The Northern Miner June 24 2019 Issue 13

RNC MINERALS: UNEARTHS MORE HIGH-GRADE ORE AT BETA HUNT / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

SPECIAL FOCUS

AFRICA

West African gold remains a target for explorers / 9–15

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE

VTEM™ | ZTEM™ | Gravity | Magnetics 905 841 5004 | geotech.ca

WWW.SGS.COM/MINING

MINERALS@SGS.COM

JUNE 24–JULY 7, 2019 / VOL. 105 ISSUE 13 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Amex Exploration drills highgrade gold at Perron NW QUEBEC

| ‘Highgrade, continuous and homogenous’ gold zones, chairman Jacques Trottier says

BY TRISH SAYWELL

A The Mid-Tier Excellence panel at The Northern Miner’s Canadian Mining Symposium at Canada House in London, U.K. in May, from left: Peter Marrone, Yamana Gold executive chairman; Steve Letwin, Iamgold president and CEO; and moderator Trish Saywell, The Northern Miner senior staff writer. PHOTO BY MARTINA LANG FOR THE NORTHERN MINER

Iamgold’s Letwin, Yamana’s Marrone speak on fate of mid-tier gold miners GOLD

tsaywell@northernminer.com

fter setting up Sulliden Exploration in 1995 and opening an office in Lima in 1996, Jacques Trottier wrote a personal cheque in 2002 to acquire a gold property from a family in the Cajamarca region of northern Peru.

Trottier was interested in the property based on historical data, and reinterpreted it to determine that there was potential for a multimillion-ounce gold deposit. His theory turned out to be right when he found the Shahuindo deposit, which he grew to 3 million oz. gold.

Shahuindo went on to become a gold-silver mine in 2016, and is See AMEX / 2 PM40069240

| ‘Mid-tier Excellence’ panel session at Canadian Mining Symposium

BY TRISH SAYWELL tsaywell@northernminer.com

A

t The Northern Miner’s Canadian Mining Symposium, held at Canada House in London, U.K., Iamgold (TSX: IMG; NYSE: IAG) president and CEO Steve Letwin and Yamana Gold (TSX: YRI) executive chairman Peter Marrone participated in a panel session entitled “Mid-Tier Excellence,” with Northern Miner senior staff writer Trish Saywell as moderator. Below is the full transcript of the session, held on May 22, 2019.

The Northern Miner: We’re delighted to introduce two of our most exciting CEOs in the business in Canada.

Steve Letwin was appointed president and CEO of Iamgold in November 2010. Before joining Iamgold, Steve worked in the oil and

“THERE’S A BIT OF INSANITY IN THE GOLD SPACE WHERE IF WE DON’T DO SOMETHING DIFFERENTLY, WE’RE GOING TO CONTINUE TO WITHER AWAY.” STEVE LETWIN PRESIDENT AND CEO, IAMGOLD

gas sector for many years, including as an executive vice-president at Enbridge; president and chief operating officer of TransCanada Energy; and chief financial officer of TransCanada Pipelines, Numac and Encor Energy.

Peter Marrone founded Yamana Gold in July 2003, and serves as its executive chairman. Peter founded Yamana Gold in July 2003, and before that was the head of investment banking at a major Canadian investment bank while practicing corporate law in Toronto, with a focus on corporate and securities law and international transactions.

To start off, earlier this month

during Barrick Gold’s first-quarter conference call, president and CEO Mark Bristow described the gold mining industry as in being in “disarray.” Would you each agree with that characterization? Why do gold miners endemically have lower return on equity than miners of other metals, or other resources?

Steve Letwin: I’m not sure I would use “disarray,” but I think the point Mark was trying to make is — it’s probably good just to give a little comparison. The 10 top gold companies in the world have a total capitalization of US$120 billion, while Microsoft alone is US$960

billion. In the mid-tier section where I live and work, there are 16 mid-tier companies. We totalled 25% of the total market cap and the market is shrinking the capital pools. It’s a lot more challenging to raise money.

The five top cannabis companies in Canada now over two years have a total market cap of more than $80 billion.

Mark Bristow and John Thornton did a very good deal there for the industry, as did Newmont and Goldcorp.

We do need to consolidate. I’ve been saying this for two years, at least: there are too many of us with too little capital.

And that may change, but right now, we’re competing for the same dollar, and unfortunately, those dollars are shrinking. We literally have a lot of general and administrative expenses spread across — in my opinion — too many companies with too few new investors.

See MID-TIERS / 6

MIDAS GOLD: MORE MAJOR MONEY FLOWS INTO JUNIOR / 8

1-16, 23_JUNE24_Main.indd 1

2019-06-18 5:44 PM

2

WWW.NORTHERNMINER.COM

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

Amex Exploration drills high-grade gold at Perron See AMEX / 2

now owned by Pan American Silver (TSX: PAAS; NASDAQ: PAAS), with a mine life until 2028.

Today, the French Canadian geologist, with a PhD in economic geology from the Polytechnique Montréal, is convinced he has the makings of a new gold mine on his Perron project, 110 km north of Rouyn-Noranda in northwestern Quebec.

His junior company, Amex Exploration (TSXV: AMX), has spent more than $12 million on Perron, and homed in on five mineralized gold zones, the most exciting of which, the Eastern Gold Zone, is open along strike and at depth, and has returned both high-grade and low-grade intercepts to a vertical 425 metres’ depth.

In May, the company increased its 2019 drill program from 10,000 to 25,000 metres, most of which targets the Eastern Gold Zone, and has two rigs running around the clock. Highlights from the program include drill hole 19-22, which returned 393.33 grams gold per tonne over 2 metres, starting from 225 metres’ depth, 677.62 grams gold over 1 metre and 307.33 grams gold over 1 metre.

Drill hole 19-27 cut 56.75 grams gold over 9 metres from 270 metres’ depth, including 581.59 grams gold over 1 metre, while drill hole 19-33 returned 32.11 grams gold over 7 metres starting 290 metres downhole, and including 248.05 grams gold over 1 metre.

So far, all 30 drill holes in the Eastern Gold Zone have intersected mineralization greater than 1 gram gold over variable widths, and 16 holes have intercepts of greater than 10 grams gold. The high-grade zone is hosted within a highly sericitized and sheared rhyolite unit of 20 to 30 metres. Drilling has extended to 465 metres’ depth.

“I’ve been in the business for more than 30 or 40 years, and this is the best gold project I’ve ever seen,” Trottier says in a telephone interview. “It’s such high grade, continuous and homogenous that however deep and lateral it is, it should justify a simple operation that is an underground ramp into the high-grade zone.”

Of course, he adds, this still needs to be proven through drilling and economic studies.

The mineralized material, he says, could be shipped to existing gold mills with available capacity within an hour-and-a-half drive of the project, such as Kirkland Lake Gold’s (TSX: KL; NYSE: KL) Holt mill and Iamgold’s (TSX: IMG; NYSE: IAG) Westwood mill.

In February, precious metals investor Eric Sprott took part in a $5.4-million, non-brokered private placement for a 7.4% stake in the company’s outstanding shares, now valued at 8.5%. Other shareholders include Commodity Capital AG, a global mining fund based in Germany, with 4.6%, and management, with 11%.

“THERE IS SOME COMPELLING GEOLOGY IF THESE THREE ZONES MERGE TOGETHER.” KELLY MALCOLM VP OF EXPLORATION, AMEX EXPLORATION

The Perron property was first explored by Falconbridge for base metals in 1994 and 1996.

A mex, for merly k now n a s Minieres Coleraine, had the option to acquire 100% of the property in 1996.

Since then, Trottier and his team have found the Eastern Gold Zone, as well as the Perron Gold Zone, the Central Polymetallic Zone, the West Side showing, and the Normetal Horizon.

Amex discovered the Eastern Gold Zone in December 2017, during a regional exploration drill campaign. The discovery hole 17-3 found two zones of near-surface mineralization, called the High Grade Zone and the Low Grade Zone, with values including 12.22 grams gold over 5 metres and 0.81 gram gold over 77 metres.

Follow-up drilling in 2018 intersected 269.23 grams gold over 1 metre and 0.4 gram gold over 21 metres in drill hole 2018-17.

“This compares very well — and, in some cases, is even better — when compared to other high-grade projects in Canada, like Osisko’s Windfall or Great Bear, on a consistency basis,” Trottier says.

The HGZ is hosted within a quartz vein at the contact of a regionally extensive rhyolite package and a narrow mafic intrusion. Coarse gold mineralization occurs most often in association with sphalerite, but also as free gold within quartz, or at the margins of pyrite grains.

The zone appears to strike east– west, and plunges to the east at 70 degrees. Trottier and vice-president of exploration Kelly Malcolm say the mineralization found so far shares similarities with Archean, orogenic vein-hosted gold deposits found elsewhere in the Abitibi greenstone belt, and around the world. The HGZ extends to 465 metres’ depth and is open at depth, and along a 100-metre strike length.

The LGZ consists of disseminated and quartz vein-hosted gold mineralization associated with a regional extensive rhyolite package that lies north of an andesite. The gold mineralization is associated with intense sericite alteration, and pyrite and sphalerite sulphides. The LGZ has a 300-metre strike length.

Within the broad zones of lowgrade mineralization, Amex has also found panels of higher-grade mineralization, with results of up to 3.41 grams gold over 5 metres in drill hole 2018-15, 1.20 grams gold over 17 metres and 3.91 grams gold over 5 metres in drill hole 2017-3, and 2.69 grams gold over 3 metres

Track Your Samples with the new ALS Geochemistry App Track samples submitted for Geochemical analysis using the new ALS App. The Overlimit Alert™ highlights any sample that has triggered an overlimit assay to enable rapid review of the data for decision making results.

The Process Control Alert™ tool is featured within the App — receive a SMS and/or email alert if a routine analytical control result falls out of bounds to quickly address the situation. › Ask your preferred ALS contact for information on setting up Process Control Alerts™.

1-16, 23_JUNE24_Main.indd 2

Amex Exploration executive chairman Jacques Trottier (right) at a drill site on the Perron property, 110 km north of RouynNoranda, Quebec. AMEX EXPLORATION

in 2019-22.

The LGZ is close to the HGZ and contains high-grade envelopes of gold, which could mean that it is amenable to underground mining methods — but it’s still too early to tell, Malcolm says.

“These zones seem to merge at depth, and we’re intrigued by this hypothesis, and we think there is some compelling geology if these three zones merge together, and could be a feeder zone for the area,” he says. “That’s a working theory. We haven’t validated it or tested it yet, but it’s encouraging to think these three zones could come together.”

Malcolm also notes that to have coarse gold associated with sphalerite is unusual in the area. “It’s unique to have this association. It does not commonly occur in the Abitibi,” he says.

“It’s interesting. We don’t fully understand the mineralization relationship, but it’s definitely a unique factor we have that I don’t think other deposits in the Abitibi share.

“Sphalerite is a zinc sulphide mineral — usually we don’t see that often in gold-rich quartz veins,” Trottier adds. “If there is any mineral following gold in those kinds of orogenic systems it’s copper, or copper sulphide. Having zinc sulphide is quite unique, especially in Quebec’s Abitibi, because so many high-grade deposits — like they have in Red Lake in Ontario and like at Great Bear’s project — don’t see that in Quebec. So much native gold is not conventional.”

The company’s interpretation so far is that there may be input from a nearby volcanic massive sulphide (VMS) system that could input the zinc mineralization into the system.

“It’s still early in our hypothesis, but that could be interesting for regional exploration, as well,” Malcolm says.

“Most probably we have discovered a feeder zone to a VMS that is gold and zinc rich,” Trottier con-

tinues. “So the fluids that brought the gold with the quartz also bears some zinc, and then deposited it in an area of low pressure … and that’s why we have sphalerite associated with the gold.”

In March 2013, Amex found a high-grade, gold-rich polymetallic intercept of 3.84 grams gold, 23 grams silver, 1.4% zinc and 0.10% copper over 15 metres starting from 402 metres downhole, including 19.07 grams gold, 102 grams silver, 5% zinc, 0.38% copper and 0.13% lead over 2 metres. Amex named the area the Central Polymetallic Zone and describes the zone as similar to Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) LaRonde gold-rich polymetallic deposit, and the Bousquet gold mine in Temagami.

“It captured people’s attention, and just a few days after that Agnico Eagle made us an offer for an option agreement, and they spent three years on the property chasing world-class, big VMS gold-rich deposits,” Trottier says. “They were looking for the big thing: massive sulphide, polymetallic gold-rich.”

Agnico spent $2.25 million on exploration but withdrew from the option agreement in 2017, Trottier says, most likely because they were channelling most of their energy into their Amaruq discovery near its Meadowbank mine. “Maybe some budgets were shifted.”

In addition to the Central Polymetallic Zone, Amex expects to do more work on its Perron Gold Zone, which has the potential for both low-grade, bulk-tonnage mineralization and narrow, high-grade, selective-type mineralization. Falconbridge found the zone in the 1990s, and drill intercepts include 5.66 grams gold over 8 metres in drill hole 1997-3, 9.76 grams gold over 5 metres in drill hole 1997-4, and 24.59 grams gold over 6 metres in drill hole 1997-14.

“So far, we’ve identified conven-

tional orogenic gold and gold-rich polymetallic VMS systems, and our objective is to complete a maiden resource on the Eastern Gold Zone as soon as possible, hopefully sometime in 2020,” Malcolm says.

For 2019, Amex intends to focus on the Eastern Gold Zone, as well as regional targets. About 6,000 metres of its 25,000-metre drill program will spread across six targets, one of which, 1 km west, is the same vein next to a dike, and has a similar signature as the Eastern Gold Zone.

“We’ve got a large land position with over 10 km of prospective strike along the Abitibi greenstone belt, which is very much underexplored, and we know for sure there is opportunity to host multiple ore-deposit types, and now our mandate is to identify multiple ore deposits,” Kelly says.

The project benefits from its location off a highway near the small mining town of Normetal, and low drilling costs of $160 per metre — 50% cheaper than drilling in other parts of northern Quebec. “We can drive to our core shack in a Honda Civic, and we don’t use helicopters,” Malcolm says.

In addition to relatively inexpensive drilling costs, Amex gets a 33% tax credit from the Quebec government.

For his part, Trottier envisions an underground mine with a portal and simple ramp, with the potential to go deeper with a shaft, and more extensive production later on.

“Even now we can make a mine out of this, just with rough numbers,” he says. “One can imagine a scenario where you mine with longholes, and then truck it back to surface and to any mill. Our objective is to have a big mine, and to do this, we must continue to drill.”

Amex shares trade at 86¢ in a 52-week range of 5.5¢ to $1.52. The company has a $47-million market capitalization. TNM

2019-06-18 5:44 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

3

Foreman Warren Edwards shows off a gold specimen in RNC Minerals’ Beta Hunt Mine in Australia.   RNC MINERALS

RNC uncovers bonanza grades at Beta Hunt AUSTRALIA  

| More gold on levels 14 to 16

“A LOT OF PEOPLE THOUGHT THE FATHER’S DAY VEIN WAS A ONE-OFF.�

BY TRISH SAYWELL

R

tsaywell@northernminer.com

NC Minerals (TSX: RNX) has found an estimated 987 oz. gold in 238 kilograms of rock from veins on level 16 of its Beta Hunt gold mine, just 25 metres below its Father’s Day Vein discovery on level 15, which it announced in September 2018.

High-grade gold has been found on three levels — 14, 15 and 16 — in the “A� zone of the mine in Western Australia, and the junior company intends to drive stopes between each level. “We’ve only done the ore drives.

There are still 20 metres between each level that we haven’t mined yet, so if we’re getting 1,000 to 2,000 oz. per level, that suggests we could get anywhere from 5,000 to 10,000 oz. per level, which starts to add up a lot of high-grade ounces pretty quickly,� Mark Selby, RNC Minerals’ president and CEO, tells The Northern Miner. “The thing that’s amazing is the density of the stuff,� he continues, noting that in the Father’s Day Vein, most of the 20,000 oz. came from just two tonnes of handpicked rock grading 400,000 grams gold per tonne, or 40% gold. “If you jammed it together that’s a dining-room table a metre thick. The 1,000 oz. we pulled out last weekend was grading 120,000 grams gold per tonne, or 12% gold, occupying 70 to 80 litres of volume, which is basically the size of a car’s gas tank.�

The latest discovery at Beta Hunt, which started producing nickel in 2014 and gold in 2015, supports the company’s geological model that says the areas where the mineralized shear zone and sedimentary sulphides intersect could generate Father’s Day Vein-style coarse gold

1-16, 23_JUNE24_Main.indd 3

MARK SELBY PRESIDENT AND CEO, RNC MINERALS

A muck pile at the gold discovery in level 16 at the Beta Hunt mine.   RNC MINERALS

mineralization. “The rocks are nice, but the key takeaway is that we have a model, in terms of where a district-wide sediment layer intersects our gold shears,� Selby says. “Before we identified the Father’s Day Vein, we first stumbled on it and hit 1,000 oz. on level 14, which led to the development of a model as to how the high-grade coarse gold gets generated. We then hit it again on level 15 [in mid-2018], which led to the 27,000 plus oz. Father’s Day Vein on the same level. Now we have just started on level 16 and found this, so we’re three for three. When you get those kinds of results, it starts to be that you’re not just lucky. It highlights the potential of what the structure can generate in terms of high-grade gold. “A lot of people thought the Fa-

ther’s Day Vein was a one-off, but we now have a model that we have tested successfully three times, and have only tested a few hundred metres on one shear, but this thing goes the entire strike length of all of our shears, so we have multiple kilometres of potential targets.�

Selby points out that the company hasn’t followed up yet on a drill hole it reported in January from its Western Flanks shear that returned a 2-metre intercept of 1,017 grams gold per tonne, including 0.3 metre of 7,621 grams gold per tonne in hole 29. “That’s even bigger than the one we’re on right now, so if you have a model that seems to hold, you can get to some pretty big ounces pretty quickly.�

News of the discovery sent RNC Minerals’ shares up 23% — or 9.5¢ — to 51¢, on 8.9 million shares

traded. Over the past year, the junior’s shares have traded in a range of 7¢ to $1.18.

Selby notes that the company is trading at less than half the replacement value of the 5 km ramp system at Beta Hunt that sits above the gold shears. The ramp was put in place to mine the nickel and runs from surface down to 1,000 metres’ depth.

The Father’s Day Vein sits at 450 metres, and 150 metres below the ramp.

Beta Hunt’s multiple gold shears contain gold intersections across a 4 km strike length, which are open in multiple directions next to the ramp network. “The current mining and drilling has only focused on a tiny, tiny, fraction of that,� Selby says. TNM

7UDGLWLRQDO :HOVK 0LQHUVÂś /DPSV $ZDUGV 5HFRJQLWLRQ *LIWV

‡ ZZZ GDY\ODPS FRP

$Q DXWKHQWLF SLHFH RI PLQLQJ KLVWRU\ PDNHV D VXSHUE DZDUG RU JLIW 0D\ EH HQJUDYHG )XQFWLRQDO ODPSV IRU SHUVRQDO XVH &RPH LQ DOO EUDVV FRSSHU EUDVV VWDLQ OHVV EUDVV DQG YDULRXV VL]HV $ YDULHW\ RI VW\OHV DYDLODEOH 7KH WZR ODPSV VKRZQ )XOO 6L]H 7UDGLWLRQDO /DPS ´

:HOVK /DPS ´ LQ KHLJKW 5

5

2019-06-18 5:45 PM

4

WWW.NORTHERNMINER.COM

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

E D I T O R IA L Geopolitics sideswipe African uranium URANIUM

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com COPY EDITOR: Isa Cunanan, HBSC (PROFESSIONAL WRITING, HEALTH SCI COMM)

icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com 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, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304.

U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304.

U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

THE NORTHERN MINER is published biweekly 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, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

1-16, 23_JUNE24_Main.indd 4

| Established mines slated for closure in Niger, Namibia

T

he global uranium mining market in the 2010s took a hit from the Fukushima nuclear disaster in Japan in 2011 — which cut global uranium demand some 10% for many years — and the simultaneous ramping up of low-cost uranium production out of Kazakhstan that has transformed the country into the

BY JOHN CUMMING world’s largest uranium producer. jcumming@northernminer.com Thanks to the massive devaluation of the Kazakhstan tenge currency in 2014 and 2015, the country is also easily the lowest-cost producer in the world, with its in-situ recovery mines operated by Kazatomprom and Uranium One dominating the first two quartiles of uranium mining costs globally in 2018.

With Kremlin-backed Russian interests heavily influencing Kazatomprom and Uranium One, and the Russian government striking numerous nuclear-energy cooperation deals in developing countries across the globe, it couldn’t be clearer that the global nuclear fuel cycle is increasingly controlled by Russia, with all its geopolitical implications for the rest of this century.

While Russian President Vladimir Putin plays the long game, leaders in the West don’t seem to realize any game is being played at all, with domestic U.S. uranium production controlled by Americans reduced to almost nil, and Canada’s uranium leader Cameco forced to indefinitely suspend mining at arguably the richest uranium mine, McArthur River in Saskatchewan, which nevertheless sat in the third quartile of global uranium mines on a cost basis before the suspension.

With our latest issue focused on mineral development and mining in Africa, it’s worth taking a look at the havoc low uranium prices have played on African uranium mining and exploration.

Perhaps the biggest casualty was the demise of French state-owned nuclear giant Areva, with its deep connections to uranium mining and exploration in the former French colonial states of West Africa.

After an insolvency followed by a massive restructuring, the uranium mining assets are now held and operated by Paris-based Orano.

In Africa, Orano’s key uranium mines are Somair and Cominak in Niger, with the imminent closure of Cominak confirmed in May 2019, and the mothballed Trekkopje mine in Namibia. Even with all three mines operating back in 2017, Africa still only accounted for 12% of Areva/Orano’s global production, with the rest coming out of its mines in Kazakhstan, Canada, Australia and Russia.

Australian junior Paladin Energy has also suffered, despite holding high-quality uranium assets in Africa. Its long-established Langer Heinrich uranium mine in Namibia was placed on care and maintenance in May 2018, while its Kayelekera uranium mine in Malawi was similarly mothballed in 2014.

Rio Tinto’s 65.58%-owned Rossing uranium mine in Namibia stands as the world’s longest-running, open-pit uranium mine, operating since 1976, and has produced the most uranium of any single mine. Total production costs at Rossing were over US$70 per lb.

U3O8 in 2018, though, making it the highest-cost major uranium mine in the world, with spot prices still limping along in the mid-US$20s range in June 2019.

In November 2018, Rio Tinto struck a deal to sell its entire stake in Rossing to China National Uranium Corp., but the sale still needs approval from the Namibia Competition Commission. Rio Tinto is warning that the mine will close in 2020 if its deal with CNUC collapses.

The Namibian government holds a 3% stake in Rossing, but has 51% of voting rights, while the Iranian government’s Iranian Foreign Investment Co. has a 15% stake.

Sibanye-Stillwater and AngloGold Ashanti are also minor uranium producers in Africa, as a by-product of their precious metals mining.

Junior uranium explorers and developers that have had technical success in recent years in Africa include Govind Friedland-led GoviEx Uranium in Niger; Stephen Roman’s Global Atomic, also in Niger; and Forsys Metals in Namibia.

In a uranium-focused gathering in Toronto in mid-June hosted

by Red Cloud for its clients, it was clear that the players in North America’s uranium mining subsector have held their breath over the past few months waiting for the Trump Administration’s response to the “Section 232” probe, expected by July 14. This is a petition filed

by U.S. uranium mining companies Ur-Energy and Energy Fuels, who have complained that subsidized foreign uranium production “dumped” into the U.S. — especially from Kazakhstan and Russia — have deeply damaged the domestic industry, and endangers national security.

The complainants suggest the U.S. government impose a requirement that U.S. nuclear utilities buy 25% of their uranium from U.S. domestic suppliers. Uranium investors hope any such “Buy American” move will substantially lift uranium prices, and relieve the most beleaguered of mining subsectors. TNM

COMPANY INDEX African Gold Group . . . . . . . 11 Agnico Eagle Mines. . . . . . . . . 2 Amex Exploration. . . . . . . . . . 1 AngloAmerican. . . . . . . . . . . . 8 Angtofagasta. . . . . . . . . . . . . . . 8 Asanko Gold. . . . . . . . . . . . . . 11 AwalÈ Resources. . . . . . . . . . 11 Barrick Gold. . . . . . . . . . . . . . . 8 Caledonia Mining. . . . . . . . . 11 Cameco. . . . . . . . . . . . . . . . . . 15 Capstone Mining. . . . . . . . . . 16 Denison Mines. . . . . . . . . . . . 15 Desert Lion Energy. . . . . . . . 11

Energy Fuels. . . . . . . . . . . . . . 15 Franco Nevada. . . . . . . . . . . . . 8 GoviEx Uranium. . . . . . . . . . 15 Gran Colombia Gold . . . . . . . 5 Guyana Goldfields. . . . . . . . . . 5 Iamgold. . . . . . . . . . . . . . . . . . 1,2 Ivanhoe Mines. . . . . . . . . . . . 13 Kirkland Lake Gold. . . . . . . . . 2 Los Andes Copper. . . . . . . . . . 8 Lucara Diamond . . . . . . . . . . . 9 Midas Gold. . . . . . . . . . . . . . . . 8 Pan American Silver. . . . . . . . 2 Pembridge Resources. . . . . . 16

Platinum Group Metals . . . . 11 Rio Tinto. . . . . . . . . . . . . . . . . 13 RNC Minerals . . . . . . . . . . . . . 3 Roxgold. . . . . . . . . . . . . . . . . . 14 Sandspring Resources. . . . . . . 5 Semafo. . . . . . . . . . . . . . . . . . . . 9 Tanzania Minerals. . . . . . . . . 11 Teck Resources. . . . . . . . . . . . . 8 Teranga Gold . . . . . . . . . . . . . 11 Turquoise Hill Resources. . . 13 Ur-Energy. . . . . . . . . . . . . . . . 15 Wheaton Precious Metals. . . . 5 Yamana Gold . . . . . . . . . . . . . . 1

O P- E D World copper mine production falls 1.8% in early 2019, ICSG says FACTS ‘N’ FIGURES

| Chilean mine output drops 6%, as head grades shrink

The following is an edited release from the International Copper Study Group (ICSG) showing preliminary data for world copper supply and demand for February 2019. For more detailed information, visit www.icsg.org.

P

reliminary data indicates that world copper mine production declined 1.8% in the first two months of 2019, with concentrate production declining 1.3% and solvent extractionelectrowinning, 4%.

Although a few countries experienced growth, this was largely offset by declines in two major copper producing countries, namely Chile and Indonesia.

Production in Chile, the world’s biggest copper-mine-producing country, declined 6%, mainly due to lower copper head grades.

Indonesian concentrate production declined 50%, primarily as a consequence of the transition of the country’s major two mines to different ore zones leading to temporarily reduced output levels.

After aggregated 13% growth in 2018, production in the Democratic Republic of the Congo (DRC) and Zambia increased 1.3% in the first two months of 2019, as reduced production at some mines partly offset rampup output at other operations.

Production in Peru (the world’s second-largest, copper-mineproducing country), Australia, China and Mongolia increased due to improved grades and recovery from constrained output in 2018.

On a regiona l basis, mine production increased an estimated 2% in Africa, 1% in North America and 5% in Oceania, but declined 3% in Asia, 4% in Latin America and 3% in Europe.

Refined production Preliminary data indicates that world refined production stayed nearly the same in the first two months of 2019, with primary production (electroly tic and electrowinning) declining 0.6%, and secondary production (from scrap) increasing 0.3%.

The main contributor to the growth in world-refined production was China, due to the continued expansion of Chinese capacity.

Other countries recovering from production constraints in 2018 — such as Australia, Brazil and Poland — also contributed to growth.

However, overall growth was partly offset by a 15% decline in Chilean output, which mainly owed to temporary smelter shutdowns whilst undergoing upgrades to comply with new environmental regulations.

Production in India continued to be negatively impacted by the shutdown of Vedanta’s Tuticorin smelter, and declined 45%.

Aggregated refined production in the DRC and Zambia declined 7%.

On a regional basis, refined output increased in Asia (2%) and in Oceania (25%), while declining in Africa (-8%), in the Americas (-8%) and staying almost the same

COPPER PRODUCTION FROM MINES IN CHILE DECLINED 6%, MAINLY DUE TO LOWER COPPER HEAD GRADES. in Europe.

Preliminary data indicates that world apparent refined usage was about the same in the first two months of 2019.

Chinese apparent usage grew 4%, driven by a 2.5% increase in net refined copper imports.

Among other major copper users, demand increased in India, but declined in Japan, the EU and the United States. World ex-China usage declined 4%.

Copper balance Preliminary world refined copper balance in the first two months of 2019 indicates a small surplus of 40,000 tonnes.

In developing its global market balance, ICSG uses an apparent demand calculation for China that does not take into account changes in unreported stocks [State Reserve Bureau, producer, consumer, merchant/ trader, bonded].

To facilitate global market analysis, however, another line item — Refined World Balance Adjusted for Chinese Bonded Stock Changes — is included in the attached table that adjusts the world refined copper balance based on an average estimate of changes in unreported inventories, provided by three consultants with expertise in China’s copper market.

In the f irst two months of 2019, the world refined copper balance adjusted for changes in Chinese bonded stocks indicated a 125,000-tonne market surplus.

Copper prices, stocks Based on the average of stock estimates provided by independent consultants, China’s bonded stocks are thought to have increased 85,000 tonnes in the first two months of 2019, compared to the year-end 2018 level. Bonded stocks decreased 3,000 tonnes in the same period of 2018.

As of the end of April, copper stocks held at the major metal exchanges (LME, COMEX, SHFE) totalled 476,720 tonnes — an increase of 126,224 tonnes (+36%) from stocks held at the end of December 2018. Stocks were down at COMEX (-69%) and up at SHFE (+85%) and the LME (+71%).

The average LME cash price for April 2019 was US$6,445.10 per tonne, down 0.1% from the March average of US$6,451.02 per tonne.

The 2019 high and low copper prices through the end of April were US$6,572 per tonne (on March 1) and US$5,811 per tonne (on Jan. 3), and the year average was US$6,270.39 per tonne (3.9% below the 2018 annual average). TNM

2019-06-18 5:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

5

Sandspring fine-tunes strategy at Toroparu in Guyana GOLD

| Remote river property holds more than 10M oz. gold

BY TRISH SAYWELL tsaywell@northernminer.com

W

hen American businessmen Rich Munson and John Adams made their first trip to Guyana as private investors in 1999 and picked up the rights to the 626 sq. km Toroparu gold concession in a remote part of the Upper Puruni River region, the only way they could access the property was by boat or helicopter.

“There was one helicopter in the country and it was an old, Russian one that Russia had left from when they were there in the 1960s,” Munson recalls. “We did take it in a few times, and it was always kind of an adventure, because it shook more in the air than on the ground.”

The rest of the time they travelled by boat. Typically, water access was only available during the rainy seasons in May to June and November to December, when the rivers were high enough to get over a series of rapids in the river. During high water, the trip took three to five days due to portages around waterfalls. Passage by smaller boat was available at other times of the year, but it could take between eight and 10 days.

“We worked on the project for a while, and then John came to me one day and said: ‘We’ll never develop this project if we don’t build a road,’” Munson says. “I said, ‘Well, I respect your instincts because they’ve been rewarding over the years, but we don’t have one deep drill hole on this property.” And he said: ‘We don’t need one. I know there are 10 million oz. gold there.’”

So the partners, who founded Sandspring Resources (TSXV: SSP; US-OTC: SSPSXF) to develop the gold project, shuttled engineers down to the property. They estimated it would take six months and US$750,000 to build a 225 km road to the project from deep water on the Mazaruni River at Itabali Landing, 80 km from the capital of Georgetown.

“Two years and US$4.3 million later, we daylighted the road, and John was right on both points,” Munson says. “Without a road there would be no project, and now we have a global resource in excess of 10.5 million oz. gold.”

The road was completed in December 2003, and today, Toroparu ranks as the largest undeveloped gold deposit owned by a junior company in South America, with 252.6 million measured and indicated tonnes grading 0.91 gram gold per tonne for 7.4 million contained oz. gold, and another 129 million inferred tonnes averaging 0.76 gram gold for 3.2 million oz. gold.

The open-pit project, 50 km from Guyana Goldfields’ (TSX: GUY) Aurora gold mine, also has support from the mining industry. In November 2013, Wheaton Precious Metals (TSX: WPM; NYSE: WPM) signed a gold-purchase agreement, and in 2015, added a silver by-product stream to the agreement.

Other investors backed the project too, including Frank Giustra, whose Fiore Group came in 2015, and now owns 9.3% of the company’s stock, and last year, Gran Colombia Gold (TSX: GCM) became a shareholder with 16.7% equity, which has increased to 19.96% after Sandspring’s $4-million private placement in early June.

SRK Consulting completed a prefeasibility study (PEA) of To-

1-16, 23_JUNE24_Main.indd 5

A potential pit area at Sandspring Resources’ Toroparu gold project in Guyana. SANDSPRING RESOURCES

“WE HAVE A GOOD RELATIONSHIP WITH THE GOVERNMENT. WE’VE OPENED UP A BIG ROAD, WHICH IS ONE OF THE MAIN ARTERIES FOR THE COUNTRY AND FOR LOCAL MINERS TO BRING OUT THEIR GOLD.” RICH MUNSON CEO, SANDSPRING RESOURCES

roparu in May 2013, outlining an open-pit mine that would produce 200,000 oz. gold over an initial 16year mine life. But the mine plan envisioned two processing circuits — leach and flotation — that would produce gold-rich concentrate at a hefty price tag of US$500 million.

The dual-circuit mine plan didn’t make much sense for a project so far from deep water, and the company went back to the drawing board to incorporate more gold-only shallow ounces from Sona Hill, a satellite deposit 5 km from Toroparu that it found in 2012.

“Sona Hill is not that big — it’s about 750,000 oz. — but it is a little higher grade and is on a hill, so there’s no strip, so that can be mixed with some of the gold-only parts of our main deposit, and it allowed us to come up with a mine plan of gold-only production in the first 10 years,” Munson says. “And we’re in control of our gold — it will be produced as gold doré. We’re not relying on refiners to tell us how much gold they’re giving us back from concentrate.”

Sandspring has released a rescoping study of the project that includes Sona Hill, and fine-tunes its processing strategy to start with gold-only production, with a silver by-product from a carbon-in-leach circuit for the first 10 years, followed by an expansion in year 11, with the addition of a parallel flotation processing.

The preliminary economic assess-

ment concludes that Toroparu would produce 4.5 million oz. gold — 3.64 million oz. which would be in the form of gold doré bars — over a 24year mine life. In addition, Toroparu would produce 4.46 million oz. payable silver and 124.7 million lb. payable copper over the mine’s life.

During the first 10 years, the mine would produce 1.48 million oz. gold doré. In the second, 14-year phase, it would produce 2.15 million oz. gold in the form of doré, and another 876,000 oz. gold in concentrate.

The study estimates all-in sustaining costs would run to US$812 per oz. over the mine life.

Pre-production capex has dropped from the US$501 million outlined in the 2013 prefeasibility study to US$378 million in the PEA — a US$123-million decline.

Furthermore, with US$106 million in pre-production financing from Wheaton Precious Metals’ precious-metal purchase agreement, which was last amended in December 2017, Sandspring’s share of initial capex in the mine’s first phase works out to US$272 million, while capex for the US$232-million expansion in phase two could come from internal cash flow.

“I have little concern about whether Wheaton will participate, but I can’t speak for them,” Munson says.

“They are fully aware of the numbers we’ve calculated, but until we deliver a final prefeasibility study to them, they’re not going to say ‘yes, that’s the number,’ or ‘no, that’s

not the number.’ They have been a tremendous partner — I see them as a partner — and I see this is a good project for them. It’s big with a lot of potential gold production, and they got in on pretty favourable terms, and have seen that Fiore, Frank Giustra and Gran Colombia continue to invest in the project ... so I have little concern about whether Wheaton will participate, but I can’t speak for them until they see the final feasibility study.”

With Wheaton’s participation, and at US$1,300 per oz. gold, Toroparu would generate a 20.25% after-tax internal rate of return.

Without Wheaton’s participation, the rate of return would drop to 16.56%.

The project’s after-tax net present value at a 5% discount rate would be US$495 million with Wheaton’s participation, and US$519 million without Wheaton’s participation, at US$1,300 per oz. gold. At the same gold price, initial capex would be paid off after tax in just under three years with Wheaton’s participation, and just over four and a half years without Wheaton.

Munson says Sandspring can finish the final feasibility before year-end because the company has

done so much work at Toroparu already, including environmental studies and permitting. Sandspring got an environmental permit for the project in 2012, which is good for five years. It was renewed in 2017, and it will be renewed again in 2020, Munson says.

In 2011, Sandspring completed a mining permit agreement with the national government, which set out terms of the tax structure, as well as land and legal rights. “That is their agreement that upon delivery of a positive feasibility study they will issue a mining licence ... so, when we get closer to that we can have the mining permit issues,” he says.

In addition, the company completed most of the tailings management work and planning in 2014.

“We have a good relationship with the government. We’ve opened up a big road, which is one of the main arteries for the country and for local miners to bring out their gold.

So the government is fully aware of the contributions we’ve made, and that we’ve done what we said we would do.”

Sandspring shares are trading at 17.5¢ in a 52-week range of 15¢ to 35¢. The company has a $37-million market capitalization. TNM

Équipement

Downhole tools: Lease with option to purchase at 100% on Devico products.

Equipment

SPT Gyros also available including the new GyroMaster CR and Rig Aligner.

1.866.388.6002

www.jexploreinc.com

2019-06-18 5:45 PM

6

WWW.NORTHERNMINER.COM

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

The mill at Iamgold’s Rosebel gold mine in Suriname. PHOTO BY JOHN CUMMING

Iamgold’s Letwin, Yamana’s Marrone on fate of mid-tiers IAMGOLD From 1

So I would agree with that part of Mark’s comment.

TNM: Peter?

Peter Marrone: How to follow from that? If I remember correctly what he said, the new Barrick — I hope I’m not paraphrasing too much — is capable of rising above the fray, above this disarray. So that lends itself a bit to hyperbole, a little bit of exaggeration. I’m not saying that Mark lends himself to hyperbole and exaggeration, but that comment certainly does.

I have a little bit of a different take. I will say that the consolidation of Barrick and Randgold is a smart transaction, I equally think that Newmont and Goldcorp is a smart transaction.

There are those who disagree.

But if it’s capable of rising above the fray, it suggests that it’s not sure.

If you’re going to engage in that type of a transaction and you’re going to create something that is supposed to be different, then you should be sure. Because if you’re “capable” only, that suggests to me

that there is an uncertainty, it’s still not clear.

I recently described it as a threeact play, where we’ve seen the first act. We don’t know what the second and third act is — we haven’t seen the synopsis. We don’t know how the play ends, and yet we’re already coming to the conclusion that there should be consolidation. We’re coming to the conclusion that it’s the only the way forward, and I’m not sure I agree.

On the question of disarray, again, I hope you can appreciate that you mentioned that I was a lawyer then an investment banker, and then I took this company public. Taking a company public and being an executive of a mining company is being a promoter. And those of you who are in the room who have run mining companies recognize that there’s an element of being a promoter in everything that we do, and so you have to be optimistic.

I’ve gone from the dark side to the darker side to the very darkest side, but in being a promoter you have to be a little bit optimistic, and this is an industry where you have to be a little bit optimistic.

I don’t take what is happening

TUNGSTEN OPPORTUNITY REQUEST FOR EXPRESSIONS OF INTEREST (“RFEI”) On behalf of the Government of Canada and the Government of the Northwest Territories, Alvarez & Marsal Canada Inc. as Courtappointed Monitor (the “Monitor”) of North American Tungsten Corporation Ltd. (“NATC”) is seeking expressions of interest from interested parties relating to the purchase and/or investment in two tungsten assets: the Cantung Mine site and the Mactung deposit (jointly, the “Assets”). Expressions of interest should be for the Assets and not individually.

NATC is the owner of the Cantung tungsten mine which ceased operating in October 2015 and is currently under care and maintenance. The mine is located in the south-west corner of the Northwest Territories and is fully permitted with a valid water licence until January 2024.

The Mactung deposit located on the border of the Yukon and Northwest Territories is considered the largest undeveloped tungsten skarn deposit outside of China.

To obtain a copy of the RFEI please go to the Monitor’s website at www.alvarezandmarsal.com/northamerican or contact Marianna Lee by email at marianna.lee@alvarezandmarsal.com or by telephone on +1 604 639 0845.

Alvarez & Marsal Canada Inc. Suite 1680, 400 Burrard Street Vancouver, B.C. V6C 3A6

1-16, 23_JUNE24_Main.indd 6

“I’VE GONE FROM THE DARK SIDE TO THE DARKER SIDE TO THE VERY DARKEST SIDE, BUT IN BEING A PROMOTER, YOU HAVE TO BE A LITTLE BIT OPTIMISTIC.” PETER MARRONE EXECUTIVE CHAIRMAN, YAMANA GOLD

today as the end of days. We’re going through a cycle. It is at a point in the cycle that ... it’s the worst I’ve seen in probably 25 to 30 years. I’m 15 years with this company, but have been on boards of directors of public mining companies and represented those companies as an investment banker or as a lawyer.

So it isn’t particularly good — but let’s not give up on it yet.

The industry is not entirely in disarray. We are finding things.

We’re replacing ounces. We are consolidating, as those companies have done. We are producing.

The gold price seems to be rangebound, but it’s range-bound within an area that for many companies — perhaps the majority, certainly the plurality — are making money.

We’re generating free cash flow, we can demonstrate that there’s a value proposition.

Where there’s a disconnect, perhaps, what creates disarray, is that we haven’t done a very good job — in fact, we’ve done a very poor job — of communicating to the investing public the thesis for investment in a gold mining company.

We’ve done a better job in communicating what the thesis is for investing in gold, but not necessarily in the gold equities, and we have to get better at it.

If I go back 25 years ago, and those of you who are in the audience who have been around that long, we remember that we used to model companies based on net asset value, and then it became cash flows.

Now it’s free cash flow and the generation of earnings before interest, tax, depreciation and amortization, and there seems to be an uncertainty of what it is that makes the difference in investing in a mining company, and in a gold mining company in particular. I personally

think that it’s a combination of many of those things.

Yes, you should generate free cash flow, but ... if you’re returning only money to shareholders and overlooking that investment in the ground, that creates a little bit of disarray.

So I have a bit of a different take on that comment of the market, or at least the industry, being in disarray.

I don’t believe that consolidation is the only path forward. Bigger is not better — better is better.

The sweet spot to be is the intermediate mining companies.

And if I’m right that we will enter a cycle where gold prices improve, an investment in the equities will prove that the best place to be is in the intermediate-sized companies.

Consolidation for the sake of becoming bigger is a mistake: replacing ounces becomes more difficult, and we have to go to more far-flung places. And that creates an imbalance between the risk and reward equation.

TNM: It’s fair to say, though, that many companies in this business are not being profitable at the current gold price. So what do you think is the true break-even price for gold miners? What price does gold have to be to make gold miners profitable or provide them with same margins as an integrated producer like Glencore?

PM: Profit — and I know that there are many in other industries that will disagree with this comment — but profit is different than cash flow and free cash flow, and I appreciate that we should be measured based on profitability.

But, boy, profitability is tough in an industry that doesn’t attract a lot of attention, and where there are rules that are not designed to

accommodate what the industry is about.

An excellent example — an almost real-life example — is on a mine that we owned that we sold several years ago. Imagine the following: If you discover a million ounces of gold and it cost you US$50 million to develop that million ounces into production, then you discover a second million ounces, and it cost you a million dollars to develop that and put it into production.

The businessman in me would say, “Well, then that’s 2 million oz. over US$51 million and that’s what you should be amortizing.”

Whereas accountancy rules — I’m not an accountant, and I hope I’m not offending accountants in the room — would say that you’ve got to amortize that first US$50 million over the million ounces, before you get to that second million ounces over the US$1 million.

That seems skewed to me a little bit, and it leads to a different financial result, a different profit result.

I agree that we should generate cash flow, and free cash flow.

Where it is not clear to me — and this is where as an industry, perhaps as an industry participant the World Gold Council as a representative of this industry should start to define it a little bit better — is what is free cash flow?

Because if it is after-investment, for example in expansionary capital, then the industry will be doomed, because we cannot expand, we cannot build new mines, we cannot find new ounces, and then develop those new ounces if the Holy Grail is only free cash flow.

On your question of profitability or generation of free cash flow, probably US$1,250 per oz. gold is a good sweet spot. I’d say that at US$1,250, perhaps as low as US$1,200, most of the companies — certainly the intermediate-sized and larger-cap companies — begin to generate free cash flow.

Below that, it starts to become a little bit more difficult, but so many factors go into it that it becomes very difficult to consider.

Steve touched on a few moments ago that we can take steps to improve our general and administrative expenses, and the answer is yes, we probably can. Certainly, we’re taking those steps now.

The impact of currencies can have a very significant impact. The Brazilian real four years ago was at 1.6 to one U.S. dollar, and today it’s 4.09.

And then it’s a huge difference, in terms of the margin that we gener-

2019-06-18 5:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

7

ate from operations in one country or another.

So it’s difficult to gauge, but I’d say a good point would be US$1,250 — perhaps as the lowest, US$1,200 — where we start to generate free cash flow.

