The Northern Miner March 1 2021 Issue 5 by The Northern Miner Group

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Endeavour Mining’s Sebastien de Montessus

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MARCH 1—14, 2021 / VOL. 107 ISSUE 05 / GLOBAL MINING NEWS · SINCE 1915 / $5.25 / WWW.NORTHERNMINER.COM

Former Xstrata boss creates Vision Blue Resources and invests in NextSource Materials BATTERY METALS BY TRISH SAYWELL

tsaywell@northernminer.com

ir Mick Davis built Xstrata into one of the largest mining companies in the world before it was acquired by Glencore in 2013 and has raised more than US$40 billion from global capital markets over the course of his career. Now the mining executive is turning his attention to the battery minerals sector and in December 2020 launched Vision Blue Resources to invest in companies with projects that can be brought into production quickly to feed the rising demand for metals used in the batteries of electric vehicles and grid storage. Vision Blue already has raised US$60 million and recently announced its first deal — a US$29.5 million investment in NextSource Materials (TSX: NEXT; US-OTC: NSRCF) — a Toronto-based junior that is developing its Molo graphite project in Madagascar. The funds will be sufficient to put the large flake graphite deposit into production as early as the second quarter of next year. Sir Davis will also become the company’s chairman.

| Demand outlook for graphite ‘is the strongest for all battery metals’ “UP UNTIL NOW THE LARGEST CONSUMER OF GRAPHITE WAS THE STEEL INDUSTRY, BUT THAT’S CHANGING BECAUSE LITHIUM BATTERIES TAKE A LOT OF GRAPHITE.”

INTERVIEW

Sir Mick Davis

M&A, the “magic box” and creating a Top Ten gold miner

VISION BLUE RESOURCES

BY TRISH SAYWELL

BRENT NYKOLIATION EXECUTIVE VICE PRESIDENT, CORPORATE DEVELOPMENT, NEXTSOURCE MATERIALS

The mining industry veteran noted that NextSource’s Molo project “has the potential to become one of the lowest cost producers of high-quality graphite in the world and a tier one multi-generational asset,” adding that “the initial stage of the project has been substantially de-risked, and we are confident that production can begin within a year.” The demand outlook for graphite, he said, “is the strongest for all bat-

tery minerals with no credible substitution risk and the potential for a six-fold increase in global annual demand.” Vision Blue Resources raised its first US$60 million in five weeks and the company says it has already

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Endeavour’s Sebastien de Montessus is our Mining Person of the Year

identified a pipeline of future investments to capitalize on structural changes in battery mineral demand. “The impact of rapidly growing demand for battery minerals is likely to lead to a surge in demand for specific commodities that will dwarf anything the mining industry has ever seen before, including the commodity impact of China’s industrialization in the last 20 years,” Sir Davis commented in a news release. “In combination with this surge in demand, a failure to develop new sources of supply highlights the need to ensure that critical mining assets are immediately financed and brought to production.” Sir Davis’ frenetic schedule prevented an interview with The Northern Miner, but Brent Nykoliation, NextSource Materials’ executive vice president of corporate development, described the investment as a game changer for the company and said since the deal was announced on Feb. 8 he has fielded calls from “about a dozen” companies interested in securing graphite from Molo. “It’s a huge coup for us to get someone of that caliber,” Nykoliation said in an interview. “The fact that we are fully financed by Sir Mick Davis has now caused companies to approach us and say, ‘Can we buy from you?’” The investment not only provides See BATTERY METALS / 5

THE RISE IN NICKEL PRICES: HOW DID IT HAPPEN AND WHAT’S NEXT? / 8

tsaywell@northernminer.com

ndeavour Mining (TSX: EDV; US-OTC: EDVMF) has become a Top Ten global gold producer since announcing two major acquisitions last year — Semafo and Teranga Gold. It is now the largest gold producer in West Africa with a production base across six mines in three countries, and has the largest exploration portfolio in the region, with a development pipeline of six greenfield projects. Last year Endeavour produced 908,000 oz. gold, up 39% year-on-year, at allin sustaining costs of US$860 per ounce, and announced its first-ever dividend. In less than 18 months it also reduced its net debt position by over US$660 million, ending See INTERVIEW / 6 PM40069240

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MARCH 1—14, 2021 / THE NORTHERN MINER

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

JOINT VENTURE ARTICLE Southern Silver’s Cerro Las Minitas project. SOUTHERN SILVER

Cerro Las Minitas has transformed Southern Silver into one of the largest, undeveloped silver projects in the world BY NORTHERN MINER STAFF

Southern Silver Exploration (TSXV: SSV) is sitting on one of the world’s largest undeveloped silver projects, Cerro Las Minitas in Durango, Mexico. The flagship property is now under 100% control of the company since it bought out its partner, Electrum Global Holdings, in September 2020 and the company is intent on not only making the project bigger, but better. Southern Silver acquired Electrum’s 60% interest in CLM for US$15 million in cash and shares, a price equivalent to only $0.09 per silver equivalent ounce in the ground. To fund the deal, the company floated a C$14.5 million private placement. Electrum remains committed to Cerro Las Minitas as it holds 24% of SSV. To complete the transaction for 100% ownership, Electrum will receive a $2 million cash payment plus $2 million in Southern Silver shares (20-day VWAP) in March, as well as the same again in September. The transaction simplified ownership and consequently management of the CLM project. Southern Silver considers ownership of Cerro Las Minitas, a transformative, value creating opportunity. Not only is it one of the largest – in terms of contained ounces – undeveloped silver-based projects in the world, but it is the highest grade project among the top 10 and full control will allow Southern to advance the project at an accelerated pace. Cerro Las Minitas has a resource of 272 million ounces silverequivalent by virtue of being a polymetallic sulphide deposit. There are indicated resources of 134 million oz. at a grade of 375 grams silver equivalent per tonne and inferred resources containing 138 million oz. at a grade of 334 grams per tonne. All of the resources contained in the current estimate were drilled in the western part of the project, in the Blind, El Sol, Las Victorias, and Skarn Front zones. The largest zone is

Skarn Front containing over 200 million silver equivalent ounces. But there is more yet to come. The current 10,000-metre drilling program covers the South Skarn and Mina La Bocona Extension targets on the east side of the property, VP exploration Rob Macdonald told TNM. None of the results from these targets to the east are included in the current resource estimate, but a 400-by-300-metre mineralized zone has already been outlined at the South Skarn target and two new high-grade zones have been identified in recent drilling. At Mina La Bocona, three targets are being tested: a new near-surface sulphide/oxide zone; the high-grade Muralla chimney and the La Bocona chimney which has been traced downward from the 210 level in the historical artisanal mine workings. Highlights from Muralla chimney include 704 grams silver equivalent per tonne over 4.0 metres and 728 grams per tonne over 5.2 metres and a thick gold-silver oxide zone was identified adjacent to the top of the chimney, starting just 20 metres below surface, and returned 0.87 gram gold and 24 grams silver per tonne – or 704 grams silver equivalent – over 30.9 metres making it a compelling target for future exploration. The current drilling program is being expanded by at least 5,000 metres, Macdonald said. There is evidence that drilling a further 400 metres to the northwest would encounter even more potentially economic mineralization. There are good reasons to consider expanding the drill program. On Feb. 9, 2021, Southern Silver released bonanza-grade drill results from the down-dip projection of the La Bocona chimney. Core averaged 1,072 grams silver per tonne, 18.8% lead and 7.5% zinc (2,040 grams silver equivalent) over 8.0 metres, including 3,180 grams silver per tonne, 58.8% lead and 2.3% zinc over 0.6 metres (5,148

Drill rig at the Cerro Las Minitas project in Durango, Mexico. SOUTHERN SILVER

grams silver equivalent per tonne). The drill results will form part of a new resource estimate and a preliminary economic assessment due out late in 2021. Many of the building blocks for such a study are already in place for the currently known mineral resource including metallurgy and a preliminary mine design where the proposed mining would involve mechanical mining

methods including long-hole stoping. Resources to the east may prove to have higher grades, but there is good continuity among the zones to the west. That means a fairly high volume of material could initially be milled to jump start cash flow. Initial metallurgical testing has confirmed that separate lead, zinc and copper concentrates can be made from Cerro Las Minitas ore

with excellent recoveries and grades meaning a high value for the potentially recovered ores. Composites of the Blind and El Sol zones produced lead concentrate (2,800 ppm silver, 68% lead and 2% zinc at recoveries of 82% silver, 90% lead and 4% zinc) and zinc concentrate (52% zinc at with a 78% recovery rate). Recent test results from the Skarn Front zone were tested and produced three separate concentrates, all of which received three stages of cleaning. The lead conc contained 65.1% lead and 5,505 grams of silver per tonne at recovery rates of 83.6% lead and 77.3% silver. The zinc conc assayed 54.0% zinc and 92 grams silver per tonne, recovering 94.7% of the zinc and 8.0% of the silver. Finally, a copper conc contained 27.0% copper and 1,255 grams silver with recovery of 60.2% of the copper and 6.5% of the silver. Additional mineral processing work done in 2019 and 2020 confirmed that a copper-lead-zinc flotation circuit can accommodate large swings in both overall grade and sulphide content. Testing also demonstrated that the circuit can handle a head grade six times higher than average by controlling reagent dosage only. Southern Silver is also working its Oro copper-gold-molybdenum project in the U.S. state of New Mexico. Here the team is hoping to outline a large porphyry discovery, but the project is less advanced than Cerro Las Minitas. SSV has a market cap of C$106.2 million and basic enterprise value of C$120.2 million, with 225.5M shares outstanding at C$0.47 at the end of January, 2021. The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by SOUTHERN SILVER EXPLORATION and produced in co-operation with The Northern Miner. Visit www.southernsilverexploration.com for more information.

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MARCH 1—14, 2021 / THE NORTHERN MINER

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GLOBAL MINING NEWS · SINCE 1915

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Endeavour’s Sebastien de Montessus is our Mining Person of the Year for 2020

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THE VIEW FROM ENGLAND

ompleting two major acquisitions in one calendar year is a significant achievement by any measure but to do so in the midst of a pandemic makes it even more remarkable — which is one of the reasons why we have chosen Endeavour Mining CEO Sebastien de Montessus as our Mining Person BY TRISH SAYWELL of the Year for 2020. tsaywell@northernminer.com Last March — just as Covid-19 started turning the world upside down — Endeavour announced the friendly acquisition of Semafo in an all-share deal valued at US$716 million — adding two cornerstone mines (Boungou and Mana in Burkina Faso) to its already sizeable portfolio of mining operations in West Africa. The deal made Endeavour not only the largest gold producer in Côte d’Ivoire and Burkina Faso but the largest gold producer in all of West Africa, with more than 1 million oz. of gold production a year. Endeavour followed that transaction with the announcement in November of the friendly acquisition of Teranga Gold in an all-share deal worth US$2 billion, which added the Sabodala-Massawa complex in Senegal, the Wahgnion mine in Burkina Faso, and two advanced assets— Golden Hill in Burkina Faso and Afema in Côte d’Ivoire. The transaction transformed Endeavour into the largest gold producer in Senegal and a new Top Ten senior gold producer with estimated annual production of 1.5 million oz. of gold across six core mines in three countries. It also meant Endeavour could meet the investment hurdles of larger funds and institutional investors. “You don’t always decide the timing of those things, but we saw it was the right timing and we were able to do it,” he says in a telephone interview from France. “We now have an amazing portfolio and a very strong position in West Africa and see a lot of organic growth and so I’m extremely happy with these acquisitions in what has been a very challenging year.” Since de Montessus became Endeavour’s CEO in 2016, the company has built two mines (Hounde in Burkina Faso in 2017 and Ity CIL in Côte d’Ivoire in 2019) — and created one of the largest portfolios in West Africa with 21 million oz. of measured and indicated resources and footholds in two world-class belts: Hounde in Burkina Faso and Ity in Côte d’Ivoire. On the exploration front, Endeavour’s team under his leadership has discovered 8.5 million oz. gold at an average discovery cost to date of about US$12 per oz., which the company says is six times lower than its West African peers. In 2020 Endeavour spent US$44 million on exploration across all of its assets drilling more than 73,000 metres at Hounde with 11 rigs; over 85,000 metres at Ity (eight rigs) and another 75,000 metres at its Fetekro greenfield discovery in Côte d’Ivoire; along with 4,000 metres of underground drilling at its Mana mine in Burkina Faso. In December Endeavour increased its stake in Fetekro to 80% from 65% ahead of a prefeasibility study it expects to finish before the end of the first quarter of 2021. The company ended 2020 with a net cash position of US$70 million after reducing its net debt by US$660 million in just 18 months, and in November declared its first-ever dividend. De Montessus’ affinity for Africa began when he was a child. He learned to walk at eight months in Niger, and spent his first two years in the West African nation, where his father, an engineer, was working for the World Bank drilling water wells. The family then moved to Cape Town in South Africa for seven years, where his father served as a project manager on the country’s first nuclear plant. “The first ten years of my childhood was in Africa and that’s probably why I was extremely attracted to Africa and to West Africa,” he said. “And it’s part of Endeavour’s culture, to grow local talent, giving as much chance as we can to all those brilliant local engineers to grow.” The CEO — who turned 46 in January — spends one to two weeks in West Africa every month and says it’s critical to develop relationships with governments and host communities. It helps that Endeavour’s assets are all in the same time zone and within a two-hour flight of each other. As a Frenchman and having logged more than a decade in West Africa, de Montessus also benefits from sharing the language spoken in eight countries in the region (Benin, Burkina Faso, Côte d’Ivoire, Guinea, Mali, Mauritania, Senegal, and Togo). More importantly he understands the norms and way of life. “I’ve been extremely attached to Africa, to this continent, and to West Africa. So I think I understand the culture and I think what they do respect is because we speak the same language, I understand also that they don’t have the same notion of time,” he says. “Some of the mining companies just fly in for a meeting and then fly out and they are surprised when the president, or the prime minister or the minister of mines, is not available. It’s all a question of how much do they feel they are important to you. If it’s just one meeting in your agenda because then you have to go to New York, or to Russia, or to another jurisdiction, you just don’t give the right message and the reality is that we are hosted in those countries and in order to be admitted, and taken care of by those governments, you need to show them they are important to you and you are ready to spend time there and to try to understand them.” TNM

COLUMN

| March is a good time to consider risk and reward

BY DR. CHRIS HINDE Special to The Northern Miner

t seems odd not being in Toronto during the first full week of March. For as long as I can remember, the Prospectors & Developers Association of Canada (PDAC) convention has started on the first Sunday in March. This year, however, not only is the first Sunday on the 7th (which is the latest it has been for 11 years) but the coronavirus leaves us with a Monday start. At least the mining industry’s largest convention is going ahead. For seven of the past nine years the four-day event has concluded on, or before, the Nones of March, but (as if we’re not already messed up enough this year) the one-week delay compared with 2020 takes us dangerously close to the Ides of March (Idus martiae). Like most Western countries, Canada traces much of its cultural heritage back to the Roman Republic, whose original calendar divided the days of each month into three groups. Kalends was day 1, Nones was day 7 and Ides was day 15 (in a 31-day month). Hence, days 2–6 in every month were described as “before the Nones”, days 8–14 were “before the Ides”, and the remainder were “before the Kalends” of the next month. Now, however, the middle of March is best known for the words of warning, “Beware the Ides of March”, that William Shakespeare had a soothsayer give to Julius Caesar, who was subsequently assassinated on that day in 44 BC. Only two years earlier, Caesar had ordered the New Year celebrations be moved from March to January (in honour of the God Janus, who is always shown with two faces, one looking to the past and one looking ahead). Despite Shakespeare’s best effort, mid-March is not historically a particularly risky time of the year (although we English suffered an especially nasty coastal raid from the French on March 15, 1360). Nevertheless, the thought of all those junior companies presenting at the PDAC convention in the days before the Ides of March warrants some investment risk-reward guidelines. First, of course; size does matter. Larger companies are better insulated from market shocks, and can ride out any drought in the availability of finance. With regard to reward, however, the share price of junior companies is more volatile, and there is a much greater upside potential following positive resource announcements. Investors in junior companies with a late-stage development, or mine, should be aware that highcost operations can become suddenly uneconomic if the metal price falls. The reverse is true (if you’re feeling lucky) for a rising metal price. Investors in developers also need to be aware that they will be diluted if the company issues equity to finance the project. In that regard, investors should ask about the company’s cash

holdings and on plans to secure additional funds. Mining is inherently a politically vulnerable business (you cannot move the deposit), so investors should generally focus on stable political regions. Stay away from countries with little respect for property rights and the rule of law. Investors also need to take a view on whether the assets are in greenfield or brownfield locations. The former has greater upside but higher risk and likely costs. Related to the location of the asset is whether the company has a license to operate and has the support of the local community. This will be linked to the company’s track record, particularly in that region, and how it has handled public relations. More generally, a company’s license to operate will be linked to its environmental, social and governance (ESG) performance. Investors need to decide on what level of diversity they require in terms of the commodities and countries in which the target company operates. Corporate concentration on a single metal and/or jurisdiction allows greater focus and expertise, but is of course riskier (the ‘eggs in one basket’ adage springs to mind). For many professional investors, the calibre of the management team is the most important element in an investment decision. Investors should look for management with: Skin in the game — They own equity (not just options) Clear vision — Can articulate plans to create shareholder value Business mindset — Ability to generate investment returns Transparency — Announcements are honest (and regular) History — Executives have a positive track record Expertise — Experience in the operating country/commodity. In mining there is a danger that the marketing hype, particularly for gold explorers/developers, runs well ahead of the underlying asset value. Investors should watch out for: Near-ologists — Deposits are not necessarily continuous Trendies — Jumping between metals/countries rarely makes sense Promoters — The more gold on them, the less is likely in their deposit Optimists — Executives need to know when to bail out Figureheads — Overpaid CEOs, who should only be rewarded for results. Perhaps investors should consider mines as ships. The American author John Augustus Shedd wrote in 1928 (the year he died) that: “A ship in harbour is safe, but that is not what ships are built for.” This phrase was quoted recently in Australia by the founder of Croesus Mining, Ron Manners, and sums up the risks and rewards of mining investment rather nicely. TNM Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm he set up in 2018 specializing in mining industry trends. He previously worked for S&P Global Market Intelligence’s Metals and Mining division.

COMPANY INDEX Adriatic Metals . . . . . . . . . . . . . . . 28,29 Agnico Eagle Mines . . . . .12,13,32,36,38 Alamos Gold . . . . . . . . . . . . . . . . . . . .13 Almonty Industries . . . . . . . . . . . . 43,44 American Lithium . . . . . . . . . . . . . . . .40 Anglo American . . . . . . . . . . . . . . 18,32 Antofagasta . . . . . . . . . . . . . . . . . . . . .18 Barrick . . . . . . . . . . . . . . . . . . . . . . 12,33 Baselode Energy. . . . . . . . . . . . . . . . . .50 Battle North Gold . . . . . . . . . . . . . . . .27 Bear Creek Mining . . . . . . . . . . . . . . .53 BHP. . . . . . . . . . . . . . . . . . . . . . .18,25,40 Big River Gold . . . . . . . . . . . . . . . . . . 16, Blue Sky Uranium . . . . . . . . . . . . . . . .53 C3 Metals . . . . . . . . . . . . . . . . . . . . . . .53 Cameco Corp. . . . . . . . . . . . . . . . . . . .13 Canada Nickel Company . . . . . . . . . .48

Chesapeake Gold . . . . . . . . . . . . . . . . .33 Chilean Metals . . . . . . . . . . . . . . . . . . .18 Clean Air Metals . . . . . . . . . . . . . . . . .51 Clean TeQ . . . . . . . . . . . . . . . . . . . . 10,11 Condor Gold . . . . . . . . . . . . . . . . . . . .54 Deep-South Resources . . . . . . . . . . . .54 Doré Copper . . . . . . . . . . . . . . . . . 48,49 Eldorado Gold . . . . . . . . . . . . . . . . . . .31 Endeavour Mining . . . . . . . . . . . 1,6,7,19 Energy Metals Inc. . . . . . . . . . . . . . . . .40 Equinox Gold . . . . . . . . . . . . . . .30,35,44 First Cobalt . . . . . . . . . . . . . . . .35,36,49 Fortescue Metals Group . . . . . . . . . . .40 Fuse Cobalt . . . . . . . . . . . . . . . . . . . . .49 Gatos Silver . . . . . . . . . . . . . . . . . . 12,23 Glencore . . . . . . . . . . . . . . . . . . .40,46,48 Goldsource Mines . . . . . . . . . . . . . . . .32

Gran Colombia Gold . . . . . . . . . . . . . .55 Graphite One . . . . . . . . . . . . . . . . . 49,50 INV Metals . . . . . . . . . . . . . . . . . . . . . .21 Ivanhoe Mines . . . . . . . . . . . . . . . . . . .39 Kore Mining . . . . . . . . . . . . . . . . . . . . .35 Kuya Silver . . . . . . . . . . . . . . . . . . . . . .35 Lundin Gold . . . . . . . . . . . . . . . . . . . . .52 Manganese X Energy . . . . . . . . . . . . . .50 Maple Gold Mines . . . . . . . . . . . . . . . .36 Newcrest Mining . . . . . . . . . . . . . . 33,52 Newmont . . . . . . . . . . . . . . . . . . . . . . .33 NextSource Materials . . . . . . . . . .1,5,19 Noble Mineral Exploration . . . . . . . . .48 Northern Dynasty Minerals . . . . . . . .33 Orezone Gold . . . . . . . . . . . . . . . . . 55,56 Osisko Development . . . . . . . . . . . 36,37 Osisko Mining . . . . . . . . . . . . . . . . . . .52

QC Copper & Gold . . . . . . . . . . . . . . .50 Renforth Resources . . . . . . . . . . . . . . .38 Rio Tinto . . . . . . . . . . . . . . . . . . . . 25,40 Rokmaster Resources . . . . . . . . . . . . .50 Roxgold. . . . . . . . . . . . . . . . . . . . . . . . .56 Rupert Resources . . . . . . . . . . . . . . . . .32 Seabridge Gold . . . . . . . . . . . . . . . . 33,37 SilverCrest Metals . . . . . . . . . . . . . . . .37 Skeena Resources . . . . . . . . . . . . . . . . .12 Solaris Resources . . . . . . . . . . . . . . 44,47 SolGold . . . . . . . . . . . . . . . . . . . . . . 21,33 Stratabound Minerals . . . . . . . . . . . . .37 Teck Resources . . . . . . . . . . . . . .13,20,47 Wallbridge Mining. . . . . . . . . . . . . . . .38 Yamana Gold . . . . . . . . . . . . . . . . . 13,38

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

BATTERY METALS From 1

enough money to put the first phase of the project (17,000 tonnes of graphite annually) into production by mid-2022, but will also enable the junior to fast-track two technical studies, Nykoliation said. The first will examine expanding production to more than 100,000 tonnes per year in a second phase of the project, and the second will assess building a facility that will convert the graphite into battery grade anode — also known as spherical graphite, or SPG. This purified graphite is then used for lithium-ion batteries. “At the end of the day, the original equipment manufacturers (OEMs) prefer to buy graphite in its finished state,” Nykoliation explained. “They want the graphite that goes into the battery. The graphite we will be producing in Madagascar is a flake concentrate, but the battery industry needs you to purify it. They want to buy the value-added graphite, because if they just buy your feedstock, then they have to have someone else convert it or do that themselves.” In October 2018, NextSource signed a binding off-take agreement for 20,000 tonnes of graphite a year over ten years, with a Japanese trading company that supplies Japan’s largest battery processor and manufacturer of graphite anode material used in lithium ion batteries for EVs. The company, which NextSource declines to name, supplies car companies around the world, including the largest EV maker in the United States. “They supply the majority of anode material to the Japanese OEMs; Subaru, Honda, Toyota and all the material goes into the Evs, and it is also the largest supplier of the most prominent EV maker in the U.S.” An updated feasibility study

President and CEO Craig Scherba walking across surficial graphite at the Molo project in Madagascar. NEXTSOURCE MATERIALS Inset: Drill core showcasing the graphite from the Molo project in Madagascar. NEXTSOURCE MATERIALS

released in September 2019, outlined a phased development approach with the first phase producing 17,000 tonnes of graphite a year over the first two years and a second phase beginning in year three of 45,000 tonnes per year.The study outlined a mine life of 30 years and initial

capex for phase 1 of US$21 million and phase 2 off US$39.1 million. (Capex and working capital combined bring the first phase estimate to about US$25 million.) But with the investment from Vision Blue Resources and rising demand for graphite, Nykoliation

said, the numbers for phase two in that study “are out the window now.” “The market has changed with all those car companies like GM saying they are going EV and forecasts doubling and even quadrupling for what they need for their batteries,” he said. “And the fact that Sir

Mick Davis is involved. The money from him pays for all of phase 1 and fast-tracking the mine expansion in phase 2.” Nykoliation said that the new studies being fast-tracked for phase two could see production rising from the 45,000 tonnes a year outlined in the 2019 feasibility study to well over 100,000 tonnes. The deposit contains 100.4 million measured and indicated tonnes grading 6.3% carbon graphite for 6.3 million tonnes of graphite and inferred resources of 40.9 million tonnes grading 5.8% carbon graphite for 2.4 million tonnes of graphite. The resource estimate used a cut-off grade of 2%. The plant for phase one will be modular — consisting of 35 units that are built and put together offshore, tested, then dismantled and shipped to Madagascar’s Fort Duphin port in Taolagnaro. NextSource forecasts it will take nine months to build the open-pit mining operation and get the plant up and running. Nykoliation cites statistics from the World Bank that forecast demand for graphite is expected to rise 494% from 2018 production levels by 2050. “Up until now the largest consumer of graphite was the steel industry,” he said, “but that’s changing because lithium batteries take a lot of graphite. Roughly 300 pounds of graphite is required for an electric car with a 100 kilowatt battery; it’s 2.2 kilograms of graphite for every one kilowatt hour in a battery. These are big numbers.” Nykoliation said Sir Davis’ team first approached NextSource in SepSee BATTERY METALS / 19

JOINT VENTURE ARTICLE

Sokoman seeks success at Moosehead in Central Newfoundland There are substantial gold resources in Central Newfoundland, people have just been slow to find them. Sokoman Minerals Corp. (TSXV:SIC) has doubled down on the Moosehead drilling program and added a second drill to unlock them. Company president and CEO Tim Froude compares Central Newfoundland to another famous gold camp. “It’s at the point that Timmins was in 1910. The dawn of gold in Newfoundland is now,” he said. The Moosehead project was only discovered in the late 1980s by a pair of prospectors working for Noranda. Sokoman’s discovery hole, MH-18-01 in the Eastern Trend, returned 11.9 metres at 44.96 grams gold per tonne, including 1.4 metres of 385 grams gold. Additional drilling traced the trend over 500 metres in length, 220 metres down-dip. The deposit is up to 10-metres thick and open. The 100%-owned Moosehead project lies along the Central Newfoundland Gold Trend as does Marathon’s Valentine Lake property 150 km to the southwest. (Froude discovered the Leprechaun deposit that will likely become an open pit producer at Valentine Lake.) Sokoman has reported so many “bonanza” grades at Moosehead that Froude has been called out for using the word. But the

Drill rig at Sokoman’s Moosehead gold project in Newfoundland. SOKOMAN MINERALS

orogenic lode gold deposit continues to deliver high grade assays. Between the Moosehead and Valentine Lake projects, Sokoman has two other gold properties – Crippleback Lake and East Alder. Both of these have been tested with till and soil sampling and are primed for drill testing. They are both promising and the company would welcome partners to advance them. Meanwhile, the focus remains on Moosehead. Thanks to a nonbrokered private placement of flowthrough shares last December, Sokoman has $4 million in its treasury, making the Phase 6 drilling

program fully funded. A remarkable feature of the Moosehead deposit is that the mineralization is virtually identical to that of Kirkland Lake Gold’s successful Fosterville mine in Australia. Froude has travelled to that site and returned with vein and host rock samples that look the same as those from Fosterville. “If you are checking boxes and putting the two in context, the deposits have the same relative age, same rock types, comparable rock history, same vein geochemistry with antimony and arsenic,” said Froude. Between 1990 and 2004 about 10,000 metres were cored at

Moosehead, mainly to depths of less than 100 metres. Only one hole went deep and cut 278 grams gold over 0.45 metres at a depth of 257 metres. The current Phase 6 program began in the autumn of 2020, and has been doubled to 20,000 metres with the addition of a second rig in February. Highlights include 4.6 metres of 47.20 grams gold and 8.1 metres of 68.70 grams gold in the Footwall Splay and Main zone, respectively, in hole MH-20-115. Hole 123 cut 5.0 metres of 26.88 grams gold, including 2.2 metres at 60.59 grams gold at the South Pond undercutting float material that

graded 36 grams gold. “Some of the best results have come from this phase,” Froude said, adding, “the best part of this project could be ahead of us.” Sokoman is not yet ready to report resources at Moosehead, due to the veiny nature of the mineralization. Only after additional drilling boosts confidence in the structures, will an estimate be made. A preliminary interpretation speculates that the Western Trend and the South Pond zone converge at depth. Shear zones drilled on the property remain open in all directions. As far as the future of gold mining in Central Newfoundland goes, “Moosehead is one of the bright lights,” said Froude. “It’s nice to see the spotlight on projects in our own backyard.” Sokoman has a market cap of $32.2 million with 142.9 million fully diluted shares outstanding. Shares were trading at $0.20 each in midFebruary. The preceding Joint Venture Article is PROMOTED CONTENT sponsored by SOKOMAN MINERALS CORP. and produced in co-operation with The Northern Miner. Visit www.SokomanMineralsCorp.com for more information.

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MARCH 1—14, 2021 / THE NORTHERN MINER

INTERVIEW From 1

2020 with a cash position of US$70 million. This year the company’s priority is to unlock value organically through mine life extensions, asset optimization initiatives and by advancing its brownfield and greenfield projects through studies and exploration. It is also planning to list on the London Stock Exchange in the second quarter of the year. The Northern Miner recently caught up with the CEO at his vacation home in France. He lives and works in London, where the mining company has its headquarters. This is an edited version of our conversation on February 5.

“WHAT’S VERY IMPORTANT FOR US IS THAT WE WANT TO REMAIN FOCUSED IN WEST AFRICA BECAUSE WE DO SEE A LOT OF OPPORTUNITY IN THIS REGION.” SEBASTIEN DE MONTESSUS

THE NORTHERN MINER: You ex-

ecuted two large acquisitions last year. That’s phenomenal. SEBASTIEN de MONTESSUS: First of all it’s not M&A just for the sake of M&A. And in order to seize opportunities you have to be extremely agile and you’ve got to have the right team with you to be able to move forward quickly. If you take the case of Semafo, a year before, that was 2019, we had done comprehensive due diligence and negotiations between Semafo and Endeavour, if you recall it was probably six months after they commissioned Boungou, and therefore they had a very strong rally in their share price. We were just finishing the construction of our major Ity mine and therefore, we were not yet benefiting from a re-rating after commissioning and therefore when we did the due diligence we basically concluded that we were unable to find grounds in terms of valuation, from both sides to make a deal happen, so we just

CEO, ENDEAVOUR MINING

left the Semafo subject there, and we said, ‘Look, maybe another time.’ And as you know in M&A, it’s about windows and conditions to make

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things happen between valuation, between the teams, the management, the board, the shareholders. There are a number of factors that need to be

aligned to make a deal happen. And unfortunately, after the Bougou attack on the Semafo asset, I think that the management of Semafo was a bit shocked by the violence of the attack, and I think that they realized at that time, in January 2020, that they were extremely fragile with two assets in the same country, it was a challenging country, it was probably better for them to agree on a combination with Endeavour — to be part of a larger group with more assets and more diversified geographically. And obviously after the Boungou attack their share price had been significantly underperforming, and therefore the conversation was much easier than a year before, and given that at that time we had done all the due diligence it was a very, I would say, easy and quick conversation because we had already done all the due diligence. And I think we were lucky enough to strike a deal in the beginning of March — March 20 — just three weeks ahead of the epidemic and the major first lockdown. If we look at the Teranga transaction and the history behind the transaction, we had done in the past, a few years ago, some due diligence on Massawa when Mark Bristow at Randgold wanted to sell this project. When we looked at it we concluded that the most obvious owner of this asset was Teranga because of the proximity of the Sabodala plant and therefore at the time I said to Mark, ‘Mark, you should sell this asset to Teranga.’ But there was at the time a bit of tension I would say between Teranga and Mark, and what I told him was, ‘Look, I’m going to introduce you to David Mimran, the major shareholder of Teranga. He’s an African and I’m sure you’ll get along very well,’ and the introduction I would say eased the conversation between the two companies and they were then able to strike this transaction between the two companies and shortly after they announced the transaction, David called me and said: ‘Now that we have Massawa as part of our Sabodala complex, why don’t we do a merger between Teranga and Endeavour?’ I told him ‘Look, we’d just announced the Semafo transaction so it might take a bit of time before we are ready,’ and shortly after that, Bristow called me and said: ‘This is a onetime opportunity because you’ve got

the two biggest shareholders that are supportive of this transaction. We believe that Endeavour is rightly placed first of all, to develop the Sabodala-Massawa complex, and secondly to take this new Randgold position in West Africa, so let’s do it,’ and I think I was helped with a great team that wasn’t shy in efforts in completing one transaction and then moving to the second one, with all the complexity as you can imagine of doing those things through different lockdowns and within this Covid-19 crisis, including integrating Semafo on one side while doing the acquisition of the second one, and now we’re working on the integration of the second one. So it’s been a pretty busy year but this Teranga acquisition was I would say a logical add-on to our portfolio one day or another, simply because it was providing us with a potential Tier One asset with Sabodala-Massawa, but more importantly was giving us this diversification across three major countries in West Africa rather than being too focused on Burkina after the Semafo acquisition. I must say I’m glad and extremely happy with those two acquisitions because this allows us to complete the fiveyear strategic plan that I had built when I joined Endeavour back in 2016. We now have an amazing portfolio. We have a very strong position in West Africa and we see a lot of potential going forward with our organic growth and our portfolio, so I’m extremely happy with this 2020 challenging year. TNM: Do you think the gold industry

needs more consolidation? SdM: Well I do think that the consolidation in the sector needs to continue, simply because if this industry, which is extremely small within the natural resources sector, wants to attract generalist funds, we need to have bigger names that are more relevant for generalist funds. So I do believe like others, and with Mark Bristow in particular, that this industry needs to continue to consolidate. TNM: Is more M&A in Endeavour’s

future? SdM: I think we’ve done our share and we’ve now completed two major acquisitions. We are extremely See INTERVIEW / 7

GLOBAL MINING NEWS

INTERVIEW From 6

happy with the portfolio that we have. What’s very important for us is that we want to remain focused in West Africa because we do see a lot of opportunity in this region and being focused in one specific region from an operational standpoint is a big plus. It’s much easier. Much more synergies. And much easier for me from a management perspective, to have to stay in one time zone. When I’m travelling to West Africa I’ve got all my different sites, which are I would say, a two-hour flight from each other. So for example, last week, I spent ten days in West Africa and I was able to go to the three countries and to five out of the seven assets that we currently have. So it’s extremely efficient. The current portfolio we have now has major organic growth, with two projects that will go into construction in 2022, a big budget for exploration, and hopefully with new greenfield discoveries to come, and therefore we don’t see any more the necessity for external growth or M&A. TNM: You spend one to two weeks a

month on the ground in West Africa. SdM: It varies between one to two weeks a month. We tend to quantify ourselves as hands-on management, spending a lot of time on the ground for two reasons. One is that things are happening on the ground, and not in London, and I tend to keep a very lean structure centrally at the headquarter level. So as part of our organization, the general manager of the mine site is really at the heart of our organization. He has all the levers to deliver his budget, which is production, cost, and cash flow, and we are there to support him. And to understand all the issues they are facing — all our GMs — obviously you need to spend a lot of time on

THE NORTHERN MINER / MARCH 1—14, 2021

the ground to understand them. The second thing is I’m spending a lot of time with our communities and our host governments in trying to understand what can we do to be their preferred partner when we speak about gold mining. We are currently the largest gold producer in West Africa. If you take Senegal, we are the largest gold producer; Burkina Faso we are the largest gold producer; Côte d’Ivoire we are the largest gold producer. In Burkina Faso, for example, about 60% of the gold production in the country comes from Endeavour and we are the largest private company in terms of employment. So this gives us a lot of responsibility. The governments in each of the countries where we operate see us as a potential role model for the other mining companies and for this you need to spend time there to understand what they are looking for and what we can do better to improve those relationships and make sure that all stakeholders are benefiting from those operations. TNM: One of the things that seems to

differentiate Endeavour from most of its peers is your “magic box” criteria: Development projects and mines need to have all-in sustaining costs below US$850 per oz. and have a ten-year mine life. And you’ve always said that you’re not about production, you’re about controlling cash flow and capex — the things that are in your control — unlike the gold price. While you’ve been at Endeavour you have also announced the sale of four mines that haven’t met that criteria and you’ve often said you can’t be emotional about your mines, you have to get rid of them if they don’t fit into that “magic box.” SdM: The main reason why we call this the ‘magic box’ and I’m really focused on this magic box is, at the end of the day, mine life gives you visibility, and if you are able to have

at least a ten-year mine life ahead of you, it means that you have time for exploration to either extend this mine life or to be able to prepare the next projects that will give you the answers to replace the end of one mine. The difficulty when you have a short mine life like three years or five years, is that, as a CEO, you already know that you need to prepare your next move, and if you don’t have that move internally, it means that you’re going to have to do some M&A and you’re going to be forced into M&A and this leads usually to crazy decisions where you prepare to pay whatever value to get your next mine simply because you are running out of production. So having visibility allows you to control your destiny. Then on the all-in sustaining costs, being able to be below US$800US$900 — US$850 per oz. — is basically the bare minimum required so that whatever the gold price — obviously when gold prices are US$1,800 it is a different story — but we know that this is an extremely volatile market and there are some ups and downs and the down can go down as low as US$1,000 per oz., as we saw three years ago, so with US$850 per oz. AISCs it allows you to continue to generate cash, and be able to allocate the cash you generate to your four pillars and those four pillars are: sustaining and nonsustaining capex to maintain your current operations; so obviously you need to continue to invest every year in your existing operations; the second pillar is exploration. You need to be able to build and prepare your greenfields and discover the next ounces that will help extend your mine life or build your next projects. The third pillar is having the capacity to build your next mine, if you’ve got financial constraints and don’t have the balance sheet to develop your next mine, then you’ve

got a problem. And the fourth one is being able to reward shareholders who are backing you across cycles, by providing the right returns to them, either through dividends or through buy-backs. So the only way to address those four pillars on a regular basis, irrespective of the gold price, is to ensure your costs remain below US$850. That’s the only way. Otherwise what happens is that you usually have to make some compromise; and usually those compromises start by stopping exploration; stopping dividends for shareholders; not being able to build you next mine; and ultimately die. So those criteria are extremely important to build what I would call a resilient business across cycles, and that’s what we’re trying to do and I’m trying to achieve with Endeavour, is making sure this company can be resilient across cycles for the next 20 or 30 years. TNM: Your AISC guidance for 2021

is a bit higher — at about US$900US$950 per oz. How can you get those AISCs down to your goal of US$850 per oz.? SdM: The current guidance was including Agbaou and Karma, and we’ve announced that those assets are becoming non-core as part of the Teranga transaction. So if you take out Agbaou and Kama, and you include Teranga’s two assets, Wahgnion and Sabodala-Massawa, you will see that this portfolio is around US$850 per oz. or below in terms of AISCs. And we’ll come up with updated guidance as soon as we close the Teranga transaction. TNM: In November you announced

Endeavour’s first ever dividend. How did that feel? SdM: I’m extremely happy to reward shareholders that have been backing us. Back five years ago when I took over Endeavour, it was a

US$300 million market company with US$300 million of debt, and not able to fund the construction of Hounde, which was an amazing project. Since then, we’ve basically invested close to US$1 billion to build Hounde and Ity, plus on top of that spending US$40-45 million a year on exploration. We went to a peak of US$660 million net debt in mid-2019 and in less than 18 months we’ve been able to eliminate all that debt and come up with a US$70 million net cash position at the end of 2020. So it just feels like all the efforts we’ve put in and the strategy that we planned is paying off and therefore we’re extremely happy to be able to reward the shareholders that have been backing us for the last four or five years. TNM: Endeavour is one of the few

companies that has announced hard targets on finding gold ounces. You said your company under VP Exploration Patrick Bouisset would find 10 to 15 million oz. of gold over five years. And then between 2016 and 2020 you discovered 8.5 million oz. through drilling, is that correct? SdM: Yes we said back in 2016: ‘Let’s be ambitious in terms of exploration strategy and we said we can be ambitious because West Africa, and in particular the Birimian Greenstone Belt that we are targeting across West Africa, is extremely prolific, and this is why so much of the region has potential for new discoveries. Why are we focusing on Africa? The most obvious reason is that over the last ten years it’s been the biggest region worldwide in terms of ounces of discoveries and we knew that through the portfolio we had between La Mancha and Endeavour, when we joined Endeavour and La Mancha, that we had an amazing portfolio. And we said, which was See INTERVIEW / 19

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GLENCORE

NICKEL

PRICES How did we get here and what comes next? NICKEL

BY ANTHONY MILEWSKI Special to The Northern Miner

ickel prices have risen substantially over the past 12 months and are edging closer to the US$9 per lb. or US$20,000 per tonne threshold that analysts believe could spur investment in new supply. Nickel prices, however, have been dogged by an anchor over the past decade, so it’s important to take a look at how we got here before trying to determine what might come next. Broadly speaking, about two-thirds of global nickel production goes into the stainless-steel market. Now impacted by pandemic-induced production curtailments, this market is currently awash with raw material. As a result, even those nickel producers intending to penetrate the high-end battery market, deal with prices impacted by the stainless-steel industry. Stainless steel producers have the rare luxury of being able to accept all forms of nickel. They can take Class 1 nickel, which is 99.8% purity in the form of cathode, briquettes or oxide. They can take stainless steel scrap, which contains nickel, which is supplied by a significant recycle scrap industry both in Europe and in the United States. And they can

| Major Western investors got ‘severely burned in the last upcycle.’

“THE BATTERY MARKET HAS TO USE CLASS 1 NICKEL, WHICH RULES OUT NPI AND ANY OTHER TYPE OF NICKEL WITH IRON CONTENT.” ANTHONY MILEWSKI CHAIRMAN OF NICKEL 28 CAPITAL CORP.

also use ferronickel or nickel pig iron (NPI). Of these, NPI forms the largest part of the current anchor on nickel prices. To understand today’s pricing, we have to look back to pre-2007, when there was a squeeze on nickel prices. To fill the supply gap, companies made big bets by investing in massive projects with multi-billion dollar capex requirements. For example, Sherritt International invested in Ambatovy in Madagascar, Vale Inco in the Goro project in New Caledonia, Sumitomo Metal Mining in Coral Bay in the Philippines, and BHP in Ravensthorpe in Australia. Every

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single one of these projects destroyed capital with massive cost overruns and technological challenges. Then add some other multi-billion-dollar plays including GlencoreXstrata and its Koniambo mine in New Caledonia, and Anglo American and Vale investing in the Barro Alto and Onça Puma projects, respectively, in Brazil. In total, these projects were slated to bring to market between 300,000 tonnes and 500,000 tonnes of nickel per year. The problem is these large projects took longer than anticipated to build, commission and ramp up. In many cases, they even failed to reach nameplate capacity. A supply crunch followed, and nickel surged See NICKEL / 9

GLOBAL MINING NEWS

from approximately US$6 per lb. in March 2006 to a peak of US$22 per lb., or US$54,000 per tonne, by May 2007. The impact of ‘dirty’ nickel Consumers took issue with the high prices. Investors in China, at the time still riding high on the commodity super-cycle, started to explore alternatives to get nickel units to market quickly and cheaply. The Chinese found they had a nickel source right on their doorstep in the form of laterite ores in Indonesia, New Caledonia and the Philippines. They found the laterite ores, which typically grade about 1% nickel and over 30% iron, amenable to processing in redundant pig iron blast furnaces. The initial forms of NPI graded low in nickel, at about 1%-2% and the balance was iron. But the Chinese found that they could get a significant amount of nickel for their stainlesssteel industry by doing this, even if it was inefficient and pollution heavy. The Chinese went from zero tonnes of nickel (NPI) supply per annum 2006 to 600,000 tonnes per annum in 2019, and the Chinese found they could cover the majority of domestic demand for stainless steel from NPI. It’s also essential to understand that in 2007, global nickel supply amounted to approximately 1.5 million tonnes. By 2020, in order to meet demand, nickel supply had grown to 2.5 million tonnes. However, of that additional ~1 million tonnes of nickel supply coming online over the last 13 years, 60% or 600,000 tonnes, is in the form of NPI from very low-cost Chinese sources. China’s NPI play pulled the floor out from the LME nickel price, and it collapsed, falling from its high of

US$22 per lb. in May 2007 to a bottom of just over US$4 per lb. in 2016-17. This was compounded by massive capital blowouts in some of the multi-billion-dollar projects such as Ambatovy and Goro, which saw budgets ballooning from US$1 billion to US$2 billion up to the US$8 billion to US$9 billion range. Very few companies were able to stomach the cratering nickel market and, as a result, these projects started to languish. It was a perfect storm that caused Western companies to halt new investment in nickel projects. From their point of view — a perspective that lingers today — the circa US$50 billion in sunk nickel investments is lost money because nickel prices didn’t support the payback periods, net present values (NPVs) or internal rates of return (IRRs). The battery factor Currently, about 60% of the 2.5 million tonne market goes to stainlesssteel production, and the balance goes to super-alloys, chemicals, and now battery precursors. It’s the last of these that has the power to change nickel’s future. Independent authorities such as Benchmark Mineral Intelligence and Wood Mackenzie estimate consumption of battery precursor materials in 2019-2020 at about 150,000-200,000 tonnes per year, with growth estimates of 25%-30% per annum. The battery market has to use Class 1 nickel, which rules out NPI and any other type of nickel with iron content. That means about 60% of the nickel production that has come online over the past several years cannot be used in the battery market. In context, of the 2.5 million tonnes of refined nickel produced in 2020, only about 600,000 tonnes or roughly 25%, is suitable for the

production of battery precursors and cathodes. Given the steep battery-driven demand growth curve, nickel consumers are starting the flash the warning signal that within just a few years there will not be enough battery-grade metal available. Now, because major Western investors got severely burned during the last upcycle, many investors and companies remain hesitant to invest in new production. This reticence is all the stronger because China has spotted the looming gap and is investing in new high-pressure acid leach (HPAL) production to meet the anticipated demand of nickel suitable for lithium ion battery production, with three plants currently under construction in Indonesia. HPAL is the chosen process of Chinese companies to secure nickel supply for their growing EV industry in the same context as NPI supply was brought on line in 2006-2009 to feed the nickel appetite for growing Chinese stainless steel production. Where does nickel go from here? China maintains that new supply for the battery sector can be brought online very quickly, similar to their introduction of NPI production in 2006-2009. As a result, despite the fact that the mining sector is famous for delays, the market continues to believe that new capacity will be achieved quickly, similar to the NPI boom of 2008-2010. This is where it gets interesting. These projects take on average a decade to complete from construction to ramp-up to full capacity. Given the industry’s track record, industry insiders, many of them members of The Nickel Institute, believe China’s new capacity will in fact take longer and cost more to execute successfully. That brings us back to the rising

demand for battery-grade nickel. The question is: If nickel demand exceeds 600,000 tonnes per year for batteries, and there’s not sufficient supply because the West is reluctant to act and new Chinese-controlled supply is probably several years out from completion, what’s going to happen to the nickel price? Given the limited supply sources that would be available, any production from the new Chinese plants would almost certainly prioritize their domestic industry demand. This would leave Western battery companies such as Panasonic, Umicore, and BASF, with a far more challenging time securing nickel units. Ultimately, they would find that they have to start paying a premium for material. The nickel price would therefore start to appreciate very rapidly. Considering the risk of another paralyzing price spike, you would have thought the West would have numerous initiatives underway to develop new sources of supply. However, most investors still refuse to move out from the shadows of the sins of prior nickel cycles, where technology issues and soul crushing multi-billion dollar cost overruns were the norm and are not allocating to the space in size. In their mind, any new nickel project needs to pass the acid test of being profitable at US$5 per lb. nickel because some commentators believe that could be the long-term baseline should China bring new HPAL nickel supply on rapidly. So instead, they appear to be waiting to see what happens with the Chinese projects being built in Indonesia and elsewhere. Expect 2021-22 to be a telling period because that’s when those Chinese lead HPAL projects in Indonesia are scheduled to come into production. If they are not available to the global market in time and in

Anthony Milewski is the chairman of Nickel 28 Capital Corp. (TSXV: NKL). The company has an 8.6% joint-venture interest in the Ramu nickel-cobalt operation in Papua New Guinea. In addition it has a portfolio of 13 nickel and cobalt royalties on projects in Canada, Australia, and Papua New Guinea.

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sufficient capacity to serve its needs, or if they do come online but only serve China’s domestic battery industry, nickel customers in the West and the nickel price itself could be in for quite a ride. TNM

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NICKEL From 8

THE NORTHERN MINER / MARCH 1—14, 2021

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MARCH 1—14, 2021 / THE NORTHERN MINER

Clean TeQ’s Sunrise battery materials complex in Australia is construction ready INTERVIEW

| Ore reserves sufficient to support a mine life of over 50 years

BY TRISH SAYWELL

Sunrise air and dust monitoring stations. CLEAN TEQ

tsaywell@northernminer.com

lean TeQ’s (ASX: CLQ; USOTC: CTEQF) Sunrise project in New South Wales, Australia, is one of the largest nickel/ cobalt deposits in the world and one of the largest and highest grade accumulations of scandium ever discovered. The project has proven and probable reserves of 143.3 million tonnes grading 0.59% nickel, 0.10% cobalt and 47 parts per million of scandium for 843,000 tonnes of contained nickel, 142,000 tonnes of cobalt and 10,300 tonnes of scandium oxide — enough ore reserves to support a mine life of more than 50 years. The project envisions delivering 2.5 million tonnes of ore to the leach circuit every year. Nickel and cobalt production will be refined on site to either battery grade sulphate or, as envisaged in the latest phase of studies, cathode precursor for the global lithium ion battery market. Production will support anywhere between 1-2 million electric vehicles per year. In addition to the nickel and cobalt, the Sunrise mineral resource contains enough scandium to produce 16 million tonnes of aluminumscandium alloy, the company says. Average annual (metal equivalent) production rates in the first decade of the mine life are forecast to total 21,293 tonnes a year of nickel and 4,366 tonnes of cobalt. Capex, including a contingency, is forecast to come in at about US$1.83 billion. Average annual post-tax free cash flow is estimated at US$306 million on revenues over the life of mine of US$16.3 billion, based on US$24,200 per tonne nickel (inclusive of sulphate premia); US$59,200 per tonne cobalt; and US$1,500

per kilogram of scandium oxide. At an 8% discount rate, Sunrise is expected to generate a post-tax net present value of US$1.21 billion, a post-tax internal rate of return of 15.4% and pay back the capex in just over five years. The Northern Miner recently caught up with Clean TeQ’s Melbourne-based CEO Sam Riggall, and asked him for an update on the project and his outlook for nickel and cobalt markets. THE NORTHERN MINER: An inte-

grated Clean TeQ/Fluor engineering

“THE MINE AND PLANT HAVE BEEN DESIGNED TO RUN ON 100% RENEWABLE POWER, WHICH WILL GIVE IT ONE OF THE LOWEST CARBON FOOTPRINTS IN THE NICKEL INDUSTRY.” SAM RIGGALL CEO, CLEAN TEQ

team completed a project execution plan for the Sunrise project late last year. How far along are you with the project now? SAM RIGGALL: The project is permitted and ready to commence devel-

egend of the mining industry, Dennis Laubscher, South Africa’s and the world’s foremost authority on block caving techniques, died on Feb. 3 at the age of 91 in Port Elizabeth. He is survived by his wife Michelle and two adult children. Born in Tulbagh, Western Cape, on Oct. 1, 1929, Laubscher earned a BSc (Eng) in mining geology in 1952 and a PhD in 1964, both from the University of the Witwatersrand. His career was highlighted by numerous awards: the South Africa Institute of Mining and Metallurgy (SAIMM) Gold Medal in 1995, a Lifetime Achievement Award from the South African Institute of Rock Engineering in 1998, the De Beers Mass Mining Award at Massmin 2000, and the Brigadier Stokes Platinum Medal from the SAIMM in 2007. His career included a two-year stint as an exploration geologist with Bethlehem Steel and a 29-year position with African Associated Mines in Rhodesia (now Zimbabwe) as a mining geologist and geomechanics consultant. He joined Steffen Robertson and Kirsten, the forerunner of today’s SRK Consulting, in Johannesburg in 1984. Laubscher created his own consulting firm in 1987 and, until shortly before his death, he was active in Australia, Canada, Chile, Greece, Indonesia, Namibia, Papua New Guinea, Peru, the Philippines, South Africa, Swaziland, the United States, Zambia, and Zimbabwe. In the 1970s, while working on mines in Rhodesia, Laubscher’s first major contribution to the caving industry was the introduction of the mining rock mass rating system (MRMR). This classification system evolved from Z.T. Bieniawski’s rock mass rating system (RMR) and was specifically designed for caving mines. It was intended to help mining practitioners effectively communicate between disciplines and to provide a tool for developing empirical guidelines for mining method selection and cave design. This classification system was updated in 2000 and is used successfully as a “yardstick” even today. In 2000, International Caving Study (ICS) published the first comprehensive manual on block caving—a practical handbook authored by Laubscher. This manual was not widely available, but demand for more information about the method was growing. So, in 2017, using the previous manual as background information, the University of Queensland in Australia published the Guidelines on Caving Mining Methods, co-authored by Laubscher, Alan Guest, and Jarek Jakubec. As he traveled the world, Laubscher made unique and lasting friendships and was a mentor to many. His colleagues around the world responded to news of his death with their observations on his legacies. An “uncompromising humanist,” he made an impact on people as well as projects. He has been called a “titan” of the mining industry, a “pioneer” of block caving, and “the John Wayne of rock mechanics.” The mining world has indeed lost a true original. Laubscher’s contributions to the industry and its people will remain a stellar legacy.

opment. We delivered the Project Execution Plan in September 2020, which updated the definitive feasibility study (DFS) with a significant amount of engineering — in fact, we’ve spent about A$70-A$80 million (US$53-US$61 million) in the past 18 months —to ensure we’ve front-end loaded the project for successful delivery. Construction will take about three years. So the focus now is on financing. We have a strong consortium of international banks on the debt side, targeting gearing of about 50% for the project. On the equity side, we are looking for one or more strategic partners into whose supply chain Sunrise can be fully integrated, with a view to controlling and driving down battery raw material costs. This includes cell manufacturers, cathode producers, auto original equipment manufacturers (OEMs) and trading houses, all of whom are looking for long-term, safe and reliable supply of battery materials. Electric vehicles demand new approaches to supply chain management, which is reflected in Sunrise’s design philosophy. Overall, the project is in really good shape. It is a large, unique asset in a market that needs ridiculous volumes of these key metals. TNM: Clean TeQ says without con-

trolling nickel and cobalt costs there is no economic EV strategy. And Sunrise will have negative C1 cash cost per lb. of nickel after by-product credits over the first 25 years of its mine life. How can Clean TeQ keep the cost so low? SR: Recent estimates suggest nickel and cobalt use in batteries will need to grow, respectively, at 35% and 20% annually over the next decade, mostly because of electric vehicle demand. These are growth rates that these metal markets have never encountered, let alone sustained. When you look at the global pipeline of new nickel and cobalt projects it’s difficult to see where this

metal is coming from, even if you anticipate high incentive prices. In our view, metal consultants and industry analysts are playing a very dangerous game, having little regard to the development challenges for these two metals when assessing the true potential of industry project pipelines. This is not lithium, where resources are geologically abundant, in safer parts of the world and with relatively low capital intensity. So, in a market that is on the cusp of explosive growth, the nickel and cobalt cupboard is relatively bare, a fact that we believe is not well understood in the boardrooms of the global automakers. But even if we assume individual OEMs can secure the metal they need over the next decade or two, they are horribly exposed to metal price volatility. We estimate that for a battery plant the size of Tesla’s Gigafactory in Nevada, a move back to historic high nickel and cobalt prices adds about US$1.8 billion in additional nickel and cobalt procurement costs, when compared to fully integrating raw material supply with a cost structure similar to Sunrise. It adds about US$50 per kilowatt hour to pack costs, which is simply unsustainable. The reason Sunrise has a negative nickel cash cost is that it benefits from exceptionally high cobalt by-product credits. The project’s cobalt-to-nickel ratio is between three and five times higher than existing laterite operations today, so at today’s cobalt price, our cobalt revenue would cover all our cash production costs. We also benefit from very low acid consumption given the relative absence of alkali minerals in the resource. Sunrise is one of the largest, if not the largest, cobalt resources in the world outside the DRC. TNM: Are you concerned at all about

new or evolving battery technologies that might use less cobalt or perhaps none at all? SR: Despite battery manufacturers wanting to reduce their dependence on cobalt it is still extremely important. We still see significant interest in cobalt when discussing offtake for Sunrise, which suggests to us that, despite the public announcements, most OEMs see it having a role in their future cell chemistries. We See INTERVIEW / 11

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

INTERVIEW From 10

Cobalt sulphate. CLEAN TEQ

Autoclaves for the Sunrise project delivered to Australia. CLEAN TEQ

TNM: What are the current dynamics

around cobalt supply? SR: It’s hard to identify where future cobalt supply is going to come from, even under the most conservative EV forecasts. Bear in mind that, as a by-product, companies rarely decide to build a new cobalt mine. It is usually copper and nickel pricing that drives the economics of new cobalt supply, which adds an additional layer of complexity for forecasts. The DRC will remain the key source of supply for the foreseeable future because geologically there is no alternative. But as I said earlier, we expect the supply chain in DRC to mature and provide a level of transparency and assurance that automakers will eventually be comfortable with. And that would be a great outcome for a country that needs foreign investment and communities that will benefit from new industrial development. Rarely mentioned are other markets for cobalt. Cobalt is a nonsubstitutable metal in high temperature super-alloys for jet aircraft engines, both civilian and defense. Likewise, it’s important in some chemical industry applications. As you can imagine, for a country like the United States, as the world’s largest manufacturer of advanced jet aircraft engines, almost 100% reliance on DRC mining and Chinese refining creates some supply chain vulnerabilities and strategic dependencies. With new and recommissioned mine developments in DRC over coming years we expect the cobalt market to be relatively well balanced until 2023/2024. Beyond that it is hard to see what other projects are available. That’s where Sunrise is important. It will rank in the top 10 cobalt producers globally — the largest outside DRC — which provides alternatives for customers

Left: A Sunrise site visit attended by (L-R): Sam Riggall (Clean TeQ CEO); the Hon. Matthew Canavan (Senator and former Minister for Natural Resources & Northern Australia); Councillor John Medcalf (Mayor of Lachlan Shire Council); the Hon. Mark Coulton MP (Member for Parkes); and the Hon. Michael McCormack MP (Deputy Prime Minister of Australia). CLEAN TEQ

TNM: You believe that nickel oxide

Precursor, cathode and battery cells manufactured using Sunrise nickel and cobalt. CLEAN TEQ

looking for lower risk. New laterite developments in Indonesia will also provide some additional tonnage in the near term, but we expect some of these projects to be delayed and over budget, now the Indonesian government has banned deep sea tailings disposal. If you’re a director of a global automaker, the first question you should be asking your management and procurement teams is: do we have enough nickel and cobalt for the back half of this decade? While supply-demand curves look at metal balances in a given year, procurement discussions for those metals can commence many years earlier, and you may therefore find markets tightening much faster than expected. I think we are starting to see some of that now reflected in strong moves with metal pricing. TNM: Where you do see prices for

nickel heading over the next few years? SR: We know the nickel market well, but we don’t have a better crystal ball than anyone else. That said, of all the battery metals, nickel is the one that will really hurt the auto sector. What we do know is two things — future nickel supply for EVs depends heavily on development of laterite resources, and laterite development is capital intensive and slow. There just aren’t any quality nickel sulfide resources in the world right now that could deliver what the car industry needs. Capital intensity for laterite development is, we believe, between US$50,000 and US$60,000 per tonne of installed nickel capacity. We think that’s realistic given the complexity of these projects, including what we’ve seen built by China in the past. Despite the claims that Chinese companies in Indonesia can do it at a fraction of the cost, half the time and with lower risk, that remains to be demonstrated. What all this suggests to us is that nickel prices will need to move closer to invective pricing, about US$25,000 per tonne, if there is to be a global EV industry. My bet is that it will go quite a bit higher.

deposits (laterites) will be the major source of nickel and cobalt for future EV supply chains and that they require higher incentive prices to develop. Why is there such scarcity of nickel sulphide projects? SR: They are geologically scarce. Except for a few district-scale discoveries that the world has been exploiting for many decades, nickel sulfide discoveries tend to be high grade, but small and localised. Because they often have a short mine life development risk is high because they are vulnerable to missing longer price cycles. You’re not going to solve the nickel supply problem for EVs with nickel sulfide projects. On the other side people say that laterites are too expensive and complex. And some of them have a poor track record of delivery. But that is exactly why projects like Sunrise are important. We need to develop capability in building and operating assets like this. The companies that do this, and develop valuable intellectual property (IP) and know-how in the process, will be incredibly well positioned to ride the wave of a decarbonising economy. But if we continue to do the same things we’ve always done, we will make the same mistakes. That’s why Sunrise has been designed using a very different philosophy — we’ve never viewed it as a mine, but part of an integrated automotive supply chain solution. TNM: Where do you see cobalt prices

in a year or two? SR: Like nickel, closer to incentive prices. Maybe US$60,000 per tonne. But again, no one has a crystal ball. It is far better to focus on the cost structure of projects in the pipeline, than where you think metal prices are going to be. On that metric, with a negative nickel cash cost, Sunrise stacks up exceptionally well. You need projects that will generate cash throughout the economic cycle. TNM: You’ve mentioned a couple

of times the design philosophy for Sunrise. Can you explain what you mean by that? SR: Most people have yet to truly understand the impact that electrification and decarbonisation will have across the global economy, whether in transport, grid-scale power, and even manufacturing. The implications for mining are extraordinary and I’m not sure that even the mining industry fully appreciates this yet. When we talk about the design

philosophy for Sunrise, it’s how to build and operate a project that acknowledges this emerging reality, incorporates input from customers and delivers a plan for how to do things cheaper and better. We had the option to build another nickel mine producing low value intermediate products or servicing steel makers. We chose a different path. Clean TeQ’s expertise is in materials separation and extraction using ion exchange, specifically hydrometallurgy. We developed our proprietary IX systems — originally in partnership with BHP and Vale — to produce high concentration solutions of nickel and cobalt. We did this because we believe this is the lowest risk and lowest cost approach to producing high value metal units for the battery industry. Keeping metal in solution gives us degrees of freedom in extraction and purification, such as the ability to keep nickel and cobalt together in solution for cathode precursor manufacture, without the need to precipitate out and crystallise intermediate or separate products. The savings here are very significant. The mine and plant have been designed to run on 100% renewable power, which will give it one of the lowest carbon footprints in the nickel industry — a 50%-75% lower carbon footprint than current nickel laterite producers. The life of mine carbon saving is equivalent to taking one million gasoline cars off the road for an entire year. With input from the auto sector, we have designed our refinery to be able to accommodate a significant recycling stream to recover nickel, cobalt and potentially also lithium. In principle, we want to be able to take back the metal we sell and resurrect it for our customers for a second, third and fourth use. While we expect mechanical recycling technologies to improve with time, it’s the chemical recycling and the wet chemistry we are focused on. If you think about it logically, the best place to purify and recover metal is the place that generated it in the first place — the capital has been sunk, it delivers a known and consistent product and it can provide an assurance about the recycled content of the products it sells. Finally, we shouldn’t ignore scandium. If there is a metal that will ultimately transform the automotive and aerospace sectors, it is aluminum-scandium alloys. It is stronger, weldable and more

printable than existing aluminum alloys, in an era when the aluminum content in vehicles is growing at a rapid rate. Sometimes the best way to improve the range of an electric car is simply to make it lighter, not to give it a bigger battery. So this is what we mean by a philosophy of design — cost, carbon and re-use. There is nothing new or risky in this approach; it integrates proven processes to deliver a plug and play solution for these new EV supply chains. TNM: Are companies in the EV sup-

ply chain receptive to your approach at Sunrise? SR: Yes, we are certainly seeing interest. Proposals that can substantially reduce cost and risk are always welcome. That said, what we are advocating requires far greater integration across supply chains than currently exists today. If you are a large global automaker trying to manage supply and pricing risk around the technology that sits at the heart of your consumer offering, it would be unwise to build your strategy on the hope that the metal will be there and at the right price. Of course, it doesn’t mean you need to own a mine. There are contracting structures that can deliver the long-term certainty that the auto industry needs, while underwriting new supply growth. Already we are seeing carmakers and mining companies interact directly on supply issues, and over time we expect a more strategic approach to connecting the bookends of these supply chains. TNM ➠ For fixed wing gradient or Heli mag airborne survey, we provide our services on a:

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should also recognise the good work that the auto and mining industries are doing to raise awareness of supply chain issues in DRC and working to fix them. For those OEMs who don’t want to manage that risk, a project like Sunrise provides an alternative. Cobalt thrifting has a downside, by doing little more than rearranging the deckchairs on the Titanic. Because in an NMC811 chemistry you replace cobalt with nickel, a 10% increase in nickel prices now has a four times greater impact on cell cost than an equivalent 10% increase in cobalt prices. Of course, there is always the option to migrate to chemistries with no nickel or cobalt, such as lithium-iron-phosphate (LFP) or lithium-manganese-oxide (LMO). But there are significant tradeoffs in energy density, stability and power that need to be managed. In a competitive market where vehicle range is going to be a critical differentiator for first-time EV purchasers, we think nickel/cobalt chemistries will have a large market share. Likewise, some people hope that step-change technologies, such as solid-state batteries, will solve the problem without ever recognising that they usually contain the same cathode metals.

