The Northern Miner June 27 2016 Issue by The Northern Miner Group

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JUNE 27-JULY 3, 2016 / VOL. 102 ISSUE 20 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Pilot Gold acquires past producer in Idaho

Sabina suffers permit setback at Back River

GOLD

| Explorer focused on prospective properties in Western US

NUNAVUT

| Citing environmental issues, authority recommends putting project on hold BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

he future of Sabina Gold and Silver’s (TSX: SBB; US-OTC: SGSVF) promising Back River gold property, 400 km southwest of the community of Cambridge Bay in Nunavut, has come into question after a decision by the Nunavut Impact Review Board (NIRB) that recommends delaying permits until “circumstances are more favourable, and uncertainty regarding potential effects and efficacy of mitigation measures has been established.” In a report that runs 350 pages the regulatory agency cited a number of concerns with the Back River mine plan, but the major issues surround regional caribou populations, closure uncertainties related to climate change and tailings remediation. Sabina president and CEO Bruce McLeod called the decision “surprisSee SABINA / 5

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The historic Tallman pit at Pilot Gold’s newly aquired Mineral Gulch gold property in Idaho. PILOT GOLD

BY TRISH SAYWELL tsaywell@northernminer.com

he purchase of a past-producing heap leach mine in southeastern Idaho marks Pilot Gold’s (TSX: PLG) first acquisition this year and underscores the junior’s heightened focus on gold projects in the Western U.S. under new CEO Cal Everett. Pilot Gold is buying the mine and its surrounding property — now referred to as the ‘Mineral Gulch’ project — from Western Pacific Resources (TSXV: WRP) for US$800,000 in cash, 300,000 of its common shares and a 0.5% net smelter return royalty. The large, oxidized, Carlin-style and sediment-hosted gold system — whose surface footprint extends over 12 sq. km — produced 435,000 oz. gold between 1992 and 1997 from seven small, shallow pits under previous owner Pegasus Gold Corporation. The operation averaged head grades of 0.7 gram gold per tonne and historical recoveries of 65%.

“THIS WAS SOMETHING I’VE HAD MY EYE ON FOR THE LAST FOUR YEARS, AND I’M JUST THRILLED WE WERE ABLE TO PULL IT OFF.”

PM40069240

MOIRA SMITH VP OF EXPLORATION AND GEOSCIENCE, PILOT GOLD

“This was something I’ve had my eye on for the last four years and I’m just thrilled we were able to pull it off,” the company’s vice-president of exploration and geoscience Moira Smith says. “It’s 12 sq. km, so it’s large. It’s a big, shallow oxide with historic intercepts, and it’s a past producer — those are all the qualities we’re looking for in new acquisitions — and a good price, of course, so in that sense it looks like our other major projects, Goldstrike and Kinsley, and it also suits our company and who we are.” The company plans to use the same data-compilation approach at Mineral Gulch that it has at Kinsley in Nevada and Goldstrike in Utah. The historic data for Mineral Gulch will be digitized and

matched with surface mapping and sampling results to generate a 3-D model before starting a first-phase, reverse-circulation infill and stepout drill program. The historic data includes 520 drill holes — a significant number of which with unmined intercepts, such as 1.12 grams gold over 25.9 metres, 3.3 grams gold over 21.3 metres and 3.15 grams over 18.3 metres. Of the 27,000 historic assay intervals, 4,100 intervals returned greater than 0.5 gram gold and 1,800 intervals returned greater than 1 gram gold. There are also 8,400 soil samples in the historic database. In addition, Western Pacific Resources drilled 35 holes in 2011, See PILOT / 2

KAISER: JUNIORS SHOULD PUT GEOS TO WORK / 4

2016-06-21 6:27 PM

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JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

A drill parked at Pilot Gold’s Goldstrike project in Utah. PILOT GOLD

Pilot Gold acquires past producer PILOT From 1

with highlights of 61 metres grading 0.45 gram gold, including 12.2 metres grading 1.24 grams gold, 15.2 metres of 1.24 grams gold, 59.4 metres averaging 0.38 gram gold and 54.7 metres returning 0.88 gram gold, including 24.4 metres grading 1.59 gram gold. “As a company we really like working in a data-rich environment where we can use a lot of data to leverage exploration,” Smith says in a telephone interview from her base in Elko, Nev. “There are 485 historic drill holes, and the cost to redrill would be astronomical, but to get them and use them to make a 3-D model is fantastic, and it also fits what we’re best at, too, because we have a technical team that is competent modelling data sets.” Smith notes that it took the company almost 16 months at Goldstrike to work up data, validate it and do a 3-D model before drill-testing, and says a similar approach will be taken at Mineral Gulch. In addition to the 520 holes for which they have data, the geologist says that there are another 400 drill holes they’re trying to track down. “When you think about what you’re really getting from an old property with that much drilling — it would take years to do that. So we can go right in and start compiling and do surface mapping, and integrate this into a 3-D model. We’ve already loaded this stuff into Leapfrog, so we sort of know what we’re dealing with.” The Mineral Gulch property covers 28 sq. km with drill-tested

“AS FAR AS JUNIOR MINERS GO, WE’VE GOT THE BEST PORTFOLIO IN THE GREAT BASIN.” MOIRA SMITH VP OF EXPLORATION AND GEOSCIENCE, PILOT GOLD

oxide gold occurrences throughout, and gold-in-soil anomalies over 12 sq. km. The company says that a gold-bearing, low-angle fault, seen in most of the historic pits, underlies the broader target area. The company adds that the historic drilling focused on outcropping gold mineralization, leaving undrilled potential in target horizons beneath shallow cover, while gold mineralization continues down-dip of most of the historic pits under shallow cover. There are also large areas between the pits that haven’t been drilled. “We’ll pick up where the previous operators left off, and what I really like about it from a geological standpoint is that there is a longangle fault system that is in all of the old pits and it looks like it’s the same one, and if that’s the case it extends under all of those pits, and that gives us a large number of targets to fill in the mineralization,” Smith says. “Maybe it’s analogous to how we approached Goldstrike, where we’re looking at a relatively continuous gold mineralized system that underlies everything and we’re picking up where the old miners

left off.” Mineral Gulch is situated on the southeast flank of Idaho’s Black Pine Mountains, 13 km north of Curlew Junction, at the intersection of Utah state highways 30 and 42. The mountain range is underlain by predominantly Devonian- to Permian-age sedimentary rocks — some weakly metamorphosed, according to a 2013 technical report on the property — and mineralization at the project is made up of multiple low-grade, sedimentary rock-hosted disseminated metal zones and related veins. Minor base metals, including copper, zinc and lead, are found in some of the veins, and mercury was produced early in the region's history. Ot her companies t hat have worked on the Mineral Gulch property include Newmont Mining (NYSE: NEM) (1964–1974), ASARCO and Noranda (1986–1990). “The Noranda exploration soil sampling is particularly interesting,” the technical report outlined. “It is clear that the historic soil sampling identified a number of gold anomalies and that there is an apparent correlation between these anomalies and the historic open pits.

This makes any untested anomalies excellent targets for additional work. The Noranda work resulted in the identification of seven mineralized bodies, which were subsequently mined from six pits.” Pilot Gold’s Goldstrike and Kinsley projects are both Carlin-style, sediment-hosted projects. Goldstrike is in Washington County, southwestern Utah, 50 km northwest of St. George, with a stratigraphic and structural setting, and gold mineralization similar to other sediment-hosted gold systems. Like Mineral Gulch, the Goldstrike property contains a pastproducing mine (1988–1994) with an exploration database, shallow drill holes with unmined oxide gold intercepts, and untested gold targets. The past-producing oxide heapleach mine churned out 209,000 oz. gold and 197,000 oz. silver from 8 million tonnes of ore at an average recovered grade of 1.2 grams gold from 12 shallow pits. It closed due to low gold prices. Kinsley Mountain is south of Newmont Mining’s Long Canyon deposit, with a stratigraphic, structural setting and gold mineralization similar to other sediment-

hosted gold systems in the underexplored area east of the Carlin trend in northeastern Nevada. Kinsley is also home to a past-producing mine with an exploration database and untested gold targets, southeast of Elko County and 90 km from Newmont’s Long Canyon. As for Mineral Gulch, Smith can’t wait to get back to work. “We’re looking at probably a year before we get out there and drill, but there is a valid permit for drilling 30 holes, so we can get out there and actually start drilling,” she says. “It’s such a great fit for us both in terms of the kind of thing we’re looking for and the people we have, and it’s a good match with the other projects … so we think that as far as junior miners go, we’ve got the best portfolio in the Great Basin, and we’re continuing to search for other opportunities where we can get clean ownership of significant assets.” Tara Hassan of Haywood Securities said in a research note about the acquisition that “with a low purchase price and favourable geology, Pilot is well positioned to deliver value from the project over time.” TNM

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The past producing Black Pine gold mine, part of Pilot Gold’s Mineral Gulch property in Idaho. PILOT GOLD

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THE NORTHERN MINER /

JUNE 27–JULY 3, 2016

Nautilus probes for more at CCZ SEABED MINING

| Company ups resource estimate to 685 Mt for vast polymetallic nodule deposit

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

here’s an ocean of opportunity for aspiring seafloor miner Nautilus Minerals (TSX: NUS; US-OTC: NUSMF) at its wholly owned, polymetallic nodule project within the ClarionClipperton fracture zone (CCZ) in the central Pacific Ocean. The CCZ, which measures 750 km wide and 4,500 km long, is the largest and highest-grade coppernickel-cobalt nodule deposit in the world, according to the company. “There are a lot of untapped resources sitting on the seafloor, and the project is just the tip of the iceberg,” Michael Johnston, president and CEO, tells The Northern Miner from the company’s headquarters in Toronto. “The size of the CCZ is about the size of Canada. You can drive a camera from one end to the other and there’s nothing but nodules for the entire trip. It’s enormous.” Nautilus recently upgraded copper-nickel-cobalt resources across six of its exploration areas that cover 2.2% of the CCZ, or 74,700 sq. km, reaching 6 km below sea level. Resources stand at 2.6 million wet tonnes of 1.3% nickel, 1.1% copper and 0.2% cobalt as measured; 68.1 million wet tonnes of 1.4% nickel, 1.2% copper and 0.2% cobalt as indicated; and 685.3 million wet tonnes of 1.3% nickel, 1.1% copper and 0.2% cobalt as inferred. The CCZ is a breeding ground for polymetallic nodules, as it resides near a divergent tectonicplate boundary where volcanism spews metal-rich f luids into the seawater. The nodules form when the metals latch onto “seeds” such as coral, older broken nodules or even shark teeth, and can grow up to 10 cm or more in size. Elsewhere in the world, it could take a million years for nodules to grow one to 10 millimetres in diametre, whereas in the CCZ, it takes only 1,000 years because of favourable conditions. The company says the deposits are similar to nickel laterites, but are typically higher grade and aren’t prone to liquefaction. Liquefaction occurs when ore crumbles and behaves like a fluid, which can make a vessel unstable during transport. “Exploring for these types of deposits is different than drilling for a porphyry copper on land,” Johnston says. “The nodules are sitting on the seafloor in mud, so we sample them using free-fall box corers from a ship and calculate the abundance and grade of the nodules that are brought up to surface.” The 2013 resource estimate for the project designated samples spaced at 20 km for inferred resources, 7 km for indicated and up to 3.5 km for measured. In the upcoming months, Johnston says the company will proceed with environmental and engineering studies in preparation for a preliminary economic study. Meanwhile, Nautilus is forging ahead on plans to break ground 1.6 km below sea level at its Solwara 1 seafloor massive sulphide (SMS) deposit, 30 km off the coast of Papua New Guinea. Johnston says the company expects to begin production by the first quarter of 2018. “The critical item that determines our schedule is building the vessel, which is our mining platform,” he says. “We’ll assemble the various blocks in the next couple of weeks, so by mid-2017 we expect to float the vessel and have it outfitted with

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Hauling material up from the seafloor at Nautilus Minerals’ Clarion Clipperton zone project (CCZ) in the central Pacific Ocean, 1,000 km south of Hawaii.

NAUTILUS MINERALS

“THERE ARE A LOT OF UNTAPPED RESOURCES SITTING ON THE SEAFLOOR, AND THE PROJECT IS JUST THE TIP OF THE ICEBERG.” MICHAEL JOHNSTON PRESIDENT AND CEO, NAUTILUS MINERALS

A polymetallic nodule from Nautilus Minerals’ CCZ project. NAUTILUS MINERALS

our mining equipment.” SMS deposits are different from polymetallic nodule deposits, Johnston adds. They’re the modern analogues of volcanogenic massive sulphide deposits — a major source of the world’s terrestrial copper, gold, zinc and silver. The mound-shaped orebodies are clustered around submarine volcanic arcs, where metal-rich fluids are exhaled from hydrothermal vents, or “black smokers,” and form layers of massive sulphide on the seabed. Solwara 1 has 1.03 million indicated tonnes of 7.2% copper, 5 grams gold per tonne, 23 grams silver per tonne, 0.4% zinc for 74,160 tonnes copper and 165,600 oz. gold. Inferred resources add 1.5 million tonnes of 8.1% copper, 6.4 grams gold, 34 grams silver, 0.9% zinc for 124,740 tonnes copper and 316,900 oz. gold. Both calculations assume a 2.6% copper equivalent cut-off. “We like to think of seafloor mining as having the same potential as

offshore oil and gas. It has the same parallel,” he adds. “The industry started going offshore in the 1960s, and now a large percentage of oil and gas comes from offshore reserves.” Nautilus plans to mine the top 10 metres of the deposit at a rate between 2,200 and 4,320 tonnes per day for 1.4 million tonnes per year at a US$64-per-tonne operating cost. Johnston says the company received its three seafloor production tools in January: an auxiliary cutter, a bulk cutter and a collecting machine. He explains the auxiliary cutter would work with the bulk cutter to excavate the ore, while the collecting machine would harvest the slurry and pump it to the ship via a riser system. “There are no explosives, and the footprint is really small because we don’t have waste dumps or tailings ponds like they do on land,” Johnston says. “Once the ore is harvested we ship it directly to China

and they use all of it, so it’s quite unique in that sense compared to other mining projects — you have no long-term liabilities.” Capital expenses for the “floating mine” run US$383 million, but Nautilus’ chief financial officer, Shontel Norgate, said in an email that “costs have increased since the PNG dispute,” and the company still needs between US$200 million and US$225 million to complete the construction. (The company suspended development of Solwara 1 in early 2013 when a dispute arose with the PNG government over its partnership agreement. The company negotiated a deal in May 2014, and received a US$113-million payment in December 2014, which gave the PNG government a 15% stake in the project.) To help offset the costs, Nautilus raised $28.3 million in a rights offering in April, which represented 27% of the total shares on offer.

“We’re in discussions with groups about getting additional capital,” Johnston says. “In terms of capital intensity, mining the seaf loor is actually quite low compared to landbased projects. We’re not building roads, power plants or tailings dams — it’s all on the vessel, compact, reusable and mobile. So we’ll mine our first deposit, then go mine a whole series of these deposits.” He notes the underwater mining tools for the Solwara 1 project are rated to work up to 2,500 metres deep underwater, so Nautilus will require a different approach to mine nodules off the seafloor in the CCZ. “Nothing is stopping us from using the current vessel and riser system for the nodules,” he says. “But you don’t need to cut the nodules, just collect them, so we’ll be looking at a way to harvest the material that’s cheaper and simpler than the one used at Solwara 1.” TNM

2016-06-21 6:27 PM

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JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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E D I T O R IA L

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Uncertainty on the horizon in the Yukon LEGISLATION | Pasloski, Yukon Party supported development bill that Trudeau Liberals oppose

he winds of legislative change out of Ottawa are shifting regulatory expectations for natural resource development across Canada, and the Yukon government is feeling the impact. The Trudeau Liberals have expressed a desire to rejuvenate Canadians’ “trust in the BY MATTHEW KEEVIL regulatory process,” which so far has equated mkeevil@northernminer.com to an overt dedication to stomping out any VANCOUVER remnants of the Harper Conservatives’ various attempts to streamline reviews for everything from pipelines to mining projects. Trudeau is apparently big on “consultations,” and the federal government recently unveiled plans to “modernize” the regulatory process, which has begun with a widespread review that could impact the National Energy Board and the Canadian Environmental Assessment Agency. For Yukon Premier Darrell Pasloski, this creates a bit of a problem because the federal government has torpedoed the contentious Bill S-6 amendment to the Yukon Environmental and Socio-economic Assessment Act (YESAA) put forward by the pro-development Conservatives. Minister of Indigenous and Northern Affairs, Carolyn Bennett, indicated the changes are not “fair and appropriate” to stakeholders and First Nations. Now, it isn’t a total disaster for Yukon natural resources since the Trudeau Liberals are essentially taking YESAA back a step, and eliminating four key proposals that triggered a petition in the Yukon Supreme Court last year to have the legislation struck down. The prickly situation for Pasloski and the Yukon Party is that they actually endorsed Bill S-6 under a pro-development and proinvestment mandate, and are now forced to pull an about-face and position the piece of legislation as a “federal” matter. So let’s throw it back on the Harper government, essentially. The major issues for certain First Nations and communities in the territory included: time limits on the review process; exempting a project from reassessment unless there has been a significant change; the ability for the federal minister to provide binding policy direction; and the ability to delegate the federal minister’s powers to the territorial government. The territorial government is also embroiled in a Supreme Court of Canada battle with the Vuntut Gwitchin, Tr’ondëk Hwëch’in and Nacho Nyak Dun First Nations over land-use planning in the Peel River watershed. The Yukon Party is attempting to open up 70% of the nearly 70,000 sq. km of Yukon wilderness to natural resource development. Canada’s top court is expected to hear the case next year, and determine just how far back into the consultation process the Yukon government must go with regional stakeholders. The prohibition on mineral staking and oil and gas development in the Peel watershed remains in place until Jan. 1, 2018. The ongoing political theatre has not dissuaded recent major investment in the territory, however, with Goldcorp moving to acquire Kaminak Gold and its multimillion-ounce Coffee deposit for $500 million earlier this year. But the shifting policy landscape does underline how natural resource companies are going to have to heed their project address at least as much as its mineral or economic value. For example, the Nunavut Impact Review Board (NIRB) recently shocked Sabina Gold & Silver with a recommendation against development of the promising Back River gold property, 400 km southwest of the community of Cambridge Bay. There wasn’t anything unusual about the mine plan, but the project happened to be near hypothetical calving and post-calving ranges of the dwindling Bathurst caribou herd. Sabina also hadn’t considered the impact of global warming in its closure plan. The company’s stock subsequently tanked. Meanwhile, Agnico Eagle Mines has had no such problems at its Meadowbank gold mine, and TMAC Resources recently received NIRB approval for developing its Doris North project in the Kitikmeot region, 125 km southwest of Cambridge Bay and east of the Bathurst Inlet. With Environment Minister Catherine McKenna recently pledging tougher environmental rules by next year, we can expect permit timelines growing longer and political risk heavier across the country, which would likely equate to more situations like Sabina and Bill S-6, and less of TMAC. So make sure to check the GPS coordinates on that mineral deposit, because it’s going to be all about location. TNM

DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 17

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 19 Professional Directory. . . . . . . . . . . . . . . 18 Stock Tables. . . . . . . . . . . . . . . . . . . 6,14-17

COMPANY INDEX Agnico Eagle Mines . . . . . . . . . . . . 5,7,13 Almaden Minerals. . . . . . 20 Aston Bay Holdings. . . . . 20 Atac Resources. . . . . . . . . 12 Atlantic Gold . . . . . . . . . . . 9 Balmoral Resources. . . 9,11 BHP Billiton. . . . . . . . . . . 20 Detour Gold. . . . . . . . . 7,11 Falco Resources. . . . . . . . . 9 Goldcorp. . . . . . . . . . . . 7,12

Harte Gold . . . . . . . . . . . . . 9 Integra Gold. . . . . . . . . . . . 9 Kaminak Gold. . . . . . . . . 12 Marathon Gold. . . . . . . . . . 7 Nautilus Minerals . . . . . . . 3 Newmont Mining . . . . . . . 2 Nordgold. . . . . . . . . . . . . . 13 Northquest. . . . . . . . . . . . 13 Pilot Gold . . . . . . . . . . . . . . 1 Potash Corp. of Saskatchewan. . . . . . . . . 20

Premier Gold Mines. . . . . 9 Probe Metals. . . . . . . . . . . . 9 Sabina Gold and Silver. . . 1 TMAC Resources. . . . . . . . 5 Victoria Gold. . . . . . . . . . . 9 Wallbridge Mining . . . . . 11 Western Pacific Resources. . . . . . . . . . . . . 1 Yamana Gold . . . . . . . . . . . 7

Drillers at Arizona Mining’s Taylor zinc-lead-silver deposit in Arizona. ARIZONA MINING

Explorers need to rethink their deposits, John Kaiser says INNOVATION

| Opportunity could lurk beneath marginal deposits

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

ohn Kaiser, newsletter writer of Kaiser Research Online, spoke at this year’s Vancouver Commodity Forum — hosted by Zimtu Capital in downtown Vancouver in June — and shared his thoughts on why discovery stories are making a comeback among junior explorers. “Discovery exploration is what the space used to be all about in the 1980s and 1990s, where the idea was to generate a prospect, find a target and hopefully make a discovery that would get bought out by a major before delivering the first resource estimate,” he told the audience during a presentation at the event. The latest example occurred in 2004, when Virginia Gold Mines discovered the Éléonore gold deposit in the James Bay region of Quebec. In 2006, the project was scooped up by Goldcorp for US$420 million. Since then, there have been few major discoveries, despite a surge in exploration investment across the resource sector. Kaiser reckons this is because deposits are becoming harder to find, and the use of traditional exploration techniques — such as prospecting and surface sampling — just doesn’t cut it anymore. Instead, he says, many companies are sitting idle with “projects that are worth zero at US$1,200 per oz. gold.” “Companies shouldn’t listen to Rick Rule and his nonsense about ‘shut down everything, go into hibernation and wait for gold to come up,’” he said. “If so, they’ll probably get swallowed up by some mineral bank, the shareholders may get 50% or 100% markup on the stock, but their optionality on the project’s greater potential would vanish.” He suggests that companies could get greater value from their assets by “raising the risk capital, putting your geologists to work and drilling where others found nothing in the past.” He adds that “junior explorers need to ask themselves whether they really understand the whole

“JUNIOR EXPLORERS NEED TO ASK THEMSELVES WHETHER THEY REALLY UNDERSTAND THE WHOLE EXTENT OF THE MINERALIZING SYSTEM.” JOHN KAISER NEWSLETTER WRITER, KAISER RESEARCH ONLINE

extent of the mineralizing system … perhaps there’s room for something bigger and better than what they already have.” He used Probe Mines’ Borden Lake gold project, near Chapleau, Ont., as an example of an openpittable, disseminated gold deposit of nearly 4 million oz. gold that he says became “worthless” as the gold price dropped below US$1,200 per ounce. Probe continued exploration and in late 2012 discovered a highergrade mineralization zone beneath the open-pit resource, which measured 1.6 million oz. gold in 9.3 million indicated tonnes at 5.39 grams gold. The upgrade was enough to attract a $526-million buyout from Goldcorp last year. A “classic example” of a company flipping a project, he added, would be what Robert Friedland’s Ivanhoe Mines did in 2001 at its Oyu Tolgoi porphyry copper-gold project in Mongolia’s South Gobi desert. “Oyu Tolgoi was a piece of garbage that BHP Billiton unloaded onto Friedland. But he bought it, See KAISER / 5

2016-06-21 6:27 PM

GLOBAL MINING NEWS

THE NORTHERN MINER /

JUNE 27–JULY 3, 2016

Sabina suffers permit setback at Back River SABINA From 1

ing and disappointing” during a conference call, and said the report didn’t seem to represent the positive tone of recent public hearings. The company had anticipated a project certificate from the Minister of Aboriginal Affairs and Northern Development Canada during the second quarter, which would have led to construction start-up in late 2017 and first gold by 2020. McLeod noted that the NIRB “clearly opened the door for resubmission and modification,” but said there was “no timeline” on the process. The company says the permit setback could delay construction at Back River by at least one year due to “seasonality.” The decision indeed seems odd since Back River appeared to enjoy support from stakeholders. The Kitikmeot Inuit Association also championed the project, while the governments of Nunavut and the Northwest Territories suggested that Sabina’s final environmental impact statement warranted development permits. Nunavut has become a relatively low-risk permit jurisdiction in Canada, with Agnico Eagle Mines (TSX: AEM; NYSE: AEM) operating the Meadowbank gold mine, and TMAC Resources (TSX: TMR; US-OTC: TMMFF) receiving NIRB approval for development of its Doris North project in the Kitikmeot region, 125 km southwest of Cambridge Bay and east of the Bathurst Inlet. The NIRB added that “many of the preferred means of carrying out [the project] chosen by [the com-

Sabina Gold and Silver’s Back River gold project, 400 km southwest of the town of Cambridge Bay in Nunavut. SABINA GOLD AND SILVER

pany], such as tailings disposal and impoundment measures, are based on methods and technologies widely used in other northern mines.” It appears that Sabina suffered from Back River’s location, however, and its closeness to the migration route of the Bathurst caribou herd, which the Northwest Territories government says has halved since 2012 to 16,000 animals. Sabina noted in its research that the Bathurst caribou range hadn’t overlapped the project area in “over

20 years,” but the NIRB regulators cited speculation that it could swing back to the area at some point. Interestingly, the issue has a transboundary component due to the opposition of communities in the Northwest Territories — specifically the Lutsel K’e Dene and Yellowknives Dene First Nations. Under the provisions of the Nunavut Land Claims Agreement, the next step is for the federal Minister of Indigenous and Northern Affairs to review the NIRB’s report. Sabina is

Explorers need to rethink their deposits

reportedly “reviewing its options,” including a request to the Minister to refer the report back to NIRB for further consideration. On June 16, McLeod sent a letter to Minister Carolyn Bennett requesting she “defer any decision in response to the report until [the company] has time to review it in detail.” In September 2015 Sabina released a revised feasibility study at Back River that models a compact 3,000-tonne-per-day operation that would generate 198,100 oz. gold annually over an 11.8-year mine life, at all-in sustaining cash costs of US$763 per ounce. Initial capital for the project is an estimated $415 million, with sustaining capital of $185 million. Based on a US$1,150 per oz. gold price, the mine would generate a US$480-million, after-tax net present value at a 5% discount rate, and a 24.2% internal rate of return. Canaccord Genuity analyst Eric Zaunscherb noted that transcripts of the final public hearing for the environmental assessment “suggested a positive and supportive

tone from stakeholders,” while documents indicated “that the current Bathurst herd caribou calving and post-calving ranges do not overlap the project development area.” Zaunscherb said Back River would “eventually become a mine,” but Canaccord dropped Sabina’s target price 75¢ to $1 per share, pushed project start-up back two years and added $50 million to capital expenses to “cover additional remediation efforts and the expected increase in equipment and services costs through the cycle.” Zaunscherb also called the setback “surprising” and noted that NIRB based the decision on “several hypothetical issues.” Sabina has traded within a 52week range of 31¢ to $1.87, and dropped nearly 40%, or 66¢, after news of the NIRB decision en route to a $1.06-per-share close at press time. The company has 220 million shares outstanding for a $152.3-million market capitalization, and closed a $32.3-million bought-deal financing in late May, wherein it issued 19.8 million shares priced at $1.63 per share. TNM

CAREER OPPORTUNITIES

Virginia Gold Mines’ exploration camp at the Éléonore gold project in 2005. The project was bought by Goldcorp in 2006 and developed into an operating mine in Quebec’s James Bay region. PHOTO BY THE NORTHERN MINER STAFF KAISER From 4

got his geologists to work and found the Hugo Dummett zone, which was five times bigger and better than what they originally had. That discovery alone took the company to a $4 billion valuation,” he said. “The trick is for junior companies to apply new exploration methods to generate targets that no one has seen before, and hopefully it will turn into a discovery,” he continued. “I want the geologists to tell me a convincing story about why their region is so interesting and what makes their target so special. If they can’t teach me Geology 101, they don’t deserve to be in charge of an exploration junior.” Kaiser points out that 703 out of the 1,500 resource sector companies listed on the TSX Venture Exchange in the past five years had negative working capital totalling $2.4 billion. “These are the zombie companies that will never pay back the money and have no chance of going any-

1 2 3 4 5 7 8 9 10 11 12 13 20_JUN27_Main.indd 5

where,” he said. “But there’s a big change that’s happening, and we’re not going to have the same number of explorers as before. New professionals are entering into the equation and the pretend-lifestyle guys won’t be able to compete with them.” He offered Arizona Mining, Sirios Resources and Nevada Exploration as “excellent” examples of juniors that are taking an innovative approach to exploration. Last year, Arizona discovered carbonate replacement zinc-leadsilver mineralization downdip of its Central manto-style oxide silver deposit, 80 km southeast of Tucson, Ariz., after reinterpreting historical data. The newly defined Taylor zone hosts 34 million tonnes of 4.5% lead, 4.5% zinc, 0.1% copper and 66.91 grams silver per tonne, whereas the shallow, open-pittable Central deposit contains 60 million tonnes of 68 grams silver. According to a company presentation, only 17% of the target area at Taylor has been drilled.

