The Northern Miner March 14 2016 Issue by The Northern Miner Group

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NEXGEN ENERGY

Makes waves with big uranium resource / 3

LUNDIN MINING

Takes Timok stake from Freeport for US$262M / 2

MINING SURVEY

Fraser Institute ranks regions / 3

MARCH 14-20, 2016 / VOL. 102 ISSUE 5 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Endeavour to grow in West Africa with True Gold offer

ACQUISITION

| Miner bids $226M to pick up Karma gold mine in Burkina Faso

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

ndeavour Mining (TSX: EDV; US-OTC: EDVMF) CEO Neil Woodyer describes his growth strategy as “buy and build,” and his company is doing a bit of both this year. On March 4 Endeavour tabled a friendly $226-million offer for True Gold Mining (TSXV: TGM), which is approaching a first gold pour at its Karma heap-leach gold operation, 185 km northwest of Burkina Faso’s capital of Ouagadougou. Meanwhile, Endeavour is looking to start construction at its fully permitted Houndé mine in Burkina later this year. Under the deal, True Gold investors will receive 0.044 of an Endeavour share, which values the target company at 57¢ per share. The offer represents a 32.7% premium based on True Gold’s 20-day, volumeweighted average trading price. Endeavour will also provide a US$15-million convertible bridge loan to cover any financing gaps as Karma moves toward production. True Gold has drawn US$105 million of a US$120-million streaming facility with Franco-Nevada (TSX: FNV; NYSE: FNV) and Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND). The bridge allows the companies to avoid further gold streaming. Karma hosts probable reserves of 33.2 million tonnes grading 0.89 gram gold per tonne for 949,000 contained oz. Indicated resources at the project total 75.2 million tonnes of 1.08 grams gold for 2.6 million oz. The acquisition would increase Endeavour’s forecast gold production by between 110,000 and 120,000 oz. annually at all-in sustaining costs of US$700 per oz. over the first five years. Current mine life at Karma is pegged at 8.5 years, based on reserves. “This deal creates a much stronger company all around,” True Gold chairman Mark O’Dea said during a conference call. “It offers an attractive premium, and what’s most

Claude deal offers Silver Standard a Canadian foothold GOLD M&A

| $337M offer for Prairie producer a shift from silver BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

laude Resources (TSX: CRJ; US-OTC: CLGRF) has authored a strong turnaround story over the past three years at its Santoy and Seabee gold mines in Saskatchewan’s La Ronge mining district. The company’s operational success and rising cash position drew attention from larger companies in mid-2015, and on March 7, Silver Standard Resources (TSX: SSO; NASDAQ: SSRI) stepped up to the plate with a $337-million cash-andshare bid to secure its place as an emerging, Americas-focused preSee CLAUDE / 2

Ore from the Goulagou II pit is loaded into a haul truck at True Gold Mining’s Karma gold mine in Burkina Faso. TRUE GOLD MINING PM40069240

exciting is that our shareholders become a meaningful part of a leading, intermediate gold producer. We maintain exposure to Karma, and gain exposure to Endeavour’s diverse and growing portfolio. The upside here is tremendous, and I’d point out that together we’ll hold one of the largest exploration portfolios in West Africa.” Karma consists of six contiguous exploration permits (Goulagou, Rambo, Kao, Rounga, Youba and Tougou) totalling over 856 sq. km, and includes more than 45 “highpriority targets,” with high-grade rock values associated with untested gold-in-soil anomalies and historical workings. Endeavour owns five mines in Côte d’Ivoire, Ghana, Mali and Burkina Faso, and could produce between 575,000 and 600,000 oz. this year at all-in sustaining costs ranging from US$870 to US$920 per oz. The company could add 190,000 oz. per year by developing the fully funded Houndé project. Endeavour produced 517,000 oz. in 2015 at all-in sustaining costs

of US$922 per oz. The company generated after-tax free cash flows of US$34 million and finished the year with a US$110-million cash balance after lowering its debt 43%, or US$60 million. Adjusted net earnings jumped 191% year-on-year to US$42 million, or 99¢ per share. The company may make a production decision at Houndé next quarter. The mine would cost US$325 million to build, and exploit proven and probable reserves of 30.6 million tonnes of 2.1 grams gold for 2.1 million contained oz. The processing plant would consist of a 3-million-tonne-per-year primary crushing and milling circuit to feed a gravity and carbonin-leach plant. “This deal continues our successful ‘buy and build’ strategy focused on acquiring low-cost production,” Woodyer said. “It will extend our mine life and increase our production, while lowering our all-in sustaining cash costs and boosting our cash f lows. It also, very significantly, enhances our financing plans to accelerate

the construction of Houndé. As a result of the transaction we’ll have a strong liquidity position and improved net debt position. In addition, this will help us focus on our promising exploration packages and unlock some of the potential we have there.” Endeavour shares have traded in a 52-week range of $4.35 and $13.02, and closed at $11.32 per share at press time. The company has 59 million shares outstanding for a $669-million market capitalization. On a pro-forma basis, True Gold shareholders would hold a 20.9% stake in the combined company, which would have 84 million shares outstanding and a market capitalization of just over $1 billion. “With the proposed transaction value generally in line with our modelled value for Karma, we are mov ing our rating to ‘tender,’” Scot iba n k a na lyst Ovais Habib said. “The combined company is expected to have greater liquidity, greater access to capital and a stronger balance sheet, and attract a wider investor audience.” TNM

INTERVIEW: ARGENTINA'S NEW MINING SECRETARY / 5

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2016-03-08 6:52 PM

WWW.NORTHERNMINER.COM

MARCH 14–20, 2016 / THE NORTHERN MINER

Lundin Mining takes a US$262M shot at Freeport’s stake in Cukaru Peki COPPER

| Lundin to pick up 55% stake in high-profile Timok project in Serbia, already JVed with Reservoir Minerals

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

id-tier base metals producer Lundin Mining (TSX: LUN; US-OTC: LUNMF) has been hungry for copper over the past two years, and it hopes to be picking up a future copper mine with its US$262-million deal for Freeport-McMoran’s (TSX: FCX) stake in the highgrade Timok copper discovery in eastern Serbia. The companies have long-standing partnerships in Europe and at the large Tenke copper mine in the Democratic Republic of the Congo, where Freeport is majority owner and operator. It is the second deal between the two over the past two years, with Lundin picking up the Candelaria copper mine in Chile from Freeport for $674 million in late 2014.

“[TIMOK] WOULD BE OUR MARQUEE, HIGHEST-PRIORITY INVESTMENT MOVING FORWARD.” PAUL CONIBEAR PRESIDENT AND CEO, LUNDIN MINING

Under the purchase agreement, Lundin would acquire a 55% interest in the Upper Zone of the Cukaru Peki deposit, as well as Freeport’s interest in all the mineral licences comprising the 232 sq. km Timok project. Cukaru Peki is a high-grade, copper-gold epithermal deposit

overlying what could be large, porphyry-style mineralization. And that’s where things get complicated. Freeport optioned the Timok concessions from project generator Reservoir Minerals (TSXV: RMC), and the junior still has a 45% stake in the project. Lundin would inherit Freeport’s right to boost its stake to 75% via delivery of a feasibility study, but Reservoir also holds a right of first offer that could torpedo the deal. In addition, Freeport has a 54% interest in the Cukaru Peki Lower Zone, which hosts deep porphyrystyle mineralization that is likely more amendable to block-cave, bulktonnage mining. Assuming the deal closes Lundin will have the right to 75% of the Upper Zone, with Reservoir having a 25% interest. Meanwhile, Freeport has assured it will retain a 54% interest in the Lower Zone, with Lundin and Reservoir holding 21% and 25%. The payment schedule isn’t any simpler. Lundin will pay Freeport US$135 million upon closing, with another US$20 million due in exploration and study work on the Lower Zone. After a construction decision Lundin will pay US$45 million, with another US$50 million due upon commercial production and up to US$12.5 million owed in recouped project expenses. “We’re really excited about Timok, and we’ve followed the asset since 2013,” Lundin president and CEO Paul Conibear said during a conference call. “We had our initial discussions with Freeport a long time ago, and assuming the deal closes, it will enhance our long-term growth pipeline, while preserving a strong balance sheet. It’s high-grade cop-

A core sample of porphyry copper mineralization from the Timok project in Serbia. RESERVOIR MINERALS

per-gold and it overlies a potential tier-one lower zone porphyry. I see no need for us to do any further acquisitions in the medium-term,” he added. Freeport and Reservoir released a maiden resource for Cukaru Peki in 2014, which totals 65.3 million tonnes of 2.6% copper and 1.5 grams gold per tonne. The estimate includes the highgrade massive sulphide domain containing an estimated 6.8 million tonnes at 9.6% copper and 5.9 grams gold at a 1% copper equivalent cut-off grade, and “a significant proportion” of the semi-massive sulphide domain, containing 14 million tonnes of 3.2% copper and 2.7 grams gold at a 3% copper equivalent cut-off. The Timok asset package may seem early stage — and much of it is greenfield — but Freeport and Reservoir have hinted that a preliminary economic assessment at

Cukaru Peki could arrive this year. The companies reported a 2015 exploration budget of US$18.7 million at the target, and Conibear said there were 12 drills turning during his visit to the property in December. Another wrinkle in the deal is Freeport’s back-in rights if another “large mineral discovery” is made on the property. Assuming a deposit in excess of 4 million tonnes of copper equivalent, Lundin would revert to a 21% interest on the discovery. Reservoir’s right of first offer could alter the plans, however, as it grants the junior an opportunity to bid for Timok's majority rights within 60 days. It’s unlikely that Reservoir can put together an offer on its own — though the company does have US$30 million in its treasury — but it recently signed an earn-in and joint-venture agreement on four wholly owned

exploration permits in the Timok region with Rio Tinto (NYSE: RIO). Under the deal Rio would spend US$3.1 million in Serbia by November 2017, and earn 75% in Reservoir’s Nikolicevo, Kraljevica, Coka Kupjatra and Tilva-Njagra concessions by sole funding US$75 million in project expenses. So Lundin’s conference call on March 7 was in many ways both an information session and a sales pitch. “Assuming Reservoir welcomes us into the project, which we hope they do, we’ll complete the transaction quickly and get people on the ground,” Conibear said. “This really flushes out both the medium-term and long-term pipeline for Lundin in terms of copper … we own a stake in the Tenke operation, but we aren’t an operator there and we don’t control the development stages. Our intention is to get a perfectly sized, high-grade copper operation going within five years, and Timok is ideal. This would be our marquee, highest-priority investment moving forward.” Lundin finished 2015 with a US$550 million in cash. The company's shares have traded between $2.98 to $6.46 over the past year, and closed at $4.43 per share at press time. Lundin has 720 million shares outstanding for a $3.3-billion market capitalization. Canaccord Genuity has a “buy” recommendation on Lundin along with a $4.50 price target. Analyst Peter Bures says Reservoir probably won’t exercise its right of first offer, and adds that the acquisition shows Lundin’s “balance sheet strength,” and could add “long-life, high-grade copper-gold production within the next decade.” TNM

Claude deal offers Silver Standard a Canadian foothold CLAUDE From 1

cious metals producer. Under the arrangement, Claude investors would receive 0.18 of a Silver Standard share and 0.1¢ in cash. The offer represents a 25% premium based on the companies’ 20-day, volumeweighted average trading prices. On a pro forma basis, Silver Standard would end up with 119 million shares outstanding, a $1-billion market capitalization, cash and equivalents of US$330 million, and US$283 million in debt. Claude shareholders would have a 32% equity position in the combined entity. Claude has been producing gold at Seabee since 1991. Production has grown to include feedstock from the Seabee deposit and the Santoy area (Santoy 8 and Santoy Gap). The Seabee mine is a narrowvein, underground operation, with recent efforts focused on the 2b and L62 zones. A large part of the

company’s success has come from the higher-grade Santoy Gap zone, which contributed to a record 75,748 oz. gold produced in 2015 at a mill grade of 8.82 grams gold per tonne. “Moving through the second half of last year, our strong performances drew attention from a number of strategic interests,” Claude president and CEO Brian Skanderbeg said during a conference call. “The healthy premium crystallizes significant value from progress we’ve made over the past three years. This repositions our assets within a company, which … can more fully realize value through the benefits of multiple operations and access to capital. We have a track record of increasing production and decreasing costs.” Silver Standard has looked out for acquisitions since picking up the Marigold mine in Nevada for $275 million from joint-venture partners Goldcorp (TSX: G; NYSE:

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GG) and Barrick Gold (TSX: ABX; NYSE: ABX) in early 2014. The catch was that acquisitions needed to be a cash-flow positive mine. Silver Standard also owns the Pirquitas open-pit silver-zinc operation in Argentina. The Seabee acquisition would boost Silver Standard’s annual gold production 35%, with the expanded company expected to crank out 390,000 oz. gold equivalent per year at cash costs of US$735 per oz. in 2016. Acquiring Seabee and Santoy would also align with the experience of Silver Standard president and CEO Paul Benson, who has a background in underground gold mining. “We’ve communicated to the market that our strategy includes acquisitions, but since picking up the Marigold mine we’ve been disciplined in evaluating opportunities,” Benson said. “Our production portfolio is now securely located in the Americas and consists of a diverse selection of underground and openpit mines. We will control large land positions in attractive mineral belts that present opportunity to deploy capital for resource conversion and discoveries. With the Santoy and Seabee mines we’re establishing a long-term presence in Canada that provides operational opportunities and financial synergies.” Silver Standard may use some of its capital to explore the Santoy Gap area. Claude has earmarked $3.5 million for an 85,000-metre drill program across the Seabee complex this year, and the company has had

Claude Resources' Seabee gold mine in Saskatchewan. CLAUDE RESOURCES

recent success at Santoy. Hole 15-48 graded 30.54 grams gold per tonne over 1.2 metres and, at 675 metres, is the deepest hole ever drilled at the complex. Claude also owns the 404 sq. km Amisk gold project, which represents one of the largest land positions in Manitoba’s Flin Flon mineral district. “We first looked at Claude midway through 2015,” Benson said. “The great thing about this transaction is that it solidifies the production base, and definitely enables us to look at a wider scope of options. Up until now we really needed to look at another cash-flow producing mine, but now we’d be comfortable looking at development-stage or advanced exploration projects.” Scotiabank analyst Craig Johnston noted that the deal “makes sense” for Silver Standard, and said the combined balance sheet would allow

for exploration across Claude’s large land package in Saskatchewan, saying that “although the transaction may look slightly expensive at this time, we believe value accretion is a real possibility.” Silver Standard shares have traded in a 52-week range of $5.22 to $10.56, and last closed at $7.89 per share. The company has 80 million shares outstanding for a $655-million market capitalization. TNM

Correction

In the story “Western Lithium: A producer in the making?” (T.N.M., March 7–13/16), the Kings Valley project’s location was incorrectly identified as Clayton Valley, Nev. The project is in fact in northern Nevada's Kings Valley, 100 km northwest of Winnemucca, and near the Idaho border.

2016-03-08 6:52 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 14–20, 2016

NexGen unveils monster resource at Arrow URANIUM |

Share price takes off on strong results from northern Saskatchewan's Athabasca basin

NexGen Energy (TSXV:NXE)

$1.40

$1.20

$1.00

$0.80

$0.60

Oct 2015

Nov 2015

Dec 2015

BY SALMA TARIKH

starikh@northernminer.com

exGen Energy's (TSXV: NXE; US-OTC: NXGEF) shares have surged on the back of a stellar maiden resource estimate on the junior's Arrow uranium deposit at its Rook 1 property in Saskatchewan’s Athabasca basin. Based on holes drilled and assayed to the end of October 2015, Arrow boasts an inferred resource of 201.9 million lb. uranium oxide (U3O 8) from 3.5 million tonnes of 2.6% U3O 8 . About 60% of the resource occurs in the deposit’s high-grade A2 subzone. The subzone contains 120.5 million lb. U3O 8 in 410,000 tonnes grading 13.3% U3O8 . The estimate — calculated at a 0.3% U3O8 cut-off grade — incorpo-

Jan 2016

Feb 2016

Mar 2016

rates nearly 60,000 metres, where 80 out of 82 holes drilled hit uranium mineralization in the deposit’s four main parallel structures, namely the A1, A2, A3 and A4 shears. NexGen’s management describes the deposit’s resource as “top-tier” and “world-class,” with low discovery costs of 13¢ per lb. in its initial March 3 release and conference call. “It simply elevates Arrow immediately into a tier-1 status and ranks Arrow as the single largest undeveloped uranium deposit in the Athabasca basin,” Leigh Curyer, the junior’s CEO, said on the call. NexGen, however, replaced its initial release at the request of IIROC, removing the cost estimate and “top-tier” references, after the regulator briefly halted trading in the junior’s shares. This was likely

A drill rig at NexGen Energy’s Arrow uranium project in northern Saskatchewan. NEXGEN ENERGY

because inferred resources have the lowest certainty that they could be economically extracted. Analysts, unfazed by the amendment, applauded the resource’s size and high grade. “Maiden resources are not supposed to be this big right off the bat,” Cantor Fitzgerald analyst Rob Chang writes in a note to clients. “At 201.9 million lb. U3O 8 , Arrow already ranks as the third-largest deposit in the Athabasca basin.” What impresses Chang as well as Raymond James analyst David Sadowski is Arrow’s high-grade quality and consistency at different cut-off grades. For instance, at an abnormally high 10% cut-off grade, the deposit contains 101.3 million lb. U3O 8 grading 20.8% — half of the initial resource.

“This amount of material with this richness of uranium concentration has only ever been found at two other places on the planet: McArthur River and Cigar Lake,” Sadowski notes. (Cameco owns both of these assets in the Athabasca basin.) Both analysts say they are unconcerned about the initial level of confidence in Arrow’s resource. “While an inferred resource is by definition the lowest confidence level, we are not worried about Arrow, since drill results show consistent grades, thickness, alteration and the fact that host rock [pelitic gneiss] stratigraphy is generally consistent along Arrow’s strike length,” Chang says. The deposit measures 645 metres long and 235 metres wide, with mineralization starting at 100 metres below surface and extending down

to 920 metres. It remains open in all directions. NexGen is infill drilling the Arrow deposit and testing for extensions, as well as for mineralized zones along strike, as part of its 2016 winter drill program. The program started in early January and has delivered to date some of the best holes, such as 63c and 64c2, based on radiometric results. Curyer points out those holes could “materially change” the resource once included in the estimate. The winter program should wrap up by the end of April, with a resource update in the second half of 2016, Curyer says. On the initial estimate, Arrow rose 28% to $1.24 per share. It has $31 million in its bank, which is enough to continue working into 2017. TNM

WA takes top spot in Fraser Institute study SURVEY

| Saskatchewan ranked best place to mine in Canada

BY SALMA TARIKH

starikh@northernminer.com

askatchewan is the most attractive mining jurisdiction in Canada again, and globally the second best place for investments, according to the Fraser Institute’s Annual survey of mining companies: 2015. The survey's authors Taylor Jackson and Kenneth Green used 449 responses to evaluate 109 jurisdictions worldwide on their mineral potential and policy factors, such as taxation and regulatory uncertainty. Based on the survey’s Investment Attractiveness Index, Western Australia is the world’s most attractive mining jurisdiction for investments, moving up four spots from 2014. The index weighs each jurisdiction’s mineral policies and endowment on a 40% to 60% basis to determine overall attractiveness. Uranium and potash-rich Saskatchewan remained second in ranking. Nevada fell to third, after Western Australia, a big iron ore player, displaced it as the most attractive spot in 2015. The Republic of Ireland jumped 10 notches to fourth. Also in the top 10 are Finland, Alaska, Northern Territory, Quebec, Utah and South Australia. Saskatchewan and Quebec are the two Canadian jurisdictions to remain in the top 10. Quebec moved from tenth place in 2014 to eighth place in 2015. Over the same time, Manitoba dropped 14 spots to 19th. Newfoundland & Labrador tumbled from eighth place to 25th, and Yukon fell six notches to rank 12th overall. Meanwhile, Ontario and B.C. gained ground, moving up eight

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Facilities at BHP Billiton’s Kalgoorlie nickel-processing plant, part of its Nickel West complex in Western Australia. BHP BILLITON

and 11 positions, to rank at 15th and 18th. The Canadian jurisdictions that declined the most are New Brunswick, down 26 spots to 45th place, and the Northwest Territories, sinking 20 spots to 35th place. The least attractive Canadian jurisdiction again is Nova Scotia, ranking at 59th, down 10 from 2014. (The survey included all Canadian provinces and territories except Prince Edward Island.) Canada has a regional median investment activeness score of 74.8, slightly down from the previous year. This makes it the second most

attractive region in 2015, down from the top spot in 2014, which Australia took in this year’s survey. The Argentine province of La Rioja ranks as the least attractive, replacing Venezuela, now the second worst place in the survey for mining investments. Argentine provinces Chubut, Mendoza and Rio Negro are also in the bottom 10, along with Honduras, Greece, Solomon Islands, Guinea and Kenya. The survey’s Policy Perception Index (PPI) measured each jurisdiction’s perceived policies towards mining investments, with the Re-

public of Ireland coming on top for the third year in a row. Wyoming came in second, moving up from ninth place in 2014. The other top-10 ranked places based on policy alone are Sweden, Saskatchewan, Finland, Nevada, Alberta, Western Australia, New Brunswick and Portugal. For Canadian jurisdictions, Saskatchewan moved up a notch to fourth place, Alberta remained seventh and New Brunswick retreated six spots to rank at ninth. Newfoundland & Labrador and Nova Scotia fell out of the top 10-PPI rankings in 2015, moving down nine

positions to 15th and 17th. Ontario advanced five spots to 31st, while B.C. jumped 13 positions to come in at 41st. This indicates that some of the uncertainties around policies in both provinces have faded. The survey, however, notes the policy areas that continue to affect B.C. are uncertainty about disputed land claims and protected areas. The Northwest Territories saw its PPI ranking decline the most amongst its Canadian peers, moving from 47th in 2014 to 58th in 2015. This makes it the lowest ranked Canadian jurisdiction based on policy. The decrease reflects respondents lowering their ratings on such policy factors as the availability of labour and skills, and increasing it for regulatory duplication and inconsistencies. Despite this, Canada has the highest regional median PPI score of 86.4, and ranks as the world’s top country for mining investments based on policy. The U.S. comes in second, followed by Australia. Worldwide, the least attractive jurisdictions based on PPI rankings are (beginning with the worst): Venezuela, Myanmar, La Rioja, Zimbabwe, Chubut, Neuquen, Niger, Kyrgyzstan, Rio Negro and Honduras. Kyrgyzstan, Zimbabwe and Venezuela were in the bottom 10 in 2014. Four of the 10 lowest ranked PPI places in 2015 were Argentine provinces — La Rioja, Chubut, Neuquen and Rio Negro. The authors explain that the above jurisdictions have major concerns about security, political stability, trade barriers and legal systems. TNM

2016-03-08 6:52 PM

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MARCH 14–20, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

Sharp commodity price rally surprises markets JOY AT PDAC

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| The yellow metal is leading commodities out of the bear market, Rule says BY SALMA TARIKH

ven if it’s only temporary, it always improves the mood of delegates when metal prices rally right before and during a mining convention. And that was certainly the case at the Prospectors & Developers Association of Canada convention in Toronto in early March, most notably with gold and iron ore prices. (The BY JOHN CUMMING uncharacteristically balmy 10ºC weather jcumming@northernminer.com added more than a few winter-weary smiles to faces, too.) More than for any other metal, the junior mining market depends on a healthy gold price, and so the PDAC crowd was particularly enthusiastic about spot gold’s intraday surge on March 4 to US$1,279.60 per oz., before easing to US$1,264 per oz. at press time. Traders cited mixed jobs data out of the U.S. on March 4, which pressured the U.S. dollar and bolstered speculation that the U.S. Federal Reserve would be slow to raise interest rates this year. Spot gold prices at the moment are up US$90 per oz., or 7.6% in the past 30 days, and US$96 per oz., or 8.3% in the past year. They are nearing a 13-month high and are on track to record the first quarterly gain since 2014. Gold chartists like what they see, too, and have an eye out for gold prices taking out the Comex future top of US$1,308 per oz. attained on Jan. 21, 2015. Strong gold sales by exchange-traded funds (ETFs) hammered gold prices in 2013, but now we’re enjoying a bit of the opposite, with the term “shopping spree” regularly being used to describe current ETF action in the marketplace.

ETF GOLD HOLDINGS ARE UP 18% IN 2016 ALONE, AFTER SINKING 44% FROM 2013 TO 2015, AS GOLD PRICES DECLINED. At press time Bloomberg calculated that ETF gold holdings had risen for the 18th straight trading day — the most since May 2010 — up 1.3 tonnes to 1,725.1 tonnes, or the highest level in 18 months. It found gold prices have correlated of late with the buying and selling of gold by ETFs, “moving in the same direction in all but two months in the past year.” Bloomberg further reported that ETF gold holdings are up 18% in 2016 alone — the fastest growth since April 2009 — after sinking 44% from 2013 to 2015, as gold prices declined. And if all that wasn’t enough to warm a miner’s heart, the iron ore market — where the real money is made in mining — is showing even more upward volatility, with iron ore prices shooting up an astonishing 19% on March 6 to trade at press time at US$63.63 per tonne for 62% fines. The Australian Broadcasting Corp. quoted one Morgan Stanley analyst as saying the March 6 surge of more than US$10 per tonne was “a bit surreal, even for the most bullish” in the market, and that the one-day rise was a record in percentage terms, and even equalled the largest rise in dollar terms achieved when iron ore traded above US$130 per tonne in 2011. It’s only been a day since the 19% shocker, and analysts, still grappling for an explanation, point to several factors in China: seasonal restocking; improved margins at Chinese steel mills; an 8% cut in domestic iron ore production year-over-year; and improved credit and political encouragement for large domestic infrastructure projects, as a form of economic stimulus for the slowing Chinese economy. The iron ore price is now well above most banks’ 2016–18 iron ore price forecasts, which tend to be in the mid US$40- to low US$50-per-tonne range, leading to renewed words of caution by most of the big banks that the current surge cannot be sustained. Most prominent of the bearish bunch has been Goldman Sachs, which argued only one trading day before the 19% surge that iron ore prices would average just US$38 a tonne in 2016, down from US$43 in the first quarter. In the meantime, iron ore miners can hope the big banks continue to make the wrong call in the near-term, as iron ore prices surprise on the upside. TNM

Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 7

Meetings. . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . 12-13 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Agnico Eagle Mines. . 14,15 Barrick Gold. . . . . . . . . . . . 2 Claude Resources. . . . . . . . 1 Continental Gold. . . . . . . 11 Endeavour Mining. . . . . . . 1 First Quantum Minerals.16

COMMENTARY

| Gold ETFs on a buying binge

DEPARTMENTS THE NORTHERN MINER is published weekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

Rick Rule shares his outlook on gold, and yes, it's bullish

Franco-Nevada. . . . . . . . . . Freeport-McMoRan . . . . . Goldcorp. . . . . . . . . . . . . . . Lundin Mining. . . . . . . . . . NexGen Energy. . . . . . . . . Reservoir Minerals . . . . . .

1 2 2 2 3 2

Rio Tinto. . . . . . . . . . . . . . . 2 Sandstorm Gold. . . . . . . . . 1 Silver Standard Resources.1 True Gold Mining. . . . . . . 1

starikh@northernminer.com

ou have endured the pain. Will you have the courage to hang around for the gain?” That's the familiar question Rick Rule, Sprott US Holdings’ president and CEO, posed during his keynote speech at Red Cloud Mining Capital’s pre-PDAC mining showcase in Toronto. “I assume that most of the people in this room are resource-centric investors. And your experience from the immediate past, with the possible exception of the 1980s, could not have been worse.” The junior mining sector’s performance measured by the TSX Venture Exchange has been more than disappointing. The market is down 85% since its high in 2007, with Rule estimating it is more than 90% off in real terms. “I’m not reciting that to make you feel bad. I’m just reciting that to say your expectation of the future is framed by your experience in the immediate past.” He reckons that recent experiences will affect how investors perceive the current market, which he says is turning. “In a recovery, there will be hiccups and there will be declines, and you will be conditioned as a consequence of the spanking that you took in the period 2011 to 2015 to take a rather terminal view of any decline.” Rule mentions resource markets are the most capital intensive and cyclical. As a result, to survive, he says an investor must become a contrarian to avoid becoming a victim. But he was quick to add that even an experienced contrarian, like himself, could be hurt in the short-term by volatility. “Bull markets are the authors of bear markets” and “bear markets are the authors of bull markets,” Rule continued. The mistakes made in the bull market, in particular, the “misallocations of capital,” have contributed to the sector’s performance in the bear market, he says. On a more upbeat note, he points out that the bear market, or at least the worst, is behind us. “We are past the beginning of the end, if you will. We are in fact in the beginning of a bull market … that will certainly be one to test us … that won’t be without its failures and its own declines.” The narrative of the “good old times” from 2006 to 2010 has not changed, Rule argues. For example, in the U.S. the narrative in 2010 acknowledged the government’s US$15 trillion in on-balance sheet liabilities was unsustainable. Last year, that number surged to US$19 trillion, he notes. “The truth is the narrative is unchanged. What’s changed is the perspective surrounding the narrative. I would suggest to you that the narrative that was bullish for resources is as true now, or more true than it was then.” Meanwhile, the broader commodity thesis is that the global population will grow and drive up the need and competition for resources, and in time the prices for commodities. Gold is leading the mining sector out of the bear market, Rule opines, adding that the recent

move in prices, which may decline briefly, have “real reasons” to climb. Given gold is priced in U.S. dollars and that it competes with U.S. treasuries, Rule says the metal’s future “is very clear,” as it benefits from lower holding costs and historically higher returns. “The gold price … from an American’s perspective … has an awful lot to do with it being locked in a battle for the risk off-trade with the U.S. 10-year treasury.”