WWW.NORTHERNMINER.COM

MARCH 1—14, 2021 / THE NORTHERN MINER

Gatos Silver puts Mexican mine into production MEXICO

| Sends first concentrate shipment in September 2019, lists on TSX and NYSE in October 2020

BY TRISH SAYWELL

tsaywell@northernminer.com

t’s unusual for a privately held company to put a mine into production before it becomes a publicly listed company. “It’s incredibly rare — by and large it’s virtually impossible unless you find other sources of funding,” says Steve Orr, CEO of Gatos Silver (TSX: GATO; NYSE: GATO). But that’s exactly what Electrum Group LLC, a private precious metals investment company based in New York chaired by mining entrepreneur Thomas Kaplan, accomplished in Mexico over the last decade, explained Orr, who joined the company in 2011, shortly after it was founded in 2010. Gatos Silver and later with its joint-venture partner, Japan’s Dowa Metals & Mining (Dowa), put the Cerro Los Gatos underground silverlead-zinc mine into production in July 2019, and sent the first shipments of concentrate in September of that year. The company then dual-listed its shares on the Toronto and New York stock exchanges on October 27, 2020. Since the initial public offering on the TSX at $8.50 per share (US$7 per share on the NYSE), the stock has more than doubled, hitting $19.50 per share on the TSX and US$14.86 per share on the NYSE in mid-February. (On the NYSE it currently trades at US$14 per share.) Last year the mine produced 4.2 million ounces of silver in concentrate, 34.2 million zinc pounds in zinc concentrate, 27.4 million lead pounds in lead concentrate, and 4,900 gold ounces in lead concentrate. Orr, who prior to joining Gatos Silver was president and CEO of Ventana Gold, reflected on how keeping the company private for so many years was a big advantage. “When I look back on it, it’s been an absolute pleasure to remain private for this past decade and not be constantly under scrutiny of the market,” he said. “The only way we could do it was Electrum was incredibly patient. They understand resources, they play the long game and they were always supportive of us.” In addition, Orr said, the New York investment firm has been successful in

Gatos Silver executives at the Cerro Los Gatos mill. From Left to Right: Steve Orr, CEO; Roger Johnson, CFO; and Hector Rivera of M3 Engineering at the Cerro Los Gatos mine in Mexico. GATOS SILVER

recruiting funds from non-traditional sectors like Mubadala, Abu Dhabi’s sovereign wealth fund, and the Municipal Employees’ Retirement System (MERS) of Michigan. “Electrum has been incredibly effective in bringing in what would have been probably viewed as uncommon sources of investment,” Orr said. “Abu Dhabi invested a meaningful amount of money into the Electrum registered funds and MERS has invested a meaningful amount of money into their funds ... and in fact, MERS was so captivated by what we were doing at Gatos Silver they wanted a direct investment in the company.” Operating under the radar as a private company in the early stages of discovery and resource definition also proved beneficial, as management quietly expanded its land position in the district to over 103,000 contiguous hectares and acquired

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surface rights over the main deposit area and another two key mineralized areas in deals with local landowners — mainly owners of large-scale ranches living in the United States or in Mexico City. “This area is semi-arid and really sparsely populated and there is only one Ejido that’s even close and it’s eight km away … and so the surface rights are large-scale cattle ranches and they’ve existed actually from the days of the Spaniards, pre-Revolution, and have been passed through the generations of the families and none of the owners actually live there anymore.” Starting from the beginning The story of Los Gatos begins in 2007, when the Electrum Group acquired an exploration option on the property in the state of Chihuahua, about 100 km to the south of Chihuahua City and about 200 km to the southeast of Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Pinos Altos underground mine. By the time Orr joined the company, Electrum had already drilled the discovery hole in 2008 (34 metres grading 414.3 grams silver per tonne, 2.1% lead and 4.8% zinc) and with silver trading at around US$40 per oz., a private placement followed — attracting US$165 million from a handful of key funds (including Tocqueville Asset Management and Liberty Metals and Mining), and high net worth individuals, Orr said. By the start of 2012, however, silver prices had fallen significantly and a syndicate of banks that had been interested in a private placement at the same price as the first, altered course. As a result, Electrum decided to wait until the markets rebounded, and spent the time drilling out the deposit and undertaking exploration on its wider land package, ultimately pinpointing 14 separate zones of mineralization along the area’s predominant mineralized trend. But by the end of 2013, Orr said, the company needed to look for alternative sources of money. “We were starting to get a little concerned about funding — the precious metals market was looking even worse back then,” Orr recalled, noting that they weren’t interested in the

“ELECTRUM WAS INCREDIBLY PATIENT. THEY UNDERSTAND RESOURCES, THEY PLAY THE LONG GAME AND THEY WERE ALWAYS SUPPORTIVE OF US.” STEVE ORR, CEO GATOS SILVER

money so much to build a mine as to “continue to opportunistically add value.” Fortunately Orr had developed a relationship earlier in his career with Dowa, the largest zinc refiner in Japan, when he was president and CEO of Homestake Canada Inc. and responsible for the Eskay Creek gold-silver project in northwestern British Columbia, now owned by Skeena Resources (TSX: SKE; USOTC: SKREF). (Barrick (TSX: ABX; NYSE: GOLD) holds about 12.4% of Skeena Resources.) The mineralized material at the Eskay Creek project “was quite complex metallurgically and there were only two smelters in the world that would take it,” Orr recalled, “one was the then Noranda-owned smelter in Rouyn-Noranda, Quebec, and the other was Dowa’s smelter, which had a precious metals line in it as well.” Both companies took portions of the Eskay Creek material. “Over the years we had a good relationship with Dowa — it did very well — so they contacted us and said they were interested in doing some due diligence on the discovery at Cerro Los Gatos,” Orr said. “They looked at our resource model and at that time most of it was still inferred and said they’d be very interested in securing the zinc.” While Cerro Los Gatos is a silver dominant deposit, it has a meaningful zinc profile to it, Orr explained, so Gatos Silver formed a joint-venture with Dowa in 2014, under which Dowa became a non-operating partner with a 30% stake in the Los Gatos Joint Venture (LGJV) for US$50 million, giving it life-of-mine rights to the zinc. The only stipulation was that the money should be spent on developing the largest zone and

initial discovery at the project — Cerro Los Gatos. Ultimately US$7 million of the funds was spent on definition drilling, which led to the project’s first meaningful measured and indicated resource, and ultimately to proven and probable reserves, with money left over to spend on technical work, environmental baseline data, and buying more surface rights. While working on the feasibility study, the joint venture partners felt so confident in the deposit that it decided to drive a decline into the mineralized area. “We intercepted the mineralization in November 2016, conducted trial mining to physically see the mineralization and the continuity and collected a bulk sample, and used SGS to do all our metallurgical work in Burnaby, B.C.,” Orr said. “They constructed a small-scale pilot plant, for the concentrate circuits, and we shipped 2,000 tonnes of ore across two borders up to the Lakefield, Ontario research center, and the last phase of the feasibility study was conducting this pilot plant.” With the luxury of pilot plant testing, Orr said, the company could test metallurgical recoveries and do significant underground development before committing to construction. “I am glad we did it because we had to change grind sizes, had to experiment with different reagents ... and it gave us the confidence that if we built it we think we’d know how it works,” he explained. “And because we drove the decline, we agreed that there was no point in having the development contractor demobilized, they might as well stay there and we would start developing the mine.” As a result, Gatos Silver has completed about 16,000 metres of development and has ample access to ore, which “has been a godsend for us in terms of our ability to ramp up production,” Orr said. The feasibility study estimated pre-production capex of US$316 million to develop the underground operation and envisioned a 2,500 tonne-per-day processing plant that would produce zinc and lead concentrates. Most of the silver reports to the lead concentrate, Orr noted, which is positive for the company because metal purchasers and refiners give a higher payable for silver in lead concentrate than silver in See GATOS SILVER / 23

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

Investors, regulators look at board diversity beyond gender POLICY

BY KELSEY ROLFE

Special to The Northern Miner

anadian public companies will have a year to get in line with new, tougher board gender diversity guidelines from leading proxy advisory firms or face a withhold vote against the chair of their nominating committee. As of Feb. 1, 2022, Institutional Shareholder Services will expect S&P/TSX Composite issuers to have at least 30% women board members, or a written gender diversity policy with a commitment to achieve that percentage over a “reasonable” time frame. It will also withhold a vote for the nominating committee chair for “widely held” companies that aren’t on the index if the company doesn’t have any women on the board and has no formal written gender diversity policy. Glass Lewis, meanwhile, will require all TSX-listed issuers to have at least two female directors as of Jan. 1, 2022. Boards with six or fewer members can continue to meet the firm’s existing voting policy of a minimum of one female director. During the 2021 proxy season, both ISS and Glass Lewis will note issuers that don’t yet meet their requirements. “Impacted companies have this year to get prepared or revisit their board composition and policies in anticipation of the new guidelines that will kick-in the following year,” said Rima Ramchandani, partner at Torys LLP and co-head of the firm’s capital markets practice, in an interview with The Northern Miner. According to Ramchandani, the changes demonstrate investors’ growing focus on public companies’ board diversity — and a recognition that seven years after the Ontario Securities Commission implemented a “comply or explain” rule requiring companies to disclose information related to gender diversity on their boards or explain why they had none — issuers aren’t as far along as they should be. According to Osler, Hoskin and Harcourt LLP’s 2020 diversity disclosure practices report, women hold 31.5% of all board seats at S&P/TSX 60 companies (up from 22% in July 2015), and 28.3% of board seats at S&P/TSX Composite companies. On the broader TSX that number is lower, at just 21.5% (up from only 10% in July 2015). “Even in the TSX Composite index… there’s still a big percentage of those issuers that haven’t gone as far as I think the institutional investor community would like,” said Ramchandani. The mining industry reported the second worst board diversity — ahead only of energy services companies — with an average of 13% female representation on boards, and an average of 0.9 women directors, the Osler report found. “There is a disparity that exists currently in terms of issuers in the mining space versus the TSX more broadly,” said Carly Klinkhoff, an associate at Torys in the firm’s mining and metals group. “I think it will be interesting to see over the next year whether there’s some movement there, because I think mining issuers have a longer way to go.” But major miners are quickly making progress. A report from Catalyst and the 30% Club found that at the end of 2019, roughly 10 mining companies on the S&P/TSX Composite — including Agnico Eagle Mines (TSX: AEM; NYSE: AEM),

| Issuers aren’t as far along as they should be

“THERE IS A DISPARITY THAT EXISTS CURRENTLY IN TERMS OF ISSUERS IN THE MINING SPACE VERSUS THE TSX MORE BROADLY.” CARLY KLINKHOFF ASSOCIATE AT TORY LLP IN THE MINING AND METALS GROUP

Alamos Gold (TSX: AGI; NYSE: AGI), Cameco Corp. (TSX: CCO; NYSE: CCJ), Detour Gold, Teck Resources (TSX: TECK.A/TECK.B; NYSE: TECK) and Yamana Gold (TSX: YRI; NYSE: AUY; LSE: AUY), had at least 30% women directors. ISS’s new guidelines will force issuers to adopt clear targets if they don’t yet meet the threshold. While targets are associated with a higher likelihood of achieving board diversity, public companies in Canada had long resisted implementing them out of concern that it would compromise meritocracy. But in the years since “comply or explain,” attitudes seem to have shifted significantly. An August 2020 survey of 500 capital markets professionals by Women in Capital Markets found 92% of respondents are in favour of requiring public companies to adopt targets for women and Black, Indigenous and people of colour (BIPOC) representation and annually disclose data. Despite this, just 28.8% of TSXlisted companies have adopted targets for women directors, the Osler report said. (This is much higher for S&P/TSX 60 companies, at 58.5%.) Cameco Corp.’s board diversity policy includes “measurable objectives” for at least one Indigenous director from Saskatchewan, 30% women and board members of various ages, backgrounds and expertise. According to Anne McLellan, an independent director at Cameco who chairs the company’s nominating, corporate governance and risk committee and is a former deputy prime minister, it was important to the company to have targets its shareholders and stakeholders could hold it accountable to. “This is important enough to us, and we see the value for the company and the communities we serve in establishing these targets. And we will meet these targets and be held accountable for these targets,” she said in an interview. The company currently has four women directors — representing 40% of the board — and an Indigenous director from Saskatchewan, Points Athabasca Contracting non-executive chair Donald Deranger. McLellan noted the company also has board term limits of 15 years and age limits, which ensure the board is continually renewed. (McLellan’s 15year term at Cameco will end in May.) Alamos Gold, on the other hand, didn’t set targets to reach 30%. According to David Fleck, an independent director who chairs the company’s corporate governance and nominating committee, fostering a more diverse board was part of Alamos Gold’s natural evolution as it became a major producer. “Part of that growing up phase was trying to create a board structure and a governance structure that reflected that,” he said. “When we get into discussions of diversity, that’s part of that process. … We’re going to

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continue to grow and improve the board’s capabilities and that includes adding more voices, more diverse voices, to the board. I would not be surprised if in the not-too-distant future you will see a continuation of that.” Fleck agreed the conversation on targets is changing, and said he wouldn’t be surprised if they became legislated in the future. “I personally understand there’s a growing thought that intentions are not enough and that there has to be, perhaps, more pressure exerted. ... In the context of Alamos, we’re going down that road [to a more diverse board] anyhow.” While public issuers have long been used to discussions of women’s representation on boards, there’s a growing investor and regulatory focus on making sure boards include directors who are BIPOC, LGBTQ+ and people with disabilities. “Over the past five to 10 years, certainly the desire on the part of civil society for publicly traded companies [to diversify their boards] has grown, as it should,” said McLellan. “This movement cannot be separated from what you see happening in civil society generally, in terms of a desire for greater equity and fairness, and to ensure that whether you’re a legislature, a publicly traded company or a university, that you are drawing upon all the skills, all the perspectives, all the productive capacity that our society offers.” According to ISS’s 2020 global benchmark policy survey, 73% of investors polled want all companies to disclose the demographics of their boards, including directors’ selfidentified race and ethnicity. While the proxy firm stuck to focusing on gender diversity in Canada, it’s gone further in the United States, by updating its guidance for Russell 3000 and S&P 1500 index companies. This year, it will highlight boards that lack racial or ethnic diversity, or any disclosure. In 2022, the firm will recommend a vote against the chair of the nominating committee for companies with no racial or ethnic diversity. While proxy firms may be slower to move in Canada, the federal

government, as of January 2020, requires public companies to provide disclosure on the representation of women, Indigenous people, people with disabilities and members of visible minorities under amendments to the Canada Business Corporation Act. According to Osler’s analysis of the first year of that data, provided by 213 CBCA companies, just 5.5% of board positions were held by members of visible minorities, 0.5% were held by Indigenous peoples and 0.4% were held by people with disabilities. The recent final report from the task force charged with modernizing Ontario’s capital markets went even further. It recommended the province amend its securities legislation to require public companies set diversity targets and timelines for achieving them, with suggested targets of 50% women directors and 30% board members who are BIPOC, people with disabilities and LGBTQ+. Meanwhile, corporate Canada voiced its support for broader diversity last summer with the BlackNorth initiative. Leaders from more than 300 companies worth $1 trillion in value — including public and private sector companies, banks, insurers and institutional investors — pledged to promote “the elimination of anti-

Black systemic racism wherever it exists,” with recommendations including fostering “inclusiveness for Black leaders at the board level, as well as senior management and executive levels.” Members committed to a minimum of 3.5% executive and board roles being held by Black leaders by 2025. (Three and a half per cent of Canadians are Black, according to Statistics Canada.) “This is all burbling and I expect we’ll continue to see focus on this from regulators or lawmakers, and ultimately proxy advisory firms,” Ramchandani said. McLellan said Cameco is currently evaluating its diversity policy with an eye to “what’s happening in the broader community and civil society.” While the company doesn’t plan to recruit a new director in the coming year to replace her, she said that will give it “ample time to reflect on what our policy does say, what’s happening under the CBCA or the capital markets [task force]…and figure out what is best for Cameco going forward.” TNM Kelsey Rolfe is a freelance journalist based in Toronto. She has written about the mining sector for more than five years and was previously a section editor at CIM Magazine in Montreal.

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MARCH 1—14, 2021 / THE NORTHERN MINER

Finding a job as a geologist in the 1980s ODDS ‘N’ SODS

| Sinking shafts: Hot, dangerous and exhilarating

BY RALPH RUSHTON

Special to The Northern Miner

arth scientists are a welleducated bunch, although we don’t always come across as clever when we’re five beers into our cups. Most geologists — other than self-taught prospectors — have some form of university degree. Many of my colleagues were so enamored with the university study-drink-drink-more-studyrepeat routine that they did what I did, and went back to university to earn a master’s degree or doctorate on top of their undergraduate degrees. Clever bunch, geologists. But eventually, assuming you have no wish to be an academic geologist or a waiter, reality bites and some sort of salaried earth science career is needed to fund the pub breaks. In June 1984, much to my surprise, I graduated with a decent degree. A few months later I was poking forlornly around the City of London, knocking on doors and handing out a naively-bad resume to any mining company that would take it. I got my break when Anglo American interviewed me minutes after I walked into their head office looking for anyone from HR to talk to. A month later I was on a plane to Jo’burg to start a three-year contract as a mine geologist in the deep-level gold mines in what was then the Western Transvaal (now Gauteng province). After two days in the city signing paperwork, I was shipped off to the small mining town of Orkney, where I was billeted in the single mineworkers hostel and unceremoniously thrown into the deep end as a shaft geologist on Vaal Reefs 5 Shaft. It’s hard to describe the former scale of the underground gold mines in the Witwatersrand basin. They were, quite simply, huge. Many have closed since my time; they ran out of ore or, partly due to their extreme depth, they became uneconomic to operate when the gold price fell off a cliff in the 1990s. When I arrived in November 1984, Vaal Reefs had nine separate shafts going down at least 7,000 feet (2,134 metres) each, producing about 2.5 million ounces of gold per year. I ended up with the senior geological responsibility for No. 2 Shaft, which produced 250,000 oz. of gold a year, 10% of the total mine production. The mine employed about 45,000 people, many of them migrant workers drawn from across southern Africa, with 20,000 or so working underground every shift. Surrounding Vaal Reefs were three other large mines — Stilftontein, Buffelsfontein, and Hartebeestfontein— all similar in scale. Sadly, accidents were common, with about one death per thousand employees a year, and on occasion they could be truly disastrous. In May 1995, long after I’d left South Africa, a lift accident at No. 2 shaft killed 104 miners when the cage dropped 500 metres down the shaft. Mine planning meetings were held in Afrikaans, a version of Dutch; no allowance was made for me, the English geologist, because of the fractious history between the English and Afrikaners. Luckily I spoke reasonable German so the Afrikaans wasn’t too hard to pick up. Underground we spoke Fanakolo, a pidgin of various Southern African tribal languages with some Afrikaans and English thrown in to the mix (I still have my English-Fanakalo dictionary.) I went underground up to four times a week depending on the needs of the miners, assiduously avoiding certain areas of the mine which I considered too dangerous

Above: Ralph Rushton (left) in Sofia, Bulgaria in the mid-1990s with David Cass, now VP exploration for Bluestone Resources. RALPH RUSTON Far Left: Ralph Rushton at Aftermath Silver’s Cachinal silver project in Chile, March, 2020. RALPH RUSHTON

Left: The Miner’s Dictionary. RALPH RUSHTON

Ralph Rushton, in 2011, visiting a project in Chile held by Revelo Resources Corp. RALPH RUSTON

because of regular seismic activity. My job as mine geologist was to supervise all geological aspects of the underground operations. Working closely with the surveyors, we mapped the advancing access tunnels, sampled the mine faces where the ore was extracted (although this was mainly done by the surveying teams), and interpreted the data so the miners were always “on” the ore body, or at least knew where their tunnels were relative to the ore. We also had drilling machines working for us, exploring ahead of the active faces to see if there were faults or folds, or pockets of pressurised water that might cause complications. This is all routine stuff that most geologists can do in their sleep with adequate training. In South Africa, it was complicated by the depth of the mines. I never worked shallower than about 5,700 feet (1,737 metres) below surface, and spent most shifts around 6,000-8,000 feet (1,829-2,438 metres) down. The deepest I went was on a long-wall mapping training course at 11,500 feet (3,505 metres) below surface in the Carletonville mines between Vaal Reefs and Jo’burg. With depth comes the natural geothermal heat from the rocks. The rock temperatures in the deepest newly-blasted faces could exceed 40 degrees Celsius. Well-ventilated tunnels might be in the high 20s, but poorly ventilated “ends” — ones that had sat for weeks not advancing —

became fiercely hot and could get up into the mid-40s with high humidity. Oftentimes, you wouldn’t actually know how hot an end was until you got to the face of the tunnel to start work in the sauna-like heat. We took drinking water down in frozen two-litre bottles, which melted away merrily while we worked. But vertical shaft sinking was by far the nastiest work environment I’ve ever experienced. It’s the digging of the vertical hole — thousands of feet deep — that serves as the main access to an underground mine. It’s the absolute sharpest, pointiest end of mining, with no room for error if things go wrong. I spent about six months intermittently on-call as a shaft sinking geologist on a new, deep-level gold mine that was under construction near Klerksdorp. Vaal Reefs 10 shaft was a twin-shaft system — one for men and materials and cold air going down, the other for ore hoppers and warm air coming back out. The shaft was already about 3,000 feet (914 metres) down, headed for a final depth of 8,000-or-so feet, and my job was to be available to map the rocks whenever there was a long-enough break in the blasting schedule to allow me down, which happened every 45 vertical feet (14 metres) or so. “Available” meant any time, night or day. When the phone rang, the Master Shaft Sinker would be on the line telling you to be there in an hour, ready to go. I’d turn up

in my little blue VW beetle (God I hated that car, but that’s a different story), get changed and hurry over to the shaft clutching my note book, ruler, spray paint and pen. You climb into a 5-6 feet (1.5-1.8 metre) deep metal bucket called a kibble, and down you go, with whatever material or crap happens to be going down to the team at the bottom. To come out, you get in the kibble with whatever’s coming out. I once stood neck-deep in a kibble filled with five feet of greasy, cold, drill water (try pumping water 3,000 or 4,000 feet vertically … not easy, hence the need for large buckets during development.) Other times you’d be perched on the lip of the bucket with your feet on a couple of tonnes of rubble being hauled up out of the hole. Going down a sinking shaft for the first time is a very strange experience. You drop through the safety trap door at the top, which is there to stop stuff falling down and killing people. The door closes behind you, and everything goes pitch black. The kibble didn’t run on side rails so there was no sound or feeling of motion. If the shaft bottom is deep enough, it’s totally silent until you’re a few hundred feet above the work platform and the drills. Then, in a sci-fi moment, you start to see the floodlights, and hear the unbelievable cacophony of noise made by the drilling and the cementing crews who are lining

the shaft with steel and reinforced concrete lining. The bottom of a 3,000 foot deep, 30-foot (9 metre) wide vertical hole, with eight rock drills going, is a hostile place. For a start, it’s cold. All the compressed air used in the rock drills is venting and decompressing, dragging the temperature down. Then there’s the noise: Imagine eight big rock drills in the front room of your house and you’ll sort of get the idea but not really. Sound wouldn’t bounce back from dry wall like it does from solid rock. I still suffer from slight hearing loss in my right ear, which I ascribe to being a 23-year-old idiot geologist who didn’t wear earplugs. And lastly, there’s the constant rain of debris from the six-level working platform above you, where the steel work and concreting takes place. Gobs of partly set concrete, wood, bits of rock, the odd tool … it all falls to the bottom, so you’d better have your hard hat on and don’t stand too close to the shaft wall. My work took 20-30 minutes to finish. You orient yourself to due north – the Master Sinker always knows where north is— and mark off every meter around the shaft with paint, like the numbers on a clock face. Then draw a circle in your note book, mark off the same numbers on it, and draw in the geological features relative to those numbers. Easy. But take too long and drillers would get impatient and drop the drill rig (called a jumbo) down from the platform, and start drilling the next blasting round. Time is money in shaft sinking— the mine needs to start producing ore as soon as possible to recoup the huge capital outlay needed to build it, and everyone gets paid production bonuses to keep things moving. Geologists stop stuff from happening so we can do our work, which isn’t popular. Once the drill jumbo is down and the drills are fired up, you’re stuck at the bottom of the shaft until they’ve finished a full round. The jumbo is essentially a mechanical octopus with a drill on the end of each leg that completes gradually smaller concentric circles of holes, each around four meters (13 feet) deep. At Vaal Reefs, a full blasting See ODDS ‘N’ SODS / 15

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

ERM outlines the true cost of mine closure MINE CLOSURE BY LOUISE PEARCE Global managing partner of ERM’s mining sector

ining has long been the source of materials for modern society. It also has been critical in the establishment of associated secondary and tertiary economies. However, mines have a finite life, and mine closure poses a material risk to mining companies, other dependent industries and local economies. To manage this risk, there appears to be a shared recognition of a need to better integrate closure into the overall mining life cycle; designing and operating with closure in mind. Unless mining companies think more strategically about closure, the long lasting trail of liabilities will continue to mount. Managing the end-of-life process and closing down mines is far from a mining sector challenge alone. Businesses and communities that have been built up around the mine also need resiliency planning involving local governments and other industry to ensure long-term economic success. Investors, regulators and mining companies are realizing that planning for and executing closure strategies is not just a financial accounting exercise and a mining engineering challenge. Closing a mine poses a material financial and social risk that puts broader economic survival, future investment in mining and maintaining a license to operate in jeopardy. The ability to relinquish mines post closure remains an enduring challenge. While mines regularly “close” — whereby production ceases and rehabilitation/decommissioning are carried out — achieving relinquishment or being able to hand over the site for next use can take many decades. As the mining sector continues to embrace a changing world and redefines its role in the broader mining and metals ecosystem, there is an opportunity to challenge traditional paradigms to reduce crippling liabilities, create social value and stabilize economies. Mine closure has traditionally been viewed as a means to an end; an eventuality that manifests itself as the boom and bust cycle inherent with mining. Often the stated goal for closure is to relinquish physically and chemically stable lands — a goal that the evidence suggests is largely unattainable. ERM reviewed 57

ODDS ‘N’ SODS From 14

pattern took about three to four hours to complete. So if I took too long and missed the last kibble out before the jumbo dropped, I was stuck there, standing up for four hours, cold and deaf, with 20-30 guys and eight drills. A total nightmare, which happened a couple of times over the six months I was on call. But on balance, I had it relatively easy. A colleague once told me his experience of working at Western Deep levels, which was heading down to a final depth of 14,500 feet (4,420 metres) below surface — two and a half miles — with two vertical shafts and an inclined adit to finish. He was mapping the second vertical shaft down at about 11,000 feet (3,353 metres). They’d begun to cut a mining level so he had a side tunnel to map. Stepping back into the shaft from the side tunnel, something landed a few feet in front of him. Surprised by it, he looked up and noticed the drillers all standing completely still as other objects landed around the shaft bottom. Somebody had accidentally let some steel H beams drop down

| Mining companies must think more strategically about closure

“IT IS NO LONGER SUFFICIENT TO MERELY LEAVE BEHIND A FORMER MINE SITE WITH SAFE AND STABLE LANDFORMS. MINING COMPANIES ARE INCREASINGLY BEING ASKED TO DEMONSTRATE VALUE FROM THEIR VENTURES THAT EXTEND BEYOND THE ECONOMIC LIFE OF THE MINERAL RESOURCE.” LOUISE PEARCE, GLOBAL MANAGING PARTNER OF ERM’S MINING SECTOR

mines across the world that ceased production between 1945 and 2012. Only five of these mine sites have been relinquished for next use, with no further mining company obligations. Of the remaining mines, all are still in care and maintenance, and many have very high annual maintenance costs. These higher financial costs are attributable to many factors including overly optimistic estimates and timelines, design and operating decisions (or lack thereof early enough in the life of mine planning process), and unrealistic commitments for land rehabilitation made in pursuit of permits to start operations. The analogy of an iceberg is symbolic as many “not so hidden” costs emerge once the economic mine life approaches its end, and closure planning advances toward final execution. Investors, regulators and other stakeholders are progressively seeking assurance that eventual mine closure has been fully considered throughout the life of mine, and demanding that adequate financial provisions have been allocated. In response, mining companies are seeking to better integrate closure into their mine plans. During the initial stages of planning, closure is being considered in the design of facilities to reduce post-mining liabilities. During operations, companies are increasingly finding ways to undertake progressive reclamation and embrace risk and uncertainty in mine plans and closure cost estimates. The International Council on Mining & Metals (ICMM) recently published a guidance document specifically to address the need for an integrated closure approach and offers tools to support good closure practices. While the mining industry is working to address the financial cost of closure of their assets through

the shaft and after falling 3,000 feet, bouncing off the sides of the shaft as they fell, they’d turned into steel lumps and had blown through the working platform like cannon balls. The drillers know there’s nowhere to run when something falls down the shaft, so their instinct is to stand still; they either get hit or they don’t. Luckily nobody was hurt. As I said, nasty and hostile — that’s shaft sinking — but I’ll never regret doing it. TNM Ralph Rushton is a geologist and has worked at mines and exploration projects in South Africa, Turkey, Bulgaria, Yemen, Iran and Pakistan. He is currently the president of Aftermath Silver (TSXV: AAG; USOTC: AAGFF), a silver development company with projects in Chile and Peru. In his spare time, he writes about mining and exploration for his popular blog, urbancrows.com. He graduated with a geology degree from Portsmouth Polytechnic in the U.K., and completed a masters degree in geology at the University of Alberta researching the source of the placer gold in the Klondike.

better planning and cost estimating, the impact extends beyond the financial burden created within the “fence-line.” It is no longer sufficient to merely leave behind a former mine site with safe and stable landforms. Mining companies are increasingly being asked to demonstrate value from their ventures that extend beyond the economic life of the mineral resource. This emerging expectation has the potential to redefine miners as land management companies instead of extraction companies; and redefine closure as a transition in land use and not a means to an end. The miner-to-land manager transition necessitates more than developing a plan with the engineering and operations teams. Achieving this transition requires moving the conversation from mine closure alone to an acknowledgment that external stakeholders will ultimately judge the success of any post closure solution and must play an intimate role in the establishment and ownership of a shared solution. By looking for opportunities to create shared value within the region, mining companies can build trust and shared responsibility, rather than provide financial assurance and commitments aligned with a short term goal for the site. Ultimately, they can leave a legacy of land assets that have a sustainable

ERM

future, present a positive outcome from a social and environmental perspective, help to build a reputation as a responsible corporate citizen and manage financial consequences. The upside of successful closure planning, with a compelling and well-planned post-closure vision, is that social license is more readily secured, closure costs are reduced by a combination of better management during operation and value creation post closure and, where desirable, site relinquishment is more readily obtained. The mining industry has a choice. If it remains status quo, it will be difficult to bridge the trust gap that exists between many stakeholders and mining companies in part due

to a long legacy of poorly closed and abandoned mines. This leaves one to ask, “If you knew the true cost of closure, would you develop the mine?” TNM Louise Pearce is global managing partner of the mining sector at ERM, a sustainability consulting firm. The article was written with the assistance of ERM partners Simon Tillotson and Derek Chubb. ERM will take a more in-depth look at the true cost of closure in an upcoming insights piece, The True Cost of Closure. The publication will offer a new perspective on how to help manage closure costs, support relinquishment, and create longlasting value.

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MARCH 1—14, 2021 / THE NORTHERN MINER

ESG: Miners are under increased scrutiny to get it right SUSTAINABILITY

| Companies must go above and beyond what is required

BY JONATHAN GOODMAN

Special to The Northern Miner

ncorporating Environmental, Social, and Governance (ESG) criteria into investment decision-making was one of the most talked about investment strategies of 2020 and one that continues to be amplified as the markets — and society at large — grapple with a global pandemic. Companies are under increased scrutiny for their environmental impact and their actions as corporate citizens across all industries. In no industry is this more accurate than in mining. This scrutiny is not without merit. Mining has a tainted history of community exploitation and environmental damage, and these narratives have shaped public opinion. At the same time, mining has become somewhat abstract to a society dependent on mining output. Mining has faded from the general public’s conscience. Consumers have become disconnected from the supply chain that comprises the technology that surrounds modern life. Society, as a whole, is unfamiliar with modern mining practices. To counter this narrative, mining companies must go above and beyond what is required to operate. Mining companies must partner with local communities, treat the environment and the local population with dignity and respect and recognize the multitude of stakeholders in any project. Mining companies need to treat the costs of upholding their social licence and maintaining sustainable practices as core business costs. Ultimately, mining companies must be a “force for good” — not because it is the right thing, but instead because it is the key to creating and managing a successful business. Having strong ESG practices indicates sound operating practices and attention to detail that delivers value to all stakeholders. For these reasons, Dundee Corp. only invests in companies and assets with the best available practices in place, focusing on mitigating their environmental impact and building lasting and mutually beneficial community relationships. We insist on our investee companies having the best governance practices, processes, and people to ensure that every aspect of the business is executed with consideration of all stakeholders throughout the project’s lifecycle; from the first turn of the drills, through development, construction, operation, closure, and aftercare. An interesting example of one of our investee companies’ commitment to strong ESG practices is Big River Gold (ASX: BRV). Big River Gold’s Borborema project is located in a semi-arid region of Brazil. Big River, recognizing that water is a scarce resource, noticed that a small coastal city 30-40 km away had a potential environmental and public health challenge with the treatment and discharge of grey water. The company negotiated a contract with

An aerial view of Big River Gold’s Borborema project in Brazil. BIG RIVER GOLD

the community and the national agency responsible for water supply and waste disposal to pipe the grey water to the Borborema site where it would undergo further treatment prior to being stored in a reservoir and repurposed in its processing circuit. By working with a nearby community to form an innovative, mutually beneficial partnership, Big River — and the city — avoided the potential for conflict over water supply, resolved an environmental issue, and secured a water supply for the project. We are also directly investing in supporting ESG education and adoption for the industry as a whole. We own a 5% stake in Digbee, which is a soon-to-be launched data, research and ESG platform for the mining industry. Digbee’s innovative solution addresses two key challenges for mining companies: namely, the confusion and fragmentation around ESG standards and the fact that the existing frameworks are not applicable to non-producers. Digbee’s framework aligns to core global standards and allows companies at any stage in the project lifecycle to get a clear assessment of their ESG risks and performance to identify where they can improve, and lay the groundwork for constructive conversation and action on ESG. We believe education, commitment, and collaboration are vital to demystifying ESG for emerging mining companies and will be instrumental in strengthening practices across the industry, and we are proud to be investing in it. We view ESG as fundamentally important to our investment process, not simply a box-ticking exercise. While many of the companies we evaluate are at different stages in

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the project lifecycle, and there is no one-size-fits-all ESG criteria, our detailed due diligence process also focuses on the culture of an organization. If a company has an embedded culture of commitment to strong operating practices — including a commitment to upholding strong ESG standards — we are willing to work with them. If they do not, we will walk away. The mining industry cannot change how the world sees it unless we continue to show them otherwise Preventing mining disasters and mitigating risk is good business, but it is also instrumental to reversing the negative (and incorrect) stigma that mining is primitive, dangerous, dirty, and exploitative. Mining is one of the most highly monitored and regulated industries today. Projects go through an extensive permitting process that evaluates their social, environmental, and economic impact. This process draws on the expertise of geologists, engineers, metallurgists, and environmental and social scientists. These experts come together to discover innovative solutions to mitigate the industry’s impacts. Mining companies have a tremendous opportunity to show that they play a vital role in building a greener future. Many of the solutions to decarbonization and combatting global warming rely on mined materials. The best baseload low-carbon energy source is nuclear, often built as a large-scale power plant, which uses uranium as its fuel source. Wind and solar power require numerous elements derived from mining. Electric vehicles rely on batteries comprised of nickel, lithium, copper, and cobalt, to name a few, and electric motors require copper. It makes you wonder — if every single one of these technologies involves mined materials, why is mining an afterthought when people talk about the green or clean energy future? The only way mining can change how it is perceived is through innovation, building and operating its projects to exceed expectations — not just doing what is required.

If you do not do ESG well, you will not have a business Mining is an infrastructure project whereby production is anchored to the deposit. This means the geographical characteristics are fixed. This should put into perspective the importance of the relationship between a company and the local community. In our view, working with the local community as a partner and considering the entire life of a project is vital. A stable and mutually beneficial relationship with the community is of the highest importance. Planning and budgeting for the entire lifecycle of the project are critical to maintaining the social license to develop and operate. Planning with the community and providing the necessary infrastructure ensures that the environment and society can thrive for generations to come. Our investee companies must emphasize their community relationships and thoroughly plan a project’s remediation. Mining is generally a rural endeavour that brings employment to communities that are often deprived of jobs. Many rural communities are shrinking as the world population balloons. Community leaders often discuss their concerns about the lack of job prospects leading to their town or village’s population declining and the subsequent cycle of towns having fewer resources to deliver services to maintain a population. The simple truth is that people and the communities they inhabit need jobs to survive. Mining is a solution to rural unemployment because it employs thousands of individuals in rural areas and pays in the top quartile of occupations. Mining has a history of becoming a spark of increased economic activity within otherwise economically declining towns. We believe that only through industry-wide consistent socially responsible behaviour that treats local communities as real and vital stakeholders and thoughtfully manages their environmental impact, can mining foster a sustainable legacy. Emphasizing consistent socially responsible choices will allow miners to articulate their value to communities. There will always be people in a

community who oppose building a mine. But what we have seen time and again with mining communities is once they have a mine operating responsibly, the people want to do whatever they can to keep it running. Investors’ capital is put at risk when ESG is poorly executed, and these projects do not meet our investment criteria. The investment community has the power to support positive change through improved ESG outcomes, ultimately for the benefit of all stakeholders. Although active investors only have an indirect role in driving sustainable environmental and social behaviours, we must ensure the right governance is in place for each investee company. At Dundee Corporation, this is what we are doing. TNM

Jonathan Goodman is the president and CEO of Toronto-headquartered Dundee Corporation, which is an active investor in the mining sector. The company has over $160 million invested in mining companies, another $60 million invested on behalf of clients, and is actively looking for new projects. This article was written with input from Adrian Goldstone, a managing director at Dundee Goodman Merchant Partners and Matthew Goodman, vice president and portfolio manager at Dundee Goodman Merchant Partners. Dundee Goodman Merchant Partners is a wholly-owned subsidiary of Dundee Corporation.

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

Institutional investors turn to gold GOLD BY KELSEY ROLFE

Special to The Northern Miner

n the face of historically low interest rates and chronically depressed bond yields, institutional investors are turning to gold as a portfolio diversifier. Gold has been largely shunned by institutional investors for decades, with bonds providing more substantial yields. Seen as the domain of retail investors, gold doesn’t have an income stream and comes with storage costs. But as central banks around the world created more accommodative monetary policy in the face of the Covid-19 pandemic — driving already low interest rates even lower and pushing bond yields to nearzero — owning gold is starting to make more sense. Bonds, long used in the portfolio as a diversifier and a hedge against equity market volatility, no longer offer the same level of protection. “As bond yields have come down, the arguments against gold have started to weaken — there’s not much income from bonds either,” Calum Mackenzie, partner and head of investment for Canada at global consultancy Aon, said in an interview. “Investors looking for that downside protection and that portfolio diversifier that bonds used to provide, they’re looking at gold.” Gold tends to have an inverse relationship to public equities, providing a buffer against market volatility. It also does well in inflationary scenarios, as the degrading value of the U.S. dollar pushes its price higher.

| Investment demand through ETFs was primary driver of gold

“INVESTORS LOOKING FOR THAT DOWNSIDE PROTECTION AND THAT PORTFOLIO DIVERSIFIER THAT BONDS USED TO PROVIDE, THEY’RE LOOKING AT GOLD.” CALUM MACKENZIE PARTNER AND HEAD OF INVESTMENT FOR CANADA, AON

And an inflation surprise is something that’s certainly on the minds of investors in the wake of a period of highly unconventional monetary policy, and the United States Senate’s recent approval of a US$1.9-trillion stimulus package. “Yes, the rollout of the vaccine is reducing risk and giving hope that the worst is behind us in terms of the pandemic. But at the same time, the pandemic has created a lot of unintended consequences in terms of real economic impact and how long it takes to recover from that,” Juan Carlos Artigas, head of research at the World Gold Council, said in an interview. He pointed to the global financial crisis as an example. While the economy did start to recover in 2009, it wasn’t until a year later that the European debt crisis kicked in. “In the same way, right now even though the recovery is happening, there are still a lot of things we don’t quite

understand about what the Covid-19 pandemic created,” he said. As well, unlike fiat currency, as a hard currency gold is naturally scarce. While mine production has increased by approximately 1.6% per year for the past 20 years, consumers, investors and central banks have kept demand high, the World Gold Council said. Gold prices began rallying in 2019 and reached an all-time high of US$2,000 an ounce in mid-2020. They’ve since consolidated around US$1,800 an ounce. In its 2021 outlook, the World Gold Council called the metal one of the best-performing assets of 2020, outperforming the S&P 500, global treasuries, international and emerging market stocks, as well as commodities and oil. It anticipated “the need for effective hedges and the low-rate environment will keep investment demand [for gold] well supported.” And according to global investment management firm PIMCO, even at those prices gold still shines. According to an August 2020 blog by PIMCO portfolio manager Nicholas Johnson, gold is “attractively valued — one might even say cheap — in the context of historically low real interest rates.” In the past year, multiple investors, pensions and global banks have added gold to their portfolios. Lombard Odier & Cie SA, a Swiss private bank, added gold to its strategic asset allocation in July 2020, and the following month the Ohio Police & Fire Pension Fund, which has $16.5 billion in assets under management, reported adding a 5% allocation to gold. Investment managers Mason

Capital Partners, Sandell Asset Management and Caxton Associates all initiated new positions in gold ETF SPDR Gold Trust in August 2020. Research from the World Gold Council found that in the first 10 months of 2020, gold-backed ETFs had “record-setting inflows” and investment demand for gold through ETFs was a primary driver of overall gold demand. Global assets under management in gold-backed ETFs stand at 3,765 tonnes as of February 2021, worth US$226 billion. While the pandemic prompted some investor interest, others were buying gold well before the crisis. OPTrust, one of Canada’s largest pension funds with almost $22 billion in net assets, began investing in gold futures in 2019 in response to the low interest rate environment, and added to its allocation in early 2020, as well as during the pandemic. The fund holds gold in its risk mitigation portfolio, which aims to protect the plan from macroeconomic risks such as inflation or stagflation. “It wasn’t pandemic related; our decision to invest in gold [came from] looking at the big picture in terms of our overall plan sustainability and the environments we might face in the future,” OPTrust chief investment officer James Davis said in an interview. “One thing we need to be sustainable is we need a portfolio that’s resilient. There are certain types of economic environments that are more challenging for defined benefit pension plans, and investing in gold can help to mitigate some of those challenges.” Mackenzie said Aon’s clients have

largely implemented gold in “opportunistic” or tactical asset allocation portfolios, where it’s being held for the short-term. “There will be a time when the market conditions normalize … and you can go back to a world where there’s a clearer relationship between equities and bonds, [with bonds] providing strong downside protection,” he said. “As such, gold may be a transitionary hold in a portfolio that we monitor regularly.” Meanwhile, PIMCO sees gold as having long-term value. In the company’s 2021 asset allocation outlook, Geraldine Sundstrom and Erin Browne, both managing directors and portfolio managers focused on asset allocation strategies, wrote that while safe government bonds continue to be a reliable source of diversification, gold, as both an inflation hedge and diversifier, “provides a good store of value over the long term with a low correlation to traditional risk assets.” OPTrust is also investing for the long haul. “With uncertainties in the economic environment that we feel will be there for the next several years, we’re not anticipating reducing our gold exposure,” said Davis. “In that kind of environment where we anticipate economic uncertainty [will be] abundant over the coming years, and probably the coming decade, owning gold will add to the resilience of the portfolio.” TNM Kelsey Rolfe is a freelance journalist based in Toronto. She has written about the mining sector for more than five years and was previously a section editor at CIM Magazine in Montreal.

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MARCH 1—14, 2021 / THE NORTHERN MINER

Ontario taskforce aims to improve capital raising for public companies MARKETS

BY KELSEY ROLFE

Special to The Northern Miner

n Ontario government task force issued a series of recommendations aimed at making capital raising in the public markets easier for issuers of all sizes, something that experts say could be especially beneficial for Canada’s junior miners. In its final report in January, the Ontario Capital Markets Modernization Taskforce called for 74 sweeping reforms to the province’s capital markets, including a recommendation to overhaul the Ontario Securities Commission itself. That proposal called for updating the OSC’s mandate to include capital formation and competition in the markets; renaming the commission; splitting the Chair and CEO roles; and separating regulatory and adjudicative functions. In its focus on improving the capital raising process, the taskforce recommended adopting a well-known seasoned issuer model for larger companies and an alternative offering model for smaller reporting issuers, as well as allowing companies to gauge investor interest before issuing a preliminary prospectus. It also recommended a prohibition on short-selling around prospectus offerings and private placements. “I think the mining industry will welcome a taskforce turning its mind to ways to streamline the capital raising process … and be pleased to see a recognition that for smaller companies, we should actually consider how we can make capital raising easier,” Michael Pickersgill, partner at Torys LLP and co-head of the firm’s mining and metals practice, said in an interview with The Northern Miner. The total number of listed issuers in Canada has declined in the past decade, the taskforce noted in its report, as has the number of new listings on the Toronto Stock Exchange (TSX) and the TSX Venture Exchange (TSXV). In 2007, the report found, roughly 200 new companies joined the TSX and another almost 400 joined the TSXV; in comparison,

| Recommendations could benefit Canadian juniors

“ACCESS TO THE PUBLIC CAPITAL MARKETS ALLOWS YOU TO BUILD A BETTER OVERALL BLEND OF CAPITAL STRUCTURE. EVEN THOUGH THERE’S A LOT OF WORK TO DO TO PUT MEAT ON THESE PROPOSALS, [THE MINING INDUSTRY] WILL REALLY WELCOME THAT DIRECTION.”

ISTOCK/MIKEINLONDON

MICHAEL PICKERSGILL PARTNER AT TORYS LLP

in 2020 just over 100 had joined the TSX and less than 100 listed on the TSXV by September. “Instead of proceeding through the traditional route to list publicly, emerging companies are increasingly relying on the availability of alternative sources of funds, such as angel investors, venture capital and private equity, often to avoid the significant costs and compliance that comes with public funding,” the report said. “Among other consequences, this reduces the opportunity for direct retail investor participation in the economic growth of our province.” Pickersgill said that’s a trend that has extended to the mining industry, particularly for junior miners, where private equity and other forms of private capital have helped to fund project development, as opposed to public equity and debt. “In 2020 there were opportunities for developers to raise capital because of the underlying economics and the commodity prices for precious metals in particular … [But] there has been generally, if you look at the trend over the past 10 years, a real increase and prevalence in private sources of capital funding

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project development,” he said. “The prevalence of that alternate financing model has mirrored the challenges of the public markets described by the taskforce.” The challenge with private capital, he noted, is it tends to be more expensive than public equity financing. “Access to the public capital markets allows you to build a better overall blend of capital structure. Even though there’s a lot of work to do to put meat on these proposals, [the mining industry] will really welcome that direction.” The taskforce recommended the OSC adopt a well-known seasoned issuer model to issue shelf prospectus receipts automatically for companies that have a minimum public float of $500 million. “This would streamline the shelf prospectus process for such large issuers that meet the prescribed thresholds and make it more cost-efficient for such issuers to raise capital in Ontario’s capital markets,” the report said. It also recommended an alternative offering model for smaller companies that can’t as easily absorb the costs of conducting a public offering. Companies would need to have been reporting issuers for 12 months and be up to date with their continuous disclosure in order to use the prospectus exemption. They would also need to file a short disclosure document with the appropriate regulator and certify its accuracy. Any offering under this model should be subject to an annual maximum, the taskforce said, recommending that for companies with a market capitalization of less than $50 million, the maximum should be the lesser of $5 million or 100% of the issuer’s market cap. The Prospectors and Developers Association of Canada was supportive of the proposal when it was included in the taskforce’s consultation report in July. Jeff Killeen, the association’s director of policy and programs, finance and taxation, securities, geoscience and health and safety, told The Northern Miner in October that the model “could certainly add a new, flexible way for companies to reach markets.” The taskforce proposed allowing reporting issuers and their advisors to pre-market transactions to institutional investors before filing a

preliminary prospectus, noting that an inability to “test the waters” with investors is one of the reasons behind public companies increasingly relying on private financing. The change would bring Ontario into alignment with the United States, which enabled issuers to engage in test-the-waters conversations with institutional buyers and investors in 2019. “The ability to communicate with potential investors to gauge the demand for a public offering would minimize the risk of failed transactions,” the report said. Ian Russell, president and CEO of the Investment Industry Association of Canada, said in an interview that several recommendations aimed to cut red tape for issuers would be beneficial to junior miners. “There are a number of handicaps to smaller companies that are trying to underwrite or raise capital, and one of the biggest impediments is regulatory cost,” he said, pointing to ongoing disclosure costs, as well as during the underwriting and prospectus processes. The report recommended consolidating reporting and regulatory requirements for issuers, including combining the form requirements for the annual information form, MD&A and financial statements; streamlining the material change report; and combining the simplified prospectus and annual information form into one annual disclosure document. The taskforce set its sights on short-sellers, with recommendations to prohibit short selling in connection with prospectus offerings and private placements in order to stabilize the underwriting process. The recommendation would prevent market participants and investors who had previously sold short securities of the same type as offered under a prospectus or private placement from then acquiring securities in that offering. “We’ve always had a strong position about that, [because] ... it can be disruptive in underwriting securities,” said Russell. “It’s a very delicate process to stabilize the market [during underwriting], and if you allow short selling it’s just aggravating the whole problem.” The report recommended that the Investment Industry Regulatory

Organization of Canada amend its universal market integrity rules to require that short sellers confirm they can borrow the securities they’re attempting to short, which would effectively end the practice of naked shorting. The taskforce also proposed short sellers be subject to a mandatory buy-in if a short sale fails to settle. The buy-in requirement would be triggered two days after the settlement date, or four days after the trading date. Terry Lynch, CEO of junior miner Chilean Metals (TSXV: CMX) and the founder of Save Canadian Mining, an advocacy group opposed to “predatory short selling” that targets junior mining companies, applauded the recommendations. While the current system requires transactions be settled in two days, an exception allows investors to go up to ten days if there are exceptional circumstances. “The reality is, hedge funds have driven a truck through this,” Lynch said in an interview. “Institutions that trade algorithmically, they’ll sell a stock, not cover it in two days, and on day 11 shift it to another company. It’s like stock kiting, really. [The proposal] would eliminate the kiting and would be helpful to stop predatory shorts.” The taskforce also proposed amending Ontario securities legislation to require publicly listed issuers in Canada to set their own board and executive management diversity targets and mandating the disclosure of material environmental, social and governance risk information, specifically climate-related disclosures that are compliant with the Task Force on Climate-related Financial Disclosures recommendations for issuers. “Those are two areas where the mining industry is very focused now, because of certain perceived true or false shortcomings historically,” Pickersgill said. “I think the industry and investor groups will welcome that, and in some cases investors and issuers themselves welcome some clarity about expectations for disclosure and expectations for reporting because it allows them to get on with the business of affecting change and disclosing that change in a matter that’s consistent across the industry.” TNM

GLOBAL MINING NEWS

INTERVIEW From 7

a bit unusual, we said to ourselves, in the same way that operations are accountable in delivering yearly budgets, in terms of production, costs, and so on, the same way projects are accountable within our team in delivering on time and on budget. Exploration needs to be also accountable to the budget we are allocating. And therefore we agreed with Patrick that the objective was to find between 10 and 15 million ounces of indicated resources over that five year strategic plan. But we went even further in defining where we expected those ounces would come from and this has all been proven right, progressively. At the end of 2020 we reached 8.5 million oz. and the last year of this plan was 2021, and we are expecting to find again, between two and three million oz., at least of indicated resources in 2021, which will put us right where we expected five years ago. It was a bit unusual to say we’re going to invest in exploration ... Being able to say we’re going to invest in exploration and this is what we’re going to find over the next five year period, that was, I would say, brave — but we knew we had all the elements demonstrating that we should be able to reach that number and it’s pleasing to see that delivered. TNM: Before you joined the mining

industry you worked as an investment banker at Morgan Stanley. Had you worked on mining deals there? SdM: No not at all. I started in M&A and capital markets, but it was more on technology and telecom, so that was more the background. In fact, I discovered the mining industry when I joined the Areva group — the world nuclear leader. It had a mining division and when I was

THE NORTHERN MINER / MARCH 1—14, 2021

32 years old I was offered the helm of the mining division. We were at that time the largest uranium producer — with in fact a lot of mines in Saskatchewan. So I spent five years with mines across Australia, Central Asia, Africa and Canada, including Saskatchewan, with different mines and joint-ventures we had with Cameco, so at that time I was very close to Cameco. Then in 2012 I decided to leave that group following the Fukushima accident. I didn’t see a lot of future in the short term in the nuclear sector, and at that time I had a small junior gold company within my portfolio at Areva, that Areva decided to sell, and met with Naguib Sawiris, the Egyptian billionaire, entrepreneur [in the telecom sector] and together we decided to buy this company from Areva, and this is how we started in gold. So we had assets at the time in Australia, Sudan, and Côte d’Ivoire, and the first thing we did was grow our Australian business and we vended into Evolution Mining, and we became with Naguib the largest shareholder of Evolution with 30% of Evolution, and Naguib and I were on the board of Evolution and we helped Evolution to grow from a mid-tier or a junior company to the second- or third-largest gold producer in Australia, and then my side was from an operational standpoint to focus on Africa, and to be able to build a leading African gold producer, which we did, by taking over Endeavour, back in 2016. And I must say I’m passionate about this industry and leading management teams on site through those challenges. It’s fascinating in my job to be able to change worlds, I would say, between having a headquarter in London, and doing road shows in New York and Toronto, and at the same time spending a

lot of time on the ground with the team next to geologists in exploration, or next to the plant and the mine, or talking to presidents and prime ministers at the same time, and having amazing community projects or working on bio-diversity and protecting lions. The wealth and the spread of subjects that you are able to deal with in my position is completely amazing and I love my job and am so blessed with this opportunity and that’s thanks obviously to Naguib Sawaris, who gave me his trust and empowered me to make those developments at Endeavour, but also our board, and ultimately the amazing team I have.

U.S., in terms of intel. We’ve made as a part of our model for all our mines, we have airstrips on site at each of our sites to avoid using roads for our staff and in particular all our expats, and we’ve got our own planes to ensure that we are able at any time to move people around. So yes, it’s a question of taking this subject extremely seriously, and being able to anticipate, I would say, security issues rather than react. We know that the day you start being in reaction, you are too late, so it’s all about getting all the right intel and information to be able to adjust and adapt your system to the potential threat.

TNM: You’ve always said that you be-

CEOs in the business. Last year when you finessed those deals you were just 45 years old. SdM: I just passed 46 a month ago!

lieve you can operate safely in West Africa — not everyone would agree with you. What do you tell people who say it’s not a safe jurisdiction? SdM: What we tend to say is that security is obviously a very key element, this is a commitment that we take to our employees, our contractors and our suppliers, so we take it extremely seriously. We are investing a lot in security. We work very closely with our host countries and that’s the key. You don’t manage security at the mine site in the middle of Burkina Faso without having very very strong ties and relationship with the Burkina Faso government. We have a dedicated security unit, which is structured as a business unit, and which is led by ex-French military, which has all the right connections and network, which is ex-colleagues, which are working in particular in the region with the French army. But we are also working very closely with other foreign governments which are involved in the region, whether it’s the U.K. or the

TNM: You must be one of the younger

TNM: That’s pretty young in the

mining business, wouldn’t you say? SdM: I can’t say. I had a boss in the past who told me that age is irrelevant, it’s more a question of maturity and ambition, and I guess I was at the right place at the right time. TNM: People I have spoken to about

you say you have a good sense of humour, which can be a great asset in the mining business. SdM: Yeah. And I think if you want to enjoy life you can’t be too serious. This is a business where you’re facing problems every day; there’s not a single day where I don’t receive a call about a tax issue, a security issue, a safety issue, an operational issue, every day. So if you’re too stressed by that I don’t think you can stay long in this industry. So you need to be able to step back a bit and focus on your strategy and get the right people around you to

BATTERY METALS From 5

tember 2020, created the fund in December, and completed the due diligence on the Molo project in January. “He views graphite as one of the most critical battery materials required for this secular change happening in the industry,” he said, “and the reason he chose us is because we have a very low-cost to build the mine, we have a very high quality off-taker (and another one in negotiations), and a very premium product.” “He’s not in this to be a passive investor, he wants to grow it and steer it with expertise. He wants us to grow into a global battery material producer. He didn’t invest in us to have a 17,000 tonne a year mine. He wants us to be a fully integrated battery anode producer, and control the whole supply chain.” The US$29.5 million financing package consists of a US$6.1 million equity private placement scheduled to close at the end of February; a US$12.4 million equity private placement to close following shareholder approval; and US$11 million in royalty financing. In the first tranche, NextSource will issue 120 million common shares at 6.5¢ per share, giving Vision Blue Resources a 16.7% ownership stake. In the second tranche, NextSource will issue 232.1 million units at 7¢ per unit with each unit consisting of one common share and one common share purchase warrant. Each warrant will entitle Vision Blue to buy an additional common share of the company for 10¢ per share for a two-year period. Once the second tranche is completed, Vision Blue Resources will own about 37% of NextSource’s common shares outstanding, or about 49.4% on a partially diluted basis. NextSource discovered Molo in

master all those subjects. At the end of the day I like to say, I tend to be, I don’t know what the proper word is in English, but I’m a wolf leading a wolf band. Some CEOs are known to be with a big ego and it’s their company and it’s a one-man show. This is not me. It’s all about the team. We’re doing all that with the right team. I’m spending a lot of time with them, and this is what allows you to do bigger things. TNM: How do you de-stress? How do

you spend any free time you have? SdM: I spend time with my family and my kids, which is essential, and doing a lot of sports. This helps probably take out some of the stress that you get. I’m doing a lot of skiing, a lot of sailing, a lot of golf, trying to be outdoors, and spending more and more time with my kids. I have four kids, the eldest is 18 and the youngest is eight. TNM: What is one of the most sat-

isfying things about working in the mining sector? SdM: When you go into a village that doesn’t have electricity and you put in place projects to bring electricity, and then you are part of the day when you’re switching on, for the first time, lights in that village, and you’ve got hundreds of people around you, kids, women, who are just cheering and dancing because they are so happy with what we’ve just done — this is an emotion that is sometimes difficult to explain to people in London, for example, because this is so far away from what we’re used to. And that’s the simple joys that I love so much about this industry, is that we are impactful. Sometimes I’m annoyed by comments I hear about the mining industry around ESG. There are not many industries that are so impactful in terms of having the ability to change peoples’ lives, and this is what is great about this industry. On the one side it’s about managing a business, leading a team, and on the other side, it’s about being impactful and changing peoples’ lives. TNM: What is left on your to-do list? SdM: We’ve got a lot going on. The

first thing is do a successful integration of both Semafo and Teranga, and I guess the immediate big challenge for us is getting the London listing that we’re targeting for June this year. And then it’s going to be all about preparing the next projects that we want to build in 2022. The aim is to launch two in construction in 2022. So there’s still a lot to be done, which is exciting for me and for the team. TNM

Trench at NextSource’s Molo project in Madagascar. NEXTSOURCE MATERIALS

2010 but at first didn’t realize the deposit was valuable, dismissing it as “pencil graphite.” It wasn’t until a geology student working on his doctorate at the University of Toronto visited Molo and told the company’s president and CEO, Craig Scherba, that the company had a unique project on its hands. “He came over and said, ‘Holy Cow, do you know what you’re on? This stuff is very valuable, this isn’t pencil graphite, this is a premium quality graphite.’ So I started calling off-takers. We have got 300 line km of graphite at surface.” “Graphite is found everywhere in the world but high-quality graphite is not,” Nykoliation added. “This is one of the highest quality discoveries in the world.” The graphite at Molo will also be relatively inexpensive to mine, given that it lies between 1 cm and

5 cm below grass cover — giving a strip ratio of just 1:0.5. With operating costs outlined in the2019 feasibility study of about US$567 per tonne of flake graphite, Molo is competitive with graphite mines in China, he added, where operating costs can range from US$400 per tonne up to US$900 per tonne. In addition to the Molo project, NextSource owns the Green Giant vanadium project, about 15 km away. Green Giant contains indicated resources of 49.5 million tonnes grading 0.69% vanadium pentoxide for 756.3 million pounds of vanadium pentoxide and another 9.7 million inferred tonnes grading 0.63% vanadium pentoxide for 134.5 million pounds. The resource estimate used a 0.5% cut-off grade. Nykoliation said he believes that with the increasing focus on Envi-

ronmental, Social and Governance (ESG); the importance of sustainability; and concerns over U.S.China trade tensions, more and more companies want to diversify their supply away from China, which he estimated currently produces about 66% of the world’s graphite. “Madagascar is famous for graphite, it’s been exporting it for nearly 100 years, but this is by far the biggest discovery in the country,” he said. “Molo is in a very friendly mining jurisdiction, the project is 200 km away from the rain forest in an area with a low population and fauna and we have a worldclass port built by the World Bank — Fort Dauphin at Taolagnaro.” “We’ll be in production in the first half of 2022,” he said. “It’s been a long time coming and we’re super excited.” TNM

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Chile’s Minister of Mines and Energy prepares for new expansion cycle INTERVIEW

BY TOM AZZOPARDI

Special to The Northern Miner

s copper prices hit their highest level in almost a decade, Chile’s mining industry is preparing for a new cycle of expansion. “We hope that if the price cycle remains high, which is what most analysts expect, that this accelerates the development of new mine projects,” Chile’s Mines and Energy Minister Juan Carlos Jobet said in an interview with The Northern Miner. The government has identified mining projects worth US$74 billion in development, of which almost a third are already in construction. They include Teck’s (TSX: TECK.A/ TECK.B; NYSE: TCK) US$4.5 billion Quebrada Blanca project, an expansion of Antofagasta plc’s (LSE: ANTO) Los Pelambres mine and Codelco’s massive program to overhaul its aging mine operations. The new spur in investment could lift the country’s annual copper output to over 7 million tonnes by the end of the decade, according to the Chilean Copper Commission, up from the less than 6 million tonnes it has averaged over the last decade. But the rally in commodity prices coincides with changing times in Chile. Last October Chileans voted overwhelmingly to rewrite the country’s forty-year-old constitution, which many see as preventing government from tackling the huge gaps between rich and poor and improving public services, failings that triggered unprecedented protests and street violence in late 2019. The constitutional process is set to take two years during which a huge range of issues are likely to be debated, from the presidential

| Sustainability efforts gaining traction

form of government and the size of the state to the place of Indigenous communities and protection of the environment. That could include ownership of the country’s mineral resources, which are protected under the current constitution, notes Jobet. But he says foreign investors have little to worry about. The body that will draft the new constitution must approve all articles of the new constitution by a two-thirds majority (ensuring a broad consensus is reached) and must respect Chile’s existing international treaties and judicial rulings (including mineral claims). “There is a broad consensus that the combination in Chile of public and private mining companies has been successful so there is no reason to expect this to change,” he argues. A bigger challenge is preparing for the growing demand among consumers, investors, and local communities that the mining industry is sustainable and part of the fight against climate change, an issue Jobet sees taking center-stage in the coming months. In recent weeks, U.S. President Joe Biden has re-joined the Paris Agreement on Climate Change while China, Japan, and South Korea (the three largest buyers of Chilean copper) have all adopted commitments to achieve net carbon neutrality by mid-century. “This is gaining traction very quickly,” the minister says. “I am convinced that post-Covid this is going to take off.” Chile’s mining industry is already moving rapidly in this direction. Once heavily reliant on coal-based generation, many large players, including Anglo American (LSE:

Juan Carlos Jobet, Chile’s Minister of Mines and Energy. MINISTRY OF MINES

“MINING IN CHILE FACES A CHALLENGE TO SHOW ITS IMPORTANCE TO THE ECONOMY AND WHAT IT IS DOING TO BECOME SUSTAINABLE.” JUAN CARLOS JOBET MINES AND ENERGY MINISTER

AAL), BHP (NYSE: BHP; LSE: BHP) and Antofagasta, among others, have signed deals in recent years to begin sourcing most or all electricity from renewable sources in the years ahead. By 2023, renewables (including solar, wind and hydropower) will account for 60% of the power consumed by the sector, according to government estimates. Cheap renewable energy (solar projects have won contracts at just US$20 per megawatt-hour (MW)) is also allowing the industry to tackle another challenge: water. As inland sources grow scarce, especially in the bone-dry north where the industry is concentrated, mining companies are turning increasingly to the sea to supply water to their industrial processes. BHP announced in February 2020 that following the construction of its new 1,200 liter/second desalination plant outside the city of Antofagasta, it had halted all pumping of continental water, fulfilling a corporate commitment a decade early. Many more plants are in development. Production of desalinated

water is expected to double over the next decade so that by 2030 the industry will be sourcing around half of its water from the ocean, the government says. Despite these gains, Jobet says, the industry could and should do more to reduce its impact on the environment. Otherwise, Chile could see markets closed to its mineral exports or forced to accept lower prices at a significant cost to its economy, he claims. “They [the mining companies] are advancing but I would like them to move faster,” the minister says. There is no reason why they cannot. Chile’s dazzling deserts and endless coastline is one of the world’s richest resources for renewable energy. Marginal as recently as five years ago, wind and solar now account for 22% of installed capacity on Chile’s national grid, according to the National Energy Commission. This figure could almost double this year with the inauguration of another 6,000MW, according to Jobet. Renewables including hydropower already account for more than a third of the country’s power supplies, a proportion which should reach 70% by 2030 and 100% by 2050, according to government forecasts. Jobet is particularly keen on concentrated solar power, or CSP, which uses water or salt to store solar energy through the day and which is then released during the night, thereby overcoming solar power’s main weak point: that the sun also sets. The minister will inaugurate Chile’s first such plant near Calama later this year. By mid-century, a quarter of Chile’s energy could come this way, Jobet says. To accelerate the transition to

renewables, Jobet negotiated a commitment from the power industry to close all its coal-fired plants (which supply 40% of Chile’s power) by 2040, including a third by 2024. Meanwhile, Chile’s almost endless potential for renewables is opening new opportunities. Solar power from the Atacama Desert, for instance, could meet a fifth of the world’s energy needs, according to Chile’s Solar Energy Research Center. In 2020, President Sebastian Pinera launched Chile’s national green hydrogen strategy with the aim of making the country one of the world’s leading producers and exporters of the fuel by the end of the decade. Still in its infancy, this sustainable fuel is seen as key to cleaning up many industrial processes (from heating to heavy transport) that cannot be replaced by lithium batteries. A study in 2020 by consultants McKinsey found that thanks to the strength of its sunshine and winds, Chile could be the world’s lowest cost producer of green hydrogen, with costs low enough to compensate for its distance from key markets in Asia and North America. Developing a domestic hydrogen industry could also help clean up Chile’s mining industry, Jobet notes. Mining companies, including Anglo American and Codelco are already working on converting giant haul trucks to run on hydrogen instead of diesel. A prototype hybrid model could be in operation later this year. “Mining in Chile faces a challenge to show its importance to the economy and what it is doing to become sustainable,” says Jobet. “This is a great opportunity.” TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

Southern Ecuador’s Cuenca city votes to ban new large-scale mining ECUADOR

| Ban does not cover licenced projects but puts more than 40 projects in limbo Cuenca, Ecuador, with it’s Catedral de la Inmaculada Concepción. ISTOCK/ALANFALCONY

BY CECILIA JAMASMIE

MINING.com

esidents of the city of Cuenca in southern Ecuador have voted in favour of banning future large-scale mining activities in five nearby watershed zones — an area that stretches over 3,100 square km (1,197 square miles) and is home to more than 580,000 people. The poll results represent a win for Cuenca, the country’s third-largest city in the province of Azuay, which hosts several mining assets, including Chinese-owned Junefield’s Rio

Blanco gold project, SolGold’s (TSX: SOLG; LSE: SOLG)) Sharug project and INV Metals’ (TSX: INV) Loma Larga gold-silver-copper project. The city pushed last year for the referendum on whether or not communities could decide the fate of mining projects in the area. Ecuador’s highest court handed the community a victory, allowing them to set a date to vote. The ruling made clear that locals could only have their say on mining rights not yet granted, not on licensed projects. More than 80% of the electorate voted in favour of the ban in mid-

February, which proponents argue reinforces “the rights of Nature,” guaranteed by the country’s 2008 Constitution. The result of the referendum is legally binding, meaning Ecuador’s next president will have to implement it. The country is headed toward a presidential runoff in April, as the results of this month’s elections remained disputed. Left-wing indigenous candidate Yaku Perez, an environmental lawyer, won 19.38% of the vote in the February 7 election. That’s just 33,000 votes behind his sec-

Workers at INV Metals’ Loma Larga site in Ecuador. INV METALS

ond-placed rival, right-wing former banker Guillermo Lasso. Perez, an open opponent of mining near watersheds, alleges there was fraud to keep him out of the runoff. He was narrowly displaced by Lasso from second to third place in the middle of the count, now halted. While there are no big mines operating in the area yet, the popular vote’s results could derail more than 40 copper, gold and silver concessions. “That’s debatable” mining lawyer Xavier Andrade told Bloomberg News on Feb. 4. “Who will carry out exploration if you won’t be able to

recover the investment? (…) This will all end up in another legal battle before the Constitutional Court.” Ecuador has gained ground as a mining investment destination over the past two years, but opposition in some areas to the extraction of the country’s resources could thwart the government’s plan to attract US$3.7 billion in mining investments by 2022. Last year, mining in Ecuador generated US$810 million in exports, US$430 million in taxes and US$374 million in foreign direct investment. TNM

OBITUARY

t is with sadness that we announce the passing of our father Fred Perry, in Oakville, Ontario on Feb. 1, 2021. He is predeceased by his wife Elizabeth, brother Sidney and sister Jean (Kitching), and survived by his brother Allen, sons Jeff (Carol), Ian (Patricia) and Jason (Cynthia) as well as grandchildren Bruce, Lauren, Robyn, Rebecca, Emma, Jack and Max, and great-grandchildren Zoe, Cora and Julie. Dad was born on a farm in the Thames River valley, just north of Woodstock, Ontario, a town that his ancestors helped to build in the early 1800s. His early education was a one room country school, and then at Woodstock Collegiate. He served in the RCAF during the war, and afterwards studied Geological Engineering at University of Toronto, graduating in 1949. Starting as a consulting geologist, his career took him from Vancouver Island to Newfoundland, and from the Coppermine River to the Acton quarry on the Niagara Escarpment, where he produced one of the earliest reports quantifying the aggregate resource still being mined today. He finished his working life with Gulf Minerals Canada, where he led the exploration group that discovered and developed the first of Saskatchewan’s vast uranium reserves in the Athabasca Basin. At home, Fred and Elizabeth spent countless hours leaning on the boards, cheering their sons’ minor hockey endeavours, as well as being sources of good advice and always warm affection. Proud to be Canadian, Fred was active in his community wherever he lived and within the mining business. Not coincidentally, Dad’s choice of careers provided a variety of venues to do the things he enjoyed most: casting a spinner into a remote, fast flowing grayling river, or crouching with a group of likeminded folk in the predawn cold of a Manitoba stubble field waiting for the Central Flyway to deliver its bounty. In retirement, he whiled away the summer days riding his motorcycle along southern Ontario country roads, and winter was for skiing. We say goodbye to a remarkable person who continues to touch our lives each day. Cremation has taken place. Interment in North Embro Cemetery at a later date. In lieu of flowers, sympathy may be expressed through donations to a charity of your choice. Arrangements with the Andrew L. Hodges Funeral Home, St. Marys, (519-284-2820).

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MARCH 1—14, 2021 / THE NORTHERN MINER

JOHA

ES BU

|T O

|P ER TH

| NE W YO RK | L ONDON | L I M A | P U E R TO R I C O

In difficult times, we count on our friendships and long term relationships and, throughout the last year, we once again experienced the true value of both. At this our 17th PDAC, we are proud to say that our friendships and relationships have never been stronger, our business never better, and our future never brighter. To our loyal clients and dedicated employees, thank you.

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

GATOS SILVER From 12

zinc concentrate, he explained, “so we try to pour it all into the lead concentrate.” Cerro Los Gatos contains 10.4 million measured and indicated tonnes at average grades of 269 grams silver per tonne, 2.7% lead, 5.5% zinc, 0.34 gram gold per tonne, and 0.11% copper and 3.7 million inferred tonnes grading 107 grams silver per tonne, 2.8% lead, 4.0% zinc, 0.28 gram gold per tonne, and 0.14% copper. Dowa was anxious to see the mine built, Orr continued, and said they would bring in a syndicate of banks to help fund construction. They accomplished that in 2017 — bringing in Japan’s Mizuho Bank and the Japanese Bank of International Cooperation (JBIC) — which provided a debt facility totaling US$210 million with an interest rate of approximately 6% including all fees. The funds covered two-thirds of pre-production capex, with the remainder the responsibility of the joint-venture’s partners (Gatos Silver (70%) and Dowa (30%). But the precious metal market still hadn’t come back by that point, Orr recalled, and it was difficult to raise its 70% of the remaining capex. What once had served as an advantage (being private) was now something of a liability. “One thing that isn’t so great about being private is that it’s very hard to raise financing, because funds get stuck in an illiquid product and there is no certainty of a liquidity event and so they are reluctant to participate,” Orr said. Electrum was able to secure about US$28 million from its existing shareholders but it wasn’t nearly enough, and Dowa said they would loan them the money at Libor plus 1%. “That was the cheapest funding we could ever get,” Orr said. The

A site visit at the Cerro Los Gatos silver-lead-zinc mine in Chihuahua, Mexico. GATOS SILVER

decision meant Gatos Silver’s share of the project dropped from 70% to 51.5% but the company has the right to regain the full 70% before the end of June this year. With the funds in hand, the jointventure partners secured the permits and built the mine in 18 months. “Of course the mine had had a head start,” Orr noted, “and so we were able to aggressively continue the development and expose ore faces and we were so far ahead that we produced first ore in 2018.” From there, the joint venture took a measured approach, stacking the

mined ore until the processing plant was completed in July 2019 — at which point there was over 100,000 tonnes of mineralized material ready to feed the mill. Even with Covid-19, the operation has run relatively smoothly, Orr said, due to their decision to build a residential camp. While the mine is not far from Chihuahua — about an hour and forty-five minute drive — the company decided that busing employees would be difficult for scheduling shifts and decided on a 20-day rotation giving it more flexibility.

