The Northern Miner March 2 2020 Issue 5 by The Northern Miner Group

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THE NORTHERN MINER’S

MINING PERSON OF THE YEAR

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE

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Kirkland Lake Gold’s Tony Makuch / 4

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MARCH 2–15, 2020 / VOL. 106 ISSUE 5 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Will Canadian miners rise again? M&A

| Hollowed-out landscape still ripe with mid-tiers, juniors

BY KELSEY ROLFE

Special to The Northern Miner

he f lurry of M&A transactions last year brought a much-awaited consolidation of the global gold sector. It also brought significant changes to the Canadian mining landscape: Newmont’s (NYSE: NEM) takeover of Goldcorp wiped a major Canadian firm off the board, and Barrick Gold (TSX: ABX; NYSE: GOLD), while still Canadian, has shifted its focus away from the country, with few executives remaining in its Toronto headquarters and only one Canadian mine. Those headline-making deals have prompted concerns that Canada’s influence in the global gold mining sector is waning. Franco-

“GOLDCORP HAS GONE BUT LOOK AT THE GROWTH OF COMPANIES LIKE AGNICO AND KINROSS.” MICHAEL AMM

Young Mining Professionals award winners Ashley Kirwan and David Cataford.

CO-LEAD FOR MINING AND METALS GROUP, TORYS LLP

Nevada (TSX: FNV; NYSE: FNV) chairman Pierre Lassonde said in an interview with BNN Bloomberg in January 2019 that Barrick’s smaller footprint in Canada was the same kind of diminishment of the country’s mining sector that Barrick founder Peter Munk had decried. “The head office of a company is where the CEO and the CFO sit, and they have to sit in one room and that’s where the direction comes from,” Lassonde

said. “It’s not going to be a de facto Canadian company, period.” Barrick CEO Mark Bristow dismissed the criticism at the time as “hysteria” and pointed out that several departments will still be based in Toronto. But last year’s deal activity also saw international companies taking over or taking stakes in Canadian companies and assets, meaningfully changing See M&A / 12

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How Airborne Technology Benefits Exploration Tuesday March 3rd, 2020 Steam Whistle Brewery 10:00AM – 1:30PM E-mail: PDAC@geotechairborne.com for more information or to register

Ashley Kirwan, David Cataford named Young Mining Professionals of the Year HONOURS

| Next-generation industry leaders

BY TRISH SAYWELL tsaywell@northernminer.com

he winners of the Young Mining Professionals (YMP) awards this year are Ashley Kirwan of Orix Geoscience and David Cataford of Champion Iron (TSX: CIA). The YMP awards, presented in association with The Northern Miner, recognize two mining professionals under the age of forty who have demonstrated exceptional leadership skills and innovative thinking and provided value to their companies and shareholders. The YMP awards are named after two iconic entrepreneurs in the mining industry, Eira Thomas and the late Peter Munk. Ashley Kirwan has won the 2020 Eira Thomas award and David Cataford the Peter Munk award. The awards will be presented at the YMP Awards Gala on Feb. 29 from 6 p.m. to 9 p.m. at the ShangriLa Hotel in Toronto. Each of the winners were nominated in a public submissions process. They were then discussed and selected by a panel of YMP chapters including Toronto, Montreal, Vancouver and London, U.K., along with an equal vote from The Northern Miner. Stephen Stewart, chairman of YMP and CEO of Orefinders (TSXV:

ORX), notes that Kirwan was a clear choice for the award this year. “She leads a cutting edge geological services company in Canada, allowing exploration companies to either rely on or outsource their geology, data collection, analytics and more,” he says. “She grew Orix from a great idea as a start-up to what is a thriving business with 60 employees and offices across Canada.” Competition for the Peter Munk award this year was very close, he says, but it was Cataford and his team’s contrarian approach that See YMP AWARDS / 14 PM40069240

Call for Papers

Abstracts Deadline: March 31

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CORONAVIRUS: STINGS GLOBAL BASE METAL MARKETS / 9

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MARCH 2–15, 2020 / THE NORTHERN MINER

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

Reading the tree leaves EXPLORATION

BY CARL A. WILLIAMS cwilliams@northernminer.com

s much of the easily accessible gold has been found, prospectors and mining companies have had to dig deeper and venture farther into more extreme and remote environments to find economically viable deposits. Mineral exploration companies spent nearly US$10 billion during 2019 in the search for nonferrous metals, with over 40% of global mineral exploration budgets spent on gold, according to figures from S&P Global Market Intelligence. Some industry experts believe that “peak gold” will happen soon — or may already have been reached — and so the cost of finding new gold deposits will only increase. With exploration becoming more challenging, companies need to look for alternative methods in the search for new deposits. “Most of the low-lying fruit, so to speak, has already been discovered,” says Colin Rose, executive chairman of Marmota (ASX: MEU). “In today’s world, the most prospective ground is where deposits lie beneath the surface, sometimes deep below. But the problem is: how to get to this gold without the expense of having to drill everywhere?” Marmota, a mining exploration company in southern Australia, turned to biogeochemical prospecting techniques to find gold. In 2018, the company collected over 300 leaf samples from acacia and senna trees growing on the Goshawk Zone at Marmota’s Aurora Tank tenement and tested them for over 66 elements, including gold. The Aurora Tank site lies on the Gawler Craton, a highly prospective but largely underexplored area, about 50 km northeast of the now depleted Challenger gold mine. Discovered in 1995, the Challenger mine, 740 km northwest of Adelaide, produced over 1.2 million oz. gold, worth nearly US$2 billion at today’s prices. “We first found that trees growing around a known deposit contained elevated levels of gold,” explained Aaron Brown, a senior geologist at Marmota who led the tree sampling program. “This ‘proof of concept’ gave us the confidence to sample trees growing in areas with no known mineralization.” Buoyed by their initial success, Brown then sampled leaves from Senna artemisioides (a species prevalent throughout central Australia) outside the known mineralized zone at Aurora Tank. Although calcrete sampling — a traditional geochemical surface sampling technique — had returned no detectable levels of mineralization in the area, a sample taken from a senna tree showed anomalous concentrations of gold. After drilling a hole adjacent to the tree, Marmota discovered a previously undetected zone of gold mineralization. “I find it remarkable and very exciting to have discovered a new vein based entirely on leaves from one senna tree,” says Rose. “Particularly so, since calcrete testing was telling us not to drill there, but our tree sampling was telling us that there was gold.” The new high-grade zone occurs over a gold-in-calcrete surface low and has returned 5 metres at 27 grams gold per tonne from 38 metres below surface. New extensional drilling around 100 metres to the northeast of the same hole, conducted last December, yielded

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| Innovative prospectors deliver low-cost results

“WE FIRST FOUND THAT TREES GROWING AROUND A KNOWN DEPOSIT CONTAINED ELEVATED LEVELS OF GOLD. THIS ‘PROOF OF CONCEPT’ GAVE US THE CONFIDENCE TO SAMPLE TREES GROWING IN AREAS WITH NO KNOWN MINERALIZATION.” AARON BROWN SENIOR GEOLOGIST, MARMOTA

another 4 metres of 24 grams gold per tonne and remains open. “Without the tree sampling, I don’t think we would have found the new deposit,” says Brown. “I believe this is the first time that biogeochemical exploration has been successfully used in prospecting for gold in the southern hemisphere.” Natural prospecting tools Gold was first detected in hardwood trees as early as 1900. Since then, concentrations of gold have been

reported in a wide variety of tree and plant species collected from mineralized areas in Australia, Canada, Russia, and many other countries and regions around the world. But it wasn’t until the 1940s with the work of Harry Warren, that biogeochemical exploration became a viable prospecting tool. A University of British Columbia professor and pioneer of biogeochemistry, Warren used Phacelia See TREE LEAVES / 30

Marmota geologist Aaron Brown sampling senna leaves at Aurora Tank gold property in South Australia. MARMOTA

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MARCH 2–15, 2020 / THE NORTHERN MINER

JOINT VENTURE ARTICLE

Lantern to Revolutionize How Drillers and Clients Work Together Debuting at AME Roundup last January, the “soft launch” of Lantern was anything but soft. With giant projections on the sides of nearby buildings and miniature mining lanterns trading hands across the floor, the buzz around the young start-up’s interactive booth was as energetic as its name. Attracting interest from an equal mix of drilling, mining and mineral exploration companies, Lantern brings some much-needed t ran spare nc y to a t radi t ionally messy, paper-based enterprise. Illuminating every aspect of the drilling program in real time, the sof tware was envisioned as an evolving set of tools to help both drilling companies and their clients work better together. As it approaches its official launch in March, it seems to have accomplished just that. But how did all this come about? “Having worked with a drilling company to develop their own sof t ware over many ye ar s, we were amazed at the lack of digital solutions around the drilling function specifically,” says Andre Sonnichsen, Lead Developer at Lantern. “At the time, there was a wealth of sof tware for everything from geological modelling to mine management. But short of a basic spreadsheet, there wasn’t a single good tool for drillers to capture what was happening at the rig, or for their exploration clients to understand how things were progressing and what it was

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“DRILLING COMPANIES ARE ALWAYS INNOVATING ON THE HARDWARE SIDE, BUT THEY CAN’T SEEM TO ACCESS THE TOOLS THEY NEED ON THE SOFTWARE SIDE, MUCH LESS AT A PRICE THEY CAN AFFORD. SO THEY JERRY-RIG WHATEVER THEY CAN TO MAKE IT WORK.” ANDRE SONNICHSEN LEAD DEVELOPER, LANTERN

costing them.” With a handful of competitors today, Sonnichsen is optimistic about the future. “Competition in this space only proves the demand for increased transparency, collaboration and real-time project tracking. If drillers, mining and mineral exploration companies could access these tools easily and affordably, it’s hard to imagine why they would ever turn them

down.” And while there are a few competitors to Lantern out there, most are priced as enterpriseclass solutions; taking months to implement, while ultimately relying on the same data entry process as the spreadsheets they were meant to replace. Lantern was envisioned a bit differently. Designed to accommodate the real-world conditions that drillers face in the field, the

platform takes an intuitive, stepby-step approac h to minimize errors and speed up data entry. Everything has been accounted for, including the meaty fingers of the foreman using the software. To provide the driller’s head office and their exploration clients with the information they need, the team at Lantern focused on two key objectives: to provide users with an immediate visualization of

their hole progress and costs, as well as to allow all parties to react faster and make better decisions. A quick tour of the plat form underscores just how power ful, yet simple, a tool like this can be. Greeting you when you log in, a visual dashboard gives you an instant indication of your project’s overall health. This includes your project status and projected completion date, a complete

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

JOINT VENTURE ARTICLE

b re a kd ow n of yo ur c o s t s , t h e current average cost per metre, and even the daily metres drilled by both day and night shifts over the course of the project. Drillers and exploration companies can generate reports on virtually every aspect of the drilling program, the controls are obvious and intuitive, and the tools that feed those reports are long overdue. For drilling companies, this includes being able to log timesheets for every shift, along with services, tests and materials used, quickly and without any error s. “From chicken scratch to giant spreadsheets that don’t add up correctly, we’ve pret t y much seen it all,” says Ron Konst, Lantern’s Head of Client Support. “As a geologist myself, you can see the challenges on both sides. From the perspective of the driller, you’re trying your best to capture the cost of every crew member, ser vice, and consumable over the course of a long, potentially grueling shif t,” he says. “You’re shackled to a system where it’s easy to make mistakes. Things get entered incorrectly, costs get overlooked, and the exchange of information from the foreman to head office, then back to me for review, then over to my head office — it’s a long, convoluted process that plays out like a bad game of telephone.” In the meantime, drilling companies have to contend with high burn rates and slow administration, when they could actually be getting paid sooner. “There’s no reason why a timesheet couldn’t be approved a day later,” says Konst. “It’s just a matter of getting that timesheet to the right people while the day is still fresh, before

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“CONSIDERING THE THOUSANDS OF DOLLARS THAT EVERY TIMESHEET IS WORTH TO BOTH DRILLERS AND THEIR CLIENTS, THE COST OF LANTERN IS A FRACTION OF A FRACTION OF A PERCENT.” RON KONST HEAD OF CLIENT SUPPORT, LANTERN

ever yone star ts remembering it differently.” As Konst is quick to remark, the time spent between working a shift and reporting on a shift is where most issues arise between mining companies and their drillers. The longer it takes to resolve those issues, the more likely they are to put a strain on the relationship, even when no one is at fault. Timesheets aside, Lantern makes it easier for smaller drilling companies to scale up and successfully manage multiple projects at a time. According to Konst, the expansion and subsequent contraction of these companies happens more of ten than you’d think. “We see smaller drilling companies grow with a large project, bringing on more rigs and crew as it progresses. Everything’s fine. But when they tr y to take on two or three projects at once, the paperwork buries them, and they get sent back to where they started.” By enabling these smaller companies to manage all of their projects in one place and expediting everything from timesheets to invoicing, Lantern was built to take those growing pains away. For larger drilling fleets, Lantern’s value appears to grow exponentially. From their Roundup feedback alone, the team was surprised by the number of large drilling companies who were will-

ing to share their own pain points, quite candidly. As varied as the feedback was, it all seemed to point to the need for better tools. There were drillers who continued to rely on a mix of complex spreadsheet formulas and Google docs to manage large projects around the world, leaving head office to decode it all. Others were struggling to standardize, having p as s e d t h e b urde n of s o l v in g these issues to their regional offices — netting entirely different documents from dif ferent par ts of the world. On the other end of the spectrum, a few drillers were desperate to get out of their “enterprise class solutions” due to the crippling costs involved, while others admitted to losing millions of dollars while trying to develop a software solution of their own. “It’s still the wild west out there,” comments Sonnichsen. “Drilling companies are always innovating on the hardware side, but they can’t seem to access the tools they need on the software side, much less at a price they can afford. So they jerry-rig whatever they can to make it work.” With that in mind, Lantern set out to achieve a feat that none of its competitors have managed to pull off: openly advertised, completely transparent pricing. For smaller operations with 10 active rigs or less, the cost amounts to $10 per

timesheet. In the 11-40 active rigs range, the price drops to $8.50 per timesheet. From 41-99 rigs, this drops even further to $7 per timesheet. And for companies with over 100 rigs in active operation, the price is just $5 per timesheet. “Considering the thousands of dollars that every timesheet is worth to both drillers and their clients, the cost of Lantern is a fraction of a fraction of a percent,” says Konst. “For a superior solution that’s ready out of the box, we think it’s a hard deal to pass up.” For mining and exploration companie s looking to une ar th their next big deposit, Lantern’s price is even less complicated. Because it’s free. “We thought about the exploration company and what they’re dealing with,” says Konst. “For them, a lack of information is bad at best, but potentially catastrophic at worst. A single season of bad communication and cost overruns can spell the end for these companies. So if their drillers are the ones providing the data that makes Lantern possible, our only ask of the explorers is that they make this possible for themselves.” For an exploration company to make use of the software, all they need to do is reach out to Lantern. The company provides explorers with a link to log in, then it’s up to them to invite drillers to their

project. Once online, drillers can send timesheets to explorers for review and approval, while the latter is given access to real time progress tracking, from metreage to costs. It’s a win-win for both. Mining and exploration companies can avoid cost overruns before they happen, while projecting drilling costs with absolute precision. The addition of a projection calculator allows them to see how they can reinvest savings, from adding a new rig to starting a new hole. What’s more, the complete elimination of blindspots can help to identify issues before they become problems, approve time sheets quickly and e asily, and identify efficiencies that lead to better decisions — following proj ects in real time, while effortlessly running reports against every milestone and cost. “If we were to ask anything of the mining and mineral exploration companies involved,” says Konst, “it would be to trial this software on their next project. Operating at this level of transparency is possible, it makes both drillers and their clients run better, and the alternative isn’t something that the industry can sustain for much longer.” — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Lantern and presented in cooperation with The Northern Miner. Lantern formally launches in mid-March, but many drillers, mining and mineral exploration companies are already scheduled to trial the software. If you’d like your company to be among them, visit DrillwithLantern. com and sign up for their free demo.

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MARCH 2–15, 2020 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L Kirkland Lake Gold’s Tony Makuch our Mining Person of the Year for 2019 EDITORIAL

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF & SENIOR REPORTER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com SENIOR REPORTER: Carl A. Williams, BSC (HONOURS), MSC, PHD cwilliams@northernminer.com REPORTER: Magda Gardner, BASC (MINERAL ENG) mgardner@northernminer.com CONTENT SUPERVISOR: David Perri, BA (POLI SCI) 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 SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: (403) 209-3505 1-800-387-2446 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304.

| Teamwork key to miner’s success

ony Makuch, president and CEO of Kirkland Lake Gold, is The Northern Miner’s Mining Person of the Year for 2019. Under his leadership, Kirkland Lake Gold has outperformed its peers in the last 24 months. The company’s shares rose by 60% last year, it raised its dividend twice and more than doubled BY TRISH SAYWELL its cash position, ending 2019 with US$707 miltsaywell@northernminer.com lion in cash and equivalents. Kirkland Lake Gold operates two of the highest grade gold mines in the world and produced a record 974,615 oz. gold in 2019, a 35% year-on-year increase, anchored by its Macassa mine in Ontario, Canada and its Fosterville mine in the state of Victoria, Australia. It also produces gold at its Holt complex — a trio of mines (Holt, Taylor and Holloway) in Ontario. Consolidated operating cash costs fell 22% year-on-year to US$284 per oz. sold, while all-in sustaining costs declined 18% to US$564 per oz. sold. Net earnings jumped 104% year-on-year to US$560 million, or $2.67 per share, and free cash flow totalled US$463 million, an 81% increase over 2018. In January, the company completed the all-share acquisition of Detour Gold, adding Detour’s mine in northern Ontario to its portfolio of producing assets, and entrenching Kirkland Lake Gold as a senior gold producer. The transaction added 14.8 million oz. gold in open-pit reserves to Kirkland Lake Gold’s mineral reserve base and exploration targets within its 1,040 sq. km land position in the prolific Abitibi Greenstone belt. The low grade open-pit Detour mine adds near-term risk and marks a departure for Kirkland Lake Gold, which has had such success at its high-grade underground operations, but Makuch and his team believe the long-life Detour mine and associated exploration upside makes it an attractive cornerstone asset. All three of the company’s main mines — Macassa, Fosterville and Detour — feature free-cash-flow generating operations, in-mine growth potential and regional exploration upside. The company is on track to produce 1.4 million oz. gold in 2020 “at unit costs and on a scale that will position us to generate well over half a billion dollars of free cash flow this year,” Makuch told analysts and investors on a conference call on Feb. 20. Last year, the company repurchased 1.13 million of its common shares and plans to buy back another 20 million shares over the next 12 to 24 months. Kirkland Lake Gold under Makuch continues to invest in growth. It has started work on development ramps aimed at establishing two new mining operations: Robbin’s Hill at Fosterville and high-grade zones near surface along the Amalgamated Break at Macassa. The company is also making strides with new technology, automation and artificial intelligence. Its Macassa mine has a fully electric fleet. In an interview with The Northern Miner’s publisher, Anthony Vaccaro, at the newspaper’s Progressive Mine Forum in October, Makuch said he hoped that the majority of the company’s production equipment at all of its mines will be battery-powered within five years. “We would like to be seen as the world’s — or one of the world’s — most profitable gold mining companies,” Makuch told Vaccaro. “Our goal within Kirkland Lake is to build a company that is profitable, that leads earnings, cash-flow generation and value generation for our shareholders. … It’s not about producing four or five million ounces, it’s about producing the top earnings or the top cash flow per share. That is important.” Makuch’s father, a miner in Timmins, tried to dissuade him from joining the business. “He wanted me to do something else, be a dentist or something,” Makuch recalls, but “I just always went towards doing this kind of work … and you just fall in love with understanding all the things about it.” Makuch got a Bachelor of Science degree in applied earth sciences from the University of Waterloo and a Masters of Science degree in engineering and an MBA from Queen’s University. Before taking the helm at Kirkland Lake Gold, he served as president and CEO of Lake Shore Gold from 2008 until the company was acquired by Tahoe Resources in April 2016. Between 2006 and 2008, Makuch was senior vice president and chief operating officer for FNX Mining, and between 1998 and 2005 held senior positions at Dynatec. Makuch also worked at Kinross Gold from 1992 until 1998, where his roles included general manager of the company’s Kirkland Lake operations at the Macassa mine and its Timmins operations at the Hoyle Pond mine. Makuch attributes Kirkland Lake Gold’s solid track record to teamwork. “The main aspect of our success is that it’s 2,500 people working together and building success,” he says. “It’s all of us as a group — everybody trying to help each other.” “None of us in the company think we’re any better than anybody else, we just have different jobs, but we’re all focused on the same thing.” TNM

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Gold pouring at Victoria Gold’s Eagle gold mine in the Yukon. VICTORIA GOLD

The state of metals markets in 2020 COMMENTARY

| Gold and silver to rise further

BY JEFFREY CHRISTIAN Special to The Northern Miner

he metals markets promise to be full of fascinating developments and unexpected twists in 2020. Mining equities will not be excluded from the drama. This partly reflects the reality that global economic, political, and financial trends, which are the exogenous bases for much of what happens in metals and mining, also are likely to surprise and fascinate observers and participants, from the ongoing melodrama in Washington to the Brexit dark comedy, the plottings of Vladimir Putin and other autocrats around the world, and the political consequences of the Chinese government’s handling of the coronavirus epidemic. Recession is likely to be avoided again in 2020, disappointing those negativists (including gold bugs) who have looked for a recession in 2018, 2019, and indeed in every year since 2010, without having their dark wishes for economic

PLATINUM GROUP METALS ARE MOVING TOWARD A REVERSAL OF FORTUNES WHICH MAY BECOME INCREASINGLY APPARENT AS 2020 PROGRESSES.

MINING EXECUTIVES WILL CONTINUE TO IGNORE MANAGING THEIR COMPANIES FOR PROFITS AND INSTEAD FOCUS ON BUILDING INCREASINGLY UNPROFITABLE EMPIRES BUILT ON DEBT. chaos fulfilled. For metals and mining, some of what we should expect includes the following. Gold and silver prices will continue to rise, spurred by investor concerns about the broader economic trends. Copper prices are likely to trend sideways, confounding bulls and bears alike by responding to copper market realities as opposed to their fantasies and wishes. Platinum group metals are moving toward a reversal of fortunes which may become increasingly apparent as 2020 progresses. “Battery metals” and “energy metals” will be buffeted by the realities of current supply and demand. Irrational exuberance based on unrealistic expectations of a rapid market share grab by electric vehicles will keep prices up even in the face of much more modest transitions to new energy vehicles (NEVs), primarily at this point electric vehicles. The mining equities market will continue to suffer from major See METALS MARKETS / 18

COMPANY INDEX Advantage Lithium. . . . . . . . . 25 Agnico Eagle Mines. . . . . . 15,31 Anglo American. . . . . . . . .31,48 ArcelorMittal Mines. . . . . . . . 15 Avalon Advanced Minerals. . . . . . . . . . . . . . . . . 49 Azarga Uranium . . . . . . . . 26,27 Azimut Exploration. . . . . . . . . 32 Balmoral Resources. . . . . . . . . 32 Barrick Gold. . . . . . . . . . . . . . . . 1 Bluestone Resources. . . . . . . . 31 Cameco. . . . . . . . . . . . . . . . . . . 26 Champion Iron. . . . . . . . . . . . . 15

Cleveland Cliffs . . . . . . . . . . . . 15 Core Gold. . . . . . . . . . . . . . . . . 12 Denison Mines. . . . . . . . . . . . . 26 E3 Metals. . . . . . . . . . . . . . . . . . 49 Eastmain Resources. . . . . . . . . 32 Energy Fuels. . . . . . . . . . . . . . . 26 Equinox Gold. . . . . . . . . . . . . . 16 Evolution Mining. . . . . . . . . . . 12 First Cobalt. . . . . . . . . . . . . . . . 49 First Quantum Minerals. . . . . 48 FMC. . . . . . . . . . . . . . . . . . . . . . 50 Franco-Nevada. . . . . . . . . . . . . . 1 Galway Metals . . . . . . . . . . . . . 32

Glencore . . . . . . . . . . . . . . . 12,49 Great Bear Resources . . . . 16,44 Imperial Metals . . . . . . . . . . . . 12 Kirkland Lake Gold. . . 12,32,44 Lithium Americas. . . . . . . . . . 25 Lundin Gold. . . . . . . . . . . . 16,44 Marathon Gold. . . . . . . . . . . . . 45 Marmota. . . . . . . . . . . . . . . . . . . 3 Neo Lithium. . . . . . . . . . . . . . . 50 Newcrest Mining. . . . . . . . . . . 12 Newmont. . . . . . . . . . . . . 1,12,32 NexGen Energy. . . . . . . . . . . . 26 Northern Dynasty

Minerals. . . . . . . . . . . . . . . . . 47 Nouveau Monde Graphite. . . 50 NRG Metals . . . . . . . . . . . . . . . 50 Orefinders. . . . . . . . . . . . . . . 1,50 Orix Geoscience. . . . . . . . . . . . 14 Orocobre. . . . . . . . . . . . . . . . . . 25 Osisko Metals. . . . . . . . . . . . . . 50 PJX Resources . . . . . . . . . . . . . 30 Premier Gold Mines. . . . . . . . 16 Pretium Resources. . . . . . . . . . 16 Pure Gold Mining. . . . . . . . . . 45 Rider Investment Capital. . . . 50 Rio Tinto. . . . . . . . . . . . . . . 12,48

Rupert Resources. . . . . . . . . . . 31 Sabina Gold and Silver. . . . . . 16 St Barbara. . . . . . . . . . . . . . . . . 12 Teck Resources. . . . . . . . . . . . . 48 Teranga Gold . . . . . . . . . . . . . . 16 Titan Minerals. . . . . . . . . . . . . 12 TMAC Resources. . . . . . . . . . . 16 Uranium Energy . . . . . . . . 26,27 Uranium Participation. . . . . . 26 Vale. . . . . . . . . . . . . . . . . . . . 12,20 Wallbridge Mining . . . . . . . . . 32 Wesdome Gold Mines. . . . . . 16 Zijin Mining. . . . . . . . . . . . . . . 12

2020-02-25 9:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

An Augusta Group Company

THE AUGUSTA GROUP TRACK-RECORD IN EXPLORATION AND DEVELOPMENT

SOLD for ~C$2.1B in 2018 6,100% Share Price Increase

MERGED into EQX for ~C$200M in 2017 1,500% Share Price Increase since 2016

SOLD for ~C$666M in 2014 3,300% Share Price Increase

SOLD for ~C$1.6BM in 2011 12,960% Share Price Increase

Focus on Exploration and development in Prolific Zinc District • 100%-owned Empire State Mine (“ESM”) in New York State, U.S.A • Part of the Augusta Group – strong track record in exploration and development • Zinc production in historic mining district • Focus on exploration and development; driven by best-in-class leadership • Discovery of Near-Mine Open-Pitable Mineralization - Potential near-term incremental mill feed • Updated Mine Plan expected by mid-2020 to include high-grade newly discovered zones

TSX : TI www.titanminingcorp.com Investors: info@titanminingcorp.com

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2020-02-25 9:35 PM

MARCH 2–15, 2020 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

GHANA – WEST AFRICA

5.1 Moz

ORE RESERVE* Developer ASX-TSX : CDV

CARDINAL_bbm_Feb2020.indd 1

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2020-02-25 10:46 AM

2020-02-25 9:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

Coronavirus impacts base metals market IN DEPTH

| Outbreak having significant impact in China and beyond

BY CARL A. WILLIAMS

cwilliams@northernminer.com

he coronavirus (COVID-19) outbreak continues to spread, with figures from the World Health Organization putting the number of infected people in China at 77,262 and the number of deaths in the country at 2,595, including two in Hong Kong. Another 2,069 cases and 23 deaths have been reported in 29 other countries, with eight deaths reported in Iran, seven in South Korea, two in Italy, and one in the Philippines, Japan and France, according to figures from WHO on Feb. 24. However, many believe that the Chinese government continues to underreport the number of people infected, with the actual number significantly higher at over 400,000. As the virus continues to spread, not only is the human toll likely to get worse before it gets better, but as Chinese businesses are forced to either shut down or limit their operations due to labour shortages and interruptions to supply chains, the Chinese economy and economies the world over will also take time to recover. The health emergency could delay about US$11 billion worth of planned Chinese nickel investments in Indonesia, the Financial Times reported, quoting Luhu Pandjaitan, a minister in charge of maritime affairs and investment. Wenyu Yao, a senior commodity strategist at ING in London, says

On the assembly line of the Shanghai Volkswagen manufacturing workshop in 2016. JENSON/ISTOCK

“THE PRICE IMPACT HAS BEEN SEEN PRIMARILY FOR COPPER AND NICKEL. MANY INVESTORS WERE BULLISH ON THESE METALS BEFORE THE OUTBREAK BUT HAVE NOW BEEN FORCED TO WIND BACK THEIR POSITIONS, WHICH HAS CAUSED A FALL IN THEIR PRICES.” WENYU YAO SENIOR COMMODITY STRATEGIST, ING

prices for industrial metals have dropped on average by about 10% since the end of January. “Because of the massive disruption to logistics and transportation at the local level, not only are copper, zinc and aluminum smelters running short of raw materials, but they are also experiencing difficulties in trans-

porting finished product,” she says in a telephone interview. A combination of quarantine protocols, transport restrictions, (around 760 million people are currently under some type of travel restriction according to the New York Times), staff shortages, and a government-mandated staged return

to work, is already making February an economic write-off for China. The outbreak also occurred towards the end of the Chinese New Year celebrations, when many workers were away from their homes and so have not been able to return to their places of work, forcing many downstream producers to suspend

operations. “I don’t think anybody is in panic mode at the moment about the Chinese economy,” says Pierre Vaillancourt, vice president and senior mining analyst at Haywood Securities in Toronto, “but there is a much more muted outlook, particularly for the first half of the year.” Given that China is the world’s largest consumer of metals, it’s no surprise that the global metals market is reacting to a slowdown in Chinese industrial activity. “The price impact has been seen primarily for copper and nickel,” says ING’s Yao. “Many investors were bullish on these metals before the outbreak but have now been forced to wind back their positions, which has caused a fall in their prices.” According to Scotiabank, at the end of January, the nickel price has fallen to its lowest level for six months, with the copper price dropping well over 10% since December. Zinc prices also continue to fall, albeit at a more moderate rate. Although prices now appear to be stabilizing, near-term price movements for base metals will continue to be influenced by the impact of the outbreak on China’s economic activity. Furthermore, because buyers prefer to visit physical shops for products like cars and goods, the closure of retail outlets is also negatively impacting sales. Online sales are also suffering due to a shortage of See CORONAVIRUS / 10

JOINT VENTURE ARTICLE

Drillware Pulls the Plug on Rod Tripping Traditionally, dropping a plug for cementing, grouting, wedging or any one of several downhole applications has taken three rod trips: one for pulling the entire drill string out of the hole, two for installing a rod shoe and going back down, and three for pulling the rods after a plug was set. It’s a feat that’s taken many hours across multiple shifts to achieve, assuming no mistakes were made along the way (dropped rods, anyone?) — that is, until now. Now, there’s a new c ompany called Drillware. A company formed out of a desire to take the best-in-class solutions for every drilling challenge and make it real. Their first product? A new t a ke o n t h e c l a s s i c d ow n h o l e plug. Not exactly the “sexiest” of drilling solutions, but perhaps that was the point. Drillware’s Piercepoint TTB Plug is unique. The “TTB” designation stands for “Through the Bit,” which reduces three rod trips down to just one. Gone are the days of tripping rods, just to install a rod shoe. Travelling through the bit, the plug was designed to deploy directly through the inner tube — seated through a loading chamber running just 10gpm of water, with a water bypass indicator telling you exactly when it’s loaded.

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Implementation is simple. Their kit replaces the stock lower latch body on the back end with an adjustable tube adapter, allowing water to flow through to the inner tube while retaining the original

length, landing shoulder and landing indicator ball. The core lifter case on the inner tube is replaced with a smooth lifter case to ensure that that the TTB plug is deployed correctly, and the plug itself is installed with a loading chamber connected to your water supply. Once loaded, you’re ready to run the inner tube back down the hole. When the tube lands and water is applied, the pressure will build until the landing indic ator ball is pushed through the indicator bushing. When this happens, the water pressure will momentarily drop. At this point, the water will be directed through the inside of the inner tube — pushing the TTB plug out through the bit.

Once the plug has been deployed, there will be a steady rise in water pressure. Turn of f the pump at this point, but DO NOT release the pressure through the blow off. With the pump shut off, slowly pull back the rod string until it is clear of the plug, confirmed by a release of pressure on the water pressure gauge. And with that, the Piercepoint TTB Plug is set — ready for whatever you plan to throw at it. Currently available through MBI’s global network, the Piercepoint T TB Plug c ome s as a k i t t h at includes everything you need to prep, load, and deploy the plug. Ask for it by name, and eliminate the costs and time required to

deploy your next downhole plug for good. Hot on the heels of this innovation is Drillware’s Environ SRS Centrifuge, which reduces water consumption at the drill by up to 90%, with no water discharge whatsoever. Their solids removal system reduces tailings to the consistency of toothpaste, which can be easily bagged and transported off-site, instead of in a permitted sump. Stay tuned for that. — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Drillware and presented in cooperation with The Northern Miner. For more information visit drillwaretools.com.

2020-02-25 9:35 PM

WWW.NORTHERNMINER.COM

MARCH 2–15, 2020 / THE NORTHERN MINER

Coronavirus impacts base metals market CORONAVIRUS From 9

delivery staff. The lockdown is likely to remain in place for the remainder of February and possibly until mid to late March, further impacting the Chinese economy, with the knock-on effects already being felt globally. Moody’s Investors Service has already revised down its global GDP forecast for China, lowering it from 5.8% to 5.2%, and expects the G-20 economies to collectively grow at 2.4% in 2020, down from 2.6% in 2019. “Because of the widespread disruption from the outbreak, we don’t have much macroeconomic data coming out of China,” says Yao. “But our economists in Asia have already downgraded their GDP forecast for China from 5.6% to 5.4% for 2020, based on the assumption that the virus is contained in the second quarter.” Also, Chinese mines often employ significant numbers of trained miners and plant operators from coastal provinces such as Jiangsu and Zhejiang. The 14-day quarantine period for workers crossing provincial borders is now leading to a bottleneck

throughout the metals and mining industry, further exacerbating the economic impacts. Wood Mackenzie has reported that at least half of the country’s mines are on extended shutdown, and of those that are open, most are not operating at full capacity. China is a crucial player in the copper market and accounts for more than half of global demand. “Although there is an expectation that the outbreak is unlikely to impact either copper supply or demand significantly,” says Haywood’s Vaillancourt, “the copper price is often a bellwether for the state of the global economy, and it’s taking a hit at the moment.” Because copper is one of the most widely used metals in the world, demand for copper is often considered a reliable indicator of the health of the global economy. The London Metal Exchange three-month copper price fell from US$6,300 per tonne at the start of 2020 to US$5,700 per tonne at the end of January. Daye Nonferrous Metals Group, located in Hubei province, where the epidemic originated, has reduced its copper production capacity, Fast

Markets reported on Feb. 5, while Guangxi Nanguo Copper, although not a significant copper producer, has declared a “force majeure,” suspending its purchase of copper concentrates from suppliers due to the outbreak. Hubei is also China’s single largest auto-galvanized sheet-producing region, and an extended shutdown in demand is likely to put pressure on zinc prices. Henan Yuguang Gold and Lead in Henan province, which borders Hubei, has already shuttered half of its 300,000 tonne-per-year zinc production capacity due to the difficulty of moving large quantities of sulphuric acid, a by-product of the process, Reuters reported on Feb. 13. Declining demand for zinc used to galvanize steel was another reason for cutting back production, the news agency said. Zinc smelters typically produce about 1.8 tonnes of sulphuric acid for every tonne of refined zinc. Although some acid is used in the production process, smelters have limited capacity to store acid, so the bulk is sent to chemical and fertilizer manufacturers. However, because trucks are used

“OUR ECONOMISTS IN ASIA HAVE ALREADY DOWNGRADED THEIR GDP FORECAST FOR CHINA FROM 5.6% TO 5.4% FOR 2020, BASED ON THE ASSUMPTION THAT THE VIRUS IS CONTAINED IN THE SECOND QUARTER.” WENYU YAO SENIOR COMMODITY STRATEGIST, ING

for transporting the acid, labour shortages and movement restrictions have limited the ability of smelters like Henan Yuguang Gold and Lead to dispose of it. Combined with shrinking demand for the metal due to ongoing quarantines and lockdowns, the company had no choice but to limit its production, Reuters reported. Reductions in zinc output from Chinese smelters will not only affect the zinc market in China but will have a knock-on effect on the rest of the world. As China’s demand for imported concentrates drops, the world’s concentrate supplies will be driven further into surplus, placing upward pressure on zinc spot treatment

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charges (TCs). Compared with January, TCs are now US$10 per tonne higher, at around US$320 per tonne. Primary lead producers are facing a similar predicament to zinc smelters, as limitations on acid storage and, over time, restricted access to concentrate, will lower production levels. And with much of China now immobilized, secondary lead smelters are also suffering from restrictions on the movement of scrap batteries, the primary feedstock for lead recyclers. In the absence of an adequate supply of refined lead, battery manufacturing could slow or come to a halt. Since the outbreak, stocks of lead held by companies on the Shanghai Futures Exchange have dropped by over a third as consumers scramble for the material, according to Wood Mackenzie. The reduced availability of lead and zinc, and other metals is being felt by companies in China and internationally. China’s Association of Automobile Manufacturers (CAAM), for instance, has estimated that the outbreak will disrupt the production of over 1 million vehicles. In its latest assessment, CAAM estimates that of the 183 automotive manufacturers it tracks, only 59 had resumed production as of Feb. 12. In addition, only 20% of the 2,895 dealers across China had reopened, as of Feb. 14, according to China’s Automobile Dealers Association. Plants owned by Honda, GM, Nissan, and the PSA group of France operating in Hubei — one of China’s critical automotive component manufacturing regions — are currently closed until further notice. Hyundai is closing factories in South Korea, and Fiat Chrysler announced that one of its European plants might have to close due to a shortage of critical parts. Any slowdown in industrial activity will severely impact companies with manufacturing facilities in China. On Feb. 17, Apple issued a revenue warning for the current quarter as a lack of workers at its iPhone manufacturing facilities in China has led to a decrease in output. China is also Apple’s third-largest retail market for iPhones, after the U.S. and Europe, and the closure of retail outlets across the country has also weakened demand for its products in China. Market analysts have expressed concern about the virus’s ongoing impact on the tech industry and other market sectors. A concern echoed by nearly 8 out of 10 companies who reported that they didn’t have enough staff to run a full production line, according to a survey conducted by the American Chamber of Commerce in Shanghai on Feb. 17. And with shipping times from China to Europe of around 6-8 weeks, the impacts on the supply of Chinese made components to European and American markets may not be fully felt until March or April, according to Wood Mackenzie. “Although workers appear to be returning to plants, this is on a limited basis due to checkpoints and quarantines,” says Vaillancourt. “Therefore, industrial activity may take some time to ramp back up, and I don’t see the economy recovering until well into the second half of the year.” TNM

2020-02-25 9:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2â&#x20AC;&#x201C;15, 2020

TOP 10

Most valuable gold miners TOP 10

Most valuable copper miners

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COMPANY

TICKER

MARKET CAP

Newmont Barrick Gold Polyus Freeport-McMoRan Newcrest Mining Agnico Eagle Mines AngloGold Ashanti Sibanye-Stillwater Polymetal International Kinross Gold

NGT ABX PLZL FCX NCM AEM AU SSW POLY K

$53.6B $50.4B $23.5B $23B $17.6B $16.5B $12.1B $11.4B $10.8B $9.9B

INCLUDES PUBLIC COMPANIES THAT PRODUCED AT LEAST 1 MILLION OZ. GOLD IN 2018. VALUES AS OF FEB. 21 2020 AND IN CANADIAN DOLLARS.

COMPANY

TICKER

MARKET CAP

BHP Group Rio Tinto Vale Glencore Anglo American Southern Copper Freeport-McMoRan Antofagasta First Quantum Minerals Teck Resources

BHP RIO VALE GLEN AAL SCCO FCX ANTO FM TECK.B

$171.3B $121.7B $77.4B $51B $49.7B $38.7B $23B $14.5B $8B $7.8B

INCLUDES PUBLIC COMPANIES THAT PRODUCED AT LEAST 250,000 TONNES COPPER IN 2018. VALUES AS OF FEB. 21 2020 AND IN CANADIAN DOLLARS.

2020-02-25 9:35 PM

WWW.NORTHERNMINER.COM

MARCH 2–15, 2020 / THE NORTHERN MINER

Will Canadian miners rise again? M&A From 1

Barrick Gold CEO Mark Bristow at The Northern Miner’s 2019 Canadian Mining Symposium in London, U.K. PHOTO BY THE NORTHERN MINER

Agnico Eagle Mines vice-chairman and CEO Sean Boyd at The Northern Miner’s 2018 Progressive Mine Forum in Toronto. PHOTO BY THE NORTHERN MINER

the Canadian mining landscape. Australia’s St Barbara purchased Atlantic Gold, Titan Minerals acquired Core Gold and Zijin Mining bought up Continental Gold a little more than a year after it acquired fellow Canadian miner Nevsun Resources. Australian giant Newcrest Mining also took a stake in Imperial Metals’ (TSX: III) Red Chris copper-gold mine, and the newly consolidated Newmont sold off its Red Lake mining complex in Northern Ontario to Australia’s Evolution Mining. There may be merit to concerns that Canada’s influence is on the decline — but it’s also a natural part of gold miners’ use of M&A to achieve scale and relevance to investors, said Jay Kellerman, a partner at Stikeman Elliott and head of the firm’s mining group in Toronto. Based on data on Toronto Stock Exchangelisted companies, there are now only 41 mining companies on the

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“IN THE MIDCAP SPACE ... COMBINATIONS BETWEEN PLAYERS CAN CREATE NEW POTENTIAL FUTURE CHAMPIONS IN THE SECTOR WITH BIGGER CLOUT TO DEVELOP PROJECTS AND MAKE FURTHER ACQUISITIONS.” MICHAEL PICKERSGILL CO-LEAD FOR MINING AND METALS GROUP, TORYS LLP

index with a market capitalization of more than $1 billion, according to Kellerman. Smaller companies will need a plan to reach that valuation or risk being left behind, he said. “The mining sector globally is a very, very small industry, and the Canadian piece of that itself is very, very small … If companies need to be bigger [to reach investors], from an absolute-number-of-companies perspective [the industry] will be smaller,” Kellerman said. “It will evolve, it’s never going to be what it was and probably will reduce in size.” He noted that a smaller industry could have a knock-on effect on the services that support it, such as lawyers, accountants, investment bankers and mining technology providers. Lassonde, in the BNN interview, had a similar perspective. Lawyers and investment bankers are “gonna have a bit of a tougher life for the next few years until we can replace [Barrick] with someone else,” he said. However, Michael Amm, a partner at Torys LLP who co-leads the firm’s mining and metals group in Toronto, said the worries are overblown. Canada has seen major mining companies gobbled up before, he noted, with Falconbridge’s takeover by Xstrata (later taken over by Glencore (LSE: GLEN), Vale’s (NYSE: VALE) takeover of Inco and a Rio Tinto (NYSE: RIO; LSE: RIO) and Mitsubishi-led consortium’s purchase of the Iron Ore Company of Canada. While giants like Barrick may play a reduced role here, he said, others will emerge in their wake. “This has been a theme that’s been talked a lot about over the last 15 or more years of Canada losing significant companies. … Goldcorp has gone but look at the growth of companies like Agnico and Kinross,” he said. As well, Amm added, the Toronto Stock Exchange still remains a wellunderstood and popular way for mining companies from Canada and abroad to access equity capital. Amm and Michael Pickersgill, Torys’ other mining and metals group co-head, believe that the next group of majors could emerge from consolidation in the mid-tier space. “While M&A activity can reduce the number of large players in Canada, especially when the acquirers are foreign companies, M&A activity involving domestic players can also be a catalyst to create larger, stronger and more dynamic Canadian companies,” Pickersgill said. “This is especially the case in the mid-cap space where combinations between players can create new potential future champions in the sector with bigger clout to develop projects and make further acquisitions. Kirkland Lake Gold’s (TSX: KGI; US-OTC: KG) recent acquisition of Detour Gold is a good See M&A / 16

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GLOBAL MINING NEWS BME Northern Miner Full Page 10 inch (w) x 15.75.pdf

1 29 Jan 2020 23:57:03

THE NORTHERN MINER / MARCH 2â&#x20AC;&#x201C;15, 2020

CMY

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MARCH 2–15, 2020 / THE NORTHERN MINER

Ashley Kirwan, David Cataford named Young Mining Professionals of the Year YMP AWARDS From 1

tipped the scale. “He and his group acquired Champion’s operating assets for less than $10 million, in what was a distressed iron ore market,” Stewart says. “They took advantage of the capital that has been sunk into infrastructure by a previous owner, while refocusing on fine-tuning their operations and putting the asset back into production. As the iron market bounced back, they have rewarded their shareholders with what is now close to a billion dollar company.” Ashley Kirwan Ashley Kirwan is the co-owner, cofounder, and CEO of Orix Geoscience, a leading geological firm that partners with junior, mid-tier and major mining clients to provide geological expertise and business strategy. Raised in Sudbury, Ontario, Kirwan earned a Bachelor of Science and Master of Science degrees in geology at Laurentian University. She started her first year of university with plans to major in geography but after taking first year geology she fell in love with the science. “My first year professor was very passionate about geology giving insight into what a career would look like, and being from Sudbury and surrounded by mining and exploration companies I began to realize all the opportunities that came with it,” she says in an interview. While pursuing her undergraduate degree she spent her summer doing field and office work for the

Ontario Geological Survey in Sudbury and Matachewan. She then held various roles at FNX Mining, as a student geologist, exploration geologist, and production geologist. She then worked in a special projects team focused on complex geological interpretations and 3D models. Subsequently, FNX Mining was acquired by KGHM International. “When I worked for FNX as part of the exploration team I quickly realized that it was a passionate group and their corporate culture was amazing,” Kirwan recalls of the six years (2005-2011) she spent at the company. “It was a fantastic experience. They really instilled in me that you need to understand the rocks and come up with a geological interpretation before you drill.” Kirwan worked on surface exploration drill programs and spent time underground piecing the geology together with mine operations to execute on production plans. “I’d go underground and map the drifts from the previous night’s blasts, then work with the underground miners and geology team to plan the next 24-hour advancement,” she says. “I was able to work with an amazing crew underground and saw the economic veins in front of me instead of reading about it,” she says. “I saw a massive five-foot-wide copper nickel vein and was able to map and model it in 3D. I think every exploration geologist should work underground at some point early in their career.” Leaving FNX was one of the toughest decisions she made, Kirwan says, but she wanted a chance

Orix Geoscience CEO Ashley Kirwan in the field. COURTESY

to work on other commodities and gain experience outside the Sudbury basin. She landed a job in Nevada with Bridgeport Ventures as a project geologist in January 2011 before becoming a senior exploration project geologist from July 2011 until May 2012. “It was a glimpse into a different side of the geosciences,” she says. “It was my first experience with a true junior company and my first experience in gold.” Kirwan was one of the company’s only senior geologists and she did everything from logistics and planning to marketing and communicating with Bridgeport’s executives.

