The Northern Miner June 12 2017 Issue by The Northern Miner Group

LUKAS LUNDIN: HIS TAKE ON METALS, OIL, POLITICS AND MORE / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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MINING ENERGY

Delving into thermal coal, uranium and oilsands development projects and markets / 9–15

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Trek extends mineralization at Aurizona BRAZIL

| Feasibility study due soon on restarting production from open pit

Osisko Gold to buy Orion’s royalties for $1.1B M&A

| Transaction to double Osisko’s near-term cash flow

BY SALMA TARIKH starikh@northernminer.com

hallow step-out holes drilled at Trek Mining’s (TSXV: TREK) wholly owned Aurizona gold project in Brazil have extended gold mineralization west of the pastproducing Piaba open-pit mine. Drill results from some of the first 6,500 metres of a 30,000-metre drill program this year indicate that the Piaba gold deposit continues at depth and along strike west of the pit, and the company says that continued infill drilling should lead to a resource increase. Aurizona hosts proven and probable reserves of 18.6 million tonnes grading 1.62 grams gold per tonne for 969,000 contained oz. gold. The reserves were calculated in June 2016 using a US$1,104 per oz. gold price. The project’s pit-constrained, measured and indicated resource stands at 29.9 million tonnes grading 1.67 grams gold for 1.6 million contained oz. gold and inferred of 2.7 million tonnes at 0.72 gram gold for 61,600 contained oz. gold. Gold reserves are contained mostly within the Piaba pit, which remains open along strike and at depth. Piaba West is a potential extension of the Piaba gold deposit and is the first of several near-mine targets to be drilled in the US$7.5million program. Highlights from Trek’s first 18 drill holes include 3.90 grams gold over 11 metres in drill hole 575, which was 300 metres beyond the westernmost edge of the Piaba open pit, and starting from 49 metres downhole. Another hole, 576, intersected 0.71 gram gold over 6 metres another 100 metres west of 575, from 110 metres deep. Other results were 2.63 grams gold over 9 metres in hole 572; 0.99 gram gold over 15 metres in hole 571; and 1.22 grams gold over 33 metres, including 2.27 grams gold over 11 metres, in 569. “These intercepts have excellent grades and are well above reserve grade at Piaba,” mining analyst See TREK / 8

Osisko Gold Royalties’ bid would see it acquire streams on Pretium Resources’ Brucejack gold mine (left), Stornoway Diamond’s Renard diamond mine (top right) and Audley Capital and Orion Mine Finance’s Mantos Blanco copper mine. PRETIUM RESOURCES, STORNOWAY DIAMOND, ANGLO AMERICAN BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

sisko Gold Royalties (TSX: OR; NYSE: OR) CEO Sean Roosen says his firm had been “keeping the powder dry” in anticipation of a transaction that would make it a “world-class royalty company.” That patience paid off on June 5 in a blockbuster, $1.1-billion deal with Orion Mine Finance to buy an expansive portfolio of Orion’s royalties, streams and precious metal offtakes. Osisko will pay $675 million in cash — plus $450 million in shares — for six streams, 61 royalties and seven offtake agreements. The transaction will boost the company’s producing assets from five to 16, and could transform it into a high-growth, more than 100,000 equivalent oz. gold producer, thanks to three cornerstone assets. These are: a 9.6% stream on Stornoway Diamond’s (TSX: SWY; USOTC: SWYDF) Renard diamond mine in north-central Quebec; a 4% gold and silver stream on Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack mine in

“WE KEPT OUR POWDER DRY WAITING FOR A TRANSACTION JUST LIKE THIS ONE.”

PM40069240

SEAN ROOSEN CEO, OSISKO GOLD ROYALTIES

northwestern British Columbia; and a 100% silver stream on the Mantos Blancos copper mine in Chile, which Anglo American (US-OTC: AAUKF; LSE: AAL) sold to UK-based investment firm Audley Capital and Orion for $300 million in 2015. Osisko reports that the transaction will immediately double its near-term cash flow, while increasing equity dilution by less than 50%. The company forecasts production of over 100,000 equivalent oz. gold in 2018, with growth projected to over 140,000 equivalent oz. gold by 2023. Osisko generated $53 million in net cash flows from operations, while producing 38,000 equivalent oz. gold in 2016. “It’s a rare opportunity to see a portfolio of this quality and size on

the market,” Roosen said during a conference call. “We know a lot of these assets very well based on historic work our team has done. We’ve either been a participant in these projects, or taken a look at them through various stages. We’re quite comfortable with the portfolio, and perhaps had a more aggressive view on some of the projects based on our work. We knew this was the right fit for us, and we pursued this deal with prejudice.” Osisko’senlargedportfoliowillhave 131 royalties and streams, including 16 revenue-generating projects. The company’s f lagship gold assets remain its 5% net smelter return royalty (NSR) on Agnico See OSISKO / 2

NEW GOLD: RAINY RIVER TO PRODUCE BY SEPTEMBER / 7

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Osisko Gold to buy Orion’s royalties for $1.1B OSISKO From 1

Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold’s (TSX: YRI; NYSE: AUY) Canadian Malartic joint venture in Quebec; and a 2% to 3.5% NSR on Goldcorp’s (TSX: G; NYSE:GG) Éléonore gold mine in Quebec. Osiskoexpectstoreceivebetween43,300 and 46,100 equivalent oz. gold in 2017 from its stream and royalty portfolio. The company reported cash and equivalents of $424 million at the end of the first quarter. The Caisse de dépôt et placement du Québec (la Caisse) and the Fonds de solidarité FTQ (Fonds) will be subscribing for $200 million and $75 million in Osisko shares, as part of a private placement to fund part of the cash consideration.

“THIS TRANSACTION MORE THAN TRIPLES THE AMOUNT OF PRODUCING ASSETS IN OUR PORTFOLIO AND DOUBLES NEARTERM CASH FLOW.” SEAN ROOSEN CEO, OSISKO GOLD ROYALTIES

Goldcorp’s Éléonore gold mine in Quebec’s James Bay region, where Osisko Gold Royalties holds a 2 to 3.5% net smelter return royalty. GOLDCORP

Donald A. McLeod

October 21,1928 – May 27, 2017

A Lucky Man Donald McLeod of West Vancouver, B.C. passed away at the age of 88 at Vancouver General Hospital on Saturday, May 27, 2017, after a fall a few days earlier. He was surrounded by Christa (nee Scheerschmidt), his beloved wife of 58 years, and children Bruce and Catherine. His family is grateful for the two days they had with him after his fall and the previous day. It gave us the opportunity to tell him how much we loved him. His last words to us were to tell us all how much he loved us and to give us a list of all the other people we needed to tell that he loved. He also said “Don’t cry for me, be happy for all the good times and the great life I had” — which he certainly did! In addition to being a man for whom family was all, Don was a revered and iconic figure in Canada’s mining industry. He was an inspirational role model for young mining entrepreneurs. Don was born and raised in Stewart, B.C. to John and Catherine McLeod, originally of Stornoway, Scotland. From humble roots as a pack-horse operator and miner’s helper in the 1940s, he went on to become a successful mine finder, developer, and founder of the Vancouver-based Northair Group of Companies. He is best known for developing the Brandywine and Summit gold mines in B.C., and for making high-grade gold discoveries at the Brucejack project, now being developed by Pretivm Resources. He also mentored and encouraged countless people to pursue opportunities in the mining industry, including his own children. Don’s life journey was shaped by his Scottish roots and the mining heritage of his hometown. Starting as a teenager, Don learned almost every aspect of the business as he rose through the ranks at various mines. After managing the discovery of a rich lead-zinc deposit at Pine Point, Northwest Territories, he was inspired to move his young family to Vancouver and start his own mining company. In 1972, as president of Northair Mines, he optioned a grassroots discovery near Whistler, B.C., and brought it into production 42 months later. It was an astounding feat, accomplished in a politically challenging era through stubborn persistence and his famously infectious optimism. Over the next seven years, the Brandywine mine profitably produced more than $70 million worth of gold, silver, lead and zinc. Don also developed the Summit gold mine and raised more than $200 million in equity for his Northair Group of Companies before retiring in 2014. In the 1980s, one of his companies, Newhawk Gold Mines, discovered high-grade gold deposits at the Brucejack project in British Columbia’s famous “Golden Triangle,” north of Stewart. Brucejack was ultimately acquired by Pretivm Resources, which went on to discover the 6.9-million-ounce Valley of the Kings gold deposit — where commercial production is anticipated within the next few months. Don exemplified the qualities that have made Canada a leader in the global mining industry. His willingness to take on projects in difficult terrains and climates — often under challenging political or market conditions — is a testament to his tenacity and pioneering “can-do” spirit. He demonstrated integrity and professionalism throughout his 70 years in mining, earning the trust of his peers, employees and shareholders. He was intimately familiar with every aspect of the industry, from the bush to the boardroom. Those experiences gave him the credibility and the empathy to encourage others to follow their

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dreams in the “equal opportunity” mining industry. He was an inspirational role model and mentor for many young people, including his daughter and son, who went on to become successful industry leaders. Don generously supported health and education causes, including the Mining for Miracles campaign, and St. Paul’s Hospital Foundation through the creation of the McLeod Family Professorship in Valvular Heart Disease Intervention. Early this year, Don was inducted into Canada’s Mining Hall of Fame for his many contributions to the mining industry in our country. In addition to being named a “Mining Living Legend” by Cambridge House, Don was the recipient of the Association for Mineral Exploration B.C.’s E.A. Scholz Award for excellence in mine development, and the Canadian Institute of Mining, Metallurgy and Petroleum’s Proficiency Award. Quite late in life, at the urging of his family so that his wonderful stories of pioneering in the “olden days” could live on, Don became an author and wrote a memoir of his life. He called it The McLeod Luck. The title reflected his gratitude at the opportunities that he had made the most of — he truly knew he was a lucky man. The McLeod Luck went on to win the 2010 Independent Publisher book award Gold Medal for best regional non-fiction book. A link to a review of the book can be found here: www.miningandenergy.ca/britishcolumbia/article/the_mcleod_luck_a_hard_rock_story/ Don is survived by his loving and beloved wife of 58 years Christa (nee Scheerschmidt), his daughter Catherine and son-in-law Tom Seltzer, grandchildren Graham and Lucas, and his son Bruce, daughter-in-law Julia (nee Hasiwar), grandchildren Caelan and Madeline, as well as nieces and nephews and their children: Robert McLeod, his children Kate and John and partner Kristy Emery, Nancy McLeod and Mike Aksmanovic and their children Victoria and Marcus, David Miller, Jeannie (nee MacKay) and Gordon Alton of Austin, Texas and John MacKay of Edmonton, Alberta. Don was predeceased by his brother Ian in April 2011 (wife Vivian nee Seifert of Kelowna, B.C.) and his sisters Janet (May 2004) and Isabel (1998) and his parents Catherine (1982) and John (1952). In lieu of flowers, memorial contributions can be made to St. Paul’s Foundation in support of the McLeod Family Professor in Valvular Heart Disease Intervention at 178-1081 Burrard St. Vancouver, B.C. V6Z 1Y6 or www.helpstpauls.com

Furthermore, Osisko will draw $150 million under its revolving-credit facility with the National Bank and Bank of Montreal, while $250 million will come from its cash reserves. “This transaction more than triples the amount of producing assets in our portfolio and doubles near-term cash flow,” Roosen said. “We have also put together an unprecedented growth pipeline that’s really best in class. We set out to build a world-class royalty company three years ago, and we’re now there. We kept our powder dry waiting for a transaction just like this one.” Orion, la Caisse and Fonds will hold 19.7%, 12.7% and 5.5% of Osisko’s post-deal shares. The transaction will involve Orion receiving 31 million shares priced at $14.56 each. Orion is a mining-focused investment business with just over $3 billion under management. The group recently put together a US$200 million financing package for Leagold Mining’s (TSXV: LMC) Los Filos acquisition, and a US$225-million hybrid financing for Lundin Gold’s (TSX: LUG) Fruta del Norte development. “We’re the largest alternative finance provider to the mining space globally. Since our foundation we’ve managed to put together a compelling group of assets to the streaming and royalty space,” Orion’s chief investment officer Oskar Lewnowski said. “We had a great deal of interest in our asset pools, but we believe that Osisko’s offer was, by far, the most compelling opportunity. Sean and I look at the mining world in similar ways. We value similar things in terms of assets and management teams, and there’s a high likelihood that we will find compelling projects to work on together,” he added. Scotiabank analyst Trevor Turnbull notes that Osisko is converting “part of its ... cash hoard into cash-flowing assets,” and added that there is “potential for the company’s valuation gap to tighten” relative to its royalty and stream peer group. Scotiabank has a “sector outperform” rating on Osisko alongside a $18-per-share, one-year price target. Osisko Gold shares have traded in a 52-week range of $11.90 to $18.64, and jumped $1.95 after the news en route to a $16.35-per-share close at press time. The company has 107 million shares outstanding for a $1.7-billion market capitalization. It expects to have $100 million in cash, over $450 million in investments and $200 million in debt after the deal closes. TNM

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THE NORTHERN MINER / JUNE 12–25, 2017

Lukas Lundin (left), chairman of the Lundin Group of Companies, chats with CopperBank’s executive chairman Gianni Kovacevic at The Northern Miner’s Canadian Mining Symposium at Canada House in London. PHOTO BY MARTINA LANG

Attendees at The Northern Miner’s Canadian Mining Symposium at Canada House in London. PHOTO BY MARTINA LANG

Copper the ‘commodity of choice,’ Lukas Lundin says CANADIAN MINING SYMPOSIUM BY SALMA TARIKH starikh@northernminer.com

Lukas Lundin, chairman of the Lundin Group of Companies, was one of the distinguished speakers at The Northern Miner’s Canadian Mining Symposium in London in early May. In a fireside chat with Gianni Kovacevic, executive chairman of CopperBank, Lundin shared his views on a range of themes, including commodities, his group’s energy and metals businesses, and China’s dominance. Below are edited remarks by Lundin: The Lundin Group What is going to shrink over time is probably oil. Oil is the biggest business we have. When I grew up, oil was a question of supply. We could never supply enough oil. Over time, it will become a question of demand. Are we going to peak at 100 million or 120 million barrels a day? The oil picture might slow down a bit. The base metals, probably, are going to stay strong — especially copper, if we think about all the electric cars. And we haven’t found anything else to conduct electricity better than copper. Gold is a basic tool of fear. If you are worried about the world, gold is going to get bigger. If everything in the world goes well, gold is going to stay the same. That one is hard to read. But base metals are a good place to be. Fossil fuel divestment Everybody hates coal. But 85% of China is coal fired. We talk about Denmark, which is an interesting place because they say they are environmentally friendly, but it is still 52% coal fired. Over time, we can reduce fossil fuels because of economics and because it is more efficient to do something else. But this is not going to happen overnight. We are going to become more efficient in the world. But economics will dictate that, not divestments from fossil fuels. The brokerage world It might have changed. But it is also a question of supply and demand.

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| Metals mogul shares his view on commodities

“THE BASE METALS, PROBABLY, ARE GOING TO STAY STRONG — ESPECIALLY COPPER, IF WE THINK ABOUT ALL THE ELECTRIC CARS. AND WE HAVEN’T FOUND ANYTHING ELSE TO CONDUCT ELECTRICITY BETTER THAN COPPER.”

he doesn’t work with the system he will get nothing approved, and it will be gridlocked. He got this Obamacare done. He got every Republican on his side to vote and no Democrats. I think he’s going to find out it is tougher to run a big country than he had expected.

LUKAS LUNDIN

Lithium Lithium is a small market. It is 200,000 tonnes a year — I think that is what somebody told me. It is not very big. It’s $3 billion. I think 90% of the lithium is from brine and most of that is from Chile. It’s complicated. It is quite tough to recover lithium. Lithium itself is not a product. You can’t just produce lithium and go to the car company and sell it. There are different types of lithium. You need a proven process. You need a refinery and to produce it for years before you get it. So it is

CHAIRMAN, LUNDIN GROUP OF COMPANIES

When we have low commodity prices, people are less interested in investing. But if we get stronger commodity prices, the brokerages will be back, and there will be more financings. I don’t think the brokerage business itself is broken. It’s more complicated. There are more regulations. But if we get a good commodity market again, we are going to see a lot of different vehicles pop up. It’s like flowers in the desert. They disappear. And when it starts raining, they come out. China’s dominance China is a very, very important part of the equation, especially in our commodity business. They consume basically half of everything that we produce. Now they are the secondlargest oil consumer at 10 million barrels a day. They are still going to have an effect on all of our commodity prices. China is not going to disappear. It is going to go through some wobbles. But they have enough infrastructure to keep going. And they are going to have to renew it. China is going

to be a major factor to be reckoned with as long as I live. It is not going to disappear. Big oil vs. big tech I don’t think big oil is going to make a comeback. As I spoke earlier, oil is a question of demand, not supply anymore. The business is changing over time. I don’t think they will make the comeback. The big tech is here to stay. They do a different kind of mining. They are mining information. And they are here to stay. What do I think big tech is doing? They are making the world extremely efficient, and with that efficiency we are going to consume less commodities.

not an easy business. It is a small market and it is quite hard to make money. It’s a good promo right now, because everybody likes to hear it. But to make lithium work — it’s not that easy. Copper Copper is a commodity of choice, with a good future. An interesting thing about copper is that we don’t have many greenfield projects. We have Cobre Panama that First Quantum is building, and it’s coming up. But in general, we don’t have that much coming on. Copper over time is going to be stronger, and demand is looking good. It’s probably a good time to invest in greenfield copper projects. And there are some around to look at. We are very, very interested in doing that right now. TNM

‘The Donald’ He has a lot of good ideas and a lot of bad ideas. He is for sure a character. My gut feeling that the U.S. is going to be slightly inefficient for the next four years. To rule the country by executive decree is not going to work. The constitution was built to protect against the Donald. You have to go to the Senate and to Congress for approval to get things done. If

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E D I T O R IA L Environmental review report out of touch with Canadian realities

O P- E D

FEDERAL REVIEW GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF 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 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5

| Panel envisions much wider scope for environmental assessments

ast August, the Trudeau-led federal government in Canada kicked off a wide-ranging review of the federal environmental assessment process for resource projects by appointing a four-person panel to carry out and deliver a final report to federal Environment and Climate Change Minister Catherine McKenna. BY JOHN CUMMING jcumming@northernminer.com The idea behind the panel was the new government’s contention that the previous Conservative government’s move under its Canadian Environmental Assessment Act of 2012 to streamline environmental permitting by eliminating the apparent duplication of effort by provincial and federal regulators had gone too far, and it was time to “restore public trust and confidence” in the country’s environmental and regulatory processes. The panel — named the “Expert Panel for the Review of Environmental Assessment Processes” and comprised of chair Johanne Gélinas and members Doug Horswill, Rod Northey and Renée Pelletier — delivered its report entitled “Building common ground: A new vision for impact assessment in Canada” in April, and a period for commenting closed in May. Minister McKenna is still considering the report and may make her official comment in June, though any more substantive moves to change legislation won’t be signalled until later in the year. The report’s sweeping recommendations, if implemented by the federal government, could severely inhibit resource projects from being developed in Canada, and force Canada’s resources industry to seek out projects in more welcoming jurisdictions around the globe. In effect, the environment would be protected because no one would want to build a new mine or energy project in Canada. Many of today’s political leaders in Canada are too young to have participated in crafting some of the terrible public policies implemented by federal and provincial governments of all political stripes in decades past (perhaps best epitomized by the New Democratic Party’s rule in B.C. in the early 1990s, which devastated mining in the province), and may be susceptible to passing new environmental laws that superficially sound good but have dire consequences on the health of the resource sector. Arguably the panel’s worst recommendation is that federal environmental assessments swell exponentially to include all possible effects of a proposed mine or energy project. The report states “assessment processes must move beyond the biophysical environment to encompass all impacts likely to result from a project,” and a project should only be approved “based on its contribution to sustainability,” with sustainability having “five pillars … of environment, economy, social, cultural and health.” The panel wants to give environmental assessments the new name “impact assessments” to reflect what would be their wider scope. The panel then wants the federal government to set up a “quasi-judicial tribunal empowered to undertake a full range of facilitation and disputeresolution processes” that would effectively compete as a regulator with the National Energy Board, which deals with such issues in the oil and gas sector. The new tribunal’s decisions would also be appealable to the federal cabinet, turning every decision into a politicized one. Effectively ignoring that resource development is a provincial jurisdiction, the panel also recommends the federal government take a much more dominant role in environmental assessments and “avoid bias” (presumably towards evil industry) by carrying out more of the environmental baseline work that companies do themselves and pass on to regulators for approval. At the same time, the panel wants to remove hard deadlines for the government to render decisions on environmental assessments, and make the approval process more inclusive with consensus being the overriding goal in all decisions, even though many radical environmental groups are opposed to all resource development and there is no consensus to be had. With the federal government’s limited resources and motivation to carry out environmental studies, it’s all a recipe for adding substantially to already long and cumbersome permitting processes for new resource projects in Canada. TNM

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

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

COMPANY INDEX Agnico Eagle Mines. . 2,6,23 Anglo American. . . . . . .1,5 Anglo Pacific Group. . . . . 9 AngloGold Ashanti. . . . . . 8 Aurvista Gold. . . . . . . . . . 23 BP. . . . . . . . . . . . . . . . . . . . 15 Cameco. . . . . . . . . . . . . . . . 9 Canadian Natural Resources. . . . . . . . . . . . 15 CanAlaska Uranium. . . . 11 Cenovus Energy. . . . . . . . 15 Chevron. . . . . . . . . . . . . . . 15 Cline Group . . . . . . . . . . . . 9 ConocoPhillips. . . . . . . . . 15 Dalradian Resources. . . . . 5 Denison Mines. . . . . . . 9,13

Fission Uranium . . . . . . . 11 Glencore . . . . . . . . . . . . . . . 9 Goldcorp. . . . . . . . . . . . . 2,5 Gran Colombia Gold . . . . 6 Imperial Oil . . . . . . . . . . . 15 Ivanhoe Mines. . . . . . . . . 23 JCU Exploration. . . . . . . . 9 Kaizen Discovery. . . . . . . 23 Kameron Collieries. . . . . . 9 Leagold Mining. . . . . . . . . 2 Lithium Americas. . . . . . . 5 Lundin Gold. . . . . . . . . 2,16 Marathon Oil. . . . . . . . . . 15 Morien Resources. . . . . . . 9 New Gold . . . . . . . . . . . . . . 7 NexGen Energy. . . . . . . . 11

Osisko Gold Royalties. . . . 1 Plateau Uranium. . . . . . . 11 Pretium Resources. . . . . 1,5 Rio Tinto. . . . . . . . . . . . . . . 5 Royal Dutch Shell . . . . . . 15 Sandstorm Gold. . . . . . . . . 8 Stornoway Diamond. . . . . 1 Suncor. . . . . . . . . . . . . . . . 15 Teck Resources. . . . . . . . . . 5 Total. . . . . . . . . . . . . . . . . . 15 Trek Mining. . . . . . . . . . . . 1 UEX. . . . . . . . . . . . . . . . . . 11 Uranium Participation. . 13 Vale. . . . . . . . . . . . . . . . . . . . 5 Yamana Gold . . . . . . . . 2,23

Tahoe Resources’ Escobal silver mine in Guatemala, located 70 km by road from Guatemala City. TAHOE RESOURCES

Global silver mine production drops for first time in 14 years FACTS ‘N’ FIGURES

| Silver’s use in solar surged 4% to new record

The following is an edited release by the Silver Institute upon publication of the World Silver Survey 2017, produced on its behalf by the GFMS team at Thomson Reuters.

lobal silver mine production in 2016 recorded its first decline since 2002, largely the result of lower by-product output from the lead-zinc and gold sectors. Coupled with less silver scrap supply to the market, which posted its lowest level since 1996, as well as a contraction in producer hedging, total silver supply decreased 32.6 million oz. in 2016. New highs were recorded for silver’s use in the photovoltaic and ethylene oxide sectors, both growing and significant industrial applications for silver. Silver supply Global silver mine production declined 0.6% in 2016 to a total of 885.8 million ounces. A large part of the drop owed to the lead-zinc and gold sectors, where by-product silver production dipped a combined 15.9 million oz. silver. On a regional basis, Mexico registered the largest drop in production last year, followed by Australia and Argentina, yet the losses were partly offset by gains in Central and South America and Asia. But Mexico was again the world’s largest silver-producing country, followed by Peru, China, Chile and Russia. Primary silver mine production grew 1% to realize 30% of total silver mine output last year. Leadzinc mines contributed 35% of 2016 by-product output, followed by copper mines at 23% and gold mining at 12%. Silver scrap supply fell to 139.7 million oz. silver in 2016, a level not seen since 1996, despite higher silver prices. The contraction was largely driven by lower Asian flows, due in part to lower industrial fabrication volumes. Scrap supply from the industrialized world was also muted, as partial jumps in flows from the U.K. and Europe offset falls in North America and Japan. In other areas of silver supply, GFMS reports that again government sales of silver were essentially non-existent last year, while in 2016, delta-adjusted silver hedging by producers contracted by 18.4

PRIMARY SILVER MINE PRODUCTION GREW 1% TO REALIZE 30% OF TOTAL SILVER MINE OUTPUT LAST YEAR. million ounces. Investment The annual average silver price posted a 9.3% increase in 2016 — its first rise since 2011. Helping the price was last year’s supply and demand scenario, which led to another annual silver market deficit that was the largest in three years and the third largest on record, reaching 147.5 million oz. silver. The average price last year, at US$17.14 per oz., registered 28% higher than 2007, when the silver price averaged US$13.38 per ounce. Identifiable investment — which consists of physical bar investment, coins and medals purchases, and additions or drawdowns to exchange-traded products (ETP) holdings — retreated 7% from the level achieved in 2015 to 253.8 million oz. silver last year. In a broader context, this investment was still 23% higher than the average over the decade preceding 2015. Holdings in global ETPs increased 47 million oz. last year, posting an all-time high in October. Silver coin and medals fabrication fell 9% in 2016 from its record high in 2015 to 123.2 million ounces. Even so, coin and medal fabrication was still at its secondhighest level this century. Silver bar investment fell 46%, mainly the result of lacklustre demand in India due to higher prices, destocking and government measures on unaccounted wealth. Increases in bar demand occurred in Germany and the United Kingdom. Fabrication demand Total physical demand fell 11% in 2016 to 1,027.8 million oz., pulled lower by weaker offtake for jewellery, silverware and retail investment. Industrial applications, the largest component of physical silver demand, accounted for 55% of See SILVER / 5

2017-06-06 7:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 12–25, 2017

How to encourage women to work in mining

WOMEN IN MINING

| EY-WIM report highlights ways for companies to promote women in mining

A group of women geologists, first-aid responders and drill core technicians at Barkerville Gold Mines’ Cariboo gold project in south-central B.C. gather to celebrate International Women’s Day on March 8. PHOTO BY ANDREW GANTON. BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

ccounting and management consulting firm EY has joined forces with Women in Mining (WIM) UK to produce a report entitled “Has mining discovered its next great resource?” The report delves into the principles and actions that organizations can adopt to support and retain women in the workforce. According to 2015 research from the Mining Industry Human Resources Council, women account for 17% of mining sector workers in Canada. Most women work in clerical and corporate service jobs in mining, with female workers holding only 4% of most trade and production roles. EY has found that the number of women in management roles is also relatively low: out of the world’s top30 mining and metals companies, only 35 directors out of 377, or 9%,

are women. EY and WIM presented their results at a downtown Vancouver convention centre. During an ensuing panel session, the question was raised whether it’s mainly women discussing the issue of gender equality in mining. “We’re assuming that men aren’t having these conversations,” Nicole Adshead-Bell, president of Cupel Advisory and director of Lithium Americas (TSX: LAC), Dalradian Resources (TSX: DNA; US-OTC: DRLDF) and Pretium Resources (TSX: PVG; NYSE: PVG) told the audience. “We’re also assuming that women are supportive of other women and that’s not necessarily the case. Men don’t wake up every morning thinking to themselves how they’re going to subjugate women today. There isn’t an active intent … but there are inherent biases that affect both females and males. All we can do, as reasonable human beings, is try to be aware of gender bias and counteract those behaviours

Facts ‘n’ Figures SILVER From 4

total physical silver demand last year, and were marginally lower by just 1%, reaching 561.9 million oz. silver. The U.S. saw another healthy rise in this sector — the second in succession, jumping 9% over 2015 volumes — while Japan posted a 6% rise in silver industrial fabrication. Elsewhere, demand was dragged lower by softer economic conditions with declines in China, Africa, South America and Europe. Silver demand for photovoltaic applications posted a 34% rise to reach 76.6 million oz. silver. This growth was the strongest since 2010 and driven by a 49% increase in global solar-panel installations. Silver’s use in the ethylene oxide industry grew at the margin, yet it was a record performance for the sector supported by a 6% rise in global capacity. Silver jewellery fabrication declined 9% to 207 million oz. from the record level of 228.3 million oz. set in 2015. The loss was led by China and India, where jewellery offtake was materially weaker due to higher silver prices and a build-

1-16, 23_JUNE12_Main .indd 5

up of stocks. But demand was stronger in Indonesia, Vietnam, and the U.S., which had a 12% increase in jewellery fabrication, reaching 16.1 million oz. silver last year. Globally, silverware declined 17% to 52.1 million oz., with higher silver prices accounting for most of the fall. Silver’s use in electrical and electronic applications, as well as its use in brazing alloys, fell last year, victims of a still sluggish global economy. Photographic demand fell just 3% in 2016 to 45.2 million oz. silver, representing the lowest percentage decline since 2004, potentially indicating that most structural change in the photography market is over and that current fabrication volumes may be largely sustainable. — Founded in 1971 and based in Washington, D.C., the Silver Institute is an international industry association. Its members include leading silver producers, refiners, manufacturers and dealers of silver investment products. Please visit www.silverinstitute.org for more information and to download and purchase the World Silver Survey 2017.

“ALL WE CAN DO, AS REASONABLE HUMAN BEINGS, IS TRY TO BE AWARE OF GENDER BIAS AND COUNTERACT BEHAVIOURS WHEN THEY ARISE.” NICOLE ADSHEAD-BELL PRESIDENT, CUPEL ADVISORY

when they arise.” Adshead-Bell noted that rules introduced in 2015 require a TSX-listed company to disclose annually the number of women on its board, and whether the company has a policy or intention to nominate women directors or officers — among other related information. But the main barriers that prevent women from reaching the board level, the EY-WIM report argues, are a lack of females in the talent pipeline, and a tendency of women to undervalue and under-promote themselves. Adshead-Bell and others on the panel agreed that low “self-efficacy” — the ability to believe in one’s ability to succeed at a task — is prevalent amongst females and could be a subtle behavioural disorder that starts at an early age. “In Australia, kids are asked between grades one and 10 how good they are at something, and the boys often respond that they’re better than they are, whereas female children say they’re worse than they are,” Adshead-Bell said. “There are so many statistics that show women are less willing to take credit for something, to use the word ‘I’ and are less active in negotiating. So women are essentially forced to adjust their behaviour if they want to advance their careers.” Work-family balance is also a major factor, Adshead-Bell said. “Women are still the primary caregivers … and I imagine it’s difficult to balance a family while having a demanding career, where in today’s world means you need to be on call 24 hours a day,” she said. “Most women are forced to make a choice — the exception being that they have a partner who is more involved in the childcare situation, or they have a job where they earn

Nicole Adshead-Bell during a visit to B2Gold’s Otijikoto gold deposit in Namibia. COURTESY NICOLE ADSHEAD-BELL.

an unusually large amount of money to afford adequate child care.” Dean Winsor, Teck Resources’ (TSX: TCK.B; NYSE: TECK) vicepresident of human resources and chairperson of Teck’s senior executive diversity committee, said the work-family balance issue doesn’t affect women alone. “A lot of younger men absolutely want to take advantage of being closer to the family, and there’s a growing need for people to balance work with their personal lives,” he said. “If you make a workforce that’s better for women, you’ll make it better for everyone.” Nearly half of those working in mining today are over 45 years of age, and as they near retirement, the pressure is on to fill their positions. Several major mining companies — Vale (NYSE: VALE), Anglo American (US-OTC: AAUK; LON: AAL), Goldcorp (TSX: G; NYSE: GG), Rio Tinto (NYSE: RIO; LON: RIO) and Teck — are making efforts to better tap into their female talent pools, and details of their respective programs are highlighted in the EY-WIM report. Most of these programs focus on sponsorship and pairing women with mentors, in an effort to offset what is called the “majority advantage” that men may benefit from in

a male-dominated mining industry. This majority advantage arguably gives men access to more “natural mentoring,” as well as inside information and valuable contacts that, in turn, accelerate their careers. Adshead-Bell — who has a PhD in structural and economic geology, and worked as a boots-on-theground geologist before moving into executive and financial roles — recalled forging her relationships in the junior exploration subsector in the “natural” way. “When I review my career, I’ve never had an obvious mentor nor sponsor, and when I polled my predominantly male peers they provided a similar response. My conclusion is that you cannot rely on someone else to stickhandle your career, whether you’re a man or a woman. It’s crucial to build a broad network through connecting with multiple participants active in all sectors of the exploration and mining industries. When building your network — which should be a lifelong endeavour — be genuine, sincere and humble. Network building is one of the most enjoyable and expeditious ways to add to your knowledge base, plus the old adage ‘it’s not what you know, it’s who you know’ will always be crucial in career advancement.” TNM

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JUNE 12–25, 2017 / THE NORTHERN MINER

A drill barge on ice at Agnico Eagle Mines’ Amaruq gold project in Nunavut. This first-place winning photo in PwC’s Art of Mining competition in March earned a $10,000 charitable donation towards the Kivalliq Science Educator’s Community for youth in Nunavut. PHOTO BY MIKE MALOCSAY

Agnico Eagle takes top honours at PwC’s Art of Mining photo competition INNOVATION

| Mining companies capture unique sights in visual arts competition for charity

BY JOHN CUMMING jcumming@northernminer.com

spellbinding photo of a drill on ice at Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Amaruq gold project in Nunavut took first place in PwC’s second annual Art of Mining competition, which culminated in a gala event held at the Art Gallery of Ontario during the Prospectors & Developers Association of Canada convention in March. Some 700 attended, and cast their votes for the winning entries. There were 21 entrants, representing Canadian mining companies with active operations. The theme of this year’s competition was “transforming the face of mining through diversity and innovation.” The winning photo was taken by Mike Malocsay, who works in Agnico’s health and safety department at the Amaruq project. Agnico describes the photo as showing how its exploration division tried a different approach at Amaruq and drilled on lake ice after the thaw from a floating, moveable drill barge. The photo captures

AGNICO EAGLE’S GRAND PRIZE OF A $10,000 CHARITABLE DONATION HAS BEEN DIRECTED TO THE KIVALLIQ SCIENCE EDUCATORS’ COMMUNITY.