But what is more interesting to me is the sensitivity. We as an industry, we as a company in this industry, are highly sensitive to metal prices.

So a US$50 movement in gold price takes what is perhaps a modest level of cash flow and free cash flow, and makes it a multiple of that.

We’ve been range-bound for a while, and that range is probably US$1,200 to US$1,350 thereabouts. And between US$1,200 and US$1,350 this industry is generating good free cash flow, and in my view that is not supported by the share price. The share prices are low by comparison of the cash flows that are being generated, and the free cash flow that’s being generated.

SL: Einstein said: if you want to look at the definition of insanity, it’s doing the same thing over and over again, and expecting a different outcome. There’s a bit of insanity in the gold space where if we don’t do something differently, we’re going to continue to wither away.

When I joined the industry from the oil and gas business in 2011, precious metals alone raised US$8 billion in equity. Do you know what that number is today? It’s less than US$100 million this year.

The market is tired of the way we run our business. So we need to wake up and listen to the market, and do something different. In the absence of being able to raise equity, we are going to have to go to a self-funding model. The oil and gas business had to do the same thing.

We can disagree about our valuations, but for the last seven years, the gold price has averaged US$1,250 an ounce.

People are tired of it. People haven’t seen the catalyst. We were supposed to go to US$1,400 this year, even Goldman Sachs said that — who had said gold was going to go to US$900 just three years ago.

Look, I’m as optimistic as the next guy. I wouldn’t be in this business if I wasn’t.

I was in the oil and gas business 28 years. I saw six cycles.

We need to pull up our socks and generate free cash flow to fund our businesses, or we will disappear. And the mid-tier sector is a sector where we really need, as Peter said, to get our act together and start generating enough free cash flow to move the growth ahead. Because the market isn’t there for us to raise the money.

Go try to raise equity today. It isn’t going to happen.

TNM: What more is it going to take before investor sentiment improves, beyond a higher gold price?

SL: You need a catalyst. I don’t like saying it’s got to be price, but we do need the gold price to move out of that range-bound.

We have a hard time sticking above US$1,300 an ounce. Have you watched it? It hits US$1,301, hits US$1,302 — I get all excited.

I know the rest of you do, too: you get up in the morning, gold is above US$1,300.

And then over the next three hours somebody sells gold in the market and it’s US$1,275. [In midMay], it’s having a hard time hitting US$1,270.

Peter announces fantastic results, we announce a fantastic gold discovery, and our stock falls. It drops.

Look, I’m not negative about it. I’m 63 years old, I’ve been around a long time and survived, and we’ll survive this.

I’m just saying, we can’t keep doing the same thing over and over again, and expect that the market is just going to wake up one day and say, “Oh, we love you again.”

1-16, 23_JUNE24_Main.indd 7

Yamana Gold and Agnico Eagle Mines’ Canadian Malartic gold mine in Quebec. YAMANA GOLD

“IN THE ABSENCE OF BEING ABLE TO RAISE EQUITY, WE ARE GOING TO HAVE TO GO TO A SELF-FUNDING MODEL. THE OIL AND GAS BUSINESS HAD TO DO THE SAME THING.” STEVE LETWIN PRESIDENT AND CEO, IAMGOLD

We need to change, or we will suffer the consequences. So I’m not being fatalistic, we just need to make sure that we are in touch with the market, and that self-funding model right now is what the market demands.

PM: Where I agree with what Steve has said is that there has to be some change … perhaps if I can pick up on something that Steve said about the size of the industry. So the 10 largest companies have a market capitalization of US$120 billion, and the entire industry is somewhere in the range of US$200 billion. At its height it was probably US$400 billion, and at some point over the course of the last decade, that’s about the amount of cash that was on Apple’s balance sheet. So it’s not a very big industry.

But allow me to be a bit optimistic — this is important. Gold equities are trading at all-time lows to gold price, even with a range-bound gold price. And we have a small industry and we have a very big market — a very, very big market that has become much bigger than it was.

The market has overlooked what is always true, which is that you have to look at risk-reward, you have to look at volatility. And it is also true that markets overshoot and undershoot.

We’re in a classic situation today where the broader market is overshooting. And it is disregarding volatility. It is disregarding risk — geopolitical risks, socioeconomic risk.

It’s trite for me to say what you already know: world debt is more than double what it was in 2008, and I know I’m not up on current events, but we had a financial crisis in 2008. So world debt is very high, we have geopolitical conflict in at least three really hot, hot spots in

the world, and, yes, gold seems to be range-bound. And if I can step back for a moment, if Goldman Sachs said it was going to US$900 and it didn’t, why did we believe that it would go to US$1,400? Yeah.

So let’s be countercyclical a little bit. And part of countercyclical is that the catalyst, in my view, is not the gold price doing something or the gold companies changing something. The catalyst is the broader market. A recognition that the broader market is at risk.

And if that broader market is at risk, money will have to find a home. And when money tries to find a home in this very small sector, as you were describing, it will be the corporate equivalent of the volume of water of a Niagara Falls through a garden hose. It will be unparalleled.

We will see new heights.

I hope I’m not being overly optimistic, and I know it’s very difficult today.

Our share price was [recently] down significantly, and our CEO Daniel Racine and I were scratching our heads, and wondering what exactly changed from the morning to the night, because we can’t really see anything that would account for that type of a drop during the day.

So it hurts, it hurts me personally.

I’m invested and I continue to buy shares. It hurts you as investors, it hurts executives of companies, it hurts all of us.

But we need to keep an eye on the reality that the broader market is attracting and sucking so much money into it that there isn’t anything really left in this industry.

But when that changes — and it will change, because everything goes through a cycle — it will be that equivalent of the volume of a Niagara Falls-amount of water coming through a garden hose, because this industry is so small,

and we will see new heights.

We’ll have this conference a year or two from now, and we will look back and wonder why we were worried in the first place.

if we could form an OPEC for gold producers. I’ve thought about that because we’re throwing too much gold in the market right now, relative to what the market wants.

TNM: What mistakes do you think mining companies keep making, and what mistakes do investors keep making when investing in gold companies?

PM: I am not smart enough to really understand peak gold. One of our executive officers has an excellent thesis. He was an analyst in the financial community, and he has an excellent thesis on peak gold.

My gut tells me, however, that the supply side is never as good on driving value in price as the demand side. And so we could get to a point where we actually throttle back on production, but I’m not sure that that’s going to be determinative over the longer term of what happens to price.

What happens to gold price is going to depend on the demand side, and that is where we should place our focus.

Now, on the demand side, what’s interesting to me is where a lot of the buying occurs. A lot of the buying occurs in Asia with certain central banks ... I don’t know if I can talk in 20-year terms or 10-year terms, or even five-year terms, and certainly markets are more focused on something that is more immediate than that.

But if we look at a longer-term trajectory, we see something that is unique, which is the de-dollarization of some parts of the world, and there is a re-emphasis amongst certain countries, companies, industries and central banks on investment and gold.

And so I would encourage all of us to focus on the demand side rather than the supply side to determine what happens to gold price.

We’re manufacturers of gold, but we’re not as interested in the gold price as we are in our share price.

On the price of our shares, what is interesting is that as an industry and as a company in that industry, this is one of the lowest points of price of shares to metal price in at least the last couple of decades.

This represents a real value proposition, which is what the market perhaps is misunderstanding that there’s a real value proposition in owning stock, and not just owning gold, when gold prices are in that range of US$1,200 to maybe US$1,350 — that range it has been in for the past several years.

SL: I wrote a paper three years ago looking at the reserve situation in the gold space. I’d done some work in oil and gas, and I happened to be right in the oil and gas sector in the nineties, and I made a lot of money.

But I was wrong this time in the gold sector, because I thought last year we were probably going hit peak gold this year. But in 2018, we actually produced more gold than we ever have in our history.

We produced 109 million oz. and we seemed to be able to because of the emphasis on near-mine exploration, which was smart short-cycle economics.

I underestimated how much of that we could do in my formula, so I made a mistake.

Because of the focus on free cash flow, as Peter was talking about, we’re seeing actually more gold being produced than we ever have.

So although the reserves are falling long term, there will come a point where this will cross. The question is when. When will we wake up in the morning, where somebody says: “Gold production is actually falling relative to last year.”

And we have a situation, because of this small industry — where this “Niagara Falls” situation occurs and the gold price goes up to what Rob McEwen loves to talk about as US$5,000 an ounce, or US$10,000 an ounce. That truly would be a party.

But right now we haven’t seen that math, so we continue ... and then the market is saying, “We’re not going to give you any money to invest.

Stop. Stop doing that. Because guess what? We’re not going to give you any more money to do that. Your history around building mines with rates of return that are acceptable hasn’t been there.”

We may challenge the market and say the market has got it wrong, but the market is what pays our bills, so we need to listen to the market.

And the market is saying: “Too much gold, not enough reserves.”

We all know that reserves are falling, but our actual production continues to rise.

So we do need to react to that in some form or fashion. I don’t know

— Listen to this panel in audio form in episode 141 of The Northern Miner Podcast, available free at www. northernminer/podcast. TNM

2019-06-18 5:45 PM

8

WWW.NORTHERNMINER.COM

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

Barrick boosts investment in Midas Gold GOLD

| Major injects another $4.4M into junior advancing Idaho project

BY TRISH SAYWELL

B

tsaywell@northernminer.com

arrick Gold (TSX: ABX; NYSE: ABX) is taking part in a bought-deal offering by Midas Gold (TSX: MAX; US-OTC: MDRPF) to keep its pro rata interest in the junior exploration and development company with a gold project in central Idaho.

Midas Gold is offering 33.2 million common shares at 60¢ per share for proceeds of $19.9 million, which will help advance a feasibility study and permitting at its Stibnite gold project in the state’s Stibnite–Yellow Pine district.

Barrick’s $4.4-million acquisition of 7.27 million common shares in the latest offer brings its ownership stake in Midas up to 19.9%, from its previous 19.6%.

Paulson & Co. also participated in the offering to keep its 29.11% pro rata interest of the junior’s outstanding common shares.

A 2014 prefeasibility study assessed the potential for rehabilitating Stibnite — a brownfields site — including removing and reprocessing historic gold-silverantimony tailings, as well as mining the Yellow Pine, Hangar Flats and West End gold-silver-antimony deposits.

The study envisions producing gold and silver doré and an antimony concentrate on-site, 161 km northeast of Boise, 61 km east of McCall and 16 km east of Yellow Pine.

The project would require remediation of the site, which was mined extensively for more than 80 years.

Gold, silver, antimony, tungsten and mercury mineralized materials were mined in the area starting in the late 1920s, leaving behind many open pits, underground workings, large-scale waste rock dumps, heapleach pads, spent heap-leach ore piles, tailings depositories, a mill site, three town sites and an airstrip, some of which still exist today.

The milling of antimony-tungsten and gold sulphides stopped in 1952, due to low metal prices after the Korean War, but mercury operations continued on the Cinnabar claims until 1963.

Exploration resumed in 1974, and

The historic Yellow Pine pit at Midas Gold’s Stibnite gold project in Idaho. MIDAS GOLD

between 1982 and 1987, open-pit mining and heap leaching occurred at various intervals, depending on the season. Midas started exploration there in 2009.

Work at the project would include restoration of fish passage during and after operations, the removal of historic waste rock to an engineered storage facility, repair of the Blowout Creek channel (a source of significant sedimentation), reforestation of impacted areas, and other work, such as streamchannel repair.

“The ecosystem at the Stibnite gold project is in need of healing,” the company says. “Our plan is as much about restoring the site as it is about mining it ... fish haven’t been able to swim past the historic Yellow Pine pit since 1938, almost

no topsoil can be found in the area today due to extensive erosion, and high amounts of sediment are running into the waterways, degrading water quality and fish habitat. Our plan will address these impacts — and we have designed the project so that a lot of restoration work will occur early on.”

Midas started exploration at Stibnite in 2009. The project has 105 million measured and indicated tonnes grading 1.66 grams gold per tonne, 2.53 grams silver per tonne and 0.09% antimony, for 5.6 million contained oz. gold, 8.54 million oz. silver and 203.84 million lb. antimony. Inferred resources add 23 million tonnes grading 1.29 grams gold, 2.04 grams silver and 0.04% antimony, for 959,000 oz. gold, 1.52 million oz. silver and 20.52 million

lb. antimony.

All of the deposits are open for expansion.

There is currently no antimony being mined in the U.S., and the country depends on its supply from China, Bolivia and Russia.

Antimony, a strategic mineral, is used in the defense, aerospace and energy industries.

Based on the 2014 prefeasibility study, Midas says Stibnite would have a 12-year mine life, with total cash costs of US$597 per oz., and all-in sustaining costs of US$616 per ounce.

The study estimated capex of US$1.23 billion, including US$970 million in start-up capital costs, US$99-million sustaining capital costs, and US$56-million closure costs.

Payback could take just shy of three and a half years at a gold price of US$1,350 per oz., and the project’s after-tax net present value, at a 5% discount rate, came in at US$832 million, with a 19.3% internal rate of return.

At the end of March, Midas had US$24.6 million in cash.

Franco Nevada (TSX: FNV; NYSE: FNV) bought a 1.7% net smelter return royalty in 2013, and Teck Resources (TSX: TECK.B; NYSE: TECK) took a 9.9% equity stake the same year.

Paulson & Co. invested US$25 million in March 2016, and Barrick invested US$38 million in May 2018.

At press time, Midas shares traded at 61¢ in a 52-week range of 56¢ to $1.11. The company has a $144.7-million market capitalization. TNM

Los Andes Copper envisions big project at Vizcachitas CHILE

BY TRISH SAYWELL

L

tsaywell@northernminer.com

os Andes Copper (TSXV: LA) says its Vizcachitas project — a copper-molybdenum porphyry deposit 150 km northeast of Santiago, in central Chile — will be the South American country’s next major copper mine.

The project, which would produce copper and molybdenum concentrates from an open-pit mine and concentrator, sits at a relatively low elevation of 2,000 metres above sea level, and is just 65 km from a railway in San Felipe, with connections to the Port of Ventanas and the Ventanas smelter, 140 km away, and the Chagres smelter, 90 km from the deposit.

A preliminary economic assessment of the project, released in early June, outlines a 45-year mine life at a 110,000-tonne-per-day processing

1-16, 23_JUNE24_Main.indd 8

| Feasibility study on track for end of 2020

rate, and initial US$1.87-billion capital expense.

The massive deposit has measured and indicated resources of 1.28 billion tonnes grading 0.396% copper, 141.4 parts per million molybdenum and 1.05 parts per million silver, for a copper-equivalent grade of 0.451% and 11.2 billion contained lb. copper, 400 million lb. molybdenum and 43.4 million oz. silver, or 12.78 billion lb. copper-equivalent.

Inferred resources add 789 million tonnes grading 0.337% copper, 127 parts per million molybdenum and 0.88 parts per million silver, for a copper-equivalent grade of 0.386% and 5.86 billion lb. copper, 221 million lb. molybdenum and 22.3 million oz. silver, or 6.71 billion lb. copper-equivalent.

“The copper content of the ore is competitive, when compared to what is being developed by new greenfield projects [around] the

“VIZCACHITAS HAS LARGE, GEOLOGICAL RESOURCES THAT ARE WELL IDENTIFIED, AND IS STILL OPEN AT DEPTH AND TO THE NORTH.” FERNANDO PORCILE EXECUTIVE CHAIRMAN, LOS ANDES COPPER

world,” Fernando Porcile, the company’s executive chairman, tells The Northern Miner in an telephone interview from Chile, adding that “Vizcachitas has large, geological resources that are well identified, and is still open at depth, and to

the north.

“The strong economic viability of the project — with an after-tax net present value, at an 8% discount rate, of US$1.8 billion, an internal rate of return of 20.77% and 3.4-year payback period — indicates that not only is it financially robust, but it also has the ability to generate positive cash flows in a short period of time ... the type of mineralization also allows high recoveries with coarse grinding, and the resulting concentrate has low impurities.”

The company expects to complete a feasibility study by the end of 2020.

While the project benefits from surrounding infrastructure, with few surrounding population centres, it is within 100 km of three large operating mines: Antofagasta’s (LON: ANTO) Los Pelambres, Codelco’s Andina mine and Anglo American’s (LON: AAL) Los Bronces.

Porcile joined the company in May, after decades developing several greenfield and brownfield copper projects and mines for large companies, including Falconbridge (El Morro, Pachon, Collahuasi), Rio Algom (Cerro Colorado, Antamina and Spence) and Codelco (El Teniente and Chuquicamata). He says Vizcachitas “can be developed into a large and competitive, operating mine.”

“I have been in the mining business for more than 50 years — for large greenfield and brownfield projects, and operations — and this project compares very well,” he says. “Considering the conditions, this should not be that difficult to develop ... this is a good orebody.”

At press time, Los Andes Copper traded at 37¢ per share in a 52-week trading range of 15¢ to 38¢. The junior has a $96-million market capitalization. TNM

2019-06-18 5:45 PM

AFRICA

SPECIAL FOCUS

An airstrip at Alphamin Resources’ Bisie tin project in the Democratic Republic of the Congo. ALPHAMIN RESOURCES

Lucara has two-pronged growth plan, CEO Eira Thomas says DIAMONDS

| Feedback on Clara digital sales platform ‘overwhelmingly positive’

BY NORTHERN MINER STAFF

T Semafo geologists at the Bantou Nord discovery hole in April 2019 at the Bantou gold property in Burkina Faso, from left: Apollinaire Sawadogo; district chief geologist; David Lalonde, exploration manager; Moussa Semde, district chief geologist; Justin Bationo, senior exploration geologist; and Richard Roy, VP of exploration. SEMAFO

Semafo delivers maiden resource for Bantou

BY TRISH SAYWELL

S

emafo (TSX: SMF; US-OTC: SEMFF) kicked off the year by delivering an inferred resource of 2.1 million tonnes grading 5.35 grams gold per tonne for 361,000 contained oz. gold for its Bantou Zone project, 170 km south of its producing Mana mine in Burkina Faso, the West African nation’s third-largest gold mine.

News of the maiden resource estimate was followed by Semafo’s acquisition in May of Savary Gold and the junior’s Karankasso gold project, which is contiguous to Bantou and hosts 12.3 million inferred tonnes grading 2.03 grams gold for 805,000 ounces.

Semafo is consolidating the two resources into a base case mining scenario, and says mineralized material from its larger land package could be trucked 25 km to a central plant, likely in the northwest of the property.

“Savary represents a low-cost, accretive addition to our development pipeline, and, when combined with our Bantou property, results in a property package that is approximately 25 km east to west and approximately 50 km north to south — that’s 1,250 sq. km in the Houndé belt,” president and CEO Benoit Desormeaux said in a conference call on May 7.

“The Houndé belt is a prolific gold belt that hosts Mana, where we have mined over 2 million oz. gold over the past 10 years. We see this combined property package as a district-scale mining area that is going to be part of our future for many years to come.”

One month after the Savary acquisition closed, Semafo announced a gold discovery 1.5 km north of the

1-16, 23_JUNE24_Main.indd 9

MINING ANALYST, HAYWOOD SECURITIES

Bantou Zone that it calls Bantou North, and has increased its exploration program there from US$3 million with one drill rig to US$11 million, with three.

One rig will focus on Bantou North, the other on the Banzou Zone, and a third will test targets on the Bantou property. In addition, an 8,000-metre air-core program will provide first-pass exploration on regional targets across the 1,250 sq. km property.

Bantou North is characterized by wide, consistent disseminated gold mineralization over 250 by 300 metres, and while the geometry is unclear, the zone remains open to the east and at depth.

The best intercept, in drill hole 19-277, returned 128 metres grading 2.54 grams gold per tonne starting from 3 metres’ depth, including 3.68 grams over 67 metres and 6.50 grams over 26 metres. Other highlights were 19-278, which cut 1.18 grams over 96 metres starting from 6 metres downhole, and 19-283, which assayed 2.45 grams over 136 metres from 105 metres downhole, including 4.82 grams over 40 metres.

Another drill hole, 19-254, returned 1.35 grams gold over 133 metres from 9 vertical metres, including 2.90 grams over 33 metres.

The mineralization at Bantou North consists of 1% to 5% fine disseminated pyrite, within alter-

nating intermediate intrusive and volcaniclastic rocks. Although the enriched zones seem spatially associated with the intrusives, the zone is found in both rock types.

Test results from preliminary metallurgy on three samples sug-

Dean MacPherson: Tell us about Lucara. These are exciting times.

reverse-circulation (RC) drill holes (9,188 metres) and five core holes (821 metres) at Bantou.

The first quarter was successful on a number of fronts. Semafo’s Boungou and Mana mines produced a combined record of 102,400 oz. gold and generated US$79 million, or 24¢ per share, in cash flow from operating activiSee SEMAFO / 12

See LUCARA / 10

| Gold producer adds to land position in Houndé belt that Bantou North would be “SEMAFO CONTINUES TO BE ONE OF OUR gest amenable to standard milling, TOP PICKS FOR 2019, WITH PRODUCTION with recoveries greater than 90% in the oxide and greater than 85% GROWING, COSTS DECREASING AND in the sulphide.

CASH FLOW PER SHARE INCREASING In the first quarter ending March 31, the company completed 58 OVER 100% IN 2019.”

KERRY SMITH

he following is an edited excerpt of an interview with Lucara Diamond (TSX: LUC) president and CEO Eira Thomas, carried out by Dean MacPherson, head of business development for global mining at TMX Group, at The Northern Miner’s Canadian Mining Symposium held at Canada House in London, U.K., on May 22, 2019.

Eira Thomas: I’m very excited about where Lucara is going. We have come through a big year of transition for the company, a kind of an evolution.

We’ve been in production since 2012, so we’re in year seven.

We’ve got a great asset in a great jurisdiction. Our mine is located in Botswana, and we have become well-known as one of the world’s foremost producers of very large, high-value diamonds.

And that has been a real advantage for Lucara as we start to think about where we want to go. We have a product that is unique. It’s well sought after and it somewhat insulates us from some of the vagaries and volatility we see in the diamond market, particularly for small diamonds, which have been under some pressure in the last couple of years.

At Lucara, we’re really focused on a couple of key things. One is that

BURKINA FASO tsaywell@northernminer.com

LONDON, UNITED KINGDOM

FIT-FOR-PURPOSE SOLUTIONS Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers brought together to provide accurate and timely mineral and process evaluation services across the entire mining life cycle.

SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANY

WWW.SGS.COM/MINING CA.MINERALS@SGS.COM

2019-06-18 5:45 PM

10

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

AFRICA

WWW.NORTHERNMINER.COM

Lucara Diamond’s Karowe open-pit diamond mine in Botswana. LUCARA DIAMOND

Lucara has two-pronged growth strategy, CEO Eira Thomas says LUCARA From 9

we’re in the middle of a feasibility study looking to expand our mine underground. That has the potential to extend our mine life out to 2036 and beyond. The second piece of our business strategy is focused on a new business that we acquired about a year ago, which we call Clara Diamond Solutions.

This is not a mining opportunity, but it is a diamond opportunity and it is a new technology. It’s a digital sales platform that has the potential to completely transform the diamond supply chain. So that represents a significant growth opportunity for our company, as well.

Those are two immediate focus areas, and we think this is a great time to be doing this.

DM: Congratulations are in order, because just a couple weeks ago, there was a press release about your recent discovery, the second largest uncut.

Of course, the stock price reacted.

ET: Yes, we’re really pleased. One of the big differentiators for Lucara as a company and as a strategy has been to invest and incorporate innovation and technology into our mine design, and into our approach, in general.

We were the first diamond mining company to incorporate XRT di-

amond recovery technology. George Read at Star Diamond talked about it in his presentation [during the Canadian Mining Symposium].

It’s something that they obviously look to incorporate as well for Star, and what’s important about this technology is that it has allowed us to recover these very large, highvalue diamonds without damaging them, and, of course, that’s very important for value preservation.

So our mine in four years has recovered two stones greater than 1,000 carats. The first one was the historical Lesedi La Rona, which weighed in at 1,109 carats and was purchased by Laurence Graff in 2017.

He has recently finished polishing it into a 302-carat, modified, princesscut diamond, which is the highest clarity, highest-quality diamond ever to be certified by the GIA. And then most recently, the 1,758 carat, which topped the Lesedi that you just spoke about, although this one doesn’t look as pretty as the Lesedi, and we’re the first to admit that. It does have some nice white components.

We’re working now to analyze the stone and understand its full potential. But we think we’ve got at least a “400 carater” that will generate significant revenue for the company.

DM: This is obviously an example of technology paying off. Certainly over the past two years, innovation and technology have become buzzwords in mining, as investors look for more from mining companies.

You touched on Clara. This is probably one of the better examples of a mining company adopting technology aggressively, not only to help existing operations, but taking it on as a new revenue stream.

.com

1-16, 23_JUNE24_Main.indd 10

ET: We’re very excited about Clara.

There are two key aspects to Clara.

One is around creating a more efficient marketplace. Fundamentally that’s what it’s about. The way we sell diamonds or transact diamonds hasn’t changed in over 100 years. It’s very inefficient, it’s very inflexible.

So Clara is positioned to change that, but the other piece is really around provenance. Consumers today really care about what they’re consuming and where it comes from, and how it was produced.

The diamond marketplace has been deliberately opaque for a very

The 1,109-carat Lesedi La Rona diamond extracted from the Karowe mine. LUCARA DIAMOND

long time. And Clara has the ability now, and really one of its primary purposes is to bring transparency.

So we are tagging diamonds as they are produced in real time at the mine sites, and are able to then follow them through this technology enabled by blockchain right through the value chain, ultimately to the point of final retail sale to that consumer.

DM: It has that cost-efficiency component, as well.

ET: Very much. We can unlock significant value. All of our test work has demonstrated unlocking throughout the value chain — some to the producer, some to the manufacturer — of 18–23% over what we are achieving throughout the supply chain. So it’s a significant win from a cost perspective and a margin perspective. And then it also has this advantage of giving assurance to the consumer.

DM: What is the rollout timeline for Clara?

ET: We’re rolled out. We acquired

the business a year ago and we put it together with Lucara. That’s when I took over as CEO, and we have been busy commercializing it.

And we’ve now had four sales.

We’re ramping it up slowly.

We have got 10 customers buying on Clara. These are the very large, integrated jewellery and manufacturing houses around the world.

And the feedback we’re getting is overwhelmingly positive. So it is our intention before year-end to open up Clara to our fellow producers, and really for Lucara — that’s a big part of our business strategy.

Clara is a volume story. We believe that our fellow producers will see the immediate benefits of selling on Clara. Not only will they realize higher prices for their diamonds, but they will be selling their diamonds basically in real time.

Today, current producers only sell their diamonds either every five weeks, or in the case of Lucara, we sell our diamonds once a quarter, because we’re a relatively small producer.

So there are a lot of benefits that come through selling on Clara. TNM

2019-06-18 5:45 PM

AFRICA

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

11

AFRICA SNAPSHOT

Eight explorers and miners with ties to Africa Africa has been long renowned in the mining industry as the continent with many of the largest and richest mineral deposits on Earth.

Despite weak commodity prices and some political difficulties, Africa continues to attract Canadian junior companies, especially to the goldfields of West Africa. Here is a look at eight such companies.

AFRICAN GOLD GROUP Toronto-based junior African Gold Group (TSXV: AGG; US-OTC: AGGFF), which is part of Stan Bharti’s Forbes & Manhattan group of companies, has as its flagship the advanced Kobada gold project in southwestern Mali.

Kobada has a total measured and indicated resource of 35.4 million tonnes grading 1.1 grams gold per tonne for 1.2 million contained oz. gold, plus another 33 million tonnes at 1 gram gold per tonne for 1 million oz. gold. The resource estimate is based on 1,095 holes totalling 126,000 metres.

AGG says the Kobada resource stretches over 4 km of strike, and the mineralized structure has been mapped over 12 km of strike.

The company has delineated four gold-mineralization types at Kobada: lateritic material, overlaying the main deposit; oxide mineralization, consisting of ultraweathered saprolite with quartz veins; and transitional and fresh mineralization, hosting partly and unweathered sedimentary rocks and quartz veins.

AGG says the Kobada deposit is “unusual for the depth of weathering,” with the base of oxidation occurring up to 120 metres below surface.

Previous management completed a feasibility study in 2016 that envisaged production rates of 50,000 oz. gold per year, but the newer team is targeting a mine at Kobada that could exceed 100,000 oz. gold per year.

In April, AGG consolidated its common shares on a 1-for-7.5 basis, leaving it with 48.2 million shares outstanding. With shares last trading at 20¢, this equates to a $9.7-million market capitalization.

ASANKO GOLD

to reach that figure with 60,425 oz. gold produced in the first quarter of 2019, on a 100% basis.

In a May 8 release, Asanko CEO Greg McCunn said that “after a thorough review of our current operations in my first month as CEO, I can see that we are in the final stages of a two-year capital investment program, which included a mill expansion from 3 million to 5 million tonnes per year, a major pushback of the Nkran pit and the initial development of Esaase.

“We are now well positioned to start harvesting the benefits of these major investments, as we shift our focus to maximizing cash flow generation from the AGM over the next 18 to 24 months, while we work with our JV partner on formulating the long-term development plan for Esaase and optimal life-of-mine plan for the AGM complex.”

AWALÉ RESOURCES Vancouver-based junior Awalé Resources (TSXV: ARIC) describes itself as a gold-exploration company focused on large, high-grade deposits in the “underexplored” jurisdiction of Côte d’Ivoire, which Awale notes contains a third of the prospective Birimian greenstone belts in West Africa, but less than 10% of total gold resources, “making it an ideal location for new gold discoveries.”

Much of Awalé’s management team are derived from Mariana Resources, which was acquired by Sandstorm Gold in July 2018 for its high-grade, Hot Maden gold-copper project in northeastern Turkey. Glen Parsons serves as Awalé’s president and CEO. Awalé’s flagship project, named “Bondoukou,” is located in

northeastern Côte d’Ivoire at the southern extents and confluence of the Boromo greenstone belt from Burkina Faso, and the Bolgatanga and Wa Lawra belts from Ghana.

Bondoukou is accessible via sealed roads from Abidjan to the city of Bondoukou, and consists of three granted permits covering 1,192 sq. km, along with three applications covering 1,183 square kilometres.

In early June, Awale reported that a planned 10-trench program for the Fako prospect at Bondoukou had already returned a 21-metre intercept at 1.96 grams gold per tonne, including 1-metre intervals of 11.5 grams gold, 5.5 grams gold and 5.4 grams gold.

CALEDONIA MINING Domiciled in Jersey, Caledonia Mining (TSX: CAL; NYSE-AM: CMCL) has as its primary asset the Blanket gold mine in Zimbabwe, which it bought from Kinross Gold in 2006.

After what the junior calls the “implementation of indigenization,” with effect from September 2012, Caledonia owns a 49% interest in Blanket.

For the first quarter of 2019, Blanket produced 11,948 oz. gold on a 100% basis, and Caledonia says it is keeping full-year production guidance for 2019 of 53,000 to 56,000 oz. gold on a 100% basis, and that it is on track with progress towards its target of 80,000 oz. gold on a 100% basis by 2022.

Caledonia CEO Steve Curtis said in an April release that “continued difficulties with unstable electricity supply and grade dilution, which we experienced in 2018, had an adverse effect on production, but improved drilling and blasting practices have been put in place in

pursuit of improved grade control ... efforts to minimize dilution are proving successful.

“Our technical team has worked tirelessly to mitigate the effects of electricity supply interruptions, and we continue to work closely with the Zimbabwean electricity supply authorities to address these challenges, as well as investing internally to improve our resilience to this issue.”

Caledonia said in April that central shaft sinking continues according to plan, and that the firm is nearly finished, and set to start shaft equipping from mid-2019.

Said Curtis: “We look forward to commencing production from the central shaft from mid-2020, which is expected to deliver the company’s growth plan to achieve 75,000 oz. in 2021, and 80,000 oz. by 2022.”

DESERT LION ENERGY Toronto-based, Tim Johnston-led Desert Lion Energy (TSXV: DLI; US-OTC: DSLEF) means to develop the first large-scale lithium mine in Namibia, located near Karibib in the Erongo region, within 301 sq. km of prospective land, and known lithium-bearing, pegmatitic mineralization.

Desert Lion says its brownfield lithium asset was found and developed in the 1930s, and the property has a history of smallscale mining operations, including the historic Rubicon and Helikon lithium mines.

The company notes the project site is accessible year-round by road, with access to power, water, rail, port, airport and communication infrastructure.

HIGH GRADE LOW COST

Desert Lion had been in the first phase of its production plan: producing and exporting lithium concentrate from stockpiled material.

The company said it would cost $7 million to build a flotation plant that processes between 350,000 tonnes and 400,000 tonnes of feed per year, assuming it could prove up a resource in an initial range of 10 million to 15 million tonnes grading 1.5% Li2O. However, in May 2019, Desert Lion entered into an agreement to merge with Joe Walsh-led, Australian junior Lepidico (ASX: LPD), with Lepidico to acquire all of the outstanding shares of Desert Lion for 5.4 Lepidico shares for every 1 Desert Lion share. The deal is expected to close in July 2019.

Desert Lion says Lepidico “owns the technology to a metallurgical process that has successfully produced lithium carbonate from non-conventional sources, specifically lithium-rich mica minerals, including lepidolite and zinnwaldite. The L-Max process can complement the lithium market by adding low-cost lithium carbonate supply from alternative sources.

More recently, Lepidico added LOH-MaxTM to its technology base, which makes lithium hydroxide from lithium sulphate, without the by-product sodium sulphate.”

PLATINUM GROUP METALS Based in Vancouver and Johannesburg, R. Michael Jonesled junior Platinum Group Metals (TSX: PTM; NYSE-AM: PLG) is the operator of the Waterberg platinum group metals project — a bulkunderground deposit in northern South Africa that was discovered by

See SNAPSHOT / 12

TSX:ROXG

GOLD PRODUCER IN WEST AFRICA

Asanko Gold’s (TSX: AKG; NYSEAM: AKG) flagship asset is its 45%-owned Asanko gold mine in Ghana, which it co-owns with South African gold miner Gold Fields (NYSE: GFI), with 45% ownership; and the Ghanaian government, with 10%.

The Asanko mine is a large, multipit asset that is managed and operated by Asanko Gold. Located on the Asankrangwa gold belt, the assets comprise nine deposits and 11 pits.

Gold production of 145,000 – 155,000 ounces expected in 2019

It was built in 2015 ahead of schedule and within budget, with first gold poured in January 2016, and commercial production attained in April 2016.

In 2018, the mine had record production of 223,152 oz. gold on a 100% basis.

This year, Asanko Gold says the mine targets production of 225,000 to 245,000 oz. gold at all-insustaining costs of US$1,040 to US$1,060 per once, and is on track

1-16, 23_JUNE24_Main.indd 11

roxgold.com

2019-06-18 5:45 PM

12

AFRICA

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

A drill site in the Bantou Nord zone at Semafo’s Bantou gold property in Burkina Faso. SEMAFO

Semafo delivers maiden resource for Bantou SEMAFO From 9

ties, the highest in the company’s history. Net income attributable to shareholders reached US$17.7 million, or 5¢ per share. This included a US$15-million, non-cash deferred tax charge, which, if excluded, would have sent net income to US$32.7 million, or 10¢ per share.

Boungou started commercial production in September 2018, while Mana, 260 km southwest of Ouagadougou, poured its first gold in 2008.

Last year the two mines produced a total of 244,600 oz. gold at all-in sustaining costs (AISCs) of US$951 per ounce. Mana’s production last year came from its Siou and Wona satellite deposits.

Siou, a high-grade deposit 20 km from the Mana mine, started production as an open pit in early 2014. Siou was a blind discovery that Semafo brought into production in just 18 months. Development of Siou underground got underway in the third quarter of 2018. The

National Mines Commission approved Siou underground in April, and the permit is expected shortly, the company says.

Semafo’s 2019 guidance is to produce between 170,000 and 190,000 oz. gold at AISCs of US$950 to $1,020 per oz. at Mana, and between 220,000 and 240,000 oz. gold at AISCs of US$470 to $510 per oz. at Boungou.

In the meantime, the company continues to explore both Boungou and Mana. During the first quarter, Semafo launched an RC drill program at Mana on satellite targets just north of the Siou deposit, with early results including 3 metres of 3.31 grams gold and 5 metres of 2.16 grams gold. Semafo also RC drilled 7,517 metres at Boungou’s Dangou Northeast and Dangou Centre targets. Early results include 1 metre grading 22.9 grams gold per tonne; 9 metres of 1.36 grams gold; 4 metres of 3.67 grams gold; 1 metre of 6.66 grams gold; and 3 metres of 5.69 grams gold.

“SAVARY REPRESENTS A LOW-COST, ACCRETIVE ADDITION TO OUR DEVELOPMENT PIPELINE.” BENOIT DESORMEAUX PRESIDENT AND CEO, SEMAFO

Elsewhere in Burkina Faso, Semafo started a preliminary economic assessment (PEA) of its Nabanga deposit, 125 km southwest of Boungou, and 250 km southeast of Ouagadougou. It expects to finish the PEA in the third quarter of this year.

In February, the company reported a 42% increase in Nabanga’s inferred resource to 3.4 million tonnes grading 7.7 grams gold for 840,000 contained oz. gold. The updated estimate was based on 395

drill holes (both RC and diamond drill) totalling 57,488 metres, including 67 core holes drilled since Snowden completed the last estimate in August 2012.

Nabanga is a typical intrusionrelated-type deposit, mostly hosted within a magnetite-rich granodiorite intrusive. Gold mineralization is associated with quartz veining and a distinctive alteration zone developed around the structure, the company says.

The deposit remains open to the northeast, and the company reports that recent auger drilling around the deposit has found gold geochemical anomalies that could offer proximal satellite zones of gold mineralization.

Recently, a revised interpretation of the mineralization at Nabanga suggests that high-grade zones of the deposit have a shallower plunge than previously thought, the company says.

Exploration at Nabanga this year will test the northern extension, explore the down-plunge exten-

sions confirmed by recent drilling, and drill test the auger geochemical anomalies near the deposit. It will finish the PEA while trying to expand the resource.

Semafo’s property portfolio in Burkina Faso now stands at more than 4,500 sq. km, one of the most extensive land positions in the country.

At press time, Semafo’s shares are trading at $4.65 in a 52-week range of $2.24 to $4.79. The company has a $1.6-billion market capitalization.

Kerry Smith of Haywood Securities has a “buy” rating on the stock and a price target of $6 per share.

“Semafo continues to be one of our top picks for 2019, with production growing, costs decreasing and cash flow per share increasing by over 100% in 2019. The shares are still trading at only 3.4 times EV/2019 cash flow per share, versus peers at 5.7 times. A dividend or share buyback is also likely, given the strong cash f lows and excellent balance sheet.” TNM

a reverse takeover of Tanzania Minerals Corp., at the same time it closed its acquisition of intellectual property from “the Clinic Consulting Services, the Bank and the Lab, and its award-winning operations team,” for a combination of US$4.1 million in cash and US$5.9 million in shares, which brings in “the Clinic’s expertise as an integrated operator and cannabis industry pioneer.”

and cost guidance; operating cash flow before changes in working capital, excluding inventories, rising 6% to US$26.3 million, and operating cash flow increasing 261% to US$49.6 million; and net income attributable to shareholders dropping to a loss of US$2.7 million.

AFRICA SNAPSHOT SNAPSHOT From 11 Platinum Group Metals.

The company says the asset “has the potential to be a low-cost producer of palladium, platinum, rhodium and gold,” and is focused on completing a definitive feasibility study for the large-scale, palladiumdominant mine that may use tailings as backfill.

Impala Platinum (Implats) made a strategic investment of $30 million in November 2017 to buy a 15% stake in Waterberg, from which the junior received $17.2 million for its 8.6% project interest sold.

Implats may elect to increase its stake to 50.01% by more share purchases from Japan Oil, Gas and Metals National Corp.

(JOGMEC) for $34.8 million, and a commitment to spend $130 million to develop Waterberg. Implats will also have a right of first refusal to smelt and refine Waterberg concentrate.

1-16, 23_JUNE24_Main.indd 12

In March 2019, Platinum Group Metals reported the transfer of a 9.76% interest in Waterberg JV Co. to Hanwa Co. Ltd. by JOGMEC. Before the transfer, JOGMEC held a 21.95% interest in Waterberg.

A technical committee of Waterberg JV Resources Pty Ltd. is overseeing the feasibility study, with participation from all partners. A mining application has been filed and community consultation is ongoing. Power and water planning for the project is advancing, including work under a regional water co-operation agreement with the Capricorn Municipality, and engineering and permitting work with power utility Eskom.

In all categories and on a 100% basis, Waterburg has a resource totalling 26.34 million oz. platinum, palladium, rhodium and gold (4E) in 242.5 million tonnes at 3.38 grams 4E per tonne, comprised of 63.04% palladium, 29.16% platinum, 6.37% gold and 1.43% rhodium.

TANZANIA MINERALS Tanzania Minerals (TSXV: TZM.H) is emblematic of the difficulties and opportunities faced by the microcap mineral explorers in 2019.

For years based in Winnipeg, the Rob Dzisiak-led junior had two gold exploration projects in northern Tanzania: Katario (Mrangi East) in Musuma district; and Mrangi, 50 km southwest of Musoma.

However, the company was suspended from the TSX Venture Exchange in September 2016 for failure to file its financial statement.

In April 2018, shares were consolidated on a 1-for-30 basis, and the company closed out September 2018 with $98,000 in working capital — finally transformed from a gold explorer to a shell company.

Fast-forward to June 2019, and Boca Raton, Florida-based Jushi Holdings, a multi-state cannabis and hemp operator, has just completed

TERANGA GOLD Toronto-based junior Teranga Gold (TSX: TGZ; US-OTC: TGCDF) has production- and development-stage gold assets in several West African countries, as well as exploration assets covering 6,400 sq. km in Burkina Faso, Senegal and Côte d’Ivoire.

In its first-quarter results release in May, Teranga had several highlights, including: record quarterly gold production of 71,946 oz., a 12% increase; per-ounce cost metrics decreasing up to 9%, and below fullyear guidance ranges; staying on track to meet full-year production

Meanwhile, construction of its Wahgnion project is on budget and on track for commissioning in the third quarter, and the company issued an initial resource estimate for Golden Hill, its most advanced exploration project.

Teranga president and CEO Richard Young said that 2019 is “off to a strong start for Teranga across our portfolio, with record operational results from Sabodala, good construction progress at Wahgnion and an initial resource at Golden Hill. Our 10-year-old cornerstone asset, Sabodala, set a record for quarterly production in the first quarter. With over 12 years of mine life remaining, Sabodala is delivering solid free cash flow to support our growth initiatives.” TNM

2019-06-18 5:45 PM

AFRICA

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

13

Ivanhoe advances ‘world’s best copper development’ at Kamoa-Kakula DRC

| CITIC stake in Ivanhoe rises to almost 30%, with $612M investment in April

BY BRIAN SYLVESTER

I

Special to The Northern Miner

t would not be a stretch to suggest Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) executive co-chairman Robert Friedland is probably the world’s best mining promoter.

The Friedland legend started to take root when he carefully choreographed a bidding war between former Canadian base metals titans Inco and Falconbridge for the considerable Voisey’s Bay nickelcopper-cobalt deposit in Labrador.

When the froth finally settled in April 1996, Friedland’s company, Diamond Fields Resources (originally a tiny diamond explorer) had been sold to Inco for $4.3 billion.

Fast-forward to 2012, and after eight long years of drilling countless low-grade, copper-gold targets in the Gobi Desert, Rio Tinto (NYSE: RIO; ASX: RIO) acquired 51% of Ivanhoe Mines, version 1.0, which would later become Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ), 66%-owner of the giant Oyu Tolgoi copper-gold deposit in Mongolia (the Mongolian government owned the rest). Rio Tinto’s total acquisition cost was more than US$4.1 billion.

And the legend grew, as Friedland went two for two.

These days, Friedland’s Ivanhoe Mines, version 2.0, is back in the copper business and looking to hit yet another home run with the world-class Kamoa-Kakula copper project, 25 km west of Kolwezi in the Democratic Republic of the Congo (DRC).

The project is the first major copper discovery in the region in decades, and marks the first time Friedland is willing to settle for second — as in what should eventually become the world’s the second-largest copper mine, after Chile’s Escondida.

Ivanhoe owns 39.6% of KamoaKakula, Chinese mining powerhouse Zijin Mining Group owns 39.6% and Crystal River Global holds 0.8%. The DRC government carries the remaining 20%.

Hong Kong-based Crystal River is controlled by So Hon Chun, a former executive with the Citic Group — essentially an arm of the Chinese Ministry of Finance — which has worked with Friedland since the early development of Oyu Tolgoi.

In April, Citic Metal, a subsidiary of HKSE-listed Citic Ltd., which has US$1 trillion in assets, spent $612 million to buy 154 million shares of Ivanhoe at $3.98 each.

The investment, combined with an almost identical investment made

by Citic in September 2018, brings Citic Metal’s stake in Ivanhoe to almost 30%.

“Citic Metal has been a shareholder in Ivanhoe Mines for eight months now, and in that time, Citic has seen what we already know — that the Kamoa-Kakula Project is unquestionably the best copperdevelopment project in the world,” Friedland said in a release.

Since the infusion, Ivanhoe has had US$1 billion in cash — well in excess of the US$540 million shares of US$1.1 billion needed to bring Kakula into production, at an initial rate of 6 million tonnes per year from underground.