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When Bridgeport underwent a successful acquisition and was moving in a new direction, Kirwan and a colleague, Shastri Ramnath, weighed their options and decided to create their own company, Orix Geoscience. “A lot of people told us not to do it,” she recalls. “It was 2012 — not the greatest time in the market and very few companies could raise funds. It was probably one of the worst times to start a business, but we looked at this challenge as an opportunity and we wanted to work together, and we trusted each other.” The two business partners found an interesting niche — offering high quality geological interpretation for companies so they could strategically explore. They started off working mainly for juniors, most of whom had no geological team, very little cash, and were trying to raise money but required a proper geological story to give investors confidence. Kirwan and Ramnath did a lot of early work in exchange for shares. “We recognized that a lot of projects were undervalued so we worked very hard helping companies understand their geology so they could raise money, and once they raised money there was a natural fit for us again to provide ongoing geological services for their exploration programs.” As their business and reputation grew, they continued working for juniors and expanded their reach working with mid-tiers and majors.

Today Orix is a one-stop shop that provides full exploration services, from drone surveys and historical document/map scanning, through to digitizing, database compilation, 3D modelling and field work. For mid-tier and major companies Orix is hired for special projects often to manage large datasets or solve a geological question a team may face, such as creating a drillhole database from historical logs or modelling the geological controls on mineralization in one particular area. Kirwan says Orix sees its clients as partners and has worked with many of them for more than five years. Orix also partners with other geological firms building synergies in the industry. One thing that Kirwan is particularly proud of is that the company is 100% female-owned and 52% of its 62 employees are women — most of them in technical positions such as geologists and GIS technicians. About a quarter of the company’s employees come from around the world — countries like South Africa, Iran, Colombia, and China. The majority are in their early to midthirties. “We have team members with more than 25 years’ experience, but the average employee is a millennial, so we bring a new perspective and a different team to mining.” That’s important in today’s era of technology. The company has hired two computer programmers to help process data, which needs to be compiled, cleaned, and organized to understand what information

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is available, before anyone should consider interpretation let alone machine learning. At the end of the day — it’s all about the possibility of discovery. “One of the things that I really like about geology is that it’s an artistic science ... geology leaves room for interpretation,” she says. “Anyone’s idea can be considered because we’re dealing with things that are a million years old. I like the artistic nature and the problem-solving side and it might be a cliché but it’s also the people. Geologists are a different kind of scientist — I work with an amazing team that are hard-working but have a lot of fun along the way, and that brings energy. We have a bigger vision of making an impact on the mining industry. If it wasn’t for the people, I probably wouldn’t love it as much as I do.” David Cataford David Cataford has been working in the iron ore industry and Canada’s Labrador Trough for the last 15 years. He is the CEO of Champion Iron (TSX: CIA), an iron ore producer whose flagship asset is the Bloom Lake mine, 13 km west of Fermont in Quebec and 10 km north of ArcelorMittal Mines’ (NYSE: MTN) Mont Wright iron ore mining complex. Cataford studied mining engineering at Laval University in Quebec — one of only two students in his class. “It was not a popular program at the time,” Cataford jokes in an interview. “Funny enough the entire mining engineering cohort that graduated in 2008 consisted of two guys, both named David.” Cataford, who grew up in Montreal, says none of his family worked in the mining industry but an uncle was an engineer and “always made sure to mention every time I saw him that engineers are the key and that engineering offers so much flexibility into what kind of work you can choose to do after you graduate.” “When it came time to pick my field of study, I always liked being outside and the mining sector proposed interesting challenges,” Cataford says, “and this quickly got me interested to pursue mining engineering.” While a student, Cataford spent his summers on internships, one at COREM, a research center that does joint research programs with mining companies; a second at Agnico Eagle Mines (TSX: AEM; NYSE: AEM) LaRonde mine in the Abitibi region of northwestern Quebec; and the third at ArcelorMittal’s Mont

Champion Iron CEO David Cataford (pointing) in the processing plant at the Bloom Lake iron ore mine. COURTESY

Wright mine, about 400 km north of Sept. Iles. Upon graduation he was offered a job at Agnico Eagle’s Goldex mine, but turned it down to work with a friend who had just opened a high-end tea business in Quebec City. Cataford worked there for a year for $12 an hour and immersed himself in the business. “I became passionate about tea and learned everything about it — especially Chinese tea,” he recalls. Little did he know that his decision would later help him in his mining career. When Cataford was hired by Consolidated Thompson as a metallurgist in charge of the concentration plant at its Bloom Lake iron ore mine, he was able to put his knowledge of tea to work. Consolidated Thompson’s 25% partner at the mine was Chinese steelmaker Wuhan Steel. “When their marketing team came to site for the first time I served them tea,” he says. “Typically when partners visit they meet with the general manager or head office, they would rarely meet with the metallurgist on site, but because of my background in tea I got to know them.” When Cliffs Natural Resources, now Cleveland Cliffs (NYSE: CLF), acquired the Bloom Lake mine from Consolidated Thompson in 2011, Wuhan Steel remained a partner, and Cataford developed his contacts with his Chinese counterparts while

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working as Cliffs’ mine superintendent and plant manager. Cataford left Cliffs in 2014 to join Michael O’Keeffe at Champion Iron to start developing a new iron ore project in the Labrador Trough, but a few months later learned that Cliffs had closed down the Bloom Lake mine and put it into bankruptcy proceedings. Cataford and O’Keeffe then went to work trying to acquire the asset, which they succeeded in doing in 2016. Initially Champion partnered with the Quebec government on Bloom Lake. Champion owned 63.2% and the government 36.8%. Three years later, however, after the

Quebec government had invested about $45 million into the mine, Champion acquired the government’s stake for $211 million. “The Quebec government believed in the project when capital was scarce prior to the recommissioning, and we were proud to be able to deliver them excellent returns for their investment” says Cataford, who was promoted from vice president of engineering to chief operating officer in two and a half years, and to CEO after four years at the company. Champion re-started Bloom Lake in February 2018. “We delivered the project on time and on budget,

which is a considerable achievement in the mining space, and we reached nameplate capacity (7.4 million tonnes per year) after just six months of operations.” “Since then we’ve delivered a feasibility study that demonstrates the economic viability to double production at Bloom Lake from 7.4 to 15 million tonnes a year,” he says, “and now we’re focused on streamlining our profitable operations while extensively planning our proposed expansion. We’re targeting 2021 to finish the expansion, which would see Bloom Lake’s production double.” In 2019, the mine produced 7.8 million tonnes of high-grade iron ore. One thing Cataford is particularly proud of is reducing Bloom Lake’s carbon footprint. “When we restarted operations at Bloom Lake we not only improved the throughput, but we also reduced carbon dioxide (Co2) emissions by 40% in our first year of production, compared to the previous owner’s last year of operations in 2014.” Cataford loves what he does. “It’s very interesting because we have a complex business,” he says. “We are focused on the mining and the processing at site, but then there’s everything that’s beyond the mine gate — the logistics, the shipping, and all of the sales and marketing, and because we produce some of the highest quality iron ore material in the world, it allows us to benefit from selling a niche product in a niche market. With this success and strong partners, Champion Iron is well positioned to exploit its large portfolio of resources in the district.” TNM

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Kirkland Lake Gold’s Detour Lake gold mine in Ontario. KIRKLAND LAKE GOLD

Will Canadian miners rise again?

M&A From 12

example of the creation of a new larger cap Canadian gold company that has the potential to develop into a leading player in the sector.” Kerry Smith, vice-president, senior mining analyst and director at

Haywood Securities, said he expects to see the next majors come from established mining titans such as Equinox Gold (TSX: EQX) founder and chairman Ross Beaty and Lundin Gold (TSX: LUG) chairman Lukas Lundin. “Those kinds of people with those

skillsets are going to get more funding in the market, they’re going to get more investor interest,” Smith said, noting that Lundin Gold has a much higher valuation than is typical of a single-asset miner, and Equinox’s stock has continually climbed since it listed in 2017.

“I think people are prepared to back those kinds of people because they’re winners.” Small and mid-tier miners also have an opportunity to benefit from mega-consolidations as companies like Barrick and Newmont prepare to sell off excess assets post-merger,

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said Kellerman. Mid-tier producer Teranga Gold (TSX: TGZ) was one beneficiary in December, when it purchased the Massawa project in Senegal from Barrick. “What are now non-core assets in each of those companies probably take up a significant amount of management time and … those assets would be better off if they were sold for fair value and deleted from the portfolio, so management can focus on higher-valued, more important assets,” Kellerman said. “And yet those assets in the hands of a smaller company might be very important, strategic and become core assets.” It may prove necessary for smaller companies to seize those opportunities as investors, seeking to de-risk their portfolios, grow tired of single-asset companies. “It’s one thing to be a single-asset exploration company as you de-risk the asset and take it through to production,” Kellerman said. “But at a certain point in time that company will find itself in the hands of another company or it needs to buy something else to survive.” In a Canaccord Genuity research note in December, several single-asset Canadian miners are seen as takeover targets this year — including Pretium Resources (TSX: PVG; NYSE: PVG), TMAC Resources (TSX: TMR), Premier Gold Mines (TSX: PG; US-OTC: PIRGF), Wesdome Gold Mines (TSX: WDOP), Sabina Gold and Silver (TSX: SBB) and Great Bear Resources (TSXV: GBR). “Single-asset companies are not in good graces right now with capital markets generally,” said Smith. ”You have one hiccup, and you can’t cover it up. You can’t hide it.” However, Kellerman said he doubts that the mid-tier space will be the originator of Canada’s new majors. “I think there’s too many social issues and I don’t think there’s enough courage,” he said. “Last time I looked, when two companies merge there’s only one CEO. There’s not enough courage to … create a major and put these two or three companies together.” It’s partly an issue of executive compensation, Smith suggested. With executives receiving generous cash compensation and, often, very little in stock, there’s less incentive to say yes to a merger or acquisition that may put them out of a job — even if it would be value accretive to shareholders. “If [CEOs] own more stock, they’d be more receptive to doing things that increase the stock price even if they lose their jobs.” TNM — Kelsey Rolfe is a freelance journalist based in Toronto. She has written about the mining sector for more than five years and was previously a section editor at CIM Magazine in Montreal.

2020-02-25 9:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2â&#x20AC;&#x201C;15, 2020

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The state of metals markets in 2020 METALS MARKETS From 6

institutional investor disinterest and retail investor disenchantment. Mining executives will continue to ignore managing their companies for profits and instead focus on building increasingly unprofitable empires built on debt. Molybdenum and other specialty metals that have been ignored in the circus hoopla surrounding “battery metals” may garner some attention as investors realize these metals actually are critical for construction, transportation, energy infrastructure, and other essential aspects of human life. Gold and Silver: Gold and silver prices rose sharply in the second half of 2019 despite low physical demand from investors during 2018 and 2019. Physical demand from investors traditionally has been the driver for higher gold and silver prices. Prices instead have risen on short-term buying by momentum investors and traders in futures, options, ETFs, and forwards. If prices are rising sharply in the absence of long-term investors buying large volumes of physical metal, prices should be expected to rise that much more sharply when these investors increase their demand in future years. CPM expects record gold prices and much higher silver prices four to seven years from now, as we do not see economic and political trends stimulating such a rush for a few years yet. PGMs: CPM’s just-completed annual update of its Platinum Group

Attendees at the 2020 Mining Indaba convention in South Africa in February. MINING INDABA

Metals 10-Year Projections report suggests a reversal of fortunes between platinum on the one hand and palladium and rhodium on the other. Platinum has been mired at relatively low prices since 2015 while palladium and rhodium have risen to record levels. Fabrication and investment demand are behind this diversion. They will be behind what could be a reversal here. Palladium prices may plateau around record levels over the next few years, and are at risk should

investors who hold large metal inventories decide to sell … someday. Platinum prices may remain weak initially, but ultimately are projected to rise sharply, probably making new nominal record highs over the coming decade. Rhodium is likely to remain high for quite different fundamental reasons. Any weakness due to a move to EVs is many years away. Molybdenum: Prices have risen sharply at the start of 2020. Molybdenum is a largely overlooked metal

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lost amid the market hype about precious metals and the hoopla about “energy metals,” but it is critical to drill pipes and transmission pipes for oil and gas and mining, as well as a lot of other energy technologies. With only one North American listed primary molybdenum producer, it is somewhat shielded from the hype. (There was a round in the middle of the 2000s during the “Commodities Super Cycle” carnival; it ended badly for investors as well as for exploration and development companies.) Despite its quiet public persona, moly is indispensable to current industries, as well as potential new technologies that may be commercialized in the future. Around 272,000 metric tonnes of molybdenum are mined at around 40 mines globally each year, valued around US$6.8 billion at 2019’s average price for molybdenum contained in molybdenum oxide. The molybdenum market is five times the volume of the uranium market and more than double the value at market prices. Yet investors continue to overlook the molybdenum market. Investors continue to throw good money at rare earths, lithium, cobalt and other metals that are far less important but are gruesomely overhyped, ignoring indispensable metals like molybdenum. That may not change in 2020, but there could

be a renewed interest in such metals on the part of fundamentally driven institutional and individual investors who resist succumbing to the siren songs of mining stock hype. New Energy Vehicles: Another trend that may emerge in 2020 is that the reality may sink in that any transition to EVs or other new automotive propulsion systems is a decades-long process facing major constraints in terms of a lack of electricity, insufficiently stable electrical grids, and massive capital requirements to build the equipment and component factories in the face of rapidly changing technologies that make it unclear what components actually will be needed. There may be a human impulse to hope for radically different trends and conditions in a new year from what came before, but the reality more often is that each year is a continuation of current trends. This appears likely to be the case for gold, silver, copper and mining equities, although PGMs, “battery metals,” molybdenum, and market expectations of the pace of transition from gasoline and diesel to NEVs may see fundamental, directional changes. TNM — Jeffrey Christian is the managing partner of CPM Group, a commodities research and financial consulting firm in New York.

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

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Brazil’s Bolsonaro eyes Amazon riches ENVIRONMENT

| Development in sensitive areas could be costly

BY TOM AZZOPARDI Special to The Northern Miner

proposal by the Brazilian government to open up the Amazon rainforest is facing global scrutiny. The mineral wealth hidden beneath Brazil’s Amazon rainforest is believed to be considerable. In recent years, the state of Para, the second largest in Brazil’s Amazon region, has overtaken Minas Gerais as the country’s leading minerals producer, with companies producing iron ore, copper, nickel and bauxite. Reserves of tin, manganese and oil and gas are also thought to be found in the state, especially in areas that until now have been closed to mineral exploration. Elected in 2018, President Jair Bolsonaro is keen to exploit this potential, and his government has presented legislation that would allow mining and other commercial activities on lands reserved under the constitution for Brazil’s indigenous peoples. The government bill, presented to Congress in early February, specifies how indigenous communities must be consulted and the economic compensation due to them. Although the Brazilian constitution does not ban extractive industries from indigenous lands, development has been effectively blocked by a legal vacuum over how they should be regulated. Opening up the Amazon to mining, Bolsonaro says, would not only invigorate Brazil’s economy and lift the incomes of some of its poorest citizens, but also strengthen its sovereignty over the region. Covering 1.1 million sq. km or 13% of its territory, Brazil’s indigenous lands are overwhelmingly concentrated in the Amazon. President Bolsonaro, a former army captain, has been a longtime critic of Brazil’s indigenous policies, which grant a sliver of the population exclusive control over huge swathes of the country, but little means to develop them. “Unfortunately, some people,

Brazilian President Jair Bolsonaro. MARCOS CORREA/PALACIO DO PLANALTO

inside and outside Brazil, supported by NGOs, insist on treating and maintaining our indigenous peoples as true cave people,” the president told the United Nations in September 2019. “The indigenous peoples do not want to be poor landowners on top of rich lands. Especially the richest lands in the world,” the president told the U.N., highlighting the diamonds, niobium and rare earths to be found beneath some of the largest indigenous territories. Unsurprisingly the government’s proposal has caused outrage amongst environmental and indigenous campaigners. Allowing mining and other activities on indigenous lands would

be to invite catastrophe, environmentalists have claimed. After the disastrous tailings dam collapses at Vale’s (NYSE: VALE) Brumadinho and Mariana mines, many people are skeptical of the Brazilian authorities’ ability to properly regulate extractive industries, and warn that the move will accelerate the destruction of natural habitat, loss of biodiversity and contamination of rivers. Indigenous leaders fear for their very existence.Brazilian NGO Instituto Socioambiental estimates that 20,000 illegal miners operate in the Yanomami indigenous reserve. These invasions have increased since Bolsonaro took office, activists claim, and although the legislation

“GIVEN THE AMAZON’S ROLE AS A CRITICAL COMPONENT OF CLIMATE STABILITY, THIS COULD BE DISASTROUS TO THE WHOLE WORLD.” CHRISTIAN POIRIER PROGRAM DIRECTOR, AMAZONWATCH

requires them to be consulted over economic activity on their lands, these would not be binding in the case of major investment projects, they say. In a statement, they likened Bolsonaro’s bill to a death sentence. Lawmakers who must now debate the bill share some of these concerns and the head of Brazil’s lower house, Deputy Rodrigo Maia, has already

said that he has no plans to put the bill to a vote. With relations between Congress and Bolsonaro already strained, analysts say, the legislation looks unlikely to succeed, at least in its current form, Leandro Lima, a political consultant for Control Risks based in Sao Paolo, said in an interview. But by putting the issue on the table, Bolsonaro is bringing forward the day when the regulations may change, observers say. A more tactful government with more support in Congress might succeed in opening more of the rainforest to commercial activities, they warn. Environmentalists say this could have global consequences. After decades of deforestation by loggers and farmers, scientists fear that the Amazon rainforest is close

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

“RESPONSIBLE INVESTORS, CONCERNED WITH THE CLIMATE CRISIS, WILL HARDLY TAKE DEFORESTATION AND INDIGENOUS BLOOD INTO THEIR PORTFOLIOS.” STATEMENT CLIMATE OBSERVATORY

to the point where it is no longer able to sustain itself. “Given the Amazon’s role as a critical component of climate stability, this could be disastrous to the whole world,” Christian Poirier, program director at environmental NGO AmazonWatch, said in an interview. As a result, Bolsonaro’s pro-mining policies are set to raise alarm. He has already received significant criticism for Brazil’s tardy response to forest fires that destroyed more than 900,000 hectares in the Amazon region last year. Last year Germany and Finland threatened to withhold millions of dollars of aid for the Amazon over the president’s policies, while France’s President Emmanuel Macron threated to reject a new free trade agreement between the European Union. and Mercosur (Argentina, Brazil, Paraguay and Uruguay) if Brazil did not do and say more to fight climate change. Bolsonaro shrugged off the remarks as “colonialist” but economics may force him to listen more closely. Aware of public opinion on climate change, companies are growing increasingly sensitive to the issue. Ahead of Bolsonaro’s speech to the U.N. last year, a group of 200 investment funds with more than US$16 trillion in assets under management, urged companies to address the role their operations and supply chains have played on

Brigades with the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) combat fires in the Amazon region in 2019. IBAMA

deforestation.Major fashion chains, including H&M and Northface, have stopped buying Brazilian leather over concerns that it is sourced from cattle farms that were once rainforest. In January, the head of Brazil’s central bank,Roberto Campos Neto, warned the government that its environmental policies could slow foreign direct investment into the country. That same month the president unveiled a new Amazon Council to coordinate sustainable development between ministries in the region and a new environmental police force to enforce environmental regulations. Although the council will be led by Vice President Hamilton Mourão, another strong advocate of the region’s development, its creation shows the government is concerned by the criticism and its

potential impact. But as the Brazilian government works out its policy on the Amazon under increasing international scrutiny, mining companies risk being caught in the crossfire. For now, Brazil’s miners are striving to stay out of the debate. In a statement, Brazilian mining association IBRAM said that mining in indigenous areas was

feasible as long as the right legal framework is in place, and noted that both Australia and Canada allow it. But speaking to journalists on Feb. 13, IBRAM President Walter B. Alvarenga insisted that mining companies are not pushing projects in indigenous areas and that any development remained several years off.

Even if policies are put in place to promote more mining in the Amazon, companies and investors will have to weigh public opinion as well as what is legally possible. “Responsible investors, concerned with the climate crisis, will hardly take deforestation and indigenous blood into their portfolios,” said Brazilian NGO Climate Observatory. TNM

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Drilling isnâ&#x20AC;&#x2122;t for the faint of heart ODDS â&#x20AC;&#x2DC;Nâ&#x20AC;&#x2122; SODS â&#x20AC;&#x201A; BY RALPH RUSHTON Special to The Northern Miner

ine geologists â&#x20AC;&#x201D; whether they work at open-pit or underground mines â&#x20AC;&#x201D; eventually end up supervising drill machines and sometimes the work can be dangerous. My first job as a naĂŻve geologist in my early twenties was working underground in the deep mines of South Africaâ&#x20AC;&#x2122;s Transvaal, now known as Gauteng province. I had a three-year contract and couldnâ&#x20AC;&#x2122;t believe my luck. Not only had I managed to avoid the North Sea oil rigs, but I was being paid to travel around southern Africa and hang out with a bunch of like-minded geologists from the United Kingdom. We worked hard and played hard. Late in my tenure at the Vaal Reefs mine, I had seven underground drill machines running in different parts of the No. 2 shaft. Thatâ&#x20AC;&#x2122;s a lot of drilling. It was exhausting and I was stressed. Scheduling holes for so many machines became a 24-hour-a-day obsession. Planning the holes, getting crews to move the machines, logging and sampling the core, plotting the results, approving the invoices and then making sure the drilling company wasnâ&#x20AC;&#x2122;t screwing you over by billing for meters it hadnâ&#x20AC;&#x2122;t drilled. We tried to plan three or four weeks ahead so that we were never paying for an idle machine and crew. Most holes were routine production holes. These get drilled for lots of different reasons but are a vital part of the day-to-day production effort. We would drill regularly spaced holes above access tunnels to determine the geometry of the ore body (the Reef), so that the survey department could properly plan the mining faces that would exploit the gold-bearing horizon. Other holes might tar-

WHAT THE CREW DIDNâ&#x20AC;&#x2122;T KNOW (AND COULD NOT HAVE KNOWN) WAS THAT A 1 METRE LENGTH OF CORE WAS LEFT HANGING AT THE TOP OF THE HOLE WHEN THE DRILL RODS WERE REMOVED. get the lowest point in a particular block of ore, which is where the engineers preferred to aim the ore passes (known as box holes) so that ore could be easily pulled downslope and loaded into the haulage trains. And then there were the structural geology holes drilled to outline the dip, strike and throw of some of the myriad faults that disrupt the rocks of the Witwatersrand basin. If a main access haulage was heading into a new part of the mine, we might be tasked by the engineers with drilling very small diameter holes â&#x20AC;&#x201D; called cover holes â&#x20AC;&#x201D; up to 100 to 200 metres ahead of the face to check for possible dangers like methane pockets, broken ground or pressurised pockets of water; all potentially lethal to a drilling and blasting crew. Other holes were for pure exploration and those were the most fun. Weâ&#x20AC;&#x2122;d drill long holes to explore the blank spaces on our geology maps, looking for unknown blocks of ore. This took careful thought and interpretation and was the one time an underground geologist could have a really good think about the geology. But underground drilling isnâ&#x20AC;&#x2122;t

northern-miner_quarter-gs_feb2020.pdf

CMY

| A near miss and tragedy deep in the Witwatersrand basin

2020-02-24

10:09 AM

Mine dumps at the Vaal Reefs #2 Shaft in 1986. â&#x20AC;&#x201A; PHOTO COURTESY OF RALPH RUSHTON.

without its risks. One of my drill machines once accidentally cut into the water-filled hole left by an old surface exploration core hole. We were mining 2,500 metres below surface so the old hole, which had cut the water table, had a 2,500 metre head of water in it. When we knew that a tunnel was approaching one of the old surface holes we would issue a danger notice. The old drill hole surveying techniques were pretty inaccurate, so we could only estimate the holeâ&#x20AC;&#x2122;s position roughly to somewhere in a circle with a radius of about 100 metres. The drill/blast crews would take extra safety precautions as they got closer. This time, when the crew hit the hole, the enormous water pressure spat the steel drill rods out of the hole, and the 85 kilogram drill machine went with them, about 5060 metres down the tunnel. Luckily no one was hurt but there was lot of

mangled steel. On another occasion the drill crew wasnâ&#x20AC;&#x2122;t so lucky and it was the only time in my career that I experienced the visceral shock of a fatal accident. One afternoon, after wrapping up my routine work in the office, the phone rang. It was the production manager at Vaal Reefs #2 shaft where I was the responsible mine geologist. He muttered something about an accident with one of my drill machines and told me to get over to the shaft PDQ. I jumped in my 1976 Volkswagen Bug and drove to the shaft as fast as I could. I got there just as the main lift arrived at surface from 7,500 feet (2,286 metres) down. A rescue crew was bringing out a stretcher with a man strapped to it. One of the rescue team was holding a saline drip plugged into the manâ&#x20AC;&#x2122;s arm. The man was looking around himself, conscious but obviously in shock. As I watched he was loaded onto an ambulance and driven away to the mine hospital. He died on the way there. The victim was part of one of my underground production drilling crews. Theyâ&#x20AC;&#x2122;d been drilling a hole, about 70 metres upwards at an angle of about 15 degrees off vertical. The type of drill machine we were using had a hollow diamond-encrusted bit that cut 3.5-centimeter-thick core samples for the geologist to examine. It was a robust, simple machine but they did tend to break down from time to time. The machine had suffered a minor mechanical failure, so the drillers shut it off and pulled the drill rods out of the hole to allow them to repair the machine. The crew started to repair the machine immediately beneath the hole that theyâ&#x20AC;&#x2122;d been drilling. What the crew didnâ&#x20AC;&#x2122;t know (and could not have known) was that a 1 metre length of core was left hanging at the top of the hole when the drill rods were removed. As the men worked to repair the machine, the

WHEN THE CREW HIT THE HOLE, THE ENORMOUS WATER PRESSURE SPAT THE STEEL DRILL RODS OUT OF THE HOLE, AND THE 85 KILOGRAM DRILL MACHINE WENT WITH THEM, ABOUT 50-60 METRES DOWN THE TUNNEL. core broke free and barreled down the 200 foot (61 metre) long hole. The rock was hard, glassy quartzite and it had broken off at a very shallow angle to the drillhole axis, creating a knife-like point on the end of the piece of core. One man was working directly under the hole. He was bending over the dismantled drill machine when the core shot out of the hole. It went completely through his upper back and out through his chest, fatally injuring him. I was 23 years old when the accident happened and loved mining. I still do. The smells, the sounds, being surrounded by fresh rock, all of it. But as I approached my third year working underground, I was seeing more and more close shaves; incidents that served only to reinforce that if I stayed working there long enough, something nasty would happen to me eventually. It was about that time when I made the incredibly sensible decision to leave the mine at the end of my contract and go back to university to study for a post-graduate degree. Iâ&#x20AC;&#x2122;ve never regretted it. TNM â&#x20AC;&#x201D; Ralph Rushton is a Vancouverbased exploration geologist.

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2020-02-25 9:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

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2020-02-25 9:35 PM

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MARCH 2–15, 2020 / THE NORTHERN MINER

CIM updates mineral property valuation code COMMENTARY BY KEITH SPENCE, WILLIAM ROSCOE AND EDEN OLIVER

Special to The Northern Miner

he Canadian Institute of Mining, Metallurgy and Petroleum (CIM) recently released its updated Canadian standards and guidelines for the valuation of mineral properties (CIMVAL 2019). Its new code is the result of a multi-year process by CIM’s Special Committee on the Valuation of Mineral Properties (CIMVAL), and underwent rigorous internal and external review prior to its adoption by the CIM Council on Nov. 29, 2019. The CIMVAL Code 2019 revises and supersedes the CIMVAL 2003 valuation standards and guidelines, which is now widely recognized both nationally and internationally. CIMVAL 2003 was a consequence of the 1997 Bre-X fiasco. The standards and guidelines were part of many initiatives taken at the time to address negative perceptions about the mining sector; including the introduction of the Qualified Person (QP) concept, mineral reserve and

| CIMVAL 2019 sets new standards for best practices and regulations

mineral resource classifications, exploration best practices, and Canadian securities administrators’ standards of disclosure for mineral projects (National Instrument 43101). The CIMVAL committee is comprised of ten experts, including mining executives, investment bankers, valuation consultants, as well as a business valuator, mining analyst, and mining lawyer. The committee’s co-chairs are its original founders, Keith Spence and Dr. William Roscoe, and its secretary is Eden Oliver. Mineral property valuations are important in mergers and acquisitions, IPO pricing, support of audited financial statements, litigation and arbitration, government expropriations, tax disputes, and insurance claims. In 2012, CIMVAL was a founding member of the International Minerals Valuation Committee (IMVAL), along with VALMIN of Australia, SAMVAL of South Africa, the International Institute of Mineral Appraisers, and the Valuation Committee of the U.S.-based Society

THE 2019 CIMVAL CODE FOLLOWS THE IMVAL STRUCTURE AND DRAWS HEAVILY ON ITS CONTENT. CIMVAL 2019 IS THEREFORE MORE ALIGNED WITH OTHER NATIONAL STANDARDS AND INTERNATIONAL VALUATION STANDARDS THAN THE CIMVAL 2003 VERSION. of Mining and Exploration (SME). The IMVAL committee developed a template of valuation standards and guidelines that harmonizes best practices of CIMVAL, VALMIN, and SAMVAL, with general valuation input from the International Valuation Standards (IVS). The IMVAL template is available for adoption by any national valuation organization and the 2019 CIMVAL Code follows its structure and draws heavily on its content. CIMVAL 2019 is therefore more aligned with other national standards and IVS than the CIMVAL 2003 version. In addition, other important changes were made to improve alignment with valuation practice. CIMVAL 2003 only allowed indi-

viduals called Qualified Valuators (QVs) to sign valuation reports, but CIMVAL 2019 now recognizes that a QV can also be a corporation or a partnership. CIMVAL 2003 provided for only a comprehensive type of valuation report with technical content along the lines of that required in a National Instrument 43-101 technical report. In practice, that requirement is too onerous and too expensive for many valuation applications. As a result, CIMVAL 2019 now recognizes the need for a shorter type of report and provides for a Short Form Valuation Report as well as a Comprehensive Valuation Report. CIMVAL 2019 also updates, clarifies, and improves the 2003 CIM-

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VAL Standards and Guidelines in other key areas: • CIMVAL 2019 is organized into four parts: Background, Standards, Guidelines, and Definitions. This is aligned with the IMVAL template and is considered to be an improvement over CIMVAL 2003. • T he principles of competence, materiality, reasonableness, transparency, and independence have been retained, and their descriptions and guidance have been expanded in the 2019 CIMVAL Code. • The principle of objectivity, which means acting impartially and without bias, has been added to CIMVAL 2019, along with further explanation and guidance. • I n CIMVAL 2019, mineral resource and mineral reserve estimates used in a valuation should be in keeping with CIM resource and reserve definition standards, or with other similar national reporting standards that are in accordance with the template of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO). Other estimates or historical estimates may be used provided that a QP comments on the relevance, reliability, and level of assurance of the estimate and reconciles the categories with those of the CIM definition standards. This is similar to the CIMVAL 2003 treatment, but the addition of other national reporting standards in CIMVAL 2019 is an improvement and adds clarity. • S ections on scope of work and limitations of the standards, commissioning a valuation, valuation approaches, responsibilities of the qualified valuator, and valuation report requirements have been updated in CIMVAL 2019, and a section called identification of the property being valued has been added. • Table 1, Valuation Approaches for Different Types of Mineral Properties, is unchanged from CIMVAL 2003, but Table 2, Valuation Methods, is updated in CIMVAL 2019 to reflect current industry practice. Generally unacceptable methods, such as probabilistic methods and gross in situ value, have been removed from Table 2. These two tables are widely referenced in mineral property valuations. • C IMVAL 2019 has a more extensive set of definitions than CIMVAL 2003, and includes many from NI 43-101, IVS, and CIM resource and reserve definition standards. Through industry initiatives such as the 2019 CIMVAL Code, Canada continues to play a leading global role in establishing internationally recognized mining best practice standards and regulations. The 2019 CIMVAL Code is available at the CIM Website at www. cim.org. TNM — Keith Spence is an investment banker with Global Mining Capital and is based in Toronto and Beijing. William Roscoe is a principal geologist and co-founder of RPA Inc., now part of SLR Consulting, and is based in Toronto. Eden Oliver is a mining lawyer and entrepreneur based in Toronto.

2020-02-25 9:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

Orocobre’s Olaroz lithium operation with the Stage 2 expansion in progress, as seen in June 2019. OROCOBRE

Orocobre to acquire Advantage Lithium in all-share deal ARGENTINA

Preproduction capital was estimated at US$446 million, including a 20% contingency. Steady-state operating costs are forecast at US$3,560 per tonne battery-grade lithium carbonate. Based on a weighted average price of US$12,166 per tonne battery-grade lithium carbonate over the life of the operation, the study estimated a US$671-million base case, after-tax net present value at an 8% discount rate, with a 20.9% internal rate of return. The study was prepared by Worley, Chile S.A., and outlined proven and probable reserves of 1.02 million tonnes of lithium carbonate equivalent (LCE) at a concentration of 480 milligrams per litre lithium. The reserves were based on a measured and indicated resource released in March 2019 of 4.8 million tonnes of LCE at 476 milligrams per litre lithium. Inferred resources add 1.5 million tonnes LCE at 473 milligrams per litre lithium. The processing design involves pumping the lithium-rich brine to surface and diversion to ponds for

BY TRISH SAYWELL tsaywell@northernminer.com

rocobre (TSX: ORL; ASX: ORL) owns 34.7% of Advantage Lithium’s (TSXV: AAL; US-OTC: AVLIF) common shares and the two companies are joint-venture partners on the Cauchari lithium project in northern Argentina’s Jujuy province. Orocobre owns 25% of the Cauchari project and Advantage Lithium 75%, and the lithium project is just 20 km south of Orocobre’s Olaroz lithium facility, which entered production in 2015. So it’s not surprising that Orocobre and Advantage Lithium have signed an agreement under which Orocobre will acquire all of the shares in Advantage Lithium it doesn’t already own. Under the all-share deal, Advantage Lithium’s shareholders will receive 0.142 common share of Orocobre for each share in Advantage Lithium they own. The offer represents a 24% premium to Advantage Lithium’s closing share price on Feb. 14 and a 35% premium based on the trailing 20-day volume weighted average price. “With Advantage/Cauchari being acquired by Orocobre, the likely path to production is through the Olaroz plant at some time in the future when the lithium market can support more production,” Matthew O’Keefe, a mining analyst at Cantor Fitzgerald commented in a research note to clients, adding that he does not expect a competing bid. “With this deal Advantage Lithium shareholders are receiving quality paper from an established lithium producer at a time when lithium prices appear to have bottomed, allowing them to maintain exposure to an expected improvement in lithium prices.” Orocobre’s Olaroz — the newest brine-based global lithium carbonate supplier in more than two decades — has a mine life of more than 40 years based on measured and indicated resources of 6.4 million tonnes of lithium carbonate equivalent contained in the Salar de Olaroz brine, which contains high concentrations of lithium and potash brine. A prefeasibility study on Cauchari in October 2019 outlined an operation producing 25,000 tonnes per year of battery-grade lithium carbonate over a 30-year mine life.

1-56MAIN_MAR2_Main .indd 25

| Lithium producer consolidates leading position in the region solar evaporation. During evaporation, certain salts would be crystallized to generate a lithium solution for lithium carbonate precipitation. This solution would then be polished to remove metals before being recrystallized to make a battery-grade product. Advantage Lithium started exploration work at Cauchari in 2017. According to the prefeasibility study, Cauchari could start as early as 2022 with a three-year ramp up to a steady production rate of 25,000 tonnes per year of battery grade lithium carbonate, In addition to its 75% ownership stake in the Cauchari project, Advantage Lithium has three lithium exploration properties in Argentina — Antofalla, Incahuahsi, and Guayatayoc. Guayatoayoc is 80 km east of Cauchari; Incahuasi is 250 km from the port of Antofagasta; and Antofalla is on the northern tip of the Antofalla salar, about 80 km from a railhead. Orocobre’s Olaroz lithium facility recently achieved record half-year production of 6,679 tonnes as lith-

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ium brine feedstock concentration and the production process achieved improved stability. At the end of December, its Stage 2 expansion was 25% complete and work will continue throughout the year and into 2021. “This will deliver an additional 25,000 tonnes of capacity just as demand from European emissions regulations is expected to encourage a shift towards electric vehicles,” Andrew Barber, Orocobre’s chief investor relations officer, told The Northern Miner via email. For shareholders of both companies the transaction provides a strong base from which to participate in the ongoing electrification of the transportation sector, Barber noted. Advantage shareholders “will gain exposure to the Olaroz lithium facility that is producing both battery and industrial grades of lithium carbonate,” he said. “Overhead expenses will also be minimised which means Advantage shareholders avoid dilution by future capital raises that would otherwise be needed.” As for Orocobre shareholders,

they will “benefit as we will maximise the long-term productive capacity of the world class Olaroz/ Cauchari basins and gain access to high quality resources located immediately adjacent to our existing leases.” Joel Jackson, a mining analyst at BMO Capital Markets in Toronto, commented in a research note that Cauchari “slightly touches some of Olaroz at the southern portion of Orocobre’s land package border,” but pointed out that Olaroz “actually surrounds more resource owned by Lithium Americas (TSX: LAC; US-OTC: LACDF), so perhaps this transaction is more future proofing Orocobre such that if Ganfeng or another strategic wants to buy out the entire basin, this adds a more contiguous block.” He also stated that he doesn’t expect Advantage Lithium “to ever develop its own stand-alone operation” and the “integration of Cauchari with Olaroz delivers better basin management and maximizes long-term capacity of the Olaroz/ Cauchari basin.” TNM

Targeted Mineral Exploration Incentive (TMEI) Applications for the 2020/2021 TMEI can be submitted to the Government of Saskatchewan starting April 1, 2020. C

The incentive encourages and supports ground-based exploration for base metals, precious metals and diamonds, within a targeted area of Saskatchewan, where there is significant potential for these types of minerals.

The TMEI provides a rebate of up to 25 per cent of direct drilling costs, on a prorated basis, up to an annual maximum of $50,000 per company.

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Learn more about this incentive and how to apply at: saskatchewan.ca/mineral-exploration-incentive or visit the PDAC 2020 Saskatchewan booth, at location 531, in the Trade Show area.

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2020-02-25 9:35 PM

WWW.NORTHERNMINER.COM

MARCH 2–15, 2020 / THE NORTHERN MINER

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

Haywood bullish on uranium sector fundamentals OUTLOOK BY NORTHERN MINER STAFF

hile uranium spot prices were down 14% in 2019, supply and demand fundamentals for uranium are the “most bullish in years,” and the sector “offers its most compelling value proposition since pre-Fukushima,” Haywood Securities said in a Jan. 29 research note. “Looking ahead, we believe we are in the early stages of a long-term bull market for the uranium investment theme and recommend investors begin positioning their portfolios by steadily accumulating select names,” it said. “Previously enacted and expected major supply cuts are starting to erode global inventories with primary production now less than reactor demand.” Haywood forecasts the average spot price for U308 will increase from US$26 per lb. last year to US$39 per

1-56MAIN_MAR2_Main .indd 26

| Firm sees bull market approaching languishing sector

lb. in 2020, and continue rising to US$47 per lb. (2021), US$55 per lb. (2022), US$64 per lb. in 2023 and to US$65 per lb. in 2024 and 2025. The long term price is expected to move from US$32 per lb. in 2019 to US$46 per lb. this year and then increase to US$55 per lb. (2021), US$63 per lb. (2022), US$70 (2023), after which it will remain steady at US$65 per lb. in 2024 and 2025. “While 2019 failed to deliver the more substantial increase in uranium benchmark prices we anticipated, we still believe the fundamentals of the sector have dramatically improved over the last 18–24 months and that we are near the beginning of the next utility buying cycle.” Haywood also noted that the global reactor pipeline remains robust and is nearing the number prior to the Fukushima nuclear plant disaster in Japan. “Importantly, the number of op-

erating reactors is inching ever close to the pre-Fukushima era as Japan made significant strides to bring reactors back online over the last two years,” the report stated. “‘Reactors under construction’ have declined slightly since January 2011, but there is an underlying success story here that keeps us bullish. Since 2014, China has completed construction on and commissioned 28 reactors, increasing its operating fleet to 47 (+161% in just five years). China makes up 21% (911 units) of the current global ‘under construction’ pipeline, with another seven in India, four in Russia, four in South Korea and four in the United Arab Emirates.” Haywood puts the current reactor fleet globally at 415 operating reactors and expects demand growth of about 26% in ‘operating’ reactors from 415 today to 520 by 2035. In the U.S., Haywood noted that

“SUBSTANTIALLY HIGHER PRICES WILL BE REQUIRED TO INCENTIVIZE NEW MINE CONSTRUCTION TO BACKFILL THE ACCELERATING SUPPLY SHORTFALL WE OUTLINE FROM 2027.” RESEARCH NOTE HAYWOOD SECURITIES

uranium production saw declines in the double digits annually in the last five-year period, falling from 5 million lb. U3O8 in 2014 to 1 million lb. U3O8 in 2019, “representing a tiny fraction of the country’s annual reactor demand, which is approaching 50 million lb. U3O8 a year. “Substantially higher prices will be required to incentivize new mine construction to backfill the accelerating supply shortfall we outline from 2027,” Haywood stated.