1-16, 23_JUNE12_Main .indd 6

The runner-up photo in PwC’s Art of Mining competition showing modernization at Gran Colombia Gold’s Segovia gold mine in Antioquia, Colombia. GRAN COLOMBIA GOLD

a moment, after the season has ended, as the barge sits frozen in the ice, and drillers await summer to resume work. The company said the “learning curve was high, but the concept was successful, so drilling continued throughout the summer.” Agnico Eagle Mines’ grand prize

of a $10,000 charitable donation has been directed to the Kivalliq Science Educators’ Community, a charity that supports and delivers science outreach programs to youth in Nunavut’s Kivalliq region. Gran Colombia Gold (TSX: GCM; US-OTC: TPRFD) took second spot with a photo detailing its efforts to

modernize its Segovia gold mine in the historic gold district of Antioquia in Colombia. Gran Colombia says it is “transforming mining practices from antiquated artisanal methods to modern mechanized operations,” and is involved in upgrading skills training as well as health, safety

and environmental conditions. Gran Colombia will donate its $3,000 prize to Colombia’s Fundacion Angelitos de Luz, which aims to improve the quality of life of local children and their families. To see all the photo submissions from this year’s competition, please visit pwc.com/ca/theartofmining. TNM

2017-06-06 7:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 12–25, 2017

New Gold eyes first production at Rainy River in September ONTARIO GOLD

| Estimated 14-year mine should crank out 325,000 oz. gold a year

New Gold’s Rainy River gold mine under construction in northwestern Ontario, 160 km south of Kenora. NEW GOLD BY SALMA TARIKH

starikh@northernminer.com

ew Gold (TSX: NGD; NYSEMKT: NGD) is set to bring its large Rainy River gold mine online in northwestern Ontario this September, with first commercial production expected in November. “After spending US$126 million during the first quarter, the project schedule and capital estimate are in line with the updated plan, and start-up is targeted for September 2017,” Hannes Portmann, New Gold’s president and CEO, said on a late April conference call. While the project’s latest budget and commercial production schedule remain on track, the company now expects Rainy River’s Schedule

2 amendment (or permit) in January 2018, instead of late 2017, based on recent discussions with regulators. The permit is required to close “two very small creeks within the tailings facility,” Portmann said. New Gold is building a starter tailings cell, within the broader tailings management area, that does not require the Schedule 2 amendment, Julie Taylor, the company’s director of investor relations, writes in an email. This will allow the company to begin operations as planned in September before receiving the key permit in January 2018. New Gold anticipates completing the starter tailings cell in August, which should provide six months of tailings storage at full production. The starter cell will allow New

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Gold to produce at Rainy River until April 2018. Once New Gold receives the permit, it should take two months to finish the other tailings-containment areas based on an alternative construction approach, Taylor says. The alternative approach, which requires regulatory approval, “incorporates sheet pile at the centre of the portion of the dam which will cover the creeks.” This approach would lower the construction time and allow New Gold to complete work, regardless of weather conditions. During the first quarter, Rainy River’s mining rate averaged over 110,000 tonnes per day, and should reach 120,000 tonnes by the September start-up. On the call, Portmann said earth-

works are 70% complete and the primary crusher and conveyor system are 95% complete. New Gold began commissioning the crusher in March 2017 and finished the first crush in May. It expects to commission the ball and semi-autogenous grinding mills by the end of June. “Dry and wet commissioning of the full process facility is scheduled for August, leaving one month before targeted first production,” Portmann said. New Gold ended the first quarter with US$350 million in cash and had US$177 million undrawn on its credit facility, bringing its liquidity to over US$500 million. That’s more than enough to cover the remaining capital required to take Rainy River into commercial production, which is estimated at

US$389 million. At full production, the estimated 14-year mine should crank out an average of 325,000 oz. gold a year. For the first nine years, Rainy River would be mined as an open pit, after which operations would move underground. Commenting on the permit delay, Desjardins analyst Michael Parkin wrote in April that the market saw “a key risk to the project, as the starter tailings dam has capacity for only six months. We have moved to a more conservative ramp-up and see no risk of a financing shortfall,” he adds. Parkin has a “speculative buy” and a $5.25 target price on the stock. New Gold shares closed May 26 relatively flat at $3.89. The stock is down 17% year-to-date. TNM

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Trek Mining’s past-producing Aurizona gold project in northeastern Brazil’s Maranhao state. TREK MINING

Trek extends mineralization at Aurizona TREK From 1

Kerry Smith of Haywood Securities said in a research note, adding that he sees “the resource upside at Aurizona as a key part of this story, along with management’s desire to also grow through prudent acquisition in the Americas.” Scott Heffernan, Trek’s executive vice-president of exploration, tells The Northern Miner that his company is pleased with the first round of results. “It’s a fantastic start to our program,” Heffernan says. “It’s pretty exciting. We have a more than 30,000-metre program that will take us to the rest of 2017 with a few goals: to grow the existing resource and to test regional targets that are somewhat defined nearby the main deposit, but also further afield.” Heffernan says the priority is to follow the mineralization at Piaba along strike and down-plunge, and increase drill hole density below the western edge of the current reserve pit and the initial 300-metre west extension. The company also plans to test 600 metres of western strike once it interprets a 38,000 line km airborne magnetic and radiometric survey. “We’re drilling underneath the westernmost end of the pit to test the depth continuation of mineralization and were successful drilling mineralization to depths of 200 metres, so it’s underneath the pit,” he says. “And then there’s the extension from the western pit limit to 300 metres and beyond, so the drilling shows the mineralization continues to depth under the pit and the 300-metre extension.” A prefeasibility study examining the economics of restarting the open-pit mine released in September 2016 recommended a new mine plan that would expand the mill’s capacity to 8,000 tonnes per day from 5,500 tonnes per day. The increase in mill capacity would lead to producing 150,000

1-16, 23_JUNE12_Main .indd 8

“THE FEASIBILITY STUDY WILL BE A MILESTONE FOR US, AFTER WHICH WE HOPE TO ANNOUNCE A CONSTRUCTION DECISION IN THE THIRD QUARTER OF THIS YEAR, AND ALL OF THAT IS LEADING TO A FIRST GOLD POUR IN DECEMBER 2018.” SCOTT HEFFERNAN EXECUTIVE VICE-PRESIDENT OF EXPLORATION, TREK MINING

oz. gold a year at all-in sustaining costs (AISCs) of US$708 per oz., based on a six-and-a-halfyear mine life. The prefeasibility study estimated US$146 million in capital expenses. The company subsequent ly launched a feasibility study, which it expects to complete shortly. The study will examine incorporating a crushing and grinding circuit that will process all known types of mineral-bearing rock through the

gold-recovery plant. A new mine plan would also involve upgrades to the power station, a mine fleet and improvements to existing infrastructure. “The feasibility study will be a milestone for us, after which we hope to announce a construction decision in the third quarter of this year,” Heffernan says. “And all of that is leading to a first gold pour in December 2018.” The mine produced a total of

Drillers at Trek Mining’s Aurizona gold project in Brazil. TREK MINING

329,042 oz. gold from 2010 to 2015 at an average grade of 1.28 grams gold per tonne. It was shut down in mid-2015, however. Falling gold prices and a stream-finance deal with Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND) hindered its cash flow, while operational issues resulted in cost overruns and production shortfalls. In the second quarter of 2015, the mine produced just 14,260 oz. gold at AISCs of US$1,119 per oz. gold.

In addition to its 450 sq. km property at Aurizona-Piaba, Trek is in a joint-venture with AngloGold Ashanti (NYSE: AU) on an adjoining land package of 2,000 square kilometres. Trek owns 100% of the property and AngloGold is funding all costs to earn a 70% interest. Under the agreement, AngloGold must spend US$14 million over four years of financing and operating the joint-venture, and plans to drill 18,000 metres by year-end. “The takeaway is that exploration is taking place on a number of fronts, and all results are super exciting,” Heffernan says. “We want to get into steady exploration to generate exploration results in the marketplace.” The company has US$85 million in cash, which is enough, Heffernan says, to move into construction, although Trek will have to seek debt. Smith of Haywood Securities estimates that Trek “will be able to consider multiple sources of funding for Aurizona, given the strong economics of the project, relatively limited upfront capital costs and Trek’s balance sheet.” I n M a rc h, Trek c lo s e d a n $83.4-million equity financing at $2 per share. In addition to Piaba, Trek owns 75% of the Koricancha mill in Peru. The custom-built, gold- and silverprocessing facility is a 10-minute drive from the Pan-American Highway in southern Peru’s Nazca-Ocona gold district. The mill processes gold-bearing ore bought from smallscale and artisanal miners. Payments are set at the time of purchase at a discount to market, the ore is processed, and the gold and silver is sold at spot prices for Koricancha’s account. Trek is also involved with Warintza, a porphyry copper-molybdenum exploration project in southeastern Ecuador, the Ricardo porphyry copper-molybdenum exploration project in Chile and Elk Gold, a past-producing, high-grade gold mine in British Columbia. TNM

2017-06-06 7:48 PM

COAL, OILSANDS & URANIUM

MINING ENERGY High-grade uranium mineralization at Western Uranium’s past-producing Sunday Complex project in Colorado. WESTERN URANIUM

Kameron Collieries restarts Donkin coal mine NOVA SCOTIA

Denison off to great start in 2017 at Wheeler River

| Coal-washing plant should be built and commissioned before third quarter

URANIUM

| Raises its stake in the project as well as funds for exploration BY TRISH SAYWELL tsaywell@northernminer.com

n the last six months, Denison Mines (TSX: DML; NYSE-MKT: DNN) has reached a deal to increase its stake in the Wheeler River uranium project, raised $63.5 million in capital and released a series of drill results from its early 2017 drill program that not only confirm the high-grade nature of the project, but also underscore its potential to get bigger. Wheeler River is the largest undeveloped, high-grade uranium project in the eastern part of the Athabasca basin region in northern Saskatchewan and consists of the Phoenix and Gryphon uranium deposits. In January, Denison struck a deal with its joint-venture partners Cameco (TSX: CCO; NYSE: CCJ), which owns 30%, and JCU Exploration, which owns 10%, to increase its 60% stake up to 66%. Under the agreement, Denison will fund 75% of the project’s expenses in 2017 and 2018 (ordinarily 60%), in exchange for its increased interest, while Cameco will fund 50% of its ordinary 30% share in 2017 and 2018. JCU will continue to fund its 10% interest. In February, Denison closed a creative financing arrangement with the Anglo Pacific Group (TSX: APY; LON: APF) for $43.5 million, which will fund project development costs

Miners pose to mark the occasion of first coal in February 2017 at Kameron Collieries’ Donkin coal mine in Nova Scotia. KAMERON COLLIERIES BY TRISH SAYWELL tsaywell@northernminer.com

nderground coal mining in Cape Breton has resumed after a 15-year hiatus. The Donkin mine started producing coal at the end of February and the underground operation should churn out 2.75 million saleable tonnes of coal a year over the next three to four years. With a resource of 481 million tonnes — 227 million tonnes in the indicated category and another 254 million tonnes in the inferred — the Donkin deposit has enough low ash, high-energy coking and thermal coal to last for 25 years or more. Dawson Brisco, vice-president of corporate development for Morien Resources (TSXV: MOX), which has a royalty on coal production from the mine, says much of the product will be sold to Asian markets, but some of it could find a home in Atlantic Canada for power generation. “There are two power plants, one 30 km away and another 60 km away, so it’s conceivable that part of it will go as thermal to one of those two plants,” Brisco says, adding that “because it’s a swing product, it can go either metallurgical or thermal.” No offtake agreement has been

1-16, 23_JUNE12_Main .indd 9

signed yet with Nova Scotia Power, Brisco adds, but in the middle of last year, a spokesman for the utility, Beverley Ware, “said they had ‘tested lab quantities and are looking forward to testing larger quantities as the mine production starts up,’ so I suspect that testing is likely happening now, if not soon.” The bottom line is that Donkin’s coal is good quality, he says. On the thermal side, it’s ultra-low ash, very high-energy coal, with BTUs that run up to 14,000. On the met side, it’s a high-vitrinite, high-fluidity and high-crucible swell number product. “All these attributes make it a sellable coal, either into the domestic market as thermal, or to the export market as a combination of thermal and met,” he says. Kameron Collieries ULC, which is affiliated with U.S. coal producer Cline Group, bought a 75% interest in Donkin from Glencore (LON: GLEN) in December 2014. Glencore said it was selling its share in the project due to a change in its business strategy with a greater focus on larger volume mining complexes. Morien sold its 25% working interest in Donkin to Kameron Collieries the same month for $5.5 million in cash in milestone payments and a scaled production royalty. The royalty is 2% on vol-

“IT’S PRETTY HIGHQUALITY COAL.” SHANNON CAMPBELL GENERAL MANAGER OF DONKIN, KAMERON COLLIERIES

umes less than 2 million tonnes and 4% on anything above 2 million tonnes, and the company anticipates annual royalties of between $4 million and $8 million. Kameron has a lready paid Morien the first two installments of the $5.5 million in milestone payments, and Morien expects to receive the third and final payment

within the next 12 months. “We’re waiting for the royalty meter to turn on at Donkin and expect to start receiving cash in the form of the final milestone payment, but also in the form of royalty monies,” Brisco says. “And once that cash flow comes in it will top up our treasury and let us contemplate a dividend, but also get more aggressive with project acquisitions.” Brisco adds that he thinks the coal environment will improve and that there is room for select development of high-quality projects

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Kameron Collieries restarts Donkin coal mine

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DONKIN From 9

in the Atlantic basin, due to steady demand from buyers in Europe and Asia. Thermal coal is trading at US$75 per tonne. Two years ago, around the time Kameron took ownership of Donkin, thermal coal was trading at US$45 per tonne, based on API-2 pricing, which is the index for European-traded thermal coal coming out of the Atlantic basin. (There are several thermal coal indexes around the world providing quotes for coal based on origin, quality and destination.) “I don’t have an outlook on thermal coal pricing, but we probably won’t see the lows we saw two years ago, and I do expect Donkin’s cash costs will be in the lower quartile, so it should be able to stay profitable in any coal-pricing environment,” Brisco says. When Glencore completed a feasibility study on Donkin in 2011, he notes, the company estimated Donkin’s operating costs would come in at less than US$60 per tonne. “I suspect Kameron will produce coal for less than Glencore (Xstrata) predicted. Part of the reason Kameron bought this project is because it’s so low cost, and that fits with their profile in Illinois where Chris Cline, the owner of Kameron, has produced coal profitably for US$20 to US$30 a ton for decades.” Shannon Campbell, Kameron’s general manager at Donkin, says the coal is between 11 and 12 feet thick, which lends itself to having quite a productive working face, and the mine has two declines that start from the shore and progress down under the ocean. “The tunnels are in the

order of 3.8 km long, and when we intersect the coal seam we’ve got a vertical cover of 200 metres between the workings and the ocean floor,” he says in a telephone interview from Sydney, Nova Scotia. Campbell notes that when Donkin coal competes with coal produced out of Pittsburgh and West Virginia, its proximity to port gives it advantages in terms of shipping costs. “It’s pretty high-quality coal,” he adds. “If I was going to buy coal to put into a thermal coal process I’d want as much thermal capacity per unit mass as I could get, and Donkin coal certainly has a high calorific value, relatively speaking.” The company is building a coalwashing plant that should be finished and commissioned at the end of July or early August. Morien has $3.5 million in working capital and CEO Budreski emphasizes that the company is different from other juniors. “We’re unique,” he says. “Most junior mining companies are spending all their cash and issuing shares, and we’re buying back stock because we have surplus cash to our needs. We can see ourselves selectively adding assets.” Morien has bought 6.9 million of its own shares since the first quarter of 2015. The company’s focus is on royalties in the industrial mineral, bulk commodity, specialty metal and oil-gas sectors. While it is flexible and open to opportunities, Budreski says, Morien is not willing to look in the precious metals space, as Budreski argues it is too competitive. The company is trading at 55¢ per share within a 52-week range of 27¢ to 74¢ per share. It has 53 million shares outstanding. TNM

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2017-06-06 7:49 PM

MINING ENERGY

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 12–25, 2017

URANIUM SNAPSHOT

Development: Five juniors with pounds in the ground BY JOHN CUMMING AND SALMA TARIKH

Although uranium markets are in a prolonged downturn, more than a few junior companies are patiently waiting to reap the rewards of better days ahead. Here are five companies advancing uranium projects in Canada and beyond. CANALASKA URANIUM Peter Dasler-led CanAlaska Uranium (TSXV: CVV; US-OTC: CVVUF) is involved in uranium exploration in Saskatchewan’s Athabasca basin, but the firm also has a hand in grassroots copperzinc and diamond exploration in Western Canada. Its key uranium properties are West McArthur and Cree East, both in the Athabasca. West McArthur is next to Cameco’s rich McArthur River uranium mine, and has seen $20-million worth of work carried out on the property to identify seven target areas for possible unconformity-style uranium deposits. Cree East is a 578 sq. km land package located 35 km from Cameco’s Key Lake uranium mine, where CanAlaska is also looking for an unconformity-style uranium deposit. A consortium of Korean companies — Hanwha, KORES, KEPCO and SK — has contributed $19 million at Cree East since 2007 for a 50% interest, but the Koreans are now pulling back. In May, CanAlaska said it would buy back the 50% interest held by the consortium “in consideration for certain indemnities” that it will provide to the partners. In addition, all funds previously invested by the consortium that are held in their bank account on the date of closing will be returned to the consortium partners. Exploration drilling at the project had been suspended since 2012, as uranium prices languished, though CanAlaska says it will now look for new partnerships to advance the project. CanAlaska has also accepted the termination of property sales agreements with Fjordland Exploration and Canterra Minerals for certain diamond exploration properties in the

western Athabasca. It has a 100% unencumbered interest in these properties. FISSION URANIUM Fission Uranium (TSX: FCU; US-OTC: FCUUF) is exploring its Patterson Lake South uranium property, which hosts the Triple R deposit in the basin’s southwest. In April, the junior reported 16 assays from the R840W and R1620E zones, with results confirming high-grade mineralization. These zones are not in Triple R’s resource estimate, but may be included in an update, anticipated later this year. Fission aims to complete baseline studies and a possible prefeasibility study in 2018, followed by a feasibility study a year later. A 2015 PEA envisions that a combined open-pit and underground operation at Triple R could produce 101 million lb. over a 14-year mine life. The deposit currently hosts an indicated resource of 81 million lb. U 3O 8 (2 million tonnes grading 1.83% U 3O 8), including the R780E high-grade resource of 45 million lb. at 18.21% U 3O 8. It has an inferred resource of 27 million lb. (785,000 tonnes at 1.57% U 3O 8), including the R780E high-grade resource of 13.9 million lb. at 25.06% U 3O 8. As of March 31, 2017, the junior had $54.7 million in its treasury. Fission shares exited May at 62¢, down 3%, or 2¢, from their 2016 close. NEXGEN ENERGY NexGen Energy (TSX: NXE; NYSEMKT: NXE) has initiated a maiden preliminary economic assessment (PEA) on the basement-hosted Arrow uranium deposit on the company’s Rook I property in Saskatchewan’s Athabasca basin. The PEA will use the updated March 2017 resource estimate to outline Arrow’s potential. The deposit has an indicated resource of 179.5 million lb. U 3O 8 (1.2 million tonnes grading 6.88% U 3O 8), including the A2 high-grade core of 164.9 million lb. U 3O 8 (400,000 tonnes of 18.8% U 3O 8). It has an inferred resource of 122.1 million lb. (4.3 million tonnes of 1.3% U 3O 8). NexGen expects to finish the PEA before this September.

The junior recently reported results from its early 2017 drill program on the Rook I property, highlighted by intersections within the “gap” area, which show a “resource expansion opportunity.” NexGen started May with a cash position of $58 million. Its shares closed May 31 at $3.06, up 31% since finishing 2016 at $2.33. PLATEAU URANIUM

A 0.5 metre core sample from Fission Uranium’s Patterson Lake South uranium project in Saskatchewan which was assayed at 1.95% U3O8. FISSION URANIUM

Plateau Uranium (TSXV-PLU; US-OTC: PLUUF) describes itself as “well positioned for the uranium sector recovery” as it focuses on developing its large, low-grade Macusani uranium deposit in the Macusani plateau area of southern Peru. Plateau Uranium completed a PEA of Macusani in 2016 that showed a robust project at US$50 per lb. U 3O 8 (spot prices are currently US$20 per pound). Total resources from five deposits stand at 95.2 million measured and indicated tonnes at 0.0248% U 3O 8 for 51.9 million lb. U 3O 8, plus 130 million inferred tonnes at 0.0251% U 3O 8 for 72.1 million lb. U 3O 8. There is an economic amount of lithium by-product in four of the uranium deposits. Plateau is proposing to build a mine that produces 6 million lb. U 3O 8 per year for 10 years at a US$300 million initial capital cost, and relatively low cash-production costs of US$17 per lb. U 3O 8. In April, Plateau signed a nonexclusive, non-binding letter of intent with European-based commodity trading company Curzon Resources for the first potential sale of future production from Macusani, amounting to 2 million lb. U 3O 8 over initial five years of production, with potential for increased annual volumes and a two-year extension option at prices above US$42 per lb. U 3O 8. At a US$40 per lb. U 3O 8 price, Plateau says Macusani has a posttax net present value of US$360 million and a 29.2% internal rate of return, with a 2.5-year payback. UEX UEX (TSX: UEX) has three projects in the Athabasca basin, including the PEA-stage, wholly held Hidden Bay project and the Shea Creek project, where Areva holds a 50.9% interest. But to move the deposits on these two projects closer to development, UEX says it would need a uranium price of at least US$65 per pound. Meanwhile, the junior has an option to earn 70% of the Christie Lake uranium project from jointventure partner JCU (Canada) Exploration. Christie sits near Cameco’s McArthur River mine. In May, UEX and JCU approved a two-phase exploration program, with a combined budget of up to $2.5 million, with a focus on expanding Christie’s Orora zone. The program will comprise two drills and up to 20 holes totalling 9,000 metres. UEX says that by the end of 2017 it will convert and upgrade Christie’s historic resource.

Drillers at Areva and UEX’s Shea Creek uranium project in the Athabasca basin. UEX

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At the end of April, it had $6.7 million in cash. UEX shares closed May 31 at 21¢, down 14% since ending 2016 at 24.5¢. TNM

2017-06-06 7:49 PM

JUNE 12–25, 2017 / THE NORTHERN MINER

MINING ENERGY

WWW.NORTHERNMINER.COM

A ship carrying coal on the Yangtze River near Zhongxian, China, travelling towards Shanghai. LEADINGLIGHTS

China ‘holds the key’ to thermal coal price stability

INTERVIEW

| Chinese gov’t aims to stabilize domestic coal market, Wood Mackenzie’s Andy Roberts says

BY TRISH SAYWELL

tsaywell@northernminer.com

he Northern Miner recently spoke with Andy Roberts, Wood Mackenzie’s research director of global thermal coal markets, to get an overview of the sector. Based in Austin, Texas, Roberts analyzes and forecasts coal market supply, demand and prices. The mining engineer joined Wood Mackenzie in 2008, eventually becoming vicepresident of Americas coal consulting, before moving to the coal research group in 2011. The Northern Miner: Can you summarize what’s been happening to thermal coal demand and prices in the last few years? Andy Roberts: We are a far cry from where we were a couple of years ago when prices for the benchmark Newcastle 6,000 kcal/kg net as received (NAR) coal had fallen to an unsustainable US$50 per tonne. There was no way for most mines to make any money at all. This was driven by overcapacity in the marketplace, both in China and in the rest of the world, and that overcapacity was a function of many factors, especially demand decline and economic rebalancing away from manufacturing. Last year, China stepped in to cut back domestic production and the market price recovered. TNM: As it does with many commodities, China has an enormous influence on thermal coal prices. AR: Prices for seaborne thermal coal have been influenced by events in China, which represents 20% of the seaborne coal market. There are potential customers for seaborne coal along the coast of China that

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can be served either by Chinese domestic mines or by seaborne coal mines anywhere else, mostly in Australia, Indonesia and possibly the Americas. Chinese policy influences that demand, and when they don’t interfere in the market, there tends to be significant excess coal available, given the mine overcapacity in China. Overcapacity drives the price down and makes it hard for international miners to compete, but it also makes Chinese companies unprofitable. However, unprofitable Chinese coal mines have continued to operate. TNM: What has the Chinese government done to impact the market? AR: The Chinese government has been trying to eliminate overcapacity, knowing that doing so would make the other mines more profitable. Last year, it limited the number of days a mine could operate to 276 days per year. At the same time it continued its policy of closing old, unsafe, small and inefficient mines. But these twin policies overshot the mark. A coal shortage resulted, prices rose, and consumers turned to the seaborne market for their supply. To solve the coal shortage, China relaxed its restrictions of working days and set in place a coal production policy scheme designed to manage prices between high and low. While China wants coal prices that are sufficient to make its coal mines financially sound, it doesn’t want those prices so high to as unduly burden Chinese coal consumers. Before the policy relaxation, thermal coal prices were up substantially. In mid-2016 the benchmark Newcastle 6,000 kcal/kg NAR coal

price exceeded US$100 per tonne. Since the policy relaxation, prices have come off to US$75–80 per tonne —still at a level that allows for many seaborne producers to compete effectively in the market. That’s good news for regional Australian and Indonesian seaborne coal producers. At these levels, prices support North American coal involvement in northeast Asia, but port capacity limits potential. China acted to restrict the supply of coal because on the one hand they want domestic coal mining companies to be healthy, but on the other hand, they don’t want Chinese customers to pay too much for coal. TNM: What do you think the Chinese government will do? AR: The future depends on China. They intend to use their pricesetting mechanism to keep the domestic price of thermal coal at a certain level — around renminbi 550 per tonne (US$80.87 per tonne). That’s not far from where we are right now. If they succeed, the market will stabilize. But controlling a market at that level of detail is not something you can do instantaneously. The supply spigot policy initiatives take time to work their way through the system. TNM: What’s your forecast for thermal coal prices? AR: Woodmac sees prices coming off to US$70 per tonne, within the next year or two, but that still allows a certain amount of profit to be made. We don’t see a return to prices that existed in late 2015 — the US$50-per-tonne range. TNM: What does this mean for North American thermal coal suppliers in the seaborne market? AR: The real key is the delivered cost of coal. Local suppliers and

nearby regional suppliers like Australia and Indonesia are favoured by the relative nearness to major consuming markets. At a further distance from market, it’s harder to deliver coal at a cost that allows a positive margin to be made. It’s possible, for example, to have a mine with a projected cost that is reasonable, like Vista in Alberta, whose costs are expected to be in the middle of the supply curve on an FOB basis, yet whose delivered costs make them a marginal supplier at best. It’s only the low-cost operations outside their regional areas that excel on a deliverable basis that can compete under normal circumstances. The markets are growing in Asia, but until the demand is significantly higher, it’s more difficult for producers in the Americas to compete given the distance from growing markets. Some do and can, but there are particular problems in U.S. producers because U.S. West Coast port options are few and far between. The seaborne market for coal is a function more than ever today of Chinese domestic mine policy. If China is successful, in a general sense, in managing the price, domestic coal prices should settle in a range allowing for a profit to be made for many of the regional mines and a few of the non-regional mines. Eventually, demand will grow sufficiently in Asia that new production is required. If today’s price of US$77 per tonne for Newcastle coal falls to U$70 per tonne, as we forecast, that won’t incentivize the new production. Prices will have to rise. Australia would need around US$80 per

tonne to incentivize new production. The price depends on the quality needed and the expectation of risk. Financiers — the mines themselves, or outside financiers — will need to make an acceptable return on investment, while accommodating the market risk. Wood Mackenzie assumes a discount rate of 15–18%. An investor could discount a mine’s net present value at 15–18% to accommodate the need to make a profit and the risk of spending the capital. TNM: Can a Canadian thermal coal mine really compete in Asia? AR: North America is outside the normal range of where the growing market exists. For Western Canada, the market is in Asia, but it’s a long transport, which makes it difficult for mines like the Vista project, which is one of the few thermal possibilities in Canada. But if the market ever needs Vista, it has what it needs: a port allocation at Ridley, and a haulage agreement with CNR. It has a reasonable cash price that places it in the cash-cost curve FOB mine. The primary market for mines like Vista is in northeast Asia — the Japanese and South Korean utilities — a little closer to North America and a bit farther from normal Asian coal suppliers in Australia and Indonesia. It’s far enough north that it becomes in the realm of possibility for coal mines in North America. Vista could compete eventually, but we think that is a number of years in the future. On the thermal side China holds the key to price stability, with the production spigots and levers they use to manage prices. TNM

2017-06-06 7:49 PM

MINING ENERGY

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 12–25, 2017

When will uranium prices rise enough to justify new mines? OUTLOOK

| Denison CEO David Cates says miners need utilities to come in and start buying

BY TRISH SAYWELL tsaywell@northernminer.com

avid Cates is president and CEO of Denison Mines (TSX: DML; NYSE-MKT: DNN) and president and CEO of Uranium Participation (TSX: U), a company focused on investing in uranium concentrates. He recently took time out from a busy marketing trip to Australia, Taiwan and Hong Kong to speak with The Northern Miner about the current state of the uranium market. The Northern Miner: In late 2016, the spot price for uranium oxide (U 3 O 8) dropped over 40% to hit a 12-year low below US$20 per pound. Is there anything encouraging about the uranium market today? David Cates: I’m encouraged at how quickly the uranium market reacted in January and February when we saw meaningful production cuts from Kazatomprom, the world’s largest uranium producer, driving the spot price of uranium up 40% from its lows in late 2016. It showed us that the market is quite thin, behaving in a way where small adjustments on either side of the supply-demand equation will result in volatility. We’ve always seen the uranium market as a thin and volatile market because there are only a few participants on either side, and the run in early 2017 reminded us why investing in uranium can be so exciting and have so much upside. TNM: The price increase was shortlived. Ux Consulting and Trade Tech are reporting U3 O 8 spot prices at US$21.50 per pound. DC: We needed the utilities to come in and buy material for the market to consolidate some of those gains. They didn’t rush into the market and so prices have come back to the current range. The reality is that there isn’t a uranium mine in the world today that makes money on an “all-in” basis at US$20 per lb. U3O 8 . Based on statistics, even the best mine in the world couldn’t be justified as a new project at today’s spot price. That’s a significant statement. I’m not worried that US$19 or US$20 is the new normal for the long term, but we do need actual buyers, particularly the utilities, to come out and buy so that we can discover a price that makes sense for both sides. TNM: Any guess when the utilities might start buying? DC: They don’t need to buy today, but they do have significant uncovered requirements in 2020, increasing dramatically to 2025 and beyond 2030. They definitely have to buy large quantities of uranium in the not too distant future. They buy on a long-term basis, and they need to move the material through the entire fuel cycle — so they can’t buy in 2020 for needs in 2020. It’s impossible to guess when they cross the line and become sufficiently uncomfortable with their inventories and the state of the supply side that they start to do a lot of buying. The reality is, however, that the longer they push out the start of the buying, the more likely they will meet a supply shortage, because they’re not giving producers reasonable time at a reasonable price to build the next generation of projects. We can’t build projects overnight. The longer they wait to avoid a price

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A cooling tower beside a reactor building at a nuclear power plant in Leibstadt, Switzerland. THAMERPIC

“THE REALITY IS THAT THERE ISN’T A URANIUM MINE IN THE WORLD TODAY THAT MAKES MONEY ON AN ‘ALLIN’ BASIS AT US$20 PER LB. U3O8.” DAVID CATES PRESIDENT AND CEO, DENISON MINES AND URANIUM PARTICIPATION

recovery, the harsher the reality will be when they try to buy. TNM: Where and when should investors consider putting their money into uranium stocks? DC: There’s a void for investors in our market. There aren’t a lot of places where investors can invest in

uranium companies — particularly producers. If you were to take the producers and list them by market capitalization, you’d have Cameco, a multibillion-dollar company, and then you’d drop all the way down to less than $200 million with Paladin and the small-scale

U.S. producers. We see merit in positioning Denison Mines as an intermediate uranium producer ahead of the next uranium bull market cycle, with a lean and clean production story that would look to claim that wide gap below Cameco and the others. In the last cycle, we would have had Uranium One, for example, and everyone bought it because they had low costs of production and they were an alternative to Cameco. There isn’t another producer that large-scale investors can buy outside of Cameco, and Denison’s Wheeler River would be a 6 to 7 million lb. U3 O 8 operation each year. That’s not Cigar Lake, which is 18 million lb. a year, but it’s twice as large as the entire uranium market in the United States ...

it is a large-scale operation, and investors will look for that alternative in the next cycle. TNM: When do you want to see Wheeler River in production to make the most of the uranium price cycle? DC: Here’s our thinking: we don’t want to be a producer today. The uranium price is at a record low. But we do want to become a producer in the next cycle. Everyone producing uranium today, if they don’t have a contract, is losing money. The challenge is that it takes seven to 10 years to build a mine in the eastern Athabasca basin, and potentially even longer in the western Athabasca basin, where there isn’t existing infrastructure. So while the market is difficult today, this is the time that we have to find a way to push forward so that we can actually take advantage of the next cycle. TNM

