The Northern Miner June 25 2018 Issue by The Northern Miner Group

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Alamos taps into Island Gold’s potential SITE VISIT

| This year’s exporation budget grows to $18M BY RICHARD QUARISA rquarisa@northernminer.com DUBREUILVILLE, ONTARIO

lamos Gold (TSX: AGI; NYSE: AGI) has extended gold mineralization along strike and down-plunge from existing reserves and resources at its newly acquired and producing Island Gold underground mine, 83 km northeast of Wawa, Ont., and just outside the town of Dubreuilville. The results come from Alamos’ 2018 exploration program, which is targeting three areas at Island Gold: the deposit’s main, eastern and western extensions. In the main and western extensions, Alamos is testing east-plunging shoots below existing reserves and resources. In the eastern extension it’s exploring plunging shoots along strike beyond existing reserves and resources. The company says results from infill drilling confirm the mineralization’s continuity. Highlights from the program include 14.18 grams gold per tonne (32.06 grams uncut) over 4 metres from 1,529 metres downhole in the main extension; 42.14 grams gold (71.27 grams uncut) over 5 metres from 84 metres downhole in the eastern extension; and 31.54 grams gold over 5 metres from 1,363 metres downhole in the western extension. With the positive results, Alamos has boosted its 2018 exploration budget for Island Gold from $15 million to $18 million, and added two more surface drill rigs — bringSee ALAMOS / 2

Vale’s Voisey’s Bay nickel-cobalt-copper mine in Labrador. VALE

Vale sells Voisey’s Bay cobalt stream for US$690M LABRADOR

| Cash from Wheaton, Cobalt 27 to fund underground development at mine

BY TRISH SAYWELL tsaywell@northernminer.com

n the world’s biggest cobalt stream to date, Vale (NYSE: VALE) has agreed to sell cobalt from its Voisey’s Bay nickelcopper-cobalt mine in northern Labrador to Wheaton Precious Metals (TSX: WPM; N YSE: WPM) and Cobalt 27 Capital (TSXV: KBLT). The US$690-million, streamfinancing deal will help fund 40% of the US$1.7 billion Vale expects to spend on building an underground mine at Voisey’s Bay that will extract ore from two major deposits — Reid Brook

and Eastern Deeps — starting in January 2021. Vale had approved the underground mine-expansion project in July 2015, but difficult market conditions and weak nickel prices forced the company to put the project on hold. The time is right to resurrect the project, Vale says, with today’s prices for cobalt and nickel rising on the back of anticipated demand for electric vehicles and energy storage. And with most of the world’s cobalt produced as a by-product of copper mining in the Democratic Republic of the Congo, the location of Voisey’s Bay in a good jurisdiction makes it even more attractive. Under the streaming deal, Vale

will receive US$390 million in cash from Wheaton and US$300 million from Cobalt 27 for a combined 75% of future cobalt from Voisey’s Bay (Wheaton will receive 42.4% and Cobalt 27, 32.6%). The two companies will also pay an average 20% of cobalt prices on delivery of the metal. The first full year of underground production is expected to be 2021, when current open-pit mining winds down. In addition, Voisey’s Bay already has infrastructure, including a stateof-the-art, nickel-copper-cobalt refinery at Long Harbour on the island of Newfoundland, which began operating in 2014 (the

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Alamos taps into Island Gold’s potential ALAMOS From 1

ing its total to six. The added rigs will increase Alamos’ surface directional drilling from 33,000 metres to 45,000 metres. “Our budget is conservative — we should be able to achieve it, if not beat it,” Alamos chief financial officer Jamie Porter says in a presentation during a site visit to Island Gold that The Northern Miner attended in late May. The program includes 30,000 metres of underground exploration drilling, 35,000 metres of underground delineation drilling and 15,000 metres of regional exploration that will test targets along the Goudreau deformation zone, west of the main Island Gold deposit, and try to extend gold mineralization structures intercepted in 2016 below the Kremzar gold deposit, 2 km north of the project. So far this year the company has drilled 33,800 metres across 115 holes: 13,850 metres of surface exploration drilling, 12,550 metres of underground exploration drilling and 7,400 metres of underground delineation drilling. Alamos mainly conducts underground delineation drilling from its 620 and 840 underground levels, aiming to convert inferred resources into indicated resources. After the presentation, we head underground in white trucks moving no faster than 15 km an hour to the project’s 800 east level. The journey takes 25 minutes. Here at the face, miners sampled 23.11 grams gold over 4.2 metres wide and 140 metres long. We descend another two minutes to the 860 level. Alamos’ priority is to keep pushing down. It will start mining at the 860 level before heading back up to 800. The face at the end of the tunnel was sampled the day before we arrived, and set for blasting later that night. Alamos picked up Island Gold in late 2017 when it acquired the project’s owner, Richmont Mines, in a friendly takeover valued at US$770 million. Alamos announced the deal on Sept. 11, 2018. The week prior, Alamos shares traded above $10 per share. After the announcement, its share price slumped 16% to $8.60. In the following months, shares of Alamos continued a slow but steady decline, closing as low as $6.30 in late February 2018. “I wasn’t surprised at all,” Alamos president and CEO John McCluskey says in an interview with The Northern Miner. “In fact, I anticipated the settle would be exactly what it was.” He attributes the market reaction to the lack of coverage Richmont received before the acquisition. He says the modest amount of coverage Richmont did receive focused on the company’s preliminary economic assessment (PEA) in mid-2017. He says any reference to the project’s geological potential acknowledged its existence, but didn’t define it clearly. “We were able to do what a typi-

A mill at Alamos Gold’s Island Gold gold mine near Wawa, Ontario. PHOTO BY RICHARD QUARISA

“THE EFFORT IS ALREADY UNDERWAY TO INCREASE THE PERMITTING CAPACITY OF THE MILL SO WE CAN PROCESS 1,200 TONNES PER DAY.” JOHN MCCLUSKEY PRESIDENT AND CEO, ALAMOS GOLD

cal investor can’t do, and in fact what the company was not really at liberty to disclose,” McCluskey says. “We were able to look at it and take our own view on it. And if we can’t do that, then effectively we’re no better than a bank analyst or an investor who isn’t fully engaged with mining exploration and operations. “We got access to all the raw data and we were able to model it ourselves, in-house. By going through that exercise we were able to come to a clearer view of where that orebody was going and just how high quality the resources were. We don’t have the reputation of going in and overpaying for anything.” Island Gold began production as a joint venture between Richmont Mines and Patricia Mining in 2007. One year later, Richmont acquired Patricia, along with a 100% interest in Island Gold. The company tabled an initial expansion PEA in 2015, and a second in 2017 that suggested an increase to 1,100 tonnes per day. “If you took away the inferred, it would have been a prefeasibility- to feasibility-level study,” Alamos’ chief mine engineer Leon LeBlanc says. Alamos acquired Richmont in November 2017. By year’s end, reserves at Island Gold increased 18% to 887,000 oz. gold. The grade increased 11% to 10.2 grams gold. Production at the Island Gold

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Visible gold in a core sample from the Island Gold mine in Ontario. PHOTO BY RICHARD QUARISA

mine has risen steadily since 2013, when it produced 34,000 oz. gold. The next year it produced 42,000 oz. gold and the year after, 55,000 oz. gold, before jumping to 83,000 oz. gold in 2016. In 2017, Island Gold produced a record 99,000 oz. gold. Alamos says it could top that in 2018 with up to 105,000 oz. gold. All-in sustaining costs at Island Gold have fallen with the mine’s rising production. In 2013, the mine produced at US$1,452 per oz. gold. Costs fell as low as US$599 per oz. gold in 2017, but will likely rise to US$825 this year. Alamos attributes the trend to improved grade. In 2014, reserves at Island Gold graded 6.4 grams gold. By 2016, the grade had improved to 9.2 grams gold. The project now has 2.7 million proven and probable tonnes grading 10.2 grams gold for 887,000 oz. gold. It also has 591,000 measured and indicated tonnes grading 5.86 grams gold for 111,000 oz. gold, and 2.9 million inferred tonnes grading 9.55 grams gold for 908,000 oz. gold. The project boasts a 383% increase in reserves and a 60% increase in reserve grade since 2014. Its reserve life grew to seven years with the company’s 2017 year-end update. Another 236,000 oz. gold in reserves more than offset the depleted 102,000 oz. gold, and Alamos says it expects to expand mine life with more exploration. Over the past five years, the project has averaged $21 per oz. gold in discovery costs. “Sometimes when the [geologists] look at things, it’s like: ‘Geez, guys, we’re not sure this thing is going to hang together,’” Alamos chief operating officer Peter MacPhail says. “But when we came to look at Island Gold in July we were pretty impressed. In this case it was like: ‘This thing hangs together, and maybe is even better than we

think.’” Richmont’s 2017 PEA aimed to determine the best way to mine four horizons up to a maximum depth of 1,000 metres using the current mine infrastructure. Part of it suggested expanding to a 1,100-tonne-per-day operation. The mill at Island Gold operates at 900 tonnes per day, but its permit allows 1,100 tonnes per day. During the site visit, we drive to it in a bus branded “Richmont.” Alamos says it’s on track to complete the mill expansion — which will include capacity for up to 1,200 tonnes per day — by the end of September. The upgraded facility will include a new ball mill, maintenance shop and reagent bay. Its footprint will double. Alamos will shut down the mill for seven days during construction, but says it can make up the lost tonnage with higher capacity. It predicts it will process 1,000 tonnes per day for the year. The company is also upgrading its mining fleet to support 1,100 tonnes per day of production. It’s phasing in higher-capacity, 42-tonne trucks from its current 30-tonne trucks, and adding two scoops and one boom truck. “The effort is already underway to increase the permitting capacity of the mill so we can process 1,200 tonnes per day,” McCluskey says. Alamos produced 28,100 oz. gold in the first quarter of 2018. It expects the mill expansion will drive production higher in the fourth quarter, putting the company on pace for its 2018 target of 95,000 to 105,000 oz. gold. The company had US$553 per oz. gold total cash costs, compared to US$575 per oz. gold for the year, and estimates spending $130 per tonne of underground mining for 2018 — although it expects this cost will stabilize moving forward.

“It’s interesting looking at the context of this acquisition because picking up Island Gold pushed us up over 500,000 oz. annualized production,” McCluskey says. Including Island Gold, Alamos has four producing mines. The Young-Davidson underground gold mine sits near the town of Matachewan, 60 km west of Kirkland Lake. It’s part of the same mining district as Island Gold, which includes McEwen Mining’s (TSX: MUX; NYSE: MUX) Black Fox gold mine and Tahoe Resources’ (TSX: THO; NYSE: TAHO) Timmins West gold mine. In 2017, Young-Davidson produced 200,000 oz. gold, up from 170,000 oz. the year before. Alamos estimates it will at least match 2017’s production in 2018. The company also has two openpit gold mines in Mexico: Mulatos in central Sonora and El Chanate in northwestern Sonora. Mulatos produced 160,000 oz. gold in 2017 and is on pace to match this in 2018. El Chanate produced 60,400 oz. gold in 2017 and will produce up to 50,000 oz. in 2018. The company stops mining at El Chanate this year. The mine will keep producing through residual leaching, but at a much lower rate. “El Chanate production is quite high cost,” John says. “It’s around $1,200 an ounce. So we’re effectively — through expanding both Island Gold and Young-Davidson — replacing that high-cost production with lower-cost production from our Canadian mines.” Shares of Alamos are valued at $7.72 apiece, within a 52-week range of $6.19 to $10.50. The company has a $3-billion market capitalization. The Island Gold mine has produced 584,000 oz. gold to date, and is subject to a 4% net smelter return royalty. Alamos also has several development projects in Turkey, Mexico, Canada and the United States. TNM

2018-06-19 7:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 25â&#x20AC;&#x201C;JULY 8, 2018

Development at Arizona Miningâ&#x20AC;&#x2122;s Taylor zinc-lead-silver project, 80 km southeast of Tucson, Arizona. â&#x20AC;&#x201A; ARIZONA MINING

South32 offers US$1.3B for Arizona Mining ARIZONA ZINC â&#x20AC;&#x201A;

BY TRISH SAYWELL

tsaywell@northernminer.com

fter taking an initial 15% stake in junior zinc developer Arizona Mining (TSX: AZ) in April 2017 for US$81 million and boosting it to 17% over the next year for another US$23 million, South32 (LON: S32) is now offering US$1.3 billion in cash for the remaining shares, warrants and options it doesnâ&#x20AC;&#x2122;t already own. The $6.20-per-share offer represents a 50% premium to the juniorâ&#x20AC;&#x2122;s last close and a total equity value for Arizona Mining of $2.1 billion. The two companies announced the agreement, along with a $67-million termination fee, on June 17, and the deal has been approved unanimously by Arizona Miningâ&#x20AC;&#x2122;s board. As a major shareholder and active participant on Arizona Miningâ&#x20AC;&#x2122;s board and technical committee over the last 18 months, South32 has had a ringside seat at the juniorâ&#x20AC;&#x2122;s Hermosa zinc project, 80 km southeast of Tucson, Ariz., and 13 km north of the U.S. border with Mexico. The project lies w it hin t he Laramide belt, a copper-porphyry belt that extends from Nevada to Mexico, and contains two deposits: the zinc-lead-silver sulphide Taylor deposit and the silver-manganesezinc Central oxide deposit. If Taylor were operating today, Arizona Mining says, it would be the worldâ&#x20AC;&#x2122;s fourth-largest zincequivalent producer, based on its first five years of average annual production of 946 million lb. zinc equivalent. An updated preliminary economic assessment of Taylor completed in January outlined a US$2-billion after-tax net present value (NPV) at an 8% discount rate, and a 48% after-tax internal rate of return. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s one of the best projects Iâ&#x20AC;&#x2122;ve ever seen in the business,â&#x20AC;? Richard Warke, Arizona Miningâ&#x20AC;&#x2122;s founder and executive chairman, says in an interview. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s no surprise that with an NPV of US$2 billion, South32 obviously paid close attention.â&#x20AC;? The PEA estimated pre-production capex of US$519 million, a payback period of just over 1.5 years, and total cash costs of US49Â˘ per equivalent lb. zinc and all-in sustaining costs of US61Â˘ per equivalent lb. zinc. The study outlined life-of-mine

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| Bid represents 50% premium for shareholders

annual payable production of 211 million lb. zinc, 262 million lb. lead and 5.6 million payable oz. silver, over nearly three decades. â&#x20AC;&#x153;Right now in the measured and indicated category of the resource thereâ&#x20AC;&#x2122;s a 29-year mine life, and there are also inferred resources, which probably add another 20 years,â&#x20AC;? Warke says, noting that the 50% premium in South32â&#x20AC;&#x2122;s offer ref lected the world-class nature of the project. Warke added that the Hermosa project is similar in scope to South32â&#x20AC;&#x2122;s Cannington underground lead-silver mine in northwestern Queensland, Australia, which is nearing the end of its mine life. â&#x20AC;&#x153;Their main base-metal asset â&#x20AC;&#x201D; Cannington â&#x20AC;&#x201D; is quite similar to Hermosa,â&#x20AC;? Warke says. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s not as big or as high grade, but itâ&#x20AC;&#x2122;s a similar mine and itâ&#x20AC;&#x2122;s running out of ore. â&#x20AC;&#x153;The one thing that South32 lacked within its portfolio was growth,â&#x20AC;? Warke continues. â&#x20AC;&#x153;They have done very well with their cash flow, their stock price has climbed, and if there was any criticism within the company, it was, â&#x20AC;&#x2DC;Where are you going and growing from here?â&#x20AC;&#x2122; And being a similar project to Cannington, Hermosa fit perfectly into their portfolio.â&#x20AC;? For his part, South32 CEO Graham Kerr describes Hermosa as â&#x20AC;&#x153;one of the most exciting base metal projects in the industry.â&#x20AC;? He adds that â&#x20AC;&#x153;our deep understanding of this high-grade resource and surrounding tenement package, and extensive experience at Cannington, makes us the natural owner of this project and ensures

â&#x20AC;&#x153;[TAYLOR IS] ONE OF THE BEST PROJECTS Iâ&#x20AC;&#x2122;VE EVER SEEN IN THE BUSINESS.â&#x20AC;? RICHARD WARKE FOUNDER AND EXECUTIVE CHAIRMAN, ARIZONA MINING

we are well positioned to bring it to development.â&#x20AC;? Like Cannington, Taylor will produce a lead-silver concentrate and a zinc concentrate. Over the last two years, Arizona Mining has more than tripled the resource at Taylor, and the deposit remains open laterally and at depth. Measured and indicated resources stand at 101 million tons grading 4.1% zinc, 4.3% lead and 2.1 oz. silver per ton, or 10.4% equivalent zinc. Inferred resources add 144.6 million tons grading 4.1% zinc, 4.4% lead, 2.5 oz. silver per ton, or 10.8% equivalent zinc. Arizona Miningâ&#x20AC;&#x2122;s initial mine plan for Taylor represents 96.7 million tons (87.7 million tonnes), or 67% of the depositâ&#x20AC;&#x2122;s total resource. â&#x20AC;&#x153;We have enough space on private land to do state-only permits and get into production, and produce for the first eight or nine years,â&#x20AC;? Warke says. â&#x20AC;&#x153;What we need to do for the next 21 years of measured and indicated is to get federal approval to expand on unpatented land, and that can take anywhere from four to six years.â&#x20AC;? Warke is confident that approv-

als will be forthcoming under the Republican administration of U.S. President Donald Trump. â&#x20AC;&#x153;The current administration under President Trump has been tremendous, as far as being more open for business â&#x20AC;&#x201D; being more pragmatic at getting things done â&#x20AC;&#x201D; and itâ&#x20AC;&#x2122;s been much more attractive than the previous administration.â&#x20AC;? In addition to Taylor, Hermosaâ&#x20AC;&#x2122;s second asset, the Central deposit, offers a longer-term development option. Central has 63.5 million tons grading 2.2% zinc, 2.3 oz. silver per ton and 9.6% manganese of measured and indicated resources, and another 1.8 million tons grading 2.6% zinc, 1.6 oz. silver per ton and 7.4% manganese. Whether a competing offer materializes for Arizona Mining is hard to predict, Warke says. â&#x20AC;&#x153;If Iâ&#x20AC;&#x2122;m some of these other major mining companies, I would be having a hard look at Hermosa, but it depends on what commodities they feel they want to be in, long-term. Itâ&#x20AC;&#x2122;s pretty

hard to say.â&#x20AC;? Edward Sterck of BMO Capital Markets in London points out in a research note that apart from Glencore (LON: GLEN), South32 is the â&#x20AC;&#x153;only company making meaningful acquisitions at this time. â&#x20AC;&#x153;The 50% premium appears full, but this is difficult to gauge, given the unknown upside potential and given the lack of activity from the other diversified peers. â&#x20AC;&#x153;With exploration drilling having continued and a feasibility study due out shortly, South32 has presumably taken a view that there is additional upside potential within the Hermosa project, which remains prospective for further zinc-leadsilver and copper deposits, as well as the Taylor deposit remaining open for expansion.â&#x20AC;? If successful in its current form, the transaction is expected to close in the September quarter. South32 was spun out of BHP Billiton (NYSE: BHP; LON: BLT) in 2015. TNM

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| Glencore deals with Gecamines, Gertler

fter months of outcry from foreign mining companies active in the Democratic Republic of the Congo (DRC), the new DRC mining code proposed in March was signed into law with no adjustments on June 8, effectively raising taxes and increasing carried ownership by the DRC government in major mining projects in BY JOHN CUMMING the country. jcumming@northernminer.com The new mining code boosts royalties on copper to 3.5% from 2%, on gold to 3.5% from 2.5%, and may increase royalties on cobalt to 10% from 2%, if cobalt is deemed a “strategic mineral” — and it’s hard to see why it wouldn’t be. There is also a new 50% tax on so-called superprofits, which is defined as income realized when commodity prices rise 25% above levels in a project’s bankable feasibility study. The tax on regular profits has increased to 35%, from 30%. There are also provisions to double to 10% the DRC government’s free share in mining projects and reduce the period during which contract stability is guaranteed to five years, from the 10 years stipulated in the previous mining law introduced in 2002. There are also changes to mining-title applications subject to an environmental certificate by the Agence Congolaise de l’Environnement, which will include a requirement that 0.3% of a company’s turnover is spent on local development. Of all these changes, the halving of the stability clause to five years and the supertax probably rankle miners the most. It’s still unclear whether any of these new terms will be altered by legal proceedings threatened against the DRC government in recent months by mining companies active in the country, such as Glencore and Randgold Resources, but it’s more likely these are idle threats. However, the mining code changes put the DRC in line with many other mining nations in west and central Africa, such as Cameroon, Ghana, Guinea and Tanzania — even if the political risk in the DRC is substantially higher. With copper demand on the rise in the dawning era of metalshungry electric vehicles, and Chinese miners and metal companies knocking on the door, the DRC government appears to have the upper hand against Western mining companies. The DRC is Africa’s largest copper producer and the world’s largest cobalt producer, as well as a significant gold and diamond producer. Mining represents about a quarter of the country’s gross domestic product. Within days of the new mining code being adopted, Glencore settled its legal dispute with DRC state-owned mining company Gecamines over Kamoto Copper Co. (KCC), which is set to become the DRC’s largest copper and cobalt mine. KCC is owned by Katanga Mining (75%) and Gecamines (25%), while Glencore in turn controls 86% of Katanga. Gecamines had been moving to shut down KCC, claiming Glencore failed to address a capital shortfall at the subsidiary. Instead, Glencore has agreed to contribute billions of dollars of revenue to the government over the next decade, prompting Gecamines president Albert Yuma to say during the DRC Mining Week conference in Lubumbashi that for the first time, he thinks his company, by year-end, will be able to pay profit tax and distribute dividends to its shareholders. He said that in the 2020s, the profit taxes expected by the Congolese state should climb to US$3.5 billion, with the expected dividends for Gecamines to exceed $2 billion. Kamoto’s total debt stood at US$9.2 billion at the end of December, resulting in a US$4.2-billion shortfall in working capital that Glencore and Katanga were required by Congolese law to resolve. The new agreement involves a US$5.6-billion, debt-to-equity swap for Katanga Mining, which reduces Kamoto’s debt load, plus a US$150-million, one-time payment to Gecamines and waiver of some mining rights. “We wished to engage the re-evaluation of all our partnerships to create conditions of exploitation that are actually profitable for all: the foreign investors, Gecamines and the Congolese state,” Yuma said. “We have started with the most important among them,” he said, and added that companies “are seriously mistaken” if they think they can continue to operate unchanged joint ventures. Glencore has also quietly resumed royalty payments to Israeli billionaire Dan Gertler related to copper and cobalt assets in the DRC. The U.S. government imposed harsh sanctions on Gertler in December, alleging corruption in his dealings in the DRC. But Glencore is getting around that hurdle — presumably with the U.S. government’s tacit approval — by paying Gertler in euros instead of U.S. funds. Payments owed by Glencore to Gertler are an estimated US$130 million annually. TNM

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Alamos Gold. . . . . . . . . . . . . 1 Arizona Mining. . . . . . . . . . 3 B2Gold. . . . . . . . . . . . . . . . . . 9 BHP Billiton. . . . . . . . . . . . . 3 Canaccord Genuity Group. . . . . . . . . . . . . . . . . 8 CITIC Metal. . . . . . . . . . . . . 9 Cobalt 27 Capital. . . . . . . . . 1 Cobalt Blockchain. . . . . . . 11 Desert Lion Energy. . . . . . 11 East Africa Metals. . . . . . . 11 Eritrean National Mining . . . . . . . . . . . . . . . 13 Euro Sun Mining. . . . . . . . 13

Freeport-McMoRan . . . . . 13 Horizonte Minerals. . . . . . . 8 Iamgold. . . . . . . . . . . . . . . . 14 Ivanhoe Mines. . . . . . . . . . . 9 Kinross Gold. . . . . . . . . . . . 16 Lundin Mining. . . . . . . . . . 13 M2 Cobalt. . . . . . . . . . . . . . 11 Maya Gold & Silver. . . . . . 11 McEwen Mining . . . . . . . . . 2 Midas Gold. . . . . . . . . . . . . . 5 Nevsun Resources. . . . . . . 13 Nexus Gold. . . . . . . . . . . . . 11 Orca Gold. . . . . . . . . . . . . . 16 Otis Gold. . . . . . . . . . . . . . . . 5

Resolute Mining. . . . . . . . . 16 Revival Gold. . . . . . . . . . . . . 5 Roxgold. . . . . . . . . . . . . . . . 15 Sandstorm Gold. . . . . . . . . 11 South32. . . . . . . . . . . . . . . . . 3 Tahoe Resources . . . . . . . . . 2 Teck Resources. . . . . . . . . . . 8 Teranga Gold . . . . . . . . . . . 15 Vale. . . . . . . . . . . . . . . . . . . . 1,8 Wheaton Precious Metals. . 1 Yamana Gold . . . . . . . . . . . . 5 Zijin Mining. . . . . . . . . . . . . 9

Silver set for lacklustre gains in late 2018 METALS COMMENTARY

| ‘Significant headwinds likely to persist’ in near-term, Metals Focus says The following is an edited release by precious metals consultancy firm Metals Focus, coinciding with the publication on June 7 of Silver Focus 2018, its flagship annual report that features comprehensive historical supply and demand statistics, and a detailed 2018 forecast. Visit www.metalsfocus.com for more information.

fter a disappointing 2017, the lacklustre tone for the silver price has largely continued so far this year, moving broadly sideways in a US$16 to US$18 per oz. range. To a large extent, this has been a function of range-bound conditions in gold which has seen a general lack of institutional investor interest. In particular, a positive macroeconomic backdrop, rising bond yields and subdued inflation have all weighed on the precious metals complex.

the treasury yield curve, which would be bearish for the greenback. Another positive factor for precious metals is the outlook for equities, particularly U.S.-based stocks, as economic growth in the U.S. loses momentum. After notable gains over the past few years, volatility is likely to re-emerge, and sharper moves could become more frequent. This could lead to diversification in favour of precious metals, which should also include silver. Third, we believe that real, shortterm interest rates will remain negative across major currencies for the rest of 2018 and beyond, lowering opportunity costs of holding zero yielding assets, including precious metals. Silver should also, at times, benefit from geopolitical developments. Trade-protectionism will raise concerns about global, and, in particular, U.S. economic growth,

WE EXPECT CONDITIONS ACROSS GLOBAL FINANCIAL MARKETS TO BECOME MORE SUPPORTIVE FOR PRECIOUS METAL PRICES LATER THIS YEAR. In addition, short-lived weakness in equities earlier this year failed to dent investor sentiment — a stance that was reinforced by a strong earnings season in the United States. For 2018, we expect the challenging environment for silver to persist over the near-term. Despite this, Metals Focus expects conditions across global financial markets will become more supportive for precious metal prices later this year. For example, political developments in Italy, periodic spikes in geopolitical tensions and the potential for a destabilizing trade war should all boost sentiment towards precious metals. As a result, silver is likely to spend the last few months of 2018 trending upwards. This in turn will see the full-year average price rise 2% year-over-year to US$17.40. As such, we believe a venture above US$20, even if only short-lived, is likely during the final quarter of this year. The forecast is also based on the premise that the downturn in the U.S. dollar will resume later this year, driven in part by expectations of a tightening monetary policy in the eurozone. In the U.S., we could see a further flattening of

and these tensions could spill over into other geopolitical issues. In Europe, the troubled state of Italian politics is a wildcard. The new populist government is likely to follow a path of fiscal imprudence, which could fuel a new eurozone debt crisis and trigger a political crisis in the European Union. Ultimately, this could boost the appeal of safe haven assets. Looking finally at silver’s fundamentals, physical investment is forecast to improve 6% this year, but this compares with 2017’s historically low total. Other key areas of silver demand — industrial, jewellery and silverware — will also grow, but each by a sluggish 1%. All of these gains will partly offset a 1% rise in mine production. As a result, 2018 is expected to see another year of oversupply, albeit less so than during 2016–2017. This means that professional investors will once again be called upon to absorb a considerable level of excess supply in 2018 (forecast at 37.2 million oz., or 1,158 tonnes). Given the aforementioned macroeconomic and geopolitical backdrop, there is plenty of scope for these fresh investment inf lows into silver to emerge later this year, especially among institutional players.

2018-06-19 7:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 25–JULY 8, 2018

Revival Gold tables maiden resource at Beartrack IDAHO

| Targeting 3M oz. gold resource

BY RICHARD QUARISA

rquarisa@northernminer.com

ike its name implies, Revival Gold (TSXV: RVG; US-OTCQB: RVLGF) aims to bring brownfield and past-producing gold projects back to life. The company is focused on reviving its past-producing Beartrack gold project in Idaho. It moved a little closer to that goal at the end of May, when it announced the project’s maiden resource estimate. Beartrack has 33.4 million indicated tonnes grading 1.13 grams gold per tonne for 1.2 million oz. gold, as well as 16.9 million inferred tonnes at 1.41 grams gold for 765,000 oz. gold. Meridian Gold ran an open-pit, heap-leach oxide gold mine on the property in the 1990s. It produced a little over 600,000 oz. gold in six years. When Meridian shifted its focus to the El Pinon underground gold mine in Chile, it left behind leach ponds, buildings, and other infrastructure that Revival could refurbish if it moved back into production. “They walked away from quite a bit of oxide and transition and sulphide material at Beartrack,” Revival president and CEO Hugh Agro says from the company’s Toronto office in an interview with The Northern Miner. “For them, at sub US$300 per oz. gold prices at the time, it really didn’t make a lot of sense.” He says the project sits on federally regulated land, which had posed another problem for Meridian. At the time, permitting ground was becoming more challenging in the U.S., and it was often easier to go elsewhere. “There’s interest now from the federal government to see responsible mining move ahead,” Agro says. “We’ve also got solid support from local and state governments.” Revival began three years ago when Agro started “to get fixated on what’s happening in the gold industry right now, which is this huge and growing gap between the pace of discovery and the pace of production.” He points to a graph we have all seen before: Global gold discoveries have declined each year since 2006 — when they roughly totalled 110 million oz. — while global gold production has grown from 80 million oz. in 2006 to more than 90 million oz. in 2017. Agro had previously retired after a stint as executive vice-president of Kinross Gold (TSX: K; NYSE: KGC). Inspired by what he saw as a growing opportunity in the industry, he set about restructuring a shell company called Strata Minerals to form Revival Gold two years ago. The company began in 2017 with

Pete Blakeley (facing camera), Revival Gold’s general manager, addresses visitors near the South Pit at the historic Beartrack gold project in Idaho. REVIVAL GOLD

an initial 8 sq. km land position in Idaho consisting of 95 claims from three vendors that it consolidated to form the Arnett Creek gold project. The company changed its name to Revival midway through the year and staked another 195 claims, bringing its Arnett Creek land position to 24 square kilometres. It then entered an earn-in agreement with Yamana Gold (TSX: YRI; NYSE: AUY) for Beartrack in September 2017. Yamana had acquired Meridian — and Beartrack along with it — in 2007, for $3.5 billion. “We went in to Yamana and said, ‘Look, we’ve got the neighbouring land position. We have this super team and you guys know us really well. We’re the kind of team that you can vend this asset off to and feel comfort that we’re going to look after it properly and deliver full value,’” Agro says. Revival paid US$250,000 and 1 million shares to Yamana for Beartrack. It will pay another 3 million shares over the next four years and assume US$1.7 million in remediation costs during the third and fourth years of the earn-in. On top of that, Revival will spend US$10 million in exploration — including US$4 million by Aug. 31, 2019. Yamana will keep a 1% net smelter return royalty and the right to the greater of US$6 per oz. resource or US$15 per oz. reserve in the agreement’s seventh year. Revival drilled 3,000 metres at Beartrack in 2017, beginning in late September and finishing in early November. It combined its own

data with 10,000 metres Yamana drilled in 2012 and 2013, but never integrated into its geological model, and 58,000 metres of historical drilling. Before Revival, the resource had not been updated since the early 2000s. “Unlike a lot of our peers, rather than just pick up a bunch of old drill data and come up with a resource, we actually did confirmation drilling,” Agro says. “We drilled on the fringes and through the existing

drill data, and the whole purpose of that was to be able to say, geostatistically, there’s a strong correlation between what was drilled in the past and what we’re seeing today.” The company didn’t incorporate all its historical data, however. It says it threw out a lot of reversecirculation drilling from the 1980s that it wasn’t comfortable with, and has kept 450 holes to reinterpret the geology. This year, Revival will spend $4.5

million drilling 8,000 metres at Beartrack. So far the company has found mineralization at five targets along a northeast–southwest trend. In particular, it wants to extend mineralization at its North Pit target, near the north end of the project; the South Pit target, at the south end; and at Joss. It also plans to submit a permit for its Allen target, which it hopes to drill in 2019. Mineralization at Beartrack is open at depth and southwest along strike. The company also plans to spend $1 million this year exploring Arnett Creek. It is permitting 52 drill pad locations, and expects to drill an initial 2,000 metres this year at an average depth of 100 to 150 metres per hole. Last year it sampled 107 rocks across Arnett Creek. Thirty-seven graded higher than 1 gram per tonne gold. “I don’t want to suggest that we’ve got a gram per tonne everywhere,” Agro says. “But it’s indicative of the potential of Revival Gold’s drill targets at Arnett Creek.” The company is targeting a 3 million oz. gold resource in Idaho. Revival’s projects sit 160 km northeast of Midas Gold’s (TSX: MAX; US-OTC: MDRPF) Stibnite gold project and 240 km northwest of Otis Gold’s (TSXV: OOO; USOTC: OGLDF) Kilgore gold project. It’s a one-hour drive from Salmon, Idaho, a mining and ranching town home to 3,100 people that Agro says would like to see the project move forward. Shares of Revival are trading at 78¢ within a 52-week range of 31¢ to 99¢. The company has a $29-million market capitalization. TNM

A drill rig at Revival Gold’s Beartrack gold project in Idaho last May. REVIVAL GOLD

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2018-06-19 7:40 PM

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JUNE 25–JULY 8, 2018 / THE NORTHERN MINER

Storage and port facilities at Vale’s Voisey’s Bay nickel-copper-cobalt mine on the coast of Labrador. VALE

Vale sells Voisey’s Bay cobalt stream for US$690M analysts and investors on a conference call. “Wheaton has and always will be a precious metals-focused company, however, we welcome the opportunity to invest into another low-cost, long-life asset with a partner of Vale’s calibre.” Voisey’s Bay has total reserves of 32.4 million tonnes grading 2.13% nickel, 0.96% copper and 0.13% cobalt. Of the total, underground reserves contain 23.6 million tonnes at 2.17% nickel and 0.14% cobalt. Sma llwood and his team at Wheaton also see exploration upside. “There’s great exploration potential, as deeper drilling has already shown that mineralization does continue well below the current

VALE From 1

cobalt circuit started in 2017). Wheaton’s share of cobalt production from Voisey’s Bay is forecast to average 2.6 million lb. per year for the first 10 years and 2.4 million lb. per year over the lifeof-mine. Operating cash flow to Wheaton at current cobalt prices could average over US$75 million per year for the first 10 years. “Through Voisey’s Bay, we not only get exposure to the rapidly growing demand for cobalt, we also get exposure to what we believe is the cleanest, most politically stable source of the metal in this world,” Randy Smallwood, Wheaton’s president and CEO, told

resource boundaries,” he said. “We think the life will be longer than the current scheduled reserve base, and we’re very optimistic there.” A deal of this kind requires a belief in the shift to electric vehicles and more efficient energy storage, Smallwood said, adding that Wheaton is “pretty comfortable in this space.” Battery chemicals already consume just under half of the world’s cobalt, Wheaton outlined in a press release on the transaction, and that percentage could grow 57% in 2020 and 73% in 2025, with the broader adoption of electric vehicles. For Cobalt 27 Capital, the Voisey’s Bay news follows an announcement in May that the company

“THERE’S GREAT EXPLORATION POTENTIAL, AS DEEPER DRILLING HAS ALREADY SHOWN THAT MINERALIZATION DOES CONTINUE WELL BELOW THE CURRENT RESOURCE BOUNDARIES.” RANDY SMALLWOOD PRESIDENT AND CEO, WHEATON PRECIOUS METALS

has acquired a US$113-million, cobalt-nickel stream from Ramu, a producing nickel-cobalt mine in Papua New Guinea. Anthony Milewski, Cobalt 27’s chairman and CEO, said the transaction with Vale builds on the Ramu deal and underscores its

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commitment to add high-quality streams and royalties. “The enhanced exposure to cobalt will yield significant returns to our investors as electric vehicles begin to change our society in the coming years,” he stated. For Smallwood’s part, Wheaton realized fairly quickly that there were “not a lot of other cobalt projects that we would invest in. “The cobalt produced at Voisey’s Bay is among the most environmentally friendly, cleanest and conflict-free cobalt in this world,” he said. “There’s going to be a premium for this.” In addition, as a brownfield project, the mine expansion already benefits from infrastructure, including the existing concentrator, port and support facilities, and the Long Harbour processing plant. “It’s listed as a development project, but I would dare to say that with the operating history and track record of production and processing at the Long Harbour facility, this definitely should be classified as a strong operating asset that will be delivering again in 2021.” In the meantime, Wheaton will continue to strike streaming deals on precious metal assets, Smallwood said, noting that even after the Vale deal, the company has capacity of more than $1 billion for other transactions, excluding the $500 million in free cash flow annually. “The market has changed in terms of scale — we’re not seeing the balance-sheet-repair opportunities that we saw three or four years ago,” he acknowledged. “The size of the deals that are out there have shrunk from what we’ve seen three or four years ago, but there is still a lot of opportunity in the precious metals space, and we are hopeful to deliver a couple more transactions this year.” TNM

2018-06-19 7:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 25–JULY 8, 2018

GFMS: Will platinum’s dark days last? METALS COMMENTARY

| Palladium price poised to exceed platinum on an annual average basis in 2018

The following is an edited release by Thomson Reuters on the occasion of the publication in early June of the GFMS Platinum Group Metals Survey 2018, which looks at developments in the global platinum group metal (PGM) markets over the past year, and sets the scene for the rest of 2018.

espite an uptick in autocatalyst recycling and resilient mine production, platinum supply was tempered by a fall in jewellery scrap, leaving total supply almost unchanged in 2017. On the demand side, offtake was slightly weaker, as stronger industrial demand was more than offset by falls in jewellery and retail investment, leaving the overall market in a physical deficit for the fourth straight year at 0.05 million oz. (1.6 tonnes). Platinum mine production inched 1% lower in 2017 to stand at 5.92 million oz. (184.2 tonnes), driven by lower production from South Africa, Zimbabwe and Canada. Production disruptions in the form of maintenance work, safety stoppages and mine suspensions were predominantly behind the drop in South Africa. Elsewhere, a normalization in ore stockpiles led to losses, together with a metal drop in mined ore. The closure of high-cost shafts and higher metal prices pushed costs down 2% on a total cash cost + capex basis, while increasing the peer group’s earnings before interest, taxes, depreciation and amortization 14% to US$1,702 million (excluding Russia), year-on-year. The drop in costs placed 32% of production underwater, down from 35% in 2016. Platinum uptake in the production of autocatalyst applications last year rose a healthy 7.1% to 3.48 million oz. (108.2 tonnes), despite the negative sentiment from the vital diesel market in developed economies. This was the fourth consecutive rise and saw offtake reach the highest level in a decade. While still the largest consuming region, Europe lowered its share of platinum demand, which was a reflection of lower average platinum loadings, with platinum demand falling 2% to 1.4 million ounces (45.1 tonnes). China was again the standout, rising 16% in 2017. Jewellery demand retreated 5% year-on-year to an estimated 2.20 million oz. (68.6 tonnes), in its fourth consecutive annual decline. The biggest falls were seen in China and Europe, with fabrication in these key markets falling 8% and 6%. In China, competition from carat gold jewellery eroded market share, while another drop in demand from the watch segment in Switzerland and a price-related decline in the U.K. accounted for most European losses. Platinum consumed in industrial applications (excluding autocatalyst) rose a combined 7% to a record high. The largest gains were seen in the

WE EXPECT PALLADIUM TO AVERAGE OVER US$1,000 PER OZ. ON AN ANNUAL AVERAGE BASIS FOR THE FIRST TIME EVER THIS YEAR.