“IN A RECOVERY, THERE WILL BE HICCUPS AND THERE WILL BE DECLINES, AND YOU WILL BE CONDITIONED AS A CONSEQUENCE OF THE SPANKING THAT YOU TOOK IN THE PERIOD 2011 TO 2015 TO TAKE A RATHER TERMINAL VIEW OF ANY DECLINE.” RICK RULE PRESIDENT AND CEO, SPROTT US HOLDINGS

The U.S. treasury securities have been in a bull market for the last 30 years, but the yield for the 10-year benchmark securities has dropped from 15% to 1.6% over the same period, Rule notes. He cautions that it’s unlikely the other commodities will mirror gold’s move in the short-term. “The truth is across the other commodities, in the near-term, what I see on a global basis, is a lack of demand of all things.” Since the low prices for commodities haven’t increased demand yet, Rule says it would lead to supply destruction, as producers sell supplies at a loss. He notes that in the longer term the supply destruction will result in a “much more dramatic bull market,” with fewer companies able to meet demand. “There is an inevitability with regards to an increase in commodity prices. Now, inevitable doesn’t mean imminent. It doesn’t have to happen right away.” TNM

2016-03-08 6:52 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 14–20, 2016

Argentina strives to make up for lost time, mines secretary says INTERVIEW

BY TRISH SAYWELL AND ELENA MAYER BUENOS AIRES, ARGENTINA

rgentina’s new centrist, business-oriented government has appointed Daniel Meilan as its new Secretary of Mining. The geologist and former Secretary of Mines during the 1990s met with The Northern Miner’s Trish Saywell and special advisor to The Northern Miner in Argentina, Elena Mayer, at his office in Buenos Aires, to talk about his plans and expectations for the future with respect to mining in Argentina. The Northern Miner: President Macri hopes to take Argentina in a new direction after 12 years of populist government under Cristina Fernandez de Kirchner and her husband Nestor Kirchner. You have a great deal to do to rebuild confidence in the mining sector. Daniel Meilan: The first part of Nestor Kirchner’s government was a more capitalist one, but it gradually became more and more populist. It was a gradual process. Policies became more drastic: there were retentions, different exchange rates, no dividends were allowed abroad and all that economic craziness halted the mining industry. Argentina closed itself from outside, thinking it could stay away from the global economy and shut itself from the rest of the world. It behaved like what we call “The Ostrich Policy.” This animal runs when it feels in danger, and when it finds out it can’t do anything to avoid being killed, it puts its head into the ground. It hides but it gets killed anyway. Argentina isolated itself and tried to keep a policy of internal consumption, which made us live in a unrealistic environment that did not end well. Now we have to come back to reality.

| New pro-business government rebuilding confidence in mining sector

DM: The former government, instead of having a federal policy, had a unilateral one — when you work alone and you don’t reach consensus. Australia and Canada had similar problems and in different states and provinces they stopped the mining industry. The same happened to us because of poor public policies, because instead of working as a team with a common policy in a proper manner like we did with the World Bank, the central government left the provinces adrift, and there was no dialogue. All this generated conflicts, which the federal government ignored. So these conflicts became bigger in a country without a mining culture, because we do not have big metalliferous national companies. Most Argentine non-metalliferous miners are small producers. So as mining is not the leading industry, and does not bring votes, governors started ignoring mining and supported the local people who are anti-mining. On one hand you had conflicts and on the other you didn’t have support. In that way, provincial anti-mining policies and regulations that have no legal support [because we have a mining code which is above all this] were brought up. What really matters is not only the legal issue, but to have a good relationship between the provinces and the mining industry. We met with all the provinces in the Consejo Federal Minero (COFEMIN) to discuss and try to revert this situation. All of them recognize that happened because the national government turned its back on the different situations. They didn’t defend mining when we needed their support. TNM: Did any of the provinces become anti-mining because they didn’t think they received enough funds from the federal government and couldn’t see the benefits of the

“ARGENTINA IS LIKE A BEAUTIFUL WOMAN. SHE MAY HAVE PERSONALITY ISSUES LIKE MOODINESS, A STRONG PERSONALITY OR A TOUGH CHARACTER, BUT SHE IS BEAUTIFUL, SO YOU HAVE TO TAKE HER AS SHE IS.” DANIEL MEILAN SECRETARY OF MINING, ARGENTINA

TNM: What is the reality? DM: The political discussion here is whether Argentina requires surgery or whether it can just take a pill to get better. I believe we require surgery. Our new government has taken everything in a realistic way, and is trying to solve the problems quickly so that we can return to the international markets. Not to compete yet, but to get into the world again. To be at the global mining table again. TNM: What are your priorities? DM: To be competitive we have to lower inflation, maintain legislation, show that we can be trusted and work out the problems with the provinces that are against mining, and that’s the work I will be doing this year. We have time because prices in the international market are low. My objective this year is to cope with all these issues and start next year with confidence. TNM: How do you think you can encourage the so-called "anti-mining" provinces to look at mining in a fresh light?

March 14 Pgs 1 2 3 4 5 11 13 14 16.indd 5

mining industry? DM: In part it could be a financial problem, but it is mostly a community problem. TNM: What do you mean by that? DM: When we talk about community, we talk about the part of the society that is affected by the project. It is not only about money but also a problem of coexistence of the people living in the area and the industry. TNM: Could you elaborate? DM: There are two main branches: one is the environmental issue. The lack of knowledge and information that the people have about mining makes them believe that contamination is possible and sometimes it is difficult to give them an answer because of the silence and weakness of the government in responding to them in special cases when answers are requested. That makes antimining permeable to society. TNM: Yes, and of course there was the spill at Barrick Gold’s Veladero project last fall, which probably didn’t help. DM: Accidents in mining do hap-

Argentina’s Secretary of Mining Daniel Meilan. ARGENTINA’S MINISTRY OF ENERGY AND MINES

pen. The important thing is to give an answer and prove that it was really an accident and that there is no contamination. This requires a serious government that can cope with it and fix the situation. Confidence must be earned, and like a plant you have to water it with truth every day, and with audits from the state, otherwise mining would be impossible. TNM: How do you propose to do that? DM: We propose collaboration between two organizations united by a mutual objective. One is the COFEMIN, the mining group composed of federal and now provincial representatives, of which I am part of. The other organization is the Consejo Federal de Medio Ambiente (COFEMA), which is the federal entity responsibe for protection of environment. It is like an orchestra. I’m the director and the owners of the resources [the provinces] are the musicians. If I guide them wrong, they play poorly, and if they don’t trust me they will not play well. We must all play together: me being a good director and them playing nicely. TNM: We understand that Macri has established two ministries that are connected with mining. DM: There are two ministries: the Energy and Mining Ministry where we are, and the Environmental Ministry, which is separate. Both are new and both will work together applying common federal policies in the provinces. TNM: We have heard about a fund that will be set up to send more money to the provinces from the mining sector. Could you comment on this? DM: We are analyzing instituting a Fondo de Responsabilidad Empresaria (Social Responsibility Trust Fund). It will be public and private because here the actors are public and private. After dropping the retentions [shortly after he was elected, Macri eliminated export duties of 5–10% on mining products], we are evaluating applying 1% on mining exports to this fund. That fund will work as an umbrella over each project. This will generate trust and confidence in the communities through the productive development and suppliers, services, contamination analysis, knowledge of the situation of the aquifers and auditing everything continuously. Above this we are instituting the Extractive Industries Transparency Initiative (EITI). It is the global transparency standard for improving governance of natural resources and money. Through the EITI we control the rational use of

the national, provincial and county flow of money. TNM: Was this your idea? DM: Yes. TNM: How will the system work exactly? DM: It will be an external auditor. They are going to be involved in all the internal processes of the project and the external audit. No matter the jurisdiction of the project. The important thing is that there will be an external auditor and that will bring confidence to the people. The public money will not end in the politicians’ pockets. It avoids corruption. TNM: Has this initiative been announced yet? DM: No, I’m doing it now. I still have to reach consensus with the provinces. TNM: So no one knows about this yet. DM: When I spoke with the industry about retentions, I told them about this. Still it is not official. TNM: Under Argentina’s 1993 Mining Investment Law, which has not been altered, companies have fiscal stability for 30 years, which seems quite competitive. Can you comment? DM: Our legal framework is very competitive and that competitiveness, along with the macroeconomy, the macro politics and our natural resources, make a promising combination. If you take the growth/ mature curve of mining, you will find Peru, Chile, Mexico and Brazil. Here in Argentina we are in our youth, together with Colombia and Ecuador, which gives us advantages for discoveries. And with the solid legal framework as we used to have in the 1990s, what we have to do is do things right and foster confidence in the world for investors to come back. TNM: Yes, you definitely have a competitive mining code, but how can you rebuild trust amongst the foreign mining community in a country facing so many difficulties? DM: Argentina is like a beautiful woman. She may have personality issues like moodiness, a strong personality or a tough character, but she is beautiful, so you have to take her as she is. We know our flaws, and we are trying to improve to become better. We are a beautiful country with a lot of resources, the only problem is that we aren’t mature. It is a cultural problem. We are immature, as is our mining. We are like the scorpion: we sting ourselves. I think that with time comes wisdom and improvement. That is why I am here because I sincerely believe we can build a reputation of a serious country and work hard

in order to have a better country. TNM: Do you think Argentina needs to make any changes to the mining code or introduce incentives to encourage foreign mining companies to invest here? DM: No, the legal framework is good, the only thing we have to do is eliminate all the distortions or the extraneous regulations that were piled on top of it by the previous government. What the industry should do is engage in a dialogue and provide communities with a full spectrum of information about what mining is all about, so that they can make decisions. Communication is the number-one priority. Our strategy should be to prevent problems, not mitigate them. The environmental liabilities in Argentina have been small. We must look at the mature countries to learn from their mistakes and successes. TNM: Exploration geologists here tell us that the government could make the process easier for mining companies by putting things like geological data and information on concessions (what has been staked already and what concessions remain open, etc.) online. DM: I did that. I already left it prepared in 1999 before I left. The system was prepared for everybody from any part of the world to register and to have access to the mining properties but it was never implemented. It was part of the system in that moment not to show that because people didn’t want it. But now everything is ready and I promise to do it as fast as I can. TNM: How soon do you expect to have it up and running? DM: Before year-end. TNM: Can you discuss energy costs? DM: I’m in charge of mining and the Minister of Energy and Mines Juan Jose Aranguren is involved with energy issues. He knows he has two possibilities: one is conventional energy [i.e., dams and others]. If we don’t have energy we don’t have any chance of doing business. He is also working on non-conventional energies. Today the reality is that the energy system is really poor. The minister is constantly deciding and communicating when the energy is going to be cut off, especially when the temperatures are high. We expect this problem will be solved progressively in the next two years to make the cost competitive. It is not competitive today. TNM: How long do you think it will take before Argentina can make those See ARGENTINA / 13

2016-03-08 6:52 PM

WWW.NORTHERNMINER.COM

MARCH 14-MARCH 20, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 29–MARCH 4 A smaller-than-expected Canadian trade deficit in January (exports reached $46 billion and export volumes were up 3.6% month-onmonth), stronger-than-expected U.S. jobs data and higher commodity prices (U.S. crude rose nearly 4% to finish at US$35.92 per barrel, while gold increased 3.1% to US$1,259.10 per oz.) drove Canada’s main stock index higher. The S&P/TSX Composite Index jumped 3.2% to 13,212.50 and the S&P/TSX Capped Diversified Metals & Mining Index finished 28.6% higher at 453.79. The S&P/TSX Global Mining Index advanced 11.4% to 51.87 and the S&P/ TSX Global Gold Index rose 2.6% to 181.58. Shares of gold producer Aureus Mining surged 156% to 21¢, with commercial production at its New Liberty gold mine in Liberia effective March 1. The mine has produced 14,000 oz. gold so far this year, with gold recovery levels increasing to 90% in February. Plant throughput last month totalled 90,099 tonnes of ore milled, which recovered 9,000 oz. gold. Quest Rare Minerals jumped 46% to 10¢ a share. The company announced March 4 that it has been awarded a $5-million grant from Sustainable Development Technology Canada (SDTC) to support a large-scale pilot plant for mixed rare earth element (REE) oxides using its selective thermal sulphation (STS) process. The company’s STS Cleantech

pilot project is one of 36 projects selected for funding by SDTC. According to Quest, its STS technology is simpler; requires fewer reagents and lower reagent dosages; separates rare earth elements from major impurities; optimizes liquid process effluent quality and produces smaller quantities of solid residues; and entails lower capital and operating costs. In addition, Quest says the STS process is designed to extract REEs from phosphor powder recovered from fluorescent light bulbs. Pretium Resources climbed $1.47 to $7.51 per share. The company closed a 28.4-million share offering at US$4.58 per share for gross proceeds of US$130 million. The proceeds will fund development of the Brucejack project in northern B.C. for working capital during start-up, as well as general corporate purposes. TSX MOST ACTIVE ISSUES

First Quantum B2Gold Kinross Gold Teck Res Yamana Gold Barrick Gold Goldcorp Lundin Mng Suncor Energy Lake Shore Gld

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM BTO K TCK.B YRI ABX G LUN SU LSG

76668 7.62 4.83 7.04 + 2.18 57834 1.75 1.40 1.69 + 0.24 48189 4.29 3.78 3.98 + 0.07 38551 10.95 7.60 10.26 + 2.60 35225 4.37 3.61 4.12 + 0.45 32491 19.85 17.57 18.28 + 0.01 29925 21.75 18.59 20.17 + 1.44 29754 4.59 3.66 4.29 + 0.57 22433 34.00 32.49 33.75 + 0.86 20944 1.91 1.72 1.82 + 0.06

Pretium is targeting commercial production at the high-grade project in 2017. Shares of Lundin Mining rose 57¢ to $4.29 apiece. Lundin has entered into an agreement with an affiliate of Freeport-McMoRan to buy an interest in Freeport’s stake in the Timok project in Serbia. Timok contains the high-grade copper-gold Cukaru Peki deposit. The project partners are Freeport, which is operator, and an affiliate of Reservoir

Minerals, which holds a minority stake in the project and has certain transfer rights from the proposed transaction. Kinross Gold completed a US$250-million bought-deal financing and will use US$175 million of the proceeds to repay credit facilities that allowed it to buy assets from Barrick Gold. The rest will repay debt maturing in 2016 and general corporate purposes. Kinross rose 7¢ to $3.98 apiece. TNM

TSX GREATEST PERCENTAGE CHANGE

Aureus Mng Loncor Res Aura Mnls Vena Res Quest Rare Mnl HudBay Mnls Nevada Copper Capstone Mng First Quantum Goldgroup Mng Mawson West TVI Pacific Era Res Inc Tanzania Rlty Horizonte Mnls Argex Titanium Trevali Mng Mines Manage Levon Res Ltd SouthGobi Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AUE LN ORA VEM QRM HBM NCU CS FM GGA MWE TVI ERX TNX HZM RGX TV MGT LVN SGQ

4247 955 863 290 1613 13680 294 13835 76668 4016 1159 350 6 239 1010 2839 19828 88 582 3

0.30 0.05 0.18 0.03 0.10 5.94 0.80 0.62 7.62 0.11 0.02 0.02 0.12 0.44 0.03 0.04 0.43 0.76 0.16 0.28

0.08 0.03 0.12 0.02 0.07 3.75 0.50 0.39 4.83 0.07 0.01 0.01 0.00 0.34 0.03 0.02 0.33 0.65 0.14 0.28

0.21 0.04 0.18 0.03 0.10 5.52 0.77 0.58 7.04 0.10 0.01 0.01 0.12 0.36 0.03 0.03 0.38 0.65 0.14 0.28

TSX GREATEST VALUE CHANGE

Royal Gold Seabridge Gld Teck Res Teck Res Labrador Iron Dominion Diam First Quantum HudBay Mnls TMAC Resources Pretium Res Franco-Nevada Agrium Agnico Eagle Endeavour Mng Centerra Gold Torex Gold Mines Manage Tanzania Rlty Trevali Mng Solitario Ex&R

+ 156.3 + 100.0 + 56.5 + 50.0 + 46.2 + 45.6 + 45.3 + 45.0 + 44.9 + 42.9 - 33.3 - 33.3 - 17.9 - 17.4 - 16.7 - 14.3 - 12.8 - 12.2 - 10.0 - 8.3

VOLUME WEEK (000s) CLOSE CHANGE

RGL SEA TCK.B TCK.A LIF DDC FM HBM TMR PVG FNV AGU AEM EDV CG TXG MGT TNX TV SLR

82 64.59 1012 14.99 38551 10.26 21 13.24 2274 12.00 1494 16.02 76668 7.04 13680 5.52 174 8.80 5106 7.51 6582 76.33 1981 114.95 7740 45.67 2029 11.25 5143 7.20 15706 1.62 88 0.65 239 0.36 19828 0.38 65 0.69

+ 3.95 + 3.25 + 2.60 + 2.54 + 2.45 + 2.30 + 2.18 + 1.73 + 1.70 + 1.47 - 3.76 - 2.04 - 1.05 - 0.37 - 0.13 - 0.11 - 0.09 - 0.08 - 0.06 - 0.03

TSX VENTURE EXCHANGE / FEBRUARY 29–MARCH 4 The S&P/TSX Venture Composite Index broke a six-month high, jumping 4%, or 24.33 points, to a 562.39-point close, on the back of surging commodity prices. Spot gold rallied 2.9% to a one-year high at US$1,277.50 per oz., whereas three-month London Metal Exchange copper contracts rose US$229 per tonne, or 4.9%, to US$4,909.5 per tonne, after a solid U.S. jobs report. Brent crude jumped 10.3% to a US$38.72per-barrel close as major producers prepare to meet and discuss a production freeze, and U.S. output showed signs of declining. True Gold Mining saw 24 million shares traded before closing up 10¢ at 48¢ per share, on plans that it will combine with Endeavour Mining, a West African-focused gold producer. Under the deal, Endeavour will acquire all the issued and outstanding shares of True Gold valued at 57¢ per share totalling $240 million on a fully diluted in-the-money basis, which represents a 33% premium based on the 20-day, volume-weighted average of each company. The deal would pool True Gold’s developing Karma gold mine in Burkina Faso, West Africa, with Endeavour’s four producing gold mines and its construction-ready Houndé project.

Prospect generator Carube Copper jumped 150%, rising 9¢ to a 15¢ close after news that joint-venture partner OZ Minerals has approved the first phase of exploration at the Above Rocks project in Jamaica since striking a deal in December 2015. The South Australian miner is committed to spending at least $500,000 in exploration on the copper-gold porphyry property this December, and can earn up to 70% by making $6.5 million in additional payments and expenses over the next five years. Reservoir Minerals topped the value-added category, gaining 89¢ to a $4.89-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. TSX-V MOST ACTIVE ISSUES

True Gold Mng Gentor Res Nexgen Energy Metanor Res Ashburton Vent Goldcliff Res Purepoint Uran Cda Zinc Mtls ValGold Res Barisan Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TGM GNT NXE MTO ABR GCN PTU CZX VAL BG

23974 16493 14226 11966 10146 7842 7453 7028 6321 6038

0.52 0.02 1.30 0.08 0.03 0.01 0.11 0.12 0.07 0.02

0.38 0.02 0.93 0.06 0.02 0.01 0.08 0.10 0.01 0.02

0.48 0.02 1.28 0.07 0.03 0.01 0.10 0.12 0.04 0.02

+ + + + + + + +

0.10 0.00 0.30 0.00 0.01 0.01 0.02 0.01 0.02 0.01

The project contemplates developing a high-grade massive and semi-massive sulphide deposit and an underlying, deep-seated copper-gold porphyry deposit, 9 km south of the famous, century-old RTB Bor copper-gold mining and smelting complex. Once the transaction is complete, Lundin will acquire 100% of Freeport’s interest in the high-grade upper zone of the Cukaru Peki

deposit, 100% of Freeport’s interest in all mineral licences and 28% of Freeport’s interest in the lower zone, which is characterized by porphyry-style mineralization. Lithium X Energy announced plans to earn into Aberdeen International’s Sal de los Angeles lithium-potash brine project in Argentina, driving shares up 30¢ to a $1.19 close. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Greenshield Ex Green Swan Cap Alba Minerals Chieftain Mtls Crazy Horse Res Almo Capital Tembo Gold GGL Res ValGold Res Carube Copper New Nadina West Melville Karoo Expl Pac Imperial RJK Explor Belvedere Res New Destiny Mg Mindoro Res Bandera Gold Cdn Platinum

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GRX.H GSW AA.H CFB CZH APT TEM GGL VAL CUC NNA WMM KE.H PPM RJX.A BEL NED MIO BGL CPC

12 328 272 115 687 8 487 190 6321 165 341 48 9 10 1358 226 558 342 108 78

0.05 0.02 0.11 0.10 0.07 0.14 0.03 0.03 0.07 0.15 0.01 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.00 0.01 0.01 0.04 0.00 0.06 0.01 0.01 0.01 0.00 0.01 0.05 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.05 0.02 0.10 0.10 0.03 0.14 0.03 0.03 0.04 0.15 0.01 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

+ 800.0 + 300.0 + 300.0 + 233.3 + 200.0 + 170.0 + 150.0 + 150.0 + 133.3 + 130.8 - 95.0 - 75.0 - 66.7 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Reservoir Mnls RMC Chesapeake Gld CKG Lithium X Egy LIX Nexgen Energy NXE Kennady Diam KDI Bear Creek Mng BCM Pure Energy PE Gold Std Vents GSV CDB Cordoba Mnls Mirasol Res MRZ Gold Reserve GRZ Till Capital TIL WMM West Melville Noront Res NOT Musgrove Mnls MGS Pac Booker Min BKM New Nadina NNA Tsodilo Res TSD Sierra Iron Or NAA Ascot Res AOT

VOLUME WEEK (000s) CLOSE CHANGE

209 4.89 + 0.89 116 2.75 + 0.45 1350 1.19 + 0.30 14226 1.28 + 0.30 339 3.00 + 0.25 966 1.05 + 0.20 4311 0.78 + 0.19 3664 1.35 + 0.18 1838 0.40 + 0.18 266 1.20 + 0.15 812 5.30 - 0.80 2 4.20 - 0.55 48 0.05 - 0.14 4318 0.34 - 0.13 48 0.20 - 0.13 19 1.38 - 0.12 341 0.01 - 0.10 23 0.59 - 0.09 63 0.27 - 0.08 61 1.08 - 0.06

U.S. MARKETS / FEBRUARY 29–MARCH 4 U.S. indexes rose on the back of higher commodity prices and a better-than-expected jobs report. The Dow Jones Industrial Average gained 2.2% to close at 17,006.77. The S&P 500 Index advanced 2.7% to 4,717.02. The Nasdaq Composite Index climbed 2.8% to 4,717.02. Spot gold added 3.6% to finish at US$1,266.20 per oz. The April contract for crude oil surged 9.6% to US$35.92 per barrel. The U.S. economy added 242,000 jobs in February, mainly in the healthcare, retail and construction sectors, beating the average 195,000 job gain analysts had expected. However, job losses in the mining sector continued. The sector shed 18,000 jobs in February, after losing 9,000 positions in January. The unemployment rate for February stayed at 4.9%. Vale was the week’s percentage winner, soaring 62% to US$4.38 per share. Samarco and its owners Vale and BHP Billiton agreed to pay at least US$1.1 billion for the next three years for damages caused by the Samarco dam failure in Brazil that killed 19 people last November. Under the agreement, the three companies will establish a foundation to cover damages for the next 15 years. From 2019

Mar 14 Pgs 6.indd 6

to 2021, Samarco will pay between US$210 million and US$420 million for remediation and compensation projects, with amounts for the remaining years to be decided. Both Vale and BHP will be responsible for any costs Samarco cannot cover. Vale cautions the agreement does not cover lawsuits or criminal investigation. Diversif ied miners Hudbay Minerals and Teck Resources had a strong week after a rally in base metal prices. Hudbay surged 48% to US$4.15 per share and Teck jumped 36% to US$7.71 per share. Haywood Securities notes copper gained 6.4%, while U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 359910 10.50 7.26 9.74 + 2.31 Vale* VALE 275055 4.87 2.80 4.38 + 1.67 United States S* X 165984 14.54 8.41 12.98 + 4.67 Alcoa* AA 163600 10.04 8.85 9.57 + 0.70 CONSOL Energy* CNX 121797 11.50 8.11 10.58 + 2.74 Kinross Gold* KGC 112862 3.20 2.82 2.99 + 0.09 Barrick Gold* ABX 105372 14.80 13.10 13.72 + 0.19 Vale* VALE.P 95273 3.34 2.06 3.12 + 1.10 Yamana Gold* AUY 76473 3.28 2.67 3.09 + 0.38 Goldcorp* GG 71634 16.24 13.77 15.13 + 1.27

nickel added 9.1%, lead jumped 6.8% and zinc moved up 5.2%. Rio Tinto shares tacked on US$4.80 to close at US$30.32, after the company made several announcements. On March 1, Rio sold its 40% interest in the Bengalla coal

joint venture in Australia to New Hope Corp. for US$616.7 million. Since 2013, Rio has announced or completed US$4.7 billion of divestments. Total coal reserves grew to 2.5 billion tonnes, while resources, exclusive of reserves, increased to 6.8 billion tonnes. TNM

U.S. GREATEST PERCENTAGE CHANGE

Vale* United States S* Vale* Peabody Enrgy* HudBay Mnls* Natural Res Pt* Teck Res* CONSOL Energy* Freeport McMo* Vedanta* Intrepid Pots* NACCO Ind* Franco-Nevada* Trecora Res* Agnico Eagle* Agrium* Black Hills*

VALE X VALE.P BTU HBM NRP TCK CNX FCX VEDL IPI NC FNV TREC AEM AGU BKH

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

275055 4.87 165984 14.54 95273 3.34 22310 4.10 2272 4.43 767 11.83 60433 8.21 121797 11.50 359910 10.50 1910 5.50 45185 1.56 127 52.00 6402 60.99 221 10.00 16018 36.22 5507 88.35 3243 57.07

2.80 8.41 2.06 2.22 2.78 7.72 5.61 8.11 7.26 4.08 0.65 46.49 56.51 9.25 33.02 85.57 54.88

4.38 12.98 3.12 3.39 4.15 11.25 7.71 10.58 9.74 5.37 1.27 48.25 57.26 9.58 34.30 86.24 56.04

+ 61.6 + 56.2 + 54.5 + 53.4 + 48.2 + 44.0 + 36.2 + 34.9 + 31.1 + 30.0 - 42.8 - 4.9 - 3.4 - 2.0 - 0.7 - 0.3 - 0.1

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Rio Tinto* RIO United States S* X Chevron* CVX Natural Res Pt* NRP Mosaic* MOS CONSOL Energy* CNX Seabridge Gld* SA Southern Copp* SCCO Freeport McMo* FCX NACCO Ind* NC Franco-Nevada* FNV Intrepid Pots* IPI Agrium* AGU Agnico Eagle* AEM Trecora Res* TREC Black Hills* BKH

VOLUME WEEK (000s) CLOSE CHANGE

4113 147.85 31864 30.32 165984 12.98 50641 87.93 767 11.25 33675 29.61 121797 10.58 9818 11.26 9382 26.94 359910 9.74 127 48.25 6402 57.26 45185 1.27 5507 86.24 16018 34.30 221 9.58 3243 56.04

+ 5.65 + 4.80 + 4.67 + 3.58 + 3.44 + 2.79 + 2.74 + 2.58 + 2.31 + 2.31 - 2.50 - 2.00 - 0.95 - 0.25 - 0.25 - 0.20 - 0.08

2016-03-08 6:51 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MARCH 14–MARCH 20, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, March 8, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change $1274.10 +34.10 $15.66 +0.67 $997.00 +77.00 $559.00 +68.00

Price (US$/tonne) Change $8595.00 -795.00 $4891.00 -132.00 $1820.00 -51.00 $1761.00 -50.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, March 7, 2016 (change from February 29, 2016 in brackets): Aluminium Alloy 16100 (0) Aluminium 2804700 (+43875) Copper 185225 (-10400) Lead 205475 (-7700) Nickel 430584 (+11310) Tin 3745 (-110) Zinc 470700 (-7850)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.13 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.55 Coal: CME Group Futures Mar. 2016: US$43.20; Apr. 2016: US$44.13 Cobalt: US$9.98/lb. Copper: US$2.07/lb. Copper: CME Group Futures Mar. 2016: US$2.05/lb.; Apr. 2016: US$2.06/lb Ferro-Chrome: US$1.82/kg Ferro Titanium: US$4.20/kg FerroTungsten: US$21.71/kg Ferrovanadium: US$13.17/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$43.20/tonne Iron Ore Fines: US$46.58/tonne Iron Ore Pellets: US$63.38/tonne Lead: US$0.84/lb. Magnesium: US$1.99/kg Manganese: US$1.48/kg Molybdenum Oxide: US$5.44/lb. Phosphate Rock: US$122.50/tonne Potash: US$295.00/tonne Rhodium: Mid-mkt US$660.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.79 per oz.; Handy & Harman Fabricated: US$19.74 per oz. Tantalite Ore: : US$122.40/kg Tin: US$6.99/lb. Uranium: U3O8, Trade Tech spot price: US$34.15/lb.; The UX Consulting Company spot price: US$34.25/lb. Zinc: US$0.77/lb. Prices current Feb. 16, 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

Short positions outstanding as of Mar 4, 2016 (with changes from Feb 1, 2016) Largest short positions Nexgen Energy NXE 559949 203835 First Mg Fin FF 486984 470717 Zenyatta Vent ZEN 145508 -19892 Gold Std Vents GSV 88156 -14844 Kootenay Silvr KTN 52200 34500 Constant Mtl CEM 48000 23000 Reservoir Mnls RMC 45300 7100 Brazil Res BRI 32100 -40707 Kennady Diam KDI 27100 3900 Coronet Mtls CRF 7100 0 Graphite One GPH 2700 -3395300 Terrax Mnrls TXR 2500 -12500 Tasman Metals TSM 2000 0 North Arrow Mn NAR 1500 1500 Niogold Mng NOX 1000 -11500 Largest increase in short position First Mg Fin FF 486984 470717 Nexgen Energy NXE 559949 203835 Kootenay Silvr KTN 52200 34500 Constant Mtl CEM 48000 23000 Reservoir Mnls RMC 45300 7100 Largest decrease in short position Graphite One GPH 2700 -3395300 Brazil Res BRI 32100 -40707 Zenyatta Vent ZEN 145508 -19892 Gold Std Vents GSV 88156 -14844 Terrax Mnrls TXR 2500 -12500