At a 1% copper cut-off, the Kamoa-Kakula project hosts an indicated resource of 1.39 billion tonnes grading 2.64% copper for 80.6 billion contained lb. copper.

The inferred resource has 316 mil-

1-16, 23_JUNE24_Main.indd 13

Ivahoe Mines’ Kamoa-Kakula copper project, 25 km west of Kolwezi in the Democratic Republic of the Congo. IVANHOE MINES

“CITIC HAS SEEN WHAT WE ALREADY KNOW — THAT THE KAMOA-KAKULA PROJECT IS UNQUESTIONABLY THE BEST COPPER-DEVELOPMENT PROJECT IN THE WORLD.” ROBERT FRIEDLAND EXECUTIVE CO-CHAIRMAN, IVANHOE MINES

lion tonnes grading 1.76% copper for 12.2 billion contained lb. copper.

A prefeasibility study on the proposed Kakula mine, published in February, says the project would yield a 47% internal rate of return over a 25-year mine life. Using an 8% discount rate, the after-tax net present value was calculated at US$5.4 billion.

During the first stage of development, copper grades would average 6.8% at cash costs of US43¢ per pound. Cash costs would rise to US$1.11 per lb. during the first 10 years of production.

Meanwhile, a preliminary economic assessment, published at the same time as the prefeasibility study, suggests two more mines — Kansoko and Kakula West — could each produce another 6 million tonnes annually within five years, with the ore delivered to an on-site, direct-to-blister smelter paid for with internal cash flows.

Earlier this year, 18 km north of Ivanhoe’s Kakula deposit, and 8 km north of Kansoko, Ivanhoe found a bonanza-grade copper mineralization zone on its Kamoa-Kakula mining licence.

It has since been dubbed the Kamoa North Bonanza zone, after drill hole 1450 returned 13.05% copper over 22 metres.

In May, Ivanhoe released assay results from 10 holes, and announced that drilling had extended the zone 350 metres along strike, at up to 60 metres across.

Drill hole 1486 cut 17 metres of 15.84% copper starting 215 metres downhole; hole 1497 returned 14 metres of 18.48% copper, starting at 208 metres downhole; and hole 1504 found 21 metres running 13.32% copper from 211 metres downhole.

Ivanhoe says that the east- to west-trending growth structure, which could control the deposit,

traces up to 20 km in aeromagnetic data across the western side of the Kamoa-Kakula mining licence, and onto Ivanhoe’s Western Foreland exploration licences, where the company recently made its third major discovery: Makoko.

The discovery at Makoko intersected 4 metres of 5.46% copper at a 2% copper cut-off from a downhole depth of 306 metres.

Meanwhile, hole 10 included 3 metres of 6.78% copper at a 2% copper cut-off from 441 metres downhole, and hole 17 hit 3 metres of 6.49% copper at the same cut-off grade, at 472 metres downhole.

The DRC is the world’s fifthlargest copper producer and hosts four of the top-five, high-grade copper deposits. The fourth-largest deposit by grade is across the border in Zambia.

Since acquiring a 68% stake in the Kipushi zinc-copper-silver-germanium mine near the DRC-Zambia border in 2011, Ivanhoe has invested $1.4 billion in its different DRC mining projects, including the refurbishment of the past-producing Kipushi mine.

The other 32% ownership stake in Kipushi is held by the DRC’s state-owned mining company, Gécamines.

The zinc-rich mineral resource at Kipushi tallies to 11.8 million measured and indicated tonnes running 35.34% zinc for 9.2 billion contained lb. zinc, 8.7 million oz. silver and 24.4 million oz. germanium. Meanwhile, the copper-rich resource is 2.3 million tonnes grading 4.03% copper.

The resource will be included in an upcoming definitive feasibility study due later this year, or early in 2020.

Ten years ago, production of the red metal in the DRC fell to 50,000 tonnes annually, down from a previous peak of 500,000 tonnes,

mostly owing to warring factions and civil unrest.

Copper production in the DRC is well above 1 million tonnes annually, with more to come.

Louis Watum, managing director of the Ivanhoe’s operations in the DRC, says the country has mostly moved beyond its recent bouts of unrest.

“I keep saying to people who want to invest in the DRC: prospective investors must do their homework and understand the country, how it works,” Watum said, during a recent DRC Mining Week webinar.

“I do not see the DRC going back to war, or where really everything will break down. We have recovered from a very bloody and costly war, and there is no more appetite to fund any war, per se. We might

have sporadic pockets of insecurity, but generally, the mining districts are very safe to invest in,” Watum added.

Meanwhile, the DRC is developing a new mining code that could impact companies by raising royalties and taxes on foreign companies operating mines in the country.

In January 2018, initial speculation regarding the new mining code shaved 15% from Ivanhoe’s share price. Any changes in the mining code have yet to be made public.

In South Africa, Ivanhoe is developing the Platreef palladium-platinum-nickel-copper-gold-rhodium discovery in South Africa at a 780-metre depth.

The orebody is 29 metres thick at Shaft 1. Sinking will continue to 982 metres. The Platreef mining team delivered the first ore from the underground mine development to surface stockpiles for metallurgical sampling.

Surface construction for Platreef’s Shaft 2 continues. Construction now focuses on the concrete hitch for the headframe, which could be ready by mid-2019.

Shaft 2 will be equipped with two 40-tonne, rock-hoisting skips, with a capacity to hoist 6 million tonnes of ore per year — the largest hoisting capacity at any mine in Africa.

A definitive feasibility study published in July 2017 said that the Platreef mine would produce platinum, palladium, rhodium and gold at cash costs of $351 per oz., net of by-products, including sustaining capital costs.

In a research note dated May 21, 2019, BMO metals and mining analyst Andrew Mikitchook had a 12-month target price on Ivanhoe of $9.

At press time, Ivanhoe traded at $3.46, in a 52-week range of $2 to $3.62. The company’s market capitalization is $3.52 billion.

— Brian Sylvester is a freelance business writer based in Toronto.

Your Choice for Global Drilling Services Surface • Core Drilling • Directional • Reverse Circulation • Rotary • Dewatering • Drill & Blast

Underground • Core Drilling • Percussive • Directional • Dewatering

Serving Africa for

over 15 Years majordrilling.com QUALITY•SAFETY•RESULTS

2019-06-18 5:45 PM

14

AFRICA

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

The processing plant at the Yaramoko gold mine in Burkina Faso, which Roxgold expanded to a 1,100-tonne-per-day capacity in 2018. ROXGOLD

Roxgold has strong quarter at Yaramoko in Burkina Faso GOLD

BY TRISH SAYWELL

R

tsaywell@northernminer.com

oxgold’s (TSX: ROXG; USOTC: ROGFF) Yaramoko gold mine in southwestern Burkina Faso churned out 33,652 oz. gold in the first quarter, delivering a 16% return on equity for the company — one of the highest in the industry.

Earnings before interest, tax, depreciation and amortization margins totalled 38%, with cash-operating costs of US$468 per oz. produced, and all-in sustaining costs (AISCs) of US$775 per oz. sold.

“It’s a combination of very strong margins we’re generating at Yaramoko, and what was a very capitalefficient project,” John Dorward, the company’s president and CEO, says of Roxgold’s strong financial results. “We didn’t have to invest a lot of capital initially — and even on an ongoing basis — to generate those types of returns, because it’s a high-grade, low-cost, high-margin project.

“We’ve always wanted to be a company that mines for margins, not just ounces, and generates strong returns on investor capital, and offers our shareholders growing resources, reserves, earnings and cash flow per share.”

The company also seeks a declining share balance, Dorward says, noting that in the first three months

| Bagassi South mine producing development ore

of the year, Roxgold repurchased and cancelled 4.95 million common shares at an average price of 84¢ per share, and in early June announced plans to buy up to 10 million more shares over the next year.

Roxgold’s Yaramoko mine in the Houndé greenstone belt region in Balé province, 200 km southwest of the capital city of Ouagadougou, consists of two gold deposits: the 55 Zone, a fully underground mine, and Bagassi South, which could achieve commercial production in the second quarter.

The company expects pre-commercial production development spending at Bagassi South will come in at US$12 million to US$15 million.

“It has gone well for us since we started operations there in December,” Dorward says. “We’ve ramped up operations, and now we’re stoping. Development is going well, so we feel very good about Bagassi South, and we like what we see underground there. The grades are picking up, and we’ll see that flow through our production and costs in the second half.”

This year, Roxgold expects Yaramoko will produce between 145,000 and 155,000 oz. gold, at cash-operating costs between US$440 and US$470 per oz., and AISCs between US$765 and US$795 per ounce.

The 55 Zone mine went from discovery in 2011 to production

The portal at Roxgold’s Bagassi South gold mine in Burkina Faso. ROXGOLD

1-16, 23_JUNE24_Main.indd 14

Boulder, previous holes returned 5 metres of 20.4 grams gold from 44 metres downhole in 152, and 5.1 grams gold over 11 metres from 21 metres downhole in 187.

Five kilometres south of Antenna, at the Ancien prospect, drill hole 172 cut 9.3 grams gold over 16 metres from 37 metres downhole. At Gabbro, 5 km northeast of Antenna, drill hole 3907 cut 12 metres from surface of 1.14 grams gold, while at the P3 target, 14 km northeast of Antenna, drill hole 5402 returned 3 metres of 15 grams gold from surface, and technology, or other storage, at this 5403 returned 14 metres of 4.5 grams stage — so we’d run solar during gold from 3 metres downhole. the day, and then draw grid power “We’re looking for more things for the evening.” like Séguéla. Good-quality projects Elsewhere in West Africa, Roxgold — which might not meet the size has kicked off a 28,000-metre drill requirement of a major — would program in Côte d’Ivoire. Earlier be of interest to us,” Dorward says. this year, Roxgold acquired the Roxgold has traded in a 52-week Séguéla project and its near-surface range of 72¢ to $1.22 per share, and Antenna deposit, as well as a port- at press time traded at $1.06. The folio of exploration permits, from company has a $392-million market Newcrest Mining (ASX: NCM) capitalization. for US$20 million. The transaction “We had a big overhang in our closed in April. shares from last year, when our “The first target for drilling was second-largest shareholder lost the the Antenna open pit, so we’re in mandate for its precious metal fund, the process of finalizing a resource and that hung over our stock for a estimate for Antenna, which will long time,” Dorward says. “Everyupdate the historic drill resource one assumed they would sell, and that Newcrest did, and will incorpo- ultimately they did, but they hung rate additional holes that Newcrest on for about eight months, and drilled, but didn’t include in their that big block of shares cleared in resource,” Dorward says. “We like February, and they’ve gone to very what we see, and the impact from good homes — good, long-term that is going to be positive.” investors — and we’ve had a lot Roxgold expects to complete a more volume in our trading of late. initial, National Instrument 43-101 So that was unsettling for our stock compliant resource on Antenna over the course of the second half of

by July. last year, but that’s behind us now, The company also plans to drill and that’s positive.” targets on the 3,298 sq. km land Roxgold is also heading towards package based on early-stage drilling qualifying for the GDXJ, which Newcrest completed at the Boulder, requires an average trading value Agouti, Ancien, Gabbro, P3 and of US$1 million a day for a threeKwenko prospects. month period over three consecuDrill results not previously re- tive index quarters, amongst other leased at Boulder — 2 km east– requirements. Roxgold has met the northeast of the Antenna deposit, for last two consecutive quarters, and instance — returned 7 metres of 9 entered their third quarter in June. grams gold per tonne from 18 metres The company ended the quardownhole in 161, and 6 metres of 25.2 ter with US$47.8 million in cash grams gold from 145 metres in 162. and long-term debt of US$34.8 At Agouti, 1.5 km along strike from million. TNM

“WE’VE ALWAYS WANTED TO BE A COMPANY THAT MINES FOR MARGINS, NOT JUST OUNCES, AND GENERATES STRONG RETURNS ON INVESTOR CAPITAL, AND OFFERS OUR SHAREHOLDERS GROWING RESOURCES, RESERVES, EARNINGS AND CASH FLOW PER SHARE.” JOHN DORWARD PRESIDENT AND CEO, ROXGOLD

in five years — early and under budget. Production began in May 2016, and commercial production was announced in October 2016.

The 55 Zone mine operates at 1,100 tonnes per day, and uses longhole stoping with cemented rock fill as its main mining method. The mine has proven and probable reserves to 750 metres’ depth of 1.8 million tonnes grading 11.47 grams gold per tonne for 662,000 contained oz. gold. Roxgold has increased inferred resources at depth in the 55 Zone, and plans to infill drill for conversion to reserves.

Roxgold is also trying to lower costs by supplementing Yaramoko’s grid power supply with low-cost solar generation. “We looked at solar as a component of our power mix when we did the feasibility study, but we really didn’t have the minimum 10-year mine life required to make it economical,” Dorward says. “But in the intervening years, the technology has improved, and so the economics have improved, and we have received a number of proposals from third-party solar power providers to basically build a solar power station at their cost, and then we’d buy the solar power at a significantly lower cost, so it’s something we will probably pursue, and it is a good sign of where the industry is headed.”

Dorward says that solar power would be 35% cheaper per kilowatt hour than the price Roxgold pays for power from the national grid.

“We’d just be looking at a daytime solar system — not battery

2019-06-18 5:45 PM

AFRICA

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

15

GoviEx prepares Madaouela for higher uranium prices DEVELOPMENT

| Uranium project in Niger fully permitted for construction

BY TRISH SAYWELL

G

tsaywell@northernminer.com

oviEx Uranium (TSXV: GXU; US-OTC: GVXXF) received the permits needed to build its flagship Madaouela project in Niger three years ago, but lagging uranium prices have kept development in check.

In the meantime, the Vancouverbased junior has been optimizing the project as part of a definitive feasibility study, talking with potential off-takers and financiers, and putting together a framework agreement with the government of Niger, which could be ready by the end of June.

The framework would see the Niger government take a 10% working interest in the project, in addition to its 10% free-carried interest under the country’s 2006 mining code.

The government would buy the 10% stake by converting US$14.5 million of debt GoviEx owes the state into equity, which would leave GoviEx debt free.

GoviEx has a right of first refusal to acquire Niger’s 10% working interest should the government ever wish to sell it, and the company won’t have to pay taxes until it finishes project financing for construction. Other terms include expanding the company’s Madaouela 1 mining permit to include previous resources GoviEx found on its Agaliouk permit, which will add 5.96 million lb. uranium oxide (U3O 8) in the measured and indicated category.

GoviEx will also be granted renewed permits for another nine years for its Madaouela 2, 3 and 4, and Anou-Melle exploration permits, which had reached the end of their exploration periods.

Daniel Major, GoviEx’s president and CEO, says the government negotiated “sensibly,” and that it recognizes the uranium price has to move higher before the project is built.

It also recognizes that the country needs to replace Areva’s (now Orano’s) Cominak mine, which is next to the Madaouela project, and produces uranium oxide at a price higher than the selling price.

Cominak could reach the end of its mine life over the next 12 to 24 months, according to Major.

“Sixty percent of Niger’s exports, from a value point of view, are uranium, and they need a replacement for Cominak,” Major says in a telephone interview from the United Kingdom. “We’re permitted, and the logical guys to come next.

“They’d like to see us lined up as the next project, but the government is also pretty sensible about commerciality,” he continues. “The mines minister was very clear in his statement that Cominak is closing because it’s not commercial. It’s such an old mine, and it costs them more to mine it than the price they’re getting. They know they can’t just build a mine for the sake of it.

“We both know what we want to achieve,” Major says of GoviEx’s framework agreement. “We’ve worked long and hard with the government, and always communicated with them. The key part is, number one, we’re not trying to renegotiate the mining code, and we need time because the uranium price hasn’t worked, so let’s make sure we work together to get this project built.”

In the meantime, GoviEx is concentrating on laying the groundwork for a feasibility study and looking for

1-16, 23_JUNE24_Main.indd 15

GoviEx Uranium personnel at the Madaouela uranium property in Niger. GOVIEX URANIUM

“PEOPLE ARE ALWAYS ASKING US WHEN WE WILL FINISH THE FEASIBILITY STUDY, AND WE SAY, ‘WELL, HOW FAST DOES THE MARKET MOVE? WE’RE NOT GOING TO RUSH TO SPEND LOTS OF MONEY. THERE’S NO POINT.” DANIEL MAJOR PRESIDENT AND CEO, GOVIEX URANIUM

ways to trim costs on the expenses.

On the mining side, it is getting quotes from contract mining companies, and on the processing side, examining possible design upgrades, such as lowering the amount of calcite in the feed material while keeping the same amount of uranium.

This would add up to significant savings, as 10% of the project’s costs are for acid.

“If we can reduce the calcite grades, we can reduce the acid consumption, and if we can do that enough, we can reduce the size of the acid plant, as well, and if you can reduce the size of feed material that goes into the leach, you reduce the capital that goes into the back-end of the plant,” says Major, a mining engineer.

The company is also re-examining the solvent extraction process, which works well, but is not optimal, Major says. “Since we did the prefeasibility study, we’ve discovered the development of an alternative resin that is good at stripping out the molybdenum, and we have high moly grades,” he says, explaining that the resin was first developed to deal with molybdenum in the copper industry.

“We have proven it will work on a proxy already, with very good results, and we’re now testing it on our own material. The advantage is that ion exchange is a lot cheaper than solvent extraction, and also it means that the whole back-end of the plant becomes industry standard.”

In addition, GoviEx is investigating solar power options. In January, the company signed a memorandum of understanding with Canada’s Windiga Energy to jointly evaluate the feasibility of powering the

company’s project using renewable hybrid solar power. Coal-fired power costs are forecast at 4% of mineoperating costs, and solar power could be as much as 25% cheaper than what’s available on the existing grid.

“We’re building a mine for 20 years or longer, so we need as lowcost power as we can get, so looking at the solar hybrid option is very much of interest to us,” he says. “It guarantees ourselves secure, 24-hour power, and within our own control.

We know what the fixed price is, and we would have better control over pricing because we have negotiated the price with the supplier, which you can’t do with the grid.”

Major notes that the government is keen for GoviEx to pursue solarpower generation. “It means that they could shut down the coal-fired power station if they chose to do that, or they can take that power down into more residential parts of Niger.”

Major emphasizes that the company isn’t looking at trying to trim expenses “0.01%.” He says that “we’re looking at where we will see a noticeable difference in cost optimization.

“We’re looking at what we can do to optimize the project over the first seven years. What can we do to make sure this project works at a much lower uranium price ... we want to make sure it works if the uranium price is below US$50 per pound.”

In an updated integrated development plan (IDP) released in August 2015, operating costs total an estimated US$24.49 per lb. U3O 8 , including by-product credits and excluding royalties. (Spot U3O 8 is US$24 per lb., according to Trade

Tech, an independent consulting company for the nuclear fuel industry.)

GoviEx’s 2015 study envisions an underground mine built for initial capex of US$359 million that would produce 2.69 million lb. U3O8 each year over a 21-year mine life. The study was based on measured and indicated resources of 110 million lb. U3O8 .

Measured resources total 11.8 million tonnes grading 0.12% U3O8 for 31.4 million lb. U3O8 , and indicated resources stand at 25 million tonnes grading 0.14% U3O8 for 79.4 million lb. U3O 8 . In addition, Madaouela contains 9.5 million tonnes averaging 0.13% U3O8 for 27.7 million lb. U3O8 .

The 2015 IDP used a long-term uranium price of US$70 per lb.

U3O8 , which generated an after-tax net present value at an 8% discount rate of US$340 million, and internal rate of return of 23.5%, with total life-of-mine net free cash of US$1.23 billion.

Major describes the current uranium market as “uninspiring,” and notes that while “the demand side looks robust,” and the actions taken

by Cameco to suspend some of its production “are having an impact on the market,” many industry players are waiting on the sidelines to see how U.S. President Donald Trump rules on a petition that was submitted to the U.S. Department of Commerce under Section 232 of the Trade Expansion Act. In January 2018, American uranium producers Ur-Energy (TSX: URE; NYSE-AM: URG) and Energy Fuels (TSX: EFR) petitioned the government to impose a 25% quota for domestic uranium production in the country’s nuclear market.

The Department of Commerce submitted its recommendations to the president in April, and he has 90 days to decide whether or not to impose a “Buy American” policy.

“Everybody seems to be just waiting on the sidelines to see Section 232 resolved, one way or the other,” Major says. “If everyone else is waiting for 232, we might as well wait, as well.”

As for the uranium price, he

says, “Cameco will have a number they believe is justifiable to restart McArthur River, and we think it’s US$50 per lb. and over, and our friends in Kazakhstan will decide what number is OK for them, as well ... and that’s why GoviEx needs to make sure it’s looking at a price that’s well under US$50 per lb. to justify construction.”

In the meantime, GoviEx continues to work on debt and project financing.

“People are always asking us when we will finish the feasibility study, and we say, ‘Well, how fast does the market move?” Major says. “We’re not going to rush to spend lots of money. There’s no point. So what we are doing is getting rid of all the key decisions that need to be made so that we can then focus on what we need to focus on — the final design, getting it to the banks ready for financing, and talking to various institutions to develop our relationships in the wider market.”

Madaouela is 10 km south of the town of Arlit and west of the Air Mountains, in north-central Niger, one of the most significant areas of producing sandstone-hosted uranium deposits in the world.

Arlit — 800 km by air northeast of the capital city, Niamey — began as a mining town, when the first uranium deposits were found by the French (Commissariat à l’énergie atomique) in the 1960s. GoviEx acquired the property in 2007.

Elsewhere in Africa, GoviEx owns the Mutanga uranium project in Zambia, 200 km south of Lusaka, and the Falea uranium project in Mali, 80 km from Orano’s Saraya East uranium deposit. Both projects have National Instrument 43-101 compliant resources.

GoviEx is trading at 16¢ per share in a 52-week range of 12¢ to 25¢. The company has a $66-million market capitalization.

Based on a June 2019 corporate presentation, GoviEx’s shareholders include Denison Mines (TSX: DML) (15.40%); Govind Friedland, GoviEx’s executive chairman (5.72%); Ivanhoe Industries (4.27%); and Cameco (TSX: CCO; NYSE: CCJ) (2.95%). TNM

2019-06-18 5:45 PM

16

WWW.NORTHERNMINER.COM

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

Pembridge finally buys Capstone’s Minto mine for US$20M M&A

| New owner plans to develop, restart Yukon copper mine

BY TRISH SAYWELL

F

tsaywell@northernminer.com

ifteen months ago, Pembridge Resources (LON: PER E) agreed to buy Capstone Mining’s (TSX: CS) Minto copper-goldsilver mine in the Yukon for US$37.5 million in cash, and a 9.9% equity stake.

But the U.K.-based company couldn’t come up with the money to seal the deal, so Capstone put the mine, 240 km north of Whitehorse, on care and maintenance.

In June, an agreement was reached that sees Pembridge acquire the asset in an all-cash transaction of up to US$20 million, based on certain copper price thresholds.

Under the arrangement, Pembridge will make its first US$5million payment once Minto reaches a steady 60% mill capacity. A second US$5-million payment will be due when the copper price has averaged over US$3 per lb. for two consecutive quarters, and the final US$10 million will be paid when copper averages US$3.50 per lb. for two consecutive quarters.

“We’re happy to complete the deal and allow Minto to get back into production,” Paul Johnston, Capstone’s vice-president of business development and investor relations, says by phone from Vancouver.

“Initially they were looking to do a conventional deal — make the announcement and go to the capital markets, and arrange equity — but they just fell a bit short, the markets went against them,” he says. “But they’ve come back and have new financial backers to help them get it back into production.”

Proceeds from the sale will help lower outstanding debt under Capstone’s revolving-credit facility.

The deal will also “derecognize an approximate US$24-million asset retirement obligation in its financial

A 2015 photo of the Minto copper-gold-silver mine in the Yukon. CAPSTONE MINING

statements this quarter, and will recognize an accounting charge of US$20 million to US$30 million, due primarily to the reversal of non-cash, cumulative translation adjustments related to foreign exchange at Minto, which currently reside in equity,” Captsone says in a press release.

The sale will help Capstone focus on its core operations, which

include two producing mines: the Pinto Valley mine in Arizona, and the Cozamin polymetallic mine in Mexico’s Zacatecas state. Capstone also owns 70% of the Santo Domingo copper-iron project in Chile in partnership with Korea Resources Corporation.

As for Minto, the open-pit and underground mine just didn’t fit Capstone’s requirements.

“From our perspective, it had a four-year reserve life left, and at prevailing copper prices we weren’t making a significant financial return for the amount of time, effort and risk associated with that investment,” Johnston says. “It just wasn’t making a contribution to Capstone, as well, so rather than deplete a finite resource that wasn’t adding a ton of value, we thought, at best, put it on

The Art and Humour of John Kilburn Cartoons from A hilarious, 262-page anthology of mining cartoons by The Northern Miner’s resident cartoonist John Kilburn.

Unique in its scope and ambitions, this anthology gathers the best Northern Miner cartoons created over 25 years by John Kilburn, a Vancouver-based mining professional who has worked in Western Canada as a mining engineer, broker, journalist, equity analyst and investor.

Kilburn stylishly captures the mining sector’s biggest events over the past quarter century as well as its perennial conundrums with a cast of characters that includes engineers, geologists, miners, promoters, executives and environmentalists. Joining the cast are coal mine canaries, camp dogs and llamas, plus a special appearance by Santa.

With a foreword by Pierre Lassonde, cofounder and chairman of Franco-Nevada, an introduction

by John Cumming, editor-in-chief of The Northern Miner, and hundreds of boisterous JK mining cartoons like you’ve never seen them before.

Specifications: 7.8” by 10”, 262 pages, B&W with a colour cover, ISBN 978-1-987932-00-3 C$34.99 plus shipping and applicable taxes.

$34.99

1-16, 23_JUNE24_Main.indd 16

To order by phone, call toll-free: 1-888-502-3456 ext. 43702 For more information and to order online visit: www.northernminer.com/jk

care and maintenance, and continue to pursue investment.”

For its part, Pembridge sees Minto as a “transformational opportunity,” and says there are opportunities to extend the mine life and “significantly improve on previous operating margins” at the mine.

“While market conditions impacted closing of the transaction, we were able to use this time to achieve a deal and financing package, which we expect to be value accretive for Pembridge shareholders,” David Linsley, Pembridge’s CEO, says in a press release.

Added Frank McAllister, Pembridge’s chairman: “It was vital to ensure that the company achieved favourable deal terms rather than pursuing a deal at any cost, regardless of the time it may take to complete.”

The news was made possible with a US$10-million financing from Copper Holdings LLC, a New Yorkbased private equity group, and Cedro Holdings I, LLC, an entity managed by Lion Point Capital, LP, an asset manager, also in New York.

Under the financing arrangement, Copper Holdings and Lion Point will provide a total US$10 million to Minto with an 8% coupon, and acquire non-voting B shares in Minto that represent one-third share each once the debt has been repaid.

However, Pembridge has the right to buy out their respective interests.

Minto started operating as an open-pit mine in 2007, and Capstone added an underground component in 2014, using room-and-pillar and long-hole stoping retreat mining methods. A 4,000-tonne-per-day processing plant produced concentrate averaging 35% and 40% contained copper.

In 2017, Minto produced 16,332 tonnes copper, 170,809 oz. silver and 25,205 oz. gold.

Pembridge notes that between 2008 and 2012, Capstone invested US$24 million on exploration, and added over 500,000 contained tonnes copper resource. TNM

2019-06-18 5:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

17

PROFESSIONAL DIRECTORY INSTRUMENTATION

ASSAYERS

C.F. Mineral Research Ltd. INDEPENDENT SPECIALISTS IN HEAVY MINERAL GEOCHEMISTRY

1677 Powick Road Kelowna, B.C. Canada V1X 4L1

Diamond Indicator Heavy Minerals Extraction • Precious and Base Metals Extraction • Electron Microprobe Precision Analyses • Diamond Indicator and Mineral Classification • Microdiamond Recovery and Characterisation • High Quality / Low Cost / Quick Turnaround

MET TEST | PROCESS DESIGN | SYSCAD | COMMISSION | AUDIT

Highest Precision Magnetometers in the World Offering the industry leading precision, absolute accuracy and sensitivity for Optically Pumped Potassium, Overhauser and Proton Precession Magnetometers/Gradiometers with new add-on or standalone VLF-EM systems for resistivity depth sections.

•

TEL: 250-860-8525 FAX: 250-862-9435

Trusted Advisors to the Global Mineral Resource Industry

UAV - Airborne – Ground Solutions Visit the website or call for a QUOTE today

— SERVING THE EXPLORATION SECTOR WORLDWIDE SINCE 1977 —

Leading the World of Magnetics since 1980

DRONEMag™

Since 1962

CONSULTING

Call (416) 364-6244

wgm.ca

Geological and Mining Consultants

Geological and Mining Consultants I Since 1962

Crone Geophysics

Worldwide 3D Pulse-EM TDEM, 3D E-SCAN IP/Resistivity Surveys

Caracle Creek GEOLOGICAL & GEOPHYSICAL CONSULTANTS

Project Design & Management 3D Compilations and Modelling Independent Reporting (NI43-101) Resource Estimation www.caraclecreek.com QA/QC Programs Sudbury, Canada Due Diligence Tel: +1-705-671-1801 Property Valuations/Evaluations

Geophysical Survey Design and Interpretation • Borehole Resistivity/ IP Tomography • Surface IP/Resistivity • Airborne EM-Mag

www.cronegeophysics.com

(905) 814-0100

3D Pulse-EM (Time-Domain EM) Borehole and Surface Surveys Coil, Fluxgate or SQUID Sensors High Power, Low noise Step Response

3D E-SCAN (IP/DC Res) Mapping Recon3D , Target3D , HiRes3D Any Topography, any Scale Immediate QC, daily Results Deep, Efficient, Safe R

R

• info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.635.1829

Sales and Rentals:

GEOPHYSICS

CCIC

www.gemsystems.ca

R

R

Magnetometers/VLF Magnetic Susceptibility Conductivity Full Wave 2D/3D IP Trusted Advisors to the TERRAPLUS INC. Global Mineral Resource Industry Borehole Logging 52 W. Beaver Creek Rd., Unit 12 TDEM and HLEM Richmond Hill, Ontario L4B 1L9 (Canada) Gamma-Ray Spectrometers Infrared Spectrometers Tel: (905) 764-5505 Resistivity (ERT) Fax: (905) 764-8093 GPR E-mail: sales@terraplus.ca Seismic Website: www.terraplus.ca

Email: canada@caraclecreek.com

LEGAL

EXPLORATION FACILITATION UNLIMITED, INC.

We

Discovery-focussed Mineral Exploration

Greenfields project experts specializing in advancing remote, under-explored properties

litigate

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

ON: (519) 643-8063

| BC: (604) 334-2901 E: info@efuexploration.com | W: efuexploration.com

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

Competent Persons / NI 43-101 Technical Reports; Mineral Resource Estimates; Due Diligence Independent Engineer Services; Geology, Mine Planning, Metallurgy, Environmental; Economic Evaluation and Feasibility Studies; Expert Witness and Mineral Property Valuation

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

MARKETING

www.micon-international.com Toronto

Vancouver

Norwich

Cornwall

LEADING NEWS STRATEGIC PLANS. PR. GLOBAL MARKETS. State-of-the-art. Professional. Experienced* G&M, BBC, WSJ, NYT, CNBC, NM. MW

International Exploration & Mining Consultants

Don@leadingnews.ca

Project generation, design, management Independent reporting|Geophysics|GIS

www.mphconsulting.com +1.416.365.0930

•

1-416-434-3681

•

www.leadingnews.ca

SURVEYORS & CORE SYSTEMS

Toronto Denver London Quebec City Vancouver

JEAN-LUC CORRIVEAU, Q.L.S., CLS LAND & MINING SURVEYORS – 3D SCANNING

GYRO (Shaft plumbing), underground control, photogrammetric mapping (Airborne Lidar & photos by drone), borehole & bathymetric surveys Scanning of flooded cavities by sonar • Surface and underground inspections by drone

Geological and Mining Consultants www.rpacan.com

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

+1 (416) 947-0907

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

Published by:

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

Now Available in Spanish

17_JUNE24_ProDirectory .indd 17

Order Your Copy Today!

Call 1-888-502-3456 or email info@northernminer.com

2019-06-18 11:32 AM

18

WWW.NORTHERNMINER.COM

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 10–14 The S&P/TSX Composite Index rose 0.44% to 16,301.91. The S&P/TSX Global Mining Index increased 3.44% to 75.85, and the S&P/TSX Global Base Metals Index was up 3.52% to 109.49. Spot gold rose 0.09% to US$1,341.10 per oz. gold.

Brazil-focused Serabi Gold posted the largest percent gain, surging 34.7% to 97¢ per share. President and CEO Mike Hodgson told shareholders at the company’s annual meeting that the company is on budget and on track to achieve its full-year guidance of between 40,000 and 44,000 oz. gold. He also noted that the company expects results from a preliminary economic assessment of its Coringa project during the early part of the third quarter, and that the study will reflect a 37% increase in the project’s mineral resource.

Trouble at Avesoro Resources’ Youga gold mine in Burkina Faso and New Liberty gold mine in Liberia sent the company’s shares down 50.7%, or 77¢, to 75¢. On June 10, Avesoro cut its 2019 production guidance from 210,000 to 230,000 oz. gold to 180,000 to 200,000 oz. gold in the wake of ore dilution at Youga during the first quarter of the year, and in the first two weeks of June. It also revised its 2019 guidance for operating cash costs, which it says will increase to between US$889 and US$960 per oz. sold, up from its previous estimate of US$850 to US$910 per oz., while all-in sustaining costs will likely

rise to between US$1,152 and US$1,248 per oz., up from US$1,110 to US$1,190 per oz. gold. The company said it plans to transition its Youga and New Liberty operations to contractor mining to lower mining costs and lift volumes. After the announcement, open-pit mining fleet operators at Youga refused to work, and disrupted mining activities and gold production at New Liberty. Two days after the announcement, Avesoro declared it had temporarily suspended gold-processing operations at Youga. Mining and processing resumed at Youga on June 15, and the company said it continues to assess project optimization options — including ore-sorting and heap-leach scenarios, at both mines — to improve economics.

Stornoway Diamond was the most traded TSX MOST ACTIVE ISSUES

Stornoway Diam SWY Barrick Gold ABX Kinross Gold K Suncor Energy SU B2Gold Corp BTO Yamana Gold YRI First Quantum FM Lundin Mng LUN Yorbeau Res YRB IAMGOLD IMG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

46766 0.04 0.02 0.02 - 0.02 18911 18.81 17.49 18.66 + 0.65 16093 4.93 4.46 4.74 + 0.13 12560 41.80 40.07 41.59 + 1.07 10086 3.84 3.57 3.76 unch 0.00 8607 2.84 2.55 2.74 + 0.05 8243 11.41 10.69 11.15 + 0.46 8236 6.82 6.36 6.73 + 0.42 7894 0.05 0.03 0.03 - 0.01 7475 3.97 3.46 3.86 + 0.24

stock of the week, and fell 2¢ to 2¢ per share.

The diamond producer reported a $48.4-million net loss — or 5¢ per share — on revenues of $53.3 million in the first quarter of the year, and is undergoing a strategic review to consider its options. Stornoway said that downward pressure on the market price for rough diamonds had inhibited its ability this year to generate positive free cash flow from its Renard mine in Quebec. On June 11,

the company entered into a binding bridgefinancing term sheet, with secured lenders and key stakeholders including Osisko Gold Royalties. The funds will ensure the company operates during its strategic review. The Renard mine, 350 km north of Chibougamau in the James Bay region of north-central Quebec, is the province’s first producing diamond mine, and Canada’s sixth. Commercial production began in January 2017. TNM

TSX GREATEST PERCENTAGE CHANGE

Serabi Gold Western Potash Prophecy Coal Jaguar Mng Largo Res Levon Res Ltd Mandalay Res Anglo Pac Grp Solitario Ex&R Leagold Mg Avesoro Res Stornoway Diam Yorbeau Res Potash Ridge SouthGobi Res Silver Bear Rs Katanga Mng Argex Titanium Lydian Intl Northcliff Res

SBI WRX PCY JAG LGO LVN MND APY SLR LMC ASO SWY YRB SOP SGQ SBR KAT RGX LYD NCF

49 3141 567 1729 3789 774 983 4 19 1079 260 46766 7894 1200 9 295 1758 3105 731 135

0.98 0.18 0.22 0.11 2.00 0.12 0.10 3.80 0.46 1.80 0.79 0.04 0.05 0.07 0.18 0.18 0.41 0.04 0.18 0.08

0.77 0.12 0.16 0.08 1.60 0.11 0.08 3.25 0.37 1.47 0.42 0.02 0.03 0.06 0.14 0.13 0.34 0.03 0.14 0.00

0.97 0.17 0.22 0.11 1.97 0.12 0.10 3.80 0.46 1.80 0.75 0.02 0.03 0.06 0.14 0.13 0.35 0.03 0.15 0.07

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Nutrien Franco-Nevada Labrador IOR North Am Pall Ero Copper Kirkland Lake SSR Mining Suncor Energy Detour Gold Teck Res Avesoro Res Endeavour Mng Aura Minerals Teranga Gold Auryn Resource Silvercorp Met Dundee Prec Mt Corvus Gold Platinum Gp Mt Orocobre

34.7 30.8 30.3 29.4 23.1 20.0 18.8 16.9 16.5 16.1 50.7 42.9 23.1 20.0 20.0 16.1 14.8 14.3 14.3 13.3

VOLUME WEEK (000s) CLOSE CHANGE

NTR FNV LIF PDL ERO KL SSRM SU DGC TECK.B ASO EDV ORA TGZ AUG SVM DPM KOR PTM ORL

5800 71.42 2304 104.81 1181 32.76 719 13.30 823 19.37 4690 51.19 1733 17.00 12560 41.59 2948 14.11 5882 29.14 260 0.75 825 20.20 2 19.54 982 3.31 775 2.10 984 2.89 1152 4.11 219 2.06 80 1.64 65 2.89

+ 2.77 + 1.92 + 1.92 + 1.55 + 1.43 + 1.33 + 1.12 + 1.07 + 0.85 + 0.76 - 0.77 - 0.57 - 0.38 - 0.34 - 0.26 - 0.16 - 0.15 - 0.14 - 0.11 - 0.11

TSX VENTURE EXCHANGE / JUNE 10–14 The S&P/TSX Venture Composite Index fell 1.46% to 587.84 during the trading week.

An unsolicited takeover offer for Alexandria Minerals from Agnico Eagle Mines sent the junior’s shares up 66.7% to 5¢. Agnico Eagle is offering to buy all of Alexandria’s issued and outstanding common shares at 5¢ per share, payable in cash or shares in Agnico Eagle. Alexandria announced on June 13 that Agnico’s offer was superior to one in May from Chantrell Ventures. Chantrell has 10 days to make a superior bid. Alexandria’s large Cadillac Break property in Val-d’Or hosts near-surface gold resources.

Drill results from three of its gold deposits in Quebec’s Abitibi greenstone belt drove Bonterra Resources’ shares up 26¢ to $2.10 per share. At the Gladiator deposit, drill hole 19-40 intersected 101.1 grams gold per tonne over 4 metres in the Barbeau zone — 50 metres down-plunge of mineralization — and drill hole 19-37 cut 8.1 grams gold over 2 metres in the North Zone, 50 metres down-plunge from mineralization. At the Moroy deposit, drill hole 19-155 returned 12.8 grams gold over 6 metres, and drill hole 19-158 cut 12.2 grams gold over 5 metres, extending the mineralization 150 metres down-plunge, while drill hole 19-227 intersected 3.6 grams over 2 metres. At the Barry deposit, hole 19-209

intersected 8.7 grams gold over 2 metres in zone H1 — 75 metres deeper than known mineralization. Hole 19-211 extended the H1 zone 250 metres at depth, with an intercept of 6.3 grams gold over 2 metres. Hole 19-206 also extended mineralization 200 metres at depth, with 5.9 grams gold over 2 metres.

Bonterra has five drill rigs working on three projects. The company released a resource estimate on the Gladiator, Barry and Moroy deposits last May, outlining 302,005 measured tonnes grading 5.66 grams gold for 55,000 contained oz. gold, and 3.16 million indicated tonnes grading 6.33 grams gold for 643,000 contained oz. gold. Inferred resources add 6.20 million tonnes grading 7.04 grams gold for 1.41 million contained oz. gold.

Great Bear Resources dropped 30¢ to $3.88 TSX-V MOST ACTIVE ISSUES

Alexandria Min AZX West Kirkland WKM Equinox Gold EQX Minera Alamos MAI Clean Comm CLE Benchmark Met BNCH Victoria Gold VIT MAX Res MXR Transatlantic TCO Lincoln Mng LMG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

36210 6404 4747 3690 3293 3043 2845 2716 2638 2548

0.06 0.05 1.31 0.13 0.03 0.40 0.44 0.14 0.03 0.01

0.03 0.00 1.16 0.12 0.02 0.30 0.39 0.09 0.02 0.01

0.05 + 0.04 - 1.27 + 0.12 unch 0.03 unch 0.36 + 0.41 + 0.11 - 0.03 unch 0.01 unch

0.02 0.01 0.06 0.00 0.00 0.02 0.01 0.01 0.00 0.00

per share. The company announced a boughtdeal private placement of 1.5 million common flow-through shares at $5.45 per share. The $8.2 million in proceeds will help Great Bear explore its properties in Ontario. It has mobilized a third drill rig to its wholly owned Dixie project in the province’s Red Lake district as part of its 60,000-metre drill program. The third drill will target the Bear-Rimini zone.

Eagle Graphite’s shares jumped 66.7% to 5¢. B.C.’s Advanced Research and Commercialization program for clean energy vehicles awarded the company a $290,000 grant, in support of a two-year program to develop and commercialize silicon-modified battery anodes made with graphite from Eagle’s Black Crystal granite quarry and plant in Passmore, British Columbia. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Minsud Res Chinapintza Mg Westkam Gold Eagle Graphite Alexandria Min Tembo Gold Tango Mining Monarca Mnrls Freedom Egy Kilo Goldmines Stratabd Mnr GGX Gold Aloro Mining ProAm Expl Blackheath Res Zinc One Res North Am Nickl Superior Mng Rizal Res Heatherdale Rs

MSR CPA.H WKG EGA AZX TEM TGV MMN FREE KGL SB GGX AORO PMX BHR Z NAN SUI.H RZL HTR

27 190 224 469 36210 92 67 425 61 45 5 826 786 93 330 1330 267 33 80 500

0.09 0.03 0.01 0.05 0.06 0.03 0.02 0.08 0.02 0.02 0.01 0.07 0.06 0.04 0.02 0.04 0.02 0.07 0.01 0.03

0.01 0.02 0.01 0.04 0.03 0.02 0.00 0.05 0.00 0.02 0.01 0.06 0.03 0.02 0.01 0.03 0.02 0.07 0.01 0.02

0.08 0.03 0.01 0.05 0.05 0.03 0.02 0.08 0.02 0.02 0.01 0.06 0.03 0.02 0.01 0.03 0.02 0.07 0.01 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 1500.0 + 150.0 + 100.0 + 66.7 + 66.7 + 66.7 + 50.0 + 50.0 + 50.0 + 50.0 - 88.9 - 71.4 - 57.1 - 50.0 - 50.0 - 44.4 - 40.0 - 35.0 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royal Cantex Mn Dev BonTerra Res SilverCrest Hut 8 Mining Barksdale Cap Aurania Res Novo Res Nrthn Lion Torq Resources Gold Reserve Great Bear Res Pac Booker Min Sailfish Rylty GGX Gold Canadian Prem Itafos ML Gold Corp Unity Metals Golden Secret

RZZ CD BTR SIL HUT BRO ARU NVO NL TORQ GRZ GBR BKM FISH GGX CPS IFOS MLG UTY TBRD

6 12.69 94 4.03 1011 2.10 601 4.91 713 2.40 356 0.61 52 3.18 555 2.08 18 0.32 316 0.49 13 2.46 1067 3.88 19 3.10 14 0.80 826 0.06 124 1.12 244 0.60 189 0.45 368 0.66 137 1.46

+ 1.94 + 0.34 + 0.26 + 0.24 + 0.20 + 0.15 + 0.13 + 0.10 + 0.09 + 0.09 - 0.90 - 0.30 - 0.23 - 0.20 - 0.15 - 0.14 - 0.14 - 0.14 - 0.14 - 0.11

U.S. MARKETS / JUNE 10–14 The Dow Jones Industrial Average rose 0.41% to finish at 26,089.61, and the S&P 500 Index moved up 0.47% to 2,886.98. Spot gold rose 0.01% to US$1,341.10 per oz. gold.

Rio Tinto posted the biggest share gain, rising US$2.66 to US$60.77 per share. The company reported on June 14 that since deploying its AutoHaul technology in Western Australia last year, 2.4 km long trains, which are monitored remotely from an operations centre in Perth, have safely travelled more than 4.5 million kilometres. The remotecontrolled trains travel across a network of 1,700 km of track, delivering iron ore from 16 mines to ports in Campier and Cape Lambert. Rio Tinto collaborated on the A$940-million AutoHaul program with project partners in Japan, the U.S. and Australia, which included Hitachi Rail, Calibre, New York Air Brake, Wabtec, and others.

Rio Tinto operates 200 locomotives on what is the largest privately owned rail network in Australia. The average return distance of trains is 800 km, including loading and dumping, which takes about 40 hours. Locomotives carrying the AutoHaul software are fitted with on-board cameras and monitored

18_JUNE24_MarketNews.indd 18

from the operations centre in Perth.