When the pandemic hit, the mine was able to implement rigid protocols. Employees returning to camp are taken to a hotel in Chihuahua City the evening before, tested for the virus, and if positive are sent home in the morning. Those that test negative proceed to the camp. “The decision for a residential mine by happenstance and good fortune turned out to be our first defence against Covid-19 because it’s such a controlled environment,” Orr said. Ultimately, Electrum decided to go public with Gatos Silver last year, due to the rise in precious metal

prices. “We all agreed that now was the time to IPO because silver is rebounding and it looks like we’re going to get into a sustained bull market on silver,” Orr said, adding that the metal is particularly attractive “due to its lovely dual personality — its incredible industrial use and the fact that its viewed as a store of value much like gold.” Cerro Los Gatos is expected to produce about 12.2 million silverequivalent ounces a year over a mine life of eleven years. But Orr noted that there is tremendous exploration upside with roughly 85% of the 103,087-hectare land-holding yet to be drilled. “This has truly been the most rewarding undertaking I’ve ever done in my career,” Orr said. “It’s the first time I’ve had the pleasure to work for a private company, and through a lot of good fortune and through the efforts of a very talented management team, we had the ability to keep the team very small — there are only six executives in the whole company — and we didn’t have the external market distractions so we were able to focus all our efforts on getting Los Gatos right.” Electrum now hopes to do the same with its Sunshine mine project in northern Idaho, under its Denverbased Sunshine Silver Mining & Refining Corp., which it spun out into a separate entity when Gatos Silver went public. Electrum purchased the iconic past-producer (360 million ounces of silver) out of bankruptcy and plans to reactivate exploration. Gatos Silver has about 59.2 million common shares outstanding. At the time of the IPO in October last year, Electrum and its affiliates owned 45.1% of the company; other institutional and private investors 29.6%; Fidelity 13.4%, MERS 11.1% and management and directors 0.8%. TNM

ASX: BDM

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WWW.NORTHERNMINER.COM

MARCH 1—14, 2021 / THE NORTHERN MINER

ISTOCK/RGBDIGITAL

Pent-up weddings and stimulus could mean ‘generational consumer boom’ for diamonds DIAMONDS

| Sector sees greater business discipline with inventory management

BY TRISH SAYWELL

tsaywell@northernminer.com

lobal diamond production in 2020 fell by more than 20% to about 113 million carats due to planned production declines by the major producers and pandemic-related suspensions and curtailments. Paul Zimnisky, an independent diamond analyst and consultant based in New York, outlines what he sees in store for the sector over the next five years. THE NORTHERN MINER: In Decem-

ber you forecast that global diamond production will remain well-off until at least 2025, after the most recent high-water mark reached in 2017 of 152 million carats. Has anything changed since then to alter that view? PAUL ZIMNISKY: This is still my view. I think it is important to note that almost all of the operations that were interrupted due to the pandemic last year have restarted or are expected to restart soon, but global output is still expected to be at multi-years lows for the next few years as legacy mines reach depletion and very few new mines commence production. That said, the two majors are currently guiding production at what I estimate to be below capacity levels, so I see the biggest risk to my forecast being majors raising production levels closer to capac-

Paul Zimnisky, independent diamond analyst and consultant. PHOTO BY GEORGE MATTHEW PHOTOGRAPHY

ity; however, even if this happens I estimate that we will still be well below 2017 levels.

northarrowminerals.com

year and what are your forecasts for 2021-2025? PZ: I think it’s fair to say that material luxury outperformed experiential luxury given all of the travel restrictions and large group gathering restrictions globally last year. As far as diamond jewelry versus other material luxury options, jewelry was the second-best performing category for LVMH in calendar Q4, and they are the largest luxury company in the world. Jewelry was the overall best performing category for Richemont, the second largest luxury company in world. There are other similar data points as well. So, in general, jewelry had a pretty good 2020 and the momentum accelerated into year-end and the holiday season and seems to be continuing into 2021. That said, I estimate that global diamond jewelry demand was still down 20% or so last year compared to 2019. I am forecasting that we will get back to pre-pandemic levels by 2022, with a return to more normal growth for the industry, of low-to-mid single digit percentages, thereafter. Of course, there are a lot of moving parts right now with regards to the vaccine rollout, the global “reopening” and subsequent consumer sentiment. But, if everything lines up, we could actually be setting up for a generational consumer boom in the coming years due to pent-up demand combined with all of the stimulus that is working its way through the global financial system right now — so that’s the upside. More specific to diamonds, right now, the hotel and leisure industry consensus is that wedding demand is crazy strong for the second half of this year, so going to be interesting. My worry is it’s that all of this stimulus could lead to a boom-bust situation in the coming years.

northarrowminerals @narminerals

TNM: You’ve said that an oversup-

TNM: How would you characterize

consumer demand for diamonds last

CANADA’S FUTURE IN DIAMONDS

TSXV:NAR info@northarrowminerals.com Suite 960, 789 West Pender Street Vancouver, BC V6C 1H2 604.668.8355

plied market has been “the greatest plague” to the diamond industry for

most of the last decade. What caused that and what is the situation now? Is it getting better? PZ: I think you have to go back to 2011 to really analyze this. Prices made an all-time high back then, and that encouraged a wave of new diamond exploration and development, which resulted in a significant amount of new supply coming to market towards the end of the decade. This combined with over-speculation with regards to inventory accumulation by some in the manufacturing segment and of course the emergence of much more affordable and widely available man-made diamonds is what in my opinion led to an oversupplied diamond pipeline, which has hindered the industry in recent years. But in a way it’s a self-correcting cycle, if you will; multiple years of weaker prices have resulted in very little new diamond mine development. So now the industry is actually seeing the opposite effect of what appears to be an undersupplied market in some cases. All in all, from a supply standpoint, I think the industry right now is the best positioned it has been in quite some time. TNM: Do you see the need for more

consolidation in the diamond sector? PZ: The consolidation seems to be happening at the mid-stream and down-stream segments of the industry, where for example, smaller, low-margin diamond polishers are losing out to more formal, larger, corporate types of manufacturers. Downstream at retail, more modern jewelers with reliable eCommerce and digital functionality are taking market share from less digitally equipped traditional jewelers. This has been greatly accelerated by the pandemic. TNM: Which companies are leading

the way in bringing in greater business discipline? PZ: It appears that greater business discipline, as far as inventory management, has begun to take hold in both the upstream and mid-stream segments of the industry. The two major diamond miners have reduced production guidance and have provided unprecedented flexibility with their contracted rough diamond buyers; in addition, and more specifically, De Beers has recently taken structural steps to more efficiently allocate rough to its buyers, which should keep supply in the hands of the strongest players, those that can profitably add-value to it. In addition, the mid-stream industry has also taken measured action to encourage more conservative practices, which was seen following the onset of the pandemic. For example, Indian diamond manufacturing trade organizations called for a voluntary import ban on rough diamonds last year in an effort to sustain manageable levels of inventory aimed at supporting polished prices and preserving the creditworthiness of the industry. TNM: What are some of the key

things you’d like to see change amongst the diamond producers? PZ: I would really like to see the

diamond industry be a leader in the area of sustainability. Apart from simply being the right thing to do for future generations, from strictly a business standpoint, I think a robust approach to sustainably is actually a necessity for the industry given that diamonds are a discretionary item that appeal to consumers emotions. The product has to have a positive association with people and make consumers feel good. TNM: What does the industry need

to do to be more sustainable?

PZ: In terms of mining, the diamond

industry is uniquely positioned given that most diamonds are found in kimberlite rock, and as I am sure most of your readers know, kimberlite is an ultramafic rock, which represents a relatively small percentage of the accessible rock on the planet. Ultramafic rocks are unique in their ability to naturally absorb very high concentrations of CO2 from the atmosphere. So, I think you can see where this is going. TNM: De Beers has been working on

a kimberlite carbon capture initiative for about five years. Can you tell us a little bit about that? PZ: It relates to the idea of using kimberlite tailings for “mineral carbonation” as I just described. De Beers has been co-developing a related technology for a few years now, so I expect to be hearing more about this going forward. I think this is one of the most exciting developments in sustainability, and not just for the diamond mining industry but for the larger mining industry as a whole, as this could potentially result in not only carbon neutral mining but net-negative carbon mining. TNM: Diamond provenance initiatives will become more and more important to consumers. What are the current capabilities in the sector to track provenance and are there enough new technologies out there that can help? And when do you think tracking for all producers will become mainstream? PZ: Good question, I think this is one of the most important developments in the industry right now for sure. In the coming years when a customer buys a diamond I think they will be provided with the source provenance of the diamond, for example, the country where the diamond was mined or even the specific mine, in addition to the traditional quality characteristics provided with a grading report, like the 4 C’s. Diamond provenance initiatives have become a priority in the industry, boosted by the availability of new technologies that makes verifiable tracking of a diamond through the, sometimes convoluted, supply chain, a reality. I think this is such an important initiative because geological provenance data of a diamond increases its “story telling” appeal, but perhaps more importantly, it also communicates to the consumer that it is a real, natural diamond that is conflict-free. I think this along with sustainability initiatives, like the carbon capture technology, goes a long way in aligning the industry more with where we are moving as a society. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

Rio Tinto hands out biggest dividend ever NEWS

| Vows to tackle customers’ emissions

BY CECILIA JAMASMIE

Mining.com

io Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) has rewarded investors with the biggest dividend in its 148-year history and laid out plans to tackle the vast carbon footprint of its global customers, in an effort to leave behind what its new chief executive called a “year of extremes.” The world’s second-largest miner is handing back US$9 billion of cash to shareholders, including a record final dividend of US$6.5 billion. The splurge comes as iron ore, Rio Tinto’s most important commodity, climbed almost 85% in 2020 to a nine-year high of more than US$175 a tonne. In his first address since taking over the top post in January, Jakob Stausholm said he would strive to restore trust in the company, shattered after it destroyed a sacred Aboriginal site to make way for an iron ore mine expansion in Western Australia. The blasts at Juukan Gorge cost former CEO Jean-Sébastien Jacques and two other senior executives their jobs as investors and indigenous groups demanded accountability for the incident. Rio Tinto’s new leader promised on Feb. 17 to work with traditional owners as the company continues to grow its flagship iron ore division. Stausholm’s comments were made in the context of the publication of Rio Tinto’s 2020 results. Underlying earnings rose 20% to US$12.4 billion in the period. Net debt fell to US$664 million from US$3.65 billion. Profit before tax was US$15.4 billion, up from US$11.1 billion in 2019. Stausholm said 2020 was an “extraordinary year” for Rio Tinto but also one “of extremes”. “Our successful response to the Covid-19 pandemic and strong safety performance were overshadowed by the tragic events at the Juukan Gorge, which should never have happened,” he said. Stausholm also announced that the group is reversing an earlier stance on Scope 3 emissions — those generated by customers through the use of its products — by owning its role in how third parties use the commodities it mines. Given its huge exposure to the steel industry, one of the world’s heaviest polluters, the company has come under increasing pressure to help making steelmaking a more environmentally-friendly activity. Rio Tinto is the world’s top iron ore miner, a commodity responsible for roughly 85% of its profits. The process of producing steel involves adding coking coal to iron ore to make the alloy and is responsible for up to 9% of global greenhouse emissions. The mining giant vowed in 2020 to spend US$1 billion over five years. The ultimate goal was to have “net zero” greenhouse gas emissions by 2050. Rio Tinto also said at the time that its total Scope 1 and Scope 2 emissions (indirect emissions from the generation of purchased energy consumed by a company, such as electricity) would be 15% lower by 2030 than 2018 levels. The company, however, did not set a target to reduce Scope 3 emissions, arguing it was nearly impossible to control how steelmakers use the iron ore it provides them. Rio Tinto said in its Feb. 17 press release that it will now work with customers to reduce steelmaking carbon intensity by at least 30% from 2030. It is also aiming for carbonneutral steelmaking and zero-carbon aluminum and net-zero emissions from shipping by 2050.

Rio Tinto’s ISAL aluminium smelter operation in Hafnarfjörður, Iceland. RIO TINTO

Taking a page from rival BHP’s (NYSE: BHP; LSE: BHP; ASX: BHP) book, Rio Tinto said it will tie executive bonuses to progress. “We are all learning on the jour-

ney of climate change,” Stausholm said. “Today, you should just see it as an extension, recognizing that we can actually work together with our partners to reduce the Scope 3. It

is a real shift, but it’s also a natural development. You start with your own emissions, and then you expand from there.” A study published last year showed

that eight of the world’s top ten largest mining companies were not doing enough to help keep global temperatures from increasing by less than 2°C a year by 2050. TNM

A Canadian natural resource company focused on exploring and developing Saskatchewan’s diamond resources

Diamond populations from the Star and Orion South Kimberlites include Special (+10.8 carats), Fancy (yellow) and a high proportion of Type IIa diamonds.

TSX: DIAM

www.stardiamondcorp.com @StarDiamondCorp

WWW.NORTHERNMINER.COM

MARCH 1—14, 2021 / THE NORTHERN MINER

Aspiration vs reality: What lies in store for platinum group elements COMMENTARY

| Shorter term trends are positive for platinum, palladium, and rhodium “THERE IS THE SMELL OF A QUASIRELIGIOUS BELIEF IN THE COMING EV REVOLUTION.”

BY JEFFREY CHRISTIAN

Special to The Northern Miner

he rise in electric vehicle (EV) market share in the car industry may be accelerating as witnessed in the wave of announcements from Volvo, Volkswagen, General Motors, Ford, Nissan, Toyota, Honda, and a host of Chinese auto makers. But there always has been, and always will be, a tremendous mountain of marketing hype by auto makers and others about the march to EVs and fuel cells. When I wrote World Guide To Battery-Powered Road Transportation in 1979, many people and companies involved in EV research and development, including many auto companies, projected half a million EVs on the road by 1988. The world reached that level in 2014. The California government wanted 10% of the vehicles sold in California to be “Zero Emission Vehicles” by 1988, subtly ignoring that the state got its electricity from state coal-fired power plants back then. Fuel cell vehicles have been 10 years from massive production and platinum requirements since the 1960s, when GM and other auto companies were working on prototypes. I may suffer from undue skepticism borne out of decades worth of unfulfilled manufacturer promises, but as the retired director of GM’s 1960s fuel cell program said when he bought the prototype fuel cell van from his former company in the 2000s: ‘When an auto company says it will introduce a technology in five years, that means it is interested in commercializing the technology, but when it says it will introduce the technology in 10 years, that means it may someday move in that direction.’ Politicians around the world further muddy the future vision with wildly unrealistic pronouncements and ‘aspirational’ policy guidelines suggesting a much more rapid transition to electric propulsion than possible. And then there are hydrogen engines and liquid organic hydrogen carriers, technologies that could blow away EVs, HEVs (hybrid EVs), and gasoline and diesel vehicles in a decade or two. Many mainstream business articles and commentaries increasingly are accepting the auto industry’s transition to EVs as a foregone conclusion and that the transition will come fast — faster than had been considered likely even a year ago. There is the smell of a quasireligious belief in the coming EV revolution. I take a more cautious approach, partly because I have seen technophilic belief in so many technologies that never were commercialized. I get worried when people are so excited about how EVs or some other emerging technology is going to revolutionize the way we live that they forget to consider facts or do basic arithmetic projections based on reality. That is where some of the commentary about the rapid introduction of EVs in the next few years rests: It fails to take into consideration reality. To be sure, there may be an acceleration of the introduction of EVs underway at present. The question is: Will this be as ill-conceived and short-lived as the EU push to subsidize diesel fuel and vehicles in the late 1990s, which was predicated on the wrong belief that diesel fuel was environmentally preferable to gasoline.

JEFFREY CHRISTIAN MANAGING PARTNER, CPM GROUP

Jeffrey Christian speaking with The Northern Miner in 2019.

Solid bars at Norilsk Nickel’s Krastsvetmet platinum group metals refinery in Russia. NORILSK NICKEL

It would be hard to over-state the critical importance future auto propulsion technology will have on the PGM industry, which makes forecasting what will happen to the industry so challenging. If market share of EVs increases rapidly, the three major PGMs by value (platinum, palladium, and rhodium) will lose their major markets, which would render an almost fatal blow to the PGM mining industry. If, however, the transition to EVs or whatever motive power technology becomes dominant is slower, these three PGMs could see sharp price increases over the coming decade. Even if EVs or some other technology supplant traditional automobiles entirely, or almost entirely, the outlook for platinum prices still looks promising over the next 10 years. The cliff is somewhere beyond 2030, it seems. However, as future trends in auto propulsion technology become clearer as the current decade progresses, financial markets will price future demand trends into prices in advance of the actual demand developments. For now and the next few years, this is in the future. Platinum prices should be expected to rise, perhaps sharply, while palladium and rhodium prices appear destined to remain high. This is because the shorter term trends in the auto industry are positive for platinum, palla-

dium, and rhodium demand. The overall number of vehicles being built continues to rise in the long run, despite periodic declines due to recessions in 2008 and again in 2020. Emission standards are tightening, leading to higher per vehicle loadings of PGMs. The record high palladium and rhodium prices over the past several years meanwhile is leading to a shift away from palladium back to using more platinum. More vehicles using more platinum means more total demand for this metal. This increase in demand comes at a time when PGM producers continue to struggle with plans for future production. This may combine with increased platinum use in auto catalysts to push prices sharply higher in the middle and later parts of the current decade. Or not: If EVs gain market share faster than seemed likely even recently, this scenario could be upset or sharply abbreviated. Demand for all three major PGMs could decline sharply and sooner than otherwise might be expected. The PGM mining industry needs to position itself for either auto demand contingency: One with a rapid shift to EVs or some other technology, or one in which demand for PGMs for use in auto catalysts remains important, and the largest use of these metals, for at least several decades.

This comes after years of persistent over-production and surpluses in platinum and palladium. The South African PGM mining sector has promoted the view that the platinum market was persistently in a deficit, but it did that by adding estimates of investment demand in with fabrication demand in the calculations comparing fabrication demand to total supply. Commodities analysts generally exclude investment demand from these calculations for several reasons. Platinum, or gold or silver, bought for investment purposes remains in ‘platinum form.’ That is, it is in fungible, refined form as bars, sponge (powdered metal), or coins that can be sold back into the market at a moment’s notice. It is not used in fabricated products where its identity as refined platinum is masked by the greater value of the manufactured product. Furthermore, investors prefer to invest in commodities that have a fundamental deficit, one caused by manufacturers needing or wanting more platinum, in this instance, than is being refined from mine output and secondary scrap recovery. Adding investment demand into one’s calculations may make a market balance look tighter than it is for investment marketing purposes, but that tends not to fool most sophisticated investors. It tends to put them off a market, instead, as they see it as a ‘promoted’ market.

For reasons we need not delve into here, platinum, gold, and silver promotional agencies and their support companies have added investment demand to their guesses of fabrication demand since the 1990s. Worse, many mining executives seemed to believe the results, thinking that the platinum market was running massive long-term deficits. They could not understand why platinum prices were so weak in the face of purported massive structural deficits. Stripping out investment demand, one sees long-term persistent surpluses, which perfectly explain the weak platinum prices of the past decade. The current generation of PGM mining executives seem to have a more granular understanding of platinum market realities, and they now are wrestling with the realities of the market. Unfortunately, their long-term plans need to account for the enormous uncertainty about how fast EVs will take market share, and consequently how much or how little platinum, palladium, and rhodium the global auto market will need in five, 10, 20, 30 years. In sum, the future of auto propulsion technology and which one wins, hangs over long-term capital allocation decisions in the PGM industry, making such calculations so much more difficult. On top of all of this auto market uncertainty, the PGM mining industry faces a host of other issues. There is of course an enormous list of social, governmental, environmental, and political issues facing it. There are critical issues about how to interface with the investment market. Investors own millions of ounces of platinum already. They could become price insensitive ‘competitors’ for miners should they decide to sell. Or, they could be the saviors of the miners, buying even more. Until now at least, the South African, Russian, and North American PGM mining industry has not demonstrated a profound understanding of the motives and methods of platinum investors. Doing so would be crucial to helping financing market intermediaries fashion attractive platinum investment instruments and strategies that can compete in financial markets that increasingly are driven by artificial intelligence (AI) and indexed investing along with monetary accommodation. Other demand sectors, including jewelry, chemical catalysts, petroleum-refining catalysts, electronics, metallurgical applications, glass manufacturing equipment, and a host of other manufacturing applications, also need attention from platinum suppliers. TNM Jeffrey Christian is the managing partner of CPM Group, a commodities research and management, consulting and financial advisory firm in New York. He founded the company in 1986, spinning off the Commodities Research Group from Goldman Sachs & Co., and its commodities trading arm, J. Aron & Company. Christian is an expert on precious metal markets.

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GOLD & PRECIOUS METALS Battle North Gold greenlights construction of Bateman project ONTARIO

| Company expects to start processing ore by year’s end

BY MAGDA GARDNER mgardner@canadianminingjournal.com

he board of Battle North Gold (TSX: BNAU) has approved construction of the Bateman gold project in Red Lake, Ontario. After starting work on critical path construction items in November, the company expects to start processing ore by year-end and achieve commercial production by the end of 2022. Battle North expects to spend $59.1 million this year on initial capital development – this includes underground development, tailings management facility (TMF) and mill upgrades and equipment purchases. As of the end of January, Battle North had spent $4 million on the critical path construction items. An additional $17.8 million is budgeted for capitalized operating costs this year, such as infill drilling, site maintenance and underground development. In December, the company signed a commitment letter for a five-year, US$40 million senior secured credit facility with Macquarie Bank. “The credit facility, in concert with our strong cash balance, is expected to fully fund the Bateman gold project to commercial production,” the company stated in a press release. At Nov 5, 2020, the developer’s cash balance was $65 million. According to George Ogilvie, Battle North’s president and CEO, there is potential for a first gold pour before the end of 2021. “Construction on critical path items has commenced at the Bateman gold project and we are excited that the board has approved the full construction of the project, with the potential to be pouring first gold by the end of the year. In addition, we have commenced drilling of highly-prospective targets on our regional Red Lake properties and we will be providing an overview of our 2021 exploration plans shortly.” On the underground development front, 100 metres has been completed to date with 3,300 metres planned for 2021. A contractor has completed construction of a surface portal and is now advancing a ramp decline, which will connect with an incline that is also being developed. Once the two development tracks meet, Bateman will have a second point of access (in addition to the existing shaft) to the underground. The October 2020 feasibility calls for 8,600 metres of underground capital development before commercial production, for nine to twelve months of development flexibility. Minor mill, underground infrastructure and sewage treatment upgrades are also required before commercial production. The 1,800 tonne per day mill is permitted for throughputs of up to 1,250 tonnes per day. As part of its stope planning process, Battle North expects to infill stopes before mining. Battle North has an in-house engineering, procurement and construc-

Inside the processing facilities at Battle North Gold’s Bateman project.

The Bateman gold project. BATTLE NORTH GOLD

Underground at Battle North Gold’s Bateman project. BATTLE NORTH GOLD

tion management (EPCM) team to oversee construction of the project. The October 2020 feasibility defined a seven-year, 1,315 tonnes per day underground operation with a 21-month construction and rampup period that includes 14 months of gold production to offset some capital expenditures. During commercial operations, the mine would generate an average of 79,308 gold oz. annually, at all-in sustaining costs of US$865 per oz. with an initial capital estimate of $109.3 million. A 2018 test mining and bulk sample program at the site extracted 32,551 tonnes at a head grade of 4.93 grams gold per tonne and recovered 5,165 gold ounces. Both the tonnages and grades recovered reconciled positively to the block model; mill

recoveries averaged 95.1%. Andrew Mikitchook of BMO Capital Markets notes that the 2021 spend guidance of $59.1 million in capital and $17.8 million in capitalized operating costs (for a total of $80.9 million once $4 million spent last year on construction is added) is “slightly higher than the year-2 estimates in the October 2020 feasibility net capex and operating costs totaling $68.7mm as it appears construction is slightly accelerated to the original plan.” He sees Battle North as being fully financed for the restart and expects a re-valuation of the stock as the company delivers construction progress towards a restart. Mikitchook has an ‘outperform’ rating on Battle North with a $4 target.

Ryan Hanley of Laurentian Bank Securities highlights the compelling valuation of the stock, which is trading at a discount to its peers. Hanley has a ‘buy’ rating for Battle North, also with a $4 target price. “We continue to believe that given its strong management team (which continues to meet ongoing project advancement targets on time and on budget), strong balance sheet (with

BATTLE NORTH GOLD

construction now funded upon closing of the credit line in Q1 21), significant amount of existing infrastructure (thereby lowering construction and start-up risk), significant tax pools (thus making the company a takeout target), and very large regional exploration package (most of which has seen limited, if any, exploration work), that BNAU should trade at a premium to its peers.” TNM

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Adriatic takes big strides at its brownfield projects in the Balkans EXPLORATION

| Receives exploitation permit in Bosnia-Hercegovina

An aerial view of the Veovaca deposit at Adriatic Metals’ Vares polymetallic project in Bosnia-Herzegovina.

BY CARL A. WILLLIAMS

cwilliams@northernminer.com

driatic Metals (LSE: ADT1; ASX: ADT) has “an interesting few years ahead,” says the company’s managing director and CEO Paul Cronin, as the junior explorer progresses its brownfield projects in Bosnia-Herzegovina and Serbia. In late January Adriatic was granted an exploitation permit for its Veovaca project near Vares in Bosnia-Herzegovina, 50 km north of the capital, Sarajevo. “These are very exciting times for us,” Cronin said in an interview. “This is only the second exploitation permit to be issued by the government in the last 30 years. So, not only is

“THESE ARE VERY EXCITING TIMES FOR US. THIS IS ONLY THE SECOND EXPLOITATION PERMIT TO BE ISSUED BY THE GOVERNMENT IN THE LAST 30 YEARS.” PAUL CRONIN CEO, ADRIATIC METALS

it significant for us, but it’s also significant for the government of BiH [Bosnia-Herzegovina].”

The permit, issued by the Federal Ministry for Energy, Mining and Industry, initiates the project’s formal exploitation period, valid for 30 years. The permit will allow Adriatic to complete detailed engineering work for the Veovaca open pit mine, flotation plant, and tailings management facility, with construction slated to start in the third quarter of 2021. In another significant step forward for the company, the Federal Ministry of Environment and Tourism on Feb. 9 issued a positive Record of Decision (RoD) for its Rupice project, 12 km northwest of Vares. Barring any objections, the environmental permit for Rupice will be issued within 30 days of the issuance of the RoD. Once granted, Adriatic will be able to apply for an urban planning permit

ADRIATIC METALS

on Rupice and then an exploitation permit in a process similar to that for Veovaca. Both Veovaca and Rupice are pastproducing polymetallic deposits that form part of the company’s flagship Vares project, which the company acquired out of bankruptcy proceedings in 2017 for US$760,000. A former investment banker and commodity trader, Cronin has over 20 years of corporate finance and fund management experience. He was working for a South African resources fund when, in 2013, he decided to “cross over the fence” and run Anatolia Energy Ltd, a junior uranium exploration company with assets in Turkey. Cronin first came across the Vares project in late 2016 after a friend in

Canada’s Next Gold Producer Proven Mine Builders and Operators Exploration Upside in the Red Lake Gold Camp

WWW.BATTLENORTHGOLD.COM For more information, please visit www.battlenorthgold.com and refer to Battle North’s public disclosure documents under its profile at www.sedar.com and on its website (including the Technical Report for the Bateman Gold Project dated January 21, 2021, and the Company’s news releases dated February 9 and February 16, 2021, and their respective cautionary statements).

Australia asked him to travel to BiH to check it out. After returning with some core samples and a “few boxes of data” from the property, he spent Christmas looking over the material. He then suggested that they should try to acquire the project. “I’d always had a desire to look for brownfield assets in the former Yugoslavia,” he said. “Historically, both Veovaca and Rupice had seen varying degrees of exploration and mining before the conflict broke out in the early 1990s, which shut down these operations and saw assets like Vares falling to the wayside.” According to Cronin, Adriatic is the first company to explore Veovaca and Rupice and the surrounding Vares district since the late 1980s. Exploration of the Vares district started in the 1940s, when Energoinvest, an engineering and energy company based in Sarajevo, discovered several iron ore and polymetallic (lead, zinc, barite, silver, gold) deposits extending from Rupice in the northwest to Smailova Suma in the southeast. From the late 1960s to early 1970s, exploration of the area consisted of several small programs comprising diamond core drilling and surface trenching at Veovaca and the development of exploration adits and drives, leading to a more substantial program of diamond drilling in the late 1970s and the early 1980s. Open-pit mining commenced at the deposit in 1983, and approximately 1.2 million tonnes of mineralized material were mined over four years. By the end of the decade, however, mining operations in the country were shut down due to political instability. The civil unrest of the 1990s, a lack of foreign investment through the early 2000s, and the bankruptcy of Energoinvest in 2012 hampered the resumption of exploration and mining in the region. “Because of the hiatus in mining activities the region is underexplored, which gives us a significant firstmover advantage,” Cronin said. “And See EXPLORATION / 29

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GLOBAL MINING NEWS

EXPLORATION From 28

because BiH was previously part of Yugoslavia, it has great infrastructure, with an extensive road network, a railway line that goes directly to the port, high-voltage power lines, and mains water supply.” The BiH government is also probusiness, he said, and wants to see foreign investment coming into the country. It also provides assistance to companies in navigating the country’s laws and procedures. After acquiring the property in 2017, Adriatic completed a 16-hole 1,379-metre drill program on Veovaca to confirm historical drill holes. That same year, the company drilled eight holes totalling 1,458 metres at Rupice, targeting the mineralization down plunge to confirm historical results and assayed for additional metals, including copper, gold, and silver. The drill results confirmed that the mineralisation at Rupice is open at depth and along strike. Historical drilling and Adriatic’s 2017 drilling campaign on the northerly extensions to Rupice had intersected “exceptionally high grades of base and precious metals,” Cronin said. Geophysical surveys undertaken by Adriatic had also shown possible extensions of the mineralisation to the northwest and southeast. In 2018, the company conducted a multiphase 15,000-metre infill drill program on Rupice. The first phase of the drilling focused on targets in the North zone and followed the northerly extensions over 220 metres of strike length, including down-dip and down-plunge extensions to the mineralisation. The phase 2 drilling extended over 350 metres strike length and focussed on an area near the historical Jurasevac-Brestic underground workings and exploration drives and a large geophysical anomaly to the northeast of the workings. Phase 3 targeted 400 metres of strike length along a corridor between Rupice in the northwest and Jurasevac-Brestic to the southwest, where geophysics had detected several chargeable anomalies. The drill program’s first drill hole, BR-2-18, was drilled in a westerly direction to test the down-dip and down-plunge extension of high-grade mineralisation intersected in the company’s 2017 drilling campaign. The hole cut 64 metres grading 537 grams silver per tonne, 4.6 grams gold per tonne, 0.9% copper, 7.7% lead, 10.8% zinc, and 46% barium sulphate from 214 metres, including 754 grams silver, 6.4 grams gold, 1.6% copper, 14.7% lead, 20.2% zinc,

and 39% barium sulphate from 248 metres. “When Vares was first discovered, it was thought to be a typical VMS [volcanogenic massive sulphide] type deposit,” Cronin said. “However, the more we drilled, we realised that the deposit had exceptionally high-grade silver and gold, particularly silver, and was, in fact, a sedimentary carbon replacement system.” Drilling continued to confirm and extend high-grade mineralisation on Rupice. Highlights included drillhole BR-24-18, which intersected 34 metres of 455 grams silver, 6.8 grams gold, 13.3% zinc, 6.8% lead, 0.5% copper, and 60% barium sulphate from 146 metres, including 18 metres of 508 grams silver, 3.8 grams gold, 17.6% zinc, 9.4% lead, 0.5% copper, and 52% barium sulphate from 162 metres. In September 2020, Adriatic increased the concession area for Vares by 3,212 hectares to 4,078 hectares. The following month, a prefeasibility study for Vares envisioned a mine producing 8,000 tonnes of mineralized materially annually with average production of 15.3 million oz. of silver-equivalent per year for the first five years of a 14-year mine life at average all-in sustaining costs of US$120 per tonne of milled material. Initial pre-production capex was pegged at US$173 million, and the study estimated an after-tax payback period of just over one year. The PFS forecast an after-tax net present value of US$1.04 billion, at an 8% discount rate, and an after-tax internal rate of return of 113%. The study used metal prices of US$1,900 per oz. gold, US$24 per oz. silver, US$2,500 per tonne zinc, US$2,000 per tonne lead, US$6,500 per tonne copper, US$150 per tonne barium sulphate, and US$6,500 per tonne antimony. This year, the company plans to release a definitive feasibility study for Vares in the summer. If the Rupice exploitation permit is issued in the expected timeframe, Cronin said, the project remains on track for construction to start in late 2021 and commissioning in late 2022. The company also plans to explore high-conviction targets on the expanded concession to look for a repeat of the Rupice-style mineralisation and is slated to start in the second quarter, he said. In addition to Vares, Adriatic continues to advance its Raska brownfield project in the southwest of Serbia, 160 km south of Belgrade. The project, which comprises two pastproducing zinc, lead, and silver open-

ai161401313921_01585RENFORTH_AD-5x4VERT-FEB2021.pdf

2021-02-22

pit mines at Kizevak and Sastavci, was picked up by the company in May 2020 when it acquired Tethyan Resource for US$10 million in an all-share deal. In January, the company released initial drill results from 16 holes drilled at Kizevak and three holes at Sastavci, about 3.5 km away. Highlights from Kizevak included drill

THE NORTHERN MINER / MARCH 1—14, 2021

gold from 13 metres downhole, while SSDD-004 cut 45 metres of 3.3% zinc, 1.0% lead, 17 grams silver and 0.2 gram gold from 17 metres. “We believe there is an extensive mineralised system at Raska and could be undertaking exploration there for quite some time,” Cronin said. “We plan to finish drilling in March, with drill results to date indi-

ferent options, he said, including debt-royalty streams, off-take prepayments, and equipment financing, and expects to have credit-approved terms sheets agreed by April. Major shareholders in Adriatic include the mid-tier Australian mining and exploration company Sandfire Resources (ASX: SFR), which holds a 16.2% stake in the company;

An aerial view of the Rupice project, 12 km northwest of Vares.

Core from Adriatic Metals’ Vares mining concession in Bosnia-Hercegovina.

hole KZDD-030, which cut 38 metres of 2.7% zinc, 2.2% lead, 30 grams silver, and 0.6 gram gold starting from 100 metres. Another hole, KZDD025, discovered a new, mineralized sub-parallel structure from surface, about 100 metres northeast of the mineralized trend, and returned 29 metres of 2.6% zinc, 1.2% lead, and 15 grams silver starting from 2 metres downhole, including 15 11:59 AM metres of 4.3% zinc, 1.9% lead, and 24 grams silver. At Sastavci, drillhole SSDD-003 cut 27.7 metres of 3.1% zinc, 1.3% lead, 22 grams silver, and 0.5 gram

ADRIATIC METALS

cating that we should get a reasonable tonnage quite quickly, so we’re looking to put together an initial resource for the project in quarter two of this year.” Cronin said the company has around A$50 million (US$39 million) in the treasury to fund this year’s activities and is also exploring a project financing package for the development of Vares. He said Adriatic was currently “spoilt for choice” after receiving “a great deal of interest from several different financial institutions.” The company is weighing the dif-

ADRIATIC METALS

Cronin holds an 8.7% stake; RBC Capital Markets holds 4.3%; and, in October 2020, the European Bank for Reconstruction and Development bank invested €6.62 million (US$7.52 million) in the company, taking a 2.62% interest. Alexander Pearce, a mining analyst at BMO Capital Markets, has a price target of A$2.40 per share. (At press time in Toronto Adriatic was trading at A$2.34 per share.) In a research note to clients on Feb. 4, Pearce stated that “2021 remains a significant year for catalysts for Adriatic as it transitions from explorer to developer.” Canaccord Genuity mining analyst Paul Howard maintains a speculativebuy rating for Adriatic and a target price of A$3.20 per share. In a Feb. 8 research note, Howard said the company is “winning market confidence and delivering project permitting milestones. When the company initially listed [on the LSE] in 2019, many viewed Bosnia as a challenging jurisdiction, not because it was, but because it wasn’t well understood from a mining standpoint. ADT has done a commendable job in demonstrating the ease of operating in the eastern European nation [of BosniaHerzegovina] to date.” Howard also noted that the company is a strong mergers and acquisitions target. TNM

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Employees at Equinox Gold’s Los Filos mine in Mexico.

WWW.NORTHERNMINER.COM

EQUINOX GOLD

Equinox expects production growth in 2021, looks towards 1M oz. by 2023 GOLD

BY MAGDA GARDNER

Canadian Mining Journal

ver the next three years, Equinox Gold (TSX: EQX; NYSE-AM: EQX) expects to continue with its trend of growing gold output, reaching the 1 million oz. annual output level by 2023. The gold producer has provided 2021 guidance, with 600,000 to 665,000 oz. expected this year at all-in sustaining costs of US$1,190 to US$1,275 per ounce. The production numbers represent a 33% increase over the 477,200 oz. generated last year and do not include any contributions from the $612 million acquisition of Premier Gold Mines announced in December and expected to close in March.

| Outlines 2021 exploration budget of US$37 million

This year “represents a year of investment for Equinox Gold as we direct our strong operating cash flow to our existing portfolio of mines and growth projects,” Christian Milau, CEO of Equinox Gold, said in a Feb. 9 news release. “These investments in 2021 will set the foundation for lower-cost production, longer-life mines and substantial near-term production growth with an increase to approximately 900,000 ounces of gold at significantly lower costs in 2022 and approximately one million ounces of gold from 2023.” Throughout the year, gold production is expected to trend upward each quarter, the company said. The Los Filos operation in Mexico — consisting of two open pits and one underground mine — is

TSX:KRR OTCQX:KRRGF www.karoraresources.com GOLD focused producer in Western Australia, the world’s #1 mining jurisdiction* Production GROWTH STRONG cash flow

expected to be the top contributor this year, with 170,000 oz. to 190,000 oz. of gold. The Mesquite open pit in California is forecast to contribute 130,000 to 140,000 oz. and the Aurizona pit in Brazil is anticipated to generate 120,000 oz. to 130,000 oz. The guidance includes a total of eight mines in the Americas. The all-in sustaining cost forecasts include stripping campaigns at three mines to access higher-grade ore; costs are anticipated to decrease in the second half of the year. The company-wide growth capital budget for the year is US$249 million, with US$95 million allocated for expansion projects at Los Filos — underground development, prestripping and fleet rebuilds. This number excludes the capital for a

Equinox Gold’s Aurizona project in Brazil.

potential new carbon-in-leach (CIL) plant that would operate together with the existing heap leach — a feasibility is expected in the first half of the year. A further US$94 million of growth capital is planned for the Santa Luz project in Brazil, where construction started in November 2020 for an open pit operation, which, based on a November 2020 feasibility, would produce an average of 110,500 gold oz. a year in the first five years. With a US$103 million total construction budget, the first gold pour is expected in the first quarter of 2022. The company is also working on a feasibility for a potential expansion of the Castle Mountain heap leach

EQUINOX GOLD

mine in California to increase average production to the 200,000 oz. per year rate. Results are expected in the first half of this year. The 2021 exploration budget of US$37 million will focus on mine life extensions at Equinox’s shorterlife mines. Additional updates to the guidance are expected after closing of the Premier acquisition. The company said that its share of the Hardrock pre-development gold project in Ontario (where Orion Mine Finance has a 50% stake) “would further reduce our costs per ounce produced and boost production by more than 200,000 oz. annually starting in 2024.” TNM

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Eldorado Gold inks revised investment contract with Greece GOLD BY CECILIA JAMASMIE

Mining.com

ldorado Gold (TSX: ELD; NYSE: EGO) has inked an amended investment agreement with the Greek government covering the miner’s operations in the north of the country. The new contract between Eldorado’s subsidiary Hellas Gold and Greece replaces a 2004 transfer agreement between the parties, securing continued operation and further development. The agreement covers the Vancouver-based company’s Skouries, Olympias and Stratoni/Mavres Petres mines and facilities in the country, collectively known as the “Kassandra Mines.” President and CEO George Burns said the agreement was mutually beneficial. “For Eldorado, it provides investor protection mechanisms including a permitting framework similar to other large-scale foreign investment agreements in Greece,” he said in a press release. “For the Hellenic Republic, it provides enhanced fiscal revenues, environmental benefits, and community development opportunities.” The deal will allow the company to finish construction at Skouries and transition the project into production. It would also help it expand production at the Olympias gold-silver-leadzinc mine to 650,000 tonnes a year. The revised plan covers upgrades to the port facilities at Stratoni to allow for bulk shipment of concentrates and boost exploration work at Mavres Petres deposit, part of the company’s Stratoni project. Eldorado has also committed to continue studying on-site gold processing methods in order to reduce the operations’ environmental footprint. The company’s projects in northern Greece have repeatedly stalled over licensing delays and environmental concerns. In 2017, the miner halted all operations in the country due to government delays in issuing permits for Skouries and Olympias, two of the company’s key assets. While Eldorado resumed activities shortly after, progress at its projects has also been hindered by community opposition revolving around the possible environmental impacts of gold mining in a densely forested area. The company has submitted revised proposals since, focusing on the use of best-available techniques (BAT) at the European Union level, as well as global best practices, such as dry-stack tailings. The country’s

| Agreement allows Eldorado to complete construction of Skouries project “FOR ELDORADO, IT PROVIDES INVESTOR PROTECTION MECHANISMS INCLUDING A PERMITTING FRAMEWORK SIMILAR TO OTHER LARGESCALE FOREIGN INVESTMENT AGREEMENTS IN GREECE.” GEORGE BURNS PRESIDENT AND CEO, ELDORADO GOLD

government has responded by granting the miner some key permits. Greece and Eldorado, the country’s biggest foreign investor, have been in talks for over a year as the state seeks higher royalties from mining projects and jobs creation. The nation’s conservative government has vowed to attract foreign investment to boost an economy that shrank by a quarter during a decade-long financial crisis. Eldorado also has mining, development and exploration operations in its home country, Turkey, Romania and Brazil. Kerry Smith, who covers Eldorado Gold at Haywood Securities, said the signing of the amended investment agreement “is a huge step forward for the advancement of Eldorado’s Greek assets, and once the agreement is ratified by the Greek Parliament, Eldorado will have a clear and defined path ahead for its Greek assets.” “Eldorado Gold remains undervalued, currently trading at 5.2 times EV/consensus 2021 cash flow versus peers at 6.6 times, and there is substantial upside from current levels, once the Investment Agreement with the Greek Government is ratified and Eldorado can move forward with construction of the Skouries project,” he wrote in a Feb. 5 research note to clients. Smith has a price target on Eldorado of $24 per share. At presstime in Toronto Eldorado was trading at $15.27 per share within a 52-week trading range of $6.29 and $18.90 per share. The company has about 175 million common shares outstanding for a market cap of about $2.70 billion. TNM

Thickening tanks at Eldorado’s Skouries gold-copper porphyry project in Greece.

Underground at Eldorado’s Olympias gold-silver-lead-zinc mine in Greece.

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Goldsource Mines expands Eagle Mountain resource GUYANA

| Junior plans second update later this year

BY MAGDA GARDNER mgardner@canadianminingjournal.com

oldsource Mines (TSXV: GX S) ha s relea sed a n updated pit-constrained mineral resource estimate for its Eagle Mountain gold project in Guyana, 200 km southwest of the capital city of Georgetown. The latest figures include 23 million indicated tonnes grading 1.14 grams gold per tonne, containing 848,000 gold oz., and 25 million tonnes of inferred resources at 1.09 grams gold per tonne, for a further 868,000 ounces. These are contained within the Eagle Mountain and Salbora deposits, with mineralization starting at surface in up to 50 metres of soft rock saprolite, extending into the deeper fresh rock. Approximately 42% of the gold in indicated

resources and 16% of the gold in inferred resources is estimated to be within the saprolite. The latest numbers represent a 349% increase in indicated ounces and a 9% increase in inferred ounces when compared with the 2014 resource estimate (3.9 million indicated tonnes at 1.49 grams gold per tonne and 20.6 million inferred tonnes at 1.2 grams gold per tonne). “This updated resource estimate is a very strong result both in terms of the increase in contained ounces of gold and the quality of the resource,” Steve Parsons, Goldsource’s CEO, stated in a news release. “Specifically, the ounces are hosted within a conceptual open pit that is shallow and features soft-rock saprolite at surface. These attributes point to a project that offers the potential for resource scale and tangible opportunities for production scalability.” Parsons said Goldsource expects to release a further resource update later this year, which will incorporate drilling after the Nov. 6, 2020 cut-off date and include step-out drilling at Eagle Mountain and

exploration work along the SalboraPowls trend. This second update will then form the basis of a prefeasibility study, expected in 2022. The latest resource grow th appears to be driven by resource upgrades from infill drilling, the discovery of the Salbora deposit and extensions to Eagle Mountain. Three rigs are now working on the property, with 16,500 metres scheduled for 2021, and 40% to 50% of these metres are allocated towards infill work. The current resources are based on cut-off grades of 0.3 gram gold per tonne for saprolite and 0.5 gram gold per tonne for fresh rock — the 2014 resource used a 0.5 gram cutoff for both units. In early February the company reported results from five core holes totalling 260 metres that were drilled in January. Highlights included drillhole EMM21-007, which intersected 42 metres grading 20.38 grams gold per tonne from surface, including 21 metres of 39 grams gold per tonne. Another hole, EMM21-008, returned 30 metres of 3.41 grams gold per tonne. TNM

Goldsource’s Eagle Mountain property in Guyana. GOLDSOURCE MINES

Top left: Outcrop at Goldsource’s Eagle Mountain property in Guyana.

GOLDSOURCE MINES

GMEI RESUMES EXPLORATION ON GOLDEN TARGET PROJECT NEAR TIMMINS, ONTARIO, CANADA

Good Mining Exploration Inc. (GMEI), a private, junior mining exploration company, has restarted its exploration efforts for economic gold deposits on its Golden Target Project (GT). The GT is located within the Timmins gold camp, just south of the town of Matheson, Ontario, situated on the Arrow fault, in close proximity to the prolific Destor Porcupine Fault zone (DPfz). GMEI continues to hold 100% of the mining rights associated with the GT, which is a contiguous land package of 726 claim cells, covering approx. 13,676 hectares. Since 2012, GMEI has been compiling an extensive database of geological information that further supports its exploration for gold emplacements on the GT property. GMEI re-initiated its gold exploration activities in the fall of 2020, with the completion of prospecting and airborne magnetic/electromagnetic geophysical surveys, and has recently completed an updated NI 43-101 technical report outlining the details of this property. Results of the 2020 campaign were encouraging, and the company plans to conduct further exploration activities in the ensuing year. In Particular, the airborne geophysical data has provided very high-resolution maps that show a much better picture of the bedrock structures, which will enable GMEI’s team to follow up on the ground.

The Golden Target property is located approximately 20 km west-southwest of the Black Fox Mine, which forms part of the Destor Porcupine Fault Zone metallotect. GMEI also sits adjacent to Victoria Gold Mines’ Golden Arrow Mine property, and just 3.2 km from their open pit, where approximately 24,000 ounces of gold have been mined from 1980-1983, and again in 2018, when a 100,000 ton bulk sample was extracted and processed (Ontario Geological Survey OFR 6131 p.44, & Mining Life, Feb.4, 2019). The Arrow fault appears to be a splay from the DPFZ, which is interpreted to transect the Golden Target property in its entirety. Although our prospects are located within a known gold camp, there are no assurances that further exploration will identify an economic ore body. QUALIFIED PERSON. This news release was reviewed and approved by Joel Scodnick, P.Geo., an independent consultant to GMEI, in his capacity as a Qualified Person, as defined by National Instrument 43-101.

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Rupert Resources reports more assays from Pahtavaara gold project | Maximum intersected vertical depth at Ikkari prospect increases

FINLAND

Inside the mill at Rupert Resources’ Pahtavaara mine.

BY TRISH SAYWELL

tsaywell@northernminer.com

upert Resources (TSXV: RUP) reported new results from its 60,000 metre drill program in Finland and noted that the latest holes have increased the maximum intersected vertical depth at its Ikkari prospect to 480 metres from 75 metres in the east and to 320 metres from 100 metres in the west. Ikkari makes up part of the junior explorer’s flagship Pahtavaara project in Finland’s Central Lapland Greenstone Belt and is currently Rupert Resources’ main focus. The entire Central Lapland greenstone belt is hundreds of kilometres long and Pahtavaara makes up between 80 and 100 km of the belt. Highlights released on Jan. 28 included 3 grams gold per tonne over 121.3 metres from a depth of 110.7 metres (in drillhole 120123) and 70 metres of 1.1 grams gold per tonne starting from 194 metres from surface (in drillhole 120122). Another hole (120100) intersected 2.4 grams gold over 22 metres from 265 vertical metres. James Withall, the company’s CEO, noted in a press release that a “coherent higher grade component” is “emerging in the central part of the mineralized body” that remains open. “Importantly, we can continue to drill on a broad spacing given the continuity of these very wide zones of consistent grade,” Withall said. “We are still far from confirming the limits of the discovery and with drilling ramping up to three rigs in Area 1 and a strong balance sheet we are well positioned to increase activity on this best-in-class new grass roots discovery that was made just eight months ago.” The gold at Ikkari is associated with fine-grained disseminated pyrite within planar quartz-carbonate veins and/or disseminated

RUPERT RESOURCES

in the host rocks, commonly as finegrained visible gold. The host rocks the company have observed so far include sedimentary rocks overprinted by albite-sericite alteration, and strongly foliated chlorite-altered mafic-ultramafic rocks. Since 2019 Rupert Resources has made six discoveries at its 100%owned gold project — all of them have been under 10-15 metres of glacial till and within a 5 km by 2.5 km area on the property. The junior explorer discovered them using geophysics and base of till sampling and drilling. The project, which the company acquired in 2016 for about US$2.5 million, contains the permitted Pahtavaara gold mine and mill on a 300 sq. km. land package that sits about 150 km northeast of the town of Rovaniemi and about 50 km from Agnico Eagle Mines (TSX: AEM; NYSE: AEM) Kittila gold mine. Agnico took a 9.9% stake in the junior explorer in February 2020. The Pahtavaara project is also situated about 20 km from the polymetallic deposits at Boliden’s Kevitsa nickel, copper, PGM mine, one of the largest mineral discoveries in Finland, and Anglo American’s (LSE: AAL; US-OTC: AAUK) Sakatti copper-nickel-PGM project. Pahtavaara previously produced more than 420,000 oz. gold over a 16-year period of open-pit and underground operations, and last operated in May 2014. The project has an inferred resource estimate from 2018 of 4.6 million tonnes grading 3.2 grams gold per tonne for 474,000 ounces. The resource estimate used a 1.5 gram gold cutoff grade. At presstime, shares of Rupert Resources were trading at $4.15. Over the last year the junior has traded in a range of 53¢ and $6.20. The company has about 165 million common shares outstanding for a market cap of about $685 million. TNM

GMEI plans to continue its exploration activities in 2021, with further prospecting, geophysical surveys, and a drilling campaign. These activities will focus on expanding our knowledge of the current gold discoveries at the C1 target, which showed surface outcrop samples up to 13 grams per ton gold, as well as other multiple areas that have been assessed as potential drill targets for gold.

For more detailed information, or to speak with an executive about our projects, or any investment opportunities for accredited investors, please e-mail GMEI at: info@goodmining.com www.goodmining.com

FOR AN UPDATED SCHEDULE SEE

www.northernminer.com

GLOBAL MINING NEWS

SPECIAL FOCUS GOLD AND PRECIOUS METALS

THE NORTHERN MINER / MARCH 1—14, 2021

Sukhoi Log is the world’s largest gold deposit among both greenfield and developed mines.

POLYUS

RANKED: World’s top 10 gold projects GOLD

BY JACKSON CHEN

MINING.com

ith gold prices hitting record highs over the past year, the question becomes whether the world can produce enough of the precious metal to keep pace with rising demand. To give a better picture of the size and potential of the world’s gold supply, MINING.com and sister company MiningIntelligence collaborated to provide a ranking of the largest undeveloped gold deposits around the globe that could one day become integral to the global gold supply chain. While the ranking is based on the projects’ total measured and indicated resources, many companies include proven and probable reserves that can be economically extracted in resource estimates. Topping the list by a wide margin is the Pebble mine project located in the Bristol Bay region of Southwest Alaska, which contains nearly 71 million gold ounces, about 23 million ounces more than the next biggest deposit. However, it remains to be seen if the Pebble mine will ever be put into production, as the project’s key water permit was formally rejected by the US Army Corps of Engineers last November. This decision is currently being challenged by project owner Northern Dynasty Minerals (TSX: NDM). If we consider only those that are actively being developed, then Seabridge Gold’s (TSX: SEA) KSM project would move into the top spot, followed closely by the Norte Abierto project in Chile, jointly owned by mining giants Barrick Gold (TSX: ABX; NYSE: GOLD) and Newmont (TSX: NGT). Most of these projects listed are porphyry deposits and therefore have large endowments of other metals such as copper (i.e. Pebble). In terms of “pure” gold projects, Polyus’ Sukhoi Log in Russia would be considered the biggest, followed by the Donlin project, another Barrick joint venture, which is completing the biggest drill program in Alaska in 12 years. Rounding out the list are: the Siembra Minera project in Venezuela, Reko Diq in Pakistan, La Colosa in Colombia, Cascabel in Ecuador and Wafi-Golpu in Papua New Guinea. Four of these gold projects are currently stalled, with SolGold’s (TSX: SOLG) Cascabel being the only active operation. Work at the Wafi-Golpu project, co-owned by Newcrest Mining (TSX: NCM) and Harmony Gold, was originally scheduled for last year, but is now

facing delays due to an ongoing dispute with the PNG government. All projects in the top 10 list are surface mining operations sitting at over 20 million ounces of contained gold. Four are currently at prefeasibility stage (KSM, Sukhoi Log, La Colosa, Cascabel), two at feasibility (Reko Diq, Wafi-Golpu), three at PEA (Pebble, Norte Abierto, Siembra Minera), with Donlin being the lone project at the permitting phase. Closely watched projects outside the top 10 include Chesapeake Gold’s (TSXV: CKG) Metates project in Mexico, the Rosia Montana project in Romania, which remains on hold due to local protests, and the Elang advanced exploration project in Indonesia. It is important to note that the size or type of a deposit is not always a good indication of the future output of a mine. Projects ranked in the top 10 are all at various stages of development, three of them with economic assessments that project widely differing annual production numbers. Gold grades also do not necessarily push mine plans in a certain direction either — in this ranking grades range from 0.25 grams gold per tonne (Cascabel) to 2.24 grams gold per tonne (Donlin). TNM

| Most are porphyry deposits Property 1 Pebble

Country

Ownership

Development Status

Contained Au

United States

Northern Dynasty Minerals

Preliminary Economic Assessment Prefeasibility

70,741,548

0.34

47,233,584

0.49

45,184,603

0.55

45,101,067 39,055,486 26,749,394

2.10 2.24 0.70

25,327,087 23,313,673 21,562,785

0.26 0.87 0.25

21,479,913

0.84

2 Kerr-Sulphurets- Canada

Mitchell (KSM) 3 Norte Abierto

Chile

Seabridge Gold Barrick/Newmont

Preliminary Economic Assessment 4 Sukhoi Log Russia Polyus/Government of Russia Prefeasibility 5 Donlin United States Barrick/NovaGold Resources Permitting 6 Siembra Minera Venezuela Gold Reserve/ Preliminary Economic Government of Venezuela Assessment 7 Reko Diq Pakistan Antofagasta/Barrickl Feasibility 8 La Colosa Columbia AngloGold Ashanti Prefeasibility 9 Cascabel Ecuador SolGold/Cornerstone Capital Prefeasibility Resources 10 Wafi-Golpu Papua New Guinea Newcrest/Harmony Gold Feasibility

Grade (g/t)

Source: Miningintelligence

Core shack at Polyus’ Sukhoi Log project in the Irkutsk region of eastern Siberia, Russia.

POLYUS

Alamos Gold has advanced two key growth initiatives in Canada.

July 8, 2020

Young-Davidson Mine: We announced the completion of the lower mine expansion, a milestone which transitions the mine from a reinvestment phase to a period of strong free cash flow growth.

July 14, 2020

Island Gold Mine: We announced a shaft expansion as a major step forward to increase production, lower costs, and make this operation even more profitable.

Visit our website at www.alamosgold.com

SPECIAL FOCUS GOLD AND PRECIOUS METALS

MARCH 1—14, 2021 / THE NORTHERN MINER

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Silver 1 oz. coins.

AK2/ISTOCK

Global silver demand forecast to rise 11% in 2021: Silver Institute FACTS ‘N’ FIGURES

The following is a release by the Silver Institute, a Washington, D.C.-based non-profit association that draws its international membership from across the breadth of the silver industry, including silver miners, refiners, bullion suppliers, manufacturers of silver products and wholesalers of silver investment products. For more information, visit www.silverinstitute.org.

gainst an improving macroeconomic backdrop, the main segments of silver demand are expected to rise this year. Led by industrial and physical silver investment, global silver demand is expected to achieve an eight-year high of 1.025 billion ounces in 2021. Physical investment, which covers silver bullion coin and bar purchases, is expected to achieve a six-year high in 2021 of 257 million ounces, as investors continue to add silver to their investment holdings.

| Physical investment expected to achieve a six-year high of 257 million ounces

However, should the global economic recovery from the pandemic prove to be much slower than expected, this could weigh on base metal prices. This in turn could encourage investors to reduce their exposure to silver. On balance though, the Silver Institute remains especially optimistic about silver’s prospects for this year, reflected in the following insights for 2021. Silver Price and Investment The recovery in the silver price, which first emerged in 2019, continued last year. As a result, the average annual silver price rose from US$16.19 in 2019 to US$20.52 last year, a 27% increase (basis the London Bullion Market Association silver price). With the onset of the Covid-19 pandemic, the market saw an increasing number of countries introduce looser monetary policies. This helped drive down real interest rates and, together with a rotation in

“GOING FORWARD, THE OUTLOOK FOR THE SILVER PRICE IN 2021 REMAINS EXCEPTIONALLY ENCOURAGING, WITH THE ANNUAL AVERAGE PRICE PROJECTED TO RISE BY 46% TO A SEVEN-YEAR HIGH OF US$30.00.” ISTOCK/ENOT-POLOSKUN

favor of safe-haven assets, encouraged investors to buy into silver and other precious metals. A bullish mood for silver has been witnessed in the opening weeks of 2021. In early February, a jump in retail investor appetite for silver, spurred on by social media platforms, pushed the price to an eightyear high of US$31.10, while the gold:silver ratio fell to 62, a seven-

Newly listed on TSXV: KLD

THE NEXT GENERATION OF DISCOVERY Over 1,000,000 acres of mineral tenure: Alaska, Quebec, and Manitoba Up to C$12m in planned exploration expenditures in 2021 Discovery-stage drilling initiatives on three flagship projects in 2021 9000m drill program currently underway at the Regnault gold discovery

www.kenorlandminerals.com

year low. Going forward, the outlook for the silver price in 2021 remains exceptionally encouraging, with the annual average price projected to rise by 46% to a seven-year high of US$30.00. Given silver’s smaller market and the increased price volatility this can generate, we expect silver to comfortably outperform gold this year. Additionally, the gold:silver ratio is expected to fall from an annual average of 86 in 2020 to around 68 in 2021. This will be even more noteworthy given that the ratio touched a record daily high of 127 in March 2020. Turning to investment, global holdings in ETPs grew by an impressive 331 million oz. to end 2020 at 1.04 billion ounces, and since then, global ETP holdings have continued to escalate. Through February 3, ETP holdings rose 137.6 million oz. to a new record level of 1.18 billion ounces. Further upside is expected this year for physical investment, which is anticipated to rise to a six-year high of 257 million oz., though short of the record high level of over 300 million oz. achieved in 2015. This projection reflects current demand in the all-important U.S. market, which has enjoyed a robust start to 2021, with overwhelming demand causing product shortages. As such, these gains should offset a relatively weak Indian market. Silver Demand The outlook for silver demand is bright, with the global total forecast to achieve an eight-year high in 2021 of 1.025 billion ounces, thereby recovering all losses sustained in 2020. This reflects expected gains in the critical segments of industrial demand, physical investment, jewelry, and silverware fabrication. Industrial demand is projected to post a four-year high in 2021 of 510 million oz., a 9% increase over 2020 figures. Demand from the electrical and electronics sector is poised to account for the bulk of the gains. With the growing penetration of 5G technology in consumer electronics this sector is expected to drive notable gains for silver offtake, with

a 7% increase over 2020 to 300 million oz. for silver’s use in the sector. The PV sector staged a strong recovery in the second half of 2020, and this momentum should carry through 2021. The global total for the sector is forecast at 105 million oz. in 2021, overcoming the losses sustained last year. Although silver loadings continue to drift lower, the sector will benefit from a growing number of countries that are installing new PV capacity. Silver’s use in the automotive market should also rebound strongly in 2021, to just over 60 million oz., benefiting from the growing electrification of vehicles. Global jewelry demand is forecast to rebound to 174 million oz. but remain below pre-Covid levels. To a large extent, this reflects only a modest recovery in India, where demand will be affected by high and volatile rupee silver prices. A similar outcome emerges in silverware, which is dominated by the Indian market. Even though total silverware fabrication is predicted to achieve a double-digit percentage gain this year, reaching 45 million oz., the global total will remain considerably short of 2019 levels because of the challenges in India. Silver Supply Silver mine production output should recover and rise from the pandemic-affected 2020 level, achieving a double-digit gain this year to 866 million oz., which would be the highest total since 2016. Most mines affected by Covid restrictions have re-started, with the recovery also benefiting from the re-opening of key mines affected by strike actions. Growth will also be driven by higher output from primary silver mines and by new projects in Mexico and Australia. Silver scrap supply is expected to rise for the fifth consecutive year, due in part to the strength in gold and silver prices, which will encourage industrial recycling. Jewelry and silverware recycling are also forecast to rise this year. Although the silver market is projected to achieve a physical surplus in 2021, it should be the lowest since 2015’s deficit. TNM

GLOBAL MINING NEWS

SPECIAL FOCUS GOLD AND PRECIOUS METALS

THE NORTHERN MINER / MARCH 1—14, 2021

GOLD & PRECIOUS METALS SNAPSHOT EIGHT COMPANIES TO WATCH BY MAGDA GARDNER mgardner@canadianminingjournal.com

Well-known as a store of value, precious metals are a particularly appealing investment during times of uncertainty. This appeal, combined with recent upward price moves, makes companies in this space an appealing investment. Below, we profile eight explorers and developers with exposure to gold and other precious metals. n KORE MINING Kore Mining (TSXV: KORE; USOTC: KOREF) holds the Long Valley and Imperial gold projects in California’s Mono and Imperial counties. A September 2020 preliminary economic assessment for Long Valley defined a seven-year heap leach operation, producing an average of 102,000 gold oz. annually at all-in sustaining costs (AISCs) of US$732 per ounce. With a preproduction capital cost estimate of US$161 million, the after-tax net present value estimate for the project comes in at US$273 million with a 48% internal rate of return, at a 5% discount rate and based on US$1,600 per oz. gold. In December 2020, Kore staked an additional 57 sq. km at Long Valley, increasing its land position by 750% to 64.6 sq. kilometers. The staking was based on prospecting results that traced additional gold targets around the property boundaries. Drill permitting is now underway. An April 2020 PEA for the Imperial oxide deposit also outlined a heap leach operation, with an eight-year mine life and average annual production of 146,000 gold ounces. With AISCs pegged at US$852 per oz., and a pre-production capital cost estimate of US$143 million, the net present value estimate for the project, at a 5% discount rate, stands at $343 million with a 44% internal rate of return. The study used a gold price of US$1,450 per ounce. Sampling and mapping results, announced in December, from the Mesquite-Imperial-Picacho district within the 106.5-sq.-km Imperial project, suggest gold in dry stream beds between Imperial and Equinox Gold’s (TSX: EQX; NYSE: EQX) Mesquite gold mine, 14.5 km to the southeast. Highlight samples returned 0.5 gram to 1.4 grams gold per tonne and further validated the company’s thesis of fault structures, running from Mesquite to Imperial, as potential hosts of gold discoveries. The company is now permitting a drill program with over 140 pads through a Plan of Operations process with the local office of the Bureau of Land Management. Permits are expected by mid-year. In January, Kore closed an arrangement agreement, announced in December, for the spin-out of Kore’s Canadian assets to Karus Gold. Kore shareholders received one half of a Karus share for each Kore stock held. The new company, with over 1,000 sq. km of ground in B.C.’s Cariboo gold district, will initially operate as a reporting issuer in two provinces

Stratabound Minerals’ Golden Culvert gold property in the Yukon.

with a rights offering planned for 2021, which would be followed by a public stock exchange listing. Kore Mining has a $118.8 million market capitalization. n KUYA SILVER Kuya Silver’s (CNSX: KUYA) flagship asset is the Bethania silver project in central Peru, 316 km from Lima. The company closed its acquisition of this project in December 2020 from a Peruvian company for a total of US$4.8 million in cash and the issue of 3.9 million common shares. The Santa Elena mining concession is the company’s focus within the road-accessible, 17.5-sq.-km property and includes the pastproducing Bethania silver mine. The mine started up in 1977 and operated until 2016; the mined material was toll milled at plants in the area. Past throughputs reached 100 tonnes per day. In November, Kuya announced that it retained consultants to complete a detailed design for underground mining at the site and a preliminary economic assessment on an expansion of Bethania to 350 tonnes per day. In order for the consultants to execute the second part of this scope, Kuya will need to complete an initial drill program and a compliant resource estimate. The junior plans to complete a 5,000-metre drill program at the site, to generate the NI 43101 compliant estimate and test extensions of known veins. In August, Kuya received approval from the regional government for an environmental impact study for the Bethania processing plant. The approval covers a design for a 350 tonne per day circuit, a tailings storage facility and required infrastructure. Also in December, the company entered into a letter of intent (LOI) with First Cobalt (TSXV: FCC; US-OTC: FTSSF) to purchase a portion of First Cobalt’s silver ex-

STRATABOUND MINERALS

ploration assets in the Cobalt mining camp in northeastern Ontario and to form a joint venture on the remainder of the silver assets in the area. The LOI terms include a $4 million payment on closing

for a 100% stake in certain properties, payable in cash and shares. Within six months of this acquisition, Kuya can provide a notice of intention to exercise an option to earn up to a 70% stake in First Cobalt’s remaining assets in the Cobalt camp once $1 million is paid in cash or shares.

Once an initial resource with at least 10 million oz. of silverequivalent is completed for these remaining assets, Kuya will need to make a $2.5 million milestone See GOLD & PRECIOUS METALS SNAPSHOT / 36

LONG VALLEY

IMPERIAL

TSX-V: KORE OTCQX: KOREF Koremining.com

District Scale Gold Exploration in Great Basin

MARCH 1—14, 2021 / THE NORTHERN MINER

SPECIAL FOCUS GOLD AND PRECIOUS METALS

WWW.NORTHERNMINER.COM

GOLD & PRECIOUS METALS SNAPSHOT From 35

payment, increasing to $5 million if the resource exceeds 25 million silver-equivalent ounces. Kuya Silver has a $74.1 million market capitalization. n MAPLE GOLD MINES Maple Gold Mines’ (TSXV: MGM; US-OTC: MGMLF) flagship asset is the 357-sq.-km Douay gold project in Quebec, 200 km north of Val d’Or, which covers 55 km of the Casa Berardi deformation zone. In October, Maple announced a 50-50 joint venture partnership with Agnico Eagle Mines (TSX: AEM; NYSE: AEM), combining the Douay project with Agnico Eagles’ adjacent and past-producing 39-sq.-km Joutel property into a consolidated package. At the same time, Agnico also invested $6.2 million into Maple and currently has a 12.1% interest in the junior. The transaction closed in early February. The deal terms include a fouryear, $18-million exploration funding commitment solely from Agnico. The two companies will jointly fund an additional $500,000 of volcanogenic massive sulphide (VMS) exploration in the western portion of Douay. With the JV formation, Maple and Agnico will each receive a 2% net smelter return (NSR) royalty on the property contributed to the joint-venture. The Eagle-Telbel camp within the Joutel project produced 1.2 million gold oz. between 1974 and 1993 from material with a head grade of 6.5 grams gold per tonne. Indicated mineral resources at Douay stand at 8.6 million tonnes grading 1.52 grams gold per tonne for a total of 422,000 gold ounces, with 71.2 million inferred tonnes grading 1.03 grams gold containing 2.4 million gold ounces. This inventory includes 5.4 million inferred tonnes at 1.75 grams gold in the underground mining category. Maple sees potential for resource expansion laterally, regionally and at depth. In February, Maple reported initial assay results from the first two holes drilled at the 2-km long Northeast IP target, 4 km northeast of the current resource, which indicated “the presence of a new sulfide-rich hydrothermal system.” Intercepts included 1 metre of 2.52 grams gold and 0.8 metres of 1.29 grams gold. Drilling is ongoing, as part of a 10,000-metre winter 2021 program. The company has also started a

An aerial view of Wallbridge Mining’s Fenelon gold project in northern Quebec. WALLBRIDGE MINING

geophysical survey covering 15 sq. km over the northern edge of the Douay resource. In November, Maple announced that an artificial intelligence study and an airborne survey over the eastern portion of Douay defined over 10 new regional targets. The company also announced that the results from a geophysical survey traced a new target area south of the existing resource at Douay — the P8 target — over an area of 1.2 sq. km and starting 0.7 km south of the Porphyry zone. In December, Maple closed a $10-million bought deal financing. Maple Gold Mines has a $99.5 million market capitalization. OSISKO DEVELOPMENT Osisko Development (TSXV: ODV) is a spin out of Osisko Gold Royalties (TSX: OR; NYSE: OR)

and started trading on the TSX Venture in December. The new development company holds the Cariboo and Bonanza Ledge II gold projects in central B.C., which are part of the 2,071-sq.-km Cariboo property, as well as the San Antonio project in Sonora, Mexico. Within Cariboo, Osisko also holds the permitted QR mill, 120 km by road from Wells, where circuits are going through start-up. Development-stage Bonanza Ledge II is expected to start producing gold in the second quarter of 2021, with an estimated 62,000 gold oz. anticipated in its first two years of operation. Osisko Development has purchased a comminution circuit for Cariboo, and a continuous miner has also been delivered to site. The company is working on a feasibility study for the greater proj-

• A dozen holes into a major copper discovery at the Warintza Project in southeast Ecuador • 1% CuEq from surface up to 1km in depth and open • High-grade, open pit resource set within 5km x 5km cluster of outcropping copper porphyries • Untested gold potential • Managed by the Augusta Group, with an unrivaled track record of value creation totaling over C$4.5B in exit transactions since 2011

TSX: SLS

OTCQB: SLSSF

www.solarisresources.com Info@solarisresources.com 416-366-5678 x203

Geologists from Wallbridge Mining operating an underground drill rig at its Fenelon gold project. WALLBRIDGE MINING

ect, expected in the second half of 2021. Permitting is underway for a 4,750 tonne per day underground operation with an environmental assessment certificate expected in the third quarter of 2022. The

company has also applied for a 10,000-tonne bulk sample permit. A 2019 preliminary economic assessment for Cariboo defined an 11-year, 4,000 tonne per day mine, producing an average of 185,000 gold oz. annually at all-in sustaining costs of US$796 per ounce. Measured and indicated resources at Bonanza Ledge II total 1.9 million tonnes grading 4.4 grams gold per tonne with 2.4 million inferred tonnes at 3.1 grams gold per tonne. Cariboo includes 19.5 million measured and indicated tonnes grading 4.7 grams gold and 19.3 million inferred tonnes at 4 grams gold. Existing resources are defined to an average depth of 350 metres and over 3.8 km of strike. The Cariboo holdings cover two mineralized trends over 83 km of strike, which are 0.5 km to 2 km wide and over 1 km deep. A two-year drill program, with up to 14 rigs, targeting resource extensions and new discoveries, started at Cariboo in January. Drill results for six holes, reported in February, from the Proserpine target at Cariboo included 9 metres of 7.96 grams gold; 2.3 metres of 6.81 grams gold and 1.7 metres of 8.06 grams gold. The drilling defined a 1.5-km trend of anomalous mineralization at the greenfield target, six kilometres south-east of the existing Cariboo deposits. At San Antonio, Osisko Development is targeting initial producSee GOLD & PRECIOUS METALS SNAPSHOT / 37

GLOBAL MINING NEWS

SPECIAL FOCUS GOLD AND PRECIOUS METALS

THE NORTHERN MINER / MARCH 1—14, 2021

Kore’s Imperial gold project in California.

Geologist examining one of multiple underground working faces at the Las Chispas project in Mexico. SILVERCREST METALS

GOLD & PRECIOUS METALS SNAPSHOT From 36

tion of 50,000 to 70,000 oz. a year from heap leach processing of a mineralized stockpile. As of mid-January, Osisko Development held approximately $200 million in cash and $125 million in marketable securities. In February, the company announced a $30 million flow-through private placement. Osisko Development has a $1 billion market capitalization. SILVERCREST METALS SilverCrest Metals (TSX: SIL; NYSE: SILV) is focused on developing the high-grade Las Chispas project in Sonora state, Mexico. In February, the company released a feasibility study on a 1,250 tonne per day underground mine at the site and, with the study results, SilverCrest announced that its board formally approved mine construction. The engineering study outlined

an 8.5-year operation, producing an average of 5.2 million silver oz. and 56,000 gold oz. annually (10 million silver-equivalent oz.) at all-in sustaining costs of US$7.07 per silver-equivalent ounce. With initial capital costs pegged at US$137.7 million and US$123.9 million budgeted for sustaining capital, the after-tax net present value estimate is US$486.3 million, based on US$19 per oz. silver and US$1,500 per oz. gold and using a 5% discount rate, with a 52% internal rate of return. Together with the engineering work in January, the company entered into a US$76.5 million engineering, procurement and construction (EPC) contract for the build of a 1,250 tonne per day process plant at Las Chispas. The start-up is targeted for the second quarter of 2022 ahead of a plant ramp-up scheduled for the second half of 2022. Underground development and mining are expected to ramp up through 2022 and 2023.