DAILY METAL PRICES Date Mar 7 Mar 4 Mar 3 Mar 2 Mar 1 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1575/1600 1560/1585 1525/1550 1510/1535 1505/1530 Aluminum 1598/1586 1587/1572 1603/1587.50 1596.50/1580 1590/1576 Copper 4999.50/4989 4917.50/4909.50 4829.50/4824 4779/4767 4725.50/4716 1896/1887.50 1848.50/1845 1831/1830 1794.50/1790 1775/1777 Lead Nickel 9370/9390 9045/9050 8780/8815 8750/8790 8530/8560 Tin 17325/17175 16945/16845 16595/16450 16275/16100 16155/15900 1832/1838 1838/1842 1831/1839 1796/1803.50 1771.50/1775 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1267.60 1271.50 1241.95 1229.35 1240.00 1277.50 1250.25 1239.20 1236.50 Gold PM 1267.90 Silver 15.66 15.43 14.97 14.82 14.99 Platinum 1002.00 960.00 940.00 931.00 943.00 Palladium 571.00 550.00 524.00 517.00 511.00

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 4 Mar 3 Mar 2 Mar 1 Feb 29 High Low S&P/TSX Composite 13212.50 13123.65 13017.93 12982.10 12860.35 15527.30 12400.15 S&P/TSXV Composite 562.26 552.90 546.23 541.69 541.73 1050.26 883.52 S&P/TSX 60 772.63 768.14 762.90 762.53 755.27 896.74 709.99 S&P/TSX Global Gold 181.37 183.70 178.10 173.58 182.21 218.90 149.29 S&P/TSX Metals & Mining 453.79 431.47 426.18 366.04 357.26 954.68 691.69

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Mar 4, 2016 (with changes from Feb 1, 2016) Largest short positions Potash Corp SK POT 33747960 3047823 First Quantum FM 32665789 -3588879 Lundin Mng LUN 31601460 -767830 B2Gold BTO 26356227 2510588 New Gold NGD 24018649 70630 Suncor Energy SU 17665223 -2270630 Kinross Gold K 17220884 1016635 Barrick Gold ABX 16759526 -796881 Yamana Gold YRI 15696299 1252207 Goldcorp G 10391254 1870207 Teck Res TCK.B 10282310 -1436855 IAMGOLD IMG 10275504 293346 Orbite Tech ORT 9621990 3890028 Lake Shore Gld LSG 8892870 2284625 Thompson Creek TCM 8695662 -256975 Largest increase in short position Orbite Tech ORT 9621990 3890028 Potash Corp SK POT 33747960 3047823 Franco-Nevada FNV 6096496 2606349 B2Gold BTO 26356227 2510588 Lake Shore Gld LSG 8892870 2284625 Largest decrease in short position Americas Silvr USA 13700 -4202810 First Quantum FM 32665789 -3588879 Suncor Energy SU 17665223 -2270630 Primero Mng P 3894145 -2194488 Peregrine Diam PGD 3093 -1520653

TSX VENTURE WARRANTS

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 29–MARCH 4, 2016 198 New Highs Cassius Vents Abcourt Mines Abcourt Mines* Alba Minerals Alba Minerals* ALQ Gold AM Gold Americas Silvr Americas Silvr* Anaconda Mng* Anconia Res Andes Gold* Anglo American* AngloGold Ash* Antioquia Gold* Artha Res* Asanko Gold Asanko Gold* Ashburton Vent* Atacama Pac Gd* Atlantic Gold Aura Mnls Aurania Res Aurion Res Avalon Rare Mt* Barkerville Go* Barrick Gold* Barsele Min Batero Gold BCGold Beaufield Res Beaufield Res* Bison Gold Res BonTerra Res Bravada Gold Canadian Zeol Canarc Res* Caracara Silvr Carlin Gold Catalyst Coppr* Cava Res Cda Carbon Centamin Chesapeake Gld Chesapeake Gld* Chilean Metals* Claude Res Claude Res* Clifton Star* Cordoba Mnls Crazy Horse Res Crazy Horse Res* Dajin Res* DRDGOLD* Eloro Mnrls

Ely Gold & Mnl* Endeavour Mng Endeavour Mng* Endeavr Silver Evrim Res Exeter Res Expedition Mng* Fortuna Silvr Geodex Mnrls Geologix Ex* Gold Bulln Dev Gold Bulln Dev* Gold Reserve Gold Reserve* Gold Std Vents Gold Std Vents* Golden Queen Golden Queen* Golden Reign Golden Star Golden Star* GoldQuest Mng Goldrock Mines Grande Portage Great Panther Great Panther* Harmony Gold* Heron Res* IAMGOLD IAMGOLD* Indigo Expl Integra Gold Integra Gold* Kaminak Gold Kaminak Gold* Kirkland Lk Gd Kirkland Lk Gd* Klondex Mns Lake Shore Gld* Lithium X Egy Lonmin plc* Lucara Diam McEwen Mng McEwen Mng* Mechel* Merrex Gold Metanor Res Minecorp Egy Minecorp Egy * Mirasol Res Monster Mng* Mountain Boy* Natural Res Pt* Nemaska Lith Nemaska Lith* Nevada Egy Mtl

New Carolin Gd New Gold Newmarket Gold Newmarket Gold* Newmont Mng* Nexgen Energy Nexgen Energy* Next Gen Mtls Next Gen Mtls* Nicola Mg Inc* North Am Pall* NovaGold Res NovaGold Res* Novo Res NSX Silver OceanaGold OceanaGold* Oremex Silver* Oroplata Res* Otis Gold Otis Gold* OZ Minerals* Pan Am Silver Pan Am Silver* Peat Res Platinum Gp Mt Platinum Gp Mt* Purepoint Uran Rackla Mtls* Radisson Mng Randgold Res* Red Eagle Mng Red Eagle Mng* Redstar Gold Reservoir Mnls Resolve Vent Revolver Res Richmont Mines Richmont Mines* Rosita Mg Corp* Rupert Res Rusoro Mng* Sabina Gd&Slvr Sabina Gd&Slvr* Salt Lake Pot* Seabridge Gld Seabridge Gld* Semafo Sibanye Gold* Silvercorp Met* Sparton Res* Squire Mg Ltd Stakeholdr Gld Stakeholdr Gld* Standard Graph Standard Graph* Stornoway Diam

Strategic Metl Stratton Res Sulliden Mng Sunridge Gold Sunridge Gold* Taku Gold* Telson Res * Themac Res Tintina Mines Tintina Res* TMAC Resources Torex Gold Torex Gold* TriStar Gold TriStar Gold* True Gold Mng True Gold Mng* Unigold Unigold* Unity Energy Uragold Bay Rs ValGold Res Velocity Mnrls Vista Gold Vista Gold* West Red Lake West Red Lake* Wildcat Expl Xtra-Gold Res Xtra-Gold Res*

24 New Lows Argex Titanium Arianne Phosph Asante Gold Canex Energy* Cassidy Vents* Comet Inds Contintl Gold* Crystal Explor Excalibur Res* Goldex Res* Highfield Res* Intact Gold Intrepid Pots* Jasper Mng* Joshua Gold* Nord Res* Paringa Res* Pine Cliff En Red Hut Sarissa Res* Standard Metal* Timberline Res* Victory Nickel Zeox Corp*

CANADIAN GOLD MUTUAL FUNDS EXCHANGE RATES Date Mar 4 Mar 3 Mar 2 Mar 1 Feb 29 US$ in C$ 1.3314 1.3407 1.3418 1.3409 1.3548 C$ in S$ 0.7511 0.7459 0.7455 0.7458 0.7384 Exchange rates (Quote Media, March 4, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0098 0.6822 85.4730 13.3461 11.5245 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5277 4.8882 50.3085 0.7458 900.6475 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3446 0.9082 113.7900 17.7658 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7026 6.5081 66.9800 0.9931 1198.5000

FundName Mar 4 ($) Feb 26 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 1.56 2.80 124.25 AGF Prec Mtls Fd MF 18.27 0.22 1.17 BMO Prec Mtls Fd A 15.32 14.61 0.72 4.90 1.14 2.40 46.97 8.96 8.60 0.36 4.16 4.70 0.63 BMO ZGD BMO ZJG 6.72 6.36 0.36 5.66 0.59 0.62 CIBC Prec Metal Fd A 10.50 10.24 0.25 2.47 4.56 2.62 44.99 Dyn Prec Metls Fd A 5.34 0.00 0.00 4.18 2.66 229.31 7.07 0.80 Horizons HEP 24.02 0.29 1.20 IGMacGloPrecMetCl A 7.47 7.06 0.41 5.77 7.84 2.75 53.01 11.35 11.06 0.29 2.59 8.55 0.61 465.86 iShares XGD Mac Prec Met Cl A 41.49 39.18 2.31 5.89 7.85 2.51 83.55 NB Prec Met Fd Inv 10.85 10.55 0.30 2.84 5.57 2.46 27.64 RBC GblPreMetFd A 25.63 24.71 0.92 3.74 4.80 2.13 265.86 Sentry PreMetFd A 33.66 31.72 1.94 6.11 4.21 2.92 171.84 Sprott Gold&PrMinFdA 29.68 0.16 0.54 4.05 3.15 150.77 Sprott SilverEquCl A 3.93 0.11 2.82 -2.46 3.21 26.09 TD PreciousMetals-I 32.57 31.90 0.67 2.10 4.34 2.26 103.69

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 14 Pgs 7.indd 7

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

REPRINTS

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2016-03-08 6:51 PM

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MARCH 14–20, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 29–MARCH 4, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 5898 Abacus Mng &Ex V 841 Abcourt Mines* O 462 Abcourt Mines V 3740 Aben Res V 52 Aberdeen Intl* O 121 Aberdeen Intl T 461 Abitibi Royalt V 48 ABT Holdings* O 53 Acacia Mining* O 15 Adamera Mnls V 167 Adriana Res V 194 Adventure Gold V 103 African Metals V 24 African Queen V 167 Africo Res T 12 Agnico Eagle T 7740 Agnico Eagle* N 16018 Agrium T 1981 Agrium* N 5507 Aguila Amer Gd V 205 Aida Minerals 31 Aim Explor* O 9927 Alabama Graph* O 317 Alabama Graph V 827 Alacer Gold T 6333 Alamos Gold T 7704 Alamos Gold* N 9105 Alba Minerals V 272 Alberta Star* O 8 Alchemist Mng 3093 Alcoa* N 163600 Alderon Iron* O 51 Aldershot Res V 324 Aldever Res V 389 Aldridge Mnrls V 68 Aldrin Res V 47 O 296 Alexandria Min* Alexco Res T 682 Alexco Res* X 1334 Alianza Min* O 1 Alix Res* O 23 V 990 Alix Res Alliance Res* D 2070 Almaden Mnls T 209 Almaden Mnls* X 1060 Almadex Min V 336 Almo Capital V 8 Almonty Ind V 212 Alpha Nat Res* O 2479 Alphamin Res V 272 ALQ Gold V 147 1402 Alta Vista Vnt Altai Res V 462 388 Altan Nev Mnls V Altan Rio Mnls V 250 Alternative ER* O 16 T 185 Altius Mnrls Alumina Inc* O 96 ALX Uranium V 793 Am Creek Res V 1203 Am CuMo Mng* O 244 AM Gold V 24 Am Manganese* O 482 Amador Gold V 522 Amalgamated Gd* O 1597 Amara Mng* O 147 Amarc Res V 390 Amarillo Gold V 130 Amazing OG* O 1 American Pot 28 Americas Petro V 786 Americas Silvr T 2695 Americas Silvr* O 692 Amerigo Res T 1727 Amerigo Res* O 309 Amex Expl V 113 O 1001 Anaconda Mng* Anconia Res V 321 Andes Gold* O 588 Anfield Res* O 58 Anfield Res V 165 Angel Gold V 366 Angkor Gold V 58 O 2435 Anglo American* Anglo American* O 32 Anglo-Bomarc V 333 1 AngloGold Ash* O AngloGold Ash* N 37951 O 69 Antioquia Gold* Antioquia Gold V 33 Antofagasta* O 136 Apogee Silver V 172 Apogee Silver* O 3 Applied Mrnls* O 377 AQM Copper V 450 Aquila Res* O 63 Aquila Res T 154 Arak Res V 372 O 514 Arch Coal* Arctic Star V 617 Arcus Dev Grp V 189 Arena Mnls V 695 Argentex Mng V 1824 Argentex Mng* O 776 Argex Titanium* O 87 Argex Titanium T 2839 Argonaut Gold T 10530 Argonaut Gold* O 932 Argus Metals V 88 Arian Res V 378 Arian Silver* O 74 Arianne Phosph V 644 Arianne Phosph* O 166 Artha Res* O 114 Asanko Gold* X 1320 Asanko Gold T 3265 Ascot Res V 61 Ashburton Vent V 10146 AsiaBaseMetals V 117 660 Asian Minl Res V Astur Gold V 382 ATAC Res V 586 Atacama Pac Gd V 50 Atalaya Mg plc T 29 Athabasca Mnls* O 20 V 542 Athabasca Mnls Athabasca Nclr V 364 Athena Silver* O 14 Atico Mng V 279 Atico Mng* O 20 Atlanta Gold V 58 Atlantic Gold V 1410 Atlatsa Res* O 119 Atna Res Ltd* O 25 Atom Energy V 35 Augustine Vent 944 Aura Mnls T 863 Aurania Res V 66 Aurcana Corp* O 35 Aurcana Corp V 344 Aureus Mng T 4247 Aureus Mng* O 730 AuRico Metals T 1300 Aurion Res V 555 Aurora Gold* O 11 Aurvista Gold V 759 Auryn Res* O 100 Avala Res V 847 442 Avalon Rare Mt* O Avarone Metals 7356 Avino Silver* X 907 Avino Silver V 67 Axmin Inc V 786 AZ Mining T 449 Azarga Uranium T 35 Azimut Expl V 151 Azincourt Uran* O 25 Azincourt Uran V 55

0.06 0.05 0.05 + 0.01 0.06 0.03 0.06 0.04 0.06 + 0.01 0.09 0.04 0.07 0.04 0.07 + 0.02 0.06 0.02 0.09 0.06 0.09 + 0.03 0.08 0.03 0.08 0.06 0.08 + 0.01 0.27 0.06 0.09 0.07 0.09 + 0.01 0.12 0.07 0.13 0.10 0.12 + 0.02 0.17 0.10 4.03 3.82 3.87 - 0.01 4.20 1.53 0.71 0.51 0.70 + 0.19 1.61 0.05 3.55 3.50 3.55 + 0.05 4.64 2.40 0.02 0.02 0.02 - 0.01 0.04 0.01 0.11 0.10 0.11 - 0.01 0.19 0.08 0.20 0.16 0.17 - 0.03 0.22 0.06 0.05 0.00 0.05 - 0.01 0.11 0.02 0.03 0.02 0.03 + 0.01 0.03 0.01 0.48 0.00 0.48 + 0.04 0.55 0.30 48.49 44.55 45.67 - 1.05 51.49 27.63 36.22 33.02 34.30 - 0.25 37.24 21.00 118.46 114.61 114.95 - 2.04 144.48 110.89 88.35 85.57 86.24 - 0.25 113.70 79.94 0.04 0.04 0.04 - 0.01 0.11 0.03 0.13 0.11 0.13 + 0.02 0.23 0.08 0.00 0.00 0.00 + 0.00 1.19 0.00 0.10 0.09 0.09 + 0.00 0.27 0.08 0.13 0.11 0.12 + 0.01 0.35 0.11 2.97 2.65 2.73 + 0.06 3.23 2.08 7.56 5.83 7.03 + 1.21 9.00 3.27 5.64 4.29 5.23 + 0.93 7.54 2.27 0.11 0.01 0.10 + 0.08 0.04 0.01 0.15 0.13 0.14 + 0.01 0.19 0.12 0.07 0.04 0.06 - 0.02 0.08 0.01 10.04 8.85 9.57 + 0.70 14.56 6.14 0.11 0.00 0.09 + 0.01 0.28 0.05 0.03 0.02 0.02 - 0.01 0.05 0.01 0.15 0.00 0.15 + 0.02 0.42 0.09 0.17 0.14 0.16 + 0.02 0.21 0.12 0.12 0.11 0.11 - 0.01 0.25 0.09 0.04 0.03 0.03 + 0.00 0.05 0.01 1.03 0.86 0.93 - 0.01 1.14 0.34 0.78 0.64 0.70 + 0.00 0.83 0.22 0.09 0.09 0.09 + 0.00 0.24 0.07 0.05 0.03 0.05 + 0.02 0.07 0.03 0.06 0.04 0.06 + 0.02 0.09 0.03 12.80 10.17 12.46 + 2.24 38.36 9.95 1.11 0.90 1.05 + 0.01 1.31 0.65 0.84 0.64 0.79 + 0.05 1.06 0.48 0.28 0.20 0.22 - 0.04 0.28 0.13 0.14 0.06 0.14 + 0.09 0.14 0.05 0.30 0.26 0.30 - 0.02 0.86 0.21 0.02 0.01 0.01 - 0.00 1.14 0.01 0.17 0.16 0.16 + 0.01 0.32 0.11 0.07 0.05 0.07 + 0.01 0.07 0.03 0.10 0.06 0.08 - 0.02 0.25 0.01 0.07 0.05 0.06 + 0.01 0.08 0.05 0.01 0.01 0.01 + 0.01 0.03 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.03 0.03 0.03 + 0.00 0.07 0.02 10.15 9.24 9.98 + 0.57 15.47 7.39 4.05 3.75 3.84 + 0.08 5.61 2.70 0.08 0.06 0.07 + 0.01 0.20 0.06 0.06 0.05 0.06 + 0.02 0.10 0.03 0.06 0.05 0.06 - 0.01 0.12 0.03 0.22 0.00 0.16 + 0.01 0.30 0.07 0.02 0.01 0.01 + 0.00 0.04 0.00 0.01 0.01 0.01 - 0.01 0.01 0.01 0.00 0.00 0.00 + 0.00 0.03 0.00 0.20 0.16 0.19 + 0.06 0.25 0.10 0.08 0.05 0.08 + 0.03 0.18 0.04 0.18 0.16 0.17 - 0.01 0.20 0.04 0.30 0.00 0.30 - 0.02 2.80 0.29 0.07 0.04 0.05 - 0.01 0.70 0.03 0.20 0.18 0.20 + 0.02 0.33 0.15 0.20 0.15 0.19 + 0.04 0.19 0.09 0.15 0.11 0.14 + 0.03 0.23 0.04 0.16 0.13 0.15 + 0.01 0.45 0.10 0.11 0.09 0.11 + 0.03 0.37 0.07 0.04 0.00 0.04 + 0.01 0.07 0.02 0.06 0.04 0.04 - 0.01 0.06 0.02 0.04 0.03 0.04 + 0.02 0.04 0.01 0.02 0.01 0.02 + 0.01 1.00 0.00 0.06 0.06 0.06 + 0.00 0.16 0.06 0.07 0.06 0.07 + 0.01 0.26 0.05 0.09 0.06 0.09 + 0.02 0.10 0.01 0.46 0.43 0.46 + 0.03 0.64 0.38 4.22 3.22 4.13 + 1.07 3.93 1.57 8.57 6.46 8.52 + 2.34 18.00 3.13 0.25 0.11 0.20 + 0.06 0.30 0.02 13.84 0.00 13.65 + 1.63 12.49 6.45 14.31 12.13 12.92 + 0.77 13.58 5.64 0.08 0.06 0.08 + 0.02 0.08 0.01 0.10 0.00 0.09 - 0.01 0.10 0.02 7.15 6.77 7.15 + 0.36 12.30 5.24 0.22 0.12 0.17 + 0.04 0.65 0.11 0.10 0.09 0.10 + 0.00 0.45 0.08 0.22 0.17 0.20 + 0.01 0.75 0.16 0.07 0.05 0.07 + 0.02 0.08 0.03 0.12 0.11 0.12 + 0.02 0.19 0.09 0.15 0.14 0.14 + 0.00 0.24 0.12 0.07 0.03 0.06 + 0.03 0.10 0.02 0.45 0.40 0.44 - 0.01 11.50 0.11 0.03 0.02 0.03 + 0.01 0.07 0.01 0.03 0.03 0.03 + 0.02 0.04 0.01 0.22 0.21 0.21 - 0.01 0.29 0.11 0.07 0.05 0.06 - 0.01 0.08 0.02 0.05 0.03 0.04 - 0.01 0.05 0.01 0.03 0.01 0.02 + 0.00 0.46 0.01 0.04 0.02 0.03 - 0.01 0.60 0.02 1.69 1.56 1.61 + 0.06 2.15 0.78 1.25 1.15 1.19 + 0.06 1.77 0.53 0.07 0.00 0.07 + 0.02 0.07 0.02 0.02 0.00 0.02 + 0.01 0.06 0.01 0.08 0.01 0.07 + 0.02 0.51 0.00 0.81 0.68 0.78 - 0.02 1.00 0.69 0.60 0.53 0.56 - 0.03 0.80 0.52 0.08 0.06 0.08 + 0.02 0.07 0.02 2.39 1.90 2.15 + 0.15 2.14 1.25 3.20 2.55 2.87 + 0.23 2.95 1.59 1.15 1.05 1.08 - 0.06 2.00 0.80 0.03 0.02 0.03 + 0.01 0.03 0.01 0.05 0.04 0.05 - 0.02 0.28 0.07 0.03 0.02 0.03 + 0.01 0.08 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.58 0.52 0.53 - 0.02 0.60 0.26 0.40 0.35 0.40 + 0.05 0.49 0.14 2.20 1.65 2.20 + 0.58 3.45 1.20 0.13 0.12 0.13 + 0.00 0.84 0.12 0.20 0.16 0.19 + 0.01 1.17 0.15 0.03 0.00 0.03 + 0.01 0.05 0.02 0.10 0.02 0.06 + 0.02 0.10 0.02 0.35 0.30 0.35 + 0.04 0.65 0.16 0.25 0.19 0.25 + 0.01 0.51 0.12 0.08 0.07 0.08 + 0.01 0.11 0.05 0.50 0.43 0.50 + 0.07 0.48 0.17 0.04 0.03 0.03 + 0.00 0.18 0.02 0.00 0.00 0.00 - 0.00 0.10 0.00 0.07 0.05 0.07 + 0.02 0.15 0.03 0.06 0.00 0.06 - 0.01 0.09 0.03 0.18 0.12 0.18 + 0.07 0.16 0.06 0.50 0.50 0.50 + 0.09 0.60 0.30 0.15 0.12 0.13 - 0.00 0.24 0.07 0.21 0.17 0.18 - 0.01 0.30 0.09 0.30 0.08 0.21 + 0.13 0.83 0.05 0.17 0.06 0.14 + 0.08 0.68 0.05 0.78 0.62 0.71 + 0.07 0.90 0.47 0.19 0.16 0.18 + 0.01 0.19 0.03 0.02 0.01 0.01 - 0.00 0.02 0.01 0.05 0.03 0.05 + 0.02 0.09 0.03 1.07 1.02 1.05 + 0.02 1.29 0.70 0.08 0.05 0.07 + 0.02 0.08 0.03 0.11 0.08 0.10 - 0.00 0.40 0.07 0.14 0.10 0.12 - 0.01 0.14 0.02 1.19 1.02 1.13 + 0.06 1.53 0.71 1.58 1.37 1.51 + 0.07 1.91 1.03 0.02 0.00 0.02 + 0.01 0.03 0.01 0.49 0.40 0.46 + 0.06 0.52 0.22 0.39 0.33 0.37 + 0.06 0.43 0.24 0.21 0.15 0.20 + 0.06 0.23 0.10 0.05 0.04 0.04 - 0.00 0.05 0.02 0.07 0.06 0.06 + 0.01 0.17 0.04

B2Gold* X 12005 B2Gold T 57834 Bacanora Mnls V 61 Baja Mng* O 146 Baja Mng V 682 Balmoral Res* O 422 Balmoral Res T 1416 Bama Gold 187 Bandera Gold V 108 Banro T 1379 Banro* X 9447 Barisan Gold V 6038 Barkerville Go* O 68 Barkerville Go V 2375 Barrick Gold* N 105372

1.31 1.04 1.26 + 0.18 1.79 0.60 1.75 1.40 1.69 + 0.24 2.21 0.86 1.40 1.27 1.40 + 0.10 2.05 1.12 0.02 0.01 0.02 + 0.01 0.04 0.00 0.02 0.00 0.02 + 0.01 0.04 0.01 0.52 0.42 0.49 + 0.06 0.95 0.23 0.69 0.57 0.65 + 0.06 1.18 0.33 0.14 0.10 0.14 + 0.01 0.15 0.07 0.01 0.01 0.01 - 0.01 0.02 0.01 0.43 0.35 0.40 + 0.04 0.47 0.19 0.32 0.26 0.30 + 0.04 0.40 0.15 0.02 0.02 0.02 + 0.01 0.08 0.02 0.46 0.40 0.42 + 0.02 0.46 0.15 0.61 0.51 0.53 - 0.01 0.63 0.20 14.80 13.10 13.72 + 0.19 14.45 5.91

March 14 Pgs 8 9.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barrick Gold T 32491 Barsele Min V 229 Batero Gold V 300 Battle Mtn Gld V 5 Battle Mtn Gld* O 6 Bayhorse Silvr* O 30 Bayswater Uran V 39 V 312 BC Moly BCGold V 17 Bear Creek Mng V 966 Beaufield Res V 693 Beaufield Res* O 249 Bell Copper* O 4 Bellhaven Cp&G V 18 Bellhaven Cp&G* O 27 Belmont Res V 118 Belo Sun Mng T 2379 Belvedere Res V 226 Benton Res V 572 Benz Cap V 631 BHK Mining V 15 470 Big North Grap V Bison Gold Res V 12 Bitterroot Res* O 14 Black Hills* N 3243 Black Iron T 920 V 56 Black Isle Res Blue Sky Uran V 27 Bold Vent V 175 BonTerra Res V 2078 BonTerra Res* O 57 Bravada Gold* O 169 Bravada Gold V 227 Braveheart Res V 277 Brazil Res V 840 Brilliant Sand* O 45 Britannia Mng* O 858 Brixton Mtls V 79 Brixton Mtls* O 26 Buenaventura* N 13534 Bullfrog Gold* O 123 Burnstone Vent V 20

19.85 17.57 18.28 + 0.01 19.99 7.89 0.22 0.19 0.19 - 0.01 0.22 0.08 0.12 0.08 0.12 + 0.04 0.11 0.05 0.15 0.13 0.13 - 0.01 0.22 0.09 0.12 0.10 0.11 + 0.00 0.16 0.06 0.08 0.07 0.07 - 0.00 0.08 0.03 0.02 0.02 0.02 - 0.01 0.05 0.01 0.05 0.00 0.03 - 0.02 0.23 0.04 0.05 0.00 0.05 - 0.01 0.13 0.03 1.19 0.83 1.05 + 0.20 1.44 0.50 0.08 0.06 0.08 + 0.01 0.08 0.03 0.06 0.05 0.06 + 0.01 0.06 0.02 0.01 0.00 0.00 + 0.00 0.04 0.00 0.14 0.00 0.13 + 0.05 0.45 0.03 0.11 0.00 0.10 + 0.02 0.34 0.02 0.05 0.04 0.05 + 0.01 0.09 0.02 0.48 0.37 0.46 + 0.06 0.48 0.15 0.01 0.01 0.01 - 0.01 0.08 0.01 0.05 0.04 0.05 + 0.01 0.06 0.03 0.02 0.02 0.02 - 0.01 0.30 0.02 0.08 0.06 0.06 - 0.03 0.15 0.03 0.04 0.02 0.03 + 0.01 0.25 0.02 0.15 0.00 0.13 + 0.01 1.00 0.12 0.02 0.02 0.02 - 0.00 0.05 0.02 57.07 54.88 56.04 - 0.08 57.74 36.81 0.05 0.04 0.05 + 0.01 0.05 0.02 0.05 0.04 0.05 + 0.01 0.09 0.02 0.09 0.06 0.06 - 0.02 0.26 0.04 0.03 0.03 0.03 + 0.01 0.06 0.02 0.39 0.27 0.38 + 0.10 0.38 0.09 0.27 0.20 0.27 + 0.06 0.28 0.08 0.06 0.04 0.06 + 0.01 0.06 0.01 0.08 0.00 0.07 - 0.01 0.08 0.02 0.05 0.03 0.04 - 0.01 0.08 0.02 0.57 0.51 0.55 + 0.03 0.78 0.38 0.13 0.07 0.13 + 0.06 0.27 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 0.15 0.12 0.13 - 0.02 0.18 0.05 0.09 0.09 0.09 + 0.01 0.14 0.03 5.94 5.00 5.51 + 0.33 12.51 3.30 0.02 0.02 0.02 - 0.00 0.03 0.01 0.01 0.00 0.01 + 0.01 0.04 0.01

