60/tonne Lead: US$1.09/lb.

Magnesium: US$2.25/kg Manganese: US$2.03/kg Molybdenum Oxide: US$11.79/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$2,260.00 tr. oz.

Ruthenium: Mid-mkt US$250.00/tr. oz.

Silver: Handy & Harman Base: US$15.87 per oz.; Handy & Harman Fabricated: US$19.84 per oz.

Tantalite Ore : US$186.50/kg Tin: US$9.00/lb.

Uranium: U3O8, Trade Tech spot price: US$22.75; The UX Consulting Company spot price: US$22.55/lb.

Zinc: US$1.32/lb.

Prices current July 3 2018

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jun 29 Jun 28 Jun 27 Jun 26 Jun 25 High Low S&P/TSX Composite 16277.73 16179.89 16231.25 16280.09 16183.96 15527.30 12400.15 S&P/TSXV Composite 739.96 737.41 736.90 745.09 750.27 1050.26 883.52 S&P/TSX 60 965.32 958.85 962.17 964.76 957.71 896.74 709.99 S&P/TSX Global Gold 191.54 189.36 189.65 190.37 190.18 218.90 149.29 DJ Precious Metals 164.34 160.81 160.59 161.72 161.63 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jun 18, 2018 (with changes from Jun 01, 2018) Largest short positions Eldorado Gold ELD 17788135 -2188099 6/1/2018 Sandstorm Gold SSL 14886199 -163940 6/1/2018 Ivanhoe Mines IVN 13167040 -208511 6/1/2018 Suncor Energy SU 10081467 -1087972 6/1/2018 Goldcorp G 9816380 -1345334 6/1/2018 Alacer Gold ASR 9704248 2088356 6/1/2018 Nemaska Lith NMX 9481840 5272866 6/1/2018 Yamana Gold YRI 8964093 -1056933 6/1/2018 Turquoise HIl TRQ 8910807 2868 6/1/2018 McEwen Mng MUX 8515978 -102415 6/1/2018 First Quantum FM 7853247 -122016 6/1/2018 New Gold NGD 7723944 807140 6/1/2018 Kinross Gold K 7345040 119575 6/1/2018 First Majestic FR 7048182 -354583 6/1/2018 OceanaGold OGC 6962432 958240 6/1/2018 Largest increase in short position Nemaska Lith NMX 9481840 5272866 6/1/2018 Alacer Gold ASR 9704248 2088356 6/1/2018 OceanaGold OGC 6962432 958240 6/1/2018 Copper Mtn Mng CMMC 5093389 945537 6/1/2018 Alamos Gold AGI 2936772 836062 6/1/2018 Largest decrease in short position Eldorado Gold ELD 17788135 -2188099 6/1/2018 Timmins Gold ALO 446700 -2129959 6/1/2018 Platinum Gp Mt PTM 794504 -2045633 6/1/2018 Klondex Mines KDX 1521825 -1740236 6/1/2018 Goldcorp G 9816380 -1345334 6/1/2018

Short positions outstanding as of Jun 18, 2018 (with changes from Jun 01, 2018) Largest short positions Cobalt 27 Cap KBLT 2280900 1294899 6/1/2018 Leeta Gold HIVE 1540376 -333088 6/1/2018 Atlantic Gold AGB 1535608 -166985 6/1/2018 Auramex Res AUX 951300 816300 6/1/2018 First Cobalt FCC 820493 -5315331 6/1/2018 West Af Res WAF 500000 499100 6/1/2018 Hut 8 Mining HUT 496500 39000 6/1/2018 Kitrinor Mtls SCYB 392700 -87911 6/1/2018 Northn Empire NM 382000 50500 6/1/2018 Highland Copp HI 373700 371800 6/1/2018 Inca One Gold IO 361508 -238492 6/1/2018 Cobalt Pwr Grp CPO 344832 211238 6/1/2018 MAX Res MXR 314301 104001 6/1/2018 Explor Res EXS 311879 282382 6/1/2018 Westhaven Vent WHN 308500 -143500 6/1/2018 Largest increase in short position KBLT 2280900 1294899 6/1/2018 Cobalt 27 Cap Auramex Res AUX 951300 816300 6/1/2018 West Af Res WAF 500000 499100 6/1/2018 Highland Copp HI 373700 371800 6/1/2018 Explor Res EXS 311879 282382 6/1/2018 Largest decrease in short position FCC 820493 -5315331 6/1/2018 First Cobalt Core Gold CGLD 2100 -1078552 6/1/2018 Resource Cap RCG 500 -772200 6/1/2018 Sunvest Mnrls SSS 731 -759400 6/1/2018 Gratomic GRAT 89000 -700000 6/1/2018

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Golden Queen Mining Co (GQM.WT) Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share.

American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cornerstone Capital Resources (CGP. WT.S) - Wt buys sh @ $0.35 to Apr 07/19

Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common

Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Prairie Provident Resources Inc Wt (PPR. WT) - Wt buys sh @ $0.87 to Mar 16/19 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Rainy Mountain Royalty Corp. (RMO. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

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

NEW 52-WEEK HIGHS AND LOWS MARCH 19–23, 2018 46 New Highs Affinity Metal* Alacer Gold Aldershot Res* Almonty Ind Almonty Ind * Anglo Pac Grp B4MC Gold* BCM Res Bryn Res* Canada Cobalt Canada Cobalt* Cantex Mn Dev* CONSOL Energy* Contact Gold* Contintl Prec Energy Fuels Energy Fuels* Fortuna Silvr GlobalMin Vent* Gold Resource*

Golden Tag Goldstream Mnl Intl Prospect Jiulian Res Kirkland Lake Kirkland Lake* Laredo Res* Laurion Mnl Ex* Lovitt Res Malbex Res* Melior Res MK2 Ventures Montan Mg* Nutrien Organic Potash Osino Res Palladon Vent* Pan Andean Min Plato Gold Redhawk Res Ross River* Serabi Gold

Standard Metal* Suncor Energy Universal Vent Vatic Vent*

80 New Lows

Altus Strat AngloGold Ash* Archon Mineral* Argentum Silvr* Atico Mng* Barkerville Go Barkerville Go* Beaufield Res* Benchmark Met BonTerra Res BonTerra Res* Cartier Res Centenera Mng Columbus Gold Columbus Gold* Corsa Coal Critical Elem*

Cruz Cobalt Cruz Cobalt* Desert Lion eCobalt Solns eCobalt Solns* Engold Mines* Euro Sun Mg Fiore Gold Fiore Gold* First Cobalt Fortune Mnrls Giyani Gold Gldn Predator Gldn Predator* Global Li-Ion Globex Mng Golden Mnls* Goldstrike Res Hunt Mng* Hut 8 Mining Intl Samuel Ex* Komet Resource

Kootenay Silvr Leading Edge Leeta Gold LiCo Energy* Maple Gold Maple Gold* Marathon Gold* Margaret Lake* Mechel* Metals Creek* Minera Alamos Miramont Res Miramont Res* Nevada Expl New Gold* Nexa Resources* Nickel Creek* One World Lith* Pantheon Vent Pershing Gold* Primary Cobalt Pure Energy

Pure Energy* Quantum Cobalt Royal Nickel* Sabina Gd&Slvr* Sibanye Gold* Silver Viper Solitario Ex&R* Stans Energy* Taseko Mines* Terrax Mnrls* Trevali Mng* Ucore Rare Mtl Ucore Rare Mtl* Vendetta Mng Vendetta Mng* Waseco Res Wealth Mnrls Wealth Mnrls* Yorbeau Res*

CANADIAN GOLD MUTUAL FUNDS DAILY METAL PRICES Daily Metal Prices Date July 2 June 29 June 28 June 27 June 26 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy N/A 1720/1720 1725/1725 1680/1705 1690/1710 Aluminum N/A 2182.50/2159 2172.50/1253 2204/2196 2151/2142 N/A 6645/6644 6649/6645 6687/6688 6710/6719 Copper Lead N/A 2430/2435 2406.50/2412 2429.50/2435 2407.50/2411 Nickel N/A 14905/14975 14710/14775 14695/14770 14565/14600 Tin N/A 19650/19550 19750/19650 19925/19840 20200/20125 Zinc N/A 2947/2909 2937/2898 2920/2876.50 2894/2843 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1249.00 1250.55 1250.50 1256.80 1257.15 Gold PM 1247.80 1250.45 1251.55 1254.60 1260.30 Silver 15.98 16.03 16.11 16.21 16.23 Platinum 839.00 851.00 852.00 860.00 864.00 Palladium 941.00 953.00 945.00 946.00 939.00

Fund Jun 29 ($) Jun 22 ($) AGF Prec Mtls Fd MF 19.59 19.78 BMO Prec Mtls Fd A 18.36 18.43 9.06 9.16 BMO ZGD BMO ZJG 8.89 9.03 CIBC Prec Metal Fd A 9.72 9.69 Dyn Prec Metls Fd A 6.73 6.67 Galileo GOGO 10.57 10.75 Horizons HEP 23.94 23.95 IG Mac GbPMetCl A 8.56 8.63 iShares XGD 11.97 12.07 Mac Prec Met Cl A 44.70 45.05 NBI PrecMetFd Invt 11.92 11.90 33.94 33.98 NPT Gold&PrMinFdA NPT SilverEquCl A 5.29 5.46 RBC GblPreMetFd A 32.07 32.08 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 37.62 37.73 32.87 32.91 TD PreciousMetalsInv

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.19 -0.96 -5.78 2.80 108.92 -0.07 -0.35 -0.25 2.40 59.40 -0.10 -1.12 -5.14 0.61 -0.14 -1.56 -2.34 0.60 0.03 0.32 -6.63 2.45 42.77 0.06 0.90 -5.85 2.66 332.70 -0.17 -1.60 0.10 0.41 -0.77 0.81 -0.07 -0.78 -4.82 2.75 35.03 -0.08 -0.63 -2.53 0.55 751.16 -0.36 -0.79 -5.12 2.52 76.24 0.02 0.17 -6.94 2.46 27.02 -0.04 -0.12 -6.18 3.04 135.98 -0.16 -2.98 -3.21 2.95 122.10 -0.01 -0.02 -7.39 2.13 317.30 0.00 0.00 -0.10 -0.28 -3.52 2.49 144.72 -0.04 -0.12 -4.00 2.27 111.66

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

Jun 29 Jun 28 Jun 27 Jun 26 Jun 25 1.3257 1.3257 1.3333 1.3303 1.3291 0.7543 0.7543 0.7500 0.7517 0.7524

Exchange rates (Quote Media, June 29, 2018) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0265 0.6524 83.3520 14.8940 10.3979 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5769 5.0000 51.9320 0.7526 845.6682 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3608 0.8649 110.4980 19.7580 13.7897 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7647 6.6280 68.8067 0.9977 1121.5400

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

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

19_July9_MMMM.indd 19

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

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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2018-07-03 6:43 PM

20

WWW.NORTHERNMINER.COM

JULY 9–22, 2018 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 25–29, 2018 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 37 Capital 53 60 North Gold 184 92 Resources* O 128 92 Resources V 299 Abacus Mng &Ex V 301 Abacus Mng &Ex* O 329 Abcourt Mines V 529 Abcourt Mines* O 352 Aben Res* O 172 Aben Res V 1854 O 52 Aberdeen Intl* Aberdeen Intl T 129 Abitibi Royalt* O 2 2 Abitibi Royalt V AbraPlata Res* O 623 AbraPlata Res V 915 O 4 Acacia Mining* Adamera Mnls V 2490 Adamera Mnls* O 277 Adex Mining V 241 V 1119 Advance Gold O 145 Advanced Expl* Advantage Lith V 1644 O 766 Advantage Lith* Adventus Zinc V 77 Aethon Mineral V 312 AEX Gold V 10 Affinity Gold* O 40 Affinity Metal* O 0 African Gold V 811 O 18 African Mnrls* Aftermath Slvr* O 2 Aftermath Slvr V 27 Agnico Eagle* N 6021 Agnico Eagle T 2765 AgriMinco* O 200 V 96 Aguia Resource Aguila Amer Gd V 0 Aida Minerals 568 Alacer Gold T 2651 Alamos Gold T 2363 Alamos Gold* N 4958 Alaska Pac Egy* O 6622 Alba Minerals* O 1 Albert Mining V 100 O 100 Albert Mining* Alchemist Mng 618 Alcoa* N 13847 Alderon Iron* O 35 Alderon Iron T 120 Aldershot Res V 2109 O 145 Aldershot Res* Aldever Res V 40 Aldever Res* O 1 Aldridge Min V 169 Aldridge Min* O 6 Alexandria Min V 1641 Alexandria Min* O 398 Alexco Res T 202 Alexco Res* X 1422 Algold Res* O 1 Algold Res V 96 Alianza Min V 105 Alianza Min* O 28 Allegiant Gold V 431 Allegiant Gold* O 400 Alliance Mng V 592 Alliance Res* D 2090 Almaden Mnls T 36 Almaden Mnls* X 463 Almadex Min V 270 Almonty Ind T 352 Almonty Ind * O 35 Alphamin Res V 318 Alphamin Res * O 24 Alset Minerals V 351 Altai Res V 1607 Altair Res Inc* O 200 Altair Res Inc V 76 Altamira Gold V 279 O 122 Altamira Gold* Altan Nev Mnls V 201 Altan Rio Mnls V 202 V 276 Altiplano Mnls Altiplano Mnls* O 2 Altius Mnrls T 163 Alto Vent V 210 Altura Mng Ltd* O 218 Alturas Mnrls V 1113 Altus Strat V 128 Alumina Inc* O 289 ALX Uranium V 57 ALX Uranium* O 178 Am Creek Res V 348 Am CuMo Mng V 208 Am CuMo Mng* O 32 Am Manganese* O 215 V 384 Am Manganese AM Resources V 108 Am Sierra Gold* O 1 O 3 Amador Gold* Amani Gold* O 102 Amarc Res V 281 Amarc Res* O 95 Amarillo Gold V 376 Amazing Energy* O 130 Amer Intl Vent* O 116 American Lith* O 39 American Lith V 497 American Pac* O 22 American Pac 989 Americas Silvr* X 165 T 180 Americas Silvr Amerigo Res T 149 Amerigo Res* O 236 Amex Expl V 173 Amseco Expl V 4210 T 406 Anaconda Mng Anaconda Mng* O 77 Anconia Res V 450 Andes Gold* O 108 Anfield Energy* O 73 Anfield Energy V 397 Angel Gold* O 175 Angel Gold V 50 Angkor Gold V 71 Anglo American* O 2 Anglo American* O 1194 2 Anglo Pac Grp T AngloGold Ash* N 16524 Angus Ventures V 15 Antioquia Gold* O 80 Antioquia Gold V 148 Antler Gold * O 33 Antler Gold V 78 Antler Hill V 35 Antofagasta* O 117 APAC Res Inc* O 1 APAC Res Inc 46 Apex Res V 72 Apex Res * O 10 Apogee Opport * O 0 Appia Energy 108 Appia Energy* O 13 Applied Mrnls* O 92 Aquila Res* O 261 Aquila Res T 324 Arch Coal* N 1743 Archon Mineral* O 25 Archon Mineral V 11 Arco Res* O 120 Arctic Star V 814 Arctic Star* O 105 Arcturus Vent V 1 115 Arcus Dev Grp V Arena Mnls V 985 Arena Mnls* O 65 Argentina Lith* O 17 Argentina Lith V 82 Argentum Silvr V 20 Argentum Silvr* O 1 Argex Titanium* O 184 Argex Titanium T 1493 Argo Gold 131 Argonaut Gold* O 118

20-23_July9_StockTables.indd 20

0.30 0.23 0.30 unch 0.00 0.35 0.12 0.20 0.16 0.16 - 0.04 0.20 0.12 0.04 0.03 0.03 - 0.01 0.20 0.03 0.05 0.05 0.05 - 0.01 0.27 0.05 0.20 0.14 0.16 - 0.05 1.25 0.14 0.16 0.10 0.12 - 0.03 0.98 0.10 0.06 0.05 0.05 unch 0.00 0.09 0.05 0.05 0.04 0.05 unch 0.00 0.08 0.03 0.18 0.15 0.17 + 0.00 0.41 0.07 0.23 0.21 0.22 - 0.01 0.50 0.10 0.11 0.09 0.11 + 0.01 0.16 0.09 0.14 0.00 0.13 - 0.01 0.21 0.12 7.51 7.38 7.51 - 0.02 8.14 6.00 9.91 0.00 9.85 - 0.14 10.45 7.41 0.11 0.09 0.10 - 0.01 0.43 0.09 0.15 0.11 0.12 - 0.01 0.55 0.12 1.70 1.62 1.70 unch 0.00 3.70 1.62 0.07 0.06 0.06 unch 0.00 0.20 0.05 0.05 0.04 0.05 - 0.00 0.17 0.04 0.02 0.02 0.02 + 0.01 0.04 0.01 0.43 0.31 0.41 + 0.06 0.46 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.85 0.74 0.81 - 0.06 1.42 0.37 0.65 0.55 0.60 - 0.05 1.14 0.28 0.94 0.84 0.94 + 0.09 1.15 0.51 0.53 0.47 0.48 - 0.05 0.85 0.12 0.40 0.40 0.40 unch 0.00 0.71 0.36 0.02 0.00 0.02 - 0.00 0.04 0.01 0.06 0.06 0.06 unch 0.00 0.06 0.04 0.04 0.03 0.04 - 0.01 0.08 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.00 0.07 - 0.00 0.14 0.00 0.10 0.00 0.10 unch 0.00 0.19 0.04 46.22 43.55 45.83 + 0.98 51.86 37.35 60.81 57.93 60.27 + 0.73 64.84 48.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.21 0.18 0.18 - 0.03 0.50 0.18 0.00 0.00 0.18 unch 0.00 0.30 0.17 0.15 0.11 0.11 - 0.03 1.50 0.04 2.63 2.43 2.43 - 0.13 2.63 1.96 7.62 7.35 7.49 - 0.08 10.50 6.19 5.74 5.52 5.69 unch 0.00 8.58 4.83 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.06 0.06 unch 0.00 0.33 0.04 0.04 0.00 0.03 unch 0.00 0.10 0.03 0.02 0.02 0.02 - 0.00 0.08 0.02 0.09 0.07 0.08 - 0.01 0.35 0.05 47.32 43.59 46.88 + 1.32 62.35 32.54 0.26 0.24 0.24 + 0.00 0.29 0.16 0.37 0.32 0.32 - 0.01 0.38 0.21 0.21 0.16 0.20 + 0.03 0.22 0.03 0.16 0.12 0.16 + 0.03 0.16 0.02 0.07 0.00 0.07 + 0.01 0.21 0.06 0.05 0.00 0.04 - 0.01 0.14 0.04 0.07 0.05 0.06 - 0.01 0.23 0.05 0.03 0.03 0.03 unch 0.00 0.17 0.03 0.05 0.04 0.04 - 0.01 0.12 0.04 0.04 0.03 0.03 - 0.00 0.09 0.03 1.80 1.67 1.73 - 0.03 2.28 1.41 1.37 1.25 1.34 + 0.01 1.85 1.10 0.00 0.00 0.08 unch 0.00 0.16 0.07 0.09 0.00 0.08 - 0.01 0.23 0.08 0.11 0.09 0.09 - 0.03 0.15 0.05 0.08 0.06 0.06 - 0.02 0.12 0.04 0.51 0.45 0.48 + 0.03 0.75 0.33 0.39 0.32 0.35 + 0.01 0.58 0.00 0.02 0.02 0.02 - 0.01 0.06 0.02 18.80 17.90 18.35 + 0.10 21.90 15.55 1.00 0.94 0.95 - 0.05 1.71 0.91 0.75 0.70 0.72 - 0.02 1.35 0.70 0.37 0.33 0.34 - 0.03 0.50 0.28 0.96 0.84 0.93 - 0.01 0.96 0.20 0.73 0.63 0.69 + 0.01 0.73 0.15 0.30 0.25 0.30 + 0.05 0.44 0.25 0.22 0.19 0.22 + 0.01 0.35 0.19 0.22 0.17 0.19 + 0.02 0.48 0.10 0.12 0.09 0.09 - 0.02 0.47 0.05 0.05 0.05 0.05 unch 0.00 0.19 0.03 0.06 0.05 0.05 unch 0.00 0.31 0.04 0.11 0.11 0.11 + 0.01 0.35 0.10 0.09 0.07 0.08 + 0.00 0.29 0.07 0.03 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.38 0.33 0.38 + 0.01 0.64 0.11 0.27 0.27 0.27 unch 0.00 0.46 0.15 13.49 12.89 13.15 - 0.06 15.58 10.25 0.04 0.04 0.04 + 0.01 0.13 0.03 0.25 0.22 0.23 - 0.01 0.40 0.10 0.02 0.02 0.02 - 0.01 0.06 0.02 0.11 0.10 0.10 - 0.01 0.14 0.10 8.49 8.02 8.40 + 0.09 8.97 5.90 0.08 0.00 0.08 - 0.01 0.11 0.06 0.07 0.05 0.07 - 0.00 0.08 0.05 0.04 0.03 0.04 + 0.01 0.08 0.03 0.12 0.08 0.10 unch 0.00 0.41 0.06 0.09 0.08 0.09 + 0.01 0.32 0.05 0.16 0.13 0.13 - 0.02 0.28 0.11 0.21 0.17 0.18 - 0.02 0.35 0.13 0.16 0.12 0.13 - 0.03 0.50 0.12 0.02 0.00 0.02 - 0.01 0.04 0.01 0.10 0.10 0.10 unch 0.00 0.16 0.06 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.10 0.08 0.09 - 0.01 0.26 0.08 0.08 0.07 0.07 - 0.00 0.21 0.07 0.29 0.22 0.29 + 0.05 0.42 0.19 0.44 0.33 0.39 - 0.04 0.94 0.25 0.01 0.01 0.01 + 0.00 0.11 0.01 0.28 0.26 0.28 + 0.02 0.69 0.18 0.40 0.35 0.35 - 0.02 0.55 0.17 0.16 0.14 0.16 + 0.01 0.32 0.14 0.25 0.18 0.20 + 0.01 0.41 0.18 3.16 2.96 3.11 - 0.03 5.04 2.50 4.24 3.94 4.11 unch 0.00 6.11 3.22 1.03 0.97 0.99 + 0.01 1.35 0.49 0.78 0.72 0.78 + 0.05 1.09 0.38 0.09 0.08 0.08 unch 0.00 0.22 0.08 0.02 0.01 0.01 - 0.01 0.04 0.01 0.38 0.35 0.36 - 0.02 0.56 0.22 0.29 0.26 0.28 - 0.01 0.48 0.16 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.00 0.01 unch 0.00 0.02 0.00 0.21 0.17 0.21 + 0.02 0.55 0.15 0.27 0.23 0.27 + 0.03 0.65 0.19 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.12 0.04 0.19 0.18 0.19 unch 0.00 0.34 0.14 22.35 0.00 22.29 - 0.28 26.05 14.28 11.44 10.75 11.31 - 0.15 13.13 6.57 3.36 2.88 3.35 - 0.01 3.36 1.31 8.30 7.81 8.21 - 0.05 12.00 7.81 0.48 0.41 0.41 + 0.03 0.50 0.33 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.04 0.03 0.03 unch 0.00 0.13 0.03 0.12 0.12 0.12 unch 0.00 0.13 0.10 0.15 0.13 0.13 - 0.02 0.50 0.11 0.08 0.00 0.07 - 0.01 0.33 0.02 13.46 12.90 12.90 - 0.08 15.70 10.58 0.14 0.14 0.14 unch 0.00 0.20 0.14 0.27 0.23 0.24 - 0.03 0.50 0.06 0.09 0.08 0.09 unch 0.00 0.15 0.07 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.00 0.00 0.16 unch 0.00 0.28 0.10 0.19 0.16 0.18 - 0.01 0.21 0.10 0.15 0.00 0.14 - 0.01 0.17 0.07 0.17 0.16 0.17 + 0.01 0.25 0.02 0.23 0.20 0.21 - 0.00 0.30 0.18 0.30 0.27 0.30 + 0.01 0.39 0.22 82.62 76.39 78.43 - 3.95 102.61 66.42 0.75 0.55 0.55 unch 0.00 1.18 0.55 1.02 0.73 0.83 - 0.19 1.50 0.73 0.77 0.72 0.76 - 0.01 1.39 0.33 0.14 0.12 0.14 unch 0.00 0.35 0.11 0.10 0.09 0.10 - 0.01 0.24 0.09 0.00 0.00 0.16 unch 0.00 0.20 0.07 0.05 0.05 0.05 unch 0.00 0.19 0.04 0.06 0.06 0.06 unch 0.00 0.17 0.06 0.04 0.04 0.04 unch 0.00 0.14 0.04 0.11 0.09 0.11 + 0.01 0.48 0.07 0.14 0.13 0.13 unch 0.00 0.60 0.08 0.17 0.15 0.15 - 0.02 0.32 0.15 0.11 0.11 0.11 unch 0.00 0.24 0.11 0.03 0.03 0.03 - 0.00 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.13 0.11 0.13 - 0.01 0.24 0.07 1.80 1.60 1.77 + 0.13 2.40 1.58

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argonaut Gold T 2441 O 6 Argus Metals* Argus Metals V 438 Arian Silver* O 118 O 45 Arianne Phosph* Arianne Phosph V 149 Arizona Mng* O 767 Arizona Mng T 10145 Arizona Silver V 145 Arizona Silver* O 40 Armor Mnrls V 12 V 237 Arrowstar Res Asanko Gold T 604 Asanko Gold* X 1328 Asante Gold 39 5 Asbestos Corp V Ascot Res V 53 Ascot Res * O 8 Ashanti Sanko V 169 AsiaBaseMetals V 15 220 Asian Minl Res V Aston Bay* O 129 Aston Bay V 471 Astorius Res V 303 ATAC Res V 385 Atacama Pacif V 1607 Atacama Pacif* O 206 Atacama Res* O 7978 Athabasca Mnls* O 98 Athabasca Mnls V 352 Athena Silver* O 17 Atico Mng* O 190 Atico Mng V 233 Atlanta Gold* O 6 Atlanta Gold V 13 Atlantic Gold V 2525 Atlantic Ind V 1855 Atlatsa Res* O 148 Atlatsa Res T 0 Atom Energy * O 0 Aton Res Inc* O 455 Aton Res Inc V 4568 Aura Mnls* O 8 Aura Mnls T 31 Aura Silver Rs V 368 Auramex Res V 486 Aurania Res* O 55 Aurania Res V 86 Aurcana Corp V 206 Aurcana Corp* O 163 AurCrest Gold V 246 Aurion Res * O 16 Aurion Res V 277 Aurora Royal V 418 Aurum* O 5 Auryn Res* X 236 Auryn Res T 219 Austin Res V 12 Austral Gold* O 4 Austral Gold V 45 Australian Mns* O 197 Auxico Res 124 Avalon Adv Mat T 843 Avalon Adv Mat* O 172 Avarone Metals* O 8 Avarone Metals 388 Avenira Ltd* O 1 Avesoro Res T 7 Avesoro Res* O 8 Avidian Gold V 125 Avino Silver* X 322 Avino Silver T 50 Avrupa Mnls V 145 Avrupa Mnls* O 180 Awale Res V 481 AXE Expl V 731 Axmin Inc* O 50 Axmin Inc V 472 Azarga Metals V 34 Azarga Metals* O 2 Azarga Uranium* O 5 Azarga Uranium T 153 Aziel Corp* O 1 Azimut Expl V 23 Azincourt Ener* O 22 Azincourt Ener V 982 Aztec Minerals V 294 Aztec Minerals* O 5 Azteca Gold* O 52 Azucar Min* O 456 Azucar Min V 302