In Quebec, geologists at Sirios are finding higher-grade structural trends at the company's Cheechoo gold property — next door to Goldcorp’s Éléonore gold mine — that were largely untested during historical drilling. Latest drill results on the property highlighted 37.2 grams gold per tonne over 4.1 metres, and 31.8 grams gold over 6 metres. Nevada Exploration is the first junior company in the U.S. state to create the largest groundwater geochemistry database and use it to explore for hidden, Carlin-style gold deposits. Interpretation of the data led the junior to acquire five properties in the region, including its flagship 38.2 sq. km Kelly Creek project, located along the Battle Mountain–Eureka gold trend, where exploration is ongoing. “There’s a whole new expectation for what counts as a discovery exploration junior,” Kaiser said. “If juniors do good geological work and apply the risk capital, they could tag into something that could be worth an awful lot.” TNM

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

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

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2016-06-21 6:27 PM

WWW.NORTHERNMINER.COM

JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 13–17 Worries that Britain might vote to leave the European Union in a referendum on June 23 sent Canada’s main stock index down 0.97% to 13,901.77. A vote to leave the EU could slow global growth and weaken commodity prices, strategists warn, and many investors sought a safe haven in gold, which briefly exceeded US$1,300 per oz. (the first time in 15 months), before finishing at US$1,298.65 per oz., in a 1.9% increase. The S&P/TSX Global Gold Index rose 0.2% to 232.17. The S&P/TSX Global Mining Index advanced 2.3% to 58.20, and West Texas Intermediate crude closed at US$48.03. Kinross Gold’s shares were the third most traded and fell 18¢ to $6.42. On June 13, the company announced the end of a strike by unionized employees at its Tasiast mine in Mauritania that had begun on May 24. Kinross reported that striking employees returned to work on June 11, with negotiations on a collective labour agreement and other items expected within 10 days. (Under Mauritanian labour laws, employees retain the right to strike during negotiations.) The gold miner also noted that the strike was not expected to impact its annual regional guidance and did not affect development of the Tasiast phaseone expansion. The positive news, however, was followed by an announcement on June 20 that mining and processing operations

at Tasiast had been suspended after allegations by the country’s labour ministry that certain expatriate employees at the mine held invalid work permits. The company said it “has taken all steps necessary to ensure that its work permits are in good standing and valid under Mauritanian law and to comply with the requisite formalities, including the filing of all requests and applications in accordance with the stipulated time frames.” It also noted that “a number of other institutions and companies in Mauritania are presently experiencing similar work-permit issues,” and reiterated its goal of increasing the number of local workers. (About 88% of the employees at Tasiast are Mauritanian nationals.) Shares of Richmont Mines rose 66¢ to $11.69. The company reported on June 13 TSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

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

73041 2.40 2.08 2.11 - 0.19 49352 7.01 6.11 6.21 - 0.15 47990 7.10 6.27 6.42 - 0.18 40921 3.06 2.69 2.86 + 0.21 37045 8.95 7.77 8.77 + 0.14 32788 5.98 5.18 5.36 - 0.35 31869 27.86 25.22 25.81 + 0.81 26873 15.40 13.62 15.34 + 0.80 25318 34.79 33.49 34.34 - 0.04 23256 24.65 22.51 22.97 - 0.05

Endeavour Mining announced a $125 million private placement, sending its stock down $1.18 to $20.49 per share. A syndicate of underwriters led by BMO Capital Markets has agreed to buy, on a bought-deal basis, 6.25 million common shares at $20 per share. The underwriters can buy another 15% to cover any over-allotments. La Mancha Holding SARL will buy a minimum $15 million of Endeavour’s common shares on the same terms. TNM

that it would be added to the S&P/TSX Global Mining Index and the S&P/TSX Global Gold Index on June 17. Richmont’s president and CEO Renaud Adams said inclusion in the indexes marked a milestone for the company and signified the progress it had made at “unlocking the potential” of its Island Gold mine. The move would also “improve trading liquidity and expose Richmont to a broader range of investors,” he said. TSX GREATEST PERCENTAGE CHANGE

Vista Gold Aureus Mng Golden Mnls U3O8 Corp Goldgroup Mng Rockwell Diam TVI Pacific First Point Wellgreen Plat Perseus Mng Sabina Gd&Slvr Sierra Metals Namibia Rare E Loncor Res Excellon Res Fortune Mnrls Potash Ridge Dynasty Met&Mn Nevsun Res Black Iron

VGZ AUE AUM UWE GGA RDI TVI FPX WG PRU SBB SMT NRE LN EXN FT PRK DMM NSU BKI

691 17449 420 1285 3708 277 531 414 929 3306 15289 190 126 61 635 1341 3173 218 11565 199

1.90 0.09 0.80 0.03 0.28 0.13 0.03 0.10 0.32 0.59 1.79 1.70 0.10 0.16 1.33 0.12 0.37 0.16 4.43 0.05

1.20 0.05 0.56 0.00 0.20 0.09 0.02 0.08 0.28 0.49 1.02 1.35 0.08 0.13 1.11 0.10 0.29 0.14 3.84 0.04

1.88 0.08 0.73 0.03 0.24 0.12 0.03 0.10 0.32 0.57 1.06 1.35 0.09 0.15 1.11 0.10 0.30 0.14 3.84 0.05

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Royal Gold TMAC Resources Agrium Pretium Res Barrick Gold Teck Res Vista Gold Richmont Mines Turquoise HIl Seabridge Gld Dominion Diam Detour Gold Endeavour Mng Kirkland Lk Gd MAG Silver Sabina Gd&Slvr Cameco Corp Nevsun Res Mountain Prov Sierra Metals

66.4 45.5 25.9 25.0 20.5 20.0 20.0 18.8 18.5 17.5 38.4 20.6 18.2 14.7 13.3 13.0 13.0 12.9 11.9 10.0

VOLUME WEEK (000s) CLOSE CHANGE

RGL TMR AGU PVG ABX TCK.B VGZ RIC TRQ SEA DDC DGC EDV KGI MAG SBB CCO NSU MPV SMT

98 85.56 431 16.75 2013 120.84 3892 12.27 31869 25.81 26873 15.34 691 1.88 1620 11.69 12481 4.31 694 18.07 1291 12.40 9257 30.03 12607 20.49 12086 11.01 4719 16.72 15289 1.06 6795 14.39 11565 3.84 542 6.01 190 1.35

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

2.03 1.55 1.08 1.03 0.81 0.80 0.75 0.66 0.63 0.61 1.36 1.34 1.18 1.00 0.86 0.66 0.54 0.52 0.35 0.35

TSX VENTURE EXCHANGE / JUNE 13–17 The S&P/TSX Venture Composite Index closed relatively unchanged at 715.36 points. Spot gold nearly broke two-year highs, rising 1.9%, or US$24.41, to a US$1,298.65 per oz. close, as the U.S. Federal Reserve held rates on concerns over the impending Brexit vote and U.S. economic growth. Comex copper gained 1% to US$2.05 per lb., after a rise in oil prices and a weaker U.S. dollar. Reservoir Minerals topped the valueadded category, gaining $1.02 to hit $9.63 per share after receiving shareholder approval to combine with Nevsun Resources and consolidate its Timok copper-gold project in Serbia. Nevsun sweetened its US$365 million cash-and-share bid for the company with an extra $2 per share, or $75 million in cash, just before the vote to ward off a campaign led by dissident shareholders who claimed the deal was undervalued. When the deal closes, all of Reservoir’s issued and outstanding common shares will be exchanged for two Nevsun common shares, representing a 35% premium to Reservoir’s 20-day, volume-weighted average price as of April 22. Avino Silver & Gold Mines gained 45¢ to $3.11 per share in the wake of restarting production on June 6 at the second mine on its Avino silver-gold-copper property near Durango, Mexico. The company has since

reported that a dedicated power line to the Avino mine site was turned on and final permits received for the operation’s new tailings facility. With the expansion, the company can advance the tailings resource towards a production decision for a heap leach operation. The tailings contain 2.3 million inferred tonnes of 91.3 grams per tonne silver and 0.54 gram per tonne gold for 6.66 million oz. silver and 40,000 oz. gold. Nubian Resources posted the greatest percentage change, gaining 9¢, or 1,900%, to a 10¢-per-share close on no reportable news. The company’s main asset includes the Excelsior Springs gold project in Esmeralda County, Nevada. The 3.5 sq. km property contains the historic Buster mine, which the company says produced 15,000 tonnes of TSX-V MOST ACTIVE ISSUES

MX Gold Westkam Gold Noram Vent Tango Mining Homestake Res 92 Resources Sanatana Diam Pac North West Cdn Intl Mnrls Westminster Rs

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MXL WKG NRM TGV HSR NTY STA PFN CIN WMR

23548 19161 17222 16950 13499 10955 10273 9848 8772 8440

0.29 0.09 0.12 0.08 0.16 0.22 0.04 0.08 0.13 0.13

0.22 0.07 0.07 0.02 0.12 0.13 0.02 0.06 0.05 0.09

0.23 - 0.01 0.07 unch 0.00 0.07 - 0.02 0.06 + 0.03 0.15 + 0.03 0.18 - 0.03 0.02 + 0.01 0.06 unch 0.00 0.06 + 0.01 0.11 + 0.02

37 grams gold to a 70-metre depth. Nubian sold an option to Global Geoscience in 2011 to earn a 70% interest in the property, but relinquished the deal in December 2015 once the Australian-listed company failed to meet its work obligations. During its tenure, Global completed 4,000 metres of drilling, partly in tandem with an American subsidiary of Montreal-based Osisko Mining (now Osisko

Gold Royalties). The drill programs intercepted wide zones of low-grade gold within altered and quartz-veined country rock. Brixton Metals announced it has no change to report to account for its shares rising 37¢ to 95¢ per share over the trading period. The company intends to close its over-subscribed, $2.3 million private placement on June 21. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Nubian Res NBR Morumbi Res MOC African Queen AQ Inform Res IRR White Metal Rs WHM Nortec Mnls NVT QMC Quantum Ml QMC Mesa Expl MSA Armor Mnrls A Antipodes Gold AXG Baroyeca Go&Si BGS Megastar Dev MDV MacDonald Mns BMK MUM Mustang Mnrls Goldstream Mnl GSX.H Monster Mng MAN Rainmaker Res RIR Arak Res AAC BRU Brunswick Res Bell Copper BCU.H

438 689 8153 61 419 1621 212 718 50 276 506 151 1214 1218 1543 133 365 66 35 89

0.10 0.06 0.09 0.02 0.13 0.08 0.04 0.11 0.50 0.02 0.02 0.05 0.01 0.01 0.01 0.17 0.18 0.04 0.04 0.06

0.01 0.02 0.03 0.01 0.06 0.02 0.02 0.03 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.08 0.10 0.02 0.02 0.04

0.10 0.06 0.09 0.02 0.13 0.06 0.04 0.07 0.50 0.02 0.01 0.04 0.01 0.01 0.01 0.08 0.10 0.02 0.02 0.04

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 1900.0 + 300.0 + 200.0 + 200.0 + 177.8 + 175.0 + 166.7 + 133.3 + 127.3 + 100.0 - 66.7 - 50.0 - 50.0 - 50.0 - 50.0 - 46.7 - 44.1 - 42.9 - 42.9 - 41.7

VOLUME WEEK (000s) CLOSE CHANGE

Reservoir Mnls Abitibi Royalt Avino Silver Brixton Mtls Armor Mnrls Pac Booker Min Brazil Res Falco Res Rockridge Cap K92 Mng Inc Alset Energy American Lith Bacanora Mnls Chesapeake Gld Ascot Res Bear Creek Mng Kennady Diam Viscount Mng Novo Res Regulus Res

RMC RZZ ASM BBB A BKM BRI FPC RRC KNT ION LI BCN CKG AOT BCM KDI VML NVO REG

5225 55 893 168 50 7 5284 3069 314 1517 7793 979 118 171 284 441 77 286 279 566

9.63 7.91 3.11 0.95 0.50 1.10 2.23 1.19 0.40 1.20 0.49 1.06 1.62 3.56 1.08 2.60 4.01 0.76 0.88 1.27

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

1.02 0.57 0.45 0.37 0.28 0.27 0.25 0.23 0.20 0.18 0.31 0.26 0.22 0.16 0.11 0.10 0.10 0.09 0.08 0.08

U.S. MARKETS / JUNE 13–17 The U.S. Federal Reserve held rates steady ahead of Britain voting on whether to leave or stay in the European Union. The central bank’s decision was supported by 277,000 weekly jobless claims — a little higher than expectations of 270,000. On a brighter note, retail sales in May rose 0.5%. The Dow Jones Industrial Average fell 1.1% to 17,675.16 and the S&P 500 Index dropped 1.2% to 2,071.22. The Philadelphia Gold & Silver Index lost 0.1%, falling to 90.34. Shares of Rio Tinto jumped US$1.25 to US$29.19. The company reported on June 14 that as part of its plan to lower gross debt, it had accepted for purchase a total of US$1.7 billion in debt pursuant to its any-and-all offer from June 7–13. McEwen Mining was up 12.5% to US$3.32 per share. On June 16 the company reported it had become an insider of Golden Predator Mining Corp., after Golden Predator cancelled 10.3 million of its common shares. Before that, McEwen Mining had acquired, for investment purposes, 3.125 units of Golden Predator in a private placement. (The company bought the units at 16¢ for a total $500,000. Each unit was made up of one common share and one

6_JUN27_MarketNews.indd 6

warrant to buy one common share at a 21¢ exercise price before May 24, 2018.) After the announcement, McEwen Mining owns 5.8% of Golden Predator, and 11% if it exercises its warrants. Primero Mining’s shares were up 7% to US$1.99 on news of acquiring a mineral concession next to its San Dimas mine in Durango, Mexico. The company added 301.9 sq. km between the San Dimas mine and its Ventanas exploration property, 32 km to the south. The newly acquired concession is not covered by the San Dimas silver-purchase agreement with Silver Wheaton, and brings U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 201942 11.40 9.82 11.14 + 0.78 Barrick Gold* ABX 114001 21.40 19.62 20.11 + 0.50 Yamana Gold* AUY 102576 5.38 4.75 4.83 - 0.16 Kinross Gold* KGC 101989 5.44 4.87 4.98 - 0.20 Vale* VALE 100610 4.68 4.15 4.46 + 0.05 Alcoa* AA 96705 9.65 9.01 9.58 + 0.09 United States S* X 77591 18.59 16.02 17.98 + 0.71 IAMGOLD* IAG 62458 4.14 3.62 3.86 - 0.02 Hecla Mining* HL 62080 4.72 4.18 4.50 + 0.01 Goldcorp* GG 59665 18.93 17.51 17.88 - 0.18

the company’s concession area in the district to 686.3 sq. km. Primero says the new greenfield property is largely unexplored, but “displays similar geological characteristics as found on both the San Dimas and Ventanas properties.” Eldorado Gold announced that it had re-

newed its revolving credit facility to strengthen its balance sheet, sending shares down 6.5% to US$4.17. The agreement includes US$250 million in credit, a US$100-million accordion feature and a term extension to June 13, 2020, from Nov. 23, 2016. TNM

U.S. GREATEST PERCENTAGE CHANGE

Intrepid Pots* Turquoise HIl* McEwen Mng* Coeur Mng* Pretium Res* Yanzhou Coal* Freeport McMo* Primero Mng* CONSOL Energy* Vedanta* Dominion Diam* Eldorado Gold* Buenaventura* Harmony Gold* Cameco Corp* Fortuna Silvr* Kinross Gold* AngloGold Ash* Sibanye Gold* Yamana Gold*

IPI TRQ MUX CDE PVG YZC FCX PPP CNX VEDL DDC EGO BVN HMY CCJ FSM KGC AU SBGL AUY

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

13078 1.72 1.28 1.55 + 22.0 38436 3.44 3.01 3.31 + 14.9 54576 3.77 3.06 3.32 + 12.5 39967 9.75 8.48 9.30 + 9.2 13659 9.71 8.48 9.57 + 8.5 96 5.75 5.13 5.69 + 7.8 201942 11.40 9.82 11.14 + 7.5 8153 2.06 1.81 1.99 + 7.0 26701 14.74 12.87 14.30 + 6.9 1446 7.37 6.56 7.19 + 5.6 1684 10.48 9.44 9.60 - 10.9 57025 4.68 4.02 4.17 - 6.5 20004 11.52 10.13 10.43 - 6.0 42107 3.85 3.31 3.48 - 4.7 6079 11.77 10.95 11.19 - 4.4 10762 6.87 6.12 6.22 - 4.3 101989 5.44 4.87 4.98 - 3.9 29449 17.32 15.63 16.03 - 3.8 14562 12.98 11.53 12.16 - 3.4 102576 5.38 4.75 4.83 - 3.2

U.S. GREATEST VALUE CHANGE

NACCO Ind* NC Rio Tinto* RIO CONSOL Energy* CNX Freeport McMo* FCX Coeur Mng* CDE Pretium Res* PVG United States S* X Southern Copp* SCCO Teck Res* TCK Barrick Gold* ABX MartinMarietta* MLM Dominion Diam* DDC Buenaventura* BVN AngloGold Ash* AU Cameco Corp* CCJ Sibanye Gold* SBGL Franco-Nevada* FNV Chevron* CVX Agnico Eagle* AEM Suncor Energy* SU

VOLUME WEEK (000s) CLOSE CHANGE

110 56.62 23059 29.19 26701 14.30 201942 11.14 39967 9.30 13659 9.57 77591 17.98 6197 26.59 39186 11.94 114001 20.11 3720 182.74 1684 9.60 20004 10.43 29449 16.03 6079 11.19 14562 12.16 7166 70.54 35441 101.57 12978 50.22 20649 26.62

+ 1.43 + 1.25 + 0.92 + 0.78 + 0.78 + 0.75 + 0.71 + 0.62 + 0.54 + 0.50 - 2.80 - 1.18 - 0.66 - 0.63 - 0.51 - 0.43 - 0.41 - 0.41 - 0.37 - 0.32

2016-06-21 6:26 PM

CANADIAN GOLD SPECIAL FOCUS

Pretium Resources' Brucejack gold property in northwest British Columbia. PRETIUM RESOURCES

Detour Gold revs up SITE VISIT

| Operation expected to ramp up before the 2019 target

BY SALMA TARIKH starikh@northernminer.com COCHRANE, ONTARIO

ast year Detour Gold’s (TSX: DGC) Detour Lake mine in northeastern Ontario was the second-largest gold producer in Canada. It’s now on track to take the top spot. Detour Lake — a large-scale, open-pit operation with a 23-year mine life — sits 300 km northeast of Timmins and 185 km by road northeast of Cochrane. It hosts reserves of 16.4 million oz. (514.3 million tonnes at 0.99 gram gold per tonne). That’s more than double the reserves of its nearest competitor Canadian Malartic at 7.8 million oz. (221.5 million tonnes at 1.08 grams gold). Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY) jointly own Canadian Malartic, near Val-d’Or, Que. In 2015, Detour’s f lagship asset recorded annual production of 505,558 ounces. This put it behind Canadian Malartic’s 571,618 ounces.

“I DON’T CARE TO BE THE LARGEST. I WANT TO BE THE MOST PROFITABLE.” PAUL MARTIN PRESIDENT AND CEO, DETOUR GOLD

This year Detour Lake should produce 540,000 to 590,000 oz., while Canadian Malartic expects 572,000 oz. gold. Meanwhile, Goldcorp’s (TSX: G; NYSE: GG) Red Lake mine in Ontario forecasts 2016 production of 300,000 to 330,000 oz. gold, and Agnico’s Meadowbank mine in Nunavut anticipates 305,000 oz. gold. But taking Canada’s largest goldproducer title is secondary to the company, which is focused on improving its bottom line. “I don’t care to be the largest. I want to be the most profitable,” Paul Martin, Detour’s president and CEO, tells The Northern Miner on a flight from Toronto to Cochrane during a June site visit. “Chasing ounces isn’t what it’s all about,” he explains during the two-hour chartered flight, which also carries 40 analysts. Detour Lake started making cash in the fourth quarter of 2015, and investors and analysts are waiting to see what’s next, Martin says. “They’re always eager for growth … what we’ve said in the short term is that we are going to focus on the operation, make sure we continue to make money and optimize what we have.” Its second priority is to look for organic growth on the large 625 sq. km claim block. The contiguous land package hosts the West Detour pit and the high-grade Zone 58N, among other targets. “Our exploration budget is US$12 million this year,” Martin says. “We now have an eight-year program to systemati-

1 2 3 4 5 7 8 9 10 11 12 13 20_JUN27_Main.indd 7

Marathon Gold sets the stage for PEA VALENTINE LAKE

Four open pits likely to grow BY TRISH SAYWELL tsaywell@northernminer.com

operated a small open-pit and underground operation at the Detour Lake property. From 1983 to 1999, the operation churned out 1.8 million oz. gold from 14.3 million tonnes grading 3.82 grams gold. Due to declining gold prices and poor economics, Placer stopped mining in mid-1999. Commenting on the former operation, Martin notes that Placer selectively mined high grades of up to 6 grams gold and had difficulty processing it. “They said it was a

arathon Gold’s (TSX: MOZ) wholly owned Valentine Lake gold project in Newfoundland is one of the few open-pit projects in Canada that isn’t controlled by a major, president and CEO Phillip Walford told The Northern Miner in a recent interview. All four of its open pits — Leprechaun, Marathon, Victory and Sprite — are in the 2-gram-goldper-tonne range, are open along strike and at depth, and have underground potential. “They’re relatively shallow and the deepest hole we have is at 337 metres below surface — that’s not deep for underground,” he says. “It just shows that we have potential, a lot of potential, at depth on these deposits, but we also have potential along strike.” Walford says only 10% of the 18 km long gold system identified on the property has been looked at in detail, so there is “a lot of blue sky.” He adds that “there are still large parts of that 18 km where we have no drilling or informa-

See DETOUR / 8

See MARATHON / 10

Detour Gold’s mine general manager Charles Hennessey (second from right) talks to analysts in the mill at the Detour Lake gold mine in northeastern Ontario. PHOTO BY SALMA TARIKH

cally evaluate this property.” This program aims to find high-grade satellite gold deposits within trucking distance of the mill. The company’s third priority is to lower its debt. “When I took over as CEO, we had $680 million in debt. We now have $425 million in debt. Our only piece of debt matures in November 2017. We want to get at or below $300 million.” Martin — who was previously chief financial officer— became interim CEO in November 2013, after founder Gerald Panneton resigned. Three months later, the

chartered accountant permanently filled Panneton’s role. ‘From the bottom to the top’ While 2016 is shaping up to be a great year for Detour, the company has had its share of headaches. In 2006, Detour agreed to buy the Detour Lake property from Pelangio Mines for $75 million, mostly in shares, conditional on completing an initial public offering. It listed on the Toronto Stock Exchange on Jan. 31, 2007, after issuing 10 million shares at $3.50 apiece. Before Pelangio, Placer Dome

2016-06-21 6:28 PM

CANADIAN GOLD

JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Detour Gold revs up

Mining activity at Detour Gold’s Detour Lake gold mine in Ontario. PHOTO BY SALMA TARIKH DETOUR From 7

‘bad’ mine — that was its original image.” To reinvent this image, Detour Gold spent its early years aggressively drilling the property. From 2007 to 2009, it completed over 333,200 metres of delineation drilling and tabled an encouraging prefeasibility study. (Those metres increased to more than 541,000 by the end of 2011). It completed a positive feasibility study in May 2010 that outlined an open-pit mine producing 649,000 oz. annually over a 16-year life, using reserves of 11.4 million ounces. Since then, the reserves have grown 4.6 million oz. and the mine plan has undergone two revisions, with the latest in January 2016. “The reason why it works now is because we’re not trying to mine just high grade. If you try to selectively mine this out — it wouldn’t work,” Martin says. After the 2010 feasibility, Detour began permitting activities and strengthening its ties with the local First Nations. That November, it received approval to build the estimated $1.5-billion project. Pierre Beaudoin, the company’s chief operating officer, who has spent three years in his current role and another three years in charge of building the mine, recalls how hard it was getting Detour Lake online. “As you see me, I’m 27 years old. And in the first three years, I got 15 years older,” he jokes on the twohour bus ride. The property is accessible year-round via Provincial

Highway 652 from Cochrane. “The construction was tough,” he adds in a more serious tone. “We were a young company with essentially no money, and we needed to build a project of $1.5 billion. We didn’t have money, we didn’t have the experience and we didn’t have the people. But somehow we managed to get the money, get the people and get the experience. So we did it,” he chuckles. When Detour brought its initial investors on-site, Beaudoin recalls that there were only trees. “So we planted a Canadian flag where the gyrator would be. And we planted a Canadian flag where the end of the processing plant would be. In our best English, we told them that the plant would be built there and we would do 20 million tonnes.” Detour’s conviction proved strong. During 2010 and 2011, Martin led a $2-billion debt and equity raise, mainly to cover Detour Lake’s construction costs. The company poured its first gold in February 2013, after 27 months of construction. Commercial production followed that September. Despite the initial euphoria, Detour struggled to ramp up the processing plant to nameplate capacity of 55,000 tonnes per day. In 2013 — its first year of production — Detour revised its guidance three times. It delivered 232,287 oz., including pre-commercial output. Over the year, its share price plunged from $24.89 to $4.10. Martin says the share price drop resulted from a lot of factors, including a decline in gold prices and the

Detour Gold’s open-pit manager Craig Rintoul (left) and chief operating officer Pierre Beaudoin at the Detour Lake gold mine near Cochrane, Ontario. PHOTO BY SALMA TARIKH

operation failing to meet expectations, coupled with the sudden departure of founder Panneton. Martin says the company had a hard time opening up the pit because it lacked the proper equipment, among other things. This led to processing lower grades, as well as lower production. The mill also had a few operational issues. “The project was larger than we gave it credit,” Martin admits. It was the second time in recent history that a junior developed such a large mine in Canada, following Osisko Mining’s Canadian Malartic mine, which started production in 2011. Three years later, Osisko sold its 55,000-tonne-per-day operation to Agnico and Yamana. In 2014, Detour revised its guidance once. It delivered 456,634 oz., within the low end of its forecast, and continued to tweak the operation. It wasn’t until March 2015 that the plant surpassed its nameplate capac-

ity. Throughput averaged 56,400 tonnes per day for the last 10 months of 2015. The higher throughput led to record production of 505,558 ounces. All-in sustaining costs and total cash costs were US$1,056 and US$775 per ounce. This marked a 16% and 18% improvement over 2014. Martin, however, describes 2015 as a year of predictability at the mill versus stability. Regardless, investors applauded the firm’s progress, pushing its shares at year-end to $14.41, marking a 52% increase over its 2014 close of $9.49, and a 251% increase over 2013. Detour shares continue to climb in 2016 to exit June 21 at $29.64. Ramping up Detour Lake On site, Detour Lake’s sheer size is apparent. So far, Detour has mined 100 metres of the pit, with mining slated to go down to more than 700 metres. (To put that in perspective, the CN Tower is 553.3 metres tall.)

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The pit is also being widened. Based on a life-of-mine (LOM) plan published in January, the operation will include the nearby West Detour deposit — formerly known as Block A — and processing lowgrade fines in the operation’s 23-year mine life. West Detour hosts 1.5 million oz. in reserves and sits 1 km from the existing pit. The company plans to spend US$8 million this year on permitting, environmental and technical consultation. It expects to file an environmental assessment in the third quarter. The deposit — estimated to cost US$80 million to build — should come online in 2019, following stripping in 2018. It has a 10-year operating life (2018 to 2028). The LOM plan also assumes processing up to 1 million tonnes a year of low-grade fines, averaging 0.44 gram gold, beginning in 2019. (Detour is looking to see if it can improve the low-grade fines and implement this process even earlier.) The mine plan assumes a gradual ramp up between 2016 and 2019, where throughput should climb from 56,000 tonnes per day (20 million tonnes a year) to 63,000 tonnes per day (23 million tonnes a year). Average annual production should come in at 617,000 oz. in the next three years. Over the LOM, annual output should average 655,000 ounces. Estimated total site costs from 2016 to 2018 are US$812 per oz., and US$690 per oz. for the LOM. To the delight of many investors, Detour has hit its targeted 2019 plant throughput in recent weeks. After providing a tour of the large processing plant, mine general manager Charles Hennessey touches upon the recent improvements. In April 2016, Detour upgraded the 410-conveyor system, which is responsible for moving ore throughout the processing facility. It replaced the original steel belt with two fabric belts that are cheaper and easier to maintain. The conveyor — previously a major source of downtime — now runs faster. Tonnes per operating hour have climbed from 3,800 to 4,600, with the miner testing the upper limit of 5,000. See DETOUR / 13

2016-06-21 6:28 PM

CANADIAN GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER /

JUNE 27–JULY 3, 2016

EIGHT GOLD PLAYS TO WATCH Oh Canada! A snapshot of active juniors With gold prices on the rise, the second half of 2016 is going to be a lively time for gold projects in Canada. The following is a snapshot of eight Canadian junior explorers and developers with recent financings under their belt and ambitious programs ahead. ATLANTIC GOLD Atlantic Gold (TSXV: AGB) expects to begin construction at its Moose River gold mine in Nova Scotia this summer. The company has landed a commitment for bank debt of $115 million, as well as additional equipment and other financing to cover the open-pit mine’s initial $137-million capital cost. A mid-2015 feasibility study for the fully permitted Touquoy and Beaver Dam deposits at Moose River projected a 30% post-tax internal rate of return (IRR) and $168-million net present value (NPV), based on US$1,200 per oz. gold. The project has an eight-year mine life, with reserves of 760,000 contained oz. gold in 16.5 million tonnes averaging 1.44 grams gold per tonne. Production is expected to start in late 2017. BALMORAL RESOURCES Balmoral Resources (TSX: BAR) is starting a $4-million, 20,000-metre drill program at its Martiniere property in Quebec. The summer– fall campaign will see two drill rigs initially focus on expanding known gold zones along the Bug Lake trend. The winter 2016 drill program returned results including 3.44 grams gold over 7.1 metres and 3.14 grams gold over 8.8 metres from the Upper Bug Lake zone, as well as high-grade intercepts from the Hanging Wall porphyry zone. Past results from the project have included up to 1,138 grams gold over 4.9 metres. Balmoral is also advancing its Grasset nickel-PGM project in Quebec.

Drillers at the Touquoy gold project, part of Atlantic Gold’s Moose River property in Nova Scotia. ATLANTIC GOLD permitting is underway. The company is also testing for continuity between the Sugar deposit and the Wolf zone, 2 km away.

previous resource) projected a 59% post-tax internal rate of return and a $113.5-million NPV. PREMIER GOLD MINES

INTEGRA GOLD Integra Gold (TSXV: ICG) will use data from its recent Gold Rush Challenge to inform a drill program slated for August. The contest used crowdsourcing to find promising targets at Integra’s Sigma-Lamaque gold property in Val-d'Or, Que., based on historic data. A 90,000-metre drill program aimed at expanding the project’s Triangle deposit is already underway. An updated PEA and resource estimate should be complete before year-end. At a cut-off grade of 5 grams gold per tonne, indicated resources stand at 3 million tonnes grading 9.04 grams gold for 872,850 ounces. Inferred resources add 2.7 million tonnes at 9.08 grams for 800,620 ounces. A March 2015 PEA (based on a

A busy summer awaits Premier Gold Mines (TSX: PG), whose first mine — the 40%-owned South Arturo gold joint venture (JV) with Barrick Gold in Nevada — should begin production in the third quarter. In northern Ontario, a feasibility study for Premier’s 50%-owned TransCanada project, a JV with Centerra Gold, is also due in the third quarter. This year the company expects to establish an initial resource for its Hasaga project in the Red Lake district of Ontario, after a 50,000-metre 2016 drill program. Results have included 117 metres of 1.18 grams gold and 2 metres of 57.65 grams gold. The nearby Rahill-Bonanza project, a 44%-owned JV with Goldcorp, and Premier’s wholly owned McCoy-Cove project in Nevada will both see 10,000

Victoria Gold’s Eagle gold project in the Yukon. VICTORIA GOLD metres of drilling, this year.

advance its portfolio.

In addition to providing a $30-million loan and US$15 million in equity, Orion Mine Finance has agreed to provide Premier up to US$400 million to advance its projects or for potential acquisitions.

With the help of a recent $24-million financing, Victoria Gold (TSXV: VIT) is updating a 2012 feasibility for its Eagle gold project in the Yukon, and hopes to add resources.

PROBE METALS Probe Metals (TSXV: PRB) — a spin-off of Probe Mines after its 2015 acquisition by Goldcorp — finalized a merger with Adventure Gold in June. The combined company’s flagship project is Val-d’Or East, in Quebec. A 2013 resource estimate pegged inferred resources at Val-d’Or East at 9.1 million tonnes grading 2.63 grams gold for 770,000 ounces. Adventure also contributed 19 earlystage exploration projects in other high-profile gold camps in Ontario and Quebec, including West Timmins, Casa Berardi and Detour Quebec. At press time, 2016 exploration plans had not yet been announced, but Probe has $22 million in its treasury to

VICTORIA GOLD

The deposit hosts probable reserves of 91.5 million tonnes at 0.78 gram gold for 2.3 million oz. gold. Indicated resources inclusive of reserves are 222 million tonnes grading 0.68 gram gold, with inferred resources adding 78 million tonnes at 0.6 gram gold. The previous feasibility study projected a 10-year mine life, $366-million post-tax NPV and 23.5% IRR, with a $400-million initial capex. The project is envisaged as an openpit, heap-leach mine. This year Victoria Gold also plans to release a maiden resource for the Olive-Shamrock target, 2.5 km away from Eagle. A 12,000-metre, 2016 drill program has returned up to 144.5 metres of 1.16 grams gold and 26.5 metres of 2.16 grams gold.

FALCO RESOURCES Falco Resources (TSXV: FPC) is conducting a 20,000-metre drill program at its Horne 5 project in Rouyn-Noranda, Que. Drilling will target the Western Extension, which could add 5 to 10 million tonnes of ore, as well as the Quemont Extension. A preliminary economic assessment (PEA) released in May predicts an underground mine at Horne could produce 236,000 oz. gold a year at allin sustaining costs of US$427 per oz., net of by-product silver, copper and zinc credits. The $905-million, bulktonnage operation would have a 12year life, based on indicated resources of 58.3 million tonnes grading 2.86 equivalent grams gold per tonne and 12.7 million inferred tonnes grading 3.08 equivalent grams gold.

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HARTE GOLD Harte Gold (TSX: HRT) is in the midst of a $20-million, 70,000-tonne bulk sample at its high-grade Sugar deposit in northern Ontario. The program, which will be completed early next year, should give it enough information to make a production decision. A 2012 PEA suggested that Sugar would be profitable at US$1,200 per oz. gold. The deposit holds indicated resources of 980,900 tonnes grading 8.72 grams gold per tonne (capped) for 275,000 oz., as well as 580,500 inferred tonnes averaging 7.03 grams gold for 131,300 oz. gold.

