The Northern Miner June 21 2021 Issue 13 by The Northern Miner Group

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Teck Resources on track to double copper output by 2023, says Don Lindsay

Members of Kamoa-Kakula’s multinational team of geologists and engineers. IVANHOE MINES

COPPER

T Zijin, Citic to buy copper from Ivanhoe’s Kamoa-Kakula mine COPPER

| Timing couldn’t be better for the world’s newest copper mine

BY CECILIA JAMASMIE

vanhoe Mines (TSX: IVN; USOTC: IVPAF) has inked deals with a subsidiary of Chinas’ Zijin Mining and trader Citic Metal to sell each 50% of the copper production from the recently launched first phase of its Kamoa-Kakula copper mine in the Democratic Republic of Congo (DRC). The copper concentrate and blister copper off-take agreements will see Gold Mountains (H.K.) International Mining Company, Zijin’s wholly owned subsidiary, and Citic Metal, split the initial offtake from Kakula, the first of the two mines at Ivanhoe’s concession. Ivanhoe said it won’t have any issues holding its end of the bargain as the DRC government has fully authorized it to export blister copper and concentrate to international markets. The permit came as Ivanhoe inked a 10-year agreement with the Lualaba copper smelter, located outside the town of Kolwezi, for the processing of a portion of Kamoa’s copper concentrate production. The miner delivered its first copper concentrates to Lualaba on June 1, and will receive first blister copper ingots within 30 days of delivery, the company said. The DRC, the world’s number one cobalt producer and Africa’s biggest copper miner, reinstated a ban on exports of concentrates last month to encourage miners to process and refine the ore locally. It said at the time it would grant exceptions on a case-by-case basis following an application by an interested party. Ivanhoe said buyers will be respon-

sible for arranging freight and shipment of the copper to its final destination, initially via the port of Durban in South Africa. Citic Metal and the Zijin unit will each provide an advance payment of up to US$150 million, which can be drawn on by Kamoa Copper from June 10 this year until May 31, 2023, the Vancouver-based company said. “The facility will bear an annual interest rate of 8% and will be offset against provisional payments due to Kamoa Copper from product deliveries,” the miner said. Ivanhoe anticipates Kamoa-Kakula’s first-phase output to be about 200,000 tonnes of copper per year. Operations at Kamoa-Kakula are set to ramp up this year to reach between 80,000 and 95,000 tonnes of copper in concentrate. After several phases of expansion, the mine’s peak annual copper production will be more than 800,000 tonnes. Robert Friedland, Ivanhoe’s founder and executive co-chairman, said he believes the project will become the world’s second-largest copper mine and also the one with the highest grades among major operations. The concentrator is slated to produce concentrate grading around 57% copper. “If we came from Mars and we were sent in our flying saucer to orbit the Earth to find copper, we would definitely go to Katanga in the southern part of the Democratic Republic of the Congo as the richest place on the planet for copper,” Friedland said in an interview with Bloomberg on June 8. Ivanhoe has also vowed to produce the industry’s “greenest” copper, as it works to become the first net-zero operational carbon emitter among the

world’s top-tier copper producers. Friedland has not set a target date for achieving that goal. Kamoa-Kakula is a strategic partnership between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC government (20%). The Lualaba smelter, which began operations in early 2020, is 60%-owned by Beijing-based China Nonferrous Metal Mining Group (CNMC). Yunnan Copper, based in Kunming, China, owns the remaining 40%. On June 10, mining analyst Andrew Mikitchook of BMO Capital Markets raised his target price on Ivanhoe from $10 to $15 per share. (At presstime the company’s shares in Toronto were trading at $8.83 apiece within a 52-week trading range of $3.36 and $9.74 per share.) “Looking ahead the company’s two main catalysts are the ramp-up of Phase 1 to design capacity over the next months and delivery of the Phase 2 expansion in Q3 2022,” he wrote in a research note to clients, adding that the debt facility “improves financing flexibility.” “We would expect the market to revalue the shares of Ivanhoe for delivery of the ramp-up and to also recognize progress towards the Phase 2 expansion construction,” he said. Mikitchook noted that the mine is expected to reach steady state production by 2026. “The KamoaKakula mine reaches a 700,000 tpy (tonnes per year) of copper production level before the Phase 5 expansion is ramping up in 2027,” he noted. “Peak production of over 800,000 tonnes per year of copper is reached in 2028.” TNM

| QB2 is ‘crown jewel’

BY HENRY LAZENBY

eck Resources (TSX: TECK.A/ TECK-B; NYSE: TECK) is preparing to double its copper output by 2023 to take advantage of accelerated metal demand from global economic growth and the transition to a lower-carbon economy, president and CEO Don Lindsay tells The Northern Miner. The mining executive says Teck is well-positioned to benefit from the anticipated growth in global copper demand of 2.3 times by 2050. The company has a growth initiative in place at each of its core copper operations comprising four operating mines — Highland Valley in Canada, Antamina in Peru, Carmen de Andacollo in Chile and Quebrada Blanca, also in Chile. “These mines have a ten-year average gross profit margin of 47% and place us amongst the lowest carbon intensity copper producers,” he says in an interview. Copper is one of Teck’s four business units besides steelmaking coal, oil and zinc, and is considered a company priority. The Vancouver-based company’s copper operations started 2021 strong with an increase in gross profit before depreciation and amortisation of 76% in the first quarter, compared with the same period last year, on 71,700 tonnes of the red metal, which was in line with the annual guidance. Teck is Canada’s largest diversified miner, and it has prioritised the growth of its copper business. It is constructing the Quebrada Blanca Phase 2 (QB2) copper project, the crown jewel in its asset base, and passed the halfway mark in April. First copper production has been pencilled in for the second half of 2022. At Quebrada Blanca, the QB2 project is set to deliver significant value for Teck. QB2 has an initial mine life of 28 years, which only accounts for about 18% of total reserves and resource tonnage. Teck targets 316,000 tonnes of copper-equivalent production per year for the first five full years of QB2’s mine life, which would catapult the company into the world’s top 20 global copper producers. Teck sees QB2 as its most significant growth opportunity, potentially doubling its copper business. It is expected to extend the ageing deposit’s life and substantially

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boost production from only 23,400 tonnes in 2017. QB2 is expected to provide Teck with competitive operating cost and capital intensity. It has an exceptional strip ratio of 0.7 over the mine life, meaning that only 0.7 tonnes of waste need to be mined (0.44 over the first five full years) for every one tonne of ore mined. This compares favourably with other world-class asset strip ratios of 2.6 for Escondida, 3.0 for Antamina, and 3.7 for Collahuasi. The project is expected to have an all-in sustaining cost of US$1.38 per lb., making it a significantly accretive venture in terms of profitability in the current record copper price environment. QB2 has a probable reserve of 476.2 million tonnes grading 0.51% copper, 0.018% molybdenum, and 1.4 grams silver per tonne, and 923.8 million tonnes grading 0.47% copper 0.019% molybdenum, and 1.2 gram silver per tonne in the proven category. Together, the reserves entail 1.4 million tonnes grading 0.48% copper, 0.018% molybdeSee TECK / 6

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Gold could hit a record price by December FORECAST |

BY HENRY LAZENBY

Silver also expected to post significant gains

Pouring molten gold. OREFINDERS

ncrementum AG sees a 45% probability of the gold price hitting a new all-time high at US$2,100 per oz. or higher as early as December 2021. Authored by Ronald Stoeferle and Mark Valek, and now in its 50th iteration, the Liechtenstein-based investment boutique’s annual report entitled In Gold We Trust also argues in its base case future scenario for gold trading at US$4,800 per oz. by the end of the decade. Given the wave of ‘monetary climate change’ triggered by the pandemic and the prospect of inflation sticking around for longer brings a gold price hitting US$8,900 per oz. “within the realm of possibility” by 2030, the report has found. At last year’s report launch, Stoeferle and Valek said: “It’s not a question of if, but when we will see a new all-time high.” “In the months following the stock market collapse in March 2020, we saw a very dynamic rise in the gold price, culminating in new all-time highs in August 2020. This was followed by a consolidation phase, which now seems to be completed,” says Stoeferle in recapping the gold price development of the past 12 months. “In addition to profit-taking, a firmer US dollar, and opportunity costs in the wake of the Bitcoin bull market, rising bond yields were a key trigger for the emerging headwinds,” adds Valek. Despite price declines in the second half of the year, the gold price gained 14.3% in euro terms and 24.6% in US dollar terms in 2020. Since the beginning of 2021, price declines of under 1% have been recorded in both currencies. The 2021 edition of the In Gold We Trust report is entitled ‘Monetary Climate Change’. With this, the two authors draw attention to a multilayered paradigm shift triggered by the pandemic and the political reactions that followed. Just as meteorological climate change poses the risk of rising sea levels, “a side effect of monetary climate change is the almost unlimited liquidity that has flooded the markets since the beginning of the Covid-19

pandemic and has already caused a noticeable increase in asset price levels and now also consumer price levels,” says Stoeferle. One of the most dramatic consequences that monetary climate change could bring is a renaissance of consumer price inflation. “In our opinion, we are currently only in the early stages of an inflationary trend,” states Valek. The enormously inflated money supply and, in particular, a future increase in the velocity of money in circulation point to a higher level of inflation in the future, according to the report. In addition, central banks are increasingly changing their monetary policy strategy. Although nominal interest rates have risen in recent months, they remain historically low and primarily negative in real terms. According to an analysis by the World Gold Council, real interest rates in the U.S. would have to rise to over 2.5% to have a significant long-term negative impact on the gold price. Incrementum’s quantitative evaluations also confirm this. In an environment of negative real interest rates, gold’s average annualised performance is 19.3% in nominal terms

and 11.4% in real terms. “This is good news for gold,” say the authors, “as we are more convinced than ever that negative real interest rates are the ‘new normal’.”

Leftist Castillo emerges as likely winner of Peru’s contested presidential election PERU

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| Rival Keiko Fujimori has yet to concede

BY CECILIA JAMASMIE

ocialist candidate Pedro Castillo is emerging as the winner of Peru’s June 6 presidential elections. Castillo garnered about 50.2% of the vote, giving him a slim lead over conservative rival Keiko Fujimori, who has yet to concede and has al-

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The high level of government debt makes significant interest rate increases impossible. The authors argue monetary climate change is turning traditional portfolio alloca-

tions on their head, as every change in the inflation regime also changes the dynamics of returns and correlations in the portfolio. Further, monetary climate change offers considerable risks for investors but also enormous opportunities. “After hibernating for years, commodity prices have now awakened. It is quite possible that the 2010s will turn out to be a repeat of the 1960s and the 2020s of the 1970s. In any case, from our perspective, the signs are clearly mounting that the entire field of inflation-sensitive assets could be at the beginning of a pronounced bull market similar to that of the 1970s,” says Stoeferle. With rising inflation rates, the authors argue that the silver price will also post significant gains. “In addition to its property as a protection against inflation, its use as an industrial metal also speaks in favour of silver investment. For example, the massively pushed ‘green’ technologies such as photovoltaics cannot be implemented without silver,” Valek says. A comparison with past silver bull markets shows that typically there was an acceleration at the end of the trend. That phase is likely still to come, according to Stoeferle. TNM

leged fraud despite scant evidence. The National Election Board (JNE) cannot yet declare a winner because of the challenge presented by Fujimori’s campaign. Taking a page from Donald Trump’s book, Fujimori has asked the JNE to annul the results from 802 voting booths, the vast majority in regions that voted overwhelmingly

for Castillo. The former teacher and union leader won 16 regions in the country to nine for Fujimori. While Castillo has vowed to tear up Peru’s decades-old constitution, take up to 70% of profits from mining companies operating in the country and introduce new royalties on mineral sales, analysts are not too worried. His campaign has softened its stance on nationalization, but maintains that extractive companies are not paying enough taxes. A Castillo presidency would review tax stability agreements, as well as look at, and likely increase, royalties paid by the mining and hydrocarbon companies. Fujimori’s campaign focused primarily on the country’s mineral wealth, with a plan to use 40% of taxes paid by miners for direct payment to residents in mining zones. She also proposed a “voluntary contribution” system for companies to pay more as mineral prices climb. Whoever is declared the official winner, experts say, will face a deeply fragmented legislature with ten diverse political parties, none of which hold a majority. Castillo’s Free Peru socialists will have the largest bloc, followed by Fujimori’s conservatives. Peru posted its worst economic plunge in three decades last year, with growth falling by 11% and copper output 12.5% lower than in 2019. Mining is a major economic engine in Peru, accounting for nearly 60% of the Andean nation’s exports. The copper producing country, second only to neighbouring Chile, has 46 mining projects representing potential investment of US$56 billion in the pipeline. Peru is also a top global player in silver, gold, zinc and lead production. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

JOINT VENTURE ARTICLE

Project generator Strategic Metals sources copper and gold assets BY NORTHERN MINER STAFF

Since it began operating as a project generator in 2005, Vancouver-based Strategic Metals (TSXV: SMD) has maintained its focus on researching and exploring an ever-increasing portfolio of high-quality assets that span a wide range of commodities and deposit types. After beginning in Canada’s Yukon, Strategic Metals slowly expanded its exploration work to now include assets in northern British Columbia’s famed Golden Triangle district as well as the western Northwest Territories (NWT), and currently has more than 130 properties available to prospective partners, nearly all of which are 100%-owned by the company. Utilizing a proprietary database, the company has acquired a series of very large-scale assets, including more than 80 properties where precious metals are a major component, with several promising copper prospects, as well as a number of critical metal targets. These assets are available for option, joint venture or sale, and include drillconfirmed prospects and drill-ready targets that have high-grade surface showings, geochemical anomalies and geophysical features resembling nearby deposits. One of the company’s assets is its wholly-owned GK property in B.C.’s Golden Triangle, located about 17 km west of the community of Telegraph Creek, within the traditional territory of the Tahltan First Nation. The GK copper-gold project is surrounded by a number of important copper and gold deposits, and encompasses an area of approximately 27,458 hectares lying within a belt of major copper-gold porphyry and gold-rich veins, with related skarn mineralization. Strategic Metals’ preliminary drilling program at the GK site demonstrated high-grade vein potential, including a hole that intersected 13.1 grams gold per tonne and 6.05% copper over 0.74 metres, starting from 172.87 metres downhole. The property is primarily underlain by a sequence of Upper Triassic Stuhini formation volcanic and sedimentary rocks, cut by two undifferentiated granodiorite to diorite plutons and at least four sets of dykes. While the majority of GK’s sample sites have not yet been fully prospected, the company’s cursory follow-up work at the property has discovered several structurallycontrolled showings, with assay values from rock samples returning up to 47.5 grams gold per tonne, 15.85% copper and 120 grams silver per tonne. Peak soil values from GK include 6.18 grams gold per tonne, 0.69% copper and 59.9 grams silver per tonne. According to Doug Eaton, president and CEO of Strategic Metals, assets like GK are at the core of what the company offers. “We’ve been very methodical in accumulating these assets,” he says, adding that in some cases they have

Top: Drill crew working at Strategic Metals’ Mount Hinton site in early 2021 Right: Schist with malachite at Strategic Metal’s Saloon project in the Yukon. STRATEGIC METALS

waited twenty years or more for a property to become available. “We’ve been very patient in putting our land packages together, because we are intent on maximizing assessment credits, making every exploration expenditure count,” says Eaton. “What’s important to us is finding quality projects that have potential to further diversify and broaden our portfolio. Our company has its fingers in just about everything: critical metals, precious metals, base metals and even industrial minerals. Having a number of gold and copper properties in our portfolio is important as those commodities have soared in value. We’re constantly looking for creative ways to return money back to our shareholders.” Many of the projects that Strategic Metals currently has are located within what Eaton calls “one of the most prolific porphyry belts in the world.” This belt starts in Arizona and runs north all the way through to Alaska, and within it are found properties like Newcrest’s and Imperial Metal’s Red Chris coppergold mine and Newmont/Teck’s Galore Creek copper-gold-silver project, in B.C.’s Golden Triangle. Eaton feels that the Yukon portion of this porphyry belt is underexplored and emphasizes that one of the strengths of Strategic Metals is the depth and breadth of knowledge its team brings to this particular region of Canada. “This is a belt that we know really well,” he points out. “With our access to historical data and the new exploration work we’ve done, we are in the perfect place at the right time to capitalize on the opportunity presented by strong copper and gold markets. Certainly, the belt is getting increasing interest from majors.” Already this year, Strategic Metals

has forged new partnerships for two of its assets. In early April the company announced it had granted Cavu Mining (CSE: CAVU) the right to earn up to a 70% interest in the Hopper copper-gold project. Located in southwestern Yukon within the traditional territory of the Champagne and Aishihik First Nation, Hopper encompasses 7,400 hectares and hosts copper-gold skarn and porphyry mineralization. The company reports that results from stacked, laterally extensive skarn horizons at Hopper have produced drill intercepts that include 1.94% copper and 0.87 grams gold per tonne over 18.59 metres starting at 23.53 metres downhole. Gold-rich skarns deeper in the stratigraphic section of the site assayed 43.6 grams gold per tonne over 1 metre from 336.66 metres downhole and 12.15 grams gold over 2.65 metres, with intersections that are 360 metres apart. Later in April, Strategic Metals optioned another key asset, its Mount Hinton gold project, to Upper Canada Mining. Like the Hopper deal, privately held Upper Canada Mining has the right to earn up to a 70% interest in Mount Hinton, which is located in the Keno Hill district of central Yukon. The property lies immediately southeast of Alexco Resources’ silver-lead Keno Hill

property, which recently resumed production, and 35 km from Victoria Gold’s Eagle mine, which was commissioned in June of last year. Strategic Metals drilled 32 holes at Mount Hinton in 2020, exploring the site’s mineralized, precious metal system. Highlights from last year’s drill program include hole MH-20-022 that returned 4.78 grams gold per tonne over 12.14 metres starting at 369.46 metres, including 42.7 grams gold per tonne over 0.96 metres. Another hole, MH-20-018, assayed 3.86 grams gold per tonne and 182 grams silver per tonne, over 9.75 metres starting at 365.69 metres; and a third hole, MH-20-019, returned 7.25 metres grading 6.74 grams gold per tonne and 182 grams silver per tonne from 80.22 metres downhole, including 1.77 metres that graded 22.7 grams gold and 514 grams silver. Eaton says that assets like Mount Hinton, Hopper and GK are good examples of what their portfolio holds, and speaks volumes about the company’s approach to generating projects that allows partners to acquire drill-ready projects and develop them further. “What differentiates us from other

like-minded companies is that we’ve had pretty good success in finding quality properties and proving their potential. I don’t pretend we’re the most successful, but we have longevity that speaks to a solid business plan. We’re focussed on a part of Canada where our team has decades of exploration experience, more so than any other group.” One of the advantages of working with Strategic Metals, he says, is the company does the necessary legwork to prepare its assets for future development. Besides preliminary fieldwork, the company prepares for the permitting process with a number of its properties having already received approval for major multiyear drill programs. Eaton also emphasises that Strategic Metals has built strong relationships with local First Nations in B.C., the Yukon and the NWT, engaging with and involving the traditional land keepers throughout areas the company has explored over the last fifteen years. “I think that the mining and exploration sector is ahead of government when it comes to First Nation relations,” he says. “The mining industry in Canada fully understands the importance of working with First Nations, and our company has been a leader in the Yukon. We’ve signed some very revolutionary agreements covering early-stage exploration with some of the First Nations and I think we’ll sign more. Traditionally these types of agreements don’t get signed until deposits are identified and mine planning is underway. We want to start early and have First Nations as strong partners right from the get-go.” Eaton also says that Strategic Metals operates with a strong financial base, having $9 million in cash and about $29 million in shares in other companies, and a market cap of just under $45 million. “We’ve been able to sustain our operations and build our company over the past 15 years without substantial dilution,” Eaton says. “Strategic has done this through careful risk management. Basically we’re experienced explorers who bring projects forward to the point where they’re drill ready, and then either sell them or option them to companies that want to aggressively move forward. By being broadly diversified we always have something of interest and by carefully managing our expenditures we’ve been able to build up our portfolio of projects while retaining a healthy reserve of cash and securities. A simple model, but it takes patience and discipline.” The preceding Joint Venture article is PROMOTED CONTENT sponsored by Strategic Metals and produced in cooperation with The Northern Miner. Visit www.strategicmetalsltd.com for more information.

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EDITORIAL

| Miners face uncertainty from Burkina Faso to Chile to Peru

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com MULTIMEDIA SPECIALIST: Henry Lazenby hlazenby@northernminer.com SENIOR REPORTER: Carl A. Williams, BSC (HONOURS), MSC, PHD cwilliams@northernminer.com REPORTER: Magda Gardner, BASC (MINERAL ENG) mgardner@northernminer.com REPORTER AND PRODUCTION EDITOR: Daniel Sekulich dsekulich@northernminer.com PHOTO EDITOR AND PODCAST HOST: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: (403) 209-3505 1-800-387-2446 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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ith all of the votes counted in Peru’s presidential election when this issue went to press, it looks like left-wing Pedro Castillo of the Peru Libre party has defeated his conservative opponent, Keiko Fujimori, by a super slim margin of just over 50,000 votes, taking 50.2% of the popular vote. BY TRISH SAYWELL And even as Fujimori immediately contested the results alleging fraud (without evidence it seems) and has asked to throw out hundreds of thousands of ballots, meaning that the outcome could be scrutinized for weeks, a handful of politicians from around the region have already started congratulating Castillo on the victory, first among them President Alberto Fernandez of Argentina. Bolivia’s former president, Evo Morales, extended his felicitations, calling Castillo a “soul brother and companion in struggle,” Reuters reported, while Luiz Inacio Lula da Silva, a former president of Brazil, said the election result “represents another advance in the popular struggle in our dear Latin America.” Castillo, the son of poor Andean farmers, campaigned on pledges of rewriting the constitution and redistributing wealth from mining in the country, the world’s second-largest copper producer. Among his promises: there would be “no more poor people in a rich country.” In the final weeks leading up to the vote, Castillo toned down his comments on nationalization, and as the ballots were being counted last week, Castillo told his well-wishers, according to the British newspaper, The Guardian, that his government would be “respectful of democracy, the current constitution ... [and of] financial and economic stability.” If the count holds, what will it mean for mining companies? In a flash research note to clients from Haywood Securities headlined: “Castillo will bring change; but radical measures appear unlikely,” mining analyst Pierre Vaillancourt wrote that a Castillo victory “will likely result in higher taxes for mining companies operating in Peru,” but “given the fragmented congress, we believe these changes will not be as radical as feared.” “Regardless of the eventual outcome, there remain sharp divisions within the national assembly, with no clear majority for any party,” he wrote on June 9. “While the election of Castillo will likely shift government policies leftward, with a commitment to help poorer, more rural communities in the country, we believe these political divisions are likely to prevent any radical agenda from being enacted. Despite Castillo’s socialist leanings and a desire to make mining companies pay more taxes, we believe he will recognize the importance of the industry, which represents 10% of GDP, and that his actions will be measured.” Vaillancourt also pointed out that when Ollanta Humala was voted into office in Peru in 2011 on a socialist platform, “he developed a constructive relationship with mining companies that helped to grow the industry and its contribution to the country’s revenues.” Let’s hope that will be the case if Castillo is confirmed the victor. Of course Peru isn’t the only country in the world that may be causing sleepless nights for some mining executives. In Chile politicians are weighing higher tax rates on copper sales. And across the world in West Africa, a horrific terrorist attack on a village in northern Burkina Faso near the nation’s border with Niger, reminds us that violent extremism continues to be a threat in the Sahel. The government said no group had claimed responsibility for the June 5 killings that left more than 130 people dead, but according to media reports, it may have been the work of the Islamic State in the Greater Sahara (ISGS), a regional affiliate of Islamic state. According to the Wall Street Journal, the massacre was “the deadliest since jihadists first hit Burkina Faso in 2015,” and is “prompting calls to intensify international counterterror efforts across West Africa.” The newspaper reported that during the three-hour attack, “militants shot indiscriminately, torching homes and a market before lobbing explosives at civilians seeking refuge in gold-mining holes, according to government officials and nongovernmental organizations based in the region.” France has shouldered much of the burden of fighting terrorism in this part of the world. But it has been trying to get more help from other governments in recent years to share that responsibility. In the wake of the latest atrocity, President Emmanuel Macron of France, which has about 5,100 soldiers deployed in the Sahel region, an area south of the Sahara encompassing parts of Burkina Faso, Chad, Mali, Niger, and the Ivory Coast, said at a news conference on June 10 that “the time has come; the continuation of our commitment in the Sahel will not be in the same way.” “We will make a drawdown in an organized way,” Macron said. “We will have to hold a dialogue with our African and European partners. We will keep a counterterrorism pillar with special forces with several hundred forces ... and there will be a second pillar that will be cooperation, and which we will reinforce.” TNM

DEPARTMENTS Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Professional Directory. . . . . . . . . . . . 17 Stock Tables . . . . . . . . . . . . . . . . . . . . . . 20-23

| Old assumptions are breached by new technology

BY DR. CHRIS HINDE Special to The Northern Miner

rotect your assets against current threats but remember that nothing lasts forever. It is a lesson that mining executives and metals investors should know, and was learnt long ago by the builders of medieval castles. New technology is driving resurgent demand for one of the world’s oldest metals, but while copper is benefiting from human progress, innovation has been the death knell for other metals, as it was for stone fortresses 600 years ago. Europeans have had a longer relationship with copper than with any other metal, and the oldest known copper implements date to 7,500 years ago in Serbia. From 2200 BC, metalworkers added tin and lead to copper to make bronze tools, weapons and ornaments. In the Roman era, copper was mined principally in Cyprus, which gives us the origin of the metal’s name, from aes сyprium (metal of Cyprus). This was corrupted (in Latin) to сuprum, and then to coper (in old English) and finally copper (the latter spelling being first used around 1530). Change, whether sudden or slow, has always had a significant impact on metals demand. We saw that in the demise of tin and lead in the 20th century, and are seeing it for coal in the 21st century. In contrast, battery metals, not least copper, are major beneficiaries of our new love affair with electric vehicles. Castles are a very visual reminder of the impact that new technology can have. Europe was a violent place in the late Middle Ages, and many thousands of fortifications were built as a result. Nowhere were they constructed so enthusiastically as in Wales, where some 600 castles were built — 427 sites are still listed on the government’s tourism website (equivalent to a castle every 50 km2). These castles were the epitome of strength and power for over 300 years, and then suddenly they weren’t. The main castle-building period in Great Britain started with the Battle of Hastings in 1066 (110 years after the oldest castle was begun in France). William the Conqueror gave land to the noblemen who had supported him, and they quickly built castles (mainly of earth and timber) to help him rule. Gradually, from the late 11th and through the 12th century, many of these castles were rebuilt in stone. (Some Welsh castles were built in stone from the beginning, and the oldest is Chepstow Castle, where construction started in 1067). In the 13th century, castles were made stronger by building thicker and higher curtain walls, and towers, gatehouses and moats were added. In 1276-77 and 1282-83, King Edward I led two military campaigns to bring Wales under English rule, and many castles were built or repaired in the country over a 20-year period. By the end of the 14th century, however, the military need for castles had lessened. With the inven-

tion of cannon (a weapon first used in anger by the English in 1327), castles became less secure, and battles were frequently fought on open ground. Nevertheless, the military use for castles was not completely over, and the Civil War of 1642-51 saw the building of cannon platforms and the strengthening of castle walls to withstand gunfire. Wales arguably leads the world with its castles, and this small country also has a proud history with regards to copper. Welsh copper was being mined 4,000 years ago at Parys Mountain on the island of Anglesey, at Great Orme in nearby Llandudno (this is the world’s largest prehistoric mine discovered to-date) and at Copa Hill near Aberystwyth. In the 1760s, north Wales was the cauldron of the industrial revolution in Britain. Indeed, Parys Mountain briefly produced more copper than any other mine in the world, and metal from the operation coated the hulls of the Royal Navy at Trafalgar in 1805. Two centuries later, copper has an important new usage, although last year it was overshadowed by the performance of gold. Copper (element 29) and gold (element 79) are both in group 11 of the periodic table, and are characterised by high ductility, and exceptional electrical and thermal conductivity. They are very different metals, however, with demand for the former being driven by wealth creation (industrial production) and the latter being driven by a perceived safe storage of that wealth. In this column eight months ago, I noted that the soaring gold price in 2019 and most of 2020 had seen the precious metal’s price multiple over copper achieve a level of almost 11,000. Both metals remain in bull markets but, thanks to the burgeoning battery market, copper has outperformed gold over the past year, and the gold-copper multiple is back below 6,200. This represents the typical relationship between the two metals for much of the 1990s before gold’s rapid price appreciation since the turn of the century. Price cycles, and predictions, for the precious metal are widely discussed, but the red metal is no stranger to cycles. Measured in real (inflation-adjusted) dollars, copper enjoyed a 40-year bull market (1933-73) after the Great Depression, followed by a 30-year bear market (1974-2004) triggered by the oilprice hikes of the early 1970s. We are now 17 years into a new bull cycle for copper. Although prices have recently slipped back below US$10,000 per tonne they are still at twice the level of a year ago. I doubt the boom is over, and surely copper still has room for improvement relative to gold. It is just a shame that, in Wales, exploration for copper is so much harder than for castles. TNM Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm he set up in 2018 specializing in mining industry trends. He previously worked for S&P Global Market Intelligence’s Metals and Mining division.

COMPANY INDEX 1911 Gold . . . . . . . . . . . . . . . . . . . . . . . .7 Adventus Mining . . . . . . . . . . . . . . . 9,16 Alamos Gold . . . . . . . . . . . . . . . . . . . . .7 Arctic Canadian Diamond Company 17 Arctic Star Exploration . . . . . . . . . . . .18 Ascendant Resources . . . . . . . . . . . . . .11 Aurania Resources . . . . . . . . . . . . . . . . .9 Burgundy Diamond Mines . . . . . . 18,19 Cameco . . . . . . . . . . . . . . . . . . . . . . . . . .5 Camino Minerals . . . . . . . . . . . . . . . . .12 Canada Nickel Company . . . . . . . . . . .6 CanAlaska Uranium . . . . . . . . . . . . . . .7 Canstar Resources . . . . . . . . . . . . . . . .16 Copper Mountain Mining . . . . . . . . 9,10

Dore Copper Mining . . . . . . . . . . . . . .13 Dundee Precious Metals . . . . . . . . . . . .9 Hudbay Minerals . . . . . . . . . . . . . . . . . .7 Ivanhoe Mines . . . . . . . . . . . . . . . . . . . .1 Los Andes Copper . . . . . . . . . . . . . . . .13 Lucara Diamond . . . . . . . . . . . . . . 18,19 Lundin Gold . . . . . . . . . . . . . . . . . . . . . .9 Mountain Province Diamonds . . . . . .19 North Arrow Minerals . . . . . . . . . . . .19 QC Copper and Gold . . . . . . . . . . . . .13 Rich Copper Exploration . . . . . . . . . .11 Rio Tinto . . . . . . . . . . . . . . . . . . . . . . .19 RJK Exploration . . . . . . . . . . . . . . . . . .19 Rockcliff Metals . . . . . . . . . . . . . . . . . . .7

Salazar Resources. . . . . . . . . . . . . . . . .16 Solaris Resources . . . . . . . . . . . . . . . . .13 SolGold . . . . . . . . . . . . . . . . . . . . . . . . . .9 South 32 . . . . . . . . . . . . . . . . . . . . . . . .16 Star Diamond . . . . . . . . . . . . . . . . . 19,20 Strategic Metals . . . . . . . . . . . . . . . . . . .3 Taseko Mines . . . . . . . . . . . . . . . . . . . .10 Teck Resources . . . . . . . . . . . . . . . . . . 1,6 Tres-Or Resources . . . . . . . . . . . . . . . .20 US Copper . . . . . . . . . . . . . . . . . . . . . .15 Vale . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Voyageur Mineral Explorers . . . . . . . . .7 Western Copper and Gold . . . . . . . . .15 Yamana Gold . . . . . . . . . . . . . . . . . . . . .7

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

Global uranium output tipped for growth as spot prices tick up URANIUM |

Output expected to grow 6.2% in next four years to 62,200 tonnes

BY HENRY LAZENBY

Cameco’s flagship Cigar Lake operation roughly 660 km north of Saskatoon, Saskatchewan. CAMECO CORP.

orldwide uranium production will recover by 3.1% to reach 51,200 tonnes in 2021 as significant mines come back online following a Covid-19 hiatus, new analysis by GlobalData shows. The increased optimism among industry participants comes as uranium spot prices edged higher in May after languishing rangebound between US$25 to US$30 per lb. for several years. Nuclear-fuel data and research company UxC’s uranium spot price ended May at US$31.40 per lb. The long-term contracting price trended lower from the New Year to the end of May, also at the spot level. “Global uranium production has been limited in recent years, mainly due to a sluggish market,” says associate project manager Vinneth Bajaj in a news release. “The Covid-19 pandemic further impacted this from early 2020.” Global uranium production fell by 9.2% to 49,700 tonnes in 2020, the lowest level since 2008. The most significant declines were observed in Canada (43.9%) and Kazakhstan (14.6%) — globally, almost 60% of uranium originates from these two countries. In March 2020, Cameco’s (TSX: CCO; NYSE: CCJ) Cigar Lake mine, in Canada’s Athabasca Basin of northern Saskatchewan, which accounts for 12% to 13% of global production, was suspended to contain the Covid

outbreak. The suspension stayed until September 2020 but was later halted again in mid-December because of the increasing risks. It reopened in April 2021. In April 2020, the Kazakhstan state-owned miner Kazatomprom, the world’s largest uranium supplier, reduced activities for nearly four months at all uranium mines across the country. The pandemic also led to restrictions in other countries, including Australia, Namibia and South Africa. Gradually, however, restrictions

Uranium ore. U3O8 CORP.

began to ease towards the end of the third quarter, with several companies resuming production. GlobalData expects uranium output to grow at a compound annual growth rate of 6.2% between 2021

and 2025 to 62,200 tonnes. The impact of the Covid-19 pandemic on the global nuclear industry was relatively minimal because of the early implementation of safety measures, thereby ensuring operations continued with minimal disruption. There has been recent optimism surrounding the global nuclear industry, with several governments incorporating nuclear energy within their plans to reach climate goals. For instance, the U.S. is currently evaluating extending the operating life of its nuclear power plants for

up to 100 years. The plants were initially licenced for up to 40 years but can now apply for renewals for up to 20 years. Other countries such as China, Japan and South Korea, and the EU, all upgraded their climate change policies during 2020, indicating higher demand for nuclear power going forward — alongside higher electricity generated from sources other than coal. Chinese nuclear buildouts may also help drive a meaningful demand increase to send uranium prices to levels that incentivise new production. BMO Capital Markets forecasts a 15,000 tonne deficit of uranium this year, or about 18% of current demand, even with the restart of Cameco’s Cigar Lake mine. Alexander Pearce of BMO Capital Markets has also recently pointed out that a key theme that emerged from chats with the CEOs of uranium companies at the 30th annual BMO Global Metals & Mining Conference (March 1-5) “was a clear sense of the growing positive momentum behind uranium’s potential to deliver low carbon baseload power.” For their part, the world’s biggest uranium producers say they would likely continue to fill existing longterm commitments through spotmarket buying while production ramps up. They lament power utilities’ continued avoidance of signing up for long-term supply contracts, given the continued abundance of cheap yellow cake on the spot market. TNM

Fitch reports lithium outlook is ‘as bright as ever’ LITHIUM |

BY HENRY LAZENBY

ver the next ten years, the outlook for the lithium sector is “as bright as ever” amid fast production and demand growth, a new report from Fitch Solutions and Country Risk shows. The global acceleration towards decarbonisation, the electrification of vehicles and energy storage continues. It provides a backdrop for fast-paced change in a market traditionally dominated by only a handful of participants and opening up many new production opportunities elsewhere in the world. However, the constant technological advancements on both the supply and demand sides pose risks to the market outlook. Fitch cautions that since lithium is now considered a ‘strategic mineral,’ it will likely lead to rising government intervention in its production and sourcing. The lithium supply landscape will, therefore, evolve quickly and dramatically over the next few years. Fitch forecasts global lithium production will more than triple from 442,000 tonnes of lithium carbonateequivalent (LCE) in 2020 to 1.5 million tonnes of LCE by 2030. Well-established producing countries will record further growth, while several new lithium-producing markets will emerge in the next ten years. Production growth is expected to accelerate in Australia, which Fitch forecasts will remain the largest

Global production of lithium carbonate-equivalent expected to triple by 2030 lithium-producing country through 2030, given an expected trebling of output over the 2020 to 2030 period. Production in Chile and China will also more than double, while Brazil output is expected to grow five-fold. Argentina output will double over this timeframe. The impending boom in energy storage, of which rechargeable batteries are the dominant aspect driven by the electric vehicle (EV) revolution, will be the growth engine behind the lithium upstream sector, Fitch says. Fitch has, for the first time, also launched lithium carbonate and hydroxide price forecasts. It expects a sharp acceleration in demand for lithium-ion batteries will outpace supply growth, keeping prices elevated. It forecasts Chinese lithium carbonate 99.5% prices to average US$13,450 per tonne this year and US$15,025 per tonne in 2022, and Chinese lithium hydroxide monohydrate 56.5% prices to average US$11,950 per tonne in 2021 and US$14,300 per tonne in 2022. Risks to the price outlook include a faster-than anticipated adoption of EVs (upside risk to prices), a fasterthan-anticipated advancement of new lithium extraction technologies (downside risk), and a faster-than anticipated advancement of batteryrecycling technology (downside risk). Fitch forecasts EV sales to drive lithium consumption growth by as much as seven times over 2020 through 2030, while yearly EV sales

will grow from 3.1 million to 21.2 million units. Fitch forecasts the EV sector will account for about 80% of total lithium demand by 2030, compared with between 40% and 45% currently. China is expected to remain the largest battery manufacturer by a wide margin, for the time being, accounting for about 80% of installed manufacturing capacity as of 2020. However, other existing manufacturers including Japan, South Korea, the U.S. and Hungary will most likely record a rise in battery manufacturing, Fitch says. Relatively new entrants, including Germany, Poland, Sweden, France, the U..K, Thailand and Indonesia, will also establish themselves as increasingly essential manufacturers. The rapid rise of a green premium for lithium amid heightened demand for more environment-friendly resources from downstream players is another critical price trend Fitch is monitoring. Another recent Fitch report considered how lithium extraction techniques are increasingly under ESG scrutiny. Currently, only hard rock and conventional brine resources from salars are used to produce lithium at a commercial scale; Fitch estimates about 65% of global output comes from hard-rock lithium mines such as those in Australia, while 35% come from brines in Latin America and China. However, a slew of new market

Waiting for an electric car to recharge. SIMONSKAFAR/ISTOCK

entrants are working on new extraction techniques such as geothermal brines and sedimentary (clay) deposits, which could upend primary supplies of lithium. As the development of these new extraction techniques progresses, the industry structure, the shape of the cost curves, and the environmental, social and governance (ESG) considerations will continue to evolve. Providers of more environmentally friendly lithium with lower water usage and carbon emissions will most likely be rewarded. Rising demand for the most sustainable lithium, coupled with tight supply, means that over-the-counter transactions, offtake agreements and long-term strategic supply partnerships are here to stay in the coming years.

Technological advancements, meanwhile, are at different stages of development, which Fitch flags could cause supply to rise faster than expected. These developments will keep the lithium market opaque to some extent, according to Fitch, and lithium will remain more of a speciality chemical market, characterized by clients requiring specific and often differentiated products and less of a bulk commodity market. The upcoming development of lithium recycling could also ease some of the lithium supply issues in the longer term. Further, Fitch notes that the lithium content of the promising next generation of batteries is even higher than the batteries that will be dominating over 2021 to 2025. TNM

WWW.NORTHERNMINER.COM

JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

Canada Nickel completes PEA for Crawford nickel project ONTARIO |

BY DANIEL SEKULICH

ust over 20 months after exploration drilling commenced at its Crawford nickel sulphide asset, Canada Nickel Company (TSX: CNC; US-OTC: CNIKF) has completed a preliminary economic assessment for the project, 40 km north of Timmins, Ontario. The PEA envisioned a conventional open pit mine and mill that will produce both nickel and magnetite concentrates over a mine life of 25 years, and the company is fast-tracking the project directly to a feasibility study, which it expects to complete by the middle of next year. “These results are just the tip of the iceberg,” says Mark Selby, Canada Nickel’s chairman and CEO. “We’re talking district-scale potential that would make this the largest base metal mine in Canada once it’s ramped up. And we’d be the largest single nickel sulphide mine in the world outside Russia. We’ll be bigger than Voisey’s Bay. This is a pretty significant project.” Crawford would produce a total of 842,000 tonnes of nickel, 21 million tonnes of iron and 1.5 million tonnes of chrome over its mine life, with average annual production of 75 million lbs of nickel, 860,000 tonnes of iron and 59,000 tonnes of chrome at net all-in sustaining costs of US$1.94 per lb. nickel on a by-product basis. A concentrator will produce three products: a high-grade concentrate estimated at 35% nickel; a standard grade concentrate estimated at 12% nickel; and a magnetite concentrate estimated at 48% iron and 3% chromium. The early stage economic study outlined initial capex of US$1.19 billion, an after-tax net present value at an 8% discount rate of US$1.2 billion and an after-tax internal rate of return of 16%. Once in production, annual

Plan is for a net zero mine with reduced carbon footprint

“WE’RE TALKING DISTRICT-SCALE POTENTIAL THAT WOULD MAKE THIS THE LARGEST BASE METAL MINE IN CANADA ONCE IT’S RAMPED UP.”

Aerial image of Canada Nickel Company’s Crawford project.

CANADA NICKEL COMPANY

MARK SELBY, CHAIRMAN AND CEO, CANADA NICKEL COMPANY

earnings before interest, taxes, depreciation and amortization (EBITDA) would come in at US$439 million with free cash flow of US$274 million. Crawford has measured and indicated resources of 653.5 million tonnes grading 0.26% nickel, 0.60% chromium, 6.58% iron, and 0.013% cobalt. Inferred resources stand at 497.2 million tonnes grading 0.24% nickel, 0.61% chromium, 6.74% iron and 0.013% cobalt. In January, the company signed a non-binding memorandum of understanding (MOU) with Glencore (LSE: GLEN) to assess the potential of using the commodity giant’s Kidd concentrator and metallurgical site in Timmins. Embedded in the PEA is a downstream processing concept, which sees a third party building a stainless steel plant, likely in Timmins, one that would be fed by Crawford’s highgrade product, according to Selby. Crawford is located “in one of the best places you could imagine,” he said. “Developing a large base metal project just outside Timmins is a huge plus. The area has a long history of mining operations. The local infrastructure gives us easy access to power — clean hydroelectric power — plus we’re close to the major end-users of stainless steel in the auto industry, both in the U.S. and in Canada.” Crawford’s output can feed into the burgeoning electric vehicle battery sector, Selby adds.

Above: Canada Nickel CEO Mark Selby. Right: Canada Nickel Company’s core shed office in Timmins. CANADA NICKEL COMPANY

As the company commenced exploration work, it also began discussions with three nearby First Nations about the project, resulting in the signing of MOUs with each that show Indigenous support for Crawford. One reason for this support is the company’s commitment to making the mine a “net zero project” with a considerably reduced carbon footprint. “We think we can achieve a net zero carbon nickel product and a net zero iron concentrate,” Selby says.

“And I think this will hopefully be the start of a zero-carbon cluster in the Timmins area.” The project will be powered by zero-carbon electricity and use trolley trucks and electric rope shovels as part of its efforts to minimize its carbon footprint through reduced diesel consumption. “People think we’re going into another supercycle with nickel. And I know from experience that the biggest challenge is always trying to get investors interested in a nickel

project. In the past they weren’t keen on the metal and just didn’t invest in it, so they ignored it. But everything’s changed in the last three or four years and now nickel is a favourite base metal. This a project that’s going to be great for northeastern Ontario, great for Canada and great for nickel.” At presstime, Canada Nickel was trading at $3.67 within a 52-week range of 78¢ and $4.54. The company has just over 85 million common shares outstanding for a market cap of $312 million. TNM

TECK From 1

num, and 1.3 gram silver per tonne. “For Teck, QB2 will be a gamechanger. It will double our consolidated copper production beginning in 2023, which compares to copper production growth of just 21% for our diversified mining peers, and only 11% growth for our copper peers,” says Lindsay. The Canadian mining giant is already studying a third development phase to double the mine’s capacity to 600,000 tonnes of copper a year. The potential extension will make the mine Chile’s second-largest copper operation, after Escondida. It will also situate Quebrada Blanca among the world’s top five copper mines. In terms of costs, Phase 3 would need a US$5 billion investment, as it would have to include the instal-

Teck president and CEO Don Lindsay (second from left) visiting the company’s Quebrada Blanca 2 copper project in northern Chile. TECK RESOURCES

Construction on the overland conveyor from crusher to ore stockpile at Teck’s Quebrada Blanca phase 2 copper project in Chile. TECK RESOURCES

lation of a new concentrator. Teck is also guiding for copper growth elsewhere in the portfolio. At the Highland Valley Copper

He reports the company has already made significant progress on those goals, including achieving renewable power agreements to source 100% renewable power for Teck’s Carmen de Andacollo operation and 50% renewable power for QB2’s power needs. This will reduce emissions by about one million tonnes annually — the equivalent of taking 210,000 cars off the road. Teck has a long history of supporting local and global health initiatives. Through this work, it learned about the role copper has as an antimicrobial to reduce the spread of infection on surfaces. In 2016, Teck launched the Copper and Health program to build partnerships and support research to help make communities safer. This has included several healthcare investments across the country, including

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mine in B.C., Canada’s largest openpit copper mine, Teck is advancing work to extend the mine life to at least 2040. The Antamina mine, of which it owns 22.5%, is a Tier 1 asset with a current mine plan through 2028 and potential for a further 40 years of operation based on the current resource estimate. Teck is also positioning its copper business to be more sustainable. “We’ve set an objective to be carbon neutral across our operations by 2050, with milestone goals including reducing carbon intensity by 33% by 2030 and sourcing 100% of our electricity needs in Chile from renewable power,” Lindsay says. “And we’re continuing to progress other carbon reduction initiatives at our copper operations and across our other business units, including switching to low-emission vehicles.”

the first installation of copper surfaces in a Canadian hospital. Teck recently partnered with TransLink and Vancouver Coastal Health on a pilot project to install copper surfaces on two buses and two SkyTrain cars. “The project found that copper products on transit are durable and kill up to 99.9% of all bacteria within one hour of the bacteria’s contact with the surface,” says Lindsay. “Now we’re working with the partners on a second expanded phase of this trial while also advocating for the use of antimicrobial copper in other busy public spaces. We’re really excited about the opportunity to expand the use of copper surfaces in high-traffic areas and see great opportunity for copper to make our communities safer,” says Lindsay. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

Manitoba’s under-explored mineral wealth has much to offer GLOBAL MINING SYMPOSIUM |

Pre-Cambrian Shield is well-endowed with world-class deposits An aerial view of the mining town of Snow Lake, Manitoba. ROCKCLIFF METALS

BY NORTHERN MINER STAFF

anitoba has ranked in the top 20 of the Fraser Institute’s annual list of the most attractive mining jurisdictions for 21 of the last 23 years, and has an exceptional mineral profile across an entire suite of metals — from copper, nickel, zinc and gold to diamonds, graphite and strategic minerals. Eighteen of the 31 minerals that Canada placed on its new list of critical minerals released at the PDAC Convention in March, are either being explored for or are being produced in the province. “We know that the pre-Cambrian Shield is well-endowed with worldclass deposits that have been mined for decades, however as we’ve talked about often, there’s large areas that were under-explored and these are areas that have a huge amount of potential for tier-one discoveries,” Shastri Ramnath, the founding president and CEO of privately held Exiro Minerals, told participants in The Northern Miner’s Global Mining Symposium in May. “Manitoba’s goal is to be the top most attractive mining jurisdiction on the planet and that’s what we’re going to be and that’s what’s going to happen,” Blaine Pedersen, the provincial government’s Minister of Agriculture and Resource Development, told Ramnath and his fellow panelists, Scott Parsons, vicepresident exploration at Alamos Gold (TSX: AGI; NYSE: AGI); Felix Lee, president and CEO of Willeson Metals; and Don McCallum of the Marcel Colomb First Nation (Black Sturgeon) near Lynn Lake. In addition to the province’s vast mineral wealth, it has an abundance of clean green renewable energy, Pedersen said, is strategically located in North America with road, rail and port connections, and recently put $20 million into a provincial Mineral Development Fund to jumpstart mineral development initiatives. The government has also cut its provincial sales tax from 8% to 7%, the minister said, while reducing other taxes, despite the pandemic. “Every government says they’re open for business but we want to show that we’re open for business and look to earn your investments,” he said. “In 2020 at PDAC, back when we could meet in person, I made a commitment to fix the permitting system and am very happy to say we now have a single window permitting service within the department, and we also have our First Nations Mineral Development Protocal.” In addition, Manitoba has adopted a “concierge service” allowing companies to connect with the right services within the government, Pedersen said. “There’s more than just the permitting, there’s the infrastructure issues, and we can connect you with those needed departments in order to make your development go forward. We’ll continue to work with the industry and Manitoba Mining Liaison Committee to advance our mining industry, and we invite companies to come and have a look at what Manitoba has to offer.” The minister added the government of Manitoba is looking forward to the Central Canada Mining Exploration Convention in November. “Mining is the right place to be right now and we welcome you to Manitoba to come here and make it happen.” Ramnath noted that mining and exploration companies have been active in the province for many years, including some of the bigger names like Hudbay Minerals (TSX: HBM;

NYSE: HBM), Vale (NYSE: VALE), Yamana Gold (TSX: YRI; NYSE: AUY; LSE: AUY), and Alamos Gold. The province is also buzzing with a bunch of junior companies like Rock-

cliff Metals (CSE: RCLF; US-OTC: RKCLF), 1911 Gold (TSXV: AUMB), CanAlaska Uranium (TSXV: CVV; US-OTC: CVVUF), and Voyageur Mineral Explorers (CSE: VOY).

