The Northern Miner March 20 2017 Issue

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From teen prospector to PDAC president

Randgold’s Bristow on managing gold price cyclicality PDAC 2017

| CEO encourages more spending on exploration

INTERVIEW

| Glenn Mullan reflects on 40 years in the industry

BY TRISH SAYWELL tsaywell@northernminer.com

Glenn Mullan, president and CEO of Golden Valley Mines (TSXV: GZZ) and chairman of Abitibi Royalties (TSXV: RZZ), has spent the last 40 years working in the mining industry. He got his start as a prospector when he was still a teenager, and his enthusiasm for geology and remote locations has never waned.

In December, Mullan was appointed as the thirty-sixth president of the Prospectors & Developers Association of Canada (PDAC). He took time out to speak to The Northern Miner about his career and some of his ambitions as PDAC president.

The Northern Miner: Abitibi Royalties, where you serve as chairman of the board, is doing very well. Its shares have risen from a 52-week low of $3.45 in April 2016 to $9.85 at press time. What do you think accounts for this share price appreciation?

Glenn Mullan: Abitibi Royalties has unique circumstances that are different in terms of shareholder demographics. It was born from a negative experience with a hostile transaction with a predecessor company, and we didn’t want that to happen twice. So Golden Valley Mines spun it out and owns 49.3% of its shares. When you add Rob McEwen’s shares you’re at 61%, and with the Quebec Labour Funds, that shareholding moves closer to 66% of Abitibi Royalties Inc.’s shares outstanding.

The top-10 shareholders are close to owning 80% of the issued and outstanding shares, so that’s why it only trades at 4,000 shares a day. Other juniors aren’t built like that and they have much broader distribution. Abitibi Royalties was designed to enjoy a single royalty from the Malartic mine, and you See GLENN MULLAN / 14

Randgold Resources CEO Mark Bristow (third from left) underground in the Yalea mine, part of the Loulo-Gounkoto gold complex in Mali. RANDGOLD RESOUCES

BY SALMA TARIKH starikh@northernminer.com

R

andgold Resources’ (LSE: RRS; NASDAQ: GOLD) chief executive Mark Bristow gave a talk on how to create and protect shareholder value in gold mining during the March 6 keynote session at the Prospectors & Developers Association of Canada’s (PDAC) annual convention in Toronto.

Bristow argues that a company’s share price, particularly reserve per share, is the best measure of value.

He stresses the importance of investing in exploration and geologists, especially during a downturn, in order to find world-class deposits that can withstand the cyclicality of the business.

Over the past 20 years, Randgold has discovered the 7.5 million oz.

Morila deposit, 7.2 million oz. Yalea deposit and 5.9 million oz. Gounkoto deposit, all in Mali; the 4.9 million oz. Tongo deposit in Côte d’Ivoire; and the 3.7 million oz. Massawa deposit in Senegal.

Randgold — which operates its flagship Loulo-Gounkoto mining

“SADLY, THE INDUSTRY STILL DOES NOT SEEM TO LEARN FROM EXPERIENCE AND FAILS TO PLAN FOR THE FUTURE. INSTEAD OF FOCUSING ON INVESTING AND PROFITING, IT OSCILLATES CONSTANTLY BETWEEN GROWTH AND SURVIVAL.”

PM40069240

MARK BRISTOW CEO, RANDGOLD RESOURCES

complex and the Morila, Tongo and Kibali mines — notes its mines have been profitable since the first quarter of production.

The company has increased production for the sixth consecutive year in 2016, while trimming total cash costs per ounce. It recorded a 2016 profit of US$294 million, up 38% over 2015. Below are edited excerpts from Bristow’s talk.

China and the lost opportunity I want to take, as my starting point, the year 2005. As you know, this point was the start of a truly worldchanging sequence of events. China

joined the global economy. Among other things, the sheer speed and scale of China’s consequent industrialization created an unprecedented boom in commodity prices, which we now commonly refer to as the super cycle.

This was a truly unique opportunity for mining companies to create value. Instead, most companies, looking back, squandered this very opportunity. This once-in-alifetime chance was lost because, lacking proper business platforms and long-term strategies, the industry was unprepared. Instead of See RANDGOLD / 2

SURVEY: MINERS WORRY ABOUT REPLENISHING RESERVES / 23

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MARCH 20–APRIL 2, 2017 / THE NORTHERN MINER

Randgold’s Mark Bristow on managing gold price cyclicality RANDGOLD From 1

taking prudent remedial measures, everyone snatched at short-term gains — mine managers, company managers and investors alike.

This short-term approach is doomed to fail in an industry, which by its nature is long-term.

The starting point for success should always be a strategy, which has value creation as its long-term objective.

There are various ways of measuring value. Some of these can be impacted by accounting practices.

For my money the best criterion is always the share price. All shareholders ask: “Is this stock worth more today than when I bought it?” And, “have there been dividends paid?”

Creating a good strategy In devising a strategy, two considerations must be in one’s mind. First, you must take into account the inevitable cyclicality of the gold market.

Second, as mining is a consumptive business, you must make adequate provisions for the replacement of the assets that are being depleted.

It is also important that you choose the area you are going to operate in carefully and select a team that is best equipped to deliver a winning result on the field. You have to bear in mind that mining is a complex business, often conducted in challenging domains. Your team will have to command the full range of managerial skills, as well as a mindset geared to this goal.

True value in the gold mining industry is created almost exclusively by discovering world-class deposits and funding their development into sustainable, profitable mines. There are various definitions. But in the simplest terms, it’s an ore body that will be valuable at any realistically conceivable gold price.

At Randgold, we define this as containing at least 3 million oz. mineable gold that will deliver a 20% internal real rate of return at

Workers and heavy equipment in a pit at Randgold Resources’ Tongon gold mine in Côte d’lvoire. RANDGOLD RESOURCES

a long-term gold price of US$1,000 per oz., at current spot input costs.

Randgold outperforms indexes Super cycle notwithstanding, the Philadelphia Gold Index has consistently underperformed the Dow Jones Industrial Average, the FTSE 100 Index (Footsie) and the bullion price.

In fact, the S&P/TSX Global Gold Index of gold companies is lower than it was in 2005.

If you have bought physical gold, it would have done better than the other three indexes. If you have

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invested in Randgold, your holding would have outperformed all the runners in the field: the Dow, the Footsie, the gold companies and the gold price.

Understanding the cycle One of the interesting things about this cycle is that it offers opportunities at any stage. If you make a major discovery in the cycle’s trough, for example, it will deliver extraordinary value at its peak. That’s why it is so misguided to cut back on exploration in a downturn.

I’m not a great enthusiast for mergers and acquisitions, although they can create value, if you buy low at the bottom of the cycle and add something substantial to the asset, for example, expanding the reserve, introducing significant efficiencies and/or cutting costs. Otherwise, you find that you will be back where you started or perhaps even worse, as you come into the next trough in a gold cycle.

Sadly, the industry still does not seem to learn from experience and fails to plan for the future. Instead of focusing on investing and profiting, it oscillates constantly between growth and survival.

In the good times, it is often fixated on production growth, maybe through acquisition, which offers little or no returns to shareholders.

In the lean times, as we’ve witnessed in the last three years, it has to sell often at a discount what it bought at a premium, incurring the inevitable impairments and writedowns, and sometimes even forcing to shelve development projects because no one wants to buy them.

Impairments destroy value Often, the industry and its investors or fund managers seem to have accepted the view that impairments don’t really matter, because they are often classified as non-cash.

That sounds more like nonsense.

An impairment simply means an investment decision has destroyed value instead of creating it. I don’t think we should pretend it is anything different.

Protecting shareholders’ equity There is no better way to measure a mining company’s value than its mineable reserve per share. It is probably a little simplistic to use just ounces — one should also add a grade to the ounce profile. It is

really the inherent and only measure of the value of a mining stock, because it’s what you get per share.

Issuing paper at a discount or at a stage in the cycle when the traditional resource funds — the long-term funds — are stressed always destroys value.

Doing cash deals in an industry, where everything trades at a premium, does not really create value unless the gold price goes up. As we all know, the gold price goes up and down, but not necessarily in that order.

On the other hand, value can be created when premiums and stock prices are low, but again it is important that you do that at the bottom of the cycle.

At all times it is important for mine company managers to put the interest of their long-term investors above those of the speculators.

Here are a few more don’ts one should consider: Don’t cut back on essentials in a downturn. If you find yourself having to cut back on essentials in a downturn, you have the wrong project. For example, retrenching skilled workers — particularly geologists. Everyone, as the downturn comes, gets rid of exploration and geologists. The result is that we are short of this skill in our industry today.

The need for more exploration If we looked at the broader picture, it is clear that since the turn of the century less than half of the gold mined has been replaced by new discoveries.

In our quest as an industry for short-term gratification, the major gold miners have shown a reluctance to invest in exploration, in geologists and to venture into those regions, where world-class deposits are still to be found.

There is an old saying that when you hunt elephants you have to go to elephant country. But as we’ve seen over the last five years or so, there have been few tentative ventures into Africa, as an example, by the majors. But very quickly they have drawn back into their comfort zone, into the mature goldfields where they are spending more on exploration, but with diminishing results.

It is bad enough that the world’s gold inventory is shrinking. What’s even worse is the steady deterioration of the quality of our reserves.

“[MAJORS] HAVE DRAWN BACK INTO THEIR COMFORT ZONES, INTO THE MATURE GOLDFIELDS WHERE THEY ARE SPENDING MORE ON EXPLORATION, BUT WITH DIMINISHING RESULTS.” MARK BRISTOW CEO, RANDGOLD RESOURCES

During the upturn in the cycle, the industry added reserves by recalculating the value of the reserves in line with the ever-rising gold price that of course results in declining grades. The decline in the ore grade continues to be exacerbated by the high grading of ores.

Our industry is constantly reducing the quality of its asset base, which has a significant impact on us and on our ability to manage future gold price cyclicality.

The only option that we have to reverse this trend is to start up our exploration programs and revisit the less explored, but premier, gold destinations, and explore for new deposits with world-class credentials.

Making major discoveries We know that the world’s mature goldfields have been largely depleted. There are only a handful of regions that still hold a promise of world-class discoveries. As an example, three of these are in Africa, with the two most prospective being West Africa and East and Central Africa. And this is where Randgold operates and where we are hunting for our next big mine.

Our major discoveries over the past 20 years have been in these regions.

Of course, operating in remote, undeveloped parts of the world has its challenges, sometimes considerable ones. But armed with a long-term strategy, sound scenario planning, stakeholder philosophy and a hard-earned social licence, it is possible to overcome these. TNM

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GLOBAL MINING NEWS

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Drill rigs on NexGen Energy’s Rook I property in Saskatchewan’s Athabasca basin. NEXGEN ENERGY

NexGen tops 300M lb uranium at Arrow in Athabasca SASKATCHEWAN

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

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exGen Energy (TSX: NXE; US -OTC: N XGEF) has pushed the resource at its wholly owned Rook I property in Saskatchewan’s Athabasca basin, past the 300 million lb. contained U3O8 mark in its latest update.

Rook I’s basement-hosted Arrow discovery now contains 1.2 million indicated tonnes grading 6.9% U3O8 for 180 million lb. and 4.3 million inferred tonnes at 1.3% U3O 8 for 122.1 million pounds. The upgrade marks an 89% inferred-to-indicated conversion rate based on a maiden resource released early last year.

The Arrow deposit is highlighted by the A2 zone, which hosts 400,000 indicated tonnes averaging 18.8% U3 O 8 for 165 million contained

| ‘Intense mineralization’ found outside defined deposits pounds. Doubling the lower cut- by volume.” conducted engineering work to form “A HIGH-GRADE off grade to 0.5% U O drops the Arrow is hosted entirely within the basis of a prefeasibility study indicated and inferred resources basement rocks, and comprises DOMAIN IN THE by early 2018. We’re considering five parallel-stacked, sub-vertical A3 ZONE IS IN THE by only 5%. a PEA in the near future based on NexGen is fast-tracking work mineralized lenses that hit the subthis updated resource, however, to at Arrow, including a $14-million Athabasca unconformity 105 metres EARLY STAGES give the market some direction on the economic potential at [Arrow].” first-quarter 2017 drill program below surface. The resource extends OF DEFINITION, with seven drill rigs and a minimum 970 metres below surface, with the BUT IT’S THE NexGen had $65 million in its 35,000 metres.

A2 and A3 shears hosting highertreasury at press time, which it says “Twelve months ago on this day grade, thicker and more continuous LARGEST SHEAR BY should provide 18 months of funding we released the maiden resource at mineralization. for exploration and development.

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Arrow, which ranked it as the single largest, undeveloped uranium deposit in the Athabasca at the time,” CEO Leigh Curyer said during a conference call.

“We’ve expanded the resource in terms of grade, confidence and size. We’ve seen the high-grade A2 zone expand and established the strong continuity of mineralization at Arrow. A high-grade domain in the A3 zone is in the early stages of definition, but it’s the largest shear

NexGen’s vice-president of exploration and development Garrett Ainsworth noted that the deposit’s footprint has grown, with multiple shears and zones being defined.

There are also several large untested targets at Arrow, including to the southwest and northeast along strike.

Drill results released in February represented mineralization intersected in untested areas outside the maiden A2 and A3 resource grade

LEIGH CURYER CEO, NEXGEN ENERGY

shells, including some of the most “intense mineralization” found in the A3 shear to date.

“When you consider the strong technical characteristics at Arrow, including strong metallurgical results, it suggests the potential to be one of the most economically powerful resource assets in the world, when in production,” Curyer said.

“We’ve got more than enough defined pounds in the indicated and inferred categories to commence economic studies. We’ve

The company’s shares have traded in a 52-week range of $1.27 to $4.45, and closed at $3.38 per share at press time. There are 306.4 million shares outstanding for a $1.1-billion market capitalization.

Hay wood Securities analyst Colin Healey has a “buy” recommendation on NexGen, along with a $6-per-share price target. He wrote on March 6 that the updated resource “very much meets … expectations,” and that “the A2 sub-zone now shows it could easily support a decade of mining at extremely high grades and low tonnages, potentially setting the stage for the lowest decile cash costs from a future mine.” TNM

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Drill core from NexGen Energy’s Arrow project in northern Saskatchewan. NEXGEN ENERGY

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MARCH 20–APRIL 2, 2017 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

Copper, zinc looking good for 2017 PDAC 2017

| Prices bounce off bottom amid supply constraints

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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T

o ease in to the Prospectors & Developers Association of Canada annual convention in Toronto in early March, it’s always a good idea to take in the commodity talks on the first day, where this year’s presenters were almost uniformly bullish on the outlook for commodity prices.

Mark Cutifani, chief executive of Anglo

BY JOHN CUMMING American, launched the afternoon talks jcumming@northernminer.com imploring the mining industry audience that “it’s up to us to better explain our story” to the wider public who “say we don’t need mining.” He discussed the past few years of deep cuts and consolidation at Anglo that have resulted in fewer but far more productive assets, commenting that “there are no bad commodities, only bad projects.”

Jon Butcher, principal economist at Wood Mackenzie, said the global economic outlook for the next five years hinges on growth rates in China and the U.S. economies, where there are still uncertainties. With “collapse off the table,” he foresaw global growth rising 0.2% to 2.5% in 2017 and to 2.7% in 2019, with U.S. consumers doing “exceedingly well” amid a recovery in oil prices, even if it was “not all rosy” due to European growth slowing.

Paul Robinson, director at CRU Group, said there were two megatrends that started in 2015: resource nationalism worldwide, and environmental issues in China. He urged “cautious optimism,” as it would be “a good year from a price perspective in 2017” for commodity prices. Robinson said cobalt “has almost everything” in terms of auspicious supply and demand factors, but added that “with iron ore, we are worried,” because profitable mines in China not operating at the moment due to environmental reasons represent a cap on prices.

As for nickel, Alex Laugharne, principal consultant at CRU Group, said “prices were horrible in 2016” amid five straight years of “persistent oversupply and a substantial stock overhang.” He noted that at nickel prices of US$10,000 per tonne, half the nickel miners were losing money on a cash basis. He described the Philippines as “more confusing and complicated than Indonesia” in terms of nickel-related government policies, but overall predicted a balanced global nickel market in 2017.

Nicolas Carter, executive vice-president at Ux Consulting, described Japan as a “hindrance” in the uranium market, with only 16 to 18 out of 54 nuclear power units in the country up and operating by 2020–2021, as low-cost liquefied natural gas and coal plants pick up the slack. He predicted China would overtake Japan, France and the U.S. in nuclear power capacity by 2028, and said “China is the most important country for the future of nuclear,” and that uranium prices would move upwards beginning in 2019–2021.

Michael Schwartz, manager of market research at Teck Resources, noted that at six years, we have just gone through the “longest copper price decline in history” and now copper mine supply is “set to disappoint,” and is “starting to peak,” as the effects of past highgrading and a lack of reinvestment in mines set in.

Ryan Cochrane, senior research manager at Wood Mackenzie, compared the world’s gold mines with its copper mines, and pointed to the mine-life contraction across the gold sector as being “most interesting,” compounded by accelerated grade decline across the gold sector (60% decline for gold grades versus 30% for copper grades).

He said gold mine supply is likely to “peak this year and decline thereafter” (depending on Grasberg output) and move into “sharp mine supply contraction in the near to mid-term.” Copper mine production growth is set to “pause this year, then end in 2020,” as “squeezed majors” delay new mine development.

For the zinc price, Andrew Thomas, senior analyst at Wood Mackenzie, wondered aloud “how high can it go?” and tossed out numbers such as US$2,500 and US$2,900 per tonne. Zinc “outperformed the rest of the base metals complex” in 2016, as we saw the “biggest year-over-year drop in zinc production ever.” Most of the supply reduction came from Australia, with Chinese smelters “bearing the brunt of the loss.”

William Tankard, director at EWT Associates in London, described precious metal exchange-traded funds as “stable or down,” with palladium down the most. He argued there is more upside for gold prices versus other precious metals, and forecast a “status quo” gold price of US$1,150 per oz. for 2017 and US$17 per oz. for silver, which will take its cues from gold. He noted that hedges for platinum will mean that prices will be “on their back foot” and preferred palladium over platinum, forecasting 2017 prices of US$975 per oz. for platinum and US$750 per oz. for palladium. TNM

O P- E D

Looking to share prospecting tips LETTER TO THE EDITOR

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| Working smarter means sharing good techniques and tricks

hat does it take to find a mine these days? Besides a lot of hard work, it takes a good technical team, enough cash in the kitty, a good property and a lot of luck. And it’s all a bit easier if companies work smarter, not just harder.

In these days when high tech seems to pervade every aspect of our workplaces, prospecting — actually going out into the field and getting your hands and boots dirty — is still a place where low-tech ways can make valuable contributions.

geologist who wants to find a discovery.

Each prospector, geologist or junior mining company has their way of determining where they will stake claims and/or prospect for a mine. And that is a closely kept secret. But once the area is chosen, indeed it helps to learn about other smart ways of doing things, and it doesn’t hurt to share one’s prospecting and field exploration techniques.

I plan to give a talk in April at the Northwestern Ontario Mines and Minerals Symposium in Thun-

[PROSPECTORS] ARE A VALUABLE ASSET AND COMPONENT OF THE MINERAL EXPLORATION INDUSTRY, AND A DYING BREED — LITERALLY AND FIGURATIVELY. There are dozens, if not hundreds, of tricks and methods that prospectors and geologists have used to find showings. Here are a few of them: • A beep mat found a wide quartz vein under 10 feet of overburden in Timmins, Ontario; • An old flux gate magnetometer in the hunt for diamonds located 24 lamprophyre dikes in Ontario’s Wawa area; • Old, low-frequency technology helped find the contact between mafic volcanics and a syenite, and a potential gold-bearing zone.

This is the equivalent of a “poor man’s induced-polarization survey”; • Certain minerals are good indicators of anomalous, gold-bearing outcrops; • A prospector’s pick or plain sledgehammer is a poor choice for the serious prospector or field

der Bay called “Twenty low-tech prospecting tips for geologists and prospectors looking for gold and diamonds.”

In preparation, I’m asking any prospectors or geologists who would like to share some of their prospecting tricks and ideas to contact me at (705) 691-5920, or frankracicot@hotmail.com.

Many people do not realize the value and importance of prospectors and prospecting. They are a valuable asset and component of the mineral exploration industry, and a dying breed — literally and figuratively.

Something as simple as compiling and sharing prospecting tips for current and future field seasons would do the mineral exploration industry a favour.

Frank C. Racicot, P. Geol.

Sudbury, Ontario

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . 5

Meetings. . . . . . . . . . . . . . . 5 Metal Prices . . . . . . . . . . . 19

Professional Directory . . 17 Stock Tables . . . . . . . . 18-22

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Abitibi Royalties. . . . . . . . . 1 Advantage Lithium. . . . . . 8 Agnico Eagle Mines . . . . . . . . . . . . 7,9,13 Alacer Gold. . . . . . . . . . . . . 6 Ascendant Resources . . . 11 B2Gold. . . . . . . . . . . . . . 6,11 Barrick Gold. . . . . . . . . . 6,9 Calibre Mining. . . . . . . . . 11 Caza Gold. . . . . . . . . . . . . 11 Centerra Gold. . . . . . . . 6,11 Everton Resources. . . . . . . 9 First Quantum

Minerals. . . . . . . . . . . . . 10 Franco-Nevada. . . . . . . . . 10 Goldcorp. . . . . . . . . . . . . . . 9 Golden Valley Mines. . . . . 1 GoldQuest Mining . . . 9,13 Iamgold. . . . . . . . . . . . . . . 11 Iron Ore Co. of Canada. 16 Labrador Iron Ore Royalty. . . . . . . . . . . . . . 16 Lithium Americas. . . . . . . 8 Mitsubishi. . . . . . . . . . . . . 16 New Gold . . . . . . . . . . . . . . 6 NexGen Energy. . . . . . . . . 3

Nyrstar. . . . . . . . . . . . . . . . 11 OceanaGold. . . . . . . . . . . 11 Orocobre. . . . . . . . . . . . . . . 8 Otis Gold. . . . . . . . . . . . . . . 7 Perilya . . . . . . . . . . . . . . . . 13 Randgold Resources. . . . . 1 Rio Tinto. . . . . . . . . . . . . . 16 Rosita Mining. . . . . . . . . . 11 Royal Road Minerals. . . . 11 Sociedad Quimica y Minera de Chile . . . . . . . 6

Prospector Alex McMillan at the discovery vein on Golden Predator’s 3 Aces gold project in the Yukon in 2011. PHOTO BY THE NORTHERN MINER

2017-03-14 7:46 PM

GLOBAL MINING NEWS

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Cameco’s Cigar Lake uranium mine in northern Saskatchewan. CAMECO

Saskatchewan the best place to invest, Fraser Institute says GLOBAL RANKINGS

BY SALMA TARIKH

S

starikh@northernminer.com

askatchewan takes the crown as the most attractive jurisdiction for investment in the Fraser Institute’s annual Survey of Mining Companies 2016, moving up from second place in 2015, and dethroning Western Australia.

The survey’s authors Taylor Jackson and Kenneth Green compiled 350 responses from mining and exploration companies to assess 104 jurisdictions worldwide on their mineral endowments and policy factors, such as taxation and regulation. In comparison, the 2015 report included 449 responses and 109 jurisdictions.

Half of the 2016 responses came from exploration companies, with the rest comprising mainly producers and consulting firms.

The Canadian think tank started the annual review in 1997, after it noticed mining leaders were uncomfortable with disclosing their investment thoughts around certain jurisdictions and their mining policies in fear of government retribution.

“It occurred to us to do an anonymous survey of the people who steer and guide mining investments around the world. We started just with Canada and quickly expanded out,” Green said in a March 2 talk in Toronto.

The Fraser Institute aims to create a “report card” that governments can use to improve their mining-related policy to bring in investments and grow their economic productivity and employment.

“Mining is a pathway out of poverty for developing communities, and it is one of the planks in the platform of economic prosperity for developed countries — and it is super important that governments understand that and get their policies right,” Green says in an interview.

Investment attractiveness rankings Based on the survey’s Investment At-

1-16, 23_Mar20_Main .indd 5

| Six Canadian jurisdictions in top 20 for investment attractiveness babwe and Mozambique. be protected,” the authors write.

MINING IS A PATHWAY OUT OF POVERTY “The moral of the story is a stable Despite this, Canada has the high[AND A PLATFORM OF PROSPERITY] and transparent government, stable est regional median PPI score of politics and policies, and a stable 86.91, and similar to 2015 ranks as FOR DEVELOPING COMMUNITIES ... IT IS and utterly predictable regulatory the world’s top region for mining SUPER IMPORTANT THAT GOVERNMENTS system — those will get you in the investments based on policy. The top 20 of the most attractive places U.S. comes in second, followed by UNDERSTAND THAT AND GET THEIR to invest. Volatility, uncertainty, Australia.

POLICIES RIGHT. crime, violence, legal hostilities The region with the lowest median COAUTHOR, ANNUAL SURVEY OF MINING COMPANIES, THE FRASER INSTITUTE

with Aboriginals, those will get you to moving toward the bottom,” Green says.

tractiveness Index, which combines results from the Policy Perception Index (PPI) and the Best Practices Mineral Index to assess the attractiveness of a jurisdiction, Canada’s potash and uranium-rich province of Saskatchewan claimed the top spot in 2016. As in previous years, the index placed a weight of 40% on policy perception and 60% on mineral potential.

Neighbouring province Manitoba, a leading base metals player, came in second, after ranking 19th in 2015. Western Australia, an iron ore destination, dropped two spots to third. Nevada slipped down one to fourth, while Finland stayed in fifth.

Also in the top 10 is Quebec, moving up two spots to sixth, and Arizona, advancing 10 spots to seventh, followed by Sweden, the Republic of Ireland and Queensland.

Along with Manitoba and Arizona, Sweden and Queensland were not in the top 10 in 2015.

Out of the top 20 jurisdictions for investment attractiveness, Canada claimed six spots. Those are for Saskatchewan, Manitoba and Quebec along with Yukon at 15th, Newfoundland and Labrador at 16th and Ontario in 18th place.

Compared to 2015, Newfoundland and Labrador moved up from 25th, while British Columbia declined to 27th from 18th.

“British Columbia is quite unhappy with that. But what we tell them is that we can’t change their rankings. Only they can change their rankings,” Green notes.

Nova Scotia again ranked as the least attractive Canadian jurisdic-

PPI rankings Based on the Policy Perception Index (PPI) — which measures 15 policy areas, including taxation regime and political stability — the Republic of Ireland came in first for the fourth year in a row. Saskatchewan came in second, moving up from fourth place.

The other top-10 ranked places to invest in based on policy alone are Sweden, Finland, Nevada, Manitoba, Wyoming, New Brunswick and Western Australia.

For Canadian jurisdictions, the Northwest Territories and the Yukon saw both their PPI scores and ranks improve significantly. The Northwest Territories saw the largest PPI score increase of 8.5 points, which helped it move to 48th place from 58th. The Yukon added 8 points to its PPI score and now ranks 25th.

Respondents still indicate uncertainty around land claims and infrastructure as main deterrents to investments in both jurisdictions, Jackson and Green add.

Alberta’s PPI score and ranking dropped the most in Canada. It is now the fourth lowest ranked place in Canada based on policy alone, after being the second highest in 2015. Globally, it ranks 28th compared to seventh in 2015.

The Canadian jurisdictions that rank the lowest on policy, starting from the bottom, are Nunavut, the Northwest Territories and British Columbia.

“The two policy areas that continue to significantly hamper British Columbia are uncertainty concerning disputed land claims and uncertainty over which areas will

KENNETH GREEN

tion, followed by Alberta, which saw the biggest decline among its peers, dropping 13 spots to 47th.

The authors say Alberta’s decline ref lects lower scores on the PPI, as a larger percent of respondents noted that several policy factors, including regulatory duplication and inconsistencies, were “deterring investment.”

The survey includes all Canadian provinces and territories, except for Prince Edward Island.

The U.S. has five jurisdictions in the top 20, including Nevada, Arizona, Utah, Idaho and Alaska, while Australia took four spots with Western Australia, Queensland, South Australia and Northern Territory.

Finland, Sweden, Ireland, Ivory Coast and Botswana were also in the top 20.

Canada has a regional median investment attractiveness score of 77.21, up slightly from 2015. It is again the second most attractive region in the world, behind Australia, which ranks first. The U.S. came in third again.

Argentina continues to rank as the least attractive region for mining investments. Its regional median investment attractiveness score dropped seven points to 35.51 in 2016.

Five of Argentina’s provinces are in the bottom 10, or among the least attractive jurisdictions in the world. These provinces include Jujuy — which ranks as the world’s least attractive — Neuquen, Chubut, La Rioja, previously in last place, and Mendoza.

Rounding out the bottom 10 are Venezuela, Afghanistan, India, Zim-

PPI score is Asia, replacing Argentina, which saw its 2016 PPI score climb 12 points to 50.33.

Globally, the least attractive jurisdictions based on PPI rankings are (beginning with the worst): Venezuela, Afghanistan, Zimbabwe, Mongolia, The Philippines, Indonesia, Chubut, South Sudan, Mendoza and Ecuador.

Venezuela, Zimbabwe and the Argentine province of Chubut were also in the bottom 10 in 2015. TNM

EVENTS Apr 4-5 Ninth Annual Mining Supply Chain Forum Saskatoon, SK Tel: (306) 931-7149 https://simsa.ca/event/2017-mining-supplychain-forum/ May 9 Canadian Mining Symposium London, UK Email: tnm@northernminer.com Tel: 1 (416) 510-6789 http://www.northernminer.com/ conferences/canadian-mining-symposium/

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MEETINGS Mar 21 Mar 28 Mar 30 Mar 30 Mar 31 Apr 06 Apr 13 Apr 25 Apr 26 Apr 27 May 03 May 09

Centamin AG KWG Resources S Axe Exploration AG Belvedere Resources AGS Nevada Sunrise Gold AG Fox River Resources AS Macdonald Mines Exploration A Barrick Gold A Teck Resources A Methanex AS Tahoe Resources AG Potash Corp of Sask A

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

2017-03-14 7:46 PM

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MARCH 20–APRIL 2, 2017 / THE NORTHERN MINER

What’s wrong with hedging?

PDAC 2017

| Strategy can be beneficial for developers and producers, bankers say

BY TRISH SAYWELL

B

tsaywell@northernminer.com

arrick Gold (TSX: ABX; NYSE: ABX) pioneered gold hedging more than two decades ago, but the company endured sharp criticism when the strategy became a liability, and management eventually closed out its fixed-price hedge book at a significant cost in 2009.

The pros and cons of hedging remain the subject of debate to this day, and the topic came up during a discussion at the recent Prospectors & Developers Association of Canada convention in Toronto, when a participant asked a panel of bankers whether they thought the practice was a useful tool for the industry.

Egizio Bianchini of BMO Capital Markets — who prefaced his remarks by pointing out that BMO has the smallest commodity desk of all the banks represented on the panel, making him “the least conflicted” to answer the question — responded with an emphatic yes.

“It’s absolutely insane to me why a developer without any cash flow doesn’t hedge,” he said. “It’s just logical. I would love to see all development companies hedge.”

“You want to make this industry investible? Especially the junior industry? Give me some predictability,” he said. “And if you want to give me some upside, go out and drill more reserves and give me the optionality of having more reserves.”

Bianchini, vice-chair and co-head of BMO’s global metals and mining group, also said hedging was appropriate for producers.

“In terms of producers, again, you want to make it investible? Go hedge. If you have a US$4-billion project, even if you share it, it’s still US$2 billion each. Go and hedge it. There’s nothing wrong with it.

“Is this industry a prudent steward of capital? It should be. It ought to be. It better be. So hedging at the right time is part of it.”

One of the reasons why hedging fell out of favour, he adds, was pressure from shareholders.

“Part of the problem mining companies got into was that they listened to their shareholders,” Bianchini said. “We have an inherent disconnect between most shareholders — and it’s not their fault. They are paid quarterly, they are paid annually. It takes eight, nine, 10, 11, 12 years to build a mine … there are always going to be investors who say: ‘Don’t hedge, it gives away the upside.’ But there are different ways to get optionality … when you’re building a mine and you’re putting yourself out there, there’s nothing wrong with hedging.”

In his own industry, he added, banks hedge their loans. “When

www.mineshandbook.com

The plant at New Gold’s Rainy River gold mine in Ontario. NEW GOLD

“I WOULD LOVE TO SEE ALL DEVELOPMENT COMPANIES HEDGE.” EGIZIO BIANCHINI VICE CHAIR AND CO-HEAD, GLOBAL METALS AND MINING GROUP AT BMO CAPITAL MARKETS

we have to do a transaction, and we have to lend money to someone, we’ll hedge it with an FX trade.

Why shouldn’t companies do that?”

The banker also noted that “when Barrick got into trouble it was in a deflationary environment and they didn’t cover it at the right time, and they had a $4.5-billion mark-tomarket that they didn’t cover.

“We’re in an inflationary environment. It doesn’t make a lot of sense in the long run to hedge, but if you’re building a mine, why not?”

Panelist Rick McCreary of TD Securities noted that hedging is a debate that every executive with board oversight has at some point, and quoted a retired mining analyst he knows who likes to say that “Investors don’t own mining stocks — they rent them.”

Shareholders “can sell at any moment, and can get in and out of the stock, so as a manager of a business you want to listen to your shareholders and ensure they’re happy, but you also have to have a viable business that’s going to go forward, and that is the challenge that they’re often faced with, decisions like hedging.

Hedging is prudent for the viability

of the business.”

Hedging can be appropriate when you’re building a project, and you want to ensure that the cash flow will be there when you have to start paying back your debt, McCreary said.

“This year there were probably seven or eight companies that did a little bit of what I would loosely call hedging, but it wasn’t so much forward sales, it was just put and calls … we all watched it with curiosity, because the equity investors were telling the issuers, ‘Don’t hedge, we want the upside, we want the full participation.’ But the chief financial officers were facing situations where they needed to manage their balance sheets, so they did it, and the analyst commentary and market reaction were quite positive.

But it wasn’t in the vein of the way Barrick used to handle it, and roll the hedges forward, it was more in the traditional use of hedging, which is prudent balance-sheet management.”

Over the last year, a handful of companies — including Centerra Gold (TSX: CG), B2Gold (TSX: BTO; NYSE-MKT: BTG), New Gold (TSX: NGD; NYSE: NGD) and Alacer Gold (TSX: ASR) — have announced some variation of hedging.

In January, Centerra Gold said it had hedged part of its expected 2017 copper production from its Mount Milligan mine in northern British Columbia “to increase its cash flow certainty” this year. It entered into fixed price forward sales contracts for 24.9 million lb. of Mount Milligan’s expected 2017 copper production at an average US$2.69 per lb., which represents 51% of the mine’s expected copper

production this year, net of copper streaming arrangements with Royal Gold (TSX: RGL; NASDAQ: RGLD), and is based on the midpoint for 2017 production guidance, the company said. Centerra noted that its current policy is not to hedge more than 75% of its copper production, net of copper-streaming arrangements.

The company also said it had entered into zero-cost dollars for 8.3 million lb. copper, with settlement dates during February to December 2017 at a minimum price of US$2.25 per lb. copper, and a maximum price of US$3.21 per lb. copper. Management said, however, that it has no plans to hedge any of Mount Milligan’s unstreamed gold production.

New Gold, which is developing its Rainy River project in northwestern Ontario, said in October that it had entered into more gold price option contracts through mid-2017 “to increase cash flow certainty from its four producing mines.” The gold price option contracts cover 120,000 oz. of first-half 2017 production, “providing a guaranteed floor price of $1,300 per oz., while providing continued exposure to increases in the gold price up to $1,400 per ounce.”