2.37 2.14 2.31 + 0.11 2.92 2.09 0.13 0.13 0.13 unch 0.00 0.55 0.06 0.25 0.20 0.20 unch 0.00 0.75 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.39 0.37 0.38 + 0.00 0.70 0.36 0.54 0.48 0.49 - 0.01 0.90 0.44 4.68 4.51 4.67 + 0.05 5.90 1.61 6.16 6.13 6.16 + 0.02 6.16 2.60 0.12 0.11 0.12 + 0.01 0.33 0.11 0.10 0.10 0.10 + 0.00 0.27 0.08 0.59 0.00 0.59 - 0.14 0.73 0.32 0.12 0.10 0.12 unch 0.00 0.12 0.03 1.48 1.36 1.42 + 0.02 2.09 0.55 1.11 1.01 1.07 + 0.01 1.66 0.43 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.80 0.80 0.80 unch 0.00 0.90 0.21 1.20 1.16 1.17 - 0.02 1.99 1.08 0.92 0.88 0.91 + 0.01 1.55 0.87 0.08 0.06 0.06 - 0.03 0.10 0.02 0.31 0.31 0.31 unch 0.00 0.40 0.19 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.18 0.15 0.16 unch 0.00 0.20 0.09 0.23 0.18 0.20 - 0.03 0.29 0.10 0.06 0.04 0.05 unch 0.00 0.20 0.04 0.57 0.51 0.52 - 0.04 0.89 0.46 0.70 0.61 0.65 - 0.05 0.86 0.57 0.53 0.46 0.47 - 0.04 0.66 0.46 0.00 0.00 0.00 unch 0.00 0.26 0.00 0.14 0.12 0.14 + 0.02 0.20 0.09 0.19 0.17 0.18 + 0.01 0.27 0.12 0.05 0.05 0.05 unch 0.00 0.33 0.02 0.43 0.36 0.39 - 0.03 0.71 0.36 0.58 0.48 0.50 - 0.06 0.91 0.48 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.05 0.00 0.05 unch 0.00 0.08 0.04 1.78 1.64 1.75 - 0.04 1.99 1.30 0.04 0.01 0.02 + 0.01 0.09 0.01 0.03 0.00 0.03 + 0.00 0.05 0.01 0.00 0.00 0.04 unch 0.00 0.06 0.02 0.00 0.00 0.15 unch 0.00 0.26 0.04 0.02 0.02 0.02 - 0.00 0.04 0.02 0.03 0.03 0.03 - 0.01 0.05 0.03 1.64 1.61 1.64 + 0.01 2.38 1.03 2.20 2.13 2.16 - 0.04 3.00 1.30 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.07 0.06 0.06 - 0.01 0.10 0.03 2.06 1.58 1.63 - 0.43 6.06 1.03 2.80 2.12 2.15 - 0.65 7.57 1.51 0.23 0.21 0.22 unch 0.00 0.31 0.17 0.17 0.15 0.17 + 0.01 0.25 0.13 0.04 0.04 0.04 unch 0.00 0.04 0.02 0.70 0.66 0.68 + 0.03 2.82 0.52 0.93 0.87 0.90 + 0.02 3.49 0.67 0.10 0.00 0.08 - 0.01 0.24 0.03 0.05 0.05 0.05 unch 0.00 0.22 0.05 1.11 1.01 1.09 - 0.02 3.00 1.00 1.46 1.36 1.42 - 0.05 3.57 1.36 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.07 0.00 0.05 - 0.01 0.16 0.05 0.09 0.09 0.09 unch 0.00 0.18 0.08 0.33 0.07 0.08 + 0.00 0.33 0.06 0.23 0.19 0.20 unch 0.00 0.45 0.19 0.11 0.10 0.10 - 0.01 0.16 0.10 0.08 0.07 0.07 - 0.01 0.13 0.07 0.05 0.05 0.05 unch 0.00 0.09 0.01 0.08 0.06 0.07 unch 0.00 0.14 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 4.60 4.49 4.51 - 0.07 5.32 2.50 3.47 3.47 3.47 unch 0.00 3.65 1.89 0.52 0.49 0.52 + 0.03 0.70 0.20 1.27 1.20 1.24 - 0.02 1.89 1.14 1.67 1.59 1.64 - 0.05 2.35 1.44 0.12 0.10 0.12 + 0.01 0.13 0.06 0.09 0.08 0.08 - 0.01 0.10 0.05 0.13 0.10 0.13 + 0.02 0.48 0.08 0.05 0.04 0.04 - 0.01 0.17 0.02 0.10 0.09 0.09 - 0.01 0.12 0.02 0.14 0.13 0.14 - 0.01 0.15 0.03 0.12 0.11 0.11 - 0.01 0.18 0.11 0.10 0.07 0.07 - 0.03 0.16 0.06 0.20 0.20 0.20 unch 0.00 0.24 0.14 0.28 0.25 0.25 - 0.01 0.34 0.18 1.50 1.50 1.50 unch 0.00 9.10 0.60 0.32 0.29 0.29 - 0.02 0.48 0.26 0.07 0.07 0.07 + 0.00 0.23 0.03 0.11 0.09 0.10 unch 0.00 0.37 0.05 0.23 0.22 0.22 - 0.01 0.38 0.19 0.17 0.17 0.17 + 0.00 0.30 0.14 0.00 0.00 0.00 - 0.00 0.00 0.00 0.65 0.52 0.62 + 0.05 1.44 0.48 0.86 0.69 0.80 + 0.04 1.75 0.60

B2Gold* X 8852 B2Gold T 7735 B4MC Gold* O 1 Balmoral Res* O 364 Balmoral Res T 896 Balto Res V 160 Bandera Gold V 58 Bankers Cobalt* O 187 Bankers Cobalt V 1427 Bannerman Res* O 884 Banyan Gold V 259 Banyan Gold* O 288 Bard Ventures* O 30 Bard Ventures V 37 Barker Mnrls V 294 Barkerville Go V 1450 O 211 Barkerville Go* Baroyeca Go&Si V 40 Barrick Gold* N 44059 Barrick Gold T 12878 Barsele Min* O 14 Barsele Min V 39 Batero Gold V 278 Bayhorse Silvr* O 282 Bayhorse Silvr V 1382 BC Moly V 6 BCM Res V 170 BE Res V 10 160 Bear Creek Mng V Bearclaw Cap V 50 Bearing Lith V 252 Bearing Lith* O 35 Beaufield Res V 701 Beaufield Res* O 46 Beeston Ent* O 0 Bell Copper* O 210 Belmont Res V 942 Belo Sun Mng T 1914 Belvedere Res V 21 BeMetals V 15 Benchmark Met V 289 Benton Res V 678 Benz Mining V 123 Berkeley Egy* O 48 Berkwood Res * O 41 Berkwood Res V 694 Bethpage Cap V 18 Bitterroot Res* O 51 Bitterroot Res V 1242 Black Dragon V 1483 Black Dragon* O 920 Black Hills* N 1736 Black Iron* O 22 Black Iron T 65 Black Isle Res V 57 Black Mam Mtls V 3 Black Sea Cop* O 3 5 Black Sea Cop V Black Tusk Res 72 Blackheath Res V 124 Blackrock Gold V 364 Blackrock Gold* O 344 Blind Crk Res V 28 BLOX Inc* O 5 Blue Moon Zinc V 1000 Blue Moon Zinc* O 45 Blue Rvr Res V 1389 Blue Sky Uran* O 266 Blue Sky Uran V 684 Bluenose Gold V 5 Bluestone Res* O 9 Bluestone Res V 142 Bold Vent V 457 Bonanza Gldfds* O 22237

2.63 2.51 2.58 - 0.03 3.30 2.31 3.45 3.36 3.41 - 0.05 4.06 3.01 10.00 0.00 9.90 + 1.40 9.00 6.25 0.16 0.13 0.16 + 0.02 0.57 0.13 0.20 0.19 0.20 + 0.02 0.70 0.18 0.10 0.09 0.09 - 0.01 0.38 0.02 0.04 0.04 0.04 - 0.01 0.07 0.03 0.10 0.07 0.08 - 0.00 0.68 0.03 0.12 0.10 0.12 unch 0.00 0.85 0.10 0.04 0.03 0.04 - 0.00 0.06 0.02 0.07 0.07 0.07 - 0.01 0.13 0.06 0.06 0.05 0.05 unch 0.00 0.10 0.05 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.05 0.04 0.05 + 0.01 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.50 0.45 0.46 - 0.03 0.95 0.45 0.37 0.34 0.35 - 0.02 0.76 0.34 0.02 0.02 0.02 unch 0.00 0.04 0.01 13.21 12.57 13.13 + 0.09 18.35 11.07 17.37 16.72 17.27 - 0.08 22.70 14.26 0.49 0.48 0.48 - 0.02 0.72 0.42 0.66 0.65 0.65 - 0.04 1.03 0.53 0.07 0.06 0.06 - 0.01 0.12 0.06 0.11 0.07 0.09 - 0.02 0.22 0.08 0.15 0.10 0.12 - 0.03 0.27 0.10 0.09 0.00 0.09 - 0.01 0.16 0.04 0.26 0.20 0.24 - 0.01 0.26 0.08 0.05 0.05 0.05 unch 0.00 0.08 0.04 1.91 1.67 1.77 - 0.13 2.74 1.64 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.31 0.28 0.30 + 0.02 1.03 0.24 0.24 0.21 0.23 + 0.01 0.81 0.19 0.08 0.07 0.07 - 0.01 0.25 0.07 0.06 0.05 0.06 unch 0.00 0.19 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.04 0.05 unch 0.00 0.16 0.04 0.05 0.04 0.05 - 0.01 0.06 0.02 0.27 0.22 0.23 unch 0.00 0.71 0.20 0.85 0.82 0.82 unch 0.00 0.96 0.15 0.20 0.20 0.20 unch 0.00 0.32 0.15 0.20 0.16 0.16 - 0.05 0.38 0.15 0.05 0.05 0.05 unch 0.00 0.09 0.05 0.08 0.07 0.08 - 0.01 0.47 0.07 0.52 0.51 0.51 - 0.07 0.88 0.51 0.09 0.08 0.08 + 0.00 0.44 0.07 0.12 0.10 0.11 unch 0.00 0.55 0.10 0.07 0.07 0.07 unch 0.00 0.14 0.07 0.04 0.03 0.03 - 0.00 0.24 0.03 0.04 0.04 0.04 - 0.01 0.28 0.04 0.17 0.16 0.17 + 0.02 0.39 0.09 0.12 0.10 0.10 unch 0.00 0.13 0.02 61.65 60.46 61.21 + 0.52 71.01 50.49 0.07 0.07 0.07 - 0.01 0.11 0.05 0.11 0.10 0.10 - 0.01 0.17 0.08 0.06 0.05 0.05 - 0.01 0.06 0.03 0.11 0.11 0.11 - 0.01 0.25 0.06 0.06 0.00 0.06 + 0.01 0.18 0.05 0.09 0.00 0.09 + 0.01 0.23 0.07 0.19 0.18 0.18 - 0.01 0.29 0.12 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.12 0.00 0.10 + 0.01 0.16 0.05 0.08 0.07 0.08 + 0.02 0.12 0.06 0.14 0.12 0.12 - 0.02 0.38 0.11 0.23 0.16 0.16 - 0.00 0.30 0.07 0.08 0.06 0.08 + 0.02 0.14 0.03 0.06 0.04 0.04 - 0.01 0.11 0.02 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.15 0.13 0.13 - 0.02 0.25 0.08 0.20 0.17 0.17 - 0.03 0.32 0.10 0.11 0.11 0.11 unch 0.00 0.17 0.00 1.07 1.02 1.07 + 0.03 1.35 0.86 1.50 1.33 1.42 + 0.07 1.65 0.95 0.03 0.02 0.02 - 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

BonTerra Res V 1305 O 670 BonTerra Res* Boreal Metals V 62 Borneo Res Inv* O 12070 Bravada Gold V 459 Bravada Gold* O 444 V 64 Braveheart Res Braveheart Res* O 5 Bravo Multinat* O 49 Brazil Mnrls* O 6179 Brigadier Gold V 533 O 2 BrightRock Gld* O 30 Brilliant Sand* Britannia Mng* O 117 Brixton Mtls V 181 Brixton Mtls* O 73 O 52 Broadway Gold* Broadway Gold V 823 Brookmount Exp* O 5200 Brunswick Res V 100 Bryn Res* O 1569 Buccaneer Gold V 23 Buenaventura* N 8457 Buffalo Coal * O 25 Buffalo Coal V 18 Bullfrog Gold* O 90 Bullman Mnls V 100 Bunker Hill 69 BWR Explor V 63

0.43 0.37 0.41 - 0.01 0.72 0.37 0.33 0.28 0.31 + 0.00 0.57 0.28 0.20 0.18 0.18 - 0.01 0.40 0.14 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.08 0.10 + 0.01 0.21 0.08 0.08 0.05 0.08 + 0.01 0.17 0.05 0.11 0.10 0.11 + 0.01 0.12 0.04 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.15 0.11 0.11 - 0.04 3.49 0.10 0.00 0.00 0.00 - 0.00 0.04 0.00 0.24 0.19 0.19 unch 0.00 0.26 0.08 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.05 0.05 0.05 unch 0.00 0.12 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.23 0.20 0.22 - 0.01 0.49 0.17 0.18 0.16 0.16 - 0.01 0.39 0.13 0.13 0.09 0.09 - 0.06 0.68 0.09 0.16 0.12 0.12 - 0.05 0.85 0.12 0.03 0.01 0.02 + 0.01 0.13 0.00 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.06 0.02 0.02 - 0.04 0.06 0.00 0.10 0.08 0.08 - 0.01 0.18 0.03 14.92 13.54 13.63 - 1.34 16.80 10.87 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.00 0.01 - 0.01 0.03 0.01 0.10 0.07 0.10 + 0.01 0.18 0.05 0.08 0.08 0.08 unch 0.00 0.10 0.06 0.75 0.47 0.48 - 0.28 3.15 0.49 0.05 0.00 0.05 - 0.01 0.10 0.04

Cabral Gold V 96 Cabral Gold* O 14 Cache Expl* O 55 Cache Expl V 3059 Cadillac Vent V 96 Caledonia Mng T 23 Caledonia Mng* X 52 Calibre Mng V 430 California Gld V 304 California Go* O 4 Callinex Mines* O 185 Callinex Mines V 290 Cameco Corp* N 8749 Cameco Corp T 6017 O 208 Cameo Cobalt* Cameo Cobalt V 2070 Camino Mnls* O 1 Camino Mnls V 165 Camrova Res V 5 Camrova Res* O 1 Canada Coal V 75 Canada Cobalt V 3672 Canada Cobalt* O 241 Canada One* O 2 Canada One V 799 CanAlaska Uran V 162 CanAlaska Uran* O 79 O 42 Canamex Gold* Canamex Gold 84 Canarc Res* O 35 Canarc Res T 183 Canasil Res V 235 O 4 Candelaria Mg* Candelaria Mg V 132 Candente Coppr T 445 Candente Gold* O 105 Candente Gold V 410 Canex Energy V 32 CANEX Metals V 102 5 CANEX Metals * O CaNickel Mng* O 1 CaNickel Mng V 0 Canterra Mnls V 48 Cantex Mn Dev* O 2 Cantex Mn Dev V 21 Canuc Res V 519 Canuc Res* O 16 Canyon Copper* O 150 Canyon Copper V 118 Capstone Mng T 2660 Caracara Silvr V 40 Caracara Silvr* O 6 Cardero Res V 190 Cardero Res* O 31 Cardinal Res* O 5 Cardinal Res T 525 Cariboo Rose V 210 Carlin Gold V 125 Carmax Mng* O 541 Carrara Explor 7518 Cartier Iron 38 Cartier Res V 536 Carube Copper V 234 Carube Copper* O 25 V 49 Casa Minerals Casablanca Mng* O 166 V 102 Cascadero Copp Cassius Vents V 25 Castle Peak Mg V 114 Cautivo Mining 8 Cda Carbon* O 80 Cda Carbon V 195 Cda Rare Earth V 153 Cda Rare Earth* O 16 Cda Strtgc Met V 1014 Cda Strtgc Met * O 8 Cdn Intl Mnrls V 11 0 Cdn Intl Mnrls* O Cdn Metals 597 Cdn Orebodies V 82 Cdn Orebodies* O 39 Cdn Platinum V 1131 Cdn Silvr Hunt V 20 Cdn Zinc T 852 Cdn Zinc* O 155 CellCube Enrgy* O 254 CellCube Enrgy 4351 Centamin T 55 Centaurus Diam* O 62 Centenera Mng* O 60 Centenera Mng V 52 Centerra Gold T 3624 Central Iron V 322 Centurion Mnls V 365 Century Global T 2 Cerro Grande 79 Cerro Mng* O 0 Cerro Mng V 0 Ceylon Graph V 97 Chakana Copper V 324 O 31 Chakana Copper* Chalice Gold M* O 40 Chalice Gold M T 148 Champion Bear V 173 Champion Bear* O 103 Champion Iron T 2229 Champion Iron* O 28 Chantrell Vent V 1010 Chatham Rock V 45 Chesapeake Gld* O 75 Chesapeake Gld V 62 Chevron Corp* N 26219 266 Chiboug Ind Mn V Chilean Metals* O 9 Chilean Metals V 37 Chimata Gold V 383 Chimata Gold 110 China Gold Int T 1015 China Mnls Mng V 15 China Mnls Mng* O 0 Cicada Vents V 30 CIM Intl Grp 21 Cipher Res V 300 Claim Post Res V 1027 Clarmin Explor V 95 Clean Comm V 634 Clean Comm* O 266 Cleghorn Mnls V 403 Cleghorn Mnls* O 10 Cleveland-Clif* N 52961 Clifton Mng* O 97 Cloud Peak En* N 1599 CMC Metals* O 8 CMC Metals V 212 CMX Gold & Sil* O 0 CMX Gold & Sil 140

0.23 0.21 0.23 - 0.02 0.50 0.20 0.19 0.17 0.17 - 0.02 0.32 0.17 0.03 0.03 0.03 unch 0.00 0.21 0.03 0.05 0.05 0.05 - 0.01 0.27 0.04 0.03 0.00 0.03 unch 0.00 0.06 0.03 11.50 10.61 11.20 + 0.20 12.50 6.70 8.51 7.82 8.44 + 0.51 9.94 5.17 0.06 0.05 0.06 unch 0.00 0.18 0.05 0.26 0.23 0.25 unch 0.00 0.64 0.21 0.20 0.19 0.19 - 0.01 0.49 0.16 0.18 0.17 0.17 + 0.00 0.39 0.17 0.24 0.22 0.23 - 0.01 0.48 0.22 11.39 10.73 11.25 - 0.09 12.19 7.68 15.05 14.25 14.79 - 0.27 15.95 9.90 0.30 0.16 0.22 + 0.02 1.02 0.14 0.27 0.22 0.24 - 0.03 0.46 0.10 0.13 0.00 0.13 - 0.01 0.62 0.13 0.19 0.16 0.18 - 0.01 0.80 0.16 0.10 0.00 0.09 - 0.02 0.16 0.06 0.06 0.06 0.06 - 0.00 0.15 0.00 0.08 0.08 0.08 unch 0.00 0.12 0.04 0.77 0.53 0.75 + 0.12 0.69 0.15 0.57 0.39 0.57 + 0.11 0.51 0.11 0.10 0.10 0.10 unch 0.00 0.32 0.06 0.11 0.00 0.11 - 0.01 0.52 0.08 0.36 0.33 0.33 - 0.02 0.45 0.26 0.27 0.24 0.24 - 0.01 0.37 0.21 0.11 0.08 0.08 + 0.00 0.22 0.06 0.13 0.11 0.13 + 0.02 0.17 0.10 0.05 0.04 0.05 + 0.00 0.08 0.04 0.06 0.06 0.06 - 0.01 0.11 0.06 0.08 0.07 0.07 - 0.01 0.19 0.07 0.48 0.00 0.48 + 0.18 0.71 0.06 0.85 0.42 0.80 + 0.36 0.99 0.23 0.08 0.07 0.08 unch 0.00 0.21 0.06 0.03 0.03 0.03 unch 0.00 0.04 0.00 0.04 0.03 0.04 unch 0.00 0.06 0.02 0.22 0.21 0.21 unch 0.00 0.40 0.18 0.05 0.05 0.05 + 0.01 0.08 0.03 0.03 0.00 0.03 + 0.00 0.06 0.02 0.08 0.08 0.08 unch 0.00 0.18 0.08 0.00 0.00 0.11 unch 0.00 0.24 0.09 0.04 0.03 0.04 + 0.01 0.06 0.02 0.24 0.00 0.21 + 0.05 0.24 0.01 0.32 0.28 0.32 + 0.01 0.35 0.15 0.19 0.17 0.19 + 0.01 0.60 0.12 0.13 0.11 0.11 - 0.01 0.41 0.10 0.04 0.04 0.04 - 0.00 0.22 0.04 0.06 0.05 0.05 - 0.01 0.29 0.05 1.12 0.97 1.01 - 0.11 1.62 0.85 0.18 0.00 0.14 + 0.01 0.30 0.05 0.12 0.10 0.10 - 0.02 0.14 0.01 0.14 0.12 0.14 unch 0.00 0.22 0.07 0.10 0.10 0.10 - 0.00 0.17 0.05 0.00 0.00 0.38 unch 0.00 0.44 0.35 0.48 0.00 0.46 + 0.04 1.05 0.38 0.03 0.03 0.03 unch 0.00 0.15 0.03 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.08 0.05 0.07 + 0.01 0.16 0.05 0.08 0.07 0.08 unch 0.00 0.20 0.05 0.10 0.08 0.10 + 0.02 0.25 0.05 0.13 0.12 0.12 - 0.02 0.35 0.12 0.08 0.07 0.07 unch 0.00 0.13 0.05 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.17 0.15 0.15 - 0.02 0.22 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.07 0.07 unch 0.00 0.16 0.06 0.03 0.03 0.03 - 0.01 0.07 0.03 0.03 0.02 0.02 - 0.01 0.03 0.02 0.38 0.00 0.38 + 0.07 0.85 0.20 0.06 0.06 0.06 - 0.01 0.17 0.04 0.10 0.08 0.10 + 0.01 0.22 0.04 0.09 0.07 0.08 - 0.01 0.10 0.03 0.07 0.05 0.06 - 0.01 0.08 0.02 0.12 0.10 0.11 + 0.02 0.15 0.09 0.08 0.08 0.08 + 0.00 0.12 0.06 0.13 0.00 0.13 unch 0.00 0.40 0.11 0.00 0.00 0.15 unch 0.00 0.41 0.06 0.11 0.09 0.10 - 0.01 0.20 0.05 0.27 0.25 0.25 - 0.01 0.39 0.17 0.22 0.21 0.22 unch 0.00 0.27 0.14 0.03 0.03 0.03 - 0.01 0.05 0.01 0.04 0.04 0.04 unch 0.00 0.12 0.04 0.16 0.15 0.15 - 0.01 0.23 0.12 0.12 0.10 0.11 - 0.01 0.19 0.09 0.25 0.21 0.23 + 0.01 0.60 0.15 0.33 0.27 0.30 + 0.01 0.76 0.19 2.10 2.04 2.05 - 0.01 2.96 2.02 0.18 0.10 0.10 - 0.06 0.20 0.04 0.08 0.00 0.08 - 0.01 0.21 0.08 0.13 0.11 0.12 - 0.01 0.25 0.11 7.53 6.87 7.31 + 0.28 9.35 5.90 0.02 0.02 0.02 + 0.01 0.07 0.01 0.04 0.02 0.04 + 0.02 0.06 0.02 0.00 0.00 0.16 unch 0.00 0.29 0.13 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.13 unch 0.00 0.13 0.02 0.00 0.00 0.17 unch 0.00 0.22 0.04 0.19 0.18 0.18 + 0.02 0.26 0.15 0.69 0.53 0.57 - 0.05 1.05 0.56 0.49 0.44 0.44 - 0.06 0.79 0.38 0.12 0.10 0.12 + 0.01 0.25 0.10 0.14 0.14 0.14 unch 0.00 0.33 0.13 0.20 0.15 0.19 + 0.04 0.23 0.10 0.15 0.13 0.15 + 0.01 0.18 0.10 1.32 1.24 1.31 - 0.02 1.59 0.92 1.04 0.95 1.00 - 0.04 1.22 0.73 0.07 0.06 0.06 unch 0.00 0.10 0.05 0.23 0.22 0.23 unch 0.00 0.57 0.20 1.69 1.46 1.51 - 0.11 3.23 1.46 2.29 1.94 2.00 - 0.15 4.00 1.94 127.73 121.93 126.43 + 1.33 133.88 102.55 0.06 0.06 0.06 - 0.01 0.08 0.05 0.10 0.10 0.10 - 0.00 0.12 0.02 0.16 0.14 0.14 - 0.01 0.58 0.13 0.09 0.07 0.08 - 0.03 0.19 0.05 0.08 0.07 0.07 unch 0.00 0.10 0.07 2.38 2.20 2.28 - 0.11 3.19 1.83 0.20 0.00 0.20 + 0.01 0.40 0.16 0.11 0.00 0.11 unch 0.00 0.32 0.11 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.30 0.30 0.30 unch 0.00 0.60 0.08 0.12 0.11 0.11 - 0.02 0.33 0.07 0.11 0.10 0.11 + 0.01 0.13 0.03 0.16 0.15 0.16 + 0.01 0.50 0.15 0.05 0.04 0.05 unch 0.00 0.21 0.04 0.04 0.00 0.04 unch 0.00 0.16 0.03 0.13 0.09 0.09 - 0.01 0.14 0.05 0.09 0.09 0.09 unch 0.00 0.11 0.04 8.92 8.13 8.43 - 0.57 9.15 5.60 0.09 0.07 0.07 - 0.02 0.14 0.05 3.80 3.43 3.49 - 0.32 5.70 2.76 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.04 0.03 0.04 + 0.01 0.10 0.03 0.06 0.00 0.06 unch 0.00 0.09 0.03 0.12 0.00 0.12 + 0.06 0.12 0.04

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

CNRP Mng 480 CNRP Mng* O 115 Cobalt 27 Cap V 1301 Cobalt Block V 140 Cobalt Block* O 49 Cobalt Pwr Grp* O 122 Cobalt Pwr Grp V 1791 12239 Coeur Mng* N Colibri Res* O 11 Colibri Res V 990 V 15 Colombia Crest O 4 Colombia Crest* Colonial Coal V 239 O 1 Colorado Gold* O 118 Colorado Res* Colorado Res V 711 T 382 Columbus Gold O 378 Columbus Gold* Comet Inds V 61 O 7 Commander Res* V 20 Commander Res O 71 Commerce Res* V 115 Commerce Res V 697 Compass Gold O 2 Compliance Egy* X 3260 Comstock Mng* V 103 Comstock Mtls Comstock Mtls * O 217 Condor Gold* O 8 Condor Gold T 5 Condor Res V 194 Condor Res* O 50 O 11 Confedertn Ml* V 23 Confedertn Mls V 37 Conquest Res V 276 Cons Woodjam CONSOL Coal Rs* N 104 N 12851 CONSOL Energy* N 3018 CONSOL Energy* O 77 Constantine Mt* V 104 Constantine Mt O 31 Contact Gold* Contact Gold V 224 O 99 Contact Mnrls* O 123 Contintl Gold* Contintl Gold T 1400 Contintl Prec* O 1 Contintl Prec V 17 412 Copper Fox Mtl V 12 Copper Fox Mtl* O 16 Copper Lake Rs V Copper Mtn Mng T 2470 Copper Mtn Mng* O 135 0 Copper North M* O 106 Copper North M V Copper One V 206 10 Copper One * O 40 Copper Reef Mg Copperbank Res 541 O 12 Copperbank Res* 41 Coral Gold * O Coral Gold V 234 O 15 Cordoba Mnls* V 330 Cordoba Mnls Core Gold V 514 Core Gold* O 54 Core Lithium* O 7 V 255 Cornerstone Ca O 181 Cornerstone Ca* O 463 Cornerstone Mt* V 2052 Cornerstone Mt Coro Mining T 694 Corsa Coal V 346 34 Corsa Coal * O Corvus Gold* O 208 Corvus Gold T 6256 CR Capital V 62 Critical Elem V 344 Critical Elem* O 32 V 590 CROPS Crown Mining V 212 Cruz Cobalt V 1131 Cruz Cobalt* O 309 Crystal Lake V 326 Crystal Lake* O 67 Crystal Peak* O 85 Crystal Peak V 227 130 Currie Rose Rs V 0 Currie Rose Rs* O 28 CWN M’g Acq V O 10 Cyclone Uran* Cypress Dev* O 312 Cypress Dev V 690

