The Northern Miner March 21 2016 Issue by The Northern Miner Group

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Engineering reports fail to impress

Pure Gold’s fresh look at Madsen in Red Lake

PDAC 2016

| Investors would benefit from more rigour

BEYOND THE RESOURCE

| Firm aims to leverage infrastructure with blue-sky potential

SMSJ_Sept 2012_Pro_TH_PC

BY TRISH SAYWELL Mobile Equipment

for Safety and Productivity

tsaywell@northernminer.com

for adequacy andsq.ft. PLant! Rreview e-Located to a 50,000 quality of 34 development-

stage National Instrument (NI) 43-101 studies on Sedar showed nearly half lacked engineering rigour, Tim Oliver, an environmental engineer and independent consultant, told the Prospectors & Developers Association of Canada in Toronto earlier this month. “The conclusion was that 13 of SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC the 34 studies flunked. They really Mobile Equipment forof giving didn’t measure up in terms and for Productivity enoughSafety support an investment decision,” declared the Re-Located Oliver to a 50,000 sq.ft. Pat Lant ! Metro Toronto Convention Centre. “In general, investors would benefit from more engineering rigour in these studies,” especially in key areas such as project execution planning, engineering documentation, scheduling and cost-basis discussion, or how they arrived at their capex and opex numbers. Among Oliver’s other findings was that just 67% — or 23 of the 34 studies surveyed — passed the “qualified” part of Qualified Person (QP). “That Authorizedbe 100%,” he said. number should Toyota Landcruiser “Thirty-three percent of the QP on Dealer these studies were not qualified to

Pure Gold Mining’s Madsen gold project and the nearby town in northwestern Ontario. PURE GOLD MINING

BY LESLEY STOKES

See ENGINEERING / 14

lstokes@northernminer.com VANCOUVER

Authorized Authorized Toyota Toyota Landcruiser Landcruiser Dealer Dealer

he drills are turning in the shadow of a head frame at Pure Gold Mining’s (TSXV: PGM; US-OTC: LRTNF) Madsen gold property in Ontario’s prolific INTRODUCING THE NEWEST Red Lake gold district, as the company ramps up exploration and MID-RANGE UTILITY VEHICLE initiates a preliminary economic assessment (PEA) of the former INTRODUCING THE NEWEST high-grade, underground gold MID-RANGE UTILITY VEHICLE mine. The Vancouver-based junior has been exploring ways to leverage the infrastructure — which includes a permitted 500-tonne-per-day mill and tailings facility — with FIVE TON FIVE TON the resource locked in the ground. FIVE YEAR WARRANTY FIVE YEAR WARRANTY “The launch for the PEA is to Sales & Service a base-case snapshot Sales && Rental Rental && Service ServiceSales & Rental establish Phone: (705) 476-4500 Phone: (705) 476-4500 Phone: (705) 476-4500 Email: Email: mtsales@millertechnology.com mtsales@millertechnology.com with the existing infrastructure Email: mtsales@millertechnology.com Website: Website: www.millertechnology.com www.millertechnology.com

x 5 x 5 55

Website: www.millertechnology.com

Sales & Rental & Service Phone: (705) 476-4500 Email: mtsales@millertechnology.com Website: www.millertechnology.com

Mar 21 Pgs 1 2 3 4 5 7 8 9 14.indd 1

and the resource that’s nearsurface and ramp accessible, so the scenario we’re looking at is a low capital option,” Darin Labrenz, president and CEO of Pure Gold, tells The Northern Miner at the company’s headquarters in Vancouver. The resource at Madsen is divided between four shear-hosted and replacement-style mineralization zones — Austin, South Austin, McVeigh and Zone 8 — delivering 3.2 million indicated tonnes grading 8.93 grams gold per tonne for 928,000 oz. gold, plus another 297,000 oz. gold within 790,000 inferred tonnes at 11.74 grams gold. The Austin and South Austin horizons were the principal sources of mill feed for the historic Madsen mine, which has produced 2.4 million oz. gold since 1935 from surface to 1.2 km deep. “The mine shut down in the

mid-1970s for various reasons, one being that Austin plunged away from the head frame, so by the time they reached the 24 level, it was 2.5 km of drifting just to reach the outer orebody, so it really would’ve benefitted from a second shaft,” Labrenz explains. “If you look at the Campbell mine at Red Lake, there are a number of shafts accessing that orebody, whereas Austin only had one.” Although the resource at Austin is still “wide open” at depth, Labrenz says that Pure Gold’s focus is on the less-examined potential at the parallel-trending McVeigh horizon, which only saw development down to 300 metres. “It’s always easier to push the mine down another level because it’s right in front of you, and so long as your mill is well-fed, you don’t

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DISASTERS: UP TO 10 KILLED AT KATANGA, LILY / 5

2016-03-15 7:20 PM

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First Quantum sells Kevitsa to Boliden NICKEL

| Analysts applaud US$712M deal

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

urdened with debt, First Quantum Minerals’ (TSX: FM) has struck a deal to sell its Kevitsa nickel mine in northern Finland to Swedish integrated miner Boliden AB (US-OTC: BDNNF). Kevitsa is an open-pit nickelcopper-platinum group metals (PGM) mine, 142 km northeast of Rovaniemi, the capital of Finnish Lapland. First Quantum began commercial production in 2012 at the mine, which produces two concentrates: a nickel-copper-PGM-gold concentrate grading close to 12% nickel, which can yield 10,000 tonnes nickel metal per annum, and a copper-PGM-gold concentrate grading close to 28% copper. The copper content in both concentrates would produce 17,000 tonnes copper annually. Boliden will pay US$712 million in “cash considerations,” with the transaction expected to close in May. First Quantum president Clive Newall had outlined during a firstquarter conference call that asset sales were an option to cut US$1 billion in debt this year. “It’s fair to say that, while the market seems to be focused almost exclusively on an asset sale, we are working on several initiatives to accomplish our goals, which include: a lower debt position, and a capital structure better suited to the development and start-up timetable of our Cobre Panama project. We’re focused on reducing that risk of a breach of the net debt to [earnings] covenant ratio for our financing agreements.” The large Cobre Panama development lies 120 km west of Panama City, and could start production in 2018. The operation would crank out 320,000 tonnes of copper per year once it ramps up to full processing capacity of 6 million tonnes per month. First Quantum has cut its capital expense budget at the project by 15% to US$5.5 billion, with US$2.8 billion of that capital remaining. The company expects to spend US$650 million this year, and the rest in 2017. The Kevitsa sale will shore up First Quantum’s cash position and should allow it to safely meet its earnings covenants in 2016. The company has a US$1.2-billion term loan to amortize this year, which equates to US$200 million due. In addition, the company is on the hook for debt payments of US$400 million in 2017 and 2018. Canaccord Genuity analyst Peter Bures gave the Kevitsa terms a thumbs up, and said the transac-

tion was “positive for First Quantum in terms of price received.” Canaccord boosted its price target by $1 to $6 per share. “This should alleviate much of the ongoing covenant pressure, but that covenant breaches during [the second quarter] are still a risk,” Bures added. Meanwhile, TD Securities analyst Greg Barnes boosted his 12-month target by $1 to $8.50 per share, based on “steps that [First Quantum] management is taking to address its highly levered balance sheet.” Barnes also noted that management has cited stream sales, or “copper-gold forward sales,” as a means to achieve its debt targets. Scot iaba n k a na lyst Orest Wowkodaw noted that the Kevitsa deal had been “widely anticipated,” though the sale price was “well above market expectations,” which were “below the US$500-million level, given weak nickel prices.” Scotiabank estimates First Quantum will have an improved liquidity position over the next three years, but it could still run into covenant problems later this year. BMO Capital Markets analyst Aleksandra Bukacheva covered the transaction from the Boliden side, and agreed that the purchase price “appears high, compared to our estimated net present value for the mine.” BMO Research speculates that “the acquisition value could be enhanced through cost reductions, production expansion or higher nickel prices.” Boliden president and CEO Lennart Evrell said during a conference call that his team had its eye on Kevitsa for “quite a long time.” The company runs Sweden’s largest copper mine at its Aitik open-pit operation outside the town of Gallivare, and had been looking for a nickel operation to provide feed to its smelting business in Scandinavia. “It’s nearly a perfect for our longterm strategy, and this is our first opportunity to buy an asset in our home region,” Evrell said. “Kevitsa only started commercial production four years ago, and it has project synergies with Aitik, which is a few hours’ drive away. We’ve really established ourselves in two of the best geological areas in the region, and we’re one of the best mine builders out there. There was simply no alternative out there that carried as many synergies.” First Quantum shares have traded in a 52-week range of $2.15 to $7.51, and jumped 20% — or $1.28 — after news of the deal, en route to a $7.43-per-share close at press time. The company has 682 million shares outstanding for a $5.7-billion market capitalization. TNM

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A drill in the McVeigh zone at Pure Gold Mining’s Madsen gold project in northwestern Ontario. PURE GOLD MINING

Pure Gold’s fresh look PURE GOLD From 1

“WE SUSPECTED THERE WAS TIGHT FOLDING OF THE GEOLOGY AND THAT MCVEIGH MAY BE THE SAME AS THE AUSTIN HORIZON. IT’S JUST TIGHTLY FOLDED UPON ITSELF.”

really have the time to think about these bigger-picture questions,” Labrenz says. He explains that his team spent considerable time pouring over the historical datasets on the property DARIN LABRENZ last year, searching for what previ- PRESIDENT AND CEO, PURE GOLD MINING ous operators might have missed in their interpretations of the deposit. “It’s a data-rich project, so we Éléonore mine in Quebec, demotion the project, Smerchanski continues, spent a lot of time working with the of Goldcorp’s Cochenour deposit is that Madsen’s geology is exposed data and creating geological models from development to exploration, at surface, unlike Cochenour or both within the existing mine and and the demise of Rubicon Miner- Phoenix, which are both underwater. externally across the property,” al’s (TSX: RMX; US-OTC: RBYCF) “We have outcrop where we’re he says. “We suspected there was Phoenix mine show the challenges working, so we can develop ideas tight folding of the geology and that producers and explorers face dealing from the digital database at depth McVeigh may be the same as the with the highly deformed, 2.8-bil- and project them to surface, to see Austin horizon, it’s just tightly folded lion-year-old rocks. if they make sense,” he says. “The upon itself — and we’re confirming “I worked underground at the ability to map the property and that theory in our drilling.” Campbell mine and the geology is work on targets that are so close to Since January, Pure Gold has certainly complex, but let’s not forget surface has really helped guide our drilled 3,000 metres in 10 drill holes that Red Lake is one of the richest current drilling and increase our at McVeigh and Austin, returning gold districts on the planet — it has confidence in the geology.” geological information that supports produced 28 million oz. gold at an Labrenz says the company expects the company’s geological model, average grade of half an ounce per to deliver a simple PEA on the project along with high-grade intercepts tonne, so certainly the reward and by mid-year, noting that any drill of 7 metres of 16 grams gold from continuity is there,” he says. success at McVeigh will be bolted 153 metres. After an in-depth conversation onto the analysis at a later date. Labrenz says that results so far about Madsen’s geology with Pure “What we hope to demonstrate is carry “real implications for the dis- Gold’s director of geoscience Phil a base-case PEA scenario that is low covery potential at McVeigh, so we’re Smerchanski and in-house struc- capital and economically viable,” pretty excited about it.” tural geologist Christopher Lee — a he says. “The drilling we’re doing Pure Gold is expanding this year’s former SRK geological consultant, at McVeigh will feed into that, so drill program from 5,000 metres and semi-finalist for the Goldcorp we’re aggressively exploring to add to 16,000 metres, mostly targeting Challenge — it’s clear that Madsen’s material.” mineralization at McVeigh, with advantages outweigh the uncerPure Gold’s cash and marketable the idea that it “may have the same tainties. securities total $7.1 million, while depth potential as Austin.” “Trying to drill off a structurally shares have traded within a 52-week Being a former geologist at Placer controlled deposit at depth is incred- range of 7¢ to 29¢, and closed at 27¢ Dome’s Campbell mine in Red Lake, ibly challenging from surface. We at press time. Labrenz is quick to point out the benefit from the fact that not only The company has 125.7 million technical challenges of pinning is our target near-surface, it’s also shares outstanding for a $32.7-mildown a structurally complicated backed with a 13,000-drill hole lion market capitalization. orebody in the Red Lake mining database, along with old sections Macquarie research analyst Micamp. and plans from the mine, and that’s chael Gray has rated the stock “outLower production guidance at really powerful,” Smerchanski says. perform,” with a 12-month target of Goldcorp’s (TSX: G; NYSE: GG) But one of the biggest upsides to 80¢ per share. TNM

2016-03-15 7:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 21-27, 2016

Ivanhoe, Zijin wrap up prefeasibility study at Kamoa in DRC CENTRAL AFRICAN COPPERBELT

| Giant high-grade copper deposit returns robust economics

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

ith a positive prefeasibility study in hand, Vancouver-based Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) and Chinese partner Zijin Mining Group are another step closer to developing Kamoa, the world’s largest, undeveloped copper resource in the Democratic Republic of the Congo (DRC). The study examines first exploiting the shallow, high-grade part of the sediment-hosted copper deposit at Kansoko Sud, which holds 71.9 million “probable” tonnes at 3.9% copper, or 5.1 billion lb. copper, assuming a 1% cut-off. The partners would need US$1.2 billion to build the underground mine, but the study envisages a 4.6-year payback, an after-tax net present value (NPV), at an 8% discount rate, of US$986 million, and a 17.2% after-tax internal rate of return (IRR). “We know of no other copper project in the world that offers the potential of multi-decade, largescale, mechanized production from a near-surface, stratiform deposit grading nearly 4% copper,” Robert Friedland, executive chairman of Ivanhoe, said in the press release. In advance of the study, the partners had completed box cuts for the declines that would access Kansoko Sud, although there’s no timeline for construction. Ivanhoe estimates it would take the operation 24 years operating at 3 million tonnes per annum and producing 100,000 tonnes copper per year to exhaust the “reserve”, but that’s little compared to the 52.9 billion lb. copper in the rest of the deposit.

“THE BOTTOM LINE IS THAT ALONG THIS TREND AND WITHIN OUR 400 SQ. KM MINING LICENCE, WE CLEARLY HAVE THE POTENTIAL FOR SIGNIFICANT, DIFFERENT RESOURCE AREAS.” DAVID BROUGHTON EXECUTIVE VP OF EXPLORATION, IIVANHOE MINES

The completed box cut at Ivanhoe Mines and Zijin Mining Group’s Kamoa copper project in the Democratic Republic of the Congo. IVANHOE MINES

The study notes that indicated and inferred resources at Kamoa — which are based on 400- and 800-metre drill centres — weigh in at 752 million indicated tonnes of 2.7% copper and 190 million indicated tonnes of 3.1% copper, using a 1% cut-off grade. The study reveals that Kamoa’s economics are sensitive to the copper price. At US$2.50 per lb. copper, NPV slides to US$336 million, and at US$2 per lb. copper, drops even more to negative US$340 million. On the upside, anticipated total cash costs are low at US$1.48 per lb. copper. If the miners switch to “controlled convergence” room-andpillar mining, NPV rises to US$1.2 billion and IRR to 18.9%, assuming the same metrics. The production scenario in the prefeasibility study represents only a first phase of mining at Kamoa, whereas a second phase would entail a major expansion of the mine and mill, and building a smelter to make blister copper. Although details on the second phase weren’t included in this latest study, a preliminary economic study in 2013 envisaged ramping up to mine 8 million tonnes per annum — or 306,000 blister

Ivanhoe Mines (TSX:IVN) $0.85 $0.80 $0.75 $0.70 $0.65 $0.60 $0.55

Jan 2016

Mar 21 Pgs 1 2 3 4 5 7 8 9 14.indd 3

Feb 2016

Mar 2016

tonnes copper — in year five of production, making it one of the world’s largest copper mines, with the highest grade. The estimated expansion cost is US$3.5 billion, according to the preliminary assessment. The partners can also stick to the shallow, high-grade mining centres in and around Kamoa, such as at the new Kakula deposit, 5 km southeast. Ivanhoe announced the discovery in January, backed by drill intercepts that are some of the highest grade and thickest ever drilled at Kamoa. One hole returned 24.1 metres true width of 3.5% copper at a 1% copper cut-off. At a 2% copper cut-off, the intersection was 13.1 metres true width of 5.3% copper. Another hole cut 18.5 metres true width of 4.6% copper at a 1% copper cut-off and 14.9 metres true width of 5.3% copper at a 2% copper cut-off. The two holes were 400-metre stepouts from 13.5 metres true width of 4.2% copper at a 2% copper cut-off. “It’s early days, but the potential for having a substantial area of 10 to 15 metres with good grades is obviously exciting,” Dav id Brou g hton, e xe c ut ive v ice-president of exploration with Ivanhoe, tells The Northern Miner during a phone interview, noting that average widths at K a moa mea su re bet ween 3.9 and 5.2 metres true width. “The bottom line is that along this trend and within our 400 sq. km mining licence, we clearly have the potential for significant, different resource areas,” he says. Kamoa is one of many worldclass copper deposits scattered within a sedimentary rock belt that straddles the border between Zambia and the DRC. The Central African Copperbelt, as it’s known, was blanketed in copper during the Neoproterozoic — a unique time when the earth’s major land masses, then positioned along warmer latitudes, broke apart into huge ocean basins. For tens of millions of years,

brackish and oxidizing groundwaters stripped any available metal from the sediments that collected in the basins, eventually depositing them along contacts with reducing strata that served as a chemical trap. In the Copperbelt, explorers long believed that the most ideal trap for the ancient, copper-rich groundwater occurred within a part of the stratigraphy called the mine’s “sub-member of the Roan formation.” However, Ivanhoe broke the status quo in 2008 when it discovered that mineralization at Kamoa resides within a part of the stratigraphy explorers thought was barren, offering a brand-new shade to the blue-sky potential across Kamoa’s 400 sq. km mining licence. “The Kamoa area is really like a new district, it’s geologically different from the Congolese part of the Copperbelt to the east, and again the Zambian part of the belt to the south and far east,” he says. “But similar to those other districts, it now has evidence of multiple areas with mining potential, and that’s a credit to our team in Congo.” TNM

George Flumerfelt, President and CEO of The Redpath Group, is pleased to announce the appointment of Mr. Bruce Dunlop to President of J.S. Redpath Limited and Mr. Mike Kelly to President of Redpath Raiseboring Limited.

Bruce Dunlop has 35

years of mining experience. After graduating from Haileybury School of Mines, he was drawn to mine operations. He has held increasingly senior positions as a mine operator, including mine manager prior to moving to mine contracting. Mr. Dunlop has focused his attention on technically complex shaft sinking operations, including frozen shafts, having managed up to nine shaft projects concurrently in addition to major mine development projects. Mr. Dunlop has managed the expansion of Redpath into multiple new countries on many large scale brownfield projects in the remotest parts of the globe. As president of J.S. Redpath Limited, he will report to the CEO, George Flumerfelt.

Mike Kelly with 35 years

of mining experience has held a number of successively senior positions within Redpath including managing Canadian contracting operations and all functions of Human Resources. Currently, his primary area of focus is on mechanical excavation, raisebore drill design and large scale mine development projects. Mr. Kelly holds multiple patents and has authored numerous technical papers. As president of Redpath Raiseboring Limited, he will report to the CEO, George Flumerfelt. Additionally, he will continue to be responsible for global marketing, and as a Senior Vice President of J.S. Redpath Limited, he will report on major mine development projects to the president, Bruce Dunlop.

The Redpath Group is a global mine contracting company with operations world wide. Headquartered in North Bay, Ontario, Redpath has grown to be one of the largest mine development companies in the world. Focused on innovative and technically challenging projects, from the Gobi Desert to the mountains of Indonesia; and from the Arctic to central Africa, Redpath are known for delivering projects on time and on budget to their many clients around the world.

Mining Contractors and Engineers

redpathmining.com

2016-03-15 7:20 PM

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E D I T O R IA L

O P- E D

Bristow chides gold producers

PDAC’s Andrew Cheatle measures the industry’s pulse

PDAC 2016

| Randgold CEO says his firm’s performance stands apart from the pack

ou can always count on Mark Bristow to tell it like it is, which frankly is why The Northern Miner gets up at the crack of dawn to attend Randgold Resources’ annual breakfast presentation at the Prospectors & Developers Association of Canada convention. BY TRISH SAYWELL As the industry’s top analysts and mining tsaywell@northernminer.com media tuck into their fruit plates in a quiet boardroom at the Sheraton Hotel, CEO Bristow typically begins his talk with a summary of how the gold industry has got it so wrong and let its shareholders down. (Randgold, naturally, is the exception to the rule.) “We’ve been through the super-cycle and at the back end of this cycle we as an industry have not been able to create any value for anyone — the only thing we did is take our salaries home,” Bristow said. “Most gold companies are trading at between 50% and 60% below their 2005 share prices, and if you look at the amount of equity that has been issued, it’s amazing.” The industry has “delivered US$90 billion of equity to the market and raised US$50 billion of debt, and we haven’t delivered a single extra ounce in production as an industry.” Commenting on another favourite theme — impairments — Bristow said it was interesting to see how quickly impairments came out of the woodwork when the gold price stopped going up. In fact, the gold price hadn’t even started its decline, he says, before the industry saw impairments emerge. “The gold industry has impaired over US$70 billion — it has actually impaired more than its combined market cap today — and that really sums up our industry,” he said. Bristow blamed “short-termism,” among other things, for destroying value, and noted that the lack of a longer-term vision also has had serious ripple effects on the analyst community. “There’s no long-term investment in this industry,” he warned. “Not only do the mining companies buy things at the top-end of the market and then write them off, [but] bankers [also] employ analysts at the top of the market and get rid of them at the bottom end, and this is when we need analysts.” As for Randgold’s own track record, he says, it’s a different story on pretty much every metric. Last year, for example, was the company’s best in 20 years. In addition, while the three major North American gold producers pointed to between a 10% and 15% reduction in gold production by 2020 at the recent BMO conference, Randgold, by contrast, is investing in exploration and expects to grow its ounces. “We are well prepared for this cycle because we’ve worked furiously at our portfolio over the last two years and are demonstrating that organic growth is one of the few ways, if not the only way, to create value for stakeholders.” Bristow also noted that Randgold’s definition of value is the inherent value in a company that can be distilled into each share, or each piece of scrip, that its shareholders earn. “It really boils down to what are the reserves per share — viable reserves net of debt — that you can distil into a share, and whether it’s tonnes of iron ore or pounds of copper, or ounces of gold. It’s a simple equation that you can’t hide behind.” He then pointed to the performance of the top-10 gold producers over the last decade. “You can see that today, there are half as many ounces per share in the top-10 producers, and you can see how Randgold stands apart. We have doubled the amount of ounces that we had 10 years ago per share.” Equally, if not of more importance, he added, is the quality of those Randgold ounces. While the grade of those ounces produced by the top-10 gold producers over that period have halved, he said, the grade of the ounces Randgold has produced has stayed the same, if not risen slightly higher. “We are still mining below our reserve grade and we will continue to do that until 2020,” he forecast. “By that stage, as I hope I’ll demonstrate, we’ll add more ounces to the portfolio.” TNM

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B2Gold.................................................. 7 Boliden AB........................................... 2 Centerra Gold...................................... 7 First Quantum Minerals..................... 2 Franco-Nevada.................................... 7 Glencore................................................ 5 Goldcorp............................................... 2 Iamgold................................................. 7 Ivanhoe Mines..................................... 3

Lake Shore Gold.................................. 8 Orbis Gold............................................ 9 Orezone Gold...................................... 14 Pure Gold Mining............................... 1 Rosita Mining...................................... 7 Rubicon Mineral.................................. 2 Semafo................................................... 9 Vantage Goldfields.............................. 5 Zijin Mining Group............................. 3

INTERVIEW

| Executive director says mood ‘more buoyant’ at convention this year

BY SALMA TARIKH

starikh@northernminer.com

his year’s annual Prospectors & Developers Association of Canada (PDAC) convention, now in its 84th year, attracted more than 22,000 attendees, including inventors, analysts, mining executives, government officials and students. The attendance for the world’s pre-eminent mineral exploration event, held at Toronto’s Metro Convention Centre, is slightly down from last year’s 25,000. Despite this, PDAC’s executive director Andrew Cheatle told The Northern Miner the mood of the convention was “more upbeat,” given the “great sense that we are coming off the bottom of the market.” The following is an edited transcript of an interview with Cheatle from the four-day convention, which ended March 9. The Northern Miner: This is your second PDAC as executive director. How many conventions have you attended throughout your career? Andrew Cheatle: I came to Canada from South Africa in the year 2000, and ever since then — I might have missed one or two — this easily would be my 15th PDAC. TNM: What has been your most memorable experience at a convention? AC: It was last year and I’d been executive director for about four weeks, and to be on the inside and see the doors open, and quite literally the flood of people coming down the escalators, was extraordinary.