In June 2016, Alacer Gold, which owns an 80% stake in the Copler gold mine in Turkey, said it was pursuing a hedging program for part of its oxide gold production “as part of its de-risking efforts.” The company had sold 160,000 oz. of forward gold contracts at US$1,273 per oz. from July 2016 to September 2018. It noted that hedging part of the oxide production was “a pru-

dent strategy that secures the gold price during the construction of the sulphide project,” and that revenue from gold production during the period would be used to build the sulphide plant.

Finally, in March 2016, B2Gold announced that it had entered into prepaid sales contracts to help fund construction of its Fekola gold project in Mali. The company agreed to deliver 43,100 oz. gold in each of 2017 and 2018, for total cash prepaid amounts of US$100 million. The company said the ounces to be delivered were based on an average forward price of US$1,248 per oz. gold, and that the ounces to be delivered represent 7% and 5% of forecast consolidated gold production in 2017 and 2018.

The company said at the time that it expected to enter into more prepaid sales arrangements totalling US$20 million.

One company that has used new hedging since 2013 is OceanaGold (TSX: OGC; ASX: OGC).

The company has used hedging at its Reefton and Macraes mines under a series of zero-cost collars (bought put options, which were financed with the sale of call options).

“Our purpose for implementing these hedging programs was primarily as a financial de-risking mechanism to ensure that our higher-cost operations remained cashflow positive during the downturn in the gold price,” the company’s director of investor relations Sam Pazuki says.

“We were investing large sums of capital on pre-stripping to access ore that would be mined one to two years ahead. The hedges were first put in place to ensure that we locked in a margin on the investment we were making. Our hedges were also denominated in New Zealand dollars to account for much of our costs being in New Zealand dollars.”

This strategy “turned out to be an effective one,” he says. This year, OceanaGold has hedged 155,000 oz. gold production at Macraes at a put option strike price of NZ$1,650 per oz. and a call option strike price of NZ$1,810 per ounce. The current gold price in New Zealand dollars is NZ$1,738 per ounce.

The company does not plan any more hedging after this year at Macraes, as its margins have increased by adding a higher-grade discovery at Coronation North, Pazuki says. OceanaGold has no plans to hedge gold or copper at any of its other assets, because each of them (Didipio in the Philippines, Waihi in New Zealand and Haile in the U.S.) have strong margins.

(Its Reefton mine was placed on care and maintenance in February 2016, and the company is closing the mine.) TNM

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2017-03-14 7:46 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 20–APRIL 2

7

Otis Gold CEO talks discovery at Kilgore, Agnico investment GOLD

| New find spurs interest in historic Idaho property

BY MATTHEW KEEVIL

E

mkeevil@northernminer.com VANCOUVER

xplorer Otis Gold (TSXV: OOO; US-OTC: OGLDF) has closed a $5-million investment from Canadian gold producer Agnico Eagle Mines (TSX: AEM; NYSE: AEM) on the back of exploration success at the junior’s wholly owned, royalty-free Kilgore gold property, 50 km northeast of the town of Dubois, Idaho.

Otis plans to spend the money advancing Kilgore toward a preliminary economic assessment (PEA) later this year.

The Kilgore property saw $8 million in expenditures through the late 1990s, including nearly 40,000 metres of drilling. The property hosts a National Instrument 43-101 compliant resource of 27.3 million indicated tonnes grading 0.59 gram gold per tonne for 520,000 contained oz., and 20.2 million inferred tonnes of 0.46 gram gold for 300,000 contained oz. gold.

Otis describes the volcanic-hosted epithermal gold deposit as related to a “zoned epithermal hot spring system in volcanic rocks of Miocene age. Mineralization is hosted within sericitized, silicified and quartz stockwork-veined lithic tuff, dyke and silicified clastic sedimentary rocks.

Otis acquired its interest in the property in 2008, but picked up its work pace over the past 12 months after finding a “new class of mineralization” within the Tertiary sill and Cretaceous Aspen formation that underlie the existing resources.

“Last year was a fantastic year for us on the heels of a small but successful drill program in an area we call ‘Crab Claw.’ We were up at the northern end of the Kilgore deposit and hit strong gold intercepts, which got things going for us,” president Craig Lindsay says during a phone interview.

“All those drill holes ended in mineralization in the Aspen sandstone formation. Everybody who had explored the property previ-

Otis Gold president Craig Lindsay (left) and chief geologist Mitch Bernardi at the Kilgore gold project in Idaho. OTIS GOLD

“THERE ARE DEFINITELY GOLD PRODUCERS OUT THERE LOOKING FOR OPPORTUNITIES IN THE U.S., AND WE’VE CERTAINLY SEEN A MUCH HIGHER LEVEL OF INTEREST IN THE PAST 12 MONTHS FROM STRATEGIC INVESTORS.” CRAIG LINDSAY PRESIDENT, OTIS GOLD

ously hadn’t paid much attention to Aspen because it’s underneath the main lithic unit and the heapleach metallurgy isn’t quite as good, because it’s less oxidized than the

A driller at work on a rig at the Kilgore gold property. OTIS GOLD

1-16, 23_Mar20_Main .indd 7

lithic tuff,” he adds.

Otis hopes that the new 460-metre long by 120-metre wide Aspen corridor can increase the size and grade of the Kilgore resource.

The company completed a 43hole, 10,000-metre drill program at the target in 2016, with highlights including: 30.5 metres grading 5.37 grams gold from 96 metres deep in hole 315; 120 metres of 1.55 grams gold from 93 metres deep in hole 318; 128 metres averaging 1.8 grams gold from 164 metres deep in hole 353; and 85 metres of 2.5 grams gold from 46 metres deep in hole 338.

Otis suspects the Aspen formation sediment-hosted gold mineralization that sits on the edge of the Kilgore volcanic caldera complex, is similar to the setting at Kinross Gold’s

Round Mountain mine on the edge of another volcanic caldera complex in Nye County, Nevada.

“The interest in our story started picking up steam early last year after the original results from Crab Claw,” Lindsay says. “Then we began releasing assays from our 2016 program in September and things continued to heat up. There are definitely gold producers out there looking for opportunities in the U.S., and we’ve certainly seen a much higher level of interest in the past 12 months from strategic investors.”

That interest culminated in Agnico’s private placement in February, wherein the major acquired 14.4 million shares at 35¢ each. Agnico now holds a 9.95% interest in Otis and has a right to participate in future financings to keep its stake.

“Agnico’s Reno team are a topnotch exploration group and spent a lot of time on due diligence at Kilgore,” Lindsay says. “We have a really good relationship with them, and we hope to lean on them for advice and technical guidance.

It’s the potential in the Aspen discovery that brought Agnico to the table, but we’ve also always talked about property-wide targets that have the same geologic signature we see at the Kilgore deposit.”

Otis has $5.6 million in its treasury and plans to spend the next four months finishing a resource update at Kilgore.

The company will then start a ground magnetic and soil sampling program, which may be followed by another 10,000-metre drill campaign.

Lindsay says most drilling will focus on the main Kilgore deposit to underpin a maiden PEA, though the company will also complete a first-pass program at the Goldridge target.

Otis has traded in a 52-week range of 12¢ to 42¢, and closed at 30¢ per share at press time. The company has 130.5 million shares outstanding for a $39.2-million market capitalization. TNM

Cabins left on-site from mining activities at the Kilgore site in Idaho in the 1930s. OTIS GOLD

2017-03-14 7:47 PM

8

WWW.NORTHERNMINER.COM

MARCH 20–APRIL 2, 2017 / THE NORTHERN MINER

At Advantage Lithium’s Stella Marys lithium project in Argentina’s Salta province, from left: Callum Grant, vice-president of project development; Miguel Peral, director and general manager of operations; and David Sidoo, president and CEO. ADVANTAGE LITHIUM

Advantage Lithium cashes up before closing Orocobre deal ARGENTINA

| Pending partnership with Orocobre moves lithium asset closer to production “WE HAVE THE RIGHT ASSETS, THE RIGHT PARTNERSHIP AND THE OPTIONALITY WHEN WE DO GET TO PRODUCTION TO DELIVER TO THE MARKET QUICKLY THROUGH THE PIPELINE, AT A VERY LOW COST.”

BY SALMA TARIKH

A

starikh@northernminer.com

dvantage Lithium (TSXV: AAL) is turning its focus to Argentina in a race to produce lithium, as lithium demand and prices steadily rise.

The junior — which has five lithium brine projects in Nevada — recently closed a $20-million financing ahead of closing an auspicious partnership with lithium producer Orocobre (TSX: ORL), which could put it in the fast lane to production.

“We’ve positioned ourselves as one of the juniors to really watch out for in terms of getting to production a lot sooner than anybody else could,” Advantage Lithium’s president and CEO David Sidoo says. Sidoo — a former footballer turned financier — sold his previous company, American Oil & Gas, to Hess in a 2010 all-share deal valued at $630 million.

Set to close by March 31, the Orocobre deal will provide Advantage Lithium up to 75% of Orocobre’s Cauchari advanced exploration project in Argentina’s northwestern province of Jujuy, plus a 100% interest in five other exploration projects, including Antofalla, Incahuasi and Guayatoyoc. The six assets cover 855.4 sq. km of the country’s lithium triangle.

In return, Orocobre will receive a 35% stake in Advantage Lithium, making it the largest shareholder, and a 1% royalty. It will also get two seats on Advantage Lithium’s board and a right of first refusal on

1-16, 23_Mar20_Main .indd 8

DAVID SIDOO PRESIDENT AND CEO, ADVANTAGE LITHIUM

brine production.

The partners will initially form a fifty-fifty joint venture at Cauchari, which has a near-surface inferred resource of 470,000 tonnes lithium carbonate equivalent and 1.6 million tonnes potash (potassium chloride), based on five shallowly drilled holes in two resource areas.

The project also has an exploration target of 250,000 tonnes to 5.6 million tonnes of lithium carbonate equivalent and 900,000 tonnes to 19 million tonnes of potash.

Under the agreement, Advantage Lithium can earn another 25% of Cauchari by investing US$5 million or completing a feasibility study within three years.

Sidoo points out that the company plans to spend US$5 million drilling the project this year. “We have five drill permits in place, and those allow for up to 17 core and rotary holes that we can drill.”

The 2017 program would upgrade the inferred resource into indicated and measured, and convert some of the exploration target into the inferred and indicated categories.

Drilling should begin in April and run until September.

The first five rotary holes will reach 400 to 450 metres deep, Sidoo says, adding that the company says “the basin and the resource is deeper than the traditional 200 to 250 metres that have been drilled there.”

Along with Cauchari, the basin contains the adjacent CauchariOlaroz development project held

by Lithium Americas (TSX: LAC) and Sociedad Quimica y Minera de Chile (NYSE: SQM). Lithium Americas recently lined up US$286 million to fund its 50% share of construction costs.

Twenty k ilometres north of Cauchari is Orocobre’s producing Olaroz lithium facility, where expansion plans are underway to double annual production capacity to 35,000 tonnes of lithium carbonate by the end of 2018. For the 12 months ending June 2017, Olaroz should deliver 12,500 tonnes of lithium carbonate.

All three assets are part of the same basin and have similar brine

chemistry.

Given the proximity to the Olaroz facility, Sidoo says Advantage Lithium could easily pipe the brine to the facility and pay a toll fee instead of building a stand-alone plant, which would “take three years and $300 million.”

Advantage Lithium also stands to benefit from Orocobre’s community and government ties, as well as the company’s technical expertise.

“We hit the ground running,” Sidoo says. “We don’t have to build infrastructure, we don’t have to build a team, we don’t have to permit for these drill holes — we already have that in place.

“These are advantages that we have other companies that come in green into this space, sit on the outside of salars and try to figure out how to drill and get permits.”

Meanwhile, the partnership will help Orocobre focus on improving its 66.5%-held Olaroz operation, as Advantage Lithium advances Cauchari.

Japanese trading giant Toyota Tsusho Corp. holds 25% of Olaroz,

while a mining investment firm owned by Jujuy’s provincial government owns 8.5%.

Once drilling kicks off, Sidoo says Advantage Lithium could quickly prove up a multimillion-tonne resource at Cauchari.

The junior anticipates completing a resource update and prefeasibility study in early 2018, followed by a feasibility study and permitting in the first half of 2019, with production targeted for late 2020.

Given the uptick in lithium prices due to an expected rise in annual demand, with some analysts forecasting demand to outstrip supply 25% by 2020, Sidoo points outs that Asian companies are looking to secure supply. He reveals that two Chinese battery makers have already expressed interest in Cauchari.

Sidoo projects there could be consolidation in the basin within the next four to five years. “Some Chinese or Japanese company is going to come in and attempt to take the entire play, there’s a huge supply there. SQM and Lithium America have 12 million tonnes [lithium resource], Orocobre has 6 million — and we could build 2 to 3 million tonnes.”

The recent $20-million financing could cover Advantage Lithium’s exploration and general and administrative costs for the next three years.

“We have the right assets, the right partnership and the optionality when we do get to production to deliver to the market quickly through the pipeline, at a very low cost.” TNM

2017-03-14 7:47 PM

CENTRAL AMERICA & THE CARIBBEAN SPECIAL FOCUS

Overlooking B2Gold’s El Limon gold mine in Nicaragua. B2GOLD

Prefontaine hopes to duplicate La India success at Cerro Quema GOLD

| Orla acquires project in Panama via merger with Pershimco

BY TRISH SAYWELL

A André Audet, Everton Resources’ president and CEO (far left), Steven Gold, Energold Drilling’s CFO (third from left) and Alex Medina, the Dominican Republic’s Director of Mining (fourth from left), mark the start of the new drill campaign at the Arroyo Carpintero gold property in the Dominican Republic. EVERTON RESOURCES

Everton kicks off drill program in the DR GOLD

| Agnico Eagle’s investment in GoldQuest lifts all boats

BY TRISH SAYWELL tsaywell@northernminer.com

T

wo of the three concessions Everton Resources (TSXV: EVR) has in the Dominican Republic are next to the huge Pueblo Viejo open-pit gold mine, jointly owned by Barrick Gold (TSX: ABX; NYSE: ABX), 60%; and Goldcorp (TSX: G; NYSE: GG), 40%.

But it was Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) decision to invest $23 million for a 15% stake in GoldQuest Mining (TSXV: GQC) — which is permitting its prefeasibility-stage Romero gold-copper project — that generated more interest than usual in Everton’s holdings in the Dominican Republic.

“We had a lot of people come to our booth at PDAC all of a sudden because of that investment, saying: ‘Holy jeez, maybe we should look at this country,” André Audet, Everton’s founder, president and CEO, says in an interview. “Companies like Agnico don’t do those sorts of things without doing a lot of research — it’s a big investment — and people started coming to us and saying: ‘OK, tell us what you’ve got in the Dominican Republic.’ It certainly gives confidence in the geology, economics and politics of the country.”

The Dominican Republic “was really hot five years ago, and then died off,” adds Audet, who founded Everton in 2001–2002 after specializing for a decade

1-16, 23_Mar20_Main .indd 9

in private portfolios and mining investments at BMO Nesbitt Burns.

“It’s like the Yukon and Colombia — they go through cyclical highs and lows in the investment cycle,” he says. “It’s good to have it back on the map as a premier location for discoveries. And we hope to prove that with our own drill program in the next 90 days.”

Under the mining law, exploration permits for concessions are granted for three years but can be extended for one year twice.

Environmental impact reports are required before drilling can begin and companies can hold no more than 300 sq. km of ground.

“It took us about three years to renew the concessions, but it felt like five years,” Audet says, adding that Everton entered the

“WE HAD A LOT OF PEOPLE COME TO OUR BOOTH AT PDAC ALL OF A SUDDEN BECAUSE OF THAT INVESTMENT, SAYING: ‘HOLY JEEZ, MAYBE WE SHOULD LOOK AT THIS COUNTRY.” ANDRÉ AUDET FOUNDER, PRESIDENT AND CEO, EVERTON RESOURCES

Everton has been working in the Dominican Republic since 2004, and has spent $10 million on its concessions. But it’s been a slow process. It wasn’t until June 2016 that the Ministry of Energy and Mines renewed the exploration permits for the junior’s three key exploration concessions: Arroyo Carpintero, 35 km southeast of Pueblo Viejo and 50 km north of the capital of Santo Domingo; Cabirma del Cerro, which adjoins the Pueblo Viejo concession (Pueblo Viejo’s open pit is 700 metres east and 1,450 metres south of Cabirma del Cerro’s concession boundaries); and Mermejal, which is situated on the east side of the Pueblo Viejo concession.

Dominican Republic at around the same time as GoldQuest. “The good news is that you keep your priority rights when the concessions are in the renewal process.

We finally got them granted in mid-2016. Our patience has been rewarded.

“It’s been frustrating to get this permitted,” he concedes. “It’s been a tough struggle. We’ve had to cut back and lay people off.

It’s not that fun to do, but you’ve got to do what you’ve got to do.

We’re still around, and people are surprised we’re still at it, but that’s the name of the business.”

As soon as the government formally granted the exploration permits for the three concessions, Everton launched an

induced polarization (IP) survey at Arroyo Carpintero, where the company had completed a regional sampling program of rivers and creeks in 2011, and says it has identified a multi-kilometre copper-gold anomaly.

“We sampled all the outcrops and gossans, and had interesting results,” Audet says. “All the streams, sediments and creeks are anomalous in gold — with up to 1,000 parts per million — and we were getting up to 0.6% copper on gossans and outcrops. We’ve dug some pits and they’re showing up to 0.6% copper, and we’re not even in fresh rock.”

Everton raised $1 million in a private placement last month and kicked off a 3,000-metre drill program on March 2. The $600,000 drill program will consist of seven diamond drill holes ranging between 400 metres and 600 metres long. Audet hopes the $600,000 drill program will confirm a new copper-gold porphyry discovery.

“It’s one of the best targets in the country,” he says of Arroyo.

“We’re excited because this area has never been drilled, and we think it’s going to confirm a copper porphyry system based on everything we see here.”

The question, he says, is how big it is and what its grades will be.

“We don’t know whether the grades are going to be exciting or just so-so,” he admits. “Is it 0.6% copper? Is it continuous?

We think from the work we’ve

tsaywell@northernminer.com

s president and CEO of Grayd Resource, geologist Marc Prefontaine and his team discovered the La India gold deposit, 200 km east of Hermosillo in Sonora, Mexico, selling it to Agnico Eagle Mines (TSX: AEM; NYSE: AEM) in 2011 for $275 million. Agnico put the open-pit mine into commercial production two years later.

Today Prefontaine and the same technical team — now at Orla Mining (TSXV: OLA) — are banking on similar success in Panama at the junior’s Cerro Quema gold project.

Orla Mining acquired Cerro Quema through its recent merger with Pershimco Resources, and Prefontaine says the Panamanian project offers significant exploration potential.

Not only will the oxide resources at Cerro Quema support a low-cost heap-leach mine, Prefontaine says, but the property gives Orla a chance to explore for copper-gold targets.

“Cerro Quema is similar to La India,” Prefontaine says in an interview.

“They’re both high-sulphidation, epithermal gold systems. They’re pretty specialized epithermal systems, and when you can get the oxides they make nice, low-capex, 0.7 to 0.8 gram gold per tonne, open-pit heap leach deposits.

“The attractiveness for us of looking for those systems are the low capital costs involved in construction — you’re looking at $100 million to $150 See ORLA / 10

Introducing the

Robust Jeep J8

Phone: (705) 476-4500 Email: mtsales@millertechnology.com

www.millertechnology.com

See EVERTON / 12

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CENTRAL AMERICA & CARIBBEAN

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Orla Mining president and CEO Marc Prefontaine at the Cerro Quema gold project in Panama, with the Quemita and La Pava zones in background. ORLA MINING

Prefontaine hopes to duplicate La India success at Cerro Quema ORLA From 9

million, as opposed to a porphyry that can be in the order of hundreds of millions, into the billions.”

A prefeasibility study Pershimco completed on the project in 2014 outlined two oxide pits — La Pava and Quema — that would produce half a million ounces of gold over a five-year mine life (552,000 oz. in 23.9 million tonnes grading 0.72 gram gold per tonne in the measured and indicated category).

“We went down to look at it and saw 550,000 oxide ounces with a prefeasibility that works well,” Prefontaine says. “We saw there had not been any systematic exploration on the property since the late 1990s, and felt there was tremendous exploration upside to increase the oxide. The goal is to get a resource out and indicate that you could have at least 100,000 oz. a year for 10 years.”

Orla Mining also boasts Pierre Lassonde as its largest shareholder.

The chairman of Franco-Nevada (TSX: FNV; NYSE: FNV) has a 12.3% stake in the junior and should help the company raise money quickly and easily, Prefontaine says, adding that “the Lassonde factor brings tremendous access to the capital markets.”

Lassonde is already familiar with Panama through Franco-Nevada’s $1-billion streaming and offtake agreement with First Quantum Minerals (TSX: FM; LSE: FQM), which is building the large openpit Cobre Panama copper mine in the country, 150 km north of Cerro Quema.

“There’s a big level of comfort in Panama because of Lassonde,” Prefontaine adds.

In addition, Lassonde’s involvement with Orla generally has meant

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“CERRO QUEMA IS VERY SIMILAR TO LA INDIA. THEY’RE BOTH HIGHSULPHIDATION, EPITHERMAL GOLD SYSTEMS.” MARC PREFONTAINE PRESIDENT AND CEO, ORLA MINING

that the junior has gone “from picking up early stage projects to competing with many others for illustrious projects, with resources that we think we can advance and expand.”

Other big shareholders in the company are Agnico Eagle and the Sentient Group, both of which own 9.5%. Management and insiders

own 7.4%.

In January, Orla kicked off a $15-million exploration program that will involve three diamond drill rigs (for 25,000 metres of drilling), in addition to detailed mapping and sampling, and ground geophysics (an extensive induced-polarization survey is underway).

Six holes have reportedly intersected high sulphidation-style alteration similar to what is seen in the resource areas up to 400 metres from the proposed Quemita pit. Assay results are pending but the company says that extensive hydrothermal brecciation with silica and vuggy silica alteration and oxidation levels up to 100 metres below surface could indicate potential for discovering more mineralization.

Prefontaine notes that the company is waiting for Panama’s Ministry of Environment to accept the

Senior consulting geologists Stan Myer and Fletcher Bourke lecturing investors, analysts and executives about the Cerro Quema project. ORLA MINING

project’s environmental and social impact study, which was submitted in July 2016.

As a mining jurisdiction, Panama has had mining companies come and go, but there hasn’t been a long history of Canadian juniors or seniors exploring there, he says, and so far, at least, the company has found “permitting is extremely slow when it comes to decisions at the top.”

Prefontaine says the company has “had its history of governments that have never really focused on attracting mining investment. With Cobre Panama, the government — and especially the regions — are looking for higher-quality jobs.”

As far as infrastructure goes, the country “is a dream,” because of the Panama Canal, he says.

“It’s a very modern city with lots of trained people.”

At press time, Orla’s shares were trading at $1.15 apiece. Over the last

year the junior’s shares have ranged from 13¢ in May 2016 to $1.75 in September 2016. The company has 126 million shares outstanding for a $145-million market capitalization.

Before Orla and Grayd, Prefontaine worked for Teck Resources, Hunter Dickinson, Northair Group and Lac Minerals, running exploration projects and offices throughout North America, South America, Southern Africa, Asia and Central Asia. TNM

“THE LASSONDE FACTOR BRINGS TREMENDOUS ACCESS TO THE CAPITAL MARKETS.” MARC PREFONTAINE PRESIDENT AND CEO, ORLA MINING

Orla Mining’s social and environmental director Hilda Candanedo (far left) and investor Pierre Lassonde (back to camera) chatting at the Cerro Quema project. ORLA MINING

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CENTRAL AMERICAN AND CARIBBEAN SNAPSHOT Intrepid juniors on the hunt for riches in the middle Americas ASCENDANT RESOURCES

A couple of weeks earlier, Royal Road closed a private placement offering that raised a gross $3.6 million by selling 36 million units at a dime apiece, with one unit comprised of a share and half a warrant, with a whole warrant entitling the holder to buy another share at 20¢ within two years.

Toronto-based junior Ascendant Resources (TSXV: ASND) picked up the venerable El Mochito underground zinc-lead-silver mine and concentrator in Honduras from Nyrstar (US-OTC: NYRSY) in December for $500,000, and is intent on rehabilitating the mine and ramping up production.

Royal Road was founded in 2010 by the original founders of Lydian International, which discovered and developed the Amulsar gold deposit in Armenia.

The mine, located 220 km northwest of the capital city Tegucigalpa in the country’s northwest, has operated almost continuously since 1948.

El Mochito is probably best remembered in the Canadian mining community as having been the crown jewel of zinc miner Breakwater Resources, which was acquired by Nyrstar in a friendly $663-million deal in mid-2011.

Ascendant president and CEO Chris Buncic says that since October, the company has raised $40 million to fund operational improvements, capital projects, equipment and exploration.

In January the mine produced at 1,600 tonnes per day, but Buncic says this could increase to 30% in the short term and more than 50% within the next 18 months.

Mineralized material is mined from the Nacional, Santo Nino, Lower San Juan, Salva Vida, Yojoa, La Leona, Imperial and Canoe manto and chimney orebodies, with zinc and lead concentrates with silver credits produced by differential flotation and shipped to a warehouse at the port of Puerto Cortes, 35 km north of San Pedro Sula on the Gulf of Honduras.

From there it’s shipped to Nyrstar under a 10-year offtake agreement.

A historic resource estimate from 2015 tallied 5.4 million measured and indicated tonnes grading 4.9% zinc, 1.7% lead and 44.70 grams silver per tonne, plus 3.9 million inferred tonnes at similar grades.

This implies at least a seven-year mine life from the measured and indicated resource at a rate of 2,000 tonnes per day.

In March, Ascendant added Neil Ringdahl as chief operating officer.

He previously worked at Orvana

Up until this latest deal, Royal Road’s focus has been its La Golondrina gold property in the La Llanada gold-mining district of Narino province in southern Colombia.

Mills at Ascendant Resources’ El Mochito zinc-lead-silver mine in Honduras. ASCENDANT RESOURCES Minerals and Apogee Silver.

In December, Ascendant changed its name from Morumbi Resources and consolidated its shares on a 1-for-5 basis.

CALIBRE MINING Vancouver-based Calibre Mining (TSXV: CXB) has enjoyed success at its grassroots Borosi gold concessions in northeast Nicaragua.

Calibre has wholly owned properties at its Borosi concessions, but also attracted high-profile partners at other Borosi concessions, including B2Gold (TSX: BTO; NYSE-MKT: BTO), Iamgold (TSX: IMG; NYSE: IAG), Centerra Gold (TSX: CG) and Rosita Mining (TSXV: RST), who are spending up to $35 million on various joint ventures with Calibre.

Legendary gold mogul Pierre Lassonde is also at the table, with a 14.1% interest in Calibre as of September 2016.

A recent highlight was the calculation in December of a maiden resource at Calibre’s wholly owned Primavera goldcopper porphyry deposit of 45 million inferred tonnes grading 0.54 gram gold per tonne, 1.15 grams silver per tonne and 0.2% copper (or a 0.84 gram gold equivalent) for a contained 782,000 oz. gold, 1.7 million oz. silver and 219 million lb. copper, at a cut-off grade of 0.5 gram gold.

Calibre says a maiden drilling

program on its wholly owned Monte Carmelo gold skarn project is ongoing, and will consist of a minimum 2,500 metres.

It adds that two exploration joint-venture programs funded

by Iamgold (the Eastern Borosi project) and Centerra (the Siuna project) are advancing, including Iamgold’s drill program at the Risco de Oro and Guapinol goldsilver projects.

covering 425 sq. km in the central Nicaraguan gold belt, including the Los Andes gold-silver project and the Piedra Iman copper-gold project.

Royal Road describes La Llanada as an underexplored region of high-grade, intrusion-related gold deposits, and the source of the rich Barbacoa alluvial gold district.

TNM

OCEANAGOLD It’s hard to understand why OceanaGold (TSX: OGC) ever got involved in El Salvador — the firm’s first foray into the Americas before having better success at the newly opened Haile gold mine in South Carolina.

In its most recent financial results, OceanaGold recorded a oneoff general and administrative charge of US$8 million to pay the legal costs of the El Salvadoran government in a losing case brought by the company against the government in the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).

OceanaGold had demanded that the government pay US$250 million in compensation for blocking development of its El Dorado gold mine project in El Salvador, but the tribunal ruled in the government’s favour in October 2016.

OceanaGold said it was “disappointed” in the decision and would “review the ICSID’s ruling in detail before evaluating the next steps related to its El Salvador business unit.”

OceanaGold acquired the El Dorado project and the lawsuit against the government that dated back to 2009, when it bought the project’s Vancouver-based, Catherine McLeod-Seltzer-led owner Pacific Rim Mining in November 2013 for $10 million in shares at a 50% premium.

ROYAL ROAD MINERALS Royal Road Minerals (TSXV: RYR) has succeeded in its all-share bid to acquire Caza Gold (TSXV: CZY; US-OTC: CZGDF), with 90% of shares tendered as of Feb. 27, which led to a compulsory acquisition of the remaining shares.

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

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With its own gold-silver properties in Colombia and Nicaragua, Royal Road targeted Caza because of its early stage Nicaraguan properties

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Everton kicks off drill program in the DR EVERTON From 9

done on the surface this thing should have good grades.”

“The geophysics is certainly exciting,” he continues. “We’d be surprised if the drills don’t turn up something interesting, and we’ll know in the next two or three months.”

Meanwhile, at its Ampliacion concession — whose land boundar y is 300 metres from where Barrick and Goldcorp are mining Pueblo Viejo — Everton will need a partner.

“We really like that one,” he says of Ampliacion. “But the deposit is deeper than Arroyo, and it’s more complex. We’re focusing on Arroyo because it’s the easier one.

It’s large, it’s copper-gold and it comes right to surface, based on the IP survey. Ampliacion is deep and needs a $5-million program to move it forward. It’s a property we would want to bring a partner in on.”

“IT’S GOOD TO HAVE IT BACK ON THE MAP AS A PREMIER LOCATION FOR DISCOVERIES, AND WE HOPE TO PROVE THAT WITH OUR OWN DRILL PROGRAM IN THE NEXT 90 DAYS.” ANDRÉ AUDET FOUNDER, PRESIDENT AND CEO, EVERTON RESOURCES

Everton’s third concession, Mermejal, is 10 km east of the Cerro de Maimon copper-gold mine. The mine, previously owned by Australia’s Perilya Ltd., was acquired

by Perilya’s major shareholder, Zhongjin Lingnan Mining (HK) Co., a wholly owned subsidiary of Shenzhen Zhongjin Lingnan Nonfemet Co. in 2013. Audet says Mermejal could become a satellite deposit for Shenzhen Chongjin. “ T here’s potent ia l to g row that small deposit, but it’s not something that is going to be a company-maker, it’s third on our priority list,” he says. “We have to see if we can expand it to make it more interesting. It needs more work and more drilling to make it bigger.”

Everton acquired its Dominican concessions through its purchase of the Dominican Republic division of Linear Gold Corp., a company that was later acquired by

Drillers on Everton Resources’ Cabirma del Cerro gold property, north of Barrick Gold and Goldcorp’s Pueblo Viejo mine in the Dominican Republic. EVERTON RESOURCES

Primero Mining (TSX: P; NYSE: PPP). “It took me five years to convince them to do a deal,” Audet recalls. “They were active in the Dominican Republic, but were more active in Canada and Mexico. At the time their Dominican concessions were not strategic.

“Our concessions are the best ones,” he says. “We’ve explored the whole country from east to west and north to south, so we’re happy with our land position.”

He notes that the government

wants to make sure that companies have the financial wherewithal to work their concessions. “You can’t just sit on your concessions. It’s not expensive to secure ground — it costs virtually nothing — but you have to show a budget and demonstrate you’re going to spend some money.”

In terms of working in the Dominican Republic, patience is key, Audet emphasizes. “They want to make sure things are done properly and that companies are

serious about moving their projects forward, and you have to prove that.

“There’s a lot of red tape,” he adds. “It’s not like in Quebec where you can take a concession by clicking on a computer.

There’s a longer process. It’s going better now because they need investment, and mining is one of the biggest engines of growth in the country. Pueblo Viejo is generating [tremendous] cash flow ... and that money flows into

the smaller communities, which helps improve the quality of life and creates jobs.”

While the number-one industry is tourism, followed by agriculture, mining “is probably close to overtaking agriculture as the biggest generator of their GDP. “You can be caught up in Dominican Republic red tape and if a comma is in the wrong place, the file gets returned,” he says.

“It’s very, very picky. But it does work. Things do get done.” TNM

A view of Barrick Gold and Goldcorp’s Pueblo Viejo gold mine from Everton Resources’ Cabirma del Cerro gold property in the Dominican Republic. EVERTON RESOURCES

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GoldQuest Mining’s Romero gold project in Western Dominican Republic’s San Juan province, 40 km from the border with Haiti. PHOTO BY DAVID PERRI

Agnico Eagle buys 15% of GoldQuest for $23M

DOMINICAN REPUBLIC

| Funds will flow into exploration and Romero development

BY SALMA TARIKH

G

starikh@northernminer.com

oldQuest Mining (TSXV: GQC) shares got a welcome boost after reports that Agnico Eagle Mines (TSX: AEM; NYSE: AEM) is buying 15% of the company for $23 million. This marks Agnico’s first investment in the Dominican Republic, where GoldQuest is advancing the prefeasibility-stage Romero gold-copper project and drilling the surrounding, underexplored Tireo gold district.

Under the March 6 agreement, Agnico will buy 38.1 million GoldQuest shares in a non-brokered private placement at 60¢ apiece for $22.9 million. The news sent GoldQuest shares up 15% that day to 54¢, before closing March 9 at 51¢.

Agnico will also get one seat on GoldQuest’s board and the right to participate in future equity financings, as well as the flexibility to boost its holding to a maximum of 19.99% in two years.

The funds will allow GoldQuest to advance both its exploration program and the development of its wholly owned Romero project, which it discovered in 2012.

“The money means we can accelerate our drilling. We made a big discovery that we announced in January of zinc and gold together.

And we will put a second rig on that immediately. Also [Romero’s] environmental and mining permitting process will drive that much faster now that we have the money,” GoldQuest’s chairman Bill Fisher said at the recent PDAC convention.

GoldQuest aims to complete the minimum 40-hole, 10,000-metre drill campaign that it started last August at its Tireo project, south of the Romero deposit.

On Jan. 10, it reported the nearsurface Cachimbo discovery, after drilling the third target out of the 20 targets it had identified. GoldQuest

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Agnico Eagle Mines CEO Sean Boyd.

cut a new volcanogenic massive sulphide zone that returned 14 grams gold, 74 grams silver, 12% zinc and 1% copper over 5 metres. “In terms of richness, it shows a very rich area,” Fisher says.

Cachimbo is 20.5 km south of the Romero project and sits in the 50 km Tireo gold belt. “This is the boundary between the Caribbean and Atlantic plates. So we expect a string of pearls along that boundary.”

To date, GoldQuest has completed two-thirds of this drill campaign.

It has tested eight of the 20 targets.

This year, Fisher says its objectives include continuing to drill the targets along the Tireo belt, and revisiting the Cachimbo discovery to see “how big it is.”