Together with the study, SilverCrest announced an initial reserve for the site. Proven and probable reserves total 3.4 million tonnes grading 461 grams silver and 4.81 grams gold (879 grams silverequivalent) for a total of 94.7 million silver-equivalent ounces. SilverCrest has identified 45 veins at Las Chispas and drilled 21 to a level supporting resource definition (15 are included in the reserve estimate). There are several exploration targets close to planned underground development — the Babi Vista splay is within 350 metres from current workings and features an inferred resource of 211,400 tonnes at 2,039 grams silver-equivalent. Surface exploration work and initial drill testing has also traced an additional 30 km of potential prospective vein strike for followup exploration. The 14-sq.-km site produced approximately 100 million oz. silver and 200,000 oz. gold between 1880 and 1930. As of the end of January, SilverCrest had US$215 million in cash and debt. In February, the company also announced a US$138 million bought deal financing. SilverCrest Metals has a $1.6 billion market capitalization. STRATABOUND MINERALS Stratabound Minerals (TSXV: SB) holds the Golden Culvert project in southeastern Yukon as well as the McIntyre Brook gold property in New Brunswick. The property is 25 km north of Seabridge Gold’s (TSX: SEA; NYSE: SA) 3 Aces project. Golden Culvert lies in the Hyland gold belt; soil sampling at this site has defined a 3 km long by 250-metre-wide gold-in-soil anomaly, with gold grades in excess of 30 parts per billion. An allseason road passes through this claim group. Sample program results released in November defined a 1-km long by 100-metre wide boulder field of surface float-trains (pieces not connected to an outcrop) which, based on 93 samples, average 13.27 grams gold. Sample highlights included 320 grams gold and 155 grams gold. According to the company, these float-trains link up with and connect gold mineralization exposed in prior trenching. In February, Stratabound announced results for the first six holes from a second-phase, 17hole diamond drill program at the

site, completed in the fall of 2020. These intercepts were completed directly underneath the floattrains and underneath portions of the gold-in-soil anomaly. Drill highlights included 7.5 metres of 2.47 grams gold starting at 98 metres; 9.1 metres of 1.1 grams gold from 84.9 metres; and 1.5 metres of 4.83 grams gold starting at 292.5 metres. Prior drilling and trenching defined a 970-metre long by 130-metre wide vein corridor. In January, the company completed an option agreement to acquire a 100% interest in an additional 15.7-sq.-km of claims adjacent to and along strike with Golden Culvert. Stratabound now controls 99.1 sq. km along 28 km of strike within the Hyland trend. In New Brunswick, the company holds the 59.5-sq.-km Mc-

Is your mine design based on sound geology? .com

KORE MINING

Intyre Brook gold project, 85 km west of Bathurst. The Main showing at McIntyre Brook has returned 40 grab and trench samples between 0.25 gram gold and 43.1 grams gold along 300 metres of strike. Also in New Brunswick, Stratabound holds a 100% interest in the Captain copper-cobalt deposit, in the Bathurst camp. Measured and indicated resources total 1 million tonnes grading 1.03% copper, 0.2 gram gold per tonne and 0.051% cobalt, with additional inferred resources of 960,000 tonnes, at 0.64% copper, 0.12 gram gold and 0.039% cobalt. Stratabound Minerals has a $20.3 million market capitalization. See GOLD & PRECIOUS METALS SNAPSHOT / 38

SPECIAL FOCUS GOLD AND PRECIOUS METALS

MARCH 1—14, 2021 / THE NORTHERN MINER

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GOLD & PRECIOUS METALS SNAPSHOT From 37

RENFORTH RESOURCES Renforth Resources (CNSX: RFR; US-OTC: RFHRF) is a Quebecfocused exploration company. Its Parbec project, which includes a gold deposit, is adjacent to and on strike with the Canadian Malartic open pit mine, held by Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY; LSE: AUY). A May 2020 resource estimate defined a pit-constrained resource of 1.8 million indicated tonnes at 1.77 grams gold per tonne for 101,400 gold oz., with an additional 2 million pit-constrained inferred tonnes grading 1.56 grams gold for a further 100,300 ounces. Out-ofpit resources add 40,000 tonnes of indicated resources at 2.38 grams gold and 1.1 million inferred tonnes grading 2.13 grams gold. Last fall’s 9,640-metre drill program at the site included 27 holes — the majority of these were infill intercepts, with additional downdip extension holes. Renforth is targeting at least 15,000 metres of drilling at Parbec before updating the resource estimate. There are three main areas of mineralization at the project. Drill plans for 2021 include additional infill work, as well as the twinning of historical drilling to include past assays in an updated resource (the May estimate only used data from 2007 onwards). In January, Renforth reported assay results for three Parbec drillholes. Highlights included 5.8 metres of 1.23 grams gold starting at 7.2 metres and 13 metres of 1.72 grams gold from 53 metres. According to a news release, the host lithologies also suggest a prospective gold-bearing package at Parbec within sediments, outside of the Cadillac Break, for additional follow-up. Additional Parbec assays, reported in December, included 6.6 metres of 1.48 grams gold starting at 245.5 metres and 13.2 metres of 1.09 grams gold from 7.8 metres. Also in Quebec and adjacent to Canadian Malartic, the company holds the 215-sq.-km Surimeau battery metals prospect, south of the Cadillac Break. The site includes two geophysical features, which cover over 50 km of strike. An initial drill program, completed by Renforth in 2020, hit polymetallic mineralization in both volcanogenic massive sulphides and in sedimentary host rock. Assays are pending. The company’s 53-sq.-km Malartic West copper-silver project is also adjacent to the western border of Canadian Malartic. In 2019,

Osisko Development’s Cariboo gold project in British Columbia. OSISKO DEVELOPMENT

Renforth discovered copper-silver mineralization at surface in a shear system at this site. Renforth Resources has a $13.6 million market capitalization. WALLBRIDGE MINING Wallbridge Mining’s (TSX: WM) flagship asset is the 85.6-sq.-km Fenelon gold project, 75 km from Matagami in Quebec. In January, the company’s board approved a $79 million exploration plan for 2021 that includes 170,000 metres of drilling and 4,800 metres of underground development at Fenelon. There are four gold zones defined at Fenelon thus far: Gabbro, Tabasco-Cayenne, Area 51 and Ripley-Reaper. These cover approximately 1.8 km of strike. Wallbridge acquired Fenelon in 2016 and discovered three of these. The Gabbro area, known by the prior owners, includes underground infrastructure and previously yielded a bulk sample of 33,500 tonnes grading 18.5 grams gold per tonne. The high-grade shear zones within Gabbro have only been tested down to a depth of 250 metres. The Tabasco-Cayenne zones have been traced over 800 metres of strike and to a depth of 1,000 metres, with thicknesses averaging 12 to 15 metres. Area 51 is a network of veins within the unit known as the Jeremie diorite that starts at surface

The headframe at Maple Gold’s Douay site in Quebec.

in the western part of the property and plunges to the northeast, towards the Tabasco-Cayenne zones at depth; 700 to 800 metres of strike has been tested along Area 51. In January, Wallbridge announced results from definition drilling within the Tabasco-Cayenne shear system. Notable intercepts included 54 metres of 3.48 grams gold per tonne and 18.8 metres of 2.59 grams gold per tonne. December assays from Area 51 included 20.5 metres of 5.95 grams

MAPLE GOLD MINES

gold and 41 metres of 1.05 grams gold from depths between 60 and 140 metres, as well as 74.4 metres of 1.24 grams gold from between 80 and 140 metres below surface. An initial resource for Fenelon is expected in the third quarter of this year. Wallbridge drilled 102,000 metres at the site last year.

The company also holds the Grasset nickel deposit, 90 km east of Detour Lake, with indicated resources of 3.5 million tonnes grading 1.79% nickel-equivalent and inferred resources of 91,100 tonnes grading 1.19% nickel-equivalent. Wallbridge Mining has a $528.3 million market capitalization. TNM

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Ivanhoe hopes to repeat Kamoa-Kakula success on Western Foreland licences DRC

BY TRISH SAYWELL

tsaywell@northernminer.com

vanhoe Mines (TSX: IVN; USOTC: IVPAF) expects to start producing copper concentrates in July from its Kamoa-Kakula underground mines in the Democratic Republic of the Congo and is confident it can find more deposits like them on its Western Foreland licences, which are adjacent and to the west of its Kamoa-Kakula discoveries. “This whole area holds massive potential and we started quietly picking up licences over the last two years,” George Gilchrist, Ivanhoe’s vice president resources, said in a telephone interview from Johannesburg. “Now that we’ve got them all in place, we’re starting to move into these areas and approach them the same way we did with Kamoa and Kakula.” The Western Foreland project spans 2,550 sq. km, of which 1,711 sq. km were added to the land package in 2019, and is made up of 17 licences that are more than six times larger than its Kamoa-Kakula mining licences. “We have focused on picking up the shallower ground and the ground we think is most prospective from the controls we’ve seen,” Gilchrist said. “There are other licence holders in the areas we’re in, but there’s no one that has exposure to the controls and how the geology works, so we know which areas are the most prospective.” Ivanhoe’s initial work program will encompass 40,000 metres of combined aircore and diamond drilling, airborne and ground-based geophysics, and soil sampling. Much of the exploration will target the new permits that the company has acquired and for which it received environmental certification last year. The exploration will build on work completed in 2020, which included stream-sediment sampling, soil geochemical sampling, as well as outcrop and stream mapping on the new tenements. The company collected a total of 411 stream-sediment samples and 958 soil samples, and notes that Ivanhoe’s geologists first identified the prospectivity of the Kamoa-Kakula area in the mid-2000s using the same tools and techniques. The exploration program — which is also being led by the same team of geologists that found the Kakula, Kakula West, and the Kamoa North Bonanza Zone on the Kamoa-Kakula joint-venture mining licence — will kick off once the rains let up in April. The US$16 million budget can be expanded, Gilchrist said if the program generates interesting leads. “That’s just the base budget, but if we discover something or choose to accelerate, we can take a new budget to the board.” The primary exploration target in the Western Foreland area is Kamoa-Kakula-style sedimentary copper mineralization that occurs at the base of the lower Nguba “Grand Conglomerate” — particularly where the lower Nguba sits in direct con-

| Exploration program includes 40,000 metres of drilling

In the field at Ivanhoe Mines’ Western Foreland licences.

IVANHOE MINES

“THIS WHOLE AREA HOLDS MASSIVE POTENTIAL AND WE STARTED QUIETLY PICKING UP LICENCES OVER THE LAST TWO YEARS.” GEORGE GILCHRIST VICE PRESIDENT RESOURCES, IVANHOE MINES

tact with the underlying Upper Roan sandstones. The new permits, especially those south of its Makoko Sud discovery (20 km west of Kakula), are in an area that has seen little modern exploration. Infrastructure is also lacking, and the company needs to build a bridge over a river and put in a road. Gilchrist noted that having a remote and underexplored area along strike from one of the world’s largest copper deposits is thrilling. “With this wide open land package, we understand the controls, the geology, we know how to identify the prospective zones in the geophysics and which ones work and which ones don’t work,” he said. “Normally it takes a long time to figure it out, but the team hasn’t changed and we’ve been able to move into this area with this knowledge base and it’s been very exciting.” The geologist, who has worked for Ivanhoe Mines for the last seven years across its portfolio of platinum group element, zinc and copper projects, was heavily involved in the discovery, delineation and modelling of Kakula and his understanding of that deposit has helped him model and target further exploration. He noted that when you look in detail at the big systems in the

Wetting core at Western Foreland in the DRC.

copper belts, what you find is that each of the areas will hold a series of deposits with broad characteristics. “If you look at the Zambian copper belt,” he said, it has a specific system — it’s very broad, extensive and quite folded. In the DRC, the systems get complicated structurally, but become higher grade, smaller and less continuous.” Kamoa and Kakula and all of Ivanhoe’s exploration licences, are in the same domain, he continued. “They’re all at the same prospective horizon, and when you get into these broad belts, it’s very unlikely that you get one deposit and that’s it. They work on such a large scale that if we picked up one deposit in a new domain, there are very likely to be more.” Gilchrist used Canada’s greenstone belts as an example. “If you find one deposit you don’t say, ‘Okay that’s it.’ If you have a greenstone belt all around you, you’re pretty sure that it will repeat itself in another area.” In the DRC, he said, Ivanhoe has “a whole open zone — a whole domain that hasn’t been explored before. We’ve discovered Kamoa and Kakula and then Makoko, and we’re seeing

IVANHOE MINES

a clustering of deposits within this domain. So the controls are there, the evidence of fluid moving into the rocks is there, and we’re confident we can find the zone where it’s really concentrated.” Ivanhoe made its third discovery, Makoko, 20 km from Kakula, in September 2017. The discovery hole, DD004, returned 3.94 metres (true width) grading 5.46% copper starting from 306 metres downhole. Other holes were equally high-grade, with DD010 intersecting 3.21 metres (true width) of 6.78% copper, starting from 441 metres; and DD017 cutting 3.19 metres (true width) of 6.49% copper starting from 471.7 metres. Drilling has defined a flat-lying, near-surface stratiform copper deposit and the majority of drilling has intersected the copper-rich zone at between 400 metres and 800 metres below surface. Drilling last year at Makoko Sud also intercepted significant copper mineralization over an additional 7.5 km of strike. The company managed to complete 16 holes to the west of the Makoko Sud discovery area. Highlights included DMKK-

DD117, a 3.6 km step-out hole from previous Makoko Sud drilling, which returned 6.01 metres (true width) of 3.38% copper from 260 metres downhole and DMKK-DD118, a 1.6 km step-out from previous Makoko Sud drilling, which intersected 4.19 metres (true width) grading 3.01% copper. DMKK-DD123, a 7.5 km step-out from Makoko Sud, cut 3.33 metres (true width) of 1.44% copper. According to Ivanhoe, the drilling at Makoko West is “extremely significant for the exploration potential of the new exploration permits as it demonstrates that both the target stratigraphy extends westward and that the copper mineralizing system on the western edge of the basin is laterally extensive.” For his part, Gilchrist said it’s been “so rewarding” to study these deposits. “As a team we’ve worked really hard in understanding the geology. One of the reasons I joined Ivanhoe was because it wasn’t an exploration company that was just trying to make a big noise about some ground, it was really intent on understanding why the deposit was forming, what those controls were, and could follow up to find another deposit. … You come up with an idea about what’s controlling the grade, then you go out and drill it and test it to see whether the idea is right. Ivanhoe found the Kakula West deposit with just the second hole.” As for working in the heart of the African Copperbelt, it doesn’t get much better than that, said Gilchrist. “There’s no infrastructure in some of these areas, people haven’t gone in there, and it looks like it’s been extremely untouched and has such high potential,” he said. “When you speak to geologists outside the company they are amazed that this kind of environment is still available. It’s incredibly prospective.”TNM

MARCH 1—14, 2021 / THE NORTHERN MINER

SPECIAL FOCUS BASE & BATTERY METALS

American Lithium to acquire Plateau Energy M&A

BHP’s Jimblebar mining hub, part of the company’s Western Australia iron ore assets. BHP

| Deal consolidates lithium assets in the Americas

BY JACKSON CHEN

WWW.NORTHERNMINER.COM

MINING.com

t a time of rapidly growing lithium demand backed by an increasing focus on electric vehicles, energy storage and renewable energy generation, American Lithium (TSXV: LI; US-OTC: LIACF) has entered a definitive agreement to acquire Plateau Energy Metals Inc. (TSXV: PLU; US-OTC: PLUUF) to consolidate two “significant and strategic” undeveloped lithium assets in the Americas. The acquisition would establish American Lithium as a consolidator of development assets in the Americas, the company said, and would “substantially increase its resource base” by combining its TLC project in Nevada and Plateau’s Falchani project in Peru. American Lithium also plans to implement a strategic approach to Plateau’s uranium assets, specifically Macusani, believed to be the largest known uranium deposit in Peru. “We are very pleased to be able to add Plateau and its assets to the American Lithium platform,” Michael Kobler, American Lithium’s CEO, said in a news release. “We believe that Falchani offers geographic and geological diversity in one of the leading mining jurisdictions in South America and one of the strongest emerging markets globally.” Under the terms of the agreement,

American Lithium will acquire all the issued and outstanding common shares of Plateau on the basis of 0.29 units for each share of Plateau held. Each unit will consist of one American Lithium common share plus one-half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share of American Lithium at an exercise price of $3.00 for a period of 36 months from the date of completion. The arrangement represents a 72% premium to Plateau shareholders using the trailing 20-day volume weighted average trading price on the TSX Venture Exchange of each company as of market close on February 5. It is expected that Plateau shareholders will hold approximately 21% of American Lithium’s shares on an outstanding undiluted basis once the transaction is completed. “This transaction represents a significant premium for our shareholders and allows us to gain exposure to an asset portfolio in Nevada, a successful team, and a larger public company platform possessing access to capital and excellent trading liquidity,” Laurence Stefan, Plateau’s chief operating officer, stated in the news release. “Certain members of Plateau’s team and board will continue on with the newly diversified company to provide for continuity.” TNM

BHP’s outlook and record dividend fuel supercycle talk FINANCIAL RESULTS

BY CECILIA JAMASMIE

Mining.com

HP (NYSE: BHP; LSE: BHP; ASX: BHP) reinforced talks of a new supercycle on Feb. 16 by rewarding investors with a record US$5.1 billion first-half dividend and forecasting a “very constructive” outlook for the commodities market fundamentals, as the global economy rebounds from Covid-19.

The Tier 1 Dasa Uranium Project is fully permitted and backed by cash flow from zinc recycling • Phase 1 Dasa Mine Plan focused on twelve year, high grade, underground mine as the gateway to a larger mine development • May 2020 PEA for Dasa, estimates an NPV8 of US$211M and IRR of 26.6% using a US$35/lb uranium price • Phase 1 PEA targets initial 44Mlbs U3O8 for Capex of US$203M giving an all-in-sustaining cost (AISC) of US$18.39/lb • Potential to reduce start-up capital with Direct Shipping Ore based on 2017 MOU with Orano Mining • Mining Permit granted by the Republic of Niger, December 23, 2020; Environmental Compliance Certificate granted in January 2021

| First-half dividend from company a record US$5.1 billion The world’s largest miner said first-half profit jumped by 16%, hitting a seven-year high, as demand from top metals consumer China helped boost iron ore prices by 70% in 2020, to a recent nine-year high of US$176.90 a tonne. That is well above the cost of roughly US$10 to US$20 a tonne most global miners spend in extracting the steel-making commodity. Iron ore makes up the lion’s share of BHP’s earnings and the group said in January its realized ore price for the December half had jumped by 33% compared to the same period the previous year. Like most top miners, BHP is choosing to return cash to investors rather than spending it on risky new projects or takeovers. The company said it will pay a record interim dividend of US$1.01, up from 65¢ last year. If iron ore and copper — BHP’s other top commodity, which climbed to its highest level since 2012 on Feb. 15 — maintain current levels, analysts believe the company would be able to slash its net debt. They estimate BHP could reduce it by the end of its financial year in June below its US$12 billion-US$17 billion target, paving the way for another mega divvy. “BHP’s solid results and H1 dividend, which beat our estimate by 36%, may well move expectations higher for some of its peers reporting this week,” BMO metals and mining analyst, David Gagliano, wrote in a research note to investors. The company is the first of its Australian peers to report earnings, with all expected to cash in on iron ore booming prices. Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) reported on Feb. 17 and Fortescue Metals Group (ASX: FMG) on Feb. 18. Driven by China’s sustained recovery and supply disruptions in several markets, including copper and iron ore, the mining industry is enjoying the most benign conditions in more than a decade. Escalating prices for commodi-

ties has driven top banks and several analysts, including at JPMorgan and Goldman Sachs, to call it the beginning of a new supercycle. According to Bloomberg, global equities are on track to climb for 11 straight sessions — the longest stretch since 2009 — as investors take comfort in progress on the Covid-19 vaccine rollout. “The deployment of vaccines in key economies, albeit with some uncertainty as to timing and efficacy, removes a material amount of downside risk to the short term demand and price outlook for our portfolio commodities,” BHP said on Feb. 16. Some economists refuse to call it a supercycle. They say the term doesn’t quite match what is happening right now — a forecast twoyear bull market that could still be derailed by Covid-19. “With things as volatile and uncertain as they are right now, saying a blanket ‘commodities supercycle’ is a little premature,” Rory Johnston, a Toronto-based managing director and market economist, told the Financial Post on Feb. 8. “That’s the thing with supercycles. They look obvious with hindsight but are far harder to see at the time,” Andy Home, a columnist for the Reuters news agency, wrote on Jan. 6. Beyond the immediate picture to the medium-term, BHP sees continued need for additional supply, both new and replacement, across most of the sectors in which it operates. “Looking even further out, long term demand from traditional end– uses is expected to be solid, while broad exposure to the electrification mega–trend offers attractive upside,” BHP Vice President, Market Analysis & Economics, Huw McKay, wrote on Feb. 16. BHP was not the only top miner to inject further optimism into the sector. Glencore (LSE: GLEN) said it is resuming payouts with a US$1.6 billion return after scrapping its annual dividend in August. TNM

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

Mineralization remains open in most directions (depth and strike) for significant expansion.

ROW 12%

South Africa 30%

Metallurgical and Drilling programs to determine a compliant resource are ongoing. Current focus is on near surface, higher grade areas at the Moody Hill zones.

India 5%

Brazil 7%

China 7% Australia 18%

Source: USGS

Upon successful completion of the programs, work will be initiated toward the completion of a preliminary economic assessment (PEA).

Ghana 8% Gabon 13%

There is no manganese mine production in the United States or Canada. Manganese X Energy has the potential to become North America’s most significant producer of manganese products for the North American and European markets.

Manganese X has just completed a successful drill program to determine a compliant resource. Current focus is on near surface higher grade Moody Hill zones. Work will now be initiated towards the completion of a preliminary economic assessment. Metallurgical - Manganese X receives metallurgical results demonstrating high recovery rate improved efficiency and economics for EV battery usage. Kemetco Research Inc. has produced a high-purity manganese sulphate product with a purity of up to 99.95%. This has been considered a transformational achievement, demonstrating the company’s Battery Hill mineralization can be compliant and suitable for battery manufacturing use in electric vehicles, energy storage systems and other high-tech applications.

The Disruptive Battery Corp. (DBC), a 100%-owned subsidiary of Manganese X Energy, is striving to achieve innovation and reinvention meeting increasing social and environmental concerns. In conjunction with US JV partner PureBiotics, Virgina State University (“VSU”) is researching and testing US patented HVAC Delivery System for mitigation of Covid-19 and other contaminants. PureBiotics HVAC system intends to provide a method of reducing microbial levels in the interior of a building by vaporizing an antimicrobial essential mist to produce vaporized antimicrobial essential mist and entraining the vaporized mist in an airstream - offers the potential for global scalability. VSU research and testing labs working in collaboration with a top rated specialized hazard materials laboratory for Coronavirus testing as well as the Centers for Disease Control and Prevention (“CDC”) and other university labs, providing additional range of testing. VSU study would ensure that all of the data from all parties involved in the testing is properly structured and documented.

Manganese’s X Mission is to advance our Battery Hill project into production, with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries, as well as achieving new carbon-friendly more efficient methodologies, while processing manganese at a lower competitive cost. We are the only manganese company in North America moving forward towards commercialization of a manganese deposit. Subsidiary Disruptive Battery Corp.’s Mission is to develop an HVAC air purification delivery system for cleaner and healthier air, aiming to mitigate Covid-19 and other contaminants on surfaces and in the air. For more information visit the website at https://www.manganesexenergycorp.com

SPECIAL FOCUS BASE & BATTERY METALS

MARCH 1—14, 2021 / THE NORTHERN MINER

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RANKED

WORLD’S TOP 10 COPPER PROJECTS COPPER

| Global demand expected to keep rising

BY JACKSON CHEN

MINING.COM

or decades, the global demand for copper has been rising steadily, having tripled over the past half-century according to the International Copper Study Group. Demand for copper — a metal key to the green energy transition — is expected to keep rising over the coming years as emerging economies led by China continue to ramp up industrial activity. According to the USGS, roughly 700 million tonnes of copper has been produced around the world so far, while identified deposits contain an estimated 2.1 billion tonnes of additional copper that have yet to be mined. To provide a glimpse of the copper supply chain of tomorrow, MINING. COM and sister company MiningIntelligence compiled a list of the top 10 largest copper deposits currently under development and ranked them according to copper resources in the measured and indicated categories. Leading the way is the KamoaKakula underground project being developed by an Ivanhoe-Zijin joint venture in the Kolwezi district of Lualaba, Democratic Republic of the Congo. Initial production at Kakula, the first of many high-grade mining areas, is expected to begin in July 2021. With an expected production rate of 18 million tonnes per annum,

the project is expected to become the world’s second-largest copper mine, with an estimated production of 700,000 tonnes of copper a year. In second place is the proposed Pebble mine located in the Bristol Bay region of Southwest Alaska, the status of which is still “up in the air” following rejection of the project’s key water permit by US federal regulators in November. That decision is being appealed by project owner Northern Dynasty Minerals. The third-biggest copper project is the Udokan deposit in Russia’s Zabaikalye region, which, despite its early discovery in 1949, mostly remained idle due to technical challenges until recent years. Like Kamoa-Kakula, the Udokan project is also undergoing construction, with commercial production expected in early 2022. Next up is the Reko Diq project in Pakistan, which has been in limbo for nearly a decade as the Government of Baluchistan said it considered the mining lease application to be incomplete and unsatisfactory. This is followed by the Tampakan deposit found on the Philippine island of Mindanao. Sagittarius Mines, a joint venture involving Glencore, is currently seeking local and national approval for the proposed mine. If approved, it is estimated to yield an average of 375,000 tonnes of copper a year over a 17-year mine life.

Wafi-Golpu is located in the Morobe province of Papua New Guinea.

Property

A heap of scrap copper at Glencore’s Horne smelter in Rouyn-Noranda, Quebec.

GLENCORE

Country

Owner(s) Status

Development

Contained Copper (t)

Dem. Republic of the Congo

Ivanhoe Mines/ Zijin Mining Group

Construction

37,927,792

2.74

2 Pebble

United States

Northern Dynasty Minerals

Preliminary Economic Assessment

26,047,959

0.40

3 Udokan

Russia

Baikal Mining

Construction

18,469,997

1.01

4 Reko Diq

Pakistan

Antofagasta/Barrick Gold

Feasibility

14,240,215

0.48

1 Kamoa –

Kakula

Grade (%)

5 Tampakan

Philippines

Sagittarius

Feasibility

12,566,992

0.55

6 Resolution

United States

Rio Tinto/BHP

Advanced Exploration

10,176,000

1.92

7 Cascabel

Ecuador

SolGold/Cornerstone Capital Prefeasibility

9,837,581

0.37

8 Taca Taca

Argentina

First Quantum Minerals

Advanced Exploration

9,478,002

0.43

9 Frieda River

Papua New Guinea Guangdong Rising/Pala

Feasibility

9,425,532

0.50

10 El Pachon

Argentina

Advanced Exploration

8,742,385

0.55

Glencore

Source: Miningintelligence

Rounding out the top 10 list are: Rio Tinto-BHP’s Resolution project in Arizona, SolGold’s majorityowned Cascabel project in Ecuador, the Taca Taca deposit in Argentina held by First Quantum Minerals, the Frieda River project backed by the Chinese state and Pala Investments, and Glencore’s El Pachon in Argentina. Falling just outside the top ten list are the Los Helados discovery made by NGEX Minerals in Chile and the Wafi-Golpu joint venture between Newcrest and Harmony Gold in Papua New Guinea. TNM

WAFI-GOLPU JOINT VENTURE.

The Kakula North stockpile at Ivanhoe’s Kamoa-Kakula project in the Democratic Republic of Congo. IVANHOE MINES

The mining camp at Northern Dynasty’s Pebble project in 2011.

JSEAR | FLICKR

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

European tungsten producer Almonty advances Sangdong project SOUTH KOREA

| Past producer once one of the world’s largest tungsten mines

BY TRISH SAYWELL

tsaywell@northernminer.com

lmonty Industries (TSX: AII; US-OTC: ALMTF) has two mines in Europe producing tungsten concentrate — the Los Santos mine in western Spain and the Panasqueira mine in Portugal — but it’s the Sangdong tungsten project in South Korea that has become the junior’s main focus in recent years. Sangdong — once one of the world’s largest tungsten mines in production and still one of the few high grade tungsten deposits outside of China — came into its portfolio in September 2015 when Almonty acquired its former owners, a Canadian company called Woulfe Mining, after a persistent courtship. In December, after four years of forensic due diligence, the junior finally closed a US$75 million project financing for Sangdong from Germany’s state-owned KfW-IPEX Bank GmbH (the Credit Institute for Reconstruction), which will cover about 70% of the US$105 million construction costs. The financing is at Libor plus 2.3%. The bank headquartered in Frankfurt specializes in export and project financing and is better known for financing large infrastructure projects spanning shipping and ports, airports, manufacturing plants, telecommunications and energy. “KfW has a track record for being among the most conservative financiers,” Lewis Black, the company’s chairman, president and CEO, says in a telephone interview from Spain. “They have called me and admired our tenacity for getting through to the finish line because only 4% of applicants get there — such is the ferocity of their due diligence.” Black describes the due diligence process as “very stressful” at times. “God bless the team at Hatch, but they pulled me apart for two years” he says. Ultimately it was worth it in the end, he adds. “We couldn’t have gotten a better deal; for a company of our size, it’s an extraordinarily good turnout for all of our shareholders.” With a 19.5% stake in the company, Black, who also founded Almonty in 2009 with board member Daniel D’Amato, was adamant that the financing terms were palatable. “We could have financed this three or four years ago for the usual double-digit deals from the likes of Orion or Sprott, the usual villains, but that’s often detrimental to shareholders, and I’m the biggest shareholder so I wanted to identify where I could find the most attractive financing,” he said. “What I didn’t know at the time was how difficult that was to procure.” Black says the company raised another US$10 million from a 15-year offtake agreement with Austria’s Plansee Group and its subsidiary Global Tungsten Powders (GTP), with a floor price of US$235 per metric tonne of ammonium para tungstate (APT) (or about US$183 million metric tonnes of tungsten trioxide WO3); US$30 million in equity, and now must only raise the last US$10 million for construction. “It’s not a big ask,” Black says. If all goes according to plan, he says, Almonty should finish construction of the chemical processing plant and start producing tungsten concentrate in 2022. Sangdong — about 187 km southeast of Seoul on the eastern side of the country in Gangwon province, is initially expected to produce about 220,500 tonnes of tungsten trioxide (WO3) over a mine life of thirteen

A cement truck exits Almonty’s tungsten mine.

ALMONTY

“I’M THE BIGGEST SHAREHOLDER SO I WANTED TO IDENTIFY WHERE I COULD FIND THE MOST ATTRACTIVE FINANCING. WHAT I DIDN’T KNOW AT THE TIME WAS HOW DIFFICULT THAT WAS TO PROCURE.” LEWIS BLACK CHAIRMAN, PRESIDENT AND CEO, ALMONTY INDUSTRIES

years. An updated mineral resource estimate inclusive of reserves completed in July 2016 and based on a 0.15% W03 cut-off grade put the project’s indicated resources at 8.03 million tonnes grading 0.51% W03 and 0.05% molybdenum disulfide (M0S2) and inferred resources at 50.69 million tonnes grading 0.43% W03 and 0.05% MOS2). A 2016 technical report forecast a marketable tungsten concentrate grade of 65% tungsten trioxide and a mill rate of 640,000 tonnes of W03 annually. “The Sangdong mine is considered the world’s best tungsten mine in terms of grade and size, and jurisdiction and in terms of access there’s nothing even close to it,” Black says, noting that it’s just a three and a half hour drive from the capital on paved highways. A nuclear power station at the port of Uljin is about 50 km to the east, and a power line passes within several kilometres of the project. An additional port, Donghae, is about 56 km to the northeast and a rail network is about 5 km to the south.

Black notes that while nailing down the financing took many years, the company used the time to drill down into earlier studies completed on the project by its previous owners and figure out if their approach was correct, all the while fine-tuning its own plans. For a start, he said, Almonty developed “a better understanding of the hard rock itself,” and revised its mining approach. “We inherited a feasibility study on the project and we felt that perhaps the approach was one we would expect from a consulting group without much knowledge of tungsten,” he said. “But tungsten is very brittle, every time you handle it you lose some. Remember it’s fractured rock under there, you have to be very careful in your approach. We felt the block model we inherited wasn’t based on anything we could work with. … Our mine plan had to allow for diverging through different areas for safety and also cost reasons.” Among its observations were that the mineralized zones were much larger than originally con-

templated, so Almonty could have wider stopes and wide access ramps. “The bank very much concurred with our approach, and said even our approach was probably too conservative for them in terms of grade,” Black explained. “And we tried to approach this as operators rather than as marketers.” The company also built a pilot plant at site and started mine development more than two years ago. “We were constantly revising our approach so we’re in a pretty good place when we start to see the plant go in during the spring.” “Because of the time it took with KFW,” he added, “rather than just sitting around waiting for the phone to ring, we said: ‘Let’s continue doing our own work’... We know a lot more about how that project behaves, and that’s very important from a safety and cost perspective.” One of the unusual things for a brownfield project is that Sangdong did not present Almonty with any environmental legacy issues because the South Korean government completed the entire clean-up of the tail-

ings dam in the 1990s. According to Black, Seoul spent US$50 million and “encased all of the old tailings into a huge concrete box.” “It’s an extraordinary structure to look at, but highly efficient — there are no concerns it will ever dissipate into the river because it’s entombed in a vast concrete box.” Looking back at the mine’s roots, Black noted that the Sangdong mine accounted for about 30% of the country’s GDP after the Korean War and a lot of companies in Korea were built from this mine. Tungsten mineralization was discovered on the property in 1916 and the main Sangdong deposit was found in 1939-1940. The mine operated during World War II by Sorim Resources and from 1946 to 1949 “under the jurisdiction of the United States military office,” according to a 2016 technical report. Between 1949 and 1992, Sangdong was operated by a government-owned mining company, last named Korea Tungsten Mining Co., and produced tungsten, scheelite, bismuth and molybdenum concentrates. By the time Sangdong closed in 1992, the mine had 20 levels of underground development with a cumulative length of 20 km of workings, as well as six inclines totaling 3.8 km, a ventilation incline, and a 450 metre vertical shaft. Historic production figures are spotty over the life of the mine, but according See ALMONTY INDUSTRIES / 44

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Warintza project presents a “unique opportunity” says Solaris Resources’ Daniel Earle ECUADOR

| Junior boasts powerful management and board

BY CARL A. WILLIAMS

View of Solaris Resources’ Warintza project in Ecuador.

cwilliams@northernminer.com

nitial assays from the first drill program on the Warintza West zone at Solaris Resources’ (TSX: SLS; US-OTC: SLSSF) flagship Warintza project in Ecuador were “so exciting,” says President and CEO Daniel Earle, that the company doubled the number of drill rigs from six to 12 rigs. “We made the new discovery with the very first hole of the program,” Earle said in an interview. “Not only that, but a detailed geophysical survey covering the entire project revealed a much larger porphyry mineralised system than previously recognised.” The discovery drillhole at Warintza West, SLSW-01, intersected 798 metres grading 0.25% copper, 0.02% molybdenum, and 0.02 gram gold per tonne (0.31% copper-equivalent) starting from 32 metres, including 260 metres of 0.35% copper, 0.01% molybdenum, and 0.02 gram gold (0.42% copper equivalent). Geophysics, which covered the entire 268 sq. km project, later revealed that the mineralisation cut in hole SLSW-01 is adjacent to a high-conductivity anomaly mea-

ALMONTY INDUSTRIES From 43

to the technical report, Sangdong produced between 994 tonnes of tungsten concentrate a year in 1955 and 3,268 tonnes in 1961. In 2006, the asset was picked up by a private company called Oriental Minerals, which in 2010 changed its name to Woulfe Mining, and in 2011 earned a 100% stake in the project. Woulfe completed drilling programs from 2006 until 2008 and completed resource estimates in 2012 and 2014. “We’ve coveted this mine for many years, but obviously there was always an entrenched management team in there and sometimes patience is a virtue,” Black says. Almonty’s strategy is to pick up distressed assets and turn them around. When it acquired Wolfe Mining and the Sangdong project five years ago it paid US$20 million in cash and inherited US$15 million in debt, US$11 million of which has been paid off since then. The remaining US$4 million, Black says, “is in friendly hands.”

suring 3.5 km long by one kilometre wide, and one kilometre deep that encompasses the Warintza Central, East, and West zones. The new discovery at Warintza

In Europe, it acquired the Los Santos tungsten mine in Spain for US$17 million in September 2011 and its Panasqueira tungsten mine in Portugal in January 2016 for €1.5 million (US$1.8 million). The Los Santos mine, about 50 km from Salamanca in western Spain, is now a tailings processing site, with a remaining mine life of about ten years. It was placed on care and maintenance due to Covid-19 but will re-open later this year and Black forecasts production of about 1,200 tonnes of WO3 in 2020 rising to 2,000 tonnes in 2021. Panasqueira, 260 km northeast of Lisbon, has been in production since 1886, and produces tungsten concentrate. It has an estimated mine life of 20 years. Last year, the mine produced 1,100 tonnes of tungsten concentrate and will produce about the same this year, Black says. Almonty also owns the Valtreixal tin-tungsten open-pit project, about 250 km from its Los Santos operation in Spain, which it acquired in 2014 for €2.4 million (US$2.9 million).

West, announced earlier this month, sits one kilometre west of Warintza Central and appears to be another large, open-pit copper discovery, Earle said. The geophysics shows

Black is optimistic about the market for tungsten — noting that the price for APT has risen to about US$250 per tonne. “We appear to be entering, not just for tungsten but across the board, a new super cycle with the lack of investment in new projects in many commodities and that has had a profound impact,” he says. “We’re seeing a much stronger demand for tungsten in Austral-Asia — all the way from China down through South Korea, Japan, Southeast Asia and into Australia.” Demand, he said, “has been much higher than anyone appreciated and the outlook is that it will continue. The bulk of manufacturing on the planet is in this area so that’s a voracious consumer of commodities and will drive prices for another three to four years.” Ultimately, Black says, tungsten prices could return to their pre-2008 price levels of around US$475 per tonne. “This is certainly a possibility.” The trick for Almonty — and all other tungsten producers — is to stay cost competitive with China — which currently produces about

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that the two deposits are part of a cluster of porphyry deposits that span multiple kilometres to the east and south. The project is situated 85 km east of

82% of the world’s tungsten. But Black says Sangdong has a competitive advantage given the rising focus on Environmental, Social and Governance (ESG) and the growing importance to end-users of where the metal or concentrate is coming from. “We also have to be transparent, operate in safe jurisdictions with real legal systems,” he says. “The supply chain has to be as pure as you can get — this is the 21st Century. ... When Apple buys components they want to know the sources and one of the main components of semiconductors is tungsten.” Black admits that it’s difficult to forecast where tungsten prices might be headed (“it’s like throwing a dart”), especially when the majority of the world’s current production is coming from China, but it is relatively easy to chart demand. Based on the studies he’s seen, Black says, tungsten demand has been growing by about 3% a year for the last two decades. “As old applications for tungsten like light bulbs fall away there are newer applications,” he says, including cathodes used in electric vehicles (tungstenniobium cathodes), fusion reactors, and in wind and solar power plants. “These things are moving so fast I don’t even claim to keep up.” Shareholders in Almonty include Austria’s Plansee Group (15%); Deutsche Rohstoff (12.7%); Korea Zinc (1.9%); and board members 2% — leaving a free float of about 49%. Over the last year, the Torontoheadquartered company has traded in a range of 28¢ and $1.13 per share and at presstime was changing hands at $1.00. The company has about186 million common shares outstanding for a market cap of $188 million. Black says the company plans to list on the Australian stock exchange in March or April to take advantage of the country’s deep pool of investors and exchange-traded funds. TNM

SOLARIS RESOURCES

Cuenca in a rural part of the Cordillera del Condor, an inland mountain range forming the border between Ecuador and Peru. Separate, large-scale high-conductivities anomalies were also discovered at Warintza South, about 4 km southeast of Warintza West, and measured 2.3 km long, one kilometre wide, and 700 metres deep, and at Yawi measuring 2.8 km long, 700 metres wide, and 500 metres deep. Drilling is concurrently running at both Warintza Central and Warintza West. Earle joined Solaris in November 2019 from TD Securities, a leading investment bank, where he served as vice president and director. For over 12 years, he worked as an equity research analyst covering small to mid-cap precious metal and base metal companies. “I could have spent the rest of my career at TD Securities, where I’d built up a reputation for being able to pick world-class projects at a very early stage in their development,” he said. “I saw the same potential in Solaris’ copper portfolio, especially Warintza, and that’s what drew me to the company.” At the time, Equinox Gold (TSX: EQX; NYSE: EQX) owned Warintza. In 2018, Equinox spun-out its copper assets into a newly incorporated company named Solaris Copper. In December 2019, the company changed its name to Solaris Resources to reflect the gold potential of its portfolio, the company said. Solaris joined the Augusta Group of companies in January 2020. The group has a track record of value creation over the last decade, including $4.5 billion in exit transactions and a further $4 billion of value creation through investments, principally in Equinox, which the group founded in 2007. The group was the “perfect partner to generate value for the copper assets, particularly Warintza, that were locked-up in Equinox’s portfolio,” Earle said. The project is 40 km north of the Mirador mine, operated by Ecuacorriente, a subsidiary of the Chinese consortium CRCC-Tongguan, which started production in 2019 and is expected to produce 94,000 tonnes of copper concentrate per year. It is See ECUADOR / 47

GLOBAL MINING NEWS

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THE NORTHERN MINER / MARCH 1—14, 2021

Battery metal supply will be critical over the next decade, Roskill says OUTLOOK

| EVs need cobalt, lithium and nickel

BY CARL A. WILLIAMS

Refined nickel.

GLENCORE

cwilliams@northernminer.com

he growing adoption of electric vehicles (EVs) is driving the increasing demand for lithium, nickel and cobalt — critical metals used as cathode materials for lithium-ion batteries in the automotive, energy and electronics industries. According to Deloitte’s Electric Vehicle Trends, EV sales are forecast to grow from 2.5 million in 2020 to 11.2 million by 2025, and to 31.1 million by 2030. Analysts from Roskill, a commodity research firm and a leader in critical materials supply chains, provide an outlook on battery metals’ markets over the next decade. Lithium Global demand for lithium carbonate — one of two primary forms of lithium used in EVs — is expected to exceed one million tonnes of lithium carbonate equivalent (LCE) in 2026, according to David Merriman, an expert on EV and battery materials at Roskill. “To meet this increasing demand for lithium products, which is more than double that expected this year, we would need to see not just an expansion in output from existing producers but also new producers looking to commission new capacity,” he said in an interview. “This will require significant new investment in the industry.” Over the medium-term, a significant amount of additional capacity will need to be brought online, which will require lithium prices to support the build-out and investment in new capacity either from existing producers or new producers. Lithium carbonate prices fell to less than US$7,500 LCE per tonne in the first quarter of 2020 (the first time since 2014 and due to a fall in EV sales in China, the largest EV market, and a global reduction in EV sales because of pandemic-related mine lockdowns and disruptions in supply chains). But prices recovered to US$9,500 per tonne LCE by the end of 2020. Merriman warns, however, that the increase in prices could be a “knee-jerk reaction after a period of low lithium prices,” which forced many producers to suspend production and run down inventories. The uptick in lithium prices towards the end of 2020 has led to a “domino effect” for many of the smaller operators, particularly within Chinese markets, looking for feedstock material to build up inventories to normal levels and has caused a small demand surge, he said. While this could be temporary, it will likely support lithium prices for most of 2021, he said. “At the back end of 2021 and as we move into 2022, we expect lithium prices, particularly Chinese domestic spot prices, to drop back a little to the longer-term contract prices agreed between major producers and consumers.” Chinese spot prices are likely to drop to about US$5,000 per tonne LCE, with contract prices edging closer to US$10,000 per tonne LCE, he said. Towards the end of the decade, Merriman forecasts that the lithium market will move into a growing deficit of several hundred thousand tonnes of LCE and will require significant amounts of lithium supply brought online to meet demand growth. This will require a fundamental change within the industry, particularly in the scale of development proj-

Inside Glencore’s Sudbury nickel operations.

ects. “The industry is likely to shift from 20,000-tonne projects being the normal to 50,000-100,000-tonne projects becoming normal, and a scaling-up of investment to support that shift.” The shift towards high-nickel cathode materials to increase battery energy density, Merriman said, is also accelerating demand growth for the more expensive lithium hydroxide, another form of lithium used in lithium-ion batteries. Although there is a price premium for lithium hydroxide over lithium carbonate of about US$1,500US$2,000 per tonne, he believes that lithium hydroxide will become the dominant lithium chemistry over the next decade. In the intervening years the balance between lithium carbonate and lithium hydroxide would depend on lithium-ion battery cathode requirements. “We see the EV market breaking up into two segments. The lowercost, shorter-range vehicles that use lithium carbonate, and the highperformance, longer-range vehicles with high-nickel cathode materials that employ lithium hydroxide.” Merriman also foresees increased integration, with operations that combine mining, processing, refining, and assembly of finished batteries. “Although integration is likely to bring more investment into the market,” he said, “it will also reduce the amount of freely available lithium on the market as more of it is tied up in long-term supply contacts between producers and consumers, putting further upward pressure on lithium prices.” Nickel The increased size, capacity, power, longevity, and safety requirements of lithium-ion batteries used in EVs have led to a shift in the composition of battery metals, most notably in cathode materials, which are seeing increasingly higher nickel content. Currently, about 70% of global demand for nickel is as an alloying metal in the production of stainless steel, which is expected to remain the primary source of consumption into the future, according to Jake Fraser, a consultant specializing in battery materials at Roskill. Nickel sulphate, a highly purified nickel compound that helps deliver higher energy density in lithium-ion batteries, extending the

GLENCORE

driving range for EVs, will become the second-largest application for nickel in 2030, he said. “Over the past several years, we’ve

seen annual growth rates of over 20% for nickel sulphate and that has been primarily driven by the rapidly growing EV battery sector,” Fraser

said. “We expect to see demand grow from around 90,000-100,000 tonnes contained nickel in 2020 to 2.6 million tonnes by 2040.” The increasing trend towards nickel-rich battery chemistries such as nickel-manganese-cobalt-622 and nickel-manganese-cobalt-811 employed as cathode materials, will further support this growth in demand, particularly in European EV markets, he said. Fraser noted that new feedstocks will need to come online and new processing capacities added to avoid any sudden nickel shortages. The nickel sulphate industry is already responding to growing demand, with new capacity coming online in Asia and Europe. A ramp-up in nickel feedstock supply in Europe will primarily come from the Talvivaara nickel mine in Finland, he said. The See OUTLOOK / 46

Charging ahead: Charging ahead nickel with net nickel with netzero zero carbon emissions carbon emissions CanadaCanada NickelNickel is rapidly advancing itsits is rapidly advancing Crawford nickel-cobalt project targeting Crawford nickel-cobalt project — -targeting TM TM production of NetZero Nickel production of NetZero Nickel

canadanickel.com canadanickel.com || TSX-V:CNC TSX-V:CNC

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OUTLOOK From 45

mine is owned by Terrafame Ltd., which is looking to increase its capacity and become a fully-integrated mine to nickel sulphate refining operation. In December, Terrafame announced plans to open a €240 million (US$290 million) refinery, producing 154,221 tonnes of nickel sulphate per year, enough for one million electric vehicles annually, the company said. The plant is slated for commissioning in early 2021. The global growth in demand for nickel sulphate will also be met from High Pressure Acid Leach (HPAL) operations in Indonesia. “China is investing a large amount of capital into developing these new mines, which will provide significant quantities of nickel feedstocks throughout the mid-2020s as they come online,” he said. However, these feedstocks are already being contracted, so most of it will be kept captive within the supply chain of investing companies, limiting the amount available on the open market, Fraser said, adding that this could present a challenge for Europe in sourcing new supply. Given that much of the growth in nickel over the past decade has come from nickel pig iron, a lower-grade product geared to the stainless steel industry, Fraser believes it could become a feedstock material for nickel sulphate production. The stainless steel sector could become a “swing producer or swing supplier” and an additional primary source of nickel feedstock and help to “stave off the risk of a looming bottleneck in nickel sulphate supply.” In addition, the secondary market for recycled nickel will be “absolutely crucial” for the future security of supply, particularly for Europe, which has limited resources available for development or brownfield expansion. Fraser noted that the economics of recycling plants are driven by the market price for nickel metal, with strong nickel prices needed to incentivize investment in the recycling industry. Nickel metal is currently trading at US$18,000 per tonne. Over the past 12-18 months, the premium for nickel sulphate has been in negative territory, meaning the metal is “more greatly valued” than nickel sulphate. “The price premium on nickel sulphate is not only driven by underlying metal prices, but there are unique commercial dynamics that drive price premia and is primarily underpinned by product quality,” Fraser said. The nickel sulphate market is expected to be “finely balanced,” with a small deficit in supply supporting prices for the rest of 2021. However, the analyst predicts a strong supplier response moving into 2022, yielding a surplus of around 5,600 tonnes of contained nickel next year, and expects this to decline to about 1,600 tonnes by 2024. He forecasts price premia for battery-grade nickel sulphate to be around US$2,000-US$2,200 per tonne on an average annual basis from 2021 to 2024. Cobalt Cobalt is vital for boosting the energy density and life of lithium-ion batteries, and its thermal stability prevents batteries from overheating and potentially catching fire. Although several EV manufacturers, most notably Tesla, have announced their intention to reduce or eliminate cobalt from battery cathodes because of its scarcity and cost and ethical concerns around mining cobalt, Roskill Senior Analyst Brian Ziswa expects demand for the blue metal to more than double over the next decade. “We expect to see demand for cobalt to grow from 136,100 tonnes in 2020 at an average growth rate of 6.8% per year to 280,000 tonnes by 2030,” Ziswa said. “The expected

Inside Glencore’s Sudbury nickel operations. GLENCORE

growth in demand is mainly from its use in batteries for the automotive and portable electronics sectors, which accounted for 56.6% of total cobalt demand in 2020 and is forecast to reach 70% by 2030.” Supply will come from expansions in existing operations, restarts of operations on care and maintenance, and the commissioning and ramp-up of greenfield projects. The analyst forecasts that existing operations will account for 183,000 tonnes of cobalt in 2030, of which more than 124,000 tonnes will come from mines in the Democratic Republic of the Congo (DRC). Outside of the DRC, much of the mine supply growth will come from Indonesia, where cobalt resources are abundant, he said. These resources are being developed by mining companies like PT Halmahera Persada Lygend at its High Pressure Acid Leach (HPAL) operation in Obi, which is expected to commence commercial-scale production by the middle of the year. Over a dozen cobalt projects are also under development in Australia, Zambia, and Canada. The cobalt market over the next decade will be dominated by coppercobalt concentrate, he said, which is forecast to account for over 70% of the total mine supply in 2030. About 83% of the total cobalt mine supply in 2030 will come as a by-product of copper (56%) and nickel (27%) mining, he estimated About 16% will be mined as primary cobalt products and from operations that use tailings and artisanal mining as feedstocks. Ziswa expects the DRC’s dominance in the sector will continue over the next ten years, as ten of the world’s top 15 global cobalt miners operate in the country. The DRC is forecast to account for about 67% of

A Tela charging station.

SHAUNL/ISTOCK

the world’s mined cobalt supply in 2030. (Currently, the DRC accounts for about 70% of total global cobalt supply.) “Cobalt mine capacity has increased significantly in the past three years in the DRC, mainly due to restarts and the ramp-up of some large-scale cobalt mining operations including the Katanga and Mutanda mines,” he said. Should planned expansions at Glencore’s (LSE: GLEN) Katanga mine, China Molybdenum Company’s Tenke Fungurume mine, and Eurasian Resources Group’s Metalkol Roan Tailings Reclamation project in the DRC proceed, then the combined operational capacity could reach 96,800 tonnes of cobalt by the mid-2020s, Ziswa said. Glencore’s Mutanda, the world’s largest cobalt mine, was mothballed in late 2019 due to low cobalt prices and market demand. Although Glencore is working on a feasibility study of the mine’s sulphide orebody, Ziswa said that cobalt prices will

determine any restart of the mine. “There are also at least 18,000 tonnes per day of cobalt capacity from artisanal-mined cobalt in the DRC,” he said. “However, artisanal capacity has been on care and maintenance since last year because of concerns over ESG [Environmental, Social, and Governance], with possible restarts determined by cobalt prices and will depend on changes in regulations around ESG and consumer requirements.” ESG risks represented by this sector and stricter sourcing requirements from consumers like car manufacturers will likely mean that it will remain idle for some time to come, Ziswa said. In recent years, several responsible sourcing initiatives to improve the artisanal and small-scale mining (ASM) cobalt sector in the DRC have been launched. Since late 2019, a process of nationalization of ASM cobalt mining has begun, with the creation of state-owned L’Enterprise Generale du Cobalt, which has been given monopoly

powers to purchase and market cobalt from the ASM sector. “While the move towards a more regulated and state-controlled ASM cobalt sector could be essential to build up a more sustainable supply chain, it could also potentially impact the production output from this sector, with around 10,000 tonnes of the total global cobalt output in 2030 expected to come from ASM operations in the DRC,” Ziswa said. He noted that ASM is a “fairweather” activity, with production from these operations dependent on strong cobalt metal prices. Ziswa said that although cobalt prices briefly rebounded after Glencore mothballed Mutanda in 2019, prices fell to a 10-month low of US$12.90 per lb. in mid-2020. But rising demand and the tightening in both feedstock and refined markets between 2021-2022 should support a strong recovery in prices. “Several new mine and refined projects are forecast to come online during this period, which may tip the market into surplus once more and lead to a weaker price environment in 2023 and 2024, with cobalt prices forecast to be around US$19.70 per pound.” The continuing absence of production from Mutanda could lead to a supply deficit emerging starting in the mid-2020s. This could require a restart of Mutanda and the commissioning of new projects to keep the market in balance and might bring about a spike in the cobalt price to US$22 per lb., from the current US$21 per lb., which he said could incentivize new supply. A restart of Mutanda could “largely ease the supply tightness in cobalt feedstocks for the following three years,” Ziswa said, resulting in cobalt prices falling below US$20 per lb. from 2026 to 2028. TNM

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also adjacent to Explorcobres’ (previously called Corriente Resources) San Carlos-Panantza copper and gold mine. Warintza was discovered in 2000 by the late David Lowell, a worldrenowned geologist who made over a dozen major discoveries, including the largest copper mine in the world, La Escondida in Chile, which produced US$10 billion worth of copper last year. But the project had remained dormant since 2001 following a breakdown in relationships with local indigenous communities, which saw it losing its social licence to operate. In March 2020, Solaris and its subsidiary, Lowell Mineral Exploration Ecuador S.A., completed a pilot project to promote dialogue with the indigenous communities of Warints and Yawi of the Shuar Nation, on whose ancestral lands Warintza sits. “Through this dialogue we were able to resolve conflicts that had resulted in the breakdown of the social licence and to agree on a framework for operating the project,” Earle said. The company commenced the first-ever drill program on the property in August 2020 to expand the lateral footprint and depth extent of Warintza Central. Highlights from the 40,000-metre drill program included drillhole SLS01, which returned 567 metres grading 0.8% copper, 0.04% molybdenum, and 0.1 gram gold (1% copper-equivalent) starting from 1 metre downhole, including 446 metres of 0.88% copper, 0.04% molybdenum, 0.1 gram gold (1.09% copper equivalent) from 48 metres. That same month, Solaris began an airborne geophysical survey of the entire project to refine targeting within the five-kilometre-long Warintza porphyry trend, including the interpreted high-grade core at Warintza Central and additional porphyry centres. Another objective of the survey was to define targets within a series of three multi-kilometre gold-in-soil anomalies identified by sampling undertaken northeast of Warintza in 2019. The company added a second drill rig to its drill program, with a third added in November. In early September, the company signed an Impacts and Benefits Agreement (IBA) with the two indigenous communities. Solaris now employs 184 workers from the two communities, representing nearly full-employment for the communities, according to Earle. The company has also built community infrastructure, road access to the site, and power to the area, “dramatically improving the lives of the community and providing a strong social licence to operate,” he said. In late September, the company continued to expand the mineralisation at Warintza Central. Drillholes SLS-02 intersected 660 metres of 0.79% copper, 0.03% molybdenum, 0.1 gram gold (0.97% copper equivalent) from surface and SLS-04 cut 1,004 metres of 0.59% copper, 0.03% molybdenum, 0.05 gram gold (0.71% copper equivalent) from surface. “When you’re hitting copper mineralisation above 0.5% in kilometrelong intervals and mineralisation over 1% copper (the average for the industry is 0.4% copper), and you can demonstrate the potential to find similar mineralisation over kilometres along strike, then you know that you’re sitting on a unique opportunity,” Earle said. In December, the company commenced drilling at Warintza West. The company plans to drill up to 80,000 metres during the first half of the year, with drilling on Warintza East due to be completed in March, Warintza South in April, and Yawi by the middle of the year. Warintza South is about 4 km southeast of Warintza West. Warintza East is about 1.5 km from Warintza Central. It also aims to release a mineral resource estimate for Warintza in the

Part of the team at Solaris Resources’ Warintza project in Ecuador. SOLARIS RESOURCES

third quarter of the year and the first engineering and economic study by the end of the year or early in 2022. Solaris has budgeted about $40 million to cover this year’s activities, Earle said, and has over $90 million in the treasury. “We’re extremely well-funded to complete our plan of work this year and next year.” The company also has a pipeline of grassroots projects that were initially put together by Lowell, including Tamarugo and Ricardo in Chile, Capricho and Paco Orco in Peru, and La Verde in Mexico, a developmentstage 60:40 joint venture with Teck Resources (TSX: TECK.A/TECK.B; NYSE: TCK). Major shareholders in Solaris include Equinox, which holds a 27% stake in the company; Richard Warke, Solaris’ chairman and founder of the Augusta Group, holds a 26% stake; the Lundin Group holds 5%; and management holds 5%. TNM

“WHEN YOU’RE HITTING COPPER MINERALISATION ABOVE 0.5% IN KILOMETRE-LONG INTERVALS AND MINERALISATION OVER 1% COPPER (THE AVERAGE FOR THE INDUSTRY IS 0.4% COPPER), AND YOU CAN DEMONSTRATE THE POTENTIAL TO FIND SIMILAR MINERALISATION OVER KILOMETRES ALONG STRIKE, THEN YOU KNOW THAT YOU’RE SITTING ON A UNIQUE OPPORTUNITY.” DANIEL EARLE PRESIDENT AND CEO, SOLARIS RESOURCES

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he mining sector is facing a DarW delegates at the winian moment, first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-

BY JOHN CUMMING jcumming@northernminer.com

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014? Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment. They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects. Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market. We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on. We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

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he mining sector is facing a Darwinian moment, delegates at the first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-

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ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014? Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment. They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects. Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market. We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on. We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

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Mining sector W forced to innovate

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across CanTECH CONFERENCE | New technology stokes productivity gains, but ‘no silver bullet’ ada. The following are the answers from the Liberal Party of Canada ELECTION 2015 | BY ALISHA HIYATE leader Justin Trudeau and Green Party Credibility and ahiyate@northernminer.com accountability are of Canada leader Elizabeth May and top concerns their parties: he mining sector is facing a DarThe Northern Miner: In recent years winian moment, delegates at the BY JOHN CUMMING first annual Technology and Injcumming@northernminer.com the federal has streamlined novation in Mining conferencegovernment in Toronto heard in September. environmental permitting for miners ith Canadians looking Just as species deal with changes in byfood trying tooravoid ahead to a federal election their climate, sources other duplicating provinon Oct. 19, The Northern circumstances, miners dealing with efforts. Do you support this apMiner submitted mining-related quesmounting cial cost, social and technical tions to the leaders of the four major pressures must innovate ifDoes they want to federal government proach? the political parties running across Cansurvive, research group AMIRA Interhave adirector unique role to play in avoiding ada. The following are the answers national managing Joe Cufrom the Liberal Party of Canada cuzza said. catastrophic tailings dam failures, such leader Justin Trudeau and Green Party “If you look at Darwinian evolution, of Canada leader Elizabeth May and there are more that go extinct as species the Mount Polley spill in B.C. in their parties: than actually quickly adapt,” Cucuzza 2014?“The point is that The Northern Miner: In recent years told the conference. the federal government has streamlined in our industry, we need to adapt quickly. Justin Trudeau/Liberal Party: The environmental permitting for miners Those that are slow to adapt, unfortuby trying to avoid duplicating provinnately, are going to go extinct.” Harper government has eroded the cial efforts. Do you support this apThe conference, organized by Dubaicredibility of Canada’s environmental proach? Does the federal government See TECHNOLOGY / pg. 2 have a unique role to play in avoiding reviews by narrowing their application, catastrophic tailings dam failures, such Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region. as the Mount Polley spill in B.C. in limiting public participation and slash2014? ing the capacity of the federal governJustin Trudeau/Liberal Party: The Harper government has eroded the ment to protect the environment. credibility of Canada’s environmental reviews by narrowing their application, They have ended over 50 years of limiting public participation and slashing the capacity of the federal governenvironmental oversight in Canada ment to protect the environment. by repealing the Canadian EnvironThey have ended over 50 years of environmental oversight in Canada mental Assessment Act so that the by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep enfederal government can sidestep environmental reviews of potentially vironmental reviews of potentially harmful projects. harmful projects. Without public trust, Canada’s environmental assessment processes are Without public trust, Canada’s enincreasingly paralyzed. Not only are vironmental assessment processes are we not doing a good enough job at protecting our environment, we are increasingly paralyzed. Not only are not getting our resources to market. We need clear and efficient processes we not doing a good enough job at that have reasonable, evenhanded protecting our environment, we are rules, clear beginning and end points and decisions that can be relied on. not getting our resources to market. We will launch an immediate, public review of Canada’s environmental We need clear and efficient processes assessment processes. Based on this that have reasonable, evenhanded review, a Liberal government will rules, clear beginning and end points See ELECTION / pg. 3 and decisions that can be relied on. We will launch an immediate, pubCOAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 lic review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

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BASE AND BATTERY METALS SNAPSHOT EIGHT COMPANIES PURSUING CRITICAL MINERALS BY MAGDA GARDNER mgardner@canadianminingjournal.com

Amidst a growing move towards electrification and emerging concerns about the sourcing of raw materials, base and battery metals exploration and development assets in North America are on investors’ radar screens. Below, we provide an overview of eight companies in the space. n CANADA NICKEL After listing on the TSX Venture exchange in March 2020, Canada Nickel Company (TSXV: CNC; US-OTC: CNIKF) is working to deliver a feasibility study on its Crawford nickel-cobalt sulphide project in the Timmins mining camp by the end of this year. Processing test results released in January suggest nickel recoveries of 52%, with 46% of the recovered nickel reporting to a highgrade nickel concentrate, at 37% nickel. According to Mark Selby, Canada Nickel’s chairman and CEO, these latest numbers suggest potential for this high-grade concentrate to be the highest-grade nickel sulphide concentrate in the world (based on data from Wood Mackenzie). The company said in a press release that this high-grade nickel product could be targeted at battery metal consumers, while the lowergrade concentrate could be used to generate a ferronickel product for the stainless steel market. Crawford is host to 653 million measured and indicated tonnes grading 0.26% nickel, 0.013% cobalt, 0.028 gram palladium per tonne and 0.012 gram per tonne platinum. There are a further 497 million inferred tonnes grading 0.24% nickel, 0.013% cobalt, 0.026 gram palladium and 0.013 gram platinum. These resources are contained within the Main and East zones and include a higher-grade core of approximately 201 million tonnes grading 0.34% nickel. Recent drill results also suggest extensions to higher-grade West zone mineralization — the October 2020 discovery returned a 307.5-metre interval of 0.3% nickel in January, extending the highergrade mineralization by 850 metres northwest. Nickel mineralization has been traced over a total of 7 km at Craword, with a separate PGM zone next to the Main and East zones.

Based on a February update, Canada Nickel has also entered into a binding letter of intent with Noble Mineral Exploration (TSXV: NOB; US-OTC: NLPXF) to consolidate the ownership of the highpriority MacDiarmid nickel target, just west of Glencore’s (LSE: GLEN) Kidd Creek mine. The geophysical target is 1.8 km long and averages 400 metres in width, making it over 15% larger than the original Crawford Main zone. The company also signed a non-binding memorandum of understanding (MOU) in January with Glencore, to evaluate the potential use of the major’s Kidd 12,500-tonne-per-day concentrator and metallurgical site to process material mined from Crawford. The Glencore operations are 40 km from the site. Canada Nickel also signed an MOU in December with the Taykwa Tagamou First Nation to develop electric power for Crawford. The First Nation would develop the electrical transmission assets, which the company would rent. Canada Nickel has also established NetZero Metals, a division aimed at developing a zero-carbon footprint operation. A preliminary economic assess-

Above: Rokmaster Resources’ Revel Ridge polymetallic deposit in British Columbia. ROKMASTER RESOURCES

Drill core from Revel Ridge.

ment for Crawford is expected in the first quarter of this year. Canada Nickel has a $318.5 million market capitalization. n DORE COPPER Dore Copper (TSXV: DCMC; US-OTC: DRCMF) is a Quebecfocused copper developer. The company holds approximately 107 sq. km in the Lac Doré-Chibougamau and Joe Mann mining camps. These holdings feature 12 deposits and resource target areas within 60 km of the company’s 2,700 tonneper-day Copper Rand mill, which closed in 2008. Dore is targeting a hub-and-spoke strategy across

An aerial view of the Teledyne project in Cobalt, Ontario.

ROKMASTER RESOURCES

these holdings — resource updates are expected in the second quarter of 2021, followed by a preliminary economic assessment in the second half of the year. Corner Bay includes an indicated resource of 1.4 million tonnes at 3.01% copper and 0.27 gram gold per tonne, with a further 1.7 million inferred tonnes grading 3.84% copper and 0.27 gram gold per tonne. This site features a ramp down to a vertical depth of 115 metres and 2 km of underground development on three levels. In September, the company reported drill results from Corner FUSE COBALT

Bay, which extended the main deposit by 125 metres to the south and over approximately 300 metres down-dip. Notable intercepts included 6 metres of 3.03% copper, 0.11 gram gold and 6.6 grams silver; and 7 metres of 4.1% copper, 0.38 gram gold and 13.2 grams silver. In the first half of this year, Dore plans to drill 6,000 metres at this property. Past-producing Joe Mann generated 1.2 million gold oz. at a head grade of 8.26 grams gold between 1956 and 2007. This site, 60 km from the Copper Rand mill, includes a shaft down to the 1,145-metre level. Exploration highlights, reported in January, included 4 metres of 10.34 grams gold and 0.27% copper; and 1.3 metres of 6.32 grams gold and 0.52% copper. Cedar Bay produced 3.8 million tonnes grading 1.63% copper and 3.1 grams gold between 1958 and 1990, and includes a shaft down See BASE & BATTERY METALS SNAPSHOT / 49

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Canada Nickel CEO Mark Selby. CANADA NICKEL COMPANY.

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to a depth of 1,036 metres, with development extending down to the 754-metre level. Resources at this project include 130,000 indicated tonnes at 9.44 grams gold and 1.55% copper, with a further 230,000 inferred tonnes grading 8.32 grams gold and 2.13% copper. Between 1959 and 2008, Copper Rand produced 1.5 million oz. of gold and 500,000 tonnes of copper. Historic resources stand at 1.8 million measured and indicated tonnes grading 1.56% copper and 2.9 grams gold and 420,000 inferred tonnes of 1.89% copper and 2.77 grams gold. Doré Copper has a $32.8 million market capitalization. n FIRST COBALT First Cobalt (TSXV: FCC; USOTC: FTSSF) is working to become North America’s first producer of cobalt sulphate for the electric vehicle market through a restart of its First Cobalt refinery in Ontario, the only primary cobalt refinery on the continent. The hydrometallurgical facility started up in 1996 and has been on care and maintenance since 2015. In late January, the company announced that it had started preconstruction work at the refinery and that detailed engineering and procurement of long lead-time items was underway. At the time, First Cobalt was also negotiating an engineering, procurement, construction and management (EPCM) contract with Ausenco. In May 2020, the company released the results of a feasibility study on a restart of the facility, with a 25,000 tonne-per-year (55 tonne per day) battery-grade cobalt sulphate production scenario, which, according to the company, would supply 5% of the world’s refined cobalt. The project would produce cobalt sulphate at a minimum grade of 20.5% cobalt at total operating costs of US$2.72 per lb. cobalt. With an initial capital requirement of US$56 million, the feasibility derived an after-tax net present value estimate of US$139 million, at an 8% discount rate and based on US$25 per lb. cobalt, with a 53% internal rate of return. Also in January, First Cobalt se-

cured long-term cobalt hydroxide feed supply arrangements for the refinery with Glencore and a subsidiary of publicly traded China Molybdenum (CMOC), for a total of 4,500 tonnes of contained cobalt a year starting in 2022. The cobalt would be sourced from Glencore’s KCC mine in the Democratic Republic of the Congo and CMOC’s Tenke Fungurume mine, also in the DRC. These agreements represent approximately 90% of the refinery’s projected capacity. In mid-February, First Cobalt started a study on using black mass material from recycled batteries as a supplemental feed source for the refinery, to potentially recover cobalt, nickel, copper, lithium and manganese, in addition to the cobalt generated from primary feed. First Cobalt is working on offtake agreements and a financing package for the refinery. Commissioning is expected in the second half of 2022. In Idaho, the company also holds the Iron Creek project, with indicated resources of 2.2 million tonnes at 0.32% cobalt-equivalent and a further 2.7 million inferred tonnes at 0.28% cobalt-equivalent. The deposit covers 900 metres of strike and remains open, with three adits and 600 metres of underground development also in place at the site. First Cobalt has a $187 million market capitalization. n FUSE COBALT Fuse Cobalt (TSXV: FUSE; USOTC: FUSEF) is a North Americafocused energy metals explorer. The company holds three projects — contiguous Teledyne and Glencore Bucke in Cobalt, Ontario, and Teels Marsh in Nevada. Teledyne covers a total area of 7.8 sq. km and is adjacent to the southern and western boundaries of the claims that host the pastproducing Agaunico cobalt silver mine, which between 1905 and 1961 generated 4.4 million lb. of cobalt and 980,000 oz. of silver. In 1980, operators of the Teledyne property completed a 701metre long access decline at the site for underground exploration. In 1981, 22 underground diamond drill holes confirmed the extension of the Agaunico cobalt zone onto these mining claims. The drilling

Top: Aerial images of Canada Nickel’s Crawford project. Bottom: Logged core from Canada Nickel Company’s 2020 exploration program.