Cache Expl V 645 Cadan Res V 115 Cadillac Vent V 637 Q 74 Caledonia Mng* Caledonia Mng T 31 Calibre Mng V 989 Calico Res* O 8 Calico Res V 8 California Gld* O 75 Callinex Mines V 55 Callinex Mines* O 32 Cameco Corp* N 8281 Cameco Corp T 5422 Cameo Res V 404 Camino Mnls V 45 Can-Cal Res* O 33 Canadian Zeol V 296 CanAlaska Uran V 155 O 94 CanAlaska Uran* Canamex Res* O 334 Canamex Res V 4711 Canarc Res* Q 1035 Canarc Res T 739 Canasil Res V 1568 Cancana Res V 224 Candente Coppr T 329 Candente Gold V 128 CaNickel Mng* O 1 CaNickel Mng V 90 125 Canoe Mng Vent V Canstar Res V 585 Canterra Mnls V 135 Cantex Mn Dev V 68 V 41 Canyon Copper Capstone Mng T 13835 Caracara Silvr V 2995 Cardero Res T 33 Cardero Res* O 53 Caribou King V 261 Carmax Mng V 412 Carpathian Gld* O 347 Cartier Iron 525 Cartier Res V 338 Carube Copper V 165 Cassidy Gold V 170 Cassius Vents V 472 41 Castle Mtn Mng V Castle Peak Mg V 73 Catalyst Coppr V 65 Catalyst Coppr* O 1 Cava Res V 17 Caza Gold V 152 Caza Gold* O 43 V 91 CB Gold Cda Carbon V 2887 Cda Carbon* O 43 43 Cda Rare Earth* O Cda Zinc Mtls V 7028 926 Cdn Intl Mnrls V Cdn Platinum V 78 Cdn Zinc* Q 544 Cdn Zinc T 4924 Centamin T 276 Centaurus Diam* O 225 Centenera Mng V 130 Centerra Gold T 5143 Centurion Mnls V 87 Century Global T 75 Cerro Grande 10 Chalice Gold M T 7 Champion Iron T 262 Chesapeake Gld* O 70 Chesapeake Gld V 116 N 50641 Chevron* Chieftain Mtls V 115 Chimata Gold V 433 China Mnls Mng V 39 China Mnls Mng* O 43 Cibolan Gold* O 82 Claude Res T 6196 Claude Res* O 1020 Clifton Mng* O 60 Clifton Star* O 235 Clifton Star V 2185 Cloud Peak En* N 8360 CMC Metals V 84 Coeur Mng* N 21942 Colibri Res V 13 V 199 Colombian Mins Colonial Coal V 41 Colorado Res V 403 Colt Res* O 8 Colt Res V 1193 O 288 Columbus Gold* Columbus Gold T 389 Commerce Res V 1214 O 42 Commerce Res* Comstock Mng* X 1722 Comstock Mtls V 378 Condor Res V 285 Confedertn Mls V 3294 O 134 Confedertn Mls* Cons Woodjam V 91 CONSOL Energy* N 121797 Constant Mtl V 454 Contintl Gold* O 292 Contintl Gold T 2151 Copper Ck Gold V 59 Copper Fox Mtl V 4064 Copper Fox Mtl* O 171 Copper Mtn Mng* O 46 Copper Mtn Mng T 3526 Copper North M V 1831 Copper One V 37 Copperbank Res* O 98 Copperbank Res 341 Coral Gold V 253 Cordoba Mnls V 1838 Corex Gold V 310 Cornerstone Ca V 2235 Cornerstone Ca* O 303 Coronet Mtls V 35 Corsa Coal V 3271 Corvus Gold* O 41 Corvus Gold T 92 Crazy Horse Res V 687 Crazy Horse Res* O 15 Critical Elem* O 93 Crown Mining V 122 Crystal Explor V 95 Crystal Pk Min V 110 Crystal Pk Min* O 125 Currie Rose Rs V 196 Cypress Dev* O 408 Cyprium Mng V 1378

0.09 0.09 0.09 - 0.01 0.16 0.05 0.06 0.04 0.06 + 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.08 0.01 0.68 0.63 0.66 - 0.02 0.83 0.48 0.91 0.85 0.90 - 0.01 1.06 0.66 0.11 0.09 0.10 + 0.01 0.17 0.06 0.07 0.07 0.07 + 0.02 0.12 0.05 0.09 0.09 0.09 + 0.02 0.14 0.06 0.04 0.04 0.04 + 0.00 0.10 0.02 0.31 0.29 0.31 + 0.01 0.39 0.23 0.24 0.20 0.24 + 0.02 0.31 0.17 12.79 11.97 12.48 + 0.50 17.77 10.31 17.17 16.19 16.66 + 0.48 21.44 14.56 0.06 0.05 0.06 + 0.01 0.10 0.02 0.10 0.07 0.10 + 0.01 0.25 0.07 0.03 0.03 0.03 - 0.01 0.07 0.03 0.12 0.08 0.11 + 0.02 0.12 0.05 0.20 0.17 0.19 + 0.01 0.28 0.09 0.14 0.13 0.14 + 0.00 0.23 0.06 0.05 0.03 0.05 + 0.01 0.11 0.02 0.07 0.05 0.06 + 0.01 0.15 0.03 0.09 0.07 0.09 + 0.02 0.08 0.02 0.12 0.09 0.11 + 0.03 0.15 0.03 0.23 0.20 0.20 - 0.03 0.27 0.03 0.23 0.18 0.19 - 0.04 0.32 0.13 0.10 0.00 0.09 - 0.01 0.13 0.03 0.03 0.00 0.02 - 0.01 0.06 0.01 0.03 0.02 0.03 + 0.00 0.12 0.01 0.05 0.00 0.05 + 0.01 0.18 0.03 0.03 0.00 0.03 + 0.01 0.09 0.02 0.05 0.04 0.05 + 0.01 0.10 0.03 0.03 0.00 0.03 - 0.01 0.09 0.03 0.05 0.00 0.05 + 0.02 0.06 0.03 0.02 0.02 0.02 + 0.01 0.12 0.01 0.62 0.39 0.58 + 0.18 1.71 0.27 0.02 0.01 0.02 + 0.01 0.02 0.01 0.09 0.00 0.09 + 0.01 0.35 0.08 0.07 0.05 0.07 - 0.01 0.15 0.05 0.08 0.07 0.08 + 0.01 0.22 0.06 0.03 0.03 0.03 + 0.01 0.06 0.02 0.01 0.01 0.01 + 0.00 0.03 0.00 0.04 0.03 0.03 - 0.01 0.11 0.01 0.10 0.09 0.10 + 0.02 0.13 0.04 0.15 0.00 0.15 + 0.09 0.21 0.05 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.26 0.22 0.26 + 0.03 0.53 0.18 0.02 0.01 0.02 + 0.01 0.02 0.01 0.28 0.24 0.24 - 0.04 0.29 0.10 0.18 0.00 0.18 + 0.11 0.17 0.07 0.08 0.00 0.08 + 0.02 0.25 0.04 0.04 0.03 0.04 + 0.02 0.09 0.02 0.03 0.01 0.03 + 0.02 0.04 0.01 0.07 0.05 0.06 + 0.01 0.11 0.03 0.42 0.30 0.36 - 0.02 0.40 0.20 0.28 0.28 0.28 + 0.00 0.28 0.17 0.01 0.01 0.01 + 0.00 0.03 0.01 0.12 0.10 0.12 + 0.01 0.33 0.10 0.04 0.03 0.04 + 0.01 0.06 0.01 0.01 0.01 0.01 - 0.01 0.01 0.01 0.12 0.07 0.12 + 0.03 0.19 0.04 0.16 0.10 0.15 + 0.05 0.23 0.06 1.83 1.71 1.79 + 0.13 1.82 0.96 0.32 0.22 0.30 + 0.01 0.34 0.01 0.10 0.06 0.10 + 0.02 0.14 0.02 7.73 6.86 7.20 - 0.13 8.67 5.05 0.15 0.10 0.10 - 0.02 0.28 0.04 0.34 0.28 0.30 + 0.02 0.40 0.15 0.02 0.00 0.02 + 0.01 0.04 0.01 0.13 0.12 0.12 + 0.01 0.15 0.09 0.17 0.14 0.16 + 0.02 0.23 0.07 2.17 1.64 2.06 + 0.37 2.02 1.05 2.90 2.20 2.75 + 0.45 2.70 1.39 88.62 83.07 87.93 + 3.58 112.20 69.58 0.10 0.04 0.10 + 0.07 0.19 0.03 0.02 0.01 0.01 - 0.01 0.19 0.01 0.01 0.01 0.01 - 0.01 0.01 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.05 0.08 + 0.03 0.19 0.03 1.30 1.15 1.27 + 0.12 1.27 0.47 0.97 0.85 0.95 + 0.10 0.95 0.38 0.13 0.11 0.12 - 0.01 0.22 0.05 0.29 0.26 0.29 + 0.04 0.28 0.09 0.38 0.35 0.38 + 0.03 0.38 0.11 2.12 1.58 1.95 + 0.35 7.49 1.08 0.13 0.12 0.12 + 0.01 0.53 0.05 5.24 3.64 4.52 + 0.97 6.35 1.62 0.08 0.06 0.06 - 0.03 0.09 0.02 0.05 0.05 0.05 + 0.01 0.13 0.02 0.05 0.05 0.05 + 0.01 0.15 0.02 0.09 0.08 0.09 + 0.01 0.14 0.05 0.07 0.00 0.07 + 0.02 0.25 0.05 0.10 0.09 0.10 + 0.01 0.30 0.08 0.31 0.28 0.29 - 0.00 0.38 0.23 0.41 0.38 0.39 - 0.01 0.48 0.31 0.09 0.07 0.09 + 0.02 0.15 0.06 0.07 0.06 0.07 + 0.01 0.13 0.04 0.62 0.52 0.56 - 0.00 0.83 0.35 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.00 0.04 + 0.01 0.07 0.02 0.05 0.03 0.05 + 0.02 0.06 0.02 0.04 0.02 0.04 + 0.02 0.04 0.01 0.05 0.04 0.04 + 0.01 0.09 0.02 11.50 8.11 10.58 + 2.74 34.14 4.54 0.08 0.00 0.07 + 0.01 0.17 0.05 1.29 0.00 1.23 + 0.06 2.65 0.88 1.69 1.44 1.64 + 0.06 3.28 1.28 0.10 0.07 0.07 - 0.03 0.10 0.04 0.20 0.12 0.20 + 0.07 0.37 0.11 0.14 0.09 0.13 + 0.03 0.30 0.08 0.52 0.36 0.51 + 0.15 1.42 0.23 0.70 0.48 0.64 + 0.17 1.73 0.33 0.04 0.02 0.04 + 0.02 0.09 0.02 0.03 0.03 0.03 - 0.01 0.20 0.03 0.04 0.02 0.04 + 0.01 0.06 0.02 0.05 0.03 0.05 + 0.01 0.08 0.03 0.10 0.07 0.10 + 0.02 0.18 0.05 0.44 0.19 0.40 + 0.18 0.44 0.09 0.05 0.04 0.05 + 0.01 0.07 0.03 0.04 0.02 0.04 + 0.01 0.07 0.02 0.03 0.00 0.03 + 0.02 0.05 0.01 0.08 0.08 0.08 + 0.02 0.15 0.04 0.04 0.03 0.04 + 0.02 0.15 0.02 0.57 0.48 0.52 - 0.01 0.67 0.25 0.76 0.66 0.67 - 0.02 0.84 0.33 0.07 0.00 0.03 + 0.02 0.03 0.01 0.02 0.01 0.02 + 0.02 0.01 0.00 0.13 0.13 0.13 - 0.00 0.23 0.10 0.08 0.05 0.08 + 0.03 0.08 0.03 0.09 0.08 0.09 - 0.02 0.14 0.05 0.19 0.00 0.18 - 0.01 0.37 0.12 0.14 0.13 0.14 + 0.01 0.33 0.11 0.02 0.01 0.02 + 0.01 0.02 0.01 0.05 0.04 0.04 - 0.00 0.08 0.01 0.08 0.06 0.07 - 0.01 0.20 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

D-F Dajin Res V 1583 Dajin Res* O 1769 Dakota Ter Res* O 176 Daleco Res* O 199 Dalradian Res* O 475 Dalradian Res T 2600 Damara Gold V 17 Danakali* O 15 Darnley Bay V 77 Defiance Silvr* O 291 Defiance Silvr V 579 Del Toro Silvr* O 48 Denison Mines T 3071 Denison Mines* X 2162 Detour Gold T 7192 Diamante Min* O 36 Diamcor Mng V 109 Diamcor Mng* O 4 Diamond Fields V 61 V 206 Dios Expl Discovery Vent V 1824 DNI Metals* O 180 35 Dolly Vard Sil* O Dolly Vard Sil V 77 N 2521 Dominion Diam* Dominion Diam T 1494 Double Crn Res* O 678 DRDGOLD* N 2494 Dundee Prec Mt T 2904 O 83 Dunnedin Vent* Dunnedin Vent V 1927 Durango Res V 1456 DuSolo Fertil V 98 Dynacor Gld Mn T 236 O 48 DynaResource* Dynasty Gold V 1762 Dynasty Met&Mn* O 154 T 517 Dynasty Met&Mn Eagle Graphite V 2029 O 20 Eagle Graphite* Eagle Plains V 149 East Africa V 805 East Asia Mnls V 1227 Eastern Platin T 264 Eastmain Res T 2134 Eco Oro Mnls T 122 Edgewater Expl V 64 El Capitan Prc* O 1157 El Nino Vent V 182 Elcora Res V 238 Eldorado Gold* N 32812 Eldorado Gold T 19359 Electra Stone V 949 Eloro Mnrls V 161 542 Ely Gold & Mnl* O Elysee Dev V 112 Emgold Mng V 368 Emgold Mng* O 11 Encanto Potash* O 16 Encanto Potash V 1208 Endeavour Mng T 2029 Endeavour Mng* O 94 Endeavr Silver* N 7865 Endeavr Silver T 1381 V 489 Endurance Gold Energizer Res* O 170 Energizer Res T 436 Energy Fuels T 269 Energy Fuels* X 767 Entourage Mtls V 250 Entourage Mtls* O 500 Entree Gold* X 652 Entree Gold T 356 Equitas Res* O 242 Equitas Res V 1780 Equitorial Ex V 2857 Era Res Inc T 6 13 Erdene Res Dev* O Eros Res Corp V 212 V 212 Eros Res Corp Eskay Mng V 114 Ethos Gold* O 15 Ethos Gold V 451 Eurasian Mnls* X 187 Eurasian Mnls V 98 Eureka Res V 311 EurOmax Res V 115 O 7026 European Metal* Europn Uran Rs* O 79 Everton Res V 1023 Everton Res* O 474 Evolving Gold 29 Evolving Gold* O 5 Evrim Res V 164 Excellon Res* O 70 Excellon Res T 458 Excelsior Mng V 1364 Excelsior Mng* O 110 Exeter Res* X 752 Exeter Res T 161 Explor Res* O 256 Explor Res V 3350 Fairmont Res V 1474 Falco Res V 1531 Ferrum Am Mng V 2956 Firesteel Res V 204 Firma Holdings* O 34 First Liberty* O 7059 First Majestic* N 15585 First Majestic T 5671 First Mexican V 408 First Mg Fin V 5525 First Point T 102 First Quantum T 76668 Fission 3.0 V 1039 Fission Uran T 3185 Fission Uran* O 770 Fjordland Exp V 218 Flinders Res* O 173 Flinders Res V 567 O 1028 Focus Graphite* Focus Graphite V 2534 Focus Vent V 923 Foran Mng V 678 Formation Mtls T 255 Forsys Metals T 34 O 283 Fortescue Mtls* Fortuna Silvr T 2537 Fortuna Silvr* N 2777 Fortune Bay T 94 Fortune Mnrls T 1284 Fortune Mnrls* O 62 Forum Uranium V 227 Forum Uranium* O 131 Fox River Res 250 Franco-Nevada* N 6402 Franco-Nevada T 6582 Freegold Vent T 581 Freeport McMo* N 359910 Fresnillo plc* O 18 Frontline Gold V 572 15 Full Metal Mnl V Fura Emeralds V 95

0.15 0.13 0.15 + 0.01 0.16 0.04 0.14 0.09 0.11 + 0.01 0.14 0.03 0.07 0.06 0.07 + 0.01 0.20 0.05 0.03 0.02 0.02 - 0.00 0.10 0.01 0.76 0.65 0.74 + 0.08 0.93 0.45 1.00 0.86 0.99 + 0.10 1.16 0.62 0.05 0.00 0.05 - 0.01 0.15 0.04 0.22 0.17 0.22 + 0.01 0.40 0.17 0.02 0.01 0.02 + 0.01 0.05 0.01 0.08 0.05 0.08 + 0.01 0.13 0.04 0.10 0.08 0.10 + 0.01 0.16 0.06 0.01 0.00 0.00 - 0.00 0.04 0.00 0.67 0.60 0.65 + 0.04 1.20 0.48 0.51 0.44 0.50 + 0.06 0.99 0.35 22.47 20.13 21.18 + 0.12 22.82 9.08 0.36 0.20 0.34 - 0.06 2.29 0.20 0.93 0.00 0.90 - 0.01 1.45 0.65 0.67 0.65 0.67 + 0.03 1.15 0.46 0.02 0.01 0.02 + 0.01 0.05 0.01 0.08 0.07 0.08 + 0.01 0.10 0.04 0.17 0.14 0.16 + 0.02 0.25 0.09 0.06 0.04 0.06 + 0.01 0.20 0.03 0.13 0.12 0.13 + 0.00 0.25 0.08 0.17 0.15 0.15 - 0.01 0.50 0.11 12.46 10.17 12.02 + 1.88 20.30 7.27 16.67 13.76 16.02 + 2.30 24.60 9.96 0.01 0.01 0.01 + 0.00 0.02 0.01 4.06 3.33 3.82 + 0.55 4.06 1.10 1.75 1.10 1.55 + 0.40 3.19 0.84 0.05 0.04 0.05 + 0.01 0.06 0.04 0.10 0.05 0.10 + 0.05 0.19 0.04 0.06 0.03 0.05 + 0.02 0.08 0.03 0.05 0.04 0.04 - 0.01 0.25 0.04 2.20 2.08 2.10 - 0.01 2.59 1.30 2.00 1.00 1.65 + 0.45 2.00 0.80 0.02 0.01 0.02 + 0.01 0.03 0.01 0.34 0.30 0.34 + 0.03 0.63 0.12 0.45 0.37 0.42 + 0.01 0.80 0.18 0.03 0.02 0.03 + 0.01 0.08 0.02 0.02 0.02 0.02 + 0.01 0.07 0.01 0.06 0.00 0.06 + 0.01 0.07 0.05 0.07 0.06 0.07 + 0.01 0.09 0.03 0.02 0.01 0.02 + 0.01 0.03 0.01 0.77 0.69 0.75 + 0.05 2.26 0.61 0.39 0.35 0.37 + 0.01 0.62 0.28 0.32 0.25 0.32 + 0.03 0.90 0.25 0.02 0.02 0.02 - 0.01 0.03 0.01 0.07 0.04 0.06 + 0.02 0.16 0.03 0.01 0.01 0.01 + 0.01 0.03 0.01 0.61 0.50 0.57 + 0.04 0.75 0.08 3.56 2.82 3.47 + 0.56 5.36 1.87 4.75 3.78 4.63 + 0.71 6.68 2.67 0.08 0.07 0.08 - 0.01 0.14 0.04 0.24 0.19 0.19 - 0.02 0.24 0.09 0.07 0.04 0.07 + 0.01 0.06 0.02 0.21 0.19 0.20 + 0.02 0.22 0.17 0.02 0.01 0.02 + 0.01 0.02 0.01 0.01 0.01 0.01 + 0.01 0.01 0.00 0.06 0.04 0.06 + 0.02 0.13 0.03 0.08 0.06 0.08 + 0.02 0.16 0.05 13.02 11.25 11.25 - 0.37 13.02 4.35 9.61 8.46 8.56 - 0.04 9.61 4.40 2.28 1.57 2.10 + 0.44 2.41 1.00 3.05 2.11 2.82 + 0.57 2.86 1.46 0.03 0.02 0.03 + 0.01 0.08 0.02 0.06 0.06 0.06 - 0.01 0.11 0.03 0.09 0.08 0.08 - 0.01 0.14 0.03 3.80 3.10 3.71 + 0.61 6.73 2.47 2.85 2.33 2.77 + 0.46 5.60 1.81 0.07 0.06 0.06 - 0.01 0.22 0.03 0.05 0.05 0.05 - 0.03 0.26 0.04 0.36 0.26 0.30 + 0.01 0.51 0.08 0.42 0.36 0.41 + 0.01 0.66 0.18 0.04 0.04 0.04 + 0.00 0.17 0.02 0.06 0.05 0.05 - 0.01 0.22 0.05 0.04 0.02 0.04 + 0.02 0.19 0.02 0.12 0.00 0.12 - 0.03 1.00 0.09 0.12 0.12 0.12 - 0.01 0.13 0.08 0.14 0.11 0.14 + 0.02 0.17 0.09 0.14 0.11 0.14 + 0.02 0.17 0.09 0.13 0.10 0.13 + 0.01 0.17 0.01 0.11 0.10 0.10 - 0.01 0.15 0.09 0.20 0.16 0.19 + 0.04 0.23 0.11 0.51 0.42 0.48 + 0.00 0.78 0.35 0.68 0.55 0.64 - 0.01 0.94 0.48 0.08 0.07 0.07 - 0.01 0.13 0.02 0.51 0.33 0.51 + 0.11 0.57 0.21 0.00 0.00 0.00 - 0.00 0.01 0.00 0.02 0.01 0.01 - 0.00 0.02 0.00 0.04 0.03 0.03 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.00 0.04 0.00 0.05 0.05 0.05 + 0.01 0.10 0.02 0.03 0.03 0.03 - 0.00 0.08 0.01 0.23 0.18 0.23 + 0.02 0.23 0.10 0.31 0.27 0.31 + 0.02 0.74 0.14 0.42 0.36 0.41 + 0.02 0.92 0.20 0.31 0.28 0.29 + 0.02 0.39 0.19 0.23 0.21 0.22 + 0.03 0.31 0.12 0.63 0.50 0.59 + 0.08 0.65 0.29 0.83 0.67 0.83 + 0.14 0.82 0.39 0.16 0.11 0.12 - 0.05 0.18 0.03 0.23 0.16 0.18 - 0.03 0.24 0.04 0.08 0.05 0.06 - 0.01 0.19 0.02 0.43 0.37 0.41 - 0.01 0.62 0.21 0.03 0.02 0.03 + 0.01 0.03 0.01 0.01 0.01 0.01 + 0.01 0.08 0.01 0.06 0.04 0.04 - 0.02 0.25 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 5.35 4.29 4.88 + 0.26 6.25 2.40 7.15 5.76 6.50 + 0.25 7.78 3.50 0.05 0.04 0.05 + 0.01 0.07 0.02 0.41 0.38 0.39 + 0.01 0.60 0.25 0.06 0.05 0.06 + 0.01 0.10 0.04 7.62 4.83 7.04 + 2.18 19.83 2.15 0.09 0.08 0.08 - 0.01 0.14 0.06 0.68 0.64 0.65 + 0.01 1.38 0.53 0.51 0.47 0.50 + 0.03 1.12 0.39 0.02 0.01 0.02 + 0.01 0.04 0.01 0.22 0.14 0.22 + 0.07 0.50 0.09 0.30 0.20 0.29 + 0.07 0.44 0.12 0.09 0.05 0.09 + 0.03 0.31 0.04 0.13 0.08 0.12 + 0.05 0.39 0.07 0.07 0.07 0.07 - 0.01 0.27 0.05 0.13 0.08 0.10 + 0.01 0.48 0.05 0.12 0.11 0.12 + 0.02 0.22 0.09 0.10 0.00 0.10 + 0.01 0.36 0.08 1.87 0.00 1.87 + 0.39 2.05 1.00 5.69 4.46 5.20 + 0.58 5.31 2.65 4.27 3.32 3.88 + 0.46 4.25 2.00 0.32 0.29 0.32 + 0.02 0.43 0.25 0.04 0.03 0.04 + 0.01 0.16 0.02 0.03 0.02 0.03 - 0.00 0.13 0.01 0.10 0.08 0.10 + 0.01 0.11 0.04 0.07 0.06 0.07 + 0.00 0.09 0.03 0.04 0.03 0.03 - 0.01 0.05 0.03 60.99 56.51 57.26 - 2.00 62.09 38.20 81.82 75.42 76.33 - 3.76 85.86 49.96 0.13 0.12 0.12 + 0.01 0.24 0.05 10.50 7.26 9.74 + 2.31 23.97 3.52 14.00 13.28 13.95 - 0.05 14.00 8.70 0.01 0.01 0.01 + 0.01 0.01 0.01 0.05 0.00 0.05 + 0.02 0.07 0.02 0.18 0.16 0.18 + 0.02 0.25 0.08

G&S Minerals* O 41 Gabriel Res T 634 Gainey Capital V 132 Galane Gold V 541 Galantas Gold* O 92 Galway Mtls V 241 Galway Mtls* O 6 Garibaldi Res V 804 GB Minerals V 15 Gear Intl* O 4100 General Moly T 9 General Moly* X 1037 Genius Props 49 Gensource Pot V 586 Geodex Mnrls V 6 Geologix Ex T 597 Geologix Ex* O 53 Geomega Res* O 437 Geomega Res V 1818 Gespeg Cop Res V 241 Getty Copper V 30 GFK Res V 57 V 190 GGL Res Gldn Predator V 154 Gldn Predator* O 17 Glencore Plc* O 4053 Global Cop Grp V 169 Global Gold* O 600 Global Hunter V 492 Globex Mng* O 66 Globex Mng T 237

0.00 0.00 0.00 - 0.00 0.00 0.00 0.25 0.21 0.25 + 0.04 0.83 0.12 0.15 0.13 0.14 - 0.01 0.29 0.10 0.09 0.07 0.08 + 0.02 0.16 0.03 0.07 0.06 0.07 + 0.01 0.11 0.06 0.13 0.10 0.10 + 0.01 0.16 0.09 0.07 0.07 0.07 + 0.00 0.13 0.06 0.11 0.10 0.11 - 0.01 0.19 0.05 0.07 0.07 0.07 + 0.01 0.12 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.30 0.29 0.30 + 0.01 1.20 0.22 0.22 0.20 0.21 - 0.01 1.00 0.15 0.02 0.00 0.02 - 0.01 0.12 0.02 0.05 0.04 0.04 - 0.01 0.07 0.04 0.10 0.00 0.10 + 0.03 0.40 0.05 0.06 0.04 0.06 + 0.01 0.06 0.02 0.04 0.04 0.04 + 0.00 0.04 0.01 0.12 0.10 0.11 + 0.06 0.15 0.03 0.17 0.12 0.15 + 0.03 0.29 0.06 0.04 0.03 0.04 + 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.05 0.02 0.10 0.05 0.10 + 0.02 0.12 0.03 0.03 0.01 0.03 + 0.02 0.05 0.01 0.16 0.14 0.15 + 0.02 0.16 0.07 0.11 0.00 0.09 - 0.02 0.11 0.06 4.58 3.50 4.38 + 0.89 9.68 1.95 0.06 0.05 0.05 - 0.01 0.08 0.04 0.02 0.01 0.02 + 0.01 0.05 0.00 0.03 0.01 0.03 + 0.01 0.04 0.01 0.23 0.20 0.23 + 0.03 0.25 0.13 0.31 0.25 0.31 + 0.05 0.37 0.17

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

GMV Minerals V 208 V 17 GobiMin GoGold Res T 665 Gold Bulln Dev V 3453 320 Gold Bulln Dev* O O 142 Gold Dynamics* 38352 Gold Fields* N V 1017 Gold Jub Cap 797 Gold Mng USA* O 58 Gold Mtn Mng V Gold Reserve* O 1680 Gold Reserve V 812 Gold Resource* X 3380 Gold Std Vents V 3664 Gold Std Vents* X 3613 Goldbelt Emp V 120 Goldcliff Res V 7842 T 29925 Goldcorp Goldcorp* N 71634 Golden Arrow V 655 Golden Band* O 472 Golden Dawn Ml V 1714 Golden Eagle* O 11 Golden Goliath V 556 O 460 Golden Goliath* Golden Mnls* X 2252 Golden Mnls T 229 62 Golden Peak Mn V O 2105 Golden Queen* Golden Queen T 774 Golden Reign V 136 137 Golden Sh Mng V Golden Star T 2199 Golden Star* X 25439 Goldex Res V 19 T 4016 Goldgroup Mng O 1837 Goldgroup Mng* GoldON Res V 37 V 1354 GoldQuest Mng Goldrea Res* O 2 V 1143 Goldrock Mines O 96 Goldsource Min* V 664 Goldsource Min Goldstrike Res V 1060 Gossan Res V 398 Gowest Gold V 240 Gowest Gold* O 72 GPM Metals V 224 O 190 Gran Colombia* Gran Colombia T 2359 V 54 Grande Portage Graphite Corp* O 6253 Graphite One V 4704 Graphite One* O 81 Great Atlantic V 344 522 Great Bear Res V 527 Great Lakes Gr* O Great Panther T 970 Great Panther* X 3926 107 Great Quest Fe V 308 Great Rock Dev* O Great Thunder V 148 O 60 Great Western* Green Arrow V 90 328 Green Swan Cap V Greencastle Rs V 273 O 62 Greenflag Vent* O 282 Greenland M&En* Greenshield Ex V 12 Grizzly Gold* O 120 573 GTA Res & Mng V Guerrero Vents V 380 Gungnir Res* O 58 Guyana Gldflds T 1753 GWR Res V 81 Handa Copper V 46 352 Happy Ck Mnrls V 190 Hard Creek Ni V 25931 N Harmony Gold* Harte Gold T 2217 Heatherdale Rs V 139 40139 Hecla Mining* N Hellix Vent* O 107 O 11 Hemcare Health* Heron Res T 6809 Highbank Res V 437 Highland Copp V 90 105 Highway 50 Gld V O 23 Hochschild Mg* O 1 Homestake Res* Homestake Res V 514 357 Honey Badger E V Horizonte Mnls T 1010 112 Hornby Bay Mnl V Houston Lake V 397 HudBay Mnls* N 2272 T 13680 HudBay Mnls Hudson Res V 349 Hudson Res* O 14