PDAC executive director Andrew Cheatle.

TNM: How has the convention expanded over the years, based on your experience as an attendee and now on the inside? AC: PDAC has expanded on many fronts. We have expanded throughout the years with our Aboriginal Affairs program. This has become quite an important event nationally, and increasingly internationally. We have also seen a massive increase with the trade show and investors exchange, moving from the North building to now both the South and North building. We have over 1,000 different exhibitors. This has been an incredible expansion, and throughout that time … the [attendance] numbers have increased from 5,000 to now

20,000 to 30,000. It has been quite spectacular … the other thing is the internationalizing of the event. This has become — quite literally — the place where the world’s industry meets. TNM: Are there any improvements or additions made this year to the convention? AC: We are sitting here today on March 8, which is International Women’s Day, and the team that puts on the convention is approximately 15 people, and it’s all female. It’s a remarkable example of gender diversity. The big addition for us this year was the International Mines Ministers’ Summit, where we have brought together 16 national mine ministers into one room. We worked with the World Economic Forum to do this, with great support from the government of Canada. TNM: How would you describe this year’s mood at the convention? AC: It is more upbeat … a lot of people say the mood is more buoyant. There’s no doubt the mineral sector is under a lot of stress and strain, but there is a great sense that we are coming off the bottom of the market. TNM: As executive director of PDAC, what initiatives are you working on? AC: We continue with three major fronts. One is access to capital. We are working to ensure our members in the industry have access to capital, so reducing regulatory burdens is something we continue to work on. We also continue to work on changes that are coming to the regulatory markets that will enable crowdfunding and the greater involvement of the Canadian public in shares, as they are issued. At the moment, only accredited investors can access this. We continue to work very much on gender diversity and on promoting this. The closing corporate social responsibility (CSR) panel is addressing diversity issues. The chair of this panel, [non-executive director at Glencore] Patrice Merrin, is one of the 100 most influential women in mining recognized this year by Women in Mining. We also continue to promote CSR and early stakeholder engagement as ambassadors of the minerals industry. When we go into communities and work with communities for the first time, it’s first impressions, and they do count. TNM: What challenges does the industry need to overcome? AC: Societal acceptance versus societal rejection. There’s no doubt that it has been encouraging to hear [Canada’s Minister of Natural Resources] Jim Carr in the opening commentary say that this is no longer our grandfathers’ industry. We have advanced greatly in affairs with Aboriginal Peoples and we have advanced greatly in terms of environmental protection. We also have a strong brand that we continue to work on. Once we are a national organization we will have extraordinary international reach … CSR responsibility, community engagement, working with governments, and capacity building with other nations and governments are areas we continue to work in. TNM

2016-03-15 7:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 21-27, 2016

Up to 10 killed in Lily, Katanga disasters in South Africa, DRC HEALTH AND SAFETY

| Three workers confirmed dead, seven unaccounted for in accidents

Underground workings exposed after a collapse at Vantage Goldfields’ Lily gold mine in South Africa, where three workers remain trapped underground. VANTAGE GOLDFIELDS

win disasters at two large mines in sub-Saharan Africa are a stark reminder that safety remains a top concern in mining. On Feb. 5 Yvonne Mnisi, Pretty Mabuza and Solomon Nyarenda were inside a steel portable office when a crown pillar collapsed at Vantage Goldfields’ (US-OTC: VTGFF) underground Lily gold mine near the town of Barberton in South Africa’s Mpumalanga province. A joint government rescue operation was launched immediately, but unstable ground conditions at press time have stymied efforts to reach the miners, who remain trapped 80 metres below surface. Lily Mines’ operations manager, Mike Begg, told reporters at the scene that the plan involved drilling “800 metres away from the sinkhole.” Three sub-

sequent collapses and an equipment breakdown have impacted rescue efforts over the past four weeks. On Feb. 13 Vantage posted a two-minute video to YouTube that features statements from CEO Mike McChesney. The footage includes South African Minister of Mineral Resources, Mosebenzi Zwane, talking to employees at the Lily site, which he has visited three times since the disaster. “This morning another significant collapse of the open pit resulted in destabilization of the underground workings. As a result we were forced to evacuate all our rescue teams. The rescue operation has been suspended pending the outcome of a full geotechnical assessment,” McChesney said. “Engineers are en route to the mine to conduct a full assessment. As we speak, the

Katanga Mining’s KOV (left) and Kamoto East copper pits in the Democratic Republic of the Congo. KATANGA MINING

“THE RESCUE OPERATION HAS BEEN SUSPENDED PENDING THE OUTCOME OF A FULL GEOTECHNICAL ASSESSMENT.” MIKE MCCHESNEY CEO, VANTAGE GOLDFIELDS

pit and underground workings are still moving, and I can tell you that we have an international company doing laser scanning on a continuous basis. Until the open pit settles down we won’t be able to consider resuming rescue operations.”

There was hope over the past two weeks when rescuers drilled a second emergency shaft, but on March 7 various media reports quoted Lily spokesperson Coetzee Zietsman stating that rescue attempts had been “suspended indefinitely” due to ongoing ground movement. One day later mega-miner Glencore (LSE: GLEN) reported a “geotechnical failure” at the Katanga open-pit copper mine in the Democratic Republic of the Congo. The company said that “seven persons, who were believed to have been working on the ongoing dewatering of the pit in the vicinity of the failure, are currently unaccounted for.” Katanga has mobilized its search and rescue team to find unaccounted for personnel. Subsequent reports from Glencore indicate three fatalities and four missing persons.

Accidents appear to happen more in challenging jurisdictions, but worldwide, incident and injury rates have been lowered. In the case of Lily, Minister Zwane announced in January that South Africa’s mining industry reported 77 fatalities in 2015, which is “the lowest ever recorded.” Meanwhile, Glencore has zeroed in on assets with “high incident rates,” and dropped its fatality rate from 26 people in 2013 to 10 people in 2015. The company is working towards a “zero fatality” benchmark. There has been criticism from the financial sector over “safety benchmarks” that result in bonuses for executives at large mining companies, but the incidents at Lily and Katanga may underline why these incentives exist. TNM

In-situ copper leaching is a proven technology

LETTER TO THE EDITOR

t was recently reported in the Financial Post that insitu leaching of copper is an “unproven technology.” But after personally spending five years working at the in-situ copper leaching operation at San Manuel, Ariz., I can state that it has definitely been proven. A little history may be required to better understand this technology, since it is not widely known. In-situ leaching (ISL) itself is not a new technology. It has been used for uranium mining for over 50 years, and today nearly half of all uranium mining is carried out using this method. For those unfamiliar with ISL, it is the process of circulating solutions through a rock mass and recovering the resultant pregnant leach solution for further processing. While the solution circulates, it can dissolve certain minerals depending on the composition of the solution. In the case of copper, the solution used is a weak sulphuric acid similar to that used for typical heap leaching of copper oxides. The pregnant leach solution is then processed at a solvent extraction-electrowinning plant. In San Manuel there were over 900 wells in operation, which proved that it can be successful on a large scale. ISL started as early as 1986 at San Manuel while the open pit

Mar 21 Pgs 1 2 3 4 5 7 8 9 14.indd 5

| Magma Copper was pioneer in ISL field

EVENTS May 1-4 CIM-AGM Vancouver, BC Email: cmurphy@cim.org; cim@cim.org Tel: (514) 939-2710 www.cim.org Sep 2 6 -28 MineExpo 2016 Las Vegas, NV Email: info@nma.org Tel: (202) 463-2639 www.minexpo.com Oct 5 - 6 AEMQ XPLOR 2016 Montreal, PQ Email: info@aemq.org Tel: (819) 762-1599; Toll-free (Quebec): 1-877-762-1599 www.aemq.org

For more event information, please go to: www.northernminer.com/events/

MEETINGS An in-situ copper recovery well field in 2012 at the Florence copper project in Arizona, now owned by Taseko Mines. CURIS RESOURCES

was still active. It was known at that time that some of the copper resource was not going to be recoverable by traditional methods. Therefore, Magma Copper pioneered some of the earliest testing of in-situ copper leaching. In 1995, the open pit was mined out, and ISL became the primary copper-oxide recovery method at San Manuel. Production ramped up for several years until annual copper production reached 40 million lb. at an operational cost of US40¢ per lb. I was part of the technical work group during this period and was responsible for ore reserves

and well layout. With the low capital investment required, the total costs including depreciation and amortization was still under US70¢ per lb. These are pretty attractive figures in today’s market. It was unfortunate that the operation began winding down in 2000 due to shareholder backlash at BHP over the purchase of the Magma Copper’s North American operations. Shortly after the purchase, many of them became unprofitable in the late 1990s due to low copper prices. Despite the profitability of the San Manuel ISL operation, it was closed along with all of the other North American assets. This

ended 15 years of in-situ copper leaching production, which amounted to over 250 million lb. copper during its lifetime. ISL has the benefit of being a low environmental impact mining operation, with little infrastructure and capital investment required. It can be used when the geological environment is suitable (copper oxides and fragmented orebody), and has the potential to be a very profitable enterprise. Gary Sutton, BSc Geology and MBA, Former geologist responsible for ore reserves at San Manuel mine, Surrey, B.C.

Mar 21 Mar 21 Mar 21 Mar 24 Mar 24 Mar 24 Mar 24 Mar 28 Mar 29 Mar 29 Mar 29 Mar 29 Mar 29 Mar 29 Mar 30 Mar 30 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31

Prima Diamond Golden Dawn Minerals Stina Resources Jazz Resources Rapier Gold First Idaho Resources GoGold Resources Champion Iron American CuMo Mining Azincourt Uranium Castle Resources MPH Ventures Sunset Cove Mining Castle Resources Nwt Uranium Western Lithium USA Mega Uranium Peregrine Diamonds AuRico Metals New Carolin Gold Lake Shore Gold McLaren Resources

AGS AG AGS AG AG AG AG S AG AG AS AG AGS AS AS AG AS AG AG AGS S AS

MEETINGS LEGEND A – Annual E – Extraordinary G – General S – Special

2016-03-15 7:20 PM

WWW.NORTHERNMINER.COM

MARCH 21-27, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MARCH 7–11 The S&P/TSX Composite Index rose 2.3% to 13,522, marking its second straight weekly gain, helped by higher oil prices. The S&P/ TSX Capped Diversified Metals & Mining Index slipped 0.4% to 452.08, while the S&P/ TSX Global Gold Index edged up 1.8% to 184.87. The spot gold price, however, fell 0.7%, or US$9 per oz., to US$1,250.10. The April contract for benchmark crude oil added US$2.58 to settle at US$38.50 per barrel, while the May contract for Brent crude gained 4.3% to close at US$40.39 per barrel. Both are more than 40% above their 2016 lows. Rubicon Minerals surged 91% to 11¢ per share on no news. The company, which saw its shares plunge after slashing gold resources at the F2 deposit by 88% earlier this year, said it “does not have any material changes to report,” and “is not aware of any material undisclosed information that would account for the recent trading activity.” Shares in Wellgreen Platinum soared 38% to 29¢ on the back of a non-brokered private placement, where it plans to offer up to 60.5 million units in two tranches priced at 20¢ per unit, for total proceeds of up to $12.1 million. In connection with the private placement, Wellgreen signed an agreement to provide 50 million units to Electrum Strategic Opportunities Fund in two tranches

for $10 million. Upon closing of the second tranche and assuming Wellgreen issues 60.5 million units, Electrum will own 26.9% of Wellgreen, or a 40.6% interest on a partly diluted basis, assuming the exercise of all related warrants. Each unit comprises one share and one warrant, where a holder could buy one Wellgreen share for 27¢ within five years of closing the first or second tranche. Under the first tranche, expected to conclude shortly, Wellgreen will issue 15.5 million units, where Electrum will subscribe to 14 million units. Upon completion, Electrum will have the right to nominate a member to Wellgreen’s board. The company will also seek shareholder approval for the second tranche, where it intends to issue 45 million TSX MOST ACTIVE ISSUES

First Quantum Kinross Gold B2Gold Yamana Gold Teck Res Barrick Gold Claude Res Rubicon Mnrls Lake Shore Gld Goldcorp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM K BTO YRI TCK.B ABX CRJ RMX LSG G

63903 7.65 5.77 7.37 + 0.33 49804 4.18 3.61 3.92 - 0.06 39511 1.89 1.64 1.75 + 0.06 37175 4.47 3.94 4.14 + 0.02 35607 11.15 9.30 9.81 - 0.45 34855 19.54 16.95 18.45 + 0.17 32623 1.57 1.36 1.38 + 0.11 30159 0.17 0.06 0.11 + 0.05 27405 1.99 1.75 1.92 + 0.10 26985 22.43 20.14 21.66 + 1.49

units, with Electrum agreeing to buy 36 million units. After closing the second tranche, Electrum could nominate another board member. The company said it would benefit from Electrum’s strong mining expertise, as it advances the Wellgreen PGM-nickel project in Yukon. Geologix Explorations plunged 36% to 4¢ per share on no news. In December, Geologix said it was under a review by the Toronto

Stock Exchange, as it no longer met TSX’s listing requirements, due to its low share price and lack of exploration activity in 2015. On March 14, the company reported that its shares have been conditionally approved for listing on the TSX Venture Exchange and should begin trading on March 31. Meanwhile, it applied for a voluntary delisting from the TSX, where its shares should stop trading at the end of March 30. TNM

TSX GREATEST PERCENTAGE CHANGE

Rubicon Mnrls Atlatsa Res Loncor Res Wellgreen Plat Northcliff Res INV Metals Argex Titanium Stonegate Agri Western Copper Niocorp Dev Geologix Ex Aureus Mng Kerr Mines Coro Mining Century Global Balmoral Res Zazu Metals Gran Colombia Marathon Gold Energy Fuels

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

RMX ATL LN WG NCF INV RGX ST WRN NB GIX AUE KER COP CNT BAR ZAZ GCM MOZ EFR

30159 121 595 2244 90 1457 2417 82 1120 3325 2093 5458 2633 1666 5 2161 145 3362 2801 1013

0.17 0.05 0.06 0.31 0.12 0.25 0.06 0.02 0.79 1.09 0.05 0.18 0.12 0.04 0.30 0.66 0.20 0.13 0.27 3.98

0.06 0.04 0.04 0.22 0.09 0.16 0.04 0.02 0.55 0.89 0.03 0.12 0.06 0.03 0.21 0.50 0.20 0.10 0.20 2.93

0.11 0.05 0.06 0.29 0.12 0.22 0.04 0.02 0.73 1.05 0.04 0.14 0.07 0.03 0.23 0.50 0.20 0.10 0.22 3.09

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

TSX GREATEST VALUE CHANGE

Franco-Nevada Agrium Agnico Eagle Goldcorp Royal Gold First Majestic MAG Silver Suncor Energy Tahoe Res Silver Wheaton Silver Std Res Cameco Corp Pretium Res Energy Fuels Detour Gold Endeavour Mng Teck Res HudBay Mnls Potash Corp SK Alamos Gold

90.9 66.7 50.0 38.1 35.3 34.4 33.3 33.3 32.7 31.3 36.4 31.7 27.8 25.0 25.0 23.1 18.4 17.4 17.3 16.7

VOLUME WEEK (000s) CLOSE CHANGE

FNV AGU AEM G RGL FR MAG SU THO SLW SSO CCO PVG EFR DGC EDV TCK.B HBM POT AGI

5057 81.17 1771 117.97 6641 47.26 26985 21.66 61 65.79 7146 7.59 1848 11.43 20294 34.62 9890 13.32 8457 22.53 7567 7.65 6432 15.87 4101 6.75 1013 3.09 8204 20.61 1574 10.73 35607 9.81 10094 5.07 13880 24.16 4970 6.65

+ 4.84 + 3.02 + 1.59 + 1.49 + 1.20 + 1.09 + 1.06 + 0.87 + 0.67 + 0.58 - 1.28 - 0.79 - 0.76 - 0.62 - 0.57 - 0.52 - 0.45 - 0.45 - 0.39 - 0.38

TSX VENTURE EXCHANGE / MARCH 7–11 The S&P/TSX Venture Composite Index gained 2.5%, or 13.93 points, to a 576.31-point close, while industry representatives flocked to Toronto to attend the 84th annual Prospectors & Developers Association of Canada’s convention. Spot gold kept its one-year high but fell slightly, closing down 0.8% to a 1,249.45 per oz. close, whereas three-month London Metal Exchange (LME) copper contracts rose US$20.5 per tonne, or 0.4%, to US$4,930 per tonne. Copper inventories certified by LME have eroded to 121,425 tonnes, down 64% over the past seven months to the lowest level since September 2014. Brent crude edged up 1.1% to a US$40.39per-barrel close over the week, but prices may soften, as Iran said it would raise output to pre-sanction levels. Graphite One Resources saw 22 million shares traded before ending up 3¢ at 12¢ per share, upon closing a second tranche of a non-brokered private placement. The company issued 3 million units, consisting of one common share and a warrant, at 9¢ per unit for $270,001 in proceeds. The funds will help advance the company’s Graphite Creek project — which the company says is the largest known large-flake graphite project in the U.S. — located in Alaska’s Seward

Peninsula, 60 km north of Nome. Reservoir Minerals topped the value-added category, jumping $1.35 to a $6.24-per-share close, after news that 55% joint-venture partner Freeport-McMoRan would sell part of its interest in Reservoir’s Serbian Timok project to Lundin Mining for US$262.5 million, pending Reservoir’s right of first refusal. The company has been in discussions with Freeport and several other parties in relation to Freeport’s interest in the Timok joint venture, and is evaluating the notice of sale and offer. A decision will be made in “due course.” B.C. explorer Tower Resources was a front runner in the greatest percentage change category, gaining 3¢, or 300%, to a 4¢ close on no reportable news. The company is attracting partners for TSX-V MOST ACTIVE ISSUES

Graphite One True Gold Mng Nexgen Energy Nemaska Lith Confedertn Mls Metanor Res Integra Gold Noront Res Noka Res Ashburton Vent

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GPH 22195 TGM 15516 NXE 13069 NMX 9686 CFM 9035 MTO 7806 ICG 7494 NOT 5986 NX 5934 ABR 5102

0.14 0.50 1.55 0.66 0.09 0.08 0.46 0.37 0.09 0.03

0.09 0.45 1.30 0.49 0.04 0.06 0.41 0.33 0.07 0.02

0.12 0.47 1.42 0.66 0.04 0.07 0.44 0.34 0.08 0.02

+ - + + - + - + -

0.03 0.01 0.14 0.18 0.01 0.00 0.03 0.01 0.01 0.01

exploration across its four flagship projects in the province, which includes the JD epithermal property in northwestern B.C., where historic drilling returned 26 metres of 6.4 grams gold per tonne and 8.4 grams silver per tonne. Shares of Gold Reserve gained 65¢ to $5.95 per share, after news of a proposed private placement worth US$38 million, which will be used for general working capital purposes.

A deal in February has Gold Reserve and the Venezuelan government intending to exploit the Brisas and Las Cristinas mines as a joint venture. The company will also receive compensation from the Venezuelan government since 2009 for losses it incurred after a nationalization campaign rescinded all permits and licences regarding the company’s Brisas project in southeastern Venezuela. TNM

TSX-V GREATEST PERCENTAGE CHANGE

West Melville Tower Res Golden Secret Reunion Gold Chimata Gold Starr Peak Exp Menika Mining Black Widow Rs Prospero Silvr RT Minerals Alba Minerals Plato Gold Zincore Mtls Whitemud Res NQ Expl Bullion Gld Res Trident Gold Hinterland Mtl Goldcliff Res Noble Metal Gr

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WMM TWR GGS RGD CAT STE MML BWR PSL RTM AA.H PGC ZNC.H WMK.H NQE BGD TTG HMI GCN NMG

24 1787 338 1116 737 12 1093 372 174 1136 116 92 378 43 47 52 104 158 3902 846

0.05 0.04 0.24 0.03 0.04 0.14 0.29 0.04 0.13 0.01 0.09 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01

0.00 0.01 0.05 0.00 0.02 0.06 0.15 0.02 0.00 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.18 0.03 0.20 0.03 0.03 0.14 0.28 0.03 0.10 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

+ 300.0 + 200.0 + 150.0 + 150.0 + 150.0 + 145.5 + 107.4 + 100.0 + 100.0 + 100.0 - 60.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Reservoir Mnls RMC Gold Reserve GRZ Kaminak Gold KAM Nrthn Graphite NGC Nemaska Lith NMX Menika Mining MML Nexgen Energy NXE West Melville WMM GGS Golden Secret Bear Creek Mng BCM Chesapeake Gld CKG Archon Mineral ACS AOT Ascot Res Avino Silver ASM Lithium X Egy LIX Unigold UGD MCI Minnova Corp Cda Carbon CCB Alba Minerals AA.H Mirasol Res MRZ

VOLUME WEEK (000s) CLOSE CHANGE

1108 6.24 + 1.35 219 5.95 + 0.65 2637 1.44 + 0.21 1589 0.42 + 0.20 9686 0.66 + 0.18 1093 0.28 + 0.15 13069 1.42 + 0.14 24 0.18 + 0.14 338 0.20 + 0.12 1262 1.16 + 0.11 158 2.25 - 0.50 14 1.70 - 0.30 156 0.95 - 0.13 119 1.40 - 0.11 2318 1.11 - 0.08 112 0.23 - 0.07 1255 0.35 - 0.07 2477 0.29 - 0.07 116 0.04 - 0.06 377 1.14 - 0.06

U.S. MARKETS / MARCH 7–11 The Dow Jones Industrial Average and the S&P 500 Index hit new highs for 2016 on the back of steady oil price gains (U.S. crude settled at US$38.50 per barrel and the International Energy Agency said the market may have hit its bottom); a new stimulus package from the European Central Bank; higher metal prices; and mounting appetite for risk. The Dow closed at 17,213.31 in a 1.2% gain, while the S&P 500 climbed 1.1% to 2,022.19. Spot gold finished at US$1,250.10 per oz., down 0.8%, or US$9. Shares of troubled U.S. coal miner Peabody Energy were up US$3.16, or 93%, to US$6.55 per share. Bloomberg reported that money manager Franklin Resources is pressing the St. Louis-based miner to restructure its US$6.4-billion debt in court. According to the news agency, Franklin is one of the biggest holders of a US$1.2-billion term loan that Peabody has on its books, which is due in 2020. (By contrast, two other U.S. coal miners — Alpha Natural Resources and Arch Coal — have already filed for bankruptcy.) Solid year-end results sent shares of FrancoNevada up US$4.12 to US$61.38. The company reported on March 10 that its adjusted net

Mar 21 Pg 6.indd 6

income in 2015 reached US$88.9 million, or US57¢ per share, compared with US$137.5million, or US91¢ per share, in 2014. The company invested over US$1 billion in 2015 and another US$500 million in early 2016. Last year Franco-Nevada declared dividends of US$129 million, its eighth straight year of increases. Improving gold prices helped lift Barrick Gold up US23¢ per share to US$13.95. But the miner also announced news that it is being fined US$9.8 million in connection with the September 2015 spill of cyanide solution at its Veladero mine in Argentina. The fine U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 267990 10.20 8.47 9.55 - 0.19 Vale* VALE 250439 4.89 3.58 3.83 - 0.55 Vale* VALE.P 183446 3.49 2.68 2.77 - 0.35 Alcoa* AA 149901 10.07 9.12 9.52 - 0.05 Barrick Gold* ABX 134921 14.67 12.64 13.95 + 0.23 United States S* X 134783 15.20 11.67 14.53 + 1.55 Kinross Gold* KGC 89717 3.13 2.68 2.95 - 0.04 Yamana Gold* AUY 75882 3.35 2.93 3.11 + 0.02 Chevron* CVX 68794 96.14 87.55 94.58 + 6.65 Goldcorp* GG 64554 16.97 15.04 16.37 + 1.24

is being imposed by the government of San Juan province. Barrick attributed the breach to “the failure of a valve on a pipe carrying cyanide solution at the leach pad, which led to a release of solution.” The Jachal Court of San Juan province says it will proceed with

criminal charges against nine current and former Barrick employees in connection with the incident. “We recognize that we have disappointed many of our partners in San Juan province and we deeply regret this incident,” Barrick said in a news release on March 11. TNM