“On the development side, we will be advancing the engineering and preproduction engineering, and also satisfy the environmental impact assessment (EIA) file, as we go from the mining ministry to the environment ministry — all that boring stuff that you need to

GoldQuest Mining executive chairman Bill Fisher (left) points to a possible mill site at the Romero project in the Dominican Republic, as engineering manager Jean-Pierre Leblanc (middle) and president and CEO Julio Espaillat look on. PHOTO BY DAVID PERRI

“ON THE DEVELOPMENT SIDE, WE WILL BE ADVANCING SOME OF THE ENGINEERING ... AND ALSO SATISFY THE ENVIRONMENTAL IMPACT ASSESSMENT FILE, AS WE GO FROM THE MINING MINISTRY TO THE ENVIRONMENT MINISTRY — ALL THAT BORING STUFF THAT YOU NEED TO GO AND BUILD A MINE.” BILL FISHER CHAIRMAN, GOLDQUEST MINING

go and build a mine.”

The company expects to receive the mining concession shortly, which would give it a 25-year concession with two extensions of up to 75 years, Fisher notes. Once it has that permit, it can begin the EIA process, which could take a year to complete. After the EIA approval, Romero will be shovel-ready for construction.

The November 2016 prefeasibility study envisions Romero as a 2,800-tonne-per-day un-

derground operation, annually producing 109,000 equivalent oz. gold over a 7.3-year mine life.

Estimated all-in sustaining costs are US$595 per oz. gold. Initial capital should be US$158 million, with a 2.5-year payback.

Romero has a 7-million-tonne ma iden reser ve g rad i ng 3.72 grams gold, 4.33 grams silver and 0.88% copper for 840,000 oz. gold, 980,000 oz. silver and 136 million lb. copper, or 1.12 million equivalent oz. gold.

Agnico’s endorsement “is extremely important to the Dominican Republic, as we move through the government stages, permitting, et cetera.”

Fisher and Julio Espaillat, the company’s president and CEO, played key roles in developing GlobeStar’s Cerro de Maimon copper-gold mine in the Dominican Republic.

GlobeStar bought the project for $350,000 in 2001, and a decade later Perilya acquired the company for $186 million. TNM

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MARCH 20–APRIL 2, 2017 / THE NORTHERN MINER

From teen prospector to PDAC president GLENN MULLAN From 1

know that Canadian Malartic is either the largest gold mine in Canada or one of the top two, if you include Detour Gold’s Detour Lake mine. Having a 3% net smelter return royalty (NSR) is also an important part of the project, and a compelling asset.

TNM: At what point did Golden Valley get involved in Malartic?

GM: Golden Valley originally staked and owned 100% of the Malartic property, with no NSR. After Osisko Mining earned its 70% interest, Golden Valley took the 30% free-carried interest — which is much more lucrative than a conventional NSR — and spun that off into Abitibi Royalties in 2011.

So Abitibi Royalties started with that as an anchor asset, which helps account for its share performance over the past three years. It wasn’t that long ago we were trading at 30¢, but it moved north pretty quickly, through creative transactions. With the discovery of the Odyssey zone 2 to 3 km east of the main Malartic deposit, the market started to give value to the royalties Abitibi has held. This is

“I MOVED TO VAL-D’OR THE DAY AFTER GRADUATION AND STARTED WORKING AS A PROSPECTOR. I NEVER HAD A CLASSIC JOB.” GLENN MULLAN PRESIDENT, PDAC

unique because most juniors don’t begin with a single asset like that.

We’re not chasing after 25 other grassroots royalties — we’re focusing on that one asset and trying to see how far we can take it.

The Odyssey zone is a bona fide discovery. This accounts for the share price appreciation, and given that the Canadian Malartic mine is owned and run by Agnico Eagle and Yamana, and you have the largest gold mill in Canadian history on the property. Those are unique circumstances for a junior company to have as a focus asset.

TNM: When was the Odyssey discovery made?

GM: It was pretty much when Goldcorp launched its hostile bid for Osisko in 2014. By the time Agnico and Yamana prevailed in their takeover bid a few months later, the zone was understood to be a mutually exclusive deposit east of Canadian Malartic.

TNM: How did you come to decide you wanted to be a prospector? Does mining run in your family? For example, as a teenager you read Pierre Berton’s Klondike: The Last Great Gold Rush, 1896–1899, and the book inspired you.

GM: I had an uncle who was a mining engineer and cofounded McPhar Geophysics, which evolved into Phoenix Geophysics, and they were pretty well known in the 1960s and 1970s for pioneering inducedpolarization (IP) surveys, and I guess he gave me my break and opened the door.

TNM: What sort of work were you doing for him, and where did you go?

GM: I started off with contract geophysical surveys and the first two places I went to were the Northwest Territories and the Yukon.

I loved being in remote areas. It

“AFRICA’S OPPORTUNITIES ARE WORLD-CLASS, BUT IT TAKES A LOT OF PERSEVERANCE SOMETIMES TO DEVELOP GOOD LOCAL, COMMUNITY AND NATIONAL RELATIONSHIPS.” GLENN MULLAN PRESIDENT, PDAC

Glenn Mullan on a prospecting and sampling trip in Quebec’s James Bay region in 2007. COURTESY OF GLENN MULLAN

wasn’t just the geophysics, it was early-stage mining exploration in places like Kirkland Lake, Ignace, Manitouwadge, Timmins, Vald’Or, Chibougamou, Port Hardy and Hemlo.

Hemlo was an important one. I was 18 or 19 years old, and through Hemlo, I could see all of these guys

Glenn Mullan staking a claim in Bourlamaque Township, Quebec, in 1995. COURTESY OF GLENN MULLAN

Published by:

dressed up in suits and ties — the bankers and promoters from Vancouver and Toronto — were lined up to meet people in T-shirts — the prospectors. That was the first time I saw that the guys in T-shirts from places like Kirkland Lake and Val-d’Or had all the power. It left a strong impression. The guys in suits and ties wanted to meet the prospectors and do deals. And helicopters were coming and going, deals were flying off the table. That was a great thing to see after reading Berton’s book about Klondike.

TNM: You studied geology and earth sciences at Concordia University in Montreal. What did you do after graduating?

GM: I moved to Val-d’Or the day after graduation and started working as a prospector. I never had a classic job, I always worked as a prospector because I just liked being independent and staking claims, trying to interest someone in them, using those basic geology skills and trying to evolve different land packages into transactions that would result in exploration and testing my ideas, and so on.

After a few years there was a brokerage firm — at that time it was called Yorkton Securities — that kept coming around in 1994 and 1995, and telling me that I should take my business-staking claims public. They liked that I was retaining royalties and shares in most

transactions, including advances on royalty payments. They said I should sell the business plan and take it public, but I didn’t want to do that at all.

TNM: Why not?

GM: I had no shareholders, no stakeholders, only one or two partners and I loved the private business. It was fun and it was lucrative, and I answered to pretty much no one.

TNM: What changed your mind?

GM: Something called Bre-X happened. And I remember the date: March 25, 1997. It was the date the market imploded (and my youngest daughter was born). There were stark lessons for lots of us. I wasn’t working in Busang, Indonesia or in the Philippines. But I watched the market implode and only Yorkton was still calling me, telling me to take the business public. And because most of our clients were disappearing or dissipating all of a sudden, we thought going public wouldn’t be such a bad thing. So we did, and that’s when Canadian Royalties Inc. was created.

TNM: The public company was set up in 1999 and developed a nickelcopper-PGE mine in northern Quebec called the Canadian Royalties mine. What happened then?

GM: We ended up losing that company to a Chinese company called Jilin Jien Nickel Corp. in a hostile takeover. We had spent $352 million on the project, including mine infrastructure, earthworks and roads. But we put it on care and maintenance during the global financial crisis and that was when Jilin launched its hostile bid. They then spent another $2 billion on the mine build and put it into production. It has 300 employees and a full operating mill. It operates next to what used to be Falconbridge’s Raglan Division.

TNM: That must have been hard to take.

GM: The lesson learned was not to lose another one, and that’s why Golden Valley Mines looked at its holdings and said, “if it’s that easy to lose a project, we should spin out the Malartic project into Abitibi Roy-

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2017-03-14 7:47 PM

GLOBAL MINING NEWS

alties.” That’s why Golden Valley controls Abitibi Royalties: to make sure there is no hostile transaction and that any transaction takes place through the front door, and not the backdoor. Because in 2011 or 2012, Osisko Mining had released batches of spectacular results and they were close to achieving full commercial production, and they already had piles of promising results for the zones on the property then owned by Golden Valley. We thought there was a chance of it becoming a hostile takeover, and set up Abitibi Royalties — that’s why so few shareholders control it.

TNM: Abitibi Royalties is very closely held.

GM: I don’t really trust my math, but of the 11.3 million shares outstanding, Golden Valley owns 5.6 million, or 49.4%; Rob McEwen owns 1.3 million, or 12.3%; and the Quebec Labour Funds own 6%. So you’re up to 64–66%, and with the next four or five largest shareholders you get to 80%. So there are only 2.5 million shares left. Ian Ball, the president and CEO, has done a very good job of educating our shareholder base.

Most of the shareholders know exactly what the story is.

Given that Agnico and Yamana are spending a lot on exploration at Malartic, and even though the results have been robust, Abitibi’s trading volumes are pretty low. Not many people are buying the company to flip it — most are holders waiting to see what becomes of the royalty or the company.

TNM: Outside of Canada, you have developed something of an expertise in Africa.

GM: I wouldn’t say that I’m an expert on Africa, far from it! We’ve had good opportunities presented to us and some of them were in Africa. I’ve looked at 14 countries in Africa to date — some of them we’ve worked in, and some produced interesting situations.

TNM: Do you have any examples?

GM: Let me be a bit coy on those interesting situations for now, except to say we look at lots of commodities in Africa and not just precious metals. Africa’s opportunities are world-class, but it takes a lot of perseverance sometimes to develop good local, community and national relationships. Canadians tend to be pretty good at that and make good partners.

TNM: What is your favourite country in Africa?

GM: Sierra Leone continues to be my favourite, despite the difficulties there. It’s such a great geological environment that it’s hard to be a prospector with a heart that beats and not be moved by Sierra Leone. Whether it’s base metals, iron ore, bauxite or diamonds, it’s just particularly well-endowed in its general geological conditions.

But Sierra Leone faces so many challenges, there are many difficult things about it, especially if you’re a junior Canadian miner, because we don’t have a Canadian embassy there, and you’re competing one on one with China Inc. The Chinese companies are an obvious physical manifestation everywhere in the continent of Africa, whether it’s the railroads they’ve built, or the

THE NORTHERN MINER / MARCH 20–APRIL 2

hospitals and other infrastructure.

It’s hard to be a Canadian junior competing one-on-one with so many resources on the table. Those are parts of the challenge.

TNM: You’ve just returned from the Indaba conference in South Africa. While you were there, you wore two hats: one, as the recently appointed president of the PDAC; and the second, as part of a delegation of companies from Quebec.

What were your impressions of the conference and what you saw later as a mining executive?

GM: I had never been to that conference before, although I have been to Africa many times. It was a fantastic conference. And Cape Town is a spectacularly beautiful place. I joined up with a Quebec government trade mission going to Cameroon for Golden Valley Mines. I’ve done a couple of those trade missions in the past.

Sometimes things evolve quickly.

Take Cameroon. That’s an excellent example of a country that has depended on the petroleum industry, but with the retraction of oil prices, looks at trying to develop investments in the mining sector to replace lost revenues. Cameroon was not somewhere I had looked in the past as a prospector or geologist, but I was impressed by some of the opportunities there: from cobalt and nickel to gold and diamonds.

There are bona fide opportunities.

The only thing missing is mining experience, because they have no operating mines yet, but they do have a couple of advanced projects, and now they have a revised mining code and the government is receptive to mining investment.

But there are a number of other countries like Uganda and Burkina Faso emerging on what I would call “the right side of opportunity,” so we’ll see what happens in Cameroon. I’m optimistic, but then I usually am on most days.

There are 34 African countries with Canadian mining companies doing exploration and development work. If you have favourable geology, you are probably going to find Canadians breaking rocks and financing development. One thing that Canadians are very good at, other than hockey, is mining exploration and development. You tend to find Canadians everywhere there are geological opportunities.

TNM: Do you expect the mood at PDAC this year will be more positive than last year?

GM: PDAC is well situated in the events calendar because it follows AME BC and Cambridge House in Vancouver, and Indaba, and they’re all useful barometers to talk about trends. Attendance at AME BC was up 1,000 attendees from last

Glenn Mullan collecting grab samples in Choluteca, Honduras. COURTESY OF GLENN MULLAN

year, and there was also more participation at the Cambridge House conference, as well as a flurry of financings for junior companies.

Participation at Indaba was said to be up over 10% compared to 2016. There were more companies attending, more interested parties attending and more interested countries attending — so that shows there’s a movement by countries to open their doors to mining.

We are optimistic that we will see an increase in terms of attendees and participants this year. It’s such an important mining event. Last year was generally considered to be a down year, and we had over 22,000 attendees. That’s still an extraordinary participation rate.

Last year we had people from 125 countries attend PDAC. No one can draw that number of nations to Canada in March. That’s the power of the PDAC brand. It shows how important mining is, not just to Canada, but many other nations that are opening their doors and looking to Canada for guidance.

TNM: As president of PDAC, you want to encourage more young people to consider careers as prospectors.

GM: Every time I speak to students I tell them to consider prospect-

ing as a legitimate vocation when they graduate, or even if they don’t graduate — not all prospectors have degrees in geology, and some of the best ones don’t. Prospectors are well-suited for being early in, managing early-stage ventures and conducting business efficiently. We got away from that in the last decade or so. Conventional wisdom is such that the opportunities for young people normally follow a predictable path, from graduating, getting hired by a larger mining company and acquiring experience. That is viable for some, but so is being an independent prospector. Most students have not been exposed to it, and never considered how easy it may be by comparison.

TNM: How can young graduates afford to go there and stake claims without an income?

GM: It’s not difficult. It costs $39.73 for a prospecting licence in Quebec and $25.50 in Ontario. Of course it can seem onerous and daunting to go from Toronto to the north to stake a bunch of claims, but it’s actually not that expensive.

Most of us have good family support networks, we’re not talking millions of dollars to stake some claims, we’re talking hundreds of dollars, and that’s really all it

“EVERY TIME I SPEAK TO STUDENTS I TELL THEM TO CONSIDER PROSPECTING AS A LEGITIMATE VOCATION WHEN THEY GRADUATE, OR EVEN IF THEY DON’T GRADUATE.” GLENN MULLAN PRESIDENT, PDAC

Glenn Mullan pit sampling in 2012 in Northern Province, Sierra Leone. COURTESY OF GLENN MULLAN

1-16, 23_Mar20_Main .indd 15

15

takes, and some entrepreneurial spirit trying to build something around it. It’s conventional, and most of the prospectors that are self-employed in northern Canada are not well-equipped financially, but that doesn’t prevent them from doing it. When circumstances align they are in a position to reap the benefit, but I do acknowledge it doesn’t happen that often.

TNM: So when did you start staking claims?

GM: I started before I went to Concordia University. I began staking right after I read the Klondike book at the age of 17 or 18, and it was staking claims that paid my way through university. I remember optioning my first claims to a company in Toronto from the staking rush in Quebec’s Casa Berardi district.

TNM: Did you have to borrow money from your family or friends?

GM: Nope, I used my Visa card. I never borrowed money from my parents. I had the Visa card, then a Mastercard and then a second Visa card, and I was able to pay them all off. I had a couple of claims around Matheson in Ontario and the townships of Munro and Hislop.

I staked claims before and during university. That was my summer job when I was in school. I’d just jump on the motorcycle and go north from Montreal to Matheson and Val-d’Or. TNM: What did your parents think?

GM: It was not traditional, so they thought: “He’ll grow out of it and get a job with a mining company,” and do what you’re supposed to do.

TNM: How long did you stake claims before setting up your first public company?

GM: I was doing it for 10 years before Yorkton started calling me.

They kept seeing this “Numbered Co. Canada Inc.” staking claims.

Pretty much every week we had deals, and every deal had a little bit of cash — as many shares as we could get — and an NSR royalty. The brokerage kept saying there was a real business there, but on a larger scale. In most of our transactions, by the third year the optionee would have to make significant cash payments — or advances on royalty payments — and that was what was vended into Canadian Royalties. By then there were over 100 royalties and advances on royalty payments from over 100 projects.

That was a unique business plan because nobody else was doing it that way. TNM

2017-03-14 7:47 PM

16

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MARCH 20–APRIL 2, 2017 / THE NORTHERN MINER

IOC green-lights Wabush 3 IRON ORE

| Production should start in the second half of 2018

BY SALMA TARIKH

I

Haul trucks with a shovel in the background at Iron Ore Co. of Canada’s Wabush 3 iron ore mine in Labrador. RIO TINTO

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ron Ore Co. of Canada (IOC) is moving ahead with developing the Wabush 3 project, after a $79-million investment approval by its board.

Wabush 3 — envisioned as a conventional open-pit mine — will provide a new source of iron ore to extend the operating life at IOC’s Carol project in Labrador City, Newfoundland and Labrador.

“This value-driven investment will deliver significant benefits for our business, employees and surrounding communities in Labrador West and Sept-Îles for many years to come, by increasing the mine life and allowing us to offer continued employment opportunities,” Clayton Walker, IOC’s CEO and president, said in a media release.

IOC has been operating Carol since the 1960s. It produces concentrated iron ore and pellets from the operation and transports them by train to the port of Sept-Îles, Que., to ship to global customers.

The project has four operating pits (Humphrey Main, Humphrey South, Sherwood Pond and Luce), two dormant pits and two new deposits (Wabush 3 and Wabush 6).

Wabush 3, which is next to the Luce pit, should help IOC ramp up Carol’s annual capacity from 18 million tonnes to 23 million tonnes.

Along with adding tonnes, Wabush 3 could extend the operation’s mine life by 12 years, from 2067 to 2079.

“When the Wabush 3 environmental impact statement was submitted to the Newfoundland and Labrador government, it indicated that the completion of the Wabush 3 pit would extend IOC’s mining activities at Labrador City to 2079,” Marsha Power-Slade, the company’s senior advisor of external relations, said in an email.

The provincial government released Wabush 3 from the environmental assessment process in September 2015. IOC, however, delayed a construction decision due to low iron ore prices.

With the spot price for the steelmaking metal recently picking up, developing the new pit now makes more sense. Spot iron ore exited this January at US$80 per tonne, up 90% from a year ago.

IOC intends to start building Wabush 3 — estimated to cost $79 million — in April. The pit will contain 744 million tonnes of iron ore, with first production expected in the second half of 2018.

Wabush 3 will create “70 total full-time equivalent jobs with contractor and subcontractors during the 18-month construction phase,” Power-Slade adds.

The company — which is a joint venture between Rio Tinto (NYSE: RIO; LON: RIO), at 58.7%; Mitsubishi, at 26.2%; and Labrador Iron Ore Royalty (TSX: LIF), at 15.1% — says it will fully integrate Wabush 3 into its Labrador City operations.

IOC operates the Carol project, a concentrator and a pelletizing plant in Labrador City, as well as port facilities in Sept-Îles, and a 418 km railroad that links the project to the port.

BMO analyst Alexander Pearce, who covers Labrador Iron, notes that development at Wabush 3 is starting earlier than expected.

“The Wabush 3 pit is IOC’s best option to access low-cost, quality ore,” Walker says. “It provides a compelling opportunity to make our business more competitive by lowering operating costs during a period of increasing iron ore price volatility.” TNM

2017-03-14 7:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 20–APRIL 2, 2017

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MARCH 20–APRIL 2, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MARCH 6–10 The S&P/TSX Composite Index dipped 0.7% to close at 15,506.68, as oil and gold prices declined. The S&P/TSX Global Mining Index dropped 4.7% to 64.46, while the S&P/ TSX Global Gold Index lost 1.6% to finish at 201.74. Spot gold fell 2.4% to US$1,205.50 per ounce. The April contract for U.S. crude oil tumbled 9% to US$48.49 per barrel, on the back of rising U.S. inventories.

Azarga Uranium rose nearly 22% to 42¢ per share. On March 7, the junior said that the U.S. Environmental Protection Agency (EPA) issued two draft permits for the Dewey Burdock uranium project in South Dakota.

Those permits are for Azarga’s planned Class III and Class V underground injection control activities. They cover all outstanding EPA permit applications for Dewey Burdock.

Azarga, which applied for the permits in late 2008, says the receipt of these draft permits is a major milestone as it moves Dewey Burdock closer to development.

According to EPA, the draft permits will be available for public review and comment until May 19, 2017. EPA will review all public comments before making a final permit decision.

The EPA approval is one of the three major regulatory agency approvals the company needs for the project. Azarga has already received a nuclear regulatory commission licence, and after the final EPA permits, it

can resume the formal hearings to complete the state permitting processing.

Michael Wichterle, an analyst at Cantor Fitzgerald, forecasts initial uranium production from Dewey Burdock in 2018. The project boasts a measured and indicated uranium resource of 8.6 million lb. at 0.3%.

He has a “buy” and $1.10 price target on the stock.

Moneta Porcupine Mines fell 29% to 16¢ per share. On March 6, the company updated its 40,000-metre drill program on its wholly owned Golden Highway project near Timmins, Ontario.

Moneta says it has three drills contracted to the end of 2017 after the lack of drills in late 2016 delayed the start of the program.

So far, Moneta has completed 15 drill holes, TSX MOST ACTIVE ISSUES

Yamana Gold B2Gold Kinross Gold Goldcorp Ivanhoe Mines Eldorado Gold Trevali Mng IAMGOLD Suncor Energy Barrick Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI BTO K G IVN ELD TV IMG SU ABX

29416 3.56 3.31 3.54 + 0.04 27592 4.03 3.68 4.02 unch 0.00 20155 4.52 4.28 4.43 - 0.06 19712 20.26 19.53 19.96 - 0.29 19706 4.23 3.71 4.22 + 0.05 17169 4.03 3.69 4.00 + 0.05 15163 1.45 1.16 1.30 - 0.16 14499 5.11 4.62 4.94 - 0.14 14416 42.28 39.91 40.46 - 1.30 14345 24.59 23.34 24.51 + 0.08

On BNN’s Market Call, economic geologist Brent Cook of the investment newsletter Exploration Insights, said the Golden Highway project is a large, low-grade deposit with “spotty” mineralization, which if mined as a pit would have an “extremely high” stripping ratio. “It may be a leverage play to the gold price,” he said. Cook added that he’s not a Moneta shareholder because he doesn’t believe it’s an economic deposit. TNM

or 8,000 metres, within the Destor West and LC zone, including two holes “lost in blocky ground.”

Moneta notes the recent drilling has extended known gold mineralization several kilometres along strike of the existing resource. The deposit hosts 1.1 million oz. in indicated (31.1 million tonnes at 1.09 grams gold) and 3.2 million oz. in inferred (83.3 million tonnes at 1.20 grams gold).

TSX GREATEST PERCENTAGE CHANGE

Loncor Res Azarga Uranium Freegold Vent RTG Mining Fission Uran Brio Gold Tanzania Rlty Yellowhead Mng Dynasty Met&Mn Corvus Gold Moneta Porcpn Amerigo Res New Milln Iron Rockwell Diam Capstone Mng Redhawk Res General Moly HudBay Mnls Alderon Iron Champion Iron

LN AZZ FVL RTG FCU BRIO TNX YMI DMM KOR ME ARG NML RDI CS RDK GMO HBM IRON CIA

249 285 174 11 3364 1161 315 1168 299 129 7188 3070 1505 387 5810 255 12 11159 784 2354

0.16 0.48 0.14 0.23 0.83 3.16 0.62 0.08 0.33 0.87 0.23 0.76 0.25 0.07 1.68 0.06 0.68 10.70 0.51 1.07

0.13 0.35 0.12 0.00 0.72 2.95 0.52 0.05 0.27 0.71 0.15 0.54 0.18 0.05 1.29 0.04 0.00 9.00 0.38 0.87

0.16 0.42 0.14 0.23 0.82 3.16 0.62 0.08 0.32 0.82 0.16 0.61 0.20 0.06 1.35 0.04 0.63 9.19 0.42 0.91

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Seabridge Gld Potash Corp SK Torex Gold Cameco Corp Agnico Eagle Brio Gold Prophecy Coal Osisko Mng Inc China Gold Int HudBay Mnls First Quantum Suncor Energy Tahoe Res North Am Pall Lundin Mng Labrador Iron Imperial Metal Pan Am Silver Silver Std Res

40.9 21.7 12.0 9.5 9.3 7.1 6.9 6.7 6.7 6.5 28.9 23.8 21.6 21.4 21.1 20.0 17.1 16.5 16.0 15.7

VOLUME WEEK (000s) CLOSE CHANGE

AGU SEA POT TXG CCO AEM BRIO PCY OSK CGG HBM FM SU THO PDL LUN LIF III PAAS SSO

1740 131.17 435 13.86 10877 23.49 1919 25.64 6215 14.89 3269 55.47 1161 3.16 27 4.55 2826 4.08 3165 2.78 11159 9.19 14150 13.61 14416 40.46 8819 9.95 19 4.79 14307 7.59 1592 18.42 259 5.78 742 21.89 1392 13.46

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

3.59 0.62 0.59 0.37 0.36 0.31 0.21 0.20 0.19 0.15 1.81 1.65 1.30 0.97 0.84 0.83 0.65 0.62 0.60 0.59

TSX VENTURE EXCHANGE / MARCH 6–10 The S&P/TSX Venture Composite Index shed 19.27 points to an 818.46-point close, as spot gold prices tumbled US$30.17, or 2.4%, to US$1,204.64 per oz., and Comex copper prices fell 10¢, or 3.7%, to US$2.6 per pound.

Aurania Resources led the value-added category, gaining $1.75 to $3 per share after announcing plans to acquire EcuaSolidus from Aurania’s president and CEO, Keith Barron, for its Lost Cities — Cutucu gold project in southeastern Ecuador. Barron founded Aurelian Resources, which in 2006 discovered the 7 million oz. Fruta del Norte gold deposit, now owned by Lundin Gold. To complete the acquisition, Aurania would issue 1 million shares and $500,000 in cash to EcuaSolidus, and complete a financing totalling no less than $6 million at a minimum $1 per share. The project covers a 2,080 sq. km area that shares similar geology with Fruta del Norte, which is located 90 km south. The company aims to complete geophysics and regional stream silt sampling at the property.

Shares of Tinka Resources gained 19¢ to 52¢ on news of a high-grade zinc discovery at its Ayawilca project, 200 km northeast of Lima, Peru. The company intercepted 62 metres of 5.6% zinc from 128 metres deep in the first hole of the company’s 10,000-metre drill pro-

gram. The hole was located 400 metres south of the project’s existing inferred resource of 18.8 million tonnes of 8.2% zinc equivalent.

Mineralization at Ayawilca occurs as gently dipping lenses of semi-massive sulphide replacements of carbonate and clastic sediments, with at least one vertical chimney at the project’s West Ayawilca zone, where the zinc grades are higher.

Barsele Minerals gained 17¢ to $1.03 per share after releasing drill highlights for its Barsele gold project in northern Sweden, which is under a 55% joint venture with Agnico Eagle Mines. The company announced intercepts of 10 metres of 1 gram gold per tonne at 20 metres deep, 16.5 metres of 2.3 grams at 315 metres deep, and 62 metres of 1.6 grams gold at 390 metres deep. All intercepts are reported TSX-V MOST ACTIVE ISSUES

Saint Jean Spearmint Res Secova Mtls Tinka Res Durango Res Aurvista Gold Iberian Mnrls Westkam Gold Guerrero Vents Metanor Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

SJL 32600 SRJ 26616 SEK 11203 TK 9386 DGO 8319 AVA 8120 IML 7951 WKG 7532 GV 7429 MTO 6903

0.21 0.04 0.09 0.52 0.23 0.45 0.16 0.03 0.04 0.08

0.15 0.03 0.05 0.35 0.17 0.36 0.12 0.03 0.02 0.07

0.17 + 0.03 - 0.07 - 0.52 + 0.19 - 0.36 - 0.12 - 0.03 unch 0.03 + 0.07 -

0.02 0.01 0.01 0.19 0.01 0.08 0.02 0.00 0.02 0.01

in true widths. The project is located on the western end of a prolific volcanogenic massive sulphide belt called the Skellefte trend, and where it intersects a prospective gold trend in Northern Sweden.

Shares of Karmin Exploration fell 21¢ to 57¢ after the firm announced a resource update at its 30% owned Aripuana zinc-lead-silver project in northwestern Brazil, with partner

Votorantim Metais, a Brazilian metals giant.

Aripuana’s main mineralization zones Arex, Ambrex and Link are said to contain 15.9 million measured and indicated tonnes, and saw a 31%, 40% and 39% silver increase in zinc-lead-silver grades, partly due to higher cut-off grades used in the resource estimation than in the 2013 estimate. The resource also added 41,000 metres of drilling. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Savannah Gold SAV.H Mezzotin Mnrls MEZ Aurania Res ARU Royal Sapphire RSL Red Moon Res RMK Granite Ck Gld GCX QMC Quantum Ml QMC Homeland Egy HEG.H Guerrero Vents GV Mukuba Res MKU.H Standard Toll TON RER Remo Res Canada Coal CCK Eastfield Res ETF Active Growth QNC Maritime Res MAE TVI TVI Pacific IGC Res IGC.H Adex Mining ADE Copper One CUO

0 5668 83 247 55 104 1051 192 7429 8 1705 40 303 190 4796 554 1840 69 1194 965

0.00 0.05 3.00 0.17 0.07 0.08 0.19 0.01 0.04 0.16 0.01 0.30 0.04 0.08 0.18 0.16 0.02 0.02 0.02 0.06

0.00 0.01 1.49 0.10 0.03 0.06 0.10 0.01 0.02 0.00 0.01 0.16 0.03 0.00 0.12 0.12 0.01 0.01 0.01 0.04

0.30 0.02 3.00 0.17 0.07 0.06 0.18 0.01 0.03 0.16 0.01 0.16 0.03 0.05 0.12 0.12 0.01 0.01 0.01 0.04

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 400.0 + 300.0 + 140.0 + 135.7 + 133.3 + 100.0 + 100.0 + 100.0 + 100.0 + 77.8 - 50.0 - 47.5 - 37.5 - 37.5 - 36.1 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Aurania Res Goldex Res Till Capital Aurion Res Wolfeye Res Savannah Gold Tinka Res Ceylon Graph Barsele Min Broadway Gold Lithium X Egy Bear Creek Mng Wealth Mnrls Karmin Expl Chesapeake Gld Ascot Res Cairo Res Standard Lith Regulus Res Corsa Coal

ARU GDX TIL AU LXG SAV.H TK CYL BME BRD LIX BCM WML KAR CKG AOT QAI.H SLL REG CSO

83 73 5 873 1036 0 9386 569 280 1321 3469 525 856 158 116 225 29 256 170 151

3.00 0.86 5.25 2.01 0.78 0.30 0.52 0.45 1.03 1.45 1.50 2.46 1.50 0.57 3.72 1.54 0.41 1.06 1.45 2.25

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

1.75 0.31 0.30 0.29 0.26 0.24 0.19 0.17 0.17 0.16 0.40 0.33 0.22 0.21 0.20 0.19 0.19 0.19 0.18 0.17

U.S. MARKETS / MARCH 6–10 The Dow Jones Industrial Average closed at 20,902.98, down 0.5%, while the S&P 500 Index fell 0.4% to 2,372.60. The U.S. Department of Commerce announced on March 7 that the country’s goods and services deficit grew to US$48.5 billion in January, up US$4.2 billion from a revised US$44.3 billion deficit in December. The Philadelphia Gold & Silver Index dropped 2.9% to 79.80, as the New York spot gold price slid 2.4% to US$1,204.50 per ounce. West Texas Intermediate crude tumbled 10% to below US$50 per barrel for the first time since December 2015.

Arch Coal refinanced its senior secured term loan and “in response to strong demand and very attractive rates” upsized the loan to US$300 million, from US$250 million. The interest rate for the new term loan, which matures in 2024, is at the London interbank offered rate (Libor), plus 400 basis points, with a 1% Libor floor. The rate represents a drop of 500 basis points from the previous facility.

The proceeds, along with cash-on-hand, will be used to pay off Arch’s term loan. “We have reduced our projected annual interest expense US$18 million, or nearly 50%, while extending debt maturities by more than two years,” John

18_MAR20_MarketNews.indd 18

Eaves, Arch’s CEO, said in a press release. “In addition to securing much-improved borrowing rates, we used our healthy cash position to trim debt levels more than US$25 million.”

Following the transaction, the company has pro forma total indebtedness of $337 million, comprising the new $300-million term loan and $37 million in equipment financing and other debt. The company expects to end March with a cash balance in excess of its total debt. Arch Coal’s shares fell US$7.07 per share to US$64.65.

Tahoe Resources reported 2016 production of 21.3 million oz. silver at total cash costs of U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 128900 10.11 9.27 9.47 - 0.71 Freeport McMo* FCX 111183 13.00 12.18 12.37 - 0.83 Vale* VALE.P 80059 9.56 8.83 8.91 - 0.78 United States S* X 68053 37.80 34.64 34.88 - 2.86 Barrick Gold* ABX 61682 18.29 17.35 18.20 - 0.04 Yamana Gold* AUY 57347 2.65 2.46 2.62 unch 0.00 Kinross Gold* KGC 44871 3.39 3.17 3.28 - 0.09 Gold Fields* GFI 41852 3.25 2.86 3.01 - 0.23 IAMGOLD* IAG 40761 3.81 3.43 3.66 - 0.15 Mosaic* MOS 38978 30.49 28.64 29.19 - 1.03

US$5.84 per oz., and all-in sustaining costs (AISCs) of US$8.06 per ounce. Gold production reached 385,100 oz. — more than double 2015 — at total cash costs of US$620 per oz., and US$943 per oz. AISCs. The increase in gold production reflected Tahoe’s acquisition of

Lake Shore Gold on April 1, 2016; commercial production at the Shahuindo mine in Peru on May 1, 2016; and a full year of results at its La Arena mine, after it was acquired with Shahuindo in April 2015. Tahoe’s shares ended at US$7.35 — a 10% decrease. TNM

U.S. GREATEST PERCENTAGE CHANGE

NACCO Ind* Seabridge Gld* Agrium* Potash Corp SK* Cameco Corp* Eldorado Gold* Agnico Eagle* Barrick Gold* Franco-Nevada* Stillwater Mg* HudBay Mnls* Cloud Peak En* Mechel* Intrepid Pots* Tahoe Res* Arch Coal* Vedanta* Vale* Hecla Mining* Coeur Mng*

NC SA AGU POT CCJ EGO AEM ABX FNV SWC HBM CLD MTL IPI TAHO ARCH VEDL VALE.P HL CDE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

54 69.95 64.75 68.85 + 3.7 3271 10.40 9.30 10.25 + 3.0 3904 100.47 94.00 97.49 + 2.3 35167 18.07 16.89 17.43 + 1.9 13810 11.34 10.71 11.06 + 1.7 29167 3.00 2.74 2.98 + 1.0 10142 41.34 39.30 41.20 - 0.1 61682 18.29 17.35 18.20 - 0.2 3299 62.77 60.10 62.23 - 0.6 6205 17.18 16.97 17.05 - 0.6 4207 8.05 6.65 6.85 - 16.5 10738 4.56 3.84 3.90 - 14.7 1044 5.19 4.22 4.36 - 14.5 10978 2.04 1.63 1.65 - 13.2 17015 8.21 7.27 7.35 - 10.0 3230 73.74 63.24 64.65 - 9.9 1370 15.99 14.59 14.74 - 8.7 80059 9.56 8.83 8.91 - 8.0 30980 5.25 4.70 4.84 - 8.0 16846 8.09 7.32 7.56 - 7.6

U.S. GREATEST VALUE CHANGE

NACCO Ind* Agrium* Potash Corp SK* Seabridge Gld* Cameco Corp* Eldorado Gold* Primero Mng* Agnico Eagle* Barrick Gold* Alamos Gold* Arch Coal* MartinMarietta* Chevron* Natural Res Pt* United States S* Rio Tinto* Southern Copp* Alcoa* Vedanta* HudBay Mnls*

VOLUME WEEK (000s) CLOSE CHANGE

NC AGU POT SA CCJ EGO PPP AEM ABX AGI ARCH MLM CVX NRP X RIO SCCO AA VEDL HBM

54 68.85 3904 97.49 35167 17.43 3271 10.25 13810 11.06 29167 2.98 6507 0.55 10142 41.20 61682 18.20 22036 7.01 3230 64.65 3489 212.81 34227 110.61 400 39.20 68053 34.88 24895 39.39 5211 35.39 22881 34.53 1370 14.74 4207 6.85

+ 2.45 + 2.23 + 0.33 + 0.30 + 0.19 + 0.03 - 0.01 - 0.03 - 0.04 - 0.08 - 7.07 - 4.88 - 2.94 - 2.90 - 2.86 - 2.40 - 1.85 - 1.85 - 1.40 - 1.35

2017-03-14 7:43 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MARCH 20–APRIL 2, 2017

19

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, March 14, 2017 Precious Metals Price (US$/oz.)