0.39 0.59 0.47 0.48 - 0.12 0.83 0.02 0.44 0.36 0.36 - 0.09 1.98 9.58 8.69 8.83 - 0.81 14.00 7.42 0.01 0.29 0.22 0.24 - 0.04 0.40 0.02 0.22 0.19 0.19 - 0.02 0.32 0.09 0.07 0.07 - 0.02 0.29 0.07 0.12 0.10 0.10 - 0.02 0.35 0.08 6.71 7.92 7.26 7.60 - 0.24 9.87 0.03 0.04 0.03 0.03 - 0.00 0.16 0.04 0.06 0.04 0.04 - 0.03 0.22 0.05 0.12 0.10 0.10 - 0.01 0.40 0.00 0.09 0.08 0.08 - 0.01 0.10 0.08 0.36 0.32 0.35 - 0.01 0.42 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.10 0.11 0.10 0.11 + 0.01 0.37 0.13 0.15 0.14 0.15 + 0.01 0.46 0.24 0.27 0.24 0.25 - 0.03 0.92 0.18 0.21 0.18 0.19 - 0.02 0.73 2.60 unch 0.00 3.55 3.50 3.50 3.50 0.00 0.13 0.12 0.12 - 0.00 0.15 0.13 0.17 0.00 0.17 - 0.01 0.30 0.05 0.05 0.05 0.05 + 0.00 0.08 0.06 unch 0.00 0.10 0.07 0.06 0.06 0.38 0.52 0.47 0.50 - 0.05 0.80 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.21 0.27 0.24 0.26 + 0.01 1.12 0.05 unch 0.00 0.17 0.06 0.06 0.06 0.04 0.03 0.04 + 0.00 0.13 0.03 0.43 0.50 0.43 0.50 + 0.07 0.90 0.47 unch 0.00 1.75 0.55 0.55 0.55 0.07 unch 0.00 0.15 0.08 0.07 0.07 0.06 unch 0.00 0.12 0.06 0.06 0.06 0.25 0.26 0.25 0.25 - 0.02 0.60 0.30 0.34 0.00 0.34 + 0.01 0.81 0.01 0.03 0.03 0.03 + 0.01 0.10 0.04 0.05 0.00 0.05 + 0.01 0.09 15.50 14.75 15.05 - 0.35 16.65 12.56 11.69 18.09 16.97 17.78 + 0.28 18.09 19.51 42.50 36.39 38.35 - 3.48 48.12 0.12 0.46 0.42 0.42 - 0.05 0.65 0.55 0.64 0.55 0.55 - 0.07 1.40 0.20 0.06 0.28 0.28 0.20 0.26 + 0.27 0.38 0.35 0.36 - 0.02 0.86 0.06 unch 0.00 0.45 0.29 0.20 0.29 2.26 2.86 2.75 2.86 + 0.06 3.22 2.84 3.82 3.59 3.79 + 0.07 4.13 0.21 0.29 0.00 0.29 - 0.00 0.30 0.26 0.45 0.40 0.42 + 0.02 0.45 0.11 0.10 0.11 unch 0.00 0.18 0.09 0.08 0.00 0.08 + 0.00 0.15 0.07 0.03 0.03 0.03 unch 0.00 0.10 0.03 1.36 1.19 1.24 - 0.10 1.85 0.75 1.00 0.89 0.95 - 0.06 1.47 0.63 0.00 0.00 0.02 unch 0.00 0.07 0.02 0.05 0.04 0.04 - 0.01 0.11 0.04 0.03 unch 0.00 0.22 0.13 0.12 0.13 0.09 0.07 0.09 + 0.02 0.18 0.03 0.03 0.02 0.03 unch 0.00 0.03 0.01 0.06 0.09 0.08 0.09 + 0.01 0.16 0.04 0.07 0.06 0.06 + 0.00 0.12 0.28 0.27 0.28 unch 0.00 0.35 0.16 0.33 0.36 0.36 0.36 - 0.01 0.43 0.11 0.14 0.12 0.14 + 0.00 0.63 0.15 0.18 0.16 0.17 - 0.01 0.78 0.22 0.35 0.32 0.33 - 0.01 0.40 0.18 0.26 0.24 0.25 + 0.01 0.34 0.10 0.42 0.00 0.38 - 0.04 4.07 0.15 0.18 0.16 0.17 - 0.01 0.55 0.12 0.13 0.12 0.13 + 0.01 0.44 0.13 1.12 0.90 0.99 - 0.14 1.41 0.07 1.46 1.17 1.29 - 0.18 1.88 0.08 0.11 0.10 0.11 + 0.01 0.16 1.01 1.15 1.01 1.14 + 0.04 2.30 0.83 0.73 0.77 - 0.03 2.25 0.73 0.53 2.03 1.51 1.98 + 0.21 2.45 0.69 2.71 1.92 2.58 + 0.27 3.20 0.06 0.07 0.06 0.06 - 0.02 0.15 0.83 1.04 0.92 0.92 - 0.10 1.86 0.64 0.77 0.00 0.69 - 0.09 1.48 0.04 0.05 0.04 0.05 - 0.01 0.20 0.07 0.14 0.13 0.14 + 0.01 0.28 0.14 0.16 0.14 0.14 - 0.02 0.41 0.10 0.12 0.10 0.11 - 0.01 0.35 0.16 0.61 0.55 0.61 + 0.03 1.12 0.13 0.46 0.43 0.45 + 0.02 0.84 0.21 0.25 0.24 0.24 - 0.01 0.46 0.29 0.35 0.29 0.32 - 0.02 0.58 0.08 0.07 0.07 - 0.01 0.20 0.04 0.00 0.00 0.05 unch 0.00 0.06 0.03 0.11 0.11 0.11 - 0.04 0.25 0.10 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.06 0.24 0.21 0.24 + 0.00 0.34 0.08 0.32 0.28 0.32 - 0.01 0.43

Dajin Res V 119 Dajin Res* O 531 Dakota Ter Res* O 148 Daleco Res* O 255 O 5636 Dalradian Res* 17703 Dalradian Res T Damara Gold V 1184 O 0 Damara Gold* Danakali* O 144 Debut Dmds 1848 Decade Res V 1060 Decade Res* O 720 Declan Res 31 O 25 Deep-South Res* V 53 Deep-South Res Defiance Silvr V 569 O 266 Defiance Silvr* Delrand Res V 125 T 2301 Denison Mines X 2341 Denison Mines* Desert Gold V 54 Desert Lion* O 15 Desert Lion V 839 119 Desert Mtn Egy V 34 Desert Mtn Egy* O Detour Gold T 7199 O 341 Diamante Min* O 15 Diamcor Mng* Diamcor Mng V 14 O 80 Diamond Disc* V 14 Diamond Fields O 4 Diamond Fields* Dios Expl V 184 O 50 Discovery Gold* V 16 Discovery Harb V 170 Discovery Met 23928 O Discovery Mnls* V 1239 Discovery-Corp District Cop V 1066 Ditem Explor* O 400 DNI Metals 2405 DNI Metals* O 550 Dolat Ventures* O 158 98 Dolly Vard Sil* O 329 Dolly Vard Sil V O 103 Doubleview Cap* V 1119 Doubleview Cap DRDGOLD* N 195 139 Duncan Park H V 774 Dundee Prec Mt T O 19 Dunnedin Vent* Duran Vent V 68 0 Duran Vent * O Durango Res V 347 V 202 DV Resources 168 Dynacor Gld Mn T 29 Dynacor Gld Mn* O O 1 Dynamic Gold* O 2 DynaResource* Dynasty Gold V 51 O 13 Dynasty Gold* E3 Metals V 87 E3 Metals* O 10 V 42 Eagle Graphite O 6 Eagle Graphite* Eagle Plains V 211 140 V East Africa 57 East Asia Mnls* O East Asia Mnls V 1206 EastCoal Inc V 0 O 5 Eastern Platin* Eastern Platin T 17

0.08 0.10 0.09 0.10 + 0.01 0.22 0.06 0.08 0.07 0.08 + 0.00 0.17 0.07 0.05 0.05 - 0.03 0.10 0.03 0.00 0.00 0.00 0.00 - 0.00 0.01 0.67 1.10 1.07 1.09 - 0.01 1.37 0.89 1.46 1.44 1.44 - 0.02 1.70 0.04 0.05 0.05 0.05 - 0.01 0.22 0.02 unch 0.00 0.14 0.03 0.03 0.03 0.44 0.02 0.65 0.53 0.49 0.51 - 0.01 unch 0.00 0.03 0.02 0.01 0.01 0.05 0.10 0.08 0.09 - 0.01 0.20 0.04 0.07 0.07 0.07 + 0.00 0.16 0.06 0.28 0.00 0.28 + 0.01 0.34 0.07 unch 0.00 0.30 0.18 0.18 0.18 0.08 0.23 0.20 0.20 - 0.02 0.45 0.22 0.32 0.26 0.29 - 0.03 0.44 0.17 0.25 0.20 0.23 - 0.02 0.35 0.47 0.65 0.52 0.56 - 0.13 2.44 0.50 0.70 0.62 0.64 - 0.07 0.80 0.38 0.53 0.47 0.50 - 0.03 0.64 0.14 0.20 0.19 0.19 - 0.02 0.30 0.70 0.73 0.70 0.73 + 0.03 1.07 0.79 1.09 0.79 0.95 + 0.02 2.35 0.19 0.17 0.18 + 0.01 0.25 0.06 0.15 0.13 0.14 - 0.01 0.20 0.01 12.37 10.92 11.82 + 0.85 17.86 9.11 0.02 0.14 0.11 0.14 - 0.00 0.17 0.28 0.30 0.29 0.29 - 0.00 0.68 0.35 unch 0.00 0.90 0.40 0.39 0.39 0.00 0.00 0.00 0.00 + 0.00 0.00 0.08 unch 0.00 0.17 0.09 0.00 0.09 0.06 unch 0.00 0.11 0.06 0.00 0.06 0.06 0.08 0.07 0.08 + 0.01 0.19 0.00 0.00 0.00 0.00 + 0.00 0.01 0.05 unch 0.00 0.10 0.06 0.06 0.06 0.27 0.38 0.35 0.35 - 0.03 0.92 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 0.03 0.02 0.02 - 0.01 0.04 0.05 0.10 0.07 0.08 + 0.01 0.21 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.06 0.11 0.08 0.08 - 0.01 0.16 0.01 0.08 0.06 0.07 + 0.00 0.13 0.65 0.52 0.52 - 0.14 15.80 0.45 0.41 0.36 0.40 + 0.00 0.84 0.36 0.55 0.47 0.51 - 0.03 1.04 0.45 0.03 unch 0.00 0.08 0.07 0.07 0.07 0.04 0.12 0.10 0.11 + 0.01 0.13 2.23 2.81 2.50 2.54 - 0.23 4.11 0.02 0.01 0.01 - 0.01 0.02 0.01 3.47 3.14 3.14 - 0.30 3.60 2.25 0.13 0.17 0.14 0.14 - 0.03 0.26 0.04 0.06 0.06 0.06 - 0.01 0.10 0.04 0.00 0.04 - 0.01 0.08 0.03 0.06 0.08 0.08 0.08 - 0.01 0.14 0.10 0.23 0.00 0.20 - 0.03 0.50 1.78 1.65 1.68 - 0.07 2.26 1.50 1.33 1.26 1.26 - 0.06 1.85 1.03 0.75 2.75 2.00 2.75 - 0.25 3.00 0.80 unch 0.00 1.50 1.25 1.12 1.25 0.10 0.23 0.20 0.23 + 0.03 0.27 0.07 unch 0.00 0.22 0.15 0.15 0.15 0.32 0.39 0.33 0.33 - 0.06 1.01 0.27 unch 0.00 0.77 0.27 0.27 0.27 0.14 unch 0.00 0.36 0.15 0.00 0.14 0.01 unch 0.00 0.18 0.12 0.00 0.12 0.13 0.14 0.13 0.14 - 0.01 0.29 0.22 0.16 0.19 unch 0.00 0.37 0.16 0.03 0.02 0.03 - 0.01 0.34 0.02 0.04 0.03 0.03 - 0.01 0.46 0.03 0.07 unch 0.00 0.12 0.00 0.00 0.12 0.20 unch 0.00 0.37 0.23 0.23 0.23 0.26 0.02 0.50 0.32 0.31 0.31 -

D-F

2018-07-03 10:18 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / JULY 9–22, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Eastern Res* O 100 Eastern Zinc V 30 Eastfield Res V 1104 Eastmain Res* O 94 Eastmain Res T 1170 Eco Oro Mnls 45 Eco Oro Mnls* O 8 eCobalt Solns T 4163 eCobalt Solns* O 2504 El Capitan Prc* O 758 75 El Nino Vent* O El Nino Vent V 188 Elcora Res V 109 Elcora Res* O 48 Eldorado Gold* N 23240 T 8609 Eldorado Gold Electra Stone V 528 Eloro Mnrls* O 1 Eloro Mnrls V 16 Ely Gold Royal V 92 Ely Gold Royal* O 224 15 Elysee Dev * O Elysee Dev V 23 Emerita Res V 784 Emgold Mng* O 12 Emgold Mng V 43 Empire Rock V 1 EMX Royalty* X 280 EMX Royalty V 98 Encanto Potash* O 3 Encanto Potash V 77 EnCore Energy V 683 Endeavour Mng T 912 Endeavour Mng* O 29 Endeavr Silver* N 3705 Endeavr Silver T 828 Endurance Gold V 15 Energy Fuels* X 9229 Energy Fuels T 2054 Enforcer Gold* O 10 Enforcer Gold V 607 Engold Mines* O 61 Engold Mines V 117 Ensurge* O 61 Entree Gold* X 370 Entree Gold T 360 Equitorial Ex V 1577 Equitorial Ex* O 53 Erdene Res Dev* O 319 Erdene Res Dev T 810 Erin Ventures* O 11 Erin Ventures V 444 T 410 Ero Copper Ero Copper* O 11 Eros Res Corp* O 13 Eros Res Corp V 34 Eros Res Corp V 34 Eskay Mng V 329 Essex Minerals V 136 Ethos Gold* O 12 Ethos Gold V 49 Euro Sun Mg* O 25 249 Euro Sun Mg T EurOmax Res* O 8 EurOmax Res T 42 European Elect* O 32 European Elect V 461 O 200 European Metal* Eurotin V 195 Everton Res* O 23 Everton Res V 226 EVI Global Grp 2 Evolving Gold 51 Evolving Gold* O 7 Evrim Res V 405 Excellon Res T 239 Excellon Res* O 183 O 1411 Excelsior Mng* Excelsior Mng T 2746 ExGen Res Inc V 1319 Explor Res* O 276 Explor Res V 131 Explorex Res* O 60 Explorex Res 309 Fairmont Res* O 18 Fairmont Res V 868 Falco Res V 617 18 Falco Res * O Falcon Gold V 603 Fancamp Expl V 199 Far Res* O 106 Far Res 1828 V 0 Fengro Industr Filo Mg Corp V 33 Finlay Minrls V 100 Fiore Gold* O 241 Fiore Gold V 384 Fire River Gol* O 0 Firebird Res V 80 Firesteel Res V 353 Firestone Vent V 55 Fireweed Zinc V 300 Fireweed Zinc* O 33 Firma Holdings* O 59 First Bauxite V 107 First Cobalt * O 895 First Cobalt V 3441 First Colombia* O 2500 First Energy* O 1 First Energy V 58 First Liberty* O 8947 First Majestic T 1739 First Majestic* N 8316 First Mexican V 207 First Mg Fin T 2355 First Mg Fin * O 1586 First Quantum T 21113 Fission 3.0 V 108 Fission 3.0* O 45 Fission Uran* O 1054 Fission Uran T 1807 Five Star Diam V 253 Fjordland Exp* O 6 Fjordland Exp V 124 Focus Graphite* O 735 Focus Graphite V 1210 Foran Mng V 162 Forsys Metals T 161 Fort St James V 1 0 Fort St James* O Fortescue Met* O 21 Fortuna Silvr* N 3304 Fortuna Silvr T 1556 Fortune Bay* O 1 Fortune Bay V 2 Fortune Mnrls* O 942 Fortune Mnrls T 3405 Forum Energy V 580 Forum Energy* O 200 Four Nines 263 Fox River Res 96 FPX Nickel V 439 Franco-Nevada* N 3095 Franco-Nevada T 2466 Franklin Mng* O 15 Freedom Egy V 92 Freegold Vent T 284 Freeport McMoR* N 93185 Freeport Res V 5 Fremont Gold V 1805 Fremont Gold* O 202 Fresnillo plc* O 2 Frontier Lith V 90 Frontline Gold V 1040 Fura Gems V 278 Fura Gems* O 107

0.04 0.04 0.04 unch 0.00 0.10 0.03 0.26 0.26 0.26 unch 0.00 0.46 0.17 0.04 0.03 0.04 unch 0.00 0.05 0.03 0.16 0.14 0.15 - 0.01 0.32 0.14 0.22 0.19 0.20 - 0.02 0.38 0.16 0.25 0.21 0.21 - 0.05 0.45 0.15 0.16 0.15 0.15 unch 0.00 0.37 0.12 1.13 0.88 1.06 - 0.10 2.10 0.88 0.86 0.65 0.80 - 0.06 1.74 0.65 0.03 0.02 0.02 + 0.00 0.09 0.01 0.05 0.03 0.03 - 0.01 0.06 0.02 0.05 0.04 0.04 - 0.01 0.08 0.02 0.28 0.23 0.23 - 0.04 0.56 0.13 0.22 0.17 0.17 - 0.05 0.44 0.12 1.11 0.94 0.99 - 0.12 2.65 0.80 1.47 1.26 1.33 - 0.17 3.46 1.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.51 0.51 0.51 unch 0.00 0.96 0.45 0.68 0.65 0.65 - 0.05 1.27 0.53 0.11 0.10 0.11 + 0.01 0.15 0.09 0.09 0.07 0.08 unch 0.00 0.13 0.07 0.28 0.25 0.25 - 0.01 0.31 0.20 0.37 0.34 0.37 + 0.02 0.39 0.26 0.08 0.07 0.07 - 0.01 0.17 0.07 0.12 0.10 0.12 + 0.01 0.25 0.09 0.18 0.14 0.18 + 0.03 0.31 0.14 0.15 0.00 0.15 unch 0.00 0.30 0.15 1.09 1.00 1.02 - 0.07 1.34 0.67 1.49 1.34 1.34 - 0.11 1.70 0.85 0.21 0.16 0.21 + 0.05 0.22 0.02 0.23 0.22 0.22 - 0.01 0.70 0.20 0.06 0.05 0.05 unch 0.00 0.08 0.04 24.16 23.19 23.59 - 0.06 26.86 20.61 18.25 17.44 18.11 + 0.56 21.72 16.01 3.23 3.03 3.12 - 0.09 3.32 1.94 4.29 4.02 4.13 - 0.16 4.35 2.50 0.07 0.07 0.07 unch 0.00 0.09 0.05 2.36 1.91 2.27 + 0.17 2.34 1.30 3.10 2.55 2.98 + 0.23 3.10 1.66 0.05 0.05 0.05 unch 0.00 0.17 0.04 0.06 0.05 0.05 - 0.01 0.23 0.05 0.15 0.13 0.15 + 0.00 0.30 0.13 0.20 0.18 0.19 + 0.01 0.44 0.14 0.07 0.07 0.07 + 0.01 0.09 0.02 0.46 0.39 0.43 + 0.04 0.69 0.33 0.59 0.51 0.57 + 0.05 0.85 0.42 0.08 0.07 0.08 - 0.01 0.15 0.06 0.06 0.05 0.05 - 0.00 0.11 0.04 0.31 0.27 0.28 - 0.04 0.81 0.25 0.42 0.38 0.39 - 0.04 1.07 0.32 0.13 0.00 0.13 + 0.01 0.23 0.01 0.19 0.13 0.17 + 0.03 0.33 0.08 10.23 9.45 9.80 - 0.36 10.85 4.70 7.59 7.25 7.25 - 0.42 8.12 3.88 0.09 0.08 0.08 - 0.01 0.18 0.08 0.11 0.11 0.11 unch 0.00 0.23 0.11 0.11 0.11 0.11 unch 0.00 0.23 0.11 0.23 0.19 0.23 + 0.01 0.51 0.18 0.12 0.10 0.10 unch 0.00 0.25 0.09 0.12 0.11 0.12 + 0.00 0.23 0.10 0.18 0.15 0.16 + 0.01 0.28 0.13 0.79 0.70 0.73 - 0.06 1.55 0.70 1.08 0.92 0.93 - 0.12 2.02 0.92 0.15 0.15 0.15 unch 0.00 0.35 0.12 0.20 0.17 0.20 + 0.02 0.47 0.17 0.12 0.00 0.12 + 0.00 0.79 0.10 0.18 0.17 0.17 unch 0.00 0.93 0.15 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 0.00 0.00 0.19 unch 0.00 0.43 0.03 0.10 0.00 0.09 - 0.01 0.41 0.09 0.07 0.06 0.06 - 0.01 0.32 0.06 1.16 1.09 1.09 - 0.07 1.70 0.19 1.53 1.39 1.39 - 0.11 2.30 1.27 1.13 1.04 1.07 - 0.05 1.87 0.98 1.09 0.79 0.92 - 0.06 1.21 0.68 1.45 1.06 1.20 - 0.11 1.50 0.87 0.02 0.01 0.01 - 0.01 0.04 0.01 0.04 0.03 0.04 unch 0.00 0.08 0.02 0.04 0.04 0.04 - 0.01 0.10 0.03 0.23 0.22 0.22 - 0.03 0.31 0.15 0.35 0.29 0.35 + 0.03 0.65 0.17 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.55 0.50 0.54 - 0.02 1.25 0.49 0.42 0.38 0.40 - 0.03 1.01 0.38 0.05 0.04 0.05 unch 0.00 0.08 0.04 0.10 0.09 0.09 - 0.01 0.18 0.05 0.22 0.17 0.18 - 0.02 0.87 0.10 0.30 0.23 0.23 - 0.05 1.10 0.12 0.00 0.00 0.14 unch 0.00 0.40 0.12 2.39 2.15 2.39 + 0.19 2.80 2.00 0.05 0.05 0.05 unch 0.00 0.34 0.05 0.41 0.35 0.35 - 0.02 0.95 0.22 0.51 0.47 0.47 - 0.02 1.18 0.47 0.00 0.00 0.01 unch 0.00 0.51 0.00 0.03 0.03 0.03 unch 0.00 0.09 0.01 0.16 0.13 0.16 + 0.01 0.17 0.05 0.09 0.08 0.08 unch 0.00 0.19 0.03 1.50 1.35 1.40 - 0.12 2.14 0.67 1.13 1.04 1.05 - 0.08 1.67 0.54 0.06 0.05 0.06 - 0.00 0.13 0.02 0.05 0.04 0.05 + 0.01 0.06 0.03 0.38 0.33 0.35 - 0.03 1.30 0.33 0.50 0.45 0.47 - 0.04 1.65 0.45 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.28 0.27 0.27 - 0.01 0.32 0.10 0.41 0.37 0.37 - 0.02 0.43 0.15 0.00 0.00 0.00 + 0.00 0.00 0.00 10.23 9.74 10.03 - 0.14 10.92 6.24 7.70 7.32 7.63 - 0.02 8.40 4.93 0.03 0.03 0.03 - 0.01 0.07 0.01 0.46 0.43 0.45 + 0.01 0.75 0.41 0.34 0.32 0.34 unch 0.00 0.60 0.31 20.19 17.70 19.37 - 0.95 23.05 10.61 0.14 0.12 0.12 - 0.02 0.36 0.08 0.10 0.08 0.09 - 0.00 0.17 0.02 0.55 0.49 0.51 + 0.01 0.72 0.43 0.72 0.65 0.67 - 0.03 0.89 0.55 0.11 0.10 0.11 unch 0.00 0.30 0.09 0.15 0.12 0.12 - 0.03 0.47 0.08 0.20 0.16 0.18 - 0.02 0.59 0.10 0.03 0.03 0.03 - 0.00 0.08 0.03 0.05 0.04 0.04 unch 0.00 0.11 0.04 0.48 0.44 0.48 + 0.02 0.62 0.24 0.18 0.17 0.18 + 0.02 0.21 0.09 0.00 0.00 0.32 unch 0.00 0.59 0.15 0.00 0.00 0.06 unch 0.00 3.39 0.00 3.32 - 0.09 4.79 3.22 5.78 5.60 5.68 - 0.03 6.08 4.03 7.69 7.39 7.48 - 0.11 7.69 5.13 0.26 0.00 0.26 + 0.00 0.48 0.22 0.35 0.00 0.35 - 0.05 0.64 0.32 0.11 0.09 0.10 - 0.01 0.33 0.00 0.15 0.12 0.13 - 0.01 0.38 0.12 0.08 0.06 0.07 - 0.01 0.09 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.08 0.07 0.08 + 0.02 0.16 0.07 0.06 0.06 0.06 - 0.01 0.15 0.05 0.15 0.15 0.15 unch 0.00 0.18 0.07 73.48 69.08 73.02 + 2.99 86.06 66.19 96.59 91.97 95.95 + 2.96 110.18 85.21 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.00 0.07 + 0.01 0.12 0.04 0.08 0.07 0.07 - 0.01 0.16 0.06 17.46 15.46 17.26 + 0.82 20.25 11.71 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.18 0.10 0.12 - 0.03 0.22 0.11 0.12 0.11 0.12 + 0.00 0.17 0.10 15.42 14.95 14.95 - 0.23 22.04 14.96 0.45 0.41 0.45 + 0.03 0.85 0.31 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.42 0.34 0.42 + 0.05 1.13 0.34 0.38 0.00 0.36 + 0.07 1.23 0.27

Gabriel Res V 105 Gabriel Res* O 115 Gainey Capital V 463 Galane Gold V 698 Galane Gold * O 250 Galantas Gold* O 46 Galantas Gold V 2885 Galore Res V 461 Galway Gold V 187 Galway Mtls* O 94 Galway Mtls V 101 GAR Limited 4173 Garibaldi Res * O 57 Garibaldi Res V 426 General Moly* X 282 General Moly T 3

0.36 0.29 0.35 + 0.04 0.45 0.26 0.26 0.22 0.26 + 0.03 0.34 0.20 0.08 0.06 0.08 + 0.02 0.20 0.06 0.06 0.05 0.05 - 0.01 0.11 0.05 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.09 0.08 0.09 + 0.01 0.10 0.06 0.11 0.09 0.10 unch 0.00 0.13 0.07 0.02 0.02 0.02 - 0.01 0.06 0.01 0.05 0.05 0.05 unch 0.00 0.16 0.05 0.16 0.00 0.16 unch 0.00 0.36 0.16 0.22 0.00 0.20 - 0.01 0.45 0.20 0.12 0.08 0.10 - 0.01 0.65 0.06 2.30 2.16 2.25 - 0.05 4.12 0.11 3.06 2.85 2.96 - 0.08 5.27 0.14 0.42 0.39 0.41 - 0.01 0.51 0.28 0.57 0.53 0.53 - 0.03 0.60 0.35

G-H

20-23_July9_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Generation Min 27 Generic Gold 20 Genesis Mtls* O 52 Genesis Mtls V 442 Genius Props * O 20 Genius Props 300 V 859 Gensource Pot Gentor Res V 140 Gentor Res* O 0 Geomega Res V 130 Gespeg Cop Res V 95 Getty Copper V 300 GFG Resources* O 67 GFM Res V 1 GGL Res V 29 GGX Gold V 1295 Giga Metals V 324 Giga Metals* O 275 Gitennes Expl V 398 Giyani Gold V 185 Giyani Gold* O 274 Glacier Lake* O 420 Glacier Lake V 665 Gldn Predator* O 147 Gldn Predator V 379 Glen Eagle Res V 208 Glencore Plc* O 2102 Global Atomic V 154 Global Cobalt* O 145 Global Energy V 575 Global Energy* O 55 Global Gold* O 1 Global Li-Ion* O 39 Global Li-Ion 174 GlobalMin Vent* O 338 Globex Mng* O 42 Globex Mng T 220 GMV Minerals* O 30 GMV Minerals V 225 GNCC Capital* O 1426401 Go Cobalt 86 GobiMin V 0 God’s Lake Res 4 GoGold Res T 425 Gold Dynamics* O 16 Gold Fields* N 18962 Gold Finder Ex V 323 Gold Finder Ex* O 31 Gold Lakes* O 17 Gold Reserve V 16 Gold Reserve* O 25 Gold Resource* X 2355 Gold Rush Cari V 758 Gold Std Vents T 1247 Gold Std Vents* X 1470 Goldbank Mng V 0 Goldcliff Res* O 19 Goldcliff Res V 15 Goldcorp T 9963 Goldcorp* N 20087 Golden Arrow V 675 Golden Arrow* O 629 Golden Band* O 12 Golden Cariboo V 2 Golden Dawn Ml V 464 Golden Dawn Ml* O 13 Golden Global* O 47 Golden Goliath* O 23 Golden Goliath V 78 Golden Harp* O 0 Golden Hope* O 0 Golden Hope V 156 Golden Mnls* X 1104 Golden Mnls T 41 Golden Peak Mn* O 66 Golden Peak Mn V 1944 Golden Pursuit V 8 Golden Pursuit* O 9 Golden Queen T 216 Golden Queen* O 215 Golden Reign V 376 Golden Ridge V 1943 Golden Secret V 22 Golden Share V 48 Golden Share* O 30 Golden Star T 398 Golden Star* X 2023 Golden Sun* O 5 Golden Tag V 252 Golden Valley* O 42 Golden Valley V 158 Goldex Res* O 0 Goldex Res V 32 Goldgroup Mng T 244 Goldgroup Mng* O 17 GoldMining T 321 GoldON Res V 19 Goldplay Expl V 376 V 266 GoldQuest Mng Goldrea Res 705 Goldrea Res* O 3 Goldrich Mng* O 8 Goldsource Min* O 464 Goldsource Min V 918 Goldstar Mnls V 1469 Goldstream Mnl V 11 Goldstrike Res V 372 Goliath Res* O 125 Goliath Res V 2331 Gossan Res V 143 GoviEx Uranium* O 403 GoviEx Uranium V 1643 Gowest Gold* O 104 Gowest Gold V 259 GPM Metals* O 1 GPM Metals V 513 Gran Colombia* O 132 Gran Colombia T 510 Granada Gold V 266 O 10 Granada Gold* Grande Portage V 147 O 10 Grande Portage* Granite Ck Gld V 20 Graphite Egy* O 101 Graphite Egy 42 O 765 Graphite One* Graphite One V 1298 Gratomic V 3210 Gratomic* O 5 Gray Rock Res V 19 Great Atlantic V 689 Great Bear Res V 491 Great Bear Res* O 56 Great Lakes Gr* O 203 Great Lakes Gr V 301 Great Panther T 173 Great Panther* X 1031 56 Great Quest Fe V Great Thunder V 35 O 23 Great Western* Green Arrow V 15 Green River 49 Green Swan Cap V 292 Green Valley M V 21 Greencastle Rs V 31 Greenland M&En* O 524 Greenshield Ex V 1 Grenville Gold V 1 Grid Metals V 1477 Grid Metals* O 40 Grizzly Discvr* O 25 Grizzly Discvr V 102 Grosvenor Res V 19 Group Eleven V 307 Group Ten Mtls* O 97 Group Ten Mtls V 190 GrowMax Res* O 50 GrowMax Res V 9313 GT Gold V 934 GT Gold * O 425 GTA Res & Mng V 100 Guerrero Vents V 19 Guerrero Vents* O 1 Gungnir Res* O 96 Gungnir Res V 206 Gunpoint Expl V 48 Guyana Gldflds T 1307 Guyana Goldstr V 343 Guyana Goldstr* O 14 Handa Mining V 122 Handeni Gold* O 0 Hannan Metals V 215 Hannan Metals* O 17 Happy Ck Mnrls V 57 Harfang Explor V 210