A map of Dore Copper’s Lac Dore project.

also hit a second zone of cobalt mineralization — intercepts included 16.9 metres of 0.64% cobalt and 8.7 metres of 0.74% cobalt. Notable diamond drill assays from holes completed in 2017 at Teledyne included 4 metres of 2.32% cobalt; 6 metres of 1.7% cobalt and 6 metres of 1.82% cobalt. Glencore Bucke, acquired from Glencore in 2018, covers an area of 0.16 sq. km and lies along the western boundary of Teledyne. A 1981 36-hole diamond drill program defined two vein systems at the property — the Main and Northwest zones. A 21-hole diamond drill campaign completed in the fall of 2017 tested the Main zone over 55 metres of strike and the Northwest zone over 45 metres of strike. Drill highlights included 0.5 metres of 1.62% cobalt and 7 grams silver per tonne; 0.3 metres of 8.42% cobalt and 136 grams silver per tonne and 0.3 metres of 4.45% cobalt and 34.2 grams silver per tonne. In the fall of 2018, Fuse completed a further 24 holes, aimed at extending the existing zones of mineralization and testing addi-

CANADA NICKEL COMPANY CANADA NICKEL COMPANY

DORE COPPER

tional targets. Notable intercepts included 0.5 metres of 0.7% cobalt; 3.2 metres of 0.26% cobalt and 1.16% copper; and 1.7 metres of 0.17% cobalt and 4.21% copper. The Teels Marsh dry lake property, acquired through staking last year, covers 8.1 sq. km and is prospective for lithium brines. The site is 77 km from Clayton Valley. Fuse Cobalt has a $16.2 million market capitalization. n GRAPHITE ONE Graphite One (TSXV: GPH; USOTC: GPHOF) is working to become an American producer of high-grade coated spherical graphite (CSG) for the electric vehicle battery market by developing its 95.8-sq.-km Granite Creek property in Alaska, 59 km north of the Nome seaport. The company’s vision is for a vertically integrated project. A prefeasibility study for Granite Creek is underway, expected by the end of the second quarter. A 2017 preliminary economic assessment of the project suggested a 40-year, 1-million-tonne-peryear surface operation, producing

55,350 tonnes of CSG and graphite specialty materials a year once full production is reached in the sixth year. The proposed processing plant would receive the graphite mineralization, grading 7% carbon graphite, and recover 60,000 tonnes a year of concentrate grading 95% carbon graphite. The concentrate would then be trucked to the port of Nome and delivered to a manufacturing plant, assumed to be at a brownfield industrial site in Washington, to produce CSG, with a minimum purity of 99.95%, and other valueadded graphite products, at 99.8% carbon graphite. The study assumed a capital cost of US$363 million for these operations; a total operating cost of US$1,774 per tonne of finished graphite product and an average graphite selling price of US$5,054 a tonne (based on US$6,200 per tonne for CSG and US$1,500 for purified graphite powders). The resulting after-tax net present value estimate, at a 10% discount See BASE & BATTERY METALS SNAPSHOT / 50

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rate, stands at US$616 million, with a 22% internal rate of return and a four-year payback period. A 2019 resource update estimated measured and indicated resources of 11 million tonnes grading 7.8% carbon graphite, containing 850,534 graphite tonnes and inferred resources of 91.9 million tonnes at 8% carbon graphite, for a further 7.3 million tonnes of graphite. In May 2020, Graphite One announced that preliminary testwork completed by an independent laboratory on Graphite Creek material suggests potential to produce additional graphite products, such as high-purity coatings, industrial synthetic diamonds and fire suppressant foams. The testing also indicates the presence of critical minerals (from the U.S. Critical Minerals List) within the non-graphite fraction. Graphite One has a $54.4 million market capitalization. n MANGANESE X ENERGY Manganese X Energy’s (TSXV: MN; US-OTC: MNXXF) key asset is the 12.3-sq.-km Battery Hill project in southwestern New Brunswick, 5 km from the town of Woodstock. According to CEO Martin Kepman, Manganese X is the only company in North America working on the commercialization of a manganese deposit. The property is within 12 km of the U.S. border and nearby power transmission lines and railway and road infrastructure that could provide transport to ocean shipping lanes. The project includes five manganese zones: Iron Ore Hill, Moody Hill, Sharpe Farm, Maple Hill and Wakefield. The site features a historic resource of 39 million tonnes grading 9% manganese. Three of the five known manganese occurrences include historic resources — Moody Hill, the company’s initial development target, hosts a historic estimate of approximately 9.1 million tonnes at 9.5% manganese. In February, Manganese X released assay results from the 28hole fall 2020 diamond drill program at Battery Hill, reporting the discovery of a new area of surface mineralization in the Maple Hill area, 4.4 km north of Moody Hill. The average assay results from five grab samples collected came in at 20.8% manganese oxide. Drilling at Moody Hill, completed on a 50-metre spacing, confirmed mineralization from surface, down to a maximum depth of 150 metres, over 500 metres of strike. Highlights included 50.4 metres of 11.62% manganese oxide and 54 metres of 11.85% manganese oxide. With a total of 53 holes, or 9,697 metres, completed by Manganese X at Battery Hill over approximately 2 km of strike, the company is working to deliver a resource estimate late in the first quarter. Once the resource is updated, Manganese X plans to start a preliminary economic assessment of the project. Test work is underway to develop a flow sheet to generate battery-grade manganese products. In the first phase of work, thirdparty research company Kemetco Research produced a high-purity manganese sulphate product, with up to 99.95% purity. According to Manganese X, this demonstrates the suitability of the Battery Hill mineralization for battery manufacturing applications. Second-phase metallurgical test results from mid-January suggest overall manganese recoveries of

Top: Two drills at Manganese X Energy’s Battery Hill manganese property in New Brunswick. PERRY MACKINNON Left: Rock samples from Manganese X Energy’s Battery Hill manganese property in New Brunswick. MANGANESE X ENERGY Below: First Cobalt’s cobalt refinery in northern Ontario. FIRST COBALT

85%, with the possibility of eliminating a ‘major step’ in the purification process. Manganese X also holds 100% of The Disruptive Battery Corp., a company created to advance the use of manganese in stored energy technologies and looking at opportunities in the air purification sector. Manganese X Energy has a $93 million market capitalization. n QC COPPER & GOLD QC Copper & Gold (TSXV: QCCU; US-OTC: QCCUF) is completing a 20,000-metre drill program at its past-producing 127.8-sq.-km Opemiska project in Quebec’s Chibougamau region. The site hosts four historic underground mines that together generated over 1.1 billion lb. of copper and 750,000 oz. of gold. Between 1953 and 1991, mined grades were at approximately 2.4% copper and 0.3 gram gold per tonne. QC’s vision for the property is of an open-pit, bulk tonnage operation, mining both the high-grade veins targeted by past operators, as well as lower-grade disseminated copper mineralization outside these veins that was previously overlooked. In 2019, the company completed a 23-hole, 3,300-metre drill program at Opemiska, focused around the historic Springer mine. Results confirmed QC’s hypothesis of near-surface disseminated mineralization, returning 12 mineralized intersections of approximately 100 metres. Drill highlights included 7.9 metres of 4.65% copper-equivalent from 81.1 metres; 25 metres of 4.15% copperequivalent starting at 38 metres; and 284.4 metres of 0.3% copperequivalent from 27.6 metres. In its current drill program, QC is focusing on defining a near-surface, in-pit resource around the Springer and Perry mines, while also targeting additional underground mineralization at Perry. A resource estimate for these two areas is expected in the first half of 2021. These grounds were added to the company’s portfolio in the fourth quarter of 2019. A total of 12,810 metres, in 62

Inside the processing facilities at First Cobalt’s refinery in northern Ontario.

holes, is scheduled for Springer. These holes, with an average length of just over 200 metres, are planned on a 50-metre to 75metre spacing and will target highgrade veins, disseminated zones and crown pillar mineralization. The past-producing Cooke mine is another potential satellite deposit at Opemiska. Unlike the three historic copper mines, Cooke is a high-grade gold project with copper by-products and previously generated approximately 320,000 oz. from material grading 5.17 grams gold per tonne. Opemiska covers a 12-km section of the Gwillim fault and also includes volcanogenic massive sulphide mineralization. The company also has a 36% stake in Athabasca-focused uranium explorer Baselode Energy (TSXV: FIND; US-OTC: BSENF). QC is part of the Ore Group.

FIRST COBALT

QC Copper & Gold has a $28.1 million market capitalization. n ROKMASTER RESOURCES Rokmaster Resources (TSXV: RKR; US-OTC: RKMSF) is a B.C.focused explorer and developer, where it holds the Revel Ridge polymetallic deposit, the Big Copper copper-silver occurrence and the Duncan Lake zinc property. The 142.8-sq.-km Revel Ridge project in southeastern B.C., 35 km north of Revelstoke, is the company’s most advanced project. A December 2020 preliminary economic assessment outlined a 12-year, 2,300-tonne-per-day underground mine, producing a payable average of 89,000 gold oz., 690,000 silver oz., 37.5 million lb. of zinc and 21.2 million lb. of lead annually (124,000 gold-equivalent ounces). Net of by-products, all-in sustaining costs are estimated at

US$560 per oz. of payable gold. Using a base-case gold price of US$1,561 per oz., the after-tax net present value estimate comes in at $423 million, based on a 5% discount rate, with a 29.5% internal rate of return and 2.6-year payback. The proposed mine would extract the Main and Yellowjacket zones, with the mined material processed at a mill with a pressure oxidation plant to produce goldsilver dore and saleable zinc and lead concentrates. Revel Ridge includes over three km of underground development as well as a permitted waste rock storage area and a full camp. Existing resources at the site include 5.3 million measured and indicated tonnes grading 4.52 grams gold per tonne, 54.9 grams silver per tonne, 2.01% lead and 4.51% zinc (7.57 grams gold-equivalent). Inferred resources add 5 million tonnes at 4.28 grams gold per tonne, 59.4 grams silver per tonne, 1.8% lead and 2.49% zinc (6.36 grams gold-equivalent). Based on a 2019 option agreement with privately held Huakan International Mining, Rokmaster may earn a 100% stake in Revel Ridge by making cash payments totalling $44.2 million over a fiveyear period. Diamond drill results from Revel Ridge, released in mid-February, suggest ‘remarkable’ continuity of mineralization in the parallel Main and Footwall zones and ‘significant’ sliver grades in the Yellowjacket zone. Highlights included 3.3 metres of 7.23 grams gold-equivalent; 4 metres of 11.02 grams goldequivalent; and 2.9 metres of 580 grams silver-equivalent. A revised resource is expected in the coming months and an 8,000metre underground drill program is ongoing at Revel Ridge. Big Copper in the Creston area of southern B.C. includes a copper-silver occurrence, with mineralization traced over three km of strike. The 39.4-sq.-km Duncan Lake property, also in southern B.C., is drill-ready and features a 15-km length of a prospective anticline crest. Prior surface and underground drilling has traced leadzinc mineralization over approximately 2,500 metres of strike. Rokmaster Resources has a $45.1 million market capitalization. TNM

ISTOCK/JASON V

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GLOBAL EXPLORATION Clean Air Metals advances Thunder Bay North project EXPLORATION

| Announces updated resource estimate and $10 million bought deal private placement

BY DANIEL SEKULICH

dsekulich@northernminer.com

hunder Bay-based Clean Air Metals (TSXV: AIR; US-OTC: CLRMF) released an updated resource estimate for the company’s flagship Thunder Bay North platinum and palladium project in northwestern Ontario in late January and says it’s on track to complete a preliminary economic assessment before the end of the second quarter of this year. The company’s 100%-owned TBN project, about 50 km northeast of Thunder Bay, consists of two deposits, Escape Lake and Current Lake, which are situated 3 km apart. The project is 60 km southeast of Impala Platinum Holdings’ Lac des Iles mine. Current Lake’s indicated resources stand at 12 million tonnes grading 3.44 grams palladium-equivalent per tonne and 5.79 grams platinumequivalent per tonne for 1.3 million oz. of palladium-equivalent and 2.2 million ounces of platinumequivalent. Inferred resources add 6.4 million tonnes grading 2 grams palladium-equivalent per tonne and 3.4 grams platinum-equivalent per tonne for 417,000 palladiumequivalent oz and 700,000 platinumequivalent ounces. The Escape Lake deposit contains 4.3 million tonnes grading 3.67 grams per tonne palladiumequivalent and 6.16 grams platinum-equivalent for 505,000 palladium-equivalent oz. and 849,000 platinum-equivalent ounces. Escape Lake’s inferred resources total 3.5 million tonnes grading 2.23 grams per tonne palladium-equivalent and 3.75 grams platinum-equivalent for 247,000 oz. of palladium-equivalent and 415,000 oz. platinum-equivalent. The resource estimates used a cutoff grade of 1.56 grams palladiumequivalent per tonne and 2.56 grams platinum-equivalent per tonne. “There are extremely high-grade, massive sulphide intersections which we believe were transported from the source, and we’re looking for the source,” says Jim Gallagher, who joined the company as executive chairman in early February. “So, there is a common feeder system, and we have some really good geophysical targets that seems to fit with the theory of the origin, which is very similar to the Norilsk deposits in Russia. We’re targeting those feeder systems, those massive sulphide targets.” Prior to joining the company, Gallagher had been contemplating retirement, after orchestrating the sale of North American Palladium to Impala Platinum for about $1 billion in late 2019. “I was supposed to be semi-retired now, but Clean Air made a strong pitch to me and this has become a big part of my life now,” Gallagher said with a chuckle. It has been a busy year for the junior. After listing on the TSX Venture Exchange in May 2020, the company kicked off a 30,000-metre

“THERE IS A COMMON FEEDER SYSTEM, AND WE HAVE SOME REALLY GOOD GEOPHYSICAL TARGETS THAT SEEMS TO FIT WITH THE THEORY OF THE ORIGIN, WHICH IS VERY SIMILAR TO THE NORILSK DEPOSITS IN RUSSIA.” JIM GALLAGHER EXECUTIVE CHAIRMAN, CLEAN AIR METALS

Clean Air Metals’ Thunder Bay North site in Ontario.

drill program, even as the pandemic forced them to take additional efforts to safeguard their exploration teams. Earlier this year, Clean Air restarted drilling operations at Escape Lake in mid-January. Two rigs are turning now and Gallagher says he expects at least one more by the end of the first quarter or early in the second quarter. “Our priorities in 2021 are to keep on drilling at Escape Lake and continue to upgrade overall [data],” Gallagher said. “The bulk of the resources on Current Lake are very well defined — the bulk is in the indicated category — which means we can move it forward into a prefeasibility study or a feasibility study. But Escape Lake is slightly higher grade than the overall average at Current, so we want to continue that exploration [work].” At the beginning of February, the company announced a $10 million bought deal private placement, consisting of 11.9 million flow-through shares at a price of 42¢ and a further 9.8 million flow-through units priced at 51¢. Each unit consisted of one common share of the company and one-half of one common share purchase warrant that will each qualify as a flow-through share. Each warrant entitles the holder to acquire one common share of Clean Air at a price of 55¢ for a period of two years after the offering closes. (Over the last year Clean Air Metal’s shares

CLEAN AIR METALS

have traded in a range of 26-48¢ and at presstime were changing hands at 35¢. The company has just under 140 million shares outstanding for a market cap of $49.7 million.) Gallagher notes that his past role as president and CEO of North American Palladium and his knowledge of the region will help him guide Clean Air Metals. “Look, I know the Thunder Bay area,” said Gallagher, a mining engineer who once worked for Falconbridge. “I know the resource base. Done major capital projects at Lac des Iles. I’ve got good experience with the local supplier base, the First Nations, the permitting, the consultation, the Ministry.” Gallagher also says his career has taught him to do a thorough risk assessment of every project he takes on. “As I often say to investors on calls, all mining projects carry risk,” Gallagher said. “But the on the whole risk-scale, this [TBN] is pretty low. It’s close, very close to the infrastructure, to the highway, close to powerlines, close to a good labour base. And the ore body is very close to the surface. It has platinum and palladium in a 1:1 ratio, on a volume basis. This was just too compelling for me to say no.” TNM

Core shack at Clean Air’s Thunder Bay North project in Ontario. CLEAN AIR METALS

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MARCH 1—14, 2021 / THE NORTHERN MINER

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Osisko Mining continues to grow ‘world-class’ Windfall deposit QUEBEC

| Discovery and definition cost averages $38 per ounce

BY MAGDA GARDNER mgardner@canadianminingjournal.com

An aerial view of the Red Chris gold mine in British Columbia. NEWCREST MINING

Newcrest OK’s $135M exploration decline at Red Chris BRITISH COLUMBIA

| Red Chris has potential to be Tier One asset, company says

BY ALISHA HIYATE Editor of Canadian Mining Journal

s it works toward a resource update at the Red Chris mine, Newcrest Mining (TSX: NCM, ASX: NCM) has begun construction of the box cut for a new exploration decline at the coppergold project, 80 km south of Dease Lake, B.C. The company has approved $135 million in spending to fund the decline, after receiving regulatory approval for the box cut. Work on the decline and associated infrastructure will start once the box cut is complete, and are subject to other regulatory approvals, which are in process. An additional $12 million in spending was previously approved for the box-cut. The resource, which is due out in March, will be the first under Newcrest since it acquired a 70% stake in the project in 2019. The resource, focused on the high-grade East zone, will inform a prefeasibility study for a block cave operation at the mine starting in 2027 — a project that Newcrest believes could turn Red Chris into a Tier 1 asset. “The commencement of construction of the box cut is a significant milestone in the objective of having a block cave in operation at Red Chris in the next five to six years,” Sandeep Biswas, Newcrest’s CEO

“THE COMMENCEMENT OF CONSTRUCTION OF THE BOX CUT IS A SIGNIFICANT MILESTONE IN THE OBJECTIVE OF HAVING A BLOCK CAVE IN OPERATION AT RED CHRIS IN THE NEXT FIVE TO SIX YEARS.” SANDEEP BISWAS CEO AND MANAGING DIRECTOR, NEWCREST MINING

and managing director, stated in a Feb. 11 news release. “Drilling activities have confirmed the presence of high grade pods in the upper sections of the macroblocks and we are evaluating a number of options to mine these pods with the aim of generating cash flows prior to the completion of the block cave. Together with the support of our stakeholders, we are excited by the potential to transform Red Chris into a Tier 1 asset through the application of our industry-leading block caving technology.” Imperial Metals (TSX: III) holds a 30% interest in Red Chris. Newcrest reported record free cash flow of US$439 million in its halfyear results and has adopted a new dividend policy to target a payout of 30-60% of cash flow to shareholders, up from 10-30%. On revenue of US$2.2 billion, the Melbourne-based company reported a statutory and underlying profit

Red Chris employees overlook the mountains. NEWCREST MINING

of US$553 million. The gold and copper miner produced a total of 1 million oz. gold, 69,000 tonnes of copper and 445,000 oz. silver for the six month period to the end of December. All-in sustaining costs were US$974 per ounce. At Red Chris, which is currently an open pit operation, production was 24,000 oz. gold, 13,000 tonnes copper and 57,000 oz. silver at an AISC of US$2,961 per oz. of gold. In addition to Red Chris, Newcrest owns and operates the Cadia and Telfer mines in Australia and the Lihir mine in Papua New Guinea. It also has a gold prepay, streaming facility and offtake agreement on production from Lundin Gold’s (TSX: LUG) Fruta del Norte gold mine in Ecuador. The company says it is managing a number of Covid-19 cases at both Red Chris and Lihir, but operations have not been affected. TNM

A Red Chris employee. NEWCREST MINING

sisko Mining (TSX: OSK) has released an updated resource estimate for its Windfall gold deposit in Quebec, which, according to CEO John Burzynski, “places Windfall among the best high-grade development projects globally.” Measured and indicated resources now total 6 million tonnes at 9.6 grams gold per tonne, for 1.9 million gold oz. and inferred resources add 16.4 million tonnes at 8 grams gold per tonne, for an additional 4.2 million ounces. Gold ounces across all categories now total 6.1 million ounces. When compared with the prior resource from February 2020, Mist surrounds an employee at the portal measured and indicated tonnes of Osisko Mining’s Windfall project. increased by 47%, alongside an OSISKO MINING increase in grade, which was previously 9.1 grams gold per tonne. Similarly, inferred tonnes grew by 13% while the grades are now at 8 grams gold per tonne, compared to 8.4 grams gold previously. Cut-off grades are unchanged at 3.5 grams gold. Osisko noted in a press release that its discovery and definition cost averages $38 per oz., with an average of 4.5 oz. of gold defined per metre drilled. The high-grade Lynx zone makes up over 60% of the total ounces in the latest resource and Lynx grades average 11.3 grams gold in the measured category, 11 grams gold in the indicated subset and 9.9 grams gold in the inferred classification. Lynx zones remain open downplunge. Additional resources are contained in the Underdog and Main zones. The Triple 8 zone is a new contributor, adding 655,000 inferred tonnes at 7.1 grams gold. “We are pleased to deliver this updated MRE (mineral resource estimate), as Windfall continues to impress with increasing average grade and scale,” Burzynski said in the press release. “We anticipate that by the end of the infill program and in the subsequent MRE, we will see another significant addition to the M&I (measured and indicated) resource with increased grade, and further growth of the deposit scale.” The latest numbers included drilling completed through to September and results received up to November 30 and the CEO said that since the cut-off, the company has received “strong infill results” not accounted for in the Feb. 17 update. Since then, the company has drilled approximately 100,000 metres, with a further 200,000 metres expected to be completed by the third quarter. An updated resource would then be released after the infill program is complete. The remainder of the infill drilling will be focused on Lynx, with over 30 drills scheduled. Additional drills are now targeting down-plunge extensions of Lynx and the nearby Fox trend, as well as targets along strike of Windfall. An exploration ramp is also advancing to extract the third bulk samples from the Triple Lynx zone. Osisko has received approvals to mine Lynx test stopes. Exploration results from January included drill highlights of 10.5 metres of 108 grams gold from Triple Lynx and 11.3 metres of 21.7 grams gold from Lynx. Earlier this month, the company closed a $70 million bought deal private placement of flow-through shares. The Windfall deposit lies between Val-d’Or and Chibougamau in the Abitibi. The mineralization is made up of sub-vertical zones that follow northeast-plunging porphyry contacts. Current resources are defined from surface to a depth of 1,600 metres (to 1,200 metres excluding the T8 zone). The deposit remains open on strike and at depth; mineralization has been identified down to 2,625 metres. Over the last year Osisko Mining’s shares have traded in a range of $1.67 and $4.85 per share and at presstime in Toronto were trading at $2.99 per share. The company has about 344.2 million common shares outstanding for a market cap of $1.03 billion. Kerry Smith of Haywood Securities has a target price of $8.00 per share. “The project boasts a large high-grade resource (5.1 million oz. at 8.6 g/t gold) in a mining friendly jurisdiction led by a proven management team,” the mining analyst wrote in a Feb. 17 research note to clients. “Drilling continues and we expect another resource increase in Q3/21 once this drilling program is completed, which will be followed with a feasibility study by early 2022. We expect Windfall could be in production by 2024 at ~300,000 ounces per year and AISC below US$600 per ounce.” Smith also noted that the Lynx deposit remains open. “We still expect Windfall will grow into a 10 million ounce deposit over time.” Andrew Mikitchook, an analyst at BMO Capital Markets, has a $5.00 price target on the stock, and wrote in a research note that the resource increase “will have a positive impact on the mine plan to boost grade.” “The end of the multi-year drilling is in sight in Q3 of this year and in our opinion the market will re-value the company as it approaches this milestone and transitions into permitting to be followed by development.” TNM

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GLOBAL EXPLORATION SNAPSHOT

EIGHT COMPANIES ADVANCING PROJECTS AROUND THE WORLD BY MAGDA GARDNER mgardner@canadianminingjournal.com

With few mineral discoveries made over the past decade, the industry is now on the lookout for new deposits and future mines. Below, we provide an overview of eight companies, explorers, developers and producers, focused on discovery. n BEAR CREEK MINING Bear Creek Mining’s (TSXV: BCM; US-OTC: BCEKF) key asset is the road-accessible 55-sq.-km Corani silver-lead-zinc project in the Andes mountains in southern Peru, 160 km from the city of Cusco. A November 2019 updated feasibility study for this project defined a 27,000 tonne per day open pit operation, mining the Este, Minas and Main pits. The 15-year mine would produce an average of 9.6 million oz. of silver, 98 million lb. of lead and 69 million lb. of zinc annually over its lifetime (16.3 million silver oz. in the first three years). With life-of-mine all-in sustaining costs estimated at US$4.55 per silver oz. (US$1.36 per oz. in the first three years), and US$579 million in initial capital, the after-tax net present value estimate for the project comes in at US$531 million, at a 5% discount rate, with a 22.9% internal rate of return and 2.4-year payback. These estimates are based on US$18 per oz. silver, US$95¢ lead and US$1.1 per lb. zinc. Corani would produce separate zinc and lead concentrates, trucked from the Corani plant to the port of Matarani, 632 km from the site. From a permitting perspective, Corani is shovel-ready. Bear Creek received construction authorizations in 2018. Reserves at the site total 138.6 million tonnes grading 51.3 grams silver per tonne, 0.9% lead and 0.55% zinc, and contain 229 million oz. of silver, 2.7 billion lb. of lead and 1.7 billion lb. of zinc. Additional resources include 100.1 million measured and indicated tonnes at 29.2 grams silver, 0.33% lead and 0.28% zinc and 73.2 million inferred tonnes grading 35.5 grams silver, 0.4% lead and 0.3% zinc. In March 2020, Bear Creek announced that it had engaged international banks BNP Paribas and Societe Generale as joint lead arrangers for a US$400 million senior secured credit facility to develop Corani. In January, the company closed a $34.5 million bought deal financing with the proceeds intended for development at Corani. Bear Creek Mining has a $347 million market capitalization. n BLUE SKY URANIUM Blue Sky Uranium (TSXV: BSK; US-OTC: BKUCF) holds the approximately 3,000-sq.-km Amarillo Grande property in Argentina’s Rio Negro province. This site, which covers a 145 km uraniumvanadium exploration trend discovered in-house, includes the Ivana, Anit and Santa Barbara properties. Blue Sky’s geological model for the property is sandstone-hosted uranium, precipi-

Gran Colombia Gold’s Segovia gold mine, 180 km northeast of Medellin, Colombia. GRAN COLOMBIA GOLD

Employees at Roxgold’s Seguela project. ROXGOLD

tated into sandstone sediments. Ivana includes an inferred resource of 28 million tonnes grading 0.037% uranium oxide and 0.019% vanadium oxide, for 22.7 million lb. of uranium oxide and 11.5 million lb. of vanadium oxide. A 5 km mineralized corridor, between 200 to over 500 metres wide and up to 23 metres thick, has been defined at Ivana. A February 2019 preliminary economic assessment for Ivana outlined a 13-year, 6,400 tonne per day open pit mine, producing an average of 1.35 million lb. of uranium annually at all-in sustaining costs of US$18.27 per lb. uranium oxide, net of vanadium credits. With a pre-production capital cost estimate of US$128.1 million, the after-tax net present value estimate for the development stands at US$135.2 million, at an 8% discount rate and based on US$50 per lb. uranium and US$15 per lb. vanadium. In February, the company started a 4,500-metre reverse circulation drill program at Amarillo Grande, focused on the Ivana Central and Ivana North targets. These two areas, 10 and 20 km north of

the existing Ivana deposit, are interpreted to lie along the same reduction-oxidation trend as Ivana and feature geophysical anomalies and uranium-vanadium mineralization in past pit samples. In November 2020, Blue Sky announced that its data compilation and target delineation program for Amarillo Grande defined two new uranium targets for drill testing: Cateo Cuatro and Ivana East. Cateo Cuatro is 32 km east of the Ivana deposit; Ivana East is 10 km northeast of the deposit. In January, Blue Sky Uranium closed a $5.5 million non-brokered private placement financing. The company is a member of the Argentina resource focused Grosso Group. Blue Sky Uranium has a $43 million market capitalization. n C3 METALS C3 Metals’ (TSXV: CCCM) key asset is the 57-sq.-km Jasperoide copper-gold project in southern Peru, within the AndahuaylasYauri porphyry skarn belt. Skarn and porphyry-style copper-gold mineralization has been mapped for over 3 km at the proj-

ect and also traced through drilling and trenching. In January, the company announced that a resampling program, focused on core from seven holes drilled by Hochschild Mining (LSE: HOC) between 2011 and 2012, confirmed “significant” copper intercepts in all seven drillholes. Historic intercepts included 136 metres of 0.75% copper and 0.35 gram gold and 24 metres of 2.76% copper and 0.67 gram gold. In December 2020, C3 received authorization from the country’s Ministry of Energy and Mines for drilling at Jasperoide. Camp construction is now underway. The first-phase 3,500-metre, 15 to 20hole drill program will consist of holes 100 to 250 metres deep, on 50-metre centres, and will focus on testing the lateral and vertical continuity of the copper-gold mineralization. There are three priority skarnporphyry targets at Jasperoide with historic drill results for follow-up: Montana de Cobre, Cresta Verde and Callejon de Oro. The 1.5-km-long Montana de Cobre trend features copper-gold mineralization in skarns with a co-

incident magnetic anomaly. Previous drilling, completed in 2011, returned intercepts that included 185.2 metres of 1% copper and 0.39 gram gold per tonne from 22 metres and 114.9 metres of 0.97% copper and 0.37 grams gold starting at 37.1 metres. Cresta Verde includes an outcropping massive magnetite skarn. A 2011 drillhole returned 23.5 metres of 1.86% copper starting at 19 metres. The Callejon de Oro magnetic anomaly, 1.2 km southwest of Montana de Cobre, features highgrade epithermal-style gold mineralization. Past trenching returned an 11-metre interval of 19.5 grams gold and a single drillhole hit 1.2 metres of 27.2 grams gold starting at 210.9 metres. In January, C3 named Kevin Tomlinson as its president and CEO; Tomlinson has also joined the board. He has over 35 years of experience with mineral project exploration, development and financing. C3 Metals has a $56.3 million market capitalization. See SNAPSHOT / 53

MARCH 1—14, 2021 / THE NORTHERN MINER

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Core logging at La India. CONDOR GOLD

SNAPSHOT From 52 n CONDOR GOLD Condor Gold (TSX: COG; AIM: CNR) is focused on developing the La India gold project in Nicaragua, 70 km north of the capital city of Managua. Condor is working to build a 3,500 tonne-per-day plant at the site, which would produce 120,000 gold oz. annually. According to the company’s corporate presentation, gold production is expected within 24 months. Additional gold output, on the order of 50,000 oz. annually, is possible from an underground development. In August 2018, the country’s Ministry of the Environment granted Condor the Environmental Permit for the development, construction and operation of a processing plant with throughputs of up to 2,800 tonnes per day. In April and May 2020, the company received environmental permits for the planned pits. A 2014 prefeasibility study for La India suggested an eight-year operation, producing an average of 79,300 gold oz. annually at allin sustaining costs of US$690 per ounce. With a capital cost estimate of US$110 million, the after-tax net present value estimate for the project would be US$92 million, at a 5% discount rate and based on US$1,250 per oz. gold. The company is working towards final engineering designs for key infrastructure elements. A feasibility-level design for the tailings storage facility and water storage reservoir is expected to be finalized in June. In December, the company started site preparation work for the plant.

Employees at Bear Creek Mining’s Corani project in southern Peru. BEAR CREEK MINING

Condor is also looking at the option of a high-grade, 1,000 tonneper-day starter operation, mining the three permitted pits, which, in a high-grade scenario, contain 1.6 million tonnes at 4.65 grams gold. This option could make production this year a possibility with toll milling optionality. La India hosts an indicated resource of 9.9 million tonnes grading 3.6 grams gold per tonne, containing 1.1 million gold oz., and an inferred resource of 8.5 million tonnes grading 4.3 grams gold per tonne, host to an additional 1.2 million ounces. Existing resources lie along the La India corridor, within a 587-sq.-km land package. The

parallel Andrea-Limones corridor features a 12 km mineralized trend. The project also includes the Cacao dilutional opening between these two structures. Between 1938 and 1956, the historic underground La India mine produced 1.7 million tonnes of material with a head grade of 13.4 grams gold per tonne. Condor Gold has a $101.7 million market capitalization. n DEEP-SOUTH RESOURCES Deep-South Resources (TSXV: DSM) is working to advance its Haib copper project in southern Namibia, close to the South African border, towards a feasibility study. The 370-sq.-km Haib prop-

erty is within 15 km of an existing highway and approximately 100 km from an existing rail system. A May 2020 preliminary economic assessment for the project, updated in December, outlined an open pit operation, bio-heap leaching the run-of-mine material to produce copper cathodes and copper sulphate. The 55,000 tonne-per-day, 24-year mine would produce an average of 35,000 tonnes per year of copper cathode and 51,000 tonnes per year of copper sulphates at a cash cost of US$1.33 per lb. of copperequivalent. With an initial capital cost estimated at US$341 million, the after-tax net present value stands at US$957 million, at a 7.5%

discount rate and based on US$3 per lb. copper, with a 29.7% internal rate of return. Indicated resources total 456.9 million tonnes at 0.31% copper, for 3.1 billion lb. of copper, with inferred resources of 342.4 million tonnes grading 0.29% copper, containing an additional 2.2 billion lb. of the red metal. The Haib porphyry copper deposit covers a 2.6-sq.-km surface area, is defined to a depth of approximately 350 metres and includes a high-grade core of approximately 140 million tonnes, where past drilling has returned drill intercepts between 0.5% and 1% copper. Existing resources are open on surface and at depth. Historical drilling hit copper mineralization at depths of over 800 metres. In February, Deep-South started a first, 5,000-metre phase of a drill program of up to 12,000 metres. This initial phase will be focused on infilling gaps from prior drilling to expand and better define the higher-grade mineralization. Deeper holes are also planned to test the vertical span of the deposit. Depending on the results of the first-phase program, the second part could test other anomalies on the broader property. Geophysics, together with coincided copper geochemistry, has also outlined five satellite targets at Haib. In addition to drilling, the feasibility study work program will also include additional metallurgical testing on bio-assisted heap leaching, a mining engineering design and environmental baseline studies. In January, Deep-South closed a $4.6 million private placement. See SNAPSHOT / 55

GLOBAL MINING NEWS

SPECIAL FOCUS GLOBAL EXPLORATION

THE NORTHERN MINER / MARCH 1—14, 2021

A drill rig at Blue Sky Uranium’s Amarillo Grande project in Argentina. BLUE SKY URANIUM

Inset: Carnotite mineralization from the Anit deposit at Blue Sky Uranium’s Amarillo project in Argentina. BLUE SKY URANIUM

After adding the Juby project in Ontario to its Marmato mine holdings in Colombia in July, in November, Caldas announced a $85 million subscription receipt offering alongside a new board and management. The funds are intended for Marmato, which produced 23,832 gold oz. last year. The 1,200 tonne-per-day Marmato Upper zone operations are undergoing an expansion to 1,500 tonnes per day. Additional work is underway to expand into the Marmato Deep zone, which would be a new mine with a 4,000 tonne-perday plant. Gran Colombia holds a 26% stake in Nunavut-focused Western Atlas Resources (TSXV: WA) and an 18% interest in Gold X Mining (TSXV: GLDX; US-OTC: GLDXF), with a project in Guyana. Gran Colombia Gold has a $381.6 million market capitalization.

SNAPSHOT From 54

Deep-South Resources has a $25 million market capitalization. n GRAN COLOMBIA GOLD Gran Colombia Gold’s (TSX: GCM; US-OTC: TPRFF) key asset is the Segovia complex of underground mines, 180 km northeast of Medellin in Colombia, in the Segovia-Remedios mining district in Antioquia. In 2020, the complex generated 220,194 gold oz., in line with prior guidance for 218,000 to 226,000 ounces. This includes 196,362 oz. from three mines operated by Gran Colombia (Providencia, Sandra K and El Silencio); additional ounces were sourced from small mines operating within the Segovia mining title, under contract with Gran Colombia. In December, the company also started production work at Carla, its fourth mine. This year, the Segovia operations are expected to deliver 200,000 to 220,000 oz. of gold. One of Segovia’s distinguishing features is its high-grade. Last year, the operation processed an average of 1,280 tonnes per day of material at a head grade of 14.5 grams gold per tonne. Also in December, Gran Colombia released high-grade intercepts from its in-mine and near-mine Segovia drill program. Highlights from existing opera-

Employees log core at the Bombore site. OREZONE GOLD

tions included 1.9 metres of 51.22 grams gold per tonne and 1.9 grams silver per tonne from the Providencia vein; and 0.6 metres of 63.92 grams gold per tonne and 458.4 grams silver per tonne from the Sandra K Techo vein. In addition, drilling at the El Si-

lencio Deep zone discovered a new high-grade vein in the hangingwall of the Nacional vein, which returned a 0.5-metre intercept of 162.7 grams gold and 77 grams silver. There are 27 known veins within the Segovia license and six

drill rigs are turning at the site. One of the drills is targeting the Vera vein, parallel to the Sandra K vein system. Gran Colombia also has a 44.3% equity interest in Aris Gold (TSXV: ARIS; US-OTC: ALLXF); previously known as Caldas Gold.

n OREZONE GOLD Orezone Gold (TSXV: ORE; USOTC: ORZCF) is focused on advancing the permitted Bombore project in Burkina Faso, 85 km from Ouagadougou, to first gold production by next year. In January, the developer secured over US$182 million of binding commitments for the con-

See SNAPSHOT / 56

SPECIAL FOCUS GLOBAL EXPLORATION

MARCH 1—14, 2021 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

SNAPSHOT From 54

struction of Bombore. This includes a US$96 million senior secured bank debt facility, a US$35 million convertible note and a $65 million bought deal offering, which closed at the end of January and was upsized to US$73.8 million. The financing news followed Orezone’s January announcement that it had awarded the engineering, procurement, and construction management (EPCM) contract for Bombore to Lycopodium Minerals and completed the firstphase resettlement of villages and infrastructure. The company plans to award a mining contract early this year, with preproduction mining expected by the end of the first quarter. Construction of the process plant is expected to start in March. According to a 2019 feasibility, a 13-year open pit, free-digging oxide operation at Bombore with carbon-in-leach extraction could produce an average of 117,760 gold oz. annually at all-in sustaining costs of US$730 per ounce. The study suggested adding a sulphide circuit in the third year of operations; mining of the sulphides would require drilling and blasting. With an initial capital cost for the oxide phase construction pegged at US$153 million, the after-tax net present value estimate for the project stands at US$361 million, at a 5% discount rate and based on US$1,300 per oz. gold, with a 43.8% internal rate of return. Measured and indicated resources at Bombore stand at 106.9 million tonnes of oxides grading 0.55 gram gold per tonne, with additional oxide inferred resources of 20.9 million tonnes at 0.4 gram gold per tonne. Sulphide measured and indicated resources add 122.6 million tonnes grading 0.8 gram gold per tonne, with further sulphide inferred resources of 32.4 million tonnes at 0.81 gram gold per tonne. The Bombore deposit is hosted within a shear zone that is 11 km long by 200 metres wide and has been drilled to an average depth of 120 metres. In November 2019, Orezone

Above: Taking water samples at Bear Creek Mining’s Corani project in southern Peru. BEAR CREEK MINING

announced that results from its drill program refined its geological model for Bombore, with indications of a higher-grade plunging gold system within the existing Bombore mineralization. Higher grade drill highlights included 8.9 metres of 3.21 grams gold and 18 metres of 3.68 grams gold. Resource modelling with the new interpretation is underway. Orezone Gold has a $319.7 million market capitalization. n ROXGOLD Roxgold (TSX: ROXG; US-OTC: ROGFF) holds the Yaramoko un-

Near Bear Creek Mining’s Corani project in southern Peru. BEAR CREEK MINING

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derground mine complex and Boussoura exploration project in Burkina Faso and the Seguela predevelopment property in Cote d’Ivoire. This year, Yaramoko is expected to produce 120,000 to 130,000 oz. of gold, at all-in sustaining costs of US$895 to US$975 per ounce. In November, Roxgold added openpittable reserves and resources to its Yaramoko inventory, which suggest potential for a surface operation complementary to the 55 Zone mine. Open-pit reserves total 820,000 tonnes at 7.2 grams gold per tonne, for 190,000 gold ounces. Underground reserves stand at 1.6 million tonnes at 7 grams gold, and contain 365,000 ounces. The Bagassi South mine at Yaramoko includes underground reserves of 576,000 tonnes at 7.6 grams gold per tonne. Regionally, there are 23 targets within the 230-sq.-km Yaramoko property that lies on the Hounde belt. Also in November, Roxgold started a regional exploration program, targeting near-surface mineralization. Priority targets lie along the western corridor of the 55 Zone and around Bagassi South. An April 2020 preliminary economic assessment of the Seguela project in Côte d’Ivoire outlined an open pit operation producing

an average of 103,000 oz. of gold a year over an eight-year life at all-in sustaining costs of US$749 per ounce. Due to the high-grade nature of the Ancien deposit, in its first three years, this operation would produce 143,000 oz. per year at AISCs of US$600 per ounce. With an initial capital outlay of US$142 million, the project has an after-tax net present value estimate, at a 5% discount rate, of US$268 million and a 66% internal rate of return, based on US$1,450 per oz. gold. A feasibility study and construction decision are expected in the first half of this year. In December, Roxgold received mining permit approval for Seguela. January’s assay highlights from the Koula deposit, one of five within 363-sq.-km Seguela, included 14 metres of 42.9 grams gold and 11 metres of 46.2 grams gold. The 250-sq.-km Boussoura project, 180 km south of Yaramoko, includes the Fofora and Galgouli target areas. Drill highlights, announced in February, included 10.7 metres of 5.6 grams gold and 5 metres of 17 grams gold from the Fofora area and 7 metres of 15.8 grams gold from Galgouli. An initial resource for Boussoura is expected by the end of the year. Roxgold has a $552.2 million market capitalization. TNM

GLOBAL MINING NEWS

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M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 15 – 19 The S&P/TSX Composite Index fell 75.93 points (0.41%) to finish the Feb. 15-19 trading week at 18,384.27. The Global Base Metals Index rose 10.2% to 169.75 and the Global Mining Index gained 2.1% to 108.27. Spot gold fell US$39.70 per oz. (2.2%) to US$1,784.60 per oz., and the S&P/TSX Global Gold Index dropped 7.5% to 281.01. Teck Resources’ Class A common shares jumped $4.01 to $32.97. The company announced its unaudited annual results for 2020 and reported an adjusted profit attributable to shareholders of $561 million or $1.05 per share and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $2.6 billion. It also announced that last year it met its target of 40% overall completion of its Quebrada Blanca Phase 2 copper project in Chile, one of the world’s largest undeveloped copper resources. In other news, Teck announced that commissioning is underway at its Elkview Saturated Rock Fill (SRF) expansion, which doubles the water treatment facility’s capacity to 20 million litres of water per day. The Elkview SRF has been achieving near complete removal of selenium and nitrate from up to 10 million litres of water per day since 2018 and is part of the company’s work to implement the Elk Valley Water Quality Plan.

First Quantum Minerals rose $3.88 per share to $29.08. The company reported its highest-ever copper production of 778,911 tonnes in 2020, an 11% year-on-year increase from 2019, despite the challenges it faced from the Covid-19 pandemic. All-in sustaining costs came in at US$1.63 per lb. copper. First Quantum also produced 265,112 oz. of gold and 12,695 tonnes of nickel. The company posted a net loss attributable to shareholders of US$180 million (US26¢ per share), and cash flows from operating activities of US$1.61 billion. The company expects to grow its copper production in 2021 to between 785,000 tonnes and 850,000 tonnes; its gold production to between 280,000 oz. and 300,000 oz.; and nickel to 23,000-27,000 tonnes. The company decreased its net debt in 2020 by TSX MOST ACTIVE ISSUES VOLUME (000s) HIGH

Suncor Energy SU NextSource Mat NEXT Denison Mines DML Nevada Copper NCU Barrick Gold ABX Kinross Gold K Avalon Advance AVL Yamana Gold YRI B2Gold Corp BTO Nexgen Energy NXE

WEEK LOW CLOSE CHANGE

49763 24.31 22.36 23.94 42594 0.53 0.33 0.40 41892 2.29 1.35 1.49 39312 0.24 0.17 0.24 29210 28.27 24.84 24.93 25169 9.42 8.21 8.28 22044 0.36 0.18 0.32 17520 6.25 5.51 5.56 16831 6.50 5.94 5.99 15273 5.41 4.37 4.87

+ + + + -

1.05 0.05 0.10 0.07 3.19 1.07 0.13 0.53 0.40 0.20

US$266 million, US$136 million of that in the fourth quarter of the year. Shares of Lundin Mining increased $1.91 to $15.21. The company reported 2020 production of metal in concentrate of 230,781 tonnes of copper; 142,744 tonnes of zinc; 163,000 oz. of gold; and 16,718 tonnes of nickel. Attributable net earnings totaled US$168.8 million (US23¢ per share); and adjusted EBITDA totaled US$856.9 million for the year. Cash flow from operations reached US$565.9 mil-

lion. The company had a net debt position at the end of 2020 of US$63.2 million, relatively unchanged from the US$60.2 million at the end of 2019. This year the company expects to produce 275,000-299,000 tonnes of copper in concentrate; 141,000-151,000 tonnes of zinc; 170,000-180000 oz. gold; and 15,00018,000 tonnes of nickel. Lundin forecasts its exploration expenditure for 2021 will be US$40 million, of which US$32 million will focus on in-mine and near-mine targets. TNM TSX GREATEST VALUE CHANGE

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Avalon Advance Orosur Mng Northcliff Res Nevada Copper Forsys Metals Almonty Ind Sulliden Mng Xanadu Mines Copper Mtn Mng Western Copper Lucara Diam Mandalay Res Golden Star Sierra Metals Intl Tower Hil OceanaGold New Gold Golden Mnls Fortune Mnrls Galiano Gold

AVL OMI NCF NCU FSY AII SMC XAM CMMC WRN LUC MND GSC SMT ITH OGC NGD AUMN FT GAU

22044 2560 2429 39312 1553 3489 2248 2270 9544 2294 1778 164 93 1021 91 8585 11678 275 3178 892

0.36 0.67 0.09 0.24 0.62 1.13 0.20 0.06 2.98 2.14 1.00 2.43 4.85 4.25 1.76 2.28 2.31 1.28 0.15 1.82

VOLUME (000s)

WEEK LOW CLOSE CHANGE

0.18 0.45 0.06 0.17 0.38 0.77 0.11 0.04 2.28 1.68 0.81 1.91 4.00 3.38 1.47 1.88 1.92 1.02 0.12 1.48

0.32 0.66 0.09 0.24 0.55 1.00 0.16 0.05 2.96 2.07 0.83 2.00 4.01 3.53 1.48 1.90 1.92 1.03 0.13 1.53

+ + + + + + + + + + -

68.4 45.1 41.7 38.2 32.5 28.2 28.0 25.0 24.4 21.1 16.2 16.0 15.8 15.8 15.4 14.8 14.7 14.2 13.8 13.1

Teck Res Teck Res First Quantum Ero Copper Turquoise HIl Labrador IOR Lundin Mng HudBay Min Perpetua Res Ivanhoe Mines Franco-Nevada Agnico Eagle Wheaton Prec M Kirkland Lake Newmont Corp Barrick Gold Gatos Silver Lithium Amer SSR Mining Torex Gold

TECK.A TECK.B FM ERO TRQ LIF LUN HBM PPTA IVN FNV AEM WPM KL NGT ABX GATO LAC SSRM TXG

34 11760 12046 1540 2129 1109 11930 8189 285 10860 2419 5167 4546 4669 533 29210 98 4054 3632 1534

WEEK CLOSE

32.97 29.01 29.08 23.98 20.19 36.63 15.21 10.21 10.70 7.81 140.38 75.47 47.46 45.09 71.56 24.93 16.61 26.49 19.01 15.03

CHANGE

+ + + + + + + + + + -

4.01 3.98 3.88 3.31 2.71 2.08 1.91 1.62 1.20 1.16 13.39 9.23 3.57 3.50 3.23 3.19 2.41 2.04 1.99 1.54

TSX VENTURE EXCHANGE / FEBRUARY 15 – 19 The S&P/TSX Venture Composite Index climbed 2.92% to finish the Feb. 15-19 trading week at 1,067.44. Spot gold fell US$39.70 per oz. (2.2%) to finish the trading week at US$1,784.60 per ounce. Uranium explorer ISOEnergy rose 74¢ to $2.98. The junior announced that its co-founder, Craig Parry, is stepping down as president and CEO but will remain on the board. Tim Gabruch will take on the CEO position. Gabruch has clocked over 25 years in the uranium mining and nuclear energy industries, and most recently was Denison Mines’ vice president commercial, where he supported the development of its flagship Wheeler River project. Gabruch also spent more than 20 years at Cameco including as VP Marketing from 2011 to 2017. “It’s an exciting time in the nuclear industry, with the demand for clean nuclear energy growing,” Gabruch stated in a press relate announcing his appointment. “The past decade has been a tough one for uranium suppliers and has resulted in supply-side stress in the global uranium market. With the sector beginning to turn around, the world will need projects like Hurricane and more Canadian uranium discoveries like it to help meet future demand. IsoEnergy recently discovered the high-grade Hurricane zone at its Larocque East property

in the Athabasca Basin of Saskatchewan and has other exploration projects in the region. Arizona Metals increased 54¢ to $1.73 on no corporate news. The junior owns 100% of the Kay mine property in Arizona’s Yavapai Country. The Kay mine has a historic noncompliant resource estimate completed by Exxon Minerals in 1982 of 6.4 million tons grading 2.2% copper, 2.8 grams gold per ton, 3.03% zinc and 55 grams silver per ton. Arizona Metals describes the Kay mine as a steeply dipping VMS deposit that has been defined from a depth of 60 metres to at least 900 metres, and is open for expansion on strike and at depth. The junior recently mobilized a second drill rig and began drilling on Feb. 8. The second rig will accelerate the company’s fully funded TSX-V MOST ACTIVE ISSUES Azincourt Ener Leeta Gold Arcturus Vent Focus Graphite Vision Lithium Zinc One Res Infinite Ore Uragold Bay Rs Blue River Res Honey Badger

AAZ HIVE AZN FMS VLI Z ILI HPQ BXR TUF

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

95559 69688 54036 32210 27545 24213 19370 17508 16600 15840

0.06 3.23 0.05 0.14 0.35 0.02 0.11 1.19 0.01 0.07

0.18 7.25 0.09 0.28 0.79 0.03 0.23 1.68 0.03 0.15

0.13 + 6.80 + 0.06 0.18 0.40 0.03unch 0.14 + 1.54 + 0.03 + 0.11 +

0.02 2.83 0.02 0.05 0.19 0.00 0.02 0.20 0.02 0.03

Phase 2 program, which consists of a minimum of 11,000 metres in 29 holes. Shares of Medallion Resources jumped 91% to 61¢. The company says it has developed a “proprietary process and business model to achieve low-cost, near-term, rare earth element (REE) production” from monazite. (Monazite is a rare-earth phosphate mineral that is widely available as a by-product of mineral sand mining operations.) The junior announced a deal

on Feb. 18 to acquire a license for exclusive rights to Purdue University-developed REE separation and purification technologies, from Hasler Ventures LLC. Medallion says it will “further develop and commercialize” the process technology. The license, says Medallion, gives the company a portfolio of technology, patents and knowhow for ligand-assisted displacement (LAD) chromatography to deploy in the separation and purification of REEs. TNM TSX-V GREATEST VALUE CHANGE

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

HFX Holding Prospero Silvr Blue River Res Mega Copper Medallion Res Vulcan Mnrls Grid Metals Getty Copper AM Resources Intl Bethl Mng Thunderstruck BC Moly Vision Lithium Elcora Adv Mat Alianza Min Nickel Rock Pacific Silk Graphite One Black Mammoth Kaizen Discov

HXC PSL.H BXR MCU MDL VUL GRDM GTC AMR IBC.H AWE BM.H VLI ERA ANZ NICL PP GPH BMM KZD

1158 22 16600 41 4581 6008 7258 389 1353 509 1447 13 27545 3623 2473 2050 273 1076 107 689

0.35 0.90 0.03 0.28 0.75 0.14 0.34 0.10 0.07 0.09 0.13 0.09 0.79 0.19 0.16 0.64 0.06 2.00 0.17 0.06

VOLUME (000s)

WEEK LOW CLOSE CHANGE

0.04 0.00 0.01 0.12 0.31 0.07 0.16 0.05 0.04 0.04 0.08 0.00 0.35 0.13 0.11 0.43 0.04 1.29 0.00 0.05

0.19 0.80 0.03 0.25 0.61 0.13 0.30 0.09 0.07 0.07 0.08 0.06 0.40 0.13 0.11 0.44 0.04 1.34 0.14 0.05

+208.3 + 196.3 + 150.0 + 108.3 + 90.6 + 85.7 + 81.8 + 80.0 + 75.0 + 75.0 - 36.0 - 33.3 - 32.2 - 31.6 - 29.0 - 28.7 - 27.3 - 26.8 - 26.3 - 25.0

Leeta Gold Tanqueray Expl E3 Metals Ucore Rare Mtl IsoEnergy Ltd Los Andes Canada Nickel Arizona Metals Uranium Roylty Prospero Silvr Abitibi Royal Metalla Rylty Rupert Res Eloro Res Great Bear Res Graphite One Artemis Gold Standard Lith Prime Mining Tudor Gold

HIVE IPA ETMC UCU ISO LA CNC AMC URC PSL.H RZZ MTA RUP ELO GBR GPH ARTG SLL PRYM TUD

WEEK CLOSE

69688 6.80 549 19.91 5099 4.68 1769 2.32 2783 2.98 17 6.90 5958 3.85 2968 1.73 3060 3.03 22 0.80 11 23.20 185 12.02 283 3.61 1025 4.84 278 14.45 1076 1.34 554 5.46 1311 3.70 764 2.02 734 3.06

CHANGE

+ + + + + + + + + + -

2.83 1.67 1.48 0.76 0.74 0.65 0.63 0.54 0.53 0.53 0.80 0.74 0.64 0.52 0.50 0.49 0.42 0.41 0.37 0.33

U.S. MARKETS / FEBRUARY 15 – 19 The Dow Jones Industrial Average rose 35.92 points (0.11%) to 31,494.32 and the S&P500 Index fell 28.12 points (0.72%) to 3,906.71. Spot gold finished the week at US$1,784.60 per oz., down 2.2%. HudBay Minerals rose 19.9% to US$8.09 per share. The company reported a net loss of US$144.6 million or US55¢ per share in 2020, compared to a net loss of US$343.8 million (US$1.32 per share) in 2019. (The2019 loss was mainly caused by an after-tax impairment chart of US$242.1 million recorded in HudBay’s investment in the Rosemont project.) Gross margins declined in 2020 partly due to operational suspensions at the Constancia and 777 mines. The company reported 2020 production of contained metal in concentrate of 95,333 tonnes of copper; 124,622 oz. gold; 2.75 million oz. silver; 118,130 tonnes of zinc; 1,204 tonnes of molybdenum. In 2021 HudBay expects to produce 83,000-97,000 tonnes of copper; 105,000-125,000 tonnes of zinc; and 1,100-1,300 tonnes of molybdenum. Shares of Barrick Gold fell US$2.37 to US19.78. The company reported 2020 production of 4.76 million oz. of gold at all-in

sustaining costs of US$967 per oz., and 457 million lb. of copper at AISCs of US$2.23 per lb. Net earnings for the year were US$2.32 billion and adjusted net earnings were US$2.04 billion. Net earnings per share were US$1.31 and adjusted net earnings were US$1.15 per share. The company posted record annual free cash flow of US$3.4 billion. Barrick ended 2020 with zero debt, net of cash, down from a peak of US$13.4 billion in 2013. Production guidance for 2021 is 4.4 million to 4.7 million oz. of gold. Barrick also said it will propose to shareholders at its May 4 annual meeting, a return of capital distribution of about 42¢ per share. The total distribution would amount U.S. MOST ACTIVE ISSUES VOLUME (000s)

Barrick Gold* Freeport McMoR* Vale* Kinross Gold* Yamana Gold* United States S* Cleveland-Clif* Chevron Corp* Suncor Energy* Hecla Mining*

GOLD FCX VALE KGC AUY X CLF CVX SU HL

HIGH

137012 22.29 126899 37.68 111565 18.47 99497 7.43 98778 4.91 94091 19.05 70070 17.66 54078 96.72 46614 19.15 45547 6.32

WEEK LOW CLOSE CHANGE

19.69 30.58 17.13 6.50 4.36 16.26 16.28 91.35 17.59 5.65

19.78 37.49 18.22 6.54 4.40 17.90 17.02 95.80 18.98 6.09

+ + + + + + -

2.37 6.26 0.72 0.84 0.41 1.40 0.42 3.25 0.95 0.08

to US$750 million. In other news, Barrick is selling its 100% stake in the Lagunas Norte mine in Peru to Singapore’s Boroo Pte. Ltd. for a total consideration of up to US$81 million, plus Baroo’s assumption of Barrick’s US$226 mine closure liability. Shares of Agnico Eagle Mines were down US$6.89 to US$59.79 and Yamana Gold’s fell

US41¢ to US$4.40. The companies, joint-venture partners at the Canadian Malartic mine in Quebec, announced a positive construction decision for the mine’s Odyssey underground project. From 2029 to 2039, the underground operation will be in full production, churning out between 500,000 and 600,000 oz. gold a year. TNM U.S. GREATEST VALUE CHANGE

U.S. GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Freeport McMoR* HudBay Min* Teck Res* Turquoise HIl* Southern Copp* United States S* Rio Tinto* Endeavr Silver* Alcoa* Suncor Energy* AngloGold Ash* Gatos Silver* Kinross Gold* Gold Fields* Barrick Gold* Agnico Eagle* IAMGOLD* Alamos Gold* DRDGOLD* Yamana Gold*

FCX HBM TECK TRQ SCCO X RIO EXK AA SU AU GATO KGC GFI GOLD AEM IAG AGI DRD AUY

126899 8314 24461 6799 6044 94091 10260 25897 22548 46614 16017 3425 99497 29181 137012 11751 36549 15656 1604 98778

37.68 8.29 23.15 16.17 79.49 19.05 90.52 6.17 23.34 19.15 24.26 15.88 7.43 9.60 22.29 69.88 3.57 8.29 10.50 4.91

VOLUME (000s)

WEEK LOW CLOSE CHANGE

30.58 6.48 19.35 13.03 70.32 16.26 81.85 5.11 20.96 17.59 20.61 12.92 6.50 8.38 19.69 59.24 3.13 7.36 9.33 4.36

37.49 8.09 23.00 15.96 79.42 17.90 89.99 6.13 23.13 18.98 20.83 13.26 6.54 8.44 19.78 59.79 3.16 7.42 9.47 4.40

+ + + + + + + + + + -

20.0 19.9 16.7 16.2 9.6 8.5 7.6 7.2 6.8 5.3 13.2 11.5 11.4 11.0 10.7 10.3 10.0 9.0 8.8 8.5

Southern Copp* Rio Tinto* Freeport McMoR* MartinMarietta* Teck Res* Chevron Corp* Turquoise HIl* Arch Resources* Alcoa* United States S* Franco-Nevada* Agnico Eagle* AngloGold Ash* Wheaton Prec M* Kirkland Lake* Barrick Gold* Newmont Corp* Gatos Silver* Lithium Amer* Gold Fields*

SCCO RIO FCX MLM TECK CVX TRQ ARCH AA X FNV AEM AU WPM KL GOLD NEM GATO LAC GFI

6044 10260 126899 2319 24461 54078 6799 1755 22548 94091 3915 11751 16017 13993 9634 137012 36303 3425 30734 29181

WEEK CLOSE

79.42 89.99 37.49 336.34 23.00 95.80 15.96 49.60 23.13 17.90 111.26 59.79 20.83 37.65 35.73 19.78 56.67 13.26 21.03 8.44

CHANGE

+ + + + + + + + + + -

6.96 6.33 6.26 5.51 3.29 3.25 2.23 1.49 1.47 1.40 9.90 6.89 3.16 2.56 2.52 2.37 2.27 1.72 1.41 1.04

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 1—14, 2021

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 LME WAREHOUSE LEVELS

PRODUCER AND DEALER PRICES

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Feb 18 2020 (change from Feb 11, 2020 in brackets): Aluminium Alloy 1580 (+60) Aluminium 1360850 (-23775) Copper 76025 (+2525) Lead 96100 (+4025) Nickel 249150 (-696) Tin 1385 (+585) Zinc 279850 (-7200)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$55.65 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.30 Cobalt: US$22.23/lb. Copper: US$3.99/lb. Copper: CME Group Futures March 2021: US$4.14/lb.; April 2021: US$4.14/lb Iridium: NY Dealer Mid-mkt US$4,400.00/tr oz. Iron Ore 62% Fe CFR China-S: US$172.20 Lead: US$0.96/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$23,800.00 tr. oz. Ruthenium: Mid-mkt US$330.00/tr. oz. Silver: Handy & Harman Base: US$27.46 per oz.; Handy & Harman Fabricated: US$34.33 per oz. Tin: US$13.31/lb. Uranium: U3O8, Trade Tech spot price: US$29.35 per lb. U308 Zinc: US$1.30/lb. Prices current Feb. 23, 2021

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 31, 2021 (with changes from Jan 15, 2021) Largest short positions Nevada Copper NCU 25487506 17330010 1/15/2021 New Gold NGD 15156471 -2217441 1/15/2021 Nexgen Energy NXE 14311258 -282175 1/15/2021 Suncor Energy SU 12521871 -5904681 1/15/2021 Kinross Gold K 12375306 3232045 1/15/2021 Premier Gold M PG 10423885 -1095575 1/15/2021 Barrick Gold ABX 10304388 1131536 1/15/2021 Fortuna Silvr FVI 9235520 -155177 1/15/2021 Wheaton Prec M WPM 8834833 111166 1/15/2021 Equinox Gold EQX 8492250 872620 1/15/2021 Argonaut Gold AR 8288506 -401864 1/15/2021 Ivanhoe Mines IVN 8028784 -552864 1/15/2021 First Majestic FR 7489462 3394020 1/15/2021 Endeavr Silver EDR 7079666 354085 1/15/2021 Lundin Mng LUN 6629319 -878912 1/15/2021 Largest increase in short position Nevada Copper NCU 25487506 17330010 1/15/2021 First Majestic FR 7489462 3394020 1/15/2021 Kinross Gold K 12375306 3232045 1/15/2021 McEwen Mng MUX 4041275 1626439 1/15/2021 SSR Mining SSRM 4168309 1195149 1/15/2021 Largest decrease in short position Suncor Energy SU 12521871 -5904681 1/15/2021 New Gold NGD 15156471 -2217441 1/15/2021 First Quantum FM 6564052 -1891682 1/15/2021 Perpetua Res PPTA 233187 -1452129 1/15/2021 Ur-Energy URE 1494388 -1366571 1/15/2021

Short positions outstanding as of Jan 31, 2021 (with changes from Jan 15, 2021) Largest short positions QMX Gold QMX 32181337 31978963 1/15/2021 Alpha Lithium ALLI 4796238 4446497 1/15/2021 Discovery Met DSV 3281894 1063163 1/15/2021 Neo Lithium NLC 2214248 1822089 1/15/2021 Uragold Bay Rs HPQ 1768527 66058 1/15/2021 Lomiko Mtls LMR 1609272 1009273 1/15/2021 Manganese X MN 1530935 1029600 1/15/2021 Sienna Res SIE 1417493 873458 1/15/2021 Fabled Silver FCO 1350245 1265736 1/15/2021 Santacruz Silv SCZ 1282751 945709 1/15/2021 Dolly Vard Sil DV 1256234 135864 1/15/2021 Southern Silvr SSV 1246994 830354 1/15/2021 EnCore Energy EU 1205524 317882 1/15/2021 Klondike Silv KS 1201397 667626 1/15/2021 Palladium One PDM 1134619 670536 1/15/2021 Largest increase in short position QMX Gold QMX 32181337 31978963 1/15/2021 Alpha Lithium ALLI 4796238 4446497 1/15/2021 Neo Lithium NLC 2214248 1822089 1/15/2021 Fabled Silver FCO 1350245 1265736 1/15/2021 Discovery Met DSV 3281894 1063163 1/15/2021 Largest decrease in short position Golden Secret TBRD 15700 -4073949 1/15/2021 Libero Copper LBC 180823 -3254315 1/15/2021 Network Expl YNV 874058 -2790359 1/15/2021 First Cobalt FCC 699928 -1785364 1/15/2021 NuLegacy Gold NUG 244295 -1590591 1/15/2021

DAILY METAL PRICES Daily Metal Prices Date Feb 19 Feb 18 Feb 17 Feb 16 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 2208.50/2240 2137/2169 2136/2169 2116.50/2150 Aluminum 2135/2150.50 2147/2161 2096.50/2103.50 2077/2086 Copper 8806.50/8763 8650/8631 8413.50/8401 8439.50/7747.50 Lead 2122/2135.50 2132/2146.50 2097/2107 2111.50/2122.50 Nickel 19496/19512 18966/19003 18704/18745 18615/18654 Tin 29349/25446 28162/25250 28710/24620 27760/24237 Zinc 2864/2883.50 2837/2859.50 2810/2830.50 2819/2837.50 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1773.75 1782.80 1788.85 Gold PM 1786.20 1773.15 1780.70 Silver 26.95 27.17 27.12 Platinum 1294.00 1266.00 1239.00 Palladium 2363.00 2370.00 2373.00

1823.45 1794.25 27.58 1265.00 2362.00

Feb 15 2136/2170 2079/2082.50 8416.50/8391 2109.50/2122 18612/18658 28899/2451 2813.50/2827.50

1817.45 1817.30 27.57 1288.00 2392.00

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

Feb 19 1.2613 0.7928

Feb 18 1.2682 0.7885

Feb 17 1.2700 0.7874

Feb 16 1.2711 0.7867

Exchange rates (Quote Media, February 19, 2021) C$ to AUS C$ to EURO C$ to YEN 1.0065 0.6541 83.5705 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5657 5.1150 57.4824 US to AUS US to EURO US to YEN 1.2706 0.8252 105.6455 US to UK Pound US to China Yuan US to India Rupee 0.7140 6.4869 72.5513

Feb 15 1.2636 0.7914

C$ to Mex Peso 16.1954 C$ to Swiss Franc 0.7107 US to Mex Peso 20.4346 US to Swiss Franc 0.8968

C$ to SA Rand 11.6456 C$ to S. Korea Won 877.0409 US to SA Rand 14.6590 US to S. Korea Won 1106.0400

CANADIAN GOLD MUTUAL FUNDS FundName Feb 19 ($) BMO Prec Mtls Fd A 23.85 BMO ZGD 68.27 BMO ZJG 66.65 CIBC Prec Metal Fd A 13.82 Dyn Prec Metls Fd A 11.62 Harvest HGGG 27.02 Horizons HEP 28.96 IG MacGbPreMetCl A 14.82 iShares XGD 17.54 Mac Prec Met Cl A 71.25 NBI PrecMetFd Invt 18.35 NPT Go&PrMinFd A 53.15 NPT SilverEquCl A 10.48 RBC GblPreMetFd A 55.05 RBC GblPreMetFd Adv 55.43 Sentry Pre Met Fd A 51.07 TD Prec Mtl Fd Inv 44.68

Feb 12 ($) 25.63 73.66 71.25 14.95 12.86 29.23 31.06 15.90 18.97 76.52 19.89 57.06 10.84 59.65 60.07 55.13 48.82

Change ($) -1.78 -5.39 -4.60 -1.13 -1.24 -2.21 -2.11 -1.07 -1.43 -5.27 -1.54 -3.91 -0.36 -4.60 -4.63 -4.07 -4.14

Change (%) -6.96 -7.31 -6.46 -7.56 -9.68 -7.57 -6.78 -6.75 -7.54 -6.89 -7.74 -6.85 -3.36 -7.71 -7.71 -7.37 -8.48

YTDChange (%) -5.85 -7.33 -9.34 -4.27 -5.21 -5.53 -5.15 -4.01 -3.80 -4.44 -4.66 -7.19 -5.75 -6.13 -6.13 -2.72 -4.39

MER (%) 2.40 0.61 0.60 2.43 2.73 0.94 0.83 2.63 0.61 2.52 2.46 3.19 2.98 2.10 2.09 2.31 2.27

TotalAssets (M$) 57.74 211.37 90.52 51.92 648.05 5.86 34.45 1123.55 75.75 32.38 495.87 2.54 374.48 141.36

GLOBAL MINING NEWS · SINCE 1915

TSX WARRANTS Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry. Karora Resources Inc. (KRR.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Liberty Gold Corp. Wt (LGD.WT) - One

Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) One Warrant to purchase one common share of the Issuer at $1.71 until expiry. Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) - 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share. Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per

Unit. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share. Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share. LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share. Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share. Manganese X Energy Corp. (MN.WT) One warrant to purchase one common share at $0.15 per share. Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Maple Gold Mines Ltd. (MGM.WT) - One

TSX VENTURE WARRANTS

52-week

IndexName S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

Feb 19 18384.27 1098.56 1092.87 281.06 261.56

moliveira@ northernminer.com or 416-510-6768

Feb 18 18274.07 1072.09 1086.72 286.13 261.56

Feb 17 18374.78 1084.35 1091.68 289.77 264.49

Feb 16 18492.72 1088.13 1097.48 297.29 271.65

Feb 15 18460.21 1067.44 1095.14 303.90 277.12

High 18579.68 1100.63 1101.77 416.84 359.81

Low 11172.73 330.65 683.81 173.42 140.55

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 15-19, 2021 347 New Highs

Canada Nickel* 79 Resources African Min* Aldebaran Res* Alexandra Cap* Almonty Ind Almonty Ind * Alphamin Res Alphamin Res * Altair Res Inc* Altamira Gold* Altan Rio Min Altius Mnrls Altius Mnrls * Altus Strat AM Resources American Mang American Mang* Amerigo Res Amerigo Res* Anfield Energy* Anglo American* Antofagasta* Arbor Metals Arizona Metals Arizona Metals* Atacama Res* AurCrest Gold AurCrest Gold* Aurora Royal AURYN Mining* Avalon Advance Avalon Advance* Aya Gold* Azincourt Ener Azincourt Ener* Balto Res Bam Bam Res Bam Bam Res* BCM Res* Bitterroot Res Bitterroot Res* Black Mountain Black Tusk Res* Blue River Res Blue River Res* Cadillac Vent Cameco Corp Cameco Corp* Canada Nickel Canada Rare Canada Rare* Canadian Metal Canadian Metal* CanAlaska Uran CanAlaska Uran* Canterra Min* Canuc Res* Capstone Mng

Cardero Res CAT Strategic Century Cobalt* Chalice Gold M* China Gold Int Clarity Gold Cliffmont Res Cobalt Block Cobalt Block* Colt Res* Comstock Mng* CONSOL Energy* Copper Lake Rs Copper Mtn Mng Copper Mtn Mng* Copperbank Res Copperbank Res* Crestview Expl Critical Elem Critical Elem* Crown Mining Crown Mining* Deep-South Res* Defense Metals Defense Metals* Denison Mines Denison Mines* Diamante Min* District Cop* District Metal District Metal* E3 Metals E3 Metals* Earl Res Eastfield Res* Elcora Res* Eloro Res Eloro Res* Endurance Gold Endurance Gold* Energy Fuels Energy Fuels* Entree Res Entree Res* Ero Copper Ero Copper* Fairmont Res* First Energy* First Quantum Fission 3.0 Fission 3.0* Fission Uran Fission Uran* Fjordland Exp Fjordland Exp* Forsys Metals Forum Energy Forum Energy* FPX Nickel Freeport McMoR*

Frontier Lith General Gold Generation Min Generation Min* Getchell Gold Getchell Gold * Glencore Plc * Glencore Plc* Global Atomic* Global Li-Ion Global Li-Ion* Globex Mng Globex Mng* GMV Minerals* Gold Finder Ex Gold Finder Ex* Gold Line Res Golden Dawn Ml* Golden Secret Golden Sun* GoldHaven Res* Goldhills Hldg Goldhills Hldg* Goldrea Res* GoviEx Uranium* GPM Metals GPM Metals* Greencastle Rs Grenville Gold Grenville Gold* Grid Metals Grid Metals* HFX Holding Highland Copp Highland Copp* Honey Badger HudBay Min HudBay Min* Iconic Mnls Iconic Mnls * IEMR Res IM Exploration Impala Platnm* Infinite Ore Infinite Ore* Intl Bethl Mng Intl Lithium* Intl Montoro Intl Montoro* IsoEnergy Ltd Ivanhoe Mines Ivanhoe Mines* Jaeger Res * Jaguar Mng* Jayden Res* Jervois Mining Jervois Mining* Jubilee Metals* Kincora Copper* Kingsmen Res

KWG Res Labrador IOR Laramide Res Leeta Gold Lithium Corp* Lundin Mng Lundin Mng* Lynas Corp* Mammoth Res * Manitou Gold Manitou Gold * Marimaca Cop Marimaca Cop* MartinMarietta* Mason Graphite Mason Graphite* Matachewan Con MDN Inc* Medallion Res Medallion Res* Mega Uranium Mega Uranium* Metals Creek Metals Creek* Midnight Star Mining Global* Mkango Res Mongoose Mg Monument Mng* Mosaic* Natural Res Pt* Neometals* New Destiny Mg* New Energy Met Nexa Resources Nexgen Energy Nexgen Energy* NextSource Mat NGEx Minerals* Noble Mineral Noble Mineral* Noranda Alum* Norilsk Nickel* Noront Res Noront Res* Nortec Mnls North Arrow Mn Northcliff Res Nouveau Monde* Nutrien Nutrien* Oakley Vent Oceanic Iron O* One World Lith One World Lith* OZ Minerals* Pac Ridge Expl* Pac Wildcat* Paladin Energy* Pan Andean Min

Pan Andean Min* Pantheon Vent Pasinex Res Perpetua Res Perpetua Res* Pershing Res* Peruvian Metal Peruvian Metal* Pine Cliff En* Plata Latina Potash Ridge* Power Group* Prophecy Pot Prospero Silvr Purepoint Uran Rackla Metals Rackla Metals* Raindrop Vent Rare Element* Red Moon Res Rimrock Gold* Rio Tinto* Rochester Res* Royal Gold* Royal Mines &M* Scotch Creek ScoZinc Mg Search Mnls Search Mnls* Sibanye-Stillw* Sienna Res Sienna Res* Signature Res Signature Res* Skyharbour Res Skyharbour Res* Solaris Res Solitario Ex&R Solitario Ex&R* Southern Copp* Spruce Ridge R St-Georges Eco St-Georges Eco* Standard Metal* Stevens Gold Stevens Gold* Stroud Res Sulliden Mng Tantalex Res Taseko Mines Taseko Mines* Tearlach Res Teck Res Teck Res* Texas Mineral* Themac Res* Thesis Gold Thor Expl* Tocvan Venture Tower Res