Ramnath’s own Orix Geoscience Inc., a consulting firm she co-founded in 2012 and still owns, is headquartered in Winnipeg, and partners with exploration and mining companies to provide front-end geological support. Alamos Gold has worked in northern Manitoba for the last six years and is advancing its 100%-owned Lynn Lake project, just east of the town of Lynn Lake. The project, which it acquired in 2015, has two deposits — the MacLellan mine and the Gordon mine — and a feasibility study completed in December 2017 outlined a ten-year open-pit mine life with average production of 143,000 ounces of gold a year at all-in sustaining costs of US$745 per ounce. The company submitted its environmental impact study (EIS) in May 2020. If built, the mine will provide 400 fulltime jobs, and contribute over $1 billion to the province’s GDP during the life of the project. “For me as a geologist what I like

most about Manitoba is the exploration potential,” says Alamos Gold’s vice president exploration, Scott Parsons, who has been running regional exploration programs in the Lynn Lake belt for the last three and a half years. “It’s under-explored compared to other jurisdictions.” Parsons noted that since completing the feasibility study based on reserves of 1.6 million oz. gold, the company had delineated another 500,000 oz., bringing the project’s reserves to 2.1 million oz. by the end of 2020. The 2021 summer drill program is about to start, he added, and will be looking at a number of greenfield targets across the belt. “There’s significant potential for new discoveries across the Lynn Lake greenstone belt,” he told the panel. He also pointed to the high number of mineral belts in the province — See GMS / 8

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WWW.NORTHERNMINER.COM

JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

Demand for nickel in EV batteries could lead to supply shortage GLOBAL MINING SYMPOSIUM |

Currently about 20% to 25% of global nickel production is going into EVs as class 1 products

BY CARL A. WILLIAMS

he growing market for electric vehicles is likely to see increased pressure for nickel, a critical component for the nickelmanganese-cobalt (NMC) batteries used in EVs, Ken Hoffman, senior expert at McKinsey’s Basic Materials Institute, said during The Northern Miner’s Global Mining Symposium last month. In an interview with Frik Els, executive editor of Mining.com, Hoffman said that sales of EVs reached over 3 million units last year, up from around 22,000 a decade ago. “If it weren’t for a shortage of [micro] chips in 2021, you’d probably be looking at six to seven million EVs sold by the end of this year,” he said. Last year EV batteries consumed around 200,000 tonnes of nickel, with over 300,000 tonnes expected this year. “Currently, about 20% to 25% of global nickel production is going into EVs as class 1 products.” With nickel content greater than 99.8%, class 1 products provide the purity required for NMC batteries. Class 2 products, which contain less than 99.8% nickel, are used to make stainless steel and alloys. In March, Tsingshan Holding Group, the world’s top stainlesssteel producer, announced plans to produce nickel sulphate from nickel pig iron for use in EV batteries. The announcement saw the London Metal Exchange three-month nickel price drop from a seven-year high of US$20,110 per tonne on February 22 to US$15,948 per tonne on March 30, S&P Global Market Intelligence reported. Since then, the nickel price has dropped to about US$8,000 per tonne, Els pointed out. “That’s the brilliance of Tsingshan,” Hoffman said. “They recognized years ago that there were considerable amounts of nickel in Indonesia, but it contained high quantities of iron. So, Tsingshan melted the nickel ore to produce 6%-12% nickel concentrate, which they used to make stainless steel.”

GMS From 7

from the world-class Thompson nickel belt, to gold deposits in multiple terrains; to the Rice Lake, Flin Flon, Snow Lake and Leaf Rapids areas. “I can say with really high levels of confidence as a geologist that there are other significant mineral deposits to be discovered in Manitoba,” he said, “and hopefully at Lynn Lake as well.” Of course it’s not always easy finding them, however. “One of the challenges if you look at exploring in the Canadian Shield,” he says, “and it’s no different whether you’re in northern Ontario or northern Manitoba in Lynn Lake, is that we are exploring in areas of extensive surficial cover, these are glacial deposits ... so they are complex in terms of where they formed and where they came from. So needless to say, when you get prospective geology it doesn’t always equal an easy discovery ... but what it does equal is allow you to use these surficial materials as a tool rather than a hindrance, and you’re going to have discoveries.” Parsons also noted that the province has a competitive advantage when it comes to costs. “Manitoba is one of the lowest cost jurisdictions in Canada for green energy; it’s an extremely attractive proposition if you’re looking at developing a min-

Inside Glencore’s Sudbury nickel operations.

At that time, he explained, the world was running short of nickel, and prices were nearing US$50,000 per tonne. Tsingshan’s method of mass-production, he said, drove nickel prices down to around US$8,000 per tonne, with “many in the industry burnt by that.” According to Hoffman, the process Tsingshan plans to use isn’t new, and dates to the mid-1970s. “It didn’t work fantastically well. It’s not cheap

either. The purity of the product is another issue too.” Contracts for nickel products are often required to specify impurities down to the parts per billion, he noted. In particular, the presence of iron in the product can detrimentally affect the EV battery’s performance. However, Hoffman said he hopes that Tsingshan’s plans work, as every U$1,000 increase in the nickel price adds about US80¢ per kilowatt-hour (kWh) to the cost of an EV. “If prices increased by US$10,000US$15,000 per tonne, you’re looking at about a 20-30% increase in the cost of the battery,” he explained. Hoffman’s single biggest fear for the EV battery market is that nickel prices will go so high that battery manufactures will look for substitutes and move to other materials. Then the nickel market will “do what it has always done, which is to go through a huge boom followed by a big bust.” Automobile manufacturers are hoping that nickel prices settle in the low-to-mid-US$20,000s per tonne range, which is the figure that mining

ing project.” Operating in Manitoba like all provinces in Canada also means engaging early and often with local First Nations. Don McCallum, a councillor for the Marcel Colomb First Nation, which has been working with Alamos, joined the panel from his band office in Lynn Lake and emphasized the importance of pre-engagement. “We would like to be informed, and have plans that benefit our First Nation, not just for a company to come in and go, and those are the things we can discuss,” he explained, adding that mining and exploration companies need to understand what the land claim agreements are in the areas they work in. “We have our traditional territories and our traditional cultural areas,” he explained. “We have been nomadic for quite some time and use a lot of this land and the companies have to understand that — like where they are exploring for metals, they have to do minimal damage, and that’s something we need to discuss.” Developing a resource management system and monitoring, McCallum said, was critical, “so our traditional lands are kept in pristine condition.” He also underscored the importance of supporting endeavours that

would benefit First Nations including training and employment with both mining and drilling companies, and “sharing with the First Nations the benefits that come” from mining and exploration work. Felix Lee, president and CEO of privately held Willeson Metals, the latest junior to start working in Manitoba, told the panel that he has been exposed to a number of mining jurisdictions over the course of his 35-year career, and was excited to be back in Canada and in Manitoba in particular. “It’s one of the great mining regions in the world — it has great geology and has enjoyed a very long history of exploration,” he said of the province. “It’s probably known to most people as a base metals area, but let’s not kid ourselves, there is gold in Manitoba.” The junior explorer has four properties stretching a total of about 240 sq. km across some of the key structures that define the Lynn Lake greenstone belt, and Lee noted that securing that amount of land was remarkable. “It astonished me to be able to assemble such a large land position because it’s very hard to do,” he said. “That in itself speaks to how the province has been kind of overlooked in a way and gives you some sense of the opportunities that exist in the province.” TNM

Ken Hoffman is a senior expert for McKinsey’s Basic Materials Institute. BMI

GLENCORE

executives will start to “believe that the nickel market is real, and start to invest in new mines.” The current bottleneck on EV production is limiting demand for nickel, Hoffman said. Once this bottleneck is alleviated, there will be increased pressure on nickel supply chains, which could lead to shortages within the next couple of years. He noted that China and other countries like the United Arab Emirates are investing heavily in Indonesia to ensure reliable supplies of nickel. The problem for the West, however, is there is a lack of smelters outside Indonesia. “Finding mines is a lot easier than having to put the US$1-2 billion needed to build a smelter,” Hoffman said. Hoffman believes that the European Union and the U.S. should put the billions they’ve pledged for the EV industry into building smelters and refineries. “We always tell mining executives to lock themselves into contracts with OEMs [original equipment

The headframe at Hudbay Minerals’ Lalor zinc-gold-copper mine, near Snow Lake, Manitoba. HUDBAY MINERALS

manufacturers] as they will tell you what products they will need in the future, not the ones they need today.” For example, Tesla and Volkswagen are looking to source nickel powder, but current world production is only 30,000-40,000 tonnes per year. “If suddenly you need 500,000 tonnes of nickel powder, where’s it going to come from, who’s going to make it, and where’s it going to be refined?” While nickel is excellent for making batteries, OEMs are exploring a basket of battery chemistries based on other metals, Hoffman said, including lithium-ion manganese oxide (LMO) and lithium-iron-phosphate (LFP). “The manganese market is about ten times larger than the nickel market, with the metal broadly distributed worldwide, and has led to a resurgence in LMO batteries,” he said. Els noted that LFP batteries currently account for around 15% of the total global market share. The LFP technology has been around for over 40 years, Hoffman said. “However, batteries that use LFP chemistries generate only about 170 watts of power per kilogram of battery weight, which is no different to where they were 10-15 years ago.” The best-in-class high-nickel batteries, he said, operate at nearly twice that — at about 300 watts per kilogram of battery weight. “So, why is there so much talk about LFP batteries?” Hoffman asked. “It’s partly about optionality: If around 3-4 million EVs consume 200,000 tonnes of nickel, then what happens when we get to a world with 80-100 million EVs, the global demand for class 1 nickel will run to over 4 million tonnes, leading to supplies of nickel running out very quickly.” The LFP chemistry offers car manufacturers with an alternate battery technology, which is also less expensive at around US$85-90 per kWh, or as little as US$65-70 per kWh for a large OEM, compared with an average of US$100 per kWh for NMC batteries. TNM

WINGEDWOLF /ISTOCK

SPECIAL FOCUS

GLOBAL COPPER Copper Mountain Mining on a runway to triple 2020 output COPPER

| Company reported record quarterly production in March quarter

BY HENRY LAZENBY

ritish Columbia-based Copper Mountain Mining (TSX: CMMC; ASX: C6C) is on a runway to triple 2020 production in the medium term, president and CEO Gil Clausen tells The Northern Miner. The mid-tier miner’s eponymous cornerstone mine is just 300 km east of Vancouver. It underpins the company’s immediate and medium-term growth plans to go from about 100 million copper equivalent lb. per year to 140 million lb. Further out and farther afield is the feasibility study-stage Eva Copper project in Queensland, Australia. It holds the potential to add meaningful copper and gold units to potentially double Copper Mountain’s total output on a copper-equivalent basis. Clausen says the company had a solid start to the year in terms of Copper Mountain’s performance, and given the recent record copper price levels, it bodes well for the second quarter. The company reported record quarterly production in the March quarter of 30.4 million lb. of copper equivalent, comprising 25.5 million lb. of copper, 8,187 oz. of gold, and 160,484 oz. of silver. This performance translated into a record quarterly C1 cash cost of US$1.15 per lb. copper produced, at an all-in sustaining cost (AISC) of US$1.46 per lb. copper and all-in cost (AIC) of US$1.71 per lb. copper. The company reported record quarterly revenue for the first quarter at $162.2 million, from the sale of 27.5 million lb. of copper, 8,553 oz. of gold and 161,657 oz. of silver, net of pricing adjustments. It translated to a record gross profit of $96.3 million and net income of $52.1 million, resulting in earnings per share of $0.18. The Copper Mountain coppergold-silver deposit was first mined as an underground operation in the 1930s, before the company came along, acquired the 7,300-hectare property and proved up a five-billionpound copper resource. Soon after, veteran former CEO Jim O’Rourke pulled the trigger on building a mine to pay for future exploration and expansions. Fast forward several years to 2016, and the company was reporting production of more than 100 million lb. copper in concentrate per annum, helped by the addition of a new secondary crusher, which he says was “a game-changer” for the operation, given some of the material being processed was more challenging than expected. “That was a game-changer for the operation, allowing us to send 40,000 tonnes per day through the mill,” he said. The Copper Mountain mine hosts 43-101-compliant proven and probable reserves of 403 million tonnes

grading 0.24% copper, 0.11 grams gold per tonne, and 0.76 grams silver per tonne for 2.15 million lb. copper, 1.4 million oz. gold and 9.8 million oz. silver. Clausen says the Copper Mountain mine, just outside of Princeton, was processing higher-grade ore during the most recent quarter. As a result, the average mill feed grade rose to 0.42% copper, compared with an average feed grade of 0.30% copper a year earlier. The mined grade was higher in the first quarter and similar to the grade mined in the fourth quarter of 2020. “The 2021 development sequence plan has proportionally more ore coming from Phase 3 of the Main pit in the first quarter, which has higher grade,” he said. On the back of the strong firstquarter production results, the company expects to achieve the upper end of its annual guidance range of 85 to 95 million lb. of copper. The company expects production to normalise from the first-quarter levels to levels similar to that of the fourth quarter of 2020. Production in the fourth quarter of 2021 is planned to be higher with the commissioning of the ball mill three expansion project. The project is expected to help reduce costs, with the 2021 allin cost guidance set at US$1.80 to US$2.00 per lb. Clausen says the company is making steady progress on the ball mill three expansion project with construction now well advanced. The project is designed to increase mill throughput to 45,000 tonnes per day from 40,000 tonnes per day and improve copper recovery due to achieving a finer grind of ore. Demolition has been completed where the third ball mill is to be installed, and the raft foundation has been poured on top of the lean concrete and bedrock. The company is currently erecting forms and installing rebar for the mill pier foundations, with concrete poured in April. The project is on track for commissioning in the third quarter of 2021. Plans are already advancing to push the throughput even higher to 65,000 tonnes per day. The expansion has the potential to push output to over 140 million lb. of copper per annum. The company has pegged an after-tax net present value (8% discount) of US$1 billion to the 65,000 tonnes per day scenario, with the mine’s C1 cash costs expected to fall to US$1.19 per lb. Meanwhile, Clausen says the company continues to undertake exploration drilling at Copper Mountain, focusing on the New Ingerbelle deposit just one kilometre away across the river. The deposit has higher gold credits and is expected to push output to 50,000 to 75,000 oz. gold, including about 300,000 oz. of silver per year. “New Ingerbelle is important to us

because it essentially doubles the current 31-years-plus Copper Mountain mine life [based on 45,000 tonnes per day throughput],” says Clausen. The 2021 exploration program started in early March. The program consists of exploration drilling to expand resources and reserves in the Copper Mountain North and the New Ingerbelle deposits. “The deposits remain open at depth,” Clausen says. The total program for 2021 consists of about 20,000 metres of diamond drilling. Meanwhile, the company was preparing to enhance the project pipeline. In 2018, the company acquired Altona Mining in Australia for about A$93 million (US$72 million), giving it another 4,000 sq. km land package, with shovel-ready Eva Copper at the top of the list of the development pipeline. The deal also brought in fresh leadership under new CEO Clausen, bringing with him his prior experience with successful companies such as Brio Gold, LeaGold Mining and Augusta Resource, relevant to the Copper Mountain narrative at hand. “If we pull the trigger on Eva, we can be in production there in 18 months via a much similar operation as Copper Mountain,” he says. A 2020 bankable feasibility study on the project had calculated an aftertax net present value of US$437 million, with an internal rate of return of 29%. Clausen says the project is rare in that its capital requirement is only US$382 million to add 100 million lb. of copper to the production profile. Exploration activities also continue in Australia. The exploration See COPPER MOUNTAIN MINING / 16

Adventus Mining well positioned to complete El Domo feasibility study by October COPPER |

Ecuador is rich in natural resources

BY HENRY LAZENBY

dventus Mining (TSXV: ADZN; US-OTC: ADVZF) is well-positioned to capitalise on the growing market interest in a vibrant and growing mining sector in Ecuador, president and CEO Christian Kargl-Simard says. The renewed interest in the jurisdiction comes at a time when other more traditional South American copper jurisdictions deal with question marks over their status as top-tier resource investment destinations. Following the recent successes of copper companies in Ecuador like Lundin Gold (TSX: LUG), Aurania Resources (TSXV: ARU; US-OTC: AUIAF), SolGold (TSX: SOLG; LSE: SOLG) and most recently, the $132 million acquisition of INV Metals by Dundee Precious Metals (TSX: DPM), the country has become a buzzword as companies vie to find and develop new copper deposits to fill the industry’s ailing copper project cupboard. Kargl-Simard notes Ecuador is located in the same Andean region as Peru and Colombia and shares much of the same geology but has seen comparatively little exploration. “Ecuador is rich in natural resources but has been under-explored for minerals,” he tells The Northern Miner in an interview. In addition, as Ecuador “recognises modern mining as an engine of long-term economic growth, it continues to introduce measures to improve the mining investment environment,” he says. “Ecuador’s private and public sectors continue to make significant investments in its infrastructure, and the country continues to benefit from one of the

lowest energy costs in the Americas.” The country’s proximity to the Panama Canal and access to modern port and highway logistics also provide significant global and regional advantages, and two large-scale mines started production in 2019. Like its mineral-rich neighbours Peru and Chile, however, conflicts with special interest groups have also occurred. But Kargl-Simard notes that the Ecuador government remains committed to developing the mining sector to diversify its economy from oil and gas. Attempts by various groups over the last two years to introduce referendums to stop mining activities in some regions of the country have been ruled unconstitutional by the Constitutional Court of Ecuador and were not allowed to proceed. In September 2020, the Constitutional Court approved a request to hold a referendum for large-scale and medium scale mining projects in the city of Cuenca within the five water sources of the town. The Constitutional Court’s decision sets the precedent that if any further future referendum requests are allowed to proceed, it is expected that the potential impact will only be related to future mineral rights not yet granted. It may not be retroactively applied to previously granted concessions based on legally valid laws, rules and regulations, explains Kargl-Simard. Kargl-Simard also points out that the country’s new president, Guillermo Lasso, is a former banker and pro-business. Some of Lasso’s election platform included opening the market, promoting foreign investment, reducing taxes, and a promise to respect the agreement See ADVENTUS MINING / 16

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JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

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Taseko expects ‘money-maker’ Florence Copper’s draft permit this month COPPER |

Company is poised to move into construction program

BY HENRY LAZENBY

ne of the top contenders to bring new copper pounds to market in the medium term is Taseko Mines (TSX: TKO; NYSEAM: TGB; LSE: TKO), operator of the 75%-owned Gibraltar open-pit mine in British Columbia, says the company’s president, Stuart McDonald. The company is awaiting a final permit decision by the U.S. government’s Environmental Protection Agency on its Florence Copper insitu recovery project in Arizona. The mining executive, who says Florence Copper “will be a moneymaker at any copper price,” notes that based on the company’s ongoing dialogue with the EPA, the agency is due to issue the draft underground injection control (UIC) permit before the end of June. “We are in a strong financial position and ready to move into a construction program at Florence in the coming months,” McDonald says in an interview. Once the draft permit has been issued, there will be a 30-day public comment period with a public hearing scheduled towards the end, similar to the Arizona state process that Taseko completed last year. After the public comment period, the EPA will review and respond to the comments received before granting the final UIC permit, if warranted. “While this permitting process has moved more slowly than expected, we know that it is moving forward, and we are closing in on having a fully permitted and financed toptier copper project,” says McDonald. “Detailed engineering and procurement preparation has been advancing, and we will be in very good shape to begin construction upon receipt of the UIC, which we expect sometime in the third quarter of this year.” In March, the Arizona Court of Appeals cleared the project for development after the nearby Town of Florence fought tooth and nail against the project out of fear it will pollute scarce water resources. The ruling, announced on March 23, upheld the company’s right to mine its private property within the town and also awarded the company US$1.7 mil-

Solvent extraction and electrowinning plant at Taseko’s Florence copper project.

lion in legal costs. The Arizona Development of Environmental Quality has already granted one of the two essential permits (the aquifer protection permit) necessary for commercial operations. That permit was received in August 2020. Florence, about halfway between Phoenix and Tucson, is being developed in two phases. A $25 million production test facility was built in the first phase, including 24 injection, recovery and monitoring wells and an SX/EW plant, which commenced operation in December 2018. McDonald says production at the test facility was wound down about midway through 2020, defining the results as “better than expected.” Phase 2 transitions the project to commercial production and involves an expanded wellfield and SX/EW plant that is slated to produce an average of 85 million lb. of copper a year over 20 years at a cost of US$1.13 per lb. copper over the life of the mine. The initial capex for phase two is US$227 million. At US$4,700 per ton of installed

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capacity, Florence Copper is one of the lowest capital intensity copper projects in the world. At a base price of US$3.00 per lb. of copper, the full-scale project has an after-tax net present value of US$680 million at a 7.5% discount rate. With the addition of Florence, McDonald says Taseko’s attributable annual copper production will grow by 85% to about 185 million lb. copper. Florence Copper has measured and indicated resources of 429 short tons grading 0.33% copper for 2.8 billion lb. of copper and another 63 million inferred tons grading 0.24% copper for 300 million lb. of contained metal.

TASEKO MINES

McDonald says Taseko is also keen to move forward with its permittingstage Yellowhead project, 150 km northeast of Kamloops in B.C. He suspects the market is attributing “very little to no value” for the asset, which, according to a January 2020 technical report, entails a 90,000 tonne per day open-pit copper mine with a 25-year mine life. Yellowhead would produce more than 4.4 billion lb. of copper, 440,000 oz. of gold and 19 million oz. of silver. Total pre-production capex has been estimated at $1.3 billion. Yellowhead has measured and indicated resources of 1.29 billion tonnes grading 0.25% copper, 0.028

gram gold per tonne and 1.2 grams silver per tonne and another 109 million inferred tonnes grading 0.24% copper, 0.026 gram gold and 1.2 grams silver. Last year Taseko’s Gibraltar mine, the second-largest open-pit copper mine in Canada, produced 123 million lb. of copper. The company expects the mine to produce about 125 million lb. of copper in 2021. According to McDonald, Gibraltar produced 22 million lb. of copper and 530,000 lb. of molybdenum in the March quarter, which was “slightly below expectations.” However, as mining advances in the Pollyanna pit, management expects improved grades and copper production in the second quarter and “much higher grade and production levels” in the second half of the year. This is likely to result in lower operating costs per pound and improved earnings. “At current copper prices, we are forecasting operating margins of over $200 million for the remainder of 2021, which would put us in a position to fully fund construction of the commercial facility at Florence without a joint-venture partner, if we choose to do so,” says McDonald. The company’s cash balance on March 31 was $197 million. Taseko is also protecting itself against a potential copper price slide. In March, Taseko extended its copper price protection strategy by purchasing put options covering 41 million lb. of copper at a strike price of US$3.75 per lb. for the second half of 2021. In lockstep with the record-trending copper price, Taseko’s Torontolisted shares have surged. At press time the company was trading at $2.86 per share within a one-year range of 60¢ and $3.22. The company has a market cap of $810 million. TNM

SPECIAL FOCUS GLOBAL COPPER

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

GLOBAL COPPER SNAPSHOT

EIGHT COMPANIES ADVANCING COPPER PROJECTS AROUND THE WORLD BY NORTHERN MINER STAFF

A drill site at Camino Minerals’ Los Chapitos copper project in Peru.

CAMINO MINERALS

With copper’s key role in the transition to greener forms of energy and the urgency of fighting climate change, along with soaring prices for the metal, companies are accelerating their work plans at copper projects around the world. We profile eight companies with copper assets. n ASCENDANT RESOURCES Ascendant Resources (TSX: ASND; US-OTC: ASDRF) is focused on the exploration and development of the Lagoa Salgada volcanogenic massive sulphide (VMS) deposit in southern Portugal, about 80 km from Lisbon. The Toronto-based company signed an option agreement in June 2018 to acquire an initial 25% interest in the polymetallic project with the option to increase its stake to 80%. Lagoa Salgada, which was discovered in 1992 by a team from the Portuguese Geological Survey, sits in the copper-rich Iberian pyrite belt, which is home to mines

such as Aguas Tenidas (Trafigura/ Mubudala); Neves Corvo (Lundin Mining) and Aljustrel (Almina). The deposit, which is completely covered by a thick sequence of Tertiary sedimentary rock averaging 135 metres thick, was discovered by diamond drill testing a geophysical gravity anomaly. The company has defined North, Central and South zones of the deposit, which at last count contains total measured and indicated resources of 14.75 million tonnes grad-

ing 2.53% copper-equivalent and 7.56% zinc-equivalent, and inferred resources of 11.88 million tonnes grading 1.55% copper-equivalent and 4.30% zinc-equivalent. The resources remain shallow, at less than 500 metres deep. Lagoa Salgada remains open in all directions. Last year, a preliminary economic assessment that included just the North zone outlined a mine life of nine years at a mining rate of 2,700 tonnes per day and all-in sustaining costs of US66¢ per

lb. zinc-equivalent. Initial capex is forecast at US$163 million, including a US$38 million contingency, with a payback period of four years. The early stage study estimated an after-tax net present value (NPV) at an 8% discount rate of US$106 million with an after-tax internal rate of return of 31%. In May, Ascendant raised $3.9 million and said the funds would be spent on completing more metallurgical test work and an updated PEA by mid-August that

will incorporate both the North and South zones. In January, the company reported results from the first three drill holes on the South Zone with highlights of 25.2 metres grading 2.23% copper-equivalent (0.64% copper, 1.99% zinc, 1.42% lead and 26.47 grams silver per tonne); 8.4 metres of 2.24% See GLOBAL COPPER SNAPSHOT / 12

JOINT VENTURE ARTICLE

Rich Copper Exploration sources new assets in northern Ontario’s Algoma district BY NORTHERN MINER STAFF

As the clean energy sector continues to drive copper demand, new sources of supply are being increasingly sought, and Canadian companies are leading the hunt to find more of the metal at home. Ontario-based project generator Rich Copper Exploration is one of these, and is focussing on projects in the northern part of the province, as well as on Canada’s east coast. The privately held junior’s holdings include seven properties in Ontario and two in New Brunswick, with the majority in the Algoma district of northern Ontario. All of the company’s assets are located in areas with past production and known copper occurrences, as well as existing local infrastructure and site access, which will facilitate their development. The company’s interest in Algoma stems from extensive research into the historical work done in the region, which has hosted copper projects for over a century. But as Jim Atkinson, Rich Copper’s vicepresident, points out, they are bringing a new perspective to the region’s potential. “Copper has been neglected in Ontario as well as a lot of Eastern Canada,” says Atkinson. “In the rush for gold, everybody’s been looking for gold for the last ten years. But we

A team member of Rich Copper Exploration holds a sample of chalcopyrite from the company’s Island copper property in northern Ontario. RICH COPPER EXPLORATION

thought we should look at what can be done on the copper side. And I have always had a thing about the Algoma area, because there’s lots of mineralization there and it’s been mined for a long time, but hasn’t been looked at for a while.” Atkinson says that the company began its research into sites in Algoma by sifting through archival sources, provincial ministry assessment reports and old maps. What the team discovered was a number of copper occurrences in the region that showed diamond drill intersections strong enough to merit

possible acquisition. “People have to understand that this area is the first place copper was ever mined in Canada,” says Atkinson. “So, if you’re looking for copper properties, a good place to start is by looking where it’s been mined before, which is what we’ve done. We updated the historical information we’ve amassed using more modern technology in order to further assess and move these properties forward.” Rich Copper’s Algoma assets include the Island Copper property, a 62-hectare site located about 20 km

northeast of Sault Ste. Marie near the community of Heydon. The site was explored almost two decades ago by Falconbridge, which [who is for people] reported a series of copperbearing fault structures and breccia zones but did no follow-up drilling. Other Ontario assets include the 480-hectare Abbican site northwest of Blind River, the 200-hectare Christy Lake property south of Elliot Lake, and the Copper Prince property 30 km north of Iron Bridge. In New Brunswick, Rich Copper’s assets include its 530-hectare Dorchester property, a past-

producing copper mine located about 10 km northwest of Sackville and 30 km east of Moncton. “Our goals looking ahead are simple: We want to update the information on our assets, prepare 43-101s where we can, and then prepare to begin the listing process to go public,” CEO David McDonald says. “That means consolidating our properties into a nice package that appeals to partners we want to work with. And we know that going public will help that process. So, we are working towards being listed by the second half of 2022.” Both Atkinson and McDonald say that as Covid restrictions are being lifted in Ontario, they are preparing to head back to Algoma in the months ahead. “I can’t wait to get back in the bush,” says McDonald. “These properties are the tip of the iceberg, if you ask me. It’s certain that we will continue to grow our properties in the years ahead, engage with investors, joint venture partners and others. We are absolutely committed to finding assets that open a new page in the Canadian copper story.” The preceding Joint Venture article is PROMOTED CONTENT sponsored by Rich Copper Exploration and produced in cooperation with The Northern Miner. Visit www.richcopper.ca for more information.

SPECIAL FOCUS GLOBAL COPPER

JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

Drillers at Ascendant Resources’ Lagoa Salgada project in southern Portugal.

WWW.NORTHERNMINER.COM

ASCENDANT RESOURCES

GLOBAL COPPER SNAPSHOT From 11

copper-equivalent (1.18% copper, 0.46% zinc, 0.77% lead and 27.83 grams silver per tonne); and 7.7 metres grading 2.13% copperequivalent (0.33% copper, 3.09% zinc, 1.31% lead, and 14 grams silver per tonne). Ascendant has a market cap of $28.3 million. n CAMINO MINERALS Vancouver-based Camino Minerals (TSXV: COR; US-OTC: CAMZF) has three copper projects in Peru — Los Chapitos, Maria Cecilia, and Plata Dorada Its flagship, Los Chapitos, is an iron oxide-copper-gold (IOCG) deposit that Camino says is part of the prolific belt of iron oxide and copper-gold mineralization that extends along the Peruvian coastal margin from Lima to just south of the Los Chapitos property. The project is 40 km from the Pan American highway, has existing power lines over the property and access to seawater processing 15 km away. Highlights from last year’s drill

A photo of the Opemiska copper mine in the 1970s, with the Springer and Perry headframes visible.

program at Los Chapitos, included 55.5 metres of 0.72% copper from 99.5 metres depth, including 22.5 metres of 1.15% copper; 64.5 metres of 0.6% copper from 22 metres, including 12 metres at 1.05% copper; and 92.1 metres of 0.53% copper starting from 10 metres

downhole, including 20.8 metres of 0.97% copper. In March, the company announced the acquisition of the 7,110-hectare Maria Cecilia project, a porphyry and skarn complex that the company believes has geological similarities with one of

• MAJOR COPPER DISCOVERY with Multi-Bt potential at the beginning of a copper supercycle • 1% CuEq FROM SURFACE – strike length of +1,100m and open, depth up to 1,200m, highest-grades at surface • MULTIPLE PORPHYRIES UNTESTED in 5km x 5km cluster of outcropping copper porphyries identified • RELENTLESS INSIDER BUYING of C$115M at higher and higher prices over the last 12 months • UNRIVALED TRACK RECORD; managed by Augusta Group surfacing value totaling over C$4.5B in exit transactions in last 10 years TSX: SLS

OTCQB: SLSSF

www.solarisresources.com Info@solarisresources.com 416-366-5678 x203

POWER ORE

Peru’s largest copper mines, Antamina, about 100 km away. The company estimates about US$28 million has been spent on the project since 2012, including 32,120 metres of drilling between 2013 and 2015. The Maria Cecilia exploration

Drill core from QC Copper & Gold’s Opemiska project. QC COPPER & GOLD

target is believed to be at the heart of the porphyry complex that includes the Toropunto epithermal deposit and the Emmanuel porphyry deposit. A major magnetic anomaly, two porphyries, stockworks and a 2 km skarn structure are within the porphyry centre target at Maria Cecilia. There are four main targets at Maria Cecilia: the Skarn Zone; Stockwork Zone; Porphyry Zone; and Tourmaline Breccia Zone. The skarn zone has a width of about 2 km by 250 metres. The zone has copper anomalies that range from 500 parts per million up to 6.7% copper including 110 grams silver per tonne. Chip sampling from three trenches returned grades of up to 1% copper, including 27.5 metres of 0.35% copper with chalcopyrite mineralization. The adjacent Stockwork Zone has a large magnetic geophysical anomaly that covers over 50% of its area and is characterized by the presence of a quartz stockwork that extends over an area of about 900 metres by 800 metres. In the Porphyry Zone, targets are related to mineralized porphyry occurrences called Twin Porphyry 1 and Twin Porphyry 2, and channel samples in the zone have returned copper values of up to 0.9% copper. The Tourmaline Breccia target is at the edge of the concession and has molybdenum values of up to 120 parts per See GLOBAL COPPER SNAPSHOT / 13

SPECIAL FOCUS GLOBAL COPPER

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

A map of Dore Copper’s Lac Dore project.

Preparing a rig for a new hole at Superior.

GLOBAL COPPER SNAPSHOT From 12

million. This area extends to the resource area to the north. (The Toropunto deposit has inferred resources of 32 tonnes grading 0.22% copper-equivalent. Emmanuel has 94 million inferred tonnes grading 0.29% copper-equivalent.) The copper and silver Plata Dorada project is about 158 km east of the city of Cuzco. The company completed an exploration program in March, and identified six new polymetallic veins, bringing the total to 16. A rock chip sample taken along the Plata Dorada mesothermal trend identified a new copper and silver mineralized structure with a width of 0.5 metres grading 1.19% copper and 18.35 parts per million silver. The best results from geochemical sampling included 5.76% copper and 1,500 grams silver per tonne. In May the company raised $7.5 million in a non-brokered private placement and the funds will be spent on exploration. Camino Minerals has a market cap of $18.5 million. n DORE COPPER MINING Dore Copper Mining (TSXV: DCMC; US-OTC DRCMF) is a copper-gold explorer in Quebec. The junior has consolidated a large land package in the Lac Dore/ Chibougamau and Joe Mann mining camps in the province, which includes 13 former producing mines, deposits and resource target areas within a 60-km radius of

US COPPER

the company’s 2,700 tonne per day Copper Rand mill. Currently Dore Copper is working on a preliminary economic assessment of a hub-and-spoke operation with its Corner Bay asset as the main feed for the mill and other projects making up second-

ary feeds. It plans to complete the study before the end of this year. Last year the company drilled 10,237 metres at Corner Bay, 20 km south of Chibougamau, and is now completing a 16,500 metre drill program. It plans to release an updated resource estimate before

the end of the third quarter. Drill results released in mid-May included 3.7 metres of 5.05% copper, 0.15 grams gold per tonne and 11.3 grams silver per tonne; 3.7 metres of 2.47% copper, 0.87 grams gold and 9.3 grams silver; and 5.5 metres of 3.46% copper, 0.25 grams gold and 8.4 grams silver. Corner Bay has a 2019 resource of 1.35 million indicated tonnes grading 3.01% copper and 0.29 gram gold per tonne for 89.8 million lb. copper and 13,000 oz. of gold and inferred resources of 1.66 million tonnes grading 3.84% copper and 0.27 gram gold per tonne for 140.3 million lb. copper and 15,000 oz. gold. The deposit was discovered in the early 1980s and was accessed by a ramp to 115 metres in 2008. Corner Bay was never in production but a 40,000 tonne bulk sample in 2008 processed at the Copper Rand mill, generated recoveries of 94% for copper and 62% for gold. Joe Mann would be the secondary feed to the mill. The company signed an option agreement in January 2020 to acquire a 100% interest in the Joe Mann gold mine, 60 km south of Chibougamau and 60 km from its Copper Rand mill. The mine operated between 1956 and 2007 and produced 28.7 million lb. of copper (at a grade of 0.25% copper); 1.2 million oz. gold (at a grade of 8.26 grams gold per tonne); and 607,000 oz. silver (at a grade of 5 grams silver per tonne). Last year the company completed 8,343 metres of drilling at Joe Mann and plans to release its first resource estimate by the end of June followed by a PEA in the second half of the year. In addition, Dore Copper owns the Cedar Bay asset, 8 km southeast of Chibougamau. The past-

DORE COPPER

producing underground mine operated from 1958 until 1990, producing 3.86 million tonnes grading 1.63% copper and 3.3 grams gold per tonne. A 2019 resource outlined 130,000 indicated tonnes grading 9.44 grams gold per tonne and 1.55% copper for 39,000 oz. gold and 4.4 million lb. copper and inferred resources of 230,000 tonnes grading 8.32 grams gold and 2.13% copper for 61,000 oz. gold and 10.8 million lb. copper. Last year the company drilled 9,025 metres at Cedar Bay. The company’s other assets include the past-producing Copper Rand underground mine (1.5 million oz. gold and 0.5 billion lb. copper from 1959 to 2008 from 16.4 million tonnes grading an average of 1.8% copper and 2.8 grams gold), about 7 km east of Chibougamau, and Devlin, 18 km south of Chibougamau. Devlin has a measured and indicated resource of 0.41 million tonnes grading 2.48% copper and 0.27 grams gold and inferred resources of 0.34 million tonnes averaging 2.42% copper and 0.19 grams gold. A 1981 access decline to 55 metres below surface generated a 2,700 ton bulk sample averaging 1.26% copper. In May, Dore completed its 100% earn-in on the 2,100-hectare Cornerback property, which surrounds its Corner Bay asset. Dore has a market cap of $41.3 million. n LOS ANDES COPPER Los Andes Copper (TSXV: LA) is advancing its Vizcachitas project in central Chile, a copper-molybdenum porphyry deposit 150 km northeast of Santiago.

See GLOBAL COPPER SNAPSHOT / 14

JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

SPECIAL FOCUS GLOBAL COPPER

WWW.NORTHERNMINER.COM

GLOBAL COPPER SNAPSHOT Western Copper and Gold’s camp at the Casino project in the Yukon Territory.

From 13

A preliminary economic assessment completed in June 2019 contemplated an open-pit mine and concentrator plant that would produce copper and molybdenum concentrates over a mine life of 45 years. At a mill throughput rate of 110,000 tonnes per day, the early stage study forecast a post-tax net present value at an 8% discount rate of US$1.8 billion and an internal rate of return of 20.8% based on a copper price of US$3 per lb. Initial capex of US$1.9 billion could be repaid in just under three and a half years. C1 cash costs with molybdenum and silver credits in the first eight years of operation are estimated at US$1.36 per lb. The company is now working on a prefeasibility study that it plans to complete in the first quarter of 2022. In April, the company reported the final results for copper recoveries and concentrate grades as part of the PFS, confirming recoveries of 91.4% and the production of a clean copper concentrate. Metallurgical testwork has also confirmed that the project’s tailings are amenable to being filtered and dry-stacked. The PFS is also looking at High Pressure Grinding Rolls (HPGR), which will help reduce water and energy consumption. Vizcachitas has measured and indicated resources of 1.28 billion tonnes grading 0.40% copper and a copper-equivalent grade of 0.45% at a copper cut-off of 0.25%, for 11.2 billion lb. copper, 400 million lb. molybdenum, and 43.4 million oz. silver. At the end of April the company received approval for a drill program of up to 350 holes on up to 124 platforms over the next four years, and this will enable the company to carry out the drilling needed to complete the PFS. The work-plan includes infill drilling within the PFS open pit, drilling to extend the higher grade mineralization to the north of the pit outlined in the PEA, and to test geophysical targets identified in 2020. The project is 65 km from a rail line in San Felipe, with connections to the Chagres smelter (90 km), the Ventanas smelter (140 km), and the port of Ventanas (140 km). It also has access to a 220 kilovolt power substation, 105 km away. In June 2020 it sold a net smelter return (NSR) royalty on Vizcachitas to Resource Capital Fund VI L.P. for US$14 million. Under the royalty, RCF will receive a 2% NSR for open-pit operations and a 1% NSR for underground operations. Los Andes Copper has a market cap of $204 million. n QC COPPER AND GOLD QC Copper and Gold (TSXV: QCCU; US-OTC: QCCUF) is focused on acquiring and developing copper projects in Quebec’s Chibougamau region and is advancing its 13,000-hectare Opemiska project, which hosts four

historic underground mines that produced a total of over 1.1 billion lb. copper and 750,000 oz. gold. The four mines — Springer, Perry, Robitaille and Cooke — were operated by Falconbridge between 1953 and 1991. The company envisions an openpit, bulk tonnage operation, mining both the high-grade veins targeted by past operators, as well as lower grade disseminated copper mineralization outside these veins that was previously overlooked. The project, near the town of Chapais and about 500 km north of Montreal in the Abitibi Greenstone belt, is exposed to 12 km of the Gwilliam Fault and also includes volcanogenic massive sulphide mineralization. The Springer, Perry and Robitaille deposits were the mainstay of production in the Chapais district. The past-producing Cooke mine is another potential satellite deposit. Unlike the three historic copper mines, Cooke is a high-grade gold project with copper by-products and previously generated about 320,000 oz. of gold from material grading 5.17 grams gold per tonne. According to a 2019 technical report, the project has good data from previous operators, which includes more than 14,500 surface and underground drill holes totalling 854,000 linear metres of drill core, more than 300,000 assays along with thousands of maps of surface plans, level plans, and sections. In 2019 the company focused its drill program around the historic Springer mine, which produced 12.47 million tonnes grading 2.56% copper and 1.23 grams gold. The 23-hole drill program (3,300 metres), confirmed QC Copper and Gold’s hypothesis of near-surface disseminated mineralization, and highlights of the drilling included

7.9 metres of 4.65% copper-equivalent from 81 metres and 25 metres of 4.15% copper-equivalent starting from 38 metres. In December, the company received permits for a 20,000 metre (75 hole) drill program distributed between the Springer and Perry mines, with the objective of delineating a near surface, in-pit mineral resource. About 75% will be focused on resource delineation and 25% on brownfield exploration, with some holes focused on the adjacent Cooke-Robitaille property. Drilling got underway in January, the company added a second rig in February, and results started flowing in April. Highlights have included 126 metres of 0.44% copper-equivalent starting from 51 metres, including 55.5 metres of 0.64% copper-equivalent, and a separate intersection of 7.5 metres at 1.28% copper-equivalent starting from 303 metres. Another hole cut 76.5 metres of 0.54% copper-equivalent from 155 metres and a separate intercept of 18 metres grading 0.80% copper-equivalent starting from 86 metres. At the end of May it reported 138 metres of 0.48% copper-equivalent from 49 metres. The project lies within the boundaries of Quebec’s Plan Nord, which promotes and funds infrastructure and natural resource projects, and already has access to Highway 113 and the Canadian National Railway, as well as a power station. Last month, the company acquired a new project called Roger, about 5 km from Chibougmau. It contains the Roger gold-copper deposit, which already has had about 58,000 metres of drilling. An updated resource in August 2018 outlined indicated resources of 10.9 million grading 0.85 gram gold for 297,000 oz. and inferred resources

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of 6.6 million tonnes grading 0.75 grams gold for 159,000 ounces. QC Copper and Gold has a market cap of about $25 million. n SOLARIS RESOURCES Solaris Resources (TSX: SLS; USOTC: SLSSF) is part of the Augusta Group and is advancing a portfolio of copper and gold assets in the Americas. These include its flagship Warintza project in southeastern Ecuador; the Tamarugo and Ricardo projects in Chile and the Capricho and Paco Orco projects in Peru. It also owns 60% of the La Verde joint-venture project in Mexico with Teck Resources. Warintza is 85 km east of Cuenca in a rural part of the Cordillera del Condor, an inland mountain range forming the border between Ecuador and Peru. It is situated 40 km north of the Mirador mine, operated by Ecuacorriente, a subsidiary of the Chinese consortium CRCCTongguan, which started produc-

WESTERN COPPER AND GOLD

tion in 2019 and is expected to produce 94,000 tonnes of copper concentrate a year; and is also adjacent to Explorcobres’ (previously called Corriente Resources) San Carlos-Panantza copper and gold mine. The 268 sq km property has an access road to a nearby highway connecting it to ports on the Pacific ocean and has access to grid power. The discovery was made in the early 2000s by mine finder David Lowell, who discovered 17 major mineral deposits over a 50-year career, including the world’s largest copper deposit, La Escondida, in Chile, in 1981, and Pierina, a gold deposit in Peru, in 1996. There are five main targets within a 5 km by 5 km cluster of copper porphyries identified on the property so far. The key targets are Warintza CenSee GLOBAL COPPER SNAPSHOT / 15

TSX-V: DCMC / OTCQX: DRCMF

Hub-and-Spoke Near-term Re-development Opportunity in Mine-Friendly Quebec Dore Copper is focussed on implementing its hub & spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations.

Dore Copper Main player in Chibougannau Camp

Brownfield Assets in Top Mining Jurisdiction • Favorable business climate

PEA year-end 2021

High-Grade Copper and Gold Projects • Growth and exploration potential Established Mining Infrastructure • 2,700 tpd Copper Rand Mill Experienced Team • Operational experience

416.219.2049 | info@dorecopper.com | www.dorecopper.com

SPECIAL FOCUS GLOBAL COPPER

GLOBAL MINING NEWS

Los Andes Copper’s Vizcachitas project site looking south.

GLOBAL COPPER SNAPSHOT From 14

tral, Warintza West and Warintza East. Warintza East is 1 km to the east of Warintza Central and will be drilled for the first time this year. The other targets are Warintza South, a separate, large high-conductivity anomaly about 4 km to the south of Warintza Central, and Yawi, about 850 metres to the east of the Warintza East anomaly. In February Solaris announced a new discovery in first-ever drilling at Warintza West, and subsequently doubled its drill program at the project to 12 rigs. The first hole at Warintza West returned 798 metres of 0.31% copper-equivalent, including 260 metres of 0.42% copper-equivalent, from 32 metres depth. Drill results released in March from Warintza Central included 922 metres of 0.94% copper-equivalent from surface; 1,002 metres of 0.60% copper-equivalent from surface; and 958 metres of 0.77% copper-equivalent from 20 metres downhole. At the end of May, the company announced it was about to start drilling Warintza East for the first time. Warintza East is described as overlapping copper and molybdenum anomalies, measuring about 1,200 metre in diameter, with similar values to Warintza Central. Warintza has an in-pit inferred resource of 124 million tonnes grading 0.70% copper-equivalent, which only includes historic drilling down to a depth of about 200 metres. There are also undrilled regional targets. Outside Ecuador, it can earn up to a 75% interest in Tamarugo in Chile from Freeport McMoRan, and 75% in the Capricho and Paco Orco projects in Peru. It owns 60% and Teck 40% of the La Verde project in Mexico’s, in Michoacan and has optioned its Ricardo project to Freeport, which can earn 80% by spending US$130 million over five years. In December it raised $81 million in a non-brokered private placement. The majority of the placement was taken up by Richard Warke, the company’s executive chairman, Equinox Gold, and trusts established by the Lundin family. Solaris has a market cap of $1.2 billion. n US COPPER US Copper (TSXV: USCU) is focused on advancing its Moonlight-

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

LOS ANDES COPPER

Superior copper project in Plumas county, northeastern California, about 160 km northwest of Reno, Nevada. The project includes copper sulphide and copper oxide resources with silver and gold credits in three deposits — Moonlight, Superior and Engels — that are hosted in Jurassic intrusive rocks within a 21 sq. km area. The Superior deposit is 3 km southeast of Moonlight and 3 km southwest of Engels. Superior is open in multiple directions and at depth while Engels is open in all directions. The company was formerly called Crown Mining and changed its name in April. Copper was discovered in the Lights Creek district in 1883 and the Superior and Engels mines produced more than 161 million lb. copper between 1915 and 1930. The Moonlight deposit was discovered and drilled by Placer Amex during the 1960s.