2017-06-06 7:49 PM

JUNE 12–25, 2017 / THE NORTHERN MINER

MINING ENERGY

WWW.NORTHERNMINER.COM

Denison off to great start in 2017 at Wheeler River

The camp at Denison Mines’ Wheeler River uranium project in the eastern portion of Saskatchewan’s Athabasca basin. DENISON MINES DENISON From 9

for Wheeler River to the completion of a bankable feasibility study and project financing. The financing from Anglo Pacific, a diversified royalty company with a portfolio centered on base metals and bulk materials, monetizes Denison’s future share of toll-milling revenue at the McClean Lake mill from processing ore from the Cigar Lake mine. Under the arrangement, Denison keeps its 22.5% ownership of the McClean Lake joint venture, which includes several uranium deposits, and the McClean Lake mill. The non-dilutive financing was followed in March by a private placement that generated $20 million for Denison to fund exploration at Wheeler River until the end of 2018. The financing consisted of 5.79 million common shares at 95¢ per share, 8.5 million flow-through shares at $1.12 per share and 4.10 million f low-through shares at $1.23 per share. Exploration results from the early 2017 drill program, meanwhile — which was completed in April and totalled 14,700 metres in 26 holes — have exceeded expectations, the company says. Drill hole 633D3 returned in-

www.mineshandbook.com

“WE’VE BEEN SUCCESSFUL FINANCING THE COMPANY IN EARLY 2017, SO WE’RE READY TO TAKE ON THE TASK OF BEING THE NEXT PRODUCER IN CANADA.” DAVID CATES PRESIDENT AND CEO, DENISON MINES

tercepts of 3.3% uranium oxide (U3O8) over 13.5 metres, 6.2% U3O8 over 2.5 metres and 1.3% U 3 O 8 over 3 metres, within the D series of lenses. Hole 633D3 ranks as the best hole to date in the D series of lenses and the mineralized intervals were 26 metres down-dip of an 11-metre interval grading 5.3% U3O 8 in drill hole 641. Drill hole 689 returned a 1-metre intercept grading 15.1% U3O 8 . The D series of mineralized lenses are not included in the current resource estimate for the Gryphon deposit at Wheeler River. Gryphon has an inferred resource of 834,000 tonnes grading 2.3% U3O 8 for 42 million lb. U3O 8 at a cut-off grade of 0.2% U3O 8 . The resource occurs as a series of stacked lenses on various stratigraphic, fault-controlled planes within the basement rocks called the A, B and C series lenses. Since the resource was completed, however, the D series of lenses

has been discovered and partly delineated within 200 metres north and northwest, and the company has discovered more mineralization on the deposit’s A and B planes. Exploration drilling since the beginning of 2016 has defined a mineralized zone made up of multiple lenses spanning more than 300 metres in strike length, which remains open. The company says the D series of lenses will add resources to Gryphon. The early 2017 drill program also incorporated infill and delineation drilling to convert inferred resources into the indicated category. Highlights from the infill drill campaign include 6 metres of 7.3% U3O 8 including 10.9% U3O 8 over 4 metres in 567D2, a hole drilled into the A series mineralization; 5.1% U3O 8 over 7 metres including 7.6% U3O8 over 4.5 metres in hole 567D1, also in the A lense; and 1.9% U3O 8 over 6.6 metres including 3.4%

U3O 8 over 3 metres in the B series lense in drill hole 567D2. Denison plans to drill another 18 infill holes in its mid-year program. “We’re putting the ingredients together to be the next producer in the region,” Denison’s president and CEO David Cates says. “We are focused on delivering good results because in this market you need competitive economics in a development project, and we will have to spend cash. We’ve been successful financing the company in early 2017, so we’re ready to take on the task of being the next producer in Canada. What is not cooperating, for everyone, is the uranium price.” T he spot pr ice for U 3 O 8 is US$21.50 per pound. Despite the market, Denison is financed through to project financing, and is in “great financial shape,” Cates says, “which gives us the latitude to not worry from day to day about the uranium spot price.” “It gives us a lot of flexibility. If the uranium price rises even moderately we will be positioned to go straight to project financing with the cash we have.” Denison discovered Gryphon in 2014 and Phoenix in 2008. Phoenix, the world’s highest-grade, unde-

veloped known uranium deposit, is an unconformity deposit 3 km southeast of Gryphon, with an indicated resource of 166,000 tonnes grading 19.1% U3O8 for 70.2 million contained lb. U3O 8 . The resource calculation uses a cut-off grade of 0.8% U3O 8 . A preliminary economic assessment that considered the potential economic merit of codeveloping the Gryphon and Phoenix deposits as a single underground mining operation was completed in April 2016. The PEA estimated first production by 2025. “That’s based on the permitting timelines in the region and typical construction timelines. So could it be seven instead of 10? Yes, somewhere in that range may be a bit of wiggle room. But we’ve messaged 2025 and we’d rather beat that timeline than overpromise.” The company will update its resource estimate towards yearend with a focus on maximizing indicated pounds. It plans to feed the updated resource estimate into the prefeasibility study, with the view of having the final study ready in 2018. “There isn’t a laundry list of projects in the eastern Athabasca in the pipeline that are ahead of us,” he says. “Wheeler is actually at the front of the line.” TNM

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MINING ENERGY

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THE NORTHERN MINER / JUNE 12–25, 2017

Cenovus Energy’s Christina Lake oilsands project — which uses uses steam-assisted gravity drainage to extract oil — 120 km south of Fort McMurray, Alberta. CENOVUS ENERGY

OILSANDS

Wave of consolidation hits Canada’s oilsands

| Foreign multinationals exit Canada’s oilsands in wake of depressed oil prices, other hurdles

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

t’s been a volatile few years for Canadian energy producers in A lber ta’s oilsands. Last year provincial voters elected the New Democratic Party, which is rarely a ready friend to the fossil fuel industry. Meanwhile, oil markets have been mired in a three-year slump underpinned by global oversupply issues, and pipeline approvals, in any cardinal direction, are hard to acquire in the face of stern opposition from many environmental groups. All these sociopolitical and economic u ncer ta i nt ies have driven consolidation and other t ra nsact ions, w it h nu merous foreign multinationals opting to divest oilsand assets, while some of Canada’s largest players have moved to expand footholds in the region. In late May, Royal Dutch Shell (NYSE: RDS.B) completed the sale of its major oilsands holdings in Alberta to Canadian Natural Resources (TSX: CNQ; NYSE: CNQ), one of Canada’s largest energy firms. Shell divested its Carmon Creek project and assets near Peace River in northwestern Alberta, plus other undeveloped oilsands leases, as it slashed its stake in the Athabasca Oil Sands project (AOSP). The AOSP portfolio also includes the Jackpine and Muskeg River mines, as well as nearby mineable leases, which use truck and shovel bitumen mining with a paraffinic bitumen extraction process. The Netherlands-based multinational received US$5.4 billion in cash and nearly 98 million Canadian Natural shares, which are valued at $3.1 billion. Shell had shelved Carmon Creek in late 2015 due, at least in part, to problems in developing pipelines to access coastal ports. In another agreement, Shell and Canadian Natural are jointly acquiring Marathon Oil’s (NYSE:

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MRO) Canadian subsidiary for US$2.5-billion in cash. Marathon owns another 20% interest in the AOSP. Based on the previously approved budget, June mine production from Canadian Natural’s work ing interest in the AOSP assets is targeted to range from 173,000 to 191,000 barrels per day. “We look at all the assets that go through our core areas, and we

evaluate them. We bid on a few, and we get even less,” Canadian Natural Resources president Steve Laut said during a second-quarter conference call. “It’s very much a high-grade process. Clearly, we have [some deals] in front of us, and that’s what we’re focused on, and so we’ve got lots on our plate. But that won’t stop us from evaluating everything that goes through our core area.”

Meanwhile, ConocoPhillips (NYSE: COP) made a US$13.3-billion deal with Canada’s Cenovus Energy (TSX: CVE; NYSE: CVE) in May to divest its 50% interest in the Foster Creek Christina Lake oilsands partnership, as well as most of its western Deep Basin gas assets. T he Tex a s-ba s ed compa ny will, however, keep its 50% stake in the Surmont oilsands joint

A haul truck receives a load at Canadian Natural Resources’ majority-owned Athabasca Oil Sands project in Alberta. SHELL

venture and its wholly owned Blueberry-imperial oil Montney unconventional acreage position. ConocoPhillips now owns 16.9% of Cenovus. “This acquisition gives us full exposure to our oilsands growth opportunities and upside potentia l from emerging technologies that are already underway,” Cenovus president and CEO Brian Ferguson said in April. “We will nearly double our existing production capacity with a clear line of sight to meaningful growth, resulting from our large inventory or regulatory approved oilsands projects, and a decade of identified drilling opportunities in the Deep basin,” he added. U.K.-based research firm Wood Mackenzie noted in a May report that the “ blockbuster” US$23 billion in merger and acquisition activities in Alberta follow “a wave of consolidation,” with over 70% of oilsands production concentrated in t he ha nds of Canada’s four largest producers: Suncor (TSX: SU; NYSE: SU), Canadian National, Imperial Oil (TSX: IMO; NYSE-MKT: IMO) and Cenovus. Wood Mackenzie adds t hat “other rumoured oilsand sellers” include BP (N YSE: BP; LON: BP), Chevron (NYSE: CVX) and France’s Total (NYSE: TOT). Ca nadia n oi lsa nds production repor ted ly “continues to increase,” and hit a new high of nearly 2.5 million barrels per day during the first quarter. Production gains are underpinned by the “ramp-up of new phases,” such as: Horizon Phase 2B, Surmont Phase 2, Christina Lake Phase F, Foster Creek Phase G and Sunrise Phase 1. “The core of our business is the oilsands,” Suncor president and CEO Steve Williams stressed in an April conference call. “There are obviously known sellers out there, and I don’t think this exodus by a lot of the big international companies is quite finished yet. There could be incredible opportunities out there.” TNM

2017-06-06 7:49 PM

WWW.NORTHERNMINER.COM

JUNE 12–25, 2017 / THE NORTHERN MINER

Lundin Gold secures up to US$450M for Fruta del Norte ECUADOR BY SALMA TARIKH

starikh@northernminer.com

he stars are aligning for Lundin Gold (TSX: LUG) at its large, wholly owned Fruta del Norte (FDN) gold project in Ecuador. On May 30, the company announced a US$400- to US$450million financing in conjunction with a project update, which highlights that production at FDN could start in late 2019 instead of early 2020. “We view the financing package as a milestone for Lundin Gold, as it now represents the foundation upon which the project can be built,” GMP analyst Steven Butler writes. The financing package — arranged with the private equity groups Orion Mine Finance and Blackstone Tactical Opportunities — includes a US$150-million gold prepay facility, a US$150-million stream facility and commitments of US$100 to US$150 million in future equity financings. Under the gold prepay loan, Lundin will complete the first US$75million drawdown shortly. It expects to draw down the remaining US$75 million by year-end, Alessandro Bitelli, the company’s chief financial officer, said on a conference call. The proceeds will go towards developing FDN, which boasts a US$684-million price tag. Repayment should occur quarterly

| First production expected in late 2019 instead of early 2020

“WE VIEW THE FINANCING PACKAGE AS A MILESTONE FOR LUNDIN GOLD, AS IT NOW REPRESENTS THE FOUNDATION UPON WHICH THE PROJECT CAN BE BUILT.” STEVEN BUTLER ANALYST, GMP

over five years, where Lundin will make 19 cash payments equivalent to 11,500 oz. gold, starting in December 2020. Lundin can defer quarterly deliveries by up to a year, by increasing subsequent deliveries by 1,000 oz. per quarter deferred. Butler says that the repayments total 218,500 oz., or 15% of FDN’s annual output over five years, based on expected gold production averaging 300,000 oz. a year. The stream facility also includes an upfront advance of US$75 million and another US$75 million until the end of June 2018. Lundin can repay this facility by

providing monthly payments equivalent to 7.8% of gold and 100% of silver produced at FDN (at spot price minus US$400 per oz. gold and US$4 per oz. silver), starting in December 2020. The facility is capped at 350,000 oz. gold and 6 million oz. silver. “The stream does not require actual physical metal deliveries, but rather cash equivalents of the deliveries,” Butler says. The company has an option to buy back the first half of the stream in June 2024 for US$150 million, and the other half in June 2026 for US$225 million. Given the hefty price tag, Haywood Securities analyst Kerry Smith says a buy back is “unlikely.” Smith calculates that “the cost of capital is 12% for the prepay facility, and 16% for the stream, based on a US$1,200 per oz. gold price and US$20 per oz. silver price. While the cost of the facilities is not cheap, they are reasonable based on the jurisdiction and stage of the FDN project,” he contends. Meanwhile, Orion and Blackstone have committed to invest a total of US$100 to US$150 million in future equity financings. “This component of the total financing package illustrates the longer-term commitment to not only Fruta del Norte, but also to the future opportunities for Lundin Gold,” Bitelli says. Lundin has also granted the lend-

ers an offtake agreement for half of FDN’s gold production, up to a maximum of 2.5 million oz., settled using the closing London Bullion Market or Comex gold price around the delivery dates. In a separate release, Lundin provided a project update, advancing the design and estimates from FDN’s May 2016 feasibility study. The update includes a revised mine plan, a faster ramp-up, site-plan improvements and a self-perform approach, versus the engineering, procurement and construction management approach used earlier. Lundin’s president and CEO Ron Hochstein notes that contractors began work on the portals in May as planned, and that construction is underway at the mine facilities. First production should occur in the fourth quarter of 2019 instead of the first quarter of 2020, with commercial production starting in June 2020, six months ahead of the previous schedule, Hochstein says. Total capital costs have gone up by US$15 million to US$684 million, largely due to “reallocating mineequipment purchases and moving the paste backfill plant from sustaining capital to initial capital, offset by reductions to change in scope, reduction in equipment quotations and an increase in preproduction revenue,” Haywood’s Smith writes.

Hochstein says the updated capital cost includes all the costs to reach commercial production, whereas the feasibility study’s capital estimate of US$669 million included all the costs up to first production. The more comparable number from the 2016 study would have been US$704 million, he says, adding that compared to that, capital costs have actually gone down by US$20 million. FDN’s average annual production should exceed 300,000 oz. over 15 years, versus 13 years previously. Over the mine life, estimated total cash costs are US$561 per oz., up slightly from the feasibility study, while all-in sustaining cash costs have fallen 2.2% to US$609 per ounce. The project also has better returns. Using the same metal prices of US$1,250 per oz. gold and US$20 per oz. silver as in the feasibility study, the after-tax net present value, at a 5% discount rate, increases from US$676 million to US$717 million. The internal rate of return improves from 15.7% to 16.3%. Capital payback has dropped to four years from four and a half years previously. FDN is one of the world’s largest undeveloped high-grade gold projects. Located 139 km from the city of Loja, FDN hosts revised probable gold reserves of 4.94 million oz. from 16.7 million tonnes at 9.16 grams gold. TNM

Workers assemble for a daily morning meeting at Lundin Gold’s Fruta del Norte gold project in Ecuador. LUNDIN GOLD

1-16, 23_JUNE12_Main .indd 16

2017-06-06 7:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 12–25, 2017

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17_JUNE12_ProDirectory .indd 17

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2017-06-05 11:36 AM

WWW.NORTHERNMINER.COM

JUNE 12–25, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MAY 29 – JUNE 2 Canada’s real growth domestic product advanced at a 3.7% annualized rate in the first quarter, or more than triple the 1.2% rate posted in the United States. Business investment was also on the rise — climbing 10.3% during the first three months of the year — with investment in mineral exploration up 67.1%, machinery and equipment investment up 25.3%, and investment in intellectual property products up 6.3%, according to TD Economics. The S&P/ TSX Composite Index advanced 0.2% to 15,442.75 and spot gold rose 0.93% (US$11.80 per oz.) to finish at US$1,278.50 per ounce. The S&P/TSX Global Gold Index fell 0.35% to 208.76 and the S&P/TSX Global Mining Index dropped 1.16% to 64.72. Shares of Richmont Mines rose 31¢ to $9.84 per share after positive results from a preliminary economic assessment (PEA) of expanding the company’s Island gold mine in northern Ontario. The study confirms that an increase in underground mine and mill productivity to 1,100 tonnes per day would support production growth of 22% at low industry cash costs and a solid cash flow stream over the eight-year, phase one period, with low incremental capital required of $28.2 million (US$20.9 million). The PEA only incorporates 24% of the current inferred resources as of Dec. 31, 2016,

which excludes more than 750,000 inferred ounces, and doesn’t take into consideration the most recent drilling to the east, as well as below 1,000 metres. The PEA forecasts the expanded operation could produce 125,000 oz. gold per year, excluding the 2017 and 2018 ramp-up. Over the PEA period, cash costs would be $650 per oz. (US$480 per oz.), all-in sustaining costs would be $835 per oz. (US$620 per oz.) and all-in costs, which includes all project and sustaining capital, would be $910 per ounce (US$675 per ounce). Torex Gold Resources’ shares advanced 97¢ to $23.20 on news of a US$400-million debt facility to refinance the company’s project debt. The loan is available by way of a US$300-million term loan and a US$100TSX MOST ACTIVE ISSUES

Eldorado Gold Asanko Gold Yamana Gold Kinross Gold B2Gold Lundin Mng Barrick Gold Teck Res Ivanhoe Mines First Quantum

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ELD 61241 4.51 4.03 4.07 - 0.43 AKG 24375 2.75 1.75 2.12 - 0.61 YRI 18006 3.75 3.41 3.48 - 0.24 K 16707 5.91 5.64 5.83 + 0.13 BTO 15184 3.42 3.25 3.40 + 0.08 LUN 11829 7.80 7.09 7.19 - 0.59 ABX 11652 22.58 21.86 21.87 - 0.20 TECK.B 11556 25.48 23.30 23.60 - 1.58 IVN 10510 4.24 3.73 3.89 - 0.34 FM 10358 11.92 10.58 10.86 - 1.00

million revolving loan facility, and the funds will be used to refinance the project finance facility that was used for building Torex’s El Limon-Guajes mine in southwestern Mexico, as well as for general corporate purposes. The revolving facility and the term facility will mature on June 30, 2020, and June 30, 2022. The commitment letter states that the loan facility bears interest at a London interbank offered rate (Libor),

plus 4% for the first two years, Libor plus 4.3% for years three and four, and Libor plus 4.5% thereafter. Torex’s El Limon-Guajes mine entered commercial production in March 2016, and the company is advancing its Media Luna project on the same 290 sq. km property, 180 km southwest of Mexico City in the Guerrero gold belt. The company did a PEA on Media Luna in 2015. TNM

TSX GREATEST PERCENTAGE CHANGE

Shore Gold Globex Mng Mawson Res St Augustine Eastern Platin Orvana Mnrls Katanga Mng Mountain Prov Eco Oro Mnls Dalradian Res Northcliff Res Asanko Gold IC Potash Century Global Primero Mng Freegold Vent Aura Mnls Orosur Mng Meadow Bay Gd Nthn Dynasty

SGF GMX MAW SAU ELR ORV KAT MPVD EOM DNA NCF AKG ICP CNT P FVL ORA OMI MAY NDM

5385 485 117 826 411 1196 6051 335 33 3022 123 24375 1476 4 8398 66 10 441 347 3633

0.40 0.61 0.40 0.05 0.35 0.31 0.51 4.39 0.54 1.67 0.17 2.75 0.07 0.21 0.62 0.15 1.65 0.28 0.05 2.35

0.25 0.48 0.32 0.04 0.28 0.27 0.41 3.75 0.41 1.41 0.13 1.75 0.06 0.00 0.49 0.14 1.41 0.24 0.00 1.99

0.40 0.60 0.40 0.04 0.34 0.30 0.47 4.32 0.53 1.59 0.13 2.12 0.06 0.21 0.52 0.14 1.50 0.24 0.04 2.05

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Torex Gold North Am Pall TMAC Resources MAG Silver Mountain Prov Alamos Gold Richmont Mines Timmins Gold IAMGOLD Labrador Iron Teck Res Teck Res First Quantum Agrium HudBay Mnls Suncor Energy Asanko Gold Lundin Mng First Majestic

53.8 17.6 14.5 14.3 13.6 13.5 13.3 12.8 12.8 12.8 24.2 22.3 21.4 17.6 14.8 12.9 11.8 11.1 11.1 10.9

VOLUME WEEK (000s) CLOSE CHANGE

FNV TXG PDL TMR MAG MPVD AGI RIC ALO IMG LIF TECK.A TECK.B FM AGU HBM SU AKG LUN FR

1941 100.90 1603 23.30 42 5.75 585 16.73 930 16.58 335 4.32 3583 9.05 1159 9.84 460 6.49 7113 6.06 1490 16.32 10 24.15 11556 23.60 10358 10.86 1169 123.94 6830 6.52 10242 41.94 24375 2.12 11829 7.19 2499 11.12

+ 1.81 + 0.97 + 0.62 + 0.53 + 0.50 + 0.49 + 0.36 + 0.31 + 0.25 + 0.22 - 1.87 - 1.81 - 1.58 - 1.00 - 0.97 - 0.68 - 0.64 - 0.61 - 0.59 - 0.59

TSX VENTURE EXCHANGE / MAY 29 – JUNE 2 The S&P/TSX Venture Composite Index lost 7.61 points over the report period to an 800.98-point close, as spot gold prices gained US$12.41 to US$1,278.17 per oz., and Comex copper prices remained steady at US$2.57 per pound. Aurania Resources led the value-added category, with shares gaining 33¢ to $2.63, as Richard Spencer joined the firm as president. On May 29, Aurania finalized the acquisition of its Lost Cities–Cutucu gold project in southeastern Ecuador from EcuaSolidus S.A., an Ecuadorian company helmed by Keith Barron. Barron, whose Aurelian Resources discovered the 4.8 million oz. Fruta del Norte gold deposit in Ecuador, will remain Aurania’s CEO. The junior explorer believes the 2,080 sq. km property may contain two historical gold-mining centres that operated in the sixteenth and seventeenth centuries. The company will explore with an airborne geophysical survey, regional stream silt sampling and reconnaissance geological work. Reverse-circulation drill results from Arizona Silver Exploration’s Ramsey silver project in Arizona returned little to no silver assays, driving shares down 71¢ to $1.23. On May 11, the company reported that one of the holes intersected 44 metres of massive

silica disseminated with magnetite, pyrrhotite and a submetallic, black mineral that could be a silver-bearing sulphide. The hole tested an induced-polarization geophysical anomaly 450 metres north of the historical Ramsey silver mine. Assay results showed the interval is devoid of silver mineralization, while elevated titanium values suggest the black mineral was ilmenite, a titaniumbearing iron oxide. The hole was lost at 207 metres deep, and did not reach the depth of a detachment fault where silver mineralization is typically found at the Ramsey mine. Emerging zinc explorer Osisko Metals, formerly Bowmore Exploration, gained 28¢ to 31¢ per share after a 3-to-1 share consolidation. The company, which is 21% owned by Osisko Gold Royalties, shifted its TSX-V MOST ACTIVE ISSUES

Arizona Silver Plato Gold Noront Res Jaxon Mnls Integra Gold Cruz Cobalt Lithium Energy First Mg Fin Alix Res US Cobalt

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AZS PGC NOT JAX ICG CUZ LEP FF AIX USCO

13942 12057 11262 10188 7284 7269 7264 6092 5569 5172

1.23 0.04 0.45 0.35 1.10 0.23 0.06 0.73 0.07 0.99

0.25 0.02 0.31 0.21 1.02 0.18 0.05 0.64 0.05 0.77

0.30 0.04 0.33 0.29 1.03 0.22 0.05 0.73 0.06 0.94

- + - + - + + + + +

0.71 0.02 0.05 0.09 0.07 0.04 0.01 0.04 0.01 0.14

focus to zinc in March, after acquiring the Brunswick belt property in new Brunswick's Bathurst camp. In May, the company added to its project portfolio by staking 420 sq. km of prospective ground in Quebec that covers 12 greenfield zinc properties. Shares of First Cobalt gained 19¢ to 66¢, after the firm completed a $1.2-million, non-brokered private placement of 2.1

million flow-through shares at 60¢ apiece. First Cobalt is building a portfolio of global assets leveraged to the cobalt market. On June 1, the company entered into a 50% joint-venture with Aussie junior Cobalt One on the Yukon cobalt extraction refinery in northern Ontario. The refinery is near First Cobalt’s Keeley-Frontier property, acquired in March. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Plato Gold EastCoal Inc Randsburg Intl Leeta Gold Amador Gold Cdn Arrow Ironside Res Bowmore Expl ValGold Res Gitennes Expl Arizona Silver Cdn Platinum Nikos Expl Nunavik Nickel Stroud Res Colombia Crest Buffalo Coal Aguila Amer Gd Goldbelt Emp Apogee Opport

PGC ECX.H RGZ.H LTA.H AGX.H CRO IRC BOW VAL GIT AZS CPC NIK KZZ SDR CLB BUF AGL GBE APE

12057 311 400 109 53 2472 143 2784 1111 176 13942 4741 1902 373 449 132 50 7 174 102

0.04 0.01 0.01 0.30 0.32 0.03 0.12 0.31 0.06 0.07 1.23 0.01 0.11 0.17 0.02 0.02 0.02 0.22 0.04 0.16

0.02 0.00 0.01 0.20 0.00 0.02 0.08 0.16 0.04 0.05 0.25 0.01 0.04 0.10 0.01 0.00 0.00 0.00 0.03 0.16

0.04 0.01 0.01 0.29 0.32 0.03 0.12 0.28 0.06 0.07 0.30 0.01 0.06 0.11 0.01 0.01 0.01 0.18 0.03 0.16

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 133.3 + 100.0 + 100.0 + 75.8 + 75.0 + 66.7 + 64.3 + 61.8 + 57.1 + 55.6 - 70.5 - 50.0 - 45.5 - 35.3 - 33.3 - 33.3 - 33.3 - 30.0 - 28.6 - 27.3

VOLUME WEEK (000s) CLOSE CHANGE

Aurania Res Cameo Res Critical Elem First Cobalt Mason Graphite Abacus Mng &Ex US Cobalt Amador Gold Savannah Gold Zenyatta Vent Arizona Silver Prospector Res Camino Mnls Lithium X Egy IsoEnergy Ltd Leagold Mg Ascot Res Aurion Res SilverCrest Mt K92 Mng Inc

ARU CRU CRE FCC LLG AME USCO AGX.H ETMC.H ZEN AZS RIO COR LIX ISO LMC AOT AU SIL KNT

24 283 3132 4718 626 678 5172 53 13 458 13942 44 729 1272 62 362 256 294 66 1298

2.63 1.60 0.94 0.66 1.84 0.75 0.94 0.32 0.45 1.23 0.30 1.34 1.20 1.95 0.80 2.47 1.86 1.98 1.94 0.85

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

0.33 0.30 0.22 0.19 0.19 0.19 0.14 0.14 0.14 0.13 0.71 0.37 0.30 0.22 0.20 0.20 0.14 0.14 0.14 0.13

U.S. MARKETS / MAY 29 – JUNE 2 Markets in the U.S. were closed for the Memorial Day holiday on May 29. For the rest of the week, the Dow Jones Industrial Average rose 0.60% to 21,206.29 and the S&P 500 Index advanced 0.96% to 2,439.07. The Philadelphia Gold & Silver Index lost 1.69% to finish at 83.22. Shares of Iamgold were up US16¢ to US$6.70. The company released drill results from its Boto project in eastern Senegal. Highlights from the Malikoundi deposit included 37 metres grading 1.83 grams gold per tonne and 19 metres grading 3.28 grams gold per tonne in hole 2201; 42 metres of 1.26 grams gold in 2261; and 77 metres grading 4.35 grams gold including 9 metres of 11.76 grams gold in 2266. Drill results from the Malikoundi North extension included 14 metres of 1.64 grams gold in 2321 and 22 metres grading 1.79 grams gold in 2322. The Boto project has indicated resources of 27.7 million tonnes averaging 1.8 grams gold per tonne for 1.56 million oz. gold and an inferred resource of 2.9 million tonnes averaging 1.3 grams gold for 125,000 oz. gold gold. Primero Mining’s shares were down 15% to US39¢. In an operations update, the company

18_JUNE12_MarketNews.indd 18

said it is on track to achieve 2017 production guidance of 140,000 to 170,000 equivalent oz. gold and reported it “continues to see operational improvements” at its San Dimas mine in Mexico and its Black Fox mine in Canada. Primero is advancing the restart of San Dimas after resuming operations on April 17, and “daily throughput rates have been increasing as per plan, and opportunities for productivity improvements have been identified.” Primero says San Dimas will achieve production guidance of 90,000 to 110,000 equivalent oz. gold. “San Dimas’ unionized workers have been responding U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 124473 United States S* X 106834 Frprt McMoR* FCX 80374 Barrick Gold* ABX 58833 Kinross Gold* KGC 51956 Yamana Gold* AUY 50644 Sibanye Gold* SBGL 43876 Vale* VALE.P 42785 Eldorado Gold* EGO 35532 Gold Fields* GFI 31476

8.88 21.58 11.82 16.71 4.38 2.83 5.61 8.38 3.48 3.84

8.14 19.52 11.05 16.20 4.17 2.52 4.61 7.78 2.98 3.52

8.21 20.26 11.29 16.20 4.31 2.57 4.85 7.82 3.03 3.68

- 0.32 + 0.52 - 0.38 - 0.18 + 0.09 - 0.19 - 0.67 - 0.24 - 0.32 - 0.13

well to the new shift structure and implementation of the realigned bonus structure is underway,” Primero said, adding that “relations between management and the unionized employees have been improving, and dialogue remains ongoing with regard

to the annual bonus payout relating to 2016.” Black Fox produced 8,200 oz. gold in May, thanks in part to “improved and more consistent mining rates from the underground, as well as better-than-expected grades from the Deep Central Zone.” TNM

U.S. GREATEST PERCENTAGE CHANGE

NACCO Ind* Alamos Gold* IAMGOLD* Black Hills* Richmont Mines* United States S* Trecora Res* Kinross Gold* Franco-Nevada* Osisko Gold* Primero Mng* Sibanye Gold* HudBay Mnls* Eldorado Gold* Harmony Gold* Cloud Peak En* DRDGOLD* Turquoise HIl* CONSOL Energy* Yamana Gold*

NC AGI IAG BKH RIC X TREC KGC FNV OR PPP SBGL HBM EGO HMY CLD DRD TRQ CNX AUY

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

71 71.75 64.25 69.70 + 6.1 9549 6.80 6.22 6.70 + 3.7 25080 4.51 4.26 4.50 + 3.7 1242 71.72 69.10 71.37 + 2.9 1780 7.45 6.88 7.25 + 2.8 106834 21.58 19.52 20.26 + 2.6 153 11.25 10.45 10.90 + 2.3 51956 4.38 4.17 4.31 + 2.1 2558 75.64 72.19 74.77 + 1.6 2281 10.84 10.41 10.67 + 0.6 6886 0.47 0.36 0.39 - 14.9 43876 5.61 4.61 4.85 - 12.1 3516 5.40 4.80 4.80 - 10.3 35532 3.48 2.98 3.03 - 9.6 23718 2.18 1.88 1.93 - 9.4 6039 3.54 3.17 3.19 - 8.1 1510 3.31 2.84 2.98 - 7.7 15914 2.80 2.51 2.52 - 7.4 16002 16.04 14.18 14.26 - 7.3 50644 2.83 2.52 2.57 - 6.9

U.S. GREATEST VALUE CHANGE

NACCO Ind* NC Black Hills* BKH Franco-Nevada* FNV United States S* X Trecora Res* TREC Alamos Gold* AGI Richmont Mines* RIC IAG IAMGOLD* Kinross Gold* KGC Osisko Gold* OR Arch Coal* ARCH Chevron Corp* CVX Peabody Enrgy* BTU Natural Res Pt* NRP Teck Res* TECK MartinMarietta* MLM CONSOL Energy* CNX Agrium* AGU Vedanta* VEDL Sibanye Gold* SBGL

VOLUME WEEK (000s) CLOSE CHANGE

71 69.70 1242 71.37 2558 74.77 106834 20.26 153 10.90 9549 6.70 1780 7.25 25080 4.50 51956 4.31 2281 10.67 2404 69.68 26682 103.11 3774 23.40 307 28.50 21213 17.47 2316 226.55 16002 14.26 1394 91.89 3184 14.52 43876 4.85

+ 4.00 + 2.03 + 1.18 + 0.52 + 0.25 + 0.24 + 0.20 + 0.16 + 0.09 + 0.06 - 2.59 - 1.61 - 1.36 - 1.30 - 1.24 - 1.21 - 1.12 - 0.96 - 0.78 - 0.67

2017-06-06 7:13 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JUNE 12–25, 2017

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, June 6, 2017 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change 1287.85 +25.05 $17.56 +0.29 $953.00 0.00 $843.00 +69.00

Price (US$/tonne) Change $8845.00 -65.00 $5568.00 -59.50 $2098.00 -4.50 $2486.50 +2.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, June 5, 2017 (change from May 29, 2017 in brackets): Aluminium Alloy 12320 (-680) 1475100 (-12600) Aluminium Copper 302625 (-12575) 179200 (-3975) Lead Nickel 381480 (+1188) 1905 (-45) Tin 328500 (-4300) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.55 Cobalt: US$25.63/lb. Copper: US$2.53/lb. Copper: CME Group Futures July 2017: US$2.55/lb.; Aug. 2017: US$2.57/lb Ferro-Chrome: US$2.29/kg Ferro Titanium: US$3.58/kg FerroTungsten: US$25.55/kg Ferrovanadium: US$21.14/kg Iridium: NY Dealer Mid-mkt US$945.00/tr oz. Iron Ore 62% Fe CFR China-S: US$120.6/tonne Iron Ore Fines: US$67.56/tonne Iron Ore Pellets: US$95.30/tonne Lead: US$0.94/lb. Magnesium: US$2.23/kg Manganese: US$1.97/kg Molybdenum Oxide: US$7.94/lb. Phosphate Rock: US$98.00/tonne Potash: US$214.00/tonne Rhodium: Mid-mkt US$950.00 tr. oz. Ruthenium: Mid-mkt US$65.00/tr. oz. Silver: Handy & Harman Base: US$19.86 per oz.; Handy & Harman Fabricated: US$23.83 per oz. Tantalite Ore : US$123.13/kg Tin: US$9.18/lb. Uranium: U3O8, Trade Tech spot price: US$19.50; The UX Consulting Company spot price: US$19.25/lb. Zinc: US$1.12/lb. Prices current June 6, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 16, 2017 (with changes from May 01, 2017) Largest short positions K 43256682 -7773570 5/1/2017 Kinross Gold B2Gold BTO 22526047 248055 5/1/2017 Eldorado Gold ELD 20574309 4288241 5/1/2017 Detour Gold DGC 12919677 390131 5/1/2017 AKG 12225612 149549 5/1/2017 Asanko Gold Ivanhoe Mines IVN 10949066 949543 5/1/2017 Alacer Gold ASR 6923174 526389 5/1/2017 First Majestic FR 6661085 460598 5/1/2017 AR 6530544 56001 5/1/2017 Argonaut Gold Goldcorp G 6420350 -1927234 5/1/2017 LAC 6077200 -525400 5/1/2017 Lithium Amer First Quantum FM 6061137 -1881760 5/1/2017 Barrick Gold ABX 5983432 -2822813 5/1/2017 Cameco Corp CCO 5579118 -1424263 5/1/2017 GUY 5265594 -27531 5/1/2017 Guyana Gldflds Largest increase in short position Eldorado Gold ELD 20574309 4288241 5/1/2017 Ivanhoe Mines IVN 10949066 949543 5/1/2017 CG 4077266 898651 5/1/2017 Centerra Gold Kirkland Lake KL 1445453 673765 5/1/2017 FCU 4516400 565621 5/1/2017 Fission Uran Largest decrease in short position Kinross Gold K 43256682 -7773570 5/1/2017 Barrick Gold ABX 5983432 -2822813 5/1/2017 G 6420350 -1927234 5/1/2017 Goldcorp First Quantum FM 6061137 -1881760 5/1/2017 Cameco Corp CCO 5579118 -1424263 5/1/2017