Tower Res* Tres-Or Res* Trilogy Mtls Trilogy Mtls* Turquoise HIl Turquoise HIl* TVI Pacific TVI Pacific* U3O8 Corp UC Res* Ucore Rare Mtl Ucore Rare Mtl* UEX Corp United Battery United Battery* United States A* Universal Cop Universal Cop* Ur-Energy Ur-Energy* Uragold Bay Rs Uranium Energy* Uranium Roylty Uranium Roylty* Uravan Mnrls Uravan Mnrls* ValOre Metals ValOre Metals* Vangold Res Velocity Mnrls* Vertical Expl Vertical Expl* Victory Nickel* Voyageur Min* VR Resources Vulcan Mnrls Vulcan Mnrls* Western Copper Western Copper* Western U&V* Westminster Rs White Metal R* White Metal Rs Wildsky Res* Xemplar Egy* Xtra-Gold Res* Yanzhou Coal* Zadar Ventures*

11 New Lows

Angold Res Auxico Res* Cassius Vents DV Resources* Golden Indepen Goldseek Res* Kenorland Min Leviathan Gold Napier Vent* Sun Peak Metal United States A*

LEGEND

Contact:

warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share. Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Mineworx Technologies Ltd. (MWX.RT) One right to purchase one common share at $0.015 per share. Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share. Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share. Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share. Sandfire Resources America Inc. (SFR.RT) - Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share. Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share. Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NORTH AMERICAN STOCK EXCHANGE INDICES

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sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

A C L N O Q T V X *

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Australian Securities Exchange Canadian Stock Exchange London Stock Exchange New York Stock Exchange U.S. over-the-counter NASDAQ or U.S. OTC Toronto Stock Exchange TSX Venture Exchange NYSE American Denotes price in U.S.$

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

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MARCH 1—14, 2021 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 15–19, 2021 (100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 1844 Resources 1911 Gold* 1911 Gold 79 Resources 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources Abitibi Royal* Abitibi Royal AbraPlata Res* AbraPlata Res Academy Metals Adamera Min* Adamera Min Adex Mining Advance Gold Adventus Adventus* AEX Gold Affinity Metal* African Gold African Gold* African Metals African Min* African Rainb* Aftermath Silv* Agnico Eagle* Agnico Eagle AgriMinco* Aguila Amer Gd* Aguila Amer Gd AJN Resources Alamos Gold Alamos Gold* Alcoa* Aldebaran Res Aldebaran Res* Alexandra Cap* Alexco Res* Alexco Res Alianza Min Alianza Min* Alien Metals* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Almaden Min Almaden Min* Almadex Min* Almadex Min Almonty Ind Almonty Ind * Aloro Mining* Aloro Mining Alpha Lithium* Alpha Lithium Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc* Altair Res Inc Altamira Gold Altamira Gold* Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls Altius Mnrls * Alto Ventures Alto Ventures* Altura Mining* Alturas Min Altus Strat Altus Strat* Alumina Ltd* ALX Resources ALX Resources* AM Resources Amani Gold* Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* Amer Intl Vent* American Creek* American Creek American CuMo American CuMo* American Lith* American Lith American Mang* American Mang American Pac AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Amex Expl* Amex Expl Amilot Capital AMV Capital Anaconda Mng* Anaconda Mng Andes Gold* Andover Mng* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angold Res Angus Gold* Angus Gold Antioquia Gold* Antioquia Gold Antler Gold * Antler Gold Antofagasta* Apollo Gold Apollo Gold* Appia Energy Appia Energy* Applied Min* Aquila Res* Aquila Res Arbor Metals Arch Resources* Archon Mineral* Archon Mineral Arctic Star* Arctic Star Arcturus Vent* Arcturus Vent Arcus Dev Grp* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Ares Strategic Ares Strategic* Argentina Lith* Argentina Lith Argentum Silvr* Argentum Silvr Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arianne Phosph Arianne Phosph* Aris Gold Aris Gold* Arizona Gold* Arizona Gold Arizona Metals

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

886 267 404 482 296 257 1488 394 959 796 162 507 1637 5 11 2927 4568 76 573 1026 5234 824 384 39 5668 96 2364 183 147 207 1 1444 11751 5167 102 69 115 140 3409 15656 22548 326 176 9039 5417 1170 2473 1782 318 650 478 23 3950 379 22243 78 201 3489 3657 59 359 6413 5503 2129 12247 232 14 52 357 2231 1220 1263 91 182 74 787 201 331 4 672 805 24 29 110 5414 619 1353 21160 4045 437 540 307 30 800 2758 553 714 13452 9537 15809 11803 965 303 4930 2146 1760 835 389 770 93 5 574 2953 151 159 1095 5465 22 214 57 1075 101 1378 10 1 16017 4172 4 194 171 592 22 198 6 159 5 2017 1948 6618 826 634 286 1755 6 4 32 1267 784 54036 50 1443 815 127 1246 12064 1291 1904 487 5659 8 61 97 42 1307 6214 406 605 397 224 352 2372 2968

0.06 0.55 0.68 0.25 0.11 0.07 0.09 0.13 0.16 0.17 0.13 0.06 0.08 19.24 24.50 0.36 0.46 0.11 0.08 0.10 0.02 0.12 1.02 0.80 0.53 0.15 0.15 0.12 0.11 0.01 18.00 1.05 69.88 89.30 0.01 0.38 0.48 0.41 10.50 8.29 23.34 0.66 0.55 1.45 3.06 3.87 0.16 0.12 0.02 0.28 0.22 0.25 6.68 1.27 1.01 0.21 0.27 1.13 0.90 0.04 0.06 0.83 1.03 0.50 0.63 0.07 0.06 0.04 0.04 0.30 0.24 0.04 0.22 0.33 0.26 16.70 13.20 0.14 0.10 0.05 0.03 1.66 1.29 5.50 0.10 0.08 0.07 0.01 0.07 0.06 0.31 0.24 0.03 0.32 0.41 0.10 0.08 3.19 4.02 2.25 2.86 0.17 0.05 2.80 3.55 0.95 0.75 2.55 3.20 0.06 0.13 0.58 0.72 0.01 0.01 0.12 0.15 0.03 0.04 0.05 0.06 39.01 20.41 2.54 22.30 24.26 0.46 0.55 0.70 0.04 0.06 0.19 0.24 26.05 0.57 0.44 0.78 0.62 0.09 0.09 0.11 2.39 50.70 0.24 0.30 0.05 0.07 0.07 0.09 0.02 0.04 0.12 0.09 0.19 0.24 0.60 0.50 0.17 0.22 0.17 0.23 0.19 0.15 1.94 2.46 0.29 0.23 3.15 2.46 0.11 0.14 2.00

0.05 0.43 0.55 0.17 0.10 0.06 0.08 0.10 0.13 0.15 0.12 0.05 0.07 0.00 23.20 0.31 0.40 0.00 0.06 0.08 0.02 0.10 0.85 0.00 0.49 0.11 0.13 0.10 0.11 0.00 18.00 0.87 59.24 74.78 0.00 0.32 0.40 0.25 9.29 7.36 20.96 0.55 0.43 0.86 2.76 3.49 0.11 0.09 0.01 0.25 0.20 0.00 6.03 1.03 0.81 0.17 0.22 0.77 0.59 0.01 0.05 0.66 0.83 0.40 0.50 0.07 0.05 0.02 0.03 0.22 0.17 0.03 0.00 0.27 0.22 15.25 11.66 0.12 0.10 0.03 0.02 1.50 1.21 5.13 0.08 0.07 0.04 0.00 0.06 0.04 0.29 0.22 0.02 0.25 0.32 0.07 0.06 2.50 3.17 1.34 1.68 0.15 0.03 2.56 3.24 0.80 0.63 2.24 2.83 0.05 0.00 0.46 0.57 0.01 0.00 0.09 0.11 0.02 0.03 0.04 0.06 0.00 18.21 0.00 0.00 20.61 0.35 0.00 0.63 0.03 0.05 0.00 0.00 21.25 0.52 0.00 0.57 0.46 0.04 0.08 0.10 2.28 45.51 0.23 0.00 0.05 0.06 0.03 0.05 0.02 0.03 0.10 0.09 0.13 0.17 0.54 0.42 0.12 0.15 0.16 0.20 0.16 0.00 1.69 2.13 0.27 0.18 2.51 2.29 0.09 0.12 1.08

0.06 0.45 0.55 0.21 0.11 0.06 0.08 0.10 0.14 0.15 0.12 0.06 0.07 18.70 23.20 0.33 0.41 0.11 0.07 0.09 0.02 0.12 0.91 0.74 0.50 0.13 0.13 0.11 0.11 0.00 18.00 0.94 59.79 75.47 0.00 0.32 0.40 0.41 9.34 7.42 23.13 0.65 0.55 1.30 2.79 3.53 0.11 0.09 0.02 0.26 0.21 0.25 6.30 1.06 0.85 0.21 0.27 1.00 0.79 0.01 0.06 0.69 0.87 0.48 0.60 0.07 0.05 0.02 0.04 0.23 0.19 0.04 0.21 0.32 0.25 16.61 13.20 0.12 0.10 0.04 0.03 1.58 1.24 5.23 0.09 0.07 0.07 0.00 0.07 0.05 0.29 0.23 0.02 0.29 0.37 0.08 0.06 2.87 3.62 1.75 2.22 0.17 0.04 2.61 3.28 0.93 0.74 2.40 3.00 0.06 0.13 0.56 0.71 0.01 0.00 0.10 0.13 0.03 0.04 0.05 0.06 38.63 20.19 2.54 21.26 20.83 0.37 0.54 0.68 0.04 0.05 0.19 0.22 26.03 0.55 0.44 0.76 0.61 0.05 0.08 0.11 2.33 49.60 0.23 0.30 0.05 0.06 0.04 0.06 0.02 0.04 0.11 0.09 0.16 0.21 0.57 0.45 0.12 0.16 0.16 0.20 0.18 0.14 1.71 2.15 0.27 0.22 2.62 2.43 0.10 0.13 1.73

unch + + unch + unch + + unch + + unch + + + + + + unch + + + + + + + + + + unch + + + + unch unch + + + + + + unch + + + + + + unch + unch + + + + + + + + unch + + unch + + + + + + + + + unch + unch unch unch + unch unch + unch unch + +

0.00 0.07 0.11 0.04 0.01 0.00 0.01 0.01 0.01 0.02 0.01 0.00 0.00 0.22 0.80 0.02 0.03 0.01 0.01 0.00 0.01 0.02 0.10 0.06 0.00 0.02 0.02 0.02 0.01 0.00 0.00 0.03 6.89 9.23 0.00 0.03 0.07 0.04 1.02 0.73 1.47 0.10 0.12 0.38 0.11 0.16 0.05 0.03 0.00 0.01 0.00 0.00 0.20 0.10 0.05 0.02 0.03 0.22 0.18 0.03 0.01 0.08 0.13 0.03 0.02 0.01 0.01 0.00 0.01 0.04 0.03 0.01 0.00 0.01 0.02 0.82 0.78 0.02 0.00 0.01 0.00 0.08 0.01 0.02 0.01 0.00 0.03 0.00 0.00 0.01 0.02 0.01 0.01 0.01 0.02 0.02 0.01 0.02 0.05 0.17 0.23 0.01 0.01 0.13 0.19 0.10 0.09 0.03 0.00 0.02 0.00 0.08 0.09 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.00 2.06 1.59 0.00 0.82 3.16 0.02 0.01 0.03 0.00 0.01 0.04 0.05 4.47 0.01 0.00 0.14 0.12 0.02 0.00 0.00 0.02 1.49 0.01 0.00 0.00 0.01 0.01 0.02 0.00 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.02 0.03 0.01 0.01 0.01 0.01 0.19 0.27 0.00 0.01 0.38 0.00 0.00 0.01 0.54

0.08 1.22 0.98 0.25 0.23 0.08 0.10 0.21 0.29 0.24 0.18 0.12 0.16 20.82 26.75 0.50 0.60 0.21 0.12 0.16 0.02 0.17 1.60 1.18 1.20 0.37 0.38 0.28 0.18 0.01 18.00 1.37 89.23 117.35 0.13 0.53 0.67 0.86 15.52 11.58 26.20 0.74 0.55 1.45 3.50 4.65 0.25 0.19 0.04 0.71 0.56 0.63 7.66 1.60 1.24 0.29 0.36 1.13 0.90 0.19 0.12 1.13 1.45 0.50 0.63 0.14 0.11 0.04 0.04 0.30 0.24 0.04 0.22 0.45 0.32 16.70 13.20 0.24 0.15 0.50 0.04 1.66 21.22 5.97 0.10 0.08 0.07 0.05 0.10 0.07 0.42 0.31 0.05 0.38 0.50 0.10 0.08 3.32 4.21 2.25 2.86 0.62 0.06 3.90 5.12 0.95 0.75 3.26 4.19 0.08 0.26 0.59 0.78 0.02 0.07 0.12 0.16 0.05 0.07 0.08 0.10 39.02 20.41 3.24 38.94 38.50 0.53 1.16 1.51 0.07 0.09 0.38 0.49 26.05 1.68 0.91 0.84 0.65 0.14 0.15 0.22 2.39 55.96 0.26 0.40 0.06 0.08 0.38 0.29 0.03 0.04 0.21 0.15 0.21 0.27 0.65 0.55 0.21 0.26 0.27 0.35 0.35 0.24 2.63 3.42 0.34 0.25 3.29 9.60 0.15 0.18 2.00

0.05 0.16 0.23 0.10 0.08 0.01 0.02 0.04 0.06 0.04 0.03 0.03 0.05 7.68 11.10 0.03 0.04 0.06 0.02 0.02 0.01 0.03 0.52 0.36 0.45 0.11 0.10 0.07 0.06 0.00 5.00 0.06 31.00 43.25 0.00 0.16 0.12 0.15 4.43 3.34 5.16 0.16 0.17 0.06 0.72 1.00 0.03 0.03 0.00 0.09 0.05 0.13 2.63 0.31 0.21 0.05 0.12 0.28 0.24 0.01 0.03 0.23 0.27 0.09 0.12 0.03 0.02 0.00 0.01 0.04 0.02 0.01 0.03 0.02 0.05 6.29 4.33 0.09 0.04 0.00 0.01 0.34 0.35 3.09 0.02 0.01 0.03 0.00 0.02 0.02 0.10 0.08 0.00 0.02 0.04 0.03 0.01 0.10 0.14 0.07 0.10 0.06 0.01 1.00 1.39 0.12 0.08 0.64 0.86 0.01 0.07 0.07 0.10 0.00 0.00 0.03 0.04 0.00 0.01 0.02 0.01 12.56 5.91 1.75 15.44 12.66 0.35 0.43 0.26 0.01 0.02 0.01 0.02 7.30 0.05 0.38 0.10 0.07 0.00 0.05 0.07 0.07 21.80 0.13 0.10 0.02 0.02 0.00 0.01 0.01 0.01 0.04 0.03 0.01 0.02 0.07 0.05 0.02 0.04 0.11 0.14 0.04 0.06 0.53 0.76 0.13 0.10 1.30 1.30 0.06 0.10 0.23

(100s) Stock

Exc Volume

Week Low

0.88 1.39 + 0.14 0.16 + 0.18 0.20 + 0.63 0.70 + 4.34 4.34 5.46 5.46 0.07 0.07 0.09 0.09 0.17 0.19 + 0.21 0.23 + 1.07 1.08 0.85 0.85 0.02 0.02 unch 0.04 0.04 unch 0.00 0.23 unch 0.04 0.05 + 0.05 0.05 unch 0.13 0.14 0.17 0.18 + 0.02 0.04 5.67 6.00 + 0.18 0.18 unch 0.23 0.23 0.11 0.11 0.37 0.47 + 0.47 0.59 + 0.00 0.00 unch 0.03 0.03 unch 0.00 2.02 unch 0.00 0.22 unch 0.00 0.28 + 2.10 2.35 2.75 3.00 12.22 12.65 9.79 9.89 2.48 2.59 3.18 3.24 0.86 0.88 0.68 0.71 0.13 0.23 + 0.12 0.19 + 0.05 0.05 unch 0.04 0.04 + 0.68 0.68 0.85 0.85 0.07 0.07 0.10 0.12 + 0.00 0.70 0.02 0.02 0.10 0.10 unch 0.12 0.12 0.20 0.21 + 0.24 0.29 + 0.19 0.23 + 0.52 0.57 + 0.00 0.44 0.14 0.25 + 0.18 0.32 + 0.02 0.02 unch 0.16 0.16 0.19 0.19 1.31 1.37 1.67 1.73 0.09 0.09 0.11 0.11 0.00 0.08 unch 0.00 0.06 unch 0.05 0.05 + 3.45 3.90 + 0.05 0.07 + 0.08 0.10 + 0.23 0.26 + 0.18 0.21 + 0.95 1.01 unch 0.74 0.80 + 0.05 0.10 + 0.06 0.13 + 0.32 0.35 + 0.25 0.27 + 0.00 0.00 0.15 0.15 unch 0.11 0.11 +

Arizona Metals* Arizona Silver* Arizona Silver Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Ascendant Res* Ascendant Res Ascot Res Ascot Res * Ashanti Sanko* Ashanti Sanko AsiaBaseMetals Aston Bay* Aston Bay ATAC Res* ATAC Res Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Silver* Atico Mining* Atico Mining Atlanta Gold* Atlantic Indus Atlas Cons Mng* Aton Resources* Aton Resources Augusta Gold* Augusta Gold Aura Minerals Aura Minerals* Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold AurCrest Gold* Aurelius Min Aurelius Min* Aurion Res * Aurion Res Aurora Royal Aurwest Res AURYN Mining* Aust Mines* Austin Res Austral Gold* Austral Gold AUX Resources AUX Resources* Auxico Res Auxico Res* Avalon Advance* Avalon Advance Avarone Metals* Avidian Gold* Avidian Gold Avino Silver* Avino Silver Avrupa Min* Avrupa Min Awale Res Axmin Inc Axmin Inc* Aya Gold* Azarga Metals* Azarga Metals Azarga Uranium Azarga Uranium* Azimut Explor Azimut Explor* Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azteca Gold* Azucar Min Azucar Min*

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

2198 337 1072 69 124 554 28 514 23 141 1079 548 4 195 16 493 1307 967 1421 84640 33 340 304 192 569 1514 6 62 0 2 19 216 280 86 8 45 88 2150 1904 2806 86 2050 627 359 497 164 830 27 1318 59 7 1086 2593 1283 1242 287 17292 22044 40 27 343 15959 1538 26 159 770 78 12 62 826 954 9545 2585 416 63 14324 95559 264 121 1830 204 372

1.56 0.19 0.23 0.70 4.68 5.92 0.08 0.11 0.19 0.23 1.15 0.91 0.02 0.04 0.24 0.05 0.06 0.15 0.19 0.05 6.20 0.19 0.27 0.14 0.47 0.60 0.01 0.03 0.00 0.22 0.28 2.52 3.48 13.68 10.35 2.70 3.42 0.92 0.73 0.25 0.19 0.06 0.05 0.84 1.07 0.10 0.14 0.96 0.03 0.10 0.26 0.21 0.31 0.25 0.60 0.50 0.29 0.36 0.02 0.18 0.23 1.48 1.87 0.10 0.13 0.08 0.06 0.05 4.25 0.08 0.10 0.29 0.23 1.05 0.82 0.14 0.18 0.35 0.28 0.00 0.17 0.13

B2Gold Corp* B2Gold Corp Balto Res Bam Bam Res Bam Bam Res* Bannerman Res* Banyan Gold Banyan Gold* Barksdale Res* Barksdale Res Baroyeca Gold Baroyeca Gold* Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baru Gold Baru Gold* Baselode Egy* Baselode Egy Batero Gold Batero Gold* Battle North* Battle North Bayhorse Silvr Bayhorse Silvr* BC Moly BCM Res* BCM Res Bear Creek Mng Bear Creek Mng* Bearclaw Cap Bearing Lith* Bearing Lith Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benton Res Benton Res* Benz Mining Benz Mining* Bessor Min Bird River Res Bitterroot Res* Bitterroot Res Black Hills* Black Iron* Black Iron Black Mammoth* Black Mammoth Black Mountain Black Tusk Res* Black Tusk Res Blackheath Res Blackrock Gold Blackrock Gold* Blind Creek BLOX Inc* Blue Lagoon Blue Lagoon* Blue Moon Zinc* Blue Moon Zinc Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold* Blue Star Gold Blue Thunder BlueBird Batt BlueBird Batt* Bluestone Res Bluestone Res* BMEX Gold BMEX Gold* Bold Ventures* Bold Ventures Bonanza Gold* Bond Resources BonTerra Res Boreal Metals Boreal Metals * Borneo Res Inv*

X 37975 T 16831 V 1697 C 1345 O 294 O 11091 V 1247 O 191 O 76 V 261 V 97 O 36 N 137012 T 29210 O 32 V 306 V 2841 O 1083 O 600 V 2841 V 85 O 4 O 388 T 3361 V 4300 O 2705 V 13 O 11 V 74 V 1523 O 412 V 28 O 477 V 1213 V 1379 V 347 O 103 V 2658 T 1604 O 4236 O 120 V 990 O 221 V 1142 V 3001 O 2476 V 673 O 118 V 77 C 478 O 701 V 2180 N 1512 O 115 T 3393 O 4 V 107 V 44 O 226 C 14335 V 142 V 1757 O 1420 V 478 O 26232 C 837 O 821 O 457 V 515 V 16600 O 2923 O 933 V 2140 O 47 V 1092 V 381 V 1916 O 276 V 745 O 78 V 1860 O 874 O 120 V 937 O 153812 C 19 V 514 V 1021 O 324 O 24509

5.13 6.50 0.44 1.40 1.10 0.13 0.21 0.20 0.38 0.49 0.30 0.23 22.29 28.27 0.50 0.62 0.17 0.13 0.82 0.80 0.15 0.12 1.45 1.84 0.15 0.13 0.09 0.06 0.09 2.70 2.11 0.25 0.24 0.31 0.20 0.21 0.17 0.10 0.98 0.77 0.39 0.50 0.97 1.22 0.20 0.17 1.07 0.86 0.09 0.15 0.19 0.25 62.03 0.31 0.39 0.16 0.17 0.75 0.08 0.09 0.20 0.76 0.61 0.13 0.04 0.55 0.45 0.06 0.06 0.03 0.02 0.22 0.28 0.07 0.09 0.09 0.28 0.23 1.90 1.49 0.50 0.38 0.08 0.09 0.04 0.17 1.24 0.11 0.08 0.01

Last

12-month

High

Change

Stock

0.45 0.01 0.02 0.02 0.28 0.42 0.01 0.01 0.01 0.01 0.04 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.32 0.00 0.02 0.00 0.07 0.08 0.00 0.00 0.00 0.00 0.03 0.08 0.12 0.83 0.15 0.02 0.09 0.02 0.01 0.09 0.08 0.00 0.00 0.14 0.20 0.01 0.01 0.05 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.01 0.11 0.13 0.00 0.02 0.03 0.04 0.05 0.01 0.02 0.00 0.00 0.00 0.24 0.01 0.03 0.01 0.00 0.00 0.01 0.01 0.02 0.02 0.01 0.00 0.00 0.00

1.56 0.33 0.41 0.97 5.63 7.64 0.11 0.15 0.23 0.32 1.63 1.28 0.05 0.10 0.64 0.09 0.13 0.30 0.40 0.05 6.25 0.27 0.35 0.23 0.50 0.67 0.08 0.03 2.98 0.40 0.65 2.79 3.60 18.30 18.11 4.31 5.75 1.25 0.99 0.25 0.19 0.14 0.10 1.33 1.75 0.10 0.14 0.96 0.04 0.13 0.69 0.38 0.56 0.39 0.69 0.63 0.29 0.36 0.05 0.35 0.48 2.82 3.60 0.16 0.20 0.22 0.34 0.23 4.25 0.10 0.20 0.32 0.25 3.27 2.35 0.14 0.18 0.70 0.53 0.00 0.27 0.20

0.46 0.08 0.11 0.32 0.60 0.95 0.02 0.02 0.06 0.08 0.37 0.26 0.01 0.01 0.18 0.03 0.04 0.08 0.11 0.00 1.79 0.06 0.08 0.01 0.11 0.16 0.00 0.01 0.71 0.00 0.20 0.28 0.48 3.20 2.11 1.03 1.51 0.15 0.11 0.02 0.01 0.02 0.04 0.29 0.42 0.02 0.01 0.06 0.00 0.04 0.03 0.08 0.06 0.13 0.02 0.00 0.02 0.03 0.02 0.13 0.05 0.26 0.27 0.06 0.04 0.04 0.06 0.05 0.65 0.04 0.06 0.07 0.05 0.78 0.60 0.01 0.02 0.04 0.03 0.00 0.08 0.05

0.28 0.40 0.12 0.33 0.23 0.00 0.01 0.01 0.00 0.02 0.00 0.01 2.37 3.19 0.05 0.05 0.02 0.02 0.07 0.07 0.01 0.01 0.10 0.15 0.04 0.03 0.03 0.00 0.00 0.03 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.08 0.06 0.05 0.03 0.08 0.11 0.03 0.04 0.06 0.07 0.02 0.02 0.03 0.03 0.27 0.02 0.03 0.01 0.05 0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.05 0.04 0.00 0.00 0.02 0.00 0.02 0.01 0.00 0.00 0.00 0.06 0.03 0.06 0.01 0.03 0.01 0.00 0.01 0.02 0.02 0.03 0.02 0.00 0.00

7.55 9.99 0.44 1.60 1.10 0.14 0.39 0.90 0.55 0.70 0.40 0.28 31.22 41.09 0.58 0.75 0.24 0.21 1.15 1.19 0.16 0.13 1.80 2.28 0.24 0.17 0.09 0.06 0.09 4.17 3.04 0.60 0.25 0.34 0.22 0.45 0.32 0.11 1.44 1.10 0.42 0.57 1.22 1.64 0.30 0.22 1.40 1.10 0.10 0.24 0.19 0.25 85.65 0.35 0.45 0.19 0.26 0.75 0.08 0.10 0.26 1.61 1.22 0.27 0.20 1.78 1.35 0.07 0.08 0.03 0.02 0.23 0.28 0.12 0.16 0.15 0.40 0.26 2.43 1.84 1.05 0.65 0.11 0.16 0.04 0.43 1.82 0.14 0.17 0.01

2.16 3.12 0.03 0.25 0.19 0.01 0.03 0.02 0.14 0.21 0.03 0.08 12.65 17.52 0.07 0.11 0.02 0.02 0.23 0.15 0.05 0.03 0.37 0.54 0.05 0.03 0.03 0.04 0.02 0.75 0.50 0.10 0.06 0.06 0.06 0.01 0.02 0.02 0.21 0.18 0.09 0.12 0.12 0.17 0.05 0.03 0.06 0.05 0.03 0.04 0.02 0.03 48.07 0.03 0.05 0.02 0.04 0.35 0.03 0.04 0.07 0.07 0.05 0.02 0.00 0.43 0.27 0.00 0.01 0.01 0.00 0.03 0.05 0.04 0.04 0.06 0.08 0.16 0.99 0.75 0.08 0.16 0.03 0.03 0.00 0.14 0.63 0.03 0.03 0.00

B 4.70 4.76 5.94 5.99 0.20 0.43 + 1.02 1.39 + 0.81 1.07 + 0.10 0.11 0.19 0.20 0.15 0.15 0.35 0.38 unch 0.43 0.47 0.00 0.29 unch 0.22 0.23 + 19.69 19.78 24.84 24.93 0.00 0.45 0.55 0.56 0.15 0.15 0.11 0.12 0.54 0.62 + 0.69 0.76 + 0.14 0.15 + 0.10 0.10 1.31 1.32 1.65 1.66 0.11 0.14 + 0.08 0.11 + 0.00 0.06 0.04 0.04 unch 0.07 0.08 unch 2.27 2.58 1.79 2.05 + 0.00 0.22 0.19 0.20 0.25 0.25 0.15 0.19 + 0.18 0.20 0.14 0.15 0.09 0.10 unch 0.81 0.86 0.64 0.69 0.31 0.36 + 0.43 0.44 0.83 0.85 1.05 1.07 0.15 0.18 + 0.11 0.15 + 0.85 0.94 0.67 0.72 0.07 0.09 + 0.13 0.15 + 0.13 0.17 + 0.18 0.21 + 60.62 61.35 0.27 0.30 + 0.35 0.38 + 0.15 0.15 0.00 0.14 0.00 0.75 + 0.05 0.06 + 0.07 0.07 unch 0.18 0.20 unch 0.69 0.74 unch 0.53 0.58 0.10 0.11 unch 0.02 0.02 0.47 0.49 0.38 0.38 0.04 0.05 + 0.06 0.06 unch 0.01 0.03 + 0.01 0.01 + 0.18 0.22 + 0.23 0.27 + 0.06 0.07 + 0.08 0.09 unch 0.08 0.09 unch 0.22 0.22 0.18 0.18 1.81 1.83 1.43 1.46 0.40 0.46 0.32 0.37 0.06 0.07 0.08 0.09 0.01 0.01 0.00 0.16 1.14 1.17 0.09 0.11 + 0.07 0.07 unch 0.00 0.00 +

(100s)

High Low

Week

Exc Volume

High

Boundary Gold* Boundary Gold Bravada Gold* Bravada Gold Braveheart Res* Braveheart Res Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Britannia Mng* Brixton Metals Brixton Metals* Brunswick Expl Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal Buffalo Coal * Bullion Gold* Bullion Gold Bunker Hill Bushveld Min* BWR Explor

O 73 V 301 O 226 V 455 O 3471 V 5968 O 34 O 221420 O 681 V 2574 O 154 O 940 V 2749 O 3347 V 192 O 419 O 566 V 1914 N 4553 V 170 O 206 O 443 V 180 C 781 O 378 V 1360

0.05 0.06 0.10 0.13 0.12 0.16 0.13 0.04 0.17 0.21 0.04 0.01 0.28 0.22 0.23 0.03 0.11 0.14 10.78 0.03 0.02 0.13 0.17 0.36 0.34 0.05

C2C Gold* C3 Metals* C3 Metals Cabral Gold* Cabral Gold Cache Explor Cache Explor* Cadillac Vent* Cadillac Vent Caledonia Mng* Calibre Mng* Calibre Mng California Gld* California Gld Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Cameo Cobalt* Camino Min Camino Min* Camrova Res* Canada Carbon Canada Carbon* Canada Nickel Canada Nickel* Canada One Canada One* Canada Rare Canada Rare* Canada Silver Canada Silver* Canadian Metal* Canadian Metal Canadian Prem Canadian Silv Canagold Res* Canagold Res CanAlaska Uran CanAlaska Uran* Canamex Gold* Canasil Res Candelaria Mg Candelaria Mg* Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng* CaNickel Mng Canoe Mng Vent Canoe Mng Vent* Canstar Res* Canstar Res Canterra Min* Canterra Min Cantex Mn Dev Cantex Mn Dev* Canuc Res Canuc Res* Capella Min* Capella Min Capitan Mining Capitan Mining* Capstone Mng Cardero Res* Cardero Res Cardinal Res Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res* Cartier Res Casa Minerals Casa Minerals * Cascadero Copp Cassiar Gold Cassius Vents Castle Peak Mg CAT Strategic Cdn Goldcamps Cdn Goldcamps* CDN Maverick* Cdn Palladium Cdn Palladium* CellCube Enrgy* Centamin Centaurus Diam* Centerra Gold Central Afric Central Afric* Central Iron Century Cobalt* Century Global* Century Global Cerro de Pasc * Cerro de Pasc Cerro Grande* Cerro Grande Ceylon Graph Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld* Chesapeake Gld Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Clarity Gold Clarity Gold* Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Mnls Cleveland-Clif* Cliffmont Res Clifton Mng* Clydesdale Res CMC Metals CMC Metals* CNRP Mng Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Colombia Crest* Colombia Crest Colonial Coal Colt Res* Comet Inds Commander Res Commander Res* Commerce Res

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

0.15 0.13 0.17 0.60 0.70 0.25 0.20 0.03 0.06 16.10 1.46 1.85 0.11 0.15 3.75 4.75 17.18 21.90 0.44 0.18 0.15 0.01 0.28 0.22 4.54 3.68 0.08 0.06 0.22 0.18 0.61 0.48 0.27 0.45 0.40 0.10 0.52 0.65 0.62 0.50 0.02 0.15 0.56 0.47 0.23 0.05 0.07 0.11 0.14 0.20 0.26 0.15 0.13 0.20 0.27 0.37 0.45 0.97 0.77 0.32 0.24 0.06 0.08 0.31 0.27 3.75 0.06 0.08 1.04 0.07 0.06 0.11 0.04 0.18 0.25 0.32 0.18 0.14 0.05 0.53 0.07 0.03 0.10 0.14 0.11 0.28 0.14 0.11 0.09 2.00 0.05 13.91 0.21 0.17 0.06 0.15 0.25 0.33 0.31 0.39 0.04 0.03 0.50 0.58 0.46 3.75 0.09 0.11 4.32 5.46 0.19 0.11 3.90 5.00 96.72 0.17 0.12 0.22 0.18 3.90 1.70 1.48 0.99 0.37 0.26 0.13 17.66 0.20 0.30 0.07 0.25 0.20 0.72 0.14 0.17 9.34 0.07 0.09 0.26 0.31 0.77 0.00 3.25 0.22 0.18 0.49

Low

Last

12-month Change

0.03 0.03 0.04 0.05 0.09 0.09 0.11 0.11 0.08 0.10 + 0.10 0.13 + 0.00 0.11 0.03 0.03 0.14 0.17 + 0.19 0.21 + 0.03 0.03 0.01 0.01 unch 0.24 0.25 0.18 0.20 0.18 0.23 + 0.00 0.03 0.09 0.10 0.12 0.14 + 9.85 10.78 + 0.03 0.03 unch 0.02 0.02 0.10 0.13 + 0.15 0.15 0.28 0.34 0.23 0.27 0.04 0.05 +

Stock

0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.00 0.02 0.02 0.00 0.00 0.01 0.01 0.03 0.00 0.00 0.01 0.51 0.00 0.00 0.03 0.01 0.02 0.06 0.01

0.08 0.08 0.19 0.25 0.13 0.17 0.45 0.10 0.45 0.62 0.04 0.03 0.57 0.42 0.28 0.06 1.00 0.43 14.32 0.04 0.03 0.19 0.28 1.01 0.60 0.06

0.00 0.01 0.03 0.05 0.03 0.05 0.05 0.00 0.07 0.05 0.01 0.00 0.08 0.05 0.05 0.02 0.00 0.10 5.12 0.01 0.00 0.01 0.01 0.10 0.00 0.02

0.01 0.01 0.01 0.05 0.07 0.06 0.03 0.00 0.01 0.17 0.15 0.17 0.01 0.01 0.05 0.08 0.83 0.90 0.02 0.01 0.01 0.00 0.01 0.00 0.63 0.49 0.00 0.02 0.07 0.05 0.04 0.03 0.09 0.10 0.00 0.00 0.06 0.07 0.03 0.02 0.00 0.01 0.04 0.04 0.04 0.01 0.01 0.00 0.01 0.03 0.05 0.00 0.00 0.00 0.00 0.02 0.07 0.02 0.06 0.00 0.01 0.00 0.01 0.03 0.02 0.51 0.01 0.02 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.10 0.00 0.00 0.01 0.01 0.01 0.03 0.02 0.00 0.00 0.01 0.00 0.04 0.03 0.04 0.00 0.01 0.05 0.05 0.05 0.13 0.00 0.01 0.25 0.23 0.03 0.00 0.02 0.13 3.25 0.02 0.00 0.01 0.01 0.11 0.03 0.00 0.01 0.02 0.02 0.00 0.42 0.06 0.02 0.00 0.03 0.03 0.07 0.01 0.01 0.37 0.01 0.01 0.02 0.03 0.04 0.00 0.00 0.01 0.00 0.01

0.17 0.13 0.17 0.70 0.88 0.33 2.08 0.04 0.06 29.39 2.40 2.80 0.30 0.38 5.26 6.50 17.18 21.90 0.44 0.19 0.15 0.10 0.39 0.28 4.54 3.68 0.08 0.06 0.22 0.18 0.77 0.60 0.27 0.45 0.48 0.16 0.78 0.95 0.62 0.50 0.07 0.26 0.68 0.49 0.27 0.08 0.11 0.25 0.33 0.22 0.27 0.30 0.13 0.29 0.40 0.37 0.48 1.76 1.29 0.32 0.24 0.09 0.12 0.50 2.00 3.75 0.07 0.08 1.09 0.10 0.07 0.33 0.10 0.19 0.30 0.35 0.19 0.15 0.06 1.20 0.10 0.03 0.10 0.55 0.35 1.00 0.22 0.17 0.15 4.04 0.10 19.59 0.43 0.34 0.25 0.15 0.25 0.33 0.35 0.49 0.05 0.06 0.62 0.80 0.61 3.75 0.16 0.27 4.66 5.81 0.32 0.18 5.75 7.61 111.10 0.18 0.14 0.38 0.30 3.90 1.70 1.48 1.11 0.49 0.31 0.13 18.77 0.20 0.35 0.07 0.27 0.21 0.82 0.14 0.17 12.60 0.09 0.12 0.35 0.44 0.94 0.00 3.30 0.23 0.18 0.50

0.01 0.03 0.01 0.05 0.07 0.04 0.00 0.01 0.01 6.51 0.00 0.46 0.08 0.11 0.22 0.32 5.30 7.69 0.00 0.08 0.05 0.00 0.12 0.11 0.38 0.67 0.02 0.01 0.03 0.02 0.25 0.18 0.05 0.01 0.10 0.05 0.41 0.03 0.09 0.06 0.00 0.05 0.05 0.03 0.02 0.01 0.01 0.07 0.10 0.04 0.04 0.10 0.08 0.00 0.02 0.12 0.05 0.46 0.33 0.04 0.03 0.02 0.02 0.21 0.11 0.33 0.01 0.02 0.20 0.04 0.01 0.00 0.01 0.03 0.05 0.07 0.02 0.03 0.01 0.23 0.04 0.01 0.01 0.09 0.07 0.07 0.06 0.05 0.01 1.52 0.01 5.52 0.05 0.02 0.01 0.00 0.05 0.05 0.18 0.24 0.00 0.01 0.06 0.08 0.05 0.08 0.08 0.08 0.77 0.96 0.06 0.04 1.01 1.40 51.60 0.05 0.07 0.03 0.01 0.45 0.22 0.68 0.50 0.27 0.05 0.04 2.63 0.05 0.07 0.01 0.03 0.02 0.06 0.02 0.03 1.98 0.03 0.04 0.05 0.05 0.21 0.00 2.00 0.05 0.04 0.11

C 33 143 2616 155 1447 1348 1940 215 1713 287 400 2450 8 196 188 154 32213 10529 44 700 44 3 1881 221 5958 2330 157 17 5879 2427 1829 1043 382 645 34 112 265 512 1334 1130 519 1410 108 5 2299 107 112 4 500 3 109 117 2 111 83 45 98 44 5 897 37 47 474 1279 102 6084 82 178 1 46 186 26 5961 1295 602 1323 107 32 1995 282 6 1238 18635 221 4 20 5081 999 2975 199 150 3772 35 22 208 1454 5 42 189 646 29 375 4545 1006 757 31 349 204 80 2294 260 7 46 89 54078 338 3 1305 90 1198 467 16 29 1790 134 185 70070 48 257 8 732 336 3325 1669 3212 22533 13 405 4 36 1010 2 2 431 146 359

0.13 0.12 0.14 0.44 0.55 0.19 0.16 0.03 0.03 14.90 1.28 1.61 0.09 0.00 3.25 4.13 15.32 19.55 0.40 0.15 0.00 0.00 0.21 0.17 3.21 2.50 0.07 0.04 0.12 0.09 0.54 0.43 0.17 0.24 0.36 0.09 0.42 0.56 0.51 0.41 0.01 0.14 0.00 0.34 0.18 0.04 0.05 0.00 0.12 0.18 0.00 0.00 0.13 0.19 0.24 0.00 0.36 0.94 0.70 0.28 0.23 0.00 0.00 0.27 0.21 3.02 0.04 0.07 1.04 0.07 0.05 0.00 0.03 0.16 0.19 0.27 0.00 0.13 0.03 0.47 0.00 0.00 0.07 0.12 0.09 0.00 0.12 0.09 0.04 1.90 0.02 13.28 0.20 0.15 0.06 0.01 0.25 0.00 0.25 0.32 0.02 0.02 0.33 0.50 0.39 3.26 0.08 0.10 0.00 5.14 0.14 0.00 3.54 4.47 91.35 0.15 0.12 0.20 0.15 3.31 1.59 1.22 0.95 0.34 0.19 0.12 16.28 0.15 0.19 0.07 0.19 0.15 0.58 0.09 0.13 8.10 0.00 0.08 0.00 0.28 0.66 0.00 3.25 0.20 0.17 0.45

0.14 0.13 0.16 0.49 0.63 0.19 0.17 0.03 0.05 15.87 1.29 1.64 0.11 0.13 3.40 4.28 16.60 20.92 0.42 0.15 0.12 0.01 0.24 0.19 3.85 3.03 0.07 0.04 0.19 0.15 0.54 0.43 0.26 0.35 0.36 0.09 0.45 0.57 0.55 0.44 0.01 0.15 0.56 0.34 0.23 0.05 0.06 0.10 0.13 0.18 0.22 0.15 0.13 0.19 0.24 0.30 0.39 0.97 0.76 0.30 0.23 0.06 0.08 0.29 0.22 3.62 0.06 0.08 1.04 0.07 0.06 0.11 0.04 0.17 0.24 0.31 0.15 0.14 0.05 0.49 0.07 0.03 0.08 0.14 0.10 0.25 0.13 0.10 0.07 1.94 0.05 13.49 0.20 0.15 0.06 0.08 0.25 0.28 0.30 0.38 0.02 0.03 0.37 0.57 0.46 3.33 0.08 0.10 4.32 5.42 0.17 0.09 3.69 4.70 95.80 0.17 0.12 0.21 0.16 3.55 1.65 1.27 0.98 0.34 0.21 0.13 17.02 0.20 0.28 0.07 0.20 0.15 0.60 0.12 0.14 8.73 0.07 0.09 0.24 0.31 0.72 0.00 3.25 0.22 0.17 0.46

+ + + + + + + + + + + unch + + + unch + + + + unch unch unch + + + + unch unch + unch + + unch + + + + + unch unch unch unch + + + + unch + + + + + unch + + + unch + unch + + unch + + unch + + + + + + + unch + + + + + unch + + unch + + unch unch + + -

(100s)

High Low

Week Last

12-month

Exc Volume

High

Low

Change

Commerce Res* Compass Gold* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res* Condor Res Confedertn Ml* Confedertn Mls Conic Metals Conic Metals* Conquest Res Conquest Res * Cons Woodjam CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold CopAur Min* CopAur Min Copper Fox Mtl Copper Fox Mtl* Copper Lake Rs Copper Mtn Mng* Copper Mtn Mng Copper One * Copperbank Res Copperbank Res* Cordoba Mnls Cordoba Mnls* Core Assets Cornerstone Ca* Cornerstone Ca Corsa Coal * Corsa Coal Cortus Metals Corvus Gold* Corvus Gold Crest Resource Crest Resource* Crestview Expl Cresval Cap Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Cobalt* Cruz Cobalt Crystal Peak* CTGX Mining* Currie Rose Rs CWN M’g Acq Cyon Explor Cypress Dev* Cypress Dev

318 O 7 O 402 V X 239228 493 V 8 O 13 O 35 T 223 O 511 V 129 O 489 V 916 V 194 O 256 V 22 O 944 V 2396 N N 20534 42 O 125 V 1075 O 2430 V 33 O 1433 V 2045 V 711 O 3972 V 999 O 9544 T 1701 O 3516 C 3122 O 381 V 65 O 404 C 74 O 177 V 55 O 197 V 549 V 823 D 950 T 765 C 355 O 2588 C 697 V 752 O 2896 V 12 O 783 C 1597 V 292 O 944 O 3215 C 144 O 4 O 133 V 59 V 716 V 3020 O 3166 V

0.39 0.16 0.22 9.85 0.11 0.09 0.69 0.95 0.23 0.30 1.29 1.65 0.78 0.61 0.16 0.13 0.19 11.54 14.20 0.22 0.24 0.09 0.12 0.11 0.25 0.41 0.33 0.07 2.35 2.98 0.41 0.69 0.55 1.34 1.05 0.14 3.00 3.78 0.30 0.39 0.15 2.42 3.07 0.15 0.11 2.02 0.03 1.28 1.63 0.20 0.25 0.30 0.24 0.12 0.14 0.02 0.02 0.06 0.08 0.22 1.53 1.88

+ 0.35 0.37 + 0.00 0.16 0.19 0.20 + 2.00 5.67 0.00 0.10 unch 0.08 0.08 + 0.00 0.69 + 0.89 0.95 0.20 0.20 0.26 0.26 1.10 1.13 1.40 1.40 + 0.72 0.75 + 0.56 0.60 0.14 0.14 0.12 0.12 0.13 0.16 + 10.22 10.55 + 12.30 13.73 + 0.17 0.19 + 0.20 0.24 0.09 0.09 0.11 0.11 unch 0.11 0.11 unch + 0.14 0.24 + 0.30 0.39 + 0.22 0.31 + 0.04 0.06 + 1.75 2.35 + 2.28 2.96 + 0.28 0.40 + 0.36 0.64 + 0.28 0.52 + 0.96 1.25 + 0.84 1.02 + 0.11 0.14 + 2.62 2.98 + 3.40 3.78 0.27 0.27 0.00 0.34 + 0.12 0.15 2.17 2.21 2.73 2.80 0.12 0.13 + 0.09 0.11 + 1.23 2.01 0.02 0.03 unch 1.06 1.14 1.36 1.46 unch 0.19 0.19 0.21 0.23 + 0.18 0.30 + 0.15 0.22 0.09 0.10 0.12 0.13 0.01 0.02 unch 0.02 0.02 unch + 0.04 0.06 + 0.06 0.08 0.18 0.19 1.15 1.16 1.45 1.48

Dajin Lithium* Dajin Res Dakota Ter Res* Damara Gold Damara Gold* Danakali* Debut Dmds Decade Res Decade Res* Deep-South Res Deep-South Res* DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denison Mines Denison Mines* Desert Gold Desert Gold* Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Disc* Diamond Fields* Diamond Fields Dios Expl Discovery Harb* Discovery Harb Discovery Met* Discovery Met Discovery Min* Discovery-Corp District Cop District Cop* District Metal* District Metal District Mines Ditem Explor* Diversified Rs* Dixie Gold DNI Metals* Dolat Ventures* Dolly Vard Sil* Dolly Vard Sil Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res DV Resources* DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold* E2Gold Inc E3 Metals* E3 Metals E79 Res Eagle Graphite* Eagle Graphite Eagle Plains Earl Res East Africa East Africa * EastCoal Inc Eastern Platin* Eastern Platin Eastfield Res Eastfield Res* Eco Oro Mnls Eco Oro Mnls* Edgemont Gold Edgewater Expl* Edgewater Expl Edison Cobalt* Edison Cobalt El Capitan Prc* El Nino Vent* El Nino Vent Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Eloro Res* Eloro Res Ely Gold Royal Ely Gold Royal* Elysee Dev Elysee Dev * Emerita Res Emerita Res* Emgold Mining Emgold Mining* Eminent Gold Eminent Gold* EMX Royalty* EMX Royalty Encanto Potash* Encanto Potash EnCore Energy Endeavour Mng Endeavour Mng* Endeavr Silver*

1206 O 1305 V 271 O 410 V 28 O 256 O 2 C 2685 V 405 O 6375 V 377 O 145 C 4405 O 5451 V 1113 V 1037 O 622 V T 41892 X 691202 730 V 15 O 468 V O 251 1965 V 366 O 4618 O 2351 O 1642 V 448 V 14 O 1275 V 2120 O 5482 V O 682514 9 V 3214 V 19 O 190 O 1061 V 57 V 40 O 74 O 416 V O 3056 167 O 2264 O 2429 V 692 V 2076 V 593 O 1604 N 3171 T 121 O 1587 V 22 O 287 V 441 T 69 O 45 O 60 V 59 O 269 V 5465 O 5099 V 58 C 380 O 1217 V 909 V 716 V 1262 V 33 O 0 V 336 O 1164 T 513 V 38 O 59 C 78 O 199 C 1 O 51 V 131 O 2737 V 2783 O 0 O 247 V 3623 V 1429 O 8224 N 2412 T 484 O 1025 V 1246 V 1598 O 240 V 35 O 1117 V 62 O 2674 V 89 O 342 V 3 O 1348 X 121 V 26 O 162 V 2820 V 6177 T 140 O N 25897

0.12 0.15 0.51 0.13 0.11 0.34 0.26 0.09 0.07 0.24 0.25 0.08 0.59 0.75 0.75 0.59 0.17 2.29 1.81 0.18 0.15 1.70 0.04 0.14 0.11 0.01 0.34 0.43 0.08 0.05 0.06 1.99 2.51 0.00 0.08 0.03 0.02 0.47 0.59 0.13 0.01 0.00 0.33 0.02 0.42 0.60 0.75 0.92 0.42 0.34 10.50 8.40 0.09 0.12 0.10 0.12 2.05 1.62 0.95 0.14 0.09 0.18 4.22 5.37 0.90 0.25 0.32 0.19 0.55 0.48 0.39 0.00 0.36 0.45 0.09 0.07 0.06 0.05 0.30 0.20 0.25 0.14 0.23 0.01 0.00 0.05 0.19 0.16 13.23 16.76 4.65 5.88 0.96 0.76 0.62 0.49 0.34 0.27 0.07 0.05 0.80 0.64 3.65 4.69 0.08 0.10 1.28 27.00 21.05 6.17

High Low

0.00 0.02 0.02 3.54 0.00 0.00 0.05 0.05 0.02 0.02 0.07 0.14 0.01 0.01 0.03 0.00 0.01 0.06 0.41 0.01 0.01 0.00 0.00 0.00 0.10 0.08 0.07 0.02 0.49 0.58 0.07 0.28 0.23 0.16 0.16 0.02 0.20 0.24 0.02 0.03 0.02 0.17 0.19 0.02 0.01 0.66 0.00 0.02 0.00 0.01 0.02 0.11 0.07 0.01 0.01 0.00 0.00 0.01 0.02 0.02 0.17 0.21

0.39 0.23 0.34 9.85 0.14 0.17 2.59 1.40 0.50 0.44 2.06 2.78 0.80 0.63 0.36 0.26 0.30 11.54 14.20 0.24 0.25 1.00 0.28 0.16 0.28 0.47 0.35 0.07 2.35 2.98 0.69 0.69 0.55 2.21 1.70 0.20 5.00 6.53 0.32 0.42 0.35 3.29 4.26 0.22 0.12 2.02 0.08 1.28 1.63 0.34 0.50 0.30 0.24 0.14 0.18 0.04 0.20 0.06 0.21 0.38 2.00 2.45

0.07 0.10 0.14 0.33 0.05 0.01 0.03 0.37 0.00 0.04 0.17 0.21 0.12 0.09 0.05 0.10 0.02 3.35 4.26 0.09 0.12 0.00 0.08 0.11 0.07 0.01 0.03 0.01 0.19 0.28 0.01 0.10 0.12 0.77 0.51 0.07 1.08 1.36 0.08 0.12 0.12 0.72 0.99 0.04 0.07 0.29 0.02 0.16 0.17 0.19 0.17 0.02 0.01 0.01 0.03 0.00 0.00 0.02 0.03 0.15 0.08 0.11

0.00 0.01 0.05 0.02 0.01 0.03 0.00 0.01 0.01 0.07 0.05 0.01 0.05 0.05 0.02 0.01 0.03 0.10 0.09 0.02 0.02 0.01 0.02 0.02 0.01 0.00 0.01 0.03 0.01 0.01 0.00 0.21 0.26 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.02 0.00 0.03 0.01 0.00 0.07 0.06 0.01 0.91 0.27 0.01 0.02 0.03 0.02 0.03 0.01 0.20 0.00 0.00 0.01 1.27 1.48 0.00 0.01 0.02 0.01 0.05 0.02 0.00 0.00 0.05 0.06 0.02 0.02 0.01 0.00 0.05 0.00 0.02 0.00 0.01 0.00 0.00 0.01 0.06 0.04 0.95 1.28 0.38 0.52 0.07 0.06 0.01 0.05 0.04 0.01 0.00 0.00 0.06 0.00 0.07 0.22 0.00 0.02 0.03 0.95 0.59 0.41

0.16 0.20 0.96 0.16 0.11 0.41 0.27 0.14 0.10 0.24 0.25 0.09 0.59 0.75 1.05 0.83 0.45 2.29 1.81 0.35 0.26 2.11 0.04 0.16 0.12 0.01 0.35 0.45 0.24 0.13 0.16 2.14 2.84 0.00 0.14 0.03 0.02 0.47 0.59 0.17 0.02 0.03 0.41 0.05 0.51 0.91 1.17 1.33 0.48 0.34 18.05 10.73 0.13 0.18 0.14 0.20 2.62 1.98 1.10 0.14 0.11 0.24 4.22 5.37 0.95 0.28 0.38 0.19 0.55 0.58 0.39 0.11 0.43 0.57 0.09 0.07 0.10 0.08 0.30 0.20 0.27 0.15 0.25 0.02 0.05 0.07 0.19 0.16 14.49 18.90 4.65 5.88 2.09 1.54 0.69 0.55 0.40 0.29 0.16 0.12 0.86 0.67 3.81 4.83 0.10 0.12 1.32 39.21 30.33 6.75

0.01 0.02 0.09 0.02 0.01 0.16 0.07 0.01 0.00 0.03 0.02 0.01 0.03 0.07 0.06 0.03 0.07 0.24 0.19 0.05 0.05 0.14 0.01 0.06 0.05 0.00 0.04 0.09 0.05 0.02 0.03 0.16 0.22 0.00 0.06 0.01 0.00 0.09 0.13 0.06 0.00 0.00 0.07 0.00 0.03 0.12 0.17 0.45 0.04 0.04 3.06 3.20 0.03 0.04 0.03 0.05 0.99 0.70 0.25 0.04 0.03 0.13 0.11 0.19 0.02 0.01 0.02 0.07 0.09 0.08 0.07 0.09 0.12 0.18 0.03 0.02 0.04 0.02 0.10 0.02 0.04 0.01 0.02 0.00 0.01 0.02 0.02 0.01 4.60 6.29 0.17 0.20 0.47 0.32 0.28 0.19 0.02 0.05 0.03 0.03 0.15 0.47 1.18 1.54 0.01 0.01 0.08 15.68 11.02 0.99

D-F 0.09 0.12 0.43 0.11 0.09 0.29 0.26 0.07 0.05 0.17 0.13 0.07 0.41 0.54 0.66 0.50 0.12 1.35 1.07 0.16 0.12 1.51 0.02 0.12 0.09 0.00 0.15 0.21 0.08 0.04 0.05 1.70 2.14 0.00 0.08 0.02 0.01 0.37 0.47 0.13 0.00 0.00 0.25 0.01 0.17 0.50 0.62 0.78 0.34 0.28 9.33 7.83 0.07 0.09 0.00 0.09 1.90 1.50 0.60 0.00 0.09 0.15 2.28 2.87 0.82 0.13 0.16 0.17 0.40 0.37 0.33 0.00 0.31 0.38 0.07 0.05 0.06 0.04 0.25 0.20 0.23 0.13 0.16 0.01 0.00 0.04 0.13 0.10 11.97 15.11 3.77 4.76 0.84 0.66 0.54 0.00 0.27 0.22 0.06 0.05 0.70 0.64 3.32 4.17 0.07 0.08 1.05 25.23 20.02 5.11

0.10 + 0.13 + 0.49 0.12 0.09 + 0.34 0.26 unch 0.08 0.05 + 0.24 + 0.19 + 0.07 + 0.51 + 0.64 0.70 0.55 0.12 + 1.49 + 1.20 0.17 0.12 1.58 + 0.04 + 0.14 + 0.11 0.00 0.23 0.31 + 0.08 0.04 0.06 unch + 1.98 + 2.49 0.00 unch 0.08 unch + 0.03 + 0.02 0.40 0.50 0.13 unch + 0.01 0.00 unch 0.26 0.01 0.36 + 0.55 0.69 unch + 0.90 0.36 0.29 9.47 8.02 + 0.09 + 0.11 + 0.09 + 0.11 2.00 1.59 + 0.90 0.14 unch 0.09 unch 0.16 + 3.74 + 4.68 0.85 unch 0.20 + 0.29 0.17 + 0.55 + 0.44 0.35 0.11 unch + 0.36 + 0.44 + 0.09 + 0.07 + 0.06 + 0.05 0.25 0.20 unch 0.23 0.13 unch + 0.21 0.01 0.03 unch + 0.05 0.13 0.10 12.09 15.27 3.85 4.84 0.87 0.69 + 0.59 + 0.47 0.29 0.24 0.07 unch + 0.05 0.74 0.64 unch 3.42 4.25 + 0.07 + 0.10 + 1.13 25.48 20.21 + 6.13

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

Endeavr Silver Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engineer Gold* Engold Mines Engold Mines* Ensurge* Entree Res* Entree Res Equinox Gold* Equinox Gold Equitorial Ex Equitorial Ex* Equity Metals Equity Metals* Erdene Res Dev* Erdene Res Dev Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng* Eskay Mng Essex Minerals Ethos Gold* Ethos Gold Etruscus Res* Etruscus Res Euro Manganese Euro Sun Mg Euro Sun Mg* EurOmax Res* EurOmax Res European Elect* European Elect European Metal* Eurotin Evergold Evergold* Everton Res* EVI Global Grp Evolving Gold Evolving Gold* Evrim Res Excellon Res* Excellon Res Excelsior Mng* Excelsior Mng ExGen Res Inc ExGen Res Inc* Explorex Res* Explorex Res Fabled Silver* Fabled Silver Fairmont Res* Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Far Res Far Res* FenixOro Gold FenixOro Gold* Fidelity Min Fidelity Min* Filo Mg Corp * Filo Mg Corp Finlay Minrls Fiore Gold* Fiore Gold Fiore Gold* Fire River Gol* Fire River Gol FireFox Gold FireFox Gold* Firestone Vent Fireweed Zinc Fireweed Zinc* First Cobalt First Cobalt * First Energy First Energy* First Majestic* First Majestic First Mg Fin * First Mg Fin First Point* First Quantum First Vanadium First Vanadium* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Five Star Diam* Fjordland Exp* Fjordland Exp Flow Metals Flowery Gold* Focus Graphite* Focus Graphite Fokus Mining Foran Mng Forsys Metals Fort St J Nick Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Mnrls Fortune Mnrls* Forum Energy Forum Energy* Fosterville Four Nines Four Nines* Fox River Res Fox River Res* FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Freegold Vent Freeman Gold Freeman Gold* Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Fury Gold* Fury Gold Fuse Cobalt* Fuse Cobalt

T 4857 O 248 V 1213 V 1014 O 851 T 5153 X 31174 V 547 O 5 V 1578 O 251 O 123 O 494 T 1178 X 7027 T 4199 V 375 O 2 V 746 O 633 O 391 T 1260 O 129 V 2293 T 1540 O 104 O 295 V 563 V 563 O 545 V 939 V 1706 O 197 V 340 O 86 C 264 V 686 T 1117 O 397 O 40 T 153 O 11 V 17 O 11 V 9565 V 1001 O 49 O 17 C 5711 C 127 O 7 V 1895 X 445 T 517 O 585 T 3439 V 74 O 1 O 12 C 6 O 3219 V 12089 O 1075 V 532 O 139 V 1577 O 240 V 1722 C 9996 O 6077 C 1568 O 1756 V 293 O 0 O 44 V 331 V 797 O 850 V 895 O 1093 O 2 V 22 V 285 O 206 V 95 V 1289 O 310 V 10799 O 5955 C 4948 O 489 N 28327 T 5455 O 5266 T 5746 O 572 T 12046 V 303 O 291 V 6611 O 786 O 6534 T 14379 V 1150 O 13 O 36 V 1001 C 92 O 6 O 11021 V 32210 V 4154 V 1605 T 1553 V 88 O 16 T 3764 N 13836 V 91 O 8 T 3178 O 1500 V 2535 O 1192 V 714 C 1 O 1 C 44 O 9 V 1637 N 3915 T 2419 O 2218 T 3703 C 941 O 42 N 126899 V 689 V 1077 O 112 V 5855 V 580 X 3782 T 1257 O 2986 V 5975

G2 Goldfields* G2 Goldfields Gabriel Res* Gabriel Res Gaia Metals* Gaia Metals Gainey Capital Galane Gold Galane Gold * Galantas Gold Galantas Gold* Galiano Gold Galiano Gold* Galleon Gold* Galleon Gold Galore Res Galway Gold * Galway Gold Galway Mtls* Galway Mtls Gambier Gold* Gambier Gold Garibaldi Res * Garibaldi Res Gatling Explor Gatling Explor* Gatos Silver Gatos Silver* General Gold Generation Min Generation Min* Generic Gold* Generic Gold

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

THE NORTHERN MINER / MARCH 1—14, 2021

Week High

Low

Last

7.77 0.24 0.32 0.21 0.17 8.18 6.45 0.07 0.04 0.04 0.04 0.03 0.53 0.67 9.82 12.45 0.22 0.18 0.26 0.20 0.34 0.43 0.11 0.14 24.05 18.84 0.08 0.10 0.10 1.98 2.52 0.30 0.16 0.20 0.29 0.36 0.68 0.37 0.32 0.07 0.11 0.27 0.31 0.14 0.04 0.30 0.22 0.13 0.11 0.09 0.07 0.33 3.39 4.35 0.79 1.00 0.14 0.10 7.35 9.33 0.27 0.34 0.75 0.45 0.37 0.11 0.10 0.13 0.28 0.23 0.45 0.35 0.13 0.11 1.60 2.05 0.09 0.97 1.24 0.23 0.32 0.21 0.21 0.17 0.12 1.01 0.80 0.44 0.35 0.49 0.40 18.24 23.03 0.34 0.43 0.70 29.23 0.49 0.39 0.17 0.13 0.52 0.64 0.04 0.03 0.21 0.27 0.08 0.06 0.22 0.28 0.30 0.90 0.62 0.26 19.31 9.92 7.83 1.09 0.86 0.15 0.12 0.40 0.34 1.81 0.00 0.36 0.32 0.25 0.90 122.46 156.14 0.05 0.76 0.55 0.43 37.68 0.21 0.08 14.20 1.39 0.04 1.76 2.22 0.17 0.21

6.52 0.16 0.20 0.19 0.15 6.54 5.16 0.07 0.04 0.04 0.02 0.02 0.42 0.54 8.89 11.22 0.18 0.18 0.21 0.17 0.31 0.40 0.07 0.10 20.42 16.16 0.07 0.09 0.09 1.70 2.12 0.19 0.13 0.17 0.00 0.32 0.53 0.33 0.26 0.07 0.09 0.00 0.00 0.00 0.02 0.24 0.18 0.11 0.07 0.07 0.07 0.28 2.82 3.83 0.71 0.91 0.12 0.10 7.07 8.75 0.20 0.26 0.49 0.40 0.29 0.10 0.07 0.09 0.20 0.15 0.30 0.23 0.12 0.11 1.49 1.87 0.08 0.85 1.07 0.18 0.00 0.00 0.18 0.00 0.11 0.93 0.74 0.38 0.30 0.32 0.25 16.53 21.10 0.31 0.39 0.54 24.09 0.46 0.36 0.14 0.10 0.42 0.52 0.04 0.03 0.00 0.18 0.00 0.05 0.10 0.14 0.22 0.78 0.38 0.22 17.81 9.12 7.23 1.05 0.82 0.12 0.10 0.30 0.24 1.58 0.00 0.36 0.28 0.00 0.69 110.58 139.44 0.02 0.69 0.49 0.39 30.58 0.18 0.07 13.18 0.91 0.03 1.46 1.84 0.13 0.17

7.75 0.23 0.30 0.19 0.15 7.24 5.77 0.07 0.04 0.04 0.04 0.03 0.52 0.66 8.94 11.28 0.18 0.18 0.22 0.18 0.33 0.42 0.08 0.10 23.98 18.84 0.08 0.10 0.10 1.82 2.34 0.20 0.14 0.20 0.28 0.35 0.58 0.34 0.26 0.07 0.09 0.23 0.31 0.14 0.03 0.25 0.20 0.11 0.11 0.09 0.07 0.30 3.15 3.98 0.79 1.00 0.14 0.10 7.10 8.95 0.26 0.33 0.65 0.41 0.33 0.10 0.08 0.11 0.22 0.18 0.45 0.35 0.13 0.11 1.58 2.05 0.08 0.87 1.11 0.20 0.03 0.21 0.19 0.14 0.11 0.97 0.77 0.40 0.32 0.42 0.35 17.49 22.10 0.31 0.41 0.65 29.08 0.48 0.38 0.16 0.12 0.46 0.55 0.04 0.03 0.14 0.18 0.07 0.05 0.14 0.18 0.27 0.89 0.55 0.22 18.80 9.21 7.30 1.05 0.83 0.13 0.10 0.36 0.29 1.72 0.49 0.36 0.28 0.22 0.80 111.26 140.38 0.04 0.73 0.51 0.39 37.49 0.19 0.08 13.67 1.13 0.04 1.48 1.86 0.14 0.18

12-month Change

Stock

Genesis Mtls Genesis Mtls* Genius Metals Gensource Pot Geomega Res Geomega Res* Getchell Gold Getchell Gold * Getty Copper GFG Resources GFG Resources* GFM Res GGL Res GGL Res* GGX Gold* GGX Gold Giga Metals Giga Metals* Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake Glacier Lake* Gldn Predator Gldn Predator* Glen Eagle Res* Glen Eagle Res Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery* Global Battery Global Energy* Global Energy Global Gold* Global Li-Ion* Global Li-Ion GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals* GMV Minerals GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Golcap Res Gold Basin Res Gold Bull Res* Gold Bull Res Gold Fields* Gold Fields* Gold Finder Ex* Gold Finder Ex Gold Line Res Gold Lion Res* Gold Lion Res Gold Mountain Gold Plus Gold Plus* Gold Port Gold Reserve* Gold Reserve Gold Resource* Gold Rush Cari* Gold Rush Cari Gold Std Vents Gold Std Vents* Gold X Mining Gold’n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldbank Mng* Goldbelt Emp Goldblock Cap Goldcliff Res* Goldcliff Res Goldcore Res Golden Arrow Golden Arrow* Golden Band* Golden Birch Golden Dawn Ml* Golden Dawn Ml Golden Goliath Golden Goliath* Golden Harp Golden Hope Golden Hope* Golden Indepen Golden Lake Golden Mnls Golden Mnls* Golden Pursuit* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Star Golden Star* Golden Star* Golden Sun* Golden Tag Golden Tag* Golden Valley Golden Valley* Goldex Res Goldex Res* Goldgroup Mng* Goldgroup Mng GoldHaven Res* Goldhills Hldg Goldhills Hldg* GoldMining GoldON Res GoldON Res* GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldseek Res* Goldsource Min* Goldsource Min Goldstar Mnls Goldstrike Res* Goldstrike Res Goliath Res* Goliath Res Gossan Res GoviEx Uranium GoviEx Uranium* Gowest Gold Gowest Gold* GPM Metals* GPM Metals GR Silver* GR Silver Gran Colombia Gran Colombia* Granada Gold Granada Gold* Grande Portage* Grande Portage Granite Creek* Granite Creek Graphite Egy* Graphite One* Graphite One Gratomic* Gratomic Graycliff Exp Great Atlantic Great Bear Res Great Bear Res* Great Lakes Gr* Great Panther* Great Panther Great Thunder* Green River Green Swan Cap Green Valley M Greencastle Rs Greenland M&En* Greenshield Ex Grenville Gold Grenville Gold* Grid Metals Grid Metals* Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GrowMax Res* GSP Resource

+ + + unch + + + + unch + + + + + + + unch unch + + unch + + unch unch + + + unch + + + + + + + unch + + + + unch + + + + + + + + + + + + unch unch unch unch + + + + + unch unch + + + + + + + -

0.47 0.07 0.10 0.01 0.00 0.08 0.02 0.01 0.00 0.01 0.00 0.01 0.07 0.08 0.69 0.95 0.03 0.00 0.02 0.01 0.00 0.01 0.00 0.02 3.31 2.61 0.00 0.01 0.01 0.10 0.11 0.05 0.01 0.02 0.00 0.01 0.05 0.03 0.02 0.00 0.00 0.04 0.01 0.01 0.01 0.00 0.00 0.00 0.04 0.00 0.00 0.03 0.18 0.24 0.05 0.05 0.01 0.00 0.24 0.05 0.04 0.05 0.11 0.01 0.04 0.01 0.01 0.01 0.05 0.03 0.10 0.07 0.01 0.00 0.02 0.08 0.01 0.05 0.05 0.00 0.28 0.03 0.02 0.01 0.00 0.03 0.02 0.01 0.01 0.04 0.01 0.08 0.01 0.02 0.02 0.04 3.88 0.03 0.02 0.01 0.01 0.04 0.02 0.00 0.00 0.04 0.05 0.00 0.00 0.04 0.05 0.01 0.10 0.14 0.03 0.30 0.52 0.35 0.03 0.01 0.02 0.01 0.03 0.04 0.09 0.00 0.00 0.04 0.03 0.03 9.90 13.39 0.01 0.01 0.01 0.01 6.26 0.02 0.01 0.32 0.10 0.01 0.22 0.26 0.01 0.01

8.63 0.24 0.32 0.38 0.28 8.18 6.45 0.21 0.11 0.08 0.05 0.06 0.53 0.67 13.66 17.99 0.37 0.27 0.33 0.25 0.55 0.71 0.19 0.25 24.05 18.84 0.11 0.17 0.17 2.47 3.14 0.92 0.28 0.37 0.34 0.48 0.85 0.63 0.49 0.16 0.24 0.39 0.60 1.02 0.06 0.95 0.71 0.90 0.24 0.14 0.11 0.62 3.90 6.15 0.94 1.19 0.20 0.11 8.24 10.50 0.60 0.40 0.75 0.60 0.72 0.25 0.19 0.15 0.31 0.24 0.63 0.56 0.17 0.11 1.77 2.25 0.15 1.33 1.75 0.26 0.90 0.29 0.33 0.22 0.24 1.31 0.97 0.46 0.37 0.49 0.40 24.01 30.75 0.47 0.60 0.70 29.23 0.61 0.46 0.17 0.13 0.52 0.64 0.05 0.04 0.21 0.27 0.20 0.36 0.22 0.28 0.48 0.90 0.62 0.30 20.40 12.61 9.85 1.56 1.21 0.15 0.12 0.40 0.34 5.34 0.50 0.39 0.32 0.25 0.90 166.11 222.15 0.10 1.95 0.84 0.89 37.68 0.95 0.17 18.11 1.39 0.04 3.94 7.78 0.26 0.33

1.30 0.02 0.03 0.05 0.04 1.10 0.78 0.03 0.04 0.02 0.02 0.01 0.16 0.23 4.63 6.60 0.05 0.14 0.04 0.03 0.09 0.13 0.02 0.03 8.40 5.92 0.05 0.06 0.06 0.09 0.12 0.10 0.05 0.08 0.20 0.12 0.05 0.14 0.05 0.00 0.01 0.16 0.10 0.00 0.01 0.19 0.00 0.05 0.05 0.01 0.00 0.19 2.20 1.55 0.30 0.42 0.05 0.06 0.00 3.49 0.07 0.04 0.01 0.17 0.11 0.03 0.02 0.03 0.02 0.01 0.10 0.09 0.02 0.02 0.77 1.00 0.02 0.19 0.27 0.05 0.00 0.12 0.04 0.10 0.03 0.31 0.21 0.08 0.05 0.05 0.03 4.17 5.30 0.09 0.12 0.08 4.71 0.13 0.08 0.03 0.02 0.07 0.10 0.01 0.01 0.02 0.03 0.05 0.04 0.01 0.02 0.05 0.08 0.06 0.10 5.16 2.05 1.47 0.26 0.14 0.04 0.03 0.05 0.03 0.91 0.10 0.15 0.04 0.03 0.11 77.18 105.93 0.00 0.04 0.16 0.18 4.82 0.08 0.05 5.53 0.14 0.01 1.05 1.44 0.02 0.03