U.S. GREATEST PERCENTAGE CHANGE

Peabody Enrgy* Endeavr Silver* First Majestic* United States S* Coeur Mng* Cloud Peak En* CONSOL Energy* Primero Mng* NACCO Ind* Goldcorp* Vale* Vale* Pretium Res* IAMGOLD* HudBay Mnls* Natural Res Pt* Rio Tinto* Cameco Corp* Alamos Gold* Teck Res*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTU 51250 7.13 3.50 6.55 + 93.2 EXK 10480 2.85 2.10 2.56 + 21.9 AG 19079 5.89 5.01 5.74 + 17.6 X 134783 15.20 11.67 14.53 + 11.9 CDE 28287 5.20 4.30 5.03 + 11.3 CLD 6910 2.24 1.93 2.17 + 11.3 CNX 40535 12.00 10.36 11.70 + 10.6 PPP 5070 1.99 1.70 1.85 + 10.1 NC 107 52.60 47.27 52.48 + 8.8 GG 64554 16.97 15.04 16.37 + 8.2 VALE 250439 4.89 3.58 3.83 - 12.6 VALE.P 183446 3.49 2.68 2.77 - 11.2 PVG 11475 5.76 4.92 5.10 - 9.4 IAG 41198 2.53 2.05 2.20 - 8.3 HBM 1209 4.29 3.42 3.82 - 8.0 NRP 451 13.86 10.50 10.75 - 4.4 RIO 36145 32.22 27.97 29.11 - 4.0 CCJ 13219 12.78 11.57 11.99 - 3.9 AGI 9841 5.75 4.96 5.04 - 3.6 TCK 45415 8.41 6.95 7.45 - 3.4

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Chevron* CVX NACCO Ind* NC Franco-Nevada* FNV Peabody Enrgy* BTU Agrium* AGU Black Hills* BKH United States S* X Agnico Eagle* AEM Goldcorp* GG Rio Tinto* RIO Mosaic* MOS Vale* VALE Pretium Res* PVG Natural Res Pt* NRP Cameco Corp* CCJ Vale* VALE.P HudBay Mnls* HBM Teck Res* TCK IAMGOLD* IAG

VOLUME WEEK (000s) CLOSE CHANGE

4103 156.58 68794 94.58 107 52.48 5913 61.38 51250 6.55 5176 89.19 2367 58.31 134783 14.53 15950 35.72 64554 16.37 36145 29.11 35899 28.70 250439 3.83 11475 5.10 451 10.75 13219 11.99 183446 2.77 1209 3.82 45415 7.45 41198 2.20

+ 8.73 + 6.65 + 4.23 + 4.12 + 3.16 + 2.95 + 2.27 + 1.55 + 1.42 + 1.24 - 1.21 - 0.91 - 0.55 - 0.53 - 0.50 - 0.49 - 0.35 - 0.33 - 0.26 - 0.20

2016-03-15 7:18 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 21-27, 2016

CENTRAL AMERICA

SPECIAL FOCUS

The outcropping Brasil vein at FDG Mining’s Topacio gold-silver project in Nicaragua. FDG MINING

Iamgold, Calibre set to drill in Nicaragua GOLD EXPLORATION

| Partners earmark $4M for Borosi concessions this year

Escobal is Tahoe’s ‘solid foundation,’ CEO says GUATEMALA

| Expanded silver mine churns through 4,500 tonnes per day BY TRISH SAYWELL tsaywell@northernminer.com

and 59.67 grams silver, for 222,300 oz. gold and 4.1 million oz. silver. Under the deal, Iamgold can earn 51% of the project by spending US$5 million and paying US$450,000 in cash to Calibre over three years, and gain another 19% by spending US$5 million and further payments of US$450,000 over a second threeyear period. Iamgold isn’t Calibre’s only partner in Nicaragua. B2Gold (TSX: BTO; NYSE-MKT: BTG), Rosita Mining (TSXV: RST) and Centerra Gold (TSX: CG; US-OTC: CAGDF) have each taken a stake across the Calibre’s vast 934 sq. km land package, leaving half available for future negotiation. The surge in interest even attracted gold mogul and chair of Franco-Nevada (TSX: FNV; NYSE: FNV) Pierre Lassonde, who personally poured $2 million into Calibre in 2014, earning him an 11.2% stake in the company. “We have a great land position in Nicaragua and great partners to work with,” Smith says, noting that these partners will spend $4 million in exploration this year. Although Nicaragua is known for its range of low- and highsulphidation epithermal deposits — such as B2Gold’s El Limon and

ahoe Resources (TSX: THO; NYSE: TAHO) has made a recent foray into the gold industry with a pair of acquisitions, but the asset that has fuelled its rise, and continues to lay the financial foundation for growth, is the world-class Escobal silver mine, 40 km southeast of Guatemala City. The company ramped up the operation’s mill circuit in 2015, and Escobal remains a major contributor to its strong cash flow. Tahoe released its audited financial statements on March 9, and reported another great year, headlined by cash flow from operating activities before changes in working capital of US$226.3 million, or $1.09 per share. The company paid out nearly US$50 million to shareholders through its monthly dividend, which is a jump from the US$3 million in 2014. Silver produced in concentrate at Escobal was 5.5 million oz. during the fourth quarter and 20.4 million oz. for the year, with total cash costs, net of by-product credits, pegged at US$6.16 per oz. Average mill throughput was 4,133 tonnes per day, while annual silver head grades averaged 487 grams per tonne. Tahoe completed an expansion to boost Escobal’s throughput by 1,000 tonnes to 4,500 tonnes per day in 2015. The US$52-million investment was straightforward and low risk because Tahoe had factored the larger mill footprint into its initial mine development. As a result, no upgrades were required for major equipment. Escobal is an intermediatesulphidation silver-gold-leadzinc vein deposit hosted in Tertiary andesite and volcaniclastic sedimentary rocks. Continuous precious and base-metal mineralization extends over wide zones defined over 2,400 metres laterally and 1,200 metres vertically. “[Our] accomplishments at Escobal would be a great headline on its own, but combined with our other business units, it should tell you we had one heck of a good year,” CEO Kevin McArthur said during the conference call. “We received numerous awards during the year reflecting our high standards of governance

See NICARAGUA / 8

See TAHOE / 8

Examining gold-silver samples at the Guapinol discovery on the Eastern Borosi property, from left: Greg Smith, Calibre Mining president and CEO; Robert Page, Iamgold director of exploration; and Marc Cianci, Calibre senior project geologist. CALIBRE MINING BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

amgold (TSX: IMG; NYSE: IAG) has given Calibre Mining (TSXV: CXB; US-OTC: CXBMF) the green light to drill the highgrade, epithermal gold-silver veins that swarm across the partners’ Eastern Borosi project, 275 km northeast of Managua, Nicaragua. An upcoming US$1.5-million program will consist of 5,500 metres of drilling as a follow-up to 11,400 metres already completed since Iamgold entered into a joint venture with the Vancouver-based junior in May 2014. “The first year we had tens of kilometres of structures to work through, so we did big 100-metre step-outs along them, trying to define as many high-grade shoots as we could,” Greg Smith, president, CEO and director of Calibre, tells The Northern Miner during a phone interview. “And as you know, we’ve defined a number of those, so this year we’re going back to prove up the high-grade results.” Among the high-priority targets are the Guapinol and Vancouver veins, where drilling last year returned 1.4 metres of 98.72 grams gold per tonne and 49.1 grams silver

Mar 21 Pgs 1 2 3 4 5 7 8 9 14.indd 7

“THERE ARE A LOT OF GOOD RULES, AND AS A FOREIGN COMPANY INVESTING MONEY IN NICARAGUA, YOU’RE VERY MUCH SUPPORTED BY THE GOVERNMENT.” GREG SMITH PRESIDENT & CEO, CALIBRE MINING

per tonne, and 12.9 metres grading 8.73 grams gold and 11.5 grams silver. The parallel-trending veins march in unison with a number of other underexplored gold-silver occurrences and gold-equivalent-in-soil geochemical anomalies that stretch across 10 km and counting, lending to its name, the “Guapinol–La Sorpresa” trend. But Smith explains that the “best results to date” occur at the new Main Blag and East Dome target areas, where veins appear to jog off the Guapinol–La Sorpresa trend and balloon in size. “We have an advantage there because the veins average 12 to 15 metres wide, so it’s easier to build up tonnes and ounces,” he says, with intercepts including 10.7 metres of 3.08 grams gold and 381.3 grams silver from Main Blag and 19.2 metres of 223.4 grams silver and

1.11 grams gold from East Dome. The mineralized zones measure between 200 and 250 metres along strike, between 100 and 300 metres deep, and are open in all directions — with the exception of Main Blag, which is closed off to the north. What the partners strive to achieve this year, Smith says, is to identify a “critical mass” of deposits across the 176 sq. km agreement area. “These epithermal systems have a tried and true model. The structures go forever — or are certainly quite lensoidal — and along the longitudinal sections you get these shoots, which have ore-grade widths and grade,” he says. The nearest example he offers is Riscos de Oro — an open-ended, parallel-trending vein 1 km northwest of Guapinol — which has a historical inferred resource of 2.2 million tonnes of 3.2 grams gold

2016-03-15 7:20 PM

MARCH 21-27, 2016 / THE NORTHERN MINER

CENTRAL AMERICA

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Escobal is Tahoe’s ‘solid foundation,’ CEO says

Workers at Tahoe Resources’ Escobal silver mine, 40 km southeast of Guatemala City. TAHOE RESOURCES TAHOE From 7

and our focus on corporate social responsibility programs in the field and improved communities. We would always welcome stakeholders to visit and see the zones of prosperity in Guatemala that we’ve helped to develop,” he added. Tahoe entered the gold business a year ago when it orchestrated a US$1-billion merger with Rio Alto Mining, which operated the La Arena heap-leach gold mine, 480 km northwest of Lima, Peru. The operation hit a record for Tahoe in 2015 when it produced 200,000 oz. gold doré at all-in sustaining costs of US$733 per oz. The second asset Tahoe picked up in the Rio Alto deal is the Shahuindo heap-leach operation, 30 km

north of La Arena. The deposit is an intermediate-sulphidation epithermal sediment-hosted gold deposit centered on a large amplitude fold intruded by felsic stocks. Shahuindo poured first gold in December, and could hit commercial production in the second quarter. The mine plan is based on reserves of 112 million tonnes grading 0.53 gram gold per tonne for 1.9 million contained oz. Tahoe expects Escobal will crank out between 18 million oz. and 21 million oz. silver this year at allin sustaining costs ranging from US$10 to US$11 per oz. Meanwhile, annual gold production is estimated between 200,000 and 250,000 oz. at all-in sustaining costs of between US$950 and US$1,050 per oz.

In early February Tahoe announced a US$945-million friendly deal for Lake Shore Gold (TSX: LSG; NYSE-MKT: LSG) and its Timmins gold complex in Ontario. The deal is expected to close in April. Tahoe has traded within a 52week range of $9.45 to $18.65, and closed at $12.95 per share at press time. The company has 227.5 million shares outstanding for a $2.8-billion market capitalization. Scotiabank Mining noted that Tahoe beat its earnings estimate during the fourth quarter owing to “better-than-expected operating costs and US$16.2 million received due to the reversal of royalties previously accrued, as a result for the repeal of the increased royalty regime in Guatemala.” TNM

Workers near a ball mill at Tahoe Resources’ Escobal silver mine. TAHOE RESOURCES

Iamgold, Calibre to drill in Nicaragua NICARAGUA From 7

La Libertad operating mines, 100 km northwest and 178 km east of Managua — Smith reckons that the potential for porphyry systems in the country has been highly underestimated. “If you look at a map of the Ring of Fire, there are porphyries dotted all the way from Alaska, B.C. and sub-western U.S., and suddenly you get to Central America, and there’s a paucity of dots,” he says. “It really doesn’t have any reason to be that way.” Smith points to partner B2Gold’s Primavera porphyry discovery, 25 km southwest of Iamgold’s Guapinol target, where drilling unearthed 277 metres of 0.5 gram gold and 0.2% copper from surface in 2013. B2Gold has since earned a 51% interest in 208.8 sq. km of Calibre’s concessions by spending $8 million, and plans to acquire another 19% interest by spending $6 million in project expenses over three years. “There has to be more of these things in the district, even within a kilometre of Primavera — it’s just obvious there would be more than one of them,” he adds. “When you think of all historic mining districts in the world — from the 1970s to early 1990s — there were so many deposits found and new models developed while dozens — if not hundreds of companies — were working within districts, but none of that happened here in Nicaragua,” he says. “It was a wasteland for 30 years … there wasn’t anybody working, and nobody developed anything during that time.

Mar 21 Pgs 1 2 3 4 5 7 8 9 14.indd 8

Marc Cianci (left), Calibre Mining senior project geologist, and Iamgold geologists Mike Michaud (middle) and Robert Page near an outcrop at the Main Blag prospect at the Eastern Borosi project in Nicaragua. CALIBRE MINING

While many recall the vicious civil war that rocked Nicaragua in the 1980s, the country in the last few decades has steadily opened its doors to business and mining.

“In terms of the rules and regulations, the government is supportive — they have a modest 3% royalty on production; a 30% tax rate; no exchange control, so you

can produce your gold and export it all; and a currency that’s pegged to the U.S. dollar with a fixed inflation rate per year, which means there’s no currency speculation,”

he says. “There are a lot of good rules, and as a foreign company investing money in Nicaragua, you’re very much supported by the government.” TNM

2016-03-15 7:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 21-27, 2016

Semafo unveils strong economics at Natougou BURKINA FASO

| High-grade gold mine would cost US$219M to build

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

est African-focused producer Semafo (TSX: SMF; US-OTC: SEMFF) looks to have a top-notch asset on its hands with the Natougou gold deposit, which lies 320 km east of the capital city of Ouagadougou in Burkina Faso’s Birimian gold province. The company released a feasibility study on the project in February, and the economics hold up at conservative gold prices. Semafo picked up Natougou — among other gold assets in Burkina Faso and Côte d’Ivoire — via the US$135-million acquisition of Australian-based Orbis Gold in mid-2015. The project held 2 million oz. gold at an average grade of 3.4 grams gold per tonne at the time of the deal, but the company has boosted the grade and lowered anticipated development costs. Open-pit reserves at Natougou now total 9.6 million proven and probable tonnes averaging 4.15 grams gold for 1.3 million contained oz. The estimates are based on a US$1,100 per oz. gold price and a cut-off grade of 1.07 grams gold. Gold mineralization is hosted within a flat-lying shear zone that has a subtle anticlinal geometry. The host lithology consists of mafic-tointermediate volcanic and intrusive stratigraphy. Gold is mostly found in a silicified shear zone, and a “significant quantity” of the deposit occurs as visible gold. Sulphide minerals are pyrrhotite, pyrite, and minor arsenopyrite and chalcopyrite, while much of the reserve is amenable to gravity recovery. Semafo models capital expenses at Natougou of US$219 million, which includes US$42 million in pre-stripping and an US$18-million contingency. The operation would produce 1.2 million oz. over a sevenyear mine life at total cash costs of US$408 per oz. — assuming 93% gold recoveries. The 4,000-tonne-per-day mine would have attractive, upfront operating metrics. Over the first three years of production Natougou would crank out 226,000 oz. gold annually at all-in sustaining costs of US$374 per oz. due to an average head grade of 5.72 grams gold, and 94% recoveries. “The project is now positioned as one of the highest-grade, open-pit gold deposits in West Africa,” president and CEO Benoit Desormeaux said during a conference call. “These results provide strong economics and a solid foundation on which to expand the regional potential. We’re now looking at operating costs that sit in the lowest quartile globally.” Based on US$1,100 per oz. gold, the project would generate a US$262million after-tax net present value at a 5% discount rate, a 48% internal rate of return and a 1.5-year payback period. To fund the development Semafo has boosted an existing credit facility with Macquarie Bank by US$30 million to US$120 million. The company figures the extra funding — when combined with its $167-million cash position and internal cash flows — should provide “sufficient financial resources to bring Natougou into production.” Desormeaux said that “the fact that we’re proceeding with an amended facility speaks to the economic strength of the project. Combining those funds with our cash position — and the strength of cash flow from our Mana operation — we believe the capital is in place. Our track record of operating

Mar 21 Pgs 1 2 3 4 5 7 8 9 14.indd 9

Workers with a reverse-circulation drill at Semafo’s Natougou gold project, 320 km east of Ouagadougou, Burkina Faso. SEMAFO

in Burkina Faso gives us confidence that we can deliver this development on time and on budget.”

Semafo suspects this could be the start of a long-life mine at Natougou. The company spent US$1.3 million

on regional airborne geophysics last year across a property package that exceeds 700 sq. km. Exploration around the proposed open pit also shows potential to expand resources at depth within the footwall of the Boungou shear zone. Semafo released drill results from a 10,000-metre program on the Boungou shear in late July, with highlights including 10.8 grams gold over 10 metres from 151 metres deep in hole 103, and 4 metres of 13.04 grams gold from 70 metres deep in hole 104. “We’ve done additional work on the target area, and expect results in the next few weeks,” Desormeaux added, noting that the company has a US$6-million exploration budget at Natougou in 2016. “It’s definitely a major focus this year, but for us the biggest potential could come from the geophysics, which generated promising regional targets. We’re already getting to work on those with the auger drills, and we’re expecting results there later this year. The property is large, but at the same time everything is within trucking distance.”

TD Securities maintains a “buy” recommendation on the company, along with a 12-month price target of $5.50 per share. Analyst Steve Green notes that “Semafo remains a go-to name in the mid-cap space because of its strong free cash flow, low cost structure and strong balance sheet. Natougou provides [the company] with a quality high-grade growth project to go with its low-cost Mana production base.” Semafo aims to permit the project by year-end, with construction expected shortly thereafter. An environmental impact assessment and resettlement plan are scheduled to be filed with the national government in the second quarter. The company expects to produce between 225,000 and 245,000 oz. in 2016 at all-in sustaining costs ranging from US$535 to US$565 per oz. Semafo shares have traded within a 52-week range of $2.46 to $4.95, and closed at $4.55 per share at press time. The company has 294 million shares outstanding for a $1.3-billion market capitalization. TNM

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2016-03-15 7:20 PM

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MARCH 21–27, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MARCH 7–11, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1545 Abacus Mng &Ex V 626 O 344 Abcourt Mines* ABE Res V 31 O 3 Aben Res* Aben Res V 42 Aberdeen Intl* O 175 Aberdeen Intl T 634 Abitibi Royalt V 17 ABT Holdings* O 56 Acacia Mining* O 7 V 167 Acme Res Inc Active Growth V 125 Adamera Mnls V 39 Adriana Res V 299 V 136 Adventure Gold African Gold V 2125 African Queen V 228 Africo Res T 43 Agave Silver V 36 Agnico Eagle T 6641 Agnico Eagle* N 15950 Agrium T 1771 Agrium* N 5176 Aida Minerals 18 Aim Explor* O 5622 Alabama Graph* O 217 Alacer Gold T 4635 Alamos Gold T 4970 Alamos Gold* N 9841 Alaska Pac Egy* O 50 Alba Minerals* O 25 Alba Minerals V 116 Alchemist Mng 650 Alcoa* N 149901 Alderon Iron* O 75 Alderon Iron T 817 Aldever Res V 1331 Aldridge Mnrls V 73 Alexander Nubi* O 328 Alexander Nubi V 733 Alexandria Min* O 778 Alexandria Min V 3357 Alexco Res T 819 Alexco Res* X 1576 Algold Res V 648 Alianza Min* O 25 Alianza Min V 76 Alix Res V 1739 Alliance Res* D 1484 Almaden Mnls T 274 Almaden Mnls* X 969 Almadex Min V 559 Almo Capital V 14 Almonty Ind V 84 Alpha Nat Res* O 11376 Alphamin Res V 436 ALQ Gold V 65 Alta Vista Vnt 558 Altair Gold V 28 Alternative ER V 67 Alternative ER* O 10 Altius Mnrls T 579 Alto Vent V 209 Alumina Inc* O 282 ALX Uranium V 726 Am CuMo Mng* O 23 Am CuMo Mng V 160 Amalgamated Gd* O 3351 Amara Mng* O 82 Amarc Res* O 1 Amarc Res V 239 Amarillo Gold V 83 Amazing OG* O 9 American Pot 29 Americas Petro V 906 Americas Silvr T 1919 Americas Silvr* O 476 Amerigo Res T 1099 Amerigo Res* O 339 O 463 Anaconda Mng* Anaconda Mng T 1132 Andes Gold* O 138 Anfield Nickel V 77 Anfield Res V 57 Anfield Res* O 80 Angel Gold* O 202 Angel Gold V 272 Angkor Gold V 389 Anglo American* O 2523 Anglo American* O 43 Anglo-Bomarc V 134 AngloGold Ash* O 6 AngloGold Ash* N 38223 Antioquia Gold* O 29 Antioquia Gold V 301 Apogee Silver V 85 Applied Mrnls* O 80 AQM Copper V 447 Aquila Res* O 147 Aquila Res T 616 V 243 Arak Res Arch Coal* O 717 Archon Mineral V 14 Arctic Star V 689 Arena Mnls V 1197 Argentex Mng V 876 Argentex Mng* O 322 Argex Titanium* O 405 Argex Titanium T 2417 Argonaut Gold T 5333 Argonaut Gold* O 419 Arian Res V 3483 Arian Silver* O 432 Arianne Phosph V 293 O 95 Arianne Phosph* Artha Res* O 88 Asanko Gold* X 1094 Asanko Gold T 4505 Asante Gold 85 Asbestos Corp V 2 Ascot Res V 156 V 5102 Ashburton Vent Ashburton Vent* O 319 AsiaBaseMetals V 132 Asiamet Res V 153 Aston Bay V 97 Astur Gold V 64 ATAC Res V 801 10 Atalaya Mg plc T Athabasca Mnls* O 33 Athabasca Mnls V 527 Athabasca Nclr V 921 Athena Silver* O 34 Atico Mng V 213 Atico Mng* O 69 Atlanta Gold* O 3 Atlanta Gold V 17 Atlantic Gold V 953 Atlatsa Res T 121 Atlatsa Res* O 144 Atom Energy V 32 Augustine Vent 373 Aura Mnls T 425 Auramex Res V 10 Aurcana Corp* O 54 Aurcana Corp V 550 AurCrest Gold V 252 Aureus Mng* O 277 Aureus Mng T 5458 AuRico Metals T 1621 Aurion Res V 239 Aurora Gold* O 81 Aurvista Gold V 312 Auryn Res* O 199 Auryn Res V 911 Avala Res V 675 Avalon Rare Mt T 4161 Avarone Metals 4199 Avino Silver* X 908 Avino Silver V 119 Avnel Gold T 1129 Avrupa Mnls V 125 Axmin Inc* O 91 AZ Mining T 1175 Azarga Uranium T 11 Azimut Expl V 218 Azincourt Uran* O 9 Azincourt Uran V 113

0.05 0.04 0.05 - 0.01 0.06 0.03 0.06 0.05 0.05 - 0.01 0.09 0.04 0.07 0.06 0.07 - 0.00 0.07 0.02 0.03 0.00 0.03 + 0.01 0.08 0.02 0.05 0.05 0.05 + 0.00 100.52 0.03 0.08 0.00 0.08 + 0.01 0.27 0.06 0.10 0.08 0.09 + 0.00 0.12 0.07 0.14 0.12 0.12 + 0.01 0.17 0.10 4.00 3.80 3.82 - 0.05 4.20 1.53 0.76 0.00 0.70 - 0.00 1.61 0.05 3.84 3.55 3.84 + 0.29 4.64 2.40 0.04 0.02 0.04 + 0.02 0.05 0.02 0.04 0.03 0.03 - 0.01 0.17 0.02 0.02 0.00 0.02 + 0.01 0.04 0.01 0.12 0.11 0.11 + 0.01 0.19 0.08 0.20 0.16 0.18 + 0.01 0.22 0.06 0.08 0.06 0.07 + 0.01 0.08 0.03 0.03 0.03 0.03 - 0.01 0.03 0.01 0.51 0.43 0.49 + 0.02 0.55 0.30 0.03 0.02 0.03 + 0.01 0.04 0.01 48.78 44.07 47.26 + 1.59 51.49 27.63 36.79 32.87 35.72 + 1.42 37.24 21.00 118.49 114.68 117.97 + 3.02 144.48 110.89 89.51 85.91 89.19 + 2.95 113.10 79.94 0.11 0.10 0.10 - 0.03 0.23 0.08 0.00 0.00 0.00 - 0.00 1.19 0.00 0.11 0.09 0.10 + 0.01 0.27 0.08 2.87 2.56 2.61 - 0.12 3.23 2.08 7.66 6.61 6.65 - 0.38 9.00 3.27 5.75 4.96 5.04 - 0.19 7.54 2.27 0.12 0.00 0.06 - 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B2Gold* X 16329 B2Gold T 39511 Baja Mng* O 113 Baja Mng V 300 Balmoral Res* O 479 Balmoral Res T 2161 Bama Gold 217