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Sibanye Stillwater’s Stillwater PGM mine in Montana. SIBANYE STILLWATER

petroleum and glass sectors, which rebounded 27% and 22%, with the former boosted by higher Chinese capacity. Retail investment fell 45% in 2017 to an estimated 0.30 million ounces (9.4 tonnes). The material fall, the second in succession, has now seen investment demand decline 279,000 oz. (8.7 tonnes), from the peak in 2015. Japanese demand slumped 55% last year, despite platinum remaining below ¥4,000 per gram level. Palladium Palladium’s physical deficit edged lower last year to 1.20 million oz. (37.3 tonnes), retreating slightly from the record level seen in 2016 of 1.33 million ounces (41.2 tonnes). A 5% rise in total supply was partly offset by more modest gains on the demand side. Adjusting for stock movements (from exchange-traded fund redemptions and industry stocks), the net balance slipped to a deficit of 0.91 million oz. (28.2 tonnes) — the deepest deficit since 2014. Mine production of palladium rose 3% to total 6.74 million oz. (209.7 tonnes) last year, as output rose in Russia, South Africa and the U.S., but was capped by the losses in Canada. An increase in palladium content in mined ore lowered the balance despite bottleneck issues at South Africa’s platinum belt. At the asset level, the largest increase was registered at Norilsk’s Russian operation, led by the processing of concentrate bought from Rostec and work-in-progress material in transit from the Polar to Kola division. Palladium demand in autocatalyst applications rose 4% to 7.9 million oz. (245.1 tonnes) last year, which was slightly faster than new vehicle demand and at a record high. This reflected rising loadings — in particular, in parts of our Other Regions category and China, but also in North America — driven

by continued tightening emissions legislation. China introduced China 5 for LDV in 2016 and China V for HDV last year, with both impacting PGM demand and contributing to a 5% year-on-year basis. North America in turn phased in its Tier 3 regulation, which had a positive effect on loadings, albeit not to the same degree as in China. European demand rose only at the margin in 2017, boosted in the main by real-world driving emission testing, which have supported higher PGM loadings and a rise in gasoline vehicle market share. We expect the platinum price will start a recovery this year, albeit a gradual one. This is predicated on a small deficit this year, of nearly 0.3 million oz. (22.5 tonnes), fuelled by a contraction in supply, chiefly from the South African mining sector, coupled with rising demand. In the case of mine output, the decline owes to a sustained reduction in capital expenses in recent years leading to a denuded pipeline of new projects, and closures from marginal operations. Meanwhile, the palladium price is set to exceed platinum on an annual average basis in 2018 — a historical first. We also expect renewed bouts of tightness in supply to generate higher lease rates. Our long-standing bullishness for this metal remains underscored by the growth in demand from the automotive sector, which is set to continue, despite

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record prices, as substitution is not underway at present (although various manufacturers are, as always, exploring options to mitigate any risk deriving from the price differential between the two metals). More support is set to arrive from declines in mine output from the two dominant producing countries:

Russia and South Africa. That said, total supply will barely change due to increased autocatalyst scrap and higher output from North American mines. As a result we expect palladium to average over US$1,000 per oz. on an annual average basis for the first time ever this year.

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Excavation at a trial mining site at Horizonte Minerals’ Vermelho nickel-cobalt project in Brazil. HORIZONTE MINERALS

Horizonte Minerals advances two assets in Brazil BASE METALS

BY TRISH SAYWELL

tsaywell@northernminer.com

ix months ago, Jeremy Martin, founder and CEO of Horizonte Minerals (TSX: HZM; LON: HZM), bought the Vermelho nickelcobalt project in Brazil from Vale (NYSE: VALE) for US$8 million in cash. Vale had spent US$200 million drilling it out and delivering a feasibility study showing a production capacity of 46,000 tonnes nickel and 2,500 tonnes cobalt a year over a 40-year commercial life. Vermelho is one of the largest, highest-grade, undeveloped laterite nickel-cobalt resources globally, and Vale had intended it to become its principal nickel-cobalt operation, Martin says. In 2005, the Brazilian miner approved a US$1.2-billion investment to build the mine, but the project was put on the back-burner after Vale acquired Inco for $19.4 billion in October 2006. “We paid US$2 million upfront and the balance is on first production, and everyone goes, ‘What’s wrong with it?’” Martin says. “But the deal was struck at the bottom end of the nickel market — it was only late last year that nickel started to move, and then it moved quite aggressively.” Nickel prices have increased from US$4 per lb. in January to US$6.99 per lb. at press time — up 75% — and with looming deficits due to a decade of underinvestment in the metal,

| Picks up Vale’s Vermelho nickel-cobalt project

coupled with growing demand for stainless steel and electric vehicles (EVs), Horizonte finds itself in a sweet spot. Two-thirds of global nickel production is used to produce stainless steel, and 3% of nickel goes into batteries used in EVs and renewable energy storage. But both end uses could grow quickly in the coming years. Nickel demand in stainless steel grew 9% last year and more growth is forecast this year and beyond, while EVs could rise from 3 million at press time to more than 320 million by 2040, or 15% out of a total car fleet of 2 billion, according to BP Energy Outlook. Two of the commonly used lithium-ion battery chemistries contain nickel: nickel cobalt aluminum and nickel manganese cobalt. Estimates from the Nickel Institute suggest that by 2025, 58% of all lithium-ion batteries will contain nickel, which is up from 39%. “It’s very rare for there not to be an EV nickel-cobalt story in the press every day or every second day. It’s mind-blowing,” Martin says. “We’ve built out Horizonte in a six-year period where nickel has been trading at 15-year lows, and there has been no investment in the sector.” Horizonte plans to make nickel sulphate directly for Vermelho, rather than produce a mixed hydroxide that would need upgrading by battery manufacturers to generate nickel sulphate — which is Vale’s plan. Horizonte is conducting test work

Published by:

“STAINLESS STEEL IS GROWING AT 5% TO 8% A YEAR AND THEN YOU’VE GOT THIS MASSIVE GROWTH IN THE EV SPACE, SO WHATEVER WAY YOU LOOK AT IT, YOU NEED A LOT OF NICKEL UNITS COMING ON.” JEREMY MARTIN FOUNDER AND CEO, HORIZONTE MINERALS

to show it can produce high-grade nickel and cobalt sulphate for the battery market, and the results will feature in a preliminary economic assessment that should be ready before year-end. In the meantime, the company updated Vermelho’s resource in May to 167.8 million measured and indicated tonnes grading 1.01% nickel and 0.06% cobalt (at a cut-off grade of 0.9% nickel equivalent) for 3,700 million lb. nickel and 207 million lb. cobalt. But Vermelho isn’t Horizonte’s only nickel project in Brazil’s Carajas mining district, nor is it the company’s flagship asset. That designation goes to Araguaia — one of the largest, undeveloped saprolite resources globally — which the company hopes will produce a ferronickel product for the stainless steel market by the first quarter of 2021. Ferronickel is preferred by stainless steel mills due to its iron content. The project has proven and probable reserves of 24.7 million tonnes grading 1.77% nickel for 436,000

tonnes nickel. The company is 80% through a feasibility study that it says could show an initial 28-year mine life based on average nickel production of 14,500 tonnes per year, for average ferronickel production of 50,000 tonnes a year. A 2016 prefeasibility study showed more than US$1 billion in free cash flow over the life-of-mine at US$12,000 per tonne nickel. Araguaia and Vermelho are just 85 km apart in the Carajas mining district, an established mining region with well-developed infrastructure that includes rail, roads and hydroelectric power. Horizonte is focused on completing its feasibility study on Araguaia before September. It will then move into the project finance stage. Martin says project financing will combine debt, equity and offtake, and that Araguaia is of interest to private equity firms. “There aren’t that many projects of this quality in the market that are construction ready, and we want to start construction early next year,”

Martin says. “There’s also interest in the stainless steel space as well, so it’s a bit of a changing dynamic in the last eight months on the increasing nickel price. They are seeing nickel units substituted into the battery space, and they want to make sure they have access to feed for stainless steel. “Stainless steel is growing at 5% to 8% a year, and then you’ve got this massive growth in the EV space. So whatever way you look at it, you need a lot of nickel units coming on,” Martin says. “Where are they going to get their nickel from?” The company has a $100-million market capitalization, and its shares have traded on the TSX between 3.5¢ and 11¢ per share over the last year. At press time, Horizonte’s shares were changing hands at 7¢ apiece. Key shareholders as of May 10 include Teck Resources (TSX: TECK.B) at 14.7%; Canaccord Genuity Group (TSX: CF), 10.5%; JP Morgan, 8.2%; City Financial, 7.6%; Lombard Odier, 6.9%; Richard Griffiths, 6.7%; Hargreaves Lansdown, 5.4%; and Glencore, 5.2%. TNM

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AFRICA

SPECIAL FOCUS

Material on a conveyor at Lucara Diamond’s Karowe diamond mine in Botswana. LUCARA DIAMOND

CITIC buys 19.9% of Ivanhoe COPPER-PGM

| Funds from $723M deal will flow into major African projects

B2Gold inaugurates solar plant at Otjikoto in Namibia INTERVIEW

| Plant should lower mine’s power-generation costs 14% a year BY TRISH SAYWELL tsaywell@northernminer.com

will become the company’s secondlargest shareholder. The deal entitles 9.9% Ivanhoe owner Zijin Mining to exercise

t the end of May, B2Gold (TSX: BTO; NYSE-AM: BTG) officially opened a 7-megawatt solar power plant at its Otjikoto mine in Namibia. The solar plant is one of the first fully autonomous hybrid plants in the world, and will allow B2Gold to lower greenhouse gas emissions and power generation costs from the site’s 24-megawatt, heavy fuel oil (HFO) power plant. A feasibility study on integrating solar power with the 24-megawatt HFO plant was completed in mid2016. The study indicated a saving of 20% per year on HFO consumption through the reduction of load to the HFO power plant. In addition to less HFO consumption, there will be lower maintenance costs on the HFO power plant’s engines

See IVANHOE / 10

See B2GOLD / 12

Portals for twin declines at Ivanhoe Mines and Zijin Mining’s Kakula copper project in the Democratic Republic of the Congo. IVANHOE MINES BY RICHARD QUARISA rquarisa@northernminer.com

ITIC Metal, subsidiary of Chinese company CITIC, will acquire a 19.9% stake in Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF), making it the company’s largest single shareholder. The companies signed the agreement on June 11 in Beijing. Ivanhoe shares rose 2¢ on the news to $3.37, but had tumbled to $2.83 by the end of the trading week. Ivanhoe will issue CITIC 196 million shares at $3.68 per share for a private placement valued at $723 million. Ivanhoe will use the proceeds to advance its three sub-Saharan African projects: the Kamoa-Kakula copper project, the Platreef platinum-rich polymetallic

“A FUNDAMENTAL, QUALIFYING CONDITION HAS BEEN THAT ANY NEW PARTNER MUST BE COMPLEMENTARY TO OUR ESTABLISHED PARTNERS, ZIJIN AND THE JAPANESE CONSORTIUM LED BY ITOCHU CORPORATION.”

project and the historic Kipushi zinc-copper project. CITIC will provide Ivanhoe a nine-month, interim, US$100million loan with a 6% interest rate. Ivanhoe will have the loan

within a month, and may choose to repay it with part of the privateplacement proceeds. Ivanhoe executive chair and founder Robert Friedland, who owns more than 17% of Ivanhoe,

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Geotechnical engineer Ayakha Mbongonya in Shaft 1 at Ivanhoe Mines’ Platreef PGM-nickel-copper-gold project in South Africa. IVANHOE MINES

CITIC acquires 19.9% stake in Ivanhoe Mines IVANHOE From 9

its non-dilution rights through a private placement, which could net Ivanhoe as much as another $78 million. “A fundamental, qualif ying condition has been that any new partner must be complementary to our established partners, Zijin and the Japanese consortium led by Itochu Corporation,” Friedland said in a prepared statement. “We are confident that CITIC Metal shares our vision and has the experience and financial resources to help us advance our three projects to production.”

THE DEAL GIVES CITIC THE RIGHT TO NOMINATE TWO MEMBERS TO THE BOARD, ONE OF WHOM WILL LIKELY BE SUN YUFENG, WHO WOULD ALSO BECOME CO-CHAIRMAN OF IVANHOE WITH ROBERT FRIEDLAND. Friedland went on to say CITIC’s investment validated the quality of Ivanhoe’s assets. Said Sun Yufeng, president of CITIC Metal, “Mr. Friedland is a respected friend of CITIC and through this strategic invest-

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ment we are delighted to become a partner in Ivanhoe’s projects. CITIC Metal and Ivanhoe are truly complementary to one another. This cooperation will result in a win-win scenario.” Closing the deal entitles CITIC Metal the right to nominate two members to Ivanhoe’s board, one of whom will likely be Sun Yufeng. He would also become co-chairman of Ivanhoe with Friedland. Both CITIC and Friedland have agreed not to increase their ownership in Ivanhoe until January 2022. CITIC Metal also agreed to try to arrange financing for the first phase of development of KamoaKakula. The project is a joint venture between Ivanhoe, Zijin and the government of Democratic Republic of the Congo located in the central African copper belt, 25 km west of the town of Kolwezi. Ivanhoe tabled several different mine development scenarios in 2017’s Kakula preliminary economic assessment and Kamoa pre-feasibility study. As of a February 26 resource update, the Kakula deposit contains 585 million indicated tonnes grading 2.92% copper for 37.7 billion lb. copper as well as 113 million inferred tonnes at 1.9% copper for 4.7 billion lb. copper, all at a 1% copper cut-off grade. In total, Kamoa-Kakula contains 1.34 billion indicated tonnes grading 2.72% copper for 80.7 billion lb. copper and 315 million inferred tonnes grading 1.87% copper for 13 billion lb. copper.

The headframe at Shaft 1 at Ivanhoe Mines’ Platreef project. IVANHOE MINES

In May, Ivanhoe secured enough local, treated bulk water to cover most of the first phase of production at Platreef. According to the agreement signed by the company on May 3, the Mogalakwena local municipality will supply Ivanhoe with at least 5 million litres of water a day for 32 years, beginning in 2022, from the town of Mokopane’s new Masodi Treatment Works. According to a 2017 feasibility study, a 4-million-tonne-per-year, first phase of production would require 7.5 million litres of bulk water per day. The company expects to collect the remaining water from local boreholes and rainwater-storage ponds t hat would be built at the mine. The company sunk Platreef ’s Shaft 1 to 750 metres below surface in mid-April and is currently building Shaft 2. Later in May, the company in-

stalled a primary crusher 1,150 metres below surface at its historic Kipushi underground mine. The crusher has a maximum capacity of 1,085 tonnes an hour. The company said installing the crusher marked the major infrastructure upgrade needed to resume mining at Kipushi. Ivanhoe expects to finish a feasibility study at Kipushi by year-end. The project has 10.2 million measured and indicated tonnes grading 34.9% zinc, 0.65% copper, 0.96% lead, 19 grams silver and 51 grams germanium for 7.83 billion lb. zinc, 144 million lb. copper, 216.4 million lb. lead, 6.22 million oz. silver and 16.71 million oz. germanium. Ivanhoe says it will update its Kipushi resource estimate by the end of June. Its shares are trading at $2.97 apiece within a 52-week range of $2.50 to $5.05. The company has a $2.35-billion market capitalization. TNM

2018-06-19 7:40 PM

AFRICA

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 25–JULY 8, 2018

AFRICA SNAPSHOT

Eight juniors on the hunt for precious metals, battery minerals Apart from the usual gold targets in West Africa and base metals in the Copperbelt, a couple of new trends in the junior exploration and development scene in Africa are more projects in East Africa and more juniors hunting for battery minerals. Here are examples of eight such juniors with active programs. COBALT BLOCKCHAIN Toronto-based junior Cobalt Blockchain (TSXV: COBC; USOTC: COBCF) says it is focused on expanding its metal-trading business in the Democratic Republic of the Congo (DRC) to include conflict-free cobalt, copper, tin, tantalum and tungsten, via its existing trade platform; and building a portfolio of the same conflict-free mineral properties to address the growing global need for conflict-free cobalt in technological applications, such as for batteries in electric vehicles. The company notes that 10% of the world’s cobalt supply is produced by artisanal miners in the DRC, where there have been concerns due to issues such as child labour. But Cobalt Blockchain says it has “extensive experience in impact-focused certification to ensure socially responsible mining, primarily for commodity trading in tin, tantalum and tungsten, and intends to translate this experience into the provisioning of conflict-free cobalt and other metals.” For enhanced access to client supply chains, the firm will deploy a blockchain-based certification protocol on its own cobalt and 3T operations, and possibly use the protocol for other operations that need conflict-free assurance, such as for diamonds and gold. In June, Cobalt Blockchain signed a letter of intent for a US$10-million, revolving trade-finance facility with United Bank for Africa. The funds are to be directed to buying cobalt concentrates from a DRC mining cooperative in an agreement that guarantees Cobalt Blockchain a supply of cobalt concentrate of 40,000 tonnes per annum. DESERT LION ENERGY Toronto-based, Tim Johnston-led Desert Lion Energy (TSXV: DLI; US-OTC: DSLEF) is developing the first large-scale lithium mine in Namibia, located near Karibib in the Erongo region, within 301 sq. km of prospective land with known lithium-bearing pegmatitic mineralization. Desert Lion says the 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. Desert Lion is in the first phase of its production plan: producing and exporting lithium concentrate from stockpiled material. In May, the company determined it would cost $7 million to build a flotation plant capable of processing between 350,000 tonnes and 400,000 tonnes of feed per year. The company looks to prove up a

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Artisanal cobalt miners in the Democratic Republic of the Congo, where Cobalt Blockchain is sourcing “conflict free” cobalt. COBALT BLOCKCHAIN resource in an initial range of 10 million to 15 million tonnes grading 1.5% Li2O. EAST AFRICA METALS Vancouver-based East Africa Metals (TSXV: EAM; US-OTC: EFRMF) looks to explore and develop mineral projects in East Africa. Its principal assets and interests include the 70%-owned Harvest polymetallic, volcanogenic massive sulphide project and the wholly owned Adyabo gold project, with both projects located 600 km northwest of Addis Ababa in Ethiopia. The company says it has tabled a positive preliminary economic assessment for the Terakimti heapleach gold project at Harvest and the Mato Bula gold-copper and Da Tambuk gold projects at Adyabo. The company has received approval for a mining licence at Harvest, and is under application for two mining licences at Adyabo. East Africa Metals also owns and is advancing the 93 sq. km Handeni gold property in northeastern Tanzania, with the property also hosting the Magambazi gold deposit discovered in 2009.

globally during that time.” In mid-June, M2 Cobalt identified new, high-priority anomalies after the completion of four Geotech, helicopter-borne, VTEM B-Field horizontal magnetic gradiometer geophysical surveys at its Kilembearea properties and at the Waragi and Bombo targets at its Bujagali property. MAYA GOLD & SILVER Don’t be thrown by the “Maya” in its name — Montreal-based, Noureddine Mokaddem-led Maya Gold & Silver (TSXV: MYA; USOTC: MYAGF) is a trailblazer in developing gold and silver projects in Morocco’s relatively underdeveloped mining industry. Maya’s flagship asset is its Zgounder silver mine, which is co-owned by Maya (85%) and l’Office National des Hydrocarbures et des Mines of the Kingdom of Morocco (15%). During the first quarter of 2018, Zgounder produced 69,578 oz. silver, generating revenue from

silver of $2.1 million, versus $3.6 million for the year-ago quarter. In February, Maya filed a technical report on a positive preliminary economic assessment for a new mine at Zgounder, where $2.4 million was spent on development in the first quarter. In April, Maya raised $28.3 million at a 32% premium to the market price of its shares to accelerate building the new mine at Zgounder. In the coming months, Maya will commission flotation cells and expects to see production increase to 500 tonnes per day, and to declare commercial production. NEXUS GOLD Vancouver-based Nexus Gold (TSXV: NXS; US-OTC: NXXGF) is developing multiple gold projects in Burkina Faso, including the 178 sq. km Niangouela gold concession on the Boromo greenstone belt; the 39 sq. km Bouboulou gold concession (previously explored by Riverstone Resources and Roxgold);

and the 250 sq. km Rakounga gold concession, which is contiguous to Bouboulou. In two steps over the past two months, Nexus chairman and chief operating officer Alex Klenman was appointed president and CEO, replacing Peter Berdusco, who has stayed on as a director. Geologist Warren Robb was also named senior vice-president of exploration. J. Ian Stalker joined the Nexus board in May, taking the seat held by Michael Kinley, who later resigned as chief financial officer. In June, Zula Kropivnitski was appointed chief financial office of Nexus. In June, Nexus kicked off a 105-linekilometre geochemical survey on the Rakounga permit in central Burkina Faso, having closed a $3-million financing in May that saw Sandstorm Gold (TSX: SSL) take a 17.3% interest in Nexus.

See SNAPSHOT / 15

M2 COBALT M2 Cobalt (TSXV: MC; US-OTC: MCCBF) is focused on discovering and developing world-class cobalt assets in Uganda, and to that end has accumulated 100% ownership in claims covering 1,600 sq. km of prospective land in the country. Noting that Uganda borders the DRC, which produces 65% of the world’s cobalt, M2 Cobalt states that its assets “share the same underlying geology, and are on trend with a number of major producing mines in the DRC, Rwanda and Tanzania.” It says some of its key assets are “close to, and on trend with, the former producing Kilembe mine, which between the 1950s and 1970s was Uganda’s largest producing copper-cobalt mine, and which produced some of the highest grades of copper

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Pit operations at B2Gold’s Otjikoto gold mine in Namibia. B2GOLD

B2Gold inaugurates solar plant at Otjikoto in Namibia the development phase.

B2GOLD From 9

by shutting down one of the HFO engines during the day. The company expects the plant will drop the mine’s overall power-generation costs by 14% a year. The payback of the plant, which cost $8.5 million, is forecast to take between four and a half to five years. Now the company is assessing whether to move ahead with two other phases. Phase two could include building a 20 km overhead power line connecting Otjikoto to the national power grid. If that were to be approved, the mine would benefit from significant cost savings with time-of-use tariffs — specifically off-peak tariffs. Revenue could also come from exporting and selling energy back to the national grid. Phase three envisions expanding the existing solar plant, which would increase revenue-generation potential. The Northern Miner spoke to B2Gold’s senior vice-president of operations, Bill Lytle, about the Otjikoto solar plant.

TNM: How long do the solar modules last? BL: The solar module panels carry a performance warranty of 25 years. Even after 25 years, the panels remain operational, so they could last longer than 25 years. TNM: Would you consider adding to the capacity of the existing solar plant?

The new 7-megawatt solar power plant at its B2Gold’s Otjikoto gold mine in Namibia. B2GOLD

“THE CURRENT SOLAR PLANT CONTRIBUTES 14% OF OUR TOTAL ENERGY REQUIREMENT IN A 24-HOUR CYCLE.”

The Northern Miner: When did B2Gold start considering the solar option for its Otjikoto mine? Bill Lytle: The Otjikoto project was built in 2013–2015, and during that time we had looked at various power supply options that included linking to the national grid, and various other combinations. At that time, we couldn’t connect to the power grid because there was a power shortage in the country. There were rolling brownouts and the government couldn’t guarantee power for us. One of the government’s requirements for us to connect to the national power line was for us to help fund part of the major power-line backbone. Even then, after help funding such a significant infrastructure project, they couldn’t guarantee us power and they couldn’t guarantee a schedule. We were on a very aggressive construction timeline for the mine, and the government wouldn’t play with us. We knew we wouldn’t be able to connect to their power line in time for the mine, so we decided to build our own 24-megawatt HFO power plant — the HFO/diesel configuration. In 2015 we started looking at adding a solar plant to our energygeneration portfolio. We completed a full feasibility study in 2016, and, based on assumptions at that time, the feasibility indicated a payback period of between four and a half to five years. Considering the outputs of this feasibility study, capital was approved, and we went ahead and built the solar plant. Given the layout of our current HFO power plant, the optimal size of the solar plant was

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BILL LYTLE SENIOR VICE-PRESIDENT OF OPERATIONS, B2GOLD

7MW (5.8 MWac delivered to the HFO power plant). This capacity allows us to shut down one of our big 4.9 megawatt HFO generators during the daylight hours. The current integrated HFO solar hybrid system does not feature energy storage, and, as such, benefits from the solar plant are only seen during daylight hours. TNM: What are the estimated savings with the solar plant? BL: The Otjikoto mine’s energygeneration costs make up 12% of the overall operating cost on-site. The main components of the energygeneration costs are the cost of fuel consumption and maintenance on the HFO power plant engines. Our feasibility study indicates a 20% saving on the power plant fuel bill, which equates to 14% of the overall power generation cost over a 12-month period. Construction of the plant began in third-quarter 2017 and came online in first-quarter 2018. It was commissioned in April 2018, and the grand opening ceremony was held on May 29, 2018. The solar plant has been online for three months now, and to date we’ve already seen in excess of 500,000 litres of HFO savings.

TNM: What do you expect the HFO savings will be for the full year? BL: Our feasibility study indicates a saving of approximately 3 million litres of HFO per annum. TNM: Did the construction time meet your expectations? BL: The construction time and project costs were spot on. The vendor evaluation process and contracting phase did take a little longer than expected, purely because of our specific requirement — to be provided with a solution that allows for the seamless integration of solar power with our existing HFO power plant. Caterpillar provided us with the most advanced integration solution. They offered a controller mechanism that determines whether the plant should run on solar or generator, so as clouds dissipate the plant will switch over from HFO to solar. TNM: Iamgold just commissioned a solar power plant at its Essakane mine in March. It’s a 15-megawatt solar power plant, and they describe it as the world’s largest hybrid solar and thermal plant, and one of the

largest solar facilities in sub-Saharan Africa. How does yours compare? BL: We are aware of this project and have talked to them. I believe they are manually switching whether the plant runs on solar power or diesel fuel. I think their plant is bigger — about double our size. TNM: Would you consider adding solar to your four other mines — Masbate in the Philippines, La Libertad and El Limon in Nicaragua, or Fekola in Mali? BL: We would look at it where it’s feasible. Some places like the Philippines and probably Nicaragua receive too much rain, but in Western Africa, certainly, we’re looking at it as well. Where it makes sense, we would look at it. TNM: The solar power plant will outlast the current nine-year mine life at Otjikoto. BL: Yes, and that’s why we want to make it a CSR initiative. If we can connect in with the government power line, then we could feed power back into the grid with some sort of joint venture with the government, and that money could be used for social programs for the community over the life of the power plant. The government is absolutely keen to get involved. The mine is in northcentral Namibia, up close to where most of the population is located, so they’re looking for additional power sources in that part of the world, and they’d be very interested. The mechanism is still unclear, whether it’s a special-purpose vehicle where we could vend in the power plant as part of our contribution, and they would vend in the power line as their contribution — all of that is still in

BL: The current solar plant contributes 14% of our total energy requirement in a 24-hour cycle. Expansion of the current plant is part of the consideration of the next phases. However, as the mine life gets shorter and shorter, the economics don’t necessarily work out. Obviously, expansion of the current solar plant would be for economic reasons, and then, of course, the positive environmental impacts are a bonus. When you consider the viability of a such a project with a shorter mine life, if you don’t start building it right now, the odds are that you will never get a payback on it. TNM: How far are you along in doing something similar at your Fekola mine in Mali? BL: We’re at the conceptual stage. We literally just commissioned our 60-megawatt power plant at Fekola. We want to make sure that the plant runs optimally first and then we would look at adding solar later on. If you have a next-door neighbour where it’s working, there’s a good chance that it would make economic and environmental sense. TNM: Was the $8.5-million price tag reasonable? BL: The solution offered by Caterpillar came at a premium to the other bidders, but the payback justified the price tag. The technology offered to integrate the solar plant with our HFO power plant played a significant part in increasing the price tag of this project. In addition to this, CAT Thin Film solar modules were included in the package, which came at a premium compared to traditional Poly-Crystalline modules. These solar modules were selected, as they are better suited to the dusty and hot conditions on-site. TNM: How easy was the permitting? BL: The government was very interested and southern Africa more generally is very, very forward thinking when it comes to renewable energy. TNM

2018-06-19 7:40 PM

AFRICA

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 25–JULY 8, 2018

Nevsun’s Bisha not going away any time soon ZINC-COPPER

| Junior aims to fend off hostile takeover from Lundin, Euro Sun

BY BRIAN SYLVESTER

Special to The Northern Miner

t looks like the Bisha zinc-copper mine in Eritrea is going to be around a little longer — or perhaps a lot longer than most would have expected, after its mine life was halved less than a year ago. Nevsun Resources (TSX: NSU; NYSE-AM: NSU) management has decided — together with its partner, Eritrean National Mining, 40% owner of Bisha — to extend the mine life at the open pit at least until the end of 2022. The 1.5-year extension will add 3.3 million tonnes of high-grade, volcanogenic massive sulphide ore to the Bisha mill and result in payable production of 470 million lb. zinc and 52 million lb. copper, assuming recovery rates of 80% copper and 70% zinc. The US$39.7-million extension will be funded by Bisha’s free cash flow, which tallied to US$25 million in the first quarter. Nevsun now has US$150 million cash and no debt on the balance sheet. Cormark Securities analyst Stefan Ioannou says that more than anything the Bisha mine-life extension provides Nevsun with time to fully assess the Asheli and Harena underground deposits near the Bisha open pit, and consider more pit extensions to provide the mill with feed beyond 2022. “We see this as an interim step towards an even longer mine life at Bisha,” Ioannou says. He adds that Nevsun “could go underground to reach the third layer of the ‘cake’… it’s still early days in the overall scheme of things in Eritrea.” After building the US$250-million Bisha operation in 2010, Nevsun started mining the soft, gold-rich oxide cap — the first layer of the cake. That lasted until mid-2013, when a US$110-million expansion allowed Bisha to shift from gold-silver doré to copper-concentrate production, as Nevsun reached the copper-enriched supergene ore. Nevsun started up Bisha’s US$77million zinc expansion plant in June 2016. The total resource at the Bisha pit now stands 11.3 million tonnes grading 6.5% zinc and 1.1% copper, at a fairly high stripping ratio of 8.4 to 1, with the pit pushback. “The Bisha team has been work-

Machines in the Bisha mine. NEVSUN RESOURCES

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The Bisha open-pit, zinc-copper mine, 150 km west of Asmara, Eritrea. NEVSUN RESOURCES

THE TOTAL RESOURCE AT THE BISHA PIT NOW STANDS 11.3 MILLION TONNES GRADING 6.5% ZINC AND 1.1% COPPER. ing hard to optimize the mine plan and reduce the operational risk of the deeper ore from the main pit,” Nevsun CEO Peter Kukielski said in a release. “The investment ... increases the long-term cash flow from Bisha, reducing requirements for external funding for construction of our high-grade, high-return Timok project in Serbia.” Nevsun’s guidance pegs Bisha’s 2018 production at 20 million lb. to 30 million lb. copper at cash costs of US$1.55 to US$1.75 per lb. (net of by-product credits), and 210 million lb. zinc to 240 million lb. zinc at cash costs of US90¢ per pound

(net of by-product credits). In mid-2017, metallurgical issues forced Kukielski to revise Bisha’s mine plan and lower the mine life to four years from eight, and put the brakes on any more underground development. Ioannou says a higher metalprice environment likely prompted Kukielski to once again change course, which he had the latitude to do after deftly lowering the market’s expectations in mid-2017. Cormark’s Bisha model says the mine-life extension adds to Bisha’s net asset value (NAV), which by Ioannou’s numbers increases to US$197 million from US$164 million. Every little bit helps, as the company attempts to fend off a $1.5-billion bid ($5 per share) for Nevsun by Lundin Mining (TSX: LUN) and Forbes Manhattan-backed Euro Sun Mining (TSX: ESM). The bid, launched on April 30, includes $2 cash, $2 in Lundin shares and $1 in Euro Sun equity. Under the proposed deal, Lundin would own Nevsun’s European assets — namely the prized Timok Upper Zone copper project in Serbia — while Euro Sun would get Bisha, the surrounding deposits, and Nevsun’s cash. Lundin said in a recent press release that it made two takeover offers to Nevsun management in February. On April 3, Lundin says it made a third takeover proposal, but only for Nevsun’s European assets. By all accounts the three proposals were rejected in turn almost immediately. Lundin Mining and Euro Sun say their joint offer for Nevsun is “fully valued,” and point out that it represents a 54% premium to Nevsun’s volume-weighted, average price for the 30 days before the bid. But Nevsun says the deal vastly undervalues Timok, a high-grade, high-sulphidation copper deposit, which Ioannou calls one of the “best higher-grade, copper-development stories in the world.” Nevsun owns 100% of the Timok Upper Zone, which has a “probable resource” of 27.1 million tonnes grading 3.3% copper and 2.1 grams

gold per tonne, and a measured and indicated resource of 28.7 million tonnes grading 3.7% copper and 2.4 grams gold. Another 13.9 million tonnes are in the inferred category at 1.6% copper and 0.9 gram gold. A recent prefeasibility study on the Timok Upper Zone pegged the after-tax NAV at US$1.31 billion, with a 52% internal rate of return using an 8% discount rate and a long-term copper price of US$3 per pound. The pre-production capital cost would amount to $574 million, including contingencies. If all goes as planned, Upper Zone production via sub-level caving would begin in late 2022. The prefeasibility study’s NAV doesn’t include the value of the larger but lower-grade Timok Lower

Zone, which should have a maiden resource estimate by July. Nevsun will own 46% of the Lower Zone once Freeport-McMoRan (NYSE: FCX) completes its earn-in agreement as joint-venture partner. Nevsun recently held a groundbreaking ceremony at Timok to mark the start of decline construction on the Upper Zone. Development costs in 2018 should come in at US$50 million. Ioannou has a “buy” recommendation on Nevsun with a $5.25 target. Nevsun has 302.3 million shares outstanding (309.9 million, fully diluted) and trades in a 52-week range of $2.49 to $4.93. — Based in Toronto, Brian Sylvester is a freelance business writer specializing in mining.

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Iamgold makes headway in West Africa GOLD

| Completes prefeasibility study on heap-leach project at Essakane

BY TRISH SAYWELL

tsaywell@northernminer.com

t’s been a big year in West Africa for Iamgold (TSX: IMG; NYSE: AIG). The company kicked off 2018 with high-grade assay results from its Siribaya gold project in Mali and completed a prefeasibility study on its Boto gold project in Senegal in February. In March, Iamgold cut the ribbon on the world’s largest hybrid solarthermal power plant at its Essakane gold mine in Burkina Faso, and in June wrapped up a prefeasibility study on heap-leaching, which showed Essakane’s mine life could be extended from 2023 to 2026. In support of the heap-leach prefeasibility study, infill drilling to upgrade lower-grade inferred resources intersected higher grades than anticipated in several areas, and the results suggest more higher-grade mineralization zones for processing at the mine’s carbonin-leach plant. The company was unavailable for comment, but Steve Letwin, Iamgold’s president and CEO, applauded the Essakane team in a press release in June. “Not only have they introduced a new processing method that allows for economic incremental production, their success at the drill bit has delivered a resource increase far greater than what we expected,” Letwin said in prepared remarks. “While we knew that heap leaching had the potential to unlock additional reserves, we were positively surprised at, and benefitted from, intercepting higher grades, which account for more than one-third of the 39% increase.” Essakane’s probable reserves jumped 1.3 million oz. (39%) to 4.7 million oz., while indicated resources rose 19% (0.8 million oz.) to 5.1 million oz., and inferred resources surged 54% (0.2 million oz.) to 0.6 million ounces. If a heap-leach operation is approved, average production would increase 16% to 480,000 oz. a year, according to the study. Initial capex would run to US$155 million. The company has already started work on a feasibility study, which it expects to finish in the first quarter of 2019. Farooq Hamed of Raymond James called the preliminary results encouraging, and better than his expectations. “While we had previously modelled an extended mine life in anticipation of results from the heap-leach prefeasibility study, our forecasted grades for the extension were lower than those achieved by the company, allowing for greaterthan-expected production for the 2020–2026 time period,” he says in a research note. (The study prompted Hamed to hike his target price on the stock from US$7.25 per share to US$7.50 per share.) This year, Iamgold forecasts that

Solar panels in front of processing facilities at Iamgold’s Essakane gold mine in Burkina Faso. IAMGOLD

An aerial view of Iamgold’s Essakane gold mine. IAMGOLD

Essakane will produce between 380,000 and 395,000 oz. gold. Last year the mine produced a record 389,000 oz. gold. In addition to the prefeasibility study, Iamgold marked another milestone with the start-up of a 15-megawatt-peak solar power plant. The solar plant will complement the existing 57-megawatt thermal power plant, making it the largest solar-thermal hybrid power plant in the world. The mine is off-grid and relies on heavy fuel oil, due to its isolated location in the northeast of the country, 330 km from the capital, Ouagadougou. The solar plant will cut the mine’s fuel consumption by 6 million litres a year and lower its annual CO2 emissions nearly 18,500 tons (16,800 tonnes). The plant, built in 10 months, is made up of nearly 130,000 photovoltaic panels, and is one of the largest solar facilities in sub-Saharan Africa.

“OUR FORECASTED GRADES FOR THE EXTENSION WERE LOWER THAN THOSE ACHIEVED BY THE COMPANY, ALLOWING FOR GREATER-THAN-EXPECTED PRODUCTION FOR THE 2020–2026 TIME PERIOD.” FAROOQ HAMED ANALYST, RAYMOND JAMES

1-16, 23_June25_Main .indd 14

After visiting Essakane on a June 12 site visit, mining analyst Andrew Kaip of BMO Capital Markets notes that the new solar plant supplies 10% of the mine’s power and has trimmed power costs from 22¢ per kWh to 17¢ per kWh. “Once the 12-year amortization period for the solar plant is over, power costs would reduce to 9¢ per kWh,” Kaip wrote in a research note. Iamgold is also drilling on concessions around Essakane, particularly its Gossey satellite prospect, 15 km north,whereithopestofinisharesource estimate in the fourth quarter. Elsewhere in West Africa, a positive prefeasibility study on its Boto gold project in eastern Senegal estimated that an open-pit mine would produce nearly 100,000 oz. gold over a 13.5-year mine life. Direct cash costs over the lifeof-mine were estimated at US$707 per oz., and all-in sustaining costs, US$829 per ounce. At a gold price of US$1,275 per oz., the project would yield a 13.3% after-tax internal rate of return and US$104-million net present value at a 6% discount rate. Initial capital expenses could run to US$249 million. The company expects to complete a feasibility study in the second half of 2018, and it will use a 25% higher mill throughput as the base case. (The prefeasibility study’s outcomes were based on a mill throughput of 2 million tonnes a year.) “It is important to understand

Trucks in the pit at Essakane. IAMGOLD

ELSEWHERE IN WEST AFRICA, A POSITIVE PREFEASIBILITY STUDY ON IAMGOLD’S BOTO GOLD PROJECT IN EASTERN SENEGAL ESTIMATED THAT AN OPEN-PIT MINE WOULD PRODUCE NEARLY 100,000 OZ. GOLD OVER A 13.5-YEAR MINE LIFE that this is a work in progress, and although still short of our investment criteria for West Africa, the project provides excellent optionality at higher gold prices,” Letwin says in a February press release. Meanwhile, 10 km along strike and south of Boto, in western Mali, drilling at the Diakha deposit at Iamgold’s Siribaya project last year delineated high-grade structures within the resource and confirmed mineralization extensions north and south along strike, beyond the resource pit shell. The extensions nearly doubled the strike length of the mineralized footprint. The company drilled 105 holes (19,520 metres) at Diakha in 2017 and highlights from assay results released in January include 26 metres grading 6.79 grams gold per tonne, including 8 metres of 20.52 grams gold in hole 17-198, and 18 metres grading 11.06 grams gold, with 6 metres of 32.45 grams gold in hole 17-205. Hole 17-217 cut 16 metres of 4.70 grams gold, including 4 metres grading 16.11 grams gold.