Drill results from Alamos Gold’s Island gold mine sent the company’s shares up 4.2% to $5.41. Surface exploration drilling returned high-grade mineralization in a previously untested area between the eastern and main extensions, and within a 500-metre gap between inferred resource blocks. The area is also only 1,000 metres from surface. Highlights from the eastern extension included 102.74 grams gold over 4 metres, and 31.66 grams gold over 3 metres. Intercepts from the main extension included 24.08 grams gold over 6 metres and 6.01 grams gold over 10 metres.

U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 126154 13.57 Freeport McMoR* FCX 89933 11.14 Barrick Gold * GOLD 62722 14.07 Newmont Gdcorp* NEM 51958 36.24 United States S* X 48307 14.54 Yamana Gold* AUY 44801 2.13 Gold Fields* GFI 44716 5.35 Kinross Gold* KGC 43054 3.70 Cleveland-Clif* CLF 32092 9.97 Hecla Mining* HL 29028 1.74

12.40 13.12 + 0.59 10.43 10.65 + 0.30 13.20 13.90 + 0.36 34.83 35.93 + 0.26 13.61 13.78 + 0.20 1.92 2.04 + 0.02 4.81 5.27 + 0.22 3.36 3.54 + 0.08 9.30 9.61 + 0.03 1.39 1.58 + 0.11

This year’s exploration drilling will expand the down-plunge and lateral extensions of the Island gold deposit, and add near-mine resources across the 2 km long main zone.

Shares of Osisko Gold Royalties were down US13¢ to US$10.41. Osisko owns a senior-

secured 9.6% diamond stream on Stornoway Diamond’s Renard diamond mine. The diamond producer reported a $48.4-million net loss on revenues of $53.3 million in the first quarter of the year, and is undergoing a strategic review to consider its options. TNM

U.S. GREATEST PERCENTAGE CHANGE

DRDGOLD* AngloGold Ash* Hecla Mining* IAMGOLD* Vale* Rio Tinto* Mechel* Gold Fields* Alamos Gold* HudBay Min* Peabody Enrgy* CONSOL Energy* CONSOL Energy* Turquoise HIl* Fortuna Silvr* MartinMarietta* NACCO Ind* Trecora Res* Osisko Gold* Eldorado Gold*

DRD AU HL IAG VALE RIO MTL GFI AGI HBM BTU CNX CEIX TRQ FSM MLM NC TREC OR EGO

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

939 2.62 2.11 2.53 + 15.0 18795 16.19 14.06 15.79 + 8.1 29028 1.74 1.39 1.58 + 7.5 23569 2.97 2.60 2.87 + 5.5 126154 13.57 12.40 13.12 + 4.7 10257 61.70 58.53 60.77 + 4.6 88 2.09 1.94 2.07 + 4.5 44716 5.35 4.81 5.27 + 4.4 13780 5.58 4.97 5.41 + 4.2 3997 5.36 4.98 5.17 + 3.8 2636 24.05 21.64 21.74 - 7.3 20117 7.80 6.93 7.12 - 6.9 1269 27.41 24.78 25.10 - 5.7 17021 1.24 1.14 1.17 - 4.9 9077 2.62 2.43 2.50 - 3.5 2977 232.44 216.12 223.98 - 2.9 40 50.89 48.52 49.03 - 1.8 173 9.81 9.45 9.46 - 1.5 3062 10.65 10.04 10.41 - 1.2 11744 4.47 4.11 4.26 - 1.2

U.S. GREATEST VALUE CHANGE

Rio Tinto* RIO Nutrien* NTR AngloGold Ash* AU Southern Copp* SCCO Kirkland Lake* KL Franco-Nevada* FNV Black Hills* BKH Natural Res Pt* NRP Vale* VALE Suncor Energy* SU MartinMarietta* MLM Peabody Enrgy* BTU CONSOL Energy* CEIX NACCO Ind* NC Chevron Corp* CVX CONSOL Energy* CNX Trecora Res* TREC Osisko Gold* OR CONSOL Coal Rs* CCR Buenaventura* BVN

VOLUME WEEK (000s) CLOSE CHANGE

10257 60.77 9159 53.27 18795 15.79 2875 36.99 7775 38.15 2136 78.13 1237 78.12 66 37.92 126154 13.12 10979 31.00 2977 223.98 2636 21.74 1269 25.10 40 49.03 22671 120.81 20117 7.12 173 9.46 3062 10.41 71 15.74 4410 15.68

+ 2.66 + 1.62 + 1.18 + 0.94 + 0.82 + 0.72 + 0.71 + 0.62 + 0.59 + 0.52 - 6.65 - 1.72 - 1.51 - 0.89 - 0.67 - 0.53 - 0.14 - 0.13 - 0.12 - 0.11

2019-06-18 5:11 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S Tuesday, June 18, 2019 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

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

Change $1333.20 +4.60 $14.78 +0.04 $799.00 +0.00 $1467.00 +115.00 Price (US$/tonne) Change $11950.00 +181.00 $5954.00 +104.00 $1916.00 +33.50 $2513.50 +42.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, May 31, 2019 (change from May 24, 2019 in brackets): Aluminium Alloy 6104 (-236) Aluminium 1064625 (-46850) Copper 252425 (+40850) Lead 67950 (+925) Nickel 163122 (-846) Tin 3615 (+100) Zinc 100625 (+200)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$59.25 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.30 Cobalt: US$12.70/lb.

Copper: US$2.65/lb.

Copper: CME Group Futures July 2019: US$2.70/lb.; Aug.: 2019: US$2.70/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$108.2/tonne Lead: US$0.85/lb.

Molybdenum Oxide: US$12.46/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$3,480 tr. oz.

Ruthenium: Mid-mkt US$249.00/tr. oz.

Silver: Handy & Harman Base: US$14.88 per oz.; Handy & Harman Fabricated: US$18.60 per oz.

Tantalite Ore : US$186.50/kg Tin: US$8.68/lb.

Uranium: U3O8, Trade Tech spot price: US$24.60 per lb U308 Zinc: US$1.16/lb.

Prices current June 18, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jun 14 Jun 13 Jun 12 Jun 11 Jun 10 High Low S&P/TSX Composite 16301.91 16239.26 16227.24 16248.76 16216.26 15527.30 12400.15 S&P/TSXV Composite 587.84 589.24 591.62 589.32 594.43 1050.26 883.52 S&P/TSX 60 976.82 972.55 972.90 974.13 972.46 896.74 709.99 S&P/TSX Global Gold 204.71 203.45 201.07 197.69 196.77 218.90 149.29 DJ Precious Metals 168.58 168.58 166.94 164.58 163.78 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 31, 2019 (with changes from May 15, 2019) Largest short positions Sandstorm Gold SSL 17953338 -140635 5/15/2019 Nemaska Lith NMX 17100981 1788507 5/15/2019 Turquoise HIl TRQ 13977875 8540 5/15/2019 Ivanhoe Mines IVN 13552816 597068 5/15/2019 New Gold NGD 13107724 2447977 5/15/2019 Kinross Gold K 10428264 1157398 5/15/2019 Yamana Gold YRI 9358567 -395929 5/15/2019 Copper Mtn Mng CMMC 8315376 4236 5/15/2019 Barrick Gold ABX 7982698 1772576 5/15/2019 Nexgen Energy NXE 7469193 620410 5/15/2019 Sherritt Intl S 7245088 269238 5/15/2019 First Majestic FR 6698351 -40899 5/15/2019 First Quantum FM 5773894 1107284 5/15/2019 Alacer Gold ASR 5773697 478553 5/15/2019 Lucara Diam LUC 5532247 -163935 5/15/2019 Largest increase in short position New Gold NGD 13107724 2447977 5/15/2019 Nemaska Lith NMX 17100981 1788507 5/15/2019 Barrick Gold ABX 7982698 1772576 5/15/2019 Fortuna Silvr FVI 3220012 1415043 5/15/2019 McEwen Mng MUX 3778367 1264430 5/15/2019 Largest decrease in short position Suncor Energy SU 4346631 -2610142 5/15/2019 First Mg Fin FF 873901 -2163497 5/15/2019 Champion Iron CIA 457485 -1180582 5/15/2019 OceanaGold OGC 4904112 -1137921 5/15/2019 Great Panther GPR 1045857 -1064581 5/15/2019

Short positions outstanding as of May 31, 2019 (with changes from May 15, 2019) Largest short positions Atlantic Gold AGB 6868001 5325638 5/15/2019 Equinox Gold EQX 1551144 253490 5/15/2019 Novo Res NVO 1075021 -4291 5/15/2019 Cobalt 27 Cap KBLT 915815 66240 5/15/2019 Ucore Rare Mtl UCU 843517 751742 5/15/2019 First Cobalt FCC 799917 -1421672 5/15/2019 Geomega Res GMA 787467 705384 5/15/2019 ML Gold Corp MLG 756510 691236 5/15/2019 Amarillo Gold AGC 746360 -28640 5/15/2019 Commerce Res CCE 629689 629189 5/15/2019 Gratomic GRAT 617000 585084 5/15/2019 Azincourt Ener AAZ 549625 429323 5/15/2019 Plato Gold PGC 539219 491000 5/15/2019 Providence PHD 446922 446366 5/15/2019 Core Gold CGLD 434178 398155 5/15/2019 Largest increase in short position AGB 6868001 5325638 5/15/2019 Atlantic Gold Ucore Rare Mtl UCU 843517 751742 5/15/2019 Geomega Res GMA 787467 705384 5/15/2019 ML Gold Corp MLG 756510 691236 5/15/2019 Commerce Res CCE 629689 629189 5/15/2019 Largest decrease in short position First Cobalt FCC 799917 -1421672 5/15/2019 Fission 3.0 FUU 35921 -1363224 5/15/2019 Liberty One Li LBY 155402 -1164998 5/15/2019 Leeta Gold HIVE 257981 -911253 5/15/2019 Karoo Expl AHE 443 -633460 5/15/2019

DAILY METAL PRICES Daily Metal Prices Date June 17 June 14 June 13 June 12 June 11 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1255/1265 1280/1200 1260/1200 1290/1200 1215/1150 Aluminum 1719/1754 1737/1770 1755.50/1787 1753/1785 1754/1783 Copper 5755.50/5785 5804.50/5827 5797/5827 5828/5846 5903/5915 Lead 1873/1871 1881/1876 1902/1894 1917/1883 1947/1905 Nickel 11740/11840 11890/11945 11915/11980 11740/11825 11820/11875 Tin 19075/18900 19500/19350 19450/19350 19275/19050 19355/19200 Zinc 2548.50/2428 2570/2462 2603/2491 2640/2512 2668/2519 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1333.20 1352.45 1335.80 1336.65 1322.65 Gold PM 1341.30 1351.25 1335.90 1332.35 1324.30 Silver 14.78 15.03 14.80 14.79 14.70 Platinum 795.00 806.00 809.00 812.00 809.00 1452.00 1447.00 1438.00 1403.00 1398.00 Palladium

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Golden Queen Mining Co (GQM.WT) Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21

Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

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

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

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

Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

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

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

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

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

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

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

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

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

Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS JUNE 10–14, 2019 59 New Highs Agnico Eagle Alacer Gold Aldever Res* AngloGold Ash* Astorius Res Atlantic Gold* Auryn Resource Auryn Resource* Benchmark Met Benchmark Met* Bullion Gold* Cache Explor* Cantex Mn Dev* Centerra Gold Champion Iron* Chinapintza Mg Ely Gold Royal*

Ero Copper Ero Copper* Filo Mg Corp * Franco-Nevada* Gabriel Res* Gold Fields* Golden Hope Gran Colombia* Greenland M&En* Harfang Explor Irving Res Irving Res* Kirkland Lake Kirkland Lake* Lundin Gold Medallion Res Medallion Res* Megastar Dev Minsud Res

Monarca Mnrls Monarca Mnrls* Newmont Gdcorp One World Lith Orvana Mnrls Orvana Mnrls* Pretium Res Primary Energy Rackla Mtls* Salt Lake Pot* Sandfire Res* Semafo Solstice Gold Stans Energy Stans Energy* Talon Metals Tanzania Min* Texas Mineral* Tonogold Res*

Trilogy Mtls Trilogy Mtls* Virginia Enrgy Yorbeau Res

50 New Lows Allegiant Gold* Alphamin Res * ALQ Gold Asanko Gold Asanko Gold* Buffalo Coal * Canada Cobalt Casa Minerals * CellCube Enrgy CellCube Enrgy* CONSOL Energy* Dajin Res Dajin Res* Delrey Metals

Delrey Metals * eCobalt Solns eCobalt Solns* Entree Res* Erdene Res Dev European Metal* Fjordland Exp* Gldn Predator Happy Ck Mnrls Highland Copp* Inter-Rock Mnl* Katanga Mng Lithium Chile Logan Res MAX Res MaxTech Vent* Milner Con Slv Nrthn Graphite* Nthrn Sphere*

Peabody Enrgy* Pivit Explor Power Metals Power Metals* Prime Meridian Running Fox Rs* Saturn Mnrls Scotch Creek Sherritt Intl Sierra Madre* Sierra Metals* Sokoman Min Tocvan Venture Vendetta Mng* Victory Res* Zinc One Res Zincore Mtls*

CANADIAN GOLD MUTUAL FUNDS Fund Jun 14 ($) 17.94 AGF Glob Re A Fd MF BMO Prec Mtls Fd A 19.33 BMO ZGD 46.62 BMO ZJG 47.68 CIBC Prec Metal Fd A 10.35 Dyn Prec Metls Fd A 7.03 11.08 Galileo GOGO Harvest HGGG 21.38 Horizons HEP 24.99 IG Mac GbPMetCl A 8.87 12.81 iShares XGD Mac Prec Met Cl A 46.51 12.84 NBI PrecMetFd Invt NPT Go&PrMinFd A 32.34 NPT SilverEquCl A 4.59 RBC GblPreMetFd A 33.63 34.03 Sentry Pre Met Fd A TD Prec Mtl Fd Inv 33.71

Jun 07 ($) 17.76 18.82 45.07 46.08 10.11 6.83 10.89 20.71 24.61 8.59 12.48 45.08 12.59 31.69 4.50 32.68 33.71 32.87

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.18 1.00 -4.87 2.80 93.32 0.51 2.73 1.97 2.40 55.66 1.55 3.44 1.16 0.61 1.61 3.49 0.30 0.60 0.24 2.36 4.80 2.44 41.94 0.20 2.93 5.79 2.71 335.68 0.19 1.70 6.49 0.60 0.67 3.25 5.00 0.38 1.55 4.71 0.83 0.27 3.16 3.01 2.75 28.48 0.33 2.67 2.17 0.61 741.95 1.42 3.15 3.06 2.52 52.28 0.25 1.99 6.34 2.46 26.02 0.65 2.06 -1.33 3.04 0.09 2.02 -5.42 2.95 0.95 2.90 2.22 2.13 285.99 0.32 0.94 0.89 2.46 213.31 0.84 2.56 2.83 2.27 101.91

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

Jun 14 Jun 13 Jun 12 Jun 11 Jun 10 1.3327 1.3327 1.3336 1.3282 1.3265 0.7504 0.7504 0.7498 0.7529 0.7539

Exchange rates (Quote Media, June 14, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0852 0.6654 81.3205 14.4031 11.1505 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5918 5.1933 52.1970 0.7457 886.9764 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4462 0.8867 108.3700 19.1890 14.8650 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7887 6.9218 69.8250 0.9938 1182.0800

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

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

19_JUNE24_MMMM.indd 19

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

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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

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

2019-06-18 5:09 PM

20

WWW.NORTHERNMINER.COM

JUNE 24–JULY 7, 2019 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 10–14, 2019 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 21C Metals 98 21C Metals* O 40 37 Capital 4062 92 Resources V 556 92 Resources* O 7 O 71 Abacus Mining* Abacus Mining V 34 Abcourt Mines V 914 Abcourt Mines* O 495 Aben Resources* O 287 V 1315 Aben Resources Aberdeen Intl* O 42 Aberdeen Intl T 662 Abitibi Royal* O 3 Abitibi Royal V 6 O 107 AbraPlata Res* AbraPlata Res V 2103 O 1 Acacia Mining* Adamera Min V 1131 Adamera Min* O 257 Adex Mining V 1596 Advance Gold V 74 Advantage Lith V 97 Advantage Lith* O 94 Adventus V 1436 Adventus* O 29 Aethon Mineral V 128 AEX Gold V 27 African Gold V 78 African Gold* O 10 Aftermath Silv V 2195 O 635 Aftermath Silv* Agnico Eagle* N 4330 Agnico Eagle T 3436 AgriMinco* O 0 Aguia Resource V 325 AJN Resources 20 Alacer Gold T 4144 Alamos Gold T 4505 13780 Alamos Gold* N Alaska Pac Egy* O 18794 Alba Minerals* O 3 Albert Mining V 1148 Albert Mining* O 10 Alcoa* N 15778 Aldebaran Res V 27 Alderon Iron* O 61 Alderon Iron T 428 Aldever Res* O 3 Aldever Res V 9 Alexandra Cap* O 47 Alexandria Min* O 4071 Alexandria Min V 36210 Alexco Res* X 1416 Alexco Res T 501 Algold Res* O 1 Algold Res V 27 Alianza Min V 250 Alianza Min* O 12 Alien Metals* O 3 Alio Gold T 84 Alio Gold* X 487 Allegiant Gold V 447 Allegiant Gold* O 270 Alliance Mng V 481 Alliance Res* D 1859 Almaden Min T 142 Almaden Min* X 976 O 167 Almadex Min* Almadex Min V 124 65 Almonty Ind * O Almonty Ind T 122 Aloro Mining* O 26 Aloro Mining V 786 Alphamin Res * O 263 Alphamin Res V 260 ALQ Gold 1241 Altai Resource* O 4 Altai Resource V 101 Altair Res Inc V 94 Altamira Gold V 311 Altamira Gold* O 32 Altan Nevada V 158 Altiplano Met V 111 Altius Mnrls * O 71 Altius Mnrls T 178 Alto Ventures V 363 O 73 Alto Ventures* O 41 Altura Mining* Alturas Min V 100 Altus Strat V 58 Alumina Ltd* O 176 ALX Uranium V 201 ALX Uranium* O 450 AM Resources V 45 AM Resources* O 50 Amador Gold V 213 Amani Gold* O 100 Amarc Res V 584 Amarc Res* O 80 Amarillo Gold V 180 O 192 Amarillo Gold* Amazing Energy* O 52 Amer Intl Vent* O 370 American Batt* O 3 American Creek* O 43 V 554 American Creek American CuMo* O 51 American Lith V 216 American Lith* O 250 American Mang V 523 American Mang* O 322 American Pac 1697 American Pac* O 107 AmericanSierra* O 56 Americas Silvr* X 1095 Americas Silvr T 390 Amerigo Res T 654 Amerigo Res* O 162 Amex Expl* O 16 Amex Expl V 98 Amilot Capital V 422 Amseco Expl V 34 Anaconda Mng T 174 O 84 Anaconda Mng* Andes Gold* O 2 Anfield Energy V 276 Anfield Energy* O 115 Angel Gold V 265 Angel Gold* O 25 Angkor Gold V 34 Anglo American* O 335 Anglo American* O 2 Anglo Pac Grp T 4 AngloGold Ash* O 0 AngloGold Ash* N 18795 Antioquia Gold V 34 Antioquia Gold* O 31 Antler Gold V 115 Antofagasta* O 16 Apex Res * O 28 Apex Res V 188 Appia Energy 213 Appia Energy* O 69 Applied Min* O 309 Aquila Res* O 187 Aquila Res T 88 Arch Coal* N 984 Archon Mineral V 124 Arctic Star* O 52 Arctic Star V 1361 Arcturus Vent V 4 Arcus Dev Grp V 5 Arcwest Explor V 516 Arcwest Explor* O 22 Arena Min* O 1084 Arena Min V 1494 Argentina Lith V 39 Argentina Lith* O 20 Argentum Silvr V 3 Argex Titanium T 3105

20-23_JUNE24_StockTables.indd 20

0.17 0.15 0.15 - 0.03 0.42 0.14 0.12 0.12 0.12 - 0.01 0.30 0.05 0.10 0.05 0.05 - 0.04 0.30 0.05 0.05 0.04 0.05 + 0.01 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.07 0.01 0.06 0.04 0.05 + 0.00 0.29 0.03 0.07 0.06 0.06 unch 0.00 0.38 0.04 0.06 0.05 0.06 unch 0.00 0.08 0.04 0.05 0.03 0.04 - 0.00 0.06 0.03 0.19 0.17 0.18 + 0.01 0.38 0.08 0.25 0.23 0.25 + 0.02 0.49 0.11 0.03 0.03 0.03 - 0.00 0.11 0.03 0.05 0.04 0.04 - 0.01 0.15 0.04 9.47 0.00 9.47 + 1.46 10.14 5.89 12.69 0.00 12.69 + 1.94 13.50 7.98 0.04 0.03 0.04 - 0.00 0.12 0.03 0.05 0.04 0.04 - 0.01 0.17 0.04 2.05 2.05 2.05 unch 0.00 2.30 1.43 0.03 0.03 0.03 unch 0.00 0.12 0.02 0.03 0.02 0.02 unch 0.00 0.08 0.01 0.02 0.01 0.01 unch 0.00 0.02 0.01 0.06 0.00 0.06 - 0.01 0.60 0.05 0.47 0.43 0.45 + 0.02 1.02 0.41 0.34 0.30 0.32 - 0.01 0.78 0.29 1.12 1.02 1.08 + 0.04 1.16 0.66 0.83 0.76 0.81 + 0.03 0.90 0.48 0.13 0.11 0.11 - 0.01 0.55 0.11 0.35 0.00 0.35 + 0.05 0.53 0.24 0.25 0.20 0.20 - 0.03 0.30 0.08 0.18 0.17 0.17 unch 0.00 0.18 0.12 0.09 0.06 0.09 + 0.02 0.20 0.05 0.07 0.05 0.07 + 0.01 0.14 0.05 47.18 44.86 46.30 + 0.16 47.83 32.18 63.05 59.49 62.06 + 0.72 62.80 42.35 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.10 0.10 unch 0.00 0.21 0.08 0.09 0.09 0.09 unch 0.00 0.20 0.05 4.28 3.64 4.02 + 0.10 4.28 1.97 7.46 6.60 7.28 + 0.39 7.97 3.88 5.58 4.97 5.41 + 0.22 5.92 2.90 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 + 0.00 0.09 0.04 0.09 0.07 0.08 unch 0.00 0.25 0.02 0.05 0.05 0.05 - 0.00 0.19 0.01 22.50 21.08 21.73 + 0.29 48.87 20.82 0.50 0.00 0.47 - 0.03 0.90 0.41 0.23 0.23 0.23 unch 0.00 0.35 0.15 0.31 0.29 0.30 + 0.01 0.50 0.22 0.10 0.00 0.10 + 0.06 0.10 0.02 0.08 0.07 0.07 - 0.02 0.20 0.04 0.37 0.37 0.37 unch 0.00 0.48 0.35 0.04 0.02 0.04 + 0.01 0.05 0.01 0.06 0.03 0.05 + 0.02 0.06 0.02 1.05 0.95 1.02 + 0.04 1.48 0.68 1.41 1.26 1.38 + 0.06 1.95 0.92 0.11 0.11 0.11 unch 0.00 0.59 0.10 0.15 0.00 0.15 + 0.01 1.00 0.13 0.06 0.04 0.05 unch 0.00 0.12 0.04 0.03 0.03 0.03 + 0.00 0.08 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.83 0.78 0.81 - 0.02 2.13 0.69 0.62 0.58 0.61 - 0.00 1.63 0.51 0.13 0.09 0.10 - 0.05 0.54 0.09 0.11 0.06 0.07 - 0.04 0.42 0.07 0.01 0.01 0.01 unch 0.00 0.04 0.01 17.60 16.81 16.95 - 0.47 20.99 16.50 0.72 0.62 0.70 + 0.05 1.19 0.57 0.57 0.47 0.53 + 0.04 0.90 0.43 0.22 0.17 0.22 + 0.00 0.45 0.14 0.31 0.29 0.30 unch 0.00 0.51 0.25 0.69 0.64 0.69 + 0.03 0.81 0.37 0.93 0.86 0.92 + 0.05 1.10 0.51 0.05 0.02 0.02 - 0.02 0.16 0.02 0.06 0.03 0.03 - 0.04 0.23 0.03 0.16 0.14 0.15 + 0.01 0.22 0.14 0.21 0.18 0.19 unch 0.00 0.30 0.18 1.13 0.80 0.85 - 0.24 4.04 0.80 0.05 0.05 0.05 unch 0.00 0.13 0.05 0.08 0.07 0.08 + 0.01 0.18 0.07 0.05 0.05 0.05 unch 0.00 0.24 0.04 0.09 0.07 0.08 - 0.01 0.14 0.05 0.06 0.05 0.05 - 0.01 0.10 0.04 0.06 0.06 0.06 + 0.02 0.09 0.02 0.10 0.07 0.07 - 0.03 0.39 0.07 9.30 8.79 9.16 + 0.11 10.63 7.31 12.46 11.91 12.32 + 0.29 13.93 10.04 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.08 0.08 0.08 - 0.00 0.28 0.07 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.08 0.08 unch 0.00 0.15 0.04 6.84 6.61 6.61 - 0.15 8.77 6.00 0.07 0.06 0.06 - 0.01 0.09 0.05 0.05 0.04 0.04 - 0.01 0.07 0.03 0.11 0.09 0.10 unch 0.00 0.22 0.08 0.09 0.09 0.09 unch 0.00 0.09 0.06 0.54 0.49 0.52 - 0.01 1.10 0.46 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.04 0.05 + 0.01 0.10 0.04 0.04 0.03 0.03 - 0.00 0.08 0.03 0.20 0.18 0.19 unch 0.00 0.32 0.18 0.15 0.13 0.14 - 0.00 0.25 0.13 0.19 0.14 0.16 + 0.01 0.50 0.00 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.23 0.22 0.23 - 0.02 0.35 0.22 0.03 0.02 0.03 - 0.00 0.04 0.02 0.04 0.03 0.04 unch 0.00 0.05 0.03 0.05 0.04 0.04 - 0.00 0.10 0.02 0.27 0.25 0.25 - 0.02 0.74 0.23 0.21 0.18 0.19 - 0.00 0.57 0.17 0.16 0.14 0.15 + 0.01 0.21 0.13 0.12 0.11 0.12 + 0.01 0.16 0.10 0.17 0.13 0.16 + 0.01 0.31 0.04 0.12 0.09 0.12 + 0.00 0.24 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 1.96 1.85 1.87 - 0.01 3.40 1.24 2.60 2.46 2.51 - 0.04 4.57 1.66 0.69 0.64 0.64 - 0.02 1.21 0.62 0.51 0.47 0.49 - 0.01 0.92 0.45 0.57 0.55 0.55 - 0.08 1.12 0.04 0.84 0.72 0.82 + 0.05 1.52 0.06 0.04 0.04 0.04 - 0.01 0.15 0.03 0.08 0.00 0.08 + 0.02 0.29 0.01 0.31 0.29 0.31 unch 0.00 0.40 0.18 0.23 0.22 0.23 - 0.01 0.35 0.14 0.01 0.00 0.01 unch 0.00 0.01 0.00 0.21 0.18 0.18 - 0.03 0.59 0.18 0.16 0.14 0.14 - 0.01 0.45 0.12 0.02 0.00 0.02 unch 0.00 0.07 0.02 0.01 0.00 0.01 + 0.00 0.05 0.01 0.14 0.12 0.14 + 0.01 0.20 0.11 13.48 12.76 13.31 + 0.65 14.74 9.37 26.52 0.00 26.52 + 2.02 29.00 19.09 3.80 3.25 3.80 + 0.55 4.75 1.99 0.00 0.00 11.07 unch 0.00 15.04 7.38 16.19 14.06 15.79 + 1.18 16.19 7.08 0.03 0.02 0.03 + 0.01 0.10 0.02 0.03 0.01 0.03 + 0.00 0.04 0.01 0.08 0.07 0.07 - 0.01 0.20 0.05 11.15 10.22 10.76 + 0.54 13.46 9.27 0.05 0.04 0.05 unch 0.00 0.07 0.03 0.06 0.00 0.05 - 0.01 0.10 0.04 0.38 0.29 0.33 unch 0.00 0.41 0.16 0.27 0.23 0.25 - 0.00 0.31 0.12 0.04 0.03 0.04 + 0.00 0.20 0.01 0.16 0.14 0.15 - 0.00 0.23 0.10 0.21 0.19 0.19 - 0.01 0.30 0.13 91.12 87.23 88.65 - 0.10 101.92 75.09 0.52 0.50 0.50 - 0.02 1.02 0.50 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.06 0.05 0.05 - 0.01 0.16 0.04 0.05 0.05 0.05 unch 0.00 0.16 0.05 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.07 0.06 0.06 - 0.01 0.20 0.06 0.06 0.04 0.04 - 0.02 0.12 0.04 0.06 0.05 0.06 + 0.02 0.08 0.03 0.08 0.07 0.08 unch 0.00 0.11 0.05 0.07 0.00 0.07 + 0.01 0.86 0.05 0.05 0.00 0.03 + 0.00 0.27 0.03 0.18 0.18 0.18 unch 0.00 0.33 0.10 0.04 0.03 0.03 - 0.01 0.06 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argex Titanium* O 195 Argo Gold* O 10 Argo Gold 42 O 47 Argonaut Gold* Argonaut Gold T 1003 Arianne Phosph V 208 Arianne Phosph* O 81 Arizona Silver* O 372 Arizona Silver V 101 Armor Min V 0 Asanko Gold T 597 Asanko Gold* X 2166 Asante Gold 215 Asante Gold* O 10 Asbestos Corp V 10 Ascendant Res* O 15 Ascendant Res T 89 75 Ascot Res * O Ascot Res V 294 Ashanti Gold V 457 V 628 Ashanti Sanko AsiaBaseMetals V 18 Asian Mineral V 0 Aston Bay V 2073 Aston Bay* O 225 Astorius Res V 128 Astur Gold V 248 ATAC Res V 320 ATAC Res* O 73 Atacama Res* O 18918 Atalaya Mining T 38 Athabasca Min* O 4 Athabasca Min V 581 Athena Silver* O 15 Atico Mining* O 47 Atico Mining V 27 Atlanta Gold* O 40 Atlantic Gold V 881 Atlantic Gold* O 211 Atlantic Indus V 90 Atlatsa Res* O 13 Atlatsa Res T 23 Atom Energy * O 36 Aton Resources* O 0 Aton Resources V 52 Aura Minerals* O 1 Aura Minerals T 2 V 9 Aura Resources Aura Resources* O 44 Auramex Res V 833 Aurania Res* O 61 Aurania Res V 52 O 18 Aurcana Corp* Aurcana Corp V 113 AurCrest Gold V 948 Aurelius Min V 204 Aurion Res * O 152 Aurion Res V 277 Aurora Royal V 2 AURYN Mining* O 4 Auryn Resource T 775 Auryn Resource* X 976 Aust Mines* O 95 Austin Res V 50 Austral Gold* O 82 Austral Gold V 12 Auxico Res 144 Avalon Advance* O 1036 Avalon Advance T 4402 Avarone Metals* O 18 Avarone Metals 2031 Avenira Ltd* O 48 Avesoro Res T 260 Avidian Gold V 679 Avino Silver* X 944 Avino Silver T 40 Avrupa Min V 201 Avrupa Min* O 79 Awale Res V 125 Axmin Inc V 62 Axmin Inc* O 223 Azarga Metals V 10 Azarga Metals* O 0 Azarga Uranium* O 126 T 616 Azarga Uranium Azimut Explor V 50 Azimut Explor* O 4 Azincourt Ener* O 37 Azincourt Ener V 1270 Aztec Minerals* O 27 Aztec Minerals V 76 Azucar Min V 318 Azucar Min* O 346

0.03 0.03 0.03 - 0.00 0.05 0.01 0.06 0.06 0.06 unch 0.00 0.24 0.06 0.08 0.00 0.08 - 0.01 0.33 0.07 1.42 1.25 1.37 + 0.01 1.86 0.85 1.89 1.69 1.83 + 0.05 2.43 1.18 0.53 0.49 0.52 + 0.01 0.61 0.35 0.41 0.38 0.39 + 0.00 0.47 0.27 0.10 0.08 0.09 - 0.02 0.14 0.04 0.13 0.11 0.12 - 0.01 0.19 0.06 0.00 0.00 0.46 unch 0.00 0.73 0.30 0.78 0.71 0.73 - 0.02 1.54 0.71 0.60 0.53 0.54 - 0.03 1.17 0.53 0.05 0.04 0.05 + 0.01 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.45 0.35 0.35 unch 0.00 0.80 0.33 0.28 0.26 0.27 - 0.02 0.90 0.28 0.37 0.34 0.35 unch 0.00 1.16 0.34 0.55 0.53 0.55 - 0.01 1.03 0.47 0.73 0.71 0.72 - 0.01 1.44 0.64 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.03 0.03 0.03 + 0.01 0.09 0.02 0.33 0.30 0.30 + 0.02 0.40 0.12 0.00 0.00 0.12 unch 0.00 3.00 0.12 0.06 0.05 0.05 - 0.02 0.25 0.05 0.05 0.04 0.04 + 0.00 0.18 0.03 0.30 0.22 0.22 - 0.05 0.65 0.15 0.12 0.11 0.11 - 0.01 0.31 0.09 0.21 0.19 0.21 unch 0.00 0.60 0.18 0.16 0.14 0.15 - 0.01 0.45 0.14 0.00 0.00 0.00 + 0.00 0.00 0.00 3.50 3.50 3.50 unch 0.00 4.49 2.88 0.47 0.44 0.47 + 0.02 0.53 0.12 0.65 0.58 0.58 - 0.04 0.71 0.16 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.23 0.21 0.23 + 0.01 0.46 0.17 0.30 0.29 0.30 unch 0.00 0.63 0.23 0.02 0.02 0.02 unch 0.00 0.04 0.01 2.89 2.87 2.87 unch 0.00 2.90 1.40 2.17 2.13 2.13 - 0.03 2.17 1.07 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.06 0.06 0.06 - 0.00 0.07 0.02 0.08 0.08 0.08 unch 0.00 0.09 0.03 0.50 0.03 0.05 + 0.03 0.65 0.00 0.00 0.00 0.02 unch 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.11 0.02 14.90 14.77 14.77 - 0.14 16.50 1.00 19.92 19.51 19.54 - 0.38 24.00 14.60 0.06 0.05 0.06 + 0.01 0.15 0.03 0.05 0.03 0.05 + 0.02 0.05 0.01 0.07 0.05 0.05 - 0.01 0.07 0.03 2.47 2.30 2.42 + 0.09 3.05 1.44 3.29 3.03 3.18 + 0.13 4.10 1.93 0.22 0.21 0.21 - 0.00 0.60 0.00 0.32 0.28 0.29 - 0.02 1.15 0.21 0.04 0.04 0.04 + 0.01 0.04 0.01 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.75 0.72 0.75 + 0.01 1.63 0.57 1.00 0.96 1.00 + 0.02 2.15 0.70 0.06 0.00 0.06 - 0.01 0.11 0.06 0.57 0.06 0.57 unch 0.00 1.80 0.05 2.45 2.09 2.10 - 0.26 2.45 1.14 1.84 1.55 1.55 - 0.25 1.84 0.85 0.02 0.02 0.02 unch 0.00 0.33 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.04 0.04 0.04 + 0.01 0.40 0.00 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.18 0.15 0.17 + 0.02 0.27 0.12 0.09 0.07 0.08 - 0.00 0.13 0.03 0.12 0.09 0.10 - 0.01 0.17 0.05 0.08 0.06 0.08 + 0.02 0.08 0.02 0.11 0.09 0.11 + 0.02 0.12 0.04 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.79 0.42 0.75 - 0.77 5.99 0.42 0.10 0.09 0.09 - 0.01 0.68 0.09 0.51 0.47 0.49 - 0.02 1.32 0.39 0.68 0.64 0.66 - 0.03 1.75 0.53 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.03 0.02 0.03 + 0.00 0.10 0.02 0.10 0.10 0.10 unch 0.00 0.15 0.06 0.52 0.47 0.48 - 0.04 0.66 0.11 0.39 0.39 0.39 unch 0.00 0.50 0.09 0.11 0.00 0.11 + 0.01 0.15 0.08 0.00 0.00 0.07 unch 0.00 0.11 0.05 0.18 0.16 0.17 + 0.01 0.24 0.15 0.23 0.21 0.23 unch 0.00 0.30 0.20 0.34 0.32 0.32 unch 0.00 0.52 0.22 0.23 0.23 0.23 + 0.00 0.38 0.17 0.05 0.03 0.04 - 0.01 0.08 0.03 0.06 0.05 0.06 unch 0.00 0.11 0.05 0.10 0.08 0.08 - 0.02 0.18 0.08 0.11 0.10 0.10 unch 0.00 0.29 0.10 0.32 0.27 0.29 + 0.02 0.93 0.26 0.23 0.20 0.21 + 0.00 0.70 0.19

B2Gold Corp T 10086 B2Gold Corp* X 22110 Balmoral Res* O 118 Balmoral Res T 216 Balto Res V 433 Bankers Cobalt V 230 Bankers Cobalt* O 225 Bannerman Res* O 815 Banyan Gold V 459 Bard Ventures V 1 Bard Ventures* O 0 Barkerville V 1997 Barkerville* O 426 Barksdale Cap V 356 Barksdale Cap* O 265 Barolo Venture V 10 Baroyeca Gold V 140 Barrian Mining V 413 Barrick Gold T 18911 Barrick Gold * N 62722 Barsele Min* O 18 Barsele Min V 17 Batero Gold* O 38 Batero Gold V 133 Bayhorse Silvr* O 46 Bayhorse Silvr V 375 BCM Res V 93 BE Res V 339 Bear Creek Mng* O 141 Bear Creek Mng V 105 Bearing Lith V 158 Bearing Lith* O 18 Beauce Gold V 75 Bell Copper V 178 Bell Copper* O 73 Belmont Res V 145 Belo Sun Mng T 465 Belo Sun Mng* O 479 BeMetals V 327 Benchmark Met V 3043 Benchmark Met* O 250 Benton Res V 999 Benton Res* O 15 Benz Mining V 134 Berkwood Res * O 258 Berkwood Res V 597 Bessor Min V 18 Bird River Res 316 Bitterroot Res* O 19 Bitterroot Res V 9 Black Hills* N 1237 Black Iron* O 187 Black Iron T 4026 Black Isle Res* O 650 Black Mammoth V 12 Black Sea * O 0 Black Sea V 393 Black Tusk Res 259 Blackheath Res V 330 Blackrock Gold V 1985 Blackrock Gold* O 88 Blind Creek V 90 BLOX Inc* O 45 Blue Moon Zinc* O 10 Blue Moon Zinc V 334 Blue River Res V 555 Blue River Res* O 600 Blue Sky Uran* O 208

3.84 3.57 3.76 unch 0.00 4.40 2.77 2.89 2.69 2.81 - 0.01 3.35 2.10 0.10 0.08 0.08 + 0.01 0.19 0.07 0.12 0.11 0.12 + 0.02 0.23 0.10 0.15 0.10 0.10 - 0.01 0.15 0.05 0.03 0.03 0.03 + 0.01 0.13 0.02 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.04 0.03 0.03 - 0.00 0.06 0.03 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.00 0.00 0.17 unch 0.00 1.63 0.14 0.00 0.00 0.10 unch 0.00 0.21 0.03 0.36 0.34 0.35 - 0.01 0.52 0.30 0.27 0.25 0.25 - 0.02 0.41 0.23 0.65 0.44 0.61 + 0.15 0.86 0.35 0.49 0.33 0.46 + 0.12 0.61 0.27 0.27 0.27 0.27 unch 0.00 0.30 0.09 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.16 0.14 0.14 - 0.01 0.20 0.12 18.81 17.49 18.66 + 0.65 19.49 12.54 14.07 13.20 13.90 + 0.36 88.70 11.52 0.30 0.30 0.30 unch 0.00 0.62 0.28 0.45 0.40 0.44 + 0.04 0.90 0.36 0.04 0.04 0.04 + 0.00 0.06 0.03 0.06 0.06 0.06 unch 0.00 0.08 0.06 0.07 0.05 0.06 + 0.00 0.13 0.04 0.08 0.07 0.08 unch 0.00 0.18 0.07 0.10 0.08 0.09 - 0.02 0.26 0.08 0.04 0.04 0.04 unch 0.00 0.07 0.02 1.14 1.02 1.10 + 0.01 2.03 0.71 1.52 1.35 1.49 + 0.05 2.04 0.89 0.19 0.18 0.18 - 0.01 0.36 0.18 0.14 0.00 0.13 - 0.01 0.80 0.02 0.13 0.00 0.12 - 0.01 0.29 0.07 0.10 0.08 0.09 - 0.01 0.15 0.05 0.07 0.07 0.07 + 0.01 0.12 0.03 0.09 0.08 0.08 - 0.01 0.80 0.04 0.24 0.22 0.24 + 0.01 0.42 0.17 0.18 0.16 0.18 + 0.00 0.33 0.12 0.25 0.25 0.25 + 0.01 0.30 0.18 0.40 0.30 0.36 + 0.02 0.40 0.16 0.30 0.25 0.26 + 0.01 0.30 0.11 0.06 0.05 0.06 + 0.01 0.07 0.04 0.03 0.03 0.03 + 0.00 0.06 0.02 0.06 0.00 0.06 - 0.01 0.09 0.05 0.04 0.03 0.04 + 0.00 0.10 0.03 0.05 0.04 0.05 unch 0.00 0.13 0.04 0.06 0.06 0.06 + 0.01 0.20 0.05 0.02 0.01 0.01 - 0.01 0.10 0.01 0.03 0.02 0.02 - 0.00 0.09 0.01 0.04 0.04 0.04 unch 0.00 0.12 0.02 78.53 75.63 78.12 + 0.71 78.69 56.16 0.09 0.07 0.09 + 0.02 0.09 0.03 0.12 0.09 0.11 + 0.02 0.12 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.07 0.05 0.07 + 0.02 0.12 0.05 0.00 0.00 0.06 unch 0.00 0.07 0.01 0.08 0.06 0.06 unch 0.00 0.29 0.06 0.14 0.13 0.14 - 0.01 0.29 0.12 0.02 0.01 0.01 - 0.01 0.04 0.01 0.11 0.09 0.11 + 0.02 0.12 0.03 0.08 0.07 0.07 - 0.00 0.08 0.02 0.06 0.05 0.05 - 0.01 0.14 0.03 0.16 0.15 0.16 + 0.06 0.25 0.03 0.02 0.02 0.02 + 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.12 0.11 0.11 + 0.01 0.18 0.09

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue Sky Uran V 445 Blue Star Gold V 341 BlueBird Batt* O 1 BlueBird Batt V 102 Bluenose Gold V 105 Bluestone Res* O 5 Bluestone Res V 7 Bold Ventures V 1482 O 12411 Bonanza Gold* BonTerra Res V 1011 Boreal Metals V 135 Borneo Res Inv* O 705 Bravada Gold V 130 Bravada Gold* O 101 Braveheart Res V 92 Braveheart Res* O 4 Bravo Multinat* O 11 72973 Brazil Min* O Brigadier Gold V 875 BrightRock* O 357 O 1245 Britannia Mng* Brixton Metals V 233 Brixton Metals* O 41 Broadway Gold V 36 Broadway Gold* O 5 O 670 Brookmount Exp* Bryn Res* O 997 BTU Metals V 1446 Buenaventura* N 4410 Buffalo Coal * O 30 Buffalo Coal V 28 Bullfrog Gold* O 212 Bullion Gold* O 18 Bunker Hill 78 BWR Explor V 100

0.16 0.14 0.15 + 0.01 0.23 0.13 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.14 0.14 0.14 - 0.00 0.41 0.14 0.19 0.17 0.17 - 0.02 0.56 0.17 0.14 0.12 0.13 - 0.02 0.33 0.09 0.74 0.70 0.71 + 0.02 1.16 0.65 0.98 0.93 0.94 + 0.02 1.60 0.85 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 2.15 1.84 2.10 + 0.26 4.90 1.46 0.07 0.06 0.06 - 0.01 0.20 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.00 0.07 - 0.01 0.11 0.05 0.06 0.00 0.05 - 0.00 0.09 0.04 0.18 0.17 0.17 - 0.01 0.19 0.06 0.12 0.12 0.12 unch 0.00 0.12 0.05 0.60 0.00 0.55 + 0.00 0.95 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.14 0.15 - 0.01 0.25 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.14 0.12 0.14 - 0.01 0.24 0.11 0.11 0.10 0.11 - 0.00 0.18 0.08 0.10 0.09 0.10 + 0.01 0.19 0.06 0.07 0.00 0.07 - 0.00 0.15 0.02 0.01 0.01 0.01 - 0.00 0.03 0.00 0.07 0.03 0.07 + 0.01 0.10 0.01 0.17 0.11 0.15 - 0.01 0.18 0.04 16.06 15.08 15.68 - 0.11 17.78 11.67 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.15 0.12 0.14 - 0.01 0.24 0.04 0.07 0.07 0.07 unch 0.00 0.07 0.07 0.11 0.00 0.06 - 0.04 8.70 0.05 0.04 0.04 0.04 unch 0.00 0.06 0.03