0.32 0.32 unch 0.38 0.42 + 0.19 0.19 0.24 0.24 0.08 0.10 + 0.11 0.12 + 0.09 0.10 + 0.22 0.23 0.18 0.19 0.26 0.28 0.00 0.24 unch 1.48 1.53 1.16 1.21 0.06 0.07 0.08 0.08 0.02 0.03 + 0.00 0.16 0.00 0.20 0.90 0.91 1.12 1.15 0.16 0.16 unch 0.16 0.21 + 0.35 0.41 0.47 0.51 0.45 0.49 + 0.35 0.38 + 16.53 16.61 12.92 13.26 0.25 0.40 + 0.81 0.87 0.63 0.71 0.00 0.28 unch 0.35 0.38 +

0.00 0.04 0.02 0.03 0.01 0.01 0.01 0.03 0.01 0.02 0.00 0.23 0.20 0.00 0.01 0.01 0.01 0.04 0.03 0.03 0.00 0.01 0.01 0.04 0.04 0.02 2.41 1.72 0.10 0.06 0.03 0.00 0.02

0.87 1.20 0.48 0.63 0.13 0.18 0.11 0.41 0.30 0.45 0.33 2.80 2.12 0.14 0.20 0.03 3.95 0.39 1.57 2.09 0.24 0.30 0.73 0.99 1.10 0.82 31.08 24.00 0.50 0.98 0.80 0.33 0.61

0.13 0.14 0.15 0.20 0.03 0.03 0.02 0.05 0.03 0.10 0.02 0.80 0.56 0.02 0.03 0.01 0.06 0.09 0.21 0.29 0.03 0.02 0.20 0.37 0.40 0.34 7.77 5.78 0.16 0.39 0.16 0.28 0.02

G-H 10 389 79 700 824 1279 1564 1676 643 154 0 892 8828 733 4655 807 62 42 186 569 2 277 169 1025 725 43 98 3425 838 2071 953 0 185

0.32 0.42 0.23 0.28 0.11 0.13 0.10 0.27 0.21 0.32 0.24 1.82 1.44 0.08 0.10 0.03 0.19 0.24 0.96 1.21 0.16 0.21 0.45 0.57 0.51 0.40 20.00 15.88 0.50 0.98 0.80 0.00 0.40

(100s)

High Low

Exc Volume V 622 O 179 C 51 V 836 V 4277 O 2070 C 1413 O 811 V 389 V 354 O 151 V 20 V 72 O 10 O 141 V 495 V 1434 O 1261 V 158 O 3 O 246 V 391 V 274 V 388 O 3 V 681 O 585 O 95 V 450 O 522 O 3194 O 818 T 1569 O 9148 V 3891 O 145 V 200 O 2 O 1098 C 4521 O 0 O 58 T 228 O 188 V 151 O 3225375 O 151 C 1511 V 9 T 2232 C 68 C 383 O 179 V 131 O 0 N 29181 O 783 V 6081 V 4123 O 79 C 698 V 818 C 1651 O 10 C 3946 O 35 V 15 X 4581 O 5 V 280 T 3625 X 98076 V 165 C 1239 V 713 O 73 V 2 O 4 V 133 C 20 O 318 V 598 V 3683 V 415 O 224 O 4587 C 466 O 5 V 200 V 1171 O 136 V 2 V 398 O 32 C 849 C 323 T 275 X 13656 O 5 V 14 V 612 V 550 V 360 T 93 O 1 X 4006 O 566 V 1745 O 1131 V 37 O 31 V 30 O 5 O 692 T 886 O 1414 V 258 O 46 T 2591 V 249 O 41 V 682 C 453 O 74 O 2075 C 137 O 0 O 1137 V 1819 V 63 O 34 V 36 O 334 V 1212 V 208 V 6226 O 4993 V 187 O 58 O 10 V 700 O 457 V 1281 T 2049 O 210 V 2833 O 626 O 164 V 729 O 597 V 1318 O 36 O 1528 V 1076 O 1046 V 4861 C 120 V 157 V 278 O 88 O 2283 X 42964 T 2588 O 352 C 423 V 1581 V 131 V 863 O 6639 V 7 C 148 O 52 V 7258 O 879 O 479 V 269 V 3 V 2163 O 1124 V 1563 O 234 V 631

Week Last

12-month

High

Low

Change

0.25 0.20 0.19 0.24 0.59 0.47 0.69 0.55 0.10 0.18 0.14 0.07 0.28 0.20 0.15 0.20 0.79 0.61 0.11 0.08 0.58 0.74 0.17 0.11 0.09 0.23 0.18 0.06 0.07 4.25 8.43 1.62 2.03 1.08 1.38 0.22 0.26 1.50 0.21 0.27 0.07 0.71 0.90 0.27 0.35 0.00 0.06 0.08 0.34 2.69 0.47 0.34 0.40 0.50 0.00 9.60 0.15 0.18 0.76 0.18 0.24 1.20 0.08 0.06 0.26 1.60 1.99 2.99 0.02 0.03 1.21 0.94 2.99 0.20 0.11 0.09 0.00 0.10 0.03 0.30 0.09 0.12 0.55 0.17 0.14 0.00 0.22 0.14 0.16 0.13 0.10 0.00 0.41 0.32 0.35 0.15 1.28 0.97 0.16 0.19 0.14 3.50 0.17 4.85 2.40 3.88 0.05 0.49 0.40 7.90 6.23 0.09 1.10 0.04 0.05 0.87 0.24 0.19 2.26 0.51 0.41 0.38 0.06 0.05 0.07 0.26 0.18 0.11 0.13 0.15 0.26 0.33 0.57 0.72 0.09 0.39 0.32 0.33 0.26 0.07 0.10 0.62 0.79 6.30 4.94 0.25 0.19 0.26 0.35 0.20 0.25 0.20 1.58 2.00 0.81 0.99 0.46 0.54 15.11 11.91 0.02 1.11 1.40 0.46 0.08 0.10 1.20 0.18 0.18 0.19 0.35 0.28 0.34 0.27 0.05 0.06 0.17 0.11 0.37 0.47 0.03 0.43

0.22 0.23 0.17 0.18 0.17 0.19 + 0.21 0.23 + 0.50 0.56 + 0.38 0.44 + 0.54 0.63 + 0.43 0.50 + 0.05 0.09 + 0.16 0.17 0.12 0.13 + 0.07 0.07 unch 0.25 0.27 0.19 0.20 + 0.14 0.15 + 0.16 0.20 + 0.68 0.74 + 0.53 0.58 + 0.10 0.10 0.08 0.08 unch 0.51 0.56 0.65 0.72 + 0.14 0.15 unch 0.10 0.10 0.09 0.09 unch 0.20 0.21 0.15 0.16 0.06 0.06 + 0.07 0.07 unch 3.69 4.18 + 7.26 8.27 + + 1.41 1.52 1.79 1.94 + 0.75 0.81 0.95 1.01 0.17 0.20 + 0.21 0.25 1.50 1.50 unch 0.16 0.18 + 0.20 0.22 0.07 0.07 unch 0.00 0.67 + 0.82 0.84 + 0.18 0.27 + 0.23 0.27 + 0.00 0.00 0.03 0.05 + 0.05 0.06 + 0.33 0.33 2.36 2.42 0.40 0.40 0.32 0.33 + 0.35 0.38 0.44 0.48 0.00 9.30 unch 8.38 8.44 0.09 0.13 + 0.13 0.17 + 0.55 0.76 + 0.00 0.17 + 0.20 0.22 unch 1.09 1.17 unch 0.06 0.07 0.05 0.06 + 0.18 0.20 0.00 1.48 1.85 1.86 2.74 2.77 0.02 0.02 unch 0.02 0.03 + 0.92 0.96 0.73 0.75 2.78 2.81 + 0.17 0.19 0.10 0.11 + 0.07 0.09 0.00 0.13 unch 0.09 0.09 0.00 0.03 0.30 0.30 unch 0.08 0.09 + 0.11 0.11 0.33 0.40 0.17 0.17 unch 0.12 0.13 0.00 0.00 + 0.19 0.20 0.00 0.11 + 0.14 0.16 + 0.11 0.12 0.08 0.10 + 0.00 0.21 unch 0.32 0.33 0.25 0.25 0.28 0.29 0.14 0.15 + 1.02 1.03 0.81 0.83 0.16 0.16 unch 0.00 0.19 0.13 0.14 unch 3.11 3.35 + 0.14 0.15 4.00 4.01 1.25 1.25 3.16 3.16 0.00 0.03 + 0.39 0.43 0.30 0.35 7.05 7.40 + 5.60 5.88 + 0.00 0.08 0.05 0.07 0.03 0.04 + 0.04 0.05 + 0.57 0.62 0.16 0.24 + 0.16 0.19 + 2.04 2.08 0.48 0.48 0.37 0.38 0.33 0.34 0.05 0.06 unch 0.04 0.05 + 0.04 0.05 0.22 0.22 0.00 0.18 0.08 0.09 0.11 0.11 0.13 0.15 + 0.22 0.23 0.30 0.30 0.44 0.54 0.55 0.68 0.08 0.09 unch 0.27 0.30 0.21 0.23 0.29 0.31 + 0.00 0.23 0.00 0.07 + 0.07 0.09 + 0.55 0.56 0.69 0.71 5.75 5.91 4.51 4.66 0.16 0.20 + 0.13 0.16 + 0.25 0.26 + 0.33 0.33 unch 0.16 0.19 0.21 0.24 unch 0.15 0.17 1.02 1.06 1.29 1.34 0.65 0.67 0.82 0.85 0.43 0.46 + 0.48 0.48 14.12 14.45 11.25 11.48 0.01 0.01 unch 0.96 0.97 1.22 1.23 0.37 0.40 0.07 0.07 unch 0.08 0.09 0.90 1.20 + 0.13 0.15 + 0.12 0.12 0.15 0.15 0.10 0.22 + 0.16 0.17 + 0.16 0.30 + 0.12 0.23 + 0.04 0.05 + 0.05 0.06 unch 0.17 0.17 unch 0.09 0.11 + 0.29 0.33 + 0.37 0.42 + 0.03 0.03 unch 0.33 0.42 +

0.01 0.01 0.01 0.01 0.05 0.03 0.04 0.04 0.04 0.01 0.00 0.00 0.01 0.01 0.01 0.04 0.03 0.02 0.01 0.00 0.01 0.02 0.00 0.02 0.00 0.02 0.02 0.00 0.00 0.46 0.82 0.06 0.07 0.09 0.14 0.00 0.01 0.00 0.01 0.01 0.00 0.02 0.02 0.07 0.02 0.00 0.01 0.01 0.01 0.16 0.07 0.01 0.00 0.01 0.00 1.04 0.02 0.04 0.12 0.00 0.00 0.00 0.01 0.01 0.06 0.08 0.13 0.19 0.00 0.01 0.10 0.09 0.07 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.05 0.00 0.00 0.00 0.02 0.00 0.02 0.01 0.01 0.00 0.08 0.03 0.04 0.01 0.17 0.13 0.00 0.01 0.00 0.14 0.01 0.75 1.15 0.59 0.03 0.04 0.03 0.33 0.20 0.01 0.00 0.01 0.01 0.21 0.08 0.00 0.16 0.03 0.02 0.04 0.00 0.01 0.00 0.04 0.00 0.01 0.02 0.02 0.03 0.02 0.01 0.02 0.00 0.06 0.04 0.01 0.04 0.01 0.02 0.03 0.04 0.25 0.20 0.02 0.02 0.00 0.00 0.00 0.00 0.01 0.38 0.49 0.09 0.13 0.01 0.03 0.50 0.32 0.00 0.05 0.06 0.04 0.00 0.01 0.21 0.02 0.04 0.04 0.12 0.02 0.14 0.10 0.01 0.00 0.00 0.01 0.02 0.01 0.00 0.09

(100s) Stock

0.40 0.38 0.32 0.25 0.60 0.47 0.69 0.55 0.10 0.31 0.24 0.15 0.45 0.29 0.22 0.30 2.44 1.84 0.21 0.14 0.59 0.74 0.22 0.20 0.13 0.48 0.37 0.10 0.13 4.25 8.43 1.62 2.11 1.52 1.93 0.28 0.45 2.35 0.21 0.27 0.80 0.71 0.90 0.27 0.35 0.00 0.14 0.16 0.35 2.88 0.60 0.50 0.56 0.71 15.00 14.90 0.15 0.18 0.76 0.52 0.75 1.38 0.26 0.18 0.30 2.02 2.70 6.24 0.03 0.04 1.50 1.14 4.62 0.35 0.14 0.11 0.18 0.11 0.05 0.30 0.13 0.18 0.72 0.22 0.17 0.01 0.28 0.14 0.20 0.38 0.32 0.44 0.50 0.32 0.72 0.36 1.65 1.30 0.25 0.38 0.31 3.50 0.20 6.89 3.00 5.20 0.05 0.65 0.60 8.32 6.43 0.12 1.10 0.07 0.10 0.87 0.24 0.19 3.85 1.14 0.86 0.50 0.08 0.05 0.10 0.59 0.43 0.14 0.19 0.30 0.29 0.38 0.63 0.79 0.17 0.39 0.32 0.51 0.39 0.07 0.10 0.74 0.95 8.40 6.61 0.34 0.26 0.52 0.68 0.20 0.25 1.01 1.89 2.40 0.89 1.10 0.89 0.88 19.83 14.62 0.02 1.16 1.47 0.73 0.10 0.12 1.30 0.18 0.30 0.20 0.35 0.28 0.34 0.27 0.07 0.10 0.20 0.14 0.50 0.48 0.07 0.67

GT Gold GT Gold * GTA Resources* Gungnir Res* Gungnir Res Gunpoint Expl* Gunpoint Expl Guyana Goldstr* Guyana Goldstr Handa Mining Handeni Gold* Hanna Capital* Hanna Capital Hannan Metals Hannan Metals* Hanstone Gold Happy Ck Mnrls Harfang Explor Harmony Gold* Harte Gold Harte Gold* Harvest Gold* Harvest Gold Hawkeye Gld&Di Hawkeye Gld&Di* Heatherdale Rs Hecla Mining* Heliostar Met* Heliostar Met Hemcare Health* Hemlo Expl* Hemlo Expl HFX Holding High Point Exp Highbank Res HighGold* HighGold Highland Copp* Highland Copp Highway 50 Gld Highway 50 Gld* HiHo Silver HiHo Silver* Hochschild Mg* Honey Badger Honey Badger* Horizonte Mnls HudBay Min* HudBay Min Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hybrid Mineral Hylands Intl

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

409 140 0 87 213 4 6 16 513 42 33 6 277 284 262 181 407 599 29147 2467 462 66 238 1469 118 222 45547 158 199 178 7 48 1158 0 1303 140 432 602 2655 61 5 6082 140 332 15840 713 2477 8314 8189 226 196 80 434 85 2

2.59 2.05 0.00 0.07 0.07 0.46 0.68 0.11 0.14 0.05 0.10 0.06 0.08 0.51 0.40 0.54 0.11 0.46 4.21 0.16 0.13 0.17 0.23 0.04 0.03 0.90 6.32 1.14 1.45 0.98 0.52 0.63 0.35 0.00 0.02 1.16 1.39 0.10 0.13 0.40 0.28 0.06 0.04 3.24 0.15 0.12 0.17 8.29 10.45 0.28 0.23 0.10 0.11 0.33 0.04

I-Minerals* I-Minerals IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls Iconic Mnls * Idaho Champion Idaho Champion* IEMR Res IM Exploration IMC Intl Mng IMC Intl Mng* iMetal Res* iMetal Res IMPACT Silver Impala Platnm* Imperial Metal* Imperial Metal Imperial Mg Gr* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indiana Res* Indigo Expl Infinite Ore* Infinite Ore Inflection Res Infrastructure* Inomin Mines Intact Gold* Intact Gold Integra Res Integra Res* Inter-Rock Mnl* Inter-Rock Mnl Intercontinent Intercontinent* Intl Battery* Intl Battery Intl Bethl Mng* Intl Bethl Mng Intl Cobalt* Intl Cobalt Intl Cons Uran* Intl Cons Uran Intl Lithium Intl Lithium* Intl Millm Mng Intl Montoro* Intl Montoro Intl Prospect * Intl Prospect Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite Intl Zeolite* Intrepid Pots* INV Metals* INV Metals Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Ion Energy* Ion Energy Irving Res* Irving Res IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader* Jade Leader Jaeger Res * Jaeger Res Jaguar Mng Jaguar Mng* Japan Gold Japan Gold* Jasper Mining* Jasper Mining Jaxon Mining* Jaxon Mining Jayden Res Jayden Res* Jazz Res Jervois Mining Jervois Mining* JNC Resources* JNC Resources Josemaria Res Joshua Gold* Jourdan Res Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kaizen Discvry* Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Mining* Kenadyr Mining Kenorland Min Kesselrun Res* Kesselrun Res Kestrel Gold

O 111 V 134 T 6916 N 36549 O 43 V 6051 O 616 C 852 O 559 V 740 C 85 C 819 O 472 O 412 V 1260 V 1522 O 11 O 31 T 295 O 405 V 1791 O 72 V 100 O 9057 V 269 O 14 O 0 V 185 O 13847 V 19370 C 347 O 1237 V 1011 O 100 V 77 V 241 X 400 O 5 V 15 V 27 O 12 O 941 C 723 O 58 V 509 O 1251 C 4511 O 43 V 679 V 11510 O 8047 V 12411 O 435 V 5839 O 267 V 268 O 384719 X 2578 T 91 V 868 O 191 N 910 O 37 T 189 O 26 V 373 V 1048 O 148 O 455 V 1009 O 354 C 180 V 2783 O 12 V 33 O 850 O 992 T 10860 C 13 O 75 V 303 O 18 V 59 T 1210 O 265 V 660 O 83 O 0 V 4 O 40 V 179 V 198 O 17 V 613 V 2180 O 2002 O 378 C 805 T 589 O 352 V 1302 O 143 O 138 V 392 O 60 V 253 O 216 T 4925 O 1422 V 348 V 689 O 43 V 154 C 25 T 158 V 57 O 768 O 222975 O 1084 V 573 V 233 O 135 V 3209 V 2015

0.05 0.05 4.53 3.57 0.11 0.29 0.22 0.19 0.15 0.05 0.21 0.34 0.27 0.13 0.16 1.02 17.50 3.73 4.84 0.20 0.20 0.39 0.48 0.05 0.14 0.10 0.06 0.11 0.19 0.23 0.43 0.02 0.21 0.05 0.09 4.46 3.53 0.35 0.44 0.16 0.14 0.71 0.90 0.04 0.09 0.05 0.06 1.18 1.55 0.16 0.13 0.03 0.09 0.12 0.08 0.12 0.00 1.39 1.76 0.17 0.13 32.84 0.35 0.46 0.17 0.25 0.04 0.04 0.69 0.67 2.00 2.52 3.49 0.54 0.64 0.19 6.25 7.90 0.35 0.07 0.11 0.04 0.05 10.88 9.30 0.42 0.33 0.00 0.07 0.07 0.09 0.14 0.11 0.33 0.55 0.45 0.22 0.26 0.76 0.14 0.15 0.23 0.31 0.39 2.10 0.50 0.27 7.75 6.31 0.25 0.06 0.05 1.42 0.20 0.28 0.69 2.75 0.00 0.04 0.05 0.88 0.14 0.17 0.11

0.15 0.10 0.14 0.07 0.09 0.06 0.07 0.05 0.02 0.07 0.05 0.07 0.03 0.02 0.05 0.05 0.13 0.09 0.05 0.01 0.04 0.04 0.10 0.08 0.07 0.15 0.11 0.04 0.06 1.29 2.51 0.18 0.23 0.03 0.02 0.11 0.05 0.55 0.03 0.03 0.00 0.19 0.26 0.05 0.08 0.00 0.01 0.02 0.20 0.37 0.20 0.10 0.01 0.02 4.09 3.79 0.02 0.02 0.24 0.16 0.18 0.76 0.05 0.05 0.04 1.17 1.50 2.02 0.01 0.01 0.46 0.27 0.75 0.11 0.02 0.02 0.09 0.06 0.02 0.12 0.05 0.07 0.04 0.09 0.06 0.00 0.03 0.02 0.04 0.04 0.02 0.06 0.06 0.25 0.28 0.07 0.20 0.13 0.12 0.04 0.10 0.66 0.03 2.56 0.17 1.85 0.00 0.03 0.03 3.10 5.11 0.06 0.04 0.01 0.02 0.11 0.06 0.12 0.85 0.20 0.14 0.09 0.02 0.01 0.01 0.07 0.18 0.04 0.07 0.09 0.12 0.12 0.00 0.12 0.02 0.08 0.05 0.10 0.08 0.03 0.03 0.07 0.10 2.88 2.10 0.09 0.06 0.07 0.10 0.08 0.03 0.00 0.10 0.15 0.03 0.03 0.30 0.30 3.68 7.46 0.00 0.23 0.32 0.15 0.04 0.01 0.06 0.03 0.04 0.14 0.07 0.05 0.08 0.05 0.02 0.02 0.09 0.02 0.09 0.12 0.00 0.08

Exc Volume

Week

High Low

High

Low

Last

12-month Change

2.36 2.40 1.85 1.88 0.00 0.00 unch 0.00 0.06 0.07 0.07 0.46 0.46 0.58 0.58 0.08 0.11 + 0.11 0.13 + 0.04 0.04 0.03 0.03 0.00 0.06 + 0.07 0.08 + 0.44 0.44 0.35 0.35 0.44 0.52 + 0.10 0.11 unch 0.42 0.45 + 3.75 3.86 0.14 0.14 0.11 0.11 0.12 0.16 + 0.18 0.21 + 0.03 0.03 0.02 0.02 0.77 0.90 + 5.65 6.09 0.90 0.91 1.14 1.16 0.77 0.90 0.00 0.44 0.00 0.62 0.04 0.19 + 0.00 0.27 unch 0.02 0.02 unch 0.96 1.00 1.22 1.25 0.06 0.10 + 0.08 0.13 + 0.37 0.39 0.28 0.28 unch 0.03 0.04 + 0.02 0.04 + 2.94 2.97 0.07 0.11 + 0.05 0.09 + 0.15 0.15 6.48 8.09 + 8.27 10.21 + 0.24 0.24 0.18 0.20 0.08 0.08 0.10 0.11 unch 0.00 0.29 0.04 0.04 unch

High Low

0.15 0.12 0.00 0.00 0.01 0.00 0.01 0.03 0.03 0.01 0.07 0.00 0.01 0.05 0.03 0.09 0.00 0.02 0.27 0.02 0.01 0.03 0.01 0.01 0.00 0.10 0.08 0.19 0.29 0.05 0.07 0.01 0.13 0.00 0.00 0.07 0.06 0.04 0.05 0.01 0.00 0.01 0.01 0.02 0.03 0.03 0.01 1.34 1.62 0.03 0.00 0.02 0.00 0.01 0.00

2.75 2.13 0.00 0.08 0.10 0.67 0.93 0.16 0.40 0.06 0.15 0.11 0.16 0.54 0.41 2.94 0.15 0.47 7.61 0.22 0.16 0.20 0.29 0.05 0.04 1.35 8.45 1.30 2.25 1.92 0.81 1.11 0.35 0.39 0.03 2.44 3.14 0.10 0.13 0.42 0.29 0.09 0.21 4.35 0.15 0.21 0.20 8.29 10.45 0.38 0.29 0.15 0.20 0.75 0.06

0.67 0.53 0.00 0.02 0.03 0.29 0.43 0.07 0.08 0.01 0.01 0.01 0.02 0.14 0.10 0.39 0.06 0.15 1.76 0.08 0.05 0.04 0.06 0.01 0.00 0.28 1.40 0.10 0.30 0.55 0.04 0.17 0.02 0.02 0.01 0.42 0.57 0.01 0.02 0.06 0.04 0.02 0.01 0.99 0.01 0.00 0.03 1.23 1.66 0.07 0.04 0.01 0.04 0.05 0.03

0.00 0.00 0.46 0.35 0.01 0.05 0.04 0.02 0.02 0.01 0.03 0.02 0.03 0.02 0.04 0.01 1.10 0.17 0.24 0.01 0.00 0.01 0.02 0.01 0.00 0.00 0.00 0.02 0.00 0.02 0.03 0.00 0.02 0.00 0.01 0.19 0.16 0.00 0.00 0.01 0.03 0.08 0.08 0.00 0.03 0.00 0.01 0.07 0.07 0.03 0.02 0.01 0.02 0.02 0.00 0.00 0.00 0.19 0.27 0.03 0.03 0.38 0.00 0.02 0.04 0.01 0.00 0.00 0.03 0.03 0.19 0.29 0.74 0.05 0.07 0.00 0.94 1.16 0.00 0.00 0.00 0.00 0.00 1.13 0.80 0.03 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.05 0.03 0.03 0.02 0.06 0.01 0.01 0.02 0.04 0.06 0.05 0.01 0.01 0.90 0.65 0.04 0.02 0.01 0.03 0.00 0.02 0.01 0.22 0.00 0.00 0.00 0.04 0.03 0.01 0.01

0.05 0.06 7.07 5.35 0.14 0.29 0.22 0.44 0.47 0.05 0.21 1.00 0.73 0.38 0.50 1.25 17.50 4.90 6.25 0.90 0.24 0.67 0.86 0.08 0.23 0.17 0.06 0.15 0.19 0.23 0.63 0.02 0.25 0.06 0.09 5.90 5.50 0.35 0.48 0.33 0.25 0.78 0.99 0.04 0.09 0.07 0.09 1.30 1.73 0.16 0.13 0.04 0.09 0.12 0.15 0.23 0.00 2.27 3.07 0.20 0.13 32.84 0.78 1.11 0.26 0.33 0.04 0.04 1.40 0.67 3.36 4.42 3.49 0.62 0.80 0.21 6.25 7.90 0.42 0.13 0.18 0.04 0.08 11.30 9.30 0.47 0.38 0.13 0.18 0.09 0.14 0.14 0.11 0.38 0.55 0.45 1.75 0.30 0.91 0.20 0.18 0.23 0.31 0.39 2.25 0.96 0.65 8.95 7.16 0.40 0.07 0.06 1.95 0.30 0.33 1.28 3.57 0.00 0.06 0.08 1.75 0.37 0.47 0.20

0.01 0.02 2.00 1.44 0.01 0.04 0.02 0.07 0.05 0.01 0.04 0.10 0.07 0.06 0.08 0.22 4.60 0.70 0.99 0.08 0.03 0.07 0.17 0.01 0.03 0.01 0.02 0.06 0.03 0.03 0.34 0.00 0.03 0.02 0.03 1.53 3.06 0.13 0.16 0.09 0.08 0.05 0.07 0.01 0.01 0.00 0.01 0.02 0.10 0.03 0.02 0.01 0.01 0.01 0.06 0.08 0.00 0.33 0.43 0.02 0.02 6.00 0.13 0.17 0.08 0.10 0.01 0.01 0.13 0.27 1.02 1.45 0.23 0.14 0.21 0.03 1.35 1.80 0.20 0.02 0.04 0.00 0.01 1.30 0.91 0.21 0.12 0.03 0.03 0.03 0.03 0.01 0.00 0.14 0.11 0.05 0.08 0.06 0.31 0.04 0.01 0.03 0.06 0.11 0.20 0.11 0.07 1.55 1.12 0.18 0.04 0.02 0.13 0.11 0.09 0.10 2.30 0.00 0.02 0.02 0.80 0.02 0.03 0.01

I-J-K 0.03 0.04 + 0.04 0.05 unch 3.94 3.99 3.13 3.16 0.00 0.10 + 0.20 0.28 + 0.16 0.22 + 0.15 0.15 0.11 0.12 0.03 0.03 0.00 0.20 + 0.27 0.30 0.22 0.22 0.09 0.10 0.11 0.12 0.90 0.92 0.00 16.25 + 3.24 3.54 4.12 4.49 0.14 0.15 0.17 0.20 unch 0.36 0.37 + 0.45 0.47 + 0.04 0.05 + 0.13 0.14 unch 0.00 0.10 0.06 0.06 unch 0.09 0.09 0.09 0.11 + 0.11 0.14 + 0.36 0.41 + 0.01 0.02 + 0.17 0.19 0.04 0.04 unch 0.00 0.08 4.15 4.25 3.26 3.37 0.35 0.35 0.00 0.44 unch 0.00 0.15 0.11 0.14 + 0.57 0.70 + 0.74 0.85 + 0.04 0.04 + 0.04 0.07 + 0.04 0.04 0.05 0.05 1.03 1.03 1.29 1.29 0.11 0.14 + 0.09 0.11 + 0.02 0.03 + 0.05 0.07 + 0.07 0.09 + 0.00 0.08 + 0.10 0.11 unch 0.00 0.00 1.16 1.17 1.47 1.48 0.11 0.11 0.09 0.09 28.31 31.72 0.33 0.34 + 0.41 0.43 0.00 0.17 0.21 0.24 0.03 0.04 unch 0.02 0.02 unch 0.45 0.48 0.57 0.60 1.60 1.72 2.04 2.15 2.21 2.98 + 0.40 0.49 0.00 0.64 + 0.16 0.18 + 5.19 6.20 + 6.61 7.81 + 0.34 0.34 unch 0.00 0.06 + 0.08 0.09 unch 0.04 0.04 + 0.04 0.05 unch 9.13 9.32 7.03 7.41 0.38 0.38 0.28 0.32 0.00 0.13 unch 0.00 0.07 0.07 0.07 unch 0.00 0.08 unch 0.12 0.13 0.00 0.10 0.26 0.27 unch 0.46 0.51 + 0.36 0.40 + 0.16 0.17 0.21 0.24 0.65 0.75 + 0.08 0.12 + 0.11 0.15 + 0.19 0.22 + 0.25 0.25 0.32 0.32 1.00 1.70 0.46 0.48 0.23 0.27 + 6.51 6.56 5.06 5.23 0.18 0.19 0.05 0.05 0.03 0.03 1.25 1.27 0.20 0.20 unch 0.23 0.27 + 0.60 0.61 2.43 2.46 0.00 0.00 0.03 0.04 + 0.04 0.04 unch 0.80 0.81 0.11 0.11 0.14 0.17 + 0.09 0.09 -

(100s) Stock

Exc Volume

Week High

Low

0.00 0.02 0.02 0.02 0.00 0.18 0.20 0.22 0.04 0.04 0.00 0.05 0.17 0.21 0.16 0.16 0.00 0.18 0.12 0.14 8.21 8.28 6.50 6.54 0.10 0.13 0.00 0.32 0.00 0.27 44.96 45.09 35.55 35.73 0.19 0.20 0.15 0.17 0.10 0.12 0.14 0.14 1.18 1.34 0.00 0.19 0.25 0.26 0.29 0.31 0.38 0.40 0.10 0.12 0.00 0.09 0.93 0.95 0.40 0.54 2.00 2.34 1.57 1.87 0.02 0.03 0.01 0.01

Kilo Goldmines Kilo Goldmines* Kincora Copper* Kincora Copper King Global* King Global Kingman Min Kings Bay Res Kingsmen Res Kingsmen Res* Kinross Gold Kinross Gold* Kintavar Exp Kiplin Metals Kiplin Metals* Kirkland Lake Kirkland Lake* Klondike Gold Klondike Gold* Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kootenay Zinc* Kore Mining Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

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

635 62 4 303 18 11 1154 87 186 53 25169 99497 1115 0 0 4669 9634 2692 377 2010 3893 148 45 1351 1150 1659 2218 87 438 704 504 522 19144 127

0.03 0.02 0.18 0.23 0.05 0.05 0.21 0.18 0.24 0.14 9.42 7.43 0.13 0.00 0.00 49.14 38.75 0.23 0.18 0.13 0.16 1.51 0.23 0.29 0.33 0.41 0.14 0.10 1.06 0.65 2.38 1.88 0.03 0.02

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl Laramide Res Laredo Res* Largo Res* Largo Res Lasalle Explor* Lasalle Explor Latin Metals Latin Metals* Laurion Mnl Ex Laurion Mnl Ex* Le Mare Gold* Le Mare Gold Leading Edge Leading Edge* Leeta Gold Legion Metals Leo Res* Leocor Gold Lepanto Con Mg* Leviathan Gold Libero Copper* Libero Copper Liberty Gold* Liberty One Li Liberty One Li* Lida Resources* Lido Minerals Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi* Lithium Energi Lithoquest Res* Lithoquest Res LKA Gold* Lode-Star Mg* Logan Res* Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes* Los Andes Lovitt Res Lovitt Res* Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lydian Intl* Lynas Corp* Lynas Corp*

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

628 819 1223 35 1109 31792 100 3426 19520 6835 8326 220 412 190 14 681 60 1 97 808 1087 69688 2367 1 227 348 3689 509 4630 1751 60 37 778 156 259 806 406 4054 30734 8296 15836 7355 225 563 7 268 126 39 1 110 9671 7912 85 370 67 3 17 22 22 1778 34 1678 20 12 875 1546 682 1493 501 11930 24 195 423 1975 4801

0.30 0.38 0.50 29.11 36.75 0.32 0.72 0.49 0.08 1.72 2.10 0.16 0.19 0.20 0.15 0.20 0.15 0.03 0.06 0.38 0.32 7.25 0.30 0.21 0.50 0.01 0.75 0.08 0.11 1.39 0.89 0.72 0.05 0.24 0.14 1.60 1.27 30.20 23.87 0.95 0.75 0.90 0.24 0.30 0.09 0.12 0.15 0.14 0.30 0.25 0.27 0.22 0.55 0.69 0.95 4.66 6.95 0.17 0.13 1.00 0.08 0.10 0.26 0.36 0.68 0.83 0.65 10.87 12.22 15.42 0.06 0.07 0.02 4.92 4.91

Macarthur Min* Macarthur Min MacDonald Mns* MacDonald Mns MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Terra* Magna Terra Magnum Goldco Majestic Gold* Majestic Gold Major Precious* Major Precious Makara Mining* Makara Mining Makena Res* Mako Mining* Mako Mining Mammoth Res * Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Mangazeya Mng* Manitou Gold * Manitou Gold Mansa Explor Maple Gold* Maple Gold Marathon Gold* Marathon Gold Marifil Mines* Marifil Mines Marimaca Cop Marimaca Cop* Mariner Res* Maritime Res Martina Mnls MartinMarietta* Mas Gold Mascota Res* Mason Graphite Mason Graphite* Matachewan Con Matica Ent Matmown* Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent MaxTech Vent* Maxwell Res* Mazarin McChip Res McEwen Mng* McEwen Mng McLaren Res MDN Inc* Mechel* Medallion Res Medallion Res*

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

134 633 5036 5277 1079 43 176 109 10 280 48 48 52 251 1523 292 128 842 1213 1534 74 393 164 59 7800 13611 234 3 93 3552 1227 1192 1665 418 3998 167 202 469 6 206 3118 61 2319 394 0 4033 1690 23 7390 111 383 1685 366 1466 1666 609 58 0 20 66 33200 2456 517 65 917 4581 7440

0.54 0.67 0.06 0.07 25.70 1.24 1.04 0.84 0.15 0.19 0.10 0.05 0.05 0.28 0.36 0.55 0.63 1.74 0.29 0.37 0.25 0.14 2.43 1.91 0.82 1.04 0.10 0.07 0.07 0.10 0.12 0.24 0.31 2.49 3.15 0.07 0.09 3.97 3.07 0.50 0.14 0.07 338.77 0.19 0.00 1.09 0.91 0.23 0.08 0.01 6.86 5.41 0.26 0.33 0.31 0.08 0.06 0.00 0.16 0.72 1.29 1.63 0.09 2.00 1.95 0.75 0.59

Last

12-month Change

High Low

unch + unch + + + + unch unch + + + + -

0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.03 0.02 1.07 0.84 0.03 0.00 0.00 3.50 2.52 0.02 0.02 0.01 0.02 0.12 0.03 0.01 0.00 0.01 0.01 0.03 0.08 0.04 0.19 0.17 0.01 0.01

0.03 0.04 0.24 0.57 0.05 0.07 0.22 0.30 0.24 0.15 13.59 10.32 0.15 0.45 0.33 76.43 57.69 0.39 0.29 0.26 0.34 2.51 0.35 0.54 0.46 0.54 3.00 1.16 2.01 4.09 3.13 2.47 0.03 0.02

0.01 0.00 0.15 0.06 0.00 0.02 0.06 0.05 0.09 0.07 4.00 2.72 0.05 0.06 0.01 25.67 18.03 0.14 0.10 0.01 0.02 0.12 0.05 0.05 0.08 0.12 0.07 0.06 0.15 0.03 0.45 0.32 0.01 0.00

+ + + + + + unch unch + + unch + + unch unch + + + + + + + + + + + + unch + unch unch + + + + + + +

0.03 0.03 0.01 1.97 2.08 0.04 0.01 0.05 0.02 0.16 0.20 0.00 0.01 0.00 0.01 0.02 0.01 0.00 0.00 0.01 0.00 2.83 0.01 0.00 0.00 0.00 0.07 0.00 0.01 0.06 0.03 0.05 0.00 0.02 0.02 0.15 0.11 2.04 1.41 0.08 0.06 0.27 0.04 0.06 0.02 0.02 0.02 0.01 0.07 0.06 0.01 0.00 0.04 0.05 0.03 0.00 0.65 0.01 0.00 0.16 0.00 0.00 0.00 0.02 0.01 0.01 0.03 1.21 1.56 1.91 0.01 0.01 0.00 0.79 0.79

0.50 0.63 0.95 29.25 36.75 0.50 1.02 0.49 0.09 1.72 2.18 0.16 0.22 0.23 0.18 0.24 0.18 0.05 0.09 0.43 0.33 7.25 0.42 0.50 1.00 0.01 0.99 0.16 0.22 1.82 0.90 1.00 0.20 0.30 0.28 2.66 2.00 36.60 28.75 1.15 0.89 0.90 0.26 0.33 0.11 0.14 0.20 0.28 18.09 0.55 0.28 0.22 0.66 0.89 2.33 5.51 7.50 0.27 0.20 1.00 0.22 0.27 0.37 0.58 0.91 1.19 1.08 13.49 12.22 15.42 0.06 0.08 0.07 4.92 4.91

0.10 0.10 0.00 9.71 13.25 0.02 0.45 0.10 0.00 0.40 0.56 0.10 0.08 0.05 0.04 0.09 0.09 0.03 0.04 0.01 0.03 0.14 0.14 0.01 0.09 0.00 0.53 0.02 0.03 0.38 0.40 0.01 0.02 0.17 0.05 0.72 0.50 2.90 1.92 0.10 0.07 0.07 0.03 0.03 0.03 0.03 0.04 0.04 0.00 0.06 0.02 0.01 0.22 0.32 0.32 2.66 1.95 0.09 0.09 0.40 0.04 0.06 0.17 0.16 0.29 0.46 0.41 5.82 2.82 4.08 0.00 0.01 0.00 0.55 0.58

0.50 0.52 0.61 0.63 0.05 0.05 0.06 0.07 22.98 25.33 + 1.02 1.04 1.00 1.03 unch 0.78 0.82 + 0.00 0.14 0.15 0.17 0.09 0.10 unch 0.04 0.04 0.00 0.05 0.24 0.28 + 0.23 0.30 0.35 0.42 0.47 0.53 + 1.26 1.37 0.26 0.28 + 0.34 0.35 + 0.00 0.10 + 0.11 0.12 1.91 2.00 1.51 1.58 0.56 0.61 0.71 0.78 0.09 0.10 0.00 0.07 unch 0.06 0.07 + 0.08 0.10 + 0.09 0.12 + 0.22 0.23 0.28 0.29 2.15 2.22 2.72 2.81 0.05 0.06 + 0.07 0.09 + 3.35 3.89 + + 2.66 3.07 0.38 0.39 0.13 0.13 0.06 0.07 + 315.80 336.34 + 0.14 0.19 + 0.00 1.40 unch 0.81 1.01 + 0.61 0.80 + 0.18 0.21 + 0.06 0.07 + 0.01 0.01 6.15 6.40 4.83 5.08 0.21 0.22 0.26 0.28 0.27 0.28 0.07 0.08 unch 0.05 0.06 0.00 0.05 unch 0.13 0.16 + + 0.00 0.72 1.12 1.14 1.43 1.44 0.07 0.08 unch 0.51 0.91 1.81 1.92 + 0.31 0.61 + 0.24 0.49 +

0.00 0.01 0.00 0.01 1.07 0.04 0.00 0.01 0.02 0.02 0.00 0.00 0.01 0.04 0.01 0.03 0.01 0.19 0.00 0.01 0.00 0.01 0.38 0.33 0.07 0.11 0.01 0.00 0.00 0.02 0.02 0.01 0.02 0.17 0.22 0.01 0.02 0.46 0.41 0.00 0.02 0.02 5.51 0.02 0.00 0.16 0.14 0.01 0.01 0.00 0.32 0.21 0.03 0.04 0.03 0.00 0.00 0.00 0.03 0.07 0.07 0.08 0.00 0.14 0.03 0.29 0.24

0.54 0.70 0.10 0.15 31.21 1.66 1.89 1.46 0.18 0.48 0.11 0.06 0.08 0.52 0.82 1.27 1.65 1.75 0.50 0.54 0.25 0.15 2.73 2.13 0.85 1.11 0.13 0.09 0.07 0.10 0.15 0.42 0.56 2.74 3.35 0.08 0.11 3.97 3.07 0.63 0.23 0.18 338.77 0.25 2.60 1.09 0.91 0.23 0.09 0.05 7.78 6.10 0.44 0.57 0.55 0.12 0.09 1.00 0.18 0.90 1.60 2.02 0.18 2.00 3.24 0.75 0.59

0.04 0.07 0.04 0.05 5.33 0.20 0.24 0.02 0.13 0.15 0.03 0.02 0.04 0.17 0.13 0.30 0.27 0.22 0.18 0.25 0.00 0.02 0.46 0.38 0.04 0.06 0.04 0.02 0.02 0.03 0.08 0.03 0.04 0.52 0.71 0.02 0.03 1.00 0.03 0.33 0.05 0.05 135.08 0.03 0.51 0.12 0.08 0.10 0.02 0.00 3.10 2.51 0.11 0.16 0.06 0.03 0.02 0.03 0.05 0.39 0.53 0.76 0.03 0.14 1.28 0.05 0.03

L 0.27 0.34 0.37 26.88 33.90 0.23 0.68 0.39 0.04 1.39 1.76 0.16 0.17 0.18 0.15 0.18 0.00 0.03 0.00 0.33 0.27 3.23 0.26 0.00 0.45 0.00 0.53 0.07 0.09 1.20 0.83 0.65 0.03 0.17 0.00 1.42 1.12 24.51 19.25 0.64 0.50 0.55 0.19 0.24 0.00 0.08 0.08 0.08 0.23 0.00 0.19 0.15 0.48 0.59 0.81 0.00 5.91 0.17 0.13 0.81 0.06 0.08 0.26 0.00 0.61 0.77 0.57 9.54 10.20 12.95 0.05 0.06 0.01 3.92 3.90

0.27 0.34 0.46 29.11 36.63 0.29 0.71 0.44 0.04 1.59 2.01 0.16 0.18 0.18 0.15 0.18 0.14 0.03 0.05 0.37 0.28 6.80 0.28 0.21 0.45 0.00 0.61 0.08 0.11 1.36 0.83 0.71 0.04 0.18 0.12 1.45 1.14 26.49 21.03 0.76 0.60 0.88 0.19 0.24 0.08 0.09 0.11 0.14 0.23 0.25 0.26 0.20 0.54 0.67 0.95 4.39 6.90 0.17 0.13 0.83 0.07 0.09 0.26 0.34 0.64 0.81 0.65 9.58 12.05 15.21 0.05 0.06 0.01 4.75 4.77

WWW.NORTHERNMINER.COM

MARCH 1—14, 2021 / THE NORTHERN MINER

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

Exc Volume

Week Low

0.05 0.06 0.07 0.07 0.00 0.00 0.12 0.25 + 0.16 0.17 0.20 0.22 0.11 0.12 unch 0.00 0.10 0.43 0.51 + 0.31 0.40 + 0.07 0.08 + 0.09 0.10 + 0.64 0.66 0.51 0.52 0.20 0.32 + 0.17 0.24 + 0.00 0.13 unch 0.00 0.00 unch 0.04 0.04 unch 0.05 0.06 unch 0.09 0.10 0.09 0.09 unch 11.63 12.02 0.60 0.65 0.47 0.51 0.03 0.03 0.35 0.39 0.14 0.15 unch 2.62 2.81 + 2.06 2.21 + 0.10 0.11 + 0.12 0.15 + 0.15 0.17 + 0.37 0.38 0.09 0.10 0.09 0.09 0.06 0.07 0.33 0.33 0.10 0.10 unch 0.75 0.96 + 0.63 0.70 unch 0.21 0.23 + 0.29 0.29 unch 2.59 2.95 3.35 3.71 0.08 0.09 0.11 0.12 unch 0.09 0.09 unch 0.45 0.47 0.35 0.37 0.38 0.41 + 0.48 0.49 0.41 0.44 0.53 0.56 0.10 0.12 0.14 0.15 + 0.18 0.18 0.23 0.23 0.00 27.15 unch 0.00 0.00 0.03 0.03 unch 0.04 0.04 0.02 0.06 0.07 0.07 0.00 0.00 + 0.00 0.34 0.06 0.06 unch 0.51 0.55 unch 0.16 0.16 0.00 0.35 + 0.09 0.09 0.11 0.12 unch 0.30 0.50 + 0.24 0.41 + 0.12 0.13 0.09 0.10 0.78 0.91 + 0.33 0.33 0.26 0.26 0.13 0.14 unch 0.00 0.27 unch 0.00 0.20 0.85 0.85 0.02 0.02 0.02 0.03 0.51 0.59 0.62 0.76 0.13 0.14 0.01 0.11 + 0.16 0.16 0.00 0.19 27.23 29.08 0.00 0.10 unch 0.64 0.64 unch 0.41 0.45 0.32 0.36 0.51 0.60 + 0.65 0.75 + 0.90 0.92 0.12 0.13 + 0.16 0.17 unch 0.07 0.08 unch

Medgold Res* Medgold Res Medinah Mnrls* Mega Copper Mega Uranium* Mega Uranium Megastar Dev Megastar Dev* MegaWatt Lith MegaWatt Lith* MegumaGold* MegumaGold Melkior Res Melkior Res* Meridian Mg Meridian Mg * Meryllion Res Meryllion Res* MetalCorp* MetalCorp Metalex Vent Metalex Vent * Metalla Rylty Metallic Mnrls Metallic Mnrls* Metallica Min* Metallis Res Metalo Manuf Metalore Res Metalore Res* Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* MGX Minerals MGX Minerals* Mich Resources Midasco Cap Midland Expl Midnight Star Midnight Sun* Midnight Sun Millennial Lit* Millennial Lit Millrock Res* Millrock Res Milner Con Slv Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Mtn* Mineral Mtn Mineral Res* MineralRite* Mineworx Tech* Mineworx Tech Minfocus Expl* Minfocus Expl Mining Global* Minnova Corp Minsud Res Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Mojave Gold Mojave Gold* Monarca Mnrls Monarca Mnrls* Monarch Mining Moneta Porcpn Moneta Porcpn* Mongoose Mg Monitor Vent Monitor Vent* Montage Gold Montego Res Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Morien Res* Morien Res Mosaic* Mosaic Min Mount Gibson * Mountain Boy Mountain Boy* Mountain Prov* Mountain Prov MPV Explor Mundoro Cap* Mundoro Cap Murchison Min

O 161 V 1828 O 21922 V 41 O 3069 T 8639 V 255 O 24 C 3591 O 937 O 122 C 808 V 131 O 54 V 5503 O 447 C 0 O 0 O 100 V 117 V 944 O 5 V 185 V 1231 O 798 O 3 V 757 C 128 V 2 O 1 O 687 V 5299 O 1852 V 398 O 454 C 1463 O 1489 C 93 V 10 V 430 C 2299 O 41 V 44 O 429 V 933 O 886 V 930 V 275 V 947 O 832 O 142 T 199 O 2617 V 2169 O 52 C 77 O 40 V 454 O 1 O 657102 O 8350 V 10486 O 84 V 72 O 3030398 V 217 V 5 V 754 C 1386 V 589 O 56 V 297 C 862 O 42 V 1107 O 999 T 992 T 2406 O 1324 C 7 V 8 O 8 V 411 C 202 C 5640 O 190 V 257 V 4567 O 117 O 108 V 174 N 41379 C 30 O 0 V 513 O 139 O 55 T 410 C 1807 O 382 V 403 V 187

0.06 0.08 0.00 0.28 0.21 0.25 0.13 0.10 0.55 0.44 0.08 0.10 0.78 0.60 0.37 0.26 0.00 0.00 0.04 0.06 0.11 0.09 13.10 0.78 0.62 0.04 0.44 0.15 2.81 2.21 0.15 0.18 0.18 0.41 0.12 0.10 0.08 0.35 0.10 0.99 0.71 0.24 0.30 3.18 4.03 0.10 0.13 0.14 0.53 0.42 0.41 0.52 0.49 0.62 0.13 0.15 0.22 0.25 0.00 0.00 0.04 0.04 0.07 0.08 0.00 0.41 0.06 0.58 0.18 0.38 0.11 0.12 0.55 0.42 0.15 0.12 1.10 0.37 0.30 0.14 0.27 0.21 0.95 0.03 0.03 0.62 0.79 0.15 0.12 0.19 0.25 31.05 0.11 0.64 0.48 0.38 0.60 0.75 1.09 0.15 0.18 0.08

NA Frac Sand* NACCO Ind* Namibia Crit Namibia Crit* Napier Vent* Natural Res Pt* Nautilus Mnrls* Navis Res Corp* Neo Lithium Neometals* Network Expl Network Expl* Nevada Canyon* Nevada Copper Nevada Expl * Nevada Expl Nevada Sunrise* Nevada Sunrise Nevada Zinc Nevado Res New Age Metals* New Age Metals New Carolin Gd* New Carolin Gd New Destiny Mg* New Destiny Mg New Energy Met* New Energy Met New Found Gold New Gold* New Gold New Guinea Gld* New Jersey Mng* New Oroperu New Pac Metals New Placer* New Placer New Stratus New Tech Min* New Tech Min New World Res* Newcore Gold Newcore Gold* Newcrest Mg Newcrest Mg* Newlox Gold Newmac Res Newmont Corp* Newmont Corp Newport Expl Newport Gold* NewRange Gold* NewRange Gold Nexa Resources Nexa Resources* Nexco Res Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold NGEx Minerals* NGEx Minerals Nickel Creek* Nickel Creek Nickel North Nickel Rock Nickel Rock* Nicola Mg Inc* Nicola Mg Inc

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

0.02 27.13 0.33 0.27 0.02 19.52 0.03 3.20 3.59 0.61 1.50 1.15 0.60 0.24 0.16 0.20 0.15 0.18 0.14 0.16 0.18 0.22 0.05 0.06 0.07 0.09 0.10 0.12 3.50 1.83 2.31 0.01 0.30 2.60 6.98 0.18 0.22 0.38 0.10 0.15 3.07 0.65 0.51 27.21 20.50 0.33 0.09 59.24 75.17 0.59 0.02 0.11 0.15 14.46 11.50 0.35 5.41 4.27 0.53 0.06 0.08 0.54 0.68 0.14 0.17 0.06 0.64 0.50 0.11 0.13

Last

12-month

High

Change

Stock

0.01 0.01 0.00 0.13 0.01 0.01 0.00 0.00 0.05 0.05 0.00 0.01 0.09 0.07 0.12 0.07 0.00 0.00 0.00 0.00 0.02 0.00 0.74 0.11 0.09 0.01 0.04 0.00 0.19 0.15 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.00 0.17 0.00 0.00 0.00 0.16 0.24 0.00 0.00 0.00 0.04 0.04 0.01 0.01 0.03 0.04 0.00 0.01 0.03 0.02 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.08 0.00 0.00 0.02 0.06 0.02 0.00 0.04 0.03 0.02 0.02 0.04 0.04 0.03 0.00 0.00 0.00 0.10 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.06 0.19 0.00 0.00 0.01 0.00 0.07 0.06 0.05 0.01 0.00 0.00

0.08 0.11 0.00 0.29 0.21 0.25 0.20 0.14 1.17 0.90 0.16 0.21 1.25 1.00 0.39 0.26 0.20 0.04 0.08 0.11 0.13 0.10 16.87 1.30 0.94 0.04 0.64 0.25 3.65 2.36 0.15 0.18 0.27 0.44 0.15 0.15 0.11 0.40 0.10 1.13 0.71 0.31 0.37 4.16 5.25 0.23 0.32 0.20 0.85 0.67 0.60 0.83 0.62 0.78 0.18 0.25 0.41 0.50 27.15 0.00 0.10 0.13 5.00 0.10 0.00 0.60 0.10 0.59 0.41 0.38 0.13 0.18 0.67 0.52 0.30 0.20 1.31 0.48 0.38 0.14 0.45 0.37 1.27 0.06 0.10 0.75 0.95 0.15 0.12 0.43 0.58 31.05 0.15 0.74 0.69 0.52 0.86 1.14 1.35 0.18 0.21 0.16

0.02 0.03 0.00 0.02 0.03 0.05 0.05 0.05 0.09 0.17 0.06 0.09 0.06 0.02 0.06 0.05 0.05 0.00 0.00 0.01 0.02 0.01 4.06 0.10 0.07 0.01 0.11 0.07 1.00 0.81 0.02 0.03 0.03 0.15 0.01 0.05 0.02 0.15 0.07 0.46 0.10 0.04 0.03 0.38 0.61 0.06 0.09 0.02 0.22 0.16 0.14 0.20 0.11 0.16 0.07 0.05 0.13 0.22 11.75 0.00 0.02 0.04 0.01 0.02 0.00 0.05 0.05 0.29 0.04 0.05 0.06 0.08 0.03 0.02 0.02 0.01 0.59 0.06 0.04 0.05 0.12 0.08 0.75 0.01 0.02 0.03 0.01 0.04 0.00 0.06 0.08 6.50 0.05 0.40 0.14 0.09 0.17 0.25 0.21 0.06 0.09 0.05

0.00 0.61 0.01 0.01 0.00 0.38 0.01 0.32 0.02 0.03 0.31 0.20 0.24 0.07 0.01 0.01 0.03 0.04 0.02 0.02 0.01 0.02 0.01 0.00 0.02 0.02 0.01 0.01 0.23 0.26 0.33 0.00 0.02 0.31 0.49 0.01 0.01 0.06 0.01 0.03 0.18 0.03 0.01 0.35 1.47 0.02 0.02 2.27 3.23 0.05 0.01 0.02 0.04 1.07 0.65 0.05 0.20 0.12 0.05 0.01 0.01 0.11 0.05 0.00 0.01 0.01 0.18 0.13 0.02 0.01

0.03 48.88 0.37 0.32 0.12 19.52 0.04 5.00 3.88 0.61 2.05 1.62 4.00 0.32 0.29 0.38 0.25 0.31 0.16 0.18 0.19 0.24 0.09 0.11 0.07 0.11 0.20 0.12 4.90 2.40 3.05 0.13 0.39 3.59 9.02 0.80 0.95 0.62 0.10 0.15 3.26 0.92 0.70 31.25 26.42 0.40 0.16 72.22 96.45 0.60 0.02 0.31 0.43 14.46 12.58 0.40 5.41 4.27 0.53 0.12 0.14 0.54 0.69 0.24 0.33 0.10 1.18 0.93 0.14 0.21

0.00 17.95 0.10 0.06 0.00 8.50 0.00 0.92 0.38 0.05 0.08 0.06 0.11 0.06 0.08 0.12 0.01 0.01 0.03 0.07 0.02 0.05 0.02 0.03 0.00 0.02 0.00 0.03 1.24 0.39 0.55 0.00 0.12 0.54 2.34 0.05 0.19 0.03 0.02 0.03 0.36 0.14 0.09 23.11 11.59 0.03 0.03 33.00 44.00 0.25 0.00 0.05 0.07 3.94 2.57 0.06 0.76 0.50 0.02 0.01 0.03 0.16 0.24 0.02 0.02 0.01 0.04 0.02 0.04 0.04

Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Noble Metal * Noble Metal Noble Mineral Noble Mineral* Noram Vent Noram Vent* Noranda Alum* Norilsk Nickel* Noront Res* Noront Res Norra Metals Norse Gold Norseman Silv Norsemont Cap* Norsemont Cap Nortec Mnls* Nortec Mnls North Am Nickl North Am Nickl* North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res* North Peak Res Northcliff Res Northern Light Northern Uran Northisle C&G * Northisle C&G Northstar Gold Northstar Gold* Norvista Cap NorZinc* NorZinc Nouveau Monde* Nouveau Monde NovaGold Res NovaGold Res* Novo Res NovX21* NQ Minerals Pl* NRG Metals* Nrthn Graphite Nrthn Graphite* Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* Nrthn Vertex* Nrthn Vertex NSGold NSS Res Inc Nthn Dynasty Nthn Dynasty* Nthrn Sphere* Nubian Res Nuinsco Res* Nuinsco Res NuLegacy Gold NuLegacy Gold* Nutrien* Nutrien NV Gold* NV Gold O.T. Mining* O2Gold O3 Mining Oakley Vent OceanaGold OceanaGold* Oceanic Iron O Oceanic Iron O* Oceanus Res Oceanus Res* Odyssey Res Olivut Res* Olivut Res Omai Gold Omineca Mining Omineca Mining* One World Lith One World Lith* Opawica Expl Opawica Expl* Ophir Gold Ophir Gold* Optimum Vent Optimus Gold Opus One Gold* Opus One Gold Orbite Tech* Orca Gold Orca Gold* Orea Mining* Orea Mining Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold Orezone Gold* Orford Mining OrganiMax* OrganiMax Origen Res Original Sixtn* Orla Mining Oro X Mining* Oro X Mining Oroco Res Oroco Res* Orocobre Oronova Energy* Orosur Mng Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls* Osino Res Osisko Dev* Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Otso Gold* Otso Gold Outback Gold Outcrop Gold Outcrop Gold* OZ Minerals*

P2 Gold* P2 Gold Pac Bay Mnrls* Pac Bay Mnrls Pac Booker Min Pac Booker Min* Pac Cascade Pac Imperial Pac Ridge Expl* Pac Ridge Expl Pac Wildcat* Pacific Empire Pacific Rim Pacific Rim* Pacific Silk* Pacific Silk Pacton Gold Paladin Energy* Palamina Corp Palamina Corp* Palayan Res* Paleo Resource Paleo Resource* Palladium One Palladium One* Pampa Metals Pan Am Silver Pan Am Silver* Pan Andean Min* Pan Andean Min Pan Global Res Pan Global Res*

N-O 71968 78 232 416 66 203 3862 77 2815 676 1512 219 14 39312 690 540 807 958 184 65 7002 10636 160 695 94 462 52 144 585 38973 11678 556 706 216 764 210 1004 400 44 3973 132 1150 34 11 23 1353 8 36303 533 1161 175 400 3403 17 403 66 15273 11989 42594 274 1672 17 465 2713 3723 114 2050 2544 802 996

0.01 25.01 0.29 0.23 0.00 16.46 0.01 2.65 3.07 0.27 1.00 0.80 0.00 0.17 0.14 0.17 0.09 0.13 0.12 0.13 0.12 0.15 0.04 0.06 0.05 0.07 0.08 0.11 3.15 1.51 1.92 0.00 0.26 2.15 5.62 0.15 0.20 0.27 0.07 0.09 2.68 0.59 0.48 23.11 18.64 0.30 0.00 56.01 70.69 0.46 0.01 0.08 0.11 11.99 9.18 0.30 4.37 3.45 0.33 0.05 0.07 0.43 0.57 0.11 0.14 0.05 0.43 0.34 0.09 0.12

0.01 + 25.99 0.31 + 0.24 0.02 unch 17.41 0.03 + 3.17 + 3.28 + 0.33 + 1.19 0.93 0.36 0.24 + 0.15 + 0.18 0.11 0.14 0.12 0.15 + 0.14 + 0.18 + 0.05 + 0.06 unch 0.07 + 0.09 + 0.08 0.12 + 3.21 1.51 1.92 0.00 0.29 + 2.60 + 6.08 0.16 0.21 0.30 0.07 0.09 2.78 0.65 + 0.50 24.98 19.03 0.31 0.07 56.67 71.56 0.53 0.01 0.09 0.11 12.12 9.72 0.30 4.87 3.88 0.40 0.05 0.08 + 0.54 + 0.67 + 0.12 0.15 0.05 0.44 0.35 0.09 0.12 -

(100s)

High Low

Exc Volume

(100s) Stock

Week

12-month

High

Low

Last

Change

High Low

O 178 T 769 V 1352 V 110 T 1717 O 3640 V 1185 O 257 O 40 V 732 V 9536 O 1338 V 2944 O 715 O 973 O 514 O 685 V 3179 V 582 V 252 V 636 O 518 C 914 O 1159 V 2039 V 3713 O 1167 O 1 V 1055 O 463109 O 44 V 135 T 2429 C 3265 V 1468 O 314 V 1395 C 661 O 100 V 62 O 819 T 1029 O 11054 V 15227 T 902 X 5931 T 2109 O 5 O 106 O 370 V 1315 O 1491 V 16 O 1690 V 972 V 485 O 647 O 864 V 1909 V 2 C 3151 T 8780 X 259524 0 O V 994 O 1371 C 52118 V 5651 O 3173 N 14075 T 7402 O 573 V 515 O 132 V 163 V 129 C 243 T 8585 O 1 V 325 O 14 V 1745 O 563 V 516 118 O V 441 V 1320 V 358 O 241 C 8901 O 4189 V 411 O 25 V 143 O 35 V 3 V 150 O 8 V 620 O 236 V 642 O 621 O 930 T 2027 V 2182 V 530 O 232 V 296 V 1671 O 600 V 785 O 184 V 967 C 228 O 15 T 2244 O 66 V 903 V 1058 O 864 T 844 O 80 T 2560 V 62 O 10 T 116 O 51 V 765 O 47 N 5621 T 2442 O 16 V 580 T 3617 O 308 V 3044 C 46 V 1582 O 1792 O 5

0.95 1.17 1.19 0.16 0.90 0.72 0.05 0.04 0.01 0.03 0.21 0.16 0.81 0.64 0.15 38.21 0.25 0.32 0.12 0.12 0.54 0.70 0.91 0.06 0.05 0.35 0.27 0.05 0.11 0.00 0.52 0.63 0.09 0.08 0.03 0.24 0.35 0.32 0.26 0.16 0.07 0.09 2.19 2.70 12.04 9.49 3.38 0.00 0.12 0.83 0.63 0.49 0.58 0.19 0.09 1.24 0.98 0.37 0.47 0.27 0.41 1.25 0.99 0.00 0.54 0.02 0.02 0.18 0.14 57.73 73.23 0.24 0.30 0.17 0.27 2.90 0.59 2.28 1.80 0.25 0.20 0.68 0.53 0.07 0.07 0.08 0.21 0.29 0.27 0.16 0.13 0.34 0.26 0.21 0.17 0.38 0.13 0.06 0.07 0.02 0.73 0.58 0.12 0.14 0.11 0.11 0.15 0.19 1.01 0.80 0.19 0.28 0.35 0.26 0.25 5.39 0.54 0.70 1.89 1.50 5.29 0.00 0.67 0.31 0.24 0.30 0.24 1.22 8.00 11.60 14.71 0.34 0.45 3.30 0.05 0.07 1.06 0.47 0.37 16.99

0.85 1.05 0.93 0.14 0.72 0.55 0.05 0.03 0.00 0.00 0.13 0.10 0.60 0.47 0.04 33.82 0.21 0.27 0.10 0.08 0.46 0.56 0.71 0.03 0.04 0.27 0.21 0.05 0.08 0.00 0.44 0.56 0.06 0.07 0.02 0.19 0.25 0.26 0.00 0.00 0.00 0.08 1.64 2.08 11.10 8.71 3.05 0.00 0.06 0.63 0.49 0.38 0.43 0.08 0.08 0.98 0.75 0.31 0.39 0.00 0.27 0.94 0.73 0.00 0.40 0.00 0.01 0.12 0.10 54.55 69.54 0.19 0.25 0.04 0.24 2.75 0.40 1.88 0.00 0.20 0.18 0.60 0.48 0.06 0.06 0.08 0.16 0.25 0.20 0.11 0.08 0.25 0.20 0.18 0.14 0.38 0.13 0.00 0.06 0.00 0.62 0.49 0.09 0.11 0.09 0.09 0.13 0.17 0.91 0.72 0.17 0.00 0.26 0.20 0.00 4.65 0.51 0.65 1.68 1.32 4.75 0.00 0.45 0.28 0.24 0.26 0.21 1.08 6.50 10.76 13.73 0.00 0.41 2.92 0.03 0.05 0.00 0.36 0.28 0.00

0.85 1.06 1.15 0.16 0.85 0.67 0.05 0.04 0.01 0.02 0.17 0.13 0.77 0.62 0.04 38.07 0.25 0.32 0.10 0.12 0.53 0.61 0.77 0.04 0.05 0.30 0.25 0.05 0.11 0.00 0.50 0.63 0.09 0.08 0.03 0.23 0.29 0.27 0.23 0.15 0.07 0.08 1.82 2.29 11.38 9.01 3.29 0.00 0.06 0.83 0.54 0.43 0.43 0.10 0.08 1.24 0.96 0.34 0.43 0.27 0.39 1.01 0.81 0.00 0.49 0.02 0.02 0.13 0.10 56.50 71.27 0.21 0.26 0.10 0.25 2.75 0.50 1.90 1.73 0.20 0.20 0.64 0.50 0.06 0.06 0.08 0.19 0.25 0.21 0.14 0.11 0.27 0.20 0.19 0.15 0.38 0.13 0.06 0.06 0.00 0.63 0.51 0.09 0.12 0.10 0.09 0.15 0.19 0.98 0.77 0.18 0.24 0.28 0.23 0.25 4.76 0.54 0.69 1.89 1.49 5.03 0.04 0.66 0.28 0.24 0.28 0.24 1.11 6.57 11.09 14.00 0.34 0.44 2.98 0.03 0.06 0.97 0.42 0.33 16.40

+ + + unch + unch unch + + + + + + + unch + + + + unch + + + + unch + + unch + + unch + + + unch + + + + unch unch + unch unch unch unch + + + unch + + unch unch + + + unch + unch + + +

0.06 0.08 0.02 0.01 0.11 0.08 0.00 0.00 0.00 0.00 0.04 0.03 0.07 0.08 0.02 3.50 0.03 0.04 0.01 0.01 0.00 0.08 0.09 0.01 0.01 0.02 0.02 0.00 0.03 0.00 0.01 0.05 0.03 0.00 0.01 0.01 0.01 0.04 0.02 0.01 0.00 0.01 0.18 0.21 0.52 0.36 0.05 0.00 0.03 0.16 0.04 0.04 0.08 0.00 0.00 0.20 0.14 0.02 0.04 0.08 0.09 0.13 0.09 0.00 0.03 0.01 0.01 0.04 0.03 0.49 0.17 0.02 0.05 0.07 0.00 0.05 0.05 0.33 0.00 0.05 0.02 0.01 0.02 0.01 0.01 0.00 0.01 0.03 0.02 0.00 0.00 0.07 0.05 0.01 0.02 0.00 0.00 0.01 0.01 0.00 0.06 0.04 0.01 0.02 0.01 0.01 0.01 0.02 0.00 0.01 0.01 0.03 0.06 0.02 0.03 0.49 0.00 0.00 0.11 0.08 0.20 0.00 0.21 0.03 0.00 0.02 0.01 0.10 0.30 0.25 0.40 0.01 0.03 0.21 0.02 0.01 0.01 0.03 0.02 1.80

2.20 2.90 1.19 0.28 1.02 0.78 0.09 0.06 0.02 0.03 0.21 0.16 1.25 0.99 0.15 38.21 0.25 0.32 0.21 0.17 0.55 2.21 2.79 0.12 0.05 0.39 0.33 0.06 0.11 0.00 3.00 1.38 0.09 0.11 0.03 0.30 0.42 0.55 0.38 0.23 0.09 0.12 2.19 2.74 18.00 12.85 4.16 0.00 0.13 0.84 0.70 0.55 0.69 0.25 0.18 1.55 1.24 0.57 0.72 0.69 0.46 3.28 2.49 0.04 0.69 0.03 0.02 0.24 0.19 57.73 73.23 0.38 0.48 0.17 0.37 3.68 0.59 4.01 2.86 0.25 0.20 0.70 0.54 0.07 0.09 0.11 0.30 0.75 0.55 0.16 0.13 0.34 0.26 0.31 0.24 0.53 0.19 0.08 0.12 0.16 0.93 0.75 0.19 0.25 0.26 0.28 0.24 0.31 1.27 1.03 0.24 0.28 0.35 0.28 0.25 7.51 0.68 0.90 2.12 1.65 5.73 0.05 0.70 0.45 0.33 0.37 0.29 1.65 10.79 13.53 17.50 0.42 0.52 4.85 0.08 0.11 1.55 0.88 0.66 16.99

0.70 0.97 0.20 0.10 0.53 0.38 0.01 0.01 0.00 0.01 0.03 0.02 0.09 0.06 0.00 18.62 0.08 0.12 0.02 0.03 0.04 0.20 0.25 0.00 0.01 0.06 0.05 0.02 0.03 0.00 0.16 0.30 0.02 0.02 0.01 0.01 0.02 0.23 0.18 0.04 0.01 0.02 0.09 0.13 6.40 4.65 1.41 0.00 0.02 0.15 0.11 0.08 0.11 0.02 0.05 0.18 0.14 0.11 0.15 0.10 0.03 0.39 0.31 0.00 0.07 0.00 0.01 0.03 0.02 23.85 34.80 0.05 0.07 0.02 0.06 1.06 0.12 1.16 0.00 0.07 0.08 0.04 0.03 0.02 0.02 0.03 0.15 0.11 0.08 0.03 0.02 0.05 0.03 0.14 0.11 0.16 0.01 0.04 0.02 0.00 0.20 0.15 0.06 0.09 0.04 0.03 0.03 0.04 0.22 0.14 0.02 0.03 0.04 0.12 0.05 1.48 0.20 0.27 0.20 0.05 1.60 0.04 0.03 0.10 0.09 0.11 0.09 0.43 0.33 4.65 6.35 0.17 0.24 1.67 0.03 0.04 0.11 0.12 0.07 3.48

O V O V V O V V O V O V C O O V V O V O O V O V O C T D O V V O

0.40 0.53 0.00 0.15 2.19 1.95 0.18 0.08 0.10 0.13 0.01 0.07 0.56 0.44 0.00 0.06 0.79 0.35 0.20 0.16 0.39 0.02 0.02 0.33 0.26 0.57 42.69 33.68 0.24 0.30 0.56 0.45

0.39 0.40 0.49 0.53 0.00 0.08 0.12 0.15 2.01 2.01 1.58 1.58 0.13 0.17 0.06 0.07 0.07 0.10 0.09 0.13 0.01 0.01 0.06 0.06 0.45 0.45 0.36 0.38 0.00 0.03 0.04 0.04 0.63 0.68 0.26 0.32 0.00 0.18 0.00 0.15 0.28 0.31 0.02 0.02 0.01 0.01 0.28 0.32 0.22 0.25 0.51 0.57 39.92 41.01 31.43 32.49 0.00 0.23 0.25 0.29 0.47 0.56 0.37 0.45

+ + unch + + + + unch + unch unch + + + + + +

0.01 0.03 0.00 0.04 0.18 0.37 0.01 0.01 0.01 0.03 0.00 0.01 0.08 0.05 0.00 0.02 0.10 0.04 0.01 0.02 0.05 0.00 0.00 0.00 0.00 0.04 1.35 0.84 0.12 0.04 0.06 0.06

0.59 0.90 0.08 0.19 2.60 2.07 0.22 0.08 0.10 0.14 0.01 0.21 0.70 0.53 0.03 0.06 1.81 0.35 0.34 0.26 1.82 0.03 0.02 0.40 0.49 0.70 53.30 40.11 0.24 0.30 0.72 0.56

0.10 0.05 0.04 0.05 1.12 0.84 0.03 0.01 0.02 0.03 0.00 0.03 0.09 0.06 0.00 0.01 0.35 0.03 0.09 0.06 0.22 0.01 0.00 0.05 0.03 0.37 14.22 10.61 0.00 0.08 0.06 0.05