Short positions outstanding as of May 16, 2017 (with changes from May 01, 2017) Largest short positions RML 3410900 3409900 5/1/2017 Rusoro Mng Integra Gold ICG 2824000 2663757 5/1/2017 K92 Mng Inc KNT 1144101 1002501 5/1/2017 First Mg Fin FF 765200 242006 5/1/2017 BGM 752704 233104 5/1/2017 Barkerville Go Active Growth QNC 630300 629900 5/1/2017 KEN 618800 513600 5/1/2017 Kenadyr Mining Mariana Res MARL 510000 42900 5/1/2017 Novo Res NVO 486300 429100 5/1/2017 Atlantic Gold AGB 261661 -265139 5/1/2017 SLL 185296 -281404 5/1/2017 Standard Lith BonTerra Res BTR 182500 155500 5/1/2017 White Gold WGO 175000 -8700 5/1/2017 Lithium X Egy LIX 145500 53506 5/1/2017 Maya Gold &Sil MYA 145000 2000 5/1/2017 Largest increase in short position Rusoro Mng RML 3410900 3409900 5/1/2017 Integra Gold ICG 2824000 2663757 5/1/2017 K92 Mng Inc KNT 1144101 1002501 5/1/2017 Active Growth QNC 630300 629900 5/1/2017 KEN 618800 513600 5/1/2017 Kenadyr Mining Largest decrease in short position Canamex Res CSQ 2300 -1570900 5/1/2017 Kings Bay Gold KBG 1000 -525000 5/1/2017 BDG 0 -344800 5/1/2017 Black Dragon Standard Lith SLL 185296 -281404 5/1/2017 AGB 261661 -265139 5/1/2017 Atlantic Gold

DAILY METAL PRICES Daily Metal Prices Date June 5 June 2 June 1 May 31 May 30 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1635/1645 1635/1645 1635/1645 1640/1650 1645/1655 Aluminum 1917/1917 1929/1930 1929/1930 1919/1918 1943/1943 Copper 5586/5615 5636/5660 5636/5660 5615/5639 5607.350/5629 Lead 2066/2090 2083/2102.50 2083/2102.50 2074.50/2092 2100.50/2118 Nickel 8815/8860 8825/8850 8825/8850 8805/8850 9015/9060 Tin 20240/20145 20470/20400 20470/20400 20375/20275 20525/20420 2474/2485 2544/2559 2544/2559 2570/2585 2623/2637 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1280.70 1260.95 1266.15 1263.80 1262.80 Gold PM 1279.95 1274.95 1264.85 1266.20 1262.70 Silver 17.52 17.19 17.13 17.31 17.27 Platinum 950.00 932.00 931.00 947.00 941.00 Palladium 841.00 837.00 823.00 814.00 797.00

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

Jun 02 Jun 01 May 31 May 30 May 29 1.3510 1.3510 1.3496 1.3471 1.3470 0.7402 0.7402 0.7410 0.7423 0.7424

Exchange rates (Quote Media, June 02, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6598 82.4460 13.8006 9.5402 1.0029 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5744 5.0375 47.7030 0.7186 830.7374 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3549 0.8913 111.3855 18.6469 12.8862 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7761 6.8096 64.3823 0.9709 1122.1200

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17

RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Jun 02 Jun 01 May 31 May 30 May 29 High Low Index S&P/TSX Composite 15442.75 15469.91 15349.91 15372.35 15421.91 15527.30 12400.15 S&P/TSXV Composite 800.98 800.45 799.90 804.96 809.74 1050.26 883.52 S&P/TSX 60 911.21 913.00 906.38 907.53 909.58 896.74 709.99 S&P/TSX Global Gold 208.76 207.85 209.06 207.01 208.68 218.90 149.29 DJ Precious Metals 175.70 175.70 176.63 175.94 177.96 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS MAY 29 – JUNE 2, 2017 80 New Highs

Abacus Mng &Ex* ABE Resources AbraPlata Res* Aguila Amer Gd Amarc Res* Arcturus Vent* Arizona Silver Arizona Silver* Banro Corp Banyan Gold Black Hills* Bowmore Expl Braveheart Res Brionor Res Cameo Res Canamex Res Canamex Res* Carmax Mng Cartier Res Claim Post Res Colibri Res

Copperbank Res Copperbank Res* Coral Gold Desert Star Desert Star* Dolat Ventures* East Asia Mnls East Asia Mnls* Equitorial Ex Equitorial Ex* Eskay Mng Fieldex Expl* Gran Colombia* Green Valley M Group Ten Mtls Handa Copper Inter-Rock Mnl Inter-Rock Mnl* Jaxon Mnls Jaxon Mnls* Kestrel Gold Leeta Gold Lucky Mnls

Manson Creek Mason Graphite Mason Graphite* Mazarin Metalo Manuf* Mexican Gold* Minaurum Gold Miramont Res Monarca Mnrls* Mundoro Cap Mundoro Cap* Noka Res* Northn Empire Paget Mrnls* Plato Gold Prize Mng* Rojo Res Sage Gold Sage Gold* Savannah Gold Senator Mnrls Senator Mnrls* Shore Gold

Steele Oceanic* Tamino Mnrls* Tonopah Div Mg* Trident Gold Uranium Hunter* US Cobalt Vanadiumcorp Vendetta Mng Vendetta Mng* Verde Potash Wealth Mnrls Wealth Mnrls* Westminster Rs

52 New Lows

Advantage Lith* Asanko Gold Asanko Gold* Cda Carbon CMX Gold & Sil* Cobalt Pwr Grp* Colorado Res* Comstock Mng* Crystal Explor*

Dolly Vard Sil DRDGOLD* Encanto Potash Global Energy Goldbelt Emp Iconic Mnls IMPACT Silver Impala Platnm* Klondex Mines Kootenay Zinc* Lithium Energi Maccabi Vent Mariana Res MaxTech Vent* Monarques Res Mosaic* Nevada Egy Mtl* Nexgen Energy* NextSource Mat Niocorp Dev Niocorp Dev* NKWE Platinum* NovaGold Res*

Paladin Energy Paladin Energy* Pan Andean Min* Primero Mng Primero Mng* Sibanye Gold* Silvercorp Met* Skeena Res Standard Metal* Tower Res* Troy Res* Turquoise HIl Turquoise HIl* US Cobalt Viscount Mng Visible Gold M* Walker Lane* Westmoreland* Winston Gld Mg Ximen Mng*

CANADIAN GOLD MUTUAL FUNDS Fund Jun 02 ($) May 26 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 23.27 23.52 -0.25 -1.06 2.85 2.80 156.27 BMO Prec Mtls Fd A 18.78 18.77 0.01 0.04 4.98 2.40 68.41 9.93 10.05 -0.12 -1.19 5.05 0.63 BMO ZGD BMO ZJG 8.07 8.13 -0.06 -0.78 2.67 0.60 CIBC Prec Metal Fd A 11.13 11.10 0.03 0.29 5.09 2.58 54.95 Dyn Prec Metls Fd A 6.75 6.73 0.02 0.30 8.54 2.75 364.10 Horizons HEP 9.20 0.81 IGMacGloPrecMetCl A 9.11 9.10 0.01 0.09 7.21 2.75 48.58 iShares XGD 13.05 13.10 -0.04 -0.32 7.08 0.55 796.33 Mac Prec Met Cl A 48.66 48.59 0.07 0.15 7.28 2.51 101.37 8.20 2.47 34.87 NBI PrecMetFd AdvDSC 13.27 NBI PrecMetFd AdvISC 13.27 8.20 2.47 34.87 NBI PrecMetFd AdvLSC 13.27 8.20 2.47 34.87 NBI PrecMetFd Invt 13.27 8.20 2.46 34.87 34.84 0.15 0.43 12.18 2.12 411.12 RBC GblPreMetFd A Redw UITGoDe&ProCl A 10.00 0.00 Sentry Pre Met Fd A 37.44 37.95 -0.52 -1.36 -0.95 2.44 195.86 Sprott Gold&PrMinFdA 36.42 -0.10 -0.28 2.56 3.12 223.36 Sprott SilverEquCl A 6.65 -0.04 -0.65 1.86 3.09 141.62 TD PreciousMetalsInv 36.47 36.25 0.22 0.61 4.05 2.26 136.64

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

19_JUNE12_MMMM.indd 19

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

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

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

Re-Publishing License Own your moment in the press with a Re-Publishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525

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

2017-06-06 6:40 PM

WWW.NORTHERNMINER.COM

JUNE 12–25, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 29 – JUNE 2, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 305 0.10 0.08 0.10 + 0.02 0.28 0.07 Abacus Mng &Ex* O 591 0.57 0.38 0.50 + 0.08 2.88 0.06 Abacus Mng &Ex V 678 0.75 0.50 0.75 + 0.19 0.78 0.24 Abcourt Mines* O 113 0.06 0.05 0.06 + 0.01 0.10 0.05 Abcourt Mines V 660 0.08 0.08 0.08 + 0.01 0.13 0.07 ABE Resources V 228 0.57 0.47 0.57 + 0.04 0.57 0.04 Aben Res* O 51 0.08 0.00 0.08 - 0.01 0.26 0.05 Aberdeen Intl* O 218 0.10 0.09 0.09 - 0.01 0.15 0.09 0.13 - 0.01 0.19 0.13 Aberdeen Intl T 153 0.13 0.13 Abitibi Royalt V 25 9.16 0.00 9.13 + 0.08 10.75 5.98 AbraPlata Res* O 22 0.46 0.41 0.46 + 0.04 0.44 0.31 AbraPlata Res V 63 0.62 0.56 0.62 + 0.10 0.59 0.00 Active Growth V 2164 0.16 0.14 0.14 - 0.02 0.38 0.05 Adamera Mnls* O 476 0.17 0.13 0.14 - 0.00 0.18 0.04 Adamera Mnls V 1856 0.20 0.18 0.20 + 0.01 0.24 0.05 Advance Gold V 4 0.07 0.00 0.07 - 0.01 0.13 0.04 Advanced Expl* O 13 0.00 0.00 0.00 - 0.00 0.00 0.00 Advantage Lith V 924 0.51 0.44 0.45 - 0.03 1.34 0.35 O 83 0.38 0.33 0.33 - 0.03 1.01 0.33 Advantage Lith* African Gold V 446 0.08 0.07 0.08 + 0.01 0.12 0.04 African Mnrls* O 961 0.01 0.00 0.00 - 0.00 0.01 0.00 Agnico Eagle* N 7836 49.67 47.70 48.89 - 0.24 60.10 35.05 Agnico Eagle T 2691 67.10 64.31 65.96 - 0.17 78.35 46.91 Agrium T 1169 126.00 122.98 123.94 - 0.97 146.99 114.05 Agrium* N 1394 93.54 91.01 91.89 - 0.96 111.88 87.62 Aguila Amer Gd V 7 0.22 0.00 0.18 - 0.08 1.35 0.18 Aim Explor* O 30649 0.01 0.01 0.01 - 0.00 0.20 0.00 Alabama Graph* O 303 0.11 0.10 0.10 - 0.01 0.17 0.08 Alacer Gold T 3179 2.06 1.96 2.05 + 0.03 3.79 1.75 Alamos Gold T 3583 9.19 8.50 9.05 + 0.36 13.65 7.86 Alamos Gold* N 9549 6.80 6.22 6.70 + 0.24 10.41 5.95 Alaska Pac Egy* O 453975 0.00 0.00 0.00 + 0.00 0.19 0.00 Alchemist Mng 1212 0.06 0.05 0.05 - 0.01 0.12 0.04 Alcoa* N 15186 33.45 31.76 32.86 - 0.41 39.78 20.00 Alderon Iron* O 36 0.28 0.25 0.25 - 0.03 0.60 0.08 Alderon Iron T 137 0.36 0.31 0.33 - 0.03 0.80 0.08 Aldershot Res V 72 0.08 0.00 0.08 + 0.01 0.10 0.03 Aldever Res* O 55 0.06 0.00 0.04 - 0.02 0.11 0.04 Aldridge Min V 395 0.22 0.18 0.22 + 0.03 0.34 0.17 Alexandria Min* O 1371 0.07 0.05 0.06 - 0.00 0.10 0.03 Alexco Res* X 891 1.35 1.26 1.28 - 0.04 2.54 1.04 Alexco Res T 156 1.84 1.71 1.72 - 0.05 3.31 1.37 Algold Res V 438 0.23 0.20 0.20 - 0.03 0.44 0.17 0.09 + 0.00 0.17 0.05 Alianza Min* O 25 0.10 0.00 Alix Res* O 15 0.04 0.03 0.04 + 0.01 0.12 0.03 Alix Res V 5569 0.07 0.05 0.06 + 0.01 0.18 0.04 Alliance Res* D 1237 22.20 21.05 21.40 - 0.15 26.65 13.95 Almaden Mnls* X 1082 1.48 1.29 1.38 - 0.07 1.88 0.75 Almaden Mnls T 79 1.95 1.75 1.86 - 0.09 2.44 1.01 Almadex Min V 77 1.20 1.09 1.14 - 0.01 2.00 0.34 Almadex Min* O 143 0.89 0.80 0.85 + 0.00 1.51 0.27 Almonty Ind V 299 0.26 0.24 0.25 - 0.01 0.44 0.20 Alphamin Res V 86 0.40 0.37 0.40 + 0.01 0.40 0.22 Alset Minerals* O 41 0.10 0.10 0.10 + 0.00 0.65 0.06 Alset Minerals V 512 0.14 0.13 0.13 - 0.01 0.84 0.08 Altai Res V 1100 0.08 0.07 0.07 - 0.01 0.16 0.03 Altair Res Inc V 411 0.40 0.29 0.29 + 0.01 0.47 0.16 Altamira Gold V 264 0.30 0.24 0.28 + 0.04 0.30 0.23 Altamira Gold* O 139 0.23 0.18 0.21 + 0.03 0.31 0.16 Altiplano Mnls V 155 0.24 0.19 0.21 - 0.03 0.28 0.08 Altius Mnrls T 263 10.78 10.05 10.14 - 0.55 14.06 9.01 Alto Vent V 745 0.09 0.07 0.08 - 0.01 0.14 0.04 Altura Mng Ltd* O 162 0.12 0.10 0.12 + 0.02 0.30 0.09 Alturas Mnrls V 185 0.03 0.03 0.03 + 0.01 0.08 0.01 Alumina Inc* O 112 5.90 5.58 5.90 + 0.20 6.24 3.62 ALX Uranium V 406 0.09 0.08 0.09 + 0.01 0.16 0.06 Am Creek Res V 185 0.05 0.04 0.04 - 0.01 0.12 0.04 Am CuMo Mng V 533 0.40 0.37 0.37 - 0.01 0.48 0.08 343 0.30 0.27 0.27 - 0.02 0.35 0.05 Am CuMo Mng* O Am Manganese* O 111 0.15 0.13 0.14 - 0.01 0.27 0.01 Am Manganese V 727 0.20 0.18 0.18 - 0.02 0.38 0.02 Am Sierra Gold* O 2 0.01 0.00 0.01 - 0.00 0.05 0.01 Amador Gold V 53 0.32 0.00 0.32 + 0.14 0.40 0.10 Amani Gold* O 130 0.03 0.03 0.03 - 0.00 0.06 0.01 Amarc Res* O 63 0.14 0.13 0.13 - 0.01 0.14 0.04 Amarc Res V 419 0.19 0.17 0.18 - 0.01 0.20 0.06 Amarillo Gold V 154 0.39 0.34 0.38 + 0.03 0.68 0.23 Amazing OG* O 24 0.27 0.23 0.25 + 0.03 1.06 0.05 Amer Intl Vent* O 746 0.04 0.01 0.03 - 0.01 0.10 0.01 American Lith* O 48 0.08 0.07 0.07 - 0.01 1.23 0.07 American Lith V 330 0.11 0.10 0.10 - 0.01 1.60 0.10 Americas Silvr* X 116 2.98 2.80 2.92 - 0.04 3.65 2.39 Americas Silvr T 157 3.96 3.78 3.90 - 0.09 5.76 2.70 Amerigo Res T 363 0.63 0.56 0.56 - 0.04 0.83 0.12 Amerigo Res* O 335 0.47 0.41 0.41 - 0.04 0.63 0.10 Amex Expl V 112 0.36 0.29 0.32 - 0.04 0.38 0.11 Anaconda Mng* O 23 0.06 0.05 0.05 - 0.00 0.09 0.04 Anconia Res V 1108 0.03 0.03 0.03 - 0.01 0.09 0.03 Andes Gold* O 49 0.01 0.00 0.01 - 0.00 0.03 0.00 Anfield Nickel V 586 0.50 0.46 0.49 + 0.02 1.94 0.43 Anfield Res* O 198 0.06 0.05 0.05 + 0.00 0.22 0.04 Anfield Res V 777 0.08 0.07 0.07 - 0.01 0.31 0.06 Angel Gold* O 344 0.07 0.05 0.07 + 0.00 0.11 0.04 0.30 - 0.02 0.50 0.27 Angkor Gold V 325 0.32 0.29 Anglo American* O 232 6.79 6.47 6.60 - 0.09 8.87 4.08 6 13.85 0.00 13.15 - 0.70 17.61 8.33 Anglo American* O Anglo-Can Mng V 77 0.14 0.12 0.14 + 0.02 0.30 0.05 AngloGold Ash* N 17558 11.71 11.00 11.16 - 0.48 22.91 9.28 Antioquia Gold* O 27 0.11 0.09 0.09 - 0.01 0.14 0.05 Antler Gold V 79 0.58 0.53 0.53 - 0.05 1.00 0.51 13 10.36 0.00 10.30 - 0.54 11.00 5.76 Antofagasta* O Apogee Opport V 102 0.16 0.16 0.16 - 0.06 0.44 0.14 Appia Energy 438 0.16 0.13 0.16 + 0.02 0.47 0.13 Applied Mrnls* O 161 0.04 0.03 0.03 - 0.00 0.19 0.02 Aquila Res* O 56 0.20 0.18 0.19 + 0.00 0.25 0.14 0.25 - 0.01 0.32 0.18 Aquila Res T 212 0.26 0.25 Arch Coal* N 2404 72.86 68.00 69.68 - 2.59 86.47 59.05 Arctic Star* O 165 0.20 0.15 0.20 + 0.05 0.20 0.04 Arctic Star V 738 0.28 0.22 0.28 + 0.07 0.29 0.06 Arcturus Vent V 41 0.18 0.00 0.15 - 0.01 0.25 0.05 Arcus Dev Grp V 78 0.15 0.13 0.14 - 0.01 0.20 0.04 Arena Mnls V 1129 0.17 0.16 0.17 + 0.02 0.34 0.13 Arena Mnls* O 289 0.13 0.11 0.13 + 0.02 0.25 0.10 Argentum Silvr V 57 0.35 0.31 0.31 - 0.04 0.59 0.05 Argex Titanium T 973 0.09 0.08 0.08 - 0.01 0.11 0.03 Argo Gold 205 0.26 0.22 0.26 + 0.01 0.26 0.06 Argonaut Gold* O 322 1.53 1.39 1.40 - 0.12 3.38 1.12 Argonaut Gold T 2873 2.05 1.87 1.87 - 0.16 4.45 1.48 Argus Metals V 48 0.13 0.00 0.13 + 0.04 0.15 0.05 Arian Silver* O 2411 0.02 0.01 0.01 - 0.00 0.06 0.00 Arianne Phosph* O 35 0.67 0.62 0.65 - 0.00 0.83 0.52 Arizona Mng T 1202 2.34 2.06 2.12 - 0.22 3.49 1.33 Arizona Mng* O 277 1.74 1.54 1.56 - 0.15 2.64 1.05 Arizona Silver V 13942 1.23 0.25 0.30 - 0.71 1.23 0.04 Arizona Silver* O 819 0.91 0.19 0.23 - 0.52 0.91 0.15 0.39 - 0.07 0.85 0.20 Armor Mnrls V 10 0.45 0.00 Asanko Gold T 24375 2.75 1.75 2.12 - 0.61 6.09 1.75 Asanko Gold* X 32245 2.10 1.28 1.56 - 0.47 4.68 1.28 Ascot Res V 256 1.99 1.77 1.86 - 0.14 2.83 1.00 Ashanti Sanko V 104 0.04 0.04 0.04 - 0.01 0.10 0.04 O 27 0.13 0.11 0.11 - 0.02 0.24 0.09 Ashburton Vent* Ashburton Vent V 522 0.19 0.15 0.17 + 0.02 0.60 0.09 Aston Bay V 265 0.15 0.14 0.14 - 0.02 0.47 0.13 Astorius Res V 263 0.12 0.09 0.12 + 0.02 0.41 0.03 ATAC Res V 398 0.61 0.57 0.61 + 0.04 0.95 0.32 Atacama Pacif* O 34 0.36 0.31 0.31 - 0.03 0.79 0.22 Atacama Pacif V 91 0.46 0.42 0.43 - 0.02 1.02 0.26 Athabasca Mnls* O 295 0.15 0.13 0.13 - 0.02 0.24 0.11 Athabasca Mnls V 306 0.21 0.17 0.20 + 0.01 0.32 0.14 Athena Silver* O 16 0.14 0.06 0.13 - 0.01 0.15 0.06 Atico Mng* O 62 0.54 0.49 0.50 - 0.02 0.75 0.32 Atico Mng V 168 0.75 0.67 0.68 - 0.04 0.99 0.42 Atlanta Gold V 25 0.07 0.00 0.07 - 0.01 0.11 0.06 Atlanta Gold* O 70 0.05 0.05 0.05 + 0.01 0.08 0.04 Atlantic Gold V 1768 1.55 1.36 1.55 + 0.08 1.60 0.58 Atlatsa Res* O 41 0.04 0.03 0.04 + 0.01 0.10 0.03 Atlatsa Res T 179 0.07 0.05 0.05 + 0.01 0.13 0.05 Atom Energy * O 5 0.13 0.08 0.10 - 0.02 0.34 0.08 Atom Energy V 1 0.14 0.00 0.14 - 0.05 0.65 0.11 Aton Res Inc V 1397 0.05 0.05 0.05 + 0.01 0.16 0.04 Aura Mnls T 10 1.65 1.41 1.50 - 0.20 2.80 1.40 Aura Mnls* O 1 1.29 1.19 1.19 - 0.10 1.42 1.13 Aura Silver Rs V 3290 0.09 0.07 0.08 - 0.01 0.10 0.03 Aurania Res* O 3 1.91 1.85 1.85 - 0.06 1.92 1.54 2.63 + 0.33 3.75 0.45 Aurania Res V 24 2.63 2.36 Aurcana Corp* O 35 0.23 0.21 0.23 + 0.02 0.63 0.19 Aurcana Corp V 150 0.31 0.29 0.31 + 0.01 0.80 0.26 AuRico Metals * O 339 0.88 0.84 0.88 + 0.02 0.96 0.62 AuRico Metals T 414 1.19 1.14 1.19 + 0.03 1.26 0.82 Aurion Res V 294 2.22 1.97 1.98 - 0.14 2.29 0.20 Aurvista Gold* O 697 0.22 0.19 0.20 - 0.01 0.34 0.09 Aurvista Gold V 2749 0.29 0.24 0.28 - 0.01 0.46 0.11

20-22_JUNE12_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Auryn Res* O 122 Auryn Res T 354 Austral Gold* O 12 Austral Gold V 23 Avalon Adv Mat T 518 Avalon Adv Mat* O 81 Avino Silver* X 792 Avino Silver V 140 Avnel Gold T 476 Avnel Gold * O 129 Avrupa Mnls V 315 Axmin Inc* O 3 Azarga Uranium* O 10 Azimut Expl V 468 Azincourt Uran V 184 Azteca Gold* O 153

2.54 2.39 2.43 - 0.05 3.18 1.58 3.45 3.24 3.28 - 0.06 4.17 2.14 0.12 0.10 0.10 - 0.02 0.19 0.08 0.18 0.17 0.17 - 0.02 0.22 0.12 0.15 0.14 0.15 + 0.01 0.26 0.14 0.11 0.10 0.11 + 0.00 0.21 0.00 1.57 1.43 1.51 - 0.06 3.14 1.12 2.08 1.95 2.06 - 0.04 4.05 1.52 0.28 0.26 0.26 - 0.01 0.39 0.18 0.20 0.19 0.19 - 0.01 0.30 0.13 0.10 0.09 0.10 + 0.01 0.25 0.09 0.04 0.02 0.04 + 0.01 0.06 0.01 0.24 0.24 0.24 - 0.00 0.44 0.14 0.32 0.29 0.32 + 0.01 0.68 0.24 0.09 0.08 0.08 - 0.01 0.28 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 12657 B2Gold T 15184 Bacanora Mnls V 117 Balmoral Res T 196 Balmoral Res* O 142 Banro Corp* X 781 Banro Corp T 63 Banyan Gold V 251 Banyan Gold* O 181 Barkerville Go V 4542 Barkerville Go* O 639 Barrick Gold* N 58833 Barrick Gold T 11652 Barsele Min V 387 Barsele Min* O 245 Battle Mtn Gld* O 38 Bayhorse Silvr V 228 Bayswater Uran V 28 BC Moly V 22 V 48 BE Res Bear Creek Mng V 255 Bearing Res* O 28 Bearing Res V 164 Beaufield Res V 918 O 246 Beaufield Res* Bell Copper V 110 Belmont Res V 348 Belo Sun Mng T 694 Belvedere Res* O 63 Benton Res V 781 Berkwood Res V 26 Besra Gold* O 2111 BHK Mining V 109 Big Wind Cap 58 Bitterroot Res V 65 Bitterroot Res* O 90 Black Dragon V 167 Black Hills* N 1242 Black Iron T 647 100 Black Isle Res V Black Mam Mtls V 59 Black Sea Cop* O 95 Black Sea Cop V 134 Blackheath Res V 227 265 Blind Crk Res V BLOX Inc* O 460 Blue Rvr Res V 3375 Blue Sky Uran* O 18 Bold Vent V 264 O 35589 Bonanza Gldfds* BonTerra Res* O 160 BonTerra Res V 735 Borneo Res Inv* O 18276 Bowmore Expl V 2784 Bravada Gold* O 3 Bravada Gold V 67 Braveheart Res V 67 Bravo Multinat* O 4 Brazil Mnrls* O 187 Brilliant Sand* O 107 Brionor Res V 524 Britannia Mng* O 95 Brixton Mtls* O 79 Brixton Mtls V 91 O 254 Broadway Gold* Broadway Gold V 136 Buccaneer Gold V 102 Buenaventura* N 6026 Buffalo Coal V 50 Bullfrog Gold* O 527 Bullion Gld Res V 150 Bullman Mnls V 10 BWR Explor V 571

2.53 2.41 2.51 + 0.05 3.65 1.79 3.42 3.25 3.40 + 0.08 4.74 2.35 1.60 1.35 1.41 - 0.06 1.95 1.01 0.72 0.66 0.67 - 0.05 1.28 0.62 0.53 0.49 0.49 - 0.02 0.99 0.46 0.85 0.67 0.68 - 0.10 4.80 0.70 1.07 0.92 0.92 - 0.11 62.00 0.95 0.15 0.11 0.15 + 0.02 0.15 0.05 0.10 0.09 0.10 + 0.00 0.11 0.06 1.17 1.06 1.09 - 0.07 1.39 0.41 0.89 0.78 0.81 - 0.05 1.03 0.29 16.71 16.20 16.20 - 0.18 23.47 13.81 22.58 21.86 21.87 - 0.20 30.45 18.52 0.81 0.63 0.70 - 0.13 1.62 0.63 0.63 0.48 0.50 - 0.04 1.25 0.48 0.37 0.36 0.37 + 0.01 0.73 0.22 0.16 0.14 0.15 - 0.01 0.29 0.12 0.05 0.00 0.05 - 0.01 0.09 0.02 0.06 0.05 0.06 + 0.01 0.09 0.05 0.07 0.06 0.06 - 0.01 0.50 0.06 2.61 2.44 2.49 - 0.12 3.77 1.72 0.63 0.53 0.53 - 0.07 1.41 0.30 0.87 0.70 0.73 - 0.10 1.83 0.13 0.24 0.22 0.23 - 0.01 0.34 0.06 0.18 0.16 0.17 - 0.01 0.25 0.04 0.09 0.06 0.09 + 0.02 0.12 0.03 0.06 0.06 0.06 - 0.01 0.11 0.05 0.59 0.55 0.59 + 0.01 1.14 0.50 0.06 0.06 0.06 - 0.00 0.06 0.02 0.09 0.08 0.09 - 0.01 0.15 0.06 0.38 0.32 0.33 + 0.02 1.23 0.03 0.01 0.00 0.00 + 0.00 0.01 0.00 0.03 0.03 0.03 + 0.01 0.08 0.03 0.16 0.12 0.12 - 0.04 0.20 0.05 0.23 0.00 0.23 + 0.02 0.29 0.03 0.17 0.15 0.17 + 0.00 0.22 0.02 0.04 0.03 0.03 - 0.01 0.10 0.03 71.72 69.10 71.37 + 2.03 70.34 54.76 0.11 0.10 0.11 + 0.01 0.17 0.03 0.05 0.00 0.05 + 0.01 0.05 0.02 0.19 0.00 0.19 + 0.05 0.25 0.06 0.16 0.15 0.15 + 0.00 0.46 0.13 0.21 0.19 0.20 - 0.02 0.54 0.20 0.06 0.05 0.05 - 0.01 0.13 0.05 0.27 0.24 0.25 - 0.01 0.34 0.05 0.10 0.03 0.09 + 0.01 0.35 0.01 0.05 0.04 0.05 + 0.01 0.08 0.03 0.14 0.12 0.13 + 0.00 0.47 0.12 0.05 0.04 0.04 + 0.01 0.06 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.40 0.34 0.37 - 0.00 0.40 0.15 0.51 0.46 0.50 - 0.01 0.55 0.21 0.00 0.00 0.00 - 0.00 0.00 0.00 0.31 0.16 0.28 + 0.11 0.22 0.07 0.19 0.00 0.17 - 0.03 0.31 0.13 0.25 0.22 0.22 - 0.05 0.40 0.17 0.08 0.06 0.08 + 0.01 0.08 0.03 1.25 0.00 1.01 - 0.09 10.90 0.32 0.03 0.00 0.02 - 0.01 0.50 0.00 0.03 0.00 0.02 - 0.01 0.10 0.02 0.08 0.06 0.08 + 0.02 0.08 0.02 0.00 0.00 0.00 + 0.00 0.02 0.00 0.31 0.27 0.30 - 0.01 0.92 0.15 0.40 0.37 0.39 + 0.03 1.20 0.18 0.56 0.49 0.51 - 0.05 1.29 0.22 0.73 0.63 0.65 - 0.08 1.70 0.07 0.05 0.04 0.05 + 0.02 0.08 0.02 12.57 12.19 12.34 - 0.10 16.45 9.34 0.02 0.00 0.01 - 0.01 0.03 0.01 0.11 0.09 0.10 - 0.01 0.19 0.06 0.11 0.10 0.10 - 0.02 0.14 0.08 0.10 0.00 0.10 - 0.02 0.12 0.04 0.06 0.05 0.05 - 0.01 0.09 0.04

Cache Expl V 117 Cache Expl* O 41 O 120 Caledonia Mng* Caledonia Mng T 349 Calibre Mng V 1099 Callinex Mines V 194 Callinex Mines* O 164 Cameco Corp* N 9273 Cameco Corp T 4333 Cameo Res* O 1 Cameo Res V 283 Camino Mnls* O 82 Camino Mnls V 729 Camrova Res V 10 Camrova Res* O 1 Canadian Zeol V 2765 Canadian Zeol* O 157 V 129 CanAlaska Uran CanAlaska Uran* O 34 O 542 Canamex Res* Canarc Res T 1356 Canarc Res* O 641 Canasil Res V 190 Candelaria Mg V 43 CANEX Metals V 32 Canstar Res V 508 Canuc Res V 90 Canuc Res* O 54 Canyon Copper V 40 23466 Canyon Gold* O Capstone Mng T 3585 Cardero Res V 30 Cariboo Rose V 240 Carlin Gold V 28 Carmax Mng V 165 Cartier Res V 1314 Carube Copper V 105 Casablanca Mng* O 206 Cascadero Copp V 764 Castle Peak Mg V 186 Castle Res 3 Castle Silver* O 40 Cava Res V 133 Cda Carbon* O 116 Cda Carbon V 496 Cda Rare Earth* O 24 Cda Strtgc Met V 601 Cda Strtgc Met * O 1 Cda Zinc Mtls V 319 Cdn Arrow V 2472 Cdn Intl Mnrls* O 34 Cdn Metals 340 Cdn Orebodies V 283 Cdn Orebodies* O 259 Cdn Platinum V 4741 Cdn Silvr Hunt V 50 Cdn Zinc T 978 Cdn Zinc* O 401 Centamin T 104 Centaurus Diam* O 184 Centenera Mng* O 153 Centenera Mng V 226 Centerra Gold T 3545 Centurion Mnls V 1119 Century Global T 4 Chalice Gold M T 80 Champion Bear V 22 Champion Iron T 848 Champion Iron* O 162

