The Northern Miner March 7 2022 Issue 5

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MARCH 7 — 20, 2022 / VOL. 108 ISSUE 5 / GLOBAL MINING NEWS · SINCE 1915 / $5.25 / WWW.NORTHERNMINER.COM

Mark Cutifani talks up Anglo American’s future-facing metals strategy

Agnico Eagle’s Meliadine gold mine in the Kivalliq district of Nunavut.

AGNICO EAGLE MINES

GMS

| Forecasts 25% volume growth over

next four years led by copper and PGMs

BY HENRY LAZENBY

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New Agnico Eagle positioned for growth, says Chairman Sean Boyd | Ammar Al-Joundi named CEO

GOLD

A

BY HENRY LAZENBY

little more than two weeks following the closure of the $10 billion merger of Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Kirkland Lake Gold, Agnico’s new CEO Tony Makuch has resigned, handing the reins to the incoming president and CEO Ammar Al-Joundi with immediate effect.

Under terms of the merger that created the world’s third-largest gold producer, Agnico Eagle CEO Sean Boyd became executive chair of the board. At the same time, Kirkland Lake Gold CEO Tony Makuch was installed as the combined company’s chief executive.

Al-Joundi brings to the table more than 20 years of experience in mining, capital markets and banking, with specialization in finance and business strategy.

He joined Agnico Eagle as president in 2015, after serving as chief financial officer at Agnico from September 2010 to June 2012, and as CFO and senior executive vice president at Barrick Gold (TSX: ABX; NYSE: GOLD) from July 2012 to February 2015. Before joining Agnico in 2010, he spent 11 years at Barrick.

Chairman Sean Boyd tells The Northern Miner that the management shakeup was a collective decision to put forward a broad manage-

“I EXPECT WE’LL SEE A NEW HIGH IN THE GOLD PRICE THIS YEAR, SIMPLY BECAUSE OF INFLATIONARY PRESSURES.” SEAN BOYD EXECUTIVE CHAIRMAN, AGNICO EAGLE MINES

ment team, including Al-Joundi as the CEO. “I think we’re comfortable in the decision to place Al-Joundi in the CEO role, given his experience and skillset, knowledge of the asset and shareholder base, the experience here at Agnico, and his experience where he was the CFO of Barrick.

“And so when we went back on the original discussions when the merger was announced, clearly, there was a plan at that time to move in a certain direction. It’s sort of a forward-looking view where we look at the opportunity sets, we look at the skill set of the combined team led by Amar, and we’re extremely comfortable with that group and his skill set and its ability to deliver the promise of the merger,” said Boyd.

He credits Makuch for building Kirkland Lake Gold and being the driving force behind combining the

two companies. “We’re thankful for that contribution by Tony. As we look forward, there’s no change in strategy. There’s no change and sort of a view on the benefits of the merger.”

Makuch could not be reached for comment on the re-organized executive team.

“I think the key thing about this combination was that it was the basis for doing that was a regional consolidation concept, where we’re putting sizable assets, major geological belts with opportunities in relative proximity to each other together.

And that created the ability to drive more than US$2 billion in synergies over the next ten years. So very much the focus is to realize those synergies [and] spend aggressively on exploration.”

“We saw that both companies over the last 12 to 18 months have demonstrated they’ve been able to create a lot of value through that exploration spend, or we’ve seen both companies’ deposits grow a lot. So, that’s a big difference from a lot of the bigger gold companies where we can still generate value through exploration even though we’re bigger.”

He added the merger was, in particular, a good news story for Canada with the creation of the largest producer of gold in Canada and the third-largest producer around See SEAN BOYD / 16

OUR 2021 MINING PERSON OF THE YEAR / 4

nglo American (LSE: AAL; US-OTC: NGLOY) is charting a future-facing path forward by strategically positioning its diversified portfolio of mines to service the emerging energy revolution, CEO Mark Cutifani told The Northern Miner’s recent Global Mining Symposium.

“We see ourselves as a material solutions company, meaning we look at the world to see what it requires and try to make sure we’re delivering raw materials supporting that global change,” said Cutifani.

“Our portfolio is increasingly tilted towards future enabling products, being those that we need to decarbonize energy and transport and meet consumers’ needs — from home appliances, electronics and infrastructure to food and luxury goods. We see a material opportunity for Anglo American to continue to set itself apart in terms of the performance of our diversified business, further enhanced through sector-leading 25% volume growth over the next four years, led by copper and the platinum group metals (PGMs),” Cutifani said.

As the supplier of such critical materials, Cutifani considers it the industry’s duty to ensure that in everything it does, it acts responsibly and delivers enduring value for all stakeholders, including the planet.

“By integrating technology with a sustainability mindset and our clear ESG commitments — including carbon-neutral operations by 2040 — we are fundamentally changing the nature of mining to position ourselves for a sustainable future,” Cutifani said.

In Cutifani’s view, it’s not simply about trying to pick a winner in a commodity. It’s more about ensuring the quality of assets, ensuring the cost structures are right and then doing well with good assets as part of sound business administration.

“But at the same time, we’re keeping an eye on how the world is moving. So, the energy transition, climate change, the circular economy, significant technological changes — all these things feed

Anglo American CEO Mark Cutifani.

ANGLO AMERICAN

into how we think about setting up the portfolio. So today, 85% of the commodities in which we operate, we call future-facing commodities.

See MARK CUTIFANI / 16 PM40069240

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MARCH 7—20, 2022 / THE NORTHERN MINER

Understanding China’s Belt and Road Initiative OP-ED

| The New Silk Road now involves around 130 countries

BY CHRIS TWIGGE-MOLECEY

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Special to The Northern Miner

he Chinese Belt and Road Initiative (BRI) — or the ‘New Silk Road’ as it was branded in 2013 at its official launch in Kazakhstan — involves around 130 countries, more or less formally, in a wide range of infrastructure projects for rail, roads, ports, airports, telecommunications, power generation and distribution systems.

The map shows a schematic concept of the overall scope. It is about dramatically improved connectivity and the political, trade and cultural influences that can then flow both ways. There are six named “Economic Corridors,” which include rail, road and telecommunications infrastructure supported by energy and resource infrastructure and development.

There are two maritime “roads” — the oddly named “21st Century Maritime Silk Road” and more recently the “Arctic Silk Road.” The Maritime Silk Road includes an extensive distribution of ports owned by, or built by, the Chinese. They stretch from the South China Sea to Gwadar in Pakistan and from Hanbantota in Sri Lanka to Djibouti in the Horn of Africa, all the way to Piraeus in Greece with several others around Africa. The Arctic Silk Road currently goes over Russia but they are seriously looking at our Arctic as a short cut to Europe.

Another key grouping of projects is the China Pakistan Economic Corridor (CPEC), a major initial focus with US$65 billion promised and over US$40 billion already spent. This opens a route from southwest China directly to the Indian Ocean at the newly constructed port of Gwadar.

This will dramatically shorten the shipping route to Europe and Africa by by-passing the South China Sea, the Malaysian peninsula and the maritime choke point at The Straits of Malacca.

The “New Eurasia Land Bridge” is essentially a direct rail connection from Yiwu, near Shanghai in China, to Western Europe, including England, Germany and Spain. By 2020 it was carrying around 300 trains a day.

For all the “corridors” to date, China has spent US$500-700 billion under the BRI umbrella, a very elastic title, which has included rebranding of many older projects. The Chinese spending rate continues to be about US$100 billion a year according to the RWR Advisory Group, a research, analysis and advisory group in Washington, D.C., which looks at the risk and threat implications of state-owned enterprises. Of this spending, roughly 20% is investment and 80% is project-support by a range of financial means.

What interests me is how much Canadian companies have accessed this massive global spend.

A recent survey by the CanadaChina Business Council, Third country co-operation — Canadian opportunities with the Belt and Road Initiative and beyond, published prior to the pandemic, indicates very little Canadian activity by very few companies and my question is why?

According to estimates by McKinsey and other consulting groups a total of between US$4 trillion and US$8 trillion will be spent on the BRI by 2049, the centenary of the Communist Party. It was anticipated by the Chinese planners that no more than US$1 trillion would be a direct cost to China and the private sector plus international financial institutions would provide the rest. This has not happened. Of the US$500 billion spent in the five years from 2014 to 2018, over 80% was spent on Chinese companies for work both inside and outside China and of those companies, 95% are owned by various lev-

Russia

Kazahkstan

Israel

Egypt

Economic Corridors

Iran

UAE Saudi Arabia

New Eurasia Land Bridge China-Mongolia-Russia China-Indochina Peninsula Bangladesh-China-India-Myanmar China-Pakistan China-Central Asia-West Asia

China Pakistan Bangledesh

Nigeria

Laos Malaysia Singapore

Route of the 21st Century Maritime Silk Road

Indonesia

China’s Belt and Road Initiative extends far and wide. CENTRE FOR INTERNATIONAL GOVERNANCE INNOVATION (CIGI)

els of government. In the recipient countries, very little is being spent on local enterprises or even non-Chinese multinationals. The big winners have been the major state-owned enterprises (SOEs) such as China Communications Construction Corp., China Harbor Engineering Corp., China Railway Engineering Corp., State Grid Corporation of China, Sinopec, CNOOC, major Chinese banks, and China Mobile, and “public” firms such as Huawei and Alibaba. This has caused significant push-back in many locations.

In the mining sector beneficiaries have been the companies we know well in Canada such as Minmetals, Zijin Mining, MMG, Shandong Gold, Jilin Jian, Jiangxi Copper, Chalco, Jinchuan, China Nonferrous, Wisco, and Metallurgical Corp. of China, among others.

The China Global Investment Tracker of the Washington-based Centre of Strategic and International Studies, (CSIS) and the American Enterprise Institute in 2019 summarized the major recipients of BRI projects over the 2005-2019 period.

However, it should be noted that the expenditure in several of the counties in the table above substantially predates the 2013 announcement of the ‘New Silk Road.’

A range of values are available for any number in the table due to the generally opaque nature of the BRI contracts. There is also a significant difference between the announced amounts and the actual spending. CSIS estimate that more than 20% of projects announced are not delivered, and the Organization of Economic Cooperation and Development (OECD) estimated over US$100 billion was cancelled in the four years from 2015-2018 due to lack of co-funding, financing terms, corruption, lack of actual need, or strong local resistance. For example, the port at Gwadar in Pakistan has recently been blockaded by locals. This is a problem as the China-Pakistan Corridor is the flagship BRI project and the largest by far at an announced total commitment of US$65 billion.

From the mining industry’s perspective, several of the more than 130 countries under the BRI umbrella have major governance, rule of law, stability, safety and corruption issues, including Western sanctions.

Why should we worry? Canada is not a stated BRI country but that is political optics, not reality. The Chinese investment in Canada from 2016 to 2020 exceeded US$60 billion,

The ten BRI countries with the largest project commitments (2005-19) Country Pakistan Saudi Arabia Malaysia Indonesia UAE Ethiopia Russia Algeria Angola

Spent in the 15 years US$ billions 42 32 26 26 26 23 21 21 20

consider seaborn coal and iron ore.

There is concern about China’s dominant position in global purchasing of both commodities, along with many other resources. According to the U.S. Bureau of Mines, China held a dominant production position globally last year in a range of critical minerals: rare earth elements (58%), gallium (97%), germanium (66%), tungsten (82%), tellurium (61%), graphite (59%), and silicon (68%).

Recognizing this, the CanadaU.S. agreement on Strategic Minerals, which was signed last year, is

Free zone port gate in Gwadar City, Pakistan. ALEEM KHAN/ISTOCK

putting us, as an investment destination, above all the BRI designated countries for the five years 20152019. Of that amount, our minerals and metals sector has received more than US$9 billion, making Canada by far the largest recipient during that period, according to the ChinaCanada Investment Tracker at the China Institute of the University of Alberta. That alone puts us on a par with Indonesia and ahead of Pakistan. We seem to be a silent part of the BRI, whether we like it or not.

So what can we do as exploration and mining companies or suppliers?

A key starting point is that the Chinese mining companies need our resources and our rule of law to protect ownership and contracts, which is very attractive to any explorer or mine developer.

Secondly, China has realized over the last decade that buying prospective properties and junior exploration companies is a very long way from actually putting concentrate on a boat to China. They need our help, particularly with ESG and permitting issues, in many regions of the world.

Thirdly, we need to be in the lowest cost curve of producers globally, because, if China chooses, it can shut us down. Remember the magnesium price manipulation in the early 2000s that put Magnola — Noranda’s magnesium from asbestos tailings project in Quebec — out of business. And

a good start, assuming it includes cobalt, nickel and lithium required for Canadian-based battery production aspirations. The supply chain issues are critical but where will the enormous amount of investment come from to develop the required mines and refining facilities? It won’t be from traditional venture capital firms or investment banks with little stomach for the time scales normal in our business. Will it be Chinese investment and control? Following the recent non-review of the ZijinNeo Lithium transaction, it is not clear that our government takes these issues seriously enough.

As a practical way forward, “If you can’t beat them, join them.” This is hard as many readers will know. It is especially hard on the BRI opportunities, a huge cash flow flowing from China, but as already discussed flowing mostly to the Chinese. However, there are approaches that have worked, including joint-ventures with state-owned enterprises, sales of technology that China requires, or a generally easier approach, co-operating with local actors in the recipient countries to help interface with and manage the Chinese activities.

By way of examples of joint ventures, Barrick Gold has a successful joint-venture with Zijin to operate the Porgera mine in Papua New Guinea, where the Canadian gold miner’s local knowledge and operating excellence

were a value to Zijin. In other sectors, Husky Oil has a joint-venture with CNOOC for a gas field in Indonesia and SNC-Lavalin has a joint-venture with China National Nuclear Corporation for nuclear technology.

In the mining services sector, Hatch is providing operational support to China’s MMG at Las Bambas in Peru, based on expertise and local resources.

There are very few other Canadians benefiting in the mining and exploration sectors as the Chinese do not want help. However, there are many other Canadian companies working across the globe on BRI projects in other sectors, such as HiSel Power in solar energy in Pakistan, Refraction Asset Management on a 10.7 MW solar project in Ukraine, and a very large SkyPower Solar greenfield project in Uzbekistan. But there should be many more. Opportunities include Owners Engineer roles, as Hatch is doing for a Turkish power plant proposed by the Chinese, or advisory services to the Asian Infrastructure Investment Bank.

Supplying directly to the BRI projects is hard, but companies with local operations in recipient countries or technological advantages have a real leg up and major multinationals such as Siemens, GE, Honeywell, Caterpillar, ABB and many others, have all had significant success potentially opening sub-contracting opportunities for Canadian suppliers.

In a world of rapidly evolving geopolitical tensions, Canada has been dealt a weak hand. We do, however, have two strengths: intellect and resources. Our intellectual property has been and continues to be copied or stolen. Some examples, from a great number, include HPAL technology, carbonyl technology and furnace technology in the production of nickel and ferro-nickel.

Let’s try to resist the same fate for our resources. TNM Chris Twigge-Molecey is a senior advisor to Hatch Ltd., a global multidisciplinary management, engineering and development consulting firm. During his 49-year career at Hatch he has been a global managing director, managing director of China, of technology development, president of Hatch Chile and vice president of business development.

He also initiated Hatch’s environmental and technology development business units as well as the company’s activities in Russia, Chile, Kazakhstan, and Peru.

He has a mechanical sciences degree from the University of Cambridge and a Ph.D. in fluid mechanics from the University of Toronto.

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7—20, 2022

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The Northern Miner appoints Alisha Hiyate new Editor-in-Chief

BY ANTHONY VACCARO

A

s George Harrison once sang: “All things must pass”... and that includes incredible journalistic and editorial tenures. With that thought in mind, I announce to you all that Trish Saywell is retiring from our team on March 15.

Before joining The Northern Miner, Trish worked in Asia for several publications, including The Hong Kong Standard, Asiaweek, and the Far Eastern Economic Review in Hong Kong. At the Far Eastern Economic Review, she covered China from Hong Kong, before being posted to Shanghai as the magazine’s bureau chief in the late 1990s. She also served as the magazine’s bureau chief in Singapore from 2000 until 2004.

Trish brought that wealth of experience to The Northern Miner in August of 2007, and immediately made her mark by contributing some of the most read and most respected articles in the industry. Trish’s ability to consistently report and write to that high standard throughout the next 14 years has been truly inspiring and has earned her one of the strongest reputations in the industry of any reporter and Editor-in-Chief.

She has always covered the industry in rigorous terms, going the extra mile to examine an important piece of research or find that key expert

Alisha Hiyate

JIM DAWSON/FOTOWORK

quote, and her interviews of industry leaders for the paper, on video and in a live setting for our Symposiums, have truly set the bar of excellence and have enriched the content of The Northern Miner for posterity.

Please join me in congratulating Trish on such an outstanding

career at The Northern Miner. It is my hope that she will continue to bless us with some editorial content going forward ... even if it is written from a beach house along the shores of some fabulous Caribbean destination!

While Trish will be greatly missed,

we are excited to welcome on board our new Editor-in-Chief, Alisha Hiyate. It is always a joy in business to see individuals rise up and excel at each higher level they reach, making the overall group stronger with their growth. Alisha is one such individual and it is with great pleasure that we

announce that she will be stepping into the esteemed role of Editorin-Chief for The Northern Miner.

Alisha has done an outstanding job as Editor of Canadian Mining Journal for the last five years. Among the key initiatives she spearheaded while managing the content of CMJ included guiding the redevelopment of the CMJ website, writing industry-leading editorials, increasing the brand’s social media presence, helping to establish and plan virtual symposiums, building a deeper network of industry contributors, and most importantly, changing the editorial direction of the magazine to a modern outlook that highlights the importance of ESG and related technologies to the industry.

Alisha has nearly 16 years of experience as a mining journalist covering projects and mines, new technology, and environmental and social issues related to mining. In addition to her duties with CMJ she also serves as Editor of Diamonds in Canada magazine and has been a reporter and copy editor for The Northern Miner. Alisha brings a unique blend of editorial excellence combined with innovative business solution thinking to the role and we are very excited to see how The Northern Miner grows under her stewardship. CMJ is going to dearly miss her but is relieved her expertise is staying in-house. TNM

www.northernminer.com TSXV: EVER OTC: EVGUF

evergoldcorp.ca

HIGH GRADES FROM GOLDEN LION DRILLING ESTABLISH A BRIGHT OUTLOOK FOR 2022 After several seasons of searching, in our final 3 holes of the 2021 field season we discovered our first high-grade gold-silver domain within the large-scale footprint of the fault-bounded epithermal-style GL1 Main Zone, located on our Golden Lion property in the rich geology of northwestern B.C. The results included the highest grades of gold, silver, zinc and lead ever achieved in drilling on the property.

The initial high-grade domain is open for expansion in all directions, and the nature of these systems suggests a high likelihood of finding more as we explore the system below and along strike. Join us as we target high grades in our high-priority follow-up drilling in the approaching 2022 field season.

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MARCH 7—20, 2022 / THE NORTHERN MINER

THE VIEW FROM ENGLAND

EDITORIAL GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

Chris Taylor is our Mining Person of the Year for 2021

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com MULTIMEDIA SPECIALIST: Henry Lazenby hlazenby@northernminer.com STAFF WRITER: Naimul Karim nkarim@northernminer.com REPORTER AND PRODUCTION EDITOR: Daniel Sekulich dsekulich@northernminer.com PHOTO EDITOR AND PODCAST HOST: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Robert Hertzman (416) 898-6654 rhertzman@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: (416) 510-6789 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESS: Toronto Head Office 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$130.00 one year; 5% G.S.T. to CDN orders.

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reat Bear Resources president and CEO Chris Taylor was the stand-out choice for The Northern Miner’s Mining Person of the Year award for 2021. The 44-year-old structural and economic geologist not only sold the company and its Dixie gold project in Ontario’s Red Lake district to Kinross Gold in December for $1.8 billion, but in the three years of due dilBY TRISH SAYWELL igence leading up to the acquisition, Taylor and his team also managed to set off what he calls the “largest staking rush” in Red Lake’s history.

Like many tales of glory, it took guts. Taylor’s efforts to keep his dream of Dixie alive involved years of hard work and laying his own money on the line. At first he borrowed funds from family and friends just to keep the lights on and the rent paid in the dark years of 2013 and 2014. But in order to come up with the initial payment for the Dixie project in 2014-2015, Taylor had to rack up an enormous line of credit against his house. “When we couldn’t raise the money and I was going hundreds of thousands of dollars into debt my hair started falling out in chunks,” Taylor recalls in an interview, adding the strain also put pressure on his heart. “It was basically so much stress building up that my body was shutting down under the pressure of being able to finance the project.”

But Taylor also trusted the instincts of his talented vice-president exploration and chief geologist, Bob Singh, who had first learned about the property, 25 km southeast of Red Lake, from local prospector Perry English. “Bob’s initial 3-D models that he built on the project suggested there was a much simpler and larger scale gold zone there, and yet we couldn’t get it funded,” Taylor says. “We just had this conviction from his modeling of the data that there was work that had not been properly interpreted previously.”

“I had faith in Bob’s interpretations and I knew that what we had found was something that was going to be — could be — a generational type of discovery,” Taylor continues. “So we stuck to our guns and made sure the project and the company kept going.”

Chris Taylor, CEO of Great Bear Resources.

The junior explorer, which ultiHENRY LAZENBY/THE NORTHERN MINER mately spent a total of $220,000 to acquire a small corner of the Dixie project (66% owned by English and 33% by Newmont), then staked the main claim base on its own based on geophysics and interpreting government seismic data. The team went on to make two high-grade gold discoveries: the Hinge Zone in 2018 and the large-scale LP Fault Zone in 2019.

The 22 km project also contains the Limb, Midwest and Arrow zones. “Bob recommended we stake the intersection of this big regional structure that we now know is the LP Fault zone, and where that cut across the greenstone belt in this area,” Taylor says. “So we staked everything we thought had value and it turns out we were essentially correct based on that initial thesis.”

“We became very impressed with the scale of the discovery at Dixie early on,” he says. “The discovery of the LP Fault Zone — I’ve never seen it before, where you can step out kilometer after kilometer and hit the same rocks and the same style of gold mineralization. And there was a lot of skepticism in the market generally when that began to happen because it’s so incredibly unusual. But we just kept doing it.”

By the time Kinross pulled the trigger on its plan of arrangement, Great Bear had drilled 340,000 metres in 794 drill holes and 80% of its drill holes into the LP Fault, Limb and Hinge zones contained visible gold. At the LP Fault zone, the junior traced mineralization along 10.8 km of strike length and down to a depth of 796 metres. The zone remains open along strike and at depth. Great Bear says the LP Fault zone has similar geological features to the large Hemlo deposit, which has churned out at least 20 million oz. gold and been operating continuously for more than three decades.

Some have shaken their heads at the sum Kinross is paying for Dixie, given that Great Bear never completed a resource estimate on the project, but Taylor says the company needed to take a different approach. “The problem with the scale of the LP Fault is that we weren’t going to be able to constrain it. It just became obvious that we were looking at a major system — something like maybe the Hemlo deposit or the adjacent Red Lake gold mine that’s now operated by Evolution Mining.”

Deposits like those, Taylor says, “took twenty, thirty or forty years to really find all the gold and usually when that’s going on you are mining at the same time. Something like the Red Lake mine complex, for a lot of its life, they never would have had more than half a million ounces of resource defined ahead of mining. And that went on for years and years. And a project like Dixie, especially the big LP Fault Zone, we knew we’d get into that kind of situation.”

Instead of undertaking a resource estimate, Great Bear decided to report every single drill sample. “Most exploration companies only disclose composite intervals that average out gold over a total width, but we realized we had to start providing every single assay we received back from the lab.

And because we had such good data disclosure, the market was able to follow the story.”

Once the groups doing due diligence on the company were able to review every piece of data, Taylor explains, “the more data they reviewed, the better the project looked.”

See EDITORIAL / 8

COLUMN

| Time for iMine

BY DR. CHRIS HINDE Special to The Northern Miner

T

he mining industry could learn something from the late Steve Jobs, and introduce iMINE. No, not a chemical compound containing a carbonnitrogen bond, nor a cryptocurrency miner, rather a computer game or, at the least, a personalisation of the extractive sector.

Quite apart from being a cofounder of Apple Inc., Jobs (19552011) was a pioneer of making technology personal.

Apple introduced the Macintosh personal computer in January 1984, and in 1998 consolidated the company’s multiple consumer-level desktop models into the iMac. At this stage, the ‘i’ was reported to designate ‘internet’ because the computer facilitated access to this exciting new world (a technical review the following year acclaimed the iMac as the first computer to bring ease of use to the rather arcane world of the internet).

Just three years later, in 2001, Apple launched the iPod (a portable media player), and followed it up with the remarkable iPhone in 2007 and the iPad in 2010 (the device being hailed as a new category between smart phones and laptops). By now, the designation ‘i’ had mysteriously morphed into meaning ‘I’, as in the personal pronoun, because it symbolised Apple’s line of consumer-orientated products.

The mining industry can learn from the computer-age masters.

We need a new message; one that will explain our importance to consumers. The delivery must be straightforward. Step forward Samuel Morse, who was the best historical exponent of simple messages; when designing his electronic code during the early 1840s, Morse needed to ascribe the simplest codes to the most frequently-used letters.

By counting letters in a printer’s typesetting, Morse deduced the frequency of their usage in common English (the highest scores went to ‘E’ with 11.3%, ‘T’ with 8.5%, and ‘A’, ‘I’ and ‘O’ with 7.5% each). As a result, for much of the 20th century, these five letters (four of which are vowels) were among the easiest to signal. Unfortunately, Morse’s code is no longer of importance as the variable length of its characters made it hard to adapt to automated circuits.

By the end of the 20th century, ‘e’ had also become the most important letter — mainly due to its popularity

Steve Jobs presenting the iPhone 4 in 2010. MATTHEW YOHE/WIKIMEDIA COMMONS

as a prefix to designate ‘electronic’.

Now, perhaps, it is the turn of ‘i’.

Leaving aside the worry that we are simply moving down the vowels (‘o’ next, anyone?), perhaps the mining industry can learn something from this lower-case love affair.

At about the time iMac was being launched, some 25 years ago, two software developers from New Zealand approached me (as editor of Mining Journal) with a computer game they wanted to develop about the mining industry. The concept was marvellous, they explained how the game would involve deciding on what metal to seek (and where), and that the scenarios would include funding exploration, the vagaries of geology, mine development and metals price cycles.

I thought the game would help educate a swathe of emerging computer-literate teenagers into better understanding the uncertainties and excitement of our sector. We could have incorporated safety requirements and environmental management. The software developers were introduced to several major mining companies for the seed capital that they sought, but no, not a dollar was forthcoming. It was an absurd wasted opportunity.

Of course, as an industry, we need to inform users of iPod, iPhone and iPad etcetera, of just how crucial metals are in the devices into which they are plugged. More than that, however, we need to be rebranded, and this new brand needs to have resonance with the public. Something simple, yet modern. Strong, yet caring. That’s the easy bit, of course. What we need now are some leaders with the foresight and determination of a Steve Jobs, or the invention of a Samuel Morse. 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.

DEPARTMENTS Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Professional Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Market News . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Metal, Mining and Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Stock Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20-23

COMPANY INDEX Agnico Eagle Mines. . . . . . . . . . . . . . . . . . . . . 1,16 Aldebaran Resources. . . . . . . . . . . . . . . . . . . . . .10 Alrosa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Anglo American. . . . . . . . . . . . . . . . . . . . . . . . 1,16 Barrick Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 Bear Creek Mining . . . . . . . . . . . . . . . . . . . . . . .11 BHP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,9 Capital Resources. . . . . . . . . . . . . . . . . . . . . . . . . .9 Ero Copper . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,12 Filo Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 First Quantum Minerals . . . . . . . . . . . . . . . . . . .10 Fortescue Metals . . . . . . . . . . . . . . . . . . . . . . . . . .9 Franco-Nevada . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Gazprom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Horizonte Minerals . . . . . . . . . . . . . . . . . . . . 12,13 Josemaria Resources . . . . . . . . . . . . . . . . . . . . . .13 Kinross Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Lithium Americas . . . . . . . . . . . . . . . . . . . . . 13,14 Lundin Mining . . . . . . . . . . . . . . . . . . . . . . . . . 7,10 Newcrest Mining . . . . . . . . . . . . . . . . . . . . . . . . . .9 Northern Star Resources . . . . . . . . . . . . . . . . . . .7 Orca Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Osisko Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Perseus Mining. . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Petropavlovsk . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Polymetal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Regulus Resources . . . . . . . . . . . . . . . . . . . . . . . .10 Serabi Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,15 Sibanye-Stillwater . . . . . . . . . . . . . . . . . . . . . . . .10 Sigma Lithium Resources. . . . . . . . . . . . . . . . . .15 SolGold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 South Star Battery Metals . . . . . . . . . . . . . . . . . .15 Uralkali . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Verisk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7—20, 2022

5

Bulks most affected by Russia-Ukraine conflict COMMODITY MARKETS

40%

RUSSIA’S SHARE OF METALS MARKETS

35% 30% 25% 20% 15% 10%

Aluminum

Copper

Lead

Nickel

Zinc

Iron ore

Steel

Thermal coal

Met coal

Mine

SSCC

PCI

HCC

Sub-bit

Lignite

High

Total trade

Semis

Finished

Pellets

Lump

Fines

Smelter

Mine

Refinery

Smelter

Mine

Refinery

Smelter

Mine

Refinery

Smelter

Mine

Refinery

0%

Smelter

5%

Mine

rade dislocations due to sanctions, high power prices and disruption to production facilities in the conflict zone are three major threats to the metals and mining industry due to escalating conflict between Russia and Ukraine, Verisk-owned (Nasdaq: VRSK) Wood Mackenzie says in a report released on February 15.

Woodmac’s analysts expect the impact of sanctions to depend on the exact nature of constraints put on Russian commodities and companies.

Woodmac’s VP, Robin Griffin, said in a news release Russian trade has typically stood up well during past sanctions, noting, however, previous policies have been very targeted, often focused on individuals and specific companies.

“A Europe-wide or UN-led global approach would be a unique challenge,” Griffin said.

In the week since the report was published, the Western world has responded to Russian military aggression in Ukraine with several rounds of economic and individual sanctions, with threats to completely exclude Russia from the global financial system. The equities of miners associated with Russia have tumbled.

According to Woodmac, the most likely outcome of a strict EU sanctions regime would be that affected Russian-sourced commodities are redirected. A trade shift would see European demand backfilled. But Griffin expects the change to be messy and notes there are often more constraints due to quality differences.

“Suppliers hesitate to divert tonnes when there is no guarantee that the sanctions will last. The price premium required to justify the shift is often much greater than a simple analysis of the change in supply and demand volumes. China’s ban on Australian coal imports has provided a salutary lesson in that regard,” said Griffin.

A Woodmac analysis of Russia’s global metals and mining markets supply share suggests bulk commodities would be most at risk.

Russia supplies multiple commodity markets but typically accounts for 5% or less of base metals and rare earths production or trade. This share compares to more than 15%

Share %

T

BY HENRY LAZENBY

| Major threats highlighted in recent report from Wood Mackenzie

Cobalt

Source: Wood Mackenzie Note: Coal share = seaborne exports. Iron ore = seaborne exports. Steel = exports. Base metals = production

of the seaborne metallurgical and thermal coal trades. Notably, Russia supplies Europe with almost all of its low sulphur-content PCI (pulverized coal injection) and 60% of its high-energy thermal coal.

According to Woodmac, a blanket EU ban on Russian coal imports — unlikely though it may be — would guarantee a large hole in EU coal supply. U.S. and Colombian thermal coal suppliers would struggle to fill the gap, given the current constraints in those markets, and U.S. coal can also bring issues around sodium, chlorine and sulphur contents.

Meanwhile, a replacement for low sulphur PCI would be near impossible in the short term. Australia — the only other major supplier of PCI coals — has seen spot PCI supplies dry up almost entirely since mid-2021.

The Russian supply is not insignificant for base metals, but the sanctions are likely to cause regional rather than global pricing changes. Woodmac expects China to, under most circumstances, be able to take some of the material redirected from Europe. For instance, 75% of Russia’s 300,000 to 400,000 tonnes per annum lead concentrates go to China, with much of the remainder to Kazakhstan.

Another major threat Woodmac’s analysis flagged as a result of escalat-

ing conflict is the potential for higher power and energy prices, particularly affecting the supply of energyintensive products. The relationship between gas and power prices is already playing out in EU markets, and any further gas price rises would push electricity prices higher.

“Gas supply, and its impact on other energy markets, dominate fears about the impact of an armed conflict in Ukraine. All industrial activity in Europe will feel the effect of higher power prices. For metals and mined commodities markets, energy-intensive smelting is at most risk, particularly aluminum and zinc, although all base metals production and steel would feel a pinch,” said Griffin.

According to Woodmac, power constitutes nearly 35% of the cost of making aluminum on average and is higher in some European smelters.

Rising power prices across Europe have already led to significant aluminum production cuts.

Wood Mackenzie estimates that an additional 400,000 tonnes per annum capacity are at risk of shutting down if energy prices escalate further. Europe accounted for 15% of ex-China aluminum supply in 2021, and thus supply cuts could have a material effect on prices for the refined metal.

Zinc smelting is also very vulnerable to energy price rises. And at 2.2 million tonnes per annum, Europe accounts for 16% of global refined zinc output.

“There are also direct risks to production facilities inside the potential conflict zone in Ukraine, especially in the border regions. The country has a long history of industrial activity and has some large production facilities across the metals and mining sector.

But outside of the bulks sector, most production lies some distance from the border,” said Griffin.

Ukraine’s steel production represents a tiny proportion of global supply, and it is hard to see a prolonged impact on global steel prices.

But exports of steel semis do register on a worldwide scale. If Ukraine’s 4 million tonnes per annum of exports to Europe are affected, then some further upward pressure on steel prices is inevitable in that market.

Exports of Ukrainian coal have now all but disappeared. However, they are still importing between 10 and 13 million tonnes of metallurgical coal each year, of which Russia and the U.S. typically make up 65% and 25%, respectively. Thermal coal imports remain between 3 and 4 million tonnes, mainly from Russia, the U.S. and Kazakhstan.

“From a market perspective, coal could see some impact as U.S., Polish or Australian suppliers attract additional demand from Ukraine steelmakers. But that assumes it is logistically possible to get coal to steel mills,” said Griffin.

“Deliveries into Black Sea ports are already being disrupted, and there’s no guarantee that imported coal could make its way further inland into eastern Ukraine. For other base metals and mined commodities, production facilities in Ukraine are typically small.”

The ultimate impact on markets will depend upon the geographic spread of the conflict and the breadth of retaliatory sanctions. Trade bans — if strictly implemented — will eventually see Russian products diverted to other markets,” according to Woodmac.

“But as we have seen during other market interventions, the rebalancing can be messy and typically comes with a price impact that goes beyond the additional costs of obtaining alternative supply. There is little doubt that any conflict would add to the growing inefficiency of commodity supply that has been a feature of markets over recent years, due to resource nationalism, trade disputes, and pandemic disruption,” Griffin said. TNM

Shares of Russia-focused miners tank on news of Ukraine invasion MARKETS

S

| Investors turning to gold and other safe havens

BY CECILIA JAMASMIE

hares in mining companies with operations in Russia were among the first to feel the impact of Moscow’s wide-ranging attack on Ukraine on February 24, while oil topped US$105 a barrel and investors rushed to buy gold and other safe havens.

The local exchange suspended trading in all markets following President Vladimir Putin’s announcement of a military operation against Ukraine. Once it resumed, the share prices of companies nosedived as investors braced for the toughest round of Western sanctions yet, wiping out as much as US$259 billion in stock-market value.

Alrosa (MCX: ALRS), the world’s top diamond producer by output, lost more than 40% mid-morning of the day the invasion began, closing

VALERIYA/ISTOCK

33.7% lower compared to its price on February 23.

Gold miner Polymetal (LSE: POLY; MCX: POLY) experienced massive losses in all the bourses it trades, finishing the day 35% lower in Moscow. It posted the largest fall in the FTSE 100 index, losing over 46% of its share value to £594 ($1,018) by mid-afternoon Febru-

ary 24. That’s below a four-year low of the £605 ($1,036) a share it hit in October 2018.

Polymetal put out a press release indicating that targeted sanctions on the company remained “unlikely.”

“The scope and impact of new potential sanctions (and any potential counter-sanctions) is yet unknown, however they might affect key Rus-

sian financial institutions as well as mining companies,” the miner acknowledged.

“Contingency planning has been initiated proactively to ensure business continuity, including selection of key equipment suppliers, liquidity management, debt portfolio diversification and securing sales channels,” it added.

Shares in London-based gold producer Petropavlovsk (LSE: POG) were trading near a three-year low by mid-afternoon February 24 at £9.43 ($16.16) a piece.

Shares in other Russian miners, including potash producer Uralkali (MICEX: URKA) and Gazprom (MCX: GAZP), the country’s biggest stock by market capitalization, also tumbled as the ruble hit its lowest ever level against the U.S. dollar.

News of Russia’s invasion led to sharp declines on stock markets

across Europe, with the U.K.’s FTSE 100 index down more than 3% and Germany’s Dax index falling more than 4.5%. Earlier, stocks in Asia also plunged.

The price of gold — which is considered a haven asset in times of uncertainty — jumped more than 1.7% to its highest since early January 2021.

Canadian senior miner Kinross Gold (TSX: K; NYSE: KGC) was falling slightly in New York on the morning of the invasion, even though it had said the day before that its assets in Russia’s Far East, about 7,000 km from Ukraine, were operating normally.

Russia is responsible for a third of Europe’s natural gas and about 10% of global oil production. With both Ukraine and Russia also big crop producers, wheat and corn prices surged over 5%. TNM

6

WWW.NORTHERNMINER.COM

MARCH 7—20, 2022 / THE NORTHERN MINER

Copper project pantry appears bare from 2025 ANALYSIS

B

BY HENRY LAZENBY

ank of America (BofA) Global Research analysts expect the copper market to flip back to a deficit from 2025 onwards following the completion of the current wave of project buildouts, the bank says in a new report.

While global copper output is set to grow by 7.7% in 2023, following an expected deficit in 2022, the risks are skewed to the downside, the bank says, given the underperformance of new copper mine builds in recent years.

“While visibility over the nearterm project pipeline is good, activity increases come with a wrinkle,” the bank’s analysts say. “Indeed, many of the projects currently developed have been in the making for almost three decades, and with exploration activity relatively limited in recent years, supply increases may fade from 2025.”

BofA sees a range of issues constraining production growth. These were mirrored by a presentation of Edgar Blanco Rand, vice minister of mining in Chile’s previous government, during the recent LME Week.

The official showed a portfolio of

| Limited exploration just one factor impacting global supply

Chile-based projects set to be realized by 2029 at the cost of US$74 billion to achieve a total production of 7 million tonnes. Focussing on copper, Edgar Blanco highlighted that production has flat-lined since 2000 at around 5.7 million tonnes, after a decade of rapid growth, starting in 1990.

“This implies a capex intensity of around US$50,000 per tonne, well above the US$10,000 to US$20,000 per tonne range seen in recent years. As an aggravating factor, the investment will need to be large enough to offset about 1.5 million tonnes of production losses,” says the bank.

According to BofA, the ten most significant supply increases will account for 58% of total output additions in 2022.

This supports BofA’s view that expansions are very concentrated, with two implications. Firstly, operational issues at just one or two sites could profoundly impact market balances, which means the trajectory of those ten mines is critical.

Secondly, according to BofA, almost all the additions are driven by operators with an excellent operational track record, reducing the risk of disruptions and under-delivery. TNM

Copper production fell below forecasts in 2021

The copper supply-demand balance

Source: SNL, Woodmac, CRU, Metal Bulletin, Reuters, Bloomberg, company reports, ICSG, BofA Global Research

The 10 most significant supply increases will account for 58% of total output additions in 2022 Production Country

Mine

Company

Change in production

2021 2022

Congo DRC Kamoa-Kakula

Ivanhoe, Zijin

Peru

Quellaveco

Anglo American, Mitsubishi

China

Qulong/ Tibet Julong Copper Co

Zijin Mining

2023 2024 2025

Total change 2026 2022– 2026

106

209

54

31

0

0

294

0

150

170

0

0

-20

300

24

116

33

17

0

0

165

606

106

37

-2

-56

3

88

40

95

10

-25

-33

-39

8

789

95

31

0

0

0

126

Indonesia

Grasberg

PT Freeport Indonesia

Serbia

Timok

Zijin

Chile

Escondida

BHP, Rio Tinto

Chile

Spence

BHP

77

84

27

0

0

0

111

Indonesia

Batu Hijau

PT Medco Energi International Tbk

105

78

55

-84

-40

-30

-21

Peru

Toromocho

Chinalco/Peru Copper

210

78

-3

-9

-5

-10

51

Australia

Olympic Dam

BHP

150

61

3

0

-5

-5

54

2107

1072

417

-72

-139

-102

1175

Sub-total China

1849

230

72

21

5

0

329

World ex-China

19772

1609

1547

-117

-538

-623

1877

World total

21621

1839

1618

-96

-533

-623

2206

Top-ten mines of World total

9.7% 58.3% 25.7% 75.3% 26.1% 16.4% 53.3%

Source: SNL, Woodmac, CRU, Metal Bulletin, Reuters, Bloomberg, company reports, ICSG, BofA Global Research

The world’s top ten undeveloped copper projects COPPER

E

BY AMANDA STUTT

nergy and metals researcher Wood Mackenzie expects end-use copper demand from passenger EVs to jump to around 2.9 million tonnes over the next decade from about 600,000 tonnes in 2021.

For a snapshot of the copper supply chain of tomorrow, The Northern Miner’s sister companies, Mining.com and MiningIntelligence compiled a list of the top ten largest undeveloped copper projects and ranked them according to copper resources in the measured and indicated and inferred categories.

Based on our criteria, we excluded Udokan Copper’s Udokan in Russia, Zijin’s Timok in Serbia and Anglo American’s Quellaveco in Peru, which have moved into the construction and commissioning phases.

1 PEBBLE Development status: Preliminary Economic Assessment. Geology: Porphyry, Supergene Copper Northern Dynasty Minerals’ Pebble project in the Bristol Bay region of Alaska leads the list by a distance, containing 37.18 million tonnes of copper. Pebble has been plagued

| Ranking based on resource estimates

with controversy, delays and environmental opposition, and the project’s key water permit was formally rejected by the U.S. Army Corps of Engineers last year.

This year, U.S. President Joe Biden’s administration said it will relaunch a process that could permanently protect Bristol Bay from development. The decisions are currently being challenged by Northern Dynasty Minerals, and in October 2021 the company released a preliminary economic assessment. If permitted, Pebble would be North America’s largest mine.

2 RESOLUTION Development status: Feasibility.

Geology: Porphyry Rio Tinto and BHP’s Resolution copper project in Arizona comes in second with a 27.7 million tonne copper resource. The world’s top two miners have spent US$2 billion over 26 years trying to launch Resolution into production, but have faced continued opposition from Native American groups and environmentalists. A 2014 decision by former U.S. President Barack Obama and Congress set in motion a complex process to give Rio federally owned Arizona land that contains more than 40 billion pounds of copper and would be one of the

world’s largest underground mines.