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The bulk sample, which could produce 24,000 oz. gold this year, is being processed at Barrick Gold’s Hemlo mill. Production is targeted for the third quarter of 2017, and

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2016-06-21 6:28 PM

JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

CANADIAN GOLD

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Marathon Gold prospector Dave Galley examines visible gold in coarse cubic pyrite from large quartz-tourmaline-pyrite at the Sprite deposit at the Valentine Lake gold property in Newfoundland. MARATHON GOLD

Marathon Gold sets the stage for PEA MARATHON From 7

tion. It’s a remarkable system in that it’s large … from one end of that 18 km mineralized structure where we have outcrops and mineralization to the end of it, the veining or min-

eralization is almost identical. You can’t tell where it came from, which points out that it is a big system.” Collectively the four pits have measured and indicated resources of 15 million tonnes grading 2.20 grams gold per tonne for 1.06 mil-

High Grade Gold Deposit moving to Production in White River, Ontario — Currently mining 70,000 tonne Bulk Sample Geophysics Survey completed 5,000m Drill Program to begin July 2016

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lion oz. gold and inferred resources of 2.2 million tonnes grading 2.85 grams gold for 199,800 oz. gold. Walford wants to add at least 100,000 oz. gold to the resource before starting a preliminary economic assessment (PEA) in November. “We want to get that 1.1 million oz. we have in measured and indicated up to 1.4 million or 1.5 million before we start the PEA,” Walford says. “We’re not looking at a big increase … we’ve really got almost enough right now.” The company just raised $3 million in a private placement in May, adding to the $1.5 million it already had in the bank, and plans to drill 7,500 to 8,000 metres this summer to expand the strike length and resources at the Sprite and Victory deposits. (Marathon also gets $100,000 a year in exploration grants from the government of Newfoundland and Labrador.)

Walford reckons that Marathon could complete a PEA in the second quarter of 2017. In the meantime, the junior is moving ahead with metallurgical testing. (The Research and Development Council of Newfoundland and Labrador paid for 75% of the tests.) So far the results appear promising. Recoveries via conventional milling at the Leprechaun deposit and the Marathon deposit yielded recovery rates of between 93% and 96%. The Marathon deposit is being tested this year. Those two deposits make up 92% of the resources in the company’s Valentine Lake camp. Bottle-roll tests to determine recovery rates via heap leaching have come back at 73.6% after 96 hours and were still recovering at the end of the test. Short-column testing is underway at both the Leprechaun and Marathon deposits to assess gold leachability at coarser crush sizes.

The advantages of heap leaching over milling would be lower operating costs (44% less than milling) and lower capital costs (50% less than milling). But there are trade-offs. “Heap leach would be cheaper but the recovery of gold would probably not be as great, so you have a tradeoff between cost and recovery,” Walford says. “We have options … and I should point out that all the heap leaching is being done on fresh rock — there is no oxidized material here at all.” Walford adds that considering heap leach as part of the operation is a game changer. “One of the questions we’ll have to answer in [the fall] is what kind of operation we’re going to have. Will it be a heap leach for low-grade material and high grade handled by a small mill? It’s a great problem to have.” The company has also entered the sixth year of environmental studies and so far has found no environmental issues or red flags across its 240 sq. km property. Walford acknowledges that Marathon won’t need to have completed an environmental impact assessment (EIS) for the PEA, but it will be needed for a feasibility study. “Some of the environmental work we’ve done already will go directly into the EIS — six years of baseline studies, as well as some advanced ecological studies on flora and fauna. I can’t really answer how much more we will need, but the important thing is that all these things require a lot of time, like collecting the data, so we have to do the studies, but the baseline work is done, so that’s a big one, because you can’t collect three years of information in a year.” Walford notes that Marathon is starting to get noticed, which has lifted the company’s share price. At press time, shares of Marathon Gold traded at 46¢ apiece. “Part of it is the market, and I would be untruthful to say otherwise,” Walford says. “But it’s also that people are starting to see what we have and there is not a lot out there in Canada that is not already controlled by a major that has more than a million ounces, and has the kind of potential that we have — there just aren’t many of them.” TNM

2016-06-21 6:28 PM

CANADIAN GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER /

JUNE 27–JULY 3, 2016

Balmoral takes aim at Bug Lake GRASSROOTS EXPLORATION

| Company preps discovery for first resource estimate

A drill site in the Bug Lake zone at Balmoral Resources’ Martiniere gold property in Quebec’s Abitibi greenstone belt. BALMORAL RESOURCES BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

almoral Resources (TSX: BAR; US-OTC: BALMF) is gearing up for a busy field season at its 61.7 sq. km Martiniere gold property in Quebec’s portion of the Abitibi greenstone belt. The company plans to spend $4 million on a 20,000-metre drill program targeting the Bug Lake gold trend — a 1.8 km long, structurally hosted gold system, located 45 km east of Detour Gold’s (TSX: DGC) Detour Lake gold mine. The program will build upon results from the company’s latest drilling, which has defined mineralization across 375 metres of the trend, starting at less than 100 metres deep. Results include 44.8 metres of 1.18 grams gold and 43.6 metres of 1.41 grams gold, whereas higher-grade intercepts within the zones returned 7.1 metres of 3.44 grams gold and 8.8 metres of 3.14 grams gold. “The sheer scale of mineralization really speaks to the strength of the overall system. We’re really pleased with what we’ve seen so far,” Darin Wagner, president and CEO, tells The Northern Miner during a phone interview. “It’s a long structure, so we’re working at it in manageable bites to get it resource ready. It’s basically a drill hole exercise for us right now.” Wagner envisages that Bug Lake could have a “couple of starter pits on top of a higher-grade, underground operation,” similar to Goldcorp’s (TSX: G; NYSE: GG) Hoyle Pond gold mine in Timmins, Ont. “If we can deliver a 1.2 km by 500 metre block in the first resource … it’d make for a pretty nice mining scenario,” he says. “There’s still a significant amount of drilling to do … but we should be able to reach that goal by the end of 2017, at the latest.” And the company is fully funded to see the project to its resource milestone, Wagner says. Balmoral expects to close a $6-million private placement at the end of June. The placement offers 4.5 million federal flow-through shares at 90¢ per share and 1.7 million Quebec flow-through shares at $1.20 per share. The cash injection combines with

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“WHAT’S EMERGING IS AN EXTENSIVE GOLD-BEARING STRUCTURE, AND LIKE MOST DEPOSITS IN THE ABITIBI, WE EXPECT IT TO HAVE A DECENT DEPTH.” DARIN WAGNER PRESIDENT AND CEO, BALMORAL RESOURCES

the company’s $7.7 million in existing working capital, and $3.4 million from a pending sale of its Discovery zone gold property in Quebec to Wallbridge Mining (TSX: WM). Balmoral discovered Bug Lake while exploring the property’s Martiniere West gold trend — a 1.5 km long, arc-shaped zone of shearing and alteration along the contact between a gabbro and a package of sedimentary and volcanic rocks. The structural zone collides into the Bug Lake trend, where broad, lower-grade mineralization envelopes higher-grade ore shoots along the edges of a north-trending quartz-porphyry dyke. “It took us a bit to recognize we had two different mineralized trends on the property,” he says. “There’s no outcrop at surface and geochemistry doesn’t always work because it’s really wet, so if you’re exploring all you have is a model and a drill hole. But what’s emerging is a long, extensive gold-bearing structure, and like most deposits in the Abitibi, we expect it to have decent depth extent.”

• Developing Canada’s only Carlin-type gold district at the Rackla Gold Project, Yukon • Drilling underway near the 2015 Orion discovery hole which intersected 47.24 m of 3.79 g/t gold • Exploration in progress at the newly discovered 10 km² Airstrip anomaly - the largest gold-in-soil anomaly at the Rackla Gold Project

Wagner says that the Bug Lake and Martiniere West gold trends fall within an east-trending structural corridor defined by the Lac du Doigt fault in the north, and the Sunday Lake and Lower Detour deformation zones in the south. Many of the region’s major gold deposits fall along these crustal-tapping structures, including Detour’s Detour Lake deposit, which hosts 514.3 million proven and probable tonnes grading 0.99 gram gold for 16.4 million oz. gold. “The relative movement along the regional faults torqued the rocks in between and broke them open along pre-existing zones of weakness,” he says. “And the space it created gave the gold-bearing fluids an avenue onto our property.” Bug Lake would be the company’s second resource estimate from a greenfields discovery across its 700 sq. km land holdings within the Abitibi. In March, the company released the maiden resource for its Grasset nickel-copper-cobalt-platinum group metals deposit, north of the

Sunday Lake deformation zone, 10 km east of the Martiniere property. Wagner says that Balmoral “unintentionally discovered” the magmatic sulphide deposit in 2014 while chasing a drill hole that returned 33 metres of 1.66 grams gold. “We were drilling widely spaced holes following up on a gold hit and tagged into the nickel,” he says. “It’s testimony to being in the right place at the right time.” The open-ended resource stands at 3.5 million indicated tonnes of 1.6% nickel, 0.2% copper, 0.03% cobalt, 0.34 gram platinum and 0.84 gram palladium, using 1.8% nickel equivalent cut-off. Inferred resources

add 91,000 tonnes of 1.1% nickel, 0.1% copper, 0.02% cobalt, 0.2 gram platinum and 0.48 gram palladium, using 1.19% nickel equivalent cut-off. “The nickel market is extra soft right now, so we’ve put Grasset on the shelf as a bright little bobble to be plucked off once the nickel space gets back in reasonable shape,” he says. “Bug Lake is the next deposit we’ll get into a resource, so the focus for us has gone there.” Balmoral has traded within a 52week range of 33¢ to 90¢ per share, and closed at 78¢ per share at press time. The company has 117.6 million shares outstanding for a $90.6-million market capitalization. TNM

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2016-06-21 6:28 PM

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JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Atac eyes road access toTiger gold deposit in the Yukon FINANCING

| Results from $3M exploration campaign could attract a partner

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

xplorer Atac Resources (TSXV: ATC; US-OTC: ATADF) thinks its high-grade Tiger oxide gold deposit could offer significant start-up cash flow for a large-tonnage operation at its massive Rackla project, 55 km northeast of Keno City in the central Yukon. The company released an updated preliminary economic assessment (PEA) on Tiger in May and hopes positive results from an upcoming $3 million exploration campaign on two early-stage targets could attract further financing, or a strategic partner. One of Atac’s main concerns at Rackla is a lack of infrastructure, since the project covers 1,700 sq. km of wilderness that isn’t road accessible. The company has made headlines by finding Carlin-style gold mineralization across the regional Nadaleen and Rau trends, but Tiger is intriguing because it is near surface, and the company could build a road to the deposit relatively easily. Atac last released a PEA on Tiger in 2014, but the economics have improved due to a lower Canadian dollar and some tweaks to the mine plan, including steepening of the pit walls, and including transitional and sulphide material that had previously been classified as waste. The study models a US$109 million operation that would crank out

302,307 oz. gold over a four year mine life. Assuming a US$1,250 per oz. gold price, the plan features a US$76 million post-tax net present value at a 5% discount rate and a 28% internal rate of return. Tiger’s overall measured and indicated resources are 5.7 million tonnes of 2.66 grams gold for 485,700 contained oz. gold. “The big upside for us could be the Airstrip anomaly right beside Tiger,” president and CEO Graham Downs says during an interview. “We have the nice low-hanging oxide opportunity established, which is great, but we want to enhance that with something close by. Frankly, we have this really promising anomaly we discovered at the end of last year. There are above-average gold values all over the area, and I’m optimistic it could represent a big, bulk-tonnage deposit that would give us the critical mass we need.” The 10 sq. km Airstrip target was outlined during wide-spaced soil sampling at the Bengal showing, 3.2 km south of Tiger. Bengal occurs within a broad, intermittent gold-in-soil geochemical anomaly hosted within a package of variably calcareous siltstone sediments in a lower slope to basinal stratigraphic setting. Airstrip was defined by samples that returned up to 1.03 grams gold-in-soil. “We’re about to put in an application for a tote-road permit, and now we need to decide if we want to proceed through to feasibility. It will be a pretty short jump because we already have this engineered to

a pretty high level. We’re confident in a lot of these numbers based on our work,” Downs says. In April, Atac closed a $3.3 million private placement wherein it sold 5 million flow-through shares priced at 65¢ each. The proceeds are earmarked for an initial exploration program that will focus on Airstrip and the Orion discovery at the Anubis Cluster, where the company cut 47 metres of 3.79 grams gold from 15 metres deep in hole 15-026. “In terms of our Carlin-type targets, we’re zeroed in on Orion,” Downs says. “We literally have one hole in the thing, and we need to look at near-surface targets to build that critical mass because we either need to keep raising capital to drill, which is expensive, or we need to attract a partner to go in and do the heavy lifting.” The initial exploration program will include 30 rotary air-blast holes at Orion and additional geochemical coverage at Airstrip. Atac will also move ahead with permitting the 69 km road through to the Rau trend and Tiger. Atac has traded in a 52-week range of 25¢ to 88¢ per share, and jumped 161%, or 48¢ over the past six months to a 77¢ close at press time. The company has 118 million

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Blazing the Trail to Canada’s Next Great Gold Discovery > High grade Martiniere Gold System in Delineation > 700 sq km of Exploration Upside Adjacent to Canada’s Largest Gold Mine > 2x Quebec Explorers of the Year > Active Drill Projects on Multiple Fronts

info@balmoralresources.com | www.balmoralresources.com

M&A

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

n early May, Goldcorp (TSX: G; N YSE: GG) launched a $520 million, all-share bid for explorer Kaminak Gold (TSXV: KAM; US-OTC: KMKGF) and its feasibility-stage Coffee gold project in the Yukon. Kaminak's subsequent management circular filings have revealed there were two other potential bidders for the junior, and that Goldcorp had to sweeten its first informal offer to secure a friendly bid. The Coffee project encompasses 52.4 million indicated tonnes grad-

We recognize placer mining is a big driver of the Yukon economy. In recent years, some placer miners may only be spending money on red tape, not spending money exploring for gold.

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and the mineralization carries, the plan can change. “We’d like to back up where we are with some assays before we go back to the market. I expect we’ll find some drill joy out there that will give us the ability to finance at a much less dilutive rate. If things go the way I hope, we’ll be drilling a lot more this year.” TNM

| Situation suggests a lack of attractive development projects

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shares outstanding for an $89.6 million market capitalization, and reported $19 million in its treasury at the end of April. “Quite honestly, if we have a lot of success at Airstrip I’d be tempted to focus all of my efforts there. It’s closer to infrastructure and the size potential is there,” Downs says. “That said, if you put a hole near Orion,

Kaminak filings reveal multiple potential bids for Coffee

BALMORAL RESOURCES LTD High Grade Canadian Gold

TSX: BAR OTCQX: BALMF

The Tiger zone at Atac Resources' Rackla gold property, 55 km northeast of Keno City in the central Yukon. ATAC RESOURCES

ing 1.68 grams gold for 2.8 million contained oz. gold, and 43 million inferred tonnes of 1.52 grams gold for 2.08 million contained oz. gold. Interest in Kaminak heated up after it updated the feasibility study on the project in January, outlining a heap-leach operation on 2.2 million oz. gold-oxide reserves that carries a US$455 million, after-tax net present value at a 5% discount rate and a 37% internal rate of return. According to the new filings, the first interested bidder came forward in March to informally enquire about a transaction. These discussions reportedly continued through April, when Goldcorp delivered its initial, non-binding transaction proposal. Kaminak management determined the proposal “was not sufficiently compelling to enter into exclusive discussions,” but said it would “work with Goldcorp to help complete its due diligence if it was prepared to consider delivering more value.” Two weeks after Goldcorp’s first offer, a third company entered the fray and requested a site visit to Coffee to “pursue a transaction.” Kaminak subsequently heard the first interested bidder intended to offer a proposal, while Goldcorp indicated it would deliver a “revised” offer by May. On May 6, Kaminak received the new proposal from Goldcorp and an offer from the first interested party. There was no further mention by Kaminak of the third

company. On May 8, Kaminak and Goldcorp agreed to enter into exclusive negotiations on the basis that, among other things, the consideration would increase to $2.70 per share. Directors, officers and shareholders of Kaminak representing 27.5% of its outstanding shares agreed to vote in favour of the arrangement, which is expected to close no later than Aug. 15. Goldcorp retains the right to match any superior offer and is entitled to a $20.3 million break fee. The multiple-offer situation hints at the lack of attractive development projects in North America, with new Goldcorp president and CEO David Garofalo stating during marketing presentations in June that “there is a lack of opportunity, given a focus on investing in politically safe jurisdictions.” BMO Research said in a June 8 note that Goldcorp’s message to investors was clear: “expect future acquisitions.” Goldcorp shares have traded in a 52-week range of $13.55 to $25.35 per share, and closed at $22.81 at press time. The company has 832 million shares outstanding for a $19 billion market capitalization. Meanwhile, Kaminak shares h ave g a i n e d n e a r l y 5 0 % , o r 80¢, since news of the friendly G oldcor p bid , en route to a $2 .4 6 -per-sha re close. T he company has 186 million shares outstanding for a $459 million market capitalization. TNM

2016-06-21 6:28 PM

CANADIAN GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER /

JUNE 27–JULY 3, 2016

Nordgold raises bid for Northquest GOLD

| Russian major wants Pistol Bay project in eastern Nunavut

BY TRISH SAYWELL

tsaywell@northernminer.com VANCOUVER

fter increasing its stake in Northquest (TSXV: NQ) to 52.3% late last year, Russian gold miner Nordgold is making a move to acquire the rest of the junior and its wholly owned Pistol Bay gold project in the Canadian Arctic. At the end of April, Nordgold offered 25.3¢ per share to acquire all of the outstanding shares that it does not already own in a deal valued at $27.3 million on an undiluted basis. The offer represented a 10% premium based on Northquest’s closing share price on April 25. Nordgold then raised its offer price to 26¢ per Northquest share. The latest offer values Northquest at $28 million on an undiluted basis. Nikolai Zelenski, the CEO of Nordgold, which made its first investment in Northquest in June 2014, said in prepared remarks that the offer “provides excellent value for shareholders. We hope they will accept our improved offer.” Jon North, Northquest’s president and CEO, could not be reached for comment. Northquest acquired the Pistol Bay project, on the west coast of Hudson Bay in eastern Nunavut, in 2010. Inco uncovered the property’s potential in 1985 after drilling an intercept in the Vickers zone of 149.8 metres grading 2.55 grams gold per tonne. In 2012, Northquest twinned the Inco hole in the same stratigraphy and doubled the grade, with a

Northquest CEO Jon North (middle) at the Pistol Bay gold project in eastern Nunavut. NORTHQUEST

164.4-metre intercept averaging 5.39 grams gold. (The company attributed the better grade to a larger core sample and more comprehensive assay method to take into account the abundant coarse visible gold in the core samples.) Nordgold stepped in to take majority control of Northquest in May 2015, a day after the junior released

its second batch of intercepts for the year from the Vickers zone, with highlights of 134.4 metres grading 1.36 grams gold, 39 metres grading 2.57 grams gold, 30 metres grading 2.10 grams gold, 44.5 metres grading 1.07 grams gold and 50 metres of 2.13 grams gold. In April, Northquest completed an inferred resource estimate for

the Vickers zone based on 69 drill holes (17,200 metres between 2012 and 2015) that identified, at a cut-off grade of 1.25 grams gold, a total of 7.79 million tonnes averaging 2.95 grams gold for 739,000 contained oz. gold. Pistol Bay is 80 km south of Agnico Eagle Mines’ (TSX: AEM: NYSE: AEM) Meliadine gold proj-

ect. The two properties are on the opposite sides of a sterile, granitic gneiss block, and Northquest’s geologists believe that the Pistol Bay trend is a mirror image of the Meliadine trend. The Pistol Bay project is on Crown land and within 10 km of Whale Cove, which has a population of 350 people. Whale Cove has an airstrip with daily flights to Winnipeg, among other cities, and there is an all-season road linking Whale Cove to the project. As for Moscow-headquartered Nordgold, last year the company produced 950,000 oz. gold at allin sustaining costs of US$793 per ounce. The company operates nine gold mines: five in Russia, two in Burkina Faso and one each in Guinea and Kazakhstan. It also has two active gold development projects — Bouly in Burkina Faso and Gross in Russia. Production could start at the Bouly mine in the third quarter of 2016, and Nordgold announced that construction had begun at its Gross mine, an open-pit heap leach project in southwestern Yakutia, next to its Neryungri mine. Nordgold says it will take US$250 million and two years to complete the project and once finished, Gross will produce 230,000 oz. gold a year over a 17year mine life. The first gold pour is expected in the first quarter of 2018. Russian billionaire Alexey Mordashov owns just over 90% of the company’s outstanding shares. At press time Northquest shares traded at 25.5¢, within a 52-week range of 6.5¢ to 32¢. TNM

Detour Gold revs up DETOUR From 8

After the upgrade the plant processed an average 64,462 tonnes per day between April 21 and May 31, including 13 days at above 70,000 tonnes per day. This is ahead of the LOM target of 63,000 tonnes per day for 2019. “We think we are going to achieve that much faster. But when it’s going to be exactly, we cannot say,” chief operating officer Beaudoin says. “In the last six weeks, we have been operating at that level already. ‘Can we maintain that?’ is the big question.” It is early, but Detour expects to provide an update with its secondquarter results. In the short-term, if the plant outperforms the mine, Detour plans to supplement the plant with its runof-mine, medium-grade stockpile. The stockpile sits at 134,000 oz. (6.6 million tonnes at 0.63 gram) and is not included in the LOM plan. Meanwhile, Detour is running a 100,000-tonne test to confirm if screening the medium-grade stockpile for fines of less than 2 inches would double the average grade from 0.65 to 1.3 grams gold. Previous survey results have shown that grades improve 100%, while tonnage increases 30%. If the results are positive, Detour could immediately process the medium-grade ore, and add 20,000 to 25,000 oz. of low-cost production a year. The results — including operating costs and productivity — are due in the third quarter. For 2016, Detour maintains its annual guidance of 540,000 to 590,000 oz., at all-in sustaining costs of US$840 to US$940 per oz., including total cash costs of US$675 to US$750 per oz. Quarterly output should range between 125,000 and 150,000 ounces.

1 2 3 4 5 7 8 9 10 11 12 13 20_JUN27_Main.indd 13

In this year’s first quarter, Detour delivered 127,136 oz., at the low-end of the quarterly guidance. The mill processed 52,165 tonnes per day, which is below the design rate due to limited power draw on one of the semi-autogenous grinding (SAG) mills, and processing of coarser material. The SAG mill is now back to full power following the planned shutdown in April. Growth opportunities On the exploration front, the miner is focusing on the Lower Detour trend — more specifically the Zone 58N, which sits 7 km southwest of the pit. “While the market does not appear to attribute material value for the exploration upside, Zone 58N in particular appears to generate interest as a potential source of high-grade [5 to 6 grams gold per tonne] feed for the mill,” Canaccord Genuity analysts Rahul Paul and Alex Pernin write in a research note. Detour has drilled 37,000 metres of its slated 60,000-metre program this year at Zone 58N. The rest of the drilling should conclude this summer. During that time, it will also drill another 5,000 to 7,000 metres to test other targets along the 25 km Lower Detour trend and the surrounding tailings facility. “A lot of companies are going on about organic growth. It’s obviously the cheapest bang for your buck. It’s the way to go,” Jean François Métail, Detour’s vice-president of mineral resource management, says during a presentation on site. “We feel that for us, organic growth has a little bit more ‘oomph’ in that we have 23 years of mine life. We have 23 years to find more mineralization and bring it to our mill … a lot of companies have five to six years in a typical life-of-mine. We’ve got a lot of time to do explora-

TSX-V: FPC

tion on our ground.” Detour might also look to acquire an early stage project as part of its near-term growth strategy, Martin says, adding that he is not in a rush to “buy something.” Asked if the mine could become an acquisition target, the executive acknowledges this risk, but says he’s “not in it to sell it.” Instead, he aims to grow the company from an intermediate gold producer to a major producer. “We have this engine. We have this property. Can we develop the next large gold company in Canada? You need a cornerstone asset, and we have that,” Martin says. TNM

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2016-06-21 6:28 PM

WWW.NORTHERNMINER.COM

JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 13–17, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 10955 0.22 0.13 0.18 - 0.03 0.28 0.03 Abcourt Mines* O 82 0.08 0.07 0.08 + 0.00 0.09 0.02 Aben Res* O 33 0.12 0.00 0.12 - 0.02 100.52 0.03 Aben Res V 473 0.17 0.13 0.14 - 0.01 0.21 0.06 Aberdeen Intl* O 147 0.15 0.12 0.14 + 0.02 0.16 0.07 Aberdeen Intl T 1238 0.19 0.15 0.18 + 0.02 0.24 0.10 Abitibi Royalt V 55 8.00 7.36 7.91 + 0.57 7.99 1.53 Acme Res Inc V 78 0.06 0.04 0.05 - 0.01 0.06 0.02 Active Growth V 90 0.06 0.06 0.06 - 0.01 0.10 0.02 Adamera Mnls* O 460 0.10 0.00 0.09 - 0.01 0.10 0.01 Adriana Res V 330 0.11 0.11 0.11 - 0.01 0.15 0.08 Advance Gold V 83 0.05 0.04 0.05 + 0.01 0.06 0.01 African Metals V 17 0.09 0.09 0.09 - 0.01 0.11 0.02 African Queen V 8153 0.09 0.03 0.09 + 0.06 0.05 0.01 0.98 - 0.01 0.99 0.30 Africo Res T 215 0.99 0.97 Agave Silver* O 17 0.07 0.00 0.07 - 0.00 0.07 0.01 0.08 - 0.01 0.09 0.01 Agave Silver V 453 0.09 0.07 Agnico Eagle* N 12978 52.79 49.21 50.22 - 0.37 52.79 21.00 Agnico Eagle T 6240 68.88 63.39 64.69 + 0.17 68.88 27.63 T 2013 122.15 119.00 120.84 + 1.08 139.99 Agrium 104.70 N 3590 95.25 91.25 93.78 - 0.14 109.46 79.94 Agrium* 0.04 - 0.04 0.20 0.06 Aim Explor* O 61 0.08 0.00 Alabama Graph* O 257 0.13 0.11 0.12 - 0.00 0.21 0.08 V 1151 0.17 0.14 0.16 - 0.01 0.24 0.11 Alabama Graph Alacer Gold T 12056 3.13 2.86 2.98 - 0.03 3.57 2.08 Alamos Gold T 6011 11.01 9.58 10.09 + 0.03 11.01 3.27 Alamos Gold* N 28263 8.59 7.48 7.80 - 0.07 8.59 2.27 Alaska Pac Egy* O 1 0.02 0.00 0.02 - 0.03 0.20 0.00 0.17 - 0.03 0.21 0.12 Alberta Star* O 6 0.21 0.17 Alchemist Mng 22 0.07 0.07 0.07 + 0.01 0.08 0.01 Alcoa* N 96705 9.65 9.01 9.58 + 0.09 12.07 6.14 0.10 + 0.01 0.22 0.05 Alderon Iron* O 42 0.10 0.08 Alderon Iron T 531 0.14 0.11 0.11 - 0.01 0.28 0.07 0.11 + 0.01 0.30 0.09 Aldever Res V 987 0.12 0.10 Aldever Res* O 2 0.08 0.00 0.08 + 0.00 0.20 0.07 Aldridge Mnrls V 447 0.27 0.22 0.25 + 0.02 0.27 0.12 Aldrin Res* O 165 0.12 0.10 0.12 + 0.04 0.15 0.06 Aldrin Res V 221 0.15 0.00 0.15 + 0.04 0.16 0.08 V 1472 0.06 0.05 0.05 + 0.01 0.13 0.04 Alexander Nubi Alexander Nubi* O 118 0.05 0.04 0.05 + 0.01 0.08 0.03 Alexandria Min V 1600 0.06 0.05 0.06 - 0.01 0.07 0.02 O 212 0.05 0.04 0.04 - 0.00 0.06 0.01 Alexandria Min* Alexco Res T 692 1.88 1.56 1.62 - 0.05 1.88 0.35 1.21 - 0.09 1.44 0.22 Alexco Res* X 2971 1.44 1.21 Alianza Min V 52 0.21 0.19 0.21 + 0.02 0.28 0.10 Alix Res V 2836 0.15 0.11 0.12 - 0.03 0.18 0.04 Alix Res* O 215 0.12 0.10 0.10 - 0.03 0.12 0.03 Alliance Mng V 468 0.03 0.02 0.02 - 0.01 0.04 0.01 Alliance Res* D 1375 15.65 14.14 15.18 + 0.18 26.18 9.95 0.08 - 0.01 0.40 0.05 Alloycorp Mng V 43 0.08 0.00 Almaden Mnls* X 3420 1.25 1.02 1.22 + 0.05 1.42 0.48 Almaden Mnls T 417 1.60 1.32 1.60 + 0.16 1.80 0.65 Almadex Min V 616 0.46 0.34 0.40 - 0.04 0.46 0.13 Almadex Min* O 360 0.36 0.27 0.32 - 0.03 0.36 0.01 0.32 + 0.02 0.86 0.21 Almonty Ind V 120 0.32 0.00 Alpha Nat Res* O 1436 0.02 0.02 0.02 + 0.00 0.44 0.01 Alset Energy V 7793 0.79 0.46 0.49 - 0.31 0.84 0.02 Alta Vista Vnt 326 0.05 0.00 0.05 + 0.01 0.25 0.01 Altair Res Inc V 812 0.35 0.23 0.30 - 0.08 0.70 0.06 O 52 0.06 0.04 0.04 + 0.00 0.06 0.02 Alternative ER* Alternative ER V 47 0.08 0.00 0.08 + 0.02 0.08 0.03 Altiplano Mnls V 8 0.17 0.15 0.15 - 0.02 0.22 0.04 Altius Mnrls T 165 10.80 10.22 10.63 + 0.08 15.47 7.39 Alto Vent V 1322 0.08 0.06 0.06 + 0.01 0.09 0.02 3.90 - 0.22 4.95 2.70 Alumina Inc* O 38 4.13 3.76 ALX Uranium* O 76 0.08 0.07 0.07 - 0.02 0.10 0.03 0.10 - 0.01 0.15 0.06 ALX Uranium V 525 0.12 0.10 Am Creek Res V 344 0.09 0.08 0.09 + 0.01 0.12 0.03 Am CuMo Mng* O 720 0.09 0.08 0.08 + 0.01 0.12 0.04 0.27 - 0.07 0.45 0.07 AM Gold V 29 0.30 0.24 Am Manganese V 187 0.03 0.02 0.03 - 0.01 0.05 0.01 Am Manganese* O 133 0.03 0.02 0.02 + 0.02 0.04 0.01 Amador Gold* O 59 0.00 0.00 0.00 - 0.00 0.01 0.00 Amarc Res V 246 0.07 0.06 0.06 - 0.01 0.11 0.04 0.28 - 0.01 0.41 0.04 Amarillo Gold V 750 0.35 0.27 Amato Expl V 434 0.03 0.02 0.03 + 0.01 0.03 0.01 Amazing OG* O 65 0.38 0.35 0.35 - 0.03 1.21 0.29 O 27 0.03 0.02 0.02 - 0.00 0.08 0.00 Amer Vanadium* Amer Vanadium V 198 0.03 0.03 0.03 - 0.01 0.10 0.02 1.06 - 0.26 1.62 0.05 American Lith V 979 1.34 0.99 American Pot 253 0.06 0.05 0.05 - 0.05 0.65 0.03 Americas Petro V 764 0.24 0.22 0.23 - 0.01 0.33 0.15 0.33 - 0.02 0.40 0.09 Americas Silvr T 6047 0.37 0.33 Americas Silvr* O 565 0.29 0.26 0.27 - 0.01 0.32 0.04 0.15 - 0.01 0.44 0.10 Amerigo Res T 402 0.17 0.15 Amerigo Res* O 5 0.13 0.11 0.11 - 0.02 0.35 0.07 AMI Res* O 90 0.06 0.03 0.06 - 0.00 0.06 0.02 V 495 0.08 0.05 0.06 - 0.02 0.08 0.03 AMI Res Anconia Res V 454 0.07 0.05 0.05 - 0.02 0.08 0.01 0.01 + 0.01 1.00 0.00 Andes Gold* O 255 0.01 0.00 Anfield Nickel V 525 1.35 1.25 1.32 + 0.02 1.79 0.52 Anfield Res* O 45 0.19 0.16 0.18 + 0.02 0.20 0.06 Angel Gold* O 269 0.10 0.00 0.06 - 0.03 0.10 0.01 Angel Gold V 367 0.12 0.08 0.09 - 0.03 0.12 0.01 19 9.17 0.00 9.00 - 0.79 15.88 3.13 Anglo American* O Anglo American* O 383 4.60 4.19 4.53 + 0.03 5.76 1.57 Anglo-Bomarc V 59 0.15 0.11 0.14 + 0.02 0.30 0.10 AngloGold Ash* O 1 16.91 0.00 16.75 + 0.91 16.91 6.45 AngloGold Ash* N 29449 17.32 15.63 16.03 - 0.63 17.39 5.64 Antioquia Gold* O 13 0.06 0.06 0.06 + 0.00 0.08 0.03 Antioquia Gold V 54 0.10 0.00 0.08 - 0.01 0.11 0.04 Antipodes Gold V 276 0.02 0.01 0.02 + 0.01 0.02 0.01 Apogee Silver V 24 0.39 0.33 0.35 - 0.03 0.58 0.11 Apogee Silver* O 11 0.32 0.25 0.30 + 0.00 0.45 0.08 Appia Energy 165 0.22 0.13 0.22 - 0.04 0.30 0.01 Apple Cap Inc V 343 0.44 0.30 0.38 + 0.08 0.40 0.15 Applied Mrnls* O 58 0.16 0.12 0.15 + 0.01 0.60 0.11 AQM Copper V 258 0.11 0.10 0.11 + 0.01 0.15 0.03 0.16 + 0.00 0.20 0.09 Aquila Res* O 46 0.16 0.14 Aquila Res T 287 0.22 0.18 0.20 + 0.01 0.27 0.12 Arak Res V 66 0.04 0.02 0.02 - 0.02 0.07 0.02 Arch Coal* O 482 0.40 0.28 0.33 - 0.07 10.35 0.11 Arco Res V 54 0.06 0.00 0.06 + 0.01 0.08 0.03 0.02 - 0.01 0.10 0.01 Arctic Star V 391 0.02 0.02 Arcus Dev Grp V 140 0.06 0.05 0.06 + 0.02 0.06 0.01 Arena Mnls V 3568 0.34 0.29 0.30 + 0.01 0.34 0.15 Argentex Mng* O 141 0.08 0.06 0.07 - 0.00 0.10 0.01 Argentum Silvr V 32 0.07 0.06 0.07 + 0.01 0.12 0.02 O 50 0.04 0.04 0.04 + 0.00 0.20 0.01 Argex Titanium* Argex Titanium T 824 0.06 0.05 0.06 + 0.01 0.25 0.02 Argonaut Gold T 6314 3.74 3.29 3.50 + 0.17 3.74 0.78 Argonaut Gold* O 334 2.85 2.56 2.73 + 0.14 2.85 0.53 Argus Metals V 169 0.10 0.00 0.07 - 0.03 0.11 0.02 0.01 - 0.01 0.05 0.01 Arian Res V 1675 0.02 0.00 Arian Silver* O 121 0.04 0.02 0.04 + 0.02 0.45 0.00 Arianne Phosph V 137 1.02 0.95 1.00 - 0.02 1.25 0.68 Arianne Phosph* O 70 0.79 0.75 0.78 - 0.01 0.98 0.52 Armor Mnrls V 50 0.50 0.00 0.50 + 0.28 0.50 0.10 Asanko Gold* X 21437 4.53 3.90 4.18 + 0.11 4.53 1.27 Asanko Gold T 11351 5.82 5.03 5.22 + 0.09 5.82 1.77 Asante Gold 82 0.14 0.13 0.14 + 0.02 0.20 0.05 Ascot Res V 284 1.19 1.06 1.08 - 0.11 2.00 0.80 Ashburton Vent V 2935 0.05 0.04 0.04 - 0.01 0.07 0.01 AsiaBaseMetals V 57 0.28 0.00 0.27 + 0.03 0.27 0.04 Asiamet Res V 204 0.05 0.04 0.05 + 0.01 0.08 0.01 Astorius Res V 415 0.05 0.04 0.04 - 0.01 0.05 0.01 Astur Gold V 331 0.04 0.04 0.04 + 0.01 0.08 0.01 Atacama Pac Gd* O 39 0.32 0.27 0.27 - 0.05 0.32 0.09 Atacama Pac Gd V 446 0.40 0.33 0.34 - 0.05 0.49 0.14 Athabasca Mnls* O 12 0.21 0.20 0.21 + 0.02 0.54 0.12 Athabasca Mnls V 94 0.30 0.24 0.30 + 0.05 0.68 0.15 Athabasca Nclr V 491 0.15 0.12 0.12 - 0.01 0.17 0.02 Atico Mng V 243 0.48 0.43 0.47 + 0.03 0.65 0.16 Atico Mng* O 51 0.37 0.33 0.33 - 0.02 0.51 0.12 Atlanta Gold* O 14 0.07 0.05 0.06 - 0.00 0.09 0.03 Atlantic Gold V 600 0.69 0.64 0.67 + 0.01 0.73 0.17 Atlatsa Res* O 67 0.08 0.07 0.07 - 0.01 0.14 0.02 Atom Energy V 77 0.04 0.03 0.04 + 0.01 0.12 0.03 Augustine Vent 146 0.09 0.08 0.09 + 0.02 0.09 0.03 Aura Mnls T 129 0.24 0.21 0.23 + 0.03 0.31 0.06 Aura Silver Rs V 1425 0.04 0.03 0.04 + 0.01 0.04 0.01 Aurania Res V 127 0.60 0.50 0.60 + 0.15 0.60 0.30 Aurcana Corp V 889 0.31 0.28 0.29 - 0.01 0.41 0.09 Aurcana Corp* O 163 0.24 0.21 0.22 - 0.01 0.32 0.07 Aureus Mng* O 2585 0.06 0.00 0.05 + 0.01 0.68 0.03 Aureus Mng T 17449 0.09 0.05 0.08 + 0.03 0.83 0.05