0.20 0.00 0.20 + 0.04 0.20 0.08 0.24 0.24 0.24 unch 0.00 0.32 0.18 0.06 0.06 0.06 + 0.01 0.18 0.05 0.08 0.07 0.07 unch 0.00 0.22 0.07 0.19 0.17 0.18 + 0.01 0.22 0.17 0.25 0.22 0.25 + 0.02 0.31 0.12 0.16 0.14 0.14 - 0.01 0.16 0.06 0.12 0.08 0.10 - 0.02 0.20 0.06 0.00 0.00 0.13 unch 0.00 0.13 0.03 0.11 0.08 0.09 - 0.01 0.20 0.06 0.04 0.03 0.03 unch 0.00 0.07 0.02 0.03 0.02 0.02 - 0.01 0.04 0.02 0.18 0.17 0.17 + 0.01 0.66 0.16 0.00 0.00 0.15 unch 0.00 0.15 0.02 0.12 0.11 0.11 - 0.02 0.19 0.10 0.09 0.00 0.08 - 0.02 0.24 0.08 0.31 0.27 0.28 - 0.02 0.92 0.05 0.23 0.20 0.21 - 0.02 0.72 0.11 0.08 0.06 0.07 - 0.01 0.15 0.04 0.24 0.00 0.22 + 0.01 0.50 0.20 0.18 0.16 0.18 + 0.02 0.41 0.15 0.04 0.04 0.04 unch 0.00 0.06 0.04 0.06 0.05 0.05 - 0.01 0.13 0.05 0.33 0.28 0.32 + 0.01 1.02 0.28 0.43 0.38 0.42 unch 0.00 1.30 0.38 0.13 0.12 0.13 + 0.01 0.31 0.11 9.95 9.27 9.50 - 0.69 11.68 7.39 0.36 0.33 0.33 + 0.01 0.59 0.20 0.00 0.00 0.00 unch 0.00 0.43 0.00 0.13 0.10 0.12 + 0.02 0.27 0.08 0.10 0.07 0.10 + 0.02 0.22 0.06 2.00 0.00 2.00 unch 0.00 12.55 1.78 0.19 0.16 0.17 - 0.04 0.80 0.16 0.26 0.23 0.25 + 0.01 0.97 0.23 30.00 0.03 10.00 - 40.00 140.00 30.00 0.31 0.27 0.28 - 0.03 0.48 0.27 0.44 0.36 0.38 - 0.03 0.59 0.36 0.16 0.16 0.16 unch 0.00 0.42 0.14 0.20 0.00 0.18 - 0.03 0.49 0.18 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.00 0.14 + 0.01 0.22 0.08 0.00 0.00 0.40 unch 0.00 0.57 0.33 1.10 0.90 0.90 unch 0.00 1.10 0.04 0.44 0.41 0.42 + 0.01 0.65 0.31 0.00 0.00 0.00 + 0.00 0.01 0.00 3.62 3.45 3.57 + 0.03 4.70 3.33 0.41 0.38 0.40 - 0.02 1.85 0.11 0.33 0.31 0.31 - 0.02 1.33 0.00 0.07 0.06 0.07 + 0.03 5.00 0.01 3.51 2.97 3.19 - 0.13 5.35 2.50 2.65 2.28 2.55 + 0.04 4.25 2.05 6.92 6.50 6.59 - 0.27 6.92 3.37 0.17 0.14 0.15 - 0.02 0.35 0.13 1.83 1.70 1.81 + 0.01 2.46 1.50 1.38 1.25 1.37 + 0.03 2.01 1.15 0.00 0.00 0.15 unch 0.00 0.34 0.11 0.08 0.07 0.07 - 0.00 0.41 0.07 0.10 0.10 0.10 unch 0.00 0.52 0.09 18.21 17.56 18.05 - 0.17 19.32 15.00 13.77 13.21 13.71 - 0.01 15.55 11.64 0.51 0.47 0.47 - 0.02 0.72 0.37 0.39 0.35 0.37 - 0.00 0.58 0.29 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.08 unch 0.00 0.19 0.05 0.28 0.24 0.26 + 0.01 0.64 0.16 0.20 0.19 0.20 + 0.01 0.31 0.10 0.17 0.09 0.15 - 0.02 0.19 0.00 0.02 0.01 0.02 + 0.00 0.05 0.01 0.03 0.03 0.03 - 0.01 0.06 0.03 0.00 0.00 0.08 unch 0.00 0.10 0.08 0.07 0.00 0.07 - 0.01 0.11 0.06 0.11 0.08 0.10 + 0.01 0.15 0.07 0.36 0.30 0.34 + 0.01 0.64 0.30 0.48 0.40 0.48 + 0.05 0.75 0.40 0.24 0.00 0.23 - 0.04 0.35 0.22 0.35 0.30 0.33 - 0.02 0.50 0.16 0.16 0.15 0.15 - 0.02 0.21 0.11 0.11 0.11 0.11 unch 0.00 0.16 0.11 0.22 0.21 0.22 - 0.01 0.74 0.16 0.17 0.15 0.17 - 0.00 0.57 0.12 0.20 0.19 0.19 - 0.01 0.37 0.18 0.19 0.16 0.17 unch 0.00 0.41 0.11 0.25 0.23 0.25 + 0.01 0.50 0.19 0.19 0.17 0.18 - 0.01 0.30 0.09 0.13 0.13 0.13 - 0.00 0.20 0.09 0.90 0.84 0.90 + 0.03 1.17 0.70 0.68 0.63 0.68 + 0.01 0.92 0.56 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.06 0.06 - 0.01 0.07 0.03 0.22 0.20 0.22 + 0.01 0.25 0.19 0.28 0.27 0.28 + 0.01 0.31 0.24 0.49 0.00 0.44 - 0.04 1.96 0.36 0.69 0.00 0.60 unch 0.00 2.56 0.44 0.08 0.06 0.07 - 0.01 0.12 0.05 0.07 0.05 0.05 - 0.02 0.09 0.03 0.93 0.88 0.89 - 0.01 1.96 0.88 0.13 0.00 0.12 - 0.01 0.20 0.10 0.25 0.22 0.22 - 0.03 0.34 0.12 0.20 0.19 0.19 unch 0.00 0.50 0.18 0.14 0.10 0.14 + 0.01 0.38 0.04 0.10 0.10 0.10 + 0.01 0.30 0.03 0.03 0.03 0.03 - 0.01 0.06 0.02 0.05 0.04 0.04 - 0.00 0.11 0.04 0.07 0.06 0.06 - 0.01 0.14 0.06 0.06 0.05 0.06 + 0.01 0.09 0.03 0.14 0.14 0.14 + 0.01 0.14 0.05 0.18 0.13 0.17 - 0.01 0.39 0.13 0.05 0.05 0.05 unch 0.00 0.08 0.01 0.25 0.19 0.25 + 0.03 0.40 0.08 0.09 0.07 0.09 unch 0.00 0.12 0.05 0.18 0.15 0.18 + 0.00 0.27 0.14 0.23 0.20 0.23 + 0.01 0.33 0.17 0.05 0.04 0.05 + 0.01 0.18 0.04 0.07 0.06 0.06 unch 0.00 0.23 0.06 0.03 0.03 0.03 unch 0.00 0.11 0.02 0.06 0.04 0.05 + 0.01 0.18 0.04 2.25 2.07 2.21 + 0.03 2.62 1.08 2.98 2.73 2.88 - 0.02 3.45 1.34 0.22 0.21 0.21 - 0.01 0.60 0.17 0.16 0.00 0.16 - 0.00 0.46 0.13 0.24 0.20 0.23 + 0.01 0.71 0.14 0.18 0.00 0.18 + 0.03 0.56 0.12 0.09 0.09 0.09 unch 0.00 0.17 0.08 0.12 0.10 0.10 - 0.01 1.56 0.08 0.16 0.12 0.14 - 0.02 1.76 0.12 0.05 0.04 0.04 - 0.01 0.09 0.03 0.07 0.05 0.05 - 0.01 0.12 0.04 0.13 0.11 0.12 unch 0.00 0.32 0.05 0.10 0.09 0.10 + 0.01 0.21 0.04 0.18 0.17 0.17 - 0.02 0.57 0.14 0.11 0.06 0.11 + 0.04 0.24 0.06 0.55 0.48 0.51 - 0.04 0.73 0.23 0.41 0.35 0.38 - 0.02 0.59 0.21 0.04 0.04 0.04 + 0.00 0.08 0.02 0.05 0.05 0.05 unch 0.00 0.09 0.03 1.58 1.52 1.53 - 0.03 1.86 1.39 1.19 1.16 1.17 unch 0.00 1.46 1.06 0.08 0.08 0.08 unch 0.00 0.24 0.07 0.03 0.02 0.02 - 0.01 0.07 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.03 0.03 0.03 unch 0.00 0.19 0.03 0.07 0.00 0.07 + 0.01 0.09 0.03 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.34 0.28 0.34 unch 0.00 0.50 0.08 0.09 0.09 0.09 - 0.01 0.18 0.07 0.07 0.05 0.06 + 0.01 0.11 0.05 0.00 0.00 0.14 unch 0.00 0.15 0.05 0.00 0.00 0.10 unch 0.00 0.17 0.08 0.20 0.16 0.17 + 0.01 0.52 0.10 0.15 0.15 0.15 unch 0.00 0.37 0.07 0.07 0.07 0.07 unch 0.00 0.11 0.03 0.10 0.09 0.09 - 0.01 0.14 0.04 0.19 0.00 0.19 + 0.02 0.20 0.16 0.18 0.17 0.17 - 0.02 0.40 0.14 0.13 0.11 0.13 + 0.00 0.23 0.08 0.19 0.17 0.19 + 0.02 0.28 0.09 0.09 0.08 0.09 + 0.01 0.13 0.06 0.13 0.10 0.11 + 0.01 0.19 0.09 0.90 0.71 0.89 + 0.09 2.76 0.32 0.69 0.00 0.68 + 0.08 2.24 0.31 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.09 0.07 0.09 + 0.00 0.17 0.03 0.13 0.09 0.12 - 0.01 0.22 0.04 0.40 0.37 0.40 + 0.02 0.41 0.16 5.03 4.82 4.91 - 0.01 6.13 3.96 0.36 0.33 0.34 - 0.01 0.39 0.14 0.27 0.24 0.25 - 0.01 0.28 0.14 0.07 0.00 0.06 + 0.01 0.18 0.05 0.05 0.05 0.05 unch 0.00 0.13 0.02 0.16 0.14 0.15 - 0.01 0.43 0.12 0.11 0.11 0.11 - 0.01 0.34 0.09 0.17 0.16 0.17 unch 0.00 0.26 0.14 0.25 0.24 0.25 + 0.01 0.35 0.22

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Harmony Gold* N 17922 Harte Gold* O 149 Harte Gold T 2265 Harvest Gold* O 236 Harvest Gold V 193 Hawkeye Gld&Di* O 0 Hawkeye Gld&Di V 246 V 323 Heatherdale Rs Hecla Mining* N 18868 Helio Res V 13 Hellix Vent* O 55 Hemcare Health* O 2 Heron Res* O 1 Highbank Res V 85 Highbury Proj V 25 Highland Copp* O 1050 V 2906 Highland Copp 90 Highway 50 Gld V HiHo Silver 295 Hinterland Mtl V 187 Hochschild Mg* O 8 V 38 Homeland Egy Honey Badger E V 2409 70 Honey Badger E* O Horizonte Mnls T 1863 Hornby Bay Mnl* O 2 Hornby Bay Mnl V 2846 HudBay Mnls* N 3129 HudBay Mnls T 11670 Hudson Res V 123 Hudson Res* O 72 Hunt Mng* O 46 Hunt Mng V 10 Hut 8 Mining* O 36 Hut 8 Mining V 846 Hybrid Mineral V 404 Hycroft Mg* O 0

1.62 1.52 1.56 - 0.04 2.53 1.52 0.30 0.27 0.30 + 0.02 0.54 0.26 0.41 0.36 0.40 + 0.03 0.68 0.33 0.04 0.04 0.04 + 0.00 0.05 0.03 0.06 0.05 0.06 + 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.05 0.04 0.04 unch 0.00 0.12 0.04 0.04 0.00 0.03 - 0.01 0.08 0.03 3.91 3.43 3.48 - 0.39 5.58 3.25 0.10 0.00 0.10 unch 0.00 0.50 0.10 0.02 0.00 0.02 + 0.01 0.23 0.01 0.49 0.47 0.49 + 0.03 2.30 0.11 0.49 0.48 0.48 - 0.01 0.95 0.43 0.03 0.03 0.03 - 0.01 0.06 0.02 0.30 0.30 0.30 unch 0.00 0.35 0.22 0.06 0.05 0.06 + 0.00 0.14 0.05 0.08 0.06 0.08 + 0.01 0.17 0.06 0.36 0.34 0.35 - 0.01 0.44 0.22 0.08 0.06 0.08 + 0.01 0.14 0.03 0.03 0.02 0.02 unch 0.00 0.05 0.02 2.55 2.39 2.42 - 0.13 4.37 2.39 0.27 0.00 0.25 - 0.02 0.38 0.19 0.15 0.12 0.13 - 0.02 0.20 0.04 0.12 0.09 0.09 - 0.03 0.16 0.03 0.08 0.07 0.08 + 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.00 0.05 0.03 0.04 - 0.01 0.08 0.00 6.00 5.25 5.60 - 0.50 10.25 5.25 7.94 7.02 7.33 - 0.82 12.65 7.02 0.47 0.44 0.46 + 0.02 0.65 0.38 0.35 0.33 0.34 + 0.00 0.52 0.29 0.22 0.00 0.21 unch 0.00 0.41 0.11 0.28 0.28 0.28 + 0.01 0.51 0.13 2.41 2.24 2.26 - 0.10 3.74 2.24 3.18 2.90 2.90 - 0.10 5.00 0.04 0.23 0.17 0.23 + 0.03 0.55 0.15 0.00 0.00 0.07 unch 0.00 0.50 0.01

I-Minerals* O 10 I-Minerals V 13 IAMGOLD T 5999 IAMGOLD* N 12959 50 Iconic Mnls * O Iconic Mnls V 443 IDM Mining* O 335 IDM Mining V 1324 IEMR Res V 85 IGC Res V 0 iMetal Res V 443 iMetal Res* O 94 IMPACT Silver V 345 Imperial Metal* O 22 Imperial Metal T 115 Imperial Mg Gr V 82 Inca One Gold* O 11 Inca One Gold V 268 Inception Mng * O 0 Independence G V 60 Independence G* O 66 Indico Res V 389 Indigo Expl V 1060 Infinite Lith* O 6 Infinite Lith V 212 Inform Res V 0 Inomin Mines V 170 Inspiration Mg* O 8 Inspiration Mg 721 Intact Gold* O 4 Intact Gold V 227 Integra Res* O 116 Integra Res V 725 Inter-Rock Mnl V 447 Inter-Rock Mnl* O 55 Intercontinent V 325 Intercontinent* O 1 Intgr Egy Sol* O 12942 Intl Battery* O 339 Intl Battery 238 Intl Bethl Mng V 138 Intl Bethl Mng* O 3 Intl Cobalt* O 60 Intl Cobalt 437 Intl Corona V 50 Intl Lithium* O 190 Intl Lithium V 2052 Intl Millm Mng V 13 Intl Montoro* O 80 Intl Montoro V 308 Intl Prospect * O 5 Intl Prospect V 233 Intl Samuel Ex* O 75 226 Intl Samuel Ex V Intl Star* O 53042 Intl Tower Hil* X 762 Intl Tower Hil T 73 Intl Zeolite V 340 Intl Zeolite* O 25 Intrepid Pots* N 4424 INV Metals* O 125 INV Metals T 106 Inventus Mg * O 35 Inventus Mg V 50 InZinc Mining V 847 InZinc Mining* O 110 Ireland* O 411 Ironside Res V 37 Irving Res 227 Irving Res* O 148 IsoEnergy Ltd V 207 O 2 Itafos* Itafos V 7 Itoco Mg Corp* O 0 O 623 Ivanhoe Mines* Ivanhoe Mines T 6090 Jade Leader* O 290 Jade Leader V 420 Jaguar Mng T 163 Jaguar Mng* O 47 Japan Gold V 117 Japan Gold* O 135 Jasper Mng V 0 Jaxon Mining* O 45 Jaxon Mining V 205 Jayden Res* O 0 Jayden Res V 64 Jazz Res V 16 JDF Explor Inc 1 Jiminex V 98 Jiulian Res V 131 Jourdan Res V 406 Juggernaut Exp V 723 Juggernaut Exp* O 65 K2 Gold V 72 K92 Mng Inc* O 875 K92 Mng Inc V 2552 Kaizen Discov V 462 Kaizen Discvry* O 1 Kapuskasing Gd* O 24 V 193 Kapuskasing Gd Karmin Expl V 28 Karnalyte Res T 51 Karoo Expl V 429 KAT Expl* O 1550 Katanga Mng T 5364 Kenadyr Mining V 369 Kenadyr Mining* O 56 Kermode Res V 102 Kerr Mines* O 94 Kerr Mines T 255 Kesselrun Res* O 18 Kesselrun Res V 260 Kestrel Gold V 245 Khan Res 570 Kilo Goldmines* O 1 Kilo Goldmines V 879 Kincora Copper* O 3 Kincora Copper V 461 Kings Bay Res V 1781 Kingsmen Res V 155 Kingsmen Res* O 50 Kinross Gold T 13150 Kinross Gold* N 29585 Kintavar Exp V 982 Kirkland Lake* N 2669 Kirkland Lake T 3088 Kitrinor Mtls V 1550 Klondex Mines T 1044 Klondike Gold V 519 Klondike Gold* O 285 Klondike Silv V 1052 Klondike Silv* O 8 Knick Expl V 156 Kombat Copper V 175

0.17 0.17 0.17 unch 0.00 0.35 0.17 0.21 0.00 0.21 - 0.01 0.48 0.21 7.71 7.45 7.66 + 0.03 8.87 6.22 5.87 5.60 5.81 + 0.08 7.25 4.80 0.08 0.08 0.08 unch 0.00 0.28 0.03 0.10 0.09 0.09 - 0.02 0.43 0.04 0.06 0.05 0.05 - 0.00 0.12 0.04 0.07 0.07 0.07 + 0.01 0.15 0.06 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.00 0.00 0.16 unch 0.00 0.25 0.05 0.08 0.07 0.08 - 0.01 0.18 0.04 0.07 0.06 0.06 - 0.00 0.12 0.05 0.41 0.38 0.39 - 0.02 0.56 0.26 1.42 1.38 1.40 - 0.08 3.69 1.14 1.98 1.81 1.82 - 0.10 4.90 1.80 0.09 0.08 0.09 unch 0.00 0.27 0.05 0.04 0.04 0.04 + 0.01 0.10 0.03 0.06 0.05 0.06 unch 0.00 0.13 0.05 0.00 0.00 0.16 unch 0.00 0.40 0.11 0.09 0.08 0.08 - 0.01 0.21 0.08 0.06 0.06 0.06 - 0.00 0.17 0.06 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.12 0.10 0.10 - 0.01 0.34 0.07 0.14 0.12 0.12 - 0.01 0.45 0.12 0.00 0.00 0.18 unch 0.00 0.39 0.14 0.08 0.07 0.08 unch 0.00 0.20 0.02 0.03 0.02 0.03 + 0.00 0.20 0.01 0.04 0.03 0.04 + 0.01 0.27 0.01 0.11 0.11 0.11 unch 0.00 0.65 0.08 0.18 0.15 0.15 unch 0.00 1.18 0.15 0.68 0.62 0.65 + 0.01 1.83 0.05 0.92 0.80 0.85 unch 0.00 1.40 0.80 0.33 0.32 0.33 + 0.01 0.59 0.23 0.26 0.24 0.24 unch 0.00 0.35 0.19 0.54 0.50 0.51 - 0.03 0.65 0.11 0.41 0.41 0.41 - 0.00 0.47 0.12 0.00 0.00 0.00 - 0.00 0.00 0.00 0.26 0.22 0.25 + 0.01 1.11 0.15 0.35 0.29 0.32 + 0.01 1.38 0.26 0.05 0.05 0.05 + 0.01 0.17 0.03 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.11 0.09 0.11 + 0.02 0.31 0.08 0.15 0.13 0.13 - 0.02 0.45 0.08 0.05 0.05 0.05 + 0.01 0.08 0.03 0.08 0.05 0.08 + 0.01 0.18 0.05 0.11 0.08 0.11 + 0.02 0.23 0.07 0.03 0.02 0.03 + 0.01 0.04 0.01 0.04 0.04 0.04 + 0.00 0.06 0.03 0.05 0.04 0.04 - 0.01 0.13 0.03 0.22 0.18 0.18 - 0.01 0.28 0.05 0.38 0.00 0.25 - 0.03 0.38 0.04 0.01 0.01 0.01 - 0.01 0.12 0.02 0.03 0.00 0.03 unch 0.00 0.15 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.54 0.46 0.50 - 0.04 0.78 0.29 0.72 0.62 0.65 - 0.05 0.99 0.38 0.29 0.21 0.29 + 0.07 0.93 0.21 0.22 0.15 0.22 + 0.04 0.72 0.15 4.55 4.07 4.10 - 0.45 5.31 2.14 0.33 0.31 0.31 unch 0.00 0.80 0.31 0.49 0.48 0.49 - 0.02 1.07 0.43 0.10 0.10 0.10 unch 0.00 0.31 0.09 0.14 0.13 0.14 - 0.01 0.39 0.12 0.12 0.11 0.12 + 0.01 0.24 0.09 0.09 0.08 0.09 + 0.00 0.19 0.07 0.14 0.12 0.13 - 0.01 0.30 0.05 0.14 0.12 0.12 + 0.01 0.21 0.08 1.24 1.01 1.10 + 0.03 1.54 0.62 0.92 0.75 0.91 + 0.10 1.24 0.49 0.30 0.28 0.30 - 0.01 0.78 0.26 1.70 0.00 1.70 + 0.02 2.25 0.97 2.33 0.00 2.26 unch 0.00 2.90 1.14 0.00 0.00 0.10 unch 0.00 1.20 0.05 2.16 1.97 2.06 - 0.08 4.04 1.90 2.86 2.62 2.70 - 0.15 5.05 2.50 0.24 0.15 0.24 + 0.06 0.38 0.05 0.31 0.20 0.31 + 0.11 0.50 0.07 0.37 0.35 0.37 + 0.01 0.42 0.22 0.28 0.00 0.27 - 0.00 0.34 0.18 0.15 0.14 0.15 + 0.01 0.39 0.14 0.11 0.10 0.10 - 0.02 0.30 0.10 0.00 0.00 0.16 unch 0.00 0.18 0.06 0.10 0.09 0.09 - 0.00 0.27 0.08 0.12 0.11 0.12 + 0.01 0.41 0.10 0.00 0.00 0.08 unch 0.00 0.30 0.06 0.13 0.11 0.13 + 0.01 0.38 0.08 0.06 0.06 0.06 unch 0.00 0.09 0.06 0.00 0.00 0.05 unch 0.00 0.15 0.01 0.06 0.05 0.05 unch 0.00 0.28 0.05 0.15 0.07 0.10 unch 0.00 0.15 0.02 0.07 0.06 0.06 unch 0.00 0.19 0.04 0.41 0.37 0.38 - 0.07 0.59 0.17 0.30 0.29 0.30 - 0.03 0.35 0.27 0.24 0.20 0.20 - 0.04 0.56 0.18 0.75 0.67 0.70 - 0.03 0.78 0.31 1.01 0.89 0.90 - 0.07 1.04 0.41 0.07 0.05 0.06 unch 0.00 0.18 0.05 0.06 0.06 0.06 unch 0.00 0.15 0.04 0.00 0.00 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.02 - 0.01 0.06 0.02 0.80 0.62 0.74 - 0.06 1.50 0.45 0.48 0.38 0.38 - 0.02 0.75 0.36 0.42 0.34 0.35 - 0.04 1.10 0.34 0.00 0.00 0.00 + 0.00 0.00 0.00 1.13 0.91 0.96 - 0.15 2.83 0.49 0.19 0.13 0.19 + 0.05 0.36 0.10 0.13 0.10 0.13 + 0.03 0.28 0.08 0.02 0.00 0.02 + 0.01 0.03 0.01 0.17 0.15 0.16 unch 0.00 0.34 0.15 0.22 0.20 0.20 - 0.01 0.41 0.19 0.06 0.06 0.06 unch 0.00 0.17 0.06 0.09 0.09 0.09 - 0.01 0.23 0.08 0.03 0.03 0.03 unch 0.00 0.19 0.03 0.09 0.08 0.08 - 0.01 0.18 0.05 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.12 0.11 0.12 + 0.01 0.32 0.10 0.15 0.13 0.14 + 0.01 0.42 0.11 0.07 0.05 0.05 - 0.01 0.16 0.06 0.22 0.22 0.22 unch 0.00 0.25 0.10 0.15 0.15 0.15 unch 0.00 0.20 0.07 5.03 4.83 4.95 - 0.02 5.96 4.44 3.79 3.63 3.76 + 0.04 4.91 3.48 0.39 0.33 0.39 + 0.02 0.65 0.10 21.27 19.70 21.12 + 0.83 20.81 8.59 27.96 26.14 27.84 + 0.82 27.64 11.17 4.22 3.70 4.20 + 0.33 8.61 1.01 3.36 3.03 3.07 - 0.26 4.85 1.66 0.25 0.23 0.24 - 0.02 0.60 0.22 0.19 0.17 0.18 - 0.01 0.49 0.16 0.06 0.00 0.06 - 0.01 0.10 0.04 0.05 0.03 0.04 + 0.01 0.08 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 0.22 0.19 0.20 - 0.02 0.49 0.19

I-J-K

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Kombat Copper* O 30 V 181 Komet Resource Kootenay Silvr* O 42 Kootenay Silvr V 486 Kootenay Zinc 75 O 47 Kootenay Zinc* Kutcho Copper * O 49 KWG Res* O 86 KWG Res 153