0.05 0.10 + 0.01 0.26 0.11 0.08 0.27 0.38 + 0.04 0.47 0.38 0.34 0.94 1.07 + 0.05 1.67 1.10 1.04 0.07 0.06 0.07 + 0.01 0.07 0.02 0.05 0.04 0.05 + 0.01 0.05 0.01 0.00 0.00 - 0.00 0.00 0.00 0.00 2.04 4.10 + 0.03 4.68 4.43 3.84 0.20 0.11 0.19 + 0.08 0.25 0.07 0.16 0.07 0.09 - 0.05 0.51 0.05 0.09 0.00 0.06 - 0.03 0.12 0.02 2.19 4.00 - 0.48 5.90 5.90 3.45 3.06 5.30 - 0.80 8.00 8.00 4.95 1.14 2.12 + 0.18 3.65 2.40 1.85 1.55 1.18 1.35 + 0.18 1.55 0.40 1.17 0.84 1.01 + 0.14 1.17 0.26 0.02 0.04 - 0.01 0.10 0.05 0.04 0.01 0.01 + 0.01 0.02 0.01 0.01 13.55 20.17 + 1.44 26.22 21.75 18.59 15.13 + 1.27 21.03 9.46 16.24 13.77 0.17 0.23 + 0.02 0.50 0.25 0.21 0.00 0.00 + 0.00 0.01 0.00 0.00 0.13 0.12 0.12 - 0.01 0.30 0.07 0.00 0.00 + 0.00 0.02 0.00 0.00 0.01 0.02 - 0.01 0.03 0.03 0.02 0.00 0.02 - 0.00 0.02 0.02 0.02 0.13 0.49 + 0.03 0.68 0.54 0.35 0.19 0.64 + 0.04 0.93 0.73 0.49 0.07 0.06 0.06 - 0.01 0.09 0.04 0.48 1.21 + 0.13 1.33 1.33 1.07 0.65 1.54 + 0.09 1.77 1.77 1.43 0.07 0.12 + 0.01 0.13 0.13 0.10 0.10 0.08 0.10 + 0.02 0.10 0.03 0.21 0.65 + 0.09 0.72 0.78 0.56 0.14 0.49 + 0.07 0.54 0.56 0.42 0.10 0.15 + 0.05 0.60 0.15 0.00 0.05 0.10 + 0.03 0.14 0.11 0.07 0.03 0.07 + 0.02 0.11 0.08 0.05 0.03 0.08 - 0.01 0.15 0.10 0.08 0.07 0.25 + 0.05 0.24 0.25 0.20 0.00 0.02 - 0.00 0.04 0.02 0.00 0.15 0.40 + 0.10 0.40 0.41 0.28 0.11 0.24 + 0.02 0.28 0.25 0.21 0.13 0.32 + 0.02 0.40 0.34 0.28 0.07 0.17 + 0.01 0.21 0.17 0.14 0.02 0.04 + 0.02 0.05 0.04 0.03 0.05 0.08 + 0.01 0.10 0.09 0.08 0.04 0.06 + 0.01 0.07 0.06 0.06 0.08 0.15 + 0.01 0.33 0.16 0.13 0.04 0.08 + 0.01 0.43 0.09 0.07 0.06 0.12 + 0.03 0.51 0.12 0.09 0.04 0.04 - 0.02 0.15 0.06 0.04 0.00 0.01 + 0.00 0.02 0.01 0.00 0.07 0.09 + 0.01 0.13 0.09 0.08 0.05 0.06 + 0.00 0.11 0.07 0.05 0.03 0.03 - 0.01 0.17 0.04 0.03 0.04 0.02 0.04 + 0.02 0.09 0.01 0.08 0.08 0.08 + 0.00 0.12 0.04 0.40 1.04 + 0.09 1.09 1.10 0.87 0.30 0.78 + 0.08 0.79 0.83 0.64 0.32 0.27 0.27 - 0.04 0.63 0.11 0.01 0.00 0.00 - 0.00 0.02 0.00 0.01 0.02 + 0.01 0.03 0.02 0.01 0.00 0.00 - 0.00 0.04 0.00 0.00 0.03 0.04 - 0.01 0.10 0.05 0.04 0.02 0.01 0.02 + 0.02 0.05 0.01 0.05 0.08 + 0.01 0.09 0.08 0.07 0.00 0.00 - 0.02 0.15 0.02 0.00 0.01 0.03 + 0.01 0.17 0.03 0.02 0.01 0.05 + 0.04 0.05 0.05 0.00 0.01 0.02 + 0.00 0.04 0.02 0.02 0.05 0.04 0.05 + 0.01 0.08 0.02 0.01 0.03 - 0.01 0.08 0.03 0.03 0.00 0.01 + 0.00 0.02 0.01 0.00 2.48 4.25 - 0.03 4.74 4.71 4.03 0.02 0.04 + 0.01 0.08 0.04 0.03 0.03 0.04 + 0.01 0.12 0.04 0.00 0.13 0.11 0.11 - 0.01 0.17 0.08 0.02 0.01 0.02 + 0.01 0.10 0.01 0.53 3.15 + 0.15 3.40 3.42 3.08 0.05 0.10 + 0.01 0.11 0.10 0.09 0.01 0.03 + 0.01 0.05 0.03 0.02 1.45 2.66 + 0.18 3.37 2.89 2.47 0.00 0.00 + 0.00 0.05 0.01 0.00 0.01 0.07 + 0.02 0.80 0.07 0.05 0.07 0.09 + 0.01 0.14 0.09 0.08 0.05 0.08 - 0.01 0.21 0.09 0.08 0.09 0.11 + 0.01 0.30 0.11 0.10 0.17 0.12 0.17 + 0.05 0.33 0.05 0.59 1.27 + 0.41 1.70 1.27 0.86 0.01 0.01 - 0.00 0.03 0.03 0.01 0.01 0.03 + 0.01 0.04 0.04 0.03 0.04 0.03 0.03 - 0.01 0.04 0.01 0.02 0.03 - 0.01 0.06 0.03 0.03 0.05 0.04 0.04 - 0.01 0.10 0.03 0.12 0.18 + 0.02 0.20 0.18 0.17 4.43 2.78 4.15 + 1.35 10.37 1.56 5.94 3.75 5.52 + 1.73 12.61 2.26 0.28 0.42 + 0.02 0.55 0.44 0.39 0.22 0.30 - 0.00 0.44 0.31 0.29

I-Minerals* O 31 IAMGOLD T 16399 39139 IAMGOLD* N Iberian Mnrls V 2038 IC Potash* O 101 Iconic Mnls V 207 Idaho North* O 24 IDM Mining* O 79 IDM Mining V 724 iMetal Res V 94 IMPACT Silver V 912 O 197 Impala Platnm* 73 Imperial Metal* O 365 Imperial Metal T 117 Inca One Gold* O Q 206 Inception Mng* V 99 Independence G Indico Res V 167 Indigo Expl V 986 Inspiration Mg 201 Intact Gold V 116 Integra Gold V 5957 Integra Gold* O 805 Inter-Rock Mnl V 112 Intigold Mines V 618 Intl Lithium V 851 Intl Montoro V 611 Intl Tower Hil* X 1474 188 T Intl Tower Hil Intrepid Pots* N 45185 INV Metals T 187 Inventus Mg V 2087 InZinc Mining V 161 InZinc Mining* O 201 O 72 Ireland* Ironside Res V 120 38 Itoco Mg Corp* O O 685 Ivanhoe Mines* Ivanhoe Mines T 6957 Jaguar Mng* O 225 Jaguar Mng V 3900 229 James Rvr Coal* O Jasper Mng V 32 V 124 Jet Gold Joshua Gold* O 196 O 43 Kaizen Discvry* Kaminak Gold* O 531 Kaminak Gold V 1690 Karmin Expl V 20 Karnalyte Res T 106 Karoo Expl V 9 Kennady Diam V 339 Kerr Mines* O 313 Kerr Mines T 803 Khalkos Expl V 201 Khan Res 490 Kingsmen Res* O 4 112862 Kinross Gold* N Kinross Gold T 48189 254 Kirkland Lk Gd* O Kirkland Lk Gd T 4890 Kiska Metals V 586 Klondex Mns T 1601 Klondike Gold V 73 Klondike Gold* O 27 Klondike Silv* O 8 Klondike Silv V 318 Knick Expl V 501 V 1152 Kombat Copper V 39 Komet Resource Kootenay Silvr V 479 KWG Res* O 84 KWG Res 1521

0.11 0.18 + 0.01 0.28 0.18 0.17 1.50 3.20 + 0.01 3.55 3.70 3.05 1.15 2.40 + 0.03 2.60 2.77 2.26 0.05 0.06 - 0.01 0.11 0.07 0.06 0.03 0.04 - 0.00 0.25 0.04 0.03 0.03 0.06 - 0.02 0.08 0.07 0.05 0.05 0.09 - 0.00 0.14 0.09 0.09 0.04 0.08 + 0.02 0.11 0.08 0.07 0.07 0.11 + 0.02 0.14 0.12 0.09 0.03 0.05 - 0.02 0.10 0.06 0.04 0.11 0.27 + 0.01 0.30 0.30 0.23 1.45 3.00 + 1.00 5.96 3.05 2.11 4.20 0.00 4.06 + 0.13 10.96 2.81 5.81 4.85 5.28 + 0.09 13.33 3.92 0.07 0.06 0.06 + 0.00 0.22 0.06 0.05 0.12 - 0.02 0.35 0.14 0.08 0.06 0.09 + 0.01 0.11 0.09 0.08 0.02 0.06 + 0.02 0.16 0.06 0.04 0.01 0.02 + 0.01 0.02 0.03 0.02 0.03 0.05 + 0.01 0.05 0.05 0.03 0.03 0.30 - 0.03 0.35 0.33 0.28 0.23 0.41 + 0.02 0.43 0.44 0.38 0.18 0.31 + 0.02 0.32 0.35 0.28 0.01 0.04 + 0.01 0.07 0.07 0.02 0.07 0.10 + 0.03 0.32 0.10 0.07 0.02 0.07 + 0.01 0.09 0.08 0.07 0.03 0.04 + 0.01 0.10 0.04 0.03 0.37 0.26 0.33 + 0.06 0.42 0.18 0.49 0.35 0.46 + 0.10 0.57 0.26 1.56 0.65 1.27 - 0.95 13.92 0.65 0.08 0.16 + 0.02 0.20 0.16 0.14 0.01 0.05 + 0.02 0.11 0.05 0.04 0.04 0.06 - 0.01 0.14 0.08 0.05 0.03 0.04 + 0.01 0.13 0.05 0.00 0.15 0.32 + 0.02 0.51 0.32 0.25 0.02 0.02 - 0.01 0.35 0.04 0.02 0.20 0.20 0.20 - 0.05 1.10 0.13 0.36 0.60 + 0.10 1.08 0.63 0.49 0.53 0.81 + 0.13 1.36 0.84 0.66 0.07 0.18 + 0.04 0.36 0.21 0.00 0.12 0.25 + 0.06 0.45 0.27 0.17 0.02 0.01 0.01 - 0.00 0.07 0.01 0.02 0.05 + 0.02 0.07 0.05 0.00 0.03 0.06 + 0.03 0.11 0.06 0.04 0.05 0.04 - 0.10 0.30 0.14 0.04 0.06 0.10 + 0.02 0.25 0.10 0.08 0.47 0.92 + 0.03 0.95 0.98 0.87 0.61 1.23 + 0.01 1.28 1.30 1.16 0.15 0.25 + 0.03 0.40 0.25 0.22 0.52 0.80 - 0.01 1.33 0.94 0.80 0.01 0.01 - 0.01 0.02 0.01 0.00 2.35 3.00 + 0.25 5.95 3.00 2.71 0.01 0.06 + 0.01 0.14 0.07 0.00 0.02 0.09 + 0.01 0.20 0.09 0.08 0.05 0.08 - 0.01 0.12 0.09 0.08 0.34 0.47 + 0.03 0.80 0.50 0.41 0.02 0.04 - 0.02 0.07 0.07 0.04 1.31 2.99 + 0.09 3.36 3.20 2.82 1.79 3.98 + 0.07 4.63 4.29 3.78 6.61 5.86 6.50 + 0.63 6.44 3.12 8.88 7.93 8.61 + 0.73 8.68 4.49 0.01 0.03 - 0.01 0.06 0.03 0.02 2.30 3.85 + 0.27 3.90 4.04 3.47 0.08 0.16 - 0.01 0.22 0.16 0.15 0.06 0.12 + 0.00 0.17 0.12 0.12 0.01 0.02 + 0.01 0.02 0.02 0.01 0.01 0.03 + 0.01 0.05 0.03 0.02 0.01 0.03 + 0.01 0.03 0.03 0.02 0.02 0.09 + 0.03 0.11 0.09 0.07 0.26 0.35 - 0.01 0.54 0.37 0.34 0.17 0.26 + 0.01 0.56 0.27 0.24 0.00 0.01 + 0.00 0.03 0.02 0.01 0.01 0.03 - 0.01 0.03 0.03 0.02

I-J-K

L Labdr Iron Mns* O

282

0.01

0.00 0.01

0.01

0.01 0.00

2016-03-08 6:51 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 14–20, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Labrador Iron T 2274 Lake Shore Gld* X 2954 Lake Shore Gld T 20944 Lancaster Cap V 14 V 102 Lara Expl Largo Res V 428 Largo Res* O 113 41 Latin Am Mnls V LeadFX Inc T 7 Legend Gold V 4318 Lepanto Con Mg* O 538 582 Levon Res Ltd T 92 Levon Res Ltd * O Lexam VG Gold T 862 Lexam VG Gold* O 402 Li3 Energy* O 43 Liberty Star* Q 6110 Lincoln Mng V 183 Lion One Mtls V 181 91 Lion One Mtls* O Lithium Corp* O 498 V 1350 Lithium X Egy LKA Gold* O 6 Lode-Star Mg* O 78 Lomiko Mtls* O 572 Lomiko Mtls V 652 Loncor Res* O 212 Loncor Res T 955 Lone Star Gold* O 685 Lonmin plc* O 9 Lorraine Coppr V 306 482 Los Andes Copp V Lovitt Res V 352 Lucara Diam T 2952 Luna Gold* O 253 Luna Gold T 456 Lundin Gold T 149 Lundin Mng T 29754 Lupaka Gold V 929 Lydian Intl* O 91 Lynas Corp* O 786

13.22 9.65 12.00 + 2.45 17.64 6.85 1.43 1.27 1.38 + 0.08 1.40 0.69 1.91 1.72 1.82 + 0.06 1.94 0.88 0.13 0.10 0.13 + 0.01 0.15 0.04 0.42 0.35 0.41 + 0.05 0.45 0.20 0.30 0.17 0.28 + 0.11 1.34 0.11 0.23 0.12 0.23 + 0.10 1.06 0.08 0.14 0.13 0.13 - 0.01 0.90 0.05 0.21 0.00 0.21 + 0.02 2.25 0.12 0.03 0.02 0.03 + 0.01 0.11 0.02 0.01 0.00 0.00 - 0.01 0.02 0.00 0.16 0.14 0.14 - 0.02 0.32 0.09 0.11 0.10 0.11 + 0.01 0.15 0.07 0.18 0.16 0.18 + 0.01 0.23 0.05 0.14 0.12 0.14 + 0.02 0.17 0.04 0.02 0.01 0.02 + 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.00 0.05 + 0.01 0.08 0.02 0.47 0.39 0.44 + 0.01 0.60 0.17 0.34 0.29 0.34 + 0.02 0.45 0.12 0.03 0.03 0.03 - 0.00 0.06 0.02 1.30 0.85 1.19 + 0.30 1.04 0.05 0.37 0.27 0.35 + 0.06 0.55 0.10 0.03 0.03 0.03 + 0.00 0.05 0.01 0.03 0.02 0.02 - 0.00 0.06 0.02 0.04 0.03 0.03 - 0.01 0.07 0.03 0.04 0.03 0.04 + 0.01 0.13 0.01 0.05 0.03 0.04 + 0.02 0.13 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 2.56 1.28 2.42 + 1.04 233.10 0.55 0.05 0.04 0.05 + 0.01 0.15 0.04 0.10 0.07 0.10 + 0.01 0.23 0.05 0.05 0.03 0.05 + 0.02 0.05 0.02 2.60 2.43 2.49 + 0.06 2.59 1.42 0.10 0.08 0.10 + 0.01 0.25 0.02 0.13 0.11 0.13 + 0.02 0.32 0.03 4.21 3.93 4.03 + 0.07 4.30 3.46 4.59 3.66 4.29 + 0.57 6.46 2.98 0.15 0.08 0.13 + 0.05 0.16 0.04 0.22 0.19 0.21 - 0.01 0.48 0.13 0.06 0.05 0.06 - 0.01 0.10 0.02

M MAG Silver* X 1514 7.98 6.93 7.79 + 0.77 8.45 5.57 T 1972 10.69 9.29 10.37 + 0.87 11.42 6.90 MAG Silver Magellan Mnrls V 2850 0.08 0.06 0.07 + 0.01 0.08 0.03 O 939 0.06 0.05 0.06 + 0.01 0.07 0.02 Magellan Mnrls* Majescor Res V 17 0.04 0.03 0.04 - 0.01 0.06 0.02 Majestic Gold V 336 0.10 0.09 0.09 - 0.01 0.12 0.04 Malbex Res V 41 0.30 0.00 0.30 + 0.04 0.55 0.05 Mandalay Res T 2127 0.90 0.85 0.87 - 0.01 0.99 0.59 0.03 - 0.01 0.04 0.02 Manitou Gold V 350 0.04 0.03 Manson Creek V 498 0.02 0.02 0.02 + 0.01 0.03 0.01 Marathon Gold T 647 0.30 0.24 0.26 + 0.02 0.35 0.11 0.02 + 0.01 0.02 0.01 Marifil Mines V 497 0.02 0.01 Maritime Res V 558 0.13 0.13 0.13 - 0.03 0.24 0.08 Marlin Gold* O 22 0.39 0.32 0.38 + 0.08 0.73 0.10 Marlin Gold V 122 0.50 0.38 0.49 + 0.04 1.09 0.15 MartinMarietta* N 4113 150.10 142.07 147.85 + 5.65 178.67 108.31 Mason Graphite* O 33 0.42 0.34 0.38 + 0.04 0.50 0.21 Mason Graphite V 616 0.57 0.47 0.54 + 0.08 0.63 0.30 V 4 0.40 0.38 0.40 + 0.08 0.49 0.17 Matachewan Con Matamec Expl V 559 0.03 0.03 0.03 + 0.01 0.06 0.02 Maudore Mnrls* O 179 0.01 0.00 0.01 - 0.00 0.01 0.00 0.18 + 0.03 0.27 0.12 Mawson Res* O 17 0.18 0.15 Mawson Res T 117 0.25 0.20 0.24 + 0.03 0.30 0.15 Mawson West T 1159 0.02 0.01 0.01 - 0.01 0.08 0.01 Maya Gold &Sil V 520 0.15 0.12 0.15 + 0.01 0.30 0.10 McEwen Mng* N 11069 2.13 1.68 1.91 + 0.09 1.95 0.65 2.56 + 0.10 2.62 0.84 McEwen Mng T 1494 2.84 2.26 Meadow Bay Gd* O 55 0.05 0.04 0.04 - 0.01 0.23 0.04 N 1230 2.07 1.74 1.88 + 0.12 3.76 1.23 Mechel* Medallion Res V 949 0.04 0.03 0.04 - 0.01 0.07 0.01 Medallion Res* O 167 0.03 0.02 0.03 + 0.01 0.05 0.01 Medgold Res V 222 0.08 0.06 0.08 + 0.02 0.20 0.05 Medinah Mnrls* O 13940 0.02 0.01 0.02 - 0.00 0.04 0.01 O 277 0.09 0.06 0.09 + 0.03 0.11 0.04 Mega Uranium* Mega Uranium T 6974 0.12 0.09 0.11 + 0.03 0.14 0.05 Megastar Dev V 222 0.05 0.00 0.05 + 0.02 0.05 0.02 Melior Res V 331 0.02 0.02 0.02 + 0.01 0.10 0.01 Menika Mining V 2154 0.15 0.12 0.14 + 0.01 0.15 0.05 Merrex Gold* O 23 0.18 0.16 0.18 + 0.02 0.20 0.08 Metalex Vent V 255 0.07 0.06 0.06 - 0.01 0.12 0.04 Metalore Res T 3 1.80 0.00 1.75 + 0.06 3.72 1.26 Metals Creek V 2000 0.19 0.10 0.12 - 0.04 0.21 0.05 Metals Creek* O 55 0.12 0.09 0.09 - 0.05 0.14 0.05 Metals X* O 1 0.71 0.69 0.69 - 0.02 1.21 0.69 Mexus Gold* O 9626 0.01 0.01 0.01 + 0.00 0.03 0.00 Midas Gold* O 1782 0.30 0.27 0.29 + 0.00 0.40 0.16 0.10 - 0.03 0.13 0.05 Midasco Cap V 70 0.13 0.10 Midnight Sun V 63 0.20 0.13 0.15 - 0.05 0.24 0.08 Midway Gold* O 255 0.01 0.00 0.00 - 0.00 0.67 0.00 Millrock Res* O 71 0.17 0.16 0.17 - 0.00 0.26 0.11 Millrock Res V 157 0.24 0.22 0.23 + 0.02 0.35 0.15 0.06 - 0.01 0.16 0.01 Millstream Min V 23 0.07 0.00 Minaurum Gold V 734 0.10 0.08 0.10 + 0.03 0.10 0.04 0.29 + 0.01 0.40 0.10 Minco Gold* X 616 0.32 0.26 Minco Gold T 29 0.43 0.38 0.39 + 0.04 0.49 0.12 Minco Silver T 510 0.64 0.55 0.61 + 0.03 0.65 0.32 Minco Silver* O 141 0.48 0.41 0.46 - 0.01 0.54 0.26 Mindoro Res V 342 0.01 0.01 0.01 - 0.01 0.03 0.01 13 0.03 0.00 0.03 + 0.03 0.03 0.00 Minecorp Egy * O Minecorp Egy V 367 0.06 0.04 0.06 + 0.03 0.10 0.01 Minera Alamos V 8 0.11 0.00 0.11 + 0.02 0.15 0.06 Mineral Mtn* O 77 0.02 0.01 0.01 - 0.01 0.05 0.01 Mineral Mtn V 106 0.04 0.03 0.04 + 0.01 0.06 0.02 MineralRite* O 2005 0.00 0.00 0.00 - 0.00 0.00 0.00 Mines Manage* X 466 0.56 0.48 0.49 - 0.01 0.74 0.11 Mines Manage T 88 0.76 0.65 0.65 - 0.09 0.94 0.17 Minnova Corp V 388 0.43 0.30 0.42 - 0.02 0.48 0.18 Miranda Gold V 133 0.09 0.08 0.08 - 0.01 0.11 0.06 Mirasol Res V 266 1.20 1.05 1.20 + 0.15 1.19 0.72 Mitsui M’g* O 22 8.19 7.75 8.19 + 0.38 14.63 6.85 Mkango Res V 3343 0.03 0.02 0.03 + 0.01 0.09 0.01 Molycorp* O 3990 0.04 0.03 0.03 - 0.00 1.15 0.02 Monarques Res V 150 0.10 0.09 0.10 + 0.01 0.13 0.06 Moneta Porcpn T 1735 0.20 0.16 0.19 + 0.02 0.20 0.05 Moneta Porcpn* O 273 0.15 0.12 0.15 + 0.04 0.15 0.04 Montan Mg V 765 0.03 0.02 0.02 - 0.01 0.26 0.02 Montero Mg&Ex V 56 0.03 0.02 0.03 + 0.01 0.06 0.01 Monument Mng V 454 0.15 0.13 0.14 - 0.01 0.16 0.08 Mosaic* N 33675 29.82 26.33 29.61 + 2.79 51.97 22.02 Mountain Boy* O 250 0.02 0.02 0.02 + 0.01 0.02 0.00 Mountain Prov T 354 5.30 4.86 5.16 + 0.27 5.46 3.38 D 311 3.96 3.61 3.87 + 0.23 4.40 2.47 Mountain Prov* Mundoro Cap V 112 0.09 0.07 0.07 - 0.02 0.12 0.04 Musgrove Mnls V 48 0.30 0.20 0.20 - 0.13 0.33 0.04 Myson Group* O 198 0.01 0.01 0.01 - 0.00 0.18 0.01

N-O NACCO Ind* N 127 Namibia Rare E* O 37 Namibia Rare E T 41 Napier Vent V 73 Natural Res Pt* N 767 Nautilus Mnrls* O 473 Nemaska Lith V 4420 Nemaska Lith* O 122 Nevada Clean M* O 56 Nevada Copper T 294 Nevada Egy Mtl V 871 Nevada Expl * O 151 Nevada Expl V 166 Nevada Iron* O 1 Nevada Sunrise V 1125 Nevada Sunrise* O 161 Nevada Zinc V 397 Nevsun Res* X 1636 Nevsun Res T 1871 New Carolin Gd V 4554 New Colombia* O 242 New Destiny Mg V 558 New Dimen Res V 42 New Dimen Res* O 1 New Gold* O 51 New Gold* X 22777 New Gold T 11125 New Guinea Gld* O 537 New Jersey Mng* O 200 New Milln Iron* O 98 New Milln Iron T 500 New Nadina V 341 New Oroperu V 67 New World Res V 19 Newlox Gold 332 Newmarket Gold* O 297 Newmarket Gold T 6119 Newmont Mng* N 50938 Newport Expl V 374 Nexgen Energy V 14226 Nexgen Energy* O 634 Next Gen Mtls 203 Nexus Gold V 4460 NGEx Res* O 7 NGEx Res T 535 Nickel One Res V 97 Nicola Mg Inc V 769

March 14 Pgs 8 9.indd 9

52.00 46.49 48.25 - 2.50 62.96 40.04 0.05 0.03 0.03 - 0.02 0.18 0.03 0.07 0.05 0.07 + 0.01 0.20 0.04 0.24 0.19 0.24 + 0.05 0.35 0.11 11.83 7.72 11.25 + 3.44 80.00 5.00 0.17 0.15 0.15 + 0.00 0.43 0.12 0.49 0.40 0.48 + 0.08 0.48 0.15 0.38 0.30 0.36 + 0.06 0.36 0.13 0.02 0.02 0.02 - 0.00 0.05 0.00 0.80 0.50 0.77 + 0.24 2.03 0.45 0.22 0.20 0.22 + 0.01 0.22 0.02 0.27 0.23 0.25 + 0.01 0.61 0.08 0.36 0.32 0.33 + 0.01 0.94 0.05 0.05 0.05 0.05 + 0.04 0.19 0.01 0.24 0.19 0.20 + 0.02 0.38 0.13 0.18 0.14 0.17 + 0.03 0.31 0.09 0.36 0.30 0.35 + 0.06 0.37 0.19 3.59 3.23 3.48 + 0.21 4.36 2.27 4.79 4.37 4.65 + 0.23 5.35 3.27 0.10 0.08 0.10 + 0.02 0.10 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.01 0.01 0.01 - 0.01 0.03 0.01 0.07 0.05 0.07 + 0.02 0.09 0.04 0.03 0.03 0.03 - 0.00 0.06 0.03 0.09 0.06 0.08 + 0.02 0.52 0.03 3.93 3.20 3.74 + 0.58 4.03 1.76 5.25 4.30 5.00 + 0.75 5.04 2.52 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.08 0.10 + 0.01 0.12 0.02 0.06 0.06 0.06 + 0.02 0.16 0.03 0.13 0.07 0.10 + 0.03 0.24 0.05 0.01 0.01 0.01 - 0.10 0.30 0.05 0.38 0.00 0.36 - 0.04 0.40 0.07 0.04 0.00 0.04 + 0.02 0.12 0.01 0.03 0.00 0.03 + 0.01 0.08 0.02 1.69 1.38 1.59 + 0.21 2.45 0.61 2.25 1.87 2.12 + 0.24 2.23 0.80 27.98 25.08 26.11 + 0.76 27.90 15.39 0.28 0.22 0.28 + 0.06 0.49 0.19 1.30 0.93 1.28 + 0.30 1.28 0.40 0.97 0.70 0.97 + 0.27 0.94 0.34 0.18 0.11 0.16 - 0.02 0.18 0.01 0.08 0.05 0.07 + 0.03 0.14 0.04 0.51 0.42 0.51 + 0.09 0.85 0.37 0.73 0.00 0.73 + 0.10 1.09 0.44 0.15 0.10 0.15 + 0.05 0.12 0.10 0.10 0.07 0.09 + 0.02 0.15 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nicola Mg Inc* O 133 Nighthawk Gold V 332 Niocorp Dev* O 294 Niogold Mng* O 45 Niogold Mng V 1067 Nippon Dragon V 223 Noble Metal Gr V 223 Noka Res* O 27 Noka Res V 2134 Noranda Alum* O 860 Nord Res* O 52 Noront Res V 4318 North Am Nickl* O 26 North Am Pall T 28 North Am Pall* O 21 North Arrow Mn V 191 Northair Silvr V 1095 Northern Uran V 511 Northisle C&G V 1671 Northn Empire V 45 Northquest V 488 Norvista Cap V 242 Nouveau Monde V 91 NovaCopper* X 677 NovaCopper T 97 NovaGold Res T 2765 NovaGold Res* X 10146 Novo Res* O 252 Novo Res V 314 Nrthn Freegold V 279 Nrthn Freegold* O 37 Nrthn Graphite* O 183 Nrthn Graphite V 771 Nrthn Lion V 16 127 Nrthn Mnrls &E* O Nrthn Sun V 3 Nrthn Superior V 731 Nrthn Vertex V 3890 NSGold V 16 NSX Silver V 106 Nthn Dynasty* X 664 Nthn Dynasty T 1045 NuLegacy Gold V 826 NuLegacy Gold* O 477 Nunavik Nickel V 9 NV Gold V 361 NX Uranium* O 86 O.T. Mining* O 43 OceanaGold T 15046 OceanaGold* O 5 41 Oceanic Iron O V Oceanus Res V 149 Odin Mng & Exp V 31 Odin Mng & Exp* O 13 Olivut Res* O 76 Olivut Res V 89 Orbite Tech T 7785 Orbite Tech* O 155 Orca Gold V 789 Orca Gold* O 77 Orefinders Res V 1645 Oremex Silver* O 52 Orex Expl V 224 Orezone Gold* O 188 Orezone Gold V 736 Orla Mng Ltd V 220 75 Oro East Mg* Q Oroco Res V 516 Oroco Res* O 364 Orocobre T 192 Oroplata Res* Q 20 Orosur Mng T 281 Orsu Metals T 3803 Orsu Metals* O 1 Orvana Mnrls T 1189 Orvana Mnrls* O 107 Osisko Gold T 3680 Otis Gold* O 414 OZ Minerals* O 3

