The Northern Miner June 20 2016 Issue 19 by The Northern Miner Group

Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation 905 841 5004 | geotech.ca

LYDIAN INTERNATIONAL

To break ground at Amulsar in Armenia / 3

RANDGOLD'S BRISTOW

Embarks on another trek in Africa / 5

SCANDIUM INTERNATIONAL Scores feasibility study for Nyngan / 11

JUNE 20-26, 2016 / VOL. 102 ISSUE 19 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

MDN sees future in niobium, acquires Argor 2003

| Niobium price has more than doubled

ARGENTINA

| Lindero could be a high-margin, low-cost producer

BY TRISH SAYWELL tsaywell@northernminer.com

wo of the bigger mining deals in recent memory have a common denominator that might surprise a few people. Was it gold or copper? Neither. It was niobium — a metal rarely discussed outside mining circles, and yet one that has doubled in price since 2003, and is produced at just three primary niobium mines in the world and has seen no new mines built since the late 1970s. Not so surprisingly, these two deals were fuelled by Asian demand and money. In April, Hong Kong and Shanghai-listed China Molybdenum plunked down US$1.5 billion in cash (about 10 times earnings before interest, taxes, depreciation and amortization (EBITDA) to get its hands on Anglo American’s (NASDAQ: AAUK) niobium assets in Brazil, along with its phosphate business. A little over two years before this deal, Magris Resources — a private equity firm set up by Aaron Regent, the former CEO of Barrick Gold (TSX: ABX; NYSE: ABX) — paid US$500 million, or 5.6 times EBITDA, for Iamgold’s (TSX: IMG; NYSE: IAG) undergound Niobec niobium mine in Quebec. The Niobec purchase in October 2014 was Regent’s first acquisition since he created Magris and was backed by Asian money — specifically with contributions from Singapore’s sovereign wealth fund Temasek Holdings, and Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings. Casting further back in time, it was two Asian groups holding mainly iron and steel companies that bought a combined 30% stake in the world’s largest niobium producer, Companhia Brasileira de Metalurgia e Mineracao, or CBMM, in 2011. The privately held Brazilian group, which produces 84% of the world’s niobium, sold 15% stakes to a Japanese-Korean consortium and one from China for US$1.5 billion each. Asian companies are taking strategic positions to secure supply of the metal, also known as

Fortuna scooping up Goldrock for US$101M BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

ortuna Silver Mines (TSX: FVI; NYSE: FSM) has been on the lookout for an acquisition in the Americas, and it found a fit in Goldrock Mines (TSXV: GRM; US-OTC: MFMNF) and its wholly owned Lindero goldporphyry project, 250 km west of the city of Salta in northwestern Argentina. On June 7 the companies announced an all-share deal wherein Fortuna would acquire Goldrock for US$101 million. Lindero is considered “shovel ready,” with all major permits in place and an updated feasibility study completed in February. See FORTUNA / 2 PM40069240

Geological engineer Jacquelin Gauthier at the Argor niobium property in northern Ontario’s James Bay lowlands. MDN

“CHINA IS GOBBLING UP ALL OF THE CRITICAL AND STRATEGIC METALS THEY CAN’T PRODUCE INTERNALLY.” CLAUDE DUFRESNE PRESIDENT AND CEO, MDN

“columbium,” 90% of which is used as an alloy that improves the properties of steel. The steel produced is used in everything from oil and gas pipelines to the aerospace (jet engines) and automotive industries, as well as in structural applications. “China is gobbling up all of the critical and strategic metals they can’t produce internally,” says Claude Dufresne, president and CEO of MDN (TSXV: MDN), which signed an agreement to

acquire a niobium property in the James Bay lowlands of northern Ontario that it says could become North America’s second producer of ferro-niobium. “There are small amounts of niobium in China but it’s mixed up in rare earths, and they are producing only 1,000 tonnes of niobium a year,” Dufresne adds, noting that world consumption of the metal is 85,000 tonnes annually. The mining engineer notes that the market for niobium is growing, especially given China’s appetite for steel. “China is the largest consumer of niobium, but if you consider their intensity — which is their usage divided by steel production — they are consuming one-fourth of what the U.S. is consuming, so there is definitely an increase in demand coming from Asia,” he says in a telephone interview from his office in Montreal. “There is a lot of research and development

work that is being done by the steel producers to produce better steel — to make it lighter and stronger — and in most cases, niobium is used as a micro-alloy element. “It’s a profitable business,” he adds, noting that the current price of a kilogram of niobium pentoxide (Nb2O5) ranges between US$35 and US$40, up from US$14 per kilogram in 2003. MDN is acquiring Argor from its current owners Barrick Gold, Goldcorp (TSX: G; NYSE: GG) and private company James Bay Columbium. Barrick owns 60% of the asset; James Bay Columbium, set up in 2000 by mine-finder and Canadian Mining Hall of Famer Arthur Stollery, owns 32%; and Goldcorp owns the remaining 8%. The sellers will receive 5 million common shares in MDN, $25,000 in cash and will keep a 2% net smelter return royalty over all minerals from the property. (The See MDN / 2

PREMIER GOLD: EXTRACTS FAVOURABLE FUNDING TERMS / 13

1 2 3 4 5 11 13 14 16_JUN20_Main .indd 1

2016-06-14 6:37 PM

WWW.NORTHERNMINER.COM

JUNE 20–26, 2016 / THE NORTHERN MINER

Fortuna scooping up Goldrock for US$101M FORTUNA From 1

Under the deal, each Goldrock share will be exchanged for 0.1331 of a Fortuna share, which equates to a $1.08-per-share acquisition value, and represents a 58% premium based on the companies’ June 7 closing prices. The combined pro-forma ownership would be 89% for Fortuna shareholders and 10.8% for Goldrock shareholders. “We became acquainted with the project in 2010, when we did initial work — more at the desktop level — and we were quite intrigued,” Fortuna president and CEO Jorge Alberto Ganoza said during a conference call. “The basic rationale for the transaction is simple. The Lindero project ticks all the boxes. It has the potential to be a highmargin, low-cost operation with a robust internal rate of return. It is straightforward from a mining perspective, and located in a mining-friendly jurisdiction in [Argentina’s] Salta province.” The feasibility study was prepared by Kappes, Cassiday & Associates, and models US$167 million in initial capital to develop a 12-year, open-pit heap-leach mine. The 18,750-tonne-per-day operation would crank out nearly 108,0 0 0 oz . gold a nnua l ly at US$777 per oz. all-in sustaining costs. Goldrock ’s engineering results indicate a 1.22 strip ratio and 68.3% life-of-mine gold recoveries. Lindero has proven and probable reserves of 82.5 million tonnes averaging 0.63 gram gold per tonne for 1.68 million contained oz. gold. Meanwhile, measured and indicated resources total 117.3 million tonnes of 0.57 gram gold for 2.14 million contained oz. gold. For the study, Goldrock had DKT Geosolutions retabulate resources using a lower long-term gold price of US$1,350 per oz. gold. Lindero’s economic base case assumes a US$1,200 per oz. gold price, and indicates a 26.5% aftertax internal rate of return and

Goldrock Mines’ Lindero gold-porphyry project, 250 km west of Salta in northwestern Argentina. GOLDROCK MINES

“WE ARE PLEASED WITH THE CHANGES WE’VE SEEN [IN ARGENTINA]. WE BELIEVE THAT PRESIDENT [MAURICIO MACRI] IS AN ENERGETIC LEADER WITH SIGNIFICANT POLITICAL CAPITAL.” JORGE ALBERTO GANOZA PRESIDENT AND CEO, FORTUNA SILVER MINES

US$217-million net present value at a 5% discount rate. The operation would generate US$46.5 million in annual after-tax cash f low, and feature a two-year capital payback period. “With respect to the Argentine federal government, we’ve been monitoring [the country] for years and kept a close eye on developments. Our decision back in 2010 to not pursue Lindero mainly owed to our view of [the jurisdiction] at the time,” Ganoza said. “We are pleased with the chang-

es we’ve seen. We believe that President [Mauricio Macri] is an energetic leader with significant political capital. Early on he has implemented policy changes that have turned the business climate right around,” he added. The acquisition would add to Fortuna’s production portfolio of the Caylloma silver-gold mine in Peru and the San Jose silver-gold operation in Mexico. The company produced 1.62 million oz. silver and 9,200 oz. gold during the first quarter at

all-in sustaining costs, net of by-product credits, of US$9.39 per oz. silver. Fortuna estimates that when Lindero hits production its proforma revenue mix would be comprised of 35% silver and 55% gold. The company intends to produce at the project by 2018, based on a 15-month construction period. Regionally, Goldrock has explored t he A riza ro por phy r y copper-gold deposit, 3 km southeast of Lindero. Mineralization is hosted within potassic-altered diorites, while the higher-grade, gold-copper intervals are associated with a magnetite breccia. “One of the things that we like about Lindero is not only the intrinsic value of the asset, but also the opportunities it opens for us,” Ganoza said. “We want to grow our business, and Arizaro represents an immediate area of opportunity

on the project site. [The deposit] has received limited work, but it’s an exciting and legitimate copper-gold target. Once Lindero is up and running, it certainly lowers the threshold for success at Arizaro, in terms of what we would need to discover there.” BMO Capital Markets analyst Jessica Fung boosted her target price on Fortuna by 43¢ to $8.50 per share after the Goldrock deal was announced, and noted that “a Latin American project should comfort investors, as the company had also looked at projects in Africa, which was a concern in our discussions.” For t u na Si lver sha res have moved in a 52-week range $2.65 to $8.60 per share, and closed at $8.27 at press time. The company has 130.6 million shares outstanding for a $1-billion market capitalization, and had US$96 million in cash at the end of the first quarter. TNM

MDN sees future in niobium, acquires Argor MDN From 1

proceeds will be split between the three owners based on their percentage of ownership.) MDN has the right to buy back 1% of the royalty for $2 million. The sellers also have back-in rights to reacquire a 51% stake in the property if MDN discovers gold — namely more than 2 million oz. gold, or 2 million equivalent oz. gold. Argor comes with a historic resource based on 14,000 metres of drilling from the 1960s. Eighty-five holes were drilled up to 275 metres along a 730-metre strike, and

resulted in a historic indicated resource estimate of 62 million tonnes grading 0.5% Nb2O5. (The niobium — in a carbonatite — comes in a mineral named “pyrochlore.” This is an oxide, so the niobium (Nb) is reported as Nb2O5, and the grade of all niobium deposits are reported as a percentage of Nb 2O 5 .) D u f re sne note s t hat ot her work in the 1960s included an exploration shaft and extracting a 250-tonne bulk sample, which yielded a 78% recovery rate in pilot plant tests by Lakefield Research. The property acquisition comes with all the core intact and logged. Bechtel Canada completed a

GOLD PROPERTY FOR SALE — YUKON Aurchem Exploration Ltd. a Yukon based company holds 180 quartz claims, ~9000 acres, in the Mt.Nansen gold mining area, near Carmacks,YT. Recently discovered high grade area, the “Vic Project” (totally 93 claims) with gold concentrations averaging 70g/t as high as 325g/t with estimated resource value of 80,000 oz. Interested? Call 867-333-3888.

1 2 3 4 5 11 13 14 16_JUN20_Main .indd 2

feasibility study on Argor in 1969 and updated it in 1979, but the project did not meet the owner’s targeted return on investment. MDN’s first steps, once the deal is closed, is to raise capital and sit down with the Cree First Nations. “We want to make sure they know what we’re doing and that they support us,” Dufresne says, adding that the junior will also have to raise capital, produce an internal desktop study to update estimated capex and opex, and work on converting the historic resource into a National Instrument 43-101 compliant resource. While it’s still early, Dufresne reckons that if MDN builds a mine at Argor it would be underground, because an open pit in this part of Ontario would be expensive. He expects the company would need a concentrator at the mine site, and ship the concentrate to a location where it would be converted into ferro-niobium. Argor, just 45 km from Moosonee, is accessible by rail, although MDN would have to build a road from the project to Moosonee. The project is 120 km north of Detour Gold’s (TSX: DGC) gold mine of the same name. It took MDN eight months to negotiate the deal, after finding the property by looking through files and at all of the carbonatite

A helicopter at the Argor niobium property in Ontario. MDN

properties in northern Ontario. “We discovered this one and we did a bit more digging and we realized it was dormant, and so we contacted the operator, which was James Bay Columbium,” he says. “When we contacted them they weren’t even aware they had the asset, because Mr. Stollery had passed away. We ended up contacting Barrick and talking with the right people, so it took a while.” If Argor becomes a mine, the ore will be upgraded into a concentrate of 58% to 60% Nb 2 O 5 , Dufresne says. The concentrate would then

be converted into ferro-niobium. (The niobium content in ferroniobium is usually 66%.) Dufresne joined MDN as CEO in 2014, and initially focused on the company’s Crevier niobiumtantalum project in Quebec. But the economics at the time didn’t justify spending more money on Crevier, and the company looked for other niobium projects. Before MDN Dufresne spent over 13 years in sales, as well as marketing ferro-niobium produced by the Niobec mine. TNM

2016-06-14 6:38 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 20–26, 2016

Lydian International’s Amulsar gold project in Armenia, 170 km south of the capital Yerevan. LYDIAN INTERNATIONAL

It’s official: Lydian to start construction at Amulsar ARMENIA BY TRISH SAYWELL

tsaywell@northernminer.com

ydian International (TSX: LYD) has decided to build Armenia’s largest gold mine, with the first gold pour anticipated in 20 months. The company has more than 80% of the financing in place for the US$370 million required in construction capital, and equipment financing will make up the rest. Its Amulsar mine could produce 243,000 oz. gold annually over the first five years of production, starting in 2018, and average 211,000 oz. gold a year over a 10-year mine life. The gold will be produced at attractive total cash costs of US$509 per oz. and all-in sustaining costs of US$585 per oz. gold. Lydian president and CEO Howard Stevenson was travelling in Armenia and not immediately available for comment on the construction decision, but in prepared remarks released on June 9, he said that basic engineering was advancing and that the company planned to tender several contracts during the coming weeks in anticipation of breaking ground. He also noted that the company plans to outline its path forward at the company’s upcoming annual meeting. Stevenson is no stranger to building gold mines. In a former role as president and chief operating officer of Alacer Gold (TSX: ASR), the mining executive supervised the construction and development of the company’s Copler gold mine in Turkey, building a heap-leach operation and overseeing the start of production. Amulsar is a large-scale oxide deposit in southern Armenia that — at US$1,150 per oz. gold — could serve up an after-tax net present value (NPV) at a 5% discount rate of US$338 million, and a 21.7% posttax internal rate of return (IRR). At US$1,250 per oz. gold, the NPV rises to US$438 million and the IRR to 25.7%. The construction decision on its wholly owned project follows an amended mining right from the Armenian government and the

1 2 3 4 5 11 13 14 16_JUN20_Main .indd 3

| Country's largest-ever gold mine to produce 211,000 oz. per year

“WITH FINANCING LARGELY SECURED AND THE RECEIPT OF AN AMENDED MINING RIGHT, LYDIAN NOW APPEARS TO BE ONE OF THE FEW PROJECTDEVELOPERS POISED TO ADVANCE INTO PRODUCTION.” ANDREW BREICHMANAS EQUITY RESEARCH ANALYST, BMO CAPITAL MARKETS

previously announced closings of a $38.3-million public offering and US$80 million in private placements. The company also completed a US$325-million financing package late last year with Orion Mine Finance and Resource Capital Funds. On May 24, Armenia’s Ministry of Energy and Natural Resources amended the project’s mining right to cover all project infrastructure, including the location for crushers, the conveyor and heap-leach facility; a mining permit for all three open pits (Tigranes, Artavasdes and Erato); definition of the area within which operating activities can take place; and a mining agreement that outlines the nature and duration of mining operations. At a cut-off grade of 0.20 gram gold per tonne, Amulsar’s measured and indicated resources stand at 122 million tonnes grading 0.77 gram gold per tonne for 3 million contained oz. gold, and inferred resources add 106 million tonnes averaging 0.59 gram gold for 2 million oz. gold. The low-grade, high-tonnage deposit remains open in all directions. Lydian plans to evaluate expansion potential from the defined inferred resource, and open extensions at depth. The project lies 170 km southeast

A tractor at Lydian International’s Amulsar gold property in Armenia. LYDIAN INTERNATIONAL

of the capital of Yerevan and covers 56 sq. km, within silicified host rocks along the crest of a 2,800-metre-high mountain ridge. The silicified rocks are underlain by — and partly interleaved with — a large volume of visible, clay-altered volcanogenic rocks dominated by porphyritic andesite. Small plutons and subvolcanic intrusives lie just west of the alteration system and contain subeconomic alena-chalcopyrite veins. Although the alteration had been mapped in early Soviet times for a silica resource, and later Soviet exploration had been carried out for silica, gold was not reported until a reconnaissance trip by Lydian geologists in 2005 recognized potential epithermal-style gold mineralization in rocks beside a highway. Gold, hematite and silica occur within fractures, narrow, oxide-filled breccia zones, and a few larger hydrothermal breccia zones. The project was previously a jointventure with Newmont Mining (NYSE: NEM), but Lydian bought the major’s stake in April 2010. (Newmont has a 3% net smelter

return royalty, but Lydian can buy back the royalty for US$20 million, payable over five years. Armenia has large porphyry-style, copper-molybdenum deposits and polymetallic and gold-bearing vein systems, due to its location within a tectonically active collision zone between the Arabian and Eurasian plates, a technical report completed by Lydian explains. Large-scale metal production began in the early nineteenth century. (The country’s Kajaran deposit, developed in the 1950s, produces 3% of the world’s

total molybdenum output.) At press time Lydian’s shares traded at 33.5¢ per share within a 52-week range of 18.5¢ to 56¢ apiece. Andrew Breichmanas, an equity research analyst at BMO Capital Markets in London, has an “outperform” rating on the stock and a 50¢-per-share target price. “With financing largely secured and the receipt of an amended mining right,” he says in a client research note, “Lydian now appears to be one of the few project-developers poised to advance into production.” TNM

Global Leader

Your Technical Services Partner in Geochemistry and Metallurgy For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221 RIGHT SOLUTIONS RIGHT PARTNER

2016-06-14 6:38 PM

WWW.NORTHERNMINER.COM

JUNE 20–26, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@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 WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@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) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 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, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI 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

E D I T O R IA L

Miners sign on to Carbon Pricing Leadership Coalition CARBON PRICING

| U.S. organizations mostly stay on sidelines

he whole field of carbon taxes, cap-andtrade of carbon emissions, and other government initiatives to limit and tax industrial carbon emissions around the world is a complex and dispiriting grab bag of conflicting and ever-changing policies and economic interests — loosely held together by more than a little political grandstanding and BY JOHN CUMMING jcumming@northernminer.com feigned concern. But if you were to bet on one group that major mining companies may coalesce around on the topic of carbon emissions as time goes on, it would have to be the new Carbon Pricing Leadership Coalition (CPLC), and so it’s worth reviewing what they’re up to. The idea of forming the CPLC came from the calls for a firmer global carbon-pricing regime expressed at the United Nations Climate Summit in September 2014. The CPLC was launched at the United Nations Framework Convention on Climate Change at its twenty-first Conference of Parties (“COP 21”) in Paris last November, with a goal to “expand the use of effective carbon-pricing policies that can maintain competitiveness, create jobs, encourage innovation and deliver meaningful emission reductions.” The CPLC describes its role as “bringing together leaders from across government, the private sector and civil society to share experiences working with carbon pricing and expand the evidence base for the most effective carbon-pricing systems and policies.” The CPLC says it will “collect the evidence base, benefitting from experience around the world in designing and using carbon pricing, and use this input to help inform successful carbon-pricing policy development and use of carbon pricing in businesses. It will also deepen understanding of the business and economic case for carbon pricing … developing pathways for use by companies, investors and governments that will illustrate plausible outlooks under a variety of carbon-pricing policies and timelines.” It will also “work to bring together government and business in leadership dialogues that identify and address the most pressing issues, and in doing so, accelerate the use of carbon pricing around the world.” The CPLC has about 90 corporate members so far, including oil heavyweights Royal Dutch Shell, Total, Statoil and Sinopec. On the metals and mining side are BHP Billiton, Tata, Rusal and — as the first and only member from Canada — Teck Resources. The participation of U.S. organizations in CPLC is notably low, with exceptions such as the California government, California Public Employees’ Retirement System and Yale University. Twenty governments are full partners in the CPLC: Belgium, Canada, Chile, Côte d’Ivoire, Colombia, Ethiopia, France, Finland, Germany, Italy, Japan, Kazakhstan, Mexico, Morocco, Netherlands, Norway, Spain, Sweden, Switzerland and the United Kingdom. Six subnational governments are also partners, all from North America: Alberta, B.C., California, Northwest Territories, Ontario and Quebec. On top of that are a group of CPLC “strategic partners” comprised of climate change-related lobby groups and non-governmental organizations, as well as large global institutions such as the World Bank, the Organisation of Economic Co-operation and Development, and the International Monetary Fund. The highest-profile group at the CPLC is its Carbon Pricing Panel, convened by World Bank Group president Jim Yong Kim, the International Monetary Fund’s managing director Christine Lagarde, and OECD secretary general Angel Gurria. Members of the Carbon Pricing Panel include German Chancellor Angela Merkel, Chilean President Michelle Bachelet, French President François Hollande, Ethiopian Prime Minister Haile Mariam Desalegn, Philippine President Benigno Aquino III, Mexican President Enrique Pena Nieto, Canadian Prime Minister Justin Trudeau, Governor Jerry Brown of California and Mayor Eduardo Paes of Rio de Janeiro. TNM

Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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

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

COMPANY INDEX THE NORTHERN MINER is published weekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

1 2 3 4 5 11 13 14 16_JUN20_Main .indd 4

Acacia Mining . . . . . . . . . 16 Agnico Eagle Mines. . . . . 13 Alacer Gold. . . . . . . . . . . . . 3 Alcereco. . . . . . . . . . . . . . . 11 Anglo American. . . . . . . . 1 AngloGold Ashanti. . . . . 16 Areva Resources. . . . . . . . . 5 Barrick Gold. . . . . . . . . 1,13 BHP Billiton. . . . . . . . . . . 11 Denison Mines. . . . . . . . . . 5 Detour Gold. . . . . . . . . . . . 2 Endeavour Mining. . . . . . 16

Fission Uranium . . . . . . . 14 Fortuna Silver Mines. . . . . 1 Goldcorp. . . . . . . . . . . . . . 13 Goldrock Mines. . . . . . . . . 1 Iamgold. . . . . . . . . . . . . . . . 1 IDM Mining. . . . . . . . . . . 13 Lydian International. . . . . 3 MDN. . . . . . . . . . . . . . . . . . 1 Newmont Mining . . . . . . . 3 NexGen Energy. . . . . . . . 14 Orezone Gold. . . . . . . . . . 16 OURD (Canada) Co.. . . . . 5

Premier Gold Mines. . . . 13 Randgold Resources. . 5,16 Roxgold. . . . . . . . . . . . . . . 16 Sarama Resources . . . . . . 16 Savary Gold. . . . . . . . . . . . 16 Scandium International Mining. . 11 Scandium Investments LLC. . . . . . . . . . . . . . . . . 11 Semafo. . . . . . . . . . . . . . . . 16 Stornoway Diamond. . . . 13

O P- E D Canadian mining sector improves in early 2016 FACTS ‘N’ FIGURES

| Higher metal prices lift share prices in Q1

he Canadian mining sector got a much-needed boost in the first three months of 2016 thanks to higher gold and base metal prices, according to a new EY report. EY’s Canadian Mining Eye Index, which tracks the performance of 100 TSX and TSX Venture Exchange mid-tier and junior mining companies, climbed 26% in the first quarter. This compares to a 2% gain in the fourth quarter of 2015. (Companies on the index have a market capitalization of between $47 million and $1.6 billion.) The Canadian Mining Eye outperformed the S&P/TSX Composite Index and the London Metal Exchange (LME), which gained 4% and 3% in the first quarter. Over the same time, the S&P/ TSX Composite Metals and Mining Index rose 34%, compared to a 4% gain in the previous quarter. “Improved gold and base metal prices appeared to generate muchneeded positive momentum in the sector,” Bruce Sprague, EY’s Canadian mining and metals leader, said in a release. Gold had a strong start to the year, and reached a high of US$1,271 per oz. in the first quarter. Helping gold’s upward movement were signs that the U.S. Federal Reserve would cut the number of expected nearterm interest rate hikes to two from four previously. This drew investors back to buying gold as a safe haven, the report states. Other factors helping bolster the gold price include slower economic growth, financial uncertainty and the adoption of negative interest rates by the central banks in Japan and Europe. Over the first three months of the year, the yellow metal increased 16%, after a 5% decline in the fourth quarter. On the LME over the first quarter, zinc soared 14%, erasing the loss in the previous quarter, while copper advanced 4%, versus a 9% decline in the fourth quar-

GOLD HAS HAD A STRONG START TO THE YEAR, REACHING A HIGH OF US$1,271 PER OZ. IN THE FIRST QUARTER. ter. Nickel and lead retreated 4% and 6%. “The modest improvement in base metal prices failed to offset widespread loss of confidence due to ongoing concern about growth in China and subdued demand for metals,” the report points out. Regardless, some mining companies saw their share prices increase more than 70% in the first quarter. Some top first-quarter performers that were not on the Canadian Mining Eye Index include Barrick Gold and Teck Resources. Their shares climbed 72% and 84%. Kirkland Lake Gold, which is on the Canadian Mining Eye, rose 73% in the first quarter. “The strong growth of Canadian mining equities also indicates benefits from strategic initiatives on non-core asset sales, aggressive cost control measures and a disciplined approach in reducing debt,” Sprague explained. Gold prices dipped in the second quarter, recently trading at US$1,212.80 per oz., before rebounding in response to speculation that interest rates would remain lower for longer. The report also forecasts “near-term price increases in many metals.” “As markets anticipate more of the positive environment over the next few quarters, we are likely to see a turnaround of fortunes for companies,” EY’s mining and metals transactions leader Jay Patel says. “At the other end of the spectrum, challenging global market conditions remain, so some caution is warranted.” TNM

People in our biz should see Koneline film LETTER TO THE EDITOR

| Documentary on NW BC defuses contentious issues, has poetic focus

I saw KONELĪNE: Our land beautiful this afternoon at the Bloor Cinema in Toronto with a few geo and non-geo friends. (See film review, T.N.M., June 6–12/16. The Northern Miner is co-presenter of the film’s Toronto premiere.) It is indeed a stunningly beautiful film, superbly photographed, with some high-tech moments that any experienced geologist who has ever worked in the North will recognize (placing those transmission towers: Wow!). The great achievement of this film to me, apart from the spectacular photography, is that it defuses issues that have pitted the old-guard, redneck bigots in our industry (and there still are far too many amongst us) against First Nation elders who are trying to preserve important cultural values within their homeland. It portrayed very human stories. I have little or no personal patience for band politics in general

but, like many of my colleagues, I have spent a lot of time sharing a canvas tent with First Nations guys whose wisdom and subtle sense of humour have been a personal learning experience to me throughout my career as a geologist, since I was a young pup in my 20s. This film, truly, is balanced. And by not taking sides on ongoing issues, its focus is poetic. I applaud The Northern Miner for supporting this film. It got five stars in the leftist, anti-mining NOW Magazine here in Toronto, and support from the ’Miner. Somebody must have spiked my coffee cup a few days ago with LSD! Who would have thought! Anyone in our biz who has the opportunity to see this film should do so. Good on you. Bill Barclay Toronto

2016-06-14 6:38 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 20–26, 2016

Randgold’s Bristow hits the road on motorbike journey across Africa CHARITY FUNDRAISER

| Riding more than 7,000 km from Mombasa to the DRC's east coast

BY TRISH SAYWELL

tsaywell@northernminer.com

n what is believed to be the first attempt by motorbike, Mark Bristow embarked at dawn on June 1 on a 7,500 km journey that would take him from the east coast of Africa to the west coast, starting in Mombasa, Kenya, and ending in the port city of Matadi in the Democratic Republic of the Congo (DRC). The month-long trip will see the CEO of Randgold Resources (NASDAQ: GOLD) and his six companions travel “through or around the dense equatorial Congolese jungle,” and pass the sources of the Congo and Nile rivers. “Our Safari this year is definitely not for sissies!” Bristow wrote in a blog post before his departure, adding that according to one of his mates on the trip, the group of riders “will be the first ever to do this route.” The tour is the fourth trans-Africa motorbike safari Bristow has undertaken for charity, and his fifth overall, and he believes that the terrain will be the toughest yet. According to the blog writer of the Basement Geographer, “you can easily make a case for the DRC being the most infrastructurally deficient country in the world,” with just 2,794 km of all-weather paved roads for a total area of 2.35 million sq. km. “The vast, vast majority of roads in the Congo are unpaved and unmaintained … most roads are simply dirt tracks rather than actual roads … and are nearly impassable.” In the last two decades, he says, only a pair of civilians have traversed the DRC by vehicle — a couple from Belgium who “completed the feat in a Toyota Land Cruiser in a rather harrowing 44 days, in which they were constantly breaking down

Mark Bristow (far right) and his companions prepare to depart on their journey from Mombasa, Kenya, earlier this month. RANDGOLD RESOURCES

“OUR SAFARI THIS YEAR IS DEFINITELY NOT FOR SISSIES.” MARK BRISTOW CEO, RANDGOLD RESOURCES

[including multiple days with no progress at all], stuck in potholes and deep ruts, navigating over bridges that were almost non-existent, and pulled over to be extorted for bribes time after time, including brushes with ‘coupeurs de route’ — roving gangs of machete- and gun-wielding road bandits.”

Bristow hopes his safari will raise $3 million for Nos Vies en Partage (Sharing Prosperity), an independent charitable foundation dedicated to fighting poverty in Africa, which Randgold set up in 2014. (His previous safaris raised $2.5 million for the organization, which was distributed to charitable entities in 15 African countries.) In the DRC, the foundation has already committed its support to projects designed to help abused women and rehabilitate child soldiers as part of the country’s postconflict reparation program. Bristow started the tradition of

long-distance motorbike trips in 2009 with his two sons, then in their teens. Their journey from Cape Town to Cairo was dubbed “3BoyzonBikes.” In 2010, Bristow combined his annual review of Randgold’s exploration projects with a fund-raising ride traversing Senegal, Mali, Burkina Faso and Côte d’Ivoire, which his team called Nos Vies en Partage. Then in 2012, Bristow rode from Budapest to Bamako via Morocco, western Sahara, Mauritania and Senegal, and on through to Abidjan in Côte d’Ivoire. Two years later he was back at

it again, completing a trip around Africa, and riding from Abidjan via Benin, Togo, Nigeria, Cameroon, Gabon, the Congo, the DRC, Angola, Namibia and back to Cape Town. That year, Nos Vies en Partage officially became a charitable foundation. The 2016 ride will cover more than 7,000 km — over double the 3,500 km direct distance — because the riders will have to circumnavigate some of the worst parts of the journey. Bristow will chronicle the road trip online at www.boyzonbikes. com. TNM

CNSC greenlights McClean Lake mill expansion SASKATCHEWAN URANIUM BY SALMA TARIKH

starikh@northernminer.com

he Canadian Nuclear Safety Commission (CNSC) has approved the expansion of the McClean Lake mill — operated by Areva Resources in northern Saskatchewan — allowing Cameco (TSX: CCO; NYSE: CCJ) to ramp up production at its low-cost Cigar Lake uranium mine. On May 31, CNSC signed off on an application from the mill’s 70%-owner Areva and minority partners Denison Mines (TSX: DML; NYSE-MKT: DNN) and OURD (Canada) Co. to boost McClean Lake’s annual production capacity from 13 million lb. uranium oxide (U3O8) to 24 million lb. The mill — held 22.5% by Denison and 7.5% by OURD — toll-treats all of the ore from Cameco’s Cigar Lake mine, some 70 km away. With the CNSC approval, Cameco can meet its 2016 production forecast at Cigar Lake of 16 million lb. U3O8 , where the miner’s 50% share will total 8 million lb. U3O8 . It also paves the way for the mine to reach its production design rate of 18 million lb. U3O8 in 2017, where Cameco’s share would be 9 million lb. (Areva, Idemitsu Canada Resources and Tepco Resources hold the rest of Cigar Lake.)