1.42 1.21 1.32 + 0.06 1.79 0.60 1.89 1.64 1.75 + 0.06 2.21 0.86 0.02 0.01 0.01 - 0.01 0.04 0.00 0.02 0.02 0.02 - 0.01 0.04 0.01 0.50 0.37 0.40 - 0.09 0.93 0.23 0.66 0.50 0.50 - 0.15 1.17 0.33 0.20 0.00 0.20 + 0.06 0.20 0.07

March 21 Pgs 10 11.indd 10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bannerman Res T 73 Banro T 1943 Banro* X 7554 Banyan Gold V 75 Barisan Gold V 570 Barkerville Go* O 253 Barkerville Go V 2153 Barrick Gold T 34855 Barrick Gold* N 134921 Barsele Min V 67 Batero Gold V 530 Battle Mtn Gld V 255 18 Battle Mtn Gld* O Bayhorse Silvr* O 11 Bayhorse Silvr V 196 Bayswater Uran V 123 BCGold V 155 BCM Res V 494 Bear Creek Mng V 1262 Beaufield Res* O 17 V 502 Bell Copper Bell Copper* O 22 Bellhaven Cp&G V 77 O 21 Bellhaven Cp&G* Belmont Res V 281 Belo Sun Mng T 3904 Benton Res V 1940 BHK Mining V 31 223 Big North Grap V Big North Grap* O 18 Bison Gold Res V 27 Bitterroot Res* O 122 Bitterroot Res V 236 Black Hills* N 2367 Black Widow Rs V 372 Blackheath Res V 494 BonTerra Res* O 74 Borneo Res Inv* O 2788 Bowmore Expl V 110 Bravada Gold V 509 Bravada Gold* O 110 Brazil Res V 4272 Brilliant Sand* O 42 Brionor Res V 95 Britannia Mng* O 422 Brixton Mtls* O 116 Brixton Mtls V 221 Buenaventura* N 12982 Buffalo Coal V 56 Bullfrog Gold* O 566 52 Bullion Gld Res V

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Cache Expl V 267 Cadan Res V 107 Caledonia Mng* Q 95 Caledonia Mng T 79 Calico Res* O 102 Calico Res V 252 California Gld V 418 California Gld* O 75 Callinex Mines V 579 Callinex Mines* O 493 Cameco Corp* N 13219 Cameco Corp T 6432 Cameo Res V 522 Camino Mnls V 84 Camino Mnls* O 8 Canadian Zeol V 82 V 485 CanAlaska Uran CanAlaska Uran* O 173 Canamex Res* O 227 Canarc Res* Q 509 Canarc Res T 727 Canasil Res V 807 Cancana Res V 34 Candente Gold V 999 Canex Energy V 544 CaNickel Mng V 11 Canstar Res V 350 Cantex Mn Dev V 673 Canuc Res V 2105 Capstone Mng T 5950 Cardero Res T 67 Cardero Res* O 97 Caribou King V 121 Carlin Gold V 621 Carmax Mng V 308 O 312 Carpathian Gld* Carpathian Gld 5176 Carube Copper V 50 706 Castle Mtn Mng V Castle Res 115 Catalyst Coppr V 48 Caza Gold* O 4 Caza Gold V 10 Cda Carbon* O 37 Cda Carbon V 2477 9 Cda Rare Earth* O 500 Cda Strtgc Met V Cdn Metals 985 161 Cdn Silvr Hunt V Cdn Zinc* Q 276 Cdn Zinc T 1268 Centamin T 192 Centaurus Diam* O 178 Centenera Mng V 121 Centerra Gold T 4469 Central Iron V 3283 Centurion Mnls V 39 Century Global T 5 Champion Bear V 65 Champion Iron T 1591 Chesapeake Gld* O 130 Chesapeake Gld V 158 Chevron* N 68794 Chieftain Mtls V 140 Chilean Metals V 110 Chilean Metals* O 34 Chimata Gold V 737 China Gold Int T 2026 China Mnls Mng* O 161 Cibolan Gold* O 145 Claude Res T 32623 Claude Res* O 4332 Clear Mtn Res V 275 Clifton Star* O 512 Clifton Star V 1359 Cloud Peak En* N 6910 CMC Metals V 156 Coeur Mng* N 28287 Colibri Res V 29 Colombian Mins V 176 Colonial Coal V 124 Colorado Res* O 78 Colorado Res V 217 Colt Res* O 52 Colt Res V 265 Columbus Gold* O 287 Columbus Gold T 703 Commerce Res* O 112 Commerce Res V 575 Comstock Mng* X 1192 Comstock Mtls V 923 Condor Res V 781 Confedertn Mls V 9035 O 218 Confedertn Mls* Cons Woodjam V 133 CONSOL Energy* N 40535 Contintl Gold* O 266 Contintl Gold T 3524 Contintl Prec T 17 Copper Ck Gold V 57 Copper Fox Mtl V 1900 Copper Fox Mtl* O 214 Copper Mtn Mng* O 31 Copper Mtn Mng T 1661 Copper North M V 2265 Copper Reef Mg 333 Copperbank Res* O 7 Copperbank Res 9 Coral Gold V 109 Corazon Gold V 71 Cornerstone Ca* O 445 Cornerstone Ca V 2909 Coro Mining T 1666 Corsa Coal V 1679 Corvus Gold T 260 Corvus Gold* O 129 Crazy Horse Res V 199 Critical Elem V 581 Critical Elem* O 28 Crown Mining V 82 Crystal Pk Min* O 231 CTGX Mining* O 11 Currie Rose Rs V 26 Cypress Dev V 1416 Cypress Dev* O 39

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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

D-F Dajin Res V 4184 Dajin Res* O 6405 Dalradian Res* O 356 Dalradian Res T 2250 Damara Gold* O 51 Darnley Bay V 434 Decade Res V 1569 Defiance Silvr* O 380 Defiance Silvr V 729 X 3192 Denison Mines* Detour Gold T 8204 O 22 Diamante Min* Diamcor Mng V 15 Diamcor Mng* O 37 Diamond Disc* O 105 Diamond Fields V 80 Dios Expl V 43 Discovery Vent V 804 DNI Metals* O 41 DNI Metals 114 23 Dolly Vard Sil* O Dolly Vard Sil V 66 Dominion Diam* N 2056 Dominion Diam T 1234 Dorex Mnrls V 554 879 Double Crn Res* O Doubleview Cap V 262 DRDGOLD* N 2205 Dundee Prec Mt T 1779 Dunnedin Vent V 796 Duran Vent V 1486 Durango Res V 735 DV Res V 26 346 Dynacor Gld Mn T DynaResource* O 193 O 154 Dynasty Met&Mn* Dynasty Met&Mn T 650 Eagle Graphite V 1051 O 30 Eagle Graphite* Eagle Plains V 336 East Africa V 1290 East Asia Mnls V 2275 Eastern Platin* O 25 Eastern Platin T 777 Eastmain Res T 3815 Eco Oro Mnls T 84 Edgewater Expl V 217 El Capitan Prc* O 501 Elcora Res V 245 Eldorado Gold* N 40429 Eldorado Gold T 20710 Electra Stone V 1250 Eloro Mnrls V 75 Ely Gold & Mnl V 1427 Ely Gold & Mnl* O 204 Emgold Mng* O 3 Endeavour Mng* O 144 Endeavour Mng T 1574 Endeavr Silver* N 10480 Endeavr Silver T 2069 Endurance Gold V 537 Energizer Res* O 245 Energizer Res T 994 Energy Fuels T 1013 Energy Fuels* X 2875 Entree Gold T 272 Entree Gold* X 316 Equitas Res* O 30 Equitorial Ex V 2587 Era Res Inc T 6 Erdene Res Dev T 773 Erdene Res Dev* O 138 Erin Ventures* O 12 Eskay Mng V 372 Ethos Gold* O 122 Ethos Gold V 135 Eurasian Mnls* X 143 Eurasian Mnls V 71 Eureka Res V 241 EurOmax Res V 58 EurOmax Res* O 6 Europn Uran Rs* O 211 Everton Res V 302 Everton Res* O 119 Evolving Gold* O 9 Evrim Res V 434 Excalibur Res* O 1665 Excalibur Res 1071 Excellon Res T 787 Excellon Res* O 75 Excelsior Mng V 680 Excelsior Mng* O 21 Exeter Res* X 958 Exeter Res T 355 Expedition Mng* O 2 Explor Res* O 72 Explor Res V 1864 Explorex Res 2 Fairmont Res V 1649 Falco Res V 1904 Falcon Gold V 154 293 Ferrum Am Mng V Fieldex Expl V 821 Finore Mng 44 First Bauxite V 210 First Liberty* O 2743 First Majestic* N 19079 First Majestic T 7146 First Mexican V 600 First Point T 40 First Quantum T 63903 Fission Uran* O 1317 Fjordland Exp V 55 Flinders Res* O 248 Flinders Res V 422 O 1048 Focus Graphite* Focus Graphite V 4118 Foran Mng V 1285 Formation Mtls T 862 Forsys Metals T 211 Fortescue Mtls* O 335 Fortuna Silvr T 3639 Fortuna Silvr* N 2997 Fortune Bay T 31 Fortune Mnrls T 6510 Forum Uranium V 277 Forum Uranium* O 30 Fox River Res 3563 Franco-Nevada* N 5913 Franco-Nevada T 5057 Franklin Mng* O 167 Freegold Vent T 410 Freeport McMo* N 267990 O 27 Fresnillo plc* Frontier Rr Er* O 9 55 Full Metal Mnl V Fura Emeralds V 84

0.19 0.14 0.16 + 0.01 0.19 0.05 0.14 0.10 0.12 + 0.01 0.14 0.04 0.76 0.71 0.74 + 0.00 0.85 0.45 1.03 0.95 0.98 - 0.01 1.16 0.62 0.03 0.00 0.03 + 0.01 0.04 0.02 0.03 0.02 0.02 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.01 0.07 0.01 0.09 0.07 0.07 - 0.00 0.13 0.04 0.11 0.09 0.09 - 0.01 0.16 0.06 0.51 0.47 0.50 - 0.00 0.99 0.35 22.03 19.01 20.61 - 0.57 22.82 9.72 0.34 0.26 0.30 - 0.04 2.29 0.20 0.89 0.00 0.85 - 0.05 1.45 0.65 0.67 0.65 0.65 - 0.02 1.15 0.46 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.00 0.02 - 0.01 0.05 0.01 0.09 0.07 0.07 - 0.01 0.10 0.04 0.17 0.14 0.16 - 0.01 0.25 0.09 0.06 0.03 0.04 - 0.02 0.20 0.03 0.06 0.05 0.06 + 0.01 0.10 0.05 0.13 0.12 0.13 - 0.00 0.25 0.08 0.17 0.15 0.17 + 0.02 0.50 0.11 12.56 11.93 12.21 + 0.19 20.30 7.27 16.82 15.93 16.16 + 0.14 24.60 9.96 0.02 0.01 0.02 + 0.01 0.04 0.01 0.01 0.01 0.01 - 0.00 0.02 0.01 0.09 0.08 0.08 - 0.01 0.19 0.07 4.15 3.55 3.80 - 0.02 4.15 1.10 1.84 1.55 1.83 + 0.28 3.19 0.84 0.10 0.08 0.09 - 0.01 0.19 0.04 0.02 0.02 0.02 + 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.08 0.03 0.05 0.04 0.05 + 0.01 0.06 0.03 2.23 2.08 2.14 + 0.04 2.59 1.30 2.00 1.00 1.60 - 0.05 2.00 0.80 0.32 0.26 0.26 - 0.08 0.63 0.12 0.44 0.33 0.36 - 0.07 0.80 0.18 0.03 0.02 0.02 - 0.01 0.08 0.02 0.02 0.02 0.02 - 0.00 0.07 0.01 0.07 0.00 0.07 + 0.01 0.07 0.05 0.11 0.07 0.10 + 0.03 0.11 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 0.65 0.59 0.63 + 0.10 1.84 0.47 0.89 0.75 0.88 + 0.13 2.26 0.61 0.40 0.32 0.32 - 0.06 0.58 0.28 0.34 0.27 0.33 + 0.02 0.90 0.25 0.02 0.02 0.02 + 0.01 0.03 0.01 0.06 0.05 0.06 - 0.00 0.16 0.03 0.59 0.52 0.56 - 0.01 0.75 0.08 3.72 3.25 3.38 - 0.09 5.36 1.87 4.98 4.35 4.47 - 0.16 6.68 2.67 0.08 0.07 0.07 - 0.01 0.14 0.04 0.20 0.18 0.20 + 0.02 0.24 0.09 0.12 0.07 0.12 + 0.05 0.09 0.03 0.10 0.05 0.08 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.00 0.01 0.00 8.70 7.83 8.11 - 0.45 9.61 4.40 11.61 10.45 10.73 - 0.52 13.02 4.35 2.85 2.10 2.56 + 0.46 2.74 1.00 3.77 2.82 3.38 + 0.56 3.66 1.46 0.05 0.04 0.04 + 0.01 0.08 0.02 0.07 0.06 0.06 + 0.00 0.11 0.03 0.09 0.08 0.08 + 0.01 0.14 0.03 3.98 2.93 3.09 - 0.62 6.73 2.47 2.98 2.18 2.32 - 0.45 5.60 1.81 0.40 0.36 0.38 - 0.03 0.66 0.18 0.31 0.27 0.28 - 0.02 0.51 0.08 0.05 0.04 0.05 + 0.00 0.17 0.02 0.05 0.03 0.05 + 0.01 0.19 0.02 0.13 0.00 0.13 + 0.02 1.00 0.09 0.24 0.17 0.19 + 0.02 0.24 0.10 0.18 0.12 0.17 + 0.05 0.18 0.08 0.03 0.03 0.03 - 0.00 0.08 0.03 0.15 0.10 0.15 + 0.02 0.17 0.01 0.15 0.12 0.12 + 0.02 0.15 0.09 0.20 0.16 0.17 - 0.02 0.23 0.11 0.60 0.47 0.54 + 0.06 0.75 0.35 0.79 0.65 0.69 + 0.05 0.94 0.48 0.08 0.07 0.08 + 0.02 0.13 0.02 0.51 0.48 0.50 - 0.01 0.57 0.21 0.39 0.26 0.39 + 0.13 0.41 0.15 0.02 0.01 0.02 + 0.01 0.02 0.00 0.03 0.03 0.03 - 0.01 0.05 0.01 0.03 0.02 0.03 - 0.00 0.04 0.00 0.06 0.00 0.03 + 0.00 0.08 0.01 0.26 0.20 0.26 + 0.03 0.26 0.10 0.01 0.00 0.01 + 0.01 0.04 0.00 0.02 0.01 0.02 + 0.01 0.05 0.01 0.49 0.40 0.42 + 0.01 0.92 0.20 0.37 0.31 0.34 + 0.03 0.74 0.14 0.29 0.26 0.27 - 0.02 0.39 0.19 0.22 0.20 0.20 - 0.02 0.31 0.12 0.65 0.58 0.62 + 0.03 0.65 0.29 0.87 0.78 0.80 - 0.03 0.87 0.39 0.18 0.18 0.18 + 0.00 0.18 0.17 0.13 0.09 0.10 - 0.01 0.18 0.03 0.18 0.12 0.13 - 0.05 0.24 0.04 0.08 0.00 0.08 + 0.01 0.19 0.05 0.07 0.04 0.07 + 0.01 0.19 0.02 0.50 0.41 0.46 + 0.05 0.54 0.21 0.02 0.01 0.02 + 0.01 0.09 0.01 0.05 0.03 0.04 + 0.01 0.05 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.04 0.01 0.03 - 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.09 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 5.89 5.01 5.74 + 0.86 6.25 2.40 7.79 6.72 7.59 + 1.09 7.78 3.50 0.05 0.04 0.04 - 0.02 0.07 0.02 0.06 0.05 0.06 - 0.01 0.10 0.04 7.65 5.77 7.37 + 0.33 19.83 2.15 0.51 0.46 0.50 + 0.00 1.08 0.39 0.01 0.01 0.01 - 0.01 0.04 0.01 0.28 0.20 0.20 - 0.02 0.50 0.09 0.37 0.27 0.28 - 0.01 0.39 0.12 0.23 0.10 0.15 + 0.06 0.30 0.04 0.30 0.14 0.20 + 0.08 0.37 0.07 0.14 0.09 0.13 + 0.04 0.48 0.05 0.17 0.11 0.15 + 0.04 0.22 0.09 0.11 0.09 0.09 - 0.01 0.36 0.08 2.40 1.98 2.03 + 0.16 2.40 1.00 5.62 5.02 5.30 + 0.10 5.69 2.65 4.22 3.78 4.01 + 0.13 4.27 2.00 0.32 0.00 0.30 - 0.03 0.43 0.25 0.05 0.03 0.05 + 0.01 0.16 0.02 0.10 0.00 0.09 - 0.01 0.10 0.04 0.08 0.07 0.07 - 0.00 0.08 0.03 0.04 0.03 0.04 + 0.01 0.05 0.03 63.40 55.55 61.38 + 4.12 62.09 38.20 83.81 74.50 81.17 + 4.84 85.86 49.96 0.00 0.00 0.00 - 0.00 0.03 0.00 0.14 0.13 0.14 + 0.02 0.24 0.05 10.20 8.47 9.55 - 0.19 23.97 3.52 13.88 0.00 13.64 - 0.31 14.00 8.70 0.01 0.00 0.00 + 0.00 0.29 0.00 0.05 0.04 0.04 - 0.01 0.07 0.02 0.18 0.00 0.18 + 0.01 0.25 0.08

Gabriel Res T 311 Gainey Capital V 236 Galena Intl Rs V 52 Galway Gold V 1220 Garibaldi Res V 301 GB Minerals V 16 Gear Intl* O 11045 General Moly T 16 General Moly* X 2659 Genesis Mtls V 564 Gensource Pot V 475 Geologix Ex T 2093 Geomega Res V 882 Geomega Res* O 223 V 35 GFK Res Gldn Predator* O 72 Gldn Predator V 360 Glen Eagle Res V 637 Glencore Plc* O 2433 Global Gold* O 126 Global Hunter V 5 Globex Mng* O 12 Globex Mng T 424 GobiMin V 327 GoGold Res T 193 Gold Bulln Dev* O 70 Gold Dynamics* O 351 Gold Fields* N 34628 Gold Jub Cap V 76 Gold Lakes* O 6 Gold Mng USA* O 300 Gold Mtn Mng V 210 Gold Reach Res V 240 Gold Reserve* O 631 Gold Reserve V 219 Gold Resource* X 2962 Gold Std Vents V 1849 Gold Std Vents* X 2225 Goldcliff Res V 3902

0.26 0.22 0.25 - 0.01 0.62 0.12 0.14 0.10 0.11 - 0.03 0.25 0.10 0.04 0.03 0.04 + 0.02 0.04 0.01 0.06 0.05 0.05 - 0.01 0.12 0.04 0.11 0.10 0.10 - 0.01 0.18 0.05 0.07 0.06 0.06 - 0.01 0.12 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.40 0.30 0.37 + 0.07 1.20 0.22 0.33 0.21 0.33 + 0.12 1.00 0.15 0.15 0.10 0.12 + 0.02 0.33 0.05 0.05 0.05 0.05 + 0.01 0.07 0.04 0.05 0.03 0.04 - 0.02 0.06 0.02 0.14 0.11 0.13 - 0.03 0.29 0.06 0.12 0.09 0.09 - 0.02 0.15 0.03 0.10 0.09 0.09 - 0.01 0.12 0.03 0.13 0.11 0.11 + 0.02 0.13 0.06 0.19 0.15 0.19 + 0.04 0.19 0.07 0.07 0.06 0.07 - 0.01 0.11 0.03 4.84 3.79 4.05 - 0.33 9.68 1.95 0.03 0.02 0.03 + 0.00 0.05 0.00 0.02 0.02 0.02 - 0.01 0.04 0.01 0.23 0.23 0.23 - 0.00 0.25 0.13 0.32 0.29 0.30 - 0.01 0.37 0.17 0.35 0.34 0.34 - 0.04 0.47 0.27 1.20 1.09 1.17 + 0.10 1.67 0.94 0.05 0.05 0.05 + 0.00 0.05 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 4.38 3.86 4.08 - 0.02 4.68 2.04 0.19 0.16 0.16 - 0.04 0.25 0.07 0.80 0.80 0.80 - 0.00 1.25 0.03 0.08 0.06 0.06 - 0.03 0.51 0.05 0.06 0.05 0.06 - 0.01 0.12 0.02 0.13 0.11 0.11 - 0.02 0.50 0.08 4.56 3.80 4.47 + 0.47 5.90 2.19 6.02 5.12 5.95 + 0.65 8.00 3.06 2.37 2.02 2.26 + 0.14 3.65 1.14 1.42 1.25 1.34 - 0.01 1.55 0.40 1.06 0.94 1.00 - 0.01 1.17 0.26 0.01 0.01 0.01 - 0.01 0.02 0.01

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

T 26985 Goldcorp Goldcorp* N 64554 Golden Arrow V 542 Golden Band* O 600 Golden Band V 3376 V 18 Golden Cariboo Golden Dawn Ml V 1283 Golden Eagle* O 72 Golden Goliath V 808 O 171 Golden Goliath* Golden Hope* O 30 Golden Mnls T 69 Golden Mnls* X 1173 O 970 Golden Queen* Golden Queen T 394 Golden Reign V 762 Golden Secret V 338 Golden Star T 1254 Golden Star* X 14145 Golden Tag V 399 Golden Valley V 766 Goldex Res V 70 Goldeye Expl V 381 O 745 Goldgroup Mng* T 1064 Goldgroup Mng GoldON Res* O 11 GoldON Res V 67 V 1837 GoldQuest Mng Goldrea Res 150 V 372 Goldrock Mines O 79 Goldsource Min* V 917 Goldsource Min Goldstrike Res V 283 GPM Metals V 247 O 402 Gran Colombia* Gran Colombia T 3362 V 128 Grande Portage 113 Granite Ck Gld V Graphite Corp* O 3896 22195 Graphite One V Graphite One* O 730 61 Great Bear Res V 178 Great Lakes Gr* O Great Panther T 1754 Great Panther* X 4285 6 Great Quest Fe* O 79 Great Quest Fe V Great Thunder V 160 O 398 Great Western* 335 Green Swan Cap V 407 Green Valley M V Greencastle Rs V 333 Grenville Gold V 81 Grizzly Discvr V 26 Grizzly Gold* O 78 56 Group Ten Mtls V Gungnir Res* O 3 Gunpoint Expl V 130 Guyana Gldflds T 2036 Handa Copper V 68 60 Happy Ck Mnrls V 269 Hard Creek Ni V 25676 N Harmony Gold* Harte Gold T 4484 V 13 Hawkeye Gld&Di 47784 Hecla Mining* N Helio Res V 286 Hellix Vent* O 77 O 10 Hemcare Health* Heron Res T 885 Highland Copp V 90 Hinterland Mtl V 158 O 68 Hochschild Mg* O 1 Homestake Res* Homestake Res V 239 Honey Badger E V 1333 Horizonte Mnls T 442 Houston Lake V 537 HudBay Mnls* N 1209 T 10094 HudBay Mnls Hudson Res V 89 Hudson Res* O 25 Hunt Mng V 174