0.08 0.05 0.07 + 0.02 0.08 0.03 0.14 0.10 0.12 + 0.03 0.28 0.04 0.63 0.58 0.60 + 0.01 1.51 0.37 0.32 0.31 0.32 + 0.02 0.33 0.18 0.44 0.42 0.44 + 0.02 0.46 0.24 0.09 0.08 0.08 + 0.01 0.15 0.03 0.01 0.01 0.01 + 0.01 0.01 0.01 0.05 0.05 0.05 - 0.00 0.21 0.02 0.07 0.06 0.07 + 0.02 0.26 0.03 0.06 0.04 0.05 - 0.00 24.71 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.42 0.33 0.34 - 0.13 0.67 0.28 0.06 0.06 0.06 - 0.00 0.21 0.06 5.90 5.03 5.73 + 0.48 148.00 3.85 4.31 3.77 4.25 + 0.45 119.20 2.71 0.24 0.21 0.21 - 0.02 1.34 0.15 0.11 0.09 0.10 + 0.01 0.11 0.04 0.02 0.02 0.02 - 0.01 0.09 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.12 0.00 0.12 + 0.02 0.15 0.06 0.23 0.22 0.23 + 0.01 0.32 0.07 0.12 0.11 0.12 + 0.02 0.16 0.08 0.16 0.13 0.16 - 0.01 0.24 0.08 0.49 0.30 0.47 + 0.16 0.74 0.15 0.67 0.43 0.60 + 0.16 0.93 0.20 7.05 6.33 6.69 + 0.21 6.95 3.42 5.29 4.70 5.02 + 0.21 5.07 2.65 0.75 0.58 0.65 + 0.05 0.76 0.29 0.99 0.76 0.85 + 0.03 0.99 0.40 0.10 0.00 0.10 + 0.03 0.10 0.04 0.08 0.05 0.08 + 0.03 0.07 0.02 0.18 0.14 0.15 - 0.04 0.68 0.12 0.24 0.20 0.22 - 0.03 0.81 0.16 0.09 0.00 0.09 + 0.04 0.16 0.03 0.03 0.02 0.02 - 0.01 0.14 0.02 0.07 0.00 0.05 - 0.03 0.30 0.04 0.03 0.02 0.03 + 0.01 0.04 0.01 0.32 0.29 0.31 - 0.02 0.40 0.09 0.06 0.05 0.06 + 0.01 0.08 0.03 0.07 0.06 0.07 + 0.01 0.07 0.02 0.37 0.31 0.34 - 0.01 0.53 0.20 0.48 0.42 0.45 + 0.02 0.67 0.28 0.14 0.12 0.14 + 0.02 0.17 0.08 0.11 0.09 0.11 + 0.02 0.14 0.06 0.05 0.05 0.05 + 0.01 0.12 0.03 0.01 0.01 0.01 + 0.01 0.08 0.01 0.02 0.01 0.02 + 0.01 0.17 0.01 0.06 0.00 0.06 + 0.01 0.14 0.03 4.18 3.47 3.76 + 0.17 4.01 1.79 2.96 2.56 2.95 + 0.30 2.91 1.43 0.13 0.12 0.12 - 0.01 0.26 0.08 0.34 0.27 0.32 + 0.02 0.35 0.14 0.44 0.00 0.44 + 0.04 0.47 0.21 0.34 0.31 0.31 + 0.03 0.40 0.17 0.09 0.07 0.07 - 0.01 0.14 0.05 0.12 0.09 0.12 + 0.01 0.17 0.08 0.32 0.29 0.31 + 0.02 0.53 0.20 0.22 0.00 0.22 + 0.01 0.40 0.16 0.20 0.15 0.20 + 0.02 0.40 0.12 0.16 0.12 0.16 + 0.04 0.32 0.08 0.02 0.01 0.02 + 0.01 0.03 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.02 0.02 0.02 + 0.01 0.03 0.01 0.35 0.28 0.33 + 0.03 0.47 0.16 0.47 0.38 0.45 + 0.03 0.59 0.22 0.14 0.12 0.13 + 0.01 0.32 0.06 0.02 0.01 0.01 - 0.01 0.06 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.02 0.02 0.02 + 0.00 0.05 0.01 2.42 2.24 2.38 + 0.09 2.79 1.33 0.45 0.40 0.45 + 0.04 0.43 0.35 0.15 0.14 0.14 + 0.01 0.19 0.10 0.02 0.01 0.02 + 0.01 0.06 0.01 0.01 0.01 0.01 + 0.00 0.03 0.01 0.22 0.15 0.20 + 0.04 0.42 0.11 0.16 0.11 0.16 + 0.03 0.33 0.07 14.50 13.50 13.95 + 0.05 18.64 12.39 0.12 0.08 0.11 + 0.00 0.12 0.01 4.19 0.00 4.19 + 1.30 3.88 2.29

Pac Booker Min V 19 24 Pac Booker Min* X Pac Imperial V 10 Pac Ridge Expl V 132 Pac Topaz V 5 Paladin Energy T 1087 Palisades Vent V 254 Pan Am Silver* D 15990 Pan Am Silver T 3205 O 383 Pancontinental* Panex Res* O 391 Pangolin Dia V 412 Panoro Mnrls V 157 Para Resources V 226 X 173 Paramount Gold* Paringa Res* O 74 Pasinex Res 421 Passprt Potash* O 131 Patriot Gold* O 134 Peabody Enrgy* N 22310 Peat Res V 204 Pelangio Expl V 608 Pele Mtn Res* O 110 Pele Mtn Res V 1921 Peregrine Diam T 2607 Perseus Mng T 3811 Pershimco Res V 1462 Pershing Gold* D 1133 Pershing Res* O 102 Peruvian Prc M V 11 Petaquilla Mnl* O 807 Petra Diamonds* O 15 Philex Mng* O 11 Phoenix Metals* O 19 Pilot Gold T 2037 Pilot Gold* O 732 Pine Cliff En T 2862 Pinecrest Res V 457 Pitchblack Res* O 2 PJX Res V 14 Plateau Uran* O 8 Platinum Gp Mt* X 1476 Platinum Gp Mt T 678 Polaris Mater T 108 PolyMet Mng* X 6672 PolyMet Mng T 606 Portage Res* O 162 Potash Corp SK* N 41545 Potash Corp SK T 14468 Potash Ridge T 417 Precipitate Gl V 695 Premier Gold M T 3832 Premium Expl* O 60 Pretium Res* N 10627 Pretium Res T 5106 Prima Diamond V 1694 Prime Meridian V 454 Primero Mng T 8802 Primero Mng* N 4839 Probe Metals V 190 Probe Metals* O 66 Prospect Glob* O 150 Prosper Gold V 235 Pure Energy V 4311 Pure Energy* O 3026 Pure Gold Mg V 2740 Pure Gold Mg* O 315 Pure Nickel V 435 Pure Nickel* O 48 Purepoint Uran V 7453 Q-Gold Res V 27 QMX Gold V 159 Quaterra Res V 771 Quaterra Res* O 230 Quest Rare Mnl T 1613 Quest Rare Mnl* O 75

1.50 1.31 1.38 - 0.12 6.70 1.02 1.20 1.02 1.04 - 0.09 5.39 1.02 0.01 0.01 0.01 - 0.01 0.01 0.01 0.04 0.03 0.03 - 0.02 0.04 0.02 0.10 0.10 0.10 - 0.02 0.13 0.06 0.21 0.18 0.19 + 0.01 0.40 0.15 0.06 0.05 0.06 + 0.01 0.20 0.03 10.89 9.07 10.14 + 0.52 10.44 5.38 14.55 12.16 13.50 + 0.48 13.66 7.77 0.01 0.00 0.00 - 0.00 0.01 0.00 0.01 0.00 0.00 - 0.00 0.01 0.00 0.03 0.00 0.03 - 0.01 0.07 0.03 0.16 0.13 0.14 - 0.01 0.25 0.09 0.18 0.13 0.13 - 0.01 0.18 0.06 1.24 1.19 1.22 + 0.01 1.85 0.87 0.18 0.14 0.14 - 0.04 0.25 0.17 0.07 0.05 0.07 + 0.02 0.13 0.03 0.00 0.00 0.00 + 0.00 0.27 0.00 0.08 0.06 0.07 + 0.01 0.13 0.02 4.10 2.22 3.39 + 1.18 101.10 2.01 0.06 0.04 0.06 + 0.02 0.05 0.01 0.05 0.04 0.04 + 0.01 0.05 0.01 0.04 0.03 0.04 + 0.00 0.07 0.02 0.05 0.04 0.05 + 0.01 0.09 0.03 0.14 0.11 0.14 + 0.03 0.39 0.09 0.40 0.36 0.37 - 0.01 0.48 0.23 0.17 0.13 0.17 + 0.03 0.26 0.09 3.94 3.48 3.67 - 0.08 7.38 3.04 0.03 0.03 0.03 - 0.00 0.15 0.03 0.06 0.00 0.06 + 0.01 0.14 0.03 0.01 0.00 0.01 + 0.01 0.04 0.00 1.32 1.32 1.32 + 0.10 2.87 0.86 0.15 0.10 0.12 + 0.07 0.18 0.05 0.00 0.00 0.00 - 0.00 0.04 0.00 0.50 0.42 0.48 + 0.06 1.03 0.22 0.38 0.31 0.34 + 0.04 0.83 0.16 0.79 0.72 0.74 - 0.03 1.65 0.72 0.09 0.08 0.09 - 0.01 0.50 0.03 0.04 0.00 0.03 - 0.00 0.08 0.03 0.17 0.17 0.17 - 0.02 0.29 0.13 0.26 0.00 0.26 - 0.01 0.57 0.18 2.74 1.86 2.64 + 0.65 5.99 0.96 3.67 2.51 3.54 + 0.87 7.40 1.35 1.75 1.55 1.65 + 0.06 2.83 1.12 1.28 0.84 1.00 + 0.14 1.37 0.55 1.71 1.15 1.36 + 0.21 1.75 0.76 0.00 0.00 0.00 - 0.00 0.01 0.00 18.89 16.79 18.44 + 1.34 35.49 14.64 25.33 22.70 24.55 + 1.43 44.16 20.65 0.07 0.06 0.06 - 0.01 0.10 0.03 0.14 0.10 0.13 + 0.03 0.19 0.06 3.45 3.08 3.26 + 0.07 3.52 1.65 0.01 0.00 0.01 + 0.01 0.02 0.00 5.83 4.48 5.63 + 1.16 6.95 4.00 7.79 6.01 7.51 + 1.47 9.00 5.57 0.03 0.02 0.03 + 0.01 0.04 0.01 0.11 0.10 0.11 + 0.01 0.19 0.05 2.50 2.02 2.25 + 0.07 5.51 1.94 1.88 1.51 1.68 + 0.07 4.49 1.41 0.50 0.45 0.49 + 0.02 0.56 0.33 0.38 0.34 0.38 + 0.03 0.42 0.24 0.11 0.00 0.08 - 0.03 0.19 0.02 0.17 0.15 0.16 + 0.03 0.17 0.06 0.78 0.60 0.78 + 0.19 1.03 0.18 0.59 0.44 0.58 + 0.14 0.77 0.17 0.27 0.22 0.25 + 0.01 0.30 0.07 0.20 0.16 0.18 + 0.00 0.24 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.11 0.08 0.10 + 0.02 0.11 0.02 0.04 0.00 0.04 - 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.06 0.05 0.06 - 0.01 0.15 0.04 0.05 0.04 0.05 + 0.01 0.11 0.03 0.10 0.07 0.10 + 0.03 0.23 0.06 0.06 0.04 0.06 + 0.02 0.18 0.03

Rackla Mtls V 176 Rackla Mtls* O 15 Radisson Mng V 123 Rainy Mtn Royl V 31 Rambler Ml &Mg V 1027 Randgold Res* O 1 Randgold Res* D 4819 Rare Element* O 1138 Razor Res* O 179 RB Energy* O 864 Red Eagle Mng* O 119 Red Eagle Mng V 1540 Red Hut V 213 Red Pine Expl V 1140 Red Tiger Mng V 34 Redhawk Res T 72 Redstar Gold V 1429 Regulus Res V 40

0.09 0.06 0.09 + 0.02 0.13 0.05 0.07 0.00 0.07 + 0.02 0.07 0.03 0.16 0.14 0.16 + 0.02 0.15 0.09 0.05 0.03 0.05 + 0.02 0.09 0.02 0.08 0.06 0.07 + 0.02 0.27 0.05 93.01 0.00 93.00 + 1.85 91.15 57.00 94.77 87.33 91.01 + 1.63 93.67 54.88 0.28 0.11 0.13 - 0.04 0.89 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 + 0.00 0.03 0.00 0.32 0.26 0.32 + 0.05 0.30 0.18 0.43 0.36 0.39 + 0.02 0.42 0.25 0.02 0.00 0.02 - 0.01 0.06 0.01 0.08 0.05 0.07 + 0.01 0.15 0.03 0.04 0.00 0.04 + 0.01 0.08 0.02 0.05 0.00 0.05 + 0.01 0.10 0.04 0.07 0.05 0.06 + 0.02 0.07 0.03 0.40 0.33 0.40 + 0.04 0.54 0.19

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Reliance Res V 10 Reliant Gold V 97 Renaissance Gd* O 71 Renforth Res 657 Reservoir Mnls* O 75 Reservoir Mnls V 209 Resolve Vent V 74 Revelo Res V 60 Revolver Res V 119 Richmont Mines* X 2202 Richmont Mines T 1699 Rio Novo Gold T 1071 Rio Silver V 15 Rio Tinto* N 31864 Rio Tinto* O 4 Riverside Res* O 57 Riverside Res V 179 RJK Explor V 1358 Robex Res V 1615 Rock Tech Lith V 166 Rockcliff Cop V 578 Rockhaven Res V 824 Rockshield Cap 3083 Rockwell Diam* O 155 Rogue Res* O 30 Rogue Res V 615 Romios Gold Rs* O 810 265 Romios Gold Rs V RosCan Mrnls V 520 Rosita Mg Corp* O 204 353 Rosita Mg Corp V Roxgold V 1715 Royal Gold T 82 Royal Gold* D 6898 Royal Nickel T 1967 Royal Nickel* O 67 Royal Rd Mnrls V 1038 RTG Mining T 116 Rubicon Mnrls* O 3039 Rubicon Mnrls T 3050 Rugby Mng V 114 Rupert Res V 180 Rusoro Mng* O 150 Rusoro Mng V 443 Rye Patch Gold* O 286 Rye Patch Gold V 1313

0.04 0.03 0.04 + 0.01 0.08 0.03 0.03 0.03 0.03 - 0.01 0.04 0.01 0.14 0.00 0.14 + 0.00 0.21 0.08 0.03 0.02 0.03 + 0.02 0.05 0.01 3.66 2.97 3.66 + 0.70 3.88 2.25 4.94 4.03 4.89 + 0.89 4.87 3.26 0.12 0.07 0.12 + 0.05 0.07 0.04 0.08 0.00 0.08 + 0.01 0.14 0.04 0.12 0.07 0.10 + 0.04 0.23 0.06 5.39 4.45 5.05 + 0.48 5.00 2.27 7.19 5.99 6.75 + 0.54 6.90 3.14 0.12 0.09 0.12 + 0.03 0.16 0.07 0.02 0.02 0.02 - 0.01 0.03 0.01 30.86 26.07 30.32 + 4.80 47.37 21.89 30.37 25.30 30.37 + 5.07 47.23 21.90 0.20 0.18 0.20 + 0.01 0.24 0.08 0.26 0.24 0.26 + 0.01 0.30 0.12 0.01 0.01 0.01 - 0.01 0.01 0.01 0.09 0.06 0.09 + 0.03 0.10 0.05 0.08 0.00 0.08 + 0.01 0.10 0.03 0.04 0.03 0.04 + 0.02 0.06 0.02 0.21 0.17 0.17 - 0.02 0.24 0.10 0.09 0.06 0.09 + 0.03 0.14 0.06 0.07 0.07 0.07 - 0.01 0.20 0.07 0.07 0.00 0.07 - 0.01 0.10 0.01 0.10 0.09 0.10 + 0.01 0.16 0.02 0.04 0.00 0.04 + 0.01 0.04 0.01 0.05 0.03 0.05 + 0.02 0.06 0.02 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.03 0.03 + 0.00 0.05 0.01 0.04 0.03 0.03 - 0.01 0.10 0.01 0.87 0.80 0.85 + 0.01 0.96 0.51 68.76 59.75 64.59 + 3.95 87.00 35.46 51.40 44.32 48.50 + 3.68 69.92 24.68 0.21 0.18 0.20 + 0.01 0.59 0.12 0.16 0.13 0.16 + 0.01 0.39 0.10 0.08 0.05 0.06 + 0.01 0.35 0.04 0.44 0.40 0.44 + 0.04 0.75 0.33 0.05 0.04 0.04 + 0.00 1.23 0.01 0.06 0.05 0.06 + 0.01 1.49 0.02 0.08 0.06 0.06 - 0.02 0.18 0.03 0.08 0.07 0.08 + 0.02 0.08 0.02 0.10 0.00 0.08 - 0.01 0.10 0.02 0.13 0.10 0.10 - 0.01 0.15 0.03 0.14 0.12 0.14 + 0.01 0.16 0.08 0.19 0.16 0.19 + 0.03 0.20 0.11

Sabina Gd&Slvr* O 403 Sabina Gd&Slvr T 3439 Saint Jean V 148 Salazar Res V 61 Salt Lake Pot* O 13 Sama Res V 74 Samex Mng* O 80 San Gold Corp* O 7313 San Marco Res V 70 Sanatana Diam V 239 Sandspring Res V 1822 Sandspring Res* O 398 T 2198 Sandstorm Gold Sandstorm Gold* X 6318 Santa Fe Gold* O 1110 V 768 Santa Fe Mtls Santacruz Silv V 990 Sarama Res V 113 Sarissa Res* O 2049 Satori Res V 31 Saturn Mnrls V 1104 Savary Gold V 986 248 Scandium Int M* O Scorpio Gold V 1756 Seabridge Gld T 1012 Seabridge Gld* N 9818 Search Mnls V 65 Searchlight* O 233 Sego Res V 117 Select Sands V 73 T 9284 Semafo Sennen Potash V 298 Serabi Gold T 601 SGX Res V 169 Sherritt Intl T 8406 Sibanye Gold* N 11181 Sibanye Gold* O 6 Sidney Resrces* O 798 Sienna Res* O 40 Sienna Res V 491 V 63 Sierra Iron Or Sierra Iron Or* O 6 Sierra Metals* O 2 Sierra Metals T 27 Sierra Res* O 57172 T 1278 Silver Bear Rs Silver Bull Re* O 2053 Silver Bull Re T 197 Silver Mtn Mns V 2505 Silver Predatr V 38 Silver Range V 159 Silver Shield 128 Silver Spruce V 824 Silver Std Res T 2812 Silver Std Res* D 10545 Silver Wheaton T 8620 Silver Wheaton* N 29059 Silvercorp Met T 2752 Silvercorp Met* O 1364 V 21 Silvermet SinoCoking Cl* D 431 Sirios Res* O 204 Sirios Res V 1938 Skeena Res V 1271 Skeena Res* O 50 Sky Ridge V 140 Slam Explor V 26 SnipGold V 125 Solitario Ex&R T 65 Solitario Ex&R* X 405 Sonoro Mtls V 105 Source Gold* O 43319 Southern Arc V 35 Southern Arc* O 5 Southern Copp* N 9382 Southern Silvr V 303 Southern Silvr* O 97 SouthGobi Res T 3 Spanish Mtn Gd* O 313 Sparton Res V 557 Sparton Res* O 60 Spearmint Res V 1029 Sphinx Res V 548 Spruce Ridge R V 1449 22 Squire Mg Ltd St Augustine T 199 Stakeholdr Gld* O 41 Stakeholdr Gld V 79 Standard Graph V 320 O 302 Standard Graph* Standard Metal* O 74 Stans Energy V 837 Stans Energy* O 26 Star Minerals 154 Starcore Intl T 117 Stelmine Can V 420 Stillwater Mg* N 10186 Stina Res 137 Stockport Expl V 41 Stornoway Diam T 5811 Strategic Metl V 650 Strategic Res V 107 Stratton Res V 22 Strikepoint Gd V 45 Strongbow Expl V 10 Sulliden Mng T 699 Sultan Mnrls V 2714 Suncor Energy T 22433 Suncor Energy* N 24376 Sunridge Gold* O 371 Sunridge Gold V 2120 Superior Coppr V 3902 Sutter Gold V 104

0.74 0.65 0.73 + 0.04 0.73 0.24 1.00 0.87 0.96 + 0.01 0.99 0.30 0.06 0.05 0.05 + 0.01 0.06 0.01 0.08 0.00 0.08 + 0.01 0.14 0.03 0.29 0.25 0.29 + 0.04 0.29 0.03 0.11 0.10 0.10 - 0.01 0.24 0.09 0.00 0.00 0.00 + 0.00 0.00 0.00 0.01 0.00 0.00 - 0.00 0.03 0.00 0.05 0.04 0.05 + 0.02 0.06 0.02 0.01 0.01 0.01 + 0.01 0.06 0.01 0.36 0.28 0.33 + 0.02 0.44 0.11 0.26 0.21 0.24 + 0.02 0.27 0.08 4.68 3.76 4.16 + 0.33 4.69 2.82 3.49 2.80 3.11 + 0.26 3.78 1.94 0.00 0.00 0.00 - 0.00 0.18 0.00 0.02 0.02 0.02 + 0.01 0.03 0.01 0.26 0.21 0.23 + 0.01 0.34 0.09 0.08 0.07 0.08 + 0.01 0.11 0.05 0.00 0.00 0.00 - 0.00 0.02 0.00 0.06 0.05 0.05 + 0.01 0.15 0.02 0.16 0.15 0.15 - 0.02 0.24 0.09 0.06 0.05 0.05 - 0.01 0.11 0.02 0.10 0.09 0.09 - 0.00 0.17 0.06 0.11 0.09 0.10 + 0.01 0.15 0.05 17.08 11.86 14.99 + 3.25 15.12 4.34 12.77 8.80 11.26 + 2.58 11.32 3.31 0.08 0.06 0.06 + 0.01 0.13 0.03 0.10 0.08 0.09 - 0.01 0.44 0.06 0.02 0.02 0.02 + 0.01 0.03 0.01 0.30 0.24 0.25 - 0.06 0.50 0.12 5.20 4.41 4.66 + 0.15 4.96 2.46 0.16 0.10 0.16 + 0.06 0.60 0.10 0.07 0.06 0.07 + 0.01 0.10 0.04 0.02 0.02 0.02 - 0.01 0.03 0.01 1.07 0.73 0.99 + 0.26 3.24 0.53 15.02 13.33 13.93 + 0.41 14.67 4.07 3.65 3.61 3.61 - 0.04 3.65 1.28 0.01 0.01 0.01 - 0.00 0.02 0.00 0.05 0.00 0.04 - 0.01 0.05 0.01 0.07 0.05 0.06 + 0.01 0.07 0.01 0.37 0.27 0.27 - 0.08 0.62 0.18 0.28 0.24 0.25 - 0.03 0.42 0.13 0.89 0.00 0.89 + 0.09 1.29 0.69 1.17 1.02 1.17 + 0.15 1.60 0.84 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.06 0.08 + 0.01 0.10 0.02 0.07 0.04 0.06 + 0.01 0.14 0.02 0.09 0.06 0.08 + 0.02 0.17 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.06 0.05 0.06 + 0.01 0.11 0.02 0.04 0.03 0.04 - 0.01 0.08 0.01 0.08 0.06 0.08 + 0.02 0.10 0.02 9.70 7.42 8.93 + 1.46 10.56 5.22 7.25 5.53 6.69 + 1.15 8.02 3.66 23.65 20.10 21.95 + 1.10 25.69 14.51 17.73 14.98 16.47 + 1.06 21.12 10.04 1.38 1.03 1.18 + 0.03 1.69 0.60 1.03 0.76 0.92 + 0.08 1.41 0.41 0.03 0.00 0.03 - 0.01 0.10 0.02 0.38 0.28 0.33 - 0.03 2.79 0.26 0.12 0.00 0.11 - 0.01 0.12 0.07 0.16 0.15 0.16 + 0.01 0.17 0.07 0.09 0.07 0.08 + 0.02 0.13 0.06 0.05 0.05 0.05 - 0.00 0.09 0.04 0.23 0.16 0.20 - 0.03 0.23 0.03 0.06 0.00 0.05 - 0.01 0.12 0.01 0.07 0.06 0.07 - 0.01 0.10 0.04 0.70 0.00 0.69 - 0.03 1.07 0.57 0.55 0.48 0.52 - 0.02 0.91 0.40 0.06 0.05 0.06 + 0.01 0.16 0.04 0.00 0.00 0.00 - 0.00 2.00 0.00 0.27 0.00 0.27 + 0.01 1.00 0.24 0.19 0.00 0.19 + 0.01 0.29 0.17 27.68 23.80 26.94 + 2.31 33.31 21.55 0.05 0.04 0.05 + 0.01 0.13 0.03 0.04 0.03 0.04 + 0.01 0.08 0.02 0.28 0.28 0.28 - 0.03 1.25 0.21 0.04 0.04 0.04 - 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.04 0.03 0.03 + 0.00 0.04 0.00 0.04 0.02 0.03 + 0.01 0.05 0.01 0.02 0.00 0.02 + 0.01 0.05 0.01 0.02 0.01 0.02 + 0.01 0.06 0.01 0.11 0.10 0.11 + 0.01 0.11 0.10 0.11 0.10 0.11 + 0.01 0.16 0.07 0.36 0.30 0.33 + 0.04 0.36 0.05 0.49 0.33 0.45 + 0.03 1.85 0.04 0.05 0.03 0.04 - 0.01 0.05 0.01 0.04 0.02 0.04 + 0.01 0.04 0.00 0.15 0.00 0.14 + 0.02 1.15 0.01 0.02 0.02 0.02 + 0.01 0.13 0.01 0.01 0.01 0.01 - 0.00 0.09 0.01 0.03 0.01 0.02 - 0.01 0.04 0.01 0.48 0.39 0.43 + 0.04 0.66 0.25 0.01 0.01 0.01 + 0.01 0.04 0.01 10.26 7.96 9.64 + 1.68 15.07 4.99 0.14 0.12 0.12 - 0.01 0.19 0.11 0.03 0.02 0.02 - 0.01 0.04 0.01 1.03 0.91 1.02 + 0.13 0.98 0.54 0.42 0.32 0.39 + 0.08 0.38 0.24 0.03 0.02 0.03 + 0.01 0.04 0.02 0.17 0.10 0.17 + 0.04 0.17 0.06 0.12 0.00 0.11 - 0.01 0.75 0.05 0.09 0.00 0.09 + 0.02 0.18 0.05 0.31 0.27 0.30 + 0.02 0.31 0.19 0.02 0.01 0.01 + 0.01 0.02 0.01 34.00 32.49 33.75 + 0.86 40.93 27.32 25.51 24.08 25.32 + 0.97 33.49 18.71 0.23 0.22 0.23 + 0.02 0.23 0.10 0.32 0.29 0.31 + 0.02 0.32 0.13 0.03 0.03 0.03 + 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.10 0.04

Tahoe Res T 6144 Tahoe Res* N 8144 Tajiri Res V 454 Taku Gold 116 Taku Gold* O 267 Talon Metals T 192 Tamino Mnrls* O 3194 Tanzania Rlty T 239 Tanzania Rlty* X 1009 Taranis Res V 71 Tarku Res V 227 Tartisan Res 544 Taseko Mines* X 1501 Taseko Mines T 1456

13.25 11.77 12.65 + 0.63 18.65 9.45 9.90 8.78 9.49 + 0.60 15.14 6.48 0.02 0.01 0.02 + 0.01 0.03 0.01 0.05 0.00 0.05 + 0.02 0.10 0.02 0.02 0.01 0.02 + 0.00 0.05 0.01 0.12 0.10 0.12 - 0.01 0.20 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.44 0.34 0.36 - 0.08 0.77 0.24 0.34 0.25 0.26 - 0.07 0.65 0.17 0.08 0.07 0.08 + 0.01 0.15 0.03 0.02 0.02 0.02 - 0.01 0.18 0.02 0.04 0.03 0.03 - 0.01 0.06 0.01 0.48 0.35 0.46 + 0.11 0.93 0.23 0.64 0.46 0.62 + 0.15 1.13 0.35

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tasman Metals* O 241 Tasman Metals V 400 Teck Res T 21 Teck Res* N 60433 Teck Res T 38551 TECO Enrgy* N 21323 Telson Res * O 5 Tembo Gold V 487 Teranga Gold T 8360 Teras Res V 318 Terraco Gold V 3022 Terrax Mnrls* O 28 Terrax Mnrls V 318 Terreno Res V 444 Teryl Res Corp* O 72 Teslin Rvr Res V 805 Tesoro Mnrls V 317 Teuton Res* O 61 Texas Rare Eth* O 71 Themac Res V 193 Thompson Creek* O 2694 Thompson Creek T 2963 Thor Expl V 411 50 Thunder Mtn Gd* O Till Capital V 2 Till Capital* D 5 Timberline Res V 63 Timberline Res* O 284 Timmins Gold T 6488 Timmins Gold* X 4231 Tinka Res* O 162 Tinka Res V 228 Tintina Mines V 103 Tintina Res V 132 Tintina Res* O 102 Tirex Res* O 105 Tirex Res V 109 Titanium Corp V 341 T 174 TMAC Resources TNR Gold V 892 TomaGold V 1751 Torex Gold* O 1538 Torex Gold T 15706 Transition Mtl V 302 Treasury Metal T 420 Trecora Res* N 221 Tres-Or Res V 65 Trevali Mng T 19828 Trevali Mng* O 998 V 139 Tri Origin Exp Trident Gold V 1091 TriMetals Mng T 327 TriMetals Mng* O 83 O 94 TriMetals Mng* Trinity Res* O 36 Trinity Valley V 202 Trio Resources* O 276 TriStar Gold V 313 TriStar Gold* O 141 Troy Res* O 11 Troymet Expl V 3009 True Gold Mng V 23974 True Gold Mng* O 3125 472 True North Gem V Trueclaim Expl V 94 Tsodilo Res V 23 18168 Turquoise HIl* N Turquoise HIl T 7969 TVI Pacific* O 30 TVI Pacific T 350 Typhoon Expl V 77