14-16_JUN27_StockTables.indd 14

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

AuRico Metals T 1732 AuRico Metals * O 309 Aurion Res V 241 Aurora Gold* O 719 Aurvista Gold* O 68 Aurvista Gold V 545 Auryn Res* O 958 Avalon Adv Mat* O 192 Avalon Adv Mat T 998 Avarone Metals* O 23 Avarone Metals 1206 Avino Silver* X 5466 Avino Silver V 893 Avnel Gold T 1019 Avrupa Mnls V 237 AXE Expl V 6630 Axmin Inc V 20 Axmin Inc* O 140 AZ Mining T 902 Azarga Uranium T 68 Azarga Uranium* O 23 Azimut Expl V 330 Azincourt Uran V 69 O 44 Azincourt Uran*

0.98 0.90 0.95 + 0.01 1.15 0.47 0.76 0.70 0.72 - 0.03 0.90 0.34 0.27 0.21 0.24 + 0.03 0.27 0.04 0.01 0.01 0.01 - 0.00 0.02 0.01 0.11 0.11 0.11 + 0.02 0.11 0.02 0.15 0.12 0.14 + 0.02 0.16 0.03 2.50 2.00 2.05 - 0.03 2.50 0.70 0.19 0.17 0.18 - 0.01 0.26 0.07 0.25 0.22 0.24 + 0.01 0.33 0.10 0.07 0.06 0.06 - 0.01 0.09 0.06 0.09 0.07 0.08 - 0.01 0.14 0.02 2.60 2.12 2.45 + 0.36 2.60 0.71 3.29 2.73 3.11 + 0.45 3.29 1.03 0.33 0.30 0.32 + 0.01 0.36 0.18 0.12 0.10 0.11 + 0.01 0.17 0.07 0.04 0.02 0.04 + 0.02 0.03 0.01 0.03 0.03 0.03 + 0.01 0.03 0.01 0.02 0.01 0.01 - 0.01 0.06 0.00 1.84 1.62 1.63 - 0.14 1.85 0.22 0.33 0.30 0.31 - 0.02 0.40 0.24 0.26 0.25 0.26 + 0.00 0.29 0.18 0.43 0.30 0.41 + 0.12 0.44 0.10 0.08 0.06 0.07 + 0.01 0.09 0.04 0.07 0.04 0.04 - 0.01 0.07 0.02

B2Gold* X 48571 T 40921 B2Gold Bacanora Mnls V 118 Baja Mng* O 478 Balmoral Res T 1721 Balmoral Res* O 951 Bama Gold 6 Bandera Gold V 895 T 866 Banro Banro* X 5755 Banyan Gold V 24 Barisan Gold V 1071 Barker Mnrls V 60 Barkerville Go* O 278 Baroyeca Go&Si V 506 Barrick Gold T 31869 Barrick Gold* N 114001 Barsele Min* O 30 Batero Gold V 395 Battle Mtn Gld V 114 27 Battle Mtn Gld* O Bayhorse Silvr* O 157 V 820 Bayswater Uran Bayswater Uran* O 13 V 7 BC Moly BCM Res V 37 Bear Creek Mng V 441 Bearclaw Cap V 61 Beaufield Res* O 98 Beaufield Res V 782 Beeston Ent* O 390 Bell Copper V 89 Bell Copper* O 35 Bellhaven Cp&G V 103 O 31 Bellhaven Cp&G* Belmont Res V 164 Belo Sun Mng T 3755 Belvedere Res V 109 Berkeley Egy* O 4 Besra Gold* O 481 Bethpage Cap V 5 Bitterroot Res V 200 Black Hills* N 1175 Black Iron T 199 Black Isle Res V 103 413 Black Widow Rs V Blind Crk Res V 147 BLOX Inc* O 231 Blue Sky Uran V 19 Bluestone Res V 6 BonTerra Res* O 29 BonTerra Res V 846 Bowmore Expl V 274 Brakpan Vents 11 Bravada Gold V 402 Bravada Gold* O 80 Braveheart Res V 450 O 1779 Bravo Multinat* Bravura Vent 77 Brazil Res V 5284 Brionor Res V 292 O 5 Britannia Mng* Brixton Mtls* O 97 Brixton Mtls V 168 V 35 Brunswick Res Bryn Res* O 2 Buenaventura* N 20004 Buffalo Coal V 172 Bullfrog Gold* O 12 Bullion Gld Res V 25 Bullman Mnls V 115

2.35 2.09 2.20 + 0.14 2.35 0.60 3.06 2.69 2.86 + 0.21 3.06 0.86 1.77 1.57 1.62 - 0.22 2.04 1.16 0.01 0.00 0.01 + 0.00 0.03 0.00 0.84 0.74 0.78 - 0.03 0.90 0.33 0.67 0.58 0.61 - 0.02 0.71 0.23 0.12 0.00 0.11 - 0.01 0.20 0.07 0.01 0.01 0.01 + 0.01 0.01 0.01 0.43 0.36 0.39 - 0.01 0.48 0.21 0.33 0.28 0.30 - 0.01 0.39 0.15 0.09 0.07 0.09 + 0.01 0.09 0.02 0.03 0.03 0.03 - 0.01 0.05 0.02 0.02 0.00 0.02 + 0.01 0.02 0.01 0.53 0.45 0.50 - 0.00 0.53 0.15 0.02 0.01 0.01 - 0.01 0.02 0.01 27.86 25.22 25.81 + 0.81 27.86 7.89 21.40 19.62 20.11 + 0.50 21.40 5.91 0.55 0.54 0.55 + 0.01 0.58 0.05 0.16 0.12 0.15 + 0.02 0.16 0.05 0.61 0.54 0.60 + 0.01 0.68 0.09 0.47 0.45 0.47 + 0.00 0.52 0.06 0.14 0.11 0.14 + 0.03 0.14 0.03 0.04 0.00 0.03 - 0.01 0.06 0.01 0.02 0.00 0.02 - 0.02 0.05 0.00 0.05 0.05 0.05 + 0.01 0.23 0.03 0.25 0.24 0.24 - 0.02 0.32 0.02 2.82 2.39 2.60 - 0.10 2.82 0.50 0.06 0.04 0.04 - 0.02 0.06 0.02 0.10 0.08 0.10 + 0.02 0.09 0.02 0.13 0.10 0.13 + 0.04 0.11 0.03 0.00 0.00 0.00 + 0.00 0.02 0.00 0.06 0.04 0.04 - 0.03 0.06 0.01 0.06 0.03 0.03 - 0.02 0.06 0.00 0.25 0.20 0.20 - 0.03 0.40 0.03 0.17 0.16 0.17 + 0.01 0.33 0.02 0.10 0.07 0.09 - 0.01 0.12 0.02 0.89 0.82 0.83 - 0.04 1.05 0.15 0.05 0.04 0.05 - 0.01 0.09 0.01 0.51 0.46 0.46 - 0.04 0.55 0.31 0.01 0.00 0.00 - 0.00 0.02 0.00 0.10 0.10 0.10 + 0.04 0.10 0.03 0.04 0.03 0.04 + 0.01 0.10 0.03 63.19 61.38 62.20 - 0.25 63.53 36.81 0.05 0.04 0.05 - 0.01 0.06 0.03 0.04 0.03 0.03 - 0.01 0.05 0.03 0.07 0.05 0.07 + 0.01 0.08 0.01 0.08 0.00 0.05 - 0.02 0.08 0.03 0.01 0.01 0.01 - 0.00 0.25 0.01 0.12 0.11 0.12 + 0.01 0.12 0.04 0.13 0.00 0.13 - 0.04 0.17 0.05 0.29 0.29 0.29 - 0.00 0.37 0.08 0.38 0.33 0.35 - 0.02 0.51 0.09 0.15 0.14 0.14 + 0.01 0.15 0.03 0.05 0.00 0.05 + 0.03 0.06 0.02 0.33 0.22 0.30 + 0.07 0.33 0.02 0.25 0.15 0.24 + 0.06 0.25 0.01 0.06 0.05 0.06 + 0.01 0.08 0.02 0.03 0.02 0.03 + 0.00 0.12 0.02 0.25 0.21 0.23 - 0.03 0.25 0.02 2.49 2.07 2.23 + 0.25 2.49 0.38 0.04 0.03 0.04 + 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.76 0.43 0.76 + 0.31 0.51 0.03 0.98 0.53 0.95 + 0.37 0.70 0.05 0.04 0.02 0.02 - 0.02 0.04 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 11.52 10.13 10.43 - 0.66 11.70 3.30 0.02 0.02 0.02 - 0.01 0.05 0.01 0.07 0.06 0.07 - 0.01 0.08 0.01 0.11 0.00 0.09 - 0.03 0.15 0.05 0.05 0.04 0.05 + 0.02 0.11 0.03

Cadan Res V 47 Cadillac Vent V 220 Caledonia Mng T 66 Calibre Mng V 1211 Calico Res* O 205 Calico Res V 2558 California Gld* O 32 California Gld V 49 Callinex Mines* O 268 Callinex Mines V 371 Cameco Corp* N 6079 Cameco Corp T 6795 Cameo Res V 3781 Camino Mnls* O 0 Camino Mnls V 24 Can-Cal Res* O 35 Canada Coal V 145 Canadian Zeol V 6292 Canadian Zeol* O 11 CanAlaska Uran V 471 O 225 CanAlaska Uran* Canamex Res V 1403 Canamex Res* O 62 Canarc Res T 1735 Canarc Res* Q 1654 Canasil Res V 2423 Cancana Res V 153 CaNickel Mng* O 42 CaNickel Mng V 70 Canstar Res V 302 Canterra Mnls V 219 Canyon Gold* O 24 Cap-Ex Iron V 183 Capstone Mng T 1464 Cardero Res T 337 Cardero Res* O 105 Cariboo Rose V 105 Carmax Mng V 557 Carpathian Gld 10512 Carpathian Gld* O 449 Cartier Res V 545 Carube Copper V 213 Casablanca Mng* O 77 Castle Mtn Mng V 2015 Caza Gold* O 15 CB Gold V 58 Cda Carbon* O 23 Cda Carbon V 317 Cda Rare Earth V 375 Cda Rare Earth* O 103 Cda Strtgc Met V 694 Cda Zinc Mtls V 635 Cdn Intl Mnrls V 8772 Cdn Metals 650 Cdn Silvr Hunt V 277 Cdn Zinc T 2513 Cdn Zinc* O 475 Centamin T 193

0.08 0.07 0.07 + 0.01 0.09 0.03 0.04 0.04 0.04 + 0.01 0.04 0.01 1.30 1.19 1.27 - 0.01 1.45 0.66 0.16 0.14 0.15 + 0.02 0.16 0.06 0.10 0.09 0.10 + 0.01 0.12 0.05 0.13 0.12 0.12 - 0.01 0.16 0.06 0.55 0.48 0.49 - 0.06 0.55 0.48 0.65 0.62 0.64 - 0.06 1.80 0.20 0.34 0.28 0.33 - 0.01 0.44 0.17 0.43 0.36 0.40 - 0.01 0.54 0.23 11.77 10.95 11.19 - 0.51 15.36 10.31 15.05 14.29 14.39 - 0.54 19.32 14.29 0.06 0.05 0.06 + 0.01 0.10 0.02 0.12 0.00 0.11 - 0.04 0.15 0.05 0.16 0.00 0.16 + 0.02 0.21 0.07 0.08 0.06 0.06 - 0.02 0.08 0.03 0.05 0.03 0.03 - 0.02 0.05 0.01 0.16 0.10 0.16 + 0.05 0.16 0.06 0.10 0.09 0.10 + 0.03 0.10 0.05 0.80 0.72 0.75 + 0.01 0.80 0.09 0.62 0.56 0.59 + 0.01 0.62 0.06 0.06 0.05 0.05 - 0.02 0.07 0.03 0.05 0.04 0.04 - 0.01 0.06 0.02 0.09 0.07 0.09 + 0.01 0.15 0.04 0.07 0.06 0.07 + 0.01 0.12 0.03 0.40 0.35 0.40 + 0.02 0.40 0.03 0.18 0.16 0.17 + 0.01 0.29 0.13 0.08 0.06 0.07 + 0.01 0.09 0.01 0.11 0.00 0.09 + 0.02 0.14 0.03 0.09 0.07 0.08 - 0.01 0.12 0.03 0.06 0.05 0.06 + 0.01 0.07 0.03 0.20 0.00 0.18 - 0.02 0.54 0.02 0.05 0.05 0.05 + 0.01 0.06 0.01 0.70 0.64 0.65 - 0.03 1.28 0.27 0.21 0.15 0.18 + 0.03 0.26 0.08 0.17 0.11 0.14 + 0.03 0.17 0.05 0.07 0.05 0.06 - 0.01 0.08 0.03 0.03 0.03 0.03 - 0.01 0.06 0.02 0.08 0.07 0.07 - 0.01 0.09 0.01 0.06 0.05 0.06 - 0.01 0.07 0.00 0.15 0.11 0.12 - 0.01 0.16 0.04 0.13 0.09 0.13 + 0.02 0.21 0.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.78 0.68 0.70 - 0.02 0.78 0.18 0.06 0.04 0.06 + 0.02 0.06 0.01 0.13 0.10 0.11 - 0.03 0.15 0.03 0.24 0.00 0.23 - 0.01 0.28 0.18 0.31 0.29 0.30 + 0.01 0.42 0.23 0.03 0.03 0.03 + 0.01 0.04 0.02 0.03 0.02 0.02 + 0.01 0.03 0.01 0.11 0.09 0.10 - 0.01 0.13 0.03 0.20 0.18 0.18 - 0.01 0.25 0.10 0.13 0.05 0.06 + 0.01 0.13 0.01 0.35 0.25 0.32 - 0.03 0.44 0.06 0.03 0.03 0.03 - 0.01 0.05 0.01 0.30 0.26 0.29 + 0.01 0.34 0.06 0.24 0.20 0.23 + 0.00 0.26 0.04 2.17 1.97 2.07 + 0.07 2.30 1.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Centaurus Diam* O 98 0.23 0.19 0.22 + 0.02 0.34 0.01 Centenera Mng V 121 0.28 0.00 0.28 + 0.07 0.28 0.02 Centenera Mng* O 30 0.22 0.18 0.21 + 0.06 0.22 0.02 Centerra Gold T 21706 7.18 6.65 7.01 + 0.17 8.67 5.51 Central Rand* O 16 0.05 0.05 0.05 - 0.01 0.06 0.05 V 215 0.09 0.07 0.07 - 0.02 0.18 0.04 Centurion Mnls T 5 0.29 0.00 0.29 + 0.04 0.36 0.15 Century Global Cerro Grande* O 272 0.02 0.02 0.02 - 0.00 0.05 0.00 Cerro Grande 240 0.03 0.03 0.03 - 0.01 0.05 0.01 Chalice Gold M T 103 0.17 0.16 0.16 + 0.01 0.21 0.09 V 41 0.11 0.08 0.09 + 0.01 0.15 0.03 Champion Bear O 12 0.18 0.18 0.18 - 0.00 0.23 0.09 Champion Iron* Champion Iron T 497 0.24 0.20 0.24 + 0.02 0.30 0.08 Chantrell Vent V 92 0.18 0.10 0.18 + 0.08 0.18 0.06 Chesapeake Gld* O 124 3.09 2.72 2.72 - 0.21 3.20 1.05 V 171 3.95 3.51 3.56 - 0.16 4.00 1.39 Chesapeake Gld Chevron* N 35441 103.10 98.77 101.57 - 0.41 104.26 69.58 Chiboug Ind Mn V 507 0.15 0.09 0.11 + 0.01 0.15 0.03 Chilean Metals* O 61 0.11 0.10 0.10 - 0.00 0.12 0.00 Chilean Metals V 171 0.15 0.13 0.13 - 0.01 0.15 0.02 Chimata Gold V 415 0.04 0.03 0.03 - 0.01 0.10 0.01 China Gold Int T 5754 2.45 2.22 2.25 - 0.16 2.72 1.52 China Mnls Mng V 370 0.01 0.01 0.01 + 0.01 0.02 0.01 China Mnls Mng* O 101 0.01 0.00 0.01 - 0.00 0.01 0.00 0.06 - 0.02 0.15 0.03 Cibolan Gold* O 149 0.07 0.04 CIM Intl Grp 142 1.34 1.18 1.30 + 0.12 1.50 1.15 Claim Post Res V 28 0.06 0.00 0.05 + 0.02 0.06 0.01 Clear Mtn Res V 62 0.12 0.11 0.11 - 0.01 0.40 0.10 Clifton Mng* O 570 0.12 0.11 0.12 + 0.00 0.19 0.05 2.12 1.92 2.05 + 0.03 5.22 1.08 Cloud Peak En* N 4308 CMC Metals V 284 0.12 0.10 0.12 + 0.01 0.46 0.05 Coeur Mng* N 39967 9.75 8.48 9.30 + 0.78 9.75 1.62 Colombia Crest* O 353 0.01 0.00 0.01 + 0.01 0.00 0.00 Colombia Crest V 65 0.01 0.01 0.01 + 0.01 0.01 0.01 V 84 0.07 0.05 0.07 + 0.01 0.09 0.02 Colombian Mins Colonial Coal V 914 0.12 0.10 0.12 + 0.02 0.18 0.02 0.35 - 0.01 0.38 0.02 Colorado Res* O 299 0.38 0.31 Colorado Res V 1399 0.48 0.40 0.45 - 0.01 0.48 0.05 Colt Res V 2882 0.07 0.06 0.06 - 0.01 0.29 0.06 O 337 0.53 0.45 0.51 + 0.03 0.58 0.23 Columbus Gold* Columbus Gold T 542 0.68 0.60 0.66 + 0.06 0.75 0.31 V 1009 0.07 0.04 0.07 + 0.02 0.06 0.01 Commander Res Commerce Res* O 64 0.08 0.06 0.08 + 0.02 0.10 0.04 Comstock Mng* X 2081 0.40 0.33 0.36 + 0.01 0.74 0.33 Comstock Mtls V 332 0.22 0.17 0.20 + 0.02 0.25 0.05 Condor Res V 1466 0.12 0.08 0.11 + 0.04 0.12 0.02 V 367 0.08 0.07 0.08 + 0.01 0.09 0.02 Confedertn Mls Confedertn Mls* O 216 0.06 0.06 0.06 + 0.01 0.06 0.01 Conquest Res V 922 0.03 0.02 0.03 - 0.01 0.04 0.01 CONSOL Energy* N 26701 14.74 12.87 14.30 + 0.92 25.02 4.54 Constant Mtl V 466 0.10 0.08 0.09 + 0.01 0.17 0.05 2.43 + 0.27 2.65 0.88 Contintl Gold* O 93 2.43 2.15 Contintl Gold T 4557 3.18 2.79 3.15 + 0.39 3.28 1.28 Contintl Prec T 3 0.32 0.00 0.32 - 0.02 0.40 0.25 Copper Ck Gold V 13 0.08 0.07 0.08 + 0.02 0.10 0.05 Copper Fox Mtl* O 120 0.10 0.09 0.10 - 0.00 0.19 0.08 Copper Lake Rs V 178 0.04 0.04 0.04 - 0.01 0.09 0.03 Copper Mtn Mng* O 40 0.37 0.36 0.36 - 0.02 1.01 0.23 Copper Mtn Mng T 1047 0.49 0.46 0.47 - 0.01 1.27 0.33 Copper Reef Mg 594 0.03 0.02 0.03 - 0.01 0.04 0.01 Copperbank Res* O 71 0.06 0.00 0.05 + 0.01 0.06 0.01 Copperbank Res 892 0.07 0.05 0.06 + 0.01 0.07 0.03 Coral Gold V 310 0.22 0.00 0.20 + 0.02 0.23 0.05 Corazon Gold V 18 0.25 0.00 0.20 - 0.05 0.30 0.18 Cordoba Mnls V 2175 0.67 0.58 0.65 + 0.03 1.00 0.10 Corex Gold V 656 0.16 0.13 0.13 - 0.01 0.21 0.03 Cornerstone Ca* O 306 0.04 0.00 0.04 + 0.01 0.06 0.01 Coro Mining T 1280 0.11 0.09 0.11 + 0.01 0.21 0.02 Coronet Mtls V 450 0.30 0.12 0.29 + 0.12 0.22 0.03 Coronet Mtls* O 86 0.23 0.14 0.23 + 0.09 0.14 0.02 Corsa Coal V 92 0.07 0.06 0.07 - 0.01 0.12 0.02 Corvus Gold T 133 1.10 1.02 1.02 - 0.08 1.12 0.33 Corvus Gold* O 67 0.87 0.79 0.81 - 0.03 0.89 0.25 Cougar Mnls V 124 0.60 0.00 0.60 + 0.07 0.82 0.06 Crazy Horse Res V 210 0.02 0.00 0.02 - 0.01 0.07 0.01 Critical Elem V 2609 0.71 0.60 0.65 + 0.05 0.75 0.14 Critical Elem* O 604 0.53 0.46 0.50 - 0.00 0.58 0.10 Crystal Pk Min* O 74 0.27 0.25 0.25 - 0.01 0.32 0.11 Currie Rose Rs V 123 0.03 0.02 0.02 + 0.01 0.03 0.01 0.00 - 0.00 0.01 0.00 Cyclone Uran* O 2604 0.00 0.00 Cypress Dev* O 263 0.14 0.12 0.13 - 0.00 0.16 0.01 Cypress Dev V 348 0.18 0.15 0.15 - 0.02 0.20 0.02 Cyprium Mng V 3357 0.08 0.07 0.07 - 0.01 0.19 0.06

D-F Dajin Res V 1666 Dajin Res* O 2427 Dakota Ter Res* O 18 Dalradian Res* O 410 Dalradian Res T 5519 Danakali* O 92 Darnley Bay* O 100 Darnley Bay V 212 Debut Dmds 653 Decade Res* O 727 Defiance Silvr* O 372 Defiance Silvr V 1242 X 1351 Denison Mines* Denison Mines T 1604 Desert Gold* O 27 Desert Star V 487 Detour Gold T 9257 O 26 Diamante Min* Diamcor Mng V 89 Diamcor Mng* O 56 Diamond Disc* O 415 V 151 Diamond Fields Dios Expl V 221 DNI Metals* O 229 Dolly Vard Sil* O 109 Dolly Vard Sil V 251 Dominion Diam* N 1684 Dominion Diam T 1291 Double Crn Res* O 3146 V 502 Doubleview Cap DRDGOLD* N 1899 Dundee Prec Mt T 1354 Duran Vent V 105 Durango Res V 5568 Durango Res* O 15 DuSolo Fertil V 36 Dynacor Gld Mn T 223 Dynasty Gold V 3380 Dynasty Met&Mn* O 35 Dynasty Met&Mn T 218 Eagle Plains V 1421 East Africa * O 197 V 1071 East Africa East Asia Mnls V 345 Eastern Platin* O 9 Eastmain Res T 3043 Eco Oro Mnls T 130 Ecuador Gold V 24 Ecuador Gold* O 40 Edgewater Expl V 120 El Capitan Prc* O 1457 El Nino Vent* O 95 El Nino Vent V 3252 Elcora Res V 284 Elcora Res* O 45 Eldorado Gold* N 57025 Eldorado Gold T 32788 Electra Stone V 502 Eloro Mnrls V 45 Ely Gold & Mnl V 379 Ely Gold & Mnl* O 892 Elysee Dev V 84 Emerita Res V 2142 Emgold Mng* O 26 Encanto Potash* O 30 Endeavour Mng* O 113 Endeavour Mng T 12607 Endeavr Silver* N 11627 Endeavr Silver T 1617 Endurance Gold V 210 Energy Fuels T 268 Energy Fuels* X 1264 Engold Mines V 228