0.18 0.18 0.18 unch 0.00 0.34 0.18 0.27 0.23 0.24 - 0.03 0.48 0.23 0.13 0.11 0.11 - 0.02 0.24 0.11 0.17 0.14 0.15 - 0.02 0.31 0.15 0.13 0.00 0.10 - 0.01 1.50 0.10 0.10 0.08 0.08 - 0.00 1.21 0.07 0.36 0.30 0.35 - 0.00 0.84 0.30 0.01 0.01 0.01 - 0.00 0.02 0.01 0.02 0.01 0.02 unch 0.00 0.03 0.01

La Imperial 50 5 Labdr Iron Mns* O Labrador Gold V 82 Labrador Iron T 1428 Lara Expl V 40 Laramide Res T 2341 Laredo Res* O 5749 Largo Res T 1215 Largo Res* O 488 Lateral Gold V 45 Latin Am Mnls V 772 Latin Am Mnls* O 168 Laurion Mnl Ex* O 38 Laurion Mnl Ex V 180 Le Mare Gold* O 26 Lead Ventures 8 Leading Edge* O 1201 Leading Edge V 1120 Leagold Mg* O 244 Leagold Mg T 603 Leeta Gold V 6847 Legion Metals 356 Lepanto Con Mg* O 150 373 Levon Res Ltd T Levon Res Ltd * O 154 Libero Copper* O 1 Libero Copper V 2628 Liberty Gold* O 371 Liberty One Li V 62 Liberty One Li* O 474 LiCo Energy* O 702 LiCo Energy V 897 Lincoln Mng V 67 Lion One Mtls V 87 Lion One Mtls* O 53 3 Lions Bay Cap V Lions Gate Mtl* O 1 Lithion Energy* O 1 Lithium Amer* N 881 Lithium Amer T 597 Lithium Chile V 1043 Lithium Chile* O 408 Lithium Corp* O 393 Lithium Energi* O 12 Lithium Energi V 132 Lithium Energy V 11 Lithium Expl* O 2793 Lithoquest Dia V 94 LKA Gold* O 9 Logan Res* O 0 Lomiko Mtls* O 75 Lomiko Mtls V 592 Loncor Res* O 207 Loncor Res T 132 Lone Star Gold* O 1378 Lonmin plc* O 15 Lorraine Coppr* O 45 Lorraine Coppr V 322 Los Andes Copp V 425 Lovitt Res V 736 LSC Lithium* O 8 Lucara Diam T 2427 Lucky Mnls * O 33 Lucky Mnls V 381 Lumina Gold* O 221 Lumina Gold V 235 Lund Enterpr V 89 Lundin Gold T 504 Lundin Mng T 17156 Lupaka Gold V 57 Lydian Intl* O 112 Lydian Intl T 1049 Lynas Corp* O 123 Lynas Corp* O 74

0.07 0.07 0.07 unch 0.00 0.08 0.04 0.00 0.00 0.00 unch 0.00 0.10 0.00 0.28 0.22 0.28 + 0.02 0.35 0.04 24.69 22.62 24.09 - 0.69 28.55 15.10 0.65 0.60 0.64 + 0.02 0.99 0.50 0.28 0.25 0.25 - 0.02 0.55 0.23 0.05 0.03 0.04 + 0.01 0.05 0.00 1.87 1.70 1.74 - 0.09 2.03 0.34 1.42 1.30 1.30 - 0.07 1.61 0.26 0.85 0.79 0.85 + 0.05 1.08 0.55 0.06 0.05 0.05 - 0.01 0.16 0.05 0.04 0.04 0.04 + 0.00 0.12 0.04 0.07 0.05 0.05 - 0.01 0.07 0.01 0.09 0.08 0.08 - 0.01 0.09 0.01 0.30 0.05 0.06 unch 0.00 3.40 0.03 0.25 0.20 0.25 + 0.06 0.60 0.06 0.43 0.26 0.28 - 0.12 0.80 0.28 0.57 0.36 0.37 - 0.18 1.01 0.37 2.06 1.91 2.00 - 0.04 2.80 1.76 2.72 2.53 2.59 - 0.09 3.48 2.27 0.74 0.62 0.74 + 0.04 6.75 0.62 0.10 0.05 0.05 - 0.06 0.21 0.05 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.22 0.19 0.22 + 0.02 0.41 0.18 0.17 0.14 0.16 + 0.00 0.34 0.13 0.07 0.07 0.07 unch 0.00 0.19 0.05 0.09 0.09 0.09 unch 0.00 0.15 0.07 0.34 0.31 0.33 - 0.01 0.44 0.27 0.30 0.26 0.27 - 0.02 2.49 0.21 0.23 0.19 0.20 - 0.02 1.95 0.16 0.04 0.03 0.04 - 0.00 0.90 0.03 0.05 0.05 0.05 - 0.01 0.20 0.05 0.03 0.02 0.02 - 0.01 0.06 0.02 0.59 0.52 0.58 + 0.04 0.79 0.45 0.45 0.40 0.42 + 0.01 0.63 0.36 0.09 0.09 0.09 unch 0.00 0.25 0.09 0.08 0.08 0.08 unch 0.00 0.42 0.08 0.07 0.07 0.07 unch 0.00 0.11 0.05 5.79 5.19 5.39 - 0.32 10.95 3.08 7.65 6.88 7.03 - 0.51 14.06 3.90 0.99 0.75 0.96 - 0.01 1.35 0.42 0.83 0.57 0.73 - 0.01 0.96 0.57 0.28 0.26 0.27 unch 0.00 0.62 0.05 0.23 0.21 0.22 - 0.00 0.75 0.07 0.34 0.29 0.29 - 0.02 0.97 0.07 0.35 0.35 0.35 unch 0.00 1.50 0.32 0.02 0.02 0.02 + 0.00 0.13 0.02 0.54 0.49 0.50 - 0.04 0.88 0.22 0.18 0.15 0.18 + 0.03 0.58 0.11 0.00 0.00 0.03 unch 0.00 0.04 0.02 0.05 0.03 0.04 - 0.01 0.24 0.03 0.06 0.05 0.06 + 0.01 0.31 0.05 0.06 0.04 0.06 + 0.02 0.09 0.04 0.08 0.06 0.08 + 0.01 0.17 0.06 0.02 0.01 0.01 - 0.00 0.03 0.00 0.55 0.00 0.47 - 0.11 1.40 0.47 0.09 0.08 0.08 + 0.07 0.12 0.01 0.12 0.10 0.12 - 0.03 0.19 0.06 0.30 0.29 0.29 - 0.01 0.47 0.20 0.25 0.07 0.10 + 0.03 0.25 0.02 0.58 0.00 0.58 + 0.00 1.31 0.54 2.20 2.00 2.11 - 0.07 2.91 1.97 0.07 0.00 0.07 + 0.01 0.18 0.06 0.11 0.09 0.10 - 0.01 0.23 0.09 0.58 0.52 0.56 + 0.00 0.67 0.46 0.76 0.67 0.76 + 0.02 0.85 0.60 0.13 0.12 0.12 - 0.01 0.24 0.09 4.68 4.33 4.58 - 0.19 5.66 4.07 7.93 7.06 7.31 - 0.79 10.22 6.62 0.19 0.16 0.19 + 0.03 0.29 0.11 0.26 0.25 0.26 + 0.00 0.50 0.24 0.36 0.33 0.35 + 0.01 0.63 0.32 1.81 1.68 1.75 unch 0.00 2.20 0.08 1.77 1.65 1.70 - 0.03 2.20 0.55

L

M M.P.V. Explor 20 0.15 0.15 0.15 unch 0.00 0.30 0.15 M2 Cobalt* O 4 0.29 0.27 0.27 - 0.02 0.61 0.25 O 1150 0.03 0.03 0.03 - 0.01 0.10 0.03 Macarthur Mnl* Macarthur Mnl V 1527 0.04 0.04 0.04 unch 0.00 0.12 0.04 MacDonald Mns* O 1279 0.05 0.00 0.05 - 0.00 0.11 0.04 MacDonald Mns V 529 0.07 0.06 0.06 - 0.01 0.16 0.06 MacMillan Mnls V 61 1.80 1.67 1.71 + 0.02 1.90 1.33 MAG Silver T 685 14.97 13.92 14.20 - 0.74 17.27 11.71 Magellan Gold* O 112 0.04 0.03 0.03 + 0.00 0.19 0.01 Magna Terra V 52 0.04 0.03 0.04 + 0.01 0.09 0.03 Magnitude Mng V 72 0.30 0.30 0.30 unch 0.00 0.30 0.30 Magnus Intl* O 0 0.00 0.00 0.00 unch 0.00 0.01 0.00 Majestic Gold V 328 0.08 0.00 0.08 + 0.01 0.09 0.04 Majestic Gold* O 136 0.06 0.06 0.06 unch 0.00 0.06 0.03 Makena Res 358 0.12 0.10 0.10 - 0.02 0.24 0.08 0.28 Malbex Res V 35 0.38 0.00 0.30 - 0.10 0.40 Malbex Res* O 3 0.29 0.29 0.29 unch 0.00 0.29 0.25 Mammoth Res V 123 0.05 0.05 0.05 + 0.01 0.16 0.04 Manado Gold V 5 0.04 0.04 0.04 unch 0.00 0.24 0.04 Mandalay Res T 658 0.20 0.19 0.20 unch 0.00 0.42 0.19 Mandalay Res* O 98 0.16 0.13 0.15 - 0.00 0.33 0.13 Manganese X* O 4 0.10 0.09 0.10 + 0.01 0.21 0.07 Manganese X V 185 0.16 0.13 0.14 + 0.02 0.28 0.08 Mangazeya Mng V 468 0.03 0.03 0.03 + 0.01 0.04 0.02 Manitou Gold V 130 0.09 0.07 0.08 - 0.01 0.19 0.05 Maple Gold V 2227 0.16 0.13 0.14 - 0.02 0.34 0.13 Maple Gold* O 754 0.13 0.09 0.12 - 0.01 0.27 0.09 Marathon Gold* O 248 0.72 0.64 0.69 + 0.00 1.14 0.64 Marathon Gold T 975 0.96 0.84 0.90 - 0.01 1.28 0.84 Margaret Lake* O 22 0.07 0.00 0.07 unch 0.00 0.12 0.07 Margaret Lake V 231 0.10 0.08 0.08 - 0.01 0.16 0.05 Margaux Res V 92 0.23 0.20 0.21 + 0.01 0.35 0.12 Marifil Mines V 165 0.22 0.17 0.17 + 0.01 0.32 0.11 Marifil Mines* O 35 0.15 0.12 0.12 - 0.03 0.17 0.01 Maritime Res V 1979 0.14 0.10 0.10 - 0.03 0.14 0.09 Marlin Gold V 30 0.29 0.26 0.28 + 0.01 1.15 0.23 unch 0.00 0.07 0.03 Martina Mnls V 4 0.00 0.00 0.04 MartinMarietta* N 2765 227.85 216.25 223.33 - 4.10 241.33 189.27 Mas Gold V 13 0.09 0.00 0.09 + 0.01 0.15 0.06 Mason Graphite* O 278 1.06 0.99 1.05 + 0.05 2.47 0.88 Mason Graphite V 280 1.39 1.31 1.35 + 0.02 3.15 1.16 Mason Res* O 70 0.16 0.00 0.14 - 0.01 0.29 0.01 Mason Res T 146 0.19 0.17 0.18 unch 0.00 0.35 0.15 Matachewan Con V 25 0.22 0.21 0.22 + 0.01 0.33 0.21 Matamec Expl V 82 0.03 0.03 0.03 + 0.01 0.05 0.02 Matamec Expl* O 102 0.02 0.02 0.02 unch 0.00 0.04 0.01 Matica Ent 4563 0.23 0.20 0.21 - 0.01 0.81 0.08 Matica Ent* O 147 0.17 0.15 0.16 + 0.00 0.64 0.06 Maudore Mnrls* O 3 0.00 0.00 0.00 unch 0.00 0.00 0.00 Maverix Mtls* O 47 1.32 0.00 1.26 - 0.04 1.50 1.03 Mawson Res T 134 0.30 0.28 0.30 unch 0.00 0.65 0.28 0.21 Mawson Res* O 34 0.24 0.21 0.23 + 0.01 0.48 MAX Res V 1272 0.20 0.17 0.20 unch 0.00 0.32 0.06 MaxTech Vent 40 0.28 0.23 0.26 + 0.01 0.60 0.14 MaxTech Vent* O 134 0.22 0.16 0.19 - 0.04 0.48 0.13 unch 0.00 0.01 0.00 Maxwell Res* O 280 0.01 0.01 0.01 Maya Gold &Sil* O 4 2.11 1.99 2.08 + 0.08 2.35 0.52 Maya Gold &Sil V 181 2.80 2.60 2.60 - 0.04 3.02 0.66 Mazarin V 10 0.08 0.08 0.08 unch 0.00 0.18 0.04 0.00 MBMI Res* O 2 0.06 0.00 0.06 - 0.00 0.09 MBMI Res V 33 0.07 0.00 0.05 unch 0.00 0.13 0.03 McChip Res V 8 0.59 0.58 0.58 - 0.01 0.87 0.37 McEwen Mng T 544 2.95 2.72 2.72 - 0.17 3.53 2.33 McEwen Mng* N 7294 2.22 2.05 2.07 - 0.12 2.86 1.82 McLaren Res 325 0.05 0.05 0.05 unch 0.00 0.19 0.03 MDN Inc* O 2 0.17 0.17 0.17 - 0.02 0.28 0.09 Meadow Bay Gd 104 0.10 0.07 0.08 - 0.02 0.26 0.07 Meadow Bay Gd* O 2 0.07 0.00 0.06 - 0.03 0.28 0.04 Mechel* N 177 3.15 3.00 3.13 unch 0.00 5.80 3.00 Medallion Res V 181 0.12 0.10 0.11 - 0.01 0.21 0.09 Medallion Res* O 84 0.09 0.08 0.08 - 0.01 0.17 0.07 Medgold Res V 498 0.48 0.43 0.44 - 0.06 0.51 0.13 Medgold Res* O 14 0.37 0.33 0.34 - 0.04 0.37 0.12 Medinah Mnrls* O 740 0.00 0.00 0.00 + 0.00 0.01 0.00 Mega Uranium T 1221 0.16 0.14 0.15 - 0.01 0.24 0.13 Mega Uranium* O 165 0.11 0.10 0.10 - 0.01 0.19 0.10 Megastar Dev V 32 0.06 0.06 0.06 unch 0.00 0.11 0.03 MegumaGold* O 80 0.20 0.19 0.20 + 0.00 0.24 0.07 MegumaGold 623 0.26 0.22 0.25 + 0.01 0.30 0.17 Melior Res V 10 0.95 0.00 0.85 + 0.05 1.50 0.30 Melior Res* O 0 0.00 0.00 0.07 unch 0.00 0.10 0.03 Melkior Res V 821 0.10 0.08 0.09 - 0.01 0.11 0.04 Meridian Mg V 58 0.20 0.17 0.17 - 0.02 1.39 0.17 Meryllion Res 44 0.03 0.00 0.03 unch 0.00 0.21 0.02 Meryllion Res* O 1 0.01 0.01 0.01 unch 0.00 0.07 0.00 Mesa Expl V 33 0.08 0.07 0.07 - 0.01 0.08 0.03

2018-07-03 10:18 AM

22

WWW.NORTHERNMINER.COM

JULY 9–22, 2018 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Mesa Expl* O 75 MetalCorp V 215 Metalex Vent V 1732 Metallic Mnrls V 375 Metallic Mnrls* O 179 Metallis Res V 138 Metalo Manuf 3 Metalo Manuf* O 0 O 1 Metalore Res* Metalore Res V 4 O 41 Metals Creek* Metals Creek V 1292 Metals X* O 198 Metanor Res* O 47 Metanor Res V 128 O 90 Mexican Gold* Mexus Gold* O 3487 Mezzotin Mnrls V 180 MGX Minerals 1813 MGX Minerals* O 1930 Midas Gold T 660 Midas Gold* O 1153 Midasco Cap V 2 Midland Expl V 118 Midnight Sun V 230 Millennial Lit* O 198 Millennial Lit V 646 Millrock Res* O 1202 Millrock Res V 967 Milner Con Slv V 4 Minaurum Gold V 706 Minco Silver* O 69 Minco Silver T 21 Minera Alamos * O 876 Minera Alamos V 2103 Minera IRL 1550 Mineral Hill V 171 Mineral Mtn* O 61 Mineral Mtn V 506 Mineral Res* O 0 MineralRite* O 10298 Mineworx Tech V 707 Mineworx Tech* O 366 Minfocus Expl V 120 Minfocus Expl* O 0 Mining Global* O 893892 Minnova Corp V 64 Miramont Res* O 30 Miramont Res 348 Miranda Gold V 291 Mirasol Res V 78 Mistango River 3 MK2 Ventures * O 2 MK2 Ventures V 50 Mkango Res V 29 ML Gold* O 13 ML Gold Corp V 270 Monarca Mnrls* O 2 Monarca Mnrls V 161 Monarques Res V 512 Monarques Res* O 72 Moneta Porcpn* O 535 Moneta Porcpn T 1541 Monitor Vent* O 0 Monster Uran* O 0 Montan Mg* O 7 Montan Mg V 131 Montego Res 571 Montero Mg&Ex V 99 Monument Mng V 81 Morien Res* O 22 Morien Res V 94 Morumbi Res* O 29 Morumbi Res T 345 Mosaic* N 18225 Mountain Boy V 693 Mountain Boy* O 1039 Mountain Prov T 317 Mountain Prov* D 99 Mundoro Cap* O 190 Mundoro Cap V 579 Murchison Min V 1098 MX Gold* O 287

0.06 0.06 0.06 unch 0.00 0.07 0.02 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.04 0.02 0.03 - 0.01 0.10 0.03 0.27 0.25 0.27 + 0.01 0.50 0.22 0.21 0.18 0.20 - 0.01 0.40 0.18 1.30 1.19 1.29 unch 0.00 2.75 0.14 0.33 0.33 0.33 unch 0.00 0.75 0.23 0.30 0.30 0.30 unch 0.00 0.30 0.30 1.59 1.59 1.59 unch 0.00 2.81 1.16 2.10 2.07 2.10 unch 0.00 4.45 1.77 0.03 0.03 0.03 + 0.00 0.08 0.03 0.05 0.04 0.05 unch 0.00 0.10 0.04 0.56 0.00 0.56 - 0.01 0.96 0.52 0.46 0.44 0.45 - 0.01 0.69 0.38 0.60 0.58 0.59 - 0.01 0.90 0.48 0.25 0.22 0.24 - 0.00 0.34 0.18 0.01 0.01 0.01 - 0.00 0.09 0.01 0.02 0.01 0.01 unch 0.00 0.04 0.01 1.11 1.01 1.07 + 0.02 1.96 0.75 0.84 0.75 0.79 - 0.00 1.58 0.60 1.06 0.92 0.98 - 0.07 1.21 0.55 0.80 0.70 0.74 - 0.06 0.95 0.42 0.00 0.00 0.14 unch 0.00 0.15 0.05 0.89 0.83 0.86 - 0.01 1.17 0.82 0.27 0.25 0.25 - 0.02 0.54 0.21 1.60 1.39 1.49 - 0.14 3.87 0.99 2.13 1.82 1.95 - 0.20 4.80 1.23 0.26 0.17 0.20 - 0.05 0.35 0.15 0.34 0.23 0.27 - 0.07 0.43 0.21 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.62 0.58 0.61 - 0.02 0.67 0.21 0.49 0.00 0.45 - 0.03 0.97 0.45 0.65 0.61 0.65 + 0.01 1.21 0.58 0.09 0.08 0.08 - 0.01 0.18 0.08 0.13 0.11 0.13 - 0.01 0.24 0.11 0.11 0.10 0.10 unch 0.00 0.15 0.06 0.26 0.18 0.19 - 0.07 0.34 0.18 0.25 0.19 0.24 + 0.04 0.60 0.13 0.30 0.25 0.30 + 0.04 0.74 0.15 15.00 15.00 15.00 unch 0.00 16.78 7.67 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.13 0.11 0.12 unch 0.00 0.40 0.06 0.10 0.08 0.09 + 0.01 0.33 0.05 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.73 0.70 0.70 - 0.02 0.93 0.55 0.22 0.18 0.20 - 0.01 0.33 0.18 0.28 0.23 0.28 + 0.03 0.65 0.23 0.04 0.04 0.04 - 0.01 0.09 0.03 1.80 1.70 1.72 - 0.04 2.60 1.50 0.03 0.00 0.03 unch 0.00 0.07 0.01 0.13 0.13 0.13 unch 0.00 0.13 0.08 0.26 0.24 0.26 + 0.04 0.26 0.09 0.14 0.14 0.14 unch 0.00 0.24 0.05 0.06 0.06 0.06 unch 0.00 0.26 0.06 0.10 0.09 0.09 - 0.01 0.32 0.09 0.03 0.03 0.03 unch 0.00 0.12 0.03 0.05 0.05 0.05 + 0.01 0.16 0.04 0.31 0.26 0.28 - 0.04 0.47 0.25 0.23 0.20 0.21 - 0.03 0.38 0.19 0.11 0.10 0.11 + 0.02 0.17 0.09 0.14 0.13 0.14 + 0.01 0.23 0.12 0.14 0.00 0.14 - 0.00 0.75 0.13 0.00 0.00 0.05 unch 0.00 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.07 0.06 0.06 - 0.01 0.11 0.03 0.14 0.12 0.14 + 0.03 0.55 0.07 0.26 0.25 0.25 + 0.01 0.49 0.12 0.07 0.07 0.07 unch 0.00 0.09 0.06 0.41 0.38 0.40 - 0.01 0.60 0.37 0.55 0.51 0.51 - 0.03 0.77 0.47 0.79 0.76 0.76 - 0.06 0.96 0.46 1.08 0.96 1.00 - 0.10 1.23 0.59 29.06 27.81 28.05 - 0.83 29.95 19.23 0.09 0.07 0.09 + 0.01 0.11 0.05 0.07 0.06 0.07 + 0.00 0.09 0.03 3.30 3.10 3.30 + 0.01 5.10 2.97 2.55 2.30 2.45 - 0.05 4.10 2.30 0.09 0.08 0.08 + 0.00 0.16 0.06 0.11 0.10 0.11 unch 0.00 0.20 0.09 0.15 0.14 0.14 - 0.01 0.25 0.13 0.03 0.02 0.03 - 0.00 0.17 0.01

NA Frac Sand* O 42 NACCO Ind* N 76 Namibia Crit V 91 Namibia Crit* O 26 Napier Vent V 17 Natural Res Pt* N 70 Nautilus Mnrls T 92 Nautilus Mnrls* O 221 Navis Res Corp* O 0 Navis Res Corp 0 Nemaska Lith T 7385 Nemaska Lith* O 544 Neo Lithium V 1213 Neometals* O 18 Network Expl* O 35 Network Expl V 88 Nevada Clean M V 2685 Nevada Clean M* O 250 Nevada Copper T 1732 Nevada Energy* O 7 Nevada Energy V 21 Nevada Expl * O 280 Nevada Expl V 591 Nevada Sunrise* O 93 Nevada Sunrise V 77 Nevada Zinc V 1006 Nevado Res V 168 Nevsun Res* X 2515 Nevsun Res T 5354 New Age Metals* O 217 New Age Metals V 370 New Carolin Gd* O 5 New Carolin Gd V 667 New Destiny Mg V 199 New Dimen Res V 30 New Dimen Res* O 0 New Energy Met V 135 New Energy Met* O 14 New Gold* X 13032 New Gold T 6763 New Guinea Gld* O 530 New Jersey Mng* O 322 New Milln Iron* O 4 New Milln Iron T 271 New Nadina V 308 New Nadina* O 2 New Oroperu V 2 New Pac Metals V 76 New Pac Metals* O 5 New Point Expl 66 New Tech Lith 209 New Tech Lith* O 2 New World Res V 10 Newlox Gold 677 Newmac Res V 1 Newmont Mng* N 19539 Newport Expl V 57 Newport Gold* O 39 NewRange Gold* O 41 NewRange Gold V 293 Nexa Resources T 16 Nexa Resources* N 837 Nexco Res 2 Nexgen Energy T 2700 Nexgen Energy* X 1604 NextSource Mat T 961 Nexus Gold V 192 Nexus Gold* O 90 NGEx Res* O 28 NGEx Res T 192 Nickel Creek T 427 Nickel Creek* O 1588 Nickel North V 118 Nickel One Res V 121 Nicola Mg Inc V 469 Nicola Mg Inc* O 120 Nighthawk Gold* O 141 Nighthawk Gold T 256 Niobay Metals V 26 Niocorp Dev T 475 Niocorp Dev* O 715 Nippon Dragon V 326

0.01 0.01 0.01 + 0.00 0.03 0.01 36.15 33.51 33.75 - 1.35 48.85 14.60 0.36 0.32 0.32 - 0.02 0.46 0.04 0.27 0.24 0.26 + 0.01 2.77 0.03 0.44 0.40 0.43 - 0.01 0.54 0.36 32.84 31.20 31.40 - 0.80 37.70 22.81 0.20 0.18 0.20 + 0.01 0.39 0.14 0.15 0.14 0.15 + 0.01 0.31 0.11 0.00 0.00 0.29 unch 0.00 1.51 0.18 0.00 0.00 0.33 unch 0.00 2.00 0.33 0.93 0.80 0.85 - 0.07 2.44 0.80 0.70 0.61 0.63 - 0.05 1.96 0.61 1.35 1.15 1.31 + 0.04 2.75 0.85 0.26 0.20 0.24 - 0.02 0.80 0.20 0.22 0.22 0.22 - 0.01 0.39 0.22 0.30 0.00 0.30 unch 0.00 0.48 0.29 0.03 0.03 0.03 - 0.01 0.08 0.03 0.02 0.02 0.02 + 0.00 0.08 0.02 0.72 0.60 0.61 - 0.08 0.84 0.45 0.15 0.00 0.14 - 0.00 0.52 0.07 0.20 0.00 0.19 - 0.02 0.60 0.19 0.12 0.09 0.10 - 0.03 0.35 0.09 0.16 0.12 0.13 - 0.03 0.46 0.12 0.12 0.10 0.10 - 0.01 0.27 0.09 0.15 0.14 0.15 + 0.01 0.33 0.12 0.17 0.15 0.15 - 0.01 0.28 0.15 0.04 0.01 0.02 + 0.01 0.05 0.01 3.50 3.20 3.47 + 0.15 3.86 1.96 4.60 4.25 4.57 + 0.19 4.93 2.49 0.06 0.05 0.06 + 0.00 0.15 0.04 0.08 0.06 0.08 + 0.01 0.19 0.05 0.28 0.28 0.28 unch 0.00 0.58 0.18 0.38 0.33 0.36 + 0.01 0.77 0.20 0.14 0.10 0.14 + 0.01 0.35 0.10 0.28 0.25 0.25 - 0.03 0.30 0.09 0.00 0.00 0.18 unch 0.00 0.22 0.02 0.16 0.15 0.15 - 0.01 0.90 0.14 0.12 0.00 0.11 unch 0.00 0.60 0.11 2.09 2.00 2.08 + 0.01 4.25 2.00 2.78 2.66 2.74 - 0.01 5.16 2.66 0.00 0.00 0.00 + 0.00 0.00 0.00 0.24 0.21 0.22 - 0.02 0.25 0.11 0.05 0.05 0.05 unch 0.00 0.12 0.05 0.08 0.07 0.07 - 0.01 0.16 0.07 0.19 0.15 0.17 + 0.02 4.60 0.08 0.13 0.11 0.13 + 0.02 3.60 0.07 0.39 0.00 0.39 + 0.08 0.55 0.28 1.60 1.57 1.58 - 0.07 1.67 1.12 1.21 1.18 1.19 - 0.04 1.29 0.92 0.27 0.24 0.25 - 0.02 0.41 0.11 0.06 0.05 0.05 - 0.01 0.17 0.04 0.05 0.05 0.05 unch 0.00 0.19 0.03 0.22 0.22 0.22 + 0.02 0.29 0.10 0.06 0.00 0.06 unch 0.00 0.08 0.03 0.00 0.00 0.08 unch 0.00 0.09 0.06 38.14 36.60 37.71 + 0.25 42.04 31.42 0.34 0.31 0.34 + 0.01 0.38 0.21 0.04 0.04 0.04 unch 0.00 0.08 0.00 0.18 0.15 0.16 - 0.00 0.59 0.05 0.23 0.21 0.22 - 0.01 0.75 0.20 17.02 15.43 15.50 - 2.47 26.70 15.43 13.40 11.58 11.77 - 1.55 21.61 11.58 0.19 0.19 0.19 unch 0.00 0.50 0.15 2.64 2.36 2.43 - 0.21 3.58 2.12 2.00 1.78 1.86 - 0.13 2.85 1.65 0.11 0.09 0.10 unch 0.00 0.22 0.06 0.37 0.30 0.34 - 0.03 2.20 0.19 0.28 0.22 0.22 - 0.02 0.29 0.02 0.87 0.81 0.81 - 0.04 1.10 0.58 1.20 1.02 1.04 - 0.07 1.49 0.75 0.24 0.18 0.19 - 0.05 0.41 0.18 0.18 0.13 0.14 - 0.03 0.33 0.13 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.04 0.04 0.04 unch 0.00 0.13 0.02 0.14 0.13 0.13 - 0.01 0.25 0.13 0.11 0.10 0.10 + 0.00 0.18 0.09 0.33 0.31 0.32 - 0.01 0.97 0.31 0.44 0.42 0.42 - 0.02 1.06 0.41 0.24 0.20 0.21 - 0.01 0.43 0.11 0.66 0.59 0.60 - 0.06 0.84 0.37 0.51 0.45 0.46 - 0.05 0.65 0.29 0.03 0.03 0.03 unch 0.00 0.07 0.03