3 LA GRANJA Development status: Advanced Exploration. Geology: Porphyry Rio Tinto’s La Granja project in Peru is in third place with 22.06 million tonnes of copper. Rio Tinto acquired La Granja over 12 years ago, but renewed the concession in 2019 and paid US$5 million to continue exploring. The same year, it was rumored that Rio may team up with First Quantum Minerals to develop the mine.

4 KSM Development status: Prefeasibility.

Geology: Porphyry, Skarn Seabridge Gold’s Kerr-Sulphurets Mitchell (KSM) project in British Columbia is in fourth place with 21.25 million tonnes of copper. The US$5.3 billion project hosts four mineral deposits that will be operated as a combined open-pit and underground mine. Late last year, Seabridge announced plans to reshape KSM by integrating the Snowfield porphyry deposit, acquired from Pretium Resources in December 2020.

5 NUEVA UNION Development status: Prefeasibility.

Geology: Porphyry

Teck Resources and Newmont’s Nueva Unión 50/50 joint venture in Chile takes fifth place with a 16.69 million tonne copper resource. The project is located in the Atacama region, and annual copper production is estimated at 224,000 tonnes during the first five years of production.

6 TAMPAKAN Development status: Feasibility.

Geology: Porphyry The Tampakan deposit on the Philippine island of Mindanao is in sixth place with 15.25 million tonnes of copper. Sagittarius Mines is seeking local approval for the proposed mine, which is forecast to yield an average of 375,000 tonnes of copper a year over a 17-year mine life.

7 EL PACHÓN Development status: Advanced Exploration. Geology: Porphyry Glencore’s El Pachón copper and silver project in Argentina’s San Juan province takes the seventh spot with a 15.04 million tonne copper resource. Glencore acquired the project from Xstrata Coppe. El Pachón is a major long-life development project with the potential to initially produce 400,000 tonnes of copper per year.

8 LOS AZULES Development status: Preliminary Economic Assessment. Geology: Porphyry, Supergene Copper McEwen Mining formed a new company, McEwen Copper, to advance the 13.42 million tonne Los Azules project in Argentina. The first thing the company said it intends to do is construct a new, lowaltitude northern access road to provide year-round access to the site.

The current exploration road is only passable about five months a year.

9 TWIN METALS Development status: Prefeasibility.

Geology: Magmatic Sulphide Antofagasta’s beleaguered Twin Metals project in Minnesota has 12.96 million tonnes of copper. The company has asked U.S. officials to reconsider a proposed 20-year ban on mining in Minnesota’s Boundary Waters region, a plan announced last fall that would block Twin Metals altogether.

10 FRIEDA RIVER Development status: Feasibility.

Geology: Epithermal, Porphyry Guangdong Rising’s Freida River project in Papua New Guinea rounds out the list with a 12.45 million tonne resource. Freida River’s estimated mine life is 20 years. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7—20, 2022

BHP invests $100M in South America-focused Filo Mining | Funds to be used for exploration and development of project in the Andes

COPPER

Perseus Mining becomes sole owner of Orca Gold in $198M deal M&A

A Copper sulphate mineralization at the Filo del Sol project, which straddles the border of Argentina and Chile. FILO MINING

BY CECILIA JAMASMIE

B

HP (NYSE: BHP; LSE: BHP; ASX: BHP), which has been expanding its copper footprint, will invest $100 million in Filo Mining (TSX: FIL). The Canadian junior is developing a copper-gold-silver project straddling the border between Argentina and Chile.

The company said today it would issue 6.27 million common shares in a private placement to BHP at $15.95 a piece, representing a 12% premium to the 20-day volume-weighted average trading price. Filo Mining’s stock closed at $14.30 a share on Feb. 25. Once the private placement is completed, which is expected to happen on or before March 11, BHP will own about 5% of Filo Mining and will be granted certain participation and top-up rights, the companies said.

The junior plans to use the funds for further exploration and development of its Filo del Sol project.

According to Lundin Mining (TSX: LUN), Filo Mining’s majority owner, the project is expected to be an operation of equal size or

bigger than its Candelaria mine in Chile.

Chairman Lukas Lundin has said that building Filo del Sol will cost between US$4 billion and US$5 billion.

Filo’s president and CEO Jamie Beck said BHP’s investment was a “significant endorsement” of the company’s project, team and strategy.

Beck also noted that the company and BHP had agreed to form a joint advisory committee to share expertise, exploration concepts, and discuss future project development.

Filo Mining, or its predecessors, have been exploring at Filo del Sol since the 1999-2000 field season. Work has been limited to the summer season, typically between November and April.

Based on the latest figures released by the company, the Filo del Sol project will have an estimated after-tax value of $1.28 billion, with an internal rate of return of 23%.

The asset is expected to produce an annual average of 67,000 tonnes of copper, 159,000 ounces of gold and 8.65 million ounces of silver. TNM

7

| Main asset acquired is project in northern Sudan

BY CECILIA JAMASMIE

ustralian gold producer Perseus Mining (TSX: PRU; ASX: PRU) is buying the shares it doesn’t already own in Africa-focused Orca Gold (TSXV: ORG) in an all-stock deal worth $198 million.

The transaction grants the Perth-based miner full ownership of the Canadian gold developer, in which Perseus already had a 15% stake, which it acquired in late January.

Once completed, it will take the total consideration paid for Orca to $215 million which includes the $17 million cash Perseus previously paid.

As per the share exchange ratio, Orca Gold’s shareholders will own a nearly 9.1% stake in the enlarged Perseus Mining after the closing of the deal.

Orca Gold’s main asset is the Block 14 gold project in northern Sudan, in which it has a 70% stake. The asset is expected to produce 228,000 ounces of gold annually for the first seven years of a 13.5 life of mine.

Proven and probable reserves of Block 14 stand at about 2.85 million ounces at an assumed gold price of $1,350 per ounce.

The company also has a 31.4% stake in Canada-based Montage Gold, which owns the Koné gold project in Côte d’Ivoire.

“This important transaction not only brings credibility to Sudan as a mining jurisdiction to invest in, but also provides Orca shareholders an avenue to continue realising the value of Block 14 and the successes of Montage,” Orca Gold president and CEO Richard Clark said in a news release.

In the last decade, northern Sudan has attracted hundreds of thousands of artisanal miners, which Clark describes as the largest

gold rush ever seen in Africa. The country produces 100 tonnes of gold a year, making it one of the largest on the continent.

Perseus’ move expands and consolidates its presence in West Africa, where it currently operates three gold mines — Edikan in Ghana, and Sissingué and Yaouré in Côte d’Ivoire.

Once the acquisition of Orca is finalized, the Australian miner will have three operating mines producing gold at a rate of approximately 500,000 ounces per year and a high-quality development project that has the potential to ensure that Perseus maintains or exceeds its targeted production level well into the next decade.

“With the objective of operating four mines, Perseus will be well advanced towards fulfilling its aim of becoming a highly profitable, well managed, pan-African gold company that consistently creates benefits for all stakeholders,” Perseus Mining’s managing director and CEO Jeff Quartermaine noted.

The deal, expected to close in early June, is subject to Orca Gold’s security holders’ approval, court approval, regulatory approvals, and other customary conditions. TNM

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Osisko to advance Windfall without Northern Star GOLD

| Northern Star says it continues to view project “in an extremely positive light”

BY MARILYN SCALES

O

sisko Mining (TSX: OSK) has decided to develop its 100%owned Windfall gold project in Quebec by itself. Joint venture talks with Northern Star Resources (ASX: NST) were announced last November, but they have now been broken off.

Osisko says that its independent development of the project, 200 km north of Val d’Or, would be the most beneficial option for its shareholders.

While Northern Star will not be a partner in Windfall, Osisko maintains it will continue a cordial and beneficial relationship with the Australian company, which is an important debt holder having advanced a $154 million convertible senior unsecured debenture due Dec. 1, 2025, with an interest rate of 4.75% per annum.

Stuart Tonkin, Northern Star’s managing director, said that “following extensive due diligence,” it was “unable to agree [to] mutually acceptable terms” with Osisko.

“Northern Star is disciplined in its review of acquisition opportunities with superior shareholder returns being its first priority,” he stated in a press release. “We continue to view the Windfall project in an extremely positive light and wish Osisko well in its development of Windfall.”

In January, Osisko released its latest resource estimate for Windfall, which gives the project a total of 6.8 million oz. gold. Using a gold cut-off grade of 3.5 grams gold per tonne, Windfall has 9.5 million measured and indicated tonnes averaging 10.5 grams gold per tonne and 5.2 grams

Osisko Mining will test mine on the 600 level of the Lynx zone at the Windfall gold project in Quebec. OSISKO MINING

silver per tonne for 3.2 million oz. gold and 1.6 million oz. silver. The inferred resource is another 13 million tonnes at 8.6 grams gold per tonne and 4.7 grams silver per tonne for 3.6 million oz. of gold and 2 million oz. of silver.

The company continues to drill wide, high-grade intersections.

Selected intercepts released last month included 482 grams gold per tonne over 3.7 metres; 380 grams gold per tonne over 3.2 metres; 143 grams gold per tonne over 3.4 metres; and 87.9 grams gold per tonne over 3.2 metres.

In addition, a new high-grade zone

has been discovered at the Golden Bear target about 1 km north of the Windfall deposit. Assays included 15.3 grams gold per tonne over 3.5 metres; 6.26 grams gold per tonne over 2.8 metres; 4.14 grams gold per tonne over 1.4 metres; 4.15 grams gold per tonne over 1.2 metres; and 10.5 grams gold per tonne over 2.4 metres.

Osisko is also conducting an infill drill campaign in the high-grade Lynx zone prior to bulk sampling. Results from this work were released earlier this month. They assayed uncut grades of 696 grams gold per tonne over 43.4 metres; 193 grams gold per tonne over 2.3 metres; 248 grams gold

per tonne over 2.2 metres; and 72 grams gold per tonne over 5.1 metres.

A preliminary economic assessment for Windfall published in April 2021 outlined a 235,000 to 328,000 oz. per year mine with a life of 18 years. Preproduction construction costs would be $543 million. Post-tax payback after the start of production would take 2.2 years.

The after-tax net present value with a 5% discount would be $1.5 billion and the internal rate of return 39.3%.

The project could generate gross revenues of $8.2 billion or operating cash flows of $2.6 billion over its lifetime. During production, the mine and mill would employ about 400 workers.

In a research note to clients commenting on the news about Northern Star, Keven MacKenzie of Canaccord Genuity noted that, “while likely to be viewed as a disappointing outcome in the near term, we believe that Osisko remains well positioned to advance the Windfall project into production, given management’s experience permitting, constructing and operating the Canadian Malartic mine in Quebec, prior to selling it to Agnico Eagle and Yamana in 2014 for $3.9 billion.”

MacKenzie also pointed to Osisko’s estimated more than $200 million in cash, and said that this year the company expects to collect and process a third bulk sample and complete a feasibility study. “Overall, we expect that the feasibility study will mark a sharp step change from the 2021 PEA, with a production profile potentially in excess of 300,000 oz.

a year versus the 238,000 oz. a year outlined in the PEA.” The mining analyst said he expects the feasibility study will be centred on the Lynx zone, which has a measured and indicated resource of 12 grams gold per tonne and 2.3 million ounces.

In terms of Northern Star’s $154 million convertible debenture, MacKenzie pointed out that it is now convertible by Northern Star “any time after the first anniversary of closing, at a conversion price of $4.00 per share,” which he said would roughly equate to a 9.9% stake in Osisko, based on the Canadian company’s outstanding common shares, if converted.

“The debenture may be redeemed

by Osisko at any time after the second anniversary of closing for cash or common shares,” he added, “provided the WAP is not less than 125% of the conversion price for 20 consecutive trading days ending five days prior to the notice of redemption.”

Andrew Mikitchook of BMO Capital Markets commented in a research note that Windfall’s value was unaffected by the news. “While the departure of Northern Star is likely to act as a near-term headwind for Osisko shares, the value of the high-grade Windfall project remains intact. Osisko has a number of pending catalysts expected in 2022 that should drive a derisking and revaluation of the stock, in our opinion.”

At presstime in Toronto Osisko was trading at $4.18 per share within a 52-week trading range of $2.33 and $5.01 per share. TNM

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MARCH 7—20, 2022 / THE NORTHERN MINER

Cobalt: Cradle of the Demon Metals, Birth of a Mining Superpower BOOK REVIEW

| A deep dive into the heart of Canadian mining

BY DANIEL SEKULICH

A

s work continues to create a greener, cleaner future for the planet, the rush to find critical minerals that will spearhead the transition away from fossil-fueled energy has taken on a greater urgency.

Explorers and developers are actively seeking out new sources of nickel, copper and lithium throughout the globe. And then there’s cobalt, a metal whose ability to store energy has already made it crucial for everything from laptops to smartphones, and gives it an even more important role in the green revolution. This has led to a renewed interest in securing sources of the metal across Canada, including around the namesake community of Cobalt, in northern Ontario.

Motivated by the return of companies and investors to the area, author Charlie Angus has written a new book that looks at what he calls the “miracle ingredient of the digital age.” With Cobalt: Cradle of the Demon Metals, Birth of a Mining Superpower (released by House of Anansi Press on February 1), he has taken a deep dive into the fascinating history of the town and its impact on the Canadian mining industry as we know it today.

A musician, journalist and author, Angus knows northern Ontario well, having been born and raised in Timmins. Since 2004, he has also been the Member of Parliament for the riding of Timmins-James Bay.

Author Charlie Angus in Cobalt, Ontario. RAUL RINCON

Speaking to The Northern Miner, Angus says that it wasn’t long after first moving to Cobalt while in his 20s that he began hearing stories about a mineral discovery at the dawn of the twentieth century.

“The events that took place here

more than a century ago set Canada on its path to becoming the world’s preeminent resource extraction superpower,” he says, which is why he firmly believes that the town of Cobalt should be considered the cradle of the Canadian mining industry.

Bob Singh (left) with Chris Taylor at the Dixie gold project in Red Lake, Ontario. GREAT BEAR RESOURCES

MINING PERSON OF THE YEAR from 4

“These guys doing due diligence they had resources modeled of their own, they had mine plans built of their own, they knew how the project could develop.”

Ultimately there were about eleven interested parties that were looking at Dixie seriously and had signed confidentiality agreements. “By the end of it we kind of felt like everybody had built a resource model on the project that we were talking to,” Taylor says. “And they had, there were dozens of these things floating around because the data disclosure was so good that we made it easy for anybody that was interested to model it up on their own.

And I think more companies should take that approach. Release all your data, show your structural data, show your individual sub-level assays. We took the approach to be as transparent and as practical as possible and

let the market and the mining companies effectively do a multi-year due diligence process and we did it because we knew that we were onto something very significant.”

Taylor also points to a “massive staking rush” along the same belt of rocks as Dixie after Great Bear found the Hinge and LP Fault zones in 2018 and 2019, respectively. “Barrick picked up over 100 km of strike extent to the north and east of us and Evolution Mining picked up another 150 km on top of that to the east of us,” he says. “There was recognition within the industry that that greenstone belt could be very highly prospective for high-grade gold mineralization, which was not something that was previously known.”

Ultimately Taylor is modest about his own role, giving much of the credit to English, the prospector, Singh, and to a team of Red Lake-based geologists at Rimini Exploration and Consulting — Ian Russell, Terry Bursey, and Crystal McCullough.

“I was working with some of the best people in the world on one of the best projects in the world and I was bound and determined not to be the weak link in that chain,” he says. “My part in it has been trying to keep this ship sailing in the right direction — and funded.”

Looking ahead, Taylor isn’t ruling out more discoveries, but like Dixie, the stars have to align.

“People are pitching projects at me all the time and my first question to them is, ‘Can it be as big as Great Bear?’ And it’s always amusing to see how they try to say that ‘yes it is.’ But the reality is, Great Bear was, I believe, that once-in-ageneration discovery. Can we make another major discovery? Yes. Can we repeat the magic here? Well, I know the right people to do it, but it would require the right project as well. And that’s the kind of thing you can’t make promises about until you see the data — compelling you — like it did at Dixie.” TNM

His reasoning for calling it the cradle of Canadian mining stems from a discovery in Cobalt in 1903, one that unleashed a frenzy of prospecting, exploration, exploitation, high finance and production unlike anything seen before. Yet it was not cobalt that propelled this bonanza, as that mineral was of little value a century ago. Instead, it was silver. A lot of silver.

As Angus chronicles, the Cobalt silver rush set a pattern for decades to follow in Canada, and around the world, with fortunes made — and lost — virtually overnight.

And he reminds us that the riches extracted from the Cobalt silver camp dwarfed those of the Klondike gold rush, though the true history is little remembered outside the mining sector.

In the book, Angus relates the oft-told discovery myth about the Cobalt rush, in which a local blacksmith threw a hammer at a pesky fox lingering outside his forge, with the hammer uncovering a lode of pure silver. Though not true, Angus says the hammer and fox tale set a tone for the mythology that continues to imbue mining, including myths like the plucky prospector working doggedly alone in the harsh northern bush, finding a lode and then heading to Toronto’s Royal York Hotel or the King Edward to strike a deal and make it rich.

Mythologies and superstitions have always surrounded mining, perhaps created as individuals headed into the mysterious darkness underground. For instance, Angus tells us that cobalt’s name derives from the kobalos, a satyr and shapeshifter in Greek mythology, as well as the kobold, a demon supposed to have lived in the mines of Germany in the Middle Ages. With no distinctive colour in its natural form, cobalt was hard to spot, but when miners burned rocks where it was present the vapours and dust had the potential to kill them. For this reason, Angus calls cobalt a demon metal.

Another myth, that of quickly making it rich from the resources lying just beneath our feet, has been an enduring part of the mining sector since before the Cobalt silver rush, but that bonanza ratcheted things up considerably. By 1906, barely three years after the initial discovery, investors were buying area properties

and shares in area properties sight unseen. Angus tells us that on Wall Street “nearly a hundred other companies were established to sell stocks in Cobalt properties that had no credible mineral values whatsoever.”

That number would double within a year as even more investors rushed to get a piece of the action, though they might have wanted to remember a warning from Mark Twain: “A mine is a hole in the ground owned by a liar.”

Nevertheless, silver bonanza fever raged like a wildfire and Angus shows that more than a few succeeded in making money from the precious metal dug from the ground in northern Ontario. In April 1909, the town’s Daily Nugget newspaper claimed “that the rough streets of Cobalt had produced thirty-eight millionaires,” including the likes of brothers Noah and Henry Timmins, after whom the northern Ontario city is named, and Toronto lawyer David Fasken, whose legal firm is still a major presence in Canadian mining. (Another enduring presence in the industry is this very publication, which began covering mining news from the Royal Exchange Building in Cobalt in 1915.)

But for every success story coming from the bonanza there were countless failures, and it wasn’t just the naïve investors who got caught up in silver fever. In 1906, the mighty American Guggenheim family sent the foremost mining expert in the U.S., John Hays Hammond, to investigate a property in the heart of the camp. Hammond arrived in a “private Pullman car with a chef, a valet, and a personal wine steward” and deemed the asset worthwhile.

This assessment led the Guggenheims to invest some US$2.5 million (in 1906 dollars) in the company that controlled the property, setting off a stock run in New York that required city police to control crowds of would-be investors. Yet when the Guggenheims found out the ore body was not workable, they pulled out of the deal. This led to chaos on Wall Street, with the New York Times reporting that “$24 million in stock value was lost almost overnight.” That’s almost US$750 million in today’s valuation, and Angus says some think the true loss was three or four times higher.

Angus also reveals how the silver rush in Cobalt helped transform the mining sector in North America, which had until then been dominated

by Americans. The first prospectors and miners who arrived in the Cobalt camp came from the western United States, from places like Montana, Colorado, Idaho and California. They brought with them the 19th century methods of mining in which Cobalt’s initial silver deposits were exploited by pick, shovel and wheelbarrow, as they focused “on veins of silver that were almost pure.”

But the second wave who flooded into the area would soon transform this antiquated model of mining into a one more befitting the new millennium. By 1909, the Cobalt camp was transformed: teams of engineers, geologists, draftsmen and specialty mining crews were working to pinpoint and access new deposits. Seventeen diamond drills were turning, “producing six thousand feet of core samples a month.”

Angus reminds us that to be a miner in Cobalt in the early 20th century was hard. He writes at length about the atrocious working conditions in the silver mines, and the even See BOOK REVIEW / 16

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SolGold’s new CEO takes fresh look at Cascabel’s Alpala development ECUADOR

A

| Alpala discovery has potential to produce copper for more than five decades

BY HENRY LAZENBY

ustralia-based copper project developer SolGold (TSX: SOLG; LSE: SOLG) is taking a more measured approach to developing its Alpala copper-gold project at the Cascabel property in Ecuador, new managing director and CEO Darryl Cuzzubbo tells The Northern Miner in an interview.

The Alpala deposit in the country’s north has been one of the most promising porphyry copper and gold discoveries of recent years. It has the potential to produce copper for more than five decades at a time when demand from electrification and decarbonization of the global energy system means supplies will not be able to meet demand from 2025 onwards.

Its potential has drawn two Australian giants to invest in the company, BHP (NYSE: BHP; LSE: BHP; ASX: BHP) and Newcrest Mining (TSX: NCM; ASX: NCM), and more recently, Franco-Nevada (TSX: FNV), the world’s most significant royalty and streaming company.

With a fresh leadership bolstered by industry-leading investors, “there’s a lot that BHP and Newcrest can bring to really explore the full potential of Cascabel,” said Cuzzubbo.

The executive took the reins on December 1, 2021, after serving as chief manufacturing supply officer at explosives maker Orica, where he moved in 2015 after a 24-year career at BHP. He is replacing Keith Marshall, who served as interim CEO when co-founder Nick Mather stepped down from the post after some 45% of shareholders opposed his reelection. Mather continues to sit on the company’s board.

The rebellion was led by Cornerstone Capital Resources (TSXV: CGP), its joint venture partner in the flagship Cascabel project.

According to Cuzzubbo, the Alpala discovery contains roughly about 14% of total copper and about 15% of total gold in new major deposit discoveries in the last decade.

Once developed, Alpala at Cascabel is expected to produce an average of 150,000 tonnes of copper, 245,000 ounces of gold and 913,000 ounces of silver in concentrate per year during its 55-year lifeof-mine.

“I think copper is the commodity to be in,” Cuzzubbo said. “And I think we’ll be bringing Cascabel online at exactly the right time to meet this sort of escalating demand for copper as we transition to renewables, electric vehicles. The other thing that drew me to SolGold is the larger Cascabel project.

“This will be a long life, very low cost and relatively large mine, and our prefeasibility study will bring that to bear when that comes out in a few months,” said Cuzzubbo.

One of his first acts as new CEO

A worker examines drill core at SolGold’s Alpala project in Ecuador. SOLGOLD

“I SEE A LOT OF DISCOVERY OPPORTUNITY EXACTLY AT A TIME WHEN THE WORLD NEEDS MORE COPPER.” DARRYL CUZZUBBO CEO AND MANAGING DIRECTOR, SOLGOLD

was to delay the advanced Cascabel prefeasibility study to optimize it.

“We said that we would release the PFS in quarter two of this year and we’re on track to do that. One of the key reasons we pulled it back is we wanted to optimize it commercially. We have a clean sheet of paper here.

“And as similar to what Fortescue Metals (ASX: FMG) did in the iron ore sector over a decade ago, we’ve got an opportunity to redefine the capital intensity and the rampup schedule. We’re going to put forward something absolutely deliverable, but we believe that we can further commercially optimize this opportunity.”

He said the strategy entails reducing risk exposure. “Our investors need to know that this project will be deliverable. If you look at mining, even with autonomous trucks, it’s still a relatively immature technology from a digital integration and automation perspective. And it’s tough for existing assets to correct that cheaply.

“But when you’ve got a clean sheet of paper, you can set the mine up to be fully digitally integrated.

That is the best way to optimize your recovery and your costs, but very importantly, from an ESG perspective, to minimize your energy and water usage,” said Cuzzubbo. “We have the opportunity to get that right from the outset.”

As it stands today, over the first

25 years of mining, the average annual Alpala production is expected to be 207,000 tonnes of copper, 438,000 oz. of gold and 1.4 million ounces of silver.

The overall measured and indicated resource base comprises 2.66 million tonnes grading 0.53% copper-equivalent, containing 9.9 million tonnes copper, 21.7 million oz. gold and 92.2 million oz. silver.

The deposit also has a high-grade core comprising 442 million tonnes at 1.4% copper-equivalent for contained metal content of 3.8 million tonnes copper, 12.3 million oz. gold and 33.3 million oz. silver.

The core of the deposit measures about 900 metres in height and 500 metres in diameter, lending itself to the block cave mining method. Cuzzubbo said this mining method could result in reduced start-up

costs and environmental and logistical advantages.

While the company is hard at work with the PFS optimization, it plans in parallel the continued resource delineation program at the Tandayama-America satellite deposit and the continued resource extension at the Alpala deposit.

“We’re exploring further because that might be a way of bringing copper forward ahead of when the underground would come on,” he said.

SolGold also has the Porvenir project in Ecuador, where it continues to undertake exploration work.

According to Cuzzubbo, “a fair amount of definition” still needs to go into it. “But what is worthy of note is where Cascabel is a very large underground mine, Porvenir is much smaller, but it’s at the surface.

So, you can see from a risk profile, it’s very different,” said the executive.

Because the company views itself as having the first-mover advantage in Ecuador, management also assesses potential near-surface mining options at the Cascabel project.

The company’s focus since 2012 has been on the riches of the underexplored section of the Andean Copper Belt in Ecuador. In addition to the Tier 1 Cascabel project and the Porvenir project, SolGold has identified several highly prospective priority projects throughout Ecuador and is exploring these in parallel with the development of Cascabel.

“Given our landholdings of more than 3,000 sq. km you’d have to say that there’s got to be other economic copper porphyry projects, and these porphyries don’t just stop at the Ecuadorian border. I’m confident that the probability is on our side that we will find other deposits. So, I see a lot of discovery opportunity exactly at a time when the world needs more copper,” said Cuzzubbo.

Although Ecuador only recently opened its doors to outside miners, Cuzzubbo is confident the government has created a legislative environment supportive of mining.

“We’ve secured an investment protection agreement last November with iron-clad guarantees.

When we met with the president last time, he offered to talk directly to our investors, which we will do after releasing the PFS so they can hear directly from him about the support that we’ve got with the government.

I would say Ecuador as a country is open for business,” Cuzzubbo said.

SolGold’s Toronto-quoted equity is up about 17.5% over the past 12 months at 47c per share, which gives it a market capitalization of about $1.13 billion. TNM

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MARCH 7—20, 2022 / THE NORTHERN MINER

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Aldebaran CEO says timing is right for Argentina

Lundin Gold posts strong results from Fruta del Norte ECUADOR

F

| Exploration aims to find new ‘buried’ systems

BY NAIMUL KARIM

rom buying two 20-foot containers filled with PlayStations to entertain workers in isolation to conducting thousands of polymerase chain reaction (PCR) tests, Lundin Gold (TSX: LUG) took an array of steps to ensure that Covid-19 didn’t derail production at its Fruta del Norte mine in southeast Ecuador last year.

The company produced 428,514 oz. of gold in 2021 at an all-in sustaining cost (AISC) of US$762 per oz., beating its guidance of 380,000 to 420,000 oz. and AISC of US$770 to US$830 per ounce. This resulted in a cash flow of US$264 million last year.

“The team has done an amazing job … [and] we were able to do this with the additional cost around Covid, which we estimate to be US$25 per oz.,” Ron Hochstein, the company’s CEO, told The Northern Miner in an interview.

“The most important thing is we have not lost an employee or contractor to Covid.”

Acquired in 2014 by Lundin Gold for US$240 million, the Fruta del Norte underground mine started producing gold commercially in 2020. The company also has 25 mining concessions in the area that aren’t related to the mine and are being explored.

In mid-February, the company provided an update on its Barbasco and Puente Princesa anomalies, which are situated on two of the concessions. Both are located to the south of the Suarez pull-apart basin, which hosts the Fruta del Norte mine to its north.

The company drilled a total of 11,136 metres in 2021 and while the drilling “intersected relatively narrow, low grade vein mineralization,” it confirmed that the basin

Lundin Gold CEO Ron Hochstein at the Fruta del Norte mine in Ecuador.

LUNDIN GOLD

contained Fruta del Norte-type epithermal gold-silver systems. In 2022, the company aims to find these “buried” systems.

“These are extremely difficult to find. It’s not like some kinds of mineralization where you will see expressions on surface. It’s just through drilling,” said Hochstein.

“The drilling didn’t have an ore grade intercept, but it showed that we are near some systems, so that’s encouraging. … Now it’s a case of finding where it is concentrated.”

Hochstein says that certain alterations in the low-grade vein type mineralization, such as marcasite, antimony and arsenic are the kind of “signatures” that the company’s exploration team is looking for.

“I remember with Fruta del Norte, back in 2006, hole 50 had essentially low-grade mineralization. … [then] they shifted the drill pad by 50 degrees and hit 200 metres of 4 grams per tonne,” said Hochstein.

WWW.NORTHERNMINER.COM

“The fact that you have some of those signatures means that you are in the area but it’s just got to take more drilling.”

The CEO believes that in terms of mining policies, Ecuador is “looking pretty good,” something, he said, “people wouldn’t have thought several years ago.”

This is particularly true, he said, given recently elected new governments in Chile and Peru, and concerns about potential tax and other policy changes governing the sector.

Hochstein noted that the current government in Ecuador wants to develop the mining industry and says the country’s overall infrastructure is in “great shape.”

As far as withstanding tides of political change in South America is concerned, Hochstein is pragmatic.

“In South America, you just have to be prepared to see some changes in the government and the key is to have good agreements in place.”

Kerry Smith, an analyst from Haywood Securities who follows Lundin Gold, believes that the strong production and financial results the company posted for calendar 2021 puts it in a good position to accelerate its debt repayment, pay dividends and look at other growth opportunities.

“Results continue to exceed our expectations,” he wrote in a Feb. 24 research note, adding that Fruta del Norte “ranks as one of the largest and highest-grade gold projects in the world.”

BMO analyst Brian Quast described the company’s results as positive.

“We highlighted the possibility of LUG beating consensus estimates in our earnings preview note and the company did not disappoint,” he wrote in a research note. “The beat can be attributed to exceptional operating cost performance.” TNM

ARGENTINA

| PEA due by end of 2023

BY NAIMUL KARIM

W

hat started off as a discussion over a “beer night” in Santiago, Chile, half a decade ago, has turned out to be John Black’s next big thing. The CEO of Aldebaran Resources (TSXV: ALDE), whose previous company, Antares, sold the Haquira copper project in Peru to First Quantum Minerals (TSX: FM) for $650 million in 2010, hopes for a similar outcome for Aldebaran’s Altar copper-gold project in San Juan, Argentina.

“We are a company that specializes in identifying projects that have very large copper or copper-gold deposits,” Black said in an interview. “We typically drill those projects out … and then position it so that when major mining companies are looking to acquire these projects, it’s an interesting opportunity.”

When Stillwater first acquired Altar from Peregrine Metals in 2011 for US$487 million, there had been roughly 100,000 metres drilled on the project. “It was known as a very large deposit, but low grade with some potential arsenic,” said Black.

“But later on, they [Stillwater] began to encounter some zones which were very different in nature … notably higher grade [above 1% copper] with gold associated with them and mineralogically clean without arsenic.”

Stillwater began to report these results informally in soft forums in Santiago where explorers met over pints of beer and that’s when Black first got interested in the project.

Eventually, Sibanye purchased Stillwater and the new company SibanyeStillwater (NYSE: SBSW) considered Altar a non-core asset. In 2018, Aldebaran signed an option agreement to earn 80% of Altar. At that

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point, Sibanye-Stillwater had already spent about US$550 million on the project, including the US$487 million price they paid to acquire it.

The deal required Aldebaran to pay US$15 million cash up front, issue 19.9% of Aldebaran’s outstanding shares to Sibanye and spend US$30 million on the project over five years to acquire the first 60% interest. To acquire the remaining 20%, it had to spend another US$25 million. Black says he expects to earn 60% of the project by the end of this year.

Aldebaran is Black’s third company after Antares and Regulus Resources (TSXV: REG). It was formed in 2018 as a spin-out from Regulus with the latter’s assets in Argentina. “We did not intend to run two companies at one time, but this was a really good opportunity,” said Black. “The reason we structured [the deal] this way is because it fit within the size of the company we are and because of the access to capital.”

Altar has four zones (Altar East, Altar Central, QDM Gold and QDM/ Radio) and in the last two years Aldebaran has drilled eight holes.

The QDM/Radio zone was the main reason that compelled Black to get involved in the project and highlights from that zone have included drillhole QDM-12-42, which returned 111 metres grading 0.92% copper, 0.63 gram gold per tonne and 4.4 grams silver per tonne (1.40% copperequivalent) starting at 717 metres and QDM-21-43, which intersected, 707.1 metres grading 0.36% copper, 0.19 gram gold and 1.61 grams silver (0.51% copper-equivalent) starting at 203 metres downhole.

The company has also released results from its QDM zone, located above QDM/Radio. Highlights from the zone included 14.9 metres grading 19.08 grams gold, 12.28 grams silver and 0.23% copper starting from 240.10 metres in drill hole QDM-22-45.

This year, the company plans to drill 15 holes (about 20,000 metres) and complete an initial resource estimate for the QDM/Radio zone.

Black expects to finish a preliminary economic assessment by the end of 2023 and says he believes that he can interest prospective buyers by the time the company completes a prefeasibility study. “We think the prefeasibility study is the sweet spot,” he said. “Our previous success with Antares and the Haguira deposit sold as soon as we completed the PEA … this was 2010 and people were aggressively looking for deposits, I think we are moving into that kind of a situation right now with the copper price, the way it is.”

As someone who has spent about 30 years working in South America, Black believes the timing is right to own projects in Argentina. The country has “recognized the potential to develop a major mining industry” at a time when it has become harder to find projects in neighbouring countries like Chile, Peru, Colombia and Mexico, he said.

“The geological potential was always there, but at times it wasn’t the easiest country to work in. It’s a safe country, but their fiscal policies and regulations were a bit complicated and it was easier to find a project in Peru or Chile,” he said.

“But Argentina right now, has become one of the more promising places. … The country risk moves over time and right now in San Juan there are five big copper projects and we are just one of those five.” TNM

SPECIAL FOCUS SOUTH AMERICA

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7—20, 2022

11

SOUTH AMERICA SNAPSHOT: EIGHT COMPANIES EXPLORING AND DEVELOPING NEW MINES

BY MARILYN SCALES

The need for battery metals is propelling many projects in resource-rich South America, but gold and silver projects retain their appeal, too. n BEAR CREEK MINING The Corani silver-zinc-lead project in southern Peru is shovel ready for 100% owner Bear Creek Mining (TSXV: BCM). It sits on the eastern peaks of the Andes between 4,800 and 5,200 metres above sea level.

The project has received all key permits to begin construction, and the environmental impact assessment has been approved. Life-ofmine agreements are also in place with supportive local communities.

Bear Creek began exploring Corani in 2005 and has identified proven and probable reserves of 139.1 million tonnes grading 50.3 grams silver per tonne, 0.9% lead and 0.59% zinc. In terms of contained metals, it contains 225 million oz. silver, 2.75 million lb. lead and 1.91 million lb. zinc.

Corani’s measured and indicated resources stand at 96.7 mil-

lion tonnes grading 27.9 grams silver per tonne, 0.38% lead and 0.26% zinc, and inferred resources add 39.9 million tonnes grading 37.2 grams silver, 0.58% lead and 0.40% zinc.

The life of the Corani mine would be 15 years during which time 144 million oz. silver, 1.48 million lb. lead and 1.04 million lb. zinc would be produced. Average annual production would be 9.6 million oz. silver and the all-in sustaining cost on a by-product basis would be US$4.55 per oz. silver.

The pre-production capital cost was estimated in 2019 to total US$579 million, including US$59 million for the mine and US$234 million for the processing plant.

Payback of the initial capex after taxes would be 2.4 years. The report used prices of US$18 per oz. silver, US95¢ per lb. lead and US$1.10 per lb. zinc.

After taxes, Corani has a net present value with an 8% discount rate of US$369 million and an internal rate of return of 22.9%.

Bear Creek raised $34.5 million for work at Corani last year. The mining and processing plans are being optimized and procurement is in progress. One of the major undertakings is a substation to supply power to the project and upgrade the supply to nearby communities.

South Star Battery’s Santa Cruz graphite project in Bahia, Brazil. SOUTH STAR BATTERY

The company is also upgrading local roads.

In addition to Corani, Bear Creek is exploring northwest of Lima at the Maria Jose property where work is moving underground, and the company has optioned its Tassa silver-gold prospect to Teck Resources.

In December 2021, Bear Creek announced its intention to acquire

the operating Mercedes gold-silver mine in Sonora, Mexico. It will make a cash payment of US$75 million and issue 24.73 million shares to current owner Equinox Gold to acquire a 100% interest.

A second cash payment of US$25 million is due within six months of closing.

Bear Creek has a market capitalization of $140.7 million.

n ERO COPPER Ero Copper (TSX: ERO; NYSE: ERO) has two producing mines in Brazil and is developing a third. The flagship property is the MCSA mining complex, in which Ero holds a 99.6% interest, in Bahia state.

Production began 40 years ago at the MCSA mining complex, which

See SNAPSHOT / 12

JOINT VENTURE ARTICLE

Tier One Silver hits bonanza-grade silver mineralisation in first drill program at Curibaya in Peru

BY NORTHERN MINER STAFF AND TIER ONE SILVER

Canadian explorer Tier One Silver (TSXV: TSLVF; US-OTC: TSLVF) believes it is in the early stages of a new discovery in Peru.

The Vancouver-headquartered junior recently completed the first ever drill program on its 100%-owned Curibaya silver-gold project in southwest Peru, about 48 km northeast of the provincial capital Tacna, close to the border with Chile.

The drilling comprised 16 holes (5,347 metres) and intercepted bonanza-grade silver mineralisation.

Highlights included drillhole 21CUR016, which intersected seven metres grading 272.3 grams silver per tonne, 0.33 gram gold per tonne, 0.046% zinc, and 0.03% lead (299.1 grams silver-equivalent per tonne) from 139 metres downhole, including a higher grade core of 1.5 metres of 1,128.7 grams silver, 1.04 grams gold, 0.15% zinc, and 0.09% lead (1,213.7 grams silver-equivalent).

Peter Dembicki, Tier One Silver’s CEO, says that Curibaya “hosts a major intermediate-sulphidation epithermal system that lies on the border between an epithermal belt and a world-class, prolific coastal porphyry belt. The drill results

Aerial view of Tier One Silver’s Curibaya silver-gold project camp in Peru.

TIER ONE SILVER

indicate that the project has the potential to host both a large-scale, high-grade silver deposit and porphyry deposit.”

The 16,800-hectare property sits near some of South America’s largest porphyry deposits. These include Southern Copper’s (NYSE: SCCO) Toquepala and Cuajone deposits, approximately 42 km and 68 km north of Curibaya, respectively; the Quellaveco deposit, owned by Anglo American (LSE: AAL; US-OTC: AAUK), about 57 km to the north; and Freeport-McMoran’s (NYSE: FCX) Cerro Verde, 175 km north.

In 2020, Tier One Silver conducted

Tier One Silver preparing for the Induced Polarization geophysical survey at Curibaya. TIER ONE SILVER

a 450-line-km airborne magnetic survey and a 30-line-km groundbased induced polarization survey of Curibaya. The surveys identified a two-km by 750-metre chargeability

anomaly near surface, which it believes is a precious metals target, and a magnetic anomaly below the chargeability anomaly, which it believes is the intrusion responsible for the gold and silver mineralisation at surface.

Mineralisation at Curibaya occurs at the dome complex at the centre of the property and several structural corridors (Tipal, Sama, Madre, Sambalay, Cambyaya I, and Cambaya II) over a four-km by five-km alteration system. The Incapuquio fault, located north of the property, has been interpreted as one of the fundamental controls for both epithermal and porphyry styles of mineralisation within the region.

Tier One Silver plans to re-start drilling on the property in May, following the end of the rainy season.

The drilling will focus on targets higher in elevation in the system at Sambalay, Tipal, and Cambaya.

“The second phase of drilling is going to be very exciting for us,” said Christian Rios, the company’s senior vice president of exploration. “We will be able to drill the high priority Cambaya target area, where we’ve seen the best channel samples to date, and continue to explore targets along the mineralised corridors to further increase our confidence that

Curibaya could deliver a significant discovery.”

Rios was the vice president of exploration with Bear Creek Mining (TSXV: BCM; US-OTC: BCEFK) from 2001 to 2014 and was involved with three silver discoveries in Peru, including the world-class Santa Ana and Corani silver-lead-zinc deposits.

Tier One Silver is also progressing its Hurricane Silver project, which hosts numerous high-grade silver occurrences, about 66 km north of the city of Cusco.

In December, the company completed a channel sampling program on the project and focused on testing partially exposed silverbase metal vein corridors. Highlights included 21HRT-13, which returned 605 grams silver per tonne, 0.26% copper, 0.21% zinc, and 5.79% lead (860.4 grams silver-equivalent per tonne) from two metres.

Dembicki says that Hurricane Silver “offers the potential to make a second world-class discovery in Peru.”

The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by TIER ONE SILVER and produced in cooperation with The Northern Miner.

Visit www.tieronesilver.com for more information.

12

SPECIAL FOCUS SOUTH AMERICA

MARCH 7—20, 2022 / THE NORTHERN MINER

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The site of Josemaria’s copper-gold project in the Andes Mountains of Chile. JOSEMARIA RESOURCES

incudes two underground mines (Pilar and Vermelhos) and one open pit (Surubim). The complex has at least a 12-year life remaining with annual production anticipated to be 101.4 million lb. of copper in 2022-24. Ore is processed by conventional crushing and flotation at the Caraiba mill next to the Pilar mine. It produces a concentrate grading 35% copper.

The mines at MCSA contain underground proven and probable reserves of 30 million tonnes grading 1.44% copper for 953.3 million lb. contained metal and proven and probable open pit reserves of 29.3 million tonnes grading 0.6% copper for 385.1 million lb. contained copper.

Reserves are included in resources which, for underground mining, are 69.4 million measured and indicated tonnes grading

An aerial view of the Sao Chico gold mine in the Tapajos region in Para, Brazil.

SERABI GOLD.

1.46% copper for 2.23 billion lb. contained copper, plus 40.3 million inferred tonnes at 1.14% copper. Open pit resources are 35.3

million measured and indicated tonnes grading 0.59% copper for 457.5 million lb. contained copper, plus 3.0 million inferred tonnes

www.gcm-mining.com

grading 0.5% copper.

In 2019, Ero discovered what it called the ‘superpod’ below the known mineralization in the Pilar mine. Early drill results featured 51.8 metres grading 3.49% copper, including 33.4 metres at 4.96% copper, and 62.5 metres grading 1.65% copper, including 26.1 metres grading 2.37% copper.

Last October, results released for the upper levels of the Pilar mine featured 71.2 metres grading 3.55% copper, including 13 metres at 8.87% copper, and 61 metres grading 2.11% copper, including 1.8 metres of 3.92% copper.

The company enjoys a positive track record of mine life extensions and operational improvements at MCSA so it will deploy up to 20 drills this year. There is about 25% excess mill capacity that could be filled.