0.23 0.19 0.19 - 0.04 0.30 0.06 0.18 0.14 0.15 - 0.02 0.24 0.04 0.20 0.10 0.19 + 0.09 0.20 0.05 0.85 0.77 0.78 - 0.06 1.04 0.45 1.09 0.98 1.00 - 0.05 1.32 0.62 0.29 0.26 0.29 + 0.01 0.36 0.17 0.10 0.07 0.07 - 0.03 0.10 0.00 0.14 0.10 0.11 + 0.01 0.18 0.01 0.03 0.00 0.02 - 0.01 0.03 0.01 0.10 0.07 0.10 - 0.01 0.10 0.00 0.29 0.22 0.29 + 0.02 0.27 0.04 0.37 0.29 0.36 + 0.03 0.36 0.06 0.57 0.53 0.57 + 0.01 0.80 0.35 0.74 0.68 0.74 + 0.01 0.99 0.48 0.12 0.07 0.12 + 0.05 0.12 0.07 0.09 0.05 0.07 - 0.01 0.17 0.03 32.81 29.87 30.03 - 1.34 32.81 10.62 0.44 0.27 0.44 + 0.04 0.85 0.17 1.14 1.02 1.05 - 0.07 1.38 0.65 0.90 0.00 0.87 - 0.02 1.12 0.46 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.02 0.02 - 0.01 0.03 0.01 0.14 0.11 0.13 + 0.01 0.19 0.04 0.05 0.04 0.04 - 0.00 0.10 0.03 0.38 0.29 0.29 + 0.00 0.38 0.08 0.48 0.37 0.41 + 0.09 0.48 0.11 10.48 9.44 9.60 - 1.18 16.24 7.27 13.47 12.14 12.40 - 1.36 19.79 9.96 0.01 0.01 0.01 - 0.00 0.02 0.01 0.12 0.09 0.10 + 0.01 0.18 0.06 5.60 4.95 5.31 + 0.04 6.05 1.10 3.47 3.22 3.30 - 0.04 3.47 0.84 0.12 0.10 0.12 + 0.01 0.20 0.07 0.17 0.11 0.11 - 0.04 0.21 0.03 0.13 0.13 0.13 + 0.04 0.15 0.02 0.04 0.00 0.04 - 0.01 0.22 0.03 2.15 2.04 2.11 + 0.15 2.32 1.30 0.02 0.01 0.02 + 0.01 0.03 0.01 0.12 0.10 0.10 - 0.02 0.58 0.08 0.16 0.14 0.14 - 0.02 0.74 0.10 0.17 0.15 0.17 + 0.01 0.17 0.05 0.13 0.10 0.13 + 0.00 0.13 0.02 0.19 0.14 0.17 + 0.02 0.19 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 0.84 0.82 0.84 - 0.00 1.38 0.47 0.65 0.57 0.62 - 0.01 0.67 0.28 0.39 0.31 0.33 + 0.02 0.78 0.25 0.41 0.34 0.38 - 0.02 0.48 0.10 0.28 0.25 0.28 + 0.03 0.33 0.13 0.04 0.03 0.04 + 0.01 0.04 0.01 0.07 0.06 0.06 + 0.01 0.10 0.03 0.02 0.02 0.02 - 0.00 0.03 0.00 0.04 0.02 0.04 + 0.01 0.03 0.01 0.40 0.33 0.35 - 0.03 0.75 0.15 0.32 0.26 0.26 - 0.06 0.55 0.20 4.68 4.02 4.17 - 0.29 5.16 1.87 5.98 5.18 5.36 - 0.35 6.65 2.67 0.08 0.07 0.07 - 0.01 0.14 0.04 0.31 0.27 0.29 - 0.02 0.33 0.09 0.14 0.12 0.14 + 0.02 0.17 0.03 0.11 0.09 0.11 + 0.01 0.12 0.02 0.26 0.24 0.24 - 0.01 0.27 0.17 0.16 0.09 0.10 - 0.06 0.17 0.02 0.03 0.01 0.01 - 0.01 0.03 0.00 0.08 0.08 0.08 - 0.00 0.14 0.03 17.75 15.29 15.89 - 1.08 17.75 4.40 22.83 19.80 20.49 - 1.18 22.83 4.35 3.99 3.35 3.66 + 0.04 4.28 1.00 5.19 4.32 4.70 + 0.07 5.36 1.46 0.06 0.04 0.06 + 0.02 0.08 0.02 3.43 3.06 3.43 + 0.24 6.59 2.47 2.67 2.38 2.66 + 0.18 5.35 1.81 0.05 0.04 0.05 + 0.01 0.08 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Ensurge* O 546 Entree Gold T 1384 Entree Gold* X 2498 Equitas Res* O 1111 28 V Era Res Inc 71 Erdene Res Dev* O 458 Erdene Res Dev T Erin Ventures* O 153 Erin Ventures V 2452 650 Eros Res Corp V 650 Eros Res Corp V Eskay Mng V 382 Ethos Gold* O 57 Ethos Gold V 207 Eurasian Mnls V 34 X 185 Eurasian Mnls* EurOmax Res V 205 O 13 EurOmax Res* 11 Europn Uran Rs V Everest Vent V 90 Everton Res V 1112 Everton Res* O 27 Evolving Gold 444 O 46 Evolving Gold* Evrim Res V 512 O 113 Excalibur Res* Excellon Res T 635 Excellon Res* O 154 O 189 Excelsior Mng* Excelsior Mng V 288 Exeter Res* X 754 313 ExGen Res Inc V O 54 Expedition Mng* Explor Res* O 99 Explor Res V 2508 Explorex Res 88 Fairmont Res V 3979 Falco Res V 3069 Far Res 1416 Finlay Minrls V 366 2 Fire River Gol* O Firestone Vent V 604 O 286 Firma Holdings* First Idaho V 62 First Majestic* N 37975 First Majestic T 6365 First Mexican V 828 V 5768 First Mg Fin First Mg Fin * O 3639 First Point T 414 First Quantum T 37045 977 V Fission 3.0 Fission Uran T 2912 Fission Uran* O 2302 Fjordland Exp V 445 Flinders Res* O 200 Flinders Res V 154 V 1980 Focus Graphite O 768 Focus Graphite* Focus Vent V 1205 Foran Mng V 281 T 421 Formation Mtls O 7 Fortescue Mtls* Fortuna Silvr T 10737 10762 Fortuna Silvr* N Fortune Bay T 16 Fortune Mnrls T 1341 O 344 Fortune Mnrls* V 803 Forum Uranium O 21 Forum Uranium* Four River V 17 N 7166 Franco-Nevada* Franco-Nevada T 4116 Freegold Vent T 195 Freeport McMo* N 201942 11 Fresnillo plc* O

0.01 0.03 - 0.00 0.09 0.03 0.03 0.25 0.40 + 0.02 0.53 0.42 0.37 0.17 0.31 - 0.00 0.40 0.34 0.29 0.02 0.07 - 0.01 0.17 0.07 0.07 0.34 0.00 0.33 + 0.05 0.50 0.09 0.28 0.25 0.27 - 0.03 0.42 0.08 0.36 0.33 0.34 - 0.01 0.55 0.11 0.03 0.04 + 0.00 0.08 0.04 0.03 0.04 0.04 - 0.01 0.11 0.04 0.04 0.18 0.00 0.18 - 0.02 0.20 0.09 0.18 0.00 0.18 - 0.02 0.20 0.09 0.01 0.22 + 0.02 0.22 0.22 0.18 0.09 0.22 + 0.01 0.27 0.23 0.20 0.11 0.30 + 0.01 0.34 0.30 0.27 0.48 1.11 + 0.01 1.34 1.11 1.03 0.35 0.87 + 0.02 1.03 0.87 0.81 0.21 0.43 - 0.06 0.62 0.55 0.43 0.15 0.33 - 0.10 0.46 0.43 0.33 0.19 0.00 0.19 + 0.03 0.27 0.05 0.09 0.66 + 0.04 0.68 0.66 0.00 0.01 0.07 - 0.01 0.08 0.08 0.07 0.00 0.05 - 0.01 0.07 0.07 0.05 0.02 0.45 + 0.16 0.45 0.45 0.29 0.02 0.31 + 0.07 0.31 0.31 0.23 0.10 0.31 + 0.01 0.35 0.32 0.30 0.00 0.03 - 0.01 0.06 0.04 0.03 0.20 1.11 - 0.17 1.40 1.33 1.11 0.14 0.89 - 0.12 1.13 1.05 0.88 0.12 0.30 - 0.00 0.31 0.31 0.29 0.19 0.38 - 0.01 0.40 0.40 0.37 0.29 0.92 - 0.02 1.07 1.01 0.89 0.01 0.01 0.01 + 0.01 0.02 0.01 0.10 0.10 - 0.01 0.22 0.11 0.10 0.03 0.11 - 0.03 0.18 0.13 0.10 0.04 0.14 - 0.03 0.24 0.17 0.12 0.05 0.11 - 0.03 0.19 0.14 0.11 0.02 0.20 + 0.04 0.23 0.23 0.16 0.21 1.19 + 0.23 1.13 1.22 0.96 0.02 0.10 - 0.02 0.15 0.13 0.10 0.02 0.05 + 0.01 0.05 0.05 0.05 0.00 0.00 0.00 - 0.04 0.77 0.00 0.01 0.04 - 0.02 0.06 0.05 0.04 0.02 0.04 + 0.01 0.25 0.04 0.03 0.05 0.05 - 0.02 0.12 0.05 0.05 12.25 - 0.21 13.57 2.40 13.57 11.95 16.09 + 0.19 17.56 3.50 17.56 15.36 0.02 0.05 - 0.01 0.07 0.06 0.04 0.80 0.73 0.75 - 0.04 0.84 0.25 0.64 0.57 0.58 - 0.04 0.67 0.19 0.04 0.10 + 0.02 0.10 0.10 0.08 8.95 7.77 8.77 + 0.14 18.51 2.15 0.10 0.09 0.09 - 0.01 0.14 0.06 0.53 0.71 - 0.05 1.10 0.76 0.67 0.39 0.53 - 0.06 0.89 0.60 0.52 0.01 0.07 + 0.01 0.08 0.08 0.06 0.09 0.40 - 0.00 0.47 0.43 0.38 0.12 0.51 + 0.01 0.60 0.55 0.48 0.07 0.12 - 0.02 0.30 0.14 0.11 0.04 0.10 - 0.02 0.23 0.11 0.08 0.05 0.08 - 0.01 0.24 0.09 0.08 0.05 0.22 + 0.01 0.27 0.25 0.22 0.09 0.51 - 0.04 0.63 0.56 0.49 1.00 2.43 + 0.17 2.80 2.44 2.28 2.65 8.15 - 0.12 8.95 8.95 7.88 2.00 6.22 - 0.28 6.87 6.87 6.12 0.25 0.33 + 0.02 0.43 0.35 0.00 0.02 0.10 - 0.02 0.14 0.12 0.10 0.01 0.09 - 0.01 0.11 0.09 0.08 0.04 0.12 - 0.01 0.20 0.13 0.11 0.03 0.08 - 0.02 0.14 0.10 0.00 0.05 0.37 + 0.07 0.39 0.39 0.00 38.20 70.54 - 0.41 72.88 72.88 67.94 49.96 90.82 + 0.34 95.06 95.06 87.90 0.05 0.18 + 0.01 0.27 0.20 0.17 11.40 9.82 11.14 + 0.78 21.17 3.52 17.81 0.00 17.81 - 0.14 17.95 8.70

G&S Minerals* O 184 G4G Res V 354 Gabriel Res T 1048 Gainey Capital V 218 Galane Gold V 772 Galantas Gold V 87 O 3 Galantas Gold* Galway Gold V 1321 Galway Mtls* O 8 Gear Intl* O 305 380 V Gem Intl Res General Moly* X 436 Genesis Mtls V 269 V 612 Gensource Pot Geodex Mnrls V 41 288 O Geologix Expl* Geologix Expl V 805 Geomega Res V 291 951 Gespeg Cop Res V GFK Res V 125 O 62 Gldn Predator* Gldn Predator V 759 209 Glen Eagle Res V Glencore Plc* O 718 103 Global Cop Grp V Global Gold* O 154 Global Hunter V 14 O 2 GlobalMin Vent* Globex Mng* O 20 Globex Mng T 269 GMCI Corp* O 1 GMV Minerals V 332 GoGold Res T 2225 Gold & Silver* O 1517 96 Gold Bulln Dev* O Gold Bulln Dev V 2721 O 248 Gold Dynamics* 57701 Gold Fields* N 206 Gold Jub Cap V Gold Lakes* O 18 Gold Mng USA* O 6040 160 Gold Reach Res V Gold Reserve* O 1720 Gold Reserve V 217 X 4698 Gold Resource* 535 Gold Ridge Exp V Gold Std Vents V 1182 Gold Std Vents* X 3439 Goldcliff Res V 2326 T 23256 Goldcorp Goldcorp* N 59665 Golden Arrow V 1012 42 Golden Dawn Ml* O Golden Dawn Ml V 4276 Golden Eagle* O 66 V 5444 Golden Goliath O 258 Golden Goliath* Golden Harp V 85 Golden Hope V 686 Golden Hope* O 7 Golden Matrix* O 1793 Golden Mnls* X 5808 Golden Mnls T 420 Golden Queen T 226 O 578 Golden Queen* Golden Reign V 3786 Golden Secret V 492 35 Golden Sh Mng V 2 Golden Sh Mng* O Golden Star T 979 10922 Golden Star* X Golden Tag V 369 Goldex Res V 22 T 3708 Goldgroup Mng O 2469 Goldgroup Mng* GoldON Res* O 25 GoldON Res V 68 V 2280 GoldQuest Mng Goldrea Res 167 V 4468 Goldrock Mines

0.00 0.00 + 0.00 0.00 0.00 0.00 0.03 0.08 + 0.02 0.11 0.11 0.00 0.12 0.40 + 0.02 0.48 0.41 0.37 0.10 0.15 - 0.02 0.30 0.17 0.15 0.03 0.06 + 0.01 0.13 0.06 0.05 0.07 0.16 - 0.01 0.18 0.17 0.14 0.06 0.12 - 0.00 0.13 0.13 0.12 0.04 0.06 - 0.01 0.10 0.07 0.06 0.06 0.10 - 0.00 0.12 0.10 0.10 0.00 0.00 - 0.00 0.00 0.00 0.00 0.13 0.11 0.13 + 0.02 0.13 0.04 0.15 0.35 - 0.06 0.80 0.45 0.35 0.05 0.19 + 0.01 0.23 0.23 0.19 0.04 0.07 - 0.01 0.12 0.08 0.07 0.05 0.08 - 0.01 0.20 0.09 0.00 0.01 0.06 - 0.01 0.08 0.07 0.06 0.02 0.08 - 0.01 0.09 0.09 0.08 0.06 0.19 - 0.03 0.23 0.21 0.18 0.02 0.05 0.01 0.04 0.03 0.03 - 0.03 0.10 + 0.01 0.14 0.12 0.08 0.06 0.74 + 0.08 0.68 0.74 0.60 0.07 0.94 + 0.18 0.88 0.94 0.75 0.11 0.09 0.10 - 0.01 0.16 0.03 1.95 3.99 + 0.25 9.15 3.99 3.57 0.06 0.05 0.05 - 0.01 0.06 0.04 0.00 0.02 + 0.00 0.05 0.02 0.01 0.01 0.03 - 0.01 0.07 0.04 0.03 0.07 0.10 + 0.03 0.19 0.10 0.07 0.13 0.32 - 0.00 0.38 0.34 0.32 0.17 0.40 - 0.03 0.51 0.44 0.39 0.20 2.40 - 0.08 2.50 2.48 0.00 0.05 0.30 + 0.10 0.22 0.31 0.20 0.94 1.17 + 0.06 1.65 1.20 1.12 0.01 0.01 0.01 + 0.00 3120.00 0.00 0.07 0.06 0.07 + 0.01 0.11 0.01 0.10 0.08 0.09 + 0.01 0.16 0.02 0.00 0.00 + 0.00 0.01 0.00 0.00 2.04 4.31 - 0.07 4.76 4.74 4.11 0.17 0.14 0.15 - 0.02 0.28 0.07 0.03 0.40 - 0.10 1.25 0.53 0.40 0.02 0.01 0.01 - 0.00 0.19 0.01 0.20 0.00 0.18 + 0.02 0.25 0.08 2.19 4.49 - 0.01 5.90 4.72 4.29 3.06 5.80 + 0.05 8.00 6.10 5.58 1.14 3.34 - 0.11 3.88 3.82 3.20 0.14 0.09 0.10 - 0.02 0.14 0.01 2.45 2.13 2.26 + 0.14 2.45 0.40 1.89 1.65 1.76 + 0.10 1.89 0.26 0.01 0.03 + 0.01 0.03 0.03 0.02 13.55 22.97 - 0.05 25.35 24.65 22.51 17.88 - 0.18 20.24 9.46 18.93 17.51 0.17 0.70 - 0.02 0.83 0.74 0.66 0.14 0.13 0.14 + 0.00 0.14 0.06 0.20 0.17 0.19 + 0.02 0.21 0.07 0.00 0.02 + 0.00 0.03 0.02 0.00 0.01 0.07 + 0.04 0.05 0.14 0.03 0.00 0.05 + 0.02 0.04 0.10 0.02 0.03 0.23 + 0.04 0.28 0.23 0.15 0.16 0.23 + 0.04 0.64 0.30 0.18 0.12 0.16 + 0.04 0.50 0.16 0.15 0.01 0.00 0.00 - 0.00 3000.00 0.00 0.13 0.59 + 0.13 0.94 0.62 0.43 0.19 0.73 + 0.15 1.22 0.80 0.56 0.65 1.69 + 0.07 2.00 1.75 1.49 0.48 1.31 + 0.01 1.56 1.36 1.15 0.07 0.30 + 0.06 0.34 0.34 0.24 0.02 0.48 + 0.03 0.67 0.48 0.43 0.18 0.16 0.17 + 0.01 0.26 0.03 0.13 0.12 0.12 - 0.01 0.13 0.05 0.21 0.78 - 0.03 1.05 0.86 0.77 0.14 0.61 - 0.03 0.84 0.68 0.56 0.02 0.06 - 0.01 0.09 0.06 0.06 0.10 0.48 + 0.10 0.65 0.48 0.39 0.05 0.24 + 0.04 0.28 0.28 0.20 0.03 0.19 + 0.03 0.21 0.21 0.15 0.03 0.15 + 0.01 0.15 0.15 0.14 0.03 0.18 - 0.06 0.36 0.25 0.18 0.09 0.46 + 0.01 0.50 0.49 0.45 0.02 0.08 + 0.02 0.11 0.09 0.07 0.15 1.05 - 0.05 1.18 1.18 1.02

G-H

2016-06-21 5:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 27â&#x20AC;&#x201C;JULY 3 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldsource Min* O 1564 Goldsource Min V 2716 V 1543 Goldstream Mnl Goldstrike Res V 3546 GoldTrain Res 5 Gonzaga Res V 26 GoviEx Uranium 85 Gowest Gold* O 168 Gowest Gold V 2967 GPM Metals V 497 O 432 Gran Colombia* Grande Portage* O 33 Grande Portage V 16 Graphite Corp* O 190 Graphite One* O 781 Graphite One V 2609 Great Atlantic V 441 Great Bear Res V 14 Great Lakes Gr* O 438 Great Panther T 1704 Great Panther* X 6739 Great Quest Fe V 145 Great Rock Dev* O 312 Great Thunder V 1418 Great Western* O 81 Green Swan Cap V 2302 Greencastle Rs V 377 Greenland M&En* O 802 Grenville Gold V 67 Grizzly Gold* O 139 Group Ten Mtls V 3305 GTA Res & Mng V 226 Guerrero Vents* O 210 Guerrero Vents V 54 Gungnir Res V 362 Gungnir Res* O 815 Guyana Gldflds T 22375 Happy Ck Mnrls V 477 Hard Creek Ni* O 21 Hard Creek Ni V 10 Harmony Gold* N 42107 Harte Gold T 3802 Hawkeye Gld&Di V 56 Hecla Mining* N 62080 Helio Res V 423 Hellix Vent* O 148 Heron Res T 974 Highbank Res V 390 Highland Copp V 661 152 Highway 50 Gld V Highway 50 Gld* O 10 Hinterland Mtl V 157 Hochschild Mg* O 38 Homestake Res* O 715 V 13499 Homestake Res Honey Badger E V 486 T 34 Horizonte Mnls Houston Lake V 86 HudBay Mnls T 10049 HudBay Mnls* N 2039 Hudson Res* O 28 Hunt Mng V 104 Hunt Mng* O 10

0.39 0.34 0.39 + 0.02 0.39 0.11 0.49 0.44 0.49 + 0.03 0.49 0.13 0.01 0.01 0.01 - 0.01 0.01 0.01 0.34 0.22 0.28 + 0.07 0.34 0.07 0.11 0.11 0.11 + 0.01 0.20 0.08 0.04 0.02 0.04 + 0.02 0.04 0.01 0.10 0.08 0.10 + 0.01 0.19 0.04 0.08 0.06 0.08 + 0.00 0.10 0.04 0.10 0.09 0.10 + 0.02 0.12 0.05 0.44 0.39 0.39 - 0.04 0.44 0.08 0.08 0.07 0.08 + 0.00 0.26 0.04 0.07 0.06 0.07 + 0.01 0.07 0.02 0.10 0.00 0.08 + 0.01 0.14 0.04 0.01 0.01 0.01 + 0.00 0.02 0.00 0.10 0.09 0.09 - 0.01 0.14 0.05 0.13 0.11 0.11 - 0.01 0.18 0.07 0.06 0.05 0.06 + 0.01 0.14 0.03 0.30 0.26 0.26 - 0.01 0.35 0.05 0.06 0.06 0.06 - 0.00 0.09 0.04 2.33 2.03 2.03 - 0.10 2.82 0.40 1.80 1.55 1.55 - 0.13 2.25 0.30 0.20 0.16 0.16 - 0.04 0.63 0.11 0.00 0.00 0.00 - 0.00 0.02 0.00 0.13 0.10 0.10 - 0.04 0.24 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.14 0.09 0.12 + 0.04 0.13 0.01 0.11 0.09 0.11 + 0.02 0.11 0.05 0.03 0.01 0.02 - 0.01 0.17 0.00 0.08 0.07 0.07 - 0.02 0.15 0.06 0.10 0.02 0.10 + 0.02 0.20 0.01 0.03 0.02 0.03 - 0.01 0.06 0.01 0.07 0.06 0.06 + 0.01 0.08 0.02 0.02 0.02 0.02 - 0.00 0.02 0.01 0.03 0.00 0.02 - 0.01 0.04 0.01 0.04 0.03 0.04 - 0.01 0.05 0.01 0.04 0.02 0.02 - 0.01 0.04 0.00 10.00 8.91 9.40 + 0.18 10.00 2.48 0.19 0.00 0.18 - 0.01 0.19 0.08 0.02 0.02 0.02 - 0.00 0.05 0.00 0.03 0.03 0.03 - 0.01 0.08 0.01 3.85 3.31 3.48 - 0.17 4.19 0.53 0.27 0.25 0.26 + 0.01 0.35 0.05 0.08 0.00 0.07 + 0.02 0.10 0.03 4.72 4.18 4.50 + 0.01 4.75 1.45 0.08 0.06 0.07 - 0.01 0.08 0.02 0.02 0.01 0.02 + 0.01 0.06 0.00 0.15 0.13 0.13 - 0.01 0.15 0.07 0.06 0.05 0.05 - 0.02 0.21 0.04 0.09 0.00 0.09 + 0.01 0.18 0.07 0.25 0.20 0.25 + 0.02 0.24 0.05 0.19 0.16 0.19 + 0.02 0.19 0.05 0.03 0.03 0.03 + 0.01 0.04 0.01 2.44 2.19 2.28 - 0.07 2.44 0.59 0.12 0.00 0.12 + 0.04 0.12 0.01 0.16 0.12 0.15 + 0.03 0.16 0.01 0.04 0.04 0.04 + 0.01 0.04 0.01 0.05 0.05 0.05 + 0.01 0.06 0.02 0.31 0.28 0.31 + 0.01 0.40 0.13 6.68 6.24 6.44 + 0.20 11.71 2.26 5.20 4.78 4.99 + 0.11 9.56 1.56 0.35 0.00 0.32 - 0.02 0.41 0.26 0.35 0.20 0.28 + 0.09 0.35 0.02 0.22 0.12 0.22 + 0.10 0.16 0.01

I-Minerals V 203 I-Minerals* O 27 IAMGOLD* N 62458 IAMGOLD T 22093 Iberian Mnrls V 1189 IC Potash* O 215 IC Potash T 398 Iconic Mnls V 509 Idaho North* O 30 IDM Mining* O 596 IDM Mining V 2056 IEMR Res V 492 IMPACT Silver V 792 O 352 Impala Platnm* Imperial Metal* O 16 Imperial Metal T 191 Inception Mng * O 4 Independence G* O 80 V 614 Independence G Indico Res V 234 Indigo Expl V 56 Inform Res V 61 Inspiration Mg* O 3 Inspiration Mg 33 Intact Gold V 2356 Intact Gold* O 153 Integra Gold* O 2490 Integra Gold V 5975 Inter-Rock Mnl V 239 Intgr Egy Sol* O 3898 Intigold Mines V 395 Intl Bethl Mng V 405 Intl Lithium* O 81 Intl Lithium V 505 Intl Tower Hil* X 1122 T 139 Intl Tower Hil Intrepid Pots* N 13078 INV Metals* O 80 INV Metals T 522 Inventus Mg V 467 InZinc Mining V 370 InZinc Mining* O 320 Ireland* O 28 Irving Res* O 56 Irving Res 66 Itoco Mg Corp* O 10 Ivanhoe Mines* O 474 Ivanhoe Mines T 1574 J.A.G. Mines V 447 Jaguar Mng* O 2144 Jaguar Mng V 5751 Jaxon Mnls V 131 Jayden Res V 307 Jayden Res* O 76 Jubilee Gold V 7 K92 Mng Inc V 1517 K92 Mng Inc* O 188 Kaizen Discvry* O 11 Kaminak Gold* O 389 Kaminak Gold V 2325 V 278 Kapuskasing Gd Karmin Expl V 10 Karnalyte Res T 97 Katanga Mng T 108 Kennady Diam V 77 Kerr Mines* O 61 Kerr Mines T 357 Kesselrun Res V 2434 Khalkos Expl V 58 Kilo Goldmines V 613 O 3 Kingsmen Res* Kinross Gold T 47990 Kinross Gold* N 101989 Kirkland Lk Gd* O 177 Kirkland Lk Gd T 12086 Kiska Metals* O 682 Kiska Metals V 2289 Kivalliq Enrgy V 622 Klondex Mns T 1331 Klondike Gold V 1361 Klondike Gold* O 44 Klondike Silv* O 19 Klondike Silv V 677 Knick Expl V 233 Kombat Copper V 1602 Komet Resource V 208 Kootenay Silvr V 1319 KWG Res 1033

0.34 0.30 0.31 - 0.02 0.37 0.16 0.25 0.25 0.25 - 0.00 0.28 0.14 4.14 3.62 3.86 - 0.02 4.14 1.15 5.40 4.66 4.99 + 0.04 5.40 1.50 0.06 0.05 0.05 - 0.01 0.11 0.04 0.06 0.05 0.05 + 0.00 0.20 0.03 0.07 0.07 0.07 - 0.01 0.25 0.04 0.41 0.25 0.41 + 0.08 0.39 0.03 0.10 0.10 0.10 + 0.01 0.10 0.06 0.18 0.15 0.15 - 0.01 0.19 0.04 0.23 0.19 0.19 - 0.02 0.24 0.07 0.04 0.03 0.03 - 0.01 0.06 0.01 0.74 0.63 0.63 - 0.04 0.80 0.11 3.17 2.96 3.15 + 0.12 4.98 1.45 4.58 0.00 4.38 - 0.27 8.81 2.81 5.90 5.45 5.74 - 0.17 11.01 3.92 1.00 0.00 0.67 - 0.19 1.65 0.50 0.15 0.00 0.15 + 0.02 0.15 0.04 0.20 0.17 0.17 - 0.01 0.20 0.06 0.05 0.04 0.04 - 0.01 0.13 0.03 0.03 0.00 0.03 - 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.01 0.01 0.01 - 0.01 0.10 0.01 0.05 0.04 0.05 - 0.02 0.10 0.02 0.09 0.07 0.07 - 0.02 0.18 0.02 0.07 0.05 0.05 - 0.02 0.14 0.05 0.59 0.53 0.55 + 0.00 0.59 0.18 0.72 0.67 0.71 + 0.03 0.74 0.23 0.10 0.10 0.10 + 0.01 0.14 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.06 0.06 - 0.01 0.24 0.06 0.03 0.00 0.02 - 0.01 0.10 0.02 0.23 0.20 0.22 - 0.01 0.55 0.01 0.29 0.26 0.26 - 0.03 0.38 0.03 0.70 0.60 0.62 - 0.03 0.75 0.18 0.90 0.78 0.80 - 0.01 0.95 0.26 1.72 1.28 1.55 + 0.28 12.23 0.65 0.37 0.00 0.32 - 0.26 0.58 0.08 0.60 0.43 0.55 - 0.04 0.80 0.08 0.35 0.29 0.35 + 0.01 0.35 0.02 0.12 0.11 0.11 + 0.01 0.13 0.04 0.09 0.09 0.09 - 0.00 0.10 0.03 0.24 0.19 0.22 - 0.01 0.48 0.13 0.11 0.11 0.11 - 0.00 0.15 0.09 0.15 0.13 0.13 - 0.01 0.20 0.11 0.24 0.12 0.12 - 0.12 1.10 0.08 0.78 0.74 0.75 - 0.01 0.89 0.36 0.99 0.95 0.96 - 0.01 1.13 0.53 0.02 0.02 0.02 + 0.01 0.04 0.01 0.34 0.28 0.34 + 0.04 0.33 0.07 0.45 0.37 0.45 + 0.08 0.42 0.12 0.07 0.00 0.06 - 0.02 0.09 0.01 0.08 0.06 0.08 - 0.01 0.14 0.03 0.05 0.00 0.05 - 0.01 0.07 0.01 0.58 0.50 0.57 + 0.07 0.61 0.30 1.20 0.93 1.20 + 0.18 1.33 0.87 0.92 0.77 0.92 + 0.13 1.03 0.77 0.17 0.15 0.16 + 0.01 0.19 0.06 2.04 1.89 1.94 - 0.01 2.05 0.47 2.67 2.44 2.51 + 0.02 2.67 0.61 0.07 0.06 0.06 + 0.01 0.07 0.02 0.29 0.28 0.28 - 0.01 0.38 0.15 2.00 1.81 1.90 + 0.01 4.15 0.52 0.16 0.15 0.16 + 0.01 0.25 0.13 4.20 4.01 4.01 - 0.10 5.38 2.35 0.06 0.00 0.05 - 0.00 0.09 0.01 0.07 0.06 0.06 - 0.01 0.12 0.02 0.35 0.26 0.35 + 0.09 0.34 0.02 0.14 0.13 0.13 - 0.01 0.26 0.05 0.12 0.10 0.12 + 0.01 0.17 0.04 0.07 0.07 0.07 - 0.00 0.09 0.02 7.10 6.27 6.42 - 0.18 7.49 1.79 5.44 4.87 4.98 - 0.20 5.82 1.31 9.61 8.32 8.55 - 0.85 9.61 3.12 12.34 10.65 11.01 - 1.00 12.34 4.49 0.09 0.06 0.08 + 0.00 0.09 0.01 0.12 0.09 0.10 + 0.01 0.12 0.01 0.09 0.08 0.08 - 0.01 0.11 0.06 4.93 4.42 4.58 - 0.10 4.93 2.56 0.38 0.28 0.30 - 0.06 0.42 0.08 0.30 0.00 0.24 - 0.04 0.32 0.06 0.06 0.04 0.04 - 0.00 0.06 0.01 0.08 0.04 0.06 + 0.01 0.07 0.01 0.05 0.04 0.04 + 0.01 0.05 0.01 0.06 0.04 0.06 + 0.01 0.10 0.02 0.50 0.38 0.47 + 0.08 0.50 0.29 0.48 0.40 0.40 - 0.07 0.50 0.17 0.03 0.03 0.03 - 0.01 0.04 0.01

I-J-K

L Labdr Iron Mns* O 21 0.01 0.00 0.01 + 0.01 0.02 0.00 Labrador Iron T 711 12.98 11.97 12.56 + 0.25 17.44 6.85

14-16_JUN27_StockTables.indd 15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lago Dourado V 25 Lake Victoria* O 10 Lara Expl V 706 Laramide Res T 250 Largo Res* O 35 Largo Res V 148 Latin Am Mnls V 1247 Legend Gold* O 4 Legend Gold V 97 192 Levon Res Ltd * O Levon Res Ltd T 1154 Lexam VG Gold* O 934 Lexam VG Gold T 836 Li3 Energy* O 147 Liberty Star* O 22279 Lincoln Mng V 97 Lion One Mtls V 212 80 Lion One Mtls* O Lithium Amer T 6628 Lithium Amer* O 1719 Lithium Corp* O 464 Lithium Expl* O 4548 LKA Gold* O 16 Logan Res V 11 Lomiko Mtls V 597 Lomiko Mtls* O 30 Loncor Res* O 71 Loncor Res T 61 Lonmin plc* O 11 V 325 Lorraine Coppr Lowell Copper V 14 Lucara Diam T 15965 Luna Gold T 423 Luna Gold* O 197 Lund Enterpr V 43 Lundin Mng T 10600 Lupaka Gold V 607 Lydian Intl T 2092 Lydian Intl* O 215 Lynas Corp* O 51