Cabral Gold V 121 Cache Explor V 1003 Cache Explor* O 300 Cadillac Vent V 135 Caledonia Mng* X 22 Caledonia Mng T 10 Calibre Mng* O 3 Calibre Mng V 26 California Gld 790 California Gld* O 66 Callinex Mines* O 125 Callinex Mines V 416 Cameco Corp T 3556 Cameco Corp* N 7303 Cameo Cobalt* O 49 Cameo Cobalt V 1137 Camino Min* O 10 Camino Min V 12 O 19 Camrova Res* Canada Carbon V 58 Canada Carbon* O 50 Canada Coal V 50 Canada Cobalt V 447 Canada Cobalt * O 79 Canada One* O 5 Canada One V 3 Canada Rare V 660 Canada Rare* O 330 Canadian Engy V 13 Canadian Metal 529 Canadian Ore V 64 O 25 Canadian Ore* Canadian Prem V 124 CanAlaska Uran* O 8 CanAlaska Uran V 52 Canamex Gold* O 50 Canarc Res T 548 Canarc Res* O 154 Canasil Res V 230 Candelaria Mg V 40 Candente Coppr T 3604 Candente Gold* O 1 Candente Gold V 105 CANEX Metals * O 0 CANEX Metals V 10 CaNickel Mng V 30 CaNickel Mng* O 6 Canoe Mng Vent V 26 Canoe Mng Vent* O 3 Canstar Res V 354 Canterra Mnls V 516 Cantex Mn Dev* O 12 Cantex Mn Dev V 94 Canuc Res V 26 Capstone Mng T 1115 Cardero Res V 217 Cardero Res* O 61 Cardinal Res* O 41 Cardinal Res T 136 Cariboo Rose V 163 Carlin Gold V 5 Carrara Explor 1598 Cartier Iron 110 Cartier Res V 315 Carube Copper V 222 Carube Copper* O 20 Casa Minerals V 42 Casa Minerals * O 1 Cascadero Copp V 442 Castle Peak Mg V 800 CellCube Enrgy 5647 O 1060 CellCube Enrgy* Centamin T 52 Centaurus Diam* O 41 Centerra Gold T 2818 Central Iron V 51 Central Tim Ex V 229 Centurion Mnls V 65 Century Cobalt* O 8 Century Global T 3 Cerro Grande 1 Cerro Mng* O 0 Cerro Mng V 13 Ceylon Graph V 30 Chakana Copper V 304 Chakana Copper* O 55 Chalice Gold M* O 42 Chalice Gold M T 399 Champion Bear V 81 Champion Bear* O 179 Champion Iron T 5521 Champion Iron* O 17 Chatham Rock V 19 Chesapeake Gld* O 38 Chesapeake Gld V 10 Chevron Corp* N 22671 Chiboug Ind Mn V 301 Chiboug Ind Mn* O 45 Chilean Metals V 251 Chilean Metals* O 140 China Gold Int T 243 Chinapintza Mg V 190 CIM Intl Grp 8 Cipher Res V 14 Clarmin Explor V 169 Clean Comm V 3293 Clean Comm* O 282 Cleghorn Mnls V 130 Cleveland-Clif* N 32092 Cliffmont Res V 9 Clifton Mng* O 290 Cloud Peak En* O 9155 CMC Metals V 90 CMX Gold & Sil 8 CNRP Mng 103 CNRP Mng* O 137 Cobalt 27 Cap V 517 Cobalt Block V 16 Cobalt Block* O 73 Coeur Mng* N 23787 Colibri Res* O 0 Colibri Res V 291 Colombia Crest V 0 Colombia Crest* O 0 Colonial Coal V 170 Colorado Res V 385

0.15 0.14 0.15 unch 0.00 0.33 0.10 0.06 0.05 0.06 + 0.01 0.07 0.03 0.05 0.05 0.05 unch 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 5.79 5.45 5.51 + 0.03 9.48 5.01 7.40 7.05 7.40 + 0.13 12.26 6.63 0.38 0.36 0.36 - 0.02 0.55 0.03 0.52 0.49 0.49 - 0.03 0.75 0.30 0.76 0.56 0.69 + 0.13 0.79 0.37 0.59 0.46 0.53 + 0.07 0.59 0.13 0.05 0.05 0.05 - 0.00 0.20 0.04 0.06 0.06 0.06 - 0.01 0.26 0.06 14.00 13.42 13.82 + 0.17 17.12 12.31 10.51 10.09 10.32 + 0.05 13.04 9.39 0.06 0.04 0.05 - 0.01 0.31 0.03 0.08 0.06 0.06 - 0.01 0.32 0.05 0.12 0.12 0.12 unch 0.00 0.15 0.07 0.15 0.13 0.14 - 0.02 0.22 0.09 0.01 0.00 0.00 - 0.00 0.08 0.00 0.12 0.11 0.12 + 0.01 0.18 0.08 0.08 0.08 0.08 - 0.00 0.13 0.00 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.30 0.27 0.30 unch 0.00 0.90 0.27 0.23 0.19 0.22 - 0.01 0.79 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.00 0.00 0.03 unch 0.00 0.11 0.03 0.09 0.08 0.08 unch 0.00 0.11 0.04 0.07 0.05 0.07 + 0.01 0.08 0.02 0.09 0.09 0.09 unch 0.00 0.20 0.07 0.06 0.05 0.06 + 0.02 0.20 0.04 0.30 0.22 0.23 unch 0.00 0.45 0.14 0.18 0.17 0.17 unch 0.00 0.34 0.15 1.30 1.12 1.12 - 0.14 3.98 0.80 0.20 0.18 0.20 unch 0.00 0.30 0.16 0.26 0.25 0.26 - 0.01 0.40 0.21 0.05 0.05 0.05 unch 0.00 0.11 0.02 0.05 0.04 0.04 - 0.01 0.07 0.03 0.04 0.03 0.03 - 0.01 0.05 0.02 0.07 0.06 0.06 unch 0.00 0.13 0.05 0.23 0.23 0.23 - 0.01 0.85 0.15 0.05 0.05 0.05 + 0.01 0.10 0.05 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.00 0.00 0.02 unch 0.00 0.04 0.02 0.07 0.07 0.07 unch 0.00 0.10 0.03 0.08 0.07 0.08 + 0.01 0.16 0.06 0.05 0.00 0.05 unch 0.00 0.09 0.03 0.03 0.03 0.03 - 0.01 0.04 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.05 0.04 0.04 - 0.01 0.30 0.04 0.02 0.00 0.01 - 0.01 0.04 0.01 3.05 2.87 3.00 + 0.49 3.05 0.13 4.05 3.70 4.03 + 0.34 4.17 0.18 0.04 0.03 0.03 - 0.01 0.19 0.03 0.61 0.56 0.61 + 0.03 1.18 0.48 0.05 0.04 0.05 unch 0.00 0.15 0.04 0.03 0.02 0.03 + 0.01 0.11 0.02 0.26 0.25 0.25 unch 0.00 0.36 0.25 0.33 0.31 0.31 - 0.02 0.50 0.31 0.05 0.05 0.05 + 0.01 0.05 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.06 0.05 0.06 - 0.01 0.17 0.03 0.08 0.08 0.08 - 0.01 0.13 0.07 0.14 0.12 0.13 - 0.01 0.19 0.11 0.04 0.04 0.04 - 0.01 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.10 0.09 0.10 + 0.01 0.24 0.09 0.08 0.08 0.08 unch 0.00 0.12 0.08 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.10 0.07 0.09 unch 0.00 0.44 0.07 0.08 0.06 0.07 + 0.00 0.37 0.06 1.84 1.65 1.82 + 0.11 2.34 1.39 0.17 0.15 0.15 unch 0.00 1.00 0.08 8.57 7.95 8.49 + 0.34 8.44 4.76 0.02 0.02 0.02 - 0.01 0.05 0.02 0.06 0.04 0.05 + 0.01 0.20 0.04 0.12 0.09 0.12 + 0.02 0.27 0.05 0.10 0.03 0.10 + 0.00 0.20 0.00 0.18 0.18 0.18 unch 0.00 0.22 0.11 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.09 unch 0.00 0.12 0.09 0.28 0.28 0.28 unch 0.00 0.42 0.26 0.13 0.12 0.13 + 0.01 0.20 0.12 0.38 0.32 0.36 + 0.03 0.69 0.25 0.26 0.24 0.26 + 0.01 0.54 0.19 0.09 0.09 0.09 unch 0.00 0.12 0.08 0.12 0.10 0.11 - 0.01 0.16 0.10 0.17 0.15 0.17 + 0.02 0.25 0.10 0.13 0.13 0.13 unch 0.00 0.17 0.11 3.00 2.62 2.85 + 0.16 3.10 0.89 2.24 1.99 2.22 + 0.16 2.24 0.70 0.18 0.16 0.16 + 0.01 0.24 0.13 1.28 1.18 1.25 - 0.04 1.98 1.03 1.71 1.60 1.69 unch 0.00 2.65 1.41 123.50 119.56 120.81 - 0.67 128.55 100.22 0.20 0.17 0.18 - 0.01 0.27 0.04 0.14 0.12 0.13 - 0.02 0.19 0.03 0.03 0.00 0.02 unch 0.00 0.16 0.02 0.02 0.01 0.02 + 0.00 0.11 0.01 1.54 1.43 1.44 - 0.06 2.59 1.42 0.03 0.02 0.03 + 0.02 0.03 0.01 0.19 0.19 0.19 unch 0.00 0.63 0.19 0.05 0.05 0.05 unch 0.00 0.14 0.03 0.12 0.11 0.12 + 0.01 0.20 0.10 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.02 0.01 0.01 - 0.01 0.04 0.01 0.06 0.06 0.06 unch 0.00 0.13 0.06 9.97 9.30 9.61 + 0.03 13.10 7.40 0.08 0.08 0.08 + 0.02 0.90 0.05 0.18 0.12 0.14 - 0.01 0.20 0.04 0.09 0.04 0.07 - 0.01 3.81 0.03 0.08 0.00 0.07 - 0.01 0.11 0.04 0.04 0.00 0.04 unch 0.00 0.12 0.04 0.37 0.33 0.33 - 0.03 2.02 0.27 0.28 0.24 0.25 - 0.01 1.58 0.20 3.70 3.38 3.47 - 0.06 9.70 3.27 0.09 0.08 0.09 + 0.01 0.29 0.07 0.07 0.05 0.07 + 0.00 0.22 0.05 3.65 3.04 3.36 + 0.11 8.55 2.78 0.05 0.05 0.05 unch 0.00 0.05 0.01 0.06 0.05 0.05 - 0.02 0.08 0.03 0.00 0.00 0.24 unch 0.00 0.35 0.11 0.00 0.00 0.17 unch 0.00 0.21 0.03 0.45 0.41 0.42 - 0.02 0.65 0.21 0.08 0.07 0.08 + 0.01 0.17 0.05

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 23 Colorado Res* T 652 Columbus Gold O 223 Columbus Gold* V 265 Commander Res V 617 Commerce Res O 354 Commerce Res* O 10 Compass Gold* V 367 Compass Gold O 0 Compliance Egy* X 1860 Comstock Mng* V 75 Comstock Mtls 50 Comstock Mtls * O Condor Gold T 1 Condor Res V 213 Condor Res* O 232 O 0 Confedertn Ml* V 197 Confedertn Mls V 762 Conquest Res 50 Conquest Res * O V 15 Cons Woodjam 71 CONSOL Coal Rs* N N 1269 CONSOL Energy* CONSOL Energy* N 20117 O 124 Constantine Mt* V 34 Constantine Mt O 37 Contact Gold* Contact Gold V 232 O 12 Contact Mnrls* O 145 Contintl Gold* Contintl Gold T 2090 Contintl Prec* O 0 Contintl Prec V 795 Copper Fox Mtl V 151 27 Copper Fox Mtl* O Copper Lake Rs V 100 Copper Mtn Mng T 599 25 Copper Mtn Mng* O 0 Copper North M* O Copper North M V 180 23 Copper Reef Mg O 215 Copperbank Res* Copperbank Res 418 Coral Gold V 29 52 Coral Gold * O O 103 Cordoba Mnls* V 197 Cordoba Mnls Core Gold* O 231 Core Gold V 1788 V 701 Cornerstone Ca O 130 Cornerstone Ca* Coro Mining T 336 Corsa Coal V 22 5 Corsa Coal * O Corvus Gold* O 74 Corvus Gold T 219 CR Capital V 175 Crest Resource 50 Cresval Cap V 88 Critical Elem* O 22 Critical Elem V 368 V 41 CROPS Crown Mining V 155 Cruz Cobalt* O 127 Cruz Cobalt V 265 Crystal Lake V 361 Crystal Lake* O 7 Crystal Peak V 123 Crystal Peak* O 283 O 3 CTGX Mining* 8 Currie Rose Rs V 3 CWN M’g Acq V Cyntar Venture 75 Cypress Dev* O 106 Cypress Dev V 200

0.03 0.06 0.05 0.06 + 0.00 0.13 0.16 0.18 0.17 0.18 - 0.01 0.31 0.11 0.14 0.12 0.13 - 0.00 0.24 0.07 0.08 0.07 0.07 - 0.01 0.17 0.05 0.08 0.07 0.07 - 0.01 0.09 0.04 0.06 0.05 0.05 - 0.00 0.07 0.18 unch 0.00 0.40 0.19 0.19 0.19 0.11 0.30 0.24 0.25 - 0.01 0.71 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.12 0.19 0.18 0.18 + 0.01 0.33 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.01 0.01 0.01 - 0.00 0.05 0.01 0.33 unch 0.00 0.86 0.00 0.00 0.34 0.04 unch 0.00 0.09 0.06 0.05 0.05 0.03 unch 0.00 0.07 0.04 0.03 0.04 0.09 unch 0.00 0.26 0.22 0.22 0.22 0.12 0.27 0.20 0.24 - 0.06 0.40 0.01 unch 0.00 0.04 0.02 0.02 0.02 0.01 0.00 0.00 unch 0.00 0.02 0.00 0.03 unch 0.00 0.09 0.04 0.04 0.04 16.18 15.56 15.74 - 0.12 21.13 14.58 24.78 27.41 24.78 25.10 - 1.51 47.49 7.80 6.93 7.12 - 0.53 18.37 6.93 0.28 0.44 0.40 0.41 - 0.02 0.60 0.39 0.55 0.54 0.55 + 0.01 0.74 0.14 0.22 0.19 0.19 + 0.04 0.38 0.18 0.28 0.00 0.24 - 0.03 0.50 0.02 unch 0.00 0.45 0.20 0.20 0.20 1.33 2.33 2.01 2.22 + 0.14 3.02 1.76 3.10 2.61 3.03 + 0.28 3.98 0.23 unch 0.00 0.34 0.00 0.00 0.26 0.30 unch 0.00 0.46 0.35 0.35 0.35 0.10 0.09 0.09 + 0.01 0.13 0.08 0.07 0.06 0.07 + 0.00 0.10 0.06 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.80 0.73 0.74 - 0.04 1.41 0.65 0.60 0.00 0.56 - 0.02 1.04 0.48 0.00 0.00 0.03 unch 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.07 0.03 0.02 0.02 0.02 - 0.01 0.03 0.02 0.03 0.03 0.00 0.03 - 0.00 0.08 0.04 unch 0.00 0.09 0.04 0.04 0.04 0.32 0.37 0.36 0.36 - 0.01 0.44 0.28 0.26 0.27 - 0.01 0.34 0.24 0.06 0.08 0.06 0.06 - 0.01 0.14 0.09 0.11 0.09 0.09 - 0.01 0.18 0.14 0.19 0.15 0.16 - 0.01 0.28 0.19 0.25 0.20 0.23 + 0.01 0.35 0.14 0.24 0.20 0.21 - 0.04 0.40 0.03 0.17 0.16 0.16 - 0.02 0.29 0.05 unch 0.00 0.12 0.10 0.09 0.10 0.61 0.75 0.00 0.73 - 0.02 1.45 0.56 0.48 0.54 - 0.02 1.10 0.37 1.13 1.73 1.53 1.53 - 0.14 2.72 1.55 2.23 2.05 2.06 - 0.14 3.39 0.02 unch 0.00 0.10 0.05 0.05 0.05 0.10 0.10 0.10 0.10 - 0.02 0.16 0.02 0.03 0.02 0.03 + 0.01 0.05 0.32 0.41 0.37 0.39 + 0.00 0.83 0.39 0.57 0.49 0.52 - 0.02 1.11 0.02 unch 0.00 0.07 0.03 0.00 0.03 0.06 0.07 0.00 0.07 + 0.01 0.17 0.03 0.04 0.03 0.03 - 0.00 0.15 0.04 0.05 0.04 0.04 - 0.01 0.20 0.24 0.38 0.33 0.36 + 0.03 0.74 0.18 0.28 0.26 0.27 + 0.01 0.57 0.12 0.17 0.12 0.15 - 0.01 0.44 0.09 0.12 0.09 0.09 - 0.03 0.34 0.10 unch 0.00 0.12 0.11 0.10 0.11 0.06 0.06 0.06 unch 0.00 0.12 0.05 0.00 0.00 0.04 unch 0.00 0.15 0.03 0.08 unch 0.00 0.15 0.10 0.10 0.10 0.12 0.16 0.14 0.16 + 0.02 0.32 0.17 0.24 0.19 0.23 + 0.04 0.42

Dajin Res V 85 Dajin Res* O 102 Dakota Ter Res* O 153 Daleco Res* O 231 O 1 Damara Gold* Danakali* O 71 Debut Dmds 71 Decade Res V 1525 Decade Res* O 2590 V 353 Deep-South Res DeepRock Min 221 V 350 Defense Metals O 111 Defense Metals* O 81 Defiance Silvr* Defiance Silvr V 217 Delrand Res V 173 Delrey Metals * O 305 Delrey Metals 431 T 693 Denison Mines X 663 Denison Mines* Desert Gold V 29 Desert Lion* O 30 Desert Lion V 1445 Desert Mtn Egy V 149 Detour Gold T 2948 O 264 Diamante Min* Diamcor Mng V 96 O 96 Diamcor Mng* O 905 Diamond Disc* V 56 Diamond Fields O 4 Diamond Fields* Dios Expl V 136 V 60 Discovery Harb V 78 Discovery Met O 16 Discovery Met* 68674 O Discovery Min* V 485 Discovery-Corp District Cop* O 300 District Cop V 1705 Ditem Explor* O 19 DNI Metals* O 110 O 11 Dolat Ventures* Dolly Vard Sil* O 118 Dolly Vard Sil V 904 O 16 Doubleview Cap* V 284 Doubleview Cap DRDGOLD* N 939 Dundee Prec Mt T 1152 O 24 Dunnedin Vent* Durango Res V 116 O 8 Durango Res* V 100 DV Resources 81 Dynacor Gld Mn T 20 Dynacor Gld Mn* O O 1 DynaResource* Dynasty Gold V 20 O 2 Dynasty Gold* E3 Metals V 121 E3 Metals* O 15 V 469 Eagle Graphite O 4 Eagle Graphite* Eagle Plains V 122 61 V East Africa 36 East Africa * O 46 East Asia Mnls* O East Asia Mnls V 494 EastCoal Inc V 0 O 2 Eastern Platin* Eastern Platin T 28 Eastfield Res V 209 O 36 Eastmain Res* Eastmain Res T 770 12 Eco Oro Mnls 2 Eco Oro Mnls* O T 775 eCobalt Solns O 571 eCobalt Solns* V 23 Edgewater Expl O 10 Edgewater Expl* V 32 Edison Cobalt O 30 Edison Cobalt* El Capitan Prc* O 689 El Nino Vent V 801 Elcora Adv Mat V 111 Elcora Res* O 66 11744 N Eldorado Gold* T 3904 Eldorado Gold Eloro Res* O 33

0.04 unch 0.00 0.12 0.04 0.00 0.04 0.03 0.03 0.03 0.03 + 0.01 0.09 0.04 0.00 0.04 + 0.00 0.19 0.02 0.00 0.00 0.00 0.00 - 0.00 0.00 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.48 0.53 0.48 0.53 + 0.01 0.69 0.01 0.02 0.01 0.01 - 0.01 0.02 0.03 0.03 0.03 0.03 - 0.01 0.10 0.02 unch 0.00 0.07 0.02 0.02 0.02 0.06 0.07 0.00 0.07 + 0.02 0.25 0.04 0.04 0.00 0.04 - 0.01 0.10 0.12 0.20 0.16 0.19 + 0.01 0.25 0.09 0.16 0.13 0.14 + 0.00 0.25 0.12 0.15 0.13 0.14 - 0.01 0.29 0.16 0.20 0.19 0.20 - 0.01 0.35 0.25 unch 0.00 0.71 0.54 0.50 0.54 0.11 0.08 0.09 - 0.02 0.30 0.08 0.11 0.14 0.11 0.13 - 0.01 0.50 0.59 0.71 0.68 0.69 - 0.01 0.89 0.44 0.53 0.51 0.52 - 0.01 0.69 0.14 unch 0.00 0.26 0.17 0.17 0.17 0.05 unch 0.00 0.73 0.09 0.09 0.09 0.04 0.14 0.10 0.10 - 0.01 1.15 0.18 0.15 0.15 - 0.01 0.27 0.13 14.29 12.95 14.11 + 0.85 14.59 9.38 0.01 0.05 0.04 0.04 - 0.00 0.24 0.09 0.14 0.00 0.13 - 0.01 0.50 0.07 0.10 0.09 0.09 - 0.01 0.31 0.00 0.00 0.00 0.00 - 0.00 0.00 0.07 0.16 0.14 0.14 - 0.03 0.19 0.00 unch 0.00 0.12 0.12 0.00 0.00 0.04 0.05 0.04 0.05 + 0.01 0.08 0.01 unch 0.00 0.08 0.04 0.04 0.04 0.17 0.22 0.21 0.22 + 0.01 0.41 0.14 unch 0.00 0.28 0.16 0.16 0.16 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.11 0.02 0.02 0.02 0.02 unch 0.00 0.13 0.03 0.02 0.03 0.00 0.00 0.00 0.00 + 0.00 0.00 0.03 0.05 0.04 0.05 + 0.00 0.08 0.10 0.52 0.36 0.52 + 0.12 1.80 0.17 0.15 0.17 + 0.02 0.44 0.14 0.24 0.20 0.22 + 0.01 0.58 0.19 0.07 unch 0.00 0.13 0.07 0.07 0.07 0.08 0.12 0.09 0.09 - 0.02 0.18 1.64 2.62 2.11 2.53 + 0.33 2.94 4.29 4.00 4.11 - 0.15 4.89 2.56 0.05 0.07 0.06 0.06 - 0.02 0.18 0.04 unch 0.00 0.10 0.07 0.06 0.06 0.04 unch 0.00 0.07 0.06 0.06 0.06 0.06 unch 0.00 0.29 0.07 0.06 0.06 1.78 1.69 1.77 + 0.03 1.90 1.41 1.31 1.28 1.30 - 0.01 1.44 1.02 0.51 unch 0.00 1.25 0.88 0.88 0.88 0.07 unch 0.00 0.24 0.08 0.07 0.07 0.05 unch 0.00 0.18 0.05 0.05 0.05 0.23 0.44 0.41 0.41 - 0.03 0.50 0.22 unch 0.00 0.38 0.32 0.32 0.32 0.03 0.05 0.04 0.05 + 0.02 0.21 0.04 0.04 0.00 0.04 + 0.00 0.14 0.08 0.01 0.15 0.09 - 0.09 0.08 0.22 0.20 0.20 - 0.02 0.29 0.14 0.15 0.15 0.15 + 0.00 0.18 0.10 0.05 0.04 0.05 + 0.00 0.08 0.02 0.07 0.06 0.07 + 0.01 0.10 0.03 0.05 unch 0.00 0.30 0.00 0.00 0.06 0.12 unch 0.00 0.26 0.15 0.15 0.15 0.17 0.21 0.19 0.21 - 0.02 0.34 0.03 unch 0.00 0.07 0.05 0.00 0.04 0.07 0.09 0.08 0.08 - 0.00 0.20 0.10 0.12 0.11 0.11 - 0.01 0.27 0.11 0.00 0.11 unch 0.00 0.27 0.10 0.07 0.07 0.07 unch 0.00 0.77 0.00 0.24 0.28 0.24 0.26 - 0.01 1.24 0.18 0.21 0.17 0.19 - 0.01 0.95 0.09 0.09 0.09 0.09 - 0.01 0.17 0.06 unch 0.00 0.12 0.09 0.06 0.06 0.04 0.05 0.00 0.05 + 0.01 0.18 0.03 unch 0.00 0.13 0.03 0.03 0.03 0.03 0.02 0.02 + 0.01 0.03 0.00 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.09 0.08 0.09 + 0.01 0.31 0.06 0.05 0.07 0.06 0.06 - 0.00 0.23 2.52 4.47 4.11 4.26 - 0.05 5.85 3.36 5.97 5.46 5.71 - 0.01 7.75 0.13 0.16 0.16 0.16 + 0.00 0.47

D-F

2019-06-18 11:03 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Eloro Res V 612 0.28 0.18 0.18 - 0.05 0.70 0.15 Ely Gold Royal V 342 0.20 0.18 0.18 - 0.02 0.20 0.09 Ely Gold Royal* O 240 0.15 0.13 0.14 - 0.00 0.15 0.07 19 0.27 0.25 0.26 + 0.01 0.33 0.23 Elysee Dev * O Elysee Dev V 22 0.35 0.35 0.35 - 0.01 0.42 0.31 0.08 Emerita Res V 179 0.10 0.08 0.09 + 0.01 0.45 Emgold Mining* O 1 0.11 0.00 0.11 - 0.00 0.15 0.03 Emgold Mining V 19 0.18 0.17 0.17 - 0.01 0.22 0.05 1.00 EMX Royalty* X 447 1.25 1.18 1.20 - 0.05 1.47 EMX Royalty V 111 1.70 1.58 1.60 - 0.08 1.80 1.25 O 14 0.08 0.07 0.07 - 0.01 0.22 0.07 Encanto Potash* Encanto Potash V 36 0.11 0.10 0.10 - 0.01 0.30 0.10 EnCore Energy V 753 0.14 0.12 0.12 - 0.01 0.21 0.05 T 825 20.57 19.55 20.20 - 0.57 24.65 16.34 Endeavour Mng Endeavour Mng* O 50 15.41 14.85 14.99 - 0.69 18.87 12.38 Endeavr Silver* N 3658 1.92 1.76 1.85 - 0.02 3.35 1.68 T 715 2.56 2.33 2.47 - 0.01 4.40 2.27 Endeavr Silver Endurance Gold V 21 0.04 0.03 0.04 + 0.01 0.07 0.03 Energy Fuels* X 5941 3.19 2.98 3.13 + 0.12 4.09 1.91 Energy Fuels T 1139 4.27 3.95 4.22 + 0.21 5.38 2.55 Enforcer Gold V 195 0.05 0.04 0.04 - 0.01 0.23 0.04 V 115 0.10 0.10 0.10 unch 0.00 0.13 0.05 Engineer Gold Engold Mines V 161 0.10 0.08 0.10 + 0.01 0.22 0.08 Engold Mines* O 171 0.08 0.06 0.07 - 0.00 0.17 0.06 unch 0.00 0.08 0.02 Ensurge* O 20 0.04 0.03 0.04 Entree Res* X 361 0.32 0.28 0.31 + 0.01 0.48 0.28 Entree Res T 116 0.42 0.39 0.42 + 0.02 0.61 0.39 ePower Metals* O 5 0.05 0.00 0.05 + 0.01 0.23 0.04 Equinox Gold V 4747 1.31 1.16 1.27 + 0.06 1.37 0.85 unch 0.00 0.07 0.02 Equitorial Ex* O 2 0.02 0.02 0.02 Equitorial Ex V 254 0.04 0.03 0.03 - 0.01 0.09 0.02 Erdene Res Dev* O 22 0.15 0.13 0.14 - 0.01 0.36 0.13 Erdene Res Dev T 603 0.20 0.18 0.18 - 0.03 0.53 0.18 Erin Ventures* O 24 0.04 0.04 0.04 unch 0.00 0.22 0.04 0.05 Erin Ventures V 468 0.06 0.05 0.05 - 0.01 0.30 Ero Copper T 823 19.37 17.77 19.37 + 1.43 19.34 7.62 Ero Copper* O 8 14.41 13.49 14.40 + 0.91 14.41 5.84 Eros Res Corp V 314 0.09 0.08 0.08 - 0.01 0.11 0.07 Eros Res Corp V 314 0.09 0.08 0.08 - 0.01 0.11 0.07 0.07 Eskay Mng V 73 0.09 0.08 0.08 - 0.01 0.38 Essex Minerals V 8 0.05 0.05 0.05 unch 0.00 0.12 0.03 Ethos Gold* O 408 0.21 0.18 0.20 + 0.03 0.25 0.09 Ethos Gold V 1858 0.27 0.24 0.27 + 0.03 0.34 0.12 0.24 Etruscus Res 45 0.39 0.35 0.37 + 0.02 0.50 V 61 0.20 0.20 0.20 unch 0.00 0.44 0.15 Euro Manganese Euro Sun Mg T 578 0.47 0.38 0.41 - 0.04 1.25 0.23 Euro Sun Mg* O 189 0.38 0.29 0.31 - 0.03 1.00 0.17 EurOmax Res T 5 0.09 0.09 0.09 unch 0.00 0.21 0.02 European Elect* O 111 0.04 0.03 0.04 - 0.00 0.27 0.03 V 226 0.05 0.05 0.05 unch 0.00 0.35 0.04 European Elect European Metal* O 4400 0.00 0.00 0.00 - 0.00 0.00 0.00 Eurotin V 51 0.01 0.01 0.01 unch 0.00 0.13 0.01 Everton Res* O 34 0.02 0.01 0.01 - 0.00 0.03 0.01 unch 0.00 0.04 0.02 Everton Res V 183 0.03 0.02 0.03 1.16 0.87 1.00 - 0.14 1.64 0.16 EVI Global Grp 1328 Evolving Gold* O 0 0.00 0.00 0.01 unch 0.00 0.08 0.00 Evrim Res V 253 0.30 0.29 0.30 + 0.01 1.63 0.27 Excellon Res* O 130 0.63 0.55 0.56 - 0.07 1.17 0.44 0.59 Excellon Res T 131 0.83 0.73 0.74 - 0.08 1.57 O 35 0.72 0.68 0.68 - 0.02 1.09 0.53 Excelsior Mng* Excelsior Mng T 59 0.93 0.90 0.91 - 0.02 1.45 0.71 ExGen Res Inc V 609 0.01 0.01 0.01 unch 0.00 0.03 0.01 Explor Res* O 248 0.02 0.01 0.02 + 0.00 0.04 0.01 unch 0.00 0.04 0.02 Explor Res V 98 0.03 0.02 0.02 unch 0.00 0.45 0.21 Explorex Res 484 0.28 0.25 0.27 Explorex Res* O 7 0.20 0.18 0.19 + 0.01 0.28 0.16 Falco Res V 685 0.25 0.22 0.24 + 0.02 0.64 0.21 0.19 0.17 0.19 + 0.01 0.45 0.10 Falco Res * O 151 Falcon Gold V 1039 0.03 0.02 0.03 + 0.01 0.06 0.02 V 155 0.10 0.09 0.10 + 0.01 0.11 0.04 Fancamp Expl Far Res* O 77 0.06 0.04 0.06 + 0.01 0.88 0.04 Far Res 860 0.08 0.07 0.08 + 0.01 0.33 0.06 V 82 0.02 0.02 0.02 unch 0.00 0.14 0.02 Fengro Industr Fidelity Min V 349 0.05 0.04 0.05 unch 0.00 0.10 0.03 unch 0.00 0.06 0.03 Fidelity Min* O 63 0.04 0.04 0.04 Filo Mg Corp * O 308 2.10 0.00 2.00 - 0.07 2.10 1.55 Filo Mg Corp V 446 2.85 2.68 2.70 - 0.10 2.99 2.00 0.02 Finlay Minrls V 8 0.05 0.00 0.05 + 0.01 0.05 Fiore Gold* O 702 0.29 0.25 0.29 + 0.01 0.47 0.16 0.21 Fiore Gold V 695 0.38 0.33 0.38 + 0.01 0.57 Firebird Res V 0 0.00 0.00 0.02 unch 0.00 0.05 0.02 FireFox Gold V 15 0.11 0.09 0.11 + 0.01 0.39 0.09 V 3 0.06 0.00 0.06 + 0.01 0.10 0.04 Firestone Vent Fireweed Zinc V 351 0.65 0.55 0.58 - 0.07 1.58 0.55 O 71 0.48 0.42 0.42 - 0.08 1.17 0.42 Fireweed Zinc* Firma Holdings* O 244 0.02 0.02 0.02 - 0.00 0.06 0.01 First Cobalt * O 623 0.13 0.10 0.12 + 0.01 0.48 0.10 0.14 First Cobalt V 2440 0.17 0.15 0.16 + 0.01 0.60 First Colombia* O 150 0.00 0.00 0.00 unch 0.00 0.00 0.00 unch 0.00 0.20 0.07 First Energy 0 0.00 0.00 0.13 First Energy* O 21 0.07 0.07 0.07 + 0.00 0.31 0.07 N 10413 6.82 6.18 6.55 + 0.11 8.48 4.59 First Majestic* First Majestic T 2493 9.12 8.20 8.77 + 0.24 11.09 6.12 First Mg Fin T 2627 0.26 0.23 0.25 unch 0.00 0.50 0.21 0.20 0.17 0.19 - 0.01 0.38 0.16 First Mg Fin * O 1783 First Point* O 12 0.10 0.10 0.10 + 0.00 0.12 0.06 First Quantum T 8243 11.41 10.69 11.15 + 0.46 22.06 9.45 First Vanadium V 563 0.45 0.37 0.39 + 0.03 1.96 0.36 First Vanadium* O 216 0.34 0.27 0.29 + 0.02 1.60 0.26 V 383 0.10 0.09 0.10 unch 0.00 0.30 0.08 Fission 3.0 Fission 3.0* O 210 0.08 0.07 0.07 - 0.00 0.22 0.06 0.35 Fission Uran* O 313 0.37 0.35 0.35 - 0.01 0.59 Fission Uran T 506 0.49 0.47 0.47 - 0.01 0.75 0.47 Fjordland Exp V 144 0.07 0.05 0.05 - 0.02 0.33 0.05 Fjordland Exp* O 64 0.04 0.03 0.03 - 0.01 0.24 0.03 Focus Graphite* O 789 0.03 0.02 0.02 + 0.00 0.04 0.01 Focus Graphite V 570 0.03 0.03 0.03 unch 0.00 0.06 0.02 Focus Minerals* O 12 0.15 0.15 0.15 unch 0.00 0.15 0.15 Foran Mng V 147 0.29 0.27 0.28 - 0.01 0.48 0.23 Forsys Metals T 167 0.18 0.17 0.17 - 0.01 0.32 0.16 Fort St J Nick V 303 0.17 0.00 0.17 unch 0.00 0.42 0.12 Fort St James* O 1 0.09 0.09 0.09 unch 0.00 0.23 0.09 Fortescue Met* O 165 6.05 5.41 5.90 + 0.45 6.43 2.53 Fortuna Silvr T 4394 3.50 3.22 3.35 - 0.07 7.78 3.22 Fortuna Silvr* N 9077 2.62 2.43 2.50 - 0.09 5.94 2.39 Fortune Bay V 0 0.00 0.00 0.33 unch 0.00 0.41 0.19 Fortune Bay* O 2 0.21 0.00 0.21 + 0.03 0.31 0.10 Fortune Mnrls T 263 0.11 0.10 0.10 + 0.01 0.19 0.07 Fortune Mnrls* O 118 0.08 0.07 0.07 - 0.00 0.14 0.05 Forum Energy* O 113 0.04 0.03 0.04 + 0.00 0.06 0.02 Forum Energy V 703 0.06 0.05 0.05 - 0.01 0.09 0.03 Fox River Res 3 0.00 0.00 0.06 unch 0.00 0.10 0.06 Fox River Res* O 4 0.04 0.04 0.04 unch 0.00 0.06 0.04 FPX Nickel V 71 0.13 0.12 0.12 - 0.01 0.18 0.08 Franco-Nevada* N 2136 79.08 75.93 78.13 + 0.72 79.08 58.26 Franco-Nevada T 2304 105.81 100.74 104.81 + 1.92 105.96 76.53 Franklin Mng* O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 Freedom Egy V 61 0.02 0.00 0.02 + 0.01 0.09 0.01 Freegold Vent T 41 0.05 0.05 0.05 + 0.01 0.13 0.05 Freeport McMoR* N 89933 11.14 10.43 10.65 + 0.30 18.14 9.47 Freeport Res V 155 0.08 0.06 0.08 unch 0.00 0.11 0.06 Fremont Gold* O 2 0.08 0.08 0.08 unch 0.00 0.18 0.06 Fremont Gold V 265 0.08 0.08 0.08 unch 0.00 0.19 0.07 Fresnillo plc* O 22 10.49 9.89 10.40 + 0.16 15.46 9.23 Frontier Lith V 104 0.34 0.31 0.31 - 0.02 0.48 0.30 Frontline Gold V 84 0.01 0.01 0.01 unch 0.00 0.02 0.01 Full Metal Mnl* O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 Fura Gems V 490 0.19 0.14 0.14 - 0.04 0.50 0.14 Fura Gems* O 29 0.13 0.12 0.12 - 0.01 0.40 0.12

G-H G2 Goldfields* O 2 G2 Goldfields V 281 Gabriel Res V 200 Gabriel Res* O 61 V 1298 Gainey Capital Galane Gold * O 68 Galane Gold V 363 Galantas Gold* O 1 Galantas Gold V 301 Galore Res V 531 4 Galway Gold * O Galway Gold V 3 Galway Mtls* O 110 Galway Mtls V 146 GAR Limited 474 Garibaldi Res V 241 Garibaldi Res * O 49 Gatling Explor V 393 Gatling Explor* O 52 General Moly T 47 General Moly* X 2705 Generation Min 2 Genesis Mtls* O 41 Genesis Mtls V 153 Genius Metals 8 Gensource Pot V 638 Gentor Res V 100 Geomega Res V 400

0.00 0.00 0.20 unch 0.00 0.22 0.04 0.30 0.25 0.30 + 0.05 0.43 0.11 0.49 0.40 0.46 + 0.06 0.49 0.29 0.35 0.28 0.30 - 0.00 0.35 0.20 0.11 0.09 0.09 - 0.01 0.16 0.04 0.04 0.04 0.04 - 0.00 0.05 0.03 0.05 0.05 0.05 + 0.01 0.07 0.04 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.08 0.00 0.07 - 0.01 0.15 0.06 0.05 0.04 0.05 + 0.01 0.05 0.01 0.10 0.00 0.09 unch 0.00 0.12 0.00 0.12 0.12 0.12 unch 0.00 0.26 0.10 0.27 0.25 0.27 + 0.00 0.30 0.10 0.36 0.34 0.35 unch 0.00 0.44 0.13 0.04 0.04 0.04 - 0.01 0.22 0.04 1.10 1.02 1.07 + 0.02 3.29 0.69 0.82 0.76 0.80 - 0.03 2.50 0.51 0.41 0.38 0.40 + 0.01 0.58 0.13 0.29 0.00 0.29 + 0.00 0.34 0.21 0.56 0.45 0.49 - 0.03 0.63 0.22 0.44 0.34 0.37 - 0.03 0.46 0.16 0.30 0.00 0.30 unch 0.00 0.33 0.10 0.06 0.05 0.06 + 0.01 0.08 0.04 0.08 0.07 0.07 unch 0.00 0.12 0.05 0.18 0.16 0.16 - 0.02 0.25 0.12 0.09 0.09 0.09 - 0.01 0.16 0.08 0.07 0.07 0.07 unch 0.00 0.10 0.05 0.20 0.17 0.19 - 0.01 0.23 0.07

20-23_JUNE24_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Geomega Res* O 85 Gespeg Cop Res V 170 79 Getchell Gold * O Getchell Gold 119 Getty Copper V 444 V 169 GFG Resources GFG Resources* O 58 GFM Res V 3 GGL Res V 4 GGX Gold V 826 GGX Gold* O 72 Giga Metals V 719 Giga Metals* O 386 Gitennes Expl V 94 Giyani Gold V 1271 Giyani Gold* O 49 GK Resources V 148 Glacier Lake V 105 Glacier Lake* O 5 Gldn Predator* O 105 Gldn Predator V 490 Glen Eagle Res V 71 Glencore Plc* O 1663 T 380 Global Atomic Global Atomic* O 184 V 141 Global Battery Global Battery* O 25 Global Energy* O 16 Global Energy V 920 Global Gold* O 4 Global Li-Ion* O 16 Global Li-Ion 358 GlobalMin Vent* O 2 Globex Mng* O 23 Globex Mng T 17 V 20 GMV Minerals GMV Minerals* O 9 GNCC Capital* O 800375 Go Cobalt 40 GobiMin V 6 God’s Lake Res 20 GoGold Res T 223 Gold Dynamics* O 756 Gold Fields* O 1 Gold Fields* N 44716 Gold Finder Ex* O 0 Gold Finder Ex V 762 Gold Lakes* O 38 Gold Reserve* O 262 Gold Reserve V 13 Gold Resource* X 4361 Gold Rush Cari V 2478 Gold Std Vents T 471 Gold Std Vents* X 1145 Goldbank Mng V 2 Goldcliff Res* O 125 Goldcliff Res V 257 Golden Arrow V 374 Golden Arrow* O 277 Golden Cariboo V 16 Golden Dawn Ml V 79 86 Golden Dawn Ml* O Golden Goliath* O 53 Golden Goliath V 519 Golden Harp V 25 Golden Hope V 894 Golden Hope* O 4 Golden Mnls T 49 Golden Mnls* X 412 Golden Pursuit V 33 Golden Pursuit* O 1 T 2100 Golden Queen Golden Queen* O 944 Golden Ridge V 2115 Golden Secret V 137 Golden Share V 51 Golden Star T 146 Golden Star* X 1300 Golden Tag V 198 Golden Valley* O 55 Golden Valley V 112 Goldex Res* O 7 Goldex Res V 24 Goldgroup Mng T 109 Goldgroup Mng* O 39 GoldMining T 368 GoldMining* O 538 GoldON Res* O 8 GoldON Res V 183 Goldplay Expl* O 128 Goldplay Expl V 275 GoldQuest Mng V 118 Goldrea Res 347 Goldrea Res* O 3 Goldrich Mng* O 161 Goldsource Min* O 243 Goldsource Min V 819 V 140 Goldstar Mnls Goldstream Mnl V 58 Goldstrike Res V 318 GoldTrain Res 185 Goliath Res V 629 Goliath Res* O 130 Gossan Res V 200 GoviEx Uranium* O 659 GoviEx Uranium V 1941 Gowest Gold* O 302 Gowest Gold V 1202 GPM Metals* O 135 GPM Metals V 417 Gran Colombia* O 119 T 1205 Gran Colombia Granada Gold V 1671 Granada Gold* O 29 Grande Portage V 96 O 106 Grande Portage* Granite Creek V 132 Graphite Egy* O 3 Graphite Egy 1 Graphite One* O 116 Graphite One V 62 Gratomic* O 11 Gratomic V 671 5 Gray Rock Res V Great Atlantic V 1520 Great Bear Res V 1067 Great Bear Res* O 120 Great Lakes Gr* O 113 Great Panther T 454 X 2124 Great Panther* Great Quest Fe* O 25 V 88 Great Thunder Green Arrow V 38 Green River 60 Green Swan Cap V 110 Green Valley M V 8 Greencastle Rs V 40 O 2118 Greenland M&En* Grid Metals V 677 Grid Metals* O 117 Grizzly Discvr* O 1679 Grizzly Discvr V 1523 Grosvenor Res V 20 Group Eleven V 541 Group Ten Mtls* O 108 Group Ten Mtls V 153 GrowMax Res* O 1500 GrowMax Res V 2012 GSP Resource V 96 GT Gold V 680 GT Gold * O 13 Gungnir Res* O 190 Gungnir Res V 102 Gunpoint Expl V 15 Guyana Gldflds T 2292 Guyana Goldstr V 170 O 20 Guyana Goldstr* Handeni Gold* O 0 Hannan Metals V 67 Hannan Metals* O 15 Happy Ck Mnrls V 52 Harfang Explor V 128 Harmony Gold* N 26444 Harte Gold* O 95 Harte Gold T 1011 Harvest Gold* O 2074 Harvest Gold V 1401 Havilah Mining V 61 Havilah Mining* O 33 Hawkeye Gld&Di V 0