1 2 3 4 5 11 13 14 16_JUN20_Main .indd 5

| Areva, OURD, Cameco, Denison, Idemitsu and Tepco all benefit from approval

Cantor Fitzgerald analyst Rob Chang notes McClean Lake is the “world’s most technologically advanced mill,” and can process Cigar Lake’s “ultra” high-grade ore without dilution. The mill has undergone expansion since 2013, ahead of the CNSC approval. While the approval was expected, Chang says the news also helped Denison, which benefits from the mill’s higher processing and revenues. Edward Sterck, a BMO Capital Market analyst, estimates that Denison will collect $6.5 million annually from its interest in the mill from processing Cigar Lake’s ore, once the mine reaches full production in 2017. Sterck, who also covers Cameco, says the expanded mill will have excess capacity of 6 million lb., assuming it does not process ore from other sources. “Should Cigar Lake continue to exceed expectations there could be the potential for the mine’s output to be upscaled, subject to regulatory approval,” he writes. However, an expansion may be far down the road, as Cameco recently reduced its 2016 consolidated production guidance, due to weakness in the uranium market. Its annual guidance is now 25.7 million lb. U3 O 8 , down from 30 million lb. earlier. The reduction

THE MILL TREATS ORE FROM THE CIGAR LAKE MINE, WHICH CAN NOW MEET ITS 2016 GUIDANCE OF 16 MILLION LB. U3O8.

Areva, Denison Mines and OURD Co.’s McClean Lake uranium mill in northern Saskatchewan. DENISON MINES

incorporates Cameco’s production suspension at the costly Rabbit Lake mine in Saskatchewan and deferred wellfield development at its U.S. in-situ recovery operations, as well as reduced output at its 70%-held McArthur River operation in Saskatchewan. As part of Cameco’s strategy to build its low-cost production base, it recently signed an agreement with Kazatomprom to restructure the Inkai joint venture in Kazakhstan. The joint venture is a partnership between Cameco and Kazatomprom, where Cameco holds a 57.5%

interest. The agreement allows the doubling of production at Inkai to 10.4 million lb. a year, over three years after required approvals, as well as an extension of the production leases. The agreement, which may take up to two years to approve, will lower Cameco’s share in the joint venture to 40%, while boosting Kazatomprom’s ownership to 60%. It is not a “tremendously good deal for Cameco, but neither does it look terribly bad, either,” BMO’s Sterck comments. Although Cam-

eco’s annual production from the full Inkai expansion will drop to 4.2 million lb. from 5.2 million lb., its “financial exposure presumably will be less.” The joint-venture partners also intend to complete a feasibility study on building a uranium refinery in Kazakhstan with a capacity of 6,000 tonnes a year of uranium trioxide. If built, Cameco’s interest in the joint venture will increase based on certain conditions. For the first quarter of 2016, Cameco recorded an adjusted net loss of $7 million, or 2¢ per share, compared to last year’s adjusted profit of $69 million, or 18¢ per share. The loss resulted largely from lower gross profit from its uranium and Nukem segments. Sterck has a $20 target and an “outperform” rating on the stock, while Cantor’s Chang has an $18.15 target and a “buy” rating. TNM

2016-06-14 6:38 PM

WWW.NORTHERNMINER.COM

JUNE 20–26, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 6–10 Canada’s unemployment rate in May fell to 6.9%, its lowest level since July 2015, but the news was tempered by worries about slowing global economic growth and concerns that Britain would vote to leave the European Union on June 23. The S&P/TSX Composite Index fell 1.3% to 14,037.54 and the S&P/TSX Global Mining Index lost 1.9% at 56.87. By contrast, the S&P/TSX Capped Diversified Metals & Mining Index was up 0.1% to 538.08, while the gold price advanced 2.4% to US$1,273.30 per oz. and West Texas Intermediate crude finished at US$49 per barrel, after hitting US$51 per barrel earlier. The S&P/TSX Global Gold Index rose 0.8% higher to 231.76. TMAC Resources climbed $1.23 to $15.20 on drill results showing that the company had intercepted high-grade gold mineralization below its current reserves at the Doris deposit in Hope Bay, Nunavut. Highlights included 35 grams gold per tonne over 17.7 metres; 25.4 grams gold over 2.6 metres; 50.6 grams gold over 5.3 metres and 97.7 grams gold over 2 metres. The results confirm that the high-grade, gold-bearing quartz veins and structures in the mine plan are not truncated by the 75- to 100-metre-thick unmineralized diabase dyke at 100 to 200 metres below surface. The company said the results could expand the five-year mine life at the Doris mine, and have helped TMAC “aggressively

plan for extending underground infrastructure and production below the diabase dyke” at the project. Detour Gold advanced $1.68 to $31.37 per share. Management provided an operational update on its Detour Lake mine, noting that the 410-conveyor system installed and commissioned in April was “proving more efficient,” and has been tested up to 4,600 tonnes per operating hour (tpoh), versus the prior system’s maximum rate of 3,800 tpoh. Detour will continue with adjustments to test its upper limit of 5,000 tpoh. The plant processed 2 million tonnes of ore in May, which is a “positive indication” that it is on the right path to reach its target of processing 23 million tonnes of ore per year before 2019. Detour says it will produce between 540,000 TSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

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

42222 10.34 8.58 8.63 - 0.52 38811 6.80 6.11 6.36 + 0.16 37533 6.97 6.25 6.60 + 0.15 36639 2.75 2.46 2.65 + 0.01 29183 15.81 14.14 14.54 + 0.69 28268 36.52 34.34 34.38 - 1.22 24308 25.97 23.84 25.00 + 0.19 20564 6.21 5.68 5.71 - 0.36 20553 24.15 22.87 23.02 - 0.63 19717 2.40 2.12 2.30 + 0.12

and 590,000 oz. gold in 2016 at total cash costs of US$675 to $750 per oz. sold, and all-in sustaining costs of US$840 to US$940 per oz. sold. Shares of Silver Bear Resources jumped 45.9% to 27¢ after the junior announced the results of a feasibility study for its Mangazeisky silver project in Russia’s Far Eastern Republic of Sakha. The project, which hosts one of the highest-grade silver

deposits in the world, will produce 16.8 million oz. silver over a 7.3-year mine life. Initial capex is estimated at US$48.6 million, and the project should deliver a post-tax payback in just over two years, a post-tax net present value at a 5% discount rate of US$70.7 million and a post-tax, 40.2% internal rate of return, the study says. Mangazeisky is 400 km north of the capital city of Yakutsk. TNM

TSX GREATEST PERCENTAGE CHANGE

Argex Titanium Gabriel Res Silver Bear Rs Atlatsa Res Marathon Gold Dundee Prec Mt Metalore Res Harte Gold Intl Tower Hil Minco Silver Namibia Rare E Aureus Mng Stonegate Agri U3O8 Corp Aura Mnls Orsu Metals Rubicon Mnrls Potash Ridge Wallbridge Mng Nevada Copper

RGX GBU SBR ATL MOZ DPM MET HRT ITH MSV NRE AUE ST UWE ORA OSU RMX PRK WM NCU

4799 1646 4139 44 4901 1344 5 9374 312 951 72 19701 124 3475 243 162 7429 3056 387 623

0.07 0.41 0.32 0.10 0.39 3.43 3.00 0.26 0.83 1.30 0.14 0.07 0.02 0.03 0.26 0.03 0.07 0.40 0.08 0.71

0.03 0.25 0.18 0.07 0.28 2.73 2.45 0.21 0.65 1.09 0.10 0.05 0.02 0.02 0.20 0.03 0.05 0.33 0.07 0.60

0.05 0.39 0.27 0.10 0.39 3.34 2.79 0.25 0.81 1.25 0.11 0.06 0.02 0.02 0.20 0.03 0.05 0.35 0.08 0.63

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Royal Gold Endeavour Mng Detour Gold Silver Std Res TMAC Resources Guyana Gldflds Teck Res HudBay Mnls Agrium Alamos Gold Suncor Energy Pan Am Silver Goldcorp First Quantum Lundin Gold Osisko Gold Centerra Gold Agnico Eagle Platinum Gp Mt Eldorado Gold

66.7 54.0 45.9 42.9 25.8 23.2 22.9 22.0 20.9 20.2 21.4 21.4 20.0 20.0 16.7 16.7 16.7 12.7 11.8 11.3

VOLUME WEEK (000s) CLOSE CHANGE

RGL EDV DGC SSO TMR GUY TCK.A HBM AGU AGI SU PAA G FM LUG OR CG AEM PTM ELD

87 83.53 3039 21.67 4688 31.37 4015 14.32 240 15.20 5033 9.22 19 16.45 12571 6.24 1435 119.76 4012 10.06 28268 34.38 3902 19.36 20553 23.02 42222 8.63 783 5.62 2192 16.56 4239 6.84 4157 64.52 251 3.54 20564 5.71

+ 3.85 + 1.93 + 1.68 + 1.25 + 1.23 + 1.10 + 1.05 + 0.85 + 0.79 + 0.73 - 1.22 - 0.70 - 0.63 - 0.52 - 0.48 - 0.45 - 0.41 - 0.38 - 0.36 - 0.36

TSX VENTURE EXCHANGE / JUNE 6–10 The S&P/TSX Venture Composite Index jumped 3.2%, or 21.87 points, to a 715.59-point close, as gold prices climb towards four-week highs. Spot gold gained 2.4%, or US$30.04, to a US$1,274.24 per oz. close, as uncertainty mounts over whether Britain will exit the European Union and if the U.S. Federal Reserve will raise interest rates in June. Comex copper dropped 3.9% to US$2.03 per lb. copper despite positive Chinese trade data, which noted copper imports are up 22% this year, compared to the first five months last year. Avino Silver & Gold Mines led the valueadded category, gaining 73¢ to a $2.66-pershare close after declaring commercial production at its second mine on its Avino silver-gold-copper property near Durango, Mexico. Avino began mining the Avino open-pit and underground silver mine in 1974, but shut the operation in 2001 due to low silver prices and the closure of a key smelter. The production decision to resume the operation came after a 19-month advancement and test period, in which the company produced 944,165 oz. silver, 3,444 oz. gold and 6,094,603 lb. copper. The company also operates the San Gonzalo underground silver mine, 2 km from

the Avino mine, which produced 177,183 oz. silver in the first quarter of 2016. G o l d r o c k M i n e s g a i n e d 47¢ t o a $1.10-per-share close on news that Fortuna Silver Mines intends to acquire all of Goldrock’s issued and outstanding shares for $1.08 per share, totalling $129 million. The deal represents an 85% premium based on Goldrock’s 20-day, volume-weighted trading price as of June 6. Goldrock ’s principal asset is the Lindero open-pit, heap-leach gold project in Argentina’s Salta province. The company recently completed a feasibilit y study and has received the environmental permit for production. Fortuna expects to produce 7 million oz. silver and 428,000 oz. gold TSX-V MOST ACTIVE ISSUES

Spearmint Res 92 Resources Noram Vent Nemaska Lith Goldrock Mines Westkam Gold Alset Energy Sienna Res Discovery Vent Equitas Res

this year from its two underground mines: the San Jose silver-gold mine in Mexico and the Caylloma silver-gold mine in Peru. Lithium explorer Spearmint Resources saw 39 m i l l ion sha res t raded before closing up 1¢ to 5¢ per share, after announcing it would undertake a private placement of f low-through and non-f lowthrough units. The company intends to TSX-V GREATEST PERCENTAGE CHANGE

38983 38220 28721 19102 17256 16747 14091 13341 13303 12651

0.06 0.28 0.10 1.71 1.12 0.07 0.84 0.25 0.25 0.10

0.04 0.09 0.05 1.25 0.63 0.04 0.53 0.17 0.16 0.08

0.05 0.21 0.09 1.42 1.10 0.07 0.80 0.24 0.24 0.09

+ + + - + + + + + +

0.01 0.12 0.04 0.32 0.47 0.03 0.24 0.07 0.07 0.01

Shoshoni Gold Freeport Res Swift Res Rockridge Cap Zincore Mtls Baroyeca Go&Si Westridge Res Chieftain Mtls 92 Resources Natan Res Altai Res Standard Toll ExGen Res Inc Colombia Crest Grande Portage Grenville Gold Pan Global Res Signature Res Anglo-Bomarc Dynasty Gold

SHJ FRI SWR.H RRC ZNC.H BGS WST CFB NTY NRL ATI TON EXG CLB GPG GVG PGZ SGU ANB DYG

10688 367 48 254 683 466 31 80 38220 29 9783 5440 642 41 63 20 208 190 191 173

0.03 0.09 0.04 0.20 0.02 0.02 0.02 0.16 0.28 0.15 0.08 0.01 0.01 0.01 0.08 0.10 0.04 0.06 0.12 0.02

0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.06 0.09 0.07 0.03 0.01 0.01 0.01 0.00 0.00 0.02 0.00 0.10 0.01

0.02 0.02 0.04 0.20 0.02 0.02 0.02 0.15 0.21 0.15 0.04 0.01 0.01 0.01 0.07 0.09 0.02 0.06 0.12 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

SRJ NTY NRM NMX GRM WKG ION SIE MXL EQT

issue 6 million f low-through units and 10 million non-f low-through units at 5¢ per unit, for combined proceeds up to $800,000. The proceeds of the offering would be used for general working capital and advancing work programs at the company’s recently acquired Preissac and Whabouchi Lake lithium properties in Quebec. TNM

+ 300.0 + 300.0 + 250.0 + 233.3 + 200.0 + 200.0 + 200.0 + 150.0 + 133.3 + 130.8 - 58.8 - 50.0 - 50.0 - 50.0 - 46.2 - 43.3 - 42.9 - 35.3 - 35.1 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Avino Silver Gold Reserve Goldrock Mines Chesapeake Gld Abitibi Royalt Brazil Res Regulus Res Bear Creek Mng Mirasol Res Alset Energy Nemaska Lith Wealth Mnrls American Lith K92 Mng Inc Pac Booker Min Critical Elem Reservoir Mnls Kennady Diam Diamcor Mng Anglo-Bomarc

ASM GRZ GRM CKG RZZ BRI REG BCM MRZ ION NMX WML LI KNT BKM CRE RMC KDI DMI ANB

1048 261 17256 119 89 4058 997 706 407 14091 19102 1510 1889 2431 27 4480 852 224 43 191

2.66 5.75 1.10 3.72 7.34 1.98 1.35 2.70 2.14 0.80 1.42 0.79 1.32 1.02 0.83 0.60 8.61 4.11 1.12 0.12

+ 0.73 + 0.66 + 0.47 + 0.47 + 0.45 + 0.41 + 0.40 + 0.34 + 0.30 + 0.24 - 0.32 - 0.23 - 0.22 - 0.21 - 0.15 - 0.11 - 0.11 - 0.09 - 0.07 - 0.07

U.S. MARKETS / JUNE 6–10 U.S. stocks were mixed amidst concerns about the global economy. The Dow Jones Industrial Average posted a weekly gain of 0.3% to finish at 17,865.34, while the S&P 500 Index fell 0.1% to 2,096.07. The Nasdaq Composite Index slumped 1% to 4,894.55. Spot gold gained 2.4%, or US$29.80 per oz., to close at US$1,273.30 per oz. The July contract for crude oil rose 0.9% to US$49.07 per barrel, while the August settlement for Brent oil climbed 1.8% to US$50.54 per barrel. Teck Resources was named one of the top firms in Canada for corporate citizenship by Corporate Knights in the fourth straight year the diversified miner has made the Best 50 Corporate Citizens in Canada list. The ranking measures Canadian companies on 12 sustainability metrics, including carbon productivity, health and safety performance, and gender leadership diversity. Teck ranked tenth, down from fourth last year, while uranium major Cameco came in at sixth, up from 27th last year. On June 7, Teck closed its previously announced US$1.3-billion offering of senior unsecured notes, including a US$650-million

6_JUN20_MarketNews.indd 6

aggregate principal amount of five-year notes and a US$600-million aggregate principal amount of eight-year notes. The proceeds will fund its tender cash offers to buy up to US$1.3 billion of its 3.2% notes due in 2017, 3.9% notes due in 2017, 2.5% notes due in 2018 and 3% notes due in 2019. Teck rose 6.5% to US$11.40 per share in the period. Potash Corp. of Saskatchewan came first in the underground and surface divisions at the 48th Annual Emergency Response and Mine Rescue Skills Competition in Saskatoon on June 4. The competition attracted 18 teams and comprised firefighting, first aid, proficiency skills, practical skills U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 200362 11.92 10.26 10.36 - 0.75 Vale* VALE 176341 5.08 4.33 4.41 - 0.20 Barrick Gold* ABX 86188 20.44 18.55 19.61 + 0.43 United States S* X 80766 17.92 15.50 17.27 + 1.99 Alcoa* AA 80499 10.08 9.45 9.49 - 0.03 Yamana Gold* AUY 79055 5.36 4.73 4.99 + 0.19 Kinross Gold* KGC 72798 5.49 4.84 5.18 + 0.21 Potash Corp SK* POT 55247 18.46 16.90 17.01 + 0.23 Vale* VALE.P 51762 3.91 3.45 3.46 - 0.09 Teck Res* TCK 49088 12.46 10.94 11.40 + 0.70

and simulated surface and underground mine problems. The firm donated $375,000 to schools in Saskatoon to support nutrition programs. This is the fifth year it has invested in Saskatoon Public Schools and Greater Saskatoon Catholic Schools, providing $1.9 million since 2012. Saskatoon Public Schools

allocated its $200,000 to fund its PotashCorp Food4Thought nutrition program providing meals in 20 schools. Greater Saskatoon Catholic School used its $175,000 to support meal programs and community gardens in 16 schools. PotashCorp added US23¢ to close at US$17.01, on 55.2 million shares traded. TNM

U.S. GREATEST PERCENTAGE CHANGE

Natural Res Pt* McEwen Mng* HudBay Mnls* United States S* Alamos Gold* Vedanta* Pretium Res* Teck Res* First Majestic* AngloGold Ash* CONSOL Energy* Trecora Res* Freeport McMo* Mechel* Cloud Peak En* Yanzhou Coal* Eldorado Gold* Vale* Turquoise HIl* Vale*

NRP MUX HBM X AGI VEDL PVG TCK AG AU CNX TREC FCX MTL CLD YZC EGO VALE TRQ VALE.P

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

495 15.09 11.19 14.08 + 26.6 17620 2.95 2.40 2.95 + 21.4 1642 5.07 4.18 4.88 + 17.0 80766 17.92 15.50 17.27 + 13.0 11487 8.17 7.12 7.87 + 9.2 667 6.93 6.38 6.81 + 8.6 6632 9.19 8.05 8.82 + 6.8 49088 12.46 10.94 11.40 + 6.5 26118 13.32 11.43 12.46 + 6.0 16013 17.39 15.48 16.66 + 4.8 33156 15.94 13.20 13.38 - 14.6 775 11.05 10.00 10.19 - 7.4 200362 11.92 10.26 10.36 - 6.8 1140 1.83 1.71 1.71 - 6.6 4576 2.38 2.00 2.02 - 5.6 69 5.69 5.24 5.28 - 4.6 35801 4.91 4.44 4.46 - 4.5 176341 5.08 4.33 4.41 - 4.3 13577 3.12 2.86 2.88 - 2.7 51762 3.91 3.45 3.46 - 2.5

U.S. GREATEST VALUE CHANGE

VOLUME WEEK (000s) CLOSE CHANGE

Natural Res Pt* NRP Agrium* AGU United States S* X Franco-Nevada* FNV Chevron* CVX Silver Wheaton* SLW AngloGold Ash* AU HudBay Mnls* HBM First Majestic* AG Teck Res* TCK CONSOL Energy* CNX MartinMarietta* MLM Trecora Res* TREC Freeport McMo* FCX Suncor Energy* SU Southern Copp* SCCO Rio Tinto* RIO Sibanye Gold* SBGL Yanzhou Coal* YZC Stillwater Mg* SWC

495 3991 80766 3309 34295 29852 16013 1642 26118 49088 33156 3272 775 200362 39018 5123 27149 9086 69 5800

14.08 93.92 17.27 70.95 101.98 21.21 16.66 4.88 12.46 11.40 13.38 185.54 10.19 10.36 26.94 25.97 27.94 12.59 5.28 10.31

+ 2.96 + 2.04 + 1.99 + 1.33 + 1.32 + 0.82 + 0.77 + 0.71 + 0.70 + 0.70 - 2.28 - 1.19 - 0.82 - 0.75 - 0.58 - 0.45 - 0.40 - 0.30 - 0.25 - 0.21

2016-06-14 5:46 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JUNE 20–26, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, June 14, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change $1279.40 +38.30 $17.25 +0.94 $992.00 +6.00 $546.00 -9.00

Price (US$/tonne) Change $8850.00 -5.00 $4531.00 -46.50 $1684.50 -26.00 $2017.00 -58.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, June 13, 2016 (change from June 6, 2016 in brackets): Aluminium Alloy 13800 (-300) Aluminium 2468850 (-32775) Copper 207625 (+33225) Lead 185925 (+500) Nickel 393732 (-2028) Tin 6555 (-575) Zinc 380075 (+200)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$39.63 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.80 Coal: CME Group Central Appalachian Futures July 2016: US$39.50 Aug. 2016: US$39.50 Cobalt: US$11.00/lb. Copper: US$2.04/lb. Copper: CME Group Futures July 2016: US$2.045/lb.; Aug. 2016: US$2.043/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$51.80/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.78/lb. Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$6.94/lb. Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$650.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$17.43 per oz.; Handy & Harman Fabricated: US$21.78 per oz. Tantalite Ore : US$191.35/kg Tin: US$7.81/lb. Uranium: U3O8, Trade Tech spot price: US$28.00; The UX Consulting Company spot price: US$28.25/lb. Zinc: US$0.94/lb. Prices current June 14, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jun 10, 2016 (with changes from May 2, 2016) Largest short positions Lundin Mng LUN 44847651 -1558347 Potash Corp SK POT 33234230 -630995 New Gold NGD 27911090 6986875 First Quantum FM 27033669 -239914 Kinross Gold K 24283895 -20832102 B2Gold BTO 21623251 -4325360 Eldorado Gold ELD 18810921 201526 Teck Res TCK.B 14871329 -659016 Detour Gold DGC 10812489 1482938 Suncor Energy SU 10721746 26692 IAMGOLD IMG 10566514 -205551 Silver Std Res SSO 10080954 447496 Argonaut Gold AR 9054220 2374482 Yamana Gold YRI 8930325 -87713 Thompson Creek TCM 8474962 112392 Largest increase in short position New Gold NGD 27911090 6986875 Sabina Gd&Slvr SBB 3508300 2920096 Argonaut Gold AR 9054220 2374482 Contintl Gold CNL 2562538 1730500 Detour Gold DGC 10812489 1482938 Largest decrease in short position K 24283895 -20832102 Kinross Gold B2Gold BTO 21623251 -4325360 Golden Star GSC 3707800 -3930300 Barrick Gold ABX 8336706 -3413772 Endeavour Mng EDV 482180 -3179151

Short positions outstanding as of Jun 10, 2016 (with changes from May 2, 2016) Largest short positions Avino Silver ASM 36500 22500 Gold Std Vents GSV 4900 -14200 Salazar Res SRL 500 -400 CB Gold CBJ 0 -3000 Largest increase in short position Avino Silver ASM 36500 22500 Salazar Res SRL 500 -400 CB Gold CBJ 0 -3000 Gold Std Vents GSV 4900 -14200 Largest decrease in short position Gold Std Vents GSV 4900 -14200 CB Gold CBJ 0 -3000 Salazar Res SRL 500 -400 Avino Silver ASM 36500 22500

DAILY METAL PRICES Daily Metal Prices Date Jun 13 Jun 10 Jun 9 Jun 8 Jun 7 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1490/1530 1525/1550 1525/1550 1525/1550 1525/1550 Aluminum 1581/1581.50 1583.50/1585 1591/1600.50 1595.50/1606 1540/1551 Copper 4514/4526 4503.50/4518 4545/4562 4590/4600 4588/4593 1698/1703 1725/1730 1740/1744 1732.50/1737 1726.50/1732 Lead Nickel 8820/8850 8945/8995 8940/8950 8820/8870 8555/8615 Tin 17080/17075 17220/17150 17275/17175 17145/17050 16970/16900 Zinc 2060.50/2066 2075/2080 2067/2074 2048/2053.50 2023.50/2024 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1284.10 1266.60 1258.35 1252.40 1241.10 Gold PM 1280.80 1275.50 1263.90 1263.00 1241.00 Silver 17.32 17.32 17.05 16.75 16.31 Platinum 993.00 996.00 993.00 1016.00 986.00 Palladium 546.00 554.00 556.00 568.00 550.00

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

Jun 10 Jun 9 Jun 8 Jun 7 Jun 6 1.2778 1.2721 1.2692 1.2738 1.2819 0.7826 0.7861 0.7878 0.7851 0.7802

Exchange rates (Quote Media, June 10, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0614 0.6958 83.7100 14.5791 11.9305 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5490 5.1386 52.4025 0.7549 917.4267 US to EURO US to YEN US to Mex Peso US to SA Rand US to AUS 1.3554 0.8888 106.9650 18.6342 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7012 6.5620 66.9525 0.9644 1171.4800 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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

7_JUN20_MMMM.indd 7

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

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

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

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jun 10 Jun 9 Jun 8 Jun 7 Jun 6 High Low S&P/TSX Composite 14037.54 14240.02 14313.10 14365.61 14276.16 15527.30 12400.15 S&P/TSXV Composite 715.59 720.17 711.37 701.04 702.59 1050.26 883.52 S&P/TSX 60 816.76 828.62 833.54 838.27 832.81 896.74 709.99 S&P/TSX Global Gold 231.89 234.32 229.92 225.05 228.33 218.90 149.29 S&P/TSX Metals & Mining 538.08 556.38 578.82 560.30 569.22 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS JUNE 6–10, 2016 324 New Highs

92 Resources Abitibi Royalt Adamera Mnls Adamera Mnls* Africo Res Agnico Eagle Agnico Eagle* Aim Explor* Alamos Gold Alamos Gold* Aldridge Mnrls Algold Res Algold Res* Alix Res Alix Res* Almadex Min Almadex Min* Alset Energy Alternative ER* Am CuMo Mng Am CuMo Mng* Amador Gold* AMI Res AMI Res* Anaconda Mng* Angel Gold Angel Gold* AngloGold Ash* Apple Cap Inc Argonaut Gold Argonaut Gold* Armor Mnrls Arrowstar Res Asanko Gold Asanko Gold* Astorius Res Atacama Pac Gd* Atlatsa Res* Auryn Res* Avino Silver Avino Silver* AZ Mining Barisan Gold* Barkerville Go Barkerville Go* Barrick Gold Barrick Gold* Bayswater Uran Bayswater Uran* Bear Creek Mng Bearclaw Cap Bell Copper Bell Copper* Berkeley Egy* Big Wind Cap Black Hills*

BlackEagle Dev Bravada Gold* Bravura Vent Brazil Res Brionor Res Brixton Mtls Brixton Mtls* Brunswick Res Buenaventura* Bullfrog Gold* California Gld Camino Mnls* Can-Cal Res* Canada Coal CanAlaska Uran CanAlaska Uran* Cantex Mn Dev Canuc Res Canuc Res* Cap-Ex Iron* Carpathian Gld Carpathian Gld* Castle Mtn Mng Cava Res Cda Strtgc Met Cdn Platinum Cdn Zinc Cdn Zinc* Centenera Mng Centenera Mng* Chiboug Ind Mn Chieftain Mtls Chilean Metals* Claim Post Res Coeur Mng* Colibri Res Colorado Res Colorado Res* Coronet Mtls Currie Rose Rs Dakota Ter Res* Decade Res Decade Res* Defiance Silvr Defiance Silvr* Detour Gold Dundee Prec Mt Eagle Plains East Africa * Eastmain Res Eloro Mnrls Emerita Res Endeavour Mng Endeavour Mng* Eskay Mng Everton Res Everton Res*

Evolving Gold Evolving Gold* Firestone Vent First Majestic First Majestic* Fortuna Silvr* Franco-Nevada* Freeport Res Fresnillo plc* Galantas Gold* Geodex Mnrls* Geologix Expl Geologix Expl* Geomega Res Geomega Res* Gldn Predator Gldn Predator* GMV Minerals GobiMin Goldbank Mng Golden Eagle* Golden Harp Golden Harp* Golden Reign Golden Valley GoldQuest Mng Goldrock Mines Goldsource Min Goldsource Min* Goldstrike Res GPM Metals Grande Portage* Great Bear Res Gungnir Res Gungnir Res* Guyana Gldflds Happy Ck Mnrls Heatherdale Rs Hecla Mining* Helio Res Heron Res Hochschild Mg* Hunt Mng IAMGOLD* IEMR Res Inception Mng * Independence G Independence G* Intgr Egy Sol* Inventus Mg Kaminak Gold* Kesselrun Res Kirkland Lk Gd Kirkland Lk Gd* Kiska Metals Kiska Metals* Klondike Gold*

Kootenay Silvr Logan Res Lucara Diam Lupaka Gold MacMillan Mnls* Madeira Mrnls Majescor Res* Marathon Gold Marlin Gold Marlin Gold* Mason Graphite* McEwen Mng McEwen Mng* MDN Inc Mesa Expl* Metallis Res Mines Manage Mines Manage* Mirasol Res Monarques Res Monarques Res* Mountain Boy* Natan Res Natural Res Pt* Navy Res New Pac Metals New Pac Metals* New World Res* NewCastle Gold* Newmont Mng* Nexgen Energy Nexgen Energy* NGEx Res NGEx Res* Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold Noram Vent Northisle C&G Nrthn Shield Nrthn Vertex Oceanic Iron O* Olivut Res Olivut Res* Orezone Gold Orezone Gold* Oriental Non F Orocobre OZ Minerals* Paget Mrnls* Palamina Corp Pangolin Dia Parallel Mng Patriot Gold* Pershimco Res Precipitate Gl Pretium Res

Pretium Res* Prime Meridian* Probe Metals Probe Metals* Prophecy Coal Pure Gold Mg* Quartz Mtn Res Rainmaker Res Rathdowney Res Redhill Res* Regulus Res Richmont Mines Richmont Mines* RJK Explor Rochester Res Rockridge Cap Rojo Res Romios Gold Rs Romios Gold Rs* Roxgold* Royal Gold Royal Gold* Rugby Mng Rupert Res Rusoro Mng* Rye Patch Gold Rye Patch Gold* San Marco Res San Marco Res* Sandspring Res Sandspring Res* Savary Gold Savary Gold* Semafo Shoshoni Gold Sienna Res Sienna Res* Silver Bear Rs Silver Falcon* Silver Predatr Silver Std Res Silver Std Res* Silver Wheaton Silver Wheaton* Skyharbour Res Southern Silvr Southern Silvr* Sparton Res* Spearmint Res Stelmine Can Stratton Res Strikepoint Gd Sunvest Mnrls* Swift Res Syrah Res* Tasca Res Teck Res

Telson Res Tembo Gold Tembo Gold* Terrax Mnrls* Themac Res Timberline Res* TMAC Resources TMAC Resource* Toachi Mg Inc TomaGold Torex Gold Torex Gold* Tri Origin Exp TriMetals Mng* TriStar Gold* Ucore Rare Mtl Umbral Enrgy* Uracan Res Uracan Res* Uranium Valley Vanadiumcorp Vanadiumcorp* Viscount Mng Vista Gold Vista Gold* VVC Expl Waseco Res Wealth Mnrls Wealth Mnrls* Wescan Gldflds Wescan Gldflds* Western Copper Western Copper* Westkam Gold Wolverine Mnls* Xtra-Gold Res* Yamana Gold Yamana Gold* Zephyr Mnls Zephyr Mnls* 16 New Lows Altan Nev Mnls Anglo-Bomarc Avarone Metals* Carube Copper* Copper Reef Mg Golden Dawn Ml* Indigo Expl K92 Mng Inc* Logan Res* Nickel One Res* NovX21 Standard Graph* Tajiri Res Victory Res* Vulcan Mnrls XLI Tech Inc*

CANADIAN GOLD MUTUAL FUNDS Fund Jun 10 ($) AGF Prec Mtls Fd MF 25.84 BMO Prec Mtls Fd A 20.54 11.69 BMO ZGD BMO ZJG 9.61 12.95 CIBC Prec Metal Fd A Dyn Prec Metls Fd A 7.65 Horizons HEP IGMacGloPrecMetCl A 9.70 iShares XGD 14.48 Mac Prec Met Cl A 54.29 14.59 NB Prec Met Fd Inv RBC GblPreMetFd A 35.41 Sentry Pre Met Fd A 45.62 Sprott Gold&PrMinFdA 42.15 6.48 Sprott SilverEquCl A TD PreciousMetals-I 43.37

Jun 3 ($) 25.22 20.06 11.51 9.10 12.85 7.31 30.51 9.46 14.38 52.85 14.26 34.57 43.81 40.63 6.28 42.32

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.62 2.46 53.94 2.80 183.87 0.48 2.37 56.88 2.40 67.89 0.17 1.51 59.03 0.63 87.61 0.51 5.64 64.95 0.60 64.40 0.10 0.76 42.58 2.62 58.46 0.34 4.65 67.32 2.66 384.78 2.90 10.22 53.90 0.80 0.24 2.53 65.08 2.76 87.23 0.11 0.74 60.83 0.61 676.80 1.44 2.73 66.46 2.51 124.69 0.33 2.31 61.26 2.46 39.57 0.85 2.44 63.61 2.13 405.97 1.82 4.14 61.18 2.92 229.07 5.39 14.45 58.37 3.19 235.71 0.65 10.91 75.43 3.23 61.07 1.05 2.48 55.46 2.26 151.01

GLOBAL MINING NEWS · SINCE 1915

Reprints Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $525.