Haywood also argued that uranium equities “will lead the charge higher in anticipation of higher uranium prices.” It recommends core uranium holdings of Cameco (TSX: CCO; NYSE: CCJ); Denison Mines (TSX: DML); Energy Fuels (TSX: EFR; NYSE AM: UUU); NexGen Energy (TSX: NXE); Uranium Energy (NYSE AM: UEC); Uranium Participation (TSX: U); and Azarga Uranium (TSX: AZZ). Among the group its top picks are NexGen and Azarga Uranium. “NexGen controls the best uranium discovery made anywhere in the world in decades, in the ultrahigh-grade Arrow deposit, while Azarga has made major project level and regulatory progress in 2019 and we expect it can convert this success into share price performance in 2020.” Both companies would make attractive acquisition targets, Haywood reasoned. In terms of NexGen’s Arrow deposit, Haywood said, “it is critical for existing major producers to control this deposit because of its disruptive potential,” and pointed to a prefeasibility study outlining cash operating costs of US$4.65 per pound. As for Azarga, it said its Dewey Burdock project has “potential to evolve into a lower cost, low CAPEX uranium producing operation in the U.S.” and pointed to a preliminary economic assessment in December 2019 outlining a pre-tax net present value at an 8% discount rate of US$63 million and internal rate of return of 28% at a uranium price of US$40 per pound. “With all-in pre-tax cost of production of US$29 per lb., Dewey Burdock should be a very resilient project capable of generating positive cash-flow even at currently depressed long-term market prices.” TNM

2020-02-25 9:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

Trump administration seeks to boost US uranium mining sector REGULATION BY DAN SEKULICH Special to The Northern Miner

s part of U.S. President Donald Trump’s proposed federal budget for fiscal 2021, his administration is requesting US$150 million annually over the next decade to stockpile U.S.-mined uranium in a new national Uranium Reserve. The move is to help prop up domestic production as a matter of national energy security and reestablish the country’s nuclear fuel supply chain. Trump’s “Budget for America’s Future” unveiled on Feb. 10, requests that the U.S. Congress approve a total of US$1.5 billion between 2021 and 2030 to set up the strategic Uranium Reserve. “This is the very beginning of a long process to revitalize in many respects the entirety of the nuclear fuel cycle,” U.S. Energy Secretary Dan Brouillette told reporters on a teleconference. “What you’ve seen in the president’s budget is a request for US$150 million to begin the process of purchasing uranium.” The idea for the Uranium Reserve evolved out of concerns from U.S.based uranium mining interests about ways to bolster their industry. Last summer, uranium mining companies asked the Trump administration to impose quotas that would have forced uranium consumers in the U.S. to buy 25% of their uranium from domestic suppliers. However, the president declined the request and, instead, set up a task force to review the country’s nuclear fuel supply chain. Made up of national security, military and other federal officials, the Nuclear Fuel Working Group (NFWG) spent four months examining the supply chain and hearing from groups within the uranium mining sector. In November, the NFWG presented its report, which included the proposal for a national uranium reserve. In addition to the Uranium Reserve, the budget for fiscal 2021, which runs from October 2020 until Sept. 2021, includes US$1.2 billion for research and development related to nuclear energy, a 43% increase over the US$824 million allocated for R&D in the current fiscal year. The United States has the largest nuclear electricity generation capacity and generates more nuclear electricity than any other country in the world. According to the U.S. Energy Information Administration (EIA), the nuclear sector accounts for about 20% of the U.S.’s total electrical power generation, with 96 nuclear reactors operating in 58 commercial power plants across the U.S. Those power plants consume about 48 million pounds of uranium annually. However, the vast majority of that supply comes from foreign sources. The EIA says that domestic uranium production in the United States has declined by some 96% in the last five years. The EIA’s most recent statistics show that American uranium miners accounted for just 10% of the supply needed by the U.S. nuclear energy industry, with domestic sources producing less than 174,000 pounds in 2019. By comparison, American uranium mine output stood at 4.9 million pounds in 2014. Currently, most of the commercial uranium used by the U.S. comes from primarily Canada (24%), Kazakhstan

1-56MAIN_MAR2_Main .indd 27

| Government requests US$1.5B to acquire strategic uranium reserves

“WE APPRECIATE THE TRUMP ADMINISTRATION’S RECOGNITION OF THE NATIONAL SECURITY RISK FROM U.S. OVER RELIANCE ON IMPORTED URANIUM FOR 99% OF URANIUM SUPPLIED TO THE COMMERCIAL NUCLEAR REACTOR FLEET.” SPENCER ABRAHAM CHAIRMAN, URANIUM ENERGY

(20%), Australia (18%) and Russia (13%). The spot price for uranium hovers just under US$25 per lb, and global demand for it has languished since the 2011 disaster at Japan’s Fukushima Daiichi Nuclear Power Plant. As well, the nuclear energy sector in the United States faces marketplace competition from cheaper alternatives, including natural gas, renewable wind and solar power. For struggling uranium produc-

ers in the U.S., the budget request for a strategic reserve is welcome news. “We appreciate the Trump Administration’s recognition of the national security risk from U.S. over reliance on imported uranium for 99% of uranium supplied to the commercial nuclear reactor f leet,” Spencer Abraham, chairman of U.S.-based mining and exploration company Uranium Energy (NYSE AM: UEC), stated in a press release. “The establishment of a Uranium Reserve will allow

domestic uranium companies to restart some operations and begin to rebuild domestic uranium mining capability.” Blake Steele, president and CEO of Azarga Uranium (TSX: AZZ), said establishing a strategic reserve is a clear sign that Washington recognizes the importance of domestic uranium mining. “The budget proposal from President Trump confirms the administration’s commitment to reviving the United States nuclear fuel

cycle, of which uranium mining is a critical component,” he said in a statement, noting that the announcement bodes well for Azarga’s flagship Dewey Burdock asset, an advanced stage in-situ recovery uranium project in South Dakota. The Uranium Reserve plan is just one small part of the Trump administration’s record US$4.8 trillion federal budget and there are no assurances that it will be passed in Congress. But it has given hope to many in the uranium sector. “We hope Congress will support the Administration’s proposal and funding request,” UEC’s Abraham said. “The sooner action is taken the sooner we can put people back to work in the uranium mining sector and begin reducing our overdependence on uranium imports from countries that are not always aligned with U.S. interests.” TNM

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2020-02-25 9:35 PM

WWW.NORTHERNMINER.COM

MARCH 2–15, 2020 / THE NORTHERN MINER

Exchange rates continue to impact mining salaries COSTS

| Strength of US dollar puts American workers at advantage

BY KRISTA NOYES

Special to The Northern Miner

mployment in the mining industry is highly specialized and as a result, retaining skilled staff is challenging. These employees are often the most valuable asset at a mine and can run anywhere from 25% to 50% of the daily operating costs. One of the top reasons that employees leave for greener pastures is how much they are paid. Individuals such as geologists, engineers and top-line supervisors are in demand and can often find new opportunities fairly quickly. Mines compete for these specialized employees, often recruiting from other countries. As a result, the mining workforce is highly mobile. Last year employees at Canadian mines received a 2% to 4% salary increase, while their U.S. counterparts reported an average increase of 2.7%, according to statistics from two CostMine surveys of U.S. and Canadian mines completed in 2019. Taking a longer view, Costmine analyzed the salaries for Canadian and U.S. mine superintendents and mine geologists over the last ten years derived from previous surveys. The charts (top) show the average annual salaries for these selected titles at metal mines in Canada and the U.S., over the period from 2009 to 2019. In 2009, the salaries were very similar for these professionals between the two countries. It is clear from the charts, that beginning in 2011, U.S. salaries for these titles lagged behind their Canadian counterparts. Our studies show that while salaries expressed in their own currencies have steadily increased over time, once the exchange rate between the two countries is factored in, the salaries for Canadian mine superintendents and geologists fall far short of their U.S. counterparts beginning in 2015. As shown in the charts (bottom), the strengthening US dollar shows the impact on Canadian salaries when expressed in US dollars.

Over the ten-year period from 2010 to 2019, salaries for mine superintendents have increased by 21% in the U.S., and 23% in Canada. Though, for Canadian

mine superintendents, when you factor in the exchange rate, their salary is 5% less than in 2010, when expressed in US dollars. Salaries for mine geologists

show a similar trend over the last decade, with the exception of a slight downturn for U.S. geologists in 2019. Even with the decline in 2019, a geologist in the U.S. enjoyed

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Are Canadians in the mining industry keeping up with inflation? According to Statistics Canada, inflation increased by 16.7% from 2010 to 2019, while mining wages increased an average of 21%. While Canadians may be at a disadvantage compared to their American counterparts, within Canada, wages continue to grow at a pace greater than inflation.

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1-56MAIN_MAR2_Main .indd 28

a 25% increase over the last ten years, while Canadians saw a 21% increase. However, as with mine superintendents, when you factor in the exchange rate, Canadian geologists are making almost 7% less than they were in 2010 in US dollar equivalents.

Argentina’s best-positioned uranium & vanadium exploration company with more than 4,000 km2 (400,000 ha) of properties; • Flagship project a part of Blue Sky’s new 145 km district that hosts the largest uranium resource in Argentina with a PEA; • Ivana deposit hosts Inferred resource of 22.7 million pounds of U308 and 11.5 million pounds of V2O5; • Excellent candidate to be the first low-cost, near-term uranium producer in Argentina, with additional potential vanadium credits.

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— Krista Noyes is a cost analyst/ geologist with CostMine, publisher of Mining Cost Service and part of the Glacier Resource Innovation Group, based in Spokane, Wash. She can be reached at knoyes@ glacierrig.com. CostMine conducts annual surveys of compensation practices at U.S. and Canadian mines. Complete survey reports — including actual wage and salary scales, benefit plan profiles and bonus plans for Canadian mines, and U.S. mines can be purchased from CostMine. Details are available at www.costmine. com or by calling +1-509-328-8023. This article was originally published in our sister publication Canadian Mining Journal.

2020-02-25 9:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

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Geotech Geotech is a global leader in technological innovation for airborne geophysical survey mapping, interpretation and analysis. The clarity of our data lets you see with accuracy and detail what’s beneath the earth, from near the surface to great depths. We work closely with clients in many industries to identify and implement solutions that meet specific project goals. Our experienced team is composed of professional geophysicists, engineers, field technicians, instrument operators and pilots who are dedicated to delivering highquality results clients can trust in a safety-conscious manner. Geotech is recognized worldwide for high-end airborne geophysical surveys for more than 35 years and is a leading innovator in the industry through the development of new and progressive airborne geophysical technologies. Geotech is the operator of the largest fleet of helicopter time-domain and natural field systems (30 V TEM and 14 ZTEM systems), which has collected in excess of 3 million line km of EM data to date. Geotech operates on a global scale, with offices in Canada, South Africa, Australia and the United States and has strategic alliances in China and Kazakhstan. Geotech maintains its own fleet of 19 aircraft. Geotech’s proprietar y Versatile Time Domain Electromagnetic (VTEM) design is the leading time domain electromagnetic system in the industry. VTEM is the system of choice for airborne geophysical surveys with over 2,000,000 linekilometers flown over a variety of different host geologies. Features include the best signal-to-noise levels, three diameter options for depth and terrain, adjustable dipole moments, single mag or horizontal mag options and adjustable pulse width. Geotech’s proprietary ZTEM design is an innovative time domain electromagnetic system z-tipper axis electromagnetic system. The unique ZTEM system leverages the earth’s natural or passive fields from thunderstorm activity as a source of transmitted energy. The receiver design, advanced digital electronics and signal processing allow for lower noise levels, exceptional

resolution and unparalleled depth penetration up to 2 kilometers. ZTEM is well suited for mapping deeply buried, porphyry hosted and structurally controlled target types.

Hard-Line There is no slowing down these days for Hard-Line’s founder and president, Walter Siggelkow. From upgrading the manufacturing facility located in their head office in Sudbury, Ontario to making key business decisions with long-term and global ramifications, Siggelkow’s vision, like his business, is always evolving. And he wouldn’t have it any other way. The entrepreneur was part of a group that helped create HardLine in 1996 in Sudbury, Ontario. Hard-Line star ted with modest m e a n s a s a s e r v i c e c o m p a ny then shifted into manufacturing of products. Now, Hard-Line manufactures, creates, and supplies automation, tele-operation, and remote-control technology to mining companies all over the world. Hard-Line’s flagship product was the RRC (radio remote control) unit, designed for the operation of heavy machinery like LHDs, dozers, and rock breakers from a safe and distant location. The first RRC was sold in 1997 to Placer Dome, now Barrick. The core product still exists, obviously improved, and is a significant reason for Hard-Line’s international success. Fast forward 23 years later, the stockpile of innovation continues to grow, with new tech that is geared towards increasing ef ficiency at mining operations and above all else, for safety, aspects entrenched in Hard-Line’s ethos since day one. Another Hard-Line staple is the Teleop system which has the same concept of the RRC, however, operators are sitting comfortably in a control chair, using joysticks and monitors to dictate the machine’s every move. 2019 was a landmark year for Hard-Line. The company, which has offices in the United States, Peru, and Chile, and a worldwide distribution net work, expanded once again by moving its entire technology staff to a multi-floor, historic building in downtown Sudbury. The relocation to a central area was critical in order to attract great minds and talented workers

A major drilling rig in the field. Credit: Major Drilling

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while enhancing the technology division’s capabilities. Hard-Line is experiencing its highest number of employees to date at 150. In addition to increasing to a more robust workforce, new technology which will be released in 2020 is on the way. A more compact version of the LP401, the LP301, will be commercially available. The LP301 is a remote-control operated, low-profile loader that can be used in a variety of restrictive areas where person-operated machinery cannot maneuver. Originally purposed for the mining industry, this diverse machine is used for culvert and conveyor cleaning and for landscaping. The main event though will come at MINExpo in Las Vegas, this September, where Hard-Line will feature a full product launch of a machine that’s fully autonomous and completely automated. It’s a major step forward for Siggelkow and his team during an exciting time at Hard-Line.

Major Driling Now celebrating its 40th year of operation, Major Drilling Group International Inc. is a worldwide drilling leader dominating in specialized drilling, registered in 20 countries on six continents. This year the company also marks the 25th anniversary of its initial public offering on the Toronto Stock Exchange (TSX: MDI). Headquartered in Moncton, N.B., the company maintains field operations and of fices in Canada, the United States, Mexico, South America, Asia, Africa and Europe. Clients can receive a complete suite of drilling services including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole drilling, surface drill and blast, and a variety of mine services. The company recently broke the record for the longest diamond drill hole in Canada, at 3,467 meters. It also achieved its third consecutive Safe Day Ever yday Gold Award from AME and PDAC, most recently recognizing Major Drilling Canada teams for 1,200,066 hours without a lost-time incident. As a top provider of mineral exploration drilling services, Major

Drilling is recognized throughout the mining and drilling industry for the quality, safety and results it brings to the sector. The company responds to safety and innovation expectations. Mining companies can request in-depth drill rig data, such as penetration rates and other information, to help inform their geological interpretation and mine design. World-class safety programs are in place to assess risk and prevent safety incidents. Major Drilling suppor ts highprofile specialized drilling projects led by senior mining partners including Rio Tinto at the Oyu Tolgoi mine in Mongolia, and with Freeport Indonesia at the world’s largest gold mine in the Grasberg District. In 2019, half of Major Drilling’s revenues were aligned with gold exploration projects, 25% with copper, and the remainder with other commodities like nickel, zinc as well as battery and rare earth minerals. This is the third year The Northern Miner includes Major Drilling as an innovative and vital Canadian firm that keeps the mining industry going in its Supplier Spotlight series.

Sandvik As a world-leading mining equipment manufacturer, Sandvik Mining and Rock Technology is committed to improving every customer’s productivity and profitability. Sandvik products and services offer maximum value in terms of performance, quality, safety, flexibility and — not least — total economy. Henrik Ager, President of Sandvik Mining and Rock Technology, says that “driving productivity and greenhouse gas efficiency together is going to be key for us at Sandvik, improving productivity and GHG efficiency will be the best way for us to add value for our customers.” Recently Sandvik has taken major leaps forward in the space of interoperability, recognizing the immense value that the flexibility an interoperable system can offer their customers. OptiMine is Sandvik’s interoperable productivity solution. It can connect to any system and technology, including Newtrax IoT devices, providing a real-time view of mining operations. In 2019 Sandvik announced the release of the AutoMine Access API,

Sandvik’s OptiMine solution at work underground. Credit: Sandvik

making AutoMine the first OEMagnostic underground automation system. The release of the AutoMine Access API means a mixed fleet of underground loaders and trucks can now be managed and controlled autonomously with one seamless system. Patrick Murphy, President Rock Drills & Technologies at Sandvik says that “while we think customers will achieve the highest performance with Sandvik equipment, we recognize the need to unlock automation’s full potential for all equipment regardless of manufacturer. Customers with mixed fleets will now have the full power of AutoMine behind them.” Sandvik’s twin-boom DD422iE battery-electric jumbo has proven to offer customers just as much in productivity as it does in GHG efficiency. Around the world the electric jumbo model has drilled over one million meters and trammed 2,500 kilometers, all while emitting no harmful DPM, NOx, or CO2. When it comes to battery loaders and trucks, Sandvik recognized that these powerful machines had to be approached differently than diesel machines, that is why Artisan vehicles are built from the ground up as bat ter y powered machines. The newly released 50-tonne battery truck, the Artisan Z50, grows Sandvik’s battery load and haul offering even further to allow more customers to optimize their emissions by converting to battery power.

SGS Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers brought together to provide accurate and timely mineral and process evaluation ser vices across the entire mining life cycle. Our services for the mining industry include: • Helping you to understand your resources with a full-suite of geological services, including XploreIQ, • Offering innovative analytical testing capabilities through dedicated onsites, FAST or one of commercial laboratories, • Consulting and designing metallurgical testing programs, unique to your deposit, • Optimizing recovery and throughput through process control services, • Keeping final product transparent through impartial trade analysis, • Ensuring safe operations for employees while helping to mitigate environmental impact. Whether your requirements are in the field, at a mine site, in a smelting and refining plant, or at a port, SGS has the experience, technical solutions and laboratory professionals to help you reach your goals efficiently and effectively. For more information, contact: ca.minerals@sgs.com or visit www. sgs.ca/mining.

2020-02-25 9:36 PM

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MARCH 2–15, 2020 / THE NORTHERN MINER

Reading the tree leaves TREE LEAVES From 3

sericea, a small purple flower, to locate three gold-bearing areas in British Columbia. “Warren is considered the ‘father of biogeochemistry’,” says prospector and consultant Colin Dunn. “His work changed attitudes about biogeochemical prospecting from skepticism to the belief that it could be a valuable tool for mineral exploration.” Dunn has spent the last 40 years developing surface biogeochemical sampling protocols and analytical methods that have been used to support exploration projects in the identification of buried minerals. Although the specific approach adopted differs with geography, terrain, accessibility, and many other factors, there are several commonalities to all biogeochemical surveys. For example, while tree sampling surveys, Dunn says, “samples should be collected from the same height around the circumference of trees. Trees should be of the same species and age, and samples should be collected at the same time of year.” The samples are then sent to the laboratory, where they are dried, milled, and dissolved in strong acids before being subjected to chemical analysis. The emergence of commercially available inductively coupled-mass spectrometry (ICP-MS) in the late 1990s led to a breakthrough in the field, allowing multi-elemental analysis with detection limits as low as hundreds of parts per trillion. “ICP-MS offered a faster, cheaper, and more sensitive and precise method for conducting multi-elements analysis,” says Dunn, “and has become a powerful tool for defining the surface chemical signatures of mineralization buried beneath the surface.” The technique is now routinely used to look for the minute traces of gold and other metals present in trees and plant samples at concentrations — even for vegetation growing

Geoscience BC tree-top sampling. GEOSCIENCE BC

over mineralized areas — often no higher than a few parts billion. Industry takes notice In 2018, Canadian senior companies spent $1.3 billion on mineral exploration, up 19% from the previous year, according to Natural Resources Canada. Around onethird of this expenditure was on deposit appraisal. Market conditions and commodity prices are key factors that dictate how much companies spend on mineral exploration. However, long-term projections indicate that the cost of finding new deposits will increase. “A biogeochemical survey of a

prospective deposit is a fraction of the cost compared with conventional surveying,” says Brady Clift, a geologist and minerals manager at Geoscience B.C. “And there’s no better place to look than around existing deposits.” Geoscience BC, a not-for-profit organization based in Vancouver, funds independent research that, among other goals, aims to provide a “clearer understanding of the geology, mineral potential, and geothermal reserves buried in central B.C.” The $4 million Targeting Resources for Exploration and Knowledge (TREK) project, launched in 2013 by Geoscience BC, aims to assist in the identification of undiscovered

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Biogeochemical prospector Colin Dunn sampling pine bark near epithermal gold-silver mineralization in the Hauraki goldfield area of New Zealand. PHOTO BY ANTHONY CHRISTIE

deposits around the Blackwater deposit in B.C.’s Northern Interior Plateau. The deposit, discovered in 2012 by New Gold (TSX: NGD; NYSE-AM: NGD), was found to contain mineral reserves of 8.2 million oz. gold and 61 million oz. silver. Funded by Geoscience BC, Dunn provided advice on a tree-top sampling program over the plateau in 2015 conducted by Wayne Jackaman. Characterized by a thick layer of glacial sediments and lava flows, the area has potential untapped mineral wealth and geothermal resources buried below. A subsequent project on the same tree-top samples “builds on research that showed possible links between the level of halogens — fluorine, chlorine, bromine, iodine — in spruce needles and the underlying mineralization,” explains Dunn. Halogens are commonly instrumental in the emplacement of metal deposits and sometimes generate broader haloes of enrichment than the metals themselves. “All four halogens are particularly enriched in differentiated magmas, and the hydrothermal fluids and volatile compounds derived from them play an important role in the mobilization and transport of metals in ore-forming systems,” says Dunn. Weathering at the earth’s surface causes the host minerals to breakdown either mechanically or chemically and release halogens into the environment. As they are highly soluble in water, they can be taken-up by trees and other plants

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growing in the area. The halogen project, conducted by Dunn and another consultant geologist, Dave Heberlein, could provide mineral exploration companies with additional geochemical data to help identify zones of metal enrichment from deep-seated or covered mineralization. “What’s really interesting is that they’ve surveyed an area where the bedrock is covered by a thick layer of vegetation,” explains Clift, “so they are trying to ‘see’ through this cover to the underlying rocks where we’d expect to find mineral deposits. The work could provide proof-of-concept for the technique, reducing the risk for companies wishing to use it.” Although the technique is relatively untested, PJX Resources (TSXV: PJX), an innovative mineral exploration company with properties in the area of Cranbrook and Kimberley, B.C., has embraced the work. While attending the Minerals South 2019 conference in Cranbrook last November, John Keating, chief executive officer, president and a director at PJX Resources, listened with increasing interest to Dunn as he presented his work to the audience. “I was fascinated to hear about Colin’s work with halogens, and so, with his guidance, the next month we started a tree sampling program around an area of known surface and buried mineralization,” says Keating. Keating and his team collected branches from Douglas fir trees within a 1 sq. km grid at the company’s Vine property. The tree samples are now being tested at the laboratory for over 50 elements and four halogens. The results from the multi-element analysis will then be analyzed for correlations between the halogens and the other elements to see if these correlate with the surface mineralization zone.” “We should have the results of the analyses within a month or so,” says Keating. “And if the method works, we will use it to look for other zones of mineralization heading west across the property.” As the demand for metals increases, and the search for new mineral deposits becomes ever more challenging and costly, biogeochemical prospecting could prove to be a valuable addition to the prospector’s toolbox. TNM

2020-02-25 9:36 PM

SPECIAL FOCUS

GOLD & PRECIOUS METALS Centamin’s Sukari gold mine in Egypt. CENTAMIN

Agnico Eagle takes strategic stake in Rupert Resources FINLAND

| $13.1M nets miner a 9.9% interest

BY TRISH SAYWELL tsaywell@northernminer.com

A A portal at Bluestone Resources’ Cerro Blanco gold project in Guatemala. BLUESTONE RESOURCES

Bluestone secures US$30M, names Jack Lundin CEO GUATEMALA

| Advanced gold project needs financing

BY CARL A. WILLIAMS cwilliams@northernminer.com

luestone Resources (TSXV: BSR; US-OTC: BBSRF) has entered into a US$30 million credit facility led by the French financial services firm Natixis. “We were very pleased to receive support from Natixis and the Lundin family,” says Darren Klinck, Bluestone’s president. “The credit facility is the first stage of financing and represents a strong endorsement of the Cerro Blanco gold project.” Natixis is one of several banks behind the debt financing package, with the proceeds from the facility to be used to start detailed optimization, design, and engineering and to initiate development work at the Cerro Blanco gold project in Guatemala. Located 160 km east of southeast of Guatemala City, Cerro Blanco is a high-grade undeveloped gold project fully permitted for production. Entre Mares de Guatemala S.A, a whollyowned subsidiary of Bluestone, based in Jutiapa, Guatemala, has been contracted to develop the mine. “We are now working with a group of international banks and multinational development institutions to finalize a senior debt financing package,” Klinck says in an interview. Bluestone has also announced the appointment of Jack Lundin as its new CEO, with Klinck retaining the role of president. “I’m very excited to welcome Jack to the team. We will be working closely together on the Cerro Blanco gold project,” says Klinck. “We are particularly fortunate to have strong shareholder support for the project, as well, with the Lundin Family involved in the initial purchase of the mine and a principal spon-

1-56MAIN_MAR2_Main .indd 31

gnico Eagle Mines (TSX: AEM; NYSE: AEM) is taking a 9.9% stake in Rupert Resources (TSXV: RUP) and the junior’s flagship Pahtavaara gold project, located 50 km away from Agnico’s Kittila mine in Finland. Rupert Resources owns 100% of the permitted Pahtavaara gold mine and mill on a 300 sq. km. land package in northern Finland’s Central Lapland Greenstone Belt. Pahtavaara is located about 20 km from the significant polymetallic deposits at Boliden’s Kevitsa nickel, copper, PGM mine — one of the largest-ever mineral discoveries in Finland — and Anglo American’s (LSE: AAL; US-OTC: AAUK) Sakatti copper-nickelPGM project. Pahtavaara previously produced more than 420,000 oz. gold over a 16-year period of open-pit and underground operations and last operated in May 2014. The project has an inferred resource estimate from 2018 of 4.6 million tonnes grading 3.2 grams gold per tonne at a 1.5 gram gold cut-off grade for 474,000 ounces.

Agnico is investing $13.1 million (US$9.8 million) for 15.3 million units in the junior exploration company at 85¢ per unit. Each unit consists of one common share and 0.75 of a common share purchase warrant, which will allow the gold major to purchase one common share for each whole warrant at a price of $1.00 per share for a period of three years. If Agnico exercises all of its warrants, it will own 16.1% of the company. The Toronto-based gold major also has the right to maintain its ownership thresholds in the company, and can nominate one person to Rupert Resources’ board of directors. The investment is expected to fund Rupert Resources’ exploration campaign for at least 12 months. “It’s fantastic news for the company and I can’t think of a better partner to have in the region, given they own and operate the Kittila mine — Europe’s largest gold mine,” James Withall, Rupert Resources CEO said in an interview from London. “It’s a great validation of what we’ve been doing and the approach we’ve had to exploration.” See RUPERT / 40

DU AT VIS RI BO IT NG O US PD TH AC 102 20 20 !

Bluestone Resources president Darren Klinck at Cerro Blanco. BLUESTONE RESOURCES

“WE LOOK FORWARD TO BUILDING ON OUR RELATIONSHIP WITH THE LUNDIN GROUP AND LEVERAGING THEIR TECHNICAL AND DEVELOPMENT EXPERTISE.”

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sor and supporter of not only the project but of me since the creation of Bluestone.” “We look forward to building on our relationship with the Lundin Group and leveraging their technical and development expertise.” Bluestone was formed in 2017 with the purchase of the Cerro Blanco and Mita geothermal projects from Goldcorp. The Lundin family is

now the major shareholder in the company, holding 34% of its shares. “I bring my experience of working on the Lundin Fruta del Norte gold mine in southern Ecuador over the past four years to help advance the Cerro Blanco project,” says Lundin. “We’re already off to a great start, and I look forward to working with

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See BLUESTONE / 38

2020-02-25 9:36 PM

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GOLD & PRECIOUS METALS

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A moose near the dormant mill adjacent to Galway Metals’ Clarence Stream gold project in New Brunswick, 70 km from Fredericton. GALWAY METALS

GOLD & PRECIOUS METALS SNAPSHOT Eight companies advancing projects globally Gold exploration and mine development remain leading drivers of mining activity around the world by Canadian-based gold companies. Here is a look at eight companies with significant developments in 2020. BALMORAL RESOURCES Balmoral Resources (TSX: BAR) is exploring for gold along the Detour

trend within the Abitibi greenstone belt. At 700 sq. km, its Detour Gold Trend project in Quebec feature the Martiniere gold and Grasset nickel deposits, the Area 51/52 gold system, and additional zones of high-grade gold mineralization identified along the district-scale property. Kirkland Lake Gold’s (TSX: KL) Detour gold mine and property is 11 km west of the company’s grounds with Balmoral

holding 20 km of the DetourSunday Lake deformation zone. In February, the company started drilling at the Fenelon project within the Detour trend, targeting extensions of the gold system at Area 51. The company’s holdings are to the east and west of Wallbridge Mining’s (TSX: WM) Fenelon property, host to the Area 51 gold system. Balmoral controls

the southeastern and northwestern continuations of the Area 51 corridor and holds the prospective ground at the intersection of this corridor with the Sunday Lake deformation zone. Results from the Ripley zone, within the Area 51 system and nearby the Sunday Lake deformation zone, released in December, included 6.1 metres of 1.77 grams gold per tonne and 2.4 metres of 1.93 grams gold per tonne. To the west, the Martiniere gold system features two gold deposits with additional nearsurface discoveries. The company’s Grasset nickel deposit is east of the Fenelon grounds and features indicated resources of 3.5 million tonnes at 1.79% nickel-equivalent for a total of 119 million lb. nickel with additional copper, cobalt and platinum group metals (PGMs). Inferred resources stand at 91,100 tonnes grading 1.19% nickelequivalent for a total of 2.1 million lb. nickel. The deposit remains open. Also in Quebec, Balmoral holds the Rum nickel project with 16 drillready targets. The company plans to drill at least 20,000 metres this year at the Detour Gold Trend project. Balmoral Resources has an $83.6-million market capitalization. EASTMAIN RESOURCES Eastmain Resources (TSX: ER) is developing the Clearwater and Eleonore South joint-venture projects in Quebec’s James Bay region. Clearwater features the Eau Claire deposit as well as the Knight Serendipity (KS) horizon, host to a banded iron formation. A 2018 preliminary economic assessment (PEA) for Eau Claire outlined a combined open pit and underground operation with a 12-year mine life, producing an average of 86,100 oz. gold over the

1-56MAIN_MAR2_Main .indd 32

first 10 years at all-in sustaining costs of US$574 per oz. The preproduction capital estimate came in at $175 million with a $260-million net present value estimate, at a 5% discount rate. The majority of current resources are in the underground category. Eastmain is currently working on a revised PEA for Eau Claire, which will be followed by permitting, bulk sample extraction and additional drilling. In addition to Eau Claire, the Clearwater property is host to a 14-km long banded iron formation, which features the KS horizon, 14 km from the Eau Claire deposit. Targets along this unit include Percival and Caradoc with electromagnetic surveys identifying additional zones for follow-up. Eau Claire features measured and indicated resources of 4.3 million tonnes grading 6.18 grams gold per tonne for a total of 853,000 oz. gold with additional inferred resources of 2.4 million tonnes at 6.53 grams gold per tonne totaling 500,000 ounces. Eastmain is aiming for a total of 3 million oz. gold in all resource categories by next year at Clearwater, from expanding the Eau Claire deposit at depth and exploring along the KS horizon. The company also holds a 36.7% interest in the Eleonore South jointventure (36.7% Newmont (TSX: NGT; NYSE: NEM), 26.6% Azimut Exploration (TSXV: AZM)), located just south of Newmont’s Eleonore mine. The 147-sq.-km property features a 5-km long prospective trend. Eastmain has a $27.5-million market capitalization. GALWAY METALS Galway Metals (TSXV: GWM) is a gold and zinc explorer focused on its projects in New Brunswick and Quebec.

2020-02-25 9:36 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

The 605-sq.-km Clarence Stream project in New Brunswick, 70 km from Fredericton, encompasses a 65-km long prospective underexplored belt. Current resources are contained in the North and South zones with open-pit measured and indicated resources of 5.9 million tonnes grading 1.85 grams gold per tonne for 352,200 oz. contained gold and additional inferred resources of 2.7 million tonnes grading 1.87 grams gold totaling 153,100 ounces. Underground indicated resources comprise 267,000 tonnes at 4.39 grams gold per tonne for 37,800 oz. gold with an additional inferred underground component of 862,000 tonnes grading 4.48 grams gold per tonne totaling 124,100 ounces. Existing resources are contained within a 2.5-km section of the 65km long project corridor. Additional targets along the trend include the Richard, Jubilee and George Murphy zones. In January, Galway released drill results from the Richard zone with intercepts including 29.7 metres of 4.6 grams gold per tonne and 4.8 metres of 20.9 grams gold per tonne. These three zones now cover 2.5 km of strike length with a resource update, as well as 25,000 metres of drilling, planned for Clarence Stream this year. The past-producing Estrades project in Quebec covers 31 km of strike with three known mineralized trends. In the 1990s, a total of 175,000 tonnes were extracted at a head grade of 12.9% zinc, 6.4 grams gold per tonne, 1.1% copper and 172.3 grams silver per tonne from an underground access to

A drill rig on Great Bear Resources’ Dixie Lake gold property in Red Lake, Ontario. GREAT BEAR RESOURCES the volcanogenic massive sulphide deposit. The material was trucked to the Matagami mill. Current resources at Estrades stand at 1.5 million tonnes in the

indicated category at 11.28 grams silver-equivalent for a total of 543,050 silver-equivalent oz. with additional inferred resources of 2.2 million tonnes at 7.36 grams silver-equivalent totaling 520,430

silver-equivalent ounces. This year, Galway plans to drill 1,000 metres and complete geophysical surveys and ore sorting tests at Estrades.

Galway Metals features the management team that led the $340-million sale of Galway Resources to Eike Batista’s AUX in

See GOLD SNAPSHOT / 44

JOINT VENTURE ARTICLE

Victoria Gold poised to make history When the Eagle gold mine achieves commercial production in the second quarter of this year, it will not only be Canada’s newest gold mine but the largest in Yukon history. And with gold trading at its highest price in about seven years, the official start comes at an opportune time for Toronto-based Victoria Gold Corp. (TSX: VGCX), Eagle’s 100% owner and operator. At about US$1,575 an ounce, the price of gold has increased by about 20% since Victoria Gold kicked off construction of the mine in the spring of 2018. Gold has risen by about 50% since the work began on fur ther exploring and developing the project in 2009. “You’ve got to have some luck in this business,” says John McConnell, Victoria Gold’s president and CEO since 2010. McConnell says the company was also strategic about when it started building the project. “We were keen to star t construction in 2018 because there was a real lull in the construction business in Canada,” he says. “We knew there were bargains o n e q uip m e nt . We k n ew we’d be getting the A-teams for contractors, so productivit y would be higher, and that worked out extremely well.” McConnell says the company finished the $500 million project on budget and ahead of schedule — “and that was because of the timing.” Annual gold production at Eagle, loc ated approximately 375 km north of Whitehorse, is estimated at 210,000 ounces of gold per year at average all-in sustaining costs (AISCs) of less than US$800 per ounce. The reserve is 3.3 million ounces of gold and the mine life

1-56MAIN_MAR2_Main .indd 33

Victoria Gold Corp.’s Eagle Gold Mine will produce an average of 210,000 oz. gold per year making it the largest gold mine in Yukon history. Credit: Victoria Gold Corp. is 11 years. Victoria Gold financed the project with financial backing from Orion Mine Finance and Osisko Gold Royalties (TSX: OR; NYSE: OR), and CAT Financial. McConnell says Eagle was also made possible thanks to support from the communit y, including the local First Nation of Nacho Nyak Dun. The Eagle gold mine is located on the First Nation’s Traditional Territory, which covers 162,456 sq. km of land, in the Yukon and Northwest Territories. In 2011, Victoria Gold signed a comprehensive co-operation and benefits agreement (CBA) with the First Nation of Nacho Nyak Dun, which set out suppor t for

mine development and ongoing exploration at Victoria’s Dublin Gulch property, where the Eagle gold mine is located. “The First Nation communit y has been great to work with. They are very progressive-minded and now they are seeing the rewards of both employment and business opportunities from the mine,” says McConnell, who has more than 35 years of mining experience, mostly spent in Canada’s north. “One of the keys for us is always to maximize the benefit to the First Nation and then to the greater Yukon. We’ve been very successful with that.” In full operation, the mine will employ 350 to 400 people, about

25% of whom will come from First Nations communities. During the construction of the Eagle mine, McConnell says about $200 million in spending went to Yukon-based companies, or about 40%. More than 50% of the construction worker s were f rom Yukon an d ab ou t h al f of mine employees today are from the Territory. About 25% of staff, from engineers to mechanics and catering staff, are women, he says. T h e min e, w h i c h p o ure d i t s first gold in September 2019, will produce doré from a conventional open-pit operation with a threesta ge crushing plant, in-valley heap leach and gold recover y plant.

“The mine has year-round road access to the site, and a fully operational 300-person all-season camp on site, is connected to Yukon Energy Corp’s (YEC) power grid and utilizes Air North scheduled flights between Whitehorse and Mayo,” McConnell says. He says Eagle is poised to provide opportunities for its various st ake holde r s and be c ome t he late st mining succe s s stor y in Canada’s North. — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Victoria Gold Corp. and produced in cooperation with The Northern Miner. Visit www.vitgoldcorp.com for more information.

2020-02-25 9:36 PM

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MARCH 2â&#x20AC;&#x201C;15, 2020 / THE NORTHERN MINER

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The price of silver has stayed strong, despite depressed demand from investors for physical silver, according to CPM Groupâ&#x20AC;&#x2122;s Jeffrey Christian. â&#x20AC;&#x201A; SUNSHINE SEEDS/ISTOCK

Silver price strong despite less investment demand COMMENTARY â&#x20AC;&#x201A; BY JEFFREY CHRISTIAN

Spcial to The Northern Miner

ilver prices rose 30% from US$15.25 per oz. at the end of June 2019 to as high as US$19.75 per oz. by Sept. 4. The most important aspect of this was that the move was based on very little investment demand for physical silver. Traditionally, investors buying physical silver has been the single most important driver of silver prices. When investors were buying very little, or were actually net sellers as a group, as they were from the late 1980s through 2005, silver prices have fallen. When investors were buying a lot of physical silver, as they did from 2008 until 2016, prices tend to rise or stay high. Over the past two years, silver investment demand has been lower than at any time since 2005. Prices showed this for most of 2018 and 2019, but then began rising in July and August. We must be very specific here: silver prices rose sharply in the second half of July and through August, but then fell back to US$17.00 per oz. by the beginning of October and US$16.56 per oz. by early December. The price rally was in July and August. It resumed in January 2020, but thatâ&#x20AC;&#x2122;s part of another story. First, letâ&#x20AC;&#x2122;s analyze

| The return of physical silver demand may raise prices â&#x20AC;&#x2DC;more forcefullyâ&#x20AC;&#x2122;

THE FACT THAT PRICES ROSE SHARPLY IN THE ABSENCE OF PHYSICAL INVESTMENT DEMAND SUGGESTS THAT WHEN (NOT IF) PHYSICAL INVESTMENT DEMAND REVIVES, SILVER PRICES MAY RISE MORE FORCEFULLY THAN OTHERWISE MIGHT BE EXPECTED. honestly what happened in July and August. The reason for the strength in silver prices during the second half of July and across August, was the action of market participants rolling forward massive short open interest positions in the September Comex silver futures contract. On July 17 there were 818.7 million ounces of open interest in the September Comex silver futures contract. There were 92.6 million ounces of physical silver deposits registered with the Comex Clearinghouse, and another 214.0 million ounces of silver that met Comex specifications and were held in Comex registered depositories, but which were not registered with the Clearinghouse. Those traders and investors who were short the September contract needed to deliver physical silver, buy the short positions back, or roll them forward. Mostly they rolled forward into the December contract.

While there were 818.7 million ounces of short silver futures rolled forward, ETF purchases were around 28 million ounces and coin sales were around one million ounces. By this measure, 96.6% of the buying pressure on silver were futures market participants who were rolling their short positions forward, instead of physical investors buying metal. There are people in the silver market who deny this, speaking from their positions as producers or silver investment product marketers, but this is the quantifiable reality. As Bernard Baruch said, each person is entitled to his or her opinion but no one has a right to be wrong in his or her facts. When marketing types deny reality to try to sell their product, they ultimately disappoint their customers. Often they do not care about that, however. But disappointed customers sometimes stop buying

that product. This has been happening with physical silver. That is where the silver market was in the third quarter of last year, and that is what kick-started the silver price higher. This did not stop silver promoters from touting a new silver bull market in the hopes of convincing disenchanted investors to return to the physical silver market. Furthermore, one needs to realize that while prices rose sharply in the third quarter, and were up around 3.2% on an annual average basis in 2019, the rise in prices was contained within the broad sideways trading range that silver has maintained since falling sharply from 2012 to 2015. The rally took silver back to the high-end of this range, but no further. After the September Comex contract roll was over, silver prices fell, trading between US$16.50 per oz. and US$18.50 per oz. for most of the rest of 2019 into 2020. Silver

prices continue to bounce along a base that has persisted for the past five years. All of that said, the silver market stands at an interesting position at the beginning of 2020. The reality of the silver price increase contains both bad and good information related to silverâ&#x20AC;&#x2122;s future price prospects. It is bad that investment demand is so low. But it is good that prices rose even in an absence of any such demand. The fact that prices rose sharply in the absence of physical investment demand suggests that when (not if) physical investment demand revives, silver prices may rise more forcefully than otherwise might be expected. If the market is tight enough to rise without their buying, it will react to any renewed interest in physical silver that much more forcefully. It should be noted that short- and long-term investors were buying metal through silver ETFs last year. It just was not the main factor pushing silver prices higher. During the rise in prices ETF demand was more subdued. Silver ETF holdings did reach record highs at the end of August 2019. Between June and August investors added 122.12 million ounces of silver, mostly in June See SILVER / 46

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2020-02-25 9:36 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

AngloGold Ashanti sells South African assets to Harmony Gold GOLD

| Miner to bank US$300 million from the sale

BY TRISH SAYWELL

tsaywell@northernminer.com

ngloGold Ashanti (NYSE: AU) is selling its assets in South Africa to Harmony Gold (NASDAQ: HMY) in a deal worth about US$300 million. Harmony Gold has nine underground operations in the country’s Witswatersrand basin and an open-pit mine on the Kraaipan Greenstone belt. AngloGold said it decided to sell its remaining producing assets and related liabilities to Harmony Gold after a nine month sales process. The portfolio of assets includes AngloGold’s Mponeng underground mine; the Tau Tona and Savuka mines, tailings storage reclamation sites; its mine waste treatment operation (Mine Waste Solutions); and a surface rock dump processing business. The company will retain its interest in Rand Refinery Ltd. and its obligations related to medical costs for retired and remaining employees under the Silicosis class action settlement The proceeds will be paid in cash and deferred payments, with additional proceeds if AngloGold’s West Wits assets are developed below its current infrastructure. Under the deal, AngloGold will

Surface facilities at Harmony Gold’s operations near Welkom, in South Africa’s Free State province. HARMONY GOLD

receive US$200 million in cash at closing. Deferred payments will be based on US$260 per oz. payable on all underground production sourced from the West Witts mineral rights (the Mponeng, Savuka and Tau Tona mines), in excess of 250,000

oz. per year for six years starting in January 2021 (around US$100 million); and US$20 per oz. payable on underground production from the three mines below their current infrastructure (which currently consists of 8.53 million oz.

in reserves). AngloGold estimates that the latter reserves would deliver about US$170 million. Kelvin Dushnisky, AngloGold’s CEO, said the sale will help “sharpen our management focus and capital allocation on the highest return

investment options available to us.” AngloGold has 14 gold-producing operations in nine countries. “Although the consideration is below our carrying value of ~US$570 million, we view the announcement as incrementally positive given the potential for valuation uplift from a more streamlined portfolio and a possible listing in London in the near-term,” Raj Ray, a metals and mining analyst at BMO Capital Markets in London, stated in a research note. Ray has a target price on the company of US$27 per share and an outperform rating on the stock. At press time in New York, AngloGold’s shares were trading at US$19.22 within a 52-week trading range of US$11.29 to US$23.85. The company has a US$7.1-billion market capitalization. Harmony Gold’s shares were trading at U$3.03 within a 52-week range of US$1.57 to US$3.93, and the company has a US$1.63-billion market capitalization. Outside of its mines in South Africa, Harmony owns the Hidden Valley open-pit gold and silver mine in Papua New Guinea and a portfolio of projects that include a 50% stake in the Wafi-Golpu project in Papua New Guinea’s Morobe province through a joint venture with Newcrest Mining (ASX: NCM). TNM

JOINT VENTURE ARTICLE

An Affordable Cloud ERP Solution is Now Available for Junior Mines For any organization with heavy assets, the search for enterprise resource management (ERP) software can be challenging. There are sophisticated requirements at play and heavy costs associated with new systems. And when a mine is trying to maximize investment benefit while dealing with the inherent volatility and risk of the industry, any expenditure must make sense to their operations. “From early-stage exploration to full-on production, every decision a mining company makes needs to create deep, positive improvements to all facets of their business — planning, job costing, inventory, maintenance, analytics, compliance and so much more,” says Rory Friedman, who leads Illumiti’s mining practice. “By utilizing cloud-based technology, we’re at the forefront of providing affordable, high quality ERP solutions to junior mines.” SAP is a leader in ERP, which is the integrated management of main business processes using the latest technology and software. As an SAP reseller, Illumiti implements and manages the software that helps companies keep track of their transactions and activities across their various operations. “We understand how complex mining companies are, regardless of where they are in their lifecycle. Wi t h SAP B u s in e s s B yD e s ign, we’ve developed a template specific to the needs of junior mining companies. It’s world-class, cloud-based software at a price that star ts as low as $150,000. Having a system that is respected by different accounting companies helps them show what they are

1-56MAIN_MAR2_Main .indd 35

doing is above board and follows best practices,” Friedman says. Illumiti is a market leader today when it comes to working with miner s, with approximately 30 companies on its roster operating in more than 60 mines around the world. Some of its clients include Alamos Gold Inc., Capstone Mining Corp., Detour Gold Corp., Eldorado Gold Corp., Imperial Metals Corp., Lundin Mining Corp., and TMAC Resources Inc. The SAP systems it deploys today also complement the growing use of automation, ar tificial intelligence and machine learning at mining companies to improve

efficiencies and control costs. Illumiti is a leading innovator in SAP applications, business intelligence, mobility and cloud solutions. What’s more, Illumiti’s Business ByDesign template can be plugged into mining operations relatively quickly and e asily, given their similarities across the industr y. It means a faster set up time of about 12-to-16 weeks instead of one-to-two years. “We don’t need to discuss how to procure or how to maintain. We have a template that works for ever yone,” Friedman says. “We believe that getting on the system as quickly as possible is a benefit

to the business.” For instance, he says a company might start with finance and procurement, then add on payroll and then health and safety components after that. “We don’t want to spend two years implementing 100 features. We would rat he r imple me nt t he 20 most impor tant features quickly and get the company on the system because there is huge value in it. It not only runs the operations more ef ficiently, but also helps miners better understand what’s happening by analyzing information in the system.” For most miners, the first ele-

ments put in place are usually financ ials (the general le dger, ac c ounts p ayabl e an d proj e c t costing), then fixed assets (the equipment and buildings and their depreciation), procurement (buying of operating supplies), warehouse (inventory), and equipment maintenance. Illumiti’s SAP systems help miners leverage pre-configured processes, meet and exceed best practices and expand upon mining industry expertise. “We can help them optimize their resource in a way that sees them get the most efficiency out of their assets,” Friedman says. “An investment in mining-ready ERP software is critical. It needs to provide a mine, especially a junior organization, the ability to take control of all critical proc e s s e s , in c re a s e e f f i c i e n c i e s , and streamline operations. But it doesn’t have to cost millions of dollars to implement.” He believes the main difference between Illumiti and other ERP firms is that Illumiti knows what works best for miners, and how to implement it. “We don’t tr y to reinvent the wheel,” he says. “We know what people are using and try to deploy that in an accelerated and low-risk manner as possible. We’re just giving them an affordable option to consider.” — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Illumiti and produced in cooperation with The Northern Miner. Visit illumiti.com for more information.