0.15 0.13 0.14 + 0.00 0.17 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.16 0.14 0.14 - 0.01 0.19 0.13 0.20 0.19 0.19 - 0.01 3.60 0.13 0.04 0.03 0.03 - 0.01 0.07 0.02 0.22 0.18 0.19 - 0.03 0.35 0.17 0.17 0.13 0.14 - 0.03 0.25 0.14 0.05 0.05 0.05 unch 0.00 0.05 0.04 0.00 0.00 0.07 unch 0.00 0.13 0.07 0.07 0.06 0.06 - 0.15 0.42 0.15 0.05 0.04 0.05 + 0.00 0.10 0.04 0.25 0.20 0.20 unch 0.00 0.37 0.15 0.19 0.15 0.15 - 0.00 0.29 0.11 0.04 0.03 0.04 unch 0.00 0.10 0.02 0.16 0.12 0.16 + 0.04 0.40 0.07 0.12 0.10 0.12 - 0.00 0.31 0.06 0.20 0.18 0.20 + 0.02 0.20 0.15 0.09 0.07 0.07 - 0.02 0.65 0.07 0.05 0.05 0.05 unch 0.00 0.09 0.01 0.14 0.13 0.14 + 0.00 0.36 0.13 0.19 0.18 0.18 - 0.01 0.46 0.18 0.10 0.09 0.10 + 0.01 0.18 0.08 6.90 6.65 6.81 + 0.20 10.25 6.31 0.50 0.46 0.48 - 0.01 0.52 0.28 0.38 0.35 0.37 - 0.02 0.39 0.21 0.12 0.11 0.12 + 0.01 0.30 0.07 0.09 0.09 0.09 unch 0.00 0.23 0.06 0.06 0.05 0.05 - 0.01 0.10 0.03 0.07 0.06 0.06 - 0.02 0.13 0.04 1.50 0.00 1.50 - 0.10 2.00 1.30 0.11 0.10 0.10 - 0.01 0.22 0.04 0.14 0.13 0.14 - 0.01 0.29 0.06 0.51 0.00 0.51 - 0.04 140.00 0.40 0.28 0.28 0.28 + 0.01 0.33 0.19 0.39 0.34 0.35 - 0.01 0.46 0.25 0.13 0.13 0.13 - 0.01 0.32 0.07 0.09 0.09 0.09 unch 0.00 0.23 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.00 0.09 unch 0.00 0.38 0.07 0.28 0.28 0.28 unch 0.00 0.45 0.20 5.10 0.00 5.10 - 0.15 5.25 0.90 0.40 0.37 0.38 unch 0.00 0.48 0.19 0.00 0.00 0.00 + 0.00 0.01 0.00 3.83 0.00 3.83 unch 0.00 4.10 2.40 5.35 4.81 5.27 + 0.22 5.35 2.20 0.05 0.00 0.05 unch 0.00 0.35 0.04 0.07 0.06 0.07 unch 0.00 0.48 0.06 0.04 0.00 0.04 + 0.01 0.10 0.00 2.46 1.91 1.91 - 0.54 2.95 1.84 3.27 2.46 2.46 - 0.90 3.87 2.46 3.37 2.74 3.25 + 0.36 7.33 2.73 0.13 0.09 0.13 + 0.02 0.17 0.05 1.49 1.40 1.42 - 0.10 2.40 1.17 1.12 1.05 1.06 - 0.07 1.86 0.86 0.12 0.11 0.11 unch 0.00 0.17 0.07 0.09 0.08 0.09 unch 0.00 0.10 0.03 0.12 0.11 0.11 - 0.02 0.15 0.05 0.25 0.22 0.24 unch 0.00 0.55 0.22 0.19 0.16 0.17 - 0.01 0.42 0.15 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.06 0.06 0.06 unch 0.00 0.30 0.02 0.05 0.04 0.04 + 0.01 0.22 0.02 0.04 0.03 0.03 - 0.02 0.05 0.00 0.05 0.04 0.05 - 0.01 0.06 0.02 0.17 0.17 0.17 unch 0.00 0.20 0.06 0.11 0.07 0.08 unch 0.00 0.11 0.05 0.07 0.06 0.06 unch 0.00 0.08 0.03 0.37 0.33 0.34 - 0.03 0.53 0.26 0.28 0.24 0.26 - 0.02 0.38 0.19 0.10 0.06 0.09 + 0.01 0.17 0.02 0.06 0.00 0.06 unch 0.00 0.11 0.05 0.03 0.03 0.03 unch 0.00 0.23 0.02 0.02 0.02 0.02 - 0.00 0.17 0.01 0.19 0.16 0.18 + 0.02 0.54 0.08 1.57 1.44 1.46 - 0.11 3.10 1.10 0.12 0.00 0.11 + 0.01 0.20 0.07 4.92 4.36 4.64 + 0.12 6.22 3.24 3.68 3.28 3.47 + 0.06 4.67 2.43 0.04 0.03 0.03 - 0.01 0.08 0.03 0.26 0.24 0.26 + 0.00 0.30 0.16 0.35 0.34 0.35 + 0.01 0.39 0.22 0.07 0.07 0.07 - 0.00 0.57 0.07 0.11 0.00 0.10 - 0.01 0.80 0.08 0.06 0.05 0.05 - 0.01 0.08 0.04 0.04 0.03 0.03 - 0.00 0.07 0.02 0.91 0.84 0.90 + 0.03 1.11 0.71 0.67 0.62 0.67 + 0.01 0.97 0.52 0.55 0.50 0.50 - 0.05 0.57 0.09 0.69 0.58 0.65 - 0.05 0.75 0.12 0.11 0.10 0.10 - 0.02 0.22 0.09 0.15 0.13 0.14 - 0.02 0.30 0.11 0.12 0.11 0.11 - 0.01 0.22 0.08 0.09 0.08 0.08 - 0.01 0.14 0.04 0.06 0.06 0.06 - 0.00 0.14 0.03 0.01 0.01 0.01 - 0.00 0.03 0.01 0.10 0.09 0.10 - 0.02 0.16 0.02 0.14 0.13 0.14 - 0.01 0.23 0.04 0.05 0.05 0.05 unch 0.00 0.12 0.03 0.05 0.05 0.05 unch 0.00 0.18 0.04 0.04 0.04 0.04 unch 0.00 0.25 0.04 0.09 0.08 0.08 unch 0.00 0.40 0.07 0.08 0.07 0.07 - 0.01 0.33 0.06 0.07 0.05 0.06 - 0.00 0.21 0.04 0.07 0.07 0.07 unch 0.00 0.10 0.05 0.13 0.10 0.12 - 0.01 0.20 0.09 0.17 0.15 0.15 - 0.01 0.25 0.12 0.03 0.02 0.03 + 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.05 0.04 0.05 unch 0.00 0.06 0.03 3.44 2.90 3.35 + 0.34 3.44 1.57 4.63 3.82 4.51 + 0.50 4.67 2.03 0.15 0.11 0.14 + 0.02 0.24 0.09 0.10 0.08 0.10 + 0.03 0.18 0.07 0.17 0.14 0.16 - 0.01 0.34 0.08 0.13 0.12 0.13 + 0.01 0.25 0.06 0.07 0.05 0.06 - 0.01 0.23 0.05 0.38 0.30 0.32 - 0.10 1.52 0.10 0.44 0.00 0.44 - 0.08 1.35 0.02 0.26 0.21 0.21 - 0.03 1.00 0.00 0.33 0.28 0.30 - 0.02 0.65 0.24 0.04 0.03 0.04 + 0.00 0.13 0.03 0.05 0.04 0.04 - 0.01 0.17 0.04 0.10 0.10 0.10 unch 0.00 0.19 0.05 0.06 0.05 0.06 unch 0.00 0.15 0.04 4.18 3.84 3.88 - 0.30 4.24 0.48 3.16 2.87 2.87 - 0.24 3.19 0.35 0.04 0.04 0.04 unch 0.00 0.10 0.01 1.02 0.94 0.95 - 0.04 1.62 0.70 0.76 0.71 0.72 - 0.03 1.23 0.54 0.07 0.07 0.07 unch 0.00 0.08 0.06 0.03 0.02 0.02 - 0.01 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.06 0.06 0.06 unch 0.00 0.07 0.04 0.03 0.03 0.03 - 0.01 0.07 0.02 0.11 0.09 0.09 unch 0.00 2.00 0.06 0.08 0.00 0.08 + 0.02 0.10 0.02 0.10 0.08 0.09 + 0.01 0.10 0.04 0.13 0.00 0.11 + 0.01 0.20 0.05 0.09 0.08 0.09 + 0.01 0.15 0.04 0.04 0.04 0.04 + 0.00 0.11 0.03 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.10 0.10 0.10 unch 0.00 0.20 0.09 0.06 0.05 0.05 unch 0.00 0.20 0.05 0.11 0.09 0.10 + 0.00 0.17 0.01 0.14 0.13 0.13 - 0.01 0.23 0.12 0.07 0.07 0.07 + 0.01 0.12 0.05 0.10 0.10 0.10 unch 0.00 0.16 0.07 0.16 0.14 0.14 - 0.02 0.26 0.14 0.92 0.87 0.91 - 0.01 2.15 0.41 0.68 0.65 0.66 - 0.03 1.62 0.31 0.06 0.04 0.06 + 0.00 0.29 0.04 0.08 0.07 0.08 + 0.01 0.39 0.06 0.50 0.00 0.48 - 0.02 0.55 0.32 0.97 0.88 0.91 - 0.02 5.13 0.80 0.14 0.12 0.13 - 0.03 0.38 0.12 0.12 0.09 0.09 - 0.02 0.28 0.09 0.00 0.00 0.02 unch 0.00 0.06 0.02 0.08 0.07 0.07 unch 0.00 0.21 0.05 0.06 0.06 0.06 + 0.02 0.17 0.04 0.14 0.00 0.13 - 0.01 0.20 0.11 0.32 0.25 0.25 - 0.04 0.32 0.18 2.04 1.78 1.96 + 0.07 2.21 1.43 0.21 0.19 0.20 - 0.01 0.38 0.15 0.28 0.25 0.26 - 0.01 0.55 0.21 0.01 0.00 0.01 - 0.01 0.08 0.00 0.02 0.00 0.02 unch 0.00 0.10 0.01 0.25 0.23 0.25 + 0.01 0.69 0.23 0.19 0.17 0.19 + 0.01 0.35 0.17 0.00 0.00 0.03 unch 0.00 0.11 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Heatherdale Rs V 500 Hecla Mining* N 29028 O 37 Hemcare Health* Highbank Res V 24 V 2349 Highland Copp Highland Copp* O 317 Highway 50 Gld V 194 Highway 50 Gld* O 5 HiHo Silver 275 Hinterland Mtl* O 2 V 53 Hinterland Mtl Hochschild Mg* O 1 O 197 Homeland Egy* Honey Badger E V 193 Horizonte Mnls T 30 Hornby Bay Mnl* O 1 Hornby Bay Mnl V 804 HudBay Min T 4694 HudBay Min* N 3997 Hudson Res V 31 Hudson Res* O 39 Hunt Mng* O 2 Hunt Mng V 2 Hut 8 Mining* O 107 Hut 8 Mining V 713 Hybrid Mineral V 165 Hycroft Mining* O 0

0.03 0.02 0.02 - 0.01 0.04 0.02 1.74 1.39 1.58 + 0.11 3.91 1.21 1.50 1.31 1.45 + 0.03 1.54 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.05 0.03 0.04 - 0.02 0.14 0.03 0.04 0.02 0.03 - 0.01 0.12 0.03 0.18 0.15 0.17 + 0.01 0.48 0.14 0.13 0.13 0.13 unch 0.00 0.37 0.10 0.05 0.03 0.04 + 0.01 0.09 0.02 0.11 0.01 0.01 - 0.10 0.14 0.01 0.15 0.15 0.15 unch 0.00 0.35 0.10 2.06 2.06 2.06 + 0.16 2.70 1.90 1.66 1.30 1.34 - 0.14 3.21 0.18 0.03 0.03 0.03 + 0.01 0.20 0.03 0.04 0.03 0.03 unch 0.00 0.08 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 7.13 6.62 6.94 + 0.32 10.42 4.51 5.36 4.98 5.17 + 0.19 7.83 3.44 0.39 0.38 0.39 - 0.01 0.53 0.32 0.32 0.28 0.29 - 0.00 0.39 0.25 0.09 0.09 0.09 unch 0.00 0.25 0.07 0.12 0.12 0.12 unch 0.00 0.32 0.09 1.85 1.46 1.80 + 0.15 2.85 0.60 2.50 1.91 2.40 + 0.20 3.75 0.76 0.06 0.05 0.05 - 0.01 0.25 0.05 0.00 0.00 0.00 unch 0.00 0.13 0.00

I-Minerals V 2 I-Minerals* O 14 IAMGOLD* N 23569 IAMGOLD T 7475 Icon Explor* O 32 Iconic Mnls * O 16 Iconic Mnls V 68 IEMR Res V 60 iMetal Res V 703 iMetal Res* O 896 V 142 IMPACT Silver O 0 Impala Platnm* T 116 Imperial Metal Imperial Metal* O 48 Imperial Mg Gr V 263 38 Inca One Gold V Inca One Gold* O 40 Inception Mng * O 40 O 3 Independence G* Independence G V 7 Indiana Res* O 1 Indico Res V 214 Indigo Expl V 84 Infinite Lith* O 0 Infinite Lith V 35 Inform Res V 250 O 5 Infrastructure* Inomin Mines V 476 Inspiration Mg* O 50 Intact Gold V 0 Integra Res* O 94 Integra Res V 532 O 20 Inter-Rock Mnl* Inter-Rock Mnl V 25 Intercontinent V 16 O 3 Intercontinent* Intgr Egy Sol* O 80 Intl Battery 243 Intl Battery* O 219 Intl Bethl Mng V 14 Intl Cobalt* O 703 Intl Cobalt 1911 Intl Lithium* O 19 Intl Lithium V 20 Intl Montoro* O 3 Intl Montoro V 168 Intl Prospect * O 2 Intl Prospect V 92 Intl Samuel Ex V 527 29739 Intl Star* O Intl Tower Hil* X 292 Intl Tower Hil T 96 Intl Zeolite V 101 Intl Zeolite* O 14 Intrepid Pots* N 1830 INV Metals* O 45 INV Metals T 199 31 Inventus Mg * O Inventus Mg V 276 InZinc Mining V 405 InZinc Mining* O 13 O 196 Ireland* Irving Res 392 Irving Res* O 185 IsoEnergy Ltd V 134 Itafos* O 263 Itafos V 244 Itoco Inc* O 16 Ivanhoe Mines* O 387 Ivanhoe Mines T 3600 Jade Leader* O 91 Jade Leader V 59 Jaeger Res * O 1 Jaeger Res V 16 Jaguar Mng T 1729 Jaguar Mng* O 104 Japan Gold V 248 Japan Gold* O 114 Jaxon Mining* O 40 Jaxon Mining V 344 Jayden Res V 43 Jazz Res V 170 Jiulian Res V 42 Jourdan Res V 1115 Jubilee Gold V 73 Juggernaut Exp* O 43 Juggernaut Exp V 1697 Jupiter Gold* O 1 K2 Gold V 208 K92 Mining* O 311 K92 Mining V 692 Kaizen Discov V 464 Kapuskasing Gd V 127 Karam Min 3 Karmin Expl V 31 Karnalyte Res T 19 Karoo Expl V 265 KAT Expl* O 68824 Katanga Mng T 1758 Kenadyr Mining V 32 Kenadyr Mining* O 6 Kerr Mines* O 276 Kerr Mines T 335 Kesselrun Res* O 8 Kesselrun Res V 190 Kestrel Gold V 38 Kilo Goldmines V 45 Kincora Copper* O 3 Kincora Copper V 385 Kings Bay Res* O 35 Kingsmen Res V 20 Kingsmen Res* O 9 Kinross Gold T 16093 Kinross Gold* N 43054 Kintavar Exp V 55 Kirkland Lake* N 7775 Kirkland Lake T 4690 Klondike Gold* O 32 Klondike Gold V 339 Klondike Silv* O 14 Klondike Silv V 810 Kombat Copper V 705 Komet Resource V 173 Kootenay Silvr* O 44 Kootenay Silvr V 525 Kootenay Zinc* O 4 Kootenay Zinc 12 KOPR Point 158 Kore Mining * O 75 Kore Mining V 458 Kutcho Copper * O 74 KWG Res* O 1 KWG Res 1404

0.00 0.00 0.16 unch 0.00 0.26 0.06 0.12 0.11 0.12 unch 0.00 0.18 0.05 2.97 2.60 2.87 + 0.15 6.16 2.28 3.97 3.46 3.86 + 0.24 8.06 3.08 0.09 0.08 0.08 - 0.01 0.21 0.07 0.08 0.07 0.07 - 0.00 0.14 0.06 0.11 0.10 0.10 - 0.01 0.19 0.09 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.19 0.04 0.04 0.03 0.03 - 0.01 0.14 0.03 0.26 0.24 0.26 + 0.02 0.45 0.20 0.00 0.00 1.82 unch 0.00 1.85 1.15 2.55 2.16 2.55 + 0.11 3.50 0.93 1.90 1.70 1.89 + 0.15 2.60 0.72 0.08 0.07 0.07 unch 0.00 0.11 0.05 0.05 0.05 0.05 unch 0.00 0.07 0.04 0.04 0.03 0.04 + 0.01 0.05 0.02 0.12 0.00 0.12 unch 0.00 0.55 0.00 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.06 0.06 0.06 - 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.03 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.04 0.04 0.04 unch 0.00 0.14 0.04 0.07 0.06 0.07 + 0.01 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.18 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.03 0.04 unch 0.00 0.09 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.00 0.00 0.00 0.05 unch 0.00 0.18 0.05 0.67 0.58 0.66 + 0.05 0.72 0.44 0.88 0.77 0.87 + 0.07 0.93 0.61 0.16 0.16 0.16 unch 0.00 0.27 0.16 0.24 0.24 0.24 unch 0.00 0.36 0.20 0.14 0.00 0.14 unch 0.00 0.56 0.09 0.07 0.07 0.07 unch 0.00 0.41 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.17 0.09 0.10 - 0.08 0.37 0.05 0.13 0.07 0.08 - 0.04 0.28 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.02 0.01 0.02 + 0.00 0.12 0.01 0.02 0.00 0.02 - 0.01 0.15 0.01 0.05 0.04 0.04 - 0.01 0.09 0.02 0.06 0.06 0.06 unch 0.00 0.12 0.03 0.04 0.03 0.04 + 0.01 0.06 0.02 0.06 0.05 0.05 unch 0.00 0.09 0.04 0.08 0.00 0.08 + 0.00 0.23 0.08 0.18 0.11 0.16 + 0.05 0.38 0.11 0.02 0.02 0.02 unch 0.00 0.13 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.52 0.48 0.52 unch 0.00 0.68 0.35 0.71 0.63 0.71 + 0.03 0.90 0.48 0.13 0.11 0.11 - 0.02 0.30 0.05 0.08 0.08 0.08 + 0.00 0.22 0.01 3.35 3.19 3.22 - 0.02 4.63 2.51 0.27 0.26 0.27 - 0.00 0.59 0.25 0.36 0.00 0.36 unch 0.00 0.83 0.32 0.10 0.08 0.09 + 0.01 0.18 0.07 0.14 0.11 0.13 + 0.03 0.25 0.10 0.05 0.04 0.04 unch 0.00 0.14 0.03 0.03 0.03 0.03 - 0.00 0.10 0.02 0.17 0.12 0.17 + 0.04 0.20 0.03 3.19 2.73 3.05 + 0.35 3.19 0.91 2.40 2.04 2.29 + 0.24 2.40 0.70 0.53 0.47 0.48 - 0.05 0.66 0.28 0.57 0.49 0.49 - 0.09 1.87 0.47 0.72 0.58 0.60 - 0.14 2.48 0.58 0.29 0.15 0.25 - 0.04 0.32 0.02 2.69 2.53 2.56 + 0.02 2.70 1.50 3.56 3.37 3.45 + 0.09 3.62 2.00 0.15 0.00 0.14 - 0.02 0.34 0.13 0.20 0.00 0.20 - 0.03 0.44 0.13 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.11 0.08 0.11 + 0.03 0.37 0.07 0.08 0.05 0.08 + 0.01 0.28 0.05 0.30 0.26 0.27 - 0.02 0.38 0.07 0.22 0.19 0.20 - 0.01 0.28 0.06 0.04 0.04 0.04 unch 0.00 0.11 0.04 0.06 0.05 0.06 unch 0.00 0.15 0.05 0.02 0.02 0.02 unch 0.00 0.20 0.01 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.04 0.00 0.04 unch 0.00 0.18 0.01 0.03 0.00 0.03 - 0.01 0.09 0.02 0.61 0.61 0.61 unch 0.00 0.64 0.61 0.08 0.07 0.07 - 0.01 1.10 0.05 0.11 0.09 0.10 + 0.01 0.59 0.07 0.90 0.90 0.90 unch 0.00 2.25 0.90 0.20 0.17 0.17 - 0.02 0.33 0.16 1.35 1.19 1.31 + 0.03 1.36 0.51 1.77 1.59 1.74 + 0.04 1.89 0.67 0.06 0.05 0.06 + 0.01 0.11 0.05 0.04 0.00 0.04 - 0.01 0.21 0.04 0.00 0.00 0.05 unch 0.00 0.15 0.05 0.76 0.68 0.76 - 0.01 0.96 0.60 0.21 0.00 0.20 + 0.01 0.61 0.15 0.06 0.05 0.06 unch 0.00 0.65 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.41 0.34 0.35 - 0.06 1.41 0.34 0.07 0.00 0.07 + 0.01 0.19 0.06 0.05 0.05 0.05 + 0.01 0.13 0.04 0.14 0.13 0.14 - 0.00 0.17 0.07 0.19 0.17 0.18 unch 0.00 0.22 0.11 0.02 0.02 0.02 + 0.00 0.06 0.02 0.04 0.04 0.04 - 0.01 0.10 0.03 0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.07 0.00 0.07 unch 0.00 0.23 0.07 0.10 0.08 0.10 unch 0.00 0.29 0.08 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.42 0.00 0.42 + 0.02 0.70 0.16 0.34 0.27 0.30 - 0.04 0.52 0.12 4.93 4.46 4.74 + 0.13 5.20 3.15 3.70 3.36 3.54 + 0.08 3.98 2.38 0.18 0.17 0.17 - 0.01 0.45 0.11 39.76 35.82 38.15 + 0.82 39.76 17.26 52.80 47.51 51.19 + 1.33 52.80 22.42 0.23 0.19 0.21 - 0.01 0.34 0.10 0.30 0.27 0.30 + 0.01 0.44 0.17 0.03 0.00 0.03 + 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.07 0.03 0.09 0.00 0.09 + 0.02 0.23 0.05 0.14 0.13 0.13 - 0.01 0.29 0.11 0.10 0.08 0.09 - 0.01 0.13 0.08 0.12 0.11 0.11 - 0.01 0.17 0.11 0.05 0.03 0.05 + 0.00 0.17 0.02 0.05 0.00 0.05 unch 0.00 0.29 0.05 0.08 0.07 0.07 unch 0.00 3.45 0.01 0.16 0.16 0.16 unch 0.00 0.21 0.09 0.23 0.20 0.20 - 0.02 0.35 0.08 0.16 0.14 0.14 - 0.02 0.41 0.14 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01

Labrador Gold* O 13 Labrador Gold V 88 Labrador IMH* O 1 Labrador IOR* O 57 Labrador IOR T 1181

0.14 0.14 0.14 unch 0.00 0.21 0.12 0.23 0.21 0.23 + 0.02 0.33 0.14 0.00 0.00 0.00 + 0.00 0.11 0.00 24.09 0.00 23.95 + 0.83 25.32 17.11 32.81 30.82 32.76 + 1.92 33.81 22.25

I-J-K

L

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Lake Resources* O 1500 Lara Expl V 61 Laramide Res T 526 Laredo Res* O 401 Largo Res T 3789 Largo Res* O 2047 Lateral Gold V 46 Latin American V 271 O 2 Latin American* Latin Metals* O 0 Latin Metals V 497 Laurion Mnl Ex* O 37 Laurion Mnl Ex V 191 4 Le Mare Gold* O Le Mare Gold V 10 Leading Edge* O 1489 Leading Edge V 2014 Leagold Mg T 1079 Leagold Mg* O 145 Leeta Gold V 1999 Legion Metals 820 Leo Res* O 13 Lepanto Con Mg* O 150 Levon Res Ltd T 774 Levon Res Ltd * O 192 Libero Copper* O 117 Libero Copper V 286 Liberty Gold* O 341 Liberty One Li* O 348 Liberty One Li V 413 LiCo Energy* O 96 LiCo Energy V 676 Lincoln Mng V 2548 Lion One Mtls V 516 Lion One Mtls* O 235 Lions Bay Cap V 33 Lions Bay Mg * O 0 Lions Bay Mg 5 Lithion Energy* O 32 N 545 Lithium Amer* Lithium Amer T 379 Lithium Chile V 287 Lithium Chile* O 19 Lithium Corp* O 587 V 104 Lithium Energi Lithium Energi* O 3 Lithium Expl* O 310 Lithoquest Dia V 87 Lithoquest Dia* O 22 LKA Gold* O 103 Logan Res* O 0 Logan Res V 872 Lomiko Mtls V 73 Lomiko Mtls* O 40 Loncor Res T 62 Lone Star Gold* O 2 Lonmin plc* O 59 Lonmin plc* O 15 Los Andes* O 4 Los Andes V 110 Lucara Diam T 1444 Lucky Min V 1200 Lucky Min* O 23 Luckystrike * O 27 Luckystrike V 38 Lumina Gold V 211 Lumina Gold* O 94 Luminex Res V 59 Lundin Gold T 229 Lundin Mng* O 194 Lundin Mng T 8236 Lupaka Gold V 95 Lydian Intl T 731 Lydian Intl* O 197 Lynas Corp* O 1085 Lynas Corp* O 481

0.08 0.08 0.08 unch 0.00 0.09 0.06 0.53 0.46 0.47 - 0.01 0.74 0.41 0.38 0.33 0.34 - 0.02 0.52 0.24 0.00 0.00 0.00 - 0.00 0.05 0.00 2.00 1.60 1.97 + 0.37 4.65 1.44 1.50 1.19 1.48 + 0.28 3.56 1.07 0.20 0.00 0.14 - 0.07 0.89 0.13 0.02 0.00 0.01 - 0.01 0.07 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.00 0.00 0.02 unch 0.00 0.09 0.01 0.13 0.13 0.13 unch 0.00 0.56 0.08 0.08 0.07 0.07 - 0.01 0.08 0.05 0.11 0.10 0.11 unch 0.00 0.11 0.06 0.02 0.00 0.02 - 0.01 0.30 0.00 0.05 0.03 0.05 + 0.01 0.18 0.03 0.30 0.25 0.27 + 0.02 0.49 0.07 0.40 0.34 0.34 + 0.01 0.63 0.10 1.80 1.47 1.80 + 0.25 2.76 1.28 1.34 1.10 1.33 + 0.15 2.09 0.95 0.52 0.48 0.50 - 0.02 1.08 0.24 0.52 0.48 0.50 - 0.01 0.83 0.18 0.04 0.03 0.04 + 0.02 0.60 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.12 0.11 0.12 + 0.02 0.25 0.07 0.09 0.08 0.09 + 0.01 0.18 0.06 0.08 0.05 0.08 + 0.03 0.10 0.04 0.11 0.09 0.11 unch 0.00 0.14 0.07 0.31 0.26 0.31 + 0.03 0.35 0.21 0.09 0.06 0.07 + 0.00 0.23 0.04 0.11 0.00 0.10 unch 0.00 0.30 0.06 0.04 0.03 0.04 + 0.01 0.18 0.01 0.05 0.05 0.05 unch 0.00 0.55 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.79 0.69 0.70 - 0.03 0.79 0.35 0.60 0.53 0.53 + 0.00 0.60 0.24 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.00 0.00 0.06 unch 0.00 0.14 0.00 0.09 0.00 0.09 unch 0.00 0.20 0.03 0.23 0.20 0.20 - 0.03 0.23 0.02 3.95 3.72 3.81 unch 0.00 5.79 2.75 5.25 4.95 5.05 + 0.02 7.65 3.74 0.44 0.40 0.40 - 0.03 1.02 0.40 0.33 0.00 0.30 - 0.01 0.97 0.30 0.08 0.06 0.08 + 0.03 0.31 0.05 0.20 0.17 0.20 + 0.02 0.38 0.15 0.14 0.12 0.12 - 0.02 0.30 0.11 0.01 0.00 0.01 + 0.00 0.02 0.00 0.10 0.09 0.09 - 0.01 0.54 0.08 0.08 0.00 0.08 - 0.00 0.37 0.06 0.20 0.08 0.08 - 0.11 0.43 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.20 0.15 0.16 - 0.04 0.24 0.15 0.05 0.04 0.05 + 0.01 0.09 0.04 0.04 0.03 0.03 unch 0.00 0.07 0.02 0.09 0.08 0.08 unch 0.00 0.14 0.06 0.35 0.00 0.35 - 0.16 2.12 0.05 0.98 0.98 0.98 unch 0.00 0.98 0.53 0.96 0.00 0.89 - 0.07 1.15 0.45 0.22 0.00 0.22 unch 0.00 0.27 0.14 0.37 0.32 0.36 - 0.01 0.38 0.15 1.59 1.47 1.57 + 0.07 2.39 1.38 0.06 0.05 0.06 - 0.01 0.21 0.05 0.05 0.04 0.05 + 0.00 0.16 0.04 0.10 0.09 0.09 unch 0.00 0.35 0.09 0.15 0.12 0.12 - 0.01 0.55 0.12 0.56 0.54 0.56 unch 0.00 0.82 0.46 0.43 0.40 0.42 - 0.00 1.03 0.35 0.65 0.00 0.62 unch 0.00 1.05 0.51 6.28 5.50 5.98 + 0.19 5.90 4.33 5.28 4.80 4.99 + 0.25 6.30 3.60 6.82 6.36 6.73 + 0.42 8.42 4.70 0.06 0.06 0.06 + 0.01 0.21 0.05 0.18 0.14 0.15 - 0.03 0.36 0.07 0.13 0.11 0.12 - 0.02 0.28 0.05 2.09 1.85 1.89 - 0.13 2.29 1.05 2.10 1.84 1.89 - 0.12 2.33 1.05

M M.P.V. Explor 25 0.14 0.14 0.14 unch 0.00 0.19 0.06 M2 Cobalt* O 17 0.15 0.13 0.15 + 0.02 0.75 0.12 Macarthur Min V 755 0.10 0.08 0.08 - 0.01 0.17 0.02 Macarthur Min* O 224 0.07 0.07 0.07 - 0.00 0.31 0.01 O 7 0.03 0.02 0.03 + 0.00 0.06 0.02 MacDonald Mns* MacDonald Mns V 475 0.04 0.03 0.04 unch 0.00 0.07 0.03 MAG Silver T 772 15.11 13.82 14.60 + 0.06 15.44 8.10 O 2 1.62 1.30 1.35 - 0.25 3.80 0.80 Magellan Gold* Magna Gold V 69 0.32 0.25 0.26 - 0.06 0.45 0.20 0.02 Magna Terra V 122 0.02 0.02 0.02 - 0.01 0.06 Magnitude Mng V 40 0.14 0.14 0.14 unch 0.00 0.25 0.14 Majestic Gold* O 0 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.05 Majestic Gold V 38 0.06 0.06 0.06 - 0.01 0.11 Mako Mining V 379 0.11 0.10 0.11 + 0.01 0.22 0.10 0.01 Mako Mining* O 273 0.08 0.00 0.08 - 0.00 0.16 Mammoth Res V 54 0.03 0.03 0.03 - 0.01 0.09 0.03 Mandalay Res T 983 0.10 0.08 0.10 + 0.02 0.24 0.05 O 479 0.07 0.06 0.07 + 0.01 0.18 0.03 Mandalay Res* Manganese X V 581 0.17 0.13 0.13 - 0.04 0.20 0.08 V 461 0.04 0.00 0.04 + 0.01 0.05 0.02 Mangazeya Mng Mangazeya Mng* O 1 0.01 0.00 0.01 - 0.01 0.04 0.01 58 0.04 0.04 0.04 unch 0.00 0.08 0.03 Manitou Gold * O Manitou Gold V 316 0.05 0.05 0.05 - 0.01 0.11 0.03 Maple Gold V 939 0.10 0.09 0.09 - 0.01 0.17 0.08 Maple Gold* O 411 0.08 0.06 0.07 - 0.01 0.13 0.05 O 113 0.85 0.80 0.84 + 0.02 0.86 0.49 Marathon Gold* Marathon Gold T 933 1.15 1.05 1.13 + 0.03 1.17 0.65 Margaret Lake V 238 0.04 0.04 0.04 - 0.01 0.12 0.02 Margaux Res V 122 0.09 0.00 0.06 unch 0.00 0.23 0.03 Margaux Res* O 100 0.05 0.05 0.05 unch 0.00 0.14 0.02 0.05 Marifil Mines V 28 0.10 0.00 0.09 - 0.01 0.22 Marifil Mines* O 44 0.08 0.06 0.07 - 0.00 0.15 0.04 Mariner Res 50 0.20 0.20 0.20 unch 0.00 0.20 0.20 Maritime Res V 190 0.10 0.09 0.10 + 0.01 0.14 0.07 Martina Mnls V 118 0.12 0.00 0.12 unch 0.00 0.12 0.04 MartinMarietta* N 2977 232.44 216.12 223.98 - 6.65 232.44 150.75 Mas Gold V 110 0.09 0.09 0.09 unch 0.00 0.16 0.04 Mason Graphite* O 364 0.28 0.24 0.27 unch 0.00 1.21 0.18 Mason Graphite V 370 0.38 0.33 0.36 unch 0.00 1.53 0.25 Matachewan Con V 100 0.15 0.15 0.15 unch 0.00 0.25 0.12 Matica Ent 1768 0.09 0.08 0.08 unch 0.00 0.32 0.07 Matmown* O 15 0.01 0.01 0.01 unch 0.00 0.08 0.01 Maverix Metals V 307 5.60 5.45 5.60 + 0.06 5.72 3.26 Mawson Res* O 20 0.17 0.13 0.13 - 0.04 0.27 0.13 Mawson Res T 178 0.19 0.17 0.19 - 0.02 0.39 0.17 MAX Res V 2716 0.14 0.09 0.11 - 0.01 0.50 0.09 MaxTech Vent 1782 0.05 0.03 0.03 - 0.01 0.32 0.03 MaxTech Vent* O 13 0.03 0.02 0.02 + 0.00 0.25 0.02 Maxwell Res* O 24 0.02 0.01 0.01 + 0.00 0.02 0.00 Maya Gold &Sil* O 19 1.57 1.57 1.57 unch 0.00 2.28 1.20 Maya Gold &Sil T 13 2.18 2.04 2.07 - 0.03 3.00 1.58 Mazarin V 221 0.08 0.08 0.08 unch 0.00 0.18 0.06 MBMI Res* O 184 0.08 0.01 0.01 - 0.07 1.00 0.01 MBMI Res V 55 0.03 0.00 0.02 unch 0.00 0.07 0.02 McChip Res V 6 0.73 0.70 0.70 - 0.03 0.93 0.56 McEwen Mng T 1401 2.16 1.84 2.07 + 0.04 3.28 1.67 McEwen Mng* N 12091 1.62 1.39 1.53 + 0.01 2.52 1.23 McLaren Res 780 0.03 0.02 0.03 unch 0.00 0.10 0.01 MDN Inc* O 76 0.13 0.12 0.12 - 0.01 0.23 0.12 Meadow Bay Gd 211 0.05 0.04 0.04 unch 0.00 0.12 0.03 Meadow Bay Gd* O 32 0.03 0.02 0.02 - 0.01 0.09 0.02 Mechel* N 88 2.09 1.94 2.07 + 0.09 3.55 1.81 Medallion Res V 1828 0.28 0.16 0.24 + 0.08 0.28 0.08 O 1781 0.21 0.12 0.17 + 0.05 0.21 0.06 Medallion Res* Medgold Res* O 93 0.08 0.08 0.08 unch 0.00 0.38 0.07 Medgold Res V 158 0.12 0.11 0.11 + 0.01 0.51 0.09 Medinah Mnrls* O 954 0.00 0.00 0.00 - 0.00 0.01 0.00 Mega Uranium* O 61 0.08 0.07 0.07 + 0.00 0.13 0.06 Mega Uranium T 514 0.10 0.09 0.09 - 0.01 0.17 0.09 Megastar Dev V 73 0.10 0.07 0.10 + 0.03 0.10 0.04 MegumaGold 497 0.14 0.10 0.12 - 0.01 0.26 0.08 MegumaGold* O 52 0.10 0.08 0.09 - 0.00 0.20 0.07 Melior Res V 1 0.00 0.00 0.37 unch 0.00 1.08 0.21 Melkior Res V 669 0.04 0.03 0.04 + 0.01 0.13 0.03 Meridian Mg V 53 0.13 0.00 0.12 - 0.01 0.20 0.05 Meridius Res V 226 0.14 0.12 0.14 + 0.01 0.22 0.09 Meryllion Res 261 0.02 0.00 0.01 unch 0.00 0.04 0.01 MetalCorp V 116 0.02 0.01 0.01 unch 0.00 0.02 0.01 Metalex Vent V 46 0.04 0.03 0.04 unch 0.00 0.06 0.02 Metalla Rylty* O 619 0.83 0.76 0.79 + 0.01 1.08 0.48 Metalla Rylty V 1026 1.10 1.01 1.06 + 0.01 1.43 0.63 Metallic Mnrls V 328 0.18 0.14 0.16 + 0.02 0.30 0.11 Metallic Mnrls* O 129 0.13 0.11 0.11 + 0.01 0.24 0.08 Metallis Res V 26 0.55 0.50 0.54 unch 0.00 1.42 0.39 Metalo Manuf 10 0.35 0.35 0.35 unch 0.00 0.45 0.10 Metals Creek V 2167 0.06 0.04 0.05 + 0.01 0.11 0.03 Metals Creek* O 88 0.04 0.02 0.04 + 0.00 0.08 0.02 Metals X* O 262 0.17 0.16 0.16 - 0.00 0.57 0.15 Metron Capital V 11 0.05 0.05 0.05 unch 0.00 0.07 0.05 Mexican Gold* O 57 0.07 0.06 0.07 + 0.01 0.26 0.06 Mexivada Mng* O 6 0.00 0.00 0.00 unch 0.00 0.00 0.00

2019-06-18 11:03 AM

22

WWW.NORTHERNMINER.COM

JUNE 24–JULY 7, 2019 / 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

Mexus Gold* O 4380 MGX Minerals* O 807 MGX Minerals 928 Midas Gold* O 1167 Midas Gold T 1332 Midland Expl V 124 Midnight Star 426 Midnight Sun V 166 Millennial Lit* O 39 Millennial Lit V 75 Millrock Res* O 213 Millrock Res V 803 Milner Con Slv V 280 Minaurum Gold V 162 O 112 Minaurum Gold* Minco Silver* O 7 Minco Silver T 31 Minera Alamos * O 1003 Minera Alamos V 3690 Minera IRL 91 Mineral Mtn* O 60 Mineral Mtn V 287 Mineral Res* O 5 MineralRite* O 43578 O 132 Mineworx Tech* Mineworx Tech V 148 Minfocus Expl* O 4 V 125 Minfocus Expl Mining Global* O 1600 Minnova Corp V 3 Minsud Res V 27 Miramont Res* O 545 Miramont Res 577 Mirasol Res V 164 Mistango River 9 Mkango Res V 144 ML Gold* O 151 ML Gold Corp V 189 Monarca Mnrls* O 17 V 425 Monarca Mnrls T 139 Monarch Gold O 120 Monarch Gold* Moneta Porcpn* O 13 Moneta Porcpn T 350 Monitor Vent* O 8 Monitor Vent V 10 Monster Uran* O 0 Monterey Min 859 Montero Mg&Ex V 74 Montero Mg&Ex * O 1 V 182 Monument Mng Morien Res* O 14 Morien Res V 39 N 23821 Mosaic* Mountain Boy V 105 O 228 Mountain Boy* T 565 Mountain Prov Mountain Prov* D 246 Mundoro Cap* O 50 Mundoro Cap V 391 Murchison Min V 123 MX Gold* O 177

0.01 0.01 0.01 - 0.00 0.02 0.00 0.21 0.17 0.20 + 0.03 0.93 0.16 0.27 0.23 0.27 + 0.05 1.18 0.22 0.52 0.45 0.47 - 0.04 0.87 0.41 0.70 0.60 0.63 - 0.05 1.11 0.56 1.02 0.93 0.96 + 0.06 1.46 0.66 0.18 0.16 0.16 - 0.01 0.40 0.11 0.11 0.11 0.11 - 0.01 0.29 0.10 1.24 1.09 1.17 - 0.03 1.92 0.67 1.65 1.55 1.60 - 0.05 2.53 1.04 0.08 0.07 0.07 - 0.01 0.28 0.05 0.11 0.09 0.10 unch 0.00 0.37 0.07 0.04 0.02 0.02 unch 0.00 0.11 0.02 0.39 0.35 0.37 - 0.01 0.65 0.32 0.29 0.26 0.28 - 0.00 0.50 0.23 0.41 0.00 0.36 - 0.03 0.53 0.24 0.52 0.47 0.49 - 0.03 0.70 0.35 0.10 0.08 0.09 - 0.00 0.12 0.06 0.13 0.12 0.12 unch 0.00 0.15 0.09 0.09 0.00 0.09 + 0.01 0.12 0.05 0.10 0.00 0.09 - 0.00 0.25 0.05 0.14 0.12 0.12 - 0.03 0.30 0.07 9.80 9.80 9.80 unch 0.00 12.00 9.80 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.07 0.08 - 0.00 0.17 0.07 0.10 0.10 0.10 + 0.01 0.23 0.09 0.04 0.03 0.03 unch 0.00 0.07 0.03 0.04 0.00 0.04 unch 0.00 0.14 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.10 0.10 - 0.02 0.82 0.09 0.09 0.01 0.08 + 0.08 0.09 0.01 0.13 0.11 0.11 - 0.00 0.48 0.09 0.17 0.15 0.16 + 0.01 0.63 0.12 0.63 0.57 0.58 - 0.05 1.95 0.53 0.03 0.00 0.03 unch 0.00 0.05 0.01 0.17 0.14 0.15 - 0.02 0.19 0.10 0.54 0.48 0.54 unch 0.00 0.54 0.01 0.56 0.42 0.45 - 0.14 1.35 0.12 0.06 0.03 0.06 + 0.02 0.06 0.01 0.08 0.05 0.08 + 0.03 0.08 0.02 0.22 0.21 0.22 - 0.01 0.33 0.15 0.17 0.16 0.16 - 0.01 0.24 0.11 0.09 0.08 0.09 + 0.02 0.12 0.06 0.12 0.11 0.11 unch 0.00 0.16 0.07 0.15 0.15 0.15 - 0.00 0.80 0.12 0.20 0.20 0.20 + 0.01 0.98 0.16 0.00 0.00 0.11 unch 0.00 0.11 0.04 0.06 0.05 0.06 + 0.01 0.16 0.04 0.06 0.06 0.06 + 0.01 0.26 0.06 0.05 0.05 0.05 unch 0.00 0.19 0.05 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.35 0.34 0.34 - 0.01 0.47 0.30 0.47 0.46 0.47 - 0.01 0.61 0.42 23.02 22.01 22.36 + 0.21 37.37 20.81 0.21 0.20 0.20 - 0.04 0.43 0.15 0.15 0.15 0.15 unch 0.00 0.19 0.04 1.62 1.36 1.45 + 0.05 3.32 1.08 1.20 1.03 1.09 + 0.03 2.55 0.80 0.09 0.09 0.09 - 0.00 0.19 0.08 0.12 0.11 0.11 - 0.01 0.25 0.10 0.08 0.07 0.07 - 0.01 0.18 0.06 0.00 0.00 0.00 + 0.00 0.04 0.00

N-O NA Frac Sand* O 1117 NACCO Ind* N 40 Namibia Crit V 437 Namibia Crit* O 92 Napier Vent V 47 Napier Vent* O 47 Natural Res Pt* N 66 Nautilus Mnrls* O 22905 Nemaska Lith T 3542 Nemaska Lith* O 248 Neo Lithium V 408 Neometals* O 100 Network Expl* O 75 Network Expl V 78 T 446 Nevada Copper Nevada Energy* O 29 V 22 Nevada Energy 81 Nevada Expl * O Nevada Expl V 99 O 65 Nevada Sunrise* Nevada Sunrise V 310 Nevada Zinc V 9 Nevado Res V 20 New Age Metals* O 109 New Age Metals V 850 13 New Carolin Gd* O New Carolin Gd V 651 New Destiny Mg V 33 New Dimen Res V 261 New Dimen Res* O 19 5 New Energy Met V New Gold* X 24873 New Gold T 6809 New Guinea Gld* O 148 New Jersey Mng 126 New Jersey Mng* O 394 New Milln Iron* O 25 New Milln Iron T 326 New Nadina V 95 New Nadina* O 5 New Oroperu V 575 New Pac Metals V 47 New Pac Metals* O 22 New Tech Min* O 43 New Tech Min 531 Newlox Gold 220 Newmont Gdcorp* N 51958 Newmont Gdcorp T 629 Newport Expl V 52 Newport Gold* O 50 NewRange Gold* O 348 NewRange Gold V 578 Nexa Resources T 1 Nexa Resources* N 439 Nexco Res 25 Nexgen Energy T 1909 X 1385 Nexgen Energy* NextSource Mat T 363 Nexus Gold V 1156 Nexus Gold* O 269 NGEx Res T 391 NGEx Res* O 7 Nickel Creek* O 537 Nickel Creek T 438 Nickel North V 748 Nicola Mg Inc V 406 Nicola Mg Inc* O 210 Nighthawk Gold* O 599 Nighthawk Gold T 1059 Niobay Metals V 193 Niocan Inc V 5 Niocorp Dev T 256 Niocorp Dev* O 309 Nippon Dragon V 76 Nippon Dragon* O 21 Nitinat Mnls V 150 Noble Metal V 593 Noble Mineral* O 157 Noble Mineral V 470 Noka Res* O 175 Noram Vent V 76 Noranda Alum* O 41 Nordic Gold* O 16 Nordic Gold V 339 Noront Res V 359 Norra Metals V 500 Norsemont Cap 40 Nortec Mnls V 28 North Am Nickl V 267 North Am Nickl* O 0 North Am Pall T 719 North Am Pall* O 98 North Arrow Mn* O 5 North Arrow Mn V 141 North Bay Res * O 90 Northcliff Res T 135 Northern Light 150 Northern Uran V 45 Northisle C&G V 700