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

2016-06-14 5:01 PM

WWW.NORTHERNMINER.COM

JUNE 20–26, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 6–10, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 37 Capital One 8 0.15 0.06 0.15 + 0.09 0.20 0.05 92 Resources V 38220 0.28 0.09 0.21 + 0.12 0.28 0.03 Abacus Mng &Ex V 1995 0.05 0.04 0.05 + 0.01 0.08 0.04 Abcourt Mines* O 103 0.08 0.07 0.08 + 0.01 0.09 0.02 ABE Resources V 902 0.03 0.02 0.03 + 0.01 0.08 0.02 Aben Res V 2580 0.20 0.13 0.15 - 0.03 0.24 0.06 Aben Res* O 289 0.14 0.11 0.14 + 0.00 100.52 0.03 Aberdeen Intl* O 320 0.13 0.11 0.12 + 0.00 0.16 0.07 Aberdeen Intl T 1553 0.16 0.14 0.16 + 0.01 0.24 0.10 Abitibi Royalt V 89 7.99 6.70 7.34 + 0.45 7.99 1.53 ABT Holdings* O 4 0.75 0.00 0.70 + 0.05 0.90 0.05 Adamera Mnls V 6653 0.13 0.06 0.11 + 0.06 0.13 0.01 Adamera Mnls* O 416 0.10 0.05 0.10 + 0.05 0.10 0.01 African Gold V 1534 0.10 0.08 0.09 - 0.01 0.10 0.03 0.09 + 0.04 0.11 0.02 African Metals V 119 0.09 0.00 Africo Res T 96 0.99 0.96 0.99 + 0.03 0.99 0.30 0.07 + 0.02 0.07 0.01 Agave Silver* O 68 0.07 0.04 Agave Silver V 91 0.09 0.00 0.09 + 0.03 0.09 0.01 Agnico Eagle* N 12318 52.09 49.38 50.59 + 0.43 52.09 21.00 64.52 - 0.38 65.96 27.63 Agnico Eagle T 4157 65.96 63.39 Agrium T 1435 123.54 118.13 119.76 + 0.79 139.99 104.70 N 3991 96.68 92.11 93.92 + 2.04 109.46 79.94 Agrium* 211 0.09 0.07 0.08 + 0.01 0.12 0.03 Aguila Amer Gd V Alabama Graph* O 94 0.14 0.12 0.12 - 0.01 0.21 0.08 V 2450 0.20 0.15 0.17 + 0.01 0.24 0.11 Alabama Graph Alacer Gold T 4676 3.16 3.00 3.01 - 0.03 3.57 2.08 Alamos Gold T 4012 10.39 9.21 10.06 + 0.73 10.13 3.27 Alamos Gold* N 11487 8.17 7.12 7.87 + 0.66 7.98 2.27 Alba Minerals V 77 0.07 0.05 0.07 + 0.01 0.11 0.01 0.20 - 0.01 0.21 0.12 Alberta Star* O 41 0.21 0.20 Alchemist Mng 84 0.06 0.05 0.06 + 0.01 0.08 0.01 Alcoa* N 80499 10.08 9.45 9.49 - 0.03 12.19 6.14 0.12 + 0.02 0.28 0.07 Alderon Iron T 350 0.12 0.11 Aldever Res* O 13 0.09 0.00 0.08 - 0.01 0.20 0.08 0.11 - 0.02 0.30 0.09 Aldever Res V 775 0.13 0.11 Aldridge Mnrls V 627 0.24 0.20 0.23 + 0.04 0.24 0.12 Aldrin Res* O 103 0.09 0.08 0.08 - 0.01 0.15 0.06 Aldrin Res V 96 0.12 0.11 0.12 + 0.01 0.17 0.08 Alexander Nubi V 869 0.05 0.05 0.05 - 0.01 0.13 0.04 O 228 0.05 0.04 0.05 + 0.00 0.06 0.01 Alexandria Min* Alexco Res T 573 1.77 1.52 1.67 + 0.12 1.84 0.35 Alexco Res* X 2403 1.40 1.19 1.30 + 0.11 1.42 0.22 0.28 + 0.06 0.28 0.07 Algold Res* O 7 0.28 0.22 Algold Res V 1994 0.40 0.26 0.38 + 0.09 0.40 0.07 0.14 - 0.02 0.23 0.07 Alianza Min* O 9 0.17 0.14 Alianza Min V 29 0.21 0.19 0.20 + 0.01 0.28 0.10 Alix Res V 10878 0.18 0.11 0.15 + 0.03 0.18 0.04 Alix Res* O 795 0.12 0.08 0.12 + 0.05 0.11 0.03 Alliance Res* D 1434 16.79 14.93 15.00 - 0.87 27.46 9.95 Alloycorp Mng V 125 0.08 0.07 0.08 + 0.01 0.45 0.05 1.44 - 0.05 1.80 0.65 Almaden Mnls T 306 1.70 1.42 Almaden Mnls* X 2943 1.34 1.11 1.17 + 0.03 1.42 0.48 Almadex Min V 175 0.46 0.39 0.44 + 0.04 0.45 0.13 Almadex Min* O 194 0.36 0.29 0.35 + 0.04 0.36 0.01 Almonty Ind V 402 0.35 0.30 0.30 - 0.03 0.86 0.21 0.02 0.01 0.02 + 0.00 0.47 0.01 Alpha Nat Res* O 3282 Alset Energy V 14091 0.84 0.53 0.80 + 0.24 0.83 0.02 Alta Vista Vnt 334 0.05 0.04 0.04 - 0.01 0.25 0.01 Alta Vista Vnt* O 10 0.03 0.03 0.03 - 0.00 0.14 0.01 Altai Res V 9783 0.08 0.03 0.04 - 0.05 0.09 0.05 57 0.42 0.37 0.38 - 0.03 0.70 0.06 Altair Res Inc V Alternative ER* O 123 0.06 0.03 0.04 + 0.01 0.06 0.02 Alternative ER V 171 0.08 0.00 0.06 + 0.02 0.08 0.03 Altitude Res V 10 0.07 0.07 0.07 + 0.02 0.21 0.02 Altius Mnrls T 150 10.84 10.07 10.55 - 0.09 15.47 7.39 0.06 - 0.01 0.09 0.02 Alto Vent V 39 0.06 0.05 Alturas Mnrls V 269 0.01 0.01 0.01 + 0.01 0.01 0.01 4.12 + 0.08 5.08 2.70 Alumina Inc* O 68 4.35 4.11 ALX Uranium V 1502 0.12 0.09 0.11 + 0.02 0.15 0.06 ALX Uranium* O 34 0.09 0.06 0.09 + 0.02 0.10 0.03 462 0.10 0.08 0.09 - 0.01 0.12 0.03 Am Creek Res V Am CuMo Mng V 3383 0.16 0.11 0.11 + 0.01 0.16 0.06 Am CuMo Mng* O 840 0.12 0.08 0.08 + 0.00 0.12 0.04 AM Gold V 6 0.34 0.00 0.34 + 0.12 0.45 0.07 AM Gold* O 1 0.19 0.00 0.19 - 0.03 0.29 0.07 V 1621 0.03 0.02 0.03 + 0.01 0.05 0.01 Am Manganese Am Manganese* O 50 0.01 0.01 0.01 - 0.00 0.04 0.01 Amador Gold* O 32 0.01 0.00 0.01 + 0.00 0.01 0.00 0.29 + 0.04 0.41 0.04 Amarillo Gold V 864 0.32 0.24 Amato Expl V 754 0.03 0.02 0.02 - 0.01 0.03 0.01 0.38 + 0.03 1.21 0.29 Amazing OG* O 16 0.38 0.00 Amer Vanadium* O 161 0.02 0.01 0.02 + 0.01 0.08 0.00 Amer Vanadium V 746 0.04 0.02 0.03 + 0.01 0.10 0.02 1.32 - 0.22 1.62 0.05 American Lith V 1889 1.57 1.17 American Pot 149 0.10 0.05 0.10 + 0.03 0.70 0.03 V 1202 0.26 0.23 0.24 - 0.01 0.33 0.15 Americas Petro Americas Silvr T 6857 0.36 0.33 0.35 + 0.01 0.40 0.09 Americas Silvr* O 1253 0.28 0.26 0.27 + 0.00 0.32 0.04 0.16 + 0.02 0.44 0.10 Amerigo Res T 1152 0.19 0.13 Amerigo Res* O 109 0.13 0.00 0.13 + 0.02 0.36 0.07 0.05 - 0.01 0.08 0.02 Amex Expl V 504 0.07 0.04 AMI Res V 1188 0.08 0.05 0.08 + 0.01 0.07 0.03 Anaconda Mng T 1569 0.08 0.06 0.08 + 0.01 0.08 0.04 Anaconda Mng* O 44 0.06 0.05 0.06 + 0.00 0.06 0.02 Anconia Res V 156 0.07 0.06 0.07 + 0.01 0.08 0.01 1.30 - 0.06 1.79 0.52 Anfield Nickel V 1200 1.43 1.28 Anfield Res* O 98 0.19 0.16 0.16 - 0.03 0.20 0.06 Angel Gold* O 191 0.10 0.07 0.09 + 0.02 0.10 0.01 Angel Gold V 348 0.12 0.09 0.12 + 0.03 0.12 0.01 Anglo American* O 404 5.12 4.50 4.50 + 0.04 5.76 1.57 Anglo American* O 5 10.26 0.00 9.79 + 1.39 15.88 3.13 Anglo-Bomarc V 191 0.12 0.10 0.12 - 0.07 0.30 0.10 Anglo-Can Mng V 668 0.02 0.02 0.02 + 0.01 0.02 0.01 AngloGold Ash* O 0 15.84 0.00 15.84 + 1.40 15.84 6.45 AngloGold Ash* N 16013 17.39 15.48 16.66 + 0.77 17.03 5.64 Antioquia Gold V 132 0.09 0.08 0.09 + 0.02 0.11 0.03 Antipodes Gold V 392 0.02 0.01 0.01 - 0.01 0.02 0.01 Antofagasta* O 1 6.74 6.43 6.43 + 0.34 11.32 5.24 Apogee Silver* O 10 0.31 0.26 0.29 + 0.03 0.45 0.08 0.38 + 0.10 0.58 0.11 Apogee Silver V 66 0.40 0.32 Appia Energy 9 0.26 0.25 0.26 + 0.01 0.30 0.01 Applied Mrnls* O 64 0.16 0.12 0.14 - 0.01 0.61 0.11 AQM Copper V 450 0.11 0.10 0.10 - 0.01 0.15 0.03 Aquila Res* O 291 0.17 0.14 0.16 - 0.00 0.20 0.09 0.19 - 0.02 0.27 0.12 Aquila Res T 654 0.21 0.18 Arbitrage Expl 30 0.09 0.00 0.09 + 0.04 0.11 0.01 Arch Coal* O 415 0.42 0.37 0.40 + 0.01 10.35 0.11 Arctic Star V 638 0.02 0.02 0.02 + 0.01 0.10 0.01 Arena Mnls V 1989 0.31 0.28 0.29 - 0.01 0.34 0.15 O 223 0.08 0.06 0.08 - 0.01 0.10 0.01 Argentex Mng* Argentex Mng V 320 0.10 0.08 0.09 - 0.01 0.13 0.02 Argentum Silvr V 37 0.07 0.05 0.06 + 0.01 0.12 0.02 Argex Titanium* O 160 0.04 0.03 0.04 + 0.01 0.20 0.01 Argex Titanium T 4799 0.07 0.03 0.05 + 0.02 0.25 0.02 3.33 + 0.27 3.47 0.78 Argonaut Gold T 4655 3.53 3.01 Argonaut Gold* O 292 2.77 2.36 2.59 + 0.22 2.72 0.53 Argus Metals V 150 0.10 0.10 0.10 + 0.01 0.11 0.02 Arian Silver* O 157 0.06 0.02 0.02 - 0.01 0.50 0.00 Arianne Phosph V 169 1.06 0.98 1.02 + 0.02 1.25 0.68 Arianne Phosph* O 47 0.81 0.74 0.79 + 0.01 0.98 0.52 Armor Mnrls V 4 0.22 0.00 0.22 + 0.06 0.22 0.10 Arrowstar Res V 13 0.13 0.09 0.13 + 0.04 0.13 0.04 Asanko Gold T 7912 5.29 4.76 5.13 + 0.20 5.29 1.77 Asanko Gold* X 3167 4.17 3.73 4.07 + 0.25 4.17 1.27 Asante Gold 70 0.14 0.11 0.13 - 0.01 0.20 0.05 Asante Gold* O 35 0.10 0.09 0.09 - 0.01 0.13 0.05 Ascot Res V 281 1.25 1.11 1.19 - 0.01 2.00 0.80 Ashburton Vent V 5022 0.06 0.05 0.05 - 0.01 0.07 0.01 Ashburton Vent* O 197 0.05 0.03 0.03 - 0.02 0.06 0.00 Aston Bay V 184 0.40 0.38 0.39 - 0.01 0.49 0.10 Astorius Res V 350 0.05 0.04 0.05 + 0.01 0.05 0.01 Astur Gold V 289 0.05 0.00 0.04 - 0.01 0.08 0.01 ATAC Res V 938 0.80 0.72 0.79 + 0.05 0.88 0.26 Atacama Pac Gd* O 23 0.32 0.30 0.32 + 0.02 0.31 0.09 Atacama Pac Gd V 115 0.40 0.37 0.39 + 0.03 0.49 0.14 Athabasca Mnls* O 22 0.23 0.20 0.20 - 0.03 0.54 0.12 Athabasca Mnls V 388 0.29 0.23 0.26 - 0.04 0.68 0.15 Atico Mng* O 37 0.36 0.34 0.35 + 0.02 0.51 0.12 Atico Mng V 138 0.46 0.43 0.45 + 0.02 0.65 0.16 Atlanta Gold V 56 0.09 0.00 0.08 - 0.01 0.11 0.05 Atlantic Gold V 418 0.68 0.62 0.66 + 0.04 0.73 0.17 Atlatsa Res T 44 0.10 0.07 0.10 + 0.03 0.16 0.03 Atlatsa Res* O 81 0.08 0.06 0.08 + 0.02 0.14 0.02 Atna Res Ltd* O 634 0.00 0.00 0.00 - 0.00 0.09 0.00 Augustine Vent 310 0.08 0.07 0.07 - 0.01 0.09 0.03 Augyva Mng V 25 0.10 0.00 0.10 + 0.01 0.14 0.09 Aura Mnls T 243 0.26 0.20 0.20 - 0.04 0.31 0.06

8-10_JUN20_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aurania Res V 62 Aurcana Corp V 1858 Aurcana Corp* O 140 Aureus Mng* O 120 Aureus Mng T 19701 AuRico Metals T 1082 AuRico Metals * O 666 Aurion Res V 221 Aurvista Gold V 761 Aurvista Gold* O 70 Auryn Res* O 464 Avalon Adv Mat* O 657 Avalon Adv Mat T 2298 Avarone Metals 9753 Avino Silver* X 5923 Avino Silver V 1048 Avnel Gold T 1285 Avrupa Mnls V 454 AXE Expl V 240 Axmin Inc* O 430 Axmin Inc V 302 AZ Mining T 1330 Azarga Uranium T 39 O 21 Azarga Uranium* Azimut Expl V 171 Azincourt Uran V 3 O 7 Azincourt Uran* Azteca Gold* O 751

0.45 0.44 0.45 + 0.01 0.60 0.30 0.33 0.28 0.30 + 0.02 0.41 0.09 0.26 0.22 0.23 + 0.01 0.32 0.07 0.05 0.05 0.05 - 0.00 0.68 0.03 0.07 0.05 0.06 - 0.02 0.83 0.05 1.01 0.91 0.94 - 0.05 1.15 0.47 0.78 0.71 0.75 - 0.02 0.90 0.34 0.24 0.20 0.21 + 0.01 0.24 0.04 0.14 0.11 0.12 - 0.02 0.16 0.03 0.10 0.09 0.09 - 0.00 0.11 0.02 2.16 1.87 2.08 + 0.23 2.16 0.70 0.21 0.18 0.19 - 0.00 0.26 0.07 0.26 0.23 0.23 - 0.02 0.33 0.10 0.11 0.08 0.09 + 0.01 0.14 0.02 2.35 1.50 2.09 + 0.61 2.29 0.71 3.00 1.94 2.66 + 0.73 2.91 1.03 0.32 0.30 0.31 - 0.01 0.36 0.18 0.12 0.00 0.11 - 0.02 0.17 0.07 0.03 0.02 0.03 + 0.01 0.03 0.01 0.02 0.01 0.02 + 0.00 0.06 0.00 0.03 0.02 0.02 + 0.01 0.03 0.01 1.85 1.57 1.77 + 0.20 1.85 0.22 0.33 0.00 0.33 + 0.02 0.40 0.24 0.25 0.22 0.25 + 0.04 0.29 0.18 0.31 0.26 0.29 + 0.01 0.44 0.10 0.06 0.00 0.06 - 0.01 0.09 0.04 0.05 0.04 0.05 - 0.00 0.07 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 20070 B2Gold T 36639 V 416 Bacanora Mnls Baja Mng* O 200 Balmoral Res* O 844 Balmoral Res T 1439 Bama Gold 10 O 78 Bannerman Res* Banro T 524 X 5139 Banro* Banyan Gold V 11 Bard Vent V 661 Barisan Gold V 902 Barisan Gold* O 157 O 555 Barkerville Go* Barkerville Go V 3170 V 466 Baroyeca Go&Si Barrick Gold T 24308 Barrick Gold* N 86188 Barsele Min* O 23 Batero Gold V 223 267 Battle Mtn Gld V Battle Mtn Gld* O 22 O 91 Bayhorse Silvr* Bayhorse Silvr V 219 V 2974 Bayswater Uran Bayswater Uran* O 41 BCM Res V 59 706 Bear Creek Mng V Bearclaw Cap V 153 O 125 Beaufield Res* Beeston Ent* O 415 Bell Copper V 129 Bell Copper* O 40 Bellhaven Cp&G V 122 O 1 Bellhaven Cp&G* Belmont Res V 197 Belo Sun Mng T 1616 Belvedere Res V 187 Benton Res V 3612 Berkeley Egy* O 43 BHK Mining V 527 98 Big Wind Cap Bison Gold Res V 17 Black Hills* N 1613 Black Iron T 686 57 Black Mam Mtls V Black Widow Rs V 996 Blackheath Res V 75 BLOX Inc* O 110 Blue Rvr Res V 2553 116 Blue Sky Uran V Bold Vent V 79 BonTerra Res V 535 BonTerra Res* O 49 Bowmore Expl V 158 Bravada Gold* O 15 Bravada Gold V 124 O 1424 Bravo Multinat* Bravura Vent 92 Brazil Mnrls* O 280627 Brazil Res V 4058 Brilliant Sand* O 116 Brionor Res V 745 Brixton Mtls* O 119 Brixton Mtls V 408 Brunswick Res V 246 Buenaventura* N 9762 Bullfrog Gold* O 318 Bullion Gld Res V 10

2.18 1.91 2.06 + 0.03 2.31 0.60 2.75 2.46 2.65 + 0.01 2.93 0.86 1.95 1.65 1.84 - 0.03 2.04 1.16 0.02 0.01 0.01 + 0.00 0.03 0.00 0.69 0.61 0.63 - 0.03 0.71 0.23 0.87 0.77 0.81 - 0.04 0.90 0.33 0.12 0.10 0.12 + 0.02 0.20 0.07 0.03 0.02 0.03 + 0.01 0.05 0.01 0.40 0.37 0.39 + 0.01 0.48 0.21 0.32 0.29 0.31 + 0.00 0.39 0.15 0.09 0.00 0.08 - 0.02 0.09 0.02 0.03 0.01 0.02 + 0.01 0.03 0.01 0.03 0.03 0.03 + 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.03 0.01 0.53 0.39 0.50 + 0.11 0.51 0.15 0.68 0.50 0.64 + 0.13 0.64 0.20 0.02 0.01 0.02 + 0.01 0.02 0.01 25.97 23.84 25.00 + 0.19 25.44 7.89 20.44 18.55 19.61 + 0.43 19.92 5.91 0.56 0.00 0.54 + 0.03 0.58 0.05 0.15 0.12 0.14 + 0.01 0.16 0.05 0.64 0.54 0.59 - 0.04 0.68 0.09 0.49 0.43 0.47 - 0.02 0.52 0.06 0.11 0.09 0.11 + 0.01 0.13 0.03 0.15 0.12 0.15 + 0.02 0.20 0.05 0.06 0.02 0.04 + 0.02 0.06 0.01 0.05 0.01 0.04 + 0.02 0.05 0.00 0.27 0.23 0.26 + 0.02 0.32 0.02 2.80 2.31 2.70 + 0.34 2.75 0.50 0.06 0.00 0.06 + 0.01 0.06 0.02 0.08 0.08 0.08 + 0.00 0.09 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.06 0.03 0.06 + 0.02 0.06 0.01 0.06 0.03 0.06 + 0.03 0.04 0.00 0.28 0.20 0.23 + 0.01 0.40 0.03 0.16 0.16 0.16 + 0.01 0.33 0.02 0.10 0.07 0.10 + 0.02 0.12 0.02 0.93 0.85 0.87 - 0.01 1.05 0.15 0.06 0.03 0.05 + 0.02 0.09 0.01 0.09 0.07 0.07 - 0.01 0.10 0.03 0.55 0.48 0.51 + 0.01 0.55 0.31 0.04 0.03 0.04 + 0.01 0.10 0.03 0.10 0.05 0.10 + 0.05 0.10 0.01 0.17 0.12 0.12 - 0.06 0.38 0.12 63.53 61.27 62.45 + 0.57 63.19 36.81 0.05 0.04 0.05 + 0.01 0.06 0.03 0.12 0.11 0.11 - 0.01 0.12 0.02 0.06 0.04 0.06 + 0.02 0.08 0.01 0.13 0.11 0.11 - 0.02 0.30 0.08 0.02 0.01 0.01 - 0.00 0.25 0.01 0.05 0.04 0.05 + 0.01 0.08 0.03 0.12 0.08 0.11 + 0.03 0.17 0.04 0.05 0.04 0.04 - 0.01 0.06 0.02 0.39 0.36 0.37 - 0.01 0.51 0.09 0.30 0.29 0.29 - 0.00 0.37 0.08 0.14 0.10 0.13 + 0.02 0.15 0.03 0.18 0.00 0.18 + 0.02 0.18 0.01 0.23 0.19 0.23 + 0.03 0.25 0.02 0.03 0.02 0.03 - 0.00 0.12 0.02 0.25 0.21 0.25 + 0.06 0.25 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 2.05 1.60 1.98 + 0.41 1.95 0.38 0.05 0.00 0.05 - 0.07 0.20 0.02 0.04 0.02 0.04 + 0.02 0.03 0.01 0.51 0.00 0.45 + 0.19 0.51 0.03 0.68 0.36 0.58 + 0.22 0.68 0.05 0.04 0.03 0.04 + 0.01 0.04 0.01 11.70 10.45 11.09 - 0.02 11.43 3.30 0.08 0.06 0.07 + 0.01 0.08 0.01 0.11 0.00 0.11 - 0.02 0.15 0.05

Cache Expl V 44 Cadan Res V 81 Cadillac Vent V 286 Q 84 Caledonia Mng* Caledonia Mng T 121 Calibre Mng V 2404 Calico Res* O 118 Calico Res V 1618 California Gld* O 70 Callinex Mines* O 605 Callinex Mines V 700 Cameco Corp* N 6633 Cameco Corp T 4052 Cameo Res V 831 Camino Mnls* O 21 Camino Mnls V 146 Can-Cal Res* O 85 Canada Coal V 342 Canadian Zeol V 197 CanAlaska Uran V 746 O 307 CanAlaska Uran* Canamex Res V 2126 Canamex Res* O 132 Canarc Res* Q 2844 Canarc Res T 6922 Canasil Res V 2378 Cancana Res V 176 Candelaria Mg V 172 Candente Gold V 234 CaNickel Mng V 4 Canstar Res V 115 Canterra Mnls V 168 Cantex Mn Dev V 102 Canuc Res V 212 Canuc Res* O 24 Canyon Copper V 58 Canyon Gold* O 48 Cap-Ex Iron V 29 Cap-Ex Iron* O 2 Cardero Res T 146 Cardero Res* O 30 Cariboo Rose V 84 Carlin Gold V 57 Carmax Mng V 141 Carpathian Gld* O 1689 Carpathian Gld 26258 Cartier Iron 904 Cartier Res V 32 Carube Copper* O 4 Carube Copper V 17 Castle Mtn Mng V 4014 Cava Res V 170 Caza Gold* O 311 Caza Gold V 190 CB Gold V 127