2020-02-25 9:36 PM

GOLD & PRECIOUS METALS

MARCH 2â&#x20AC;&#x201C;15, 2020 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Americas Gold and Silverâ&#x20AC;&#x2122;s Relief Canyon open-pit gold mine, 153 km northeast of Reno, Nevada. â&#x20AC;&#x201A; AMERICAS GOLD AND SILVER

Americas Gold and Silver pours first gold at Relief Canyon NEVADA â&#x20AC;&#x201A; BY TRISH SAYWELL tsaywell@northernminer.com

ine months after construction began on its Relief Canyon mine in Nevada, Americas Gold and Silver (TSX: USA) has poured first gold and expects commercial production to start before the end of the second quarter of the year. Relief Canyon, about 153 km northeast of Reno, was built within budget for US$28 to US$30 million. The mine is expected to produce 91,000 oz. gold per year over a 5.6 year mine life at all-in sustaining costs of US$801 per ounce. Mining began in December and about 170,000 tonnes of mineralized material is on the leach pad. Production is ramping up (150,000 tonnes stockpiled at the crusher) and the company expects to reach design crushing and stacking rates of about 14,500 tonnes per day by the end of the second quarter this year. Americas Gold and Silver picked up the Relief Canyon project â&#x20AC;&#x201D; which included three small historic open pit mines and a fully permitted and constructed heap-leach processing facility â&#x20AC;&#x201D; through its Sept. 2018 acquisition of Pershing Gold. The transaction closed in April 2019 and construction began in May. Based on the current mine plan, the pit at Relief Canyon will be 1.5 km long by 0.6 km wide and roughly

| Company expects to hit 14,500 tonnes per day by end of Q2

â&#x20AC;&#x153;IT FEELS GREAT TO POUR GOLD.â&#x20AC;? DARREN BLASUTTI PRESIDENT AND CEO, AMERICAS GOLD AND SILVER

0.3 km deep. Darren Blasutti, Americas Gold and Silver president and CEO, said management wanted to acquire Relief Canyon in order to re-rate as a precious metals company. In 2018, gold was less than 25% of its revenues but adding Relief Canyon will bring that up to nearly 70% in 2020. Blasutti also noted that when the transaction closed in September 2018, spot gold was trading at US$1,180 per oz., and today is trading at more than US$1,600 per ounce. â&#x20AC;&#x153;It feels great to pour gold and we think within a couple of months weâ&#x20AC;&#x2122;re going to be profitable,â&#x20AC;? Blasutti said in an interview. â&#x20AC;&#x153;The gold will ramp up and by the fourth quarter weâ&#x20AC;&#x2122;ll be at full capacity for mining, milling and production and that will create a lot of free cash flow for us.â&#x20AC;? Blasutti forecasts Relief Canyon will produce between 50,000 and 60,000 oz. gold this year and between 80,000 and 90,000 oz. gold in 2021. The company will be spending about $2 million on exploration at Relief Canyon starting in July. The

A stockpile takes shape at Americas Gold and Silverâ&#x20AC;&#x2122;s Relief Canyon gold mine in Nevada. â&#x20AC;&#x201A; AMERICAS GOLD AND SILVER

drill program will consist of in-pit and exploration drilling to extend the mine life. Elsewhere in the U.S., the company owns 60% of the Galena complex in Idaho, which produces a silver-lead concentrate. Outside the U.S., it owns 100% of the Cosala operation in the eastcentral part of Mexicoâ&#x20AC;&#x2122;s Sinaloa state, about 240 km northeast of Mazatlan. Consolidated production last year for the company reached 1.2 million oz. silver, at consolidated cash costs of US$4.61 per oz. silver and all-in sustaining costs of US$12.71 per oz. silver. The results only included nine months of production from the

companyâ&#x20AC;&#x2122;s Galena complex, which is undergoing a major recapitalization plan involving new equipment purchases, underground development to get to higher grade ounces, and exploration to define new silver resources. Americas Gold and Silver acquired Galena through a business combination in 2014 with U.S. Silver & Gold. Since the acquisition, Americas Gold and Silver has cut cash costs per silver oz. by more than 50% by focusing on cost control measures and operating efficiencies. Its Cosala property in Mexico is made up of 67 mining concessions over about 19,385 hectares, and contains Los Braceros, a process facility that historically produced

copper, lead and zinc concentrates from material mined at the nearby Nuestra SeĂąora mine. The property also includes the San Rafael underground zinc-silver-lead mine, the El CajĂłn silver-copper project, several other smaller past-producing mines and numerous mineralized showings. The company is undertaking an exploration program to explore the land package and extend the mine life at San Rafael. Mining at Cosala has been stopped since Jan. 26 due to a dispute between two unions â&#x20AC;&#x201D; one union representing employees is being challenged by a second union that wants to represent the workers. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s not employee discontent or employees being unhappy, itâ&#x20AC;&#x2122;s in-fighting between unions, and until the government decides itâ&#x20AC;&#x2122;s going to fix the issue, our employees will be the ones who suffer. These things generally run a month or two months and then someone emerges the winner.â&#x20AC;? If the illegal blockade is removed within a month, Blasutti says, Cosala should produce between 800,000 and 900,000 oz. silver in 2020, up from 600,000 produced in 2019. Shares of Americas Gold and Silver were trading at $4.01 apiece within a 52-week trading range of $1.97 and $5.20. The company has a market cap of $347 million based on 87 million common shares outstanding. TNM

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2020-02-25 9:36 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

PMS: 662 C C:100 M:87 Y:0 K:20 R:24 G:54 B:131 HEX: #163683

PMS: Cool Gray 7 C C:20 M:14 Y:12 K:40 R:135 G:138 B:143 HEX: #878a8f

PMS: 7407 C C:6 M:36 Y:79 K:12 R:210 G:152 B:71 HEX: #d29847

THE NORTHERN MINER / MARCH 2–15, 2020

PMS: 135 C C:0 M:21 Y:76 K:0 R:255 G:203 B:88 HEX: #ffcb58

Kirkland Lake Gold is a growing gold producer operating in Canada and Australia that produced 974,615 ounces in 2019, with target production for 2020 of 1,470,000 – 1,540,000 ounces. Our production profile is anchored by three high-quality operations including, the Macassa Mine and Detour Lake Mine, both located in Northern Ontario, Canada and the Fosterville Mine located in the State of Victoria, Australia. All three mines combine free cash flow generating operations, substantial in-mine growth potential and attractive regional exploration upside to drive continued growth well into the future. Supported by a strong balance sheet, our goal is to increase shareholder value by growing low-cost production at our existing assets, returning capital to shareholders and pursuing new growth opportunities. We have an experienced management team led by The Northern Miner’s 2019 “Mining Person of the Year” Tony Makuch and a highly skilled workforce that are committed to the responsible operation of our business, and to ensuring that we

Go For Gold in Everything We Do.

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TSX: KL NYSE: KL ASX: KLA www.klgold.com

2020-02-25 9:36 PM

GOLD & PRECIOUS METALS

MARCH 2–15, 2020 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Bluestone Resources’ Cerro Blanco gold project in Guatemala. BLUESTONE RESOURCES

Bluestone secures US$30M, names Jack Lundin CEO BLUESTONE From 31

Darren and the team.” Previously, Lundin has worked in field technician roles within the Lundin Group, as an analyst in the commercial department for Lundin Norway, and more recently as a project superintendent on Lundin Gold’s (TSX: LUG) Fruta del Norte (FDN) gold mine. Lundin’s expertise closely aligns with Bluestone’s strategy for developing Cerro Blanco, and his mine development experience will help to strengthen the project’s technical and financial capabilities.

He holds a Bachelor of Science degree in Business Administration from Chapman University and a Master of Engineering degree in mineral resource engineering from the University of Arizona. He also sits on the board of directors of Josemaria Resources (TSX: JOSE) and Denison Mines (TSX: DML). A feasibility study in January 2019 revealed two separate highgrade veins, demarcated into North and South Zones, and projected life-of-mine production of 902,000 oz. gold over an 8-year mine life, with annual production of 146,000 oz. gold in the first three years. The

study was based on proven and probable reserves of 3.4 million tonnes grading 8.5 grams gold per tonne and 32.2 grams silver per tonne for 940,000 oz. gold and 3.6 million oz. silver. Average life-of-mine sustaining costs were estimated at US$579 per oz., which would put the project at the bottom end of the lowest quartile of the global cost curve. The study used a gold price of US$1,250 per oz. gold and US$18 per oz. silver, and outlined an after-tax net present value of US$241 million and internal rate of return of 34%. Initial capital required is forecast

VISIT US AT BOOTH #2847 IN THE INVESTORS EXCHANGE PDAC 2020

TSX.V: PRB

1-56MAIN_MAR2_Main .indd 38

www.probemetals.com

to run to US$196 million with an after-tax payback period of just over two years. “The feasibility study was very well received and demonstrated a very robust project with great production potential,” says Klinck. “The previous owners had invested heavily in the project, which gave us a great headstart.” In an updated NI 43-101, released last November, the company reported an 18% increase in measured and indicated resources to 4.3 million tonnes grading 10.3 grams gold per tonne and 36.8 grams silver per tonne for 1.4 million contained oz. gold and 5.1 million contained oz. silver. The upgraded estimate followed a nine-month infill drill program, mainly in the North Zone of the deposit. Inferred resources stand at 466,218 tonnes averaging 7.1 grams gold per tonne and 16.6 grams silver per tonne for 107,215 oz. gold and 248,488 oz. silver. Results from recent channel sampling returned 22.4 grams gold per tonne and 122 grams silver per tonne over 22 metres along a vein in the South Zone. The company has now initiated a similar infill program to assess the deposit’s grade, orientation, and other geological features. Valuable information gleaned from the program will help to inform the choice of mining methods. “Currently, our hit rate is around 100% in terms of where we are drilling and when we are hitting the vein, so we’ve got an excellent feel for the deposit,” says Klinck. “There’s some follow-up work to be completed in the North Zone, but our primary focus for the next four to five months will be on drilling in the South Zone.” The project also benefits from the

“I BRING MY EXPERIENCE OF WORKING ON THE LUNDIN FRUTA DEL NORTE GOLD MINE IN SOUTHERN ECUADOR OVER THE PAST FOUR YEARS TO HELP ADVANCE THE CERRO BLANCO PROJECT.” JACK LUNDIN CEO, BLUESTONE RESOURCES

favourable economic and political conditions in Guatemala, the company says. The Guatemalan economy ranks in the top half of countries globally, with a projected growth of 4% per annum until 2027, which is higher than growth estimates for its Latin and South American neighbours, as well as Canada, America, and Britain. “Guatemala has always had a right-of-centre, pro-business approach to its economy and development,” says Klinck. “The country has run a tight ship when it comes to fiscal policy and has had one of the most stable currencies in Latin America over the past ten years.” Recently elected President Alejandro Giammattei, who ran on a pro-business platform, has also signalled his intent to advance the untapped potential of the mining and minerals sector, an encouraging sign for the successful development of the Cerro Blanco project. TNM

2020-02-25 9:36 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

Geopolitical tensions to burnish gold’s allure in 2020 OUTLOOK BY MINING.COM STAFF

old is poised to perform strongly in 2020, with geopolitical risk set to remain elevated, metals and mining research and consultancy group Wood Mackenzie said in a January report. Miners are set to enjoy bumper margins and the trade-off between investing for the long-term and returning money to shareholders will be acutely apparent. It is crucial that miners capitalise on this moment in the spotlight to secure their long-term position within the industry, said Wood Mackenzie. Rory Townsend, Wood Mackenzie’s Head of Gold, sees four key themes to watch in the global gold market in 2020. 1. Geopolitical risks are set to remain elevated “In Q4 2019, gold prices were buffeted by the combative rhetoric

emerging from trade talks. As such, the U.S.-China trade war — and steps taken toward a resolution — will have a pivotal impact on gold in 2020,” Townsend said. “Given the unprecedented scale of the tariffs, it is difficult to draw parallels with the events of today. The volatility of 2019 provides us with a good gauge as to how the gold price could respond to a more significant de-escalation in the trade war. What we can be sure of is that any further trade talks will likely be shrouded in uncertainty, with gold set to fluctuate accordingly. “At the same time, the U.S. drone strike that killed the top Iranian military commander marked a dramatic escalation in tensions in the Middle East and subsequently pushed the gold price to near seven-year highs. It’s safe to assume the trade war will not be resolved overnight and therefore protectionist policies will keep central bank demand for gold strong. Meanwhile, while one hopes

Agnico Eagle Mines’ Goldex mine in Quebec. AGNICO EAGLE MINES

1-56MAIN_MAR2_Main .indd 39

| Replenishing reserves to be a key concern for miners that a peaceful resolution is achieved in the Middle East, any further deterioration in relations will only provide support to safe-haven gold demand,” Townsend said. “The geopolitical landscape means that gold miners are set to enjoy very healthy margins through 2020.” 2. M&A activity is expected to have a bumper year As majors continue to dispose of non-core assets and mid-tier producers solidify their position within the industry, Wood Mackenzie expects their advisers to prosper. “The last bull run that peaked in 2011 saw many gold miners pay excessive premiums for acquisitiondriven production growth on the proviso that prices would continue to be well supported. The correction in prices that occurred was ultimately accompanied by a wave of hefty write-downs. Miners seem to be taking a more considered approach this time around and any cavalier transaction proposals are likely to be quashed in their infancy by shareholders. “Nil-premium mergers with peers will, in theory, help remove duplicate overheads and unlock shareholder value. The acquisition of projects such as Massawa, an asset that did not meet Barrick’s investment criteria, and age-beleaguered mines by enthusiastic mid-tier companies, should help to progress their commissioning or galvanise their return to former glory days of prosperity. “However, while the geological potential of these assets is evident and while they may not have had prominent positions in their previous companies, a change in ownership is not necessarily a panacea to an operation’s issues,” added Townsend. M&A is one way to drive higher reserves but the net benefit this has on the industry will be muted, said Wood Mackenzie. 3. Replenishing reserves will be a key focus for miners Increasing exploration spend and adjusting the price at which reserves are deemed economic are two other options available in a miner’s arsenal. In 2019, exploration spend turned a corner and Wood Mackenzie expects to see this increase in activity sustained in 2020. “However, with the increasing depth and geological complexity of gold deposits, exploration spend does not necessarily translate into reserve ounces,” Townsend said. “Elevated spot prices pose an interesting conundrum for miners

United States President Donald Trump and President of the People’s Republic of China Xi Jinping, in June 2019 at a G20 Summit in Osaka, Japan. PHOTO BY SHEALAH CRAIGHEAD

looking to expand their reserve base by categorising more gold ounces as economically extractable. When the price peaked in 2011, many producers eagerly, but disastrously, incorporated higher prices into their reserve estimations. The subsequent fall in price led to large reserve writedowns, with mine lives shortened, mine plans hastily reconfigured and eye-watering impairment charges booked. “Producers are reluctant to repeat these mistakes and current spot prices are unlikely to solicit a kneejerk reaction in the end-2019 reserve models. That said, with prices above US$1,550 per oz, adjusting reserve prices is a tempting proposition and one that may test some miners’ resolve. “Regardless of the path pursued, using this time to replenish lost ounces while the appetite for gold is robust will be critical in averting a decline in future gold supply.” 4. Project approvals should garner increased support — if the price remains compelling Miners have been committed to their mantra of capital discipline and Wood Mackenzie does not expect this to change markedly. However, when coupled with lofty price projections, this should mean miners soon face the conundrum of how to spend their cash. “Returning money to shareholders and share buybacks may prove to be the most popular decision. We have

already seen Newmont announce a 79% increase in their quarterly dividend and a $1 billion stock repurchase program. Frugality will be valued by those investors with a nearer-term lens, however this would likely be to the detriment of long-term growth. “There will be other miners who are likely to leverage the allure of gold prices above US$1,500 per oz. to justify reinvestment in growth projects. “Brownfield expansions at assets with proven operational performance are possible candidates to receive board approval. An example would be Polyus’ Blagodatnoye operation where they are considering the construction of a new 6 million tonne per annum mill, which would raise the processing capacity to 15 million tonnes per annum,” Townsend said. Smaller scale greenfield projects that can be commissioned quickly and have a short payback period are also likely candidates to benefit from gold’s moment in the spotlight. “Operations located in lower sovereign risk jurisdictions are becoming increasingly coveted and Canadian gold mining will be a beneficiary of this. There are, however, still promising opportunities elsewhere for those who understand and can navigate above-ground risks,” Townsend added. — This article first appeared in our sister publication, MINING.com.

2020-02-25 9:36 PM

MARCH 2–15, 2020 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

Rupert Resources staff geologist Otso Mäkimattila at the Area 1 discovery hole on the Pahtavaara gold property in Finland. RUPERT RESOURCES

Agnico Eagle takes strategic stake in Rupert Resources RUPERT From 31

Withall, who worked as an exploration and production geologist in Australia for eight years and then spent thirteen years as a partner and fund manager at Baker Steel Capital Managers, one of the largest London-based mining specialized funds, said he recognized that Rupert Resources had a special project on its hands. “I looked at Pahtavaara as a fund manager when Rupert first acquired it in 2016 because I knew the founders and shareholders and at that point what really got me

interested was that they bought this permitted mine and mill for only US$500,000 and they also had this huge land package in the heart of this greenstone belt that had been staked by previous owners in 2011 but they had done almost no regional exploration on it,” he says. The pricetag included a 1.5% royalty on any future production from the mine capped at US$2 million. He also appreciated the fact that previous owners had spent about US$40 million on the project, and that there was historical drill data and 35 km of underground tunnelling to a depth of 450 metres.

A HIGH-GROWTH, LOW-COST PRECIOUS METALS COMPANY IN NORTH AMERICA

TSX: USA NYSE-AM: USAS

www.americas-gold.com

Jack Perkins jperkins@americas-gold.com

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Andrea Totino atotino@americas-gold.com

Withall decided to leave Baker Steel and join the junior as CEO in April 2017. He and his team spent the first 18 months re-evaluating the tens of millions of dollars worth of information that had been collected about the asset — which included extensive geophysics from the government and previous owners and half a million metres of drilling almost entirely at the Pahtavaara mine. “I brought in people I knew to help me look at the ground to see if they agreed with me that it was a prospective land package and they agreed. From there we built a regional structural model on a 100 km by 100 km area and confirmed the licences we held were sufficient over some of the key controlling regional structure,” he says. “We then spent time deciding what was the most effective way to do exploration because it’s under 5-10 metres of glacial till (there had been three episodes of glaciation) so we had very little outcrop to work with and we had to use an exploration method that would work in that environment.” Ultimately, they chose a combination of base of till drilling, which had been used with great success to discover Anglo American’s nearby Sakatti project, and detailed geophysics. Base till drilling is a method whereby a hole is drilled through the glacial till to the top of the bedrock in order to retrieve a sample of the till directly from the till/bedrock contact, which is then assayed for multiple elements including gold. “It’s the most reliable way we have of understanding the potential for mineralisation in the underlying lithology,” Withall explains. “Sample spacing is typically 25 metres along sampling lines that can be up to 2 km long across prospective areas chosen by interpreting airborne and ground geophysics (mag, gravity and electromagnetics). We also retrieve chip samples of the bedrock itself

Group geology manager Charlie Seabrook (far right) at Area 1. RUPERT RESOURCES

that we can use to build up maps of the geology under areas of glacial till cover.” In May 2019, a detailed ground gravity survey over 200 sq. km of the licence, new interpretation of existing geophysical data, and new drilling culminated in the discovery of new incidences of gold mineralization about 25 km from the Pahtavaara mill and a part of the property they called Area 1. Significant intercepts in drillhole 119032 included 10.5 metres

grading 3.55 grams gold per tonne starting 90 metres below a base of till anomaly of 21 grams gold per tonne. Drillhole 119033 intersected 2 metres grading 3.4 grams gold per tonne along with broad zones of lower grade gold and copper mineralization associated with sulphides throughout the length of the hole. Withall says these are the first gold discoveries ever made under cover in Finland that he knows of. Agnico Eagle’s Kittila deposit was discovered during a road cutting,

2020-02-25 9:36 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

A headframe under construction at Agnico Eagle Mines’ Kittila gold mine in northern Finland in October 2019. AGNICO EAGLE MINES

he says, and the Pahtavaara deposit was found on a hill outcrop. “There are plenty of gold occurrences and outcrops in this part of the world but these are the first major ones under cover and we’re beginning to demonstrate that the geology is quite different than what the geological maps have said was there based on the geophysics,” he says. “With base of till drilling we’re going to show that the prospectivity of the belt is higher than what we had assumed as well.” Rupert Resources has four drill rigs at the project — two undertaking expansion drilling near the Pahtavaara mine and resource (7,000 metres planned this year) and the other two drilling regional targets (15,000 metres planned this year). Among the best intercepts of the regional drill program released so far are from drillhole 119049, which intersected two breccia zones. Among the highlights were 19 metres of 0.6% copper and 0.7 gram gold per tonne from 125 metres, including 3 metres of 1.6% copper and 0.3 gram gold per tonne, and 37.5 metres of 0.8% copper and 0.4 gram gold per tonne from 154 metres downhole, including 1 metre of 1.6% copper and 0.3 gram gold per tonne. Drillhole 119062 returned 10.6 metres of 3.3 grams gold per tonne and 1.5% copper from 84 metres. Highlights from the 7,000-metre near-mine and resource drill program that began in October include drillhole 119503, which cut 5.6 grams gold per tonne over 6 metres from 69 metres downhole and 13.8 grams gold per tonne over 3 metres and 62.7 grams gold per tonne over 11.9 metres from 170 metres downhole. Hole 119507 intersected 220.3 grams gold per tonne over 5 metres from 150 metres, including 2 metres of 550 grams gold per tonne. “We’re about 10,000 metres into our 15,000-metre program and we’re continuing with our base till rig and continue to find new targets that we’re following up on,” Withall says, noting that the plan is to sequentially test between six

1-56MAIN_MAR2_Main .indd 41

Drill core from hole 119507 extracted at the Pahtavaara gold property in Finland. RUPERT RESOURCES

and eight regional targets. But he says the company is taking a “patient” approach and “only looking for deposits of scale — something with a net smelter value of over US$2 billion.” “It’s got to be significant to our-

selves and to a major company in the industry,” he explains. “It’s not designed to find 200,000 to 300,000 oz. size deposits. While we hope to find a number of those along the way, which could be processed at the Pahtavaara mill, we’re constantly

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re-assessing exploration based on discoveries that have the potential to yield a far greater scale.” Agnico’s Kittila operation produces about 200,000 oz. gold a year. The underground mine turned out 189,000 ounces of gold in 2018 at

cash costs of $853 per oz. gold. Kittila is undergoing an expansion to increase throughput to 2 million tonnes per year from 1.6 million tonnes per year. The expansion involves building a 1,044-metre deep shaft, a processing plant expansion and other infrastructure and service upgrades between 2018 and 2021. In addition to Pahtavaara, Rupert Resources owns 100% of two properties in central Finland — Hirsikangas and Osikonmaki — as well as the Gold Centre property in Red Lake, Ontario, and the Surf Inlet property in B.C. At presstime in Toronto Rupert Resource’s shares were trading at 84¢ within a 52-week range of 65¢ and $1.00 apiece. The junior has 135 million common shares outstanding for a market cap of $118 million. TNM

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

New Gold updates Rainy River and New Afton mine plans CANADA BY STEVE STAKIW

Special to The Northern Miner

ooking to stem losses driven by high-cost operations, New Gold (TSX: NGD; NYSE-AM: NGD) recently tabled revamped life-of-mine plans for its Rainy River and New Afton mines focused on improving the bottom line and boosting profitability. The mine plan update was released along with the company’s 2019 results that showed a US$74 million loss for the year or 12¢ per share. Although New Gold hit its guidance with annual consolidated production of 486,141 gold-equivalent oz.

| Mid-tier miner hopes optimized operations will boost its bottom line (322,557 oz. gold, 596,452 oz. silver Ontario, sees a smaller pit shell “THE NEW MINE PLAN AT RAINY RIVER and 79.4 million lb. copper,) its for open-pit operations using a all-in-sustaining-costs (AISC) of US$1,275 per oz. gold price and a SIGNIFICANTLY REDUCED THE MINE LIFE, US$1,310 per oz. gold-equivalent boost in the mineral reserve cut- AND NEAR-TERM CAPITAL COSTS (2020for the year and US$1,862 per oz. off grade to between 0.46 gram gold-equivalent in the fourth quarter gold-equivalent per tonne to 0.49 2024) ACTUALLY INCREASED 16% TO flagged the need to trim costs. gram gold-equivalent per tonne US$589 MILLION.” New Gold says its new life-ofmine plan was roughly a year in the making and focused on mining method optimizations, evaluation of alternate mining scenarios and reigning in capital requirements to boost profitability and deliver free cash flow. The company’s new vision for its Rainy River gold mine, located near Fort Frances in northwestern

(up from the previous 0.30 gram gold-equivalent per tonne cut-off grade). The revised plan would mine open-pit ore at a lower strip ratio of 2.53:1 (waste: ore) over a fouryear mine life through to 2024, with full depletion of the pit by early 2025. Lower grade open pit ore (0.30 gram gold-equivalent per tonne to 0.46 gram gold-equivalent per tonne) mined during the pit’s operational life would be stockpiled to supplement mill feed once the mine transitions to underground operations. Over its new open-pit operational life, New Gold forecasts mining 67.5 million tonnes of ore at an average grade of 0.91 gram gold per tonne at Rainy River. Underground operations at Rainy River are expected to come online in 2022 and would ramp-up to peak

TREVOR TURNBULL MINING ANALYST, SCOTIABANK

production from 2025 to 2027. The underground mine plan targets zones that can deliver optimal profitability at a gold price of US$1,275 per oz. and plans to use four in-pit portals and one portal outside the pit to exploit the ore blocks. Mining would cease in 2028 although the company says there are lower grade zones that could potentially support a mine life extension in a higher gold price environment. Over its planned underground mine life, an estimated 4.1 million tonnes of ore averaging 4.17 grams gold per tonne are to be extracted. Average annual production from Rainy River under the new plan is

forecast at 289,000 oz. gold equivalent at a new life-of-mine average head grade of 1.06 grams gold per tonne and an 89% recovery rate. AISC is forecast at US$967 per oz. gold-equivalent over the eight-year mine life. Total proven and probable reserves are tabled at 2.6 million contained oz. gold and 6.3 million contained oz. silver in 77.6 million tonnes grading 1.06 grams gold per tonne and 2.5 grams per tonne silver. The company says it expects free cash flow generation at Rainy River beginning in the fourth quarter of this year and over its new forecast mine life it anticipates total free cash flow of about US$550 million at a

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2020-02-25 9:36 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

A remotely operated underground loader in the New Afton mine. SANDVIK

gold price assumption of US$1,300 per gold oz., or more than US$1 billion at a spot gold price assumption of US$1,550 per gold ounce. Raymond James mining analyst Farooq Hamed highlighted the new Rainy River life-of-mine plan as a “shorter life, lower-cost ounces” scenario, with four years trimmed from the mine life with less production, however that is offset by lower operating costs and significantly lower capital expenditures. In a research note, the analyst maintained his ‘market perform’ rating for the company and has a $1.25 target price on the stock. Scotiabank analyst Trevor Turnbull viewed the revised plan negatively. “The new mine plan at Rainy River significantly reduced the mine life, and near-term capital costs (2020-2024) actually increased 16% to US$589 million,” he commented in a research note. He also expressed concern over reduced cash flow and debt servicing capacity with US$400 million of senior unsecured debt maturing in late 2022, but maintained his ‘Sector Perform’ rating on the stock and raised his one-year target price to US$1.00 from US75¢. New Gold’s other operation, the New Afton underground gold-copper mine located on the outskirts of Kamloops in south-central British Colombia, also underwent a review over the past year looking to extend its life out to 2030. The New Afton mine was historically mined by Teck Resources (TSX: TECK.B; NYSE: TCK) as the Afton open pit from 1978 to 1997 when operations ceased due to economic constraints in deepening the pit to exploit the deeper mineralization. New Gold acquired the project in 2005 and developed an exploration ramp near the pit floor to extract a bulk sample and subsequently developed an underground mine plan utilizing block caving to extract the ore. The underground mine commenced operation in mid2012. With an average production rate of about 16,000 tonnes per day,

1-56MAIN_MAR2_Main .indd 43

it is touted by the company as the largest daily tonnage underground hard rock mine in Canada. The company’s plan looks to bring New Afton’s deeper and highergrade C zone (situated roughly 800 metres to 1,200 metres below surface) into development using a similar block caving method as utilized in the upper levels. Under the plan, development would commence this year and continue through 2024, with production beginning in the third quarter of 2024 and ramping up to full production from 2025 to 2029. In its news release announcing the mine plans revisions, Renaud Adams, New Gold’s president and

CEO, said the company has “an integrated mine plan that optimizes the self-funded development of New Afton’s B3 and C zone that could deliver significant free cash flow of more than US$1 billion over the life of mine.” New Gold forecasts total capital for the life-of-mine (US$175 million and US$460 million in sustaining and non-sustaining capital, respectively) is anticipated to remain high from 2020 to 2023, primarily due to the C zone, and decrease significantly from 2024 to 2026, with minimal capital over the balance of the mine life. The New Afton updated mine plan will also incorporate enhanced

tailings engineering to increase stability of the current and historical tailings, with in-pit thickened tailings deposition planned for the C zone ore portion. Annual production from New Afton is forecast to average 260,000 oz. gold-equivalent over the next decade under the new plan at lifeof-mine average head grades of 0.68 gram gold per tonne with an 86% recovery rate and 0.77% copper with an 89% recovery rate. AISCs are expected to come in at US$681 per oz. gold equivalent (based on US$1,300 per oz. gold, US$16 per oz. silver and US$3.00 per lb copper) over the 10-year mine life. Total proven and probable reserves are

1 million contained oz. gold, 2.8 million oz. silver and 802 million lb. copper in 77.6 million tonnes grading 0.66 gram gold per tonne, 1.9 grams silver per tonne and 0.77% copper. Following the release of its annual financial results and the new lifeof-mine plans, shares in New Gold dropped as much as 16% to the 98¢ level, an almost eight-month low. At press time the shares have recovered slightly to $1.07 giving the company a $723 million market capitalization based on its 676 million common shares outstanding. As of year-end 2019, New Gold had a cash position of US$83 million. TNM

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2020-02-25 9:36 PM

MARCH 2–15, 2020 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

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GOLD & PRECIOUS METALS SNAPSHOT GOLD SNAPSHOT From 33 2012. Galway Metals has a $44.4-million market capitalization. GREAT BEAR RESOURCES Great Bear Resources (TSXV: GBR) wholly owns the 91-sq.-km Dixie gold project in Ontario’s Red Lake district. Dixie hosts two styles of mineralization — high-grade disseminated gold along the LP fault as well as high-grade gold in quartz veins and replacement zones. The majority of Great Bear’s exploration efforts have been focused along the 18-km long stretch of the LP fault zone traversing the property. In February, the company announced that it has traced gold mineralization over a 4.2 km stretch of the fault. The company now plans to test a 5-km section of this 18-km structure down to a depth of 500 metres, to cover a 2.5 sq. km panel. All of the 59 holes that Great Bear completed over the 4.2 km section of the LP fault intersected mineralization, which remains open on strike and at depth. Recent drill highlights include 5.9 metres of 190.78 grams gold per tonne, 7 metres of 68.76 grams gold per tonne and 22.85 metres of 19.33 grams gold per tonne. The high-grade mineralization is also near-surface. Up to 300 holes are planned for this year along the 5-km panel as part of Great Bear’s fully funded $21 million exploration program. Four rigs are currently drilling along the LP fault with a fifth rig mobilized for regional exploration, testing new targets at Dixie and stepping out along the prospective structure. Great Bear initially acquired the Dixie project in 2015 and consolidated its interest to 100% in 2017. In January, the company announced that it has entered into a 2% net smelter return royalty agreement with its wholly owned subsidiary; it plans to distribute shares in the royalty company to its shareholders in the coming months. Great Bear has a $410.2-million market capitalization.

Kirkland Lake Gold’s Fosterville gold mine in Australia. KIRKLAND LAKE GOLD KIRKLAND LAKE GOLD Kirkland Lake Gold (TSX: KL; NYSE: KL) is a gold producer with operations in Ontario and Australia. In November, the company announced the $4.9-billion all-share acquisition of Detour Gold, adding the 60,000 tonne-per-day Detour Lake open-pit mine in northeastern Ontario to its portfolio. The transaction closed at the end of January.

This year, the company expects to produce 1.47 million oz. to 1.54 million oz. of gold from the Macassa, Detour Lake, Holt and Fosterville operations at all-in sustaining costs (AISCs) of US$820 to US$840 per ounce. Last year, Kirkland Lake generated 974,615 oz. at AISCs of US$564 per ounce. In 2020, the low-cost, highgrade Fosterville underground operation in Australia is expected to contribute 590,000 oz. to 610,000

oz. at operating cash costs of US$130 to US$150 per ounce. Guidance for Detour Lake is 520,000 oz. to 540,000 oz. at operating cash costs of US$720 to US$740 per oz., reflecting 11 months of production from the mine. As early as next year, Kirkland Lake expects this asset to produce over 700,000 oz. gold annually at AISCs of approximately US$850 per ounce. The company’s flagship Macassa underground mine in Kirkland Lake, Ontario is forecast to generate 240,000 oz. to 250,000 oz. gold in 2020 at operating costs of US$470 to US$490 per ounce. The 1,000 tonne-per-day operation extracts ore from two mining horizons.

T: 416 324-6000 E: info@newgold.com

1-56MAIN_MAR2_Main .indd 44

www.newgold.com TSX: NGD NYSE: NGD

Kirkland Lake Gold has a $13.4-billion market capitalization. LUMINA GOLD Lumina Gold (TSXV: LUM) is a precious and base metals exploration and development company focused on its Cangrejos gold-copper project in southwest Ecuador. The project is 30 km southeast of the provincial capital of Machala and the Pan American Highway and 40 km from the deep water commercial port of Puerto Bolivar

The company has announced a value enhancement program for 2020, planning to repurchase 20 million of its common shares, an estimated $750 million undertaking, as well as doubling its annual dividend to US$0.5 per share to return approximately $145 million to equity holders.

The Cangrejos project is located in the Andean foothills of El Oro province, which has a long established history of mining. Lumina Gold, formerly Odin Mining, identified the Cangrejos area in 1994 as the source of the Biron alluvial gold deposit, which yielded 69,000 oz. gold. A joint venture was formed with Newmont Mining (NYSE: NEM) and from 1994 to 2001 geophysical and geochemical surveys were completed and anomalies were tested by diamond drilling. The Cangrejos zone was discovered by hole CC-99-14, which intersected 1.57 grams gold per tonne over 192 metres.

With the closing of the Detour Gold acquisition, the company designated the Holt complex in Ontario and its assets in Australia’s Northern Territory as non-core;

Today Lumina Gold owns 100% of the project, which currently consists of two deposits — Cangrejos and Gran Bestia. In November 2019, the company significantly updated its

This year, Kirkland Lake Gold plans to spend US$150 to US$170 million on exploration with US$25 to US$30 million designated for drilling within and around the Detour Lake open pit as well as at a number of regional targets.

FOCUSED ON PROFITABLE MINING IN CANADA

Kirkland Lake is considering strategic options for these properties.

2020-02-25 9:36 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

The camp at Marathon Gold’s Valentine Lake gold project in Newfoundland. MARATHON GOLD resource estimate for Cangrejos and unveiled a maiden resource estimate for Gran Bestia. The Cangrejos deposit now contains 469 million tonnes of indicated resources grading 0.59 gram gold per tonne and 0.12% copper for 8.9 million oz. contained gold and 1.2 billion lb. copper. Inferred resources stand at 255 million tonnes grading 0.43 gram gold per tonne and 0.08% copper for 3.5 million oz. gold and 466 million lb copper. The Cangrejos deposit remains open to expansion with further exploration to the west and at depth. Gran Bestia has indicated resources of 99 million tonnes grading 0.46 gram gold per tonne and 0.08% copper for 1.5 million oz. contained gold and 178 million lb. copper, and inferred resources of 221 million tonnes grading 0.39 gram gold per tonne and 0.07% copper for 2.7 million oz. contained gold and 322 million lb. copper. The Gran Bestia deposit remains open to the north, west and at depth. In the latest set of drill results from Cangrejos, released in Sept. 2019, drillhole G2B returned one of the best mineralized intervals ever intercepted at Cangrejos with 444 metres averaging 1.18 grams gold per tonne and 0.09% copper from a depth of 4 metres. The company plans to complete an updated preliminary economic assessment on the project in the second quarter of 2020 that will update the 2018 PEA and integrate the addition of a carbon-in-leach circuit and a high-pressure grinding rolls (HPGR).

In January, the company released updated resources for Valentine: measured and indicated resources are now at 54.9 million tonnes grading 1.75 grams gold per tonne for a total of 3.1 million oz. gold with additional inferred resources of 16.8 million tonnes of 1.78 grams gold per tonne for 960,000 ounces. This resource features open pit and underground components with the surface mining material divided into high-grade and low-grade portions. The high-grade open-pit component features 30.6 million tonnes grading 2.62 grams gold per tonne in the measured and indicated category for a total of 2.6 million oz. gold, with a further 7.7 million tonnes at 2.31 grams gold per tonne totaling 570,000 inferred ounces. A pre-feasibility study for the Valentine project is expected in the second quarter. The study will examine the option of a single ore stream from the Leprechaun and Marathon deposits feeding a conventional mill. The pre-

Lumina Gold has a $255-million market cap. MARATHON GOLD Marathon Gold (TSX: MOZ) is developing the wholly-owned Valentine gold project in central Newfoundland. The project features four deposits along a 20-km long system of gold-bearing veins; Marathon and Leprechaun are the primary resource contributors.

1-56MAIN_MAR2_Main .indd 45

Marathon Gold has a $268.2-million market capitalization.

Marathon expects to complete an environmental impact statement on the project this year.

Pure Gold Mining (TSXV: PGM; LSE: PUR) is developing the Pure Gold Red Lake mine in northwestern Ontario. The mine sits within a 47-sq.-km property, host to two past-producing underground operations: Pure Gold Red Lake and Starratt, with total past production of 2.6 million ounces.

A 2018 PEA for Valentine suggested a 9,000 tonne-per-day mill processing higher grade ore with lower grade material destined for a 9,000 tonne-per-day heap leach pad. The resulting project would produce an average of 225,100 oz. gold a year at AISCs of US$666 per oz. with an associated net present value estimate of US$493 million, at a 5% discount rate, and a preproduction capital outlay of US$355 million. This year, Marathon is planning to drill 44,000 metres at Valentine, which will be focused on prospective areas outside of the current resource. Up to 32,000 metres are planned for the 6 kmlong Sprite corridor between the Leprechaun and Marathon deposits.

PURE GOLD MINING

In February 2019, the company released the results of a feasibility study for the Pure Gold mine, which outlined an 800 tonne per day operation with a 12-year life producing an average of 80,000 oz. of gold a year at AISCs of US$787 per ounce. The initial capital was pegged at $95 million with the resulting net present value estimated at $247 million, at a 5% discount rate. The associated probable reserves for the project stand at 3.5 million tonnes grading 9 grams gold per

tonne for a total of 1 million oz. gold, within indicated resources of 7.2 million tonnes at 8.9 grams gold per tonne totaling 2.1 million ounces. Current resources are open for expansion and are within a 7-km long mineral system. Mine construction is underway with first production expected towards the end of the year. In January, the company released the results of drilling completed close to existing mine development, which intersected 2.2 metres of 34.1 grams gold per tonne and 3.4 metres of 33.1 grams gold per tonne. This work targeted ore zones that will make up the initial mill feed and suggests potential for stope expansion as well as definition of new mineralized zones. Pure Gold has installed infrastructure at the mine with de-watering of the underground proceeding on schedule. Pure Gold Mining has a $276-million market capitalization.

EXPERIENCED MINEFINDERS DEVELOPING GREAT SHAREHOLDER VALUE IN NORTH AMERICA Southern is an advanced exploration company, focused on one of the premier polymetallic mineral deposits in Mexico, the Ag-Pb-Zn, Cerro Las Minitas Project, Durango, Mexico. Cerro Las Minitas Ag-Pb-Zn property— (133 drill holes, 59,000 metres) The Mineral Resource update as of May 2019, at a 175g/t AgEq cut-off, features: n

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feasibility will only consider in-pit resources with stockpiling of lowergrade material for processing in the later years of mine life.

Indicated (134Mozs AgEq at 375g/t AgEq): 37.5Mozs Ag, 40Mlbs Cu, 303Mlbs Pb and 897Mlbs Zn; Inferred (138Mozs AgEq at 334g/t AgEq): 45.7Mozs Ag, 76Mlbs Cu, 253Mlbs Pb and 796Mlbs Zn

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2020-02-25 9:37 PM

GOLD & PRECIOUS METALS

MARCH 2–15, 2020 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Facilities at Pan American Silver’s La Colorada silver-gold-lead-zinc mine in Zacatecas, Mexico. PAN AMERICAN SILVER

Silver price strong despite less investment demand SILVER From 34

and early July before prices began rising most sharply. They pulled back from buying as prices rose.

And then they f lipped over and became net sellers for the balance of the year, but those sales amounted to 29.6 million or 24% of what was added between June and August.

For the full year, net additions to ETFs were at 85.8 million ounces, which was the largest level of net additions since 2010. It’s also important to point out

that while silver ETF investors were large net buyers of the metal during 2019, demand was being fulfilled by reductions in unreported private investor bar stocks and was coupled

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with a lack of fresh demand for coins and bars. That is the reality silver is facing as it moves through 2020. In 2018 and 2019 investor demand for physical silver, which typically drives prices higher or lower, was at its lowest level since 2005. Even so, the price started to rise. Marketing shills say that investment demand has been strong, but they are distorting reality to try to sell silver to investors. Investment demand is projected to remain low in 2020. The same factors that have turned investors off over the past three years, keeping prices ‘down,’ are extending into this year. • Silver has disappointed investors. • Many investors previously lured into buying silver by the distorted commentary of marketing groups have fled the silver market out of disenchantment at the failure of these metals to achieve the unrealistic prices promised by marketeers in the past. • Other long-term silver investors have been passing away, and their estates have been selling off the silver. • M any investors have given up on silver and gold, while others have re-focused on shorter term trading rather than long-term buying and holding silver. In this environment silver prices have languished. They probably will continue to rise modestly in 2020 but will be restrained by a lack of investment demand for physical silver in the absence of compelling economic, financial market, or political reasons to stock up on silver and gold. CPM projects that silver prices might rise around 11.7% in 2020 on an annual average basis, to around US$18.12 per oz. for the full year. Further price increases are expected later. Mine production is projected to be flat to slightly lower, while secondary recovery from scrap may rise somewhat due to increased recycling of spent electronics and other silver-bearing products due to heightened environmental awareness, more stringent recycling laws, and somewhat higher silver prices. Fabrication demand is projected to increase perhaps 1.6% in 2020 from 2019’s level of demand. Further price increases are expected, but beyond 2020, and only when long-term investors resume buying larger volumes of physical silver. When that happens, silver prices could rise dramatically. It may be several years before that happens. Meanwhile silver prices are expected to rise modestly. TNM — Jeffrey Christian is the managing partner of CPM Group, a commodities research and financial consulting firm in New York. He founded the company in 1986, spinning off the CPM Group from Goldman Sachs & Co., and its commodities trading arm, J. Aron & Company.