20-23_JUNE24_StockTables.indd 22

0.02 0.01 0.02 - 0.00 0.03 0.00 50.89 48.52 49.03 - 0.89 52.57 28.77 0.17 0.14 0.17 + 0.02 0.36 0.08 0.13 0.12 0.13 + 0.02 0.27 0.06 0.23 0.18 0.23 + 0.05 0.44 0.17 0.17 0.16 0.17 + 0.01 0.34 0.13 38.07 36.62 37.92 + 0.62 44.71 28.40 0.03 0.00 0.03 + 0.01 0.16 0.00 0.29 0.27 0.28 - 0.01 0.97 0.25 0.22 0.20 0.21 - 0.01 0.75 0.19 0.73 0.66 0.68 unch 0.00 1.40 0.55 0.20 0.20 0.20 unch 0.00 0.39 0.10 0.36 0.31 0.32 - 0.03 0.45 0.19 0.47 0.42 0.43 - 0.01 0.54 0.23 0.38 0.34 0.35 - 0.02 0.72 0.33 0.10 0.08 0.08 - 0.00 0.15 0.08 0.16 0.11 0.12 - 0.04 0.23 0.10 0.19 0.17 0.18 + 0.01 0.39 0.09 0.24 0.23 0.23 + 0.01 0.50 0.12 0.04 0.04 0.04 + 0.00 0.13 0.04 0.06 0.05 0.05 - 0.01 0.16 0.05 0.07 0.07 0.07 unch 0.00 0.19 0.05 0.12 0.12 0.12 unch 0.00 0.80 0.09 0.05 0.03 0.05 + 0.01 0.08 0.03 0.07 0.05 0.07 + 0.01 0.10 0.05 0.06 0.05 0.05 - 0.01 0.33 0.05 0.09 0.08 0.09 + 0.01 0.45 0.08 0.16 0.00 0.15 + 0.01 0.25 0.10 0.05 0.04 0.04 - 0.01 0.28 0.04 0.03 0.02 0.03 + 0.01 0.21 0.02 0.25 0.25 0.25 unch 0.00 1.76 0.14 0.84 0.68 0.71 + 0.02 2.18 0.61 1.12 0.89 0.96 + 0.06 2.86 0.82 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.17 0.17 0.17 unch 0.00 0.26 0.15 0.14 0.12 0.14 - 0.02 0.25 0.11 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.08 0.07 0.08 + 0.01 0.11 0.04 0.08 0.07 0.07 unch 0.00 0.19 0.05 0.07 0.07 0.07 unch 0.00 0.13 0.03 0.29 0.00 0.27 + 0.02 0.40 0.22 2.13 1.99 2.10 - 0.11 2.51 1.18 1.58 1.46 1.58 - 0.09 1.89 0.86 0.02 0.02 0.02 - 0.00 0.05 0.01 0.02 0.00 0.02 - 0.01 0.07 0.02 0.04 0.03 0.03 - 0.01 0.06 0.03 36.24 34.83 35.93 + 0.26 38.80 29.06 48.52 46.24 47.97 + 0.60 47.71 40.01 0.32 0.32 0.32 + 0.02 0.36 0.22 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.10 0.09 0.09 - 0.00 0.21 0.04 0.13 0.12 0.12 - 0.02 0.25 0.07 13.45 13.36 13.45 + 0.23 19.64 11.00 10.45 9.93 10.00 - 0.09 15.04 8.22 0.07 0.07 0.07 unch 0.00 0.28 0.06 2.07 1.90 1.99 - 0.07 3.31 1.81 1.54 1.44 1.50 - 0.05 2.53 1.35 0.10 0.09 0.10 - 0.01 0.16 0.05 0.10 0.09 0.09 unch 0.00 0.37 0.08 0.08 0.06 0.07 - 0.00 0.28 0.04 1.10 1.02 1.08 - 0.04 1.20 0.94 0.84 0.76 0.76 - 0.11 0.87 0.73 0.04 0.03 0.04 + 0.01 0.19 0.02 0.06 0.05 0.05 - 0.01 0.25 0.03 0.02 0.02 0.02 - 0.01 0.04 0.01 0.10 0.09 0.10 + 0.01 0.17 0.08 0.07 0.06 0.07 + 0.01 0.11 0.06 0.39 0.32 0.37 - 0.00 0.39 0.22 0.51 0.43 0.49 + 0.01 0.52 0.30 0.19 0.16 0.16 - 0.02 0.37 0.16 0.14 0.14 0.14 - 0.03 0.36 0.06 0.59 0.55 0.59 + 0.01 0.72 0.52 0.46 0.42 0.44 - 0.01 0.55 0.39 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.00 0.02 - 0.00 0.03 0.00 0.09 0.06 0.09 unch 0.00 0.15 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.07 0.05 0.07 + 0.01 0.13 0.04 0.08 0.08 0.08 unch 0.00 0.18 0.06 0.11 0.09 0.10 + 0.00 0.58 0.08 0.10 0.00 0.10 - 0.01 0.32 0.08 0.01 0.00 0.01 + 0.00 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.12 0.02 0.05 0.04 0.04 - 0.02 0.17 0.03 0.25 0.23 0.24 - 0.01 0.38 0.21 0.06 0.06 0.06 + 0.01 0.14 0.04 0.42 0.34 0.42 unch 0.00 0.46 0.25 0.03 0.00 0.03 unch 0.00 0.08 0.02 0.02 0.02 0.02 - 0.01 0.08 0.02 0.00 0.00 0.02 unch 0.00 0.06 0.01 13.47 11.29 13.30 + 1.55 26.30 8.62 10.24 8.55 9.90 + 1.08 19.91 6.62 0.05 0.00 0.05 unch 0.00 0.16 0.05 0.07 0.00 0.06 - 0.01 0.22 0.06 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.00 0.07 - 0.01 0.11 0.05 0.03 0.03 0.03 unch 0.00 0.15 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.06 0.06 0.06 - 0.01 0.16 0.05

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Norvista Cap V 48 NorZinc T 135 NorZinc* O 185 Nouveau Monde* O 52 Nouveau Monde V 429 T 1122 NovaGold Res NovaGold Res* X 9870 Novo Res* O 355 Novo Res V 555 NovX21* O 870 NRG Metals V 144 V 120 Nrthn Graphite Nrthn Graphite* O 57 Nrthn Lion V 18 Nrthn Mnrls &E* O 40 Nrthn Shield V 672 Nrthn Superior* O 18 V 72 Nrthn Superior Nrthn Vertex* O 134 Nrthn Vertex V 2398 NSGold V 206 NSS Res Inc 1215 Nthn Dynasty T 375 X 3812 Nthn Dynasty* Nthrn Sphere* O 500 Nubian Res V 205 Nuinsco Res 925 Nuinsco Res* O 225 NuLegacy Gold* O 920 V 2003 NuLegacy Gold N 9159 Nutrien* Nutrien T 5800 NV Gold V 15 NV Gold* O 34 NX Uranium* O 13 NxGold Ltd* O 40 NxGold Ltd V 253 Nyrstar NV* O 0 O.T. Mining* O 50 OceanaGold* O 3 OceanaGold T 5734 Oceanic Iron O V 49 Oceanus Res* O 20 Oceanus Res V 510 Odyssey Res V 6 Olivut Res V 19 Olivut Res* O 46 V 70 Omineca Mining Omineca Mining* O 14 One World Lith 603 One World Lith* O 153 Opawica Expl V 0 Opawica Expl* O 0 Opus One Res V 143 Orbite Tech* O 22 Orca Gold* O 11 Orca Gold V 395 V 677 Orefinders Res Orestone Mng V 222 Orex Mnrls* O 100 Orex Mnrls V 203 Orezone Gold V 1604 Orezone Gold* O 221 Orford Mining V 440 OrganiMax* O 1 OrganiMax V 19 Origin Gold V 5 Original Sixtn* O 9 Orla Mng Ltd T 190 Orla Mng Ltd* O 50 Oro East Mg* O 714 Oroco Res V 599 Oroco Res* O 355 Orocobre T 65 Oronova Energy V 250 Orosur Mng T 47 Orsu Metals V 139 Orsu Metals* O 5 Orvana Mnrls T 711 O 194 Orvana Mnrls* Osino Res V 6 Osisko Gold* N 3062 Osisko Gold T 2343 Osisko Metals* O 26 Osisko Metals V 492 Osisko Mng Inc T 2052 Osprey Gold V 578 Otis Gold V 358 Otis Gold* O 487 Outcrop Gold V 146 Outcrop Gold* O 135 OZ Minerals* O 3

0.10 0.09 0.10 unch 0.00 0.15 0.06 0.10 0.09 0.09 - 0.01 0.17 0.08 0.08 0.07 0.08 + 0.01 0.13 0.05 0.20 0.00 0.20 + 0.01 0.26 0.17 0.26 0.25 0.26 + 0.01 0.33 0.21 6.16 5.36 6.00 + 0.41 6.30 4.49 4.61 4.00 4.46 + 0.25 4.78 3.41 1.57 1.44 1.54 + 0.03 3.56 1.38 2.11 1.90 2.08 + 0.10 4.73 1.87 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.27 0.22 0.22 - 0.05 1.52 0.12 0.16 0.13 0.16 + 0.03 0.44 0.13 0.11 0.09 0.11 + 0.01 0.33 0.09 0.34 0.23 0.32 + 0.09 0.46 0.15 0.05 0.00 0.04 + 0.00 0.12 0.02 0.10 0.08 0.09 - 0.01 0.12 0.02 0.11 0.10 0.10 - 0.00 0.22 0.02 0.13 0.12 0.12 + 0.01 0.40 0.11 0.14 0.12 0.14 + 0.01 0.36 0.12 0.19 0.16 0.17 unch 0.00 0.46 0.16 0.08 0.08 0.08 unch 0.00 0.15 0.07 0.12 0.07 0.10 + 0.04 0.45 0.03 0.70 0.62 0.67 + 0.05 1.47 0.57 0.53 0.46 0.50 + 0.03 1.12 0.42 0.01 0.00 0.00 unch 0.00 0.07 0.00 0.07 0.07 0.07 unch 0.00 0.24 0.07 0.02 0.01 0.01 unch 0.00 0.08 0.01 0.01 0.01 0.01 + 0.01 0.04 0.00 0.03 0.02 0.03 - 0.00 0.17 0.02 0.05 0.03 0.04 - 0.01 0.22 0.03 53.82 51.37 53.27 + 1.62 58.99 43.96 71.99 68.15 71.42 + 2.77 76.17 59.97 0.16 0.00 0.15 - 0.03 0.27 0.07 0.13 0.12 0.13 unch 0.00 0.20 0.05 0.25 0.19 0.22 - 0.08 1.00 0.01 0.04 0.04 0.04 unch 0.00 0.17 0.04 0.07 0.06 0.07 - 0.01 0.25 0.05 0.00 0.00 0.39 unch 0.00 5.30 0.39 0.08 0.08 0.08 unch 0.00 0.24 0.04 2.80 2.65 2.69 - 0.08 3.74 2.52 3.83 3.51 3.74 + 0.03 5.01 3.30 0.09 0.08 0.08 - 0.01 0.15 0.04 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.09 0.07 0.09 + 0.01 0.20 0.05 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.10 0.09 0.09 - 0.01 0.16 0.07 0.08 0.06 0.07 - 0.03 0.12 0.05 0.09 0.00 0.08 - 0.01 0.09 0.02 0.06 0.05 0.05 - 0.00 0.07 0.01 0.26 0.20 0.25 - 0.01 0.26 0.13 0.19 0.17 0.19 unch 0.00 0.20 0.10 0.00 0.00 0.07 unch 0.00 0.13 0.05 0.00 0.00 0.05 unch 0.00 0.05 0.02 0.05 0.05 0.05 unch 0.00 0.10 0.02 0.13 0.13 0.13 - 0.02 0.17 0.00 0.30 0.29 0.30 + 0.01 0.49 0.24 0.41 0.38 0.41 + 0.03 0.62 0.32 0.05 0.04 0.04 unch 0.00 0.10 0.03 0.14 0.00 0.14 - 0.01 0.25 0.06 0.04 0.04 0.04 unch 0.00 0.13 0.04 0.06 0.05 0.06 + 0.01 0.17 0.05 0.51 0.45 0.51 + 0.02 0.86 0.39 0.38 0.34 0.38 + 0.01 0.65 0.30 0.11 0.11 0.11 unch 0.00 0.33 0.07 0.06 0.06 0.06 + 0.00 0.14 0.02 0.08 0.00 0.08 unch 0.00 0.66 0.06 0.11 0.11 0.11 unch 0.00 0.15 0.07 0.10 0.00 0.00 - 0.10 0.20 0.00 1.04 0.96 1.03 + 0.03 1.55 0.85 0.77 0.77 0.77 unch 0.00 1.14 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.59 0.52 0.52 - 0.03 0.74 0.17 0.44 0.40 0.40 - 0.03 0.56 0.13 3.05 2.89 2.89 - 0.11 5.55 2.74 0.07 0.07 0.07 unch 0.00 0.16 0.05 0.05 0.04 0.05 unch 0.00 0.20 0.02 0.29 0.27 0.29 unch 0.00 0.34 0.17 0.21 0.19 0.21 unch 0.00 0.26 0.13 0.28 0.25 0.27 + 0.01 0.28 0.12 0.21 0.18 0.21 + 0.03 0.21 0.09 0.35 0.33 0.35 + 0.01 0.64 0.20 10.65 10.04 10.41 - 0.13 12.08 7.00 14.24 13.36 13.94 - 0.04 16.08 9.27 0.49 0.45 0.48 + 0.02 0.53 0.36 0.67 0.61 0.64 + 0.03 0.72 0.46 3.45 3.14 3.20 - 0.04 3.75 1.60 0.06 0.05 0.05 unch 0.00 0.07 0.04 0.09 0.08 0.09 + 0.01 0.25 0.07 0.07 0.06 0.06 + 0.01 0.21 0.05 0.33 0.28 0.30 + 0.03 0.45 0.10 0.25 0.20 0.23 + 0.02 0.33 0.01 6.60 0.00 6.60 + 0.41 7.89 5.90

Pac Bay Mnrls* O 2 Pac Bay Mnrls V 7 Pac Booker Min* O 4 Pac Booker Min V 19 Pac Imperial V 305 Pac Iron Ore V 1 Pac Ridge Expl V 303 Pac Ridge Expl* O 55 Pac Wildcat* O 15 Pacific Empire V 113 Pacific Rim 1614 Pacific Rim* O 137 Pacific Silk* O 3 Pacific Silk V 3 Pacton Gold V 1615 Paladin Energy* O 193 Palamina Corp V 92 Palamina Corp* O 38 Paleo Resource V 24 Paleo Resource* O 55 Palladium One V 730 Pan Am Silver T 1372 Pan Am Silver* D 10163 Pan Andean Min* O 1 Pan Global Res V 173 Pancontinental* O 7 Pancontinental V 641 Panex Res* O 776 Pangolin Dia V 225 Panoro Mnrls V 11 PanTerra Gold* O 1 Pantheon Vent V 1332 Para Resources V 218 Parallel Mng V 185 Parallel Mng * O 20 Paramount Gold* X 120 Paringa Res* O 136 Paringa Res* D 2 Parlane Res V 23 Pasinex Res 320 Patriot Gold 17 Patriot Gold* O 116 Peabody Enrgy* N 2636 Pedro Res V 100 Pelangio Expl* O 21 Pelangio Expl V 199 Pele Mtn Res* O 54 Peloton Mnrls* O 8 Peloton Mnrls 20 PepinNini Lith* O 73 Perseus Mng T 94 Pershing Res* O 68 Peruvian Metal* O 5 Peruvian Metal V 333 Petra Diamonds* O 180 Philex Mng* O 9 Philippine Mtl V 132 Pine Cliff En* O 12 Pine Cliff En T 868 Pinecrest Res V 52 Pistol Bay Mng* O 100 Pistol Bay Mng V 289 Pivit Explor 461 PJSC Polyus Gd* O 1 PJX Res V 219 Plate Res V 1 Plateau Energy V 92 Plateau Energy* O 49 Platinex Inc 25

0.04 0.04 0.04 unch 0.00 0.05 0.01 0.06 0.00 0.06 unch 0.00 0.20 0.06 2.60 2.38 2.38 - 0.22 3.10 0.50 3.40 3.00 3.10 - 0.23 4.10 0.65 0.02 0.02 0.02 - 0.01 0.05 0.01 0.08 0.08 0.08 unch 0.00 0.10 0.06 0.05 0.04 0.04 - 0.01 0.07 0.04 0.03 0.03 0.03 - 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.20 0.00 0.07 0.07 0.07 unch 0.00 0.15 0.06 0.16 0.13 0.14 - 0.03 0.44 0.10 0.13 0.10 0.11 - 0.02 0.36 0.07 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.14 0.12 0.14 + 0.01 0.76 0.11 0.10 0.09 0.09 - 0.01 0.35 0.08 0.28 0.23 0.28 + 0.06 0.41 0.21 0.18 0.16 0.18 + 0.01 0.31 0.16 0.06 0.06 0.06 - 0.01 0.10 0.03 0.05 0.04 0.05 + 0.01 0.08 0.02 0.09 0.07 0.08 - 0.01 0.15 0.03 15.83 14.66 15.57 + 0.20 24.14 13.83 11.84 11.05 11.63 + 0.04 18.40 10.26 0.07 0.07 0.07 unch 0.00 0.08 0.02 0.15 0.11 0.11 - 0.03 0.28 0.07 0.03 0.03 0.03 unch 0.00 0.07 0.01 0.04 0.04 0.04 - 0.01 0.09 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.17 0.17 0.17 unch 0.00 0.31 0.13 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.05 0.04 0.05 unch 0.00 0.12 0.04 0.15 0.13 0.15 + 0.01 0.22 0.12 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.80 0.71 0.76 + 0.02 1.35 0.70 0.09 0.08 0.08 - 0.01 0.35 0.08 4.27 3.30 3.53 - 1.06 10.38 3.30 0.04 0.04 0.04 unch 0.00 0.22 0.03 0.08 0.05 0.05 - 0.01 0.14 0.04 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.05 0.05 0.05 + 0.01 0.15 0.05 24.05 21.64 21.74 - 1.72 47.20 21.64 0.18 0.17 0.17 unch 0.00 0.29 0.16 0.13 0.00 0.13 + 0.00 0.29 0.02 0.21 0.17 0.18 - 0.04 0.38 0.12 0.08 0.04 0.04 + 0.00 0.12 0.02 0.07 0.06 0.07 + 0.01 0.10 0.05 0.10 0.09 0.10 unch 0.00 0.13 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.46 0.40 0.46 + 0.04 0.50 0.25 0.01 0.01 0.01 unch 0.00 0.05 0.00 0.03 0.02 0.03 + 0.00 0.07 0.02 0.04 0.03 0.04 + 0.01 0.10 0.03 0.00 0.00 0.28 unch 0.00 0.68 0.23 0.09 0.00 0.09 + 0.04 0.10 0.00 0.07 0.00 0.07 + 0.01 0.14 0.04 0.14 0.14 0.14 unch 0.00 0.32 0.14 0.19 0.17 0.18 unch 0.00 0.45 0.17 0.18 0.18 0.18 unch 0.00 0.28 0.18 0.04 0.00 0.04 unch 0.00 0.05 0.02 0.05 0.00 0.05 + 0.01 0.08 0.03 0.09 0.00 0.07 unch 0.00 0.19 0.06 45.00 0.00 44.75 + 2.75 48.00 30.31 0.20 0.18 0.19 - 0.01 0.36 0.15 0.00 0.00 0.04 unch 0.00 0.08 0.03 0.56 0.54 0.56 unch 0.00 1.69 0.46 0.42 0.40 0.42 - 0.01 1.27 0.34 0.04 0.04 0.04 unch 0.00 0.10 0.03

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Platinum Gp Mt* X 244 Platinum Gp Mt T 80 Plato Gold V 1604 Playfair Mng V 145 X 2163 PolyMet Mng* PolyMet Mng T 114 Portage Res* O 1572 Portofino Res V 191 O 448 Potash Ridge* Potash Ridge T 1200 Power Group V 105 Power Group* O 1 O 144 Power Metals* Power Metals V 308 PowerOre V 589 PPX Mining* O 500 PPX Mining V 206 Precipitate Gl V 320 O 146 Precipitate Gl* Premier Gold M T 1508 O 1328 Premium Expl* Pretium Res* N 8756 Pretium Res T 2214 Primary Energy 539 V 166 Prime Meridian Prize Mng V 109 Prize Mng* O 112 ProAm Expl V 93 Probe Metals* O 256 Probe Metals V 198 Prog Planet V 197 Prog Planet* O 2 Project One 182 Promithian Gl * O 0 Prophecy Coal* O 683 T 567 Prophecy Coal Prosper Gold V 156 Prospero Silvr V 128 O 25 Prospero Silvr* Provenance Gld 0 Providence V 122 O 288 Providence Gld* PUF Vent Inc * O 2553 Puma Expl V 310 O 0 Pure Alumina* Pure Energy* O 471 Pure Energy V 492 Pure Gold Mg* O 341 Pure Gold Mg V 565 Pure Nickel* O 894 Pure Nickel V 729 Purepoint Uran V 535 Q-Gold Res V 9 QC Precious V 144 QC Precious * O 126 QMC Quantum Ml V 153 QMC Quantum Ml* O 214 QMX Gold* O 140 QMX Gold V 926 Quadro Res V 45 Quantum Cobalt 267 0 Quartz Mtn Res* O Quaterra Res V 133 Quaterra Res* O 124 25 Quest Rare Mnl* O Quinto Res V 183

1.35 1.17 1.21 - 0.11 2.17 0.91 1.80 1.56 1.64 - 0.11 2.91 1.20 0.04 0.03 0.03 unch 0.00 0.06 0.01 0.04 0.04 0.04 - 0.01 0.09 0.02 0.40 0.37 0.39 - 0.00 1.25 0.36 0.53 0.50 0.53 + 0.01 1.60 0.49 0.00 0.00 0.00 + 0.00 0.02 0.00 0.05 0.04 0.04 + 0.01 0.36 0.04 0.06 0.04 0.05 - 0.00 0.08 0.02 0.07 0.06 0.06 - 0.02 0.11 0.03 0.12 0.00 0.12 + 0.03 1.30 0.07 0.07 0.07 0.07 unch 0.00 0.18 0.01 0.08 0.06 0.06 - 0.01 0.39 0.06 0.10 0.08 0.08 - 0.01 0.51 0.08 0.14 0.09 0.11 + 0.02 0.29 0.05 0.05 0.05 0.05 + 0.00 0.08 0.03 0.07 0.07 0.07 unch 0.00 0.11 0.05 0.09 0.08 0.08 - 0.01 0.15 0.04 0.07 0.06 0.07 + 0.00 0.12 0.03 2.05 1.86 1.92 - 0.08 2.85 1.39 0.01 0.00 0.00 - 0.00 0.01 0.00 9.73 8.88 9.49 + 0.32 9.84 6.53 13.00 11.77 12.74 + 0.57 12.87 8.59 0.35 0.16 0.29 + 0.14 1.10 0.08 0.09 0.07 0.08 - 0.01 0.11 0.07 0.04 0.00 0.03 unch 0.00 0.27 0.02 0.02 0.02 0.02 + 0.00 0.15 0.01 0.04 0.02 0.02 - 0.02 0.04 0.02 0.87 0.00 0.87 + 0.06 1.12 0.68 1.14 1.05 1.12 + 0.04 1.49 0.91 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.30 0.20 0.24 unch 0.00 0.30 0.20 0.00 0.00 0.05 unch 0.00 0.10 0.01 0.17 0.12 0.16 + 0.04 2.07 0.09 0.22 0.16 0.22 + 0.05 0.74 0.11 0.06 0.06 0.06 unch 0.00 0.18 0.06 0.06 0.05 0.06 + 0.01 0.14 0.04 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.00 0.00 0.18 unch 0.00 0.39 0.10 0.10 0.09 0.09 - 0.01 0.20 0.08 0.08 0.07 0.07 - 0.01 0.16 0.06 0.31 0.26 0.26 - 0.04 0.64 0.06 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.00 0.00 0.03 unch 0.00 0.06 0.02 0.07 0.06 0.07 + 0.01 0.22 0.03 0.09 0.08 0.09 + 0.01 0.28 0.05 0.44 0.39 0.42 - 0.01 0.62 0.36 0.58 0.53 0.57 unch 0.00 0.81 0.49 0.03 0.02 0.03 + 0.00 0.03 0.00 0.04 0.03 0.04 + 0.01 0.04 0.01 0.08 0.07 0.07 - 0.01 0.11 0.06 0.25 0.00 0.23 - 0.03 0.30 0.12 0.34 0.31 0.33 - 0.02 0.48 0.22 0.26 0.24 0.25 - 0.02 0.33 0.16 0.23 0.19 0.21 - 0.01 0.52 0.16 0.18 0.14 0.16 + 0.00 0.40 0.12 0.04 0.04 0.04 - 0.01 0.10 0.03 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.05 0.00 0.04 - 0.01 0.21 0.04 0.00 0.00 0.23 unch 0.00 0.69 0.22 0.07 0.06 0.07 - 0.01 0.13 0.05 0.05 0.04 0.04 - 0.01 0.10 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.05 0.06 unch 0.00 0.10 0.02

Rackla Mtls V 19 Rackla Mtls* O 30 Radisson Mng V 203 Radius Gold V 929 Rain City 275 Rainforest Res* O 9 Rainy Mtn Royl V 611 O 146 Rambler Metals* Rare Element* O 1951 V 50 Rathdowney Res Ravencrest Res 363 Red Eagle Mng* O 0 Red Moon Res V 5 Red Pine Expl V 792 Redstar Gold V 326 O 156 Redstar Gold* Regulus Res V 94 O 21 Renaissance Gd* V 196 Renaissance Gd Renforth Res 1293 Renforth Res* O 50 Resolve Vent V 9 Resource Cap* O 34 Reunion Gold V 909 Revelo Res V 1133 Revival Gold * O 41 Revival Gold V 74 Rhyolite Res V 700 Richmond Mnls V 88 Richmond Mnls* O 96 V 18 Ridgestone M’g Rimrock Gold* O 23355 Rio Silver V 250 Rio Tinto* N 10257 Rio Tinto* O 4 Rio Tinto* O 1 Rio2 Limited* O 54 Rio2 Limited V 718 Rise Gold Corp 798 Rise Gold Corp* O 423 Riverside Res* O 97 Riverside Res V 166 Rizal Res V 80 RJK Explor V 2218 RJK Explor* O 50 Robex Res V 313 V 44 Rochester Res Rock Tech Lith V 23 Rock Tech Lith* O 5 Rockcliff Met* O 31 Rockcliff Met 165 Rockex Mng 8 Rockhaven Res V 122 Rockridge Res V 508 Rockshield Cap* O 141 Rockwealth Res V 141 Rockwell Diam* O 335 Rodinia Lithm V 1476 Rogue Res V 24 Rokmaster Res V 10 Romios Gold Rs* O 188 Romios Gold Rs V 851 RosCan Gold V 509 RosCan Gold* O 286 Rosita Mg Corp* O 0 Rotation Mnls V 394 Roughrider Exp V 25 Rover Metals* O 84 Roxgold T 6352 Roxgold* O 164 Royal Gold* D 1757 Royal Mines &M* O 450 Royal Nickel* O 1190 Royal Nickel T 5907 Royal Rd Mnrls V 86 Royal Std Mnrl* O 0 RT Minerals V 11 RT Minerals* O 25 RTG Mining T 8 Rubicon Mnrls* O 100 Rubicon Mnrls T 79 Rugby Mng V 164 Running Fox Rs* O 30 Running Fox Rs V 41 Rupert Res V 146 Rusoro Mng* O 5 Rusoro Mng V 170

0.16 0.00 0.16 - 0.04 0.20 0.06 0.12 0.10 0.12 + 0.05 0.12 0.05 0.15 0.13 0.14 - 0.01 0.15 0.09 0.30 0.21 0.24 - 0.05 0.47 0.09 0.08 0.08 0.08 unch 0.00 0.14 0.08 6.59 4.61 4.66 - 0.99 9.20 3.50 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.50 0.35 0.45 + 0.11 0.60 0.03 0.11 0.11 0.11 unch 0.00 0.15 0.03 0.58 0.54 0.56 + 0.01 1.09 0.38 0.00 0.00 0.00 unch 0.00 0.15 0.00 0.06 0.06 0.06 unch 0.00 0.12 0.01 0.04 0.04 0.04 - 0.01 0.08 0.04 0.03 0.02 0.03 - 0.01 0.04 0.02 0.02 0.02 0.02 - 0.00 0.03 0.01 1.49 1.37 1.38 + 0.04 2.30 1.25 0.17 0.14 0.15 - 0.01 0.18 0.11 0.22 0.20 0.20 + 0.01 0.24 0.15 0.05 0.05 0.05 - 0.01 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.04 0.10 0.10 0.10 + 0.02 0.13 0.07 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.20 0.19 0.19 unch 0.00 0.23 0.12 0.03 0.02 0.02 - 0.01 0.03 0.01 0.38 0.37 0.38 - 0.01 0.73 0.32 0.50 0.49 0.50 + 0.01 0.97 0.44 0.16 0.15 0.16 - 0.02 0.26 0.15 0.03 0.02 0.02 - 0.01 0.06 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.23 0.21 0.21 unch 0.00 0.30 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.06 0.03 61.70 58.53 60.77 + 2.66 63.27 44.62 59.55 0.00 59.55 + 2.55 61.61 43.47 70.53 0.00 70.53 + 2.53 71.38 50.48 0.32 0.30 0.31 + 0.02 0.71 0.24 0.43 0.00 0.39 + 0.02 1.15 0.31 0.07 0.07 0.07 unch 0.00 0.14 0.05 0.06 0.05 0.05 + 0.00 0.11 0.04 0.11 0.11 0.11 unch 0.00 0.42 0.10 0.15 0.14 0.14 unch 0.00 0.33 0.13 0.01 0.01 0.01 - 0.01 0.05 0.01 0.10 0.09 0.10 + 0.01 0.23 0.04 0.07 0.07 0.07 unch 0.00 0.13 0.00 0.07 0.07 0.07 - 0.01 0.12 0.07 0.04 0.00 0.03 - 0.01 0.06 0.03 0.68 0.00 0.68 + 0.06 1.35 0.54 0.52 0.44 0.44 - 0.08 0.95 0.45 0.07 0.06 0.06 - 0.00 0.14 0.02 0.10 0.09 0.10 unch 0.00 0.19 0.09 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.14 0.00 0.13 + 0.01 0.19 0.09 0.24 0.21 0.22 - 0.01 0.39 0.20 0.06 0.05 0.05 unch 0.00 0.19 0.05 0.18 0.00 0.15 unch 0.00 0.20 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.04 0.05 + 0.01 0.23 0.04 0.06 0.06 0.06 - 0.01 0.26 0.06 0.04 0.04 0.04 unch 0.00 0.13 0.03 0.04 0.03 0.04 + 0.01 0.07 0.02 0.05 0.04 0.04 + 0.01 0.09 0.04 0.15 0.13 0.15 unch 0.00 0.33 0.05 0.12 0.11 0.11 - 0.01 0.23 0.09 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.22 0.18 0.21 unch 0.00 0.25 0.07 0.06 0.06 0.06 unch 0.00 0.18 0.06 0.27 0.10 0.10 unch 0.00 2.01 0.04 1.08 0.99 1.01 - 0.02 1.20 0.72 0.81 0.72 0.74 - 0.04 0.97 0.55 96.19 91.10 95.10 + 0.80 98.53 70.16 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.40 0.34 0.35 - 0.05 0.90 0.05 0.52 0.46 0.46 - 0.06 1.18 0.07 0.19 0.17 0.18 - 0.01 0.21 0.06 0.00 0.00 0.01 unch 0.00 3.14 0.01 0.06 0.00 0.06 unch 0.00 0.25 0.05 0.04 0.04 0.04 unch 0.00 0.13 0.00 0.08 0.08 0.08 unch 0.00 0.16 0.08 0.69 0.00 0.63 - 0.01 1.26 0.61 0.92 0.84 0.86 - 0.02 1.73 0.82 0.16 0.15 0.15 - 0.01 0.33 0.13 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.90 0.85 0.85 - 0.10 1.12 0.75 0.06 0.06 0.06 unch 0.00 0.32 0.04 0.08 0.07 0.07 - 0.01 0.42 0.06

Sabina Gd&Slvr T 458 Sabina Gd&Slvr* O 147 Sable Res* O 20 Sable Res V 521 Sage Gold* O 25 Sailfish Rylty V 14 Saint Jean* O 11 Saint Jean V 770 Salazar Res* O 50 Salazar Res V 43 Salt Lake Pot* O 88 Sama Res V 502

1.20 1.09 1.16 unch 0.00 1.67 0.99 0.90 0.81 0.86 - 0.01 1.28 0.73 0.08 0.08 0.08 - 0.00 0.28 0.08 0.11 0.09 0.11 + 0.01 0.37 0.09 0.00 0.00 0.00 unch 0.00 0.03 0.00 1.03 0.80 0.80 - 0.20 1.68 0.70 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.03 0.02 0.02 - 0.01 0.07 0.02 0.13 0.13 0.13 unch 0.00 0.15 0.07 0.18 0.17 0.17 - 0.01 0.19 0.10 0.52 0.39 0.52 + 0.13 0.52 0.31 0.28 0.24 0.26 - 0.02 0.44 0.22

R

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sama Res* O 70 Samex Mng* O 28 3 San Gold Corp* O 24 San Marco Res* O San Marco Res V 352 V 402 Sanatana Diam Sandfire Res V 106 Sandfire Res* O 259 V 1012 Sandspring Res O 427 Sandspring Res* T 1822 Sandstorm Gold X 6355 Sandstorm Gold* Santa Fe Gold* O 122 274 V Silv Santacruz Sarama Res V 201 14580 Sarissa Res* O Satori Res V 257 Saturn Mnrls V 915 Saville Res V 2093 Scandium Intl T 110 O 101 Scandium Intl* Scorpio Gold V 20 Scorpio Gold * O 112 Scotch Creek 40 ScoZinc Mg* O 0 ScoZinc Mg V 16 Seabridge Gld T 280 N 1446 Seabridge Gld* Search Mnls V 225 Search Mnls* O 124 Searchlight* O 130 O 135 SearchlightMin* V 235 SearchlightRes Secova Mtls V 748 Sego Res V 564 Select Sands V 471 T 4761 Semafo O 1 Sennen Potash* Serabi Gold T 49 Serengeti Res V 333 Shamrock Ent 108 O 100 Shear Diamonds* Sherritt Intl T 6642 O 1 Shoshoni Gold* V 2 Shoshoni Gold 18768 N Sibanye-Stillw* O 34 Sibanye-Stillw* O 9630 Sidney Resrces* Sienna Res V 185 Sienna Res* O 86 Sierra Madre* O 3 Sierra Madre V 7 Sierra Metals T 13 X 29 Sierra Metals* V 183 Sigma Lithium O 80 Signature Res* V 84 Signature Res Silver Bear Rs T 295 57 Silver Bear Rs* O Silver Bull Re* O 384 Silver Bull Re T 439 Silver Grail V 169 Silver Hill* O 4 Silver Mtn Mns* O 131 1 Silver Mtn Mns V Silver Phoenix 0 O 12 Silver Predatr* Silver Predatr V 38 Silver Range* O 22 Silver Range V 63 Silver Scott* O 57 Silver Spruce V 310 O 15 Silver Spruce* Silver Viper V 48 T 984 Silvercorp Met X 1442 Silvercorp Met* SilverCrest* X 285 SilverCrest V 601 O 9 Silverore Mns* O 32 Silverstar Res* Sirios Res V 188 Sitka Gold 28 Sixty North 164 Skeena Res* O 72 Skeena Res V 207 Sky Gold V 749 Sky Gold* O 70 O 297 Skyharbour Res* V 322 Skyharbour Res Slam Explor V 2 249 Slave Lake Zn O 52 Sokoman Min* Sokoman Min V 278 SolGold plc T 52 SolGold plc* O 83 T 19 Solitario Ex&R X 148 Solitario Ex&R* Solstice Gold V 415 91 Sonora Gld & S V Sonoro Mtls* O 194 Sonoro Mtls V 207 South32* O 1 Southern Arc V 12 O 2 Southern Arc* N 2875 Southern Copp* O 16 Southern Silvr* V 100 Southern Silvr T 9 SouthGobi Res Spanish Mtn Gd V 248 79 Spanish Mtn Gd* O Sparton Res V 1141 Sparton Res* O 13 Spearmint Res 484 O 23 Spearmint Res* Spey Resources 170 Sphinx Res V 419 Sprott Res Hld T 169 Spruce Ridge R V 284 SRG Graphite V 57 SSR Mining* D 7026 SSR Mining T 1733 St Augustine T 60 St-Georges Eco 504 O 83 St-Georges Eco* V 181 Stakeholdr Gld O 18 Stakeholdr Gld* O 1264 Standard Graph* Standard Lith V 343 O 4 Standard Metal* Stans Energy V 1639 O 614 Stans Energy* O 178 Star Diamond* Star Diamond T 1234 Star Gold* O 31 O 0 Star Mountain* Starcore Intl T 67 Starr Peak Exp V 1182 O 0 Steele Oceanic* Stellar Africa* O 10 Stellar Africa V 135 Stelmine Can V 97 Steppe Gold T 86 46766 T Stornoway Diam O 240 Stornoway Diam* Stratabd Mnr V 5 Strateco Res* O 14 O 64 Strategic Metl* V 39 Strategic Metl Strategic Res V 102 O 2 Strategic Res* Stria Lithium V 103 V 495 Strikepoint Gd O 93 Strikepoint Gd* V 279 Strongbow Expl O 3 Strongbow Expl* Stroud Res V 245 Stuhini Explor V 56 Sulliden Mng T 338 Sun Metals V 911 Suncor Energy T 12560 N 10979 Suncor Energy* Superior Gold V 136 O 28 Superior Gold* Superior Mng V 33 O 0 Supreme Metal* Supreme Metals 393 V 55 Surge Copper Surge Explor* O 7 Surge Explor V 65 Syrah Res* O 54

0.17 0.22 0.18 0.18 - 0.03 0.33 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.04 0.02 0.03 - 0.01 0.16 0.02 0.04 0.04 0.04 unch 0.00 0.23 0.04 0.02 0.05 0.04 0.04 + 0.01 0.06 0.06 unch 0.00 0.11 0.10 0.00 0.10 0.05 0.09 0.07 0.08 + 0.01 0.09 0.15 0.20 0.17 0.20 + 0.02 0.35 0.11 0.15 0.13 0.15 + 0.02 0.28 4.60 unch 0.00 7.84 7.45 6.99 7.30 3.48 5.58 5.26 5.45 - 0.02 5.89 0.10 0.07 0.08 - 0.01 0.14 0.04 0.05 unch 0.00 0.12 0.08 0.07 0.08 0.05 0.10 0.08 0.08 - 0.02 0.12 0.00 0.00 0.00 0.00 - 0.00 0.00 0.04 0.07 0.06 0.06 - 0.01 0.10 0.09 0.12 0.09 0.10 - 0.03 0.30 0.03 unch 0.00 0.07 0.05 0.03 0.04 0.15 0.14 0.15 + 0.01 0.32 0.11 0.09 0.11 0.10 0.10 - 0.01 0.24 0.01 0.09 0.09 0.09 - 0.01 0.16 0.08 0.08 0.08 + 0.01 0.11 0.01 0.09 unch 0.00 0.13 0.09 0.09 0.09 0.30 unch 0.00 0.74 0.00 0.00 0.32 0.39 unch 0.00 1.00 0.43 0.00 0.43 13.65 17.26 15.51 16.64 + 0.63 20.10 10.40 12.90 11.69 12.41 + 0.37 15.30 0.03 0.05 0.04 0.05 - 0.01 0.07 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.01 0.03 0.01 0.01 - 0.09 0.15 0.01 unch 0.00 0.07 0.04 0.04 0.04 0.02 unch 0.00 0.07 0.03 0.03 0.03 0.02 0.03 0.00 0.03 - 0.01 0.14 0.03 unch 0.00 0.07 0.05 0.04 0.05 0.07 0.08 0.07 0.07 - 0.01 0.51 2.24 4.95 4.56 4.82 + 0.08 4.89 0.18 unch 0.00 0.37 0.18 0.18 0.18 0.45 0.98 0.77 0.97 + 0.25 1.40 0.12 0.23 0.21 0.22 + 0.01 0.60 0.02 0.03 0.02 0.02 + 0.01 0.07 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.17 0.20 0.17 0.19 + 0.01 1.24 0.02 unch 0.00 0.02 0.02 0.02 0.02 0.03 unch 0.00 0.08 0.00 0.00 0.03 2.02 4.29 3.87 4.18 + 0.13 4.94 0.53 0.99 0.00 0.99 - 0.02 1.27 0.00 0.00 0.01 0.00 0.00 0.00 - 0.04 0.06 0.00 0.05 - 0.01 0.11 0.03 unch 0.00 0.10 0.04 0.03 0.03 0.04 unch 0.00 0.04 0.04 0.04 0.04 0.06 unch 0.00 0.15 0.06 0.00 0.06 1.55 1.71 1.55 1.65 - 0.10 3.66 1.23 1.31 1.23 1.25 - 0.05 2.73 1.20 1.85 1.77 1.85 + 0.05 2.40 0.05 0.06 0.06 0.06 - 0.00 0.10 0.05 0.08 0.07 0.07 - 0.01 0.13 0.18 0.13 0.13 - 0.03 0.24 0.10 0.13 0.10 0.10 - 0.01 0.19 0.07 0.08 0.07 0.08 + 0.00 0.15 0.07 0.10 0.10 0.10 unch 0.00 0.20 0.09 0.02 unch 0.00 0.10 0.04 0.04 0.04 0.05 unch 0.00 0.18 0.05 0.05 0.05 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.03 unch 0.00 0.22 0.00 0.00 0.18 0.04 0.05 0.05 0.05 + 0.00 0.07 0.06 unch 0.00 0.12 0.07 0.07 0.07 0.05 0.07 0.05 0.06 + 0.00 0.13 0.07 0.09 0.07 0.09 - 0.01 0.18 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 0.05 0.04 0.05 + 0.01 0.06 0.01 0.03 0.03 0.03 - 0.01 0.05 0.07 0.22 0.20 0.21 + 0.01 0.28 2.43 3.04 2.86 2.89 - 0.16 3.81 1.83 2.28 2.13 2.16 - 0.12 2.86 1.91 3.84 3.26 3.62 + 0.05 3.89 2.60 5.06 4.50 4.91 + 0.24 5.08 0.02 unch 0.00 0.03 0.03 0.03 0.03 0.01 unch 0.00 0.15 0.04 0.04 0.04 0.12 0.18 0.17 0.18 + 0.01 0.28 0.04 0.10 0.10 0.10 - 0.01 0.20 0.03 0.08 0.06 0.06 - 0.02 0.24 0.19 0.32 0.31 0.32 - 0.02 0.52 0.27 0.45 0.00 0.42 - 0.03 0.70 0.03 unch 0.00 0.10 0.05 0.04 0.04 0.02 unch 0.00 0.09 0.03 0.03 0.03 0.23 0.26 0.24 0.24 - 0.02 0.44 0.31 0.35 0.32 0.33 - 0.03 0.57 0.02 unch 0.00 0.05 0.02 0.00 0.02 0.06 0.06 0.06 - 0.01 0.13 0.06 0.00 0.07 0.06 0.07 - 0.00 0.45 0.05 unch 0.00 0.58 0.09 0.00 0.09 0.32 0.57 0.48 0.53 + 0.01 0.76 0.27 0.40 0.35 0.39 - 0.01 0.58 0.26 0.46 0.37 0.46 + 0.07 0.60 0.19 0.35 0.30 0.35 + 0.05 0.54 0.11 0.27 0.23 0.25 + 0.05 0.27 0.05 0.04 0.05 + 0.01 0.12 0.04 0.07 0.14 0.13 0.13 - 0.01 0.16 0.07 0.18 0.17 0.17 - 0.01 0.20 2.16 2.26 0.00 2.26 - 0.01 2.98 0.27 0.49 0.00 0.49 + 0.06 0.62 0.20 0.31 0.31 0.31 + 0.01 0.47 29.01 37.76 36.09 36.99 + 0.94 49.68 0.08 0.13 0.10 0.12 - 0.01 0.21 0.11 0.18 0.14 0.17 + 0.02 0.27 0.10 0.18 0.14 0.14 - 0.04 0.18 0.07 0.06 0.07 unch 0.00 0.10 0.05 0.05 0.05 0.05 unch 0.00 0.09 0.03 0.04 0.05 0.04 0.04 - 0.01 0.12 0.03 0.03 0.03 0.03 + 0.00 0.09 0.02 0.03 0.02 0.03 + 0.01 0.06 0.00 0.03 0.02 0.02 + 0.01 0.08 0.04 0.07 0.05 0.05 - 0.03 0.16 0.03 0.04 0.04 0.04 + 0.01 0.07 1.33 1.23 1.25 - 0.10 2.40 0.98 0.05 0.04 0.04 unch 0.00 0.13 0.02 0.64 0.84 0.81 0.82 - 0.02 1.43 13.03 11.41 12.67 + 0.71 15.17 8.11 10.71 17.41 15.46 17.00 + 1.12 20.00 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.04 0.09 0.08 0.08 - 0.01 0.27 0.03 unch 0.00 0.24 0.08 0.08 0.08 0.03 0.06 0.00 0.06 + 0.01 0.20 0.02 0.03 0.03 0.03 - 0.01 0.15 0.29 0.37 0.34 0.36 + 0.01 1.13 0.67 0.81 0.73 0.78 - 0.03 1.77 0.02 0.07 0.04 0.06 + 0.01 0.23 0.02 0.08 0.05 0.06 + 0.02 0.08 0.01 0.06 0.03 0.05 + 0.01 0.06 0.12 0.16 0.14 0.15 - 0.02 0.29 0.17 0.22 0.19 0.20 - 0.01 0.38 0.02 0.05 0.03 0.03 - 0.02 0.30 0.01 unch 0.00 0.03 0.00 0.00 0.01 0.07 0.01 0.18 0.08 0.08 0.08 - 0.32 0.28 0.32 + 0.01 0.32 0.09 0.55 unch 0.00 0.96 0.00 0.00 0.55 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 0.03 0.02 0.02 - 0.01 0.06 0.09 0.16 0.14 0.14 - 0.02 0.20 0.59 0.70 0.65 0.68 - 0.01 1.48 0.02 0.04 0.02 0.02 - 0.02 0.50 0.01 0.03 0.01 0.02 - 0.00 0.38 0.06 0.01 0.01 0.01 - 0.08 0.39 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.21 0.23 0.21 0.21 - 0.01 0.36 0.28 0.31 0.29 0.29 - 0.02 0.48 0.16 0.65 0.60 0.61 - 0.03 0.70 0.12 unch 0.00 0.46 0.46 0.00 0.46 0.02 0.02 0.02 0.02 + 0.01 0.05 0.11 0.15 0.14 0.14 + 0.01 0.25 0.08 0.11 0.10 0.11 + 0.01 0.18 0.08 unch 0.00 0.23 0.09 0.00 0.09 0.06 0.06 0.06 0.06 - 0.01 0.17 0.01 unch 0.00 0.02 0.02 0.01 0.02 0.21 0.25 0.22 0.25 + 0.03 0.30 0.07 0.08 0.07 0.08 - 0.01 0.29 0.12 0.52 0.47 0.48 - 0.06 0.65 35.53 41.80 40.07 41.59 + 1.07 55.47 25.81 31.25 30.14 31.00 + 0.52 42.55 0.44 0.73 0.66 0.72 + 0.06 1.36 0.33 0.53 0.50 0.51 - 0.00 1.04 0.06 0.07 0.07 0.07 - 0.04 0.10 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.01 unch 0.00 0.05 0.02 0.02 0.02 0.04 0.06 0.05 0.05 - 0.01 0.14 0.02 0.03 0.03 0.03 - 0.00 0.14 0.03 unch 0.00 0.18 0.04 0.04 0.04 0.71 0.77 0.73 0.74 - 0.02 2.34