0.13 0.11 0.13 + 0.02 0.16 0.06 0.08 0.07 0.07 - 0.02 0.09 0.03 0.04 0.03 0.03 + 0.01 0.04 0.01 1.02 0.96 1.01 + 0.02 1.12 0.48 1.31 1.22 1.28 - 0.01 1.45 0.66 0.15 0.13 0.13 + 0.01 0.16 0.06 0.10 0.09 0.09 - 0.00 0.12 0.05 0.12 0.11 0.12 + 0.01 0.16 0.06 0.05 0.05 0.05 - 0.47 1.00 0.18 0.36 0.26 0.34 + 0.03 0.44 0.17 0.45 0.34 0.41 + 0.03 0.54 0.23 12.43 11.65 11.70 - 0.01 15.60 10.31 15.75 14.88 14.93 - 0.24 19.32 14.56 0.05 0.04 0.05 + 0.01 0.10 0.02 0.15 0.00 0.15 + 0.03 0.15 0.05 0.21 0.14 0.15 - 0.02 0.21 0.07 0.08 0.07 0.08 + 0.01 0.08 0.03 0.05 0.02 0.05 + 0.03 0.03 0.01 0.11 0.10 0.11 + 0.01 0.12 0.06 0.74 0.53 0.74 + 0.22 0.71 0.09 0.58 0.42 0.58 + 0.20 0.57 0.06 0.06 0.05 0.06 + 0.01 0.07 0.03 0.05 0.03 0.05 + 0.01 0.06 0.02 0.07 0.04 0.06 + 0.01 0.12 0.03 0.08 0.06 0.08 + 0.01 0.15 0.04 0.38 0.33 0.38 + 0.05 0.39 0.03 0.17 0.16 0.17 - 0.03 0.29 0.13 0.16 0.14 0.16 + 0.01 0.21 0.06 0.04 0.03 0.03 - 0.01 0.05 0.01 0.07 0.00 0.07 - 0.01 0.14 0.03 0.09 0.08 0.09 - 0.01 0.12 0.03 0.05 0.05 0.05 - 0.01 0.08 0.03 0.10 0.08 0.08 - 0.02 0.10 0.03 0.27 0.20 0.25 + 0.02 0.30 0.05 0.19 0.17 0.19 + 0.02 0.19 0.05 0.03 0.00 0.03 + 0.01 0.06 0.01 0.26 0.00 0.20 - 0.08 0.54 0.02 0.05 0.05 0.05 - 0.01 0.06 0.01 0.03 0.03 0.03 + 0.00 0.03 0.00 0.16 0.14 0.16 + 0.02 0.26 0.08 0.13 0.00 0.11 + 0.00 0.15 0.05 0.07 0.06 0.07 + 0.01 0.08 0.03 0.03 0.03 0.03 + 0.01 0.04 0.01 0.04 0.00 0.04 + 0.01 0.06 0.02 0.07 0.05 0.06 + 0.02 0.07 0.00 0.09 0.06 0.07 + 0.02 0.09 0.01 0.05 0.03 0.05 + 0.02 0.10 0.01 0.12 0.11 0.12 + 0.02 0.16 0.04 0.07 0.07 0.07 - 0.01 0.08 0.07 0.12 0.00 0.12 + 0.02 0.21 0.05 0.76 0.65 0.72 + 0.04 0.75 0.18 0.10 0.07 0.10 + 0.03 0.25 0.04 0.04 0.03 0.04 + 0.01 0.04 0.01 0.05 0.04 0.05 - 0.01 0.07 0.02 0.14 0.09 0.14 + 0.01 0.15 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cda Carbon* O 161 0.26 0.22 0.24 + 0.03 0.28 0.18 Cda Carbon V 549 0.32 0.29 0.30 - 0.03 0.42 0.23 Cda Rare Earth* O 181 0.02 0.01 0.01 - 0.00 0.03 0.01 Cda Strtgc Met V 3328 0.13 0.09 0.11 + 0.01 0.12 0.03 Cda Strtgc Met * O 42 0.07 0.00 0.07 - 0.01 0.07 0.01 526 0.20 0.17 0.19 + 0.01 0.25 0.10 Cda Zinc Mtls V 864 0.05 0.04 0.05 + 0.01 0.08 0.01 Cdn Intl Mnrls V Cdn Platinum V 842 0.02 0.01 0.01 - 0.01 0.02 0.01 Cdn Silvr Hunt V 341 0.03 0.03 0.03 + 0.01 0.05 0.01 Cdn Zinc T 5703 0.34 0.26 0.29 + 0.03 0.34 0.06 0.23 + 0.04 0.26 0.04 Cdn Zinc* Q 938 0.26 0.20 O 257 0.28 0.10 0.20 - 0.07 0.34 0.01 Centaurus Diam* Centenera Mng V 395 0.26 0.17 0.21 + 0.03 0.26 0.02 Centenera Mng* O 16 0.15 0.13 0.15 + 0.02 0.13 0.02 Centerra Gold T 4239 7.24 6.77 6.84 - 0.41 8.67 5.51 0.05 - 0.01 0.06 0.05 Central Rand* O 30 0.05 0.05 Centurion Mnls V 276 0.09 0.00 0.09 - 0.01 0.18 0.04 Century Global T 104 0.26 0.23 0.25 + 0.02 0.36 0.15 Cerro Grande* O 126 0.03 0.02 0.02 - 0.00 0.05 0.00 Cerro Grande 66 0.04 0.00 0.03 - 0.01 0.05 0.01 Chalice Gold M T 126 0.16 0.14 0.16 + 0.01 0.21 0.09 Champion Bear V 101 0.11 0.08 0.08 - 0.01 0.15 0.03 Champion Bear* O 71 0.07 0.07 0.07 - 0.00 0.08 0.02 Champion Iron T 706 0.27 0.20 0.22 - 0.03 0.30 0.08 O 39 0.21 0.18 0.18 - 0.01 0.23 0.09 Champion Iron* Chantrell Vent V 14 0.10 0.00 0.10 + 0.01 0.10 0.06 Chesapeake Gld* O 78 2.96 2.47 2.93 + 0.43 3.20 1.05 Chesapeake Gld V 119 3.77 3.16 3.72 + 0.47 4.00 1.39 Chevron* N 34295 104.08 100.92 101.98 + 1.32 104.26 69.58 166 0.10 0.03 0.10 + 0.04 0.09 0.03 Chiboug Ind Mn V Chieftain Mtls V 80 0.16 0.06 0.15 + 0.09 0.11 0.03 Chilean Metals* O 257 0.12 0.10 0.11 + 0.02 0.12 0.00 Chilean Metals V 261 0.15 0.12 0.14 + 0.02 0.15 0.02 China Gold Int T 2174 2.56 2.25 2.41 + 0.06 2.72 1.52 0.07 - 0.00 0.15 0.03 Cibolan Gold* O 41 0.08 0.00 CIM Intl Grp 138 1.35 1.18 1.18 - 0.02 1.50 1.15 0.09 - 0.01 0.19 0.06 CKR Carbon V 122 0.10 0.08 Claim Post Res V 120 0.04 0.03 0.04 + 0.01 0.03 0.01 Clear Mtn Res V 4 0.12 0.12 0.12 + 0.02 0.40 0.10 0.11 - 0.01 0.20 0.05 Clifton Mng* O 366 0.14 0.11 Cloud Peak En* N 4576 2.38 2.00 2.02 - 0.12 5.32 1.08 0.11 + 0.01 0.49 0.05 CMC Metals V 73 0.11 0.10 Coeur Mng* N 22603 9.00 8.14 8.52 + 0.15 8.99 1.62 Colibri Res V 19 0.18 0.00 0.18 + 0.03 0.16 0.02 Colombia Crest V 41 0.01 0.01 0.01 - 0.01 0.01 0.01 Colombian Mins V 143 0.06 0.05 0.06 + 0.01 0.09 0.02 0.11 - 0.01 0.18 0.02 Colonial Coal V 578 0.13 0.10 Colorado Res V 1736 0.48 0.42 0.46 + 0.02 0.48 0.05 Colorado Res* O 393 0.38 0.33 0.37 + 0.04 0.38 0.02 Colt Res* O 6 0.06 0.05 0.06 + 0.00 0.23 0.04 Columbus Gold* O 272 0.50 0.44 0.47 - 0.02 0.58 0.23 T 400 0.63 0.55 0.60 - 0.03 0.75 0.31 Columbus Gold Commander Res V 490 0.05 0.04 0.05 + 0.01 0.05 0.01 Commerce Res V 866 0.09 0.08 0.09 + 0.02 0.13 0.06 Commerce Res* O 126 0.07 0.06 0.06 + 0.00 0.10 0.04 Comstock Mng* X 2251 0.40 0.34 0.35 - 0.03 0.75 0.34 Comstock Mtls V 229 0.22 0.15 0.19 + 0.02 0.25 0.05 Condor Res V 1474 0.09 0.07 0.08 + 0.01 0.10 0.02 Confedertn Mls V 1273 0.08 0.06 0.08 + 0.01 0.09 0.02 Confedertn Mls* O 60 0.06 0.05 0.05 - 0.01 0.06 0.01 Conquest Res V 1029 0.03 0.02 0.03 + 0.01 0.04 0.01 Cons Woodjam V 86 0.05 0.04 0.05 + 0.01 0.09 0.02 CONSOL Energy* N 33156 15.94 13.20 13.38 - 2.28 27.39 4.54 Constant Mtl V 856 0.09 0.08 0.09 + 0.01 0.17 0.05 Contintl Gold* O 89 2.23 2.02 2.15 + 0.15 2.65 0.88 Contintl Gold T 2352 2.85 2.59 2.76 + 0.15 3.28 1.28 Copper Fox Mtl* O 256 0.10 0.09 0.10 - 0.01 0.19 0.08 Copper Fox Mtl V 1268 0.13 0.11 0.12 - 0.01 0.24 0.11 Copper Lake Rs V 342 0.06 0.05 0.05 + 0.01 0.09 0.03 Copper Mtn Mng* O 21 0.38 0.35 0.38 + 0.03 1.01 0.23 Copper Mtn Mng T 1151 0.52 0.47 0.48 - 0.02 1.30 0.33 Copper One V 55 0.03 0.03 0.03 - 0.01 0.15 0.03 Copper Reef Mg 289 0.03 0.00 0.03 + 0.01 0.04 0.01 Copperbank Res* O 47 0.04 0.03 0.04 + 0.01 0.04 0.01 Copperbank Res 973 0.05 0.00 0.05 + 0.01 0.05 0.03 Coral Gold V 303 0.21 0.18 0.19 - 0.02 0.23 0.05 Corazon Gold V 31 0.25 0.23 0.25 + 0.02 0.30 0.18 Cordoba Mnls V 724 0.69 0.57 0.62 - 0.01 1.00 0.10 Corex Gold V 1302 0.17 0.14 0.14 - 0.01 0.21 0.03 V 909 0.05 0.00 0.05 + 0.01 0.08 0.02 Cornerstone Ca Coro Mining T 1718 0.10 0.09 0.10 + 0.01 0.21 0.02 Coronet Mtls V 92 0.17 0.08 0.17 + 0.10 0.17 0.03 Corvus Gold T 290 1.10 0.95 1.10 + 0.15 1.12 0.33 Corvus Gold* O 68 0.86 0.75 0.84 + 0.10 0.89 0.25 0.53 + 0.03 0.82 0.06 Cougar Mnls V 238 0.53 0.00 Crazy Horse Res V 52 0.02 0.02 0.02 + 0.01 0.07 0.01 Critical Elem V 4480 0.73 0.58 0.60 - 0.11 0.75 0.14 Critical Elem* O 285 0.52 0.46 0.50 - 0.07 0.58 0.10 Crown Mining V 50 0.13 0.00 0.12 + 0.01 0.20 0.03 749 0.39 0.33 0.34 - 0.04 0.42 0.13 Crystal Pk Min V Crystal Pk Min* O 171 0.29 0.25 0.26 - 0.03 0.32 0.11 0.14 + 0.01 0.16 0.01 Cypress Dev* O 198 0.15 0.11 Cyprium Mng V 787 0.08 0.06 0.08 + 0.01 0.19 0.06

D-F Dajin Res* O 2083 61 Dakota Ter Res* O Daleco Res* O 109 O 551 Dalradian Res* Dalradian Res T 3516 Danakali* O 376 Darnley Bay V 724 Debut Dmds 396 Decade Res V 2645 Decade Res* O 1081 Defiance Silvr* O 747 Defiance Silvr V 2217 Denison Mines* X 3694 Denison Mines T 4200 Desert Star V 283 Detour Gold T 4688 Diamante Min* O 148 Diamcor Mng V 43 Diamcor Mng* O 26 Dios Expl V 161 Discovery Harb V 50 Discovery Vent V 13303 Ditem Explor* O 2 DNI Metals* O 248 Dolly Vard Sil* O 93 Dolly Vard Sil V 227 Dominion Diam* N 1312 Dominion Diam T 657 Dorex Mnrls V 235 Double Crn Res* O 2969 V 505 Doubleview Cap DRDGOLD* N 1797 Dundee Prec Mt T 1344 Duran Vent V 24 Durango Res V 7452 Durango Res* O 24 DuSolo Fertil* O 85 DV Resources V 78 Dynacor Gld Mn T 329 DynaResource* O 4 Dynasty Gold V 173 Dynasty Met&Mn* O 36 Dynasty Met&Mn T 880 Eagle Graphite V 3109 Eagle Plains V 2699 East Africa * O 300 East Africa V 383 Eastern Platin* O 6 Eastern Platin T 241 Eastmain Res T 14576 Eco Oro Mnls T 305 Ecuador Gold* O 60 Ecuador Gold V 56 El Capitan Prc* O 1885 El Nino Vent V 648 Elcora Res V 42 Eldorado Gold* N 35801 Eldorado Gold T 20564 Electra Stone V 342 Eloro Mnrls V 53 Ely Gold & Mnl V 764 Ely Gold & Mnl* O 679 Elysee Dev V 36

0.19 0.17 0.17 + 0.00 0.24 0.04 0.19 0.00 0.10 + 0.04 0.19 0.05 0.04 0.03 0.04 + 0.01 0.10 0.01 0.88 0.79 0.84 + 0.03 1.04 0.45 1.12 1.00 1.05 + 0.01 1.32 0.62 0.29 0.22 0.28 + 0.06 0.38 0.17 0.14 0.10 0.10 - 0.03 0.18 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.13 0.07 0.11 + 0.02 0.13 0.01 0.10 0.06 0.10 + 0.03 0.10 0.00 0.26 0.16 0.26 + 0.09 0.22 0.04 0.34 0.20 0.34 + 0.11 0.29 0.06 0.59 0.52 0.57 + 0.05 0.84 0.35 0.74 0.67 0.73 + 0.06 1.02 0.48 0.07 0.06 0.07 + 0.01 0.17 0.03 32.60 29.06 31.37 + 1.68 31.71 10.62 0.46 0.29 0.40 - 0.05 0.94 0.17 1.22 1.12 1.12 - 0.07 1.40 0.65 0.96 0.89 0.89 - 0.05 1.15 0.46 0.15 0.13 0.13 - 0.01 0.19 0.04 0.02 0.02 0.02 - 0.01 0.06 0.01 0.25 0.16 0.24 + 0.07 0.25 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.04 0.04 - 0.00 0.10 0.03 0.28 0.17 0.28 + 0.08 0.30 0.08 0.36 0.24 0.32 + 0.06 0.45 0.11 11.64 10.69 10.78 + 0.01 19.01 7.27 14.82 13.66 13.76 - 0.17 23.40 9.96 0.03 0.03 0.03 + 0.01 0.04 0.01 0.02 0.01 0.01 - 0.00 0.02 0.01 0.13 0.09 0.09 - 0.04 0.18 0.06 5.49 4.92 5.27 + 0.15 6.05 1.10 3.43 2.73 3.34 + 0.63 3.37 0.84 0.12 0.00 0.11 + 0.01 0.20 0.07 0.15 0.10 0.15 + 0.04 0.21 0.03 0.09 0.08 0.08 - 0.00 0.15 0.02 0.04 0.03 0.03 - 0.01 0.18 0.02 0.06 0.03 0.04 + 0.01 0.06 0.03 2.23 1.95 1.96 - 0.16 2.32 1.30 1.40 1.25 1.40 + 0.10 2.00 0.80 0.02 0.01 0.01 - 0.01 0.03 0.01 0.12 0.10 0.12 + 0.02 0.60 0.08 0.16 0.14 0.16 + 0.03 0.75 0.10 0.05 0.03 0.05 + 0.02 0.08 0.02 0.17 0.15 0.16 + 0.02 0.17 0.05 0.13 0.00 0.13 + 0.03 0.13 0.02 0.16 0.12 0.15 + 0.02 0.16 0.03 0.89 0.84 0.84 + 0.02 1.40 0.47 1.14 1.05 1.07 - 0.03 1.80 0.61 0.67 0.54 0.63 + 0.09 0.67 0.28 0.32 0.28 0.31 - 0.02 0.81 0.25 0.33 0.25 0.25 - 0.08 0.33 0.13 0.42 0.32 0.40 - 0.02 0.48 0.10 0.07 0.05 0.06 - 0.00 0.10 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 0.40 0.37 0.38 - 0.02 0.75 0.15 4.91 4.44 4.46 - 0.21 5.16 1.87 6.21 5.68 5.71 - 0.36 6.65 2.67 0.08 0.07 0.08 + 0.01 0.14 0.04 0.33 0.30 0.31 + 0.04 0.33 0.09 0.15 0.11 0.12 - 0.02 0.17 0.03 0.11 0.09 0.10 - 0.02 0.12 0.02 0.26 0.00 0.24 - 0.02 0.27 0.17

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Emerita Res V 7228 Emgold Mng* O 19 O 247 Encanto Potash* V 2116 Encanto Potash Endeavour Mng T 3039 O 154 Endeavour Mng* 10790 N Endeavr Silver* Endeavr Silver T 1398 V 291 Endurance Gold O 118 Energizer Res* Energizer Res T 747 Energy Fuels T 879 Energy Fuels* X 2275 Ensurge* O 589 Entree Gold* X 353 Equitas Res V 12651 Equitas Res* O 1813 Equitorial Ex V 1554 67 V Era Res Inc 992 Erdene Res Dev T 39 Erdene Res Dev* O Erin Ventures V 370 Erin Ventures* O 98 517 Eros Res Corp V 517 Eros Res Corp V Ethos Gold V 167 Ethos Gold* O 68 Eurasian Mnls V 135 X 274 Eurasian Mnls* Eureka Res V 760 EurOmax Res V 62 O 15 EurOmax Res* O 450 European Metal* 9 Europn Uran Rs V Everton Res* O 132 Everton Res V 3323 Evolving Gold 371 O 21 Evolving Gold* O 19 Excalibur Res* Excellon Res T 815 Excellon Res* O 179 O 96 Excelsior Mng* Exeter Res* X 954 Exeter Res T 247 642 ExGen Res Inc V O 27 Expedition Mng* Explor Res* O 132 Explor Res V 2299 Explorex Res 85 Fairmont Res V 3724 Falco Res V 967 Falcon Gold V 163 Far Res 3483 Finlay Minrls V 324 Finore Mng 106 Firestone Vent V 3455 O 8 Firma Holdings* First Bauxite V 40 First Liberty* O 3478 First Majestic T 7012 First Majestic* N 26118 First Mexican V 1348 V 6690 First Mg Fin First Mg Fin * O 6084 First Point T 222 First Quantum T 42222 V 1121 Fission 3.0 Fission Uran T 9360 Fission Uran* O 3865 Flinders Res* O 284 Flinders Res V 364 O 227 Focus Graphite* Foran Mng V 1097 T 829 Formation Mtls Forsys Metals T 1088 O 6 Fortescue Mtls* Fortuna Silvr T 5016 Fortuna Silvr* N 8618 O 217 Fortune Mnrls* O 15 Forum Uranium* V 480 Forum Uranium N 3309 Franco-Nevada* Franco-Nevada T 2081 Franklin Mng* O 3 Freegold Vent T 358 200362 N Freeport McMo* Freeport Res V 367 5 Fresnillo plc* O Fura Emeralds V 100

0.02 0.16 + 0.04 0.17 0.17 0.11 0.00 0.02 - 0.00 0.03 0.02 0.01 0.03 0.08 + 0.01 0.14 0.09 0.08 0.05 0.11 + 0.01 0.18 0.11 0.10 21.67 + 1.93 21.82 4.35 22.06 19.08 16.97 + 1.75 17.12 4.40 17.32 14.90 1.00 3.62 + 0.16 4.28 3.84 3.40 1.46 4.63 + 0.16 5.36 4.86 4.38 0.02 0.05 + 0.01 0.08 0.05 0.03 0.03 0.06 - 0.01 0.10 0.06 0.05 0.03 0.08 - 0.01 0.13 0.08 0.08 2.47 3.19 + 0.12 6.59 3.65 3.08 1.81 2.48 + 0.11 5.35 2.87 2.40 0.01 0.03 - 0.00 0.09 0.03 0.03 0.17 0.31 + 0.01 0.40 0.32 0.27 0.05 0.09 + 0.01 0.22 0.10 0.08 0.02 0.08 + 0.01 0.17 0.09 0.06 0.02 0.05 - 0.01 0.14 0.06 0.05 0.29 0.23 0.29 + 0.01 0.50 0.09 0.39 0.33 0.35 - 0.03 0.55 0.11 0.30 0.29 0.30 + 0.01 0.42 0.08 0.04 0.05 + 0.01 0.11 0.05 0.05 0.03 0.04 - 0.00 0.08 0.04 0.04 0.20 0.17 0.20 + 0.03 0.20 0.09 0.20 0.17 0.20 + 0.03 0.20 0.09 0.11 0.29 + 0.03 0.34 0.34 0.27 0.09 0.21 + 0.01 0.27 0.25 0.20 0.48 1.10 + 0.03 1.34 1.20 1.07 0.35 0.85 - 0.01 1.03 0.96 0.81 0.04 0.10 + 0.01 0.13 0.12 0.09 0.21 0.49 - 0.04 0.62 0.54 0.47 0.15 0.43 + 0.03 0.46 0.43 0.39 0.00 0.00 - 0.00 0.01 0.00 0.00 0.20 0.00 0.16 - 0.04 0.27 0.05 0.00 0.06 + 0.01 0.07 0.07 0.04 0.01 0.07 + 0.01 0.08 0.08 0.06 0.02 0.29 + 0.08 0.29 0.30 0.21 0.02 0.24 + 0.08 0.23 0.24 0.00 0.00 0.04 + 0.00 0.06 0.04 0.04 0.20 1.28 + 0.11 1.40 1.36 1.22 0.14 1.02 + 0.12 1.13 1.07 0.95 0.12 0.30 + 0.00 0.31 0.30 0.30 0.29 0.94 + 0.10 1.07 0.95 0.85 0.39 1.19 + 0.11 1.34 1.21 1.08 0.01 0.01 0.01 - 0.01 0.03 0.01 0.11 0.11 - 0.00 0.22 0.11 0.11 0.03 0.14 + 0.00 0.18 0.15 0.13 0.04 0.17 - 0.01 0.24 0.19 0.17 0.05 0.14 + 0.01 0.19 0.14 0.13 0.02 0.16 + 0.04 0.19 0.18 0.12 0.21 0.96 + 0.04 1.00 0.98 0.90 0.01 0.03 + 0.01 0.07 0.04 0.00 0.02 0.12 + 0.01 0.15 0.14 0.09 0.02 0.04 + 0.01 0.05 0.04 0.04 0.01 0.05 - 0.01 0.06 0.06 0.05 0.01 0.05 + 0.03 0.06 0.06 0.03 0.02 0.04 - 0.01 0.25 0.04 0.04 0.03 0.05 + 0.01 0.09 0.05 0.04 0.00 0.00 - 0.00 0.00 0.00 0.00 15.90 + 0.71 16.45 3.50 16.89 14.73 12.46 + 0.70 12.94 2.40 13.32 11.43 0.02 0.06 + 0.01 0.07 0.06 0.05 0.82 0.73 0.79 + 0.07 0.84 0.25 0.65 0.55 0.62 + 0.06 0.67 0.19 0.04 0.08 + 0.01 0.10 0.09 0.07 10.34 8.58 8.63 - 0.52 18.51 2.15 0.10 0.09 0.10 + 0.01 0.14 0.06 0.53 0.76 + 0.12 1.13 0.77 0.63 0.39 0.60 + 0.10 0.92 0.62 0.49 0.09 0.40 + 0.05 0.47 0.42 0.34 0.12 0.50 + 0.07 0.60 0.52 0.45 0.04 0.12 + 0.01 0.23 0.12 0.10 0.05 0.22 - 0.03 0.27 0.26 0.21 0.09 0.55 - 0.02 0.63 0.60 0.52 0.06 0.06 + 0.01 0.22 0.07 0.06 1.00 2.26 - 0.02 2.80 2.40 0.00 2.65 8.27 + 0.22 8.60 8.54 7.59 2.00 6.50 + 0.28 6.69 6.73 6.00 0.01 0.09 + 0.00 0.11 0.10 0.09 0.03 0.10 + 0.01 0.14 0.10 0.09 0.04 0.13 + 0.01 0.20 0.15 0.11 38.20 70.95 + 1.33 71.48 71.94 67.95 49.96 90.48 + 0.35 91.61 91.55 86.93 0.00 0.00 - 0.00 0.00 0.00 0.00 0.05 0.18 - 0.01 0.27 0.19 0.18 10.36 - 0.75 21.17 3.52 11.92 10.26 0.01 0.02 + 0.02 0.09 0.09 0.01 17.95 0.00 17.95 + 1.85 17.67 8.70 0.08 0.15 - 0.03 0.25 0.17 0.15

G&S Minerals* O 521 Gabriel Res T 1646 Galantas Gold V 398 160 Galena Intl Rs V Galway Gold V 1257 Galway Mtls* O 21 Galway Mtls V 147 GB Minerals V 47 Gear Intl* O 540 414 V Gem Intl Res General Moly T 11 General Moly* X 916 Gentor Res V 2864 Geodex Mnrls V 5 O 851 Geologix Expl* Geologix Expl V 3212 Geomega Res V 499 O 783 Geomega Res* Getty Copper V 944 GFK Res V 159 GGL Res* O 32 GGL Res V 112 Gitennes Expl V 1335 O 40 Gldn Predator* Gldn Predator V 1172 287 Glen Eagle Res V Glencore Plc* O 718 92 Global Cop Grp V Global Hunter V 12 Global Mnrls V 9 O 1 GlobalMin Vent* Globex Mng* O 72 Globex Mng T 1617 GMCI Corp* O 2 GMV Minerals V 276 V 173 GobiMin Gold & Silver* O 2570 883 Gold Bulln Dev* O Gold Bulln Dev V 2880 O 1626 Gold Dynamics* 26569 Gold Fields* N 344 Gold Jub Cap V Gold Lakes* O 2 Gold Mng USA* O 3482 188 Gold Mtn Mng V 152 Gold Reach Res V Gold Reserve* O 404 Gold Reserve V 261 X 4021 Gold Resource* 388 Gold Ridge Exp V Gold Std Vents V 1612 Gold Std Vents* X 3398 V 17 Goldbank Mng Goldcliff Res V 1866 T 20553 Goldcorp Goldcorp* N 46256 Golden Arrow V 1127 19 Golden Dawn Ml* O Golden Dawn Ml V 3391 Golden Eagle* O 120 V 699 Golden Goliath Golden Harp V 32 Golden Hope V 95 Golden Matrix* O 4652 Golden Mnls* X 5896 Golden Mnls T 554 232 Golden Peak Mn V

0.00 0.00 - 0.00 0.00 0.00 0.00 0.12 0.39 + 0.14 0.48 0.41 0.25 0.07 0.17 + 0.07 0.18 0.17 0.11 0.07 0.05 0.07 + 0.02 0.07 0.02 0.04 0.07 + 0.02 0.10 0.07 0.05 0.06 0.11 + 0.01 0.12 0.11 0.10 0.09 0.15 + 0.01 0.18 0.15 0.13 0.02 0.10 + 0.01 0.12 0.10 0.09 0.00 0.00 + 0.00 0.00 0.00 0.00 0.12 0.09 0.12 + 0.02 0.13 0.04 0.22 0.55 + 0.02 0.86 0.59 0.49 0.15 0.41 + 0.03 0.80 0.47 0.36 0.01 0.01 - 0.01 0.06 0.02 0.01 0.05 0.09 + 0.01 0.30 0.09 0.00 0.01 0.07 + 0.02 0.08 0.08 0.05 0.02 0.09 + 0.03 0.09 0.09 0.06 0.06 0.21 + 0.04 0.23 0.23 0.16 0.03 0.16 + 0.02 0.16 0.16 0.14 0.02 0.02 + 0.01 0.04 0.02 0.02 0.03 0.09 - 0.01 0.14 0.12 0.08 0.01 0.02 - 0.00 0.02 0.02 0.02 0.01 0.04 + 0.01 0.04 0.04 0.03 0.01 0.02 - 0.01 0.04 0.03 0.02 0.06 0.65 + 0.12 0.62 0.68 0.57 0.07 0.76 + 0.02 0.82 0.88 0.69 0.12 0.09 0.11 + 0.01 0.16 0.03 1.95 3.74 - 0.18 9.15 4.25 3.73 0.06 0.05 0.05 + 0.01 0.06 0.04 0.01 0.04 + 0.02 0.07 0.04 0.03 0.02 0.09 + 0.01 0.15 0.09 0.00 0.07 0.07 - 0.01 0.19 0.08 0.07 0.13 0.32 - 0.06 0.38 0.35 0.32 0.17 0.43 - 0.01 0.51 0.46 0.39 0.20 2.48 + 0.02 2.50 2.48 0.00 0.05 0.20 + 0.07 0.20 0.20 0.14 0.27 0.47 + 0.01 0.47 0.47 0.45 0.01 0.00 0.01 + 0.00 3120.00 0.00 0.08 0.06 0.06 - 0.01 0.11 0.01 0.10 0.08 0.08 - 0.01 0.16 0.02 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 4.38 + 0.17 4.76 4.59 4.04 0.18 0.17 0.17 - 0.03 0.28 0.07 0.03 0.50 + 0.13 1.25 0.50 0.00 0.02 0.01 0.01 - 0.01 0.19 0.01 0.11 0.09 0.11 + 0.03 0.18 0.02 0.17 0.00 0.17 + 0.01 0.25 0.08 2.19 4.50 + 0.58 5.90 4.54 3.70 3.06 5.75 + 0.66 8.00 5.76 4.84 1.14 3.45 + 0.05 3.88 3.75 3.30 0.12 0.09 0.12 + 0.02 0.12 0.01 2.33 2.08 2.12 + 0.02 2.35 0.40 1.83 1.63 1.66 + 0.04 1.89 0.26 0.03 0.14 + 0.01 0.16 0.16 0.00 0.01 0.02 + 0.01 0.03 0.03 0.02 13.55 23.02 - 0.63 25.35 24.15 22.87 18.06 - 0.20 20.24 9.46 19.00 17.85 0.17 0.72 + 0.02 0.83 0.74 0.68 0.14 0.00 0.14 + 0.03 0.14 0.06 0.18 0.14 0.17 + 0.02 0.21 0.07 0.00 0.02 - 0.00 0.03 0.03 0.00 0.01 0.04 - 0.01 0.05 0.05 0.04 0.03 0.20 - 0.06 0.28 0.28 0.16 0.16 0.19 - 0.01 0.64 0.19 0.17 0.02 0.00 0.01 + 0.01 3000.00 0.00 0.13 0.46 + 0.09 0.94 0.56 0.35 0.19 0.58 + 0.10 1.22 0.71 0.46 0.09 0.08 0.08 - 0.01 0.09 0.05

G-H

2016-06-14 5:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 20â&#x20AC;&#x201C;26, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Queen* O 610 Golden Queen T 152 Golden Reign V 1532 Golden Secret V 200 Golden Sh Mng V 5 Golden Star T 850 Golden Star* X 8851 Golden Sun* O 2480 Golden Tag V 147 Golden Valley V 1950 Goldex Res V 63 Goldex Res* O 4 Goldeye Expl V 200 Goldgroup Mng T 2609 Goldgroup Mng* O 1884 GoldON Res* O 2 GoldON Res V 72 GoldQuest Mng V 3311 Goldrea Res 19 Goldrock Mines V 17256 Goldsource Min* O 677 V 1966 Goldsource Min Goldstrike Res V 2899 GoviEx Uranium 535 Gowest Gold V 1912 Gowest Gold* O 184 GPM Metals V 2276 Gran Colombia* O 129 V 63 Grande Portage Granite Ck Gld V 100 Graphite Corp* O 541 Graphite One V 7691 Graphite One* O 1369 101 Great Bear Res V Great Lakes Gr V 1372 Great Lakes Gr* O 1796 Great Panther T 1952 Great Panther* X 7078 38 Great Quest Fe V Great Rock Dev* O 227 Great Thunder V 1531 Great Western* O 183 Green Valley M V 140 Grenville Gold V 20 Grizzly Gold* O 66 GTA Res & Mng V 225 Guerrero Vents V 117 Gungnir Res V 4116 Gungnir Res* O 1198 Gunpoint Expl V 115 Guyana Gldflds T 5033 Handa Copper V 445 Happy Ck Mnrls V 160 N 24137 Harmony Gold* Harte Gold T 9374 Hawkeye Gld&Di V 42 Heatherdale Rs V 314 Hecla Mining* N 46853 Helio Res V 960 Hellix Vent* O 26 Heron Res T 1293 Highbank Res V 862 Highway 50 Gld* O 5 64 Highway 50 Gld V Hinterland Mtl V 94 Hochschild Mg* O 54 Homestake Res V 2627 Homestake Res* O 64 224 Honey Badger E V Horizonte Mnls T 302 Hornby Bay Mnl V 24 Houston Lake V 205 HudBay Mnls* N 1642 HudBay Mnls T 12571 Hudson Res V 82 Hudson Res* O 13 Hunt Mng V 12

1.36 1.20 1.29 + 0.02 1.56 0.48 1.73 1.55 1.62 - 0.02 2.00 0.65 0.26 0.20 0.25 + 0.03 0.25 0.07 0.50 0.43 0.45 - 0.01 0.67 0.02 0.16 0.16 0.16 - 0.01 0.26 0.03 0.85 0.74 0.81 + 0.06 1.05 0.21 0.67 0.58 0.64 + 0.06 0.84 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.06 0.06 + 0.01 0.09 0.02 0.32 0.25 0.27 - 0.02 0.32 0.07 0.43 0.00 0.38 - 0.04 0.65 0.10 0.34 0.32 0.32 - 0.02 0.34 0.08 0.04 0.03 0.04 - 0.01 0.06 0.02 0.20 0.18 0.20 + 0.01 0.22 0.05 0.16 0.14 0.16 + 0.01 0.17 0.03 0.14 0.09 0.14 + 0.05 0.15 0.03 0.24 0.15 0.24 + 0.03 0.36 0.03 0.50 0.40 0.45 + 0.06 0.50 0.09 0.07 0.06 0.07 - 0.01 0.11 0.02 1.12 0.63 1.10 + 0.47 1.10 0.15 0.38 0.30 0.37 + 0.07 0.35 0.11 0.48 0.39 0.46 + 0.07 0.43 0.13 0.22 0.17 0.22 + 0.05 0.22 0.07 0.09 0.08 0.09 + 0.01 0.19 0.04 0.10 0.08 0.09 + 0.01 0.12 0.05 0.08 0.00 0.07 + 0.02 0.10 0.04 0.43 0.34 0.43 + 0.06 0.40 0.08 0.08 0.06 0.07 + 0.01 0.30 0.04 0.08 0.00 0.07 - 0.06 0.14 0.04 0.05 0.03 0.04 - 0.01 0.05 0.01 0.01 0.00 0.00 - 0.00 0.02 0.00 0.14 0.11 0.12 - 0.02 0.18 0.07 0.11 0.09 0.10 - 0.01 0.14 0.05 0.34 0.25 0.26 - 0.04 0.38 0.05 0.08 0.06 0.07 + 0.01 0.13 0.06 0.06 0.05 0.06 + 0.00 0.10 0.04 2.25 2.03 2.13 + 0.09 2.82 0.40 1.78 1.57 1.68 + 0.10 2.25 0.30 0.20 0.15 0.20 + 0.04 0.63 0.11 0.00 0.00 0.00 + 0.00 0.02 0.00 0.14 0.12 0.14 + 0.01 0.24 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.02 0.03 + 0.01 0.03 0.01 0.10 0.00 0.09 - 0.07 0.15 0.06 0.10 0.06 0.08 - 0.02 0.20 0.01 0.07 0.05 0.06 + 0.01 0.08 0.02 0.03 0.00 0.03 + 0.01 0.04 0.01 0.05 0.03 0.04 + 0.01 0.05 0.01 0.04 0.02 0.03 + 0.01 0.04 0.00 0.26 0.26 0.26 - 0.01 0.30 0.13 9.43 7.88 9.22 + 1.10 9.09 2.48 0.05 0.00 0.05 + 0.01 0.09 0.03 0.18 0.15 0.18 + 0.04 0.18 0.08 3.86 3.38 3.65 + 0.15 4.19 0.53 0.26 0.21 0.25 + 0.05 0.35 0.05 0.06 0.06 0.06 - 0.03 0.10 0.03 0.05 0.03 0.05 + 0.02 0.05 0.01 4.75 4.32 4.49 + 0.05 4.74 1.45 0.08 0.05 0.07 + 0.02 0.07 0.02 0.02 0.01 0.01 - 0.01 0.06 0.00 0.15 0.13 0.14 + 0.02 0.15 0.07 0.07 0.06 0.07 + 0.01 0.21 0.04 0.17 0.17 0.17 + 0.01 0.19 0.05 0.24 0.22 0.23 + 0.07 0.24 0.05 0.02 0.00 0.02 - 0.01 0.04 0.01 2.36 2.25 2.35 + 0.31 2.34 0.59 0.14 0.09 0.13 + 0.04 0.15 0.01 0.09 0.06 0.09 + 0.03 0.11 0.01 0.04 0.04 0.04 + 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.06 0.02 0.05 0.00 0.05 - 0.01 0.09 0.03 0.31 0.27 0.31 + 0.02 0.40 0.13 5.07 4.18 4.88 + 0.71 9.67 1.56 6.43 5.45 6.24 + 0.85 11.89 2.26 0.45 0.42 0.44 - 0.01 0.55 0.34 0.37 0.34 0.34 - 0.03 0.41 0.26 0.20 0.15 0.20 + 0.05 0.20 0.02