Change 1203.55 -20.15 Gold Silver $17.00 -0.70 $945.00 -43.00 Platinum Palladium $752.00 -20.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10110.00 -50.00 $5770.00 -24.50 $2213.00 -61.00 $2714.00 +29.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, March 10, 2017 (change from March 3, 2017 in brackets): Aluminium Alloy 13280 (0) 2068525 (-92400) Aluminium Copper 325500 (+129075) Lead 190400 (+650) Nickel 384978 (+9248) 4765 (-660) Tin Zinc 380050 (-3000)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$50.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.80 Cobalt: US$19.28/lb.

Copper: US$2.77/lb.

Copper: CME Group Futures Mar. 2017: US$2.75/lb.; April 2017: US$2.76/lb Ferro-Chrome: US$1.97/kg Ferro Titanium: US$3.49/kg FerroTungsten: US$25.05/kg Ferrovanadium: US$18.46/kg Iridium: NY Dealer Mid-mkt US$720.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$91.8/tonne Iron Ore Fines: US$58.31/tonne Iron Ore Pellets: US$84.05/tonne Lead: US$1.11/lb.

Magnesium: US$2.17/kg Manganese: US$1.85/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$103.00/tonne Potash: US$215.00/tonne Rhodium: Mid-mkt US$845.00/tr. oz.

Ruthenium: Mid-mkt US$40.00/tr. oz.

Silver: Handy & Harman Base: US$17.85 per oz.; Handy & Harman Fabricated: US$22.31 per oz.

Tantalite Ore : US$124.69/kg Tin: US$8.92/lb.

Uranium: U3O8, Trade Tech spot price: US$25.50; The UX Consulting Company spot price: US$26.00/lb.

Zinc: US$1.35/lb.

Prices current Feb. 14, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Mar 01, 2017 (with changes from Feb 16, 2017) Largest short positions K 37904347 2432019 2/16/2017 Kinross Gold NGD 27762823 7002368 2/16/2017 New Gold B2Gold BTO 23205226 2120413 2/16/2017 Lundin Mng LUN 20864326 -419050 2/16/2017 Potash Corp SK POT 18380852 572573 2/16/2017 45323 2/16/2017 Sandstorm Gold SSL 13103980 Detour Gold DGC 11310341 1340684 2/16/2017 SU 10723836 -18582 2/16/2017 Suncor Energy Argonaut Gold AR 9949628 3111938 2/16/2017 Klondex Mines KDX 9460122 -467567 2/16/2017 Yamana Gold YRI 8834080 2332135 2/16/2017 G 8705605 1652750 2/16/2017 Goldcorp Cameco Corp CCO 7424211 -27113 2/16/2017 Eldorado Gold ELD 7270909 -2479907 2/16/2017 OceanaGold OGC 7040506 -1301717 2/16/2017 Largest increase in short position New Gold NGD 27762823 7002368 2/16/2017 Argex Titanium RGX 5518844 4245844 2/16/2017 Argonaut Gold AR 9949628 3111938 2/16/2017 Kinross Gold K 37904347 2432019 2/16/2017 Yamana Gold YRI 8834080 2332135 2/16/2017 Largest decrease in short position GCM 2313800 -3532600 2/16/2017 Gran Colombia Katanga Mng KAT 53800 -3130300 2/16/2017 Perseus Mng PRU 663800 -2867200 2/16/2017 Columbus Gold CGT 10257 -2818526 2/16/2017 Eldorado Gold ELD 7270909 -2479907 2/16/2017

Short positions outstanding as of Mar 01, 2017 (with changes from Feb 16, 2017) Largest short positions First Mg Fin FF 3007624 -349507 2/16/2017 FMS 2135339 -61161 2/16/2017 Focus Graphite Lithium Energy LEP 1354500 1353000 2/16/2017 TK 1045600 394000 2/16/2017 Tinka Res Voltaic Min VLT 1010407 -944593 2/16/2017 Lithium X Egy LIX 1009000 549300 2/16/2017 Neo Lithium NLC 882800 13585 2/16/2017 VONE 837000 736000 2/16/2017 Vanadium One GoldMining GOLD 820900 -248100 2/1/2017 Unigold UGD 698400 662800 2/16/2017 Probe Metals PRB 651300 651300 2/1/2017 GPY 543300 533200 2/16/2017 Gldn Predator Alexandria Min AZX 360400 328300 2/1/2017 GoviEx Uranium GXU 316853 151351 2/16/2017 Gold Std Vents GSV 266600 -7100 2/16/2017 Largest increase in short position Lithium Energy LEP 1354500 1353000 2/16/2017 VONE 837000 736000 2/16/2017 Vanadium One Unigold UGD 698400 662800 2/16/2017 Probe Metals PRB 651300 651300 2/1/2017 Lithium X Egy LIX 1009000 549300 2/16/2017 Largest decrease in short position Voltaic Min VLT 1010407 -944593 2/16/2017 TIM 1200 -678900 2/16/2017 Toachi Mg Inc Rockhaven Res RK 1900 -576400 2/1/2017 Ely Gold & Mnl ELY 148000 -516030 2/1/2017 West Af Res WAF 0 -400000 2/1/2017

DAILY METAL PRICES Daily Metal Prices Date Mar 13 Mar 10 Mar 9 Mar 8 Mar 7 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1690/1700 1690/1700 1690/1700 1695/1705 1700/1710 Aluminum 1881/1894 1881/1894 1846.50/1855 1880.50/1888.50 1857.50/1866 Copper 5793/5800 5793/5800 5653/5670 5781/5797 5806.50/5820 Lead 2284/2295 2284/2295 2226/2228 2239.50/2243 2219.50/2225 Nickel 10140/10175 10140/10175 10050/10100 10515/10560 10915/10955 19300/19225 19300/19225 19200/19200 19425/19400 19340/19330 Tin Zinc 2744.50/2757 2744.50/2757 2655/2664.50 2700/2709 2700/2706

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1207.80 1196.55 1204.60 1213.30 1223.70 Gold PM 1204.20 1202.65 1206.55 1209.20 1216.65 Silver 17.02 16.89 17.14 17.40 17.70 Platinum 937.00 942.00 944.00 952.00 966.00 Palladium 750.00 752.00 754.00 766.00 770.00

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

Mar 10 Mar 09 Mar 08 Mar 07 Mar 06 1.3507 1.3507 1.3489 1.3402 1.3402 0.7403 0.7403 0.7413 0.7462 0.7462

Exchange rates (Quote Media, March 10, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.986208 0.6999 85.2525 14.6823 9.8624 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.1160 49.3740 0.7495 858.8608 0.6091 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3321 0.9453 115.1545 19.8335 13.3256 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8226 6.9103 66.6905 1.0123 1160.2800

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resouwrces (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 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 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 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 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19

Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 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 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kaizen Discovery Inc. (KZD.RT) - Wt buy sh @ $0.105 to Apr 21/17 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 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 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Mar 10 Mar 09 Mar 08 Mar 07 Mar 06 High Low S&P/TSX Composite 15506.68 15496.84 15496.98 15608.78 15629.75 15527.30 12400.15 S&P/TSXV Composite 799.19 788.85 792.98 802.47 810.25 1050.26 883.52 S&P/TSX 60 916.70 918.35 917.53 923.78 924.70 896.74 709.99 S&P/TSX Global Gold 201.74 196.91 198.79 198.25 199.28 218.90 149.29 DJ Precious Metals 162.62 162.62 164.33 164.96 166.54 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS MARCH 6–10, 2017 101 New Highs Alba Minerals* Alexandra Cap Am CuMo Mng Am CuMo Mng* Antipodes Gold Arizona Silver AsiaBaseMetals Atom Energy Atom Energy * Aurion Res Banyan Gold* Bard Vent* Bell Copper Bell Copper* Benz Mining Black Mam Mtls Blind Crk Res Brakpan Vents Broadway Gold Broadway Gold* Bullman Mnls Candelaria Mg* Canuc Res* Cassidy Vents* Caza Gold Cda Rare Earth* Cdn Orebodies* Ceylon Graph

Champion Bear Critical Elem Danakali* Dawson Gold Emerita Res Fieldex Expl* First Cobalt Goldstrike Res Granite Ck Gld Group Ten Mtls Hadley Mng Handa Copper* Harte Gold Harte Gold* Hudson Res Hycroft Mg* Iberian Mnrls iMetal Res* Jourdan Res Kairos Cap Kincora Copper* Leo Res Liberty One Li MacDonald Mns MacDonald Mns* Matica Ent Matica Ent* Mezzotin Mnrls Morien Res*

Napier Vent Napier Vent* Nautilus Mnrls Nautilus Mnrls* NewRange Gold NewRange Gold* Nighthawk Gold NRG Metals NRG Metals* One World Min Palladon Vent* Pan Global Res Pershing Res* Pitchblack Res ProAm Expl Prospector Res QMC Quantum Ml QMC Quantum Ml* Quartz Mtn Res Raptor Res* Ross River* Royal Sapphire Royal Std Mnrl* Rubicon Mnrls* Sama Res Sama Res* Santa Fe Gold* Savant Expl Scandium Int M*

Signature Res Silver Mtn Mns* Source Expl Standard Graph Standard Graph* Tanager Energy Thor Expl Tinka Res Tinka Res* Trinity Valley* Wesdome Gold Westridge Res* Winston Res Winston Res* Wolfeye Res

42 New Lows Advantage Lith* Altura Mng Ltd* Americas Silvr* Banro Banro* Callinex Mines* Cava Res* Cleghorn Mnls* Dajin Res Dajin Res* Detour Gold Enforcer Gold Global Energy

Gold Reserve Golden Secret Goldsource Min Goldsource Min* Graphite One* GrowMax Res GrowMax Res* Intl Corona K92 Mng Inc K92 Mng Inc* Mandalay Res Mountain Prov Mountain Prov* Nevada Egy Mtl Nevada Egy Mtl* Novo Res Novo Res* Orla Mng Ltd* Pershing Gold* Primero Mng Primero Mng* Sprott Res Hld St Elias Mns* Stonegate Agri* Superior Gold Tahoe Res Tahoe Res* Tyhee Gold* WPC Res

CANADIAN GOLD MUTUAL FUNDS Fund Mar 10 ($) Mar 03 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 23.15 23.64 -0.49 -2.07 6.64 2.80 166.54 BMO Prec Mtls Fd A 18.88 19.27 -0.39 -2.04 8.78 2.40 70.29 9.93 10.09 -0.16 -1.62 7.20 0.63 BMO ZGD BMO ZJG 8.37 8.52 -0.15 -1.75 7.67 0.60 CIBC Prec Metal Fd A 10.84 10.98 -0.14 -1.27 5.28 2.62 55.18 Dyn Prec Metls Fd A 6.80 -0.29 -4.29 12.08 2.75 387.38 Horizons HEP 24.97 -0.72 -2.93 5.95 0.81 IGMacGloPrecMetCl A 9.15 9.38 -0.23 -2.43 11.97 2.75 52.36 iShares XGD 12.60 12.81 -0.20 -1.57 6.93 0.55 748.53 Mac Prec Met Cl A 51.72 53.08 -1.36 -2.56 12.07 2.51 125.57 13.09 13.18 -0.09 -0.68 8.36 2.46 36.78 NB Prec Met Fd Inv RBC GblPreMetFd A 35.40 35.79 -0.39 -1.10 13.63 2.12 425.54 Redw UITGoDe&ProCl A 10.00 0.00 Sentry Pre Met Fd A 39.25 39.94 -0.68 -1.71 6.78 2.44 215.97 37.87 -1.49 -3.99 9.37 3.12 248.11 Sprott Gold&PrMinFdA Sprott SilverEquCl A 6.77 -0.33 -4.96 9.48 3.09 144.35 35.25 35.94 -0.69 -1.92 5.83 2.26 138.16 TD PreciousMetalsInv

GLOBAL MINING NEWS · SINCE 1915 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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.$

19_MAR20_MMMM.indd 19

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

Re-Publishing License Own your moment in the press with a Re-Publishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525

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

2017-03-14 7:27 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MARCH 6–10, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

MARCH 20–APRIL 2, 2017 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1893 0.15 0.11 0.12 + 0.01 0.28 0.04 Abacus Mng &Ex V 974 0.08 0.07 0.07 - 0.01 0.08 0.04 Abcourt Mines* O 67 0.08 0.07 0.07 - 0.01 0.10 0.05 Abcourt Mines V 993 0.11 0.09 0.09 - 0.01 0.13 0.07 Aberdeen Intl* O 48 0.12 0.11 0.11 - 0.00 0.16 0.09 Aberdeen Intl T 376 0.16 0.15 0.15 - 0.02 0.24 0.12 Abitibi Royalt V 19 9.13 8.75 9.10 + 0.02 10.75 3.45 ABT Holdings* O 167 0.35 0.22 0.35 + 0.08 0.76 0.20 Active Growth V 4796 0.18 0.12 0.12 - 0.07 0.38 0.03 Adamera Mnls* O 241 0.08 0.06 0.08 - 0.01 0.12 0.01 Adamera Mnls V 2705 0.10 0.09 0.10 - 0.01 0.15 0.02 Adex Mining V 1194 0.02 0.01 0.01 - 0.01 0.02 0.01 Advance Gold V 596 0.13 0.08 0.13 + 0.04 0.13 0.02 Advantage Lith V 2063 0.77 0.64 0.69 + 0.02 1.34 0.15 Advantage Lith* O 423 0.57 0.47 0.50 - 0.01 1.01 0.49 0.85 + 0.04 0.98 0.75 Adventus Zinc V 32 0.85 0.79 0.02 + 0.01 0.05 0.00 Affinity Gold* O 113 0.02 0.01 Agnico Eagle T 3269 55.58 52.85 55.47 + 0.31 78.35 45.76 Agnico Eagle* N 10142 41.34 39.30 41.20 - 0.03 60.10 34.38 T 1740 135.61 125.93 131.17 + 3.59 146.99 104.70 Agrium Agrium* N 3904 100.47 94.00 97.49 + 2.23 111.88 81.17 Aguila Amer Gd V 335 0.05 0.04 0.04 - 0.01 0.14 0.04 O 792 0.16 0.13 0.14 - 0.01 0.17 0.08 Alabama Graph* V 2617 0.22 0.18 0.18 - 0.03 0.23 0.11 Alabama Graph Alacer Gold T 4709 2.51 2.26 2.42 - 0.04 3.79 1.75 T 4764 9.49 8.66 9.43 - 0.02 13.65 6.30 Alamos Gold 7.06 6.46 7.01 - 0.08 10.41 4.70 Alamos Gold* N 22036 Alaska Pac Egy* O 176 0.01 0.01 0.01 - 0.00 0.19 0.00 0.22 - 0.02 0.28 0.04 Alba Minerals V 186 0.28 0.20 0.16 + 0.02 0.16 0.03 Alba Minerals* O 66 0.16 0.14 Alberta Star* O 77 0.32 0.27 0.31 + 0.02 0.37 0.15 0.06 - 0.03 0.12 0.03 Alchemist Mng 687 0.10 0.06 N 22881 37.48 34.24 34.53 - 1.85 39.78 20.00 Alcoa* Alderon Iron* O 43 0.37 0.30 0.30 - 0.06 0.60 0.08 Alderon Iron T 784 0.51 0.38 0.42 - 0.08 0.80 0.08 0.08 + 0.01 0.10 0.01 Aldershot Res V 141 0.08 0.06 Aldever Res* O 169 0.06 0.05 0.05 - 0.00 0.11 0.04 Aldever Res V 2121 0.08 0.07 0.07 - 0.01 0.48 0.06 0.26 - 0.01 0.34 0.12 Aldridge Min V 51 0.27 0.26 Alexandria Min* O 239 0.05 0.03 0.04 - 0.00 0.10 0.03 Alexco Res* X 3056 1.58 1.31 1.42 - 0.13 2.54 0.67 1.89 - 0.17 3.31 0.90 Alexco Res T 679 2.07 1.77 Algold Res V 1158 0.26 0.23 0.24 - 0.01 0.44 0.10 0.18 - 0.03 0.33 0.09 Algold Res* O 50 0.18 0.18 Alianza Min* O 5 0.09 0.09 0.09 - 0.00 0.17 0.05 Alianza Min V 29 0.14 0.12 0.13 + 0.01 0.21 0.10 V 371 0.07 0.00 0.06 - 0.01 0.18 0.05 Alix Res Alliance Res* D 1548 22.80 21.00 21.80 - 0.85 26.65 11.00 Almaden Mnls T 175 1.49 1.31 1.33 - 0.12 2.44 0.87 X 1240 1.11 0.97 0.99 - 0.11 1.88 0.65 Almaden Mnls* Almadex Min V 354 1.20 0.89 1.17 - 0.02 2.00 0.21 Almadex Min* O 581 0.90 0.65 0.87 - 0.02 1.51 0.15 0.32 + 0.02 0.44 0.20 Almonty Ind V 206 0.34 0.28 0.33 + 0.02 0.40 0.16 Alphamin Res V 19 0.33 0.32 Alset Energy* O 94 0.12 0.10 0.10 - 0.03 0.65 0.01 0.12 - 0.06 0.84 0.02 Alset Energy V 3638 0.17 0.11 3814 0.07 0.05 0.06 + 0.01 0.12 0.03 Alta Vista Vnt Altai Res V 471 0.09 0.07 0.08 - 0.01 0.16 0.03 195 0.27 0.26 0.26 - 0.01 0.70 0.16 Altair Res Inc V 0.02 0.02 0.02 + 0.01 0.04 0.01 Altan Rio Mnls V 1198 Alternative ER* O 30 0.19 0.00 0.15 - 0.03 0.46 0.16 0.24 - 0.01 0.25 0.04 Altiplano Mnls V 129 0.24 0.22 Altitude Res V 10 0.08 0.08 0.08 + 0.02 0.21 0.02 12.03 - 0.55 14.06 9.01 Altius Mnrls T 517 12.57 11.20 Altura Mng Ltd* O 346 0.13 0.00 0.12 - 0.01 0.30 0.09 Alumina Inc* O 73 5.96 5.44 5.55 - 0.29 6.24 3.62 0.12 - 0.01 0.16 0.06 ALX Uranium V 581 0.14 0.11 Am CuMo Mng* O 1097 0.35 0.23 0.33 + 0.10 0.35 0.05 Am CuMo Mng V 2169 0.48 0.32 0.44 + 0.13 0.48 0.08 O 544 0.19 0.16 0.17 - 0.01 0.27 0.01 Am Manganese* Am Manganese V 1720 0.25 0.22 0.23 - 0.01 0.38 0.01 Amador Gold V 21 0.15 0.15 0.15 + 0.01 0.40 0.10 0.12 - 0.01 0.14 0.06 Amarc Res V 965 0.13 0.11 0.09 - 0.02 0.11 0.04 Amarc Res* O 174 0.09 0.09 Amarillo Gold V 1765 0.40 0.36 0.40 + 0.02 0.68 0.14 0.29 + 0.04 1.06 0.05 Amazing OG* O 316 0.60 0.20 973 0.04 0.01 0.03 + 0.02 0.10 0.01 Amer Intl Vent* O Amer Vanadium* O 122 0.03 0.01 0.02 - 0.01 0.07 0.00 0.16 - 0.02 1.62 0.12 American Lith V 2185 0.18 0.16 O 89 0.14 0.11 0.11 - 0.03 1.24 0.07 American Lith* American Pot* O 41 0.13 0.09 0.09 - 0.03 0.13 0.03 0.09 - 0.05 0.19 0.03 American Pot 368 0.14 0.09 3.80 - 0.27 5.76 2.10 Americas Silvr T 395 4.10 3.68 Americas Silvr* X 196 3.09 2.71 2.82 - 0.24 3.65 2.39 Amerigo Res T 3070 0.76 0.54 0.61 - 0.19 0.83 0.10 0.43 - 0.16 0.63 0.08 Amerigo Res* O 2267 0.57 0.39 Amex Expl V 241 0.21 0.00 0.18 + 0.02 0.38 0.11 Anaconda Mng* O 49 0.06 0.05 0.05 - 0.01 0.09 0.04 0.04 + 0.01 0.09 0.03 Anconia Res V 378 0.04 0.04 Andes Gold* O 614 0.02 0.01 0.01 + 0.01 0.03 0.00 Anfield Nickel V 415 1.08 0.99 0.99 - 0.02 1.94 0.71 0.07 - 0.01 0.22 0.04 Anfield Res* O 56 0.07 0.06 Angel Gold* O 142 0.08 0.06 0.06 - 0.02 0.11 0.04 0.08 - 0.02 0.15 0.06 Angel Gold V 72 0.10 0.08 Angkor Gold V 161 0.38 0.35 0.38 + 0.03 0.50 0.33 Anglo American* O 7 15.06 13.74 13.74 - 1.76 17.61 6.86 Anglo American* O 306 7.57 6.86 6.92 - 0.86 8.87 3.32 Anglo-Bomarc V 177 0.13 0.00 0.12 - 0.04 0.19 0.05 Anglo-Can Mng V 69 0.15 0.12 0.13 + 0.01 0.30 0.05 AngloGold Ash* O 0 10.73 0.00 9.55 - 1.18 22.25 10.07 AngloGold Ash* N 17831 10.45 9.67 10.01 - 0.59 22.91 9.28 Antioquia Gold V 234 0.15 0.12 0.12 - 0.02 0.16 0.06 V 1 0.68 0.00 0.68 - 0.02 0.90 0.10 Antipodes Gold Antler Gold V 99 0.74 0.65 0.65 - 0.09 1.00 0.63 Antofagasta* O 42 9.71 0.00 9.20 - 0.82 11.00 5.76 APAC Res Inc 152 0.09 0.06 0.06 - 0.04 0.14 0.03 Apex Res * O 10 0.09 0.09 0.09 + 0.01 0.10 0.04 Appia Energy 688 0.44 0.33 0.40 + 0.02 0.47 0.01 Apple Cap Inc V 1833 0.35 0.28 0.31 - 0.04 0.54 0.14 Applied Mrnls* O 741 0.11 0.08 0.08 - 0.02 0.26 0.09 Aquila Res T 329 0.26 0.24 0.25 + 0.02 0.32 0.13 Aquila Res* O 325 0.20 0.18 0.19 + 0.01 0.25 0.09 Arak Res V 19 0.17 0.00 0.17 - 0.05 0.60 0.17 Arch Coal* N 3230 73.74 63.24 64.65 - 7.07 86.47 59.05 0.04 - 0.00 0.05 0.03 Arco Res* O 3 0.04 0.04 Arctic Star V 421 0.12 0.11 0.11 - 0.01 0.40 0.06 Arcus Dev Grp V 189 0.16 0.14 0.15 - 0.01 0.20 0.02 0.20 - 0.04 0.83 0.04 Argentina Lith V 199 0.23 0.20 Argentina Lith* O 108 0.17 0.15 0.15 + 0.01 0.63 0.03 Argentum Silvr V 25 0.44 0.35 0.35 - 0.07 0.59 0.03 0.16 - 0.01 0.17 0.06 Argo Gold 240 0.17 0.15 Argonaut Gold* O 297 1.55 1.40 1.54 - 0.06 3.38 1.12 Argonaut Gold T 4578 2.12 1.85 2.05 - 0.09 4.45 1.48 Argus Metals V 29 0.09 0.00 0.08 - 0.01 0.15 0.05 Arian Silver* O 162 0.02 0.00 0.02 + 0.01 0.07 0.00 Arianne Phosph V 207 0.84 0.77 0.80 - 0.02 1.25 0.70 Arianne Phosph* O 22 0.61 0.58 0.60 - 0.02 0.98 0.52 Arizona Mng T 5372 2.46 2.15 2.31 - 0.27 3.49 0.48 Arizona Mng* O 430 1.88 1.59 1.68 - 0.23 2.64 0.37 Arizona Silver V 637 0.34 0.27 0.28 - 0.02 0.34 0.01 Armor Mnrls V 46 0.53 0.43 0.50 + 0.02 0.85 0.12 Asanko Gold T 14162 3.38 3.01 3.33 - 0.01 6.09 2.66 Asanko Gold* X 11196 2.52 2.23 2.46 - 0.07 4.68 2.01 Asante Gold 5 0.18 0.17 0.18 + 0.01 0.27 0.05 Ascot Res V 225 1.77 1.50 1.54 - 0.19 2.83 0.90 Ashanti Sanko V 235 0.08 0.05 0.05 - 0.02 0.10 0.03 O 104 0.16 0.12 0.12 - 0.04 0.18 0.09 Ashburton Vent* Ashburton Vent V 967 0.23 0.16 0.19 - 0.02 0.70 0.09 AsiaBaseMetals V 10 0.45 0.35 0.45 + 0.10 0.45 0.05 Astorius Res V 255 0.19 0.17 0.17 - 0.02 0.41 0.01 ATAC Res V 948 0.42 0.38 0.39 - 0.03 0.95 0.32 Atacama Pac Gd* O 17 0.22 0.22 0.22 - 0.04 0.79 0.21 Atacama Pac Gd V 219 0.32 0.27 0.31 - 0.01 1.02 0.25 Atacama Res* O 499 0.30 0.07 0.30 + 0.10 0.50 0.05 Athabasca Mnls V 260 0.31 0.27 0.28 - 0.02 0.32 0.14 Athabasca Mnls* O 74 0.22 0.19 0.20 + 0.01 0.24 0.11 0.75 - 0.08 0.99 0.27 Atico Mng V 554 0.89 0.70 Atico Mng* O 358 0.66 0.52 0.58 - 0.06 0.75 0.21 Atlanta Gold V 73 0.09 0.08 0.08 - 0.01 0.11 0.06 Atlanta Gold* O 11 0.07 0.07 0.07 - 0.00 0.09 0.04 Atlantic Gold V 1226 0.98 0.88 0.92 - 0.02 1.06 0.52 Atlatsa Res* O 22 0.05 0.00 0.04 - 0.00 0.10 0.03 Atom Energy V 19 0.56 0.00 0.50 + 0.15 0.56 0.16 Atom Energy * O 12 0.26 0.00 0.26 + 0.05 0.26 0.12 Aton Res Inc V 104 0.06 0.06 0.06 + 0.01 0.16 0.05 Aton Res Inc* O 70 0.04 0.04 0.04 + 0.00 0.12 0.03 Aura Silver Rs V 617 0.06 0.06 0.06 + 0.01 0.08 0.02 Auramex Res V 340 0.04 0.00 0.03 - 0.01 0.04 0.01 Aurania Res V 83 3.00 1.49 3.00 + 1.75 3.75 0.41 Aurcana Corp* O 216 0.30 0.25 0.28 - 0.02 0.63 0.12 Aurcana Corp V 393 0.41 0.33 0.38 - 0.02 0.80 0.15 AuRico Metals * O 202 0.81 0.72 0.75 - 0.08 0.96 0.50 AuRico Metals T 774 1.10 0.96 1.00 - 0.08 1.26 0.67 Aurion Res V 873 2.07 1.67 2.01 + 0.29 2.05 0.11 Aurora Gold* O 25 0.01 0.01 0.01 + 0.00 0.01 0.00 Aurvista Gold* O 1675 0.32 0.26 0.28 - 0.06 0.34 0.04

20-22_MAR20_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aurvista Gold V 8120 Auryn Res* O 379 Auryn Res T 881 Austral Gold V 197 Austral Gold* O 76 587 Avalon Adv Mat T Avalon Adv Mat* O 312 Avarone Metals 140 Avesoro Res T 1412 Avino Silver* X 2329 Avino Silver V 188 Avnel Gold T 1399 Avnel Gold * O 574 Avrupa Mnls V 453 Avrupa Mnls* O 107 Azarga Mtls* O 11 Azarga Uranium T 285 Azarga Uranium* O 49 Azimut Expl V 249 V 622 Azincourt Uran Azincourt Uran* O 33

0.45 0.36 0.36 - 0.08 0.46 0.04 2.43 2.00 2.05 - 0.27 3.18 1.04 3.24 2.70 2.72 - 0.36 4.17 1.38 0.17 0.15 0.15 - 0.01 0.22 0.12 0.13 0.11 0.13 + 0.02 0.19 0.08 0.19 0.17 0.18 + 0.01 0.33 0.13 0.14 0.12 0.13 - 0.01 0.26 0.00 0.03 0.03 0.03 - 0.01 0.12 0.02 0.05 0.04 0.04 - 0.01 0.18 0.02 1.87 1.65 1.71 - 0.14 3.14 0.90 2.49 2.24 2.30 - 0.16 4.05 1.21 0.29 0.25 0.27 + 0.01 0.39 0.18 0.21 0.18 0.20 + 0.00 0.30 0.13 0.11 0.10 0.10 - 0.01 0.25 0.08 0.09 0.07 0.09 - 0.01 0.19 0.05 0.19 0.00 0.19 + 0.01 1.21 0.06 0.48 0.35 0.42 + 0.08 0.57 0.18 0.34 0.26 0.31 + 0.05 0.44 0.14 0.40 0.32 0.35 + 0.03 0.68 0.17 0.26 0.19 0.21 - 0.06 0.27 0.04 0.18 0.15 0.16 - 0.03 0.18 0.03

B2Gold* X 28696 Balmoral Res* O 336 Balmoral Res T 747 Bandera Gold V 34 Bannerman Res* O 433 Banro T 434 Banro* X 5207 Banyan Gold V 1018 Banyan Gold* O 784 Bard Vent* O 1 O 167 Barkerville Go* Barkerville Go V 1059 Barrick Gold* N 61682 Barrick Gold T 14345 Barsele Min* O 1 Barsele Min V 280 Battle Mtn Gld V 164 14 Battle Mtn Gld* O Bayhorse Silvr* O 31 Bayhorse Silvr V 380 V 122 Bayswater Uran Bayswater Uran* O 1 V 36 BC Moly BCGold V 295 BE Res V 127 525 Bear Creek Mng V Bearclaw Cap V 46 Bearing Res* O 50 Bearing Res V 346 Beaufield Res V 6260 Beaufield Res* O 297 Beeston Ent* O 504 Bell Copper* O 7 Bell Copper V 183 Bellhaven Cp&G V 44 Bellhaven Cp&G* O 82 Belmont Res V 2153 Belo Sun Mng T 798 Belvedere Res V 506 Benton Res V 729 Benz Mining V 61 Berkeley Egy* O 5 Berkwood Res V 165 Besra Gold* O 772 Big Bar Res V 1086 Bison Gold Res V 7 Bitterroot Res* O 75 Black Iron T 1930 28 Black Mam Mtls V Black Mam Mtls* O 6 Black Sea Cop V 162 Blackheath Res V 75 Blackrock Gold V 427 Blind Crk Res V 294 BLOX Inc* O 225 17 Blue Sky Uran* O Blue Sky Uran V 287 BonTerra Res V 1610 BonTerra Res* O 548 Bowmore Expl V 677 Brakpan Vents 356 Bravada Gold V 422 Bravada Gold* O 65 O 1152 Bravo Multinat* Bravura Vent 771 Brazil Mnrls* O 1026 Brio Gold T 1161 Brionor Res V 158 O 140 Britannia Mng* Brixton Mtls* O 34 O 846 Broadway Gold* Broadway Gold V 1321 Brunswick Res V 80 Buenaventura* N 6847 Bullfrog Gold* O 58 25 Bullion Gld Res V Bullman Mnls V 150 Burey Gold* O 8050

3.01 2.74 2.99 - 0.01 3.65 1.29 0.61 0.54 0.57 - 0.02 0.99 0.36 0.81 0.72 0.76 - 0.03 1.28 0.48 0.09 0.00 0.07 - 0.03 0.15 0.02 0.05 0.05 0.05 - 0.00 0.08 0.01 0.17 0.15 0.17 - 0.01 0.62 0.15 0.13 0.11 0.12 - 0.00 0.48 0.11 0.13 0.10 0.13 + 0.02 0.13 0.05 0.09 0.08 0.09 + 0.01 0.09 0.06 0.02 0.02 0.02 + 0.00 0.02 0.01 0.33 0.31 0.33 + 0.02 0.60 0.29 0.44 0.42 0.43 + 0.01 0.76 0.41 18.29 17.35 18.20 - 0.04 23.47 13.04 24.59 23.34 24.51 + 0.08 30.45 17.09 0.70 0.00 0.70 + 0.06 1.25 0.13 1.03 0.84 1.03 + 0.17 1.62 0.16 0.34 0.29 0.29 - 0.03 0.95 0.13 0.25 0.23 0.23 - 0.01 0.73 0.09 0.12 0.10 0.11 - 0.01 0.22 0.06 0.15 0.13 0.14 - 0.02 0.29 0.08 0.07 0.00 0.07 - 0.01 0.09 0.02 0.04 0.00 0.04 - 0.02 0.07 0.01 0.06 0.00 0.06 + 0.01 0.09 0.03 0.05 0.04 0.04 - 0.01 0.10 0.04 0.17 0.00 0.13 - 0.04 0.50 0.13 2.82 2.31 2.46 - 0.33 3.77 1.03 0.05 0.04 0.05 + 0.01 0.06 0.03 0.93 0.84 0.84 - 0.05 1.41 0.30 1.25 1.09 1.14 - 0.04 1.83 0.13 0.19 0.15 0.18 + 0.01 0.19 0.06 0.14 0.11 0.12 - 0.01 0.15 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.07 0.07 + 0.02 0.07 0.01 0.10 0.08 0.08 + 0.01 0.10 0.01 0.43 0.00 0.43 - 0.09 0.78 0.11 0.39 0.30 0.30 - 0.09 0.61 0.09 0.09 0.07 0.09 + 0.02 0.12 0.03 0.87 0.80 0.83 - 0.04 1.14 0.49 0.05 0.04 0.05 + 0.02 0.09 0.01 0.14 0.11 0.11 - 0.02 0.15 0.04 0.26 0.19 0.26 + 0.07 0.40 0.10 0.70 0.00 0.69 + 0.02 0.92 0.35 0.10 0.08 0.10 + 0.03 0.25 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.59 0.51 0.58 + 0.02 0.69 0.29 0.60 0.00 0.50 - 0.10 0.60 0.10 0.16 0.15 0.15 + 0.00 0.22 0.02 0.11 0.09 0.09 - 0.02 0.17 0.03 0.25 0.00 0.23 - 0.02 0.25 0.06 0.17 0.15 0.17 + 0.01 0.17 0.03 0.26 0.20 0.21 - 0.05 0.54 0.22 0.08 0.07 0.08 + 0.01 0.18 0.06 0.10 0.08 0.09 - 0.01 0.18 0.07 0.34 0.28 0.28 - 0.01 0.34 0.04 0.19 0.10 0.17 + 0.02 0.23 0.01 0.22 0.20 0.21 - 0.00 0.47 0.04 0.31 0.27 0.30 + 0.02 0.74 0.05 0.33 0.29 0.33 + 0.03 0.51 0.21 0.25 0.21 0.25 + 0.02 0.37 0.15 0.12 0.10 0.10 - 0.02 0.16 0.06 0.19 0.14 0.18 + 0.01 0.18 0.02 0.25 0.19 0.20 - 0.03 0.40 0.07 0.17 0.00 0.16 - 0.01 0.31 0.06 0.01 0.00 0.00 - 0.00 0.10 0.00 0.18 0.15 0.15 - 0.03 0.59 0.03 0.03 0.02 0.02 - 0.01 0.50 0.00 3.16 2.95 3.16 + 0.21 3.59 2.95 0.05 0.05 0.05 + 0.01 0.06 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.38 0.36 0.37 - 0.00 0.92 0.07 1.12 0.97 1.08 + 0.11 1.12 0.22 1.51 1.29 1.45 + 0.16 1.51 0.07 0.05 0.04 0.04 - 0.02 0.05 0.02 11.97 11.29 11.81 - 0.28 16.45 5.02 0.09 0.08 0.09 - 0.00 0.19 0.02 0.12 0.12 0.12 + 0.04 0.15 0.05 0.12 0.07 0.12 + 0.05 0.11 0.04 0.03 0.02 0.02 - 0.00 0.10 0.02