0.15 0.11 0.15 + 0.04 0.15 0.05 0.01 0.00 0.01 - 0.01 0.07 0.01 0.98 0.89 0.97 + 0.10 1.04 0.20 0.26 0.24 0.25 + 0.01 0.38 0.15 0.40 0.32 0.33 - 0.08 0.68 0.08 0.53 0.42 0.43 - 0.08 0.84 0.11 0.14 0.10 0.11 + 0.01 0.25 0.05 0.04 0.03 0.03 - 0.01 0.05 0.01 0.05 0.04 0.05 + 0.01 0.06 0.02 0.24 0.21 0.22 - 0.01 0.26 0.07 0.30 0.27 0.28 - 0.02 0.34 0.09 0.21 0.17 0.20 + 0.03 0.23 0.04 0.27 0.22 0.25 + 0.03 0.29 0.05 0.02 0.02 0.02 - 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.00 0.06 + 0.01 0.10 0.02 0.84 0.67 0.78 + 0.11 0.74 0.24 0.56 0.50 0.56 + 0.04 0.59 0.18 0.81 0.76 0.80 - 0.01 1.00 0.26 0.64 0.59 0.62 - 0.01 0.80 0.34 0.11 0.09 0.10 + 0.01 0.13 0.02 0.00 0.00 0.00 - 0.00 0.45 0.00 0.40 0.32 0.40 + 0.05 0.53 0.10 0.15 0.09 0.15 + 0.03 0.15 0.04 0.05 0.04 0.04 - 0.01 0.05 0.03 0.04 0.03 0.04 - 0.00 0.04 0.02 0.12 0.10 0.10 - 0.03 0.15 0.01 0.16 0.13 0.15 - 0.03 0.18 0.02 2.76 2.57 2.66 - 0.15 207.00 0.55 0.09 0.05 0.09 + 0.04 0.13 0.04 0.25 0.22 0.22 - 0.03 0.39 0.12 4.17 3.71 3.72 - 0.24 4.37 1.42 0.20 0.19 0.20 + 0.01 0.21 0.03 0.16 0.14 0.16 + 0.01 0.16 0.02 0.08 0.07 0.08 + 0.01 0.14 0.02 4.40 4.08 4.35 + 0.01 5.50 2.98 0.20 0.16 0.18 - 0.03 0.22 0.04 0.43 0.36 0.41 + 0.05 0.55 0.19 0.33 0.28 0.33 + 0.03 0.42 0.13 0.05 0.00 0.05 - 0.00 0.10 0.02

M Macarthur Mnl V 3245 0.12 0.10 0.10 - 0.01 0.18 0.02 O 66 0.09 0.09 0.09 - 0.00 0.14 0.02 Macarthur Mnl* MacDonald Mns V 1214 0.01 0.01 0.01 - 0.01 0.01 0.01 13.08 - 0.68 14.40 6.12 MAG Silver* X 796 14.05 12.71 MAG Silver T 4719 18.00 16.37 16.72 - 0.86 18.58 8.13 O 428 0.19 0.15 0.18 + 0.02 0.29 0.04 Magellan Gold* Magnus Intl* O 1 0.00 0.00 0.00 - 0.00 0.00 0.00 Majescor Res V 779 0.15 0.09 0.10 - 0.01 0.15 0.02 0.03 - 0.01 0.04 0.01 Makena Res V 1739 0.04 0.03 Malbex Res V 100 0.37 0.31 0.37 + 0.03 0.55 0.20 0.01 + 0.01 0.02 0.01 Mammoth Res V 2150 0.01 0.01 Mandalay Res T 3400 1.09 0.96 1.07 - 0.01 1.14 0.59 V 50 0.05 0.04 0.04 + 0.01 0.06 0.01 Mangazeya Mng Manitou Gold V 412 0.08 0.06 0.07 - 0.02 0.10 0.02 Manson Creek V 173 0.03 0.02 0.03 + 0.01 0.03 0.01 T 548 0.40 0.34 0.38 - 0.01 0.40 0.11 Marathon Gold Margaux Res V 74 0.25 0.15 0.24 - 0.01 0.29 0.11 0.19 - 0.03 0.23 0.08 Maritime Res V 63 0.23 0.19 Marlin Gold* O 62 0.46 0.42 0.45 - 0.03 0.52 0.10 0.59 + 0.03 0.68 0.15 Marlin Gold V 168 0.62 0.58 MartinMarietta* N 3720 186.04 178.90 182.74 - 2.80 193.87 108.31 Mason Graphite* O 69 0.56 0.51 0.53 - 0.00 0.58 0.21 V 326 0.73 0.66 0.70 + 0.02 0.76 0.30 Mason Graphite Matachewan Con V 43 0.39 0.30 0.38 + 0.04 0.49 0.17 0.05 - 0.01 0.07 0.02 Matamec Expl V 676 0.06 0.05 O 50 0.05 0.04 0.04 - 0.00 0.06 0.01 Matamec Expl* 0.21 + 0.00 0.23 0.12 Mawson Res* O 14 0.22 0.19 MAX Res V 11 0.08 0.00 0.08 + 0.02 0.11 0.04 Maya Gold &Sil V 1345 0.16 0.14 0.15 - 0.01 0.27 0.10 54576 3.77 3.06 3.32 + 0.37 3.77 0.65 McEwen Mng* N 4.23 + 0.47 4.91 0.84 McEwen Mng T 4479 4.91 3.93 0.09 0.08 0.08 - 0.01 0.24 0.06 Meadow Bay Gd T 1087 Meadow Bay Gd* O 81 0.07 0.06 0.07 - 0.00 0.19 0.04 N 617 1.80 1.61 1.80 + 0.09 2.62 1.23 Mechel* Medallion Res* O 756 0.04 0.02 0.04 + 0.01 0.04 0.01 Medallion Res V 640 0.04 0.03 0.04 + 0.01 0.06 0.01 0.12 + 0.01 0.15 0.05 Medgold Res V 2502 0.13 0.11 Medinah Mnrls* O 3020 0.02 0.01 0.01 - 0.00 0.03 0.01 0.05 - 0.01 0.05 0.02 Mega Copper V 4 0.05 0.00 Mega Uranium T 1611 0.16 0.15 0.15 - 0.01 0.20 0.05 O 300 0.13 0.11 0.12 - 0.01 0.15 0.04 Mega Uranium* Megastar Dev V 151 0.05 0.00 0.04 - 0.04 0.08 0.02 Melior Res V 1418 0.05 0.03 0.03 - 0.02 0.09 0.01 0.04 - 0.01 0.06 0.01 Melkior Res V 1640 0.05 0.04 Mercator Mnls* O 2 0.00 0.00 0.00 - 0.00 0.03 0.00 0.23 - 0.03 0.31 0.10 Merrex Gold V 560 0.26 0.22 Merrex Gold* O 28 0.20 0.17 0.17 - 0.02 0.24 0.10 0.02 - 0.01 0.03 0.01 Meryllion Res 4 0.02 0.00 Mesa Expl V 718 0.11 0.03 0.07 + 0.04 0.11 0.01 MetalCorp V 79 0.03 0.02 0.02 - 0.01 0.03 0.01 Metallis Res V 52 0.28 0.21 0.28 + 0.04 0.24 0.01 Metalore Res T 2 2.80 2.50 2.65 - 0.14 3.46 1.26 Metals Creek* O 94 0.12 0.11 0.12 + 0.02 0.14 0.05 Metals Creek V 376 0.17 0.13 0.15 + 0.01 0.19 0.05 Metals X* O 12 0.96 0.86 0.96 + 0.10 1.01 0.68 Mexus Gold* O 3320 0.05 0.05 0.05 + 0.00 0.07 0.00 MGX Minerals 315 0.26 0.20 0.22 - 0.02 0.70 0.08 Midas Gold* O 1418 0.66 0.60 0.63 + 0.01 0.66 0.16 Midas Gold T 1732 0.86 0.77 0.81 + 0.02 0.86 0.25 Midland Expl V 208 0.91 0.70 0.90 + 0.15 0.91 0.45 Midnight Sun V 20 0.10 0.10 0.10 - 0.02 0.24 0.08 Midway Gold* O 493 0.00 0.00 0.00 + 0.00 0.12 0.00 Millrock Res* O 183 0.37 0.27 0.34 + 0.04 0.35 0.11 Millrock Res V 701 0.48 0.35 0.44 + 0.07 0.45 0.15 Millstream Min V 51 0.06 0.06 0.06 - 0.01 0.16 0.01 Minco Gold* X 1404 0.32 0.28 0.29 - 0.00 0.40 0.10 Minco Gold T 114 0.41 0.36 0.37 - 0.01 0.55 0.12 Minco Silver T 372 1.30 1.18 1.20 - 0.05 1.48 0.32 Minco Silver* O 110 1.03 0.92 0.98 - 0.00 1.16 0.26 0.10 - 0.03 0.18 0.01 Minecorp Egy V 13 0.13 0.10 Minera Alamos V 542 0.15 0.11 0.15 + 0.04 0.18 0.07 Mineral Mtn V 161 0.33 0.27 0.29 - 0.02 0.37 0.08 Mineral Res* O 1 6.83 6.27 6.27 + 0.62 6.83 2.40 Mines Manage* X 265 1.01 0.91 0.99 + 0.01 1.05 0.11 Mines Manage T 29 1.45 1.00 1.32 - 0.03 1.45 0.17 Miranda Gold V 426 0.11 0.09 0.10 - 0.01 0.12 0.06 2.30 + 0.16 2.49 0.72 Mirasol Res V 991 2.49 2.04 Mkango Res V 1364 0.10 0.02 0.09 + 0.04 0.11 0.03 Molycorp* O 804 0.04 0.03 0.04 - 0.00 0.52 0.02 Monarques Res* O 146 0.31 0.28 0.29 - 0.02 0.31 0.04 Monarques Res V 2416 0.41 0.35 0.40 + 0.01 0.41 0.06 O 431 0.20 0.18 0.19 + 0.00 0.22 0.05 Moneta Porcpn* Moneta Porcpn T 1751 0.26 0.24 0.25 + 0.01 0.27 0.07 Monster Mng V 133 0.17 0.08 0.08 - 0.07 0.30 0.05 V 7380 0.15 0.12 0.12 - 0.01 0.16 0.08 Monument Mng Morro Bay V 629 0.01 0.01 0.01 - 0.01 0.06 0.01 Morumbi Res V 689 0.06 0.02 0.06 + 0.05 0.06 0.02 Mosaic* N 24540 28.08 25.44 26.74 - 0.23 47.13 22.02 Mountain Boy V 2102 0.05 0.04 0.05 + 0.01 0.05 0.01 Mountain Prov* D 160 5.01 4.52 4.66 - 0.31 5.10 2.47 Mountain Prov T 542 6.41 5.92 6.01 - 0.35 6.60 3.38 Mundoro Cap* O 12 0.10 0.09 0.10 + 0.00 0.12 0.03 Mundoro Cap V 54 0.14 0.12 0.14 + 0.02 0.18 0.04 Murchison Min 1245 0.04 0.00 0.04 + 0.01 0.04 0.01 Mustang Mnrls* O 50 0.01 0.01 0.01 + 0.00 0.01 0.00 Mustang Mnrls V 1218 0.01 0.01 0.01 - 0.01 0.02 0.01 MX Gold* O 5759 0.23 0.17 0.17 - 0.01 0.23 0.07 MX Gold V 23548 0.29 0.22 0.23 - 0.01 0.29 0.10 Myson Group* O 222 0.05 0.02 0.04 + 0.01 0.18 0.00

N-O NACCO Ind* N 110 Namibia Rare E T 126 Namibia Rare E* O 50 Napier Vent* O 50 Napier Vent V 50 Natan Res V 118 Natural Res Pt* N 228 Nautilus Mnrls T 775 Nautilus Mnrls* O 289 Navis Res Corp* O 100 Nemaska Lith* O 123 Nevada Copper T 379 Nevada Egy Mtl* O 442 Nevada Egy Mtl V 797

57.51 53.79 56.62 + 1.43 62.96 40.04 0.10 0.08 0.09 - 0.02 0.17 0.04 0.09 0.09 0.09 + 0.00 0.12 0.03 0.22 0.22 0.22 - 0.03 0.26 0.19 0.28 0.28 0.28 - 0.01 0.34 0.15 0.23 0.13 0.23 + 0.08 0.23 0.05 15.09 14.04 14.40 + 0.32 39.20 5.00 0.17 0.15 0.16 - 0.01 0.47 0.14 0.13 0.12 0.12 - 0.01 0.39 0.10 0.01 0.01 0.01 + 0.00 0.03 0.01 1.18 1.08 1.10 - 0.01 1.50 0.13 0.64 0.61 0.62 - 0.01 1.70 0.45 0.11 0.10 0.11 - 0.00 0.20 0.06 0.15 0.14 0.14 - 0.01 0.26 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevada Expl * O 533 Nevada Expl V 359 Nevada Sunrise* O 185 Nevada Sunrise V 864 Nevada Zinc V 464 Nevado Res V 817 Nevsun Res* X 3928 Nevsun Res T 11565 New Carolin Gd* O 557 New Colombia* O 334 New Gold* O 205 New Gold* X 38327 New Guinea Gld* O 102 New Jersey Mng* O 662 New Milln Iron T 956 New Oroperu V 10 New Pac Metals T 45 New Pac Metals* O 3 22 New World Res V NewCastle Gold* O 76 T 4766 Newmarket Gold Newmarket Gold* O 617 Newmont Mng* N 45761 Newport Expl V 479 Newstrike Res V 52 V 3736 Nexgen Energy Nexgen Energy* O 435 Next Gen Mtls 112 12 Next Gen Mtls* O Nexus Gold V 2402 NGEx Res T 513 NGEx Res* O 150 Nickel One Res V 189 Nicola Mg Inc V 1871 Nicola Mg Inc* O 79 V 2193 Nighthawk Gold Nikos Expl V 181 Niocorp Dev* O 257 Niocorp Dev T 516 Nitinat Mnls V 704 Noble Mnl Expl V 41 Noka Res V 3505 Noram Vent V 17222 O 270 Noranda Alum* Noront Res V 491 Nortec Mnls V 1621 North Am Nickl* O 138 North Am Nickl V 377 24 North Am Pall T North Am Ptash V 6 North Arrow Mn V 94 North Springs* O 20 Northcliff Res T 174 Northern Uran V 667 Northisle C&G V 479 Northn Empire V 170 O 13 Northn Empire* NovaCopper* X 414 NovaGold Res T 4647 Novo Res V 279 Novo Res* O 61 NovX21 V 455 NRG Metals V 104 NRG Metals* O 40 O 17 Nrthn Freegold* Nrthn Freegold V 265 Nrthn Graphite* O 120 Nrthn Graphite V 201 Nrthn Iron V 181 Nrthn Lion V 20 Nrthn Shield V 3965 Nrthn Superior V 795 Nrthn Vertex V 191 Nrthn Vertex* O 10 Nthn Dynasty T 1339 Nthn Dynasty* X 1492 Nthrn Sphere 80 Nubian Res V 438 NuLegacy Gold* O 540 V 1579 NuLegacy Gold Nunavik Nickel V 25 NX Uranium* O 44 OceanaGold* O 13 OceanaGold T 10681 97 Oceanic Iron O V Oceanus Res* O 19 Oceanus Res V 1702 Odin Mng & Exp V 122 Odin Mng & Exp* O 16 Olivut Res* O 261 Olivut Res V 384 Opawica Expl V 136 Orbite Tech T 1981 Orbite Tech* O 20 Orca Gold V 627 Orca Gold* O 43 V 922 Orefinders Res Oremex Silver* O 259 Orestone Mng V 11 O 152 Orezone Gold* Orezone Gold V 961 462 Orla Mng Ltd V Oro East Mg* O 226 Orocobre T 376 Orofino Mnrls V 67 Oroplata Res* O 907 Orsu Metals* O 2 Orvana Mnrls T 2934 Orvana Mnrls* O 19 58 Osisko Gold * O Osisko Gold T 4386 Otis Gold* O 22

0.38 0.32 0.34 - 0.03 0.61 0.08 0.48 0.42 0.42 - 0.04 0.94 0.05 0.21 0.18 0.19 + 0.00 0.25 0.09 0.27 0.22 0.25 - 0.01 0.33 0.13 0.38 0.30 0.34 - 0.02 0.43 0.19 0.04 0.03 0.04 - 0.01 0.05 0.01 3.47 2.98 3.01 - 0.42 4.10 2.27 4.43 3.84 3.84 - 0.52 5.07 3.27 0.10 0.08 0.09 + 0.00 0.12 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 0.08 0.06 0.08 + 0.02 0.28 0.03 4.33 3.87 4.11 - 0.06 4.85 1.76 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.09 0.10 + 0.01 0.12 0.02 0.07 0.07 0.07 + 0.01 0.15 0.05 0.43 0.35 0.36 + 0.01 0.43 0.07 0.50 0.39 0.39 - 0.01 0.50 0.15 0.32 0.30 0.30 - 0.02 0.32 0.11 0.10 0.09 0.10 - 0.01 0.10 0.01 0.61 0.55 0.55 - 0.02 0.61 0.14 4.10 3.56 3.88 + 0.30 4.10 0.80 3.14 2.75 3.01 + 0.21 3.14 0.61 37.39 34.77 35.65 - 0.14 37.39 15.39 0.38 0.00 0.35 - 0.01 0.38 0.19 0.05 0.04 0.05 + 0.01 0.08 0.02 2.79 2.48 2.72 + 0.01 2.86 0.56 2.19 1.91 2.11 - 0.03 2.25 0.41 0.12 0.11 0.12 + 0.01 0.18 0.01 0.10 0.09 0.09 - 0.01 0.14 0.08 0.04 0.00 0.04 - 0.01 0.14 0.04 1.01 0.91 0.97 - 0.06 1.09 0.44 0.77 0.00 0.76 - 0.05 0.83 0.37 0.12 0.09 0.09 - 0.01 0.18 0.09 0.16 0.13 0.14 - 0.03 0.20 0.04 0.12 0.11 0.12 - 0.01 0.14 0.03 0.32 0.24 0.29 + 0.02 0.35 0.04 0.09 0.07 0.09 + 0.01 0.19 0.02 0.70 0.63 0.65 - 0.03 0.87 0.37 0.90 0.82 0.83 - 0.05 1.14 0.51 0.06 0.00 0.06 + 0.01 0.08 0.03 0.03 0.02 0.02 + 0.01 0.03 0.01 0.13 0.10 0.11 - 0.02 0.21 0.03 0.12 0.07 0.07 - 0.02 0.12 0.01 0.06 0.04 0.06 + 0.01 8.61 0.02 0.31 0.29 0.30 - 0.01 0.51 0.28 0.08 0.02 0.06 + 0.04 0.08 0.02 0.06 0.05 0.06 + 0.01 0.18 0.05 0.09 0.00 0.08 + 0.01 0.23 0.07 5.31 4.92 5.04 + 0.04 20.00 3.85 0.07 0.00 0.07 - 0.01 0.15 0.03 0.22 0.19 0.19 - 0.05 0.50 0.12 0.40 0.24 0.40 + 0.01 40.00 0.10 0.12 0.11 0.11 - 0.01 0.15 0.06 0.02 0.02 0.02 - 0.01 0.05 0.01 0.08 0.06 0.07 + 0.01 0.08 0.02 0.21 0.00 0.20 - 0.01 0.22 0.06 0.15 0.13 0.15 + 0.02 0.15 0.04 0.52 0.44 0.47 - 0.01 0.86 0.15 8.86 7.91 8.16 + 0.16 8.86 3.42 0.99 0.88 0.88 - 0.08 1.30 0.40 0.76 0.69 0.69 - 0.06 1.00 0.29 0.03 0.02 0.02 - 0.01 0.05 0.02 0.12 0.10 0.10 - 0.02 0.18 0.02 0.09 0.00 0.07 - 0.01 0.11 0.01 0.16 0.14 0.16 - 0.01 0.20 0.02 0.21 0.17 0.19 - 0.01 0.28 0.04 0.41 0.35 0.38 - 0.03 0.55 0.12 0.52 0.46 0.47 - 0.04 0.66 0.16 0.02 0.01 0.02 + 0.01 0.03 0.01 0.12 0.10 0.12 + 0.02 0.16 0.03 0.19 0.16 0.18 + 0.02 0.23 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.42 0.37 0.37 - 0.05 0.47 0.13 0.33 0.33 0.33 - 0.01 0.42 0.15 0.44 0.40 0.43 + 0.02 0.67 0.28 0.35 0.31 0.33 + 0.01 0.53 0.20 0.47 0.37 0.37 - 0.08 0.53 0.10 0.10 0.01 0.10 + 0.10 0.02 0.01 0.29 0.25 0.27 - 0.02 0.32 0.06 0.37 0.33 0.34 - 0.02 0.39 0.08 0.12 0.12 0.12 + 0.03 0.12 0.03 0.02 0.02 0.02 + 0.00 0.04 0.01 3.59 3.29 3.41 + 0.05 3.66 1.43 4.74 4.21 4.39 - 0.04 4.74 1.79 0.17 0.14 0.17 + 0.01 0.20 0.08 0.18 0.18 0.18 - 0.00 0.26 0.17 0.25 0.22 0.23 - 0.02 0.35 0.14 0.75 0.68 0.68 - 0.05 0.85 0.21 0.58 0.00 0.56 - 0.02 0.58 0.17 0.30 0.22 0.23 - 0.03 0.30 0.05 0.42 0.26 0.30 - 0.03 0.42 0.08 0.13 0.12 0.12 - 0.02 0.15 0.02 0.32 0.30 0.31 + 0.01 0.53 0.20 0.24 0.23 0.23 - 0.00 0.40 0.15 0.35 0.28 0.31 + 0.01 0.35 0.12 0.26 0.22 0.26 + 0.02 0.27 0.08 0.05 0.04 0.05 + 0.01 0.08 0.01 0.05 0.03 0.05 + 0.01 0.05 0.00 0.02 0.00 0.02 - 0.01 0.03 0.01 0.91 0.82 0.87 + 0.02 0.92 0.16 1.19 1.06 1.12 + 0.04 1.19 0.22 0.22 0.20 0.22 + 0.02 0.22 0.08 0.02 0.01 0.02 - 0.01 0.06 0.00 4.56 4.28 4.48 + 0.10 4.70 1.33 0.25 0.19 0.25 + 0.06 0.23 0.05 1.70 1.10 1.65 + 0.26 1.65 0.25 0.02 0.02 0.02 - 0.00 0.03 0.01 0.20 0.18 0.19 - 0.01 0.32 0.11 0.16 0.14 0.14 - 0.01 0.25 0.07 13.21 12.42 12.92 - 0.13 14.31 8.88 17.10 15.94 16.63 + 0.07 17.89 12.39 0.14 0.13 0.13 - 0.00 0.15 0.04

Pac Bay Mnrls V 37 4 Pac Booker Min* O Pac Booker Min V 7 V 22 Pac Iron Ore Pac North West* O 808 Pac Potash V 196 100 Pac Ridge Expl* O Pac Ridge Expl V 406 Pac Topaz V 176 Paget Mrnls V 19 Paladin Energy T 1323 O 11 Palamina Corp* Palisades Vent V 386 Pan Am Silver* D 40023 Pan Am Silver T 5176 Pancontinental V 169 Panex Res* O 1025 Pangolin Dia V 1829 Paramount Gold* X 84 Passprt Potash* O 58 Patriot Gold* O 219 Peabody Enrgy* O 1786 Peat Res V 182 Pelangio Expl* O 166 Pelangio Expl V 545 Pele Mtn Res* O 52 Pele Mtn Res V 755 Peregrine Diam T 3732 Perseus Mng T 3306 Pershimco Res V 711 Pershing Gold* D 2417 Pershing Res* O 120 Peruvian Prc M* O 28 O 242 Petaquilla Mnl* Philippine Mtl V 309 Philippine Mtl* O 201 Pilot Gold T 2068 Pilot Gold* O 604 Pine Cliff En T 1737 Pinecrest Res V 122 Pistol Bay Mng V 42 PJSC Polyus Gd* O 3 PJX Res V 162 Planet Mng V 668

0.06 0.05 0.05 - 0.01 0.10 0.03 0.86 0.00 0.84 + 0.09 4.39 0.45 1.13 0.00 1.10 + 0.27 5.67 0.63 0.22 0.00 0.17 - 0.05 0.39 0.11 0.06 0.05 0.05 + 0.00 0.06 0.00 0.05 0.00 0.05 + 0.03 0.10 0.03 0.06 0.06 0.06 + 0.01 0.06 0.01 0.07 0.06 0.06 - 0.01 0.10 0.02 0.16 0.14 0.16 + 0.02 0.29 0.06 0.07 0.06 0.07 + 0.01 0.08 0.01 0.22 0.19 0.19 - 0.02 0.29 0.15 0.13 0.13 0.13 - 0.00 0.14 0.08 0.07 0.06 0.06 - 0.01 0.08 0.03 16.05 14.57 15.03 - 0.15 16.49 5.38 20.86 18.73 19.66 + 0.30 21.27 7.77 0.04 0.00 0.03 - 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.22 0.16 0.18 + 0.01 0.22 0.03 1.68 1.57 1.66 + 0.04 1.68 0.93 0.00 0.00 0.00 + 0.00 0.27 0.00 0.17 0.12 0.16 + 0.01 0.19 0.03 1.31 1.04 1.20 - 0.09 41.10 0.55 0.05 0.04 0.04 - 0.01 0.07 0.01 0.05 0.03 0.04 - 0.01 0.05 0.01 0.06 0.05 0.05 + 0.01 0.06 0.01 0.03 0.02 0.03 - 0.00 0.04 0.02 0.04 0.03 0.04 + 0.01 0.06 0.03 0.23 0.20 0.22 + 0.01 0.27 0.09 0.59 0.49 0.57 + 0.09 0.62 0.27 0.25 0.22 0.24 - 0.01 0.25 0.09 4.49 3.86 3.99 - 0.34 6.25 3.04 0.03 0.00 0.03 + 0.01 0.14 0.02 0.04 0.03 0.04 - 0.00 0.10 0.02 0.01 0.01 0.01 - 0.00 0.03 0.00 0.07 0.05 0.07 + 0.03 0.07 0.01 0.05 0.04 0.04 - 0.01 0.05 0.00 0.75 0.64 0.75 + 0.06 0.83 0.22 0.58 0.49 0.58 + 0.05 0.64 0.06 0.90 0.76 0.89 + 0.11 1.47 0.61 0.25 0.18 0.22 + 0.03 0.25 0.03 0.06 0.00 0.06 + 0.01 0.07 0.01 36.00 34.44 35.80 - 0.20 37.59 13.70 0.20 0.18 0.19 - 0.01 0.23 0.13 0.05 0.05 0.05 + 0.02 0.08 0.02

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Plata Latina V 610 Plateau Uran* O 24 Plateau Uran V 306 Platinum Gp Mt* X 1067 Platinum Gp Mt T 276 Playfair Mng V 104 Polaris Mater T 97 PolyMet Mng* X 339 Portage Res* O 691 Potash Corp SK T 14144 Potash Corp SK* N 37207 Potash Ridge T 3173 Potash Ridge* O 114 Precipitate Gl V 2078 Premier Gold M T 6314 Premium Expl* O 29 Pretium Res* N 13659 Pretium Res T 3892 Primero Mng T 6357 Primero Mng* N 8153 Probe Metals V 673 Probe Metals* O 291 T 84 Prophecy Coal PUF Vent Inc 3716 Puma Expl V 1056 Pure Energy* O 1180 Pure Energy V 2209 132 Pure Gold Mg* O Pure Gold Mg V 2829 Pure Nickel* O 30 Purepoint Uran V 1478 Q-Gold Res V 114 212 QMC Quantum Ml V QMX Gold V 259 QMX Gold* O 36 Quartz Mtn Res* O 0 Quaterra Res* O 1224 Quest Rare Mnl* O 22 325 Quest Rare Mnl T Quinto Real V 174

0.07 0.05 0.07 + 0.02 0.07 0.01 0.27 0.23 0.23 - 0.03 0.36 0.18 0.35 0.29 0.30 - 0.05 0.45 0.24 3.03 2.73 2.89 + 0.10 4.40 0.96 3.96 3.51 3.72 + 0.18 5.40 1.35 0.07 0.05 0.07 + 0.02 0.08 0.02 1.30 1.20 1.24 - 0.06 2.36 1.12 0.81 0.78 0.78 - 0.02 1.33 0.55 0.00 0.00 0.00 - 0.00 0.01 0.00 22.72 21.18 21.82 + 0.13 39.82 20.03 17.76 16.21 16.93 - 0.08 32.18 14.64 0.37 0.29 0.30 - 0.05 0.50 0.03 0.29 0.24 0.24 - 0.03 0.38 0.02 0.37 0.29 0.31 + 0.01 0.37 0.06 3.65 3.18 3.33 - 0.08 3.80 1.65 0.02 0.00 0.00 - 0.02 0.04 0.00 9.71 8.48 9.57 + 0.75 9.71 4.00 12.68 10.90 12.27 + 1.03 12.68 5.57 2.68 2.33 2.56 + 0.20 5.51 1.94 2.06 1.81 1.99 + 0.13 4.49 1.41 1.26 0.98 1.12 + 0.13 1.26 0.33 0.95 0.76 0.87 + 0.09 0.95 0.24 1.94 1.62 1.77 - 0.12 7.50 1.00 0.03 0.02 0.03 + 0.01 0.08 0.01 0.08 0.07 0.08 + 0.01 0.13 0.03 0.55 0.49 0.51 + 0.00 0.91 0.18 0.71 0.63 0.66 + 0.01 1.15 0.21 0.56 0.52 0.56 + 0.06 0.56 0.05 0.76 0.66 0.73 + 0.07 0.76 0.07 0.01 0.01 0.01 + 0.00 0.01 0.00 0.09 0.08 0.08 - 0.01 0.13 0.02 0.08 0.06 0.08 - 0.02 0.13 0.01 0.04 0.02 0.04 + 0.03 0.04 0.01 0.07 0.06 0.06 - 0.03 0.11 0.01 0.06 0.04 0.04 - 0.02 0.08 0.01 0.02 0.00 0.02 + 0.01 0.02 0.00 0.05 0.05 0.05 - 0.00 0.11 0.04 0.12 0.00 0.11 - 0.01 0.20 0.03 0.17 0.16 0.16 - 0.01 0.25 0.06 0.15 0.11 0.13 + 0.03 0.16 0.01

Rackla Mtls V 185 Rackla Mtls* O 21 Radisson Mng V 202 O 1 Rainforest Res* Rainmaker Res* O 11 V 365 Rainmaker Res Rainy Mtn Royl V 492 Rambler Ml &Mg V 19 1 Randgold Res* O Randgold Res* D 5711 Rapier Gold V 19 Rare Earth Mnl* O 2 Rare Element* O 250 V 58 Rathdowney Res Ravencrest Res 805 RB Energy* O 125 Red Eagle Mng V 1124 Red Eagle Mng* O 205 10 Red Moon Potsh V Red Pine Expl V 1531 Redhill Res V 638 Redstar Gold V 1776 Regulus Res V 566 Reliant Gold V 793 Remo Res V 12 Renaissance Gd V 152 O 94 Renaissance Gd* Reservoir Mnls* O 324 V 5225 Reservoir Mnls Resolve Vent V 101 Resource Cap V 142 Resource Cap* O 27 Revelo Res V 105 Revolver Res V 53 Rheingold Expl 143 Richmont Mines T 1620 X 2117 Richmont Mines* Rio Novo Gold T 83 Rio Tinto* N 23059 Rio Tinto* O 2 252 Rise Res Inc Riverside Res V 320 Riverside Res* O 162 RJK Explor V 388 Robex Res V 1234 V 13 Rochester Res Rock Tech Lith* O 26 160 Rock Tech Lith V Rockcliff Cop V 428 Rockex Mng 42 Rockhaven Res V 304 Rockridge Cap V 314 Rockwell Diam* O 78 Rockwell Diam T 277 Rogue Res* O 4 Rogue Res V 1028 Rokmaster Res V 580 19 Romios Gold Rs* O RosCan Mrnls V 2211 Rosita Mg Corp V 5229 Rouge Res V 6234 Roxgold* O 392 Roxgold V 6460 Royal Gold T 98 Royal Gold* D 6277 Royal Nickel* O 39 Royal Nickel T 3736 Royal Std Mnrl* O 843 RT Minerals V 146 RTG Mining T 10 Rubicon Mnrls* O 1139 Rubicon Mnrls T 2461 Rugby Mng V 428 Rupert Res V 501 Rusoro Mng* O 108 Rusoro Mng V 1106 Rye Patch Gold* O 822 Rye Patch Gold V 1372