The Siribaya project consists of eight contiguous exploration permits over 597 sq. km in the KedougouKenieba inlier of the West African craton region of western Mali, along the borders with Senegal and Guinea. Gold mineralization is hosted within highly prospective, Birimian-aged metasedimentary, volcanic and intrusive rocks proximal to the Senegal-Mali shear zone. The project has an indicated resource of 2.1 million tonnes averaging 1.90 grams gold for 129,000 contained oz. gold and inferred resources of 19.8 million tonnes grading 1.71 grams gold for 1.1 million oz. gold. This year the company plans to drill 15,000 metres at Diakha, the largest deposit at Siribaya found to date. The drilling will also see other priority targets on the property. At press time, Iamgold’s shares were trading at $7.70 apiece. Over the last year, they have traded in a range of $6.22 to $8.87. The company has 466 million common shares outstanding. TNM

2018-06-19 7:41 PM

AFRICA

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 25–JULY 8, 2018

Roxgold’s Yaramoko gold mine in Burkina Faso, from left: the processing plant, a stockpile of crushed ore and a carbon-in-leach tank. ROXGOLD

Roxgold hits Q1 record high for gold production at Yaramoko BURKINA FASO

BY RICHARD QUARISA

rquarisa@northernminer.com

oxgold (TSX: ROXG; US-OTC: ROGFF) has hit a record high for first-quarter production at its Yaramoko underground gold mine in southwestern Burkina Faso, 200 km southwest from the capital city of Ouagadougou, producing 40,452 oz. gold from its 55 Zone deposit. Over the same period last year, Roxgold produced 35,594 oz. gold. The quarter was stronger than Roxgold forecast, and as a result, the company increased its production guidance for the year by 10,000 oz. gold — to as much as 130,000 oz. gold. In an interview with The Northern Miner, Roxgold president and CEO John Dorward says slightly better-than-anticipated grades and a larger amount of tonnes through the company’s processing facility drove the increase in production. “What we have seen and are a lot more comfortable with now is that the throughput rates should be sustainably higher than we originally planned,” Dorward says. Roxgold similarly increased its production guidance for 2017 by 10,000 oz. to as much as 125,000 oz. gold midway through that year. The company also attributed the increase to better-than-anticipated

| Expects to process first ore at Bagassi South by year’s end

head grades and mining rates. Roxgold exceeded the upper limit of its increased production guidance in 2017, producing a total of 126,990 oz. gold. In that year’s fourth quarter, it produced more than 35,000 oz. gold at an average mill feed grade of 17.6 grams gold per tonne, with 99.1% gold recovery. The company has averaged 98.8% gold recoveries since entering production in 2016. At the end of 2016, the 55 Zone contained 1.79 million proven and probable tonnes grading 11.47 grams gold per tonne for 662,000 oz. gold. It also had 1.34 million measured and indicated tonnes grading 17.13 grams gold for 738,000 oz. gold. The Yaramoko gold mine consists of two deposits: the producing 55 Zone and the in-development Bagassi South. Roxgold expects to process first ore at Bagassi South by year-end. The company will spend up to $9 million on continued drilling at both deposits, as well as on regional exploration targets. It has drilled nearly 30,000 metres so far this year, and will drill as much as another 40,000 metres. “We’re drilling quite aggressively on a number of fronts,” Dorward says. It started drilling the 55 Zone midway through the first quarter in a mixed program designed to

“THE THROUGHPUT RATES SHOULD BE SUSTAINABLY HIGHER THAN WE ORIGINALLY PLANNED.” JOHN DORWARD PRESIDENT AND CEO, ROXGOLD

improve Roxgold’s confidence in its deposit, and add ounces. Drilling at 55 Zone is largely carried out from an underground platform — using the only underground drill rig Roxgold has at Yaramoko — in an effort to tighten up the company’s production drill spacing. It also drills from the surface, largely around the deposit’s edges, to see where it can add ounces and confirm its mine plan. The company says it will drill at the 55 Zone for the rest of 2018. “We’re also doing expansion drilling at Bagassi South,” Dorward says. “I’m optimistic about extending and increasing the resource base there.” Bagassi South contains 458,000 proven tonnes grading 11.54 grams gold for 170,060 oz. gold. It also has 352,000 indicated tonnes at 16.6 grams gold for 188,000 oz. gold,

and 130,000 inferred tonnes at 16.6 grams gold for 69,000 oz. gold. Roxgold tabled a feasibility study for Bagassi South in November 2017. The study outlined a potential 350-tonne-per-day operation that would add 40,000 oz. gold per year to Yaramoko’s production until 2023. The deposit sits 1.8 km south of 55 Zone. He says Roxgold may also do a bit of infill drilling at Bagassi South to convert inferred resources to indicated, although the company will focus on extending mineralization down-plunge. Bagassi has a couple of zones that are still open and shallow compared to 55 Zone, where the company has inferred resources more than 1 km below surface. “It’s less than 300 metres at Bagassi South,” Dorward says. “So it’s still quite close to surface, and a bit easier

to drill off.” The Burkina Faso government approved Roxgold’s environmental and social impact assessment for Bagassi South this year, and the company is awaiting final approval, which it expects soon. The company plans to start developing the Bagassi South ramp in the third quarter of 2018. “We’re also doing a substantial amount of regional drilling … and quite a lot around the Yaramoko shear,” Dorward says. The company says it is already drilling “very high-profile targets,” including the Tahoe target, which sits a few kilometres south of Bagassi South. On July 1, Roxgold chief operating officer Paul Criddle will step down, but stay with the company on the board of directors. Roxgold general manager of operations Ian Cox will replace Criddle. “Ian’s been responsible for really driving the culture and the operations on-site, and has done an exceptional job,” Dorward says. “Unless we change the scope of the company by doing something markedly different, I’m very comfortable with Ian in that chair.” Shares of Roxgold are trading at $1.17 apiece within a 52-week range of 98¢ to $1.44. The company has a $444-million market capitalization. TNM

AFRICA SNAPSHOT SNAPSHOT From 11 ROXGOLD Toronto-based Roxgold (TSX: ROXG; US-OTC: ROGFF) is a gold-mining company that owns the high-grade Yaramoko gold mine in Burkina Faso’s Houndé greenstone region. For the first quarter of 2018, Roxgold produced a record 40,452 oz. gold at an all-in sustaining cost of US$658 per oz. sold. That generated cash flow from mining operations during the quarter of US$30.9 million, or US8¢ per share. First-quarter earnings were US$13.9 million, up from US$3.8 million in the year-ago quarter. Roxgold has increased its guidance for all of 2018 to 120,000 to 130,000 oz. gold, up from the previous guidance of 110,000 to 120,000 oz. gold. Roxgold also reported it has received approval to develop its

1-16, 23_June25_Main .indd 15

Bagassi South expansion project on the Yaramoko property, with recent work including excavating a boxcut to the second level and ordering underground mobile equipment. In May, Roxgold chief operating officer Paul Criddle announced he would retire in July, with Iain Cox to step in first as interim chief operating officer. TERANGA GOLD Teranga Gold (TSX: TGZ; US-OTC: TGCDF) has a lot of irons in the fire with production- and developmentstage 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. Teranga notes that since its initial public offering in 2010, it has produced more than 1.4 million oz. gold from its operations in Senegal, which as of June 2017 had 2.7 million oz. gold in reserves. In September 2017, the company

Teranga Gold’s Sabodala gold mine in Senegal. TERANGA GOLD released a positive feasibility study for its Wahgnion gold project in Burkina Faso. But more recently, based on drill results from a 73,000-metre infill drill program finished in 2017, Teranga has updated the combined measured and indicated resource

at Wahgnion to 50.5 million tonnes at 1.51 grams gold per tonne for 2.4 million contained oz. gold — or a third higher than in the 2017 feasibility study. Teranga expects to release an updated reserve estimate and related technical report for

Wahgnion before September. Teranga says it has a “strong balance sheet and the financial flexibility to execute on its growth strategy,” and can boast nearly 4 million oz. gold in reserves from its combined Sabodala gold operations and Wahgnion gold project. TNM

2018-06-19 7:41 PM

AFRICA

JUNE 25–JULY 8, 2018 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Drillers and artisanal miners on Orca Gold’s Block 14 gold property in northern Sudan in late 2017. PHOTO BY RICHARD QUARISA

Resolute Mining to invest $21M in Orca Gold SUDAN

BY RICHARD QUARISA rquarisa@northernminer.com

frican-focused gold miner Resolute Mining (US-OTC: RMGGF) is investing nearly $22 million in Orca Gold (TSXV: ORG: US-OTC: CANWF) in a twotranche deal that Orca expects will close this July. Orca will spend most of the money to continue drilling and developing its 2,170 sq. km Block 14 gold property in Sudan, 900 km north of the capital, Khartoum. Resolute, which has its producing Syama gold mine in Mali, completed the first $11-million tranche on May 30. “What we were really looking to do with this deal is show the world that gold-mining companies in Africa are now prepared to invest in Sudan,” Orca Gold CEO Richard Clark says in an interview with The Northern Miner. Orca will also issue Resolute a special warrant that would allow Resolute to buy another 1.8 million Orca shares at 67¢ apiece, once Orca closes a prior deal with Kinross Gold (TSX: K; NYSE: KGC). “We did this deal in January 2017 on Kinross’ assets in Côte d’Ivoire,” Clark says. “It involved two subsidiaries of Kinross. Our deal is that Kinross has to deliver clean companies to us.” Orca is still waiting for Kinross to sort out paperwork relating to the properties. When it does — and Orca expects it will in the coming months — that deal will finally close. In 2017, Orca agreed to pay Kinross 10 million shares, valued then at 9.9% of the company, for its Côte d’Ivoire properties. But Orca has completed several financings in the interim, and Kinross’ position has been diluted. “Resolute wanted 15% of Orca on a fully diluted basis,” Clark continues. “We said, ‘OK, but we can’t issue 15% of Kinross’ 10 million shares, because they haven’t been issued.’ So we created this special warrant that effectively grants to Resolute the right to get more shares of Orca, provided and when the Kinross

1-16, 23_June25_Main .indd 16

| Orca targets late October for Block 14 feasibility study

deal closes.” Orca is working on a feasibility study at Block 14 that it hopes to deliver by the end of October. It is finishing metallurgical variability test work and a 25,000-metre drill campaign to extend resources below the current pit shells. Orca has released a steady stream of drill results from Block 14 since the start of 2018, and reinterpreted the geology. Recently, the company intercepted 1.86 grams gold over 123 metres from 41 metres downhole and 8.36 grams gold over 12 metres from 112 metres downhole. The company says drill results like these confirm its new geological interpretation. Clark says Orca previously had problems drilling Block 14 mineralization at oblique angles, was missing it entirely. The company turned its drilling orientation to a different azimuth, and says it has since had more success intercepting the orebody.

“When we looked at our block model, we’d sit there and we’d go, ‘that area is blank, or that’s a waste, and we don’t think that should be the case,’” Clark says. The company boosted its indicated resource at Block 14 by 24% in January to 72.7 million indicated tonnes grading 1.3 grams gold for 3.05 million oz. gold and 1.71 grams silver for 3.99 million oz. silver, as well as 19.8 million inferred tonnes at 1.2 grams gold for 750,000 oz. gold, and 1.6 grams silver for 1.05 million oz. silver. The January resource is based on 99,000 metres of drilling in 688 holes, including another 12,500 metres in 34 holes over the previous resource. The Sudan government granted Orca its water permit in February, and the company expects to file its environmental impact study by July. It will then look to obtain its environmental permits by the end

of October. In early April, the Sudanese government and its mining police came in and removed all the artisanal miners from Orca’s mining leases. The affected area was 32 sq. km, or less than 2% of the overall concession. Orca then used its equipment to backfill the artisanal workings. “It’s just another example of a good place to be working,” Clark says. “The government understands what our rights are, they understand the rights of the artisanals, and they want a balance because they want the artisanals to keep mining gold. They’re balancing it well in terms of the corporate interest versus the artisanal interests.” The company is also drilling up to 3,000 metres at its Morondo gold project in Côte d’Ivoire — one of the properties in the Kinross deal. The company has begun new metallurgical test work based on core

from two holes recently drilled at the property, and expects results in July. Clark describes the upcoming drilling as step-out drilling that is “semi resource expansion and semi exploration,” adding that it will continue for two months. “We’ll then make a decision based on those results, and the metallurgical results, what we do next,” Clark says. “My guess is we make the decision to go to a preliminary economic assessment.” He says Orca would aim to have a maiden resource and preliminary economic assessment for Morondo by the end of 2018. Orca shares are trading at 58¢ apiece within a 52-week range of 36¢ to 78¢. The company has a $93-million market capitalization. “By the middle of July we’ll have $22 million, and we’ll be able to do everything we need to do and be reactive to the market,” Clark says. TNM

Drill core from Orca Gold’s Block 14 gold project in Sudan. PHOTO BY RICHARD QUARISA

2018-06-19 7:41 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 25–JUNE 8, 2018

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2018-06-19 5:08 PM

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JULY 25–JULY 8, 2018 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 11–15 Canada’s benchmark index rose 0.68% to 16,314.42 during a mixed week. The S&P/TSX Global Mining Index fell 1.9% to 75.17. The S&P/TSX Global Gold Index rose 1.3% to 191.66, while the gold price fell 1.5% to US$1,278.9. Shares of Katanga Mining jumped 24% to $1.30 on news it had settled legal proceedings brought against it by its joint-venture partner — Democratic Republic of the Congo government-owned Gecamines — on April 20, 2018, over what Gecamines called a failure by Katanga to address capital shortfall at the Kamoto Copper mine. Kamoto had US$9.2 billion in debt at the end of December 2017, leading to a US$4.2-billion shortfall in working capital. The settlement had two key terms: that Katanga pay Gecamines US$150 million on June 14, 2018; and resolve Kamoto’s capital deficiency by restructuring long-term debt, and lowering total debt to a maximum of US$3.45 billion. K a moto pro duc e d it s f i r s t c opp er cathode in December 2007. It resumed production af ter a two-year hiatus in December 2017, during which Katanga f unded a n upgrade to t he processing facility. Glencore, which owns 86% of Katanga, expects Kamoto will produce up to 300,000 tonnes copper and 34,000

tonnes coba lt i n 2019, ma k i ng it t he DRC’s biggest copper mine. Shares of Nutrien rose $2.51 to $70.60. At t he end of May t he compa ny auct ione d it s rem a i n i ng s t a ke i n C h i le l it h iu m m i ner SQM for nea rly US$1 billion. The move fulfills the last regulator y requirements from t he merger between Agrium and Potash Corp. of Saskatchewan that formed the company in Januar y. Earlier in the month, Tianqi Lithium announced it would buy almost a quarter of SQM f rom Nut rien for US$4.1 bi l l ion . I n Ju ne , C h i le a n a nt i-t r u s t regulator FNE said it would investigate t h e pu rc h a s e for “a nt i- c omp e t it i ve risks in Chile.” Three months ago, the TSX MOST ACTIVE ISSUES

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KAT NMX SU K ABX IVN YRI G FM BTO

25047 1.55 0.88 1.30 + 0.25 22675 1.02 0.87 0.89 - 0.09 18961 54.14 51.55 51.68 - 1.05 18951 4.97 4.65 4.92 + 0.28 14812 17.26 16.75 16.90 + 0.03 12218 3.59 2.80 2.83 - 0.40 11583 4.14 3.77 3.91 + 0.12 11004 18.78 18.23 18.45 + 0.12 10750 22.06 20.62 21.07 - 0.76 10642 3.52 3.35 3.37 - 0.09

Chilean government asked regulators to investigate a potentia l Tianqi-SQM merger. Shares of Endeavour Mining rose 61¢ to $23.71. The company announced two highgrade discoveries that extend mineralization in the Kari area at its producing Houndé gold mine in Burkina Faso. After last year’s Kari Pump discovery, the company drilled more than 1,000

holes comprising 76,000 metres in the wider Kari area, extending the mineralized zone to 12 sq. km, with 25% of the gold-in-soil anomaly still undrilled. Kari has three zones: Kari Pump, Kari Center and Kari West. Endeavour has begun an additional 65,000-metre drill campaign to delineate the three areas. It plans to infill drill Kari Pump and table a resource by year-end. TNM

TSX GREATEST PERCENTAGE CHANGE

Forsys Metals PolyMet Mng Erdene Res Dev Katanga Mng Wallbridge Mng Endeavr Silver Talon Metals Trilogy Mtls Argex Titanium Cdn Zinc Orosur Mng Nthn Dynasty Laramide Res Gold Std Vents eCobalt Solns Ivanhoe Mines Karnalyte Res Condor Gold Imperial Metal Fortune Mnrls

FSY POM ERD KAT WM EDR TLO TMQ RGX CZN OMI NDM LAM GSV ECS IVN KRN COG III FT

782 430 2733 25047 669 2553 115 102 1401 774 1375 1501 1628 1384 4311 12218 262 22 92 4522

0.18 1.51 0.53 1.55 0.07 4.34 0.12 2.20 0.05 0.17 0.08 0.77 0.32 1.89 1.34 3.59 0.44 0.64 2.27 0.20

0.13 1.00 0.36 0.88 0.06 3.64 0.00 1.88 0.04 0.15 0.03 0.65 0.27 1.50 1.06 2.80 0.36 0.56 1.95 0.16

0.18 1.32 0.46 1.30 0.07 4.23 0.11 2.20 0.05 0.16 0.04 0.65 0.27 1.61 1.16 2.83 0.38 0.62 1.95 0.17

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Nutrien Agnico Eagle Kirkland Lake SSR Mining Endeavour Mng Endeavr Silver Pan Am Silver TMAC Resources Cameco Corp Silver Wheaton Teck Res Teck Res Nexa Resources Suncor Energy First Quantum Labrador Iron Lithium Amer Lundin Mng Ivanhoe Mines HudBay Mnls

38.5 33.3 26.0 23.8 18.2 16.5 15.8 14.6 12.5 10.3 46.7 15.6 14.5 13.9 13.4 12.4 11.6 11.4 11.4 10.8

VOLUME WEEK (000s) CLOSE CHANGE

NTR AEM KL SSRM EDV EDR PAAS TMR CCO WPM TECK.B TECK.A NEXA SU FM LIF LAC LUN IVN HBM

8602 3465 4279 993 1696 2553 994 471 8499 4682 9228 9 3 18961 10750 1541 1099 8243 12218 7762

70.60 59.83 26.59 13.96 23.71 4.23 23.35 6.20 15.61 29.16 35.43 35.50 19.20 51.68 21.07 24.59 6.75 8.24 2.83 8.38

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

2.51 2.29 2.10 0.64 0.61 0.60 0.57 0.54 0.48 0.47 2.77 2.18 1.60 1.05 0.76 0.75 0.58 0.51 0.40 0.40

TSX VENTURE EXCHANGE / JUNE 11–15 The S&P/TSX Venture Composite Index ended the trading week down once again, falling 2.6% to 754.4. Shares of Cantex Mine Development rose 18¢ to 33¢. The company said it would drill its wholly owned 225 sq. km North Rackla polymetallic claim group in the Yukon for the first time this July. The drill rig is already on-site and will target two areas already trenched and sampled by the company. The Northern Gold area, located in the northern part of the claim group, has a mineralized outcrop within an 18,000-squaremetre area. Prospecting, rock sampling and trenching in this area have returned results as high as 15.75 grams per tonne gold, 377 grams silver, 11% lead and 32.5% zinc. The company plans to drill five holes to test the zone. The company will also drill a 2 km long, massive-sulphide zone prospective for silver, lead, zinc and copper. Trenching at the zone’s northeastern end returned 15.7 metres grading 36 grams silver, 7.04% lead and 1.58% zinc. Cantex drilled eight holes into the southwestern end of the mineralized zone in 2016. The deepest interval returned 4.4 metres from 43.7 metres downhole at 49 grams silver, 5.35% lead and 5.99% zinc. Cantex will drill three

holes in the northeastern end of the zone and an undetermined number of holes in the southwestern end. Shares of Silvercrest Metals rose 21¢ to $2.88. The company tabled new drill results from the Granaditas vein on its Las Chispas gold-silver property in Sonora, Mexico, highlighted by 1.8 metres from 133 metres downhole grading 12.14 grams gold and 1,440.3 grams silver. It also drilled an unnamed hanging-wall vein as much as 80 metres southeast of Granaditas. Highlights include 0.5 metre grading 600 grams silver equivalent and 0.5 metre grading 514 grams silver equivalent. The company will drill more in the third quarter. Shares of Millennial Lithium fell 38¢ TSX-V MOST ACTIVE ISSUES

Pantheon Vent TomaGold Aton Res Inc Leeta Gold Aldershot Res Azincourt Ener Blue Rvr Res GrowMax Res Pacton Gold Cornerstone Ca

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MVY 11849 LOT 7376 AAN 7201 HIVE 7095 ALZ 5605 AAZ 5535 BXR 5269 GRO 4991 PAC 4962 CGP 4924

0.11 0.08 0.04 1.08 0.17 0.12 0.04 0.10 0.65 0.21

0.09 0.05 0.03 0.90 0.05 0.08 0.03 0.09 0.48 0.15

0.10 - 0.01 0.06 + 0.01 0.03 - 0.01 0.95 - 0.15 0.17 + 0.13 0.10 + 0.01 0.04 + 0.01 0.09 - 0.01 0.60 - 0.05 0.18 - 0.03

to $2.21. Argentina recently granted the company an environmental permit to conduct geophysical surveying and drill up to six wells on its Cauchari East lithium brine target in the country’s Jujuy province. The company plans to begin access and geophysical surveys immediately, followed by an initial three reconnaissance holes. It says it will drill up to three more holes

to define the mineralization’s limits, if needed. Millennial is focused on its flagship Pastos Grande lithium brine project in Argentina’s Salta province. It tabled a maiden resource at Pastos Grande in November 2017. The project has 2.1 million tonnes lithium carbonate equivalent and 8.1 million tonnes potash equivalent. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Aldershot Res Cantex Mn Dev Tolima Gold Fjordland Exp Inomin Mines Timberline Res Pac Link Mng Western Pac Rs Getty Copper Electra Stone Melior Res Nrthn Lion Lovitt Res Cameo Cobalt Kermode Res Noble Metal Gr Bold Vent RT Minerals Barker Mnrls Sage Gold

ALZ CD TOM FEX MINE TBR PKC.H WRP GTC ELT MLR NL LRC.H CRU KLM NMG BOL RTM BML SGX

5605 79 455 64 108 1225 284 108 231 171 40 10 41 4671 120 254 280 4220 3052 2140

0.17 0.33 0.02 0.33 0.11 0.14 0.18 0.03 0.03 0.02 0.09 0.25 0.10 0.40 0.02 0.02 0.04 0.02 0.02 0.05

0.05 0.02 0.01 0.18 0.00 0.00 0.08 0.02 0.02 0.01 0.08 0.00 0.06 0.23 0.02 0.02 0.03 0.01 0.01 0.03

0.17 0.33 0.01 0.33 0.09 0.13 0.17 0.03 0.03 0.02 0.08 0.23 0.07 0.23 0.02 0.02 0.03 0.01 0.01 0.03

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 277.8 + 120.0 + 100.0 + 80.6 + 80.0 + 73.3 + 70.0 + 66.7 + 66.7 + 50.0 - 90.6 - 56.6 - 45.8 - 42.5 - 40.0 - 40.0 - 37.5 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Gold Reserve SilverCrest Mt Itafos Cornerstone Mt Cantex Mn Dev Fjordland Exp Critical Elem MacMillan Mnls Aldershot Res Pac Booker Min Cobalt 27 Cap Melior Res Millennial Lit Novo Res Chesapeake Gld Nrthn Lion Aurania Res SRG Graphite Hut 8 Mining Standard Lith

GRZ SIL IFOS CCC CD FEX CRE MMX ALZ BKM KBLT MLR ML NVO CKG NL ARU SRG HUT SLL

54 934 12 1505 79 64 722 55 5605 20 3464 40 652 3798 92 10 37 448 640 510

3.68 2.88 2.41 0.92 0.33 0.33 1.00 1.78 0.17 1.10 9.61 0.08 2.21 4.32 2.03 0.23 2.70 1.20 3.25 1.25

+ 0.41 + 0.21 + 0.19 + 0.18 + 0.18 + 0.15 + 0.14 + 0.13 + 0.13 + 0.10 - 2.01 - 0.77 - 0.38 - 0.35 - 0.34 - 0.30 - 0.30 - 0.25 - 0.25 - 0.24

U.S. MARKETS / JUNE 11–15 The prospect of a wider trade war between China and the U.S. escalated during the trading week, as the Trump administration said it would impose a 25% tariff on up to US$50 billion in Chinese goods, and China responded with retaliatory tariffs of its own on $50 billion in U.S. imports. In other news, the U.S. Federal Reserve raised interest rates for the second time in 2018 (up 25 basis points to 2%), and said it planned to raise rates two more times before year-end. Spot gold fell 1.6% to US$1,278.20 per oz. gold. The Dow Jones Industrial Average lost 0.89% to 25,090.48, and the S&P 500 Index rose 0.02% to 2,779.66. Shares of Kinross Gold were up US14¢ to US$3.72. Kinross is proceeding with the Gilmore expansion project at its Fort Knox mine in Alaska. The Gilmore project could extend mining at Fort Knox six years to 2027, and leaching to 2030, at an initial US$100-million capital expense, and boost life-of-mine production by 1.5 million equivalent oz. gold. The project would generate a 17% internal rate of return and has a US$130-million net present value at a price of US$1,200 per oz. gold.

18_June25_MarketNews.indd 18

Endeavour Silver’s shares rose US39¢ to US$3.20. The company is launching an at-the-market offering of up to US$35.7 million. Net proceeds will be used with the company’s cash resources and free cash flow to advance the company’s Terronera project. Described as “potentially Endeavour’s fifth and largest mine,” Terronera is located in San Sebastian, a historic silver mining district in Mexico, 40 km northeast of Puerto Vallarta. Vale was down US58¢ to US$13.17 per share. The Brazilian miner struck a financing deal with Wheaton Precious Metals U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 109363 14.15 AngloGold Ash* AU 83855 8.83 Freeport McMoR* FCX 69548 18.37 Yamana Gold* AUY 67835 3.17 Barrick Gold* ABX 56926 13.24 Cleveland-Clif* CLF 46357 9.00 Kinross Gold* KGC 43438 3.80 Harmony Gold* HMY 41626 1.64 United States S* X 40123 38.41 Sibanye Gold* SBGL 38208 2.88

13.06 13.17 - 0.58 7.90 8.15 - 0.50 16.64 16.89 - 1.14 2.90 2.96 + 0.03 12.70 12.81 - 0.21 8.33 8.66 + 0.18 3.57 3.72 + 0.14 1.52 1.58 - 0.02 35.27 36.05 - 1.11 2.53 2.67 - 0.24

and Cobalt 27 Capital Corporation. Vale will receive US$390 million in cash from Wheaton and US$300 million from Cobalt 27 for a combined 75% of future cobalt from underground mining at Voisey’s Bay (Wheaton will receive 42.4% and Cobalt 27,

32.6%). The two companies will also pay on average 20% of cobalt prices on delivery of the metal. The transaction will help fund 40% of the US$1.7 billion Vale will need to build the underground mine in northern Labrador. TNM

U.S. GREATEST PERCENTAGE CHANGE

Endeavr Silver* EXK Kirkland Lake* KL DRDGOLD* DRD Kinross Gold* KGC Hecla Mining* HL Eldorado Gold* EGO Coeur Mng* CDE Gold Fields* GFI First Majestic* AG Cleveland-Clif* CLF Nexa Resources* NEXA Teck Res* TECK Lithium Amer* LAC Sibanye Gold* SBGL Arch Coal* ARCH Buenaventura* BVN Tahoe Res* TAHO Alcoa* AA Freeport McMoR* FCX AngloGold Ash* AU

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

15000 3.32 2.80 3.20 + 13.9 3884 20.43 18.80 20.11 + 6.1 561 2.95 2.70 2.89 + 5.9 43438 3.80 3.57 3.72 + 3.9 21959 3.99 3.74 3.84 + 2.7 23659 1.18 1.12 1.16 + 2.7 19928 8.25 7.77 7.95 + 2.3 27147 3.82 3.58 3.71 + 2.2 19498 7.97 7.35 7.46 + 2.2 46357 9.00 8.33 8.66 + 2.1 839 16.15 14.06 14.25 - 10.9 12318 29.88 26.43 26.92 - 8.7 1141 5.81 5.00 5.18 - 8.5 38208 2.88 2.53 2.67 - 8.2 1592 86.32 78.12 78.93 - 7.3 9034 16.00 14.30 14.71 - 7.0 14938 5.38 4.88 4.98 - 6.7 16255 50.59 45.03 45.34 - 6.6 69548 18.37 16.64 16.89 - 6.3 83855 8.83 7.90 8.15 - 5.8

U.S. GREATEST VALUE CHANGE

Kirkland Lake* KL Black Hills* BKH Nutrien* NTR Agnico Eagle* AEM Endeavr Silver* EXK Natural Res Pt* NRP Trecora Res* TREC Cleveland-Clif* CLF Coeur Mng* CDE First Majestic* AG Arch Coal* ARCH Alcoa* AA Southern Copp* SCCO Teck Res* TECK Rio Tinto* RIO Chevron Corp* CVX CONSOL Energy* CEIX Nexa Resources* NEXA Suncor Energy* SU Freeport McMoR* FCX

VOLUME WEEK (000s) CLOSE CHANGE

3884 20.11 2431 56.98 11343 53.55 7391 45.14 15000 3.20 65 32.85 188 13.90 46357 8.66 19928 7.95 19498 7.46 1592 78.93 16255 45.34 3838 48.57 12318 26.92 11204 56.79 35216 124.04 3039 42.23 839 14.25 17293 39.17 69548 16.89

+ 1.16 + 0.92 + 0.88 + 0.68 + 0.39 + 0.35 + 0.25 + 0.18 + 0.18 + 0.16 - 6.24 - 3.18 - 2.89 - 2.57 - 2.43 - 2.40 - 1.91 - 1.75 - 1.60 - 1.14

2018-06-19 7:49 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JUNE 25–JULY 8, 2018

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 19, 2018 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Price (US$/oz.) Change 1281.25 -14.80 $16.61 -0.16 $886.00 -18.00 $991.00 -24.00 Price (US$/tonne) Change $14720.00 -320.00 $6824.00 -124.00 $2414.00 -18.50 $3003.00 -65.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, June 15, 2018 (change from June 8, 2018 in brackets): Aluminium Alloy 12100 (-100) Aluminium 1142600 (-32625) Copper 294700 (-12375) Lead 131875 (-1025) Nickel 276384 (-2610) Tin 2595 (+35) Zinc 241450 (-8450)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$64.15 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.40 Cobalt: US$36.51/lb. Copper: US$3.17/lb. Copper: CME Group Futures July 2018: US$3.05/lb.; Aug. 2018: US$3.07/lb Ferro-Chrome: US$2.80/kg Ferro Titanium: US$4.90/kg FerroTungsten: US$31.40/kg Ferrovanadium: US$35.20/kg Iridium: NY Dealer Mid-mkt US$1,410.00/tr oz. Iron Ore 62% Fe CFR China-S: n.a. Iron Ore Fines: US$71.00/tonne Iron Ore Pellets: US$108.60/tonne Lead: US$1.09/lb. Magnesium: US$2.25/kg Manganese: US$2.04/kg Molybdenum Oxide: US$11.79/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$2,260.00 tr. oz. Ruthenium: Mid-mkt US$250.00/tr. oz. Silver: Handy & Harman Base: US$16.47 per oz.; Handy & Harman Fabricated: US$20.59 per oz. Tantalite Ore : US$158.90/kg Tin: US$9.48/lb. Uranium: U3O8, Trade Tech spot price: US$23.25; The UX Consulting Company spot price: US$23.40/lb. Zinc: US$1.41/lb. Prices current June 19 2018

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jun 15 Jun 14 Jun 13 Jun 12 Jun 11 High Low S&P/TSX Composite 16314.42 16328.96 16265.82 16288.98 16263.29 15527.30 12400.15 S&P/TSXV Composite 754.40 761.26 760.17 762.43 769.02 1050.26 883.52 S&P/TSX 60 964.45 965.82 962.13 962.57 962.25 896.74 709.99 S&P/TSX Global Gold 191.66 193.95 190.90 191.50 191.06 218.90 149.29 168.10 168.10 166.54 166.71 166.26 420.72 130.95 DJ Precious Metals

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jun 01, 2018 (with changes from May 16, 2018) Largest short positions Eldorado Gold ELD 19976234 -2239177 5/16/2018 Sandstorm Gold SSL 15050139 30924 5/16/2018 Ivanhoe Mines IVN 13375551 -1153323 5/16/2018 Suncor Energy SU 11169439 -1202291 5/16/2018 Goldcorp G 11161714 -126584 5/16/2018 Yamana Gold YRI 10021026 3648470 5/16/2018 Turquoise HIl TRQ 8907939 206001 5/16/2018 McEwen Mng MUX 8618393 263044 5/16/2018 First Quantum FM 7975263 464860 5/16/2018 Alacer Gold ASR 7615892 158326 5/16/2018 First Majestic FR 7402765 -156994 5/16/2018 Kinross Gold K 7225465 -689596 5/16/2018 New Gold NGD 6916804 -716739 5/16/2018 Nexgen Energy NXE 6555394 421255 5/16/2018 Barrick Gold ABX 6142643 -1038884 5/16/2018 Largest increase in short position Yamana Gold YRI 10021026 3648470 5/16/2018 Platinum Gp Mt PTM 2840137 2089137 5/16/2018 Nthn Dynasty NDM 3346943 1477575 5/16/2018 B2Gold BTO 4357437 1228699 5/16/2018 Klondex Mines KDX 3262061 1073772 5/16/2018 Largest decrease in short position NTR 2368467 -2295248 5/16/2018 Nutrien Eldorado Gold ELD 19976234 -2239177 5/16/2018 Lundin Mng LUN 4256745 -1974519 5/16/2018 Suncor Energy SU 11169439 -1202291 5/16/2018 Ivanhoe Mines IVN 13375551 -1153323 5/16/2018

Short positions outstanding as of Jun 01, 2018 (with changes from May 16, 2018) Largest short positions FCC 6135824 2911763 5/16/2018 First Cobalt Leeta Gold HIVE 1873464 -562266 5/16/2018 Atlantic Gold AGB 1702593 -20236 5/16/2018 Core Gold CGLD 1080652 220398 5/16/2018 Cobalt 27 Cap KBLT 986001 99401 5/16/2018 Gratomic GRAT 789000 485100 5/16/2018 Resource Cap RCG 772700 768100 5/16/2018 American Lith LI 610000 410500 5/16/2018 GGX Gold GGX 503400 -132900 5/16/2018 Kitrinor Mtls SCYB 480611 20511 5/16/2018 Hut 8 Mining HUT 457500 150142 5/16/2018 Westhaven Vent WHN 452000 -159200 5/16/2018 Golden Ridge GLDN 420114 327542 5/16/2018 Boreal Metals BMX 398494 397611 5/16/2018 New Carolin Gd LAD 392000 132000 5/16/2018 Largest increase in short position FCC 6135824 2911763 5/16/2018 First Cobalt Resource Cap RCG 772700 768100 5/16/2018 Gratomic GRAT 789000 485100 5/16/2018 American Lith LI 610000 410500 5/16/2018 Boreal Metals BMX 398494 397611 5/16/2018 Largest decrease in short position Atacama Pacif ATM 2372 -1604841 5/16/2018 Zinc One Res Z 336392 -923209 5/16/2018 Prospero Silvr PSL 8500 -899300 5/16/2018 Macarthur Mnl MMS 0 -794411 5/16/2018 Leeta Gold HIVE 1873464 -562266 5/16/2018

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

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

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cornerstone Capital Resources (CGP. WT.S) - Wt buys sh @ $0.35 to Apr 07/19

Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share

Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Prairie Provident Resources Inc Wt (PPR. WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 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 Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Rainy Mountain Royalty Corp. (RMO. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NEW 52-WEEK HIGHS AND LOWS MARCH 19–23, 2018 60 New Highs

Alacer Gold Aldershot Res Aldershot Res* Almonty Ind Almonty Ind * Arrowstar Res Black Isle Res Bryn Res* Cameco Corp Cameco Corp* Cantex Mn Dev Commander Res* Cornerstone Mt Cornerstone Mt* Endeavr Silver Endeavr Silver* Firesteel Res Genius Props God’s Lake Res Gold Resource* Golden Tag

Goldstream Mnl Gunpoint Expl Guyana Goldstr Guyana Goldstr* Juggernaut Exp* K92 Mng Inc K92 Mng Inc* Kirkland Lake Kirkland Lake* Laredo Res* Lithium Chile* Marifil Mines* Medgold Res Medgold Res* Montan Mg Mosaic* New Jersey Mng* Nexus Gold Nutrien OZ Minerals* Pac Link Mng Pac Wildcat*

Pancontinental Red Oak Mg Redhawk Res Riverside Res* Rokmaster Res* Saint Jean Silver Wheaton SilverCrest Mt SilverCrest Mt* Standard Graph* Suncor Energy Teranga Gold Trilogy Mtls Trilogy Mtls* United States A* Virginia Enrgy Whitehaven Coa*

68 New Lows

American Pac AngloGold Ash* Auryn Res Auryn Res*

Avalon Adv Mat Avalon Adv Mat* Avarone Metals Barkerville Go Barkerville Go* Bearing Lith Bearing Lith* Beaufield Res* Cabral Gold Cabral Gold* Calibre Mng Cartier Res Chalice Gold M* Columbus Gold Columbus Gold* Corsa Coal Dalradian Res Dalradian Res* Fortune Mnrls Glacier Lake* Glen Eagle Res Gold Std Vents

Gold Std Vents* Golden Peak Mn* Graphite Egy* Greenland M&En* Harmony Gold* Komet Resource KWG Res Lions Bay Cap Manitou Gold Maple Gold Maple Gold* Mason Graphite Mason Graphite* Metalo Manuf* Minfocus Expl* Miramont Res* ML Gold* Moneta Porcpn* Nemaska Lith* New Energy Met New Gold* Nexa Resources*

Nickel Creek* Nicola Mg Inc Nighthawk Gold* Otis Gold Pelangio Expl* Platinum Gp Mt* Primary Cobalt Quantum Cobalt Randgold Res* Redhawk Res Ridgestone M’g Royal Nickel* Sandspring Res Sirios Res Timmins Gold Timmins Gold* Ucore Rare Mtl* Vanadiumcorp* Vedanta* Vendetta Mng*

CANADIAN GOLD MUTUAL FUNDS

DAILY METAL PRICES Daily Metal Prices Date June 15 June 14 June 13 June 12 June 11 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1650/1700 1655/1660 1855/1860 1899/1905 1899/1905 Aluminum 2235.50/2231 2277.50/2275 2308.50/2310 2299/2296 2287/2299 Copper 7135/7141 7201/7210 7200/7219 7222.50/7220 7261.50/7266 Lead 2430/2442 2459/2470 2456/2475 2479/2486 2466/2475 Nickel 15260/15330 15170/15235 15290/15350 15305/15330 15235/15300 Tin 20875/20755 20915/20875 21275/21150 21200/21100 21225/21150 Zinc 3188/3149 3227/3195 3228/3195 3228/3195 3219/3195 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1300.10 1305.30 1294.40 1298.30 1296.05 Gold PM 1285.25 1302.75 1296.15 1298.65 1299.60 Silver 17.23 17.13 16.91 16.86 16.76 Platinum 898.00 909.00 900.00 907.00 906.00 Palladium 995.00 1010.00 1013.00 1025.00 1019.00

Fund Jun 15 ($) Jun 08 ($) AGF Prec Mtls Fd MF 19.73 19.64 BMO Prec Mtls Fd A 18.27 17.86 BMO ZGD 9.11 8.97 BMO ZJG 9.00 8.87 CIBC Prec Metal Fd A 9.68 9.52 Dyn Prec Metls Fd A 6.55 6.56 Galileo GOGO 10.69 10.54 Horizons HEP 23.84 23.70 IG Mac GbPMetCl A 8.53 8.51 iShares XGD 12.00 11.84 Mac Prec Met Cl A 44.49 44.44 NBI PrecMetFd Invt 11.84 11.67 NPT Gold&PrMinFdA 33.81 33.81 NPT SilverEquCl A 5.41 5.38 RBC GblPreMetFd A 31.70 31.14 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 37.84 37.34 TD PreciousMetalsInv 32.72 32.24

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.09 0.46 -5.78 2.80 108.92 0.41 2.28 -0.25 2.40 59.40 0.14 1.60 -5.14 0.61 0.13 1.52 -2.34 0.60 0.16 1.67 -6.63 2.45 42.77 -0.01 -0.15 -5.85 2.66 332.70 0.16 1.48 0.14 0.61 -0.77 0.81 0.01 0.13 -4.82 2.75 35.03 0.16 1.34 -2.53 0.55 751.16 0.05 0.12 -5.12 2.52 76.24 0.17 1.46 -6.94 2.46 27.02 0.00 -0.01 -6.18 3.04 135.98 0.03 0.51 -3.21 2.95 122.10 0.55 1.78 -7.39 2.13 317.30 0.00 0.00 0.50 1.33 -3.52 2.49 144.72 0.48 1.49 -4.00 2.27 111.66

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

Jun 15 Jun 14 Jun 13 Jun 12 Jun 11 1.3106 1.3106 1.2975 1.3017 1.2988 0.7630 0.7630 0.7707 0.7682 0.7700

Exchange rates (Quote Media, June 15, 2018) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0205 0.6588 84.3430 15.8981 10.2555 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5750 4.8789 51.6150 0.7604 832.9891 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3375 0.8634 110.5370 20.8626 13.4503 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7536 6.3998 68.1400 0.9966 1091.7700

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_June25_MMMM.indd 19

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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2018-06-19 5:12 PM