I-Minerals V 144 I-Minerals* O 62 IAMGOLD* N 36037 IAMGOLD T 14378 IC Potash* O 142 Iconic Mnls V 161 IDM Mining* O 998 IDM Mining V 3599 IEMR Res V 2285 iMetal Res V 11 Impala Platnm* O 330 Imperial Metal T 167 Imperial Metal* O 10 Inca One Gold V 2769 Inception Mng * O 3 Independence G* O 96 Independence G V 791 Indico Res V 1019 Infrastructure* O 819 Inspiration Mg* O 32 Inspiration Mg 30 Intact Gold V 2150 Intact Gold* O 103 Integra Gold* O 2651 Intigold Mines V 123 Intl Lithium* O 52 Intl Lithium V 1536 Intl Montoro V 190 Intl Tower Hil* X 1104 Intl Tower Hil T 312 Intrepid Pots* N 9297 INV Metals T 191 Inventus Mg V 524 InZinc Mining V 503 InZinc Mining* O 62 Ireland* O 73 Iron South Mng V 118 Ironside Res* O 7 Irving Res* O 8 Irving Res 86 Itoco Mg Corp* O 15 Ivanhoe Mines* O 450 Ivanhoe Mines T 4088 J.A.G. Mines V 31 Jaguar Mng* O 2272 Jaguar Mng V 5478 Jaxon Mnls V 51 K92 Mng Inc* O 412 K92 Mng Inc V 2431 Kaminak Gold V 3306 Kaminak Gold* O 654 Kapuskasing Gd V 336 Karmin Expl V 3 Karnalyte Res T 158 KAT Expl* O 6450 Katanga Mng T 355 Kennady Diam V 224 Kerr Mines* O 70 Kesselrun Res V 2074 Khalkos Expl V 138 Khan Res 1717 Kilo Goldmines V 560 Kincora Copper V 1191 Kings Bay Gold V 1527 Kingsmen Res* O 5 Kinross Gold T 37533 Kinross Gold* N 72798 Kirkland Lk Gd* O 131 Kirkland Lk Gd T 3954 Kiska Metals* O 146 Kiska Metals V 3500 Klondex Mns T 1616 Klondike Gold* O 49 Klondike Gold V 963 Klondike Silv V 194 Knick Expl V 923 Kombat Copper V 923 Komet Resource V 27 Kootenay Silvr V 2663

0.33 0.28 0.33 + 0.05 0.37 0.16 0.25 0.22 0.25 + 0.03 0.28 0.14 4.09 3.63 3.88 + 0.12 4.05 1.15 5.19 4.69 4.95 + 0.10 5.22 1.50 0.05 0.05 0.05 + 0.01 0.20 0.03 0.33 0.26 0.33 + 0.03 0.36 0.03 0.18 0.14 0.17 + 0.03 0.19 0.04 0.23 0.18 0.21 + 0.03 0.24 0.07 0.06 0.02 0.04 + 0.02 0.06 0.01 0.06 0.05 0.06 + 0.01 0.10 0.03 3.43 3.00 3.03 - 0.21 4.98 1.45 6.50 5.75 5.91 + 0.15 11.01 3.92 5.04 4.65 4.65 + 0.23 8.81 2.81 0.06 0.05 0.05 - 0.01 0.22 0.04 0.86 0.00 0.86 + 0.10 1.65 0.50 0.13 0.12 0.13 + 0.00 0.13 0.04 0.19 0.15 0.18 + 0.03 0.18 0.06 0.05 0.03 0.05 + 0.01 0.16 0.03 0.01 0.01 0.01 + 0.00 0.02 0.01 0.02 0.01 0.02 + 0.01 0.10 0.01 0.07 0.02 0.07 + 0.01 0.10 0.02 0.10 0.09 0.09 + 0.01 0.18 0.02 0.07 0.07 0.07 + 0.00 0.14 0.06 0.58 0.51 0.54 + 0.02 0.59 0.18 0.08 0.07 0.07 + 0.01 0.26 0.06 0.24 0.20 0.22 + 0.02 0.55 0.01 0.31 0.24 0.28 + 0.03 0.38 0.03 0.03 0.02 0.02 - 0.01 0.08 0.02 0.65 0.50 0.65 + 0.12 0.75 0.18 0.83 0.65 0.81 + 0.14 0.95 0.26 1.63 1.26 1.27 - 0.01 12.23 0.65 0.65 0.59 0.59 - 0.06 0.80 0.08 0.34 0.25 0.34 + 0.06 0.30 0.02 0.12 0.10 0.10 + 0.01 0.13 0.04 0.10 0.08 0.09 + 0.04 0.10 0.03 0.24 0.17 0.23 - 0.01 0.49 0.13 0.07 0.05 0.07 + 0.02 0.08 0.04 0.02 0.02 0.02 - 0.00 0.08 0.01 0.12 0.11 0.11 - 0.01 0.15 0.09 0.20 0.00 0.14 - 0.01 0.20 0.11 0.30 0.16 0.24 - 0.06 1.10 0.08 0.79 0.75 0.76 + 0.00 0.89 0.36 1.00 0.96 0.97 - 0.03 1.13 0.53 0.02 0.02 0.02 - 0.01 0.04 0.01 0.32 0.27 0.30 + 0.04 0.32 0.07 0.40 0.35 0.37 + 0.03 0.40 0.12 0.08 0.00 0.08 + 0.01 0.09 0.01 0.97 0.79 0.79 - 0.15 1.03 0.80 1.25 1.00 1.02 - 0.21 1.33 0.87 2.61 2.43 2.49 - 0.06 2.61 0.61 2.05 1.92 1.95 - 0.01 2.04 0.47 0.07 0.05 0.05 - 0.01 0.08 0.02 0.29 0.00 0.29 - 0.01 0.38 0.15 2.10 1.73 1.89 - 0.21 4.15 0.52 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.14 0.15 - 0.01 0.26 0.13 4.29 4.08 4.11 - 0.09 5.38 2.35 0.06 0.00 0.05 + 0.01 0.11 0.01 0.27 0.19 0.27 + 0.07 0.22 0.02 0.15 0.13 0.14 - 0.01 0.26 0.05 0.85 0.80 0.84 - 0.01 0.88 0.34 0.11 0.09 0.11 + 0.01 0.17 0.04 0.05 0.04 0.04 - 0.01 0.06 0.02 0.02 0.01 0.01 + 0.01 0.02 0.01 0.08 0.07 0.07 + 0.01 0.09 0.02 6.97 6.25 6.60 + 0.15 7.49 1.79 5.49 4.84 5.18 + 0.21 5.82 1.31 9.55 8.75 9.40 + 0.48 9.47 3.12 12.21 11.20 12.01 + 0.52 12.04 4.49 0.08 0.06 0.08 + 0.03 0.08 0.01 0.10 0.07 0.09 + 0.03 0.10 0.01 4.76 4.42 4.68 + 0.12 4.90 2.56 0.32 0.28 0.29 + 0.03 0.32 0.06 0.41 0.33 0.36 - 0.04 0.42 0.08 0.05 0.04 0.05 + 0.01 0.06 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.06 0.05 0.05 - 0.02 0.10 0.02 0.42 0.36 0.39 + 0.02 0.44 0.29 0.50 0.43 0.47 - 0.02 0.50 0.17

I-J-K

8-10_JUN20_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

KWG Res 1748 0.03 0.03 0.03 + 0.01 0.04 0.01

L Labdr Iron Mns* O 30 Labrador Iron T 587 Lake Victoria* O 28 Lamelee Iron V 392 Lara Expl V 554 Largo Res V 111 Largo Res* O 16 Latin Am Mnls* O 101 Latin Am Mnls V 352 Legend Gold* O 3 Legend Gold V 118 Lepanto Con Mg* O 327 Levon Res Ltd T 534 Levon Res Ltd * O 220 Lexam VG Gold* O 1109 Lexam VG Gold T 544 Li3 Energy* O 1298 Lion One Mtls* O 51 Lion One Mtls V 261 Lithium Amer T 5766 Lithium Amer* O 1913 Lithium Corp* O 1187 Lithium Expl* O 6396 LKA Gold* O 8 Lode-Star Mg* O 218 Logan Res V 213 Lomiko Mtls V 851 Lomiko Mtls* O 465 Loncor Res* O 58 Loncor Res T 126 Lone Star Gold* O 133 Lonmin plc* O 7 V 75 Lorraine Coppr Los Andes Copp V 622 Lowell Copper V 98 Lucara Diam T 4349 Luna Gold T 353 Luna Gold* O 213 Lund Enterpr V 137 Lundin Gold T 783 Lundin Mng T 10189 Lupaka Gold V 1246 Lydian Intl T 1570 Lydian Intl* O 197 Lynas Corp* O 230

0.01 0.00 0.00 - 0.01 0.02 0.00 13.10 12.18 12.31 - 0.06 17.44 6.85 0.02 0.00 0.02 + 0.00 0.07 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.90 0.83 0.87 - 0.02 1.04 0.20 0.55 0.51 0.51 - 0.06 0.84 0.11 0.43 0.40 0.40 - 0.05 0.68 0.08 0.09 0.07 0.09 + 0.00 0.11 0.06 0.11 0.10 0.11 + 0.01 0.25 0.05 0.04 0.04 0.04 + 0.02 0.05 0.01 0.05 0.00 0.04 + 0.01 0.06 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.30 0.25 0.30 + 0.03 0.34 0.09 0.23 0.19 0.23 + 0.02 0.26 0.07 0.19 0.16 0.17 - 0.01 0.23 0.04 0.25 0.22 0.22 - 0.01 0.29 0.05 0.02 0.02 0.02 + 0.00 0.04 0.01 0.55 0.00 0.52 + 0.05 0.59 0.18 0.69 0.60 0.67 + 0.07 0.74 0.24 0.87 0.78 0.81 + 0.01 1.00 0.26 0.68 0.61 0.63 + 0.02 0.80 0.34 0.12 0.09 0.09 - 0.00 0.13 0.02 0.01 0.00 0.00 - 0.00 0.45 0.00 0.37 0.35 0.35 + 0.03 0.53 0.10 0.03 0.03 0.03 + 0.00 0.05 0.01 0.12 0.09 0.12 + 0.03 0.11 0.04 0.05 0.04 0.05 - 0.01 0.05 0.03 0.04 0.03 0.04 + 0.00 0.04 0.02 0.12 0.11 0.12 + 0.01 0.15 0.01 0.17 0.15 0.17 + 0.02 0.18 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 2.90 2.70 2.81 + 0.01 224.00 0.55 0.05 0.05 0.05 + 0.01 0.13 0.04 0.19 0.15 0.19 + 0.01 0.20 0.05 0.25 0.24 0.25 + 0.01 0.43 0.12 4.37 3.89 3.96 - 0.29 4.37 1.42 0.20 0.15 0.19 + 0.02 0.21 0.03 0.16 0.12 0.15 + 0.02 0.16 0.02 0.10 0.08 0.08 - 0.02 0.14 0.02 6.25 5.55 5.62 - 0.48 6.51 3.46 4.57 4.24 4.34 - 0.05 5.73 2.98 0.22 0.13 0.20 + 0.05 0.19 0.04 0.38 0.32 0.37 + 0.03 0.56 0.19 0.30 0.25 0.30 + 0.03 0.44 0.13 0.05 0.04 0.05 + 0.01 0.10 0.02

M Macarthur Mnl V 10199 0.13 0.08 0.11 + 0.02 0.18 0.02 Macarthur Mnl* O 188 0.10 0.07 0.09 + 0.01 0.14 0.02 MacMillan Mnls* O 5 0.40 0.00 0.40 + 0.38 0.40 0.01 MAG Silver T 835 18.30 16.76 17.58 + 0.25 18.58 8.13 MAG Silver* X 496 14.40 13.12 13.76 + 0.36 14.40 6.12 O 15 0.16 0.13 0.16 + 0.03 0.29 0.04 Magellan Gold* Majescor Res V 141 0.11 0.00 0.11 + 0.02 0.14 0.02 Majescor Res* O 15 0.09 0.08 0.09 + 0.01 0.09 0.01 Makena Res* O 2 0.02 0.01 0.01 - 0.00 0.03 0.01 0.34 + 0.07 0.55 0.20 Malbex Res V 112 0.34 0.00 Mandalay Res T 2269 1.08 1.02 1.08 + 0.01 1.14 0.59 V 83 0.04 0.04 0.04 - 0.01 0.06 0.01 Mangazeya Mng Manitou Gold V 207 0.09 0.08 0.08 - 0.02 0.10 0.02 Marathon Gold T 4901 0.39 0.28 0.39 + 0.08 0.38 0.11 0.22 + 0.01 0.23 0.08 Maritime Res V 45 0.22 0.20 Marlin Gold* O 446 0.52 0.33 0.48 + 0.13 0.49 0.10 0.56 + 0.11 0.62 0.15 Marlin Gold V 983 0.68 0.43 MartinMarietta* N 3272 191.18 184.41 185.54 - 1.19 193.87 108.31 O 170 0.58 0.54 0.54 + 0.01 0.58 0.21 Mason Graphite* Mason Graphite V 326 0.74 0.67 0.68 - 0.01 0.76 0.30 V 764 0.06 0.00 0.05 + 0.02 0.08 0.03 Masuparia Gold Matamec Expl* O 50 0.05 0.05 0.05 + 0.01 0.06 0.01 Mawson Res* O 31 0.21 0.17 0.21 + 0.01 0.23 0.12 0.26 + 0.02 0.30 0.16 Mawson Res T 62 0.26 0.22 Maya Gold &Sil V 737 0.16 0.14 0.15 + 0.01 0.29 0.10 0.61 - 0.04 1.02 0.40 McChip Res V 7 0.77 0.61 McEwen Mng T 2193 3.77 3.10 3.76 + 0.61 3.59 0.84 McEwen Mng* N 17620 2.95 2.40 2.95 + 0.52 2.83 0.65 MDN Inc V 2112 0.08 0.05 0.07 + 0.03 0.08 0.01 Meadow Bay Gd T 1363 0.10 0.08 0.09 - 0.01 0.25 0.06 542 0.08 0.05 0.07 - 0.00 0.20 0.04 Meadow Bay Gd* O Mechel* N 1140 1.83 1.71 1.71 - 0.12 2.62 1.23 Medallion Res* O 658 0.03 0.02 0.03 - 0.00 0.04 0.01 Medallion Res V 2943 0.04 0.03 0.04 + 0.01 0.06 0.01 0.11 - 0.01 0.15 0.05 Medgold Res V 615 0.11 0.11 Medinah Mnrls* O 5712 0.02 0.01 0.01 - 0.00 0.03 0.01 0.16 + 0.01 0.20 0.05 Mega Uranium T 4776 0.17 0.15 Mega Uranium* O 788 0.14 0.11 0.13 + 0.01 0.15 0.04 Melior Res V 18 0.05 0.00 0.05 - 0.02 0.09 0.01 0.05 + 0.01 0.06 0.01 Melkior Res V 942 0.05 0.04 Mercator Mnls* O 8 0.01 0.00 0.00 + 0.00 0.03 0.00 0.25 + 0.01 0.31 0.10 Merrex Gold V 805 0.26 0.21 Merrex Gold* O 178 0.20 0.17 0.19 + 0.03 0.24 0.10 Meryllion Res 14 0.02 0.00 0.02 + 0.01 0.03 0.01 Mesa Expl V 110 0.04 0.03 0.03 - 0.01 0.04 0.01 MetalCorp V 140 0.03 0.02 0.02 - 0.01 0.03 0.01 Metalex Vent V 272 0.08 0.06 0.06 - 0.01 0.11 0.04 2.79 + 0.52 3.72 1.26 Metalore Res T 5 3.00 2.45 Metals Creek* O 38 0.10 0.00 0.10 - 0.00 0.14 0.05 Metals Creek V 372 0.14 0.13 0.14 - 0.02 0.19 0.05 0.86 + 0.04 1.01 0.68 Metals X* O 172 0.88 0.00 Metanor Res V 3590 0.09 0.08 0.09 - 0.01 0.13 0.03 Mexus Gold* O 6062 0.05 0.04 0.05 - 0.00 0.07 0.00 MGX Minerals 651 0.28 0.21 0.24 + 0.04 0.70 0.08 Micrex Dev V 138 0.03 0.02 0.02 - 0.01 0.03 0.01 Midas Gold* O 1118 0.65 0.57 0.62 + 0.04 0.66 0.16 0.79 + 0.03 0.84 0.25 Midas Gold T 2160 0.82 0.73 0.75 + 0.03 0.80 0.45 Midland Expl V 89 0.77 0.68 Midnight Sun V 19 0.12 0.00 0.12 + 0.02 0.24 0.08 0.00 - 0.00 0.13 0.00 Midway Gold* O 591 0.00 0.00 Millrock Res* O 291 0.32 0.26 0.30 + 0.02 0.35 0.11 Millrock Res V 770 0.40 0.33 0.38 + 0.02 0.45 0.15 Millstream Min V 38 0.06 0.00 0.06 - 0.01 0.16 0.01 Minco Gold* X 509 0.30 0.28 0.29 + 0.01 0.40 0.10 0.37 - 0.01 0.55 0.12 Minco Gold T 136 0.41 0.35 Minco Silver T 951 1.30 1.09 1.25 + 0.21 1.48 0.32 0.98 + 0.17 1.16 0.26 Minco Silver* O 306 1.02 0.85 Mineral Hill V 99 0.33 0.18 0.25 + 0.04 0.40 0.11 Mines Manage* X 1067 1.05 0.93 0.98 + 0.04 1.04 0.11 Mines Manage T 31 1.35 1.15 1.35 + 0.13 1.31 0.17 Minfocus Expl V 210 0.03 0.03 0.03 - 0.01 0.05 0.01 Mirasol Res V 407 2.16 1.81 2.14 + 0.30 2.09 0.72 0.04 + 0.01 0.05 0.01 Mitchell Res V 15 0.04 0.04 Monarques Res* O 66 0.31 0.23 0.31 + 0.09 0.30 0.04 Monarques Res V 4256 0.39 0.29 0.39 + 0.09 0.39 0.06 O 113 0.20 0.18 0.19 + 0.01 0.22 0.05 Moneta Porcpn* Moneta Porcpn T 2482 0.26 0.23 0.25 + 0.01 0.27 0.07 Montan Mg V 686 0.04 0.03 0.03 - 0.01 0.22 0.02 Monument Mng V 542 0.13 0.11 0.13 + 0.01 0.16 0.08 Morro Bay V 1031 0.02 0.01 0.02 + 0.01 0.06 0.01 Mosaic* N 30868 29.46 26.62 26.97 + 0.27 47.13 22.02 Mountain Boy V 4484 0.05 0.04 0.05 + 0.01 0.05 0.01 Mountain Boy* O 420 0.04 0.03 0.04 + 0.00 0.04 0.00 Mountain Prov* D 292 5.09 4.90 4.97 - 0.02 5.10 2.47 Mountain Prov T 232 6.50 6.25 6.36 - 0.13 6.60 3.38 Mukuba Res V 616 0.01 0.01 0.01 + 0.01 0.02 0.01 Mundoro Cap* O 52 0.12 0.10 0.10 - 0.02 0.12 0.03 Mundoro Cap V 75 0.13 0.12 0.13 + 0.01 0.18 0.04 Murchison Min 2301 0.03 0.00 0.03 - 0.01 0.04 0.01 Mustang Mnrls V 198 0.01 0.00 0.01 + 0.01 0.02 0.01 0.03 - 0.04 0.18 0.00 Myson Group* O 110 0.06 0.03

N-O NACCO Ind* N 77 Namibia Rare E* O 47 Namibia Rare E T 72 Napier Vent* O 50 Napier Vent V 123 Natan Res V 29 Natural Res Pt* N 495 Nautilus Mnrls T 1320 Nautilus Mnrls* O 447 Navy Res V 17 Nemaska Lith* O 686 Nemaska Lith V 19102 Nevada Clean M* O 50

56.71 54.65 55.19 + 0.08 62.96 40.04 0.09 0.08 0.09 + 0.00 0.12 0.03 0.14 0.10 0.11 - 0.03 0.17 0.04 0.25 0.25 0.25 - 0.01 0.26 0.19 0.31 0.28 0.28 - 0.06 0.34 0.15 0.15 0.07 0.15 + 0.09 0.20 0.05 15.09 11.19 14.08 + 2.96 41.50 5.00 0.18 0.15 0.16 + 0.01 0.47 0.14 0.14 0.11 0.13 + 0.01 0.39 0.10 0.30 0.18 0.30 + 0.12 0.30 0.06 1.34 0.99 1.11 - 0.22 1.50 0.13 1.71 1.25 1.42 - 0.32 1.97 0.16 0.02 0.01 0.02 - 0.00 0.05 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevada Copper T 623 Nevada Egy Mtl* O 891 Nevada Expl * O 141 Nevada Expl V 175 Nevada Sunrise* O 214 Nevada Sunrise V 650 Nevada Zinc V 1070 Nevado Res V 1438 Nevsun Res T 2310 New Carolin Gd V 2206 New Carolin Gd* O 435 New Colombia* O 663 New Dimen Res V 23 New Gold* O 50 New Gold T 6817 New Gold* X 19574 New Jersey Mng* O 143 New Milln Iron T 562 New Nadina V 26 New Oroperu V 20 3 New Pac Metals* O New Pac Metals T 26 New World Res V 205 8 New World Res* O NewCastle Gold* O 38 T 2143 Newmarket Gold Newmarket Gold* O 477 Newmont Mng* N 38708 Newport Expl V 780 Nexgen Energy V 6082 O 796 Nexgen Energy* Next Gen Mtls 564 NGEx Res T 375 NGEx Res* O 19 Nickel One Res* O 65 341 Nickel One Res V Nicola Mg Inc V 3602 Nicola Mg Inc* O 124 V 2296 Nighthawk Gold Nikos Expl V 367 Niocorp Dev* O 497 Niocorp Dev T 885 Noble Mnl Expl V 125 Noka Res V 4596 Noram Vent V 28721 Noranda Alum* O 357 Noront Res V 1911 North Am Nickl* O 77 211 North Am Nickl V North Am Pall T 14 North Am Pall* O 10 North Arrow Mn V 485 North Arrow Mn* O 36 95 North Springs* O Northcliff Res T 121 Northisle C&G V 427 Norvista Cap V 559 NovaCopper T 218 NovaCopper* X 708 NovaGold Res T 3294 NovaGold Res* X 11034 Novo Res* O 208 Novo Res V 621 NovX21 V 757 NRG Metals V 342 Nrthn Freegold V 647 Nrthn Freegold* O 45 Nrthn Graphite* O 146 Nrthn Graphite V 231 29 Nrthn Mnrls &E* O Nrthn Superior V 871 Nrthn Vertex* O 12 Nrthn Vertex V 1320 NSGold V 13 Nthn Dynasty T 1523 Nthn Dynasty* X 1087 Nthrn Sphere 35 NuLegacy Gold* O 1446 NuLegacy Gold V 3745 O.T. Mining* O 91 OceanaGold* O 28 OceanaGold T 10126 Oceanic Iron O V 160 Oceanus Res V 951 16 Odin Mng & Exp* O Olivut Res* O 273 Olivut Res V 389 Omineca Mg &Ml V 90 Opawica Expl V 297 Orbite Tech T 2670 Orbite Tech* O 67 Orca Gold* O 25 Oremex Silver V 685 Oremex Silver* O 250 Orestone Mng V 124 Orezone Gold* O 208 Orezone Gold V 939 Oriental Non F 71 518 Orla Mng Ltd V 347 Oro East Mg* O Orocobre T 622 Oroplata Res* O 1522 Orosur Mng T 224 Orsu Metals* O 2 Orsu Metals T 162 Orvana Mnrls* O 29 65 Osisko Gold * O Osisko Gold T 2192 Otis Gold* O 71 Otis Gold V 261 OZ Minerals* O 53

0.71 0.60 0.63 - 0.08 1.76 0.45 0.12 0.10 0.12 + 0.00 0.20 0.06 0.40 0.35 0.37 - 0.04 0.61 0.08 0.51 0.44 0.46 - 0.06 0.94 0.05 0.21 0.18 0.19 - 0.02 0.25 0.09 0.27 0.23 0.26 - 0.02 0.33 0.13 0.39 0.34 0.36 + 0.01 0.43 0.19 0.04 0.03 0.04 + 0.01 0.05 0.01 4.52 4.28 4.36 - 0.08 5.15 3.27 0.12 0.10 0.11 + 0.01 0.15 0.04 0.09 0.08 0.09 + 0.00 0.12 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 0.15 0.00 0.15 + 0.01 0.19 0.04 0.08 0.06 0.06 - 0.00 0.28 0.03 5.58 5.09 5.31 + 0.02 6.25 2.52 4.40 3.98 4.17 + 0.08 4.85 1.76 0.09 0.08 0.09 + 0.00 0.12 0.02 0.08 0.07 0.07 - 0.01 0.15 0.05 0.15 0.12 0.13 + 0.02 0.18 0.05 0.43 0.35 0.35 - 0.03 0.43 0.07 0.32 0.00 0.32 + 0.06 0.27 0.11 0.41 0.00 0.40 + 0.06 0.35 0.15 0.10 0.06 0.10 + 0.01 0.10 0.01 0.07 0.00 0.07 + 0.01 0.07 0.02 0.59 0.42 0.57 + 0.15 0.57 0.14 3.75 3.51 3.58 - 0.13 4.00 0.80 2.93 2.74 2.80 - 0.06 3.12 0.61 36.82 34.76 35.79 + 0.39 36.41 15.39 0.38 0.33 0.36 + 0.04 0.38 0.19 2.86 2.52 2.71 + 0.20 2.86 0.56 2.25 1.94 2.14 + 0.22 2.25 0.41 0.13 0.12 0.12 - 0.02 0.18 0.01 1.09 0.95 1.03 - 0.01 1.09 0.44 0.83 0.80 0.82 + 0.01 0.83 0.37 0.09 0.07 0.07 - 0.02 0.10 0.07 0.12 0.10 0.10 - 0.02 0.18 0.09 0.20 0.10 0.17 + 0.07 0.16 0.04 0.14 0.08 0.13 + 0.04 0.13 0.03 0.35 0.23 0.27 + 0.06 0.30 0.04 0.09 0.07 0.08 + 0.01 0.19 0.02 0.75 0.67 0.68 + 0.02 0.87 0.37 0.96 0.85 0.88 + 0.02 1.14 0.51 0.03 0.02 0.02 - 0.01 0.03 0.01 0.15 0.12 0.13 - 0.02 0.21 0.03 0.10 0.05 0.09 + 0.04 0.10 0.01 0.05 0.04 0.05 - 0.00 9.73 0.02 0.31 0.28 0.30 - 0.01 0.51 0.28 0.06 0.05 0.05 - 0.01 0.20 0.05 0.09 0.07 0.07 - 0.03 0.23 0.07 5.34 4.62 5.00 + 0.15 20.00 3.85 4.21 0.00 3.93 + 0.21 16.60 2.71 0.29 0.16 0.24 + 0.05 0.64 0.12 0.13 0.13 0.13 + 0.00 0.40 0.11 0.51 0.22 0.39 + 0.04 40.00 0.10 0.13 0.00 0.12 - 0.01 0.15 0.06 0.08 0.06 0.07 - 0.01 0.08 0.02 0.18 0.15 0.15 - 0.02 0.24 0.08 0.69 0.62 0.62 - 0.05 1.08 0.20 0.54 0.48 0.48 - 0.01 0.86 0.15 8.24 7.32 8.00 + 0.40 8.43 3.42 6.48 5.72 6.27 + 0.39 6.57 2.65 0.81 0.66 0.76 - 0.02 1.00 0.29 1.03 0.79 0.96 - 0.04 1.30 0.40 0.03 0.00 0.03 + 0.01 0.05 0.02 0.12 0.11 0.12 + 0.01 0.18 0.02 0.23 0.17 0.20 + 0.02 0.28 0.04 0.19 0.14 0.16 + 0.02 0.20 0.02 0.41 0.39 0.40 + 0.00 0.57 0.12 0.53 0.51 0.51 - 0.01 0.69 0.16 0.03 0.02 0.03 - 0.00 0.14 0.02 0.02 0.02 0.02 - 0.01 0.04 0.01 0.33 0.31 0.33 + 0.03 0.42 0.15 0.47 0.38 0.42 + 0.03 0.47 0.13 0.07 0.00 0.07 - 0.02 0.10 0.03 0.48 0.41 0.42 - 0.03 0.67 0.28 0.38 0.32 0.33 - 0.03 0.53 0.20 0.47 0.00 0.45 + 0.03 0.53 0.10 0.30 0.20 0.29 + 0.07 0.32 0.06 0.37 0.27 0.35 + 0.08 0.39 0.08 0.04 0.02 0.04 + 0.01 0.09 0.02 3.36 3.19 3.36 + 0.14 3.66 1.43 4.53 4.03 4.43 + 0.17 4.64 1.79 0.19 0.16 0.16 + 0.01 0.20 0.08 0.27 0.23 0.25 + 0.02 0.35 0.14 0.58 0.54 0.58 + 0.04 0.58 0.17 0.28 0.20 0.26 + 0.05 0.28 0.05 0.35 0.26 0.33 + 0.06 0.35 0.08 0.07 0.06 0.07 + 0.01 0.11 0.01 0.13 0.12 0.13 + 0.01 0.15 0.02 0.32 0.30 0.30 - 0.01 0.53 0.20 0.25 0.23 0.23 - 0.01 0.40 0.15 0.24 0.20 0.24 + 0.04 0.27 0.08 0.06 0.04 0.05 + 0.01 0.06 0.01 0.05 0.03 0.04 + 0.01 0.05 0.00 0.02 0.02 0.02 + 0.01 0.03 0.01 0.92 0.80 0.85 + 0.06 0.91 0.16 1.17 1.01 1.08 + 0.07 1.15 0.22 0.38 0.32 0.38 + 0.06 0.36 0.27 0.20 0.15 0.20 + 0.03 0.32 0.08 0.03 0.00 0.02 - 0.00 0.06 0.00 4.70 4.16 4.38 + 0.28 4.70 1.33 1.39 0.89 1.39 + 0.49 1.50 0.25 0.22 0.20 0.21 - 0.01 0.24 0.10 0.02 0.00 0.02 + 0.00 0.03 0.01 0.03 0.03 0.03 - 0.01 0.06 0.01 0.16 0.15 0.15 - 0.00 0.25 0.07 13.56 12.91 13.05 - 0.16 14.31 8.88 17.24 16.41 16.56 - 0.45 17.89 12.39 0.13 0.12 0.13 + 0.01 0.15 0.03 0.17 0.15 0.17 - 0.01 0.19 0.04 4.42 0.00 4.42 + 0.43 4.42 2.29