A preliminary economic assessment completed in 2018 of the Moonlight deposit only, outlined an open-pit mine life of 17 years producing 60,000 tons per day. Initial capex was forecast to be US$513 million. At US$3.15 per copper, the early stage study outlined an after-tax net present value at an 8% discount rate of US$179 million and a post-tax internal rate of return of 14.6%. Gold revenue was excluded from the financial analysis due to insufficient assay data density and the company believes gold credits have potential to improve Moonlight’s economics. The PEA also treated oxide copper as waste rock. The Moonlight deposit hosts a 43-101 indicated resource of about 228 million tonnes averaging 0.25% copper, and an inferred resource of 98 million tonnes averaging 0.24% copper. Superior has inferred resources of 54 million tonnes grading 0.41% copper and

Engels 2.5 million inferred tonnes grading 1.05% copper. The company kicked off a drill program in the second quarter with the objective of defining a starter pit and establishing gold and silver credits at Superior; confirming the size of a starter pit at Engels’ and define an oxide resource at Moonlight and update portions of the resource from inferred to indicated. It also seeks to verify historic copper assays from Placer Amex’s drilling in the 1960s. US Copper completed a $2 million private placement in mid-May and kicked off its drill program on June 1. The company plans to drill between 2,134 and 3,048 metres over two or three months. Nearby infrastructure includes a rail line and state highway 11 km to the southwest and power lines 3 km to the south. The junior explorer has a market cap of $25 million.

n WESTERN COPPER AND GOLD Western Copper and Gold (TSX: WRN; NYSE-AM: WRN) is focused on developing its Casino project in the Yukon, a porphyry copper-gold-molybdenum deposit in the northwest trending Dawson Range mountains, 300 km northwest of Whitehorse. In May, Rio Tinto Canada invested $25.6 million for an 8% stake in the company. (Rio acquired 11.81 million common shares at a price of $2.17 per share.) The funds will be put towards economic studies and permitting. The strategic investment includes an investor rights agreement under which Rio Tinto has the right to appoint a member to the project’s technical committee and send an observer to Western Copper and Gold’s board meetings, as well as second as many as three people to the project. If Rio Tinto takes a bigger stake (12.5%), then it has the right to appoint a member to the board. In addition, it has the right to participate in any future equity issuances to maintain its stake in the company. Last year Western Copper and Gold updated Casino’s resource estimate for the first time since 2010. The latest resource included results from the 2019 drill program and drilling from 2010 through 2012 that was unavailable when the company put together its 2010 model; it also incorporated an updated geologic model. The resource remains open at depth. Casino now has measured and indicated resources of 2.17 billion tonnes grading 0.16% copper, 0.18 gram gold per tonne, 0.017% molybdenum and 1.4 grams silver per tonne (0.36% copper-equivalent) for 7.4 billion lb. copper, 12.7 million oz. gold, 812 million lb. molybdenum and 100.2 million oz. silver. Inferred resources add 1.43 billion tonnes grading 0.10% copper, 0.14 gram gold, 0.01% molybdenum and 1.2 grams silver (0.24% copper-equivalent) for 3.2 billion lb. copper, 6.4 million oz. gold, 323 million lb. molybdenum

See GLOBAL COPPER SNAPSHOT / 16

JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

COPPER MOUNTAIN MINING From 9

team mobilised to Cloncurry in mid-March and is preparing for an extensive field program to discover new deposits within some of the high potential areas within the company’s large landholdings within the Mount Isa Inlier region of Queensland. Detailed geochemical and geophysical surveys will be used to target exploration drill holes in some areas, whereas other areas to be drilled will follow up on previous drill results. The drill program will focus primarily

ADVENTUS MINING From 9

with the International Monetary Fund and the debt restructuring agreed to by the previous administration. Adventus’ primary focus in 2021 continues to be on the El Domo deposit in Curipamba, where the company has already completed its commitment with Salazar Resources (TSXV: SRL; US-OTC: SRLZF) to spend US$25 million over five years to earn a 75% interest. Drilling restarted at Curipamba in October last year after a suspension of six and a half months due to Covid-19. As a result, the requirement to complete the feasibility study as part of the earn-in agreement by October 2021 has been extended to April 2022 by mutual agreement with Salazar, but Kargl-Simard says the company is on track to complete the feasibility study this fall. (Work on the feasibility study and trade-off engineering studies began in mid-2020.) The company has also formed an exploration alliance with Salazar to explore additional mineral projects in Ecuador that so far includes the Pijilí and the Santiago projects, with Adventus owning an 80% interest in the exploration alliance projects and Salazar owning the remaining 20% interest. At El Domo, Adventus released the final results of the infill drill program earlier this month. Highlights included 67 metres of 3.38% copper, 1.11 grams gold per tonne, 0.41% zinc, 15.8 grams silver per tonne, and 0.06% lead (4.35% copper-equivalent) starting from 102 metres depth in hole CURI-373. Hole CURI-374 returned 5.6 metres from 92.54 metres of 2.32% copper, 15.37 grams gold, 21.91% zinc, 403.0 grams silver, and 3.09% lead (22.58% copper-equivalent). Adventus plans to release more

SPECIAL FOCUS GLOBAL COPPER

on copper and copper-gold targets. The 2021 exploration program consists of 6,000 metres of reversecirculation drilling and 1,200 metres of diamond drilling. On the operations side, Clausen also says the company has committed to reducing its greenhouse gas emissions, with a commitment to be net-zero by 2035. The company has already done significant work to this end, reducing the carbon intensity from about three tonnes of carbon dioxide per tonne of copper produced in 2019 to about 2.3 per tonne in 2020. The new mill expansion will drop

that figure by another 10%, Clausen says. Copper Mountain is also installing a trolley assist trial at the mine. The main pit ramp is being modified to accommodate about one km of overhead electric wires that haul trucks can tap into for the steep, loaded haul out of the pit. The system will go live late this year and is expected to reduce GHG emissions further. Copper Mountain equity trading in Toronto has almost tripled to a 12-month high at $5.07 per share early in May. Shares last traded on June 14 at $4.07, which capitalises the company at $845 million. TNM

drill results imminently, which will complete reporting on the infill program of 48 drill holes for about 5,000 metres. An updated resource is planned shortly after the final drill results are released later in June. “We expect the infill drilling program will confirm the existing resource and that the results may even enhance the deposit,” Kargl-Simard says. “This resource will form the basis of the reserve at El Domo for the feasibility study.” El Domo hosts 7.5 million indicated tonnes grading 5.4% copper-equivalent for 885 million lb. copper-equivalent and has 1.4 million measured tonnes grading 6.7% copper-equivalent for 207 million lb. copper-equivalent. The majority of the resources are 40 to 80 metres below the surface. At Curipamba, local community, exploration, and project development activities are carried out by an all in-country Ecuadorian team. Local social programs are undertaken to encourage education and capacity building, environmental protection, economic development and diversification and improved opportunities for employment. “As a responsible explorer and potential miner, Adventus is committed to respecting the communities and the environment in which it works, and has undertaken a wide range of programs focused on their environmental and social well-being,” says Kargl-Simard. The company’s exploration activity is not only centred on El Domo — exploration planned for the remainder of 2021 includes the 3,300-metre regional Curipamba drill program, looking for volcanogenic massive sulphide targets, and over 3,000 metres of drilling at the Santiago project

starting by the end of July. The initial drilling program in Pijilí has been completed in early 2021. Adventus will also benefit from Canstar Resources’ (TSXV: ROX; US-OTC: CSRNF) $5 million exploration program at the Buchans and Daniel’s Harbour historic mining camp in Newfoundland, through its 24% interest in the company and from South 32’s (ASX: S32) 7,000-metre drill program to earn 70% by spending $5.5 million on the Rathkeale, Kingscourt, and Fermoy projects in Ireland. Analysts are optimistic about Adventus’ momentum and how the geopolitical situation is taking shape in Ecuador. “We expect the completion of the El Domo feasibility study will help identify the deposit as a legitimate future producer at a time when the number of new base metals projects is limited,” Haywood Securities analyst Pierre Vaillancourt wrote in a research note. “It will help re-rate Adventus to reflect the status of the project.” TNM

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Aerial view of Warintza.

GLOBAL COPPER SNAPSHOT From 15

and 54 million oz. silver. While a heap leach operation won’t recover molybdenum — and isn’t included in the total resource numbers — it will be recovered in the milling operation at a grade of 0.017% moly in the measured and indicated category and 0.010% in the inferred. Western Copper and Gold plans to complete a feasibility study on Casino before the end of the year, and in the interim, will put out a preliminary economic assessment. The studies will evaluate an openpit operation, a concentrator to recover copper, gold, silver and molybdenum, and a solid waste facility to store mine waste rock and mill tailings. The company says the project will include a heap leach facility to recover gold, silver and copper from oxide ore. Infrastructure will include a 130 km access road and a power generation facility to meet power

demand. In addition, an airport will be relocated and some roads re-routed to lower the overall footprint. Once in production, the pit could run more than 800 metres deep and 2 km by 1.8 km in diameter. The company believes Casino will have a mine life of about 50 years based on measured and indicated resources and possibly another 25 years based on Casino’s inferred resources. In February, the company released results from its 2020 exploration drill program (12,008 metres in 49 holes). Highlights included 44.4 metres of 0.74% copper and 0.83 gram gold starting from 178.7 metres downhole and 48.3 metres of 0.52% copper and 0.77 gram gold from 170 metres downhole. Work at Casino began in 2009 and 2010. Western Copper and Gold has a market cap of about $438 million. TNM

Exploring in the Land of Giant CopperGold Deposits C3 METALS’ JASPEROIDE COPPER-GOLD PROJECT, SOUTHERN PERU Huge copper-gold mines, Las Bambas and Constancia within 40km 10,000m of drilling underway at Flagship Jasperoide Copper-Gold Project Hole JAS2650-05 - 53.2m @ 3.46% CuEq from 92m including • 29.8m @ 5.39% CuEq from 116m includes • 17.1m @ 7.15% CuEq from 128m Hole JAS2650-06 - 117.3m @ 1.45% CuEq from 1.7m including • 60.0m @ 2.51% CuEq from 59m includes • 38.5m @ 3.63% CuEq from 77m includes • 16.0m @ 6.45% CuEq from 99.2m

TSX.V: USCU FRA: C73

SOLARIS RESOURCES

Hole JAS2650-07 • 43.0m @ 1.79% CuEq from 79.00m including • 18.1m @ 3.76% CuEq from 103.9m includes • 10.0m @ 4.26% CuEq from 112.0m

Hole JAS2650-03 • 54.1m @ 1.51% CuEq from 70.4m and • 26.1m @ 2.72% CuEq from 154.9m Copper sulphides recently intersected confirming view porphyry driving mineralisation lurks beneath Experienced & Proven Team creating value through Exploring, Discovering, Financing and Developing Jasperoide

> Copper resource of 1.3 billion pounds of copper indicated & 1 billion pounds of copper inferred > Historical resource estimate of 4 billion pounds of copper > Historical production of 161 million pounds of copper at 2.2% grade from 1915 to 1930 > Located in a historical mining district in north-east California > Excellent infrastructure and accessibility (roads, rail, power & port) 217 Queen Street West Suite 401 Toronto, Ontario M5V 0R2

T. 416.361.2827 info@uscoppercorp.com www.uscoppercorp.com

Jasperoide Copper Gold Project, Peru

Contact: Alec Rowlands, VP Investor Relations +1 (416) 572-2512 info@c3metals.com

c3metals.com

TSX.V: CCCM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

ROYDEE /ISTOCK

DIAMONDS IN CANADA Ekati to produce 4M carats in 2021 under new owners, Arctic Canadian Diamond DIAMONDS

| Company will look to new technology to cut costs and reduce environmental footprint

BY ALISHA HIYATE

fter a roller coaster of a year that almost forced an early end to the Ekati diamond mine, the operation’s new owners, Arctic Canadian Diamond Company, are hoping that the recovering diamond market will give Canada’s first diamond mine a more solid foundation. The mine’s future was put in doubt last March, when operations were suspended in response to the pandemic-related shut down of diamond markets. Then its owner, Dominion Diamonds — which had been bought by Washington Companies in 2017 for US$1.2 billion — filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in April. A planned $126 million sale to an affiliate of Washington Companies fell through in October, when it failed to win the support of the mine’s environmental surety bond insurance issuers. That’s when a group of Dominion’s creditors stepped in. A sale of Ekati to DDJ Capital, Brigade Capital, and Western Asset Management received court approval in December, paving the way for a restart of the mine, and the resumption of full production in late January 2021. The sale of Ekati to Arctic Canadian Diamond, which is owned by DDJ, Brigade and Western Asset, was finalized in February. The price for the asset was the assumption of US$70 million in debt, the assumption of indemnity and related obligations under Dominion’s $279 million in environmental surety bonds, and the provision of an US$85-million working capital facility. The purchase does not include Dominion’s 40% stake in Diavik, operated by Rio Tinto, or any liabilities associated with the operation. Also of note, Stuart Blusson retains an 11% stake in the main “Core zone” mining area at Ekati. The restructuring has reduced the company’s debt obligations, and provided needed liquidity to fund operations and to invest in growth, said Arctic’s CFO Kristal Kaye. Kaye, whose employment contract was transferred from Dominion (where she was also CFO) to Arctic Canadian, says she believes the operation will be economic postrestructuring. “When you look at what happened with Covid, that’s just something you can’t plan or predict, but we’re in a much better financial situation to weather any type of issues that occur,” she said in an interview in late May. “It’s dependent on the market, but from what we’ve seen, the market has held and has come back quite strong.” Ekati, which first opened in 1998, is expected to produce 4 million carats this year, says Kaye, who adds that the diamond market has exceeded expectations since reopening in

September. “It was almost at pre-Covid levels. Since then, we just completed our first sale and we found the market to be very strong. High demand, and better than anticipated pricing,” she said. “The one unknown for everybody right now is Covid in India. Their situation is not improving as fast as other countries, and a number of the manufacturers are operating at a reduced capacity. That hasn’t impacted demand yet, but it could.” With just under 900 employees and long-term contractors back at Ekati, the company has also recorded several Covid-19 cases onsite (one in December, and another three in late May). Arctic Canadian is also still on the search for a CEO; Rory Moore, Dominion’s vice-president of exploration, is serving as interim president. The current mine plan at Ekati, including open pit mining at the Pigeon and Sable deposits and underground mining at the Misery deposit, extends to 2028. The mine plan also includes the Point Lake development, which consists of one large pipe and two smaller ones, and is currently in the permitting process.

The site of the initial discovery of diamonds at Ekati by Chuck Fipke and Stuart Blusson’s Dia Met Minerals, open pit mining at Point Lake is expected to sustain mining for four years. Development of a 500-metre access road is anticipated to begin this summer with dewatering and fish removal following next summer, then site preparations by the end of next year. Mining would start in January 2023. Kaye says the company is looking at new technology to reduce costs and environmental impact of further development to extend the mine life, but doesn’t expect to fully understand the potential until 2022/23. Sable Deep, Fox Deep and Jay are not included in the mine plan, but could offer longer-term potential. As for the new ownership group, Kaye says they have been involved with Dominion and now Arctic for about four years and are very “hands on.” “They have a history with us, they know us and our business well. They’re very supportive for the longterm future and growth of the Ekati See EKATI / 20

ROUGH DIAMOND PRICING

Learn the lessons of history, or history will repeat itself | Don’t escalate future diamond prices and be careful about valuations

COMMENTARY

BY RICHARD CHETWODE

uddenly, diamonds are looking interesting again. The cutbacks in diamond production last year, allied to the substantial fall in manufacturing capacity in India (the major diamond cutting centre) as a result of the pandemic, against continuing strong retail demand for diamond jewellery, has cleared out the billions of dollars of rough and polished inventory overhang in the mid-stream. There are few new sources of supply while demand continues to be strong and for the first time in more than a while, rough and polished diamond prices are rising strongly. So why aren’t a wave of early investors pouring into diamond stocks? Why aren’t the bars around Bay Street abuzz with talk of new diamond investments? Only five years ago, the combined market capitalisation of the larger Canadian diamond miners — Dominion Diamond Mines, Mountain Province Diamonds and Stornoway Diamonds — was $2.8 billion. The answer is that while diamonds may have been “a girl’s best friend” for

Marilyn Monroe, if you were an investor in the diamond mining space, it’s been anything but fun, in fact for many it turned into a nightmare. What did investors miss? This is an incredibly important question to answer if they are not to make the same mistake again. The first point is a macro one, which was beyond any investor’s control. From mid-2011 until the middle of last year we had been in a bear market for diamond prices. But since August last year polished diamond prices are up around 12%, and by many accounts are continuing to rise. Diamonds are a complicated business; the market lacks transparency, ore bodies aren’t uniform and rough diamond pricing is opaque, so more than almost any other resource sector, the pricing framework needed to be accurate. It wasn’t. How so? Well let’s take the gold industry. The gold price on June 9 was around US$1,890 per ounce. How many gold companies do you know that would today value a new See ROUGH DIAMOND PRICING / 20

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DIAMONDS IN CANADA

JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

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DIAMONDS SNAPSHOT

EIGHT CANADIAN COMPANIES READY FOR THE RECOVERY BY ALISHA HIYATE

The conveyor belt at Lucara Diamond‘s Karowe diamond mine in Botswana. LUCARA DIAMOND

After a difficult 2020 that saw a near shutdown of the diamond market for half the year as a result of pandemic-related travel restrictions, diamond prices have bounced back in 2021. Here’s a look at eight active Canadian-listed diamond explorers and miners who’ve made it through the trough and are preparing for the upturn. n ARCTIC STAR EXPLORATION Arctic Star Exploration (TSXV: ADD) has unearthed four new kimberlites this year at the Diagras joint-venture project, 22 km north of the Diavik diamond mine in the Northwest Territories. The junior’s $2.1 million spring drilling program concluded in May, and resulted in the discovery of the Birch, Sequoia, Alder and Cedar kimberlites. The company also intersected a 50-cm-wide kimberlite dyke 55 metres east of Birch. Coarse-grained olivine and abundant mantle derived indicator minerals have been observed in the volcanoclastic kimberlites. Diagras also contains 23 kimberlites previously discovered by De Beers. Planning for a summer drill program at the 226-sq.-km project will focus on the most promising kimberlites discovered, after the company receives caustic fusion results from the spring program. In June, Arctic Star released detailed geological logging results from the Birch kimberlite. One vertical hole drilled at Birch cut a total of 43.7 metres of kimberlite (in shorter intervals of 4 to 15 metres) starting at 28 metres. A second angled hole drilled from the same location cut 38 metres of kimberlite in total. Both holes intersected two different kimberlite types, one of which contained abundant mantle-derived fragments and indicator minerals. Core samples totalling 150.5 kg from the two holes have been sent for caustic fusion analysis. Diagras is a joint venture with Margaret Lake Resources, but the company has opted since 2019 not to participate. Arctic has taken over as operator, and it now holds 77% of the project, up from 40% originally. Arctic Star also holds the Timantii diamond project in Finland and the Stein joint-venture project in Nunavut. n BURGUNDY DIAMOND MINES Since 2019, diamond exploration incubator Burgundy Diamond Mines (ASX: BDM) has been busy securing option agreements for diamond exploration projects around the world. The latest addition to Burgundy’s portfolio came in March, when it signed an option to acquire the Ellendale project in Western Australia from Gibb River Diamonds (ASX: GIB). The project consists of the Ellendale mine — which was known for its yellow diamonds and closed in 2015 — and the Blina project. The two-year, staged option deal would see Burgundy pay a total of A$6.7 million and issue 17 million

North Arrow Minerals’ Mel project camp in Nunavut.

NORTH ARROW MINERALS

At the Gahcho Kue diamond mine in the Northwest Territories.

This February, DES signed an agreement to earn into Botswana Diamonds’ (LSE: BOD) prospecting licences in Botswana. The arrangement will form part of the existing agreement with Burgundy, which will allow Burgundy to earn majority control over successful projects. Burgundy also holds a 100% interest in the Nanuk diamond project in northern Quebec and 18% of the La Victoria gold-silver project in Peru. A sample of coloured diamonds.

ARCTIC STAR EXPLORATION

shares to Gibb River, in addition to a 1.5% gross revenue royalty on any diamonds and other minerals produced at the project. Burgundy has already completed the first payment of A$1.7 million and issued 5 million shares to Gibb River. Last June, Burgundy (then known as EHR Resources) announced two deals, the first with North Arrow Minerals (see entry below). The other agreement was with

Diamond Exploration Strategies (DES), a private company that holds more than 2,000 sq. km of prospective ground in Botwana. Under the deal, Burgundy will provide funding of US$1.5 million over three years, including US$300,000 in the first 12 months, to earn a 50% stake in any discoveries made. It can also earn up to 70% of a designated project by funding a scoping study, and up to 90% if it funds a feasibility study.

n LUCARA DIAMOND Lucara Diamond’s (TSX: LUC) Karowe diamond mine in Botswana has been producing exceptional large and high-value stones since it first opened in 2012. This year has been no different: The open pit mine has produced three diamonds over 300 carats so far, and 10 diamonds weighing more than 100 carats. With large diamonds accounting for around 70% of its revenue, Lucara has managed to maintain revenue from those stones throughout the pandemic by turning to an alternative sales arrangement with Antwerp-based HB Group.

MOUNTAIN PROVINCE DIAMONDS

Last July, the two companies struck a supply agreement for HB to buy all special stones (10.8 carats and above) from Karowe at a price based on the estimated final polished outcome. Any difference between the initial price and the final sales price are accounted for postsale, less a fee and the cost of manufacturing. This year, Lucara and HB extended the agreement for 24 months. In its first quarter of the year, Lucara reported a recovering diamond market. The company posted revenue of US$53.1 million or US$579 per carat sold for the period — 56% higher than the comparable quarter of 2020. Net income improved to US$3.4 million compared to a net loss of US$3.2 million last year. In addition to sales through HB, Lucara sold diamonds through regular tenders and its digital sales platform, Clara. Lucara has also started on a US$514-million underground expansion of Karowe that will extend the mine life to 2040. Site construction work began in See DIAMOND SNAPSHOT / 19

DIAMONDS IN CANADA

GLOBAL MINING NEWS

Yellow diamonds from the Ellendale project in Western Australia. GIBB RIVER DIAMONDS

Tres-Or Resources’ Guigues kimberlite pipe in Quebec.

TRES-OR RESOURCES

A Bauer trench cutter drill rig at the Star-Orion South project in central Saskatchewan. STAR DIAMOND

DIAMOND SNAPSHOT From 18

early 2021 after the company received a 25-year extension to the Karowe mine licence to 2046. The expansion is expected to take five years. Lucara’s production guidance for Karowe this year is 340,000 to 370,000 carats. The company forecasts sales of between 350,000 and 390,000 carats, and revenue of US$180 to US$210 million. MOUNTAIN PROVINCE DIAMONDS Despite an improving diamond market in 2021, Mountain Provn

ince Diamonds (TSX: MPVD) had a rough first quarter, with a Covid-19 outbreak forcing a 22day shutdown of its 49%-owned Gahcho Kué mine in the Northwest Territories. Mountain Province had to cancel its May diamond sale in Antwerp, and with the resulting cash crunch, it turned to its largest shareholder — Dunebridge Worldwide — for a US$33-million short-term loan. The company already has a US$25 million revolving credit facility with Dunebridge, which is controlled by Dermot Desmond, a 32% shareholder in Mountain Province. Mountain Province CEO Stu-

art Brown says the short-term loan will address the company’s shortterm liquidity needs, and give it time to execute on a revised mine plan that will see the process plant make up most of the lost production by raising throughput and changing 0.8-mm cutoff screens to 1.1-mm screens. “This plan shows us largely making up the lost production, revenue and cash generation during 2021 and should allow us to repay this loan by the end of 2021,” he said in May. During the shutdown of the diamond market last year, Dunebridge provided additional support to Mountain Province with a US$100million sales agreement for diamonds under 10.8 carats. Under the agreement, Dunebridge buys Mountain Province’s diamond production at market prices, with Mountain Province participating in 50% of future upside when the stones are sold. Gahcho Kué, operated by majority owner De Beers, is expected to produce 6.3 to 6.5 million carats this year (on a 100% basis) at production costs of $125-135 per tonne or $58-$63 per tonne treated. Mountain Province reported net income of $7.3 million for the quarter (compared to a net loss of $41 million in last year’s first quarter) on revenue of $54.2 million ($65.4 million last year). For the period, it sold 602,773 carats sold at an average price of $90 per carat (US$71). n NORTH ARROW MINERALS North Arrow Minerals (TSXV: NAR) is planning a 1,500 to 2,000 tonne sampling program at the Q1-4 kimberlite at its Naujaat project in Nunavut’s Melville Peninsula. The aim is to gather a larger sample of coloured diamonds found in previous sampling for valuation. The program is fully funded through Burgundy Diamond

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

Mines (ASX: BDM), which has an option to earn up to a 40% interest in the project by funding the program to the tune of $5.6 million. Depending on the results of this summer’s work, expected to take place in July, Burgundy can fund a larger 10,000-tonne bulk sample in return for another 20% interest in the project. The preliminary bulk sample is expected to be collected in July with processing following later in the year and diamond results following in the first quarter of 2022. Q1-4 has an inferred resource of 48.8 million tonnes grading 53.6 carats per hundred tonnes for 26.1 million carats and is known to host a population of rare orangey-yellow diamonds. At its Loki project in the Lac de Gras region of the Northwest Territories, North Arrow is also conducting a reverse-circulation drill program to test recently defined gravity targets. The program, which will take place during a two-week period in June, will target potential bedrock kimberlite sources for a regional kimberlite indicator mineral anomaly that terminates on the Loki property and forms part of what has historically been known as the South Coppermine Train. Located near North Arrow’s LDG joint venture with Arctic Canadian Diamond Company, Loki hosts five diamond-bearing kimberlites.

The company’s RC drill program, which began in December, is aimed at identifying areas for bulk sampling that will maximize the potential for discovery of large and/ or coloured diamonds in the Cobalt mining camp. At the Kon project, RJK reported at the end of May that it was halfway through a 10-hole drill program to follow up on its Kon kimberlite sill discovery from last February. The goal of this spring’s drill program is to find the source feeder location, create a 3-D model, and correlate the different kimberlite layers to optimize microdiamond sampling by discrete phases. Kon is one of two kimberlites RJK has found (the other is the Paradis kimberlite at the Bishop Nipissing project) that have proven to be diamond-bearing. In March, RJK released results of a kimberlite indicator mineral analysis by C.F. Mineral Research shows a strong G9 and G10 component in garnets from both kimberlites. The results indicate that Paradis in particular is unique in its chemistry and is derived from the “optimum” mantle region to produce diamonds. RJK is searching for the source of the famous Nipissing yellow diamond, estimated at 700-800 carats, which was found in the early 1900s. It holds 170 sq. km of ground in the Cobalt area, in a well-established kimberlite field within the Lake Temiskaming Structural zone.

n RJK EXPLORATION RJK Exploration (TSXV: RJX.A) has discovered eight kimberlites at its claims near Cobalt, Ontario, since last February. The company has two land packages in the area — the Bishop Nipissing project optioned from prospector Tony Bishop in early 2019, and the smaller Kon claims to the southwest. The latest discovery, dubbed Gravel Pit, was found at Bishop Nipissing in February via reversecirculation drilling. The kimberlite was intersected in nine holes with a thickness of up to 24 metres and averaging 15.6 metres.

n STAR DIAMOND A legal dispute regarding the ownership of the Star-Orion South project in Saskatchewan between Star Diamond (TSX: DIAM) and Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) is unlikely to be heard in court this year. In a February news release, Star Diamond said the parties still had to agree on a timetable for pre-trial steps, including oral questioning and the exchange of expert reports. Rio Tinto signed an agreement with Star in 2017 to earn up to

See DIAMOND SNAPSHOT / 20

CANADA’S FUTURE IN DIAMONDS

TSXV:NAR info@northarrowminerals.com Suite 960, 789 West Pender Street Vancouver, BC V6C 1H2 604.668.8355

northarrowminerals.com northarrowminerals @narminerals

JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

DIAMOND SNAPSHOT From 19

a 60% interest in Star-Orion by spending up to $75 million over 7.5 years. Rio says it has completed the work required under the fourstage agreement and opted to exercise its rights for a majority stake in the project early in November 2019. However, Star Diamond says the company has not satisfied its obligations under the agreement and started legal proceedings against its partner last March. At issue in Star’s claim is whether Rio Tinto has completed all processing, recovery and test work on a 10-hole bulk sample it conducted at Star-Orion in 2019, allowing it to form a 60/40 joint venture. When that happens, Star will be required to fund 40% share of project spending or its interest will be diluted. Rio says the work is complete, and that the results have improved confidence in grades at the project. Star, however, believes the work is not complete without a comprehensive breakage study. The junior says the method Rio used to take the sample — trenching technology adopted from civil engineering applications — resulted in diamond breakage, and claims it caused “unnecessary cost overruns” and “materially damaged” Star’s interest in the project. Despite the dispute, Rio has completed some work at the project, which it refers to as FalCon, this year. The major completed an eight-hole geotechnical drilling program at the Orion North kimberlite to collect data about the physical properties of the overburden and kimberlite. A 2018 prefeasibility study of the large, low grade Star-Orion project outlined an open-pit operation with a mine life of 34 years that would cost $1.4 billion to build and produce 66 million car-

ats. The project, located 60 km east of Prince Albert, is known to host larger stones, including high-value Type IIa diamonds. n TRES-OR RESOURCES After receiving promising microdiamond results from its Guigues kimberlite pipe in southwestern Quebec, Tres-Or Resources (TSXV: TRS; US-OTC: TRSFF) is planning to process the remaining drill core from its 2019/2020 fivehole drill program at the project. In January, the company reported that 48 more microdiamonds were recovered from 305 kg of previously unsampled kimberlite core from Guigues. Two were larger than 0.425 mm square mesh screen and all but three were white/colourless or transparent with no or minor inclusions. Testing of microdiamonds over 0.150 mm by the Saskatchewan Research Council has shown lownitrogen, Type II microdiamonds dominate the sample. Type II diamonds are rare and high-value. Tres-Or has not recovered any Type II macrodiamonds from Guigues yet. However, a 2-mm by 1-mm by 0.5-mm macrodiamond was recovered from the pipe in 1989 through reversecirculation drilling. In addition to processing the remaining core from its 1,432-metre drill program to test for diamonds larger than 0.425, Tres-Or also plans to drill another two to five holes to further define Guigues’ shape and better understand the distribution of macro and microdiamonds. The pipe is estimated to be 4.5 to 6 hectares. The Guigues kimberlite, located 10 km from Notre-Dame-duNord, was discovered by De Beers in 1983. TNM

With files from the Canadian Mining Journal.

DIAMONDS IN CANADA ROUGH DIAMOND PRICING From 17

project using a long-term price of US$1,890 per ounce? None that I know of. Most would use between US$1,300 and US$1,600 per ounce. The price of copper on June 9 was around US$9,980 per tonne. Does that mean that many copper companies valuing a new project today would use US$9,980 per tonne for their long-term price forecast? I think not. Most would use between US$6,000 and US$7,000 per tonne. And they don’t escalate future prices in real terms, however much it makes a deposit more attractive. Why? I doubt many investors would stand for it. So what is it about diamonds that no one questions when a diamond mining company uses the spot diamond price as the basis for valuing a new project (especially when so many companies have got that wrong)? Why does no one question a diamond mining company when it escalates future real diamond prices to justify a new project? Diamond prices don’t always go up. In fact, they often go down. Escalate future base metal or gold prices for many currently uneconomic deposits by between 2-4% in real terms and I have little doubt you can make them economic. But at what risk? Diamond prices may go up or down by as much as 50% in an economic cycle, but over the long-term there is no historical precedent for using real rising prices over the long-term, unless you carefully choose your start date to suit your story. And escalating diamond pricing by 2.5% per year is already building into the valuation a 28% rise in diamond prices over 10 years — so on a risk reward basis, that’s a lot of upside already priced in. Case in point: Back in 2011 Stornoway Diamonds forecast an average diamond price of US$182 per carat with a net present value for the Renard diamond mine of $391

million. In 2014 that price forecast had risen to US$190. In July of that year Orion Mine Finance and Caisse de Depot provided US$250 million of financing in return for a stream of 20% of the diamonds at US$56 per carat. That is, they would pay US$56 for each carat that they could sell for US$190. By 2016, the forecast net present value had risen to $974 million with future real diamond prices being escalated by 2.5% a year. At the first sale in November 2016, Stornoway announced they had achieved a price of US$195 per carat, but added that they didn’t sell a portion of cheaper goods. Things couldn’t have looked better. For fiscal year 2017, they achieved US$85 per carat. Why? They recovered fewer large diamonds than they expected and had an unexpected level of breakage in those they did recover. But that’s not the point. They used what they believed to be the spot diamond price, and then escalated it. In simplistic terms, based on their then mineral reserve of 17.9 million carats, that is a difference (using unescalated future diamond pricing) of US$1.8 billion in revenue. Game changer. From a high of around $1.60 a share in 2011, by the end of 2019 (pre-pandemic) the shares were trading at round 2¢. Another case in point: In 2013, Dominion Diamond purchased a controlling stake in the Ekati diamond mine for US$553 million. The gravy in the deal was the (4 carats per tonne) Misery Main pipe. At the time of the purchase and based on BHP’s price book, Misery’s diamonds were worth US$112 per carat, meaning the ore body was worth a staggering US$448 per tonne. Based on Dominion Diamond’s February 2016 price book, those diamonds were repriced as US$75 per carat, a year later they were down to US$63 per carat (on a like for like basis). Using back of the envelope numbers, that’s US$588 million of expected

revenue (and that’s without escalating future diamond prices) that’s gone up in smoke. Why? The market for these types of diamonds weakened. Maybe that was unforeseeable, but what is very difficult to justify is why both the company and many analysts were still escalating future diamond prices by 2.5% a year. If you ran the financial model provided in the March 2015 Ekati 43-101, using a 2.5% real diamond price escalation rate, Ekati had a value of $1.5 billion. Great purchase! But if you don’t escalate diamond prices then the number falls to $890 million. Try getting the numbers for the Jay Pipe to work without escalating diamond prices. They don’t. Dominion shareholders got partially rescued in 2017 by a bid from a private company in the U.S. with no previous expertise in diamonds. Dominion went into administration early last year and the bondholders who provided financing lost almost everything. I could go on about diamond pricing and escalating future diamond prices, and the impact on other (not just Canadian) diamond mining companies, but hopefully the point is made. Don’t escalate future diamond prices and be careful about diamond valuations. If diamond prices continue to rise (which they may well do), you’ll be in a very good place, and if they don’t, being cautious makes it much more likely you will keep your money. When it comes to rough diamond pricing. Caveat very much Emptor. TNM Richard Chetwode runs RCC Diamond Consultants Ltd. He is also chairman of Namibian Diamond Mining Company Trustco Resources, and is a consultant to several diamond (and other) companies. He worked as VP Corporate Development at Harry Winston/Dominion Diamonds from 2012 to 2016. All the opinions in this article are his own.

The Ekati diamond mine.

EKATI From 17

mine,” she says. “We meet every two weeks and I get calls pretty much daily, so they’re very vested in our performance and want to make sure we have what we need to get it done.” They’ve also brought in a new board of directors with a wide range of experience and depth, including in mining and diamond mining specifically, marketing, and finance, with one member who’s a former financial executive from Goldman Sachs. While the pandemic pushed Dominion into filing for bankruptcy protection, court filings show that Ekati had been struggling for years — with Dominion recording losses in 2018 and 2019 totalling US$332 million. “The ability of Dominion to conduct business and generate revenue and liquidity prior to the commencement of these CCAA proceedings had been constrained by the company’s highly leveraged capital structure (which includes the US$150 First Lien Lenders’ facility and the US$550 million in second lien notes),” read filings from December. “These financial woes were exacerbated and materially impacted in the first quarter of 2020 by Covid-19, cash calls by Dominion’s joint venture partner at the Diavik mine, increasing trade debt owing to suppliers, and finally an impending US$20 million interest payment due May 1, 2020 to the holders of the second lien notes...” The filings also note that Dominion had been through three strategic review processes in the past five years — 2015, 2016, and 2017. The last one led to Washington acquiring it for US$1.2 billion, but did not produce any other suitors. Leading up to the arrangement with Arctic Canadian, the company had canvassed the market for more than five months without generating any interest.

WWW.NORTHERNMINER.COM

Peter Rubin, a partner at Blakes who represented Dominion in its efforts to restructure under CCAA, says a bankruptcy of Ekati would have been devastating to the Northwest Territories’ economy. The mine is the second-largest non-government employer in the N.W.T., and Rubin notes that in 2018 and 2019 combined, Dominion spent more than $500 million with northern businesses alone. “You can imagine the importance of this business to northern residents and the north in general,” Rubin says. “When we went into CCAA, one of the things we looked at was [the mine’s] impact on the community.” From the loss of employment, to the impact on contractors and aboriginal businesses, as well as on the impact benefit agreements Dominion held with local Indigenous groups, the consequences of an out-and-out bankruptcy would have been stark. According to figures released by Statistics Canada last month, the

Northwest Territories experienced a 10% drop in GDP last year — the largest decline in Canada — partially because of the Ekati suspension. The importance of Ekati to the Northwest Territories economy motivated the various stakeholders involved to find a way to keep the mine going and find a ‘going concern’ solution, Rubin says. Part of that solution was the willingness of some contractors who were owed money to negotiate lower or delayed payments. “There were a number of northern contractors who had lien rights, and had a high priority over the assets of Dominion,” Rubin says. “In a liquidation, there was a very good argument that they had a level of priority and they may have received full payment if there was a liquidation or shutdown of the business and the assets were simply sold. “However, a number of them were prepared to accept less than 100 cents on the dollar, notwithstanding their

lien rights, to help Dominion find that going concern solution.” While the deal has avoided a worst-case scenario, Kevin O’Reilly, a member of the Legislative Assembly representing the Frame Lake district in Yellowknife, has been critical of government disclosure around the restructuring process, noting that it flies counter to the international trend of increased transparency in the extractives sector. For example, O’Reilly says, the government has not disclosed if it was owed any royalties. “It was very difficult to get a clear picture of what was at stake for our government in terms of financial obligations,” he says. There has been some concern around the use of surety bonds, rather than irrevocable letters of credit, as reclamation securities for Ekati. Surety bonds have been issued in other jurisdictions in North America and globally as reclamation securities, but it’s the first time they have been used in the territory, says O’Reilly.

ARCTIC CANADIAN DIAMOND COMPANY

Arctic Canadian plans to replace the surety bonds with cash over time. O’Reilly, who served for ten years as executive director of the Independent Environmental Monitoring Agency — a watchdog set up to monitor environmental performance at Ekati — says the company has generally done a good job with their environmental responsibilities. Still, he says it’s the government’s responsibility to keep a close watch over the mine — especially given that workers and suppliers are last in line when financial difficulties arise. “When properties start to change ownership over and over again in a short period of time, I think it starts to send off some signals that it’s something that needs more attention from the government to ensure that there are no public liabilities, that workers have their pensions and rights protected,” he says. “As this mine gets closer to the end of its life, the government needs to pay more attention.”TNM

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M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 7 – 11 The S&P/TSX Composite Index rose 0.55% to 20,138.35 during the June 7-11 trading week. The S&P/TSX Global Mining Index slipped 0.79% to 113.61, and the S&P/TSX Global Base Metals Index dropped 0.94% to 174.31. Spot gold decreased by US$14.20 per oz., or 0.75%, to US$1,877.80 per oz., and the S&P/ TSX Global Gold Index fell 0.54% to 325.62. Nutrien climbed 94¢ to $78.91 per share. The company announced that it plans to increase potash production in the second half of the year by about half a million tonnes due to strong demand. The fertilizer giant said the production boost should drive up its earnings in the second half of the year and will be reflected in updated guidance released with its second-quarter results. Production from the company’s six potash mines is already fully committed through September, based on its original production guidance for 2021. In May, the company forecast 2021 potash production of 12.5-13 million tonnes, and also raised its adjusted net earnings per share guidance for the year to US$3.25 from US$2.55 per share. Shares of Nighthawk Gold fell 15¢ to $1.16. The company announced that drilling at the company’s Indin Lake gold project in the Northwest Territories, 200 km north of Yellowknife,

has extended mineralisation at the Grizzly Bear deposit ahead of a mineral resource update expected later this year. Nighthawk released assays from 18 drill holes (4,048 metres) drilled at Grizzly Bear, which lies within the Colomac Centre area, two km southeast of the Colomac Main deposit. Highlights included drillholes GB21-13, which intersected 6.15 metres grading 4.64 grams gold per tonne starting from 45.35 metres, and GB21-07, which returned 10.25 metres of 2.77 grams gold from 102.50 metres. The drilling extended the deposit 175 metres along strike to the north. The company said additional infill drilling will focus on testing near-surface mineralization encountered to the north. Lithium Americas dropped $1.17 to $18.19 TSX MOST ACTIVE ISSUES VOLUME (000s) HIGH

Suncor Energy Barrick Gold Roxgold Kinross Gold UEX Corp Lundin Mng B2Gold Corp Denison Mines Teck Res HudBay Min

SU 51409 ABX 16572 ROXG 14184 K 14069 UEX 12721 LUN 12084 BTO 11118 DML 10528 TECK.B 9349 HBM 9112

31.07 28.70 2.25 9.68 0.50 13.24 6.07 1.79 29.81 9.22

WEEK LOW CLOSE CHANGE

29.96 27.77 2.13 9.37 0.44 12.49 5.88 1.58 28.18 8.34

30.37 - 0.42 28.24 - 0.10 2.19 - 0.03 9.52 - 0.13 0.50 + 0.09 12.91 + 0.05 6.02 - 0.04 1.69 + 0.04 28.73 - 1.12 8.73 - 0.50

per share. The company announced that Kelvin Dushnisky, the former CEO of AngloGold Ashanti, along with Jinhee Magie, the current CFO and senior vice president of Lundin Mining, will be joining its board. Lithium Americas is expanding its Cauchari-Olaroz project in Argentina’s Jujuy province and advancing its Thacker Pass open-pit project in Nevada. At Cauchari-Olaroz, Lithium Americas is

finalizing construction of the initial 40,000 tonne-per-year stage one operation, which remains on track for completion within the next year. First production is expected in mid-2022. In addition, the company and its joint-venture partner, Ganfeng Lithium, have approved a second-stage expansion, which is expected to add at least 20,000 tonnes per year to the mine’s production capacity. TNM TSX GREATEST VALUE CHANGE

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Silver Bull Re UEX Corp Mandalay Res Northcliff Res EurOmax Res Perpetua Res Mountain Prov Anaconda Mng Goldgroup Mng GoGold Res Century Global Titan Mining Serabi Gold Candente Coppr Nighthawk Gold Xanadu Mines Troilus Gold Orosur Mng NextSource Mat Yorbeau Res

SVB UEX MND NCF EOX PPTA MPVD ANX GGA GGD CNT TI SBI DNT NHK XAM TLG OMI NEXT YRB

130 1.51 12721 0.50 295 3.68 287 0.06 375 0.07 312 10.58 817 0.55 875 0.94 2194 0.04 4910 3.55 1172 0.26 920 0.48 67 1.20 339 0.17 811 1.30 1440 0.05 3292 1.23 58 0.27 417 3.61 1025 0.06

VOLUME (000s)

WEEK LOW CLOSE CHANGE

1.15 0.44 2.96 0.00 0.00 9.04 0.45 0.78 0.04 2.97 0.22 0.40 1.06 0.14 1.13 0.04 1.03 0.24 3.04 0.06

1.43 0.50 3.62 0.06 0.07 10.51 0.53 0.92 0.04 3.40 0.22 0.41 1.10 0.14 1.16 0.05 1.06 0.25 3.13 0.06

+ + + + + + + + + + -

24.3 22.2 21.5 20.0 18.2 15.6 15.2 15.0 14.3 13.7 20.0 17.3 12.7 12.5 11.5 10.0 9.4 9.1 8.5 8.3

Labrador IOR MAG Silver Gatos Silver Perpetua Res Agnico Eagle Skeena Res Victoria Gold Nutrien Solaris Res Wesdome Gold Lithium Amer Teck Res Teck Res Newmont Corp Pan Am Silver Aura Minerals NovaGold Res HudBay Min Atalaya Mining Suncor Energy

LIF MAG GATO PPTA AEM SKE VGCX NTR SLS WDO LAC TECK.B TECK.A NGT PAAS ORA NG HBM AYM SU

1069 1245 155 312 2323 1548 1689 4571 508 2164 2220 9349 7 653 2592 330 619 9112 14 51409

WEEK CLOSE

49.27 28.46 22.05 10.51 86.66 15.87 20.25 78.91 11.95 12.59 18.19 28.73 40.94 85.53 38.31 15.28 11.81 8.73 5.75 30.37

CHANGE

+ + + + + + + + + + -

2.81 1.79 1.70 1.42 1.29 1.23 1.16 0.94 0.84 0.75 1.17 1.12 1.08 0.76 0.73 0.55 0.53 0.50 0.44 0.42

TSX VENTURE EXCHANGE / JUNE 7 – 11 The S&P/TSX Venture Composite Index slipped 0.17% to finish the trading week at 979.70. Spot gold fell by US$14.20 per oz., or 0.75%, to US$1,877.80 per ounce. Callinex Mines climbed 74¢ to $4.03 per share. The company announced the latest drill results from its 30,000-metre drill program at its Rainbow deposit. The deposit, which contains copper, gold, silver and zinc, lies within its 100%-owned Pine Bay project in Manitoba’s Flin Flon mining district. Highlights included drillhole PBM-129-W1, which intersected 4.87 metres grading 14.94% copper, 0.23 gram gold per tonne, 5.61 grams silver per tonne, and 0.15% zinc (15.20% copper-equivalent) from 862.13 metres. Hole PBM-129 returned 5.50 metres of 8.45% copper, 0.13 gram gold, 2.67 grams silver, and 0.16% zinc (8.62% copperequivalent) from 888.50 metres. There are two rigs operating at the project. Shares of Rupert Resources rose 25¢ to $5.45. The company closed a pair of concurrent equity financings, raising $48.7 million, which it intends to use for exploration in Finland and for general corporate purposes. Rupert issued 5.7 million common shares at a price of $5.30 each in a public offering to raise

$30 million. The junior also issued 3.5 million shares at the same price for proceeds of $18.7 million in a private placement with existing shareholders, including Agnico Eagle Mines. The total amount of both offerings included over-allotments. Rupert owns the former Pahtavaara gold mine and mill in Finland’s Central Lapland Greenstone belt. Drilling at the project is focused on defining underground resources, particularly at depth. Rupert has also made six new gold discoveries about 20 km to the west of the Pahtavaara mine. Gold Mountain dropped 51¢ to $2.45 per share. The company says its Elk gold project in the Merritt area of B.C. is on track for first production in October. The company received TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Leeta Gold Silver Spruce Labrador Gold Anfield Energy Royal Fox Gold Mantaro Silver Saturn Mnrls Alto Ventures Sokoman Min Nexus Gold

HIVE SSE LAB AEC FOXG MSLV SOIL BRAU SIC NXS

9663 8544 8135 7802 6727 5957 5810 5756 5715 5422

3.08 0.11 1.83 0.17 0.08 0.55 0.19 0.32 0.78 0.06

WEEK LOW CLOSE CHANGE

2.61 0.08 1.38 0.13 0.06 0.43 0.15 0.19 0.63 0.06

2.90 0.08 1.61 + 0.17 + 0.07 0.54 + 0.15 0.30 + 0.65 + 0.06unch

0.09 0.01 0.12 0.03 0.01 0.02 0.02 0.11 0.01 0.00

a draft mining permit for the project on June 8. A final mining permit, which the junior gold company said should follow shortly, will allow it to begin large-scale waste rock mining operations in July and August and mining of the high-grade 1300 vein at Elk. Some construction and site preparation work and pit dewatering already have been authorized

and are underway. The company plans to start mine commissioning in the third quarter, followed by commercial production in the final quarter of this year. “Aggressive timelines of getting into production are something we have committed to since coming to trade in December of 2020,” Kevin Smith, CEO of Gold Mountain, stated in a press release. TNM

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Alto Ventures Rockwealth Res Diamcor Mng Canterra Min Riley Gold New Target Mng DV Resources Highbank Res Argentina Lith Rathdowney Res Blue River Res Wescan Gldflds Pegasus Res Chakana Copper Masivo Silver Southstone Min Tisdale Res VVC Expl Sun Summit Tintina Mines

BRAU RWR.H DMI CTM RLYG NEW DLV.H HBK LIT RTH BXR WGF PEGA PERU MASS SML TRC VVC SMN TTS

5756 13 761 866 202 80 6 169 912 4198 3796 5 333 779 730 419 126 582 2329 41

0.32 0.16 0.24 0.36 0.62 0.28 0.15 0.02 0.20 0.06 0.02 0.12 0.05 0.42 0.13 0.07 0.90 0.11 1.26 0.05

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.19 0.10 0.16 0.23 0.41 0.20 0.00 0.01 0.14 0.00 0.01 0.00 0.05 0.32 0.10 0.05 0.80 0.09 0.86 0.00

0.30 0.16 0.24 0.33 0.60 0.28 0.15 0.02 0.20 0.04 0.01 0.09 0.05 0.33 0.10 0.05 0.85 0.09 0.98 0.04

+ + + + + + + + + + -

57.9 55.0 50.0 47.7 46.3 43.6 42.9 33.3 33.3 33.3 33.3 26.1 25.0 23.3 23.1 23.1 22.7 22.7 22.2 22.2

VOLUME (000s)

Callinex Mines Arizona Metals Intl Cons Uran Itafos Oroco Res Orezone Gold Great Bear Res Tier One Silv Rupert Res Abitibi Royal Nouveau Monde New Found Gold Gold Mountain Golden Secret New Oroperu Los Andes Chesapeake Gld Uranium Roylty Sun Summit ZEN Graphene

CNX AMC CUR IFOS OCO ORE GBR TSLV RUP RZZ NOU NFG GMTN TBRD ORO LA CKG URC SMN ZEN

250 1738 590 78 823 3767 203 2793 344 7 294 1420 2145 373 50 30 91 882 2329 753

WEEK CLOSE

4.03 5.30 2.63 1.68 3.40 1.65 16.51 1.62 5.45 24.13 13.95 12.35 2.45 4.30 1.90 7.20 4.25 3.31 0.98 2.61

CHANGE

+ + + + + + + + + + -

0.74 0.71 0.43 0.41 0.37 0.35 0.34 0.27 0.25 0.21 0.76 0.63 0.51 0.31 0.30 0.30 0.28 0.28 0.28 0.26

U.S. MARKETS / JUNE 7 – 11 The Dow Jones Industrial Average slipped 0.80% to finish the week at 34,479.60 and the S&P 500 dropped 0.41% to 4,247.44. Spot gold fell by US$14.20 per oz., or 0.75%, to US$1,877.80 per ounce. Vale fell US5¢ to US$22.40 per share. A Brazilian Labour Court has ordered the company to pay individual compensation of R$1 million (US$200,000) for moral damages to families of workers killed in the Brumadinho dam collapse in 2019. The disaster killed 270 people, but the court action only benefits the families of 131 workers directly hired by Vale, which would result in a total payment to these specific families of US$26 million. Vale said in a press release that “it is sensitive to the situation of those affected by the B1 dam failure and, for this reason, it has been making agreements with the family members of the victim workers since 2019, in order to guarantee a quick and complete repair.” In February, executives from the company and the government of Minas Gerais in Brazil signed a R$37.6 billion (US$7 billion) deal for the reparation of the socio-economic and environmental damage caused by the dam’s collapse. Shares of Gold Fields decreased by US71¢ to US$10.78. The company concluded a three-

year wage agreement on June 11 with unions representing employees at its Deep South gold mine in South Africa. Gold Fields said the agreement equates to an average increase of 6.5% over three years spanning March 2021 to February 2024. The agreement includes a number of non-wage-related issues, including an alignment of leave and shift configurations. “The settlement agreement is fair and balanced, taking into account the impact that increases in cost of living are likely to have on employees over the next three years, and the future sustainability of our mine,” Gerrit Lotz, a vice president at South Deep, stated in a press release. Rio Tinto dropped US$2.27 to US$87.48 per share. Serbia’s President, Aleksandar Vucic, U.S. MOST ACTIVE ISSUES VOLUME (000s)

HIGH

WEEK LOW CLOSE CHANGE

Cleveland-Clif* CLF 251899 24.77 Vale* VALE 142110 22.48 United States S* X 133940 28.79 Freeport McMoR* FCX 81776 41.98 Barrick Gold* GOLD 56083 23.73 Chevron Corp* CVX 48665 110.25 Kinross Gold* KGC 39442 8.02 Yamana Gold* AUY 38187 5.22 McEwen Mng* MUX 37592 1.66 Harmony Gold* HMY 33602 4.98

18.96 24.44 + 4.57 21.79 22.40 - 0.05 25.18 28.66 + 2.40 40.05 40.85 - 0.88 22.93 23.23 - 0.23 106.30 107.91 - 0.54 7.73 7.81 - 0.17 5.06 5.11 - 0.09 1.41 1.62 + 0.18 4.60 4.64 - 0.46

may seek voter approval for Rio Tinto’s Jadar lithium project near Loznica in western Serbia as community opposition grows. Speaking on Serbian television, Vucic said the government fully supports the project, which once developed could become the country’s second-largest export earner. However, he also said his administration wouldn’t let Jadar proceed if it doesn’t receive approval from the people first.