WWW.NORTHERNMINER.COM

JUNE 25–JULY 8, 2018 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 11–15, 2018 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 37 Capital 20 60 North Gold 66 O 120 92 Resources* 92 Resources V 431 147 Abacus Mng &Ex V Abacus Mng &Ex* O 175 V 84 Abcourt Mines Abcourt Mines* O 100 Aben Res* O 90 Aben Res V 2024 O 38 Aberdeen Intl* Aberdeen Intl T 665 O 2 Abitibi Royalt* Abitibi Royalt V 11 O 39 AbraPlata Res* AbraPlata Res V 122 Acacia Mining* O 4 Adamera Mnls V 671 Adamera Mnls* O 232 Adex Mining V 897 Advance Gold V 924 Advanced Expl* O 110 Advantage Lith V 864 Advantage Lith* O 416 Adventus Zinc V 297 Aethon Mineral V 29 AEX Gold V 43 Affinity Gold* O 249 African Gold V 509 African Mnrls* O 8 Aftermath Slvr V 43 Agnico Eagle T 3465 Agnico Eagle* N 7391 AgriMinco* O 295 Aguia Resource V 738 Aguila Amer Gd V 4 Aida Minerals 684 Alacer Gold T 4127 Alamos Gold T 5164 Alamos Gold* N 12853 Alaska Pac Egy* O 9137 Alba Minerals* O 21 Albert Mining* O 9 Albert Mining V 312 Alchemist Mng 706 Alcoa* N 16255 Alderon Iron* O 88 Alderon Iron T 223 Aldershot Res V 5605 Aldershot Res* O 71 Aldever Res V 41 Aldever Res* O 0 Aldever Res* O 0 Aldridge Min V 771 Aldridge Min* O 13 Alexandra Cap 100 Alexandra Cap* O 3 Alexandria Min* O 1733 Alexandria Min V 2224 Alexco Res* X 1239 Alexco Res T 324 Algold Res V 515 Algold Res* O 74 Alianza Min V 94 Alianza Min* O 5 Allegiant Gold* O 186 Allegiant Gold V 1855 Alliance Mng V 299 Alliance Res* D 3019 Almaden Mnls T 96 Almaden Mnls* X 396 Almadex Min V 302 Almonty Ind T 388 Almonty Ind * O 57 Alphamin Res V 87 Alphamin Res * O 8 Alset Minerals V 1145 Altai Res V 2618 2 Altair Res Inc* O Altair Res Inc V 1928 Altamira Gold V 432 Altamira Gold* O 96 Altan Nev Mnls V 84 Altan Rio Mnls V 675 Altiplano Mnls V 552 Altiplano Mnls* O 1 Altius Mnrls T 123 Alto Vent V 100 Altura Mng Ltd* O 171 Alturas Mnrls V 250 Alumina Inc* O 70 ALX Uranium V 666 ALX Uranium* O 25 Am Creek Res V 238 Am CuMo Mng V 206 Am CuMo Mng* O 70 Am Manganese* O 301 Am Manganese V 338 AM Resources V 309 16 Am Sierra Gold* O Amador Gold* O 1 Amani Gold* O 204 Amarc Res V 142 Amarc Res* O 170 Amarillo Gold V 468 O 111 Amazing Energy* Amer Intl Vent* O 687 O 13 American Lith* American Lith V 730 American Pac* O 65 American Pac 488 Americas Silvr* X 144 Americas Silvr T 159 Amerigo Res T 386 Amerigo Res* O 133 Amex Expl* O 0 Amex Expl V 29 T 365 Anaconda Mng Anaconda Mng* O 115 Anconia Res V 510 Andes Gold* O 281 Anfield Energy* O 87 Anfield Energy V 279 Angel Gold* O 155 Angel Gold V 490 Angkor Gold V 300 Anglo American* O 10 Anglo American* O 1685 Anglo-Bomarc V 158 0 AngloGold Ash* O AngloGold Ash* N 83855 Angus Ventures V 50 Antioquia Gold* O 97 Antioquia Gold V 294 Antler Gold V 91 Antler Hill V 35 Antofagasta* O 11 68 APAC Res Inc Apex Res V 219 Apex Res * O 50 Appia Energy 162 Appia Energy* O 32 Applied Mrnls* O 1286 Aquila Res* O 652 Aquila Res T 735 Arch Coal* N 1592 Archon Mineral V 1 Arco Res* O 34 Arctic Star* O 24 Arctic Star V 990 Arcturus Vent V 39 Arcus Dev Grp V 34 Arena Mnls V 67 Arena Mnls* O 16 Argentina Lith* O 288 Argentina Lith V 247 Argentum Silvr V 3 Argentum Silvr* O 1 Argex Titanium T 1401 Argex Titanium* O 165 Argo Gold 263 Argonaut Gold* O 301 Argonaut Gold T 3146

20-23_June25_StockTables.indd 20

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0.00 0.08 0.05 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.11 0.10 0.10 - 0.01 0.49 0.06 0.09 0.08 0.08 - 0.01 0.35 0.05 0.16 0.14 0.15 - 0.02 0.28 0.10 0.22 0.19 0.20 - 0.02 0.35 0.13 0.23 0.00 0.16 - 0.07 0.50 0.15 0.03 0.00 0.03 unch 0.00 0.04 0.01 0.13 0.13 0.13 unch 0.00 0.16 0.06 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.10 0.09 0.09 unch 0.00 0.26 0.08 0.08 0.07 0.07 - 0.01 0.21 0.07 0.24 0.19 0.23 + 0.01 0.42 0.19 0.50 0.43 0.46 - 0.04 0.94 0.24 0.01 0.01 0.01 + 0.00 0.11 0.01 0.28 0.00 0.24 - 0.04 0.69 0.18 0.36 0.32 0.33 - 0.04 0.55 0.17 0.16 0.14 0.16 + 0.01 0.32 0.14 0.23 0.18 0.21 - 0.02 0.41 0.18 3.57 3.20 3.22 - 0.29 5.04 2.50 4.63 4.20 4.20 - 0.33 6.11 3.22 1.09 1.00 1.01 - 0.07 1.35 0.49 0.86 0.76 0.76 - 0.07 1.09 0.36 0.00 0.00 0.07 unch 0.00 0.12 0.07 0.08 0.00 0.08 unch 0.00 0.24 0.08 0.38 0.36 0.37 - 0.01 0.56 0.22 0.31 0.27 0.28 - 0.01 0.48 0.16 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.22 0.18 0.18 - 0.03 0.55 0.15 0.27 0.24 0.25 - 0.03 0.80 0.19 0.03 0.00 0.03 + 0.01 0.08 0.02 0.04 0.00 0.04 + 0.01 0.12 0.04 0.20 0.17 0.19 + 0.01 0.34 0.14 24.67 0.00 23.02 - 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0.00 0.05 0.02 0.10 0.00 0.10 - 0.01 0.24 0.07 1.77 1.64 1.68 - 0.02 2.40 1.51 2.29 2.15 2.21 + 0.01 2.92 2.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argus Metals* O 1 Argus Metals V 35 Arian Silver* O 7540 O 54 Arianne Phosph* Arianne Phosph V 103 Arizona Mng* O 73 Arizona Mng T 652 Arizona Silver V 137 Arizona Silver* O 27 Armor Mnrls V 4 Arrowstar Res V 267 Asanko Gold T 766 Asanko Gold* X 3967 Asante Gold* O 50 Asante Gold 41 2 Asbestos Corp V Ascot Res V 84 O 12 Ascot Res * Ashanti Sanko* O 56 V 155 Ashanti Sanko AsiaBaseMetals V 25 Asiamet Res* O 150 Asian Minl Res V 2287 Aston Bay* O 135 Aston Bay V 292 Astorius Res V 1 ATAC Res V 419 V 411 Atacama Pacif Atacama Pacif* O 64 O 40363 Atacama Res* Athabasca Mnls V 1125 O 31 Athabasca Mnls* Athena Silver* O 25 Atico Mng* O 83 Atico Mng V 107 Atlanta Gold V 14 Atlantic Gold V 1025 Atlantic Ind V 41 Atlatsa Res* O 1118 Atlatsa Res T 326 Atom Energy * O 0 Aton Res Inc* O 204 Aton Res Inc V 7201 Aura Mnls* O 8 Aura Mnls T 12 66 Aura Silver Rs V Auramex Res V 1240 Aurania Res* O 29 Aurania Res V 37 Aurcana Corp V 237 Aurcana Corp* O 58 AurCrest Gold V 90 Aurion Res V 151 4 Aurion Res * O Aurora Royal V 83 Auryn Res* X 626 Auryn Res T 553 Austin Res V 21 Austral Gold* O 1 Austral Gold V 242 Australian Mns* O 74 Auxico Res 217 Avalon Adv Mat* O 944 955 Avalon Adv Mat T Avarone Metals* O 15 Avarone Metals 399 Avesoro Res T 5 Avidian Gold V 1620 Avino Silver* X 427 Avino Silver T 102 Avrupa Mnls V 1341 Avrupa Mnls* O 1036 Awale Res V 106 AXE Expl V 668 Axmin Inc V 451 Axmin Inc* O 57 Azarga Metals V 266 O 3 Azarga Metals* Azarga Uranium T 98 O 53 Azarga Uranium* Aziel Corp* O 0 Azimut Expl V 151 Azincourt Ener V 5535 O 126 Azincourt Ener* Aztec Minerals V 54 O 7 Aztec Minerals* Azteca Gold* O 6250 Azucar Min V 287 Azucar Min* O 413

0.13 0.13 0.13 unch 0.00 0.55 0.06 0.20 0.18 0.20 + 0.01 0.75 0.08 0.01 0.00 0.00 - 0.00 0.01 0.00 0.42 0.38 0.38 - 0.00 0.73 0.36 0.55 0.50 0.50 - 0.01 0.95 0.44 3.24 3.01 3.15 - 0.06 5.90 1.51 4.22 4.11 4.13 - 0.07 4.87 1.98 0.12 0.11 0.12 + 0.01 0.33 0.11 0.12 0.08 0.08 - 0.04 0.27 0.08 0.39 0.00 0.39 - 0.05 0.55 0.32 0.12 0.08 0.12 + 0.04 0.12 0.03 1.55 1.42 1.45 - 0.02 2.11 0.55 1.19 1.08 1.16 + 0.02 1.66 0.43 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.80 0.55 0.80 unch 0.00 0.90 0.21 1.26 1.16 1.22 - 0.02 2.00 1.08 0.96 0.91 0.96 + 0.03 1.55 0.87 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.09 0.06 0.09 unch 0.00 0.10 0.02 0.31 0.29 0.31 + 0.02 0.40 0.19 0.12 0.12 0.12 unch 0.00 0.19 0.05 0.01 0.00 0.01 unch 0.00 0.05 0.01 0.19 0.17 0.18 - 0.01 0.20 0.09 0.24 0.21 0.24 + 0.01 0.29 0.10 0.00 0.00 0.05 unch 0.00 0.20 0.04 0.57 0.54 0.55 - 0.01 0.89 0.46 0.74 0.69 0.69 - 0.04 0.86 0.47 0.57 0.53 0.53 - 0.04 0.66 0.39 0.00 0.00 0.00 unch 0.00 0.27 0.00 0.19 0.15 0.18 unch 0.00 0.27 0.12 0.13 0.11 0.13 + 0.02 0.20 0.09 0.04 0.04 0.04 unch 0.00 0.33 0.02 0.48 0.44 0.45 - 0.02 0.71 0.40 0.63 0.57 0.60 - 0.01 0.91 0.51 0.06 0.05 0.06 + 0.01 0.08 0.04 1.95 1.85 1.86 - 0.07 1.99 1.30 0.02 0.01 0.01 unch 0.00 0.09 0.01 0.03 0.03 0.03 - 0.00 0.05 0.01 0.05 0.04 0.04 unch 0.00 0.07 0.02 0.00 0.00 0.15 unch 0.00 0.26 0.04 0.03 0.02 0.02 - 0.01 0.04 0.02 0.04 0.03 0.03 - 0.01 0.05 0.03 1.81 1.74 1.74 - 0.06 2.38 1.03 2.37 2.28 2.28 - 0.07 3.00 1.30 0.03 0.02 0.03 + 0.01 0.07 0.02 0.08 0.06 0.06 - 0.02 0.10 0.03 2.30 0.00 2.08 - 0.25 6.06 1.03 2.98 2.69 2.70 - 0.30 7.57 1.51 0.22 0.21 0.21 - 0.01 0.42 0.17 0.17 0.15 0.16 - 0.00 0.30 0.13 0.04 0.04 0.04 - 0.01 0.04 0.02 0.80 0.73 0.73 - 0.07 3.49 0.67 0.61 0.00 0.61 + 0.03 2.82 0.52 0.08 0.00 0.08 + 0.01 0.24 0.03 1.16 1.06 1.07 - 0.06 3.00 1.06 1.59 1.38 1.43 - 0.06 3.57 1.38 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.06 unch 0.00 0.16 0.05 0.09 0.09 0.09 + 0.01 0.18 0.08 0.08 0.07 0.07 - 0.01 0.13 0.06 0.26 0.19 0.26 + 0.03 0.45 0.19 0.09 0.07 0.08 + 0.00 0.13 0.07 0.11 0.10 0.10 - 0.01 0.16 0.10 0.05 0.05 0.05 unch 0.00 0.09 0.01 0.07 0.00 0.06 - 0.01 0.14 0.02 4.36 4.23 4.36 + 0.01 5.32 2.50 0.55 0.50 0.50 - 0.05 0.70 0.20 1.34 1.27 1.29 - 0.00 1.89 1.14 1.75 1.65 1.68 + 0.01 2.35 1.44 0.13 0.08 0.12 + 0.03 0.13 0.06 0.10 0.06 0.09 + 0.02 0.10 0.05 0.13 0.11 0.11 - 0.02 0.48 0.10 0.05 0.04 0.04 unch 0.00 0.17 0.02 0.15 0.13 0.14 + 0.02 0.15 0.03 0.12 0.10 0.10 - 0.00 0.12 0.02 0.16 0.11 0.14 + 0.03 0.21 0.11 0.11 0.08 0.11 + 0.03 0.16 0.06 0.32 0.00 0.27 - 0.02 0.34 0.18 0.20 0.20 0.20 - 0.00 0.24 0.14 1.10 0.00 1.10 unch 0.00 9.10 0.60 0.31 0.29 0.29 - 0.01 0.48 0.26 0.12 0.08 0.10 + 0.01 0.37 0.05 0.09 0.06 0.07 + 0.01 0.23 0.03 0.25 0.23 0.23 + 0.01 0.40 0.19 0.18 0.17 0.18 + 0.02 0.30 0.14 0.00 0.00 0.00 unch 0.00 0.00 0.00 1.00 0.76 0.88 + 0.04 1.75 0.60 0.78 0.57 0.65 + 0.01 1.44 0.48

B2Gold T 10642 23178 B2Gold* X B4MC Gold* O 0 Balmoral Res* O 312 Balmoral Res T 511 Balto Res V 272 Bandera Gold V 59 Bankers Cobalt* O 113 V 624 Bankers Cobalt Bannerman Res* O 1288 Banyan Gold V 281 Bard Ventures V 63 Barker Mnrls V 3052 Barkerville Go V 1034 O 301 Barkerville Go* Baroyeca Go&Si V 298 Barrick Gold T 14812 Barrick Gold* N 56926 Barsele Min* O 100 Barsele Min V 106 Batero Gold V 73 O 110 Bayhorse Silvr* Bayhorse Silvr V 297 BC Moly V 5 BCM Res V 271 BE Res V 3 203 Bear Creek Mng V Bearclaw Cap V 145 Bearing Lith V 424 Bearing Lith* O 102 Beaufield Res V 908 O 62 Beaufield Res* Beeston Ent* O 200 Bell Copper* O 10 Belmont Res V 691 Belo Sun Mng T 1175 Belvedere Res V 104 O 0 Belvedere Res* BeMetals V 84 O 0 Benchmark Met* Benton Res V 201 Benz Mining* O 6 Benz Mining V 291 Berkeley Egy* O 11 Berkwood Res * O 34 V 710 Berkwood Res Bitterroot Res V 114 O 161 Bitterroot Res* Black Dragon V 472 O 414 Black Dragon* Black Hills* N 2431 Black Iron T 44 Black Iron* O 4 110 Black Isle Res V Black Mam Mtls V 1 16 Black Sea Cop V Black Sea Cop* O 33 98 Black Tusk Res Blackheath Res V 30 O 20 Blackrock Gold* Blackrock Gold V 188 35 Blind Crk Res V BLOX Inc* O 4 24 Blue Moon Zinc* O Blue Moon Zinc V 714 Blue Rvr Res V 5269 Blue Sky Uran* O 221 Blue Sky Uran V 1143 Bluenose Gold V 25 O 25 Bluestone Res* Bluestone Res V 117 Bold Vent V 280 Bonanza Gldfds* O 56302

3.52 3.35 3.37 - 0.09 4.06 3.01 2.71 2.53 2.53 - 0.16 3.30 2.31 8.50 0.00 8.50 + 0.50 9.00 6.25 0.17 0.15 0.15 - 0.01 0.57 0.14 0.21 0.19 0.19 - 0.02 0.71 0.19 0.12 0.10 0.11 + 0.01 0.38 0.02 0.04 0.00 0.04 + 0.01 0.07 0.03 0.11 0.09 0.09 - 0.03 0.68 0.03 0.13 0.12 0.13 - 0.02 0.85 0.11 0.05 0.04 0.04 - 0.01 0.06 0.02 0.09 0.07 0.08 unch 0.00 0.13 0.06 0.05 0.00 0.04 unch 0.00 0.08 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.55 0.50 0.52 - 0.01 1.08 0.50 0.42 0.38 0.38 - 0.05 0.84 0.38 0.02 0.02 0.02 unch 0.00 0.04 0.01 17.26 16.75 16.90 + 0.03 22.70 14.26 13.24 12.70 12.81 - 0.21 18.35 11.07 0.53 0.53 0.53 unch 0.00 0.72 0.42 0.71 0.00 0.70 - 0.01 1.03 0.53 0.08 0.07 0.07 unch 0.00 0.12 0.07 0.12 0.11 0.12 - 0.00 0.22 0.11 0.16 0.14 0.15 unch 0.00 0.27 0.14 0.00 0.00 0.09 unch 0.00 0.16 0.04 0.20 0.18 0.19 - 0.01 0.25 0.08 0.06 0.00 0.05 unch 0.00 0.08 0.04 1.99 1.87 1.96 + 0.04 2.74 1.64 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.31 0.24 0.27 + 0.01 1.06 0.24 0.24 0.19 0.23 + 0.03 0.81 0.19 0.08 0.07 0.07 - 0.01 0.25 0.07 0.06 0.05 0.05 - 0.01 0.19 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.00 0.04 - 0.02 0.16 0.04 0.04 0.03 0.04 + 0.01 0.07 0.02 0.23 0.20 0.22 + 0.01 0.71 0.20 0.85 0.82 0.82 unch 0.00 0.96 0.15 0.00 0.00 0.19 unch 0.00 0.19 0.04 0.20 0.20 0.20 unch 0.00 0.32 0.15 0.00 0.00 0.06 unch 0.00 0.10 0.06 0.06 0.05 0.05 - 0.01 0.09 0.05 0.09 0.09 0.09 unch 0.00 0.12 0.09 0.09 0.08 0.08 - 0.01 0.47 0.08 0.65 0.00 0.65 + 0.07 0.88 0.54 0.09 0.08 0.08 - 0.00 0.44 0.07 0.12 0.10 0.11 - 0.01 0.55 0.10 0.05 0.00 0.05 unch 0.00 0.28 0.04 0.04 0.04 0.04 - 0.00 0.24 0.04 0.17 0.00 0.14 - 0.02 0.39 0.09 0.13 0.10 0.10 - 0.01 0.13 0.02 57.09 55.07 56.98 + 0.92 72.02 50.49 0.11 0.10 0.10 - 0.01 0.17 0.08 0.07 0.07 0.07 unch 0.00 0.11 0.05 0.06 0.06 0.06 unch 0.00 0.06 0.03 0.00 0.00 0.11 unch 0.00 0.25 0.06 0.09 0.00 0.09 + 0.01 0.23 0.07 0.07 0.06 0.06 - 0.00 0.18 0.05 0.22 0.19 0.22 + 0.02 0.29 0.12 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.08 0.08 0.08 - 0.00 0.12 0.06 0.10 0.09 0.10 unch 0.00 0.16 0.05 0.15 0.13 0.13 unch 0.00 0.38 0.13 0.23 0.23 0.23 unch 0.00 0.30 0.03 0.06 0.06 0.06 - 0.00 0.11 0.02 0.08 0.06 0.07 - 0.01 0.14 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.16 0.13 0.15 + 0.01 0.25 0.08 0.21 0.16 0.20 + 0.02 0.32 0.10 0.14 0.14 0.14 unch 0.00 0.17 0.00 1.09 1.09 1.09 + 0.02 1.35 0.86 1.45 1.30 1.43 + 0.08 1.90 0.95 0.04 0.03 0.03 - 0.02 0.06 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

BonTerra Res V 1290 O 407 BonTerra Res* Boreal Metals V 140 Borneo Res Inv* O 2100 Bravada Gold V 205 O 86 Bravada Gold* Braveheart Res V 316 O 55 Bravo Multinat* Brazil Mnrls* O 7744 V 487 Brigadier Gold BrightRock Gld* O 25 O 192 Brilliant Sand* Britannia Mng* O 1533 Brixton Mtls V 165 Brixton Mtls* O 79 O 41 Broadway Gold* Broadway Gold V 34 O 164 Brookmount Exp* Brunswick Res V 4 Bryn Res* O 1202 Buccaneer Gold V 24 Buenaventura* N 9034 Buffalo Coal * O 5 Buffalo Coal V 80 Bullfrog Gold* O 219 Bullman Mnls V 20 Bunker Hill 9 BWR Explor V 116

0.48 0.41 0.46 + 0.01 0.72 0.38 0.37 0.31 0.34 - 0.01 0.57 0.30 0.19 0.16 0.18 + 0.01 0.40 0.14 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.09 0.09 + 0.01 0.21 0.08 0.07 0.06 0.07 + 0.01 0.17 0.06 0.10 0.08 0.10 + 0.01 0.12 0.04 0.16 0.11 0.11 - 0.01 3.49 0.10 0.00 0.00 0.00 - 0.00 0.04 0.00 0.20 0.15 0.20 + 0.03 0.26 0.08 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.05 0.05 unch 0.00 0.12 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.23 0.20 0.22 + 0.01 0.49 0.17 0.18 0.16 0.16 - 0.01 0.39 0.13 0.14 0.12 0.14 - 0.00 0.68 0.12 0.19 0.00 0.19 + 0.03 0.85 0.16 0.01 0.01 0.01 + 0.00 0.13 0.00 0.00 0.00 0.04 unch 0.00 0.04 0.02 0.03 0.01 0.02 + 0.00 0.03 0.00 0.09 0.09 0.09 unch 0.00 0.18 0.03 16.00 14.30 14.71 - 1.10 16.80 10.87 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.09 0.09 0.09 unch 0.00 0.18 0.05 0.08 0.08 0.08 unch 0.00 0.10 0.06 0.90 0.84 0.87 - 0.04 3.15 0.76 0.06 0.05 0.06 + 0.01 0.10 0.04

Cabral Gold V 296 Cabral Gold* O 46 Cache Expl* O 4 Cache Expl V 230 Cadence Min* O 4 Cadillac Vent V 5 Cairo Res V 6 Caledonia Mng T 20 X 36 Caledonia Mng* Calibre Mng V 1605 California Gld V 395 California Go* O 24 Callinex Mines* O 160 V 198 Callinex Mines Cameco Corp* N 9839 Cameco Corp T 8499 Cameo Cobalt* O 212 Cameo Cobalt V 4671 Camino Mnls* O 22 Camino Mnls V 350 Camrova Res V 110 O 7 Camrova Res* Canada Coal V 266 V 1168 Canada Cobalt Canada Cobalt* O 234 Canada One* O 26 Canada One V 169 CanAlaska Uran V 464 O 79 CanAlaska Uran* CanAm Coal* O 415 Canamex Gold 145 O 16 Canamex Gold* Canarc Res T 193 Canarc Res* O 304 Canasil Res V 166 O 0 Candelaria Mg* Candelaria Mg V 139 T 318 Candente Coppr Candente Gold* O 240 V 134 Candente Gold CANEX Metals * O 5 V 15 CANEX Metals CaNickel Mng* O 1 CaNickel Mng V 20 Canstar Res* O 30 Canterra Mnls V 53 Cantex Mn Dev V 79 20 Cantex Mn Dev* O Canuc Res V 111 Canuc Res* O 74 Canyon Copper* O 50 V 329 Canyon Copper Capstone Mng T 3420 Caracara Silvr V 36 Caracara Silvr* O 10 Cardero Res V 220 Cardero Res* O 116 Cardinal Res* O 13 Cardinal Res T 822 Cariboo Rose V 155 Carlin Gold V 100 Carmax Mng* O 114 Carmax Mng V 1162 Carrara Explor 2034 Cartier Iron 186 Cartier Res V 190 Carube Copper V 337 O 50 Carube Copper* Casa Minerals V 115 O 413 Casablanca Mng* Cascadero Copp V 329 246 Castle Peak Mg V Cautivo Mining 0 Cava Res V 630 Cda Carbon* O 33 Cda Carbon V 1477 Cda Rare Earth V 487 10 Cda Rare Earth* O Cda Strtgc Met V 300 11 Cda Strtgc Met * O Cdn Intl Mnrls V 12 Cdn Metals 250 Cdn Orebodies V 27 O 21 Cdn Orebodies* Cdn Platinum V 2931 177 Cdn Silvr Hunt V Cdn Zinc T 774 Cdn Zinc* O 119 CellCube Enrgy* O 499 CellCube Enrgy 5870 Centamin T 43 O 449 Centaurus Diam* Centenera Mng* O 4 V 96 Centenera Mng Centerra Gold T 4832 Central Iron V 100 Centurion Mnls V 634 T 20 Century Global Cerro Grande 10 Cerro Mng* O 0 Cerro Mng V 7 Ceylon Graph V 150 Chakana Copper V 317 O 61 Chakana Copper* Chalice Gold M* O 3 186 Chalice Gold M T Champion Bear V 199 O 205 Champion Bear* Champion Iron T 2347 O 61 Champion Iron* Chantrell Vent V 417 V 77 Chatham Rock Chatham Rock* O 0 O 93 Chesapeake Gld* Chesapeake Gld V 92 Chevron Corp* N 35216 786 Chiboug Ind Mn V O 40 Chilean Metals* Chilean Metals V 111 Chimata Gold V 171 China Gold Int T 2610 16 China Mnls Mng V China Mnls Mng* O 12 V 40 Chinapintza Mg Cicada Vents V 70 9 CIM Intl Grp Cipher Res V 64 852 Claim Post Res V Clarmin Explor V 1156 Clean Comm V 1175 Clean Comm* O 112 V 95 Cleghorn Mnls Cleghorn Mnls* O 50

0.25 0.20 0.22 - 0.07 0.50 0.20 0.22 0.17 0.17 - 0.05 0.32 0.17 0.03 0.03 0.03 unch 0.00 0.21 0.03 0.04 0.04 0.04 unch 0.00 0.30 0.04 1.63 1.63 1.63 unch 0.00 5.31 1.61 0.03 0.00 0.03 unch 0.00 0.06 0.03 0.39 0.39 0.39 unch 0.00 0.43 0.22 11.72 11.02 11.45 - 0.05 12.50 6.70 9.04 8.44 8.73 - 0.12 9.94 0.06 0.06 0.05 0.06 - 0.01 0.18 0.05 0.28 0.24 0.25 + 0.01 0.64 0.21 0.22 0.18 0.20 + 0.03 0.49 0.16 0.18 0.17 0.18 + 0.01 0.39 0.17 0.24 0.23 0.24 + 0.01 0.48 0.22 12.19 11.59 11.82 + 0.14 12.19 7.68 15.95 15.10 15.61 + 0.48 15.95 9.90 0.32 0.17 0.18 - 0.14 1.09 0.22 0.40 0.23 0.23 - 0.17 0.53 0.10 0.18 0.14 0.15 - 0.04 0.68 0.14 0.22 0.18 0.20 - 0.03 0.95 0.18 0.10 0.09 0.09 + 0.01 0.16 0.06 0.07 0.06 0.06 + 0.01 0.15 0.00 0.11 0.07 0.09 - 0.03 0.12 0.04 0.50 0.43 0.49 + 0.02 0.55 0.15 0.38 0.35 0.36 + 0.03 0.44 0.11 0.10 0.07 0.10 + 0.00 0.32 0.06 0.12 0.09 0.11 - 0.01 0.52 0.08 0.43 0.35 0.36 - 0.03 0.45 0.26 0.33 0.27 0.28 - 0.01 0.37 0.21 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.13 0.11 0.12 unch 0.00 0.17 0.10 0.10 0.08 0.08 - 0.01 0.22 0.06 0.06 0.06 0.06 unch 0.00 0.11 0.06 0.05 0.04 0.05 + 0.00 0.08 0.04 0.09 0.08 0.09 + 0.01 0.19 0.07 0.00 0.00 0.30 unch 0.00 0.71 0.06 0.37 0.27 0.27 - 0.09 0.99 0.23 0.09 0.08 0.09 unch 0.00 0.21 0.06 0.04 0.03 0.03 - 0.00 0.04 0.00 0.05 0.04 0.04 - 0.01 0.06 0.02 0.03 0.00 0.03 - 0.00 0.06 0.02 0.05 0.00 0.05 unch 0.00 0.08 0.03 0.08 0.08 0.08 unch 0.00 0.18 0.08 0.11 0.00 0.11 + 0.01 0.24 0.09 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.03 0.00 0.03 unch 0.00 0.06 0.02 0.33 0.02 0.33 + 0.18 0.40 0.15 0.02 0.00 0.02 unch 0.00 0.03 0.01 0.18 0.17 0.17 unch 0.00 0.60 0.12 0.13 0.13 0.13 + 0.03 0.41 0.10 0.04 0.00 0.04 - 0.00 0.22 0.04 0.06 0.05 0.05 - 0.01 0.29 0.05 1.23 1.08 1.09 - 0.13 1.62 0.77 0.13 0.00 0.13 + 0.01 0.30 0.05 0.14 0.12 0.12 - 0.02 0.14 0.01 0.15 0.14 0.15 + 0.01 0.22 0.07 0.10 0.10 0.10 unch 0.00 0.17 0.05 0.38 0.37 0.38 unch 0.00 0.44 0.35 0.47 0.41 0.44 - 0.04 1.05 0.43 0.04 0.03 0.03 - 0.01 0.15 0.03 0.03 0.03 0.03 - 0.01 0.09 0.03 0.12 0.10 0.10 - 0.04 0.16 0.06 0.16 0.12 0.13 - 0.03 0.21 0.05 0.10 0.08 0.09 - 0.01 0.20 0.05 0.10 0.08 0.10 unch 0.00 0.25 0.05 0.15 0.14 0.15 - 0.01 0.35 0.14 0.09 0.07 0.07 - 0.01 0.13 0.05 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.17 0.14 0.17 + 0.03 0.22 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.07 0.07 unch 0.00 0.16 0.07 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.00 0.00 0.31 unch 0.00 0.85 0.20 0.15 0.15 0.15 - 0.03 0.35 0.15 0.09 0.08 0.08 + 0.02 0.17 0.04 0.13 0.09 0.09 - 0.02 0.22 0.04 0.08 0.07 0.08 unch 0.00 0.10 0.03 0.07 0.07 0.07 + 0.00 0.08 0.02 0.11 0.10 0.11 + 0.01 0.16 0.09 0.09 0.09 0.09 unch 0.00 0.12 0.06 0.15 0.13 0.13 - 0.03 0.40 0.11 0.08 0.08 0.08 + 0.01 0.20 0.05 0.29 0.26 0.26 - 0.02 0.39 0.17 0.22 0.20 0.22 + 0.02 0.27 0.14 0.03 0.03 0.03 - 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.12 0.04 0.17 0.15 0.16 + 0.02 0.23 0.12 0.13 0.11 0.13 + 0.01 0.19 0.09 0.39 0.26 0.29 - 0.10 0.60 0.14 0.50 0.33 0.38 - 0.12 0.76 0.14 2.16 2.05 2.08 - 0.07 2.96 2.05 0.20 0.06 0.13 + 0.01 0.20 0.04 0.12 0.12 0.12 + 0.01 0.21 0.10 0.15 0.12 0.14 unch 0.00 0.25 0.12 7.29 6.80 6.98 unch 0.00 9.35 5.90 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.04 0.03 0.03 unch 0.00 0.06 0.02 0.19 0.16 0.16 unch 0.00 0.29 0.13 0.01 0.00 0.01 - 0.01 0.03 0.01 0.00 0.00 0.13 unch 0.00 0.13 0.02 0.17 0.00 0.17 unch 0.00 0.22 0.04 0.20 0.16 0.17 - 0.01 0.26 0.15 0.73 0.68 0.68 - 0.05 1.05 0.62 0.55 0.53 0.54 - 0.03 0.79 0.38 0.11 0.00 0.11 - 0.02 0.25 0.10 0.14 0.13 0.14 unch 0.00 0.33 0.13 0.19 0.13 0.14 - 0.02 0.23 0.10 0.15 0.12 0.15 + 0.03 0.18 0.10 1.42 1.36 1.38 unch 0.00 1.59 0.87 1.11 1.02 1.02 - 0.04 1.22 0.66 0.08 0.06 0.08 + 0.03 0.10 0.05 0.24 0.20 0.24 unch 0.00 0.57 0.20 0.00 0.00 0.19 unch 0.00 0.42 0.19 1.84 1.53 1.55 - 0.26 3.23 1.66 2.40 2.03 2.03 - 0.34 4.00 2.15 128.38 123.84 124.04 - 2.40 133.88 102.55 0.07 0.06 0.06 unch 0.00 0.09 0.05 0.12 0.12 0.12 - 0.00 0.12 0.02 0.16 0.14 0.16 unch 0.00 0.58 0.13 0.12 0.00 0.09 - 0.03 0.19 0.05 2.65 2.42 2.50 - 0.10 3.19 1.82 0.20 0.18 0.20 - 0.03 0.50 0.16 0.14 0.00 0.13 - 0.00 0.32 0.13 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.32 0.20 0.32 + 0.12 0.60 0.08 0.13 0.12 0.13 + 0.01 0.33 0.07 0.11 0.10 0.11 + 0.01 0.13 0.03 0.20 0.18 0.20 + 0.02 0.50 0.15 0.06 0.05 0.05 unch 0.00 0.21 0.05 0.04 0.03 0.04 + 0.00 0.16 0.03 0.11 0.10 0.11 + 0.01 0.14 0.05 0.09 0.09 0.09 + 0.00 0.11 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

46357 N Cleveland-Clif* Clifton Mng* O 50 Cloud Peak En* N 2389 CMC Metals* O 1 CMC Metals V 132 90 CMX Gold & Sil CNRP Mng 696 CNRP Mng* O 43 Cobalt 27 Cap V 3464 Cobalt Block V 220 Cobalt Block* O 48 Cobalt Pwr Grp* O 638 Cobalt Pwr Grp V 1897 19928 Coeur Mng* N Colibri Res* O 150 Colibri Res V 1064 V 49 Colombia Crest O 6 Colombia Crest* Colonial Coal V 77 O 0 Colorado Gold* O 284 Colorado Res* Colorado Res V 472 T 462 Columbus Gold O 536 Columbus Gold* Comet Inds V 91 O 1 Commander Res* V 18 Commander Res V 860 Commerce Res O 137 Commerce Res* V 284 Compass Gold O 2 Compliance Egy* X 3392 Comstock Mng* V 107 Comstock Mtls 44 Comstock Mtls * O Condor Gold* O 16 Condor Gold T 22 Condor Res V 227 Condor Res* O 75 O 4 Confedertn Ml* V 30 Confedertn Mls V 44 Conquest Res V 78 Cons Woodjam 66 CONSOL Coal Rs* N N 3039 CONSOL Energy* N 13222 CONSOL Energy* V 102 Constantine Mt O 24 Constantine Mt* O 1 Contact Gold* Contact Gold V 317 O 5 Contact Mnrls* Contintl Gold* O 278 Contintl Gold T 2052 Contintl Prec* O 2 Contintl Prec V 22 433 Copper Fox Mtl V Copper Fox Mtl* O 231 150 Copper Lake Rs V Copper Mtn Mng T 3461 Copper Mtn Mng* O 425 80 Copper North M* O 660 Copper North M V Copper One V 276 6 Copper One * O 82 Copper Reef Mg Copperbank Res 299 O 92 Copperbank Res* 37 Coral Gold * O Coral Gold V 92 O 85 Cordoba Mnls* Cordoba Mnls V 648 Core Gold V 113 Core Gold* O 90 Core Lithium* O 23 V 4924 Cornerstone Ca O 39 Cornerstone Ca* O 400 Cornerstone Mt* V 1505 Cornerstone Mt Coro Mining T 150 Corsa Coal V 270 Corsa Coal * O 81 Corvus Gold* O 108 Corvus Gold T 233 CR Capital V 7 1 Crazy Horse Res* O Critical Elem V 722 Critical Elem* O 45 V 98 CROPS Crown Mining V 90 Cruz Cobalt V 998 Cruz Cobalt* O 363 Crystal Lake V 103 Crystal Lake* O 12 Crystal Peak* O 84 Crystal Peak V 123 O 0 CTGX Mining* 7 Currie Rose Rs V 4 CWN M’g Acq V O 50 Cyclone Uran* Cyntar Venture 20 Cypress Dev* O 277 Cypress Dev V 1308

5.56 9.00 8.33 8.66 + 0.18 9.15 0.05 0.09 0.07 0.09 + 0.01 0.14 3.95 3.58 3.67 - 0.04 5.70 2.76 0.02 0.02 0.00 0.02 + 0.00 0.08 0.03 0.04 0.03 0.03 - 0.01 0.11 0.06 0.00 0.06 unch 0.00 0.12 0.04 0.35 0.67 0.49 0.56 - 0.12 0.83 0.02 0.52 0.00 0.39 - 0.11 1.98 11.37 9.37 9.61 - 2.01 14.00 7.42 0.01 0.27 0.22 0.26 + 0.02 0.40 0.02 0.21 0.16 0.20 - 0.04 0.32 0.11 0.09 0.09 - 0.03 0.29 0.06 0.15 0.12 0.12 - 0.03 0.35 0.08 6.71 8.25 7.77 7.95 + 0.18 9.87 0.05 unch 0.00 0.16 0.05 0.05 0.05 0.04 0.07 0.04 0.07 + 0.02 0.23 0.05 0.14 0.00 0.14 + 0.03 0.40 0.00 unch 0.00 0.10 0.09 0.09 0.09 0.08 0.37 0.35 0.35 - 0.01 0.42 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.10 0.12 0.10 0.10 - 0.03 0.37 0.13 0.16 0.14 0.14 - 0.01 0.46 0.26 0.30 0.26 0.28 + 0.01 0.92 0.19 0.24 0.19 0.21 - 0.01 0.73 2.55 unch 0.00 3.55 3.50 3.50 3.50 0.00 0.15 0.00 0.15 + 0.12 0.15 0.13 0.20 0.00 0.17 - 0.03 0.30 0.06 0.07 0.06 0.07 + 0.01 0.10 0.05 0.00 0.08 0.06 + 0.06 0.05 0.38 0.55 0.00 0.50 + 0.06 0.80 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.21 0.32 0.24 0.25 - 0.06 1.12 0.05 0.05 0.00 0.05 - 0.01 0.17 0.04 0.03 0.04 + 0.01 0.13 0.03 0.49 0.51 0.49 0.50 + 0.01 0.90 0.47 0.64 0.56 0.62 - 0.08 1.75 0.07 unch 0.00 0.15 0.09 0.08 0.08 0.06 0.06 0.06 0.06 - 0.01 0.12 0.25 0.28 0.26 0.26 - 0.01 0.60 0.30 0.38 0.35 0.35 + 0.01 0.81 0.01 0.04 0.03 0.03 - 0.01 0.10 0.04 unch 0.00 0.09 0.06 0.06 0.06 16.35 15.95 16.00 unch 0.00 16.65 12.56 19.51 44.85 42.01 42.23 - 1.91 48.12 11.69 17.40 16.67 16.78 - 0.55 18.09 0.56 0.70 0.64 0.64 - 0.05 1.40 0.11 0.52 0.49 0.49 - 0.04 0.65 0.22 unch 0.00 0.22 0.22 0.22 0.22 0.27 0.29 0.27 0.28 + 0.01 1.10 0.06 0.30 0.00 0.29 - 0.10 0.45 2.26 2.77 2.58 2.59 - 0.24 3.22 2.84 3.60 3.39 3.41 - 0.18 4.13 0.20 unch 0.00 0.30 0.27 0.27 0.27 0.26 0.40 0.35 0.40 + 0.05 0.40 0.11 0.10 0.10 unch 0.00 0.18 0.09 0.08 0.07 0.08 + 0.01 0.15 0.07 0.04 0.04 0.04 - 0.01 0.10 0.03 1.45 1.32 1.32 - 0.03 1.85 0.73 1.12 1.00 1.00 - 0.05 1.47 0.55 0.04 0.00 0.02 - 0.01 0.07 0.03 0.05 0.04 0.04 - 0.01 0.11 0.04 0.03 0.12 0.10 0.12 + 0.02 0.22 0.09 0.07 0.07 - 0.02 0.18 0.03 0.03 0.02 0.03 unch 0.00 0.03 0.01 0.06 0.09 0.09 0.09 - 0.01 0.16 0.04 0.08 0.06 0.06 - 0.02 0.12 0.30 0.28 0.28 + 0.00 0.35 0.16 0.33 0.38 0.36 0.37 + 0.01 0.43 0.11 0.15 0.13 0.13 - 0.04 0.63 0.15 0.20 0.17 0.17 - 0.04 0.78 0.22 0.35 0.31 0.31 - 0.04 0.40 0.18 0.28 0.24 0.24 - 0.02 0.34 0.10 0.50 0.39 0.40 - 0.05 4.07 0.15 0.21 0.15 0.18 - 0.03 0.55 0.12 0.17 0.12 0.14 - 0.03 0.44 0.13 0.76 0.57 0.69 + 0.09 0.76 0.07 1.00 0.74 0.92 + 0.18 1.00 0.08 0.12 0.11 0.11 - 0.01 0.16 1.05 1.30 1.05 1.07 - 0.18 2.30 0.78 1.01 0.81 0.88 - 0.02 2.25 0.53 2.08 1.91 2.01 + 0.11 2.45 0.69 2.75 2.49 2.65 + 0.16 3.20 0.06 0.10 0.00 0.10 + 0.01 0.15 0.13 0.13 0.13 unch 0.00 0.18 0.12 0.83 1.01 0.86 1.00 + 0.14 1.86 0.64 0.78 0.66 0.75 + 0.09 1.48 0.05 unch 0.00 0.20 0.06 0.05 0.06 0.07 0.15 0.14 0.14 - 0.02 0.28 0.16 0.20 0.17 0.18 - 0.01 0.41 0.12 0.15 0.13 0.14 - 0.01 0.35 0.16 0.65 0.58 0.58 - 0.03 1.12 0.13 0.49 0.44 0.44 - 0.04 0.84 0.21 0.28 0.27 0.27 + 0.02 0.46 0.30 0.36 0.34 0.36 + 0.02 0.58 0.10 unch 0.00 0.25 0.00 0.00 0.25 0.10 0.00 0.08 unch 0.00 0.20 0.04 0.15 0.15 0.15 unch 0.00 0.25 0.10 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.15 unch 0.00 0.15 0.15 0.15 0.15 0.06 0.31 0.24 0.26 - 0.00 0.34 0.08 0.41 0.31 0.34 - 0.04 0.43