Pac Bay Mnrls V 22 Pac Booker Min* O 23 Pac Booker Min V 27 Pac Iron Ore V 63 Pac North West V 4455 Pac North West* O 222 140 Pac Ridge Expl* O Pac Ridge Expl V 362 Pac Topaz V 42 Paget Mrnls V 584 Paladin Energy T 2451 O 44 Palamina Corp* Pan Am Silver* D 14580 Pan Am Silver T 3902 208 Pan Global Res V Pancontinental* O 119 Pancontinental V 947 Panex Res* O 100 Pangolin Dia V 1282 Panoro Mnrls V 323 Parallel Mng V 409 Paramount Gold* X 156 Passprt Potash* O 23 Patriot Gold* O 434 Peabody Enrgy* O 1916 Pedro Res V 32 Pelangio Expl V 485 Pele Mtn Res* O 34 Perseus Mng T 2908 Pershimco Res V 2274 Pershing Gold* D 1294 Peruvian Prc M* O 25 Philippine Mtl V 9 Pilot Gold* O 838 Pilot Gold T 1046 Pine Cliff En* O 27 Pine Cliff En T 14407 Pinecrest Res V 103 Pistol Bay Mng V 420 PJSC Polyus Gd* O 3 Planet Mng V 88 Plate Res V 350 Plateau Uran V 515 Plateau Uran* O 50 Platinum Gp Mt* X 1218

0.06 0.00 0.06 - 0.01 0.10 0.03 0.75 0.68 0.75 + 0.11 4.39 0.45 1.10 0.83 0.83 - 0.15 5.67 0.63 0.22 0.16 0.22 + 0.07 0.39 0.11 0.06 0.06 0.06 + 0.01 0.07 0.01 0.05 0.05 0.05 + 0.00 0.06 0.00 0.05 0.00 0.05 + 0.01 0.06 0.01 0.08 0.06 0.07 + 0.01 0.10 0.02 0.18 0.14 0.14 - 0.03 0.29 0.06 0.06 0.05 0.06 + 0.01 0.08 0.01 0.22 0.20 0.21 - 0.02 0.29 0.15 0.13 0.11 0.13 + 0.02 0.14 0.08 15.94 14.96 15.18 - 0.31 16.49 5.38 20.26 19.10 19.36 - 0.70 21.27 7.77 0.04 0.02 0.02 - 0.02 0.04 0.01 0.03 0.02 0.02 + 0.00 0.03 0.00 0.04 0.03 0.04 + 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.18 0.12 0.17 + 0.05 0.15 0.03 0.20 0.17 0.18 - 0.02 0.21 0.09 0.12 0.09 0.12 + 0.03 0.12 0.05 1.66 1.50 1.62 + 0.19 1.66 0.93 0.00 0.00 0.00 - 0.00 0.27 0.00 0.19 0.12 0.15 + 0.05 0.19 0.03 1.62 1.12 1.29 + 0.11 48.75 0.55 0.07 0.00 0.06 - 0.03 0.09 0.01 0.06 0.05 0.05 - 0.01 0.06 0.01 0.03 0.02 0.03 + 0.00 0.04 0.02 0.54 0.48 0.49 - 0.02 0.62 0.27 0.25 0.18 0.24 + 0.06 0.25 0.09 4.47 4.16 4.33 + 0.02 6.25 3.04 0.04 0.04 0.04 + 0.02 0.10 0.02 0.04 0.00 0.04 + 0.01 0.06 0.01 0.60 0.52 0.53 - 0.01 0.64 0.06 0.76 0.66 0.69 - 0.03 0.83 0.22 0.64 0.51 0.64 + 0.13 1.20 0.51 0.85 0.64 0.78 + 0.13 1.49 0.61 0.20 0.15 0.20 + 0.05 0.23 0.03 0.06 0.05 0.05 + 0.01 0.07 0.01 36.00 35.25 36.00 + 0.55 37.59 13.70 0.05 0.04 0.04 - 0.01 0.08 0.02 0.06 0.06 0.06 + 0.01 0.17 0.03 0.35 0.29 0.35 + 0.05 0.45 0.24 0.28 0.22 0.27 + 0.02 0.36 0.18 3.08 2.76 2.79 - 0.23 4.51 0.96

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Platinum Gp Mt T 251 Playfair Mng V 349 PolyMet Mng T 100 PolyMet Mng* X 764 Portage Res* O 921 Portex Mnrls 12 Potash Corp SK* N 55247 Potash Corp SK T 15385 Potash Ridge T 3056 Potash Ridge* O 151 Precipitate Gl V 662 Premier Gold M T 3549 Premium Expl* O 30 Pretium Res* N 6632 Pretium Res T 2388 Prime Meridian V 141 Primero Mng T 9076 Primero Mng* N 6924 Prism Res V 93 Probe Metals* O 212 Probe Metals V 437 Prophecy Coal T 1343 O 40 Prophecy Coal* Prospect Glob* O 17 Prosper Gold V 87 Prospero Silvr V 32 PUF Vent Inc 3033 Pure Energy* O 2841 Pure Energy V 9358 153 Pure Gold Mg* O Pure Gold Mg V 1975 V 1337 Purepoint Uran Q-Gold Res V 156 QMX Gold V 320 QMX Gold* O 65 Quartz Mtn Res V 288 Quaterra Res* O 570 Quest Rare Mnl* O 96 V 90 Quinto Real

3.95 3.54 3.54 - 0.36 5.40 1.35 0.06 0.00 0.06 + 0.01 0.08 0.02 1.07 1.01 1.03 - 0.05 1.71 0.76 0.85 0.78 0.80 - 0.01 1.33 0.55 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.00 0.01 + 0.01 0.01 0.01 18.46 16.90 17.01 + 0.23 32.18 14.64 23.54 21.47 21.69 - 0.02 39.82 20.03 0.40 0.33 0.35 - 0.05 0.50 0.03 0.31 0.26 0.26 - 0.05 0.38 0.02 0.35 0.29 0.31 - 0.01 0.35 0.06 3.59 3.23 3.41 + 0.07 3.80 1.65 0.03 0.00 0.02 + 0.01 0.04 0.00 9.19 8.05 8.82 + 0.56 9.02 4.00 11.65 10.36 11.24 + 0.54 11.47 5.57 0.12 0.10 0.12 + 0.02 0.18 0.05 2.57 2.27 2.36 - 0.07 5.51 1.94 2.01 1.78 1.86 - 0.01 4.49 1.41 0.15 0.12 0.12 - 0.03 0.15 0.04 0.78 0.64 0.78 + 0.14 0.72 0.24 0.99 0.81 0.99 + 0.18 0.94 0.33 1.95 0.02 1.89 - 0.11 7.50 1.00 0.02 0.02 0.02 - 1.49 6.00 0.64 0.08 0.00 0.07 - 0.01 0.20 0.02 0.27 0.25 0.25 - 0.02 0.36 0.06 0.17 0.13 0.13 - 0.04 0.17 0.05 0.03 0.02 0.02 + 0.01 0.09 0.01 0.59 0.45 0.51 + 0.09 0.91 0.18 0.74 0.58 0.65 + 0.10 1.15 0.21 0.53 0.50 0.50 + 0.03 0.52 0.05 0.67 0.61 0.66 + 0.01 0.72 0.07 0.09 0.08 0.09 + 0.01 0.13 0.02 0.10 0.00 0.10 + 0.02 0.13 0.01 0.09 0.06 0.09 + 0.02 0.11 0.01 0.06 0.04 0.06 + 0.01 0.08 0.01 0.04 0.00 0.04 + 0.02 0.03 0.01 0.05 0.05 0.05 - 0.00 0.11 0.04 0.14 0.12 0.13 + 0.01 0.20 0.03 0.10 0.07 0.10 + 0.04 0.16 0.01

Rackla Mtls V 187 Rackla Mtls* O 0 Radisson Mng V 329 Rainforest Res* O 8 Rainmaker Res V 1094 Rainy Mtn Royl V 61 64 Rambler Ml &Mg V Randgold Res* O 1 Randgold Res* D 4493 Rapier Gold V 198 Rare Element* O 444 V 225 Rathdowney Res Red Eagle Mng V 1286 135 Red Eagle Mng* O Red Pine Expl V 1451 Redhill Res* O 31 Redhill Res V 201 Redstar Gold V 1762 Regulus Res V 997 Reliant Gold V 1539 O 101 Renaissance Gd* V 287 Renaissance Gd Renforth Res 1090 O 141 Reservoir Mnls* Reservoir Mnls V 852 Resolve Vent V 149 Resource Cap V 80 Reunion Gold V 894 Revelo Res V 178 Richmont Mines* X 2624 T 1508 Richmont Mines Rio Tinto* N 27149 Rio Tinto* O 2 Rio Tinto* O 1 35 Rise Res Inc* O Riverside Res V 242 O 153 Riverside Res* RJK Explor V 2127 Rochester Res V 51 Rochester Res* O 4 Rock Tech Lith* O 21 280 Rock Tech Lith V Rockcliff Cop V 206 Rockex Mng 890 V 582 Rockhaven Res Rockland Mnls V 173 V 254 Rockridge Cap Rockshield Cap* O 212 Rockshield Cap 281 Rockwell Diam T 243 Rockwell Diam* O 50 Rogue Res V 821 V 743 Rokmaster Res Romios Gold Rs V 485 Romios Gold Rs* O 416 Romulus Res V 120 Rosita Mg Corp V 3884 Rosita Mg Corp* O 139 Rouge Res V 611 Roxgold* O 102 V 4214 Roxgold Royal Gold T 87 Royal Gold* D 4771 Royal Nickel* O 70 Royal Std Mnrl* O 157 RT Minerals V 241 Rubicon Mnrls* O 1865 Rubicon Mnrls T 7429 Rugby Mng V 255 Running Fox Rs* O 30 Running Fox Rs V 100 Rupert Res V 274 Rusoro Mng* O 199 Rye Patch Gold V 3030 Rye Patch Gold* O 2414

0.10 0.08 0.08 - 0.03 0.13 0.05 0.05 0.00 0.05 - 0.01 0.07 0.03 0.15 0.14 0.15 + 0.01 0.16 0.09 2.00 1.15 1.90 - 0.09 2.00 0.30 0.25 0.09 0.17 + 0.07 0.34 0.08 0.05 0.00 0.05 + 0.01 0.08 0.03 0.07 0.00 0.07 + 0.01 0.25 0.05 91.90 90.80 91.90 + 1.10 95.43 57.00 97.12 90.49 94.73 + 2.71 101.60 54.88 0.08 0.07 0.07 - 0.01 0.10 0.02 0.11 0.09 0.10 + 0.01 0.62 0.06 0.26 0.00 0.26 + 0.08 0.23 0.11 0.75 0.70 0.74 + 0.01 0.89 0.25 0.61 0.55 0.58 + 0.01 0.91 0.18 0.11 0.09 0.11 + 0.02 0.13 0.03 0.11 0.10 0.11 + 0.02 0.11 0.02 0.15 0.14 0.15 + 0.02 0.17 0.03 0.07 0.05 0.07 + 0.02 0.07 0.03 1.40 0.95 1.35 + 0.40 1.40 0.19 0.04 0.03 0.04 + 0.01 0.04 0.01 0.31 0.28 0.30 + 0.04 0.38 0.08 0.40 0.36 0.38 - 0.02 0.48 0.11 0.03 0.02 0.02 - 0.01 0.05 0.01 7.00 6.67 6.76 - 0.00 7.46 2.25 8.88 8.46 8.61 - 0.11 9.35 3.26 0.19 0.16 0.16 - 0.02 0.30 0.04 0.07 0.00 0.07 + 0.01 0.08 0.02 0.03 0.02 0.02 - 0.01 0.03 0.01 0.11 0.08 0.10 + 0.02 0.14 0.04 9.35 7.86 8.64 + 0.46 9.13 2.27 11.83 10.16 11.03 + 0.43 11.59 3.14 30.42 27.80 27.94 - 0.40 44.23 21.89 29.10 0.00 27.85 + 0.38 44.16 21.90 34.29 33.85 34.29 + 1.16 43.79 25.47 0.15 0.11 0.15 + 0.04 0.40 0.08 0.33 0.30 0.30 - 0.01 0.36 0.12 0.26 0.23 0.23 - 0.01 0.27 0.08 0.03 0.02 0.02 - 0.01 0.03 0.01 0.09 0.06 0.09 + 0.03 0.09 0.03 0.04 0.00 0.04 + 0.02 0.05 0.01 0.20 0.20 0.20 - 0.00 0.27 0.02 0.29 0.24 0.25 - 0.05 0.38 0.03 0.05 0.04 0.05 - 0.01 0.06 0.02 0.18 0.11 0.11 + 0.01 0.75 0.02 0.22 0.18 0.18 - 0.02 0.24 0.10 0.09 0.08 0.09 + 0.02 0.11 0.01 0.20 0.00 0.20 + 0.14 0.08 0.05 0.05 0.05 0.05 + 0.00 0.08 0.05 0.08 0.06 0.07 + 0.01 0.14 0.06 0.10 0.09 0.10 + 0.01 0.25 0.07 0.08 0.06 0.08 + 0.02 0.20 0.05 0.07 0.07 0.07 - 0.01 0.16 0.03 0.03 0.02 0.03 + 0.01 0.05 0.01 0.09 0.07 0.09 + 0.02 0.09 0.02 0.07 0.06 0.07 + 0.01 0.07 0.01 0.15 0.12 0.15 + 0.03 0.16 0.07 0.06 0.04 0.06 + 0.01 0.10 0.01 0.04 0.04 0.04 - 0.00 0.06 0.01 0.37 0.32 0.33 - 0.02 0.48 0.03 1.12 1.03 1.08 + 0.07 1.12 0.42 1.42 1.32 1.38 + 0.08 1.44 0.54 86.05 78.35 83.53 + 3.85 85.07 35.46 67.97 60.36 65.56 + 4.01 67.13 24.68 0.37 0.36 0.36 + 0.00 0.50 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.24 0.19 0.19 - 0.05 0.30 0.05 0.05 0.04 0.04 - 0.01 1.17 0.01 0.07 0.05 0.05 - 0.01 1.42 0.02 0.36 0.27 0.36 + 0.06 0.34 0.03 0.01 0.01 0.01 + 0.00 0.02 0.00 0.03 0.02 0.03 + 0.01 0.03 0.01 0.75 0.65 0.75 + 0.07 0.74 0.02 0.13 0.10 0.12 + 0.01 0.13 0.02 0.40 0.33 0.38 + 0.03 0.40 0.11 0.31 0.25 0.29 + 0.02 0.31 0.08

Sabina Gd&Slvr T 3752 Sabina Gd&Slvr* O 920 Sage Gold V 124 Sage Gold* O 3 Saint Jean V 498 Salazar Res V 381 San Gold Corp* O 168 San Marco Res V 557 Sandspring Res* O 1219 Sandspring Res V 2930 Sandstorm Gold T 1424 Sandstorm Gold* X 5142 Santa Fe Gold* O 10782 Sarama Res V 850 Sarissa Res* O 1591 Satori Res V 108 Saturn Mnrls V 1202 Savary Gold V 3144 Savary Gold* O 119 Saville Res V 252 Scandium Int M* O 243 Scorpio Gold V 601 ScoZinc Mg V 20 Seabridge Gld T 515 Seabridge Gld* N 4385 Search Mnls V 292 Searchlight* O 282 Secova Mtls V 633 Sego Res V 76 Select Sands V 167 Semafo T 6465 Senator Mnrls V 45 Sennen Potash V 202 Sherritt Intl T 2845 Shore Gold T 523 Shoshoni Gold V 10688 Sibanye Gold* N 9086 Sidney Resrces* O 150 Sienna Res V 13341

1.79 1.59 1.72 + 0.15 1.87 0.32 1.41 1.23 1.35 + 0.12 1.55 0.24 0.07 0.06 0.06 + 0.01 0.09 0.03 0.04 0.04 0.04 + 0.00 0.07 0.03 0.06 0.05 0.05 - 0.01 0.07 0.01 0.10 0.09 0.09 + 0.01 0.16 0.03 0.01 0.00 0.00 + 0.00 0.01 0.00 0.15 0.08 0.15 + 0.06 0.15 0.02 0.52 0.39 0.48 + 0.08 0.51 0.08 0.66 0.50 0.60 + 0.10 0.63 0.11 5.62 5.05 5.38 + 0.22 5.83 2.82 4.43 3.90 4.21 + 0.22 4.52 1.94 0.00 0.00 0.00 - 0.00 0.12 0.00 0.16 0.15 0.16 + 0.01 0.20 0.05 0.00 0.00 0.00 - 0.00 0.02 0.00 0.09 0.08 0.08 - 0.02 0.11 0.02 0.12 0.11 0.12 + 0.01 0.22 0.09 0.14 0.10 0.13 + 0.03 0.14 0.02 0.10 0.09 0.09 + 0.01 0.10 0.06 0.02 0.02 0.02 - 0.01 0.04 0.01 0.16 0.15 0.15 + 0.00 0.17 0.06 0.10 0.09 0.10 + 0.01 0.14 0.05 0.70 0.00 0.66 + 0.08 1.25 0.40 18.54 16.88 17.46 + 0.14 19.93 4.34 14.60 13.07 13.69 + 0.35 15.50 3.31 0.09 0.07 0.09 + 0.01 0.11 0.04 0.07 0.05 0.06 - 0.00 0.42 0.05 0.07 0.06 0.07 + 0.02 0.10 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.27 0.24 0.26 + 0.02 0.49 0.20 6.10 5.53 5.91 + 0.27 6.03 2.46 0.42 0.31 0.38 - 0.02 0.42 0.03 0.13 0.11 0.12 - 0.02 0.28 0.09 0.85 0.76 0.80 + 0.05 2.40 0.53 0.20 0.18 0.19 + 0.01 0.25 0.13 0.03 0.01 0.02 + 0.02 0.02 0.01 13.72 12.30 12.59 - 0.30 16.63 4.07 0.01 0.01 0.01 + 0.00 0.02 0.00 0.25 0.17 0.24 + 0.07 0.25 0.01

2016-06-14 5:05 PM

WWW.NORTHERNMINER.COM

JUNE 20–26, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Sienna Res* O 54 Sierra Iron Or V 51 Sierra Iron Or* O 33 Sierra Metals* O 11 Sierra Metals T 139 Sierra Res* O 32676 Signature Res V 190 Silver Bear Rs T 4139 Silver Bull Re* O 3096 Silver Dragon* O 544 Silver Grail V 194 Silver Predatr V 477 Silver Range V 155 Silver Shield 985 Silver Spruce V 82 Silver Std Res* D 12918 Silver Std Res T 4015 Silver Wheaton T 6971 Silver Wheaton* N 29852 Silvercorp Met T 3070 Silvercorp Met* O 1141 Silvermet V 162 SinoCoking Cl* D 66 Sirios Res* O 106 Skeena Res* O 265 Sky Ridge V 91 V 2783 Skyharbour Res Slam Explor V 502 SnipGold V 313 Solitario Ex&R T 105 X 305 Solitario Ex&R* Sona Res V 199 762 Sonora Gld & S V Sonoro Mtls* O 539 Sonoro Mtls V 381 Southern Arc V 19 Southern Arc* O 28 N 5123 Southern Copp* Southern Silvr* O 553 Southern Silvr V 2176 Spanish Mtn Gd* O 239 Sparton Res V 2908 Sparton Res* O 152 V 38983 Spearmint Res Sphinx Res V 149 Spruce Ridge R V 371 St Augustine T 218 Stakeholdr Gld V 60 O 49 Stakeholdr Gld* Standard Graph* O 27 Standard Metal* O 104 Standard Toll V 5440 Stans Energy V 142 Stans Energy* O 176 Star Gold* O 8 Starcore Intl T 292 Stelmine Can V 99 Sterling Grp* O 48 Stillwater Mg* N 5800 Stina Res* O 45 Stina Res 70 Stonegate Agri* O 24 T 124 Stonegate Agri Stornoway Diam T 4285 Stratabd Mnr V 45 Strategic Metl V 547 Stratton Res V 215 Stria Lithium V 138 Strikepoint Gd V 1240 O 69 Strikepoint Gd* Strongbow Expl V 162

0.18 0.15 0.17 + 0.06 0.18 0.01 0.36 0.29 0.31 - 0.04 0.62 0.22 0.27 0.24 0.24 - 0.02 0.42 0.15 1.30 1.14 1.24 - 0.01 1.40 0.69 1.75 1.45 1.70 + 0.28 1.80 0.84 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.00 0.06 - 0.03 0.09 0.01 0.32 0.18 0.27 + 0.09 0.24 0.02 0.12 0.10 0.10 + 0.00 0.15 0.02 0.03 0.02 0.02 + 0.00 0.05 0.01 0.09 0.07 0.07 - 0.03 0.11 0.02 0.05 0.03 0.04 + 0.01 0.05 0.01 0.17 0.13 0.16 + 0.01 0.18 0.02 0.13 0.09 0.09 - 0.01 0.17 0.01 0.07 0.05 0.07 + 0.02 0.10 0.03 11.55 9.99 11.21 + 1.08 11.41 3.66 14.68 12.89 14.32 + 1.25 14.50 5.28 28.10 25.94 27.06 + 0.67 28.10 14.51 22.19 20.08 21.21 + 0.82 22.19 10.04 2.86 2.45 2.75 + 0.32 3.10 0.60 2.25 1.90 2.15 + 0.27 2.45 0.41 0.04 0.04 0.04 + 0.01 0.09 0.02 0.41 0.34 0.37 + 0.02 2.19 0.26 0.37 0.00 0.33 + 0.02 0.39 0.07 0.08 0.07 0.08 + 0.01 0.09 0.04 0.27 0.26 0.27 + 0.01 0.30 0.03 0.06 0.05 0.06 + 0.01 0.06 0.02 0.08 0.06 0.08 + 0.02 0.12 0.01 0.30 0.27 0.30 + 0.04 0.30 0.04 0.63 0.61 0.63 + 0.01 0.95 0.57 0.51 0.47 0.49 + 0.01 0.81 0.40 0.03 0.03 0.03 - 0.01 0.04 0.01 0.06 0.04 0.06 + 0.02 0.08 0.01 0.07 0.04 0.07 + 0.02 0.10 0.03 0.09 0.07 0.08 + 0.01 0.13 0.04 0.37 0.00 0.34 - 0.06 1.00 0.24 0.36 0.26 0.26 - 0.09 0.41 0.17 27.26 25.84 25.97 - 0.45 31.35 21.55 0.32 0.21 0.32 + 0.10 0.27 0.02 0.40 0.25 0.40 + 0.11 0.35 0.03 0.08 0.06 0.06 - 0.00 0.08 0.01 0.05 0.03 0.04 + 0.01 0.05 0.01 0.04 0.02 0.04 + 0.01 0.04 0.00 0.06 0.04 0.05 + 0.01 0.06 0.01 0.03 0.00 0.02 - 0.01 0.04 0.01 0.04 0.03 0.04 - 0.01 0.06 0.01 0.13 0.12 0.12 - 0.01 0.14 0.07 0.52 0.41 0.45 + 0.03 0.65 0.04 0.41 0.32 0.40 + 0.07 0.46 0.05 0.09 0.00 0.06 - 0.01 0.09 0.00 0.18 0.15 0.16 + 0.01 0.90 0.01 0.01 0.01 0.01 - 0.01 0.14 0.01 0.03 0.00 0.03 + 0.01 0.07 0.01 0.02 0.01 0.01 + 0.00 0.05 0.01 0.10 0.06 0.06 - 0.04 0.15 0.01 0.86 0.80 0.86 + 0.06 0.89 0.25 0.10 0.07 0.10 + 0.04 0.35 0.05 0.04 0.03 0.03 - 0.01 0.04 0.01 11.36 10.22 10.31 - 0.21 13.66 4.99 0.13 0.11 0.13 + 0.03 0.20 0.06 0.17 0.16 0.16 - 0.01 0.19 0.11 0.02 0.01 0.01 + 0.00 0.03 0.00 0.02 0.02 0.02 - 0.01 0.04 0.01 1.04 0.97 1.01 + 0.04 1.08 0.65 0.02 0.02 0.02 - 0.01 0.02 0.01 0.49 0.44 0.47 - 0.02 0.50 0.24 0.36 0.29 0.35 + 0.12 0.36 0.07 0.12 0.11 0.11 - 0.01 0.18 0.02 0.27 0.23 0.25 + 0.04 0.60 0.05 0.19 0.18 0.18 + 0.01 0.19 0.08 0.15 0.13 0.15 + 0.01 0.23 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sulliden Mng T 213 Sultan Mnrls V 622 Suncor Energy* N 39018 Suncor Energy T 28268 Sunridge Gold* O 524 Sunvest Mnrls V 101 Sutter Gold V 110 Sutter Gold* O 69 Swift Res V 48 Syrah Res* O 14

0.40 0.36 0.38 - 0.02 0.45 0.19 0.02 0.01 0.01 - 0.01 0.02 0.01 28.57 26.91 26.94 - 0.58 30.70 18.71 36.52 34.34 34.38 - 1.22 40.35 27.32 0.03 0.02 0.03 + 0.00 0.29 0.01 0.09 0.08 0.09 + 0.01 0.55 0.01 0.10 0.00 0.08 - 0.02 0.16 0.04 0.08 0.05 0.05 - 0.02 0.13 0.02 0.04 0.00 0.04 + 0.03 0.07 0.01 4.87 4.50 4.87 + 0.60 4.70 1.81

Tahoe Res* N 9798 Tahoe Res T 5499 Tajiri Res V 10 Takara Res V 262 Taku Gold 66 Talon Metals T 411 Tamino Mnrls* O 2782 Tanager Energy V 122 Tango Mining V 2388 Tanzania Rlty T 186 Tanzania Rlty* X 1488 Taranis Res V 114 Tartisan Res 250 Tasca Res V 50 Taseko Mines T 382 Taseko Mines* X 649 O 701 Tasman Metals* Tasman Metals V 954 Teck Res T 19 Teck Res T 29183 Teck Res* N 49088 TECO Enrgy* N 6231 Telson Res V 68 Tembo Gold* O 37 Tembo Gold V 239 Teranga Gold T 5933 Teras Res* O 58 Terrax Mnrls V 3474 Terrax Mnrls* O 115 Terreno Res V 40 Teryl Res Corp* O 45 Teslin Rvr Res V 395 Teuton Res V 301 Teuton Res* O 12 Themac Res V 43 Thompson Creek T 1805 Thompson Creek* O 2255 Thunder Mtn Gd* O 46 Thunderstruck V 53 Till Capital V 16 Till Capital* D 19 Timberline Res* O 503 Timberline Res V 137 Timmins Gold* X 4520 Timmins Gold T 4349 Tinka Res* O 404 Tinka Res V 1633 Tintina Res* O 79 Tintina Res V 507 Tirex Res V 119 Tirex Res* O 144 Titanium Corp V 110 TMAC Resource* O 22 TMAC Resources T 240 TNR Gold V 173 Toachi Mg Inc V 46 TomaGold V 564 Tonogold Res* O 160

14.08 12.94 13.51 + 0.22 15.14 6.48 17.83 16.62 17.23 + 0.02 18.65 9.45 0.04 0.00 0.04 - 0.01 0.06 0.01 0.06 0.05 0.06 + 0.01 0.06 0.02 0.09 0.00 0.08 - 0.01 0.22 0.02 0.09 0.08 0.08 - 0.01 0.17 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.09 0.07 0.09 + 0.01 0.10 0.02 0.03 0.03 0.03 + 0.01 0.05 0.01 0.62 0.53 0.55 - 0.05 0.76 0.24 0.50 0.41 0.47 + 0.02 0.57 0.17 0.12 0.09 0.09 - 0.01 0.13 0.03 0.07 0.05 0.07 + 0.02 0.07 0.01 0.19 0.12 0.19 + 0.04 0.16 0.01 0.70 0.61 0.65 - 0.01 0.88 0.35 0.55 0.48 0.50 - 0.01 0.70 0.23 0.23 0.20 0.22 + 0.01 0.65 0.06 0.29 0.25 0.27 + 0.02 0.78 0.09 17.50 15.38 16.45 + 1.05 17.50 5.69 15.81 14.14 14.54 + 0.69 15.81 3.65 12.46 10.94 11.40 + 0.70 12.53 2.56 27.70 27.58 27.66 + 0.07 27.83 17.60 0.25 0.20 0.25 + 0.05 0.25 0.04 0.05 0.02 0.05 + 0.02 0.04 0.01 0.06 0.03 0.06 + 0.02 0.06 0.01 1.18 1.03 1.11 + 0.09 1.18 0.38 0.12 0.09 0.12 + 0.01 0.12 0.02 0.42 0.35 0.40 + 0.05 0.43 0.23 0.32 0.28 0.30 + 0.02 0.32 0.17 0.06 0.06 0.06 - 0.01 0.08 0.02 0.01 0.01 0.01 + 0.00 0.01 0.00 0.37 0.34 0.36 - 0.01 0.43 0.20 0.28 0.25 0.26 + 0.01 0.33 0.04 0.21 0.20 0.21 + 0.01 0.25 0.03 0.08 0.05 0.08 + 0.03 0.08 0.01 0.53 0.46 0.51 + 0.05 1.26 0.16 0.42 0.35 0.40 + 0.04 1.04 0.07 0.07 0.07 0.07 + 0.01 0.15 0.02 0.03 0.02 0.03 + 0.01 0.06 0.01 4.35 4.00 4.14 - 0.06 6.60 3.28 3.75 3.21 3.26 - 0.14 5.43 2.76 0.45 0.34 0.38 + 0.06 0.78 0.08 0.53 0.45 0.47 + 0.05 0.83 0.16 0.34 0.28 0.32 + 0.02 0.68 0.07 0.44 0.36 0.42 + 0.04 0.83 0.11 0.22 0.17 0.20 + 0.02 0.22 0.07 0.27 0.22 0.25 + 0.03 0.28 0.09 0.09 0.06 0.08 + 0.03 0.09 0.03 0.11 0.08 0.10 + 0.02 0.11 0.04 0.14 0.12 0.14 + 0.01 0.22 0.07 0.11 0.09 0.11 + 0.00 0.18 0.05 0.39 0.35 0.36 - 0.02 1.55 0.31 11.96 10.79 11.92 + 1.08 11.82 9.26 15.20 13.83 15.20 + 1.23 15.10 4.85 0.06 0.06 0.06 + 0.01 0.09 0.01 0.33 0.30 0.30 + 0.05 0.33 0.03 0.11 0.10 0.11 + 0.02 0.11 0.04 0.02 0.01 0.02 + 0.01 0.08 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Torex Gold* O 1912 Torex Gold T 19717 Tower Res V 241 Transatlan Mng V 64 Transition Mtl V 83 Treasury Metal T 617 Trecora Res* N 775 Tres-Or Res V 466 Trevali Mng* O 1089 Tri Origin Exp V 635 TriMetals Mng T 857 TriMetals Mng* O 187 O 139 TriMetals Mng* Trio Resources* O 36 TriStar Gold* O 175 TriStar Gold V 543 Troy Res* O 7 Troymet Expl V 3809 True North Gem V 345 Tsodilo Res V 33 Tudor Gold V 111 Tungsten Corp* O 5837 Turquoise HIl* N 13577 Turquoise HIl T 4285 TVI Pacific* O 873 Typhoon Expl V 13