The project is facing local opposition due to heritage issues. Jadar’s footprint covers the area around Paulje, a Bronze Age archaeological site, and several classified natural monuments. Discovered by Rio Tinto in 2004, Jadar is one of the largest greenfield lithium projects in development. It has the potential to produce about 55,000 tonnes of battery-grade lithium carbonate per year. TNM U.S. GREATEST VALUE CHANGE

U.S. GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Cleveland-Clif* McEwen Mng* Peabody Enrgy* United States S* Coeur Mng* Gatos Silver* NACCO Ind* Mechel* CONSOL Energy* CONSOL Energy* Buenaventura* Nexa Resources* Harmony Gold* Intrepid Pots* Sibanye-Stillw* Lithium Amer* Nouveau Monde* Gold Fields* HudBay Min* AngloGold Ash*

CLF MUX BTU X CDE GATO NC MTL CEIX CNX BVN NEXA HMY IPI SBSW LAC NMG GFI HBM AU

251899 37592 28643 133940 21732 3201 100 3889 1847 10048 7481 631 33602 527 11264 10506 187 27436 8018 12385

24.77 1.66 9.53 28.79 11.14 20.26 28.30 2.40 18.25 15.15 12.17 11.90 4.98 31.95 19.72 16.71 12.34 11.40 7.63 22.68

VOLUME (000s)

WEEK LOW CLOSE CHANGE

18.96 1.41 7.40 25.18 9.64 16.70 26.00 2.12 16.00 14.00 10.56 10.00 4.60 27.68 18.21 14.79 11.31 10.71 6.89 21.43

24.44 1.62 9.21 28.66 10.73 18.12 28.11 2.34 17.58 14.75 10.79 10.47 4.64 28.39 18.29 14.99 11.45 10.78 7.18 21.63

+ + + + + + + + + + -

23.0 12.5 11.0 9.1 8.9 7.8 6.4 4.9 4.7 4.5 12.1 10.4 9.0 8.6 7.3 6.5 6.3 6.2 6.1 6.0

Cleveland-Clif* CLF United States S* X NACCO Ind* NC Gatos Silver* GATO Black Hills* BKH MartinMarietta* MLM Peabody Enrgy* BTU Coeur Mng* CDE Natural Res Pt* NRP CONSOL Energy* CEIX Southern Copp* SCCO Intrepid Pots* IPI Rio Tinto* RIO Arch Resources* ARCH Buenaventura* BVN Alcoa* AA Mosaic* MOS Sibanye-Stillw* SBSW AngloGold Ash* AU Nexa Resources* NEXA

251899 133940 100 3201 1480 1679 28643 21732 103 1847 8548 527 9845 1244 7481 23340 20751 11264 12385 631

WEEK CLOSE

24.44 28.66 28.11 18.12 69.67 352.68 9.21 10.73 20.75 17.58 66.95 28.39 87.48 57.88 10.79 37.38 34.59 18.29 21.63 10.47

CHANGE

+ + + + + + + + + + -

4.57 2.40 1.69 1.31 1.20 0.91 0.91 0.88 0.87 0.79 4.20 2.67 2.27 2.10 1.48 1.46 1.45 1.43 1.38 1.22

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

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

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, June 10 2021 (change from June 03, 2021 in brackets): Aluminium Alloy 1800 (0) Aluminium 1640500 (-33975) Copper 131775 (+6325) Lead 90075 (-4875) Nickel 240570 (-2592) Tin 1910 (+535) Zinc 268650 (-8475)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$61.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.00 Cobalt: US$19.28/lb. Copper: US$4.55/lb. Copper: CME Group Futures July 2021: US$4.54/lb.; August 2021: US$4.55/lb Iridium: NY Dealer Mid-mkt US$6,100.00/tr oz. Iron Ore 62% Fe CFR China-S: US$222.30 Lead: US$1.00/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$22,500.00 tr. oz. Ruthenium: Mid-mkt US$760.00/tr. oz. Silver: Handy & Harman Base: US$27.97 per oz.; Handy & Harman Fabricated: US$34.96 per oz. Tin: US$15.00/lb. Uranium: U3O8, Trade Tech spot price: US$32.00 per lb. U308 Zinc: US$1.37 per lb. Prices current June 14, 2021

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 31, 2021 (with changes from May 15, 2021) Largest short positions Ivanhoe Mines IVN 19446953 2780521 5/15/2021 Suncor Energy SU 14943177 2362558 5/15/2021 New Gold NGD 13401055 -1113899 5/15/2021 Fortuna Silvr FVI 12336905 299309 5/15/2021 Nexgen Energy NXE 11398974 -270510 5/15/2021 Denison Mines DML 11064801 6081915 5/15/2021 Argonaut Gold AR 10825673 870954 5/15/2021 Barrick Gold ABX 9526932 -256811 5/15/2021 Wheaton Prec WPM 9014420 837177 5/15/2021 Nthn Dynasty NDM 8892671 1530311 5/15/2021 Kinross Gold K 8696012 -805115 5/15/2021 First Quantum FM 7177157 -872846 5/15/2021 B2Gold Corp BTO 7159482 1223277 5/15/2021 Equinox Gold EQX 6812746 -462619 5/15/2021 Endeavr Silver EDR 6293950 136317 5/15/2021 Largest increase in short position Denison Mines DML 11064801 6081915 5/15/2021 Ivanhoe Mines IVN 19446953 2780521 5/15/2021 Capstone Mng CS 5321012 2701887 5/15/2021 Suncor Energy SU 14943177 2362558 5/15/2021 Yamana Gold YRI 6208431 1879784 5/15/2021 Largest decrease in short position NextSource Mat NEXT 84212 -3480157 5/15/2021 Cameco Corp CCO 3354092 -2827791 5/15/2021 SSR Mining SSRM 4081354 -1974015 5/15/2021 Black Iron BKI 88040 -1196764 5/15/2021 New Gold NGD 13401055 -1113899 5/15/2021

Short positions outstanding as of May 31, 2021 (with changes from May 15, 2021) Largest short positions GR Silver GRSL 2601926 412840 5/15/2021 EnCore Energy EU 2583503 1029175 5/15/2021 Saturn Mnrls SOIL 2569571 2569521 5/15/2021 Vizsla Silver VZLA 2378441 2109305 5/15/2021 Azincourt Ener AAZ 2365700 2331448 5/15/2021 Pure Gold Mg PGM 2208020 -74131 5/15/2021 Sokoman Min SIC 2137180 -1001448 5/15/2021 Foran Mining FOM 1697923 936270 5/15/2021 Anfield Energy AEC 1677652 -1885789 5/15/2021 NuLegacy Gold NUG 1654717 -932998 5/15/2021 Uragold Bay Rs HPQ 1640169 241977 5/15/2021 Aurcana Silver AUN 1463189 -936416 5/15/2021 Fremont Gold FRE 1457758 1050427 5/15/2021 Arizona Metals AMC 1449636 550390 5/15/2021 E3 Metals ETMC 1419602 66561 5/15/2021 Largest increase in short position Saturn Mnrls SOIL 2569571 2569521 5/15/2021 Azincourt Ener AAZ 2365700 2331448 5/15/2021 Vizsla Silver VZLA 2378441 2109305 5/15/2021 Awale Res ARIC 1272830 1253830 5/15/2021 Puma Expl PUMA 1099647 1099229 5/15/2021 Largest decrease in short position Artemis Gold ARTG 110294 -2701783 5/15/2021 American Lith LI 206790 -2507172 5/15/2021 Defense Metals DEFN 314441 -2231904 5/15/2021 Alphamin Res AFM 700261 -2201842 5/15/2021 Anfield Energy AEC 1677652 -1885789 5/15/2021

DAILY METAL PRICES Date Jun 11 Jun 10 Jun 09 Jun 08 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 2127.50/2100 2129.50/2100 2132/2100 2134/2100 Aluminum 2490/2477.50 2470/2447.50 2469/2448.50 2439/2438 Copper 10029/10059.50 9808.50/9834.50 9877/9904.50 9878.50/9901.50 Lead 2198/2206 2168.50/2180 2183/2195 2146/2154.50 Nickel 18303/18322 17783/17818 18088/18117 17828/17851 Tin 33060/31501 32908/31150 32821/31240 33290/31225 Zinc 3011/3027.50 2965.50/2986.50 2996.50/3017 2999/3017 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1891.95 1882.00 1890.45 Gold PM 1881.05 1888.65 1894.60 Silver 28.14 27.66 27.58 Platinum 1153.00 1142.00 1159.00 Palladium 2787.00 2766.00 2809.00

1892.05 1893.15 27.72 1166.00 2798.00

Jun 07 2136.50/2100 2417.50/2418.50 9848/9864 2138.50/2138.50 17625/17664 32290/30500 2963.50/2985.50

1882.05 1888.40 27.58 1172.00 2835.00

Jun 11 1.2171 0.8216

Jun 10 1.2096 0.8267

Exchange rates (Quote Media, June 11, 2021) C$ to AUS C$ to EURO 1.0676 0.6792 C$ to UK Pound C$ to China Yuan 0.5831 5.2661 US to AUS US to EURO 1.2974 0.8258 US to UK Pound US to China Yuan 0.7087 6.3987

Jun 09 1.2115 0.8254

Jun 08 1.2112 0.8256

Jun 07 1.2087 0.8273

Jun 04 ($) 27.42 78.65 73.17 15.85 13.19 29.79 32.75 17.05 20.56 76.73 21.10 59.59 11.27 62.42 62.85 58.57 51.50

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. Alpha Lithium Corporation (ALLI.WT) One warrant to purchase one common share at $1.10 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. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share. Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share. Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share. Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

right to purchase one common share at $4.80 per share. Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Mineworx Technologies Ltd. (MWX.RT) One right to purchase one common share at $0.015 per share. Northern Vertex Mining Corp. (NEE.WT) One warrant to purchase one common share at $0.80 per share. Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share. Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share. Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share. Sandfire Resources America Inc. (SFR.RT) Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share. Sandfire Resources America Inc. (SFR.RT) Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share. 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 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share. Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

52-week

C$ to Mex Peso 16.3624 C$ to Swiss Franc 0.7388 US to Mex Peso 19.8718 US to Swiss Franc 0.8981

C$ to SA Rand 11.2892 C$ to S. Korea Won 916.9777 US to SA Rand 13.6411 US to S. Korea Won 1116.5500

Change ($) 0.07 0.36 0.89 0.01 0.38 0.12 -0.14 0.00 -0.11 0.01 0.22 0.64 0.19 1.05 1.06 1.14 -0.08

Change (%) 0.27 0.46 1.22 0.08 2.87 0.41 -0.42 0.01 -0.53 0.01 1.04 1.07 1.71 1.68 1.68 1.94 -0.16

YTDChange (%) 1.55 -0.68 -5.26 2.23 -1.45 -2.73 2.75 5.95 5.32 5.91 -0.71 -1.28 0.66 -1.24 -1.26 0.73 1.33

MER (%) 2.40 0.61 0.60 2.29 2.73 0.68 0.83 2.63 0.61 2.52 2.46 3.19 2.98 2.09 2.09 2.31 2.27

TotalAssets (M$) 62.90 129.80 89.05 66.75 646.24 7.54 32.26 1285.91 80.50 32.64

500.90 2.55 387.82 147.58

178 New Highs ACME Lithium Aiml Res* Alliance Res* Altius Mnrls Altius Mnrls * Alto Ventures Alto Ventures* AmmPower Anaconda Mng Anaconda Mng* Andean Prec Appia Energy Appia Energy* Argonaut Gold Argonaut Gold* Arizona Metals Artemis Gold* Aurelius Min* Azteca Gold* Baden Res BrightRock* Buffalo Coal * BWR Explor C2C Gold* Cadence Min* Cameco Corp Cameco Corp* Canadian Metal* Canadian Prem* Canoe Mng Vent* Chalice Gold M* Cleveland-Clif* Colibri Res

Jun 11 20138.35 979.70 1202.83 325.62 313.96

Jun 10 20049.47 979.91 1197.19 329.82 313.96

Jun 09 20002.27 976.84 1195.15 322.26 306.72

Jun 08 20065.92 974.56 1200.12 322.24 306.78

Jun 07 20035.30 977.05 1199.33 326.18 311.64

High 20155.92 1113.64 1203.91 416.84 359.81

Low 14934.71 545.99 902.25 267.29 246.09

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Colibri Res* Collective Mg CONSOL Energy* CopAur Min* Critical Elem Critical Elem* DeepRock Min Diamcor Mng Diamcor Mng* Discovery Silv* Dynasty Gold* EastCoal Inc Element 29* Elysee Dev Entree Res* Ethos Gold* Filo Mg Corp Filo Mg Corp * First Idaho Fort St James Galantas Gold General Gold Generation Min Generation Min* Glacier Lake Glacier Lake* Global Atomic Globex Mng* Go Cobalt* GoGold Res Gold Mountain Gold Mountain* Golden Ridge Goldshore Res

Goldshore Res* Goldsource Min Goldstar Mnls Goldstar Mnls* GPM Metals* Grande Portage Grande Portage* Grizzly Discvr* Highway 50 Gld* Hybrid Mineral Intl Cons Uran Itafos Itafos* Jayden Res Jayden Res* K9 Gold* K92 Mining K92 Mining* Kalo Gold KAT Expl* Kintavar Exp Kiplin Metals Labrador Gold Labrador Gold* Labrador IOR Labrador IOR* Lakewood Expl Leocor Gold* Leviathan Gold* Majestic Gold* Mandalay Res Mandalay Res* Marathon Gold Marathon Gold*

McChip Res McEwen Mng* Medaro Mining Mineral Res* Mirasol Res Mkango Res ML Gold* Mosaic Min Natural Res Pt* Nevada King* New Found Gold New Target Mng Nickel 28* Nrthn Mnrls &E* Nutrien Nutrien* Orezone Gold Orezone Gold* Orvana Mnrls Orvana Mnrls* Osisko Gold Osisko Gold* Otso Gold Otso Gold* Paladin Energy* Pampa Metals* Pan Andean Min* Pan Global Res Pan Global Res* Peabody Enrgy* Peruvian Metal Peruvian Metal* Philippine Mtl* Prime Mining

Prospect Ridge Provenance Gld Quaterra Res Quaterra Res* Rain City Rex Res Rhyolite Res Riley Gold* Salazar Res* Scotch Creek Silver Bull Re Silver Bull Re* Skeena Res Sky Gold* Sokoman Min Sokoman Min* South32* Spey Resources Stakeholdr Gld Stelmine Can Strongbow Expl Strongbow Expl* Suncor Energy Suncor Energy* Sylla Gold TDG Gold Thor Expl* Ur-Energy Ur-Energy* Vanadian Enrgy Venture Mnrls* Victoria Gold* VR Resources VR Resources*

Vulcan Mnrls Wedgemount Res Western Mag Western Mag* Western U&V Western U&V* Westminster Rs Whitehaven Coa* Zinc One Res *

20 New Lows All American* Aquila Res* Archer Explor Aurania Res* Bald Eagle Bear Creek Mng Dios Expl Edgemont Gold EVI Global Grp Goldplay Min Irving Res Mantaro Silver Nevada Silver Nobel29 Res Orea Mining* Pucara Gold Royal Fox Gold SPC Nickel Tower Res* White Gold

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Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share. 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 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share. Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share. LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share. Manganese X Energy Corp. (MN.WT) One warrant to purchase one common share at $0.15 per share. Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share. Millennial Lithium Corp. (ML.WT) - One

NORTH AMERICAN STOCK EXCHANGE INDICES

GLOBAL MINING NEWS · SINCE 1915

Contact:

sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. 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 2018-0062 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 Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

NEW 52-WEEK HIGHS AND LOWS JUNE 7 – 11, 2021 C$ to YEN 90.1132 C$ to India Rupee 60.2807 US to YEN 109.6960 US to India Rupee 73.2318

CANADIAN GOLD MUTUAL FUNDS FundName Jun 11 ($) BMO Prec Mtls Fd A 27.49 BMO ZGD 79.01 BMO ZJG 74.06 CIBC Prec Metal Fd A 15.86 Dyn Prec Metls Fd A 13.57 Harvest HGGG 29.91 Horizons HEP 32.61 IG MacGbPreMetCl A 17.05 iShares XGD 20.45 Mac Prec Met Cl A 76.73 NBI PrecMetFd Invt 21.32 NPT Go&PrMinFd A 60.23 NPT SilverEquCl A 11.46 RBC GblPreMetFd A 63.47 RBC GblPreMetFd Adv 63.91 Sentry Pre Met Fd A 59.71 TD Prec Mtl Fd Inv 51.42

the Issuer at $2.21 until expiry. Karora Resources Inc. (KRR.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. 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 Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) One Warrant to purchase one common share of the Issuer at $1.71 until expiry. Osisko Gold Royalties (OR.WT) - Wt buys

TSX VENTURE WARRANTS

IndexName S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

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

TSX WARRANTS 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 Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry. Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eCobalt 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) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry. Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of

LEGEND A C L N O Q T V X *

– – – – – – – – – –

Australian Securities Exchange Canadian Stock Exchange London Stock Exchange New York Stock Exchange U.S. over-the-counter NASDAQ or U.S. OTC Toronto Stock Exchange TSX Venture Exchange NYSE American Denotes price in U.S.$

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

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

1 (metric) tonne = 1.1023 (short) tons 1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

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JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 7–11, 2021 (100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 1844 Resources 1911 Gold* 1911 Gold 55 North 79 Resources 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources Abitibi Royal* Abitibi Royal AbraSilver Res* AbraSilver Res Academy Metals* Academy Metals ACME Lithium Adamera Min Adamera Min* Adex Mining Advance Gold Adventus Adventus* Adyton Res AEX Gold Affinity Metal* African Gold African Gold* African Metals African Min* Aftermath Silv* Agnico Eagle Agnico Eagle* AgriMinco* Aguila Amer Gd* Aguila Amer Gd Aiml Res* AJN Resources Alamos Gold Alamos Gold* Alcoa* Aldebaran Res* Aldebaran Res Alexandra Cap* Alexco Res* Alexco Res Alianza Min Alianza Min* Alien Metals* All American* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Almaden Min* Almaden Min Almadex Min* Almadex Min Almonty Ind Almonty Ind * Aloro Mining* Aloro Mining Alpha Lithium Alpha Lithium* Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc* Altair Res Inc Altaley Mining Altaley Mining* Altamira Gold* Altamira Gold Altan Nevada Altiplano Met Altiplano Met* Altius Mnrls * Altius Mnrls Alto Ventures Alto Ventures* Altura Mining* Alturas Min Altus Strat Altus Strat* Alumina Ltd* ALX Resources ALX Resources* AM Resources Amani Gold* Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* Amer Intl Vent* American Creek* American Creek American CuMo American CuMo* American Eagle American Lith* American Lith American Mang* American Mang American Pac AmericanSierra* Americas Silvr Americas Silvr* Amerigo Res Amerigo Res* Ameriwest Lith Amex Expl Amex Expl* Amilot Capital AmmPower AmmPower* Amseco Expl AMV Capital Anaconda Mng* Anaconda Mng Andean Prec Andes Gold* Andover Mng* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angold Res Angold Res* Angus Gold* Angus Gold Antioquia Gold* Antioquia Gold Antler Gold Antofagasta* Apollo Gold Apollo Gold* Appia Energy* Appia Energy Applied Min* Aquila Res* Aquila Res Arbor Metals Arch Resources* Archer Explor Archon Mineral* Archon Mineral ArcPacific Res* ArcPacific Res Arctic Star Arctic Star* Arcturus Vent* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Ares Strategic Ares Strategic* Argentina Lith* Argentina Lith Argentum Silvr* Argentum Silvr Argo Gold* Argo Gold

V 684 O 535 V 560 C 648 C 125 C 1428 O 584 V 1224 O 257 V 72 V 597 O 183 O 103 V 1002 O 8 V 7 O 3861 V 2831 O 25 V 49 C 160 V 363 O 196 V 226 V 391 V 835 O 62 V 410 V 199 O 59 V 337 O 89 V 2 O 21 O 1841 T 2323 N 3578 O 52 O 31 V 102 O 249 C 24 T 2622 N 9202 N 23340 O 40 V 208 O 1271 X 4739 T 1314 V 284 O 575 O 992 O 983978 V 1717 O 422 V 21 D 3652 X 3224 T 46 O 49 V 52 T 421 O 76 O 66 V 522 V 865 O 2957 O 2186 V 4476 V 597 O 5 O 13 V 374 V 145 O 127 O 716 V 1987 V 662 V 263 O 298 O 83 T 495 V 5756 O 56 O 1 V 1638 V 25 O 3 O 17 V 3079 O 558 V 70 O 329886 V 185 O 37 V 423 O 290 O 67 O 792 V 1045 V 1172 O 361 V 505 O 3883 V 3320 O 1872 V 1449 C 7025 O 14 T 1081 X 5027 T 1350 O 398 C 128 V 313 O 218 V 1 C 17169 O 17788 V 4 V 80 O 353 T 875 V 425 O 529 O 135 O 1790 V 7802 O 3 V 6 O 93 V 65 O 10 O 466 T 40 O 1 N 12385 V 304 O 15 O 32 V 50 O 403 V 66 V 231 O 4 V 1838 O 16 O 1233 C 1853 O 993 O 824 T 400 V 25 N 1244 C 5 O 1 V 6 O 51 V 2322 V 2736 O 81 O 298 V 118 V 219 O 296 O 771 V 1126 V 221 O 527 O 902 V 912 O 0 V 13 O 24 C 190

0.07 0.40 0.50 0.14 0.11 0.16 0.08 0.09 0.15 0.18 0.16 0.13 0.06 0.08 20.69 25.00 0.58 0.66 0.06 0.08 0.86 0.10 0.08 0.02 0.08 1.17 1.01 0.18 0.60 0.13 0.18 0.15 0.12 0.00 0.52 87.73 72.54 0.00 0.22 0.24 0.72 0.34 10.78 8.91 38.92 0.58 0.70 0.48 2.99 3.63 0.12 0.09 0.02 0.01 0.48 0.39 1.02 7.40 0.56 0.68 0.22 0.27 1.27 1.05 0.04 0.05 0.80 0.69 0.65 0.78 0.09 0.06 0.05 0.07 0.73 0.61 0.33 0.40 0.04 0.35 0.29 16.00 19.39 0.32 0.24 0.01 0.04 1.11 1.01 5.32 0.10 0.08 0.09 0.00 0.14 0.11 0.35 0.29 0.01 0.20 0.25 0.07 0.05 0.22 1.60 1.84 1.13 1.39 0.53 0.04 2.14 1.75 1.30 1.07 0.85 2.69 2.23 0.00 1.80 1.58 0.08 0.12 0.78 0.94 2.03 0.02 0.01 0.14 0.17 0.03 0.04 0.05 0.06 46.35 23.12 2.90 23.90 22.68 0.42 0.33 0.99 1.19 0.04 0.05 0.14 22.50 1.00 0.77 0.98 1.20 0.02 0.07 0.09 2.16 61.07 0.08 0.17 0.19 0.20 0.25 0.20 0.16 0.04 0.04 0.11 0.08 0.13 0.17 0.62 0.54 0.16 0.20 0.00 0.25 0.18 0.24

0.06 0.37 0.44 0.12 0.11 0.15 0.06 0.08 0.12 0.15 0.15 0.12 0.05 0.07 19.85 24.13 0.47 0.57 0.06 0.07 0.71 0.09 0.07 0.00 0.00 1.10 0.93 0.14 0.55 0.12 0.17 0.13 0.00 0.00 0.41 84.11 69.59 0.00 0.19 0.00 0.48 0.28 10.41 8.60 36.70 0.00 0.65 0.39 2.83 3.44 0.10 0.08 0.01 0.00 0.39 0.33 0.80 6.20 0.53 0.64 0.20 0.25 1.10 0.91 0.04 0.04 0.73 0.61 0.60 0.72 0.08 0.06 0.04 0.05 0.00 0.54 0.30 0.36 0.03 0.31 0.27 14.24 17.95 0.19 0.16 0.01 0.03 1.08 0.00 5.19 0.08 0.07 0.08 0.00 0.13 0.11 0.33 0.28 0.00 0.18 0.23 0.06 0.05 0.18 1.25 1.52 0.96 1.15 0.31 0.03 2.03 1.68 1.20 1.00 0.70 2.58 2.13 0.00 1.27 1.05 0.08 0.12 0.65 0.78 1.71 0.01 0.00 0.11 0.13 0.02 0.00 0.04 0.06 44.00 22.10 2.58 21.50 21.43 0.35 0.33 0.94 1.13 0.04 0.05 0.13 0.00 0.78 0.66 0.75 0.92 0.02 0.06 0.08 0.00 57.42 0.08 0.17 0.00 0.16 0.19 0.15 0.12 0.01 0.00 0.09 0.07 0.00 0.14 0.60 0.50 0.12 0.14 0.00 0.24 0.00 0.21

0.06 0.39 0.47 0.14 + 0.11 unch 0.15 + 0.07 0.08 0.14 + 0.18 + 0.15 0.13 0.06 0.07 19.85 24.13 + 0.52 0.63 0.06 0.07 unch 0.82 + 0.09 0.08 0.02 unch 0.07 1.12 0.93 0.15 unch 0.56 unch 0.13 0.17 unch 0.13 0.12 unch 0.00 + 0.43 86.66 + 71.28 + 0.00 + 0.22 + 0.24 + 0.65 + 0.34 + 10.71 8.81 37.38 0.55 0.69 unch 0.40 2.94 3.58 + 0.11 + 0.09 0.02 0.00 0.48 + 0.39 + 0.86 7.13 + 0.54 + 0.65 + 0.22 + 0.27 + 1.19 0.95 0.04 0.05 unch 0.78 0.64 0.60 0.73 0.08 0.06 unch 0.05 0.06 0.67 0.57 0.30 0.36 0.03 unch 0.31 0.28 + 15.37 18.69 0.30 + 0.22 + 0.01 unch 0.03 unch 1.11 + 0.90 5.30 + 0.09 + 0.07 + 0.08 + 0.00 0.14 + 0.11 0.34 0.28 0.01 + 0.20 0.24 0.07 unch 0.05 0.20 unch 1.38 1.68 1.09 + 1.32 + 0.49 + 0.04 + 2.09 + 1.73 1.27 1.05 0.83 + 2.61 unch 2.15 + 0.05 unch 1.80 + 1.49 + 0.08 unch 0.12 unch 0.76 + 0.92 + 1.99 + 0.01 + 0.00 0.14 + 0.17 + 0.03 + 0.04 unch 0.05 0.06 + 46.35 22.79 2.58 21.50 21.63 0.37 0.33 unch 0.94 1.15 0.04 + 0.05 0.14 unch 21.25 0.88 + 0.77 + 0.97 + 1.17 + 0.02 0.07 0.09 unch 2.00 57.88 0.08 unch 0.17 unch 0.19 0.19 + 0.23 + 0.16 0.13 0.02 + 0.04 + 0.10 + 0.08 0.13 + 0.16 + 0.60 0.51 0.16 + 0.20 + 0.17 unch 0.25 unch 0.17 0.22 +

0.01 0.08 0.05 0.00 1.22 0.30 0.02 0.98 0.42 0.01 0.23 0.10 0.00 0.25 0.10 0.01 0.23 0.08 0.01 0.11 0.01 0.01 0.11 0.02 0.02 0.21 0.04 0.02 0.29 0.07 0.01 0.24 0.08 0.01 0.18 0.05 0.00 0.12 0.04 0.01 0.16 0.05 0.62 20.82 14.78 0.21 26.75 19.98 0.01 0.68 0.08 0.02 0.82 0.10 0.00 0.10 0.06 0.00 0.16 0.06 0.08 0.82 0.31 0.01 0.16 0.05 0.01 0.12 0.04 0.00 0.04 0.01 0.01 0.17 0.07 0.02 1.60 0.80 0.01 1.18 0.62 0.00 0.40 0.14 0.00 1.20 0.44 0.01 0.37 0.11 0.00 0.36 0.11 0.01 0.28 0.08 0.00 0.18 0.06 0.00 0.02 0.00 0.07 1.37 0.21 1.29 117.35 69.14 0.56 89.23 54.66 0.00 0.13 0.00 0.01 0.53 0.16 0.01 0.67 0.17 0.15 0.72 0.41 0.06 0.45 0.15 0.10 15.52 8.89 0.14 11.58 7.02 1.46 44.42 10.27 0.03 0.61 0.20 0.00 0.74 0.27 0.05 1.45 0.13 0.01 3.50 1.87 0.04 4.65 2.56 0.01 0.25 0.08 0.00 0.19 0.05 0.00 0.04 0.00 0.00 0.02 0.00 0.04 0.71 0.23 0.04 0.56 0.18 0.14 1.15 0.13 0.73 7.40 2.63 0.01 1.24 0.45 0.01 1.60 0.58 0.02 0.29 0.14 0.02 0.36 0.20 0.08 1.30 0.51 0.10 1.07 0.37 0.01 0.19 0.01 0.00 0.12 0.04 0.02 1.45 0.47 0.01 1.13 0.36 0.05 0.69 0.12 0.05 0.80 0.14 0.01 0.14 0.04 0.00 0.11 0.03 0.00 0.06 0.02 0.01 0.07 0.01 0.08 0.77 0.08 0.03 0.67 0.08 0.03 0.42 0.05 0.03 0.47 0.07 0.00 0.05 0.01 0.02 0.50 0.07 0.01 0.36 0.09 0.36 16.00 6.80 0.26 19.39 9.61 0.11 0.30 0.09 0.09 0.24 0.07 0.00 0.50 0.00 0.00 0.05 0.01 0.03 1.66 0.57 0.10 21.22 0.35 0.02 5.97 3.83 0.01 0.13 0.03 0.00 0.10 0.02 0.01 0.09 0.03 0.00 0.05 0.00 0.01 0.20 0.03 0.00 0.16 0.02 0.01 0.42 0.21 0.00 0.31 0.16 0.00 0.08 0.00 0.01 0.38 0.06 0.01 0.50 0.08 0.00 0.10 0.03 0.00 0.08 0.01 0.00 0.40 0.17 0.12 3.32 0.15 0.12 4.21 0.47 0.11 2.25 0.09 0.14 2.86 0.14 0.10 0.62 0.13 0.00 0.06 0.01 0.01 5.12 1.91 0.01 3.90 1.59 0.02 1.61 0.28 0.02 1.35 0.20 0.12 0.95 0.12 0.00 4.19 1.40 0.01 3.26 1.05 0.00 0.08 0.03 0.27 1.73 0.30 0.23 1.90 0.71 0.00 0.12 0.02 0.00 0.26 0.07 0.09 0.75 0.20 0.12 0.93 0.28 0.15 2.01 1.18 0.00 0.02 0.00 0.00 0.07 0.00 0.02 0.16 0.03 0.03 0.19 0.05 0.01 0.05 0.01 0.00 0.07 0.02 0.00 0.08 0.03 0.01 0.10 0.05 0.47 49.42 22.11 0.50 24.75 11.09 0.09 2.90 1.75 1.38 38.94 20.27 1.38 38.50 19.55 0.02 0.53 0.27 0.00 0.34 0.23 0.05 1.25 0.43 0.03 1.51 0.50 0.00 0.07 0.02 0.01 0.09 0.03 0.00 0.49 0.12 0.25 27.80 11.00 0.09 1.68 0.38 0.14 0.91 0.33 0.22 0.96 0.10 0.26 1.16 0.13 0.00 0.14 0.00 0.00 0.14 0.06 0.00 0.18 0.08 0.20 2.63 0.64 2.10 61.54 26.97 0.00 0.75 0.08 0.00 0.26 0.13 0.01 0.40 0.11 0.04 0.20 0.06 0.03 0.25 0.04 0.03 0.29 0.02 0.03 0.24 0.02 0.00 0.38 0.00 0.01 0.04 0.02 0.01 0.21 0.06 0.00 0.15 0.04 0.02 0.21 0.01 0.03 0.27 0.02 0.02 0.82 0.08 0.01 0.69 0.06 0.04 0.21 0.04 0.05 0.26 0.05 0.00 0.27 0.13 0.00 0.35 0.15 0.01 0.24 0.10 0.01 0.35 0.04

(100s) Stock

Exc Volume

Week Low

3.14 3.35 + 2.60 2.77 + 0.00 0.00 unch 0.41 0.41 0.33 0.34 2.13 2.28 0.10 0.11 0.13 0.13 unch 4.48 5.30 + 3.70 4.43 + 0.17 0.18 + 0.21 0.23 + 0.00 0.62 unch 4.88 5.40 6.46 6.52 0.30 0.30 0.35 0.42 + 0.00 0.67 unch 0.24 0.24 0.26 0.28 1.05 1.06 1.27 1.29 + 0.03 0.03 0.00 0.24 + 0.00 0.05 unch 0.04 0.04 + 0.04 0.05 + 0.14 0.14 0.18 0.18 0.02 0.02 0.00 5.75 0.20 0.20 0.23 0.24 0.08 0.08 unch 0.50 0.51 0.61 0.62 0.01 0.01 unch 0.00 2.02 unch 0.00 0.17 + 0.00 0.22 + 1.67 1.78 2.02 2.15 14.91 15.28 12.33 12.36 0.00 2.16 2.60 2.64 0.93 0.95 0.77 0.78 0.21 0.25 + 0.17 0.23 + 0.46 0.53 + 0.38 0.41 + 0.79 0.90 0.95 1.09 0.06 0.07 unch 0.18 0.19 0.49 0.55 0.17 0.17 0.01 0.02 + 0.12 0.13 + 0.16 0.16 0.23 0.23 unch 0.19 0.19 + 0.69 0.74 0.58 0.62 0.16 0.17 0.13 0.14 0.03 0.04 + 0.18 0.18 0.16 0.16 + 1.25 1.31 + 1.52 1.62 + 0.06 0.06 0.07 0.07 0.10 0.11 + 0.06 0.06 unch 0.05 0.05 unch 6.50 6.88 + 0.00 0.10 0.13 0.13 + 0.30 0.31 + 0.25 0.25 1.88 2.09 1.56 1.72 0.05 0.06 0.07 0.07 unch 0.32 0.36 + 0.26 0.28 + 0.00 0.01 + 0.13 0.13 0.10 0.11 -

Argonaut Gold Argonaut Gold* Arian Res* Arianne Phosph Arianne Phosph* Aris Gold Arizona Gold* Arizona Gold Arizona Metals Arizona Metals* Arizona Silver* Arizona Silver Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Asbestos Corp Ascendant Res* Ascendant Res Ascot Res * Ascot Res Ashanti Sanko AsiaBaseMetals Asiamet Res* Aston Bay* Aston Bay ATAC Res* ATAC Res Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Silver* Atico Mining* Atico Mining Atlanta Gold* Atlas Cons Mng* Aton Resources* Aton Resources Augusta Gold* Augusta Gold Aura Minerals Aura Minerals* Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold AurCrest Gold* Aurelius Min Aurelius Min* Aurion Res * Aurion Res Aurora Royal Aurwest Res AURYN Mining* Aust Goldfield* Aust Mines* Austral Gold* Austral Gold AUX Resources AUX Resources* Auxico Res Auxico Res* Avalon Advance Avalon Advance* Avarone Metals* Avidian Gold Avidian Gold* Avino Silver* Avino Silver Avrupa Min* Avrupa Min Awale Res Axmin Inc Axmin Inc* Aya Gold* Azarga Metals* Azarga Metals Azarga Uranium Azarga Uranium* Azimut Explor Azimut Explor* Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azteca Gold* Azucar Min Azucar Min*

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

5407 643 11 363 616 265 316 629 1738 232 133 230 0 72 322 112 714 2 5 114 747 681 40 2 0 618 623 135 167 6424 14 38 221 61 261 374 7 0 8 38 23 91 330 16 38 42 1022 1350 260 69 650 89 135 253 23 851 652 14 1836 39 49 300 34 1846 10 1123 799 15 181 25 4972 377 25 258 551 204 1 73 5 58 1489 720 1124 93 2158 4340 470 152 543 187 127

3.44 2.91 0.00 0.49 0.40 2.38 0.11 0.14 5.47 4.49 0.18 0.23 0.00 5.96 7.21 0.35 0.44 0.00 0.24 0.31 1.14 1.33 0.04 0.24 0.00 0.04 0.05 0.15 0.19 0.03 6.05 0.21 0.25 0.10 0.57 0.68 0.01 0.00 0.17 0.22 1.86 2.24 16.00 13.10 2.36 2.76 0.99 0.82 0.25 0.23 0.53 0.41 0.97 1.15 0.07 0.21 0.81 0.24 0.02 0.14 0.17 0.25 0.20 0.78 0.64 0.18 0.16 0.04 0.19 0.16 1.35 1.63 0.06 0.08 0.11 0.06 0.05 7.47 0.10 0.13 0.32 0.27 2.23 1.84 0.07 0.08 0.38 0.31 0.01 0.14 0.11

B2Gold Corp* B2Gold Corp Baden Res Bald Eagle Balto Res Bam Bam Res Bam Bam Res* Bannerman Res* Banyan Gold Banyan Gold* Barker Min* Barksdale Res* Barksdale Res Baroyeca Gold Baroyeca Gold* Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baru Gold Baru Gold* Baselode Egy* Baselode Egy Batero Gold Batero Gold* Bathurst Met Battery Min Bayhorse Silvr* Bayhorse Silvr BC Moly BCM Res* BCM Res Bear Creek Mng Bear Creek Mng* Bearclaw Cap Bearing Lith Bearing Lith* Beauce Gold Bell Copper Bell Copper* Belmont Res* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benjamin Hill Benjamin Hill* Benton Res* Benton Res Benz Mining Benz Mining* Bessor Min Bessor Min* Bird River Res Bitterroot Res* Bitterroot Res Black Dragon* Black Hills* Black Iron* Black Iron Black Mammoth* Black Mammoth Black Mountain Black Shield Black Tusk Res* Black Tusk Res Blackrock Silv* Blackrock Silv Blackwolf Cop Blackwolf Cop* Blind Creek BLOX Inc* Blue Lagoon Blue Lagoon* Blue Moon Blue Moon* Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold*

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

21543 11118 95 313 296 5785 6400 3359 933 541 38 116 325 189 23 56083 16572 24 382 1007 829 471 382 57 177 211 120 1746 1004 15 452 807 787 510 0 77 76 333 1379 187 0 159 410 1116 44 758 217 563 59 5 200 472 174 69 165 1 577 477 729 0 1480 154 573 5 46 967 0 5 2542 1175 1067 174 45 462 7953 1275 1342 271 44 3796 27 1214 1676 10

5.05 6.07 0.16 0.08 0.17 0.35 0.29 0.17 0.30 0.27 0.02 0.53 0.64 0.27 0.23 23.73 28.70 0.60 0.76 0.12 0.10 0.51 0.60 0.14 0.12 0.15 0.70 0.19 0.23 0.08 0.17 0.20 1.91 1.61 0.00 0.20 0.17 0.31 0.28 0.24 0.00 0.07 0.73 0.60 0.34 0.43 1.01 1.24 0.42 0.34 0.20 0.25 0.92 0.75 0.07 0.04 0.16 0.14 0.17 0.00 69.67 0.41 0.49 0.10 0.12 0.60 0.00 0.03 0.04 1.00 1.17 1.38 1.14 0.11 0.01 0.71 0.60 0.06 0.06 0.02 0.02 0.22 0.26 0.04

Last

12-month

High

Change

Stock

0.20 0.16 0.00 0.06 0.04 0.01 0.01 0.00 0.71 0.60 0.00 0.02 0.00 0.13 0.17 0.06 0.01 0.00 0.01 0.02 0.01 0.01 0.01 0.02 0.00 0.00 0.01 0.00 0.01 0.00 0.44 0.00 0.01 0.00 0.05 0.07 0.00 0.00 0.01 0.01 0.07 0.10 0.55 0.36 0.07 0.03 0.02 0.02 0.04 0.06 0.03 0.02 0.06 0.10 0.00 0.01 0.10 0.03 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.02 0.07 0.01 0.01 0.02 0.00 0.00 0.03 0.01 0.01 0.01 0.01 0.02 0.02 0.00 0.00 0.03 0.01 0.00 0.01 0.00

3.44 2.83 0.40 0.60 0.50 3.29 0.15 0.18 5.07 4.50 0.33 0.41 0.97 5.96 7.64 0.36 0.53 0.99 0.55 0.34 1.33 1.63 0.10 0.64 0.05 0.09 0.13 0.30 0.40 0.05 6.51 0.27 0.34 0.23 0.65 0.78 0.08 2.98 0.40 0.65 2.79 3.60 18.30 18.11 4.31 5.75 1.25 0.99 0.31 0.24 1.35 0.51 1.28 1.68 0.10 0.22 1.00 1.01 0.04 0.69 0.38 0.56 0.39 0.89 1.22 0.36 0.25 0.05 0.48 0.40 2.82 3.60 0.16 0.20 0.22 0.17 0.12 7.50 0.12 0.14 0.36 0.30 3.27 2.35 0.14 0.18 0.70 0.53 0.01 0.27 0.20

1.81 1.32 0.00 0.13 0.10 1.91 0.08 0.11 0.55 0.46 0.08 0.12 0.47 2.04 2.72 0.03 0.04 0.46 0.06 0.08 0.57 0.78 0.02 0.17 0.02 0.03 0.04 0.12 0.16 0.00 2.20 0.08 0.11 0.03 0.17 0.23 0.00 0.87 0.00 0.21 0.66 0.93 5.01 4.17 1.78 2.22 0.48 0.35 0.04 0.03 0.40 0.38 0.43 0.78 0.03 0.04 0.13 0.01 0.01 0.05 0.12 0.17 0.13 0.06 0.00 0.05 0.12 0.02 0.09 0.11 0.54 0.74 0.06 0.06 0.05 0.05 0.04 0.95 0.04 0.06 0.16 0.11 0.78 0.60 0.01 0.02 0.25 0.20 0.00 0.11 0.09

Blue Star Gold Blue Thunder BlueBird Batt* BlueBird Batt Bluestone Res Bluestone Res* BMEX Gold BMEX Gold* Bold Ventures Bolt Metals* Bolt Metals Bonanza Gold* Bond Resources BonTerra Res Boreal Metals Boreal Metals* Borneo Res Inv* Boundary Gold* Boundary Gold Bravada Gold* Bravada Gold Braveheart Res* Braveheart Res Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Britannia Mng* Brixton Metals Brixton Metals* Brunswick Expl Bryn Res* BTU Metals* BTU Metals Buccaneer Gold Buenaventura* Buffalo Coal Buffalo Coal * Bullet Explor Bullion Gold* Bunker Hill Bushveld Min* BWR Explor

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

0.10 0.04 0.00 0.01 0.01 0.03 0.03 0.01 0.01 0.01 0.01 0.02 0.05 0.01 0.02 0.23 0.10 0.02 0.05 0.02 0.01 0.03 0.04 0.01 0.00 0.00 0.06 0.02 0.02 0.00 0.01 0.02 0.22 0.20 0.00 0.02 0.01 0.02 0.02 0.03 0.00 0.01 0.01 0.02 0.01 0.01 0.02 0.04 0.01 0.00 0.03 0.03 0.05 0.09 0.01 0.00 0.00 0.02 0.01 0.00 1.20 0.02 0.03 0.00 0.01 0.08 0.00 0.00 0.00 0.09 0.09 0.01 0.03 0.01 0.00 0.06 0.04 0.00 0.00 0.01 0.00 0.02 0.03 0.02

7.55 9.99 0.16 0.16 0.44 0.71 1.12 0.19 0.39 0.90 0.11 0.57 0.70 0.42 0.31 31.22 41.09 0.66 0.82 0.24 0.21 1.15 1.19 0.16 0.13 0.26 0.90 0.25 0.26 0.09 0.22 0.30 4.17 3.04 0.60 0.34 0.25 0.44 0.45 0.32 0.15 0.11 1.44 1.10 0.42 0.57 1.36 1.64 0.48 0.52 0.37 0.30 1.40 1.10 0.10 0.04 0.26 0.19 0.25 0.10 71.34 0.62 0.76 0.19 0.26 0.75 0.15 0.08 0.10 1.22 1.61 1.51 1.75 0.27 0.05 1.06 0.80 0.09 0.08 0.03 0.02 0.26 0.33 0.12