Dajin Res V 397 Dajin Res* O 404 87 Dakota Ter Res* O Daleco Res* O 965 O 171 Dalradian Res* Dalradian Res T 339 Damara Gold V 129 Danakali* O 182 Debut Dmds 327 Decade Res V 1276 Decade Res* O 1576 Declan Res 92 O 45 Deep-South Res* V 89 Deep-South Res Defiance Silvr V 393 O 114 Defiance Silvr* Delrand Res V 461 T 4453 Denison Mines X 6197 Denison Mines* Desert Gold V 63 Desert Lion* O 13 Desert Lion V 283 297 Desert Mtn Egy V 49 Desert Mtn Egy* O Detour Gold T 5822 O 198 Diamante Min* O 57 Diamcor Mng* Diamcor Mng V 246 O 4 Diamond Disc* V 10 Diamond Fields O 0 Diamond Fields* Dios Expl V 303 O 34 Discovery Gold* V 154 Discovery Harb O 3 Discovery Met* V 74 Discovery Met 46958 O Discovery Mnls* V 17 Discovery-Corp Ditem Explor* O 55 DNI Metals 562 DNI Metals* O 11 Dolat Ventures* O 271 67 Dolly Vard Sil* O 116 Dolly Vard Sil V V 402 Doubleview Cap DRDGOLD* N 561 126 Duncan Park H V Dundee Prec Mt T 1105 O 125 Dunnedin Vent* Duran Vent V 425 Durango Res V 696 Durango Res* O 12 DV Resources V 127 55 Dynacor Gld Mn T 17 Dynacor Gld Mn* O O 1 Dynamic Gold* O 11 DynaResource* Dynasty Gold V 102 O 32 Dynasty Gold* E3 Metals V 449 E3 Metals* O 10

0.08 0.10 0.09 0.09 - 0.01 0.22 0.06 0.08 0.07 0.07 - 0.01 0.17 0.07 0.00 0.07 unch 0.00 0.10 0.03 0.00 0.00 0.00 0.00 - 0.00 0.01 0.69 0.74 0.69 0.69 - 0.03 1.37 0.89 0.98 0.89 0.92 - 0.01 1.78 0.04 0.05 0.00 0.05 + 0.01 0.22 0.44 0.55 0.51 0.53 + 0.03 0.65 0.01 unch 0.00 0.03 0.02 0.00 0.01 0.05 0.09 0.07 0.09 + 0.02 0.20 0.04 0.07 0.05 0.07 + 0.02 0.16 0.06 0.29 0.27 0.27 - 0.04 0.34 0.07 0.18 0.18 0.18 - 0.02 0.30 0.08 0.24 0.00 0.24 + 0.02 0.45 0.22 0.38 0.32 0.35 + 0.02 0.44 0.17 0.29 0.24 0.27 + 0.02 0.35 0.47 unch 0.00 2.44 0.60 0.47 0.60 0.50 0.74 0.68 0.70 + 0.02 0.80 0.38 0.58 0.52 0.53 - 0.02 0.64 0.14 0.20 0.17 0.19 + 0.03 0.30 0.77 unch 0.00 1.07 0.88 0.88 0.88 0.95 1.15 1.05 1.07 - 0.08 2.35 0.20 0.17 0.20 - 0.01 0.25 0.06 0.16 0.14 0.15 - 0.00 0.20 0.01 10.72 10.11 10.59 + 0.46 17.86 9.11 0.02 0.15 0.13 0.13 - 0.02 0.17 0.28 0.31 0.30 0.30 - 0.02 0.68 0.35 0.40 0.38 0.39 - 0.03 0.95 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.08 unch 0.00 0.17 0.09 0.00 0.09 0.06 unch 0.00 0.11 0.00 0.00 0.07 0.06 0.09 0.07 0.08 - 0.02 0.19 0.00 0.00 0.00 0.00 + 0.00 0.01 0.05 unch 0.00 0.10 0.07 0.06 0.07 0.22 unch 0.00 0.69 0.00 0.00 0.32 0.27 0.41 0.00 0.38 - 0.04 0.92 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.06 unch 0.00 0.16 0.09 0.09 0.09 0.00 0.08 0.00 0.08 - 0.00 0.13 0.45 15.80 0.10 - 0.60 0.67 0.50 0.47 0.42 0.44 + 0.02 0.84 0.36 0.61 0.54 0.55 unch 0.00 1.04 0.45 0.04 0.10 0.08 0.10 + 0.02 0.11 2.23 2.95 2.70 2.89 + 0.16 4.11 0.02 0.01 0.02 + 0.01 0.02 0.01 3.55 3.31 3.41 - 0.09 3.60 2.21 0.13 unch 0.00 0.26 0.16 0.16 0.16 0.04 0.07 0.06 0.07 + 0.01 0.10 0.06 unch 0.00 0.14 0.09 0.08 0.08 0.05 unch 0.00 0.08 0.05 0.05 0.05 0.10 0.30 0.29 0.29 + 0.01 0.50 1.90 1.81 1.90 + 0.07 2.26 1.50 1.43 1.38 1.41 + 0.00 1.85 1.03 0.65 unch 0.00 3.00 3.00 3.00 3.00 0.80 unch 0.00 1.63 1.25 1.12 1.25 0.10 0.23 0.19 0.20 + 0.01 0.27 0.07 0.16 0.15 0.16 + 0.01 0.22 0.32 0.50 0.38 0.39 - 0.11 1.01 0.28 unch 0.00 0.77 0.35 0.35 0.35

D-F

2018-06-19 5:13 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / JUNE 25–JULY 8, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Eagle Graphite V 32 O 5 Eagle Graphite* Eagle Plains V 607 East Africa V 14 2 East Africa * O 647 East Asia Mnls V East Asia Mnls* O 726 EastCoal Inc V 0 Eastern Platin* O 192 Eastern Platin T 270 Eastern Zinc V 24 Eastfield Res V 199 Eastmain Res* O 103 Eastmain Res T 616 Eco Oro Mnls 48 O 1638 eCobalt Solns* eCobalt Solns T 4311 V 64 Edgewater Expl El Capitan Prc* O 860 73 El Nino Vent* O El Nino Vent V 186 Elcora Res V 183 Elcora Res* O 172 N 23659 Eldorado Gold* Eldorado Gold T 7179 Electra Stone V 171 Eloro Mnrls* O 5 Eloro Mnrls V 54 427 Ely Gold Royal V Ely Gold Royal* O 190 10 Elysee Dev * O Elysee Dev V 29 Emerita Res V 1016 Emgold Mng* O 6 Emgold Mng V 7 Empire Rock V 48 EMX Royalty* X 706 EMX Royalty V 131 O 56 Encanto Potash* Encanto Potash V 35 V 451 EnCore Energy Endeavour Mng T 1696 O 13 Endeavour Mng* Endeavr Silver* N 15000 T 2553 Endeavr Silver Endurance Gold V 15 Energy Fuels* X 2734 Energy Fuels T 669 Enforcer Gold V 268 Engold Mines* O 128 Engold Mines V 210 Ensurge* O 181 Entree Gold* X 175 Entree Gold T 332 Equitorial Ex V 3311 Equitorial Ex* O 64 Erdene Res Dev* O 240 Erdene Res Dev T 2733 Erin Ventures* O 210 Erin Ventures V 160 Ero Copper T 451 Ero Copper* O 7 9 Eros Res Corp* O Eros Res Corp V 77 77 Eros Res Corp V Eskay Mng V 150 V 69 Essex Minerals Ethos Gold* O 31 Ethos Gold V 14 Euro Sun Mg* O 9 108 Euro Sun Mg T EurOmax Res* O 5 EurOmax Res T 2 European Elect* O 92 V 1378 European Elect European Metal* O 159 V 97 Eurotin Everton Res V 79 Everton Res* O 25 EVI Global Grp 125 Evolving Gold 16 Evolving Gold* O 1 Evrim Res V 619 Excellon Res* O 227 Excellon Res T 541 Excelsior Mng* O 556 T 597 Excelsior Mng ExGen Res Inc V 146 Explor Res* O 142 Explor Res V 1142 Explorex Res 107 Explorex Res* O 7 Fairmont Res V 71 Fairmont Res* O 4 Falco Res V 327 Falco Res * O 40 Falcon Gold V 1142 Fancamp Expl V 513 Far Res 12514 Far Res* O 415 V 22 Fengro Industr Filo Mg Corp V 92 Finlay Minrls V 35 Fiore Gold* O 193 Fiore Gold V 168 Fire River Gol* O 0 Firebird Res V 10 Firesteel Res V 1080 V 1 Firestone Vent Fireweed Zinc V 257 O 63 Fireweed Zinc* Firma Holdings* O 3561 First Bauxite V 96 First Cobalt * O 2018 First Cobalt V 4378 First Colombia* O 805 First Energy* O 9 First Energy V 104 First Legacy V 325 First Liberty* O 19454 First Majestic T 4548 First Majestic* N 19498 First Mexican V 517 First Mg Fin T 6214 First Mg Fin * O 1885 First Point* O 100 First Quantum T 10750 Fission 3.0 V 275 Fission 3.0* O 129 Fission Uran* O 1139 Fission Uran T 4221 Five Star Diam V 72 O 3 Fjordland Exp* Fjordland Exp V 64 Focus Graphite* O 101 V 639 Focus Graphite Foran Mng V 896 Forsys Metals T 782 Fort St James* O 0 Fort St James V 81 Fortescue Met* O 67 Fortuna Silvr* N 7253 Fortuna Silvr T 3617 Fortune Bay* O 1 Fortune Bay V 10 O 1748 Fortune Mnrls* Fortune Mnrls T 4522 Forum Energy V 2330 Forum Energy* O 57 Four Nines 103 Fox River Res 59 63 Fox River Res* O FPX Nickel V 582 N 3562 Franco-Nevada* Franco-Nevada T 2487 Franklin Mng* O 7 Freedom Egy V 63 Freegold Vent T 83 Freeport McMoR* N 69548 Freeport Res V 33 Fremont Gold* O 40 Fremont Gold V 208 Fresnillo plc* O 3 Frontier Lith V 47 Frontline Gold V 286 Fura Gems V 350 Fura Gems* O 25

0.18 0.00 0.17 - 0.01 0.36 0.15 0.13 0.13 0.13 - 0.01 0.18 0.01 0.17 0.15 0.15 - 0.01 0.29 0.13 0.24 0.22 0.22 - 0.02 0.37 0.18 0.17 0.17 0.17 unch 0.00 0.28 0.15 0.05 0.00 0.04 - 0.01 0.51 0.04 0.03 0.00 0.03 - 0.00 0.34 0.03 0.00 0.00 0.12 unch 0.00 0.12 0.07 0.26 0.24 0.26 + 0.02 0.37 0.19 0.35 0.00 0.32 unch 0.00 0.50 0.25 0.30 0.26 0.26 - 0.04 0.46 0.17 0.04 0.03 0.04 unch 0.00 0.05 0.03 0.19 0.16 0.18 + 0.01 0.32 0.14 0.24 0.21 0.23 + 0.01 0.39 0.16 0.25 0.18 0.19 - 0.02 0.45 0.15 1.07 0.81 0.85 - 0.17 1.74 0.79 1.34 1.06 1.16 - 0.18 2.10 1.01 0.17 0.17 0.17 unch 0.00 0.22 0.12 0.03 0.02 0.02 - 0.01 0.09 0.01 0.05 0.04 0.05 + 0.00 0.06 0.02 0.06 0.04 0.04 - 0.01 0.08 0.02 0.29 0.24 0.27 + 0.02 0.56 0.13 0.21 0.18 0.21 + 0.00 0.44 0.12 1.18 1.12 1.16 + 0.03 2.93 0.80 1.55 1.46 1.52 + 0.04 3.87 1.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.51 0.51 0.51 + 0.01 0.96 0.45 0.72 0.65 0.70 + 0.01 1.27 0.53 0.11 0.10 0.10 - 0.01 0.15 0.09 0.08 0.08 0.08 + 0.00 0.13 0.07 0.28 0.27 0.28 unch 0.00 0.31 0.20 0.38 0.00 0.38 + 0.02 0.39 0.26 0.10 0.09 0.09 - 0.01 0.17 0.08 0.12 0.11 0.11 - 0.00 0.25 0.09 0.16 0.00 0.15 - 0.01 0.31 0.14 0.18 0.18 0.18 unch 0.00 0.30 0.16 1.25 1.08 1.15 - 0.04 1.34 0.67 1.62 1.44 1.50 unch 0.00 1.70 0.85 0.19 0.19 0.19 - 0.01 0.22 0.02 0.25 0.22 0.22 - 0.01 0.80 0.20 0.06 0.05 0.06 + 0.01 0.08 0.04 23.98 23.14 23.71 + 0.61 26.86 20.61 18.31 17.71 17.86 + 0.05 21.72 15.85 3.32 2.80 3.20 + 0.39 3.32 1.94 4.34 3.64 4.23 + 0.60 4.34 2.50 0.07 0.05 0.07 unch 0.00 0.09 0.05 2.14 2.01 2.02 + 0.01 2.21 1.30 2.75 2.65 2.68 + 0.07 2.81 1.66 0.05 0.00 0.05 unch 0.00 0.23 0.05 0.18 0.16 0.16 - 0.01 0.36 0.14 0.25 0.20 0.20 - 0.05 0.49 0.14 0.09 0.06 0.06 - 0.02 0.09 0.02 0.45 0.39 0.40 - 0.03 0.69 0.33 0.56 0.51 0.52 - 0.04 0.85 0.42 0.10 0.08 0.08 - 0.01 0.15 0.06 0.08 0.07 0.07 - 0.01 0.11 0.04 0.40 0.29 0.35 + 0.06 0.90 0.25 0.53 0.36 0.46 + 0.10 1.20 0.32 0.11 0.10 0.10 - 0.01 0.23 0.01 0.13 0.00 0.11 - 0.02 0.33 0.08 10.41 10.07 10.19 - 0.07 10.85 4.70 7.89 0.00 7.81 - 0.10 8.12 3.88 0.09 0.08 0.08 - 0.01 0.18 0.08 0.12 0.11 0.11 - 0.01 0.23 0.11 0.12 0.11 0.11 - 0.01 0.23 0.11 0.26 0.21 0.23 - 0.02 0.51 0.18 0.13 0.11 0.11 - 0.02 0.25 0.09 0.13 0.11 0.13 + 0.01 0.23 0.10 0.15 0.15 0.15 - 0.01 0.28 0.13 0.92 0.90 0.91 - 0.00 1.55 0.71 1.21 1.14 1.15 - 0.05 2.02 0.92 0.16 0.12 0.16 - 0.01 0.35 0.12 0.19 0.00 0.19 - 0.01 0.50 0.18 0.18 0.11 0.14 + 0.01 0.79 0.10 0.23 0.17 0.19 + 0.02 0.93 0.15 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.08 0.06 0.08 unch 0.00 0.10 0.04 0.04 0.04 0.04 - 0.01 0.06 0.03 0.03 0.03 0.03 + 0.01 0.05 0.02 0.23 0.19 0.19 - 0.04 0.43 0.03 0.12 0.00 0.11 - 0.02 0.41 0.10 0.08 0.00 0.07 - 0.03 0.32 0.08 1.24 1.17 1.18 - 0.06 1.70 0.19 1.25 1.12 1.13 - 0.05 1.87 0.92 1.62 1.45 1.45 - 0.06 2.30 1.22 1.11 0.98 1.00 - 0.11 1.21 0.62 1.43 1.27 1.31 - 0.12 1.50 0.82 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.04 0.00 0.04 + 0.00 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.33 0.30 0.32 + 0.02 0.65 0.16 0.23 0.23 0.23 unch 0.00 0.31 0.15 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.59 0.56 0.57 + 0.01 1.25 0.56 0.45 0.44 0.45 + 0.02 1.01 0.44 0.06 0.05 0.05 unch 0.00 0.08 0.04 0.10 0.09 0.10 + 0.01 0.18 0.05 0.39 0.24 0.32 + 0.09 1.10 0.08 0.29 0.18 0.22 + 0.04 0.87 0.06 0.13 0.00 0.12 - 0.01 0.40 0.12 2.25 2.21 2.22 + 0.01 2.80 1.95 0.05 0.00 0.05 unch 0.00 0.34 0.05 0.47 0.42 0.42 - 0.02 0.95 0.22 0.59 0.55 0.55 + 0.02 1.18 0.51 0.01 0.00 0.01 + 0.00 0.51 0.00 0.04 0.04 0.04 unch 0.00 0.09 0.01 0.17 0.13 0.16 + 0.02 0.16 0.05 0.00 0.00 0.09 unch 0.00 0.19 0.03 1.70 1.42 1.43 - 0.23 2.14 0.67 1.32 1.08 1.09 - 0.20 1.67 0.54 0.07 0.04 0.05 - 0.01 0.13 0.02 0.05 0.04 0.05 + 0.01 0.06 0.03 0.56 0.42 0.43 - 0.11 1.30 0.38 0.70 0.55 0.55 - 0.15 1.65 0.48 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.32 0.00 0.31 + 0.02 0.32 0.10 0.40 0.00 0.39 + 0.01 0.43 0.15 0.15 0.14 0.14 unch 0.00 0.25 0.14 0.00 0.00 0.00 - 0.00 0.00 0.00 10.44 9.54 9.82 + 0.36 11.24 6.24 7.97 7.35 7.46 + 0.16 8.52 4.93 0.04 0.03 0.03 - 0.01 0.07 0.01 0.51 0.43 0.44 - 0.02 0.75 0.41 0.38 0.33 0.33 - 0.02 0.60 0.31 0.12 0.11 0.12 unch 0.00 0.13 0.06 22.06 20.62 21.07 - 0.76 23.05 9.69 0.17 0.14 0.17 + 0.04 0.36 0.08 0.12 0.10 0.12 + 0.02 0.17 0.02 0.60 0.52 0.52 - 0.04 0.72 0.40 0.78 0.69 0.70 - 0.03 0.89 0.53 0.13 0.12 0.13 - 0.03 0.36 0.09 0.13 0.13 0.13 unch 0.00 0.47 0.07 0.33 0.18 0.33 + 0.15 0.59 0.10 0.04 0.03 0.04 + 0.00 0.08 0.03 0.05 0.04 0.04 unch 0.00 0.11 0.04 0.51 0.45 0.48 - 0.02 0.62 0.24 0.18 0.13 0.18 + 0.05 0.21 0.09 0.00 0.00 0.06 unch 0.00 0.33 0.00 0.32 - 0.01 0.59 0.15 3.62 0.00 3.50 - 0.10 4.79 3.22 5.74 5.44 5.60 + 0.09 6.08 4.03 7.49 7.09 7.39 + 0.25 7.63 5.13 0.26 0.00 0.26 + 0.01 0.49 0.22 0.41 0.00 0.34 + 0.01 0.64 0.32 0.15 0.11 0.12 - 0.03 0.33 0.00 0.20 0.16 0.17 - 0.02 0.38 0.16 0.07 0.04 0.06 + 0.02 0.09 0.04 0.04 0.04 0.04 + 0.01 0.07 0.03 0.07 0.07 0.07 - 0.01 0.16 0.07 0.07 0.06 0.06 unch 0.00 0.15 0.05 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.17 0.14 0.15 + 0.02 0.18 0.07 70.76 68.63 69.60 - 1.08 86.06 66.19 92.22 90.31 91.92 + 0.45 110.18 85.21 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.00 0.05 unch 0.00 0.12 0.04 0.08 0.00 0.08 unch 0.00 0.17 0.07 18.37 16.64 16.89 - 1.14 20.25 11.12 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.13 0.13 0.13 unch 0.00 0.17 0.10 0.15 0.00 0.15 - 0.01 0.22 0.11 16.36 0.00 15.65 - 0.78 22.04 15.65 0.48 0.43 0.45 unch 0.00 0.85 0.31 0.02 0.01 0.02 unch 0.00 0.03 0.01 0.50 0.38 0.40 - 0.07 1.13 0.35 0.34 0.28 0.29 - 0.09 1.23 0.27

G-H Gabriel Res V 103 0.33 0.29 0.33 + 0.03 0.45 0.26 Gabriel Res* O 88 0.25 0.22 0.24 + 0.02 0.34 0.20

20-23_June25_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 186 Gainey Capital Galane Gold V 698 Galantas Gold V 297 O 8 Galantas Gold* Galore Res V 15 Galway Gold V 82 Galway Mtls* O 153 Galway Mtls V 154 GAR Limited 6107 Garibaldi Res V 895 Garibaldi Res * O 80 General Moly T 10 General Moly* X 539 Generation Min 189 Genesis Mtls* O 33 Genesis Mtls V 530 Genius Props * O 345 Genius Props 1682 Gensource Pot V 1154 Gentor Res V 185 Geologix Expl* O 435 Geologix Expl V 91 Geomega Res V 294 225 Gespeg Cop Res V Getty Copper V 231 O 47 GFG Resources* GGL Res* O 3 GGL Res V 153 GGX Gold V 1084 Giga Metals V 382 Giga Metals* O 145 Gitennes Expl V 70 Giyani Gold V 157 Giyani Gold* O 178 Glacier Lake V 530 Glacier Lake* O 850 Gldn Predator* O 490 Gldn Predator V 849 Glen Eagle Res V 287 Glencore Plc* O 1234 Global Atomic V 253 O 178 Global Cobalt* Global Energy V 357 O 9 Global Energy* Global Gold* O 1 O 1 Global Hunter* Global Li-Ion 49 Global Li-Ion* O 42 Globex Mng* O 21 Globex Mng T 127 GMV Minerals V 97 O 30 GMV Minerals* GNCC Capital* O 4800 Go Cobalt 84 GobiMin V 6 5 God’s Lake Res GoGold Res T 344 O 100 Gold Dynamics* Gold Fields* N 27147 624 Gold Finder Ex V Gold Finder Ex* O 0 Gold Lakes* O 18 Gold Reserve* O 149 Gold Reserve V 54 Gold Resource* X 2420 Gold Std Vents* X 8690 Gold Std Vents T 1384 O 2 Goldbank Mng* Goldbank Mng V 18 Goldcliff Res* O 41 Goldcliff Res V 222 Goldcorp T 11004 Goldcorp* N 34738 Golden Arrow V 469 Golden Arrow* O 332 V 5 Golden Cariboo Golden Dawn Ml V 1375 13 Golden Dawn Ml* O Golden Global* O 129 O 70 Golden Goliath* Golden Goliath V 89 Golden Harp* O 1 Golden Hope* O 7 Golden Hope V 48 Golden Mnls T 31 Golden Mnls* X 599 Golden Peak Mn V 1490 13 Golden Peak Mn* O Golden Pursuit V 85 T 346 Golden Queen Golden Queen* O 314 Golden Reign V 800 Golden Ridge V 577 V 57 Golden Secret Golden Share V 99 Golden Star T 420 Golden Star* X 4330 Golden Sun* O 50 Golden Tag V 130 O 324 Golden Valley* Golden Valley V 234 Goldex Res* O 2 Goldex Res V 33 O 107 Goldgroup Mng* Goldgroup Mng T 403 GoldMining V 845 GoldON Res V 8 Goldplay Expl V 27 GoldQuest Mng V 1196 Goldrea Res 552 Goldrea Res* O 51 O 133 Goldrich Mng* Goldsource Min* O 960 V 1768 Goldsource Min Goldstar Mnls V 452 V 81 Goldstream Mnl Goldstrike Res V 417 Goliath Res V 3072 Goliath Res* O 385 Gossan Res V 129 GoviEx Uranium* O 609 V 3588 GoviEx Uranium Gowest Gold* O 42 Gowest Gold V 736 GPM Metals V 828 GPM Metals* O 3 Gran Colombia* O 54 T 539 Gran Colombia Granada Gold V 911 O 48 Granada Gold* Grande Portage V 238 40 Granite Ck Gld V Graphite Egy* O 346 Graphite Egy 90 Graphite One V 664 O 587 Graphite One* Gratomic* O 78 Gratomic V 2362 Gray Rock Res V 13 Great Atlantic V 536 Great Bear Res V 98 57 Great Bear Res* O Great Lakes Gr* O 140 369 Great Lakes Gr V Great Panther T 590 X 3422 Great Panther* Great Quest Fe* O 1 287 Great Quest Fe V Great Thunder V 496 O 107 Great Western* Green Arrow V 22 Green River 150 Green Swan Cap V 52 16 Green Valley M V Greencastle Rs V 129 O 962 Greenland M&En* Greenshield Ex V 5 Grenville Gold V 101 Grid Metals V 170 Grid Metals* O 15 Grizzly Discvr* O 55 Grizzly Discvr V 3 Grosvenor Res V 12 Group Eleven V 231 Group Ten Mtls* O 245 Group Ten Mtls V 1304 GrowMax Res* O 183 GrowMax Res V 4991 GT Gold V 794 O 113 GT Gold * GTA Res & Mng V 121 V 63 Guerrero Vents

0.07 0.06 0.07 unch 0.00 0.20 0.06 0.07 0.05 0.06 - 0.01 0.11 0.05 0.09 0.09 0.09 - 0.01 0.13 0.07 0.08 0.08 0.08 unch 0.00 0.10 0.06 0.03 0.03 0.03 unch 0.00 0.06 0.01 0.05 0.05 0.05 unch 0.00 0.16 0.05 0.18 0.16 0.17 + 0.00 0.36 0.16 0.24 0.20 0.24 + 0.03 0.45 0.20 0.15 0.13 0.14 - 0.02 0.65 0.06 3.38 3.01 3.12 - 0.21 5.27 0.12 2.57 2.30 2.33 - 0.27 4.12 0.10 0.57 0.00 0.57 + 0.03 0.61 0.35 0.45 0.41 0.42 + 0.01 0.51 0.28 0.16 0.00 0.14 + 0.04 0.20 0.08 0.06 0.05 0.05 + 0.00 0.18 0.05 0.08 0.07 0.07 unch 0.00 0.22 0.07 0.22 0.19 0.22 - 0.00 0.22 0.18 0.31 0.24 0.27 + 0.03 0.31 0.12 0.16 0.15 0.15 unch 0.00 0.16 0.06 0.12 0.10 0.12 + 0.02 0.20 0.06 0.02 0.01 0.02 + 0.01 0.07 0.01 0.03 0.02 0.03 unch 0.00 0.09 0.02 0.13 0.11 0.11 - 0.02 0.20 0.06 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.03 0.02 0.03 + 0.01 0.04 0.02 0.19 0.17 0.19 + 0.01 0.66 0.17 0.09 0.09 0.09 unch 0.00 0.13 0.09 0.13 0.12 0.12 - 0.01 0.19 0.10 0.10 0.09 0.10 - 0.01 0.24 0.09 0.34 0.29 0.29 unch 0.00 0.92 0.05 0.26 0.23 0.23 - 0.00 0.72 0.11 0.06 0.05 0.06 + 0.01 0.15 0.04 0.26 0.23 0.23 - 0.01 0.50 0.20 0.20 0.17 0.18 - 0.01 0.41 0.17 0.06 0.05 0.06 unch 0.00 0.13 0.05 0.04 0.04 0.04 - 0.00 0.06 0.04 0.37 0.31 0.31 - 0.03 1.06 0.30 0.47 0.40 0.41 - 0.04 1.39 0.40 0.15 0.12 0.14 - 0.01 0.31 0.12 10.63 10.06 10.14 - 0.13 11.68 6.90 0.37 0.31 0.35 + 0.01 0.59 0.20 0.01 0.00 0.00 - 0.00 0.43 0.00 0.11 0.09 0.10 - 0.01 0.27 0.08 0.07 0.07 0.07 unch 0.00 0.22 0.07 2.50 2.50 2.50 unch 0.00 12.55 1.78 0.01 0.01 0.01 unch 0.00 0.10 0.01 0.29 0.27 0.28 - 0.02 0.97 0.25 0.24 0.20 0.22 + 0.01 0.80 0.20 0.33 0.32 0.33 + 0.02 0.48 0.28 0.46 0.42 0.43 + 0.02 0.59 0.37 0.24 0.21 0.24 + 0.02 0.49 0.18 0.15 0.15 0.15 unch 0.00 0.42 0.14 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.15 0.14 0.15 + 0.01 0.22 0.08 0.40 0.00 0.40 unch 0.00 0.57 0.33 1.10 1.10 1.10 + 0.15 1.10 0.04 0.45 0.41 0.43 + 0.02 0.65 0.31 0.00 0.00 0.00 unch 0.00 0.01 0.00 3.82 3.58 3.71 + 0.08 4.70 3.33 0.48 0.44 0.45 - 0.01 1.85 0.11 0.34 0.00 0.34 - 0.02 1.33 0.00 0.05 0.00 0.05 + 0.01 5.00 0.01 3.02 2.35 2.80 + 0.27 4.25 2.05 3.78 3.24 3.68 + 0.41 5.35 2.50 6.66 5.98 6.66 + 0.61 6.44 3.37 1.45 1.15 1.22 - 0.23 2.04 1.16 1.89 1.50 1.61 - 0.26 2.69 1.50 0.11 0.11 0.11 unch 0.00 0.16 0.11 0.15 0.15 0.15 unch 0.00 0.34 0.10 0.08 0.08 0.08 - 0.00 0.41 0.07 0.11 0.11 0.11 - 0.01 0.52 0.09 18.78 18.23 18.45 + 0.12 19.32 15.00 14.32 13.85 13.97 - 0.19 15.55 11.64 0.46 0.42 0.46 + 0.03 0.72 0.37 0.35 0.32 0.33 - 0.01 0.58 0.29 0.08 0.08 0.08 unch 0.00 0.19 0.05 0.19 0.16 0.19 + 0.01 0.68 0.16 0.14 0.13 0.13 - 0.00 0.31 0.10 0.13 0.09 0.10 - 0.02 0.19 0.00 0.03 0.02 0.02 - 0.00 0.05 0.02 0.04 0.03 0.03 unch 0.00 0.06 0.03 0.08 0.08 0.08 unch 0.00 0.10 0.06 0.08 0.07 0.07 - 0.01 0.11 0.06 0.10 0.00 0.09 - 0.01 0.15 0.07 0.53 0.49 0.49 unch 0.00 0.88 0.46 0.40 0.37 0.37 - 0.01 0.68 0.36 0.43 0.31 0.32 - 0.12 0.50 0.16 0.31 0.00 0.25 - 0.06 0.35 0.22 0.17 0.16 0.17 + 0.02 0.21 0.11 0.23 0.20 0.22 unch 0.00 0.75 0.16 0.17 0.15 0.17 + 0.01 0.57 0.12 0.21 0.19 0.20 - 0.02 0.37 0.18 0.17 0.15 0.15 - 0.02 0.41 0.11 0.27 0.26 0.27 + 0.02 0.50 0.19 0.20 0.18 0.19 unch 0.00 0.30 0.09 0.93 0.86 0.91 + 0.02 1.17 0.70 0.71 0.65 0.68 - 0.01 0.92 0.56 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.06 0.07 + 0.01 0.07 0.03 0.23 0.22 0.22 - 0.01 0.25 0.19 0.29 0.28 0.29 - 0.01 0.31 0.24 0.62 0.00 0.57 - 0.02 1.96 0.36 0.85 0.00 0.76 - 0.02 2.56 0.44 0.06 0.05 0.05 - 0.00 0.09 0.03 0.08 0.06 0.08 + 0.01 0.12 0.05 1.02 0.97 1.00 unch 0.00 1.96 0.96 0.14 0.00 0.14 - 0.01 0.20 0.10 0.26 0.25 0.25 - 0.02 0.34 0.12 0.21 0.18 0.20 + 0.01 0.50 0.18 0.14 0.11 0.11 - 0.02 0.38 0.04 0.09 0.09 0.09 unch 0.00 0.30 0.03 0.04 0.03 0.03 - 0.00 0.06 0.02 0.06 0.04 0.05 - 0.01 0.11 0.04 0.07 0.06 0.07 unch 0.00 0.14 0.06 0.06 0.05 0.06 + 0.01 0.09 0.03 0.13 0.10 0.13 + 0.01 0.13 0.05 0.21 0.19 0.19 - 0.03 0.39 0.17 0.24 0.15 0.22 + 0.06 0.40 0.08 0.04 0.03 0.04 unch 0.00 0.08 0.01 0.08 0.00 0.08 unch 0.00 0.12 0.05 0.19 0.16 0.16 - 0.02 0.27 0.14 0.24 0.22 0.22 - 0.03 0.33 0.17 0.07 0.05 0.05 - 0.02 0.18 0.04 0.08 0.07 0.07 - 0.02 0.23 0.06 0.04 0.00 0.04 unch 0.00 0.18 0.04 0.03 0.03 0.03 unch 0.00 0.11 0.02 2.57 2.33 2.35 - 0.04 2.62 1.08 3.35 3.04 3.08 - 0.03 3.45 1.34 0.24 0.17 0.20 - 0.01 0.64 0.17 0.17 0.13 0.14 - 0.02 0.52 0.13 0.25 0.23 0.25 + 0.05 0.71 0.14 0.09 0.09 0.09 unch 0.00 0.17 0.08 0.14 0.08 0.12 + 0.00 1.56 0.08 0.16 0.12 0.15 unch 0.00 1.76 0.12 0.07 0.06 0.07 + 0.01 0.12 0.04 0.06 0.05 0.05 - 0.00 0.09 0.03 0.10 0.09 0.09 - 0.02 0.21 0.04 0.14 0.12 0.13 - 0.01 0.32 0.05 0.17 0.14 0.17 unch 0.00 0.57 0.14 0.08 0.07 0.08 + 0.02 0.24 0.06 0.56 0.51 0.51 - 0.01 0.73 0.23 0.44 0.40 0.40 - 0.01 0.59 0.19 0.04 0.03 0.04 + 0.00 0.08 0.02 0.05 0.04 0.05 + 0.01 0.09 0.03 1.62 1.50 1.54 - 0.03 1.86 1.39 1.24 1.11 1.22 + 0.01 1.46 1.06 0.05 0.05 0.05 unch 0.00 0.16 0.05 0.09 0.07 0.07 - 0.01 0.24 0.07 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 0.03 0.03 - 0.01 0.19 0.03 0.06 0.05 0.06 - 0.01 0.09 0.03 0.06 0.05 0.06 - 0.01 0.13 0.03 0.36 0.28 0.36 + 0.06 0.50 0.08 0.09 0.08 0.08 unch 0.00 0.18 0.07 0.06 0.06 0.06 - 0.00 0.11 0.06 0.14 0.14 0.14 unch 0.00 0.15 0.05 0.17 0.15 0.17 unch 0.00 0.17 0.08 0.21 0.16 0.20 + 0.03 0.52 0.10 0.15 0.13 0.15 - 0.00 0.37 0.07 0.08 0.08 0.08 unch 0.00 0.11 0.03 0.00 0.00 0.10 unch 0.00 0.14 0.03 0.20 0.17 0.17 - 0.03 0.20 0.16 0.15 0.15 0.15 + 0.01 0.40 0.14 0.17 0.14 0.15 + 0.00 0.23 0.08 0.21 0.18 0.19 - 0.01 0.28 0.09 0.08 0.07 0.07 - 0.01 0.13 0.06 0.10 0.09 0.09 - 0.01 0.19 0.09 0.90 0.79 0.82 - 0.06 2.76 0.32 0.69 0.60 0.60 - 0.07 2.24 0.31 0.04 0.00 0.03 - 0.01 0.06 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gungnir Res V 113 Gungnir Res* O 153 Gunpoint Expl V 24 Guyana Gldflds T 2550 V 796 Guyana Goldstr O 5 Guyana Goldstr* Handa Mining V 42 O 0 Handeni Gold* Hannan Metals V 166 Hannan Metals* O 16 367 Happy Ck Mnrls V V 99 Harfang Explor Harmony Gold* N 41626 Harte Gold* O 330 Harte Gold T 2592 Harvest Gold* O 313 Harvest Gold V 1749 O 1 Hawkeye Gld&Di* Hawkeye Gld&Di V 497 V 121 Heatherdale Rs Hecla Mining* N 21959 Helio Res V 12 Helio Res* O 6 Hellix Vent* O 442 Hemcare Health* O 3 Heron Res* O 162 HFX Holding V 20 Highbank Res V 208 V 1928 Highland Copp Highland Copp* O 337 177 Highway 50 Gld V HiHo Silver 655 Hinterland Mtl V 42 Hochschild Mg* O 82 V 6 Homeland Egy Honey Badger E V 3150 T 434 Horizonte Mnls Hornby Bay Mnl* O 8 34 Hornby Bay Mnl V HudBay Mnls* N 2035 HudBay Mnls T 7762 Hudson Res V 119 Hudson Res* O 28 Hunt Mng* O 37 Hunt Mng V 38 Hut 8 Mining* O 17 640 Hut 8 Mining V Hybrid Mineral V 27 Hycroft Mg* O 0

0.13 0.12 0.12 - 0.02 0.22 0.04 0.10 0.09 0.09 - 0.01 0.17 0.03 0.41 0.36 0.41 + 0.04 0.41 0.16 4.98 4.77 4.92 + 0.06 6.13 3.96 0.39 0.00 0.37 + 0.04 0.39 0.14 0.28 0.00 0.28 + 0.03 0.26 0.14 0.08 0.00 0.08 + 0.03 0.18 0.05 0.00 0.00 0.05 unch 0.00 0.13 0.02 0.16 0.15 0.15 - 0.01 0.43 0.13 0.14 0.12 0.12 + 0.01 0.34 0.09 0.18 0.16 0.16 - 0.01 0.26 0.14 0.25 0.25 0.25 - 0.01 0.35 0.22 1.64 1.52 1.58 - 0.02 2.53 1.56 0.29 0.26 0.29 - 0.01 0.54 0.26 0.38 0.34 0.37 unch 0.00 0.71 0.33 0.05 0.04 0.05 - 0.00 0.05 0.03 0.07 0.05 0.07 + 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.06 0.00 0.05 - 0.01 0.12 0.05 0.04 0.04 0.04 - 0.01 0.08 0.04 3.99 3.74 3.84 + 0.10 5.58 3.25 0.10 0.10 0.10 - 0.01 0.75 0.10 0.07 0.07 0.07 unch 0.00 0.35 0.00 0.02 0.01 0.02 + 0.01 0.23 0.01 0.51 0.50 0.50 - 0.03 2.30 0.11 0.47 0.45 0.45 - 0.02 0.95 0.43 0.06 0.06 0.06 unch 0.00 0.12 0.04 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.11 0.08 0.08 - 0.00 0.17 0.08 0.07 0.05 0.06 - 0.00 0.14 0.06 0.37 0.25 0.28 - 0.07 0.45 0.22 0.09 0.07 0.09 - 0.01 0.14 0.03 0.04 0.00 0.04 + 0.01 0.05 0.02 2.94 2.56 2.67 - 0.27 4.37 2.56 0.29 0.00 0.27 - 0.02 0.38 0.18 0.15 0.12 0.15 + 0.02 0.20 0.04 0.08 0.07 0.08 + 0.01 0.11 0.04 0.03 0.03 0.03 - 0.00 0.07 0.00 0.05 0.05 0.05 - 0.01 0.08 0.00 6.85 6.20 6.40 - 0.35 10.25 4.60 8.89 8.21 8.38 - 0.40 12.65 6.13 0.47 0.45 0.47 + 0.03 0.65 0.38 0.36 0.34 0.36 + 0.00 0.52 0.29 0.34 0.21 0.25 + 0.02 0.41 0.11 0.31 0.30 0.31 + 0.04 0.51 0.13 2.57 2.51 2.51 - 0.24 3.74 2.51 3.50 3.23 3.25 - 0.25 5.00 0.04 0.26 0.23 0.23 - 0.02 0.55 0.15 0.00 0.00 0.07 unch 0.00 2.00 0.01