1.92 1.65 1.80 + 0.11 1.89 0.67 2.40 2.12 2.30 + 0.12 2.36 0.85 0.06 0.05 0.06 + 0.01 0.07 0.01 0.04 0.03 0.04 - 0.01 0.15 0.03 0.15 0.14 0.14 + 0.01 0.18 0.06 0.58 0.50 0.55 + 0.03 0.62 0.32 11.05 10.00 10.19 - 0.82 16.50 8.17 0.05 0.04 0.04 + 0.01 0.05 0.01 0.50 0.44 0.46 + 0.01 0.79 0.18 0.07 0.05 0.07 + 0.03 0.07 0.02 0.35 0.30 0.30 - 0.03 0.36 0.04 0.28 0.24 0.24 - 0.02 0.28 0.03 0.25 0.22 0.25 + 0.03 0.32 0.06 0.00 0.00 0.00 + 0.00 0.01 0.00 0.32 0.28 0.29 + 0.00 0.32 0.10 0.40 0.34 0.36 - 0.04 0.40 0.10 0.47 0.42 0.47 + 0.06 0.56 0.13 0.05 0.03 0.04 + 0.01 0.05 0.01 0.11 0.10 0.11 + 0.01 0.20 0.07 0.80 0.71 0.80 + 0.10 1.05 0.54 1.26 1.00 1.16 + 0.16 1.26 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 3.12 2.86 2.88 - 0.08 4.31 1.55 3.94 3.65 3.68 - 0.13 5.31 2.30 0.02 0.02 0.02 + 0.00 0.03 0.00 0.10 0.09 0.09 + 0.02 0.12 0.03

U3O8 Corp T 3475 U3O8 Corp* O 656 618 Ucore Rare Mtl* O UEX Corp T 1028 Ultra Lithium* O 17 Ultra Lithium V 326 Umbral Enrgy* O 517 Umbral Enrgy 12760 Unigold V 296 Unigold* O 17 91 United Res Hdg* O United States A* X 203 United States S* N 80766 Unity Energy V 1309 Ur-Energy* X 11152 Ur-Energy T 801 Uracan Res V 800 Uracan Res* O 67 Uranium Energy* X 20315 Uranium Res* D 7424 Uranium Valley V 286 Uravan Mnrls V 118 US Energy* D 393 US Precious M* O 2715 US Rare Earths* O 17 N 176341 Vale* Vale* N 51762 Valencia Vent V 2132 ValGold Res V 358 Vanadiumcorp* O 56 Vanstar Mng Rs V 172 Vantex Res V 795 N 667 Vedanta* Vendetta Mng V 310 Venture Mnrls* O 72 Verde Potash T 54 Verde Res* O 44 Victoria Gold V 4561 Victory Nickel 103 Victory Nickel* O 83 Victory Vent V 884 Virginia Enrgy* O 21

0.03 0.02 0.02 - 0.01 0.05 0.02 0.03 0.02 0.02 + 0.00 0.04 0.01 0.35 0.31 0.33 + 0.01 0.35 0.15 0.24 0.22 0.23 + 0.01 0.29 0.11 0.20 0.18 0.19 - 0.00 0.27 0.06 0.25 0.23 0.25 + 0.01 0.35 0.05 0.08 0.05 0.05 - 0.02 0.08 0.02 0.10 0.05 0.07 - 0.03 0.10 0.02 0.38 0.33 0.33 - 0.05 0.42 0.08 0.30 0.27 0.27 + 0.02 0.31 0.06 0.04 0.02 0.03 - 0.01 0.10 0.01 0.26 0.20 0.24 + 0.02 0.89 0.16 17.92 15.50 17.27 + 1.99 24.61 6.15 0.38 0.26 0.26 - 0.02 0.48 0.05 0.73 0.58 0.60 - 0.05 0.91 0.44 0.92 0.74 0.75 - 0.09 1.09 0.60 0.08 0.05 0.06 + 0.02 0.08 0.01 0.06 0.03 0.05 + 0.03 0.06 0.00 1.47 0.93 1.00 + 0.08 2.90 0.65 3.75 1.66 2.16 + 0.48 16.08 1.39 0.18 0.06 0.10 + 0.06 0.18 0.04 0.18 0.14 0.18 + 0.04 0.19 0.05 0.40 0.34 0.38 + 0.03 0.86 0.11 0.01 0.01 0.01 + 0.00 0.20 0.00 0.15 0.03 0.15 + 0.12 1.83 0.01 5.08 4.33 4.41 - 0.20 6.91 2.13 3.91 3.45 3.46 - 0.09 5.85 1.55 0.12 0.00 0.10 + 0.02 0.40 0.08 0.06 0.05 0.05 + 0.01 0.07 0.01 0.05 0.04 0.04 - 0.00 0.05 0.01 0.07 0.06 0.07 + 0.01 0.08 0.03 0.03 0.03 0.03 - 0.01 0.04 0.01 6.93 6.38 6.81 + 0.54 11.86 3.52 0.09 0.08 0.08 - 0.01 0.15 0.05 0.04 0.03 0.03 - 0.01 0.04 0.01 0.34 0.31 0.34 + 0.02 0.48 0.13 0.04 0.04 0.04 - 0.00 0.15 0.04 0.52 0.47 0.51 + 0.04 0.54 0.11 0.04 0.00 0.04 + 0.01 0.05 0.02 0.04 0.02 0.04 + 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.03 0.04 + 0.00 0.08 0.02

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Viscount Mng V 757 648 Visible Gold M V Vista Gold* X 3530 Vista Gold T 161 Voltaic Min V 339 VVC Expl V 2168

0.16 0.85 + 0.13 0.91 0.91 0.72 0.04 0.04 0.04 + 0.01 0.08 0.02 0.24 0.88 + 0.10 0.89 0.94 0.75 0.31 1.13 + 0.10 1.15 1.20 0.97 0.03 0.37 + 0.09 0.52 0.39 0.27 0.01 0.04 + 0.02 0.05 0.05 0.03

279 WAI Cap Invest V Walker Lane* O 6 Walker River V 577 T 387 Wallbridge Mng O 1735 Walter Energy* 24 War Eagle Mg V Waseco Res V 168 WCB Res V 178 Wealth Mnrls* O 353 Wealth Mnrls V 1510 Wellgreen Plat T 513 O 159 Wellgreen Plat* V 404 Wescan Gldflds T 796 Wesdome Gold V 1209 West Af Res 46 V Yld High West West Kirkland V 368 West Melville V 2 228 West Red Lake* O 1354 West Red Lake X 571 Western Copper* T 975 Western Copper 102 Western Pac Rs V 11 Western Pac Rs* O T 1292 Western Potash Western Uran 416 Western Uran* O 24 V 127 Westhaven Vent V 16747 Westkam Gold O 287 Westkam Gold* Westmoreland* D 1476 Westridge Res V 31 23 White Metal Rs V O 12 Whitehaven Coa* Wildcat Expl V 37 V 3369 Williams Creek Wolfden Res V 646 V 26 Wolverine Mnls O 17 Wolverine Mnls* WPC Res V 763 X-Terra Res V 190 Xander Res V 71 Ximen Mng V 561 XLI Tech Inc* O 3422 Xmet Inc V 2586 O 41 Xtra-Gold Res* Yamana Gold T 38811 79055 Yamana Gold* N Yanzhou Coal* N 69 T 129 Yellowhead Mng Yorbeau Res T 492 Zadar Vent V 598 Zazu Metals T 258 Zazu Metals* O 35 Zenyatta Vent V 248 O 96 Zenyatta Vent* Zephyr Mnls* O 75 Zephyr Mnls V 232 Zimtu Capital V 179 Zincore Mtls V 683 Zonte Mtls V 48

0.03 0.02 0.02 - 0.01 0.05 0.02 0.41 0.51 - 0.09 0.95 0.60 0.51 0.02 0.05 - 0.01 0.08 0.06 0.05 0.02 0.08 - 0.01 0.10 0.08 0.07 0.01 0.09 - 0.00 0.34 0.10 0.08 0.02 0.00 0.02 + 0.01 0.03 0.01 0.02 0.05 + 0.01 0.05 0.05 0.04 0.02 0.04 - 0.01 0.15 0.04 0.00 0.10 0.61 - 0.18 0.83 0.83 0.61 0.14 0.79 - 0.23 1.06 1.06 0.77 0.16 0.27 - 0.02 0.43 0.31 0.27 0.12 0.23 + 0.01 0.35 0.24 0.21 0.02 0.10 + 0.05 0.06 0.10 0.05 0.89 1.66 - 0.07 1.82 1.75 1.65 0.17 0.15 0.17 + 0.01 0.22 0.05 0.30 0.24 0.29 + 0.05 0.40 0.17 0.04 0.11 + 0.01 0.14 0.12 0.10 0.08 0.21 + 0.01 0.40 0.21 0.00 0.24 0.18 0.23 + 0.05 0.25 0.02 0.32 0.22 0.32 + 0.05 0.34 0.01 0.20 0.71 + 0.08 0.77 0.77 0.61 0.29 0.90 + 0.08 0.97 0.97 0.78 0.01 0.00 0.01 - 0.01 0.03 0.01 0.01 0.00 0.00 - 0.00 0.02 0.00 0.17 0.18 - 0.01 0.34 0.19 0.17 1.20 1.74 + 0.20 5.00 1.98 0.00 1.19 1.37 + 0.17 1.80 1.57 1.37 0.04 0.14 + 0.01 0.15 0.14 0.13 0.02 0.07 + 0.03 0.06 0.07 0.04 0.01 0.05 + 0.02 0.05 0.05 0.04 10.03 8.75 8.78 - 0.41 26.58 3.44 0.01 0.02 + 0.01 0.02 0.02 0.00 0.05 0.00 0.05 - 0.01 0.08 0.02 0.25 0.75 + 0.24 1.08 0.75 0.51 0.02 0.12 - 0.02 0.16 0.12 0.11 0.01 0.04 + 0.01 0.04 0.04 0.03 0.05 0.15 - 0.01 0.16 0.16 0.15 0.08 0.04 0.38 0.15 + 0.15 0.11 0.06 0.10 + 0.04 0.10 0.10 0.06 0.03 0.09 + 0.01 0.12 0.09 0.08 0.06 0.19 - 0.06 0.25 0.25 0.00 0.19 0.44 + 0.04 0.46 0.44 0.38 0.02 0.08 - 0.03 0.15 0.10 0.08 0.09 0.07 0.07 - 0.02 1.50 0.07 0.01 0.01 + 0.01 0.03 0.01 0.01 0.12 0.37 + 0.01 0.39 0.39 0.36 1.89 6.36 + 0.16 6.77 6.80 6.11 1.38 4.99 + 0.19 5.34 5.36 4.73 3.66 5.28 - 0.25 9.11 5.69 5.24 0.03 0.06 + 0.01 0.18 0.06 0.00 0.06 0.09 + 0.01 0.17 0.09 0.09 0.01 0.23 + 0.01 0.26 0.24 0.21 0.09 0.22 - 0.01 0.33 0.26 0.22 0.08 0.19 + 0.03 0.24 0.19 0.16 0.63 0.76 - 0.05 1.78 0.82 0.75 0.47 0.63 - 0.01 1.34 0.63 0.00 0.15 0.23 + 0.07 0.23 0.23 0.16 0.08 0.29 + 0.09 0.29 0.29 0.00 0.12 0.28 + 0.10 0.34 0.29 0.19 0.01 0.02 + 0.01 0.03 0.02 0.01 0.02 0.09 + 0.01 0.15 0.09 0.00

W-Z

BID-ASK — JUNE 6–10, 2016 STOCK

Acme Res Corp Adventure Gold Afrasia Mnls Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Aldershot Res Alexandra Cap Allante Potash Almo Capital Alpha Nat Res* ALQ Gold Amanta Res Anglo Pac Grp Anthem United APAC Res Inc Arak Res Arch Coal* Archon Mineral Arcturus Vents Ardonblue Vent Arrowhead Gold Artha Res Asbestos Corp Asia Now Res Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Atom Energy Balto Res Banks Island BCGold BE Res Bearing Res Benz Cap Bethpage Cap Big Bar Res Bird River Res Black Bull Res Black Isle Res Boss Power Buccaneer Gold Buffalo Coal Bullman Mnls Cairo Res Carrie Arran Cascade Res Cassidy Gold Cassius Vents Cataca Res* Cdn Arrow Celeste Mng Celtic Minrls Chimata Gold Chinapintza Mg Cicada Vents Cliffs Nat Res* Clydesdale Res Comet Inds Compliance Egy Cons Westview Crestwell Res Cresval Cap Cricket Res CWN M’g Acq Desert Gold Deveron Res DGS Mnls Discovery-Corp E-Energy Vent Eastfield Res Enfield Expl European Metal Fire River Gol Firebird Res Fort St J Nick G4G Res GAR Limited Gespeg Cop Res

8-10_JUN20_StockTables.indd 10

12-MONTH

EXC BID ASK LAST HIGH

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

0.01 0.03 0.02 0.03 0.32 0.32 0.32 0.35 0.03 0.08 0.03 0.05 ... 0.01 0.01 0.03 0.06 0.15 0.15 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.03 0.04 0.03 0.04 0.03 ... 0.03 0.03 0.02 0.10 0.01 0.06 0.09 0.16 0.09 0.14 0.23 0.24 0.24 4.16 0.05 0.09 0.06 0.07 0.01 0.02 0.01 1.48 2.50 1.48 2.05 0.20 0.29 0.22 0.43 0.05 0.10 0.05 0.11 0.03 0.04 0.04 0.07 ... ... 0.58 15.00 1.70 1.85 1.70 2.10 0.01 0.02 0.02 0.02 0.04 0.08 0.05 0.07 0.01 ... 0.03 0.07 0.13 0.15 0.12 0.20 0.19 0.30 0.18 0.30 0.01 0.02 0.02 0.03 0.10 ... 0.10 0.15 ... 0.01 0.01 0.01 ... 0.01 0.01 0.01 ... ... 0.06 0.45 0.03 0.04 0.03 0.12 0.01 0.03 0.01 0.03 0.01 0.01 0.01 0.17 0.05 0.07 0.05 0.13 ... 0.34 0.35 0.01 0.05 0.03 0.03 0.04 0.03 0.12 0.06 0.10 0.06 0.10 0.08 0.50 0.10 0.10 0.03 0.09 0.05 0.07 ... 0.01 0.01 0.04 0.05 0.04 0.05 0.17 0.20 0.17 0.18 0.03 0.04 0.04 0.04 0.02 0.02 0.02 0.05 0.04 0.05 0.04 0.11 0.24 0.39 0.30 0.30 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.02 0.03 0.03 0.03 ... ... 0.20 0.51 0.01 0.01 0.01 0.01 ... 0.01 0.01 0.01 ... ... 0.01 0.03 0.04 0.04 0.12 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.02 1.45 3.20 1.43 7.17 0.01 0.02 0.01 0.08 1.32 1.75 1.32 1.75 0.03 0.03 0.03 0.25 0.30 0.50 0.40 0.50 0.04 0.10 0.13 0.14 0.04 0.05 0.04 0.06 0.01 0.04 0.01 0.04 0.11 0.50 0.11 0.22 0.09 0.15 0.10 0.40 0.20 0.22 0.24 0.31 0.04 0.09 0.04 0.06 0.03 0.04 0.04 0.10 ... 0.01 0.01 0.03 0.04 0.03 0.05 ... ... 0.01 0.01 ... 0.01 0.01 0.01 0.03 0.07 0.09 0.75 0.03 0.04 0.04 0.05 0.01 0.01 0.01 0.03 0.06 0.10 0.06 0.10 0.03 0.03 0.03 0.10 0.04 0.04 0.04 0.05

LOW

0.01 0.06 0.01 0.01 0.08 0.16 0.12 0.01 0.03 0.01 0.05 0.20 0.03 1.07 0.14 0.03 0.02 0.58 1.30 0.01 0.05 0.03 0.01 0.13 0.01 0.09 0.01 0.01 0.06 0.03 0.01 0.01 0.03 0.01 0.03 0.10 0.02 0.03 0.17 0.02 0.01 0.03 0.08 0.05 0.02 0.01 0.01 0.20 0.01 0.01 0.01 0.01 0.01 0.98 0.01 1.05 0.03 0.22 0.08 0.01 0.01 0.11 0.08 0.17 0.02 0.03 0.02 0.01 0.01 0.03 0.01 0.01 0.03 0.01 0.02

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

GFM Res V Giyani Gold V V Global Cobalt God’s Lake Res C V Goldbelt Emp Golden Band V Golden Cariboo V Goldstream Mnl V C GoldTrain Res Gonzaga Res V Gravis Energy C Gray Rock Res V Greatbanks Res V Green Arrow V Greenshield Ex V Greywacke Expl C Harvest Gold V Highbury Proj V Highland Copp V Highvista Gold V HiHo Silver C Homeland Egy V IGC Res V Inform Res V Inter-Rock Mnl V Interconnect V Intl Samuel Ex V Jasper Mng V Jazz Res V JDF Explor Inc C Jet Gold V Jet Metal V Jiulian Res V Kairos Cap V Karoo Expl V Kazax Mnls V Kenna Res V Kestrel Gold V Kitrinor Mtls V La Imperial C Lago Dourado V Lakeside Mnrls V Lancaster Cap V Lateral Gold V Leeta Gold V Libero Mg Corp V Lions Bay Cap V Lions Gate Mtl C Lovitt Res V Lucky Mnls V MacMillan Mnls V Mag Copper C Mainstream Mnl V Manado Gold V Matachewan Con V Match Capital V MAX Res V Mazarin V McLaren Res C Metallum Res V Metalo Manuf C Mezzotin Mnrls V Midasco Cap V Midnight Star C MillenMin Vent V Milner Con Slv V Minsud Res V Moag Copper C Montego Res C Mountain Lake C Mountainstar C Nebu Res V Network Expl V New Klondike V Newlox Gold C Newmac Res V Nickel North V Niocan Inc V Norsemont Cap C North Am Tung V NQ Explor V NSS Res Inc C

0.02 0.10 0.02 0.03 0.04 0.04 0.09 0.11 0.02 0.02 0.02 0.08 0.05 ... 0.08 0.10 0.04 0.05 0.04 0.10 ... 0.01 0.01 0.01 0.06 0.07 0.06 0.08 0.01 0.01 0.01 0.01 0.10 0.15 0.10 0.20 0.02 0.07 0.02 0.04 ... 0.02 0.01 0.04 0.09 0.04 0.04 0.01 0.02 0.01 0.14 0.03 0.04 0.03 0.10 0.04 0.04 0.04 0.05 0.04 ... 0.04 0.04 0.04 0.12 0.04 0.05 0.18 ... 0.20 0.20 0.08 0.09 0.08 0.18 ... 0.16 0.17 ... 0.02 0.01 0.01 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.03 0.10 0.14 0.10 0.14 0.09 0.14 0.09 0.10 0.02 0.14 0.10 0.15 0.05 0.08 0.06 0.08 0.10 0.14 0.13 0.23 ... 0.02 0.02 0.02 0.04 0.08 0.06 0.06 0.10 0.10 0.09 0.16 0.02 0.05 0.02 0.03 0.02 0.04 0.02 0.03 0.01 0.02 0.01 0.02 0.01 0.03 0.01 0.06 0.10 0.15 0.12 0.17 0.02 0.02 0.02 0.07 0.01 0.01 0.01 0.02 0.01 0.05 0.01 0.01 0.11 0.19 0.11 0.15 0.01 0.02 0.01 0.02 0.15 0.28 0.28 0.32 0.11 0.16 0.14 0.28 0.04 0.10 0.04 0.05 0.11 0.17 0.17 0.18 0.01 0.03 0.01 0.02 0.05 0.08 0.05 0.06 0.03 0.10 0.03 0.05 0.05 0.06 0.06 0.14 0.21 0.27 0.27 0.30 0.01 0.02 0.01 0.05 ... 0.01 0.01 0.01 0.01 0.03 0.08 0.30 0.40 0.34 0.49 0.01 0.04 0.01 0.01 0.06 0.08 0.07 0.11 0.02 0.03 0.02 0.03 ... 0.01 0.01 0.01 0.03 0.06 0.12 0.80 1.00 0.95 1.50 0.01 0.01 0.01 0.01 0.07 0.10 0.07 0.13 0.06 0.15 0.06 0.10 0.02 0.10 0.02 0.02 0.02 0.03 0.02 0.03 0.06 0.07 0.07 0.09 ... ... 0.08 0.12 0.07 0.10 0.10 0.13 ... 0.01 0.01 0.01 ... ... 0.10 0.30 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.06 0.09 0.15 0.09 0.20 0.01 0.02 0.01 0.02 0.09 0.11 0.09 0.18 0.25 0.32 0.25 0.31 ... 0.01 0.01 0.02 0.01 0.01 0.01 0.01 ... ... 0.20 0.20

0.02 0.05 0.01 0.01 0.02 0.01 0.03 0.01 0.08 0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.10 0.07 0.01 0.01 0.01 0.01 0.01 0.05 0.05 0.02 0.08 0.02 0.03 0.04 0.01 0.01 0.01 0.01 0.08 0.01 0.01 0.01 0.05 0.01 0.06 0.07 0.03 0.02 0.01 0.01 0.02 0.05 0.08 0.01 0.01 0.17 0.01 0.04 0.01 0.01 0.30 0.01 0.07 0.06 0.01 0.02 0.07 0.08 0.09 0.01 0.09 0.01 0.02 0.01 0.02 0.05 0.01 0.04 0.07 0.01 0.01 0.20

STOCK

Nubian Res NV Gold Open Gold Oracle Mng Organic Potash Orofino Mnrls Oronova Res Oxford Res Pac Arc Res Pac Cascade Pac Link Mng Pantheon Vent Phoenix Gold Phoenix Metals Portofino Res Prize Mng ProAm Expl QMC Quantum Ml Rare Element* Razore Rock Res Red Hut Red Moon Potsh Red Rock Enrgy Red Tiger Mng Remo Res Reva Res Rheingold Expl Richmond Mnls Rift Valley Rodinia Lithm Royal Sapphire Rubicon Mnrls* Sama Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Signal Expl Silver Phoenix Silver Pursuit Sniper Res Spada Gold Squire Mg Ltd Stellar Africa Stone Ridge Ex Strata Mnls Sunrise Res Sunset Cove Mg Superior Mng Talmora Diamd Tanzania Mnls Tearlach Res Telferscot Res Teryl Res Corp Theia Res Thunder Mtn Gd Tiger Intl Tiller Res Tintina Mines Tri-River Vent Trident Gold Trigen Res Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vangold Res Vatic Vent Vela Minerals Velocity Mnrls Venerable Vent Volcanic Mtls Wabi Expl Weststar Res Whistler Gold Winston Gld Mg Wolfeye Res Worldwide Res Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.01 0.02 0.01 0.02 0.09 0.14 0.09 0.13 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.01 0.06 0.02 0.09 0.19 0.75 0.19 0.23 0.07 0.08 0.07 0.07 0.02 0.03 0.03 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.09 0.02 0.03 0.11 0.11 0.10 0.13 ... 0.01 0.01 0.02 0.19 0.20 0.21 0.21 0.07 0.09 0.07 0.13 0.01 0.02 0.02 0.05 0.01 0.02 0.01 0.02 0.02 0.04 0.02 0.02 0.11 0.16 0.15 0.89 ... 0.05 0.05 0.08 0.08 0.10 0.10 0.15 0.03 0.05 0.03 0.05 0.01 0.03 0.01 0.04 0.04 0.08 0.07 0.10 0.09 0.15 0.09 0.10 0.05 0.09 0.05 0.10 0.03 0.04 0.03 0.05 0.06 0.07 0.06 0.14 0.01 0.05 0.01 0.04 0.02 0.02 0.01 0.05 0.04 0.07 0.04 0.07 ... ... 0.03 1.35 0.08 0.12 0.10 0.20 ... ... 0.16 0.36 0.57 0.36 0.54 0.11 ... 0.09 0.20 0.02 0.02 0.02 0.05 0.03 ... 0.03 0.04 0.01 0.24 0.10 0.10 0.06 0.08 0.06 0.13 0.01 0.01 0.01 0.07 0.20 0.55 0.20 0.60 0.10 0.15 0.11 0.19 0.01 0.02 0.01 0.04 0.11 0.15 0.11 0.14 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.01 0.01 ... 0.01 0.01 0.01 0.01 0.01 0.02 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.01 0.02 0.02 0.02 0.10 0.14 0.10 0.12 0.08 ... 0.08 0.12 0.13 0.25 0.13 0.25 0.04 0.07 0.04 0.08 0.06 0.09 0.07 0.12 0.03 0.09 0.03 0.17 0.01 0.01 0.01 0.02 0.06 0.20 0.07 0.07 0.01 0.50 0.01 0.03 0.01 0.05 0.01 0.04 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.45 0.01 0.02 0.02 0.02 0.11 0.14 0.12 0.24 0.04 0.07 0.06 0.08 0.11 0.20 0.18 0.20 0.01 0.04 0.02 0.02 0.09 0.15 0.09 0.10 0.04 0.05 0.05 0.06 0.04 0.06 0.06 0.06 0.02 0.28 0.02 0.02 0.10 0.13 0.10 0.13 0.25 ... 0.25 0.35 0.03 0.04 0.03 0.06 0.05 0.07 0.05 0.08

0.01 0.03 0.01 0.01 0.05 0.03 0.01 0.01 0.01 0.09 0.01 0.02 0.06 0.02 0.01 0.01 0.06 0.01 0.01 0.02 0.01 0.02 0.04 0.02 0.01 0.03 0.01 0.01 0.02 0.03 0.07 0.26 0.05 0.01 0.01 0.01 0.02 0.01 0.20 0.10 0.01 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.05 0.07 0.12 0.02 0.03 0.03 0.01 0.03 0.01 0.01 0.01 0.42 0.01 0.04 0.02 0.05 0.01 0.04 0.03 0.01 0.01 0.10 0.20 0.01 0.01

2016-06-14 5:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 20–26, 2016

Scandium International hits feasibility study milestone SPECIALTY METAL

| Unique Nyngan project in NSW could yield 37,690 kg scandium oxide per year

BY TRISH SAYWELL tsaywell@northernminer.com

ith a management team loaded with former executives from BHP Billiton (NYSE: BHP) and a definitive feasibility study under its belt for a specialty metal project with a 20-year mine life, based on just 10% of the resource, Scandium International Mining (TSX: SCY) stands out in the crowded landscape of junior mining companies. Its large, high-grade scandium project in the Australian state of New South Wales, 500 km northwest of Sydney, is a shallow, flatsurface mineable resource that could enter production as soon as January 2018, at a cost of US$87 million. The company has already submitted its environmental impact statement and signed the first of what it hopes will be many offtake agreements. “There are no primary scandium mines anywhere,” the junior’s president and CEO George Putnam says in an interview. “We wouldn’t know of another place to go to find another highly weathered, lateritic environment that would deliver the same level of scandium grades.” The specialty metal scandium enhances the performance of aluminum alloys by refining its grain structure, and making aluminum stronger. Aluminum-scandium alloys are also known for their corrosion resistance, weldability and heat tolerance. Scandium is a superior heat stabilizer in solid oxide fuel cells, for example, and can work in metal-halide lighting to resemble natural sunlight. The most obvious uses of scandium-enhanced aluminum alloys are in the transportation business, where light-weighting carries a premium. “The Russians in the Soviet era figured out how dramatic scandium’s impact was as a grain refiner, and used it in their military programs,” Putnam says. “While we knew something about it and understood what it did to aluminum, there was no decent source to build on, so military aircraft designers in the West focused on titanium and its alloys.” When the Berlin Wall fell in 1989, Russian technology on aluminum scandium alloys was picked up by Airbus technical groups in West Germany, he says, giving a clearer picture of scandium’s impact on aluminum alloy performance. Boeing has also known about scandium aluminum alloys for just as long and has done its own research, while Alcoa patented scandium aluminum alloys long enough ago that the recipes are now off-patent, so anyone can make them. “There is no secret sauce, we all know what to do with it in the aluminum alloy business,” Putnam says. “The only people left to clearly understand this opportunity are investors. “We see an explosive forward market in scandium and we saw the opportunity to be first and different from everybody else, and we liked that. We believe investors who like specialty metals should really like scandium because of this significant market potential.” The Nyngan project sits in the clay belt of New South Wales, where past exploration found economic values of nickel, platinum and cobalt — metals commonly associ-

1 2 3 4 5 11 13 14 16_JUN20_Main .indd 11

Drillers at Scandium International Mining’s Nyngan scandium project in New South Wales, Australia. SCANDIUM INTERNATIONAL MINING

“THE SIGNIFICANCE OF THIS PROJECT IS THAT THERE ARE NO PRIMARY SCANDIUM MINES ANYWHERE.” GEORGE PUTNAM PRESIDENT AND CEO, SCANDIUM INTERNATIONAL MINING

ated with scandium. But in each case, exploration generated only limited success, with interesting but marginal values of these metals found (less than 1% nickel and less than 1 gram per tonne platinum). “Whatever mother nature did to displace the nickel and cobalt primary mineralization and concentrate it with scandium hasn’t happened elsewhere, and that’s really the game-changer here — that’s what allows us to build a scandium-only project, get good economics and bring a substantial amount of scandium to the market,” Putnam says. According to the feasibility study completed in April, the Nyngan mine could produce an average 37,690 kilograms of scandium oxide a year at grades of 98% to 99.9%, and generate an after-tax, cumulative cash flow over the project’s

20-year mine life of US$629 million. The initial capex of US$87.1 million can be paid back in 3.3 years, and the project produces an after-tax net present value at a 10% discount rate of US$177.5 million, and a 33.1% after-tax internal rate of return. The feasibility study is based on a 16.9-million-tonne, revised estimate of measured and indicated resources averaging 235 parts per million (ppm) scandium — up 40% from a 2010 estimate. (Proven and probable reserves stand at 1.4 million tonnes grading 409 ppm scandium. The mine plan envisions a plant feed of 240 tonnes per day, or 75,000 tonnes a year, based on a conventional, open-pit operation, with a strip ratio of overburden to resource of 2.1 to 1. Processing will involve the initial application

of high-pressure acid leaching, using a continuous autoclave that is pressure fed with pre-heated ore and dosed with sulphuric acid. Subsequent circuits will recover the liberated scandium using solvent extraction, oxalate precipitation and calcination to generate a scandium oxide product. Once at nameplate capacity, the plant could make between 36,600 and 42,000 kilograms of scandium oxide (Sc2O3) product annually, and average 37,690 kilograms a year over the mine life. Oxide product would be produced on-site at grades of between 98% and 99.9% as Sc2O 3 , and be offered at grades that meet customer requirements and are packaged for direct sale to end users. The largest operating cost will be reagents — sulphuric acid in particular. Total mining costs are

Scandium International Mining’s Nyngan scandium property in Australia. SCANDIUM INTERNATIONAL MINING

an estimated US$18.45 per tonne, or US$35.15 per oxide kilogram, with total annual cash-operating costs of US$292.10 per processed tonne and US$556.57 per oxide kilogram. Based on available price estimates for scandium oxide, the feasibility study used US$2,000 per kilogram as its price assumption. Putnam says commissioning could start as early as October 2017 and start up in the first quarter of 2018, with first production in March 2018. “We’ve turned a corner with the final feasibility study and the economics are good, dare I say robust,” Putnam says, adding that the company has spent US$1.5 million to complete the flow sheet over the last four years. “I don’t see the financing as problematic. I know raising US$100 million is not something that can just be assumed will be automatic, but we’ve prepared well … [and] we think the project is unique and robust enough to get funded.” The company already has an off-take agreement for 7,500 kilograms a year over three years with Alcereco, a private Canadian company in Kingston, Ont., that was founded by former scientists at Alcan who researched and developed advanced alloys. Putnam doesn’t believe it will be that hard to find other off-takers to sign on. “It won’t all be absorbed by the aircraft business, some will be in the automotive business, particularly automotive parts,” he says. “You could make a great high-speed train out of this, a good subway or a light-rail system — the faster the train goes the more light-weighting is important, and the more important it is to pay a premium for the scandium application … we believe scandium aluminum is also going to be particularly adept in the extrusion area, and that’s a huge specialty market. Extruders get strong premiums.” Putnam, whose career includes decades as assistant treasurer at BHP, says Scandium Mining’s management team is perfectly geared towards the next leg of Nyngan’s development. “Almost all the management is ex-BHP — we’ve all run operations before, and we’re miners,” he says. “We’re just moving towards our sweet spot in terms of our collective management experience.” Scandium International owns 80% of Nyngan and the remaining 20% is held by Scandium Investments LLC, a Nevada corporation owned by private interests. Shares of Scandium International traded at 19¢ at press time, within a 52-week range of 7.5¢ to 23¢. Christopher Ecclestone of Hallgarten & Co., a boutique investment firm based in London, has a 12-month, 60¢ target price on the stock. “Scandium is one of the lessertalked-of technology metals, but one that is getting increasing focus and mention,” he said in a research note. “It is the only definitive feasibility study on a primary scandium property that we know of. “One might call the Nyngan project the ‘Bayan Obo of scandium,’” he adds, referring to China’s massive iron ore deposit and the world’s largest rare earth mine. The Chinese are a major producer of scandium oxide, which is in limited supply. TNM

2016-06-14 6:19 PM

WWW.NORTHERNMINER.COM

JUNE 20–20, 2016 / THE NORTHERN MINER

PROFESSIONAL DIRECTORY srk consulting

ASSAYERS

GENETIC MODELLING

Consulting services from exploration through to mine closure

www.srk.com

INSTRUMENTATION Rent / Purchase 3D IP & EM Gear Canadian Manufacturer of

GEOPHYSICS

Geophysical Instruments since 1976

Tel.: +1 418-877-4249

www.gdd.ca

5L5x5c5 Ex555

Highest Precision Magnetometers in the World Providing Robust High Precision Potassium, Overhauser and Proton Magnetometers with New add-on or stand alone VLF for resistivity depth sections

wwwtcronegeophysicstcom

m9UTB5IRxUIUU

RRRR 555555 555F5555 5555F55 5555

UAV - Airborne - Ground Solutions Call for a Quote today www.gemsystems.ca • info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.397.4083

Celebrating 35 Years Leading the World of Magnetics

RRRRR 555L5F5L5F5LD 5555F55 5555F55 555F5F5 R

- 3D / 32 channels IP Receivers - 4800V / 10,000W IP Transmitters - MPP - SCIP - Chain+Level - Beep Mat

CONSTRUCTION MANAGEMENT

Your Exploration Advantage. Project and Construction Management

Rentals and Sales Sales and Rentals: of instruments for:

LNA provides construction management services to assure industrial facility owners realize cost efficiency and quality of their projects within the project schedule, budgets and safety objectives.