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(100s) Stock

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(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Nippon Dragon* O 38 Nitinat Mnls V 56 NKWE Platinum* O 50 Noble Metal Gr V 437 Noble Mnl Expl* O 170 Noble Mnl Expl V 1978 Noka Res* O 378 Noram Vent V 9 Noram Vent* O 0 Noranda Alum* O 2 Noront Res V 566 Norsemont Cap 30 Nortec Mnls V 169 North Am Nickl V 381 North Am Nickl* O 112 32 North Am Pall T 31 North Am Pall* O North Arrow Mn* O 1 North Arrow Mn V 241 North Bay Res * O 128728 Northcliff Res T 426 Northern Uran V 73 Northisle C&G V 321 Northn Empire V 893 Northn Empire* O 182 Norvista Cap V 100 Nouveau Monde* O 15 Nouveau Monde V 761 NovaGold Res T 1146 NovaGold Res* X 7778 Novo Res* O 288 Novo Res V 567 NRG Metals* O 1598 NRG Metals V 1881 Nrthn Graphite V 433 Nrthn Graphite* O 653 Nrthn Lion V 3 Nrthn Mnrls &E* O 215 Nrthn Shield V 1845 Nrthn Superior* O 96 V 211 Nrthn Superior Nrthn Vertex* O 70 Nrthn Vertex V 529 NSGold V 65 NSS Res Inc 82 Nthn Dynasty* X 4356 Nthn Dynasty T 1810 O 596 Nthrn Sphere* Nthrn Sphere 759 Nubian Res V 36 NuLegacy Gold V 514 NuLegacy Gold* O 372 V 79 Nunavik Nickel Nutrien T 8138 Nutrien* N 11017 NV Gold* O 90 NV Gold V 303 NX Uranium* O 5 NxGold Ltd* O 94 NxGold Ltd V 1800 Nyrstar NV* O 0 O.T. Mining* O 38 OceanaGold* O 3 OceanaGold T 8342 Oceanic Iron O V 642 O 30 Oceanus Res* Oceanus Res V 174 Odyssey Res V 79 OK2 Minerals V 778 Olivut Res V 82 Olivut Res* O 55 Omineca Mg &Ml V 9 41 One World Lith* O One World Lith 426 Opawica Expl V 28 Opus One Res V 314 Orbite Tech* O 51 Orca Gold V 560 Orca Gold* O 130 Orefinders Res V 460 Orestone Mng V 13 Orex Mnrls* O 5 Orex Mnrls V 34 Orezone Gold* O 72 Orezone Gold V 289 Orford Mining V 13 Organic Potash 159 Original Sixtn* O 10 Orla Mng Ltd V 63 Orla Mng Ltd* O 21 Oro East Mg* O 13 Oroco Res V 106 Oroco Res* O 113 Orocobre T 70 Oronova Energy V 99 Oroplata Res* O 1089 Orosur Mng T 598 Orsu Metals V 45 Orsu Metals* O 0 Orvana Mnrls T 168 Orvana Mnrls* O 22 Osino Res V 10 Osisko Gold* N 2026 Osisko Gold T 931 Osisko Metals* O 17 Osisko Metals V 381 Osisko Mng Inc T 2828 Osprey Gold V 613 Otis Gold V 529 Otis Gold* O 214 OZ Minerals* O 3

0.03 0.01 0.03 + 0.00 0.06 0.01 0.14 0.14 0.14 unch 0.00 0.51 0.04 0.06 0.06 0.06 unch 0.00 2.04 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.07 0.05 0.05 - 0.02 0.15 0.04 0.09 0.07 0.08 - 0.02 0.19 0.05 0.53 0.46 0.48 - 0.06 0.71 0.05 0.15 0.00 0.15 unch 0.00 0.80 0.14 0.00 0.00 0.13 unch 0.00 0.64 0.13 0.04 0.00 0.03 - 0.01 0.17 0.01 0.37 0.35 0.35 - 0.01 0.52 0.27 0.46 0.40 0.46 + 0.06 0.47 0.31 0.08 0.06 0.07 unch 0.00 0.18 0.06 0.08 0.07 0.08 - 0.01 0.10 0.06 0.06 0.06 0.06 - 0.00 0.08 0.04 10.60 9.33 9.55 - 1.11 11.98 4.65 8.07 7.01 7.29 - 0.73 9.38 3.76 0.16 0.00 0.16 unch 0.00 0.23 0.14 0.17 0.16 0.16 - 0.02 0.31 0.16 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.00 0.10 - 0.01 0.20 0.09 0.02 0.01 0.02 + 0.01 0.03 0.01 0.16 0.12 0.13 - 0.02 0.21 0.09 1.22 1.02 1.20 + 0.16 1.62 0.58 0.92 0.76 0.90 + 0.14 1.29 0.47 0.09 0.09 0.09 unch 0.00 0.16 0.08 0.24 0.22 0.23 - 0.00 0.42 0.21 0.31 0.30 0.31 + 0.01 0.54 0.28 6.13 5.54 5.89 - 0.22 6.47 4.33 4.60 4.15 4.45 - 0.13 5.05 3.35 3.50 3.22 3.26 - 0.17 7.08 0.61 4.60 4.25 4.25 - 0.31 8.83 0.78 0.29 0.21 0.25 - 0.02 0.49 0.07 0.38 0.28 0.32 - 0.02 0.62 0.10 0.44 0.32 0.42 + 0.09 0.70 0.24 0.33 0.25 0.31 + 0.08 0.55 0.19 0.30 0.30 0.30 unch 0.00 0.67 0.23 0.07 0.05 0.07 unch 0.00 0.10 0.01 0.03 0.02 0.03 + 0.01 0.09 0.02 0.03 0.02 0.03 + 0.01 0.04 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.33 0.29 0.29 - 0.02 0.58 0.30 0.44 0.39 0.43 + 0.01 0.70 0.40 0.12 0.12 0.12 unch 0.00 0.15 0.02 0.20 0.18 0.18 - 0.02 1.39 0.06 0.57 0.50 0.54 - 0.01 2.34 0.43 0.76 0.67 0.71 unch 0.00 2.99 0.55 0.07 0.05 0.06 + 0.01 0.18 0.05 0.09 0.06 0.08 + 0.02 0.45 0.05 0.24 0.24 0.24 unch 0.00 0.38 0.17 0.21 0.18 0.20 + 0.01 0.27 0.15 0.16 0.13 0.15 + 0.00 0.21 0.12 0.12 0.00 0.11 - 0.01 0.15 0.08 73.43 70.59 71.52 + 0.30 73.43 55.27 55.18 53.26 54.38 + 0.69 56.18 40.41 0.17 0.14 0.15 - 0.01 0.92 0.13 0.22 0.19 0.20 - 0.01 1.22 0.17 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.17 0.14 0.15 + 0.02 0.26 0.12 0.23 0.17 0.20 + 0.02 0.40 0.14 0.00 0.00 5.63 unch 0.00 8.25 5.63 0.09 0.05 0.09 + 0.01 0.20 0.03 2.72 2.60 2.60 - 0.03 3.30 2.23 3.78 3.61 3.65 + 0.01 4.12 2.92 0.06 0.05 0.06 unch 0.00 0.16 0.05 0.14 0.13 0.14 - 0.01 0.29 0.13 0.20 0.17 0.18 - 0.02 0.36 0.17 0.03 0.03 0.03 - 0.01 0.08 0.03 0.04 0.04 0.04 - 0.01 0.14 0.04 0.12 0.09 0.11 - 0.01 0.20 0.07 0.07 0.07 0.07 - 0.02 0.15 0.06 0.03 0.00 0.03 - 0.01 0.05 0.03 0.12 0.10 0.10 - 0.02 0.12 0.12 0.17 0.14 0.16 unch 0.00 0.17 0.10 0.06 0.06 0.06 unch 0.00 0.40 0.05 0.10 0.06 0.10 + 0.04 0.12 0.06 0.03 0.03 0.03 unch 0.00 0.15 0.00 0.62 0.56 0.62 + 0.05 0.78 0.36 0.47 0.42 0.46 + 0.02 0.63 0.28 0.09 0.07 0.08 - 0.01 0.17 0.06 0.09 0.09 0.09 - 0.01 0.13 0.05 0.09 0.09 0.09 + 0.00 0.15 0.08 0.14 0.00 0.13 + 0.01 0.18 0.10 0.65 0.59 0.63 + 0.02 0.82 0.47 0.86 0.79 0.81 - 0.01 1.02 0.61 0.24 0.20 0.20 unch 0.00 0.70 0.18 0.08 0.02 0.06 + 0.03 0.05 0.01 0.20 0.19 0.19 unch 0.00 0.20 0.00 1.32 1.21 1.24 - 0.08 1.85 1.05 1.00 0.95 0.95 - 0.05 1.48 0.89 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.21 0.19 0.20 + 0.01 0.31 0.02 0.16 0.15 0.15 + 0.00 0.24 0.02 5.21 4.99 5.04 - 0.13 7.36 3.04 0.10 0.09 0.09 - 0.01 0.22 0.09 0.17 0.14 0.14 - 0.02 0.42 0.06 0.05 0.04 0.05 + 0.01 0.30 0.03 0.19 0.00 0.19 unch 0.00 0.30 0.13 0.00 0.00 0.18 unch 0.00 0.22 0.11 0.18 0.16 0.18 - 0.01 0.32 0.16 0.15 0.12 0.13 - 0.01 0.25 0.12 0.64 0.58 0.63 + 0.01 1.90 0.58 9.53 9.18 9.47 + 0.11 14.39 9.14 12.51 12.21 12.45 unch 0.00 17.58 11.90 0.48 0.45 0.46 - 0.02 1.33 0.39 0.64 0.57 0.58 - 0.05 1.74 0.51 1.94 1.61 1.80 - 0.14 5.07 1.63 0.06 0.05 0.06 - 0.01 0.30 0.05 0.20 0.18 0.19 - 0.02 0.37 0.17 0.15 0.13 0.15 + 0.00 0.29 0.13 7.43 0.00 7.06 - 0.02 8.02 5.60

Pac Bay Mnrls V 42 Pac Booker Min* O 28 Pac Booker Min V 27 Pac Imperial V 277 3 Pac Iron Ore V Pac Link Mng V 312 Pac Ridge Expl V 132 Pac Ridge Expl* O 3 Pac Wildcat* O 63 Pacific Empire V 250 Pacific Rim 642 Pacific Rim* O 32 Pacific Silk V 80 Pacton Gold V 2875 Paget Mrnls* O 35 Paladin Energy* O 50 Palamina Corp V 253 Palamina Corp* O 145 Palladon Vent* O 20 702 Pan Am Silver T Pan Am Silver* D 3938 Pan Andean Min* O 3 Pan Andean Min V 276 Pan Global Res V 336 Pancontinental V 211 Pancontinental* O 66 Panex Res* O 3200 Pangolin Dia V 239 Panoro Mnrls V 73 PanTerra Gold* O 0 Pantheon Vent V 344 Para Resources V 415 Parallel Mng V 100 Parallel Mng * O 22 Paramount Gold* X 327 Paringa Res* O 23 Parlane Res V 84 Pasinex Res 160 Patriot Gold* O 57 Peabody Enrgy* N 4845 Pedro Res V 2611 Pelangio Expl* O 103 Pelangio Expl V 565 Pele Mtn Res* O 28 Pele Mtn Res V 205 Peloton Mnrls 28 Peloton Mnrls* O 100 Peregrine Diam T 1283 Perseus Mng T 288 Pershing Gold T 3 Pershing Gold* D 135 Pershing Res* O 244 Petra Diamonds* O 0 Philex Mng* O 0

0.03 0.03 0.03 unch 0.00 0.06 0.03 0.75 0.75 0.75 + 0.02 1.10 0.35 0.99 0.93 0.93 - 0.05 1.44 0.42 0.05 0.03 0.03 - 0.01 0.07 0.01 0.08 0.08 0.08 unch 0.00 0.23 0.03 0.11 0.00 0.10 - 0.06 0.18 0.02 0.05 0.00 0.05 unch 0.00 0.07 0.05 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.16 0.08 0.14 + 0.06 0.39 0.00 0.15 0.14 0.14 unch 0.00 0.20 0.13 0.40 0.33 0.34 - 0.04 1.59 0.31 0.29 0.25 0.25 - 0.04 1.25 0.25 0.04 0.03 0.03 unch 0.00 0.06 0.03 0.70 0.61 0.63 - 0.08 1.02 0.06 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.25 0.00 0.15 - 0.10 0.50 0.00 0.38 0.34 0.36 - 0.02 0.47 0.15 0.28 0.00 0.28 - 0.00 0.37 0.12 0.01 0.00 0.00 + 0.00 0.01 0.00 23.89 23.08 23.53 - 0.33 24.27 18.00 17.97 17.35 17.90 - 0.07 19.56 13.99 0.07 0.07 0.07 - 0.00 0.07 0.02 0.12 0.09 0.12 + 0.01 0.12 0.03 0.28 0.19 0.24 + 0.02 0.30 0.10 0.08 0.07 0.08 - 0.01 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.05 0.06 - 0.01 0.08 0.04 0.27 0.26 0.27 + 0.01 0.48 0.15 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.00 0.10 + 0.01 0.16 0.07 0.20 0.18 0.18 - 0.03 0.25 0.13 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.04 0.04 0.04 unch 0.00 0.05 0.04 1.34 1.22 1.26 - 0.07 1.80 1.16 0.32 0.14 0.32 + 0.15 0.45 0.14 0.20 0.18 0.18 - 0.02 0.30 0.11 0.14 0.11 0.12 + 0.02 0.33 0.10 0.07 0.07 0.07 - 0.00 0.11 0.04 46.12 44.19 45.48 - 0.52 47.84 23.42 0.26 0.18 0.26 + 0.09 0.42 0.13 0.02 0.01 0.01 unch 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.10 0.04 0.10 + 0.05 0.40 0.01 0.04 0.04 0.04 unch 0.00 0.15 0.03 0.12 0.11 0.11 - 0.01 0.15 0.06 0.10 0.09 0.10 unch 0.00 0.12 0.05 0.17 0.16 0.17 + 0.01 0.18 0.11 0.44 0.41 0.42 - 0.01 0.50 0.27 2.46 2.39 2.40 - 0.06 4.05 2.32 1.96 1.79 1.83 - 0.12 3.31 1.80 0.02 0.02 0.02 + 0.00 0.09 0.01 0.92 0.92 0.92 unch 0.00 1.45 0.85 0.00 0.00 0.07 unch 0.00 0.19 0.07

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Philippine Mtl V 17 24 Pine Cliff En* O 991 Pine Cliff En T Pinecrest Res V 49 10 Pistol Bay Mng* O Pistol Bay Mng V 59 Pivit Explor 61 0 PJSC Polyus Gd* O PJX Res V 186 Plata Latina V 250 Plate Res V 31 Plateau Energy V 627 O 60 Plateau Energy* Platinex Inc 233 Platinum Gp Mt* X 28322 991 Platinum Gp Mt T Plato Gold V 1326 Playfair Mng V 121 Playfair Mng* O 20 PolyMet Mng* X 1121 PolyMet Mng T 72 Portage Res* O 114 Portofino Res V 192 O 52 Portofino Res* Potash Ridge* O 79 Potash Ridge T 942 Power Metals* O 458 Power Metals V 1813 PPX Mining V 3170 PPX Mining* O 65 Precipitate Gl* O 78 Precipitate Gl V 277 Premier Gold M T 1464 Premium Expl* O 99 Pretium Res* N 6202 Pretium Res T 1355 Primary Cobalt 1013 Prism Res V 206 Prize Mng* O 118 Prize Mng V 739 ProAm Expl V 68 Probe Metals* O 694 Probe Metals V 601 Prog Planet V 400 Prog Planet* O 69 Promithian Gl * O 1 Prophecy Coal* O 43 Prophecy Coal T 127 Prospect Glob* O 8 Prospector Res* O 5 Prospector Res V 23 Prosper Gold V 271 Prospero Silvr V 65 Prospero Silvr* O 30 Provenance Gld 137 Providence V 77 Providence Gld* O 48 PUF Vent Inc 2144 PUF Vent Inc * O 91 Puma Expl V 1856 Puma Expl* O 14 Pure Energy* O 1214 Pure Energy V 1151 Pure Gold Mg* O 210 Pure Gold Mg V 707 Pure Nickel V 104 Pure Nickel* O 141 V 273 Purepoint Uran Q-Gold Res V 14 QMC Quantum Ml* O 486 QMC Quantum Ml V 245 QMX Gold V 451 QMX Gold* O 146 Quadro Res V 27 Quantum Cobalt 332 Quartz Mtn Res V 0 Quartz Mtn Res* O 0 Quaterra Res V 96 Quaterra Res* O 37 Quest Rare Mnl* O 83

0.06 0.06 0.06 unch 0.00 0.16 0.06 0.29 0.24 0.29 + 0.05 0.60 0.21 0.39 0.33 0.36 + 0.03 0.79 0.27 0.21 0.21 0.21 unch 0.00 0.43 0.19 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.06 0.00 0.06 unch 0.00 0.18 0.04 0.17 0.17 0.17 - 0.01 0.18 0.12 0.00 0.00 30.31 unch 0.00 50.23 29.00 0.25 0.21 0.25 unch 0.00 0.25 0.11 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.07 0.06 0.07 + 0.01 0.10 0.04 1.30 1.20 1.25 - 0.02 1.32 0.26 0.96 0.91 0.91 - 0.05 0.98 0.21 0.09 0.08 0.09 unch 0.00 0.30 0.05 0.13 0.10 0.10 + 0.00 0.90 0.08 0.17 0.13 0.13 - 0.01 1.16 0.12 0.06 0.05 0.05 unch 0.00 0.06 0.02 0.08 0.07 0.08 + 0.01 0.09 0.04 0.05 0.05 0.05 + 0.00 0.08 0.03 1.04 0.94 0.99 + 0.01 1.36 0.58 1.32 1.23 1.29 - 0.01 1.66 0.72 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.07 0.07 - 0.01 0.19 0.04 0.05 0.05 0.05 unch 0.00 0.11 0.05 0.05 0.04 0.04 - 0.01 0.18 0.04 0.07 0.06 0.06 unch 0.00 0.23 0.06 0.33 0.23 0.26 - 0.07 0.70 0.21 0.44 0.30 0.34 - 0.09 0.88 0.25 0.10 0.09 0.10 unch 0.00 0.10 0.05 0.07 0.07 0.07 + 0.00 0.08 0.04 0.04 0.03 0.03 - 0.01 0.15 0.03 0.06 0.05 0.05 - 0.01 0.19 0.05 2.71 2.58 2.61 - 0.10 4.13 2.51 0.01 0.00 0.00 - 0.00 0.02 0.00 7.72 7.16 7.34 - 0.31 12.44 6.17 10.26 9.46 9.67 - 0.49 15.52 7.93 0.07 0.04 0.05 - 0.01 0.15 0.05 0.07 0.06 0.06 - 0.01 0.20 0.06 0.14 0.13 0.14 - 0.00 0.51 0.12 0.19 0.17 0.19 + 0.01 0.67 0.16 0.03 0.03 0.03 unch 0.00 0.04 0.02 1.07 0.87 0.97 + 0.05 1.42 0.77 1.40 1.16 1.30 + 0.08 1.74 1.03 0.07 0.06 0.06 - 0.01 0.24 0.06 0.05 0.04 0.04 - 0.00 0.15 0.04 0.02 0.00 0.02 unch 0.00 0.10 0.02 2.03 1.59 1.69 - 0.29 4.00 1.59 2.74 2.02 2.30 - 0.30 5.00 2.02 0.07 0.00 0.07 + 0.01 0.14 0.04 0.60 0.60 0.60 + 0.00 0.83 0.38 0.86 0.79 0.86 + 0.07 1.35 0.48 0.13 0.10 0.10 - 0.01 0.24 0.08 0.14 0.12 0.14 + 0.02 0.34 0.07 0.11 0.09 0.11 + 0.02 0.25 0.07 0.28 0.25 0.25 unch 0.00 0.40 0.08 0.14 0.12 0.12 - 0.02 0.27 0.09 0.08 0.08 0.08 unch 0.00 0.15 0.08 0.75 0.65 0.68 - 0.05 2.09 0.32 0.56 0.49 0.52 - 0.02 1.85 0.25 0.07 0.06 0.07 + 0.02 0.13 0.06 0.04 0.04 0.04 + 0.00 0.09 0.04 0.17 0.13 0.15 - 0.01 0.50 0.13 0.22 0.19 0.20 - 0.02 0.61 0.19 0.51 0.47 0.51 + 0.02 0.56 0.36 0.67 0.63 0.67 + 0.04 0.71 0.46 0.03 0.00 0.02 - 0.01 0.05 0.01 0.02 0.01 0.02 - 0.00 0.04 0.00 0.07 0.06 0.07 - 0.01 0.10 0.06 0.15 0.00 0.15 + 0.03 0.30 0.10 0.32 0.27 0.30 - 0.00 1.46 0.07 0.42 0.37 0.38 - 0.02 1.85 0.09 0.13 0.11 0.12 - 0.01 0.40 0.11 0.10 0.09 0.09 - 0.00 0.29 0.09 0.05 0.00 0.05 + 0.01 0.18 0.04 0.21 0.14 0.15 - 0.05 1.90 0.16 0.00 0.00 0.80 unch 0.00 1.50 0.55 0.00 0.00 0.70 unch 0.00 1.20 0.00 0.08 0.07 0.08 + 0.01 0.13 0.05 0.06 0.05 0.05 - 0.01 0.10 0.03 0.01 0.00 0.00 + 0.00 0.08 0.00

Rackla Mtls* O 3 Rackla Mtls V 24 V 158 Radisson Mng Radius Gold V 281 Rae-Wallace Mg* O 201 Rainforest Res* O 1 Rainy Mtn Royl V 404 Rainy Mtn Royl* O 15 Rambler Ml &Mg V 33 Randgold Res* D 1679 Randsburg Int* O 5 Randsburg Intl V 5 O 210 Rare Element* Rathdowney Res V 369 Ravencrest Res 1361 Razore Rock Res 25 RB Energy* O 114 Red Eagle Mng T 1219 Red Eagle Mng* O 156 Red Moon Res V 10 Red Oak Mg V 905 Red Pine Expl V 902 Redhawk Res V 194 Redstar Gold* O 216 Redstar Gold V 353 Redzone Res V 208 Redzone Res* O 7 Regal Res* O 416 Regency Gold V 29 Regulus Res V 140 Remington Res V 8 Renaissance Gd* O 37 Renaissance Gd V 110 Renforth Res 398 Resolve Vent V 144 Resource Cap V 965 Resource Cap* O 6 Reunion Gold V 247 Revelo Res V 1196 Revival Gold * O 128 Revival Gold V 135 Rhyolite Res V 41 Richmond Mnls V 184 V 87 Ridgestone M’g Rift Valley 108 Riley Resource V 17 Rimrock Gold* O 19584 Rio Silver V 33 Rio Tinto* O 2 Rio Tinto* N 22804 Rio Tinto* O 9 Rise Gold Corp 1577 10 River Wild Exp Riverside Res* O 182 Riverside Res V 221 Rizal Res V 651 RJK Explor V 113 RJK Explor* O 5 Robex Res V 224 V 80 Rochester Res Rock Tech Lith V 60 Rock Tech Lith* O 14 Rockcliff Met V 2053 Rockex Mng 48 Rockhaven Res V 394 Rockridge Res V 17 Rockshield Cap* O 38 Rockshield Cap 625 Rockwealth Res V 8 Rodinia Lithm V 128 Rogue Res* O 6 Rogue Res V 77 Rokmaster Res* O 5 Rokmaster Res V 193 Romios Gold Rs V 90 Romios Gold Rs* O 208 RosCan Mrnls V 42 Rosita Mg Corp V 1284 Ross River* O 8 Ross River V 30 Rotation Mnls V 106 Roughrider Exp V 505 Roxgold* O 391 Roxgold T 1603 Royal Gold* D 1807 Royal Mines &M* O 251 Royal Nickel T 2276 Royal Nickel* O 237 73 Royal Rd Mnrls V Royal Std Mnrl* O 170 RT Minerals V 66 RT Minerals* O 11

0.10 0.00 0.10 + 0.00 0.13 0.07 0.13 0.00 0.13 - 0.01 0.17 0.09 0.13 0.11 0.12 + 0.01 0.25 0.11 0.12 0.10 0.10 - 0.02 0.16 0.09 0.01 0.01 0.01 unch 0.00 0.02 0.00 6.00 0.00 6.00 + 0.50 9.45 3.68 0.03 0.03 0.03 unch 0.00 0.14 0.03 0.02 0.02 0.02 unch 0.00 0.11 0.02 0.09 0.09 0.09 unch 0.00 0.20 0.08 77.34 74.56 77.09 + 1.26 108.29 74.02 0.01 0.01 0.01 + 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.19 0.16 0.18 - 0.01 0.44 0.07 0.14 0.10 0.14 + 0.02 0.21 0.10 0.87 0.66 0.71 - 0.10 2.10 0.43 0.25 0.25 0.25 unch 0.00 0.90 0.09 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.19 0.16 0.19 + 0.02 0.36 0.16 0.14 0.13 0.14 + 0.01 0.29 0.13 0.08 0.08 0.08 - 0.01 0.16 0.04 0.32 0.28 0.32 + 0.02 0.34 0.06 0.07 0.06 0.06 - 0.01 0.14 0.06 0.08 0.04 0.05 + 0.01 0.08 0.04 0.03 0.02 0.03 + 0.01 0.12 0.02 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.26 0.22 0.24 - 0.02 0.75 0.10 0.20 0.19 0.19 - 0.01 0.57 0.08 0.00 0.00 0.00 unch 0.00 0.09 0.00 0.20 0.00 0.20 - 0.01 0.28 0.10 2.09 1.75 2.05 + 0.25 3.00 1.46 0.29 0.00 0.29 - 0.01 1.15 0.29 0.16 0.13 0.14 - 0.00 0.38 0.13 0.21 0.19 0.19 unch 0.00 0.48 0.19 0.05 0.04 0.05 unch 0.00 0.09 0.03 0.08 0.07 0.07 - 0.01 0.69 0.07 0.06 0.05 0.05 - 0.01 0.18 0.04 0.04 0.03 0.03 - 0.01 0.13 0.03 0.17 0.16 0.16 unch 0.00 0.18 0.11 0.03 0.02 0.02 unch 0.00 0.06 0.02 0.65 0.57 0.64 + 0.03 0.73 0.42 0.85 0.76 0.83 unch 0.00 0.99 0.35 0.17 0.17 0.17 - 0.01 0.40 0.17 0.05 0.04 0.05 + 0.01 0.18 0.04 0.27 0.19 0.27 + 0.08 0.32 0.19 0.08 0.00 0.08 + 0.01 0.15 0.05 0.11 0.11 0.11 unch 0.00 0.15 0.10 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.00 0.04 unch 0.00 0.07 0.04 55.58 0.00 54.70 + 1.20 60.00 42.85 56.44 53.62 55.48 + 0.02 60.72 41.51 59.83 0.00 59.83 unch 0.00 65.30 48.19 0.12 0.09 0.09 - 0.02 0.21 0.09 0.20 0.20 0.20 unch 0.00 0.22 0.02 0.25 0.23 0.24 - 0.01 0.42 0.16 0.32 0.30 0.31 - 0.01 0.40 0.22 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.06 0.05 0.06 + 0.01 0.15 0.05 0.05 0.03 0.05 + 0.02 0.11 0.03 0.10 0.10 0.10 unch 0.00 0.14 0.08 0.05 0.03 0.04 - 0.01 0.09 0.04 1.30 1.21 1.30 + 0.02 2.16 0.82 0.95 0.00 0.92 - 0.08 1.66 0.83 0.04 0.03 0.03 - 0.01 0.12 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.13 0.12 0.13 - 0.01 0.19 0.12 0.23 0.23 0.23 - 0.02 0.50 0.22 0.17 0.14 0.15 - 0.03 0.67 0.08 0.23 0.18 0.20 - 0.03 0.84 0.10 0.14 0.14 0.14 unch 0.00 0.30 0.12 0.19 0.15 0.19 + 0.05 0.46 0.08 0.19 0.19 0.19 unch 0.00 0.43 0.16 0.23 0.00 0.23 unch 0.00 0.58 0.18 0.09 0.09 0.09 unch 0.00 0.09 0.02 0.11 0.00 0.11 - 0.01 0.30 0.08 0.07 0.06 0.06 - 0.01 0.09 0.05 0.05 0.04 0.05 - 0.00 0.07 0.03 0.07 0.07 0.07 unch 0.00 0.10 0.05 0.04 0.04 0.04 unch 0.00 0.12 0.02 0.14 0.14 0.14 unch 0.00 0.14 0.00 0.20 0.19 0.19 - 0.01 0.50 0.10 0.16 0.14 0.16 + 0.02 0.45 0.12 0.03 0.03 0.03 unch 0.00 0.12 0.03 0.88 0.81 0.81 - 0.08 1.13 0.78 1.17 1.07 1.12 - 0.06 1.44 0.98 93.22 90.98 92.84 + 0.05 94.39 76.15 0.01 0.01 0.01 + 0.01 0.01 0.00 0.11 0.10 0.10 unch 0.00 0.38 0.10 0.08 0.07 0.08 + 0.00 0.31 0.07 0.10 0.09 0.09 unch 0.00 0.18 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.10 0.10 - 0.02 1.10 0.10 0.07 0.00 0.07 - 0.06 0.13 0.00