0.14 0.00 0.14 + 0.07 0.13 0.05 0.11 0.05 0.11 + 0.06 0.08 0.03 0.15 0.14 0.14 - 0.01 0.16 0.09 2.00 1.00 2.00 + 0.10 2.00 0.30 0.14 0.08 0.08 - 0.04 0.15 0.06 0.18 0.10 0.10 - 0.08 0.34 0.08 0.08 0.05 0.06 + 0.01 0.08 0.03 0.07 0.06 0.07 - 0.01 0.25 0.05 98.44 0.00 98.44 + 6.54 98.44 57.00 98.15 91.48 94.87 + 0.14 101.60 54.88 0.07 0.00 0.06 - 0.01 0.10 0.02 5.75 5.58 5.58 + 1.17 5.75 3.59 0.11 0.09 0.10 - 0.01 0.60 0.06 0.26 0.26 0.26 - 0.01 0.26 0.11 0.02 0.01 0.02 + 0.01 0.02 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.75 0.68 0.72 - 0.02 0.89 0.25 0.58 0.55 0.55 - 0.03 0.91 0.18 0.03 0.03 0.03 - 0.01 0.05 0.02 0.13 0.11 0.13 + 0.02 0.13 0.03 0.16 0.14 0.16 + 0.01 0.17 0.03 0.07 0.06 0.06 - 0.01 0.07 0.03 1.44 1.20 1.27 - 0.08 1.44 0.19 0.04 0.03 0.03 - 0.01 0.04 0.01 0.09 0.09 0.09 - 0.01 0.10 0.04 0.38 0.35 0.38 - 0.01 0.48 0.11 0.29 0.27 0.29 - 0.01 0.38 0.08 7.77 6.36 7.53 + 0.77 7.46 2.25 10.05 8.22 9.63 + 1.02 9.35 3.26 0.16 0.14 0.16 - 0.01 0.30 0.04 0.08 0.06 0.08 + 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.05 0.02 0.11 0.09 0.10 - 0.01 0.14 0.04 0.27 0.17 0.27 + 0.02 0.25 0.07 0.03 0.03 0.03 - 0.01 0.05 0.01 12.47 11.02 11.69 + 0.66 12.47 3.14 9.59 8.57 9.08 + 0.44 9.59 2.27 0.16 0.15 0.15 - 0.01 0.16 0.07 29.41 26.95 29.19 + 1.25 44.19 21.89 28.35 26.85 28.15 + 0.30 44.16 21.90 0.23 0.18 0.23 + 0.03 0.23 0.11 0.34 0.30 0.31 + 0.01 0.36 0.12 0.27 0.24 0.24 + 0.01 0.27 0.08 0.02 0.02 0.02 + 0.01 0.03 0.01 0.13 0.10 0.12 - 0.01 0.17 0.05 0.09 0.00 0.07 - 0.02 0.09 0.03 0.20 0.17 0.17 - 0.03 0.27 0.02 0.25 0.21 0.25 - 0.01 0.38 0.03 0.06 0.05 0.06 + 0.01 0.06 0.02 0.14 0.00 0.14 + 0.03 0.75 0.02 0.22 0.18 0.22 + 0.04 0.24 0.10 0.57 0.20 0.40 + 0.20 0.57 0.05 0.09 0.08 0.09 + 0.01 0.20 0.05 0.13 0.09 0.12 + 0.02 0.25 0.07 0.04 0.04 0.04 - 0.02 0.11 0.04 0.07 0.06 0.06 - 0.01 0.16 0.03 0.03 0.02 0.03 + 0.01 0.05 0.01 0.07 0.06 0.07 + 0.00 0.07 0.01 0.02 0.01 0.02 + 0.01 0.01 0.01 0.09 0.06 0.07 + 0.02 0.09 0.01 0.52 0.32 0.51 + 0.18 0.50 0.03 1.16 1.04 1.15 + 0.07 1.15 0.42 1.53 1.33 1.45 + 0.07 1.53 0.54 90.48 82.48 85.56 + 2.03 90.48 35.46 69.36 63.93 66.49 + 0.93 69.36 24.68 0.34 0.33 0.33 - 0.03 0.50 0.10 0.45 0.42 0.43 - 0.03 0.63 0.12 0.00 0.00 0.00 + 0.00 0.00 0.00 0.20 0.17 0.18 - 0.02 0.30 0.05 0.46 0.46 0.46 - 0.05 0.70 0.33 0.05 0.04 0.04 + 0.00 1.17 0.01 0.06 0.05 0.06 + 0.01 1.42 0.02 0.38 0.29 0.33 - 0.03 0.38 0.03 0.87 0.72 0.87 + 0.12 0.79 0.02 0.12 0.10 0.10 - 0.02 0.13 0.02 0.15 0.12 0.15 + 0.01 0.19 0.03 0.33 0.29 0.32 + 0.03 0.33 0.08 0.42 0.38 0.41 + 0.03 0.42 0.11

Sabina Gd&Slvr* O 4947 Sabina Gd&Slvr T 15289 Sage Gold V 633 Sage Gold* O 6 Saint Jean V 1215 Salazar Res* O 33 Salazar Res V 111 Sama Res V 298 San Gold Corp* O 27 Sanatana Diam V 10273 O 1042 Sandspring Res* Sandspring Res V 1717 Sandstorm Gold T 3070 Sandstorm Gold* X 6911 Santa Fe Gold* O 9187 Santacruz Silv V 1700 Satori Res V 93 Saturn Mnrls V 308 Savant Expl V 201 Savary Gold* O 39 Savary Gold V 4642 Scandium Int M* O 74 Scientific Mts V 3809 Scorpio Gold V 774 Seabridge Gld* N 5560 Seabridge Gld T 694 Search Mnls V 530 Searchlight* O 1379 Secova Mtls V 2026 Semafo T 11922 Senator Mnrls V 70 Serengeti Res V 224 Shamrock Ent 793 Sherritt Intl T 2249 Shore Gold T 421

1.40 0.80 0.83 - 0.52 1.55 0.24 1.79 1.02 1.06 - 0.66 1.87 0.32 0.07 0.05 0.06 - 0.01 0.09 0.03 0.04 0.00 0.04 + 0.00 0.07 0.03 0.05 0.04 0.04 - 0.01 0.07 0.01 0.08 0.07 0.07 - 0.00 0.11 0.03 0.12 0.09 0.12 + 0.03 0.16 0.03 0.14 0.08 0.13 + 0.03 0.20 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 0.02 0.02 + 0.01 0.05 0.01 0.50 0.41 0.43 - 0.05 0.52 0.08 0.63 0.52 0.54 - 0.06 0.66 0.11 6.10 5.15 5.94 + 0.56 6.10 2.82 4.68 4.00 4.55 + 0.34 4.68 1.94 0.00 0.00 0.00 + 0.00 0.10 0.00 0.52 0.38 0.40 - 0.07 0.63 0.09 0.11 0.10 0.11 + 0.04 0.11 0.02 0.11 0.11 0.11 - 0.01 0.22 0.09 0.02 0.01 0.01 - 0.01 0.02 0.01 0.11 0.09 0.11 + 0.02 0.11 0.06 0.15 0.13 0.13 - 0.01 0.15 0.02 0.16 0.15 0.15 - 0.00 0.17 0.06 0.13 0.11 0.11 - 0.01 0.13 0.01 0.11 0.10 0.11 + 0.01 0.14 0.05 14.78 13.12 13.91 + 0.22 15.50 3.31 19.26 16.88 18.07 + 0.61 19.93 4.34 0.10 0.07 0.10 + 0.01 0.11 0.04 0.12 0.06 0.11 + 0.04 0.42 0.05 0.07 0.06 0.06 - 0.01 0.10 0.03 6.59 5.74 5.93 + 0.02 6.59 2.46 0.48 0.31 0.48 + 0.10 0.48 0.03 0.08 0.08 0.08 - 0.01 0.11 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.79 0.73 0.78 - 0.02 2.27 0.53 0.19 0.18 0.19 - 0.01 0.25 0.13

2016-06-21 5:34 PM

WWW.NORTHERNMINER.COM

JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Shoshoni Gold V 4623 Sibanye Gold* N 14562 Sidney Resrces* O 472 Sienna Res* O 95 Sienna Res V 4229 94 Sierra Iron Or V 1 Sierra Iron Or* O Sierra Metals* O 13 Sierra Metals T 190 Signature Res V 1147 Silver Bear Rs T 1851 Silver Bull Re* O 1727 Silver Bull Re T 1678 Silver Dragon* O 528 Silver Grail V 560 315 Silver Mtn Mns V Silver Predatr V 889 Silver Pursuit V 175 Silver Shield 146 Silver Std Res* D 32618 Silver Std Res T 7529 Silver Wheaton T 12911 Silver Wheaton* N 33343 Silvercorp Met T 4510 O 819 Silvercorp Met* SinoCoking Cl* D 99 Sirios Res V 1114 Sirios Res* O 167 Skeena Res* O 968 V 1348 Skyharbour Res SnipGold V 784 Solitario Ex&R T 98 Solitario Ex&R* X 726 Sona Res V 111 140 Sonora Gld & S V Sonoro Mtls V 110 Source Expl V 1394 Southern Arc V 8 Southern Arc* O 37 N 6197 Southern Copp* Southern Silvr* O 532 Southern Silvr V 1713 Spanish Mtn Gd V 2146 Spanish Mtn Gd* O 22 Sparton Res V 1756 Sphinx Res V 4175 121 Spruce Ridge R V St Augustine T 616 St Elias Mns* O 20 Stakeholdr Gld V 11 Stakeholdr Gld* O 22 O 200 Standard Graph* Standard Graph V 3004 Standard Metal* O 883 Stans Energy V 491 Stans Energy* O 253 Star Gold* O 2 Starcore Intl T 341 Starr Peak Exp V 243 Stelmine Can V 9 Sterling Grp* O 380 Stillwater Mg* N 7801 Stina Res* O 22 Stina Res 78 Stockport Expl V 474 Stornoway Diam T 2310 Stratabd Mnr V 669 Strategic Metl V 477 Strategic Res V 260 Stratton Res V 99 Strikepoint Gd V 299

0.03 0.01 0.02 - 0.01 0.03 0.01 12.98 11.53 12.16 - 0.43 16.63 4.07 0.01 0.01 0.01 - 0.00 0.02 0.00 0.19 0.16 0.16 - 0.01 0.19 0.01 0.25 0.21 0.22 - 0.02 0.25 0.01 0.32 0.26 0.29 - 0.02 0.62 0.22 0.25 0.25 0.25 + 0.00 0.42 0.15 1.27 1.09 1.09 - 0.14 1.40 0.69 1.70 1.35 1.35 - 0.35 1.80 0.84 0.08 0.02 0.05 - 0.01 0.09 0.01 0.31 0.26 0.27 - 0.01 0.32 0.02 0.12 0.10 0.11 + 0.01 0.15 0.02 0.15 0.13 0.14 + 0.01 0.18 0.04 0.03 0.02 0.03 + 0.00 0.05 0.01 0.09 0.05 0.08 + 0.02 0.11 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.07 0.04 0.06 + 0.02 0.07 0.01 0.09 0.00 0.08 + 0.02 0.13 0.02 0.12 0.09 0.11 + 0.02 0.17 0.01 12.04 10.98 11.45 + 0.24 12.04 3.66 15.71 14.17 14.78 + 0.46 15.71 5.28 28.19 25.58 27.05 - 0.01 28.19 14.51 21.81 19.91 20.92 - 0.29 22.19 10.04 2.98 2.60 2.72 - 0.03 3.10 0.60 2.30 2.03 2.14 - 0.01 2.45 0.41 0.38 0.31 0.34 - 0.03 2.02 0.26 0.43 0.39 0.42 + 0.01 0.51 0.07 0.34 0.31 0.32 - 0.01 0.39 0.07 0.08 0.00 0.06 - 0.02 0.09 0.04 0.06 0.05 0.05 - 0.01 0.06 0.02 0.30 0.27 0.29 - 0.01 0.30 0.04 0.75 0.62 0.71 + 0.08 0.82 0.57 0.59 0.49 0.58 + 0.09 0.68 0.40 0.09 0.03 0.05 + 0.02 0.09 0.01 0.06 0.05 0.05 - 0.01 0.08 0.01 0.10 0.09 0.09 + 0.02 0.13 0.04 0.03 0.02 0.03 + 0.01 0.06 0.01 0.48 0.36 0.48 + 0.14 1.00 0.24 0.28 0.26 0.28 + 0.02 0.41 0.17 26.72 25.31 26.59 + 0.62 31.35 21.55 0.39 0.31 0.33 + 0.02 0.39 0.02 0.49 0.41 0.44 + 0.04 0.49 0.03 0.10 0.08 0.09 + 0.01 0.10 0.02 0.07 0.07 0.07 + 0.01 0.08 0.01 0.04 0.04 0.04 - 0.01 0.05 0.01 0.05 0.03 0.03 + 0.01 0.05 0.01 0.05 0.04 0.05 + 0.01 0.06 0.01 0.12 0.11 0.11 - 0.01 0.14 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.52 0.45 0.52 + 0.07 0.62 0.04 0.41 0.38 0.38 - 0.01 0.46 0.05 0.06 0.06 0.06 - 0.00 0.09 0.00 0.10 0.08 0.09 + 0.01 0.13 0.01 0.17 0.14 0.14 - 0.02 0.90 0.01 0.03 0.02 0.02 - 0.01 0.05 0.01 0.02 0.01 0.01 + 0.00 0.04 0.01 0.06 0.06 0.06 + 0.00 0.15 0.01 0.90 0.79 0.82 - 0.04 0.90 0.25 0.09 0.08 0.08 - 0.02 0.19 0.05 0.08 0.00 0.08 - 0.02 0.20 0.05 0.04 0.03 0.03 - 0.00 0.04 0.01 10.89 10.07 10.52 + 0.21 13.25 4.99 0.14 0.13 0.14 + 0.01 0.20 0.06 0.16 0.15 0.15 - 0.01 0.19 0.11 0.04 0.03 0.04 + 0.01 0.05 0.01 1.03 0.98 1.00 - 0.01 1.08 0.65 0.02 0.01 0.01 - 0.01 0.02 0.01 0.48 0.43 0.48 + 0.01 0.50 0.24 0.04 0.03 0.04 + 0.02 0.04 0.02 0.40 0.34 0.36 + 0.01 0.40 0.07 0.28 0.21 0.28 + 0.03 0.55 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strikepoint Gd* O 44 Strongbow Expl V 108 Stroud Res V 1022 Sulliden Mng T 93 Suncor Energy* N 20649 Suncor Energy T 25318 Sunridge Gold* O 213 Sunvest Mnrls V 254 Sunvest Mnrls* O 52 Sutter Gold V 101 Sutter Gold* O 86 Syrah Res* O 37

0.19 0.18 0.19 + 0.00 0.19 0.08 0.15 0.14 0.15 - 0.01 0.23 0.05 0.01 0.01 0.01 + 0.01 0.01 0.01 0.40 0.37 0.39 + 0.01 0.45 0.19 27.28 25.60 26.62 - 0.32 30.70 18.71 34.79 33.49 34.34 - 0.04 40.35 27.32 0.03 0.02 0.03 - 0.01 0.29 0.01 0.15 0.08 0.10 + 0.02 0.55 0.01 0.08 0.07 0.08 + 0.01 0.08 0.02 0.09 0.08 0.08 + 0.01 0.16 0.04 0.07 0.06 0.07 + 0.01 0.13 0.02 4.87 4.59 4.80 - 0.07 4.87 1.81

Tahoe Res* N 12258 Tahoe Res T 8202 Tajiri Res V 239 Takara Res V 40 Taku Gold 11 Talon Metals T 666 V 345 Tanager Energy Tango Mining V 16950 Tantalex Res 824 Tanzania Mnls V 374 Tanzania Rlty T 194 Tanzania Rlty* X 1196 Tartisan Res 250 Tasca Res V 155 Taseko Mines T 264 Taseko Mines* X 524 Tasman Metals* O 239 Tasman Metals V 184 Teck Res T 7 T 26873 Teck Res Teck Res* N 39186 TECO Enrgy* N 7144 Tembo Gold* O 323 Teranga Gold T 6608 Teras Res V 49 Terraco Gold V 1510 Terrax Mnrls* O 329 Terrax Mnrls V 1717 Tesoro Mnrls V 119 Teuton Res* O 43 Teuton Res V 377 O 1288 Thompson Creek* Thompson Creek T 1105 Thor Expl V 449 Thunderstruck V 671 Till Capital V 7 Till Capital* D 27 Timberline Res* O 440 V 379 Timberline Res Timmins Gold* X 3176 Tinka Res* O 146 Tinka Res V 382 Tintina Res* O 119 Tintina Res V 130 Tirex Res V 454 Tirex Res* O 642 Titanium Corp V 323 TMAC Resource* O 116 T 431 TMAC Resources TNR Gold V 211 287 Toachi Mg Inc V TomaGold V 2167 Tonogold Res* O 341 Torex Gold* O 1071 Torex Gold T 73041

13.91 12.63 13.33 - 0.18 14.29 6.48 18.12 16.23 17.14 - 0.09 18.12 9.45 0.04 0.03 0.03 - 0.01 0.06 0.01 0.06 0.00 0.05 - 0.01 0.06 0.02 0.09 0.00 0.09 + 0.02 0.22 0.02 0.10 0.08 0.09 + 0.01 0.16 0.07 0.10 0.09 0.09 + 0.01 0.10 0.02 0.08 0.02 0.06 + 0.03 0.05 0.01 0.05 0.04 0.04 - 0.01 0.07 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.74 0.55 0.64 + 0.09 0.76 0.24 0.53 0.43 0.50 + 0.03 0.57 0.17 0.07 0.04 0.04 - 0.03 0.07 0.01 0.09 0.09 0.09 - 0.01 0.10 0.00 0.67 0.63 0.64 - 0.01 0.88 0.35 0.53 0.48 0.50 - 0.00 0.70 0.23 0.25 0.20 0.23 + 0.01 0.56 0.06 0.32 0.26 0.29 + 0.02 0.68 0.09 17.01 15.50 17.00 + 0.55 17.50 5.69 15.40 13.62 15.34 + 0.80 15.81 3.65 12.01 10.61 11.94 + 0.54 12.53 2.56 27.69 27.60 27.63 - 0.03 27.83 17.60 0.05 0.04 0.05 + 0.00 0.05 0.01 1.23 1.13 1.19 + 0.08 1.23 0.38 0.15 0.13 0.15 - 0.01 0.16 0.03 0.14 0.12 0.14 + 0.01 0.15 0.07 0.35 0.32 0.33 + 0.03 0.35 0.17 0.46 0.41 0.43 + 0.03 0.46 0.23 0.06 0.05 0.05 - 0.01 0.06 0.01 0.20 0.18 0.19 - 0.03 0.25 0.03 0.25 0.22 0.24 - 0.02 0.33 0.04 0.43 0.38 0.42 + 0.02 0.99 0.07 0.56 0.48 0.54 + 0.03 1.21 0.16 0.08 0.05 0.06 - 0.01 0.08 0.02 0.05 0.02 0.04 + 0.01 0.06 0.01 4.50 0.00 4.15 + 0.01 6.60 3.28 3.67 0.00 3.20 - 0.06 5.43 2.76 0.45 0.32 0.42 + 0.04 0.78 0.08 0.58 0.41 0.53 + 0.06 0.75 0.16 0.36 0.29 0.33 + 0.00 0.68 0.07 0.21 0.18 0.19 - 0.01 0.22 0.07 0.26 0.24 0.24 - 0.01 0.27 0.09 0.09 0.07 0.08 - 0.00 0.09 0.03 0.11 0.08 0.11 + 0.01 0.11 0.04 0.14 0.10 0.10 - 0.04 0.22 0.07 0.11 0.07 0.09 - 0.03 0.18 0.05 0.48 0.00 0.45 + 0.09 1.55 0.31 13.63 11.87 13.03 + 1.11 13.63 9.26 17.73 15.20 16.75 + 1.55 17.73 4.85 0.08 0.06 0.07 + 0.01 0.09 0.01 0.43 0.00 0.37 + 0.07 0.43 0.03 0.12 0.10 0.11 - 0.01 0.12 0.04 0.02 0.02 0.02 + 0.00 0.08 0.01 1.93 1.62 1.65 - 0.15 1.93 0.67 2.40 2.08 2.11 - 0.19 2.40 0.85

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tower Res V 367 Transatlan Mng V 484 Transition Mtl V 148 Trecora Res* N 177 Trevali Mng* O 404 Trevali Mng T 2700 Tri Origin Exp V 265 TriMetals Mng* O 100 TriMetals Mng* O 142 TriMetals Mng T 656 Trinity Valley V 145 TriStar Gold* O 128 TriStar Gold V 536 Troy Res* O 10 Troymet Expl V 2064 True North Gem V 921 Trueclaim Expl V 685 Tsodilo Res V 29 Tudor Gold V 86 O 4 Tudor Gold * Tungsten Corp* O 275 38436 Turquoise HIl* N Turquoise HIl T 12481 TVI Pacific T 531 TVI Pacific* O 701

0.06 0.05 0.06 + 0.01 0.07 0.01 0.08 0.04 0.07 + 0.04 0.15 0.03 0.18 0.14 0.17 + 0.03 0.18 0.06 10.34 10.05 10.23 + 0.04 16.50 8.17 0.46 0.42 0.43 - 0.03 0.79 0.18 0.58 0.53 0.56 - 0.03 0.97 0.25 0.07 0.06 0.07 - 0.01 0.07 0.02 0.25 0.23 0.25 + 0.01 0.28 0.03 0.25 0.22 0.25 - 0.00 0.32 0.06 0.32 0.29 0.31 + 0.01 0.36 0.04 0.02 0.02 0.02 - 0.01 0.04 0.01 0.29 0.23 0.26 - 0.03 0.32 0.10 0.37 0.25 0.33 - 0.03 0.40 0.10 0.45 0.43 0.43 - 0.04 0.56 0.13 0.04 0.03 0.03 - 0.01 0.05 0.01 0.11 0.10 0.10 - 0.01 0.20 0.07 0.02 0.02 0.02 - 0.01 0.04 0.01 0.81 0.70 0.78 - 0.02 1.03 0.54 1.51 1.10 1.25 + 0.09 1.51 0.03 1.00 0.78 1.00 + 0.20 1.00 0.78 0.00 0.00 0.00 - 0.00 0.00 0.00 3.44 3.01 3.31 + 0.43 4.05 1.55 4.39 3.85 4.31 + 0.63 4.95 2.30 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.03 0.00

U3O8 Corp T 1285 U3O8 Corp* O 393 Ucore Rare Mtl* O 422 UEX Corp T 565 Ultra Lithium* O 27 Ultra Lithium V 145 Umbral Enrgy* O 212 Umbral Enrgy 7824 V 512 Unigold Unigold* O 75 United Res Hdg* O 24 United Silver* O 702 United States A* X 244 United States S* N 77591 Unity Energy V 281 Ur-Energy T 156 Ur-Energy* X 1527 Uracan Res* O 53 Uracan Res V 584 Uragold Bay Rs V 738 X 5711 Uranium Energy* O 21991 Uranium Hunter* Uranium Res* D 1232 V 135 Uranium Valley Uravan Mnrls V 498 US Precious M* O 4021 US Tungsten* O 41 USCorp* O 222 N 100610 Vale* Vale* N 52999 Valterra Res V 413 Vanadiumcorp* O 231 Vantex Res V 996 N 1446 Vedanta* Vela Minerals V 220 Velocity Mnrls V 15 Vena Res V 712 Vendome Res V 609 Venture Mnrls* O 48 Verde Potash T 150 Veris Gold* O 268 Victoria Gold V 4042

0.03 0.00 0.03 + 0.01 0.05 0.02 0.02 0.02 0.02 - 0.00 0.04 0.01 0.34 0.31 0.33 - 0.00 0.35 0.15 0.24 0.23 0.24 + 0.01 0.29 0.11 0.20 0.17 0.17 - 0.02 0.27 0.06 0.25 0.21 0.23 - 0.02 0.35 0.05 0.05 0.04 0.04 - 0.01 0.08 0.02 0.07 0.05 0.05 - 0.02 0.10 0.02 0.39 0.34 0.35 + 0.02 0.42 0.08 0.30 0.28 0.28 + 0.00 0.31 0.06 0.03 0.03 0.03 - 0.01 0.09 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.25 0.22 0.23 - 0.01 0.89 0.16 18.59 16.02 17.98 + 0.71 23.78 6.15 0.29 0.23 0.25 - 0.01 0.48 0.05 0.79 0.70 0.74 - 0.01 1.08 0.60 0.61 0.54 0.57 - 0.03 0.88 0.44 0.06 0.05 0.06 + 0.00 0.06 0.00 0.07 0.00 0.07 + 0.01 0.08 0.01 0.14 0.13 0.14 + 0.01 0.23 0.02 1.10 0.94 0.99 - 0.01 2.61 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 2.16 1.76 1.78 - 0.38 16.08 1.39 0.18 0.00 0.15 + 0.05 0.18 0.04 0.19 0.15 0.16 - 0.02 0.19 0.05 0.02 0.01 0.01 + 0.00 0.20 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.00 0.01 + 0.01 0.02 0.00 4.68 4.15 4.46 + 0.05 6.68 2.13 3.67 3.32 3.56 + 0.10 5.72 1.55 0.04 0.00 0.03 + 0.02 0.04 0.01 0.04 0.04 0.04 + 0.00 0.05 0.01 0.03 0.03 0.03 + 0.01 0.04 0.01 7.37 6.56 7.19 + 0.38 11.34 3.52 0.06 0.04 0.05 - 0.01 0.08 0.02 0.15 0.11 0.15 - 0.03 0.20 0.05 0.07 0.04 0.05 - 0.02 0.07 0.04 0.02 0.01 0.01 - 0.01 0.03 0.01 0.04 0.03 0.03 - 0.00 0.04 0.01 0.40 0.31 0.40 + 0.06 0.48 0.13 0.00 0.00 0.00 - 0.01 0.03 0.00 0.53 0.49 0.52 + 0.01 0.54 0.11

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victory Res V 196 Victory Vent V 3943 O 42 Virginia Enrgy* Viscount Mng V 286 15135 Vista Gold* X Vista Gold T 691 Voltaic Min V 539 Vulcan Mnrls V 315 VVC Expl V 408

0.02 0.04 - 0.01 0.09 0.04 0.04 0.01 0.05 + 0.01 0.06 0.06 0.04 0.02 0.03 - 0.01 0.08 0.04 0.03 0.16 0.76 - 0.09 0.91 0.85 0.75 0.24 1.45 + 0.57 1.47 1.47 0.93 0.31 1.88 + 0.75 1.90 1.90 1.20 0.03 0.45 + 0.08 0.52 0.51 0.37 0.02 0.04 + 0.01 0.04 0.04 0.03 0.01 0.04 - 0.01 0.05 0.04 0.04

615 WAI Cap Invest V Walker Lane* O 21 T 173 Wallbridge Mng O 366 Walter Energy* Wealth Mnrls* O 99 Wealth Mnrls V 1288 O 244 Wellgreen Plat* Wellgreen Plat T 929 V 110 Wescan Gldflds T 4385 Wesdome Gold 71 West High Yld V West Melville V 7 119 West Red Lake* O X 298 Western Copper* T 455 Western Copper 865 Western Pac Rs V 207 Western Pac Rs* O T 130 Western Potash Western Uran 38 Western Uran* O 24 O 100 Westhaven Vent* V 222 Westhaven Vent O 925 Westkam Gold* V 8440 Westminster Rs Westmoreland* D 842 O 54 WestMountain* 419 White Metal Rs V 63 White Mtn Engy* O O 45 Whitehaven Coa* Wildcat Expl V 114 O 4 Wincash Apolo* 60 Winston Gld Mg Wolfden Res V 889 V 285 Wolverine Mnls WPC Res* O 155 X-Terra Res V 287 Xander Res V 30 Ximen Mng V 1107 Ximen Mng* O 13 XLI Tech Inc* O 3042 Xtra-Gold Res T 182 O 96 Xtra-Gold Res* Yamana Gold T 49352 102576 Yamana Gold* N Yanzhou Coal* N 96 Yorbeau Res T 421 Zadar Vent V 1221 21 O Zadar Vent * Zazu Metals* O 14 Zazu Metals T 1119 Zenyatta Vent V 293 O 88 Zenyatta Vent* Zephyr Mnls* O 50 Zephyr Mnls V 53 Zimtu Capital V 113 Zincore Mtls V 517 Zonte Mtls V 47

0.03 0.02 0.03 + 0.01 0.05 0.02 0.36 0.36 - 0.15 0.95 0.51 0.36 0.02 0.08 + 0.01 0.10 0.09 0.08 0.01 0.08 - 0.01 0.34 0.10 0.08 0.10 0.71 + 0.10 0.83 0.74 0.58 0.14 0.95 + 0.16 1.06 0.95 0.74 0.12 0.25 + 0.02 0.35 0.25 0.22 0.16 0.32 + 0.05 0.43 0.32 0.28 0.02 0.07 - 0.03 0.10 0.10 0.06 0.89 1.91 + 0.25 2.11 2.11 1.64 0.26 0.21 0.25 - 0.04 0.39 0.17 0.08 0.27 + 0.06 0.40 0.27 0.21 0.26 0.21 0.22 - 0.01 0.26 0.02 0.20 0.75 + 0.03 0.77 0.75 0.67 0.29 0.96 + 0.06 0.97 0.96 0.87 0.03 0.01 0.02 + 0.01 0.03 0.01 0.02 0.00 0.02 + 0.01 0.02 0.00 0.17 0.18 + 0.01 0.34 0.18 0.17 1.20 1.98 + 0.24 5.00 1.98 1.66 1.19 1.54 + 0.18 1.80 1.54 1.30 0.10 0.10 - 0.00 0.12 0.10 0.10 0.04 0.12 - 0.02 0.16 0.16 0.12 0.01 0.05 + 0.00 0.07 0.07 0.05 0.01 0.11 + 0.02 0.18 0.13 0.09 9.55 8.51 9.05 + 0.27 23.60 3.44 0.04 0.09 - 0.06 0.20 0.10 0.09 0.13 0.06 0.13 + 0.08 0.13 0.02 0.08 0.07 0.07 - 0.02 0.41 0.07 0.25 0.70 - 0.05 1.08 0.75 0.70 0.02 0.10 - 0.03 0.16 0.11 0.10 0.06 0.07 + 0.01 0.35 0.07 0.07 0.11 0.11 0.11 + 0.01 0.13 0.10 0.05 0.19 + 0.05 0.19 0.19 0.15 0.08 0.11 - 0.04 0.38 0.15 0.11 0.06 0.08 + 0.01 0.08 0.08 0.06 0.06 0.22 + 0.03 0.25 0.23 0.19 0.19 0.39 - 0.06 0.46 0.43 0.38 0.02 0.07 - 0.01 0.15 0.09 0.06 0.01 0.05 - 0.02 0.11 0.07 0.05 0.05 1.50 0.02 - 0.07 0.05 0.05 0.18 0.52 + 0.05 0.53 0.53 0.46 0.12 0.39 + 0.02 0.42 0.42 0.36 1.89 6.21 - 0.15 7.01 7.01 6.11 1.38 4.83 - 0.16 5.38 5.38 4.75 3.66 5.69 + 0.41 8.75 5.75 5.13 0.06 0.09 - 0.01 0.17 0.10 0.09 0.01 0.20 - 0.03 0.26 0.23 0.19 0.17 0.16 0.16 - 0.01 0.20 0.06 0.08 0.18 - 0.02 0.24 0.20 0.17 0.09 0.23 + 0.01 0.33 0.26 0.22 0.63 0.71 - 0.05 1.78 0.76 0.70 0.47 0.56 - 0.07 1.34 0.56 0.00 0.15 0.23 - 0.00 0.23 0.23 0.22 0.08 0.30 + 0.01 0.30 0.30 0.28 0.12 0.25 - 0.03 0.38 0.38 0.24 0.01 0.01 - 0.01 0.03 0.03 0.01 0.02 0.07 - 0.02 0.15 0.09 0.07