Cache Expl V 358 Cadan Res V 631 Cadillac Vent V 140 Cairo Res V 29 Caledonia Mng T 218 Caledonia Mng* Q 133 Calibre Mng V 1943 California Gld V 58 California Go* O 14 Callinex Mines* O 231 Cameco Corp* N 13810 Cameco Corp T 6215 Cameo Res* O 138 Cameo Res V 250 Camino Mnls V 153 Camino Mnls* O 4 Camrova Res V 26 Camrova Res* O 8 Canada Coal V 303 Canadian Zeol V 632 Canadian Zeol* O 96 CanAlaska Uran* O 85 CanAlaska Uran V 329 Canamex Res V 482 Canarc Res T 4410 Canarc Res* Q 329 Canasil Res V 1453 Candelaria Mg* O 46 Candelaria Mg V 294 Candente Coppr T 463 Candente Gold* O 10 Candente Gold V 473 CaNickel Mng V 21 Canoe Mng Vent V 182 Canstar Res* O 50 Canstar Res V 190 Cantex Mn Dev V 146 Canuc Res V 274 Canuc Res* O 81 Canyon Copper V 153 Canyon Gold* O 23858 Capstone Mng T 5810 Cardero Res* O 4 Cariboo Rose V 102 Carlin Gold V 337 Carrara Explor 87 Cartier Iron 513 Cartier Res V 406 Carube Copper V 194 Cassidy Vents* O 0 Castle Peak Mg V 350 Castle Silver V 694 Castle Silver* O 9 Cava Res V 1609 Cava Res* O 20 Caza Gold* O 173 Caza Gold V 4699 CB Gold V 278 Cda Carbon* O 108 Cda Carbon V 1322 Cda Rare Earth* O 142 Cda Strtgc Met V 750 Cda Strtgc Met * O 60

0.16 0.13 0.15 + 0.01 0.18 0.03 0.03 0.03 0.03 - 0.01 0.09 0.03 0.05 0.04 0.04 - 0.01 0.05 0.01 0.60 0.41 0.41 - 0.19 0.60 0.15 1.85 1.75 1.82 - 0.04 2.42 0.86 1.41 1.29 1.34 - 0.03 1.84 0.65 0.27 0.22 0.23 - 0.04 0.30 0.10 0.41 0.38 0.40 - 0.01 0.80 0.37 0.31 0.29 0.29 - 0.01 0.56 0.28 0.24 0.21 0.23 - 0.02 0.54 0.21 11.34 10.71 11.06 + 0.19 13.59 7.41 15.29 14.39 14.89 + 0.36 17.67 9.88 0.28 0.24 0.28 + 0.00 0.39 0.24 0.38 0.31 0.35 + 0.02 1.75 0.31 0.38 0.33 0.35 + 0.04 0.38 0.11 0.26 0.00 0.26 + 0.00 0.27 0.00 0.21 0.18 0.19 - 0.03 0.40 0.10 0.16 0.13 0.13 - 0.03 0.21 0.07 0.04 0.03 0.03 - 0.02 0.10 0.02 0.84 0.67 0.75 - 0.09 1.95 0.08 0.62 0.50 0.53 - 0.07 1.46 0.06 0.36 0.33 0.34 + 0.01 1.20 0.17 0.48 0.44 0.47 + 0.04 1.55 0.23 0.11 0.10 0.10 - 0.01 0.30 0.10 0.12 0.11 0.12 + 0.01 0.15 0.06 0.09 0.08 0.08 - 0.00 0.12 0.04 0.18 0.14 0.15 - 0.03 0.73 0.14 0.73 0.56 0.73 + 0.17 0.67 0.56 1.00 0.74 0.97 + 0.11 1.19 0.17 0.11 0.09 0.10 - 0.01 0.18 0.07 0.03 0.03 0.03 - 0.00 0.06 0.01 0.05 0.04 0.05 - 0.01 0.09 0.03 0.13 0.00 0.10 - 0.01 0.14 0.05 0.10 0.08 0.08 - 0.01 0.10 0.03 0.16 0.15 0.15 - 0.00 0.17 0.11 0.23 0.19 0.20 - 0.02 0.23 0.00 0.05 0.05 0.05 + 0.01 0.15 0.04 0.40 0.28 0.33 - 0.11 0.44 0.08 0.30 0.24 0.26 + 0.01 0.30 0.10 0.04 0.04 0.04 + 0.01 0.06 0.01 0.00 0.00 0.00 - 0.00 0.46 0.00 1.68 1.29 1.35 - 0.36 1.81 0.44 0.12 0.09 0.09 - 0.00 0.19 0.05 0.20 0.16 0.16 - 0.05 0.26 0.04 0.07 0.06 0.06 - 0.02 0.10 0.02 0.23 0.16 0.20 - 0.06 0.29 0.12 0.12 0.08 0.12 + 0.01 0.16 0.03 0.22 0.20 0.21 - 0.01 0.25 0.07 0.11 0.09 0.11 + 0.01 0.20 0.06 0.50 0.00 0.50 + 0.05 8.40 0.14 0.03 0.02 0.03 + 0.01 0.08 0.01 0.22 0.18 0.21 + 0.02 0.27 0.02 0.17 0.00 0.17 + 0.01 0.20 0.03 0.20 0.15 0.18 + 0.03 0.78 0.05 0.14 0.00 0.14 - 0.19 0.37 0.14 0.02 0.01 0.01 + 0.01 0.06 0.01 0.09 0.02 0.03 + 0.01 0.09 0.02 0.21 0.17 0.17 - 0.02 0.30 0.05 0.19 0.18 0.19 + 0.01 0.26 0.18 0.27 0.24 0.26 + 0.02 0.32 0.22 0.05 0.04 0.04 + 0.00 0.05 0.01 0.15 0.13 0.14 + 0.02 0.26 0.03 0.12 0.09 0.12 + 0.03 0.19 0.03

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cda Zinc Mtls V 445 0.40 0.36 0.37 - 0.02 0.48 0.10 Cdn Metals 484 0.08 0.00 0.08 - 0.02 0.44 0.07 V 1193 0.34 0.27 0.29 + 0.03 0.40 0.19 Cdn Orebodies Cdn Orebodies* O 23 0.21 0.21 0.21 + 0.01 0.21 0.00 0.01 - 0.01 0.03 0.01 Cdn Platinum V 102 0.02 0.01 0.23 - 0.02 0.41 0.13 Cdn Zinc T 1076 0.24 0.22 Cdn Zinc* Q 271 0.18 0.16 0.16 - 0.02 0.32 0.10 2.66 - 0.05 3.05 1.59 Centamin T 182 2.67 2.54 O 81 0.05 0.02 0.04 - 0.01 0.34 0.01 Centaurus Diam* Centenera Mng* O 31 0.17 0.16 0.16 - 0.00 0.37 0.04 6.53 + 0.04 8.13 5.56 Centerra Gold T 6837 6.64 6.03 Central Iron V 165 0.03 0.02 0.02 - 0.01 0.04 0.01 Centurion Mnls V 510 0.08 0.08 0.08 - 0.01 0.15 0.05 T 1 0.33 0.00 0.33 - 0.02 0.72 0.13 Century Global 0.02 - 0.00 0.06 0.00 Cerro Grande* O 27 0.05 0.02 Cerro Grande 32 0.04 0.00 0.04 - 0.04 0.08 0.01 Ceylon Graph V 569 0.45 0.30 0.45 + 0.17 0.44 0.20 Chalice Gold M T 55 0.17 0.16 0.16 - 0.01 0.21 0.13 Champion Bear V 341 0.28 0.16 0.19 - 0.07 0.28 0.03 O 332 0.15 0.11 0.12 + 0.01 0.16 0.02 Champion Bear* Champion Iron* O 120 0.78 0.64 0.69 - 0.10 1.12 0.13 Champion Iron T 2354 1.07 0.87 0.91 - 0.17 1.47 0.17 Chesapeake Gld* O 105 2.97 2.67 2.82 - 0.17 5.03 1.52 Chesapeake Gld V 116 4.00 3.60 3.72 - 0.20 6.50 2.00 N 34227 113.88 108.51 110.61 - 2.94 119.00 92.02 Chevron* Chiboug Ind Mn V 1102 0.13 0.09 0.10 - 0.02 0.26 0.04 Chilean Metals V 165 0.18 0.14 0.17 + 0.03 0.33 0.06 Chilean Metals* O 66 0.14 0.10 0.14 + 0.04 0.24 0.05 China Gold Int T 3165 2.80 2.38 2.78 + 0.15 3.67 1.84 31 0.01 0.00 0.01 - 0.01 0.03 0.01 China Mnls Mng V Cibolan Gold* O 108 0.02 0.01 0.02 + 0.00 0.13 0.01 37 0.70 0.50 0.70 + 0.20 1.50 0.40 CIM Intl Grp CKR Carbon V 349 0.10 0.09 0.10 + 0.01 0.14 0.06 Clean Comm* O 60 0.06 0.05 0.05 - 0.01 0.13 0.03 1.22 0.87 1.06 - 0.13 2.03 0.10 Clear Mtn Res V 2816 Cleghorn Mnls V 163 0.12 0.09 0.10 - 0.02 0.16 0.08 Clifton Mng* O 71 0.13 0.10 0.13 + 0.02 0.16 0.06 Cloud Peak En* N 10738 4.56 3.84 3.90 - 0.67 8.04 1.64 0.10 + 0.01 0.20 0.08 CMC Metals V 515 0.11 0.10 CMX Gold & Sil* O 43 0.08 0.07 0.07 - 0.01 0.08 0.07 Cobalt Pwr Grp V 2306 0.14 0.12 0.14 + 0.02 0.18 0.04 O 164 0.31 0.27 0.27 + 0.01 0.32 0.01 CobalTech M’g* Coeur Mng* N 16846 8.09 7.32 7.56 - 0.62 16.41 4.67 0.14 - 0.01 0.24 0.06 Colonial Coal V 525 0.15 0.14 Colorado Res* O 79 0.20 0.18 0.20 + 0.02 0.54 0.06 Colorado Res V 793 0.28 0.24 0.28 + 0.01 0.71 0.08 O 566 0.65 0.56 0.58 - 0.01 0.83 0.27 Columbus Gold* Columbus Gold T 755 0.87 0.76 0.77 - 0.02 1.09 0.36 Commerce Res* O 94 0.07 0.06 0.06 - 0.01 0.09 0.04 Comstock Mng* X 1000 0.24 0.23 0.23 - 0.00 0.56 0.19 Comstock Mtls V 1004 0.20 0.17 0.18 - 0.02 0.43 0.12 107 0.14 0.12 0.14 + 0.00 0.33 0.09 Comstock Mtls * O Confedertn Mls V 126 0.74 0.65 0.65 - 0.02 8.00 0.46 V 108 0.08 0.06 0.06 - 0.02 0.09 0.04 Cons Woodjam CONSOL Energy* N 15605 15.73 14.76 15.19 - 0.26 22.34 9.66 Constant Mtl V 305 0.14 0.12 0.13 + 0.01 0.15 0.06 Contintl Gold* O 187 3.19 2.88 3.07 - 0.14 4.39 1.11 Contintl Gold T 2940 4.30 3.88 4.08 - 0.24 5.75 1.50 Contintl Prec* O 3 0.21 0.00 0.21 - 0.04 0.35 0.11 Contintl Prec T 13 0.30 0.00 0.29 - 0.02 0.44 0.25 Copper Ck Gold V 179 0.09 0.06 0.07 - 0.01 0.11 0.06 Copper Fox Mtl V 693 0.17 0.14 0.15 - 0.02 0.19 0.11 Copper Fox Mtl* O 71 0.13 0.11 0.11 - 0.00 0.15 0.08 328 0.08 0.05 0.05 - 0.01 0.08 0.03 Copper Lake Rs V Copper Mtn Mng* O 55 0.86 0.75 0.75 - 0.11 1.02 0.32 Copper Mtn Mng T 2771 1.17 0.99 1.02 - 0.16 1.32 0.40 Copper North M V 550 0.10 0.10 0.10 - 0.01 0.30 0.10 Copper North M* O 3 0.07 0.00 0.07 + 0.00 0.16 0.06 Copper One V 965 0.06 0.04 0.04 - 0.02 0.30 0.03 1140 0.02 0.02 0.02 + 0.01 0.05 0.02 Copper Reef Mg Copperbank Res* O 4 0.05 0.05 0.05 - 0.00 0.08 0.01 Copperbank Res 327 0.08 0.00 0.07 - 0.01 0.10 0.03 Cordoba Mnls* O 354 1.00 0.84 0.88 - 0.06 1.21 0.29 Cordoba Mnls V 1771 1.38 1.13 1.18 - 0.09 1.59 0.35 Corex Gold V 215 0.13 0.11 0.13 + 0.01 0.21 0.04 Cornerstone Ca* O 132 0.23 0.20 0.22 - 0.01 0.25 0.03 V 455 0.05 0.04 0.05 + 0.01 0.05 0.01 Cornerstone Mt Coronet Mtls V 16 0.29 0.00 0.26 - 0.03 0.71 0.03 Corsa Coal V 151 2.58 2.12 2.25 - 0.17 3.82 0.80 O 124 1.87 1.57 1.77 - 0.04 2.93 1.57 Corsa Coal * Corvus Gold T 129 0.87 0.71 0.82 + 0.05 1.38 0.50 0.64 + 0.07 1.05 0.37 Corvus Gold* O 59 0.64 0.53 Cougar Mnls V 598 0.55 0.49 0.50 - 0.03 0.82 0.28 Crazy Horse Res V 1436 0.03 0.02 0.03 + 0.01 0.04 0.02 0.05 + 0.01 0.05 0.04 Cresval Cap V 588 0.05 0.05 Critical Elem V 3964 0.95 0.86 0.90 + 0.01 0.93 0.17 Critical Elem* O 188 0.68 0.63 0.66 + 0.01 0.70 0.16 Crown Mining V 550 0.11 0.10 0.10 + 0.01 0.20 0.04 316 0.19 0.15 0.16 - 0.03 0.23 0.07 Cruz Cap Corp* O 0.26 0.21 0.23 - 0.02 0.31 0.02 Cruz Cap Corp V 4269 Crystal Lake V 59 0.28 0.26 0.28 + 0.02 0.43 0.22 0.46 - 0.04 0.56 0.18 Crystal Peak V 229 0.50 0.42 Crystal Peak* O 7 0.37 0.32 0.37 - 0.00 0.42 0.13 Currie Rose Rs* O 14 0.01 0.01 0.01 + 0.00 0.02 0.00 Currie Rose Rs V 117 0.03 0.02 0.02 - 0.01 0.05 0.01 Cyclone Uran* O 45 0.00 0.00 0.00 - 0.00 0.01 0.00 Cypress Dev* O 120 0.09 0.08 0.09 - 0.00 0.16 0.04 Cypress Dev V 451 0.13 0.11 0.12 - 0.01 0.20 0.05

D-F Dajin Res V 1940 Dajin Res* O 2150 Dakota Ter Res* O 159 Daleco Res* O 179 Dalradian Res* O 686 Dalradian Res T 1306 Damara Gold V 35 Danakali* O 511 Darnley Bay V 1743 Darnley Bay* O 67 Dawson Gold V 22 Debut Dmds 220 Decade Res V 379 Defiance Silvr* O 224 Defiance Silvr V 1369 Denison Mines* X 3630 Desert Gold* O 19 Desert Gold V 33 Desert Star* O 0 Desert Star V 171 Detour Gold T 5326 DGS Mnls 55 Diamante Min* O 29 Diamcor Mng V 55 Diamcor Mng* O 12 Diamond Fields V 79 Dios Expl V 481 Discovery Gold* O 362 Discovery Harb V 195 DNI Metals 506 DNI Metals* O 207 Dolly Vard Sil* O 71 Dominion Diam T 765 Double Crn Res* O 758 Doubleview Cap* O 79 Doubleview Cap V 2500 DRDGOLD* N 1713 Dundee Prec Mt T 1720 Dunnedin Vent* O 13 Duran Vent * O 5 Duran Vent V 102 Durango Res V 8319 Durango Res* O 29 Dynacor Gld Mn T 227 DynaResource* O 11 Dynasty Gold V 123 Dynasty Met&Mn* O 117 Dynasty Met&Mn T 299 Eagle Graphite V 478 Eagle Graphite* O 45 East Africa * O 16 East Africa V 1425 East Asia Mnls V 1637 Eastern Platin* O 16 Eastern Platin T 582 Eastfield Res V 190 Eastmain Res T 1296 eCobalt Solns* O 1050 Edgewater Expl V 72 Edgewater Expl* O 6 El Capitan Prc* O 1733 El Nino Vent V 776 Elcora Res* O 45 Eldorado Gold* N 29167 Eldorado Gold T 17169 Eloro Mnrls* O 77 455 Ely Gold & Mnl V

0.12 0.09 0.10 - 0.02 0.30 0.09 0.09 0.07 0.08 - 0.01 0.24 0.07 0.10 0.04 0.06 - 0.02 0.20 0.02 0.01 0.01 0.01 - 0.00 0.05 0.01 0.99 0.88 0.96 + 0.04 1.27 0.63 1.32 1.18 1.27 + 0.01 1.68 0.83 0.10 0.08 0.08 - 0.03 0.11 0.04 0.65 0.55 0.58 + 0.01 0.65 0.17 0.44 0.34 0.39 - 0.04 0.57 0.02 0.32 0.26 0.29 - 0.04 0.44 0.01 0.12 0.11 0.12 + 0.02 0.12 0.09 0.01 0.00 0.01 - 0.01 0.03 0.01 0.07 0.06 0.06 - 0.01 0.13 0.02 0.25 0.19 0.21 - 0.03 0.49 0.07 0.33 0.26 0.31 - 0.01 0.63 0.09 0.69 0.62 0.64 - 0.01 0.84 0.37 0.24 0.23 0.23 - 0.02 0.30 0.07 0.33 0.27 0.29 - 0.02 0.40 0.09 0.08 0.00 0.08 - 0.04 0.13 0.12 0.13 0.10 0.11 - 0.01 0.22 0.05 15.57 14.58 15.57 + 0.02 35.93 14.58 0.08 0.06 0.06 - 0.02 0.15 0.04 0.17 0.14 0.16 - 0.01 0.55 0.10 1.08 1.03 1.03 - 0.04 1.50 0.80 0.80 0.78 0.78 - 0.02 1.11 0.62 0.17 0.15 0.15 - 0.01 0.24 0.05 0.10 0.08 0.09 - 0.01 0.19 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 0.08 0.06 0.07 - 0.02 0.08 0.02 0.06 0.05 0.05 - 0.01 0.06 0.01 0.56 0.49 0.52 - 0.01 0.81 0.12 11.76 11.17 11.69 + 0.09 16.50 10.47 0.01 0.01 0.01 + 0.00 0.02 0.00 0.05 0.05 0.05 - 0.01 0.14 0.05 0.09 0.07 0.07 - 0.02 0.19 0.06 5.11 4.59 4.94 - 0.27 9.10 3.50 2.80 2.50 2.76 + 0.03 4.14 1.66 0.28 0.28 0.28 - 0.00 0.30 0.04 0.06 0.05 0.05 - 0.01 0.10 0.05 0.08 0.07 0.08 - 0.01 0.20 0.07 0.23 0.17 0.19 - 0.01 0.36 0.03 0.15 0.14 0.14 + 0.00 0.22 0.05 2.39 2.24 2.28 - 0.05 3.71 1.86 1.59 1.41 1.56 - 0.03 1.99 0.00 0.03 0.00 0.03 - 0.01 0.04 0.01 0.22 0.20 0.20 - 0.03 0.28 0.08 0.33 0.27 0.32 + 0.02 0.36 0.10 0.04 0.04 0.04 + 0.01 0.06 0.02 0.03 0.02 0.03 - 0.00 0.05 0.02 0.22 0.21 0.22 + 0.01 0.28 0.06 0.31 0.26 0.29 + 0.01 0.36 0.07 0.02 0.02 0.02 - 0.01 0.03 0.01 0.29 0.24 0.24 - 0.05 0.89 0.24 0.38 0.33 0.37 - 0.01 1.19 0.33 0.08 0.00 0.05 - 0.03 0.08 0.02 0.48 0.45 0.46 - 0.03 0.97 0.29 0.99 0.78 0.93 - 0.06 1.14 0.34 0.21 0.19 0.20 - 0.01 0.28 0.06 0.15 0.14 0.14 - 0.01 0.15 0.11 0.10 0.08 0.09 + 0.00 2.35 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.25 0.23 0.25 + 0.01 0.44 0.22 3.00 2.74 2.98 + 0.03 5.16 2.54 4.03 3.69 4.00 + 0.05 6.71 3.46 0.55 0.53 0.55 - 0.01 0.58 0.16 0.15 0.14 0.14 + 0.01 0.27 0.08

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

205 Ely Gold & Mnl* O Elysee Dev V 184 Emerita Res V 2730 Emgold Mng V 35 Emgold Mng* O 48 Empire Rock V 31 O 349 Encanto Potash* O 32 Endeavour Mng* Endeavour Mng T 1924 13135 N Endeavr Silver* Endeavr Silver T 2234 O 1758 Energizer Res* Energy Fuels* X 2910 Energy Fuels T 1400 Engold Mines V 2592 Engold Mines* O 210 Entree Gold* X 438 Entree Gold T 546 Equitas Res* O 164 Equitas Res V 153 Equitorial Ex V 964 4 V Era Res Inc 45 Erdene Res Dev* O Erin Ventures* O 28 Erin Ventures V 1093 53 Eros Res Corp* O 517 Eros Res Corp V 517 Eros Res Corp V Eskay Mng V 172 Ethos Gold* O 28 Ethos Gold V 215 Eurasian Mnls V 106 X 380 Eurasian Mnls* Eureka Res V 80 27 Euro Sun Mg* O 40 T Euro Sun Mg EurOmax Res T 40 O 86 European Metal* Everest Vent V 5 Everton Res V 1515 Everton Res* O 647 Evolving Gold 44 O 12 Evolving Gold* Evrim Res V 213 Excellon Res* O 128 Excellon Res T 491 O 69 Excelsior Mng* Excelsior Mng T 464 Exeter Res* X 1145 Exeter Res T 564 966 ExGen Res Inc V O 214 Expedition Mng* Explor Res* O 505 Explor Res V 800 Fairmont Res V 787 Falco Res V 939 Falcon Gold V 362 Fancamp Expl V 1485 Far Res* O 40 Far Res 5297 Fieldex Expl V 49 Finlay Minrls V 75 Fiore Explor V 1225 Fiore Explor* O 363 Firesteel Res V 115 O 112 Firma Holdings* First Cobalt V 3151 First Energy* O 1 13645 First Liberty* O First Majestic* N 19044 First Majestic T 4942 V 6163 First Mg Fin First Mg Fin * O 2635 First Point V 456 First Quantum T 14150 V 2876 Fission 3.0 Fission Uran T 3364 Fission Uran* O 2926 Fjordland Exp V 784 Flinders Res V 983 Flinders Res* O 787 V 6604 Focus Graphite O 928 Focus Graphite* Focus Vent V 200 Foran Mng V 260 T 4938 Formation Mtls Forrester Met* O 356 Forsys Metals T 377 5 Fort St J Nick* O 3 Fort St J Nick V O 126 Fortescue Mtls* Fortuna Silvr* N 7855 T 2387 Fortuna Silvr Fortune Bay* O 7 Fortune Mnrls T 6806 O 1408 Fortune Mnrls* O 225 Forum Uranium* V 513 Forum Uranium Four River V 1984 N 3299 Franco-Nevada* Franco-Nevada T 2462 Franklin Mng* O 51 Freegold Vent T 174 111183 N Freeport McMoR* Fresnillo plc* O 7 Fura Emeralds V 90

0.11 0.10 0.11 - 0.00 0.20 0.05 0.20 0.41 + 0.02 0.49 0.42 0.38 0.02 0.22 + 0.07 0.21 0.22 0.16 0.02 0.03 - 0.01 0.05 0.03 0.00 0.01 0.02 + 0.01 0.04 0.02 0.02 0.07 0.23 + 0.01 0.30 0.25 0.00 0.04 0.08 - 0.00 0.14 0.08 0.08 17.62 - 0.37 21.89 7.57 17.83 16.05 10.11 23.84 - 0.10 28.81 23.97 21.24 2.30 3.12 - 0.19 5.95 3.26 2.84 3.04 4.19 - 0.22 7.75 4.33 3.85 0.04 0.05 - 0.00 0.10 0.06 0.05 1.29 1.98 - 0.01 2.87 2.27 1.85 1.74 2.66 - 0.01 3.65 3.05 2.47 0.03 0.35 + 0.11 0.45 0.35 0.24 0.02 0.26 + 0.07 0.33 0.26 0.18 0.22 0.49 - 0.05 0.72 0.56 0.48 0.29 0.66 - 0.06 0.94 0.78 0.64 0.16 0.21 - 0.01 0.31 0.21 0.20 0.19 0.28 - 0.02 1.30 0.30 0.27 0.03 0.06 + 0.01 0.11 0.06 0.05 0.25 0.00 0.21 - 0.03 0.50 0.10 0.63 0.61 0.61 - 0.01 0.69 0.13 0.02 0.03 - 0.01 0.05 0.04 0.03 0.04 0.05 - 0.01 0.06 0.06 0.05 0.14 0.14 0.14 + 0.00 0.17 0.08 0.19 0.18 0.19 + 0.01 0.23 0.12 0.19 0.18 0.19 + 0.01 0.23 0.12 0.10 0.31 - 0.03 0.42 0.33 0.30 0.05 0.17 - 0.01 0.32 0.20 0.17 0.17 0.25 - 0.02 0.41 0.27 0.24 0.63 1.32 - 0.03 1.84 1.38 1.31 0.47 1.00 - 0.01 1.40 1.03 0.98 0.05 0.10 - 0.01 0.17 0.10 0.09 0.57 0.50 0.50 - 0.08 1.06 0.47 0.70 0.00 0.70 - 0.01 1.45 0.62 0.36 0.50 - 0.02 0.81 0.50 0.48 0.00 0.00 + 0.00 0.01 0.00 0.00 0.09 0.95 - 0.09 1.52 1.09 0.95 0.02 0.07 - 0.01 0.20 0.09 0.07 0.02 0.06 + 0.00 0.14 0.06 0.05 0.05 0.13 - 0.03 0.50 0.16 0.13 0.02 0.10 - 0.02 0.38 0.12 0.10 0.16 0.30 + 0.01 0.43 0.31 0.29 0.29 1.18 - 0.02 1.85 1.22 1.06 0.38 1.57 - 0.08 2.40 1.64 1.43 0.19 0.63 + 0.01 0.72 0.65 0.60 0.26 0.82 - 0.01 0.94 0.90 0.80 0.54 1.09 - 0.02 1.48 1.20 1.01 0.70 1.47 - 0.04 1.94 1.59 1.38 0.02 0.02 0.02 - 0.01 0.03 0.01 0.01 0.07 - 0.01 0.22 0.09 0.06 0.04 0.06 - 0.00 0.18 0.06 0.05 0.07 0.07 - 0.01 0.23 0.08 0.07 0.04 0.12 - 0.04 0.23 0.16 0.11 0.42 0.87 + 0.01 1.39 0.89 0.80 0.04 0.01 0.20 0.06 - 0.06 0.05 0.02 0.06 - 0.01 0.08 0.06 0.00 0.05 0.09 - 0.01 0.11 0.10 0.09 0.02 0.11 - 0.02 0.15 0.14 0.10 0.10 0.13 - 0.02 0.65 0.16 0.13 0.03 0.07 + 0.01 0.09 0.07 0.06 0.03 0.37 - 0.03 0.76 0.40 0.34 0.02 0.28 - 0.02 0.55 0.30 0.25 0.01 0.06 + 0.01 0.06 0.06 0.05 0.03 0.10 + 0.01 0.12 0.10 0.08 0.22 0.80 + 0.09 0.88 0.88 0.76 0.02 0.04 + 0.00 0.12 0.04 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 8.19 7.49 7.84 - 0.37 19.15 5.42 10.57 - 0.42 24.96 7.20 10.93 10.12 0.98 0.84 0.97 + 0.01 1.31 0.39 0.73 0.62 0.71 + 0.00 1.02 0.29 0.04 0.10 - 0.02 0.14 0.11 0.10 13.61 - 1.65 17.55 5.38 14.89 13.36 0.10 0.07 0.10 + 0.02 0.11 0.05 0.49 0.82 + 0.07 0.92 0.83 0.72 0.36 0.61 + 0.05 0.70 0.62 0.54 0.01 0.04 - 0.01 0.17 0.05 0.04 0.23 0.73 + 0.05 0.93 0.85 0.69 0.17 0.55 + 0.04 0.71 0.64 0.51 0.06 0.08 - 0.02 0.30 0.10 0.07 0.04 0.06 - 0.01 0.23 0.07 0.05 0.05 0.06 - 0.01 0.11 0.06 0.06 0.08 0.37 - 0.03 0.47 0.40 0.00 0.13 1.25 - 0.08 1.48 1.34 1.05 0.03 0.07 - 0.02 0.11 0.08 0.07 0.05 0.14 - 0.01 0.28 0.18 0.14 0.08 0.07 0.07 + 0.00 0.18 0.07 0.11 0.00 0.10 + 0.01 0.35 0.05 1.78 4.69 - 0.21 5.50 4.99 0.00 3.50 5.19 - 0.11 9.75 5.28 4.84 7.07 6.50 7.00 - 0.07 12.73 4.66 0.30 0.37 - 0.05 0.64 0.42 0.37 0.04 0.24 + 0.01 0.34 0.26 0.20 0.03 0.17 - 0.01 0.26 0.19 0.15 0.05 0.07 + 0.00 0.14 0.07 0.06 0.07 0.09 - 0.01 0.20 0.11 0.09 0.18 0.70 - 0.13 1.28 0.83 0.67 53.31 62.23 - 0.37 81.16 62.77 60.10 84.31 81.01 83.77 - 0.03 105.69 71.44 0.00 0.00 - 0.00 0.01 0.00 0.00 0.08 0.14 + 0.02 0.28 0.14 0.12 12.37 - 0.83 17.06 8.75 13.00 12.18 12.65 16.60 - 1.08 26.65 17.35 16.45 0.10 0.24 - 0.01 0.30 0.24 0.20

Gabriel Res T 805 Gainey Capital V 201 Galantas Gold V 184 Galore Res V 125 Galway Gold V 168 Galway Mtls* O 21 Galway Mtls V 182 GAR Limited 3 42 Garibaldi Res * O Garibaldi Res V 304 GB Minerals V 372 General Moly T 12 General Moly* X 1726 Genesis Mtls* O 82 Genesis Mtls V 328 Genius Props 26 V 1358 Gensource Pot O 229 Geologix Expl* Geologix Expl V 673 O 450 Geomega Res* Geomega Res V 306 90 Gespeg Cop Res V GFK Res V 268 GGX Gold V 524 Gitennes Expl V 119 Giyani Gold* O 286 Giyani Gold V 526 O 518 Gldn Predator* Gldn Predator V 2161 381 Glen Eagle Res V Glencore Plc* O 740 Global Energy V 1291 Global Gold* O 659 Globex Mng* O 2 GMV Minerals V 445 O 73 GMV Minerals* GoGold Res T 1326 742 Gold & Silver* O 41852 Gold Fields* N 56 Gold Finder Ex V 2 Gold Finder Ex* O 321 Gold Mng USA* O Gold Reserve* O 27 Gold Reserve V 27 X 3656 Gold Resource* 847 Gold Std Vents V Gold Std Vents* X 4223 Gold Torrent* O 5 Goldcliff Res* O 52 Goldcorp* N 36311 T 19712 Goldcorp Golden Arrow V 492 Golden Arrow* O 636 53 Golden Dawn Ml* O 713 Golden Dawn Ml V V 547 Golden Goliath O 273 Golden Goliath* Golden Hope V 115

0.17 0.34 - 0.05 0.74 0.40 0.32 0.10 0.18 - 0.03 0.37 0.19 0.17 0.07 0.15 + 0.04 0.18 0.15 0.11 0.01 0.05 - 0.01 0.05 0.05 0.04 0.05 0.08 - 0.02 0.13 0.10 0.08 0.07 0.30 + 0.04 0.51 0.30 0.00 0.10 0.40 + 0.05 0.65 0.42 0.37 0.01 0.04 + 0.03 0.05 0.04 0.01 0.12 0.11 0.11 - 0.01 0.16 0.05 0.07 0.17 + 0.01 0.21 0.17 0.16 0.05 0.08 + 0.01 0.10 0.08 0.00 0.30 0.63 - 0.13 0.95 0.68 0.00 0.21 0.49 - 0.05 0.72 0.54 0.45 0.01 0.11 - 0.01 0.22 0.11 0.10 0.09 0.14 - 0.01 0.28 0.15 0.14 0.08 0.13 - 0.03 0.38 0.16 0.13 0.04 0.18 - 0.01 0.23 0.19 0.18 0.02 0.05 - 0.01 0.11 0.07 0.05 0.03 0.08 - 0.01 0.15 0.09 0.07 0.05 0.08 - 0.01 0.16 0.09 0.08 0.06 0.13 + 0.01 0.23 0.13 0.11 0.04 0.04 0.04 + 0.01 0.06 0.02 0.06 0.14 + 0.03 0.18 0.14 0.12 0.07 0.08 - 0.01 0.39 0.10 0.08 0.01 0.06 - 0.01 0.08 0.06 0.05 0.04 0.35 + 0.06 0.50 0.35 0.30 0.06 0.37 - 0.03 0.70 0.46 0.37 0.11 1.17 + 0.00 1.59 1.20 1.03 0.16 1.57 + 0.02 2.05 1.60 1.40 0.19 0.17 0.18 - 0.02 0.20 0.06 3.49 7.53 - 0.79 8.62 8.17 7.37 0.21 0.22 - 0.06 0.67 0.27 0.20 0.01 0.04 - 0.01 0.06 0.04 0.02 0.19 0.41 + 0.02 0.48 0.41 0.00 0.08 0.38 - 0.05 0.70 0.43 0.35 0.12 0.28 - 0.04 0.55 0.32 0.26 0.41 0.68 - 0.11 1.65 0.76 0.63 0.00 0.00 0.00 + 0.00 0.11 0.00 2.60 3.01 - 0.23 6.60 3.25 2.86 0.13 0.11 0.11 - 0.02 0.28 0.09 0.14 0.10 0.10 - 0.04 0.14 0.07 0.01 0.00 0.00 + 0.00 0.10 0.00 0.00 2.82 - 0.05 5.54 3.02 0.00 3.28 3.81 - 0.02 7.34 4.05 0.00 2.10 4.58 - 0.10 8.22 4.64 4.18 3.30 3.07 3.29 + 0.07 4.10 1.16 2.46 2.29 2.46 + 0.05 3.20 0.88 0.20 0.60 - 0.15 1.10 0.75 0.60 0.13 0.15 + 0.00 0.36 0.15 0.14 11.91 14.82 - 0.30 20.38 15.14 14.52 15.95 19.96 - 0.29 26.56 20.26 19.53 0.25 0.66 + 0.01 1.48 0.69 0.63 0.19 0.49 + 0.01 1.30 0.52 0.46 0.28 0.25 0.26 - 0.02 0.32 0.08 0.38 0.32 0.34 - 0.04 0.44 0.08 0.02 0.06 - 0.01 0.14 0.07 0.06 0.01 0.04 - 0.01 0.10 0.05 0.04 0.14 0.16 + 0.01 0.39 0.17 0.15