4.16 5.25 0.13 0.07 0.04 0.08 0.06 0.02 0.12 0.08 0.00 0.22 0.30 0.06 0.08 18.64 23.63 0.26 0.32 0.07 0.05 0.23 0.15 0.06 0.04 0.03 0.50 0.05 0.08 0.03 0.04 0.04 1.72 1.36 0.10 0.10 0.06 0.10 0.10 0.08 0.05 0.04 0.61 0.45 0.16 0.22 0.26 0.36 0.37 0.04 0.07 0.10 0.20 0.19 0.04 0.04 0.04 0.03 0.04 0.02 51.97 0.06 0.09 0.02 0.05 0.35 0.11 0.02 0.03 0.16 0.22 0.65 0.00 0.04 0.00 0.43 0.27 0.02 0.01 0.01 0.00 0.06 0.09 0.04

C2C Gold* C3 Metals* C3 Metals Cabral Gold* Cabral Gold Cache Explor* Cadence Min* Cadillac Vent* Cadillac Vent Caledonia Mng* Calibre Mng Calibre Mng* Califfi Cap California Gld* California Gld Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Camino Min Camino Min* Camrova Res* Canada Carbon Canada Carbon* Canada Nickel Canada Nickel* Canada One* Canada One Canada Rare Canada Rare* Canada Silver Canada Silver* Canadian Metal* Canadian Metal Canadian Prem Canadian Prem* Canadian Silv Canagold Res Canagold Res* CanAlaska Uran CanAlaska Uran* Canamex Gold* Canasil Res Candelaria Mg* Candelaria Mg Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng* CaNickel Mng Canoe Mng Vent Canoe Mng Vent* Canstar Res* Canstar Res Canterra Min* Canterra Min Cantex Mn Dev* Cantex Mn Dev Canuc Res* Canuc Res Capella Min* Capella Min Capitan Mining Capitan Mining* Capricorn Met* Capstone Mng Cardero Res Cardero Res* Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res* Cartier Res Casa Minerals * Casa Minerals Cascada Silver Cascadero Copp Cassiar Gold Castle Peak Mg CAT Strategic CAT Strategic* CAVU Mining Cdn Goldcamps Cdn Palladium* Cdn Palladium CellCube Enrgy* Centamin Centaurus Diam* Centerra Gold Central Afric Central Afric* Central Iron Century Cobalt* Century Global* Century Global Cerrado Gold* Cerrado Gold Cerro de Pasc * Cerro de Pasc Cerro Grande Cerro Mng* Ceylon Graph Ceylon Graph* Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld Chesapeake Gld* Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Clarity Gold Clarity Gold* Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Min Cleveland-Clif* Cliffmont Res

B 4.85 4.93 5.88 6.02 0.15 0.15 unch 0.07 0.07 0.14 0.17 + 0.27 0.31 + 0.23 0.26 + 0.14 0.14 0.28 0.30 + 0.22 0.24 0.00 0.01 0.48 0.51 + 0.58 0.60 0.25 0.26 + 0.21 0.21 22.93 23.23 27.77 28.24 0.00 0.60 + 0.63 0.76 + 0.10 0.10 0.08 0.08 0.45 0.47 0.54 0.56 0.13 0.13 0.11 0.12 + 0.12 0.15 unch 0.57 0.64 0.16 0.19 + 0.20 0.23 + 0.08 0.08 unch 0.15 0.16 0.18 0.20 + 1.69 1.71 1.39 1.39 0.00 0.29 unch 0.18 0.19 0.00 0.16 0.27 0.27 0.19 0.25 + 0.16 0.22 + 0.00 0.06 unch 0.06 0.06 0.68 0.72 0.57 0.58 0.33 0.34 0.38 0.39 0.95 0.96 1.15 1.16 0.00 0.39 0.31 0.33 0.17 0.18 0.22 0.22 0.80 0.80 0.65 0.66 0.06 0.07 + 0.04 0.04 unch 0.13 0.16 unch 0.11 0.12 0.12 0.15 0.00 0.04 unch 68.30 69.67 + 0.38 0.38 0.46 0.46 0.10 0.10 + 0.12 0.12 0.46 0.46 0.00 0.15 unch 0.03 0.03 + 0.03 0.03 unch 0.87 0.88 1.06 1.06 1.11 1.35 0.95 1.11 0.09 0.10 + 0.01 0.01 + 0.62 0.66 + 0.51 0.55 + 0.00 0.06 unch 0.04 0.05 0.01 0.01 0.00 0.02 unch 0.17 0.21 + 0.21 0.25 + 0.04 0.04 -

(100s)

High Low

Exc Volume

Week Last

12-month

High

Low

Change

1269 890 41 153 493 148 102 8 262 14 45 10947 202 414 337 140 15929 19 769 67 442 1213 1135 148 34017 135 781 9021 482 2258 2060 157 416 106 1136 112 7481 380 1 11 1 90 133 2208

0.07 0.06 0.10 0.12 1.75 1.48 0.25 0.21 0.09 0.33 0.41 0.01 0.10 1.53 0.10 0.08 0.00 0.05 0.05 0.09 0.10 0.11 0.13 0.15 0.01 0.11 0.13 0.13 0.01 0.21 0.17 0.20 0.02 0.14 0.17 0.10 12.17 0.04 0.03 0.16 0.08 0.32 0.28 0.08

0.06 0.07 unch 0.05 0.05 0.08 0.10 + 0.11 0.12 + 1.66 1.70 1.35 1.40 0.23 0.23 0.20 0.20 0.09 0.09 + 0.31 0.31 + 0.38 0.38 + 0.01 0.01 0.09 0.09 1.33 1.50 unch 0.09 0.09 0.07 0.07 0.00 0.00 + 0.03 0.03 0.00 0.04 0.00 0.08 + 0.09 0.10 unch 0.08 0.09 0.10 0.11 0.14 0.14 0.01 0.01 0.09 0.09 0.11 0.11 0.05 0.08 + 0.00 0.01 0.19 0.19 0.15 0.16 0.18 0.20 unch 0.01 0.02 0.12 0.14 + 0.15 0.17 + 0.08 0.09 + 10.56 10.79 0.03 0.04 + 0.01 0.03 + 0.16 0.16 unch 0.07 0.08 + 0.00 0.31 0.21 0.27 unch 0.04 0.04 unch

O 693 O 94 V 1493 O 519 V 1375 O 142 O 302 O 25 V 89 X 288 T 3134 O 238 V 35 O 82 C 164 O 160 V 250 N 18379 T 4998 V 634 O 64 O 4 V 206 O 34 V 576 O 156 O 4 V 20 V 375 O 124 V 574 O 457 O 37 C 319 V 7 O 11 V 46 T 225 O 43 V 522 O 393 O 82 V 821 O 1 V 61 T 339 O 5 V 94 O 22 V 258 O 1 V 114 V 83 O 2 O 232 V 1209 O 180 V 866 O 25 V 105 O 228 V 167 O 121 V 828 V 501 O 258 O 16 T 5505 V 283 O 10 V 332 V 0 O 86 C 1224 C 1459 O 371 V 493 O 66 V 186 C 1759 V 380 V 247 V 95 C 2446 O 312 C 19 C 224 O 763 C 521 O 1477 T 136 O 38 T 3847 V 106 O 11 V 228 O 64 O 8 T 1172 O 150 V 430 O 305 C 701 C 166 O 0 V 368 O 226 V 779 O 534 O 66 V 84 O 108 T 2039 V 333 O 0 V 91 O 75 N 48665 V 242 O 62 V 558 O 30 T 250 C 411 O 164 C 97 V 678 O 15 V 53 N 251899 V 4

0.48 0.15 0.18 0.52 0.60 0.07 0.47 0.03 0.03 14.54 2.36 1.95 0.17 0.14 0.15 3.45 4.17 21.95 26.62 0.20 0.16 0.02 0.16 0.13 3.60 3.00 0.07 0.10 0.08 0.08 0.44 0.38 0.28 0.35 0.35 0.28 0.11 0.52 0.42 0.72 0.60 0.02 0.18 0.00 0.56 0.17 0.05 0.08 0.11 0.13 0.14 0.19 0.15 0.15 0.32 0.40 0.30 0.36 0.53 0.65 0.19 0.23 0.09 0.11 0.38 0.31 1.52 5.47 0.09 0.07 0.08 0.00 0.11 0.03 0.13 0.27 0.32 0.26 0.32 0.11 0.04 0.59 0.03 0.05 0.05 0.41 0.07 0.12 0.15 0.06 2.04 0.03 10.24 0.22 0.18 0.07 0.05 0.22 0.26 1.35 1.61 0.31 0.39 0.02 0.00 0.20 0.18 0.42 0.36 7.21 0.10 5.32 6.39 0.09 0.00 4.63 3.86 110.25 0.33 0.27 0.20 0.17 3.87 0.78 0.65 0.62 0.35 0.25 0.11 24.77 0.16

Stock

0.00 0.01 0.00 0.01 0.03 0.04 0.02 0.01 0.01 0.01 0.02 0.00 0.01 0.00 0.01 0.01 0.00 0.02 0.01 0.00 0.00 0.01 0.02 0.02 0.00 0.00 0.02 0.02 0.00 0.02 0.01 0.00 0.00 0.01 0.02 0.03 1.48 0.01 0.02 0.00 0.01 0.02 0.00 0.00

0.16 0.15 0.26 0.40 2.43 1.84 1.05 0.65 0.16 0.53 0.70 0.04 0.43 1.62 0.14 0.10 0.01 0.08 0.09 0.19 0.25 0.13 0.17 0.55 0.10 0.45 0.62 0.13 0.04 0.57 0.42 0.28 0.04 0.32 0.43 0.14 14.32 0.04 0.03 0.45 0.19 1.00 0.60 0.06

0.06 0.05 0.08 0.10 1.50 1.21 0.08 0.16 0.04 0.06 0.09 0.00 0.09 0.79 0.04 0.06 0.00 0.01 0.02 0.07 0.09 0.05 0.06 0.05 0.00 0.07 0.11 0.01 0.00 0.16 0.12 0.10 0.01 0.00 0.11 0.05 8.08 0.01 0.00 0.14 0.03 0.26 0.00 0.02

0.04 0.01 0.02 0.04 0.03 0.01 0.36 0.00 0.01 0.40 0.19 0.14 0.00 0.01 0.00 0.52 0.74 0.02 0.19 0.00 0.00 0.00 0.01 0.01 0.03 0.06 0.02 0.01 0.01 0.00 0.05 0.03 0.01 0.05 0.03 0.04 0.01 0.02 0.00 0.04 0.03 0.00 0.01 0.00 0.08 0.02 0.00 0.01 0.02 0.02 0.00 0.02 0.00 0.00 0.00 0.00 0.07 0.11 0.03 0.02 0.00 0.00 0.01 0.01 0.03 0.03 0.00 0.04 0.00 0.00 0.01 0.00 0.01 0.00 0.02 0.01 0.01 0.03 0.02 0.01 0.00 0.00 0.00 0.01 0.02 0.02 0.01 0.01 0.02 0.01 0.02 0.01 0.37 0.01 0.01 0.01 0.00 0.08 0.06 0.04 0.04 0.02 0.02 0.01 0.00 0.01 0.01 0.10 0.08 0.05 0.00 0.10 0.05 0.00 0.00 0.28 0.35 0.54 0.03 0.03 0.01 0.00 0.11 0.02 0.02 0.10 0.01 0.01 0.00 4.57 0.00

0.48 0.15 0.19 0.70 0.88 2.08 0.47 0.04 0.06 29.39 2.80 2.40 0.21 0.23 0.30 5.26 6.50 21.85 26.40 0.30 0.22 0.10 0.37 0.26 4.54 3.68 0.09 0.12 0.22 0.18 0.77 0.60 0.28 0.45 0.48 0.28 0.16 0.95 0.78 0.84 0.68 0.07 0.26 0.52 0.68 0.27 0.08 0.11 0.25 0.33 0.22 0.31 0.30 0.15 0.47 0.42 0.37 0.50 1.29 1.76 0.32 0.40 0.10 0.12 0.50 2.00

0.04 0.03 0.05 0.07 0.13 0.01 0.11 0.01 0.02 12.08 1.27 0.85 0.15 0.07 0.09 0.49 0.67 9.01 11.84 0.08 0.07 0.01 0.12 0.00 0.78 0.67 0.02 0.03 0.05 0.03 0.35 0.28 0.05 0.06 0.14 0.12 0.05 0.07 0.31 0.14 0.10 0.01 0.07 0.08 0.10 0.06 0.01 0.02 0.08 0.10 0.04 0.06 0.13 0.00 0.03 0.04 0.12 0.15 0.44 0.47 0.07 0.05 0.03 0.03 0.21 0.11

Clifton Mng* Clydesdale Res CMC Metals CMC Metals* CNRP Mng Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Colombia Crest Colombia Crest* Colonial Coal Comet Inds Commander Res* Commander Res Commerce Res Commerce Res* Compass Gold Compass Gold* Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res* Condor Res Conquest Res Conquest Res * Cons Woodjam CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold Contact Mnrls* CopAur Min CopAur Min* Copper Fox Mtl* Copper Fox Mtl Copper Lake Rs Copper Mtn Mng* Copper Mtn Mng Copper One * Copperbank Res Copperbank Res* Cordoba Mnls* Cordoba Mnls Core Assets Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Cortus Metals Corvus Gold Corvus Gold* Crest Resource Crest Resource* Crestview Expl Cresval Cap Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Cobalt* Cruz Cobalt CTGX Mining* Currie Rose Rs CWN M’g Acq Cyntar Venture Cyon Explor Cyon Explor* Cypress Dev* Cypress Dev

O V V O C O V N O V V O V V O V V O V O X V O O T O V V O V N N O V O V O V O O V V O T O C O O V C V O O V V T D C O C V O V O C V O O C O V V C V O O V

6.64 0.11 0.09 0.10 0.07 0.33 0.10 0.19 0.31 0.37 0.27 0.35 0.20 0.06 1.20 0.04 0.10 0.15 0.50 0.55 0.16 0.19 0.15 4.04 0.10 19.59 0.43 0.34 0.25 0.15 0.34 0.40 2.00 1.76 0.35 0.49 0.06 0.23 0.62 0.49 0.80 0.61 7.21 0.25 5.74 6.89 0.30 0.14 7.61 5.75 113.11 0.46 0.36 0.55 0.40 4.47 1.82 1.48 1.11 0.49 0.31 0.15 24.77 0.20

0.69 0.03 0.02 0.05 0.03 0.08 0.02 0.05 0.14 0.19 0.04 0.05 0.08 0.02 0.30 0.01 0.02 0.00 0.10 0.06 0.05 0.07 0.01 1.77 0.01 8.21 0.12 0.09 0.03 0.01 0.05 0.06 0.79 0.93 0.22 0.24 0.01 0.19 0.09 0.08 0.16 0.12 0.60 0.08 1.83 2.36 0.06 0.04 3.30 2.44 65.16 0.11 0.08 0.08 0.01 0.52 0.22 0.54 0.50 0.27 0.11 0.07 4.92 0.06

Dajin Lithium* Dajin Res Dakota Ter Res* Damara Gold Damara Gold* Danakali* Decade Res Decade Res* Deep-South Res* Deep-South Res DeepRock Min Defense Metals* Defense Metals Defiance Silvr* Defiance Silvr Delrand Res Denarius Silv Denison Mines Denison Mines* Desert Gold Desert Gold* Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Disc* Diamond Fields Diamond Fields* Dios Expl Discovery Harb Discovery Harb* Discovery Min* Discovery Silv Discovery Silv* Discovery-Corp District Cop District Cop* District Metal* District Metal District Mines Ditem Explor* Diversified Rs* Dixie Gold DNI Metals* Dolat Ventures* Dolly Vard Sil* Dolly Vard Sil Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res Duro Metals DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold* E2Gold Inc E3 Metals* E3 Metals E79 Resources* E79 Resources Eagle Graphite* Eagle Graphite Eagle Plains East Africa East Africa * EastCoal Inc Eastern Platin* Eastern Platin Eastfield Res Eastfield Res* Eco Oro Min Eco Oro Min* Edgemont Gold Edgewater Expl* Edgewater Expl Edison Cobalt* Edison Cobalt El Capitan Prc* El Nino Vent* El Nino Vent Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Element 29* Eloro Res* Eloro Res Ely Gold Royal Ely Gold Royal* Elysee Dev Elysee Dev * Emerita Res

C 0.35 0.14 0.16 0.43 0.53 0.04 0.00 0.01 0.00 13.80 2.07 1.69 0.17 0.11 0.14 2.68 3.25 21.17 25.62 0.16 0.14 0.02 0.15 0.10 3.45 2.79 0.00 0.09 0.08 0.06 0.39 0.32 0.24 0.28 0.32 0.24 0.10 0.49 0.40 0.65 0.53 0.02 0.15 0.00 0.51 0.14 0.05 0.06 0.09 0.11 0.14 0.14 0.14 0.14 0.31 0.37 0.19 0.23 0.50 0.61 0.19 0.22 0.08 0.10 0.35 0.28 1.52 5.09 0.08 0.07 0.07 0.00 0.09 0.02 0.10 0.25 0.30 0.24 0.28 0.10 0.04 0.53 0.00 0.04 0.00 0.39 0.00 0.11 0.14 0.04 1.88 0.00 9.54 0.21 0.16 0.00 0.02 0.22 0.22 1.25 1.51 0.27 0.33 0.02 0.00 0.18 0.15 0.32 0.26 6.44 0.09 4.88 5.89 0.09 0.00 4.22 3.50 106.30 0.30 0.25 0.18 0.15 3.62 0.71 0.58 0.50 0.31 0.23 0.10 18.96 0.16

0.37 0.14 0.16 0.44 0.55 0.04 + 0.47 + 0.01 0.03 + 13.94 2.27 + 1.86 + 0.17 unch 0.12 + 0.14 unch 3.25 + 4.03 + 21.40 26.02 + 0.18 unch 0.14 0.02 unch 0.15 + 0.12 3.55 2.90 0.07 0.10 + 0.08 + 0.07 + 0.39 0.32 0.28 + 0.35 + 0.32 0.28 + 0.11 + 0.51 + 0.42 + 0.68 + 0.56 + 0.02 + 0.16 0.49 unch 0.51 0.14 0.05 unch 0.07 0.09 0.11 0.14 unch 0.18 + 0.15 unch 0.15 + 0.31 0.39 unch 0.27 + 0.33 + 0.53 + 0.61 0.19 unch 0.23 unch 0.09 + 0.11 + 0.37 + 0.31 + 1.52 unch 5.39 + 0.09 unch 0.07 0.07 0.05 unch 0.11 + 0.03 unch 0.11 0.26 + 0.31 + 0.24 0.32 + 0.10 0.04 unch 0.57 unch 0.03 unch 0.05 + 0.05 + 0.41 + 0.07 0.12 + 0.15 + 0.05 + 1.97 0.03 + 10.01 + 0.21 0.18 + 0.06 0.03 0.22 0.22 1.29 1.57 0.29 0.35 0.02 0.22 unch 0.20 + 0.16 + 0.33 0.28 6.85 0.09 unch 5.09 6.23 0.09 unch 0.11 unch 4.25 3.50 107.91 0.31 0.25 0.20 + 0.16 + 3.79 0.77 + 0.64 + 0.50 0.32 0.25 + 0.11 unch 24.44 + 0.16 unch

(100s)

High Low

Exc Volume

Week Last

12-month

High

Low

Change

85 9 1891 687 353 119 115 21732 463 1050 960 0 485 2 22 209 75 5 253 45 6752 105 36 11 27 185 322 1052 131 932 1847 10048 106 37 131 715 702 216 37 386 1027 570 660 3614 1764 536 600 25 29 228 91 26 107 247 551 307 396 2230 641 148 286 1331 1328 0 91 409 66 257 965 0 182 12 237 348 101 547 553

0.21 0.07 0.16 0.13 0.37 0.05 0.07 11.14 0.14 0.17 0.23 0.14 0.68 3.00 0.20 0.25 0.31 0.25 0.23 0.17 4.77 0.10 0.09 0.74 1.00 0.18 0.23 0.16 0.13 0.19 18.25 15.15 0.23 0.27 0.08 0.10 0.05 1.05 0.86 0.48 0.58 0.06 3.60 4.22 0.08 0.62 0.52 0.84 1.00 0.16 4.41 3.65 0.35 0.42 0.16 3.70 3.06 0.20 0.15 0.50 0.04 1.52 1.79 0.00 0.17 0.28 0.24 0.09 0.11 0.00 0.04 0.07 0.80 0.11 0.10 0.84 1.02

0.18 0.21 0.07 0.07 unch 0.14 0.14 0.11 0.12 0.33 0.34 + 0.04 0.05 0.06 0.06 + 9.64 10.73 + 0.12 0.14 + 0.14 0.16 0.17 0.17 0.00 0.14 unch 0.60 0.66 unch 3.00 3.00 unch 0.18 0.18 0.00 0.22 0.28 0.29 + 0.24 0.24 0.20 0.20 unch + 0.16 0.17 4.03 4.08 + 0.09 0.10 0.00 0.09 0.68 0.70 0.83 0.90 unch 0.15 0.17 + 0.20 0.22 + 0.13 0.15 + 0.11 0.13 0.18 0.19 unch + 16.00 17.58 + 14.00 14.75 0.20 0.20 0.25 0.25 unch 0.07 0.08 + 0.09 0.10 + 0.02 0.02 + 0.85 1.02 0.77 0.78 0.39 0.43 0.47 0.52 0.05 0.06 unch 3.25 3.43 3.99 4.16 0.05 0.07 0.55 0.56 0.45 0.46 0.72 0.72 0.88 0.92 + 0.14 0.16 4.14 4.25 3.42 3.54 0.31 0.32 0.37 0.40 + 0.15 0.16 + 3.53 3.70 + 2.92 3.03 0.14 0.16 0.11 0.12 0.48 0.50 0.00 0.04 unch + 1.35 1.41 + 1.63 1.70 0.00 0.16 unch + 0.16 0.17 0.24 0.24 0.20 0.21 + 0.07 0.09 + 0.09 0.11 0.00 0.10 unch 0.04 0.04 unch 0.07 0.07 unch 0.70 0.75 0.10 0.10 0.08 0.08 + 0.77 0.82 + 0.94 0.99

489 O 524 V 491 O 1024 V 23 O 149 O 1064 V 221 O 502 O 2573 V 1388 C 729 O 948 V 846 O 757 V 26 V 211 V T 10528 X 58830 266 V 52 O 255 V 5 O 761 V 412 O 287 O 71 V 158 O 437 V 940 V 73 O O 172368 1224 V 1162 O 7 V 75 V 32 O 162 O 750 V 19 V 410 O 6 O 53 V 21 O 112 O 653 O 618 V 223 V 2469 V 1394 O 1120 N 2098 T 126 O 202 V 8 V 6 V 239 T 16 O 2 O 85 V 26 O 894 V 406 O 966 V 83 O 209 C 15 O 34 V 244 V 43 V 4 O 14 V 49 O 53 T 121 V 7 O 183 C 59 O 210 C 6 O 9 V 8 O 1754 V 847 O 17 O 5 V 241 V 171 O 5087 N 1918 T 6 O 273 O 484 V 537 V 602 O 102 V 82 O 4179 V

0.08 0.09 1.27 0.12 0.10 0.40 0.05 0.04 0.19 0.22 0.11 0.25 0.30 0.79 0.95 0.08 0.50 1.79 1.49 0.19 0.15 4.32 0.03 0.24 0.19 0.00 0.28 0.24 0.12 0.10 0.08 0.01 2.67 2.20 0.10 0.03 0.03 0.39 0.49 0.40 0.00 0.00 0.32 0.01 0.19 0.63 0.75 0.98 0.88 0.71 13.00 8.64 0.07 0.09 0.24 0.15 2.53 2.09 0.93 0.27 0.20 0.13 1.61 1.97 0.30 0.38 0.16 0.18 0.18 0.34 0.26 0.17 0.31 0.38 0.08 0.08 0.10 0.07 0.27 0.19 0.22 0.18 0.22 0.01 0.04 0.05 0.07 0.06 11.78 14.30 0.42 4.37 5.09 1.05 0.87 0.80 0.66 0.95

High Low

0.02 0.00 0.01 0.01 0.01 0.00 0.01 0.88 0.00 0.01 0.01 0.00 0.00 0.00 0.02 0.03 0.01 0.01 0.00 0.01 0.21 0.01 0.00 0.06 0.00 0.00 0.01 0.02 0.02 0.00 0.79 0.63 0.00 0.00 0.00 0.01 0.01 0.02 0.07 0.02 0.03 0.00 0.05 0.03 0.01 0.05 0.04 0.08 0.03 0.01 0.15 0.11 0.01 0.01 0.01 0.11 0.05 0.01 0.02 0.01 0.00 0.08 0.11 0.00 0.01 0.02 0.02 0.02 0.02 0.00 0.00 0.00 0.04 0.01 0.01 0.02 0.05

0.35 0.07 0.27 0.21 0.82 0.14 0.17 12.60 0.14 0.17 0.44 0.35 0.94 3.25 0.21 0.32 0.50 0.39 0.32 0.23 9.85 0.14 0.17 2.59 1.40 0.50 0.44 0.36 0.26 0.30 18.25 15.89 0.27 0.35 0.20 0.28 0.05 1.19 0.86 0.53 0.66 0.07 4.20 5.07 0.60 0.82 0.65 1.70 2.21 0.20 6.53 5.00 0.40 0.51 0.35 4.26 3.29 0.29 0.25 2.53 0.16 1.52 1.79 1.22 0.50 0.36 0.29 0.14 0.18 0.20 0.06 0.08 0.85 0.38 0.17 2.00 2.45

0.10 0.03 0.05 0.04 0.21 0.02 0.04 4.33 0.04 0.05 0.11 0.08 0.47 2.00 0.06 0.08 0.18 0.13 0.17 0.14 0.57 0.06 0.01 0.03 0.55 0.00 0.09 0.08 0.10 0.04 3.66 7.97 0.10 0.14 0.06 0.09 0.01 0.11 0.11 0.06 0.09 0.01 0.36 0.51 0.05 0.14 0.12 0.72 0.90 0.07 3.02 2.19 0.12 0.16 0.12 2.17 1.71 0.06 0.07 0.29 0.02 0.20 0.28 0.01 0.15 0.03 0.02 0.02 0.03 0.00 0.03 0.03 0.17 0.09 0.08 0.14 0.18

0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.02 0.02 0.04 0.00 0.00 0.01 0.01 0.00 0.02 0.04 0.04 0.01 0.01 0.22 0.00 0.08 0.05 0.00 0.01 0.03 0.02 0.02 0.01 0.00 0.15 0.10 0.00 0.00 0.00 0.02 0.04 0.05 0.00 0.00 0.03 0.00 0.00 0.02 0.01 0.02 0.15 0.12 0.56 0.07 0.00 0.00 0.00 0.05 0.08 0.05 0.04 0.03 0.03 0.01 0.07 0.13 0.01 0.06 0.00 0.01 0.01 0.01 0.01 0.02 0.00 0.01 0.01 0.01 0.02 0.00 0.02 0.00 0.02 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.06 0.17 0.02 0.11 0.04 0.05 0.02 0.04 0.03 0.09

0.16 0.20 1.30 0.20 0.16 0.47 0.14 0.10 0.23 0.30 0.09 0.59 0.75 0.91 1.07 0.29 0.69 2.29 1.81 0.35 0.26 4.59 0.05 0.22 0.19 0.01 1.25 1.00 0.24 0.16 0.13 0.04 2.84 2.19 0.12 0.05 0.04 0.55 0.59 0.40 0.02 0.03 0.41 0.09 0.51 0.91 1.17 1.33 0.91 0.80 18.05 10.73 0.13 0.18 0.27 0.20 2.98 2.49 1.10 0.35 0.20 0.24 4.22 5.37 0.73 0.95 0.28 0.38 0.19 0.58 0.39 0.17 0.43 0.57 0.10 0.09 0.11 0.09 0.31 0.20 0.27 0.42 0.25 0.02 0.05 0.07 0.19 0.16 14.49 18.90 0.42 4.65 5.88 2.09 1.54 0.79 0.68 1.00

0.01 0.02 0.15 0.03 0.03 0.22 0.04 0.02 0.13 0.08 0.01 0.10 0.14 0.13 0.18 0.07 0.42 0.41 0.30 0.12 0.09 0.34 0.01 0.06 0.05 0.00 0.09 0.06 0.06 0.05 0.03 0.00 0.70 1.68 0.06 0.01 0.01 0.17 0.19 0.12 0.00 0.00 0.15 0.00 0.03 0.30 0.41 0.57 0.10 0.06 8.73 6.95 0.05 0.06 0.13 0.07 1.63 1.20 0.42 0.07 0.05 0.10 0.20 0.26 0.07 0.05 0.02 0.03 0.11 0.10 0.07 0.09 0.20 0.27 0.03 0.02 0.05 0.03 0.10 0.09 0.08 0.12 0.03 0.00 0.01 0.03 0.03 0.02 7.87 10.73 0.32 0.36 0.50 0.78 0.61 0.31 0.21 0.06

D-F 0.07 0.07 0.08 0.09 0.88 1.17 unch 0.10 0.11 unch + 0.00 0.10 0.39 0.39 0.04 0.04 + 0.04 0.04 + 0.16 0.18 + 0.19 0.22 + 0.07 0.11 + 0.22 0.24 0.28 0.28 unch + 0.72 0.76 + 0.87 0.92 0.00 0.08 unch + 0.44 0.49 + 1.58 1.69 + 1.30 1.41 + 0.17 0.18 0.14 0.14 3.74 4.06 0.03 0.03 + 0.16 0.24 + 0.13 0.19 0.00 0.00 0.26 0.27 0.21 0.22 + 0.00 0.12 0.08 0.08 + 0.07 0.08 + 0.01 0.01 + 2.44 2.65 + 2.02 2.18 0.10 0.10 unch 0.03 0.03 unch + 0.03 0.03 0.34 0.37 0.42 0.45 0.35 0.35 0.00 0.00 unch 0.00 0.00 unch + 0.30 0.32 + 0.01 0.01 0.10 0.13 0.54 0.58 0.65 0.72 0.90 0.94 + 0.59 0.74 + 0.49 0.61 12.41 12.60 8.18 8.44 0.06 0.06 0.00 0.08 unch 0.24 0.24 unch + 0.00 0.15 2.36 2.45 2.04 2.04 0.75 0.89 0.19 0.19 0.15 0.15 + 0.10 0.11 1.46 1.47 1.76 1.79 + 0.27 0.28 + 0.32 0.37 0.15 0.15 + 0.17 0.18 + 0.17 0.18 + 0.00 0.34 0.00 0.26 + 0.00 0.17 + 0.30 0.31 + 0.00 0.37 0.00 0.08 + 0.00 0.08 0.08 0.09 0.00 0.07 + 0.00 0.27 0.19 0.19 unch + 0.20 0.22 0.09 0.15 + 0.15 0.18 + 0.01 0.01 0.04 0.04 unch 0.00 0.05 0.06 0.06 0.05 0.06 + 11.27 11.66 + 13.66 14.18 0.40 0.40 3.93 4.00 + 4.76 4.99 + 0.96 1.05 + 0.80 0.85 + 0.77 0.79 + 0.62 0.65 + 0.71 0.90

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

Week High

Low 0.59 0.07 0.05 0.95 0.00 3.22 3.91 0.00 0.00 1.48 28.80 23.25 7.05 8.56 0.29 0.35 0.22 0.18 8.08 6.67 0.06 0.04 0.03 0.72 0.88 8.65 10.47 0.07 0.08 0.23 0.18 0.31 0.38 0.11 0.13 26.73 22.29 0.00 0.00 0.00 2.31 1.92 0.00 0.24 0.29 0.26 0.31 0.51 0.38 0.32 0.00 0.00 0.00 0.00 0.11 0.34 0.27 0.09 0.00 0.00 0.03 0.34 2.75 3.35 0.53 0.63 0.00 0.90 8.08 7.80 0.16 0.13 0.41 0.32 0.09 0.07 0.13 0.16 0.12 0.68 0.19 0.23 0.11 0.12 10.78 9.00 0.10 0.10 0.94 1.18 0.33 0.26 0.21 0.20 0.00 0.78 0.24 0.29 0.23 0.29 0.10 17.27 20.88 0.29 0.37 0.49 28.03 0.08 0.05 0.65 0.54 0.11 0.09 0.51 0.62 0.05 0.04 0.00 0.11 0.00 0.05 0.07 0.09 0.14 1.80 2.15 0.90 0.30 0.00 8.00 6.60 0.00 0.00 0.14 0.11 0.00 0.30 0.37 1.25 0.50 0.00 0.35 0.00 0.52 0.59 150.81 182.25 0.02 0.68 0.34 0.28 40.05 0.20 0.03 12.06 0.84 0.00 0.53 0.44 1.54 1.27 0.08 0.10

Emerita Res* Emgold Mining Emgold Mining* Eminent Gold Eminent Gold* EMX Royalty* EMX Royalty Encanto Potash* Encanto Potash EnCore Energy Endeavour Mng Endeavour Mng* Endeavr Silver* Endeavr Silver Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engold Mines Engold Mines* Entree Res* Entree Res Equinox Gold* Equinox Gold Equitorial Ex* Equitorial Ex Equity Metals Equity Metals* Erdene Res Dev* Erdene Res Dev Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng Eskay Mng* Essex Minerals Ethos Gold* Ethos Gold Etruscus Res* Etruscus Res Euro Manganese Euro Sun Mg Euro Sun Mg* EurOmax Res* EurOmax Res European Elect* European Elect European Metal* Evergold Evergold* Everton Res* EVI Global Grp Evolving Gold Evolving Gold* Evrim Res Excellon Res* Excellon Res Excelsior Mng* Excelsior Mng ExGen Res Inc Exploits Disc* Explorex Res* Explorex Res Fabled Silver Fabled Silver* Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Far Res Far Res* Fathom Nickel FenixOro Gold* FenixOro Gold Fidelity Min* Fidelity Min Filo Mg Corp Filo Mg Corp * Finlay Minrls Fiore Gold* Fiore Gold* Fiore Gold FireFox Gold FireFox Gold* Firestone Vent* Firestone Vent Fireweed Zinc* Fireweed Zinc First Cobalt * First Cobalt First Energy* First Energy First Idaho First Majestic* First Majestic First Mg Fin * First Mg Fin First Point* First Quantum First Tellur First Tellur* First Vanadium First Vanadium* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Five Star Diam* Fjordland Exp* Fjordland Exp Flow Metals Flowery Gold* Focus Graphite* Focus Graphite Fokus Mining Foran Mining* Foran Mining Forsys Metals Fort St James Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay* Fortune Bay Fortune Min Fortune Min* Forty Pillars Forum Energy* Forum Energy Fosterville Founders Metal Four Nines Four Nines* Fox River Res* Fox River Res FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Freegold Vent Freeman Gold Freeman Gold* Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl Full Metal Mnl* Fury Gold Fury Gold* Fuse Cobalt* Fuse Cobalt

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

549 388 151 5 0 570 40 1 114 961 3061 112 11955 2145 111 208 924 861 2517 14710 45 70 23 232 264 4389 2379 4 569 671 746 134 798 43 799 1067 13 79 84 84 622 431 153 747 872 17 187 212 996 68 26 375 2 5 55 680 309 33 1325 49 6 1080 116 231 360 1195 30 1158 3 1 4126 2117 552 20 1717 217 271 1783 259 1133 290 173 9 200 1249 180 85 154 225 313 980 394 1 53 11 313 1479 5279 13 615 12 18536 3083 3673 4071 330 7104 118 67 150 394 1249 637 2966 4523 2734 50 24 489 60 15 1596 2819 468 615 4245 421 110 10 4070 13730 4 26 1231 373 101 1919 2343 2377 22 132 12 1 77 615 3204 1765 997 649 176 56 81776 603 1758 59 507 38 158 106 382 1147 352 312

0.78 0.07 0.06 0.95 0.00 3.43 4.16 0.04 0.06 1.57 30.30 24.98 7.56 9.16 0.33 0.37 0.24 0.20 9.02 7.49 0.07 0.04 0.03 0.78 0.94 9.03 10.91 0.07 0.09 0.26 0.21 0.34 0.41 0.14 0.17 29.12 23.54 0.07 0.08 0.08 2.56 2.13 0.17 0.30 0.36 0.28 0.35 0.54 0.42 0.35 0.05 0.07 0.16 0.20 0.11 0.39 0.29 0.10 0.10 0.08 0.05 0.36 2.93 3.54 0.55 0.68 0.09 1.18 8.08 9.95 0.19 0.17 0.43 0.36 0.11 0.09 0.14 0.17 0.14 0.83 0.23 0.27 0.11 0.12 11.97 9.85 0.11 0.12 1.09 1.28 0.38 0.31 0.24 0.26 0.64 0.84 0.27 0.33 0.27 0.32 0.10 18.41 22.28 0.34 0.40 0.65 29.74 0.10 0.08 0.74 0.62 0.13 0.11 0.56 0.66 0.07 0.04 0.11 0.13 0.07 0.05 0.08 0.10 0.15 2.03 2.47 0.99 0.40 18.00 8.31 6.87 0.68 0.83 0.15 0.13 0.27 0.36 0.42 1.39 0.50 0.56 0.45 0.51 0.60 0.63 155.89 188.44 0.04 0.71 0.38 0.32 41.98 0.24 0.04 12.55 0.92 0.03 0.64 0.57 1.70 1.42 0.09 0.11

G2 Goldfields* G2 Goldfields Gabriel Res* Gabriel Res Galane Gold * Galane Gold Galantas Gold Galantas Gold* Galiano Gold Galiano Gold* Galleon Gold Galleon Gold* Galore Res Galway Gold * Galway Gold Galway Mtls* Galway Mtls Gambier Gold* Gambier Gold

O V O V O V V O T X V O V O V O V O V

396 447 180 548 322 395 345 36 245 3215 1258 528 150 15 227 68 476 104 213

0.50 0.63 0.29 0.34 0.20 0.23 0.94 0.74 1.55 1.29 0.13 0.11 0.02 0.15 0.18 0.85 1.00 0.20 0.24

Last

12-month Change

Stock

Garibaldi Res * Garibaldi Res Gatling Explor Gatling Explor* Gatos Silver Gatos Silver* General Gold Generation Min Generation Min* Generic Gold* Generic Gold Genesis Mtls* Genesis Mtls Genius Metals Gensource Pot Gentor Res Geomega Res Geomega Res* Getchell Gold Getchell Gold * Getty Copper GFG Resources GFG Resources* GGL Res* GGL Res GGX Gold GGX Gold* Giga Metals* Giga Metals Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake Glacier Lake* Gldn Predator Gldn Predator* Glen Eagle Res* Glen Eagle Res Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery* Global Battery Global Energy* Global Energy Global Gold* Global Li-Ion* Global Li-Ion GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals* GMV Minerals GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Golcap Res Gold Basin Res Gold Bull Res* Gold Bull Res Gold Fields* Gold Fields* Gold Finder Ex* Gold Finder Ex Gold Hunter Rs Gold Line Res Gold Lion Res* Gold Lion Res Gold Mountain* Gold Mountain Gold Port Gold Reserve* Gold Reserve Gold Resource* Gold Royalty* Gold Std Vents* Gold Std Vents Gold X Mining Gold’n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldbank Mng* Goldbelt Emp Goldcliff Res Goldcliff Res* Golden Arrow* Golden Arrow Golden Band* Golden Birch Golden Dawn Ml* Golden Dawn Ml Golden Goliath Golden Goliath* Golden Harp Golden Hope Golden Hope* Golden Indepen Golden Lake Golden Mnls* Golden Mnls Golden Pursuit* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Star Golden Star* Golden Sun* Golden Tag Golden Tag* Golden Valley Golden Valley* Goldex Res Goldex Res* Goldgroup Mng* Goldgroup Mng GoldHaven Res* Goldhills Hldg* Goldhills Hldg GoldMining GoldON Res GoldON Res* Goldplay Min GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldshore Res* Goldshore Res Goldsource Min* Goldsource Min Goldstar Mnls* Goldstar Mnls Goliath Res Goliath Res* Gossan Res GoviEx Uranium* GoviEx Uranium Gowest Gold* Gowest Gold GPM Metals GPM Metals* GR Silver* GR Silver Gran Colombia* Gran Colombia Granada Gold Granada Gold* Grande Portage Grande Portage* Granite Creek* Granite Creek Graphite One* Graphite One Gratomic Gratomic* Graycliff Exp Great Atlantic Great Bear Res Great Bear Res* Great Lakes Gr* Great Panther Great Panther* Great Quest Fe Great Thunder* Green Battery Green River* Green River Green Swan Cap Green Valley M Greencastle Rs Greenhawk Res Greenland M&En* Greenshield Ex Grenville Gold* Grenville Gold Grid Metals Grid Metals* Grizzly Discvr*

0.75 + 0.07 + 0.06 + 0.95 0.87 unch 3.27 3.95 0.04 0.06 + 1.52 30.11 + 24.79 + 7.27 + 8.85 + 0.30 + 0.37 unch 0.24 + 0.20 + 8.54 + 7.03 unch 0.07 unch 0.04 0.03 0.75 0.93 + 8.90 10.83 + 0.07 0.08 0.23 0.19 0.32 + 0.39 + 0.14 + 0.17 + 28.53 + 23.51 + 0.07 + 0.08 unch 0.08 unch 2.52 2.08 0.16 0.27 + 0.32 + 0.28 + 0.34 0.54 + 0.39 unch 0.32 0.05 + 0.07 + 0.15 + 0.20 + 0.11 unch 0.36 0.29 0.09 0.09 0.06 unch 0.05 0.36 + 2.83 3.43 + 0.54 + 0.65 0.08 unch 0.91 8.08 unch 9.20 0.16 0.14 0.43 unch 0.33 0.11 + 0.08 + 0.13 unch 0.17 unch 0.14 + 0.71 0.23 + 0.27 + 0.11 unch 0.12 11.29 + 9.27 + 0.11 + 0.10 1.02 + 1.26 + 0.37 0.31 + 0.21 + 0.26 0.64 0.83 + 0.27 + 0.33 + 0.23 0.29 0.10 unch 17.88 + 21.73 + 0.32 + 0.39 + 0.51 + 29.13 + 0.10 unch 0.08 + 0.66 0.55 0.13 + 0.10 + 0.54 + 0.66 + 0.07 + 0.04 unch 0.11 + 0.11 0.07 0.05 unch 0.08 + 0.09 unch 0.14 unch 1.93 + 2.30 + 0.94 + 0.40 + 18.00 + 8.02 6.60 0.68 0.83 unch 0.14 0.11 0.18 0.31 0.37 1.38 unch 0.50 + 0.54 0.45 unch 0.47 unch 0.60 + 0.61 + 151.35 184.03 + 0.03 0.68 0.37 + 0.32 + 40.85 0.22 0.04 unch 12.26 0.85 0.03 + 0.53 0.44 1.56 1.29 0.08 0.10 unch

0.09 0.01 0.00 0.02 0.00 0.16 0.20 0.01 0.01 0.03 0.59 0.37 0.05 0.11 0.02 0.00 0.02 0.01 0.03 0.00 0.00 0.01 0.00 0.01 0.01 0.03 0.03 0.00 0.01 0.02 0.01 0.00 0.01 0.02 0.03 0.74 0.51 0.01 0.00 0.00 0.06 0.06 0.01 0.01 0.02 0.01 0.01 0.02 0.00 0.00 0.01 0.01 0.00 0.02 0.00 0.02 0.01 0.01 0.02 0.00 0.01 0.01 0.02 0.01 0.00 0.01 0.00 0.16 0.00 0.55 0.03 0.02 0.00 0.01 0.03 0.01 0.00 0.00 0.00 0.06 0.04 0.04 0.00 0.01 0.19 0.12 0.01 0.00 0.03 0.08 0.01 0.00 0.01 0.03 0.00 0.03 0.02 0.03 0.03 0.02 0.00 0.30 0.50 0.01 0.01 0.01 0.06 0.00 0.02 0.02 0.02 0.01 0.01 0.02 0.03 0.02 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.13 0.12 0.01 0.04 0.16 0.22 0.23 0.00 0.00 0.01 0.01 0.18 0.04 0.04 0.00 0.01 0.02 0.00 0.00 0.02 0.01 0.88 0.29 0.00 0.01 0.02 0.04 0.88 0.01 0.00 0.24 0.06 0.01 0.11 0.08 0.14 0.12 0.00 0.00

0.83 0.16 0.12 1.05 0.87 3.81 4.83 0.10 0.12 1.63 39.21 30.33 7.76 9.32 0.35 0.44 0.38 0.28 9.75 7.83 0.21 0.08 0.05 0.78 0.94 13.66 17.99 0.27 0.37 0.33 0.25 0.55 0.71 0.19 0.25 29.76 25.99 0.10 0.13 0.13 3.14 2.49 0.92 0.30 0.37 0.34 0.48 0.85 0.63 0.49 0.16 0.24 0.39 0.60 1.02 0.95 0.71 0.90 0.23 0.15 0.11 0.62 3.90 6.15 0.94 1.19 0.20 1.35 8.34 10.50 0.40 0.60 0.60 0.72 0.25 0.19 0.17 0.31 0.24 0.88 0.56 0.63 0.11 0.17 11.97 9.85 0.15 0.26 1.33 1.75 0.38 0.31 0.25 0.30 0.97 1.31 0.37 0.46 0.31 0.62 0.10 24.01 30.75 0.47 0.60 0.76 35.07 0.18 0.14 0.76 1.10 0.17 0.13 0.57 0.69 0.07 0.05 0.21 0.27 0.20 0.36 0.22 0.28 0.48 2.15 2.63 1.12 0.37 20.40 12.61 9.85 1.21 1.56 0.27 0.22 0.38 0.40 0.46 5.34 0.60 0.56 0.45 0.57 0.73 0.94 166.11 222.15 0.15 1.95 0.84 0.89 46.10 0.95 0.17 18.11 1.39 0.04 0.65 0.57 7.78 3.94 0.26 0.33

0.05 0.06 0.04 0.22 0.47 1.77 2.41 0.02 0.02 0.20 23.12 18.11 1.76 2.41 0.03 0.05 0.10 0.08 1.91 1.42 0.05 0.03 0.02 0.25 0.34 7.72 9.76 0.06 0.05 0.06 0.05 0.20 0.27 0.02 0.03 15.55 11.84 0.05 0.07 0.07 0.17 0.12 0.15 0.08 0.11 0.16 0.23 0.06 0.28 0.20 0.00 0.01 0.14 0.10 0.01 0.22 0.00 0.03 0.05 0.02 0.01 0.28 2.20 2.88 0.45 0.60 0.05 0.19 3.02 3.75 0.05 0.07 0.28 0.16 0.06 0.02 0.06 0.05 0.04 0.68 0.15 0.15 0.02 0.04 1.60 1.00 0.04 0.05 0.64 0.92 0.09 0.10 0.02 0.11 0.36 0.48 0.09 0.12 0.22 0.14 0.07 8.37 11.39 0.22 0.32 0.11 8.02 0.05 0.03 0.16 0.11 0.04 0.03 0.14 0.19 0.02 0.01 0.03 0.05 0.05 0.04 0.01 0.02 0.11 0.08 0.10 0.12 0.10 9.29 5.64 4.12 0.10 0.72 0.06 0.04 0.11 0.06 0.08 1.07 0.37 0.11 0.15 0.05 0.06 0.16 105.62 133.63 0.00 0.47 0.28 0.18 9.78 0.15 0.03 9.25 0.19 0.01 0.15 0.00 1.44 1.08 0.02 0.03

0.49 + 0.59 + 0.28 + 0.34 + 0.19 0.23 + 0.74 0.61 1.51 1.23 0.12 + 0.10 + 0.02 unch 0.15 + 0.18 + 0.80 0.97 unch 0.18 0.22 -

0.03 0.02 0.03 0.04 0.00 0.01 0.06 0.05 0.03 0.06 0.01 0.00 0.00 0.03 0.03 0.01 0.00 0.03 0.04

0.87 1.20 0.40 0.52 0.30 0.41 0.94 0.78 2.80 2.12 0.20 0.14 0.03 3.95 0.39 1.57 2.09 0.29 0.36

0.25 0.35 0.15 0.20 0.09 0.13 0.22 0.16 1.28 1.01 0.06 0.04 0.01 0.07 0.11 0.38 0.51 0.05 0.06