0.28 0.24 0.28 + 0.01 0.28 0.05 0.20 0.20 0.20 - 0.00 0.20 0.04 1.25 1.18 1.23 + 0.03 1.84 0.93 1.69 1.60 1.65 + 0.05 2.42 1.19 0.17 0.15 0.16 - 0.01 0.30 0.10 0.33 0.31 0.32 - 0.01 0.69 0.28 0.24 0.22 0.23 - 0.00 0.54 0.21 9.57 9.03 9.13 - 0.40 13.36 7.41 12.90 12.20 12.33 - 0.49 17.65 9.88 1.03 0.00 1.03 + 0.03 1.11 0.24 1.60 1.30 1.60 + 0.30 1.75 0.31 1.12 0.80 0.89 - 0.22 1.62 0.00 1.50 1.08 1.20 - 0.30 2.23 0.14 0.12 0.00 0.12 - 0.01 0.40 0.10 0.09 0.00 0.08 - 0.00 0.21 0.07 0.79 0.53 0.59 + 0.11 1.95 0.10 0.54 0.35 0.45 + 0.08 1.46 0.09 0.40 0.38 0.38 - 0.01 1.55 0.36 0.30 0.27 0.27 - 0.01 1.20 0.27 0.13 0.11 0.12 - 0.01 0.13 0.07 0.11 0.10 0.11 + 0.01 0.14 0.06 0.08 0.00 0.08 + 0.01 0.11 0.04 0.19 0.17 0.19 + 0.01 0.73 0.14 0.95 0.92 0.95 + 0.03 1.19 0.36 0.07 0.00 0.07 + 0.01 0.14 0.07 0.13 0.08 0.08 - 0.03 0.23 0.00 0.45 0.38 0.45 + 0.05 0.55 0.20 0.34 0.28 0.34 + 0.06 0.39 0.17 0.04 0.00 0.04 + 0.01 0.08 0.02 0.00 0.00 0.00 - 0.00 0.30 0.00 0.95 0.88 0.89 - 0.03 1.81 0.64 0.11 0.09 0.10 - 0.01 0.25 0.09 0.12 0.10 0.11 - 0.01 0.26 0.05 0.06 0.00 0.05 - 0.01 0.10 0.03 0.05 0.03 0.04 - 0.01 0.05 0.03 0.35 0.29 0.34 + 0.05 0.32 0.11 0.12 0.00 0.12 - 0.01 0.20 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.12 0.13 + 0.01 0.17 0.07 0.02 0.02 0.02 - 0.01 0.08 0.01 0.42 0.22 0.35 + 0.14 0.42 0.01 0.20 0.18 0.19 - 0.00 0.22 0.03 0.24 0.22 0.23 + 0.01 0.78 0.06 0.17 0.14 0.14 - 0.03 0.26 0.14 0.20 0.18 0.20 + 0.01 0.32 0.18 0.03 0.03 0.03 - 0.00 0.05 0.01 0.13 0.11 0.13 + 0.01 0.26 0.09 0.10 0.10 0.10 - 0.00 0.19 0.07 0.34 0.29 0.29 - 0.05 0.48 0.15 0.03 0.02 0.03 + 0.01 0.03 0.01 0.02 0.02 0.02 + 0.00 0.04 0.02 0.08 0.06 0.06 - 0.02 0.39 0.05 0.44 0.35 0.40 + 0.02 0.53 0.19 0.28 0.26 0.27 - 0.01 0.39 0.00 0.01 0.01 0.01 - 0.01 0.03 0.01 0.05 0.05 0.05 - 0.01 0.09 0.02 0.20 0.18 0.18 + 0.01 0.41 0.16 0.15 0.13 0.14 + 0.00 0.32 0.11 3.00 2.86 2.98 + 0.13 3.23 1.84 0.05 0.03 0.04 - 0.01 0.28 0.01 0.19 0.17 0.18 + 0.01 0.37 0.10 0.26 0.23 0.25 + 0.03 0.50 0.15 7.82 7.45 7.61 - 0.22 8.32 5.56 0.06 0.06 0.06 - 0.01 0.10 0.05 0.21 0.00 0.21 - 0.05 0.72 0.13 0.17 0.17 0.17 + 0.01 0.21 0.14 0.18 0.00 0.18 + 0.01 0.28 0.06 0.93 0.85 0.91 - 0.01 1.47 0.19 0.70 0.61 0.66 - 0.01 1.12 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Chantrell Vent V 200 0.10 0.08 0.09 - 0.01 0.19 0.05 Chatham Rock V 68 0.50 0.45 0.50 + 0.05 0.90 0.10 Chesapeake Gld* O 20 2.87 2.66 2.66 - 0.09 5.03 2.28 Chesapeake Gld V 23 3.95 3.60 3.60 - 0.10 6.50 3.00 Chevron Corp* N 26682 105.29 102.77 103.11 - 1.61 119.00 97.53 543 0.11 0.08 0.11 + 0.03 0.26 0.05 Chiboug Ind Mn V Chilean Metals* O 156 0.12 0.10 0.10 - 0.02 0.24 0.07 Chilean Metals V 193 0.16 0.12 0.15 - 0.01 0.33 0.10 China Mnls Mng* O 20 0.01 0.00 0.01 + 0.00 0.02 0.00 CKR Carbon* O 109 0.06 0.06 0.06 + 0.00 0.12 0.05 0.11 + 0.01 0.19 0.06 CKR Carbon V 407 0.12 0.09 Claim Post Res V 1563 0.08 0.05 0.07 + 0.03 0.07 0.02 Clean Comm* O 91 0.04 0.00 0.04 - 0.01 0.13 0.03 Clifton Mng* O 19 0.11 0.10 0.10 - 0.01 0.16 0.09 Cloud Peak En* N 6039 3.54 3.17 3.19 - 0.28 8.04 1.81 0.07 - 0.01 0.13 0.06 CMC Metals* O 11 0.07 0.00 CMX Gold & Sil* O 128 0.07 0.05 0.05 - 0.02 0.08 0.05 CMX Gold & Sil 315 0.10 0.06 0.10 + 0.02 0.10 0.05 CNRP Mng 1 0.22 0.00 0.22 - 0.04 12.50 0.18 897 0.10 0.08 0.10 + 0.02 0.18 0.04 Cobalt Pwr Grp V Cobalt Pwr Grp* O 112 0.08 0.06 0.07 - 0.00 0.09 0.06 O 34 0.13 0.08 0.13 + 0.04 0.32 0.01 CobalTech M’g* CobalTech M’g V 1841 0.18 0.11 0.17 + 0.06 0.45 0.02 Coeur Mng* N 12442 9.98 9.11 9.36 - 0.51 16.41 7.30 0.28 + 0.08 0.28 0.11 Colibri Res V 40 0.28 0.00 Colombia Crest V 132 0.02 0.00 0.01 - 0.01 0.04 0.01 0.13 - 0.02 0.24 0.07 Colonial Coal V 1000 0.15 0.12 0.27 + 0.01 0.71 0.18 Colorado Res V 453 0.27 0.25 Colorado Res* O 37 0.20 0.00 0.19 - 0.01 0.54 0.13 O 186 0.61 0.56 0.58 - 0.03 0.83 0.31 Columbus Gold* Columbus Gold T 175 0.82 0.75 0.76 - 0.05 1.09 0.42 V 124 0.06 0.05 0.06 + 0.01 0.08 0.04 Commander Res Commerce Res* O 21 0.06 0.05 0.06 + 0.01 0.09 0.04 Comstock Mng* X 2629 0.18 0.15 0.15 - 0.02 0.47 0.16 V 406 0.17 0.14 0.17 + 0.01 0.43 0.12 Comstock Mtls Comstock Mtls * O 26 0.12 0.11 0.11 - 0.01 0.33 0.09 0.16 + 0.03 0.19 0.06 Condor Res V 1286 0.17 0.13 Confedertn Ml* O 25 0.43 0.40 0.40 - 0.04 0.80 0.31 Confedertn Mls V 45 0.58 0.52 0.52 - 0.06 8.00 0.46 0.04 + 0.01 0.07 0.02 Conquest Res V 387 0.04 0.00 Cons Woodjam V 98 0.07 0.06 0.07 + 0.01 0.09 0.04 N 16002 16.04 14.18 14.26 - 1.12 22.34 12.87 CONSOL Energy* Constantine Mt V 194 0.16 0.15 0.16 + 0.01 0.20 0.07 Contintl Gold T 2770 3.51 3.21 3.39 - 0.04 5.75 2.42 2.50 - 0.04 4.39 1.85 Contintl Gold* O 92 2.62 2.39 Contintl Prec* O 20 0.22 0.21 0.22 + 0.01 0.35 0.11 0.28 - 0.01 0.44 0.25 Contintl Prec T 77 0.32 0.28 Copper Ck Gold V 116 0.04 0.04 0.04 - 0.01 0.11 0.04 Copper Fox Mtl V 633 0.13 0.12 0.12 - 0.01 0.19 0.11 83 0.10 0.08 0.08 + 0.00 0.14 0.08 Copper Fox Mtl* O Copper Mtn Mng* O 651 0.60 0.54 0.54 - 0.04 1.02 0.32 969 0.80 0.72 0.74 - 0.04 1.32 0.40 Copper Mtn Mng T Copper North M* O 10 0.07 0.05 0.07 + 0.01 0.16 0.00 Copperbank Res 420 0.18 0.11 0.16 + 0.04 0.13 0.04 O 362 0.14 0.08 0.12 + 0.04 0.10 0.03 Copperbank Res* Coral Gold * O 306 0.25 0.22 0.23 - 0.00 0.30 0.14 0.31 - 0.01 0.39 0.17 Coral Gold V 331 0.35 0.31 Cordoba Mnls* O 146 0.69 0.65 0.65 - 0.02 1.21 0.44 Cordoba Mnls V 354 0.98 0.87 0.88 - 0.03 1.59 0.57 0.12 - 0.02 0.20 0.10 Corex Gold V 275 0.14 0.12 Cornerstone Ca V 1183 0.51 0.48 0.50 + 0.02 0.52 0.04 O 219 0.38 0.35 0.37 + 0.02 0.40 0.03 Cornerstone Ca* Coro Mining T 290 0.13 0.12 0.12 - 0.01 0.20 0.09 Corsa Coal * O 61 1.38 1.28 1.37 + 0.06 2.93 1.15 1.85 + 0.05 3.82 0.80 Corsa Coal V 117 1.85 1.75 Corvus Gold* O 41 0.64 0.59 0.60 - 0.02 1.05 0.37 0.79 - 0.01 1.38 0.50 Corvus Gold T 86 0.87 0.79 Cresval Cap V 284 0.05 0.04 0.05 + 0.01 0.05 0.04 Critical Elem* O 42 0.70 0.52 0.70 + 0.18 0.70 0.31 0.94 + 0.22 0.95 0.39 Critical Elem V 3132 0.94 0.70 Crown Mining V 23 0.10 0.10 0.10 - 0.02 0.18 0.07 0.17 + 0.03 0.23 0.07 Cruz Cobalt* O 389 0.17 0.13 Cruz Cobalt V 7269 0.23 0.18 0.22 + 0.04 0.31 0.04 Crystal Explor* O 1 0.12 0.09 0.09 - 0.03 0.12 0.09 0.10 - 0.01 0.16 0.10 Crystal Explor V 91 0.12 0.10 Crystal Peak* O 72 0.36 0.33 0.34 - 0.03 0.42 0.14 0.47 - 0.01 0.56 0.18 Crystal Peak V 430 0.48 0.44 40 1.15 1.06 1.09 + 0.03 1.15 0.05 Curlew Lke Res V Currie Rose Rs V 237 0.03 0.00 0.02 - 0.01 0.05 0.01 0.01 - 0.00 0.02 0.00 Cyclone Uran* O 204 0.01 0.00 Cypress Dev* O 209 0.09 0.08 0.08 - 0.01 0.15 0.07 0.11 - 0.01 0.20 0.10 Cypress Dev V 492 0.12 0.11

D-F Dajin Res V 335 Dajin Res* O 186 26 Dakota Ter Res* O Dalradian Res* O 347 Dalradian Res T 3022 Damara Gold V 108 Danakali* O 225 Darnley Bay V 739 Darnley Bay* O 261 Decade Res* O 525 Deep-South Res V 22 Defiance Silvr V 308 Defiance Silvr* O 276 Denison Mines T 1917 Denison Mines* X 1644 Desert Gold V 25 Desert Star V 60 Detour Gold T 2404 Diamante Min* O 37 Diamcor Mng* O 13 Diamcor Mng V 312 Diamond Disc* O 3347 Diamond Fields V 78 Dios Expl V 76 Discovery-Corp V 55 Diversified Rs* O 46 DNI Metals 394 DNI Metals* O 84 Dolat Ventures* O 75103 Dolly Vard Sil* O 90 265 Dolly Vard Sil V Dominion Diam T 444 Dominion Diam* N 2190 Doubleview Cap V 1881 DRDGOLD* N 1510 Dundee Prec Mt T 894 Dunnedin Vent* O 30 DuSolo Fertil V 141 DynaResource* O 9 Dynasty Met&Mn* O 42 Dynasty Met&Mn V 61 Eagle Graphite V 590 Eagle Plains V 106 East Africa V 1113 East Asia Mnls* O 113 EastCoal Inc V 311 Eastern Platin* O 43 Eastern Platin T 411 Eastfield Res V 12 Eastmain Res* O 512 Eastmain Res T 1534 Eco Oro Mnls T 33 eCobalt Solns* O 337 eCobalt Solns T 1442 El Capitan Prc* O 1534 El Nino Vent V 26 Elcora Res V 211 Eldorado Gold* N 35532 Eldorado Gold T 61241 Eloro Mnrls* O 65 Eloro Mnrls V 16 Ely Gold & Mnl* O 57 Elysee Dev * O 15 Emerita Res V 79 Emgold Mng* O 5 Encanto Potash V 535 Endeavour Mng T 982 Endeavour Mng* O 29 Endeavr Silver T 991 Endeavr Silver* N 7465 Endurance Gold V 152 Energy Fuels* X 897 Energy Fuels T 408 Enforcer Gold V 1678 Engold Mines V 370 Engold Mines* O 116 Ensurge* O 113 Entree Gold T 192 Entree Gold* X 303

0.12 0.10 0.10 - 0.01 0.24 0.09 0.08 0.07 0.07 - 0.01 0.19 0.06 0.07 0.05 0.06 - 0.01 0.20 0.02 1.23 1.04 1.18 + 0.13 1.27 0.73 1.67 1.41 1.59 + 0.18 1.68 0.95 0.06 0.00 0.06 - 0.01 0.11 0.04 0.64 0.54 0.60 + 0.04 0.65 0.22 0.34 0.27 0.29 - 0.03 0.57 0.10 0.24 0.21 0.21 - 0.04 0.44 0.07 0.07 0.06 0.06 - 0.00 0.10 0.03 0.18 0.18 0.18 + 0.01 0.39 0.15 0.35 0.30 0.31 - 0.04 0.63 0.20 0.26 0.22 0.22 - 0.03 0.49 0.16 0.64 0.59 0.59 - 0.05 1.10 0.49 0.48 0.43 0.45 - 0.03 0.84 0.37 0.25 0.22 0.25 + 0.02 0.40 0.09 0.33 0.24 0.32 + 0.02 0.44 0.18 17.77 17.07 17.40 - 0.36 35.93 14.35 0.13 0.08 0.13 + 0.00 0.51 0.08 0.74 0.72 0.74 + 0.02 1.11 0.60 1.06 0.95 1.03 + 0.06 1.50 0.82 0.00 0.00 0.00 + 0.00 0.00 0.00 0.19 0.15 0.15 - 0.04 0.24 0.07 0.08 0.00 0.07 - 0.01 0.17 0.06 0.03 0.02 0.02 - 0.01 0.07 0.02 0.15 0.11 0.11 - 0.04 0.40 0.03 0.07 0.06 0.07 + 0.01 0.09 0.02 0.07 0.05 0.05 + 0.00 0.09 0.01 0.13 0.08 0.10 + 0.02 0.13 0.00 0.53 0.40 0.43 - 0.06 0.81 0.17 0.73 0.00 0.59 - 0.06 1.11 0.24 17.52 16.82 17.15 - 0.05 18.27 10.47 13.00 12.46 12.72 - 0.05 13.65 7.92 0.06 0.05 0.06 - 0.01 0.19 0.05 3.31 2.84 2.98 - 0.25 9.10 2.84 2.43 2.15 2.17 - 0.26 4.14 1.87 0.22 0.21 0.22 + 0.00 0.31 0.04 0.03 0.03 0.03 + 0.01 0.07 0.03 1.45 1.05 1.40 - 0.05 1.99 0.00 0.25 0.21 0.21 - 0.03 0.31 0.10 0.34 0.27 0.30 - 0.02 0.45 0.13 0.04 0.04 0.04 - 0.01 0.06 0.03 0.19 0.17 0.19 + 0.02 0.24 0.11 0.28 0.25 0.27 + 0.02 0.36 0.12 0.49 0.00 0.42 + 0.15 0.49 0.11 0.01 0.00 0.01 + 0.01 0.02 0.01 0.26 0.22 0.26 + 0.04 0.89 0.19 0.35 0.28 0.34 + 0.04 1.14 0.23 0.05 0.04 0.04 - 0.01 0.08 0.03 0.33 0.27 0.29 - 0.02 0.73 0.21 0.42 0.38 0.39 - 0.03 0.97 0.38 0.54 0.41 0.53 + 0.06 0.87 0.13 0.82 0.69 0.76 + 0.04 1.14 0.34 1.10 0.96 1.02 + 0.05 1.48 0.41 0.06 0.05 0.06 + 0.00 2.35 0.04 0.03 0.03 0.03 + 0.01 0.05 0.02 0.25 0.23 0.23 - 0.01 0.45 0.20 3.48 2.98 3.03 - 0.32 5.13 2.54 4.51 4.03 4.07 - 0.43 6.71 3.46 0.61 0.58 0.58 - 0.00 0.62 0.30 0.82 0.76 0.79 + 0.01 0.84 0.23 0.11 0.09 0.10 + 0.00 0.20 0.07 0.28 0.27 0.28 + 0.01 0.37 0.17 0.15 0.12 0.13 + 0.01 0.22 0.04 0.02 0.01 0.02 + 0.01 0.04 0.01 0.08 0.00 0.08 - 0.01 0.17 0.06 21.70 20.64 21.40 - 0.01 28.81 17.37 16.05 15.58 15.78 - 0.10 21.89 13.00 4.03 3.82 3.94 - 0.02 7.75 3.75 3.02 2.82 2.91 - 0.02 5.95 2.76 0.08 0.06 0.08 + 0.01 0.10 0.03 1.64 1.50 1.54 - 0.06 2.87 1.29 2.25 2.03 2.07 - 0.09 3.65 1.74 0.25 0.22 0.22 - 0.01 0.28 0.18 0.45 0.36 0.42 + 0.06 0.68 0.03 0.33 0.28 0.31 + 0.02 0.50 0.02 0.08 0.07 0.08 + 0.01 0.12 0.02 0.63 0.58 0.58 - 0.05 0.94 0.29 0.48 0.42 0.43 - 0.04 0.72 0.21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.03 0.09 + 0.02 0.09 Equitorial Ex* O 743 0.10 0.06 0.03 0.13 + 0.04 0.12 Equitorial Ex V 4149 0.14 0.09 1.25 0.94 1.13 - 0.11 1.40 0.28 Erdene Res Dev T 2276 0.91 0.70 0.85 - 0.06 1.00 0.22 186 Erdene Res Dev* O 0.04 0.04 - 0.01 0.06 Erin Ventures V 438 0.04 0.04 0.13 0.12 0.13 + 0.01 0.17 0.10 82 Eros Res Corp* O 0.18 0.00 0.18 + 0.01 0.23 0.15 250 Eros Res Corp V 0.18 0.00 0.18 + 0.01 0.23 0.15 250 Eros Res Corp V 0.15 0.45 + 0.03 0.45 Eskay Mng V 161 0.45 0.37 0.05 0.13 - 0.01 0.32 Ethos Gold* O 45 0.14 0.13 0.17 0.18 - 0.03 0.41 Ethos Gold V 343 0.20 0.18 0.62 0.92 + 0.03 1.40 X 134 0.95 0.86 Eurasian Mnls* 0.86 1.23 + 0.02 1.84 Eurasian Mnls V 40 1.28 1.21 0.07 0.06 - 0.02 0.17 Eureka Res V 453 0.09 0.00 0.54 0.51 0.51 + 0.00 1.06 0.47 14 Euro Sun Mg* O 0.75 0.68 0.75 + 0.05 1.45 0.62 88 T Euro Sun Mg 0.40 0.48 + 0.01 0.81 EurOmax Res T 43 0.50 0.48 0.31 0.37 + 0.04 0.59 O 6 0.37 0.37 EurOmax Res* 0.04 0.07 - 0.02 0.20 Everton Res V 585 0.08 0.07 0.03 0.05 - 0.02 0.14 Everton Res* O 59 0.07 0.05 0.03 0.02 0.03 + 0.01 0.12 0.01 50 EVI Global Grp 0.10 0.14 + 0.02 0.38 O 3 0.14 0.12 Evolving Gold* 0.16 0.27 - 0.02 0.43 Evrim Res V 119 0.29 0.27 0.76 1.05 - 0.01 1.85 Excellon Res* O 239 1.18 1.03 1.00 1.45 + 0.01 2.40 Excellon Res T 351 1.59 1.38 0.25 0.60 - 0.02 0.72 O 54 0.64 0.60 Excelsior Mng* 0.34 0.83 - 0.01 0.94 Excelsior Mng T 139 0.86 0.82 0.66 1.60 + 0.01 1.89 Exeter Res* X 488 1.66 1.59 0.89 2.17 - 0.01 2.52 Exeter Res T 186 2.24 2.16 0.01 0.01 0.01 - 0.01 0.02 0.00 193 ExGen Res Inc* O 0.04 0.05 + 0.00 0.15 Explor Res* O 49 0.05 0.04 0.06 0.08 + 0.01 0.19 Explor Res V 597 0.08 0.06 0.10 0.16 - 0.03 0.19 Explorex Res 27 0.18 0.16 0.04 0.04 - 0.01 0.23 Fairmont Res V 397 0.05 0.04 0.77 1.23 - 0.01 1.65 Falco Res V 1157 1.23 1.13 0.05 0.07 + 0.00 0.11 Far Res* O 62 0.07 0.07 0.05 0.10 + 0.01 0.14 Far Res 9179 0.13 0.10 0.10 0.19 + 0.03 0.65 Fieldex Expl V 244 0.21 0.15 0.10 0.13 - 0.00 0.13 Fieldex Expl* O 10 0.13 0.13 0.01 0.11 + 0.01 0.50 Finore Mng 1197 0.12 0.10 0.02 0.08 + 0.00 0.41 Finore Mng* O 14 0.09 0.00 0.23 0.28 + 0.00 0.55 Fiore Explor* O 241 0.30 0.26 0.32 0.01 0.76 + 0.38 0.40 0.37 652 V Fiore Explor 0.02 0.05 + 0.01 0.12 Firesteel Res V 442 0.05 0.04 0.86 0.84 - 0.09 1.00 Fireweed Zinc V 597 1.00 0.84 0.03 0.06 - 0.00 0.12 O 24 0.10 0.05 Firma Holdings* 0.22 0.66 + 0.19 0.92 First Cobalt V 4718 0.75 0.47 0.56 0.34 0.49 + 0.15 0.67 0.31 First Cobalt * O 1225 0.05 0.05 - 0.01 0.15 First Energy V 311 0.05 0.04 0.00 0.00 - 0.00 0.00 213674 0.00 0.00 First Liberty* O 8.94 8.18 8.23 - 0.48 19.15 6.62 First Majestic* N 12159 11.12 - 0.59 24.96 8.89 First Majestic T 2499 11.79 11.06 0.02 0.02 - 0.01 0.08 First Mexican V 376 0.02 0.02 0.54 0.48 0.53 + 0.02 1.02 0.42 First Mg Fin * O 5033 0.73 0.64 0.73 + 0.04 1.31 0.57 V 6092 First Mg Fin 10.86 - 1.00 17.55 7.77 First Quantum T 10358 11.92 10.58 0.49 0.63 - 0.03 0.92 Fission Uran T 1104 0.65 0.61 0.36 0.46 - 0.04 0.70 Fission Uran* O 755 0.50 0.46 0.03 0.03 - 0.01 0.17 Fjordland Exp V 339 0.03 0.00 0.04 0.06 - 0.00 0.15 O 215 0.08 0.06 Focus Graphite* 0.06 0.09 + 0.01 0.20 V 1886 0.10 0.08 Focus Graphite 0.17 0.29 - 0.05 0.47 Foran Mng V 26 0.33 0.29 0.04 0.11 - 0.01 0.14 Forrester Met V 1334 0.12 0.10 0.05 0.13 + 0.01 0.28 Forsys Metals T 185 0.14 0.13 0.23 0.00 0.23 + 0.03 0.35 0.05 5 Fort St James V 2.15 3.60 - 0.21 5.50 O 69 3.81 3.43 Fortescue Mtls* 6.50 6.25 6.31 - 0.04 12.73 5.65 T 1931 Fortuna Silvr 4.11 4.67 - 0.04 9.75 Fortuna Silvr* N 6679 4.92 4.62 0.29 0.60 + 0.10 0.90 Fortune Bay V 50 0.60 0.00 0.30 0.40 - 0.01 0.64 Fortune Bay* O 3 0.41 0.00 0.09 0.22 + 0.02 0.34 Fortune Mnrls T 2383 0.22 0.20 0.07 0.00 0.26 0.15 - O 276 0.16 0.14 Fortune Mnrls* 0.05 0.06 - 0.01 0.17 V 1522 0.06 0.05 Forum Uranium 0.03 0.04 - 0.00 0.12 O 660 0.05 0.03 Forum Uranium* 0.07 0.06 0.07 + 0.01 0.10 0.03 4 Fox River Res* O 0.10 0.10 0.10 + 0.01 0.15 0.04 197 Fox River Res 53.31 74.77 + 1.18 81.16 N 2558 75.64 72.19 Franco-Nevada* Franco-Nevada T 1941 102.29 97.60 100.90 + 1.81 105.69 71.44 0.00 0.00 + 0.00 0.01 Franklin Mng* O 10 0.00 0.00 0.08 0.14 - 0.02 0.28 Freegold Vent T 66 0.15 0.14 11.29 - 0.38 17.06 9.24 N 80374 11.82 11.05 Freeport McMoR* 0.01 0.03 - 0.01 0.09 Freeport Res V 118 0.04 0.00 13.18 21.66 + 1.61 26.65 Fresnillo plc* O 13 21.66 19.85 0.24 0.40 + 0.01 0.46 Frontier Lith V 120 0.40 0.36 0.10 0.09 0.10 + 0.01 0.13 0.05 71 Full Metal Mnl V 0.10 0.48 + 0.05 0.48 Fura Gems V 587 0.48 0.42

G-H Gabriel Res T 328 Gainey Capital V 376 Galane Gold V 2271 O 65 Galantas Gold* Galway Gold V 68 Galway Mtls* O 84 Galway Mtls V 231 Garibaldi Res V 306 GB Minerals V 32 V 1227 Gem Intl Res General Moly* X 545 Genesis Mtls* O 355 Genesis Mtls V 1785 Genius Props 55 O 9 Geologix Expl* O 84 Geomega Res* 416 Gespeg Cop Res V O 63 GFG Resources* GFK Res V 101 GGX Gold V 1413 Gitennes Expl V 176 Giyani Gold* O 5 Giyani Gold V 128 O 344 Gldn Predator* Gldn Predator V 3836 640 Glen Eagle Res V Glencore Plc* O 381 Global Energy V 424 O 7 GlobalMin Vent* Globex Mng* O 22 Globex Mng T 485 GMV Minerals V 198 O 37 GMV Minerals* V 39 GobiMin 948 Gold & Silver* O O 219 Gold Dynamics* 31476 Gold Fields* N 26 Gold Finder Ex V 637304 Gold Lakes* O 997 Gold Mng USA* O 107 Gold Reach Res V Gold Reserve* O 49 Gold Reserve V 62 X 3190 Gold Resource* Gold Std Vents* X 3890 505 Gold Std Vents V V 58 Goldbank Mng Goldbelt Emp V 174 T 8640 Goldcorp Goldcorp* N 25973 Golden Arrow* O 411 Golden Arrow V 438 V 219 Golden Cariboo 363 Golden Dawn Ml V 16 Golden Dawn Ml* O Golden Eagle* O 106 O 5 Golden Global* O 250 Golden Goliath* V 301 Golden Goliath Golden Hope* O 40 Golden Mnls T 82 Golden Mnls* X 1371 100 Golden Peak Mn V O 310 Golden Queen* Golden Queen T 99 Golden Reign V 113 Golden Secret V 193 Golden Star T 602 Golden Star* X 9120 Golden Tag V 94 Golden Valley V 136 Goldex Res V 25 O 113 Goldgroup Mng* GoldMining V 661 GoldON Res V 19

0.24 0.33 - 0.02 0.74 0.35 0.32 0.09 0.16 + 0.05 0.37 0.16 0.12 0.04 0.09 - 0.01 0.19 0.10 0.09 0.05 0.08 + 0.01 0.14 0.08 0.07 0.05 0.09 + 0.01 0.13 0.09 0.08 0.10 0.22 - 0.02 0.51 0.24 0.22 0.13 0.28 - 0.04 0.65 0.32 0.26 0.07 0.15 - 0.02 0.21 0.16 0.15 0.05 0.07 + 0.01 0.10 0.07 0.00 0.04 0.03 0.03 - 0.01 0.15 0.03 0.21 0.30 + 0.02 0.72 0.30 0.28 0.01 0.13 + 0.03 0.22 0.13 0.10 0.09 0.17 + 0.02 0.28 0.18 0.14 0.10 0.21 + 0.01 0.38 0.22 0.17 0.04 0.04 - 0.01 0.11 0.05 0.04 0.05 0.06 + 0.01 0.16 0.06 0.05 0.05 0.04 0.04 - 0.01 0.06 0.02 0.50 0.57 + 0.03 1.00 0.60 0.52 0.08 0.11 - 0.01 0.18 0.13 0.10 0.07 0.18 + 0.02 0.39 0.20 0.16 0.01 0.07 + 0.03 0.08 0.07 0.05 0.04 0.19 - 0.04 0.50 0.23 0.19 0.06 0.28 - 0.02 0.70 0.35 0.26 0.38 1.09 - 0.03 1.59 1.18 1.04 0.50 1.45 - 0.04 2.05 1.59 1.40 0.29 0.24 0.26 - 0.03 0.30 0.09 3.49 7.37 - 0.08 8.62 7.57 7.26 0.13 0.14 - 0.02 0.67 0.15 0.13 0.05 0.06 - 0.00 0.10 0.08 0.06 0.21 0.44 + 0.06 0.48 0.44 0.36 0.28 0.60 + 0.09 0.63 0.61 0.48 0.12 0.41 + 0.06 0.70 0.41 0.35 0.21 0.02 0.55 0.28 + 0.28 0.26 0.43 0.58 + 0.03 0.58 0.58 0.55 0.00 0.00 0.00 - 0.00 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 2.60 3.68 - 0.13 6.60 3.84 3.52 0.14 0.00 0.14 + 0.01 0.23 0.08 0.00 0.00 - 0.00 1.02 0.00 0.00 0.00 0.00 0.00 - 0.00 0.02 0.00 0.14 0.12 0.12 - 0.02 0.25 0.09 0.00 2.24 - 0.04 5.54 2.34 2.06 2.72 3.02 - 0.06 7.34 3.16 2.79 2.96 3.65 + 0.15 8.22 3.72 3.38 1.73 1.63 1.71 + 0.04 3.20 1.27 2.32 2.20 2.28 + 0.04 4.10 1.67 0.06 0.09 + 0.02 0.16 0.09 0.08 0.03 0.03 - 0.01 0.07 0.04 0.03 15.95 18.17 - 0.30 26.56 18.79 18.14 11.91 13.46 - 0.26 20.38 13.91 13.45 0.40 0.53 - 0.02 1.30 0.57 0.48 0.56 0.71 - 0.03 1.48 0.75 0.66 0.05 0.11 - 0.01 0.15 0.12 0.11 0.30 0.27 0.28 - 0.01 0.44 0.14 0.21 0.20 0.20 - 0.01 0.32 0.13 0.01 0.06 + 0.01 0.11 0.06 0.00 0.00 0.01 + 0.00 0.36 0.01 0.00 0.02 0.04 + 0.01 0.10 0.04 0.03 0.03 0.05 - 0.01 0.14 0.06 0.05 0.10 0.11 - 0.00 0.25 0.12 0.00 0.42 0.74 + 0.01 1.51 0.80 0.71 0.31 0.56 + 0.02 1.16 0.61 0.52 0.33 0.29 0.31 - 0.01 0.90 0.12 0.52 0.57 - 0.04 1.47 0.62 0.55 0.70 0.75 - 0.06 1.90 0.83 0.75 0.17 0.25 + 0.02 0.36 0.26 0.22 0.28 0.31 - 0.01 0.69 0.35 0.31 0.69 0.87 - 0.02 1.46 0.90 0.83 0.53 0.65 - 0.02 1.13 0.69 0.61 0.04 0.01 0.18 0.05 - 0.05 0.05 0.23 0.31 - 0.01 0.50 0.33 0.29 0.35 0.90 - 0.04 1.04 0.93 0.00 0.06 0.08 + 0.01 0.30 0.08 0.07 1.43 1.70 - 0.06 3.35 1.75 1.65 0.13 0.13 - 0.01 0.25 0.14 0.13

2017-06-05 11:56 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 12â&#x20AC;&#x201C;25, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