905 841 5004 | geotech.ca

TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity

L. NARDELLA ASSOCIATES LTD.

2292 blvd. Industriel, Suite 207, Laval (Quebec) H7 S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel MISSISSAUGA: (905) 381-0415

Tel: Fax: e-mail: Website:

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

450-679-2400 info@gprmtl.com www.geophysicsgpr.com

www.nardellagroup.com

GOLDAK AIRBORNE SURVEYS

CONSULTING

TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada)

TRI-MAXIAL MAGNETIC GRADIOMETER 1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process

A.C.A. HOWE INTERNATIONAL LIMITED MINING & GEOLOGICAL CONSULTANTS

2 Hangar Road Saskatoon, SK S7L 5X4

Toronto, Canada Tel: 1-416-368-7041 London, UK Tel: 011-44-1442-873398 Email: howe@acahowe.ca www.acahowe.ca

tel 306 249 4474 - www.goldak.ca

Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic

LEGAL

litigate

CONTRACTUAL & MINING DISPUTES CONSTRUCTION DISPUTES PRODUCT LIABILITY DISPUTES INQUESTS: OCCUPATIONAL/SAFETY DEFENCE

Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca

Affleck Greene McMurtry LLP 365 Bay Street, Suite 200, Toronto Canada M5H 2V1 T 416.360.2800

SURVEYORS & CORE SYSTEMS JEAN-LUC CORRIVEAU, Q.L.S., CLS

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS 1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.

rvi

Also, Magnetic probe surveys

valuation and evaluation of mineral properties; mineral resource and mineral reserve estimates; independent engineer services; project and feasibility studies; expert witness and litigation support

www.micon-international.com

Toronto Vancouver Norwich Cornwall Canada: mail@micon-international.com United Kingdom: office@micon-international.co.uk

International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

www.mphconsulting.com +1.416.365.0930

Toronto Denver London Vancouver Quebec City Geological and Mining Consultants www.rpacan.com +1 (416) 947-0907

12_JUN20_ProDirectory .indd 12

Providing geophysical services for over 20 years

PETROS EIKON

Val-d’Or (Quebec) Tel: (819)825-3702 Fax: (819)825-2863 E-mail: bureau@corriveaujl.com

Worldwide experience in sedimentary and hardrock

Processing through final Interpretation PETROSEIKON.COM

services@petroseikon.com

1.519.943.0001

To reserve space for your advertisement in the Professional Directory please contact:

Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com Fax: 416-447-7658

2016-06-14 5:09 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 20–26, 2016

Premier Gold Mines and Barrick Gold’s South Arturo gold project in Nevada. PREMIER GOLD MINES

Orion to finance Premier Gold US$30M LOAN

BY TRISH SAYWELL tsaywell@northernminer.com

hen it comes to financing companies in the mining sector, private equity firms typically call the shots. But in a deal announced on May 31, Orion Mine Finance appears to have conceded by agreeing not to collect any standby fees from the US$30 million it says it will loan Premier Gold Mines (TSX: PG). Instead, the junior will only pay 6% interest on the drawn amount of Orion’s multi-draw, unsecured term facility. “This is a better deal than what is commonly available in the market, which is 1.5–2% standby fees, in addition to commitment fees,” Rob Chang, a mining analyst at Cantor Fitzgerald in Toronto, said in a research note. “A lot of people took notice of this, and Orion will get a lot of incoming,” Ewan Downie, Premier’s president and CEO, said in a telephone interview from Thunder Bay. “I’ve always felt standby fees are a flaw, so I said [to Orion that] if we could draw money and not pay a standby interest on the balance, I’d be all ears.” In addition to the US$30-million term facility, Orion has committed to a US$15-million private placement at a 7% premium to Premier’s share price before the financing was announced. Orion will acquire 6.4 million shares of the junior at $3.05 per share for a 3.5% stake in the company. Orion also has the right to participate in future equity offerings to keep its proportionate interest. Under the arrangement, Orion will have the right, under an offtake agreement, to buy up to 20,000 oz. gold a year for 90 months from Premier’s existing projects, or ones it acquires with the help of the private equity firm. (The purchase price for the gold will be no lower than 98.4% of the U.S. dollar London Bullion Market Association (LBMA) p.m. fixed price on the delivery date, and no higher than 99.6% of the U.S. dollar LBMA

1 2 3 4 5 11 13 14 16_JUN20_Main .indd 13

“WE DON’T FORESEE THE NEED OF A LOT OF MONEY IN THE NEAR FUTURE BECAUSE OF CASH FLOW FROM SOUTH ARTURO.” EWAN DOWNIE PRESIDENT AND CEO, PREMIER GOLD MINES

p.m. fixed price.) Orion has also agreed to provide Premier with up to US$400 million in financing if the junior mining company expands its projects, or acquires new ones. “It’s a good partnership or alliance — this provides flexibility to access money if and when we need it,” Downie says. Premier expects to be in production this year at its 40%-owned South Arturo gold project in Nevada with joint-venture partner Barrick Gold (TSX: ABX; NYSE: ABX), but the funds will come in handy if there are delays. “While all systems are go at South Arturo and [Barrick] goes for production in late July or early August, it could always get delayed … if there was a delay for some reason we’d need access to capital before the cash came … we wanted to protect ourselves and our shareholders from running into a low balance. “We don’t foresee the need of a lot of money in the near future because of cash flow from South Arturo, but we do have a number of advanced-stage projects,” Downie continues. “There are three that we’re moving into development — so we’re making sure of our potential financing needs.” Premier was introduced to Orion by Ebe Scherkus, who used to serve as chairman of Premier’s board of directors, and Downie says his management team and Orion discussed the financing for a year.

| Multi-faceted deal provides flexibility “We talked about our five-year plan and how we want to build a real mining company and how, with our previous chairman, we had studied Agnico Eagle Mines [moving] from being a small penny stock to what they are today, and they did that in three years, where they built four or five mines,” Downie says. “We think that we have as good a pipeline of projects as Agnico had in those days — ours might even be better — but that’s going to require financing.” (Scherkus, now serving on the board of Stornoway Diamond [TSX: SWY], spent most of his career at Agnico Eagle Mines [TSX: AEM; NYSE: AEM], where he worked from 1985–2012, including a lengthy term as president and chief operating officer from 2005–2012). In addition to its South Arturo joint-venture, Premier is advancing its whol ly ow ned Hasaga project in the Red Lake mining district of northwestern Ontario; its 44%-owned Rahill-Bonanza property, also in Red Lake (Goldcorp [TSX: G; NYSE: GG] owns the remaining 56% and is operator); its partly owned Trans-Canada property in Ontario; and its wholly owned McCoy-Cove project along the Battle Mountain-Eureka trend in Nevada. Under the US$400-million financing agreement with Orion, the parties can work out a deal to expand projects, or acquire new ones. “Subject to our negotiation for suitable terms that both parties can live with,” Downie says, “we’d have access to up to US$400 million for either acquisitions or the advancement of our project portfolio. While I say we have a great portfolio, we always have our eyes open if there’s something else we think is accretive.” “We’re always on the lookout … we’ve done a bit of due diligence, and we’ve participated in a few processes,” he says, “but the only one we’ve dipped our toes into was IDM Mining (TSX: IDM).” (Earlier Premier announced it had taken a 6.5% stake in IDM through a

private placement.) The company is advancing its Red Mountain project in B.C.’s Golden Triangle. “It is a prospective Canadian gold project with a resource and underground workings, and if they are successful we’d like to participate,” Downie says. “We could help them get that project across the line. It looked a lot like Cove Resources at a fraction of the market cap, so we viewed it as a good investment.” News of the May 31 financing sent Premier’s shares up 21¢, or 7.4%, to $3.06. Over the last year

the company has traded in a range of $1.64 to $3.80 per share. Cantor Fitzgerald’s Chang has raised his target price on the company from $4.15 per share to $4.30 per share. “This agreement provides Premier Gold with ample available capital to take advantage of market opportunities and/or develop existing assets such as Hardrock, McCoy-Cove and Hasaga,” he writes in a research note. “Moreover, it provides the company with wiggle room, should the development of South Arturo be delayed.” TNM

CAREER OPPORTUNITIES

CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 columns x 1” $354.20. Closing date is 10 days prior to publication date. All Canadian orders subject to applicable taxes.

For further Careers advertising information contact: Joe Crofts 416-510-6816, jcrofts@northernminer.com, Toll free North America: 1-888-502-3456, (ext. 43729) Fax: 416-447-7658

Resumes Wanted Looking for a career in the mining and exploration industries? Post your resume for FREE on the website that specializes in recruitment for mining companies and suppliers... you’ll be glad you did.

Visit www.northernminerjobs.com today

2016-06-14 6:17 PM

WWW.NORTHERNMINER.COM

JUNE 20–26, 2016 / THE NORTHERN MINER

NexGen scores US$60M URANIUM

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

x plorer NexGen Energ y (T SX V: N X E ; US - OTC: NXGEF) made headlines earlier this year with an eye-opening maiden resource at its high-grade Arrow uranium deposit in Saskatchewan’s Athabasca basin, and now the emerging world-class discovery has attracted a strategic investment from Hong Kong’s richest man, Li Ka-shing. On June 2 NexGen entered into a binding term sheet for US$60 million in unsecured convertible debentures with CEF Holdings — a private company 50% owned by Li’s CK Hutchinson Holdings. The deal is unusual, as grassroots exploration companies rarely seek debt financing. From the junior's perspective, its lack of cash flow tends to make debt underwriting extra risky, while any balance-sheet overhang can dissuade takeover bids. The debentures will carry a 7.5% coupon over five years, and are convertible into shares at $3.05 at CEF’s option. The conversion price repre-

| Hong Kong's richest man invests in Athabasca basin explorer

sents a 30% premium to NexGen’s 20-day, volume-weighted average trading price. “They are a powerful group, with an incredibly large balance sheet,” CEO Leigh Curyer said during a conference call. “So there’s the capability to finance a much larger project, which could be sufficient to get us into production. Li Ka-shing’s perspective is that he doesn’t just invest for his children, but also his grandchildren and beyond … being China’s richest individual, he has a very good grasp on the country’s nuclear space, and it’s a key investment for CEF.” NexGen’s cash reserves will total $100 million after the financing. Curyer said that with the capital, the company could take the Rook I property — which hosts the Arrow discovery — through to feasibility and permitting. Arrow hosts inferred resources of 3.5 million tonnes of 2.6% uranium oxide (U3O8) for 201.9 million contained lb. U3O8. The deposit hosts the A2 subzone, however, which holds 120.5 million lb. uranium oxide in 410,000 tonnes grading 13.3% U3O8 . NexGen’s agreement doesn’t include any off-take component, which

“THERE’S NO ENCUMBRANCE ON ARROW, OR OUR COMPANY, WITH THIS FINANCING PACKAGE.” LEIGH CURYER CEO, NEXGEN ENERGY

underlines that Arrow could get a lot bigger. The company is on track to drill 75,000 metres this year, and it is generating impressive intercepts. In late March NexGen released step-out results from hole 16-77c2, around 180 metres southwest of Arrow. The company intersected “strong uranium mineralization,” with lithological profiles similar to the ones near A2. “We moved our drill rigs when we had that step-out success, which is already tagged into massive pitchblende,” Curyer said. “This is significant because it’s the leading indication of a substantial zone. The mineralization at 180 is identical to what we see in Arrow’s high-grade subzone. So it’s become a priority.”

NexGen Energy’s Arrow uranium project in northern Saskatchewan’s Athabasca basin. NEXGEN ENERGY

Arrow’s mineralization occurs within — or near — graphitic mylonites structurally controlled with clay, chlorite and hamatite alteration. There are four parallel structural zones: the A1, A2, A3 and A4 shears. NexGen is drilling the A2

100 Years

OBAL MINING NEWS OF GL

Try the World’s Leading Mining Publication

FREE FOR 4 WEEKS It’s going to make a BIG difference.

COMPLETE

UP-TO-DATE

TRUSTWORTHY

The Northern Miner takes a 360 degree look at the industry and delivers prioritized, reliable news and analysis to our readers. No angle is left uncovered.

The industry doesn’t take a break and neither does The Northern Miner. New articles are published every day and delivered to our readers’ inboxes with a daily email newsletter.

Reporting with integrity since 1915, The Northern Miner writers travel to mining projects world-wide and deliver authoritative, first-hand insight.

Register your 4-week free trial at: northernminer.com/subscribe/freetrial.aspx For more information about The Northern Miner, or for help on registering to your free one month trial, please contact Customer Service at: info@northernminer.com or call 1-888-502-3456

1 2 3 4 5 11 13 14 16_JUN20_Main .indd 14

and A3 areas due to higher grades and thicknesses. Winter and spring drilling returned more high-grade intercepts from the main deposit, including hole 16-76c1, which cut 67.5 metres of 11.3% U3O8 . “The funding allows for the further development of Arrow, which based on our winter drill results could get a lot larger,” Curyer said. “Nearly 100% of our drill holes have hit mineralization, and we figure there will be another two years of full-time drilling before we really understand the deposit. We know the technical characteristics of the project are strong, but we don’t have feasibility numbers yet. We need to know those parameters before we commit to any off-take arrangements,” he added. NexGen says the cash infusion could fund Arrow’s development over the next three years. The company expects to drill at least 75,000 metres in 2017, while also advancing metallurgical, engineering and permitting activities leading into a feasibility study. Arrow lies northeast of Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) Patterson Lake South project, which attracted an US$82million investment from China’s CGN Mining earlier this year. Both deposits consist of unconformityrelated, basement-hosted uranium mineralization. NexGen has traded in a 52-week range of 51¢ to $2.78 per share, and gained 11% on the investment news en route to a $2.50-per-share close at press time. The company has 302 million shares outstanding for a $755-million market capitalization. “We’re in an unusual circumstance, given the quality of the asset. There’s no encumbrance on Arrow, or our company, with this financing package. The deal gives us the ability to considerably expand [the project] in a non-dilutive manner,” Curyer said. “Given the characteristics of the [deal], and balancing it against the alternatives, it clearly was the best option for us. We wanted to ensure any strategic investor was aligned with management’s goals for the project, and that was a large part of it,” he said. BMO Capital Markets analyst Alexander Pearce speculates that the CEF funding should allow NexGen to “undertake development of its world-class Rook 1 project through [roughly 2020].” BMO Research estimates that the company could “feasibly create an underground operation” for $750 million, and calculates a $432-million net present value on the project, assuming a 10% discount rate and US$60 per lb. U3O8 . TNM

2016-06-14 6:17 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 20–26, 2016

www.northernminerjobs.com

Regional Manager Industrial Minerals, Exploration & Development Canada

Artisanal Gold Programme Officer Ottawa, Canada

Mineral Exploration and Development Consultant Timmins, On. Canada

Reporting to the Director Competence Center Materials – Canada Region,

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

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

this position is responsible for leading the Mineral Exploration & Resource

approaches to strengthen natural resource governance in high-risk and

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

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

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

the Ministry of Northern Development and Mines.

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

policy dialogue and solutions for sustainable development. The Just Gold

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

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

project aims to develop an independent, equitable and sustainable system

lead and deliver the mineral exploration and development program, guiding

external stakeholders.

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

components through the regulatory process.

in the Democratic Republic of Congo to international markets.

Mine Planning Engineer / Technician British Columbia, Canada

Geotechnical Engineer Rainy River, Ontario,

Chief Mining Engineer Nevada, USA

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

The Chief Mining Engineer is responsible for the development and

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

underground planning services that support quarterly and annual

implementation of practical mine plans which allow for orderly development

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

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

and exploitation of economically minable ore reserves. Oversees the

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

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

development of holistic long and short range mine plans including mine

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

quality ore for processing.

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

Mine Operations Manager Wells, BC, Canada

Mine Technologist Timmins, ON. Canada

Sr. Engineer, Maintenance McArthur River Saskatchewan, Canada

Lake Shore Gold Corporation is Roles and Responsibilities: Leader for the safe and sustainable development

seeking a Mine Technologist to support the Engineering department at our

of the Bonanza Ledge Mine operations; Responsible of the achievement

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

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

of the production and profitability objectives; Managing the complete

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

ing department, your knowledge of equipment and mechanical design will

mining operations of the Bonanza Ledge Mine (contract mining and milling

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

operations); Assessing the feasibility and the potential for commercial ben-

you will supervise a team of maintenance technologists and provide

efits of new sites; Managing budgets; Training and supervising staff.

technical design and planning expertise for capital and expense projects on site.

Sr. Specialist, Environmental Affairs Saskatoon, SK, Canada

General Manager, Long Harbour Operations Mount Arlington Heights, Newfoundland & Labrador

British Columbia Securities Commission Vancouver, BC. Canada As the Senior Geologist/Engineer you will conduct in-depth reviews and

As the General Manager, Long Harbour Operations, you are responsible

The sr. specialist, environmental affairs will be an effective and strong

analysis of technical reports and other scientific or technical disclosure,

for providing leadership and direction for a team of over 400 individuals.

problem solver, collaborator and communicator that is able to lead teams

including disclosure of resources and reserves. You will work with and

Reporting to the Vice-President of Operations, you are responsible for

with multiple departments and personalities to achieve business objectives.

provide expert advice to Commission staff, as well as interface with public

continuing the safe production ramp-up of the LHPP and ensuring

The sr. specialist will have strong technical expertise, advanced skills in

companies and the mining industry on securities related matters.

that systems and process management procedures are developed, imple-

data compilation and analysis and will have demonstrated strong oral and

mented and standardized to secure the current and long-term success of

written communication skills.

the facility.

Journeyperson Industrial Mechanic Northern Saskatchewan Sites, Canada You will be responsible for the installation, preventative maintenance and repair of all mechanical equipment on site. This will include repairs to equipment on surface and underground, as well as troubleshooting equipment failures and documenting repairs. You will be responsible for reading and interpreting blueprints, technical manuals and work procedures.

RECRUIT SMARTER WITH MINING JOBS The Northern Miner’s new section dedicated to recruiting in mining

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

4 INDUSTRY JOB BOARDS

Company Private Chief Engineer Salt Lake City, Utah Company is currently looking for a Chief Engineer to be responsible for the overall mechanical/structural/electrical design and integrity of the Crusher

CANADIAN Mining Journal

product line, driving the product line to be the world class market leader. Management of the activities related to developing and maintaining equipment designs.

EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND S TA R T R E C R U I T I N G S M A R T E R T O D AY For full job details visit www.northernminerjobs.com and enter the Job Name in the search field

15-JUN20_NEW-MiningJobs.indd 15

2016-06-14 5:48 PM

WWW.NORTHERNMINER.COM

JUNE 20–26, 2016 / THE NORTHERN MINER

Sarama Resources acquires Orezone’s Bondi GOLD

| Junior expands footprint Burkina Faso footprint, benefits from JV with Acacia Mining

BY TRISH SAYWELL tsaywell@northernminer.com

ndrew Dinning, a founder and the president and CEO of Sarama Resources (TSXV: SWA), made a name for himself in Africa while working in the Democratic Republic of the Congo for Moto Goldmines. As par t of the management team at Moto, he oversaw the development of the Moto gold project from a 4 million oz. gold deposit to a more than 22 million oz. deposit. That deposit — now called Kibali — was bought by Randgold Resources (NASDAQ: GOLD) and AngloGold Ashanti (NYSE: AU) in October 2009. Dinning set up Sarama Resources the next year and focused on West Africa, and finally southwestern Burkina Faso. “We didn’t think at that point in time that the Congo was the right jurisdiction for a start-up,” he says in a telephone interview. “It’s definitely elephant country, but you need a big balance sheet to work there, and starting as we were with a blank sheet of paper, it wasn’t really the best option for us.” Since this decision was made, Sarama has quietly expanded its footprint in the West African nation. The junior’s f lagship asset, South Houndé, is situated in the Houndé greenstone belt, a region k nown for gold deposits. The project — 260 k m west of the capital of Ouagadougou — sits 130 km southwest of Semafo’s (TSX: SMF; US-OTC: SEMFF) Mana gold mine and Roxgold’s (TSXV: ROG) Yaramoko gold mine, and 60 km south of Endeavour Mining’s (TSX: EDV; US-OTC: EDVMF) Houndé gold project. Sarama also holds a 32% stake in Karankasso, a joint-venture project with Savary Gold (TSXV: SCA), which is next to the South Houndé project, and in May announced plans to acquire a third property, Orezone Gold’s (TSX: ORE) Bondi gold deposit, 30 km from Sarama’s other two assets. “Bondi is truck ing distance to our main resource area at the South Houndé project, and that’s what makes it highly accretive for us,” Dinning says. “We view Bondi as a nice little asset, and we always have.” The model, Dinning says, is to develop a project with multiple open-pit gold deposits within trucking distance of one another, and have all the material feed into a central processing facility. “Bondi is not a big enough project to be a stand-alone,” Dinning says, adding that “the name of the game in that area is trying to work out how it all fits together, and Bondi is the first piece of the puzzle.” Bondi — about 75 k m from Burkina Faso’s second-biggest city, Bobo-Dioulasso — is linked by a paved highway that transects the property. Orezone and others have explored the property since 1998 with 80,000 metres of reverse-circulation and diamond drilling. Metallurgical test work commissioned by Orezone concluded that the mineralization at Bondi could undergo cyanidation. Altogether Orezone and other companies spent an estimated US$9 million on the property. In 2009, Orezone published a

1 2 3 4 5 11 13 14 16_JUN20_Main .indd 16

resource of 4.1 million tonnes grading 2.1 grams gold per tonne for 282,000 oz. gold in the measured and indicated category, and an inferred resource of 2.5 million tonnes averaging 1.8 grams gold for 149,700 contained oz. gold at a cut-off grade of 0.5 gram gold. The historic measured and indicated resource included a large component of higher-grade material reported at a cut-off grade of 2 grams gold per tonne (1.4 million tonnes grading 4.2 grams gold for 186,000 oz. gold.) Under the agreement, Orezone will receive 9.6 million common shares of Sarama valued at $1.4 million (at 15¢ per share); 3 million warrants for common shares of Sarama exercisable for two years at 19.5¢ per share; 2 million warrants for common shares exercisable for three years at 24¢ per share; and a production royalty of US$20 per oz. sold on the first 200,000 oz. gold sold from the property. Dinning says the first steps at Bondi will be to close the deal and transfer the permits to Sarama’s name, which “could take months.” “Then we’ll go back and run the ruler over things. Orezone did a pretty thorough job on the Bondi permit … the recent drilling to the east got interesting intercepts that open up potentially a different spot in a different setting to what Bondi is, so we’ll investigate that and look at how it fits together with Sound Houndé.”

“UNLIKE SOME OF ITS PEERS, SARAMA’S EXPLORATION STORY IS A FRESH FACE TO THE MARKET, WITH ASSETS THAT ARE UNDEREXPLORED AND HAVE LIMITED HISTORICAL ACTIVITY.” TARA HASSAN ANALYST, HAYWOOD SECURITIES

At the South Houndé project, meanwhile, Acacia Mining (LSE: ACA) — formerly African Barrick Gold — is earning up to a 70% interest by funding US$14 million of exploration over four years, and can acquire another 5% stake by declaring a reserve of at least 1.6 million oz. gold. Dinning notes that Acacia Mining brings real value to the project. “One of the benefits of having Acacia as a partner is that we get access to a bunch more pretty good exploration minds, which means quite of bit of thinking is going on about what we’re doing, which is good.” He a lso v iews t he dea l as a “‘heads we win, and tails we win’ arrangement, as Acacia has a high threshold for project size, given the East African mines produce 250,000 oz. gold per year each.” He also noted that “if we land on a project of that size with a smaller interest but no balance sheet risk for the project, it is a pretty good outcome, and if Acacia choose not to go the full earn-in, with the addition of Bondi, we are

Drillers at Sarama Resources South Houndé gold project in Burkina Faso. SARAMA RESOURCES

in a position to look at possible development routes.” The inferred resource at South Houndé sta nds at 43 mi l lion tonnes grading 1.5 grams gold per tonne for 2.1 million contained oz. gold. The resource includes 13.5 million tonnes grading 1.2 grams gold of oxide material for 0.5 million contained oz. gold, and 12.1 million tonnes grading 2.7 grams gold for 1.1 million oz. gold, ref lecting higher-grade shoots within the mineralized system, the company says. The South Houndé resource extends 10.2 k m a long stri ke within a lithological and structural corridor that is 1.3 km wide. Preliminary metallurgical test work has shown viable processing routes with 85% extractions for oxide using heap leaching, 93% for oxide using conventional cyanidation and 91% for fresh rock using an oxidation stage before cyanidation. Dinning notes that 70% of Sarama’s ounces at South Houndé sit within 100 metres of surface, “so there’s scope downdip and down-plunge … if we can drill down a bit that will add ounces quite quickly. “At the moment the model in my mind is your classic West Australian model, with a series of pits feeding a central plant, and every now and then you have a pit with a high-grade shoot that you can decline off the pit and chase underground,” he says, “which would be a sweetener for the project.” Meanwhile, at the company’s Karankasso joint-venture project, Savary Gold completed an inferred open-pit constrained resource late last year of 9.2 million tonnes grading 2.28 grams gold per tonne, for 671,000 contained oz. gold. Savary Gold kicked off its latest drill campaign at the project in April. The drill program will total 6,500 metres in 45 to 55 holes, and is designed to follow up on four of the six zones that contain resources, and test new targets. Tara Hassan of Haywood Securities notes that “unlike some of its peers, Sarama’s exploration story is a fresh face to the market, with assets that are underexplored and have limited historical activity. “With extensive property packages in Burkina Faso, Sarama is sitting on prospective ground that it is only beginning to unlock the potential of through its exploration activities.” TNM

S U B S C R I P T I O N

3 Easy Ways to Order:

F O R M

Save Over 40 off of th % e

cover

price!  Fax this form to: 416-447-7658  Call Toll Free: 1-888-502-3456  Order online at www.northernminer.com

PLEASE SEND MY SUBSCRIPTION OPTION AS INDICATED BELOW

Your subscription to The Northern Miner will include our authoritative weekly newspaper in either Print or Digital Edition format. Please select your format preference, as well as the subscription level you'd like to access. The Northern Miner BASIC

Weekly and daily news, daily E-NewsLetter, press releases, 4 issues of Mining Markets Magazine, 2 Issues of Diamonds in Canada Magazine, 1-year article archives.

The Northern Miner EXECUTIVE

Includes all the content from the Basic service, PLUS a database of detailed company, property and personnel profiles, article archive dating back to 1987, and personal topic alerts.

PRINT* 

DIGITAL 

Canada  $114 US  $114 International  $151

$114 $114 $114

Canada  $229 US  $229 International  $269

$229 $229 $229

Canadians (excl. ON, NB, NL, NS, PEI) add 5% GST, BC residents add 7% PST, ON, NB, NL residents add 13% HST, NS residents add 15% HST, PEI residents add 14% HST

*Add $6 for shipping and handling SUBSCRIBER INFORMATION

Name Email (Required for Daily News Service) Company

Title

Address City

Prov/State

Postal/Zip Code

Tel

Country

Fax

MY PAYMENT PREFERENCE IS:

 

Cheque Enclosed to THE NORTHERN MINER (Payment must accompany order)



VISA

MasterCard



Amex

Credit Card #

Expiry Date

Name on Card: Signature (must be signed to be valid)

 Make my service continuous! I’ll never miss another issue. By requesting continuous service now, my subscription to The Northern Miner will renew automatically every year and my service will never be interrupted. I may cancel my subscription at any time PLEASE INDICATE YOUR CONNECTION WITH THE MINERAL RESOURCES INDUSTRY  Mining Company (Head Office)  Mining Company (Operations Personnel)  Mining Company (Other)

 Mining Services  Manufacturer/ Distributor or equip. supplies, etc.  Plant  Engineering and Research

 Exploration  Processing  Oil and Gas Services  Oil and Gas Exec. or Head Office  Government

 Investor  Institutional (School, Library, Assn. ... etc)  Other, please specify __________________

MONEY BACK GUARANTEE: If I am not satisfied with The Northern Miner, or northernminer.com I can cancel at any time and receive a refund for any undelivered issues.

2016-06-14 6:18 PM