13.55 21.66 + 1.49 24.87 22.43 20.14 16.37 + 1.24 20.30 9.46 16.97 15.04 0.17 0.27 + 0.04 0.50 0.29 0.24 0.00 0.01 + 0.00 0.01 0.01 0.00 0.01 0.01 + 0.01 0.01 0.01 0.01 0.03 0.05 - 0.01 0.07 0.05 0.00 0.14 0.12 0.14 + 0.02 0.30 0.07 0.00 0.01 + 0.00 0.02 0.01 0.00 0.01 0.02 - 0.01 0.03 0.03 0.02 0.00 0.02 - 0.01 0.02 0.02 0.01 0.09 0.16 + 0.03 0.50 0.16 0.13 0.19 0.66 + 0.02 0.93 0.70 0.60 0.13 0.52 + 0.03 0.68 0.52 0.45 0.48 1.18 - 0.03 1.33 1.26 1.11 0.65 1.59 + 0.05 1.77 1.66 1.47 0.07 0.15 + 0.04 0.13 0.15 0.10 0.02 0.20 + 0.12 0.24 0.24 0.05 0.21 0.63 - 0.02 0.78 0.68 0.61 0.14 0.48 - 0.01 0.56 0.52 0.44 0.02 0.04 + 0.01 0.04 0.04 0.03 0.07 0.13 - 0.01 0.19 0.16 0.13 0.10 0.17 + 0.02 0.60 0.25 0.13 0.02 0.03 + 0.01 0.06 0.03 0.03 0.03 0.08 + 0.00 0.10 0.08 0.07 0.05 0.10 - 0.01 0.14 0.11 0.08 0.03 0.08 + 0.02 0.08 0.08 0.00 0.03 0.13 + 0.06 0.15 0.15 0.08 0.07 0.23 - 0.02 0.26 0.26 0.21 0.02 0.05 + 0.02 0.09 0.05 0.00 0.15 0.39 - 0.02 0.41 0.39 0.37 0.11 0.23 - 0.01 0.28 0.26 0.22 0.13 0.30 - 0.02 0.40 0.35 0.29 0.07 0.16 - 0.02 0.21 0.17 0.14 0.08 0.18 + 0.03 0.33 0.18 0.15 0.04 0.08 - 0.01 0.43 0.10 0.08 0.06 0.10 - 0.02 0.51 0.13 0.10 0.04 0.06 + 0.03 0.15 0.06 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.00 0.00 - 0.00 0.02 0.01 0.00 0.07 0.12 + 0.03 0.14 0.14 0.09 0.05 0.09 + 0.03 0.11 0.10 0.07 0.05 0.04 0.04 - 0.01 0.09 0.01 0.08 0.08 0.08 + 0.00 0.12 0.04 0.40 1.16 + 0.12 1.18 1.18 1.02 0.30 0.87 + 0.09 0.89 0.89 0.76 0.20 0.19 0.19 - 0.02 0.43 0.09 0.27 0.24 0.24 - 0.03 0.63 0.11 0.01 0.01 - 0.01 0.03 0.02 0.01 0.00 0.00 + 0.00 0.04 0.00 0.00 0.04 0.02 0.03 + 0.01 0.05 0.01 0.01 0.01 0.01 + 0.01 0.01 0.01 0.05 0.09 + 0.01 0.09 0.09 0.08 0.04 0.10 + 0.02 0.15 0.10 0.08 0.01 0.04 + 0.01 0.10 0.04 0.04 0.01 0.02 - 0.00 0.04 0.02 0.02 0.05 0.04 0.04 + 0.01 0.06 0.01 0.00 0.02 + 0.00 0.02 0.02 0.00 0.13 0.18 + 0.02 0.20 0.18 0.18 2.48 4.53 + 0.28 4.74 4.74 4.29 0.03 0.05 + 0.01 0.12 0.05 0.04 0.11 0.10 0.10 - 0.01 0.17 0.08 0.02 0.01 0.02 + 0.01 0.08 0.01 0.53 3.39 + 0.24 3.42 3.40 3.05 0.05 0.11 + 0.01 0.11 0.11 0.09 0.03 0.03 - 0.01 0.08 0.03 0.00 1.45 2.69 + 0.03 3.37 2.92 2.46 0.02 0.04 + 0.01 0.05 0.04 0.04 0.00 0.00 + 0.00 0.05 0.01 0.00 0.01 0.05 - 0.02 0.80 0.07 0.05 0.07 0.09 + 0.01 0.14 0.10 0.09 0.09 0.12 + 0.01 0.30 0.12 0.12 0.01 0.01 - 0.01 0.02 0.01 0.01 0.59 1.31 + 0.04 1.70 1.36 1.21 0.01 0.02 + 0.01 0.03 0.02 0.01 0.01 0.04 + 0.01 0.04 0.04 0.00 0.04 0.03 0.03 + 0.01 0.04 0.01 0.02 0.03 + 0.01 0.06 0.03 0.03 0.12 0.23 + 0.05 0.25 0.25 0.17 4.29 3.42 3.82 - 0.33 10.37 1.56 5.74 4.57 5.07 - 0.45 12.61 2.26 0.29 0.43 + 0.01 0.55 0.43 0.40 0.26 0.30 - 0.00 0.44 0.32 0.30 0.02 0.04 - 0.03 0.25 0.08 0.04

I-Minerals* O 45 I-Minerals V 257 IAMGOLD T 18603 41198 IAMGOLD* N Iberian Mnrls V 3659 IC Potash* O 48 Iconic Mnls V 209 IDM Mining* O 162 iMetal Res V 62 IMPACT Silver V 962 O 138 Impala Platnm* 39 Imperial Metal* O 214 Imperial Metal T Q 65 Inception Mng* Indico Res V 225 Inspiration Mg 40 Intact Gold V 218 Integra Gold V 7494 Integra Gold* O 2002 Intigold Mines V 513 377 Intl Bethl Mng V Intl Lithium V 494 Intl Montoro V 282 204 T Intl Tower Hil 635 Intl Tower Hil* X Intrepid Pots* N 18470 INV Metals T 1457 Inventus Mg V 1375 InZinc Mining V 343 InZinc Mining* O 184 O 33 Ireland* Ironside Res V 126 Irving Res 35 18 Itoco Mg Corp* O O 564 Ivanhoe Mines* Ivanhoe Mines T 6562 Jaguar Mng* O 37 Jaguar Mng V 601 69 James Rvr Coal* O Jasper Mng V 15 Kaizen Discvry V 311 O 79 Kaizen Discvry* Kaminak Gold* O 887 Kaminak Gold V 2637 V 442 Kapuskasing Gd Karmin Expl V 28 Karnalyte Res T 152 Katanga Mng T 576 Kennady Diam V 66 Kerr Mines* O 172 Kerr Mines T 2633 Kesselrun Res V 255 Khalkos Expl V 122 Khan Res 6702 Kilo Goldmines V 475 Kingsmen Res V 165 Kingsmen Res* O 10 O 31 Kingsrose Mng* 89717 Kinross Gold* N Kinross Gold T 49804 225 Kirkland Lk Gd* O Kirkland Lk Gd T 5037 Kiska Metals* O 597 Klondex Mns T 1330 Klondike Gold V 71 Klondike Gold* O 15 Klondike Silv* O 16 Klondike Silv V 277 Knick Expl V 470 V 2551 Kombat Copper V 62 Komet Resource Kootenay Silvr V 896 KWG Res 2340

0.11 0.18 + 0.00 0.28 0.20 0.17 0.14 0.25 + 0.03 0.37 0.27 0.23 1.50 2.91 - 0.29 3.70 3.37 2.75 1.15 2.20 - 0.20 2.77 2.53 2.05 0.05 0.05 - 0.01 0.11 0.06 0.05 0.03 0.05 + 0.01 0.25 0.05 0.03 0.03 0.10 + 0.04 0.10 0.10 0.06 0.04 0.08 - 0.01 0.11 0.09 0.08 0.03 0.07 + 0.02 0.10 0.07 0.00 0.11 0.32 + 0.05 0.30 0.34 0.25 1.45 3.25 + 0.25 5.96 3.30 2.99 4.15 3.90 3.95 - 0.11 10.96 2.81 5.60 4.94 5.17 - 0.11 13.33 3.92 0.05 0.10 - 0.02 0.35 0.12 0.09 0.02 0.08 + 0.02 0.16 0.10 0.05 0.03 0.03 - 0.02 0.05 0.03 0.00 0.03 0.30 - 0.01 0.35 0.30 0.28 0.23 0.44 + 0.03 0.46 0.46 0.41 0.18 0.34 + 0.03 0.35 0.35 0.30 0.07 0.13 + 0.03 0.32 0.13 0.10 0.05 0.03 0.05 + 0.02 0.10 0.02 0.02 0.09 + 0.02 0.09 0.09 0.07 0.03 0.03 - 0.01 0.10 0.04 0.03 0.45 0.38 0.41 - 0.06 0.57 0.26 0.36 0.29 0.30 - 0.03 0.42 0.18 1.81 1.03 1.24 - 0.03 13.24 0.65 0.08 0.22 + 0.06 0.25 0.25 0.16 0.01 0.07 + 0.02 0.11 0.08 0.05 0.04 0.08 + 0.02 0.14 0.08 0.07 0.03 0.05 + 0.00 0.13 0.05 0.04 0.15 0.32 + 0.00 0.51 0.32 0.25 0.02 0.04 + 0.02 0.35 0.04 0.03 0.11 0.13 + 0.02 0.20 0.14 0.00 0.30 0.16 0.30 + 0.10 1.10 0.13 0.36 0.67 + 0.06 1.08 0.67 0.58 0.53 0.87 + 0.06 1.36 0.88 0.77 0.07 0.17 - 0.01 0.32 0.21 0.17 0.12 0.23 - 0.02 0.41 0.28 0.22 0.01 0.01 0.01 - 0.00 0.07 0.01 0.02 0.03 - 0.02 0.07 0.03 0.03 0.08 0.10 - 0.04 0.32 0.13 0.10 0.06 0.08 - 0.02 0.25 0.10 0.08 0.47 1.08 + 0.16 1.06 1.13 0.93 0.61 1.44 + 0.21 1.45 1.49 1.24 0.02 0.04 + 0.01 0.09 0.04 0.03 0.15 0.26 + 0.01 0.40 0.26 0.22 0.52 0.88 + 0.08 1.33 0.90 0.82 0.13 0.20 - 0.01 0.30 0.22 0.19 2.35 2.95 - 0.05 5.95 3.00 2.85 0.01 0.05 - 0.01 0.14 0.09 0.04 0.02 0.07 - 0.03 0.18 0.12 0.06 0.02 0.05 - 0.01 0.09 0.05 0.05 0.05 0.09 + 0.01 0.12 0.09 0.08 0.34 0.75 + 0.28 0.85 0.85 0.72 0.04 0.10 + 0.03 0.12 0.10 0.07 0.03 0.08 + 0.01 0.18 0.08 0.07 0.02 0.05 + 0.01 0.07 0.05 0.04 0.58 0.85 - 0.24 1.29 1.09 0.85 1.31 2.95 - 0.04 3.36 3.13 2.68 1.79 3.92 - 0.06 4.63 4.18 3.61 6.89 6.33 6.74 + 0.24 6.73 3.12 9.13 8.48 8.93 + 0.32 9.00 4.49 0.01 0.02 - 0.00 0.05 0.02 0.02 2.37 3.76 - 0.09 4.04 4.03 3.62 0.08 0.15 - 0.01 0.22 0.16 0.15 0.06 0.12 - 0.01 0.17 0.12 0.12 0.01 0.03 + 0.01 0.03 0.03 0.02 0.01 0.03 + 0.01 0.05 0.04 0.00 0.01 0.02 - 0.01 0.03 0.03 0.02 0.02 0.08 - 0.01 0.11 0.10 0.08 0.26 0.34 - 0.01 0.54 0.35 0.31 0.17 0.27 + 0.01 0.56 0.30 0.24 0.01 0.02 - 0.01 0.03 0.03 0.02

399 Labdr Iron Mns* O Labrador Iron T 2539 Lago Dourado V 57 Lake Shore Gld* X 3059 Lake Shore Gld T 27405 Lake Victoria* O 110 V 62 Lara Expl Largo Res V 313 Largo Res* O 133 Lateral Gold V 5 152 Latin Am Mnls V LeadFX Inc T 4 Legend Gold* O 32 Legend Gold V 2741 Lepanto Con Mg* O 2840 64 Levon Res Ltd * O 598 Lexam VG Gold* O Li3 Energy* O 168

0.02 0.00 0.01 - 0.00 0.02 0.00 11.79 - 0.21 17.45 6.85 13.63 11.22 0.05 0.10 + 0.04 0.15 0.10 0.06 1.51 1.30 1.44 + 0.06 1.49 0.70 1.99 1.75 1.92 + 0.10 1.99 0.93 0.01 0.01 - 0.00 0.07 0.01 0.01 0.20 0.37 - 0.04 0.45 0.42 0.37 0.11 0.35 + 0.07 1.11 0.38 0.30 0.08 0.23 + 0.01 0.90 0.26 0.22 0.07 0.07 - 0.01 0.36 0.07 0.07 0.13 0.11 0.11 - 0.02 0.90 0.05 0.12 0.20 - 0.01 2.25 0.21 0.00 0.01 0.04 + 0.02 0.07 0.04 0.02 0.02 0.06 + 0.03 0.09 0.06 0.03 0.01 0.00 0.01 + 0.00 0.02 0.00 0.12 0.00 0.11 + 0.01 0.15 0.07 0.16 0.12 0.14 - 0.00 0.17 0.04 0.01 0.02 + 0.00 0.04 0.02 0.01

I-J-K

2016-03-15 7:18 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 21–27, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Libero Mg Corp V 194 12165 Liberty Star* Q Lincoln Mng V 42 161 Lion One Mtls V Lion One Mtls* O 62 Lithium Corp* O 390 Lithium Expl* O 865 V 2318 Lithium X Egy LKA Gold* O 21 Lode-Star Mg* O 102 Logan Res V 400 Lomiko Mtls V 2323 Lomiko Mtls* O 676 Loncor Res* O 318 Loncor Res T 595 74 Lone Star Gold* O Lonmin plc* O 14 Lorraine Coppr V 200 Los Andes Copp V 243 Lowell Copper V 41 Lucara Diam T 2216 Luna Gold* O 133 Luna Gold T 180 Lundin Gold T 139 Lundin Mng T 23939 Lupaka Gold V 291 Lydian Intl T 5870 Lynas Corp* O 398

0.12 0.05 0.10 + 0.05 0.12 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.00 0.05 + 0.01 0.08 0.02 0.44 0.38 0.42 - 0.02 0.60 0.17 0.34 0.29 0.31 - 0.03 0.45 0.12 0.05 0.03 0.04 + 0.00 0.06 0.02 0.11 0.07 0.09 - 0.01 6.36 0.02 1.40 0.91 1.11 - 0.08 1.40 0.05 0.35 0.27 0.34 - 0.01 0.55 0.10 0.04 0.03 0.03 - 0.00 0.05 0.01 0.08 0.00 0.08 + 0.04 0.08 0.03 0.04 0.04 0.04 + 0.01 0.07 0.03 0.03 0.02 0.03 + 0.01 0.05 0.02 0.05 0.03 0.05 + 0.01 0.13 0.01 0.06 0.04 0.06 + 0.02 0.13 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 2.57 1.99 2.22 - 0.20 233.10 0.55 0.07 0.00 0.07 + 0.02 0.13 0.04 0.14 0.09 0.14 + 0.04 0.23 0.05 0.18 0.18 0.18 + 0.03 0.45 0.12 2.63 2.49 2.57 + 0.08 2.63 1.42 0.10 0.08 0.09 - 0.02 0.22 0.02 0.14 0.12 0.12 - 0.02 0.28 0.03 4.65 4.06 4.34 + 0.31 4.65 3.46 4.50 4.15 4.16 - 0.13 6.46 2.98 0.13 0.10 0.12 - 0.01 0.15 0.04 0.30 0.25 0.27 - 0.02 0.59 0.19 0.07 0.05 0.06 + 0.00 0.10 0.02

M Maccabi Vent 281 0.10 0.08 0.10 + 0.03 0.14 0.08 MacMillan Mnls V 2 0.19 0.00 0.18 - 0.01 0.24 0.05 Mag Copper 10 0.02 0.02 0.02 + 0.01 0.15 0.01 11.43 + 1.06 11.99 6.90 MAG Silver T 1848 11.99 10.39 MAG Silver* X 1291 9.05 7.81 8.62 + 0.83 8.97 5.57 0.06 - 0.01 0.08 0.03 Magellan Mnrls V 2306 0.07 0.06 Magellan Mnrls* O 351 0.05 0.05 0.05 - 0.01 0.07 0.02 Magnum Goldco V 75 0.05 0.04 0.04 - 0.01 0.13 0.02 0.05 + 0.01 0.06 0.02 Majescor Res V 161 0.05 0.04 Majestic Gold V 1040 0.10 0.09 0.09 + 0.01 0.12 0.04 0.02 + 0.01 0.03 0.01 Makena Res* O 5 0.02 0.01 Malbex Res V 79 0.30 0.29 0.29 - 0.01 0.55 0.10 Mangazeya Mng V 108 0.04 0.03 0.04 + 0.01 0.06 0.01 0.04 + 0.01 0.04 0.02 Manitou Gold V 132 0.04 0.00 Manson Creek V 344 0.02 0.02 0.02 - 0.01 0.03 0.01 Manson Creek* O 16 0.01 0.00 0.01 + 0.01 0.01 0.00 0.22 - 0.05 0.35 0.11 Marathon Gold T 2801 0.27 0.20 Maritime Res V 234 0.14 0.13 0.14 + 0.01 0.24 0.08 0.43 + 0.05 0.73 0.10 Marlin Gold* O 41 0.44 0.38 Marlin Gold V 31 0.55 0.47 0.55 + 0.06 1.09 0.15 MartinMarietta* N 4103 157.40 148.25 156.58 + 8.73 178.67 108.31 O 132 0.45 0.41 0.44 + 0.06 0.48 0.21 Mason Graphite* V 726 0.61 0.53 0.59 + 0.05 0.61 0.30 Mason Graphite V 4 0.40 0.00 0.35 - 0.05 0.49 0.17 Matachewan Con Matamec Expl V 511 0.03 0.03 0.03 - 0.01 0.06 0.02 Matamec Expl* O 50 0.02 0.02 0.02 - 0.00 0.04 0.01 0.03 - 0.01 0.14 0.02 Matica Ent 3806 0.03 0.02 Maudore Mnrls V 559 0.01 0.01 0.01 + 0.01 0.01 0.01 0.22 - 0.02 0.30 0.15 Mawson Res T 180 0.25 0.22 Mawson Res* O 41 0.19 0.17 0.18 - 0.00 0.27 0.12 0.07 + 0.01 0.11 0.04 MAX Res V 99 0.07 0.00 613 0.16 0.12 0.14 - 0.01 0.30 0.10 Maya Gold &Sil V Mazarin V 66 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 - 0.01 0.17 0.01 MBAC Fertilizr T 611 0.04 0.03 McEwen Mng T 1996 2.79 2.37 2.55 - 0.01 2.84 0.84 12259 2.09 1.77 1.92 + 0.01 2.13 0.65 McEwen Mng* N 68 0.05 0.04 0.05 + 0.01 0.23 0.04 Meadow Bay Gd* O Mechel* N 965 1.95 1.83 1.86 - 0.02 3.36 1.23 0.04 + 0.01 0.07 0.01 Medallion Res V 902 0.04 0.03 Medallion Res* O 469 0.03 0.02 0.03 + 0.00 0.05 0.01 0.09 + 0.01 0.15 0.05 Medgold Res V 157 0.09 0.06 O 7512 0.02 0.01 0.02 + 0.00 0.04 0.01 Medinah Mnrls* Mega Uranium* O 371 0.10 0.08 0.08 - 0.01 0.11 0.04 Mega Uranium T 4999 0.14 0.11 0.12 + 0.01 0.14 0.05 Megastar Dev V 40 0.04 0.03 0.03 - 0.02 0.05 0.02 0.03 + 0.01 0.10 0.01 Melior Res V 200 0.03 0.02 O 40 0.22 0.19 0.22 + 0.00 0.22 0.19 Menika Mining* 0.28 + 0.15 0.29 0.05 Menika Mining V 1093 0.29 0.15 Mercator Mnls* O 6 0.00 0.00 0.00 - 0.00 0.03 0.00 Merrex Gold* O 131 0.17 0.15 0.16 - 0.02 0.20 0.08 0.02 - 0.01 0.03 0.01 Mesa Expl V 34 0.03 0.02 0.01 + 0.01 0.01 0.01 MetalCorp V 591 0.01 0.00 Metalex Vent V 80 0.07 0.06 0.07 + 0.01 0.12 0.04 0.10 + 0.04 0.10 0.01 Metallis Res V 12 0.10 0.00 Metalo Manuf 140 0.50 0.30 0.37 - 0.13 0.50 0.32 0.11 - 0.01 0.21 0.05 Metals Creek V 254 0.13 0.10 0.70 + 0.01 1.21 0.69 Metals X* O 2 0.72 0.70 Mexus Gold* O 13042 0.03 0.01 0.02 + 0.02 0.03 0.00 0.12 - 0.01 0.70 0.11 MGX Minerals 296 0.13 0.12 Midas Gold* O 2236 0.30 0.27 0.30 + 0.01 0.39 0.16 0.40 + 0.02 0.47 0.25 Midas Gold T 3472 0.40 0.36 0.62 + 0.04 0.77 0.45 Midland Expl V 658 0.62 0.55 Midnight Sun V 219 0.17 0.14 0.14 - 0.01 0.24 0.08 0.00 - 0.00 0.50 0.00 Midway Gold* O 645 0.01 0.00 Millrock Res* O 83 0.19 0.17 0.17 + 0.00 0.26 0.11 0.21 - 0.02 0.32 0.15 Millrock Res V 344 0.24 0.21 Millstream Min V 22 0.07 0.06 0.06 - 0.01 0.16 0.01 Minaurum Gold V 227 0.11 0.10 0.10 + 0.01 0.11 0.04 0.28 - 0.01 0.40 0.10 Minco Gold* X 492 0.30 0.25 Minco Gold T 23 0.39 0.00 0.38 - 0.01 0.49 0.12 0.68 + 0.07 0.70 0.32 Minco Silver T 377 0.70 0.61 Minco Silver* O 120 0.52 0.47 0.52 + 0.06 0.54 0.26 0.03 - 0.01 0.06 0.02 Mineral Mtn V 562 0.04 0.03 X 396 0.51 0.45 0.51 + 0.02 0.74 0.11 Mines Manage* Mines Manage T 31 0.65 0.61 0.64 - 0.01 0.94 0.17 Minnova Corp V 1255 0.42 0.32 0.35 - 0.07 0.48 0.18 Miranda Gold V 897 0.12 0.08 0.10 + 0.02 0.12 0.06 Mirasol Res V 377 1.24 1.14 1.14 - 0.06 1.24 0.72 Mkango Res V 1447 0.02 0.02 0.02 - 0.01 0.08 0.01 Molycorp* O 2679 0.04 0.03 0.04 + 0.00 1.15 0.02 Monarques Res V 325 0.11 0.09 0.11 + 0.01 0.13 0.06 Moneta Porcpn T 1007 0.20 0.16 0.18 - 0.01 0.20 0.05 Moneta Porcpn* O 48 0.14 0.13 0.14 - 0.00 0.15 0.04 V 274 0.04 0.02 0.04 + 0.01 0.06 0.01 Montero Mg&Ex Monument Mng V 539 0.15 0.14 0.15 + 0.01 0.16 0.08 Mosaic* N 35899 31.10 28.50 28.70 - 0.91 48.62 22.02 Mountain Boy V 1141 0.01 0.01 0.01 - 0.01 0.02 0.01 Mountain Prov T 287 5.23 4.61 4.99 - 0.17 5.46 3.38 D 244 3.91 3.47 3.77 - 0.11 4.40 2.47 Mountain Prov* Mundoro Cap V 160 0.10 0.07 0.09 + 0.02 0.12 0.04 Murchison Min 2775 0.02 0.00 0.02 + 0.02 0.04 0.01 Mustang Mnrls* O 170 0.00 0.00 0.00 + 0.00 0.00 0.00 Myson Group* O 272 0.04 0.01 0.04 + 0.03 0.18 0.01

N-O NACCO Ind* N 107 Napier Vent V 146 Natural Res Pt* N 451 Nautilus Mnrls* O 580 Nautilus Mnrls T 1071 Nemaska Lith V 9686 Nemaska Lith* O 677 Network Expl V 5 Nevada Clean M* O 102 Nevada Copper T 215 Nevada Egy Mtl V 476 Nevada Expl * O 138 Nevada Expl V 238 Nevada Sunrise V 1627 Nevada Sunrise* O 131 Nevada Zinc V 429 Nevado Res V 208 Nevsun Res T 2363 New Colombia* O 630 New Dimen Res V 132 New Gold* O 52 New Gold T 13323 New Gold* X 29669 New Milln Iron* O 29 New Milln Iron T 1820 New Oroperu V 140 New Pac Metals T 125 Newmac Res V 231 Newmarket Gold T 6111 Newmarket Gold* O 255 Newmont Mng* N 48720 Newstrike Res V 81 Nexgen Energy V 13069 Nexgen Energy* O 510 Next Gen Mtls* O 8 Next Gen Mtls 507 Nexus Gold V 848 NGEx Res* O 6 NGEx Res T 686 Nighthawk Gold V 721 Nikos Expl* O 1 Niocan Inc V 98 Niocorp Dev T 3325 Niocorp Dev* O 778 Niogold Mng* O 70 Niogold Mng V 1081 Nippon Dragon V 201 Noble Metal Gr V 846 Noka Res* O 77 Noka Res V 5934 Noram Vent V 278 Noranda Alum* O 753 Nord Res* O 40