G-H 0.46 0.54 0.24 0.30 0.18 0.22 0.66 0.00 1.48 1.21 0.12 0.09 0.02 0.00 0.15 0.79 0.96 0.17 0.21

(100s)

High Low

Exc Volume O 96 V 480 V 365 O 43 T 155 N 3201 C 457 T 1212 O 295 O 124 C 192 O 138 V 715 C 113 V 157 V 1 V 896 O 190 C 298 O 93 V 167 V 525 O 732 O 0 V 127 V 213 O 2 O 373 V 437 V 134 O 35 O 36 V 249 V 5 V 44 O 14 V 813 O 598 O 3 V 1039 O 258 O 861 O 602 T 1559 O 1102 V 1030 O 87 V 112 O 1 O 148 C 1395 O 1 O 55 T 361 O 107 V 159 O 2496096 O 176 C 2751 V 18 T 4910 C 25 C 1066 O 50 V 1552 O 1 N 27436 O 61 V 796 C 98 V 583 O 356 C 180 O 1179 V 2145 C 176 O 56 V 13 X 5191 X 351 X 2897 T 213 V 498 C 162 V 317 O 121 V 5 O 0 V 258 V 90 O 176 O 218 V 183 O 767 C 2189 O 50 V 52 V 513 O 127 V 8 V 214 O 7 C 667 C 996 X 3350 T 207 O 68 V 50 V 3630 V 373 V 3 T 46 X 1750 O 6 V 848 O 410 V 3 O 13 V 45 O 52 O 178 T 2194 O 517 O 8 V 409 T 971 V 282 O 36 V 148 V 473 C 524 O 14 O 313 C 31 O 1 V 1316 O 310 V 282 O 117 V 2472 V 564 O 179 V 262 O 2544 V 5032 O 75 V 62 V 170 O 50 O 810 V 753 O 185 T 2621 V 1589 O 963 V 1366 O 447 O 277 V 255 O 143 V 83 V 1371 O 342 C 834 V 170 V 203 O 76 O 264 T 833 X 8841 V 656 O 507 V 1922 O 72 C 966 V 98 V 41 V 207 C 369 O 1285 V 50 O 6 C 6 V 702 O 222 O 348

Week

12-month

High

Low

Last

Change

0.43 0.43 0.42 0.35 24.50 20.26 0.63 1.23 1.02 0.50 0.60 0.17 0.21 0.20 0.23 0.00 0.38 0.33 0.63 0.53 0.08 0.14 0.12 0.00 0.22 0.15 0.11 0.33 0.39 0.10 0.08 0.38 0.47 0.17 0.33 0.28 0.19 0.16 0.06 0.08 4.70 9.27 2.78 3.34 0.38 0.45 0.27 0.33 1.50 0.09 0.11 0.69 1.24 1.47 0.29 0.35 0.00 0.35 0.04 0.31 3.55 0.18 0.45 0.50 0.61 11.30 11.40 0.11 0.13 0.60 0.34 0.20 0.24 2.65 3.12 0.16 1.54 1.87 2.99 4.95 0.61 0.74 3.62 0.13 0.08 0.07 0.13 0.00 0.02 0.12 0.11 0.15 0.18 0.00 0.12 0.10 0.12 0.08 0.07 0.21 0.39 0.33 0.28 0.47 0.74 0.88 0.11 0.13 0.41 4.64 0.13 4.20 3.47 0.66 0.44 0.36 6.54 5.40 0.08 0.07 0.04 0.04 0.50 0.23 0.29 2.05 0.33 0.28 0.19 0.25 0.06 0.03 0.06 0.21 0.67 0.94 0.10 1.41 0.16 0.21 0.86 0.71 0.27 0.27 0.31 0.23 0.27 0.15 0.13 0.59 0.71 4.52 5.24 0.16 0.15 0.78 0.65 0.22 0.26 1.16 1.38 1.34 1.15 0.85 0.76 16.90 13.97 0.01 0.88 0.72 0.15 0.52 0.24 0.06 0.07 0.07 0.80 0.16 0.35 0.10 0.17 0.15 0.18 0.26 0.22 0.07

0.33 0.41 0.39 0.32 20.15 16.70 0.40 1.09 0.90 0.49 0.00 0.16 0.19 0.18 0.21 0.00 0.34 0.28 0.58 0.48 0.05 0.14 0.11 0.00 0.17 0.11 0.09 0.28 0.36 0.09 0.07 0.36 0.43 0.00 0.28 0.23 0.18 0.15 0.06 0.07 4.48 8.91 2.47 3.00 0.32 0.38 0.00 0.29 1.00 0.08 0.10 0.00 1.10 1.33 0.27 0.33 0.00 0.03 0.03 0.31 2.97 0.18 0.39 0.40 0.49 0.00 10.71 0.10 0.12 0.45 0.29 0.16 0.19 1.95 2.35 0.16 1.50 1.81 2.80 4.68 0.59 0.72 3.55 0.12 0.08 0.05 0.13 0.00 0.02 0.12 0.10 0.14 0.17 0.00 0.10 0.09 0.11 0.07 0.05 0.21 0.00 0.31 0.24 0.39 0.68 0.82 0.11 0.13 0.30 4.22 0.00 4.01 3.31 0.66 0.40 0.32 0.00 0.00 0.00 0.00 0.03 0.04 0.38 0.00 0.23 1.95 0.30 0.24 0.00 0.24 0.05 0.00 0.04 0.19 0.00 0.76 0.09 1.23 0.12 0.14 0.76 0.63 0.24 0.23 0.27 0.22 0.24 0.00 0.12 0.54 0.66 4.10 4.95 0.15 0.13 0.65 0.55 0.20 0.24 1.08 1.31 1.25 1.04 0.76 0.65 16.10 13.34 0.01 0.82 0.69 0.13 0.33 0.18 0.05 0.00 0.06 0.63 0.16 0.25 0.07 0.17 0.00 0.00 0.23 0.19 0.05

0.36 + 0.43 + 0.40 unch 0.33 + 22.05 + 18.12 + 0.55 + 1.10 0.90 0.50 0.60 + 0.16 0.19 0.20 + 0.23 + 0.08 unch 0.37 unch 0.30 0.60 + 0.48 0.06 0.14 0.11 0.14 unch 0.20 0.15 + 0.10 0.30 + 0.37 0.09 0.07 0.37 + 0.46 unch 0.17 unch 0.30 + 0.28 + 0.18 0.15 0.06 0.08 + 4.65 unch 9.24 2.68 + 3.26 + 0.34 0.40 0.26 + 0.31 + 1.50 + 0.09 0.11 + 0.15 1.10 1.34 0.28 0.34 0.00 unch 0.28 0.03 0.31 unch 3.40 + 0.18 unch 0.45 + 0.49 + 0.60 + 10.98 10.78 0.11 + 0.13 unch 0.55 + 0.30 0.19 0.23 2.00 2.45 0.16 + 1.50 1.87 + 2.96 + 4.91 + 0.60 0.72 3.61 + 0.12 0.08 unch 0.06 0.13 unch 0.10 unch 0.02 unch 0.12 0.11 0.14 0.17 0.00 0.12 0.09 0.12 + 0.08 0.06 + 0.21 0.35 0.31 0.27 0.43 0.72 0.87 + 0.11 unch 0.13 + 0.32 4.30 0.12 4.08 3.33 0.66 unch 0.41 0.34 6.54 + 5.29 0.08 + 0.06 + 0.03 0.04 + 0.47 + 0.22 0.27 + 1.97 0.32 + 0.26 + 0.19 + 0.24 unch 0.05 unch 0.03 + 0.05 + 0.20 0.67 unch 0.82 0.10 unch 1.29 0.13 + 0.15 unch 0.85 + 0.68 + 0.24 0.24 0.29 0.22 0.26 unch 0.12 0.13 + 0.56 0.67 4.10 5.01 0.16 unch 0.13 0.70 + 0.58 + 0.20 0.25 1.10 1.33 1.28 + 1.06 + 0.78 0.70 + 16.51 + 13.62 + 0.01 + 0.88 + 0.72 + 0.15 unch 0.48 + 0.23 + 0.05 0.07 0.07 + 0.63 0.16 + 0.30 unch 0.09 + 0.17 unch 0.15 unch 0.18 unch 0.25 + 0.21 + 0.06 +

0.01 0.03 0.00 0.00 1.70 1.31 0.15 0.07 0.05 0.00 0.01 0.00 0.02 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.04 0.01 0.00 0.02 0.01 0.01 0.00 0.00 0.00 0.02 0.05 0.01 0.01 0.00 0.01 0.00 0.08 0.02 0.06 0.02 0.04 0.02 0.02 0.50 0.00 0.01 0.55 0.11 0.12 0.01 0.01 0.00 0.16 0.72 0.00 0.41 0.00 0.05 0.09 0.13 0.42 0.71 0.00 0.00 0.10 0.05 0.01 0.01 0.46 0.51 0.01 0.03 0.04 0.10 0.04 0.00 0.02 0.05 0.02 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.05 0.02 0.01 0.04 0.00 0.01 0.00 0.01 0.04 0.31 0.01 0.11 0.13 0.00 0.02 0.02 0.10 0.07 0.01 0.01 0.00 0.01 0.09 0.03 0.04 0.04 0.02 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.08 0.00 0.04 0.00 0.00 0.05 0.01 0.03 0.01 0.02 0.00 0.00 0.03 0.01 0.04 0.05 0.16 0.13 0.00 0.01 0.05 0.05 0.01 0.01 0.03 0.02 0.01 0.01 0.05 0.05 0.34 0.27 0.00 0.06 0.03 0.00 0.14 0.05 0.01 0.01 0.01 0.15 0.01 0.00 0.01 0.00 0.00 0.00 0.02 0.01 0.01

(100s)

High Low

Stock

0.62 0.83 0.86 0.70 31.08 24.00 0.63 1.23 1.02 0.67 0.80 0.38 0.40 0.32 0.25 0.08 0.60 0.47 0.69 0.58 0.11 0.31 0.24 0.29 0.45 0.30 0.22 1.84 2.44 0.21 0.14 0.70 0.87 0.23 0.46 0.28 0.48 0.37 0.09 0.12 4.94 9.48 2.94 3.34 1.52 1.93 0.28 0.35 2.70 0.21 0.27 0.80 1.23 1.49 0.36 0.45 0.00 1.74 2.40 0.35 3.31 0.60 0.50 0.56 0.71 15.00 14.90 0.23 0.23 0.95 0.76 0.52 0.75 2.65 3.12 0.30 2.02 2.70 5.04 5.35 1.14 1.50 4.62 0.35 0.14 0.11 0.18 0.11 0.05 0.16 0.13 0.20 0.22 0.01 0.26 0.14 0.20 0.38 0.32 0.44 0.50 0.35 0.72 0.70 1.30 1.65 0.25 0.36 0.41 5.44 0.20 6.89 5.20 5.10 0.65 0.60 8.32 6.43 0.12 1.10 0.07 0.10 0.87 0.25 0.33 3.85 1.14 0.86 0.20 0.50 0.08 0.05 0.10 0.59 0.67 0.94 1.42 1.90 0.16 0.30 0.94 0.76 0.35 0.32 0.39 0.39 0.51 0.15 0.13 0.74 0.95 6.61 8.40 0.34 0.26 0.78 0.65 0.24 0.29 1.89 2.40 1.84 1.51 2.86 0.88 19.83 14.89 0.02 1.47 1.16 0.17 0.73 0.72 0.07 0.10 0.12 1.81 0.26 0.70 0.30 0.20 0.28 0.35 0.34 0.27 0.07

Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GrowMax Res* GSP Resource GTA Resources* Guanajuato Sil* Guardian Exp Gungnir Res* Gungnir Res Gunpoint Expl* Gunpoint Expl Guyana Goldstr* Guyana Goldstr Handa Mining* Handa Mining Handeni Gold* Hanna Capital Hannan Metals Hannan Metals* Hanstone Gold Happy Ck Mnrls Harfang Explor Harfang Explor* Harmony Gold* Harte Gold Harte Gold* Harvest Gold* Harvest Gold Hawkeye Gld&Di Hawkeye Gld&Di* Hawkmoon Res Headwater Gold Hecla Mining* Heliostar Met* Heliostar Met Hemcare Health* Hemlo Expl* Hemlo Expl Heron Res* Highbank Res HighGold* HighGold Highland Copp* Highland Copp Highway 50 Gld* Highway 50 Gld HiHo Silver* HiHo Silver Hochschild Mg* Honey Badger* Honey Badger Horizonte Mnls HudBay Min* HudBay Min Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hybrid Mineral i-80 Gold i-80 Gold*

V V V O V O V O O V O V O V O V O V O V V O V V V O N T O O V V O C C N O V O O V O V O V O V O V O C O O V T N T V O O V V T O

I-Minerals* I-Minerals IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls * Iconic Mnls Idaho Champion Idaho Champion* IEMR Res IM Exploration iMetal Res* iMetal Res IMPACT Silver Impala Platnm* Imperial Metal Imperial Metal* Imperial Mg Gr* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G* Independence G Indiana Res* Indigo Expl Infinite Ore* Infinite Ore Inflection Res Infrastructure* Inomin Mines Intact Gold* Integra Res Integra Res* Inter-Rock Mnl Intercontinent Intercontinent* Interra Copper* Interra Copper Intl Battery Intl Battery* Intl Bethl Mng Intl Bethl Mng* Intl Cobalt* Intl Cobalt Intl Cons Uran* Intl Cons Uran Intl Lithium Intl Lithium* Intl Millm Mng Intl Prospect Intl Prospect * Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite* Intl Zeolite Intrepid Pots* INV Metals* INV Metals Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Ion Energy* Ion Energy Irving Res* Irving Res IsoEnergy Ltd Itafos Itafos* Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader* Jade Leader Jaeger Res * Jaeger Res Jaguar Mng Jaguar Mng* Japan Gold Japan Gold* Jasper Mining Jaxon Mining* Jaxon Mining Jayden Res* Jayden Res Jazz Res Jervois Mining Jervois Mining* JNC Resources* JNC Resources Josemaria Res Joshua Gold* Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kaizen Discvry* Kalo Gold Kanadario Gold Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenorland Min Kermode Res Kesselrun Res Kesselrun Res*

0.20 0.39 0.39 0.32 7.77 5.78 0.16 0.39 0.22 0.28 0.09 0.14 0.16 0.16 0.11 0.05 0.15 0.10 0.19 0.15 0.02 0.14 0.11 0.05 0.07 0.09 0.06 0.13 0.18 0.07 0.01 0.09 0.12 0.10 0.20 0.23 0.17 0.13 0.04 0.05 1.97 3.90 0.36 0.48 0.04 0.06 0.11 0.14 0.55 0.04 0.07 0.00 0.25 0.35 0.12 0.12 0.00 0.18 0.45 0.21 0.80 0.16 0.15 0.05 0.07 8.00 7.15 0.03 0.05 0.30 0.24 0.08 0.13 1.06 0.76 0.09 1.17 1.50 2.48 3.39 0.50 0.63 2.35 0.11 0.05 0.04 0.09 0.08 0.02 0.07 0.05 0.11 0.15 0.00 0.10 0.02 0.08 0.06 0.00 0.21 0.16 0.24 0.20 0.12 0.31 0.44 0.10 0.12 0.12 1.15 0.08 3.30 2.41 0.00 0.11 0.08 6.00 4.92 0.07 0.04 0.01 0.02 0.11 0.12 0.08 1.46 0.27 0.00 0.18 0.15 0.02 0.01 0.01 0.16 0.66 0.75 0.69 0.90 0.10 0.09 0.12 0.10 0.03 0.09 0.12 0.19 0.24 0.05 0.04 0.23 0.33 4.01 4.95 0.13 0.09 0.20 0.15 0.08 0.06 0.26 0.36 0.11 0.10 0.30 0.35 11.94 8.92 0.00 0.54 0.40 0.06 0.24 0.06 0.04 0.05 0.02 0.22 0.07 0.17 0.05 0.14 0.05 0.07 0.10 0.07 0.03

Exc Volume

Week High

Low

Last

765 0 368 918 546 457 288 0 394 27 169 115 2 4 10 177 0 25 30 165 176 267 29 488 876 6 33602 768 258 36 357 462 30 1132 862 28247 211 257 45 20 97 0 169 117 129 178 264 1 224 311 468 68 861 1252 438 8018 9112 396 451 4 161 133 1398 105

0.08 0.00 0.16 0.35 0.42 0.05 0.44 0.00 0.59 0.14 0.05 0.06 0.54 0.66 0.10 0.12 0.00 0.04 0.10 0.07 0.39 0.35 0.47 0.08 0.40 0.32 4.98 0.12 0.10 0.17 0.22 0.04 0.03 0.11 0.65 9.36 1.00 1.17 1.73 0.28 0.33 0.00 0.02 1.19 1.46 0.12 0.14 0.35 0.42 0.03 0.04 2.75 0.11 0.13 0.13 7.63 9.22 0.16 0.13 0.12 0.11 0.55 2.98 2.50

0.06 0.00 0.13 0.29 0.37 0.00 0.33 0.00 0.56 0.12 0.04 0.00 0.54 0.00 0.00 0.11 0.00 0.04 0.00 0.06 0.36 0.30 0.41 0.07 0.36 0.30 4.60 0.11 0.09 0.15 0.19 0.04 0.00 0.10 0.40 8.72 0.88 1.06 1.69 0.28 0.31 0.00 0.01 1.12 1.35 0.10 0.13 0.35 0.37 0.02 0.03 2.51 0.09 0.12 0.12 6.89 8.34 0.15 0.12 0.04 0.09 0.46 2.61 2.18

0.07 0.14 0.15 0.33 0.38 0.04 0.33 0.00 0.58 0.12 0.05 0.06 0.54 0.66 0.10 0.12 0.02 0.04 0.05 0.07 0.37 0.30 0.47 0.07 0.40 0.30 4.64 0.12 0.09 0.17 0.20 0.04 0.03 0.11 0.42 9.04 0.95 1.15 1.72 0.28 0.31 0.04 0.02 1.18 1.45 0.11 0.13 0.35 0.40 0.03 0.04 2.60 0.11 0.13 0.12 7.18 8.73 0.15 0.12 0.09 0.10 0.54 2.87 2.38

O 13 V 201 T 3857 N 16665 O 3 O 222 V 455 C 322 O 794 V 120 C 74 O 71 V 230 V 479 O 3 T 171 O 21 O 102 V 596 O 53 V 151 O 3143 O 10 V 360 O 4 V 200 O 139 V 416 C 146 O 158 V 190 O 2 V 366 X 683 V 1 V 12 O 1 O 69 C 938 C 71 O 371 V 28 O 25 O 18 C 109 O 92 V 590 V 1134 O 631 V 559 V 118 O 59 O 198607 X 609 T 81 O 19 V 203 N 527 O 5 T 2567 O 170 V 224 V 231 O 8 O 217 V 800 O 429 C 223 V 518 V 78 O 72 O 390 O 831 T 5901 C 13 O 2239 V 90 O 2 V 42 T 1265 O 270 V 268 O 44 V 2 O 130 V 265 O 251 V 313 V 95 V 265 O 1301 O 263 C 526 T 710 O 257 V 1617 V 13 O 110 O 272 V 1355 O 2 V 120 O 769 T 4181 O 1130 V 71 V 17 O 0 V 363 V 68 T 65 V 21 O 452 O 1055147 V 220 V 117 V 2406 O 333

0.03 0.03 4.58 3.79 0.06 0.16 0.20 0.16 0.13 0.03 0.32 0.10 0.11 0.78 18.50 5.03 4.16 0.18 0.21 0.32 0.40 0.02 0.13 0.15 0.06 0.10 0.08 0.10 0.40 0.03 0.11 0.04 4.10 3.41 0.00 0.21 0.18 0.21 0.26 0.60 0.49 0.10 0.08 0.30 0.28 2.20 2.70 0.08 0.07 0.02 0.16 0.14 0.00 1.12 1.36 0.15 0.18 31.95 0.62 0.77 0.14 0.18 0.05 0.04 0.49 0.52 1.57 1.96 3.16 1.70 1.41 0.19 7.52 9.05 0.35 0.04 0.06 0.03 0.05 6.52 5.37 0.39 0.32 0.00 0.06 0.07 0.28 0.35 0.33 0.60 0.50 0.16 0.21 0.96 0.06 0.05 0.74 0.29 0.25 0.30 0.81 0.38 0.66 9.01 7.40 0.35 0.07 0.00 0.59 0.92 0.19 0.73 3.69 0.01 1.25 0.03 0.26 0.21

12-month Change

High Low

unch unch + unch unch unch unch unch unch unch + unch + + unch + unch + + + + unch unch + + + + + + + unch + + unch + + + +

0.00 0.00 0.01 0.01 0.03 0.00 0.08 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.03 0.01 0.00 0.01 0.02 0.01 0.03 0.02 0.46 0.00 0.00 0.02 0.01 0.00 0.00 0.01 0.07 0.12 0.00 0.01 0.02 0.00 0.01 0.00 0.01 0.01 0.04 0.00 0.01 0.04 0.03 0.00 0.00 0.19 0.01 0.01 0.01 0.47 0.50 0.00 0.00 0.01 0.01 0.05 0.25 0.13

0.10 0.20 0.18 0.50 0.51 0.10 0.67 0.00 0.70 0.20 0.08 0.10 0.67 0.93 0.16 0.40 0.04 0.06 0.15 0.16 0.62 0.49 2.94 0.15 0.62 0.39 7.61 0.22 0.16 0.20 0.29 0.05 0.04 0.20 0.65 9.44 1.30 2.25 2.11 0.81 1.11 0.05 0.03 2.44 3.14 0.12 0.15 0.35 0.42 0.21 0.09 4.35 0.21 0.18 0.20 9.60 11.62 0.38 0.29 0.15 0.20 0.75 3.05 2.65

0.04 0.12 0.05 0.13 0.19 0.01 0.16 0.00 0.07 0.10 0.03 0.04 0.40 0.52 0.07 0.09 0.00 0.01 0.01 0.03 0.28 0.21 0.39 0.07 0.24 0.23 2.93 0.10 0.08 0.05 0.07 0.01 0.00 0.10 0.40 2.73 0.10 0.45 0.65 0.25 0.29 0.01 0.01 0.83 1.07 0.02 0.03 0.04 0.06 0.01 0.02 2.22 0.00 0.03 0.06 2.69 3.67 0.08 0.06 0.01 0.04 0.09 2.26 1.90

0.00 0.02 0.00 0.03 4.40 4.50 + 3.64 3.69 0.00 0.06 unch 0.14 0.14 0.17 0.17 0.14 0.16 + 0.11 0.13 + 0.03 0.03 unch 0.27 0.29 0.09 0.10 + 0.11 0.11 + 0.71 0.74 unch 0.00 17.94 4.90 4.92 4.06 4.09 + 0.15 0.15 0.18 0.18 0.29 0.30 + 0.36 0.38 + 0.02 0.02 + 0.11 0.13 + 0.14 0.15 + 0.06 0.06 unch 0.09 0.09 unch 0.06 0.07 0.09 0.09 0.33 0.39 + 0.01 0.01 0.10 0.11 + 0.04 0.04 unch 3.93 4.00 + 3.26 3.31 + 0.00 0.45 unch 0.00 0.21 unch 0.00 0.14 0.17 0.20 + 0.22 0.23 0.54 0.58 + 0.37 0.48 + 0.06 0.10 unch 0.08 0.08 unch 0.17 0.30 + 0.21 0.27 + 1.75 2.15 + 2.13 2.63 + 0.07 0.07 0.06 0.06 0.02 0.02 unch 0.00 0.16 0.12 0.14 + 0.00 0.00 1.05 1.06 1.27 1.29 0.12 0.14 + 0.16 0.17 + 27.68 28.39 0.61 0.62 + 0.73 0.75 unch 0.12 0.14 + 0.15 0.18 + 0.04 0.04 unch 0.04 0.04 unch 0.40 0.40 0.48 0.49 1.35 1.46 1.65 1.75 2.97 3.06 + 1.27 1.68 + 1.04 1.32 + 0.15 0.17 7.10 7.21 8.56 8.76 0.35 0.35 + 0.00 0.03 + 0.05 0.05 0.03 0.03 + 0.04 0.04 6.11 6.26 + 5.06 5.16 + 0.36 0.36 0.30 0.30 0.00 0.08 unch 0.06 0.06 0.00 0.07 unch 0.21 0.24 + 0.00 0.30 + 0.33 0.33 unch 0.54 0.60 + 0.45 0.48 + 0.12 0.15 + 0.15 0.20 + 0.89 0.94 + 0.04 0.05 + 0.04 0.04 0.73 0.74 unch 0.26 0.26 0.19 0.20 0.22 0.26 0.61 0.75 + 0.36 0.36 0.46 0.49 8.00 8.76 + 6.36 7.22 + 0.33 0.34 + 0.00 0.07 + 0.00 0.06 unch 0.43 0.53 unch 0.85 0.85 0.18 0.19 unch 0.00 0.59 3.34 3.53 + 0.00 0.00 + 1.15 1.21 0.03 0.03 0.23 0.24 + 0.00 0.20 +

0.01 0.01 0.03 0.01 0.00 0.02 0.02 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.21 0.05 0.01 0.03 0.03 0.03 0.01 0.00 0.02 0.01 0.00 0.00 0.01 0.01 0.04 0.00 0.01 0.00 0.04 0.01 0.00 0.00 0.06 0.00 0.01 0.06 0.04 0.00 0.00 0.11 0.05 0.34 0.43 0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.02 0.01 0.02 2.67 0.01 0.00 0.00 0.03 0.00 0.00 0.02 0.03 0.10 0.06 0.08 0.41 0.28 0.01 0.05 0.01 0.04 0.00 0.01 0.00 0.01 0.09 0.04 0.02 0.02 0.00 0.00 0.00 0.03 0.04 0.00 0.03 0.00 0.02 0.02 0.01 0.01 0.01 0.00 0.02 0.03 0.03 0.02 0.02 0.07 0.66 0.50 0.01 0.01 0.00 0.00 0.05 0.00 0.01 0.09 0.00 0.05 0.01 0.02 0.04

0.05 0.06 7.07 5.35 0.14 0.30 0.37 0.42 0.30 0.05 0.33 0.19 0.25 1.25 21.00 6.25 4.92 0.90 0.24 0.67 0.86 0.05 0.17 0.23 0.07 0.13 0.19 0.23 0.63 0.14 0.25 0.06 5.90 5.50 0.48 0.26 0.20 0.30 0.35 0.99 0.78 0.12 0.09 0.81 1.08 2.52 2.70 0.16 0.13 0.04 0.23 0.40 0.00 2.27 3.07 0.17 0.22 39.19 0.78 1.11 0.26 0.33 0.05 0.04 1.40 0.67 3.36 4.42 3.49 1.65 1.35 0.30 8.03 9.74 0.42 0.09 0.15 0.04 0.08 11.30 9.30 0.47 0.38 0.21 0.09 0.14 0.28 0.35 0.38 0.61 0.51 1.75 0.30 1.05 0.20 0.18 0.90 0.32 0.41 0.52 2.25 0.96 0.66 8.95 7.35 0.40 0.09 0.06 0.59 1.95 0.33 1.28 3.88 0.01 1.75 0.06 0.47 0.37

0.01 0.03 3.61 2.86 0.02 0.03 0.05 0.13 0.09 0.01 0.06 0.07 0.09 0.55 8.64 1.72 1.31 0.08 0.05 0.20 0.33 0.01 0.04 0.06 0.02 0.06 0.04 0.04 0.27 0.00 0.03 0.03 3.25 2.65 0.28 0.09 0.08 0.07 0.10 0.08 0.05 0.02 0.01 0.05 0.06 0.21 0.26 0.04 0.03 0.01 0.09 0.07 0.00 0.95 1.21 0.03 0.04 7.60 0.27 0.34 0.08 0.10 0.02 0.02 0.13 0.27 1.34 1.71 0.54 0.22 0.16 0.02 2.47 3.36 0.20 0.03 0.05 0.02 0.02 3.05 1.25 0.25 0.18 0.05 0.03 0.05 0.02 0.02 0.20 0.13 0.08 0.08 0.06 0.62 0.02 0.01 0.43 0.04 0.06 0.11 0.31 0.27 0.21 3.44 2.50 0.18 0.03 0.02 0.32 0.13 0.14 0.21 2.25 0.00 0.70 0.02 0.04 0.05

I-J-K

(100s) Stock

Exc Volume

Week High

Kestrel Gold KGL Resources KGL Resources* Kincora Copper* Kincora Copper King Global* King Global Kingfisher Met* Kingfisher Met Kingman Min* Kingman Min Kings Bay Res Kingsmen Res Kingsmen Res* Kinross Gold Kinross Gold* Kintavar Exp Kiplin Metals Kiplin Metals* Kirkland Lake Kirkland Lake* Klondike Gold Klondike Gold* Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kootenay Zinc* Kore Mining Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

V V O O V O V O V O V V V O T N V V O T N V O O V O O V O V C O V O C O C O

691 81 3 10 200 184 1131 156 622 183 686 15 7 1 14069 39442 1209 38 7 2862 4870 323 371 847 2033 118 19 2660 679 939 1206 4 1970 147 567 575 3614 134

0.16 0.22 0.19 0.25 0.30 0.07 0.09 0.46 0.55 0.06 0.08 0.15 0.15 0.12 9.68 8.02 0.19 0.50 0.36 53.10 43.90 0.22 0.19 0.08 0.09 1.68 0.34 0.41 0.26 0.31 0.06 0.05 0.84 0.45 2.13 1.78 0.03 0.03

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lakewood Expl Lakewood Expl* Lara Expl Laramide Res Laredo Res* Largo Res* Largo Res Lasalle Explor* Lasalle Explor Latin Metals Latin Metals* Laurion Mnl Ex Laurion Mnl Ex* Le Mare Gold* Le Mare Gold Leading Edge* Leading Edge Leeta Gold Legion Metals Leo Res* Leocor Gold Leocor Gold* Lepanto Con Mg* Leviathan Gold Leviathan Gold* Libero Copper Libero Copper* Liberty Gold* Liberty One Li Liberty One Li* Lida Resources* Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi Lithium Energi* Lithium South* Lithoquest Res* Lithoquest Res LKA Gold* Lode-Star Mg* Lomiko Mtls* Lomiko Mtls Loncor Res* Loncor Res Lone Star Gold* Los Andes* Los Andes Lovitt Res Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lydian Intl* Lynas Corp* Lynas Corp*

O V O O T O C O V T O D T O V V O V O O V O V V C O C O O V O V O O V O O V V O T N V O O V O O O V O O O V O T O O V V T O V O V O V V T O T O V O O O

2459 8135 446 67 1069 4132 146 4 206 1777 2079 725 582 1 577 212 0 1047 52 10 344 308 248 9663 676 1 401 180 11 527 141 665 238 1220 12 7 54 140 778 1003 2220 10506 951 516 1802 50 10 463 242 724 67 52 5549 4470 2 238 27 0 30 148 776 37 349 16 57 343 406 240 650 684 12084 12 127 99 440 475

1.50 1.83 0.27 40.59 49.38 0.23 0.60 0.48 0.85 0.57 0.01 15.98 19.38 0.14 0.19 0.15 0.00 0.67 0.57 0.10 0.13 0.22 0.26 3.08 0.24 0.06 0.83 0.69 0.00 0.49 0.65 0.84 0.70 1.50 0.60 0.51 0.03 0.25 1.23 1.02 20.15 16.71 0.43 0.35 0.36 0.18 0.16 0.42 0.11 0.14 0.13 0.12 0.15 0.17 0.66 0.82 1.50 0.00 7.50 0.21 0.82 0.07 0.08 0.38 0.49 0.66 0.80 0.85 11.71 11.17 13.24 0.04 0.07 0.03 4.57 4.55

Macarthur Min Macarthur Min* MacDonald Mns* MacDonald Mns Madoro Metals Madoro Metals* MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Mining Magna Terra* Magna Terra Magnum Goldco Majestic Gold* Majestic Gold Major Precious* Major Precious Makara Mining Makara Mining* Makena Res* Mako Mining* Mako Mining Mammoth Res * Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Mangazeya Mng* Manitou Gold * Manitou Gold Manning Vent Mansa Explor Mantaro Silver Maple Gold* Maple Gold Marathon Gold* Marathon Gold Margaret Lake* Margaret Lake Marifil Mines* Marifil Mines Marimaca Cop* Marimaca Cop Maritime Res MartinMarietta* Marvel Discov* Marvel Discov Mas Gold Mascota Res* Masivo Silver* Masivo Silver Mason Graphite* Mason Graphite Matachewan Con Matica Ent Matmown* Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent*

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

182 38 701 1370 62 503 1245 9 303 117 218 25 215 166 34 305 165 3774 87 30 275 280 956 52 1990 295 40 793 763 99 270 61 772 518 711 5957 1355 1136 441 2726 15 1209 91 476 5 217 1099 1679 410 1717 375 0 43 730 472 1185 19 737 44 476 2382 75 168 398 22

0.44 0.38 0.05 0.07 0.11 0.10 28.62 0.95 1.05 0.91 0.55 0.13 0.19 0.07 0.07 0.07 0.37 0.45 0.33 0.27 1.05 0.36 0.43 0.15 0.18 3.68 3.00 0.37 0.44 0.09 0.06 0.08 0.09 0.20 0.20 0.55 0.42 0.48 2.90 3.48 0.06 0.08 0.05 0.07 3.75 4.70 0.22 362.77 0.12 0.15 0.13 0.00 0.10 0.13 0.61 0.74 0.22 0.05 0.03 7.14 5.91 0.23 0.28 0.25 0.06

Low

Last

12-month Change

0.13 0.14 0.21 0.21 0.19 0.19 unch 0.22 0.25 + 0.00 0.30 + 0.06 0.07 + 0.07 0.08 0.39 0.44 + 0.47 0.51 0.06 0.06 0.07 0.08 + 0.00 0.15 + 0.00 0.15 0.12 0.12 9.37 9.52 7.73 7.81 0.16 0.17 unch 0.40 0.50 + 0.00 0.33 + 51.15 52.43 + 42.31 43.15 + 0.21 0.22 + 0.17 0.17 0.05 0.06 0.07 0.08 1.52 1.62 unch 0.32 0.33 + 0.38 0.39 0.24 0.24 0.29 0.30 unch 0.05 0.05 0.00 0.04 + 0.76 0.81 + 0.39 0.42 1.70 1.88 1.40 1.54 0.03 0.03 unch 0.02 0.03 unch

High Low

0.01 0.02 0.00 0.03 0.03 0.00 0.01 0.02 0.01 0.01 0.01 0.02 0.02 0.00 0.13 0.17 0.00 0.08 0.03 0.74 0.33 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.02 0.08 0.09 0.00 0.00

0.24 0.60 0.44 0.29 0.54 0.09 0.12 0.50 0.80 0.18 0.24 0.30 0.24 0.15 13.59 10.32 0.19 0.45 0.37 76.43 57.69 0.39 0.29 0.26 0.34 2.51 0.37 0.54 0.46 0.54 3.00 0.22 2.01 4.09 3.13 2.47 0.04 0.03

0.02 0.10 0.00 0.15 0.18 0.00 0.03 0.38 0.40 0.06 0.07 0.05 0.11 0.09 7.75 5.88 0.07 0.11 0.01 40.07 31.72 0.19 0.14 0.02 0.03 0.24 0.11 0.14 0.18 0.24 0.05 0.04 0.62 0.08 1.09 0.83 0.01 0.00

+ + + + + unch + + + unch unch unch + + + + + + unch + unch unch + + + + + + unch + + + + + unch unch + + + + unch + + unch + + +

0.06 0.12 0.03 2.15 2.81 0.00 0.05 0.00 0.03 0.03 0.00 0.08 0.23 0.00 0.01 0.00 0.00 0.06 0.06 0.02 0.03 0.03 0.02 0.09 0.00 0.00 0.00 0.00 0.00 0.02 0.02 0.13 0.11 0.01 0.01 0.10 0.00 0.02 0.02 0.01 1.17 1.05 0.01 0.00 0.05 0.03 0.02 0.04 0.00 0.00 0.03 0.04 0.01 0.01 0.08 0.08 0.01 0.00 0.30 0.00 0.03 0.00 0.01 0.09 0.01 0.00 0.02 0.00 0.06 0.07 0.05 0.00 0.01 0.01 0.21 0.20

1.50 1.83 0.95 40.27 48.75 0.50 0.57 0.48 1.02 0.60 0.09 18.71 22.96 0.18 0.23 0.24 0.18 0.75 0.61 0.13 0.19 0.35 0.45 7.25 0.42 0.50 1.00 0.69 0.01 0.99 0.65 1.08 0.73 1.82 0.90 1.00 0.20 0.28 2.66 2.00 36.60 28.75 1.15 0.89 1.22 0.33 0.26 0.92 0.11 0.14 0.20 0.28 0.22 0.28 0.97 1.16 2.33 8.55 11.11 0.60 1.00 0.54 0.27 0.48 0.63 0.91 1.19 1.08 13.00 13.11 16.07 0.07 0.08 0.07 5.37 5.31

0.17 0.20 0.00 16.66 22.45 0.02 0.25 0.26 0.62 0.20 0.00 12.91 7.70 0.10 0.08 0.07 0.05 0.14 0.09 0.03 0.04 0.08 0.11 0.30 0.17 0.00 0.35 0.44 0.00 0.36 0.21 0.35 0.32 0.92 0.43 0.01 0.02 0.10 1.14 0.91 5.31 3.89 0.12 0.09 0.09 0.06 0.05 0.17 0.03 0.03 0.04 0.05 0.01 0.03 0.35 0.47 0.51 2.66 2.50 0.09 0.45 0.04 0.06 0.18 0.26 0.54 0.72 0.57 9.11 4.45 6.25 0.01 0.02 0.00 1.17 1.20

0.42 0.44 + 0.35 0.38 + 0.05 0.05 + 0.06 0.06 unch 0.11 0.11 0.09 0.09 unch 26.28 28.46 + 0.00 0.95 unch 0.98 1.04 0.81 0.86 0.50 0.54 + 0.13 0.13 unch 0.17 0.18 + 0.05 0.05 0.05 0.05 0.06 0.07 unch 0.00 0.34 + 0.36 0.38 0.30 0.33 + 0.25 0.25 0.97 0.98 0.33 0.33 0.38 0.41 0.13 0.15 + 0.16 0.17 unch 2.96 3.62 + 2.53 2.97 + 0.30 0.33 + 0.39 0.41 + 0.07 0.09 + 0.06 0.06 unch 0.07 0.07 0.00 0.08 0.18 0.18 0.19 0.19 0.43 0.54 + 0.31 0.34 0.39 0.41 2.55 2.81 + 3.08 3.41 + 0.06 0.06 unch 0.06 0.07 + 0.04 0.05 0.05 0.06 3.69 3.69 + 4.45 4.53 + 0.21 0.22 + 349.88 352.68 + 0.06 0.11 + 0.10 0.13 + 0.11 0.13 + 0.00 3.24 unch 0.09 0.10 0.10 0.10 + 0.50 0.61 0.63 0.73 + 0.21 0.21 + 0.04 0.05 + 0.03 0.03 + 6.74 6.78 5.54 5.60 0.22 0.22 0.27 0.27 0.21 0.24 + 0.04 0.06 +

0.02 0.02 0.00 0.00 0.02 0.00 1.79 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.19 0.05 0.02 0.01 0.05 0.01 0.01 0.01 0.00 0.64 0.47 0.01 0.02 0.02 0.00 0.01 0.01 0.01 0.01 0.02 0.05 0.05 0.23 0.30 0.00 0.01 0.01 0.02 0.02 0.05 0.01 0.91 0.02 0.03 0.02 0.00 0.00 0.03 0.11 0.11 0.03 0.01 0.02 0.26 0.26 0.00 0.01 0.02 0.01

0.70 0.54 0.10 0.15 0.20 0.14 31.21 1.66 1.89 1.46 0.65 0.18 0.48 0.11 0.07 0.08 2.00 0.82 1.65 1.27 1.75 0.50 0.54 0.39 0.21 3.64 3.00 0.85 1.11 0.12 0.09 0.10 0.13 0.72 0.22 0.57 0.42 0.56 2.88 3.47 0.09 0.13 0.08 0.11 4.55 5.85 0.24 383.71 0.13 0.15 0.25 3.25 0.12 0.25 0.94 1.19 0.27 0.09 0.10 7.78 6.40 0.44 0.57 0.55 0.09

0.15 0.10 0.04 0.05 0.09 0.06 15.34 0.60 0.82 0.62 0.40 0.09 0.11 0.04 0.03 0.04 0.15 0.13 0.27 0.24 0.22 0.19 0.25 0.00 0.03 1.17 0.74 0.06 0.08 0.06 0.04 0.02 0.04 0.06 0.08 0.43 0.06 0.08 0.65 1.50 0.02 0.03 0.02 0.04 1.20 1.49 0.09 188.24 0.03 0.04 0.06 1.40 0.01 0.03 0.11 0.15 0.12 0.02 0.00 5.31 3.90 0.18 0.23 0.09 0.04

L 1.15 1.38 0.23 38.04 45.80 0.20 0.50 0.48 0.00 0.50 0.01 14.77 17.85 0.14 0.17 0.15 0.00 0.61 0.51 0.08 0.10 0.16 0.21 2.61 0.22 0.05 0.76 0.64 0.00 0.43 0.37 0.64 0.53 1.34 0.00 0.34 0.00 0.19 1.14 0.94 18.00 14.79 0.37 0.30 0.29 0.00 0.10 0.35 0.00 0.12 0.07 0.08 0.11 0.14 0.58 0.70 1.21 0.00 7.02 0.21 0.72 0.06 0.07 0.38 0.00 0.62 0.74 0.75 11.17 10.12 12.49 0.04 0.00 0.01 4.00 3.99

1.30 1.61 0.24 40.59 49.27 0.21 0.60 0.48 0.76 0.56 0.01 15.71 19.19 0.14 0.18 0.15 0.12 0.67 0.55 0.10 0.13 0.21 0.24 2.90 0.23 0.05 0.79 0.66 0.00 0.44 0.38 0.68 0.55 1.39 0.56 0.36 0.03 0.22 1.19 0.97 18.19 14.99 0.40 0.32 0.36 0.14 0.16 0.35 0.11 0.13 0.07 0.08 0.12 0.15 0.66 0.81 1.29 6.89 7.20 0.21 0.80 0.06 0.07 0.38 0.49 0.65 0.80 0.84 11.53 10.59 12.91 0.04 0.07 0.01 4.43 4.41

WWW.NORTHERNMINER.COM

JUNE 21–JULY 4, 2021 / THE NORTHERN MINER

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

Exc Volume

Week Low

0.06 0.08 + 0.38 0.38 unch 1.57 1.61 + 0.17 0.18 + 1.04 1.09 + 1.71 1.97 + 1.41 1.62 + 0.07 0.08 0.58 0.59 2.12 2.34 + 0.33 0.34 0.27 0.29 0.81 1.01 + 0.63 0.63 unch 0.00 0.04 + 0.05 0.06 + 0.00 0.00 0.27 0.29 + 0.23 0.24 + 0.32 0.35 0.27 0.29 + 0.05 0.05 0.07 0.07 0.41 0.45 + 0.33 0.39 + 0.58 0.58 0.00 0.49 0.12 0.12 unch 0.00 0.12 unch 0.05 0.05 unch 0.05 0.06 + 0.00 0.06 0.60 0.62 + 0.47 0.52 + 0.27 0.27 0.21 0.23 0.02 0.02 0.48 0.50 0.10 0.10 unch 0.13 0.13 2.70 2.70 2.48 2.48 0.14 0.15 0.17 0.18 0.19 0.21 0.29 0.32 + 0.08 0.09 + 0.06 0.06 unch 0.04 0.05 unch 0.00 0.27 0.70 0.72 unch 0.26 0.30 + 0.31 0.31 + 0.36 0.37 + 2.21 2.38 2.74 2.85 0.54 0.64 + 0.07 0.07 0.09 0.09 + 0.38 0.42 0.31 0.35 0.41 0.42 0.50 0.50 0.56 0.57 0.68 0.69 0.08 0.09 0.06 0.07 0.00 0.22 0.16 0.18 + 0.20 0.22 + 0.00 38.98 + 0.00 0.00 0.07 0.07 unch 0.00 0.06 + 0.04 0.04 0.00 0.00 + 0.24 0.29 + 0.07 0.07 unch 0.57 0.69 + 0.10 0.12 0.52 0.56 + 0.11 0.12 + 0.12 0.14 + 0.07 0.09 + 0.09 0.11 + 0.69 0.74 + 0.82 0.89 + 0.39 0.40 0.32 0.33 0.22 0.23 0.00 0.18 0.91 0.91 0.75 0.75 0.00 0.03 unch 0.00 0.02 unch 0.17 0.18 0.20 0.21 0.00 0.17 + 0.12 0.13 + 0.49 0.51 + 0.20 0.21 0.15 0.17 34.41 34.59 0.18 0.18 + 0.16 0.17 0.20 0.21 + 0.45 0.53 + 0.37 0.43 + 0.37 0.52 + 0.16 0.16 0.19 0.20 0.09 0.10 + 0.31 0.31 unch 0.08 0.11 + 0.06 0.10 +

MaxTech Vent Maxwell Res* Mayfair Gold Mazarin McChip Res McEwen Mng McEwen Mng* McLaren Res MDN Inc* Mechel* Medallion Res Medallion Res* Medaro Mining Medaro Mining* Medgold Res* Medgold Res Medinah Mnrls* Mega Uranium Mega Uranium* MegaWatt Lith MegaWatt Lith* MegumaGold* MegumaGold Melkior Res Melkior Res* Meridian Mg Meridian Mg * Meryllion Res* Meryllion Res MetalCorp* MetalCorp Metalex Vent Metallic Mnrls Metallic Mnrls* Metallica Met Metallica Met* Metallica Min* Metallis Res Metallum Res Metalo Manuf Metalore Res Metalore Res* Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* MGX Minerals MGX Minerals* Mich Resources Midland Expl Midnight Star Midnight Sun* Midnight Sun Millennial Lit* Millennial Lit Millennial Pr Millrock Res* Millrock Res Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL Minera IRL* Mineral Hill Mineral Mtn* Mineral Mtn Mineral Res* MineralRite* Mineworx Tech Minfocus Expl Minfocus Expl* Mining Global* Minnova Corp Minsud Res Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Monarca Mnrls* Monarca Mnrls Monarch Min* Monarch Mining Moneta Porcpn Moneta Porcpn* Monitor Vent Monitor Vent* Montage Gold Montage Gold* Montego Res Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Monumental Gld Morien Res Morien Res* Mosaic* Mosaic Min Mountain Boy* Mountain Boy Mountain Prov Mountain Prov* MPV Explor Mundoro Cap* Mundoro Cap Murchison Min Musgrave Min* Musk Metals Musk Metals*

C 899 O 15 V 203 V 21 V 14 T 1998 N 37592 C 204 O 55 N 3889 V 232 O 706 C 398 O 4 O 109 V 709 O 39789 T 985 O 450 C 2110 O 219 O 696 C 2253 V 78 O 27 V 1551 O 87 O 0 C 1 O 10 V 536 V 93 V 729 O 720 C 378 O 190 O 73 V 136 V 365 C 23 V 2 O 1 O 57 V 246 O 309 V 317 O 774 C 529 O 207 C 34 V 158 C 747 O 71 V 583 O 99 V 103 V 566 O 941 V 416 V 4154 O 2449 O 25 T 60 O 850 V 790 C 457 O 92 V 86 O 38 V 214 O 1 O 308594 V 720 V 331 O 182 O 1316783 V 783 V 11 V 479 C 1247 V 82 O 111 V 626 O 397 V 1504 O 322 T 1410 T 2167 O 1980 V 27 O 6 V 299 O 16 C 5 C 322 O 221 V 538 V 127 O 60 V 24 V 122 O 203 N 20751 C 84 O 21 V 233 T 817 O 289 C 698 O 325 V 65 V 775 O 14 C 4981 O 272

0.08 0.38 1.67 0.19 1.09 2.00 1.66 0.09 0.66 2.40 0.41 0.35 1.01 0.63 0.05 0.06 0.00 0.30 0.25 0.36 0.29 0.06 0.08 0.49 0.39 0.68 0.57 0.12 0.00 0.05 0.06 0.07 0.66 0.55 0.30 0.25 0.03 0.54 0.11 0.16 3.00 2.48 0.16 0.18 0.21 0.33 0.09 0.06 0.05 0.28 0.75 0.33 0.33 0.40 2.44 2.98 0.64 0.07 0.09 0.50 0.41 0.44 0.54 0.60 0.72 0.10 0.09 0.24 0.18 0.22 38.98 0.00 0.08 0.06 0.05 0.00 0.31 0.07 0.69 0.13 0.59 0.12 0.15 0.09 0.11 0.75 0.91 0.42 0.34 0.23 0.18 0.95 0.79 0.03 0.02 0.21 0.24 0.17 0.14 0.52 0.22 0.18 36.62 0.19 0.17 0.23 0.55 0.45 0.55 0.18 0.21 0.10 0.31 0.13 0.10