Ero also holds 97.6% of the NX gold mine in Mato Grosso state.

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SNAPSHOT from 11

The underground mine is a highgrade, shear-hosted quartz vein system accessed via a single decline.

Ore is processed in a conventional three-stage crushing circuit, and a combination of gravity, flotation and carbon-in-pulp recovery.

The NX mine produces between 50,000 and 60,000 oz. of gold annually at an all-in sustaining cost of US$550 to US$650 per ounce. It currently has a six-year life at average annual production of 53,000 oz. gold.

The Santo Antonio vein is currently in production; it contains a probable reserve of 958,000 tonnes grading 9.01 grams gold per tonne for 277,000 oz. contained gold.

Reserves are included in the indicated resource of 950,000 tonnes grading 10.56 grams gold per tonne and the inferred resource of 248,000 tonnes grading 2.99 grams gold.

The mill has about 40% unused capacity, so Ero has mounted an exploration program on the Matinha vein, with the intention to mine it. There the probable reserve is 146,000 tonnes grading 6.26 grams gold per tonne for 29,000 oz. contained gold. The reserve is within the indicated resource that totals 124,000 tonnes grading 8.55 grams gold per tonne. The inferred resource is 310,000 tonnes grading 10.47 grams gold per tonne.

Ero has ten drill rigs operating at the NX gold mine this year.

The company’s third project is the Boa Esperança copper project in Para state, for which the board gave the go-ahead for construction in mid-February. Construction is expected to begin by the middle of this year, and production is anticipated in the third quarter of 2024.

The Boa project has a mine life of 12 years, during which time it will produce a total of 717.9 million lb. copper.

Upfront capital costs will be about US$294 million to establish an operation capable of producing 59.5 million lb. annually. During the first five years, output will average 77.2 million lb. copper. After taxes, the project payback will be 1.4 years. Ero used a sliding scale for copper prices in its estimate: US$3.80 per lb. in 2024, US$3.95 per lb. in 2025, and US$3.40 per lb. in 2026 and beyond.

The Boa project has a post-tax net present value with an 8% discount rate of US$380 million and a post-tax internal rate of return of 41.8% Open pit resources at Boa are 47.7 million measured and indicated tonnes grading 0.86% copper for 907.6 million lb. contained copper and 554.8 million inferred tonnes grading 0.65% copper for 7.9 million lb. contained copper.

Contained within the measured and indicated category are proven and probable reserves of 43.1 million tonnes grading 0.83% copper for 786.2 million lb. copper.

There are no measured and indicated resources for the underground material, but it does have an inferred resource of 11 million tonnes grading 0.8% copper for 195.3 million lb. copper.

Ero Copper has a market capitalization of $1.6 billion. n HORIZONTE MINERALS Horizonte Minerals (TSX: HZM; US-OTC: HZMMF) has two nickel projects in Brazil — the shovel ready Araguaia project and the prefeasibility stage Vermelho.

Early works are already underway at the Araguaia ferronickel project in Para state, and more than half the financing has been secured.

The goal is to develop an open pit laterite operation that delivers ore from a number of pits to a central processing facility for 28 years.

The plant will consist of a single rotary kiln electric furnace (RKEF).

Full capacity would be 900,000

See SNAPSHOT / 13

GLOBAL MINING NEWS

SPECIAL FOCUS SOUTH AMERICA

THE NORTHERN MINER / MARCH 7—20, 2022

13

Above and below: Bear Creek’s Corani silver project in southern Peru. BEAR CREEK MINING

SNAPSHOT from 12

tonnes of dry ore per year from conventional open pit mining. Annual production would be 52,000 tonnes of ferronickel containing 32 million lb. nickel. Production is anticipated in late 2023 or early 2024.

Capex for Araguaia is estimated at US$443 million, which would be paid back after 4.2 years. Horizonte used a nickel price of US$14,000 per tonne.

The after-tax economics are robust with a net present value (NPV) with an 8% discount rate of US$401 billion and an internal rate of return (IRR) of 20.1%.

There would be a net cash flow of US$1.6 billion.

Horizonte has outlined proven and probable reserves of 119.3 million tonnes grading 1.69% nickel and 17.15% iron. Reserves are contained within 1.5 billion measured and indicated tonnes grading 1.27% nickel and 18.91% iron (3.4 billion lb. contained nickel).

The inferred resource is 12.9 million tonnes grading 1.19% nickel and 20.21% iron (339.5 million lb. contained nickel).

Resources are sufficient to take the Araguaia project beyond its initial 28-year life with the addition of a second RKEF plant. This would double output for an additional 26 years.

The expansion would be financed through operational cash flow with no additional capital outlay. It carries an after-tax NPV (8%) of US$741 million and an IRR of 23.8%.

The Vermelho nickel-cobalt project, also in Para state, was first investigated by Vale. Despite producing a positive feasibility study, Vale put it on hold when it bought Inco in 2005. Horizonte acquired 100% of Vermelho in 2017.

Horizonte produced a positive prefeasibility study in 2019 for a somewhat smaller and lower-cost project than Vale planned. The open pit laterite mine includes two pits, a concentrator, high-pressure acid leaching (HPAL), and a refinery. Over a projected 38-year life, it would produce 2 billion lb. nickel contained in nickel sulphate, 79.4 million lb. cobalt sulphate, and 4.48 million tonnes of a saleable kieserite by-product.

Annual production would be 25,000 tonnes of nickel and 1,250 tonnes of cobalt from the HPAL. Total pre-production capital costs would be US$2.3 billion, including US$10.8 million for the pit and US$1 billion (in two stages) for the plant.

Vermelho has an after tax NPV (8%) of US$1.7 billion and an IRR of 26.3%. Net cash flow is estimated to be US$7.3 billion.

Measured and indicated re-

sources are 145.7 million tonnes grading 1.05% nickel (for 3.4 million lb.) and 0.05% cobalt (for 170,400 lb.). The inferred resource is another 3.1 million tonnes grading 0.96% nickel (for 63,900 lb.) and 0.04% cobalt (for 3,100 lb.). No reserves have yet been calculated.

Horizonte has relied heavily on metallurgical testing done by the former owner. It intends to build the processing plant in two stages. It will have an initial autoclave capacity of 1 million tonnes per year. After three years, a second process train will be added, doubling capacity.

Horizonte has a market cap of $407 million. n JOSEMARIA RESOURCES Josemaria Resources (TSX: JOSE; US-OTC: JOSMF) is advancing what it hopes will be the world’s next major copper producer — the Josemaria copper-gold project in San Juan province of Argentina, 9 km east of the boarder with Chile.

The company says the project is on track to become a low-risk open pit mine with a rapid payback. There are up to 6.7 million lb. copper, 7 million oz. gold and 31 million oz. silver waiting in the reserves. The project has proven and probable reserves of 1 billion tonnes grading 0.3% copper, 0.22 gram gold per tonne and 0.94 gram silver per tonne.

As for sulphide resources using a 0.1% copper-equivalent cut-off, the measured and indicated category contains 1.2 billion tonnes grading 0.19% copper, 0.21 gram gold and 0.9 gram silver (0.41% copperequivalent). This category contains an estimated 7.4 billion lb. copper, 2.3 million oz. gold and 18.6 million oz. silver. The inferred resource is 704 million tonnes grading 0.19% copper, 0.1 gram gold and 0.8 gram silver (0.25% copperequivalent).

There is also a small measured and indicated oxide resource using a 0.2% copper-equivalent cut-off.

It totals 41 million tonnes grading 0.31 gram gold per tonne and 1.2 grams silver per tonne. In terms of contained metal, the estimate is 410,000 oz. gold and 1.6 million oz. silver but no copper.

The Josemaria deposit was first staked in 1999, and the discovery made in the 2004-05 exploration program. Production is expected in 2025.

The Josemaria feasibility study examined a 152,000 tonne-per-day mine and mill with a 19-year life.

Over the life of the mine, average annual production would be 249.1 million lb. copper, 331,000 oz. gold and 1.2 million oz. silver. During the first three years of operation, copper and silver production would be about 20% higher and gold production would be almost 50% higher.

The Caucharí-Olaroz lithium project in northwest Argentina. LITHIUM AMERICAS

All-in cash costs (excluding closure) are anticipated to be US$1.55 per lb. copper-equivalent.

The pre-production capital expenditure is estimated at US$3.1 billion, followed by sustaining capex of US$940 million. Payback would occur in 3.8 years from the start of production. Prices used in the study were US$3.00 per lb. copper, US$1,500 per oz. gold, and US$18 per oz. silver.

The project has a net present value with an 8% discount rate of US$1.5 billion and an internal rate of return of 15.4% after taxes.

The 2021-22 field season is busy with a 65,000-metre drill campaign

to de-risk the project, convert resources, and bore deep holes to test for extensions of the deposit. As part of the de-risking, mineralogical and geotechnical data will be used to optimize the production profile.

The company has acquired a highly prospective exploration property adjacent to the Josemaria deposit where previous work identified a large porphyry target. This year, soil sampling, mapping, geophysics and targeted drilling are planned.

Josemaria recently joined the Lundin Group, a portfolio of companies producing a variety of commodities in over 20 countries.

Josemaria Resources has a market capitalization of $640 million. n LITHIUM AMERICAS Lithium Americas (TSX: LAC; NYSE: LAC) is on track to put its Cauchari-Olaroz lithium brine project into production within the year in the Jujuy province of northern Argentina. The project is fully permitted, and all the major equipment and bulk materials have arrived on site.

Lithium Americas began exploring for lithium in 2009, ran a demonstration recovery plant two years

See SNAPSHOT / 14

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Leading Uranium Discovery In Argentina NI 43-101 compliant uranium resource • Controlling A New Uranium District • Preliminary Economic Assessment complete • Heathy Treasury • Comprehensive drilling program and engineer studies underway

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The Company’s objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of uranium-vanadium projects into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. The Company’s flagship Amarillo Grande Project was an in-house discovery of a new district that hosts the largest NI 43-101 uranium resource in the country with an initial Preliminary Economic Assessment.

14

SPECIAL FOCUS SOUTH AMERICA

MARCH 7—20, 2022 / THE NORTHERN MINER

SNAPSHOT from 13

later, and completed a feasibility study in 2012. The company attracted a major investor in 2020, and Cauchari-Olaroz is now a joint venture of Lithium Americas (44.8%), Ganfeng Lithium (46.7%), and JEMSE, the state-owned mineral explorer of Argentina, (8.5%).

Cauchari-Olaroz is to be developed in two stages. With the first phase close to commissioning, construction of the second phase is expected to begin this year.

The first phase of the project is based on proven and probable reserves estimated to be 1.1 million cubic-metres of drainable brine with an average concentration of 607 mg lithium per litre for 366,700 tonnes of contained lithium. The measured and indicated resources are 6.3 billion cubic-metres with an average concentration of 592 mg lithium per litre, for 3.7 million tonnes of contained lithium, and the 1.5 billion cubic-metre inferred resource (at the same concentration) contains 887,300 tonnes of lithium metal.

The reserves give the CauchariOlaroz a first stage life of 40 years producing 24,000 tonnes of lithium carbonate annually. Operating costs per tonne of lithium carbonate are expected to be US$3,379, compared to the current lithium carbonate price, which hovers around US$40,000 per tonne.

Initial capital costs are expected to be about US$641 million for development of the brine fields, evaporation ponds, recovery plant and all other costs. Operating costs will be US$143.2 million per year. Using a conservative lithium carbonate price of US$12,000 per tonne, payback is expected in two years and ten months after the start of production.

After taxes, Cauchari-Olaroz has a projected net present value at an 8% discount rate of US$1.96 billion and an internal rate of return of 45.2%.

Lithium Americas is also advancing the Pastos Grandes project.

It acquired the project in December 2021 when it bought Millennial Lithium. The former owner had invested US$40 million in the project. The property is located in Salta province about 100 km from the Cauchari-Olaroz project.

There are 22 exploration and monitoring wells, four pumping test production wells, pilot ponds, a pilot plant and a year-round camp supported by a hybrid solar power system. A feasibility study was produced in 2019 by the previous

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Ero Copper’s Boa Esperanca project in Brazil. ERO COPPER

Americas owns the Thacker Pass lithium project in Nevada in the United States.

Lithium Americas has a market cap of $4.7 billion.

A computer rendition of the Grota do Cirilo lithium project. SIGMA LITHIUM

owner for a phased, conventional brine operation capable of producing about 24,000 tonnes of lithium carbonate annually for 40 years.

The total initial capital expenditure would be US$448.2 million with a large portion of the amount (US$115 million) being spent to establish the evaporation ponds.

Operating costs for the first phase of the project would be US$3,377 per tonne lithium carbonate and for the second phase would be US$3,388 per tonne. Payback

would occur in the fifth year after production begins. Battery-grade lithium carbonate prices were assumed to be US$13,050 per tonne.

Pastos Grandes has an NPV (8% discount rate) of US$1 billion and an IRR of 24.2%, both figures calculated post-tax.

The measured and indicated resources at Pastos Grandes are 1.8 billion cubic-metres averaging 427 mg lithium per litre for 774,000 tonnes of lithium metal.

There is also an inferred resource

estimated to be 3.5 million cubicmetres at 427 mg lithium per litre containing 150,000 tonnes of lithium metal. Potassium also occurs in the brine and presents in the resources at concentrations of 4,440 mg per litre and 4,457 mg per litre, respectively.

Although the environmental permit has been received, Lithium Americas has not released a timeline for taking Pastos Grandes to production.

Outside South America, Lithium

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n SERABI GOLD Serabi Gold (TSX: SBI; US-OTC: SRBIF) is focused on gold projects in Brazil. It has two producing mines (Palito and Sao Chico) and the Coringa development project in the country’s Para state.

The Palito gold mine was in production from 2004 to 2008, when it was placed on care and maintenance. Commercial production resumed in mid-2014. The Sao Chico mine was acquired in 2013 and commercial production began early in 2016.

The mines are underground and use long hole and selective stoping methods. Ore from both mines is processed at Palito in a 500 tonne-per-day plant with an ore sorter, conventional flotation and carbon-in-pulp circuits. Gold is recovered both as doré bars and in concentrate.

Serabi gives 2022 guidance of about 45,000 oz. gold for Palito and Sao Chico. They have proven and probable reserves of 284,053 tonnes grading 6.76 grams gold per tonne for 61,700 oz. contained gold.

At Coringa, as many as 322,600 oz. of gold have been recovered by artisanal miners, but it has not otherwise been developed. Mineralization is very similar to Palito. It is associated with a shear-vein system with a strike length of over 7 kilometres.

Gold is almost exclusively associated with quartz-sulphide veining similar to veins found in orogenic gold deposits. After numerous metallurgical tests, Serabi believes gold recovery will be 94% to 96% from a 750 tonne-per-day plant. Tailings will be dry-stacked.

Serabi acquired the project from Anfield Gold in 2017, and released a preliminary economic assessment two years later. The PEA was based on 735,000 indicated tonnes grading 8.24 grams gold per tonne for 195,000 contained oz. of gold and 1.6 million inferred tonnes grading 6.54 grams gold per tonne for 346,000 contained oz. gold.

The study outlined an underground mine with a life of nine years and average annual production of 38,000 oz. gold at an all-in sustaining cost of US$852 per ounce.

Pre-production capital costs are estimated to be US$24.7 million, followed by US$9.2 million for sustaining costs. Payback (at a gold price of US$1,450 per oz.) would occur 2.3 years after production begins. The company expects production to start in 2023.

Coringa has a post-tax net pres-

See SNAPSHOT / 15

SPECIAL FOCUS SOUTH AMERICA

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7—20, 2022

Inside the processing facilities at Horizonte Minerals’ Araguaia project in Brazil. HORIZONTE MINERALS

SNAPSHOT from 14

ent value with a 5% discount rate of US$79.6 million and a post-tax internal rate of return of 46%. At a gold price of US$1,450 per oz., the project would have an after-tax cash flow of US$114 million per year.

Serabi Gold has a market capitalization of $76.8 million. n SIGMA LITHIUM RESOURCES Sigma Lithium Resources (TSXV: SGML; NYSE: SGML) has a single lithium development project in Gerais state, Brazil. The focus of activity is the 100%-owned Grota do Cirilo hard rock project, which the company says is the largest in South America.

The Grota do Cirilo project has been producing 6% spodumene concentrate on a pilot scale since 2018. Beginning this year, the com-

mercial plant will produce 33,000 tonnes of lithium carbonate-equivalent annually in phase one. Xuxa will be the first deposit mined.

To double output to 66,000 tonnes in the second phase, the Barreiro deposit will also be mined.

The prefeasibility study for phase two is underway with increased production beginning as early as a year from now.

Phase one of the Grota do Cirilo project has measured and indicated resources in the Xuxa deposit of 17.4 million tonnes at an average grade of 1.55% lithium oxide and an inferred resource of 3.8 million tonnes grading 1.58% lithium oxide using a 0.5% lithium oxide cut-off.

The proven and probable reserves are 13.8 million tonnes grading 1.46% lithium oxide.

The second phase of the Grota do Cirilo project is based on the Barreiro deposit, which has mea-

sured and indicated resources of 20.5 million tonne grading 1.43% lithium oxide and an inferred resource of 1.9 million tonnes grading 1.44% lithium oxide. Mining this deposit will add 13 years to the life of the project.

The cash cost of producing a tonne of product is estimated to be US$342 per tonne, including transportation. With the start of phase two, cash costs are expected to be US$360 per tonne, compared to an estimated selling price of US$750 per tonne.

The initial capital cost was forecast to come in at US$136 million through phase two. The capital cost of the phase two expansion is US$44.5 million with a payback period of 0.4 years.

The net present value with a discount of 8% for phase two is US$442 million, compared to the NPV for the first phase of US$395

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million. The internal rate of return is 208%. The larger project will have an after-tax free cash flow of US$60 million annually.

Construction for phase one is advancing. Civil construction and engineering are underway. Long lead items, such as the electric transformers, crushers, thickeners, tailings stackers, water treatment, magnetic separators, and control system hardware have been ordered. The company is also in negotiations for engineering, procurement and construction management services as well as contractors to develop and operate the first mine.

Sigma says it is taking care to build green technology into the Grota do Cirilo project. No hazardous chemicals will be used in processing, and 100% of the water will be recirculated. Tailings will be dry-stacked. When phase two begins, 100% of the power will be supplied by hydroelectric facilities.

Sigma Lithium has offtake agreements with Mitsui and LG, both of which will accept concentrate and then manage chemical conversion into battery-grade material. The contracts have take-orpay provisions linked to lithium hydroxide prices.

Sigma Lithium has a market capitalization of $1.2 billion.

15

n SOUTH STAR BATTERY METALS South Star Battery Metals (TSXV: STS; US-OTC: STSBF) is developing the Santa Cruz graphite project in Bahia state, Brazil, which the company says is the second-largest flake graphite producing district in the world with over 80 years of continuous operation.

Production is to begin this year from a 5,000 tonne-per-year concentrate plant that will be built at a cost of US$8 million. There is a second phase of the project that will take output to 25,000 tonnes of concentrate annually in the fourth year at an additional cost of US$27 million.

The payback of the initial capital investment will take four years, while the post-tax free cash flow is estimated to be US$129 million over the project life.

At full production, the planned open pit at Santa Cruz has a life of 12 years. The average operating cost per tonne of concentrate is expected to be US$396 over the life of the project. Compare that to the average weighted price used in the prefeasibility study of US$1,287 per tonne.

The post-tax net present value with a discount rate of 5% is US$81.2 million with an internal rate of return of 35%.

The Santa Cruz deposit is open along strike and at depth. So far the measured and indicated resources are estimated to be 14.9 million tonnes grading 2.29% carbon for 341,240 tonnes of in situ graphite. The inferred resource is 7.9 million tonnes at 2.32% carbon for 183,550 tonnes of in situ graphite.

Proven and probable reserves total 12.3 million tonnes grading 2.4% total carbon for 295,400 tonnes of contained graphite.

South Star says one of the advantages of its project is the high percentage of large flakes — 63% of the concentrate contained jumbo to large flakes that were screened at +80 mesh. Such natural flakes command a premium price of US$1,400 per tonne, compared to medium flake at US$1,200 per tonne and small flake at US$800 per tonne.

The company also has a graphite project in the U.S. state of Alabama for which it is preparing an initial resource estimate this year.

South Star Battery Metals has a market cap of $26.6 million. TNM

16

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MARCH 7—20, 2022 / THE NORTHERN MINER

SEAN BOYD from 1

the world.

With a renewed sense of driving value through the drill bit, the company has released a 2022 exploration budget of about US$324 million (US$193 million of expensed exploration and US$131 million of capitalized exploration), with a primary focus on the expansion of mineral reserves and mineral resources at operating mines such as Detour, Macassa, Fosterville and Meliadine, as well as the pipeline projects including the Odyssey and Hope Bay projects.

Boyd also stressed a key difference was that the company’s operating assets were mature, thereby negating much of the portfolio risk found in miners with younger assets in the portfolio.

“We have mines that I call are mature. It’s not that there are these big new builds that we haven’t had a chance to test infrastructure or geology. So, I think that means that our management teams have a good feel and handle on those assets, which we would suggest that the production would be lower risk production.

“And that’s why we’re comfortable in terms of the guidance and the targets as far as costs. The numbers we put out didn’t really bake in the synergies that we expect to see from a per ounce basis. So, we hope to do better. And all-in sustaining costs, I think the midpoint of our range is US$1,025 per ounce. Our expectation is we can do better than US$1,000.”

In 2022, the company expects to realize merger-related corporate and operational synergies of about US$40 million to US$60 million, of which US$12 million have already been realized.

In the years to come, Agnico expects to ramp up these synergies to about US$165 million per year. A further $590 million over ten years is expected to be realized through strategic optimizations, including the development of the Amalgamated Kirkland deposit at the Kirkland Lake camp, with initial gold production potentially as early as 2024.

Meanwhile, Agnico has growth in mind across the portfolio.

As mentioned at the Detour Lake mine, successful exploration programs in 2020 and 2021 led to a significant increase in open-pit mineral resources in 2021. These new mineral resources and ongoing business improvement initiatives will be incorporated into a new technical report expected to be filed in the second quarter of 2022.

At the Macassa mine, the sinking of the #4 Shaft was completed in January, over a year earlier than initially planned. Completion of other #4 Shaft development activities is expected in late 2022.

Boyd said the #4 Shaft was expected to provide numerous benefits, including increased hoisting capacity, improved unit costs, better ventilation, and enhanced capabilities to pursue exploration potential across

the Kirkland Lake camp.

Gold production at Macassa is forecast to increase from 170,000 to 190,000 oz. in 2022, with a target of about 330,000 to 350,000 oz. in 2024.

Agnico sees a longer potential mine life in Australia for the high-grade Fosterville mine.

“Based on current exploration results, the company’s long-term goal for Fosterville is to establish the mine as a long-life asset through success in replacing mineral reserves. The company believes there is potential to discover additional high-grade zones that could potentially support higher production levels and improvements in unit costs,” said Boyd.

Other projects in the pipeline include the Odyssey project, which entails underground development and surface construction activities, which were said to remain on schedule and budget. In 2022, the company plans to undertake about 136,835 metres of surface and underground drilling to infill and expand mineral reserves.

From 2023 to 2028, the mine’s gold production is forecast to be about 932,000 ounces at total cash costs of approximately US$800 per oz. on a 100% basis.

Agnico is also in the midst of an expansion of its Kittila mine in Finland, where the mill expansion was completed ahead of schedule in late 2020, and shaft sinking is expected to be completed in the second half of 2022. Commissioning of the production hoist is scheduled for late 2022 or early 2023. Completion of the shaft is expected to result in lower operating costs and provide additional drilling access Ostensibly one of the reasons for creating the new Agnico was to drive optimization and consolidation of mining assets and infrastructure in the Kirkland Lake gold camp, said Boyd.

“There are several development assets in the Kirkland Lake area with significant mineral reserves and mineral resources. Studies are underway to evaluate the potential to advance some of these assets into production, including the AK, Upper Beaver and Upper Canada deposits either as standalone projects or by leveraging existing infrastructure at Macassa or the Holt processing complex,” said Boyd.

Aside from having a strong asset base with which to leverage an expected increase in the gold price given the hyperinflationary global economic environment and increased geopolitical tension, Agnico believes in returning capital to owners.

The board recently announced a 14% increase in the quarterly dividend from US35c per share to US40c per share. “We’ve now paid a dividend for 38 consecutive years. That hasn’t been easy to do in the gold space given the volatility in gold,” said Boyd.

“This year, we’ll be 65 years of history for Agnico, starting in 1957, in the town of Cobalt, Ontario, mining silver. We’ve used the same phi-

Tony Makuch was The Northern Miner’s 2019 Mining Person of the Year.

KIRKLAND LAKE GOLD

losophy and strategy for decades, and it’s worked very well. And we would conclude that the gold mining business has gotten a lot more disciplined. And ultimately, our job as managers is just to manage a highquality business that just happens to be mining for gold. It’s not the other way around.”

The reconstituted Agnico Eagle released record gold production figures for 2021 of 2.03 million ounces at all-in sustaining costs (AISC) of US$1,038 per ounce.

For the full year 2021, the company reported a net income of US$543.0 million, or US$2.23 per share, compared with US$511.6 million, or US$2.12 per share in 2020.

The company announced 2022 production guidance of 3.2 to 3.4 million ounces at an AISC of US$1,025 per oz., maintaining these levels through to 2024.

The company sports a combined reserve base of 44.6 million ounces of gold.

Boyd said Agnico was prepared for a higher gold price. “At US$1,900 per oz., we’re not far off an all-time high. I think that presents an interesting investment opportunity here.

The businesses are better positioned with stronger balance sheets and better positioned to return capital to shareholders,” said Boyd.

“So, I think the opportunity for investors is to take advantage of the disconnect in terms of share prices relative to where the gold price is, historically. And that’s really the opportunity I think people should recognize.

“I expect we’ll see a new high in the gold price this year, simply because of inflationary pressures. And the fact that inflationary expectations are settling into the employees’ mindset.

And once that happens, there are expectations for getting paid more, and that’s almost like a self-fulfilling prophecy,” said Boyd.

Agnico’s Toronto-quoted equity has dropped almost 10% over the past 12 months to $64.03, which gives it a market capitalization of about $29.12 billion. TNM

BOOK REVIEW from 8

worse living conditions in the community. The mine owners offered little in the way of safety precautions or benefits, and health care was virtually non-existent. Life underground was perilous at best and the environment topside was strewn with toxic waste and a landscape ravaged by mining operations. Explosions regularly shook the town as shafts were sunk, sometimes on the main streets of Cobalt.

But it wasn’t always a grim existence in the Cobalt camp. Angus peppers his book with vivid tales of what life in the midst of the silver boom was like, and one of the most fascinating stories he brings to life is how the mine owners decided to establish a hockey league to keep their employees amused.

The Royal Exchange Building in Cobalt, Ontario, where The Northern Miner began publishing in 1915. THE NORTHERN MINER

In December 1909 they created the National Hockey Association (NHA) made up of the Cobalt Silver

“They either support these megatrends that we see on a global scale, or they’re playing into the consumer space like diamonds, or with met coal —it’s an important commodity in terms of the transition from current steel technologies to green technology, which is hydrogen based,” said Cutifani.

Anglo American has been actively shaping the portfolio over the past decade. “I think, unlike some diversified miners who are more concentrated in one or two or three commodities, we’ve got a much broader suite of commodities, which allows us to allocate our capital, I think, a little more wisely and effectively,” he said.

“In fact, if you look at our returns over the last nine years, we’ve outperformed our major competitors.

So, I think the proof has been in the pudding, and we think we are well-positioned for growth for the next ten years,” said the executive.

Most critical of the future-facing metals in its portfolio are the PGMs, which the company mainly produces in South Africa.

“We see a transition from traditional fossil fuels and the older fuel types to the new technologies as both an opportunity to improve our environmental credentials and reduce our operating costs to be more competitive. So already today, we have a process where we have all of our South American assets using renewable energy to augment the diesel-fueled power generation in the operations.

“We’re also looking at using solar, wind power, and hydropower to make hydrogen and use it as an alternative to battery power,” said Cutifani.

The company is currently trialing hydrogen-powered trains at mines in South Africa, placing it on track to change the energy mix inside the mine perimeter substantially.

“So ultimately, we think we can achieve carbon neutrality on at least eight of our operating assets by 2030.

And we’ll have the whole business carbon neutral by 2040,” he said.

Cutifani added that Anglo American is also working closely with governments to change the grid system so they can provide renewable energy across the field. For example, in South Africa, the company put to the government a strategy for installing wind farms in the platinum-rich Northwest province, where there is high wind activity, and for implementing solar arrays in the north, where there is abundant sunlight.

“And inside our mines, we have old mines filled with water. We can use solar power to fuel our operations or drive our operations. During the day, when we’ve got more capacity, we can pump the water out of the underground mines into a dam and then let it run back at night. And so, we’ve created a battery out of an old flooded underground mine,” Cutifani explained.

The mining executive said hydrogen had certain advantages over electric vehicles, despite fundamentally sharing the same electrified chassis.

“It’s a bit like a natural gas cylinder in your car. Hydrogen could be used the same way. We’re seeing trains, commercial vehicles and trucks using hydrogen, which can run non-stop for about 24 hours per fuelling cycle.

“We can accomplish this because the range you get with hydrogen is quite extended compared with a battery, and you don’t have the weight of a battery. So, it’s more efficient energy use,” he said.

However, Anglo American is also positioned to manufacture hydrogen to fuel the next chapter in the energy revolution.

“The way to harness hydrogen today is to use renewable energy as input to make hydrogen with a reduced carbon footprint. That use of hydrogen requires platinum and palladium, and specifically iridium, to convert the hydrogen via electrolysis from water. And that gives us a virtuous circle.

“That will provide us with a demand increase of probably 10% to 20% by 2030. But the bigger game is when we see large-scale investment in primary hydrogen production, from 2035 onwards,” said Cutifani. “We’re playing the long game in PGMs.” PGMs also played an important role in the company’s recent operating results before Covid-19 roiled operations.

Cutifani conceded the company has had “quite a few operating challenges in 2020, and then we had Covid. So, the recovery last year was significant with record production out of our refinery, which dovetailed into very good metals prices.”

Diamonds also form a significant part of the company’s portfolio, which Cutifani said was another recovery story. The company has reported an increase of about 30% in the price of rough diamonds sold over the past 14 months.

Elsewhere, copper and iron ore were significant contributors to the company’s ongoing success.

“We’ve had a generally solid operating performance. It was perhaps not as good as we could be; I’m looking at Covid and those sorts of things, which resulted in probably a 5% impact on our production.

“I’d expect, based on consensus numbers, we will show our best operating results for the business in 2022. Our balanced investments are driving margin-enhancing volume growth of 35% over the next decade, including copper from Quellaveco, due to start-up midyear,” said Cutifani.

“Through our integrated technology and sustainability program, we are well-positioned to run the business safely and sustainably, further enhance our competitive position and — disciplined with our capital — deliver value-adding growth as a foundation for future returns.” TNM

Canadian teams, but as Cobalt had a large French-speaking population the mine owners decided to add a second team to their league: the Montreal Canadiens. Les Canadiens played their first professional game against the Cobalt Silver Kings in January 1910, beating Cobalt 7-6 in overtime. The NHA was soon absorbed into a new league, which became the National Hockey League (NHL) of today, though only the Canadiens endured as a part of the new league.

Angus also details perhaps the darkest part of the Cobalt bonanza: the treatment of Indigenous people who had been mining silver in the area for millennia. Though silver from the region had been traded across eastern North America for more than a thousand years before Europeans arrived on the continent,

Indigenous miners were little prepared for the onslaught that would push them aside, as an influx of southerners sought to make those riches their own.

Yet Angus ends his book on a positive note writing, “Cobalt is a place where lessons can still be learned. New understandings of environment, industry, and relations between settlers and Indigenous nations are still being worked out. Perhaps this knowledge can be exported to other jurisdictions, to help offset the darker lessons learned in Cobalt more than a century ago.”

For those who love mining, Angus’ book will have an obvious appeal. Yet with its dramatic stories, larger-thanlife characters, and insights into a forgotten moment in Canadian history, the book will also appeal to a wider audience outside the industry. TNM

MARK CUTIFANI from 1

Kings, Haileybury Comets, Renfrew Millionaires and Montreal Wanderers. All were predominately Anglo-

e h

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7—20, 2022

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M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 21-25, 2022 The S&P/TSX Composite Index rose 198.18 points or 0.93% to 21,106. The S&P/TSX Global Mining Index increased 1.61 points or 1.38% to 116.53 and the S&P/TSX Global Base Metals Index climbed 6.63 points or 3.18% to 207.99. The S&P/TSX Global Gold Index rose 1.72 points or 0.54% to 317.53 and spot gold fell US$9.65 per oz. or 0.51% to US$1,884.80 per ounce.

Shares of Trilogy Metals fell 35.8% or 69¢ to $1.24. The company, which owns a 50% stake in Ambler Metals, said the U.S. Department of the Interior had suspended the right-of-way permits issued to the Alaska Industrial Development and Export Authority (AIDEA) to build a 340 km road, known as the Ambler Access Project (AAP), because it would cross the traditional homelands of many native communities. Ambler Metals entered into an agreement with the AIDEA to pay US$35 million for the development of the AAP. Ambler Metals wholly owns the Upper Kobuk project, located in the Ambler mining district of northwestern Alaska. Construction of the road was approved in July 2020 under the administration of the country’s previous president, Donald Trump. A spokesperson for the Department of the Interior told The

Northern Miner that it wanted to review “significant deficiencies” it identified in the approval process.

New Gold fell 13.1% to $2.18. It reported full year production results for 2021 of 286,921 oz. gold, 867,961 oz. silver and 61.7 million lb. copper (418,933 gold-equivalent oz.) at an all-in sustaining cost of US$1,463 per gold-equivalent ounce. New Gold generated $324 million cash from operations in 2021. Net earnings were $141 million, while adjusted net earnings came in at $83 million. The company anticipates it will start production at the Intrepid zone at its Rainy River project in Ontario, in the second half of this year.

Kinross Gold fell 39¢ to $7.03. The company’s shares took a hit after Russia invaded TSX MOST ACTIVE ISSUES

Suncor Energy Kinross Gold Barrick Gold B2Gold Corp Yamana Gold Denison Mines New Gold Black Iron Osisko Mng Inc Lundin Mng

SU K ABX BTO YRI DML NGD BKI OSK LUN

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

88813 38.10 39259 7.60 31789 30.28 22342 5.54 20605 6.74 17727 1.76 13944 2.55 12019 0.19 11385 4.20 10928 12.40

36.23 37.84 + 0.78 6.67 7.03 - 0.39 28.13 28.67 - 0.86 5.05 5.21 - 0.01 6.00 6.32 + 0.07 1.49 1.76 + 0.26 2.04 2.18 - 0.33 0.10 0.14 - 0.05 3.83 3.98 + 0.04 10.91 11.79 + 0.13

Ukraine. The company has been operating in Russia for about 25 years, and owns the Kupol underground mine and mill in Russia’s Far Eastern region of Chukotka, about 7,000 km from Ukraine. The mine produced 481,108 gold-equivalent oz. last year. In 2013, the company expanded the mill from 3,500 to 4,500 tonnes per day to process additional ore from the Dvoinoye mine, about 100 km to the north, where mining ceased in 2020. Stockpiles

from Dvoinoye are expected to be processed until about 2024. In 2020 Kinross acquired the Chulbatkan licence, also in Russia’s Far East. Drilling there has focused on the Udinsk resource pit, which is the first project it expects to develop on the licence, and first production is forecast to start in 2025. The gold major said on Feb. 22 that its operations in Russia were operating to plan and remained unaffected by international sanctions. TNM TSX GREATEST VALUE CHANGE

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Verde Potash Condor Gold Energy Fuels Global Atomic Ur-Energy Denison Mines Laramide Res Mega Uranium Niocorp Dev Nexgen Energy Trilogy Mtls Black Iron Galiano Gold Euro Sun Mg Silver Bear Rs Novo Res New Gold Star Diamond Goldgroup Mng Intl Tower Hil

NPK COG EFR GLO URE DML LAM MGA NB NXE TMQ BKI GAU ESM SBR NVO NGD DIAM GGA ITH

1252 122 3465 1821 1113 17727 1567 3437 924 8708 721 12019 556 1025 693 1944 13944 2337 249 123

7.51 0.66 9.55 4.05 1.76 1.76 0.66 0.33 1.18 6.09 1.94 0.19 1.02 0.26 0.10 1.18 2.55 0.36 0.04 1.56

VOLUME (000s)

WEEK LOW CLOSE CHANGE

5.57 0.52 7.72 3.35 1.44 1.49 0.54 0.26 0.90 5.26 1.13 0.10 0.00 0.19 0.07 0.99 2.04 0.31 0.00 1.24

7.44 0.65 9.55 4.05 1.74 1.76 0.65 0.33 1.13 6.07 1.24 0.14 0.75 0.20 0.08 0.99 2.18 0.31 0.04 1.26

+ + + + + + + + + + -

28.1 20.4 20.1 19.5 18.4 17.3 16.1 16.1 15.3 15.0 35.8 25.0 22.7 18.8 15.8 13.9 13.1 12.9 12.5 12.5

Nutrien Cameco Corp First Quantum Labrador IOR Lithium Amer Verde Potash Energy Fuels SSR Mining Teck Res MAG Silver Agnico Eagle Franco-Nevada Triple Flag Atalaya Mining Pan Am Silver Barrick Gold Trilogy Mtls Dundee Prec Mt First Majestic Kinross Gold

NTR CCO FM LIF LAC NPK EFR SSRM TECK.B MAG AEM FNV TFPM AYM PAAS ABX TMQ DPM FR K

8067 10110 7244 1102 4306 1252 3465 4345 9348 1440 10068 3267 72 11 3529 31789 721 4888 4680 39259

WEEK CLOSE

103.17 28.96 36.72 45.30 36.50 7.44 9.55 25.12 46.78 21.43 65.83 186.94 15.60 7.19 29.59 28.67 1.24 7.43 14.38 7.03

CHANGE

+ + + + + + + + + + -

6.48 3.13 2.77 2.12 1.79 1.63 1.60 1.54 1.48 1.34 4.26 1.67 1.15 1.01 0.91 0.86 0.69 0.54 0.47 0.39

TSX VENTURE EXCHANGE / FEBRUARY 21-25, 2022 The S&P/TSX Venture Exchange rose 7.52 points or 0.899% to 836.21. Spot gold fell US$9.65 per oz. or 0.51% to US$1,884.80 per ounce.

Shares of Focus Graphite fell 1¢ to 7¢. The company released the first resource estimate for the MOGC deposit on its 100%-owned Lac Tétépisca graphite project, outlining an indicated resource of 59.3 million tonnes grading 10.61% graphitic carbon for 6.3 million tonnes of natural flake graphite and an inferred resource of 14.9 million tonnes grading 11.06% graphitic carbon for 1.6 million tonnes of natural flake graphite. The resource used a cut-off grade of 3.9% graphitic carbon. CEO Mark Roy described MOGC as “one of the largest undeveloped flake graphite deposits in Quebec,” and noted in an interview that the deposit “is considered unique in that it forms a well-defined, linear, tabular-shaped body with clear cut limits on either side.” In March, Focus is planning to drill “another formation with similar characteristics that has been found 2 km to the west of the MOGC,” Roy said. The 6,200-hectare project, 240 km from the industrial city of Baie-Comeau, consists of two contiguous properties, Lac Tétépisca and Lac Tétépisca Nord. The company discovered the MOGC deposit in 2012, just one year after

acquiring the project, and the resource estimate was based on 106 holes drilled between 2014 and 2020. “We have been exploring the property steadily during that time, as we have always believed in the value of battery metals, and more particularly in the value of our large flake graphite as a critical mineral in the shift to renewable energy sources,” Roy said.

Nouveau Monde Graphite fell 44¢ to $8.85 per share. The company released its Climate Action Plan, which maps its transition from a carbon-neutral production model to a Net-Zero business model. Nouveau Monde is advancing its Matawinie project, located 150 km north of Montreal. On February 10, the company received a ministerial decree from the Quebec government that authorised the company to TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

C3 Metals Blue River Res Leeta Gold Rover Metals Reunion Gold Nrthn Shield Azincourt Ener GoviEx Uranium Focus Graphite Atlas Salt

CCCM BXR HIVE ROVR RGD NRN AAZ GXU FMS SALT

14594 12832 12713 5744 5375 5212 4625 4231 4198 4190

0.12 0.02 2.58 0.06 0.27 0.05 0.07 0.38 0.08 1.80

WEEK LOW CLOSE CHANGE

0.08 0.01 2.01 0.05 0.20 0.02 0.06 0.28 0.06 1.41

0.10 + 0.02 + 2.44 0.05 0.25 + 0.03 0.07unch 0.38 + 0.07 1.64 -

0.01 0.01 0.10 0.01 0.04 0.02 0.00 0.07 0.01 0.14

build a graphite mine with a production level of 100,000 tonnes of graphite per annum. The company expects the mine to become the world’s “first all-electric open-pit mine” and begin commercial production in 2023.

Sigma Lithium’s shares rose 87¢ to $13.34.

The company announced that Bank of America Securities Global Research has named it as a top 50 stock. BofA’s analysts identified 50

companies in their coverage universe that they describe as ‘enablers’ across ‘scarcity themes’ in different sectors. It expects Sigma will be one of the companies that will supply lithium to the global market in the future. The company owns the Grota do Cirilo project in Brazil and for the last three years has been producing lithium concentrate on a pilot scale at the site. It is now building a commercial production plant. TNM

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

Lightspeed Dis Altan Nevada Kingman Min Blue River Res RT Minerals X-Terra Res Select Sands Highway 50 Gld Arctic Star Power Group Nrthn Shield Kermode Res Westminster Rs Odyssey Res St. James Gold Boundary Gold AsiaBaseMetals Valterra Res Akwaaba Mining Archon Mineral

LSD.H ANE KGS BXR RTM XTT SNS HWY ADD PGP NRN KLM SLMN ODX.H LORD BDGC ABZ VQA AML ACS

4 78 272 12832 519 410 951 1 3198 1035 5212 1411 1159 60 199 2 23 360 6 4

0.10 0.02 0.05 0.02 0.04 0.04 0.10 0.24 0.10 0.05 0.05 0.03 0.32 0.04 1.01 0.03 0.15 0.02 0.02 0.22

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.00 0.00 0.03 0.01 0.03 0.00 0.08 0.00 0.07 0.00 0.02 0.00 0.20 0.00 0.67 0.00 0.00 0.00 0.00 0.00

0.10 0.02 0.05 0.02 0.04 0.04 0.10 0.24 0.09 0.05 0.03 0.02 0.20 0.04 0.69 0.03 0.14 0.02 0.02 0.22

+ 111.1 + 50.0 + 50.0 + 50.0 + 40.0 + 40.0 + 33.3 + 29.7 + 28.6 + 28.6 - 44.4 - 42.9 - 38.1 - 30.0 - 29.6 - 28.6 - 28.2 - 25.0 - 25.0 - 24.1

VOLUME (000s)

Sigma Lithium Uranium Roylty North Peak Res Metalore Res IsoEnergy Ltd Vizsla Silver Cornerstone Ca Arizona Metals Itafos EnCore Energy Great Bear Res Tanqueray Expl Nouveau Monde Artemis Gold Emerita Res EMX Royalty St. James Gold Starr Peak Cypress Dev Universal Vent

SGML URC NPR MET ISO VZLA CGP AMC IFOS EU GBR IPA NOU ARTG EMO EMX LORD STE CYP MCLD

WEEK CLOSE

196 13.34 713 4.64 370 3.51 4 2.63 758 3.65 655 2.69 94 3.70 925 6.35 1058 1.64 2405 1.44 2423 28.15 159 6.00 277 8.85 786 6.23 3123 2.42 58 2.80 199 0.69 242 1.94 1946 1.27 27 4.51

CHANGE

+ + + + + + + + + + -

0.87 0.68 0.41 0.38 0.32 0.28 0.21 0.20 0.17 0.15 1.23 0.70 0.44 0.42 0.33 0.29 0.29 0.25 0.21 0.20

U.S. MARKETS / FEBRUARY 21-25, 2022 The Dow Jones Industrial Average rose 462.14 points or 1.35% to 34,058.75 and the S&P 500 rose 79.89 points or 1.82% to 4,384.65. Spot gold fell US$9.65 per oz. or 0.51% to US$1,884.80 per ounce.