0.11 0.07 0.09 + 0.00 0.73 0.06 0.15 0.10 0.14 + 0.02 0.86 0.09 13.65 10.64 13.24 + 2.54 22.01 5.69 8.21 5.61 7.71 + 2.05 16.20 2.56 10.95 7.60 10.26 + 2.60 20.14 3.65 27.54 27.37 27.50 + 0.04 27.54 17.60 0.09 0.09 0.09 + 0.01 0.09 0.07 0.03 0.01 0.03 + 0.02 0.04 0.01 0.65 0.55 0.58 + 0.02 0.82 0.38 0.08 0.06 0.07 - 0.01 0.12 0.03 0.11 0.09 0.11 + 0.01 0.16 0.07 0.29 0.28 0.29 + 0.01 0.34 0.17 0.39 0.34 0.35 - 0.03 0.43 0.23 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.00 0.01 + 0.00 0.01 0.00 0.28 0.24 0.26 + 0.02 0.34 0.20 0.02 0.02 0.02 + 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.09 0.03 0.18 0.16 0.17 + 0.01 0.44 0.10 0.05 0.03 0.05 + 0.02 0.03 0.01 0.34 0.25 0.33 + 0.08 1.49 0.07 0.45 0.33 0.44 + 0.10 1.86 0.16 0.05 0.05 0.05 - 0.01 0.06 0.02 0.06 0.06 0.06 + 0.00 0.15 0.02 4.42 0.00 4.20 - 0.55 8.00 3.89 3.49 0.00 3.39 - 0.01 6.23 2.85 0.21 0.00 0.20 - 0.01 0.91 0.16 0.16 0.12 0.12 - 0.00 0.78 0.08 0.37 0.30 0.34 + 0.03 1.05 0.11 0.28 0.22 0.25 + 0.02 0.84 0.07 0.15 0.12 0.13 - 0.01 0.27 0.07 0.20 0.00 0.16 - 0.02 0.33 0.09 0.12 0.07 0.12 + 0.05 0.12 0.02 0.09 0.08 0.09 + 0.01 0.09 0.04 0.07 0.04 0.07 + 0.02 0.07 0.03 0.09 0.08 0.09 + 0.01 0.21 0.05 0.12 0.10 0.11 + 0.01 0.26 0.07 0.54 0.45 0.47 - 0.03 1.55 0.38 8.80 7.20 8.80 + 1.70 7.89 4.85 0.03 0.02 0.03 + 0.01 0.03 0.01 0.06 0.05 0.06 + 0.02 0.10 0.04 1.38 1.22 1.22 - 0.07 1.37 0.67 1.84 1.60 1.62 - 0.11 1.83 0.85 0.13 0.11 0.13 + 0.02 0.20 0.06 0.46 0.41 0.45 + 0.01 0.62 0.25 10.00 9.25 9.58 - 0.20 16.50 8.75 0.03 0.02 0.03 - 0.01 0.03 0.01 0.43 0.33 0.38 - 0.06 1.24 0.25 0.32 0.25 0.29 - 0.03 1.03 0.18 0.04 0.00 0.03 - 0.01 0.04 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.13 0.11 0.13 + 0.02 0.14 0.04 0.10 0.07 0.10 + 0.01 0.10 0.03 0.10 0.08 0.09 - 0.00 0.15 0.06 0.10 0.00 0.10 - 0.03 1.50 0.08 0.02 0.00 0.01 - 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.25 0.22 0.25 + 0.03 0.23 0.10 0.17 0.16 0.17 + 0.01 0.17 0.09 0.31 0.30 0.31 + 0.01 0.40 0.13 0.02 0.02 0.02 + 0.01 0.03 0.01 0.52 0.38 0.48 + 0.10 0.41 0.15 0.38 0.27 0.36 + 0.09 0.31 0.11 0.17 0.16 0.16 - 0.01 0.20 0.07 0.02 0.02 0.02 + 0.01 0.05 0.02 0.59 0.59 0.59 - 0.09 1.15 0.57 2.70 2.18 2.62 + 0.39 4.74 1.55 3.61 2.95 3.51 + 0.50 5.80 2.30 0.00 0.00 0.00 - 0.01 0.02 0.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.05 0.04 0.05 + 0.01 0.07 0.03

U3O8 Corp* O 119 U3O8 Corp T 267 UC Res* O 2 446 Ucore Rare Mtl* O Ucore Rare Mtl V 1068 UEX Corp T 3092 Ultra Lithium V 49 Umbral Enrgy 1650 V 355 Unigold Unigold* O 54 United Res Hdg* O 13 United Silver* O 178 United States A* X 248 United States S* N 165984 Unity Energy V 238 Ur-Energy T 608 Ur-Energy* X 2437 Uracan Res V 681 Uracan Res* O 131 Uragold Bay Rs V 3680 Uranium Energy* X 2848 Uranium Res* D 1132 Uranium Valley V 21 Uravan Mnrls V 117 US Energy* D 321 US Precious M* O 6033 16 US Rare Earths* O US Tungsten* O 161 N 95273 Vale* Vale* N 275055 ValGold Res V 6321 Vanadiumcorp V 314 Vanadiumcorp* O 142 Vanstar Mng Rs V 310 Vantex Res V 522 Vatic Vent V 230 Vedanta* N 1910 Vena Res* O 30 T 290 Vena Res Vendetta Mng V 764 Verde Potash T 314 Victoria Gold V 3694 Victory Nickel 15 Victory Res V 68 Viscount Mng V 281 Visible Gold M V 2959 Vista Gold* X 2083 Vista Gold T 132 VVC Expl V 152

0.02 0.00 0.02 + 0.00 0.06 0.01 0.03 0.00 0.03 + 0.01 0.07 0.02 0.00 0.00 0.00 - 0.00 0.03 0.00 0.30 0.25 0.30 + 0.05 0.35 0.15 0.40 0.34 0.39 + 0.05 0.44 0.20 0.21 0.16 0.20 + 0.04 0.32 0.11 0.13 0.00 0.12 - 0.01 0.30 0.05 0.02 0.02 0.02 - 0.01 0.07 0.02 0.30 0.18 0.30 + 0.11 0.24 0.08 0.22 0.15 0.22 + 0.07 0.16 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 0.33 0.22 0.27 + 0.00 1.65 0.16 14.54 8.41 12.98 + 4.67 27.68 6.15 0.28 0.22 0.24 - 0.01 0.28 0.05 0.71 0.61 0.68 + 0.06 1.35 0.60 0.53 0.45 0.52 + 0.07 1.08 0.44 0.04 0.04 0.04 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.03 0.00 0.12 0.10 0.11 + 0.01 0.12 0.02 0.96 0.84 0.92 + 0.03 3.00 0.65 0.24 0.22 0.22 - 0.01 1.69 0.20 0.06 0.00 0.06 + 0.02 0.10 0.04 0.08 0.06 0.07 + 0.01 0.17 0.04 0.39 0.34 0.37 + 0.02 1.40 0.11 0.03 0.02 0.02 - 0.00 0.20 0.00 0.10 0.10 0.10 + 0.00 5.00 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 3.34 2.06 3.12 + 1.10 6.82 1.55 4.87 2.80 4.38 + 1.67 9.14 2.13 0.07 0.01 0.04 + 0.02 0.07 0.01 0.04 0.04 0.04 + 0.01 0.05 0.02 0.03 0.03 0.03 + 0.01 0.04 0.01 0.05 0.05 0.05 + 0.01 0.08 0.03 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 5.50 4.08 5.37 + 1.24 14.43 3.52 0.01 0.01 0.01 - 0.00 0.05 0.00 0.03 0.02 0.03 + 0.01 0.08 0.01 0.07 0.05 0.06 + 0.02 0.17 0.05 0.20 0.14 0.15 + 0.01 0.49 0.13 0.24 0.21 0.23 + 0.02 0.24 0.11 0.02 0.00 0.02 - 0.02 0.04 0.02 0.05 0.05 0.05 - 0.01 0.09 0.02 0.58 0.49 0.50 - 0.06 0.63 0.16 0.04 0.03 0.03 - 0.01 0.21 0.02 0.58 0.45 0.52 + 0.05 0.53 0.24 0.77 0.58 0.68 + 0.09 0.71 0.31 0.02 0.02 0.02 - 0.01 0.04 0.01

WAI Cap Invest V 274 Walker River V 1412 Wallbridge Mng T 415 Walter Energy* O 2508 Wealth Mnrls V 204 Wellgreen Plat* O 190 Wescan Gldflds V 12 Wesdome Gold T 2599 West Af Res V 236 West High Yld V 37 West Kirkland V 540 West Melville V 48 West Red Lake 1948 West Red Lake* O 265 O 6 Western Areas* Western Copper* X 437 T 778 Western Copper Western Lith* O 911 Western Lith T 1758 87 Western Pac Rs* O Western Potash T 1026 Western Uran 49 Westhaven Vent V 120 Westminster Rs V 112 Westmoreland* D 2052 White Metal Rs V 43 White Mtn Engy* O 41 Wildcat Expl* O 2 Wildcat Expl V 131 Williams Creek V 124 Xander Res V 164 Xiana Mng* O 75 Ximen Mng* O 23 XLI Tech Inc* O 2222 Xtra-Gold Res* O 29 Xtra-Gold Res T 38 Yamana Gold T 35225 Yamana Gold* N 76473 Yanzhou Coal* N 170 Yellowhead Mng T 251 Yorbeau Res T 1014 Zadar Vent V 1224 Zazu Metals* O 123 Zazu Metals T 269 Zenyatta Vent V 269 Zenyatta Vent* O 20 Zephyr Mnls V 26 Zimtu Capital V 18 Zincore Mtls V 173

0.04 0.02 0.04 + 0.01 0.10 0.02 0.07 0.06 0.07 + 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.06 0.02 0.04 0.03 0.03 - 0.00 0.90 0.01 0.26 0.23 0.26 - 0.02 0.42 0.14 0.17 0.14 0.17 + 0.01 0.48 0.12 0.03 0.00 0.03 + 0.01 0.06 0.01 1.74 1.62 1.68 + 0.01 1.75 0.89 0.10 0.00 0.09 + 0.03 0.10 0.05 0.25 0.18 0.21 - 0.05 0.43 0.17 0.09 0.07 0.08 + 0.01 0.09 0.04 0.05 0.05 0.05 - 0.14 0.60 0.10 0.13 0.04 0.10 + 0.07 0.13 0.01 0.05 0.03 0.05 + 0.02 0.05 0.02 1.81 1.81 1.81 + 0.48 2.96 1.28 0.42 0.34 0.41 + 0.05 0.55 0.20 0.55 0.46 0.55 + 0.07 0.69 0.29 0.31 0.27 0.31 + 0.04 0.81 0.18 0.42 0.37 0.41 + 0.04 0.96 0.26 0.01 0.00 0.00 - 0.00 0.06 0.00 0.19 0.18 0.19 + 0.01 0.34 0.17 2.40 1.60 2.40 + 0.48 5.00 1.40 0.08 0.07 0.07 - 0.02 0.09 0.04 0.05 0.04 0.05 - 0.01 0.10 0.01 7.94 5.55 7.57 + 1.85 30.92 3.44 0.03 0.02 0.03 + 0.01 0.04 0.02 0.10 0.08 0.10 + 0.02 0.46 0.07 0.04 0.04 0.04 - 0.01 0.05 0.02 0.09 0.07 0.08 - 0.01 0.09 0.02 0.02 0.02 0.02 + 0.01 0.07 0.01 0.38 0.34 0.34 - 0.01 0.41 0.18 0.04 0.02 0.02 - 0.03 0.07 0.02 0.05 0.04 0.05 + 0.01 0.13 0.01 1.09 0.77 0.91 - 0.15 1.50 0.14 0.33 0.31 0.31 - 0.02 0.33 0.12 0.45 0.40 0.45 + 0.03 0.44 0.18 4.37 3.61 4.12 + 0.45 5.28 1.89 3.28 2.67 3.09 + 0.38 4.22 1.38 4.97 4.30 4.93 + 0.73 12.24 3.66 0.05 0.04 0.05 + 0.01 0.18 0.03 0.08 0.07 0.08 + 0.01 0.17 0.04 0.09 0.08 0.09 - 0.01 0.13 0.01 0.19 0.15 0.19 + 0.04 0.24 0.08 0.28 0.20 0.25 + 0.05 0.30 0.09 0.87 0.76 0.85 + 0.04 2.61 0.63 0.64 0.60 0.64 + 0.06 2.20 0.47 0.18 0.14 0.18 + 0.03 0.20 0.08 0.18 0.00 0.18 + 0.01 0.34 0.12 0.01 0.01 0.01 + 0.01 0.04 0.01

U-V

W-Z

2016-03-08 6:51 PM

WWW.NORTHERNMINER.COM

MARCH 14–20, 2016 / THE NORTHERN MINER

BID-ASK — FEBRUARY 29–MARCH 4, 2016 STOCK

12-MONTH

EXC BID ASK LAST HIGH

Zinco Mng V 37 Capital One C Acme Res Corp V Acme Res Inc V Advance Gold V Afrasia Mnls V Aftermath Slvr V Agave Silver V Alberta Star V Alderon Iron* X Allante Potash V Alpha Nat Res* N Altair Gold V Altitude Res V Amanta Res V Amer Vanadium V AMI Res V Anthem United V APAC Res Inc C Appalaches Res V Appia Energy C Arch Coal* N Archon Mineral V Arco Res V Arcturus Vents V Ardonblue Vent V Argentum Silvr V Arrowhead Gold C Artha Res V Asbestos Corp V Asher Res V Asia Now Res V Astar Mnls V Astorius Res V Ateba Res C Atlantic Ind V Atlatsa Res* X Atlatsa Res T Aurgent Gold V Austin Res V Avalon Rare Mt* X Avenira Ltd T Balto Res V Banks Island V Barker Mnrls V Barksdale Cap V Baroyeca Go&Si V BE Res V Bearclaw Cap V Bearing Res V Berkwood Res V Bethpage Cap V Big Bar Res V Big Wind Cap C Bird River Res C Blind Crk Res V Bluestone Res V Boss Power V Bravura Vent C Buccaneer Gold V Bullman Mnls V Cairo Res V Canuc Res V Cap-Ex Iron V Carrie Arran V Cascade Res V Cascadero Copp V Castle Res C Cdn Silvr Hunt V Celeste Mng V Celtic Minrls C Chantrell Vent V Chinapintza Mg V Cicada Vents V Claim Post Res V Clear Mtn Res V Cliffs Nat Res* N Clydesdale Res V CMX Gold & Sil C CNRP Mng C Compliance Egy V Conquest Res V Copper Lake Rs V Cornerstone Mt V Cougar Mnls V Crestwell Res C Cresval Cap V Cricket Res V CWN M’g Acq V Dawson Gold V Declan Res C Deveron Res V DGS Mnls C Discovery Harb V DV Res V E-Energy Vent V Eastfield Res V Ely Gold & Mnl V Emerge Res V Empire Rock V Enfield Expl C European Metal C Europn Uran Rs V Eurotin V Expedition Mng C Far Res C Finlay Minrls V Finore Mng C

0.03 0.04 0.03 0.08 0.20 2.00 0.20 0.21 0.02 0.05 0.02 0.04 0.02 0.03 0.02 0.05 0.01 0.02 0.01 0.03 0.02 0.03 0.02 0.02 ... 0.01 0.01 0.03 0.02 0.03 0.02 0.04 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.01 0.10 0.01 0.07 0.23 0.24 0.24 4.16 0.18 0.40 0.17 0.60 0.06 0.15 0.15 0.21 0.01 0.02 0.01 0.09 0.09 0.09 0.10 0.04 0.05 0.04 0.06 0.18 0.29 0.21 0.47 0.02 0.10 0.05 0.11 0.01 0.01 0.01 0.01 ... 0.01 0.05 ... ... 0.58 15.00 1.95 2.07 2.00 2.10 0.03 0.05 0.05 0.09 0.01 0.02 0.01 0.03 0.05 0.10 0.05 0.07 0.02 0.03 0.03 0.06 0.03 0.04 0.03 0.07 0.13 0.15 0.12 0.20 0.16 0.29 0.16 0.30 0.02 0.02 0.02 0.05 0.01 0.02 0.02 0.03 0.09 0.15 0.09 0.16 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.01 ... 0.02 0.01 0.01 ... ... 0.06 0.45 0.03 0.05 0.03 0.22 0.02 0.04 0.04 0.04 ... 0.01 0.01 0.02 0.08 0.17 0.09 0.40 0.10 0.14 0.10 0.13 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.17 0.01 0.01 0.01 0.01 0.01 0.04 0.01 0.02 ... 0.01 0.01 0.02 0.32 0.35 0.35 0.03 0.03 0.03 0.04 0.03 0.03 0.03 0.04 0.01 0.01 0.01 0.04 0.04 0.07 0.04 0.10 0.08 0.20 0.10 0.10 ... 0.02 0.01 0.05 0.05 0.09 0.06 0.07 0.05 0.07 0.05 0.06 0.06 0.10 0.09 0.12 0.17 0.20 0.17 0.19 0.02 0.05 0.02 0.08 0.02 0.03 0.02 0.04 0.05 0.10 0.05 0.14 0.13 0.20 0.13 0.23 0.09 0.12 0.09 0.30 0.01 0.02 0.02 0.04 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.03 0.04 0.03 0.05 0.02 0.03 0.02 0.15 0.01 0.02 0.01 0.06 ... 0.01 0.01 0.01 ... 0.01 0.01 0.06 0.09 0.06 0.15 0.01 0.01 0.01 0.02 ... 0.01 0.01 0.02 0.01 0.01 0.01 0.04 0.01 0.01 0.01 0.02 1.45 3.20 1.43 7.17 0.02 ... 0.02 0.08 0.10 0.10 0.10 0.11 ... 0.01 0.01 0.01 0.03 0.03 0.03 0.25 ... 0.01 0.01 0.01 0.03 0.04 0.04 0.09 0.01 0.01 0.01 0.04 0.05 0.06 0.05 0.15 0.12 0.13 0.13 0.16 0.04 0.06 0.06 0.06 0.01 0.04 0.01 0.04 0.12 0.20 0.13 0.50 0.12 0.15 0.12 0.15 ... 0.01 0.01 0.01 0.25 0.27 0.24 0.32 0.04 0.10 0.05 0.06 0.01 0.02 0.01 0.09 0.04 0.05 0.04 0.06 ... 0.01 0.01 0.01 0.02 0.03 0.03 0.05 0.08 0.08 0.08 0.08 0.05 0.07 0.05 0.06 0.07 0.12 0.08 0.15 0.01 0.06 0.01 0.10 ... 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.01 0.02 0.01 0.05 0.16 0.20 0.18 0.20 0.03 0.05 0.03 0.05 0.03 0.04 0.03 0.05 0.01 0.04 0.04 0.04

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0.01 0.14 0.01 0.02 0.01 0.01 0.01 0.01 0.16 0.12 0.01 0.20 0.06 0.02

Fire River Gol Firebird Res First Idaho Fort St J Nick Freeport Res G4G Res Galore Res GAR Limited Gentor Res GFM Res Giyani Gold God’s Lake Res Gold Ridge Exp Golden Brg Dev Golden Harp Golden Secret Goldstar Mnls Granite Ck Gld Gravis Energy Gray Rock Res Greatbanks Res Green Valley M Grenville Gold Greywacke Expl Hansa Res Harvest Gold HFX Holding Highvista Gold HiHo Silver Homeland Egy IGC Res Inform Res Interconnect Intl Samuel Ex Iron South Mng Jazz Res JDF Explor Inc Jet Metal Jiulian Res Jubilee Gold Kairos Cap Kenna Res Kermode Res Kestrel Gold Kitrinor Mtls La Imperial La Quinta Res Lago Dourado Lakeside Mnrls Leeta Gold Libero Mg Corp Lornex Cap Lowell Copper Lucky Mnls Mag Copper Mahdia Gold Mainstream Mnl Manado Gold Masuparia Gold Match Capital MAX Res MaxTech Vent McChip Res McLaren Res Mega Copper Mesa Expl Metallum Res Micrex Dev Midnight Star MillenMin Vent Milner Con Slv Mineral Hill Minsud Res Mitchell Res Moag Copper Monster Mng Monster Uran Montego Res Mountainstar MPH Vent Mukuba Res Natan Res Nebu Res New Klondike Newmac Res Newstrike Res Nitinat Mnls Nomad Ventures Noram Vent North Am Ptash NovX21 NQ Expl NRG Metals Nrthn Iron NSS Res Inc Nthrn Sphere Nubian Res Odyssey Res Opawica Expl Open Gold Oracle Mng Orestone Mng Organic Potash Oronova Res Otterburn Res Oxford Res Pac Cascade Pac Coal Res

0.06 0.01 0.17 0.05 0.01 0.58 1.07 0.03 0.01 0.05 0.02 0.03 0.01 0.13 0.02 0.01 0.09 0.01 0.01 0.01 0.06 0.03 0.02 0.01 0.08 0.07 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.03 0.06 0.01 0.02 0.03 0.05 0.15 0.02 0.02 0.03 0.08 0.05 0.01 0.05 0.02 0.02 0.01 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.98 0.02 0.09 0.01 0.03 0.01 0.03 0.01 0.03 0.08 0.01 0.01 0.11 0.03 0.01 0.09 0.02 0.01 0.03 0.01 0.02 0.03 0.04 0.04 0.01 0.01 0.01 0.01 0.08 0.02 0.02 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

V V V V V V V C V V V C V V V V V V C V V V V C V V V V C V V V V V V V C V V V V V V V V C V V V V V C V V C C V V V V V C V C V V V V C V V V V V C V V C C V V V V V V V V V V V V V V V C C V V V V V V C V V V V V

0.03 0.07 0.01 0.02 0.06 0.12 0.01 0.02 0.01 0.02 0.05 0.07 0.01 0.01 ... 0.05 0.02 0.02 0.02 0.11 0.08 0.09 0.05 0.10 0.01 0.04 0.08 0.12 0.04 0.08 0.06 0.08 0.01 0.02 0.01 0.02 0.01 ... 0.02 0.03 0.01 0.02 ... 0.01 0.08 0.12 0.01 ... 0.01 0.02 0.04 0.05 0.04 0.09 0.17 0.17 ... 0.01 ... 0.01 0.01 0.01 0.01 0.03 0.06 0.13 0.01 0.02 0.04 0.06 0.10 0.15 0.01 0.10 0.08 0.10 ... 0.04 0.22 2.50 0.02 0.02 0.10 0.12 ... 0.01 0.02 0.02 ... 0.01 0.01 0.05 0.01 0.02 0.05 0.07 ... 0.01 0.03 0.10 0.06 0.08 0.24 0.28 0.15 0.20 0.05 0.06 0.02 0.03 0.01 0.01 ... 0.01 0.03 0.03 0.04 0.05 0.01 0.02 0.05 0.07 0.12 0.15 0.56 0.75 0.01 0.01 0.02 0.03 0.02 0.03 0.11 0.13 0.02 0.02 0.08 0.15 0.01 0.02 0.02 0.03 0.14 0.14 0.09 0.12 0.02 0.03 ... 0.09 ... 0.01 0.03 0.05 0.06 0.11 0.09 0.13 0.07 0.08 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.07 0.07 0.03 0.04 0.05 0.07 ... 0.01 0.02 0.03 ... 0.01 0.02 0.02 0.01 0.01 0.04 0.05 0.01 0.02 ... ... 0.22 0.50 0.01 0.02 0.02 0.04 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.04 0.06 0.19 0.25 0.02 0.03 0.01 0.02 0.01 0.01

0.09 0.75 0.02 0.05 0.06 0.15 0.01 0.01 0.01 0.02 0.05 0.10 0.01 0.03 0.05 0.10 0.02 0.07 0.02 0.02 0.09 0.11 0.05 0.10 0.01 0.02 0.08 0.18 0.08 0.08 0.08 0.08 0.02 0.04 0.01 0.03 0.01 0.02 0.04 0.01 0.14 0.01 0.01 0.08 0.15 0.01 0.01 0.02 0.03 0.04 0.05 0.09 0.15 0.17 0.20 0.01 0.02 0.01 0.01 0.01 0.02 0.03 0.03 0.06 0.11 0.01 0.30 0.04 0.10 0.10 0.23 0.02 0.02 0.09 0.16 0.02 0.04 0.50 0.50 0.02 0.03 0.12 0.17 0.01 0.02 0.02 0.07 0.01 0.01 0.01 0.01 0.01 0.02 0.06 0.15 0.01 0.03 0.04 0.07 0.05 0.12 0.28 0.30 0.15 0.45 0.06 0.14 0.02 0.15 0.01 0.02 0.01 0.03 0.08 0.03 0.09 0.01 0.02 0.06 0.12 0.12 0.22 0.56 1.05 0.01 0.01 0.02 0.05 0.03 0.03 0.12 0.13 0.02 0.05 0.08 0.10 0.01 0.02 0.02 0.07 0.14 0.09 0.09 0.02 0.05 0.08 0.14 0.01 0.01 0.02 0.12 0.11 0.25 0.10 0.30 0.07 0.11 0.01 0.02 0.01 0.01 0.01 0.03 0.01 0.02 0.07 0.29 0.03 0.08 0.07 0.07 0.01 0.07 0.02 0.03 0.01 0.01 0.02 0.09 0.01 0.02 0.05 0.12 0.02 0.05 0.20 0.20 0.39 0.60 0.01 0.03 0.02 0.04 0.02 0.03 0.01 0.01 0.07 0.01 0.01 0.01 0.09 0.04 0.04 0.20 0.03 0.04 0.01 0.02 0.01 0.11

0.03 0.01 0.05 0.01 0.01 0.03 0.01 0.03 0.01 0.02 0.05 0.01 0.01 0.06 0.03 0.02 0.01 0.01 0.02 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.16 0.01 0.01 0.01 0.01 0.05 0.05 0.04 0.04 0.02 0.04 0.02 0.50 0.01 0.08 0.01 0.01 0.01 0.01 0.01 0.05 0.01 0.03 0.02 0.07 0.12 0.05 0.01 0.01 0.01 0.03 0.01 0.04 0.03 0.56 0.01 0.02 0.01 0.08 0.01 0.08 0.01 0.02 0.05 0.01 0.07 0.01 0.02 0.09 0.09 0.04 0.01 0.01 0.01 0.01 0.06 0.02 0.03 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.20 0.10 0.01 0.02 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.01

12-MONTH

STOCK

EXC BID ASK LAST HIGH LOW

Pac Potash Paget Mrnls Pan Global Res Pantheon Vent Parallel Mng Pedro Res Philippine Mtl Phoenix Gold Pitchblack Res Planet Mng Plata Latina Plate Res PNG Gold Polar Res Portex Mnrls Portofino Res Prism Res Prize Mng QMC Quantum Ml Quartz Mtn Res Rainmaker Res Rare Element* Ravencrest Res Red Oak Mg Red Rock Enrgy Regal Res Remington Res Rheingold Expl Rhyolite Res Richmond Mnls Rift Valley Rise Res Inc River Wild Exp Rodinia Lithm Rojo Res Rome Res Romulus Res Ross River Rotation Mnls Rouge Res Roughrider Exp Royal Sapphire Rubicon Mnrls* Sable Res Saville Res Savoy Vent Scavo Res Senator Mnrls SG Spirit Gold Shamrock Ent Shoshoni Gold Signal Expl Silver Fields Silver Phoenix Sniper Res SolidusGold Standard Toll Starr Peak Exp Stellar Africa Sunrise Res Sunset Cove Mg Superior Mng TAD Mineral Talmora Diamd Tantalex Res Tanzania Mnls Tawsho Mng Tearlach Res Telferscot Res Teryl Res Corp Theia Res Thunder Mtn Gd Tiger Intl Tiller Res Tolima Gold Tower Res Tri-River Vent Trigen Res Trio Gold Corp Troy Enrgy True Grit Res True Zone Res Turbo Cap Inc UC Res Universal Vent Valterra Res Vangold Res Vela Minerals Viking Gold Virginia Enrgy Volcanic Mtls Wabi Expl War Eagle Mg Waseco Res WCB Res Western Troy C Whistler Gold White Pine Res Whitemud Res Winston Res Wolfeye Res Wolverine Mnls X-Terra Res Zara Res Zena Mng

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

0.04 0.05 0.05 0.06 0.01 0.01 0.08 0.10 0.04 0.07 0.01 0.05 0.03 0.05 0.01 0.01 0.05 0.10 0.02 0.04 0.02 0.05 0.05 0.08 0.01 0.02 0.03 0.08 ... 0.01 0.06 0.09 0.07 0.10 0.01 0.02 0.01 0.02 0.02 0.02 0.13 0.19 0.11 0.16 0.01 ... 0.01 0.02 0.01 0.01 0.04 0.07 0.04 0.08 0.01 0.04 0.09 0.13 0.04 0.05 0.01 0.06 0.11 0.15 0.01 0.10 0.01 0.02 0.04 0.08 0.03 0.05 0.09 0.15 ... 0.01 0.04 0.30 0.06 0.08 0.05 0.07 0.03 0.05 ... ... 0.01 0.02 0.01 0.02 0.15 ... 0.36 0.57 0.06 0.10 0.09 0.25 ... 0.01 ... 0.01 0.01 0.04 ... 0.01 0.01 0.10 0.01 0.01 0.06 0.08 ... 0.01 0.08 0.14 0.01 0.02 0.01 0.02 0.01 0.01 ... 0.01 ... 0.01 ... 0.04 0.04 0.05 ... 0.01 0.01 0.03 0.08 0.15 0.01 0.02 0.01 0.02 0.07 0.13 0.05 ... 0.12 0.20 0.04 0.07 ... 0.01 0.01 0.02 0.03 0.06 0.03 0.04 ... 0.01 0.01 0.50 0.01 0.06 0.01 0.01 ... 0.01 0.01 0.02 0.40 0.45 ... 0.01 ... 0.01 0.03 0.08 0.01 0.01 0.06 0.07 0.04 ... 0.04 0.06 0.02 0.02 0.02 0.02 0.06 0.07 0.01 0.02 0.02 0.29 0.01 0.01 0.01 0.02 0.01 0.01 0.22 0.29 0.02 0.02 0.09 0.12 0.01 0.03 0.06 0.10