G-H

2017-03-14 7:25 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 20–APRIL 2, 2017

21

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Hope* O 11 Golden Mnls T 33 Golden Mnls* X 1266 Golden Peak Mn V 84 Golden Queen* O 295 Golden Queen T 81 Golden Reign V 719 Golden Secret V 104 Golden Sh Mng V 39 Golden Star T 2511 Golden Star* X 10766 Golden Valley V 223 Goldex Res V 73 Goldgroup Mng* O 75 GoldMining V 1399 GoldON Res V 36 GoldQuest Mng V 4916 Goldrea Res 740 Goldsource Min* O 405 V 1153 Goldsource Min Goldstar Mnls V 104 Goldstream Mnl V 102 V 6466 Goldstrike Res Gonzaga Res V 296 Gossan Res V 123 O 1072 GoviEx Uranium* V 3493 GoviEx Uranium Gowest Gold* O 300 Gowest Gold V 845 GPM Metals* O 182 GPM Metals V 821 Gran Colombia* O 274 Gran Colombia T 8370 O 355 Granada Gold* Grande Portage V 197 Granite Ck Gld V 104 O 822 Graphite Corp* Graphite One V 4339 Graphite One* O 630 244 Gray Rock Res V Great Atlantic V 67 Great Lakes Gr* O 82 Great Panther T 990 X 7804 Great Panther* Great Quest Fe* O 38 76 Great Quest Fe V Great Thunder V 903 Green Swan Cap V 460 O 822 Greenland M&En* Grizzly Discvr* O 39 Grizzly Discvr V 228 Grizzly Gold* O 112 191 Group Ten Mtls V GrowMax Res* O 11 GrowMax Res V 1673 V 221 GT Gold Guerrero Vents V 7429 Gungnir Res V 587 Gungnir Res* O 134 Gunpoint Expl V 4 Guyana Gldflds T 4412 Hadley Mng 351 Handa Copper V 204 O 94 Handa Copper* Hannan Metals V 66 Happy Ck Mnrls V 58 Hard Creek Ni V 1069 Harmony Gold* N 27524 Harte Gold* O 705 Harte Gold T 4189 Harvest Gold V 290 Hawkeye Gld&Di V 240 V 230 Heatherdale Rs 30980 Hecla Mining* N Hellix Vent* O 8 O 74 Hemcare Health* HFX Holding V 34 Highland Copp V 546 O 11 Highland Copp* Highway 50 Gld* O 211 16 Highway 50 Gld V HiHo Silver 78 Hochschild Mg* O 12 Homeland Egy V 192 Horizonte Mnls T 1575 Hornby Bay Mnl V 20 Houston Lake V 257 HudBay Mnls* N 4207 HudBay Mnls T 11159 Hudson Res V 327 Hudson Res* O 49 Hunt Mng V 18 Hycroft Mg* O 11

0.13 0.11 0.11 - 0.01 0.25 0.11 0.83 0.73 0.83 + 0.03 1.51 0.42 0.63 0.55 0.59 - 0.01 1.16 0.31 0.40 0.38 0.38 - 0.03 0.90 0.12 0.64 0.59 0.62 - 0.00 1.56 0.52 0.85 0.80 0.84 + 0.01 2.00 0.70 0.24 0.20 0.20 - 0.01 0.36 0.11 0.33 0.29 0.29 - 0.04 0.69 0.16 0.24 0.21 0.21 - 0.02 0.36 0.09 1.07 0.93 1.06 + 0.06 1.46 0.52 0.80 0.69 0.80 + 0.05 1.13 0.40 0.41 0.36 0.39 + 0.02 0.50 0.13 0.87 0.56 0.86 + 0.31 0.90 0.17 0.08 0.07 0.07 + 0.00 0.30 0.06 1.88 1.57 1.85 + 0.05 3.35 0.66 0.21 0.00 0.21 + 0.01 0.36 0.09 0.59 0.48 0.50 + 0.03 0.68 0.19 0.07 0.05 0.06 - 0.01 0.14 0.03 0.12 0.10 0.11 - 0.01 0.45 0.10 0.16 0.14 0.14 - 0.02 0.57 0.14 0.04 0.00 0.03 - 0.01 0.09 0.01 0.07 0.00 0.07 + 0.01 0.40 0.05 0.43 0.29 0.30 + 0.06 0.43 0.12 0.34 0.28 0.28 - 0.07 0.36 0.01 0.08 0.07 0.08 + 0.01 0.11 0.03 0.26 0.23 0.26 + 0.02 0.34 0.04 0.36 0.31 0.34 + 0.02 0.44 0.09 0.13 0.11 0.12 - 0.01 0.22 0.05 0.17 0.16 0.17 - 0.01 0.28 0.07 0.07 0.06 0.07 - 0.00 0.43 0.06 0.09 0.08 0.09 + 0.01 0.57 0.08 0.08 0.07 0.07 - 0.00 0.13 0.06 0.11 0.09 0.09 - 0.01 0.16 0.08 0.05 0.04 0.05 + 0.01 0.11 0.01 0.22 0.17 0.17 + 0.01 0.22 0.05 0.08 0.06 0.06 + 0.03 0.08 0.01 0.01 0.00 0.01 - 0.00 0.01 0.00 0.09 0.08 0.08 - 0.01 0.18 0.07 0.06 0.05 0.06 - 0.00 0.14 0.05 0.39 0.35 0.35 - 0.01 0.40 0.02 0.15 0.11 0.11 - 0.03 0.15 0.03 0.07 0.07 0.07 + 0.00 0.08 0.04 2.44 2.24 2.42 - 0.02 2.95 1.03 1.84 1.66 1.78 - 0.06 2.28 0.77 0.15 0.00 0.15 - 0.06 0.24 0.09 0.24 0.20 0.21 - 0.02 0.35 0.14 0.05 0.05 0.05 - 0.01 0.24 0.01 0.12 0.09 0.09 - 0.02 0.14 0.02 0.14 0.09 0.11 - 0.03 0.16 0.00 0.05 0.05 0.05 - 0.00 0.05 0.02 0.06 0.05 0.06 + 0.01 0.07 0.04 0.05 0.04 0.04 + 0.00 0.22 0.01 0.18 0.14 0.17 + 0.01 0.46 0.08 0.11 0.00 0.09 - 0.01 0.22 0.10 0.14 0.13 0.13 - 0.01 0.28 0.13 0.37 0.31 0.32 - 0.06 0.50 0.09 0.04 0.02 0.03 + 0.02 0.04 0.01 0.09 0.06 0.06 - 0.03 0.12 0.01 0.07 0.05 0.05 - 0.02 0.08 0.01 0.27 0.00 0.27 - 0.03 0.32 0.17 6.60 6.07 6.50 - 0.14 10.35 4.35 1.05 0.00 0.95 + 0.25 1.08 0.06 0.09 0.05 0.05 - 0.02 0.10 0.04 0.04 0.04 0.04 + 0.00 0.04 0.03 0.50 0.39 0.50 + 0.10 0.51 0.05 0.26 0.22 0.24 + 0.01 0.29 0.10 0.06 0.00 0.05 - 0.01 0.12 0.01 2.32 2.06 2.21 - 0.17 4.87 1.86 0.40 0.36 0.38 + 0.01 0.40 0.08 0.53 0.49 0.50 + 0.02 0.53 0.10 0.06 0.05 0.05 - 0.01 0.10 0.04 0.09 0.08 0.08 - 0.01 0.33 0.03 0.09 0.08 0.09 + 0.01 0.12 0.03 5.25 4.70 4.84 - 0.42 7.64 2.48 0.03 0.03 0.03 - 0.00 0.08 0.00 0.08 0.02 0.04 + 0.03 0.24 0.01 0.11 0.08 0.11 + 0.02 0.12 0.03 0.15 0.13 0.14 - 0.02 0.18 0.07 0.12 0.10 0.10 - 0.03 0.13 0.07 0.24 0.18 0.22 - 0.02 0.24 0.10 0.30 0.25 0.30 + 0.04 0.31 0.08 0.10 0.09 0.10 + 0.02 0.18 0.07 2.90 2.77 2.80 - 0.15 4.16 1.22 0.01 0.01 0.01 + 0.01 0.02 0.01 0.05 0.04 0.05 - 0.01 0.06 0.02 0.04 0.00 0.04 - 0.01 0.08 0.03 0.43 0.37 0.40 - 0.02 0.46 0.20 8.05 6.65 6.85 - 1.35 9.15 2.88 10.70 9.00 9.19 - 1.81 11.95 3.77 0.51 0.40 0.48 + 0.04 0.51 0.29 0.38 0.31 0.37 + 0.05 0.38 0.24 0.30 0.30 0.30 - 0.01 0.40 0.04 1.00 0.00 1.00 + 0.80 0.60 0.00

I-Minerals* O 30 I-Minerals V 34 IAMGOLD T 14499 IAMGOLD* N 40761 Iberian Mnrls V 7951 IC Potash* O 422 IC Potash T 838 Icon Explor V 210 IDM Mining* O 1280 IGC Res V 69 iMetal Res* O 8 iMetal Res V 85 Impala Platnm* O 1616 Imperial Metal* O 41 Imperial Metal T 259 Inca One Gold V 1855 Inca One Gold* O 190 Inception Mng * O 43 Independence G V 300 Independence G* O 64 Indico Res V 815 Inomin Mines V 125 Inspiration Mg* O 24 Inspiration Mg 11 Intact Gold V 695 Integra Gold* O 1411 Integra Gold V 3689 Intigold Mines V 527 Intigold Mines* O 430 Intl Corona V 80 Intl Lithium* O 256 Intl Lithium V 1245 Intl Star* O 2889 10978 Intrepid Pots* N INV Metals T 169 INV Metals* O 51 55 Inventus Mg * O Inventus Mg V 187 InZinc Mining* O 129 O 178 Ireland* Irving Res* O 44 Irving Res 147 IsoEnergy Ltd V 33 Itafos V 9 Itoco Mg Corp* O 775 Ivanhoe Mines* O 955 Ivanhoe Mines T 19706 Jaguar Mng T 2226 Jaguar Mng* O 156 Japan Gold* O 58 Japan Gold V 271 Jasper Mng V 41 Jayden Res V 204 JDL Gold V 323 JDL Gold* O 208 Jourdan Res V 709 K2 Gold V 109 K92 Mng Inc* O 722 K92 Mng Inc V 2604 Kairos Cap V 154 Kaizen Discvry V 318 Kapuskasing Gd V 844 Karmin Expl V 158 Karnalyte Res T 105 KAT Expl* O 1525 Katanga Mng T 4374 Kennady Diam V 260 Kermode Res V 157 Kerr Mines* O 24 Kerr Mines T 309 Kesselrun Res V 263 Khalkos Expl V 94

0.33 0.29 0.29 - 0.03 0.35 0.15 0.44 0.41 0.42 + 0.01 0.47 0.20 5.11 4.62 4.94 - 0.14 7.65 2.62 3.81 3.43 3.66 - 0.15 5.87 1.95 0.16 0.12 0.12 - 0.02 0.16 0.04 0.08 0.07 0.07 - 0.01 0.11 0.03 0.12 0.10 0.10 - 0.01 0.15 0.05 0.06 0.04 0.05 - 0.01 0.06 0.01 0.12 0.10 0.11 - 0.01 0.21 0.07 0.02 0.01 0.01 - 0.01 0.02 0.01 0.05 0.05 0.05 + 0.00 0.05 0.03 0.06 0.06 0.06 - 0.01 0.08 0.04 3.33 2.99 3.04 - 0.24 5.23 2.55 4.67 0.00 4.40 - 0.39 6.21 2.78 6.48 5.75 5.78 - 0.62 8.50 3.46 0.17 0.15 0.15 - 0.02 0.63 0.15 0.13 0.11 0.12 - 0.01 0.35 0.11 0.41 0.00 0.40 - 0.02 1.65 0.25 0.24 0.20 0.20 - 0.04 0.50 0.08 0.18 0.15 0.15 - 0.03 0.37 0.06 0.02 0.02 0.02 + 0.01 0.10 0.02 0.06 0.06 0.06 + 0.01 0.07 0.05 0.04 0.02 0.04 + 0.02 0.07 0.01 0.05 0.00 0.05 + 0.02 0.10 0.02 0.07 0.06 0.06 - 0.01 0.18 0.06 0.54 0.49 0.50 - 0.04 0.76 0.31 0.73 0.66 0.69 - 0.03 0.96 0.41 0.04 0.04 0.04 - 0.01 0.19 0.03 0.04 0.03 0.03 - 0.00 0.08 0.01 0.12 0.09 0.10 - 0.02 0.17 0.01 0.12 0.09 0.11 - 0.02 0.55 0.02 0.16 0.14 0.15 - 0.01 0.38 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 2.04 1.63 1.65 - 0.25 3.04 0.85 0.90 0.82 0.85 - 0.05 1.13 0.19 0.71 0.67 0.67 + 0.00 0.85 0.15 0.14 0.13 0.13 - 0.01 0.28 0.11 0.21 0.18 0.19 - 0.03 0.35 0.09 0.19 0.17 0.18 + 0.01 0.27 0.04 0.14 0.12 0.13 - 0.02 0.34 0.04 0.73 0.62 0.66 - 0.06 0.99 0.09 0.98 0.83 0.86 - 0.11 1.18 0.11 1.19 1.01 1.10 - 0.15 1.70 0.63 2.17 2.01 2.15 - 0.07 4.00 0.90 0.15 0.10 0.13 + 0.03 0.30 0.00 3.14 2.75 3.14 + 0.02 3.89 0.00 4.23 3.71 4.22 + 0.05 5.11 0.78 0.62 0.54 0.59 + 0.03 0.85 0.20 0.45 0.40 0.43 - 0.01 0.65 0.15 0.27 0.25 0.26 + 0.01 0.67 0.21 0.37 0.33 0.33 - 0.04 0.88 0.28 0.08 0.05 0.06 + 0.01 0.08 0.03 0.12 0.10 0.12 + 0.01 0.23 0.03 1.80 1.61 1.74 + 0.02 2.55 0.97 1.34 1.18 1.34 + 0.06 1.64 1.10 0.15 0.09 0.09 + 0.01 0.15 0.06 0.41 0.35 0.38 + 0.03 0.58 0.08 0.75 0.59 0.63 - 0.11 1.72 0.60 1.01 0.79 0.84 - 0.14 2.24 0.80 0.60 0.42 0.55 + 0.13 0.60 0.02 0.23 0.21 0.21 + 0.01 0.31 0.09 0.06 0.05 0.05 - 0.01 0.10 0.02 0.80 0.50 0.57 - 0.21 0.86 0.21 0.70 0.65 0.65 - 0.04 4.15 0.64 0.00 0.00 0.00 + 0.00 0.00 0.00 0.40 0.34 0.37 - 0.01 0.65 0.12 3.72 3.68 3.70 - 0.05 5.00 2.90 0.02 0.02 0.02 + 0.01 0.04 0.01 0.10 0.00 0.09 - 0.01 0.12 0.04 0.13 0.12 0.13 - 0.01 0.16 0.06 0.14 0.11 0.14 + 0.01 0.43 0.05 0.17 0.16 0.16 - 0.01 0.26 0.09

I-J-K

20-22_MAR20_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Khan Res 15287 Kilo Goldmines V 899 Kilo Goldmines* O 313 Kincora Copper* O 56 Kincora Copper V 149 Kings Bay Gold V 365 Kingsmen Res V 10 Kingsmen Res* O 1 Kinross Gold* N 44871 Kinross Gold T 20155 Kirkland Lake T 5256 Kiska Metals* O 2 Kiska Metals V 1980 T 3781 Klondex Mines Klondike Gold* O 51 Klondike Silv V 407 Klondike Silv* O 6 Knick Expl V 857 Kootenay Silvr V 643 Kootenay Silvr* O 147 Kootenay Zinc 198 KWG Res* O 77

0.06 0.05 0.06 + 0.01 0.88 0.02 0.09 0.08 0.09 + 0.01 0.25 0.07 0.07 0.06 0.07 + 0.01 0.19 0.06 0.43 0.40 0.41 + 0.01 0.43 0.17 0.58 0.48 0.52 - 0.07 0.65 0.15 0.20 0.16 0.16 - 0.02 0.21 0.05 0.16 0.16 0.16 - 0.01 0.18 0.07 0.09 0.09 0.09 - 0.00 0.12 0.04 3.39 3.17 3.28 - 0.09 5.82 2.79 4.52 4.28 4.43 - 0.06 7.56 3.73 9.37 8.38 8.78 - 0.39 11.15 4.21 0.07 0.07 0.07 + 0.00 0.09 0.01 0.09 0.08 0.08 - 0.01 0.12 0.02 6.76 6.28 6.43 - 0.36 7.95 3.40 0.16 0.14 0.16 + 0.02 0.32 0.10 0.09 0.08 0.09 + 0.01 0.15 0.02 0.07 0.06 0.06 - 0.01 0.12 0.02 0.06 0.05 0.05 - 0.01 0.11 0.02 0.32 0.29 0.30 - 0.01 0.60 0.25 0.24 0.21 0.22 + 0.00 0.46 0.20 0.59 0.44 0.47 - 0.11 0.70 0.06 0.02 0.01 0.02 - 0.00 0.03 0.01

Labdr Iron Mns* O 193 Labrador Iron T 1592 Lake Victoria* O 107 Lara Expl V 153 Laramide Res T 985 Largo Res* O 209 Largo Res T 78 Lateral Gold V 90 Latin Am Mnls V 492 Laurion Mnl Ex V 268 96 Laurion Mnl Ex* O LeadFX Inc* O 80 Legend Gold V 94 Leo Res 14 Lepanto Con Mg* O 38 Levon Res Ltd T 1471 Levon Res Ltd * O 1057 334 Lexam VG Gold* O Lexam VG Gold T 1186 Li3 Energy* O 852 585 Liberty One Li V LiCo Energy* O 2211 LiCo Energy V 2393 Lion One Mtls V 98 Lion One Mtls* O 46 Lions Gate Mtl 43 Lithium Amer T 5077 Lithium Amer* O 2300 Lithium Corp* O 699 V 965 Lithium Energy Lithium Expl* O 190475 Lithium X Egy* O 2662 Lithium X Egy V 3469 LKA Gold* O 62 Logan Res V 419 Lomiko Mtls V 110 Lomiko Mtls* O 68 Loncor Res* O 21 Loncor Res T 249 Lonmin plc* O 24 O 115 Lorraine Coppr* Los Andes Copp V 58 Lucara Diam T 1749 Lucky Mnls V 3 Lumina Gold* O 92 Lumina Gold V 156 Luna Gold T 156 Luna Gold* O 76 Lund Enterpr V 790 Lundin Gold T 505 Lundin Mng T 14307 Lydian Intl T 834 Lydian Intl* O 67 Lynas Corp* O 625

0.04 0.00 0.02 - 0.02 0.07 0.00 19.00 17.81 18.42 - 0.65 20.67 11.06 0.01 0.01 0.01 - 0.00 0.02 0.01 1.06 1.00 1.05 + 0.07 1.58 0.35 0.68 0.53 0.62 + 0.03 0.74 0.18 0.34 0.33 0.33 - 0.01 0.56 0.20 0.47 0.45 0.46 + 0.01 0.72 0.28 0.95 0.88 0.88 - 0.04 1.25 0.26 0.16 0.14 0.16 + 0.01 0.48 0.09 0.05 0.04 0.05 + 0.01 0.08 0.01 0.04 0.04 0.04 - 0.00 0.05 0.00 0.44 0.00 0.44 - 0.17 0.73 0.11 0.04 0.03 0.04 + 0.01 0.07 0.02 0.20 0.00 0.20 + 0.04 0.20 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.46 0.36 0.37 - 0.06 0.71 0.14 0.34 0.26 0.27 - 0.04 0.54 0.10 0.18 0.16 0.16 - 0.02 0.29 0.12 0.24 0.21 0.23 - 0.02 0.38 0.16 0.03 0.02 0.03 + 0.00 0.06 0.01 0.64 0.45 0.63 + 0.03 0.63 0.01 0.14 0.10 0.11 - 0.02 0.20 0.04 0.19 0.14 0.15 - 0.03 0.24 0.06 0.86 0.73 0.84 + 0.03 1.17 0.36 0.61 0.56 0.60 - 0.00 0.91 0.27 0.30 0.00 0.30 - 0.03 0.36 0.08 1.03 0.88 0.92 - 0.11 1.26 0.39 0.77 0.66 0.69 - 0.07 0.96 0.34 0.08 0.07 0.08 + 0.01 0.13 0.03 0.07 0.06 0.06 - 0.01 0.11 0.01 0.00 0.00 0.00 - 0.00 0.11 0.00 1.44 1.07 1.11 - 0.33 2.20 0.74 1.91 1.45 1.50 - 0.40 2.85 0.91 0.51 0.00 0.35 - 0.15 0.68 0.20 0.11 0.09 0.10 - 0.01 0.26 0.07 0.33 0.28 0.28 - 0.03 0.50 0.19 0.24 0.17 0.22 - 0.02 0.38 0.11 0.12 0.09 0.09 - 0.04 0.20 0.04 0.16 0.13 0.16 + 0.05 0.25 0.05 1.33 1.06 1.06 - 0.38 3.42 1.06 0.06 0.06 0.06 + 0.01 0.07 0.00 0.19 0.17 0.17 - 0.01 0.25 0.09 2.88 2.71 2.79 + 0.01 4.39 2.52 0.09 0.00 0.09 - 0.03 0.12 0.05 0.72 0.61 0.64 - 0.08 0.89 0.31 0.90 0.83 0.86 - 0.04 1.20 0.39 1.85 1.63 1.82 + 0.02 3.50 1.10 1.38 1.22 1.30 - 0.05 1.96 1.14 0.15 0.10 0.15 + 0.05 0.19 0.04 5.74 5.28 5.61 + 0.09 6.62 4.14 8.23 7.40 7.59 - 0.83 8.94 3.70 0.39 0.35 0.37 - 0.03 0.52 0.23 0.28 0.26 0.27 - 0.00 0.41 0.17 0.09 0.06 0.08 - 0.01 0.12 0.03

L

M Macarthur Mnl* O 623 0.11 0.08 0.09 - 0.00 0.14 0.02 Macarthur Mnl V 4903 0.14 0.11 0.13 + 0.01 0.18 0.02 V 941 0.19 0.15 0.18 + 0.01 0.20 0.05 MacDonald Mns V 30 1.42 1.35 1.40 - 0.01 1.84 0.33 MacMillan Mnls Madeira Mrnls V 28 0.04 0.04 0.04 - 0.01 0.05 0.01 18.49 - 0.47 23.32 11.02 MAG Silver T 1561 19.03 17.30 O 36 0.09 0.07 0.07 - 0.02 0.35 0.04 Magellan Gold* Magnus Intl* O 3 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 + 0.01 0.12 0.05 Majestic Gold V 404 0.10 0.09 Makena Res V 1662 0.02 0.01 0.01 - 0.01 0.05 0.01 Malbex Res V 168 0.35 0.33 0.33 - 0.02 0.46 0.27 0.10 - 0.01 0.15 0.10 Manado Gold V 12 0.14 0.10 Mandalay Res T 5877 0.64 0.60 0.61 - 0.01 1.35 0.60 Manganese X V 1023 0.23 0.20 0.20 - 0.03 0.26 0.07 Manganese X* O 17 0.17 0.15 0.15 - 0.02 0.19 0.09 Marathon Gold T 6868 1.14 0.97 1.02 - 0.09 1.16 0.17 0.75 - 0.09 1.12 0.02 Mariana Res* O 866 0.90 0.71 Mariana Res V 1440 1.12 0.98 1.00 - 0.12 1.50 0.85 Maritime Res V 554 0.16 0.12 0.12 - 0.06 0.31 0.12 Marlin Gold* O 43 0.45 0.42 0.45 + 0.01 0.57 0.23 Marlin Gold V 159 0.62 0.55 0.62 + 0.04 0.75 0.31 MartinMarietta* N 3489 217.70 205.86 212.81 - 4.88 243.98 150.75 Mason Graphite* O 214 1.01 0.93 0.94 - 0.06 1.21 0.36 Mason Graphite V 193 1.36 1.26 1.27 - 0.08 1.60 0.47 Matamec Expl V 420 0.05 0.05 0.05 + 0.01 0.11 0.03 Matamec Expl* O 34 0.04 0.04 0.04 + 0.01 0.07 0.02 Matica Ent 39464 0.07 0.05 0.06 + 0.01 0.07 0.01 0.04 + 0.01 0.05 0.00 Matica Ent* O 1521 0.05 0.03 Maverix Mtls* O 1 1.06 0.00 1.06 + 0.02 16.33 0.66 0.41 - 0.01 0.57 0.20 Mawson Res T 130 0.52 0.39 Mawson Res* O 420 0.39 0.29 0.32 + 0.01 0.44 0.16 MAX Res V 12 0.09 0.00 0.09 - 0.01 0.11 0.05 0.49 + 0.05 0.52 0.12 MaxTech Vent 312 0.49 0.40 Maxwell Res* O 182 0.01 0.01 0.01 + 0.00 0.01 0.00 Mazarin V 3 0.03 0.00 0.03 + 0.01 0.05 0.01 McChip Res V 5 0.48 0.45 0.48 + 0.03 0.77 0.40 McEwen Mng* N 23761 3.27 2.84 3.06 - 0.23 4.92 1.72 McEwen Mng T 3009 4.37 3.84 4.16 - 0.23 6.44 2.30 McLaren Res 259 0.13 0.10 0.10 - 0.02 0.14 0.01 MDN Inc* O 220 0.62 0.60 0.62 + 0.04 0.92 0.11 Meadow Bay Gd* O 1392 0.05 0.05 0.05 + 0.00 0.11 0.03 Mechel* N 1044 5.19 4.22 4.36 - 0.74 6.83 1.46 Medallion Res V 3519 0.05 0.04 0.04 - 0.01 0.07 0.02 Medallion Res* O 546 0.04 0.03 0.03 - 0.01 0.05 0.01 Medgold Res V 105 0.23 0.20 0.21 + 0.01 0.25 0.07 Medinah Mnrls* O 3851 0.01 0.01 0.01 - 0.00 0.02 0.00 O 816 0.18 0.16 0.17 - 0.02 0.25 0.07 Mega Uranium* Mega Uranium T 5488 0.25 0.21 0.23 - 0.02 0.32 0.10 Melior Res V 85 0.08 0.06 0.08 + 0.02 0.09 0.02 Meridian Mg V 168 0.70 0.63 0.68 - 0.02 1.54 0.14 Mesa Expl* O 26 0.08 0.08 0.08 + 0.00 0.14 0.02 0.04 - 0.01 0.06 0.01 MetalCorp V 102 0.05 0.04 Metalex Vent V 85 0.06 0.05 0.06 + 0.01 0.10 0.04 Metalla Rylty* O 25 0.58 0.40 0.44 - 0.05 0.68 0.01 Metalla Rylty 279 0.80 0.50 0.57 - 0.01 0.88 0.03 Metallic Mnrls V 173 0.42 0.33 0.41 - 0.01 0.59 0.05 Metallic Mnrls* O 134 0.32 0.24 0.30 - 0.01 0.44 0.04 Metallis Res V 144 0.18 0.17 0.17 - 0.01 0.28 0.06 Metalo Manuf 41 0.49 0.30 0.49 + 0.23 1.50 0.26 Metals Creek* O 43 0.08 0.07 0.08 + 0.00 0.14 0.04 Metals X* O 64 0.64 0.62 0.62 - 0.01 1.43 0.41 Metanor Res V 6903 0.08 0.07 0.07 - 0.01 0.13 0.05 Mexus Gold* O 3007 0.14 0.10 0.13 - 0.01 0.24 0.01 Mezzotin Mnrls V 5668 0.05 0.01 0.02 + 0.02 0.05 0.01 MGX Minerals* O 397 1.33 0.99 1.10 - 0.00 2.12 0.11 1.49 + 0.01 2.75 0.08 MGX Minerals 2443 1.80 1.30 Midas Gold* O 768 0.59 0.51 0.55 - 0.02 0.95 0.02 Midland Expl V 86 1.15 1.05 1.05 - 0.09 1.25 0.55 0.16 + 0.01 0.19 0.06 Midnight Star 15 0.16 0.16 Midnight Sun V 1017 0.32 0.00 0.32 + 0.01 0.37 0.08 Millennial Lit* O 39 1.11 1.03 1.04 - 0.04 1.43 0.97 Millennial Lit V 580 1.49 1.40 1.41 - 0.05 2.45 0.09 Millrock Res* O 393 0.41 0.31 0.35 - 0.06 0.54 0.15 Millrock Res V 414 0.55 0.43 0.47 - 0.08 0.70 0.21 Minaurum Gold V 1212 0.24 0.22 0.22 - 0.01 0.26 0.07 Minco Gold* O 425 0.19 0.12 0.15 - 0.03 0.42 0.01 Minco Gold T 420 0.25 0.18 0.21 - 0.03 0.55 0.22 Minco Silver T 229 1.29 1.09 1.16 - 0.03 2.05 0.64 Minco Silver* O 65 0.93 0.81 0.83 - 0.04 1.54 0.48 Minecorp Egy V 22 0.15 0.13 0.13 - 0.03 0.20 0.03 Minera Alamos V 343 0.20 0.16 0.18 - 0.02 0.29 0.07 Minera IRL 954 0.19 0.16 0.18 - 0.01 0.22 0.16 Mineral Hill V 14 0.32 0.25 0.25 - 0.07 0.40 0.11 Mineral Mtn V 238 0.29 0.25 0.28 - 0.01 0.49 0.13 Mineral Mtn* O 54 0.22 0.19 0.21 - 0.00 0.38 0.04 Mining Global* O 69505 0.00 0.00 0.00 + 0.00 0.00 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Minnova Corp V 361 Mirasol Res V 383 Mkango Res V 65 ML Gold* O 71 Monarca Mnrls V 2063 Monarca Mnrls* O 170 Monarques Res V 358 Moneta Porcpn T 7188 Moneta Porcpn* O 627 Montego Res 3 Monument Mng V 447 Morien Res* O 150 Morumbi Res V 275 Mosaic* N 38978 Mountain Prov T 1586 Mountain Prov* D 953 Mukuba Res V 8 O 46 Mundoro Cap* Mundoro Cap V 277 Murchison Min 254 Mustang Mnrls V 1872 MX Gold* O 358 MX Gold V 2670

0.62 0.57 0.58 - 0.06 0.90 0.33 1.89 1.67 1.74 + 0.06 3.50 1.07 0.06 0.05 0.05 - 0.02 0.11 0.05 0.17 0.17 0.17 - 0.00 0.21 0.03 0.04 0.03 0.04 + 0.01 0.10 0.01 0.02 0.02 0.02 + 0.00 0.10 0.00 0.44 0.35 0.38 + 0.02 0.66 0.09 0.23 0.15 0.16 - 0.07 0.36 0.15 0.17 0.12 0.12 - 0.05 0.28 0.11 0.26 0.00 0.26 + 0.05 1.60 0.10 0.11 0.00 0.09 - 0.02 0.19 0.07 0.55 0.44 0.45 + 0.01 0.55 0.20 0.83 0.75 0.76 - 0.05 1.70 0.08 30.49 28.64 29.19 - 1.03 34.36 22.77 5.29 4.50 4.82 - 0.41 7.18 4.50 4.00 3.35 3.60 - 0.30 5.52 3.35 0.16 0.00 0.16 + 0.07 0.45 0.08 0.13 0.13 0.13 - 0.00 0.20 0.05 0.18 0.17 0.17 - 0.01 0.23 0.07 0.17 0.17 0.17 - 0.12 0.35 0.05 0.02 0.02 0.02 + 0.01 0.03 0.01 0.14 0.11 0.12 - 0.02 0.31 0.08 0.19 0.16 0.18 - 0.01 0.39 0.12

NACCO Ind* N 54 41 Namibia Rare E T Napier Vent* O 40 Natural Res Pt* N 400 O 1243 Nautilus Mnrls* Nautilus Mnrls T 2653 613 Navis Res Corp Navis Res Corp* O 26 Nemaska Lith T 2793 Nemaska Lith* O 207 Neo Lithium V 470 Nevada Clean M V 2633 T 149 Nevada Copper Nevada Egy Mtl* O 520 Nevada Egy Mtl V 679 83 Nevada Expl * O Nevada Expl V 225 Nevada Sunrise* O 1570 V 3032 Nevada Sunrise Nevada Zinc V 499 Nevado Res V 181 Nevsun Res* X 6271 Nevsun Res T 3647 New Carolin Gd V 364 87 New Carolin Gd* O New Colombia* O 28969 103 New Dimen Res V New Dimen Res* O 45 New Gold* X 36387 New Gold T 13333 New Gold* O 64 New Jersey Mng* O 341 23 New Milln Iron* O New Milln Iron T 1505 New Nadina V 73 New Oroperu V 205 19 New World Res V NewCastle Gold* O 120 T 2219 NewCastle Gold Newlox Gold 145 Newmac Res V 11 O 127 Newmarket Gold* Newmont Mng* N 31549 Newport Expl V 363 V 2788 NewRange Gold O 265 NewRange Gold* Nexgen Energy T 14017 Nexgen Energy* O 779 7601 Next Gen Mtls Next Gen Mtls* O 393 Nexus Gold V 4262 Nexus Gold* O 1600 NGEx Res T 15 Nickel North V 192 378 Nickel One Res V Nicola Mg Inc V 738 33 Nicola Mg Inc* O Nighthawk Gold V 2332 Niobay Metals V 406 Niocan Inc V 94 Niocorp Dev T 375 Niocorp Dev* O 239 V 1092 Nippon Dragon Nippon Dragon* O 171 Nitinat Mnls V 20 696 Noble Mnl Expl* O 169 Noble Mnl Expl V Noka Res* O 29 Noka Res V 954 O 75 Noranda Alum* Noront Res V 923 Nortec Mnls V 311 North Am Nickl* O 116 North Am Pall T 19 North Am Pall* O 18 North Arrow Mn* O 32 North Arrow Mn V 46 Northisle C&G V 619 Norvista Cap V 275 Nouveau Monde* O 5 Nouveau Monde V 920 NovaGold Res T 1587 NovaGold Res* X 9554 Novo Res* O 182 Novo Res V 230 NQ Explor V 464 NRG Metals V 2775 NRG Metals* O 67 Nrthn Graphite* O 223 Nrthn Graphite V 452 Nrthn Shield V 1413 Nrthn Superior V 1236 Nrthn Vertex* O 11 Nrthn Vertex V 226 NSGold V 39 Nthn Dynasty T 13646 Nthn Dynasty* X 37069 Nubian Res V 270 NuLegacy Gold* O 813 NuLegacy Gold V 786 Nunavik Nickel V 140 NV Gold V 126 NX Uranium* O 44 NxGold Ltd V 18 O.T. Mining* O 26 OceanaGold T 10790 OceanaGold* O 62 Oceanic Iron O V 494 Oceanus Res V 382 Odyssey Res V 98 OK2 Minerals V 1127 Olivut Res* O 26 520 One World Min Opawica Expl V 1240 Orbite Tech T 4139 Orbite Tech* O 128 Orca Gold* O 279 Orex Expl V 2485 Orex Mnrls V 576 Orex Mnrls* O 42 Orezone Gold V 979 Orezone Gold* O 198 Organic Potash 22 Orla Mng Ltd* O 2 Orla Mng Ltd V 1240 Orocobre T 1133 Oronova Energy V 98 Oroplata Res* O 455 Orosur Mng T 276 Orsu Metals* O 1 Orvana Mnrls T 358 Orvana Mnrls* O 32 Osisko Gold T 3481 Osisko Gold* N 1416 Osisko Mng Inc T 2826 Otis Gold V 385 Otis Gold* O 198 OZ Minerals* O 3