P-Q 48 186 0 13 31 28 70 1615 240 722 157 391 64 81 0 273 445 20911 160 71 1535 180 100 5686 907 613 1990 13207 53 2515 1168 200

Exc Volume

Week

12-month

High

Low

Last

1839 183 155 626 2 661 14833 233 3281 12 325 883 61 1564 46 360 16786 193 1562 138 159 525 379 2 285 316 132 1282 1459 245 5968 0 15 4 93 1 218 503 4137 51 2 603 144 640 5806 1247 9 3349 952 10190 1000 482 19 6003 75 0 2064 3434 699 29 420 2159 894 6 12 561 306 4491 6515 1463 345 4 70 764 5 90 128 404 674 14 499 244 4 1136 839 0 22 112 448 135 693 81 31843 101 1095 19 385 300 2113 3020 7213 12 337 1279 581 224 1201 28 457 899 693 102 4102 336 665 75 83 11 868 2346 1300 211

0.14 0.11 0.01 0.03 0.15 0.22 1.02 0.42 1.31 0.03 0.17 0.09 0.15 0.18 0.22 0.17 4.63 0.04 0.06 0.14 0.18 0.11 0.09 0.39 11.57 9.45 1.20 0.05 0.04 0.10 0.14 0.00 0.10 0.07 0.09 0.66 0.35 0.35 0.45 0.35 96.37 0.24 0.06 0.10 0.92 0.75 0.05 0.07 6.96 5.49 0.03 0.14 0.10 4.77 6.00 0.00 0.18 0.20 0.06 0.08 0.10 0.33 0.40 0.04 0.03 0.20 0.24 3.30 11.03 13.98 0.17 0.00 1.95 2.48 0.05 0.54 0.08 1.31 1.59 0.32 0.40 0.25 7.91 0.21 1.67 0.00 0.90 0.15 0.10 0.08 0.30 0.27 0.07 0.18 0.25 0.02 1.49 1.88 1.62 2.05 0.11 0.31 0.40 0.28 0.22 0.25 0.32 0.16 0.22 0.40 0.48 0.24 0.32 0.12 0.15 0.80 0.20 0.16 0.11 0.08 0.04 0.63

0.11 0.09 0.00 0.03 0.00 0.18 0.46 0.00 1.16 0.03 0.13 0.03 0.12 0.15 0.18 0.14 3.71 0.00 0.05 0.12 0.16 0.10 0.07 0.32 8.51 7.11 1.10 0.04 0.02 0.07 0.10 0.00 0.09 0.07 0.07 0.00 0.26 0.25 0.30 0.27 0.00 0.19 0.04 0.09 0.71 0.56 0.05 0.05 5.98 4.69 0.03 0.00 0.00 4.02 5.10 0.00 0.14 0.08 0.04 0.06 0.08 0.28 0.37 0.04 0.03 0.16 0.21 3.02 10.18 12.85 0.16 0.00 1.54 1.97 0.05 0.40 0.07 1.08 1.38 0.00 0.34 0.23 6.00 0.15 1.18 0.00 0.00 0.12 0.09 0.07 0.27 0.21 0.04 0.16 0.20 0.02 1.15 1.45 1.41 1.78 0.09 0.27 0.35 0.21 0.16 0.00 0.25 0.14 0.18 0.34 0.45 0.23 0.29 0.09 0.12 0.57 0.19 0.16 0.07 0.05 0.02 0.56

0.12 0.09 0.01 0.03 0.15 0.20 0.84 0.40 1.18 0.03 0.17 0.04 0.12 0.15 0.22 0.17 3.87 0.04 0.05 0.14 0.17 0.11 0.08 0.34 10.70 8.60 1.10 0.04 0.03 0.10 0.12 0.02 0.10 0.07 0.08 0.52 0.35 0.26 0.33 0.28 90.74 0.21 0.04 0.10 0.80 0.64 0.05 0.06 6.33 5.00 0.03 0.13 0.10 4.64 5.84 0.00 0.15 0.13 0.04 0.06 0.08 0.30 0.38 0.04 0.03 0.17 0.22 3.05 10.18 12.88 0.17 0.08 1.62 2.02 0.05 0.45 0.07 1.15 1.45 0.32 0.40 0.25 7.91 0.20 1.66 0.18 0.80 0.14 0.09 0.08 0.27 0.21 0.06 0.17 0.22 0.02 1.20 1.47 1.46 1.86 0.10 0.31 0.35 0.26 0.21 0.23 0.27 0.14 0.20 0.35 0.45 0.23 0.29 0.11 0.14 0.57 0.19 0.16 0.11 0.08 0.03 0.60

unch + + + unch + + unch unch + + + + + + + + unch + unch + unch unch + + + unch + + + + unch unch unch unch unch unch unch unch unch + + + + + + unch + + + unch + + + + + + + + unch unch + + +

O 8 V 157 V 1127 V 838 O 152 C 350 C 1888 O 356 V 139 O 9 O 56 O 3779 V 700 C 3 C 876 O 461 V 2679 V 1427 O 8 V 1195 V 3 O 347 C 5217 V 283 V 1060 O 166 V 1303 V 249 O 323 O 916 V 1110 V 114 V 524 V 343 O 166 V 438 V 187 O 931818 V 455 O 119 N 10260 O 4 O 2 V 734 O 1156 O 164 C 91 V 259 O 306 O 232 V 781 V 1096 O 133 V 93 O 62 V 481 O 134

0.24 0.30 0.32 0.36 0.11 0.08 0.40 3.25 0.13 0.11 0.10 4.10 0.04 0.19 0.39 0.01 0.55 0.05 2.82 1.21 0.35 0.06 0.08 0.13 0.11 0.09 0.20 0.78 0.61 0.95 1.20 0.73 0.06 0.49 0.12 0.15 0.32 0.01 0.10 0.08 90.52 90.34 103.65 0.80 0.63 0.64 0.79 0.24 0.20 0.22 0.28 0.54 0.13 0.14 3.95 5.00 0.07

0.00 0.24 0.19 0.30 0.29 0.30 0.28 0.29 0.00 0.05 0.07 0.07 0.25 0.34 2.19 2.27 0.11 0.11 0.09 0.10 0.00 0.00 2.29 4.09 0.04 0.04 0.00 0.19 0.33 0.34 0.00 0.01 0.28 0.53 0.04 0.05 2.50 2.50 0.99 1.17 0.00 0.35 0.06 0.06 0.07 0.07 0.12 0.12 0.10 0.11 0.08 0.09 0.20 0.20 0.68 0.68 0.54 0.54 0.87 0.92 1.12 1.15 0.62 0.70 0.05 0.05 0.41 0.41 0.09 0.10 0.12 0.14 0.28 0.31 0.00 0.00 0.08 0.09 0.06 0.07 81.85 89.99 82.54 90.34 0.00 91.99 0.71 0.72 0.56 0.57 0.53 0.55 0.67 0.69 0.22 0.22 0.17 0.18 0.18 0.20 0.23 0.25 0.47 0.51 0.10 0.10 0.13 0.13 3.27 3.45 4.16 4.49 0.00 0.07

+ + unch + + + unch unch + + + + + unch + unch + unch + + + + + + unch + + + + + + + + + + +

Pancontinental V Pancontinental* O Panex Res* O Pangolin Dia V Panoro Mnrls* O Panoro Mnrls V Pantheon Vent V Para Resources V Paramount Gold* X Paringa Res* O Parlane Res V Pasinex Res C Pasofino Gold* O Pasofino Gold V Patriot Gold C Patriot Gold* O Peabody Enrgy* N Pegasus Res* O Pegasus Res V Pelangio Expl* O Pelangio Expl V Peloton Mnrls C Peloton Mnrls* O PepinNini Lith* O Perpetua Res T Perpetua Res* D Perseus Mng T Pershimex Res V Pershing Res* O Peruvian Metal* O Peruvian Metal V Petra Diamonds* O Philex Mng* O Philippine Mtl* O Philippine Mtl V Phoenix Global* O Phoenix Gold V Pine Cliff En* O Pine Cliff En T Pivit Explor C PJSC Polyus Gd* O PJX Res V Plata Latina V Plate Res V Plateau Energy V Plateau Energy* O Platinex Inc* O Platinex Inc C Platinum Gp Mt T Platinum Gp Mt* X Plato Gold V Playfair Mng V Playfair Mng* O PolyMet Mng* X PolyMet Mng T Portex Mnrls* O Portofino Res V Portofino Res* O Potash Ridge* O Power Group* O Power Group V Power Metals* O Power Metals V PPX Mining V PPX Mining* O Precipitate Gl* O Precipitate Gl V Premier Gold M T Pretium Res* N Pretium Res T Prime Meridian V Prime Meridia* O Prime Mining* O Prime Mining V Prism Res V Prismo Metals C ProAm Expl V Probe Metals* O Probe Metals V Prog Planet* O Prog Planet V Project One C Promithian Gl * O Prophecy Pot C Prosper Gold V Prospero Silvr* O Prospero Silvr V Provenance Gld C Providence V Providence Gld* O Pucara Gold V Pucara Gold* O PUF Vent Inc * O Puma Expl* O Puma Expl V Pure Alumina* O Pure Energy* O Pure Energy V Pure Gold Mg* O Pure Gold Mg V Purepoint Uran V Q-Gold Res* O Q-Gold Res V QC Copper V QC Copper* O QC Precious * O QC Precious V QcX Gold* O QcX Gold V QMC Quantum Ml* O QMC Quantum Ml V QMX Gold* O QMX Gold V Quadro Res* O Quadro Res V Quantum Cobalt C Quartz Mtn Res V Quartz Mtn Res* O Quaterra Res V Quaterra Res* O Quest Rare Mnl* O Questex Gold V

Change

Stock

0.01 0.01 0.00 0.00 0.01 0.02 0.35 0.01 0.02 0.00 0.00 0.01 0.01 0.02 0.02 0.01 0.35 0.00 0.00 0.01 0.01 0.01 0.00 0.05 1.20 1.12 0.08 0.01 0.01 0.02 0.01 0.00 0.00 0.00 0.01 0.00 0.09 0.03 0.04 0.04 0.00 0.00 0.01 0.01 0.09 0.06 0.01 0.01 0.12 0.11 0.00 0.01 0.02 0.53 0.63 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.02 0.02 0.21 0.69 0.93 0.00 0.00 0.28 0.37 0.00 0.05 0.00 0.07 0.10 0.04 0.03 0.02 1.54 0.05 0.36 0.00 0.53 0.01 0.01 0.00 0.03 0.01 0.00 0.00 0.01 0.01 0.22 0.28 0.13 0.15 0.01 0.04 0.01 0.03 0.02 0.00 0.03 0.02 0.01 0.02 0.04 0.02 0.03 0.01 0.02 0.06 0.00 0.00 0.02 0.02 0.01 0.02

0.14 0.20 0.01 0.04 0.17 0.23 1.02 0.74 1.59 0.03 0.30 0.09 0.31 0.42 0.50 0.23 7.85 0.05 0.07 0.20 0.27 0.15 0.12 0.42 20.40 9.45 1.52 0.10 0.04 0.10 0.14 0.05 0.10 0.08 0.12 0.76 0.39 0.35 0.45 0.42 128.00 0.25 0.06 0.12 0.98 0.78 0.08 0.13 8.00 6.27 0.05 0.21 0.15 9.70 13.00 0.00 0.26 0.25 0.06 0.08 0.10 0.40 0.54 0.10 0.06 0.30 0.41 3.48 14.55 19.13 0.17 0.10 2.17 2.80 0.07 0.88 0.15 1.53 1.95 0.37 0.50 0.60 13.50 0.21 2.40

0.03 0.02 0.00 0.02 0.04 0.07 0.01 0.10 0.47 0.00 0.02 0.01 0.01 0.04 0.07 0.02 0.80 0.00 0.01 0.08 0.11 0.04 0.03 0.00 2.35 7.03 0.45 0.02 0.00 0.02 0.03 0.01 0.02 0.00 0.02 0.06 0.01 0.04 0.05 0.12 43.41 0.01 0.01 0.02 0.16 0.12 0.01 0.02 1.25 0.86 0.02 0.02 0.01 1.50 2.45 0.00 0.02 0.02 0.01 0.02 0.03 0.06 0.09 0.04 0.02 0.04 0.05 0.85 4.05 6.25 0.04 0.00 0.14 0.25 0.01 0.20 0.05 0.37 0.54 0.02 0.02 0.12 1.80 0.02 0.25

Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockridge Res Rockwealth Res Rogue Res* Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RosCan Gold* RosCan Gold Roughrider Exp Rover Metals* Rover Metals Roxgold Roxgold* Royal Gold* Royal Gold* Royal Mines &M* Royal Rd Mnrls Royal Std Mnrl* RT Minerals RT Minerals* RTG Mining Rugby Mng Running Fox Rs* Running Fox Rs Rupert Res Rupert Res* Rusoro Mng Rusoro Mng*

C C O V V V O V O O V V O O V V O V T O O D O V O V O T V O V V O V O

1.35 0.15 0.20 0.17 1.50 0.85 0.08 0.19 0.27 0.30 2.07 2.63 2.42 3.08 0.11 0.39 0.65 0.35 4.12 0.27 0.38 0.30 0.50 0.47 0.60 0.27 0.38 0.25 0.33 0.85 0.29 0.18 0.15 0.11 0.06 0.90

0.51 0.07 0.06 0.02 0.27 0.00 0.01 0.03 0.04 0.01 0.06 0.18 0.27 0.38 0.03 0.17 0.14 0.03 0.13 0.10 0.14 0.09 0.06 0.03 0.06 0.05 0.06 0.08 0.05 0.10 0.06 0.10 0.02 0.02 0.00 0.25

0.10 0.12 0.00 0.03 0.06 0.01 0.03 0.73 0.01 0.01 0.01 1.69 0.00 0.00 0.03 0.00 0.21 0.01 0.32 0.11 0.05 0.00 0.00 0.01 0.00 0.00 0.00 0.06 0.05 0.00 0.01 0.04 0.01 0.06 0.00 0.01 0.01 0.00 0.00 0.00 6.33 7.80 3.32 0.05 0.04 0.04 0.08 0.02 0.00 0.01 0.02 0.01 0.00 0.01 0.13 0.28 0.01

0.24 0.30 0.40 0.38 0.90 0.14 0.40 14.50 0.18 0.12 0.12 4.10 0.12 0.19 0.49 0.03 0.55 0.07 4.38 1.74 0.35 1.00 0.09 0.13 0.16 0.11 0.29 1.45 1.13 1.35 1.74 0.98 0.08 0.74 0.27 0.30 0.62 0.01 0.11 0.09 90.52 90.34 103.65 1.03 0.85 0.83 1.10 0.54 0.40 0.26 0.36 0.56 0.13 0.14 6.99 9.00 0.10

0.05 0.08 0.09 0.11 0.01 0.05 0.07 0.22 0.04 0.04 0.00 0.33 0.03 0.04 0.29 0.00 0.04 0.02 1.80 0.47 0.07 0.01 0.03 0.05 0.05 0.04 0.05 0.33 0.24 0.44 0.50 0.04 0.03 0.29 0.04 0.07 0.11 0.00 0.01 0.02 35.35 34.85 41.50 0.14 0.11 0.31 0.30 0.10 0.06 0.07 0.09 0.11 0.02 0.03 0.35 0.37 0.03

Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res Sable Res* Sailfish Rylty Saint Jean Saint Jean* Salazar Res* Salazar Res Salt Lake Pot* Sama Res Sama Res* San Gold Corp* San Lorenzo Sanatana Res Sanatana Res* Sandfire Res* Sandfire Res Sandspring Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama Res Sarissa Res* Sassy Res Sassy Res* Satori Res* Satori Res Saturn Mnrls Savannah Min Saville Res Scandium Intl* Scandium Intl Scorpio Gold Scorpio Gold * Scotch Creek Scottie Res* Scottie Res ScoZinc Mg* ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold Seahawk Gold* Search Mnls Search Mnls* Searchlight* SearchlightMin* SearchlightRes Sego Res Select Sands Sentinel Res* Sentinel Res Serabi Gold Serabi Gold* Serengeti Res Sherritt Intl Shine Minerals Shine Minerals* Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res* Sienna Res Sierra Metals* Sierra Metals Sigma Lithium Signature Res* Signature Res Silver Bear Rs* Silver Bear Rs Silver Bull Re* Silver Bull Re Silver Dollar Silver Dollar* Silver Eleph* Silver Eleph Silver Grail Silver One Silver One* Silver Phoenix Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands* Silver Sands Silver Spruce* Silver Spruce Silver Viper Silver Viper* Silver Wolf Silver Wolf* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverore Mns* Silverstar Res* Sirios Res* Sirios Res Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res* Skeena Res SKRR Explor Sky Gold Sky Gold* Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Snowy Owl Sokoman Min Sokoman Min* Solaris Res* Solaris Res Soldera Mining SolGold plc* SolGold plc Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Gold* Sonoro Gold South Atlantic* South Atlantic South32* Southern Copp* Southern Emp* Southern Emp Southern Silvr Southern Silvr* SouthGobi Res Southstone Min Spanish Mtn Gd* Spanish Mtn Gd Sparton Res* Sparton Res Spearmint Res*

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

R Rackla Metals* Rackla Metals Radisson Mng Radius Gold Rae-Wallace Mg* Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Razore Rock Res Ready Set Gold Red Eagle Mng* Red Moon Res Red Pine Expl Regis Res NL* Regulus Res Remington Res Renforth Res* Renforth Res Resolve Vent Reunion Gold Reunion Gold* Revelo Res Revival Gold Revival Gold * Reyna Silver* Reyna Silver Rhyolite Res Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold Rimrock Gold* Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited Rio2 Limited* Rise Gold Corp* Rise Gold Corp Riverside Res Riverside Res* RJK Explor* RJK Explor Robex Res Rochester Res* Rochester Res Rock Tech Lith* Rock Tech Lith Rockcliff Met*

(100s)

High Low

Exc Volume

Week Last

12-month

High

Low

Change

1549 96 39 400 764 66 103 100 4125 234 958 253 75 323 3021 271 242 557 1906 251 1 3435 1596 2352 0 241 25 133 688 1189 1095 283 3 508 145

0.09 0.07 0.13 0.17 0.14 0.14 0.07 0.10 1.52 0.45 0.55 0.06 0.04 0.38 0.44 0.20 0.08 0.09 1.49 1.22 0.44 111.74 0.03 0.39 0.00 0.11 0.08 0.21 0.09 0.03 0.04 4.27 3.30 0.05 0.04

+ 0.07 0.08 0.00 0.05 0.12 0.12 0.15 0.16 0.13 0.14 unch 0.11 0.11 0.07 0.07 unch 0.09 0.09 1.30 1.38 0.36 0.37 0.46 0.47 0.05 0.05 unch + 0.04 0.04 0.29 0.31 0.38 0.39 + 0.16 0.17 0.06 0.07 0.08 0.09 1.34 1.38 1.05 1.10 + 0.00 0.44 105.36 107.82 + 0.01 0.02 0.33 0.38 0.00 0.08 unch 0.10 0.10 unch + 0.08 0.08 + 0.18 0.21 + 0.07 0.09 0.02 0.02 + 0.03 0.04 3.49 3.61 2.71 2.74 0.04 0.05 unch + 0.03 0.04

1921 2878 842 394 70 3057 2048 65 419 5 476 100 1622 441 632 37 284 161 143 1852 10628 1431 299 15856 2811 145 158 320 637 170 113 757 913 809 295 403 475 1756 0 120 535 2258 168 51 3679 556 32 637 2309 1815 1890 11 109 13 3 361 6411 245 8 6 13039 11642 2567 14552 7060 1021 162 292 3087 131 494 247 217 894 757 3058 5560 120 2740 3146 30 4 1 111 84 552 1223 175 2941 253 160 239 37 3614 7051 11689 3228 85 94 60 1241 2600 293 740 378 418 3517 305 778 158 4906 1729 78 309 409 643 1822 230 76 1943 183 260 913 380 49439 256 623 162 323 201 664 22 6044 183 640 2475 993 217 572 1081 1633 584 2042 6300

2.07 2.62 0.25 0.19 1.17 0.08 0.08 0.30 0.35 0.40 0.20 0.15 0.02 0.23 0.20 0.16 0.19 0.24 2.40 8.36 6.60 0.39 0.32 0.01 0.78 0.59 0.10 0.14 0.14 0.27 0.06 0.21 0.26 0.15 0.12 0.51 0.20 0.25 0.00 0.75 23.86 18.83 0.69 0.51 0.12 0.09 0.08 0.05 0.10 0.05 0.06 0.32 0.40 1.54 1.56 0.48 0.68 0.14 0.11 7.72 19.28 0.05 0.14 0.17 3.34 4.25 5.21 0.12 0.18 0.14 0.18 0.70 0.90 1.76 1.38 0.38 0.47 0.22 0.89 0.70 0.18 0.14 0.00 0.23 0.30 0.21 0.27 0.06 0.08 0.48 0.42 0.36 0.29 7.95 6.28 9.84 12.50 0.19 0.04 0.12 0.15 0.14 0.11 0.06 0.06 3.11 3.92 0.30 0.15 0.11 0.36 0.28 0.06 0.07 0.10 0.09 0.22 0.17 4.98 7.29 0.75 0.37 0.47 1.56 1.25 0.13 0.06 0.19 0.23 0.08 0.09 2.10 79.49 0.24 0.31 0.53 0.41 1.15 0.10 0.26 0.33 0.08 0.09 0.21

High Low

0.01 0.02 0.01 0.01 0.00 0.04 0.00 0.01 0.05 0.06 0.08 0.00 0.01 0.04 0.05 0.01 0.00 0.01 0.08 0.06 0.01 3.21 0.01 0.01 0.00 0.00 0.01 0.03 0.01 0.00 0.01 0.64 0.56 0.00 0.00

0.14 0.09 0.19 0.25 0.23 0.19 0.09 0.11 1.93 0.60 0.76 0.08 0.06 0.50 0.55 0.36 0.15 0.13 1.92 1.48 0.44 147.64 0.03 0.48 1.24 0.29 0.20 0.22 0.19 0.07 0.08 6.20 8.70 0.08 0.06

0.04 0.02 0.04 0.06 0.07 0.02 0.03 0.02 0.11 0.14 0.05 0.03 0.02 0.10 0.13 0.08 0.00 0.03 0.56 0.05 0.16 59.78 0.00 0.13 0.03 0.02 0.01 0.04 0.05 0.01 0.01 0.53 0.43 0.03 0.02

0.18 0.26 0.01 0.00 0.00 0.00 0.00 0.05 0.04 0.08 0.02 0.01 0.00 0.03 0.05 0.00 0.00 0.01 0.07 0.26 0.16 0.01 0.03 0.00 0.11 0.07 0.00 0.00 0.01 0.01 0.00 0.00 0.02 0.00 0.01 0.04 0.00 0.00 0.00 0.00 0.54 0.25 0.05 0.01 0.01 0.03 0.01 0.02 0.01 0.01 0.00 0.00 0.02 0.01 0.31 0.04 0.02 0.00 0.00 0.80 0.72 0.00 0.01 0.01 0.48 0.66 0.20 0.03 0.06 0.00 0.00 0.02 0.00 0.09 0.08 0.00 0.01 0.02 0.03 0.03 0.00 0.00 0.00 0.02 0.02 0.00 0.01 0.01 0.01 0.03 0.01 0.03 0.04 0.11 0.02 0.66 0.91 0.07 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.20 0.31 0.02 0.02 0.01 0.03 0.02 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.97 0.06 0.05 0.07 0.17 0.13 0.00 0.01 0.00 0.02 0.00 0.02 0.01 6.96 0.04 0.05 0.02 0.01 0.14 0.01 0.00 0.01 0.02 0.00 0.00

2.80 3.54 0.39 0.36 1.57 0.09 0.19 0.31 0.40 0.45 0.22 0.17 0.02 0.30 0.40 0.32 0.31 0.40 3.51 14.22 10.63 0.58 0.51 0.02 1.24 0.92 0.14 0.20 0.16 2.00 0.06 0.28 0.35 0.22 0.17 0.51 0.46 0.53 0.56 0.75 29.00 22.86 0.71 0.51 0.12 0.09 0.10 0.07 0.14 0.07 0.07 0.66 0.85 2.06 1.56 0.51 0.70 0.25 0.19 7.72 19.28 0.08 0.14 0.17 3.87 4.92 5.52 0.12 0.18 0.18 0.24 0.90 1.40 2.29 2.51 0.46 0.59 0.35 0.94 0.75 0.25 0.34 0.40 0.24 0.30 0.37 0.49 0.48 0.12 0.85 2.21 0.36 0.29 11.62 8.91 12.88 16.37 0.30 0.10 0.20 0.26 0.30 0.22 0.11 0.08 3.11 3.95 0.50 0.23 0.20 0.36 0.28 0.11 0.16 0.15 0.25 0.32 0.25 6.70 7.29 0.75 0.56 0.72 1.56 1.25 0.13 0.10 0.28 0.34 0.13 0.18 2.13 79.49 0.25 1.45 0.70 0.55 1.39 0.14 0.59 0.77 0.08 0.09 0.36

0.51 0.71 0.04 0.03 0.45 0.02 0.00 0.08 0.12 0.18 0.11 0.08 0.00 0.05 0.08 0.00 0.13 0.18 0.58 4.64 3.32 0.07 0.09 0.00 0.43 0.38 0.02 0.02 0.07 0.20 0.02 0.03 0.06 0.05 0.03 0.07 0.07 0.11 0.19 0.28 7.37 5.25 0.15 0.09 0.03 0.02 0.01 0.01 0.02 0.03 0.01 0.21 0.10 0.75 0.82 0.15 0.07 0.05 0.03 2.53 3.50 0.01 0.03 0.04 0.45 0.89 1.30 0.02 0.02 0.05 0.05 0.46 0.24 0.22 1.05 0.06 0.10 0.05 0.15 0.11 0.10 0.05 0.04 0.05 0.07 0.15 0.10 0.01 0.02 0.18 0.00 0.04 0.13 2.12 1.50 3.28 4.50 0.00 0.00 0.07 0.08 0.05 0.03 0.03 0.02 0.37 0.50 0.16 0.05 0.04 0.08 0.06 0.00 0.01 0.04 0.06 0.06 0.04 1.97 1.38 0.30 0.13 0.19 0.22 0.13 0.02 0.02 0.06 0.07 0.05 0.02 0.89 23.43 0.16 0.19 0.06 0.05 0.01 0.04 0.03 0.05 0.01 0.02 0.01

S 1.80 2.27 0.23 0.18 1.09 0.07 0.06 0.23 0.30 0.00 0.17 0.13 0.00 0.16 0.14 0.00 0.16 0.22 2.19 7.94 6.22 0.37 0.28 0.00 0.59 0.47 0.09 0.12 0.12 0.26 0.05 0.18 0.23 0.13 0.09 0.29 0.17 0.21 0.00 0.66 22.78 17.88 0.58 0.47 0.08 0.06 0.06 0.02 0.08 0.04 0.05 0.00 0.36 1.50 1.25 0.41 0.59 0.10 0.00 0.00 17.56 0.04 0.10 0.13 2.67 3.38 4.67 0.09 0.11 0.00 0.16 0.63 0.77 1.54 1.25 0.34 0.43 0.00 0.76 0.59 0.14 0.00 0.00 0.19 0.25 0.19 0.24 0.04 0.06 0.44 0.33 0.30 0.24 7.53 5.91 8.68 10.97 0.01 0.03 0.11 0.14 0.12 0.09 0.05 0.04 2.74 3.44 0.27 0.12 0.09 0.29 0.22 0.05 0.00 0.08 0.07 0.19 0.15 4.66 5.88 0.68 0.30 0.39 1.06 0.83 0.11 0.00 0.17 0.22 0.07 0.07 0.00 70.32 0.20 0.24 0.43 0.33 0.82 0.08 0.22 0.29 0.05 0.06 0.14

1.82 2.28 + 0.24 0.19 unch 1.12 unch 0.08 unch 0.06 unch 0.23 0.30 + 0.40 0.18 0.14 0.00 unch 0.18 0.14 0.16 unch + 0.18 + 0.24 2.23 8.01 6.33 0.38 + 0.31 0.01 0.59 0.48 + 0.10 0.12 unch 0.12 0.26 0.05 unch + 0.20 0.23 0.15 unch + 0.11 + 0.37 0.19 0.24 unch 0.51 unch 0.69 unch 23.00 18.25 0.63 + 0.50 + 0.10 + 0.09 0.06 0.03 0.09 + 0.05 0.06 unch 0.31 0.39 1.53 1.25 + 0.48 + 0.66 0.10 unch 0.10 unch + 4.69 + 18.60 0.04 0.11 0.14 2.82 3.53 4.80 + 0.12 + 0.18 0.13 0.17 unch + 0.66 0.83 unch 1.60 1.26 0.35 0.45 0.18 + 0.84 + 0.67 0.18 unch 0.14 0.19 unch + 0.22 0.26 0.21 + 0.26 + 0.06 + 0.08 0.45 0.36 0.31 0.24 7.68 6.11 8.81 11.12 0.08 0.04 0.11 0.15 + 0.14 + 0.11 0.06 0.04 2.87 3.60 0.27 0.12 0.10 + 0.33 + 0.25 + 0.06 0.07 unch + 0.10 0.08 + 0.21 + 0.16 4.80 unch + 7.09 + 0.75 + 0.36 + 0.47 + 1.33 + 1.07 0.12 unch + 0.06 0.17 0.22 0.07 + 0.09 2.05 + 79.42 0.20 0.25 + 0.48 + 0.37 + 0.99 + 0.09 + 0.24 + 0.31 0.05 0.09 unch + 0.18

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MARCH 1—14, 2021

Week

Exc Volume

High

Low

Last

0.21 0.13 0.02 0.16 0.77 0.40 0.58 18.71 14.82 0.10 0.45 0.35 1.65 0.00 0.00 0.09 3.60 0.06 0.15 0.19 0.01 0.17 0.21 0.00 0.00 0.28 1.52 1.93 0.00 0.00 0.06 0.00 2.26 1.77 0.61 0.49 0.34 0.27 0.13 0.00 0.18 0.15 0.18 0.00 0.31 0.38 0.38 0.00 0.13 0.17 0.19 0.16 0.65 0.56 0.45 0.35 0.11 0.09 0.75 1.03 0.18 0.43 0.39 0.30 22.36 17.59 0.46 0.58 0.60 0.00 0.08 0.00 0.34 0.43 0.00 0.01 0.87

0.22 0.14 0.02 0.19 0.84 0.50 0.64 19.01 15.08 0.10 0.84 0.68 1.88 1.46 0.57 0.11 3.70 0.08 0.16 0.21 0.03 0.18 0.22 0.06 0.24 0.30 1.59 2.02 0.05 0.05 0.07 0.10 2.45 1.93 0.63 0.49 0.36 0.28 0.14 0.01 0.18 0.20 0.18 0.00 0.31 0.39 0.38 0.28 0.16 0.20 0.24 0.18 0.75 0.60 0.53 0.35 0.16 0.09 0.86 1.10 0.20 0.43 0.39 0.30 23.94 18.98 0.46 0.58 0.61 0.49 0.09 0.07 0.48 0.60 0.15 0.01 0.96

Spearmint Res Spey Resources Sphinx Res Spruce Ridge R SRG Mining SRHI Inc* SRHI Inc SSR Mining SSR Mining* St Augustine St-Georges Eco St-Georges Eco* St. James Gold St. James Gold* Stakeholdr Gld Standard Graph* Standard Lith Standard Metal* Standard Uran* Standard Uran Stans Energy* Star Diamond* Star Diamond Star Gold* Starcore Intl* Starcore Intl Starr Peak Exp* Starr Peak Exp Steele Oceanic* Stellar Africa* Stellar Africa Stelmine Can Steppe Gold Steppe Gold* Sterling Metal Sterling Metal* Stevens Gold Stevens Gold* Stone Gold Stornoway Diam* Straightup Res Stratabd Mnr* Stratabd Mnr Strateco Res* Strategic Metl* Strategic Metl Strategic Res Strategic Res* Strikepoint Gd* Strikepoint Gd Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor Stuhini Explor* Stuve Gold Sulliden Mng Sulliden Mng* Summa Silver* Summa Silver Sun Metals Sun Peak Metal Sun Summit Sun Summit* Suncor Energy Suncor Energy* Superior Gold* Superior Gold Superior Mng Superior Mng* Supernova Met Supernova Met* Surge Copper * Surge Copper Surge Explor Sutter Gold* Syrah Res*

C C V V V O T T D T C O V O V O V O O V O O T O O T O V O O V V T O V O C O V O C O V O O V V O O V V O V V O V T O O V V V V O T N O V V O V O O V V O O

16273 873 3456 4955 658 86 181 3632 15148 685 20035 12459 89 66 63 4782 1311 244 705 5577 503 204 1829 150 57 188 115 324 0 113 274 115 363 63 378 96 370 127 572 9054 171 8 260 25 210 635 17 1 3262 3501 7231 976 232 124 12 10 2248 68 305 828 1844 816 649 92 49763 46614 191 726 721 0 815 13 48 2636 65 124 421

0.25 0.15 0.03 0.22 1.05 0.78 0.67 21.40 16.89 0.11 0.86 0.70 1.95 1.53 0.60 0.12 4.17 0.08 0.21 0.28 0.04 0.19 0.24 0.06 0.27 0.32 1.67 2.11 0.00 0.06 0.07 0.10 2.55 1.98 0.78 0.61 0.38 0.29 0.17 0.01 0.22 0.20 0.21 0.00 0.36 0.44 0.38 0.28 0.17 0.21 0.26 0.21 0.90 0.65 0.53 0.35 0.20 0.09 0.90 1.14 0.20 0.53 0.47 0.37 24.31 19.15 0.52 0.67 0.65 0.00 0.10 0.08 0.50 0.66 0.15 0.01 1.04

Taiga Gold Taiga Gold* Tajiri Res Talisker Res Talisker Res* Talmora Diamd Talon Metals Tanqueray Expl Tantalex Res Tanzanian Gold Tanzanian Gold* Tarachi Gold* Tarachi Gold Taranis Res Taranis Res* Tarku Res Tartisan Nick* Tartisan Nick Taseko Mines* Taseko Mines TDG Gold Tearlach Res Teck Res

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

490 82 188 1055 101 315 6979 549 41437 656 65396 377 2035 164 286 663 156 656 22482 4306 195 25 11760

0.20 0.16 0.13 0.34 0.27 0.05 0.86 23.89 0.12 1.20 0.95 0.35 0.46 0.12 0.10 0.15 0.46 0.51 1.85 2.34 0.34 0.23 29.20

(100s)

12-month Change

High Low

Stock

Teck Res* Teck Res Tectonic Metal Tectonic Metal* Telson Res Telson Res * Temas Res* Temas Res Tembo Gold Tembo Gold* Tempus Res Teranga Gold* Teras Res* Teras Res Terrax Mnrls* Terrax Mnrls Terreno Res Tesoro Mnrls* Tesoro Mnrls Teuton Res Teuton Res* Texas Mineral* Themac Res Themac Res* Thesis Gold Theta Gold* Thor Expl* Thor Expl Thunder Mtn Gd* Thunder Mtn Gd Thunderstruck Thunderstruck* Tiger Intl Timberline Res Timberline Res* Tinka Res* Tinka Res Tintina Mines Tisdale Res* Tisdale Res Titan Mining* Titan Mining Titanium Corp TMAC Resource* TMAC Resources TNR Gold Tocvan Venture TomaGold Tombill Mines Tombstone Expl* Tonogold Res* Tonopah Div Mg* Torex Gold* Torex Gold Torq Resources* Torq Resources Tower Res* Tower Res Transatlantic* Transatlantic Transition Met Transition Met* Treasury Metal* Treasury Metal Trecora Res* Tres-Or Res Tres-Or Res* Trevali Mining* Trevali Mining Tri Origin Exp* Tri Origin Exp Trident Gold Trifecta Gold* Trifecta Gold Trilogy Mtls Trilogy Mtls* TriMetals Mng* Trinity Res* Trinity Valley Trinity Valley* TriStar Gold TriStar Gold* Triumph Gold Triumph Gold* Troilus Gold Troilus Gold* Troubadour Res Troy Res* True North Gem True North Gem* Tsodilo Res Tudor Gold Tudor Gold * Turmalina Met Turmalina Met* Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tyhee Gold* Tymbal Res Typhoon Expl

+ + + + + + + + + + + + unch unch unch unch unch + + + + + unch unch + + + + unch + unch unch + + + unch + + + + +

0.01 0.01 0.01 0.01 0.21 0.01 0.03 1.99 1.47 0.01 0.33 0.26 0.11 0.06 0.01 0.01 0.41 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.02 0.05 0.00 0.00 0.00 0.00 0.00 0.01 0.10 0.10 0.01 0.00 0.02 0.00 0.02 0.05 0.03 0.00 0.02 0.03 0.00 0.06 0.00 0.01 0.01 0.02 0.09 0.04 0.08 0.00 0.04 0.00 0.02 0.01 0.00 0.10 0.06 0.06 1.05 0.95 0.06 0.08 0.01 0.00 0.01 0.01 0.14 0.14 0.01 0.00 0.02

0.27 0.20 0.03 0.22 1.05 0.78 0.70 33.69 25.32 0.20 0.86 0.70 2.25 1.77 0.60 0.17 4.60 0.08 0.25 0.38 0.05 0.34 0.45 0.19 0.27 0.35 2.24 2.94 0.51 0.11 0.14 0.12 3.14 2.41 0.92 0.70 0.38 0.29 0.28 0.01 0.35 0.26 0.38 0.01 0.60 0.80 0.52 0.41 0.26 0.33 0.27 0.21 0.90 0.94 0.72 0.55 0.20 0.09 2.20 3.50 0.22 1.34 0.60 0.47 40.81 30.84 1.15 1.53 0.89 0.58 0.32 0.24 0.65 0.85 0.16 0.05 1.10

0.01 0.02 0.01 0.03 0.22 0.02 0.14 12.12 9.00 0.01 0.03 0.02 0.05 0.05 0.16 0.05 0.39 0.02 0.12 0.12 0.00 0.11 0.15 0.01 0.05 0.07 0.38 0.33 0.05 0.01 0.02 0.04 0.63 1.42 0.05 0.00 0.24 0.24 0.02 0.00 0.10 0.11 0.05 0.00 0.18 0.25 0.18 0.14 0.01 0.02 0.03 0.01 0.15 0.12 0.29 0.21 0.03 0.03 0.60 0.09 0.06 0.43 0.10 0.08 14.02 9.61 0.26 0.33 0.11 0.22 0.02 0.03 0.03 0.02 0.05 0.00 0.09

0.19 0.19 0.14 0.15 + 0.11 0.11 0.32 0.33 0.21 0.26 0.04 0.05 unch 0.65 0.77 17.21 19.91 + 0.07 0.08 + 0.98 1.03 0.77 0.80 0.29 0.29 0.37 0.37 0.11 0.11 unch 0.09 0.09 + 0.13 0.13 0.36 0.37 0.46 0.48 unch 1.46 1.80 + 1.87 2.22 + 0.29 0.32 0.00 0.19 unch 24.69 29.01 +

0.01 0.00 0.02 0.01 0.01 0.00 0.02 1.67 0.01 0.11 0.09 0.01 0.02 0.00 0.00 0.02 0.02 0.00 0.14 0.12 0.02 0.00 3.98

0.31 0.22 0.23 0.44 0.47 0.15 0.90 26.25 0.12 2.12 1.91 0.43 1.00 0.16 0.16 0.22 0.55 0.55 1.85 2.34 0.45 0.23 29.20

0.07 0.05 0.03 0.29 0.16 0.01 0.08 2.80 0.01 0.55 0.36 0.18 0.05 0.04 0.03 0.04 0.00 0.05 0.20 0.28 0.09 0.10 8.15

Week

Exc Volume N T V O V O O C V O V O O V O V V O V V O O V O V O O V O V V O V V O O V V O V O T V O T V C V V O O O O T O V O V O V V O O T N V O O T O V V O V T X O O V O V O V O T O V O V O V V O V O N T V O O V V

24461 34 484 87 228 29 311 1022 281 126 438 85 62 257 585 1946 763 12 329 521 152 4696 45 63 11 47 14 1195 125 56 1447 225 10 201 461 504 839 22 0 16 2 519 838 178 55 2594 691 1059 535 5 1006 11 330 1534 12 81 10 4105 0 84 547 19 238 845 170 62 69 544 6507 2 101 3 12 121 424 6517 166 1 592 68 580 497 597 298 2458 450 663 60 18 10 150 734 245 562 445 6799 2129 4569 855 7014 435 245

High

Low

Last

23.15 32.97 0.16 0.12 0.26 0.19 1.07 1.38 0.16 0.12 0.27 9.90 0.05 0.07 0.20 0.26 0.05 0.06 0.08 2.93 2.32 4.65 0.09 0.07 1.00 0.39 0.18 0.22 0.19 0.12 0.13 0.10 0.20 0.43 0.36 0.22 0.27 0.08 0.00 0.95 0.61 0.85 0.39 1.73 2.20 0.09 0.72 0.09 0.29 2.70 0.29 0.51 13.26 16.87 0.64 0.81 0.12 0.15 0.02 0.05 0.21 0.16 0.85 1.08 7.29 0.17 0.14 0.20 0.23 0.19 0.27 0.12 0.06 0.09 3.29 2.60 0.08 0.11 0.12 0.10 0.25 0.20 0.20 0.17 1.11 0.87 0.10 0.07 0.14 0.09 0.80 3.55 2.96 0.96 0.76 16.17 20.41 0.05 0.04 0.00 0.03 0.08

19.35 28.24 0.14 0.11 0.20 0.15 0.88 1.13 0.00 0.11 0.23 9.66 0.05 0.06 0.18 0.23 0.04 0.06 0.07 2.49 1.95 2.92 0.07 0.04 1.00 0.22 0.17 0.20 0.13 0.12 0.08 0.06 0.14 0.37 0.27 0.19 0.24 0.06 0.00 0.00 0.47 0.60 0.32 1.73 2.19 0.06 0.59 0.08 0.24 2.03 0.15 0.50 11.80 14.88 0.56 0.75 0.06 0.08 0.02 0.04 0.17 0.13 0.71 0.90 7.00 0.00 0.12 0.16 0.22 0.17 0.23 0.12 0.00 0.08 2.93 2.28 0.06 0.00 0.10 0.08 0.21 0.17 0.18 0.14 0.94 0.75 0.08 0.05 0.00 0.09 0.00 2.79 2.13 0.82 0.66 13.03 16.59 0.03 0.02 0.00 0.03 0.07

23.00 32.97 0.15 0.12 0.21 0.17 0.98 1.22 0.15 0.12 0.24 9.75 0.05 0.06 0.18 0.23 0.04 0.06 0.07 2.88 2.30 4.59 0.09 0.07 1.00 0.27 0.17 0.22 0.15 0.12 0.08 0.07 0.20 0.39 0.30 0.21 0.26 0.08 0.50 0.95 0.61 0.73 0.36 1.73 2.20 0.07 0.72 0.09 0.24 2.55 0.24 0.51 11.91 15.03 0.56 0.75 0.12 0.13 0.02 0.05 0.20 0.13 0.74 0.93 7.12 0.17 0.13 0.17 0.22 0.19 0.23 0.12 0.06 0.08 3.18 2.50 0.07 0.11 0.10 0.08 0.23 0.18 0.18 0.14 0.98 0.78 0.09 0.06 0.12 0.09 0.70 3.06 2.41 0.93 0.73 15.96 20.19 0.04 0.04 0.00 0.03 0.07

12-month Change + + + + + + unch unch unch + + + + + + unch + + unch + + + + unch unch + + + unch unch + + + unch + + unch unch + unch + unch unch + + + + + + + + + + + + unch

3.29 4.01 0.01 0.01 0.03 0.02 0.00 0.03 0.00 0.01 0.02 0.00 0.00 0.01 0.01 0.02 0.00 0.00 0.01 0.13 0.14 1.44 0.01 0.00 0.00 0.12 0.00 0.01 0.04 0.00 0.05 0.02 0.06 0.02 0.00 0.01 0.01 0.00 0.00 0.24 0.14 0.09 0.03 0.00 0.00 0.01 0.05 0.01 0.05 0.05 0.01 0.00 1.09 1.54 0.08 0.06 0.06 0.04 0.00 0.00 0.01 0.02 0.09 0.12 0.06 0.00 0.00 0.01 0.01 0.02 0.03 0.00 0.00 0.00 0.20 0.14 0.01 0.07 0.03 0.02 0.01 0.01 0.02 0.01 0.09 0.06 0.01 0.01 0.02 0.00 0.06 0.33 0.25 0.01 0.01 2.23 2.71 0.01 0.01 0.00 0.01 0.00

(100s)

High Low

Stock

23.15 32.97 0.34 0.25 0.33 0.23 1.78 2.27 0.30 0.18 0.33 12.82 0.08 0.14 0.41 0.55 0.06 0.12 0.17 4.85 3.80 4.65 0.09 0.07 1.00 0.70 0.18 0.28 0.34 0.29 0.20 0.16 0.20 0.51 0.40 0.23 0.29 0.08 0.50 1.50 0.99 1.10 0.65 2.04 2.64 0.09 0.72 0.11 0.33 3.09 0.55 0.51 19.45 25.52 0.67 0.86 0.12 0.15 0.05 0.07 0.23 0.17 1.40 1.98 7.47 0.20 0.14 0.21 0.27 0.29 0.40 0.16 0.08 0.12 3.29 2.58 0.12 0.30 0.15 0.11 0.47 0.35 0.48 0.34 1.82 1.33 0.11 0.27 0.14 0.10 0.91 4.51 3.40 1.80 1.33 16.17 20.41 0.05 0.04 0.01 0.05 0.11

U.S. Gold* U3O8 Corp U3O8 Corp* Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop* Universal Cop Universal Vent Ur-Energy* Ur-Energy Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty* Uranium Roylty Uravan Mnrls Uravan Mnrls* UrbanGold Min USCorp* Usha Res Val-d’Or Mg Val-d’Or Mg* Vale* Valley High Mg* ValOre Metals* ValOre Metals Valorem Res Valterra Res* Valterra Res Vanadian Enrgy* Vanadian Enrgy Vanadium One* Vanadium One Vanadiumcorp* Vanadiumcorp Vangold Res* Vangold Res Vanstar Mng Rs Vanstar Mng Rs* Vantex Res Vantex Res * Velocity Mnrls* Velocity Mnrls Vendetta Mng* Vendetta Mng Venture Mnrls* Verde Potash Verde Res* Veris Gold* Vertical Expl* Vertical Expl Victoria Gold Victoria Gold* Victory Metals* Victory Metals Victory Nickel* Victory Nickel Victory Res Victory Res* Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M* Visible Gold M Vision Lithium Vision Lithium* Visionary Gold Vista Gold Vista Gold* Viva Gold* Viva Gold Vizsla Silver Vizsla Silver* Volatus Cap Volcanic Gold* Volcanic Gold Voyageur Min* Voyageur Min Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls Vulcan Mnrls* VVC Expl VVC Expl*

5.60 9.00 0.09 0.07 0.04 0.04 0.30 0.10 0.03 0.02 0.22 2.84 0.02 0.04 0.11 0.16 0.01 0.03 0.03 0.27 0.20 0.43 0.03 0.02 0.52 0.10 0.16 0.13 0.07 0.07 0.05 0.03 0.07 0.06 0.02 0.05 0.07 0.03 0.50 0.35 0.11 0.14 0.24 0.31 0.44 0.02 0.10 0.06 0.12 0.50 0.15 0.00 6.19 8.79 0.21 0.27 0.01 0.02 0.02 0.03 0.11 0.08 0.71 0.45 4.23 0.06 0.05 0.04 0.06 0.09 0.03 0.12 0.01 0.02 1.50 1.03 0.05 0.01 0.04 0.05 0.19 0.13 0.07 0.06 0.42 0.30 0.02 0.03 0.04 0.02 0.05 0.38 0.27 0.27 0.20 3.01 4.30 0.01 0.00 0.00 0.02 0.03

Week

Exc Volume

High

D 751 V 287 O 93 C 71 O 5545 O 2361 V 1769 T 9158 O 39 V 350 O 2089 O 269 V 797 O 1496 C 3902 O 28 X 94883 N 94091 O 1 V 786 V 272 X 41647 T 2534 V 17508 X 39583 O 8543 D 43394 O 1189 V 3060 V 2359 O 173 V 182 O 840 V 105 V 223 O 61 N 111565 O 16604 O 1278 V 3340 C 1541 O 27 V 185 O 139 V 1097 O 62 V 655 O 901 V 3083 O 2383 V 10468 V 731 O 842 V 37 O 8 O 19 V 512 O 530 V 1892 O 136 T 359 O 253 O 1014 O 52 V 4751 T 1230 O 420 O 108 V 234 O 200 C 899 C 2877 O 864 V 481 O 452 V 425 O 80 V 127 V 27545 O 35889 V 104 T 73 X 4716 O 128 130 V V 1190 O 658 C 51 O 26 V 494 O 13 C 79 O 496 V 11912 O 609 V 506 V 6008 O 106 V 399 O 91

13.65 0.26 0.20 0.06 16.57 2.36 2.97 0.39 0.18 0.28 0.17 0.26 0.31 0.95 1.20 0.03 2.56 19.05 0.11 0.17 3.00 1.57 1.99 1.68 2.55 0.27 9.46 2.68 3.46 0.06 0.05 0.26 0.00 0.27 0.13 0.13 18.47 0.12 0.36 0.45 0.17 0.07 0.09 0.07 0.09 0.15 0.19 0.08 0.10 0.34 0.43 0.89 0.72 0.28 0.21 0.47 0.59 0.06 0.08 0.06 1.30 0.11 0.02 0.11 0.14 12.86 10.10 0.47 0.58 0.08 0.09 0.09 0.07 0.21 0.15 0.44 0.22 0.25 0.79 0.63 0.20 1.46 1.14 0.23 0.30 1.57 1.25 0.20 0.38 0.52 0.32 0.44 0.24 0.35 0.33 0.41 0.14 0.10 0.14 0.12

Low

Last

12-month Change

(100s)

High Low

Stock

17.40 0.26 0.90 0.08 16.57 2.36 2.97 0.39 0.23 0.28 0.19 0.50 0.67 0.95 1.20 0.05 1.88 24.71 0.11 0.17 6.43 1.57 1.99 1.68 2.55 1.50 14.50 2.68 3.46 0.06 0.05 0.45 0.00 0.27 0.20 0.16 19.00 0.20 0.36 0.45 0.24 0.10 0.14 0.07 0.09 0.19 0.24 0.10 0.13 0.45 0.43 1.75 2.32 0.31 0.22 0.47 0.61 0.09 0.11 0.06 1.34 1.00 2.00 0.11 0.14 21.04 16.09 0.66 0.83 0.08 0.10 0.25 0.10 0.23 0.20 0.49 0.30 0.38 0.95 0.74 0.22 1.90 1.45 0.36 0.48 2.93 2.14 0.44 0.68 0.93 0.38 0.50 0.24 0.35 0.35 0.41 0.14 0.10 0.15 0.13

Walker Lane* Walker River* Walker River Wallbridge Mng* Wallbridge Mng Waraba Gold Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wescan Gldflds Wescan Gldflds* Wesdome Gold Wesdome Gold* West High Yld West Red Lake* West Red Lake West Vault Western Areas* Western Atlas Western Atlas* Western Copper* Western Copper Western Gold Western Mag* Western Mag Western Potash Western Res* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold Westhaven Vent* Westkam Gold* Westkam Gold Westminster Rs* Westminster Rs WestMountain* Wheaton Prec M Wheaton Prec M* White Energy* White Gold* White Gold White Metal R* White Metal Rs White Mtn Engy* Whitehaven Coa* Whitehorse GC Wildsky Res* Wildsky Res Winshear Gold Winshear Gold* Winston Gold Winston Gold* Winston Res Wolfden Res Wolfden Res* Wolfeye Res World Copper Worldwide Res X-Terra Res X-Terra Res* Xanadu Mines Xander Res Xander Res* Xemplar Egy* Xiana Mng Xiana Mng* Ximen Mining* Ximen Mining Xplore Res Xtierra Inc Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res* Yorbeau Res Zadar Ventures* ZEN Graphene* ZEN Graphene Zena Mining Zephyr Mnls Zephyr Mnls* Zimtu Capital Zinc One Res Zinc One Res * ZincX Res ZincX Res* Zonte Metals Zonte Metals*

Exc Volume

Low

12-month

Last

Change

High Low

W-Z

U-V 11.65 0.17 0.15 0.06 13.30 1.18 1.51 0.33 0.16 0.20 0.13 0.22 0.28 0.78 1.00 0.03 0.00 16.26 0.00 0.13 2.70 1.10 1.40 1.19 2.11 0.13 6.75 1.85 2.35 0.04 0.04 0.23 0.00 0.22 0.12 0.09 17.13 0.08 0.25 0.32 0.15 0.06 0.08 0.05 0.07 0.00 0.17 0.07 0.09 0.24 0.32 0.72 0.56 0.25 0.19 0.43 0.50 0.05 0.07 0.04 1.05 0.05 0.00 0.00 0.09 10.94 8.68 0.43 0.55 0.06 0.07 0.08 0.06 0.00 0.10 0.41 0.17 0.21 0.35 0.28 0.00 1.26 0.99 0.20 0.00 1.42 1.11 0.14 0.00 0.45 0.32 0.34 0.17 0.11 0.25 0.32 0.07 0.06 0.13 0.10

Week High

11.65 0.23 0.16 0.06 15.05 1.82 2.32 0.36 0.17 0.22 0.13 0.22 0.28 0.94 1.18 0.03 2.02 17.90 0.11 0.16 2.75 1.31 1.65 1.54 2.50 0.14 7.78 2.38 3.03 0.06 0.05 0.23 0.00 0.23 0.13 0.09 18.22 0.09 0.29 0.36 0.17 0.07 0.09 0.06 0.08 0.14 0.18 0.08 0.10 0.33 0.42 0.82 0.65 0.25 0.19 0.43 0.51 0.06 0.07 0.04 1.28 0.08 0.01 0.08 0.13 11.49 9.11 0.44 0.56 0.06 0.08 0.08 0.06 0.14 0.12 0.41 0.18 0.21 0.40 0.32 0.17 1.29 1.02 0.22 0.29 1.46 1.16 0.19 0.37 0.49 0.32 0.40 0.18 0.21 0.30 0.39 0.13 0.09 0.14 0.12

+ + unch + + + + + + + + + + + + + + + + + + + + + + + + + + + unch + + + + + + + + + + + + + + unch + + + + + unch +

1.02 0.04 0.00 0.00 1.17 0.61 0.76 0.02 0.01 0.01 0.01 0.01 0.03 0.04 0.04 0.00 0.43 1.40 0.04 0.01 0.17 0.16 0.21 0.20 0.24 0.00 1.14 0.40 0.53 0.02 0.01 0.02 0.00 0.01 0.01 0.04 0.72 0.03 0.04 0.04 0.01 0.01 0.00 0.00 0.01 0.00 0.01 0.00 0.01 0.06 0.07 0.02 0.02 0.02 0.00 0.01 0.05 0.00 0.01 0.01 0.17 0.03 0.00 0.01 0.04 1.26 0.89 0.00 0.01 0.01 0.01 0.01 0.01 0.04 0.02 0.03 0.01 0.03 0.19 0.14 0.02 0.05 0.05 0.01 0.01 0.06 0.04 0.05 0.04 0.01 0.00 0.07 0.01 0.02 0.04 0.02 0.06 0.02 0.00 0.01

2.61 0.04 0.01 0.04 0.09 0.64 0.70 0.07 0.01 0.02 0.06 0.07 0.10 0.04 0.10 0.02 0.22 4.54 0.07 0.03 1.57 0.27 0.39 0.05 0.35 0.01 0.25 0.56 0.80 0.01 0.00 0.05 0.00 0.10 0.06 0.06 6.49 0.00 0.09 0.14 0.06 0.03 0.03 0.01 0.02 0.03 0.04 0.03 0.03 0.03 0.03 0.45 0.31 0.15 0.03 0.15 0.20 0.01 0.03 0.00 0.21 0.00 0.00 0.01 0.02 4.02 2.88 0.11 0.17 0.01 0.01 0.05 0.02 0.04 0.03 0.20 0.02 0.04 0.01 0.01 0.01 0.51 0.36 0.09 0.14 0.24 0.16 0.08 0.03 0.05 0.13 0.13 0.03 0.04 0.10 0.16 0.03 0.03 0.02 0.01

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

45 336 1500 1673 3390 6 85 593 230 665 863 127 8 1950 509 376 1299 3163 295 114 116 19 7327 2294 31 1336 696 143 5 46 532 1183 1 238 73 0 27 0 19 1 4546 13993 205 302 1715 344 1589 204 26 320 37 103 368 0 9910 15016 3825 639 53 3993 5596 89 6929 672 2270 234 45 3 52 34 85 1671 528 279 175 58 17520 98778 1 764 4279 17 497 813 66 242 85 504 24213 1611 300 142 420 25

0.10 0.10 0.12 0.57 0.73 0.33 0.09 0.11 0.05 0.20 0.25 0.11 0.08 9.43 7.65 0.20 0.09 0.11 1.23 2.14 0.09 0.08 1.70 2.14 0.45 0.13 0.17 0.17 0.12 0.17 1.37 1.16 1.83 0.74 0.58 0.14 0.19 0.00 0.26 4.00 51.67 40.70 0.10 0.65 0.74 0.10 0.13 0.03 1.27 2.80 0.24 0.30 0.10 0.09 0.18 0.15 1.49 0.31 0.25 1.45 0.19 0.06 0.15 0.11 0.06 0.14 0.12 0.01 0.10 0.13 0.35 0.43 0.10 0.15 1.53 1.22 6.25 4.91 0.89 0.04 0.06 0.96 2.75 3.49 0.17 0.20 0.16 0.26 0.03 0.02 0.19 0.14 0.23 0.16

0.08 0.10 + 0.08 0.08 0.11 0.11 0.42 0.53 0.64 0.66 0.25 0.33 + 0.07 0.08 0.09 0.10 unch 0.04 0.04 0.15 0.15 0.20 0.20 0.07 0.08 0.08 0.08 + 8.38 8.53 6.65 6.85 0.00 0.19 0.07 0.07 0.09 0.10 1.11 1.19 1.78 2.07 + 0.00 0.09 0.08 0.08 unch 1.31 1.69 + 1.68 2.07 + 0.41 0.41 0.11 0.12 0.15 0.15 0.16 0.17 + 0.12 0.12 unch 0.15 0.17 + 1.14 1.31 + 0.89 1.03 + 0.00 1.83 0.69 0.73 + 0.54 0.55 0.00 0.14 0.17 0.18 unch 0.00 0.14 unch 0.00 0.26 + 0.00 2.89 46.94 47.46 37.22 37.65 0.09 0.09 0.50 0.54 0.63 0.70 unch 0.00 0.10 + 0.12 0.13 + 0.02 0.02 1.17 1.22 2.37 2.38 0.15 0.24 + 0.21 0.25 + 0.09 0.10 + 0.09 0.09 unch 0.15 0.17 0.12 0.13 + 1.21 1.32 0.28 0.29 0.23 0.23 1.13 1.20 0.14 0.17 + 0.05 0.06 + 0.10 0.11 + 0.07 0.08 0.04 0.05 + 0.14 0.14 0.11 0.11 unch 0.00 0.00 0.08 0.09 unch 0.07 0.13 + 0.28 0.29 0.35 0.36 0.08 0.08 + 0.13 0.15 + 1.30 1.41 + 1.01 1.11 + 5.51 5.56 4.36 4.40 0.89 0.89 unch 0.03 0.03 0.05 0.05 unch 0.25 0.25 2.40 2.42 3.01 3.05 0.15 0.15 unch 0.18 0.19 unch 0.14 0.15 + 0.20 0.21 0.02 0.03 unch 0.01 0.02 unch 0.17 0.18 + 0.13 0.14 + 0.18 0.19 0.15 0.16 +

0.02 0.02 0.01 0.03 0.05 0.02 0.00 0.00 0.01 0.02 0.02 0.03 0.00 0.67 0.27 0.01 0.01 0.01 0.01 0.07 0.01 0.00 0.32 0.36 0.04 0.01 0.01 0.01 0.00 0.02 0.13 0.11 0.02 0.02 0.01 0.00 0.00 0.00 0.06 0.10 3.57 2.56 0.01 0.02 0.00 0.00 0.01 0.00 0.02 0.12 0.09 0.04 0.01 0.00 0.01 0.00 0.06 0.02 0.01 0.16 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.05 0.03 0.03 0.01 0.01 0.06 0.01 0.53 0.41 0.00 0.00 0.00 0.70 0.21 0.27 0.00 0.00 0.00 0.02 0.00 0.00 0.01 0.01 0.03 0.00

0.12 0.11 0.15 1.01 1.35 0.70 0.11 0.15 0.07 0.24 0.31 0.12 0.09 15.00 11.37 0.30 0.17 0.21 1.99 2.43 0.19 0.14 1.53 2.14 0.69 0.15 0.18 0.31 0.19 0.33 1.45 1.16 2.05 1.25 0.93 0.22 0.30 0.14 0.26 7.00 76.69 57.89 0.11 2.00 1.34 0.10 0.13 0.03 1.43 4.80 0.24 0.30 0.15 0.11 0.20 0.18 2.34 0.36 0.27 1.54 0.26 0.07 0.25 0.18 0.10 0.45 0.20 0.01 0.23 0.16 0.60 0.80 0.11 0.23 1.54 1.22 9.29 7.02 0.89 0.06 0.08 0.96 2.97 3.77 0.22 1.15 0.88 0.28 0.03 0.10 0.20 0.15 0.35 0.26

0.03 0.05 0.06 0.25 0.33 0.02 0.03 0.03 0.02 0.05 0.07 0.03 0.02 5.85 4.10 0.07 0.02 0.04 0.45 1.15 0.04 0.04 0.31 0.44 0.01 0.07 0.10 0.13 0.11 0.06 0.25 0.15 1.00 0.35 0.25 0.10 0.08 0.05 0.04 1.00 26.99 18.66 0.04 0.29 0.41 0.02 0.02 0.00 0.63 0.57 0.04 0.06 0.05 0.03 0.01 0.00 0.44 0.07 0.05 0.43 0.13 0.02 0.03 0.03 0.01 0.04 0.10 0.00 0.04 0.02 0.20 0.26 0.05 0.03 0.43 0.30 3.11 2.23 0.64 0.02 0.03 0.11 0.17 0.26 0.04 0.13 0.10 0.08 0.01 0.00 0.06 0.04 0.16 0.12

BID-ASK — FEBRUARY 15–19, 2020 12-MONTH STOCK

Aftermath Silv Alacer Gold Amseco Expl Anglo-Bomarc Antler Hill Apex Res Asbestos Corp Ashanti Sanko Atlanta Gold Aurelius Min Aurex Energy Austin Res Avarone Metals Aya Gold Banro Corp* Barker Min BE Res Blackheath Res Boss Power Brunswick Res C2C Gold Cairo Res Camrova Res Canada Coal Centurion Mnls Cerro de Pasc Cerro Mng Cleghorn Mnls Cliffs Nat Res* Clydesdale Res Comet Inds CROPS Crystal Peak Cyntar Venture Debut Dmds Duro Metals Electra Stone ESV Res Everton Res Evolution Glob Excalibur Res Finore Mng First Idaho Four Nines Freedom Egy Full Metal Mnl Fusion Gold GAR Limited General Moly* Gentor Res Gespeg Res Global Cop Grp

12-MONTH

EXC

BID

ASK

LAST

HIGH

LOW

STOCK

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

0.24 9.41 0.02 0.08 0.05 0.07 0.64 0.04 0.03 0.13 0.04 0.10 ... 1.94 0.11 0.01 0.20 0.30 0.17 ... ... 0.25 0.01 0.07 ... ... 0.16 0.10 1.45 0.06 2.90 0.01 0.01 0.10 0.20 0.20 0.01 0.45 0.10 1.25 0.09 0.12 0.08 0.44 0.02 0.14 0.01 ... ... 0.06 0.06 0.07

0.25 9.52 0.04 0.08 0.05 0.11 0.80 0.04 0.04 0.14 0.06 0.12 ... 2.19 0.11 0.01 0.37 0.30 0.20 0.05 ... 0.87 0.01 0.07 0.07 ... 0.40 0.15 3.20 0.07 3.25 0.01 0.02 ... 0.25 0.38 0.02 0.63 0.10 2.50 0.10 0.12 0.20 0.49 0.02 0.14 0.01 ... ... 0.10 0.06 0.08

0.25 9.47 0.04 0.15 0.06 0.10 0.65 0.04 0.03 0.14 0.05 0.10 0.04 2.01 0.11 0.01 0.20 0.20 0.17 0.03 0.11 0.37 0.07 0.06 0.07 0.29 0.60 0.13 1.43 0.07 3.25 0.02 0.01 0.19 0.26 0.19 0.01 0.56 0.03 2.00 0.10 0.11 0.12 0.49 0.01 0.10 0.17 0.15 0.11 0.06 0.06 0.08

0.33 10.82 0.08

0.05 3.50 0.02

0.17 0.99 0.10 0.04 0.15 0.09 0.13 0.15 2.50 2.10

0.04 0.35 0.01 0.03 0.03 0.03 0.04 0.03 0.82 0.10

0.22 0.26

0.09 0.07

Goldblock Cap Golden Cariboo Golden Harp Golden Indepen GoldHaven Res Graphite Egy Great Lakes Gr Great Quest Fe Green Arrow Grosvenor Res GrowMax Res High Point Exp Highbury Proj Highvista Gold Hornby Bay Mnl Hylands Intl Indico Res Inspiration Mg Interconnect Intl Battery Iron South Mng Ivor Explor Jubilee Gold K9 Gold Karam Min Karora Res Kermode Res Knick Expl Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lightspeed Dis Madeira Mrnls MAG Silver* Major Precious Margaret Lake Mariner Res Melior Res Metalo Manuf Midasco Cap MillenMin Vent Minecorp Egy Mineral Hill Montana Gold Napier Vent Navis Res Corp Nebu Res New Klondike NRG Metals O2Gold

0.15 0.37

0.03 0.20

0.07

0.01

0.34 0.60 0.13 7.17 0.07 3.30 0.03 0.10 0.21 0.27 0.27

0.12 0.07 0.04 0.98 0.01 2.00 0.01 0.01 0.11 0.07 0.13

0.56

0.40

2.00 0.11

2.00 0.01

0.50

0.10

4.13 100.00 0.08 0.12 0.11

0.13 0.10 0.03 0.04 0.04

EXC

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

BID

0.25 0.10 0.23 ... ... ... 0.05 ... 0.02 0.17 0.02 0.28 0.24 ... 0.08 0.04 ... ... 0.07 ... 0.24 0.34 0.63 0.17 0.17 0.47 0.01 0.01 0.05 0.05 0.03 ... ... 0.15 ... 12.52 ... 0.03 ... 0.06 0.12 0.09 ... ... 0.16 0.09 0.06 ... 0.03 0.01 0.31 0.23

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

0.50 0.12 0.30 ... ... ... 0.05 0.10 0.03 0.25 0.02 0.50 0.95 ... 0.08 0.06 0.01 ... 0.38 ... 0.27 0.40 0.82 0.24 0.30 0.48 0.01 0.01 0.06 0.15 0.04 ... ... 0.15 ... 13.30 ... 0.04 ... 0.07 0.17 0.10 ... ... 0.16 0.10 ... ... 0.03 0.01 0.34 0.27

0.30 0.10 0.21 0.38 0.42 0.47 0.04 0.10 0.02 0.17 0.09 0.27 0.23 0.17 0.06 0.04 0.01 0.03 0.08 0.31 0.24 0.34 0.68 0.24 0.20 0.48 0.01 0.01 0.05 0.05 0.03 1.09 0.24 0.11 0.03 12.52 0.42 0.03 0.59 0.08 0.15 0.10 0.05 0.12 0.15 0.10 0.07 0.30 0.04 0.01 0.31 0.23

0.30 0.15 0.44 0.40 0.45 0.47

0.12 0.02 0.06 0.05 0.06 0.42

0.04 0.20

0.02 0.09

0.39 0.30

0.02 0.22

0.11 0.06

0.03 0.03

0.11

0.07

0.28 0.42 0.90 0.28 0.30 0.73 0.02

0.04 0.20 0.38 0.16 0.11 0.20 0.01

0.13 0.12 0.16

0.04 0.01 0.02

0.27 0.35

0.13 0.08

14.40 0.42 0.09 0.62 0.08 0.25 0.10

6.12 0.02 0.02 0.13 0.02 0.07 0.07

0.20

0.07

0.10 0.10

0.02 0.04

0.66 0.37

0.24 0.06

Optimum Vent Optimus Gold Ord Mountain Oro X Mining Pac Arc Res Parallel Mng Parlane Res Pedro Res Plato Gold PPX Mining Primary Energy Prism Res Quantum Cobalt Quinto Res Rare Element* Red Oak Mining Reliant Gold Rizal Res Rockland Mnls Ross River Royal Gold Sage Gold Saint Jean Samco Gold Secova Mtls Sennen Potash Sierra Madre Silver Mtn Mns Silver Phoenix Southern Arc Southstone Min Stans Energy Stria Lithium Surge Explor Thunder Mtn Gd Trench Metals Tri-River Vent Trident Gold TriMetals Mng TRU Precious Vale* ValOre Metals Vatic Vent Venerable Vent Whitemud Res Winshear Gold Yukoterre Res Zadar Ventures Zara Res Zinco Mng Zincore Mtls

EXC

BID

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

0.37 0.13 0.30 0.69 0.11 0.13 0.19 0.09 0.03 0.04 ... 0.05 ... 0.07 0.11 0.10 ... 0.01 0.07 ... 0.33 0.01 0.11 0.01 0.05 0.01 ... 0.21 0.16 0.32 0.01 0.01 0.05 0.39 0.12 0.55 ... 0.12 0.11 0.44 ... 0.06 0.05 0.08 0.01 0.12 ... 0.35 ... 0.05 0.05

ASK

LAST

0.48 0.17 0.30 0.69 0.25 0.15 0.19 0.15 0.04 0.05 ... 0.05 ... 0.07 0.16 0.20 ... 0.02 0.08 0.39 0.40 0.01 0.11 ... 0.06 0.65 0.15 0.21 0.18 0.90 0.01 0.01 0.05 0.44 ... 0.55 0.25 0.17 0.12 0.44 ... 0.07 ... 0.18 0.02 0.14 ... 0.35 ... 0.07 0.40

0.38 0.13 0.20 0.69 0.16 0.15 0.17 0.13 0.03 0.04 0.17 0.05 1.10 0.08 0.15 0.10 0.02 0.02 0.08 0.26 0.40 0.02 0.08 0.05 0.05 0.45 0.11 0.31 0.18 0.89 0.01 0.01 0.02 0.39 0.12 0.55 0.04 0.12 0.12 0.29 10.24 0.07 0.10 0.10 0.02 0.14 0.10 0.30 0.07 0.05 0.05

HIGH

LOW

0.53 0.19 0.25 0.90 0.16 0.20 0.30 0.19 0.05 0.10 0.82 0.07 3.15 0.08 0.89 0.11

0.16 0.01 0.06 0.27 0.16 0.10 0.02 0.09 0.02 0.04 0.16 0.01 0.20 0.02 0.06 0.07

0.11

0.01

0.60

0.20

0.09

0.02

0.20 0.53 0.25 0.93 0.04 0.02 0.03 0.23 0.29 0.22

0.06 0.08 0.10 0.24 0.01 0.01 0.01 0.03 0.07 0.04

0.16 0.12 0.38 11.10 0.13

0.12 0.03 0.04 6.57 0.07

0.15 0.03 0.15 0.10 0.35 0.22

0.03 0.01 0.05 0.08 0.13 0.07

WWW.NORTHERNMINER.COM

MARCH 1—14, 2021 / THE NORTHERN MINER

UPCOMING SYMPOSIUM SCHEDULE

2021

Q2 Global Mining Symposium May 19-20, 2021

Q3 Global Mining Symposium September 22-23, 2021

Q4 Global Mining Symposium November 17-18, 2021

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