March 21 Pgs 10 11.indd 11

52.60 47.27 52.48 + 4.23 62.96 40.04 0.20 0.19 0.19 - 0.05 0.35 0.11 13.86 10.50 10.75 - 0.50 76.90 5.00 0.16 0.14 0.15 - 0.00 0.43 0.12 0.21 0.19 0.19 - 0.02 0.55 0.16 0.66 0.49 0.66 + 0.18 0.61 0.15 0.50 0.36 0.50 + 0.13 0.47 0.13 0.15 0.14 0.14 - 0.01 0.15 0.02 0.02 0.01 0.02 + 0.00 0.05 0.00 0.87 0.75 0.85 + 0.08 2.03 0.45 0.27 0.23 0.24 + 0.02 0.27 0.02 0.28 0.24 0.26 + 0.01 0.61 0.08 0.37 0.33 0.35 + 0.02 0.94 0.05 0.25 0.20 0.21 + 0.01 0.38 0.13 0.18 0.15 0.16 - 0.01 0.31 0.09 0.38 0.33 0.38 + 0.03 0.38 0.19 0.01 0.01 0.01 + 0.01 0.06 0.01 4.81 4.20 4.61 - 0.04 5.35 3.27 0.01 0.01 0.01 - 0.00 0.02 0.00 0.09 0.07 0.09 + 0.03 0.09 0.04 0.08 0.06 0.07 - 0.01 0.47 0.03 5.38 4.78 4.99 - 0.01 5.38 2.52 4.03 3.56 3.78 + 0.04 4.03 1.76 0.10 0.09 0.09 + 0.03 0.16 0.03 0.15 0.10 0.12 + 0.02 0.22 0.05 0.38 0.32 0.32 - 0.04 0.40 0.07 0.29 0.20 0.29 + 0.05 0.30 0.14 0.07 0.06 0.07 - 0.01 0.20 0.06 2.33 2.07 2.19 + 0.07 2.33 0.80 1.75 1.54 1.66 + 0.07 2.45 0.61 27.62 24.88 26.68 + 0.57 27.98 15.39 0.04 0.03 0.04 + 0.01 0.08 0.02 1.55 1.30 1.42 + 0.14 1.55 0.40 1.15 0.98 1.08 + 0.12 1.15 0.34 0.10 0.00 0.10 - 0.02 0.14 0.10 0.15 0.10 0.12 - 0.04 0.18 0.01 0.07 0.06 0.06 - 0.01 0.14 0.04 0.52 0.48 0.52 + 0.01 0.80 0.37 0.75 0.67 0.75 + 0.02 1.05 0.44 0.12 0.10 0.10 - 0.02 0.28 0.04 0.02 0.02 0.02 - 0.00 0.03 0.01 0.18 0.00 0.12 + 0.05 0.18 0.04 1.09 0.89 1.05 + 0.25 1.90 0.51 0.83 0.67 0.80 + 0.19 1.51 0.37 0.34 0.32 0.33 + 0.01 0.34 0.18 0.45 0.43 0.45 + 0.01 0.46 0.24 0.09 0.08 0.09 + 0.01 0.15 0.03 0.01 0.01 0.01 - 0.01 0.01 0.01 0.07 0.06 0.07 + 0.03 0.21 0.02 0.09 0.07 0.08 + 0.01 0.26 0.03 0.03 0.02 0.02 + 0.01 0.03 0.01 0.06 0.04 0.06 + 0.01 24.71 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Noront Res V 5986 20 North Am Nickl* O 135 North Am Nickl V North Am Pall T 46 North Am Pall* O 22 North Arrow Mn V 122 Northair Silvr V 729 Northcliff Res T 90 Northern Uran V 715 Northisle C&G V 1489 Northn Empire V 55 Norvista Cap V 338 V 381 Nouveau Monde NovaCopper* X 645 NovaCopper T 242 NovaGold Res T 2360 NovaGold Res* X 10554 Novo Res* O 84 Novo Res V 133 V 47 NQ Expl NRG Metals V 1256 Nrthn Freegold V 167 Nrthn Freegold* O 120 Nrthn Graphite* O 1005 Nrthn Graphite V 1589 Nrthn Lion V 23 Nrthn Mnrls &E* O 58 Nrthn Shield V 495 Nrthn Superior V 370 Nrthn Vertex V 759 NSGold V 66 NSX Silver V 86 Nthn Dynasty* X 1795 Nthn Dynasty T 2330 NuLegacy Gold* O 135 NuLegacy Gold V 331 Nunavik Nickel V 17 NV Gold V 840 NX Uranium* O 29 O.T. Mining* O 62 OceanaGold T 20048 OceanaGold* O 7 Oceanic Iron O V 70 Oceanus Res V 168 Odin Mng & Exp* O 6 Odin Mng & Exp V 150 Olivut Res V 54 Omineca Mg &Ml V 520 Orbite Tech T 5678 Orbite Tech* O 83 Orca Gold V 724 Orca Gold* O 203 Orefinders Res V 4621 Orestone Mng V 870 Orex Expl V 36 Orezone Gold* O 309 Orezone Gold V 1331 Organic Potash 96 407 Oro East Mg* Q Oroco Res V 171 Oroco Res* O 156 Orocobre T 281 Oroplata Res* Q 20 Orosur Mng T 405 Orsu Metals* O 3 Orvana Mnrls T 863 Orvana Mnrls* O 179 Osisko Gold T 3262 Otis Gold* O 248 Otis Gold V 324

0.37 0.33 0.34 - 0.01 0.67 0.28 0.06 0.05 0.05 - 0.01 0.21 0.05 0.08 0.08 0.08 + 0.01 0.26 0.07 6.45 5.65 5.75 + 0.02 124.00 3.85 4.85 4.31 4.36 + 0.11 99.60 2.71 0.24 0.21 0.24 + 0.03 1.34 0.15 0.11 0.09 0.10 + 0.01 0.11 0.04 0.12 0.09 0.12 + 0.03 0.24 0.06 0.03 0.02 0.02 + 0.01 0.09 0.01 0.03 0.00 0.02 - 0.01 0.04 0.02 0.10 0.00 0.09 - 0.03 0.15 0.06 0.13 0.12 0.13 + 0.01 0.16 0.08 0.17 0.15 0.16 + 0.01 0.24 0.08 0.49 0.36 0.38 - 0.08 0.74 0.15 0.65 0.49 0.50 - 0.10 0.93 0.20 7.36 6.45 6.76 + 0.07 7.36 3.42 5.51 4.80 5.11 + 0.09 5.51 2.65 0.67 0.60 0.60 - 0.05 0.75 0.29 0.89 0.80 0.83 - 0.02 0.99 0.40 0.01 0.01 0.01 - 0.01 0.02 0.01 0.09 0.05 0.08 + 0.03 0.12 0.02 0.09 0.07 0.08 - 0.02 0.10 0.04 0.07 0.06 0.06 - 0.02 0.08 0.02 0.35 0.16 0.31 + 0.16 0.68 0.12 0.46 0.22 0.42 + 0.20 0.81 0.16 0.10 0.07 0.07 - 0.03 0.16 0.03 0.02 0.02 0.02 + 0.00 0.14 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.04 0.01 0.32 0.28 0.32 + 0.01 0.40 0.09 0.07 0.06 0.07 + 0.02 0.08 0.03 0.07 0.07 0.07 + 0.01 0.07 0.02 0.39 0.33 0.38 + 0.04 0.53 0.20 0.52 0.45 0.50 + 0.05 0.67 0.28 0.11 0.09 0.09 - 0.02 0.14 0.06 0.14 0.12 0.13 - 0.02 0.17 0.08 0.08 0.05 0.08 + 0.03 0.12 0.03 0.02 0.00 0.02 + 0.01 0.07 0.01 0.02 0.01 0.01 - 0.01 0.10 0.01 0.07 0.04 0.04 - 0.02 0.14 0.03 4.16 3.77 3.81 + 0.05 4.18 1.79 3.00 2.83 3.00 + 0.05 2.99 1.43 0.15 0.13 0.14 + 0.03 0.22 0.08 0.33 0.25 0.29 - 0.04 0.35 0.14 0.32 0.31 0.32 + 0.01 0.35 0.17 0.49 0.42 0.42 - 0.02 0.47 0.21 0.13 0.09 0.13 + 0.01 0.16 0.08 0.08 0.06 0.07 + 0.01 0.11 0.01 0.32 0.29 0.30 - 0.02 0.53 0.20 0.23 0.22 0.22 + 0.00 0.40 0.16 0.28 0.18 0.28 + 0.09 0.40 0.12 0.16 0.14 0.16 - 0.01 0.32 0.08 0.03 0.02 0.03 + 0.01 0.03 0.01 0.01 0.01 0.01 + 0.01 0.01 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.42 0.33 0.37 + 0.04 0.42 0.16 0.57 0.45 0.49 + 0.04 0.57 0.22 0.06 0.00 0.06 + 0.05 0.09 0.01 0.02 0.00 0.02 + 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.01 0.03 + 0.01 0.03 0.01 2.72 2.46 2.57 + 0.19 2.79 1.33 0.50 0.50 0.50 + 0.05 0.50 0.35 0.16 0.14 0.16 + 0.02 0.19 0.10 0.01 0.01 0.01 + 0.00 0.03 0.01 0.21 0.18 0.19 - 0.01 0.40 0.11 0.16 0.15 0.15 - 0.01 0.32 0.07 15.20 13.81 14.27 + 0.32 18.64 12.39 0.12 0.10 0.11 - 0.01 0.12 0.01 0.17 0.14 0.14 - 0.01 0.17 0.02

Pac Bay Mnrls V 121 Pac Booker Min* X 21 Pac Booker Min V 7 Pac North West* O 20 Pac Ridge Expl V 159 Paladin Energy T 3441 Palisades Vent V 222 Pan Am Silver* D 15351 T 3346 Pan Am Silver Pancontinental* O 9 Panex Res* O 226 Panoro Mnrls V 68 Para Resources V 2478 Paramount Gold* X 88 Paringa Res* O 363 Pasinex Res 348 O 133 Passprt Potash* Patriot Gold* O 142 Peabody Enrgy* N 51250 V 408 Peat Res Pelangio Expl* O 266 Pelangio Expl V 1524 Pele Mtn Res* O 552 Peregrine Diam T 6073 Perseus Mng T 3384 Pershing Gold* D 784 Pershing Res* O 83 Peruvian Prc M* O 125 Peruvian Prc M V 599 O 77 Petaquilla Mnl* Petra Diamonds* O 100 Philex Mng* O 14 Philippine Mtl V 40 Phoenix Metals* O 61 Pilot Gold T 2866 Pilot Gold* O 759 Pine Cliff En T 6060 Pinecrest Res V 451 Pistol Bay Mng V 93 V 107 PJX Res Plata Latina V 250 Plateau Uran* O 23 Plateau Uran V 220 Platinum Gp Mt T 847 Platinum Gp Mt* X 2521 Plato Gold V 92 Playfair Mng V 167 Polaris Mater T 549 PolyMet Mng T 107 PolyMet Mng* X 1215 16210 Portage Res* O Potash Corp SK* N 44341 Potash Corp SK T 13880 Precipitate Gl V 551 Premier Gold M T 3114 Premium Expl* O 32 11475 Pretium Res* N Pretium Res T 4101 Prima Diamond V 787 Primero Mng T 5459 Primero Mng* N 5070 ProAm Expl V 100 Probe Metals* O 48 Probe Metals V 243 Prophecy Coal* O 150 Prospect Glob* O 4 Prosper Gold V 632 Prospero Silvr V 174 Puma Expl V 1080 Pure Energy V 2070 Pure Energy* O 1336 Pure Gold Mg V 2776 Pure Gold Mg* O 60 Pure Nickel* O 212 Purepoint Uran V 4721 Q-Gold Res V 103 QMC Quantum Ml V 40 QMX Gold V 679 Quartz Mtn Res V 978 Quaterra Res V 532 Quaterra Res* O 214 Quest Rare Mnl T 2007 Quest Rare Mnl* O 133

0.07 0.06 0.07 - 0.01 0.10 0.02 1.07 1.01 1.01 - 0.03 5.10 1.01 1.39 1.34 1.34 - 0.04 6.45 1.02 0.01 0.01 0.01 + 0.00 0.03 0.00 0.05 0.04 0.05 + 0.03 0.05 0.02 0.22 0.19 0.21 + 0.02 0.39 0.15 0.07 0.06 0.07 + 0.01 0.19 0.03 10.73 9.63 10.26 + 0.12 10.89 5.38 14.30 12.92 13.58 + 0.08 14.55 7.77 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.00 0.01 + 0.00 0.01 0.00 0.15 0.13 0.15 + 0.01 0.25 0.09 0.18 0.13 0.15 + 0.02 0.18 0.06 1.24 1.12 1.21 - 0.01 1.85 0.93 0.19 0.14 0.19 + 0.05 0.25 0.14 0.06 0.05 0.06 - 0.01 0.13 0.03 0.00 0.00 0.00 - 0.00 0.27 0.00 0.09 0.05 0.09 + 0.01 0.13 0.02 7.13 3.50 6.55 + 3.16 99.90 2.01 0.06 0.04 0.04 - 0.02 0.06 0.01 0.04 0.03 0.04 + 0.00 0.04 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.07 0.02 0.18 0.13 0.14 + 0.01 0.39 0.09 0.40 0.35 0.38 + 0.01 0.48 0.23 3.80 3.52 3.76 + 0.09 7.02 3.04 0.03 0.02 0.02 - 0.01 0.15 0.02 0.04 0.04 0.04 + 0.00 0.10 0.02 0.06 0.06 0.06 - 0.01 0.14 0.03 0.01 0.01 0.01 - 0.00 0.04 0.00 1.59 0.00 1.59 + 0.27 2.75 0.86 0.12 0.11 0.11 - 0.00 0.18 0.05 0.03 0.00 0.03 - 0.01 0.06 0.01 0.01 0.00 0.00 + 0.00 0.04 0.00 0.62 0.47 0.55 + 0.08 0.89 0.22 0.47 0.35 0.43 + 0.08 0.72 0.16 0.79 0.70 0.78 + 0.04 1.65 0.70 0.15 0.09 0.10 + 0.02 0.44 0.03 0.04 0.00 0.04 + 0.01 0.07 0.01 0.17 0.14 0.14 - 0.03 0.29 0.13 0.03 0.03 0.03 + 0.01 0.07 0.01 0.28 0.23 0.25 - 0.01 0.57 0.18 0.37 0.31 0.36 + 0.01 0.69 0.24 4.52 3.70 4.01 + 0.47 7.40 1.35 3.40 2.75 3.04 + 0.40 5.99 0.96 0.01 0.01 0.01 - 0.01 0.02 0.01 0.06 0.05 0.05 - 0.01 0.08 0.01 1.67 1.50 1.60 - 0.05 2.83 1.12 1.43 1.16 1.19 - 0.17 1.75 0.76 1.07 0.83 0.88 - 0.12 1.37 0.55 0.01 0.00 0.01 + 0.01 0.01 0.00 19.38 18.06 18.26 - 0.18 33.88 14.64 25.77 24.01 24.16 - 0.39 42.86 20.65 0.13 0.11 0.12 - 0.01 0.16 0.06 3.48 3.14 3.27 + 0.01 3.52 1.65 0.01 0.00 0.00 - 0.01 0.02 0.00 5.76 4.92 5.10 - 0.53 6.95 4.00 7.68 6.59 6.75 - 0.76 9.00 5.57 0.03 0.02 0.02 - 0.01 0.04 0.01 2.66 2.27 2.44 + 0.19 5.51 1.94 1.99 1.70 1.85 + 0.17 4.49 1.41 0.02 0.02 0.02 + 0.01 0.02 0.01 0.41 0.35 0.41 + 0.03 0.42 0.24 0.54 0.46 0.53 + 0.04 0.56 0.33 0.02 0.02 0.02 - 0.01 0.06 0.01 0.08 0.00 0.07 - 0.01 0.19 0.02 0.24 0.17 0.23 + 0.07 0.23 0.06 0.13 0.00 0.10 + 0.05 0.25 0.05 0.07 0.05 0.06 + 0.01 0.14 0.03 0.81 0.67 0.74 - 0.04 1.03 0.18 0.60 0.50 0.55 - 0.03 0.77 0.17 0.30 0.25 0.27 + 0.03 0.30 0.07 0.21 0.19 0.21 + 0.03 0.23 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.07 0.09 - 0.01 0.11 0.02 0.04 0.03 0.03 - 0.01 0.05 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.03 0.00 0.03 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.06 0.05 0.05 - 0.01 0.15 0.04 0.05 0.04 0.04 - 0.01 0.11 0.03 0.14 0.10 0.11 + 0.01 0.23 0.06 0.11 0.07 0.07 + 0.01 0.18 0.03

Rackla Mtls V 52 Rackla Mtls* O 17 Radisson Mng V 141 Rambler Ml &Mg V 493 Randgold Res* D 4585 Randsburg Intl V 46 Rapier Gold V 123 Rare Element* O 671 Red Eagle Mng V 1052 Red Eagle Mng* O 94 Red Hut V 86 Red Pine Expl V 1829 Red Tiger Mng V 149 Redstar Gold V 1724 Redzone Res V 20 Regulus Res V 202 Reliance Res V 44 Reliant Gold V 48 Renaissance Gd V 229 Renaissance Gd* O 34 Renforth Res 342 Reservoir Mnls* O 248

0.09 0.00 0.07 - 0.02 0.13 0.05 0.07 0.05 0.05 - 0.02 0.07 0.03 0.15 0.13 0.14 - 0.02 0.16 0.09 0.10 0.07 0.08 + 0.01 0.25 0.05 92.61 86.87 90.13 - 0.88 94.77 54.88 0.02 0.01 0.02 + 0.01 0.02 0.01 0.06 0.05 0.06 + 0.01 0.08 0.02 0.14 0.11 0.11 - 0.01 0.89 0.06 0.45 0.38 0.41 + 0.02 0.45 0.25 0.33 0.30 0.32 - 0.00 0.33 0.18 0.02 0.01 0.01 - 0.01 0.06 0.01 0.11 0.07 0.09 + 0.03 0.15 0.03 0.04 0.03 0.03 - 0.01 0.08 0.02 0.07 0.05 0.07 + 0.01 0.07 0.03 0.11 0.00 0.11 + 0.03 0.50 0.06 0.43 0.34 0.34 - 0.06 0.54 0.19 0.08 0.00 0.08 + 0.04 0.08 0.03 0.04 0.03 0.03 + 0.01 0.04 0.01 0.19 0.17 0.19 + 0.02 0.28 0.11 0.14 0.12 0.14 + 0.00 0.21 0.08 0.04 0.03 0.04 + 0.01 0.05 0.01 4.91 3.75 4.70 + 1.04 4.91 2.25

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Reservoir Mnls V 1108 Resolve Vent V 340 Reunion Gold V 1116 Reva Res V 5 Revolver Res V 144 Richmont Mines* X 1914 T 2247 Richmont Mines Rio Novo Gold* O 1480 Rio Novo Gold T 2010 Rio Silver V 440 Rio Tinto* N 36145 O 8 Rio Tinto* Rio Tinto* O 5 Riverside Res* O 112 Riverside Res V 269 Robex Res V 1834 Rock Tech Lith V 40 44 Rock Tech Lith* O Rockcliff Cop V 835 Rockex Mng 274 Rockridge Cap V 101 Rockshield Cap 5470 Rockwell Diam T 73 Rockwell Diam* O 250 Rodinia Lithm* O 38 Rogue Res* O 68 Rogue Res V 1344 Rome Res V 52 Romios Gold Rs* O 169 Romios Gold Rs V 202 142 Rosita Mg Corp* O Roxgold V 2857 Royal Gold T 61 Royal Gold* D 5843 Royal Nickel* O 17 Royal Nickel T 1894 Royal Rd Mnrls V 523 RT Minerals V 1136 RTG Mining T 112 Rubicon Mnrls* O 10773 Rubicon Mnrls T 30159 Rupert Res V 838 Rusoro Mng* O 48 Rusoro Mng V 209 Rye Patch Gold* O 276 Rye Patch Gold V 690

6.51 5.03 6.24 + 1.35 6.51 3.26 0.20 0.14 0.20 + 0.08 0.16 0.04 0.03 0.00 0.03 + 0.02 0.08 0.01 0.05 0.04 0.05 + 0.01 0.10 0.02 0.16 0.10 0.16 + 0.06 0.23 0.06 5.48 5.05 5.35 + 0.30 5.48 2.27 7.30 6.77 7.09 + 0.34 7.30 3.14 0.10 0.08 0.10 + 0.05 0.13 0.06 0.14 0.12 0.13 + 0.02 0.16 0.07 0.04 0.03 0.03 + 0.01 0.04 0.01 32.22 27.97 29.11 - 1.21 47.37 21.89 31.75 0.00 29.22 - 1.15 47.23 21.90 32.92 0.00 32.62 + 1.90 47.28 25.47 0.21 0.18 0.21 + 0.01 0.22 0.08 0.28 0.23 0.26 + 0.01 0.28 0.12 0.12 0.09 0.12 + 0.03 0.12 0.05 0.10 0.00 0.10 + 0.02 0.10 0.03 0.07 0.05 0.07 + 0.02 0.07 0.02 0.04 0.04 0.04 - 0.01 0.06 0.02 0.18 0.09 0.18 + 0.09 0.16 0.01 0.08 0.05 0.08 + 0.03 0.07 0.04 0.09 0.07 0.07 - 0.03 0.14 0.06 0.10 0.00 0.10 + 0.01 0.26 0.09 0.07 0.07 0.07 + 0.00 0.20 0.07 0.01 0.00 0.00 - 0.01 0.03 0.00 0.08 0.07 0.07 - 0.00 0.10 0.03 0.11 0.09 0.09 - 0.01 0.16 0.02 0.03 0.02 0.02 - 0.01 0.07 0.01 0.04 0.03 0.04 - 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.89 0.82 0.86 + 0.01 0.96 0.53 68.03 60.78 65.79 + 1.20 86.53 35.46 51.24 45.00 49.67 + 1.17 69.00 24.68 0.16 0.15 0.15 - 0.01 0.39 0.10 0.21 0.20 0.20 + 0.01 0.59 0.12 0.07 0.06 0.07 + 0.01 0.35 0.04 0.01 0.01 0.01 + 0.01 0.03 0.01 0.51 0.50 0.51 + 0.07 0.75 0.33 0.12 0.04 0.08 + 0.04 1.23 0.01 0.17 0.06 0.11 + 0.05 1.49 0.02 0.09 0.06 0.09 + 0.01 0.08 0.02 0.09 0.08 0.08 + 0.01 0.10 0.02 0.12 0.00 0.11 + 0.01 0.15 0.03 0.14 0.12 0.14 + 0.01 0.16 0.08 0.19 0.17 0.18 - 0.01 0.20 0.11