2019-06-18 11:03 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / JUNE 24–JULY 7, 2019

Week

12-month

Exc Volume High Low Last Change High Low

T Taiga Gold* O 58 Taiga Gold 120 Tajiri Res V 169 Taku Gold* O 18 Taku Gold 22 Talisker Res* O 5 Talisker Res 396 Talmora Diamd 140 Talon Metals T 346 Tamino Mnrls* O 4223 Tango Mining V 67 Tanqueray Expl V 305 Tantalex Res 318 Tanzania Min* O 166 Tanzanian Gold T 204 Tanzanian Gold* X 590 Taranis Res* O 834 Taranis Res V 250 Tarku Res V 55 Tartisan Nick 767 Taseko Mines T 1176 Taseko Mines* X 2857 Tearlach Res V 2 Teck Res T 5882 Teck Res* N 9468 Teck Res T 8 Telson Res * O 36 Telson Res V 42 Tembo Gold V 92 Tembo Gold* O 75 Teranga Gold T 982 Teranga Gold* O 49 Teras Res V 38 Terraco Gold V 404 Terrax Mnrls* O 81 Terrax Mnrls V 136 Terreno Res V 75 Teslin Rvr Res V 1838 Tesoro Mnrls V 15 Tethyan Res V 1464 Teuton Res V 69 Teuton Res* O 5 Texas Mineral* O 3755 Thor Expl V 459 Thunder Mtn Gd* O 69 Thunderstruck V 372 Thunderstruck* O 135 Tiger Intl V 38 Till Capital V 2 Timberline Res V 19 Timberline Res* O 11 Tinka Res* O 46 Tinka Res V 163 Tintina Mines V 25 Tisdale Res* O 1 Tisdale Res V 25 Titan Mining T 39 Titan Mining* O 410 Titanium Corp V 77 O 77 TMAC Resource* TMAC Resources T 459 TNR Gold V 285 Toachi Mg Inc* O 40 Toachi Mg Inc V 33 Tocvan Venture 120 Tombstone Expl* O 493 Tonogold Res* O 63 Torex Gold* O 30 Torex Gold T 1667 Torq Resources V 316 Torq Resources* O 212

0.05 0.04 0.05 - 0.00 0.13 0.04 0.08 0.00 0.07 unch 0.00 0.18 0.06 0.06 0.05 0.06 unch 0.00 0.18 0.04 0.00 0.00 0.04 unch 0.00 0.12 0.02 0.04 0.04 0.04 unch 0.00 0.15 0.03 0.10 0.09 0.09 - 0.01 0.10 0.00 0.14 0.12 0.13 + 0.02 0.16 0.08 0.04 0.04 0.04 unch 0.00 0.06 0.01 0.21 0.19 0.20 + 0.02 0.21 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.00 0.02 + 0.01 0.04 0.01 0.72 0.68 0.68 - 0.04 1.25 0.58 0.05 0.02 0.05 + 0.02 0.15 0.02 2.52 2.34 2.51 - 0.01 2.52 0.12 0.95 0.90 0.93 - 0.02 1.32 0.34 0.72 0.67 0.70 - 0.02 0.94 0.25 0.06 0.04 0.06 - 0.00 0.09 0.03 0.07 0.07 0.07 unch 0.00 0.12 0.05 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.12 0.02 0.71 0.62 0.68 + 0.03 1.65 0.60 0.53 0.46 0.51 + 0.02 1.22 0.44 0.20 0.20 0.20 unch 0.00 0.28 0.03 30.00 28.39 29.14 + 0.76 38.09 23.90 22.62 21.29 21.71 + 0.35 28.15 18.17 30.00 28.45 29.20 + 0.75 38.18 23.89 0.28 0.25 0.27 + 0.01 0.65 0.22 0.38 0.34 0.38 + 0.03 0.88 0.28 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 3.59 3.27 3.31 - 0.34 5.63 2.97 2.71 2.46 2.49 - 0.27 4.30 2.23 0.06 0.05 0.06 + 0.01 0.12 0.04 0.08 0.07 0.08 + 0.01 0.11 0.06 0.31 0.27 0.27 - 0.02 0.36 0.25 0.40 0.36 0.36 unch 0.00 0.50 0.33 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.51 0.45 0.49 + 0.03 0.60 0.33 0.05 0.05 0.05 unch 0.00 0.07 0.05 0.66 0.58 0.63 + 0.06 0.85 0.14 0.18 0.16 0.18 + 0.02 0.24 0.10 0.13 0.12 0.13 + 0.01 0.18 0.07 0.57 0.37 0.43 + 0.04 0.57 0.10 0.17 0.16 0.17 + 0.02 0.20 0.13 0.07 0.06 0.06 - 0.01 0.21 0.03 0.06 0.05 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 + 0.00 0.15 0.03 0.08 0.05 0.06 - 0.03 0.17 0.04 2.27 2.12 2.12 - 0.05 2.56 1.45 0.09 0.08 0.09 + 0.01 0.19 0.07 0.07 0.00 0.07 + 0.02 0.14 0.00 0.23 0.21 0.21 - 0.02 0.45 0.21 0.31 0.29 0.30 unch 0.00 0.58 0.29 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.11 0.11 0.11 unch 0.00 0.13 0.05 0.19 0.15 0.16 - 0.01 0.80 0.14 0.44 0.41 0.41 - 0.02 1.50 0.40 0.35 0.30 0.30 unch 0.00 1.05 0.30 0.78 0.69 0.75 + 0.08 1.20 0.47 4.51 4.32 4.51 - 0.10 5.66 2.71 6.28 5.54 6.00 unch 0.00 7.52 3.57 0.04 0.03 0.03 - 0.01 0.06 0.03 0.04 0.04 0.04 unch 0.00 0.12 0.02 0.05 0.05 0.05 + 0.01 0.17 0.04 0.08 0.08 0.08 unch 0.00 0.12 0.08 0.01 0.01 0.01 - 0.00 0.01 0.00 0.25 0.19 0.19 - 0.02 0.25 0.00 10.37 9.17 9.90 + 0.41 13.52 5.74 13.85 12.05 13.27 + 0.64 18.21 7.52 0.53 0.43 0.49 + 0.09 0.58 0.32 0.40 0.33 0.37 + 0.06 0.43 0.25

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tower Res V 1091 Transatlantic V 2638 Transatlantic* O 2874 Transition Met* O 44 Transition Met V 300 Treasury Metal T 946 Treasury Metal* O 152 Trecora Res* N 173 Tres-Or Res V 56 Trevali Mng* O 434 Trevali Mng T 5747 Tri Origin Exp V 2160 Trident Gold V 0 Trifecta Gold V 134 Trifecta Gold* O 58 Trigen Res* O 197 Trilogy Mtls T 87 Trilogy Mtls* X 595 TriMetals Mng* O 5 TriMetals Mng* O 48 TriMetals Mng T 519 Trinity Res* O 0 Trinity Valley V 55 Trio Resources* O 3421 TriStar Gold* O 3 TriStar Gold V 93 Triumph Gold V 142 O 236 Triumph Gold* Troilus Gold T 65 Troilus Gold* O 0 Troubadour Res V 545 Troy Enrgy V 8 Troy Res* O 106 True Grit Res V 220 True North Gem V 9 Tsodilo Res V 100 Tudor Gold V 112 Tudor Gold * O 11 Turquoise HIl T 4418 Turquoise HIl* N 17021 TVI Pacific* O 8 TVI Pacific V 209 Typhoon Expl V 121

0.06 0.05 0.05 - 0.01 0.14 0.02 0.03 0.02 0.03 unch 0.00 0.16 0.02 0.02 0.01 0.01 - 0.01 0.10 0.01 0.15 0.15 0.15 + 0.01 0.17 0.07 0.22 0.19 0.20 + 0.01 0.23 0.06 0.25 0.23 0.25 - 0.01 0.53 0.21 0.20 0.17 0.18 - 0.01 0.39 0.15 9.81 9.45 9.46 - 0.14 15.60 6.69 0.03 0.00 0.03 - 0.01 0.04 0.02 0.21 0.20 0.20 - 0.00 0.84 0.20 0.29 0.27 0.27 - 0.01 1.11 0.27 0.02 0.02 0.02 - 0.01 0.04 0.01 0.00 0.00 0.16 unch 0.00 0.18 0.14 0.04 0.04 0.04 unch 0.00 0.13 0.04 0.03 0.02 0.02 unch 0.00 0.09 0.02 0.32 0.28 0.28 - 0.02 1.01 0.19 3.87 3.43 3.80 + 0.17 3.78 2.03 2.90 2.58 2.90 + 0.17 2.90 1.48 0.04 0.04 0.04 + 0.00 0.09 0.02 0.06 0.06 0.06 - 0.00 0.23 0.04 0.06 0.05 0.06 + 0.01 0.12 0.03 0.00 0.00 0.01 unch 0.00 0.20 0.01 0.11 0.11 0.11 unch 0.00 0.11 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.14 0.13 0.13 - 0.01 0.17 0.07 0.19 0.17 0.17 unch 0.00 0.25 0.09 0.42 0.39 0.42 + 0.02 0.80 0.30 0.33 0.29 0.32 - 0.01 0.60 0.22 0.70 0.64 0.70 + 0.05 1.45 0.40 0.00 0.00 0.40 unch 0.00 0.93 0.40 0.09 0.08 0.08 - 0.01 0.25 0.06 0.03 0.03 0.03 unch 0.00 0.06 0.01 0.07 0.00 0.07 + 0.01 0.12 0.06 0.02 0.01 0.01 - 0.01 0.07 0.01 0.12 0.00 0.11 - 0.01 1.00 0.10 0.17 0.17 0.17 unch 0.00 0.59 0.16 0.43 0.39 0.39 unch 0.00 0.44 0.20 0.31 0.29 0.29 + 0.01 0.33 0.15 1.64 1.52 1.55 - 0.10 3.90 1.47 1.24 1.14 1.17 - 0.06 2.97 1.12 0.01 0.00 0.01 + 0.01 0.01 0.00 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.04 0.03 0.04 - 0.01 0.07 0.03

U.S. Gold* D 297 U.S. Lithium* O 10 U3O8 Corp* O 2 U3O8 Corp T 142 Ubique Mineral 7 UC Res* O 206 Ucore Rare Mtl V 1276 Ucore Rare Mtl* O 1079 UEX Corp T 1669 Ultra Lithium* O 31 Ultra Lithium V 56 Umbral Enrgy* O 447 Unigold* O 5 Unigold V 18 United Battery* O 323 United Battery 245 United Res Hdg* O 199 United States A* X 254 United States S* N 48307 Unity Metals* O 5 Unity Metals V 368 Universal Cop V 176 Universal Cop* O 26 Universal Vent V 1212 Ur-Energy* X 1377 Ur-Energy T 187 Uragold Bay Rs V 1330

1.18 1.04 1.12 - 0.01 1.69 0.74 0.33 0.00 0.26 - 0.02 0.96 0.09 0.10 0.00 0.10 + 0.02 0.29 0.07 0.14 0.10 0.11 + 0.01 0.39 0.10 0.10 0.00 0.10 unch 0.00 0.25 0.05 0.23 0.21 0.21 - 0.01 1.27 0.00 0.27 0.21 0.24 - 0.02 0.34 0.09 0.20 0.16 0.19 - 0.00 0.25 0.07 0.20 0.18 0.18 - 0.02 0.28 0.14 0.08 0.07 0.07 - 0.01 0.17 0.05 0.09 0.09 0.09 unch 0.00 0.26 0.08 0.38 0.31 0.31 - 0.05 0.54 0.11 0.08 0.08 0.08 unch 0.00 0.15 0.07 0.14 0.13 0.13 + 0.02 0.23 0.09 0.03 0.02 0.02 + 0.00 1.58 0.02 0.03 0.03 0.03 + 0.01 1.68 0.03 0.06 0.03 0.05 + 0.01 0.07 0.01 0.60 0.52 0.59 unch 0.00 1.05 0.42 14.54 13.61 13.78 + 0.20 38.89 11.67 0.58 0.58 0.58 unch 0.00 0.96 0.11 0.82 0.66 0.66 - 0.14 1.40 0.10 0.09 0.08 0.08 unch 0.00 0.26 0.06 0.07 0.06 0.06 - 0.02 0.10 0.02 0.37 0.35 0.37 + 0.01 0.63 0.28 0.92 0.86 0.90 + 0.02 0.99 0.54 1.22 1.15 1.22 + 0.05 1.30 0.74 0.09 0.08 0.09 - 0.01 0.12 0.06

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

X 4038 Uranium Energy* O 0 Uranium Hunter* Uranium Res* D 111 Uravan Mnrls V 107 V 576 UrbanGold Min USCorp* O 500 Val-d’Or Mg* O 1 Val-d’Or Mg V 8 126154 N Vale* Valley High Mg* O 984 O 21 ValOre Metals* ValOre Metals V 142 Valterra Res* O 100 Valterra Res V 245 V 193 Vanadian Enrgy O 38 Vanadian Enrgy* O 40 Vanadium One* V 94 Vanadium One O 296 Vanadiumcorp* V 244 Vanadiumcorp Vanstar Mng Rs V 420 Vanstar Mng Rs* O 125 5 Vantex Res * O Vantex Res V 5 Velocity Mnrls V 399 O 50 Velocity Mnrls* Vendetta Mng V 1415 O 5 Vendetta Mng* V 60 Venerable Vent Verde Potash T 55 Verde Res* O 70 Veris Gold* O 0 Vertical Expl V 6 Victoria Gold V 2845 O 239 Victory Metals* V 378 Victory Metals Victory Nickel 77 Victory Res 230 Victory Res* O 67 Virginia Enrgy V 104 O 35 Virginia Enrgy* Viscount Mng V 398 30 Visible Gold M V V 61 Vision Lithium O 16 Vision Lithium* Vista Gold* X 830 Vista Gold T 58 Viva Gold* O 30 Viva Gold V 66 Vizsla Res V 147 Volcanic Gold V 1 O 5 Volcanic Gold* Volt Energy V 24 Voyageur Min V 93 O 81 VR Resources* V 173 VR Resources Vulcan Mnrls V 35 VVC Expl V 1148

1.12 1.35 1.28 1.34 + 0.05 1.89 0.26 unch 0.00 2.50 0.00 0.00 2.37 7.00 5.60 6.55 + 0.85 27.00 3.50 0.02 unch 0.00 0.05 0.04 0.03 0.03 0.10 unch 0.00 0.16 0.15 0.10 0.12 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.05 unch 0.00 0.09 0.05 0.00 0.05 0.08 unch 0.00 0.14 0.08 0.00 0.08 10.89 13.57 12.40 13.12 + 0.59 16.13 0.01 0.00 0.00 + 0.00 0.01 0.00 0.00 0.19 0.13 0.19 + 0.05 0.48 0.11 unch 0.00 0.70 0.27 0.22 0.25 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 - 0.01 0.04 0.03 0.04 0.03 0.04 - 0.01 0.18 0.01 0.03 0.02 0.03 - 0.00 0.13 0.04 0.10 0.09 0.10 + 0.02 0.21 0.06 0.13 0.12 0.12 - 0.01 0.29 0.01 0.06 0.05 0.05 - 0.00 0.15 0.06 0.08 0.07 0.07 - 0.01 0.14 0.25 0.24 0.24 + 0.01 0.36 0.08 0.18 0.18 0.18 unch 0.00 0.19 0.07 0.18 0.18 0.18 unch 0.00 0.24 0.12 0.14 unch 0.00 0.40 0.25 0.25 0.25 0.13 0.39 0.36 0.38 + 0.02 0.40 0.09 unch 0.00 0.29 0.27 0.27 0.27 0.10 unch 0.00 0.22 0.10 0.10 0.10 0.07 0.08 0.07 0.08 - 0.00 0.17 0.06 unch 0.00 0.13 0.06 0.06 0.06 0.53 0.67 0.63 0.67 + 0.03 1.25 0.00 unch 0.00 0.10 0.03 0.02 0.02 0.00 0.00 0.00 0.00 + 0.00 0.01 0.03 0.06 0.04 0.04 - 0.02 0.15 0.30 0.44 0.39 0.41 + 0.01 0.55 0.45 0.53 0.45 0.53 + 0.05 0.57 0.38 0.65 0.60 0.63 - 0.01 0.77 0.01 unch 0.00 0.05 0.03 0.00 0.03 0.01 0.05 0.00 0.04 - 0.01 0.12 0.02 0.04 0.03 0.03 - 0.01 0.10 0.12 0.37 0.00 0.33 + 0.06 0.37 0.08 0.25 0.23 0.24 + 0.06 0.28 0.15 0.17 0.15 0.17 + 0.02 0.29 0.10 0.09 0.09 - 0.02 0.11 0.04 0.05 0.08 0.05 0.08 + 0.02 0.40 0.04 0.06 0.04 0.06 + 0.02 0.30 0.37 0.10 0.92 0.76 + 0.79 0.62 0.56 1.05 0.85 1.01 + 0.14 1.24 0.20 0.22 0.21 0.22 - 0.01 0.40 0.25 unch 0.00 0.48 0.30 0.28 0.30 0.13 0.17 0.16 0.16 - 0.01 0.20 0.14 unch 0.00 1.16 0.00 0.00 0.30 0.14 unch 0.00 0.48 0.36 0.36 0.36 0.03 0.06 0.05 0.06 + 0.01 0.20 0.05 unch 0.00 0.12 0.07 0.07 0.07 0.09 0.12 0.09 0.09 - 0.03 0.33 0.12 0.16 0.12 0.13 - 0.01 0.43 0.03 0.04 0.03 0.04 + 0.01 0.07 0.02 unch 0.00 0.05 0.04 0.03 0.04

Walker Lane* O 23 Walker River* O 42 Walker River V 839 T 2679 Wallbridge Mng Warrior Gold* O 98 Warrior Gold V 322 Waseco Res V 410 Wealth Mnrls V 427 O 301 Wealth Mnrls* V 5 Wescan Gldflds O 661 Wesdome Gold* T 3469 Wesdome Gold

0.05 0.29 0.10 0.25 - 0.03 0.40 0.08 0.11 0.11 0.11 + 0.00 0.19 0.05 0.17 0.15 0.16 + 0.01 0.27 0.06 0.36 0.32 0.34 + 0.01 0.47 0.03 unch 0.00 0.09 0.07 0.07 0.07 0.04 0.10 0.09 0.09 - 0.01 0.13 0.02 0.04 0.03 0.03 - 0.01 0.05 0.31 0.03 1.22 0.40 + 0.40 0.35 0.22 0.40 0.26 0.31 + 0.02 0.95 0.01 unch 0.00 0.11 0.04 0.04 0.04 1.78 4.04 3.48 3.92 + 0.23 4.25 2.49 5.39 4.61 5.22 + 0.33 5.46

W-Z

(100s) Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

West High Yld V 46 West Kirkland V 6404 West Kirkland * O 376 West Red Lake* O 67 251 West Red Lake Western Areas* O 6 Western Atlas V 35 Western Copper T 153 Western Copper* X 336 Western Mag V 2109 O 1821 Western Mag* Western Pac Rs* O 2 1 Western Pac Rs V Western Potash T 3141 Western Res* O 7 Western U&V* O 92 Western U&V 76 Westgold Res* O 3 O 36 Westhaven Vent* Westhaven Vent V 206 O 305 Westkam Gold* Westkam Gold V 224 V 150 Westminster Rs Westmoreland* O 173 O 0 WestMountain* Wheaton Prec M* N 8040 Wheaton Prec M T 3867 White Gold* O 24 White Gold V 242 White Metal R* O 233 White Metal Rs V 614 White Mtn Engy* O 7 V 31 Whitemud Res Wildsky Res* O 2 Wildsky Res V 21 Winston Gold* O 539 Winston Gold 5 Winston Res 32 Wolfden Res* O 20 Wolfden Res V 576 Wolfeye Res V 191 X-Terra Res V 319 X-Terra Res* O 80 Xanadu Mines T 1 Xiana Mng V 13 Ximen Mining V 783 Ximen Mining* O 21 Xtierra Inc V 76 O 275 Xtra-Gold Res* Xtra-Gold Res T 78 Yamana Gold T 8607 Yamana Gold* N 44801 Yorbeau Res T 7894 You Han Data* O 0 Zadar Ventures* O 10 Zadar Ventures V 9 Zanaga Iron* O 5 Zanzibar Gold 457 Zara Res* O 758 ZEN Graphene V 288 O 48 ZEN Graphene* Zena Mining V 163 Zenith Explor 2 Zephyr Mnls* O 93 Zephyr Mnls V 60 Zimtu Capital V 197 Zinc One Res V 1330 Zinc One Res * O 138 Zincore Mtls* O 0 ZincX Res V 83 O 45 Zonte Metals* Zonte Metals V 64

0.26 0.00 0.26 + 0.02 0.60 0.20 0.05 0.00 0.04 - 0.01 0.08 0.03 0.04 0.02 0.04 + 0.00 0.07 0.02 0.06 0.05 0.05 - 0.01 0.09 0.03 0.09 0.08 0.08 + 0.01 0.12 0.05 1.43 0.00 1.43 - 0.10 2.75 1.27 0.06 0.06 0.06 - 0.01 0.20 0.05 0.84 0.71 0.82 + 0.08 1.29 0.52 0.65 0.53 0.62 + 0.06 0.99 0.35 0.17 0.14 0.16 + 0.01 0.32 0.03 0.13 0.10 0.11 + 0.00 0.43 0.02 0.19 0.00 0.16 - 0.03 0.62 0.01 0.00 0.00 0.35 unch 0.00 1.08 0.32 0.18 0.12 0.17 + 0.04 0.40 0.11 0.13 0.10 0.12 + 0.03 0.30 0.08 1.14 0.90 1.00 + 0.00 2.70 0.67 1.46 1.22 1.35 + 0.05 3.32 0.56 1.13 0.00 1.03 - 0.10 1.24 0.60 0.54 0.49 0.50 - 0.03 1.03 0.10 0.71 0.62 0.63 - 0.05 1.43 0.13 0.00 0.00 0.00 - 0.00 0.02 0.00 0.01 0.01 0.01 + 0.01 0.02 0.01 0.05 0.05 0.05 - 0.01 0.15 0.03 0.01 0.01 0.01 + 0.00 0.22 0.01 3.00 3.00 3.00 unch 0.00 3.00 3.00 23.31 22.13 22.99 + 0.08 25.24 15.08 31.18 29.35 30.82 + 0.35 33.85 19.87 0.91 0.83 0.85 - 0.03 1.44 0.46 1.22 1.10 1.15 - 0.02 2.00 0.54 0.04 0.04 0.04 unch 0.00 0.19 0.02 0.05 0.04 0.04 - 0.01 0.25 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.06 0.06 0.06 unch 0.00 0.77 0.05 0.11 0.11 0.11 - 0.01 1.01 0.06 0.04 0.02 0.04 + 0.01 0.07 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.03 0.03 0.03 + 0.01 0.15 0.02 0.12 0.11 0.11 - 0.00 0.33 0.10 0.17 0.15 0.15 - 0.01 0.43 0.14 0.73 0.67 0.70 + 0.02 1.10 0.50 0.10 0.08 0.09 - 0.01 0.17 0.08 0.08 0.07 0.07 - 0.01 0.11 0.07 0.00 0.00 0.08 unch 0.00 0.17 0.08 0.45 0.40 0.45 unch 0.00 0.63 0.31 0.47 0.33 0.39 - 0.08 0.86 0.14 0.36 0.28 0.29 - 0.07 10.27 0.10 0.05 0.05 0.05 - 0.01 0.08 0.03 0.26 0.26 0.26 unch 0.00 0.45 0.11 0.36 0.34 0.36 unch 0.00 0.47 0.23 2.84 2.55 2.74 + 0.05 4.20 2.41 2.13 1.92 2.04 + 0.02 3.23 1.78 0.05 0.03 0.03 - 0.01 0.05 0.02 1.20 0.00 1.10 unch 0.00 4.06 0.75 0.08 0.08 0.08 unch 0.00 0.10 0.02 0.11 0.00 0.11 - 0.01 0.65 0.08 0.10 0.10 0.10 unch 0.00 0.14 0.10 0.16 0.13 0.16 unch 0.00 0.32 0.10 0.36 0.26 0.27 - 0.07 0.63 0.04 0.35 0.31 0.31 - 0.03 0.64 0.31 0.27 0.23 0.24 - 0.02 0.48 0.23 0.05 0.05 0.05 unch 0.00 0.09 0.05 0.00 0.00 0.06 unch 0.00 0.10 0.04 0.21 0.20 0.21 + 0.01 0.22 0.11 0.27 0.27 0.27 unch 0.00 0.29 0.15 0.24 0.22 0.22 - 0.01 0.35 0.20 0.04 0.03 0.03 - 0.02 0.24 0.03 0.03 0.02 0.03 - 0.01 0.18 0.02 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.18 0.17 0.17 unch 0.00 0.75 0.17 0.17 0.17 0.17 unch 0.00 0.30 0.12 0.26 0.23 0.24 - 0.02 0.41 0.17

BID-ASK — JUNE 10–14, 2019

STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration C 66 Resources C African Metals V Aguia Resource V Aguila Amer Gd V AJN Resources C Alba Minerals V Alchemist Mng C C Alexandra Cap Allante Res V Altair Res Inc V Altan Rio Min V Alturas Min V American CuMo V American Uran V Anconia Res V Anglo-Bomarc V Angus Ventures V V Antler Hill Arcus Dev Grp V Argentum Silvr V Armor Min V Arrowstar Res V Asbestos Corp V Asian Mineral V Atalaya Mining T Atlanta Gold V Aurelius Min V V Aurex Energy Austin Res V V Awale Res Banro Corp* X Barker Min V V BC Moly Bearclaw Cap V BHK Mining V Black Bull Res V Black Sea V Bond Resources C V Boss Power Brunswick Res V V Bullion Gold BWR Explor V Cadillac Vent V Cairo Res V Camrova Res V Canada Coal V Canada One V V Canadian Silv Canex Energy V V Caracara Silvr Carlin Gold V Cassius Vents V C CAT Strategic Cautivo Mining C Century Global T Cerro de Pasc C Cerro de Pasc C Cerro Mng V Chantrell Vent V Cicada Vents V Cliffs Nat Res* N Clydesdale Res V Colombia Crest V Comet Inds V Copper Lake Rs V Copper One V CR Capital V CWN M’g Acq V Cyntar Venture C Cyprium Mng V Damara Gold V DV Resources V EastCoal Inc V Eastern Zinc C Electra Stone V Empire Metals V ePower Metals V Essex Minerals V EurOmax Res T Evolving Gold C Excalibur Res C Fabled Copper V Fieldex Expl V Finore Mng C Fire River Gol V First Idaho V First Mexican V Five Star Diam V

20-23_JUNE24_StockTables.indd 23

0.22 0.35 0.20 0.20 0.13 ...

0.10 0.27 0.06 0.09 0.06 0.10 0.11 0.10 0.21 0.16 0.21 0.21 0.28 0.04 0.48 0.09 0.20 0.15 0.16 0.16 0.28 0.08 0.08 0.06 0.10 ... ...

0.50 0.93 0.20 0.25 0.16 0.20 0.05 0.06 0.05 0.24 ...

0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.12 0.06 0.25 0.06 0.07 0.01 0.01 0.01 0.04 0.08 0.08 0.15 0.17 ...

0.29 0.48 0.10 0.10 0.10 0.20 0.03 0.04 0.03 0.06 0.16 0.20 0.18 0.33 0.40 0.51 0.46 0.73 0.01 0.01 0.12 0.40 1.00 0.35 0.80 0.12 0.15 0.12 3.00 3.40 3.80 3.50 4.49 0.03 0.04 0.03 0.05 0.13 0.14 0.14 0.15 0.20 0.26 0.20 1.30 0.02 0.03 0.02 0.02 0.09 0.11 0.10 0.15 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.02 0.04 0.07 0.04 0.09 0.03 0.04 0.03 0.05 0.02 0.02 0.02 0.10 0.18 0.10 0.07 0.07 0.06 0.29 0.17 ...

0.17 0.20 0.17 0.20 0.17 ... 0.03 0.03 0.05 0.06 0.15 0.10 0.47 0.04 0.04 0.04 0.06 0.02 0.03 0.02 0.04 0.32 0.39 0.30 0.42 0.01 0.01 0.07 0.11 0.02 0.03 0.03 0.10 0.03 0.04 0.03 0.11 0.01 0.01 0.06 0.06 ... ...

0.17 0.25 0.11 0.11 0.11 0.18 0.02 0.02 0.02 0.04 0.06 0.14 0.06 0.08 0.04 0.06 0.04 0.15 0.07 0.20 0.10 0.39 0.18 0.23 0.18 0.22 ... ...

0.29 0.34 0.32 0.32 0.32 0.37 0.27 0.89 0.28 0.42 0.01 0.10 0.06 0.12 0.01 0.01 0.01 0.02 1.45 3.20 1.43 7.17 0.01 0.14 0.04 0.08 0.22 0.27 0.24 0.35 2.50 3.15 3.25 3.60 0.02 0.03 0.02 0.04 0.11 0.15 0.15 0.18 0.04 0.06 0.05 0.10 0.04 0.08 0.04 0.15 0.10 0.17 0.10 0.15 0.03 0.03 0.03 0.03 0.05 0.05 0.07 0.06 0.08 0.06 0.29 0.06 0.15 0.06 0.30 0.08 0.13 0.08 0.56 0.01 0.02 0.01 0.02 0.15 0.20 0.17 0.23 0.21 0.21 0.15 0.31 0.04 0.06 0.05 0.12 0.07 0.09 0.09 0.21 0.08 0.08 0.08 0.11 0.09 0.10 0.10 0.11 0.01 0.01 0.08 0.09 0.10 0.15 0.19 0.12 0.12 0.11 0.03 0.07 0.09 0.09 0.25 0.03 0.03 0.01 0.01 0.01 0.06 0.05 0.08 0.07 0.14

LOW

0.20 0.06 0.08 0.17 0.05 0.04 0.04 0.25 0.10 0.04 0.01 0.01 0.05 0.06 0.01 0.15 0.07 0.03 0.10 0.30 0.33 0.12 2.88 0.03 0.03 0.20 0.01 0.06 0.10 0.01 0.03 0.03 0.06 0.17 0.02 0.09 0.03 0.01 0.24 0.06 0.02 0.03 0.04 0.11 0.08 0.02 0.03 0.04 0.08 0.11 0.12 0.22 0.26 0.04 0.01 0.98 0.02 0.11 2.60 0.01 0.10 0.02 0.03 0.08 0.04 0.06 0.05 0.08 0.01 0.11 0.15 0.03 0.02 0.07 0.01 0.04

0.03 0.01 0.05

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Four Nines C Freeport Res V Full Metal Mnl V Fusion Gold V Galway Gold V Gem Intl Res V Generic Gold C V Gentor Res Gespeg Cop Res V GGL Res V Global Cop Grp V Global Vanad V Goldbank Mng V Goldbelt Emp V Golden Harp V Golden Lake C Goldstar Mnls V Goldstream Mnl V Gossan Res V Gray Rock Res V Greatbanks Re V Great Lakes Gr V Great Quest Fe V Green River C V Green Valley M Greenshield Ex V Grenville Gold C Guerrero Vents V Handa Mining V Helio Res V HFX Holding V Highbury Proj V V Highvista Gold Hunt Mng V Infinite Lith V Inform Res V Inspiration Mg C Inter-Rock Mnl V Interconnect V Intl Battery C Intl Bethl Mng V Intl Corona V Intl Lithium V Intl Millm Mng V V Iron South Mng Jasper Mining V Jazz Res V C JDF Explor Inc Kal Minerals C C Karam Min Kenna Res V Kermode Res V Kings Bay Res V Knick Expl V La Imperial C V Latin Metals Leo Res C Lions Bay Cap V Lithion Energy V Lithium Energy V Lovitt Res V Lund Enterpr V Madeira Mrnls V MAG Silver* X Magnitude Mng V Manado Gold V Mariner Res C Matachewan Con V Mega Copper V Mesa Expl V Metalo Manuf C Metalore Res V Micrex Dev V Midasco Cap V MillenMin Vent V Millstream Min V Minecorp Egy V Mineral Hill V MK2 Ventures V Monster Uran V Montana Gold C Montego Res C Mountain Lake C MX Gold V Navy Res V Nebu Res V Nevado Res V New Energy Met V New Klondike V

0.16 0.25 0.20 0.40 0.07 0.08 0.08 0.11 0.01 2.82 0.10 0.15 0.24 0.30 0.30 0.12 0.14 0.12 0.26 0.01 0.02 0.02 ... 0.20 0.06 0.30 0.06 0.07 0.07 0.10 0.02 0.02 0.02 0.05 0.07 0.09 0.07 0.13 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.09 0.24 0.11 0.17 0.01 0.01 0.02 0.12 0.16 0.17 0.20 0.12 ...

0.13 0.13 0.05 0.05 0.05 0.12 0.05 0.05 0.05 0.18 0.05 0.07 0.07 0.10 0.10 0.12 0.10 0.19 0.09 0.12 0.10 0.30 0.05 0.05 0.04 0.06 0.10 0.10 0.10 0.14 0.05 0.06 0.06 0.07 0.06 0.20 0.09 2.00 0.12 0.24 0.11 0.15 0.23 0.25 0.23 0.70 0.03 0.12 0.08 0.15 0.03 0.04 0.03 0.08 0.05 0.07 0.06 0.10 0.05 0.08 0.06 0.07 0.25 0.36 0.28 0.30 ... ...

0.17 0.08 0.12 0.12 0.32 0.26 0.29 0.28 0.32 0.03 0.07 0.04 0.18 0.04 0.04 0.03 0.06 0.22 0.24 0.24 0.36 0.07 0.12 0.07 0.11 ... ...

0.31 0.04 0.05 0.04 0.07 ... 0.01 0.04 0.05 0.05 0.06 0.06 0.12 0.02 0.02 0.03 0.03 0.24 0.27 0.24 0.28 ... 0.10 0.09 0.29 0.05 0.06 0.05 0.08 0.01 ...

0.05 0.05 0.08 0.25 0.25 0.25 0.05 0.12 0.05 0.15 0.13 0.16 0.15 0.01 0.02 0.01 0.02 0.04 0.04 0.04 0.08 0.01 0.01 0.01 0.02 0.04 0.08 0.04 0.07 0.03 0.04 0.03 0.16 ... ...

1.09 0.05 0.05 0.05 0.12 ... ...

0.10 0.10 0.10 0.10 0.44 0.08 0.13 0.10 0.25 0.01 0.18 0.13 0.25 0.01 ...

0.03 0.04 12.52 13.30 12.52 14.40 0.12 0.19 0.14 0.25 0.01 0.05 0.05 0.05 0.16 0.20 0.20 0.20 0.12 0.15 0.15 0.25 0.16 0.20 0.16 0.18 0.02 0.04 0.06 0.08 0.29 0.45 0.35 0.45 0.95 1.27 0.97 2.85 0.02 0.02 0.01 0.19 0.19 0.09 0.13 0.01 0.50 0.05 0.04 0.06 0.04 ... ...

0.12 0.20 0.01 0.15 0.15 0.27 0.01 0.30 0.16 0.39 0.11 0.15 0.10 0.32 0.09 0.10 0.10 0.10 ... 0.01 0.05 0.31 ... ...

0.05 0.11 0.11 0.11 0.12 0.21 0.15 0.24 0.04 0.04 0.04 0.12 0.17 0.12 0.80 0.21 0.21 0.25 1.76 0.01 0.01 0.01

0.10 0.06 0.11 0.10 0.03 0.05 0.02 0.07 0.04 0.16 0.07 0.06 0.13 0.03 0.04 0.05 0.05 0.04 0.02 0.06 0.04 0.06 0.05 0.12 0.06 0.03 0.05 0.05 0.21 0.09 0.12 0.03 0.02 0.20 0.04 0.03 0.03 0.03 0.02 0.04 0.08 0.03 0.01 0.12 0.05 0.01 0.03 0.01 0.04 0.02 0.04 0.09 0.07 0.11 0.02 6.12 0.14 0.04 0.20 0.12 0.16 0.06 0.10 0.97 0.09 0.07 0.09 0.15 0.10 0.02 0.03 0.15 0.09 0.14

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

New Stratus V New World Res V Newmac Res V V Nitinat Mnls Norsemont Cap C Northern Uran V V Norvista Cap NSGold V Nubian Res V Opawica Expl V Orford Mining V C Oriental Non F Origin Gold V Oronova Energy V Pac Arc Res V Pac Cascade V Pan Andean Min V V Parallel Mng C Patriot Gold Pedro Res V Phoenix Gold V Plata Latina V Plate Res V Platinex Inc C Prism Res V Provenance Gld C Quantum Cobalt C Quartz Mtn Res V Rain City C Rare Element* X Rathdowney Res V Razore Rock Res C Red Oak Mg V Regency Gold V Reliant Gold C Remington Res V Resource Cap V Riley Resource V Rio Silver V Rockex Mng C Rockland Mnls V Rojo Res V Rosita Mg Corp V Ross River V Roughrider Exp V Rover Metals V Rubicon Mnrls* X Sage Gold V Samco Gold V Sennen Potash V Shine Minerals V Silver Mtn Mns V Silver Phoenix C Surge Explor V Sutter Gold V Tajiri Res V Talmora Diamd C Taranis Res V Terreno Res V Tesoro Mnrls V Themac Res V Thunder Mtn Gd V TomaGold V Tri-River Vent V Trident Gold V Troy Enrgy V Trueclaim Expl V Tsodilo Res V Upper Canyon V Vale* N ValOre Metals V Vangold Res V Vatic Vent V Vela Minerals V Venerable Vent V Voltaic Min V Wescan Gldflds V Westcot Vent V Western Pac Rs V Western Troy C V Worldwide Res V Xanadu Mines T Xander Res V Xiana Mng V Xtra-Gold Res T Zara Res C Zinco Mng V Zincore Mtls V

0.10 0.10 0.40 0.25 0.27 0.21 0.30 0.05 0.12 0.09 0.10 0.06 0.10 0.09 0.15 0.35 0.40 0.42 0.46 0.01 0.01 0.01 0.02 0.09 0.09 0.10 0.15 0.07 0.10 0.08 0.15 0.07 0.08 0.07 0.24 0.07 0.08 0.07 0.13 0.09 0.10 0.11 0.33 ... ...

0.80 1.05 0.10 0.12 0.11 0.15 0.07 0.08 0.07 0.16 0.24 0.49 0.23 0.45 0.01 0.02 0.01 0.05 0.08 0.09 0.13 0.02 0.02 0.02 0.08 0.04 0.10 0.04 0.10 0.17 0.22 0.17 0.29 0.03 0.06 0.05 0.07 0.03 0.04 0.04 0.05 0.03 0.05 0.04 0.08 0.06 0.06 0.04 0.10 0.03 0.04 0.03 0.07 0.13 0.18 0.18 0.39 ... ...

1.10 3.15 0.28 0.31 0.35 0.78 0.08 0.10 0.08 0.14 0.11 0.16 0.15 0.89 0.01 0.11 0.11 0.15 0.09 ...

0.09 0.25 0.05 1.25 0.33 0.34 0.13 0.25 0.20 0.23 ... 0.02 0.02 0.17 0.24 0.19 0.30 ... ...

0.01 0.07 0.20 0.29 0.20 0.41 0.04 0.04 0.04 0.06 0.02 0.04 0.02 0.10 0.07 0.08 0.08 0.11 ... 0.19 0.19 0.30 0.03 0.04 0.04 0.08 ...

0.26 0.26 0.26 0.06 0.07 0.06 0.18 0.06 0.06 0.07 0.11 ... ...

0.03 1.35 0.01 0.01 0.02 0.04 0.04 0.07 0.06 0.08 0.24 1.00 0.45 0.50 0.09 ...

0.14 0.16 0.01 0.02 0.01 0.02 0.18 0.23 0.18 0.22 0.39 0.44 0.39 0.23 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.18 0.04 0.05 0.04 0.06 0.06 0.08 0.07 0.12 0.03 0.04 0.03 0.05 0.05 0.06 0.05 0.07 0.06 0.07 0.06 0.09 ... ...

0.17 0.17 0.06 0.06 0.05 0.08 ... ...

0.04 0.15 0.24 0.16 0.18 0.03 0.07 0.03 0.06 0.07 0.10 0.10 0.20 0.15 0.19 0.17 0.59 0.75 0.75 0.25 0.40 ... ...

10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.14 0.10 0.10 0.10 0.20 0.16 0.22 0.15 0.27 0.06 0.20 0.06 0.13 0.02 0.25 0.28 0.28 0.04 0.05 0.04 0.11 ... ...

0.35 0.22 0.30 0.35 1.08 0.06 0.07 0.10 0.13 0.03 0.03 0.03 0.07 0.01 0.08 0.08 0.17 0.23 0.23 0.09 0.15 0.42 0.50 0.45 0.63 0.36 0.37 0.36 0.47 ... ...

0.07 0.22 0.05 0.07 0.05 0.03 0.05 0.05 0.09

0.13 0.06 0.03 0.25 0.01 0.06 0.07 0.07 0.05 0.07 0.80 0.07 0.05 0.20 0.03 0.02 0.04 0.16 0.04 0.02 0.03 0.03 0.03 0.10 0.20 0.27 0.08 0.06 0.03 0.06 0.25 0.14 0.17 0.01 0.15 0.03 0.01 0.01 0.10 0.03 0.10 0.06 0.03 0.03 0.01 0.02 0.45 0.08 0.01 0.03 0.03 0.01 0.04 0.01 0.05 0.02 0.05 0.03 0.14 0.04 0.14 0.01 0.07 0.16 0.17 6.57 0.07 0.03 0.06 0.14 0.06 0.13 0.01 0.32 0.03 0.02 0.08 0.03 0.31 0.23 0.07 0.03

2019-06-18 11:03 AM

INFO@HARD-LINE.COM

24_JUNE24_BackCover.indd 24

2019-06-18 10:51 AM