I-Minerals V 1 IAMGOLD T 4696 IAMGOLD* N 16564 Iconic Mnls * O 14 Iconic Mnls V 505 IDM Mining* O 104 IDM Mining V 1194 IEMR Res V 2 IGC Res V 12 iMetal Res* O 23 iMetal Res V 486 IMPACT Silver V 641 Imperial Metal T 92 O 5 Imperial Metal* Imperial Mg Gr V 126 Inca One Gold* O 195 Inca One Gold V 397 Inception Mng * O 16 V 105 Independence G Independence G* O 15 Indico Res V 765 Indigo Expl V 142 Infinite Lith V 370 Infinite Lith* O 8 Inform Res V 10 Infrastructure* O 100 Inomin Mines V 108 Inspiration Mg* O 24 Inspiration Mg 827 Intact Gold* O 13 Intact Gold V 1050 Integra Res* O 80 Integra Res V 184 Inter-Rock Mnl V 70 O 19 Inter-Rock Mnl* Intercontinent V 14 O 1 Intercontinent* Intgr Egy Sol* O 14250 Intl Battery* O 376 Intl Battery 473 Intl Bethl Mng V 1238 Intl Cobalt* O 188 Intl Cobalt 1705 Intl Corona V 100 Intl Lithium* O 418 Intl Lithium V 742 33 Intl Millm Mng V Intl Montoro V 923 16 Intl Prospect * O Intl Prospect V 43 Intl Samuel Ex* O 375 Intl Samuel Ex V 418 27572 Intl Star* O Intl Tower Hil* X 1510 101 Intl Tower Hil T Intl Zeolite V 225 Intl Zeolite* O 0 Intrepid Pots* N 3771 INV Metals* O 12 INV Metals T 94 81 Inventus Mg * O Inventus Mg V 106 InZinc Mining V 1582 InZinc Mining* O 170 O 340 Ireland* Ironside Res V 27 Irving Res 107 Irving Res* O 69 IsoEnergy Ltd V 140 Itafos* O 11 V 12 Itafos Itoco Mg Corp* O 13 O 879 Ivanhoe Mines* Ivanhoe Mines T 12218 Jade Leader* O 62 Jade Leader V 230 Jaguar Mng T 221 Jaguar Mng* O 83 Japan Gold V 540 Japan Gold* O 272 Jasper Mng V 250 Jasper Mng* O 12 O 25 Jaxon Mining* Jaxon Mining V 390 Jayden Res V 48 Jayden Res* O 1 Jazz Res V 15 JDF Explor Inc 13 V 82 Jiminex Jiulian Res V 20 Jourdan Res V 643 Jubilee Gold V 161 O 85 Juggernaut Exp* Juggernaut Exp V 2154 V 78 K2 Gold K92 Mng Inc* O 717 K92 Mng Inc V 1719 Kaizen Discov V 779 O 2 Kaizen Discvry* Kapuskasing Gd V 10 Karmin Expl V 160 Karnalyte Res T 262 Karoo Expl V 861 KAT Expl* O 11034 25047 Katanga Mng T Kenadyr Mining V 197 O 14 Kenadyr Mining* Kermode Res V 120 Kerr Mines* O 108 Kerr Mines T 549 V 75 Kesselrun Res Kesselrun Res* O 24 Kestrel Gold V 168 Khan Res 464 V 164 Kilo Goldmines Kilo Goldmines* O 20 O 13 Kincora Copper* Kincora Copper V 65 Kings Bay Res* O 150 Kings Bay Res V 649

0.00 0.00 0.27 unch 0.00 0.50 0.24 7.85 7.45 7.70 + 0.22 8.87 6.22 6.04 5.72 5.85 + 0.07 7.25 4.80 0.08 0.07 0.08 - 0.00 0.28 0.03 0.10 0.09 0.10 unch 0.00 0.43 0.04 0.06 0.05 0.06 + 0.01 0.12 0.04 0.08 0.07 0.07 unch 0.00 0.15 0.06 0.00 0.00 0.02 unch 0.00 0.05 0.01 0.16 0.00 0.16 unch 0.00 0.25 0.05 0.07 0.07 0.07 - 0.00 0.12 0.05 0.09 0.08 0.08 - 0.01 0.18 0.04 0.45 0.38 0.44 + 0.06 0.62 0.26 2.27 1.95 1.95 - 0.25 4.90 1.80 1.65 0.00 1.64 + 0.04 3.76 1.14 0.08 0.00 0.08 + 0.01 0.27 0.05 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.06 0.05 0.06 - 0.01 0.13 0.06 0.17 0.00 0.16 - 0.02 0.40 0.11 0.09 0.09 0.09 - 0.01 0.21 0.08 0.07 0.07 0.07 unch 0.00 0.17 0.06 0.02 0.01 0.02 + 0.01 0.03 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.15 0.14 0.14 - 0.02 0.45 0.12 0.12 0.11 0.11 - 0.01 0.34 0.07 0.19 0.00 0.18 unch 0.00 0.39 0.13 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.11 0.00 0.09 + 0.04 0.20 0.02 0.04 0.03 0.03 - 0.00 0.20 0.01 0.05 0.04 0.04 - 0.01 0.27 0.01 0.26 0.26 0.26 unch 0.00 0.65 0.08 0.23 0.16 0.16 - 0.08 1.18 0.15 0.70 0.67 0.70 + 0.01 1.83 0.05 0.91 0.87 0.87 - 0.01 1.40 0.85 0.38 0.33 0.33 - 0.06 0.59 0.23 0.29 0.24 0.24 - 0.05 0.35 0.19 0.58 0.53 0.53 - 0.04 0.65 0.11 0.44 0.00 0.44 unch 0.00 0.47 0.12 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.32 0.26 0.27 - 0.03 1.11 0.15 0.40 0.35 0.37 - 0.03 1.38 0.26 0.05 0.05 0.05 unch 0.00 0.17 0.03 0.13 0.09 0.09 - 0.04 0.31 0.09 0.17 0.11 0.12 - 0.05 0.45 0.08 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.07 0.06 0.06 + 0.00 0.18 0.05 0.09 0.08 0.09 + 0.01 0.23 0.07 0.03 0.02 0.02 unch 0.00 0.04 0.01 0.05 0.05 0.05 unch 0.00 0.13 0.03 0.22 0.19 0.19 - 0.00 0.28 0.05 0.31 0.25 0.28 unch 0.00 0.36 0.04 0.03 0.02 0.03 unch 0.00 0.12 0.02 0.03 0.03 0.03 unch 0.00 0.15 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.65 0.52 0.55 - 0.03 0.78 0.29 0.84 0.67 0.74 - 0.01 0.99 0.38 0.30 0.27 0.30 + 0.04 0.93 0.25 0.00 0.00 0.22 unch 0.00 0.72 0.20 4.86 4.46 4.55 - 0.14 5.31 2.03 0.39 0.34 0.39 + 0.05 0.80 0.34 0.56 0.45 0.46 + 0.01 1.07 0.45 0.13 0.11 0.13 + 0.02 0.31 0.10 0.16 0.15 0.16 + 0.01 0.39 0.12 0.11 0.10 0.10 - 0.01 0.24 0.09 0.09 0.08 0.08 + 0.00 0.19 0.07 0.14 0.12 0.13 + 0.02 0.32 0.05 0.13 0.00 0.12 - 0.01 0.21 0.08 1.24 1.11 1.12 - 0.12 1.54 0.62 0.96 0.85 0.85 - 0.11 1.24 0.41 0.36 0.33 0.33 unch 0.00 0.83 0.26 1.83 1.56 1.69 - 0.16 2.25 0.97 2.41 2.05 2.41 + 0.19 2.90 1.14 0.10 0.00 0.10 unch 0.00 1.20 0.05 2.75 2.14 2.15 - 0.34 4.04 1.90 3.59 2.80 2.83 - 0.40 5.05 2.50 0.22 0.00 0.22 + 0.01 0.38 0.05 0.28 0.21 0.21 - 0.01 0.50 0.07 0.38 0.36 0.37 + 0.01 0.44 0.22 0.29 0.25 0.28 + 0.01 0.34 0.18 0.19 0.14 0.17 - 0.02 0.39 0.16 0.14 0.12 0.13 - 0.00 0.30 0.13 0.16 0.12 0.16 unch 0.00 0.18 0.06 0.06 0.06 0.06 unch 0.00 0.15 0.05 0.10 0.09 0.09 - 0.01 0.27 0.08 0.13 0.11 0.12 - 0.01 0.41 0.10 0.12 0.11 0.11 - 0.02 0.38 0.07 0.08 0.00 0.08 unch 0.00 0.30 0.06 0.06 0.06 0.06 unch 0.00 0.09 0.06 0.05 0.05 0.05 unch 0.00 0.15 0.01 0.07 0.05 0.05 - 0.02 0.28 0.05 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.08 0.07 0.08 unch 0.00 0.20 0.04 0.67 0.63 0.66 unch 0.00 0.73 0.35 0.35 0.29 0.30 + 0.02 0.35 0.27 0.46 0.35 0.45 + 0.09 0.59 0.17 0.25 0.24 0.24 unch 0.00 0.56 0.18 0.71 0.61 0.68 + 0.07 0.71 0.31 0.91 0.80 0.88 + 0.10 0.91 0.41 0.07 0.06 0.07 - 0.01 0.18 0.06 0.06 0.06 0.06 + 0.01 0.15 0.04 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.90 0.85 0.85 - 0.05 1.50 0.32 0.44 0.36 0.38 - 0.05 0.75 0.36 0.73 0.63 0.64 - 0.10 1.10 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 1.55 0.88 1.30 + 0.25 2.83 0.47 0.18 0.15 0.15 - 0.03 0.46 0.10 0.13 0.13 0.13 - 0.00 0.32 0.08 0.02 0.02 0.02 - 0.01 0.03 0.01 0.17 0.15 0.16 - 0.00 0.34 0.15 0.22 0.20 0.21 unch 0.00 0.41 0.19 0.10 0.09 0.09 - 0.01 0.23 0.08 0.07 0.07 0.07 unch 0.00 0.17 0.06 0.03 0.03 0.03 unch 0.00 0.19 0.03 0.11 0.09 0.11 + 0.02 0.18 0.05 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.11 0.11 0.11 unch 0.00 0.32 0.10 0.14 0.13 0.14 + 0.01 0.42 0.11 0.05 0.05 0.05 unch 0.00 0.12 0.05 0.07 0.06 0.06 unch 0.00 0.16 0.06

I-J-K

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kingsmen Res V 3 Kingsmen Res* O 250 O 1 Kingsrose Mng* Kinross Gold* N 43438 18951 Kinross Gold T Kintavar Exp V 343 Kirkland Lake* N 3884 Kirkland Lake T 4279 Kitrinor Mtls V 231 Kivalliq Enrgy V 2492 Klondex Mines T 1213 Klondike Gold V 752 O 357 Klondike Gold* Klondike Silv V 758 Klondike Silv* O 9 Knick Expl V 952 Kombat Copper V 220 Kombat Copper* O 60 V 273 Komet Resource Kootenay Silvr* O 107 Kootenay Silvr V 586 Kootenay Zinc 91 O 57 Kootenay Zinc* 38 Kutcho Copper * O KWG Res* O 1 KWG Res 724

0.16 0.16 0.16 + 0.01 0.25 0.10 0.14 0.14 0.14 unch 0.00 0.20 0.07 0.29 0.29 0.29 unch 0.00 0.34 0.27 3.80 3.57 3.72 + 0.14 4.91 3.48 4.97 4.65 4.92 + 0.28 5.96 4.44 0.40 0.38 0.39 - 0.01 0.65 0.10 20.43 18.80 20.11 + 1.16 20.43 7.73 26.75 24.36 26.59 + 2.10 26.75 10.22 3.54 3.20 3.20 - 0.09 8.61 1.01 0.09 0.07 0.07 - 0.02 0.13 0.07 3.28 3.13 3.25 + 0.12 5.03 1.66 0.25 0.23 0.23 - 0.01 0.60 0.22 0.20 0.17 0.18 - 0.00 0.49 0.17 0.06 0.06 0.06 - 0.01 0.10 0.04 0.05 0.03 0.03 - 0.02 0.08 0.02 0.02 0.01 0.01 unch 0.00 0.06 0.01 0.25 0.22 0.22 unch 0.00 0.49 0.19 0.18 0.18 0.18 unch 0.00 0.34 0.18 0.31 0.27 0.28 - 0.03 0.48 0.27 0.13 0.11 0.12 - 0.01 0.24 0.11 0.16 0.15 0.16 unch 0.00 0.31 0.15 0.15 0.11 0.15 + 0.03 1.95 0.11 0.12 0.09 0.09 - 0.01 2.25 0.07 0.45 0.39 0.41 - 0.02 0.84 0.30 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.00 0.02 unch 0.00 0.03 0.01

La Imperial 50 Labdr Iron Mns* O 300 Labrador Gold V 143 Labrador Iron T 1541 Lara Expl V 86 Laramide Res T 1628 Laredo Res* O 8467 Largo Res T 499 Largo Res* O 63 Lateral Gold V 53 Latin Am Mnls V 706 Latin Am Mnls* O 10 20 Laurion Mnl Ex* O Laurion Mnl Ex V 318 14 Le Mare Gold* O Lead Ventures 17 Leading Edge* O 271 Leading Edge V 320 Leagold Mg* O 219 Leagold Mg T 1381 Leeta Gold V 7095 Legion Metals 20 Lepanto Con Mg* O 390 Levon Res Ltd T 1345 Levon Res Ltd * O 179 Libero Copper* O 3 Libero Copper V 361 Liberty Gold* O 430 Liberty One Li V 471 Liberty One Li* O 788 LiCo Energy* O 1077 LiCo Energy V 597 Lincoln Mng V 179 Lion One Mtls V 86 Lion One Mtls* O 31 Lions Bay Cap V 13 Lions Gate Mtl* O 14 O 20 Lithion Energy* Lithium Amer* N 1141 Lithium Amer T 1099 Lithium Chile* O 670 Lithium Chile V 1108 Lithium Corp* O 360 Lithium Energi* O 23 V 408 Lithium Energi Lithium Energy V 1 Lithium Expl* O 1981 Lithoquest Dia V 216 LKA Gold* O 2 Lode-Star Mg* O 310 Lomiko Mtls* O 98 Lomiko Mtls V 363 Loncor Res* O 150 Loncor Res T 126 Lone Star Gold* O 5382 Lonmin plc* O 67 Lorraine Coppr* O 78 Lorraine Coppr V 251 Los Andes Copp V 236 Lovitt Res V 41 Lovitt Res* O 50 LSC Lithium* O 100 Lucara Diam T 2792 Lucky Mnls * O 3 Lucky Mnls V 43 Lumina Gold* O 33 Lumina Gold V 288 Lund Enterpr V 42 Lundin Gold T 102 T 8243 Lundin Mng Lupaka Gold V 433 Lydian Intl* O 123 Lydian Intl T 352 Lynas Corp* O 57 Lynas Corp* O 69

0.08 0.08 0.08 unch 0.00 0.08 0.04 0.01 0.00 0.00 - 0.00 0.10 0.00 0.28 0.26 0.26 unch 0.00 0.35 0.04 26.23 24.57 24.59 - 0.75 28.55 15.10 0.61 0.58 0.61 + 0.02 0.99 0.50 0.32 0.27 0.27 - 0.05 0.55 0.23 0.04 0.02 0.03 - 0.00 0.04 0.00 1.83 1.75 1.75 - 0.04 2.03 0.34 1.42 1.32 1.36 - 0.03 1.61 0.26 0.77 0.73 0.77 + 0.05 1.08 0.55 0.06 0.05 0.05 unch 0.00 0.16 0.05 0.04 0.04 0.04 + 0.00 0.12 0.04 0.06 0.06 0.06 - 0.01 0.07 0.01 0.08 0.00 0.08 unch 0.00 0.08 0.01 0.07 0.06 0.07 unch 0.00 3.40 0.03 0.20 0.20 0.20 unch 0.00 0.60 0.06 0.49 0.45 0.46 - 0.02 0.80 0.41 0.64 0.60 0.60 - 0.02 1.01 0.53 2.08 1.95 1.96 - 0.01 2.80 1.76 2.70 2.56 2.62 + 0.07 3.48 2.27 1.08 0.90 0.95 - 0.15 6.75 0.74 0.11 0.11 0.11 unch 0.00 0.21 0.08 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.21 0.18 0.20 + 0.01 0.41 0.18 0.16 0.14 0.15 - 0.00 0.34 0.14 0.08 0.07 0.07 - 0.00 0.19 0.05 0.10 0.08 0.08 - 0.02 0.15 0.07 0.34 0.31 0.31 - 0.02 0.44 0.27 0.29 0.23 0.27 + 0.05 2.49 0.21 0.23 0.17 0.21 + 0.04 1.95 0.16 0.05 0.04 0.04 + 0.00 0.90 0.03 0.06 0.05 0.05 - 0.01 0.20 0.05 0.03 0.02 0.02 - 0.01 0.06 0.02 0.62 0.56 0.56 - 0.03 0.79 0.45 0.48 0.44 0.44 - 0.02 0.63 0.36 0.09 0.09 0.09 - 0.01 0.25 0.09 0.09 0.08 0.08 - 0.01 0.42 0.08 0.07 0.07 0.07 unch 0.00 0.11 0.05 5.81 5.00 5.18 - 0.48 10.95 3.08 7.50 6.60 6.75 - 0.58 14.06 3.90 0.96 0.59 0.79 + 0.02 0.96 0.59 1.05 0.97 1.02 + 0.05 1.35 0.42 0.31 0.26 0.29 + 0.03 0.62 0.05 0.25 0.22 0.24 + 0.02 0.75 0.07 0.32 0.30 0.30 - 0.02 0.97 0.07 0.00 0.00 0.40 unch 0.00 1.50 0.36 0.03 0.02 0.02 - 0.00 0.13 0.02 0.50 0.48 0.48 - 0.01 0.88 0.22 0.18 0.18 0.18 unch 0.00 0.58 0.11 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.05 0.00 0.04 - 0.00 0.24 0.03 0.06 0.05 0.05 - 0.01 0.31 0.05 0.06 0.06 0.06 unch 0.00 0.14 0.05 0.07 0.07 0.07 - 0.01 0.20 0.07 0.02 0.01 0.01 + 0.00 0.03 0.00 0.66 0.00 0.64 + 0.00 1.40 0.51 0.12 0.09 0.12 + 0.00 0.12 0.05 0.17 0.12 0.14 + 0.01 0.19 0.06 0.32 0.31 0.31 unch 0.00 0.47 0.20 0.10 0.06 0.07 - 0.06 0.12 0.02 0.08 0.07 0.08 unch 0.00 0.08 0.05 0.73 0.63 0.63 - 0.08 1.31 0.54 2.19 2.05 2.13 + 0.05 2.94 1.97 0.08 0.08 0.08 unch 0.00 0.18 0.07 0.11 0.11 0.11 + 0.01 0.23 0.09 0.59 0.57 0.57 - 0.00 0.67 0.46 0.76 0.75 0.76 + 0.01 0.85 0.60 0.14 0.00 0.13 - 0.01 0.24 0.09 5.19 5.00 5.18 + 0.16 5.97 4.07 8.73 8.15 8.24 - 0.51 10.22 6.62 0.19 0.19 0.19 - 0.02 0.29 0.11 0.28 0.26 0.27 + 0.01 0.50 0.24 0.36 0.34 0.35 - 0.01 0.63 0.31 1.95 1.80 1.89 + 0.01 2.20 0.07 1.92 1.80 1.88 - 0.01 2.20 0.55

M M.P.V. Explor 86 0.17 0.16 0.17 + 0.01 0.30 0.16 M2 Cobalt* O 50 0.25 0.25 0.25 unch 0.00 0.61 0.25 Macarthur Mnl* O 18 0.04 0.04 0.04 - 0.00 0.10 0.03 Macarthur Mnl V 1456 0.05 0.04 0.04 - 0.01 0.12 0.04 MacDonald Mns* O 1279 0.06 0.00 0.06 - 0.00 0.12 0.05 V 1600 0.07 0.07 0.07 unch 0.00 0.16 0.07 MacDonald Mns MacMillan Mnls V 55 1.78 1.58 1.78 + 0.13 1.90 1.33 Madeira Mrnls V 2 0.02 0.02 0.02 unch 0.00 0.05 0.02 MAG Silver T 1066 14.96 14.24 14.73 + 0.22 17.62 11.71 Magellan Gold* O 175 0.03 0.02 0.03 + 0.01 0.19 0.01 Magna Terra V 109 0.04 0.03 0.03 unch 0.00 0.09 0.03 unch 0.00 0.06 0.02 Magna Terra* O 2 0.02 0.02 0.02 Magnitude Mng V 184 0.30 0.30 0.30 unch 0.00 0.30 0.30 Magnus Intl* O 100 0.00 0.00 0.00 unch 0.00 0.01 0.00 unch 0.00 0.09 0.04 Majestic Gold V 2490 0.08 0.07 0.08 Majestic Gold* O 3 0.06 0.06 0.06 + 0.00 0.06 0.03 Makena Res 96 0.12 0.09 0.12 + 0.02 0.24 0.08 Mammoth Res V 166 0.06 0.05 0.06 + 0.01 0.16 0.05 unch 0.00 0.24 0.05 Manado Gold V 84 0.06 0.00 0.05 Mandalay Res T 910 0.20 0.20 0.20 - 0.01 0.51 0.19 Mandalay Res* O 77 0.15 0.14 0.14 - 0.02 0.38 0.14 Manganese X* O 37 0.13 0.11 0.12 - 0.01 0.21 0.07 Manganese X V 91 0.16 0.00 0.15 - 0.01 0.28 0.08 Mangazeya Mng V 143 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.05 Manitou Gold V 61 0.09 0.00 0.09 + 0.02 0.19 Maple Gold V 3019 0.19 0.16 0.16 - 0.03 0.34 0.16 Maple Gold* O 1085 0.15 0.12 0.13 - 0.01 0.27 0.12 Marathon Gold* O 153 0.74 0.70 0.72 - 0.00 1.14 0.65 Marathon Gold T 795 0.97 0.93 0.94 + 0.01 1.28 0.85 Margaret Lake* O 25 0.08 0.08 0.08 unch 0.00 0.12 0.08 Margaret Lake V 123 0.12 0.10 0.10 - 0.02 0.16 0.05 Margaux Red V 1562 0.18 0.14 0.15 - 0.04 0.22 0.10 Margaux Res V 72 0.21 0.18 0.20 - 0.01 0.35 0.12 Marifil Mines* O 15 0.15 0.13 0.14 + 0.02 0.17 0.01 0.11 Marifil Mines V 443 0.22 0.16 0.20 + 0.04 0.32 Maritime Res V 437 0.13 0.13 0.13 unch 0.00 0.13 0.09 Marlin Gold V 46 0.29 0.28 0.28 - 0.01 1.15 0.23 unch 0.00 0.07 0.03 Martina Mnls V 35 0.06 0.00 0.06 MartinMarietta* N 2576 232.89 227.72 229.26 - 0.30 241.33 189.27 Mas Gold V 10 0.08 0.00 0.08 unch 0.00 0.15 0.05 Mason Graphite* O 642 1.36 1.08 1.13 - 0.21 2.47 1.11 Mason Graphite V 809 1.78 1.44 1.50 - 0.20 3.15 1.45 Mason Res* O 18 0.15 0.00 0.15 + 0.01 0.29 0.01 Mason Res T 30 0.21 0.00 0.20 unch 0.00 0.35 0.15 Matachewan Con V 31 0.23 0.21 0.21 - 0.02 0.33 0.21 Matamec Expl V 429 0.03 0.03 0.03 - 0.01 0.06 0.03 Matamec Expl* O 34 0.03 0.02 0.02 unch 0.00 0.04 0.01 Matica Ent* O 92 0.19 0.16 0.17 - 0.03 0.64 0.03 Matica Ent 5203 0.25 0.22 0.22 - 0.04 0.81 0.04 Maudore Mnrls* O 50 0.00 0.00 0.00 unch 0.00 0.00 0.00 Maverix Mtls* O 6 1.31 1.28 1.31 + 0.03 1.50 1.03 Mawson Res T 188 0.35 0.31 0.32 + 0.01 0.65 0.29 Mawson Res* O 54 0.27 0.24 0.25 + 0.01 0.48 0.23 MAX Res V 987 0.20 0.17 0.20 + 0.01 0.32 0.06 MaxTech Vent* O 95 0.27 0.20 0.22 - 0.03 0.48 0.13 MaxTech Vent 55 0.32 0.00 0.31 - 0.02 0.60 0.14 Maxwell Res* O 140 0.01 0.00 0.01 - 0.00 0.02 0.00 Maya Gold &Sil* O 16 2.08 1.86 1.98 - 0.01 2.35 0.52 Maya Gold &Sil V 141 2.75 2.35 2.65 - 0.01 3.02 0.66 Mazarin V 33 0.10 0.08 0.10 + 0.02 0.18 0.04 MBMI Res V 3 0.05 0.00 0.05 unch 0.00 0.13 0.03 McChip Res V 6 0.61 0.00 0.59 - 0.02 0.87 0.37 McEwen Mng T 483 2.89 2.76 2.86 + 0.06 3.67 2.33 N 13402 2.20 2.12 2.17 + 0.01 2.86 1.82 McEwen Mng* McLaren Res 1097 0.10 0.04 0.07 + 0.01 0.19 0.03

2018-06-19 5:13 PM

WWW.NORTHERNMINER.COM

JUNE 25–JULY 8, 2018 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

MDN Inc* O 18 Meadow Bay Gd 1285 Meadow Bay Gd* O 2 Mechel* N 403 V 94 Medallion Res Medallion Res* O 177 Medgold Res V 1928 Medgold Res* O 80 O 2789 Medinah Mnrls* Mega Uranium T 3238 Mega Uranium* O 92 Megastar Dev V 230 MegumaGold* O 13 MegumaGold 9 Melior Res V 40 Melkior Res V 2008 Meridian Mg V 2 Meryllion Res 36 Mesa Expl V 146 Mesa Expl* O 120 MetalCorp V 184 Metalex Vent V 33 Metallic Mnrls V 45 Metallic Mnrls* O 87 Metallis Res V 126 Metalo Manuf 12 O 2 Metalo Manuf* Metalore Res* O 1 Metalore Res V 4 Metals Creek* O 36 Metals Creek V 147 Metals X* O 10 Metanor Res* O 18 Metanor Res V 120 Mexican Gold* O 74 Mexus Gold* O 4811 V 197 Mezzotin Mnrls MGX Minerals 2419 MGX Minerals* O 2171 Midas Gold T 2563 Midas Gold* O 913 Midasco Cap V 60 Midland Expl V 36 Midnight Sun V 69 Millennial Lit* O 161 Millennial Lit V 652 Millrock Res* O 617 Millrock Res V 847 Minaurum Gold V 514 Minco Silver* O 32 Minco Silver T 96 Minera Alamos * O 163 Minera Alamos V 505 Minera IRL 181 Mineral Hill V 13 Mineral Mtn V 181 Mineral Mtn* O 65 Mineral Res* O 1 MineralRite* O 7200 Mineworx Tech V 665 Mineworx Tech* O 132 V 317 Minfocus Expl Minfocus Expl* O 0 Mining Global* O 7030 Minnova Corp V 226 Minsud Res V 4 Miramont Res* O 160 Miramont Res 528 Miranda Gold V 1124 Mirasol Res V 153 Mistango River 48 MK2 Ventures V 2 Mkango Res V 49 ML Gold* O 177 ML Gold Corp V 1269 Monarca Mnrls* O 5 V 44 Monarca Mnrls Monarques Res V 766 Monarques Res* O 494 Moneta Porcpn* O 1365 Moneta Porcpn T 792 Monitor Vent* O 3 Monitor Vent V 1 Monster Uran* O 0 Montan Mg* O 17 Montan Mg V 186 Montego Res 357 Montero Mg&Ex V 92 Montero Mg&Ex * O 1 Monument Mng V 460 Morien Res* O 11 Morien Res V 86 Morumbi Res* O 14 Morumbi Res T 447 Mosaic* N 20548 Mountain Boy V 507 Mountain Boy* O 879 Mountain Lake 35 Mountain Prov T 704 Mountain Prov* D 86 Mundoro Cap* O 90 Mundoro Cap V 493 Murchison Min V 1500 MX Gold* O 112

0.19 0.19 0.19 unch 0.00 0.28 0.09 0.14 0.10 0.11 - 0.02 0.26 0.10 0.13 0.09 0.09 - 0.03 0.28 0.04 3.68 3.40 3.40 - 0.08 5.80 3.30 0.12 0.11 0.12 + 0.01 0.21 0.09 0.09 0.07 0.09 + 0.01 0.17 0.07 0.46 0.30 0.38 + 0.07 0.46 0.13 0.34 0.27 0.30 + 0.06 0.34 0.12 0.00 0.00 0.00 - 0.00 0.01 0.00 0.18 0.15 0.16 - 0.02 0.24 0.13 0.14 0.12 0.12 - 0.02 0.19 0.10 0.07 0.06 0.06 unch 0.00 0.11 0.03 0.18 0.15 0.18 + 0.03 0.24 0.07 0.25 0.00 0.23 - 0.02 0.30 0.17 0.09 0.08 0.08 - 0.77 1.50 0.30 0.10 0.08 0.10 + 0.02 0.11 0.04 0.00 0.00 0.35 unch 0.00 1.39 0.19 0.03 0.00 0.03 unch 0.00 0.21 0.02 0.08 0.06 0.08 + 0.02 0.08 0.03 0.06 0.04 0.06 - 0.00 0.07 0.02 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.31 0.27 0.30 + 0.01 0.50 0.22 0.24 0.20 0.23 - 0.01 0.40 0.19 1.38 1.24 1.24 - 0.13 2.75 0.14 0.38 0.38 0.38 - 0.02 0.75 0.23 0.30 0.30 0.30 unch 0.00 0.30 0.30 1.59 1.59 1.59 unch 0.00 2.81 1.16 2.10 2.07 2.10 unch 0.00 4.45 1.77 0.05 0.04 0.05 - 0.00 0.08 0.03 0.06 0.05 0.06 unch 0.00 0.10 0.05 0.63 0.62 0.62 - 0.01 0.96 0.51 0.43 0.41 0.42 - 0.02 0.69 0.38 0.57 0.54 0.56 unch 0.00 0.94 0.48 0.26 0.23 0.23 - 0.02 0.34 0.18 0.02 0.01 0.01 - 0.00 0.09 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.01 1.27 1.13 1.15 - 0.02 1.96 0.75 0.98 0.86 0.88 - 0.04 1.58 0.60 1.11 1.05 1.07 unch 0.00 1.21 0.55 0.86 0.81 0.82 - 0.02 0.95 0.42 0.15 0.14 0.14 unch 0.00 0.15 0.05 0.91 0.86 0.89 + 0.01 1.17 0.82 0.29 0.28 0.29 - 0.01 0.54 0.21 2.02 1.66 1.69 - 0.31 3.87 0.95 2.59 2.18 2.21 - 0.38 4.80 1.23 0.28 0.24 0.26 + 0.01 0.35 0.15 0.36 0.32 0.35 + 0.03 0.43 0.21 0.67 0.61 0.64 unch 0.00 0.67 0.21 0.53 0.48 0.48 - 0.02 1.23 0.46 0.70 0.61 0.61 - 0.04 1.74 0.58 0.10 0.09 0.09 - 0.01 0.18 0.08 0.14 0.13 0.13 - 0.01 0.24 0.12 0.08 0.07 0.07 unch 0.00 0.15 0.06 0.26 0.19 0.26 + 0.04 0.34 0.17 0.30 0.27 0.29 - 0.01 0.74 0.15 0.23 0.22 0.22 - 0.01 0.60 0.13 15.00 0.00 15.00 + 0.15 16.78 7.67 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.14 0.14 unch 0.00 0.40 0.06 0.13 0.11 0.12 - 0.01 0.33 0.05 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.75 0.72 0.75 + 0.05 0.93 0.55 0.00 0.00 0.08 unch 0.00 0.21 0.06 0.25 0.21 0.21 - 0.04 0.33 0.21 0.32 0.27 0.29 - 0.02 0.65 0.27 0.04 0.03 0.03 - 0.01 0.09 0.04 1.99 1.86 1.88 - 0.05 2.60 1.50 0.03 0.03 0.03 unch 0.00 0.07 0.01 0.00 0.00 0.15 unch 0.00 0.18 0.09 0.15 0.13 0.14 - 0.01 0.24 0.05 0.09 0.07 0.08 - 0.00 0.26 0.07 0.11 0.09 0.10 + 0.01 0.32 0.09 0.05 0.05 0.05 unch 0.00 0.12 0.03 0.05 0.05 0.05 - 0.01 0.16 0.04 0.32 0.26 0.31 + 0.05 0.47 0.25 0.24 0.20 0.24 + 0.04 0.38 0.19 0.09 0.09 0.09 - 0.01 0.17 0.09 0.13 0.12 0.12 - 0.01 0.23 0.12 0.16 0.00 0.16 + 0.01 0.75 0.13 0.00 0.00 0.23 unch 0.00 1.00 0.22 0.00 0.00 0.05 unch 0.00 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.08 0.06 0.06 unch 0.00 0.12 0.03 0.15 0.07 0.11 - 0.02 0.55 0.07 0.25 0.00 0.25 - 0.01 0.49 0.12 0.19 0.19 0.19 unch 0.00 0.38 0.14 0.07 0.07 0.07 unch 0.00 0.09 0.06 0.46 0.40 0.42 + 0.02 0.60 0.37 0.60 0.55 0.60 + 0.01 0.77 0.47 0.90 0.79 0.82 - 0.02 0.96 0.46 1.16 1.04 1.07 unch 0.00 1.23 0.59 29.95 28.54 28.98 - 0.48 29.95 19.23 0.08 0.06 0.08 + 0.01 0.11 0.05 0.06 0.00 0.06 + 0.02 0.09 0.03 0.05 0.05 0.05 unch 0.00 0.09 0.02 3.41 3.13 3.17 - 0.01 5.10 2.97 2.60 2.42 2.43 - 0.03 4.10 2.35 0.09 0.08 0.08 + 0.00 0.16 0.06 0.12 0.10 0.11 unch 0.00 0.20 0.09 0.16 0.15 0.16 + 0.02 0.25 0.14 0.03 0.02 0.02 - 0.01 0.17 0.01

NA Frac Sand* O 231 NACCO Ind* N 70 Namibia Crit V 178 Namibia Crit* O 127 Napier Vent V 29 Napier Vent* O 3 Natural Res Pt* N 65 Nautilus Mnrls T 364 Nautilus Mnrls* O 588 0 Navis Res Corp* O Navis Res Corp 0 Navy Res V 40 Nemaska Lith T 22675 Nemaska Lith* O 2544 Neo Lithium V 634 Neometals* O 17 Network Expl* O 21 Network Expl V 199 Nevada Clean M V 350 Nevada Clean M* O 352 Nevada Copper T 1029 Nevada Energy* O 2 Nevada Energy V 23 Nevada Expl * O 85 Nevada Expl V 217 Nevada Sunrise* O 158 V 104 Nevada Sunrise Nevada Zinc V 923 Nevsun Res T 4211 Nevsun Res* X 1448 New Age Metals V 569 New Age Metals* O 94 New Carolin Gd* O 78 New Carolin Gd V 628 New Destiny Mg V 55 New Dimen Res V 85 New Dimen Res* O 11 New Energy Met V 318 New Energy Met* O 9 New Gold* X 29298 New Gold T 6016 New Guinea Gld* O 358 New Jersey Mng* O 462 New Milln Iron* O 40 New Milln Iron T 191 New Nadina V 177 New Nadina* O 2 New Oroperu V 93 New Pac Metals* O 52 New Pac Metals V 112 New Point Expl 6 New Stratus V 12 New Tech Lith* O 7 New Tech Lith 75 New World Res V 7 Newlox Gold 254 Newmac Res V 12 Newmont Mng* N 26739

0.01 0.01 0.01 unch 0.00 0.03 0.01 35.90 33.90 34.95 - 0.50 48.85 14.60 0.36 0.31 0.33 - 0.03 0.46 0.04 0.28 0.23 0.24 - 0.02 2.77 0.03 0.44 0.42 0.44 unch 0.00 0.54 0.36 0.35 0.35 0.35 unch 0.00 0.44 0.32 34.30 32.25 32.85 + 0.35 37.70 22.81 0.21 0.19 0.20 - 0.01 0.39 0.14 0.17 0.15 0.15 - 0.01 0.31 0.11 0.00 0.00 0.29 unch 0.00 1.51 0.18 0.00 0.00 0.34 unch 0.00 2.00 0.33 0.23 0.23 0.23 unch 0.00 0.32 0.16 1.02 0.87 0.89 - 0.09 2.44 0.92 0.78 0.66 0.68 - 0.09 1.96 0.70 1.53 1.30 1.30 - 0.15 2.75 0.85 0.30 0.20 0.30 + 0.05 0.80 0.20 0.23 0.23 0.23 + 0.00 0.39 0.22 0.31 0.30 0.30 unch 0.00 0.48 0.29 0.04 0.03 0.03 - 0.01 0.08 0.03 0.03 0.02 0.02 - 0.00 0.08 0.02 0.70 0.62 0.63 - 0.04 0.84 0.41 0.17 0.00 0.17 + 0.01 0.55 0.07 0.25 0.24 0.25 unch 0.00 0.60 0.20 0.16 0.14 0.16 - 0.00 0.35 0.14 0.21 0.19 0.19 - 0.01 0.46 0.18 0.13 0.11 0.11 - 0.01 0.27 0.09 0.17 0.15 0.15 + 0.01 0.34 0.12 0.20 0.19 0.19 - 0.01 0.32 0.16 4.47 4.30 4.32 - 0.13 4.93 2.49 3.45 3.25 3.29 - 0.15 3.86 1.96 0.08 0.06 0.07 - 0.01 0.19 0.05 0.06 0.05 0.05 + 0.01 0.15 0.04 0.27 0.23 0.27 + 0.04 0.58 0.18 0.40 0.30 0.36 + 0.04 0.77 0.20 0.19 0.00 0.15 - 0.02 0.35 0.11 0.28 0.24 0.28 + 0.04 0.30 0.09 0.21 0.00 0.20 + 0.03 0.22 0.02 0.24 0.18 0.18 - 0.04 0.90 0.22 0.18 0.14 0.14 - 0.06 0.60 0.18 2.18 2.05 2.14 - 0.03 4.25 2.06 2.83 2.68 2.72 - 0.07 5.16 2.68 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.25 0.22 0.23 - 0.00 0.25 0.11 0.05 0.05 0.05 unch 0.00 0.12 0.05 0.08 0.07 0.07 unch 0.00 0.16 0.07 0.22 0.15 0.16 - 0.05 4.60 0.08 0.17 0.17 0.17 unch 0.00 3.60 0.07 0.34 0.33 0.33 unch 0.00 0.55 0.28 1.23 1.17 1.23 + 0.04 1.29 0.92 1.62 1.50 1.60 + 0.08 1.67 1.12 0.35 0.34 0.35 unch 0.00 0.41 0.11 0.40 0.40 0.40 unch 0.00 0.48 0.08 0.05 0.05 0.05 + 0.01 0.19 0.03 0.06 0.06 0.06 unch 0.00 0.17 0.04 0.22 0.22 0.22 unch 0.00 0.29 0.10 0.05 0.03 0.05 + 0.01 0.08 0.03 0.08 0.00 0.08 unch 0.00 0.09 0.06 39.19 38.02 38.40 + 0.02 42.04 31.42

N-O

20-23_June25_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Newport Expl V 98 O 77 NewRange Gold* NewRange Gold V 178 T 3 Nexa Resources Nexa Resources* N 839 Nexco Res 30 Nexgen Energy* X 1497 T 2997 Nexgen Energy NextSource Mat T 2394 Nexus Gold V 220 Nexus Gold* O 23 NGEx Res* O 4 NGEx Res T 126 Nickel Creek T 87 Nickel Creek* O 208 Nickel North V 1696 Nickel One Res V 112 12 Nicola Mg Inc* O Nicola Mg Inc V 710 T 790 Nighthawk Gold Nighthawk Gold* O 160 V 68 Niobay Metals Niocan Inc V 20 Niocorp Dev T 297 Niocorp Dev* O 510 V 164 Nippon Dragon Nippon Dragon* O 75 Nitinat Mnls V 76 NKWE Platinum* O 10 254 Noble Metal Gr V Noble Mnl Expl* O 60 534 Noble Mnl Expl V Noka Res* O 1048 Noram Vent V 166 Noranda Alum* O 64 Noront Res V 995 Norsemont Cap 13 Nortec Mnls V 560 North Am Nickl V 164 1 North Am Nickl* O North Am Pall T 28 15 North Am Pall* O North Am Ptash* O 0 14 North Arrow Mn* O North Arrow Mn V 44 North Bay Res * O 241586 Northcliff Res T 27 V 206 Northern Uran Northern Uran* O 350 Northisle C&G V 209 Northn Empire V 343 O 82 Northn Empire* Norvista Cap V 12 O 153 Nouveau Monde* Nouveau Monde V 796 T 1084 NovaGold Res NovaGold Res* X 10558 Novo Res* O 684 Novo Res V 3798 25 NQ Minerals Pl* O NRG Metals* O 2149 NRG Metals V 2363 Nrthn Graphite V 269 O 213 Nrthn Graphite* Nrthn Lion V 10 Nrthn Mnrls &E* O 195 Nrthn Shield V 611 O 250 Nrthn Superior* Nrthn Superior V 297 Nrthn Vertex* O 91 Nrthn Vertex V 600 V 37 NSGold NSS Res Inc 176 X 5253 Nthn Dynasty* Nthn Dynasty T 1501 O 50 Nthrn Sphere* Nthrn Sphere 464 Nubian Res V 22 NuLegacy Gold V 172 O 316 NuLegacy Gold* Nunavik Nickel V 199 T 8602 Nutrien Nutrien* N 11343 NV Gold* O 43 NV Gold V 162 NX Uranium* O 17 NxGold Ltd* O 40 NxGold Ltd V 1067 Nyrstar NV* O 1 O.T. Mining* O 24 OceanaGold* O 4 10236 OceanaGold T Oceanic Iron O V 391 O 50 Oceanus Res* Oceanus Res V 93 Odyssey Res V 495 OK2 Minerals V 25 Olivut Res V 155 Olivut Res* O 82 55 Omineca Mg &Ml V One World Lith* O 17 321 One World Lith Opawica Expl V 117 130 Opus One Res V Orbite Tech* O 253 Orca Gold V 196 Orca Gold* O 135 V 725 Orefinders Res Orestone Mng V 17 Orex Mnrls* O 42 Orex Mnrls V 32 O 112 Orezone Gold* Orezone Gold V 234 Orford Mining V 7 Organic Potash 132 290 Orla Mng Ltd V Orla Mng Ltd* O 32 Oro East Mg* O 131 Oroco Res V 767 Oroco Res* O 396 Orocobre T 339 V 100 Oronova Energy Oroplata Res* O 804 Orosur Mng T 1375 Orsu Metals V 316 Orsu Metals* O 1 Orvana Mnrls T 210 O 13 Orvana Mnrls* Osisko Gold T 1385 Osisko Gold* N 5117 Osisko Metals V 368 O 24 Osisko Metals* Osisko Mng Inc T 5255 Osprey Gold V 458 Otis Gold V 168 Otis Gold* O 42 OZ Minerals* O 3