NA Frac Sand* NACCO Ind* Namibia Crit Namibia Crit* Napier Vent* Natural Res Pt* Nautilus Mnrls* Navis Res Corp* Neo Lithium Neometals* Network Expl* Network Expl Nevada Canyon* Nevada Copper Nevada Expl * Nevada Expl Nevada King* Nevada King Nevada Silver Nevada Sunrise Nevada Sunrise* Nevada Zinc New Age Metals* New Age Metals New Carolin Gd* New Carolin Gd New Destiny Mg New Destiny Mg* New Energy Met* New Energy Met New Found Gold New Gold New Gold* New Guinea Gld* New Jersey Mng* New Klondike* New Oroperu New Pac Metals New Pac Metals* New Placer New Placer* New Stratus New Target Mng New Tech Min* New Tech Min New World Res* Newcore Gold Newcore Gold* Newcrest Mg Newcrest Mg* Newlox Gold Newmont Corp* Newmont Corp Neworigin Gold* Neworigin Gold Newport Expl Newport Gold* NewRange Gold* NewRange Gold Nexa Resources

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

0.01 28.30 0.40 0.35 0.04 20.75 0.01 1.75 3.13 0.46 0.68 0.84 0.80 0.26 0.13 0.15 1.50 0.72 0.32 0.10 0.09 0.13 0.14 0.17 0.04 0.06 0.08 0.08 0.08 0.10 13.50 2.67 2.20 0.01 0.36 0.00 2.10 6.65 5.50 0.16 0.14 0.35 0.28 0.04 0.05 2.84 0.74 0.61 26.53 22.40 0.30 71.72 86.55 0.15 0.19 0.45 0.01 0.15 0.17 13.98

Last

12-month

High

Change

Stock

0.02 0.00 0.02 0.01 0.07 0.23 0.18 0.01 0.06 0.11 0.03 0.01 0.18 0.00 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.05 0.03 0.09 0.08 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.00 0.03 0.10 0.00 0.01 0.01 0.01 0.04 0.00 0.00 0.00 0.01 0.00 0.04 0.00 0.01 0.06 0.08 0.04 0.00 0.01 0.04 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.04 0.01 0.01 1.73 0.00 0.00 0.01 0.01 0.00 0.03 0.00 0.10 0.01 0.06 0.01 0.02 0.00 0.01 0.01 0.03 0.02 0.01 0.01 0.00 0.04 0.05 0.00 0.00 0.02 0.03 0.01 0.00 0.01 0.01 0.02 1.45 0.02 0.00 0.01 0.07 0.05 0.09 0.01 0.01 0.01 0.00 0.03 0.02

0.12 1.26 2.15 0.20 1.07 2.02 1.66 0.18 2.00 2.57 0.75 0.59 1.00 0.63 0.08 0.11 0.01 0.30 0.26 1.17 0.90 0.16 0.21 1.24 1.00 0.79 0.65 0.12 0.20 0.08 0.11 0.13 1.30 0.94 0.57 0.45 0.04 0.64 0.20 0.30 3.65 2.62 0.20 0.21 0.27 0.59 0.15 0.15 0.11 0.40 1.13 0.71 0.40 0.42 4.16 5.25 0.74 0.23 0.32 0.85 0.67 0.60 0.80 0.63 0.78 0.25 0.18 0.28 0.27 0.34 37.29 0.00 0.18 0.10 5.00 0.00 0.60 0.10 0.66 0.41 0.59 0.12 0.16 0.20 0.30 0.90 1.31 0.48 0.38 0.45 0.37 1.27 0.85 0.06 0.10 0.75 0.95 0.21 0.16 0.65 0.25 0.21 38.23 0.19 0.52 0.69 0.82 0.64 1.35 0.27 0.35 0.11 0.60 0.26 0.18

0.05 0.01 1.55 0.05 0.40 1.15 0.85 0.04 0.26 1.29 0.10 0.07 0.45 0.63 0.03 0.04 0.00 0.07 0.05 0.20 0.17 0.05 0.06 0.37 0.31 0.09 0.14 0.00 0.05 0.01 0.02 0.02 0.37 0.27 0.12 0.01 0.01 0.23 0.08 0.08 1.95 1.42 0.03 0.05 0.05 0.18 0.04 0.05 0.03 0.15 0.70 0.12 0.10 0.13 0.71 0.97 0.48 0.07 0.09 0.34 0.25 0.32 0.41 0.32 0.45 0.08 0.06 0.13 0.13 0.18 16.93 0.00 0.05 0.03 0.01 0.00 0.14 0.05 0.33 0.09 0.08 0.06 0.09 0.03 0.04 0.59 0.59 0.12 0.09 0.17 0.12 0.65 0.54 0.01 0.01 0.04 0.06 0.07 0.00 0.30 0.13 0.10 11.51 0.05 0.13 0.16 0.26 0.20 0.30 0.08 0.11 0.06 0.22 0.06 0.00

0.00 1.69 0.00 0.02 0.00 0.87 0.00 0.03 0.01 0.03 0.15 0.20 0.05 0.00 0.00 0.01 0.04 0.05 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.00 0.01 0.63 0.07 0.06 0.00 0.01 0.00 0.30 0.19 0.13 0.01 0.00 0.01 0.09 0.01 0.00 0.24 0.10 0.08 0.40 0.27 0.03 1.14 0.76 0.00 0.03 0.02 0.00 0.01 0.01 0.22

0.03 30.71 0.43 0.40 0.12 20.75 0.04 5.00 3.88 0.61 1.62 2.05 4.00 0.32 0.19 0.25 1.50 0.84 0.53 0.31 0.25 0.18 0.19 0.24 0.09 0.11 0.11 0.08 0.17 0.12 13.50 3.05 2.40 0.01 0.60 0.00 3.59 9.02 5.84 0.95 0.80 0.62 0.25 0.10 0.15 4.07 0.92 0.70 31.25 26.42 0.40 75.31 95.65 0.29 0.40 0.60 0.08 0.31 0.43 14.92

0.00 17.95 0.15 0.10 0.00 9.56 0.00 0.92 0.45 0.05 0.16 0.21 0.11 0.06 0.08 0.12 0.20 0.27 0.28 0.04 0.03 0.04 0.03 0.05 0.03 0.04 0.04 0.00 0.01 0.03 1.24 1.44 1.05 0.00 0.20 0.00 1.74 4.78 5.17 0.15 0.05 0.03 0.17 0.02 0.03 0.36 0.41 0.44 22.40 17.81 0.05 53.16 68.76 0.09 0.12 0.31 0.00 0.08 0.10 6.78

Nexa Resources* Nexgen Energy* Nexgen Energy NextSource Mat Nexus Gold* Nexus Gold NGEx Minerals NGEx Minerals* Nickel 28 Nickel 28* Nickel Creek* Nickel Creek Nickel North Nickel Rock* Nickel Rock Nicola Mg Inc* Nicola Mg Inc Nighthawk Gold Nighthawk Gold* Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Nobel29 Res Noble Metal * Noble Metal Noble Mineral Noble Mineral* Noram Vent* Noram Vent Noranda Alum* Norilsk Nickel* Noront Res* Noront Res Norra Metals Norse Gold Norseman Silv Norsemont Cap* Norsemont Cap Nortec Mnls* Nortec Mnls North Am Nickl North Am Nickl* North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res* North Peak Res Northcliff Res Northern Light Northern Light* Northern Uran Northisle C&G Northisle C&G * Northstar Gold Northstar Gold* Northwest Cop* Northwest Cop Norvista Cap NorZinc NorZinc* Nouveau Monde Nouveau Monde* NovaGold Res NovaGold Res* Novo Res NovX21* NQ Minerals Pl* Nrthn Graphite Nrthn Graphite* Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* Nrthn Vertex* Nrthn Vertex NSGold NSJ Gold NSS Res Inc Nthn Dynasty* Nthn Dynasty Nthrn Sphere* Nubian Res Nuinsco Res Nuinsco Res* NuLegacy Gold NuLegacy Gold* Nutrien* Nutrien NV Gold* NV Gold O.T. Mining* O2Gold O3 Mining OceanaGold OceanaGold* Oceanic Iron O Oceanic Iron O* Oceanus Res Oceanus Res* Odyssey Res Olivut Res* Olivut Res Omai Gold Omineca Mining Omineca Mining* One World Lith One World Lith* Opawica Expl Opawica Expl* Ophir Gold Ophir Gold* Optimum Vent* Optimum Vent Optimus Gold Opus One Gold Opus One Gold* Orbite Tech* Orca Gold* Orca Gold Orea Mining* Orea Mining Orefinders Res Orestone Mng Orex Mnrls Orex Mnrls* Orezone Gold* Orezone Gold Orford Mining OrganiMax Origen Res Original Sixtn* Orla Mining Oroco Res* Oroco Res Orocobre Orosur Mng Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls* Osino Res* Osino Res Osisko Dev* Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Otso Gold* Otso Gold Outback Gold* Outback Gold Outcrop S&G Outcrop S&G* OZ Minerals*

N 631 X 5772 T 8203 T 417 O 290 V 5422 V 264 O 16 V 576 O 447 O 388 T 487 V 158 O 1546 V 2309 O 40 V 1116 T 811 O 198 V 246 V 63 T 607 O 1263 V 1278 O 64 V 674 O 20 V 335 V 442 O 61 O 24 V 184 O 73 O 174 O 117 V 3626 V 1076 V 1104 V 137 O 139 C 275 O 730 V 1237 V 47 O 45 O 0 V 485 O 225635 O 51 V 175 T 287 C 781 O 420 V 202 V 201 O 47 C 678 O 87 O 25 V 678 V 457 T 1790 O 492 V 294 N 187 T 619 X 3498 T 820 O 140 O 40 V 754 O 458 V 101 O 205 V 1393 V 127 O 161 O 836 V 1110 V 18 C 65 C 145 X 28643 T 2334 O 8 V 102 C 6790 O 1408 V 4291 O 2818 N 10811 T 4571 O 673 V 523 O 12 V 137 V 59 T 2663 O 28 V 218 O 21 V 692 O 182 V 115 O 236 V 107 V 1262 V 297 O 400 C 496 O 426 V 220 O 49 V 335 O 306 O 0 V 53 V 12 V 200 O 1302 O 81 O 563 V 631 O 1019 T 2107 V 953 V 606 V 205 O 182 O 626 V 3767 V 54 V 249 C 462 O 65 T 1296 O 786 V 823 T 199 T 58 V 45 O 1 T 235 O 27 O 104 V 481 O 27 N 2477 T 1086 O 24 V 309 T 2885 O 265 V 1702 O 5 C 1568 V 1271 O 958 O 0

P2 Gold* P2 Gold Pac Bay Mnrls* Pac Bay Mnrls Pac Booker Min Pac Booker Min* Pac Imperial Pac Ridge Expl Pac Ridge Expl* Pac Wildcat* Pacific Empire* Pacific Empire Pacific Silk Pacific Silk* Pacton Gold Paladin Energy*

O V O V V O V V O O O V V O V O

N-O 8264 100 161 278 80 103 1413 12 1577 152 53 1047 1 3307 434 858 1180 940 234 84 406 581 515 1409 69 239 121 8 16 69 1420 6009 27565 1073 713 0 50 273 377 324 369 108 80 1 210 71 2204 191 4 8 1762 25067 653 105 495 919 182 293 707 2

0.01 26.00 0.36 0.30 0.01 19.69 0.00 1.41 2.80 0.40 0.49 0.58 0.75 0.24 0.11 0.14 0.51 0.63 0.28 0.10 0.07 0.12 0.12 0.15 0.04 0.05 0.00 0.05 0.00 0.00 12.30 2.45 2.00 0.00 0.28 0.00 1.90 6.31 5.22 0.16 0.13 0.33 0.20 0.04 0.05 2.58 0.61 0.50 26.00 20.82 0.26 69.89 84.46 0.15 0.16 0.43 0.01 0.12 0.15 13.89

0.01 28.11 0.37 0.30 0.01 20.75 0.01 1.41 2.87 0.40 0.66 0.84 0.80 0.25 0.12 0.14 0.54 0.64 0.30 0.10 0.09 0.12 0.13 0.16 0.04 0.05 0.07 0.05 0.08 0.10 12.35 2.63 2.18 0.00 0.34 0.00 1.90 6.58 5.45 0.16 0.13 0.35 0.28 0.04 0.05 2.84 0.71 0.60 26.25 21.52 0.26 70.31 85.53 0.15 0.16 0.45 0.01 0.14 0.16 13.89

+ unch unch + + + + + unch + + unch + unch + + + + + unch + + + + unch + + + + unch + + + + +

(100s)

High Low

Exc Volume

(100s) Stock

Week

12-month

High

Low

Last

Change

11.90 4.99 6.07 3.61 0.05 0.06 0.84 0.63 1.05 2.00 0.10 0.12 0.05 0.11 0.13 0.12 0.14 1.30 1.05 0.79 0.13 1.35 1.15 0.03 0.02 0.50 0.02 0.02 0.14 0.12 0.46 0.55 0.05 36.74 0.28 0.34 0.10 0.09 0.39 0.55 0.68 0.02 0.03 0.26 0.22 0.08 0.14 0.00 0.79 0.95 0.06 0.07 0.05 0.02 0.33 0.27 0.40 0.34 0.67 0.82 0.13 0.09 0.07 14.79 12.34 12.29 10.17 2.68 0.00 0.04 0.56 0.46 0.43 0.21 0.10 1.30 1.11 0.34 0.41 0.29 0.23 0.16 0.59 0.70 0.02 0.45 0.03 0.02 0.15 0.12 65.93 79.67 0.31 0.37 0.10 0.25 2.75 2.63 2.07 0.22 0.19 0.72 0.59 0.04 0.06 0.07 0.19 0.24 0.19 0.12 0.10 0.62 0.52 0.21 0.18 0.00 0.45 0.31 0.05 0.04 0.00 0.57 0.69 0.08 0.09 0.10 0.08 0.16 0.13 1.39 1.70 0.18 0.29 0.43 0.24 5.80 2.92 3.49 6.49 0.27 0.24 0.19 0.44 0.35 1.33 1.52 6.15 14.86 17.93 0.41 0.51 3.46 0.09 0.10 0.40 0.53 0.35 0.31 0.00

10.00 4.72 5.72 3.04 0.05 0.06 0.70 0.00 0.91 0.75 0.08 0.10 0.04 0.09 0.11 0.10 0.13 1.13 0.92 0.71 0.12 1.23 1.00 0.02 0.00 0.38 0.01 0.02 0.13 0.11 0.40 0.51 0.00 35.76 0.26 0.31 0.09 0.07 0.35 0.49 0.60 0.02 0.03 0.00 0.00 0.00 0.12 0.00 0.63 0.75 0.00 0.06 0.05 0.02 0.31 0.25 0.34 0.29 0.00 0.75 0.12 0.07 0.06 13.74 11.31 11.52 9.51 2.49 0.00 0.04 0.47 0.38 0.43 0.11 0.08 1.18 0.98 0.30 0.37 0.28 0.00 0.13 0.55 0.67 0.00 0.41 0.02 0.01 0.13 0.10 63.96 77.14 0.28 0.34 0.09 0.23 2.52 2.51 2.01 0.20 0.17 0.67 0.55 0.04 0.04 0.06 0.17 0.21 0.17 0.11 0.09 0.54 0.45 0.19 0.15 0.00 0.40 0.00 0.04 0.04 0.00 0.54 0.65 0.06 0.08 0.09 0.07 0.15 0.11 1.08 1.30 0.18 0.22 0.28 0.24 5.22 2.43 2.89 5.84 0.24 0.24 0.19 0.40 0.35 1.21 1.46 5.83 14.50 17.59 0.00 0.49 3.31 0.07 0.09 0.28 0.34 0.29 0.24 0.00

10.47 4.87 + 5.92 + 3.13 0.05 0.06 unch 0.71 + 0.58 + 1.00 0.81 0.09 0.11 unch 0.05 + 0.09 0.12 unch 0.11 0.14 + 1.16 0.95 0.71 0.13 + 1.27 + 1.05 + 0.02 0.02 0.44 + 0.01 0.02 unch 0.14 0.11 0.43 0.53 0.04 36.29 + 0.26 0.32 0.09 0.07 0.39 0.53 0.65 unch 0.02 0.03 0.26 + 0.21 0.08 unch 0.13 + 0.00 unch 0.68 + 0.89 + 0.06 + 0.07 + 0.05 0.02 unch 0.31 unch 0.26 + 0.36 0.30 0.64 + 0.79 + 0.12 0.08 unch 0.07 + 13.95 11.45 11.81 9.72 2.60 + 0.00 unch 0.04 unch 0.48 0.42 + 0.43 + 0.19 + 0.08 1.21 0.99 0.32 + 0.39 + 0.28 0.23 + 0.16 + 0.56 0.68 0.02 0.41 0.03 unch 0.02 + 0.14 0.11 64.90 + 78.91 + 0.28 0.35 unch 0.10 unch 0.25 2.52 2.62 + 2.02 0.20 0.17 0.68 0.56 0.04 unch 0.05 0.07 unch 0.18 + 0.21 0.17 0.11 0.09 0.54 0.45 0.20 + 0.17 + 0.28 unch 0.45 + 0.31 0.04 0.04 unch 0.00 unch 0.56 + 0.69 + 0.08 0.09 unch 0.09 unch 0.07 0.15 + 0.12 + 1.35 + 1.65 + 0.18 + 0.29 unch 0.33 0.24 unch 5.58 + 2.79 + 3.40 + 6.35 0.25 0.24 unch 0.19 0.41 + 0.35 + 1.24 + 1.50 + 5.83 14.58 17.72 0.41 + 0.50 unch 3.31 0.08 + 0.10 + 0.40 + 0.46 + 0.29 0.24 20.35 unch

High Low

1.22 0.04 0.08 0.29 0.00 0.00 0.02 0.00 0.02 0.04 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.15 0.15 0.07 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.00 0.01 0.00 0.03 0.02 0.02 0.10 0.01 0.02 0.01 0.01 0.01 0.02 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.00 0.08 0.13 0.01 0.01 0.00 0.00 0.00 0.01 0.04 0.04 0.01 0.01 0.02 0.00 0.01 0.76 0.77 0.53 0.50 0.08 0.00 0.00 0.03 0.00 0.05 0.04 0.01 0.10 0.10 0.01 0.02 0.02 0.02 0.02 0.02 0.01 0.03 0.03 0.00 0.00 0.01 0.00 0.37 0.94 0.01 0.00 0.00 0.01 0.23 0.06 0.05 0.02 0.02 0.01 0.02 0.00 0.00 0.00 0.01 0.03 0.02 0.01 0.00 0.09 0.08 0.01 0.01 0.00 0.05 0.01 0.01 0.00 0.00 0.02 0.04 0.00 0.00 0.00 0.01 0.01 0.00 0.28 0.35 0.01 0.00 0.02 0.00 0.23 0.27 0.37 0.07 0.03 0.00 0.04 0.02 0.03 0.00 0.04 0.21 0.13 0.02 0.00 0.00 0.12 0.01 0.01 0.12 0.13 0.03 0.03 0.00

12.58 5.04 6.08 5.30 0.12 0.14 0.97 0.71 1.11 2.00 0.24 0.33 0.10 0.93 1.18 0.20 0.25 2.90 2.20 1.19 0.28 2.08 1.65 0.09 0.06 0.77 0.02 0.03 0.21 0.17 0.99 1.25 0.15 38.21 0.30 0.37 0.21 0.17 0.76 2.21 2.79 0.12 0.05 0.39 0.33 0.10 0.15 0.00 3.00 1.38 0.10 0.11 0.07 0.04 0.42 0.40 0.44 0.35 0.91 1.06 0.23 0.12 0.09 27.40 17.24 16.16 12.10 4.16 0.04 0.13 0.70 0.55 0.69 0.21 0.18 1.55 1.26 0.57 0.72 0.69 0.37 0.46 2.49 3.28 0.05 0.69 0.05 0.05 0.24 0.19 65.93 79.67 0.38 0.48 0.17 0.38 3.68 4.01 2.86 0.32 0.25 0.79 0.67 0.07 0.11 0.11 0.30 0.75 0.55 0.16 0.13 0.65 0.54 0.31 0.24 0.35 0.53 0.35 0.12 0.08 0.03 0.75 0.93 0.19 0.25 0.26 0.28 0.31 0.24 1.39 1.70 0.24 0.35 0.55 0.25 7.51 3.02 3.65 6.92 0.70 0.45 0.33 0.44 0.35 1.50 1.65 10.79 14.86 17.93 0.42 0.52 4.85 0.09 0.10 0.60 1.55 0.88 0.40 21.04

4.90 1.22 1.66 0.30 0.03 0.05 0.38 0.29 0.13 0.10 0.03 0.05 0.01 0.05 0.06 0.06 0.09 0.97 0.77 0.36 0.12 0.69 0.51 0.02 0.02 0.38 0.00 0.01 0.06 0.04 0.07 0.09 0.00 23.23 0.11 0.15 0.03 0.03 0.05 0.39 0.47 0.00 0.01 0.07 0.05 0.03 0.05 0.00 0.16 0.45 0.02 0.03 0.03 0.01 0.05 0.03 0.21 0.17 0.40 0.33 0.10 0.06 0.04 1.80 9.54 10.18 7.93 2.03 0.00 0.02 0.15 0.10 0.19 0.03 0.05 0.30 0.22 0.18 0.24 0.13 0.16 0.03 0.31 0.39 0.00 0.15 0.01 0.00 0.08 0.05 30.56 41.50 0.11 0.15 0.03 0.10 2.16 1.58 0.00 0.11 0.11 0.15 0.10 0.04 0.02 0.03 0.15 0.15 0.12 0.06 0.05 0.09 0.09 0.14 0.11 0.28 0.29 0.05 0.04 0.02 0.00 0.26 0.36 0.07 0.09 0.07 0.05 0.09 0.06 0.48 0.64 0.06 0.04 0.12 0.06 3.18 0.24 0.33 2.06 0.05 0.21 0.18 0.15 0.11 0.69 0.96 0.33 8.59 11.71 0.27 0.35 2.68 0.03 0.04 0.26 0.11 0.23 0.18 6.95

0.00 0.01 0.00 0.01 0.10 0.28 0.01 0.03 0.01 0.00 0.01 0.01 0.00 0.00 0.03 0.00

0.59 0.90 0.10 0.19 3.75 3.10 0.08 0.33 0.30 0.01 0.16 0.21 0.06 0.04 1.81 0.47

0.23 0.20 0.04 0.09 1.33 1.04 0.02 0.04 0.02 0.00 0.04 0.05 0.02 0.01 0.61 0.06

P-Q 149 280 0 41 7 2 352 621 421 4 86 443 10 10 458 3484

0.40 0.50 0.00 0.17 2.20 1.68 0.06 0.30 0.28 0.01 0.05 0.06 0.04 0.03 0.88 0.47

0.40 0.48 0.00 0.16 2.10 1.68 0.04 0.23 0.19 0.01 0.05 0.06 0.04 0.00 0.76 0.40

0.40 0.48 0.10 0.17 2.10 1.68 0.05 0.28 0.23 0.01 0.05 0.06 0.04 0.03 0.79 0.46

unch + unch + + unch unch + +

Exc Volume

Week High

Low

253 137 933 1179 700 288 62 579 2592 12373 1262 4315 46 598 314 115 275 23 1362 151 266 55 869 173 770 8 2281 34 146 3052 0 381 163 28 28643 333 10 100 160 53 137 2 312 730 146 379 76 79 414 100 25 12 9 2 6 19 289 487 1883 36 11 140 15 55 921 313 2954 1178 978 40 1502 34 0 349 593 270 32 617 310 225 771 622 5680 2467 227 1 22 1031 100 65 63 149 178 179 1 37 10 40 77 222 2334 1115 27 249 56 7497 6 543 35 221 280 1342 2405 4716 42 928 1215 922 108 1186 66 71 441 380 3053 201 492 34 0 531 1178 717 87 142

0.23 0.26 0.08 0.05 0.36 0.29 1.07 0.59 39.23 32.47 0.99 0.35 0.68 0.84 0.17 0.14 0.01 0.02 0.15 0.13 0.23 0.06 0.22 0.33 1.07 0.03 0.28 0.04 0.10 0.12 0.00 0.08 0.15 0.17 9.53 0.05 0.03 0.15 0.13 0.11 0.09 0.20 10.58 8.69 1.35 0.07 0.05 0.14 0.17 0.02 0.07 0.09 0.14 0.08 0.10 0.79 0.35 0.30 0.37 0.31 115.00 0.24 0.05 0.05 0.07 5.15 4.24 0.05 0.23 0.16 3.55 4.30 0.00 0.11 0.09 0.10 0.08 0.22 0.25 0.00 0.15 0.13 10.85 13.09 0.09 0.06 3.46 4.30 0.10 0.25 0.08 1.46 1.75 0.37 0.27 0.35 4.85 0.35 0.40 2.19 0.17 0.10 0.08 0.27 0.22 0.02 0.24 0.30 0.02 1.35 1.70 1.50 1.81 0.14 0.22 0.26 0.23 0.19 0.27 0.33 0.21 0.17 0.32 0.37 0.16 0.13 1.45 0.21 0.00 0.30 0.25 0.08 0.02 1.13

0.00 0.23 0.06 0.03 0.33 0.27 0.00 0.49 37.00 30.65 0.25 0.31 0.62 0.68 0.16 0.13 0.00 0.00 0.13 0.11 0.18 0.00 0.19 0.32 1.03 0.00 0.22 0.03 0.09 0.11 0.00 0.07 0.11 0.14 7.40 0.05 0.03 0.14 0.12 0.00 0.00 0.19 9.04 7.52 1.25 0.06 0.04 0.11 0.13 0.02 0.07 0.00 0.09 0.00 0.10 0.53 0.30 0.28 0.34 0.27 0.00 0.22 0.04 0.04 0.06 4.65 3.82 0.04 0.18 0.15 3.02 3.68 0.00 0.10 0.08 0.09 0.07 0.19 0.23 0.00 0.13 0.11 10.39 12.59 0.07 0.05 3.17 3.90 0.09 0.21 0.07 1.34 1.63 0.00 0.27 0.29 0.00 0.35 0.26 1.97 0.13 0.08 0.00 0.23 0.19 0.02 0.23 0.28 0.02 0.91 1.12 1.30 1.57 0.13 0.20 0.22 0.22 0.18 0.22 0.27 0.00 0.00 0.29 0.35 0.13 0.10 1.20 0.16 0.00 0.25 0.20 0.07 0.01 1.06

V 316 V 124 C 381 C 61 O 23 V 69 O 0 O 0 O 612 V 4198 C 278 O 20 V 1589 V 285 V 1045 V 0 O 798 C 1550 V 105 V 322 O 386 V 116 O 216 V 257 O 781 V 688 V 271 O 5 V 55 V 143 O 1953 V 2306 V 202 O 177 O 208346 V 192 O 375 O 107 N 9845 O 1 O 266 V 143 C 37 O 78 V 209 O 147 O 40 V 69

0.28 0.25 0.12 0.29 2.74 0.17 0.13 0.00 2.14 0.06 0.22 0.00 0.96 0.82 0.84 0.00 0.08 0.10 0.08 0.09 0.07 0.76 0.63 0.25 0.80 0.93 1.70 0.04 0.06 0.58 0.09 0.10 0.62 0.50 0.00 0.08 0.06 88.46 89.48 98.45 0.72 0.87 0.55 0.50 0.20 0.17 0.18 0.21

Palamina Corp* O Palamina Corp V Palayan Res* O Paleo Resource* O Palladium One V Palladium One* O Pampa Metals* O Pampa Metals C Pan Am Silver T Pan Am Silver* D Pan Andean Min* O Pan Andean Min V Pan Global Res* O Pan Global Res V Pancontinental V Pancontinental* O Panex Res* O Pangolin Dia V Panoro Mnrls V Panoro Mnrls* O Pantera Silver V PanTerra Gold* O Pantheon Vent V Para Resources V Paramount Gold* X Paringa Res* O Parlane Res V Pasinex Res C Pasofino Gold* O Pasofino Gold V Patriot Batt V Patriot Batt* O Patriot Gold* O Patriot Gold C Peabody Enrgy* N Pegasus Res V Pegasus Res* O Pelangio Expl V Pelangio Expl* O Peloton Mnrls C Peloton Mnrls* O PepinNini Lith* O Perpetua Res T Perpetua Res* D Perseus Mng T Pershimex Res V Pershing Res* O Peruvian Metal* O Peruvian Metal V Petra Diamonds* O Petrolympic* O Petrolympic V Philex Mng* O Philippine Mtl* O Philippine Mtl V Phoenix Global* O Phoenix Gold V Pine Cliff En* O Pine Cliff En T Pivit Explor C PJSC Polyus Gd* O PJX Res V Plata Latina V Platinex Inc* O Platinex Inc C Platinum Gp Mt T Platinum Gp Mt* X Plato Gold V Playfair Mng V Playfair Mng* O PolyMet Mng* X PolyMet Mng T Portex Mnrls* O Portofino Res V Portofino Res* O Power Group V Power Group* O Power Metals* O Power Metals V PPX Mining* O Precipitate Gl V Precipitate Gl* O Pretium Res* N Pretium Res T Prime Meridian V Prime Meridia* O Prime Mining* O Prime Mining V Prism Res V Prismo Metals C ProAm Expl V Probe Metals* O Probe Metals V Prog Planet V Prog Planet* O Project One C Promithian Gl * O Prophecy Pot C Prospect Ridge C Prosper Gold V Provenance Gld C Providence V Providence Gld* O Pucara Gold V Pucara Gold* O PUF Vent Inc * O Puma Expl* O Puma Expl V Pure Alumina* O Pure Energy* O Pure Energy V Pure Gold Mg* O Pure Gold Mg V Purepoint Uran V Q-Gold Res* O Q-Gold Res V QC Copper V QC Copper* O QC Precious * O QC Precious V QcX Gold V QcX Gold* O QMC Quantum Ml* O QMC Quantum Ml V Quadro Res V Quadro Res* O Quantum Batt C Quartz Mtn Res V Quartz Mtn Res* O Quaterra Res V Quaterra Res* O Quebec Silica C Quest Rare Mnl* O Questex Gold V

Last

12-month Change

Stock

Robex Res Rochester Res* Rochester Res Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockland Res Rockridge Res Rockwealth Res Rogue Res* Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RosCan Gold* RosCan Gold Roughrider Exp Rover Metals Rover Metals* Roxgold Roxgold* Royal Fox Gold* Royal Fox Gold Royal Gold* Royal Gold* Royal Mines &M* Royal Rd Mnrls Royal Std Mnrl* RT Minerals RT Minerals* RTG Mining Rugby Mng Running Fox Rs* Running Fox Rs Rupert Res Rupert Res* Rusoro Mng Rusoro Mng*

V O V O V O C C O V C V V O V O O V V O O V V V O T O O V D O O V O V O T V O V V O V O

Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res Sable Res* Sage Gold* Sailfish Rylty Saint Jean Saint Jean* Salazar Res* Salazar Res Salt Lake Pot* Sama Res Sama Res* San Gold Corp* San Lorenzo Sanatana Res Sanatana Res* Sandfire Res* Sandfire Res Sandspring Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama Res Sarissa Res* Sassy Res Sassy Res* Satori Res* Satori Res Saturn Mnrls Savannah Min Saville Res Scandium Intl* Scandium Intl Scorpio Gold Scorpio Gold * Scotch Creek Scottie Res* Scottie Res ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold* Seahawk Gold Search Mnls Search Mnls* Searchlight* SearchlightMin* SearchlightRes Sego Res Select Sands Sentinel Res* Sentinel Res Serabi Gold Serabi Gold* Sherritt Intl Shine Minerals* Shine Minerals Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res* Sienna Res Sierra Madre G Sierra Metals Sierra Metals* Sigma Lithium Signature Res* Signature Res Silver Bear Rs* Silver Bear Rs Silver Bull Re* Silver Bull Re Silver Dollar Silver Dollar* Silver Eleph* Silver Eleph Silver Grail Silver One Silver One* Silver Phoenix Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands Silver Sands* Silver Spruce* Silver Spruce Silver Viper Silver Viper* Silver Wolf Silver Wolf* Silvercorp Met* Silvercorp Met SilverCrest* SilverCrest Silverore Mns* Silverton Met Sirios Res* Sirios Res Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res* Skeena Res SKRR Explor Sky Gold Sky Gold* Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Slave Lake Zn* Snowline Gold Snowy Owl Sokoman Min* Sokoman Min Solaris Res SolGold plc* SolGold plc Solitario Ex&R Solitario Ex&R* Solstice Gold Sonoro Gold* Sonoro Gold SOPerior Fert South Atlantic* South Atlantic South Star Bat South Star Bat* South32* Southern Copp* Southern Emp* Southern Emp Southern Silvr

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

0.19 0.26 + 0.07 0.03 0.33 0.27 0.49 + 0.59 + 38.31 31.52 0.26 0.32 0.62 0.73 0.16 0.13 0.00 unch 0.02 unch 0.13 0.11 0.21 0.06 unch 0.20 0.32 1.05 unch 0.03 unch 0.28 0.03 0.09 + 0.11 unch 0.10 unch 0.08 unch 0.14 + 0.14 9.21 + 0.05 0.03 unch 0.14 0.13 + 0.11 unch 0.09 0.19 10.51 + 8.61 + 1.34 + 0.06 unch 0.04 0.12 0.13 0.02 unch 0.07 unch 0.09 + 0.14 0.08 + 0.10 unch 0.75 + 0.32 + 0.29 + 0.35 unch 0.27 + 103.00 0.23 + 0.04 0.04 unch 0.06 4.69 3.85 0.04 unch 0.23 + 0.15 3.48 + 4.24 + 0.00 + 0.10 unch 0.08 0.09 unch 0.08 unch 0.20 0.24 0.00 unch 0.15 + 0.12 + 10.52 12.77 0.09 unch 0.05 3.44 + 4.16 + 0.10 + 0.24 0.07 1.37 1.68 0.33 0.27 + 0.35 + 4.65 + 0.35 unch 0.40 + 2.13 + 0.16 + 0.09 + 0.07 + 0.23 0.19 0.02 0.24 + 0.28 + 0.02 + 1.10 + 1.36 + 1.36 + 1.64 + 0.14 + 0.22 + 0.26 + 0.23 unch 0.18 + 0.25 + 0.30 + 0.21 unch 0.16 0.29 0.35 0.14 unch 0.11 1.30 + 0.20 + 0.14 unch 0.27 0.23 + 0.07 0.02 + 1.06 -

0.03 0.03 0.00 0.04 0.03 0.02 0.06 0.08 0.73 0.79 0.03 0.03 0.02 0.10 0.01 0.01 0.00 0.00 0.02 0.02 0.04 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.03 0.91 0.02 0.00 0.02 0.01 0.00 0.00 0.01 1.42 1.10 0.06 0.00 0.01 0.01 0.04 0.00 0.00 0.01 0.00 0.02 0.00 0.08 0.01 0.01 0.00 0.01 12.75 0.02 0.01 0.00 0.01 0.36 0.32 0.00 0.04 0.01 0.20 0.31 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.28 0.27 0.00 0.00 0.12 0.20 0.01 0.02 0.01 0.05 0.04 0.05 0.03 0.05 1.25 0.00 0.15 0.11 0.03 0.01 0.01 0.03 0.02 0.00 0.01 0.01 0.00 0.10 0.20 0.04 0.03 0.02 0.04 0.01 0.00 0.00 0.04 0.03 0.00 0.01 0.01 0.01 0.00 0.01 0.05 0.04 0.00 0.01 0.00 0.02 0.00 0.05

0.26 0.34 1.82 0.10 0.40 0.49 1.07 0.72 53.30 40.11 0.99 0.40 0.68 0.84 0.20 0.20 0.01 0.05 0.23 0.18 0.29 0.07 1.02 0.74 1.59 0.03 0.84 0.09 0.31 0.42 0.18 0.13 0.23 0.50 9.39 0.09 0.06 0.27 0.20 0.15 0.12 0.42 20.40 9.45 1.52 0.10 0.10 0.14 0.17 0.02 0.12 0.15 0.14 0.08 0.12 0.83 0.55 0.35 0.45 0.42 128.00 0.25 0.06 0.08 0.13 8.00 6.27 0.05 0.23 0.20 7.10 9.50 0.03 0.26 0.25 0.12 0.10 0.38 0.47 0.50 0.41 0.30 14.55 19.13 0.17 0.14 3.47 4.30 0.14 0.88 0.15 1.53 1.95 0.50 0.37 0.60 13.50 0.52 0.40 2.40 0.17 0.20 0.17 1.50 0.85 0.08 0.25 0.30 0.03 2.07 2.63 2.42 3.08 0.20 0.39 0.65 0.35 4.12 0.27 0.38 0.50 0.30 0.47 0.60 0.33 0.25 1.80 0.29 0.19 0.30 0.25 0.27 0.06 1.37

0.11 0.13 0.06 0.00 0.08 0.05 0.28 0.33 33.86 24.82 0.00 0.08 0.00 0.17 0.06 0.04 0.00 0.02 0.09 0.05 0.14 0.01 0.05 0.19 0.96 0.00 0.04 0.01 0.01 0.08 0.08 0.06 0.03 0.07 0.80 0.02 0.01 0.13 0.11 0.08 0.05 0.00 5.20 5.52 0.92 0.04 0.00 0.02 0.03 0.02 0.02 0.03 0.03 0.04 0.04 0.34 0.01 0.09 0.12 0.23 64.38 0.10 0.03 0.02 0.02 1.81 1.33 0.03 0.05 0.03 2.65 3.28 0.00 0.06 0.05 0.04 0.02 0.17 0.22 0.00 0.14 0.08 7.74 10.53 0.05 0.05 0.64 0.85 0.02 0.19 0.07 0.81 1.11 0.04 0.03 0.18 2.63 0.10 0.20 0.40 0.07 0.07 0.02 0.23 0.00 0.01 0.04 0.05 0.01 0.06 0.27 0.93 1.18 0.03 0.12 0.13 0.05 0.12 0.15 0.20 0.12 0.09 0.06 0.10 0.07 0.05 0.55 0.12 0.10 0.06 0.04 0.05 0.00 0.35

0.26 0.28 + 0.22 0.23 0.10 0.11 + 0.27 0.27 2.01 2.22 0.14 0.15 0.00 0.13 0.00 0.01 unch 1.77 2.04 + 0.00 0.04 + 0.20 0.21 0.00 0.00 unch 0.70 0.93 + 0.72 0.76 0.72 0.81 + 0.00 0.25 unch 0.07 0.07 + 0.09 0.09 0.07 0.08 0.07 0.08 unch 0.05 0.06 + 0.71 0.75 + 0.59 0.61 + 0.17 0.21 + 0.72 0.74 + 0.88 0.91 + 1.32 1.58 + 0.03 0.04 + 0.06 0.06 unch 0.52 0.57 + 0.06 0.07 0.08 0.08 0.41 0.60 + 0.34 0.50 + 0.00 0.00 + 0.08 0.08 unch 0.06 0.06 + 86.28 87.15 + 86.10 87.48 0.00 94.59 0.69 0.70 0.83 0.86 0.00 0.55 unch 0.40 0.46 + 0.18 0.19 unch 0.15 0.16 0.00 0.16 + 0.20 0.20 -

0.02 0.01 0.01 0.02 0.15 0.02 0.01 0.00 0.19 0.01 0.01 0.00 0.18 0.05 0.04 0.00 0.00 0.01 0.01 0.00 0.00 0.03 0.00 0.01 0.01 0.02 0.15 0.01 0.00 0.01 0.02 0.02 0.19 0.16 0.00 0.00 0.00 0.62 2.27 2.75 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.03

0.40 0.38 0.11 0.40 14.50 0.18 0.15 0.12 4.13 0.12 0.49 0.01 1.09 0.95 1.74 0.37 1.00 0.12 0.13 0.14 0.11 1.45 1.13 0.25 1.35 1.74 1.63 0.06 0.08 0.74 0.27 0.25 0.62 0.50 0.01 0.11 0.09 94.42 95.97 108.00 0.85 1.03 1.10 0.83 0.54 0.40 0.26 0.36

0.22 0.21 0.05 0.15 0.51 0.08 0.07 0.00 0.47 0.03 0.19 0.00 0.06 0.30 0.70 0.07 0.01 0.03 0.05 0.06 0.04 0.62 0.49 0.15 0.44 0.53 0.15 0.03 0.04 0.29 0.04 0.07 0.12 0.30 0.00 0.04 0.04 55.13 54.87 63.85 0.38 0.52 0.49 0.38 0.16 0.12 0.12 0.15

R Radisson Mng Radius Gold Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Ready Set Gold Red Eagle Mng* Red Moon Res Red Pine Expl Regulus Res Remington Res Renforth Res* Renforth Res Resolve Vent Reunion Gold Reunion Gold* Revival Gold Revival Gold * Rex Res Reyna Silver* Reyna Silver Rhyolite Res Richmond Mnls* Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold Riley Gold* Rimrock Gold* Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited* Rio2 Limited Rise Gold Corp Rise Gold Corp* Riverside Res Riverside Res* RJK Explor* RJK Explor

(100s)

High Low

Exc Volume

Week Last

12-month

High

Low

Change

940 70 250 12 128 41 272 62 32 581 368 1364 13 90 120 2864 432 1370 930 519 1144 2120 471 825 175 14184 283 23 6727 1700 0 119 757 0 171 54 28 265 291 395 344 87 362 398

0.41 0.07 0.09 3.40 4.13 0.07 0.08 0.04 0.12 0.14 0.28 0.17 0.16 0.08 0.11 0.88 0.46 0.58 0.05 0.04 0.44 0.51 0.15 0.12 0.10 2.25 1.87 0.05 0.08 125.70 0.00 0.03 0.37 0.00 0.10 0.09 0.16 0.13 0.03 0.04 5.50 4.60 0.06 0.05

0.38 0.40 unch 0.07 0.07 unch 0.08 0.08 3.14 3.30 + 4.00 4.06 + 0.00 0.07 0.08 0.08 + 0.04 0.04 0.11 0.11 0.14 0.14 unch 0.25 0.25 + 0.14 0.17 + 0.10 0.16 + 0.07 0.08 + 0.09 0.10 + 0.74 0.85 + 0.41 0.41 0.49 0.50 unch 0.05 0.05 0.04 0.04 0.36 0.38 0.45 0.46 0.13 0.13 0.10 0.11 unch + 0.08 0.09 2.13 2.19 1.74 1.79 0.00 0.05 0.06 0.07 + 120.58 122.86 0.00 0.24 unch + 0.02 0.02 0.34 0.36 0.00 0.07 unch 0.10 0.10 unch + 0.08 0.09 0.15 0.15 + 0.00 0.13 0.03 0.03 unch 0.04 0.04 unch + 5.13 5.45 + 4.10 4.40 0.05 0.05 0.04 0.04

1404 1998 534 531 512 27 370 174 232 896 15 60 40 42 823 265 40 123 7 574 1207 7575 1543 195 2846 1441 823 40 146 5810 3 553 345 317 972 228 552 214 603 15 214 941 178 22 378 48 18 171 601 2645 259 9 133 67 23 1062 4 27 5 11264 1080 448 712 501 394 2518 73 744 1636 66 43 320 130 312 126 1384 1951 335 861 1412 0 31 16 107 45 230 262 1347 8544 617 636 171 12 3607 1517 2986 1191 1 315 60 865 450 230 1127 76 363 1548 220 1740 495 880 509 113 2794 70 16 573 1714 1897 5715 508 159 160 32 3650 130 291 803 1528 379 1326 340 98 76 8548 23 321 1276

1.58 1.93 0.36 0.30 0.03 1.38 0.22 0.18 0.32 0.38 0.32 0.17 0.16 0.01 0.20 0.13 0.11 0.20 0.23 3.00 11.12 9.19 0.56 0.27 0.01 0.90 0.74 0.09 0.14 0.19 0.32 0.05 0.21 0.25 0.14 0.12 0.98 0.22 0.27 0.62 23.08 19.07 0.48 0.62 0.19 0.16 0.07 0.04 0.09 0.15 0.05 0.26 0.30 1.20 1.00 0.54 0.11 0.12 4.90 19.72 0.20 0.10 0.12 0.88 4.38 3.61 6.50 0.15 0.19 0.15 0.14 1.25 1.51 1.10 0.91 0.28 0.34 0.22 0.73 0.64 0.00 0.19 0.19 0.18 0.20 0.25 0.21 0.09 0.11 0.79 0.66 0.57 0.46 6.47 7.83 10.40 12.62 0.30 0.75 0.09 0.11 0.18 0.15 0.08 0.07 3.20 16.48 0.20 0.25 0.21 0.57 0.47 0.09 0.11 0.32 0.27 0.50 0.10 0.64 0.78 12.14 0.51 0.60 0.90 0.77 0.15 0.26 0.31 0.04 0.08 0.10 0.22 0.17 2.39 70.91 0.18 0.22 0.55

High Low

0.00 0.00 0.02 0.05 0.02 0.01 0.01 0.01 0.01 0.00 0.01 0.03 0.06 0.02 0.01 0.10 0.00 0.00 0.01 0.00 0.04 0.04 0.02 0.00 0.01 0.03 0.05 0.02 0.01 0.74 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.03 0.00 0.00 0.25 0.12 0.01 0.01

0.56 0.13 0.15 7.00 9.00 0.10 0.14 0.09 0.19 0.25 0.29 0.23 0.20 0.10 0.16 1.93 0.60 0.76 0.08 0.06 0.80 0.64 0.36 0.13 0.15 2.35 2.00 0.07 0.12 147.64 0.44 0.06 0.48 1.24 0.29 0.20 0.23 0.19 0.07 0.08 6.20 8.70 0.14 0.09

0.29 0.02 0.04 0.39 0.54 0.04 0.06 0.02 0.09 0.11 0.11 0.10 0.02 0.04 0.06 0.11 0.14 0.16 0.04 0.02 0.20 0.33 0.13 0.03 0.02 1.22 0.88 0.01 0.06 99.32 0.18 0.00 0.22 0.06 0.03 0.03 0.11 0.07 0.01 0.02 1.70 1.36 0.03 0.02

0.02 0.06 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.02 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.02 0.06 0.50 0.33 0.02 0.04 0.00 0.04 0.03 0.00 0.02 0.02 0.04 0.00 0.02 0.01 0.01 0.00 0.20 0.01 0.01 0.03 0.04 0.10 0.07 0.11 0.01 0.01 0.01 0.01 0.01 0.03 0.00 0.03 0.02 0.16 0.05 0.03 0.00 0.01 0.16 1.43 0.00 0.01 0.01 0.03 0.28 0.28 0.19 0.02 0.04 0.01 0.01 0.23 0.28 0.02 0.01 0.02 0.02 0.04 0.04 0.05 0.00 0.04 0.03 0.01 0.03 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.03 0.07 0.12 0.38 0.57 0.15 0.12 0.00 0.00 0.02 0.03 0.01 0.00 9.04 1.23 0.01 0.01 0.01 0.00 0.00 0.02 0.01 0.01 0.02 0.03 0.00 0.00 0.01 0.84 0.00 0.02 0.05 0.02 0.01 0.00 0.01 0.01 0.00 0.01 0.02 0.02 0.02 4.20 0.01 0.00 0.02

2.80 3.54 0.40 0.36 0.05 1.57 0.24 0.19 0.32 0.40 0.45 0.22 0.17 0.04 0.30 0.40 0.32 0.31 0.40 3.51 14.22 10.63 0.58 0.51 0.02 1.24 0.92 0.14 0.20 0.22 2.00 0.09 0.28 0.35 0.22 0.17 0.98 0.46 0.53 0.80 29.00 22.86 0.55 0.71 0.37 0.40 0.10 0.07 0.14 0.16 0.08 0.66 2.55 2.06 1.56 0.70 0.19 0.25 7.72 20.68 0.22 0.14 0.17 1.07 4.92 3.92 7.05 0.20 0.22 0.18 0.24 1.22 1.47 2.29 2.51 0.46 0.59 0.35 0.94 0.75 0.25 0.34 0.40 0.29 0.30 0.49 0.37 0.48 0.12 0.85 1.20 0.60 0.51 8.91 11.62 12.88 16.37 0.30 1.00 0.20 0.26 0.34 0.27 0.11 0.08 13.00 15.80 0.50 0.25 0.21 0.60 0.48 0.11 0.16 0.43 0.32 0.75 0.25 0.64 0.78 13.00 0.56 0.72 1.56 1.25 0.16 0.28 0.34 0.06 0.13 0.18 0.31 0.25 2.39 83.29 0.34 1.45 0.70