GoldQuest Mng V 1147 Goldrea Res 190 Goldrich Mng* O 495 O 148 Goldsource Min* Goldsource Min V 469 Goldstar Mnls V 323 Goldstrike Res V 258 Gonzaga Res V 179 GoviEx Uranium* O 94 Gowest Gold V 1757 Gowest Gold* O 286 GPM Metals V 83 Gran Colombia* O 7 Gran Colombia* O 79 Gran Colombia T 258 Granada Gold* O 1209 Granada Gold V 1790 Grande Portage* O 49 Granite Ck Gld V 14 Graphite Corp* O 267 Graphite One V 266 Graphite One* O 287 Gray Rock Res V 277 Great Atlantic V 649 Great Bear Res V 102 Great Lakes Gr V 500 Great Lakes Gr* O 723 Great Panther T 677 Great Panther* X 6449 Great Western* O 555 Green Swan Cap V 200 Green Valley M V 13 Greencastle Rs V 255 Greenland M&En* O 128 Grizzly Discvr V 189 Grizzly Gold* O 37 Group Ten Mtls V 246 GrowMax Res* O 77 GrowMax Res V 1278 GT Gold V 178 GT Gold * O 75 GTA Res & Mng V 344 Gungnir Res* O 314 Gungnir Res V 397 Gunpoint Expl V 62 Guyana Gldflds T 2271 Guyana Goldstr V 76 Handa Copper V 160 Hannan Metals V 35 Happy Ck Mnrls V 55 Harmony Gold* N 23718 Harte Gold T 1259 Harte Gold* O 201 Harvest Gold* O 2 Harvest Gold V 10 Hecla Mining* N 24022 Hellix Vent* O 13 Hemcare Health* O 6 Heron Res T 180 Highland Copp V 756 Highway 50 Gld V 181 Highway 50 Gld* O 110 HiHo Silver 134 Hochschild Mg* O 26 Homeland Egy V 85 HudBay Mnls T 6830 HudBay Mnls* N 3516 Hudson Res V 415 Hudson Res* O 129

0.46 0.42 0.42 - 0.04 0.68 0.20 0.08 0.07 0.07 - 0.01 0.14 0.03 0.03 0.02 0.02 - 0.00 0.08 0.02 0.10 0.08 0.09 - 0.00 0.45 0.07 0.13 0.12 0.13 - 0.01 0.57 0.12 0.04 0.00 0.04 + 0.01 0.09 0.03 0.35 0.33 0.34 - 0.01 0.43 0.12 0.34 0.30 0.34 + 0.02 0.36 0.04 0.15 0.14 0.14 - 0.01 0.34 0.04 0.21 0.17 0.20 + 0.04 0.28 0.08 0.16 0.13 0.16 + 0.03 0.22 0.06 0.11 0.10 0.10 - 0.01 0.57 0.08 1.10 1.05 1.10 + 0.05 1.14 1.02 1.10 1.02 1.10 + 0.04 1.14 1.02 1.47 1.38 1.47 + 0.02 2.40 1.20 0.06 0.05 0.06 + 0.00 0.11 0.04 0.08 0.07 0.08 + 0.01 0.14 0.06 0.12 0.10 0.11 - 0.01 0.14 0.06 0.04 0.04 0.04 - 0.01 0.08 0.01 0.01 0.00 0.00 - 0.00 0.01 0.00 0.07 0.07 0.07 - 0.01 0.15 0.06 0.05 0.05 0.05 - 0.00 0.11 0.04 0.46 0.41 0.42 - 0.01 0.50 0.04 0.15 0.12 0.15 + 0.03 0.15 0.05 0.28 0.00 0.28 + 0.03 0.36 0.13 0.08 0.00 0.08 + 0.01 0.11 0.06 0.06 0.05 0.06 + 0.00 0.08 0.04 1.66 1.55 1.59 - 0.03 2.95 1.51 1.24 1.14 1.19 - 0.03 2.28 1.14 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.08 0.10 + 0.02 0.14 0.05 0.20 0.00 0.19 - 0.01 0.27 0.05 0.11 0.11 0.11 - 0.01 0.18 0.08 0.09 0.08 0.08 - 0.01 0.16 0.00 0.04 0.00 0.04 - 0.01 0.07 0.04 0.03 0.03 0.03 - 0.00 0.22 0.01 0.24 0.00 0.24 + 0.02 0.46 0.08 0.09 0.08 0.09 + 0.01 0.19 0.08 0.13 0.12 0.12 + 0.01 0.26 0.11 0.42 0.38 0.38 - 0.04 0.50 0.10 0.30 0.30 0.30 - 0.00 0.36 0.25 0.06 0.05 0.06 + 0.01 0.24 0.05 0.06 0.04 0.06 + 0.00 0.08 0.01 0.08 0.06 0.07 - 0.01 0.12 0.03 0.25 0.00 0.21 - 0.02 0.32 0.21 5.52 5.26 5.36 - 0.10 10.35 4.56 0.30 0.25 0.27 - 0.01 0.35 0.03 0.18 0.15 0.17 + 0.02 0.18 0.04 0.50 0.50 0.50 + 0.01 0.51 0.08 0.23 0.19 0.21 - 0.02 0.29 0.13 2.18 1.88 1.93 - 0.20 4.87 1.86 0.74 0.69 0.70 - 0.04 0.87 0.20 0.57 0.52 0.52 - 0.04 0.66 0.17 0.03 0.00 0.03 - 0.01 0.05 0.02 0.05 0.00 0.05 + 0.01 0.10 0.04 6.10 5.58 5.73 - 0.29 7.64 3.90 0.03 0.02 0.02 - 0.01 0.08 0.00 0.05 0.05 0.05 + 0.00 0.11 0.01 0.10 0.09 0.09 - 0.01 0.17 0.08 0.14 0.12 0.12 - 0.01 0.18 0.08 0.55 0.48 0.48 - 0.08 0.66 0.08 0.41 0.36 0.36 - 0.06 0.48 0.10 0.09 0.00 0.09 - 0.01 0.18 0.06 3.67 3.59 3.65 + 0.06 4.16 2.18 0.14 0.00 0.14 + 0.01 1.13 0.14 7.22 6.49 6.52 - 0.68 11.95 4.74 5.40 4.80 4.80 - 0.55 9.15 3.57 0.77 0.58 0.58 - 0.03 0.80 0.29 0.51 0.00 0.43 - 0.04 0.60 0.24

I-Minerals* O 44 I-Minerals V 32 IAMGOLD T 7113 IAMGOLD* N 25080 Iberian Mnrls V 679 IC Potash* O 170 IC Potash T 1476 Iconic Mnls * O 27 IDM Mining V 2301 IDM Mining* O 102 iMetal Res V 106 IMPACT Silver V 730 Impala Platnm* O 584 Imperial Metal T 152 O 78 Imperial Metal* Inca One Gold V 632 Inca One Gold* O 64 Inception Mng * O 14 Independence G V 29 Independence G* O 14 Indico Res V 66 Inform Res V 120 Infrastructure* O 42 Inspiration Mg 122 Integra Gold V 7284 Integra Gold* O 1682 Inter-Rock Mnl V 131 Intl Cobalt 159 Intl Lithium* O 50 Intl Lithium V 367 Intl Millm Mng V 245 Intl Samuel Ex V 140 Intl Tower Hil T 89 Intl Tower Hil* X 503 Intrepid Pots* N 5627 INV Metals T 56 30 Inventus Mg * O Inventus Mg V 292 InZinc Mining V 257 Ireland* O 78 Ironside Res V 143 Irving Res 101 Irving Res* O 11 IsoEnergy Ltd V 62 Itafos V 6 Itoco Mg Corp* O 283 O 758 Ivanhoe Mines* Ivanhoe Mines T 10510 Jaguar Mng* O 188 Jaguar Mng T 487 Japan Gold V 331 Japan Gold* O 115 Jaxon Mnls V 10188 Jaxon Mnls* O 547 Jayden Res V 893 Jourdan Res V 343 K2 Gold V 580 K92 Mng Inc* O 1126 K92 Mng Inc V 1298 Kairos Cap V 25 Kaizen Discvry V 194 Karmin Expl V 28 Karnalyte Res T 38 Katanga Mng T 6051 Kenadyr Mining V 3307 O 1087 Kenadyr Mining* Kennady Diam V 204 Kerr Mines* O 1081 Kerr Mines T 947 Kesselrun Res V 161 Kestrel Gold V 104 Khalkos Expl V 632 Kilo Goldmines* O 221 Kincora Copper V 85 Kings Bay Gold V 4215 Kingsmen Res V 15 Kinross Gold T 16707 Kinross Gold* N 51956 Kintavar Exp V 153 Kirkland Lake* O 627 Kirkland Lake T 4808 Kivalliq Enrgy V 1179 Klondex Mines T 4119 Klondike Gold V 513 Klondike Gold* O 99 Klondike Silv V 968 Klondike Silv* O 26 Kombat Copper V 119 Komet Resource V 119 Kootenay Silvr V 347 Kootenay Silvr* O 56 Kootenay Zinc 957

0.42 0.38 0.40 + 0.01 0.44 0.20 0.56 0.00 0.56 + 0.03 0.60 0.26 6.08 5.74 6.06 + 0.22 7.65 4.18 4.51 4.26 4.50 + 0.16 5.87 3.14 0.08 0.07 0.07 - 0.01 0.16 0.05 0.05 0.04 0.04 - 0.02 0.11 0.04 0.07 0.06 0.06 - 0.02 0.15 0.06 0.05 0.04 0.05 + 0.01 0.33 0.04 0.15 0.14 0.15 + 0.01 0.26 0.12 0.11 0.10 0.10 - 0.01 0.21 0.08 0.06 0.05 0.06 + 0.01 0.08 0.04 0.67 0.52 0.53 - 0.11 1.28 0.54 2.95 2.64 2.70 - 0.23 5.23 2.64 5.37 4.74 4.84 - 0.31 8.50 3.46 3.85 3.49 3.49 - 0.28 6.21 2.78 0.13 0.12 0.13 + 0.01 0.50 0.12 0.10 0.09 0.09 - 0.01 0.35 0.08 0.40 0.00 0.36 - 0.04 1.00 0.25 0.23 0.20 0.23 + 0.02 0.50 0.13 0.16 0.14 0.16 + 0.01 0.37 0.10 0.02 0.02 0.02 - 0.01 0.05 0.02 0.08 0.00 0.07 - 0.01 0.20 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.00 0.02 - 0.01 0.10 0.02 1.10 1.02 1.03 - 0.07 1.16 0.52 0.84 0.75 0.76 - 0.06 0.87 0.38 0.34 0.23 0.30 + 0.09 0.34 0.03 0.18 0.13 0.18 + 0.02 0.30 0.00 0.09 0.09 0.09 + 0.00 0.24 0.08 0.13 0.12 0.12 - 0.01 0.31 0.11 0.04 0.00 0.04 - 0.01 0.10 0.04 0.09 0.08 0.08 - 0.01 0.15 0.05 0.70 0.62 0.63 - 0.01 1.82 0.53 0.50 0.46 0.47 - 0.01 1.40 0.40 2.40 2.06 2.29 - 0.07 3.04 0.93 0.97 0.81 0.86 - 0.04 1.13 0.43 0.13 0.11 0.11 - 0.02 0.28 0.11 0.17 0.15 0.17 - 0.01 0.35 0.13 0.15 0.13 0.14 + 0.01 0.36 0.09 0.17 0.15 0.16 + 0.00 0.30 0.04 0.12 0.08 0.12 + 0.05 0.16 0.06 0.67 0.65 0.65 - 0.01 1.18 0.13 0.51 0.47 0.47 - 0.04 0.99 0.11 1.00 0.80 0.80 - 0.20 1.70 0.63 1.85 1.63 1.70 - 0.05 3.45 0.90 0.01 0.01 0.01 - 0.00 0.24 0.00 3.21 2.78 2.88 - 0.26 4.10 0.00 4.24 3.73 3.89 - 0.34 5.47 0.93 0.32 0.30 0.31 - 0.01 0.65 0.25 0.44 0.39 0.41 - 0.01 0.85 0.34 0.29 0.24 0.27 + 0.02 0.88 0.24 0.22 0.17 0.21 + 0.03 0.67 0.17 0.35 0.21 0.29 + 0.09 0.35 0.04 0.22 0.15 0.22 + 0.07 0.22 0.04 0.09 0.07 0.08 - 0.01 0.23 0.06 0.16 0.14 0.15 - 0.02 0.19 0.06 0.40 0.29 0.40 + 0.05 0.58 0.21 0.77 0.62 0.63 - 0.11 1.72 0.51 1.00 0.84 0.85 - 0.13 2.24 0.71 0.73 0.61 0.73 + 0.03 0.95 0.02 0.20 0.18 0.18 - 0.02 0.31 0.11 0.46 0.41 0.41 - 0.05 0.86 0.21 0.69 0.00 0.64 - 0.04 2.38 0.62 0.51 0.41 0.47 + 0.06 0.65 0.12 0.50 0.44 0.45 - 0.08 1.00 0.10 0.43 0.33 0.34 - 0.07 1.45 0.30 3.40 3.02 3.28 - 0.12 5.00 3.01 0.15 0.12 0.14 + 0.00 0.17 0.04 0.20 0.17 0.18 - 0.02 0.24 0.06 0.11 0.09 0.11 + 0.01 0.43 0.08 0.15 0.14 0.15 + 0.01 0.15 0.02 0.15 0.12 0.13 - 0.01 0.22 0.11 0.04 0.04 0.04 + 0.00 0.19 0.04 0.43 0.35 0.36 - 0.07 0.65 0.23 0.12 0.09 0.11 + 0.02 0.21 0.05 0.14 0.12 0.12 - 0.02 0.20 0.08 5.91 5.64 5.83 + 0.13 7.56 3.87 4.38 4.17 4.31 + 0.09 5.81 2.88 0.19 0.15 0.15 - 0.04 0.35 0.13 7.84 7.43 7.63 - 0.11 8.46 4.84 10.52 9.99 10.32 - 0.07 11.15 6.33 0.12 0.10 0.10 - 0.02 0.19 0.07 4.33 3.88 4.04 - 0.27 7.95 3.88 0.29 0.26 0.27 - 0.02 0.45 0.14 0.21 0.19 0.19 - 0.02 0.32 0.10 0.07 0.06 0.06 - 0.01 0.15 0.04 0.05 0.00 0.05 - 0.01 0.12 0.03 0.28 0.25 0.25 - 0.02 0.75 0.24 0.40 0.38 0.39 + 0.01 0.58 0.33 0.30 0.28 0.29 + 0.01 0.60 0.27 0.21 0.20 0.20 - 0.00 0.46 0.20 0.19 0.13 0.15 - 0.04 0.70 0.06

I-J-K

20-22_JUNE12_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kootenay Zinc* O 434 0.14 0.09 0.10 - 0.04 0.59 0.10 KWG Res* O 101 0.02 0.02 0.02 + 0.00 0.03 0.00

L Labdr Iron Mns* O 44 Labrador Iron T 1490 Lake Victoria* O 193 Lamelee Iron V 3 Lara Expl V 81 Laramide Res T 739 Largo Res* O 16 Largo Res T 26 Lateral Gold V 72 Latin Am Mnls V 173 Laurion Mnl Ex* O 17 Leading Edge V 211 O 181 Leading Edge* Leagold Mg* O 64 Leagold Mg V 362 Leeta Gold V 109 Leo Res 1388 290 Levon Res Ltd T Levon Res Ltd * O 345 Li3 Energy* O 197 288 Libero Mg Corp V Liberty One Li V 731 203 Liberty One Li* O Liberty Silver 67 LiCo Energy* O 573 LiCo Energy V 615 Lincoln Mng V 110 295 Lion One Mtls V Lion One Mtls* O 240 Lions Gate Mtl 112 O 78 Lithion Energy* Lithium Amer T 952 Lithium Amer* O 983 Lithium Corp* O 631 Lithium Energi* O 30 Lithium Energi V 222 Lithium Energy V 7264 280216 Lithium Expl* O Lithium X Egy* O 1982 Lithium X Egy V 1272 LKA Gold* O 35 Logan Res V 135 Lomiko Mtls V 54 Lomiko Mtls* O 23 Lonmin plc* O 20 Lonmin plc* O 47 Lorraine Coppr V 353 347 Los Andes Copp V Lucara Diam T 2477 Lucky Mnls V 788 Lumina Gold V 376 Lumina Gold* O 38 Lund Enterpr V 104 Lundin Gold T 1142 Lundin Mng T 11829 Lupaka Gold V 155 Lydian Intl* O 58 Lynas Corp* O 314

0.02 0.00 0.01 - 0.01 0.07 0.00 18.24 16.26 16.32 - 1.87 20.67 11.44 0.01 0.01 0.01 - 0.00 0.02 0.00 0.17 0.00 0.17 - 0.04 0.50 0.14 0.81 0.76 0.76 - 0.06 1.58 0.77 0.35 0.31 0.31 - 0.04 0.74 0.18 0.36 0.34 0.35 - 0.01 0.53 0.28 0.50 0.44 0.46 - 0.02 0.70 0.37 1.03 0.95 0.99 - 0.04 1.27 0.57 0.15 0.13 0.13 - 0.01 0.48 0.10 0.03 0.01 0.03 + 0.01 0.05 0.00 0.64 0.54 0.59 + 0.06 0.93 0.25 0.45 0.38 0.43 + 0.03 0.71 0.22 2.00 1.82 1.84 - 0.15 2.37 1.82 2.65 2.45 2.47 - 0.20 4.90 0.24 0.30 0.20 0.29 + 0.13 0.30 0.04 1.20 1.00 1.17 + 0.15 2.50 0.03 0.39 0.36 0.37 - 0.03 0.71 0.23 0.30 0.26 0.29 - 0.00 0.54 0.18 0.02 0.02 0.02 - 0.00 0.06 0.01 0.15 0.12 0.15 + 0.02 0.22 0.12 0.56 0.52 0.53 - 0.02 0.70 0.03 0.42 0.39 0.40 - 0.01 0.51 0.38 2.70 2.20 2.25 - 0.50 3.00 2.00 0.10 0.08 0.10 + 0.01 0.20 0.06 0.14 0.12 0.13 + 0.01 0.24 0.07 0.06 0.00 0.06 - 0.01 0.17 0.05 0.67 0.55 0.67 + 0.01 1.17 0.55 0.54 0.42 0.51 - 0.03 0.91 0.42 0.15 0.15 0.15 - 0.01 0.36 0.10 0.11 0.09 0.10 - 0.01 0.11 0.08 0.96 0.91 0.92 - 0.03 1.26 0.52 0.74 0.67 0.68 - 0.03 0.96 0.38 0.07 0.05 0.06 - 0.00 0.12 0.05 0.08 0.08 0.08 - 0.00 0.08 0.08 0.13 0.11 0.12 - 0.01 0.55 0.11 0.06 0.05 0.05 + 0.01 0.11 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 1.67 1.42 1.46 - 0.16 1.94 1.03 2.19 1.93 1.95 - 0.22 2.50 1.32 0.60 0.55 0.60 + 0.01 0.68 0.24 0.08 0.07 0.08 + 0.01 0.26 0.07 0.25 0.23 0.24 - 0.01 0.50 0.19 0.19 0.17 0.19 + 0.01 0.38 0.11 1.24 0.95 0.95 - 0.29 3.12 0.95 1.18 0.94 0.94 - 0.23 3.42 0.94 0.08 0.07 0.08 - 0.01 0.12 0.04 0.30 0.25 0.30 + 0.05 0.30 0.14 3.11 2.87 3.10 + 0.13 4.39 2.62 0.20 0.15 0.15 + 0.05 0.20 0.05 0.78 0.70 0.70 - 0.09 1.20 0.64 0.58 0.54 0.54 - 0.02 0.89 0.49 0.18 0.15 0.18 + 0.03 0.19 0.07 6.35 6.00 6.09 - 0.11 6.62 4.94 7.80 7.09 7.19 - 0.59 8.94 4.08 0.16 0.00 0.15 - 0.01 0.29 0.12 0.25 0.00 0.23 - 0.01 0.41 0.22 0.08 0.05 0.06 - 0.00 0.12 0.03

M Macarthur Mnl* O 1207 0.08 0.06 0.06 - 0.01 0.12 0.03 Macarthur Mnl V 1344 0.08 0.07 0.08 + 0.01 0.16 0.05 O 86 0.16 0.11 0.11 - 0.05 0.20 0.04 MacDonald Mns* MacDonald Mns V 1480 0.20 0.14 0.15 - 0.05 0.28 0.05 V 62 1.40 1.30 1.40 + 0.04 1.84 0.70 MacMillan Mnls Mag Copper 220 0.09 0.08 0.08 - 0.01 0.19 0.03 MAG Silver T 930 16.80 15.75 16.58 + 0.50 23.32 12.75 0.08 + 0.01 0.15 0.04 Majescor Res V 284 0.08 0.07 Majestic Gold V 270 0.08 0.06 0.06 - 0.01 0.12 0.05 O 153 0.06 0.05 0.06 + 0.01 0.09 0.03 Majestic Gold* Makena Res V 179 0.21 0.17 0.21 + 0.04 0.21 0.15 Malbex Res V 76 0.35 0.33 0.35 + 0.01 0.46 0.28 0.57 - 0.05 1.35 0.51 Mandalay Res T 1146 0.62 0.57 Manganese X V 351 0.12 0.11 0.11 - 0.01 0.26 0.07 0.09 + 0.00 0.19 0.08 Manganese X* O 45 0.09 0.09 Manitou Gold V 215 0.08 0.08 0.08 + 0.02 0.20 0.04 Manson Creek V 321 0.07 0.05 0.07 + 0.03 0.07 0.02 T 1196 1.14 1.00 1.05 - 0.09 1.36 0.28 Marathon Gold Margaux Res V 104 0.31 0.26 0.26 + 0.01 0.50 0.15 1.67 + 0.03 1.73 0.85 Mariana Res V 1414 1.69 0.00 Mariana Res* O 374 1.26 1.13 1.25 + 0.07 1.27 0.05 Marifil Mines V 313 0.06 0.05 0.06 - 0.01 0.18 0.05 0.14 + 0.02 0.31 0.11 Maritime Res V 181 0.14 0.12 Marlin Gold* O 210 0.62 0.55 0.61 + 0.01 0.62 0.31 0.83 + 0.03 0.84 0.40 Marlin Gold V 364 0.83 0.75 MartinMarietta* N 2316 229.65 222.35 226.55 - 1.21 244.32 167.06 Mason Graphite* O 174 1.40 1.23 1.36 + 0.12 1.38 0.51 V 626 1.88 1.65 1.84 + 0.19 1.85 0.66 Mason Graphite Mason Res T 145 0.20 0.16 0.17 - 0.01 0.40 0.13 V 602 0.05 0.05 0.05 - 0.01 0.09 0.03 Masuparia Gold Matachewan Con V 5 0.34 0.00 0.26 - 0.08 0.44 0.24 Matamec Expl* O 142 0.04 0.04 0.04 - 0.00 0.07 0.03 Matica Ent 4951 0.05 0.04 0.05 + 0.01 0.07 0.01 Matica Ent* O 26 0.04 0.03 0.03 - 0.01 0.05 0.00 Maudore Mnrls* O 462 0.00 0.00 0.00 - 0.00 0.01 0.00 Mawson Res* O 24 0.28 0.25 0.27 + 0.01 0.44 0.16 Mawson Res T 117 0.40 0.32 0.40 + 0.05 0.57 0.21 MAX Res V 39 0.11 0.11 0.11 - 0.01 0.14 0.07 MaxTech Vent 123 0.40 0.34 0.34 - 0.06 0.63 0.20 Maxwell Res* O 30 0.02 0.01 0.02 + 0.00 0.04 0.00 Maya Gold &Sil V 1525 0.18 0.14 0.17 + 0.03 0.27 0.10 Mazarin V 79 0.07 0.04 0.05 + 0.02 0.07 0.01 McEwen Mng T 1297 3.63 3.38 3.45 - 0.17 6.44 2.80 McEwen Mng* N 13671 2.80 2.50 2.56 - 0.12 4.92 2.14 McLaren Res 1061 0.13 0.05 0.06 - 0.07 0.14 0.01 MDN Inc* O 4 0.44 0.42 0.44 + 0.02 0.92 0.19 Meadow Bay Gd T 347 0.05 0.00 0.04 - 0.01 0.10 0.04 Meadow Bay Gd* O 127 0.04 0.03 0.04 + 0.00 0.08 0.03 Mechel* N 1651 5.70 5.05 5.14 - 0.11 6.83 1.46 Medallion Res V 3354 0.05 0.03 0.04 + 0.01 0.07 0.02 Medallion Res* O 521 0.04 0.02 0.03 + 0.00 0.05 0.01 Medgold Res V 316 0.18 0.17 0.18 - 0.01 0.25 0.11 Medinah Mnrls* O 3703 0.01 0.00 0.01 - 0.00 0.02 0.00 Mega Uranium* O 102 0.14 0.12 0.12 - 0.01 0.25 0.08 Mega Uranium T 1744 0.19 0.17 0.17 - 0.02 0.32 0.11 Melior Res V 16 0.06 0.00 0.05 - 0.01 0.09 0.02 Meridian Mg V 19 0.48 0.40 0.48 + 0.08 1.54 0.15 Meryllion Res 151 0.03 0.02 0.02 + 0.01 0.05 0.02 MetalCorp V 520 0.04 0.00 0.04 - 0.01 0.06 0.02 Metalex Vent V 460 0.07 0.00 0.06 - 0.01 0.10 0.04 Metalla Rylty* O 50 0.41 0.37 0.38 + 0.00 0.68 0.09 Metalla Rylty 186 0.55 0.46 0.50 - 0.04 0.88 0.11 Metallic Mnrls V 104 0.37 0.32 0.37 + 0.02 0.59 0.07 Metallic Mnrls* O 7 0.28 0.25 0.27 + 0.00 0.44 0.04 Metallis Res V 142 0.19 0.17 0.18 + 0.01 0.28 0.09 Metals Creek V 497 0.08 0.07 0.07 - 0.01 0.20 0.06 Metals Creek* O 100 0.06 0.05 0.06 + 0.01 0.14 0.04 Metanor Res V 378 0.94 0.84 0.86 - 0.04 1.29 0.45 Mexican Gold* O 41 0.29 0.23 0.29 + 0.06 0.29 0.11 Mexus Gold* O 4089 0.07 0.06 0.07 - 0.01 0.24 0.04 MGX Minerals* O 326 0.91 0.77 0.86 + 0.07 2.12 0.11 MGX Minerals 1263 1.23 1.04 1.14 + 0.08 2.75 0.14 Midas Gold T 475 0.80 0.72 0.78 + 0.03 1.22 0.62 Midas Gold* O 476 0.60 0.53 0.57 + 0.01 0.95 0.02 Midasco Cap V 83 0.07 0.06 0.06 - 0.01 0.15 0.05 Midnight Sun V 452 0.48 0.42 0.45 + 0.02 0.50 0.08 Millennial Lit* O 12 1.03 0.00 0.97 - 0.04 1.43 0.91 Millennial Lit V 185 1.39 1.20 1.35 - 0.02 2.45 0.26 Millrock Res* O 129 0.31 0.27 0.31 + 0.03 0.54 0.23 Millrock Res V 220 0.42 0.38 0.42 + 0.03 0.70 0.32 Minaurum Gold V 1063 0.38 0.29 0.30 - 0.04 0.38 0.07 Minco Silver T 30 1.06 0.96 0.96 - 0.03 2.05 0.86 Minco Silver* O 21 0.79 0.70 0.71 - 0.02 1.54 0.64 Minera IRL 659 0.15 0.13 0.13 - 0.04 0.22 0.12 Mineral Mtn* O 82 0.19 0.17 0.18 + 0.00 0.38 0.16 Mineral Mtn V 184 0.25 0.23 0.24 + 0.01 0.49 0.21 Mineral Res* O 0 7.65 7.55 7.65 + 0.10 9.30 6.27 Minfocus Expl V 170 0.02 0.02 0.02 + 0.01 0.07 0.01 Minnova Corp V 428 0.70 0.65 0.70 + 0.01 0.90 0.50 Minsud Res V 32 0.10 0.10 0.10 + 0.02 0.10 0.03 Miramont Res 3 0.30 0.30 0.30 + 0.05 0.30 0.20 0.08 - 0.01 0.18 0.07 Miranda Gold V 1046 0.08 0.07 ML Gold Corp V 493 0.18 0.16 0.18 + 0.01 0.29 0.04 Monarques Res* O 56 0.27 0.26 0.27 + 0.00 0.48 0.18 Monarques Res V 255 0.36 0.00 0.33 - 0.02 0.66 0.26 Moneta Porcpn* O 71 0.14 0.12 0.12 - 0.02 0.28 0.11 Moneta Porcpn T 1694 0.19 0.17 0.18 - 0.02 0.36 0.15 Monument Mng V 300 0.09 0.08 0.09 + 0.01 0.19 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Morien Res* O 13 Morien Res V 102 Morumbi Res* O 5 Morumbi Res V 106 Mosaic* N 16411 Mountain Boy V 697 Mountain Boy* O 209 Mountain Prov T 335 Mountain Prov* D 265 Mundoro Cap* O 70 Mundoro Cap V 284 Murchison Min 438 MX Gold V 1464 MX Gold* O 161

0.40 0.38 0.38 - 0.02 0.55 0.21 0.55 0.52 0.52 - 0.01 0.74 0.27 0.52 0.52 0.52 + 0.00 1.26 0.48 0.72 0.00 0.67 - 0.04 1.70 0.08 23.21 22.28 22.50 - 0.66 34.36 22.28 0.07 0.06 0.07 + 0.01 0.08 0.03 0.05 0.04 0.05 + 0.01 0.06 0.03 4.39 3.75 4.32 + 0.49 7.18 3.56 3.25 2.75 3.20 + 0.35 5.52 2.55 0.22 0.19 0.22 + 0.01 0.22 0.08 0.30 0.27 0.30 + 0.03 0.30 0.10 0.16 0.15 0.15 - 0.01 0.35 0.13 0.17 0.15 0.16 - 0.01 0.39 0.12 0.13 0.11 0.12 + 0.00 0.31 0.08

NACCO Ind* N 71 Namibia Rare E T 666 Namibia Rare E* O 858 Napier Vent V 136 Natural Res Pt* N 307 Nautilus Mnrls* O 596 Nemaska Lith T 2889 Nemaska Lith* O 200 Neo Lithium V 413 Nevada Clean M* O 27 Nevada Copper T 183 Nevada Egy Mtl* O 141 Nevada Egy Mtl V 393 Nevada Expl * O 39 Nevada Expl V 70 O 195 Nevada Sunrise* Nevada Sunrise V 269 Nevada Zinc V 116 Nevado Res V 81 Nevsun Res* X 4431 Nevsun Res T 2860 New Colombia* O 13307 New Dimen Res V 202 New Gold* X 19379 New Gold T 3340 New Guinea Gld* O 1645 New Jersey Mng* O 485 New Milln Iron T 256 New Nadina V 20 New Oroperu V 2 NewCastle Gold* O 56 Newlox Gold 215 Newmont Mng* N 24007 Newport Expl V 71 NewRange Gold* O 40 NewRange Gold V 403 Nexgen Energy* X 407 Nexgen Energy T 6888 Next Gen Mtls* O 289 Next Gen Mtls 1279 T 2519 NextSource Mat Nexus Gold* O 1057 Nexus Gold V 1886 NGEx Res T 291 Nicola Mg Inc* O 40 Nicola Mg Inc V 1532 Nighthawk Gold* O 121 Nighthawk Gold T 752 Nikos Expl V 1902 Niobay Metals V 79 Niocorp Dev T 1050 Niocorp Dev* O 502 Nippon Dragon* O 31 Noble Mnl Expl V 310 Noka Res* O 402 Noka Res V 2629 Nomad Ventures V 54 Noranda Alum* O 222 Noront Res V 11262 Nortec Mnls V 93 North Am Nickl* O 45 North Am Nickl V 285 North Am Pall T 42 North Am Pall* O 10 North Arrow Mn* O 27 Northcliff Res T 123 Northisle C&G V 33 Northn Empire V 577 Norvista Cap V 251 Nouveau Monde* O 93 Nouveau Monde V 1359 NovaGold Res T 868 NovaGold Res* X 9996 Novo Res* O 428 Novo Res V 527 NRG Metals* O 37 NRG Metals V 1535 Nrthn Graphite V 184 Nrthn Graphite* O 123 Nrthn Lion V 30 Nrthn Shield V 1994 Nrthn Vertex* O 31 Nrthn Vertex V 1466 Nthn Dynasty* X 15881 Nthn Dynasty T 3633 Nthrn Sphere 307 Nubian Res V 68 O 608 NuLegacy Gold* NuLegacy Gold V 348 Nunavik Nickel V 373 NV Gold V 535 NV Gold* O 12 NX Uranium* O 45 Nyrstar NV* O 6 O.T. Mining* O 27 OceanaGold* O 8 OceanaGold T 7082 Oceanic Iron O V 21 Oceanus Res V 1019 Oceanus Res* O 342 OK2 Minerals V 408 Olivut Res V 86 Olivut Res* O 35 Omineca Mg &Ml V 147 One World Min 127 Orca Gold* O 211 Orca Gold V 1037 V 561 Orefinders Res Orex Mnrls V 138 Orex Mnrls* O 38 Orezone Gold V 932 O 54 Orezone Gold* 15 Oriental Non F Original Sixtn* O 4 Orla Mng Ltd V 444 Orla Mng Ltd* O 94 Oro East Mg* O 85 Oroco Res* O 9 Orocobre T 157 Oroplata Res* O 137 Orosur Mng T 441 Orsu Metals V 1061 Orsu Metals* O 759 Orvana Mnrls T 1196 Orvana Mnrls* O 80 Osisko Gold T 1222 Osisko Gold* N 2281 Osisko Mng Inc T 3550 Otis Gold* O 130 Otis Gold V 433