Sabina Gd&Slvr* O 303 Sabina Gd&Slvr T 7199 Sage Gold V 186 Salazar Res V 77 Sama Res V 111 Samex Mng* O 6 San Gold Corp* O 277 Sandspring Res* O 417 Sandspring Res V 1127 Sandstorm Gold T 1547 Santacruz Silv V 563 Sarama Res V 615 Sarissa Res* O 3136 Satori Res V 96 Saturn Mnrls V 687 Scandium Int M* O 2768 Scorpio Gold V 850 Seabridge Gld T 765 Seabridge Gld* N 7723 Seafield Res* O 893 Search Mnls V 207 Searchlight* O 160 Sego Res V 326 Select Sands V 501 Semafo T 9574 Senator Mnrls V 62 Sennen Potash V 245 Serabi Gold T 200 SG Spirit Gold V 3 SGX Res V 529 Shamrock Ent 247 Sherritt Intl T 4460 Shore Gold T 748 Sibanye Gold* N 11801 Sibanye Gold* O 16 Sidney Resrces* O 277 Sienna Res* O 8 Sienna Res V 1288 Sierra Iron Or V 200 Sierra Iron Or* O 51 Sierra Metals* O 10 Sierra Metals T 95 88961 Sierra Res* O Silver Bear Rs T 353 Silver Bull Re* O 1817 T 35 Silver Bull Re Silver Dragon* O 402 Silver Mtn Mns V 1585 Silver Predatr V 69 Silver Pursuit V 250 Silver Range V 266 Silver Scott* O 85 Silver Shield 73 Silver Spruce V 94 Silver Spruce* O 50 T 7567 Silver Std Res Silver Std Res* D 14755 Silver Stream* O 1789 Silver Wheaton T 8457 Silver Wheaton* N 25767 Silvercorp Met T 3429 Silvercorp Met* O 1581 Silvermet V 470 Silverstar Res* O 1 SinoCoking Cl* D 294 Sirios Res V 2017 Skeena Res V 3181 Skeena Res* O 154 Sky Ridge V 170 SnipGold V 234 Sokoman Iron V 702 SolidusGold V 78 Solitario Ex&R T 3 Solitario Ex&R* X 321 Sonora Gld & S V 353 Sonoro Mtls V 197 Source Expl V 1063 Source Gold* O 295895 Southern Arc V 147 Southern Copp* N 7243 Southern Silvr V 274 Southern Silvr* O 50 SouthGobi Res T 130 Spanish Mtn Gd* O 43 Spanish Mtn Gd V 1542 Sphinx Res V 58 Spruce Ridge R V 917 Squire Mg Ltd 23 St Augustine T 174 Stakeholdr Gld V 2 O 105 Standard Graph* Standard Metal* O 127 Stans Energy V 3007 Stans Energy* O 413 Star Gold* O 43 Starcore Intl T 509 12 Starr Peak Exp V Stillwater Mg* N 9727 Stina Res* O 19 Stina Res 144 Stockport Expl V 60 Stonegate Agri* O 53 Stonegate Agri T 82 Stornoway Diam T 3875 Strategic Res V 92 Stria Lithium V 405 Strikepoint Gd V 336 Strongbow Expl V 240 Suncor Energy T 20294 Suncor Energy* N 21936 Sunridge Gold* O 542 Sunridge Gold V 2445 Sutter Gold* O 185

0.80 0.64 0.70 - 0.03 0.80 0.24 1.06 0.86 0.94 - 0.02 1.06 0.30 0.05 0.05 0.05 + 0.01 0.11 0.03 0.08 0.08 0.08 - 0.01 0.12 0.03 0.10 0.08 0.10 - 0.01 0.24 0.09 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.00 0.01 + 0.01 0.03 0.00 0.27 0.23 0.24 + 0.00 0.27 0.08 0.35 0.31 0.32 - 0.01 0.44 0.11 4.39 3.89 4.13 - 0.03 4.69 2.82 0.25 0.22 0.23 - 0.01 0.31 0.09 0.09 0.07 0.09 + 0.01 0.11 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.08 0.05 0.08 + 0.03 0.15 0.02 0.17 0.15 0.17 + 0.02 0.24 0.09 0.13 0.08 0.12 + 0.03 0.17 0.06 0.10 0.09 0.09 - 0.01 0.15 0.05 16.61 14.09 15.53 + 0.54 17.08 4.34 12.37 10.50 11.76 + 0.50 12.77 3.31 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.05 0.05 - 0.01 0.13 0.03 0.11 0.08 0.11 + 0.02 0.44 0.06 0.03 0.02 0.03 + 0.01 0.03 0.01 0.32 0.25 0.26 + 0.02 0.50 0.13 5.06 4.34 4.70 + 0.04 5.20 2.46 0.12 0.10 0.12 + 0.05 0.17 0.03 0.18 0.12 0.12 - 0.04 0.50 0.10 0.08 0.00 0.08 + 0.01 0.10 0.04 0.09 0.09 0.09 - 0.02 0.20 0.05 0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 1.03 0.90 0.97 - 0.02 3.24 0.53 0.21 0.19 0.19 - 0.01 0.30 0.13 15.17 13.69 14.26 + 0.33 15.17 4.07 3.58 3.54 3.54 - 0.07 3.65 1.28 0.01 0.01 0.01 - 0.00 0.02 0.00 0.04 0.00 0.04 + 0.00 0.05 0.01 0.07 0.06 0.07 + 0.01 0.07 0.01 0.35 0.25 0.32 + 0.05 0.62 0.20 0.26 0.21 0.25 - 0.01 0.42 0.15 0.96 0.77 0.96 + 0.07 1.29 0.69 1.32 1.10 1.32 + 0.15 1.60 0.84 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.08 0.09 + 0.02 0.10 0.02 0.07 0.05 0.06 - 0.01 0.14 0.02 0.09 0.00 0.09 + 0.01 0.17 0.04 0.02 0.01 0.02 + 0.00 0.05 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.05 0.03 0.04 + 0.01 0.05 0.02 0.07 0.05 0.05 - 0.01 0.11 0.02 0.01 0.01 0.01 - 0.00 0.02 0.00 0.04 0.04 0.04 + 0.01 0.08 0.01 0.08 0.06 0.07 - 0.01 0.10 0.02 0.05 0.00 0.05 + 0.00 0.07 0.02 8.85 7.52 7.65 - 1.28 10.56 5.28 6.63 5.61 5.78 - 0.91 8.02 3.66 0.01 0.00 0.01 + 0.01 0.05 0.00 23.18 21.27 22.53 + 0.58 25.69 14.51 17.48 15.86 17.01 + 0.54 21.12 10.04 1.59 1.22 1.48 + 0.30 1.69 0.60 1.20 0.91 1.12 + 0.20 1.41 0.41 0.04 0.03 0.04 + 0.01 0.10 0.02 2.26 2.00 2.00 - 0.26 6.00 2.00 0.45 0.32 0.34 + 0.01 2.79 0.26 0.18 0.16 0.17 + 0.01 0.18 0.07 0.09 0.08 0.09 + 0.01 0.13 0.06 0.07 0.00 0.07 + 0.02 0.09 0.04 0.21 0.15 0.20 - 0.01 0.23 0.03 0.11 0.06 0.11 + 0.04 0.10 0.04 0.01 0.01 0.01 + 0.01 0.02 0.01 0.12 0.06 0.11 + 0.05 0.17 0.04 0.68 0.00 0.63 - 0.06 1.01 0.57 0.54 0.47 0.48 - 0.04 0.85 0.40 0.01 0.01 0.01 + 0.01 0.03 0.01 0.09 0.06 0.09 + 0.04 0.16 0.04 0.04 0.02 0.03 + 0.01 0.09 0.01 0.00 0.00 0.00 - 0.00 2.00 0.00 0.30 0.27 0.30 + 0.04 1.00 0.24 27.43 25.54 26.85 - 0.09 33.31 21.55 0.07 0.05 0.05 - 0.01 0.13 0.03 0.05 0.05 0.05 + 0.01 0.08 0.02 0.28 0.25 0.27 - 0.01 1.25 0.21 0.05 0.04 0.04 + 0.00 0.05 0.01 0.07 0.05 0.06 + 0.01 0.07 0.02 0.03 0.02 0.03 + 0.01 0.05 0.01 0.02 0.02 0.02 + 0.01 0.06 0.01 0.11 0.10 0.10 - 0.01 0.11 0.10 0.11 0.09 0.10 - 0.01 0.15 0.07 0.41 0.00 0.41 - 0.05 1.85 0.04 0.04 0.02 0.02 - 0.02 0.04 0.00 0.15 0.12 0.13 - 0.01 1.15 0.01 0.03 0.02 0.03 + 0.01 0.10 0.01 0.02 0.01 0.02 + 0.01 0.08 0.01 0.06 0.06 0.06 + 0.00 0.19 0.01 0.47 0.38 0.45 + 0.02 0.62 0.25 0.14 0.06 0.14 + 0.08 0.18 0.03 10.47 8.93 9.76 + 0.12 15.07 4.99 0.10 0.09 0.10 - 0.02 0.20 0.06 0.13 0.11 0.13 + 0.01 0.19 0.11 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.00 0.03 0.00 0.02 0.02 0.02 + 0.01 0.04 0.01 1.05 1.01 1.04 + 0.02 1.05 0.61 0.04 0.02 0.02 - 0.01 0.04 0.02 0.07 0.04 0.06 + 0.03 0.08 0.02 0.13 0.00 0.13 + 0.02 0.75 0.05 0.10 0.09 0.09 + 0.01 0.18 0.05 35.23 33.65 34.62 + 0.87 40.93 27.32 26.40 25.18 26.16 + 0.84 33.49 18.71 0.23 0.22 0.22 - 0.01 0.23 0.10 0.32 0.29 0.30 - 0.01 0.32 0.13 0.05 0.03 0.05 + 0.00 0.09 0.02

Tahoe Res T 9890 Tahoe Res* N 11404 Taku Gold 46 Talon Metals T 206 Tamino Mnrls* O 4447 Tanzania Rlty* X 717 Taranis Res V 108 Tartisan Res 753 Taseko Mines* X 4435 Taseko Mines T 4924 Tasman Metals* O 198 Tasman Metals V 249 Teck Res T 34 Teck Res* N 45415 Teck Res T 35607

13.78 12.01 13.32 + 0.67 18.65 9.45 10.45 8.94 10.08 + 0.59 15.14 6.48 0.07 0.04 0.07 + 0.02 0.10 0.02 0.12 0.11 0.11 - 0.02 0.20 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.31 0.26 0.26 - 0.00 0.65 0.17 0.08 0.07 0.07 - 0.01 0.15 0.03 0.03 0.02 0.03 - 0.01 0.06 0.01 0.61 0.44 0.56 + 0.10 0.93 0.23 0.79 0.59 0.73 + 0.11 1.13 0.35 0.15 0.09 0.13 + 0.04 0.73 0.06 0.20 0.12 0.18 + 0.04 0.86 0.09 14.00 0.00 12.93 - 0.31 22.01 5.69 8.41 6.95 7.45 - 0.26 16.20 2.56 11.15 9.30 9.81 - 0.45 20.14 3.65

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TECO Enrgy* N 11184 Telson Res V 11 O 3 Telson Res * Tembo Gold* O 42 Teras Res V 363 Terraco Gold V 648 Terrax Mnrls* O 9 Terrax Mnrls V 245 V 1527 Teslin Rvr Res Tesoro Mnrls V 1193 Texas Rare Eth* O 478 Thompson Creek* O 1198 T 1844 Thompson Creek Thor Expl V 267 Thunder Mtn Gd* O 154 Till Capital V 1 Till Capital* D 1 Timberline Res V 421 Timberline Res* O 58 Timmins Gold T 4031 Timmins Gold* X 3041 Tinka Res* O 124 Tinka Res V 119 Tintina Mines V 3 Tintina Res V 172 Tintina Res* O 36 Tirex Res* O 33 Tirex Res V 77 Titanium Corp V 172 T 35 TMAC Resources TNR Gold V 118 TomaGold V 653 Tonogold Res* O 41 Torex Gold* O 1004 Torex Gold T 15958 Tower Res V 1787 Transition Mtl V 113 Treasury Metal T 416 Trecora Res* N 245 Trevali Mng* O 340 Tri Origin Exp V 178 Trident Gold V 104 Trigen Res V 49 TriMetals Mng* O 62 TriMetals Mng* O 102 TriMetals Mng T 689 Trinity Valley V 34 Trio Resources* O 430 TriStar Gold V 560 TriStar Gold* O 246 Troy Res* O 13 Troymet Expl V 232 True Gold Mng V 15516 True Gold Mng* O 2428 Trueclaim Expl V 34 Tungsten Corp* O 1250 Turquoise HIl* N 23104 Turquoise HIl T 6365 TVI Pacific* O 293 Typhoon Expl V 55

27.52 27.42 27.43 - 0.07 27.54 17.60 0.15 0.00 0.15 + 0.03 0.15 0.01 0.09 0.08 0.08 - 0.01 0.09 0.07 0.02 0.01 0.02 + 0.01 0.04 0.01 0.08 0.07 0.08 + 0.01 0.12 0.03 0.11 0.10 0.11 + 0.01 0.16 0.07 0.29 0.28 0.28 - 0.01 0.34 0.17 0.37 0.35 0.36 + 0.01 0.43 0.23 0.32 0.28 0.30 + 0.04 0.34 0.20 0.03 0.02 0.03 + 0.01 0.04 0.01 0.18 0.15 0.16 - 0.01 0.44 0.10 0.33 0.29 0.30 - 0.03 1.49 0.07 0.44 0.39 0.41 - 0.04 1.86 0.16 0.05 0.04 0.04 - 0.01 0.06 0.02 0.07 0.06 0.06 + 0.00 0.15 0.02 4.25 0.00 4.25 + 0.05 8.00 3.89 3.35 0.00 3.35 - 0.04 6.23 2.85 0.19 0.16 0.18 - 0.02 0.91 0.16 0.15 0.12 0.14 + 0.01 0.78 0.08 0.37 0.34 0.35 + 0.01 0.98 0.11 0.27 0.25 0.27 + 0.02 0.79 0.07 0.16 0.12 0.14 + 0.01 0.24 0.07 0.21 0.17 0.18 + 0.02 0.29 0.09 0.09 0.09 0.09 - 0.03 0.12 0.02 0.10 0.08 0.09 - 0.01 0.10 0.04 0.07 0.07 0.07 + 0.00 0.07 0.03 0.12 0.08 0.11 + 0.03 0.20 0.05 0.16 0.11 0.13 + 0.02 0.25 0.07 0.52 0.42 0.46 - 0.01 1.55 0.38 9.00 8.50 9.00 + 0.20 9.00 4.85 0.03 0.03 0.03 - 0.01 0.03 0.01 0.06 0.05 0.05 - 0.01 0.09 0.04 0.02 0.02 0.02 + 0.01 0.09 0.01 1.36 1.22 1.28 + 0.06 1.38 0.67 1.79 1.64 1.68 + 0.06 1.84 0.85 0.04 0.01 0.03 + 0.02 0.05 0.01 0.13 0.00 0.12 - 0.01 0.18 0.06 0.50 0.46 0.48 + 0.03 0.62 0.25 10.46 9.46 10.20 + 0.62 16.50 8.75 0.31 0.28 0.29 - 0.00 1.03 0.18 0.03 0.02 0.03 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.03 0.03 0.03 + 0.01 0.11 0.03 0.11 0.09 0.11 + 0.01 0.11 0.03 0.10 0.08 0.09 + 0.00 0.15 0.06 0.15 0.13 0.14 + 0.01 0.15 0.04 0.02 0.01 0.02 + 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.28 0.21 0.27 + 0.02 0.28 0.10 0.20 0.16 0.20 + 0.02 0.20 0.09 0.35 0.31 0.35 + 0.04 0.36 0.13 0.02 0.02 0.02 - 0.01 0.03 0.01 0.50 0.45 0.47 - 0.01 0.52 0.15 0.37 0.33 0.35 - 0.01 0.38 0.11 0.02 0.02 0.02 - 0.01 0.05 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 2.80 2.64 2.75 + 0.13 4.74 1.55 3.74 3.53 3.63 + 0.12 5.80 2.30 0.01 0.00 0.01 + 0.00 0.02 0.00 0.05 0.04 0.04 - 0.01 0.07 0.03

U3O8 Corp* O 928 Ucore Rare Mtl* O 463 Ucore Rare Mtl V 801 UEX Corp T 2710 Ultra Lithium V 267 Umbral Enrgy 1373 Unigold V 112 Unigold* O 67 United Res Hdg* O 19 United Silver* O 15 United States A* X 89 United States S* N 134783 Unity Energy V 426 Ur-Energy* X 1511 Uracan Res V 432 Uracan Res* O 249 Uragold Bay Rs V 4822 Uranium Energy* X 5720 Uranium Hunter* O 237 Uranium Res* D 2343 Uranium Valley V 50 Uravan Mnrls V 147 US Energy* D 578 US Precious M* O 7200 US Rare Earths* O 11 US Tungsten* O 85 Vale* N 183446 N 250439 Vale* ValGold Res V 256 O 78 Vanadiumcorp* Vanadiumcorp V 545 Vanstar Mng Rs V 356 Vantex Res V 1830 Vedanta* N 1153 Vena Res* O 13 Vendetta Mng V 312 Verde Potash T 58 Victoria Gold V 3381 Victory Nickel* O 267 Victory Nickel 263 Victory Res V 388 Virginia Enrgy* O 5 Virginia Enrgy V 42 Viscount Mng V 208 Vista Gold* X 1525 Vista Gold T 261 VMS Vent V 2968

0.03 0.02 0.02 + 0.00 0.06 0.01 0.30 0.28 0.29 - 0.01 0.35 0.15 0.40 0.38 0.38 - 0.01 0.44 0.20 0.26 0.20 0.25 + 0.05 0.32 0.11 0.16 0.13 0.16 + 0.05 0.30 0.05 0.02 0.00 0.02 - 0.01 0.07 0.02 0.30 0.23 0.23 - 0.07 0.30 0.08 0.22 0.18 0.19 - 0.03 0.22 0.06 0.02 0.02 0.02 - 0.00 0.11 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.29 0.23 0.28 + 0.01 1.65 0.16 15.20 11.67 14.53 + 1.55 27.68 6.15 0.26 0.22 0.26 + 0.02 0.28 0.05 0.55 0.48 0.52 - 0.01 1.07 0.44 0.04 0.03 0.03 - 0.01 0.05 0.01 0.03 0.02 0.02 - 0.00 0.03 0.00 0.20 0.11 0.18 + 0.07 0.17 0.02 0.92 0.78 0.79 - 0.13 3.00 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 3.93 0.23 3.07 + 0.43 19.20 2.10 0.08 0.05 0.08 + 0.02 0.10 0.04 0.12 0.07 0.10 + 0.03 0.17 0.05 0.44 0.37 0.43 + 0.06 1.40 0.11 0.03 0.02 0.03 + 0.01 0.20 0.00 0.16 0.10 0.13 + 0.03 5.00 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 3.49 2.68 2.77 - 0.35 6.82 1.55 4.89 3.58 3.83 - 0.55 9.14 2.13 0.04 0.03 0.04 + 0.01 0.07 0.01 0.03 0.02 0.03 - 0.01 0.04 0.01 0.04 0.03 0.04 - 0.01 0.05 0.02 0.05 0.04 0.05 - 0.01 0.08 0.03 0.02 0.00 0.02 + 0.01 0.02 0.01 5.54 5.12 5.36 - 0.01 14.43 3.52 0.01 0.01 0.01 + 0.01 0.05 0.00 0.07 0.06 0.07 + 0.01 0.17 0.05 0.17 0.14 0.16 + 0.01 0.49 0.13 0.25 0.21 0.22 - 0.01 0.25 0.11 0.03 0.02 0.03 + 0.00 0.13 0.01 0.04 0.03 0.03 + 0.01 0.04 0.02 0.06 0.04 0.05 + 0.01 0.09 0.02 0.06 0.04 0.06 + 0.02 0.08 0.02 0.07 0.00 0.07 + 0.02 0.10 0.03 0.49 0.46 0.47 - 0.03 0.63 0.16 0.60 0.47 0.55 + 0.03 0.58 0.24 0.80 0.64 0.74 + 0.06 0.77 0.31 0.09 0.07 0.08 + 0.01 0.26 0.05

Walker Lane* O 32 Walker River V 1237 Wallbridge Mng T 353 Walter Energy* O 760 Wealth Mnrls* O 2 Wealth Mnrls V 390 Wellgreen Plat* O 1069 Wellgreen Plat T 2244 Wescan Gldflds V 20 Wesdome Gold T 3456 West Af Res V 1554 301 West High Yld V West Kirkland V 420 West Melville V 24 3302 West Red Lake West Red Lake* O 94 O 1 Western Areas* Western Copper* X 408 Western Copper T 1120 Western Lith T 3652 Western Lith* O 2305 Western Pac Rs V 514 Western Pac Rs* O 40 Western Potash T 395 Westhaven Vent V 278 O 477 Westkam Gold* Westminster Rs V 35 Westmoreland* D 2358 WestMountain* O 165 Weststar Res 260 White Energy* O 3 White Metal Rs V 69 White Mtn Engy* O 100 Whitemud Res V 43 Wildcat Expl V 15 Williams Creek V 16 Wolfden Res V 724 Wolverine Mnls V 120 WPC Res V 284 Xander Res V 243 Xiana Mng V 10 Ximen Mng V 332 Ximen Mng* O 7 XLI Tech Inc* O 2289 Xtra-Gold Res* O 12 Xtra-Gold Res T 11 Yamana Gold T 37175 Yamana Gold* N 75882 Yanzhou Coal* N 213 Yellowhead Mng T 188 Yorbeau Res T 414 You Han Data* O 0 Zadar Vent V 583 Zazu Metals* O 30 Zazu Metals T 145 Zenyatta Vent V 347 Zenyatta Vent* O 56 Zeox Corp* O 117 Zephyr Mnls V 77 Zinco Mng V 200 Zincore Mtls V 378 Zonte Mtls V 76

0.70 0.55 0.70 + 0.05 1.15 0.41 0.07 0.06 0.06 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.80 0.01 0.19 0.19 0.19 + 0.03 0.33 0.10 0.28 0.25 0.26 + 0.01 0.42 0.14 0.23 0.16 0.23 + 0.06 0.44 0.12 0.31 0.22 0.29 + 0.08 0.58 0.16 0.03 0.00 0.02 - 0.01 0.06 0.01 1.82 1.67 1.72 + 0.04 1.82 0.89 0.10 0.08 0.08 - 0.01 0.10 0.05 0.29 0.20 0.28 + 0.08 0.43 0.17 0.10 0.08 0.09 + 0.01 0.09 0.04 0.05 0.00 0.18 + 0.14 0.60 0.10 0.16 0.10 0.15 + 0.05 0.13 0.01 0.09 0.05 0.08 + 0.03 0.09 0.02 2.03 2.03 2.03 + 0.22 2.96 1.28 0.59 0.40 0.54 + 0.13 0.54 0.20 0.79 0.55 0.73 + 0.18 0.69 0.29 0.48 0.41 0.47 + 0.07 0.96 0.26 0.36 0.30 0.36 + 0.04 0.81 0.18 0.01 0.01 0.01 + 0.01 0.06 0.01 0.00 0.00 0.00 - 0.00 0.05 0.00 0.19 0.18 0.19 - 0.01 0.34 0.17 0.08 0.07 0.08 + 0.02 0.09 0.04 0.03 0.02 0.03 + 0.01 0.03 0.01 0.05 0.04 0.04 - 0.01 0.10 0.01 8.05 6.73 7.85 + 0.28 30.92 3.44 0.09 0.07 0.07 - 0.02 0.39 0.04 0.03 0.02 0.03 - 0.01 0.06 0.01 0.35 0.27 0.27 - 0.08 1.50 0.35 0.03 0.02 0.03 + 0.01 0.04 0.02 0.12 0.10 0.11 + 0.01 0.46 0.07 0.01 0.01 0.01 - 0.01 0.05 0.01 0.09 0.07 0.09 + 0.01 0.09 0.02 0.02 0.02 0.02 - 0.01 0.07 0.01 0.12 0.09 0.10 - 0.01 0.19 0.05 0.03 0.00 0.03 + 0.01 0.08 0.02 0.05 0.05 0.05 + 0.01 0.08 0.03 0.37 0.34 0.37 + 0.03 0.41 0.18 0.04 0.00 0.04 - 0.01 0.10 0.03 0.06 0.06 0.06 - 0.01 0.15 0.02 0.05 0.05 0.05 - 0.00 0.11 0.01 1.16 0.82 1.10 + 0.19 1.50 0.14 0.33 0.30 0.30 - 0.01 0.33 0.12 0.46 0.40 0.41 - 0.04 0.46 0.18 4.47 3.94 4.14 + 0.02 5.28 1.89 3.35 2.93 3.11 + 0.02 4.22 1.38 5.30 4.94 5.26 + 0.33 12.24 3.66 0.07 0.05 0.06 + 0.01 0.18 0.03 0.08 0.07 0.07 - 0.01 0.17 0.04 0.85 0.00 0.85 + 0.10 3.95 0.75 0.09 0.08 0.08 - 0.01 0.13 0.01 0.19 0.15 0.15 - 0.04 0.22 0.08 0.20 0.20 0.20 - 0.05 0.28 0.09 0.97 0.83 0.96 + 0.11 2.61 0.63 0.72 0.00 0.71 + 0.07 2.20 0.47 0.00 0.00 0.00 - 0.00 0.01 0.00 0.18 0.14 0.15 - 0.03 0.20 0.08 0.04 0.04 0.04 + 0.01 0.08 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.08 0.00 0.07 - 0.01 0.15 0.02