Shares of Hecla Mining jumped 15.1% to US$5.87. The company announced that its proven and probable reserves grew to 200 million ounces in 2021 — the second highest level in the company’s 130-year history.

The Coeur d’Alene, Idaho-based miner said a significant portion of the increase was the result of exploration carried out at its Greens Creek mine in southeast Alaska. Hecla not only replaced silver production (15.2 million silver ounces contained), but also increased proven and probable reserves by 6%, or 11.5 million ounces, over 2020. The company’s three operating mines — Greens Creek, Lucky Friday (Idaho) and Casa Berardi (Quebec) — now host a combined 37.3 million tonnes of reserves containing 200 million ounces of silver, 2.73 million ounces of gold, 1.81 billion pounds of zinc, and 1.47 billion pounds of lead. “Since 2008, Hecla has, through exploration, added 239 million silver ounces in reserves, replacing production while also growing resources,” president and CEO Phillips Baker said in a

press release.

Lithium Americas rose by 5.7% to US$28.74 per share. The company received the final key state-level permits for its Thacker Pass lithium project in the United States from the Nevada Division of Environmental Protection. The three permits include the Water Pollution Control permit, Mine Reclamation permit and Class II Air Quality Operating permit. “With the … permits in hand, Lithium Americas can begin to advance Thacker Pass towards construction,” Jonathan Evans, the company’s CEO, stated in a press release. The project, he said, provides an opportunity to help create a U.S.-based battery supply chain for the electric vehicle market.

Vale’s shares gained 7.1% or US$1.18 to U.S. MOST ACTIVE ISSUES VOLUME (000s)

HIGH

WEEK LOW CLOSE CHANGE

Vale* VALE 186832 17.90 16.29 17.82 + 1.18 Barrick Gold* GOLD 156927 23.59 22.01 22.56 - 0.58 Kinross Gold* KGC 148360 5.98 5.20 5.53 - 0.29 Yamana Gold* AUY 137601 5.25 4.72 4.97 + 0.06 Cleveland-Clif* CLF 94843 21.54 17.71 21.51 + 2.42 Chevron Corp* CVX 94316 140.50 130.52 140.38 + 6.96 Freeport McMoR* FCX 93161 46.37 41.25 46.34 + 3.32 United States S* X 87341 26.91 21.89 26.91 + 2.82 Peabody Enrgy* BTU 65289 19.60 14.34 16.01 - 0.77 Gold Fields* GFI 61991 13.77 12.66 13.21 + 0.13

US$17.82. The company resumed operations at its Totten mine near Sudbury, Ontario.

Production was halted last year after a scoop bucket became lodged in the main shaft.

Thirty-nine workers who were underground at the time were safely returned to surface via a secondary egress. All of the mine’s workers are now back to work and the company said it is ramping up production. The company expects Totten to produce between 175,000

and 190,000 tonnes of nickel this year.

Iamgold’s shares fell by 3.2% to US$3.07.

On February 25, the company said that a fire occurred overnight in the concrete batch plant at its Côté gold project in Ontario. It was extinguished by the local fire department and on-site emergency responders. No injuries were reported, the company said, and activities at site resumed in the morning. An investigation into the cause of the fire has been launched. TNM U.S. GREATEST VALUE CHANGE

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

Hecla Mining* Intrepid Pots* Cameco Corp* Cleveland-Clif* United States S* Mosaic* Freeport McMoR* Nutrien* Vale* Lithium Amer* Mechel* Nexa Resources* McEwen Mng* Agnico Eagle* Kinross Gold* Peabody Enrgy* Nouveau Monde* Harmony Gold* IAMGOLD* First Majestic*

HL IPI CCJ CLF X MOS FCX NTR VALE LAC MTL NEXA MUX AEM KGC BTU NMG HMY IAG AG

61535 843 35781 94843 87341 44218 93161 18541 186832 15342 3463 462 12344 23586 148360 65289 239 57490 38325 33571

6.31 52.00 22.82 21.54 26.91 49.57 46.37 81.28 17.90 29.20 3.72 8.75 0.84 56.14 5.98 19.60 7.40 4.38 3.27 12.30

VOLUME (000s)

WEEK LOW CLOSE CHANGE

5.02 43.60 20.06 17.71 21.89 42.35 41.25 74.50 16.29 23.92 1.88 7.66 0.75 50.48 5.20 14.34 6.30 3.84 2.96 10.83

5.87 51.89 22.81 21.51 26.91 49.53 46.34 81.22 17.82 28.74 2.25 7.93 0.77 51.80 5.53 16.01 6.91 3.97 3.07 11.31

+ + + + + + + + + + -

15.1 14.1 12.8 12.7 11.7 10.1 7.7 7.2 7.1 5.7 37.7 6.5 5.7 5.7 5.0 4.6 4.6 3.9 3.2 3.0

Chevron Corp* CVX Intrepid Pots* IPI Nutrien* NTR Mosaic* MOS Freeport McMoR* FCX Arch Resources* ARCH United States S* X Cameco Corp* CCJ Cleveland-Clif* CLF MartinMarietta* MLM Agnico Eagle* AEM Mechel* MTL Peabody Enrgy* BTU Franco-Nevada* FNV Barrick Gold* GOLD Nexa Resources* NEXA Natural Res Pt* NRP Alcoa* AA First Majestic* AG Nouveau Monde* NMG

94316 843 18541 44218 93161 2353 87341 35781 94843 2663 23586 3463 65289 4608 156927 462 164 40171 33571 239

WEEK CLOSE

140.38 51.89 81.22 49.53 46.34 116.55 26.91 22.81 21.51 385.71 51.80 2.25 16.01 147.13 22.56 7.93 36.68 77.85 11.31 6.91

CHANGE

+ + + + + + + + + + -

6.96 6.41 5.44 4.53 3.32 3.28 2.82 2.59 2.42 2.04 3.12 1.36 0.77 0.64 0.58 0.55 0.51 0.35 0.35 0.33

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7—20, 2022

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening on February 24 2022 (change from February 17 2022 in brackets): Aluminium Alloy 2100 (0) Aluminium 824150 (-31175) Copper 74750 (+475) Lead 44425 (-3750) Nickel 81132 (-2604) Tin 2240 (-120) Zinc 145775 (-2700)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$90.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$21.65 Cobalt: US$33.33/lb.

Copper: US$4.50/lb.

Copper: CME Group Futures April 2022: US$4.55/lb.; May 2022: US$4.56/lb.

Iridium: NY Dealer Mid-mkt US$3,900/tr oz.

Iron Ore 62% Fe CFR China: US$139.10 Lead: US$1.07/lb.

Rhodium: Mid-mkt US$20,000/tr. oz.

Ruthenium: Mid-mkt US$525.00 per oz.

Silver: Handy & Harman Base: US$24.24 per oz.; Handy & Harman Fabricated: US$30.29 per oz.

Tin: US$20.50/lb.

Uranium: U3O8, Trade Tech spot price: US$43.25 per lb. U308 Zinc: US$1.65 per lb.

Prices current March 1, 2022

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of February 15, 2022 (with changes from January 31, 2022) Largest short positions Suncor Energy SU 19264253 1135872 1/31/2022 Ivanhoe Mines IVN 16069293 67766 1/31/2022 Argonaut Gold AR 16059823 -618084 1/31/2022 Kinross Gold K 14033772 -20601 1/31/2022 Barrick Gold ABX 13244414 -579395 1/31/2022 Wallbridge Mng WM 12610778 7142472 1/31/2022 Fortuna Silvr FVI 9969542 -415917 1/31/2022 IAMGOLD IMG 9401816 1808226 1/31/2022 Lundin Mng LUN 9366461 -48215 1/31/2022 Wheaton Prec WPM 8755827 -77494 1/31/2022 New Gold NGD 8642596 316346 1/31/2022 First Quantum FM 8532157 500161 1/31/2022 B2Gold Corp BTO 8521145 -1483399 1/31/2022 Denison Mines DML 8301737 -8837271 1/31/2022 Teck Res TECK.B 8104086 684051 1/31/2022 Largest increase in short position Wallbridge Mng WM 12610778 7142472 1/31/2022 IAMGOLD IMG 9401816 1808226 1/31/2022 Sabina Gd&Slvr SBB 3951332 1600111 1/31/2022 Alamos Gold AGI 2934797 1168568 1/31/2022 Suncor Energy SU 19264253 1135872 1/31/2022 Largest decrease in short position Denison Mines DML 8301737 -8837271 1/31/2022 Fission Uran FCU 6082015 -2391257 1/31/2022 B2Gold Corp BTO 8521145 -1483399 1/31/2022 Lithium Amer LAC 2241648 -1303882 1/31/2022 UEX Corp UEX 2182653 -1065304 1/31/2022

Short positions outstanding as of February 15, 2022 (with changes from January 31, 2022) Largest short positions Pure Gold Mg PGM 3898602 738166 1/31/2022 American Lith LI 3756155 160426 1/31/2022 Leeta Gold HIVE 3389148 -255946 1/31/2022 Noront Res NOT 3126218 116895 1/31/2022 QC Copper QCCU 2649030 89548 1/31/2022 Emerita Res EMO 1931296 -268811 1/31/2022 GoviEx Uranium GXU 1659741 -2069933 1/31/2022 Giga Metals GIGA 1653209 628161 1/31/2022 Fission 3.0 FUU 1643153 -5846853 1/31/2022 Lithium Chile LITH 1384959 396296 1/31/2022 Portofino Res POR 1210769 1079026 1/31/2022 Uragold Bay Rs HPQ 1208155 -11056 1/31/2022 Cypress Dev CYP 1186631 -1122957 1/31/2022 EnCore Energy EU 983206 -621560 1/31/2022 Meridian Mg MNO 898101 42450 1/31/2022 Largest increase in short position Portofino Res POR 1210769 1079026 1/31/2022 Pure Gold Mg PGM 3898602 738166 1/31/2022 Royal Fox Gold FOXG 657530 656676 1/31/2022 Giga Metals GIGA 1653209 628161 1/31/2022 Transatlantic TCO 642178 597178 1/31/2022 Largest decrease in short position Fission 3.0 FUU 1643153 -5846853 1/31/2022 GoviEx Uranium GXU 1659741 -2069933 1/31/2022 Azincourt Ener AAZ 417612 -1279712 1/31/2022 Skyharbour Res SYH 138678 -1246822 1/31/2022 Cypress Dev CYP 1186631 -1122957 1/31/2022

DAILY METAL PRICES Date Feb 25 Feb 24 Feb 23 Feb 22 BASE METALS (London Metal Exchange — Midday official cash/3-month prices, US$ per tonne) Al Alloy 2692/2700 2642/2650 2641/2650 2641/2650 Aluminum 3354.5/3312 3518/3443 3323/3288 3419/3366 Copper 9918/9861 9982/9930 10003/9960 10018/9949 Lead 2358/2357 2368/2364 2347/2341 2334.5/2324.5 Nickel 24690/24225 26100/25625 24940/24575 25645/24850 Tin 45190/44750 45785/45300 44745/44400 44650/44350 Zinc 3638/3618 3669/3648 3615/3603.5 3627/3602 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1912.15 1968.35 1895.70 Gold PM 1884.80 1936.30 1904.70 Silver 24.21 25.31 24.11 Platinum 1055 1101 1091 Palladium 2320 2680 2423

Feb 21 2641/2650 3313/3269 9959.5/9905 2342.5/2336 24865/24325 44100/43950 3598/3572

1895 1900.10 24.01 1087 2417

1895.45 1894.45 23.74 1078 2374

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

Feb 25 1.2713 0.7866

Feb 24 1.2808 0.7807

Feb 23 1.2734 0.7853

Feb 22 1.2768 0.7832

Exchange rates (Quote Media, February 25, 2022) C$ to AUS C$ to EURO C$ to YEN 1.0888 0.6983 90.9120 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5869 4.9703 59.0650 US to AUS US to EURO US to YEN 1.3846 0.8871 115.5565 US to UK Pound US to China Yuan US to India Rupee 0.7459 6.3171 75.0554

Feb 21 1.2758 0.7838

C$ to Mex Peso 16.0077 C$ to Swiss Franc 0.7287 US to Mex Peso 20.3544 US to Swiss Franc 0.9261

C$ to SA Rand 11.9194 C$ to S. Korea Won 941.9868 US to SA Rand 15.1342 US to S. Korea Won 1197.8300

CANADIAN GOLD MUTUAL FUNDS FundName BMO Prec Mtls Fd A BMO ZGD BMO ZJG CI Pre Met Fd A CIBC Prec Metal Fd A Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A iShares XGD NBI PrecMetFd Invt NP Silver Equ A NPT Go&PrMinFd A Prec Met Fd A RBC GblPreMetFd A TD Prec Mtl Fd Inv

Feb 25 ($) 25.92 75.28 69.81 57.13 15.13 13.62 27.69 28.99 16.20 19.87 19.35 8.88 56.38 68.76 57.94 50.17

Feb 18 ($) 25.93 75.39 69.31 57.84 15.22 13.83 27.84 29.47 16.26 20.05 19.56 8.70 56.11 68.77 58.34 50.57

Change ($) -0.01 -0.11 0.49 -0.71 -0.09 -0.20 -0.15 -0.27 -0.06 -0.19 -0.21 0.18 0.28 -0.02 -0.40 -0.40

Change (%) -0.03 -0.15 0.71 -1.23 -0.59 -1.48 -0.54 -0.91 -0.35 -0.92 -1.07 2.03 0.49 -0.03 -0.68 -0.79

YTDChange (%) -5.27 -5.13 -5.47 -7.34 -5.94 -7.18 -7.70 -5.43 -6.78 -3.78 -6.27 -8.79 -7.55 -6.85 -5.48 -5.25

MER (%) 2.40 0.55 0.55 2.31 2.29 2.67 0.68 0.81 2.63 0.61 2.46 3.24 3.19 2.52 2.09 2.26

TotalAssets (M$) 51.00 51.08 72.82 321.06 55.82 573.01 5.54 20.36 1195.64 25.55

57.98 385.18 120.37

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 Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry.

Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eCobalt 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 Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 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.

Novo Resources Corp. (NOVO.WT.A) -

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

Alpha Lithium Corporation (ALLI.WT) One warrant to purchase one common share at $1.10 per share.

American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per 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.

Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share.

Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 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.

Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share.

Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share.

Cascadero Copper Corporation (CCD.RT) One right and $0.015 are required to purchase one 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.

Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share.

Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share.

Elevation Gold Mining Corporation (ELVT.

WT) - One warrant to purchase one common share at $4.80 per share.

Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 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.

Giga Metals Corporation (GIGA.WT) One warrant to purchase one common share at $0.60 per share.

Giyani Metals Corp. (EMM.WT) - One warrant to purchase one common share at $0.60 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.

Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share.

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 warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at

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

moliveira@ northernminer.com or 416-510-6768

Feb 25 21106.00 836.21 1279.66 317.53 282.60

Feb 24 20761.93 826.27 1257.17 316.16 282.60

Feb 23 20744.17 828.62 1256.79 321.10 282.60

Feb 22 20907.82 828.69 1267.42 315.81 282.60

Feb 21 21008.20 852.15 1273.61 320.67 282.60

High 21796.16 1045.85 1321.99 341.30 324.94

Low 17929.99 802.71 1067.73 257.81 229.83

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 21-25, 2022 45 New Highs Alcoa* Altius Mnrls Anglo American* Arizona Metals* Athabasca Min Athabasca Min* Banyan Gold Bluestone Res Canoe Mng Vent* Chevron Corp* District Cop* Freeport McMoR* Galleon Gold Gentor Res* Glencore Plc * Glencore Plc* Gold Fields*

GoldMining GoldQuest Mng Jervois Mining Laurion Mnl Ex Laurion Mnl Ex* Lithoquest Res* Los Andes Los Andes* MAX Res Mosaic* NGEx Minerals North Peak Res North Peak Res* Nutrien Nutrien* Reunion Gold Reunion Gold* Select Sands

SSR Mining SSR Mining* Stuhini Explor Stuhini Explor* Traction Uran* Verde Potash Wesdome Gold Wesdome Gold* Yamana Gold Yanzhou Coal* 59 New Lows Adventus All American* Almaden Min* Atico Mining Aurcana Silver Aurcana Silver* Bam Bam Res

Bam Bam Res* Black Iron Black Iron* Bluejay Mining* Cdn Manganese Chakana Copper* Cipher Mining* Coeur Mng* Deep-South Res* District Metal* Element 29* Fosterville Galiano Gold Galiano Gold* Getchell Gold * Giga Metals* Global Battery Global Battery*

Gold Line Res Gold Std Vents* Golden Indepen GoldHaven Res* Great Bear Res Integra Res Integra Res* Legion Metals Li-Metal Lithium Corp* Lomiko Mtls Lomiko Mtls* Loncor Res Magna Gold* McEwen Mng McEwen Mng* MPV Explor Nevada Lithium

Nevada Sunrise* Nfld Discovery* Norilsk Nickel* North Bay Res * Perpetua Res RTG Mining * Secova Metals Silver Bull Re* Standard Graph* Tanqueray Expl Teuton Res Trilogy Mtls Trilogy Mtls* Uragold Bay Rs Uranium Res* Winston Res

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

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$0.12 per share.

Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share.

Mineworx Technologies Ltd. (MWX.RT) One right to purchase one common share at $0.015 per share.

Northern Vertex Mining Corp. (NEE.WT) One warrant to purchase one common share at $0.80 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.

Osisko Development Corp. (ODV.WT) One warrant to purchase one common share at $10.00 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.

Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share.

Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share.

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

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.

Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share.

Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share.

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

NORTH AMERICAN STOCK EXCHANGE INDICES

GLOBAL MINING NEWS · SINCE 1915

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One Warrant to purchase one common share of the Issuer at $3.00 until expiry.

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 Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry.

Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

LEGEND 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

20

WWW.NORTHERNMINER.COM

MARCH 7—20, 2022 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 21–25, 2022 (100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 1111 Explor 1844 Resources 1911 Gold* 1911 Gold 55 North 79 Resources 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources AbraSilver Res AbraSilver Res* Academy Metals ACME Lithium Adamera Min Adamera Min* Adex Mining Advance Gold Advance United Adventus Adventus* Adyton Res Adyton Res* AEX Gold Affinity Metal* African Energy* African Gold* African Gold African Metals African Rainbo* Aftermath Silv* Agnico Eagle* Agnico Eagle Aguila Amer Gd Aguila Amer Gd* Aiml Res* AJN Resources Akwaaba Mining Alamos Gold Alamos Gold* Alcoa* Aldebaran Res* Aldebaran Res Alerio Gold Alexandra Cap* Alexco Res Alexco Res* Alianza Min* Alianza Min Alien Metals* All American* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Allied Copper* Allied Copper Alma Gold Almaden Min* Almaden Min Almadex Min* Almadex Min Almonty Ind * Almonty Ind Aloro Mining Alpha Copper Alpha Lithium* Alpha Lithium Alphamin Res * Alphamin Res Altai Resource Altair Res Inc Altaley Mining* Altaley Mining 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 Eagle American Lith* American Lith American Mang* American Mang American Pac American Rare* AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Ameriwest Lith* Ameriwest Lith Amex Expl Amex Expl* AmmPower* AmmPower Amseco Expl AMV Capital Anaconda Mng* Anaconda Mng Anacortes Mg Andean Prec Andean Prec* Anfield Energy* Anfield Energy Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* Angold Res Angold Res* Angus Gold Angus Gold* Antioquia Gold Antioquia Gold* Antler Gold Antler Gold * Antler Hill Antofagasta* Apex Res * Apex Res Apogee Min Apollo Silver Apollo Silver* Appia Rare* Appia Rare Applied Min* Arbor Metals Arch Resources* Archer Explor Archon Mineral Arcland Res

C 130 V 656 O 96 V 215 C 283 C 205 C 406 O 71 V 236 O 180 V 1053 V 393 O 217 O 10 V 424 V 3013 O 2680 V 2 C 372 V 829 O 390 V 23 V 350 C 27 V 914 O 289 V 1182 O 14 V 89 O 100 O 13 O 268 V 430 V 11 O 2 O 794 N 23586 T 10068 V 70 O 17 O 27 C 247 V 6 T 5252 N 26679 N 40171 O 43 V 158 C 137 O 777 T 1264 X 3648 O 59 V 127 O 136 O 181355 V 94 O 107 V 10 D 1888 O 112 V 449 C 121 X 3800 T 225 O 79 V 95 O 44 T 324 V 132 C 331 O 247 V 2281 O 773 V 2764 V 18 V 80 O 370 V 481 O 477 V 947 V 78 V 0 V 170 O 109 O 204 T 705 V 386 O 202 O 1163 V 32 V 22 O 62 O 16 V 1281 O 700 V 48 O 568624 V 255 O 14 V 1594 O 57 O 212 O 356 V 562 V 108 O 158 V 48 O 2291 V 3074 O 1424 V 953 C 1289 O 168 O 141 X 3363 T 1499 T 1281 O 284 O 2564 C 865 V 220 O 85 O 913 C 622 V 0 V 0 O 213 T 603 V 123 V 340 O 179 O 968 V 1852 V 1 O 17 V 286 O 10 O 1402 T 78 N 18637 V 856 O 115 V 71 O 28 V 40 O 56 V 0 O 1 V 0 O 1 O 10 V 148 V 0 V 1297 O 163 O 396 C 289 O 1457 V 114 N 2353 C 73 V 4 V 1

0.05 0.10 0.27 0.35 0.05 0.08 0.10 0.04 0.05 0.05 0.07 0.10 0.08 0.04 0.06 0.44 0.34 0.38 1.20 0.08 0.06 0.02 0.06 0.85 0.81 0.65 0.07 0.04 0.53 0.09 0.09 0.11 0.14 0.07 16.50 0.33 56.14 72.04 0.28 0.22 0.13 0.36 0.02 9.88 7.77 80.08 0.84 1.03 0.22 0.26 2.05 1.60 0.06 0.08 0.02 0.00 0.38 0.30 0.25 13.33 0.26 0.33 0.05 0.30 0.39 0.24 0.30 0.72 0.94 0.06 1.05 0.57 1.01 0.88 1.12 0.11 0.09 0.31 0.40 0.19 0.24 0.02 0.00 0.34 0.26 17.00 21.60 0.29 0.22 0.06 0.03 1.05 0.77 6.14 0.07 0.06 0.05 0.00 0.13 0.09 0.42 0.33 0.01 0.15 0.20 0.05 0.03 0.12 2.70 3.40 0.60 0.77 1.01 0.30 0.09 1.10 1.42 1.65 1.28 0.89 1.13 3.04 2.39 0.42 0.52 0.00 0.00 0.68 0.86 1.41 1.97 1.51 0.07 0.09 0.26 0.10 0.14 50.20 25.45 2.61 23.49 0.18 0.14 1.06 0.84 0.04 0.03 0.00 0.11 0.00 19.64 0.06 0.09 0.00 0.68 0.53 0.46 0.60 0.01 2.54 119.61 0.40 0.22 0.15

0.05 0.09 0.24 0.31 0.00 0.07 0.09 0.03 0.00 0.00 0.00 0.09 0.07 0.00 0.00 0.37 0.28 0.00 1.00 0.06 0.05 0.00 0.06 0.64 0.74 0.59 0.04 0.04 0.00 0.08 0.09 0.10 0.00 0.00 16.50 0.28 50.48 64.57 0.00 0.00 0.00 0.30 0.00 9.08 7.09 69.85 0.75 1.00 0.19 0.20 1.81 1.42 0.05 0.00 0.02 0.00 0.36 0.27 0.00 12.60 0.21 0.00 0.05 0.27 0.00 0.21 0.28 0.67 0.86 0.00 0.75 0.49 0.85 0.78 1.06 0.00 0.00 0.26 0.34 0.17 0.21 0.00 0.00 0.29 0.24 16.07 20.52 0.25 0.19 0.02 0.00 0.00 0.72 5.59 0.06 0.05 0.00 0.00 0.00 0.00 0.41 0.00 0.01 0.14 0.18 0.00 0.03 0.00 2.10 2.71 0.52 0.67 0.81 0.24 0.00 0.95 1.21 1.51 1.18 0.73 0.95 2.79 2.20 0.34 0.43 0.00 0.00 0.56 0.72 1.30 1.62 1.38 0.06 0.08 0.00 0.09 0.11 47.75 23.58 2.40 21.55 0.14 0.12 0.94 0.78 0.00 0.02 0.00 0.11 0.00 0.00 0.05 0.00 0.00 0.58 0.45 0.39 0.49 0.01 2.17 111.06 0.30 0.00 0.00

0.05 0.09 0.25 + 0.34 + 0.05 unch 0.07 0.09 0.04 + 0.05 0.05 0.06 unch 0.10 + 0.08 + 0.04 0.05 unch 0.40 + 0.31 + 0.38 + 1.06 0.07 0.05 0.02 unch 0.06 0.65 0.75 0.59 0.05 unch 0.04 unch 0.50 0.08 unch 0.09 unch 0.11 0.13 0.07 16.50 unch 0.29 51.80 65.83 0.28 + 0.19 0.10 0.36 + 0.02 9.44 + 7.43 + 77.85 0.81 + 1.02 0.19 0.21 + 2.00 + 1.57 + 0.05 0.07 0.02 0.00 unch 0.36 0.27 0.25 unch 13.07 + 0.23 0.30 unch 0.05 unch 0.29 + 0.39 + 0.22 0.28 0.72 + 0.92 + 0.06 unch 0.87 0.56 0.88 0.88 + 1.12 + 0.11 0.09 0.26 0.34 0.17 + 0.22 0.02 + 0.12 unch 0.30 0.25 16.98 + 21.60 + 0.26 0.21 0.03 + 0.02 unch 0.98 0.72 5.71 0.07 unch 0.05 + 0.05 0.00 + 0.13 + 0.09 + 0.41 0.32 0.01 0.15 0.19 unch 0.04 0.03 + 0.12 2.55 3.24 0.58 + 0.73 + 1.01 + 0.26 0.07 + 1.07 + 1.35 + 1.62 + 1.28 + 0.79 1.01 2.82 2.25 0.35 0.44 0.06 unch 0.12 unch 0.60 0.77 1.37 + 1.90 + 1.50 + 0.07 + 0.09 unch 0.26 + 0.09 0.12 50.20 + 25.45 + 2.54 21.84 0.14 0.12 0.99 0.78 0.04 + 0.03 + 0.13 unch 0.11 unch 0.18 unch 19.00 0.06 + 0.08 0.11 unch 0.60 0.48 0.41 0.53 0.01 + 2.40 116.55 + 0.30 0.22 0.15 -

0.01 0.01 0.01 0.03 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.12 0.01 0.00 0.00 0.01 0.11 0.05 0.04 0.00 0.00 0.04 0.00 0.00 0.00 0.01 0.02 0.00 0.01 3.12 4.26 0.03 0.02 0.02 0.06 0.01 0.10 0.09 0.35 0.01 0.01 0.03 0.01 0.10 0.08 0.01 0.01 0.00 0.00 0.03 0.02 0.00 0.17 0.03 0.00 0.00 0.02 0.05 0.01 0.01 0.02 0.01 0.00 0.14 0.01 0.10 0.02 0.02 0.01 0.01 0.01 0.02 0.00 0.01 0.01 0.00 0.03 0.01 0.80 0.89 0.02 0.01 0.01 0.00 0.07 0.05 0.32 0.00 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.09 0.14 0.02 0.02 0.10 0.03 0.02 0.11 0.09 0.06 0.06 0.08 0.09 0.13 0.05 0.06 0.05 0.00 0.00 0.07 0.08 0.07 0.03 0.05 0.00 0.00 0.04 0.00 0.02 2.45 1.43 0.06 0.16 0.04 0.02 0.05 0.06 0.01 0.00 0.00 0.00 0.00 0.25 0.00 0.01 0.00 0.07 0.05 0.02 0.02 0.00 0.10 3.28 0.10 0.07 0.01

0.15 0.11 0.59 0.72 0.23 0.17 0.16 0.11 0.11 0.18 0.24 0.17 0.15 0.07 0.09 0.82 0.68 3.00 1.34 0.12 0.10 0.04 0.14 2.09 1.28 1.06 0.40 0.07 0.65 0.16 0.21 0.24 0.20 0.15 18.00 1.08 74.50 89.95 0.43 1.00 0.79 0.45 0.04 11.33 9.38 80.08 0.88 1.13 0.49 1.20 4.01 3.34 0.11 0.13 0.03 0.02 0.56 0.46 1.15 15.03 0.44 0.68 0.23 0.85 1.04 0.27 0.33 1.07 1.30 0.08 1.09 0.65 1.69 0.92 1.14 0.17 0.19 0.79 0.80 0.42 0.47 0.05 0.20 0.50 0.36 17.65 21.60 0.43 0.37 0.11 0.05 1.60 1.22 6.99 0.15 0.12 0.10 0.00 0.20 0.16 0.43 0.35 0.06 0.32 0.44 0.09 0.07 0.40 5.00 6.25 2.07 2.58 1.40 0.36 0.29 2.92 3.64 1.79 1.40 1.37 1.74 3.35 2.68 1.90 2.15 0.12 0.15 0.85 1.05 2.50 2.30 1.83 0.18 0.23 0.40 0.13 0.17 50.20 25.45 2.90 26.77 0.48 0.34 1.28 1.25 0.06 0.05 0.29 0.55 0.18 27.80 0.13 0.09 0.14 1.15 1.00 1.00 1.22 0.06 2.85 125.25 1.25 0.36 0.38

0.05 0.05 0.21 0.26 0.04 0.06 0.08 0.03 0.04 0.04 0.06 0.08 0.05 0.03 0.04 0.32 0.25 0.37 0.31 0.05 0.04 0.01 0.05 0.15 0.75 0.59 0.04 0.03 0.44 0.06 0.01 0.01 0.11 0.06 12.98 0.25 45.42 58.02 0.15 0.12 0.10 0.16 0.01 8.30 6.51 23.64 0.36 0.46 0.18 0.15 1.70 1.34 0.05 0.07 0.01 0.00 0.23 0.18 0.20 5.33 0.12 0.19 0.04 0.27 0.34 0.14 0.20 0.58 0.78 0.04 0.10 0.25 0.45 0.36 0.46 0.06 0.04 0.21 0.21 0.13 0.17 0.01 0.09 0.23 0.18 10.38 13.48 0.11 0.10 0.00 0.02 0.80 0.50 4.44 0.05 0.04 0.04 0.00 0.06 0.05 0.20 0.16 0.00 0.12 0.16 0.04 0.03 0.10 1.20 1.50 0.37 0.47 0.13 0.02 0.01 0.68 0.85 0.85 0.67 0.53 0.48 2.07 1.65 0.30 0.38 0.04 0.12 0.39 0.50 1.07 0.92 0.77 0.06 0.08 0.15 0.04 0.05 33.55 16.75 1.99 14.57 0.13 0.10 0.67 0.53 0.03 0.02 0.09 0.08 0.18 16.50 0.01 0.04 0.09 0.38 0.33 0.33 0.42 0.01 1.70 39.02 0.08 0.19 0.06

(100s) Stock ArcPacific Res Arctic Star Arctic Star* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Argentina Lith Argentina Lith* Argentum Silvr Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arianne Phosph Arianne Phosph* Aris Gold Arizona Gold* Arizona Gold Arizona Metals Arizona Metals* Arizona Silver* Arizona Silver Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Asbestos Corp Ascendant Res* Ascendant Res Ascot Res Ascot Res * AsiaBaseMetals Aston Bay* Aston Bay ATAC Res* ATAC Res Atacama Cop Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Athena Gold* Atico Mining* Atico Mining Atlas Salt* Atlas Salt Aton Resources Augusta Gold* Augusta Gold Aura Minerals Aura Minerals* Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold Aurelius Min* Aurelius Min Aurion Res Aurion Res * Aurora Royal Aurwest Res AURYN Mining* Aust Goldfield* Aust Mines* Austin Res Austral Gold* Austral Gold Auxico Res Auxico Res* Avalon Advance Avalon Advance* Avarone Metals* Avenira Ltd* Avidian Gold* Avidian Gold Avino Silver* Avino Silver Avrupa Min Avrupa Min* Awale Res Axmin Inc Aya Gold* Azarga Metals* Azarga Metals Azimut Explor* Azimut Explor Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azucar Min Azucar Min*

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

86 3198 13 8 218 44 1498 1691 356 135 2 240 58 380 4075 1309 765 190 1607 2244 925 620 542 304 0 144 786 50 146 1 3 147 2151 1487 23 143 645 415 371 6 1270 11 17 644 2 399 61 83 135 4190 14 53 527 218 4 46 113 3494 1345 24 176 98 359 61 241 115 20 6 48 0 45 25 605 45 1260 569 10 165 16 220 2204 197 163 9 36 22 33 51 457 70 78 1040 4625 526 63 29 35

Week Last

12-month

High

Low

Change

0.06 0.10 0.06 0.03 0.10 0.07 0.30 0.39 0.43 0.34 0.15 0.09 0.07 2.00 2.40 0.56 0.43 1.79 0.06 0.08 6.43 5.38 0.30 0.35 0.00 5.55 7.05 1.12 1.72 0.60 0.20 0.25 1.14 0.90 0.15 0.06 0.06 0.11 0.15 0.39 0.01 8.30 0.44 0.62 0.14 0.11 0.36 0.46 1.70 1.80 0.19 0.90 1.15 13.30 10.29 0.69 0.90 0.34 0.28 0.23 0.25 0.34 1.08 0.85 0.05 0.11 0.99 0.15 0.14 0.00 0.08 0.09 1.06 0.83 0.13 0.10 0.04 0.01 0.06 0.08 0.85 1.08 0.09 0.06 0.21 0.06 8.57 0.03 0.05 1.18 1.45 0.06 0.07 0.34 0.26 0.10 0.08

0.00 0.06 + 0.07 0.09 + 0.06 0.06 + 0.00 0.03 0.00 0.08 0.06 0.06 0.25 0.29 + 0.33 0.38 + 0.34 0.38 0.27 0.29 0.00 0.15 + 0.08 0.08 0.00 0.07 1.65 1.81 + 2.19 2.35 + 0.43 0.52 + 0.34 0.41 + 1.56 1.79 + 0.04 0.05 0.06 0.07 unch 5.87 6.35 + 4.61 4.97 + 0.26 0.27 0.33 0.34 unch 0.00 0.65 unch 4.71 4.90 6.05 6.23 1.12 1.12 unch 1.57 1.57 0.00 0.60 0.17 0.19 + 0.21 0.23 1.03 1.05 0.80 0.83 0.00 0.14 0.00 0.04 0.06 0.06 0.10 0.10 0.13 0.14 unch 0.00 0.39 + 0.01 0.01 7.10 7.19 0.00 0.44 + 0.50 0.62 + 0.00 0.14 unch 0.08 0.11 0.00 0.35 + 0.00 0.44 + 0.91 1.23 1.41 1.64 0.00 0.16 0.77 0.87 + 0.97 1.13 + 12.34 12.83 0.00 10.12 0.60 0.63 0.75 0.79 0.28 0.29 0.22 0.23 0.00 0.20 0.24 0.25 0.30 0.31 1.00 1.02 0.79 0.82 0.00 0.05 + 0.00 0.10 unch 0.79 0.99 + 0.00 0.15 + 0.00 0.12 0.00 0.07 unch 0.00 0.06 0.00 0.09 unch 0.76 0.92 0.00 0.68 0.11 0.12 0.09 0.10 0.04 0.04 + 0.01 0.01 unch 0.00 0.06 0.06 0.06 0.77 0.81 + 0.98 1.03 + 0.00 0.08 0.00 0.06 + 0.00 0.20 0.00 0.06 unch 7.43 7.74 + 0.00 0.03 0.00 0.04 1.07 1.09 1.38 1.39 0.05 0.06 + 0.06 0.07 unch 0.27 0.29 + 0.21 0.22 0.00 0.10 + 0.06 0.07 -

0.01 0.02 0.00 0.01 0.02 0.01 0.01 0.03 0.01 0.00 0.01 0.01 0.01 0.04 0.08 0.07 0.05 0.18 0.00 0.00 0.20 0.13 0.01 0.00 0.00 0.34 0.42 0.00 0.13 0.02 0.00 0.01 0.04 0.02 0.06 0.01 0.01 0.01 0.00 0.02 0.00 1.01 0.03 0.08 0.00 0.00 0.01 0.01 0.17 0.14 0.02 0.09 0.08 0.17 0.51 0.04 0.05 0.04 0.03 0.03 0.00 0.01 0.05 0.02 0.01 0.00 0.05 0.00 0.01 0.00 0.01 0.00 0.11 0.16 0.01 0.00 0.00 0.00 0.01 0.02 0.02 0.03 0.01 0.00 0.02 0.00 0.11 0.00 0.01 0.03 0.01 0.00 0.00 0.01 0.01 0.01 0.00

Stock

0.25 0.29 0.24 0.04 0.12 0.11 0.52 0.66 0.96 0.77 0.31 0.26 0.19 3.23 4.09 0.66 0.53 2.70 0.12 0.15 6.60 5.38 0.30 0.36 0.72 6.21 7.88 1.20 1.75 0.80 0.55 0.34 1.41 1.33 0.25 0.06 0.09 0.16 0.20 0.65 0.04 8.48 0.44 0.59 0.30 0.21 0.65 0.78 1.87 1.98 0.29 2.40 3.10 17.50 14.31 2.95 3.70 1.10 0.91 0.39 0.51 0.80 1.36 1.09 0.09 0.22 1.05 0.48 0.27 0.10 0.30 0.22 1.85 1.68 0.31 0.25 0.05 0.01 0.40 0.21 1.66 2.03 0.13 0.15 0.88 0.08 9.44 0.12 0.17 1.98 2.49 0.10 0.13 0.41 0.32 0.17 0.14

Black Tusk Res* Blackrock Silv* Blackrock Silv Blackwolf Cop Blackwolf Cop* Blind Creek Blue Lagoon* Blue Lagoon Blue Moon* Blue Moon Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold Blue Thunder BlueBird Batt BlueBird Batt* Bluejay Mining* Bluestone Res Bluestone Res* BMEX Gold BMEX Gold* Bold Ventures* Bold Ventures Bolt Metals* Bolt Metals Bonanza Gold* Bond Resources BonTerra Res Boreal Metals Boreal Metals* Borneo Res Inv* Boundary Gold* Boundary Gold Brascan Gold Bravada Gold Bravada Gold* Braveheart Res Braveheart Res* Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Brixton Metals* Brixton Metals Brookmount Exp* Brunswick Expl Bryn Res* BTU Metals BTU Metals* Buenaventura* Buffalo Coal * Buffalo Coal Bullet Explor Bullion Gold* Bunker Hill Burrell Res Bushveld Min* BWR Explor

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

C2C Gold* C3 Metals Cabral Gold* Cabral Gold Caledonia Mng* Calibre Mng* Calibre Mng Califfi Cap Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Camino Min Camino Min* Camrova Res* Camrova Res Canada Carbon* Canada Carbon Canada Nickel Canada Nickel* Canada One Canada Rare* Canada Rare Canada Silver Canada Silver* Canadian Metal* Canadian Metal Canadian Prem* Canadian Prem Canadian Silv Canagold Res Canagold Res* CanAlaska Uran CanAlaska Uran* Canamera Energ Canasil Res Candelaria Mg* Candelaria Mg Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals 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 Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res* Cartier Res Casa Minerals Casa Minerals * Cascada Silver Cascadero Copp Cassiar Gold Cassius Vents CAT Strategic CAT Strategic* CAVU Mining* CAVU Mining Cdn Goldcamps Cdn Manganese CDN Maverick* Cdn Palladium Cdn Palladium* Centamin Centerra Gold Central Afric Central Asia* Central Iron Centurion Mnls Century Cobalt* Century Global* Century Global Cerrado Gold Cerro de Pasc * Cerro de Pasc Cerro Grande Cerro Mng Ceylon Graph* Ceylon Graph Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron*

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

0.04 0.05 0.04 0.03 0.06 0.05 0.08 0.10 0.10 0.08 0.14 0.08 0.06 1.50 1.90 0.24 0.19 1.21 0.04 0.05 1.43 1.12 0.13 0.17 0.55 3.40 4.86 0.06 0.10 0.50 0.12 0.14 0.84 0.67 0.13 0.03 0.04 0.07 0.09 0.32 0.01 4.71 0.12 0.15 0.10 0.06 0.27 0.37 0.48 0.40 0.16 0.71 0.89 9.01 7.13 0.54 0.69 0.28 0.22 0.12 0.17 0.21 0.65 0.43 0.03 0.08 0.35 0.01 0.12 0.06 0.05 0.07 0.35 0.10 0.09 0.07 0.02 0.00 0.05 0.07 0.70 0.89 0.06 0.05 0.18 0.05 3.24 0.03 0.04 0.69 0.89 0.04 0.04 0.22 0.16 0.07 0.06

B B2Gold Corp B2Gold Corp* Baden Res Bald Eagle Balto Res Bam Bam Res* Bam Bam Res Bannerman Egy* 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 Basin Uranium Batero Gold Batero Gold* Bathurst Met Bathurst Metal* Battery Min Bayhorse Silvr* Bayhorse Silvr BC Moly BCM Res* BCM Res BE 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 Benjamin Hill Benjamin Hill* Benton Res* Benton Res Benz Mining* Benz Mining Bessor Min* Bessor Min Bird River Res Bitterroot Res* Bitterroot Res Black Hills* Black Iron* Black Iron Black Mammoth Black Mountain Black Mountain* Black Tusk Res

T 22342 X 63554 C 8 V 938 V 113 O 1159 C 1873 O 5523 V 2463 O 568 O 32 V 194 V 727 O 222 N 156927 T 31789 O 2 V 174 V 889 O 391 O 740 V 998 C 230 V 6 O 21 V 151 O 28 V 41 O 515 V 803 V 2 O 335 V 1261 V 0 V 416 O 187 V 0 V 494 O 46 V 511 V 1148 O 605 V 461 T 402 O 1545 O 15 V 153 O 205 V 657 C 1182 O 72 O 93 V 43 O 12 V 118 O 90 V 83 C 15 O 158 V 257 N 3004 O 266 T 12019 V 0 V 73 O 5 C 636