0.35 0.00 0.35 unch 0.00 0.38 0.19 0.18 0.16 0.16 - 0.01 0.59 0.05 0.24 0.00 0.24 + 0.02 0.75 0.20 20.84 19.20 19.20 - 1.60 26.70 19.49 16.15 14.06 14.25 - 1.75 21.61 14.79 0.19 0.19 0.19 unch 0.00 0.50 0.15 2.30 2.06 2.10 - 0.15 2.85 1.65 2.98 2.72 2.76 - 0.19 3.58 2.12 0.12 0.10 0.11 - 0.01 0.22 0.06 0.37 0.33 0.33 - 0.01 2.20 0.19 0.28 0.25 0.25 - 0.02 0.29 0.02 0.85 0.79 0.85 - 0.00 1.10 0.58 1.12 1.02 1.10 - 0.02 1.49 0.75 0.25 0.23 0.23 - 0.01 0.41 0.22 0.19 0.17 0.18 + 0.00 0.33 0.17 0.04 0.03 0.03 - 0.01 0.07 0.02 0.04 0.04 0.04 unch 0.00 0.13 0.02 0.11 0.11 0.11 - 0.01 0.18 0.11 0.15 0.13 0.13 - 0.01 0.25 0.13 0.51 0.46 0.47 - 0.02 1.06 0.47 0.39 0.35 0.36 - 0.01 0.97 0.35 0.26 0.23 0.23 - 0.02 0.43 0.11 0.07 0.07 0.07 unch 0.00 0.18 0.06 0.67 0.58 0.65 + 0.04 0.87 0.37 0.50 0.44 0.49 + 0.01 0.65 0.29 0.04 0.00 0.04 unch 0.00 0.07 0.03 0.03 0.02 0.02 - 0.01 0.06 0.02 0.15 0.14 0.14 - 0.01 0.51 0.04 0.06 0.06 0.06 unch 0.00 2.04 0.02 0.02 0.02 0.02 - 0.01 0.04 0.01 0.08 0.08 0.08 - 0.00 0.15 0.04 0.11 0.10 0.10 - 0.01 0.19 0.05 0.50 0.37 0.45 - 0.06 0.71 0.05 0.17 0.16 0.16 unch 0.00 0.80 0.14 0.05 0.00 0.04 - 0.01 0.17 0.01 0.38 0.36 0.37 - 0.01 0.52 0.27 0.40 0.40 0.40 unch 0.00 0.47 0.31 0.08 0.00 0.08 + 0.01 0.18 0.06 0.08 0.00 0.08 unch 0.00 0.10 0.06 0.06 0.06 0.06 unch 0.00 0.08 0.04 11.20 10.77 11.00 - 0.06 11.98 4.65 8.54 0.00 8.36 - 0.19 9.38 3.76 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.15 0.16 + 0.01 0.23 0.14 0.22 0.19 0.19 + 0.01 0.31 0.18 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.10 0.10 unch 0.00 0.22 0.09 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.16 0.14 0.14 - 0.02 0.21 0.09 1.20 1.10 1.10 - 0.10 1.62 0.58 0.93 0.84 0.84 - 0.09 1.29 0.47 0.09 0.00 0.09 unch 0.00 0.16 0.08 0.24 0.23 0.24 - 0.00 0.42 0.21 0.32 0.30 0.31 + 0.01 0.54 0.28 6.30 5.66 6.14 + 0.39 6.47 4.33 4.82 4.35 4.75 + 0.30 5.05 3.35 3.64 3.14 3.36 - 0.25 7.08 0.60 4.72 4.10 4.32 - 0.35 8.83 0.78 0.17 0.17 0.17 unch 0.00 0.20 0.17 0.26 0.21 0.25 + 0.03 0.49 0.07 0.34 0.28 0.33 + 0.05 0.62 0.10 0.43 0.40 0.40 - 0.01 0.70 0.24 0.33 0.29 0.30 - 0.03 0.55 0.19 0.25 0.00 0.23 - 0.30 0.67 0.23 0.08 0.06 0.08 - 0.01 0.10 0.01 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.03 0.03 0.03 + 0.01 0.05 0.02 0.04 0.03 0.03 unch 0.00 0.06 0.03 0.36 0.31 0.34 + 0.03 0.58 0.31 0.46 0.41 0.45 + 0.02 0.70 0.40 0.12 0.00 0.12 unch 0.00 0.15 0.02 0.25 0.20 0.21 - 0.01 1.39 0.05 0.60 0.51 0.52 - 0.08 2.34 0.43 0.77 0.65 0.65 - 0.12 2.99 0.55 0.05 0.05 0.05 unch 0.00 0.18 0.05 0.09 0.07 0.08 unch 0.00 0.45 0.05 0.26 0.25 0.26 + 0.01 0.38 0.17 0.19 0.17 0.19 + 0.01 0.28 0.15 0.16 0.12 0.13 - 0.01 0.21 0.12 0.13 0.12 0.13 + 0.01 0.15 0.08 70.75 68.07 70.60 + 2.51 70.75 55.27 54.00 52.32 53.55 + 0.88 56.18 40.41 0.20 0.16 0.19 - 0.00 0.92 0.13 0.28 0.21 0.25 - 0.04 1.22 0.17 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.17 0.15 0.17 - 0.00 0.26 0.12 0.24 0.19 0.20 - 0.02 0.40 0.14 5.63 5.63 5.63 unch 0.00 8.25 5.63 0.10 0.07 0.07 - 0.02 0.20 0.03 2.56 2.41 2.52 + 0.06 3.32 2.23 3.46 3.21 3.46 + 0.22 4.38 2.92 0.07 0.06 0.07 unch 0.00 0.16 0.06 0.17 0.17 0.17 unch 0.00 0.29 0.14 0.20 0.19 0.20 unch 0.00 0.36 0.18 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.05 0.05 0.05 + 0.01 0.14 0.04 0.12 0.00 0.12 + 0.03 0.20 0.07 0.08 0.06 0.08 + 0.01 0.15 0.06 0.04 0.04 0.04 + 0.01 0.05 0.03 0.12 0.12 0.12 unch 0.00 0.12 0.12 0.17 0.12 0.16 + 0.02 0.17 0.10 0.07 0.05 0.05 - 0.02 0.40 0.05 0.07 0.06 0.07 + 0.01 0.13 0.06 0.03 0.03 0.03 + 0.03 0.15 0.00 0.60 0.55 0.57 - 0.03 0.78 0.36 0.47 0.42 0.44 - 0.01 0.63 0.28 0.10 0.09 0.09 - 0.02 0.17 0.06 0.10 0.00 0.10 unch 0.00 0.13 0.05 0.10 0.10 0.10 - 0.00 0.15 0.08 0.14 0.00 0.13 unch 0.00 0.18 0.10 0.66 0.61 0.63 - 0.02 0.82 0.45 0.86 0.79 0.82 - 0.01 1.02 0.60 0.22 0.18 0.18 - 0.04 0.70 0.18 0.04 0.03 0.04 + 0.01 0.05 0.01 1.32 1.27 1.30 unch 0.00 1.85 1.04 1.00 1.00 1.00 + 0.00 1.48 0.89 0.01 0.00 0.01 + 0.00 0.01 0.00 0.22 0.19 0.20 - 0.02 0.31 0.02 0.17 0.15 0.15 - 0.03 0.24 0.02 5.25 4.80 5.07 - 0.13 7.36 3.04 0.10 0.09 0.10 + 0.01 0.22 0.09 0.19 0.15 0.18 + 0.02 0.42 0.06 0.08 0.03 0.04 - 0.04 0.30 0.06 0.23 0.18 0.20 + 0.02 0.30 0.13 0.18 0.00 0.18 + 0.01 0.22 0.11 0.20 0.18 0.19 - 0.01 0.32 0.17 0.15 0.14 0.15 - 0.01 0.25 0.14 12.88 12.33 12.58 - 0.25 17.58 11.90 9.92 9.38 9.54 - 0.37 14.39 9.31 0.55 0.51 0.54 - 0.02 1.74 0.51 0.41 0.00 0.40 - 0.01 1.33 0.39 2.13 1.87 1.92 - 0.20 5.07 1.95 0.07 0.06 0.07 + 0.01 0.41 0.06 0.24 0.00 0.24 + 0.02 0.37 0.17 0.19 0.16 0.17 + 0.00 0.29 0.13 8.02 7.68 7.80 + 0.15 8.02 5.31

Pac Bay Mnrls V 154 Pac Booker Min* O 7 20 Pac Booker Min V Pac Imperial V 202 102 Pac Iron Ore V Pac Link Mng V 284 26 Pac Ridge Expl V Pac Ridge Expl* O 15 Pac Wildcat* O 94 V 203 Pacific Empire Pacific Rim 1662 Pacific Rim* O 1050 Pacific Silk* O 2 Pacific Silk V 69 Pacton Gold V 4962 Paget Mrnls* O 70 Paladin Energy* O 203 O 42 Palamina Corp* Palamina Corp V 71 O 285 Palladon Vent* Pan Am Silver T 994 Pan Am Silver* D 5933 Pan Andean Min V 957 367 Pan Global Res V Pancontinental V 197

0.03 0.03 0.03 unch 0.00 0.06 0.03 0.84 0.84 0.84 + 0.15 1.10 0.35 1.10 1.10 1.10 + 0.10 1.44 0.42 0.05 0.04 0.05 + 0.01 0.07 0.01 0.11 0.08 0.08 + 0.01 0.23 0.03 0.18 0.08 0.17 + 0.07 0.18 0.02 0.06 0.00 0.05 - 0.01 0.07 0.05 0.04 0.00 0.04 unch 0.00 0.06 0.03 0.39 0.10 0.20 + 0.10 0.39 0.00 0.16 0.14 0.14 - 0.02 0.20 0.13 0.48 0.39 0.42 - 0.02 1.59 0.31 0.38 0.30 0.32 - 0.02 1.25 0.25 0.03 0.03 0.03 unch 0.00 0.04 0.03 0.05 0.00 0.04 + 0.01 0.06 0.03 0.65 0.48 0.60 - 0.05 1.02 0.06 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.30 0.08 0.20 + 0.05 0.50 0.00 0.33 0.30 0.30 unch 0.00 0.37 0.12 0.42 0.38 0.38 - 0.03 0.47 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 23.75 22.78 23.35 + 0.57 24.27 18.00 18.25 17.56 17.73 + 0.12 19.56 13.99 0.11 0.09 0.10 + 0.02 0.11 0.03 0.22 0.21 0.22 - 0.01 0.30 0.07 0.09 0.07 0.08 + 0.01 0.09 0.02

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Pancontinental* O 93 Panex Res* O 2 Pangolin Dia V 237 Panoro Mnrls V 177 O 1 PanTerra Gold* V 11849 Pantheon Vent Para Resources V 292 Parallel Mng V 261 Parallel Mng * O 48 Paramount Gold* X 176 Paringa Res* O 10 Parlane Res V 164 Pasinex Res 68 Patriot Gold* O 44 Peabody Enrgy* N 5887 Pedro Res V 193 Pelangio Expl* O 411 Pelangio Expl V 1697 Pele Mtn Res* O 207 15 Pele Mtn Res V Peloton Mnrls* O 24 Peloton Mnrls 129 PepinNini Lith* O 3 T 454 Peregrine Diam Perseus Mng T 429 Pershing Gold T 1 D 231 Pershing Gold* Pershing Res* O 52 O 1 Petra Diamonds* Philex Mng* O 38 Philippine Mtl V 11 Pine Cliff En* O 17 Pine Cliff En T 1305 Pinecrest Res * O 116 Pinecrest Res V 92 Pistol Bay Mng V 153 0 Pistol Bay Mng* O Pivit Explor 260 1 PJSC Polyus Gd* O PJX Res V 216 Plata Latina V 200 Plate Res V 18 V 640 Plateau Energy Plateau Energy* O 116 Platinex Inc 664 Platinum Gp Mt* X 15523 Platinum Gp Mt T 1077 Plato Gold V 210 Playfair Mng V 321 Playfair Mng* O 2 PolyMet Mng T 430 PolyMet Mng* X 7235 Portage Res* O 25 Portofino Res V 527 O 106 Portofino Res* Potash Ridge* O 144 Potash Ridge T 1495 Power Metals* O 366 Power Metals V 730 PPX Mining V 186 PPX Mining* O 83 Prairie Mining* O 3301 Precipitate Gl V 79 Premier Gold M T 3339 O 135 Premium Expl* Pretium Res* N 9990 Pretium Res T 2674 Primary Cobalt 989 Prism Res V 10 Prize Mng* O 11 Prize Mng V 358 ProAm Expl V 4 O 78 Probe Metals* Probe Metals V 768 Prog Planet V 224 Prog Planet* O 147 0 Promithian Gl * O Prophecy Coal T 45 O 14 Prophecy Coal* Prospect Glob* O 9 O 40 Prospector Res* Prospector Res V 34 Prosper Gold V 210 Prospero Silvr V 195 O 11 Prospero Silvr* Provenance Gld 278 Providence V 259 Providence Gld* O 160 931 PUF Vent Inc PUF Vent Inc * O 167 Puma Expl V 1029 Puma Expl* O 50 Pure Energy* O 519 Pure Energy V 606 Pure Gold Mg* O 129 Pure Gold Mg V 867 Pure Nickel V 238 Purepoint Uran V 1497 Q-Gold Res* O 3 Q-Gold Res V 114 QMC Quantum Ml* O 576 QMC Quantum Ml V 294 QMX Gold* O 51 QMX Gold V 262 Quadro Res V 35 Quantum Cobalt 292 1 Quartz Mtn Res V Quartz Mtn Res* O 0 Quaterra Res V 241 Quaterra Res* O 461 21 Quest Rare Mnl* O

0.06 0.04 0.04 - 0.02 0.07 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.07 0.06 0.07 - 0.01 0.09 0.04 0.34 0.00 0.31 - 0.04 0.48 0.15 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.11 0.09 0.10 - 0.01 0.16 0.07 0.21 0.19 0.20 - 0.01 0.25 0.13 0.05 0.04 0.04 - 0.02 0.10 0.04 0.05 0.04 0.04 - 0.00 0.05 0.04 1.41 1.25 1.30 - 0.05 1.80 1.16 0.33 0.17 0.17 unch 0.00 0.45 0.14 0.25 0.20 0.20 - 0.05 0.30 0.11 0.14 0.13 0.13 - 0.01 0.33 0.13 0.08 0.07 0.07 - 0.01 0.11 0.04 47.52 45.60 46.82 - 0.04 47.84 22.58 0.23 0.00 0.20 - 0.03 0.42 0.13 0.02 0.01 0.01 - 0.01 0.05 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.03 0.04 - 0.00 0.40 0.01 0.05 0.00 0.05 unch 0.00 0.15 0.03 0.10 0.08 0.10 + 0.02 0.12 0.05 0.14 0.11 0.13 + 0.02 0.15 0.06 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.17 0.16 0.17 - 0.01 0.20 0.11 0.44 0.00 0.43 + 0.02 0.50 0.27 2.43 2.39 2.39 - 0.04 4.05 2.32 1.90 1.81 1.81 - 0.07 3.31 1.80 0.03 0.02 0.02 unch 0.00 0.09 0.01 0.92 0.00 0.92 - 0.14 1.50 0.85 0.07 0.00 0.07 unch 0.00 0.19 0.07 0.07 0.06 0.06 - 0.01 0.16 0.06 0.26 0.25 0.26 + 0.01 0.60 0.21 0.34 0.33 0.34 + 0.02 0.81 0.27 0.15 0.14 0.14 unch 0.00 0.30 0.14 0.22 0.00 0.22 + 0.02 0.44 0.19 0.07 0.06 0.06 unch 0.00 0.18 0.04 0.00 0.00 0.03 unch 0.00 0.08 0.03 0.18 0.16 0.18 unch 0.00 0.18 0.12 30.06 0.00 30.06 - 2.25 50.23 29.00 0.24 0.19 0.21 - 0.04 0.25 0.11 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.04 1.22 1.10 1.15 + 0.06 1.30 0.26 0.92 0.85 0.87 + 0.03 0.98 0.21 0.10 0.08 0.09 - 0.01 0.30 0.05 0.11 0.08 0.11 - 0.00 1.05 0.08 0.15 0.12 0.15 + 0.01 1.40 0.12 0.05 0.04 0.05 unch 0.00 0.06 0.02 0.08 0.07 0.07 - 0.01 0.10 0.04 0.05 0.04 0.05 + 0.01 0.08 0.03 1.51 1.00 1.32 + 0.33 1.66 0.71 1.15 0.78 1.01 + 0.24 1.36 0.58 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.19 0.04 0.07 0.05 0.05 - 0.02 0.11 0.05 0.05 0.04 0.05 + 0.00 0.21 0.04 0.07 0.06 0.07 + 0.01 0.29 0.06 0.41 0.37 0.38 - 0.00 0.70 0.20 0.52 0.49 0.49 - 0.03 0.88 0.25 0.10 0.09 0.09 - 0.01 0.10 0.05 0.08 0.06 0.06 - 0.01 0.08 0.04 0.00 0.00 0.32 unch 0.00 0.05 0.05 0.05 unch 0.00 0.19 0.05 2.74 2.51 2.67 + 0.02 4.13 2.51 0.00 0.00 0.00 - 0.00 0.02 0.00 7.75 7.10 7.18 - 0.05 12.44 6.17 10.07 9.32 9.42 + 0.10 15.52 7.93 0.08 0.06 0.07 - 0.01 0.15 0.06 0.07 0.07 0.07 - 0.01 0.20 0.06 0.15 0.00 0.13 + 0.01 0.52 0.12 0.19 0.17 0.18 + 0.01 0.69 0.16 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.99 0.87 0.91 - 0.05 1.42 0.85 1.28 1.17 1.18 - 0.07 1.74 1.08 0.09 0.08 0.08 - 0.01 0.24 0.06 0.07 0.05 0.07 + 0.02 0.15 0.05 0.00 0.00 0.02 unch 0.00 0.10 0.02 2.78 2.60 2.65 + 0.04 5.00 2.40 2.07 2.00 2.00 - 0.02 4.00 1.93 0.06 0.00 0.06 unch 0.00 0.14 0.04 0.63 0.62 0.63 - 0.05 0.84 0.38 0.82 0.76 0.82 + 0.02 1.35 0.48 0.11 0.11 0.11 - 0.01 0.24 0.08 0.15 0.13 0.13 unch 0.00 0.34 0.07 0.10 0.09 0.09 - 0.00 0.25 0.07 0.38 0.29 0.32 - 0.02 0.40 0.08 0.15 0.11 0.13 - 0.02 0.27 0.09 0.11 0.11 0.11 unch 0.00 0.15 0.10 0.81 0.75 0.77 - 0.03 2.09 0.32 0.64 0.57 0.57 - 0.04 1.85 0.25 0.07 0.06 0.07 unch 0.00 0.13 0.06 0.06 0.04 0.06 + 0.01 0.09 0.04 0.22 0.19 0.20 - 0.02 0.50 0.18 0.29 0.25 0.26 - 0.03 0.62 0.24 0.51 0.46 0.47 - 0.03 0.56 0.36 0.66 0.60 0.61 - 0.03 0.71 0.46 0.03 0.02 0.03 unch 0.00 0.05 0.01 0.08 0.07 0.08 + 0.01 0.10 0.06 0.07 0.07 0.07 unch 0.00 0.08 0.06 0.15 0.00 0.13 + 0.01 0.30 0.10 0.42 0.38 0.38 - 0.04 1.46 0.07 0.54 0.50 0.50 - 0.02 1.85 0.09 0.11 0.09 0.09 - 0.01 0.29 0.10 0.15 0.13 0.13 - 0.01 0.40 0.13 0.05 0.04 0.04 - 0.01 0.18 0.04 0.22 0.20 0.21 + 0.01 1.90 0.20 0.80 0.00 0.80 unch 0.00 1.50 0.55 0.70 0.00 0.70 unch 0.00 1.20 0.00 0.08 0.07 0.07 + 0.01 0.13 0.05 0.06 0.05 0.06 + 0.01 0.10 0.03 0.00 0.00 0.00 + 0.00 0.08 0.00

Rackla Mtls V 7 Rackla Mtls* O 6 V 339 Radisson Mng Radius Gold V 554 O 400 Rae-Wallace Mg* Rainforest Res* O 0 2 Rainy Mtn Royl* O Rainy Mtn Royl V 243 15 Rambler Ml &Mg V Randgold Res* O 0 Randgold Res* D 3103 Randsburg Intl V 100 O 253 Rare Element* Rathdowney Res V 49 Ravencrest Res 720 65 Razore Rock Res RB Energy* O 13 Red Eagle Mng T 1786 98 Red Eagle Mng* O Red Moon Res V 32 407 Red Oak Mg V Red Pine Expl V 122 Redhawk Res V 149 Redstar Gold* O 164 Redstar Gold V 536 Redzone Res* O 27 Redzone Res V 250 Regal Res* O 58 V 1 Regency Gold Regulus Res V 60 V 8 Remington Res Renaissance Gd* O 107 V 111 Renaissance Gd Renforth Res 1342 Resolve Vent V 78 Resource Cap V 1795 O 90 Resource Cap* Reunion Gold V 467 Revelo Res V 1382 Revival Gold * O 43 Revival Gold V 187 Richmond Mnls V 5 V 44 Ridgestone M’g Rift Valley 281 V 85 Riley Resource Rimrock Gold* O 25702 Rio Silver V 240 Rio Tinto* N 11204 O 0 Rio Tinto* Rio Tinto* O 3 593 Rise Gold Corp Riverside Res V 374 O 467 Riverside Res* Rizal Res V 493 RJK Explor V 33 RJK Explor* O 50 Robex Res V 568 Rochester Res V 45

0.14 0.00 0.14 + 0.01 0.17 0.08 0.10 0.00 0.10 - 0.00 0.13 0.05 0.14 0.12 0.13 + 0.01 0.25 0.12 0.13 0.11 0.11 unch 0.00 0.16 0.09 0.01 0.01 0.01 unch 0.00 0.02 0.00 5.95 0.00 5.95 - 1.05 9.45 1.00 0.02 0.02 0.02 unch 0.00 0.11 0.02 0.03 0.03 0.03 - 0.01 0.15 0.03 0.10 0.09 0.09 unch 0.00 0.20 0.08 0.00 0.00 81.55 unch 0.00 103.90 79.84 79.45 76.00 76.84 - 1.67 108.29 76.01 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.19 0.17 0.19 + 0.00 0.44 0.07 0.12 0.12 0.12 + 0.01 0.22 0.10 0.85 0.80 0.82 - 0.01 2.10 0.43 0.25 0.25 0.25 unch 0.00 0.90 0.09 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.20 0.18 0.20 unch 0.00 0.54 0.18 0.15 0.13 0.14 + 0.00 0.41 0.13 0.08 0.00 0.08 unch 0.00 0.16 0.04 0.30 0.25 0.29 + 0.01 0.30 0.06 0.07 0.00 0.07 unch 0.00 0.14 0.06 0.05 0.02 0.05 - 0.01 0.08 0.05 0.03 0.02 0.03 + 0.01 0.12 0.02 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.23 0.20 0.23 + 0.03 0.57 0.08 0.30 0.25 0.29 unch 0.00 0.75 0.10 0.00 0.00 0.00 unch 0.00 0.09 0.00 0.00 0.00 0.21 unch 0.00 0.28 0.10 1.90 1.81 1.85 - 0.04 3.00 1.46 0.30 0.30 0.30 unch 0.00 1.15 0.30 0.17 0.14 0.14 - 0.01 0.38 0.14 0.21 0.19 0.19 unch 0.00 0.48 0.19 0.06 0.05 0.05 - 0.01 0.09 0.03 0.09 0.08 0.08 unch 0.00 0.69 0.08 0.07 0.04 0.06 + 0.02 0.21 0.04 0.04 0.04 0.04 + 0.00 0.15 0.03 0.17 0.15 0.15 - 0.01 0.18 0.11 0.03 0.02 0.02 - 0.01 0.06 0.02 0.66 0.55 0.55 - 0.10 0.73 0.42 0.85 0.73 0.77 - 0.08 0.99 0.35 0.04 0.04 0.04 unch 0.00 0.18 0.04 0.26 0.19 0.19 unch 0.00 0.32 0.19 0.07 0.07 0.07 unch 0.00 0.15 0.05 0.11 0.11 0.11 + 0.01 0.15 0.10 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.00 0.04 - 0.01 0.07 0.04 59.52 56.08 56.79 - 2.43 60.72 37.66 0.00 0.00 63.03 unch 0.00 65.30 44.18 59.00 0.00 55.40 - 3.75 60.00 38.98 0.15 0.12 0.14 + 0.01 0.24 0.09 0.32 0.26 0.32 + 0.06 0.41 0.22 0.33 0.19 0.26 + 0.05 0.31 0.16 0.02 0.02 0.02 + 0.01 0.06 0.02 0.06 0.05 0.05 - 0.01 0.20 0.05 0.04 0.04 0.04 unch 0.00 0.13 0.04 0.11 0.10 0.11 + 0.01 0.14 0.08 0.05 0.00 0.05 unch 0.00 0.09 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 79 Rochester Res* 6 Rock Tech Lith* O 38 Rock Tech Lith V Rockcliff Met V 403 Rockex Mng 53 V 161 Rockhaven Res V 10 Rockridge Res O 319 Rockshield Cap* Rockshield Cap 791 V 30 Rockwealth Res O 1 Rockwell Diam* Rodinia Lithm V 66 Rogue Res* O 12 Rogue Res V 3 Rojo Res* O 16 O 1 Rokmaster Res* V 130 Rokmaster Res 165 Romios Gold Rs V Romios Gold Rs* O 114 V 133 RosCan Mrnls 5 Rosita Mg Corp* O 266 Rosita Mg Corp V 6 V Ross River Rotation Mnls V 15 V 25 Roughrider Exp Roxgold* O 36 T 3702 Roxgold Royal Gold* D 2746 Royal Mines &M* O 198 Royal Nickel T 3455 Royal Nickel* O 134 435 Royal Rd Mnrls V 43 Royal Std Mnrl* O RT Minerals V 4220 RT Minerals* O 125 RTG Mining T 152 O 24 Rubicon Mnrls* T 95 Rubicon Mnrls Rugby Mng V 159 1 Running Fox Rs* O 22 Running Fox Rs V Rupert Res V 43 Rusoro Mng* O 54 Rusoro Mng V 79

0.02 unch 0.00 0.06 0.04 0.04 0.04 1.04 0.00 1.00 - 0.01 1.66 0.83 1.37 1.28 1.28 - 0.11 2.16 0.82 0.03 0.04 0.03 0.04 + 0.01 0.12 0.01 0.04 0.00 0.03 - 0.01 0.04 0.12 unch 0.00 0.19 0.14 0.13 0.14 0.22 unch 0.00 0.50 0.25 0.25 0.25 0.08 0.19 0.17 0.18 - 0.01 0.67 0.10 0.25 0.22 0.25 + 0.01 0.84 0.12 unch 0.00 0.30 0.15 0.14 0.14 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.08 0.16 0.14 0.16 + 0.02 0.46 0.16 0.20 0.19 0.19 - 0.01 0.43 0.18 unch 0.00 0.58 0.22 0.00 0.22 0.30 unch 0.00 0.31 0.31 0.30 0.31 0.02 unch 0.00 0.05 0.09 0.09 0.09 0.08 0.13 0.12 0.13 + 0.01 0.30 0.07 0.05 0.07 + 0.02 0.09 0.05 0.06 0.04 0.04 - 0.00 0.07 0.03 0.05 unch 0.00 0.10 0.08 0.06 0.07 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.04 0.04 0.04 unch 0.00 0.12 0.02 0.20 0.18 0.20 + 0.02 0.50 0.10 0.12 0.17 0.14 0.15 + 0.01 0.45 0.03 0.04 0.04 0.04 + 0.01 0.12 0.78 0.93 0.88 0.88 + 0.02 1.13 1.23 1.13 1.17 - 0.01 1.44 0.98 74.35 93.36 90.37 92.44 + 1.24 94.39 0.01 0.00 0.01 + 0.00 0.01 0.00 0.14 0.15 0.14 0.15 - 0.01 0.38 0.11 0.12 0.11 0.11 - 0.01 0.31 0.10 0.00 0.10 - 0.01 0.18 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.01 0.02 0.01 0.01 - 0.01 0.11 0.01 0.01 0.01 0.01 - 0.00 0.09 0.10 0.12 0.09 0.12 + 0.01 0.55 0.90 0.91 0.00 0.89 - 0.03 1.48 1.13 1.21 1.17 1.17 - 0.04 1.88 0.24 0.35 0.30 0.30 - 0.03 0.50 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.68 1.00 0.97 1.00 + 0.01 1.46 0.05 0.07 0.06 0.06 - 0.01 0.16 0.06 0.10 0.08 0.08 - 0.01 0.22

T 873 Sabina Gd&Slvr O 271 Sabina Gd&Slvr* Sable Res* O 2 Sable Res V 641 Sage Gold* O 107 Sage Gold V 2140 Sailfish Rylty V 21 Saint Jean* O 200 Saint Jean V 457 Salazar Res* O 142 Salazar Res V 113 0 Salt Lake Pot* O Sama Res V 1055 Sama Res* O 158 Samco Gold V 5 Samex Mng* O 132 11 San Gold Corp* O 24 San Marco Res* O 162 San Marco Res V V 498 Sanatana Diam Sandfire Res V 68 Sandfire Res* O 107 O 754 Sandspring Res* V 857 Sandspring Res T 1384 Sandstorm Gold X 5741 Sandstorm Gold* 131 Sandy Lake Gld V Santa Fe Gold* O 826 V 511 Santacruz Silv Sarama Res V 121 Sarissa Res* O 2933 Satori Res V 272 Satori Res* O 70 Saturn Mnrls V 591 Savary Gold V 362 Savary Gold* O 100 Saville Res V 154 391 Scandium Intl T O 96 Scandium Intl* Scorpio Gold V 550 ScoZinc Mg V 4 ScoZinc Mg* O 0 Seabridge Gld T 239 Seabridge Gld* N 1063 Seafield Res* O 52 Search Mnls* O 67 Search Mnls V 525 Searchlight* O 74 Secova Mtls V 152 Sego Res V 460 Select Sands V 952 T 4797 Semafo Senator Mnrls V 26 O 2 Senator Mnrls* V 50 Sennen Potash Serabi Gold T 146 Serengeti Res V 752 Shamrock Ent 21 Sherritt Intl T 3890 V 10 Shoshoni Gold Sibanye Gold* N 38208 O 0 Sibanye Gold* O 13 Sidney Resrces* Sienna Res V 194 Sienna Res* O 29 Sierra Metals* X 178 Sierra Metals T 57 Signature Res V 72 O 130 Signature Res* 368 Silver Bear Rs T 8 Silver Bear Rs* O Silver Bull Re* O 1579 Silver Bull Re T 1129 O 167 Silver Dragon* Silver Grail V 3 Silver Hill* O 0 Silver Mtn Mns* O 125 120 Silver Mtn Mns V O 9 Silver Predatr* Silver Predatr V 12 Silver Range V 43 Silver Scott* O 91 O 12 Silver Spruce* Silver Spruce V 282 O 1 Silver Stream* Silver Viper V 102 Silver Wheaton T 4682 N 8755 Silver Wheaton* T 2440 Silvercorp Met X 2120 Silvercorp Met* O 508 SilverCrest Mt* SilverCrest Mt V 934 O 38 Silverstar Res* Sirios Res* O 50 Sirios Res V 305 Sitka Gold 66 Skeena Res V 279 Skeena Res* O 72 O 165 Skyharbour Res* V 710 Skyharbour Res Slam Explor* O 3 Slam Explor V 206 O 50 Sojourn Explor* V 145 Sojourn Explor Sokoman Iron V 409 SolGold plc* O 282 SolGold plc T 130 T 42 Solitario Ex&R X 250 Solitario Ex&R* Solstice Gold V 1584 47 Sonora Gld & S V Sonoro Mtls V 40 Southern Arc* O 0 Southern Arc V 2 N 3838 Southern Copp* O 132 Southern Silvr* Southern Silvr V 189 T 86 SouthGobi Res 382 Spanish Mtn Gd V Spanish Mtn Gd* O 226 Sparton Res V 329 Sparton Res* O 9 O 93 Spearmint Res* V 1459 Spearmint Res Sphinx Res V 292

1.48 1.67 1.60 1.63 + 0.01 2.70 1.14 1.29 1.21 1.22 - 0.03 2.17 0.12 unch 0.00 0.23 0.23 0.23 0.23 0.12 0.30 0.24 0.25 - 0.06 0.35 0.03 0.03 0.00 0.03 - 0.01 0.20 0.04 0.05 0.03 0.03 - 0.02 0.25 1.00 unch 0.00 3.07 1.40 1.28 1.29 0.01 0.02 0.02 0.02 - 0.00 0.05 0.06 0.07 0.02 0.06 - 0.03 0.24 0.06 0.11 0.11 0.11 - 0.00 0.12 0.08 unch 0.00 0.18 0.14 0.12 0.14 0.00 0.00 0.41 unch 0.00 0.47 0.27 0.12 0.36 0.32 0.33 - 0.02 0.50 0.10 0.28 0.25 0.25 - 0.01 0.41 0.02 unch 0.00 0.11 0.06 0.06 0.06 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.16 0.14 0.14 - 0.02 0.23 0.10 0.21 0.18 0.18 - 0.01 0.30 0.13 0.03 0.05 0.04 0.05 + 0.01 0.07 0.06 0.11 0.10 0.10 - 0.01 0.12 0.05 0.08 0.07 0.07 - 0.01 0.10 0.17 0.21 0.17 0.19 - 0.02 0.39 0.24 0.26 0.23 0.24 - 0.03 0.46 4.66 6.02 5.73 5.98 + 0.25 6.95 3.52 4.57 4.40 4.56 + 0.12 5.64 0.06 0.00 0.06 unch 0.00 0.11 0.04 0.12 0.09 0.09 - 0.02 0.20 0.07 0.09 unch 0.00 0.26 0.11 0.10 0.10 0.08 0.10 0.10 0.10 - 0.01 0.18 0.00 0.00 0.00 0.00 + 0.00 0.01 0.07 0.08 0.08 0.08 - 0.01 0.26 0.05 unch 0.00 0.18 0.07 0.07 0.07 0.08 unch 0.00 0.18 0.13 0.12 0.13 0.04 unch 0.00 0.09 0.04 0.04 0.04 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.06 0.07 0.07 0.07 - 0.01 0.20 0.17 0.15 0.16 - 0.01 0.43 0.15 0.11 0.13 0.12 0.12 + 0.00 0.35 0.02 unch 0.00 0.07 0.02 0.02 0.02 0.95 0.92 0.00 0.92 - 0.03 1.75 0.80 unch 0.00 1.44 0.00 0.00 0.91 12.61 14.53 13.82 14.35 + 0.44 17.65 11.05 10.70 10.85 + 0.15 13.70 9.50 0.00 unch 0.00 0.03 0.00 0.00 0.00 0.05 0.06 0.06 0.06 + 0.00 0.07 0.03 unch 0.00 0.09 0.07 0.06 0.07 0.01 0.03 0.02 0.02 + 0.00 0.06 0.08 unch 0.00 0.55 0.12 0.00 0.12 0.03 0.05 0.04 0.05 + 0.01 0.09 0.33 0.43 0.39 0.39 - 0.05 0.93 2.70 3.81 3.68 3.72 - 0.02 4.14 0.15 0.16 0.00 0.15 - 0.02 1.99 0.12 0.12 0.12 0.12 - 0.03 1.57 0.30 unch 0.00 1.00 0.50 0.50 0.50 0.05 unch 0.00 0.09 0.07 0.06 0.06 0.13 0.16 0.14 0.15 - 0.01 0.26 0.03 0.05 0.04 0.04 - 0.01 0.08 0.74 1.30 1.19 1.20 - 0.07 1.87 0.04 unch 0.00 0.07 0.05 0.00 0.05 2.88 2.53 2.67 - 0.24 6.50 2.44 0.66 unch 0.00 1.34 0.00 0.00 0.66 0.00 0.01 0.00 0.01 - 0.00 0.02 0.09 0.10 0.09 0.10 + 0.01 0.39 0.07 0.08 0.07 0.07 - 0.01 0.32 2.13 2.78 2.65 2.65 - 0.11 3.10 2.75 3.64 3.45 3.45 - 0.19 3.85 0.05 unch 0.00 0.14 0.12 0.11 0.12 0.04 0.09 0.09 0.09 - 0.01 0.11 0.24 0.19 0.21 unch 0.00 0.32 0.12 0.08 0.26 0.04 + 0.18 0.18 0.15 0.15 0.14 0.14 - 0.01 0.23 0.06 0.20 0.18 0.19 unch 0.00 0.29 0.08 0.00 0.01 0.01 0.01 - 0.00 0.02 0.05 unch 0.00 0.13 0.08 0.00 0.08 0.10 0.11 0.00 0.11 - 0.01 0.25 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.05 0.07 0.06 0.06 - 0.01 0.22 0.09 unch 0.00 0.28 0.10 0.09 0.09 0.12 unch 0.00 0.25 0.16 0.00 0.16 0.01 0.06 0.03 0.03 - 0.04 0.24 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.03 unch 0.00 0.08 0.04 0.03 0.03 0.01 unch 0.00 1.00 1.00 1.00 1.00 0.15 0.20 0.17 0.17 - 0.02 0.30 23.18 29.40 28.54 29.16 + 0.47 29.16 18.32 22.34 21.94 22.15 - 0.02 22.72 2.72 3.81 3.54 3.57 - 0.09 4.34 2.12 2.97 2.68 2.72 - 0.11 3.43 0.84 2.32 2.03 2.18 + 0.12 2.32 1.05 3.00 2.65 2.88 + 0.21 3.00 0.06 0.13 0.11 0.12 - 0.00 3.36 0.17 unch 0.00 0.36 0.17 0.17 0.17 0.20 0.23 0.20 0.21 - 0.02 0.49 0.16 unch 0.00 0.30 0.20 0.18 0.20 0.40 0.44 0.41 0.42 + 0.01 0.80 0.27 0.33 0.31 0.31 - 0.01 0.66 0.24 0.37 0.32 0.33 - 0.02 0.42 0.31 0.47 0.42 0.43 + 0.01 0.55 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.03 unch 0.00 0.07 0.03 0.00 0.03 0.10 unch 0.00 0.21 0.12 0.12 0.12 0.11 0.15 0.13 0.13 + 0.01 0.30 0.03 unch 0.00 0.10 0.06 0.05 0.06 0.28 0.00 0.55 0.33 0.30 0.31 + 0.34 0.42 0.00 0.41 - 0.01 0.95 0.50 0.56 0.50 0.56 + 0.01 1.08 0.39 0.44 0.40 0.43 + 0.02 0.88 0.18 0.21 0.18 0.19 - 0.02 0.38 0.12 0.09 0.12 + 0.03 0.20 0.05 0.11 unch 0.00 0.20 0.15 0.14 0.14 0.31 unch 0.00 0.65 0.38 0.00 0.38 0.36 0.45 0.00 0.45 - 0.05 0.90 33.63 51.80 48.11 48.57 - 2.89 58.09 0.16 0.21 0.17 0.18 - 0.01 0.35 0.20 0.26 0.23 0.24 - 0.01 0.43 0.10 unch 0.00 0.33 0.13 0.00 0.13 0.10 0.09 0.09 unch 0.00 0.16 0.08 0.08 0.07 0.07 - 0.00 0.13 0.06 0.03 unch 0.00 0.14 0.07 0.06 0.07 0.02 unch 0.00 0.11 0.04 0.04 0.04 0.02 0.03 0.02 0.03 + 0.01 0.11 0.02 unch 0.00 0.14 0.04 0.03 0.04 0.04 unch 0.00 0.08 0.05 0.04 0.04