1.17 1.60 0.07 0.05 0.00 0.90 0.02 0.01 0.16 0.21 0.28 0.11 0.08 0.00 0.14 0.09 0.00 0.13 0.18 1.77 7.57 5.96 0.14 0.18 0.00 0.35 0.28 0.04 0.06 0.08 0.20 0.02 0.07 0.10 0.08 0.06 0.08 0.12 0.18 0.33 19.24 14.08 0.15 0.15 0.03 0.01 0.03 0.01 0.06 0.03 0.02 0.09 0.27 1.05 0.00 0.11 0.03 0.09 2.53 7.40 0.02 0.03 0.05 0.74 0.99 0.74 1.30 0.03 0.04 0.00 0.11 0.46 0.61 0.28 0.69 0.17 0.23 0.14 0.42 0.30 0.10 0.06 0.08 0.02 0.12 0.15 0.12 0.02 0.04 0.33 0.24 0.05 0.13 4.43 5.79 7.18 9.13 0.01 0.59 0.07 0.09 0.12 0.09 0.04 0.03 3.83 5.24 0.18 0.06 0.04 0.15 0.10 0.02 0.02 0.04 0.20 0.19 0.05 0.06 0.08 1.38 0.25 0.35 0.38 0.28 0.05 0.09 0.12 0.03 0.05 0.04 0.04 0.02 1.36 35.45 0.16 0.19 0.17

S 1.48 1.82 0.34 0.28 0.00 1.35 0.18 0.08 0.27 0.33 0.29 0.17 0.00 0.00 0.15 0.12 0.11 0.17 0.00 2.95 10.26 8.45 0.46 0.21 0.00 0.78 0.64 0.09 0.11 0.15 0.00 0.05 0.19 0.22 0.12 0.09 0.70 0.20 0.24 0.58 22.48 18.55 0.00 0.50 0.16 0.13 0.06 0.02 0.07 0.11 0.04 0.00 0.26 1.06 0.96 0.51 0.11 0.00 4.65 18.21 0.17 0.09 0.11 0.81 3.93 3.25 5.83 0.13 0.16 0.10 0.00 0.93 1.15 0.98 0.81 0.24 0.30 0.16 0.67 0.55 0.00 0.14 0.00 0.13 0.18 0.23 0.18 0.06 0.08 0.73 0.60 0.50 0.00 6.13 7.41 9.57 11.57 0.00 0.65 0.09 0.10 0.15 0.12 0.07 0.06 2.99 3.60 0.18 0.22 0.18 0.50 0.41 0.07 0.08 0.27 0.24 0.44 0.08 0.51 0.63 10.19 0.00 0.00 0.84 0.69 0.00 0.23 0.27 0.03 0.07 0.09 0.19 0.00 0.00 66.51 0.17 0.00 0.49

+ 1.54 + 1.89 0.36 0.29 0.01 1.36 0.19 0.16 + 0.30 + 0.37 + 0.32 0.17 unch + 0.16 + 0.00 + 0.19 0.12 + 0.11 0.18 0.22 + 2.99 + 10.87 + 8.92 0.50 0.23 + 0.01 0.82 0.68 0.09 unch + 0.13 0.15 + 0.32 0.05 unch 0.19 0.24 + 0.13 + 0.11 + 0.92 0.20 0.25 + 0.62 + 22.90 18.82 0.41 0.50 + 0.18 + 0.15 0.06 + 0.03 + 0.09 + 0.14 0.05 unch 0.22 0.26 1.10 0.96 0.51 + 0.11 + 0.12 4.65 18.29 0.19 0.09 0.11 + 0.88 4.06 3.32 6.01 0.14 0.16 0.10 0.14 + 1.18 + 1.43 + 1.06 + 0.87 0.25 0.30 + 0.19 0.68 0.55 0.14 unch + 0.19 + 0.19 0.17 0.19 + 0.25 0.20 0.07 0.08 0.77 unch 0.63 0.54 0.43 + 6.34 + 7.68 + 10.13 + 12.31 0.15 0.67 0.09 0.11 unch 0.16 0.13 + 0.08 + 0.06 3.12 + 15.87 0.18 + 0.23 + 0.18 0.51 unch + 0.42 + 0.09 + 0.10 0.31 0.24 0.47 0.08 unch + 0.54 + 0.65 + 11.95 0.47 unch 0.57 0.84 0.70 0.15 + 0.26 + 0.31 0.03 0.07 + 0.10 0.20 0.16 + 2.26 66.95 + 0.18 0.21 unch + 0.51

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / JUNE 21–JULY 4, 2021

Week

Exc Volume

High

Low

Last

0.40 0.33 0.05 0.29 0.23 0.05 0.00 0.19 0.10 0.17 0.33 0.02 0.15 0.55 0.40 0.49 21.08 17.43 0.13 0.25 0.30 3.62 2.97 0.70 0.06 3.55 0.00 0.19 0.23 0.01 0.20 0.24 0.04 0.20 0.00 3.05 3.68 0.03 0.05 0.00 0.16 2.09 1.69 0.46 0.56 0.10 0.08 0.21 0.26 0.08 0.00 0.27 0.13 0.17 0.00 0.42 0.34 0.20 0.23 0.02 0.21 0.17 0.25 0.20 0.73 0.56 0.00 0.00 0.00 1.20 1.44 0.39 0.86 0.72 29.96 24.73 0.00 0.76 0.00 0.57 0.22 0.18 0.34 0.41 0.01 0.18 0.75

0.43 0.36 0.05 0.31 0.26 0.05 0.08 0.20 0.15 0.19 0.34 0.03 0.17 0.56 0.43 0.52 21.60 17.76 0.14 0.30 0.36 3.75 3.00 0.78 0.06 3.80 1.25 0.20 0.24 0.02 0.20 0.25 0.04 0.20 0.23 3.16 3.86 0.03 0.06 0.07 0.20 2.16 1.75 0.49 0.56 0.10 0.08 0.21 0.27 0.08 0.00 0.28 0.14 0.17 0.00 0.42 0.35 0.20 0.25 0.03 0.22 0.17 0.27 0.22 0.73 0.59 0.50 0.09 0.11 1.22 1.49 0.40 0.98 0.79 30.37 24.98 0.65 0.76 0.67 0.57 0.24 0.19 0.35 0.42 0.01 0.24 0.85

Southern Silvr* SouthGobi Res Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res* Sparton Res SPC Nickel Spearmint Res* Spearmint Res Spey Resources Sphinx Res Spruce Ridge R SRG Mining SRHI Inc* SRHI Inc SSR Mining SSR Mining* St Augustine St-Georges Eco* St-Georges Eco St. James Gold St. James Gold* Stakeholdr Gld Standard Graph* Standard Lith Standard Metal* Standard Uran* Standard Uran Stans Energy* Star Diamond* Star Diamond Star Gold* Starcore Intl* Starcore Intl Starr Peak* Starr Peak Steele Oceanic* Stellar Africa* Stellar Africa Stelmine Can Steppe Gold Steppe Gold* Sterling Metal* Sterling Metal Stevens Gold Stevens Gold* Stinger Res* Stinger Res Stone Gold Stornoway Diam* Straightup Res Stratabd Mnr* Stratabd Mnr Strateco Res* Strategic Metl Strategic Metl* Strategic Res* Strategic Res Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor Stuhini Explor* Sulliden Mng* Sulliden Mng Summa Silver* Summa Silver Sun Peak Metal Sun Summit Sun Summit* Suncor Energy Suncor Energy* Superior Gold* Superior Gold Superior Mng Superior Mng* Surge Battery Surge Battery* Surge Copper* Surge Copper Sutter Gold* Sylla Gold Syrah Res*

O T V V O O V V O C C V V V O V T D T O C V O V O V O O V O O T O O T O V O O V V T O O V C O O V V O C O V O V O O V V V O V O V V O O T O V V V O T N O V V O V O O V O V O

1460 23 419 641 547 345 1582 1083 2488 6950 4190 334 272 230 682 1310 2035 6144 870 1420 1989 97 44 19 2559 338 1 421 1238 123 78 707 75 22 86 202 692 0 34 109 2295 63 6 337 368 97 26 6 553 78 2840 355 24 197 298 47 75 13 63 1025 575 945 3629 420 58 74 2 0 616 113 225 277 2329 247 51409 31327 89 425 19 68 126 48 144 725 791 58 133

0.45 0.39 0.07 0.34 0.29 0.06 0.08 0.21 0.19 0.21 0.42 0.03 0.17 0.62 0.48 0.58 22.01 18.20 0.16 0.39 0.40 4.06 3.36 0.82 0.08 3.80 1.25 0.20 0.24 0.02 0.23 0.27 0.04 0.20 0.24 3.21 3.89 0.03 0.06 0.07 0.21 2.24 1.79 0.56 0.67 0.11 0.08 0.22 0.28 0.09 0.01 0.32 0.15 0.18 0.00 0.43 0.36 0.20 0.27 0.03 0.25 0.23 0.28 0.26 0.80 0.62 0.50 0.09 0.11 1.25 1.52 0.40 1.26 1.02 31.07 25.69 0.67 0.83 0.71 0.62 0.25 0.21 0.37 0.45 0.01 0.24 0.85

Taiga Gold Taiga Gold* Tajiri Res Talisker Res* Talisker Res Talmora Diamd Talon Metals Tamerlane Vent* Tanqueray Expl Tantalex Res Tanzanian Gold Tanzanian Gold* Tarachi Gold*

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

312 93 394 29 395 72 1945 5 196 5974 151 7599 373

0.20 0.17 0.09 0.30 0.36 0.03 0.70 0.00 8.65 0.07 0.68 0.55 0.30

High Low

Stock

Tarachi Gold Taranis Res Taranis Res* Tarku Res Tarku Res* Tartisan Nick Tartisan Nick* Taseko Mines Taseko Mines* TDG Gold Teck Res* Teck Res Teck Res Tectonic Metal* Tectonic Metal Temas Res* Temas Res Tembo Gold Tembo Gold* Tempus Res* Tempus Res Teras Res* Teras Res Terrax Mnrls* Terrax Mnrls Terreno Res Tesoro Mnrls* Tesoro Mnrls Teuton Res* Teuton Res Texas Mineral* Themac Res* Themac Res Thesis Gold Theta Gold* Thor Expl* Thor Expl Thunder Mtn Gd* Thunderstruck Thunderstruck* Tier One Silv Timberline Res Timberline Res* Tinka Res* Tinka Res Tintina Mines Tisdale Res Titan Mining* Titan Mining Titanium Corp TNR Gold Tocvan Venture TomaGold Tombill Mines Tombstone Expl* Tonogold Res* Torex Gold* Torex Gold Torq Resources* Torq Resources Tower Res* Tower Res Trailbreaker Trailbreaker* Trans Canada Trans Canada* Transatlantic Transition Met Transition Met* Treasury Metal* Treasury Metal Trecora Res* Tres-Or Res Tres-Or Res* Trevali Mining* Trevali Mining Trifecta Gold Trifecta Gold* Trillium Gold* Trillium Gold Trilogy Mtls Trilogy Mtls* TriMetals Mng* Trinity Res* Trinity Valley Trinity Valley* Triple Flag TriStar Gold TriStar Gold* Triumph Gold* Triumph Gold Troilus Gold* Troilus Gold Troubadour Res Troy Res* TRU Precious* TRU Precious True North Gem* True North Gem Tsodilo Res Tudor Gold * Tudor Gold Tundra Gold*

+ unch + + unch + unch + unch + + + + + unch + unch + + + + unch unch + unch + unch + unch + + + + + unch + + + + +

0.02 0.03 0.02 0.03 0.01 0.01 0.01 0.00 0.00 0.01 0.03 0.00 0.01 0.01 0.01 0.00 0.05 0.17 0.01 0.03 0.03 0.00 0.15 0.03 0.01 0.05 0.04 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.02 0.05 0.02 0.00 0.01 0.01 0.04 0.07 0.09 0.05 0.10 0.02 0.02 0.03 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.02 0.00 0.03 0.03 0.01 0.00 0.07 0.02 0.03 0.00 0.01 0.01 0.03 0.00 0.28 0.26 0.42 0.51 0.03 0.07 0.01 0.03 0.01 0.01 0.02 0.02 0.00 0.04 0.02

0.55 1.39 0.10 0.77 0.59 0.16 0.21 0.80 0.36 0.27 0.42 0.03 0.23 1.05 0.69 1.02 33.69 25.32 0.20 0.99 1.19 6.50 5.16 0.82 0.15 4.75 4.85 0.25 0.38 0.18 0.25 0.30 0.19 0.27 0.35 3.56 4.05 0.51 0.11 0.14 0.21 3.14 2.41 1.00 0.92 0.38 0.29 0.29 0.35 0.28 0.01 0.35 0.26 0.38 0.01 0.80 0.60 0.41 0.52 0.09 0.33 0.26 0.28 0.26 0.90 0.94 0.72 0.09 0.20 2.20 3.50 1.34 1.35 1.09 31.07 25.69 1.15 1.53 0.89 0.63 0.29 0.25 0.46 0.85 0.05 0.24 1.10

0.13 0.01 0.04 0.09 0.07 0.02 0.03 0.19 0.01 0.03 0.05 0.01 0.06 0.41 0.40 0.14 17.29 13.68 0.02 0.02 0.04 0.06 0.07 0.17 0.05 0.97 1.20 0.12 0.12 0.00 0.11 0.15 0.01 0.09 0.09 0.57 0.73 0.03 0.02 0.03 0.04 1.25 1.42 0.04 0.05 0.10 0.08 0.18 0.10 0.06 0.00 0.13 0.02 0.06 0.00 0.35 0.27 0.20 0.22 0.01 0.05 0.03 0.07 0.05 0.27 0.30 0.29 0.00 0.05 0.60 0.50 0.35 0.18 0.14 14.28 10.67 0.40 0.51 0.23 0.22 0.06 0.03 0.32 0.08 0.00 0.08 0.17

0.19 0.15 0.09 unch 0.28 0.34 0.03 + 0.64 0.00 unch 8.63 0.06 unch 0.67 + 0.55 + 0.26 -

0.01 0.01 0.00 0.01 0.01 0.01 0.02 0.00 0.07 0.00 0.05 0.04 0.03

0.28 0.24 0.23 0.39 0.44 0.15 0.90 0.10 26.25 0.12 2.12 1.91 0.43

0.16 0.12 0.05 0.21 0.28 0.01 0.13 0.00 5.50 0.01 0.60 0.49 0.18

T 0.18 0.00 0.00 0.28 0.33 0.03 0.61 0.00 7.72 0.06 0.60 0.50 0.26

(100s)

12-month Change

Week

Exc Volume C V O V O C O T X V N T T O V O C V O O V O V O V V O V O V O O V V O O V O V O V V O O V V V O T V V C V V O O O T O V O V V O V O V V O O T N V O O T V O O V T X O O V O T V O O V O T V O O V O V V O V O

664 97 98 635 116 145 69 1236 6038 73 19843 9349 7 644 1069 288 678 293 335 1 71 90 280 212 368 1130 15 19 31 84 639 2 5 1132 208 74 1176 250 261 166 2793 203 388 218 820 41 126 30 920 113 221 760 1043 600 5 385 139 1177 32 213 4 143 88 3 385 35 244 755 183 45 346 488 178 55 1826 2812 283 75 150 717 66 903 14 86 1117 13 14 815 1078 185 336 747 3292 339 450 102 551 7 10 436 134 203 1

High

Low

Last

0.36 0.10 0.09 0.13 0.11 0.55 0.46 2.97 2.47 0.53 24.62 29.81 42.09 0.14 0.16 0.48 0.58 0.16 0.14 0.13 0.18 0.05 0.06 0.24 0.29 0.05 0.04 0.06 2.28 2.71 2.33 0.10 0.10 1.64 0.20 0.33 0.40 0.16 0.09 0.08 1.90 0.38 0.32 0.20 0.23 0.05 0.90 0.37 0.48 0.58 0.06 1.49 0.08 0.22 2.49 0.16 14.24 17.35 0.73 0.90 0.08 0.09 0.35 0.29 0.26 0.18 0.04 0.22 0.18 0.78 0.97 8.56 0.14 0.10 0.22 0.26 0.13 0.11 0.86 1.04 3.61 3.00 0.10 0.04 0.08 0.06 16.00 0.27 0.22 0.19 0.23 1.03 1.23 0.20 0.04 0.41 0.39 0.08 0.12 0.76 2.28 2.76 6.00

0.31 0.00 0.00 0.10 0.00 0.48 0.40 2.85 2.31 0.46 23.25 28.18 39.75 0.11 0.13 0.42 0.51 0.14 0.11 0.13 0.17 0.04 0.05 0.21 0.26 0.04 0.04 0.00 1.85 2.56 2.05 0.09 0.10 1.47 0.14 0.28 0.36 0.00 0.08 0.07 1.30 0.31 0.24 0.17 0.21 0.00 0.80 0.34 0.40 0.55 0.06 1.28 0.07 0.18 0.00 0.14 13.50 16.54 0.70 0.84 0.00 0.08 0.27 0.29 0.19 0.18 0.04 0.16 0.14 0.00 0.90 8.24 0.13 0.10 0.19 0.24 0.11 0.09 0.78 0.95 3.39 2.80 0.08 0.03 0.07 0.06 15.66 0.24 0.20 0.17 0.21 0.85 1.03 0.18 0.03 0.29 0.36 0.08 0.00 0.66 2.15 2.58 4.50

0.31 0.10 0.09 0.12 0.10 0.49 0.40 2.91 2.40 0.46 23.66 28.73 40.94 0.11 0.14 0.42 0.51 0.15 0.12 0.13 0.17 0.05 0.06 0.21 0.26 0.04 0.04 0.05 2.20 2.64 2.23 0.09 0.10 1.60 0.18 0.33 0.39 0.16 0.08 0.07 1.62 0.32 0.28 0.18 0.22 0.04 0.85 0.34 0.41 0.55 0.06 1.45 0.07 0.20 2.40 0.15 14.04 17.07 0.70 0.84 0.08 0.08 0.33 0.29 0.22 0.18 0.04 0.21 0.18 0.78 0.94 8.50 0.13 0.10 0.20 0.24 0.11 0.09 0.80 1.01 3.52 2.86 0.10 0.03 0.07 0.06 15.85 0.26 0.21 0.18 0.23 0.87 1.06 0.19 0.03 0.32 0.39 0.08 0.11 0.66 2.19 2.76 6.00

12-month Change unch + + unch + unch unch + + + unch + + + + + unch + + + unch + + + + unch unch + + + + + + + unch + unch

0.05 0.00 0.00 0.02 0.01 0.03 0.04 0.02 0.04 0.01 1.07 1.12 1.08 0.02 0.01 0.03 0.04 0.01 0.01 0.00 0.01 0.00 0.00 0.02 0.02 0.01 0.00 0.00 0.07 0.04 0.03 0.02 0.00 0.02 0.01 0.05 0.03 0.01 0.02 0.01 0.27 0.05 0.02 0.01 0.01 0.01 0.25 0.16 0.09 0.03 0.01 0.21 0.00 0.02 0.01 0.01 0.08 0.00 0.01 0.01 0.01 0.01 0.05 0.04 0.01 0.02 0.01 0.05 0.04 0.01 0.00 0.05 0.01 0.00 0.01 0.01 0.01 0.00 0.06 0.04 0.08 0.13 0.01 0.04 0.01 0.00 0.03 0.01 0.01 0.00 0.01 0.10 0.11 0.01 0.01 0.01 0.01 0.00 0.01 0.07 0.00 0.14 0.00

(100s)

High Low

Stock

1.00 0.16 0.16 0.25 0.14 0.56 0.55 3.22 2.67 0.53 26.72 32.27 42.50 0.25 0.34 1.78 2.27 0.30 0.18 0.17 0.33 0.08 0.14 0.41 0.55 0.07 0.12 0.17 3.80 4.85 4.70 0.11 0.12 1.75 0.70 0.33 0.45 0.34 0.20 0.16 1.80 0.51 0.40 0.24 0.30 0.08 1.50 0.99 1.10 0.65 0.09 1.50 0.11 0.33 3.09 0.45 19.45 25.52 0.86 1.07 0.12 0.15 0.45 0.33 0.30 0.24 0.07 0.26 0.20 1.40 1.98 8.59 0.20 0.14 0.23 0.28 0.13 0.19 2.06 2.78 3.70 3.06 0.12 0.15 0.15 0.11 16.00 0.47 0.35 0.34 0.48 1.33 1.82 0.30 0.27 0.41 0.52 0.19 0.25 0.91 3.40 4.51 6.00

Turmalina Met Turmalina Met* Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tyhee Gold* Tymbal Res Typhoon Expl

V O N T V O O V V

U.S. Gold* U3O8 Corp* U3O8 Corp Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop* Universal Cop Universal Vent Ur-Energy Ur-Energy* Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty Uranium Roylty* Uravan Mnrls Uravan Mnrls* USCorp* Usha Res Val-d’Or Mg* Val-d’Or Mg Vale* Valley High Mg* ValOre Metals* ValOre Metals Valorem Res Valterra Res* Valterra Res Vanadian Enrgy* Vanadian Enrgy Vanadium One* Vanadium One Vanstar Mng Rs Vanstar Mng Rs* Vantex Res Vantex Res * Velocity Mnrls* Velocity Mnrls Vendetta Mng Vendetta Mng* Venture Mnrls* Verde Potash Verde Res* Vertical Expl Vertical Expl* Victoria Gold* Victoria Gold Victory Nickel Victory Nickel* Victory Res Victory Res* Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M* Visible Gold M Vision Lithium Vision Lithium* Visionary Gold Vista Gold Vista Gold* Viva Gold* Viva Gold Vizsla Silver Vizsla Silver* Volatus Cap Volcanic Gold* Volcanic Gold Voyageur Min Voyageur Min* Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls Vulcan Mnrls* VVC Expl

0.24 0.07 0.05 0.07 0.08 0.05 0.00 0.60 0.44 0.09 9.56 13.10 15.00 0.07 0.09 0.30 0.10 0.10 0.07 0.12 0.14 0.04 0.05 0.16 0.20 0.02 0.04 0.05 0.69 0.92 1.20 0.03 0.05 0.52 0.00 0.16 0.17 0.07 0.07 0.05 1.30 0.07 0.04 0.11 0.16 0.03 0.40 0.00 0.18 0.24 0.03 0.15 0.06 0.12 1.50 0.13 11.70 14.81 0.35 0.47 0.04 0.06 0.17 0.14 0.04 0.11 0.03 0.13 0.10 0.62 0.78 4.67 0.08 0.05 0.06 0.08 0.04 0.00 0.49 0.60 1.90 1.43 0.05 0.00 0.06 0.05 15.16 0.19 0.15 0.11 0.13 0.67 0.84 0.03 0.03 0.18 0.12 0.05 0.08 0.07 0.81 1.04 3.50

Week

Exc Volume

Last

12-month

High

Low

Change

4119 1763 3687 808 2614 200 6749 415 458

1.13 0.98 17.40 21.07 0.06 0.05 0.00 0.02 0.05

0.90 1.05 + 0.75 0.87 + 16.51 17.08 19.91 20.78 0.05 0.05 0.04 0.04 0.00 0.00 0.02 0.02 unch 0.05 0.05 unch

D 137 O 141 V 48 C 8 O 4847 O 273 V 311 T 12721 O 15 V 158 O 508 O 441 V 2286 O 1005 C 1109 O 66 X 13060 N 133940 O 22 V 297 V 396 T 1191 X 17983 V 1791 X 24698 O 1914 X 8258 V 882 D 1579 V 188 O 169 O 10108 V 81 O 18 V 36 N 142110 O 3978 O 220 V 390 C 38502 O 193 V 209 O 343 V 431 O 81 V 407 V 268 O 141 V 9 O 5 O 88 V 389 V 325 O 116 O 400 T 118 O 75 V 527 O 9 O 135 T 1689 C 26 O 55 C 776 O 835 V 196 O 143 V 1291 O 13 V 91 V 2508 O 1782 V 623 T 10 X 714 O 49 V 27 V 1293 O 554 C 233 O 42 V 21 C 59 O 12 O 202 V 618 O 253 V 1027 V 2057 O 511 V 582

12.12 0.37 0.29 0.05 19.50 1.02 1.20 0.50 0.17 0.19 0.10 0.15 0.19 0.85 1.02 0.04 1.04 28.79 0.10 0.13 1.75 2.05 1.69 0.84 3.57 0.04 5.13 3.58 2.98 0.06 0.05 0.06 0.21 0.11 0.13 22.48 0.05 0.27 0.33 0.42 0.04 0.05 0.09 0.11 0.30 0.28 0.77 0.66 0.26 0.22 0.41 0.50 0.05 0.04 0.12 1.21 0.08 0.14 0.10 17.00 20.58 0.07 0.05 0.08 0.07 0.31 0.24 0.48 0.12 0.15 0.16 0.13 0.23 1.46 1.21 0.20 0.25 2.54 2.09 0.16 0.41 0.49 0.43 0.36 0.14 0.15 0.50 0.61 0.29 0.24 0.11

Stock

0.01 0.00 0.36 0.28 0.01 0.01 0.00 0.00 0.00

1.80 1.33 21.89 26.45 0.06 0.06 0.01 0.05 0.11

0.75 0.55 6.27 8.50 0.01 0.01 0.00 0.01 0.05

VVC Expl*

0.24 0.01 0.00 0.01 2.19 0.07 0.06 0.09 0.02 0.02 0.00 0.01 0.01 0.01 0.01 0.01 0.02 2.40 0.00 0.01 0.18 0.15 0.13 0.01 0.11 0.00 0.31 0.28 0.28 0.01 0.02 0.00 0.00 0.03 0.00 0.05 0.00 0.01 0.01 0.18 0.00 0.00 0.02 0.01 0.03 0.01 0.02 0.03 0.01 0.00 0.02 0.04 0.01 0.00 0.02 0.07 0.02 0.02 0.00 0.80 1.16 0.01 0.01 0.01 0.00 0.03 0.04 0.09 0.00 0.01 0.01 0.01 0.04 0.02 0.00 0.01 0.02 0.03 0.04 0.03 0.01 0.00 0.03 0.12 0.00 0.02 0.09 0.13 0.03 0.03 0.03

17.40 0.40 0.37 0.08 30.20 2.36 2.97 0.50 0.23 0.28 0.19 0.50 0.67 1.46 1.80 0.05 2.56 29.97 0.15 0.21 4.11 2.03 1.69 1.68 3.67 0.42 14.50 4.70 3.81 0.07 0.13 0.07 0.29 0.20 0.20 23.02 0.20 0.36 0.45 0.44 0.10 0.14 0.10 0.10 0.32 0.36 1.75 2.32 0.38 0.27 0.47 0.61 0.11 0.09 0.11 1.97 1.00 0.30 0.19 17.00 21.04 0.10 0.08 0.60 0.49 0.48 0.37 0.49 0.30 0.38 0.95 0.74 0.24 1.90 1.45 0.36 0.48 2.93 2.37 0.44 0.68 0.93 0.50 0.38 0.25 0.35 0.47 0.58 0.29 0.80 0.16

5.87 0.02 0.07 0.03 0.24 0.64 0.70 0.12 0.02 0.04 0.00 0.14 0.16 0.09 0.13 0.02 0.22 6.58 0.06 0.05 1.05 0.55 0.42 0.12 0.82 0.01 1.34 0.98 0.70 0.02 0.01 0.00 0.15 0.08 0.09 10.06 0.00 0.16 0.21 0.06 0.04 0.05 0.02 0.03 0.05 0.07 0.65 0.52 0.16 0.03 0.31 0.41 0.05 0.03 0.02 0.47 0.00 0.03 0.01 8.18 10.42 0.02 0.01 0.05 0.04 0.07 0.05 0.31 0.00 0.11 0.02 0.01 0.02 1.08 0.80 0.16 0.21 0.40 0.29 0.01 0.25 0.31 0.24 0.19 0.03 0.04 0.18 0.23 0.04 0.04 0.02

Walker Lane* Walker River* Walker River Wallbridge Mng* Wallbridge Mng Waraba Gold Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wedgemount Res Wescan Gldflds* Wescan Gldflds Wesdome Gold Wesdome Gold* West High Yld West Mining* West Mining West Red Lake* West Red Lake West Vault Western Areas* Western Atlas Western Copper* Western Copper Western Gold Western Mag* Western Mag Western Potash Western Res* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold* Westhaven Gold Westkam Gold* Westkam Gold Westminster Rs* Westminster Rs WestMountain* Wheaton Prec Wheaton Prec* White Energy* White Gold* White Gold White Metal R* White Metal Rs White Mtn Engy* Whitehaven Coa* Whitehorse GC Wildsky Res* Wildsky Res Winshear Gold Winston Gold Winston Gold* Winston Res Wolfden Res* Wolfden Res Wolfeye Res World Copper X-Terra Res X-Terra Res* Xanadu Mines Xander Res Xander Res* Xemplar Egy* Xiana Mng* Xiana Mng Ximen Mining Ximen Mining* Xplore Res Xtierra Inc Xtra-Gold Res* Xtra-Gold Res Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res* Yorbeau Res Zacatecas Silv Zacatecas Silv* Zadar Ventures* ZEN Graphene* ZEN Graphene Zena Mining Zephyr Mnls* Zephyr Mnls Zimtu Capital Zinc One Res Zinc One Res * Zincore Mtls* ZincX Res* ZincX Res Zonte Metals* Zonte Metals

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

U-V 11.32 0.21 0.25 0.00 15.97 0.92 1.12 0.44 0.15 0.00 0.09 0.14 0.16 0.80 0.97 0.00 0.90 25.18 0.09 0.12 1.55 1.86 1.52 0.79 3.07 0.03 4.35 3.12 2.57 0.05 0.03 0.03 0.18 0.00 0.00 21.79 0.04 0.25 0.31 0.16 0.04 0.00 0.07 0.09 0.20 0.25 0.68 0.56 0.25 0.22 0.36 0.46 0.05 0.04 0.09 1.08 0.05 0.11 0.10 15.60 18.83 0.00 0.00 0.08 0.06 0.27 0.22 0.37 0.00 0.14 0.14 0.11 0.19 1.41 1.15 0.19 0.24 2.36 1.95 0.13 0.39 0.00 0.40 0.35 0.00 0.13 0.35 0.41 0.23 0.19 0.09

11.75 0.23 0.27 0.05 17.18 0.94 1.14 0.50 0.16 0.19 0.10 0.14 0.18 0.83 1.00 0.04 0.94 28.66 0.09 0.13 1.73 2.01 1.66 0.81 3.20 0.03 4.67 3.31 2.71 0.06 0.03 0.05 0.19 0.08 0.13 22.40 0.05 0.26 0.31 0.24 0.04 0.05 0.09 0.11 0.23 0.26 0.72 0.59 0.25 0.22 0.39 0.47 0.05 0.04 0.12 1.11 0.05 0.12 0.10 16.64 20.25 0.06 0.05 0.08 0.06 0.28 0.22 0.46 0.12 0.15 0.16 0.12 0.20 1.45 1.19 0.20 0.25 2.51 2.06 0.15 0.40 0.49 0.43 0.36 0.12 0.15 0.48 0.60 0.28 0.23 0.09

+ unch + + + + + + + + + + + + + + unch unch unch + + + + unch + + + + + + + + + + + + unch + + + + + + unch + + + + + + + -

(100s)

High Low

Exc Volume

Week High

Low

686

0.10

0.07

17 127 974 926 1531 200 63 229 118 2714 2162 245 5 5 2164 779 103 354 458 163 614 34 27 1062 3718 1064 19 2744 1806 36 2 45 294 608 9 190 257 47 1773 3 124 3 6098 8986 5 60 413 322 284 359 20 186 9 11 189 2684 3617 463 85 324 1703 1008 1575 234 1440 121 198 404 8 93 473 37 515 50 15 4 7604 38187 1 45 1025 238 38 1 250 753 236 79 252 47 17 2 3 18 446 30 394

0.05 0.07 0.09 0.53 0.64 0.21 0.06 0.08 0.05 0.32 0.39 0.79 0.10 0.12 12.75 10.47 0.19 0.23 0.28 0.07 0.09 1.46 1.95 0.07 2.51 2.99 0.40 0.22 0.26 0.20 0.15 0.16 3.40 2.76 1.75 0.66 0.80 0.13 0.15 0.26 0.39 4.00 59.18 48.93 0.10 0.51 0.63 0.09 0.11 0.05 1.65 1.50 0.26 0.26 0.10 0.11 0.09 0.54 0.29 0.33 0.73 0.14 0.10 0.09 0.05 0.17 0.14 0.01 0.08 0.10 0.30 0.25 0.13 0.10 1.03 1.24 6.31 5.22 1.33 0.05 0.06 1.26 1.00 0.13 2.55 3.00 0.20 0.14 0.17 0.24 1.58 1.17 0.00 0.17 0.20 0.21 0.26

12-month

Last

Change

0.07

0.02

0.05 0.07 0.08 0.51 0.62 0.21 0.06 0.07 0.05 0.30 0.36 0.79 0.07 0.09 12.59 10.39 0.17 0.22 0.27 0.07 0.08 1.38 1.90 0.07 2.38 2.86 0.40 0.17 0.21 0.19 0.15 0.16 3.37 2.76 1.75 0.66 0.79 0.12 0.15 0.26 0.35 4.00 58.33 47.96 0.10 0.48 0.59 0.08 0.11 0.05 1.65 1.45 0.22 0.26 0.09 0.10 0.08 0.53 0.26 0.33 0.71 0.14 0.10 0.07 0.05 0.17 0.13 0.01 0.05 0.07 0.27 0.22 0.13 0.10 0.99 1.20 6.22 5.11 1.33 0.04 0.06 1.20 1.00 0.13 2.23 2.61 0.20 0.14 0.16 0.24 1.26 1.17 0.00 0.16 0.19 0.20 0.26

unch unch + + + + + + + + + + unch + + unch unch + unch + + unch + + + + unch + + + + + + + + + + + unch + + unch unch + unch + + unch + +

0.00 0.01 0.01 0.01 0.02 0.00 0.00 0.01 0.01 0.02 0.02 0.04 0.03 0.03 0.75 0.58 0.02 0.01 0.01 0.00 0.00 0.03 0.01 0.01 0.13 0.13 0.00 0.02 0.02 0.00 0.00 0.00 0.60 0.52 0.00 0.01 0.02 0.01 0.02 0.00 0.02 2.00 0.08 0.41 0.01 0.03 0.01 0.00 0.01 0.01 0.32 0.06 0.04 0.03 0.01 0.01 0.01 0.02 0.04 0.01 0.10 0.00 0.01 0.02 0.01 0.02 0.00 0.00 0.02 0.01 0.02 0.02 0.01 0.01 0.01 0.00 0.04 0.09 0.00 0.01 0.01 0.04 0.02 0.00 0.13 0.26 0.03 0.00 0.01 0.01 0.24 0.14 0.00 0.01 0.01 0.01 0.01

High Low 0.13 0.01

W-Z 0.05 0.07 0.08 0.49 0.60 0.21 0.06 0.07 0.04 0.25 0.30 0.60 0.07 0.00 11.65 9.65 0.17 0.20 0.24 0.06 0.08 1.38 0.00 0.06 2.27 2.76 0.40 0.17 0.21 0.00 0.15 0.16 2.53 2.09 1.61 0.63 0.76 0.10 0.13 0.26 0.33 0.00 57.01 47.15 0.09 0.48 0.58 0.08 0.10 0.04 1.37 1.34 0.00 0.00 0.09 0.09 0.08 0.49 0.00 0.30 0.57 0.13 0.09 0.06 0.04 0.00 0.00 0.01 0.05 0.00 0.26 0.21 0.11 0.09 0.99 1.20 6.13 5.06 1.33 0.04 0.06 1.16 0.93 0.13 2.05 2.45 0.17 0.12 0.15 0.22 1.22 0.00 0.00 0.16 0.18 0.20 0.24

0.12 0.11 0.15 1.01 1.33 0.70 0.11 0.15 0.07 0.38 0.45 0.75 0.10 0.15 15.00 11.37 0.30 1.16 1.70 0.17 0.21 1.99 2.43 0.19 2.83 3.35 0.69 0.22 0.26 0.37 0.19 0.33 3.24 2.69 2.05 0.93 1.25 0.22 0.30 0.26 0.39 7.00 76.69 57.89 0.11 2.00 1.34 0.12 0.17 0.05 1.48 4.80 0.29 0.36 0.15 0.20 0.18 2.34 0.40 0.36 1.54 0.26 0.25 0.18 0.11 0.45 0.20 0.47 0.13 0.13 0.80 0.60 0.14 0.23 1.22 1.54 9.29 7.02 1.33 0.06 0.08 1.89 1.05 0.96 2.97 3.77 0.22 0.88 1.15 0.29 5.00 1.27 0.00 0.19 0.23 0.24 0.33

0.03 0.06 0.07 0.36 0.52 0.10 0.01 0.06 0.02 0.05 0.07 0.25 0.03 0.04 7.78 6.05 0.09 0.16 0.21 0.05 0.07 1.00 1.25 0.06 0.75 1.02 0.28 0.08 0.10 0.15 0.11 0.09 0.34 0.25 1.40 0.40 0.50 0.10 0.09 0.10 0.06 0.55 44.09 34.85 0.05 0.46 0.59 0.03 0.04 0.00 0.63 0.57 0.08 0.08 0.06 0.08 0.05 0.44 0.08 0.11 0.48 0.10 0.08 0.05 0.03 0.10 0.08 0.00 0.02 0.04 0.25 0.21 0.05 0.06 0.45 0.61 5.06 3.99 0.73 0.01 0.04 1.00 0.93 0.12 0.30 0.39 0.05 0.10 0.13 0.10 0.80 0.20 0.00 0.06 0.08 0.13 0.16

BID-ASK — JUNE 7–11, 2021 12-MONTH STOCK

79 Resources Aftermath Silv Alacer Gold Allied Copper Altan Rio Min Amilot Capital AMV Capital Anglo-Bomarc Antler Hill Apex Res Arcturus Vent Atlanta Gold Aurelius Min Aurex Energy Aurora Royal Aust Goldfield Austin Res Avarone Metals Aya Gold Banro Corp* Barker Min BC Moly BE Res Bearclaw Cap Black Shield Boss Power Brunswick Res Bullion Gold C2C Gold Cache Explor Cairo Res Califfi Cap Camrova Res Canamera Energ Cascadero Copp Cassius Vents Centurion Mnls Cerro de Pasc Cerro Mng Chatham Rock Cleghorn Min Cliffmont Res Cliffs Nat Res* Clydesdale Res Comet Inds Crystal Peak Duro Metals Earl Res Electra Stone Eurotin Everton Res Evolution Glob Excalibur Res Exploits Disc Finore Mng Fire River Gol Freedom Egy Galore Res GAR Limited

EXC

BID

ASK

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

0.10 0.24 9.41 0.31 0.13 0.05 0.12 0.08 ... 0.07 0.02 0.03 0.13 0.04 0.06 ... 0.09 ... 1.94 0.11 0.01 0.08 0.20 0.24 0.17 0.17 ... 0.06 ... 0.16 ... 0.16 0.01 0.33 0.04 0.07 ... ... 0.10 0.10 0.10 0.15 1.45 0.07 3.00 0.01 0.22 0.41 0.01 0.02 0.10 1.50 0.09 ... 0.12 0.36 0.02 0.02 ...

0.13 0.25 9.52 0.58 0.14 0.06 0.15 0.08 0.25 0.11 0.03 0.04 0.14 0.06 0.07 ... 0.11 ... 2.19 0.11 0.01 0.15 0.37 0.37 1.00 0.20 0.05 0.15 ... 0.17 ... 0.17 0.02 ... 0.04 0.14 0.05 ... 0.79 0.13 0.12 0.25 3.20 0.10 3.55 0.02 0.48 0.65 0.02 0.02 0.10 3.00 0.10 ... 0.12 0.36 0.02 0.02 ...

12-MONTH

LAST

HIGH

LOW

STOCK

0.11 0.25 9.47 0.41 0.13 0.05 0.12 0.15 0.18 0.10 0.03 0.03 0.14 0.05 0.07 0.47 0.09 0.04 2.01 0.11 0.01 0.08 0.20 0.29 0.15 0.17 0.03 0.10 0.11 0.16 0.37 0.17 0.07 0.32 0.04 0.07 0.07 0.29 0.60 0.09 0.11 0.16 1.43 0.07 3.00 0.01 0.24 0.45 0.01 0.02 0.03 2.00 0.10 0.59 0.11 0.40 0.01 0.02 0.15

0.25 0.33 10.82 0.68 0.22 0.08 0.26

0.10 0.05 3.50 0.15 0.06 0.03 0.07

0.17 0.24 0.04 0.15 0.05 0.10 0.47 0.13 0.15 2.50 2.10

0.08 0.01 0.03 0.03 0.03 0.03 0.42 0.07 0.03 0.82 0.10

0.09 0.20 0.60 0.15

0.03 0.11 0.10 0.11

0.28 0.15 0.33 0.37 0.21

0.01 0.03 0.04 0.21 0.15

0.39 0.06 0.10

0.08 0.02 0.07

0.34 0.60 0.30 0.15 0.20 7.17 0.07 3.25 0.10 0.27 0.55

0.12 0.26 0.06 0.07 0.06 0.98 0.03 2.00 0.01 0.13 0.09

0.06

0.01

2.00 0.11 0.62

2.00 0.01 0.13

0.45

0.12

0.03 4.13

0.01 0.13

General Moly* Gentor Res Gespeg Res GFM Res Global Cop Grp GobiMin Goldbank Mng Goldblock Cap Golden Cariboo Golden Indepen GoldHaven Res Goldshore Res Great Lakes Gr Green Arrow Greenshield Ex Grosvenor Res GrowMax Res Handa Mining HFX Holding Highbury Proj Highvista Gold Hylands Intl Indico Res Indigo Expl Inspiration Mg Intact Gold Inter-Rock Mnl Interconnect Intl Battery Intl Bethl Mng Iron South Mng Jazz Res K9 Gold Karam Min Karora Res Kenadyr Mining Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lido Minerals Lightspeed Dis Lithium South Logan Res Lovitt Res Madeira Mrnls MAG Silver* Martina Mnls Mega Copper Melior Res Midasco Cap MillenMin Vent Milner Con Slv Minecorp Egy Mongoose Mg Montana Gold Napier Vent Navis Res Corp

EXC

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

BID

... 0.08 0.06 0.07 0.07 0.30 0.13 0.18 0.10 ... ... ... 0.05 0.02 0.16 0.16 0.03 0.04 0.07 0.20 ... 0.04 ... 0.08 ... 0.06 0.41 0.08 ... 0.06 0.24 0.33 0.17 0.11 0.47 0.03 0.05 0.03 0.03 ... ... 0.11 0.20 0.31 0.25 0.20 ... 12.52 0.05 0.14 0.03 0.12 ... 0.08 ... ... 0.09 0.06 ...

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

... 0.11 0.06 0.12 0.08 0.37 0.20 0.35 0.12 ... ... 375.00 0.05 0.03 0.17 0.25 0.03 0.05 0.11 0.50 ... 0.05 0.01 0.09 ... 0.09 0.45 0.16 ... 0.10 0.27 0.40 0.24 0.31 0.48 0.03 0.06 0.10 0.04 ... ... ... 0.20 0.34 0.25 0.23 ... 13.30 0.17 0.35 0.06 0.20 ... 0.12 ... ... 0.10 ... ...

0.11 0.08 0.06 0.07 0.08 0.31 0.13 0.32 0.10 0.38 0.42 0.11 0.04 0.02 0.17 0.14 0.09 0.04 0.07 0.23 0.17 0.04 0.01 0.09 0.03 0.09 0.45 0.10 0.31 0.10 0.24 0.33 0.24 0.15 0.48 0.04 0.05 0.06 0.03 1.09 0.24 0.26 0.11 0.31 0.30 0.21 0.03 12.52 0.07 0.16 0.08 0.11 0.05 0.07 0.12 0.12 0.10 0.07 0.30

100.00 0.08 0.12 0.15 0.11 0.35 0.18 0.32 0.15 0.40 0.45 1.20

0.10 0.05 0.05 0.07 0.04 0.21 0.09 0.16 0.02 0.05 0.06 0.48

0.04 0.20 0.20

0.02 0.14 0.12

0.06 0.35 0.30

0.01 0.02 0.23

0.06

0.03

Nebu Res Nevado Res New Klondike Newmac Res Nexco Res O2Gold Ord Mountain Oro X Mining Orsu Metals Pac Arc Res Paleo Resource Parallel Mng Patriot Batt Pedro Res PPX Mining Primary Energy Prophecy Pot Prospero Silvr Quinto Res Rackla Metals Rare Element* Razore Rock Res Reliant Gold Rizal Res Rockland Mnls Ross River Royal Gold Samco Gold Secova Mtls Sennen Potash Silver Mtn Mns Sonora Gld & S Southern Arc Southstone Min Stans Energy Stuve Gold Supernova Met Themac Res Thunder Mtn Gd Tiger Intl Trench Metals Tri-River Vent Trident Gold TriMetals Mng Tymbal Res UrbanGold Min Vale* ValOre Metals Vanadiumcorp Vatic Vent Venerable Vent Western Troy C Whitemud Res Winshear Gold Worldwide Res Zadar Ventures Zara Res Zinco Mng Zincore Mtls

0.13

0.06

0.12 0.48 0.11

0.04 0.28 0.07

0.12 0.28 0.38 0.28 0.30 0.73 0.08 0.13 0.09 0.16

0.02 0.04 0.20 0.16 0.11 0.20 0.03 0.04 0.05 0.02

0.27 0.30 0.35 0.66 0.37 0.60

0.13 0.17 0.11 0.24 0.06 0.09

14.40 0.18 0.29 0.08 0.15

6.12 0.05 0.02 0.03 0.07

0.20 0.20 0.22 0.10 0.08

0.04 0.07 0.05 0.02 0.06

EXC

BID

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

0.04 0.14 0.01 0.17 0.30 0.23 0.05 0.70 0.24 0.10 0.02 0.13 0.09 0.09 0.04 ... 0.32 0.55 0.05 0.34 0.11 0.13 ... 0.01 0.07 ... 0.33 0.01 0.05 0.01 0.12 0.09 0.32 0.01 0.01 0.26 0.05 0.10 0.10 0.14 0.55 ... 0.12 0.11 0.02 0.39 ... 0.06 0.10 0.05 0.12 0.16 0.01 0.12 0.06 0.50 ... 0.05 0.01

ASK

0.04 0.16 0.01 0.28 0.60 0.27 0.05 0.70 0.32 0.20 0.03 0.40 0.10 0.17 0.05 ... 0.40 1.18 0.07 0.34 0.16 ... 0.10 0.02 0.08 0.22 0.40 ... 0.06 1.10 0.44 0.09 0.90 0.01 0.01 0.42 0.06 0.10 ... 0.35 0.55 0.25 0.17 0.12 0.02 0.41 ... 0.07 0.10 ... 0.22 0.18 0.02 0.14 0.07 0.50 ... 0.07 0.05

LAST

0.04 0.13 0.01 0.29 0.30 0.23 0.20 0.69 0.24 0.16 0.03 0.15 0.10 0.13 0.04 0.17 0.35 0.56 0.08 0.41 0.15 0.13 0.02 0.02 0.08 0.26 0.40 0.05 0.05 0.45 0.31 0.09 0.89 0.01 0.01 0.26 0.06 0.10 0.12 0.20 0.55 0.04 0.12 0.12 0.02 0.37 10.24 0.07 0.09 0.10 0.12 0.16 0.02 0.14 0.06 0.30 0.07 0.05 0.05

HIGH

LOW

0.19

0.07

0.31 0.40 0.37 0.25 0.90 0.45

0.04 0.10 0.06 0.19 0.27 0.21

0.04 0.19 0.18 0.19 0.10 0.82 0.52 1.35 0.08 0.50 0.89 0.25

0.01 0.12 0.08 0.09 0.04 0.16 0.10 0.51 0.05 0.14 0.06 0.06

0.11

0.01

0.60

0.22

0.52 0.10 0.93 0.04

0.20 0.02 0.24 0.01

0.55 0.32 0.12 0.29 0.30 0.22

0.21 0.05 0.05 0.09 0.09 0.04

0.12 0.12 0.05 0.47 11.10 0.13 0.13

0.12 0.03 0.01 0.14 6.57 0.07 0.04

0.15 0.33 0.03 0.15 0.09 0.35 0.22

0.06 0.09 0.01 0.05 0.02 0.26 0.07

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