71.75 64.25 69.70 + 4.00 99.55 53.51 0.08 0.07 0.07 - 0.01 0.14 0.04 0.06 0.05 0.05 - 0.01 0.09 0.03 0.48 0.43 0.45 + 0.02 0.50 0.24 30.15 27.75 28.50 - 1.30 45.60 10.85 0.19 0.17 0.18 - 0.00 0.21 0.08 1.28 1.16 1.18 + 0.04 1.83 0.89 0.93 0.84 0.89 + 0.05 1.40 0.68 1.20 1.13 1.18 + 0.04 2.09 0.91 0.04 0.03 0.03 - 0.01 0.05 0.01 0.54 0.50 0.51 - 0.05 0.86 0.50 0.03 0.02 0.03 + 0.00 0.12 0.02 0.04 0.04 0.04 - 0.01 0.16 0.04 0.28 0.26 0.27 + 0.01 0.56 0.22 0.38 0.34 0.37 + 0.02 0.72 0.29 0.21 0.19 0.19 - 0.02 0.37 0.15 0.29 0.25 0.26 - 0.03 0.47 0.22 0.35 0.31 0.34 + 0.01 0.80 0.29 0.05 0.04 0.05 + 0.01 0.11 0.03 2.55 2.36 2.42 - 0.11 3.56 2.06 3.42 3.18 3.27 - 0.12 4.63 2.83 0.01 0.01 0.01 - 0.00 0.05 0.00 0.07 0.06 0.07 + 0.01 0.19 0.06 2.98 2.79 2.92 + 0.04 6.04 2.39 4.01 3.77 3.94 + 0.05 7.87 3.11 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.12 0.13 - 0.00 0.15 0.08 0.16 0.14 0.15 - 0.01 0.36 0.07 0.11 0.00 0.10 - 0.01 0.18 0.08 0.45 0.00 0.45 + 0.06 0.72 0.35 0.69 0.63 0.69 + 0.02 0.96 0.39 0.06 0.05 0.06 + 0.01 0.06 0.02 34.66 33.58 34.03 - 0.08 46.07 30.19 0.29 0.00 0.27 - 0.02 0.38 0.19 0.34 0.24 0.25 - 0.09 0.40 0.04 0.44 0.32 0.35 - 0.09 0.55 0.05 2.35 2.16 2.19 - 0.11 3.40 1.05 3.14 2.92 2.96 - 0.14 4.45 1.42 0.17 0.15 0.16 + 0.01 0.42 0.07 0.22 0.20 0.21 - 0.01 0.42 0.10 0.11 0.07 0.10 + 0.01 0.11 0.07 0.19 0.15 0.17 - 0.00 0.27 0.05 0.26 0.21 0.24 + 0.02 0.37 0.04 1.05 0.00 0.90 - 0.04 1.50 0.87 0.12 0.12 0.12 + 0.00 0.39 0.08 0.19 0.17 0.19 + 0.01 0.54 0.10 0.83 0.77 0.79 - 0.01 0.83 0.15 1.14 1.00 1.05 - 0.06 1.15 0.17 0.11 0.04 0.06 - 0.05 0.21 0.04 0.62 0.58 0.58 - 0.04 1.25 0.23 0.74 0.60 0.69 + 0.04 1.07 0.60 0.54 0.45 0.54 + 0.06 0.81 0.45 0.06 0.04 0.04 - 0.01 0.09 0.04 0.05 0.04 0.05 + 0.01 0.15 0.03 0.11 0.09 0.11 + 0.02 0.10 0.02 0.16 0.13 0.16 + 0.03 0.16 0.04 0.20 0.00 0.20 + 0.03 0.40 0.10 0.04 0.00 0.03 + 0.01 0.10 0.01 0.45 0.31 0.33 - 0.05 0.51 0.22 0.14 0.11 0.13 - 0.01 0.18 0.02 0.05 0.05 0.05 + 0.00 0.11 0.05 0.09 0.07 0.07 - 0.01 0.15 0.07 5.95 5.00 5.75 + 0.62 6.49 4.40 4.33 0.00 4.25 + 0.45 5.06 3.33 0.21 0.17 0.21 + 0.04 0.23 0.11 0.17 0.13 0.13 - 0.04 0.23 0.09 0.18 0.00 0.16 - 0.01 0.20 0.06 0.85 0.73 0.73 - 0.03 0.85 0.33 0.14 0.13 0.13 - 0.02 0.30 0.12 0.25 0.20 0.23 + 0.03 0.27 0.16 0.34 0.29 0.30 + 0.01 0.38 0.20 5.49 5.12 5.48 + 0.15 9.56 5.09 4.08 3.78 4.05 + 0.10 7.29 3.78 0.71 0.58 0.68 + 0.03 1.41 0.49 0.95 0.89 0.90 + 0.04 1.95 0.66 0.11 0.00 0.11 + 0.00 0.15 0.06 0.14 0.11 0.14 + 0.04 0.22 0.07 0.34 0.31 0.33 + 0.02 0.53 0.18 0.25 0.23 0.24 - 0.00 0.41 0.14 0.52 0.50 0.50 - 0.02 0.74 0.11 0.09 0.07 0.08 + 0.01 0.30 0.04 0.41 0.38 0.39 + 0.01 0.50 0.27 0.63 0.52 0.52 - 0.03 0.70 0.35 1.75 1.47 1.53 - 0.20 3.45 0.28 2.35 1.99 2.05 - 0.25 4.54 0.37 0.35 0.30 0.30 - 0.01 0.85 0.17 0.27 0.20 0.20 - 0.07 0.34 0.02 0.22 0.19 0.21 - 0.00 0.41 0.00 0.30 0.27 0.29 - 0.01 0.54 0.21 0.17 0.10 0.11 - 0.06 0.27 0.06 0.43 0.23 0.39 + 0.12 0.48 0.09 0.32 0.29 0.29 - 0.03 0.37 0.08 0.03 0.03 0.03 + 0.00 0.04 0.01 6.23 0.00 6.23 - 0.64 8.16 6.23 0.06 0.06 0.06 + 0.00 0.29 0.02 3.40 3.25 3.39 + 0.14 4.26 2.36 4.70 4.42 4.67 + 0.13 5.56 3.24 0.18 0.17 0.17 - 0.02 0.35 0.14 0.22 0.19 0.21 + 0.02 0.31 0.14 0.15 0.14 0.15 + 0.01 0.23 0.11 0.10 0.09 0.10 - 0.01 0.21 0.09 0.17 0.15 0.16 + 0.01 0.42 0.12 0.12 0.11 0.12 - 0.00 0.30 0.09 0.06 0.05 0.06 + 0.01 0.11 0.04 0.51 0.42 0.45 - 0.05 0.75 0.35 0.33 0.27 0.31 + 0.03 0.44 0.20 0.48 0.37 0.41 + 0.04 0.55 0.28 0.07 0.06 0.06 + 0.01 0.12 0.04 0.18 0.16 0.17 - 0.01 1.38 0.15 0.13 0.12 0.13 + 0.00 1.02 0.05 0.62 0.57 0.59 - 0.01 1.28 0.42 0.45 0.43 0.44 - 0.01 0.99 0.31 0.82 0.72 0.82 + 0.10 1.20 0.32 0.10 0.06 0.10 + 0.04 0.12 0.04 1.25 1.18 1.21 - 0.04 1.75 0.15 0.93 0.88 0.88 - 0.05 0.97 0.88 0.01 0.01 0.01 - 0.00 0.03 0.00 0.03 0.03 0.03 - 0.01 0.05 0.01 3.80 3.64 3.79 + 0.06 5.04 2.73 0.20 0.18 0.19 - 0.01 2.04 0.13 0.28 0.24 0.24 - 0.03 0.38 0.19 0.03 0.03 0.03 + 0.01 0.05 0.02 0.03 0.00 0.03 + 0.01 0.04 0.01 0.31 0.27 0.30 + 0.04 0.39 0.17 0.23 0.18 0.23 + 0.03 0.29 0.14 14.63 14.05 14.40 + 0.14 18.64 11.90 10.84 10.41 10.67 + 0.06 14.74 8.88 4.95 4.65 4.83 - 0.02 5.65 1.82 0.25 0.23 0.23 - 0.01 0.32 0.10 0.34 0.30 0.31 - 0.02 0.42 0.13

Pac Booker Min* O 17 Pac Booker Min V 34 Pac North West* O 8 Pac North West V 218 Pac Potash V 55 Pac Wildcat* O 1175 Paget Mrnls V 34 Paladin Energy T 3162 Paladin Energy* O 1384 Palamina Corp V 50 Palisades Vent* O 16 Pan Am Silver* D 7087 Pan Am Silver T 678 Pancontinental* O 48

0.54 0.50 0.50 - 0.03 1.16 0.50 0.73 0.00 0.67 - 0.03 1.50 0.62 0.07 0.06 0.06 - 0.01 0.10 0.06 0.10 0.09 0.10 + 0.01 0.23 0.06 0.04 0.04 0.04 + 0.01 0.07 0.03 0.01 0.00 0.00 - 0.01 0.04 0.00 0.08 0.00 0.08 + 0.02 0.09 0.01 0.06 0.05 0.05 - 0.01 0.24 0.05 0.05 0.03 0.04 - 0.01 0.18 0.03 0.21 0.18 0.21 + 0.03 0.26 0.14 0.08 0.05 0.08 + 0.01 0.08 0.04 17.89 17.12 17.50 - 0.22 21.59 13.80 24.17 23.14 23.60 - 0.23 27.99 18.30 0.04 0.04 0.04 - 0.00 0.10 0.02

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pangolin Dia V 280 Panoro Mnrls V 192 Pantheon Vent V 453 Para Resources V 1906 Parallel Mng V 228 X 105 Paramount Gold* Paringa Res* O 1 Parlane Res V 132 Pasinex Res 240 Patriot Gold* O 507 N 3774 Peabody Enrgy* Pedro Res V 160 101 Pele Mtn Res* O Peloton Mnrls 112 Peregrine Diam T 395 Perseus Mng T 278 Pershing Gold* D 218 Pershing Gold T 24 Pine Cliff En* O 85 T 736 Pine Cliff En Pistol Bay Mng V 139 V 293 Pitchblack Res PJSC Polyus Gd* O 16 PJX Res V 90 Planet Mng V 152 Plateau Uran* O 251 Plateau Uran V 382 Platinex Inc 296 Platinum Gp Mt* X 2087 272 Platinum Gp Mt T Plato Gold V 12057 Playfair Mng V 149 Polaris Mater T 338 PolyMet Mng* X 685 PolyMet Mng T 56 Portage Res* O 521 Portofino Res V 377 Potash Corp SK* N 19611 Potash Corp SK T 6809 Potash Ridge T 4297 Potash Ridge* O 62 Power Metals V 419 PPX Mining* O 46 Precipitate Gl V 301 Pretium Res* N 7063 Pretium Res T 1271 Primero Mng T 8398 Primero Mng* N 6886 Prize Mng* O 17 Prize Mng V 115 Probe Metals V 187 Probe Metals* O 33 Prophecy Coal* O 1 Prophecy Coal T 24 O 23 Prospect Glob* Prospector Res V 44 Prosper Gold V 471 Prospero Silvr V 351 Prospero Silvr* O 102 3313 PUF Vent Inc PUF Vent Inc * O 52 Puma Expl V 273 Pure Energy* O 1211 Pure Energy V 510 704 Pure Gold Mg V Pure Gold Mg* O 482 Pure Nickel V 154 QMC Quantum Ml V 93 QMX Gold V 219 QMX Gold* O 19 Quaterra Res* O 712 Quaterra Res V 123 Quest Rare Mnl* O 101 Quinto Real V 434

0.06 0.05 0.05 + 0.01 0.22 0.04 0.19 0.16 0.17 - 0.01 0.22 0.13 0.15 0.14 0.15 + 0.01 0.38 0.10 0.23 0.20 0.22 + 0.02 0.33 0.17 0.09 0.08 0.08 - 0.01 0.18 0.08 1.61 1.51 1.57 - 0.04 2.93 1.39 0.35 0.34 0.35 + 0.01 0.50 0.30 0.13 0.12 0.13 + 0.01 0.33 0.10 0.25 0.20 0.21 - 0.04 0.34 0.06 0.10 0.08 0.09 - 0.01 0.23 0.07 24.93 22.80 23.40 - 1.36 32.50 22.61 0.10 0.07 0.07 - 0.01 0.27 0.06 0.02 0.01 0.02 + 0.00 0.03 0.01 0.07 0.05 0.07 - 0.01 0.15 0.06 0.20 0.19 0.19 - 0.01 0.32 0.13 0.31 0.28 0.29 - 0.01 0.67 0.28 2.87 2.71 2.82 - 0.04 5.02 2.60 3.88 3.70 3.77 - 0.11 5.52 3.61 0.61 0.57 0.58 - 0.02 0.89 0.51 0.81 0.76 0.80 - 0.01 1.22 0.64 0.07 0.06 0.06 - 0.01 0.14 0.05 0.40 0.00 0.40 + 0.01 0.40 0.07 38.99 0.00 38.99 + 0.38 39.92 32.95 0.20 0.18 0.18 - 0.02 0.27 0.13 0.04 0.03 0.03 - 0.01 0.08 0.03 0.32 0.28 0.30 + 0.01 0.54 0.12 0.45 0.39 0.40 + 0.02 0.71 0.17 0.09 0.07 0.09 + 0.01 0.23 0.05 1.14 1.05 1.11 - 0.01 3.98 1.03 1.53 1.42 1.49 - 0.02 4.95 1.42 0.04 0.02 0.04 + 0.02 0.04 0.01 0.10 0.08 0.09 + 0.01 0.18 0.04 1.04 1.00 1.00 - 0.03 1.49 0.95 0.69 0.63 0.65 - 0.01 1.14 0.62 0.93 0.85 0.88 + 0.01 1.48 0.85 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.05 0.05 - 0.01 0.12 0.05 16.75 16.32 16.42 - 0.19 20.27 15.21 22.61 22.04 22.16 - 0.21 26.62 19.93 0.31 0.28 0.29 + 0.01 0.41 0.20 0.21 0.19 0.21 + 0.01 0.32 0.15 0.32 0.28 0.32 + 0.02 0.55 0.07 0.05 0.04 0.05 + 0.01 0.13 0.02 0.17 0.15 0.15 - 0.02 0.37 0.11 9.36 8.79 9.09 - 0.09 12.53 6.82 12.52 11.89 12.27 - 0.09 16.48 9.17 0.62 0.49 0.52 - 0.09 3.42 0.49 0.47 0.36 0.39 - 0.07 2.63 0.36 0.51 0.49 0.51 + 0.02 0.51 0.43 0.69 0.65 0.69 + 0.01 0.72 0.01 1.50 1.39 1.44 - 0.06 2.18 0.78 1.13 1.04 1.07 - 0.05 1.66 0.61 2.47 0.00 2.47 - 0.04 5.17 1.25 3.35 3.02 3.10 + 0.09 7.19 1.33 0.05 0.03 0.05 + 0.02 0.19 0.02 1.71 1.30 1.34 - 0.37 1.90 0.01 0.20 0.18 0.20 + 0.01 0.44 0.13 0.28 0.25 0.25 - 0.01 0.38 0.13 0.20 0.20 0.20 - 0.00 0.26 0.14 0.44 0.35 0.40 + 0.04 0.47 0.04 0.33 0.28 0.30 + 0.03 0.35 0.05 0.08 0.07 0.08 + 0.01 0.11 0.05 0.49 0.42 0.43 - 0.04 0.74 0.36 0.63 0.57 0.57 - 0.08 0.97 0.49 0.61 0.57 0.61 + 0.02 0.77 0.40 0.45 0.42 0.45 + 0.00 0.60 0.29 0.02 0.02 0.02 - 0.01 0.04 0.01 0.14 0.11 0.12 - 0.01 0.19 0.02 0.25 0.22 0.22 - 0.02 0.30 0.04 0.19 0.17 0.17 - 0.01 0.22 0.03 0.08 0.06 0.07 - 0.01 0.13 0.03 0.11 0.09 0.10 - 0.01 0.15 0.06 0.10 0.08 0.10 - 0.01 0.23 0.06 0.10 0.08 0.09 - 0.01 0.20 0.05

Radisson Mng V 121 Radius Gold V 91 O 1 Rainforest Res* Rainy Mtn Royl V 2806 Rainy Mtn Royl* O 1042 Rambler Ml &Mg V 39 Randgold Res* D 3031 V 400 Randsburg Intl Rapier Gold V 422 Raptor Res* O 366 Rare Element* O 225 Rathdowney Res V 110 257 Red Eagle Expl V Red Eagle Mng T 1156 152 Red Eagle Mng* O Red Hut V 122 Red Moon Res V 126 Redstar Gold V 4916 Redstar Gold* O 1479 Regulus Res V 85 Renaissance Gd* O 8 Renaissance Gd V 240 Renforth Res 657 Resource Cap V 841 Resource Cap* O 107 Reunion Gold V 1429 Revelo Res V 535 Rheingold Expl 187 Richmond Mnls V 242 Richmont Mines* N 1780 Richmont Mines T 1159 Rimrock Gold* O 108665 Rio Novo Gold T 100 Rio Tinto* N 10358 Rio Tinto* O 3 Rio Tinto* O 1 Rise Gold Corp 1073 Riverside Res* O 73 Riverside Res V 165 Rizal Res V 166 RJK Explor V 275 Robex Res V 1270 Rochester Res* O 7 Rochester Res V 46 Rock Tech Lith V 106 Rockcliff Cop V 307 Rockcliff Cop* O 96 Rogue Res* O 55 Rogue Res V 172 Rojo Res V 64 Rojo Res* O 0 Rokmaster Res V 161 Romios Gold Rs V 345 Romios Gold Rs* O 1057 Roxgold T 1392 Roxgold* O 44 Royal Gold* D 2230 Royal Nickel T 1783 Royal Nickel* O 62 Royal Rd Mnrls V 422 Royal Sapphire V 1 Royal Std Mnrl* O 1998 RT Minerals V 2688 RT Minerals* O 38 Rubicon Mnrls* O 14 Rubicon Mnrls T 115 Rugby Mng V 244 Running Fox Rs* O 6 Running Fox Rs V 202 Rupert Res V 181 Rusoro Mng V 555 Rye Patch Gold* O 347 Rye Patch Gold V 1565

0.17 0.16 0.17 + 0.01 0.20 0.12 0.13 0.12 0.12 - 0.01 0.17 0.09 3.65 0.00 2.95 - 0.54 8.25 1.00 0.17 0.12 0.17 + 0.05 0.18 0.04 0.13 0.09 0.12 + 0.03 0.14 0.03 0.16 0.15 0.15 - 0.01 0.22 0.06 99.00 91.20 97.20 + 4.75 126.55 67.54 0.01 0.01 0.01 + 0.01 0.03 0.01 0.11 0.10 0.11 - 0.01 0.17 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.20 0.15 0.18 - 0.01 0.53 0.00 0.30 0.24 0.24 - 0.04 0.33 0.14 0.16 0.13 0.16 - 0.01 0.30 0.08 0.67 0.62 0.63 - 0.02 1.05 0.57 0.49 0.46 0.49 - 0.01 0.79 0.33 0.12 0.10 0.12 + 0.02 0.28 0.07 0.05 0.04 0.04 - 0.01 0.09 0.02 0.12 0.11 0.12 + 0.01 0.17 0.05 0.09 0.08 0.09 + 0.00 0.15 0.03 1.95 1.80 1.85 - 0.10 2.00 0.90 0.25 0.24 0.25 + 0.01 0.52 0.20 0.35 0.33 0.35 + 0.01 0.66 0.25 0.07 0.06 0.06 - 0.01 0.08 0.02 0.18 0.16 0.17 + 0.01 0.35 0.06 0.13 0.11 0.13 + 0.02 0.26 0.04 0.17 0.13 0.15 + 0.03 0.17 0.02 0.05 0.05 0.05 + 0.01 0.12 0.04 0.40 0.35 0.40 + 0.04 0.40 0.02 0.05 0.05 0.05 - 0.01 0.07 0.03 7.45 6.88 7.25 + 0.20 11.66 5.45 10.10 9.29 9.84 + 0.31 15.01 7.36 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.11 0.12 + 0.01 0.30 0.09 41.47 40.24 40.80 - 0.18 47.11 26.95 40.74 40.20 40.20 - 0.30 46.20 26.85 47.07 46.37 46.50 - 0.57 52.50 33.85 0.26 0.20 0.22 - 0.03 0.40 0.15 0.35 0.00 0.34 + 0.01 0.46 0.21 0.46 0.44 0.45 + 0.01 0.60 0.28 0.06 0.05 0.05 - 0.01 0.08 0.02 0.23 0.18 0.18 - 0.02 0.25 0.08 0.09 0.08 0.09 + 0.01 0.14 0.06 0.03 0.02 0.03 + 0.01 0.09 0.02 0.05 0.04 0.05 + 0.01 0.11 0.03 0.89 0.77 0.89 + 0.07 1.45 0.21 0.08 0.07 0.08 + 0.01 0.16 0.04 0.06 0.05 0.05 - 0.01 0.12 0.03 0.36 0.33 0.36 + 0.02 0.56 0.25 0.50 0.45 0.48 + 0.03 0.90 0.32 0.40 0.00 0.40 + 0.05 0.75 0.30 0.00 0.00 0.05 - 0.19 0.45 0.24 0.06 0.05 0.06 + 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.10 0.04 0.04 0.03 0.04 - 0.00 0.08 0.03 1.26 1.19 1.19 - 0.03 1.76 1.07 0.93 0.88 0.89 - 0.04 1.35 0.78 81.29 79.03 79.80 - 0.95 87.74 55.59 0.22 0.19 0.21 - 0.01 0.49 0.17 0.17 0.14 0.14 - 0.02 0.37 0.12 0.09 0.08 0.08 - 0.01 0.18 0.07 0.35 0.00 0.35 + 0.03 0.35 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.08 0.09 - 0.01 0.27 0.06 0.07 0.05 0.06 - 0.00 0.14 0.05 1.23 1.10 1.23 + 0.10 11.35 1.10 1.66 1.50 1.65 + 0.12 2.39 1.30 0.36 0.30 0.34 + 0.03 0.58 0.23 0.02 0.01 0.02 + 0.00 0.03 0.01 0.03 0.00 0.03 - 0.01 0.04 0.02 1.20 1.13 1.15 + 0.01 1.47 0.60 0.13 0.11 0.11 - 0.01 0.41 0.09 0.22 0.20 0.22 + 0.00 0.37 0.16 0.29 0.28 0.29 + 0.01 0.47 0.22

Sabina Gd&Slvr T 1197 Sabina Gd&Slvr* O 469 Sage Gold V 2932 Sage Gold* O 69 Saint Jean* O 320 Salazar Res V 107 Salt Lake Pot* O 17 Sama Graphite V 547 San Marco Res* O 121 San Marco Res V 533 Sanatana Diam V 2004

1.94 1.79 1.81 - 0.09 2.00 0.84 1.44 1.32 1.36 - 0.06 1.48 0.61 0.27 0.18 0.25 + 0.07 0.25 0.05 0.19 0.12 0.19 + 0.07 0.18 0.04 0.04 0.03 0.04 + 0.00 0.26 0.02 0.15 0.14 0.14 - 0.01 0.18 0.07 0.40 0.37 0.37 - 0.03 0.50 0.24 0.42 0.38 0.42 + 0.03 0.58 0.08 0.14 0.11 0.14 + 0.03 0.22 0.08 0.19 0.16 0.19 + 0.04 0.30 0.08 0.04 0.03 0.04 + 0.01 0.07 0.01

2017-06-05 11:56 AM

WWW.NORTHERNMINER.COM

JUNE 12–25, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Sandspring Res V 529 Sandspring Res* O 247 Sandstorm Gold T 1543 Santacruz Silv V 674 Sarama Res V 248 Sarissa Res* O 5455 Satori Res V 89 Savannah Gold V 13 Savant Expl V 771 Savary Gold* O 329 Saville Res V 90 Scandium Intl* O 151 Scandium Intl T 822 Scorpio Gold V 516 ScoZinc Mg V 1 Seabridge Gld T 317 Seabridge Gld* N 1956 Searchlight* O 38 Secova Mtls V 3405 Secova Mtls* O 330 Select Sands V 1266 Semafo T 9192 O 2 Senator Mnrls* Senator Mnrls V 257 Serengeti Res V 339 Shamrock Ent 100 Sherritt Intl T 1812 Shore Gold T 5385 Sibanye Gold* N 43876 Sienna Res V 183 Sienna Res* O 30 Sierra Metals* O 42 Sierra Metals T 91 399 Silver Bear Rs T Silver Bull Re T 1925 Silver Bull Re* O 1324 Silver Dragon* O 100 Silver Range V 94 Silver Scott* O 12 Silver Shield 1289 Silver Spruce V 525 Silver Spruce* O 2 Silver Std Res* D 6959 Silver Std Res T 880 Silver Wheaton T 4074 N 8790 Silver Wheaton* Silvercorp Met T 3109 X 1411 Silvercorp Met* SilverCrest Mt* O 65 SilverCrest Mt V 66 Silvermet V 312 Sirios Res V 331 Sirios Res* O 57 Skeena Res* O 271 Skyharbour Res* O 137 Slam Explor* O 2 Sokoman Iron V 198 X 136 Solitario Ex&R* Southern Arc* O 7 Southern Arc V 38 N 3368 Southern Copp* Southern Lith V 701 O 146 Southern Silvr* Southern Silvr V 302 T 408 SouthGobi Res Spanish Mtn Gd V 221 Spanish Mtn Gd* O 64 Sparton Res V 598 Sparton Res* O 56 Spearmint Res V 275 Sprott Res Hld T 987 St Augustine T 826 5 St Elias Mns* O Stakeholdr Gld* O 19 Standard Graph V 2376 Standard Graph* O 5 Standard Lith V 772 Stans Energy* O 122 Stans Energy V 123

0.44 0.40 0.40 - 0.03 0.94 0.31 0.33 0.29 0.29 - 0.03 0.72 0.23 4.81 4.46 4.67 + 0.02 8.73 4.29 0.22 0.20 0.20 - 0.02 0.59 0.20 0.20 0.17 0.18 - 0.02 0.55 0.13 0.00 0.00 0.00 + 0.00 0.01 0.00 0.25 0.22 0.24 + 0.02 0.30 0.07 0.55 0.00 0.45 + 0.14 0.75 0.10 0.06 0.05 0.05 - 0.01 0.10 0.01 0.07 0.05 0.06 - 0.00 0.12 0.05 0.02 0.02 0.02 + 0.01 0.05 0.01 0.28 0.26 0.27 - 0.01 0.35 0.10 0.38 0.35 0.38 + 0.01 0.48 0.14 0.08 0.07 0.07 - 0.01 0.15 0.06 1.03 0.00 1.03 - 0.02 1.26 0.66 14.18 13.38 13.84 - 0.02 20.71 9.99 10.70 9.90 10.25 - 0.10 15.88 7.35 0.04 0.03 0.04 - 0.00 0.13 0.01 0.07 0.06 0.06 - 0.01 0.11 0.04 0.06 0.04 0.04 - 0.01 0.09 0.03 1.13 0.97 1.00 - 0.10 2.04 0.20 3.02 2.73 3.02 + 0.15 7.46 2.68 1.05 0.90 0.98 + 0.07 1.05 0.43 1.59 1.18 1.22 - 0.02 1.59 0.31 0.14 0.13 0.13 - 0.01 0.33 0.08 0.03 0.03 0.03 - 0.01 0.06 0.02 0.85 0.78 0.85 + 0.06 1.67 0.73 0.40 0.25 0.40 + 0.14 0.40 0.17 5.61 4.61 4.85 - 0.67 20.97 4.61 0.12 0.10 0.11 - 0.01 0.27 0.09 0.09 0.07 0.09 + 0.02 0.20 0.07 2.55 2.25 2.44 - 0.11 2.75 0.97 3.34 0.00 3.11 - 0.19 3.75 1.21 0.33 0.30 0.32 - 0.01 0.53 0.17 0.11 0.10 0.10 + 0.01 0.28 0.09 0.09 0.07 0.08 + 0.00 0.21 0.06 0.03 0.02 0.02 - 0.00 0.04 0.00 0.27 0.25 0.27 + 0.01 0.29 0.08 0.03 0.02 0.02 - 0.01 0.04 0.01 0.09 0.06 0.08 + 0.02 0.13 0.03 0.08 0.07 0.07 - 0.01 0.14 0.05 0.05 0.04 0.05 + 0.00 0.10 0.04 9.91 9.29 9.53 - 0.18 15.84 7.70 13.15 12.54 12.88 - 0.21 20.48 10.32 28.25 27.34 27.54 - 0.58 40.80 22.63 21.03 20.25 20.38 - 0.51 31.35 16.94 4.18 3.69 3.89 - 0.20 5.90 2.11 3.12 2.74 2.88 - 0.20 4.50 1.61 1.70 1.43 1.43 - 0.11 3.13 0.71 2.09 1.93 1.94 - 0.14 4.09 0.99 0.10 0.09 0.10 + 0.02 0.13 0.03 0.39 0.36 0.38 + 0.01 1.42 0.25 0.29 0.27 0.29 + 0.01 1.13 0.21 0.05 0.03 0.04 - 0.00 0.15 0.03 0.33 0.29 0.32 + 0.00 0.54 0.18 0.03 0.02 0.02 - 0.01 0.09 0.02 0.06 0.04 0.06 + 0.02 0.13 0.02 0.75 0.67 0.67 - 0.08 0.95 0.45 0.50 0.49 0.50 + 0.01 0.75 0.26 0.70 0.65 0.68 + 0.03 1.09 0.34 35.40 34.14 34.53 - 0.36 39.50 24.90 0.22 0.18 0.21 - 0.03 0.49 0.05 0.31 0.28 0.30 - 0.01 0.52 0.12 0.41 0.38 0.39 - 0.02 0.66 0.25 0.40 0.37 0.37 - 0.03 0.65 0.22 0.18 0.16 0.17 - 0.01 0.23 0.08 0.13 0.12 0.13 + 0.01 0.17 0.06 0.06 0.05 0.06 - 0.01 0.09 0.03 0.04 0.04 0.04 + 0.00 0.07 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.18 0.17 0.17 - 0.01 0.23 0.13 0.05 0.04 0.04 + 0.01 0.13 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.24 0.18 0.19 + 0.01 0.67 0.17 0.18 0.13 0.17 + 0.02 0.20 0.05 0.13 0.11 0.13 + 0.02 0.14 0.03 1.15 0.94 1.06 + 0.12 1.25 0.20 0.03 0.02 0.03 + 0.00 0.06 0.01 0.04 0.03 0.04 - 0.01 0.09 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Star Gold* O 69 Starcore Intl T 239 Starr Peak Exp V 78 Steele Oceanic* O 0 Stellar Africa V 429 Sterling Grp* O 50 Stina Res 3991 Stina Res* O 271 Stone Ridge Ex 80 Stornoway Diam* O 7 Stornoway Diam T 2203 Strategic Metl V 1219 Strikepoint Gd V 76 Strongbow Expl V 423 Stroud Res V 449 Sulliden Mng T 124 Sultan Mnrls V 165 Suncor Energy T 10242 Suncor Energy* N 12917 Sunvest Mnrls V 665 Superior Gold V 1072 Sutter Gold* O 6

0.08 0.05 0.07 + 0.00 0.20 0.04 0.46 0.40 0.46 + 0.03 0.91 0.40 0.16 0.10 0.16 + 0.05 0.17 0.07 3.49 0.00 1.13 + 0.12 15.20 1.01 0.05 0.05 0.05 - 0.01 0.08 0.02 0.08 0.07 0.07 - 0.01 0.18 0.02 0.16 0.11 0.15 + 0.04 0.17 0.07 0.11 0.09 0.10 + 0.01 0.14 0.05 0.07 0.06 0.06 - 0.01 0.17 0.04 0.60 0.59 0.60 + 0.00 0.96 0.58 0.82 0.79 0.81 + 0.01 1.33 0.79 0.73 0.57 0.61 - 0.03 0.86 0.37 0.54 0.46 0.52 + 0.02 0.67 0.18 0.19 0.16 0.18 + 0.02 0.25 0.12 0.02 0.01 0.01 - 0.01 0.03 0.01 0.30 0.28 0.29 - 0.01 0.47 0.25 0.11 0.00 0.09 - 0.01 0.18 0.05 42.78 41.57 41.94 - 0.64 44.90 33.49 31.72 30.81 31.09 - 0.54 33.79 25.60 0.11 0.09 0.11 + 0.01 0.28 0.08 1.10 0.99 1.00 - 0.02 1.25 0.85 0.03 0.03 0.03 + 0.00 0.08 0.03

Tahoe Res T 3792 Tahoe Res* N 8847 Taku Gold* O 5 Taku Gold 43 Talon Metals T 55 Tamino Mnrls* O 2298 Tanager Energy V 1849 Tanqueray Expl V 489 Tantalex Res 12 Tanzania Rlty T 73 Tanzania Rlty* X 577 Taranis Res V 82 Taranis Res* O 46 Tarku Res V 144 Tartisan Res 88 Tasca Res V 164 Taseko Mines* X 2409 Taseko Mines T 754 Teck Res T 11556 Teck Res* N 21213 Teck Res T 10 Telson Res * O 3 Telson Res V 56 Tembo Gold V 276 Teranga Gold T 1781 Teras Res V 284 Terraco Gold V 1466 Terrax Mnrls* O 88 Terrax Mnrls V 308 Terreno Res V 352 Teslin Rvr Res V 1125 Tesoro Mnrls V 50 Teuton Res V 169 Teuton Res* O 20 Texas Mineral* O 59 Thor Expl V 102 Thunder Mtn Gd* O 40 Thunderstruck V 98 Thunderstruck* O 7 Till Capital* D 20 Timberline Res V 36 Timberline Res* O 155 Timmins Gold T 460 Timmins Gold* X 476 Tinka Res* O 397 Tinka Res V 909 Tintina Res* O 421 Tintina Res V 337 Tirex Res V 343 Tirex Res* O 381 Titanium Corp V 118 TMAC Resource* O 17 TMAC Resources T 585