R

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

RTG Mining T 106 O 26 Rubicon Mnrls* T 34 Rubicon Mnrls Rugby Mng V 77 83 Running Fox Rs V Rupert Res V 84 Rusoro Mng* O 758 Rusoro Mng V 791

0.09 0.12 0.12 0.12 + 0.01 0.55 0.84 0.90 0.84 0.87 - 0.03 1.48 1.10 1.20 1.10 1.10 - 0.10 1.88 0.24 0.33 0.28 0.28 - 0.05 0.50 0.03 0.02 0.02 unch 0.00 0.04 0.01 0.68 0.99 0.92 0.92 - 0.07 1.46 0.05 0.06 0.06 0.06 + 0.00 0.16 0.06 0.10 0.08 0.08 - 0.01 0.22

T 421 Sabina Gd&Slvr O 275 Sabina Gd&Slvr* Sable Res V 103 Sage Gold* O 173 10916 Sage Gold V Sailfish Rylty V 10 Saint Jean* O 0 Saint Jean V 228 Salazar Res* O 40 Salazar Res V 555 Sama Res V 314 Sama Res* O 119 Samco Gold V 7 Samex Mng* O 170 San Gold Corp* O 183 San Marco Res* O 246 San Marco Res V 1033 V 285 Sanatana Diam Sandfire Res V 66 Sandfire Res* O 65 V 611 Sandspring Res O 111 Sandspring Res* T 1053 Sandstorm Gold X 4202 Sandstorm Gold* 1 Sandy Lake Gld* O 271 Sandy Lake Gld V Santa Fe Gold* O 324 V 71 Santacruz Silv Sarama Res V 285 Sarissa Res* O 1127 Satori Res V 2 Satori Res* O 205 Saturn Mnrls V 503 Savary Gold V 293 Savary Gold* O 200 Saville Res V 635 Scandium Intl T 1279 O 123 Scandium Intl* Scorpio Gold V 180 ScoZinc Mg V 21 ScoZinc Mg* O 50 Seabridge Gld T 128 Seabridge Gld* N 896 Seafield Res* O 53 Search Mnls* O 0 Search Mnls V 3389 Searchlight* O 293 Secova Mtls V 103 Secova Mtls* O 1 Sego Res V 222 Select Sands V 622 T 3310 Semafo Senator Mnrls V 49 7 O Senator Mnrls* V 46 Sennen Potash O 1 Sennen Potash* Serabi Gold* O 0 Serabi Gold T 2 Serengeti Res V 652 Shamrock Ent 1083 Sherritt Intl T 4214 V 279 Shoshoni Gold 21815 N Sibanye Gold* O 0 Sibanye Gold* O 133 Sidney Resrces* Sienna Res* O 73 Sienna Res V 464 Sierra Metals* X 404 Sierra Metals T 12 V 116 Sigma Lithium O 280 Signature Res* Signature Res V 510 208 Silver Bear Rs T 55 Silver Bear Rs* O Silver Bull Re* O 1270 817 Silver Bull Re T O 505 Silver Dragon* Silver Grail V 109 Silver Hill* O 0 11 Silver Mtn Mns V Silver Phoenix 4 O 4 Silver Predatr* Silver Predatr V 52 Silver Range* O 2 Silver Range V 172 Silver Scott* O 10 O 11 Silver Spruce* Silver Spruce V 23 Silver Viper V 112 Silver Wheaton T 3218 N 6605 Silver Wheaton* T 1252 Silvercorp Met X 1272 Silvercorp Met* O 115 SilverCrest Mt* SilverCrest Mt V 429 O 8 Silverstar Res* Sirios Res* O 11 Sirios Res V 262 Sitka Gold 245 Skeena Res V 319 Skeena Res* O 143 O 292 Skyharbour Res* V 373 Skyharbour Res Slam Explor V 272 O 100 Sojourn Explor* V 94 Sojourn Explor Sokoman Iron V 1220 SolGold plc* O 65 SolGold plc T 409 T 128 Solitario Ex&R X 738 Solitario Ex&R* Solstice Gold V 459 310 Sonora Gld & S V Sonoro Mtls V 35 Southern Arc* O 7 Southern Arc V 20 N 5736 Southern Copp* O 105 Southern Silvr* Southern Silvr V 249 T 15 SouthGobi Res 513 Spanish Mtn Gd V Spanish Mtn Gd* O 519 Sparton Res V 1055 Sparton Res* O 108 O 175 Spearmint Res* V 392 Spearmint Res Sphinx Res V 181 Sprott Res Hld T 2698 138 Spruce Ridge R V 317 Squire Mg Ltd SRG Graphite V 76 SSR Mining* D 2339 SSR Mining T 727 St Augustine T 54 30 St Elias Mns* O O 82 St-Georges Eco* St-Georges Eco 1808 O 320 Stakeholdr Gld* V 205 Stakeholdr Gld O 3212 Standard Graph* Standard Lith V 824 O 216 Standard Metal* Stans Energy V 137 O 71 Stans Energy* Star Diamond T 717 O 50 Star Diamond* Star Gold* O 4 Starcore Intl T 124 6 Starr Peak Exp V O 0 Steele Oceanic* Stellar Africa* O 6 Stellar Africa V 1047 Stelmine Can V 12 Steppe Gold T 527 T 627 Stornoway Diam O 40 Stornoway Diam* Stratabd Mnr V 338 Strateco Res* O 25 O 132 Strategic Metl* Strategic Metl V 195 Strategic Res V 8 Stria Lithium V 291 V 306 Strikepoint Gd O 79 Strikepoint Gd*

1.48 1.65 1.51 1.52 - 0.07 2.70 1.14 1.25 1.14 1.17 - 0.02 2.17 0.12 0.28 0.23 0.28 + 0.05 0.35 0.01 0.02 0.00 0.00 - 0.02 0.20 0.01 0.03 0.01 0.02 - 0.01 0.25 1.00 1.39 1.12 1.25 - 0.11 3.07 0.01 unch 0.00 0.05 0.04 0.00 0.04 0.04 0.05 0.00 0.04 - 0.01 0.24 0.06 unch 0.00 0.12 0.11 0.11 0.11 0.08 unch 0.00 0.18 0.14 0.12 0.14 0.12 0.40 0.32 0.33 - 0.06 0.50 0.10 0.30 0.23 0.24 - 0.06 0.41 0.02 unch 0.00 0.11 0.06 0.06 0.06 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.13 0.13 0.13 - 0.00 0.23 0.10 0.22 0.18 0.20 + 0.02 0.30 0.13 0.03 0.05 0.04 0.05 + 0.01 0.07 0.06 unch 0.00 0.12 0.11 0.09 0.11 0.05 0.08 0.07 0.08 + 0.00 0.10 0.23 0.28 0.24 0.26 + 0.01 0.46 0.17 0.22 0.18 0.20 + 0.02 0.39 4.78 unch 0.00 6.95 5.97 5.75 5.91 3.68 4.51 4.24 4.50 + 0.08 5.64 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.07 0.06 0.06 - 0.01 0.11 0.04 0.11 0.08 0.09 - 0.01 0.20 0.07 0.09 unch 0.00 0.26 0.10 0.09 0.10 0.08 0.11 0.09 0.10 + 0.01 0.18 0.00 0.00 0.00 0.00 + 0.00 0.01 0.07 unch 0.00 0.25 0.00 0.00 0.07 0.05 unch 0.00 0.16 0.05 0.05 0.05 0.08 unch 0.00 0.18 0.13 0.12 0.13 0.04 0.05 0.04 0.04 - 0.01 0.08 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.06 0.06 0.06 0.06 - 0.01 0.20 0.17 0.13 0.15 - 0.01 0.43 0.13 0.11 0.12 0.11 0.12 - 0.01 0.35 0.02 unch 0.00 0.07 0.02 0.02 0.02 0.88 0.93 0.81 0.81 - 0.12 1.75 0.74 unch 0.00 1.44 0.74 0.74 0.74 12.61 15.42 14.53 14.79 - 0.51 17.65 11.60 10.95 11.15 - 0.35 13.70 9.80 0.00 0.00 0.00 0.00 - 0.02 0.03 0.05 unch 0.00 0.07 0.00 0.00 0.06 0.03 0.06 0.05 0.05 - 0.01 0.09 0.01 0.03 0.02 0.03 + 0.01 0.06 0.08 unch 0.00 0.55 0.11 0.10 0.10 0.01 unch 0.00 0.10 0.08 0.08 0.08 0.03 0.05 0.04 0.05 + 0.01 0.09 0.33 0.44 0.40 0.44 + 0.02 0.93 2.70 3.82 3.67 3.81 + 0.08 4.14 0.14 0.17 0.00 0.17 + 0.02 1.99 0.12 0.13 0.12 0.13 + 0.01 1.57 0.30 unch 0.00 1.00 0.50 0.00 0.50 0.33 unch 0.00 0.62 0.37 0.37 0.37 0.03 unch 0.00 0.07 0.00 0.00 0.04 0.84 1.40 0.00 1.30 + 0.08 1.60 0.13 0.15 0.13 0.15 + 0.01 0.26 0.03 0.07 0.05 0.06 + 0.02 0.08 0.74 1.16 1.04 1.11 - 0.04 1.87 0.04 0.06 0.04 0.06 + 0.02 0.07 2.25 2.89 2.25 2.42 - 0.47 6.50 0.66 0.00 1.34 nch u 0.66 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.07 0.08 0.07 0.08 + 0.01 0.32 0.09 unch 0.00 0.39 0.10 0.09 0.10 2.13 2.70 2.56 2.69 + 0.08 3.10 2.75 unch 0.00 3.85 3.59 3.42 3.42 0.95 2.00 1.80 1.96 - 0.03 2.20 0.04 0.10 0.08 0.09 - 0.01 0.11 0.05 0.13 0.09 0.12 - 0.01 0.14 0.24 0.00 0.24 + 0.03 0.32 0.12 0.18 0.15 0.18 + 0.02 0.26 0.08 0.14 0.13 0.13 - 0.00 0.23 0.06 0.18 0.17 0.18 + 0.01 0.29 0.08 0.00 0.01 0.00 0.01 - 0.00 0.02 0.05 unch 0.00 0.13 0.07 0.06 0.07 0.10 unch 0.00 0.25 0.11 0.00 0.11 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.06 0.15 0.00 0.15 + 0.08 0.24 0.05 unch 0.00 0.22 0.06 0.06 0.06 0.08 0.09 0.08 0.08 - 0.01 0.25 0.09 0.12 0.11 0.11 - 0.00 0.19 0.12 0.17 0.16 0.17 + 0.02 0.24 0.01 0.04 0.02 0.02 - 0.02 0.24 0.02 0.02 0.02 0.02 - 0.01 0.06 0.03 0.04 0.03 0.03 - 0.01 0.08 0.13 0.17 0.13 0.14 - 0.05 0.30 23.18 29.20 28.32 29.02 + 0.21 29.42 18.32 22.18 21.30 22.06 + 0.37 22.72 2.72 3.77 3.46 3.47 - 0.26 4.30 2.12 2.84 2.61 2.67 - 0.13 3.43 0.84 2.17 2.03 2.09 - 0.11 2.32 1.05 2.90 2.69 2.74 - 0.15 3.00 0.06 0.12 0.08 0.10 - 0.02 3.36 0.15 0.17 0.16 0.17 + 0.01 0.36 0.19 0.23 0.20 0.20 - 0.02 0.49 0.16 unch 0.00 0.30 0.20 0.17 0.20 0.37 0.41 0.37 0.39 - 0.01 0.80 0.27 0.30 0.28 0.30 - 0.00 0.66 0.24 0.32 0.28 0.32 + 0.02 0.42 0.31 0.42 0.38 0.41 + 0.02 0.55 0.03 unch 0.00 0.07 0.04 0.03 0.03 0.10 unch 0.00 0.21 0.11 0.11 0.11 0.11 0.15 0.13 0.14 - 0.01 0.30 0.03 0.06 0.05 0.06 + 0.01 0.10 0.28 0.30 0.28 0.30 + 0.01 0.55 0.32 0.38 0.32 0.38 + 0.01 0.95 0.50 0.57 0.50 0.57 + 0.02 1.08 0.37 0.44 0.37 0.43 + 0.02 0.88 0.18 0.22 0.20 0.20 - 0.02 0.38 0.09 0.08 0.09 - 0.03 0.20 0.05 0.11 0.12 0.11 0.11 - 0.01 0.20 0.31 0.42 0.32 0.35 - 0.07 0.65 0.36 0.47 0.00 0.47 - 0.01 0.90 34.51 47.08 44.73 46.87 + 0.15 58.09 0.15 0.20 0.17 0.20 + 0.01 0.35 0.20 0.27 0.22 0.26 + 0.03 0.43 0.10 0.16 0.16 0.16 + 0.03 0.31 0.10 0.09 0.10 + 0.01 0.16 0.08 0.08 0.07 0.08 + 0.01 0.13 0.06 0.03 0.09 0.06 0.08 + 0.02 0.14 0.02 0.06 0.05 0.06 + 0.02 0.11 0.02 0.03 0.03 0.03 + 0.00 0.11 0.02 unch 0.00 0.14 0.04 0.03 0.04 0.04 0.04 0.04 0.04 - 0.01 0.08 0.12 0.11 0.11 - 0.01 0.17 0.11 0.03 0.03 0.03 unch 0.00 0.06 0.01 0.38 0.35 0.35 - 0.01 0.45 0.07 0.40 1.26 1.07 1.15 - 0.10 2.25 10.03 9.65 9.87 - 0.05 11.44 7.64 13.33 12.82 12.97 - 0.25 14.62 9.66 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.17 0.15 0.17 + 0.02 2.20 0.02 0.23 0.18 0.23 + 0.03 2.90 0.10 0.15 0.10 0.12 - 0.03 0.45 0.14 0.18 0.14 0.16 - 0.02 0.64 0.18 1.06 0.83 0.98 - 0.05 1.10 0.85 1.18 1.06 1.15 - 0.03 2.85 0.02 0.21 0.17 0.21 + 0.03 0.21 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.03 0.01 0.02 - 0.00 0.04 0.15 unch 0.00 0.34 0.19 0.17 0.18 0.12 0.14 0.13 0.13 + 0.00 0.26 0.05 0.05 0.00 0.05 - 0.05 0.11 0.14 0.16 0.14 0.16 + 0.01 0.42 0.12 0.00 0.12 unch 0.00 0.19 0.10 0.96 unch 0.00 1.98 0.00 0.00 0.96 0.03 unch 0.00 0.05 0.03 0.03 0.03 0.03 0.06 0.05 0.05 + 0.01 0.07 0.14 0.19 0.18 0.19 + 0.01 0.45 0.86 1.48 1.00 1.25 + 0.20 2.01 0.42 0.44 0.42 0.44 + 0.01 0.84 0.33 0.35 0.33 0.33 - 0.02 0.66 0.01 0.05 0.05 0.05 + 0.01 0.08 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.31 0.35 0.33 0.35 + 0.01 0.46 0.40 0.47 0.43 0.46 + 0.01 0.58 0.10 unch 0.00 0.25 0.20 0.20 0.20 0.03 0.05 0.04 0.05 + 0.01 0.08 0.15 0.25 0.18 0.25 + 0.06 0.50 0.11 0.18 0.13 0.17 + 0.03 0.40

S

2018-07-03 10:18 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / JULY 9–22, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Strongbow Expl V 190 O 2 Strongbow Expl* Stroud Res V 173 Sulliden Mng T 1156 Sun Metals V 367 Suncor Energy* N 25497 Suncor Energy T 20840 Sunvest Mnrls V 538 Sunvest Mnrls* O 207 O 94 Superior Gold* Superior Gold V 272 Superior Mng V 3 Superior Mng* O 8 Supreme Metals 262 16 Surge Copper * O Surge Copper V 69 Surge Explor* O 92 Surge Explor V 369 Sutter Gold* O 61 Sutter Gold V 26 Syrah Res* O 124

0.23 0.00 0.20 + 0.02 0.28 0.13 0.16 0.14 0.16 + 0.00 0.22 0.10 0.02 0.01 0.01 - 0.01 0.03 0.01 0.29 0.25 0.25 - 0.01 0.65 0.18 0.21 0.19 0.21 + 0.01 0.40 0.16 41.07 38.23 40.68 + 0.52 41.82 27.96 54.39 50.89 53.50 + 0.15 54.39 36.09 0.09 0.07 0.08 - 0.01 0.14 0.07 0.07 0.05 0.06 - 0.01 0.18 0.04 0.98 0.92 0.93 - 0.05 1.28 0.69 1.29 1.22 1.22 - 0.07 1.62 0.85 0.00 0.00 0.09 unch 0.00 0.13 0.04 0.06 0.06 0.06 unch 0.00 0.11 0.03 0.04 0.04 0.04 - 0.01 0.08 0.03 0.09 0.08 0.08 - 0.01 0.21 0.08 0.11 0.09 0.10 - 0.01 0.26 0.09 0.14 0.10 0.14 + 0.01 0.36 0.09 0.17 0.13 0.17 + 0.02 0.28 0.13 0.02 0.01 0.02 + 0.00 0.04 0.01 0.02 0.02 0.02 + 0.01 0.05 0.02 2.16 1.96 2.15 + 0.09 3.85 1.96

Tahoe Res* N 12195 Tahoe Res T 3075 Taiga Gold* O 70 Taiga Gold 145 Tajiri Res V 51 Taku Gold* O 2 Taku Gold 243 Talmora Diamd 28 Talon Metals T 391 Tamino Mnrls* O 19770 Tanager Energy V 948 Tango Mining V 2954 Tanqueray Expl V 630 Tantalex Res 793 Tanzania Mnls V 32 Tanzania Rlty T 73 Tanzania Rlty* X 662 Taranis Res V 0 Taranis Res* O 10 Tarku Res V 191 Tartisan Nick* O 290 Tartisan Nick 800 Tasca Res V 682 Taseko Mines* X 5099 Taseko Mines T 1231 Teck Res T 8856 Teck Res T 28 Teck Res* N 13802 Telson Res * O 5 Telson Res V 47 Tembo Gold V 53 Tembo Gold* O 26 Teranga Gold T 1712 Teranga Gold* O 129 Teras Res V 176 Teras Res* O 42 Terraco Gold V 344 Terrax Mnrls* O 68 Terrax Mnrls V 237 Terreno Res V 47 Teslin Rvr Res V 1092 Tesoro Mnrls V 59 Tethyan Res V 53 Teuton Res V 106 Teuton Res* O 42 Texas Mineral* O 181 Theia Res V 76 Themac Res V 52 Thor Expl V 4 Thunder Mtn Gd* O 172 Thunderstruck V 122 Thunderstruck* O 36 Tiger Intl V 2 Till Capital V 1 Timberline Res V 222 Timberline Res* O 599 Timmins Gold T 624 Timmins Gold* X 734 Tinka Res V 4350 Tinka Res* O 843

5.10 4.75 4.92 - 0.12 8.64 3.76 6.77 6.32 6.47 - 0.20 11.21 4.75 0.12 0.10 0.11 - 0.01 0.16 0.10 0.16 0.14 0.16 unch 0.00 0.21 0.13 0.17 0.13 0.17 - 0.01 0.18 0.08 0.03 0.03 0.03 unch 0.00 0.20 0.03 0.05 0.05 0.05 - 0.01 0.25 0.05 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.11 0.08 0.10 unch 0.00 0.15 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.05 0.05 - 0.01 0.17 0.05 0.04 0.03 0.03 + 0.01 0.06 0.03 1.25 1.08 1.15 + 0.03 1.41 0.33 0.11 0.09 0.09 - 0.02 0.25 0.03 0.17 0.17 0.17 unch 0.00 1.20 0.12 0.58 0.52 0.56 unch 0.00 0.89 0.31 0.45 0.38 0.43 + 0.01 0.68 0.24 0.00 0.00 0.12 unch 0.00 0.14 0.07 0.08 0.08 0.08 unch 0.00 0.11 0.03 0.05 0.03 0.04 unch 0.00 0.06 0.03 0.06 0.06 0.06 unch 0.00 0.09 0.06 0.08 0.06 0.06 - 0.02 0.16 0.06 0.09 0.07 0.08 unch 0.00 0.62 0.05 1.15 1.04 1.08 - 0.05 2.46 1.04 1.52 1.38 1.40 - 0.11 2.98 1.35 34.19 31.95 33.49 - 1.10 39.08 21.75 35.98 32.23 32.76 - 2.19 39.00 22.60 25.63 24.03 25.45 - 0.59 30.80 16.73 0.60 0.58 0.60 + 0.02 0.74 0.19 0.78 0.75 0.75 - 0.01 1.00 0.28 0.03 0.02 0.02 - 0.01 0.05 0.01 0.03 0.02 0.03 unch 0.00 0.03 0.01 5.46 4.50 4.69 - 0.68 5.63 2.36 4.06 3.47 3.61 - 0.42 6.40 1.83 0.08 0.07 0.07 unch 0.00 0.15 0.07 0.06 0.06 0.06 + 0.00 0.11 0.05 0.10 0.08 0.10 + 0.01 0.12 0.08 0.30 0.28 0.29 - 0.00 0.51 0.28 0.40 0.37 0.39 + 0.01 0.62 0.36 0.05 0.04 0.05 + 0.01 0.18 0.03 0.38 0.34 0.36 - 0.03 0.76 0.34 0.05 0.05 0.05 unch 0.00 0.12 0.05 0.21 0.19 0.19 - 0.01 0.57 0.17 0.19 0.17 0.18 + 0.02 0.35 0.15 0.13 0.12 0.12 - 0.00 0.26 0.12 0.22 0.18 0.22 + 0.03 0.28 0.13 0.09 0.08 0.09 unch 0.00 0.12 0.07 0.07 0.06 0.07 + 0.01 0.10 0.03 0.19 0.00 0.19 unch 0.00 0.23 0.09 0.14 0.10 0.13 - 0.02 0.30 0.08 0.07 0.06 0.07 + 0.01 0.13 0.05 0.06 0.05 0.06 + 0.01 0.10 0.04 0.08 0.08 0.08 unch 0.00 0.15 0.08 2.50 0.00 2.50 + 0.12 5.85 1.90 0.17 0.15 0.15 - 0.01 0.51 0.08 0.13 0.09 0.12 unch 0.00 0.43 0.06 1.97 1.82 1.91 + 0.05 6.20 1.76 1.49 1.38 1.46 + 0.08 4.94 1.32 0.58 0.43 0.55 + 0.10 0.87 0.40 0.43 0.33 0.42 + 0.08 0.75 0.31

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tintina Mines V 20 Titan Mining T 1871 Titanium Corp V 82 TMAC Resource* O 7 503 TMAC Resources T TNR Gold V 418 Toachi Mg Inc* O 400 Toachi Mg Inc V 161 Tolima Gold V 421 TomaGold V 2430 Tombstone Expl* O 582 O 346 Tonogold Res* Torex Gold* O 32 Torex Gold T 1195 Toron, Inc* O 5078 Torq Resources V 128 O 70 Torq Resources* Tower Res* O 2 Tower Res V 60 O 0 Transatlan Mng* Transatlan Mng V 147 Transition Mtl V 65 Treasury Metal T 540 Treasury Metal* O 29 Trecora Res* N 195 Trek Mining V 2301 Trek Mining* O 854 Tres-Or Res V 125 Trevali Mng* O 667 Trevali Mng T 22448 Tri Origin Exp V 32 Trifecta Gold V 159 Trifecta Gold* O 132 Trigen Res* O 210 Trilogy Mtls T 44 Trilogy Mtls* X 717 TriMetals Mng* O 144 TriMetals Mng* O 52 TriMetals Mng T 222 Trinity Res* O 0 Trinity Valley V 116 Trio Resources* O 460 TriStar Gold* O 220 TriStar Gold V 106 Triumph Gold V 318 Triumph Gold* O 44 Troilus Gold V 223 Troy Enrgy V 160 Troy Res* O 14 Troymet Expl V 186 True Grit Res V 0 True North Gem V 293 Trueclaim Expl V 29 Tsodilo Res V 76 Tudor Gold * O 45 Tudor Gold V 306 Turquoise HIl T 3324 Turquoise HIl* N 8595 TVI Pacific* O 130 TVI Pacific V 291 Tyhee Gold* O 80 Typhoon Expl V 330

0.05 0.05 0.05 unch 0.00 0.10 0.04 1.50 1.36 1.42 - 0.08 1.65 0.92 0.90 0.00 0.80 - 0.02 1.50 0.70 4.45 4.04 4.18 - 0.27 11.68 4.04 5.95 5.35 5.60 - 0.28 15.62 5.19 0.05 0.04 0.05 + 0.01 0.09 0.03 0.13 0.13 0.13 unch 0.00 0.35 0.10 0.15 0.14 0.14 unch 0.00 0.48 0.12 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.07 0.06 0.07 + 0.01 0.10 0.05 0.01 0.00 0.01 + 0.00 0.01 0.00 0.14 0.11 0.14 - 0.01 0.40 0.04 8.97 8.44 8.82 - 0.22 19.62 5.73 11.92 11.16 11.71 - 0.28 25.39 7.29 0.01 0.01 0.01 - 0.00 0.03 0.00 0.50 0.44 0.50 + 0.02 0.80 0.43 0.38 0.34 0.34 - 0.03 1.10 0.34 0.12 0.12 0.12 unch 0.00 0.24 0.08 0.13 0.12 0.13 - 0.01 0.31 0.10 0.00 0.00 0.03 unch 0.00 0.08 0.03 0.05 0.04 0.04 - 0.01 0.12 0.04 0.13 0.12 0.12 - 0.01 0.20 0.12 0.46 0.43 0.45 unch 0.00 0.77 0.38 0.35 0.32 0.35 + 0.03 0.65 0.29 14.95 14.15 14.85 + 0.10 15.10 10.25 1.05 0.98 0.98 - 0.06 1.39 0.88 0.78 0.73 0.75 - 0.02 1.11 0.69 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.77 0.63 0.66 - 0.12 1.37 0.65 1.04 0.83 0.90 - 0.15 1.75 0.85 0.03 0.02 0.02 - 0.01 0.06 0.02 0.11 0.08 0.08 - 0.03 0.26 0.07 0.08 0.06 0.06 - 0.03 0.20 0.06 0.36 0.25 0.31 + 0.03 1.01 0.06 2.35 2.09 2.35 unch 0.00 2.42 0.80 1.80 1.61 1.78 + 0.02 1.87 0.62 0.08 0.06 0.07 + 0.00 0.18 0.06 0.15 0.13 0.15 + 0.00 0.20 0.11 0.10 0.08 0.08 - 0.01 0.23 0.08 0.00 0.00 0.01 unch 0.00 0.10 0.01 0.07 0.00 0.06 - 0.01 0.18 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.14 0.16 + 0.02 0.32 0.13 0.20 0.00 0.19 - 0.01 0.41 0.18 0.38 0.31 0.36 + 0.05 0.57 0.25 0.28 0.23 0.28 + 0.04 0.46 0.20 1.30 1.25 1.30 + 0.05 2.25 1.20 0.06 0.04 0.04 - 0.02 0.15 0.04 0.10 0.10 0.10 unch 0.00 0.13 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.00 0.00 0.03 unch 0.00 0.07 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.16 0.14 0.16 + 0.01 0.30 0.07 0.59 0.47 0.50 - 0.09 0.83 0.47 0.31 0.31 0.31 - 0.01 0.71 0.31 0.42 0.38 0.40 - 0.01 0.94 0.36 3.78 3.50 3.72 - 0.04 4.52 3.37 2.87 2.63 2.84 + 0.02 3.59 2.58 0.01 0.01 0.01 - 0.00 0.02 0.00 0.02 0.01 0.02 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.05 0.07 + 0.01 0.10 0.04