2020-02-25 9:37 PM

SPECIAL FOCUS

BASE & BATTERY METALS Codelco’s Ministro Hales copper mine in Chile. CODELCO

Malaysia reverses production ban on bauxite REGULATION

| New environmental regime in place for producers

Leaked EIS buoys Northern Dynasty’s Pebble COPPER

| Report says development will not harm salmon fishery BY STEVE STAKIW

Special to The Northern Miner

ontroversial development plans for Northern Dynasty Minerals’ (TSX: NDM; NYSE-AM: NAK) wholly-owned Pebble project in southwest Alaska’s Bristol Bay region, have swung further in the company’s favour following the release of a preliminary version of the U.S. Army Corps

A truck at Rio Tinto’s Weipa operation, which includes the new Amrun bauxite mine in north Queensland, Australia. RIO TINTO BY DENISE HECKBERT Special to The Northern Miner

alaysia is set to begin issuing bauxite mining licenses in early 2020, four years after it imposed a ban in response to environmental concerns. The Southeast Asian nation produced very little bauxite prior to 2014, but when Indonesia, China’s biggest supplier, imposed a ban on exports of unprocessed minerals in January 2014, China turned to Malaysia to fill the bauxite gap. At the time, Indonesia was providing China with as much 6.5 million tonnes of bauxite per month, roughly 85% of China’s imports, according to bauxite producer Alumina Ltd. Indonesia imposed its ban in the hopes of creating a domestic refinery industry for raw minerals, including bauxite, and stopped its exports to China, which accounted for 60% of global bauxite demand at the time. Racing to fill the gap, Malaysia ramped up production from a couple hundred thousand tonnes in early 2014 to exporting between 2-3.5 million tonnes per month in 2015, commodities consulting firm Argus Media says. By the end of 2015, Malaysia was China’s biggest foreign supplier of bauxite and had become a major producer, contributing almost 10% of all bauxite produced globally that year, according to the United States Geological Survey (USGS). The dramatic ramp-up in production caused problems, however. Poorly regulated operations contaminated water supplies, and the Malaysian government was forced to ban bauxite mining in January 2016, though it permitted its stockpiles to be sold. Now, Malaysia is ready to step back into the market with a new set of operating rules for bauxite producers to protect the environment, though Argus Media said in 2019 that Malaysia may limit production to just 600,000 tonnes per month as a precaution. It remains to be seen, however, whether any producers will be willing to return in a significant way to a market with a potentially unpre-

dictable regulatory environment and possibly limited reserves. There also have been sweeping developments in the industry in the four years since Malaysia imposed its ban, presenting major consumers like China with other options. At the height of Malaysia’s production, Australia was the largest bauxite producer in the world, producing 80 million tonnes of the world’s 249 million tonnes of bauxite produced in 2015. Today, it remains the world’s largest producer of bauxite in the USGS records, even as global production is expected to climb to 367 million tonnes this year, according to the Australian government. This dominance is due to major bauxite mining projects coming online in Australia. For example, Rio Tinto (NYSE: RIO; LON: RIO) brought its 22.8 million tonne-per-year Amrun plant online in 2019 and could further ramp-up production there in the future. Australia expects its bauxite production to top 100 million tonnes this year and it has plenty of room to grow with its estimated 5.44 billion tonnes of bauxite reserves — the second-largest reserve capacity in the world. It has long been a major bauxite supplier to China and its exports increased to more than two billion tonnes per month in 2019. However, the biggest market change since Malaysia’s ban on bauxite mining in 2016 has been the rapid production ramp-up in Guinea, which holds the world’s largest bauxite reserves at an estimated 6.7 billion tonnes, according to the USGS. In 2015, Guinea produced just 16.1 million tonnes of bauxite, according to the USGS, but jumped to 45.3 million tonnes in 2018, and Fitch Solutions predicted in its May 2019 Global Mining Outlook another increase in 2019, potentially exceeding 60 million tonnes. Though not the only significant investor in Guinea, China has been largely responsible for spurring the growth. Prior to January 2016, Guinea exported almost no bauxite to China but had become its largest single supplier by See BAUXITE / 52

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See PEBBLE / 48

2020-02-25 8:44 PM

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MARCH 2–15, 2020 / THE NORTHERN MINER

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Leaked EIS buoys Northern Dynasty’s Pebble PEBBLE From 47

of Engineers’ final environmental impact statement (EIS). The executive summary of the draft EIS, recently leaked to the media, tables a mine development scenario co-existing with the Bristol Bay fisheries that have long cited fish habitat and water resource concerns for the region that a major mine development such as Pebble could potentially trigger. Bristol Bay is home to the world’s largest salmon fishery. Distributed to federal, state and local co-operating agencies, the U.S. Army Corps of Engineers’ report is still under review by regulatory agencies, including the U.S. Environmental Protection Agency (EPA) and Alaska tribes, although it states “all data gaps” identified during the recent public comment period have been addressed. A final EIS and record of decision for the Pebble project is forecast by mid-2020. Some of the main points in the draft EIS supporting advancement of the Pebble permitting process include no measurable change in the number of returning salmon, low habitat use in the area of proposed development, impacts to fish and wildlife not expected to impact harvest levels, no effects on any community groundwater or surface water supplies from the changes in groundwater flows at the mine site, and employment and economic benefits for the region. The Pebble porphyry deposit is one of the world’s largest undeveloped copper and gold projects with 6.5 billion tonnes of measured and indicated resources averaging 0.40% copper, 0.34 gram gold per tonne, 240 parts per million (ppm) molybdenum and 1.2 grams silver per tonne for a contained metal inventory of 57 billion lb. copper, 71 million oz. gold, 3.4 billion lb. molybdenum and 345 million oz. silver. Additional inferred resources of 4.5 billion tonnes grading 0.25% copper, 0.25 gram gold per tonne, 226 ppm molybdenum and 1.2 grams silver per tonne host a further contained metal inventory of 25 billion

THE PERFECT

GIFT

Northern Dynasty Minerals’ Pebble copper-gold property in Alaska. NORTHERN DYNASTY MINERALS

“THE NOTION THAT THIS PROCESS HAS BEEN RUSHED AND THAT KEY ISSUES HAVE BEEN IGNORED IS ABSOLUTELY FALSE. THIS PROCESS HAS NOT BEEN RUSHED OR TRUNCATED IN ANY FASHION.” TOM COLLIER CEO, PEBBLE LTD. PARTNERSHIP

lb. copper, 36 million oz. gold, 2.2 billion lb. molybdenum and 170 million oz. silver. The news reinvigorated Northern Dynasty’s optimism in advancing Pebble towards development. In a release following the leaked draft EIS, Tom Collier, the CEO of Northern Dynasty’s wholly-owned Pebble Ltd. Partnership, stated: “We believe the final EIS will support issuing a permit for the construction of a mine at Pebble and that it can be done responsibly. The findings

show the project can be developed without harm to the Bristol Bay fishery and would have important economic benefits for communities closest to the mine.” Investors jumped on the stock following the news, driving up the share price as much as 50% to an almost six-month high of 93¢ on high trading volumes. In a research note, Cantor Fitzgerald mining analyst Mike Kozak described the event as “another milestone” in the final EIS process.

Kozak maintains his ‘speculative buy’ recommendation for the company and has a one-year target price of $1.60 per share. TD Securities mining analyst Craig Hutchison called the impact of the news “potentially positive” and has a ‘hold’ recommendation on the stock with a one-year target of 75¢. Following the release of the report, the United Tribes of Bristol Bay (UTBB), long-time opponents to development of the Pebble mine, were quick to counter that the U.S.

The Art and Humour of John Kilburn Cartoons from A hilarious, 262-page anthology of mining cartoons by The Northern Miner’s resident cartoonist John Kilburn. Unique in its scope and ambitions, this anthology gathers the best Northern Miner cartoons created over 25 years by John Kilburn, a Vancouver-based mining professional who has worked in Western Canada as a mining engineer, broker, journalist, equity analyst and investor. Kilburn stylishly captures the mining sector’s biggest events over the past quarter century as well as its perennial conundrums with a cast of characters that includes engineers, geologists, miners, promoters, executives and environmentalists. Joining the cast are coal mine canaries, camp dogs and llamas, plus a special appearance by Santa. With a foreword by Pierre Lassonde, co-founder and chairman of Franco-Nevada, an introduction by John Cumming, former editor-in-chief of The Northern Miner, and hundreds of boisterous JK mining cartoons like you’ve never seen them before. Specifications: 7.8” by 10”, 262 pages, B&W with a colour cover, ISBN 978-1-987932-00-3 C$34.99 plus shipping and applicable taxes.

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Army Corps of Engineers’ draft EIS was a rushed process, and alleged that it failed to heed congressional and federal agency directives to do a more thorough analysis of the project’s impact on Bristol Bay. “Senator Lisa Murkowski authored and passed language in last year’s budget bill demanding the corps do more to address data gaps and agency-identified problems with the EIS,” UTBB Executive Director Alannah Hurley stated in a media release. “This newest version shows a complete disregard for that directive.” The UTBB is a consortium representing 15 Bristol Bay tribal governments and claims to represent over 80% of the region’s total population. Northern Dynasty says the U.S. Army Corps of Engineers and cooperating agencies held extensive technical meetings to work through the comments received about the draft EIS. “The notion that this process has been rushed and that key issues have been ignored is absolutely false,” Pebble Ltd. Partnership’s Collier said. “This process has not been rushed or truncated in any fashion.” In mid-2019, the EPA removed a 2014 proposed restriction on mining operations in Alaska’s Bristol Bay region clearing the way for the Pebble project to advance through the EIS and permitting process. If Northern Dynasty can successfully advance its project through EIS and permitting, it likely will be looking to partner with a major mining company to share the significant financial commitment that developing Pebble would incur. Since initially acquiring an option on the Pebble project in 2001 from Cominco, now Teck Resources (TSX: TECK.B; NYSE: TCK), Northern Dynasty partnered with a few majors over the years looking to evaluate the project only to see them depart. Past shareholders and partners include Rio Tinto (NYSE: RIO; LSE: RIO), Anglo American (LSE: AAL) and First Quantum Minerals (TSX: FM). At press time, Northern Dynasty was trading at 85¢ giving the company a $371 million market capitalization based on its 437 million common shares issued and outstanding. The company reported a cash equivalent position of $13 million as of Sept. 30, 2019, and subsequently closed equity financings totalling $26 million in December and January. TNM

2020-02-25 9:37 PM

BASE & BATTERY METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

BASE & BATTERY METAL SNAPSHOT Eight companies with interesting prospects AVALON ADVANCED MINERALS Avalon Advanced Minerals (TSX: AVL; US-OTC: AVLNF) is a Canadian mineral development company specializing in sustainablyproduced materials for clean technology. The company has three advancedstage projects with exposure to lithium, tin and indium, as well as rare earth elements tantalum, niobium and zirconium. It is advancing its Separation Rapids lithium project near Kenora, Ontario; its East Kemptville tinindium project in Yarmouth, Nova Scotia; and the Nechalacho rare earth elements property near Yellowknife at Thor Lake in the Northwest Territories. The Nechalacho rare earth elements project shows potential for the economic recovery of zirconium, beryllium, niobium, and tantalum as well as lithium. The presence of high grade, near-surface light rare earth element resources enriched in neodymium-praseodymium (Nd-Pr) in the T-Zone and Tardiff Zones of the property also hold promise for near-term, small-scale development to produce Nd-Pr-rich concentrates for export. In June 2019, Avalon and Cheetah Resources signed a purchase and sale agreement, with Cheetah acquiring ownership of the nearsurface T-Zone and Tardiff Zone resources for $5 million. In January, the company awarded a contract for mining the T-Zone rare earth element resources to Det’on Cho Nahanni Construction Corp., the economic development corporation of the Yellowknives Dene First Nation. In October, Avalon signed a binding letter of intent with Coal Strategy Advisors, a private U.S. company, to earn up to a 50% interest in Will Scarlett, a closed coal mine site where previous geochemical sampling found elevated levels of rare earths and other elements such as cobalt, nickel, lithium, manganese and zinc in mine waste. Since the signing, Avalon has been working on plans to extract mixed rare earth oxide products from the mine. The company is evaluating a low-cost earth recovery process and has plans to run a small-scale pilot facility to confirm recoveries and the scalability of the process. Avalon Advanced Minerals has a $9.6-million market cap. E3 METALS E3 Metals (TSXV: ETMC; US-OTC: EEMMF) is a lithium exploration company headquartered in Calgary, Alberta. The company is developing a new source of lithium from reservoirs in the province, which overlie the Leduc Reef, and contain oil and gas reserves and lithium brines. Total inferred resources for the Leduc Reef total 6.7 million tonnes of lithium carbonate equivalent (LCE), which includes 1.9 million tonnes LCE for their Central Clearwater Resource Area, 0.93 million tonnes LCE for the North Rocky Resources Area and 3.9 million tonnes of LCE for the Exshaw West Resource Area. In May, the company successfully produced lithium hydroxide concentrate from brine collected

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First Cobalt’s refinery in Ontario. FIRST COBALT from the Alberta lithium project using the company’s propriety direct lithium extraction ion exchange technology, and which demonstrated the validity of the company’s process flowsheet. In July, the company, in collaboration with GreenCentre Canada and Kingston Process Metallurgy and with support from Alberta Innovates, commissioned a lab-scale lithium extraction flow system, which will be used to test and improve the performance of their extraction technology as the first step towards a pilot-scale system. In September, the company announced a joint development agreement with Livent (NYSE: LTHM). Their combined technical team is now assessing the commercial readiness of E3 Metals’ proprietary technology for separating high purity lithium concentrate from the brine contained at the company’s properties. This year the company plans to conduct well testing, including brine pressure testing, improve its reservoir model, collect data on lithium concentrations outside the oil and gas accumulations, and update delivery plans for brine resources located on the property. E3 Metals has a $9.62-million market cap. FIRST COBALT First Cobalt’s (TSXV: FCC; US-OTC: FTSSF) flagship asset is the First Cobalt refinery in Ontario, about 600 km from Canada’s border with the U.S. It is the only fully permitted primary cobalt refinery in North America, the company says. When

operational, the refinery could supply cobalt sulphate for lithiumion batteries for the North American electric car market, the aerospace industry, and other industries. In August, the company entered into a US$5 million loan facility with Glencore (LSE: GLEN) to complete engineering work, metallurgical testing, fieldwork, and permitting for the recommissioning and expansion of the refinery.

its Iron Creek cobalt project in Lemhi County, Idaho. The project now contains an indicated resource of 2.15 million tonnes of cobalt grading 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper) for 12.25 million lb. cobalt and 29 million lb. copper. Inferred

resources add 2.68 million tonnes grading 0.28% cobalt equivalent (0.22% cobalt and 0.68% copper) for an additional 12.69 million lb. cobalt and 39.94 million lb. copper.

See BASE & BATTERY / 50

On completion of a positive feasibility study, Glencore is prepared to make a further US$40 million available for a 55-tonne-perday expansion of the refinery. In December, the company announced its intention to recommission and expand the refinery in partnership with Glencore. The company is completing a pre-feasibility study for a 12-tonneper-day restart of the refinery and a definitive feasibility study for a 55-tonne-per-day production scenario. It is also working with Story Environmental to ensure that existing permits comply with a 12-tonne-per-day restart and developing new baseline studies ahead of amending any existing permits for the proposed 55-tonneper-day expansion. An assessment by Ausenco Engineering Canada confirmed the serviceability of on-site equipment for both a 12-tonne- per-day and 55-tonne-per-day processing scenario. Geotechnical drilling on a new tailings area by Knight Piésold has been completed and will support design work for a 55-tonne-per-day dry-stacked tailings management facility. In January, the company announced an updated resource estimate for

2020-02-25 9:37 PM

MARCH 2–15, 2020 / THE NORTHERN MINER

BASE & BATTERY METALS

WWW.NORTHERNMINER.COM

Neo Lithium’s 3Q lithium project in Catamarca province, Argentina. NEO LITHIUM

BASE & BATTERY METAL SNAPSHOT BASE & BATTERY From 49 The company’s third project is a significant land package in the Canadian cobalt camp near Cobalt, Ontario. The property spans more than 100 sq. km. and contains more than 50 past-producing cobalt-silver mines. First Cobalt is re-evaluating historical cobaltsilver mineralized systems on the property. First Cobalt recently closed a private placement raising $2.1 million and has a $52.29-million market cap. NEO LITHIUM Neo Lithium (TSXV: NLC; USOTC: NTTHF) is advancing its Tres Quebradas (3Q) lithium project in Argentina’s Catamarca province. Discovered in 2015, the 3Q project is a high-grade lithium brine lake covering about 35,000 hectares, located in the “Lithium Triangle” and the largest lithium-producing area in the country. The 16,000-hectare salar complex is supplied by hot springs with elevated lithium levels. In May 2019, an updated prefeasibility study demonstrated that the project could produce an average of 20,000 tonnes a year of lithium carbonate equivalent (battery grade) over a 35-year mine life. In October, the company announced that 610 hectares of land had been allocated by the municipality of Fiambala for the development of the Fiambala industrial park. The grant includes a 349-hectare parcel of land that will be given to Neo Lithium, for the future construction of the company’s full-scale lithium carbonate plant. The industrial park will be powered by electricity from the recently built 11-megawatt solar plant in Fiambalá and will also be connected to a new 22-megawatt solar energy plant in the nearby city of Tinogasta. It will use water supplied at a recently drilled well, able to provide water at 200 cubic metres per hour. Neo Lithium has a $76.4-million market cap.

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NOUVEAU MONDE GRAPHITE

Catamarca provinces.

Bathurst in New Brunswick.

Nouveau Monde Graphite (TSXV: NOU; US-OTC: NMGRF) is developing the Matawinie graphite mining project in Saint-Michel-desSaints, 150 km north of Montreal, Quebec.

The project is surrounded by ground now owned by POSCO, a Korean lithium producer, and is about 12 km from FMC’s (NYSE: FMC) Fenix lithium mine.

In November, Osisko completed a resource estimate for Pine Point. Resources stand at 52.4 million inferred tonnes grading 4.64% zinc and 1.83% lead (6.47% zinc equivalent) for 5.3 billion lb zinc and 2.1 billion lb lead. Underground mineral resources totalled 4.5 million tonnes grading 5.76% zinc and 2.43% lead (8.19% zinc equivalent), with the pitconstrained resource of 47.9 million tonnes grading 4.54% zinc and 1.78% lead (6.31% zinc equivalent).

In October 2018, the company published a feasibility study on the West Zone deposit of the Matawinie project’s Tony claim block. The study projected graphite concentrate production of 100,000 tonnes a year over a mine life of 25.5 years producing an average concentrate purity greater than 97%. The pit-constrained indicated resource in the West Zone stands at 95.8 million tonnes grading 4.28% Cg for 4.1 million tonnes of graphite and 14 million inferred tonnes grading 4.19% Cg at a cut-off grade of 1.78% Cg. The company has started producing graphite at its 3.5 tonne-per-hour demonstration plant, also located in Saint-Michel-des-Saints, where it produces concentrated flake graphite. The graphite is being sent to potential clients in North America and overseas. The company is planning a large-scale secondary graphite transformation facility, catering to the lithium-ion battery industry. Nouveau Monde says the Matawinie graphite project will be the first of its kind to operate as an all-electric, low-carbon mine. A major drilling program carried out in 2019 at Matawinie’s West Zone of the Tony Block generated 3,928 samples from 77 holes over 13,250 metres. The results of the drilling will be released before the end of the first quarter of this year.

HMN has 509,000 tonnes of lithium carbonate equivalent (LCE) and 1.6 million tonnes of potash (KCl) equivalent in the measured resource category, with another 62,000 tonnes of LCE and 231,000 tonnes KCl in the indicated category. The average grade of lithium for the 571,000-tonne combined measured and indicated resource is 756 milligrams lithium per litre, with a low lithium to magnesium ratio of 2.6 to 1. The company completed a preliminary economic assessment on the project in August 2019, outlining a 30-year mine life and annual average production of 5,000 tonnes of lithium carbonate. Initial capex was estimated at US$93.4 million and the study forecast an after-tax net present value at an 8% discount rate of US$217 million and an after-tax internal rate of return of 28%. In December 2019, shareholders approved the sale of the HMN project to Alberdi Energy for US$18 million, but also approved a provision for a board review and acceptance of superior offers to Alberdi Energy’s proposal. Alberdi Energy is part of the Alberdi Group, an international Argentinabased company with a 112-year history and interests in ceramic manufacturing, industrial park construction, mining, and more recently, renewable energy. NRG Metals has a $2.71 million market cap. OSISKO METALS

NRG METALS

Osisko Metals (TSXV: OM; USOTC: OMZNF) is a base metals exploration company with a primary focus on zinc.

NRG Metals (TSXV: NGZ; USOTC: NRGMF) is developing the Hombre Muerto Norte (HMN) lithium project, the company’s flagship lithium brine property in northwestern Argentina’s Salta and

The company controls two of Canada’s premier zinc mining camps: Pine Point, located on the south shore of Great Slave Lake in the Northwest Territories, and the Bathurst mining camp, south of

Nouveau Monde Graphite has a $64.14-million market cap.

The company plans to update the resource estimate for Pine Point to accompany an upcoming preliminary economic assessment slated for the second quarter of this year. In the eastern portion of the Bathurst mining camp, Osisko completed a resource estimate in February 2019 at two properties, Key Anacon and Gilmour South. Indicated resources stand at 1.96 million tonnes grading 5.77% zinc, 2.38% lead, 0.22% copper, and 68.9 grams silver per tonne (9% zinc equivalent) for 249.1 million lb. zinc, 102.6 million lb. lead, 9.3 million lb. copper, and 4.3 million oz. silver. Inferred resources add 3.85 million tonnes grading 5.34% zinc, 1.49% lead, 0.32% copper, and 47.7 grams silver per tonne (7.96% zincequivalent) for 453 million lb. zinc, 126.4 million lb. lead, 27 million lb. copper, and 5.9 million oz. silver. In late January, the company appointed Robert Wares as CEO and Jeff Hussey as chief operating officer. Wares retains his role as executive chairman, and Hussey will continue to serve as president. Osisko Metals has a $74.40-million market cap. POWERORE PowerOre (TSXV: PORE) is exploring for copper and gold in the Opemiska copper complex in the Chibougamau region near the town of Chapais, Quebec. Between 1953 and 1991, Falconbridge mined a total of 23 million tonnes of ore grading 2.4%

copper and 0.3-gram gold per tonne from the site’s Springer and Perry underground mines. PowerOre was spun out in 2018 as an energy metals junior by Stephen Stewart’s Orefinders Resources (TSXV: ORX) and bought a full interest in Opemiska from privately held Explorateurs-Innovators de Quebec. In the spring of 2019, PowerOre drilled 23 holes in a 3,364-metre program to test for surface mineralization. The drill program also assisted the company validate historical drill data. Highlights included 4.65% copper equivalent over 7.9 metres from 81.1 metres in hole 19-19; 4.15% copper-equivalent over 25 metres from 38 metres in hole 19-18; and 3.07% copper equivalent over 43 metres from 38 metres in hole 1914. The drill program also returned twelve mineralized intercepts of over 100 metres long. Opemiska falls within the boundary of Plan Nord. PowerOre also owns the Mann silver-cobalt mine property in Milner township, west of Cobalt, Ontario, within the renowned Temiskaming silver area. The 867-hectare property contains the historic Mann mine, which produced 330,000 oz. silver prior to 1987. The Mann property contains nine historic shafts and a ramp driven to the 210-foot area. Results from historic drilling by previous owners included 1.4 metres of 1.12% cobalt; 29.3 metres of 131 grams silver per tonne; and 28.7 metres of 181 grams silver per tonne. On Feb. 25, the company announced that it has entered into an agreement to sell the mine to Rider Investment Capital Corp. (TSXV: RDRP) at an implied U$1.25 million valuation. The company also owns the early stage MacMurchy nickel property, 25 km west of the Mann property in the southwestern corner of MacMurchy Township. PowerOre has a $3.48-million market cap.

2020-02-25 9:37 PM

BASE & BATTERY METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

Five things to watch for in battery metals this year TECHNOLOGY

| Important trends and developments to follow in an exciting mineral sector

In a January research note on battery raw materials, consultants Wood Mackenzie outlined the main themes to look for in 2020: The following is an edited version of the article. For more information visit www. woodmac.com. 1. Key EV markets to start growing again In 2019, the world’s largest electric vehicle (EV) market contracted. According to the Chinese Automotive Manufacturers Association, NEV sales reached 1.206 million last year, around 4% lower than in 2018 and 20% lower than China’s target for the year. In the U.S., the reduction was equally noteworthy at around 10% year-on-year. A sluggish global automotive sector and changing subsidies were certainly contributing factors. Nevertheless, it’s clear that EVs are not yet ready to stand on their own feet. This year, several major automakers are launching “mass-market” EVs on dedicated platforms, aimed at breaking down range and cost barriers. While we expect substantial quantities of these to trickle into the market in the second half of the year, annual passenger EV sales are likely to remain below 3 million. China’s move to postpone the complete removal of NEV subsidies this year will support EV sales but also highlights just how sensitive the EV market still is to subsidies and incentives. 2. Bigger and better batteries Cobalt prices soared in 2018 and the push towards high-nickel, low-cobalt batteries was accelerated. Last year, China commenced the first largescale production of NMC 811 cells to be used in the automotive sector. This year, we expect only a handful of EV models outside of China to opt for the high energy density technology until the safety challenges are fully resolved. Within China, 2020 could be the year that LFP chemistries get a comeback as significant energy density improvements make LFP a much more viable option. Range continues to deter many consumers from purchasing EVs, with long ranges the preserve of high-end luxury cars. Automakers are not unaware of this and nearly every new model boasts a bigger battery offering more miles per charge. We expect this trend to continue through the short term. As with most EVs, the first configurations to be sold are the highest specification models, typically using the largest battery pack. The average pack size over the next few years could be boosted as these specifications are front-loaded into the market. 3. Lithium — Another poor year Not even lithium producers are anticipating a rebound in the lithium market this year. Compared to many bullish demand expectations, 2019 was particularly weak, and excess in the market pushed prices downwards. Nearly every lithium reference price fell by at least 30% and reported sales prices followed the same trend. We expect price declines to extend over the next 12 months. A temporary lull in the market might be exactly what is needed for the LME to launch its new lithium contract this year. The contract is not going to be welcomed by all lithium players; however, we believe it is a step forward to increas-

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Inside Tesla’s manufacturing facility in Buffalo, New York. TESLA

ing transparency in lithium pricing. Oversupply was the common theme during 2019 and despite several closures and expansion cutbacks, we do not expect any tightness through the short-term. The hard-rock producers have demonstrated how quickly spodumene concentrate can be brought online, but a greater level of discipline is now required for 2020. Some higher-cost producers will feel the pressure this year as spodumene prices fail to recover. The economics of new projects now look less attractive and junior miners will increasingly have to emphasise their green credentials and strategic locations, something the battery and EV space is being heavily scrutinized on. As for the brines, 2019 supply growth was higher than in 2018. The same will be required again this year for brines to keep their share of the market. Low prices might not weigh as heavily on the brine producers, typically sitting at the bottom of the cost curve and having produced at these levels before. The ramp-up of South American brines will most likely be slower than guidance with water rights and technical challenges still key issues. 4. Cobalt — Can we fill the gap? Last year cobalt output mined in the Democratic Republic of the Congo contracted as the industry contended with both the slowdown in demand from EVs and electronics, but also ‘indigestion’ after the huge supply response in 2018 that had overstocked the supply chain. Weaker fundamentals naturally impacted price levels, with the LME cash price averaging US$33,290 per tonne (US$15.1 per lb.) for the year. This weak pricing environment, and higher operating costs led industryleader Glencore to place its Mutanda mine on “care and maintenance” from late last year. With Mutanda the largest cobalt-producing mine in the world, the company has left quite a large gap to fill. Can it be done? We think just about — but with risks.

Mutanda’s suspension will of course place more of a burden on Glencore’s other DRC operation, Katanga. Katanga has been dealing with quality issues related to uranium content over the last year, yet interim solutions appear to be bearing fruit. We estimate 5,000 tonnes of cobalt in hydroxide may have been exported last year, versus production of 14,000 tonnes. Glencore is targeting production of 27,000 tonnes of cobalt in hydroxide in 2020 from Katanga — with export levels dependent on the continued successful implementation of debottlenecking schemes. Aside from Glencore, the most likely source of ‘replacement’ tonnes is ERG. Its Metalkol RTR plant got off to a slow start last year — dealing with both quality issues and the poor market. We estimate exports of just 3,400 tonnes in 2019, versus capacity of ~14,000 tonnes per year. Yet RTR will need to at least double shipments in 2020 if we are to avoid a large deficit. Other major players such as CMOC’s Tenke Fungurume look unlikely to be able to materially increase output, while new supply from Chengtun and the recently started Deziwa operation will also be required to meet demand growth. Our base case view is that mined output returns to 2018 levels. While we do have a notional deficit of some 2,000 tonnes forecast this year, we expect this is necessary to further draw down the stocks that have accumulated through the cobalt value chain. We believe price risk is on the upside this year should the major producers fail to ramp up, and higher prices are required to incentive higher cost supply into the market. 5. Graphite — After the Balama drama While key battery metals like lithium and cobalt have suffered from the slowdown in EV sales in the all-important Chinese market, for the likes of graphite — a 1-million-tonne-plus industry primarily driven by the steel sector — the fundamentals are more complex. In the natural

flake market, last year saw a steady ramp-up in exports from Syrah Resources’ Balama mine in Mozambique. This gradually overwhelmed the previously insulated Chinese flake market and eroded price levels as the year progressed. The extent of the oversupply eventually saw Syrah trim its own output in the final quarter, and its guidance for 2020 for 120,000–150,000 tonnes. As 2020 gets underway, there are many questions associated with the flake market. For a start, does the natural graphite industry even need a mine as large as Balama right now — which at full capacity (350,000 tonnes per year) would be larger than current global consumption of natural graphite in batteries? And is there a future for the other flake

graphite projects looking to move into production in this environment–particularly given a seeming resurgence in interest in synthetic graphite? Medium-term demand prospects for graphite remain strong, with disruptive technologies like silicon or even lithium metal-based anodes unlikely to dampen growth anytime soon. However, with this f ledgling sector already overwhelmed with supply, 2020 looks likely to be another challenging year. With margins being squeezed, and an increasing focus on sustainability encouraging ex-China sourcing, many graphite miners, including Syrah, will continue to move down the value chain towards high-purity spherical graphite.

Developing 100%-owned Clayton Valley Lithium Project in the State of Nevada, USA

Developing Nevada’s Next Lithium Resource • Discovered extensive deposit of lithiumbearing claystone adjacent to Albermarle’s lithium brine mine. • Indicated Resource of 3.835 million tonnes lithium carbonate equivalent (LCE) in 831 million tonnes of 867 ppm Li. • Inferred Resources of 5.126 million tonnes LCE in 1.12 billion tonnes of 860 ppm Li.

• PEA shows net present value (NPV) of 1.45 billion at 8% discount rate and 32.7% internal rate of return (IRR) on after-tax cash flow. • Project Capex payback period 2.7 years. • Project has potential to impact future production of Lithium in North America. • Prefeasibility study (PFS) is underway for Clayton Valley Lithium project.

www.cypressdevelopmentcorp.com Don Myers • Director | T: 604-639-3851 | TSXV: CYP

2020-02-25 9:37 PM

MARCH 2–15, 2020 / THE NORTHERN MINER

BASE & BATTERY METALS

WWW.NORTHERNMINER.COM

Workers on a bucket wheel at Rio Tinto’s Weipa operation, which includes the new Amrun bauxite mine in north Queensland, Australia. RIO TINTO

Malaysia expected to reverse production ban on bauxite BAUXITE From 47

2019, providing almost six million tonnes per month by mid-2019, according to Alumina Limited. New production is coming online each year in Guinea. For example, the Aluminum Corp. of China (Chalco) started shipments from its Boffa mine in January 2020 — the plant will eventually ramp up to 12 million tonnes per year. At the same time, Indonesia removed its ban in 2017 and ramped up production, from 2.6 million tonnes that year to 6.3 million tonnes in 2018. It is possible that these exports will be short-lived. Indonesia’s recent acceleration of the ban on nickel exports — moving up the deadline for new refinery capacity to avoid an export ban from 2022 to 2020 — has caused some uncertainty regarding the future of its bauxite exports. Australia, Guinea, and Indonesia together provided more than 95% of China’s bauxite imports in 2019, and represent nearly half of the world’s production (more than half when China’s own production is included),

according to USGS data. At the same time, other countries such as India, Brazil, and Jamaica are increasing production to meet bauxite needs in other parts of the world. There is no longer a critical bauxite gap for Malaysia to fill. All this increased production is likely sufficient to maintain a slight surplus for bauxite this year, according to major aluminum producer Alcoa (NYSE: AA). Alcoa said in its fourth-quarter 2019 earnings presentation that increased production in Australia and Guinea will serve Chinese demand, which it expects to increase by nearly 18.1 million tonnes year-over-year in 2020, partly due to China’s ongoing strategic stockpiling to protect against supply chain risks. The stockpile means that, even if Indonesia does impose a bauxite ban, the market could continue in surplus in 2020. This surplus situation is unlikely to change in the near-future, given the current aluminum market. Bauxite is the only economical feedstock for aluminum, according to the USGS. For this reason, bauxite was included in the United States

Aluminum ingots for export in Novorossiysk, Russia. LEONID EREMEYCHUK/ISTOCK

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Department of the Interior’s list of 35 critical minerals to the security of the country. Bauxite demand is tightly connected to the aluminum market, where prices have been falling steadily since mid-2018. When Malaysia imposed its bauxite mining ban in January 2016, aluminum prices were on the way up as the auto and construction sectors recovered after the 2007-2008 recession. Transportation consumes 28% of all aluminum and construction consumes a further 23%. Aluminum prices jumped even higher in early 2018, due to the tariffs applied by the United States to several aluminum producing countries and to sanctions imposed on Russian aluminum manufacturer Rusal related to U.S. presidential elections in 2016. The prices peaked at more than US$2,530 per tonne in April 2018, according to the London Metal Exchange (LME). Prices have since steadily declined on the LME since mid-2018 to US$1,686 per tonne on Feb. 5, 2020, as the U.S. rolled back its tariff against key aluminum producing countries and removed its

sanctions against the restructured Rusal. Another key reason for the decline in aluminum prices is reduced demand. Rio Tinto said in its half-year 2019 results that aluminum demand growth had narrowed to just 1%, impacted primarily by the transportation sector. The global auto sector suffered in 2019. China continued its 2018 slide in auto sales, posting an 8.2% decline in total sales in 2019 as compared to the year before, and predicting a further 2% decline in 2020, according to the China Association of Automobile Manufacturers. The decline was partly due to the trade war with the U.S., but also to China’s phasing out of electric vehicle incentives in mid2019. The economic impact of the Wuhan coronavirus outbreak, which has portions of the country and tens of millions of people quarantined and made trade and travel difficult throughout China, could further dampen its auto outlook. Other major auto markets did not fare much better in 2019. The European Automobile Manufacturers Association (ACEA) said in a Janu-

ary 2020 report that the European Union member states (including the United Kingdom) scraped out a small, 1.2% increase in passenger vehicle sales over 2019, largely due to last-minute incentives in certain countries. The United States just barely cleared 17 million in new auto sales, representing a small decline over 2018. Cox Automotive, which monitors the auto industry, said in a December 2019 release that consumers tapped a record amount of non-housing debt in 2019 to purchase big ticket items like automobiles but that mounting debt defaults and a likely slowdown in 2020 make a second straight year of auto sales declines likely. The decline is doubly felt in the aluminum industry, as the aluminum content per vehicle is expected to increase as part of automakers’ efforts to produce lighter-weight cars. The Aluminum Stewardship Initiative claims that, for every 10% reduction in the weight of a vehicle, fuel economy increases 7%. As a result, Rio Tinto states on its website that it expects that use of aluminum in lightweight vehicles in North America will increase from 177 kilograms in 2015 to 277 kilograms in 2025. Any decline in overall sales impacts the outlook for aluminum demand now more than ever before. Alcoa said in its earnings presentation that it expects an aluminum surplus this year. Aluminum and bauxite markets, along with the intermediate feedstock alumina, appear likely to remain in slight surplus for the next few years, analysts say, particularly considering potential economic impacts of consumer debt in the U.S., Brexit, and the coronavirus. Meanwhile, Guinea and Australia have large pipelines of new projects ready to come on stream. In a March 2019 presentation, Alumina Ltd. said it expects Guinea to produce almost 90 million tonnes in 2020. As a result, this could relegate Malaysia to being a small producer. TNM

2020-02-25 9:37 PM

GLOBAL EXPLORATION SPECIAL FOCUS

Platinum Group Metals 50.02%-owned Waterberg PGM project South Africa. PLATINUM GROUP METALS

GLOBAL EXPLORATION SNAPSHOT West Africa and South America remain popular Rising gold prices and better operational and financial discipline are motivating companies more than ever to seek new ounces to fill their production pipelines. Below is a look at eight companies exploring worldwide. AURANIA RESOURCES Aurania Resources (TSXV: ARU) is exploring its flagship Lost Cities–Cutucu gold-copper project in southeastern Ecuador under the direction of seasoned mining executives CEO Keith Barron and Richard Spencer, president. The company is hunting for two gold-mining centres that Spanish manuscripts and maps from the 16th and 17th centuries refer to as Sevilla del Oro and Logrono de los Caballeros. In late November, field teams found remnants of what the company believes is an old road in the central part of the project that once linked the two mining centres. The remnants of the road, 50 km

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from where Aurania is drilling its Yawi gold target, were found in heavy vegetation over 2.5 km, and run north-south along Aurania’s concession block in the eastern foothills of the Andes mountain range of southeastern Ecuador. The next steps include a LIDAR survey over the area. In addition to its gold targets, Aurania has come across two types of copper at surface — porphyryrelated copper and sedimentary copper, where the copper exists in specific sedimentary horizons — and reported an average grade from 18 outcrop samples of 4.4% copper and 51 grams silver per tonne at its Tsenken, Kirus and Jempe targets. Highlights included 9% copper with 185 grams silver per tonne and 7.1% copper with 19 grams silver per tonne. Late last year, Aurania hired Gregor Borg, a professor and

See GLOBAL EXPLORATION / 54

Stefan Ansermet (left), consulting geologist, and Faustino Tsenkush, Aurania Resources’ exploration geologist, near blocks on the ancient road on the Lost Cities–Cutucu project in Ecuador. AURANIA RESOURCES

2020-02-25 9:37 PM

MARCH 2–15, 2020 / THE NORTHERN MINER

GLOBAL EXPLORATION

WWW.NORTHERNMINER.COM

Bear Creek Mining’s Corani silver-lead-zinc project in Peru, 160 km southeast of Cusco. BEAR CREEK MINING

GLOBAL EXPLORATION SNAPSHOT GLOBAL EXPLORATION From 53 independent specialist and expert on sedimentary-hosted copper deposits, to assess the project. Borg reported in December that he had never before come across spatially coincident porphyry copper and sedimentary-hosted copper as seen across the project area. He thought that the intrusion of porphyries into the red beds augmented the volume of copper available for precipitation in the overlying black shales — the typical host-rock of sedimentary-hosted copper. The company has identified multiple targets on the property by employing a variety of exploration tools, including a heliborne geophysical (magnetics and radiometrics) survey, stream sediment sampling and 5,000 metres of scout drilling. In mid-February Aurania announced a private placement that will raise $8 million to fund work on corporate social responsibility to obtain access to concession areas, basic exploration including field work and stream sediment sampling, the completion and interpretation of geophysics surveys to refine 64 targets, and scout drilling for gold, silver and copper targets.

that would produce 9.6 million oz. silver per annum over a mine life of 15 years at all-in sustaining costs of US$4.55 per oz. silver. In addition, the mine would annually produce an average of 98 million lb. lead and 69 million lb. zinc over the mine’s life. The study, which used a base case of US$18 per oz. silver, US$0.95 per lb. lead and US$1.10 per lb. zinc, forecast an after-tax net present value at a 5% discount rate of US$531 million and internal rate of return of 22.9%. Initial capex of US$579 million could be paid back in 2.4 years. Production will be from three pits — Este, Minas and Main. The Este pit contains the highest silver grade and will make up the majority of mineralized material produced in the first three years of the mine life. The Main pit contains relatively higher lead grades, while the Minas pit has relatively higher zinc grades. Under the current mine plan, the mining fleet would be provided by a mining contractor. Lead and zinc concentrates would be trucked to the container port of Matarani, about 632 km from the mine.

Aurania has only explored 55–60% of its Ecuador concessions so far.

Reserves stand at 139.1 million tonnes grading 50.3 grams silver per tonne, 0.90% lead and 0.59% zinc, for total contained metal of 225 million oz. silver, 2.75 billion lb. lead and 1.81 billion lb. zinc.

In January, Aurania applied for mineral concessions in northern Peru that it believes may sit on the same geological trend as its Lost Cities – Cutucu project.

Corani is about 160 km southeast of Cusco in the high mountain desert of the Andes and the project consists of 13 mineral concessions covering about 5,700 hectares.

The company has a $121-million market cap.

Bear Creek originally acquired a 70% stake in Corani from Rio Tinto Mining and Exploration in March 2007 and increased its interest to 100% in February 2011.