12.48 11.76 11.94 - 0.43 22.13 9.58 9.34 8.70 8.86 - 0.33 17.01 7.12 0.11 0.09 0.10 + 0.02 0.14 0.00 0.15 0.14 0.15 + 0.02 0.19 0.06 0.10 0.08 0.09 - 0.01 0.15 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.17 0.15 0.16 - 0.01 0.20 0.05 1.17 1.03 1.07 - 0.01 1.56 0.03 0.07 0.05 0.07 + 0.02 0.18 0.03 0.67 0.61 0.65 - 0.02 1.95 0.51 0.51 0.46 0.47 - 0.02 1.49 0.39 0.11 0.09 0.11 + 0.02 0.15 0.06 0.08 0.06 0.08 + 0.02 0.12 0.06 0.06 0.05 0.06 + 0.01 0.10 0.03 0.15 0.11 0.14 + 0.01 0.18 0.03 0.10 0.08 0.08 - 0.02 0.21 0.06 1.32 1.25 1.25 - 0.06 1.63 0.41 1.79 1.68 1.69 - 0.06 2.12 0.55 25.48 23.30 23.60 - 1.58 35.67 12.29 18.89 17.23 17.47 - 1.24 26.60 9.37 26.00 24.01 24.15 - 1.81 36.49 13.91 0.25 0.00 0.25 + 0.02 0.43 0.11 0.38 0.32 0.35 + 0.03 0.55 0.16 0.03 0.00 0.03 - 0.01 0.07 0.03 3.24 2.97 3.05 - 0.20 7.00 2.97 0.14 0.12 0.13 - 0.02 0.21 0.10 0.13 0.11 0.12 - 0.01 0.19 0.11 0.47 0.42 0.47 + 0.03 0.80 0.27 0.63 0.56 0.63 + 0.04 1.05 0.35 0.06 0.05 0.06 + 0.01 0.08 0.03 0.63 0.54 0.60 + 0.04 0.63 0.21 0.07 0.00 0.06 - 0.01 0.12 0.05 0.24 0.19 0.20 - 0.03 0.46 0.15 0.14 0.13 0.14 + 0.01 0.34 0.11 0.19 0.15 0.18 + 0.01 0.39 0.09 0.22 0.20 0.22 + 0.01 0.25 0.05 0.13 0.11 0.11 - 0.02 0.16 0.02 0.10 0.08 0.10 + 0.01 0.20 0.02 0.07 0.07 0.07 + 0.00 0.11 0.04 3.94 3.90 3.90 - 0.01 5.00 3.08 0.57 0.50 0.51 - 0.06 0.73 0.32 0.43 0.37 0.40 - 0.03 0.53 0.02 6.55 6.00 6.49 + 0.25 8.00 3.35 4.94 4.44 4.81 + 0.19 6.28 2.60 0.50 0.42 0.44 - 0.06 0.59 0.13 0.68 0.56 0.58 - 0.08 0.78 0.17 0.09 0.07 0.07 - 0.02 0.12 0.04 0.12 0.09 0.11 - 0.01 0.15 0.06 0.04 0.04 0.04 + 0.01 0.14 0.04 0.03 0.03 0.03 + 0.00 0.11 0.03 1.00 0.86 0.86 - 0.06 1.25 0.35 12.20 0.00 11.37 - 0.68 15.16 9.73 16.85 15.38 16.73 + 0.53 20.18 13.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TNR Gold V 467 Toachi Mg Inc V 324 TomaGold V 877 Tombstone Expl* O 711 Tonogold Res* O 105 Torex Gold* O 25 Torex Gold T 1603 Toron, Inc* O 11143 Torq Resources V 243 Tower Res* O 55 Tower Res V 181 Transition Mtl V 91 Treasury Metal T 380 Trecora Res* N 153 Trek Mining V 433 Trek Mining* O 82 Tres-Or Res V 372 Trevali Mng* O 260 Trevali Mng T 3797 Trident Gold V 59 Trigen Res V 55 Trilogy Mtls* X 327 Trilogy Mtls T 94 TriMetals Mng* O 61 TriMetals Mng* O 10 TriMetals Mng T 115 TriStar Gold V 42 Triumph Gold V 95 Triumph Gold* O 121 Troy Res* O 48 Trueclaim Expl V 379 Tsodilo Res V 16 Tudor Gold V 254 O 365 Tungsten Corp* Turquoise HIl T 4721 Turquoise HIl* N 15914 TVI Pacific* O 746 Tyhee Gold* O 2590 Typhoon Expl V 37

0.05 0.04 0.05 + 0.01 0.08 0.02 0.50 0.40 0.43 + 0.03 0.62 0.30 0.09 0.08 0.08 - 0.01 0.17 0.06 0.01 0.01 0.01 - 0.00 0.02 0.00 0.06 0.03 0.04 - 0.01 0.09 0.01 17.39 16.13 17.24 + 0.62 27.34 12.73 23.48 21.83 23.30 + 0.97 35.17 17.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.90 0.79 0.87 + 0.05 1.00 0.23 0.12 0.00 0.11 - 0.01 0.13 0.05 0.15 0.12 0.15 + 0.01 0.21 0.04 0.21 0.16 0.17 - 0.01 0.25 0.12 0.73 0.66 0.69 - 0.04 0.90 0.48 11.25 10.45 10.90 + 0.25 14.80 9.75 1.17 1.10 1.13 - 0.01 2.55 1.09 0.87 0.81 0.83 - 0.02 1.64 0.79 0.05 0.04 0.05 + 0.01 0.06 0.03 0.90 0.82 0.82 - 0.06 1.16 0.37 1.20 1.09 1.10 - 0.09 1.57 0.45 0.19 0.17 0.18 + 0.01 0.21 0.02 0.08 0.00 0.07 - 0.01 0.11 0.06 0.70 0.62 0.64 - 0.04 0.85 0.41 0.96 0.84 0.92 - 0.01 1.02 0.57 0.17 0.14 0.14 - 0.03 0.27 0.11 0.20 0.17 0.17 - 0.03 0.28 0.13 0.26 0.24 0.25 - 0.01 0.35 0.18 0.31 0.30 0.31 - 0.01 0.53 0.22 0.40 0.38 0.40 - 0.02 0.50 0.16 0.31 0.27 0.27 - 0.04 0.38 0.12 0.07 0.05 0.05 - 0.02 0.49 0.05 0.03 0.02 0.03 + 0.01 0.05 0.02 0.81 0.00 0.80 - 0.05 1.05 0.50 0.65 0.58 0.61 + 0.02 2.50 0.37 0.00 0.00 0.00 - 0.00 0.00 0.00 3.72 3.38 3.42 - 0.24 5.03 3.41 2.80 2.51 2.52 - 0.20 3.80 2.52 0.01 0.00 0.01 + 0.01 0.06 0.00 0.00 0.00 0.00 - 0.00 0.02 0.00 0.08 0.07 0.08 + 0.01 0.15 0.06

U.S. Lithium* O 595 U3O8 Corp* O 590 Ucore Rare Mtl* O 215 Ucore Rare Mtl V 576 UEX Corp T 1292 Ultra Lithium V 38 Umbral Enrgy* O 6 Umbral Enrgy 1340 Unigold* O 169 Unigold V 228 United Res Hdg* O 58 United Silver* O 211 United States A* X 110 United States S* N 106834 Ur-Energy T 200 Ur-Energy* X 1293 Uragold Bay Rs V 425 Uranium Energy* X 2803 Uranium Hunter* O 3 Uranium Res* D 1791 Uravan Mnrls V 461 US Cobalt * O 3620 US Cobalt V 5172 US Energy* D 317 US Tungsten* O 45 USCorp* O 143 Vale* N 124473 Vale* N 42785 ValGold Res V 1111 Valley High Mg* O 3934 Valterra Res* O 76 Vanadium One V 246 Vanadiumcorp* O 20 Vanadiumcorp V 672 Vangold Res V 171 Vanstar Mng Rs V 79

0.03 0.02 0.02 - 0.00 0.15 0.01 0.03 0.02 0.02 + 0.00 0.04 0.01 0.21 0.18 0.18 - 0.02 0.35 0.18 0.29 0.25 0.25 - 0.04 0.45 0.25 0.23 0.20 0.20 - 0.02 0.43 0.15 0.17 0.16 0.16 - 0.01 0.26 0.15 0.05 0.03 0.03 - 0.02 0.08 0.02 0.06 0.05 0.06 + 0.01 0.11 0.02 0.20 0.19 0.19 - 0.01 0.51 0.12 0.27 0.24 0.26 - 0.01 0.69 0.15 0.01 0.01 0.01 + 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.46 0.42 0.46 + 0.02 0.60 0.20 21.58 19.52 20.26 + 0.52 41.83 13.95 0.73 0.67 0.73 + 0.03 1.19 0.55 0.56 0.50 0.55 + 0.01 0.91 0.41 0.14 0.13 0.13 + 0.01 0.31 0.11 1.40 1.29 1.32 - 0.02 1.92 0.78 3.00 0.00 2.20 + 0.70 3.00 0.85 1.63 1.44 1.52 + 0.04 4.00 0.97 0.08 0.07 0.07 - 0.01 0.42 0.06 0.75 0.59 0.70 + 0.10 0.88 0.27 0.99 0.77 0.94 + 0.14 0.99 0.77 0.93 0.73 0.80 - 0.06 2.84 0.67 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.00 0.01 + 0.00 0.03 0.00 8.88 8.14 8.21 - 0.32 11.70 3.95 8.38 7.78 7.82 - 0.24 11.10 3.08 0.06 0.04 0.06 + 0.02 0.08 0.02 0.01 0.00 0.01 - 0.00 0.02 0.00 0.03 0.02 0.03 - 0.00 0.07 0.02 0.10 0.09 0.09 + 0.01 0.19 0.08 0.06 0.05 0.06 + 0.01 0.06 0.02 0.09 0.08 0.08 + 0.01 0.09 0.04 0.20 0.16 0.20 + 0.01 0.22 0.03 0.09 0.08 0.08 - 0.01 0.15 0.05

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Vantex Res V 51 N 3184 Vedanta* Vela Minerals V 298 Vendetta Mng V 1798 O 329 Vendetta Mng* V 95 Venerable Vent Verde Potash T 1901 Veris Gold* O 1 Victoria Gold V 1031 Victory Nickel* O 72 O 19 Virginia Enrgy* Viscount Mng V 406 87 Visible Gold M V Vista Gold* X 638 Vista Gold T 26 Volcanic Gold V 132 Voltaic Min V 704 Vulcan Mnrls V 164

0.10 0.14 - 0.02 0.40 0.17 0.14 14.52 - 0.78 17.34 6.10 15.46 14.24 0.03 0.09 - 0.01 0.09 0.09 0.05 0.06 0.31 - 0.01 0.35 0.35 0.29 0.08 0.24 + 0.02 0.26 0.26 0.20 0.11 0.17 + 0.01 0.18 0.17 0.17 0.20 1.32 + 0.14 1.77 1.77 1.21 0.00 0.00 + 0.00 0.02 0.00 0.00 0.42 0.64 - 0.01 0.80 0.67 0.63 0.00 0.04 - 0.01 0.14 0.05 0.03 0.02 0.05 + 0.01 0.54 0.05 0.04 0.24 0.25 - 0.04 0.91 0.28 0.24 0.24 0.20 0.20 - 0.05 0.45 0.17 0.69 0.92 - 0.01 2.09 0.94 0.90 0.91 1.25 + 0.01 2.73 1.25 1.18 0.14 0.59 + 0.01 0.65 0.59 0.57 0.05 0.10 + 0.01 0.51 0.10 0.09 0.03 0.06 - 0.01 0.08 0.07 0.05

Walker River V 193 T 455 Wallbridge Mng O 321 Walter Energy* Wealth Mnrls* O 553 Wealth Mnrls V 945 Wellgreen Plat T 362 O 163 Wellgreen Plat* V 28 Wescan Gldflds T 1547 Wesdome Gold 308 V West Af Res 32 West High Yld V West Kirkland V 201 92 West Red Lake* O X 405 Western Copper* T 191 Western Copper 80 Western Pac Rs* O 16 Western Pac Rs V T 92 Western Potash Western Res* O 67 Western Uran 32 Western Uran* O 31 V 192 Westhaven Vent V 60 Westminster Rs Westmoreland* D 1486 O 81 WestMountain* Westridge Res V 947 White Gold V 88 White Gold* O 19 302 White Metal Rs V 202 Winston Gld Mg* O Winston Res 68 Wolfden Res* O 46 Wolfden Res V 509 Wolfeye Res V 352 WPC Res V 536 X-Terra Res* O 72 X-Terra Res V 575 Ximen Mng V 111 568 XLI Tech Inc* O Xtra-Gold Res T 99 O 28 Xtra-Gold Res* Yamana Gold T 18006 50644 Yamana Gold* N V 180 Yellowhead Mng Yorbeau Res T 929 Zazu Metals* O 98 Zazu Metals V 461 Zenyatta Vent V 458 O 22 Zenyatta Vent* Zephyr Mnls* O 18 Zephyr Mnls V 231 Zimtu Capital V 15 Zinc One Res V 1816 Zinc One Res * O 1679 Zonte Mtls V 1005

0.05 0.14 + 0.02 0.18 0.14 0.00 0.04 0.09 - 0.01 0.14 0.09 0.08 0.03 0.05 + 0.00 0.28 0.06 0.05 0.52 1.37 - 0.09 1.55 1.55 1.30 0.68 1.84 - 0.13 2.10 2.10 1.74 0.22 0.31 + 0.02 0.62 0.33 0.28 0.16 0.22 + 0.01 0.46 0.24 0.19 0.05 0.05 - 0.01 0.13 0.06 0.00 1.50 3.15 + 0.03 4.40 3.26 3.02 0.29 0.26 0.27 - 0.01 0.40 0.15 0.29 0.00 0.29 - 0.02 0.43 0.09 0.08 0.08 - 0.01 0.17 0.09 0.08 0.18 0.15 0.15 - 0.02 0.31 0.10 0.59 1.04 + 0.02 1.80 1.06 0.97 0.77 1.42 + 0.04 2.24 1.42 1.31 0.02 0.01 0.02 + 0.00 0.04 0.00 0.03 0.00 0.03 + 0.01 0.05 0.01 0.53 0.57 - 0.01 1.80 0.59 0.54 0.38 0.44 + 0.03 0.47 0.44 0.41 1.22 1.52 - 0.04 2.80 1.64 1.45 0.96 1.15 - 0.02 2.67 1.17 1.10 0.07 0.10 - 0.02 0.16 0.11 0.09 0.15 0.29 + 0.07 1.30 0.29 0.00 6.90 6.16 6.21 - 0.51 19.92 6.28 0.01 0.02 + 0.01 0.15 0.02 0.01 0.01 0.30 + 0.07 0.39 0.35 0.22 0.07 2.29 - 0.01 2.34 2.30 2.20 0.05 1.70 - 0.00 1.73 1.72 1.62 0.06 0.05 0.05 - 0.01 0.13 0.04 0.04 0.03 0.04 - 0.00 0.49 0.03 0.02 0.56 - 0.03 0.82 0.61 0.55 0.10 0.11 - 0.00 0.12 0.12 0.11 0.08 0.14 - 0.01 0.19 0.16 0.14 0.23 0.67 - 0.04 0.99 0.70 0.65 0.05 0.06 - 0.01 0.13 0.07 0.06 0.16 0.25 - 0.01 0.27 0.27 0.25 0.13 0.34 - 0.02 0.40 0.38 0.32 0.05 0.05 - 0.01 0.18 0.05 0.05 0.02 0.02 0.02 - 0.01 0.09 0.00 0.17 0.24 - 0.02 0.56 0.26 0.23 0.12 0.18 - 0.01 0.43 0.19 0.17 3.29 3.48 - 0.24 7.87 3.75 3.41 2.40 2.57 - 0.19 5.99 2.83 2.52 0.04 0.07 - 0.02 0.10 0.07 0.06 0.08 0.09 + 0.01 0.14 0.09 0.08 0.11 0.23 + 0.00 0.33 0.23 0.23 0.15 0.32 + 0.02 0.46 0.33 0.30 0.63 1.23 + 0.13 1.55 1.29 1.05 0.49 0.82 + 0.03 1.17 0.85 0.00 0.20 0.22 + 0.02 0.30 0.22 0.20 0.24 0.24 - 0.03 0.42 0.28 0.24 0.15 0.31 + 0.02 0.40 0.31 0.00 0.67 0.59 0.62 - 0.05 0.90 0.04 0.53 0.43 0.46 - 0.04 0.81 0.01 0.05 0.29 - 0.04 0.49 0.31 0.23

W-Z

BID-ASK — MAY 29 – JUNE 2, 2017 STOCK

37 Capital One Acme Res Corp African Metals Aftermath Slvr Alba Minerals Alderon Iron* Alexandra Cap Allante Potash Alliance Mng Altan Nev Mnls Amanta Res Amato Expl Anglo Pac Grp APAC Res Inc Arch Coal* Archon Mineral Ardonblue Vent Arian Res Arrowstar Res Asbestos Corp AsiaBaseMetals Astar Mnls Astur Gold Atlatsa Res* Auramex Res Aurelius Min Balto Res Baroyeca Go&Si BCM Res Bearclaw Cap Benz Mining Benz Mining Bethpage Cap Bird River Res Bison Gold Res Black Bull Res Bluestone Res Boss Power Bravura Vent Brigadier Gold Brunswick Res Cadillac Vent Canada Coal Canex Energy Caracara Silvr Carrara Explor Carrie Arran Cartier Iron Cascade Res Cassidy Gold Cassius Vents Catalina Gold Central Iron Cerro Grande Chieftain Mtls Chinapintza Mg Cicada Vents Cleghorn Mnls Cliffs Nat Res* Cobalt 27 Cap Compliance Egy Cons Westview Corazon Gold Cornerstone Mt Coronet Mtls Cricket Res CWN M’g Acq Cyprium Mng Dawson Gold Declan Res Delrand Res Dorex Mnrls DV Resources Dynasty Gold E-Energy Vent Enfield Expl Essex Minerals European Metal Excalibur Res

12-MONTH

EXC BID ASK LAST HIGH

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

20-22_JUNE12_StockTables.indd 22

0.20 0.50 0.20 0.25 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.06 0.10 0.06 0.06 0.07 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.02 0.02 0.02 0.05 0.01 0.02 0.01 0.03 0.05 0.03 0.10 1.75 2.50 1.70 2.02 0.04 0.09 0.04 0.14 ... ... 0.58 1.45 1.57 1.57 1.85 0.08 0.10 0.08 0.12 0.01 0.02 0.01 0.02 0.04 0.05 0.04 0.17 0.21 0.40 0.25 0.30 0.25 0.35 0.30 0.45 0.25 ... 0.25 0.40 0.06 0.08 0.08 0.10 ... ... 0.06 0.45 0.04 0.05 0.04 0.05 0.13 0.14 0.14 0.15 0.02 0.03 0.02 0.02 0.01 0.02 0.01 0.02 0.11 0.12 0.12 0.27 0.05 0.06 0.05 0.06 0.37 0.40 0.39 0.40 0.29 0.45 0.30 0.40 0.07 0.15 0.07 0.16 0.07 0.09 0.09 0.09 0.37 0.60 0.37 0.60 0.07 0.14 0.07 0.15 0.10 0.15 0.10 1.15 0.17 0.20 0.17 0.21 0.50 0.33 5.90 0.17 0.25 0.17 0.30 0.04 0.04 0.04 0.05 0.04 0.05 0.04 0.06 0.03 0.03 0.03 0.10 0.39 0.52 0.39 0.75 0.01 0.01 0.01 0.03 0.17 0.22 0.22 0.29 0.05 ... 0.05 0.07 0.05 0.07 0.05 0.16 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.04 0.06 0.04 0.06 0.05 0.07 0.08 0.08 0.02 0.02 0.02 0.04 0.01 0.02 0.02 0.08 ... ... 0.05 0.23 0.01 0.15 0.01 0.01 0.01 0.01 0.01 0.01 0.09 0.10 0.10 0.16 1.45 3.20 1.43 7.17 0.61 0.66 0.66 0.66 0.03 0.03 0.03 0.25 0.36 0.70 0.36 0.56 0.52 0.55 0.55 0.55 0.05 0.05 0.05 0.06 0.16 0.21 0.21 0.71 0.02 0.09 0.02 0.03 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.01 0.01 0.01 0.02 0.75 1.00 0.75 0.90 0.01 0.02 0.02 0.03 0.51 0.59 0.55 0.63 0.02 0.03 0.03 0.04 0.01 0.01 0.01 0.02 ... ... 0.01 0.16 0.18 0.18 0.33 ... 0.01 0.01 0.09 0.10 0.10 0.11

LOW

STOCK

0.06

Finlay Minrls Fire River Gol First Idaho GAR Limited Gentor Res GFM Res Global Cobalt Global Cop Grp God’s Lake Res Gold Ridge Exp Goldstream Mnl Graniz Mondal Gravis Energy Greatbanks Res Greenshield Ex Greywacke Expl Grosvenor Res Hadley Mng Halio Energy HFX Holding Highbury Proj Highvista Gold IEMR Res Indigo Expl Inomin Mines Intl Bethl Mng Intl Corona Iron South Mng Jazz Res JDF Explor Inc Jiulian Res Jubilee Gold Kenna Res Kermode Res Kitrinor Mtls La Imperial Lions Bay Cap Lithion Energy Loncor Res Madeira Mrnls MAG Silver* Mainstream Mnl Mammoth Res Manado Gold Martina Mnls Match Capital McChip Res Mega Copper Mesa Expl Metalo Manuf Metalore Res Mezzotin Mnrls Midnight Star MillenMin Vent Millstream Min Milner Con Slv Minecorp Egy Mkango Res Moag Copper Montana Gold Montego Res Morgan Res Morro Bay Mountain Lake Mustang Mnrls Navy Res Nebu Res Network Expl New Destiny Mg New Klondike Niocan Inc Noble Metal Gr Norsemont Cap North Am Ptash North Am Tung NSGold NSS Res Inc Orestone Mng Organic Potash

0.03 0.01 0.04 0.12 0.02 0.03 0.01 0.01 0.02 0.75 0.04 1.26 0.08 0.01 0.04 0.14 0.12 0.10 0.01 0.06 0.02 0.03 0.01 0.01 0.07 0.03 0.15 0.15 0.04 0.01 0.10 0.06 0.40 0.20 0.13 0.02 0.03 0.02 0.15 0.01 0.12 0.05 0.03 0.02 0.01 0.02 0.08 0.01 0.01 0.03 0.01 0.01 0.08 0.98 0.45 0.03 0.27 0.19 0.02 0.08 0.01 0.11 0.03 0.09 0.01 0.30 0.01 0.02 0.01 0.01 0.14 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.06 0.07 0.06 0.09 0.03 0.07 0.09 0.75 0.08 ... 0.08 0.14 0.07 0.10 0.09 0.13 0.02 0.03 0.03 0.03 0.01 0.10 0.01 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.03 ... 0.03 0.03 0.03 0.07 0.04 0.70 0.07 0.10 0.07 0.40 0.02 0.03 0.03 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.06 0.08 0.06 0.08 0.02 0.06 0.02 0.06 0.17 0.38 0.17 0.35 0.95 0.98 0.95 1.08 0.73 0.80 0.74 1.52 0.08 0.12 0.08 0.12 0.25 0.33 0.30 0.30 ... 0.16 0.17 0.02 0.02 0.02 0.06 0.04 0.05 0.04 0.05 0.06 0.07 0.06 0.10 0.04 0.08 0.04 0.06 0.08 0.09 0.08 0.17 0.24 0.27 0.24 0.28 0.07 0.11 0.07 0.25 0.01 ... 0.01 0.01 0.04 0.05 0.04 0.05 0.43 0.69 0.50 0.75 0.13 0.16 0.15 0.27 0.01 0.02 0.01 0.04 0.16 0.21 0.16 0.30 0.06 0.09 0.06 0.11 0.04 0.10 0.04 0.04 ... ... 0.10 0.18 0.15 0.19 0.16 0.25 0.03 0.25 0.03 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.08 0.10 0.08 0.20 0.08 0.10 0.10 0.15 0.03 0.05 0.02 0.06 0.01 0.04 0.04 0.04 0.50 0.65 0.60 0.77 0.15 0.27 0.15 0.30 0.07 0.08 0.08 0.17 0.60 0.65 0.65 1.20 2.80 3.75 2.80 5.16 0.01 0.02 0.01 0.05 0.14 0.18 0.14 0.19 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.04 0.04 0.07 ... ... 0.12 0.20 0.05 0.06 0.06 0.11 ... ... 0.08 0.09 0.10 0.10 0.10 0.18 0.27 0.27 1.60 0.02 0.03 0.02 0.07 0.11 0.15 0.15 0.25 ... 0.01 0.01 0.02 0.02 0.02 0.03 0.13 9.65 0.09 0.30 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.11 0.28 0.09 0.15 0.01 0.01 0.01 0.02 0.35 0.42 0.35 0.45 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.11 0.12 0.11 0.20 0.05 0.30 0.06 0.07 0.01 0.02 0.02 0.04 0.03 0.03 0.03 0.05

0.04 0.03 0.05 0.01 0.01 0.01 0.01 0.04 0.02 0.04 0.05 0.01 0.01 0.03 0.01 0.17 0.06 0.40 0.04 0.20 0.01 0.02 0.05 0.02 0.04 0.04 0.06 0.01 0.02 0.33 0.14 0.01 0.05 0.01 0.01 0.03 0.09 0.01 6.12 0.02 0.06 0.02 0.04 0.44 0.03 0.03 0.26 1.50 0.01 0.06 0.02 0.04 0.02 0.07 0.05 0.02 0.10 0.01 0.05 0.01 0.09 0.01 0.08 0.05 0.01 0.25 0.03 0.01 0.06 0.05 0.01 0.01

STOCK

Oronova Energy Oxford Res Pac Arc Res Pac Cascade Pac Iron Ore Pac Topaz Palisades Vent Peat Res Phoenix Gold Phoenix Metals PNG Gold Prime Meridian ProAm Expl Q-Gold Res Quartz Mtn Res Rare Element* Ravencrest Res Red Rock Enrgy Red Tiger Mng Redzone Res Reliant Gold Remington Res Remo Res Rhyolite Res Riley Resource Rio Silver River Wild Exp Rockex Mng Rockland Mnls Rockshield Cap Rockwell Diam Romulus Res RosCan Mrnls Rotation Mnls RTG Mining Rubicon Mnrls* Samco Gold Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Mtn Mns Silver Phoenix SinoCoking Cl* Sniper Res Spada Gold Spruce Ridge R Stelmine Can Strata Mnls Stratabd Mnr Sutter Gold Talmora Diamd Tearlach Res Telferscot Res Teryl Res Corp Theia Res Themac Res Thunder Mtn Gd Tiller Res Tolima Gold Transatlan Mng Tri-River Vent True Grit Res UC Res United Coal Unity Energy Universal Vent Vanadium One Velocity Mnrls War Eagle Mg Western Troy C Whistler Gold Whitemud Res Xiana Mng Zara Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.36 0.40 0.40 0.46 0.02 0.03 0.03 0.12 0.18 0.15 0.50 0.01 0.02 0.01 0.02 0.16 0.18 0.16 0.25 0.16 0.18 0.16 0.28 0.06 0.07 0.07 0.07 0.01 0.02 0.02 0.06 ... 0.01 0.01 0.19 0.20 0.21 0.75 0.79 0.79 0.81 0.12 0.15 0.14 0.15 0.03 0.04 0.04 0.06 0.04 0.04 0.04 0.14 0.06 0.07 0.06 0.12 0.11 0.16 0.15 0.89 0.05 0.10 0.05 0.09 0.01 0.02 0.01 0.27 0.02 0.03 0.03 0.10 0.13 0.19 0.15 0.32 0.02 0.03 0.03 0.05 0.13 0.20 0.15 0.18 0.11 0.15 0.13 0.30 0.18 0.48 0.21 0.30 0.20 ... 0.20 0.20 0.06 0.07 0.07 0.18 0.02 0.25 0.02 0.03 0.03 0.05 0.03 0.29 0.07 0.08 0.08 0.11 0.08 0.12 0.09 0.16 0.06 0.07 0.06 0.13 0.21 0.23 0.20 0.20 0.08 0.10 0.09 0.12 0.20 0.21 0.20 0.40 0.13 0.14 0.14 0.67 ... ... 0.03 1.35 0.03 0.03 0.03 0.06 0.08 0.25 0.12 0.20 0.36 0.57 0.36 0.54 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.03 0.03 0.03 0.06 0.03 0.20 0.20 0.25 ... ... 4.64 7.69 0.01 0.01 0.01 0.07 0.20 0.35 0.20 0.25 0.02 0.02 0.02 0.05 0.27 0.28 0.28 0.38 0.30 0.34 0.34 0.35 0.03 0.03 0.03 0.08 0.04 0.05 0.05 0.10 0.01 0.02 0.01 0.05 0.08 0.15 0.08 0.16 0.02 0.02 0.02 0.05 0.01 0.02 0.02 0.02 0.08 0.14 0.10 0.20 0.03 0.04 0.04 0.10 0.13 ... 0.18 0.23 0.37 0.67 0.35 0.85 0.01 0.01 0.01 0.03 0.18 0.22 0.22 0.90 0.04 0.12 0.04 0.07 0.03 0.04 0.03 0.08 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.15 0.21 0.16 1.14 0.40 ... 0.45 0.13 0.15 0.13 0.35 0.27 0.45 0.27 0.30 0.05 0.06 0.05 0.07 0.03 0.03 0.02 0.04 0.03 0.10 0.03 0.06 0.01 0.02 0.01 0.02 0.09 0.10 0.10 0.21 0.07 0.15 0.15 0.43 0.08 0.10 0.10 0.14 0.05 0.07 0.05 0.08

0.04 0.09 0.01 0.15 0.14 0.05 0.01 0.03 0.10 0.02 0.04 0.03 0.06 0.01 0.07 0.02 0.10 0.02 0.05 0.09 0.11 0.10 0.04 0.01 0.02 0.01 0.04 0.04 0.09 0.01 0.12 0.14 0.03 0.02 0.05 0.26 0.07 0.01 0.02 0.03 1.66 0.01 0.13 0.02 0.06 0.08 0.02 0.04 0.01 0.02 0.01 0.01 0.08 0.03 0.10 0.05 0.01 0.14 0.03 0.01 0.01 0.15 0.05 0.09 0.01 0.01 0.01 0.01 0.03 0.01 0.06 0.01

2017-06-05 11:56 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 12–25, 2017

Visitors tour Aurvista Gold’s Douay gold project in Quebec, 55 km southwest of Matagami. AURVISTA GOLD

Ivanhoe veteran Hornor ventures into gold with Aurvista GOLD BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

atthew Hornor, protégé of mining mogul Robert Friedland and veteran of Ivanhoe Mines (TSX: IVN; USOTC: IVPAF), has taken the helm of Aurvista Gold (TSXV: AVA) as president and CEO to lead development of the junior’s 2.8 million oz. Douay gold project in Quebec’s Abitibi region. Hornor, who most recently served as president and CEO of Kaizen Discovery (TSXV: KZD) and served as a vice-president at Ivanhoe for eight years, says he’s been “waiting for the right company with the right asset” since he resigned from Kaizen and Ivanhoe in April and June last year. “I wanted to get involved with a project where I felt strongly about its potential upside,” Hornor tells The Northern Miner during a phone interview. “And from a geological and risk perspective, Douay ticks all the right boxes — it has the components of turning into another Canadian Malartic gold mine.” Douay falls along a 40 km segment of the Casa Berardi deformation zone, one of the many regionally trending structures known to control gold mineralization in the Abitibi. Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold’s (TSX: YRI; NYSE: AUY) 10.7 million oz. Canadian Malartic gold mine is 160 km south of Douay, within a similar trending structure called the Larder Lake-Cadillac. Aurvista is in the midst of a 30,000-metre drill program to expand Douay’s open-pittable inferred resource of 83.3 million

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| Junior gold developer seeks to grow Douay project in Quebec

“DOUAY TICKS ALL THE RIGHT BOXES — IT HAS THE COMPONENTS OF TURNING INTO ANOTHER CANADIAN MALARTIC GOLD MINE.” MATTHEW HORNOR PRESIDENT AND CEO, AURVISTA GOLD

tonnes grading 1.05 grams gold per tonne, assuming a cut-off of 0.5 gram gold. Much like Canadian Malartic, mineralization at Douay is structurally controlled and focused along the flanks of porphyry intrusions. “We’re looking to identify the high-grade ore shoots and develop a new block model for Douay based on those findings,” Hornor says, noting that a resource update is expected by year-end. “For example, at Canadian Malartic, they cherrypicked many of the high-grade zones before they developed it … so they’ve given us the blueprint on how we can expect our project to evolve and what it could look like in the future.” Hornor says drilling could expand Douay’s 7 km long mineralized strike length to over 10 km, making it three times longer than Canadian Malartic. “We’ve never tested Douay below 250 metres, and if you look next door at Canadian Malartic, they’re mining down to 650 metres,” he

Drill core racks at Aurvista Gold’s Douay gold project in Quebec. AURVISTA GOLD

says. “It’s open in all directions and at depth, which is one of the many reasons why Douay is so attractive.” Recent drilling at the northwest end of the project’s Porphyry zone delivered intervals of 2.46 grams gold over 4.5 metres, 0.72 gram gold over 9 metres and 0.44 gram gold over 3 metres, building on previous assay results of 0.79 gram gold over 34.5 metres farther uphole. Another hole returned 2.19 grams gold over 3 metres, 0.64 gram gold over 7.5 metres and 0.55 gram gold over 4.5 metres. “The world is waiting for the next big Canadian gold story, and Quebec is ranked one of the top

places in the world where you want to mine it. I’d take 3 million oz. in Quebec over 10 million oz. anywhere else,” he says. Hornor is a lawyer by training and fluent in Japanese, and is known in the mining industry for keeping ties with prominent Japanese trading houses. He was instrumental in Itochu’s US$280-million investment in Ivanhoe’s Platreef platinumpalladium-gold-nickel-copper project in South Africa in 2011, and orchestrated multiple project acquisitions and equity financings for Kaizen during his two-and-halfyear tenure.

Hornor, 45, has known Robert Friedland for the past 38 years, having been classmates in elementary school with Friedland’s children. “I just got back from a trip to Tokyo. I go there every six weeks to stay in contact with friends and high-level relationships, and they’re extremely keen to get more exposure to Canadian gold projects,” he says. “So you better watch the space.” Shares of Aurvista have traded within a 52-week range between 11¢ and 46¢ and closed at 28¢ at press time. The company has 142.9 million shares outstanding for a $35.2-million market capitalization. TNM

2017-06-06 7:21 PM

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2017-06-05 3:38 PM