U-V

W-Z

2016-03-15 7:18 PM

WWW.NORTHERNMINER.COM

MARCH 21-27, 2016 / THE NORTHERN MINER

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, March 15, 2016 Precious Metals Price (US$/oz.) Change $1233.60 -40.50 Gold Silver $15.32 -0.34 Platinum $969.00 -28.00 Palladium $575.00 +16.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8590.00 -20.00 $4931.00 -15.00 $1787.50 -48.50 $1746.00 -36.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, March 14, 2016 (change from March 7, 2016 in brackets): Aluminium Alloy 16200 (+100) Aluminium 2877525 (+72825) Copper 174175 (-11050) Lead 166425 (-39050) Nickel 422712 (-7872) Tin 3950 (+205) Zinc 459275 (-11425)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.52 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.25 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.45 Coal: CME Group Futures Apr. 2016: US$43.47; May 2016: US$43.63 Cobalt: US$10.43/lb. Copper: US$2.27/lb. Copper: CME Group Futures Apr. 2016: US$2.23/lb.; May 2016: US$2.23/lb Ferro-Chrome: US$1.79/kg Ferro Titanium: US$3.75/kg FerroTungsten: US$23.42/kg Ferrovanadium: US$14.41/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$55.50/tonne Iron Ore Fines: US$41.89/tonne Iron Ore Pellets: US$57.69/tonne Lead: US$0.84/lb. Magnesium: US$1.91/kg Manganese: US$1.63/kg Molybdenum Oxide: US$5.53/lb. Phosphate Rock: US$118.00/tonne Potash: US$290.00/tonne Rhodium: Mid-mkt US$700.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.52 per oz.; Handy & Harman Fabricated: US$19.40 per oz. Tantalite Ore: : US$123.61/kg Tin: US$7.79/lb. Uranium: U3O8, Trade Tech spot price: US$31.10/lb.; The UX Consulting Company spot price: US$28.75/lb. Zinc: US$0.82/lb. Prices current Mar. 15, 2016

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

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Mar 11, 2016 (with changes from Feb 16, 2016) Largest short positions First Quantum FM 37014005 4348216 Potash Corp SK POT 34172047 424087 Lundin Mng LUN 30835622 -765838 New Gold NGD 25584748 1566099 B2Gold BTO 24726666 -1629561 Kinross Gold K 22166180 4945296 Barrick Gold ABX 20539499 3779973 Teck Res TCK.B 15133787 4851477 Suncor Energy SU 14917325 -2747898 Yamana Gold YRI 12206866 -3489433 Lake Shore Gld LSG 11627798 2734928 IAMGOLD IMG 10739058 463554 Goldcorp G 9675277 -715977 Thompson Creek TCM 8796253 100591 Eldorado Gold ELD 8778640 581385 Largest increase in short position Kinross Gold K 22166180 4945296 Teck Res TCK.B 15133787 4851477 First Quantum FM 37014005 4348216 Barrick Gold ABX 20539499 3779973 OceanaGold OGC 6844973 3569024 Largest decrease in short position Orbite Tech ORT 119000 -9502990 Yamana Gold YRI 12206866 -3489433 Suncor Energy SU 14917325 -2747898 Franco-Nevada FNV 3360478 -2736018 Agnico Eagle AEM 2481892 -2429922

Short positions outstanding as of Mar 11, 2016 (with changes from Feb 1, 2016) Largest short positions Gold Reserve GRZ 716500 11400 Roxgold ROG 712481 674800 Nexgen Energy NXE 559949 203835 First Mg Fin FF 486984 470717 Zenyatta Vent ZEN 145508 -19892 Gold Std Vents GSV 88156 -14844 ATAC Res ATC 81200 75600 Constant Mtl CEM 48000 23000 Reservoir Mnls RMC 45300 7100 Nrthn Graphite NGC 36396 -239 Brazil Res BRI 32100 -40707 Sandspring Res SSP 30800 27800 Kennady Diam KDI 27100 3900 Eurasian Mnls EMX 18200 11874 Santacruz Silv SCZ 13800 6800 Largest increase in short position Roxgold ROG 712481 674800 First Mg Fin FF 486984 470717 Nexgen Energy NXE 559949 203835 ATAC Res ATC 81200 75600 Sandspring Res SSP 30800 27800 Largest decrease in short position Graphite One GPH 2700 -3395300 Fission 3.0 FUU 100 -79058 Kootenay Silvr KTN 500 -51700 Timberline Res TBR 2200 -45300 Brazil Res BRI 32100 -40707

DAILY METAL PRICES Date Mar 14 Mar 11 Mar 10 Mar 9 Mar 8 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1545/1570 1570/1590 1555/1580 1565/1590 1575/1600 Aluminum 1532/1546.50 1548/1559 1564/1573 1563/1563 1589/1588 Copper 4993.50/4973 4940/4930 4920/4910 4935/4920.50 4980/4972 1840.50/1852 1839/1835 1851/1840 1857/1850 1876/1860 Lead Nickel 8700/8750 8765/8805 8730/8770 8780/8820 9035/9085 Tin 17150/16950 17070/16900 16950/16750 16845/16625 17080/16950 1809.50/1812 1791/1792.50 1797.50/1796 1797.50/1800 1804.50/1811 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) 1262.25 1247.25 1258.25 1274.10 Gold AM 1256.55 Gold PM 1242.75 1264.75 1266.50 1246.40 1267.00 Silver 15.60 15.50 15.27 15.27 15.66 974.00 979.00 980.00 1005.00 Platinum 963.00 Palladium 567.00 576.00 571.00 564.00 575.00

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Mar 11 Mar 10 Mar 09 Mar 08 Mar 07 High Low S&P/TSX Composite 13522.00 13379.14 13392.90 13311.05 13383.60 15527.30 12400.15 S&P/TSXV Composite 576.35 574.52 569.62 570.55 571.44 1050.26 883.52 S&P/TSX 60 794.08 784.84 786.21 780.82 783.08 896.74 709.99 S&P/TSX Global Gold 184.81 189.61 181.09 181.24 185.92 218.90 149.29 S&P/TSX Metals & Mining 452.08 451.89 439.11 431.78 465.86 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS MARCH 7–11, 2016 202 New Highs Zinco Mng Abcourt Mines Abcourt Mines* African Gold Alderon Iron* ALQ Gold Altair Gold Anaconda Mng* Anglo American* Antioquia Gold Antioquia Gold* Argentex Mng* Artha Res* AsiaBaseMetals Atlantic Gold Aura Mnls Avala Res Avnel Gold AZ Mining Bama Gold BCGold BCM Res Beaufield Res Beaufield Res* Belo Sun Mng Bison Gold Res Black Hills* Black Iron BonTerra Res BonTerra Res* Bravada Gold Bravada Gold* Canarc Res* Cascadero Copp Central Iron Chilean Metals Claude Res Claude Res* Clifton Star Clifton Star* Confedertn Mls Confedertn Mls* Dajin Res Dajin Res* DRDGOLD* East Africa Ely Gold & Mnl Ely Gold & Mnl* Endeavr Silver Endeavr Silver* Erdene Res Dev Erdene Res Dev* Ethos Gold* Evolving Gold* Evrim Res

Exeter Res Expedition Mng* Ferrum Am Mng First Majestic Fortescue Mtls* Franco-Nevada* Genesis Mtls GFM Res Gldn Predator Gldn Predator* Gold Bulln Dev Gold Bulln Dev* Golden Harp* Golden Reign Golden Secret Goldex Res Goldex Res* GoldON Res GoldON Res* GoldQuest Mng GoldTrain Res Grande Portage Graphite One Great Panther Great Panther* Houston Lake Iconic Mnls IMPACT Silver Integra Gold Integra Gold* INV Metals Kaminak Gold Kaminak Gold* Khan Res Kirkland Lk Gd Kirkland Lk Gd* Klondike Silv* Labdr Iron Mns* Lake Shore Gld Lake Shore Gld* Lithium X Egy Logan Res Lonmin plc* Lucara Diam Lundin Gold MacMillan Mnls* MAG Silver MAG Silver* Menika Mining Metallis Res Minaurum Gold Minco Silver Miranda Gold Mirasol Res Mustang Mnrls* Natural Res Pt*

Nemaska Lith Nemaska Lith* Nevada Egy Mtl Nevada Zinc New Dimen Res New Gold Newmarket Gold Newmarket Gold* Nexgen Energy Nexgen Energy* Niocan Inc Niogold Mng* North Am Pall* NovaGold Res NovaGold Res* NSX Silver OceanaGold* Odin Mng & Exp Oroplata Res* Otis Gold Otis Gold* Pac Ridge Expl Palamina Corp Platinum Gp Mt Platinum Gp Mt* Portage Res* Prosper Gold Prospero Silvr Pure Gold Mg Randsburg Intl Red Eagle Mng Red Eagle Mng* Red Pine Expl Redstar Gold Redzone Res Reliance Res Reservoir Mnls Reservoir Mnls* Resolve Vent Revolver Res Richmont Mines Richmont Mines* Rio Silver Robex Res Rock Tech Lith* Rockex Mng Rockridge Cap Rubicon Mnrls* Rupert Res Sabina Gd&Slvr Sabina Gd&Slvr* Santa Fe Mtls Satori Res Satori Res* Serengeti Res Sibanye Gold* Silvercorp Met*

Sirios Res SnipGold Spanish Mtn Gd* Starr Peak Exp Stornoway Diam Strategic Metl Strikepoint Gd Sulliden Mng Taku Gold Tasman Metals* Telson Res Tintina Res TMAC Resources Tres-Or Res TriMetals Mng TriMetals Mng* TriStar Gold TriStar Gold* Ultra Lithium Uracan Res* Uragold Bay Rs Uranium Res* Valencia Vent Victoria Gold Victory Nickel Vista Gold Vista Gold* Wesdome Gold West Kirkland West Red Lake West Red Lake* Western Copper Western Copper* Xtra-Gold Res

20 New Lows Aldershot Res Arianne Phosph* Canadian Zeol Caribbean Res Caza Gold* Erin Ventures* Gear Intl* Gray Rock Res Inspiration Mg Intact Gold Levon Res Ltd * Midnight Star Next Gen Mtls* Pine Cliff En Reliance Res Rome Res Salt Lake Pot* Sama Res* Samex Mng* Zeox Corp*

CANADIAN GOLD MUTUAL FUNDS EXCHANGE RATES Date Mar 11 Mar 10 Mar 9 Mar 8 Mar 7 S$ in C$ 1.3217 1.3346 1.3247 1.3408 1.3283 C$ in S$ 0.7566 0.7493 0.7549 0.7458 0.7529 Exchange rates (Quote Media, March 4, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0005 0.6788 86.1220 13.3978 11.5515 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5260 4.9161 50.6560 0.7436 898.6105 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3220 0.8969 113.8300 17.7054 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6952 6.4953 66.9450 0.9827 1193.2000

FundName Mar 11 ($) Mar 04 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 2.80 148.40 AGF Prec Mtls Fd MF 19.00 0.89 4.69 22.42 BMO Prec Mtls Fd A 15.56 15.32 0.24 1.57 24.41 2.40 55.57 8.99 8.96 0.03 0.35 36.15 0.63 BMO ZGD BMO ZJG 6.69 6.72 -0.04 -0.52 33.63 0.62 CIBC Prec Metal Fd A 10.65 10.50 0.15 1.46 26.58 2.62 52.62 Dyn Prec Metls Fd A 5.51 0.23 4.20 32.92 2.66 298.84 0.80 Horizons HEP 24.66 0.67 2.70 32.82 IGMacGloPrecMetCl A 7.52 7.47 0.05 0.72 37.35 2.75 69.63 11.56 11.35 0.21 1.82 40.67 0.61 576.34 iShares XGD Mac Prec Met Cl A 41.79 41.49 0.30 0.72 37.95 2.51 105.43 NB Prec Met Fd Inv 11.10 10.85 0.25 2.30 33.79 2.46 33.64 RBC GblPreMetFd A 26.05 25.63 0.42 1.62 29.11 2.13 326.63 Sentry PreMetFd A 33.62 33.66 -0.03 -0.10 31.97 2.92 215.59 Sprott Gold&PrMinFdA 30.66 0.85 2.77 28.43 3.15 187.81 Sprott SilverEquCl A 4.21 0.28 6.69 19.70 3.21 32.88 TD PreciousMetals-I 33.19 32.57 0.62 1.90 32.37 2.26 129.74

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

Mar 21 Pg 12.indd 12

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

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

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

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2016-03-15 7:19 PM

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Engineering reports fail to impress

Workers organize samples at Orezone Gold’s Bomboré gold project in Burkina Faso. The feasibility study for the project received a perfect score from independent consultant Tim Oliver. OREZONE GOLD ENGINEERING From 1

do it, and that is a tragedy; there is no reason why you can’t find QPs out there.” The survey was based on all of the preliminary economic assessments (PEAs), prefeasibility studies and feasibility studies published on Sedar between May 1 and Aug. 31, 2015. Oliver then deleted five that were “in-house jobs by big companies,” leaving 10 PEAs, five prefeasibility studies and 19 feasibility studies. Oliver then ranked and scored the studies on a point system according to his top-10 criteria: QP conflict of interest (10 points); QP qualifications (10); commodity price deck (5); metallurgical recovery (6); signs of desperation (5); lack of engineering documentation (10); unrealistically low contingency (7); cost-basis discussion (10); missing or unrealistic project schedule (10);

Mar 21 Pgs 1 2 3 4 5 7 8 9 14.indd 14

and new or exotic technology (5). Only one of the studies received the full 78 points, or a perfect score, and that was the feasibility study Orezone Gold (TSX: ORE) completed on its Bomboré gold project in Burkina Faso. (“It was a terrific study, and it nailed it all around,” Oliver said, noting that he does not own any stock in the company.) Any study scoring less than 50 points failed, while scores of between 50 and 60 fall into what he described as “that kind of ugly area — you don’t fail, but you don’t really shine, either.” The average score for the PEAs was 49; for the prefeasibility studies, 55; and for the feasibility studies, 53. Oliver noted that his study has limitations because it was a snapshot in time and did not evaluate resource calculations or geology. He also pointed out that he was neither a geologist nor a mining engineer.

Commenting on specific areas in the reports, he noted that seeing just one QP who is responsible for an entire study can be a red flag. “If you look through [the report] and one person has 10 chapters that they’re responsible for, and that goes from everything from resource definition to environment and operating costs, it’s just wearing too many hats.” He cautioned that a QP’s signature “does not guarantee reliable results … are they credible numbers? … Don’t take these things at face value, just because a QP signed off on an NI 43-101 study. You have to look deeper, or you are going to get burned.” Another area of concern, and one of Oliver’s pet peeves, is scheduling. “First of all, if you don’t find a schedule, move on,” he warned. “If somebody tells you they’re going to build a $2-billion base metal mine in 14 months, move on. It can’t be

done realistically.” Furthermore, scheduling is not just about construction — it should be for the entire project. Only 14 of the 34 studies he examined in the survey met his standards. Investors also need to be alert to contingencies. Oliver found that 18 of the 34 studies had unrealistically low contingencies. He noted that studies should have engineering documentation — the nuts and bolts — while the cost-basis discussion should run to at least 18 pages, with quotes for items, such as equipment, coming from multiple vendors. Finally, Oliver touched on cost overruns, noting that the industry seems to be plagued with them. He says the problem isn’t the actual cost overrun, but rather that the initial budget was too low in the first place. “People squeeze the numbers down so that they get a nice shiny internal rate of return or net pres-

ent value, so a board of directors will approve the project and it can go forward,” he said. “There’s a lot of pressure to … get good results.” Investors can avoid losses if they undertake an independent engineering review of a project’s NI 43-101 study “before handing over their money,” he said. “It’s cheap insurance.” Enforcement is also an issue, he argued. “There is not a good enforcement mechanism right now, other than people like me looking at them and calling them out when they’re egregiously bad,” he commented. “Instead of a race to the bottom, it should be a race to the top — we should produce studies that everyone can trust and be proud of,” he said. “If and when investors demand more rigour in these studies, owners and engineers will need to step up their game, and everyone will benefit.” TNM

2016-03-15 7:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / March 21-27, 2016

Mineral Deposit Compilation Geoscientist Thunder Bay

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Occupational Health & Safety Inspector – Surface & Underground Mining Ontario, Canada

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Financial Accountant Ontario, Canada

Procurement Specialist Saskatoon, SK

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March 21 pg 15.indd 15

2016-03-15 6:56 PM

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MARCH 21-27, 2016 / THE NORTHERN MINER

Canadian bankers ponder future of mining finance PDAC 2016 BY TRISH SAYWELL tsaywell@northernminer.com

ebt, balance sheet repair and available financing were the main themes of a panel discussion on capital markets at the Prospectors & Developers Association of Canada convention. Since the early 2000s, the top-20 gold companies have seen their collective debt balloon from $6 billion to nearly $40 billion. And that debt burden doesn’t take into account leverage across the base metal sector. Debt “is probably going to kill a few companies this time around, or at least take a few appendages,” Egizio Bianchini, co-head of the global metals and mining group at BMO Capital Markets, told a standing-room only crowd. “That $50 to $60 billion in debt needs to be dealt with, or else companies by 2019 or 2020 will have gone bankrupt,” he said. “It doesn’t take a rocket scientist to figure it out, just look at the debt repayment schedules. It’s going to be an interesting dynamic this year between capital markets and asset sales.” The Bay Street banker noted that the debt market is going to continue to be part of the mining industry, not to mention the debt that needs to be rolled over. “Companies that are in great shape are going to be able to roll over that debt, and even, dare I say, add on to it a little bit … the gold companies are going to be in relatively good shape, some of the base metals will have a little tougher go at it. “The reality of this world is that interest rates are not going up because there’s more capital than brains — there are not enough places to put it, globally,” Bianchini said. “I’m a gold bug and proud of it, because if you look at all the money that has been printed on this planet over the last 30 years, there’s just too much of it. The reality is that interest rates are going to remain

| The best assets will always attract top dollar

low. If you’re a good company and you’ve got a really good asset, and it is a long-life asset, and some of the gold companies have these, and some of the base metal companies have these, you’re going to be able to tap into a debt market that for the next 10 or 15 years is going to continue to be very cov-lite.” Bianchini and his fellow bankers on the panel, Rick McCreary of TD Securities, Peter Collibee of Scotia Capital and David Shaver of RBC Capital Markets, agreed that companies with the best assets and management teams could raise capital. “The really good assets will always attract top dollar,” RBC’s managing director of global mining and metals Shaver said. “If there was a question out there as to whether the bank market is closed to the mining industry and new capital, it’s not,” Scotia Capital’s managing director and industry head of global mining and metals Collibee added. “The bank is not closed. It is very asset specific and company specific, but the bank is not closed.” “Capital markets remain open to select companies to make select purchases,” he continued. “If the asset is of sufficient quality, it’s a good asset, and the bank is likely to lend. We have been extremely busy on many of these non-core asset sales … banks are prepared to lend money against very, very high-quality assets.” Bianchini noted that while he has seen a general movement away from the mining sector among European banks, and in some cases banks in the U.S., Canadian bankers “have all stepped up to support the industry.” “The Canadian banks are about supporting the industry,” he said. “We won’t do crazy things. But we view debt differently and we have a long-term view, whereas the bond market has a shorter-term view … the bond market is weighing in probabilities and not really factor-

ing in optionality at all.” As an example, Bianchini pointed to Teck Resources (TSX: TCK.B; NYSE: TCK), where some of the bonds got down to the mid- to low70s, saying that “the bond market overdid that, certainly from a bank point of view.” RBC’s Shaver added that there is a real dislocation between banks and bond markets. “Companies are aware of that, and that’s probably one of the reasons that few people are accessing the bond markets at the moment,” he said. “The bank credit spreads for many of the investment-grade borrowers are probably 2% or 3% interest rates, versus where the bonds are trading, which depending on who you are, could be, if you’re an investmentgrade issuer, 5–8%, depending on the maturity, and if you’re a highyield issuer, it could be in some cases north of 10%.” Other sources of capital include private equity, which is putting some money to work in the space, foundations that are putting some money into the industry through management teams and royaltystreaming transactions, which have become part of the mainstream toolkit chief financial officers use to manage their balance sheets. But the issue with a lot of the “new money” is the volatility, Bianchini noted. “If you take traditional private equity, not the Resource Capital Fund or the Orions, but the traditional private equity guys, the big guys, they have struggled up to now for the most part because of the volatility and the inability to really leverage their investments … you’d find interesting views if you ask people if they think this new money will actually be deployed in a major way. We’ll have to wait and see. If the traditional equity market comes back, it will be irrelevant because that market will dwarf any private equity, and it looks at risks differently than the private equity

and foundations have.” Most of the panellists agreed that 2016 would see asset sales as debt maturities become imminent. “While there’s a value arbitrage between one metal and another metal … we’ll see spin-offs or sales of companies that can trade at higher multiples,” Shaver said. “If you look at it globally … there are going to be a fair number of asset sales, because the need is there,” Bianchini said, noting that there are four ways to deal with debt: asset sales; debt to equity swaps; real restructuring, where you actually deal with the creditors and new forms of capital; equity issues; and streaming. “If the equity markets and the special streaming and conventional private equity put money into the sector, the asset sales will dry up, period,” he said. “Anglo doesn’t really want to sell all those assets it says it’s going to sell … it wants to get leaner, but it doesn’t want to sell them. But they have to. I’m sure Barrick didn’t want to sell Zaldivar. It’s a great mine, but they had to do it. I’m actually a bit optimistic about the equity markets and other forms of capital that I think it will mitigate some of the asset sales.” As for high-end asset sales this year, Bianchini predicts they will be few and far between. “A lot of it, and unfortunately for us guys, it’s going to be the third and fourth quartile, which will eventually get done, because those assets have to come out.” For every company forced to shed assets, however, there is another company that benefits. “This has been an unprecedented opportunity for people to take advantage and buy assets that would never have come on the market otherwise,” TD Securities’ deputy chair of investment banking McCreary noted. “Supply has come onto the market and you’ve had demand from other companies looking to add to their

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portfolios. Notwithstanding the market, the valuations have been, frankly, phenomenal. It’s been quite fascinating to watch. “Everybody believes our sector, particularly on the base metal side, is gutted,” he continued. “But if you look at companies who have benefited from coming in behind, and I’ll use Lundin Mining as an example, they have picked up assets through this cycle and grown to be a larger company.

“THIS HAS BEEN AN UNPRECEDENTED OPPORTUNITY FOR PEOPLE TO TAKE ADVANTAGE AND BUY ASSETS THAT WOULD NEVER HAVE COME ON THE MARKET OTHERWISE.” RICK MCCREARY DEPUTY CHAIR, INVESTMENT BANKING, TD SECURITIES

“Frankly, assets have just been moving around and moving around. There have not been the fundamental grassroots discoveries other than things like Oyu Tolgoi, and a couple of wonderful deposits that Barrick has. I’m not bothered by it. That’s life. That’s capital markets.” The panellists also noted that for spin-outs, Toronto, with its dynamic capital market, is an attractive place to list, and forecast that some of these companies will migrate to Toronto. “This market here is special in that we have regulators, we have intellectual knowledge here, we have great analysts, bankers, we have accountants, lawyers and some investors,” Bianchini said. “But the reality is that we’re only an hour flight away from New York. That’s where the real investors are, and so we have a unique opportunity here, and hopefully the TSX and all of us are going to encourage some of these companies that are to be spun out of an XYZ company to list in Toronto.” Shaver added that he thinks the market will see more initial public offerings here and that there are going to be more companies this time next year than there are today. McCreary of TD Securities also noted that, in many cases, selling assets creates fundamental value to the new owners who end up getting good-quality, well-run, safe and well-capitalized mines that were previously owned by a major. For instance, if a mine in the portfolio of a major company that might rank 15th out of 25 in importance is sold to a company where it might be the first or second most valuable asset in the portfolio — that will create value. “What has tended to happen is the new management team that has bought these non-core assets now go to the person running the mine and say: ‘OK, do you have any ideas of how you can better run this mine?’” McCreary said. “There is a lot of true fundamental value that has been created by putting these assets into companies that should own them, versus the larger companies, where they are not the focus.” TNM

2016-03-15 7:20 PM