BEAR CREEK MINING Bear Creek Mining (TSXV: BCM; USOTC: BCEKF) is a Peru-focused silver exploration company and owns the Corani silver-lead-zinc project, one of the largest fully permitted silver deposits in the world. The Vancouver based company completed a feasibility study on Corani in late 2019, which outlined a three-pit mining scenario operating at 27,000 tonnes per day

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Elsewhere in Peru, Bear Creek owns 100% of the 3,500-hectare Maria Jose project, about 140 km northwest of Lima. Bear Creek has a $244.34-million market cap. CARDINAL RESOURCES Cardinal Resources (TSX: CDV) is

focused on its Namdini orogenic gold project in Ghana, 60 km south of Ghana’s border with Burkina Faso in West Africa. Namdini lies within the Nangodi greenstone belt, one of a series of southwest-northeast trending granite-greenstone belts that host mineralization in Ghana and Burkina Faso. The company completed a feasibility study on Namdini in October 2019 that envisioned a single, large open-pit mine and conventional carbon-in-leach processing. The mine would produce 4.2 million oz. gold over a mine life of 15 years at all-in sustaining costs of US$895 per oz. gold (average annual gold production of 287,000 oz.). The study estimated initial capex of US$348 million could be paid back in 21 months at a gold price of US$1,350 per oz. driven by early higher grades and recoveries, low strip ratio and low costs within the starter pit. The study forecast a post-tax net present value at a 5% discount rate of US$590 million and internal rate of return of 33.2%. Discovered in 2015 about 50 km southeast of Bolgatanga, reserves now stand at 138.6 million tonnes grading 1.13 grams gold per tonne for 5.1 million oz. gold, at a 0.5 gram cut-off grade. The company is targeting first production in the second half of 2022. In January management reported that it has received a number of term sheets from banks and financiers for the project. In addition to Namdini, Cardinal Resources is exploring its Bolgatanga project in northern Ghana near the town of Bolgatanga, and its Subranum project in southern Ghana, 240 km northwest of the capital city of Accra and 45 km west of the township of Kumasi. Cardinal Resources has a $110.3-million market cap. CONDOR GOLD Condor Gold (TSX: COG; LSE: CNR) is an exploration company focused

on developing its 100%-owned La India project in Nicaragua. The project hosts the historic La India mine, which operated between 1938 and 1956, and processed an estimated 1.7 million tonnes grading 13.4 grams gold per tonne for 576,000 oz. gold, some of it when the mine was under the ownership of Noranda. Mine records from 1953 show annual production of 41,861 oz. gold at a grade of 11.8 grams gold per tonne. The mine worked a dozen narrow high-grade, low-sulphidation epithermal veins using traditional back-stoping techniques, but the activity was concentrated on two veins: the La India vein, where a 1,200-metre strike length was mined up to 200 metres below surface, and the America–Constancia vein, where a 2,200-metre strike length was mined to 250 metres below surface. In addition to the La India and America sets of veins, Condor is also exploring the Mestiza vein set, and all three are situated within a 6 km by 3 km area. In 2011, Condor geologists found another mineralization style on the edge of a major late-stage, northeaststriking fault that it calls its Central Breccia prospect. The project’s indicated resources stand at 9.85 million tonnes grading 3.6 grams gold per tonne for 1.14 million contained oz. gold. Inferred resources measure 8.48 million tonnes grading 4.3 grams gold per tonne for 1.18 million oz. gold. Of the total, the vast majority (8.58 million tonnes of indicated and 3.01 million tonnes of inferred) are defined as open-pit resources, while the rest is classified as underground. In addition to the main La India pit, the project has four satellite pits that could act as feeder pits for the mill. The government awarded the company permits for the main La India pit and for a 2,800-tonneper-day processing plant in August 2018. Condor is permitting the America and Mestiza pits, 2 km and 4 km away from the proposed site

of a central mill. A prefeasibility study was completed in 2014. The study considered three scenarios: an open-pit mine at La India only; an expansion scenario with open-pit mining at La India, America and Central Breccia; and an expansion scenario contemplating open-pit mining at La India, America and Central Breccia, and underground mining at La India and America. In August 2018, the company received an environmental permit for the development, construction, and operation of a processing plant with a capacity of up to 2,800 tonnes per day and associated mine infrastructure. Condor has two exploration projects, Estrella and Rio Luna. The 18 sq. km Estrella concession includes the historic Estrella gold mine, and is about 20 km southwest of Siuna, a mining town in northeastern Nicaragua. Rio Luna is an advanced project covering a 43 sq. km. area in Nicaragua’s central highlands. Condor Gold has a $40.71-million market cap. CORA GOLD West Africa-focused Cora Gold’s (LSE: CORA)’s flagship project is Sanankoro in southern Mali, about 110 km southwest of Bamako, and consists of five exploration permits over a 342-sq.-km area. There has been extensive artisanal gold mining activity in the area with shallow workings extending over about 10 km. Before Cora Gold acquired the project from Hummingbird Resources in 2017, there had been two main phases of work on the project. The first by Randgold Resources in the mid-2000s, and the second by Gold Fields from 2008 until 2012. Combined drilling by Randgold, Gold Fields and Cora Gold totalled 78,500 metres of reverse circulation, air core, rotary air blast and diamond drilling. Sanankoro’s inferred resources stand at 5 million tonnes grading

See GLOBAL EXPLORATION / 56

2020-02-25 9:37 PM

GLOBAL EXPLORATION

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 2–15, 2020

The Rodruin area, part of Aton Resources’ Abu Marawat gold concession in Egypt. ATON RESOURCES

Egypt approves Aton Resources’ Hamama PERMITTING

BY TRISH SAYWELL

tsaywell@northernminer.com

gypt has granted Aton Resources (TSXV: AAN) a mining licence for its Hamama development project — the second time in a decade that the government has greenlighted a mine since Centamin’s (TSX: CEE; US-OTC: CELTF) Sukari gold mine started commercial production in 2010. The 20-year mining licence can be renewed for an additional ten years. The Hamama project in Egypt’s Eastern Desert includes the Hamama West deposit and is situated about 35 km to the southwest of the company’s other major deposit, Abu Marawat. Both deposits are on Aton’s 600-sq.-km Abu Marawat concession in Egypt’s Arabian-Nubian Shield, 200 km north of Centamin’s Sukari mine, which produces about 500,000 oz. gold a year. The licence approval “underscores Egypt’s new commitment to developing its exploration and mining sector,” Aton CEO Mark Campbell said in a statement. “Egypt is a country that is blessed by having huge untapped mineral potential, not only in gold, but across all precious, base and industrial minerals, along with having world-class infrastructure, a great pool of skilled and semiskilled labour, all within a strong and stable country.” The Hamama West deposit has

| Junior gets 20-year mining licence in emerging jurisdiction

been the focus of Aton’s recent exploration efforts and will be developed into a small open-pit operation. The Volcanogenic Massive Sulphide (VMS) deposit contains 3.8 million indicated tonnes grading 0.72 gram gold per tonne and 27.6 grams silver per tonne for 88,000 contained oz. gold and 3.37 million contained oz. silver. The mineralization extends below a gold-oxide cap and has been traced to a depth of 180 metres. Hamama West represents 750 metres of a 3 km strike length and remains open to the east and west. Aton’s Abu Marawat gold-copper deposit to the north of Hamami has an inferred resource of 2.9 million tonnes grading 1.75 grams gold per tonne, 29.3 grams silver per tonne, 0.77% copper and 1.15% zinc. The junior is also advancing its Rodruin exploration prospect, which it discovered 18 km east of Hamama West in 2017. Abundant visible gold was identified in hand specimens from outcrops and ancient dumps and underground workings. Drill results released early last year from Rodruin included 61 metres of 1.55 grams gold per tonne, 8.9 grams silver per tonne and 0.86% zinc starting from 111 metres, which included an 11-metre interval of 5.01 grams gold, 25.8 grams silver, 0.20% copper and 2.27% zinc from 158 metres in drill hole ROP-050. Another hole, ROP-039, returned

29 metres of 1.59 grams gold and 40 metres of 0.74 gram gold from surface. Other exploration prospects on its concession include Safaga South, 14 km northeast of the Abu Marawat deposit, where Aton has identified mineralized quartz veins on the ground over several square kilometres. There is also evidence of partial workings from ancient times, including ancient dwellings and alluvial workings. Grab sampling in the area has returned assays of up to 102.5 grams gold. The company believes Rodruin presents an opportunity for a large bulk mineable deposit with good grades and high-grade shoots interspersed within it. Campbell is optimistic about Egypt as an emerging mining industry and notes that over the last few years, President Abdel Fattah el-Sisi and Tarek El Molla, the Minister of Petroleum and Mineral Resources, have taken steps to create a better mining regulatory regime. “They realized that something radical needed to be done and that a complete overhaul was required to kick start the sector, where, except for Sukari, no new precious or base metal mines have been developed in Egypt in 100 years,” Campbell wrote in a letter to shareholders on Jan. 6. In May 2018, the government hired Wood Mackenzie to look at the country’s mineral resource sec-

tor and determine what was holding back development, and in August 2019, President Sisi ratified amendments to the mining law, although these have yet to be finalized. The government also created a new position within the Ministry of Petroleum last year. The new position — Deputy Minister of Mineral Resources — was given to Alaa Khashab, a well-known businessman and former CEO of ENPPI. The move elevates the sector and underscores its importance to the economy, Campbell said. But the most exciting change so far, he noted, is that the government has done away with the Production Sharing Agreement (PSA) in the oil and gas sector and has moved to a tax, rent and royalty regime, “which gets rid of the 50% joint-venture and

the involvement of the government in companies businesses.” “Junior exploration companies are the venture capital arm of the mining industry, and require constant financing over the long period of exploration,” he stated in a Jan. 30 update to investors. “If you are starting out with a 50% partner from day one, you only really have one option, to turn yourself into a mining company, as Centamin did. By getting rid of this exploration investment destroying regime, the government has really taken a huge step forward in being in a position to attract investment.” While he admits that the new executive regulations include a 5% royalty on gold, 6% royalty on zinc and 8% on copper, “5% is neither unworkable nor unheard of.” TNM

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A 40-person camp at Aton Resources’ Hamama gold project in Egypt. ATON RESOURCES

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2020-02-25 9:37 PM

MARCH 2–15, 2020 / THE NORTHERN MINER

GLOBAL EXPLORATION

WWW.NORTHERNMINER.COM

GLOBAL EXPLORATION SNAPSHOT GLOBAL EXPLORATION From 54 1.6 grams gold per tonne for 265,000 oz. contained gold. The current resource has a range of pit depths from about 40-100 metres, and the company believes there is scope to increase the resource with further drilling. The company released the latest set of assays on Feb. 11, with highlights of 2.61 grams gold per tonne over 29 metres from 82 metres, including 3.89 grams gold over 12 metres in drill hole 241; 4.2 grams gold per tonne over 7 metres from 101 metres, including 8.38 grams gold per tonne over 3 metres in drill hole 246; and 2.05 grams gold per tonne over 14 metres, including 3.31 grams gold over 7 metres, starting from 61 metres. An initial scoping study on Sanankoro, released in January, envisioned an open-pit heap leach mine with an initial mine life of three years producing 45,632 oz. per year at all-in sustaining costs of US$942 per oz. The study estimated total capex of US$22.7 million. At a gold price of US$1,400 per oz., the project would generate a post-tax net present value of US$24.2 million at an 8% discount rate and after-tax internal rate of return of 73%. The company also is exploring permits at its Yanfolila project, about 25 km from Hummingbird Resources’ Yafolila gold mine, and permits at Diangounte in western Mali and eastern Senegal. Cora Gold has a £7.94 million market cap. ROXGOLD Roxgold (TSX: ROXG; US-OTC: ROGFF) is a gold mining company with assets in West Africa. The company owns and operates the high-grade Yaramoko gold mine located on the Houndé greenstone belt in southwestern Burkina Faso and is also advancing the development and exploration of the Séguéla gold project in Côte d’Ivoire. The Yaramoko gold mine consists of two high-grade underground gold mines: the 55 Zone and Bagassi South. The gold mine, 200 km southwest of the capital city of Ouagadougou, is a 1,100-tonne per day operation using longhole stoping with cemented rock fill as its primary mining method. Yaramoko produced 142,204 oz. gold in 2019, generating US$47 million in free cash-flow before growth expenditures in the second half of the year. The company ended 2019 with US$41.8 million in cash and debt of US$25.6 million. It expects 2020 production of 120,000-130,000 oz. gold. The 55 Zone was discovered in 2011 and commercial production began in October 2016. The 55 Zone has proven and probable reserves to a depth of 980 metres and the company is developing a dedicated drilling platform about 650 metres below surface to target extensions to the orebody at depth. Bagassi South, consists of two gold deposits, QV1 Zone and QV, and is situated about 1.8 km south of the 55 Zone. The QV1 Zone is the Bagassi South’s main deposit, and is geologically similar to the 55 Zone. Roxgold acquired the Séguéla project in April 2019 as part of a portfolio comprised of 11 regional exploration permits. The 3,298 sq. km land package, about 240 km northwest of the country’s political capital of Yamoussoukro, includes

1-56MAIN_MAR2_Main .indd 56

Drillers at Cardinal Resources’ Namdini gold project in Ghana. CARDINAL RESOURCES the near-surface Antenna gold deposit, which was discovered in 2016. The Antenna deposit consists of potentially open-pittable mineralization and is located near existing infrastructure including grid power, transport and water resources. In January, Roxgold updated its resource estimate for the Antenna deposit to 7.1 million tonnes grading 2.3 grams gold per tonne for 529,000 oz. contained gold, and inferred resources stand at 0.9 million tonnes grading 2.2 grams gold per tonne for 64,000 oz. gold. Roxgold also completed maiden resource estimates for three other deposits at the Séguéla project. Ancien has 1.1 million tonnes averaging 6.6 grams gold per tonne for 224,000 oz. gold; the Agouti deposit contains 1.3 million tonnes grading 2.6 grams gold per tonne for 110,000 oz. gold; and the Boulder deposit has 1.9 million tonnes grading 1.2 grams gold per tonne for 72,000 oz. gold. The company released drill results from the Agouti deposit in February including 16 metres of 13.5 grams gold per tonne from 16 metres in drill hole 553; 8 metres of 23.9 grams gold per tonne from 91 metres in drill hole 605; and 9 metres of 12.2 grams gold from 43 metres in drill hole 500. In February the company announced a new high-grade discovery at its Boussoura project in southern Burkina Faso, about 190 km from Yaramoko and 10 km north of the country’s border with Côte d’Ivoire. Highlights included 14 metres of 10.5 grams gold per tonne from 134 metres in drill hole GAL-002 and 9 metres of 8.2 grams gold per tonne from 204 metres in drill hole GAL-007. Roxgold has a $383-million market cap.

SOLGOLD SolGold (TSX: SOLG; LSE: SOLG) is advancing its flagship Alpala deposit in northern Ecuador’s Imbabura province and expects to complete a prefeasibility study before the end of the first quarter of 2020. The Alpala copper-gold porphyry deposit is the main target on the company’s Cascabel concession in the Andean copper belt, about a three hour drive north of Quito and 180 km from the deep-water port of Esmeraldas and 30 km from a hydropower network. A preliminary economic assessment released in May 2019 outlined an underground block cave operation at a pre-production capital cost in the range of US$2.4 billion to US$2.8 billion. At a staged ramp-up to an annual throughput rate of 50 million tonnes, the PEA estimated Alpala would have a mine life of 57 years, with average metal production of 150,000 tonnes copper, 245,000 oz. gold and 913,000 oz. silver in concentrate per year. Alpala contains 2.1 billion indicated tonnes grading 0.41% copper and 0.29 gram gold per tonne, or 0.60% copper equivalent (at a 0.2% copper-equivalent cut-off ), plus 900 million inferred tonnes grading 0.27% copper and 0.13 gram gold per tonne, or 0.35% copper equivalent, at the same cut-off. According to SolGold, Alpala “has produced some of the greatest drill hole intercepts in porphyry copper-gold exploration history,” with drill hole 12 intersecting 1,560 metres grading 0.59% copper and 0.54 gram gold per tonne, including 1,044 metres of 0.74% copper and 0.54 gram gold per tonne.

During 2020 the company is planning a pilot plant operation at Alpala treating about 30 tonnes of core and coarse rejects. In October 2019 SolGold discovered a new copper-gold-silvermolybdenum porphyry system at its Cisne Loja project in southern Ecuador. It found outcropping porphyry-style copper, gold, silver and molybdenum-rich mineralized veining over an area of 2 km by 1 km. Rock chip results included one sample grading 4.32% copper, 4.51 grams gold per tonne and 20.8 grams silver per tonne and a second grading 2.52% copper, 3.11 grams gold and 12.5 grams silver, with both samples returning additional molybdenum grades. In November 2019, BHP Billiton (NYSE: BHP) spent US$22 million to boost its stake in SolGold from 11.1% to 14.9%, making it the company’s largest shareholder. SolGold has a $760-million market cap. TERANGA GOLD Teranga Gold (TSX: TGZ; US-OTC: TGCDF) is a West Africa-focused gold producer. Its flagship Sabodala gold mine is the largest gold mine in Senegal. The mine has produced over 2 million ounces since its first gold pour in 2009, and last year produced 241,276 oz. gold. The company forecasts the open-pit mine will produce more than 1 million oz. gold between 2018 and 2022, and generate free cash flow of US$230 million. Sabodala is near Senegal’s border with Mali and is 650 km east of Dakar in the West African Birimian greenstone belt. Multiple deposits feed into a central mill. Sabodala’s current reserves sit at 55.7 million tonnes grading 1.35 grams gold per tonne for 2.4 million oz. gold.

Teranga owns 90% of the mine and the government of Senegal has a 10% free-carried interest. In February Teranga announced it is acquiring the Massawa gold project, about 30 km from Sabodala, from Barrick Gold. When the transaction closes in March, Teranga will own a 90% stake in the asset and the government a 10% interest. Massawa is one of the highest grade undeveloped open-pit projects in Africa and provides opportunities for capex/opex synergies with Sabodala’s mill and infrastructure, the company says. Teranga is targeting first gold production from Massawa in the second half of 2020. Massawa’s historic mineral reserves stand at 20.9 million tonnes grading 3.94 grams gold per tonne for 2.6 million oz. gold. In November 2019, the company announced commercial production at its second gold mine, Wahgnion, in southwestern Burkina Faso, 510 km southwest of the capital city of Ouagadougou. Like Sabodala, Wahgnion has multiple deposits feeding a central mill. Last year the mine produced 47,492 oz. gold and is expected to produce an average of 132,000 oz. gold a year over a 13year mine life. Wahgnion’s reserves stand at 31.07 million tonnes grading 1.61 grams gold per tonne for 1.6 million oz. gold. The company has exploration programs in Senegal, Burkina Faso and Cote d’Ivoire. Its Golden Hill project in Burkina Faso has 6.4 million indicated tonnes grading 2.02 grams gold per tonne for 415,000 oz. gold and 11.95 million inferred tonnes averaging 1.68 grams gold per tonne for 644,000 inferred ounces. The company has a $900-million market cap.

2020-02-25 9:37 PM

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2020-02-23 2:09 PM

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MARCH 2–15, 2020 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 17–21 The blockade of rail traffic across Canada due to a disputed gas pipeline and fears about the impact the coronavirus is having on the global economy, sent the S&P/TSX Composite Index down 0.03% to 17,843.50. Uncertainty sent the price of gold up US$59.40 per oz. or 3.75%, to finish the trading week at US$1,643.00 per oz., and the S&P/TSX Global Gold Index surged 8.69% to 282.93. The S&P/TSX Global Base Metals Index fell 2.92% to 97.31, while the S&P/TSX Global Mining Index advanced 2.89% to 81.78. Shares of Newmont Mining climbed $7.04 to $65.37 on the back of strong production and financial results for 2019. The company produced 6.3 million attributable oz. gold, a 23% year-on-year increase, at all-in sustaining costs of US$966 per oz. Newmont generated US$1.4 billion in free cash flow, posted net income of US$2.9 billion or US$3.91 per diluted share and adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of US$3.7 billion, a 45% year-on-year increase. The company expects to produce 6.4 million oz. gold in 2020 at AISCs of US$975 per ounce. It also forecasts realizing US$1.4 billion in cash proceeds in the first quarter of the year through divestitures. Eldorado Gold’s shares jumped $4.27 to $13.10. The company produced 395,331 oz. gold in 2019, up from 349,147 oz. gold

in 2018, at AISCs of US$1,034 per oz. gold sold, up from US$994 per oz. in 2018. For 2020 Eldorado forecasts production of 520,000 to 550,000 oz. gold at AISCs of US$850-950 per oz. gold sold. The company also announced a 15-year mine life for its Kisladag mine in Turkey, through 2034, based on long-cycle heap leach testwork and the replacement of the tertiary crushing circuit with a high-pressure grinding roll (HPGR) circuit. Shares of Wheaton Precious Metals rose $3.77 to $43.52. The metals streaming company reported record annual gold production and sales for 2019 of 406,604 oz. gold, 22,544 oz. silver and 21,993 oz. palladium for 706,900 gold-equivalent ounces. It forecasts 2020 production of 390,000-410,000 oz. gold, 22,000-23,500 oz. silver and 23,000-24,500 oz. TSX MOST ACTIVE ISSUES

Barrick Gold Suncor Energy Yamana Gold Kinross Gold B2Gold Corp Teck Res Lundin Mng Agnico Eagle Eldorado Gold Kirkland Lake

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ABX 35121 SU 33549 YRI 24128 K 23622 BTO 21576 TECK.B 13528 LUN 12454 AEM 12216 ELD 10539 KL 10517

28.64 40.81 6.23 7.91 6.35 18.70 7.59 70.70 13.15 50.71

25.07 39.11 5.33 6.67 5.46 14.33 7.03 64.15 8.82 46.07

28.37 40.18 6.15 7.85 6.19 14.45 7.52 68.70 13.10 48.18

+ + + + + - + + + -

2.25 0.73 0.72 1.16 0.70 3.38 0.19 2.64 4.27 0.84

palladium, or 685,000-725,000 gold-equivalent ounces. Pan American Silver’s shares advanced $3.66 to $33.35. The company reported net earnings of US$111.2 million, or 55¢ per share, in 2019. Net earnings were impacted in the fourth quarter by a US$40 million impairment charge related to Pan American Silver’s Manantial Espejo mine in Argentina, which was partially offset by US$33.7 million

in investment income, largely related to its 17% stake in New Pacific Metals. Full-year production reached 25.9 million oz. silver at AISCs of US410.46 per silver oz. sold and 559,200 oz. gold at AISCs of US$948 per oz. gold sold. Shares of Teck Resources were down $3.38 to $14.45. The company reported unaudited adjusted profit attributable to shareholders of $1.6 billion or $2.77 per share, down from $2.4 billion or $4.13 per share in 2018.” TNM

TSX GREATEST PERCENTAGE CHANGE

Goldgroup Mng New Milln Iron Eldorado Gold Platinum Gp Mt Nickel Creek Aura Minerals Golden Mnls Tanzanian Gold Alexco Res Vista Gold Orosur Mng Teck Res Titan Mining Amerigo Res Solitario Ex&R Atalaya Mining NorZinc Forsys Metals Potash Ridge Mega Uranium

GGA NML ELD PTM NCP ORA AUMN TNX AXU VGZ OMI TECK.B TI ARG SLR AYM NZC FSY SOP MGA

1235 0.04 890 0.08 10539 13.15 563 3.69 1762 0.11 43 83.24 63 0.45 111 0.93 2179 2.91 89 1.10 2514 0.06 13528 18.70 264 0.28 1688 0.49 180 0.49 4 3.29 314 0.08 103 0.14 694 0.05 883 0.10

0.02 0.05 8.82 2.68 0.08 52.79 0.34 0.66 2.29 0.85 0.04 14.33 0.20 0.34 0.39 0.00 0.07 0.11 0.04 0.09

0.04 0.08 13.10 3.60 0.11 75.02 0.45 0.83 2.89 1.10 0.05 14.45 0.23 0.38 0.41 2.86 0.07 0.12 0.04 0.09

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Aura Minerals Newmont Corp Franco-Nevada Eldorado Gold Wheaton Prec M Pan Am Silver Torex Gold Agnico Eagle Endeavour Mng Barrick Gold Teck Res Teck Res Kirkland Lake Ero Copper First Quantum Atalaya Mining HudBay Min Cameco Corp Lithium Amer Trilogy Mtls

+ 60.0 + 50.0 + 48.4 + 31.4 + 31.3 + 27.4 + 27.1 + 25.8 + 24.0 + 22.2 - 25.0 - 19.0 - 17.9 - 17.6 - 15.5 - 12.8 - 12.5 - 11.1 - 11.1 - 10.5

VOLUME WEEK (000s) CLOSE CHANGE

ORA NGT FNV ELD WPM PAAS TXG AEM EDV ABX TECK.B TECK.A KL ERO FM AYM HBM CCO LAC TMQ

43 75.02 1615 65.37 2261 157.50 10539 13.10 7614 43.52 4419 33.35 2804 21.52 12216 68.70 1792 27.24 35121 28.37 13528 14.45 43 18.03 10517 48.18 811 17.07 9359 11.61 4 2.86 9652 3.76 3528 11.95 4251 6.96 83 2.47

+ 16.12 + 7.04 + 4.32 + 4.27 + 3.77 + 3.66 + 2.87 + 2.64 + 2.37 + 2.25 - 3.38 - 1.87 - 0.84 - 0.72 - 0.57 - 0.42 - 0.37 - 0.30 - 0.27 - 0.22

TSX VENTURE EXCHANGE / FEBRUARY 17–21 The S&P/TSX Venture Composite Index fell 2.14% to 582.67 and gold finished the week at US$1,643.00 per oz., up US$59.40 per ounce. Drill results from the Kora North Extension of its Kainantu gold mine in Papua New Guinea sent K92 Mining’s shares up $0.37 to $4.38. Results from 25 diamond drill holes completed from surface and underground into the Kora North deposit included drill hole 0167, which intersected 30.1 metres grading 22.7 grams gold per tonne, 5 grams silver per tonne and 0.54% copper. Drill hole 0177 cut 14.60 metres averaging 5.96 grams gold per tonne, 35 grams silver per tonne and 3.32% copper and drill hole 0175 returned multiple high-grade intersections including 8.08 metres of 20.01 grams gold per tonne, 13 grams silver per tonne and 0.87% copper, plus 8.50 metres of 10.83 grams gold per tonne, 52 grams silver per tonne, and 3.81% copper. K92 said “the vast majority” of the high-grade intercepts were outside the boundaries of the October 2018 resource estimate. Shares of Great Bear Resources rose $0.35 to $9.08 per share after the company reported developments from its $21 million exploration program at its flagship Dixie project in Ontario’s Red Lake district. Great Bear announced it had identified key geological controls to the distribution of gold miner-

alization along the LP Fault and noted that high-grade gold mineralization “occurs in close proximity to a steeply dipping felsic volcanic/medtasedimentary contact.” The company said it has retained consultant James Gray to assist its geological team with modeling; Gray was involved in resource definition drilling and modelling at the David Bell mine at the Hemlo gold deposit. New Pacific Metals rose $0.31 per share to $6.00 after reporting assay results from the final 37 drill holes of its 2019 resource definition and discovery drill program at its Silver Sand project in Bolivia. Highlights included drill hole 525021, which returned 279.25 metres grading 91 grams silver per tonne from 4.9 metres, including 15.4 metres of 657 grams silver per tonne from 217.55 TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Leeta Gold HIVE 35482 King Global KING 8740 Goldsource Min GXS 8610 K92 Mining KNT 8592 AbraPlata Res ABRA 7609 Power Metals PWM 7546 Canada Carbon CCB 6356 Minera Alamos MAI 5320 Nexus Gold NXS 4188 New Age Metals NAM 4142

0.45 0.05 0.14 4.47 0.13 0.31 0.25 0.33 0.07 0.12

0.31 0.03 0.09 3.88 0.08 0.19 0.12 0.27 0.05 0.08

0.36 - 0.03 - 0.14 + 4.38 + 0.11 + 0.26 - 0.25 + 0.32 + 0.06 unch 0.08 -

0.04 0.01 0.03 0.37 0.03 0.03 0.13 0.04 0.00 0.01

metres; drill hole 522513, which cut 108.98 metres averaging 228 grams silver from 40.32 metres depth, including 54.46 metres of 414 grams silver from 43.84 metres; and drill hole 527505, which intersected 78.2 metres of 245 grams silver from 40.1 metres, including 28.44 metres of 335 grams silver from 43.3 metres. Novo Resources fell $0.41 to $2.73 per share. The company recovered 562.25 grams

of natural coarse gold from a large, 413.6 cubic metre, bulk sample at its Egina gold project in Western Australia. Of the 562.25 grams of natural coarse gold nuggets, 324.84 grams were recovered by metal detecting and 237.41 grams were recovered using Novo’s IGR3000 gravity gold plant. The bulk sample was collected from trenches of about 4 metres in width and 1.-1.5 metres deep. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Aiml Res Odyssey Res Canada Carbon Cerro Mng District Cop Kilo Goldmines Minsud Res IEMR Res Shine Minerals Antioquia Gold Central Tim Ex Pac Imperial Intl Bethl Mng Para Resources Tiger Intl Niocan Inc Opawica Expl Karoo Expl Southstone Min Empress Res

AIML ODX.H CCB CRX.H DCOP KGL MSR IRI SMR AGD CTEC PPM IBC.H PBR TGR NIO OPW AHE.H SML EMPX

91 325 6356 27 1460 1283 100 291 46 1158 3 37 116 1789 16 27 3 50 115 35

0.22 0.05 0.25 0.20 0.01 0.01 0.08 0.01 0.08 0.04 0.15 0.02 0.03 0.09 0.11 0.14 0.07 0.27 0.08 0.03

0.02 0.00 0.12 0.00 0.01 0.01 0.04 0.01 0.04 0.02 0.05 0.01 0.02 0.05 0.07 0.00 0.00 0.17 0.00 0.02

0.22 0.05 0.25 0.20 0.01 0.01 0.08 0.01 0.08 0.04 0.05 0.01 0.02 0.05 0.07 0.13 0.07 0.18 0.05 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 1333.3 + 150.0 + 104.2 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 77.8 + 75.0 - 76.2 - 50.0 - 50.0 - 47.1 - 38.1 - 35.0 - 35.0 - 34.0 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Gold X Mining K92 Mining Great Bear Res New Pac Metals Azimut Explor Cantex Mn Dev Bluestone Res Aiml Res Chesapeake Gld Bear Creek Mng Aurion Res Novo Res Metalore Res Abitibi Royal Aurania Res Neo Lithium Central Tim Ex Osino Res Universal Vent Turmalina Met

GLDX KNT GBR NUAG AZM CD BSR AIML CKG BCM AU NVO MET RZZ ARU NLC CTEC OSI MCLD TBX

457 2.27 8592 4.38 601 9.08 851 6.00 2979 1.65 1014 1.00 1638 1.98 91 0.22 101 3.10 1760 2.20 2799 1.19 1021 2.73 3 2.05 13 19.95 115 3.15 1036 0.73 3 0.05 1969 0.76 110 6.25 1938 0.68

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

0.48 0.37 0.35 0.31 0.28 0.28 0.26 0.20 0.19 0.18 0.49 0.41 0.35 0.27 0.22 0.16 0.16 0.14 0.12 0.12

U.S. MARKETS / FEBRUARY 17–21 With the coronavirus epidemic and trade tensions clouding the economic outlook, the Dow Jones Industrial Average fell 1.38% to 28,992.41 and the S&P 500 dropped 1.26% to 3,337.75. Safe haven assets like gold continued to attract investors, and the price of gold climbed to a seven-year high, ending the week at US$1,643.00 per oz., a US$59.40 per oz. increase for a weekly gain of 3.75%. Shares of Agnico Eagle Mines advanced US$2.08 to US$51.95. The company reported net income of US$473.2 million, or US$2.00 per share for 2019. In 2018, the company posted a net loss of US$326.7 million, or US$1.40 per share. Payable gold production for 2019 reached 1.78 million oz., and AISCs totalled US$938 per oz. The company forecasts annual gold production will increase to 1.88 million oz. in 2020, at AISCs of US$975-$1,025 per ounce. AngloGold Ashanti’s shares jumped US$2.67 to US$22.13. AngloGold announced that it nearly doubled its free cash flow in 2019 to US$127 million. The company reported production of 3.28 million oz. gold at AISCs of US$992 per ounce. Headline earnings reached US$0.91 per share, up 72% year-on-year, while free cash flow before capital expenditure on

58_MARCH2_MarketNews.indd 58

growth projects rose 106% to US$448 million. The company expects 2020 production of between 3.05 million- 3.30 million oz. at AISCs of US$1,040-$1,100 per ounce. Barrick Gold’s shares rose US$1.72 to US$21.44 apiece. The company produced 5.47 million oz. gold and 432 million lb. copper in 2019. Barrick posted net earnings per share of US$2.26 for the year, and noted that its adjusted net earnings per share were up 46% year-on-year, while debt net of cash was halved from 2018 to US$2.2 billion. Coeur Mining fell US$0.46 to US$5.52 per share. The company produced 359,418 oz. gold, 11.7 million oz. silver, 17.1 million lb. zinc and U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Yamana Gold* AUY 158834 4.71 Vale* VALE 116011 12.15 Barrick Gold* GOLD 104676 21.61 Freeprt McMoR* FCX 103162 12.58 Kinross Gold* KGC 103075 5.98 United States S* X 61406 9.47 Cleveland-Clif* CLF 59283 7.72 Harmony Gold* HMY 54234 4.16 Hecla Mining* HL 49028 3.37 Newmont Corp* NEM 43674 49.59

4.00 4.66 + 0.56 11.27 11.42 - 0.45 18.93 21.44 + 1.72 11.72 11.94 - 0.30 5.03 5.96 + 0.91 8.65 9.43 + 0.64 6.84 7.09 - 0.30 3.07 4.13 + 1.00 2.89 3.29 + 0.37 43.80 49.44 + 5.37

16.6 million lb. lead in 2019. Full-year revenue reached US$711.5 million, a 14% year-on-year increase, and cash flow from operating activities came in at US$91.9 million, up from 20.1 million in 2018. Including non-cash writedowns totaling US$320 million, the company

reported a net loss from continuing operations of US$346.9 million, or US$1.59 per share. The company has temporarily suspended its Silvertip mine in B.C. due to “further deterioration in zinc and lead market conditions as well as processing facility-related challenges.” TNM

U.S. GREATEST PERCENTAGE CHANGE

Eldorado Gold* Harmony Gold* Gold Fields* Kinross Gold* Alamos Gold* DRDGOLD* McEwen Mng* AngloGold Ash* Yamana Gold* Hecla Mining* Teck Res* CONSOL Energy* HudBay Min* Arch Coal* Coeur Mng* Peabody Enrgy* MartinMarietta* Turquoise HIl* Cleveland-Clif* Vale*

EGO HMY GFI KGC AGI DRD MUX AU AUY HL TECK CEIX HBM ARCH CDE BTU MLM TRQ CLF VALE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

32380 9.95 6.65 9.93 + 48.9 54234 4.16 3.07 4.13 + 31.9 40074 7.55 6.07 7.46 + 22.3 103075 5.98 5.03 5.96 + 18.0 18498 7.06 5.93 6.97 + 16.2 1429 7.41 6.26 7.39 + 15.6 19091 1.32 1.13 1.30 + 14.0 17422 22.75 19.40 22.13 + 13.7 158834 4.71 4.00 4.66 + 13.7 49028 3.37 2.89 3.29 + 12.7 33486 14.10 10.85 10.92 - 18.9 4572 7.64 5.71 5.88 - 16.5 7250 3.28 2.80 2.85 - 8.4 1815 57.43 50.57 51.44 - 8.2 35658 6.49 5.30 5.52 - 7.7 9367 7.85 6.79 6.94 - 6.8 3230 263.80 250.84 251.42 - 4.6 13293 0.65 0.45 0.59 - 4.2 59283 7.72 6.84 7.09 - 4.1 116011 12.15 11.27 11.42 - 3.8

U.S. GREATEST VALUE CHANGE

Newmont Corp* NEM Franco-Nevada* FNV Eldorado Gold* EGO Wheaton Prec M* WPM AngloGold Ash* AU Agnico Eagle* AEM Barrick Gold* GOLD GFI Gold Fields* Nutrien* NTR Harmony Gold* HMY MartinMarietta* MLM Arch Coal* ARCH Teck Res* TECK Southern Copp* SCCO CONSOL Energy* CEIX Chevron Corp* CVX Black Hills* BKH Peabody Enrgy* BTU Kirkland Lake* KL Coeur Mng* CDE

VOLUME WEEK (000s) CLOSE CHANGE

43674 49.44 2789 119.18 32380 9.93 18033 32.91 17422 22.13 24568 51.95 104676 21.44 40074 7.46 12173 42.56 54234 4.13 3230 251.42 1815 51.44 33486 10.92 2689 37.85 4572 5.88 26898 109.01 1341 84.73 9367 6.94 16140 36.48 35658 5.52

+ 5.37 + 3.58 + 3.26 + 2.92 + 2.67 + 2.08 + 1.72 + 1.36 + 1.28 + 1.00 - 12.06 - 4.57 - 2.54 - 1.41 - 1.16 - 1.07 - 0.62 - 0.51 - 0.50 - 0.46

2020-02-25 9:33 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MARCH 2–15, 2020

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 Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 19, 2020 (change from February 12, 2020 in brackets): Aluminium Alloy 8180 (+440) Aluminium 1162300 (-69900) Copper 166425 (-650) Lead 66725 (-75) Nickel 220926 (+11184) Tin 7485 (+1095) Zinc 74600 (+2000)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$59.15 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.65 Cobalt: US$15.20/lb. Copper: US$2.57/lb. Copper: CME Group Futures Mar. 2020: US$2.58/lb.; Apr. 2020: US$2.58/lb Iridium: NY Dealer Mid-mkt US$1,510.00/tr oz. Iron Ore 62% Fe CFR China-S: US$91.21/tonne Lead: US$0.85/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$12,900.00 tr. oz. Ruthenium: Mid-mkt US$250.00/tr. oz. Silver: Handy & Harman Base: US$18.81 per oz.; Handy & Harman Fabricated: US$23.51 per oz. Tin: US$7.49/lb. Uranium: U3O8, Trade Tech spot price: US$24.60 per lb. U308 Zinc: US$0.92/lb. Prices current Feb. 25, 2020

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Feb 21 Feb 20 Feb 19 Feb 18 Feb 17 High Low S&P/TSX Composite 17843.53 17944.06 17925.36 17858.34 17848.36 15527.30 12400.15 S&P/TSXV Composite 582.67 581.18 581.69 577.06 570.49 1050.26 883.52 S&P/TSX 60 1062.86 1069.29 1068.28 1064.28 1064.88 896.74 709.99 S&P/TSX Global Gold 282.93 274.27 274.07 269.94 260.30 218.90 149.29 DJ Precious Metals 233.39 233.39 233.29 229.27 220.72 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 31, 2020 (with changes from Jan 15, 2020) Largest short positions Sandstorm Gold SSL 21293206 -351419 1/15/2020 Barrick Gold ABX 15819884 113541 1/15/2020 Ivanhoe Mines IVN 15305793 -59413 1/15/2020 New Gold NGD 14044592 247303 1/15/2020 Suncor Energy SU 13614600 81782 1/15/2020 Kinross Gold K 13070503 53475 1/15/2020 Nexgen Energy NXE 11729933 473035 1/15/2020 Premier Gold M PG 10349759 135307 1/15/2020 First Quantum FM 10207755 54797 1/15/2020 Osisko Mng Inc OSK 9401791 419541 1/15/2020 Lundin Mng LUN 9183269 213652 1/15/2020 RNC Minerals RNX 8367312 -232779 1/15/2020 Fortuna Silvr FVI 8262063 124326 1/15/2020 Yamana Gold YRI 7447084 -713173 1/15/2020 Trevali Mng TV 7380653 551249 1/15/2020 Largest increase in short position Kirkland Lake KL 4311998 1693980 1/15/2020 Equinox Gold EQX 3506269 1249446 1/15/2020 Denison Mines DML 5007764 1176338 1/15/2020 Gold Std Vents GSV 1542236 1164467 1/15/2020 SilverCrest SIL 2233375 1092795 1/15/2020 Largest decrease in short position Teck Res TECK.B 5640830 -11097966 1/15/2020 Champion Iron CIA 859769 -1207631 1/15/2020 Lucara Diam LUC 966079 -1163208 1/15/2020 Largo Res LGO 598554 -1135427 1/15/2020 Copper Mtn Mng CMMC 3949978 -762490 1/15/2020

Short positions outstanding as of Jan 31, 2020 (with changes from Jan 15, 2020) Largest short positions Conic Metals NKL 3890805 -39075 1/15/2020 Gitennes Expl GIT 2143000 2083000 1/15/2020 Novo Res NVO 2081566 -26537 1/15/2020 Hannan Metals HAN 1388922 1323422 1/15/2020 K92 Mining KNT 1308738 557161 1/15/2020 Colonial Coal CAD 1253808 1005889 1/15/2020 New Pac Metals NUAG 1159002 -326631 1/15/2020 Lion One Mtls LIO 848859 -39239 1/15/2020 Palladium One PDM 815169 150955 1/15/2020 Group Ten Mtls PGE 808487 698897 1/15/2020 Noram Vent NRM 785500 770000 1/15/2020 Granada Gold GGM 709427 -113745 1/15/2020 Metalla Rylty MTA 658398 492328 1/15/2020 Leeta Gold HIVE 620444 118866 1/15/2020 ML Gold Corp MT 580288 502450 1/15/2020 Largest increase in short position Gitennes Expl GIT 2143000 2083000 1/15/2020 Hannan Metals HAN 1388922 1323422 1/15/2020 Colonial Coal CAD 1253808 1005889 1/15/2020 Noram Vent NRM 785500 770000 1/15/2020 Group Ten Mtls PGE 808487 698897 1/15/2020 Largest decrease in short position Prospero Silvr PSL 205000 -1937999 1/15/2020 Orezone Gold ORE 149433 -1441367 1/15/2020 Core Gold CGLD 525500 -1165721 1/15/2020 Ely Gold Royal ELY 123408 -1063219 1/15/2020 QMX Gold QMX 276621 -663179 1/15/2020

DAILY METAL PRICES Daily Metal Prices Date Feb 24 Feb 21 Feb 20 Feb 19 Feb 18 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1350/1380 1355/1385 1360/1385 1360/1380 1370/1375 Aluminum 1671.50/1696 1676/1702.50 1686/1713 1684/1712 1680.50/1708 Copper 5657/5679 5701/5725 5728/5745 5745/5768 5727.50/5755 1862/1819 1880/1838 1938/1862 1918/1877.50 1900/1847 Lead Nickel 12350/12460 12435/12525 12680/12770 12695/12775 12875/12955 Tin 16505/16500 16520/16500 16575/16575 16525/16505 16515/16500 Zinc 2038/2059.50 2086/2103 2098/2113 2126/2143.50 2126/2142 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1682.35 1633.70 1610.35 1609.50 1588.20 Gold PM 1671.65 1643.30 1619.00 1604.20 1589.85 Silver 18.78 18.56 18.39 17.89 17.80 Platinum 964.00 976.00 986.00 1005.00 980.00 Palladium 2663.00 2690.00 2708.00 2781.00 2540.00

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

Feb 21 Feb 20 Feb 19 Feb 18 Feb 17 1.3260 1.3260 1.3221 1.3255 1.3237 0.7541 0.7541 0.7563 0.7545 0.7554

Exchange rates (Quote Media, February 21, 2020) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.1403 0.6991 84.4335 14.2243 11.4035 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5854 5.2963 54.0585 0.7419 908.5807 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 0.9270 111.9630 18.8617 15.1227 1.5121 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7763 7.0234 72.1200 0.9838 1204.7000

LEGEND A – Australian Securities Exchange C – Canadian Stock Exchange L – London 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 American * – Denotes price in U.S.$

59_MARCH2_MMMM.indd 59

TSX WARRANTS

PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS

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

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

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry 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.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

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

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

Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

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

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 17–21, 2020 154 New Highs AbraPlata Res AbraPlata Res* AEX Gold Aiml Res Alpha Lithium Amex Expl* Arbor Metals Aura Minerals Aura Minerals* Austral Gold Azimut Explor Azimut Explor* B2Gold Corp B2Gold Corp* Barrick Gold Barrick Gold* Benton Res* Bluestone Res Bluestone Res* Caledonia Mng Caledonia Mng* Camino Min* Canada Carbon Canada Carbon* Centamin Coral Gold Coral Gold * Dakota Ter Res* Diamond Fields* DRDGOLD* Eloro Res Eloro Res* Ely Gold Royal Ely Gold Royal*

Equinox Gold Equinox Gold* Erdene Res Dev* Eros Res Corp* Falcon Gold First Point* Franco-Nevada Franco-Nevada* Gold Fields* Gold Resource* Golden Valley Golden Valley* GoldMining GoldMining* Gran Colombia Gran Colombia* Grande Portage Grande Portage* Great Thunder Grid Metals Grid Metals* Guerrero Vents* Harmony Gold* Hemcare Health* Hornby Bay Mnl* IMC Intl Mng* IMPACT Silver Inca One Gold* Intercontinent* Inventus Mg Inventus Mg * K92 Mining K92 Mining* Kaizen Discvry* Karam Min

Kinross Gold Kinross Gold* KWG Res* Leagold Mg Leagold Mg* Liberty Gold* Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lodge Res Loncor Res Loncor Res* Lumina Gold Lundin Gold Mako Mining Mako Mining* Mangazeya Mng Mawson Res Mawson Res* Megastar Dev* Minera Alamos Mistango River Mountain Prov* New Tech Min* Newmont Corp Newmont Corp* Nighthawk Gold* North Bay Res * Nouveau Monde* NovaGold Res NovaGold Res* Orla Mng Ltd Orla Mng Ltd* Pan Am Silver

Pan Am Silver* Perseus Mng Peruvian Metal* Pinecrest Res * PJSC Polyus Gd* Plato Gold Power Metals Power Metals* Prime Mining Prime Mining* Quadro Res Raindrop Vent Robex Res Rochester Res San Marco Res* Sandstorm Gold Serabi Gold Shine Minerals Sibanye-Stillw* Silver Viper* SilverCrest SilverCrest* SSR Mining Starr Peak Exp Superior Mng Talisker Res Talisker Res* Teranga Gold Teranga Gold* Torex Gold Torq Resources TriStar Gold TriStar Gold* TVI Pacific* United Battery

Vanstar Mng Rs Vanstar Mng Rs* Visible Gold M* Wesdome Gold Wesdome Gold* Wheaton Prec M Wheaton Prec M* Wolfeye Res Worldwide Res* Yamana Gold Yamana Gold* Zadar Ventures Zadar Ventures* ZEN Graphene ZEN Graphene*

49 New Lows

Alliance Res* American Pac American Pac* Amerigo Res Amerigo Res* Andover Mng* Arch Coal* Azucar Min* Bannerman Res* Blue Thunder Buenaventura* Clarmin Explor Conic Metals CONSOL Energy* Doubleview Cap* Energy Fuels Energy Fuels* Fission 3.0 Fission Uran

Fission Uran* Generic Gold HudBay Min HudBay Min* Intrepid Pots* La Imperial Marifil Mines* Minsud Res* Mount Gibson * New Carolin Gd* Noble Metal * Nutrien Nutrien* Odyssey Res Palayan Res* Phoenix Global* PPX Mining* Red Pine Expl Standard Graph* Strikepoint Gd* Teck Res Teck Res* Titan Mining* TMAC Resources Trecora Res* Turmalina Met* United States S* Victoria Gold* Western Troy C* Winshear Gold

CANADIAN GOLD MUTUAL FUNDS Fund Feb 21 ($) AGF Gb R A Fd MF 19.50 BMO Prec Mtls Fd A 24.32 BMO ZGD 65.27 BMO ZJG 65.02 CIBC Prec Metal Fd A Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A 12.29 iShares XGD Mac Prec Met Cl A 64.69 NBI PrecMetFd Invt 17.77 NPT Go&PrMinFd A 44.27 NPT SilverEquCl A 6.79 RBC GblPreMetFd A 47.86 Sentry Pre Met Fd A 41.10 TD Prec Mtl Fd Inv 45.45

Feb 14 ($) 19.32 22.50 59.51 59.54 12.48 9.38 25.31 29.40 11.36 16.22 59.61 16.40 40.52 6.25 44.30 38.64 42.24

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.18 0.94 -1.55 2.79 84.25 1.81 8.06 0.84 2.41 54.95 5.76 9.68 -1.88 0.61 135.44 5.48 9.21 -1.11 0.60 96.30 0.55 4.36 2.96 2.43 51.92 0.35 3.67 1.98 2.73 441.49 1.03 4.05 3.98 0.01 5.13 1.15 3.88 0.40 0.83 0.93 8.14 1.29 2.68 35.28 0.82 5.01 1.99 0.61 907.20 5.08 8.52 1.37 2.52 66.08 1.37 8.35 1.74 2.46 31.72 3.75 9.24 1.96 3.19 0.55 8.74 -3.41 2.98 3.56 8.03 1.79 2.13 383.21 2.46 6.36 0.19 2.32 166.01 3.21 7.60 2.19 2.26 135.62

GLOBAL MINING NEWS · SINCE 1915

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2020-02-25 12:55 PM

WWW.NORTHERNMINER.COM

MARCH 2â&#x20AC;&#x201C;15, 2020 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 17â&#x20AC;&#x201C;21, 2020 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 1911 Gold* O 994 1911 Gold V 3102 66 Resources C 100 Abacus Mining V 186 Abacus Mining* O 185 Abcourt Mines V 1607 Abcourt Mines* O 233 Aben Resources* O 197 Aben Resources V 712 Abitibi Royal* O 6 Abitibi Royal V 13 AbraPlata Res* O 1371 AbraPlata Res V 7609 Academy Metals* O 5 Academy Metals V 24 Adamera Min V 1470 Adamera Min* O 1344 Adex Mining V 428 Advance Gold V 175 V 3299 Advantage Lith Advantage Lith* O 1290 Adventus* O 31 Adventus V 177 AEX Gold V 27 O 12 Affinity Metal* African Gold* O 161 African Gold V 2182 African Min* O 14 African Rainb* O 0 O 1149 Aftermath Silv* Agnico Eagle* N 24568 Agnico Eagle T 12216 Aiml Res V 91 AJN Resources C 266 Alacer Gold T 3439 Alamos Gold T 5845 18498 Alamos Gold* N Alaska Pac Egy* O 9913 Alba Minerals* O 3 Alcoa* N 29376 Aldebaran Res V 55 Alderon Iron* O 27 Alderon Iron T 919 Aldever Res* O 0 Aldever Res V 13 Alexandra Cap* O 184 Alexco Res T 2179 Alexco Res* X 8840 Algold Res V 54 Algold Res* O 0 Alianza Min V 1420 Alianza Min* O 53 Alien Metals* O 230 Alio Gold* X 1252 Alio Gold T 519 Allegiant Gold V 228 O 135 Allegiant Gold* Alliance Mng V 205 Alliance Res* D 4574 Almaden Min T 238 Almaden Min* X 1981 O 121 Almadex Min* Almadex Min V 153 Almonty Ind * O 10 Almonty Ind T 505 Aloro Mining* O 155 Aloro Mining V 456 Alpha Lithium V 92 Alpha Lithium* O 13 Alphamin Res * O 26 Alphamin Res V 231 V 746 Altai Resource Altair Res Inc* O 0 Altair Res Inc V 545 Altamira Gold V 1455 Altamira Gold* O 129 Altan Nevada V 549 Altan Rio Min V 250 Altiplano Met V 104 Altius Mnrls T 392 Altius Mnrls * O 215 O 5 Alto Ventures* Alto Ventures V 213 Altus Strat V 69 Alumina Ltd* O 117 ALX Resources* O 4 V 668 ALX Resources AM Resources V 124 Amarc Res V 205 Amarc Res* O 74 Amarillo Gold V 1194 O 171 Amarillo Gold* Amer Intl Vent* O 235 American Batt* O 205 American Creek* O 229 American Creek V 761 American CuMo* O 920 American Lith* O 1275 American Lith V 718 American Mang* O 397 American Mang V 476 American Pac C 4422 American Pac* O 103 AmericanSierra* O 2 Americas Silvr* X 3468 Americas Silvr T 3419 Amerigo Res T 1688 Amerigo Res* O 1216 Amex Expl* O 93 Amex Expl V 811 Amilot Capital V 25 Amseco Expl V 84 Anaconda Mng T 1167 Anaconda Mng* O 624 Andes Gold* O 53 Andover Mng* O 160 Anfield Energy* O 56 Anfield Energy V 846 Angel Gold* O 1 Angel Gold V 20 Angkor Gold* O 98 Angkor Res V 113 Anglo American* O 6 Anglo American* O 779 Anglo Pac Grp T 9 AngloGold Ash* O 0 AngloGold Ash* N 17422 Angus Ventures V 143 Antioquia Gold* O 360 Antioquia Gold V 1158 Antler Gold * O 113 Antler Gold V 63 Antler Hill V 7 Antofagasta* O 18 Apex Res * O 4 Apex Res V 453 Appia Energy* O 33 Appia Energy C 142 Applied Min* O 363 Aquila Res* O 99 Aquila Res T 10 Arbor Metals V 161 Arch Coal* N 1815 Archon Mineral V 1 Arctic Star* O 0 Arctic Star V 90 Arcus Dev Grp* O 2480 Arcus Dev Grp V 708 Arcwest Explor V 60 Arcwest Explor* O 49 Arena Min* O 0 Arena Min V 140 Argentina Lith V 276 Argentina Lith* O 10 Argentum Silvr V 3 Argentum Silvr* O 3 Argo Gold C 412 Argo Gold* O 147 Argonaut Gold* O 389 Argonaut Gold T 3197 Arianne Phosph V 325 Arianne Phosph* O 48 Arizona Silver* O 290