5.54 4.33 0.13 0.11 0.07 0.07 0.09 0.16 0.42 0.33 0.28 0.38 0.41 0.33 23.59 30.28 0.37 0.49 0.12 0.10 0.60 0.76 0.70 0.07 0.05 0.13 0.10 0.36 0.08 0.10 0.25 0.24 0.30 0.00 1.28 1.00 0.00 0.28 0.22 0.10 0.58 0.44 0.08 0.70 0.56 0.20 0.23 0.92 1.18 0.54 0.42 0.16 0.19 0.48 0.64 0.15 0.08 0.17 0.07 0.09 70.38 0.14 0.19 0.00 0.40 0.34 0.03

5.05 5.21 3.94 4.08 0.13 0.13 unch 0.08 0.09 0.00 0.07 + 0.05 0.06 0.07 0.07 0.13 0.16 + 0.35 0.41 + 0.28 0.32 + 0.25 0.27 + 0.00 0.35 + 0.33 0.40 + 0.26 0.32 + 22.01 22.56 28.13 28.67 0.37 0.37 unch 0.00 0.48 0.11 0.12 0.08 0.09 0.49 0.58 + 0.64 0.73 + 0.58 0.69 unch 0.00 0.07 0.05 0.05 0.00 0.11 + 0.09 0.09 0.34 0.35 unch 0.07 0.08 0.09 0.10 unch 0.00 0.25 0.18 0.18 0.21 0.22 0.00 0.20 unch 1.11 1.17 0.88 0.91 + 0.00 0.22 unch 0.25 0.28 + 0.20 0.21 0.00 0.10 + 0.48 0.51 + 0.38 0.40 + 0.07 0.07 unch 0.62 0.62 0.47 0.49 + 0.00 0.20 unch 0.00 0.21 0.83 0.89 + 1.06 1.13 unch 0.43 0.52 + 0.34 0.40 + 0.14 0.16 + 0.18 0.18 0.43 0.43 0.53 0.53 0.04 0.06 + 0.00 0.08 + 0.00 0.17 unch 0.06 0.07 0.08 0.09 unch 65.92 69.89 + 0.08 0.11 0.10 0.14 0.00 0.09 unch 0.00 0.40 + 0.32 0.32 0.03 0.03 unch

0.01 0.03 0.00 0.01 0.01 0.02 0.02 0.01 0.05 0.03 0.01 0.03 0.05 0.06 0.58 0.86 0.00 0.01 0.01 0.01 0.07 0.07 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.05 0.04 0.06 0.00 0.01 0.02 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.03 0.00 0.00 0.09 0.06 0.02 0.01 0.05 0.11 0.02 0.01 0.00 0.00 0.00 0.88 0.04 0.05 0.00 0.02 0.02 0.00

(100s)

High Low

6.63 5.37 0.20 0.16 0.44 0.51 0.71 0.33 0.41 0.35 0.57 0.70 0.45 0.49 25.37 30.65 0.66 0.82 0.16 0.13 1.23 1.54 1.08 0.15 0.12 0.26 0.12 0.90 0.25 0.26 0.40 0.25 0.35 0.20 2.74 2.11 0.37 0.44 0.35 0.44 0.63 0.47 0.11 0.95 0.80 0.37 0.46 1.36 1.64 0.67 0.50 0.37 0.25 0.79 0.97 0.15 0.09 0.26 0.17 0.22 72.78 0.62 0.76 0.22 0.66 0.51 0.08

4.21 3.30 0.13 0.04 0.04 0.05 0.07 0.09 0.17 0.10 0.22 0.26 0.16 0.12 17.27 22.30 0.28 0.35 0.06 0.05 0.32 0.40 0.56 0.06 0.04 0.09 0.08 0.33 0.06 0.09 0.07 0.07 0.07 0.20 0.92 0.74 0.22 0.14 0.11 0.09 0.11 0.09 0.05 0.39 0.32 0.10 0.20 0.71 0.90 0.31 0.25 0.07 0.14 0.41 0.52 0.01 0.05 0.11 0.04 0.06 58.53 0.08 0.10 0.08 0.28 0.20 0.02

Exc Volume

Week

12-month

High

Low

Last

Change

High Low

14 1639 1500 93 61 316 382 736 195 916 12832 590 356 810 39 66 422 16 316 1116 78 65 0 2 34 560 527 3619 110 707 193 86 12118 3 2 26 34 58 871 563 83 17517 105 268 2491 447 407 186 31 60 273 101 7759 1 144 32 30 356 5 134 137

0.02 0.81 0.98 0.60 0.50 0.06 0.45 0.57 0.05 0.06 0.02 0.01 0.18 0.22 0.41 0.03 0.09 0.06 0.12 2.30 1.79 0.13 0.00 0.07 0.09 0.16 0.16 0.01 0.04 1.33 0.14 0.11 0.00 0.03 0.03 0.52 0.06 0.05 0.08 0.06 0.06 0.01 0.04 0.04 0.10 0.14 0.18 0.17 0.15 0.03 0.10 0.08 10.15 0.02 0.02 0.06 0.09 0.32 0.25 0.15 0.03

0.02 0.68 0.88 0.00 0.39 0.00 0.39 0.53 0.00 0.05 0.01 0.00 0.15 0.19 0.35 0.00 0.07 0.05 0.10 2.08 1.64 0.00 0.00 0.07 0.00 0.00 0.00 0.00 0.04 1.20 0.13 0.10 0.00 0.02 0.00 0.41 0.00 0.00 0.00 0.05 0.04 0.01 0.03 0.03 0.08 0.13 0.16 0.11 0.00 0.02 0.00 0.07 9.19 0.02 0.00 0.00 0.08 0.29 0.20 0.11 0.00

0.02 0.74 0.95 0.60 0.48 0.05 0.43 0.56 0.04 0.06 0.02 0.01 0.17 0.22 0.39 0.03 0.09 0.05 0.11 2.15 1.69 0.11 0.08 0.07 0.09 0.09 0.11 0.00 0.04 1.24 0.13 0.10 0.00 0.03 0.03 0.48 0.06 0.04 0.07 0.06 0.05 0.01 0.03 0.04 0.08 0.13 0.17 0.16 0.13 0.02 0.08 0.07 9.74 0.02 0.02 0.06 0.08 0.30 0.25 0.15 0.03

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

0.00 0.05 0.06 0.04 0.03 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.02 0.00 0.01 0.07 0.06 0.02 0.00 0.00 0.01 0.07 0.09 0.00 0.00 0.02 0.01 0.01 0.00 0.00 0.01 0.02 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.01 0.01 0.00 0.06 0.00 0.00 0.00 0.00 0.01 0.04 0.00 0.01

0.06 1.03 1.22 1.51 1.75 0.17 0.61 0.74 0.08 0.09 0.03 0.02 0.29 0.37 0.90 0.10 0.32 0.26 0.24 2.30 1.79 0.46 0.37 0.09 0.12 0.41 0.50 0.04 0.18 1.54 0.33 0.23 0.02 0.07 0.09 0.69 0.13 0.10 0.14 0.12 0.45 0.03 0.20 0.24 0.13 0.22 0.28 1.05 0.29 0.06 0.17 0.19 12.44 0.04 0.06 0.45 0.20 0.42 0.53 0.35 0.08

0.01 0.50 0.63 0.50 0.00 0.05 0.26 0.33 0.02 0.03 0.01 0.00 0.12 0.16 0.35 0.03 0.05 0.03 0.10 1.28 1.01 0.08 0.07 0.05 0.06 0.08 0.10 0.00 0.04 0.94 0.11 0.08 0.00 0.02 0.03 0.16 0.04 0.03 0.07 0.05 0.02 0.00 0.03 0.03 0.01 0.10 0.13 0.09 0.11 0.01 0.07 0.05 6.11 0.01 0.01 0.06 0.00 0.17 0.20 0.02 0.03

263 14594 106 613 174 1589 10770 100 27 65 35781 10110 175 5 31 0 54 1002 820 163 0 779 506 927 510 10 19 30 32 49 405 352 564 246 3 182 11 151 440 191 341 50 73 54 3 15 28 43 44 53 52 911 201 0 204 887 1138 133 5568 1 356 17 1200 217 262 2698 560 8 5007 1740 853 0 835 7 9 306 2 367 4 1783 1701 171 4623 178 15 88 0 134 20 68 264 45 217 31 0 96 401 196 175 9 0 55 147

0.18 0.12 0.38 0.48 13.00 1.16 1.39 0.16 2.13 2.66 22.82 29.26 0.10 0.07 0.04 0.00 0.05 0.08 3.20 2.50 0.00 0.05 0.06 0.22 0.18 0.10 0.15 0.31 0.39 0.06 0.41 0.32 0.50 0.39 0.37 0.12 0.20 0.25 0.23 0.10 0.13 0.08 0.12 0.14 0.13 0.27 0.21 0.26 0.23 0.29 0.27 0.35 0.15 0.11 0.07 0.10 0.37 0.28 6.12 0.06 0.04 0.03 0.03 0.09 0.16 0.14 0.21 0.22 0.05 0.03 1.26 0.00 0.05 0.04 0.42 0.55 0.94 0.20 0.16 0.09 0.07 1.72 12.19 0.11 3.06 0.06 0.00 0.03 0.25 0.20 1.46 0.23 0.30 0.01 0.00 0.15 0.20 0.23 0.18 5.55 0.00 0.15 4.79

0.16 0.08 0.34 0.43 11.96 0.94 1.19 0.00 1.95 2.50 20.06 25.55 0.00 0.07 0.01 0.00 0.05 0.06 2.90 2.24 0.00 0.04 0.05 0.20 0.16 0.10 0.14 0.29 0.34 0.00 0.39 0.31 0.43 0.34 0.37 0.11 0.13 0.21 0.20 0.09 0.11 0.08 0.00 0.00 0.00 0.10 0.00 0.25 0.19 0.00 0.22 0.32 0.00 0.00 0.07 0.09 0.29 0.22 5.69 0.00 0.00 0.02 0.02 0.08 0.11 0.13 0.00 0.22 0.03 0.00 1.11 0.00 0.04 0.03 0.40 0.52 0.00 0.15 0.16 0.07 0.05 1.61 10.83 0.08 3.06 0.00 0.00 0.02 0.25 0.16 1.31 0.20 0.24 0.00 0.00 0.13 0.17 0.20 0.15 4.77 0.00 0.00 4.29

0.16 0.10 0.34 0.44 12.29 0.98 1.24 0.16 2.00 2.55 22.81 28.96 0.10 0.07 0.02 0.07 0.05 0.06 3.05 2.40 0.12 0.05 0.06 0.22 0.17 0.10 0.14 0.31 0.35 0.05 0.40 0.31 0.50 0.38 0.37 0.11 0.13 0.21 0.21 0.10 0.12 0.08 0.11 0.11 0.13 0.10 0.21 0.25 0.20 0.26 0.24 0.35 0.14 0.11 0.07 0.09 0.37 0.28 6.10 0.06 0.04 0.03 0.03 0.09 0.11 0.13 0.19 0.22 0.04 0.02 1.18 0.08 0.04 0.04 0.42 0.55 0.94 0.15 0.16 0.08 0.06 1.63 11.80 0.10 3.06 0.06 0.07 0.03 0.25 0.16 1.35 0.21 0.27 0.01 0.60 0.15 0.19 0.21 0.16 5.30 0.09 0.14 4.63

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

0.01 0.01 0.00 0.01 0.28 0.06 0.08 0.02 0.04 0.02 2.59 3.13 0.01 0.00 0.01 0.00 0.00 0.02 0.07 0.08 0.00 0.01 0.01 0.00 0.01 0.00 0.02 0.00 0.02 0.00 0.00 0.00 0.06 0.04 0.00 0.01 0.08 0.05 0.03 0.00 0.02 0.00 0.01 0.03 0.00 0.17 0.01 0.02 0.00 0.02 0.01 0.00 0.04 0.00 0.00 0.01 0.07 0.06 0.15 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.02 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.01 0.05 0.00 0.01 0.00 0.00 0.41 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.03 0.02 0.01 0.00 0.00 0.00 0.01 0.02 0.01 0.03 0.00 0.01 0.03

0.48 0.25 0.63 0.67 16.95 2.02 2.36 0.21 3.90 4.80 28.49 35.47 0.30 0.22 0.12 0.07 0.20 0.25 4.20 3.50 0.12 0.17 0.20 0.56 0.45 0.30 0.39 0.53 0.60 0.11 0.70 0.55 0.84 0.68 0.50 0.18 0.52 0.68 0.26 0.12 0.20 0.13 0.17 0.31 0.20 0.27 0.51 0.61 0.37 0.50 0.80 1.00 0.40 0.32 0.10 0.12 0.42 0.35 6.83 0.08 0.07 0.18 0.04 0.18 0.31 0.37 0.35 0.27 0.20 0.05 1.38 0.17 0.08 0.15 1.18 0.65 2.80 0.50 0.29 0.19 0.15 2.10 13.80 0.28 3.29 0.10 0.07 0.08 0.34 0.40 1.89 0.34 0.43 0.04 0.60 0.25 0.36 0.63 0.50 7.69 0.10 0.16 5.82

0.10 0.08 0.26 0.34 10.51 0.79 1.11 0.11 1.75 2.19 14.50 18.41 0.07 0.06 0.00 0.07 0.00 0.06 2.18 1.72 0.05 0.04 0.05 0.16 0.11 0.00 0.11 0.19 0.21 0.04 0.35 0.28 0.39 0.30 0.27 0.09 0.13 0.21 0.11 0.04 0.05 0.07 0.09 0.11 0.08 0.00 0.15 0.19 0.16 0.21 0.20 0.24 0.12 0.08 0.01 0.08 0.18 0.13 3.28 0.04 0.03 0.02 0.02 0.07 0.01 0.13 0.11 0.07 0.03 0.02 0.35 0.07 0.03 0.00 0.17 0.24 0.38 0.16 0.15 0.05 0.04 1.38 8.21 0.08 3.05 0.04 0.07 0.01 0.12 0.14 0.93 0.18 0.22 0.01 0.60 0.09 0.12 0.20 0.15 3.07 0.05 0.08 2.94

C

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

(100s) Stock

Exc Volume

Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld* Chesapeake Gld Chevron Corp* Chiboug Ind Mn Chilean Metals* Chilean Metals China Gold Int Churchill Res Cipher Mining* Clarity Gold* Clarity Gold Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Min Cleveland-Clif* Cliffmont Res Clifton Mng* Clydesdale Res CMC Metals* CMC Metals CMX Gold & Sil CNRP Mng Coast Copper Cobalt Block Cobalt Block* Coeur Mng* Colibri Res* Colibri Res Collective Mg* Colombia Crest* Colombia Crest Colonial Coal Comet Inds Commander Res* Commander Res Commerce Res Commerce Res* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res* Condor Res Conquest Res Conquest Res * Cons Uranium* Cons Uranium Cons Woodjam CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold Contact Mnrls* CopAur Min CopAur Min* Copper Fox Mtl* Copper Fox Mtl Copper Lake Rs Copper Mtn Mng Copper Mtn Mng* Copper One * Copperbank Res Cordoba Mnls* Cordoba Mnls Core Assets Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Cortus Metals CoTec Holdings Crest Resource Crest Resource* Crestview Expl Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Battery Cruz Battery* Currie Rose Rs CWN M’g Acq Cyntar Venture Cypress Dev* Cypress Dev

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

3466 166 0 47 63 94316 45 80 629 61 197 2582 33 68 28 2117 5 0 94843 0 43 0 292 1172 90 66 276 242 27 51430 308 687 5 5 610 457 0 40 19 80 33 4 2011 177 44 21 122 104 272 596 139 233 518 344 1686 16680 369 244 61 393 72 254 201 100 653 2234 6018 1013 690 150 23 19 1199 94 6 3638 3104 84 0 2343 89 41 177 1397 3 591 440 96 984 625 245 93 21 1242 1946

Dajin Lithium* Dajin Res Damara Gold* Damara Gold Danakali* Decade Res Decade Res* Deep-South Res* Deep-South Res DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denarius Metal Denison Mines Denison Mines* Desert Gold* Desert Gold Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Fields Dios Expl Discovery Harb* Discovery Harb Discovery Silv Discovery Silv* Discovery-Corp District Cop* District Cop District Metal* District Metal District Mines Dixie Gold DLP Resouces Dolly Vard Sil Dolly Vard Sil* Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold* E2Gold Inc E2Gold Inc* E3 Metals* E3 Metals E79 Resources E79 Resources* Eagle Graphite Eagle Graphite* Eagle Plains Earl Res East Africa * East Africa Eastern Platin Eastern Platin* Eastfield Res* Eastfield Res

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

49 60 95 237 370 938 328 89 577 36 303 516 2235 1220 112 583 17727 52453 7 307 362 149 159 195 0 179 176 145 1665 757 3 13 198 31 178 26 8 84 321 734 105 224 354 1297 4888 1143 1110 0 152 15 18 181 32 676 77 202 553 274 89 92 13 244 0 121 178 139 55 5 45

Week High

Low

Last

12-month Change

5.40 5.90 6.15 0.00 0.16 0.24 0.00 0.10 unch 0.00 + 2.34 2.48 2.53 + 3.00 3.15 3.28 + 140.50 130.52 140.38 0.00 0.18 0.21 0.00 0.13 0.15 0.15 0.15 0.18 3.61 3.73 unch 3.91 + 0.20 0.25 0.25 + 2.33 2.89 3.06 0.14 0.15 0.17 0.19 0.20 0.22 0.00 0.17 0.25 + 0.23 0.25 0.28 + 0.16 0.17 0.17 0.00 0.16 unch 0.00 + 21.54 17.71 21.51 0.00 0.11 unch 0.00 0.18 0.19 0.20 0.00 0.06 unch 0.00 + 0.11 0.12 0.13 0.14 0.15 unch 0.16 0.10 0.10 0.11 0.19 0.19 unch 0.19 0.00 0.13 0.15 0.03 0.04 0.04 + 0.02 0.03 0.04 + 4.12 4.35 4.53 + 0.06 0.08 0.08 + 0.07 0.10 0.10 2.40 2.40 unch 2.41 0.48 0.48 unch 0.48 0.45 0.46 0.60 1.80 2.07 2.15 0.00 3.02 unch 0.00 unch 0.13 0.13 0.13 0.00 0.15 unch 0.15 + 0.21 0.21 0.21 + 0.16 0.17 0.17 + 0.00 0.20 0.20 + 1.28 1.36 1.44 + 0.00 0.11 0.11 + 0.08 0.08 0.08 0.41 0.41 0.44 + 0.52 0.65 0.66 0.09 0.09 unch 0.09 + 0.11 0.12 0.12 0.00 0.05 0.06 0.04 0.04 0.05 + 1.51 2.14 2.15 + 1.88 2.72 2.78 0.00 0.11 0.12 + 29.90 27.48 29.60 + 16.49 15.28 16.44 0.30 0.33 0.38 0.39 0.42 0.48 0.00 0.04 0.04 + 0.05 0.06 0.06 0.00 0.05 unch 0.05 1.13 1.36 1.50 0.87 1.08 1.20 0.18 0.19 0.22 + 0.23 0.27 0.27 + 0.12 0.16 0.16 + 3.23 3.53 3.58 + 2.52 2.79 2.85 0.05 0.06 0.07 0.85 0.88 0.90 0.00 0.48 0.51 0.00 0.57 0.65 0.38 0.41 0.45 + 3.49 3.70 3.89 + 2.74 2.91 2.91 + 0.40 0.51 0.52 + 0.51 0.65 0.66 + 0.10 0.12 0.13 0.00 0.64 unch 0.00 0.06 0.07 0.09 0.05 0.05 0.07 0.00 0.27 0.29 0.94 1.05 1.08 1.21 1.33 1.39 0.00 0.13 0.14 0.15 0.15 0.17 0.07 0.07 unch 0.07 0.05 0.05 0.06 0.17 0.19 0.22 0.13 0.15 0.18 0.00 0.05 0.05 0.00 0.08 unch 0.08 0.58 0.58 0.63 0.91 1.00 1.21 1.15 1.27 1.52

High Low

7.24 3.71 0.09 0.24 0.09 0.02 0.14 0.08 0.00 4.00 1.98 0.09 4.96 2.54 0.08 6.96 139.44 92.86 0.46 0.15 0.03 0.40 0.09 0.01 0.55 0.12 0.02 4.47 2.91 0.00 0.44 0.16 0.05 0.08 15.39 2.33 1.45 0.11 0.01 1.82 0.17 0.02 0.95 0.10 0.05 0.43 0.17 0.02 0.39 0.00 0.00 0.17 0.08 0.00 2.42 26.51 12.77 0.23 0.09 0.00 0.30 0.14 0.02 0.08 0.05 0.00 0.18 0.03 0.00 0.22 0.08 0.00 0.12 0.05 0.01 0.65 0.18 0.00 0.19 0.09 0.01 0.15 0.03 0.01 0.12 0.02 0.00 0.07 11.14 4.18 0.16 0.01 0.01 0.17 0.07 0.02 3.50 1.89 0.00 0.48 0.08 0.00 0.64 0.10 0.13 3.73 0.50 0.07 4.00 2.80 0.00 0.21 0.08 0.00 0.32 0.11 0.00 0.47 0.19 0.01 0.38 0.16 0.01 0.25 0.11 0.02 6.30 1.24 0.01 0.12 0.08 0.01 0.09 0.03 0.00 0.79 0.35 0.03 1.08 0.48 0.11 0.22 0.01 0.00 0.28 0.11 0.01 0.21 0.05 0.01 0.17 0.04 0.00 2.67 1.01 0.04 3.29 1.28 0.03 0.24 0.08 0.01 0.80 36.23 8.65 0.59 16.99 10.41 0.60 0.16 0.03 0.77 0.20 0.04 0.10 0.03 0.01 0.13 0.04 0.01 0.25 0.01 0.00 1.57 0.22 0.12 1.24 0.19 0.06 0.53 0.15 0.03 0.66 0.20 0.01 0.21 0.04 0.02 5.07 2.70 0.04 4.20 2.07 0.05 0.38 0.03 0.01 0.96 0.35 0.01 1.16 0.01 0.03 1.54 0.45 0.08 0.60 0.07 0.03 4.90 3.46 0.21 3.91 0.65 0.16 0.87 0.21 0.12 1.10 0.27 0.13 0.20 0.08 0.02 0.68 0.11 0.00 0.29 0.06 0.02 0.25 0.05 0.02 1.72 0.26 0.02 1.65 0.87 0.00 1.98 1.13 0.03 1.22 0.02 0.00 0.30 0.11 0.02 0.36 0.06 0.00 0.29 0.04 0.01 0.34 0.08 0.03 0.27 0.06 0.02 0.15 0.03 0.01 0.09 0.07 0.00 0.99 0.46 0.04 2.13 0.68 0.17 2.61 0.83 0.21

D-F 0.70 0.81 0.06 0.07 0.26 0.05 0.04 0.05 0.07 0.05 0.21 0.28 0.62 0.49 0.03 0.58 1.76 1.39 0.12 0.15 2.57 0.04 0.32 0.25 0.00 0.06 0.03 0.04 1.95 1.61 0.09 0.15 0.21 0.20 0.25 0.12 0.21 0.21 0.84 0.66 0.77 0.36 0.27 9.40 8.29 0.06 0.07 0.00 3.22 2.53 1.30 0.15 0.12 0.10 0.14 1.79 2.33 0.70 0.55 0.15 0.14 0.18 0.00 0.19 0.28 0.29 0.23 0.06 0.08

0.40 0.52 0.05 0.07 0.22 0.04 0.03 0.00 0.05 0.00 0.18 0.24 0.47 0.37 0.00 0.52 1.49 1.17 0.00 0.13 2.17 0.03 0.28 0.22 0.00 0.00 0.03 0.00 1.72 1.34 0.00 0.11 0.17 0.00 0.20 0.00 0.00 0.00 0.75 0.57 0.67 0.30 0.23 8.64 7.32 0.05 0.00 0.00 3.12 2.45 1.21 0.15 0.12 0.09 0.07 1.50 1.93 0.62 0.48 0.12 0.11 0.17 0.00 0.18 0.00 0.00 0.21 0.00 0.07

+ 0.61 0.73 + 0.06 + 0.07 0.24 0.04 0.04 + 0.05 + 0.06 0.05 unch + 0.20 + 0.26 + 0.62 + 0.49 0.03 + 0.56 + 1.76 + 1.37 0.12 unch + 0.13 2.38 + 0.04 0.30 0.23 0.19 unch 0.06 unch + 0.03 0.04 unch + 1.87 + 1.48 + 0.09 + 0.15 + 0.21 0.17 0.21 0.12 0.20 + 0.20 0.79 unch 0.62 unch 0.67 + 0.34 + 0.26 + 9.17 7.43 0.05 0.07 unch 0.09 unch + 3.21 + 2.48 1.24 0.15 unch + 0.12 0.10 unch + 0.08 1.64 2.10 0.64 0.50 0.12 0.11 unch 0.17 unch 0.45 unch 0.18 + 0.27 + 0.29 + 0.23 + 0.06 0.08 unch

0.01 0.08 0.01 0.01 0.02 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.11 0.09 0.01 0.01 0.26 0.17 0.00 0.01 0.12 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.09 0.07 0.01 0.04 0.03 0.03 0.03 0.01 0.01 0.01 0.00 0.00 0.07 0.01 0.00 0.37 0.54 0.00 0.00 0.00 0.06 0.02 0.06 0.00 0.00 0.00 0.00 0.10 0.15 0.03 0.05 0.03 0.00 0.00 0.00 0.01 0.02 0.02 0.01 0.00 0.00

2.45 1.55 0.13 0.20 0.47 0.08 0.06 0.23 0.30 0.11 0.56 0.63 1.07 0.91 0.18 0.73 2.64 2.14 0.17 0.20 4.95 0.06 0.52 0.43 1.25 0.13 0.10 0.11 2.74 2.23 0.12 0.20 0.50 0.55 0.59 0.40 0.35 0.34 0.85 0.69 1.28 1.18 1.22 13.18 9.72 0.09 0.13 0.16 3.32 2.69 2.45 0.35 0.20 0.30 0.24 3.20 4.45 1.65 1.34 0.36 0.25 0.19 0.53 0.34 0.45 0.46 0.37 0.09 0.10

0.40 0.50 0.00 0.05 0.22 0.04 0.01 0.03 0.04 0.04 0.16 0.21 0.37 0.28 0.03 0.38 1.11 0.86 0.09 0.11 1.51 0.03 0.10 0.08 0.16 0.05 0.02 0.03 1.19 0.90 0.08 0.09 0.11 0.14 0.19 0.11 0.17 0.17 0.42 0.33 0.61 0.20 0.06 7.51 6.99 0.03 0.04 0.09 1.83 1.48 0.60 0.12 0.09 0.09 0.07 1.24 1.53 0.24 0.07 0.10 0.00 0.14 0.45 0.16 0.14 0.27 0.19 0.04 0.06

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

Eco Oro Min Eco Oro Min* Edgemont Gold Edgewater Expl Edison Battery* Edison Battery EEE Explor El Nino Vent Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Element 29* Element79 Elevation Gold Elevation Gold* Eloro Res* Eloro Res Elysee Dev Elysee Dev * Emerita Res Emerita Res* Emgold Mining* Emgold Mining Eminent Gold Eminent Gold* EMP Metals* EMP Metals Emperor Metals EMX Royalty EMX Royalty* EnCore Energy Endeavour Mng Endeavr Silver* Endeavr Silver Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engold Mines Engold Mines* Entree Res* Entree Res Equinox Gold Equinox Gold* 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 Essex Minerals* Ethos Gold* Ethos Gold Etruscus Res Euro Manganese Euro Manganese* Euro Sun Mg Euro Sun Mg* EurOmax Res EurOmax Res* European Elect European Elect* European Metal* Evergold Evergold* Everton Res* EVI Global Grp Evrim Res Excellon Res Excellon Res* Excelsior Mng* Excelsior Mng ExGen Res Inc Exploits Disc* Fabled Silver Fabled Silver* Fairchild Gold Fairmont Res* Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Fathom Nickel* Fathom Nickel FenixOro Gold* FenixOro Gold Fidelity Min Filo Mg Corp Filo Mg Corp * Finlay Minrls FireFox Gold* FireFox Gold Firestone Vent Fireweed Zinc* Fireweed Zinc First Cobalt First Energy First Energy* First Idaho First Majestic* First Majestic First Mg Fin * First Mg Fin First Point* First Quantum First Tellur First Tellur* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Fjordland Exp* Fjordland Exp Flow Metals Focus Graphite* Focus Graphite Fokus Mining Foran Mining* Foran Mining Foremost Lith Foremost Lith* Forsys Metals Fort St James* Fort St James Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Min* Fortune Min Forty Pillars Forum Energy* Forum Energy Fosterville Founders Metal Four Nines Four Nines* Fox River Res FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Fredonia Mg Freegold Vent Freeman Gold* Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl Full Metal Mnl* Fury Gold Fury Gold* Fuse Cobalt* Fuse Cobalt

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

37 99 624 33 513 664 5 50 603 45 16405 3623 292 258 401 62 232 741 49 8 3123 979 304 3216 53 11 12 352 1053 58 701 2405 4228 17553 2549 40 107 910 367 3465 15875 21 42 11 179 437 4410 12052 424 605 341 294 3 370 1171 274 7 224 224 255 365 130 105 371 327 477 183 11 1025 147 8 5 5 11 211 519 75 34 298 577 176 204 287 821 170 727 2159 423 10 131 440 13 848 612 253 18 260 598 256 664 772 119 387 1090 1045 18 8 83 3318 566 21 0 33571 4680 1508 1818 325 7244 6461 3651 2161 1148 2117 9882 251 57 182 10 1131 4198 1231 154 732 3473 513 951 0 30 43 4916 31205 71 72 132 872 67 1375 1467 539 3 32 5 245 524 4608 3267 1756 30 876 204 93161 322 2535 75 1683 642 21 6 296 976 216 388

THE NORTHERN MINER / MARCH 7—20, 2022

Week High

Low

0.17 0.12 0.30 0.16 0.11 0.13 0.18 0.03 0.10 0.08 11.39 14.60 0.50 1.15 0.70 0.55 3.16 4.05 0.66 0.51 2.85 2.22 0.03 0.04 0.65 0.53 0.34 0.42 0.10 3.18 2.50 1.44 34.14 4.64 5.97 0.31 0.40 0.25 0.19 9.55 7.52 0.04 0.22 0.17 0.71 0.90 8.87 6.97 0.12 0.15 0.45 0.36 0.04 0.07 18.10 14.20 0.08 0.10 0.10 2.45 3.09 0.08 0.05 0.22 0.27 0.14 0.44 0.35 0.26 0.21 0.08 0.06 0.07 0.06 0.05 0.13 0.10 0.08 0.07 0.51 1.09 0.82 0.35 0.44 0.13 0.31 0.13 0.10 0.13 0.11 0.32 0.23 0.09 0.08 0.11 0.18 0.24 0.23 0.29 0.10 14.49 11.35 0.09 0.21 0.26 0.17 0.50 0.64 0.29 0.26 0.21 0.00 12.30 15.79 0.24 0.30 0.53 36.74 0.33 0.26 0.16 0.12 0.69 0.87 0.04 0.09 0.12 0.04 0.06 0.08 0.11 1.96 2.54 0.36 0.28 0.80 0.00 0.15 14.50 5.10 3.98 0.64 0.53 0.11 0.15 0.20 0.18 0.23 0.74 0.40 0.75 0.56 0.45 0.68 150.88 193.51 0.03 0.31 0.62 0.41 46.37 0.13 0.03 9.93 2.78 0.02 0.16 0.11 0.93 0.76 0.06 0.07

0.15 0.09 0.25 0.00 0.08 0.09 0.18 0.00 0.07 0.05 10.53 13.48 0.00 1.00 0.60 0.48 2.83 3.63 0.00 0.49 2.05 1.61 0.02 0.02 0.59 0.00 0.30 0.35 0.08 2.70 2.13 1.22 32.07 4.01 5.12 0.27 0.00 0.22 0.17 7.72 6.05 0.00 0.00 0.16 0.64 0.81 8.04 6.28 0.09 0.12 0.42 0.32 0.04 0.06 16.70 13.00 0.00 0.00 0.00 2.30 2.91 0.06 0.00 0.18 0.23 0.13 0.00 0.00 0.19 0.14 0.00 0.06 0.00 0.04 0.05 0.11 0.08 0.03 0.06 0.47 0.93 0.73 0.30 0.38 0.00 0.27 0.11 0.08 0.00 0.05 0.28 0.21 0.08 0.07 0.10 0.18 0.20 0.20 0.27 0.00 13.20 10.50 0.07 0.18 0.23 0.00 0.48 0.60 0.26 0.20 0.16 0.00 10.83 13.84 0.21 0.27 0.50 33.16 0.19 0.02 0.13 0.10 0.55 0.70 0.00 0.09 0.10 0.04 0.05 0.06 0.00 1.85 2.33 0.31 0.24 0.67 0.00 0.00 13.02 4.51 3.52 0.54 0.43 0.10 0.13 0.08 0.15 0.19 0.62 0.00 0.65 0.56 0.00 0.64 142.82 182.90 0.02 0.00 0.53 0.35 41.25 0.00 0.00 9.20 2.45 0.00 0.00 0.10 0.83 0.65 0.05 0.06

Last

12-month Change

0.17 unch 0.12 0.30 + 0.15 0.08 0.11 0.18 unch 0.03 + 0.07 0.06 11.18 + 14.23 + 0.48 1.04 0.61 0.49 3.05 + 3.83 + 0.62 0.49 2.42 1.91 0.02 0.03 0.64 0.51 + 0.31 0.39 0.10 + 2.80 2.22 1.44 + 32.95 + 4.27 + 5.42 + 0.31 + 0.40 + 0.22 0.17 9.55 + 7.52 + 0.04 unch 0.22 + 0.16 0.70 + 0.89 + 8.82 + 6.91 + 0.11 + 0.13 unch 0.42 0.33 0.04 unch 0.06 17.86 + 14.08 + 0.08 unch 0.09 0.09 2.36 2.98 0.07 unch 0.05 unch 0.21 + 0.27 0.14 unch 0.39 0.31 0.20 0.15 0.08 unch 0.06 unch 0.07 0.04 0.05 unch 0.12 0.08 0.03 0.06 unch 0.48 0.99 + 0.78 + 0.32 0.40 0.13 + 0.28 0.11 0.09 + 0.13 unch 0.10 + 0.29 0.21 0.09 unch 0.07 + 0.10 + 0.18 unch 0.23 0.22 0.28 0.10 14.30 + 11.21 + 0.08 unch 0.19 0.23 0.17 + 0.50 + 0.62 + 0.28 + 0.23 0.20 + 0.09 unch 11.31 14.38 0.21 0.28 0.52 + 36.72 + 0.22 0.17 0.15 + 0.12 + 0.68 + 0.86 + 0.04 unch 0.09 unch 0.10 unch 0.04 unch 0.05 0.07 0.10 + 1.92 2.42 0.33 0.26 0.80 + 0.10 unch 0.12 13.88 4.70 + 3.69 + 0.55 0.43 0.11 + 0.14 unch 0.20 + 0.17 + 0.23 + 0.69 unch 0.40 unch 0.65 0.56 unch 0.43 0.67 + 147.13 186.94 0.03 + 0.31 + 0.53 0.40 46.34 + 0.11 + 0.03 unch 9.56 + 2.75 + 0.02 unch 0.15 unch 0.10 + 0.88 unch 0.70 0.05 + 0.07 -

0.00 0.01 0.05 0.02 0.02 0.02 0.00 0.01 0.02 0.01 0.22 0.28 0.01 0.07 0.05 0.05 0.15 0.13 0.04 0.01 0.33 0.26 0.00 0.01 0.01 0.01 0.01 0.03 0.01 0.29 0.21 0.15 0.15 0.22 0.27 0.01 0.03 0.03 0.02 1.60 1.29 0.00 0.01 0.00 0.02 0.01 0.46 0.33 0.01 0.00 0.02 0.01 0.00 0.01 0.18 0.22 0.00 0.01 0.01 0.02 0.03 0.00 0.00 0.01 0.01 0.00 0.04 0.04 0.05 0.04 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.05 0.00 0.03 0.02 0.02 0.01 0.03 0.01 0.01 0.01 0.00 0.00 0.02 0.01 0.01 0.00 0.00 0.01 0.00 0.02 0.01 0.02 0.01 0.41 0.24 0.00 0.01 0.03 0.04 0.02 0.01 0.01 0.03 0.01 0.00 0.35 0.47 0.01 0.01 0.01 2.77 0.11 0.09 0.01 0.01 0.09 0.11 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.04 0.10 0.02 0.01 0.10 0.00 0.03 0.62 0.06 0.06 0.09 0.10 0.00 0.00 0.04 0.01 0.03 0.00 0.00 0.05 0.00 0.02 0.03 0.64 1.67 0.00 0.02 0.04 0.00 3.32 0.01 0.00 0.16 0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.01

(100s)

High Low

Stock

0.20 0.16 0.31 0.25 1.00 0.24 0.25 0.06 0.16 0.12 12.48 15.42 0.59 1.65 2.79 2.27 4.63 5.40 0.88 0.74 4.14 3.35 0.07 0.09 1.05 1.00 0.42 1.11 0.29 4.55 3.69 2.27 35.94 7.76 9.32 0.37 0.45 0.29 0.24 14.33 11.39 0.08 0.55 0.30 0.90 1.12 11.49 9.55 0.24 0.30 0.50 0.41 0.16 0.20 29.76 22.30 0.10 0.12 0.12 2.93 3.55 0.25 0.14 0.50 0.60 0.38 0.72 0.68 0.47 0.39 0.12 0.09 0.27 0.23 0.20 0.43 0.44 0.42 0.13 0.58 4.60 3.70 0.78 0.97 0.14 1.35 0.33 0.30 0.20 0.70 0.48 0.40 0.13 0.15 0.17 0.44 0.88 0.36 0.49 0.14 16.50 13.21 0.20 0.35 0.40 0.30 0.76 0.97 0.43 0.62 0.32 0.10 20.63 25.75 0.42 0.50 0.75 37.85 0.71 1.00 0.30 0.24 1.00 1.25 0.07 0.14 0.19 0.08 0.18 0.22 0.22 2.42 3.09 0.44 0.42 1.30 0.10 0.50 20.12 10.61 8.52 1.21 0.96 0.22 0.27 0.76 0.47 0.56 1.77 0.60 0.76 0.56 0.73 0.94 163.79 205.25 0.15 0.37 0.89 0.45 46.20 0.25 0.08 13.65 3.05 0.04 0.65 0.57 1.87 1.53 0.15 0.18

G2 Goldfields* G2 Goldfields Gabriel Res* Gabriel Res 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* GCM Mining* GCM Mining General Gold Generation Min Generation Min* Generic Gold* Generic Gold Genesis Mtls* Genesis Mtls Gensource Pot Gentor Res Gentor Res* Geomega Res* Geomega Res Getchell Gold * Getchell Gold Getty Copper GFG Resources GFG Resources* GFM Res GGL Res GGL Res* GGX Gold Giga Metals* Giga Metals Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake Gladiator Met Glen Eagle Res* Glen Eagle Res Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery* Global Battery Global Energy* Global Energy 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 Hunter Rs Gold Line Res Gold Lion Res Gold Lion Res* Gold Mountain Gold Mountain* Gold Port Gold Reserve Gold Reserve* Gold Resource* Gold Royalty* Gold State Res* Gold State Res Gold Std Vents Gold Std Vents* Gold’n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldcliff Res* Goldcliff Res Golden Arrow* Golden Arrow Golden Dawn Ml* Golden Dawn Ml Golden Goliath* Golden Goliath Golden Harp Golden Hope Golden Hope* Golden Indepen Golden Indepe* Golden Lake Golden Mnls* Golden Mnls Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Spike Golden Tag Golden Tag* Goldex Res* Goldex Res Goldflare Expl Goldgroup Mng Goldgroup Mng* GoldHaven Res* Goldhills Hldg GoldMining GoldON Res Goldplay Min GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldseek Res* Goldshore Res* Goldshore Res Goldsource Min* Goldsource Min Goldstar Mnls Goldstar Mnls* Goliath Res* Goliath Res Gossan Res GoviEx Uranium* GoviEx Uranium Gowest Gold* Gowest Gold GPM Metals GR Silver* GR Silver Granada Gold* Granada Gold Grande Portage* Grande Portage Granite Creek Granite Creek* Graphano Egy Graphite One* Graphite One Gratomic*

0.05 0.04 0.13 0.15 0.01 0.05 0.15 0.03 0.05 0.04 7.46 9.52 0.28 0.67 0.58 0.45 2.40 3.06 0.53 0.42 0.20 0.16 0.02 0.03 0.42 0.45 0.09 0.22 0.08 2.35 1.85 0.95 23.12 3.35 4.28 0.15 0.19 0.17 0.12 5.55 4.32 0.03 0.20 0.15 0.49 0.61 6.99 5.47 0.07 0.09 0.33 0.26 0.04 0.06 15.01 11.76 0.05 0.08 0.08 1.43 1.82 0.06 0.05 0.14 0.18 0.11 0.37 0.30 0.19 0.14 0.05 0.04 0.06 0.04 0.04 0.11 0.02 0.00 0.06 0.28 0.76 0.61 0.29 0.36 0.08 0.22 0.07 0.05 0.13 0.00 0.22 0.15 0.06 0.04 0.09 0.13 0.15 0.14 0.15 0.05 2.20 1.78 0.06 0.11 0.13 0.11 0.39 0.50 0.26 0.14 0.12 0.07 9.29 11.87 0.20 0.26 0.05 20.67 0.05 0.02 0.08 0.06 0.35 0.45 0.03 0.05 0.07 0.03 0.04 0.06 0.08 0.62 0.77 0.10 0.07 0.44 0.10 0.13 10.25 3.77 2.91 0.52 0.00 0.07 0.10 0.15 0.11 0.15 0.62 0.26 0.42 0.35 0.25 0.42 105.62 133.63 0.01 0.13 0.32 0.23 29.45 0.10 0.02 8.35 0.69 0.02 0.11 0.02 0.75 0.57 0.04 0.06

Exc Volume

Week High

Low

Last

12-month Change

High Low

G-H O 8 V 627 O 28 V 75 V 456 O 264 O 131 V 199 T 556 X 5033 O 993 V 1287 V 59 O 2 V 9 O 324 V 1009 V 38 O 32 O 129 V 200 V 112 O 36 T 470 N 5572 O 475 T 1468 C 282 T 727 O 406 O 619 C 155 O 19 V 193 V 828 V 0 O 4 O 16 V 555 O 620 C 207 V 2 V 211 O 366 V 0 V 2 O 90 V 120 O 1034 V 1772 V 2366 O 346 O 200 V 718 V 1 V 68 V 10 O 105 V 555 O 168 O 2610 O 632 T 1821 O 329 V 218 O 29 V 77 C 381 O 10 O 7 O 102 T 187 O 114 V 258 O 531512 O 1 C 566 V 0 T 5279 C 112 O 2 V 3185 O 525 O 1 N 61991 V 1345 O 586 C 3 V 2960 C 284 O 100 T 862 O 261 C 61 V 161 O 197 X 6541 X 2226 O 14 V 528 T 825 X 4080 C 577 V 73 O 20 V 10 O 89 V 381 O 308 V 72 O 37 V 426 O 454 V 305 V 0 V 46 O 34 C 542 O 127 C 548 X 4770 T 274 V 22 V 87 V 148 V 56 C 11 V 2159 O 830 O 17 V 207 V 77 T 249 O 96 O 503 V 125 T 2202 V 85 V 39 V 1024 C 300 O 0 O 346 C 202 O 813 O 207 V 528 O 6 V 16 V 3 O 0 O 338 V 579 V 51 O 1077 V 4231 O 20 V 121 V 31 O 571 V 766 O 351 V 579 O 515 V 538 V 472 O 334 V 278 O 244 V 268 O 366