0.05 0.45 0.05 0.15 0.01 0.02 0.10 0.13 0.04 0.07 0.02 0.04 0.04 0.06 0.01 0.03 0.05 0.20 0.02 0.05 0.02 0.12 0.05 0.21 0.01 0.03 0.08 0.01 0.01 0.06 0.18 0.07 0.10 0.02 0.05 0.02 0.03 0.02 0.03 0.13 0.34 0.15 0.89 0.01 0.01 0.01 0.06 0.01 0.06 0.07 0.11 0.04 0.05 0.05 0.05 0.11 0.18 0.04 0.14 0.01 0.04 0.15 0.15 0.01 0.01 0.01 0.05 0.04 0.15 0.03 0.07 0.09 0.20 0.01 0.01 0.04 0.15 0.07 0.08 0.07 0.17 0.03 0.10 0.03 1.35 0.01 0.03 0.01 0.09 0.16 0.36 0.54 0.07 0.17 0.11 0.20 0.01 0.04 0.01 0.02 0.01 0.04 0.01 0.03 0.10 0.10 0.01 0.07 0.06 0.17 0.01 0.25 0.06 0.21 0.01 0.10 0.01 0.06 0.01 0.06 0.01 0.01 0.01 0.01 0.04 0.03 0.09 0.01 0.05 0.01 0.03 0.08 0.16 0.01 0.05 0.02 0.02 0.08 0.20 0.09 0.12 0.20 0.26 0.04 0.13 0.01 0.01 0.01 0.05 0.04 0.17 0.03 0.11 0.01 0.02 0.01 0.04 0.01 0.04 0.01 0.03 0.01 0.02 0.02 0.03 0.45 0.45 0.01 0.02 0.01 0.01 0.04 0.08 0.01 0.01 0.06 0.10 0.05 0.12 0.04 0.06 0.02 0.03 0.02 0.06 0.06 0.19 0.01 0.02 0.02 0.02 0.01 0.09 0.01 0.05 0.01 0.08 0.25 0.35 0.02 0.08 0.12 0.30 0.01 0.10 0.06 0.10

0.03 0.01 0.01 0.09 0.03 0.01 0.01 0.01 0.05 0.02 0.01 0.03 0.03 0.01 0.06 0.04 0.01 0.01 0.01 0.11 0.06 0.01 0.01 0.01 0.03 0.01 0.02 0.11 0.03 0.01 0.11 0.01 0.01 0.04 0.01 0.07 0.01 0.02 0.03 0.05 0.02 0.03 0.01 0.01 0.26 0.03 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.05 0.05 0.12 0.04 0.01 0.01 0.04 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.27 0.01 0.01 0.02 0.01 0.03 0.04 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.03 0.02 0.06 0.01 0.05

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

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GLOBAL MINING NEWS

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Continental Gold confirms robust economics for Buritica COLOMBIAN GOLD BY SALMA TARIKH

starikh@northernminer.com

newly completed feasibility study on Continental Gold’s (TSX: CNL; US-OTC: CGOOF) Buritica gold-silver project in Antioquia, Colombia, confirms strong economics for a high-grade underground mine. BMO analyst Brian Quast says the study has increased his “level of confidence” in the project’s economics. The new study envisions Buritica as a 14-year operation recovering a total of 3.5 million oz. gold and 6.4 million oz. silver. Life-of-mine production would average 253,000 oz. gold and 466,000 oz. silver annually, with higher output expected during the first five years. A 2014 preliminary economic assessment (PEA) had proposed an 18-year operation at Buritica,

| Construction decision a ‘no-brainer,’ CFO Begin says

churning out 4.8 million oz. gold and 7.1 million oz. silver. However, it included lower-grade inferred resources. The feasibility study indicates miners would process 2,100 tonnes per day from undeground, before ramping up to 3,000 tonnes per day by year three. This varies slightly from the PEA’s initial throughput of 2,000 tonnes per day and ramp up to 3,500 tonnes per day over the same time. The cost to start up the mine is pegged at US$389 million, including a US$35-million contingency. Sustaining capital costs over the mine’s life are US$272.5 million, down from US$347 million previously. This brings total estimated costs for Buritica at US$661.5 million, a 10% improvement over the PEA. The cost improvements are largely due to the drop in sustaining capital costs, as the mine life has shortened

Workers move core racks at Continental Gold’s Buritica gold-silver project in Colombia. CONTINENTAL GOLD

without the lower-grade inferred resources, Continental’s chief financial officer Paul Begin says. As a result, metal grades have increased to 8.4 grams gold per tonne and 24.3

grams silver per tonne. Estimated total cash costs are US$411 per oz. gold, minus silver credits, down US$20 per oz. from the PEA. Continental would use a conven-

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tional crushing-grinding-gravitycyanidation circuit to process the ore to produce doré. Metallurgical test work shows average gold and silver recovery rates of 94.1% and 59.9%. Despite the shorter mine life, the base-case economics are robust: Buritica boasts a 31.2% after-tax internal rate of return (IRR) and a US$860-million net present value (NPV), using a 5% discount rate and metal prices of US$1,200 per oz. gold and US$15 per oz. silver. This compares to an earlier 31.5% IRR and US$1.1-billion NPV, using similar metal-price assumptions. Payback has decreased to 2.3 years from 2.8 years. “They are actually remarkably similar in terms of the economic result,” Begin says of the two studies. “It is a much tighter study, given that it is a feasibility study … but the flowsheet and everything else is similar to what it was in the PEA, it is just all the estimates have been tightened up.” With the feasibility study checked off, Quast reckons investors will keep an eye on when the company will receive the permits needed to start construction. Continental already operates a 30-tonne-per-day underground mine at Buritica, and has applied to amend its environmental permit to incorporate the larger footprint of the proposed mine, Begin explains. Once the company receives the amended permit in 2016, it will make a construction decision, Begin says, adding this will be a “no-brainer.” Meanwhile, Continental plans to file a technical report on the feasibility study soon, followed by the results of its test stope in the second quarter. It will also work on detailed engineering. Along with the feasibility study, Continental published a maiden reserve estimate for Buritica’s two main vein systems: Veta Sur and Yaragua. The reserves total 13.7 million tonnes grading 8.4 grams gold and 24.3 grams silver per tonne for 3.71 million oz. gold and 10.72 million oz. silver. Despite the strong project economics and new reserve estimate, Quast has lowered his target price to $2.75 from $3.50 per share. “The result of this feasibility study is that our project NPV increases, but the lower share price since the last update (i.e., PEA) increases the dilution from our equity assumption,” he explains. Continental has assessed both the capital and debt markets, Begin says, noting his company plans to fund the project with equity and debt. Continental shares closed Feb. 26 at $1.57, up 9% since the feasibility study was released two days earlier. The stock, however, is down 31%, since announcing the PEA on Nov. 17, 2014. TNM

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2016-03-08 1:59 PM

GLOBAL MINING NEWS

Career Opportunities

PROFESSIONAL DIRECTORY LEGAL

THE NORTHERN MINER / MARCH 14–20, 2016

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To reserve space for your advertisement in the Professional Directory contact: Joe Crofts: 416-510-6816, Dave Chauvin: 416-510-6824 Toll free North America: 1-888-502-3456, (ext. 43729 / 43730) Fax: 416-447-7658

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Argentina strives to make up for lost time

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

Goldrock Mines’ Lindero gold project in northwest Argentina’s Salta province. GOLDROCK MINES ARGENTINA From 5

costs competitive? DM: Two years. TNM: What about the permitting process? How long does it typically take to get a production permit? DM: The problem is not the permit itself. With this brand-new government, you can get permits in a short time. The main issue is the decision of the private companies and the situation of the international markets [economic and political cycles] … we have to improve efficiency at the national and provincial level and improve the competitiveness in energy and transportation infrastructure. TNM: It was a good sign when Macri created the new Ministry of Mines and Energy, rather than keeping the responsibility for mining under or within the Ministry of Production. Do you anticipate a time when a Ministry of Mines is created, separate from the Ministry of Mines and Energy? DM: When I was offered the position of Secretary of Mines, the ministry of mining was within the Ministry of Production. So I told my minister that it was better for me, since I was only a senior consultant who was giving political opinion. I

March 14 Pgs 1 2 3 4 5 11 13 14 16.indd 13

had the chance to talk to Aranguren before he was the minister. I told him it was more reasonable for Argentina to have mining inside the Ministry of Energy, because we have much to do with the characteristics of oil and gas in regards to concessions and land access, and the relationship between the land and the landowner. So it was much more logical to stay with the big brother than inside the Ministry of Production. We have to be modest. We already have the Ministry of Energy and Mines. We are known because of our cows, steaks and agriculture. We are a country with mining, not a mining country. That’s a big difference. TNM: Is your objective to become a mining country? DM: If we divide our country in two, we have on one hand agriculture and cattle raising, and on the other hand a small part that is mining. All the population and infrastructure is in this first big part. We have to give the possibility with mining to make it more balanced. If we accomplish this, the result would be to balance our country internally and grow the mining industry to bring foreign investment to our country … in the next 20 years

we will realize whether Argentina is going to be a country that has mining or a mining country. TNM: What percentage of the gross domestic product does mining make up now? DM: One percent. TNM: What would you like that number to be 20 years from now? DM: We expect not as much as Chile or Peru, but 5% would be ideal. TNM: You were the Secretary of Mines during the heyday of mining in Argentina during the 1990s. How does it feel to be back in the same position today? DM: I never thought that after 15 years, I was going to be back in the same position. TNM: How does it feel? DM: I feel more experienced, calm and much more willing to take risks. Less scared — comfortable. TNM: Some people we have talked to here seem to think you are a very good choice for this post. DM: That’s because they know I’m open to dialogue. I don’t make unilateral decisions and I speak to everybody, and I keep my promises. The president lets me do my work and so does the minister of mines and energy. TNM: Are you going to PDAC? DM: Yes, but initially I didn’t plan to go because I was ashamed, in a

way … every time Argentina went to Canada we were always treated nicely, and the last times we went, I felt embarrassed. So I thought it was better to come back the following year with all the plans and things I have to offer, because I didn’t want to be in the position of explaining what I am going to do. I wanted to say what I have done. TNM: How would you describe Argentinians? DM: People are nice, kind, warm, friendly, and they don’t make distinctions between people coming from different cultures. We are a little bit arrogant because of the French influence. It is a country of good people, but immature. That is our biggest problem. TNM: Was it a hard decision to become Secretary of Mining again? When you were previously in charge of the file, it was in the golden years of mining in Argentina. DM: That’s why it was so difficult for me to make the decision to come back. I left in the best moment so my question was: Why come back with all this mess? What I have ahead is a lot of work and much risk, so I talked to my wife and I said: ‘It is a challenge. People believe in me, they are on my side and I cannot let them down.’ TNM

Mar 15 Mar 15 Mar 15 Mar 16 Mar 16 Mar 17 Mar 17 Mar 18 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 Mar 31 Apr 05 Apr 06 Apr 06 Apr 06 Apr 06 Apr 07 Apr 07 Apr 07 Apr 08 Apr 12 Apr 21 Apr 27 Apr 28 May 04

White Metal Resources AGS Kirkland Precious Metals AG Houston Lake Mining AG Western Potash AGS Tanzanian Royalty Exploration AGS Angkor Gold AG Mesa Exploration AG Arco Resources AGS Prima Diamond AGS Golden Dawn Minerals AG Stina Resources AGS Jazz Resources AG Rapier Gold AG First Idaho Resources AG GoGold Resources AG Champion Iron S American CuMo Mining AG Azincourt Uranium AG Castle Resources AS MPH Ventures AG Sunset Cove Mining AGS Castle Resources AS Nwt Uranium AS Western Lithium USA AG Mega Uranium AS Peregrine Diamonds AG AuRico Metals AG New Carolin Gold AGS Lake Shore Gold S McLaren Resources AS Tahoe Resources S Bluerock Ventures AG Nickel North Exploration AG Opawica Explorations AG Orex Exploration A TD Precious Metals S Big North Graphite AGS Int’l Bethlehem Mining AGS Magnum Goldcorp AGS Rock Energy AS Bitterroot Resources AGS Critical Elements AG New Gold AG Suncor Energy AG Paramount Resources AG

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

2016-03-08 6:52 PM

WWW.NORTHERNMINER.COM

MARCH 14–20, 2016 / THE NORTHERN MINER

What an HR manager can do in a downturn COMMENTARY

| Talent planning for the eventual upturn in mining

loyal. They will eassking miners to ily be able to find, or work on their be recruited away to, Hu ma n Realternative work. Mix sources strategy when that with the values of the industry horizon the remaining baby appears to hold little that is positive may apboomer group, and the pear futile. But changes workplace may become BY PAUL PITTMAN already underway in Special to The Northern Miner ripe for friction. the employment market Ne w le a d e r s h ip are going to impact on those plans, skills are going to be required. Harand when these times have passed, nessing the older cohort to share miners may be glad they did. their experience with newcomers Previous talent wars were dire, but will be an important component the industry survived with proven of this environment. Surveys show solutions. that older employees are keen to This time the circumstances are leave their legacy, and so managing different and the old solutions may a willing knowledge transfer will not be as successful. Hiring rapidly be an important leadership task in an upswing, paying well and that will contribute to productivity. shedding staff on the downturn is Mining can learn from other inalready becoming an unacceptable dustries that have already had to model. The industry was accustomed adapt workplace cultures to engage to a (mostly) ample supply of ho- generational mixes. There is enough mogenous talent, but engineering statistical data to show that happy no longer attracts enough recruits. employees are more productive and Mine schools are shuttered and cost less. They give more of their reduced graduate intakes in prior discretionary effort, are absent less downturns have created gaps in the and stay with an employer for lonsupply of succession candidates for ger. In the case of mining, we can management positions. Families are also expect two further important changing too: working spouses and areas of improvement from engaged shared parenting duties mean less employees: safety and innovation. willingness to fly in and fly out to Happiness was always assumed to mines in increasingly remote spots. be a by-product of a well-managed By the time the industry begins workplace. Now it will need to be to turn, the baby boomers — for a target, and allowing employees so long the go-to group, the “safe to have their say will be an imporhands” of the industry — will be tant component. What makes for well advanced in their exit of the a happier workplace will vary by workplace. There are nine years be- organization, site and employee fore the last of that cohort hits 65, profile. Employee surveys common but plan on that experience being in other industries will help identify less available as the window closes, needs but once asked, be prepared even as a stopgap. Several years on to act. To ask and do nothing will the golf course means that they are be viewed more poorly than not going to be out of touch and may have asking at all. Make way for a more expectations of previous salary levels, democratic workplace. making them an expensive alternaAs a consequence expect to be tive in the current environment. more transparent about the rationale Mining recruiting specialist Chris behind human resource policies. Stafford wrote recently about the Unlike baby boomers, their sucimportance of building bridges with cessors have been taught to ask why. educational establishments. That’s not to say they are going to be Graduate recruits will prove to disappointed with the answer, but be incredibly valuable, willing to an employer will need to be able to do anything, and grateful for the respond when asked. This applies to opportunity. Eventually they will all things that touch the workforce, make strong succession candidates e.g., pay, incentive allocation, leave who, with some planning, will get and job evaluation. to learn all aspects of the business. Visible equity and fairness are There are going to be fewer available going to be expected features of skills that will require a talent plan to the new workplace. Not that they identify in advance, and skills gaps aren’t present today, but explanations that will need to be filled through were less important or needed by training, recruitment or consultants. baby boomers. Motivated more by

TO ATTRACT THE BEST, EMPLOYERS WILL HAVE TO ADAPT AND RECRUITMENT WILL BECOME LESS ABOUT “FINDING,” AND MORE ABOUT “ATTRACTING.” A progressively younger workforce is going to have different workplace expectations. They could treat work as a commodity found via the Internet and fuelled by recruiters advising that longer than four years with one employer is a limiting experience. They will seek companies with strong employment brands (reputations) who can deliver what they need in terms of personal development, project experience and culture. That’s a different type of consumer than the industry has been used to. To attract the best, employers will have to adapt. Recruitment will become less about “finding” and more about “attracting.” Employees are going to be less

March 14 Pgs 1 2 3 4 5 11 13 14 16.indd 14

money, employers relied on higher compensation to recruit scarce and unproven talent. That is no longer going to be an option, and besides, it will likely undermine carefully crafted workplace equity. Salaries in the Canadian mining sector increased disproportionately to the rest of the economy during the super cycle because of an inadequate talent supply in a global industry with pay disparity. This was not the case in other industries that had to find alternate ways to motivate productivity improvement. The engagement of the workforce became an important initiative. As salaries in mining revert to more economic norms and the workplace changes, performance

incentives will need to adapt. Incentives need to directly reward performance and not comprise a discretionary “bonus” that encourages activity. Educating employees on how their work affects that of their colleagues creates a human connection and motivates collaborative endeavour. Reinforcing that with a share in the financial gains from effective collaboration could be a crucial development in improving mine performance in this new environment. Long-term incentives have reflected the slide in share prices and as a retention device their utility — which was always questionable — has been undermined further. Extensive use of stock or equivalents to preserve cash has meant that many companies have reached insider limits and no desire for extensions from shareholders.

costs and improved productivity by working towards a desirable workplace. Mining might also benefit from this model. The generational shift will be a slow transition that will create an increasing drag on performance if not addressed. Different age groups will have different expectations and getting the most from the mix will require deft leadership. Every mine will be affected by changing demographics and the impact of potentially conflicting values. Reviewing an organization’s exposure, let alone making plans, may be a bridge too far while many mining companies contemplate survival. There are bigger issues to worry about. CEOs will convince themselves that they can predict the turn and recruit the skills they need over their

is assessed and able to be part of the transaction. 3. Graduates — Even if there is no immediate role, the cost will be minimal with a huge return on investment over time. A willing, grateful employee will be acquired who will eventually form part of the succession plan. Hire at least one. 4. Leadership skills — A talent plan will project the likely extent and duration of the generational mix in the workforce. Managing a blended workforce and transferring knowledge between generations in a more democratic workplace are leadership skills that may not be available today. Do you train or hire these? 5. Engagement of the workforce — To increase productivity and reduce employment costs make employees happier. This is not how miners usually think, but other industries

Targeting engagement represents another approach to reducing turnover. This doesn’t mean that those critical to a project cannot be rewarded relative to their contribution. They must be, but within a more visible framework that recognizes what everyone else in the team already knows and consequently, what will not disturb an equitable workplace. Elliot Jacques developed the theory of felt-fair pay as part of his Requisite Management model years ago, and perhaps we are returning to a form of that. There will be recognition that the workforce’s future is tied to retention of key personnel. Emphasis will shift to rewarding contribution and not relative position to a survey. Mobile skills will not be excluded from these changes. More flexible working arrangements and family benefits will be required to accommodate young families who are asked to relocate or be apart for periods that are likely to be shorter than older cohorts were prepared to consider. Creating a place where people want to work will promote innovation and value creation. Other industries confronted with years of low salary inflation and now changing values have come to realize that a happier or engaged workforce is an alternate way to increase productivity. Incentive compensation, to be motivational in this environment, must be reinvented. The expectations of patient investors will be for lower production costs. Other industries have reduced

competitors, or that the old values are going to return when younger people feel the financial bite of more children. Some will say that their employment brands already reflect these values. If everyone thinks like that, not everyone will win. The best will not be hired — productivity advantages lost, innovation stagnated and generational conflicts undermine (no pun intended) collaboration. None of these symptoms appear on traditional financial statements, and will take time to identify and correct when everyone is busy with other things. That being the case, where is the harm in a little upfront risk mitigation? Start by assessing dependence and exposure to baby boomer employees to show the preparation that may be required and the time frame that you have. If this exercise reveals limited exposure or skills that are redundant and can be replaced by with less experience, the assessment may be complete. If more exposure is indicated a deeper HR review should commence that comprises: 1. Skills assessment — How will our skills need to change in the next five years and how will these be acquired or replaced as current employees retire? What is the timing and extent of the generational mix and the likely leadership impact? 2. Skills acquisition plan — Plan how skills will be obtained so that the process can be triggered as timing dictates — don’t leave it until needed or until everyone else starts to do the same. If acquisitions are contemplated, ensure that key talent

have found it works! What is the risk in asking your employees what they want? This is not an evangelical experience, it is a commercial activity. Monitor metrics to assess the results of any changes that you make – some may not have the desired effect, but all should be targeted at a desired outcome. 6. Reliance on pay — To attract the best skills to this new environment, build a stronger employment brand rather than throw money at candidates. Financial incentives will continue to have an important part to play, but may perhaps need to refocus to emphasise collaborative behaviour. Employees will represent the difference between exceptional and mediocre enterprise performance at a time when shareholder expectations will be high. Most companies acknowledge people as their most important asset, but times change, and so do people — in ways that may affect the workplace. Be prepared to adapt and profit. — Paul Pittman is the senior partner and founder of The Human Well (www.thehumanwell.com), a collaborative HR consulting practice located in Oakville, Ont., with clients globally that helps mining companies develop and manage expatriate programs. He previously held executive HR positions with Alcan, RJR Nabisco/Japan Tobacco, Laidlaw and Massey-Ferguson, and was the Canadian HR practice leader for Arthur Andersen. He has lived in the U.K., Canada and Switzerland, and managed pension, benefit and compensation plans globally.

2016-03-08 6:52 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / March 14-20, 2016

Senior Policy Advisor Ontario Ministry of Northern Development and Mines Ontario, Canada

Regional Sales Representative – Canadian Mining Saskatoon, Saskatchewan, Canada

Senior Project Controller MN, Ömnögovi, MN

The Senior Project Controller is responsible for the planning and perfor-

ABC Canada Technology Group requires a dynamic, organized and highly

Are you up for a challenge? If so, consider this opportunity with the Minis-

mance monitoring of a group of assigned projects, including providing

motivated team oriented regional account sales representative for our Ca-

try of Northern Development and Mines to showcase your expert knowledge

guidance to operational managers through the implementation of project

nadian mining division. The successful candidate will: Establish and main-

of policy and program development and join our team as a Senior Policy

controls processes and procedures.

tain contact with clients in the Canadian mining market to ensure a high

Advisor where you will manage contentious issues and lead the develop-

level of customer satisfaction and product support * Work together with

ment of policy and procedural frameworks and provide strategic policy

the sales team to develop annual sales plan and selling strategies for mar-

analysis and advice.

ket, aligning with company sales goals and profitability.

Engineer, Reliability Key Lake Operations, SK

Associate Director, Global Mining Management York University, Toronto, ON

Sr. Engineer, Mine McArthur River Operations, SK

Working with the maintenance engineering department, you will be

Working with the maintenance engineering department, you will be respon-

Working with the McArthur River team, you will be responsible for providing

responsible for providing greater technical focus on asset life cycle man-

sible for providing greater technical focus on asset life cycle management.

mine engineering expertise and leadership to an underground uranium mine

agement. You will work with the team to create and implement broader,

You will work with the team to create and implement broader, more effec-

site. Core duties include mine planning and scheduling, ventilation, ground

more effective maintenance techniques and identify equipment critical to

tive maintenance techniques and identify equipment critical to operation

freezing, ground control, surveying and other activities to support under-

operation and equipment with significant failure effects.

and equipment with significant failure effects.

ground development, production and construction in a geo-technically challenging environment.

VP Business Development Langley, British Columbia

Consultation Support Officer Ontario, Canada

Occupational Health & Safety Inspector – Electrical/ Mechanical Ontario, Canada

Reporting to the President, The VP, Business Development, is responsible for proactively identifying new business opportunities while managing relationships with current accounts.

Do you have electrical/mechanical mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

Financial Accountant Ontario, Canada

In this role you will source a range of materials, equipment and services,

This position will be responsible for cash management as well as playing

conduct RFQ’s/RFP’s and interact closely with internal and external stake-

an important role in the monthly reporting requirements of J.S. Redpath

holders. In your work, you will be contributing to value creation from pro-

Limited and its affiliates. The Financial Accountant analyzes key account

curement activities, acting as a service provider to our partners in Saskatch-

balances, cost allocations and ensures timely submission of monthly tax

ewan operations, as well as participating in continuous improvement of

remittances.

processes and procedures.

This high-impact opportunity leading the planning, development and management of effective and integrated client support and inspection services for the Department of Energy, Mines and Resources (EMR) would suit a strategic-minded leader and seasoned natural resource administrator looking to further his or her leadership career in a spectacular setting.

Occupational Health and Safety Inspector – Electrical/ Mechanical Ontario, Canada Do you have electrical/mechanical mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your experience and your enthusiasm for workplace health and safety to the position of Occupational Health and

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

Procurement Specialist Saskatoon, SK

The Financial Accountant is a key member of the Finance group.

Director, Compliance Monitoring & Inspections Whitehorse, YT

Are you interested in engaging and building relationships with Aboriginal communities? If so, consider joining the Mineral Exploration and Development Branch of the Ministry of Northern Development and Mines, where you will provide consultation expertise and advice through the implementation and administration of the Mining Act, regulations and policies.

Do you have surface and underground mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your underground experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Mining with the Ministry of Labour.

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

President & CEO Vancouver,BC,Canada

The President and CEO will be accountable for the overall leadership and management of the business, reporting to the Wellgreen Board of Directors. Overall responsibilities include strategic planning, business planning, financial management, leadership of a highly qualified and professional team, investor relations, corporate communications and corporate compliance.

Contracts Administrator Ontario, CA

The Administrator, Contracts reviews the RFQ/RFT documents from potential clients, providing commercial and general information for tenders in addition to providing general contract support to various Operational personnel.

Do you have surface and plant mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your surface and plant mining experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Surface Mining with the Ministry of Labour.

RECRUIT SMARTER WITH MINING JOBS The Northern Miner’s new section dedicated to recruiting in mining

EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND

Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

START RECRUITING SMARTER TODAY.

For full job details visit MINING-JOBS.NET and enter the For Online full jobReference details visit No.MINING-JOBS.NET in the search fieldand enter the Job Name in the search field

MJobs-March 14_ pg 15.indd 15

2016-03-08 1:56 PM

WWW.NORTHERNMINER.COM

MARCH 14–20, 2016 / THE NORTHERN MINER

First Quantum’s US$5B debt creates ‘material uncertainty’ COPPER

| Good production results overshadowed by repayment concerns

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

irst Quantum Minerals (TSX: FM) did little to alleviate concerns surrounding its debt position during a conference call on Feb. 19. The depth of the issue was highlighted when the company’s auditors — PwC — expressed concern with “material uncertainty … in respect to the group’s ability to comply with its debt covenants.” First Quantum is sitting on net debt of just over US$5 billion, and BMO Capital Markets recently questioned “the ability of [the company’s] legacy operations to service debt and fund development at Cobre Panama, with a spot copper price of US$2.08 per lb.” During First Quantum’s quarterly conference call president Clive Newall acknowledged the risk of a breach of covenant ratio in terms of debt financing agreements. The company is negotiating with lenders to avoid the issue, which would be the second renegotiation in the past 10 months.

“IT’S FAIR TO SAY THAT, WHILE THE MARKET SEEMS TO BE FOCUSED ALMOST EXCLUSIVELY ON AN ASSET SALE, WE ARE WORKING ON SEVERAL ALTERNATIVES.” CLIVE NEWALL PRESIDENT, FIRST QUANTUM MINERALS

“We’re keeping our lending group fully informed on developments and initiatives within the company,” Newall said. “We’ve had many discussions with them over the past few months. They are working alongside us and they’re being patient in terms of solutions. If we look at an asset sale that’s another scenario, but we’re working on many initiatives.” Notwithstanding the concern around debt levels, First Quantum has performed quite well from a production standpoint over recent quarters. The company reported increased copper production of

The pit at First Quantum Minerals’ 80%-owned Kansanshi copper mine in Zambia.

120,193 tonnes during the fourth quarter, thanks to ramp-up at its Sentinel project and better year-onyear performances at its Las Cruces, Guelb Moghrein and Kevitsa mines. The company reported an annual net loss attributable to shareholders of US$496 million, or 77¢ per share, based on sales revenues of US$2.7 billion. First Quantum’s total cost of copper production was estimated at US$2.13 per lb. in 2015, but it noted that the figure had fallen to US$1.82 per lb. by the fourth quarter. Average realized copper price for the year was pegged at US$2.43 per lb. “Our operational and cost efforts are yielding good results, and we are working on several more initiatives to be in a better position to weather an extended period of low commodity prices,” Newall said. “It’s fair to say that, while the market seems to be focused … on an asset sale, we are working on several alternatives. We will accomplish our goals with a lower debt position, and a capital structure, better suited to the development and start-up of our Cobre Panama project.” First Quantum’s debt position is largely over-leveraged due to its cash-heavy US$5-billion takeover of Inmet Mining and the Cobre Panama asset in 2013. Development costs at the Panamanian property had ballooned to US$6 billion, and the company has struggled to find the capital to get the mine across the production line. First Quantum had previously cut its capital expenditure guidance for 2016 to U$710 million, with US$390 million earmarked for Cobre Panama. The company expects

FIRST QUANTUM MINERALS

to spend nearly US$1.5 billion at the project over the next three years. “We limited cash-out flow to essential and economically attractive projects,” Newall added. “It’s important to keep the Cobre Panama development going because it’s a great project … it will be a significant earnings and cash generator when in operation.” Also clouding matters is confusion with Zambian power tariffs at the company’s Sentinel operation and doubt over when a second power line will be energized at the mine. BMO Capital Markets analyst Sasha Bukacheva notes that the additional power connection is expected during the second quarter, but production guidance of between 135,000 and 155,000 tonnes copper is “at risk.” “We remain concerned with the risks to equity value, given high debt levels and potentially high costs, and strategic consequences of deleveraging, in addition to material operating and fiscal risks to the cash-flow generation of the legacy assets,” Bukacheva wrote on Feb. 17. BMO Research recently dropped First Quantum’s price target from $8 to $3.60 per share and has a “market perform” rating on the stock. The company has traded within a 52-week window of $2.15 to $19.83, and closed at $4.58 per share at press time. First Quantum has 689 million shares outstanding for a $2.8-billion market capitalization. The company closed one of the largest equity financings in nearly a decade in mid-2015, when it issued 88.5 million shares at $16.25 for gross proceeds of $1.4 billion. TNM

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A worker in the smelter at First Quantum Minerals’ majority-owned Kansanshi copper mine in Zambia.

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2016-03-08 6:53 PM