U.S. Lithium* O 3541 U3O8 Corp* O 115 U3O8 Corp T 326 UC Res* O 7 Ucore Rare Mtl V 678 Ucore Rare Mtl* O 486 UEX Corp T 1144 Ultra Lithium* O 4 Ultra Lithium V 43 Umbral Enrgy* O 11 Unigold* O 21 Unigold V 72 United Lithium 1 United Res Hdg* O 11 United Silver* O 44 United States A* X 829 United States S* N 52297 Unity Energy V 2 Universal Vent V 751

0.02 0.02 0.02 + 0.00 0.06 0.02 0.26 0.21 0.21 - 0.05 0.49 0.18 0.34 0.27 0.29 - 0.07 0.60 0.21 0.00 0.00 0.00 unch 0.00 0.20 0.00 0.20 0.17 0.18 unch 0.00 0.32 0.18 0.15 0.13 0.13 - 0.01 0.26 0.13 0.26 0.24 0.25 - 0.01 0.41 0.15 0.13 0.00 0.13 - 0.03 0.63 0.11 0.26 0.18 0.18 - 0.03 0.80 0.15 0.26 0.23 0.23 - 0.03 0.64 0.07 0.15 0.15 0.15 + 0.01 0.24 0.12 0.23 0.00 0.21 + 0.01 0.31 0.15 0.50 0.50 0.50 unch 0.00 0.57 0.40 0.06 0.02 0.05 - 0.02 0.07 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.58 0.45 0.48 - 0.10 0.59 0.20 36.69 33.76 34.75 - 2.16 47.64 20.67 0.00 0.00 0.18 unch 0.00 0.23 0.10 0.63 0.51 0.62 + 0.10 0.62 0.31

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 47 Upper Canyon Ur-Energy* X 934 Ur-Energy T 182 Uracan Res V 698 Uracan Res* O 3 837 Uragold Bay Rs V X 6684 Uranium Energy* O 0 Uranium Hunter* Uranium Res* D 1580 Uravan Mnrls V 246 URZ Energy V 162 URZ Energy* O 353 US Energy* D 1893 US Precious M* O 590 USCorp* O 0 106007 N Vale* ValGold Res* O 93 ValGold Res V 1534 Valley High Mg* O 1853 ValOre Metals V 334 Valoro Res* O 42 Valoro Res V 1084 Valterra Res* O 6 Valterra Res V 504 V 1473 Vanadium One O 115 Vanadiumcorp* V 156 Vanadiumcorp Vangold Res* O 126 Vangold Res V 220 218 Vanstar Mng Rs V Vantex Res* O 2 Vantex Res V 4 Vatic Vent V 598 Vatic Vent* O 213 N 3282 Vedanta* Velocity Mnrls V 55 Vendetta Mng V 952 O 144 Vendetta Mng* V 50 Venerable Vent O 50 Venture Mnrls* Verde Potash T 266 Verde Res* O 12 Veris Gold* O 63 Vertical Expl V 392 Victoria Gold V 2382 Victory Nickel 163 O 6 Victory Nickel* Victory Res V 68 Victory Vent V 133 Victory Vent* O 11 Virginia Enrgy V 75 O 179 Virginia Enrgy* Viscount Mng V 548 28 Visible Gold M V 0 Visible Gold M* O Vision Lithium V 119 O 2 Vision Lithium* Vista Gold* X 420 Vista Gold T 20 Viva Gold V 29 Volcanic Gold V 262 Volt Energy V 102 Voltaic Min V 46 Voyageur Min V 98 O 18 VR Resources* V 60 VR Resources Vulcan Mnrls V 71 VVC Expl V 793

0.03 0.40 0.00 0.39 + 0.03 0.40 0.50 0.71 0.67 0.67 - 0.03 0.79 0.62 0.93 0.87 0.89 - 0.04 0.98 0.02 unch 0.00 0.04 0.03 0.03 0.03 0.01 unch 0.00 0.09 0.01 0.01 0.01 0.09 0.08 0.08 - 0.01 0.14 0.08 0.96 1.76 1.55 1.61 - 0.15 2.00 0.50 unch 0.00 2.20 0.00 0.00 0.50 0.35 0.45 0.38 0.40 - 0.01 1.70 0.04 0.00 0.08 nch u 0.04 0.04 0.04 0.20 0.49 0.43 0.48 + 0.02 0.79 0.24 0.37 0.32 0.37 + 0.04 0.51 0.65 1.95 1.18 1.32 + 0.12 1.96 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 unch 0.00 0.02 0.00 0.00 0.00 13.02 12.28 12.82 + 0.01 15.24 8.56 0.04 0.09 0.09 0.09 + 0.00 0.10 0.04 unch 0.00 0.14 0.12 0.11 0.12 0.01 0.00 0.01 - 0.00 0.04 0.00 0.07 unch 0.00 0.13 0.07 0.07 0.07 0.01 0.02 0.01 0.02 + 0.00 0.07 0.20 0.03 0.02 0.02 - 0.18 0.90 0.01 unch 0.00 0.05 0.03 0.03 0.03 0.02 unch 0.00 0.06 0.03 0.03 0.03 0.04 0.11 0.09 0.09 - 0.01 0.16 0.06 0.10 0.06 0.08 + 0.02 0.14 0.09 unch 0.00 0.16 0.10 0.09 0.09 0.03 0.05 0.05 0.05 + 0.00 1.38 0.05 unch 0.00 0.25 0.07 0.05 0.06 0.11 0.10 0.11 + 0.01 0.12 0.06 0.04 unch 0.00 0.24 0.23 0.23 0.23 0.23 0.25 0.00 0.25 - 0.07 0.58 0.12 0.19 0.15 0.19 + 0.01 0.32 0.05 0.64 0.12 0.14 + 0.01 0.64 13.01 13.66 13.07 13.60 + 0.19 21.99 0.15 0.16 0.16 0.16 - 0.01 0.47 0.18 0.20 0.18 0.19 - 0.01 0.33 0.13 0.16 0.13 0.15 - 0.02 0.27 0.09 0.11 0.11 0.11 + 0.01 0.16 0.02 0.02 0.02 0.02 + 0.00 0.04 0.39 0.83 0.76 0.76 - 0.03 1.26 0.00 0.01 0.01 0.01 + 0.00 0.20 0.00 0.00 0.00 0.00 - 0.00 0.02 0.03 unch 0.00 0.40 0.12 0.10 0.11 0.31 0.37 0.35 0.35 - 0.02 0.61 0.04 unch 0.00 0.07 0.05 0.00 0.05 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.13 0.19 0.18 0.18 - 0.02 0.65 0.06 0.18 0.13 0.15 - 0.01 0.36 0.06 0.13 0.11 0.12 + 0.01 0.24 0.09 0.22 0.00 0.18 - 0.02 0.33 0.07 0.17 0.14 0.17 + 0.01 0.25 0.22 0.25 0.22 0.25 - 0.01 0.40 0.08 0.06 0.07 - 0.01 0.19 0.06 0.07 0.07 0.07 unch 0.00 0.14 0.04 0.18 unch 0.00 0.79 0.40 0.33 0.40 0.26 0.28 0.25 0.25 - 0.02 0.62 0.60 0.70 0.66 0.69 + 0.00 0.92 0.77 unch 0.00 1.15 0.91 0.87 0.90 0.21 0.33 0.32 0.32 - 0.01 0.69 0.13 unch 0.00 0.60 0.15 0.13 0.15 0.13 unch 0.00 0.96 0.16 0.13 0.14 0.18 0.22 0.21 0.21 - 0.01 0.95 0.04 0.08 0.00 0.08 + 0.02 0.15 0.21 0.32 0.28 0.28 - 0.04 0.35 0.22 0.41 0.37 0.37 - 0.05 0.43 0.04 unch 0.00 0.07 0.06 0.05 0.05 0.03 unch 0.00 0.07 0.03 0.00 0.03

Walker Lane* O 3 Walker River V 405 T 629 Wallbridge Mng 387 War Eagle Mg V Waseco Res V 260 Wealth Mnrls V 651 Wealth Mnrls* O 523 V 2 Wescan Gldflds O 645 Wesdome Gold* T 3939 Wesdome Gold West Af Res V 1367 46 West High Yld V

0.10 0.24 0.10 0.24 + 0.00 0.24 0.05 0.07 0.05 0.06 + 0.01 0.15 0.06 0.07 0.06 0.07 + 0.01 0.15 0.12 0.10 0.11 + 0.01 0.22 0.04 0.03 0.01 0.08 0.03 - 0.03 0.03 0.91 1.18 0.91 1.04 - 0.11 2.34 0.69 0.91 0.69 0.78 - 0.11 1.85 0.06 unch 0.00 0.12 0.00 0.00 0.07 1.28 2.39 2.15 2.34 + 0.07 2.50 1.64 3.10 2.88 3.07 + 0.08 3.21 0.40 0.32 0.39 + 0.03 0.50 0.29 0.40 0.35 0.40 + 0.05 3.80 0.24

W-Z

(100s) Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

West Kirkland V 791 West Kirkland * O 621 128 West Red Lake West Red Lake* O 218 Western Areas* O 19 Western Atlas V 404 Western Copper T 438 Western Copper* X 572 69 Western Pac Rs V Western Pac Rs* O 84 T 81 Western Potash Western Res* O 5 178 Western Troy C V Western Uran 43 Western Uran* O 52 V 489 Westhaven Vent O 48 Westhaven Vent* Westkam Gold* O 1265 V 8349 Westkam Gold Westminster Rs V 102 O 0 Westminster Rs* O 1439 Westmoreland* WestMountain* O 0 Whistler Gold V 0 White Gold V 59 White Gold* O 37 White Metal R* O 230 White Metal Rs V 394 58 White Mtn Engy* O Whitehaven Coa* O 3 Whitemud Res V 170 Winston Gold 111 Winston Gold* O 159 Winston Res 501 Wolfden Res* O 90 Wolfden Res V 222 Wolfeye Res V 283 Wolverine Mnls* O 212 Wolverine Mnls V 80 V 2 Worldwide Res WPC Res V 250 X-Terra Res* O 1 X-Terra Res V 106 Xander Res V 105 Xiana Mng V 5 Xiana Mng* O 0 Ximen Mng V 982 Xmet Inc* O 26 Xtierra V 745 Xtra-Gold Res T 338 Xtra-Gold Res* O 37 Yamana Gold T 10758 Yamana Gold* N 49760 Yanzhou Coal* O 1529 Yellowhead Mng V 1 Yorbeau Res T 1006 Yorbeau Res* O 40 Zadar Vent V 606 25 Zadar Vent * O Zara Res 10 Zena Mng V 19 Zenyatta Vent* O 68 Zenyatta Vent V 112 Zeox Corp* O 3 Zephyr Mnls V 145 Zephyr Mnls* O 30 Zimtu Capital V 55 567 Zinc One Res V Zinc One Res * O 93 Zincore Mtls V 8 Zincore Mtls* O 10 ZincX Res* O 174 ZincX Res V 1246 Zonte Mtls V 156

0.08 0.07 0.07 unch 0.00 0.09 0.06 0.06 0.05 0.06 - 0.00 0.07 0.04 0.08 0.07 0.07 - 0.01 0.23 0.07 0.07 0.05 0.05 - 0.02 0.20 0.05 2.64 2.58 2.64 unch 0.00 2.82 1.64 0.20 0.13 0.13 - 0.03 0.34 0.13 1.17 1.08 1.12 - 0.03 1.76 0.92 0.90 0.82 0.84 - 0.03 1.44 0.71 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.40 0.00 0.40 + 0.01 0.58 0.37 0.30 0.30 0.30 unch 0.00 0.39 0.28 0.03 0.02 0.02 - 0.01 0.06 0.02 0.87 0.00 0.81 unch 0.00 1.52 0.54 0.65 0.58 0.64 + 0.02 1.17 0.44 0.15 0.14 0.14 - 0.02 0.24 0.08 0.12 0.11 0.12 unch 0.00 0.18 0.06 0.02 0.01 0.01 - 0.00 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.15 0.12 0.12 - 0.01 0.38 0.07 0.11 0.00 0.11 unch 0.00 0.28 0.09 0.21 0.11 0.14 - 0.06 5.01 0.07 0.00 0.00 3.30 unch 0.00 11.00 1.15 0.00 0.00 0.08 unch 0.00 0.08 0.03 0.86 0.76 0.80 + 0.04 2.10 0.61 0.65 0.58 0.61 + 0.03 0.73 0.53 0.07 0.06 0.06 - 0.01 0.17 0.05 0.08 0.07 0.07 - 0.01 0.24 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 4.28 4.28 4.28 unch 0.00 4.37 2.22 0.02 0.01 0.02 unch 0.00 0.05 0.01 0.07 0.07 0.07 unch 0.00 0.09 0.03 0.06 0.05 0.06 - 0.00 0.09 0.02 0.13 0.11 0.11 - 0.04 0.24 0.10 0.21 0.19 0.19 - 0.01 0.56 0.10 0.28 0.26 0.26 - 0.01 0.68 0.13 1.00 0.92 0.93 - 0.07 1.64 0.49 0.07 0.07 0.07 unch 0.00 0.12 0.06 0.10 0.09 0.09 + 0.01 0.17 0.05 0.00 0.00 0.03 unch 0.00 0.09 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.11 0.11 0.11 unch 0.00 0.28 0.11 0.14 0.13 0.13 - 0.01 0.39 0.13 0.15 0.14 0.14 - 0.01 0.35 0.12 0.62 0.57 0.62 + 0.05 0.70 0.08 0.00 0.00 0.41 unch 0.00 0.55 0.06 0.18 0.00 0.16 - 0.01 0.25 0.13 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.05 0.04 0.05 + 0.01 0.08 0.02 0.30 0.28 0.30 + 0.05 0.36 0.18 0.23 0.21 0.23 + 0.02 0.27 0.11 4.04 3.79 3.83 - 0.19 4.69 2.84 3.04 2.85 2.90 - 0.12 3.80 2.21 1.39 1.39 1.39 unch 0.00 1.83 0.87 0.18 0.00 0.18 + 0.02 0.70 0.16 0.05 0.04 0.04 unch 0.00 0.10 0.04 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.04 0.04 0.04 - 0.01 0.13 0.04 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.15 0.12 0.12 unch 0.00 0.24 0.08 0.08 0.00 0.08 unch 0.00 0.18 0.08 0.40 0.36 0.37 - 0.03 0.93 0.34 0.55 0.49 0.51 unch 0.00 1.15 0.42 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.29 0.24 0.28 + 0.03 0.34 0.20 0.22 0.18 0.22 + 0.03 0.28 0.16 0.31 0.29 0.29 - 0.02 0.40 0.20 0.24 0.21 0.22 - 0.03 0.58 0.20 0.18 0.16 0.17 - 0.01 0.46 0.15 0.07 0.00 0.07 + 0.01 0.35 0.03 0.05 0.05 0.05 unch 0.00 0.25 0.04 0.29 0.24 0.24 - 0.04 0.31 0.17 0.38 0.31 0.32 - 0.04 0.39 0.22 0.19 0.17 0.18 - 0.01 0.39 0.12

BID-ASK — JUNE 25–JUNE 29, 2018

STOCK

55 North AEX Gold African Metals Aguila Amer Gd Alba Minerals Alderon Iron* Alexandra Cap Allante Potash ALQ Gold Altitude Res Amador Gold Amanta Res Anconia Res Anglo-Bomarc Arch Coal* Arian Res Arrowstar Res Asbestos Corp AsiaBaseMetals Astur Gold Atlatsa Res* Aurelius Min Banro Corp* Baroyeca Go&Si Bearclaw Cap Bell Copper Belvedere Res BeMetals Benchmark Met BHK Mining Bird River Res Black Bull Res Bluenose Gold Boss Power Brigadier Gold Brunswick Res Bullion Gld Res Bullman Mnls Cairo Res Canada Coal Canadian Mng Canex Energy Canoe Mng Vent Canstar Res Carlin Gold Cdn Silvr Hunt Century Global Cerro Mng Chantrell Vent Chatham Rock Chimata Gold Chinapintza Mg Cicada Vents Cliffs Nat Res* Clydesdale Res Condor Gold Copper Reef Mg Cresval Cap Cyntar Venture Cyprium Mng Dawson Gold Eastern Zinc Edgewater Expl Eureka Res European Metal Eurotin Excalibur Res Fengro Industr

12-MONTH

EXC BID ASK LAST HIGH

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

20-23_July9_StockTables.indd 23

0.02 0.02 0.02 0.37 0.40 0.40 0.71 0.06 0.09 0.06 0.18 0.22 0.18 0.30 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.50 0.59 0.50 0.93 0.08 0.38 0.06 0.11 0.25 0.29 0.22 0.45 0.05 0.08 0.05 0.09 0.17 0.19 0.19 0.31 0.01 0.02 0.01 0.01 0.02 0.01 0.03 0.11 0.15 0.15 0.16 ... ...

0.58 0.01 0.02 0.01 0.10 0.12 0.12 0.12 0.60 1.00 0.80 0.90 0.30 0.35 0.31 0.40 0.06 0.08 0.08 0.10 ... ...

0.06 0.45 0.13 0.14 0.14 0.15 0.11 0.11 0.11 2.10 0.01 0.02 0.02 0.04 0.04 0.05 0.04 0.06 0.17 0.20 0.20 0.22 0.82 0.85 0.82 0.96 0.18 0.21 0.20 0.32 0.08 0.08 0.08 0.13 0.02 0.02 0.02 0.02 0.22 0.23 0.23 0.63 0.10 0.18 0.10 0.11 0.11 0.19 0.11 0.17 0.17 0.20 0.17 0.17 0.20 0.19 0.26 0.03 0.05 0.05 0.05 0.34 0.40 0.40 0.47 0.06 ...

0.08 0.10 0.45 0.62 0.39 0.43 0.08 0.09 0.08 0.12 0.31 0.33 0.33 0.79 0.21 0.28 0.21 0.40 0.14 0.16 0.14 0.25 0.06 0.07 0.06 0.10 0.03 0.04 0.03 0.09 0.04 0.05 0.04 0.12 0.17 0.21 0.16 0.29 0.17 0.24 0.17 0.22 0.06 0.07 0.06 0.10 0.21 0.22 0.23 0.57 0.07 ...

0.07 0.10 0.01 0.03 0.01 0.02 0.01 0.02 0.01 0.03 1.45 3.20 1.43 7.17 0.06 0.12 0.07 0.15 0.55 0.63 0.55 1.75 0.02 0.03 0.03 0.03 0.04 0.05 0.05 0.06 0.10 0.20 0.15 0.15 0.03 0.03 0.03 0.15 0.34 0.30 0.26 ...

0.26 0.46 0.16 0.18 0.17 0.22 0.03 0.03 0.03 0.06 ... 0.01 0.01 0.06 0.07 0.06 0.10 0.09 0.10 0.10 0.11 0.12 0.15 0.14 0.40

LOW

0.36 0.17 0.04 0.12 0.07 0.05 0.07 0.03 0.13 0.01 0.05 0.03 0.21 0.19 0.01 0.06 0.03 0.10 0.01 0.03 0.03 0.15 0.15 0.05 0.02 0.07 0.09 0.00 0.08 0.02 0.10 0.06 0.24 0.04 0.25 0.18 0.04 0.04 0.03 0.04 0.13 0.04 0.05 0.20 0.07 0.01 0.01 0.98 0.04 0.47 0.01 0.04 0.15 0.17 0.12 0.02 0.05 0.01 0.12

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Fieldex Expl V Finlay Minrls V Finore Mng C Fire River Gol V Firestone Vent V First Idaho V First Legacy V Freeport Res V Frontline Gold V Full Metal Mnl V Gem Intl Res V GFM Res V Global Cobalt V Global Cop Grp V GobiMin V God’s Lake Res C Goldbank Mng V Goldbelt Emp V V Golden Harp GoldTrain Res C Granite Ck Gld V Greatbanks Res V Green Arrow V V Green Valley M Grenville Gold V GTA Res & Mng V Halio Energy V Hawkeye Gld&Di V V HFX Holding Highbury Proj V Highvista Gold V Icon Explor V IEMR Res V V Infinite Lith Inform Res V Inomin Mines V Interconnect V Intl Battery C V Iron South Mng Jiminex V Jubilee Gold V Kenna Res V Kingsmen Res V C La Imperial Lamelee Iron V Le Mare Gold V Leo Res C Lions Bay Cap V Lithion Energy V Logan Res V Madeira Mrnls V MAG Silver* X Magnitude Mng V Match Capital V MAX Res V Mazarin V McLaren Res C Mega Copper V Metalore Res V Metron Capital V Micrex Dev V Midnight Star C MillenMin Vent V Millstream Min V Minecorp Egy V Minfocus Expl V Minsud Res V Moag Copper C

0.18 0.19 0.19 0.05 0.06 0.05 0.34 0.12 0.12 0.11 0.03 0.07 0.09 0.08 0.09 0.08 0.19 0.06 0.25 0.04 0.06 0.14 0.16 0.14 0.25 0.06 0.07 0.06 0.08 0.01 0.02 0.02 0.03 0.10 0.14 0.10 0.15 0.01 0.02 0.02 0.03 0.07 0.15 0.15 0.15 0.02 0.02 0.02 0.07 0.08 0.08 0.11 0.34 0.39 0.40 0.57 0.90 2.00 0.90 1.10 0.15 0.25 0.15 0.34 0.02 0.03 0.02 0.03 0.07 0.11 0.11 0.15 0.08 0.37 0.08 0.19 0.09 0.12 0.09 0.17 0.03 0.05 0.03 0.03 0.05 0.03 0.19 0.26 0.34 0.34 0.50 0.10 0.23 0.10 0.17 0.04 0.04 0.04 0.06 0.15 0.18 0.18 0.55 0.04 0.06 0.04 0.12 0.06 ...

0.06 0.12 0.30 0.40 0.30 0.35 ... 0.16 0.17 0.46 0.46 0.41 0.84 0.02 0.03 0.02 0.05 0.26 0.29 0.28 0.32 0.18 0.21 0.18 0.39 0.07 0.08 0.08 0.20 0.08 0.15 0.10 0.10 ... ...

0.31 0.36 0.24 0.27 0.24 0.28 0.05 0.07 0.05 0.28 0.41 0.70 0.66 0.72 0.13 0.16 0.15 0.19 0.22 0.22 0.25 0.07 0.24 0.07 0.08 0.42 0.48 0.48 0.48 0.17 0.17 0.17 2.90 1.06 1.09 1.09 0.07 0.09 0.09 0.25 ... ...

0.10 0.06 0.06 0.06 0.08 0.02 0.14 0.02 0.05 12.52 13.30 12.52 14.40 0.25 0.40 0.30 0.30 0.01 0.04 0.04 0.19 0.21 0.20 0.32 0.08 0.10 0.08 0.18 0.04 0.05 0.05 0.19 0.18 0.25 0.18 0.18 1.80 2.40 2.10 4.45 0.06 0.10 0.07 0.08 0.02 0.02 0.01 0.03 0.20 ...

0.20 0.25 0.05 0.07 0.05 0.04 0.06 0.04 ... ...

0.12 0.20 0.02 0.02 0.02 0.06 0.07 0.08 0.08 0.21 ... ...

0.08

0.05 0.03 0.02 0.14 0.03 0.01 0.08 0.01 0.02 0.04 0.33 0.04 0.11 0.01 0.01 0.06 0.08 0.03 0.08 0.08 0.03 0.15 0.04 0.04 0.22 0.03 0.01 0.12 0.14 0.02 0.05 0.30 0.04 0.05 0.35 0.10 0.04 0.16 0.17 0.09 0.04 0.02 6.12 0.30 0.06 0.04 0.03 0.16 1.77 0.05 0.01 0.08 0.07 0.01 0.06

STOCK

Monitor Vent Montana Gold Mountain Lake MX Gold Navy Res Nebu Res New Klondike New Stratus Niocan Inc North Am Ptash Norvista Cap Nrthn Lion NSGold Opawica Expl Orford Mining Oriental Non F Orofino Mnrls Pac Arc Res Pac Cascade Pac Iron Ore Pacific Empire Pacific Silk Paget Mrnls Parana Copper Patriot Gold Pele Mtn Res Phoenix Gold Prime Meridian ProAm Expl Quantum Cobalt Quinto Res Rare Element* Razore Rock Res Red Tiger Mng Reliant Gold Riley Resource Rockland Mnls Rockwealth Res Rojo Res Royal Sapphire Rubicon Mnrls* Scavo Res Stockport Expl Stone Ridge Ex Strategic Res Superior Mng Surge Explor Taranis Res Tearlach Res Thunder Mtn Gd Tintina Mines Tri-River Vent Trident Gold UC Res Vale* Valencia Vent Vanadium One Vanadiumcorp Vela Minerals Wabi Explor Westcot Vent Westridge Res Whistler Gold WPC Res Zara Res Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.21 0.24 0.23 1.00 0.09 0.10 0.10 0.10 0.05 0.05 0.05 0.09 0.11 0.11 0.11 0.22 0.21 0.35 0.23 0.32 0.04 0.04 0.04 0.01 0.01 0.01 0.33 0.37 0.40 0.48 0.07 0.08 0.07 0.18 0.05 0.08 0.04 0.09 0.10 0.09 0.16 0.30 0.55 0.30 0.67 0.11 0.12 0.12 0.15 0.06 0.07 0.06 0.40 0.20 0.24 0.20 0.70 0.70 ...

1.05 1.05 0.14 0.19 0.14 0.19 0.53 0.75 0.70 0.82 0.01 0.02 0.01 0.08 0.12 0.08 0.23 0.14 0.15 0.14 0.20 0.03 0.04 0.03 0.06 0.03 0.07 0.03 0.06 0.35 0.45 0.35 0.36 0.10 ...

0.10 0.13 0.04 0.04 0.04 0.15 ... 0.01 0.01 0.12 0.15 0.14 0.02 0.05 0.03 0.04 ... ...

1.10 3.15 0.08 0.09 0.09 0.14 0.11 0.16 0.15 0.89 0.25 0.30 0.25 0.90 0.02 0.03 0.03 0.02 0.03 0.02 0.04 0.01 0.35 0.11 0.15 0.07 0.08 0.08 0.11 0.14 0.19 0.14 0.30 0.40 0.49 0.40 0.40 0.16 0.22 0.20 0.26 ... ...

0.03 1.35 0.36 0.57 0.36 0.54 0.02 0.03 0.03 0.03 0.30 0.33 0.30 0.60 0.20 0.32 0.20 0.25 0.08 0.13 0.09 0.13 0.39 0.44 0.39 0.23 0.08 0.12 0.12 0.14 0.08 0.15 0.08 0.14 ...

0.20 0.32 0.05 0.09 0.05 0.10 0.04 0.12 0.04 0.14 0.19 0.14 0.22 0.01 0.02 0.02 0.03 ... ...

10.24 11.10 0.21 0.22 0.22 0.30 0.13 0.15 0.13 0.09 0.10 0.09 0.16 0.22 0.30 0.30 0.30 0.08 0.09 0.09 0.09 0.50 0.64 0.69 1.09 0.59 0.59 0.60 0.80 0.08 0.20 0.08 0.08 0.03 0.03 0.03 0.07 0.13 0.20 0.12 0.24 0.05 0.07 0.05

0.22 0.02 0.02 0.08 0.16

0.08 0.06 0.08 0.23 0.02 0.05 0.18 0.88 0.06 0.09 0.03 0.13 0.03 0.03 0.09 0.09 0.03

0.02 0.20 0.05 0.06 0.09 0.02 0.10 0.01 0.12 0.23 0.06 0.03 0.26 0.02 0.06 0.10 0.04 0.03 0.07 0.12 0.04 0.14 0.01 6.57 0.14 0.09 0.18 0.05 0.04 0.29 0.03 0.03 0.08

2018-07-03 10:18 AM

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2018-07-03 6:45 PM