69.95 64.75 68.85 + 2.45 99.55 47.39 0.08 0.07 0.07 - 0.01 0.14 0.04 0.29 0.28 0.29 + 0.01 0.29 0.18 41.95 37.25 39.20 - 2.90 45.60 6.89 0.21 0.16 0.17 - 0.02 0.21 0.08 0.28 0.21 0.22 - 0.03 0.28 0.10 0.02 0.01 0.02 + 0.01 0.02 0.00 0.02 0.00 0.02 + 0.01 0.03 0.00 1.33 1.25 1.31 - 0.02 1.97 0.55 0.99 0.93 0.96 - 0.04 1.50 0.43 1.46 1.27 1.30 - 0.10 2.09 0.91 0.07 0.04 0.04 - 0.01 0.08 0.02 0.76 0.66 0.69 - 0.03 1.10 0.53 0.06 0.05 0.05 - 0.00 0.20 0.05 0.08 0.07 0.07 - 0.01 0.26 0.07 0.27 0.23 0.24 + 0.00 0.56 0.18 0.35 0.31 0.31 - 0.01 0.72 0.24 0.26 0.22 0.25 + 0.07 0.37 0.12 0.35 0.30 0.33 + 0.07 0.47 0.16 0.41 0.36 0.37 - 0.06 0.80 0.29 0.08 0.07 0.07 - 0.01 0.11 0.01 2.56 2.32 2.44 - 0.08 3.80 2.29 3.44 3.13 3.28 - 0.08 4.81 3.01 0.08 0.07 0.07 - 0.01 0.15 0.06 0.05 0.05 0.05 - 0.01 0.12 0.04 0.02 0.01 0.02 + 0.00 0.05 0.00 0.16 0.14 0.14 - 0.01 0.19 0.08 0.13 0.12 0.12 - 0.00 0.14 0.07 2.91 2.68 2.90 + 0.03 6.04 2.39 3.91 3.61 3.91 + 0.08 7.87 3.11 0.01 0.01 0.01 + 0.00 0.17 0.01 0.12 0.10 0.11 - 0.00 0.15 0.07 0.17 0.14 0.16 - 0.06 0.27 0.05 0.25 0.18 0.20 - 0.06 0.36 0.06 0.13 0.11 0.11 - 0.01 0.18 0.08 0.60 0.00 0.55 - 0.01 0.72 0.27 0.11 0.10 0.10 - 0.01 0.16 0.04 0.58 0.48 0.50 - 0.04 0.96 0.30 0.77 0.63 0.67 - 0.06 1.30 0.25 0.05 0.03 0.03 - 0.02 0.06 0.02 0.07 0.00 0.07 - 0.01 0.12 0.04 6.94 6.33 6.53 - 0.30 8.46 3.18 33.82 32.48 32.94 - 1.13 46.07 24.59 0.30 0.23 0.23 - 0.01 0.38 0.19 0.33 0.25 0.29 + 0.01 0.33 0.03 0.25 0.19 0.25 + 0.04 0.25 0.02 3.69 2.95 3.32 - 0.25 4.45 1.27 2.73 2.25 2.47 - 0.20 3.40 0.96 0.33 0.28 0.30 - 0.02 0.42 0.09 0.35 0.20 0.22 - 0.02 0.40 0.07 0.35 0.27 0.29 - 0.05 0.37 0.04 0.26 0.20 0.21 - 0.04 0.27 0.05 1.35 1.21 1.21 - 0.05 1.50 0.66 0.03 0.03 0.03 - 0.01 0.06 0.01 0.07 0.06 0.07 - 0.01 0.18 0.05 0.25 0.22 0.23 - 0.02 0.54 0.07 0.18 0.17 0.18 + 0.00 0.39 0.05 0.88 0.71 0.79 + 0.09 0.88 0.09 0.85 0.78 0.79 + 0.01 1.25 0.13 0.07 0.00 0.07 + 0.02 0.18 0.05 0.81 0.75 0.79 + 0.03 1.14 0.66 0.60 0.56 0.59 + 0.01 0.87 0.50 0.11 0.10 0.10 - 0.01 0.11 0.05 0.09 0.07 0.07 - 0.01 0.09 0.04 0.06 0.00 0.06 - 0.01 0.09 0.04 0.07 0.05 0.06 - 0.01 0.07 0.04 0.08 0.08 0.08 - 0.01 0.15 0.03 0.07 0.06 0.07 + 0.01 0.15 0.02 0.09 0.08 0.09 + 0.01 0.21 0.04 0.03 0.02 0.03 - 0.00 0.10 0.01 0.26 0.24 0.25 - 0.01 0.51 0.23 0.17 0.14 0.14 - 0.01 0.18 0.02 0.06 0.05 0.06 - 0.01 0.11 0.05 5.55 4.75 4.79 - 0.84 6.49 4.40 4.04 3.51 3.58 - 0.63 5.06 3.33 0.16 0.14 0.14 - 0.01 0.24 0.11 0.21 0.20 0.20 - 0.01 0.32 0.12 0.17 0.14 0.17 - 0.01 0.19 0.02 0.15 0.14 0.15 - 0.02 0.30 0.12 0.24 0.21 0.24 + 0.02 0.27 0.13 0.31 0.29 0.31 + 0.01 0.38 0.15 6.79 6.32 6.67 - 0.14 9.56 5.09 5.09 4.69 4.96 - 0.13 7.29 3.79 0.63 0.53 0.59 - 0.05 1.41 0.53 0.85 0.71 0.79 - 0.06 1.95 0.71 0.03 0.02 0.02 - 0.01 0.04 0.01 0.22 0.17 0.19 + 0.02 0.22 0.04 0.15 0.15 0.15 + 0.01 0.15 0.04 0.30 0.25 0.27 + 0.01 0.47 0.14 0.40 0.35 0.35 + 0.01 0.63 0.18 0.06 0.05 0.05 - 0.01 0.30 0.02 0.08 0.06 0.06 - 0.01 0.08 0.02 0.42 0.38 0.42 + 0.02 0.50 0.17 0.59 0.51 0.56 + 0.03 0.70 0.22 0.17 0.13 0.17 + 0.04 0.20 0.05 1.91 1.46 1.62 - 0.29 4.54 0.37 1.43 1.08 1.19 - 0.25 3.45 0.28 0.26 0.22 0.25 + 0.01 0.34 0.01 0.20 0.17 0.18 - 0.02 0.41 0.00 0.27 0.23 0.25 - 0.01 0.54 0.12 0.09 0.00 0.08 - 0.01 0.27 0.05 0.28 0.22 0.25 + 0.05 0.48 0.05 0.03 0.02 0.03 + 0.01 0.04 0.01 0.70 0.62 0.62 - 0.10 0.72 0.13 0.10 0.07 0.07 - 0.01 0.29 0.02 4.09 3.72 4.06 + 0.14 5.56 3.24 2.97 2.73 2.95 + 0.07 4.26 2.36 0.30 0.24 0.25 - 0.02 0.35 0.09 0.22 0.18 0.20 - 0.03 0.32 0.14 0.04 0.00 0.04 + 0.01 0.06 0.02 0.14 0.12 0.12 - 0.02 0.28 0.09 0.15 0.13 0.15 + 0.03 0.30 0.07 0.75 0.45 0.70 + 0.23 0.75 0.04 0.11 0.10 0.10 - 0.01 0.16 0.02 0.25 0.22 0.24 - 0.01 0.49 0.20 0.18 0.16 0.17 - 0.01 0.37 0.15 0.31 0.25 0.26 - 0.03 0.44 0.16 0.07 0.06 0.06 - 0.01 0.08 0.02 0.22 0.19 0.20 - 0.01 1.38 0.19 0.16 0.14 0.15 - 0.01 1.02 0.05 0.59 0.50 0.54 - 0.03 1.28 0.42 0.43 0.37 0.40 - 0.03 0.99 0.31 0.04 0.03 0.03 - 0.01 0.07 0.01 0.97 0.89 0.89 - 0.08 0.97 0.89 1.21 1.07 1.15 + 0.01 1.75 0.13 3.09 2.82 2.85 - 0.23 5.04 2.50 0.43 0.37 0.38 - 0.05 0.46 0.04 0.23 0.17 0.19 - 0.04 2.04 0.16 0.26 0.24 0.24 - 0.02 0.38 0.13 0.02 0.00 0.02 - 0.00 0.04 0.01 0.21 0.18 0.19 - 0.02 0.39 0.16 0.15 0.14 0.15 - 0.01 0.29 0.12 14.65 13.81 14.36 - 0.29 18.64 11.90 10.94 10.32 10.64 - 0.32 14.74 8.88 4.10 3.77 4.08 + 0.19 4.19 0.99 0.32 0.28 0.31 + 0.01 0.42 0.12 0.24 0.21 0.23 - 0.00 0.32 0.10 6.76 6.31 6.31 - 0.39 7.39 3.75

N-O

P-Q Pac Booker Min V

12

0.97

0.00 0.95

+

0.02

1.50 0.63

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pac Booker Min* O 6 Pac North West V 88 Pac Ridge Expl V 149 Pac Ridge Expl* O 3 Pac Topaz V 81 Paget Mrnls V 155 Palamina Corp* O 25 Palamina Corp V 73 Palladon Vent* O 383 Pan Am Silver T 742 Pan Am Silver* D 8104 Pan Global Res V 2218 Pangolin Dia V 412 Panoro Mnrls V 361 Pantheon Vent V 309 Parallel Mng V 213 Paramount Gold* X 296 Parlane Res V 94 Pasinex Res 475 Patriot Gold* O 251 Peabody Enrgy* O 1500 Peat Res V 196 Pedro Res V 70 Pele Mtn Res* O 249 Peloton Mnrls 1 T 651 Peregrine Diam Perseus Mng T 1680 Pershing Gold* D 943 Pershing Gold T 4 Pershing Res* O 70 O 55 Petra Diamonds* Pilot Gold T 1222 Pilot Gold* O 346 57 Pine Cliff En* O Pine Cliff En T 712 Pistol Bay Mng V 2654 V 174 Pitchblack Res PJSC Polyus Gd* O 18 V 368 PJX Res Plata Latina V 119 Plate Res V 65 Plateau Uran V 338 Plateau Uran* O 35 Platinex V 505 Platinum Gp Mt* X 4958 Platinum Gp Mt T 911 Playfair Mng* O 24 PNG Gold V 320 Polaris Mater T 91 PolyMet Mng* X 1649 PolyMet Mng T 293 Portage Res* O 569 Portofino Res V 145 Potash Corp SK* N 35167 Potash Corp SK T 10877 Potash Ridge T 653 Potash Ridge* O 68 Power Metals* O 25 Power Metals V 2925 PPX Mining* O 326 Precipitate Gl V 234 Premier Gold M T 5296 Pretium Res T 2768 Pretium Res* N 14667 Primero Mng T 2977 Primero Mng* N 6507 ProAm Expl V 327 Probe Metals V 730 Probe Metals* O 105 Prophecy Coal T 27 Prophecy Coal* O 9 O 18 Prospect Glob* V 53 Prospector Res Prosper Gold V 666 Prospero Silvr* O 229 Prospero Silvr V 268 PUF Vent Inc * O 56 Puma Expl V 1050 Pure Energy* O 1066 Pure Energy V 925 139 Pure Gold Mg* O Pure Gold Mg V 784 Pure Nickel* O 425 Pure Nickel V 332 Purepoint Uran V 1276 Q-Gold Res V 215 O QMC Quantum Ml* 0.02 QMC Quantum Ml V 1051 QMX Gold* O 3 QMX Gold V 188 Quartz Mtn Res V 158 Quaterra Res V 272 Quaterra Res* O 205 Quest Rare Mnl* O 71 Quest Rare Mnl T 788 V 364 Quinto Real

0.71 0.00 0.71 - 0.05 1.16 0.45 0.10 0.00 0.09 - 0.01 0.23 0.05 0.09 0.08 0.09 + 0.01 0.12 0.03 0.07 0.05 0.05 - 0.03 0.09 0.04 0.22 0.20 0.20 - 0.02 0.29 0.14 0.08 0.05 0.05 - 0.02 0.09 0.01 0.15 0.15 0.15 - 0.01 0.19 0.08 0.21 0.19 0.20 - 0.02 0.25 0.08 0.01 0.00 0.00 - 0.00 0.01 0.00 22.41 21.27 21.89 - 0.60 27.99 13.10 16.77 15.80 16.26 - 0.56 21.59 9.78 0.17 0.05 0.10 - 0.02 0.17 0.01 0.05 0.04 0.05 + 0.01 0.22 0.03 0.19 0.16 0.17 - 0.02 0.21 0.12 0.20 0.18 0.19 - 0.01 0.38 0.10 0.11 0.10 0.10 + 0.01 0.18 0.05 1.78 1.57 1.65 - 0.10 2.93 1.12 0.13 0.13 0.13 - 0.01 0.33 0.08 0.32 0.24 0.30 - 0.02 0.34 0.05 0.10 0.08 0.08 - 0.01 0.23 0.05 2.25 1.85 2.01 - 0.19 18.75 0.55 0.02 0.02 0.02 - 0.01 0.07 0.01 0.16 0.16 0.16 - 0.01 0.27 0.02 0.03 0.02 0.02 - 0.00 0.04 0.01 0.08 0.08 0.08 - 0.01 0.15 0.06 0.20 0.19 0.19 - 0.01 0.32 0.13 0.34 0.31 0.33 + 0.01 0.67 0.29 3.07 2.67 2.92 - 0.12 5.02 2.67 4.13 3.66 3.83 - 0.28 5.52 3.66 0.07 0.02 0.07 + 0.05 0.06 0.02 1.76 1.64 1.64 - 0.12 2.12 1.45 0.52 0.45 0.48 - 0.03 0.95 0.38 0.38 0.34 0.36 - 0.01 0.72 0.06 0.56 0.00 0.53 - 0.02 0.89 0.51 0.75 0.68 0.73 + 0.02 1.22 0.61 0.10 0.08 0.10 + 0.01 0.14 0.02 0.25 0.00 0.24 + 0.06 0.25 0.06 37.90 36.55 36.55 - 0.26 39.57 26.75 0.24 0.20 0.22 - 0.02 0.27 0.13 0.05 0.04 0.05 + 0.01 0.12 0.03 0.06 0.00 0.05 - 0.01 0.14 0.04 0.60 0.52 0.57 - 0.03 0.71 0.17 0.47 0.39 0.41 - 0.00 0.54 0.12 0.21 0.19 0.21 + 0.01 0.24 0.01 1.62 1.41 1.45 - 0.15 4.04 1.40 2.16 1.89 1.95 - 0.19 5.25 1.89 0.07 0.05 0.05 - 0.02 0.12 0.03 0.36 0.33 0.33 - 0.01 0.39 0.03 1.22 1.20 1.22 + 0.02 1.65 1.00 0.79 0.75 0.75 - 0.04 1.14 0.71 1.06 0.98 1.00 - 0.03 1.48 0.93 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.07 0.08 + 0.01 0.12 0.06 18.07 16.89 17.43 + 0.33 20.27 15.21 24.39 22.64 23.49 + 0.59 26.62 19.93 0.24 0.22 0.22 - 0.02 0.50 0.06 0.18 0.15 0.17 + 0.00 0.38 0.05 0.23 0.23 0.23 - 0.05 0.38 0.07 0.34 0.30 0.33 + 0.02 0.55 0.07 0.06 0.06 0.06 - 0.00 0.13 0.02 0.14 0.12 0.13 + 0.01 0.37 0.10 2.52 2.17 2.49 + 0.03 5.05 1.87 13.24 11.86 12.77 - 0.39 16.48 6.49 9.85 8.85 9.47 - 0.35 12.53 4.85 0.77 0.70 0.73 - 0.03 3.42 0.70 0.57 0.52 0.55 - 0.01 2.63 0.52 0.05 0.04 0.05 + 0.02 0.05 0.01 1.56 1.33 1.34 - 0.11 2.18 0.48 1.17 1.03 1.05 - 0.03 1.66 0.36 4.99 4.37 4.55 + 0.20 7.19 1.33 3.71 3.13 3.35 - 0.13 5.17 0.64 0.03 0.00 0.02 - 0.03 0.20 0.02 1.78 0.00 1.65 - 0.05 1.70 0.01 0.21 0.15 0.16 - 0.05 0.44 0.13 0.19 0.19 0.19 - 0.02 0.26 0.14 0.27 0.26 0.26 - 0.01 0.38 0.09 0.27 0.22 0.22 - 0.05 0.35 0.03 0.10 0.09 0.10 - 0.01 0.11 0.05 0.46 0.40 0.43 - 0.03 0.91 0.35 0.61 0.54 0.57 - 0.05 1.15 0.46 0.45 0.39 0.40 - 0.04 0.60 0.19 0.60 0.50 0.54 - 0.06 0.77 0.24 0.02 0.02 0.02 - 0.00 0.03 0.00 0.03 0.00 0.03 + 0.01 0.04 0.01 0.14 0.12 0.12 - 0.02 0.19 0.07 0.05 0.00 0.05 + 0.01 0.14 0.04 10 0.14 0.07 0.14 + 0.07 0.14

Radisson Mng V 144 O 4 Rainforest Res* Rainy Mtn Royl V 1695 Rambler Ml &Mg V 39 Randgold Res* O 0 Randgold Res* D 5200 Randsburg Intl V 1107 Rapier Gold V 75 Raptor Res* O 326 Rare Element* O 1020 V 99 Rathdowney Res RB Energy* O 67 Red Eagle Mng T 1161 Red Eagle Mng* O 280 Red Hut V 214 Red Moon Res V 55 Red Pine Expl V 1556 Red Tiger Mng V 90 Redhawk Res T 255 Redstar Gold* O 384 Redzone Res V 193 Regulus Res V 170 Remo Res V 40 Renaissance Gd V 92 Renaissance Gd* O 78 Renforth Res 502 Resource Cap V 668 Resource Cap* O 37 Reunion Gold V 1561 Revelo Res V 576 Rheingold Expl 178 Richmond Mnls V 55 Richmont Mines* N 2061 Richmont Mines T 2616 Rio Novo Gold T 84 Rio Silver V 436 Rio Tinto* N 24895 Rio Tinto* O 4 Rio Tinto* O 1 Rise Res Inc 1060 Rise Res Inc* O 193 Riverside Res V 577 O 445 Riverside Res* RJK Explor V 179 RJK Explor* O 21 Robex Res V 83 Rochester Res V 84 Rock Tech Lith* O 23 Rock Tech Lith V 42 Rockcliff Cop* O 85 Rockhaven Res V 197 Rockwell Diam T 387 Rodinia Lithm V 441 Rogue Res* O 29 Rogue Res V 269 Rokmaster Res V 450 Romios Gold Rs V 230 Romios Gold Rs* O 73 RosCan Mrnls V 69 Rosita Mg Corp* O 294 Roxgold* O 52 Royal Gold* D 3076 Royal Nickel T 2984 Royal Nickel* O 49 Royal Rd Mnrls V 627 Royal Sapphire V 247 Royal Std Mnrl* O 3022 RT Minerals* O 60

0.16 0.16 0.16 - 0.01 0.20 0.12 3.96 3.20 3.20 - 0.39 8.25 0.30 0.12 0.11 0.11 - 0.01 0.18 0.03 0.19 0.16 0.16 + 0.01 0.22 0.05 84.30 0.00 84.30 - 7.90 120.75 70.61 90.05 83.18 85.10 - 5.76 126.55 67.54 0.02 0.02 0.02 + 0.01 0.03 0.01 0.11 0.09 0.10 - 0.01 0.17 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.25 0.15 0.22 - 0.04 0.53 0.00 0.31 0.27 0.29 - 0.05 0.33 0.12 0.00 0.00 0.00 + 0.00 0.01 0.00 0.80 0.73 0.76 - 0.05 1.05 0.63 0.60 0.54 0.55 - 0.05 0.91 0.29 0.10 0.09 0.10 + 0.02 0.29 0.02 0.07 0.03 0.07 + 0.04 0.09 0.02 0.15 0.12 0.13 - 0.02 0.24 0.07 0.04 0.04 0.04 + 0.01 0.10 0.03 0.06 0.04 0.04 - 0.01 0.09 0.04 0.09 0.08 0.09 + 0.00 0.15 0.03 0.22 0.16 0.19 + 0.01 0.32 0.09 1.58 1.39 1.45 - 0.18 1.87 0.32 0.30 0.16 0.16 - 0.14 0.30 0.06 0.43 0.36 0.38 - 0.02 0.66 0.18 0.32 0.27 0.28 - 0.03 0.52 0.14 0.06 0.05 0.05 - 0.01 0.06 0.02 0.23 0.21 0.21 + 0.01 0.35 0.02 0.17 0.00 0.15 - 0.00 0.26 0.02 0.15 0.12 0.13 - 0.01 0.17 0.01 0.06 0.05 0.05 - 0.01 0.12 0.05 0.31 0.27 0.29 + 0.01 0.35 0.01 0.05 0.04 0.05 + 0.01 0.09 0.03 7.45 6.75 7.20 - 0.25 11.66 4.64 10.00 9.08 9.64 - 0.27 15.01 6.21 0.15 0.14 0.14 - 0.01 0.30 0.09 0.08 0.07 0.08 - 0.01 0.18 0.02 41.07 39.06 39.39 - 2.40 47.11 26.38 48.12 45.00 45.00 - 1.50 52.50 30.88 40.37 0.00 40.37 - 1.08 46.20 26.51 0.25 0.22 0.23 + 0.03 0.40 0.11 0.20 0.15 0.17 + 0.02 0.40 0.09 0.55 0.47 0.50 - 0.03 0.60 0.20 0.41 0.34 0.37 - 0.03 0.46 0.16 0.20 0.18 0.18 - 0.02 0.25 0.05 0.15 0.14 0.14 - 0.01 0.19 0.06 0.08 0.08 0.08 + 0.01 0.17 0.07 0.05 0.00 0.05 + 0.01 0.11 0.03 0.71 0.66 0.69 - 0.02 0.83 0.07 0.93 0.85 0.92 + 0.01 1.45 0.08 0.08 0.07 0.07 - 0.01 0.12 0.03 0.18 0.16 0.16 - 0.01 0.29 0.14 0.07 0.05 0.06 - 0.02 0.13 0.04 0.14 0.13 0.13 - 0.01 0.16 0.08 0.45 0.42 0.42 - 0.02 0.56 0.25 0.60 0.50 0.54 - 0.06 1.50 0.32 0.07 0.06 0.07 + 0.01 0.08 0.01 0.06 0.05 0.06 + 0.01 0.10 0.04 0.05 0.04 0.05 + 0.01 0.08 0.03 0.06 0.05 0.06 + 0.01 0.06 0.01 0.04 0.03 0.03 + 0.00 0.10 0.02 0.98 0.88 0.94 - 0.02 1.35 0.62 65.10 61.00 62.95 - 2.48 87.74 45.53 0.33 0.28 0.29 - 0.03 0.63 0.18 0.25 0.21 0.22 - 0.03 0.50 0.14 0.10 0.08 0.09 - 0.01 0.18 0.05 0.17 0.10 0.17 + 0.10 0.17 0.03 0.01 0.01 0.01 + 0.00 0.01 0.00 0.07 0.07 0.07 - 0.00 0.14 0.05

0.19 0.10 0.18 + 0.09 0.19 0.01 0.16 0.00 0.16 + 0.01 0.22 0.03 0.21 0.19 0.20 - 0.01 0.30 0.03 0.12 0.09 0.09 - 0.01 0.12 0.02 0.14 0.11 0.13 + 0.02 0.15 0.05 0.10 0.08 0.10 + 0.01 0.13 0.03 0.18 0.15 0.16 - 0.00 0.23 0.07 0.23 0.20 0.21 - 0.02 0.30 0.10 0.15 0.13 0.13 - 0.01 0.20 0.04

R

2017-03-14 7:25 PM

22

WWW.NORTHERNMINER.COM

MARCH 20–APRIL 2, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

RTG Mining T 11 Rubicon Mnrls* O 31 Rubicon Mnrls* O 42 Rubicon Mnrls T 289 Rugby Mng V 74 Running Fox Rs* O 7 Rupert Res V 622 Rusoro Mng* O 58 Rusoro Mng V 251 Rye Patch Gold* O 1112

0.23 0.00 0.23 + 0.02 0.70 0.21 1.39 1.33 1.36 - 0.03 19.94 1.33 1.39 1.37 1.39 - 0.01 27.56 1.09 1.95 1.78 1.85 - 0.04 2.39 1.30 0.26 0.25 0.25 + 0.01 0.58 0.06 0.02 0.02 0.02 + 0.00 0.03 0.01 1.35 1.29 1.33 + 0.01 1.47 0.07 0.13 0.11 0.11 - 0.02 0.31 0.06 0.17 0.15 0.15 - 0.02 0.41 0.09 0.23 0.20 0.22 - 0.01 0.37 0.12

Sabina Gd&Slvr T 1264 Sabina Gd&Slvr* O 343 Saint Jean V 32600 Saint Jean* O 959 Sama Graphite V 824 Sama Res V 536 Samco Gold V 614 214 San Marco Res V Sanatana Diam V 1705 Sandspring Res V 811 O 553 Sandspring Res* Sandstorm Gold* X 8321 Sandstorm Gold T 1273 187 Sandy Lake Gld V Santa Fe Gold* O 1242 Santacruz Silv V 1776 Sarama Res V 303 Satori Res* O 40 Satori Res V 433 Saturn Mnrls V 627 Savannah Gold V 0 Savant Expl V 6517 Savary Gold V 2065 Savary Gold* O 770 793 Scandium Int M* O Scientific Met* O 99 Scientific Met V 810 ScoZinc Mg V 3 Seabridge Gld* N 3271 Seabridge Gld T 435 Searchlight* O 156 Secova Mtls V 11203 Secova Mtls* O 1636 Sego Res V 381 Select Sands V 3600 Semafo T 11931 O 18 Senator Mnrls* Senator Mnrls V 791 V 321 Sennen Potash Serengeti Res V 369 Shamrock Ent 848 Sherritt Intl T 3337 Shore Gold T 3017 Sibanye Gold* O 1 Sibanye Gold* N 11512 Sidney Resrces* O 60 Sierra Metals T 199 Sierra Metals* O 41 Signature Res V 1177 Silver Bear Rs T 1314 934 Silver Bull Re* O 703 Silver Bull Re T Silver Grail V 70 265 Silver Mtn Mns V Silver Predatr V 60 Silver Pursuit V 183 Silver Range V 312 Silver Scott* O 3 Silver Spruce V 1021 Silver Spruce* O 113 Silver Std Res T 1392 Silver Std Res* D 9325 Silver Wheaton T 5367 N 17863 Silver Wheaton* Silvercorp Met T 5965 Silvercorp Met* O 923 Silvermet V 152 SinoCoking Cl* D 71 Sirios Res V 910 Sirios Res* O 15 Skeena Res* O 282 Skeena Res V 1951 Skyharbour Res V 818 Skyharbour Res* O 313 Slam Explor V 3422 Sokoman Iron V 841 Sokoman Iron* O 272 Solitario Ex&R T 16

1.43 1.23 1.30 - 0.02 1.87 0.84 1.03 0.91 0.95 - 0.03 1.55 0.61 0.21 0.15 0.17 + 0.02 0.35 0.03 0.16 0.11 0.13 + 0.02 0.26 0.02 0.33 0.22 0.29 - 0.01 0.58 0.04 0.16 0.14 0.14 - 0.01 0.16 0.07 0.04 0.03 0.03 - 0.01 0.08 0.02 0.19 0.17 0.19 + 0.02 0.30 0.03 0.05 0.04 0.05 - 0.01 0.07 0.01 0.56 0.48 0.56 + 0.04 0.94 0.27 0.42 0.35 0.41 + 0.01 0.72 0.21 4.23 3.94 4.15 - 0.05 6.75 2.99 5.69 5.28 5.65 + 0.04 8.73 3.98 0.08 0.06 0.06 - 0.02 0.59 0.04 0.09 0.07 0.09 + 0.01 0.08 0.00 0.35 0.28 0.28 - 0.07 0.63 0.20 0.23 0.21 0.21 - 0.02 0.55 0.07 0.14 0.14 0.14 - 0.03 0.17 0.04 0.20 0.17 0.18 - 0.02 0.25 0.04 0.08 0.08 0.08 - 0.01 0.17 0.07 0.00 0.00 0.30 + 0.24 0.75 0.05 0.10 0.03 0.05 + 0.02 0.06 0.01 0.09 0.08 0.08 - 0.01 0.15 0.05 0.08 0.05 0.06 - 0.01 0.12 0.05 0.34 0.25 0.28 + 0.04 0.34 0.10 0.40 0.34 0.40 + 0.06 0.55 0.27 0.56 0.45 0.56 + 0.11 0.71 0.16 1.15 0.00 1.15 - 0.09 1.26 0.41 10.40 9.30 10.25 + 0.30 15.88 7.35 13.93 12.48 13.86 + 0.62 20.71 9.99 0.10 0.07 0.08 + 0.00 0.13 0.01 0.09 0.05 0.07 - 0.01 0.11 0.04 0.06 0.04 0.05 - 0.00 0.09 0.03 0.06 0.05 0.05 + 0.01 0.08 0.02 1.65 1.34 1.36 - 0.12 2.04 0.20 4.09 3.67 4.06 + 0.07 7.46 3.60 0.81 0.68 0.68 - 0.13 0.82 0.17 0.98 0.71 0.90 - 0.10 1.10 0.10 0.10 0.09 0.09 - 0.01 0.18 0.08 0.15 0.14 0.14 - 0.01 0.33 0.04 0.03 0.02 0.02 - 0.01 0.06 0.01 1.16 1.01 1.03 - 0.11 1.67 0.69 0.20 0.18 0.19 + 0.01 0.25 0.17 1.91 1.91 1.91 - 0.19 5.12 1.90 8.02 7.22 7.53 - 0.37 20.97 6.16 0.01 0.00 0.01 + 0.01 0.02 0.00 3.63 3.35 3.40 - 0.13 3.75 1.10 2.67 2.53 2.67 + 0.03 2.75 0.92 0.19 0.12 0.18 + 0.06 0.18 0.02 0.45 0.37 0.39 - 0.04 0.53 0.07 0.11 0.10 0.10 - 0.01 0.21 0.04 0.15 0.13 0.14 - 0.01 0.28 0.07 0.09 0.07 0.07 - 0.03 0.16 0.02 0.04 0.04 0.04 - 0.01 0.06 0.01 0.07 0.07 0.07 + 0.01 0.12 0.02 0.20 0.18 0.20 - 0.01 0.22 0.04 0.24 0.21 0.23 + 0.02 0.24 0.05 0.02 0.01 0.01 - 0.01 0.04 0.00 0.09 0.07 0.08 + 0.01 0.14 0.05 0.07 0.05 0.05 - 0.01 0.10 0.04 13.98 13.06 13.46 - 0.59 20.48 6.92 10.48 9.71 9.99 - 0.53 15.84 5.20 26.04 25.17 25.97 - 0.06 40.80 20.51 19.36 18.68 19.30 - 0.14 31.35 15.70 5.12 4.47 4.91 - 0.23 5.90 1.28 3.83 3.33 3.68 - 0.19 4.50 0.96 0.06 0.05 0.06 + 0.01 0.06 0.03 2.16 1.81 1.91 - 0.16 7.69 1.66 0.47 0.43 0.44 + 0.02 1.42 0.15 0.33 0.32 0.32 - 0.01 1.13 0.12 0.06 0.05 0.06 + 0.01 0.15 0.04 0.08 0.07 0.07 - 0.01 0.20 0.06 0.64 0.58 0.61 + 0.01 0.70 0.14 0.48 0.43 0.46 + 0.01 0.54 0.18 0.07 0.05 0.05 - 0.02 0.15 0.03 0.07 0.06 0.07 - 0.01 0.13 0.01 0.06 0.05 0.05 - 0.01 0.08 0.03 1.08 0.96 1.03 + 0.04 1.29 0.58

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Solitario Ex&R* X 153 Sonora Gld & S V 290 Sonoro Mtls V 160 Source Expl V 83 Southern Arc V 58 Southern Arc* O 24 Southern Copp* N 5211 Southern Lith V 377 Southern Silvr* O 863 Southern Silvr V 1618 T 7 SouthGobi Res Spada Gold V 40 Spanish Mtn Gd V 1096 Spanish Mtn Gd* O 213 Sparton Res* O 56 V 26616 Spearmint Res Spearmint Res* O 286 St Elias Mns* O 175 Stakeholdr Gld V 398 Stakeholdr Gld* O 134 Standard Graph V 2679 Standard Graph* O 1265 Standard Lith V 256 O 466 Standard Metal* Standard Toll V 1705 Stans Energy V 779 Stans Energy* O 935 Star Gold* O 27 Starcore Intl T 755 Starr Peak Exp V 30 Stellar Africa V 129 Stelmine Can V 24 Sterling Grp* O 148 Stillwater Mg* N 6205 Stina Res* O 50 Stina Res 566 Stockport Expl V 940 Stornoway Diam T 3253 Stornoway Diam* O 231 Stratabd Mnr V 279 Strategic Metl V 251 Stratton Res V 139 Stria Lithium V 816 V 318 Strongbow Expl Sulliden Mng T 97 Sultan Mnrls V 158 Suncor Energy T 14416 Suncor Energy* N 17187 Sunvest Mnrls V 1344 O 100 Sunvest Mnrls* Superior Gold V 158 Supreme Metals 6974 Sutter Gold V 660 Sutter Gold* O 1197 Syrah Res* O 7