2018-06-19 5:13 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / JUNE 25–JULY 8, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Sprott Res Hld T 1984 Spruce Ridge R V 160 Squire Mg Ltd 498 SRG Graphite V 448 SSR Mining* D 4965 SSR Mining T 993 St Augustine T 299 St Elias Mns* O 430 St-Georges Eco* O 44 St-Georges Eco 1790 Stakeholdr Gld* O 82 V 54 Stakeholdr Gld Standard Graph* O 12140 Standard Lith V 510 O 40 Standard Metal* Stans Energy V 269 Stans Energy* O 122 O 253 Star Diamond* Star Diamond T 732 Star Gold* O 15 Starcore Intl T 91 Starr Peak Exp V 1 Stellar Africa* O 11 Stellar Africa V 113 Stelmine Can V 33 Sterling Grp* O 75 Stockport Expl* O 13 Stornoway Diam T 886 Stornoway Diam* O 67 Stratabd Mnr V 216 Strateco Res* O 50 Strategic Metl* O 82 Strategic Metl V 90 Strategic Res V 1 Strategic Res* O 0 Stria Lithium V 37 V 15 Strikepoint Gd Strikepoint Gd* O 21 V 335 Strongbow Expl Strongbow Expl* O 10 Stroud Res V 148 Sulliden Mng T 306 Sun Metals V 332 Suncor Energy T 18961 N 17293 Suncor Energy* Sunvest Mnrls V 233 Sunvest Mnrls* O 75 Superior Gold* O 170 Superior Gold V 452 Superior Mng V 37 Superior Mng* O 17 Supreme Metals 167 Surge Copper * O 25 Surge Copper V 225 Surge Explor* O 55 Surge Explor V 113 Sutter Gold* O 284 Sutter Gold V 166 Syrah Res* O 146

0.12 0.11 0.12 - 0.01 0.17 0.11 0.03 0.03 0.03 unch 0.00 0.06 0.01 0.41 0.37 0.39 unch 0.00 0.45 0.05 1.43 1.12 1.20 - 0.25 2.25 0.40 10.85 10.11 10.61 + 0.31 11.44 7.64 14.29 13.26 13.96 + 0.64 14.62 9.66 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.20 0.17 0.17 - 0.03 2.20 0.11 0.27 0.22 0.22 - 0.05 2.90 0.02 0.14 0.12 0.14 + 0.01 0.45 0.12 0.18 0.15 0.18 + 0.03 0.64 0.15 1.05 0.69 1.04 + 0.34 1.04 0.18 1.47 1.16 1.25 - 0.24 2.85 0.85 0.15 0.00 0.15 unch 0.00 0.19 0.02 0.04 0.03 0.03 unch 0.00 0.05 0.03 0.02 0.02 0.02 - 0.00 0.04 0.02 0.14 0.13 0.14 - 0.01 0.29 0.12 0.19 0.18 0.18 unch 0.00 0.40 0.15 0.10 0.05 0.10 + 0.05 0.11 0.05 0.19 0.00 0.17 - 0.02 0.42 0.18 0.16 0.00 0.16 + 0.03 0.19 0.10 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.06 0.00 0.06 + 0.01 0.07 0.03 0.19 0.00 0.19 unch 0.00 0.45 0.14 0.04 0.03 0.03 unch 0.00 0.10 0.03 0.03 0.03 0.03 unch 0.00 0.03 0.00 0.47 0.44 0.44 - 0.02 0.84 0.44 0.35 0.34 0.35 + 0.01 0.66 0.34 0.05 0.04 0.05 + 0.01 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.36 0.33 0.35 + 0.01 0.46 0.31 0.47 0.43 0.45 - 0.01 0.58 0.40 0.22 0.22 0.22 unch 0.00 0.25 0.10 0.00 0.00 0.14 unch 0.00 0.14 0.11 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.22 0.21 0.22 unch 0.00 0.50 0.15 0.18 0.17 0.17 + 0.00 0.40 0.11 0.24 0.19 0.20 - 0.02 0.28 0.13 0.18 0.15 0.15 - 0.05 0.22 0.10 0.02 0.01 0.02 unch 0.00 0.03 0.01 0.31 0.28 0.28 - 0.02 0.65 0.18 0.24 0.21 0.21 - 0.05 0.40 0.16 54.14 51.55 51.68 - 1.05 54.14 36.09 41.71 39.11 39.17 - 1.60 41.82 27.96 0.08 0.07 0.08 - 0.01 0.14 0.07 0.06 0.05 0.05 - 0.01 0.18 0.04 1.04 0.99 1.00 + 0.01 1.28 0.69 1.35 1.29 1.30 + 0.01 1.62 0.85 0.09 0.00 0.09 unch 0.00 0.13 0.04 0.06 0.06 0.06 + 0.00 0.11 0.03 0.04 0.00 0.04 unch 0.00 0.08 0.03 0.09 0.09 0.09 unch 0.00 0.21 0.08 0.12 0.11 0.11 - 0.02 0.26 0.09 0.14 0.14 0.14 - 0.00 0.36 0.09 0.20 0.17 0.18 unch 0.00 0.28 0.17 0.02 0.01 0.02 + 0.00 0.04 0.01 0.02 0.00 0.02 + 0.01 0.05 0.02 2.31 2.04 2.07 - 0.25 3.85 1.99

Tahoe Res* N 14938 Tahoe Res T 3819 Taiga Gold 199 Taiga Gold* O 36 Tajiri Res V 32 Taku Gold* O 1 Taku Gold 41 Talmora Diamd 10 Talon Metals T 115 Tamino Mnrls* O 888 Tanager Energy V 197 Tango Mining V 50 Tanqueray Expl V 1163 Tantalex Res 1771 V 173 Tanzania Mnls Tanzania Rlty T 103 Tanzania Rlty* X 504 Taranis Res* O 2 Taranis Res V 24 Tarku Res V 516 Tartisan Nick 160 Tasca Res V 76 Taseko Mines T 1614 Taseko Mines* X 7347 T 9228 Teck Res T 9 Teck Res Teck Res* N 12318 Telson Res * O 9 Telson Res V 277

5.38 4.88 4.98 - 0.36 8.86 3.76 7.02 6.42 6.56 - 0.36 11.73 4.75 0.18 0.16 0.16 - 0.01 0.21 0.13 0.13 0.13 0.13 + 0.01 0.16 0.11 0.18 0.16 0.16 - 0.01 0.18 0.08 0.03 0.03 0.03 unch 0.00 0.20 0.03 0.06 0.05 0.05 unch 0.00 0.25 0.05 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.12 0.00 0.11 + 0.02 0.15 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.07 0.08 unch 0.00 0.17 0.07 0.03 0.03 0.03 unch 0.00 0.06 0.03 1.32 1.15 1.19 unch 0.00 1.41 0.33 0.12 0.08 0.09 - 0.01 0.25 0.03 0.19 0.12 0.12 - 0.05 1.20 0.12 0.64 0.59 0.59 - 0.03 0.89 0.31 0.50 0.44 0.46 - 0.01 0.68 0.24 0.08 0.08 0.08 unch 0.00 0.11 0.03 0.12 0.11 0.12 + 0.01 0.14 0.07 0.04 0.03 0.04 + 0.01 0.06 0.03 0.12 0.09 0.12 + 0.02 0.16 0.08 0.07 0.06 0.06 - 0.01 0.62 0.05 1.80 1.49 1.56 - 0.14 2.98 1.35 1.40 1.13 1.19 - 0.13 2.46 1.05 38.79 34.87 35.43 - 2.77 39.08 19.27 38.55 35.07 35.50 - 2.18 39.00 20.00 29.88 26.43 26.92 - 2.57 30.80 14.56 0.67 0.65 0.66 - 0.01 0.74 0.19 0.88 0.80 0.88 + 0.07 1.00 0.28

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tembo Gold* O 19 Tembo Gold V 128 O 71 Teranga Gold* Teranga Gold T 1672 Teras Res V 427 Teras Res* O 30 Terraco Gold V 212 Terrax Mnrls* O 109 Terrax Mnrls V 258 Terreno Res V 147 305 Teslin Rvr Res V Tesoro Mnrls V 750 Tethyan Res V 119 Teuton Res V 84 Teuton Res* O 49 Texas Mineral* O 169 Themac Res V 7 Thor Expl V 57 25 Thunder Mtn Gd V Thunder Mtn Gd* O 8 V 559 Thunderstruck Thunderstruck* O 69 Till Capital V 0 Timberline Res V 1225 O 1787 Timberline Res* Timmins Gold T 919 X 1364 Timmins Gold* Tinka Res V 684 Tinka Res* O 248 Tintina Mines V 11 Titan Mining T 135 Titanium Corp V 39 6 TMAC Resource* O TMAC Resources T 471 TNR Gold V 701 Toachi Mg Inc* O 805 583 Toachi Mg Inc V Tolima Gold V 455 TomaGold V 7376 Tombstone Expl* O 1260 O 194 Tonogold Res* Torex Gold* O 37 Torex Gold T 4051 Toron, Inc* O 8571 V 370 Torq Resources Torq Resources* O 319 Tower Res* O 3 Tower Res V 321 O 4 Transatlan Mng* Transatlan Mng V 153 Transition Mtl V 61 Treasury Metal T 1250 O 75 Treasury Metal* Trecora Res* N 188 Trek Mining V 2486 Trek Mining* O 840 Tres-Or Res V 1151 Trevali Mng* O 471 Trevali Mng T 7265 Tri Origin Exp V 677 Trident Gold V 127 Trifecta Gold* O 23 Trifecta Gold V 82 Trigen Res* O 36 Trilogy Mtls T 102 Trilogy Mtls* X 817 O 24 TriMetals Mng* TriMetals Mng* O 55 TriMetals Mng T 84 Trinity Res* O 1 Trinity Valley V 23 Trio Resources* O 182 TriStar Gold* O 25 TriStar Gold V 55 Triumph Gold V 314 Triumph Gold* O 235 Troilus Gold V 51 Troilus Gold* O 5 Troy Enrgy V 310 Troy Res* O 136 Troymet Expl V 791 True Grit Res V 8 895 True North Gem V Trueclaim Expl V 8 Tsodilo Res V 65 Tudor Gold V 118 17 Tudor Gold * O Tungsten Corp* O 0 Turquoise HIl* N 7234 Turquoise HIl T 2480 TVI Pacific V 2073

0.02 0.02 0.02 unch 0.00 0.03 0.01 0.03 0.02 0.03 - 0.01 0.05 0.01 4.30 4.01 4.03 - 0.04 6.40 1.83 5.63 5.24 5.37 + 0.12 5.63 2.36 0.08 0.07 0.08 + 0.01 0.15 0.07 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.09 0.08 0.09 unch 0.00 0.12 0.08 0.31 0.28 0.31 + 0.01 0.51 0.28 0.41 0.37 0.41 + 0.01 0.62 0.36 0.05 0.04 0.05 + 0.01 0.18 0.03 0.38 0.34 0.34 - 0.01 0.76 0.34 0.06 0.06 0.06 - 0.02 0.12 0.06 0.25 0.23 0.25 unch 0.00 0.57 0.17 0.19 0.17 0.18 - 0.01 0.35 0.15 0.13 0.13 0.13 - 0.01 0.26 0.12 0.20 0.18 0.19 - 0.01 0.28 0.13 0.07 0.07 0.07 unch 0.00 0.10 0.03 0.20 0.20 0.20 unch 0.00 0.23 0.09 0.20 0.20 0.20 unch 0.00 0.32 0.12 0.16 0.12 0.16 - 0.02 0.30 0.08 0.08 0.07 0.07 - 0.01 0.13 0.05 0.07 0.05 0.06 - 0.01 0.10 0.04 1.95 0.00 1.90 - 0.05 5.85 1.90 0.14 0.00 0.13 + 0.06 0.58 0.08 0.11 0.06 0.10 + 0.04 0.43 0.06 2.02 1.77 1.84 - 0.16 7.47 1.77 1.56 1.35 1.39 - 0.15 5.74 1.35 0.48 0.43 0.44 + 0.02 0.87 0.40 0.37 0.32 0.34 + 0.02 0.75 0.31 0.05 0.05 0.05 unch 0.00 0.10 0.04 1.16 1.10 1.12 - 0.06 1.65 0.92 0.90 0.86 0.86 - 0.04 1.50 0.70 4.76 4.11 4.75 + 0.42 11.78 4.11 6.33 5.29 6.20 + 0.54 15.94 5.19 0.06 0.05 0.06 + 0.01 0.09 0.03 0.15 0.13 0.13 - 0.02 0.35 0.10 0.19 0.16 0.16 - 0.01 0.48 0.12 0.02 0.01 0.01 + 0.01 0.06 0.01 0.08 0.05 0.06 + 0.01 0.10 0.05 0.01 0.00 0.00 - 0.00 0.01 0.00 0.18 0.12 0.13 - 0.01 0.40 0.04 10.34 9.22 9.23 - 0.56 19.75 5.73 13.52 12.08 12.31 - 0.27 26.23 7.29 0.02 0.01 0.01 - 0.00 0.03 0.00 0.51 0.46 0.46 - 0.06 0.81 0.43 0.39 0.35 0.37 - 0.03 1.10 0.35 0.12 0.12 0.12 - 0.00 0.24 0.08 0.16 0.12 0.12 - 0.03 0.34 0.10 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.05 0.00 0.05 + 0.01 0.18 0.04 0.14 0.13 0.13 - 0.01 0.20 0.12 0.45 0.39 0.40 + 0.02 0.77 0.38 0.33 0.30 0.31 + 0.02 0.65 0.29 14.00 13.10 13.90 + 0.25 14.40 10.25 1.07 1.00 1.05 + 0.01 1.39 0.88 0.82 0.78 0.78 - 0.01 1.11 0.69 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.90 0.78 0.79 - 0.08 1.37 0.77 1.18 1.02 1.04 - 0.08 1.75 1.01 0.03 0.02 0.02 unch 0.00 0.06 0.02 0.16 0.14 0.14 unch 0.00 0.22 0.14 0.07 0.07 0.07 - 0.00 0.20 0.06 0.09 0.07 0.09 + 0.01 0.40 0.08 0.32 0.23 0.25 - 0.01 0.46 0.06 2.20 1.88 2.20 + 0.28 2.13 0.80 1.66 1.46 1.66 + 0.15 1.64 0.60 0.15 0.13 0.15 + 0.00 0.20 0.11 0.09 0.00 0.09 + 0.01 0.18 0.08 0.12 0.11 0.12 + 0.01 0.23 0.10 0.01 0.01 0.01 - 0.06 0.10 0.01 0.08 0.00 0.08 unch 0.00 0.18 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.15 0.15 0.15 unch 0.00 0.32 0.13 0.22 0.20 0.20 - 0.01 0.41 0.18 0.34 0.31 0.33 + 0.01 0.57 0.25 0.27 0.23 0.26 + 0.02 0.46 0.20 1.50 1.40 1.40 - 0.10 2.25 0.41 1.08 1.08 1.08 unch 0.00 1.59 1.08 0.06 0.05 0.06 + 0.02 0.15 0.04 0.11 0.09 0.09 - 0.02 0.13 0.06 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.17 0.00 0.16 unch 0.00 0.30 0.07 0.52 0.50 0.51 unch 0.00 0.83 0.50 0.43 0.41 0.42 + 0.02 0.94 0.37 0.34 0.32 0.34 + 0.02 0.71 0.31 0.00 0.00 0.67 unch 0.00 0.82 0.67 2.90 2.75 2.76 - 0.06 3.59 2.47 3.77 3.63 3.63 - 0.03 4.52 3.25 0.02 0.01 0.02 unch 0.00 0.02 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.00 TVI Pacific* O 27 0.02 0.01 0.02 + 0.00 0.02 0.00 unch 0.00 0.00 Tyhee Gold* O 2 0.00 0.00 0.00 0.04 unch 0.00 0.12 Typhoon Expl V 87 0.06 0.05 0.06

U-V U.S. Lithium* O 2698 U3O8 Corp* O 30 U3O8 Corp T 717 UC Res* O 0 559 Ucore Rare Mtl V Ucore Rare Mtl* O 680 UEX Corp T 1469 Ultra Lithium* O 16 Ultra Lithium V 47 O 82 Umbral Enrgy* V 228 Unigold Unigold* O 46 United Lithium 3 18 United Res Hdg* O United Silver* O 45 581 United States A* X United States S* N 40123 Unity Energy V 24 Unity Energy* O 2 V 639 Universal Vent V 31 Upper Canyon Ur-Energy* X 1469 Ur-Energy T 289 Uracan Res V 624 Uracan Res* O 23 505 Uragold Bay Rs V X 5540 Uranium Energy* O 0 Uranium Hunter* Uranium Res* D 2116 Uravan Mnrls V 140 URZ Energy V 197 URZ Energy* O 91 V 1080 US Cobalt US Energy* D 186 US Precious M* O 540 USCorp* O 11 109363 N Vale* ValGold Res* O 6 ValGold Res V 878 Valley High Mg* O 3261 Valterra Res V 367 Valterra Res* O 222 V 2153 Vanadium One O 137 Vanadiumcorp* V 779 Vanadiumcorp Vangold Res V 1009 Vangold Res* O 430 274 Vanstar Mng Rs V Vantex Res* O 0 Vantex Res V 3 Vatic Vent V 274 Vatic Vent* O 34 N 4332 Vedanta* Velocity Mnrls V 397 Vendetta Mng V 1541 O 33 Vendetta Mng* V 100 Venerable Vent Verde Potash T 148 Verde Res* O 93 Veris Gold* O 114 Vertical Expl V 307 Victoria Gold V 1357 O 6 Victory Nickel* Victory Nickel 11 Victory Res V 75 Victory Vent V 123 Victory Vent* O 37 Virginia Enrgy V 34 O 13 Virginia Enrgy* Viscount Mng V 119 284 Visible Gold M V 1 Visible Gold M* O Vision Lithium V 28 O 3 Vision Lithium* Vista Gold* X 606 Vista Gold T 36 Viva Gold V 81 Volcanic Gold V 202 Volt Energy* O 1 Volt Energy V 27 Voltaic Min V 60 Voyageur Min V 6 O 200 VR Resources* VR Resources V 264 Vulcan Mnrls V 33

0.02 0.02 0.02 0.02 + 0.00 0.06 0.18 0.35 0.26 0.26 - 0.04 0.49 0.21 0.50 0.33 0.35 - 0.04 0.60 0.00 unch 0.00 0.20 0.00 0.00 0.00 0.21 0.18 0.19 - 0.02 0.32 0.18 0.16 0.14 0.14 - 0.02 0.26 0.14 0.15 0.29 0.26 0.26 - 0.02 0.41 0.11 0.16 0.15 0.16 + 0.01 0.63 0.15 0.21 0.20 0.21 + 0.01 0.80 0.07 0.26 0.23 0.25 - 0.00 0.64 0.15 unch 0.00 0.33 0.20 0.16 0.19 0.12 0.15 0.00 0.15 - 0.00 0.24 0.40 unch 0.00 0.57 0.50 0.50 0.50 0.05 0.03 0.05 + 0.02 0.07 0.00 0.00 unch 0.00 0.01 0.01 0.01 0.01 0.50 0.43 0.43 - 0.05 0.50 0.20 38.41 35.27 36.05 - 1.11 47.64 19.75 0.10 0.16 0.16 0.16 - 0.02 0.23 0.08 unch 0.00 0.19 0.14 0.14 0.14 0.31 0.54 0.45 0.45 - 0.09 0.58 0.03 0.30 0.25 0.30 + 0.04 0.34 0.50 0.76 0.65 0.69 - 0.04 0.79 0.62 0.98 0.92 0.92 - 0.03 0.98 0.02 0.03 0.03 0.03 + 0.01 0.04 0.01 unch 0.00 0.09 0.01 0.01 0.01 0.09 0.09 0.09 unch 0.00 0.14 0.08 0.96 1.77 1.60 1.63 - 0.09 2.00 0.50 unch 0.00 2.20 0.00 0.00 0.50 0.35 0.60 0.51 0.52 + 0.01 1.70 0.04 unch 0.00 0.08 0.05 0.00 0.05 0.20 0.57 0.47 0.48 - 0.03 0.79 0.24 0.47 0.36 0.36 - 0.05 0.51 1.02 0.98 1.02 unch 0.00 1.34 0.45 0.60 1.25 1.15 1.15 - 0.07 1.96 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.01 0.00 0.00 - 0.01 0.02 14.15 13.06 13.17 - 0.58 15.24 7.65 0.04 0.09 0.09 0.09 - 0.00 0.10 0.04 unch 0.00 0.14 0.12 0.12 0.12 0.01 0.01 0.01 - 0.00 0.04 0.00 0.02 unch 0.00 0.06 0.03 0.02 0.03 0.01 0.03 0.02 0.03 - 0.00 0.05 0.04 0.08 0.07 0.08 + 0.01 0.16 0.07 0.11 0.07 0.07 - 0.00 0.14 0.09 0.10 0.09 0.09 - 0.01 0.16 0.05 0.06 0.05 0.05 - 0.01 0.25 0.04 0.05 0.04 0.04 - 0.01 1.38 0.12 0.10 0.10 - 0.02 0.12 0.06 0.04 unch 0.00 0.09 0.00 0.00 0.06 0.23 unch 0.00 0.58 0.40 0.00 0.40 0.12 0.22 0.17 0.19 + 0.01 0.32 0.05 0.15 0.13 0.15 + 0.01 0.20 14.07 14.81 13.70 13.87 - 0.72 21.99 0.15 0.20 0.18 0.18 + 0.01 0.47 0.19 0.22 0.20 0.20 - 0.03 0.35 0.14 0.17 0.14 0.16 - 0.01 0.27 0.09 unch 0.00 0.16 0.10 0.10 0.10 0.39 0.90 0.79 0.80 - 0.05 1.26 0.00 unch 0.00 0.20 0.01 0.01 0.01 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.03 0.12 0.10 0.11 - 0.01 0.40 0.31 0.38 0.34 0.35 - 0.02 0.63 0.02 0.04 0.00 0.03 - 0.00 0.05 0.03 unch 0.00 0.07 0.05 0.00 0.05 0.13 0.20 0.18 0.19 + 0.02 0.65 0.06 0.18 0.15 0.17 - 0.02 0.36 0.06 0.14 0.12 0.13 - 0.00 0.24 0.09 0.33 0.00 0.27 - 0.05 0.33 0.07 0.22 0.17 0.21 - 0.04 0.25 0.22 0.31 0.28 0.28 - 0.01 0.40 0.08 0.00 0.08 unch 0.00 0.23 0.08 0.07 0.06 0.07 + 0.01 0.14 0.04 0.18 0.40 0.37 0.38 + 0.01 0.79 0.27 0.30 0.30 0.30 + 0.01 0.62 0.60 0.72 0.66 0.71 + 0.04 0.92 0.77 0.94 0.86 0.94 + 0.08 1.15 0.21 0.32 0.30 0.30 - 0.02 0.69 0.13 0.15 0.14 0.14 - 0.01 0.60 0.14 unch 0.00 0.26 0.14 0.14 0.14 0.20 0.22 0.00 0.21 - 0.03 0.96 0.18 0.28 0.00 0.24 - 0.05 1.00 0.04 unch 0.00 0.15 0.07 0.07 0.07 0.21 0.33 0.30 0.33 + 0.01 0.35 0.21 0.43 0.38 0.43 + 0.03 0.43 0.04 0.06 0.06 0.06 - 0.01 0.07

(100s) Stock

VVC Expl

Week

12-month

Exc Volume High Low Last Change High Low

V 977 0.04 0.00 0.04 + 0.01 0.07 0.03

W-Z Walker Lane* O 7 Walker River V 339 Wallbridge Mng T 669 577 War Eagle Mg V Waseco Res V 431 Wealth Mnrls V 380 Wealth Mnrls* O 260 Wescan Gldflds V 0 Wesdome Gold* O 1531 T 7540 Wesdome Gold West Af Res V 741 West High Yld V 7 West Kirkland V 216 West Kirkland * O 22 West Red Lake 169 West Red Lake* O 28 Westcot Vent V 50 Western Areas* O 0 Western Copper T 622 Western Copper* X 503 108 Western Pac Rs V Western Pac Rs* O 160 Western Potash T 151 Western Res* O 11 1 Western Troy C V Western Uran 128 O 189 Western Uran* Westhaven Vent* O 189 Westhaven Vent V 1275 Westkam Gold* O 168 V 423 Westkam Gold Westminster Rs V 169 Westminster Rs* O 1 O 518 Westmoreland* 0 WestMountain* O Whistler Gold V 4 White Gold V 113 White Gold* O 36 White Metal R* O 400 White Metal Rs V 398 White Mtn Engy* O 0 O 2 Whitehaven Coa* Whitemud Res V 92 Winston Gold 42 O 133 Winston Gold* Winston Res 381 Wolfden Res* O 115 Wolfden Res V 214 Wolfeye Res V 280 O 42 Wolverine Mnls* V 95 Wolverine Mnls Worldwide Res V 3 WPC Res V 848 X-Terra Res V 246 Xander Res V 574 Xiana Mng V 12 Xiana Mng* O 7 Ximen Mng* O 1 Ximen Mng V 98 Xmet Inc* O 138 Xtierra V 202 O 6 Xtra-Gold Res* Xtra-Gold Res T 482 Yamana Gold T 11583 N 67835 Yamana Gold* O 1 Yellowhead Mng* Yellowhead Mng V 3 Yorbeau Res T 205 0 You Han Data* O Zadar Vent * O 17 Zadar Vent V 572 Zara Res 1 Zena Mng V 58 Zenyatta Vent* O 19 Zenyatta Vent V 145 Zeox Corp* O 11 Zephyr Mnls V 93 Zephyr Mnls* O 26 Zimtu Capital V 83 996 Zinc One Res V Zinc One Res * O 168 Zincore Mtls V 18 Zincore Mtls* O 1 ZincX Res* O 261 ZincX Res V 327 Zonte Mtls V 57

0.24 0.10 0.24 + 0.14 0.24 0.10 0.06 0.06 0.06 unch 0.00 0.15 0.05 0.07 0.06 0.07 + 0.01 0.15 0.06 0.15 0.11 0.11 - 0.03 0.22 0.04 0.03 0.03 0.03 - 0.01 0.08 0.03 1.30 1.18 1.20 - 0.05 2.34 1.05 1.01 0.90 0.92 - 0.04 1.85 0.83 0.00 0.00 0.08 unch 0.00 0.12 0.06 2.11 1.78 1.95 + 0.07 2.53 1.28 2.74 2.44 2.54 + 0.11 3.40 1.64 0.34 0.31 0.31 - 0.01 0.50 0.29 0.39 0.00 0.37 - 0.02 3.80 0.24 0.08 0.07 0.08 unch 0.00 0.09 0.06 0.07 0.06 0.07 - 0.00 0.07 0.04 0.08 0.07 0.08 + 0.01 0.23 0.07 0.06 0.05 0.05 - 0.01 0.20 0.05 0.69 0.60 0.69 unch 0.00 1.09 0.04 0.00 0.00 2.55 unch 0.00 2.82 1.64 1.30 1.20 1.20 - 0.09 1.76 0.92 1.01 0.91 0.92 - 0.08 1.44 0.71 0.03 0.02 0.03 + 0.01 0.03 0.01 0.02 0.02 0.02 + 0.00 0.03 0.01 0.41 0.38 0.39 + 0.01 0.58 0.37 0.30 0.29 0.30 + 0.01 0.39 0.29 0.03 0.00 0.03 + 0.01 0.06 0.02 0.99 0.84 0.99 + 0.09 1.52 0.54 0.75 0.65 0.75 + 0.05 1.17 0.44 0.13 0.10 0.11 - 0.03 0.18 0.06 0.17 0.13 0.15 - 0.03 0.24 0.08 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01 0.15 0.12 0.13 + 0.01 0.38 0.07 0.09 0.09 0.09 unch 0.00 0.28 0.09 0.24 0.20 0.22 + 0.02 5.31 0.07 0.00 0.00 3.30 unch 0.00 11.00 1.15 0.08 0.00 0.08 unch 0.00 0.08 0.03 0.92 0.80 0.83 - 0.07 2.15 0.61 0.71 0.63 0.63 - 0.04 0.73 0.53 0.06 0.06 0.06 unch 0.00 0.17 0.05 0.09 0.07 0.09 + 0.01 0.24 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 4.37 4.28 4.28 + 0.27 4.37 2.22 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.08 0.06 0.06 - 0.02 0.09 0.03 0.06 0.05 0.06 - 0.00 0.09 0.02 0.14 0.00 0.13 - 0.01 0.24 0.10 0.23 0.20 0.22 - 0.01 0.56 0.10 0.30 0.27 0.30 unch 0.00 0.68 0.13 1.18 1.02 1.06 - 0.12 1.64 0.49 0.07 0.07 0.07 unch 0.00 0.12 0.06 0.09 0.08 0.09 + 0.01 0.17 0.05 0.03 0.00 0.03 unch 0.00 0.09 0.01 0.03 0.03 0.03 - 0.01 0.07 0.03 0.18 0.00 0.18 + 0.03 0.39 0.13 0.15 0.14 0.15 unch 0.00 0.37 0.12 0.62 0.00 0.60 - 0.05 0.70 0.08 0.46 0.00 0.46 unch 0.00 0.55 0.06 0.13 0.13 0.13 unch 0.00 0.44 0.11 0.18 0.16 0.16 - 0.02 0.25 0.13 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.05 unch 0.00 0.08 0.02 0.21 0.19 0.21 + 0.02 0.27 0.11 0.29 0.25 0.27 + 0.02 0.36 0.18 4.14 3.77 3.91 + 0.12 4.69 2.84 3.17 2.90 2.96 + 0.03 3.80 2.21 0.13 0.13 0.13 unch 0.00 0.50 0.13 0.18 0.00 0.18 + 0.02 0.70 0.16 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.00 0.00 1.10 unch 0.00 2.00 1.00 0.04 0.03 0.04 + 0.01 0.08 0.03 0.06 0.05 0.05 unch 0.00 0.13 0.04 0.00 0.00 0.21 unch 0.00 0.24 0.08 0.08 0.08 0.08 unch 0.00 0.18 0.07 0.43 0.41 0.42 unch 0.00 0.93 0.34 0.61 0.52 0.52 - 0.06 1.15 0.42 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.26 0.25 0.26 + 0.01 0.34 0.19 0.20 0.18 0.20 + 0.01 0.28 0.15 0.36 0.00 0.31 - 0.06 0.40 0.20 0.25 0.22 0.24 - 0.01 0.58 0.20 0.18 0.16 0.17 - 0.02 0.46 0.15 0.07 0.00 0.06 - 0.01 0.35 0.03 0.04 0.04 0.04 unch 0.00 0.25 0.04 0.20 0.00 0.20 unch 0.00 0.31 0.17 0.26 0.24 0.25 - 0.01 0.39 0.22 0.21 0.19 0.19 - 0.01 0.39 0.12

BID-ASK — JUNE 11–JUNE 15, 2018 STOCK

African Metals Alba Minerals Alderon Iron* Alexandra Cap Allante Potash ALQ Gold Altitude Res Alto Vent Amador Gold Amanta Res Anglo Pac Grp Anglo-Bomarc Apogee Opport Arch Coal* Arian Res Astur Gold Atlatsa Res* Aurelius Min Banro Corp* BC Moly Bell Copper Benchmark Met Bethpage Cap BHK Mining Bird River Res Black Bull Res Bluenose Gold Boss Power Buccaneer Gold Bullion Gld Res Cairo Res Canadian Mng Canex Energy Canoe Mng Vent Canstar Res Cassius Vents Central Iron Century Global Chinapintza Mg Cliffs Nat Res* Clydesdale Res Cresval Cap Cyntar Venture Cyprium Mng Dawson Gold Discovery Harb Edgewater Expl Empire Rock Eureka Res European Metal Excalibur Res Fieldex Expl Finore Mng Fire River Gol Firebird Res First Idaho First Legacy Full Metal Mnl Gem Intl Res Generic Gold

12-MONTH

EXC BID ASK LAST HIGH

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

20-23_June25_StockTables.indd 23

0.06 0.09 0.06 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.50 0.59 0.50 0.93 0.08 0.38 0.06 0.11 0.25 0.29 0.22 0.45 0.05 0.08 0.05 0.09 0.04 0.04 0.04 0.13 0.17 0.19 0.19 0.31 0.01 0.02 0.01 1.55 ... 2.00 3.18 0.11 0.15 0.15 0.16 0.22 0.26 0.26 0.39 ... ... 0.58 0.01 0.02 0.01 0.06 0.08 0.08 0.10 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.11 0.11 0.11 2.10 0.09 0.16 0.09 0.16 0.17 0.20 0.20 0.22 0.08 0.08 0.08 0.13 0.03 0.10 0.10 0.14 0.02 0.02 0.02 0.03 0.22 0.23 0.23 0.63 0.10 0.18 0.10 0.14 0.11 0.19 0.14 0.17 0.17 0.20 0.17 0.09 0.10 0.09 0.18 0.34 0.40 0.40 0.47 0.45 0.62 0.39 0.43 0.31 0.33 0.33 0.79 0.21 0.30 0.26 0.40 0.14 0.16 0.14 0.25 0.06 0.07 0.06 0.10 0.03 0.04 0.03 0.07 0.02 0.02 0.02 0.07 0.16 0.20 0.16 0.29 0.01 0.03 0.01 0.02 1.45 3.20 1.43 7.17 0.06 0.12 0.07 0.15 0.04 0.05 0.05 0.06 0.10 0.20 0.15 0.15 0.03 0.03 0.03 0.15 0.34 0.30 0.05 0.07 0.07 0.10 0.16 0.18 0.17 0.22 0.17 0.18 0.18 0.30 0.03 0.03 0.03 0.07 ... 0.01 0.01 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.12 0.12 0.11 0.03 0.07 0.09 0.03 0.05 0.04 0.09 0.06 0.25 0.04 0.06 0.14 0.16 0.14 0.25 0.10 0.14 0.10 0.15 0.01 0.02 0.02 0.03 0.23 0.28 0.28 0.32

LOW

0.04 0.12 0.07 0.05 0.05 0.03 0.03 0.13 1.31 0.05 0.14 0.01 0.06 0.03 0.10 0.04 0.03 0.05 0.08 0.02 0.07 0.07 0.00 0.03 0.10 0.22 0.25 0.18 0.04 0.04 0.03 0.01 0.13 0.01 0.98 0.04 0.04 0.15 0.05 0.12 0.16 0.02 0.01

0.01 0.02 0.14 0.08 0.01 0.18

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

GFM Res V Global Cobalt V Global Cop Grp V Goldbank Mng V V Goldbelt Emp Golden Cariboo V Golden Harp V GoldTrain Res C Greatbanks Res V Greenshield Ex V Grenville Gold V Halio Energy V V HFX Holding Highbury Proj V Highvista Gold V Icon Explor V Infinite Lith V Interconnect V Intl Battery C Iron South Mng V Jasper Mng V Jazz Res V JDF Explor Inc C Jiulian Res V Jubilee Gold V Kenna Res V La Imperial C Lamelee Iron V Le Mare Gold V Leo Res C Lithion Energy V Logan Res V Madeira Mrnls V MAG Silver* X Malbex Res V Mangazeya Mng V Match Capital V Mega Copper V Megastar Dev V Metron Capital V Micrex Dev V Midasco Cap V Midnight Star C MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Minsud Res V Moag Copper C Monitor Vent V Montana Gold C Mountain Lake C MX Gold V Navy Res V Nebu Res V Nevada Energy V Nevado Res V New Klondike V New Oroperu V New Stratus V

0.07 0.15 0.15 0.15 0.02 0.02 0.02 0.07 0.08 0.08 0.11 0.15 0.25 0.15 0.34 0.02 0.03 0.02 0.03 0.07 0.10 0.08 0.19 0.07 0.11 0.11 0.15 0.08 0.37 0.08 0.19 0.03 0.05 0.03 0.14 0.20 0.14 0.15 0.10 0.17 0.17 0.17 0.15 0.18 0.18 0.55 0.06 ... 0.06 0.12 0.22 0.88 0.25 0.35 ... 0.16 0.17 0.46 0.46 0.41 0.84 0.26 0.29 0.28 0.32 0.08 0.15 0.10 0.10 ... ... 0.31 0.36 0.24 0.27 0.24 0.28 0.10 0.12 0.16 0.18 0.06 0.09 0.06 0.09 0.05 0.10 0.05 0.15 0.05 0.08 0.05 0.08 0.41 0.70 0.66 0.73 0.13 0.16 0.15 0.07 0.49 0.08 0.08 0.42 0.48 0.48 0.48 0.17 0.17 0.17 2.90 1.06 1.09 1.09 1.32 ... ... 0.10 0.06 0.06 0.06 0.08 0.02 0.14 0.02 0.05 12.52 13.30 12.52 14.40 0.38 0.40 0.39 0.40 0.02 0.03 0.02 0.04 0.01 0.04 0.04 0.18 0.25 0.18 0.18 0.06 0.07 0.06 0.11 0.06 0.10 0.07 0.08 0.02 0.02 0.01 0.03 0.13 0.20 0.14 0.15 0.20 ... 0.20 0.25 0.05 0.07 0.05 0.04 0.06 0.04 0.03 0.08 0.08 0.09 ... ... 0.12 0.20 0.07 0.08 0.08 0.21 ... ... 0.08 0.21 0.24 0.23 1.00 0.09 0.10 0.10 0.10 0.05 0.05 0.05 0.09 0.11 0.11 0.11 0.22 0.21 0.35 0.23 0.32 0.04 0.04 0.04 0.20 0.25 0.25 0.60 0.04 0.04 0.04 0.05 0.01 0.01 0.01 0.33 0.45 0.33 0.55 0.33 0.37 0.40 0.48

0.02 0.04 0.10 0.01 0.05 0.01 0.06 0.05 0.08 0.15 0.04 0.22 0.03 0.12 0.05 0.30 0.04 0.06 0.06 0.01 0.02 0.35 0.04 0.15 0.17 1.08 0.04 0.02 6.12 0.30 0.02 0.16 0.03 0.05 0.01 0.05 0.08 0.04 0.07 0.06 0.22 0.02 0.02 0.08 0.16 0.20 0.02 0.28 0.08

STOCK

New World Res Nexco Res Niocan Inc Norsemont Cap North Am Ptash Oriental Non F Orofino Mnrls Pac Arc Res Pac Cascade Pac Topaz Paget Mrnls Parana Copper Patriot Gold Phoenix Gold Prime Meridian Quantum Cobalt Quinto Res Rare Element* Razore Rock Res Red Tiger Mng Reliant Gold Remington Res Rhyolite Res Richmond Mnls Rift Valley River Wild Exp Rockland Mnls Rockridge Res Rojo Res Romulus Res Royal Sapphire Rubicon Mnrls* Samco Gold Scavo Res SGX Res Silver Phoenix Sonoro Mtls Stockport Expl Stone Ridge Ex Strategic Res Surge Explor Tearlach Res Theia Res Thunder Mtn Gd Tiger Intl Tri-River Vent Trident Gold True Grit Res UC Res United Lithium Vale* Valencia Vent Vanadium One Vela Minerals Wabi Explor Westcot Vent Westridge Res Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.22 0.26 0.22 0.29 0.18 0.24 0.19 0.50 0.07 0.08 0.07 0.18 0.35 0.40 0.40 0.47 0.05 0.08 0.04 0.70 ... 1.05 1.05 0.14 0.19 0.14 0.19 0.53 0.75 0.70 0.82 0.01 0.02 0.01 0.12 0.15 0.13 0.17 0.03 0.07 0.03 0.06 0.35 0.45 0.35 0.36 0.10 ... 0.10 0.13 ... 0.01 0.01 0.12 0.15 0.14 ... ... 1.10 3.15 0.08 0.09 0.09 0.14 0.11 0.16 0.15 0.89 0.25 0.28 0.25 0.90 0.02 0.03 0.03 0.02 0.03 0.02 0.04 0.28 0.40 0.30 1.15 0.20 0.29 0.20 0.40 0.04 0.05 0.04 0.18 0.07 0.08 0.07 0.15 0.20 0.55 0.20 0.22 0.07 0.08 0.08 0.11 0.25 0.26 0.25 0.50 0.40 0.49 0.40 0.45 0.15 0.23 0.19 0.19 0.16 0.22 0.20 0.26 ... ... 0.03 1.35 0.04 0.06 0.06 0.11 0.36 0.57 0.36 0.54 0.02 0.02 0.02 0.07 0.15 0.07 0.24 0.14 0.15 0.14 0.20 0.02 0.03 0.03 0.03 0.30 0.33 0.30 0.60 0.22 0.27 0.22 0.25 0.39 0.44 0.39 0.23 0.08 0.15 0.08 0.07 0.08 0.08 0.12 0.14 ... 0.20 0.32 0.09 0.18 0.09 0.15 0.04 0.12 0.04 0.14 0.19 0.14 0.22 0.03 0.10 0.03 0.07 0.01 0.02 0.02 0.03 0.51 ... 0.50 0.57 ... ... 10.24 11.10 0.21 0.22 0.22 0.30 0.13 0.15 0.13 0.22 0.30 0.30 0.30 0.08 0.09 0.09 0.09 0.50 0.64 0.69 1.09 0.59 0.59 0.60 0.80 0.05 0.07 0.05

0.10 0.15 0.06 0.31 0.88 0.06 0.09 0.10 0.03 0.09 0.09

0.20 0.05 0.06 0.09 0.02 0.30 0.17 0.04 0.05 0.02 0.01 0.22 0.23 0.13 0.06 0.03 0.02 0.26 0.05 0.11 0.02 0.06 0.10 0.03 0.07 0.12 0.08 0.14 0.03 0.01 0.40 6.57 0.14 0.18 0.05 0.04 0.29

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