0.37 0.48 0.18 0.21 0.15 0.12 0.46 0.56 1.02 0.79 0.05 0.63 0.02 0.16 0.17 0.41 0.50 0.07 0.06 0.30 0.38 0.28 0.22 4.34 3.40 4.61 5.90 0.27 0.88 0.69 0.23 0.28 0.10 0.13 0.37 0.00 0.11 0.24 0.32 0.41 0.51 0.06 0.18 0.14 0.00 0.17 0.14 0.13 0.24 0.31 0.08 0.06 0.28 0.35 0.18 0.12 0.36 0.05 0.07 5.99 11.91 3.16 4.05 0.13 0.17 0.20 0.27 0.07 0.06 0.09 1.10 1.39 0.20 0.26 0.00 0.15 0.45 0.00 2.99 0.10 0.25 0.21 0.17 13.74 13.77 0.13 0.11 0.42 0.13 0.08 0.06 1.61 1.35 0.11 1.54 1.20 1.85 4.38 0.06 0.07 0.53 0.42 0.07 0.07 0.05 0.10 0.09 0.11 0.13 0.17 0.15 0.20 0.04 0.06 0.00 0.26 0.20 0.09 0.07 0.14 0.49 0.63 0.14 0.18 3.94 0.15 0.27 0.32 0.25 0.06 0.07 0.12 0.04 0.03 0.16 0.29 2.40 0.21 0.15 0.36 0.04 0.00 0.06 0.12 0.09 0.49 0.65 0.68 0.86 0.06 0.00 0.77 0.99 0.16 0.30 0.38 0.15 0.18 0.11 0.27 0.34 0.06 0.07 0.48 0.59 0.16 0.12 0.48 1.37 1.68 0.99

0.36 0.37 + 0.43 0.47 unch 0.16 0.16 0.00 0.20 0.13 0.15 + 0.10 0.11 + 0.40 0.40 0.51 0.53 0.00 0.75 0.60 0.61 0.04 0.04 0.05 0.55 unch 0.00 0.02 0.16 0.16 unch 0.00 0.17 0.35 0.36 0.45 0.46 0.00 0.07 + 0.05 0.06 + 0.25 0.30 + 0.33 0.38 + 0.25 0.26 0.20 0.20 3.97 4.24 + 3.10 3.35 + 4.20 4.45 5.45 5.64 0.25 0.26 unch 0.81 0.88 + 0.63 0.69 + 0.23 0.23 unch 0.00 0.28 unch 0.08 0.08 0.12 0.12 0.30 0.36 + 0.00 0.07 unch 0.11 0.11 unch 0.20 0.24 + 0.26 0.31 + 0.34 0.36 0.45 0.46 0.00 0.06 0.00 0.17 0.13 0.13 0.00 0.09 unch 0.00 0.17 unch 0.14 0.14 0.00 0.13 unch 0.20 0.23 + 0.26 0.30 + 0.05 0.07 unch 0.05 0.05 0.24 0.25 0.30 0.30 0.00 0.18 unch 0.00 0.11 0.00 0.36 0.05 0.05 + 0.06 0.07 + 5.55 5.99 + 11.06 11.91 + 2.63 3.14 + 3.35 4.05 + 0.10 0.11 0.13 0.14 0.17 0.18 0.00 0.24 0.07 0.07 unch 0.05 0.05 0.09 0.09 unch 0.95 1.00 1.20 1.26 0.17 0.17 0.21 0.21 0.00 0.00 unch 0.15 0.15 unch 0.19 0.37 + 0.00 0.25 unch 2.74 2.90 + 0.08 0.08 0.00 0.25 + 0.18 0.20 + 0.14 0.16 + 0.00 13.25 + 12.66 13.21 + 0.12 0.13 unch 0.09 0.11 + 0.00 0.42 unch 0.09 0.10 0.07 0.08 unch 0.04 0.04 1.46 1.48 1.15 1.17 0.00 0.10 0.00 1.30 unch 0.90 1.06 + 1.62 1.64 3.95 4.00 0.06 0.06 + 0.06 0.07 + 0.48 0.53 + 0.37 0.41 + 0.06 0.06 unch 0.06 0.06 unch 0.04 0.05 + 0.00 0.10 unch 0.07 0.09 + 0.09 0.11 + 0.12 0.13 + 0.00 0.17 + 0.15 0.15 0.16 0.17 + 0.03 0.04 + 0.00 0.05 + 0.00 0.15 unch 0.00 0.24 0.00 0.19 + 0.08 0.08 0.05 0.06 0.12 0.13 + 0.43 0.48 + 0.54 0.59 + 0.00 0.14 + 0.00 0.14 3.77 3.88 + 0.00 0.14 0.26 0.27 unch 0.25 0.27 0.19 0.21 0.05 0.05 0.00 0.07 0.00 0.10 0.00 0.04 0.03 0.03 0.14 0.15 0.00 0.22 2.06 2.18 + 0.18 0.18 0.00 0.14 0.29 0.32 0.04 0.04 unch 0.00 0.03 unch 0.05 0.05 + 0.11 0.12 + 0.08 0.09 unch 0.43 0.44 0.54 0.55 0.64 0.65 0.00 0.85 0.00 0.06 unch 0.00 0.19 unch 0.70 0.73 0.89 0.92 0.15 0.15 0.22 0.30 + 0.28 0.38 + 0.12 0.15 + 0.16 0.18 + 0.00 0.10 0.24 0.27 + 0.31 0.34 + 0.05 0.05 0.06 0.07 unch 0.39 0.40 0.50 0.52 0.14 0.14 unch 0.11 0.11 0.38 0.48 unch 1.14 1.33 + 1.44 1.68 + 0.89 0.93 -

0.01 0.00 0.02 0.01 0.01 0.01 0.03 0.01 0.22 0.14 0.39 0.00 0.01 0.00 0.02 0.02 0.03 0.01 0.00 0.03 0.04 0.02 0.02 0.17 0.15 0.07 0.12 0.00 0.03 0.03 0.00 0.00 0.02 0.01 0.03 0.00 0.00 0.04 0.03 0.03 0.05 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.03 0.00 0.00 0.03 0.06 0.00 0.02 0.01 0.01 0.01 0.29 0.50 0.47 0.66 0.02 0.02 0.01 0.01 0.00 0.00 0.00 0.09 0.07 0.00 0.02 0.00 0.00 0.12 0.00 0.01 0.02 0.01 0.01 0.01 0.69 0.13 0.00 0.01 0.00 0.03 0.00 0.02 0.08 0.05 0.02 0.00 0.12 0.15 0.24 0.00 0.01 0.03 0.02 0.00 0.00 0.00 0.00 0.02 0.02 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.04 0.01 0.01 0.03 0.05 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.02 0.06 0.02 0.01 0.04 0.00 0.00 0.00 0.02 0.00 0.05 0.08 0.02 0.01 0.00 0.00 0.02 0.03 0.01 0.05 0.07 0.03 0.02 0.01 0.01 0.02 0.01 0.00 0.06 0.07 0.00 0.01 0.00 0.05 0.08 0.02

0.50 0.63 0.29 0.34 0.29 0.25 0.78 0.94 1.73 1.41 1.17 1.40 0.03 0.23 0.29 0.91 1.16 0.36 0.29 0.47 0.55 0.52 0.42 24.93 20.26 5.12 6.35 0.63 1.23 1.02 0.67 0.80 0.19 0.23 0.48 0.11 0.11 0.44 0.56 0.63 0.81 0.11 0.19 0.15 0.15 0.32 0.25 0.21 0.57 0.70 0.12 0.09 0.65 0.87 0.30 0.40 0.44 0.13 0.18 5.99 11.91 3.99 4.84 0.71 0.96 0.28 0.35 0.23 0.19 0.70 1.24 1.49 0.36 0.45 0.00 1.33 0.90 0.37 3.79 0.42 0.39 0.61 0.53 13.74 13.77 0.23 0.23 0.67 0.71 0.24 0.20 3.12 2.65 0.21 2.22 1.79 3.11 7.08 0.17 0.24 0.86 0.72 0.20 0.11 0.10 0.19 0.11 0.14 0.20 0.21 0.24 0.31 0.10 0.12 0.23 0.44 0.35 0.34 0.28 0.70 0.87 1.08 0.20 0.41 5.44 0.18 0.49 0.50 0.42 0.56 0.09 0.20 0.08 0.06 0.61 0.33 2.40 0.45 0.20 0.36 0.06 0.05 0.10 0.31 0.16 1.75 0.98 1.12 1.41 0.21 0.19 1.31 1.62 0.35 0.47 0.59 0.30 0.38 0.15 0.68 0.82 0.17 0.22 0.65 0.78 0.29 0.24 1.20 2.00 2.54 1.51

0.26 0.35 0.12 0.17 0.10 0.08 0.23 0.27 0.75 0.60 0.34 0.45 0.02 0.08 0.10 0.35 0.46 0.06 0.01 0.05 0.21 0.20 0.15 3.45 2.68 3.37 4.50 0.16 0.57 0.45 0.21 0.21 0.06 0.08 0.19 0.07 0.06 0.18 0.23 0.34 0.43 0.03 0.12 0.10 0.07 0.10 0.08 0.10 0.20 0.26 0.04 0.02 0.18 0.28 0.14 0.12 0.28 0.04 0.05 3.58 7.20 1.58 2.01 0.10 0.14 0.12 0.16 0.07 0.01 0.01 0.53 0.70 0.10 0.13 0.00 0.09 0.14 0.19 2.02 0.08 0.02 0.18 0.14 7.88 7.75 0.06 0.04 0.28 0.09 0.07 0.04 1.11 0.86 0.10 1.14 0.90 1.50 3.39 0.03 0.04 0.48 0.37 0.05 0.05 0.04 0.08 0.05 0.07 0.11 0.15 0.08 0.11 0.00 0.04 0.14 0.23 0.17 0.08 0.05 0.12 0.31 0.41 0.10 0.12 3.30 0.10 0.25 0.20 0.16 0.00 0.06 0.04 0.04 0.02 0.14 0.14 1.27 0.15 0.12 0.11 0.03 0.02 0.03 0.10 0.08 0.26 0.44 0.55 0.74 0.06 0.05 0.41 0.51 0.09 0.15 0.19 0.01 0.11 0.07 0.19 0.24 0.05 0.06 0.18 0.24 0.14 0.10 0.27 0.70 0.89 0.76

(100s) Stock

Exc Volume

Gratomic Graycliff Exp Great Atlantic Great Bear Res Great Bear Res* Great Panther* Great Panther Great Quest Fe Green Battery Green River Green River* Green Swan Cap Green Valley M Greencastle Rs Greenhawk Res Greenland M&En* Greenland Res Greenshield Ex Grid Metals* Grid Metals Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GSP Resource Guanajuato Sil* Guanajuato Sil Guardian Exp Gungnir Res* Gungnir Res Gunpoint Expl* Gunpoint Expl Guyana Goldstr Hanna Capital Hannan Metals Hannan Metals* Hanstone Gold Happy Ck Mnrls Harfang Explor Harfang Explor* Harmony Gold* Harvest Gold Harvest Gold* Hawkeye Gld&Di Hawkmoon Res Headwater Gold Headwater Gold* Hecla Mining* Heliostar Met* Heliostar Met Hemcare Health* Hemlo Expl* Hemlo Expl HFX Holding Highbank Res Highbury Proj HighGold HighGold* Highland Copp Highland Copp* Highway 50 Gld Highway 50 Gld* Highwood Asset Hochschild Mg* Homerun Res Honey Badger* Honey Badger Horizonte Mnls* Horizonte Mnls HudBay Min* HudBay Min Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hylands Intl i-80 Gold* i-80 Gold

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

I-Minerals I-Minerals* IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls * Iconic Mnls Idaho Champion Idaho Champion* IEMR Res 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* Indigo Expl Infield Min Infinite Ore Infinite Ore* Inflection Res Inomin Mines Intact Gold Integra Res Integra Res* Inter-Rock Mnl Interconnect Intercontinent* Intercontinent Interra Copper Interra Copper* Intl Battery Intl Bethl Mng Intl Iconic* Intl Iconic Intl Lithium Intl Lithium* Intl Prospect Intl Prospect * Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite* Intl Zeolite Intrepid Pots* 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 Jaxon Mining* Jaxon Mining Jayden Res Jazz Res Jervois Mining Jervois Mining* Josemaria Res Joshua Gold* Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold

Week High

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

1773 72 72 2423 82 16525 1470 331 313 217 6 142 18 194 303 953 1732 0 527 1485 1357 1081 0 43 316 243 17 1052 1752 0 119 452 121 10 0 0 156 165 9 115 67 0 57490 152 25 346 418 226 114 61535 229 137 87 2 47 10 0 0 283 116 364 192 1 8 0 125 0 513 1310 200 4761 7202 6216 459 55 20 603 0 220 1194

1.25 0.32 0.28 29.39 23.01 0.23 0.30 0.04 0.12 0.08 0.06 0.05 0.24 0.12 0.25 0.05 0.48 0.00 0.13 0.17 0.07 0.08 0.00 0.14 0.30 0.39 0.17 0.50 0.63 0.00 0.09 0.10 0.45 0.56 0.00 0.00 0.31 0.25 0.17 0.04 0.26 0.00 4.38 0.23 0.15 0.02 0.08 0.23 0.18 6.31 0.64 0.79 0.92 0.15 0.19 0.04 0.00 0.00 1.49 1.17 0.16 0.12 0.24 0.19 0.00 1.60 0.00 0.07 0.08 0.07 0.11 8.04 10.22 0.07 0.06 0.03 0.04 0.00 2.26 2.88

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

0 23 7458 38325 25 148 175 364 646 34 32 5 740 0 119 27 29 466 43 24 4867 185 33 0 815 2691 35 74 25 2 1404 1442 10 0 2 5 231 38 266 6 85 104 1483 1930 126 7 99377 2021 123 24 368 843 279 409 61 0 19 181 63 214 758 470 1058 331 576 7170 25 80 64 5 3 438 196 611 252 0 127 28 77 124 1538 1670 2797 1140 1519 0 5 25 353 2 235

0.00 0.02 4.18 3.27 0.04 0.12 0.17 0.08 0.06 0.03 0.15 0.13 0.57 17.54 4.12 3.23 0.12 0.16 0.30 0.37 0.01 0.11 0.08 0.00 0.05 0.16 0.12 0.12 0.11 0.04 2.10 1.68 0.64 0.00 0.07 0.10 0.06 0.04 4.05 0.04 0.04 0.05 0.11 0.09 0.14 0.12 0.01 1.23 1.56 0.15 0.20 52.00 0.14 0.20 0.07 0.00 0.32 0.41 1.35 1.08 3.75 1.27 1.64 0.14 9.43 11.97 0.38 0.06 0.08 0.02 0.03 4.99 3.88 0.34 0.26 0.00 0.03 0.05 0.48 0.77 0.69 0.59 1.76 0.03 0.07 0.00 0.24 0.12 0.16 1.20 0.22

Low

Last

12-month Change

1.13 1.17 0.29 0.31 + 0.00 0.28 + 0.00 28.15 21.86 22.43 0.20 0.22 + 0.26 0.29 + 0.00 0.04 unch 0.11 0.11 0.07 0.07 0.06 0.06 0.00 0.05 + 0.00 0.24 0.00 0.10 0.20 0.25 + 0.04 0.05 0.36 0.41 + 0.00 1.95 unch 0.11 0.12 0.15 0.16 unch 0.04 0.05 0.06 0.07 0.00 0.15 unch 0.00 0.13 unch 0.29 0.30 + 0.37 0.38 unch 0.00 0.16 unch 0.41 0.46 + 0.52 0.58 + 0.00 0.05 unch 0.06 0.08 + 0.09 0.10 + 0.43 0.43 unch 0.00 0.55 0.00 0.13 unch 0.00 0.04 unch 0.28 0.30 unch 0.22 0.23 0.00 0.16 0.00 0.04 + 0.23 0.26 + 0.00 0.21 unch 3.84 3.97 0.19 0.19 0.14 0.15 + 0.00 0.02 unch 0.07 0.08 unch 0.21 0.22 unch 0.17 0.18 + 5.02 5.87 + 0.50 0.52 0.65 0.65 0.75 0.88 + 0.00 0.15 unch 0.00 0.16 0.00 0.04 0.00 0.02 unch 0.00 0.35 unch 1.28 1.30 1.01 1.03 0.14 0.14 0.11 0.11 0.00 0.24 + 0.19 0.19 unch 0.00 11.00 unch 1.30 1.55 + 0.00 0.20 unch 0.06 0.06 0.07 0.07 0.07 0.07 unch 0.11 0.11 unch 7.04 7.81 + 9.05 9.92 + 0.07 0.07 + 0.05 0.05 0.03 0.03 unch 0.00 0.03 0.00 0.03 unch 2.06 2.17 unch 2.60 2.76 -

High Low

0.04 0.02 0.04 1.23 0.38 0.02 0.03 0.00 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.01 0.02 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.04 0.05 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.03 0.00 0.16 0.02 0.01 0.00 0.00 0.00 0.00 0.77 0.08 0.11 0.03 0.00 0.03 0.01 0.00 0.00 0.15 0.14 0.01 0.00 0.06 0.00 0.00 0.15 0.00 0.00 0.01 0.00 0.00 0.04 0.02 0.01 0.01 0.00 0.01 0.00 0.00 0.03

1.84 2.86 0.84 29.39 24.02 1.08 1.34 0.17 0.43 0.08 0.07 0.11 1.47 0.26 0.35 0.17 0.77 1.98 0.23 0.30 0.07 0.08 0.17 0.18 0.42 0.51 0.50 0.70 0.74 0.20 0.25 0.32 0.56 0.75 0.20 0.16 0.62 0.49 0.54 0.13 0.62 0.39 5.76 0.24 0.19 0.05 0.20 0.65 0.27 9.44 1.47 1.81 2.32 0.48 0.65 0.11 0.03 0.35 2.08 1.65 0.17 0.13 0.47 0.37 19.00 3.33 0.21 0.20 0.18 0.15 0.18 9.60 11.62 0.25 0.21 0.23 0.13 0.04 2.86 3.54

0.95 0.20 0.21 12.80 10.08 0.16 0.24 0.03 0.09 0.05 0.04 0.05 0.24 0.10 0.06 0.04 0.30 0.16 0.07 0.09 0.02 0.03 0.14 0.09 0.22 0.27 0.15 0.29 0.36 0.05 0.03 0.04 0.43 0.55 0.10 0.03 0.22 0.16 0.15 0.03 0.21 0.18 3.00 0.10 0.00 0.01 0.06 0.14 0.11 4.50 0.48 0.62 0.50 0.13 0.16 0.03 0.01 0.20 0.98 0.79 0.08 0.06 0.18 0.18 4.72 1.30 0.04 0.04 0.06 0.05 0.10 5.22 6.70 0.06 0.04 0.02 0.03 0.03 1.88 2.26

0.00 0.00 0.10 0.10 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.02 1.24 0.05 0.08 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.00 0.01 0.02 0.03 0.01 0.01 0.00 0.09 0.09 0.00 0.00 0.00 0.00 0.01 0.00 1.00 0.01 0.00 0.01 0.01 0.01 0.02 0.02 0.00 0.14 0.18 0.02 0.00 6.41 0.01 0.02 0.01 0.00 0.02 0.03 0.06 0.06 0.32 0.03 0.17 0.01 0.61 0.74 0.00 0.00 0.00 0.00 0.00 0.08 0.05 0.01 0.01 0.00 0.00 0.01 0.04 0.03 0.07 0.04 0.02 0.00 0.01 0.00 0.00 0.00 0.01 0.55 0.01

0.06 0.05 4.62 3.85 0.10 0.30 0.37 0.23 0.20 0.04 0.68 0.57 1.02 21.00 5.95 4.92 0.20 0.23 0.46 0.49 0.05 0.19 0.15 0.11 0.42 0.28 0.21 0.43 0.19 0.12 4.26 3.48 0.65 0.10 0.20 0.24 0.30 0.23 5.13 0.12 0.13 0.16 0.14 0.11 0.25 0.40 0.02 1.40 1.75 0.24 0.33 52.91 0.19 0.26 0.09 0.05 0.79 0.62 2.35 1.93 6.61 1.55 1.90 0.35 10.27 12.39 0.40 0.07 0.11 0.04 0.06 8.75 6.96 0.43 0.32 0.21 0.08 0.10 1.05 0.99 0.69 0.59 1.76 0.14 0.15 0.87 0.32 0.41 0.52 2.00 0.50

0.03 0.02 2.75 2.16 0.00 0.10 0.13 0.04 0.04 0.03 0.14 0.10 0.42 10.38 2.95 2.27 0.09 0.11 0.16 0.29 0.00 0.05 0.04 0.05 0.04 0.06 0.04 0.10 0.08 0.03 1.82 1.41 0.40 0.08 0.06 0.10 0.05 0.03 0.38 0.03 0.03 0.04 0.05 0.03 0.10 0.08 0.00 0.62 0.79 0.08 0.10 22.82 0.11 0.13 0.03 0.01 0.26 0.32 0.92 0.72 1.95 0.88 0.57 0.02 4.96 6.27 0.30 0.03 0.05 0.01 0.02 3.70 2.79 0.25 0.19 0.07 0.03 0.04 0.33 0.24 0.36 0.25 0.67 0.01 0.03 0.59 0.19 0.11 0.15 0.31 0.16

I-J-K 0.00 0.03 unch 0.02 0.02 unch 3.79 3.93 2.96 3.07 0.00 0.03 0.11 0.12 0.14 0.15 0.06 0.07 0.05 0.05 0.00 0.03 unch 0.00 0.14 0.10 0.12 0.48 0.51 + 0.00 17.54 + 3.67 3.88 2.85 3.00 0.11 0.12 + 0.14 0.16 + 0.27 0.28 0.35 0.35 0.01 0.01 0.09 0.11 + 0.07 0.08 + 0.00 0.05 unch 0.00 0.04 0.12 0.13 0.09 0.10 0.00 0.11 0.00 0.11 + 0.00 0.04 unch 1.82 1.85 1.41 1.46 0.00 0.64 unch 0.00 0.08 unch 0.07 0.07 unch 0.00 0.10 unch 0.00 0.05 0.00 0.04 2.85 3.86 + 0.00 0.03 0.03 0.04 0.00 0.04 0.09 0.10 0.07 0.07 0.00 0.12 0.10 0.10 0.00 0.01 0.96 0.99 1.24 1.26 0.13 0.15 + 0.16 0.18 unch 43.60 51.89 + 0.12 0.14 + 0.00 0.17 + 0.00 0.06 0.00 0.05 unch 0.28 0.29 0.35 0.36 1.19 1.21 0.94 0.97 3.17 3.65 + 1.14 1.25 + 1.46 1.64 + 0.08 0.14 + 8.18 9.33 + 11.10 11.86 + 0.38 0.38 unch 0.06 0.06 unch 0.00 0.07 unch 0.02 0.02 unch 0.00 0.03 unch 4.35 4.61 3.41 3.62 0.29 0.30 0.22 0.23 0.00 0.08 unch 0.03 0.03 0.00 0.04 0.00 0.44 0.71 0.76 + 0.58 0.66 + 0.44 0.52 + 1.58 1.69 + 0.01 0.01 0.06 0.06 0.00 0.87 unch 0.24 0.24 unch 0.12 0.12 unch 0.00 0.16 + 0.00 1.20 + 0.00 0.19 -

(100s) Stock

Week

Exc Volume

High

K9 Gold* K92 Mining* K92 Mining Kainantu Res Kaizen Discov Kalo Gold Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Metals* Kenadyr Metals Kenorland Min Kermode Res Kesselrun Res Kesselrun Res* Kestrel Gold KGL Resources KGL Resources* Kincora Copper* Kincora Copper King Global* King Global Kingfisher Met* Kingfisher Met Kingman Min Kingman Min* Kings Bay 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 Kore Mining Kore Mining * Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

O 553 O 510 T 5745 V 132 V 83 V 106 V 575 C 341 T 538 V 15 O 276 O 42181 O 5 V 4 V 37 V 1411 V 96 O 58 V 122 V 91 O 9 O 52 V 73 O 15 V 3069 O 96 V 678 V 272 O 750 V 8 V 18 T 39259 N 148360 V 599 V 197 O 10 T 8955 N 4662 V 276 O 202 O 93 V 2831 O 79 O 23 V 245 O 642 V 1887 C 1759 V 349 O 365 O 328 C 61 O 69 C 2089 O 1458

0.30 6.78 8.69 0.25 0.36 0.20 0.90 0.55 0.65 0.48 4.20 0.00 0.10 0.11 0.76 0.03 0.10 0.07 0.09 0.13 0.09 0.12 0.15 0.04 0.05 0.22 0.25 0.05 0.03 0.10 0.11 7.60 5.98 0.18 0.89 0.70 50.66 39.52 0.18 0.14 0.05 0.07 1.15 0.27 0.35 0.17 0.19 0.10 0.44 0.35 0.66 1.20 1.00 0.04 0.04

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* Leading Edge Leading Edge* Leeta Gold Legion Metals Leo Res* Leocor Gold* Leocor Gold Leopard Lake Leviathan Gold Leviathan Gold* Li-Metal Libero Copper* Libero Copper Liberty Gold* Liberty One Li Lido Minerals Lightspeed Dis Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi* Lithium Energi Lithium South* Lithoquest Res* Lithoquest Res Lode-Star Mg* 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 Lynas Corp* Lynas Corp*

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

297 447 371 34 1102 4603 58 1567 134 346 287 1392 84 121 729 1263 55 272 370 12713 1209 0 318 267 30 428 13 60 125 172 597 0 92 4 171 565 588 4306 15342 2748 753 987 35 133 571 614 560 24 0 1311 292 86 225 142 41 6 100 43 695 46 2023 9 35 96 262 67 1482 407 10928 15 1608 477 830

0.72 0.86 0.11 35.74 45.61 0.67 0.50 0.66 0.01 9.71 12.34 0.11 0.07 0.15 0.11 1.14 0.92 0.56 0.46 2.58 0.17 0.00 0.33 0.41 0.12 0.12 0.09 1.74 0.39 0.50 0.90 0.00 0.28 0.10 0.10 1.34 1.05 37.08 29.20 0.88 0.69 0.27 0.16 0.19 0.50 0.14 0.18 0.04 0.00 0.07 0.07 0.47 0.59 0.11 16.50 12.96 0.13 0.10 0.67 0.05 0.06 0.56 0.40 0.47 0.60 0.43 10.47 9.84 12.40 0.03 0.05 7.17 7.09

Macarthur Min* Macarthur Min MacDonald Mns* MacDonald Mns Madeira Mrnls Madoro Metals MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Mining Magna Terra Magna Terra* Magnum Goldco Majestic Gold* Majestic Gold 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 Manitou Gold Manitou Gold * Manning Vent Mantaro Prec Mantaro Prec* Maple Gold* Maple Gold Marathon Gold* Marathon Gold Margaret Lake Marimaca Cop*

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

11 160 54 470 0 36 1440 9 284 130 158 169 1 43 29 935 4 641 497 62 909 1006 40 4 35 94 510 276 65 1325 71 306 746 204 1053 504 204 2527 28 6

0.30 0.34 0.03 0.04 0.00 0.07 22.89 0.31 0.72 0.59 0.42 0.14 0.10 0.05 0.06 0.07 0.13 0.06 0.07 0.31 0.36 0.28 0.09 0.09 2.18 2.79 0.32 0.24 0.08 0.07 0.05 0.09 0.17 0.19 0.29 0.37 2.33 2.97 0.30 3.51

Low

Last

21

12-month Change

0.19 0.20 5.92 6.14 + 7.64 7.88 + 0.19 0.21 0.00 0.33 0.17 0.19 + 0.85 0.88 + 0.38 0.42 0.48 0.58 0.00 0.48 + 3.96 4.08 0.00 0.00 0.00 0.08 0.00 0.11 0.71 0.71 0.00 0.02 0.00 0.08 0.07 0.07 unch 0.08 0.08 0.00 0.11 0.07 0.09 + 0.09 0.09 0.13 0.15 + 0.03 0.03 0.04 0.04 0.18 0.18 0.21 0.23 0.03 0.05 + 0.03 0.03 unch 0.00 0.10 unch 0.00 0.11 6.67 7.03 5.20 5.53 0.14 0.15 0.80 0.86 0.62 0.62 49.09 49.71 unch 38.38 38.92 unch 0.00 0.17 unch 0.12 0.14 + 0.04 0.04 + 0.06 0.06 + 1.02 1.11 0.24 0.24 0.31 0.32 0.12 0.14 0.16 0.19 + 0.00 0.06 0.39 0.40 0.30 0.31 0.41 0.54 1.10 1.11 0.86 0.88 0.04 0.04 unch 0.03 0.04 +

High Low

0.07 0.01 0.08 0.02 0.03 0.02 0.01 0.06 0.07 0.08 0.04 0.00 0.02 0.01 0.03 0.02 0.02 0.00 0.01 0.02 0.00 0.02 0.01 0.01 0.01 0.01 0.02 0.02 0.00 0.00 0.02 0.39 0.29 0.02 0.03 0.05 0.00 0.00 0.00 0.00 0.00 0.01 0.04 0.01 0.02 0.00 0.02 0.01 0.02 0.02 0.09 0.02 0.01 0.00 0.00

0.66 7.60 9.36 0.40 0.85 0.59 1.25 0.75 0.65 0.94 4.28 0.02 0.32 0.45 1.50 0.06 0.26 0.21 0.24 0.50 0.44 0.56 0.35 0.09 0.12 2.38 0.80 0.24 0.18 0.20 0.22 10.06 8.34 0.24 1.10 2.40 58.43 46.98 0.27 0.22 0.13 0.16 1.94 0.48 0.61 0.34 0.42 0.33 1.22 0.99 0.93 2.80 2.27 0.05 0.04

0.10 4.42 5.75 0.15 0.25 0.17 0.70 0.10 0.12 0.36 2.25 0.00 0.06 0.11 0.65 0.02 0.08 0.06 0.06 0.10 0.01 0.08 0.11 0.03 0.04 0.15 0.20 0.03 0.03 0.06 0.11 6.35 4.90 0.09 0.07 0.08 40.07 31.72 0.14 0.11 0.00 0.05 0.80 0.10 0.23 0.10 0.16 0.05 0.33 0.26 0.32 0.76 0.60 0.02 0.00

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

0.00 0.01 0.01 1.84 2.12 0.06 0.02 0.09 0.00 0.93 1.14 0.02 0.00 0.03 0.02 0.06 0.06 0.05 0.05 0.10 0.02 0.00 0.01 0.01 0.01 0.02 0.01 0.14 0.01 0.01 0.05 0.00 0.03 0.05 0.02 0.00 0.01 1.79 1.55 0.05 0.03 0.07 0.00 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.06 0.01 0.00 0.07 0.01 0.02 0.01 0.00 0.00 0.00 0.00 0.01 0.02 0.01 0.05 0.17 0.13 0.00 0.00 0.72 0.78

1.50 1.85 0.49 42.40 50.45 0.86 0.85 1.12 0.04 18.71 22.96 0.23 0.18 0.20 0.16 1.14 0.92 0.72 0.57 6.57 0.34 0.36 1.47 1.00 0.16 0.73 0.65 3.75 0.73 0.89 1.50 0.85 0.41 0.12 0.25 1.59 1.20 53.09 41.56 1.21 0.95 0.98 0.41 0.29 0.92 0.14 0.18 0.28 0.37 0.23 0.18 0.97 1.16 4.20 16.50 12.96 0.60 0.27 0.87 0.54 0.15 0.80 0.80 0.71 0.90 0.94 12.93 13.11 16.07 0.07 0.08 8.35 8.43

0.24 0.30 0.02 26.61 33.33 0.16 0.48 0.37 0.00 7.39 9.39 0.08 0.06 0.10 0.09 0.18 0.14 0.19 0.15 1.91 0.14 0.00 0.22 0.31 0.11 0.11 0.08 0.76 0.27 0.34 0.66 0.33 0.22 0.05 0.09 0.97 0.77 14.46 11.84 0.26 0.21 0.18 0.01 0.08 0.29 0.06 0.06 0.04 0.19 0.06 0.05 0.40 0.49 0.04 6.25 5.11 0.11 0.08 0.50 0.04 0.06 0.23 0.29 0.39 0.50 0.35 8.82 6.66 8.56 0.00 0.03 3.92 4.00

0.26 0.26 0.31 0.34 + 0.03 0.03 + 0.04 0.04 + 0.00 0.03 unch 0.00 0.06 19.93 21.43 + 0.00 0.27 0.69 0.69 0.55 0.56 + 0.40 0.42 + 0.00 0.13 0.10 0.10 unch 0.00 0.05 + 0.06 0.06 + 0.07 0.07 unch 0.11 0.11 + 0.05 0.05 + 0.06 0.07 + 0.28 0.30 0.33 0.36 + 0.25 0.28 + 0.00 0.08 0.00 0.07 2.00 2.18 + 2.50 2.76 + 0.28 0.30 0.22 0.23 0.00 0.08 + 0.00 0.07 + 0.04 0.05 + 0.08 0.09 0.15 0.16 unch 0.12 0.12 + 0.26 0.27 0.33 0.34 2.17 2.26 + 2.71 2.90 + 0.00 0.30 + 3.07 3.07 -

0.00 0.01 0.00 0.01 0.00 0.01 1.34 0.01 0.02 0.00 0.02 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.02 0.01 0.01 0.02 0.13 0.10 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.02 0.01 0.02 0.36

0.50 0.60 0.06 0.07 0.03 0.15 29.28 1.40 1.13 1.12 0.65 0.20 0.16 0.18 0.07 0.08 2.00 0.44 0.55 1.46 0.44 0.39 0.21 0.39 3.00 3.68 0.78 0.62 0.10 0.13 0.10 0.50 0.57 0.50 0.42 0.49 3.00 3.73 1.30 4.55

0.22 0.28 0.02 0.03 0.03 0.06 16.74 0.27 0.69 0.55 0.30 0.10 0.09 0.05 0.03 0.05 0.01 0.04 0.05 0.28 0.29 0.22 0.08 0.01 1.43 1.82 0.22 0.18 0.06 0.05 0.04 0.07 0.13 0.09 0.18 0.24 1.68 2.13 0.18 2.70

L 0.62 0.79 0.08 33.19 42.50 0.50 0.49 0.54 0.00 8.09 10.29 0.00 0.07 0.00 0.09 0.99 0.79 0.43 0.33 2.01 0.14 0.00 0.30 0.38 0.11 0.10 0.08 1.25 0.36 0.46 0.76 0.00 0.25 0.00 0.00 1.16 0.92 30.72 23.92 0.68 0.53 0.18 0.12 0.17 0.36 0.11 0.00 0.04 0.00 0.06 0.05 0.40 0.49 0.04 15.51 12.53 0.00 0.08 0.59 0.04 0.06 0.28 0.00 0.41 0.55 0.40 9.59 8.18 10.91 0.00 0.00 6.09 6.06

0.64 0.81 0.10 35.67 45.30 0.58 0.49 0.65 0.01 9.69 12.34 0.09 0.07 0.12 0.09 1.10 0.85 0.50 0.39 2.44 0.15 0.03 0.32 0.40 0.11 0.10 0.08 1.60 0.38 0.49 0.78 0.40 0.25 0.10 0.09 1.20 0.95 36.50 28.74 0.83 0.65 0.27 0.15 0.17 0.46 0.11 0.16 0.04 0.30 0.07 0.06 0.41 0.52 0.07 16.10 12.53 0.11 0.10 0.66 0.05 0.06 0.28 0.40 0.45 0.56 0.41 10.01 9.29 11.79 0.03 0.05 7.09 7.08

M

22

WWW.NORTHERNMINER.COM

MARCH 7—20, 2022 / THE NORTHERN MINER

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

Exc Volume

Marimaca Cop Maritime Res Martina Mnls MartinMarietta* Marvel Discov* Marvel Discov Mas Gold Mascota Res* Masivo Silver Masivo Silver* Mason Graphite* Mason Graphite Matachewan Con Matica Ent Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent MaxTech Vent* Maxwell Res* Mayfair Gold* Mayfair Gold Mazarin McChip Res McEwen Mng McEwen Mng* McLaren Res MDN Inc* Mechel* Medallion Res Medallion Res* Medaro Mining Medaro Mining* Medgold Res* Medgold Res Medinah Mnrls* Mega Copper Mega Uranium Mega Uranium* MegaWatt Lith* MegaWatt Lith MegumaGold MegumaGold* Melkior Res* Melkior Res Meridian Mg Meridian Mg * Metal Energy MetalCorp* MetalCorp Metalex Vent Metallic Mnrls Metallic Mnrls* Metallica Met* Metallica Met Metallis Res Metallum Res Metalo Manuf Metalore Res Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* MGX Minerals Midasco Cap Midland Expl Midnight Star Midnight Sun* Midnight Sun Millbank Mg MillenMin Vent Millennial Pr Millennial Pr* Millennium Sil Millrock Res* Millrock Res Milner Con Slv Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Hill Mineral Mtn Mineral Mtn* Mineral Res* Mineworx Tech* Mineworx Tech Minfocus Expl Minnova Corp Minsud Res Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Monarca Mnrls* Monarca Mnrls Monarch Min* Monarch Mining Moneta Porcpn Moneta Porcpn* Mongoose Mg Monitor Vent Monitor Vent* Montage Gold Montage Gold* Montego Res Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Monumental Min 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 Murchison Min* Musk Metals Musk Metals*

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

60 709 0 2663 590 545 659 1 94 521 279 399 0 21 263 609 80 1572 1926 910 77 0 17 253 0 6 1298 12344 620 20 3463 126 483 603 944 78 62 7354 0 3437 485 836 908 728 777 6 80 1038 219 646 1 158 125 758 695 41 354 141 57 32 4 280 312 374 77 29 363 0 117 407 123 51 0 0 2093 365 0 72 105 17 850 638 31 47 2053 2558 702 419 0 528 56 4 544 224 26 190 10 160 259 5 15 1 187 301 39 186 238 52 4 0 1 921 69 25 19 108 184 104 1 329 28 114 44218 198 10 10 168 617 456 103 66 92 2003 309 370 63

NACCO Ind* Namibia Crit Namibia Crit* Natural Res Pt* Navis Res Corp* NEO Battery NEO Battery* Neometals* Network Expl Network Expl* Nevada Canyon* Nevada Copper* Nevada Copper Nevada Expl * Nevada Expl Nevada King* Nevada King Nevada Lithium Nevada Lithiu* Nevada Silver Nevada Sunrise Nevada Sunrise* Nevada Zinc Nevado Res NevGold NevGold* New Age Metals New Age Metals*

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

56 229 452 164 15 1067 534 101 294 66 5 751 2608 264 155 654 646 349 102 296 112 275 612 0 334 199 930 365

Week High

Low

Last

12-month Change

4.38 3.89 4.05 0.13 0.12 0.13 + 0.00 0.00 0.07 unch 388.42 350.33 385.71 + 0.09 0.07 0.08 + 0.10 0.09 0.10 unch 0.12 0.00 0.11 unch 2.50 0.00 2.50 + 0.07 0.00 0.07 unch 0.06 0.04 0.04 0.43 0.35 0.38 0.55 0.48 0.49 0.00 0.00 0.17 unch 0.42 0.39 0.39 6.20 5.80 5.98 4.86 4.53 4.72 + 0.11 0.10 0.10 0.14 0.13 0.13 0.37 0.26 0.36 + 0.09 0.06 0.07 0.07 0.05 0.05 0.00 0.00 0.08 unch 0.86 0.84 0.84 1.11 1.00 1.10 + 0.00 0.00 0.13 unch 0.77 0.00 0.73 unch 1.08 0.96 0.97 0.84 0.75 0.77 0.07 0.06 0.06 unch 0.28 0.24 0.25 3.72 1.88 2.25 0.12 0.00 0.12 unch 0.09 0.08 0.09 + 0.71 0.58 0.64 0.57 0.44 0.52 0.02 0.02 0.02 + 0.03 0.00 0.02 unch 0.00 0.00 0.00 0.00 0.00 0.16 unch 0.33 0.26 0.33 + 0.25 0.20 0.25 + 0.17 0.12 0.13 0.20 0.15 0.17 0.05 0.04 0.04 0.03 0.03 0.03 0.23 0.22 0.22 0.36 0.00 0.27 0.93 0.83 0.87 0.72 0.65 0.68 0.15 0.13 0.14 0.02 0.02 0.02 unch 0.04 0.03 0.04 unch 0.04 0.00 0.04 0.42 0.36 0.38 unch 0.35 0.28 0.29 0.07 0.00 0.07 0.10 0.00 0.09 0.20 0.19 0.19 0.08 0.00 0.08 + 0.19 0.13 0.13 2.63 0.00 2.63 + 0.13 0.11 0.12 0.17 0.14 0.15 0.44 0.39 0.43 0.28 0.00 0.27 0.05 0.04 0.05 + 0.05 0.00 0.05 unch 0.00 0.00 0.10 unch 0.55 0.50 0.52 unch 0.39 0.35 0.36 0.24 0.21 0.24 + 0.30 0.28 0.30 + 0.00 0.00 0.50 unch 0.00 0.00 0.05 unch 0.51 0.45 0.46 0.40 0.35 0.36 0.00 0.00 0.01 unch 0.05 0.04 0.05 + 0.07 0.06 0.06 unch 0.11 0.00 0.11 unch 0.34 0.29 0.31 0.25 0.22 0.23 0.26 0.00 0.26 + 0.33 0.00 0.33 + 0.43 0.38 0.42 unch 0.54 0.49 0.52 0.07 0.07 0.07 0.10 0.08 0.09 0.00 0.00 0.26 unch 0.13 0.11 0.11 0.10 0.09 0.09 + 35.05 31.00 31.28 0.06 0.05 0.06 + 0.08 0.00 0.08 0.39 0.00 0.38 + 0.13 0.11 0.12 + 0.26 0.00 0.26 + 0.51 0.49 0.51 + 0.08 0.07 0.07 0.43 0.00 0.43 unch 0.07 0.07 0.07 unch 0.09 0.00 0.09 unch 0.03 0.03 0.03 + 0.04 0.03 0.04 unch 0.55 0.00 0.52 0.70 0.65 0.65 2.15 2.02 2.05 1.66 1.60 1.62 0.24 0.24 0.24 unch 0.00 0.00 0.13 unch 0.09 0.09 0.09 unch 0.70 0.64 0.69 + 0.60 0.51 0.54 + 0.02 0.02 0.02 0.69 0.65 0.65 0.06 0.05 0.05 0.09 0.00 0.08 0.12 0.00 0.12 0.09 0.09 0.09 unch 0.44 0.35 0.37 0.19 0.16 0.19 + 0.24 0.00 0.23 49.57 42.35 49.53 + 0.09 0.08 0.08 0.48 0.48 0.48 unch 0.13 0.13 0.13 + 0.17 0.16 0.16 unch 0.74 0.66 0.68 0.58 0.53 0.53 0.20 0.19 0.19 0.18 0.00 0.18 0.14 0.13 0.14 + 0.13 0.10 0.12 0.11 0.08 0.09 0.07 0.06 0.06 0.05 0.04 0.05 +