0.30 0.24 0.28 + 0.01 0.34 0.15 0.40 0.32 0.36 + 0.01 0.49 0.22 0.09 0.09 0.09 unch 0.00 0.37 0.05 0.12 0.10 0.12 + 0.01 0.15 0.04 0.11 0.07 0.09 + 0.01 0.11 0.03 0.08 0.06 0.07 + 0.01 0.10 0.05 0.06 0.05 0.06 + 0.00 0.09 0.03 0.07 0.06 0.06 - 0.01 0.20 0.04 0.09 0.08 0.08 - 0.01 0.27 0.07 15.50 14.75 15.11 + 0.09 15.51 8.01 20.55 19.03 19.95 - 0.27 20.55 10.62 0.10 0.06 0.09 + 0.01 0.10 0.03 0.13 0.08 0.11 + 0.03 0.13 0.04 0.00 0.00 0.14 unch 0.00 0.96 0.10 0.16 0.14 0.15 - 0.01 1.40 0.11 0.05 0.04 0.05 + 0.01 0.05 0.02 0.03 0.03 0.03 - 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.10 0.10 + 0.01 0.29 0.05 0.40 0.32 0.38 + 0.05 0.63 0.14 0.30 0.24 0.29 + 0.04 0.48 0.10 0.68 0.60 0.62 - 0.06 0.90 0.61 0.90 0.77 0.82 - 0.07 1.16 0.77 0.55 0.52 0.55 + 0.01 0.55 0.24 0.19 0.17 0.17 - 0.02 0.20 0.04 0.18 0.13 0.16 + 0.03 0.44 0.12 0.25 0.19 0.23 + 0.04 0.59 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 11.05 0.00 11.05 + 0.05 13.60 9.50 0.22 0.18 0.22 + 0.01 0.42 0.05 53.33 48.44 51.95 + 2.08 64.88 39.66 70.70 64.15 68.70 + 2.64 86.39 53.23 0.22 0.02 0.22 + 0.20 0.35 0.10 0.87 0.77 0.78 - 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60-63_MARCH2_StockTables.indd 60

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Arizona Silver V 199 Armor Min V 1 Artemis Gold* O 42 Artemis Gold V 106 Asanko Gold* X 3326 Asanko Gold T 1417 Asante Gold C 459 T 50 Ascendant Res Ascendant Res* O 1 Ascot Res T 700 Ascot Res * O 478 V 980 Ashanti Sanko AsiaBaseMetals V 2 O 4 AsiaBaseMetals* Asiamet Res* O 5 Asian Mineral V 121 Aston Bay V 863 Aston Bay* O 135 Astorius Res V 62 ATAC Res* O 287 ATAC Res V 716 Atacama Res* O 17760 T 4 Atalaya Mining Athabasca Min* O 41 Athabasca Min V 261 Athena Silver* O 1 Atico Mining* O 513 Atico Mining V 480 Atlanta Gold* O 1 Atlantic Indus V 27 Aton Resources V 1934 Aton Resources* O 594 3 Aura Minerals* O Aura Minerals T 43 V 89 Aura Resources Aura Resources* O 76 Auramex Res V 305 Aurania Res* O 77 Aurania Res V 115 Aurcana Corp V 2742 Aurcana Corp* O 1333 AurCrest Gold V 289 Aurelius Min V 777 Aurex Energy V 288 Aurion Res V 2799 Aurion Res * O 1023 Aurora Royal V 145 Aurwest Res C 83 O 18 AURYN Mining* Auryn Resource T 698 X 814 Auryn Resource* Aust Mines* O 107 Austin Res V 10 Austral Gold* O 108 Austral Gold V 220 Auxico Res C 80 T 2049 Avalon Advance Avalon Advance* O 1123 Avarone Metals C 159 Avidian Gold V 175 Avino Silver* X 1966 Avino Silver T 188 Avrupa Min V 424 Avrupa Min* O 132 Awale Res V 345 Axmin Inc* O 14 Axmin Inc V 416 Azarga Metals V 84 O 1 Azarga Metals* Azarga Uranium* O 410 Azarga Uranium T 525 Azimut Explor V 2979 O 197 Azimut Explor* Azincourt Ener* O 110 V 1187 Azincourt Ener Aztec Minerals V 338 Aztec Minerals* O 24 Azteca Gold* O 608 Azucar Min V 190 Azucar Min* O 202

0.19 0.17 0.18 unch 0.00 0.25 0.10 0.35 0.00 0.35 unch 0.00 0.46 0.31 1.07 1.00 1.03 - 0.03 1.20 0.81 1.42 1.34 1.36 - 0.04 1.60 0.95 1.00 0.89 1.00 + 0.09 1.10 0.50 1.33 1.18 1.32 + 0.11 1.45 0.68 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.32 0.28 0.30 + 0.03 0.58 0.17 0.23 0.23 0.23 unch 0.00 0.42 0.12 0.84 0.68 0.81 + 0.06 0.99 0.45 0.64 0.52 0.60 + 0.02 0.76 0.34 0.03 0.02 0.03 + 0.01 0.05 0.02 0.49 0.00 0.49 + 0.06 0.64 0.12 0.34 0.00 0.34 unch 0.00 0.38 0.20 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.36 0.00 0.35 - 0.02 0.89 0.10 0.09 0.06 0.07 + 0.01 0.11 0.05 0.06 0.04 0.06 + 0.01 0.08 0.03 0.23 0.20 0.20 unch 0.00 0.30 0.09 0.16 0.15 0.16 + 0.01 0.24 0.12 0.22 0.20 0.21 unch 0.00 0.32 0.17 0.01 0.01 0.01 - 0.00 0.03 0.00 3.29 0.00 2.86 - 0.42 4.10 3.00 0.25 0.22 0.22 - 0.03 0.60 0.18 0.33 0.30 0.33 - 0.01 0.79 0.22 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.29 0.25 0.25 - 0.02 0.33 0.17 0.38 0.32 0.33 - 0.06 0.43 0.22 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.05 0.04 0.04 unch 0.00 0.05 0.02 0.04 0.03 0.03 - 0.00 0.04 0.01 62.70 0.00 60.55 + 17.98 62.70 11.78 83.24 52.79 75.02 + 16.12 82.50 16.21 0.05 0.04 0.05 + 0.01 0.09 0.04 0.04 0.03 0.04 + 0.01 0.06 0.02 0.03 0.03 0.03 unch 0.00 0.08 0.03 2.66 2.38 2.39 - 0.15 3.40 1.64 3.44 3.15 3.15 - 0.22 4.50 2.18 0.29 0.24 0.25 + 0.02 0.79 0.21 0.22 0.18 0.19 + 0.01 1.25 0.00 0.05 0.04 0.05 + 0.01 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.09 0.08 0.09 + 0.01 0.50 0.08 1.75 1.01 1.19 - 0.49 2.35 0.90 1.33 0.76 0.91 - 0.34 1.77 0.60 0.04 0.00 0.03 - 0.01 0.10 0.02 0.03 0.02 0.03 + 0.01 0.14 0.02 0.33 0.13 0.33 + 0.04 0.74 0.03 1.91 1.79 1.81 + 0.01 2.45 1.34 1.44 1.36 1.38 - 0.01 1.84 1.03 0.01 0.01 0.01 - 0.00 0.04 0.01 0.06 0.06 0.06 unch 0.00 0.13 0.05 0.10 0.04 0.09 + 0.04 0.40 0.00 0.13 0.08 0.13 + 0.05 0.13 0.06 0.06 0.03 0.06 + 0.03 0.26 0.03 0.05 0.04 0.05 - 0.01 0.17 0.04 0.04 0.03 0.03 - 0.00 0.13 0.03 0.07 0.06 0.07 unch 0.00 0.15 0.04 0.12 0.11 0.12 unch 0.00 0.21 0.07 0.55 0.50 0.53 + 0.02 0.81 0.39 0.73 0.67 0.70 + 0.03 1.07 0.53 0.03 0.03 0.03 - 0.01 0.06 0.02 0.02 0.00 0.02 + 0.00 0.04 0.01 0.12 0.10 0.11 unch 0.00 0.26 0.07 0.18 0.16 0.18 + 0.00 0.50 0.12 0.25 0.20 0.25 + 0.02 0.66 0.18 0.08 0.07 0.08 + 0.02 0.13 0.05 0.06 0.00 0.05 - 0.01 0.09 0.03 0.16 0.12 0.12 - 0.02 0.22 0.08 0.20 0.17 0.17 - 0.02 0.28 0.11 1.77 1.30 1.65 + 0.28 1.77 0.25 1.33 0.99 1.26 + 0.24 1.33 0.19 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.12 0.07 0.09 + 0.03 0.20 0.05 0.08 0.05 0.08 + 0.03 0.15 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.14 0.15 - 0.01 0.43 0.14 0.12 0.10 0.10 - 0.01 0.34 0.10

B2Gold Corp T 21576 B2Gold Corp* X 49025 O 707 Balmoral Res* Balmoral Res T 1562 Balto Res V 146 Bam Bam Res C 351 O 123 Bankers Cobalt* Bankers Cobalt V 178 O 797 Bannerman Res* Banyan Gold V 712 Banyan Gold* O 105 Bard Ventures* O 0 V 50 Bard Ventures Barksdale Cap* O 152 Barksdale Cap V 81 Barolo Venture V 8 O 1 Barolo Venture* Baroyeca Gold V 66 Barrick Gold* N 104676 Barrick Gold T 35121 Barsele Min* O 31 Barsele Min V 664 Batero Gold* O 47 Batero Gold V 51 Bayhorse Silvr* O 56 V 567 Bayhorse Silvr BC Moly V 2 BCM Res* O 200 BCM Res V 53 BE Res V 1 Bear Creek Mng V 1760 Bear Creek Mng* O 355 Bearclaw Cap V 140 Bearing Lith* O 273 Bearing Lith V 255 Beauce Gold V 103 Bell Copper V 107 Bell Copper* O 53 Belmont Res V 41 Belo Sun Mng T 1578 Belo Sun Mng* O 3587 BeMetals * O 71 BeMetals V 373 Benchmark Met V 1144 Benchmark Met* O 386 Benton Res V 1095 Benton Res* O 33 Benz Mining V 1039 Benz Mining* O 260 Berkwood Res * O 9 Berkwood Res V 216 Bessor Min V 300 Bitterroot Res V 659 Bitterroot Res* O 422 Black Hills* N 1341 Black Iron* O 21 Black Iron T 1604 V 20 Black Mammoth Black Sea V 32 Black Sea * O 0 Black Tusk Res* O 9 Black Tusk Res C 449 Blackheath Res V 18 Blackrock Gold* O 203 Blackrock Gold V 659 Blind Creek V 155 BLOX Inc* O 8 Blue Lagoon C 414 Blue Lagoon* O 14 Blue Moon Zinc V 209 Blue Moon Zinc* O 24 Blue River Res* O 20 Blue River Res V 2338 Blue Sky Uran* O 332 Blue Sky Uran V 580 Blue Star Gold* O 94 Blue Star Gold V 435 Blue Thunder V 553 BlueBird Batt V 589 BlueBird Batt* O 308 Bluestone Res V 1638 Bluestone Res* O 174

6.35 5.46 6.19 + 0.70 6.18 3.24 4.80 4.11 4.67 + 0.53 4.80 2.40 0.37 0.33 0.34 - 0.00 0.39 0.07 0.48 0.43 0.46 - 0.01 0.49 0.10 0.14 0.13 0.14 unch 0.00 0.19 0.06 0.10 0.08 0.09 + 0.01 0.27 0.03 0.01 0.00 0.01 unch 0.00 0.03 0.00 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.02 0.02 0.02 - 0.00 0.04 0.02 0.07 0.06 0.06 unch 0.00 0.09 0.04 0.05 0.04 0.05 - 0.00 0.07 0.02 0.00 0.00 0.10 unch 0.00 0.10 0.06 0.10 0.00 0.10 - 0.03 0.29 0.08 0.33 0.31 0.31 - 0.00 0.57 0.23 0.43 0.40 0.42 + 0.01 0.75 0.32 0.22 0.22 0.22 unch 0.00 0.30 0.18 0.14 0.14 0.14 unch 0.00 0.14 0.01 0.06 0.00 0.05 - 0.01 0.15 0.04 21.61 18.93 21.44 + 1.72 21.61 11.65 28.64 25.07 28.37 + 2.25 28.18 15.72 0.33 0.30 0.33 + 0.03 0.55 0.29 0.49 0.39 0.43 + 0.03 0.75 0.36 0.06 0.06 0.06 - 0.00 0.07 0.04 0.08 0.07 0.08 unch 0.00 0.10 0.05 0.08 0.07 0.08 + 0.01 0.14 0.04 0.11 0.09 0.10 + 0.01 0.20 0.07 0.00 0.00 0.05 unch 0.00 0.07 0.04 0.00 0.00 0.06 unch 0.00 0.06 0.06 0.05 0.04 0.05 - 0.01 0.13 0.04 0.00 0.00 0.24 unch 0.00 0.30 0.15 2.22 1.96 2.20 + 0.18 2.97 1.13 1.69 1.49 1.65 + 0.12 2.35 0.84 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.15 0.12 0.14 + 0.01 0.29 0.08 0.19 0.16 0.19 + 0.03 0.38 0.11 0.15 0.13 0.13 unch 0.00 0.20 0.09 0.07 0.06 0.06 - 0.01 0.14 0.03 0.05 0.04 0.04 - 0.01 0.10 0.03 0.04 0.00 0.04 unch 0.00 0.40 0.03 0.56 0.50 0.56 + 0.05 0.72 0.22 0.43 0.37 0.42 + 0.03 0.55 0.16 0.17 0.16 0.17 unch 0.00 0.25 0.16 0.23 0.22 0.23 + 0.01 0.29 0.20 0.39 0.35 0.35 - 0.02 0.48 0.17 0.29 0.25 0.25 - 0.03 0.37 0.12 0.10 0.08 0.09 + 0.02 0.11 0.04 0.07 0.05 0.06 - 0.00 0.07 0.02 0.10 0.08 0.10 + 0.02 0.14 0.05 0.07 0.06 0.07 + 0.01 0.10 0.04 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.07 0.06 0.07 + 0.01 0.12 0.03 0.04 0.00 0.04 + 0.01 0.07 0.02 0.03 0.02 0.03 + 0.01 0.07 0.01 85.97 83.92 84.73 - 0.62 87.12 70.02 0.08 0.07 0.07 - 0.01 0.12 0.04 0.11 0.09 0.10 - 0.01 0.16 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.02 0.05 0.00 0.05 + 0.01 0.11 0.03 0.03 0.00 0.03 + 0.00 0.08 0.02 0.06 0.05 0.06 + 0.01 0.15 0.02 0.08 0.06 0.08 + 0.01 0.20 0.03 0.07 0.00 0.07 - 0.03 0.20 0.05 0.16 0.13 0.14 - 0.00 0.27 0.02 0.20 0.18 0.19 + 0.01 0.36 0.03 0.05 0.04 0.04 - 0.01 0.06 0.03 0.19 0.17 0.17 - 0.02 0.30 0.03 1.84 1.35 1.55 - 0.25 2.11 0.26 1.35 1.34 1.35 + 0.01 1.45 0.91 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.03 0.02 0.02 - 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.07 0.06 0.06 - 0.01 0.18 0.06 0.10 0.08 0.08 - 0.01 0.23 0.08 0.06 0.06 0.06 unch 0.00 0.06 0.02 0.07 0.06 0.07 unch 0.00 0.07 0.02 0.20 0.12 0.14 unch 0.00 0.20 0.12 0.10 0.07 0.10 + 0.03 0.35 0.07 0.07 0.06 0.07 + 0.01 0.25 0.05 2.05 1.67 1.98 + 0.26 2.05 0.85 1.56 1.28 1.52 + 0.21 1.51 0.65

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bold Ventures V 123 O 1019 Bold Ventures* Bonanza Gold* O 5103 BonTerra Res V 1186 Boreal Metals V 118 Boreal Metals * O 50 Borneo Res Inv* O 1838 O 52 Boundary Gold* Boundary Gold V 403 O 146 Bravada Gold* Bravada Gold V 141 O 14 Braveheart Res* Braveheart Res V 40 O 232 Bravo Multinat* Brazil Min* O 12629 BrightRock* O 1325 Britannia Mng* O 152 V 1333 Brixton Metals Brixton Metals* O 660 Brookmount Exp* O 194 Bryn Res* O 145 BTU Metals* O 326 BTU Metals V 2598 Buenaventura* N 8349 Buffalo Coal V 0 Bullfrog Gold* O 580 Bullfrog Gold C 177 Bunker Hill C 0 BWR Explor V 328

0.06 0.00 0.05 unch 0.00 0.18 0.03 0.02 0.01 0.02 unch 0.00 0.02 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 1.82 1.58 1.74 + 0.15 3.02 1.46 0.05 0.04 0.05 unch 0.00 0.10 0.03 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.01 0.02 - 0.00 0.29 0.01 0.03 0.02 0.02 - 0.01 0.25 0.02 0.08 0.06 0.08 + 0.01 0.15 0.04 0.10 0.00 0.10 unch 0.00 0.20 0.06 0.09 0.07 0.09 + 0.01 0.14 0.07 0.12 0.11 0.12 + 0.01 0.21 0.08 0.45 0.16 0.22 + 0.01 0.80 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.02 0.01 0.02 + 0.00 0.02 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.18 0.15 0.18 + 0.02 0.43 0.10 0.14 0.11 0.13 + 0.02 0.33 0.08 0.01 0.00 0.00 - 0.00 0.01 0.00 0.06 0.03 0.06 - 0.00 0.10 0.03 0.21 0.16 0.20 + 0.03 0.35 0.11 0.30 0.20 0.25 + 0.05 0.49 0.07 12.70 11.76 12.47 + 0.16 17.85 11.76 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.15 0.12 0.13 + 0.01 0.24 0.07 0.19 0.16 0.19 + 0.02 0.23 0.12 0.00 0.00 0.70 unch 0.00 1.00 0.05 0.04 0.04 0.04 unch 0.00 0.06 0.03

Cabral Gold V 725 Cabral Gold* O 137 Cache Explor* O 20 Cache Explor V 374 O 2 Cadillac Vent* Cadillac Vent V 150 X 196 Caledonia Mng* Caledonia Mng T 37 Calibre Mng T 1427 Calibre Mng* O 436 California Gld C 183 California Gld* O 214 O 51 Callinex Mines* Callinex Mines V 58 Cameco Corp* N 7881 Cameco Corp T 3528 O 16 Cameo Cobalt* Cameo Cobalt V 346 Camino Min* O 39 Camino Min V 1179 Camrova Res* O 6 Canada Carbon V 6356 O 255 Canada Carbon* Canada Cobalt V 820 Canada Cobalt * O 379 Canada One* O 19 Canada One V 105 Canada Rare V 348 O 113 Canada Rare* Canadian Metal C 158 Canadian Ore* O 77 Canadian Ore V 517 V 87 Canadian Prem CanAlaska Uran* O 262 V 513 CanAlaska Uran Canamex Gold* O 100 Canarc Res T 322 Canarc Res* O 64 Canasil Res V 366 Candelaria Mg* O 3 V 42 Candelaria Mg Candente Coppr T 250 Candente Gold* O 4 Candente Gold V 428 CANEX Metals * O 134 CANEX Metals V 304 V 34 CaNickel Mng O 13 CaNickel Mng* Canoe Mng Vent V 61 Canoe Mng Vent* O 8 Canstar Res V 531 Canterra Mnls V 49 O 20 Canterra Mnls* Cantex Mn Dev* O 43 Cantex Mn Dev V 1014 Canuc Res V 496 Canuc Res* O 11 Capstone Mng T 1378 Cardero Res V 112 Cardero Res* O 30 Cardinal Res* O 586 Cardinal Res T 897 Cariboo Rose V 796 Carlyle Comm* O 30 Carrara Explor C 4539 Cartier Iron C 182 Cartier Res V 1967 Carube Copper V 780 Carube Copper* O 5 Casa Minerals V 556 Casa Minerals * O 150 V 175 Cascadero Copp Castle Peak Mg V 330 C 2408 Cdn Palladium Cdn Palladium* O 699 O 905 CellCube Enrgy* Centamin T 176 Centaurus Diam* O 153 Centerra Gold T 2611 Central Iron V 68 Central Tim Ex V 3 V 2 Centurion Mnls Century Cobalt* O 101 Century Global* O 1 Century Global T 18 Cerro de Pasc * O 125 Cerro de Pasc C 893 Cerro Grande* O 0 Cerro Grande C 8 Cerro Mng V 27 Ceylon Graph V 179 V 543 Chakana Copper Chakana Copper* O 279 Chalice Gold M* O 31 Champion Bear* O 10 Champion Bear V 56 Champion Iron* O 262 T 2938 Champion Iron Chatham Rock V 20 O 122 Chesapeake Gld* Chesapeake Gld V 101 Chevron Corp* N 26898 Chiboug Ind Mn V 213 Chiboug Ind Mn* O 22 Chilean Metals V 70 Chilean Metals* O 0 China Gold Int T 313 Clarmin Explor V 105 Clean Comm* O 9 Cleghorn Mnls V 100 Cleveland-Clif* N 59283 Cliffmont Res V 12 Clifton Mng* O 184 CMC Metals V 658 CMC Metals* O 11 CNRP Mng C 223 CNRP Mng* O 40 Cobalt Block V 194 Cobalt Block* O 40 Coeur Mng* N 35658 Colibri Res* O 4 Colibri Res V 159 Colombia Crest V 2 Colombia Crest* O 1 Colonial Coal V 178 Colorado Res V 583 Colorado Res* O 75 Columbus Gold T 416 Columbus Gold* O 561 Comet Inds V 2 Commander Res V 2955 Commander Res* O 290 Commerce Res V 193

0.16 0.13 0.15 + 0.01 0.29 0.09 0.12 0.00 0.12 + 0.02 0.22 0.07 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.02 0.02 0.02 unch 0.00 0.03 0.00 0.04 0.00 0.03 - 0.01 0.04 0.01 12.00 10.30 11.80 + 1.37 12.00 5.01 15.65 13.60 15.54 + 1.82 14.68 6.63 0.93 0.85 0.93 + 0.05 1.05 0.45 0.74 0.64 0.70 + 0.04 1.52 0.04 0.38 0.29 0.33 + 0.03 0.79 0.21 0.30 0.21 0.27 + 0.04 0.59 0.18 0.57 0.51 0.55 + 0.04 0.99 0.03 0.75 0.68 0.75 + 0.07 1.35 0.35 9.40 8.89 9.04 - 0.20 12.59 8.00 12.45 11.75 11.95 - 0.30 16.79 10.60 0.01 0.01 0.01 unch 0.00 0.16 0.00 0.01 0.01 0.01 unch 0.00 0.15 0.01 0.14 0.00 0.14 + 0.02 0.14 0.03 0.19 0.17 0.17 unch 0.00 0.19 0.05 0.00 0.00 0.00 unch 0.00 0.06 0.00 0.25 0.12 0.25 + 0.13 0.25 0.05 0.18 0.09 0.18 + 0.09 0.17 0.03 0.64 0.56 0.64 + 0.05 0.73 0.25 0.49 0.42 0.48 + 0.03 0.57 0.18 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.05 0.03 0.05 unch 0.00 0.06 0.02 0.06 0.05 0.05 + 0.01 0.11 0.04 0.05 0.04 0.04 unch 0.00 0.08 0.03 0.10 0.07 0.08 + 0.01 0.70 0.06 0.10 0.08 0.09 + 0.01 0.34 0.06 0.14 0.10 0.11 - 0.01 0.45 0.07 0.40 0.35 0.35 - 0.03 1.41 0.35 0.18 0.14 0.17 + 0.03 0.25 0.09 0.24 0.19 0.22 + 0.03 0.33 0.12 0.04 0.04 0.04 + 0.00 0.07 0.00 0.06 0.05 0.06 unch 0.00 0.08 0.04 0.04 0.04 0.04 + 0.00 0.06 0.03 0.09 0.08 0.09 + 0.02 0.09 0.05 0.15 0.15 0.15 unch 0.00 0.28 0.12 0.19 0.13 0.13 - 0.06 0.42 0.11 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.21 0.18 0.19 - 0.02 0.22 0.02 0.27 0.23 0.23 - 0.03 0.28 0.03 0.07 0.00 0.07 unch 0.00 0.12 0.05 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.12 0.11 0.11 unch 0.00 0.26 0.10 0.09 0.08 0.08 - 0.01 0.09 0.01 0.05 0.04 0.05 + 0.01 0.11 0.02 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.90 0.50 0.78 + 0.23 5.23 0.42 1.23 0.69 1.00 + 0.28 6.99 0.55 0.09 0.07 0.08 + 0.01 0.09 0.03 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.75 0.65 0.68 - 0.06 0.92 0.41 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.03 0.02 0.02 + 0.00 0.04 0.01 0.27 0.23 0.24 + 0.01 0.38 0.17 0.33 0.30 0.32 - 0.01 0.50 0.26 0.05 0.04 0.04 - 0.01 0.06 0.03 0.22 0.07 0.21 + 0.01 0.22 0.07 0.03 0.02 0.02 - 0.02 0.08 0.01 0.03 0.00 0.03 - 0.01 0.10 0.03 0.19 0.15 0.17 + 0.02 0.22 0.11 0.06 0.06 0.06 + 0.01 0.07 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.05 0.04 0.05 + 0.01 0.18 0.03 0.04 0.03 0.03 unch 0.00 0.12 0.03 0.03 0.02 0.03 unch 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.22 0.17 0.22 + 0.04 0.27 0.06 0.18 0.13 0.15 + 0.02 0.28 0.02 0.04 0.02 0.03 + 0.00 0.15 0.02 2.66 2.30 2.62 + 0.32 2.56 1.39 0.10 0.08 0.09 + 0.00 0.65 0.04 10.41 9.64 10.25 + 0.48 13.00 6.36 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.15 0.05 0.05 - 0.16 0.51 0.05 0.00 0.00 0.07 unch 0.00 0.27 0.04 0.02 0.01 0.02 - 0.00 0.17 0.00 0.07 0.07 0.07 unch 0.00 0.17 0.05 0.08 0.00 0.08 - 0.01 0.25 0.07 0.32 0.26 0.30 - 0.00 0.41 0.20 0.43 0.30 0.40 + 0.02 0.54 0.27 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.01 0.00 0.01 + 0.01 0.01 0.01 0.20 0.00 0.20 + 0.10 0.36 0.07 0.16 0.00 0.13 - 0.03 0.20 0.06 0.20 0.16 0.20 + 0.02 0.54 0.14 0.15 0.12 0.15 + 0.02 0.40 0.10 0.22 0.17 0.17 - 0.00 0.22 0.08 0.11 0.11 0.11 unch 0.00 0.16 0.07 0.15 0.14 0.14 - 0.01 0.22 0.10 1.58 1.43 1.51 - 0.07 2.36 1.16 2.09 1.85 1.98 - 0.08 3.15 1.49 0.13 0.00 0.13 + 0.01 0.18 0.07 2.36 2.12 2.35 + 0.13 3.50 1.03 3.15 2.90 3.10 + 0.19 4.65 1.41 111.10 107.65 109.01 - 1.07 127.34 105.40 0.14 0.12 0.14 + 0.01 0.27 0.05 0.10 0.10 0.10 - 0.00 0.19 0.03 0.05 0.04 0.04 unch 0.00 0.11 0.03 0.00 0.00 0.05 unch 0.00 0.06 0.01 1.06 0.96 1.02 + 0.02 1.93 0.88 0.06 0.05 0.05 - 0.01 0.17 0.05 0.13 0.12 0.12 - 0.01 0.17 0.01 0.05 0.05 0.05 unch 0.00 0.11 0.03 7.72 6.84 7.09 - 0.30 11.64 6.59 0.09 0.06 0.07 + 0.02 0.13 0.05 0.23 0.17 0.18 - 0.03 0.23 0.04 0.06 0.05 0.06 + 0.01 0.11 0.04 0.04 0.03 0.04 + 0.01 0.06 0.03 0.23 0.20 0.20 - 0.01 0.56 0.14 0.18 0.16 0.17 + 0.01 0.42 0.10 0.05 0.05 0.05 - 0.01 0.13 0.04 0.04 0.03 0.04 + 0.00 0.11 0.03 6.49 5.30 5.52 - 0.46 8.29 2.78 0.04 0.03 0.03 - 0.01 0.06 0.03 0.06 0.05 0.06 + 0.01 0.08 0.04 0.25 0.00 0.25 unch 0.00 0.31 0.13 0.17 0.00 0.17 unch 0.00 0.23 0.05 0.40 0.37 0.39 + 0.01 0.65 0.21 0.06 0.05 0.05 + 0.01 0.13 0.04 0.04 0.04 0.04 + 0.00 0.10 0.03 0.18 0.16 0.17 - 0.01 0.27 0.11 0.13 0.12 0.13 + 0.00 0.20 0.08 3.05 3.05 3.05 unch 0.00 3.60 2.75 0.09 0.07 0.07 unch 0.00 0.11 0.06 0.07 0.05 0.07 + 0.01 0.08 0.05 0.32 0.26 0.26 - 0.06 0.90 0.14

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 86 Commerce Res* O 192 Compass Gold* V 1049 Compass Gold X 839 Comstock Mng* V 154 Comstock Mtls 15 Comstock Mtls * O Condor Gold* O 6 Condor Gold T 21 Condor Res V 216 Condor Res* O 54 1 Confedertn Ml* O V 42 Confedertn Mls O 77 Conic Metals* Conic Metals V 2001 V 335 Conquest Res 23 Conquest Res * O V 15 Cons Woodjam CONSOL Coal Rs* N 657 CONSOL Energy* N 19731 CONSOL Energy* N 4572 O 38 Constantine Mt* V 116 Constantine Mt O 77 Contact Gold* Contact Gold V 564 O 42 Contintl Gold* Contintl Gold T 2471 Copper Fox Mtl* O 116 Copper Fox Mtl V 201 Copper Lake Rs V 451 Copper Mtn Mng T 573 Copper Mtn Mng* O 125 0 Copper North M* O 26 Copper North M V Copper One C 822 Copper Reef Mg C 149 O 308 Copperbank Res* C 284 Copperbank Res Coral Gold * O 123 Coral Gold V 128 V 393 Cordoba Mnls O 78 Cordoba Mnls* Core Gold V 477 Core Gold* O 44 Core Lithium* O 2 V 41 Cornerstone Ca O 3 Cornerstone Ca* Coro Mining T 2632 8 Corsa Coal * O Corsa Coal V 68 Corsurex Res C 61 Corvus Gold T 577 Corvus Gold* O 346 CR Capital V 159 0 Crazy Horse Res* O C 618 Crest Resource C 763 Crestview Expl Cresval Cap V 671 Critical Elem* O 69 Critical Elem V 799 V 427 CROPS O 6 Crown Mining* Crown Mining V 681 Cruz Cobalt C 458 Cruz Cobalt* O 58 Crystal Lake* O 40 Crystal Lake V 553 Crystal Peak V 116 Crystal Peak* O 373 O 0 CTGX Mining* 25 Currie Rose Rs V 20 Currie Rose Rs* O Cypress Dev V 888 Cypress Dev* O 275

0.07 0.23 0.19 0.19 - 0.04 0.68 0.17 0.24 0.00 0.21 - 0.03 0.50 0.12 0.34 0.25 0.28 - 0.04 0.71 0.15 0.68 0.57 0.67 + 0.05 1.39 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.22 unch 0.00 0.37 0.23 0.23 0.23 0.30 0.43 0.41 0.43 + 0.02 0.59 0.04 unch 0.00 0.08 0.06 0.05 0.05 0.03 0.04 0.03 0.04 + 0.01 0.06 0.26 0.26 0.26 unch 0.00 0.23 0.52 0.41 0.41 - 0.12 0.74 0.18 0.21 0.18 0.18 - 0.02 0.35 0.23 0.29 0.23 0.24 - 0.04 0.48 0.01 unch 0.00 0.04 0.04 0.03 0.03 0.02 0.02 0.02 unch 0.00 0.03 0.00 0.03 unch 0.00 0.09 0.04 0.04 0.04 8.40 7.55 7.62 - 0.08 18.87 7.55 6.83 6.04 6.66 + 0.58 11.28 6.04 7.64 5.71 5.88 - 1.16 38.74 5.71 0.13 unch 0.00 0.57 0.16 0.14 0.14 0.17 0.20 0.19 0.20 + 0.01 0.72 0.10 0.15 0.12 0.14 + 0.01 0.24 0.14 0.19 0.17 0.17 - 0.01 0.34 1.65 4.13 4.02 4.13 + 0.02 4.19 2.20 5.47 5.45 5.46 + 0.01 5.48 0.07 0.05 0.06 + 0.01 0.09 0.04 0.09 0.08 0.08 unch 0.00 0.13 0.06 0.02 0.00 0.02 - 0.01 0.02 0.01 0.66 0.62 0.63 + 0.01 1.18 0.53 0.50 0.00 0.47 + 0.00 0.88 0.40 0.00 0.00 0.02 unch 0.00 0.05 0.01 0.03 0.00 0.03 + 0.01 0.07 0.02 0.05 0.11 0.10 0.11 + 0.01 0.18 0.36 0.36 0.36 unch 0.00 0.52 0.15 0.02 0.04 0.03 0.04 + 0.01 0.06 0.04 unch 0.00 0.08 0.05 0.00 0.05 0.44 0.39 0.42 + 0.00 0.44 0.26 0.35 0.57 0.52 0.52 - 0.03 0.57 0.04 0.10 0.09 0.09 - 0.01 0.14 0.03 0.09 0.07 0.07 - 0.02 0.11 0.14 0.26 0.22 0.25 + 0.01 0.34 0.10 0.20 0.18 0.19 + 0.01 0.26 0.02 unch 0.00 0.35 0.15 0.00 0.15 1.96 3.12 2.65 3.12 + 0.14 7.90 0.10 2.10 0.00 2.10 - 0.10 3.61 0.06 unch 0.00 0.12 0.07 0.06 0.07 0.28 0.22 0.22 - 0.06 0.67 0.18 0.25 0.34 0.28 0.28 - 0.05 0.94 0.02 0.04 0.00 0.03 - 0.01 0.08 1.55 2.45 2.20 2.29 + 0.07 2.69 1.13 1.88 1.69 1.73 + 0.01 2.04 0.04 unch 0.00 0.08 0.05 0.05 0.05 0.00 0.00 0.00 unch 0.00 0.38 0.00 0.06 0.09 0.08 0.08 - 0.02 0.16 0.40 1.27 0.94 1.00 - 0.06 2.60 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.20 0.31 0.25 0.31 + 0.06 0.55 0.26 0.45 0.35 0.45 + 0.10 0.72 0.01 0.02 0.02 0.02 - 0.01 0.04 0.02 unch 0.00 0.08 0.02 0.02 0.02 0.03 unch 0.00 0.14 0.04 0.03 0.03 0.03 0.06 0.05 0.05 + 0.01 0.06 0.01 0.04 0.03 0.04 - 0.00 0.05 0.07 0.11 0.09 0.09 - 0.01 0.32 0.10 0.14 0.12 0.13 + 0.01 0.42 0.03 0.04 0.00 0.04 - 0.01 0.20 0.02 0.03 0.03 0.03 - 0.00 0.15 0.00 unch 0.00 0.12 0.00 0.00 0.00 0.03 0.00 0.03 + 0.01 0.08 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.15 0.22 0.20 0.22 + 0.02 0.29 0.12 0.16 0.15 0.16 + 0.00 0.21

O 260 Dajin Lithium* Dajin Res V 621 Dakota Ter Res* O 520 Damara Gold V 45 Danakali* O 82 Debut Dmds C 58 Decade Res V 663 Decade Res* O 140 V 178 Deep-South Res C 208 DeepRock Min O 260 Defense Metals* V 528 Defense Metals Defiance Silvr V 1971 O 1858 Defiance Silvr* Delrand Res V 23 T 1575 Denison Mines X 3065 Denison Mines* Desert Gold* O 178 Desert Gold V 281 74 Desert Mtn Egy V O 383 Diamante Min* Diamcor Mng V 226 O 36 Diamcor Mng* O 253 Diamond Disc* V 37 Diamond Fields O 19 Diamond Fields* Dios Expl V 981 O 25 Discovery Harb* V 348 Discovery Harb O 332 Discovery Met* V 809 Discovery Met 32975 O Discovery Min* V 24 Discovery-Corp District Cop* O 60 District Cop V 1460 District Metal V 195 Ditem Explor* O 13 O 15 Diversified Rs* Dixie Gold V 157 DNI Metals* O 7 O 9 Dolat Ventures* Dolly Vard Sil* O 425 Dolly Vard Sil V 1585 Dore Copper V 57 V 494 Doubleview Cap O 157 Doubleview Cap* DRDGOLD* N 1429 Dundee Prec Mt T 3791 O 47 Dunnedin Vent* Durango Res V 203 O 6 Durango Res* V 8 DV Resources O 8 DV Resources* 55 Dynacor Gld Mn* O Dynacor Gld Mn T 305 O 0 DynaResource* O 1 Dynasty Gold* Dynasty Gold V 61 E3 Metals* O 61 E3 Metals V 174 V 174 Eagle Graphite O 12 Eagle Graphite* Eagle Plains V 409 V 659 East Africa 3 East Africa * O 8 East Asia Mnls* O East Asia Mnls V 733 Eastern Platin T 154 O 91 Eastern Platin* Eastern Zinc C 3843 Eastfield Res V 37 O 6 Eastfield Res* Eastmain Res T 1194 O 288 Eastmain Res* Eclipse Gold V 1208 9 Eco Oro Mnls C 40 Eco Oro Mnls* O O 1 Edgewater Expl* V 85 Edgewater Expl El Capitan Prc* O 317 El Nino Vent V 105 Elcora Adv Mat V 179 Elcora Res* O 115 Eldorado Gold* N 32380 Eldorado Gold T 10539 Eloro Res* O 75 Eloro Res V 71 Ely Gold Royal V 2548 Ely Gold Royal* O 2782

0.01 0.03 0.01 0.02 + 0.00 0.06 0.02 unch 0.00 0.07 0.04 0.03 0.03 0.26 0.09 0.19 + 0.09 0.26 0.02 0.03 unch 0.00 0.06 0.05 0.04 0.05 0.38 0.41 0.38 0.40 + 0.00 0.59 0.08 0.15 0.00 0.15 + 0.02 0.25 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.01 0.04 0.04 0.08 0.00 0.08 + 0.01 0.15 0.02 0.03 0.02 0.02 - 0.01 0.10 0.06 0.14 0.12 0.14 + 0.00 0.25 0.06 0.19 0.17 0.18 - 0.01 0.24 0.16 unch 0.00 0.37 0.20 0.18 0.19 0.12 0.15 0.13 0.15 - 0.00 0.32 0.32 0.45 0.42 0.45 + 0.03 0.71 0.43 0.51 0.48 0.51 + 0.01 0.78 0.32 unch 0.00 0.59 0.39 0.36 0.38 0.07 unch 0.00 0.31 0.11 0.11 0.11 0.10 0.16 0.15 0.15 - 0.01 0.26 0.23 0.21 0.23 + 0.01 0.31 0.13 0.01 unch 0.00 0.07 0.02 0.01 0.01 0.08 0.16 0.13 0.16 + 0.03 0.25 0.06 unch 0.00 0.16 0.11 0.11 0.11 0.00 0.00 0.00 0.00 - 0.00 0.00 0.09 unch 0.00 0.25 0.21 0.21 0.21 0.00 0.16 0.13 0.13 - 0.03 0.16 0.03 0.10 0.08 0.10 + 0.02 0.17 0.08 0.09 0.08 0.09 - 0.01 0.14 0.01 0.12 0.09 0.11 - 0.01 0.18 0.13 0.53 0.49 0.51 - 0.00 0.56 0.18 0.70 0.64 0.65 - 0.02 0.74 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.20 0.12 0.00 0.12 0.00 unch 0.00 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 + 0.01 0.05 0.08 0.18 0.00 0.17 + 0.03 0.31 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.08 0.19 0.16 0.19 + 0.01 0.24 0.01 unch 0.00 0.09 0.03 0.02 0.03 0.04 0.06 0.00 0.06 + 0.02 1.80 0.24 0.18 0.21 + 0.02 0.37 0.14 0.30 0.24 0.29 + 0.05 0.48 0.19 0.87 0.99 0.87 0.99 + 0.09 1.65 0.08 0.10 0.09 0.09 - 0.01 0.18 0.06 0.08 0.06 0.06 - 0.01 0.13 1.64 7.41 6.26 7.39 + 1.00 7.41 6.22 5.40 6.20 + 0.31 6.66 3.55 0.04 0.06 0.00 0.05 - 0.01 0.10 0.04 0.06 0.05 0.06 + 0.01 0.08 0.03 unch 0.00 0.06 0.04 0.03 0.03 0.04 unch 0.00 0.12 0.07 0.07 0.07 0.04 unch 0.00 0.11 0.06 0.06 0.06 1.46 1.27 1.40 + 0.10 1.60 1.10 1.93 1.69 1.89 + 0.18 2.00 1.50 0.24 unch 0.00 1.22 0.00 0.00 0.57 0.04 unch 0.00 0.08 0.05 0.05 0.05 0.05 unch 0.00 0.13 0.06 0.06 0.06 0.24 0.33 0.28 0.30 - 0.01 0.41 0.29 0.41 0.35 0.37 - 0.02 0.60 0.03 unch 0.00 0.10 0.04 0.04 0.04 0.02 0.03 0.02 0.02 - 0.01 0.06 0.08 0.12 0.10 0.11 + 0.01 0.12 0.17 0.14 0.17 + 0.03 0.26 0.12 0.11 0.11 0.11 unch 0.00 0.19 0.09 0.04 0.04 0.04 - 0.00 0.09 0.02 0.05 0.04 0.04 unch 0.00 0.13 0.03 0.18 0.44 0.33 0.43 + 0.05 0.72 0.14 0.32 0.00 0.31 - 0.02 0.44 0.02 unch 0.00 0.20 0.03 0.02 0.03 0.03 unch 0.00 0.07 0.04 0.00 0.04 0.02 0.02 0.02 0.02 + 0.00 0.05 0.09 unch 0.00 0.22 0.11 0.10 0.10 0.06 0.09 0.07 0.07 - 0.01 0.16 0.71 0.90 0.71 0.79 - 0.04 0.90 0.09 0.00 0.09 + 0.03 0.24 0.03 0.08 0.04 0.08 + 0.04 0.13 0.02 0.06 unch 0.00 0.09 0.07 0.07 0.07 0.06 0.10 0.08 0.10 + 0.02 0.15 0.01 0.01 0.01 + 0.00 0.04 0.01 0.05 0.04 0.05 + 0.01 0.05 0.02 0.04 0.00 0.04 + 0.01 0.12 0.03 0.01 0.03 0.03 0.03 - 0.00 0.09 9.95 6.65 9.93 + 3.26 10.09 3.05 13.15 8.82 13.10 + 4.27 13.34 4.10 0.13 0.35 0.28 0.34 + 0.06 0.35 0.15 0.46 0.38 0.41 + 0.03 0.46 1.02 0.77 0.94 + 0.10 1.02 0.15 0.11 0.78 0.78 0.58 0.72 + 0.09