0.81 0.69 0.81 + 0.06 0.95 0.43 0.10 0.08 0.10 + 0.01 0.15 0.01 0.12 0.10 0.11 + 0.01 0.16 0.06 0.30 0.26 0.26 - 0.03 0.50 0.13 0.60 0.54 0.60 + 0.02 1.09 0.27 0.45 0.42 0.45 + 0.02 0.75 0.20 36.99 35.09 35.39 - 1.85 39.50 24.90 0.27 0.24 0.27 + 0.01 0.49 0.01 0.42 0.35 0.39 + 0.03 0.52 0.04 0.56 0.47 0.53 + 0.04 0.66 0.05 0.40 0.35 0.35 - 0.05 0.65 0.22 0.17 0.16 0.16 - 0.01 0.60 0.13 0.19 0.16 0.18 - 0.02 0.23 0.05 0.14 0.12 0.14 - 0.01 0.17 0.04 0.04 0.03 0.03 - 0.01 0.07 0.02 0.04 0.03 0.03 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.01 0.03 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.41 0.33 0.41 + 0.09 0.89 0.19 0.30 0.24 0.28 + 0.01 0.67 0.17 0.20 0.14 0.15 - 0.03 0.20 0.03 0.14 0.13 0.13 + 0.03 0.14 0.02 1.25 1.06 1.06 - 0.19 1.25 0.10 0.08 0.06 0.06 - 0.03 0.21 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.06 0.05 0.05 - 0.01 0.09 0.02 0.04 0.03 0.04 + 0.00 0.06 0.01 0.07 0.07 0.07 - 0.01 0.20 0.04 0.53 0.47 0.48 - 0.06 0.91 0.38 0.10 0.10 0.10 + 0.02 0.19 0.07 0.05 0.00 0.05 + 0.01 0.08 0.02 0.22 0.20 0.20 - 0.03 0.38 0.05 0.15 0.12 0.12 - 0.02 0.18 0.01 17.18 16.97 17.05 - 0.11 17.50 9.02 0.07 0.07 0.07 - 0.00 0.14 0.05 0.10 0.08 0.10 + 0.01 0.18 0.07 0.04 0.03 0.04 + 0.01 0.06 0.02 0.89 0.83 0.83 - 0.01 1.33 0.81 0.66 0.62 0.63 + 0.01 0.96 0.62 0.03 0.03 0.03 - 0.01 0.08 0.02 0.54 0.48 0.49 - 0.04 0.86 0.35 0.90 0.81 0.82 - 0.08 1.00 0.11 0.07 0.06 0.06 + 0.01 0.18 0.04 0.18 0.15 0.17 + 0.01 0.25 0.09 0.34 0.00 0.30 - 0.01 0.47 0.27 0.13 0.11 0.13 + 0.02 0.20 0.05 42.28 39.91 40.46 - 1.30 44.90 32.69 31.52 29.55 30.06 - 1.13 33.79 25.20 0.12 0.10 0.10 - 0.02 0.28 0.01 0.09 0.09 0.09 - 0.00 0.18 0.02 0.97 0.85 0.97 - 0.01 1.25 0.85 0.12 0.09 0.09 - 0.02 0.15 0.02 0.05 0.00 0.05 - 0.01 0.16 0.04 0.04 0.03 0.04 - 0.01 0.13 0.03 2.01 1.87 1.87 - 0.14 4.90 1.92

Tahoe Res* N 17015 Tahoe Res T 8819 Tajiri Res V 18 Taku Gold 18 Tamino Mnrls* O 51 Tanager Energy V 3594 Tango Mining V 2224 Tanqueray Expl V 224 Tanzania Rlty T 315 Tanzania Rlty* X 902 Taranis Res* O 72 Taranis Res V 161 Tartisan Res 607 Taseko Mines* X 6477 Taseko Mines T 2765 Teck Res T 10240 Teck Res* N 27698 T 19 Teck Res Telson Res * O 7 Telson Res V 39 Teras Res V 663 Terraco Gold V 409 Terrax Mnrls* O 23 Terrax Mnrls V 473 Terreno Res V 233 Teslin Rvr Res V 913 Tesoro Mnrls V 7 Teuton Res* O 27 Texas Mineral* O 348 Thor Expl V 306 Thunder Mtn Gd* O 28 Thunder Mtn Gd V 6

8.21 7.27 7.35 - 0.82 17.01 7.66 10.97 9.79 9.95 - 0.97 22.13 10.28 0.18 0.15 0.15 - 0.02 0.21 0.02 0.11 0.10 0.10 - 0.01 0.22 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.10 0.11 - 0.04 0.16 0.03 0.06 0.05 0.05 - 0.02 0.14 0.01 1.42 1.21 1.23 - 0.14 1.56 0.02 0.62 0.52 0.62 + 0.04 1.95 0.27 0.47 0.40 0.47 + 0.02 1.49 0.21 0.09 0.08 0.08 - 0.01 0.12 0.06 0.12 0.10 0.11 - 0.01 0.15 0.06 0.18 0.11 0.16 + 0.01 0.18 0.02 1.35 1.15 1.18 - 0.20 1.63 0.41 1.79 1.53 1.62 - 0.21 2.12 0.55 27.13 25.94 26.80 - 0.50 35.67 8.70 20.17 19.20 19.87 - 0.52 26.60 6.55 27.84 26.73 27.57 - 0.43 36.49 11.76 0.30 0.27 0.30 + 0.02 0.43 0.11 0.40 0.31 0.31 - 0.07 0.55 0.08 0.17 0.15 0.17 + 0.01 0.21 0.06 0.16 0.00 0.15 - 0.01 0.19 0.10 0.55 0.52 0.55 + 0.02 0.80 0.25 0.76 0.70 0.73 - 0.03 1.05 0.30 0.05 0.00 0.05 - 0.02 0.08 0.03 0.43 0.39 0.40 - 0.01 0.47 0.21 0.09 0.00 0.08 - 0.01 0.12 0.02 0.17 0.16 0.16 - 0.00 0.34 0.04 0.19 0.14 0.19 + 0.02 0.19 0.09 0.17 0.10 0.15 + 0.01 0.17 0.04 0.11 0.08 0.08 - 0.04 0.16 0.02 0.12 0.12 0.12 - 0.03 0.23 0.08

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Thunderstruck V 358 Thunderstruck* O 50 Till Capital V 5 Till Capital* D 11 Timberline Res V 87 Timberline Res* O 144 Timmins Gold T 2181 Timmins Gold* X 3572 Tinka Res* O 2302 Tinka Res V 9386 Tintina Res* O 267 Tirex Res* O 376 Tirex Res V 624 TMAC Resource* O 29 TMAC Resources T 182 TNR Gold V 187 Toachi Mg Inc V 314 TomaGold V 1566 Tombstone Expl* O 2347 Tonogold Res* O 43 Torex Gold* O 54 Torex Gold T 1919 Tower Res V 556 Transition Mtl V 253 Treasury Metal T 470 Trecora Res* N 315 Tres-Or Res V 344 Trevali Mng* O 670 Trevali Mng T 15163 Tri Origin Exp V 101 Trilogy Mtls T 127 Trilogy Mtls* X 466 TriMetals Mng T 297 TriMetals Mng* O 175 O 136 TriMetals Mng* TriStar Gold V 326 TriStar Gold* O 185 Triumph Gold* O 175 Triumph Gold V 408 Trueclaim Expl V 183 Tsodilo Res V 8 Tudor Gold V 111 Tudor Gold * O 13 O 372 Tungsten Corp* Turquoise HIl* N 15040 Turquoise HIl T 5126 TVI Pacific V 1840 Typhoon Expl V 105

0.13 0.11 0.12 + 0.01 0.20 0.02 0.09 0.09 0.09 - 0.01 0.11 0.04 5.25 0.00 5.25 + 0.30 6.00 3.28 4.21 0.00 4.00 + 0.01 5.00 2.76 0.46 0.40 0.40 - 0.07 0.73 0.17 0.36 0.29 0.32 + 0.01 0.53 0.02 0.51 0.46 0.47 - 0.03 0.80 0.28 0.38 0.34 0.35 - 0.03 0.63 0.21 0.38 0.26 0.38 + 0.12 0.37 0.09 0.52 0.35 0.52 + 0.19 0.50 0.11 0.09 0.06 0.09 + 0.01 0.12 0.04 0.07 0.06 0.06 - 0.01 0.11 0.04 0.09 0.08 0.08 - 0.01 0.15 0.05 11.41 10.49 11.29 + 0.27 15.16 9.26 15.28 14.05 15.23 + 0.12 20.18 8.56 0.05 0.04 0.04 - 0.01 0.09 0.02 0.52 0.43 0.45 - 0.07 0.62 0.18 0.12 0.10 0.12 - 0.01 0.17 0.05 0.01 0.00 0.01 + 0.00 0.02 0.00 0.08 0.05 0.05 - 0.02 0.09 0.01 19.09 17.38 19.06 + 0.10 27.34 12.10 25.79 23.09 25.64 + 0.37 35.17 16.00 0.18 0.16 0.16 - 0.01 0.21 0.03 0.19 0.16 0.19 + 0.02 0.25 0.12 0.82 0.76 0.76 - 0.03 0.85 0.44 11.85 10.60 10.95 - 0.80 14.80 8.17 0.05 0.04 0.04 - 0.01 0.06 0.03 1.08 0.86 0.96 - 0.13 1.16 0.25 1.45 1.16 1.30 - 0.16 1.57 0.34 0.06 0.05 0.05 - 0.01 0.08 0.02 0.65 0.60 0.61 - 0.04 1.08 0.44 0.49 0.45 0.45 - 0.02 0.86 0.33 0.29 0.26 0.28 + 0.01 0.36 0.11 0.21 0.19 0.21 + 0.01 0.28 0.08 0.17 0.16 0.16 - 0.00 0.32 0.08 0.41 0.32 0.37 + 0.03 0.53 0.22 0.31 0.26 0.30 + 0.02 0.41 0.15 0.36 0.27 0.29 - 0.05 0.38 0.05 0.48 0.36 0.38 - 0.08 0.50 0.07 0.03 0.02 0.03 - 0.01 0.05 0.01 0.99 0.93 0.99 + 0.06 1.05 0.50 0.64 0.53 0.60 + 0.05 2.50 0.37 0.44 0.42 0.42 - 0.02 1.26 0.33 0.00 0.00 0.00 - 0.00 0.00 0.00 3.29 3.07 3.13 - 0.19 3.80 2.44 4.41 4.15 4.21 - 0.23 5.03 3.22 0.02 0.01 0.01 - 0.01 0.04 0.01 0.11 0.09 0.09 - 0.01 0.15 0.04

U.S. Lithium* O 9616 U3O8 Corp* O 335 UC Res* O 3 Ucore Rare Mtl V 1233 Ucore Rare Mtl* O 753 UEX Corp T 5632 Ultra Lithium* O 1 Ultra Lithium V 118 Umbral Enrgy* O 124 Umbral Enrgy 10006 Unigold* O 164 United States A* X 180 United States S* N 68053 Ur-Energy* X 2831 Ur-Energy T 704 Uracan Res V 23 Uracan Res* O 9 Uragold Bay Rs V 1675 X 8439 Uranium Energy* Uranium Hunter* O 5 Uranium Res* D 4571 V 70 Uranium Valley Uravan Mnrls V 1728 US Energy* D 171 US Precious M* O 2592 US Rare Earths* O 14 US Tungsten* O 1 USCorp* O 1279 Vale* N 128900 Vale* N 80059 ValGold Res V 464 Valley High Mg* O 3296 Valterra Res V 868 Valterra Res* O 377 Vanadium One V 268 Vanadiumcorp V 750 Vangold Res V 496 Vanstar Mng Rs V 446 Vantex Res V 26

0.07 0.05 0.06 + 0.00 0.15 0.01 0.03 0.02 0.02 - 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.05 0.00 0.34 0.30 0.31 - 0.02 0.45 0.27 0.26 0.22 0.23 - 0.02 0.35 0.19 0.36 0.32 0.34 - 0.02 0.43 0.15 0.13 0.13 0.13 - 0.00 0.27 0.12 0.21 0.17 0.17 - 0.01 0.35 0.13 0.06 0.06 0.06 - 0.00 0.08 0.02 0.09 0.06 0.06 - 0.02 0.11 0.02 0.21 0.17 0.18 + 0.01 0.51 0.12 0.43 0.37 0.42 + 0.02 0.60 0.17 37.80 34.64 34.88 - 2.86 41.83 11.92 0.72 0.63 0.69 - 0.03 0.91 0.41 0.97 0.85 0.92 - 0.04 1.19 0.55 0.06 0.00 0.06 - 0.01 0.10 0.03 0.05 0.04 0.04 - 0.01 0.08 0.02 0.26 0.20 0.25 + 0.04 0.31 0.11 1.44 1.26 1.31 - 0.01 1.92 0.69 1.75 1.20 1.20 - 0.30 6.00 0.85 1.96 1.73 1.82 + 0.05 4.00 0.97 0.14 0.12 0.12 + 0.01 0.35 0.04 0.16 0.09 0.13 + 0.03 0.42 0.06 0.83 0.75 0.77 - 0.02 2.84 0.75 0.01 0.01 0.01 - 0.00 0.03 0.00 0.52 0.43 0.43 - 0.10 0.80 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.01 0.01 + 0.00 0.03 0.00 10.11 9.27 9.47 - 0.71 11.70 3.45 9.56 8.83 8.91 - 0.78 11.10 2.47 0.04 0.00 0.04 - 0.01 0.08 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.05 0.04 0.05 + 0.02 0.09 0.01 0.04 0.02 0.04 + 0.01 0.07 0.00 0.16 0.14 0.14 - 0.01 0.19 0.13 0.07 0.06 0.06 + 0.01 0.08 0.03 0.17 0.13 0.14 - 0.03 0.18 0.02 0.13 0.11 0.11 - 0.02 0.14 0.04 0.13 0.12 0.12 + 0.01 0.40 0.10

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Vatic Vent V 27 N 1370 Vedanta* Vela Minerals V 15 Vendetta Mng V 2333 O 172 Vendetta Mng* Verde Potash T 221 Verde Res* O 100 Victoria Gold V 1466 Victory Nickel 59 Victory Res V 676 Victory Vent V 4438 Virginia Enrgy V 286 O 68 Virginia Enrgy* Viscount Mng V 361 212 Visible Gold M V Vista Gold* X 2295 Vista Gold T 47 Volcanic Gold V 118 Voltaic Min V 1441 Vulcan Mnrls V 114

0.05 0.08 - 0.01 0.24 0.08 0.00 14.74 - 1.40 16.15 5.00 15.99 14.59 0.03 0.06 + 0.01 0.08 0.06 0.05 0.06 0.20 - 0.03 0.29 0.24 0.20 0.08 0.15 - 0.02 0.22 0.17 0.15 0.16 0.53 - 0.09 0.92 0.63 0.50 0.02 0.03 - 0.00 0.07 0.04 0.03 0.20 0.50 - 0.03 0.80 0.54 0.49 0.02 0.06 - 0.02 0.09 0.09 0.04 0.02 0.02 - 0.01 0.06 0.03 0.02 0.02 0.09 - 0.02 0.19 0.11 0.08 0.04 0.13 + 0.02 0.38 0.14 0.11 0.02 0.09 - 0.00 0.54 0.10 0.08 0.43 0.48 + 0.01 0.91 0.50 0.44 0.03 0.02 0.02 - 0.01 0.07 0.02 0.43 0.98 - 0.03 2.09 1.01 0.92 0.57 1.31 - 0.04 2.73 1.36 1.23 0.05 0.60 + 0.05 0.63 0.60 0.53 0.05 0.12 + 0.01 0.52 0.14 0.12 0.02 0.06 + 0.01 0.08 0.06 0.05

Walker River V 608 O 964 Walter Energy* 643 War Eagle Mg V Waseco Res V 130 WCB Res V 45 Wealth Mnrls* O 437 Wealth Mnrls V 856 Wellgreen Plat T 1619 O 1437 Wellgreen Plat* V 14 Wescan Gldflds T 5315 Wesdome Gold 279 V West Af Res 14 West High Yld V 111 West Kirkland * O 154 West Red Lake* O 720 West Red Lake X 1112 Western Copper* T 633 Western Copper 53166 O Western Graphi* 81 Western Pac Rs* O 640 Western Pac Rs V T 787 Western Potash 76 Western Troy C V Western Uran 115 Western Uran* O 97 V 189 Westhaven Vent O 120 Westkam Gold* V 504 Westminster Rs Westmoreland* D 1455 O 43 WestMountain* Westridge Res V 837 White Gold V 171 White Gold* O 67 331 White Metal Rs V 576 White Mtn Engy* O O 1 Whitehaven Coa* 765 Winston Gld Mg 413 Winston Gld Mg* O Winston Res* O 6 Winston Res 963 Wolfden Res V 944 Wolfeye Res V 1036 O 1 Wolverine Mnls* V 304 Wolverine Mnls WPC Res* O 62 X-Terra Res V 871 Xander Res V 121 Ximen Mng V 2127 Ximen Mng* O 43 XLI Tech Inc* O 1459 O 26 Xtra-Gold Res* Xtra-Gold Res T 118 Yamana Gold T 29416 T 1168 Yellowhead Mng O 25 Yellowhead Mng* 39 O Zadar Vent * Zadar Vent V 2680 Zara Res 10 Zazu Metals V 228 Zazu Metals* O 11 Zena Mng V 187 O 27 Zenyatta Vent* Zenyatta Vent V 134 Zimtu Capital V 108 54 Zinc One Res * O Zincore Mtls V 24

0.05 0.09 + 0.01 0.18 0.09 0.08 0.02 0.09 - 0.01 0.28 0.11 0.08 0.06 0.06 0.06 + 0.01 0.07 0.01 0.02 0.06 + 0.01 0.12 0.07 0.06 0.03 0.08 + 0.01 0.09 0.08 0.07 0.19 1.13 - 0.16 1.37 1.32 1.12 0.23 1.50 - 0.22 1.79 1.75 1.48 0.22 0.34 + 0.01 0.62 0.35 0.28 0.17 0.25 + 0.01 0.46 0.26 0.21 0.02 0.09 - 0.01 0.13 0.09 0.00 1.47 3.89 + 0.06 3.98 4.00 3.68 0.21 0.19 0.20 - 0.02 0.40 0.08 0.27 0.24 0.24 - 0.02 0.36 0.09 0.07 0.06 0.06 - 0.02 0.13 0.05 0.17 0.00 0.15 - 0.01 0.31 0.08 0.24 0.19 0.20 - 0.02 0.40 0.08 0.44 1.27 - 0.18 1.80 1.46 1.19 0.59 1.70 - 0.23 2.24 1.93 1.61 0.00 0.00 + 0.00 0.00 0.00 0.00 0.02 0.01 0.01 - 0.01 0.04 0.00 0.02 0.02 0.02 - 0.01 0.05 0.01 0.12 0.18 - 0.01 0.36 0.19 0.17 0.04 0.03 0.04 + 0.01 0.05 0.01 1.20 1.99 + 0.06 2.80 2.05 1.72 0.96 1.49 + 0.02 2.67 1.50 1.29 0.07 0.10 + 0.02 0.16 0.10 0.08 0.02 0.02 - 0.00 0.07 0.02 0.01 0.03 0.03 - 0.01 0.18 0.04 0.03 12.17 - 1.55 19.92 6.15 13.83 11.74 0.02 0.04 + 0.01 0.20 0.04 0.03 0.01 0.26 - 0.04 0.39 0.30 0.20 0.04 1.60 - 0.05 1.89 1.70 1.45 0.03 1.20 + 0.04 1.36 1.22 1.09 0.05 0.05 0.05 - 0.01 0.13 0.02 0.01 0.01 0.01 - 0.00 0.15 0.01 0.43 1.96 - 0.31 2.50 1.96 0.00 0.15 0.12 0.13 - 0.01 0.64 0.10 0.11 0.09 0.10 - 0.01 0.49 0.09 0.11 0.51 + 0.30 0.21 0.51 0.00 0.02 0.69 - 0.01 0.72 0.72 0.67 0.08 0.12 - 0.05 0.19 0.18 0.12 0.23 0.78 + 0.26 0.60 0.79 0.52 0.05 0.05 - 0.01 0.10 0.05 0.05 0.06 0.08 - 0.01 0.18 0.09 0.00 0.05 0.05 - 0.00 0.08 0.05 0.05 0.10 0.26 - 0.11 0.40 0.35 0.23 0.26 0.27 - 0.06 0.49 0.30 0.26 0.04 0.09 - 0.01 0.18 0.10 0.08 0.03 0.07 - 0.01 0.13 0.08 0.07 0.02 0.01 0.02 + 0.00 1.30 0.00 0.14 0.19 + 0.01 0.43 0.20 0.19 0.19 0.26 - 0.02 0.56 0.28 0.24 3.29 3.54 + 0.04 7.87 3.56 3.31 0.04 0.08 + 0.01 0.10 0.08 0.05 0.02 0.04 - 0.01 0.07 0.06 0.04 0.10 0.08 0.08 - 0.02 0.20 0.05 0.06 0.12 - 0.02 0.26 0.14 0.12 0.01 0.35 - 0.05 0.43 0.40 0.00 0.15 0.30 + 0.01 0.46 0.30 0.27 0.11 0.22 - 0.01 0.33 0.22 0.00 0.05 0.09 - 0.01 0.14 0.10 0.08 0.49 0.74 - 0.01 1.17 0.80 0.72 0.63 1.00 - 0.08 1.55 1.08 0.97 0.14 0.28 + 0.02 0.40 0.28 0.00 0.58 0.54 0.54 + 0.00 0.81 0.54 0.03 0.13 - 0.02 0.30 0.15 0.13

W-Z

BID-ASK — MARCH 6–10, 2017

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp Afrasia Mnls African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Allante Potash Alliance Mng Amanta Res Amato Expl Arch Coal* Archon Mineral Ardonblue Vent Arian Res Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Balto Res Benz Mining Bethpage Cap Big Wind Cap Bird River Res Black Bull Res Black Isle Res Bluestone Res Boss Power Carrie Arran Cascade Res Cassidy Gold Cassius Vents Catalina Gold Cerro Mng Chantrell Vent Chieftain Mtls Chinapintza Mg Cicada Vents Claim Post Res Cliffs Nat Res* Clydesdale Res Colibri Res Colt Res Compliance Egy Cons Westview Corazon Gold Cricket Res Curlew Lke Res CWN M’g Acq Cyprium Mng Delrand Res Dorex Mnrls Enfield Expl European Metal Eurotin Excalibur Res Explorex Res Finore Mng Fire River Gol First Idaho Freeport Res

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

20-22_MAR20_StockTables.indd 22

0.10 0.40 0.15 0.25 0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.22 0.36 0.22 0.30 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.08 0.10 0.10 0.15 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.06 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.01 0.02 0.01 0.04 0.06 0.04 0.10 ... ...

0.58 1.63 1.64 1.63 2.05 0.08 0.11 0.12 0.12 0.01 0.02 0.01 0.02 0.23 0.39 0.23 0.40 0.06 0.08 0.08 0.10 0.02 0.04 0.05 0.05 ... ...

0.06 0.45 0.13 0.14 0.14 0.15 0.01 0.03 0.01 0.03 0.03 0.03 0.03 0.08 0.12 0.22 0.16 0.16 0.07 0.12 0.07 0.19 0.05 0.09 0.06 0.06 ...

0.01 0.01 0.05 0.05 0.05 0.05 0.10 0.15 0.10 0.23 0.17 0.20 0.17 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.04 0.08 0.06 0.06 0.05 0.07 0.08 0.08 0.01 0.03 0.01 0.03 0.07 0.09 0.07 0.19 ... ...

0.05 0.23 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.05 0.05 0.06 1.45 3.20 1.43 7.17 0.06 0.12 0.06 0.06 0.17 0.17 0.17 0.23 0.04 0.04 0.04 0.12 0.03 0.03 0.03 0.25 0.47 0.70 0.55 0.56 0.52 0.55 0.55 0.55 0.01 0.12 0.01 0.01 0.01 0.02 0.02 0.03 0.19 0.24 0.19 0.27 0.03 0.03 0.03 0.12 0.75 1.00 0.75 0.90 0.02 0.03 0.03 0.03 ... ...

0.01 ... 0.01 0.01 0.01 0.06 0.12 0.06 1.00 0.09 0.10 0.10 0.11 0.13 0.18 0.15 0.19 0.35 0.36 0.35 0.50 0.03 0.07 0.09 0.75 0.08 ...

0.08 0.14 0.06 0.06 0.06 0.09

LOW

0.05 0.02 0.04 0.03 0.01 0.08 0.16 0.12 0.01 0.01 0.01 1.26 0.05 0.01 0.09 0.01 0.01 0.06 0.03 0.01 0.01 0.03 0.03 0.01 0.02 0.06 0.05 0.02 0.01 0.01 0.08 0.01 0.05 0.03 0.01 0.01 0.01 0.98 0.01 0.05 0.03 0.03 0.26 0.19 0.01 0.01 0.11 0.03 0.30 0.01 0.01 0.03 0.01 0.06 0.01 0.03 0.05 0.01

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Geodex Mnrls V GFM Res V Global Cobalt V Global Cop Grp V V Gold Ridge Exp Goldbank Mng V Goldbelt Emp V GoldTrain Res C Graniz Mondal V Gravis Energy C Greatbanks Res V Green Arrow V Green Valley M V Greenshield Ex V Grenville Gold V Greywacke Expl C Grosvenor Res V Highvista Gold V Inform Res V Inter-Rock Mnl V Interconnect V Iron South Mng V V Jazz Res JDF Explor Inc C Jiulian Res V Jubilee Gold V Karoo Expl V Kenna Res V V Kestrel Gold Kitrinor Mtls V Lakeside Mnrls V Lamelee Iron V Leagold Mg V Leeta Gold V Lions Bay Cap V Lovitt Res V Maccabi Vent C C Mag Copper MAG Silver* X Mainstream Mnl V Martina Mnls V Matachewan Con V Match Capital V Mega Copper V Midasco Cap V MillenMin Vent V Millstream Min V Milner Con Slv V Minfocus Expl V Minsud Res V Moag Copper C Montana Gold C Mountain Lake C Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V Newstrike Res V North Am Ptash V North Am Tung V Northn Empire V Nrthn Lion V NSS Res Inc C Oriental Non F C

0.07 0.11 0.10 0.11 0.02 0.09 0.02 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.30 0.35 0.35 0.70 0.11 0.13 0.11 0.16 0.04 0.05 0.05 0.07 0.06 0.12 0.09 0.25 0.01 0.34 0.04 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.03 0.04 0.04 0.05 0.05 0.06 0.05 0.06 0.05 0.07 0.05 0.08 0.10 0.14 0.10 0.18 ... 0.06 0.06 0.06 0.20 0.30 0.21 0.35 ... 0.16 0.17 0.18 0.28 0.18 0.40 0.12 0.16 0.13 0.18 0.07 0.17 0.06 0.14 0.24 0.27 0.24 0.28 0.08 0.11 0.08 0.25 0.01 ...

0.01 0.01 0.04 0.05 0.04 0.05 0.43 0.69 0.50 0.75 0.01 0.02 0.01 0.02 0.13 0.16 0.15 0.27 0.02 0.02 0.02 0.07 0.16 0.21 0.16 0.30 0.21 0.29 0.30 0.64 0.20 0.25 0.20 0.50 0.60 0.65 0.63 4.90 0.12 0.17 0.12 0.14 0.04 0.10 0.04 0.04 0.07 0.12 0.07 0.17 0.04 0.08 0.05 0.12 0.07 0.10 0.06 0.19 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.02 0.05 0.02 0.06 0.29 0.32 0.32 0.44 0.01 0.04 0.04 0.04 0.15 0.27 0.15 0.30 0.11 0.14 0.11 0.15 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.04 0.04 0.07 0.02 0.03 0.02 0.07 0.06 0.11 0.06 0.10 ... ...

0.08 0.09 0.10 0.10 0.10 ... 0.01 0.01 0.01 0.13 9.65 0.09 0.30 0.01 0.02 0.01 0.17 0.23 0.17 0.22 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.15 0.18 0.15 0.19 0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.17 0.18 0.18 0.27 0.55 0.67 0.60 0.74 ... ...

0.20 0.70 0.90 0.90 1.20

0.05 0.02 0.01 0.04 0.06 0.06 0.03 0.05 0.02 0.01 0.03 0.01 0.03 0.07 0.04 0.18 0.05 0.03 0.06 0.04 0.07 0.01 0.01 0.33 0.01 0.14 0.01 0.05 0.02 0.10 0.10 0.03 0.01 0.02 0.05 0.03 6.12 0.02 0.25 0.01 0.02 0.05 0.01 0.04 0.02 0.01 0.03 0.02 0.01 0.09 0.14 0.08 0.03 0.03 0.01 0.09 0.11 0.27

STOCK

Orofino Mnrls Oxford Res Pac Arc Res Pac Cascade Pac Imperial Pac Iron Ore Pac Link Mng Palisades Vent Philippine Mtl Phoenix Gold Phoenix Metals Plato Gold Prime Meridian Prism Res Prize Mng Rare Element* Ravencrest Res Razore Rock Res Red Rock Enrgy Remington Res Resolve Vent Rhyolite Res Riley Resource River Wild Exp Rockex Mng Rockland Mnls Romulus Res Rotation Mnls Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Phoenix Sniper Res Spruce Ridge R Squire Mg Ltd Stone Ridge Ex Strata Mnls Strategic Res Strikepoint Gd Swift Res Talmora Diamd Tarku Res Tearlach Res Telferscot Res Teryl Res Corp Theia Res Tiger Intl Tiller Res Tintina Mines Tri-River Vent Trigen Res Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vanadium One Velocity Mnrls Wabi Expl Worldwide Res Xiana Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.15 0.18 0.15 0.25 0.02 0.03 0.03 0.16 0.18 0.16 0.50 0.01 0.02 0.01 0.02 0.02 0.03 0.03 0.05 0.20 0.23 0.20 0.25 0.02 0.03 0.02 0.03 0.06 0.07 0.07 0.07 0.04 0.04 0.04 0.18 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.01 0.01 0.01 0.03 0.12 0.15 0.14 0.15 0.20 0.21 0.20 0.25 0.40 0.42 0.42 0.43 0.11 0.16 0.15 0.89 0.07 ...

0.05 0.05 0.01 0.06 0.06 0.06 0.01 0.02 0.01 0.03 0.14 0.23 0.16 0.18 0.03 0.04 0.03 0.30 0.17 0.35 0.18 0.27 0.05 ...

0.13 0.13 0.02 ...

0.03 0.03 0.04 0.05 0.04 0.75 0.07 0.08 0.08 0.11 0.11 0.25 0.15 0.17 0.20 0.22 0.20 0.40 ... ...

0.03 1.35 0.03 0.04 0.02 0.05 0.11 ...

0.15 0.20 0.36 0.57 0.36 0.54 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.03 0.20 0.20 0.25 0.01 0.01 0.01 0.07 0.03 0.04 0.03 0.05 0.07 0.13 0.13 0.19 0.05 0.15 0.05 0.17 0.01 0.02 0.01 0.05 0.15 0.23 0.15 0.34 0.38 0.43 0.39 0.43 0.20 0.24 0.25 0.25 0.01 0.05 0.01 0.05 0.05 0.05 0.05 0.10 0.08 0.15 0.08 0.16 0.01 0.01 0.01 0.05 0.01 0.02 0.02 0.02 0.11 0.16 0.12 0.20 0.08 0.18 0.08 0.20 0.32 0.68 0.60 0.85 0.05 0.07 0.05 0.10 0.04 0.12 0.04 0.07 0.08 0.17 0.09 0.11 0.02 0.56 0.01 0.05 0.03 0.05 0.03 0.08 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.13 0.15 0.13 0.35 0.25 0.33 0.25 0.28 0.07 0.10 0.07 0.10 0.02 0.05 0.03 0.06 0.13 0.20 0.15 0.21 0.05 0.07 0.05 0.08

0.06 0.05 0.01 0.01 0.15 0.01 0.05 0.03 0.02 0.01 0.08 0.07 0.01 0.06 0.01 0.01 0.01 0.04 0.02 0.09 0.10 0.01 0.02 0.01 0.08 0.12 0.03 0.01 0.05 0.26 0.07 0.01 0.03 0.01 0.02 0.06 0.04 0.01 0.10 0.09 0.01 0.01 0.02 0.02 0.01 0.01 0.06 0.08 0.05 0.03 0.03 0.03 0.01 0.01 0.01 0.05 0.08 0.04 0.01 0.03 0.01

2017-03-14 7:25 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 20–APRIL 2

23

Ability to replenish reserves is miners’ top risk, KPMG says SURVEY RESULTS

| Risk of resource nationalism climbs five spots to sixth

BY SALMA TARIKH

T

starikh@northernminer.com

he ability to access and replace reserves, including access to new projects, was the top perceived risk in the industry in 2016, moving up from second place in 2015 to displace commodity price risk, according to KPMG’s recent Insights into Mining survey.

Since 2014, KPMG has asked mining executives to rank 30 perceived risks to get a better idea of the challenges some of Canada’s largest miners face. The 2016 survey — conducted last September — polled 33 leading mining executives. KPMG used the feedback to compile the top-10 industry risks and assess multi-year trends.

The top two perceived risks in 2016 — replacing reserves and commodity price risk — were the same as in 2015. The industry has no control over commodity prices and due to the consumptive nature of the business will always have to replenish reserves, Heather Cheeseman, coauthor of the survey, says in an interview.

“What was more interesting to us was the ability to access and replace reserves … [which] has had a significant increase across our survey from 2014 through to 2016.

In 2014, it was tenth, and in 2016, it was for the first time number one. Every other year, commodity price risk was number one.”

That’s partly because in 2014, many companies were still in survival mode, cutting exploration and deferring capital projects amid the commodity price slump.

Given that many companies have since adapted, and that there has been a rise in commodity prices, executives are looking at how to sustain their production levels, Cheeseman says.

“Companies are doing this in a way that does not repeat some of the mistakes or at least the criticism they have had around capital spending in the past.”

The third most perceived risk in 2016 was liquidity risk, moving up from fifth place in 2015. Community relations-social licence stayed in fourth, while controlling capital costs moved into fifth — up four positions since 2015.

Despite higher commodity prices, executives are maintaining liquidity, while managing costs and earning the social licence to operate, Cheeseman and coauthor Justin Chartrand write in the March 3 report.

“The focus on accessing new projects may have also led to increased risk of controlling capital costs, as companies look ahead at the ever-present risk of developing these projects on time and one budget,” they add.

Resource nationalism was 2016’s biggest mover, coming in at sixth, up from 11th in 2015. Cheeseman suspects that executives are becoming more concerned about resource nationalism as political and economic uncertainty grows.

“If you look at some of the events like Brexit, the U.S. election and President Trump, there are lots of indications that different countries are maybe looking inwards in terms of protectionist-ty pe strategies, and that sort of thing.

Those are stable countries, and [often] mining occurs in parts of the world, where the governments are traditionally known to be more

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Trucks at Agnico Eagle Mines’ Meadowbank gold mine in Nunavut. PHOTO BY SALMA TARIKH

unstable or less consistent in how they apply policies.

“For mining, there could be nothing worse than if your project gets nationalized and you no longer have access to it. It’s a company killer.”

The risk of controlling operating costs came in seventh — the same as in 2015 — and down from second in 2014. Access to energy and water was eighth, up from 12th in 2015. Environmental risk dropped three spots to ninth.

Health and safety risk came in tenth.

Access to energy and water is linked to the ability to replace reserves, as companies consider venturing into undeveloped regions, Cheeseman says. “It’s not just about finding the resources, it is about finding them somewhere that is mineable where you can get the water, the energy, etc. that you need. This can be difficult in some of those countries.”

Health and safety, she points out,

has always been below the top 10, so its move into tenth place was insignificant.

Along with health and safety, the two additions to the top 10 in 2016 were resource nationalism and access to energy and water.

Falling out of the top 10 was permitting risk, capital allocation and economic slowdown.

The top risks don’t change much year-over-year, Cheeseman says, adding that she expects most of them will continue into 2017.

“What we found interesting was looking at some of the risks that weren’t in the top 10, but are things that you are hearing a lot about these days.” For example, innovation and the risk of disruption ranked 26th in the survey.

“Those sorts of emerging risks may continue to increase on the risk ratings as we look ahead, and as companies realize that to stay competitive, they are going to need to increase automation and the use of technology in mining.” TNM

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