High Low

0.23 5.85 3.24 0.01 0.24 0.12 0.00 0.07 0.07 2.04 446.46 312.42 0.00 0.20 0.04 0.00 0.22 0.06 0.00 0.19 0.09 0.20 3.45 1.10 0.00 0.25 0.06 0.03 0.12 0.02 0.04 0.71 0.32 0.05 0.93 0.40 0.00 0.27 0.16 0.03 2.10 0.29 0.03 7.70 5.04 0.01 6.40 3.91 0.01 0.26 0.10 0.01 0.33 0.13 0.04 0.32 0.14 0.02 0.40 0.07 0.02 0.30 0.04 0.00 1.26 0.01 0.00 1.63 0.40 0.06 2.15 0.49 0.00 0.20 0.08 0.00 1.45 0.57 0.06 2.07 0.96 0.05 1.71 0.75 0.00 0.10 0.04 0.01 1.00 0.21 1.36 5.19 1.58 0.00 0.58 0.08 0.00 0.47 0.06 0.06 1.43 0.45 0.03 1.81 0.32 0.00 0.06 0.01 0.00 0.07 0.02 0.00 0.01 0.00 0.00 0.17 0.14 0.05 0.42 0.17 0.04 0.34 0.13 0.02 0.41 0.07 0.03 0.52 0.08 0.01 0.11 0.03 0.00 0.09 0.02 0.01 0.62 0.20 0.06 0.80 0.24 0.03 1.34 0.30 0.04 1.08 0.26 0.02 0.25 0.10 0.00 0.05 0.01 0.00 0.07 0.03 0.01 0.11 0.02 0.00 0.88 0.32 0.01 0.71 0.25 0.01 0.44 0.07 0.01 0.57 0.08 0.01 0.57 0.19 0.01 0.20 0.07 0.07 0.69 0.12 0.38 3.33 2.15 0.00 0.20 0.08 0.01 0.23 0.11 0.02 0.46 0.15 0.01 0.55 0.19 0.00 0.13 0.02 0.00 0.16 0.04 0.00 0.15 0.10 0.00 0.91 0.46 0.02 0.69 0.25 0.01 0.40 0.00 0.01 0.42 0.23 0.00 0.60 0.40 0.00 0.05 0.05 0.03 0.74 0.30 0.03 0.94 0.27 0.00 0.03 0.01 0.00 0.09 0.04 0.00 0.11 0.05 0.00 0.11 0.07 0.04 0.51 0.23 0.02 0.46 0.17 0.00 0.52 0.24 0.01 0.58 0.30 0.00 0.63 0.37 0.01 0.73 0.48 0.00 0.13 0.01 0.01 0.16 0.07 0.00 0.30 0.13 0.01 0.27 0.10 0.00 0.21 0.08 3.78 48.27 27.13 0.00 0.08 0.04 0.01 0.11 0.05 0.01 0.40 0.16 0.02 0.36 0.11 0.02 0.37 0.04 0.01 0.69 0.31 0.01 0.23 0.06 0.00 0.70 0.31 0.00 0.12 0.07 0.00 0.15 0.09 0.00 0.13 0.02 0.00 0.16 0.03 0.03 0.90 0.49 0.05 1.03 0.62 0.01 2.61 1.55 0.00 1.85 1.25 0.00 0.57 0.19 0.00 0.36 0.10 0.00 0.29 0.07 0.02 1.02 0.58 0.02 0.85 0.45 0.01 0.05 0.02 0.01 2.40 0.21 0.00 0.86 0.01 0.01 0.80 0.07 0.01 0.21 0.10 0.00 0.16 0.01 0.02 0.79 0.27 0.01 0.51 0.11 0.01 0.64 0.16 4.53 48.11 28.05 0.01 0.19 0.08 0.00 0.65 0.32 0.00 0.19 0.11 0.00 0.28 0.15 0.06 0.88 0.40 0.05 0.69 0.32 0.01 0.90 0.19 0.01 0.35 0.17 0.00 0.27 0.13 0.01 0.17 0.06 0.01 0.15 0.05 0.01 0.17 0.05 0.00 0.12 0.00

N-O 30.47 0.23 0.21 38.25 0.41 0.35 0.29 0.97 0.24 0.18 1.05 0.57 0.73 0.06 0.07 0.32 0.40 0.36 0.35 0.34 0.06 0.05 0.06 0.00 0.54 0.42 0.10 0.08

28.42 30.32 + 0.20 0.23 + 0.17 0.18 + 35.12 36.68 0.30 0.30 0.28 0.31 0.21 0.25 0.85 0.92 + 0.00 0.19 0.16 0.17 0.90 1.05 + 0.48 0.52 0.61 0.70 unch 0.05 0.05 + 0.00 0.06 0.28 0.30 0.37 0.38 0.26 0.28 0.21 0.23 0.32 0.32 0.00 0.06 + 0.04 0.05 + 0.00 0.06 0.00 0.11 unch 0.48 0.50 0.38 0.40 + 0.09 0.10 + 0.07 0.08 +

0.30 0.02 0.01 0.51 0.11 0.04 0.03 0.01 0.03 0.01 0.02 0.03 0.00 0.00 0.01 0.00 0.01 0.06 0.12 0.03 0.01 0.00 0.01 0.00 0.01 0.02 0.01 0.01

44.00 0.43 0.40 39.64 3.70 1.31 1.21 1.31 1.68 1.35 1.07 0.99 3.15 0.17 0.22 1.50 0.84 0.78 0.75 0.60 0.16 0.12 0.18 0.19 0.65 0.58 0.21 0.17

20.05 0.20 0.15 14.22 0.30 0.14 0.11 0.25 0.19 0.15 0.32 0.39 0.49 0.05 0.06 0.23 0.27 0.26 0.21 0.22 0.05 0.04 0.06 0.10 0.34 0.27 0.09 0.06

(100s) Stock

Exc Volume

New Destiny Mg New Energy Met* New Energy Met New Found Gold New Gold New Gold* New Pac Metals New Pac Metals* New Placer* New Placer New Stratus New Target Mng New Tech Min New World Res* Newcore Gold Newcore Gold* Newcrest Mg Newcrest Mg* Newlox Gold Newmac Res Newmont Corp* Newmont Corp Neworigin Gold Newport Expl NewRange Gold* NewRange Gold Nexa Resources* Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold Nfld Discovery Nfld Discovery* NGEx Minerals* NGEx Minerals Nickel 28* Nickel 28 Nickel Creek* Nickel Creek Nickel North Nickel Rock Nickel Rock* Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Nobel Res Nobel Res* Noble Metal Noble Mineral Noble Mineral* Noka Res* Noram Vent* Noram Vent Norilsk Nickel* Noront Res* Noront Res Norra Metals Norrland Gold 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 North Valley Northcliff Res Northern Light* Northern Light Northern Uran Northisle C&G * Northisle C&G Northstar Gold Northstar Gold* Northwest Cop* Northwest Cop Norvista Cap NorZinc NorZinc* Nouveau Monde* Nouveau Monde NovaGold Res NovaGold Res* Novo Res Nrthn Graphite Nrthn Graphite* Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* NSGold NSJ Gold NSS Res Inc Nthn Dynasty Nthn Dynasty* Nubian Res Nuinsco Res Nuinsco Res* NuLegacy Gold NuLegacy Gold* Nutrien* Nutrien NV Gold NV Gold* O2Gold O3 Mining OceanaGold* OceanaGold Oceanic Iron O Oceanus Res* Oceanus Res Odyssey Res Olivut Res* Olivut Res Omai Gold Omai Gold* Omineca Mining* Omineca Mining One World Lith* One World Lith Opawica Expl Opawica Expl* Ophir Gold Ophir Gold* Optimum Vent* Optimum Vent Optimus Gold Opus One Gold Orca Gold* Orca Gold Ord Mountain Orea Mining Orea Mining* Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold* Orezone Gold Orford Mining Origen Res Original Sixtn* Orla Mining Oroco Res* Oroco Res Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls* Osino Res* Osino Res Osisko Dev*

V 0 O 0 V 1 V 1226 T 13944 X 57146 T 516 X 752 O 272 V 1903 V 665 V 5 C 384 O 38 V 172 O 74 T 6 O 20 C 480 V 0 N 50513 T 1173 V 137 V 1222 O 108 V 704 N 462 T 8708 X 10419 T 737 O 108 V 2306 C 114 O 61 O 108 V 972 O 144 V 403 O 389 T 605 V 50 V 220 O 297 V 596 O 237 O 73 T 225 V 132 V 162 T 924 O 1212 V 1193 O 379 V 627 O 121 V 183 V 552 O 65 O 7 O 650 V 426 O 2689 O 1455 V 2980 V 1421 V 14 V 0 V 305 C 317 O 86 V 4 O 55 O 13 V 0 O 202 V 554 O 174083 O 363 V 370 C 19 T 401 O 1383 C 18062 V 548 O 147 V 344 C 97 O 39 O 37 V 272 V 108 T 1865 O 211 N 239 V 277 T 871 X 8063 T 1944 V 851 O 500 V 0 O 57 V 5212 V 187 O 155 V 5 C 77 C 210 T 489 X 15456 V 77 C 791 O 376 V 937 O 762 N 18541 T 8067 V 158 O 121 V 126 V 108 O 2 T 9492 V 204 O 1706 V 2480 V 60 O 50 V 148 V 616 O 83 O 217 V 211 O 201 C 717 V 34 O 31 V 166 O 59 O 26 V 83 V 0 V 207 O 233 V 860 V 0 T 1741 O 1723 V 554 V 54 O 298 V 158 O 170 T 1071 V 161 C 79 O 8 T 2390 O 626 V 884 V 7 O 0 T 412 O 355 O 144 V 639 O 227

(100s) Stock

Week High

Low

0.00 0.07 0.09 8.74 2.55 2.01 4.34 3.42 0.10 0.12 0.65 0.15 0.05 2.56 0.56 0.44 23.92 18.40 0.22 0.00 70.37 89.95 0.08 0.49 0.06 0.08 8.75 6.09 4.80 4.58 0.02 0.03 0.34 0.26 2.75 3.00 1.03 1.30 0.06 0.08 0.04 0.12 0.09 0.10 0.08 0.58 0.76 0.35 0.15 1.18 0.93 0.03 0.02 0.35 0.28 0.01 0.13 0.10 0.32 0.72 0.92 28.31 0.86 1.08 0.06 0.14 0.00 0.25 0.89 0.69 0.02 0.01 0.48 0.00 0.10 0.12 0.00 2.86 3.66 0.08 0.04 0.09 0.07 0.04 0.39 0.47 0.20 0.15 0.58 0.69 0.07 0.04 0.04 7.40 9.42 9.51 7.45 1.18 0.77 0.63 0.00 0.12 0.05 0.79 0.66 0.41 0.09 0.05 0.45 0.36 0.18 0.02 0.02 0.04 0.03 81.28 103.20 0.17 0.12 0.05 2.34 1.77 2.35 0.11 0.52 0.66 0.04 0.06 0.08 0.13 0.25 0.14 0.19 0.07 0.09 0.37 0.28 0.11 0.08 0.53 0.63 0.00 0.06 0.43 0.55 0.00 0.11 0.10 0.06 0.06 0.08 0.10 1.07 1.38 0.17 0.23 1.25 5.26 1.53 1.94 0.23 0.17 0.49 0.37 0.96 1.25 3.73

0.00 0.07 0.00 7.70 2.04 1.59 3.70 2.90 0.08 0.11 0.00 0.00 0.04 2.07 0.52 0.41 0.00 17.16 0.21 0.00 65.42 83.80 0.08 0.46 0.06 0.07 7.66 5.26 4.11 3.95 0.02 0.02 0.28 0.22 2.05 2.55 0.93 1.21 0.05 0.07 0.00 0.10 0.08 0.00 0.06 0.00 0.70 0.00 0.11 0.90 0.70 0.00 0.02 0.28 0.22 0.00 0.00 0.09 0.31 0.56 0.71 15.50 0.83 1.06 0.06 0.00 0.00 0.19 0.77 0.62 0.00 0.01 0.46 0.00 0.07 0.10 0.00 2.30 2.92 0.06 0.00 0.02 0.03 0.03 0.00 0.43 0.18 0.14 0.49 0.61 0.07 0.04 0.03 6.30 8.10 8.67 6.76 0.99 0.66 0.48 0.00 0.11 0.02 0.70 0.55 0.00 0.08 0.00 0.40 0.31 0.15 0.02 0.01 0.03 0.02 74.50 95.20 0.14 0.00 0.00 2.20 1.69 2.11 0.00 0.45 0.57 0.00 0.06 0.00 0.11 0.00 0.12 0.00 0.05 0.07 0.35 0.26 0.09 0.07 0.46 0.54 0.00 0.04 0.37 0.48 0.00 0.09 0.07 0.05 0.00 0.07 0.00 0.97 1.23 0.15 0.00 1.00 4.73 1.40 1.78 0.00 0.00 0.45 0.35 0.89 1.12 3.40

Last

12-month Change

0.05 unch 0.07 unch 0.09 8.00 + 2.18 1.70 4.13 + 3.29 + 0.08 + 0.11 0.59 0.15 0.04 2.42 0.53 0.41 23.10 + 18.00 + 0.22 0.29 unch 67.90 + 86.23 + 0.08 unch 0.47 0.06 0.07 7.93 6.07 + 4.79 + 4.53 + 0.02 0.03 unch 0.32 0.22 2.11 + 2.64 0.98 1.25 + 0.06 + 0.08 unch 0.04 0.11 0.08 0.10 + 0.07 + 0.58 + 0.72 0.34 0.12 1.13 + 0.89 + 0.03 + 0.02 unch 0.29 0.24 0.01 unch 0.12 + 0.09 0.32 + 0.65 0.80 22.93 0.84 1.08 + 0.06 0.14 unch 0.08 unch 0.25 + 0.77 0.63 0.02 unch 0.01 unch 0.48 unch 0.58 unch 0.08 0.11 0.00 2.76 + 3.51 + 0.08 + 0.04 unch 0.02 0.04 0.04 + 0.35 0.44 0.20 + 0.14 0.50 0.65 0.07 0.04 0.03 6.91 8.85 8.98 + 7.06 + 0.99 0.68 0.53 0.36 unch 0.12 0.03 0.76 0.58 0.41 unch 0.09 unch 0.05 0.42 unch 0.33 unch 0.16 0.02 + 0.01 + 0.03 unch 0.03 + 81.22 + 103.17 + 0.15 unch 0.12 + 0.04 2.22 1.77 + 2.32 + 0.11 unch 0.46 0.58 0.04 0.06 unch 0.06 0.11 0.08 0.13 + 0.17 unch 0.06 0.08 0.35 0.27 0.10 + 0.08 + 0.46 0.59 0.17 unch 0.05 + 0.41 + 0.55 + 0.20 unch 0.11 unch 0.08 0.05 unch 0.05 unch 0.07 + 0.09 unch 1.04 1.32 0.15 0.23 1.00 + 4.91 1.46 1.84 0.23 unch 0.17 + 0.47 0.37 + 0.90 1.14 3.48 -

0.00 0.00 0.01 0.01 0.33 0.29 0.23 0.23 0.00 0.01 0.06 0.03 0.01 0.10 0.03 0.02 0.73 0.47 0.01 0.00 0.23 0.06 0.00 0.01 0.00 0.01 0.55 0.79 0.64 0.33 0.00 0.00 0.02 0.04 0.06 0.12 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.03 0.02 0.01 0.02 0.15 0.12 0.01 0.00 0.06 0.02 0.00 0.01 0.01 0.00 0.06 0.10 4.89 0.00 0.01 0.01 0.00 0.00 0.01 0.10 0.06 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.29 0.41 0.01 0.00 0.07 0.01 0.01 0.03 0.02 0.01 0.01 0.03 0.01 0.01 0.01 0.00 0.33 0.44 0.03 0.01 0.16 0.07 0.06 0.00 0.00 0.02 0.01 0.02 0.00 0.00 0.01 0.00 0.00 0.02 0.01 0.00 0.00 0.00 5.44 6.48 0.00 0.00 0.01 0.05 0.08 0.17 0.00 0.04 0.05 0.02 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.04 0.04 0.00 0.01 0.03 0.06 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.02 0.01 0.01 0.00 0.12 0.03 0.05 0.00 0.01 0.01 0.00 0.06 0.08 0.08

High Low 0.10 0.17 0.12 13.50 2.68 2.23 7.64 5.84 0.19 0.24 0.79 0.28 0.10 4.10 0.74 0.61 27.61 22.70 0.61 0.31 75.31 90.94 0.29 0.55 0.17 0.22 12.86 8.09 6.50 4.80 0.06 0.08 0.63 0.52 5.00 3.00 2.00 1.39 0.12 0.15 0.07 0.47 0.37 0.25 0.20 1.12 1.35 1.11 0.17 1.84 1.48 0.08 0.04 1.03 0.87 0.03 0.17 0.13 0.75 0.88 1.05 37.24 0.94 1.11 0.11 0.39 0.13 0.76 1.11 0.86 0.06 0.05 0.52 0.65 0.12 0.15 0.00 2.86 3.66 0.10 0.08 0.09 0.08 0.09 0.46 0.55 0.45 0.36 0.91 1.10 0.15 0.09 0.07 17.24 22.30 12.58 10.45 3.44 0.94 0.77 0.49 0.35 0.10 1.53 1.26 0.43 0.37 0.38 1.17 0.93 0.56 0.03 0.02 0.20 0.16 78.76 103.20 0.40 0.34 0.38 2.79 2.21 2.85 0.32 0.67 0.79 0.06 0.11 0.08 0.25 0.27 0.26 0.32 0.12 0.15 0.65 0.54 0.25 0.22 0.54 0.66 0.35 0.09 0.60 0.69 0.20 0.31 0.26 0.12 0.12 0.16 0.20 1.39 1.70 0.27 0.55 1.50 6.12 3.02 3.66 0.34 0.27 0.54 0.39 1.40 1.61 8.00

0.04 0.04 0.07 3.35 1.29 1.01 3.08 2.38 0.05 0.08 0.19 0.13 0.04 1.59 0.45 0.35 19.11 14.81 0.19 0.08 52.60 66.25 0.08 0.34 0.04 0.06 6.50 3.90 3.07 1.77 0.01 0.02 0.28 0.22 0.42 0.52 0.38 0.46 0.05 0.07 0.03 0.07 0.06 0.07 0.06 0.52 0.64 0.26 0.09 0.90 0.70 0.02 0.00 0.27 0.21 0.01 0.10 0.08 0.31 0.34 0.44 15.50 0.18 0.23 0.04 0.12 0.05 0.17 0.45 0.36 0.02 0.01 0.17 0.22 0.05 0.07 0.00 0.25 0.36 0.06 0.03 0.01 0.02 0.01 0.00 0.16 0.16 0.12 0.40 0.50 0.07 0.04 0.03 5.07 6.36 7.62 5.97 0.98 0.33 0.25 0.35 0.07 0.02 0.54 0.43 0.21 0.06 0.05 0.37 0.29 0.17 0.01 0.01 0.03 0.02 52.28 66.05 0.12 0.09 0.05 1.89 1.40 1.75 0.10 0.33 0.43 0.03 0.03 0.04 0.09 0.00 0.09 0.12 0.03 0.03 0.24 0.20 0.09 0.06 0.28 0.35 0.12 0.03 0.32 0.40 0.20 0.08 0.06 0.05 0.05 0.06 0.08 0.69 0.87 0.13 0.17 0.06 3.71 1.40 1.78 0.20 0.02 0.23 0.18 0.77 1.01 3.06

Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Outback Gold* Outcrop S&G Outcrop S&G* OZ Minerals*

Exc Volume

Week Low

11.89 12.33 unch 15.14 15.64 0.28 0.28 0.35 0.36 unch 3.83 3.98 + 0.16 0.16 0.25 0.30 + 0.20 0.24 + 18.28 18.28 -

N T O V T O V O O

3638 1924 34 289 11385 38 2368 641 2

12.76 16.35 0.28 0.36 4.20 0.18 0.34 0.25 18.81

P2 Gold* O P2 Gold V Pac Arc Res V Pac Bay Mnrls V Pac Booker Min* O Pac Booker Min V Pac Imperial V Pac Ridge Expl V Pac Ridge Expl* O Pacific Empire* O Pacific Empire V Pacific Silk V Pacton Gold V Paladin Energy* O Palamina Corp V Palamina Corp* O Palayan Res* O Paleo Resource V Paleo Resource* O Palladium One V Palladium One* O Pampa Metals* O Pampa Metals C Pan Am Silver T Pan Am Silver* D Pan Global Res* O Pan Global Res V Pancontinental V Pancontinental* O Pangolin Dia V Panoro Mnrls* O V Panoro Mnrls Pantera Silver V PanTerra Gold* O Pantheon Vent V Para Resources V Parallel Mng V Paramount Gold* X Parlane Res V Pasinex Res C Pasofino Gold* O Pasofino Gold V Patriot Gold C Patriot Gold* O Peabody Enrgy* N Pegasus Res V Pegasus Res* O 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 Petrolympic* O Petrolympic V Phenom Res V Phenom Res* O Philippine Mtl V Phoenix Global* O Phoenix Metals V Pine Cliff En* O Pine Cliff En T Pivit Explor C PJSC Polyus Gd* O PJX Res V Plata Latina V Platinex Inc* O Platinex Inc C Platinum Gp Mt T Platinum Gp Mt* X Plato Gold V Playfair Mng V Playfair Mng* O PNG Copper C PolyMet Mng* X PolyMet Mng T Portofino Res V Portofino Res* O V Power Group Power Group* O Power Metals V Power Metals* O PPX Mining* O PPX Mining V Precipitate Gl* O Precipitate Gl V Pretium Res* N Pretium Res T Prime Meridian V Prime Mining* O Prime Mining V Prism Res V Prismo Metals C ProAm Expl V Probe Metals* O Probe Metals V Prog Planet V Prog Planet* O Prospect Ridge C Prosper Gold V Provenance Gld C Providence V Providence Gld* O Pucara Gold V Pucara Gold* O O PUF Vent Inc * 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 V QcX Gold* O QMC Quantum Ml* O QMC Quantum Ml V QNB Metals C Quadro Res* O Quadro Res V Quantum Batt* O Quantum Batt C Quartz Mtn Res* O Quartz Mtn Res V Quebec Nickel C Quebec Silica C Questex Gold* O Questex Gold V

286 283 0 8 91 60 1 561 374 33 134 0 69 5762 180 28 884 401 352 1666 772 12 501 3529 17441 172 659 634 53 295 32 71 335 50 209 384 0 672 1034 179 2 154 56 214 65289 561 55 0 61 128 81 1 147 518 301 105 630 2 109 0 153 178 292 238 0 6 81 373 1916 52 36 252 37 8 419 730 6008 16 284 73 183 407 14 1029 379 1035 22 1123 386 545 201 248 316 3971 2607 0 17 1138 28 8 1 215 166 281 17 733 404 218 82 19 6 2500 29 241 987 16 267 105 2526 3758 2190 4 0 1215 613 66 915 86 52 75 160 23 64 29 1 175 32 19 509 75 7 116

0.65 0.80 0.00 0.09 0.78 0.99 0.00 0.32 0.25 0.03 0.05 0.00 0.43 0.58 0.14 0.11 0.17 0.02 0.02 0.24 0.19 0.26 0.32 32.34 25.19 0.59 0.72 0.10 0.07 0.02 0.15 0.18 0.25 0.06 0.11 0.36 0.00 0.71 0.12 0.04 0.59 0.75 0.09 0.07 19.60 0.06 0.07 0.00 0.13 0.08 0.06 0.27 4.75 3.80 1.65 0.04 0.05 0.14 0.18 0.00 0.06 0.07 0.53 0.42 0.00 0.56 0.17 0.65 0.87 0.23 86.68 0.17 0.03 0.04 0.05 2.84 2.22 0.03 0.11 0.08 0.07 2.65 3.34 0.12 0.09 0.05 0.03 0.29 0.24 0.02 0.04 0.11 0.13 14.39 18.47 0.00 3.11 4.04 0.10 0.35 0.00 1.54 1.96 0.39 0.30 0.38 0.55 0.17 0.06 0.07 0.11 0.08 0.39 0.50 0.55 0.01 1.11 1.46 0.67 0.84 0.09 0.08 0.00 0.28 0.22 0.14 0.17 0.05 0.04 0.21 0.25 0.14 0.03 0.04 0.62 0.72 0.22 0.28 0.27 0.07 0.71 0.85

0 891 559 4176 92 29 11 1 22 647 0 863 507 513 407 257 0

0.00 0.25 0.37 0.05 0.29 2.42 0.18 0.00 0.45 1.26 0.00 0.17 0.04 0.04 0.48 1.05 0.00

Last

12-month

High

Change

Stock

0.00 0.07 0.01 0.00 0.04 0.02 0.04 0.03 0.53

15.12 18.40 0.42 0.52 5.02 1.22 0.46 0.40 21.04

9.77 12.39 0.27 0.35 2.33 0.15 0.14 0.11 15.58

0.02 0.04 0.00 0.00 0.02 0.08 0.00 0.03 0.01 0.00 0.01 0.00 0.01 0.05 0.00 0.02 0.03 0.00 0.00 0.03 0.02 0.00 0.02 0.91 0.63 0.05 0.05 0.01 0.00 0.00 0.00 0.01 0.02 0.00 0.02 0.01 0.00 0.01 0.02 0.01 0.00 0.04 0.00 0.01 0.77 0.01 0.03 0.00 0.01 0.01 0.00 0.00 0.04 0.06 0.11 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.04 0.02 0.00 0.00 0.01 0.01 0.06 0.04 10.21 0.01 0.01 0.00 0.00 0.06 0.03 0.00 0.01 0.01 0.00 0.13 0.14 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.17 0.17 0.00 0.02 0.09 0.01 0.01 0.00 0.07 0.11 0.02 0.01 0.02 0.08 0.01 0.00 0.02 0.01 0.00 0.03 0.02 0.03 0.00 0.03 0.03 0.09 0.11 0.00 0.00 0.00 0.01 0.00 0.02 0.01 0.00 0.00 0.01 0.02 0.05 0.01 0.00 0.21 0.13 0.01 0.01 0.00 0.01 0.01 0.02

1.60 0.83 0.26 0.18 3.90 4.99 0.07 0.58 0.47 0.06 0.08 0.05 0.96 0.80 0.37 0.36 0.50 0.04 0.10 0.40 0.32 1.07 0.72 46.54 37.29 0.70 0.87 0.20 0.16 0.05 0.18 0.23 0.34 0.07 0.79 0.65 0.15 1.19 0.84 0.06 1.82 2.24 0.20 0.17 19.83 0.10 0.10 0.15 0.20 0.12 0.09 0.53 11.52 9.42 1.69 0.07 0.09 0.18 0.22 1.24 0.12 0.15 0.85 1.10 0.10 1.29 0.55 0.72 0.90 0.36 123.00 0.24 0.06 0.05 0.08 6.61 5.34 0.05 0.30 0.29 0.20 5.41 6.71 0.17 0.14 0.16 0.10 0.38 0.31 0.50 0.05 0.17 0.20 14.79 18.57 0.17 4.15 5.24 0.14 0.42 0.10 1.85 2.30 0.60 0.48 2.75 2.28 0.18 0.10 0.10 0.36 0.30 11.25 0.50 0.64 0.02 2.11 2.60 1.99 2.10 0.20 0.34 0.43 0.47 0.37 0.27 0.33 0.26 0.21 0.40 0.50 0.25 0.13 0.16 5.85 5.85 0.29 0.36 0.41 0.27 1.07 1.37

0.28 0.34 0.14 0.08 0.67 0.83 0.02 0.10 0.07 0.02 0.03 0.02 0.38 0.27 0.13 0.10 0.03 0.01 0.01 0.17 0.13 0.19 0.26 26.52 20.74 0.00 0.44 0.08 0.06 0.01 0.08 0.11 0.12 0.05 0.08 0.27 0.15 0.53 0.10 0.02 0.46 0.61 0.05 0.03 2.61 0.04 0.02 0.07 0.09 0.06 0.04 0.19 4.17 3.25 0.99 0.03 0.01 0.02 0.09 0.01 0.05 0.04 0.35 0.25 0.06 0.40 0.16 0.20 0.24 0.13 60.62 0.15 0.02 0.03 0.04 1.83 1.44 0.03 0.09 0.00 0.05 2.41 3.05 0.08 0.06 0.03 0.02 0.17 0.13 0.00 0.03 0.06 0.07 8.29 10.40 0.06 1.47 1.80 0.04 0.19 0.06 0.99 1.26 0.29 0.25 0.20 0.42 0.08 0.06 0.00 0.11 0.05 0.32 0.13 0.15 0.01 0.70 0.90 0.43 0.56 0.08 0.07 0.07 0.15 0.11 0.11 0.15 0.04 0.04 0.14 0.18 0.05 0.02 0.03 0.20 0.55 0.00 0.12 0.10 0.05 0.43 0.50

Renforth Res* Renforth Res Resolve Vent Reunion Gold Reunion Gold* Revival Gold Revival Gold * Rex Res Reyna Silver Reyna Silver* Rhyolite Res Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold* Riley 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 Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockland Res Rockridge Res Rockwealth Res Rogue Res* Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RooGold* RooGold RosCan Gold* RosCan Gold Ross River Rover Metals* Rover Metals Royal Fox Gold Royal Gold* Royal Rd Mnrls RT Minerals RTG Mining RTG Mining * Rugby Mng Running Fox Rs Rupert Res Rupert Res* Rusoro Mng Rusoro Mng*

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

0.00 0.03 0.02 0.00 0.01 0.22 0.02 0.00 0.14 0.08 0.00 0.03 0.00 0.01 0.03 0.02 0.00

0.44 0.35 0.40 0.12 0.50 3.80 0.26 0.15 2.00 4.13 0.06 0.37 0.53 0.19 0.95 1.40 0.37

0.25 0.19 0.20 0.04 0.22 1.69 0.10 0.00 0.00 0.73 0.02 0.08 0.00 0.03 0.37 0.70 0.21

S2 Minerals Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res* Sable Res Sailfish Rylty Salazar Res* Salazar Res Sama Res Sama Res* Samco Gold San Lorenzo* San Lorenzo Sanatana Res* Sanatana Res Sandfire Res Sandfire Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama 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 Scotch Creek* Scottie Res* Scottie Res ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold Seahawk Gold* Search Mnls Search Mnls* Searchlight* SearchlightRes Secova Metals Secova Metals* Sego Res Select Sands Sennen Potash Serabi Gold Serabi Gold* Sherritt Intl Shine Minerals Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res* Sienna Res Sierra Grande Sierra Grande* Sierra Madre G* Sierra Madre G Sierra Metals Sierra Metals* Sigma Lithium* 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 Grail Silver Hammer Silver Hammer* Silver One* Silver One Silver Phoenix Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands* Silver Sands Silver Spruce* Silver Spruce Silver Valley Silver Viper* Silver Viper Silver Wolf Silver Wolf* Silver X Silver X* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverstock

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

P-Q 0.57 0.72 0.00 0.00 0.67 0.83 0.00 0.28 0.21 0.03 0.00 0.00 0.38 0.47 0.13 0.10 0.11 0.02 0.02 0.19 0.15 0.00 0.26 28.70 22.43 0.53 0.66 0.00 0.06 0.00 0.14 0.00 0.21 0.06 0.00 0.00 0.00 0.61 0.10 0.04 0.58 0.00 0.05 0.05 14.34 0.00 0.03 0.00 0.00 0.07 0.05 0.27 4.17 3.26 1.43 0.00 0.03 0.14 0.17 0.00 0.05 0.00 0.47 0.38 0.00 0.56 0.00 0.00 0.77 0.17 60.62 0.00 0.00 0.04 0.05 2.32 1.82 0.00 0.10 0.07 0.06 2.47 3.14 0.10 0.07 0.00 0.00 0.25 0.19 0.02 0.00 0.09 0.11 13.89 17.80 0.00 2.68 3.67 0.00 0.00 0.00 1.44 1.82 0.37 0.29 0.34 0.45 0.15 0.00 0.05 0.00 0.08 0.32 0.36 0.47 0.01 0.81 1.06 0.56 0.71 0.08 0.08 0.00 0.26 0.20 0.00 0.15 0.00 0.04 0.17 0.23 0.09 0.02 0.00 0.41 0.58 0.00 0.00 0.22 0.00 0.00 0.80

0.58 0.73 0.20 unch 0.09 unch 0.75 0.85 0.03 unch 0.28 0.23 0.03 + 0.04 0.03 unch 0.38 0.57 + 0.14 unch 0.10 0.13 0.02 unch 0.02 0.22 + 0.17 + 0.26 unch 0.30 29.59 23.29 0.54 0.67 0.10 + 0.07 0.01 unch 0.14 0.17 0.24 + 0.06 unch 0.09 0.34 0.15 unch 0.63 0.10 0.04 + 0.59 + 0.70 0.09 unch 0.05 16.01 0.06 0.07 + 0.10 unch 0.12 + 0.07 0.06 + 0.27 unch 4.53 3.60 + 1.58 + 0.04 0.05 + 0.14 unch 0.18 + 1.14 unch 0.05 0.07 unch 0.53 + 0.41 + 0.10 unch 0.56 + 0.17 0.64 + 0.85 + 0.22 + 72.00 0.16 0.03 + 0.04 unch 0.05 unch 2.44 1.94 0.03 unch 0.10 0.07 0.07 unch 2.65 + 3.34 + 0.10 0.08 0.05 + 0.03 + 0.28 + 0.22 + 0.02 unch 0.04 unch 0.09 + 0.12 unch 14.33 + 18.21 + 0.12 unch 2.97 3.72 0.10 + 0.35 0.07 unch 1.46 1.84 0.38 + 0.29 0.35 0.55 + 0.16 0.06 unch 0.07 + 0.11 0.08 unch 0.35 0.38 + 0.50 + 0.01 0.89 + 1.12 + 0.66 + 0.84 + 0.09 unch 0.08 unch 0.09 unch 0.27 0.21 0.12 0.16 0.05 unch 0.04 unch 0.19 0.24 0.14 + 0.03 0.04 unch 0.41 0.58 0.22 + 0.25 0.23 unch 0.07 + 0.65 0.82 -

R Rackla Metals Radisson Mng Radius Gold Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Ready Set Gold Recharge Res* Recharge Res Red Pine Expl Regulus Res Remington Res

V V V C C O V O O O V C O V V V V

0.00 0.22 0.32 0.05 0.27 1.97 0.00 0.00 0.00 1.03 0.00 0.14 0.03 0.04 0.43 0.97 0.00

0.41 0.22 0.33 0.05 0.28 2.42 0.18 0.00 0.31 1.14 0.04 0.14 0.03 0.04 0.44 1.03 0.21

unch unch + + unch unch + unch

(100s)

High Low

Exc Volume

Week High

Low

893 960 240 5375 1578 115 119 227 368 751 125 92 213 289 9 58 228 127 118 4 25970 54 587 672 23 122 175 209 16 108 403 50 28 322 205 301 308 29 106 464 188 162 180 37 596 74 524 311 622 195 262 641 3138 0 264 5744 1704 3329 165 519 434 723 595 0 123 4 845 522

0.06 0.07 0.08 0.27 0.20 0.73 0.57 0.14 0.71 0.58 0.75 0.04 0.37 0.03 0.04 0.21 0.30 0.05 0.05 77.80 79.09 88.05 0.54 0.70 0.82 0.68 0.17 0.14 0.09 0.12 0.35 0.05 3.85 4.96 0.05 0.06 0.04 0.09 0.11 0.20 0.10 0.33 0.07 0.08 0.46 0.21 0.28 0.05 0.04 0.15 0.18 0.32 0.40 0.00 0.04 0.06 0.06 125.06 0.30 0.04 0.10 0.08 0.20 0.00 5.60 4.36 0.05 0.04

0.05 0.06 0.00 0.20 0.15 0.66 0.52 0.00 0.65 0.51 0.00 0.00 0.00 0.03 0.00 0.19 0.00 0.00 0.05 0.00 73.61 0.00 0.50 0.63 0.78 0.60 0.15 0.12 0.07 0.00 0.32 0.00 3.10 4.00 0.05 0.06 0.04 0.08 0.10 0.16 0.09 0.26 0.07 0.00 0.36 0.18 0.23 0.00 0.03 0.13 0.15 0.25 0.33 0.00 0.04 0.05 0.00 114.29 0.27 0.03 0.00 0.07 0.16 0.00 5.26 0.00 0.00 0.04

18 645 3276 1058 1284 41 14 65 915 251 0 60 35 85 30 63 225 2313 15702 2514 379 112 689 417 62 701 0 261 189 243 40 24 1053 1249 212 643 14 426 1730 0 0 1027 149 307 953 2355 575 96 951 0 4 50 2946 0 5 34366 701 406 744 95 36 18 204 455 2542 827 196 1994 306 67 693 109 207 275 302 280 47 518 705 1511 791 16 1 5 21 27 56 110 103 683 116 464 521 192 87 1003 134 1999 7172 4367 1903 1

0.17 1.13 1.41 0.15 0.18 1.53 0.25 0.32 0.24 0.19 0.00 0.09 0.11 0.12 0.15 0.22 0.18 9.28 7.23 0.38 0.22 0.36 0.46 0.16 0.12 2.98 0.00 0.03 0.14 0.16 0.09 0.08 0.87 0.70 0.17 0.21 0.65 22.43 17.42 0.00 0.00 0.18 0.15 0.07 0.09 0.10 0.08 0.11 0.10 0.00 1.00 0.00 0.62 0.00 4.40 18.47 0.22 0.08 0.11 0.07 0.06 0.41 0.54 1.84 1.45 10.53 13.35 0.08 0.06 0.09 0.10 0.33 0.26 0.76 0.60 1.75 0.16 0.60 0.49 0.33 0.42 0.24 0.09 0.10 0.13 0.15 0.09 0.12 0.03 0.04 0.15 0.43 0.56 0.14 0.12 0.25 0.19 5.00 3.89 9.15 11.71 0.00

Last

12-month Change

High Low

0.05 0.07 unch 0.07 + 0.25 + 0.20 0.67 0.53 0.14 unch 0.68 0.52 0.70 0.04 + 0.37 0.03 0.04 unch + 0.21 + 0.27 0.05 0.05 76.10 + 77.96 85.98 + 0.52 + 0.66 0.78 0.65 0.16 0.12 0.08 + 0.12 0.34 unch 0.05 3.75 4.80 0.05 unch 0.06 0.04 unch + 0.09 + 0.11 0.17 0.09 0.28 0.07 unch 0.07 0.40 0.18 0.25 0.05 unch 0.03 + 0.14 + 0.17 0.30 0.39 unch 0.26 unch + 0.04 0.05 0.05 + 120.50 0.28 + 0.04 0.10 0.07 0.16 0.02 unch 5.40 4.13 0.05 unch 0.04

0.00 0.00 0.01 0.04 0.03 0.03 0.02 0.00 0.01 0.03 0.04 0.01 0.01 0.00 0.00 0.02 0.04 0.01 0.00 0.32 0.33 1.79 0.02 0.01 0.02 0.02 0.01 0.01 0.00 0.01 0.00 0.01 0.02 0.05 0.00 0.01 0.00 0.01 0.01 0.04 0.01 0.01 0.00 0.01 0.04 0.03 0.02 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.44 0.02 0.01 0.01 0.01 0.04 0.00 0.10 0.20 0.00 0.00

0.11 0.12 0.13 0.27 0.20 0.83 0.67 0.39 1.21 0.97 1.70 0.07 0.77 0.18 0.23 0.61 0.74 0.09 0.11 94.42 95.97 108.00 0.75 0.87 0.99 0.80 0.24 0.20 0.23 0.28 0.52 0.15 7.53 9.38 0.07 0.10 0.06 0.14 0.17 0.29 0.19 0.39 0.10 0.16 1.44 0.46 0.58 0.06 0.05 0.42 0.52 0.80 0.64 0.26 0.12 0.12 0.12 129.69 0.40 0.18 0.23 0.38 0.24 0.06 6.08 5.10 0.14 0.09

0.05 0.06 0.04 0.06 0.04 0.50 0.40 0.13 0.55 0.44 0.60 0.03 0.30 0.02 0.04 0.19 0.23 0.04 0.01 58.62 59.58 63.01 0.40 0.53 0.36 0.28 0.13 0.10 0.01 0.10 0.26 0.04 2.65 3.00 0.04 0.05 0.03 0.00 0.10 0.11 0.09 0.10 0.06 0.07 0.32 0.18 0.22 0.04 0.02 0.13 0.15 0.11 0.23 0.26 0.03 0.04 0.04 92.01 0.24 0.03 0.09 0.07 0.08 0.02 3.44 2.50 0.05 0.03

0.16 + 1.05 + 1.34 0.14 0.17 1.50 0.25 + 0.32 + 0.21 + 0.17 0.05 unch 0.09 unch 0.10 + 0.12 0.15 0.21 0.17 + 8.99 + 7.08 + 0.34 0.21 unch + 0.34 + 0.44 + 0.16 + 0.11 2.90 0.26 unch 0.03 unch + 0.13 + 0.16 0.09 0.07 0.84 0.65 0.15 0.20 0.61 21.14 16.65 0.41 unch 0.28 unch + 0.18 + 0.15 0.06 0.08 0.08 0.06 + 0.11 + 0.10 0.45 unch + 1.00 0.85 unch 0.60 unch 0.14 unch + 4.40 + 17.38 0.20 0.08 0.10 0.06 0.05 0.39 0.50 unch + 1.77 + 1.39 + 10.49 + 13.34 0.07 0.05 0.07 0.08 0.31 unch 0.24 0.67 0.52 1.56 0.14 0.60 unch 0.47 0.31 0.39 0.24 unch 0.09 unch 0.10 unch + 0.12 + 0.15 0.08 0.11 + 0.03 + 0.04 0.13 + 0.39 + 0.50 0.14 unch 0.11 0.23 0.18 + 4.72 + 3.73 + 8.80 + 11.19 0.25 unch

0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.02 0.00 0.01 0.01 0.01 0.30 0.26 0.01 0.00 0.03 0.05 0.02 0.01 0.06 0.00 0.00 0.02 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.01 0.33 0.21 0.00 0.00 0.02 0.02 0.00 0.01 0.01 0.02 0.02 0.03 0.00 0.06 0.00 0.00 0.00 0.25 0.86 0.01 0.01 0.01 0.01 0.02 0.00 0.00 0.11 0.10 0.82 0.87 0.01 0.01 0.02 0.02 0.00 0.00 0.03 0.04 0.07 0.02 0.00 0.00 0.02 0.03 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.02 0.03 0.04 0.00 0.00 0.01 0.01 0.18 0.15 0.16 0.18 0.00