W-Z

BID-ASK — JUNE 13–17, 2016 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Afrasia Mnls Aftermath Slvr Aida Minerals Alba Minerals Alberta Star Alderon Iron* Alexandra Cap Almo Capital Alpha Nat Res* Altan Rio Mnls Amanta Res Anglo Pac Grp Anthem United APAC Res Inc Arch Coal* Archon Mineral Arcturus Vents Ardonblue Vent Arrowhead Gold Arrowstar Res Artha Res Asbestos Corp Asia Now Res Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Auramex Res Aurgent Gold Balto Res Banks Island BCGold BE Res Bearing Res BHK Mining Big Bar Res Big Wind Cap Bird River Res Black Bull Res Black Mam Mtls BlackEagle Dev Bluenose Gold Boss Power Buccaneer Gold Cairo Res Canuc Res Canyon Copper Carrie Arran Cascade Res Cassidy Gold Cassius Vents Cataca Res* Cava Res Cdn Arrow Celeste Mng Celtic Minrls Chinapintza Mg Cicada Vents Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Comet Inds Compliance Egy Cons Westview Crestwell Res Cresval Cap Cricket Res Delrand Res Desert Gold Deveron Res DGS Mnls Discovery-Corp Dorex Mnrls DV Resources E-Energy Vent Eastfield Res Empire Rock Enfield Expl European Metal

14-16_JUN27_StockTables.indd 16

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

0.06 1.63 0.15 0.20 0.01 0.03 0.02 0.03 0.03 0.08 0.03 0.05 ... 0.01 0.01 0.03 0.06 0.15 0.15 0.23 0.05 0.07 0.07 0.11 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.03 ... 0.03 0.03 0.09 0.16 0.09 0.14 0.23 0.24 0.24 4.16 0.01 0.02 0.02 0.03 0.01 0.02 0.01 1.48 2.50 1.48 2.05 0.20 0.29 0.22 0.43 0.05 0.10 0.05 0.11 ... ... 0.58 15.00 1.70 1.85 1.70 2.10 0.01 0.02 0.02 0.02 0.04 0.08 0.05 0.07 0.01 ... 0.03 0.07 0.07 0.13 0.13 0.13 0.13 0.15 0.12 0.20 0.19 0.30 0.18 0.30 0.01 0.02 0.02 0.03 0.10 ... 0.10 0.15 ... 0.01 0.01 0.01 ... 0.01 0.01 0.01 ... ... 0.06 0.45 0.02 0.03 0.02 0.03 0.06 0.12 0.09 0.09 0.01 0.03 0.01 0.03 0.01 0.01 0.01 0.17 0.05 0.07 0.05 0.13 ... 0.34 0.35 0.01 0.05 0.03 0.03 0.04 0.04 0.10 0.08 0.50 0.10 0.10 0.08 0.20 0.10 0.10 0.03 0.09 0.05 0.07 ... 0.01 0.01 0.11 0.14 0.11 0.12 0.04 ... 0.04 0.04 0.01 0.03 0.01 0.03 0.17 0.20 0.17 0.18 0.03 0.04 0.04 0.04 0.24 0.39 0.30 0.30 0.23 0.29 0.25 0.30 0.02 0.03 0.03 0.04 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.02 0.03 0.03 0.03 ... ... 0.20 0.51 0.09 0.12 0.10 0.20 0.01 0.01 0.01 0.01 ... 0.01 0.01 0.01 ... ... 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.02 1.45 3.20 1.43 7.17 0.01 0.02 0.01 0.08 ... 0.10 0.10 0.10 1.32 1.75 1.32 1.75 0.03 0.03 0.03 0.25 0.30 0.50 0.40 0.50 0.04 0.10 0.13 0.14 0.04 0.05 0.04 0.06 0.01 0.04 0.01 0.03 0.45 0.80 0.45 0.60 0.09 0.15 0.10 0.40 0.20 0.22 0.24 0.31 0.04 0.09 0.04 0.06 0.03 0.04 0.04 0.10 0.02 0.03 0.03 0.04 0.03 0.04 0.04 0.06 ... 0.01 0.01 0.03 0.04 0.03 0.05 0.20 0.25 0.20 0.27 ... ... 0.01 0.01 ... 0.01 0.01 0.01

LOW

STOCK

0.05 0.01 0.01 0.01 0.08 0.01 0.16 0.12 0.03 0.05 0.20 0.01

Eurotin V Finore Mng C Fire River Gol V Freeport Res V Galena Intl Rs V GAR Limited C GB Minerals V GFM Res V Giyani Gold V Global Cobalt V God’s Lake Res C Goldbank Mng V Goldbelt Emp V Golden Band V Golden Cariboo V Goldstar Mnls V Gravis Energy C Greenshield Ex V C Greywacke Expl Harvest Gold V Highbury Proj V Highvista Gold V HiHo Silver C Homeland Egy V IGC Res V Interconnect V Intl Samuel Ex V Iron South Mng V V Jasper Mng Jazz Res V C JDF Explor Inc Jet Gold V Jet Metal V Jiulian Res V Kairos Cap V Karoo Expl V Kazax Mnls V Kenna Res V Kestrel Gold V Kitrinor Mtls V La Imperial C Lancaster Cap V Lateral Gold V Leeta Gold V Libero Mg Corp V V Lions Bay Cap Lions Gate Mtl C Lovitt Res V V Lucky Mnls Maccabi Vent C MacMillan Mnls V Mag Copper C Mainstream Mnl V Manado Gold V Masuparia Gold V Match Capital V MaxTech Vent C McLaren Res C Metallum Res V Mezzotin Mnrls V Midasco Cap V Midnight Star C MillenMin Vent V Mitchell Res V Moag Copper C Montego Res C Morgan Res V Mountain Lake C Mountainstar C Mukuba Res V Navy Res V V Nebu Res Network Expl V New Klondike V Newlox Gold C Newmac Res V Nickel North V Niocan Inc V Noble Metal Gr V Norsemont Cap C North Am Tung V

1.07 0.14 0.03 0.58 1.30 0.01 0.05 0.03 0.04 0.01 0.13 0.01 0.09 0.01 0.01 0.06 0.01 0.02 0.01 0.01 0.03 0.03 0.10 0.01 0.02 0.02 0.03 0.01 0.17 0.02 0.08 0.05 0.01 0.05 0.02 0.01 0.01 0.20 0.04 0.01 0.01 0.01 0.01 0.98 0.01 0.09 1.05 0.03 0.22 0.08 0.01 0.01 0.10 0.08 0.17 0.02 0.03 0.01 0.03 0.02 0.04 0.01 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.03 0.13 0.10 1.00 0.03 0.05 0.05 0.06 0.03 0.07 0.09 0.75 0.02 0.03 0.02 0.09 0.05 0.08 0.07 0.07 0.03 0.03 0.03 0.10 0.09 0.10 0.10 0.12 0.02 0.10 0.02 0.03 0.04 0.04 0.09 0.11 0.02 0.02 0.02 0.08 0.05 ... 0.08 0.10 0.11 0.14 0.14 0.16 0.04 0.05 0.04 0.10 ... 0.01 0.01 0.01 0.06 0.07 0.06 0.08 0.04 0.05 0.05 0.07 ... 0.02 0.01 0.04 0.04 0.04 0.05 0.04 ... 0.04 0.04 0.04 0.12 0.04 0.05 0.18 ... 0.20 0.20 ... 0.16 0.17 ... 0.02 0.01 0.01 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.09 0.14 0.09 0.10 0.02 0.14 0.10 0.10 0.05 0.09 0.07 0.08 0.05 0.08 0.06 0.08 0.10 0.14 0.13 0.23 ... 0.02 0.02 0.02 0.04 0.08 0.06 0.06 0.10 0.10 0.09 0.15 0.02 0.05 0.02 0.03 0.02 0.04 0.02 0.03 0.01 0.02 0.01 0.02 0.01 0.03 0.01 0.05 0.10 0.15 0.12 0.17 0.02 0.02 0.02 0.07 0.01 0.01 0.01 0.02 0.01 0.05 0.01 0.01 0.15 0.28 0.28 0.32 0.11 0.16 0.14 0.18 0.04 0.10 0.04 0.05 0.11 0.17 0.17 0.18 0.01 0.03 0.01 0.01 0.05 0.08 0.05 0.06 0.03 0.10 0.03 0.05 0.05 0.06 0.06 0.14 0.08 0.10 0.08 0.14 0.21 0.27 0.27 0.30 0.01 0.02 0.01 0.05 ... 0.01 0.01 0.01 0.01 0.03 0.08 0.06 0.06 0.05 0.08 0.01 0.04 0.01 0.01 0.24 0.38 0.25 0.26 ... 0.01 0.01 0.01 0.03 0.06 0.12 0.01 0.01 0.01 0.01 0.07 0.10 0.07 0.13 0.06 0.15 0.06 0.10 0.02 0.10 0.02 0.02 0.04 0.43 0.04 0.05 ... ... 0.08 0.12 0.07 0.10 0.10 0.13 0.01 0.01 0.01 0.03 ... 0.01 0.01 0.01 ... ... 0.10 0.30 0.01 0.01 0.01 0.02 0.23 0.30 0.30 0.30 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.06 0.09 0.15 0.09 0.20 0.01 0.02 0.01 0.02 0.09 0.11 0.09 0.18 0.01 0.01 0.01 0.01 0.25 0.32 0.25 0.31 ... 0.01 0.01 0.02

0.05 0.01 0.03 0.01 0.02 0.01 0.02 0.02 0.05 0.01 0.01 0.03 0.02 0.01 0.03 0.01 0.01 0.01 0.01 0.10 0.01 0.01 0.01 0.05 0.05 0.04 0.02 0.08 0.02 0.03 0.04 0.01 0.01 0.01 0.01 0.08 0.01 0.01 0.01 0.06 0.07 0.03 0.02 0.01 0.01 0.02 0.05 0.08 0.08 0.01 0.01 0.03 0.01 0.05 0.01 0.01 0.07 0.06 0.01 0.01 0.08 0.09 0.01 0.01 0.09 0.01 0.06 0.01 0.02 0.01 0.02 0.05 0.01 0.04 0.01 0.07 0.01

STOCK

NQ Explor NSS Res Inc NV Gold Open Gold Oracle Mng Organic Potash Oronova Res Oxford Res Pac Arc Res Pac Cascade Pac Link Mng Pantheon Vent Parlane Res Pasinex Res Phoenix Gold Phoenix Metals Plate Res Portofino Res Prize Mng ProAm Expl Prospero Silvr Quartz Mtn Res Randsburg Intl Rare Element* Razore Rock Res Red Rock Enrgy Red Tiger Mng Redzone Res Remington Res Reva Res Rhyolite Res Rio Silver Rodinia Lithm Rojo Res Romulus Res Rotation Mnls Roughrider Exp Royal Sapphire Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Phoenix Silvermet Sniper Res Spada Gold Squire Mg Ltd Stone Ridge Ex Strata Mnls Sunrise Res Sunset Cove Mg Superior Mng Talmora Diamd Taranis Res Tearlach Res Telferscot Res Teryl Res Corp Theia Res Thunder Mtn Gd Tiger Intl Tiller Res Tintina Mines Tri-River Vent Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vangold Res Vatic Vent Venerable Vent Wabi Expl Weststar Res Whistler Gold Whitemud Res Wolfeye Res Worldwide Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.01 0.01 0.01 0.01 ... ... 0.20 0.20 0.09 0.14 0.09 0.13 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.01 0.06 0.02 0.09 0.07 0.08 0.07 0.07 0.02 0.03 0.03 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.09 0.02 0.03 0.11 0.11 0.10 0.10 0.15 0.17 0.15 0.21 0.07 0.09 0.07 0.08 ... 0.01 0.01 0.02 0.19 0.20 0.21 0.21 0.05 0.07 0.06 0.11 0.07 0.09 0.07 0.13 0.01 0.02 0.02 0.05 0.01 0.02 0.01 0.02 0.14 0.18 0.13 0.17 0.03 0.04 0.04 0.04 0.01 0.02 0.01 0.02 0.11 0.16 0.15 0.89 ... 0.05 0.05 0.08 0.01 0.03 0.01 0.04 0.04 0.08 0.07 0.10 0.11 0.25 0.12 0.30 0.05 0.08 0.05 0.05 0.05 0.09 0.05 0.10 0.19 0.23 0.22 0.23 0.03 0.05 0.05 0.05 0.02 0.02 0.01 0.05 0.10 0.15 0.11 0.15 0.11 0.16 0.15 0.16 0.09 0.40 0.04 0.04 0.10 0.15 0.11 0.14 0.04 0.07 0.04 0.07 ... ... 0.03 1.35 0.02 0.02 0.02 0.04 ... ... 0.16 0.36 0.57 0.36 0.54 0.11 ... 0.09 0.20 0.02 0.02 0.02 0.05 0.01 0.24 0.10 0.10 0.04 0.04 0.04 0.09 0.01 0.01 0.01 0.07 0.20 0.55 0.20 0.60 0.10 0.15 0.11 0.19 0.11 0.15 0.11 0.14 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 ... 0.01 0.01 0.05 0.11 0.09 0.12 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.01 0.02 0.02 0.02 0.10 0.14 0.10 0.12 0.08 ... 0.08 0.12 0.13 0.25 0.13 0.25 0.04 0.07 0.04 0.07 0.06 0.09 0.07 0.12 0.03 0.09 0.03 0.17 0.01 0.50 0.01 0.03 0.01 0.05 0.01 0.04 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.45 0.01 0.02 0.02 0.02 0.11 0.14 0.12 0.24 0.01 0.04 0.02 0.02 0.04 0.05 0.05 0.06 0.04 0.06 0.06 0.06 0.02 0.28 0.02 0.02 0.01 0.02 0.01 0.03 0.25 ... 0.25 0.28 0.03 0.04 0.03 0.06 0.07 0.09 0.07 0.10 0.05 0.07 0.05 0.08

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

2016-06-21 5:34 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER /

JUNE 27–JULY 3, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, June 21, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

PRODUCER AND DEALER PRICES

Price (US$/oz.) Change $1280.80 +1.40 $17.36 +0.11 $975.00 -17.00 $544.00 -2.00

Price (US$/tonne) Change $9180.00 -95.00 $4697.50 +26.00 $1719.00 -13.00 $2035.00 +16.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, June 20, 2016 (change from June 13, 2016 in brackets): Aluminium Alloy 12720 (-1080) Aluminium 2441175 (-27675) Copper 194025 (-13600) Lead 185550 (-375) Nickel 385908 (-7824) Tin 6360 (-195) Zinc 397275 (+17200)

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.80 Coal: CME Group Central Appalachian Futures July 2016: US$39.50 Aug. 2016: US$39.50 Cobalt: US$10.77/lb. Copper: US$2.08/lb. Copper: CME Group Futures July 2016: US$2.11/lb.; Aug. 2016: US$2.11/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$50.60/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.77/lb. Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$7.71/lb. Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$660.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$17.53 per oz.; Handy & Harman Fabricated: US$21.91 per oz. Tantalite Ore : US$191.35/kg Tin: US$7.71/lb. Uranium: U3O8, Trade Tech spot price: US$28.00; The UX Consulting Company spot price: US$28.00/lb. Zinc: US$0.90/lb. Prices current June 21, 2016

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17

Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Jun 17 Jun 16 Jun 15 Jun 14 Jun 13 High Low S&P/TSX Composite 13901.77 13882.41 13923.45 13884.23 13993.88 15527.30 12400.15 S&P/TSXV Composite 715.36 709.41 714.01 707.75 715.87 1050.26 883.52 S&P/TSX 60 809.88 807.93 809.57 808.05 814.71 896.74 709.99 S&P/TSX Global Gold 232.20 233.52 237.99 228.77 232.49 218.90 149.29 S&P/TSX Metals & Mining 564.82 555.00 557.56 535.04 555.65 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS JUNE 13–17, 2016 TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jun 17, 2016 (with changes from May 16, 2016) Largest short positions Lundin Mng LUN 43339617 -1508034 Potash Corp SK POT 34929066 1694836 New Gold NGD 26776770 -1134320 Kinross Gold K 25253879 969984 B2Gold BTO 20383699 -1239552 Eldorado Gold ELD 18255905 -555016 IAMGOLD IMG 11842714 1276200 Silver Std Res SSO 11120495 1039541 Teck Res TCK.B 10153036 -4718293 Suncor Energy SU 10137902 -583844 Detour Gold DGC 9455368 -1357121 Argonaut Gold AR 9007016 -47204 Thompson Creek TCM 8728313 253351 Goldcorp G 8304549 -150173 Barrick Gold ABX 8105014 -231692 Largest increase in short position Potash Corp SK POT 34929066 1694836 Sandstorm Gold SSL 4255998 1443869 IAMGOLD IMG 11842714 1276200 Silver Std Res SSO 11120495 1039541 U3O8 Corp UWE 1190000 1003800 Largest decrease in short position FM 6739321 -20294348 First Quantum Teck Res TCK.B 10153036 -4718293 Tahoe Res THO 1189445 -4329188 Sabina Gd&Slvr SBB 353600 -3154700 HudBay Mnls HBM 3690957 -2053530

Short positions outstanding as of Jun 17, 2016 (with changes from May 16, 2016) Largest short positions Integra Gold ICG 1812600 85484 Nexgen Energy NXE 1067600 539100 Gold Reserve GRZ 908500 49400 First Mg Fin FF 876116 465403 Nemaska Lith NMX 830834 780734 Focus Graphite FMS 666800 -370 Marlin Gold MLN 572000 -348900 West Af Res WAF 400000 399300 ATAC Res ATC 261900 -23300 Golden Arrow GRG 211100 -237400 Bear Creek Mng BCM 194300 900 Ely Gold & Mnl ELY 150000 127500 Spearmint Res SRJ 125000 122000 Kaminak Gold KAM 120700 -323800 Unigold UGD 119500 79275 Largest increase in short position NMX 830834 780734 Nemaska Lith Nexgen Energy NXE 1067600 539100 First Mg Fin FF 876116 465403 West Af Res WAF 400000 399300 Ely Gold & Mnl ELY 150000 127500 Largest decrease in short position EPO 4200 -1028600 Encanto Potash Atlantic Gold AGB 2214 -699286 Marlin Gold MLN 572000 -348900 Kaminak Gold KAM 120700 -323800 Scorpio Gold SGN 5000 -277600

DAILY METAL PRICES Daily Metal Prices Date Jun 20 Jun 17 Jun 16 Jun 15 Jun 14 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1520/1550 1525/1555 1525/1555 1530/1560 1500/1530 Aluminum 1607/1618 1602/1613 1592/1603 1613/1624 1604/1605.50 Copper 4584/4594.50 4521/4530 4524/4535 4631.50/4643 4509.50/4529 Lead 1701/1710 1706.50/1713 1682/1687 1701.50/1711 1685/1693.50 Nickel 9190/9240 9040/9060 8780/8830 9060/9110 8800/8830 Tin 17000/17000 17260/17195 17140/17100 17225/17200 17125/17000 Zinc 1989/1997 1980/1988 1997.50/2008 2042/2056 2019/2027.50

301 New Highs

Abitibi Royalt Adamera Mnls African Gold African Queen Agnico Eagle Agnico Eagle* Alamos Gold Alamos Gold* Aldridge Mnrls Alexco Res Alexco Res* Algold Res Angel Gold* AngloGold Ash* Apple Cap Inc Argonaut Gold Argonaut Gold* Armor Mnrls Asanko Gold Asanko Gold* AsiaBaseMetals AsiaBaseMetals* Aurania Res Aurion Res Aurvista Gold* Auryn Res* Avino Silver Avino Silver* AXE Expl Azincourt Uran* B2Gold B2Gold* Barkerville Go Barkerville Go* Barrick Gold Barrick Gold* Bayhorse Silvr* Bear Creek Mng Beaufield Res Beaufield Res* Blind Crk Res Bowmore Expl Bravada Gold Bravada Gold* Brazil Res Brixton Mtls Brixton Mtls* Canadian Zeol Canadian Zeol* CanAlaska Uran CanAlaska Uran* Canasil Res Cardero Res*

Castle Mtn Mng Caza Gold* Cdn Intl Mnrls Centenera Mng Centenera Mng* Chantrell Vent Chiboug Ind Mn Claim Post Res CNRP Mng Coeur Mng* Colombia Crest* Commander Res Condor Res Copperbank Res Copperbank Res* Coronet Mtls Coronet Mtls* Dakota Ter Res* Defiance Silvr Defiance Silvr* Desert Gold* Detour Gold Dolly Vard Sil Dolly Vard Sil* Dundee Prec Mt East Africa East Africa * El Nino Vent Endeavour Mng Endeavour Mng* Evolving Gold Evolving Gold* Fairmont Res Falco Res First Majestic First Majestic* Fortuna Silvr Fortuna Silvr* Four River Franco-Nevada Franco-Nevada* G4G Res Galantas Gold* Gem Intl Res Genesis Mtls Gldn Predator Gldn Predator* GMV Minerals GMV Minerals* Gold Ridge Exp Gold Std Vents Golden Dawn Ml* Golden Goliath Golden Goliath*

Golden Reign Goldgroup Mng Goldgroup Mng* GoldON Res* Goldrea Res* Goldrock Mines Goldsource Min Goldsource Min* Goldstrike Res GoldTrain Res GPM Metals Grande Portage* Gray Rock Res Green Swan Cap Green Valley M Greencastle Rs Guyana Gldflds Happy Ck Mnrls Highway 50 Gld Highway 50 Gld* Hochschild Mg* Homestake Res Homestake Res* Hunt Mng Hunt Mng* IAMGOLD IAMGOLD* Iconic Mnls Inception Mng * Independence G Independence G* Inventus Mg Jaguar Mng Jaguar Mng* Kaminak Gold Kesselrun Res Kirkland Lk Gd Kirkland Lk Gd* Kiska Metals Kiska Metals* Klondex Mns Klondike Silv Klondike Silv* Komet Resource Lion One Mtls Logan Res Lonmin plc* Lorraine Coppr Majescor Res Marathon Gold McEwen Mng McEwen Mng* Mesa Expl Metallis Res

Midas Gold Midas Gold* Midland Expl Millrock Res Millrock Res* Mineral Res* Mines Manage Mirasol Res Mkango Res Monarques Res Monarques Res* Monster Mng Morumbi Res MX Gold MX Gold* Natan Res New Pac Metals NewCastle Gold* Newmarket Gold Newmarket Gold* Newmont Mng* Noram Vent Nortec Mnls Northn Empire* NovaGold Res NovaGold Res* Nrthn Lion* Nubian Res Nunavik Nickel OceanaGold Olivut Res Olivut Res* Orca Gold Orezone Gold Orofino Mnrls Oroplata Res* Pac North West Pac North West* Pangolin Dia Paramount Gold* Pelangio Expl* Philippine Mtl Philippine Mtl* Pinecrest Res PNG Gold Precipitate Gl Pretium Res Pretium Res* Prism Res Probe Metals Probe Metals* Prophecy Coal* Pure Gold Mg Pure Gold Mg*

QMC Quantum Ml Rackla Mtls Rackla Mtls* Rainy Mtn Royl* Randgold Res* Rare Earth Mnl* Ravencrest Res Regulus Res Reservoir Mnls Reservoir Mnls* Resource Cap* Revolver Res Richmont Mines Richmont Mines* Rise Res Inc Rockridge Cap Romios Gold Rs* RosCan Mrnls Rosita Mg Corp Ross River* Rouge Res Roxgold Roxgold* Royal Gold Royal Gold* Rugby Mng Rupert Res Rye Patch Gold Rye Patch Gold* San Marco Res Sandstorm Gold Sandstorm Gold* Savary Gold Savary Gold* Semafo Sienna Res* Signal Expl Silver Predatr Silver Std Res Silver Std Res* Silver Wheaton Sona Res Southern Silvr Southern Silvr* Sphinx Res Starcore Intl Stellar Africa Stratton Res Strikepoint Gd Strikepoint Gd* Sunvest Mnrls Sunvest Mnrls* Tanager Energy Tango Mining

Tembo Gold* Teranga Gold Terrax Mnrls Terrax Mnrls* Thor Expl TMAC Resources TMAC Resource* Toachi Mg Inc TomaGold Torex Gold* Tudor Gold Tudor Gold * Valterra Res Valterra Res* Victory Vent Vista Gold Vista Gold* Vulcan Mnrls Wesdome Gold West Melville West Red Lake* Westhaven Vent Westkam Gold Westkam Gold* White Metal Rs Wolfden Res Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Zephyr Mnls Zimtu Capital

20 New Lows

Avarone Metals* California Gld* Cameco Corp Comstock Mng* Gear Intl* Greatbanks Res Greatbanks Res* Handeni Gold* Highland Copp* Intact Gold Intact Gold* Inter-Rock Mnl K92 Mng Inc* Lynas Corp* Mineral Mtn* Minsud Res* Newport Gold* Nexus Gold WPC Res* XLI Tech Inc*

CANADIAN GOLD MUTUAL FUNDS PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1283.25 1284.50 1307.00 1282.00 1279.40 Gold PM 1281.80 1290.70 1310.75 1283.30 1287.15 Silver 17.34 17.37 17.71 17.41 17.25 Platinum 978.00 968.00 985.00 981.00 985.00 543.00 531.00 540.00 544.00 540.00 Palladium

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

Jun 17 Jun 16 Jun 15 Jun 14 Jun 13 1.2896 1.2970 1.2911 1.2873 1.2838 0.7755 0.7710 0.7745 0.7769 0.7789

Exchange rates (Quote Media, June 17, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.049 0.6878 80.7750 14.6139 11.7335 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5402 5.1101 52.0230 0.7441 908.0386 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3521 0.8870 104.1445 18.8433 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6965 6.5884 67.0625 0.9597 1170.5600

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

17_JUN27_MMMM.indd 17

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

Fund Jun 17 ($) AGF Prec Mtls Fd MF 25.90 BMO Prec Mtls Fd A 20.80 11.63 BMO ZGD BMO ZJG 9.72 12.91 CIBC Prec Metal Fd A Dyn Prec Metls Fd A 7.72 Horizons HEP IGMacGloPrecMetCl A 9.75 iShares XGD 14.51 Mac Prec Met Cl A 54.63 14.62 NB Prec Met Fd Inv RBC GblPreMetFd A 35.28 Sentry Pre Met Fd A 45.34 Sprott Gold&PrMinFdA 42.43 6.53 Sprott SilverEquCl A TD PreciousMetals-I 43.03

Jun 10 ($) 25.84 20.54 11.69 9.61 12.95 7.65 30.92 9.70 14.48 54.29 14.59 35.41 45.62 42.15 6.48 43.37

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.06 0.23 53.94 2.80 183.87 0.26 1.29 56.88 2.40 67.89 -0.06 -0.52 59.03 0.63 87.61 0.11 1.12 64.95 0.60 64.40 -0.04 -0.29 42.58 2.62 58.46 0.07 0.92 67.32 2.66 384.78 -0.15 -0.49 53.90 0.80 0.06 0.59 65.08 2.76 87.23 0.03 0.20 60.83 0.61 676.80 0.34 0.62 66.46 2.51 124.69 0.03 0.21 61.26 2.46 39.57 -0.13 -0.36 63.61 2.13 405.97 -0.28 -0.62 61.18 2.92 229.07 0.28 0.65 58.37 3.19 235.71 0.05 0.74 75.43 3.23 61.07 -0.34 -0.78 55.46 2.26 151.01

GLOBAL MINING NEWS · SINCE 1915

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

2016-06-21 5:32 PM

WWW.NORTHERNMINER.COM

JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

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18_JUN27_ProDirectory .indd 18

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2016-06-21 6:16 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 27–JULY 3, 2016

www.northernminerjobs.com Financial Controller Rouyn-Noranda, Québec, Canada

Mineral Exploration and Development Program Specialist Sudbury, Ontario, Canada

Lab Manager Langley, BC. Canada

Financial Controller wanted for junior mining company operating

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Development and Lands Branch as Mineral Exploration and Development

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Regional Director, Northern Region Sudbury, Ontario, Canada

Artisanal Gold Programme Officer Ottawa, Canada

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JUNE 27–JULY 3, 2016 / THE NORTHERN MINER

Aston Bay, BHP agree to take on Storm together ARCTIC COPPER

| BHP may spend US$40 million over nine years on Somerset Island

Aston Bay Holdings’ Storm copper property in Nunavut, which has attracted BHP Billiton as a partner. ASTON BAY HOLDINGS BY TRISH SAYWELL

tsaywell@northernminer.com

fter a year of talks and hundreds of hours of due diligence, BHP Billiton (NYSE: BHP) has signed an option agreement to earn a 75% stake in Aston Bay Holdings’ (TSXV: BAY) Congolese-style, sediment-hosted copper deposit in Nunavut, potentially spending US$40 million on exploration over nine years. “BHP shows an extraordinary level of technical due diligence and we’re ecstatic to have them as a partner,” Aston Bay’s president and CEO Benjamin Cox says. “It’s like being invited to sing a duet with Adele — it’s glorious — but most singers would never get the chance. “BHP only does exceptional projects — that’s all they do,” he continues in a telephone interview from London. “They go bigger or they go home.”

The Storm copper project on Nunavut’s Somerset Island covers a more than 100 km strike length of mineralized showings within stratigraphy that favours sedimenthosted copper mineralization. Historic drilling focused on mineralized outcrops and included intercepts of 100 metres of 2.5% copper and 56 metres of 3.1% copper at the 2750N zone, and 49 metres of 1.8% copper at the 2200N zone. “It was an old Cominco project where they focused on surface expressions — they concentrated on relatively shallow drilling,” Cox says, noting that Cominco, now Teck Resources, worked on the project between 1996 and 2001. “We’re looking at a deeper layer than what had been drilled previously.” The option agreement with BHP is not the junior’s first with a major. It had previously partnered with Chilean copper miner Antofagasta (US-OTC: ANFGY), announcing

“IT’S LIKE BEING INVITED TO SING A DUET WITH ADELE — IT’S GLORIOUS — BUT MOST SINGERS WOULD NEVER GET THE CHANCE.” BENJAMIN COX PRESIDENT AND CEO, ASTON BAY HOLDINGS

an earn-in agreement in December 2014. But the base metal group pulled out just six weeks later, in January 2015. “The week they pulled out, the price of copper went down 20% and they lost their nerve on a lot of projects,” Cox says. “Sometimes, timing is just not pleasant.” But the experience had a silver lining, as Antofagasta’s chief geologist

for North America, Thomas Ullrich, eventually jumped ship, joining Aston Bay earlier this year as the junior’s executive vice-president of exploration and chief operating officer. “He spent five years at Antofagasta and looked at 120 projects, and this was the best one he found,” Cox says, adding that Ullrich “lives for discovery.”

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Before joining Antofagasta in 2011, Ullrich was senior geologist for Almaden Minerals (TSX: AMM; NYSE-MKT: AAU), where he managed the drill program for the team’s discovery of the Ixtaca silver-gold deposit in Mexico. Cox points out that as far as he can tell, BHP’s earn-in with Aston is unusual, as the mining giant prefers not to invest in publicly listed juniors. “We did a lot of due diligence on BHP and their base metal projects, and we could only find three or four projects dating back to the late 1990s that they invested in through public companies,” Cox says. “It’s a pretty rare occurrence … and speaks to the utility of our asset. I think they like the asset enough to put up with us, that is, a small junior.” The last time this happened on a base metals project was with Anglo Potash. BHP signed a joint-venture deal with the Calgary-based junior, which had nearly 7,200 sq. km of potash permits in Saskatchewan, including a resource at Jansen Lake, 30 km from Potash Corp. of Saskatchewan’s (TSX: POT; NYSE: POT) Lanigan mine. BHP went on to acquire Anglo Potash in May 2008. Cox says Aston Bay will benefit hugely from BHP’s technical team, which he believes is second to none. “The level of technical brains BHP has is extraordinary,” he says. “They put a lot of thinking into their projects.” As for copper, Cox says its supply and demand fundamentals outshine every other metal. The 38-year-old mining executive, who has an MBA and an undergraduate degree in economics and medieval history, with a minor in business, previously worked in the front office at hedge fund D.E. Shaw, where he specialized in the red metal. “I ran a team of six people and we determined that copper was the only thing that really excited us, so when I left Shaw in 2010, the only natural thing to do was look for copper deposits,” he says. “Fundamentally, copper is irreplaceable — modern society cannot exist without it, and it’s the only commodity that we’re running out of. If you want to double the global supply of iron ore you can do it, but there’s not enough copper in resources within major mining company portfolios to even increase the supply 10%.” TNM

2016-06-21 6:29 PM