0.30 1.95 2.42 0.35 0.40 1.65 0.32 0.42 0.24 0.19 0.05 0.15 0.30 0.15 0.20 0.27 0.22 11.34 9.31 0.58 0.30 0.82 0.92 0.18 0.14 4.49 0.35 0.09 0.22 0.26 0.17 0.14 0.98 2.88 0.24 0.27 0.80 26.21 20.87 1.05 1.24 0.37 0.40 0.09 0.11 0.22 0.25 0.16 0.10 0.45 1.49 1.25 0.65 0.17 5.16 20.68 0.28 0.12 0.15 0.25 0.24 0.79 1.07 4.83 3.92 12.30 15.25 0.22 0.20 0.15 0.17 1.55 1.25 1.64 1.31 4.75 0.25 1.08 0.86 0.68 0.84 0.85 0.23 0.26 0.29 0.30 0.22 0.26 0.47 0.11 0.34 0.70 0.80 0.60 0.51 0.52 0.41 8.31 6.72 10.40 12.62 0.29

0.13 0.95 1.23 0.12 0.16 1.00 0.21 0.21 0.12 0.09 0.05 0.08 0.08 0.06 0.07 0.17 0.13 6.86 5.31 0.22 0.15 0.28 0.35 0.10 0.08 2.20 0.20 0.03 0.04 0.12 0.08 0.06 0.40 0.18 0.12 0.16 0.45 18.85 14.85 0.20 0.16 0.10 0.01 0.03 0.06 0.07 0.00 0.04 0.04 0.45 0.87 0.00 0.36 0.09 2.75 11.15 0.03 0.06 0.08 0.05 0.03 0.31 0.39 1.42 1.13 3.67 4.50 0.06 0.05 0.00 0.07 0.29 0.18 0.56 0.38 1.39 0.11 0.25 0.26 0.28 0.36 0.23 0.07 0.07 0.02 0.09 0.08 0.10 0.03 0.03 0.11 0.29 0.38 0.13 0.10 0.23 0.00 3.95 3.08 6.60 8.30 0.18

S 0.16 0.99 1.30 0.12 0.16 1.48 0.25 0.00 0.20 0.16 0.00 0.09 0.00 0.11 0.00 0.00 0.15 8.53 6.68 0.32 0.20 0.29 0.37 0.14 0.11 2.70 0.00 0.00 0.11 0.14 0.00 0.07 0.74 0.56 0.15 0.19 0.00 20.59 16.10 0.00 0.00 0.15 0.12 0.06 0.07 0.07 0.06 0.00 0.08 0.00 0.00 0.00 0.56 0.00 4.15 16.36 0.20 0.00 0.09 0.06 0.05 0.38 0.00 1.51 1.18 8.76 11.25 0.06 0.05 0.06 0.07 0.31 0.18 0.64 0.50 1.39 0.00 0.55 0.42 0.29 0.37 0.00 0.09 0.00 0.00 0.00 0.08 0.00 0.03 0.03 0.13 0.33 0.43 0.00 0.10 0.23 0.17 4.41 3.46 8.17 10.43 0.00

GLOBAL MINING NEWS

(100s) Stock Silverton Met Silverton Met* Sirios Res* Sirios Res Sitka Gold* Sitka Gold Sixty North* Sixty North Skeena Res SKRR Explor Sky Gold Sky Gold* Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn* Slave Lake Zn Snowline Gold Snowy Owl Sokoman Min Sokoman Min* Solaris Res SolGold plc* SolGold plc SolidusGold Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Gold* Sonoro Gold SOPerior Fert South Atlantic* South Atlantic South Star Bat South Star Bat* 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 SPC Nickel Spearmint Res* Spearmint Res Sphinx Res Spruce Ridge R SRG Mining SSR Mining* SSR Mining St Augustine St-Georges Eco St-Georges Eco* St. James Gold St. James Gold* Stakeholdr Gld Stallion Gold Standard Graph* Standard Metal* Standard Uran* Standard Uran Stans Energy Star Diamond Star Diamond* Star Gold* Starcore Intl* Starcore Intl Starr Peak* Starr Peak Stellar Africa* Stellar Africa Stelmine Can Stelmine Can* Steppe Gold Steppe Gold* Sterling Metal Sterling Metal* Stevens Gold* Stevens Gold Stinger Res* Stinger Res Stone Gold Straightup Res Straightup Re* Stratabd Mnr* Stratabd Mnr Strategic Metl Strategic Metl* Strategic Res Strategic Res* Stria Lithium 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 Peak Metal Sun Summit Sun Summit*

Week

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

THE NORTHERN MINER / MARCH 7—20, 2022

Low

Last

0.20 0.16 0.06 0.07 0.12 0.14 0.04 0.05 14.04 0.09 0.08 0.06 0.62 0.49 0.03 0.04 0.13 0.15 0.87 0.06 0.37 0.29 14.16 0.36 0.47 0.00 0.81 0.65 0.21 0.00 0.16 0.22 0.04 0.01 0.05 0.22 0.17 3.38 68.80 0.14 0.15 0.37 0.29 0.23 0.04 0.23 0.28 0.07 0.10 0.14 0.11 0.14 0.00 0.11 0.73 20.37 26.15 0.12 0.38 0.30 1.01 0.78 0.80 0.35 0.03 7.25 0.16 0.21 0.03 0.36 0.28 0.02 0.19 0.25 1.77 2.20 0.04 0.06 0.32 0.27 1.33 1.06 0.29 0.22 0.15 0.19 0.10 0.13 0.18 0.14 0.13 0.06 0.08 0.39 0.31 0.30 0.23 0.03 0.15 0.12 0.41 0.33 0.32 0.69 0.99 0.20 0.10 0.13 1.00 1.27 0.23 0.51 0.39

0.18 0.13 0.05 0.00 0.09 0.12 0.04 0.05 12.71 0.07 0.07 0.05 0.50 0.39 0.03 0.00 0.09 0.00 0.70 0.05 0.33 0.26 12.84 0.00 0.44 0.00 0.70 0.55 0.16 0.00 0.12 0.17 0.00 0.01 0.00 0.16 0.12 0.00 64.21 0.14 0.00 0.30 0.23 0.00 0.00 0.18 0.23 0.07 0.09 0.12 0.09 0.11 0.00 0.10 0.70 17.89 22.76 0.10 0.26 0.20 0.67 0.54 0.00 0.00 0.02 5.80 0.14 0.18 0.02 0.31 0.00 0.02 0.19 0.00 1.52 1.94 0.04 0.05 0.27 0.21 1.21 0.96 0.24 0.19 0.12 0.14 0.10 0.11 0.00 0.13 0.13 0.06 0.07 0.36 0.29 0.00 0.22 0.00 0.13 0.10 0.34 0.27 0.00 0.50 0.78 0.00 0.10 0.10 0.88 1.13 0.00 0.43 0.33

0.18 0.13 0.05 0.07 + 0.10 0.12 unch 0.04 + 0.05 unch 13.30 + 0.07 0.07 0.05 0.60 + 0.48 + 0.03 0.04 unch 0.09 0.12 0.82 0.05 unch 0.35 + 0.28 + 13.47 0.34 0.45 + 0.11 unch 0.72 0.59 0.18 0.09 unch 0.16 + 0.20 + 0.04 0.01 unch 0.05 unch 0.16 0.13 3.32 + 68.79 + 0.14 unch 0.13 0.31 + 0.25 + 0.21 0.04 unch 0.20 0.25 0.07 unch 0.09 0.12 unch 0.11 0.14 unch 0.01 unch 0.10 0.73 + 19.76 + 25.12 + 0.11 0.38 + 0.29 + 0.69 0.54 0.75 0.34 0.02 7.25 + 0.15 0.20 unch 0.02 0.31 0.24 0.02 unch 0.19 unch 0.25 + 1.53 1.94 0.04 + 0.05 unch 0.31 0.23 1.30 + 1.03 + 0.27 + 0.21 + 0.12 0.15 0.10 unch 0.11 0.17 0.13 0.13 unch 0.06 + 0.08 + 0.36 0.29 0.29 + 0.23 + 0.03 unch 0.14 unch 0.11 0.39 + 0.31 0.32 + 0.64 + 0.80 0.17 0.10 unch 0.11 0.96 + 1.22 + 0.23 unch 0.44 0.35 -

26 29 88 339 210 932 202 46 619 1150 164 34 1512 353 15 29 1 33 779 238 891 239 672 998 555 0 60 738 458 0 76 456 1540 86 9 2203 923 8 4792 40 11 1461 1296 25 131 316 877 118 675 293 733 1881 0 307 24 15535 4345 2033 1998 1925 199 93 27 6 796 7 519 741 1165 2337 34 680 75 71 490 242 211 279 1251 1253 264 158 344 260 254 78 120 211 100 100 3 176 586 104 124 21 7 325 1179 1007 926 142 3 9 178 37 2 285 506 755 211 534 271

(100s)

12-month

High

Change 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.24 0.01 0.01 0.00 0.07 0.07 0.00 0.00 0.04 0.03 0.03 0.00 0.01 0.01 0.28 0.02 0.01 0.00 0.09 0.03 0.03 0.00 0.03 0.03 0.01 0.00 0.00 0.05 0.04 0.04 1.20 0.00 0.02 0.01 0.01 0.01 0.00 0.02 0.02 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.01 1.26 1.54 0.01 0.01 0.01 0.29 0.24 0.06 0.04 0.01 1.35 0.00 0.00 0.01 0.05 0.04 0.00 0.00 0.02 0.19 0.25 0.01 0.00 0.01 0.04 0.06 0.06 0.03 0.01 0.04 0.04 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.02 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.14 0.03 0.03 0.00 0.02 0.03 0.04 0.00 0.04 0.03

High Low

Stock

1.00 0.64 0.12 0.15 0.27 0.34 0.07 0.09 16.49 0.28 0.25 0.21 0.87 0.70 0.12 0.16 0.38 0.43 0.88 0.16 0.78 0.64 17.17 0.51 0.62 0.13 1.38 1.15 0.25 0.10 0.32 0.39 0.07 0.11 0.10 0.38 0.30 3.38 83.29 0.49 0.27 0.63 0.53 1.36 0.08 0.30 0.36 0.16 0.21 0.80 0.22 0.21 0.03 0.16 0.97 20.37 26.15 0.19 1.02 0.72 6.50 5.16 1.12 0.60 0.50 18.00 0.39 0.51 0.06 0.49 0.37 0.08 0.25 0.32 3.56 4.05 1.00 0.10 0.35 0.31 2.67 2.11 0.78 1.00 0.52 0.70 0.29 0.35 0.19 0.32 0.26 0.25 0.30 0.50 0.41 0.45 0.28 0.09 0.28 0.23 0.58 0.44 0.90 0.69 0.99 0.38 0.21 0.28 1.41 1.71 0.54 1.35 1.09

Suncor Energy* Suncor Energy Superior Gold* Superior Gold Superior Mng Superior Mng* Surge Battery Surge Battery* Surge Copper Surge Copper* Sylla Gold Syrah Res*

0.18 0.10 0.04 0.06 0.06 0.09 0.03 0.04 10.40 0.08 0.07 0.05 0.28 0.22 0.00 0.04 0.05 0.06 0.24 0.05 0.19 0.14 6.53 0.28 0.35 0.07 0.53 0.41 0.09 0.05 0.11 0.14 0.02 0.01 0.04 0.10 0.08 1.97 54.92 0.09 0.11 0.25 0.19 0.12 0.03 0.13 0.17 0.01 0.06 0.07 0.07 0.09 0.01 0.08 0.37 13.68 17.29 0.06 0.22 0.17 0.67 0.54 0.39 0.29 0.02 0.08 0.13 0.16 0.01 0.17 0.13 0.02 0.16 0.20 1.23 1.64 0.01 0.04 0.08 0.12 1.08 0.83 0.21 0.16 0.08 0.11 0.01 0.10 0.06 0.13 0.11 0.02 0.07 0.28 0.21 0.22 0.19 0.02 0.11 0.08 0.15 0.12 0.24 0.39 0.50 0.16 0.00 0.08 0.62 0.80 0.20 0.37 0.30

Week

Exc Volume N T O V V O V O V O V O

44959 88813 74 688 122 0 232 415 490 140 39 295

Last

12-month

High

Low

Change

29.94 38.10 0.64 0.80 0.33 0.00 0.17 0.14 0.30 0.24 0.19 1.06

28.25 29.80 + 36.23 37.84 + 0.59 0.64 + 0.75 0.78 + 0.00 0.33 + 0.00 0.29 unch 0.14 0.14 0.10 0.11 0.27 0.29 + 0.21 0.22 0.00 0.19 + 0.92 1.03 +

Stock

0.73 0.78 0.04 0.03 0.01 0.00 0.02 0.02 0.01 0.00 0.03 0.01

30.51 38.62 0.69 0.84 0.80 0.63 0.38 0.35 0.64 0.46 0.30 2.48

17.10 21.90 0.35 0.45 0.28 0.22 0.14 0.05 0.27 0.21 0.10 0.71

0.01 0.02 0.01 0.01 0.00 0.00 0.03 0.70 0.02 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 1.35 0.18 1.48 0.00 0.01 0.00 0.01 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.09 0.08 0.00 0.00 0.00 0.09 0.00 0.02 0.03 0.02 0.02 0.01 0.00 0.01 0.00 0.01 0.05 0.05 0.00 0.00 0.00 0.00 0.00 0.01 0.05 0.05 0.01 0.04 0.00 0.00 0.01 0.01 0.05 0.02 0.32 0.35 0.04 0.05 0.01 0.02 0.04 0.02 0.03 0.04 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.05 0.01 0.04 0.00 0.00 0.00 0.01 0.02 0.01 0.69

0.27 0.24 0.13 0.38 0.31 0.05 0.89 20.20 0.19 0.94 0.78 0.35 0.41 0.12 0.14 0.25 4.84 0.56 0.50 3.22 2.67 0.75 37.23 49.99 47.07 0.15 0.18 1.20 1.38 0.36 0.24 0.28 0.08 0.07 0.31 0.25 0.07 0.07 2.75 3.17 4.64 0.22 0.12 3.08 0.48 0.45 1.00 0.82 1.02 0.19 0.19 0.13 0.09 1.90 0.44 0.32 0.24 0.30 0.08 0.55 0.70 0.77 0.74 1.38 0.09 1.67 1.18 0.09 0.29 0.35 2.80 0.31 15.52 18.72 1.08 0.86 0.15 0.19 1.00 1.08 0.38 0.49 0.29 0.06 0.40 0.26 0.20 1.03 0.93 9.38 0.16 2.75 0.04 0.12 0.24 0.13 1.20 1.45 3.70

0.14 0.00 0.05 0.24 0.19 0.02 0.44 5.54 0.04 0.43 0.34 0.11 0.14 0.07 0.08 0.05 0.01 0.30 0.10 1.86 1.47 0.28 17.31 28.70 21.86 0.05 0.07 0.08 0.10 0.10 0.09 0.09 0.02 0.02 0.16 0.13 0.03 0.04 1.36 1.74 1.30 0.04 0.06 0.88 0.00 0.19 0.17 0.02 0.03 0.06 0.11 0.06 0.04 0.53 0.15 0.11 0.11 0.16 0.03 0.17 0.02 0.28 0.00 0.20 0.04 0.45 0.69 0.05 0.06 0.05 0.51 0.09 8.99 11.79 0.55 0.43 0.03 0.04 0.71 0.20 0.14 0.17 0.07 0.02 0.09 0.13 0.07 0.65 0.47 7.00 0.08 1.13 0.04 0.09 0.00 0.07 0.34 0.48 1.13

Trilogy Mtls* TriMetals Mng* Trinity Res* Trinity Valley* Triple Flag TriStar Gold TriStar Gold* Triumph Gold* Triumph Gold Troilus Gold* Troilus Gold Troubadour Res TRU Precious* TRU Precious True North Gem Tsodilo Res Tudor Gold Tudor Gold * Turmalina Met* Turmalina Met Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tymbal Res

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

U.S. Gold* 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 USCorp* Usha Res* 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 Vanadiumcorp Vanstar Mng Rs* Vanstar Mng Rs Vantex Res * Vantex Res Velocity Mnrls Velocity Mnrls* Vendetta Mng* Vendetta Mng Venerable Vent Venture Mnrls* Verde Potash Verde Res* Vertical Expl Victoria Gold* Victoria Gold 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 Copper Vizsla Silver Volatus Cap Volcanic Gold* Volcanic Gold Volt Carbon* Volt Carbon Voyager Metals Voyager Metals* Voyageur Min

T 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 Tarku Res* Tartisan Nick Tartisan Nick* Taseko Mines Taseko Mines* TDG Gold Teck Res* Teck Res Teck Res Tectonic Metal* Tectonic Metal Temas Res* Temas Res Tembo Gold Tembo Gold* Tempus Res Teras Res Teras Res* Terrax Mnrls Terrax Mnrls* Terreno Res Tesoro Mnrls Teuton Res* Teuton Res Texas Mineral* Themac Res* Themac Res Thesis Gold Theta Gold* Thor Explor Thor Explor* Three Valley* Three Valley Thunder Mtn Gd* Thunder Mtn Gd Thunderstruck Thunderstruck* Tier One Silv Timberline Res Timberline Res* Tinka Res* Tinka Res Tintina Mines Tisdale Res* Tisdale Res Titan Mining Titan Mining* Titanium Corp TNR Gold Tocvan Venture Tocvan Venture* TomaGold Tombill Mines Tombill Mines* Tombstone Expl* Tonogold Res* Torex Gold* Torex Gold Torq Resources Torq Resources* Tower Res* Tower Res Traction Uran* Traction Uran Trailbreaker* Trailbreaker Trans Canada Transatlantic Transforma Res Transition Met Transition Met* Treasury Metal Treasury Metal* Trecora Res* Tres-Or Res Trevali Mining Tri-River Vent Trident Gold Trifecta Gold* Trifecta Gold Trillium Gold* Trillium Gold Trilogy Mtls

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

2350 69 680 522 200 420 7557 159 1213 187 3834 137 632 6 8 339 79 192 122 1836 12944 534 30799 6 9348 568 869 220 630 187 168 154 150 247 358 168 15 0 29 49 665 3 0 2212 1 530 15 701 2605 18 0 376 22 331 661 422 28 92 1 1 0 70 19 846 526 147 5 83 217 548 6 522 192 2364 152 56 142 1164 72 522 13 70 5 31 0 76 97 375 126 47 69 956 0 0 42 182 19 175 721

0.26 0.21 0.06 0.28 0.22 0.03 0.69 6.70 0.12 0.51 0.42 0.15 0.19 0.08 0.09 0.08 0.07 0.41 0.32 2.48 1.96 0.52 36.86 49.57 46.80 0.08 0.10 0.11 0.13 0.27 0.20 0.10 0.03 0.02 0.25 0.19 0.03 0.00 1.76 2.29 2.05 0.06 0.00 2.65 0.08 0.28 0.25 0.06 0.08 0.09 0.00 0.12 0.08 0.73 0.24 0.19 0.13 0.17 0.05 0.22 0.00 0.64 0.50 1.35 0.06 0.88 0.69 0.06 0.07 0.06 1.14 0.13 13.00 16.57 0.74 0.58 0.14 0.18 1.00 0.99 0.27 0.34 0.08 0.02 0.00 0.16 0.13 0.73 0.58 9.12 0.10 1.34 0.00 0.00 0.10 0.09 0.41 0.52 1.94

0.00 0.19 0.00 0.26 0.20 0.02 0.57 5.54 0.10 0.44 0.34 0.13 0.17 0.08 0.00 0.00 0.06 0.36 0.29 2.24 1.74 0.50 33.55 45.56 43.10 0.07 0.09 0.09 0.12 0.00 0.19 0.09 0.00 0.02 0.22 0.17 0.00 0.00 1.57 0.00 1.88 0.06 0.00 2.38 0.08 0.26 0.22 0.04 0.06 0.08 0.00 0.07 0.08 0.59 0.00 0.12 0.11 0.00 0.00 0.22 0.00 0.00 0.45 1.13 0.05 0.81 0.69 0.00 0.00 0.05 1.00 0.10 11.74 14.95 0.67 0.53 0.11 0.13 0.73 0.92 0.22 0.00 0.00 0.00 0.00 0.00 0.12 0.68 0.53 8.70 0.00 1.18 0.00 0.00 0.06 0.08 0.00 0.48 1.13

0.26 0.19 0.05 0.26 0.21 0.02 0.66 6.00 0.11 0.46 0.35 0.14 0.19 0.08 0.09 0.07 0.06 0.39 0.30 2.42 1.90 0.51 36.84 48.35 46.78 0.07 0.09 0.10 0.12 0.27 0.19 0.09 0.03 0.02 0.22 0.17 0.03 0.04 1.65 2.09 2.00 0.06 0.06 2.48 0.08 0.26 0.22 0.05 0.06 0.09 0.11 0.10 0.08 0.61 0.23 0.19 0.13 0.16 0.05 0.22 0.29 0.63 0.50 1.25 0.05 0.87 0.69 0.05 0.06 0.06 1.09 0.12 12.46 15.86 0.67 0.53 0.12 0.15 0.74 0.94 0.27 0.34 0.07 0.02 0.09 0.15 0.12 0.71 0.54 8.90 0.09 1.26 0.04 0.09 0.07 0.08 0.39 0.50 1.24

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

Exc Volume

Last

12-month

High

Low

Change

4252 71 5 8 72 133 708 106 313 165 648 25 69 113 26 41 241 62 315 143 4214 1050 856 67 0

1.53 0.18 0.25 0.09 16.95 0.16 0.12 0.08 0.12 0.69 0.84 0.19 0.12 0.14 0.09 0.61 2.24 1.84 0.34 0.43 21.20 26.98 0.04 0.03 0.00

0.87 0.97 0.16 0.17 0.00 0.25 + 0.09 0.09 unch 15.50 15.60 0.15 0.16 + 0.11 0.12 unch 0.08 0.08 + 0.10 0.12 + 0.58 0.58 0.74 0.75 0.00 0.15 0.10 0.11 0.00 0.14 unch 0.00 0.09 unch 0.50 0.61 unch 2.03 2.06 1.56 1.63 0.29 0.30 0.00 0.38 + 18.93 21.01 + 24.29 26.69 + 0.00 0.03 0.02 0.02 0.00 0.01 unch

D 163 V 38 C 250 O 2224 O 263 V 134 T 4136 O 74 V 210 O 765 O 131 V 1114 O 537 C 251 O 311 X 1801 N 87341 O 45 V 591 V 27 X 7714 T 1113 V 1155 X 49857 O 1001 X 4057 V 713 D 2279 V 0 O 2839 O 16 V 106 V 575 O 64 N 186832 O 4383 O 141 V 274 C 711 O 234 V 360 O 43 V 107 V 631 O 108 V 124 O 0 V 22 V 131 O 20 O 244 V 326 V 0 O 130 T 1252 O 485 V 4099 O 180 T 861 C 1041 O 2 C 603 O 172 V 170 O 76 V 119 O 64 V 86 V 1914 O 767 V 40 X 1574 T 62 O 137 V 114 V 499 V 655 C 360 O 285 V 752 O 70 V 221 V 243 O 4 V 103

7.12 0.28 0.07 8.30 0.79 0.98 0.36 0.28 0.36 0.04 0.11 0.13 0.40 0.50 0.09 0.46 26.91 0.07 0.09 4.73 1.38 1.76 0.40 3.50 0.02 2.04 4.65 3.66 0.00 0.02 0.30 0.39 0.17 0.13 17.90 0.01 0.41 0.49 0.06 0.02 0.02 0.04 0.05 0.04 0.34 0.42 0.00 0.20 0.30 0.24 0.05 0.06 0.00 0.03 7.51 0.17 0.09 13.75 16.83 0.02 0.01 0.08 0.06 0.53 0.44 0.46 0.09 0.14 0.16 0.13 0.08 0.88 1.11 0.11 0.14 0.22 2.70 0.06 0.41 0.52 0.16 0.14 0.21 0.20 0.14

Stock

0.55 0.00 0.00 0.00 1.15 0.01 0.00 0.00 0.02 0.05 0.06 0.02 0.01 0.00 0.00 0.00 0.10 0.06 0.00 0.01 0.58 0.66 0.01 0.00 0.00

3.06 0.21 0.75 0.09 18.48 0.31 0.25 0.19 0.23 1.22 1.31 0.74 0.41 0.52 0.25 1.46 3.65 2.87 0.98 1.13 21.89 27.40 0.06 0.06 0.05

0.87 0.07 0.00 0.09 10.50 0.14 0.11 0.07 0.09 0.52 0.66 0.15 0.02 0.12 0.08 0.50 1.87 1.31 0.27 0.34 9.75 12.15 0.03 0.02 0.01

Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls Vulcan Mnrls* VVC Expl VVC Expl*

O C O V V O V O

0.09 0.02 0.00 0.35 0.06 0.06 0.04 0.04 0.04 0.00 0.01 0.01 0.02 0.04 0.01 0.03 2.82 0.00 0.00 0.20 0.22 0.27 0.04 0.59 0.00 0.08 0.68 0.56 0.00 0.00 0.02 0.02 0.02 0.02 1.18 0.00 0.03 0.02 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.00 0.02 0.01 0.01 0.01 0.00 0.00 0.00 1.63 0.00 0.01 0.31 0.28 0.00 0.00 0.01 0.01 0.05 0.04 0.03 0.02 0.02 0.02 0.01 0.02 0.01 0.09 0.00 0.01 0.03 0.28 0.00 0.09 0.11 0.03 0.01 0.01 0.03 0.01

13.20 0.70 0.10 30.20 1.96 2.55 0.60 0.28 0.38 0.16 0.31 0.40 1.22 1.80 0.25 2.30 30.57 0.15 0.21 8.52 2.15 2.72 1.50 5.79 0.21 7.15 7.31 5.95 0.70 0.07 0.34 0.40 0.21 0.29 23.18 0.12 0.50 0.61 0.44 0.08 0.09 0.10 0.13 0.10 1.04 1.15 0.27 0.38 0.50 0.41 0.07 0.07 0.13 0.12 7.51 0.27 0.30 18.50 22.54 0.09 0.07 0.60 0.49 0.98 0.79 0.55 0.19 0.24 0.39 0.30 0.24 1.40 1.72 0.31 0.39 0.70 3.45 0.17 0.55 0.67 0.19 0.24 0.36 0.32 0.24

6.01 0.11 0.03 6.55 0.55 0.71 0.26 0.11 0.13 0.00 0.07 0.09 0.06 0.40 0.01 0.37 16.36 0.01 0.06 3.15 0.89 1.15 0.33 1.88 0.01 1.75 2.30 1.81 0.22 0.00 0.15 0.18 0.11 0.03 11.16 0.00 0.16 0.22 0.04 0.02 0.02 0.03 0.05 0.03 0.28 0.36 0.00 0.16 0.28 0.23 0.01 0.04 0.12 0.03 0.88 0.02 0.06 8.60 10.90 0.01 0.00 0.05 0.04 0.16 0.12 0.32 0.00 0.07 0.10 0.07 0.06 0.59 0.77 0.06 0.08 0.15 1.26 0.01 0.22 0.30 0.06 0.08 0.11 0.00 0.08

Walker River Walker River* Wallbridge Mng* Wallbridge Mng Waraba Gold Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wedgemount Res Wescan Gldflds Wesdome Gold Wesdome Gold* West High Yld West Mining* West Mining West Oak Gold West Red Lake* West Red Lake West Vault Western Alaska Western Areas* 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 Gold* Westkam Gold* Westkam Gold Westminster Rs Westminster Rs* Westward Gold Wheaton Prec Wheaton Prec* White Energy* White Gold* White Gold White Metal Rs Whitehaven Coa* Whitehorse GC Wildsky Res* Wildsky Res 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* Ximen Mining* Ximen Mining Xplore Res Xtierra Inc Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res York Harbour York Harbour* Zacatecas Silv Zacatecas Silv* ZEB Nickel Zena Mining Zephyr Mnls Zephyr Mnls* Zimtu Capital Zinc One Res Zinc One Res * Zincore Mtls ZincX Res ZincX Res* Zonte Metals Zonte Metals*

U-V 6.50 0.00 0.07 6.72 0.65 0.84 0.31 0.22 0.30 0.04 0.09 0.11 0.28 0.43 0.05 0.41 21.89 0.07 0.08 4.17 1.13 1.44 0.33 2.74 0.02 1.75 3.88 3.03 0.00 0.01 0.28 0.00 0.12 0.09 16.29 0.01 0.33 0.42 0.05 0.02 0.00 0.03 0.05 0.03 0.30 0.40 0.00 0.00 0.00 0.23 0.03 0.00 0.00 0.03 5.57 0.15 0.06 11.94 15.34 0.01 0.01 0.00 0.05 0.45 0.36 0.42 0.06 0.00 0.13 0.09 0.00 0.80 0.98 0.10 0.00 0.19 2.39 0.06 0.27 0.35 0.00 0.12 0.00 0.10 0.00

6.84 0.28 0.07 7.74 0.67 0.86 0.36 0.24 0.34 0.04 0.09 0.12 0.36 0.46 0.09 0.43 26.91 0.07 0.09 4.51 1.38 1.74 0.35 3.47 0.02 2.00 4.64 3.64 0.26 0.01 0.28 0.33 0.12 0.09 17.82 0.01 0.33 0.42 0.05 0.02 0.02 0.04 0.05 0.04 0.31 0.41 0.14 0.18 0.29 0.24 0.03 0.05 0.12 0.03 7.44 0.16 0.08 12.68 16.10 0.02 0.01 0.07 0.05 0.45 0.36 0.43 0.06 0.13 0.14 0.11 0.08 0.83 1.00 0.10 0.14 0.19 2.69 0.06 0.29 0.37 0.09 0.14 0.17 0.10 0.14

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

(100s)

High Low

Exc Volume

Week High

Low

64 54 58 51 847 30 255 299

0.10 0.42 0.32 0.39 0.36 0.28 0.18 0.14

0.00 0.00 0.29 0.00 0.29 0.22 0.00 0.12

V 324 O 152 O 880 T 4993 C 443 O 36 V 433 V 0 O 1179 V 557 C 3 V 0 T 3539 O 871 V 272 O 195 C 2109 C 5 O 470 C 416 V 189 V 208 O 6 V 0 T 1355 X 1335 V 9 O 744 V 740 T 407 O 177 V 102 C 165 O 250 O 8 V 674 O 125 O 43 V 21 V 1159 O 17 C 337 T 7632 N 14520 O 68 O 94 V 100 V 162 O 193 V 83 O 0 V 5 V 6 O 847 C 351 C 875 O 118 V 257 V 54 V 1033 V 0 V 410 O 5 T 294 V 359 O 30 O 15 V 810 V 0 V 68 T 83 O 22 T 20605 N 137601 O 3 T 233 V 569 O 160 V 746 O 297 V 32 V 4 V 23 O 35 V 252 V 6 O 3 V 0 V 359 O 198 V 40 O 39

0.07 0.06 0.27 0.34 0.18 0.05 0.07 0.00 0.27 0.34 0.25 0.00 15.08 11.72 0.76 0.08 0.11 0.15 0.06 0.07 1.27 1.35 2.38 0.00 2.28 1.80 0.20 0.33 0.41 0.25 0.20 0.14 1.68 1.32 1.55 0.49 0.38 0.10 0.12 0.32 0.22 0.13 57.88 45.12 0.12 0.57 0.72 0.08 2.40 0.53 0.00 0.17 0.09 0.04 0.05 0.17 0.20 0.26 0.31 0.87 0.00 0.04 0.02 0.03 0.07 0.10 0.17 0.24 0.00 0.05 1.05 0.85 6.74 5.25 2.53 0.05 0.96 0.98 1.33 1.03 0.25 0.09 0.16 0.13 0.24 0.50 0.38 0.00 0.13 0.10 0.20 0.16

23

12-month

Last

Change

0.10 + 0.41 0.29 0.37 0.34 0.26 0.16 unch 0.13 -

High Low

0.00 0.01 0.02 0.02 0.01 0.02 0.00 0.00

0.25 0.50 0.55 0.68 0.42 0.80 0.30 0.50

0.03 0.30 0.20 0.25 0.11 0.10 0.09 0.07

0.01 0.00 0.00 0.01 0.00 0.00 0.02 0.00 0.01 0.01 0.00 0.00 0.32 0.28 0.02 0.00 0.01 0.00 0.00 0.00 0.06 0.20 0.01 0.00 0.19 0.16 0.03 0.01 0.01 0.01 0.03 0.02 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.12 0.02 0.02 0.35 0.46 0.10 0.02 0.05 0.00 0.08 0.04 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.02 0.01 0.09 0.00 0.01 0.00 0.00 0.00 0.04 0.02 0.03 0.00 0.00 0.07 0.10 0.07 0.06 0.29 0.00 0.06 0.08 0.13 0.10 0.03 0.01 0.01 0.00 0.03 0.11 0.27 0.00 0.00 0.00 0.03 0.06

0.14 0.11 0.64 0.68 0.22 0.10 0.10 0.07 0.56 0.70 0.79 0.15 15.08 11.72 1.22 1.16 1.70 0.19 0.08 0.10 1.46 1.46 2.50 0.13 3.35 2.83 0.49 0.76 0.96 0.37 0.31 0.17 4.18 3.28 1.75 0.80 0.66 0.18 0.22 0.39 0.32 0.33 59.44 49.10 0.12 0.66 0.85 0.17 2.64 2.33 0.29 0.36 0.13 0.13 0.16 1.34 0.40 0.36 1.20 1.05 0.09 0.12 0.10 0.11 0.25 0.19 0.32 0.40 0.14 0.17 1.43 1.15 6.74 5.44 2.53 0.06 1.20 3.38 1.89 1.05 0.75 0.25 0.22 0.18 0.30 3.00 1.27 0.05 0.23 0.19 0.27 0.21

0.04 0.01 0.23 0.31 0.01 0.01 0.06 0.03 0.10 0.12 0.16 0.06 7.78 6.05 0.13 0.05 0.08 0.11 0.04 0.05 0.90 0.70 1.51 0.05 1.49 1.18 0.14 0.08 0.11 0.15 0.07 0.13 1.15 0.90 1.15 0.33 0.27 0.08 0.10 0.16 0.15 0.10 44.09 34.85 0.01 0.37 0.45 0.06 0.90 0.43 0.08 0.11 0.05 0.03 0.04 0.13 0.00 0.15 0.25 0.29 0.04 0.03 0.01 0.02 0.06 0.05 0.12 0.16 0.05 0.03 0.84 0.65 4.78 3.70 1.08 0.04 0.25 0.03 0.52 0.45 0.16 0.08 0.12 0.10 0.20 0.41 0.01 0.05 0.10 0.08 0.17 0.03

W-Z 0.06 0.04 0.24 0.31 0.14 0.05 0.06 0.00 0.22 0.29 0.00 0.00 13.65 10.44 0.65 0.06 0.08 0.15 0.04 0.06 1.14 1.11 2.37 0.00 2.00 1.56 0.00 0.28 0.39 0.22 0.16 0.00 1.49 1.14 1.50 0.41 0.32 0.00 0.00 0.20 0.20 0.11 53.80 42.02 0.01 0.52 0.67 0.00 2.22 0.48 0.00 0.00 0.00 0.03 0.04 0.13 0.00 0.00 0.28 0.69 0.00 0.00 0.02 0.03 0.00 0.00 0.15 0.19 0.00 0.00 0.92 0.65 6.00 4.72 0.00 0.00 0.79 0.03 1.11 0.88 0.00 0.00 0.00 0.12 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.10

0.07 0.05 0.25 0.32 0.18 0.05 0.06 0.04 0.25 0.33 0.25 0.09 14.11 11.10 0.67 0.07 0.09 0.15 0.05 0.07 1.20 1.15 2.37 0.07 2.27 1.80 0.20 0.31 0.40 0.25 0.16 0.13 1.62 1.27 1.54 0.43 0.34 0.09 0.12 0.20 0.20 0.11 55.84 43.96 0.01 0.54 0.67 0.08 2.33 0.48 0.11 0.17 0.08 0.04 0.05 0.16 0.20 0.24 0.29 0.77 0.05 0.04 0.02 0.03 0.07 0.10 0.15 0.20 0.05 0.05 0.92 0.85 6.32 4.97 2.53 0.05 0.89 0.68 1.30 1.03 0.20 0.09 0.16 0.13 0.21 0.41 0.14 0.05 0.12 0.10 0.20 0.16

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

BID-ASK — FEBRUARY 21–25, 2022 12-MONTH STOCK

Aftermath Silv Alacer Gold Amilot Capital Aquila Res Arctic Fox Ven Arcturus Vent Ashanti Sanko Atlanta Gold AUQ Gold Aurelius Min Aurex Energy Aust Goldfield Avarone Metals Aya Gold Baden Res Banro Corp* Boss Power Brunswick Res Bullion Gold C2C Gold Cache Explor Cadillac Vent Canamera Energ Cerro de Pasc Cirrus Gold Cliffs Nat Res* CNRP Mng Corvus Gold* Crystal Peak EEE Explor Electra Stone Encanto Potash Equitorial Ex Everton Res Evolution Glob Evolving Gold Excalibur Res Exploits Disc Explorex Res

EXC

BID

ASK

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

0.24 9.41 ... ...

0.16 0.02 0.03 0.03 0.33 0.13 0.04 ... ...

1.94 0.13 0.11 0.17 ...

0.06 ...

0.16 0.05 0.38 ...

0.20 1.45 0.19 ...

0.01 0.16 0.01 0.06 0.08 0.10 0.50 0.30 0.09 ... ...

0.25 9.52 ... ...

0.48 0.03 0.03 0.04 0.40 0.14 0.06 ... ...

2.19 0.16 0.11 0.20 0.05 0.15 ...

0.17 0.06 ... ...

0.35 3.20 0.20 ...

0.02 0.19 0.02 0.07 0.08 0.10 4.00 0.59 0.10 ...

6.50

12-MONTH

LAST

HIGH

LOW

STOCK

0.25 9.47 0.04 0.09 0.15 0.03 0.03 0.03 0.40 0.14 0.05 0.47 0.04 2.01 0.13 0.11 0.17 0.03 0.10 0.11 0.16 0.05 0.37 0.29 0.30 1.43 0.19 3.21 0.01 0.18 0.01 0.06 0.08 0.03 2.00 0.35 0.10 0.59 2.85

0.33 10.82 0.08 0.14 0.16 0.05 0.06 0.04

0.05 3.50 0.04 0.06 0.14 0.02 0.02 0.03

0.15

0.03

0.47 0.15 2.50 0.20 2.10

0.42 0.03 0.82 0.13 0.10

0.28 0.15 0.21 0.12 0.50 0.34 0.30 7.17 0.65 3.30 0.10 0.25

0.01 0.03 0.12 0.05 0.27 0.12 0.12 0.98 0.18 1.71 0.01 0.15

0.10 0.25

0.05 0.07

1.15 0.11 0.62 10.50

0.28 0.01 0.13 2.85

Finore Mng Flow Metals GAR Limited General Moly* Genius Metals Gespeg Res Gldn Predator Global Cop Grp Goldbelt Emp Goldblock Cap Golden Cariboo Golden Spike GoldHaven Res Goldrea Res Goldshore Res Green Arrow Handa Mining Highvista Gold Indico Res Inspiration Mg Intl Battery Intl Cobalt Iron South Mng K9 Gold Karora Res Kirkland Lake* Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lithium South MAG Silver* Mansa Explor Meryllion Res Mich Resources Minecorp Egy Montana Gold Napier Vent

EXC

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

BID

0.12 0.03 ... ... ...

0.06 0.15 0.07 0.02 ...

0.10 0.25 ...

0.03 ...

0.02 0.04 ... ... ... ...

0.20 0.24 0.17 0.47 ...

0.05 0.04 0.03 ... ...

0.31 12.52 0.25 ...

0.37 ...

0.09 0.06

ASK

LAST

0.12 0.04 ... ... ...

0.06 0.17 0.08 0.02 ...

0.12 0.27 ...

0.04 375.00 0.03 0.05 ...

0.01 ... ...

0.25 0.27 0.24 0.48 ...

0.06 0.05 0.04 ... ...

0.34 13.30 0.25 ...

0.50 ...

0.10 ...

0.11 0.04 0.15 0.11 0.22 0.06 0.16 0.08 0.02 0.32 0.10 0.27 0.42 0.04 0.11 0.02 0.04 0.17 0.01 0.03 0.31 0.26 0.24 0.24 0.48 38.92 0.05 0.04 0.03 1.09 0.24 0.31 12.52 0.19 0.08 0.37 0.12 0.10 0.07

12-MONTH

HIGH

LOW

0.08 4.13 100.00 0.28

0.03 0.13 0.10 0.16

0.36 0.11 0.03 0.32 0.15 0.49 0.45 0.06 1.20 0.04 0.06

0.12 0.04 0.02 0.26 0.02 0.25 0.06 0.03 0.48 0.02 0.04

0.60 0.28 0.28 0.73 46.98 0.13 0.10 0.16

0.20 0.04 0.16 0.20 31.72 0.04 0.04 0.02

0.27 0.66 14.40 0.22 0.17 0.48 0.20 0.10

0.13 0.24 6.12 0.10 0.05 0.24 0.07 0.02

STOCK

Navis Res Corp New Klondike Nexco Res O2Gold Orocobre Otso Gold Patriot Batt Phenom Res Primary Energy Prospero Silvr Quaterra Res Quinto Res Rare Element* Razore Rock Res Reliant Gold Rockland Mnls Seahawk Gold Silverstock Southern Arc Southstone Min Standard Lith Supernova Met Tiger Intl Trench Metals TriMetals Mng Trinity Valley Ubique Mineral Vale* ValOre Metals Vatic Vent Waraba Gold West Oak Gold Whitemud Res Winshear Gold Xiana Mng Zara Res Zinco Mng

EXC

BID

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

...

0.01 ...

0.23 ...

0.04 0.09 0.68 ...

0.55 0.15 0.05 0.11 0.11 ...

0.07 0.39 0.15 0.32 0.01 6.65 0.05 ...

0.55 0.11 ...

0.07 ...

0.06 0.05 0.15 0.12 0.01 0.12 0.07 ...

0.05

ASK

...

0.01 ...

0.27 ...

0.04 0.10 0.71 ...

1.18 0.17 0.07 0.16 0.16 0.10 0.08 0.44 0.25 0.90 0.01 6.95 0.06 0.17 0.55 0.12 ...

0.09 ...

0.07 ...

0.18 0.15 0.02 0.14 0.08 ...

0.07

LAST

0.30 0.01 0.30 0.23 8.28 0.04 0.10 0.69 0.17 0.56 0.16 0.08 0.15 0.11 0.02 0.08 0.41 0.25 0.89 0.01 6.95 0.06 0.15 0.55 0.12 0.04 0.07 10.24 0.07 0.10 0.18 0.15 0.02 0.14 0.08 0.07 0.05

HIGH

LOW

0.37 0.37 9.30 0.10 0.18 0.76 0.82 1.35 0.30

0.20 0.06 3.89 0.03 0.08 0.24 0.16 0.51 0.06

0.89 0.20

0.06 0.11

0.11 1.05 0.29 0.93 0.04 6.95 0.10 0.30 0.22 0.12 0.14 0.10 11.10 0.13

0.01 0.20 0.18 0.24 0.01 1.02 0.05 0.07 0.04 0.03 0.04 0.03 6.57 0.07

0.22 0.19 0.03 0.15 0.12 0.22

0.01 0.11 0.01 0.05 0.07 0.07

24

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