D-F

2020-02-23 1:20 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MARCH 2â&#x20AC;&#x201C;15, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Elysee Dev * O 44 0.29 0.26 0.26 - 0.01 0.30 0.24 Elysee Dev V 272 0.39 0.33 0.37 + 0.01 0.39 0.33 0.05 Emerita Res V 735 0.10 0.08 0.08 - 0.02 0.17 Emgold Mining* O 107 0.06 0.00 0.05 - 0.01 0.14 0.03 V 642 0.08 0.06 0.07 - 0.01 0.20 0.05 Emgold Mining Empress Res* O 60 0.01 0.01 0.01 unch 0.00 0.02 0.01 Empress Res V 35 0.03 0.02 0.02 - 0.01 0.10 0.02 unch 0.00 2.77 1.43 EMX Royalty V 229 2.68 2.55 2.58 EMX Royalty* X 1631 2.02 1.90 1.97 + 0.03 2.12 1.08 O 4 0.04 0.00 0.04 unch 0.00 0.11 0.03 Encanto Potash* Encanto Potash V 67 0.07 0.06 0.07 + 0.01 0.17 0.05 EnCore Energy V 1967 0.16 0.12 0.13 - 0.01 0.22 0.09 T 1792 27.32 24.78 27.24 + 2.37 28.98 17.24 Endeavour Mng Endeavour Mng* O 70 20.67 18.50 20.56 + 1.79 21.78 13.34 Endeavr Silver* N 12832 2.12 1.96 2.03 + 0.07 3.20 1.68 Endeavr Silver T 1181 2.81 2.60 2.70 + 0.10 4.26 2.21 Endurance Gold V 113 0.07 0.05 0.07 + 0.02 0.07 0.03 10972 1.55 1.36 1.36 - 0.13 3.73 1.36 Energy Fuels* X Energy Fuels T 1418 2.06 1.80 1.82 - 0.16 4.97 1.84 V 539 0.06 0.05 0.05 - 0.01 0.14 0.05 Engineer Gold Engold Mines V 1283 0.04 0.04 0.04 - 0.01 0.12 0.04 Engold Mines* O 380 0.04 0.03 0.03 - 0.00 0.09 0.03 Ensurge* O 86 0.04 0.03 0.04 + 0.00 0.06 0.01 Entree Res* O 201 0.32 0.28 0.29 - 0.03 0.44 0.05 0.22 Entree Res T 253 0.43 0.38 0.39 - 0.04 0.56 Equinox Gold* X 2912 9.87 8.65 9.70 + 0.80 9.87 5.20 Equinox Gold T 4016 13.04 11.45 12.89 + 1.02 13.04 4.90 Equitorial Ex V 50 0.02 0.02 0.02 unch 0.00 0.06 0.01 Equity Metals* O 7 0.08 0.08 0.08 unch 0.00 0.09 0.04 Equity Metals V 55 0.09 0.08 0.08 - 0.01 0.11 0.05 Erdene Res Dev* O 251 0.24 0.20 0.22 + 0.03 0.24 0.12 Erdene Res Dev T 938 0.32 0.26 0.29 + 0.02 0.32 0.16 Erin Ventures* O 125 0.04 0.04 0.04 unch 0.00 0.11 0.02 Erin Ventures V 204 0.05 0.05 0.05 unch 0.00 0.16 0.04 Ero Copper T 811 18.78 17.06 17.07 - 0.72 25.69 14.97 Ero Copper* O 114 14.08 12.95 12.95 - 0.59 19.20 11.27 Eros Res Corp* O 41 0.09 0.08 0.08 - 0.01 0.09 0.03 Eros Res Corp V 206 0.12 0.11 0.12 + 0.01 0.12 0.05 Eros Res Corp V 206 0.12 0.11 0.12 + 0.01 0.12 0.05 Eskay Mng* O 120 0.21 0.18 0.21 + 0.01 0.27 0.04 Eskay Mng V 439 0.29 0.24 0.29 + 0.05 0.38 0.07 Essex Minerals V 46 0.22 0.22 0.22 unch 0.00 0.35 0.10 Ethos Gold* O 133 0.11 0.09 0.10 - 0.01 0.24 0.09 Ethos Gold V 267 0.15 0.13 0.13 - 0.01 0.32 0.13 Etruscus Res C 14 0.27 0.25 0.27 + 0.02 0.50 0.17 Euro Manganese V 436 0.15 0.12 0.15 + 0.01 0.30 0.11 Euro Sun Mg* O 262 0.25 0.02 0.23 + 0.03 0.83 0.02 Euro Sun Mg T 847 0.30 0.25 0.29 + 0.03 1.10 0.22 EurOmax Res* O 25 0.02 0.02 0.02 unch 0.00 0.14 0.02 EurOmax Res T 85 0.03 0.02 0.02 unch 0.00 0.17 0.02 European Elect* O 36 0.02 0.01 0.01 - 0.00 0.09 0.00 European Elect V 18 0.02 0.00 0.02 unch 0.00 0.12 0.01 European Metal* O 10 0.10 0.03 0.03 - 0.07 1.00 0.00 Eurotin V 25 0.03 0.03 0.03 unch 0.00 0.04 0.01 Evergold V 191 0.36 0.32 0.33 - 0.01 0.38 0.17 Evergold* O 47 0.27 0.25 0.26 + 0.01 0.29 0.15 Everton Res* O 10 0.03 0.03 0.03 unch 0.00 0.03 0.00 EVI Global Grp C 1796 0.24 0.15 0.20 + 0.04 1.64 0.14 Evolving Gold C 92 0.04 0.03 0.04 + 0.01 0.07 0.01 Evolving Gold* O 8 0.00 0.00 0.00 - 0.01 0.06 0.00 Evrim Res V 473 0.33 0.31 0.32 unch 0.00 0.40 0.27 Excellon Res* O 453 0.67 0.55 0.62 + 0.04 1.15 0.50 Excellon Res T 1040 0.89 0.72 0.80 + 0.02 1.51 0.68 Excelsior Mng* O 450 0.72 0.63 0.69 + 0.03 0.94 0.62 Excelsior Mng T 1048 0.95 0.84 0.90 + 0.04 1.23 0.81 ExGen Res Inc V 230 0.01 0.01 0.01 unch 0.00 0.03 0.01 Fabled Copper V 50 0.03 0.03 0.03 unch 0.00 0.08 0.02 Falco Res V 1413 0.31 0.25 0.30 + 0.05 0.37 0.19 Falco Res * O 55 0.20 0.20 0.20 unch 0.00 0.28 0.10 Falcon Gold V 2341 0.06 0.04 0.05 + 0.01 0.06 0.02 Fancamp Expl V 184 0.06 0.05 0.05 unch 0.00 0.11 0.05 Far Res C 2367 0.05 0.04 0.04 unch 0.00 0.15 0.03 Far Res* O 41 0.03 0.03 0.03 - 0.00 0.11 0.02 Fidelity Min* O 17 0.03 0.03 0.03 unch 0.00 0.26 0.03 Fidelity Min V 308 0.04 0.03 0.03 unch 0.00 0.40 0.03 Fieldex Expl V 804 0.07 0.05 0.06 + 0.01 0.09 0.04 2.00 1.89 2.00 + 0.05 3.25 1.80 Filo Mg Corp V 126 Filo Mg Corp * O 4 1.48 1.43 1.48 + 0.02 2.31 1.43 Finlay Minrls V 56 0.05 0.05 0.05 unch 0.00 0.07 0.03 Fiore Gold* O 713 0.48 0.39 0.48 + 0.09 0.50 0.18 Fiore Gold V 1275 0.63 0.53 0.63 + 0.10 0.63 0.26 Fire River Gol* O 2 0.06 0.06 0.06 unch 0.00 0.38 0.00 FireFox Gold V 439 0.07 0.06 0.06 - 0.01 0.30 0.06 Firestone Diam* O 0 0.00 0.00 0.01 unch 0.00 0.02 0.01 Firestone Vent V 60 0.05 0.05 0.05 unch 0.00 0.10 0.04 Fireweed Zinc V 46 0.63 0.00 0.63 + 0.01 0.97 0.45 Fireweed Zinc* O 12 0.47 0.47 0.47 + 0.00 0.71 0.34 Firma Holdings* O 75 0.01 0.00 0.01 + 0.00 0.03 0.00 First Cobalt * O 752 0.13 0.10 0.11 - 0.00 0.18 0.08 First Cobalt V 2336 0.16 0.15 0.15 unch 0.00 0.25 0.12 First Colombia* O 18 0.00 0.00 0.00 + 0.00 0.00 0.00 First Energy C 154 0.10 0.00 0.10 + 0.01 0.20 0.04 First Energy* O 8 0.06 0.06 0.06 + 0.00 0.16 0.02 First Majestic* N 40864 10.29 9.26 9.96 + 0.36 12.69 5.48 First Majestic T 6722 13.64 12.25 13.16 + 0.44 16.50 7.38 0.04 First Mexican V 51 0.14 0.13 0.13 - 0.01 0.15 First Mg Fin * O 3666 0.20 0.16 0.19 + 0.02 0.30 0.16 First Mg Fin T 3677 0.26 0.22 0.26 + 0.04 0.41 0.21 First Point* O 175 0.16 0.14 0.15 + 0.00 0.16 0.08 First Quantum T 9359 12.41 11.47 11.61 - 0.57 16.63 7.84 First Vanadium V 137 0.31 0.24 0.24 - 0.05 1.08 0.17 First Vanadium* O 214 0.23 0.18 0.18 - 0.05 0.81 0.12 Fission 3.0 V 139 0.05 0.00 0.05 - 0.01 0.14 0.05 Fission 3.0* O 149 0.04 0.00 0.03 - 0.00 0.10 0.03 0.17 Fission Uran* O 949 0.21 0.17 0.18 - 0.01 0.45 Fission Uran T 1727 0.27 0.22 0.23 - 0.02 0.59 0.23 Five Star Diam V 10 0.04 0.04 0.04 unch 0.00 0.08 0.03 Five Star Diam* O 10 0.04 0.04 0.04 unch 0.00 0.04 0.02 Fjordland Exp* O 1 0.05 0.05 0.05 unch 0.00 0.07 0.02 Fjordland Exp V 4 0.04 0.00 0.04 unch 0.00 0.09 0.03 25 0.08 0.08 0.08 unch 0.00 0.51 0.08 Flowery Gold* O Focus Graphite* O 951 0.02 0.01 0.02 - 0.00 0.03 0.01 Focus Graphite V 976 0.03 0.02 0.03 unch 0.00 0.04 0.01 Foran Mng V 169 0.27 0.23 0.24 - 0.03 0.35 0.22 Forsys Metals T 103 0.14 0.11 0.12 - 0.02 0.29 0.11 Fort St J Nick V 4 0.12 0.00 0.12 unch 0.00 0.25 0.08 Fort St James* O 0 0.00 0.00 0.08 unch 0.00 0.16 0.08 Fortescue Met* O 23 7.58 7.28 7.29 - 0.06 8.89 4.43 Fortuna Silvr T 1926 5.23 4.62 5.21 + 0.57 6.12 3.22 Fortuna Silvr* N 11982 3.97 3.49 3.94 + 0.43 4.59 2.39 Fortune Bay V 41 0.40 0.00 0.40 + 0.03 0.50 0.22 Fortune Bay* O 7 0.30 0.00 0.27 + 0.02 0.39 0.14 Fortune Mnrls* O 124 0.06 0.05 0.05 + 0.00 0.11 0.05 Fortune Mnrls T 343 0.08 0.08 0.08 unch 0.00 0.16 0.07 Forum Energy V 277 0.10 0.09 0.10 + 0.01 0.11 0.03 Forum Energy* O 115 0.08 0.07 0.08 + 0.01 0.08 0.02 Fox River Res* O 5 0.06 0.06 0.06 unch 0.00 0.06 0.03 46 0.09 0.00 0.08 + 0.01 0.10 0.04 Fox River Res C FPX Nickel V 227 0.21 0.18 0.21 + 0.02 0.23 0.10 Franco-Nevada* N 2789 119.39 114.26 119.18 + 3.58 119.39 69.16 Franco-Nevada T 2261 157.85 151.69 157.50 + 4.32 155.75 93.24 Franklin Mng* O 61 0.00 0.00 0.00 - 0.00 0.10 0.00 Freegold Vent T 503 0.06 0.05 0.06 + 0.01 0.12 0.04 Freeport McMoR* N 103162 12.58 11.72 11.94 - 0.30 14.68 8.43 Freeport Res V 80 0.06 0.06 0.06 unch 0.00 0.15 0.04 Fremont Gold V 412 0.10 0.08 0.09 + 0.02 0.15 0.04 Fremont Gold* O 122 0.08 0.05 0.07 + 0.02 0.12 0.04 39 9.29 8.75 9.13 + 0.32 13.07 6.89 Fresnillo plc* O Frontier Lith V 218 0.27 0.23 0.25 unch 0.00 0.41 0.20 Frontline Gold V 860 0.01 0.01 0.01 unch 0.00 0.02 0.01 Full Metal Mnl* O 1 0.00 0.00 0.00 unch 0.00 0.01 0.00 Fura Gems V 331 0.16 0.13 0.14 + 0.01 0.41 0.12 Fura Gems* O 32 0.11 0.10 0.11 + 0.01 0.32 0.09

G-H G2 Goldfields* O 4 G2 Goldfields V 765 Gabriel Res V 142 Gabriel Res* O 106 Gaia Metals* O 0 Gaia Metals V 52 Gainey Capital V 418 Galane Gold V 651 Galane Gold * O 228 Galantas Gold* O 82 Galantas Gold V 235 Galleon Gold* O 304 Galore Res V 207 Galway Gold * O 71 Galway Gold V 7 Galway Mtls* O 267 Galway Mtls V 719 Gambier Gold V 248 Garibaldi Res * O 128 Garibaldi Res V 751 Gatling Explor V 655 Gatling Explor* O 139 Gem Intl Res V 250 General Moly* X 1462 General Moly T 15 Generation Min* O 431

0.14 0.14 0.14 unch 0.00 0.26 0.08 0.21 0.17 0.19 + 0.03 0.43 0.17 0.56 0.49 0.53 + 0.02 0.71 0.38 0.42 0.37 0.41 + 0.03 0.54 0.27 0.07 0.07 0.07 unch 0.00 0.66 0.06 0.10 0.08 0.10 + 0.02 0.90 0.08 0.06 0.05 0.05 unch 0.00 0.16 0.04 0.10 0.09 0.10 + 0.01 0.13 0.04 0.08 0.06 0.07 + 0.01 0.10 0.03 0.02 0.01 0.02 + 0.02 0.07 0.01 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.06 0.05 0.05 + 0.00 0.08 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.08 0.07 0.08 + 0.01 0.10 0.00 0.11 0.11 0.11 unch 0.00 0.14 0.07 0.27 0.00 0.25 - 0.00 0.30 0.18 0.37 0.33 0.36 + 0.03 0.40 0.25 0.05 0.04 0.04 - 0.01 0.15 0.02 0.72 0.61 0.70 + 0.08 1.70 0.51 0.99 0.81 0.93 + 0.12 2.25 0.67 0.55 0.46 0.50 + 0.03 0.71 0.30 0.41 0.36 0.38 + 0.02 0.54 0.23 0.06 0.06 0.06 unch 0.00 0.13 0.05 0.24 0.21 0.23 + 0.03 0.45 0.16 0.31 0.29 0.31 + 0.02 0.59 0.22 0.48 0.40 0.45 + 0.03 0.62 0.04

60-63_MARCH2_StockTables.indd 61

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Generation Min C 5333 Generic Gold C 76 Genesis Mtls* O 1 Genesis Mtls V 171 C 103 Genius Metals Gensource Pot V 679 Gentor Res V 100 Geomega Res V 1092 O 170 Geomega Res* Gespeg Res V 50 Getchell Gold * O 115 Getchell Gold C 153 Getty Copper V 50 GFG Resources V 3209 O 3520 GFG Resources* GGL Res* O 3 GGL Res V 8 GGX Gold V 202 GGX Gold* O 16 Giga Metals* O 221 Giga Metals V 343 Gitennes Expl V 1851 Giyani Gold V 80 Giyani Gold* O 88 Glacier Lake V 5 Gldn Predator* O 279 Gldn Predator V 435 Glen Eagle Res V 191 Glencore Plc * O 245 Glencore Plc* O 778 Global Atomic* O 411 Global Atomic T 483 Global Battery V 66 Global Energy V 425 Global Gold* O 2 Global Li-Ion* O 334 Global Li-Ion C 384 Global Vanad* O 1 GlobalMin Vent* O 1 Globex Mng* O 47 Globex Mng T 64 GMV Minerals* O 37 GMV Minerals V 229 GNCC Capital* O 27191 Go Cobalt* O 0 Go Cobalt C 145 GobiMin V 12 GoGold Res T 1133 Gold Fields* O 0 40074 Gold Fields* N Gold Finder Ex V 2830 Gold Finder Ex* O 62 Gold Lion Res C 324 Gold Reserve V 13 Gold Reserve* O 60 Gold Resource* X 4898 Gold Rush Cari V 414 Gold Std Vents T 1631 Gold Std Vents* X 2769 Gold X Mining V 457 Goldbank Mng V 0 Goldcliff Res* O 190 Goldcliff Res V 531 Golden Arrow* O 191 Golden Arrow V 733 Golden Cariboo V 205 Golden Dawn Ml V 130 Golden Dawn Ml* O 1 Golden Goliath* O 57 V 679 Golden Goliath Golden Harp V 146 Golden Hope V 183 O 6 Golden Hope* Golden Lake C 295 Golden Mnls T 63 Golden Mnls* X 2762 Golden Opp Res C 160 Golden Pursuit* O 13 Golden Pursuit V 126 Golden Queen* O 6 Golden Queen V 634 Golden Ridge V 202 Golden Secret V 82 Golden Share V 8 Golden Star T 188 Golden Star* X 2733 Golden Tag V 14 Golden Valley* O 261 Golden Valley V 835 Goldex Res* O 13 Goldex Res V 59 Goldgroup Mng T 1235 Goldgroup Mng* O 495 GoldMining* O 2118 GoldMining T 2393 GoldON Res V 134 GoldON Res* O 21 GoldQuest Mng V 157 Goldrea Res C 181 Goldrea Res* O 1 Goldrich Mng* O 419 Goldsource Min* O 4057 Goldsource Min V 8610 Goldstar Mnls V 101 Goldstrike Res* O 0 Goldstrike Res V 9 Goliath Res V 1269 Goliath Res* O 212 Gossan Res V 101 GoviEx Uranium* O 599 V 623 GoviEx Uranium Gowest Gold* O 11 Gowest Gold V 37 GPM Metals V 697 GR Silver* O 84 GR Silver V 389 Gran Colombia* O 609 Gran Colombia T 2955 V 1029 Granada Gold Granada Gold* O 66 V 1526 Grande Portage Grande Portage* O 1336 Granite Creek V 210 Graphite One* O 214 Graphite One V 224 Gratomic V 367 Gratomic* O 159 Gray Rock Res V 83 Great Atlantic V 72 Great Bear Res V 601 Great Bear Res* O 181 Great Lakes Gr* O 400 Great Panther T 747 Great Panther* X 5505 Great Thunder V 814 Greatbanks Re V 115 Green River C 269 Greencastle Rs V 105 Greenland M&En* O 1279 Greenshield Ex V 8 Grenville Gold C 12 Grenville Gold* O 33 Grid Metals* O 152 Grid Metals V 1783 Grizzly Discvr* O 83 Grizzly Discvr V 251 Grosvenor Res V 2 Group Eleven V 433 Group Ten Mtls* O 509 Group Ten Mtls V 818 GrowMax Res* O 60 GSP Resource V 384 GT Gold V 729 GT Gold * O 54 Guerrero Vents* O 15 Guerrero Vents V 55 Gungnir Res V 104 Gungnir Res* O 1 Gunpoint Expl V 20 Guyana Gldflds T 1225 Guyana Goldstr V 568 Guyana Goldstr* O 39 Handa Mining V 13 Handeni Gold* O 0 Hanna Capital V 12 Hannan Metals V 697 Hannan Metals* O 369 Happy Ck Mnrls V 48 Harfang Explor* O 13 Harfang Explor V 36 Harmony Gold* N 54234 Harte Gold T 6861

0.62 0.52 0.59 + 0.02 0.75 0.12 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.27 0.27 0.27 unch 0.00 0.34 0.14 0.38 0.34 0.37 - 0.02 0.49 0.23 0.19 0.18 0.19 unch 0.00 0.23 0.14 0.12 0.11 0.11 unch 0.00 0.16 0.08 0.06 0.06 0.06 unch 0.00 0.07 0.05 0.20 0.19 0.19 - 0.01 0.23 0.08 0.15 0.14 0.14 - 0.01 0.17 0.06 0.08 0.08 0.08 unch 0.00 0.18 0.03 0.12 0.09 0.12 + 0.02 0.19 0.05 0.16 0.14 0.15 + 0.02 0.25 0.06 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.17 0.13 0.14 - 0.03 0.44 0.13 0.13 0.09 0.11 - 0.01 0.32 0.09 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.09 0.00 0.09 unch 0.00 0.17 0.07 0.09 0.08 0.08 - 0.01 0.33 0.07 0.07 0.00 0.07 + 0.00 0.29 0.04 0.26 0.20 0.20 - 0.05 0.40 0.11 0.35 0.27 0.27 - 0.05 0.53 0.15 0.02 0.01 0.01 unch 0.00 0.06 0.01 0.18 0.16 0.17 + 0.01 0.35 0.09 0.14 0.13 0.13 - 0.01 0.26 0.07 0.19 0.00 0.18 - 0.01 0.28 0.05 0.27 0.23 0.25 + 0.01 0.38 0.13 0.34 0.31 0.33 + 0.01 0.50 0.18 0.14 0.09 0.13 + 0.03 0.14 0.07 3.12 2.89 2.89 - 0.13 4.49 2.66 6.11 5.73 5.75 - 0.31 8.91 5.29 0.36 0.34 0.34 - 0.02 0.42 0.26 0.47 0.45 0.46 - 0.01 0.56 0.33 0.11 0.09 0.10 - 0.01 0.23 0.05 0.02 0.02 0.02 - 0.01 0.10 0.02 1.00 0.69 1.00 + 0.16 1.60 0.69 0.11 0.06 0.09 + 0.00 0.18 0.04 0.14 0.08 0.13 + 0.05 0.24 0.06 0.07 0.07 0.07 unch 0.00 0.14 0.07 0.19 0.11 0.12 - 0.07 0.80 0.10 0.30 0.28 0.28 - 0.01 0.31 0.21 0.40 0.37 0.38 - 0.01 0.41 0.29 0.10 0.08 0.08 - 0.02 0.17 0.06 0.14 0.10 0.11 unch 0.00 0.25 0.09 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.01 0.01 0.01 unch 0.00 0.18 0.01 0.05 0.05 0.05 unch 0.00 0.19 0.04 0.29 0.00 0.25 - 0.04 0.45 0.21 0.75 0.68 0.74 + 0.04 0.85 0.25 0.00 0.00 6.09 unch 0.00 6.09 3.55 7.55 6.07 7.46 + 1.36 7.55 3.57 0.06 0.05 0.06 + 0.01 0.11 0.02 0.04 0.03 0.04 + 0.02 0.09 0.02 0.40 0.31 0.31 - 0.06 0.43 0.17 2.35 2.13 2.28 + 0.15 3.67 1.82 1.77 1.61 1.73 + 0.11 2.75 1.05 5.89 5.02 5.82 + 0.78 5.89 2.73 0.02 0.01 0.02 + 0.01 0.15 0.01 1.04 0.96 0.97 unch 0.00 1.65 0.78 0.76 0.73 0.73 - 0.00 1.28 0.59 2.27 1.66 2.27 + 0.48 3.56 1.20 0.00 0.00 0.14 unch 0.00 0.19 0.11 0.12 0.10 0.11 - 0.01 0.14 0.04 0.16 0.14 0.16 + 0.01 0.18 0.05 0.13 0.10 0.11 + 0.00 0.27 0.08 0.16 0.15 0.16 + 0.01 0.34 0.12 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.12 0.11 0.11 - 0.01 0.38 0.08 0.09 0.00 0.09 - 0.00 0.28 0.03 0.07 0.06 0.07 + 0.01 0.08 0.00 0.08 0.07 0.07 - 0.01 0.10 0.02 0.15 0.14 0.15 unch 0.00 0.18 0.04 0.16 0.13 0.14 + 0.01 0.28 0.05 0.12 0.10 0.10 + 0.00 0.18 0.03 0.14 0.13 0.14 unch 0.00 0.20 0.08 0.45 0.34 0.45 + 0.10 0.49 0.26 0.34 0.26 0.33 + 0.07 0.37 0.20 0.17 0.11 0.14 - 0.03 0.17 0.10 0.04 0.04 0.04 unch 0.00 0.06 0.04 0.06 0.06 0.06 unch 0.00 0.11 0.02 0.21 0.20 0.21 + 0.00 0.29 0.01 0.30 0.27 0.30 + 0.03 0.60 0.17 0.05 0.04 0.04 - 0.01 0.20 0.02 1.20 1.06 1.20 + 0.08 2.00 0.96 0.08 0.00 0.06 - 0.03 0.16 0.06 4.21 3.80 3.80 - 0.06 6.48 3.36 3.18 2.87 2.88 - 0.02 4.97 2.51 0.06 0.06 0.06 - 0.01 0.10 0.03 0.47 0.43 0.46 + 0.03 0.46 0.23 0.62 0.56 0.60 + 0.03 0.62 0.31 0.06 0.06 0.06 unch 0.00 0.15 0.05 0.08 0.07 0.08 + 0.01 0.21 0.07 0.04 0.02 0.04 + 0.02 0.08 0.02 0.04 0.01 0.04 + 0.02 0.06 0.01 1.43 1.18 1.41 + 0.18 1.39 0.56 1.88 1.58 1.85 + 0.23 1.83 0.75 0.85 0.75 0.80 - 0.04 1.15 0.19 0.64 0.56 0.57 - 0.03 0.82 0.20 0.15 0.12 0.14 unch 0.00 0.23 0.08 0.05 0.00 0.05 + 0.01 0.11 0.03 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.11 0.06 0.11 + 0.03 0.16 0.03 0.14 0.09 0.14 + 0.03 0.23 0.06 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.00 0.00 0.22 unch 0.00 0.23 0.00 0.27 0.26 0.26 - 0.01 1.20 0.20 0.02 0.02 0.02 unch 0.00 0.15 0.02 0.02 0.01 0.01 unch 0.00 0.11 0.01 0.06 0.00 0.06 + 0.01 0.09 0.04 0.10 0.09 0.10 - 0.00 0.16 0.09 0.14 0.13 0.13 - 0.01 0.21 0.12 0.16 0.14 0.16 + 0.02 0.31 0.01 0.20 0.19 0.20 + 0.01 0.44 0.08 0.05 0.05 0.05 unch 0.00 0.10 0.05 0.16 0.00 0.16 + 0.00 0.21 0.09 0.22 0.19 0.20 - 0.01 0.27 0.11 5.39 4.39 5.30 + 0.89 5.16 2.30 7.13 5.68 6.97 + 1.15 6.84 3.01 0.17 0.14 0.16 + 0.02 0.23 0.09 0.12 0.11 0.12 + 0.00 0.17 0.06 0.28 0.19 0.26 + 0.05 0.28 0.08 0.21 0.13 0.20 + 0.04 0.21 0.06 0.07 0.06 0.07 - 0.01 0.21 0.05 0.25 0.22 0.23 + 0.00 1.00 0.00 0.33 0.29 0.30 unch 0.00 0.40 0.12 0.06 0.00 0.05 unch 0.00 0.45 0.03 0.05 0.04 0.04 - 0.01 0.31 0.00 0.06 0.05 0.05 - 0.01 0.15 0.04 0.80 0.67 0.78 + 0.08 0.80 0.30 9.13 8.53 9.08 + 0.35 9.57 2.20 7.03 6.49 6.83 + 0.34 7.23 1.63 0.00 0.00 0.00 unch 0.00 0.10 0.00 0.82 0.68 0.81 + 0.12 1.58 0.53 0.62 0.51 0.62 + 0.10 1.19 0.40 0.39 0.29 0.37 + 0.06 0.39 0.06 0.08 0.07 0.08 + 0.02 0.15 0.06 0.06 0.04 0.05 - 0.01 0.08 0.04 0.06 0.05 0.06 unch 0.00 0.09 0.02 0.09 0.07 0.08 - 0.00 0.12 0.04 0.15 0.15 0.15 unch 0.00 0.22 0.00 0.08 0.08 0.08 unch 0.00 0.35 0.06 0.08 0.08 0.08 unch 0.00 0.13 0.05 0.18 0.14 0.17 + 0.03 0.18 0.06 0.24 0.18 0.23 + 0.05 0.24 0.09 0.04 0.03 0.04 + 0.01 0.05 0.01 0.05 0.04 0.05 + 0.01 0.07 0.03 0.00 0.00 0.13 unch 0.00 0.15 0.08 0.05 0.04 0.05 unch 0.00 0.15 0.03 0.22 0.18 0.20 + 0.01 0.28 0.01 0.28 0.25 0.26 + 0.02 0.38 0.12 0.03 0.03 0.03 + 0.00 0.15 0.00 0.22 0.19 0.21 + 0.01 0.44 0.13 1.44 1.33 1.41 + 0.06 1.49 0.66 1.09 1.01 1.05 + 0.04 1.14 0.50 0.31 0.30 0.31 + 0.01 0.31 0.30 0.41 0.00 0.38 - 0.05 0.48 0.08 0.05 0.05 0.05 + 0.01 0.13 0.05 0.04 0.00 0.04 - 0.00 0.11 0.04 0.52 0.52 0.52 unch 0.00 0.74 0.38 0.79 0.69 0.75 + 0.06 1.66 0.46 0.06 0.05 0.05 unch 0.00 0.21 0.04 0.04 0.00 0.04 - 0.00 0.16 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.02 0.00 0.00 0.03 unch 0.00 0.04 0.02 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.24 0.21 0.23 + 0.01 0.28 0.05 0.19 0.16 0.18 + 0.01 0.22 0.04 0.08 0.08 0.08 unch 0.00 0.17 0.08 0.18 0.17 0.18 + 0.01 0.20 0.17 0.24 0.22 0.23 + 0.01 0.32 0.19 4.16 3.07 4.13 + 1.00 4.16 1.57 0.15 0.11 0.14 - 0.01 0.40 0.09

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Harte Gold* O 763 Harvest Gold* O 38 Harvest Gold V 62 Hawkeye Gld&Di V 553 V 55 Heatherdale Rs Hecla Mining* N 49028 Hemcare Health* O 136 Heron Res* O 6 Highbank Res V 579 Highbury Proj V 3 HighGold V 404 HighGold* O 174 V 626 Highland Copp Highland Copp* O 165 Highway 50 Gld V 277 Highway 50 Gld* O 48 Hochschild Mg* O 201 0 Honey Badger E* O Honey Badger E V 55 T 565 Horizonte Mnls Hornby Bay Mnl* O 16 Hornby Bay Mnl V 62 HudBay Min* N 7250 HudBay Min T 9652 Hudson Res* O 39 Hudson Res V 223 Hunt Mng* O 165 Hunt Mng V 1798 Hybrid Mineral V 7

0.11 0.08 0.11 - 0.00 0.31 0.06 0.07 0.06 0.07 + 0.00 0.30 0.04 0.10 0.09 0.10 unch 0.00 0.35 0.09 0.02 0.02 0.02 + 0.01 0.07 0.02 0.11 0.11 0.11 - 0.01 0.24 0.10 3.37 2.89 3.29 + 0.37 3.51 1.21 1.86 1.56 1.86 + 0.11 1.86 0.52 0.04 0.04 0.04 unch 0.00 0.42 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.24 0.24 0.24 unch 0.00 0.30 0.17 1.26 1.12 1.19 + 0.04 1.89 0.78 0.95 0.86 0.91 + 0.04 1.45 0.76 0.04 0.03 0.03 unch 0.00 0.08 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.09 0.08 0.09 + 0.02 0.22 0.06 0.07 0.05 0.07 + 0.02 0.17 0.04 2.75 2.09 2.66 + 0.56 2.79 1.90 0.00 0.00 0.03 unch 0.00 0.03 0.01 0.02 0.00 0.02 - 0.01 0.05 0.01 0.08 0.06 0.07 + 0.01 0.09 0.03 0.06 0.06 0.06 - 0.00 0.06 0.01 0.08 0.07 0.07 unch 0.00 0.08 0.02 3.28 2.80 2.85 - 0.26 7.83 2.80 4.34 3.70 3.76 - 0.37 10.42 3.81 0.14 0.10 0.11 - 0.02 0.38 0.10 0.18 0.14 0.15 - 0.04 0.45 0.14 0.07 0.04 0.07 + 0.03 0.12 0.00 0.09 0.06 0.08 + 0.02 0.14 0.04 0.04 0.04 0.04 + 0.01 0.13 0.01

I-Minerals* O 47 I-Minerals V 55 IAMGOLD T 9072 IAMGOLD* N 30671 Icon Explor* O 0 Iconic Mnls * O 92 Iconic Mnls V 235 Idaho Champion C 988 IEMR Res V 291 IM Exploration C 100 IMC Intl Mng C 691 IMC Intl Mng* O 345 iMetal Res V 1597 iMetal Res* O 38 IMPACT Silver V 1873 Impala Platnm* O 1 Imperial Metal T 94 Imperial Metal* O 46 Imperial Mg Gr V 1075 Inca One Gold* O 31 Inca One Gold V 34 Inception Mng * O 537 Independence G V 116 Independence G* O 1 Indigo Expl V 368 Infinite Lith* O 6 Infinite Lith V 115 Inform Res V 25 Infrastructure* O 1755 Inomin Mines V 48 O 25 Inspiration Mg* Intact Gold V 73 Integra Res* O 183 Integra Res V 822 Inter-Rock Mnl* O 15 Inter-Rock Mnl V 138 Interconnect V 12 Intercontinent* O 63 Intercontinent V 30 Intl Battery C 98 Intl Battery* O 108 Intl Bethl Mng V 116 Intl Cobalt* O 22 Intl Cobalt C 1329 Intl Lithium* O 208 Intl Lithium V 235 Intl Montoro* O 144 Intl Montoro V 761 Intl Prospect * O 2 Intl Prospect V 69 Intl Samuel Ex V 441 Intl Star* O 2902 Intl Tower Hil* X 696 Intl Tower Hil T 9 Intl Zeolite V 807 Intl Zeolite* O 25 Intrepid Pots* N 2428 INV Metals* O 76 INV Metals T 219 Inventus Mg * O 60 Inventus Mg V 168 InZinc Mining V 280 Irving Res* O 280 Irving Res C 358 IsoEnergy Ltd V 368 Itafos* O 0 Itafos V 2 Itoco Inc* O 53 O 339 Ivanhoe Mines* Ivanhoe Mines T 2372 Jade Leader* O 223 Jade Leader V 253 Jaeger Res V 50 Jaguar Mng T 2595 Jaguar Mng* O 581 Japan Gold V 3719 Japan Gold* O 489 Jasper Mining V 39 Jaxon Mining* O 163 Jaxon Mining V 848 Jayden Res* O 0 Jayden Res V 21 Jazz Res V 291 JDF Explor Inc C 1230 Jervois Mining V 1470 Jervois Mining* O 2007 Jiulian Res V 165 Josemaria Res* O 4 Josemaria Res T 1131 Joshua Gold* O 25 Jourdan Res V 490 Jubilee Metals* O 67 V 119 Juggernaut Exp Juggernaut Exp* O 8 Jupiter Gold* O 26 K2 Gold V 130 K92 Mining* O 2699 K92 Mining V 8592 Kaizen Discov V 258 Kaizen Discvry* O 17 Kal Minerals C 10 Kanadario Gold V 9 Kapuskasing Gd V 34 Karam Min C 32 Karnalyte Res T 56 Karoo Expl V 50 28159 KAT Expl* O Katanga Mng T 1289 Kenadyr Mining V 329 Kenadyr Mining* O 32 Kermode Res V 74 Kerr Mines* O 345 Kerr Mines T 480 Kesselrun Res V 180 Kestrel Gold V 517 Kilo Goldmines V 1283 Kilo Goldmines* O 9 Kincora Copper* O 48 Kincora Copper V 162 King Global* O 356 King Global V 8740 Kingsmen Res V 61 Kingsmen Res* O 1 Kingsrose Mng* O 20 Kinross Gold* N 103075 Kinross Gold T 23622 Kintavar Exp V 651 Kirkland Lake* N 16140 Kirkland Lake T 10517 Klondike Gold* O 164 Klondike Gold V 317 Klondike Silv* O 3 Klondike Silv V 260 Kombat Copper V 190 Komet Resource V 123 Kootenay Silvr* O 618 Kootenay Silvr V 2818 Kootenay Zinc C 164 Kootenay Zinc* O 11 Kore Mining * O 222

0.03 0.02 0.02 - 0.01 0.14 0.02 0.04 0.04 0.04 unch 0.00 0.19 0.03 4.17 3.78 4.15 + 0.19 5.55 3.08 3.16 2.85 3.13 + 0.16 4.17 2.28 0.04 0.04 0.04 unch 0.00 0.21 0.03 0.04 0.04 0.04 + 0.00 0.12 0.03 0.06 0.04 0.06 + 0.01 0.16 0.04 0.12 0.08 0.08 - 0.03 0.16 0.04 0.01 0.01 0.01 + 0.01 0.02 0.01 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.46 0.40 0.45 + 0.02 0.50 0.15 0.50 0.20 0.34 + 0.02 0.50 0.20 0.10 0.07 0.09 + 0.02 0.18 0.04 0.08 0.05 0.07 + 0.02 0.13 0.03 0.60 0.43 0.56 + 0.13 0.60 0.24 10.60 10.60 10.60 unch 0.00 10.60 4.75 1.93 1.74 1.89 + 0.15 3.50 1.33 1.48 1.37 1.44 + 0.07 2.60 1.00 0.06 0.06 0.06 unch 0.00 0.11 0.03 0.16 0.13 0.13 - 0.02 0.20 0.01 0.20 0.18 0.18 - 0.01 0.50 0.16 0.03 0.03 0.03 - 0.00 0.55 0.03 0.06 0.00 0.06 unch 0.00 0.09 0.05 0.04 0.00 0.04 unch 0.00 0.06 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.05 0.00 0.05 - 0.00 0.08 0.01 0.08 0.07 0.08 + 0.01 0.11 0.03 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.03 0.04 + 0.01 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.06 0.00 0.05 unch 0.00 0.09 0.04 1.00 0.92 0.98 + 0.05 1.07 0.46 1.31 1.21 1.30 + 0.07 1.42 0.61 0.17 0.17 0.17 unch 0.00 0.20 0.16 0.26 0.23 0.26 + 0.03 0.35 0.19 0.06 0.06 0.06 unch 0.00 0.07 0.04 0.25 0.17 0.25 + 0.05 0.25 0.07 0.33 0.30 0.33 unch 0.00 0.33 0.09 0.15 0.13 0.13 - 0.01 0.20 0.05 0.12 0.10 0.11 + 0.00 0.15 0.03 0.03 0.02 0.02 - 0.02 0.10 0.02 0.01 0.00 0.00 - 0.00 0.03 0.00 0.02 0.01 0.01 unch 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.05 0.02 0.06 0.05 0.05 unch 0.00 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.04 0.03 0.04 unch 0.00 0.09 0.03 0.07 0.07 0.07 unch 0.00 0.11 0.05 0.10 0.00 0.10 unch 0.00 0.19 0.07 0.17 0.11 0.11 unch 0.00 0.30 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.56 0.52 0.55 + 0.03 0.72 0.42 0.73 0.00 0.73 + 0.03 0.94 0.60 0.05 0.04 0.04 - 0.01 0.16 0.04 0.04 0.00 0.04 unch 0.00 0.12 0.03 2.20 2.05 2.13 - 0.01 4.39 2.05 0.26 0.00 0.24 - 0.02 0.54 0.22 0.35 0.31 0.32 - 0.03 0.70 0.30 0.15 0.13 0.15 + 0.01 0.14 0.05 0.21 0.18 0.20 + 0.01 0.21 0.07 0.03 0.02 0.03 unch 0.00 0.07 0.02 3.11 2.92 3.03 - 0.00 3.48 1.12 4.10 3.87 4.00 - 0.01 4.60 1.50 0.56 0.43 0.47 + 0.01 0.79 0.35 0.00 0.00 0.36 unch 0.00 1.23 0.29 0.49 0.00 0.48 - 0.01 1.63 0.40 0.10 0.07 0.10 unch 0.00 0.90 0.06 2.88 2.65 2.66 - 0.07 3.46 2.25 3.83 3.50 3.51 - 0.09 4.54 3.02 0.13 0.00 0.12 - 0.07 0.27 0.13 0.18 0.00 0.17 unch 0.00 0.35 0.13 0.02 0.01 0.02 + 0.01 0.04 0.01 0.24 0.21 0.24 + 0.03 0.30 0.07 0.18 0.15 0.18 + 0.01 0.22 0.05 0.32 0.22 0.32 + 0.04 0.43 0.17 0.24 0.17 0.23 + 0.02 0.32 0.13 0.05 0.04 0.04 - 0.01 0.25 0.01 0.06 0.04 0.06 + 0.01 0.07 0.02 0.09 0.07 0.09 + 0.03 0.10 0.03 0.00 0.00 0.01 unch 0.00 0.02 0.00 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.14 0.10 0.12 - 0.02 0.71 0.01 0.24 0.22 0.23 - 0.01 0.25 0.13 0.21 0.15 0.17 - 0.01 0.21 0.11 0.02 0.02 0.02 unch 0.00 0.13 0.01 0.53 0.47 0.50 - 0.00 0.91 0.39 0.70 0.61 0.70 + 0.04 1.22 0.50 0.17 0.10 0.15 - 0.02 0.40 0.08 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.06 0.05 0.06 unch 0.00 0.07 0.03 0.24 0.22 0.24 + 0.01 1.25 0.10 0.19 0.16 0.18 - 0.00 1.02 0.06 0.60 0.35 0.60 + 0.25 2.00 0.25 0.24 0.22 0.24 + 0.02 0.37 0.17 3.50 2.90 3.32 + 0.26 3.42 0.81 4.47 3.88 4.38 + 0.37 4.47 1.07 0.07 0.06 0.07 + 0.01 0.08 0.03 0.06 0.00 0.06 + 0.01 0.06 0.02 0.08 0.08 0.08 unch 0.00 0.25 0.08 0.19 0.19 0.19 unch 0.00 0.25 0.15 0.10 0.09 0.10 unch 0.00 0.14 0.03 0.17 0.16 0.17 + 0.01 0.17 0.03 0.21 0.17 0.21 + 0.04 0.30 0.15 0.27 0.17 0.18 - 0.09 1.65 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.10 0.10 - 0.01 0.64 0.10 0.07 0.06 0.07 + 0.01 0.11 0.04 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.02 0.01 0.01 unch 0.00 0.02 0.01 0.12 0.09 0.11 + 0.01 0.21 0.08 0.15 0.13 0.15 + 0.02 0.27 0.11 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.03 0.02 0.03 - 0.01 0.04 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.03 0.02 0.03 + 0.01 0.11 0.02 0.05 0.04 0.05 + 0.01 0.16 0.01 0.04 0.02 0.02 - 0.02 0.05 0.00 0.05 0.03 0.03 - 0.01 0.10 0.01 0.11 0.11 0.11 unch 0.00 0.70 0.07 0.08 0.08 0.08 unch 0.00 0.52 0.01 0.12 0.12 0.12 unch 0.00 0.16 0.08 5.98 5.03 5.96 + 0.91 5.98 3.00 7.91 6.67 7.85 + 1.16 7.60 4.04 0.13 0.10 0.11 - 0.01 0.28 0.10 38.39 34.74 36.48 - 0.50 51.08 29.15 50.71 46.07 48.18 - 0.84 67.87 38.80 0.24 0.20 0.22 + 0.02 0.35 0.13 0.31 0.27 0.29 + 0.01 0.45 0.18 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.13 0.12 0.13 + 0.01 0.22 0.07 0.10 0.08 0.09 unch 0.00 0.20 0.05 0.25 0.18 0.23 + 0.03 0.27 0.08 0.31 0.24 0.30 + 0.04 0.35 0.11 0.06 0.04 0.04 - 0.03 0.18 0.04 0.05 0.03 0.04 - 0.01 0.12 0.02 0.27 0.22 0.26 + 0.04 0.31 0.14

I-J-K

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kore Mining V 539 Kutcho Copper * O 90 KWG Res* O 48 KWG Res C 1349

0.36 0.29 0.34 + 0.05 0.41 0.14 0.16 0.13 0.16 + 0.02 0.35 0.10 0.01 0.00 0.01 + 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01

La Imperial C 60 Labrador Gold* O 42 Labrador Gold V 46 O 265 Labrador IMH* Labrador IOR T 1586 Labrador IOR* O 3 Lake Resources* O 378 Lara Expl V 204 Laramide Res T 418 Laredo Res* O 1069 Largo Res T 1393 Largo Res* O 1263 Lasalle Explor V 176 V 5 Latin American Latin Metals V 119 Latin Metals* O 0 Laurion Mnl Ex V 168 Laurion Mnl Ex* O 111 Leading Edge V 259 Leading Edge* O 470 Leagold Mg T 3756 Leagold Mg* O 1362 Leeta Gold V 35482 Legion Metals C 826 Leo Res* O 4 Lepanto Con Mg* O 956 Libero Copper* O 600 Libero Copper V 1205 Liberty Gold* O 1886 Liberty One Li V 190 Liberty One Li* O 237 LiCo Energy V 294 Lincoln Mng V 37 Lion One Mtls V 718 Lion One Mtls* O 450 Lions Bay Cap V 15 Lions Bay Mg * O 4 Lions Bay Mg C 0 Lithium Amer* N 5679 Lithium Amer T 4251 Lithium Chile V 51 Lithium Chile* O 16 Lithium Corp* O 651 Lithium Energi* O 10 Lithium Energi V 95 Lithoquest Dia V 2846 LKA Gold* O 32 Lode-Star Mg* O 150 Lodge Res C 32 Logan Res V 308 Logan Res* O 1 Lomiko Mtls* O 244 Lomiko Mtls V 2023 Loncor Res* O 104 Loncor Res T 192 Lone Star Gold* O 35 Los Andes V 91 Los Andes* O 0 Lucara Diam T 841 Lucky Min V 1424 Lucky Min* O 248 Luckystrike * O 0 Luckystrike V 0 Lumina Gold* O 477 Lumina Gold V 1121 Luminex Res V 204 Lundin Gold T 2947 Lundin Mng* O 120 Lundin Mng T 12454 Lupaka Gold * O 1 Lupaka Gold V 20 Lydian Intl* O 5 Lynas Corp* O 201 Lynas Corp* O 252

0.02 0.01 0.01 unch 0.00 0.04 0.01 0.10 0.10 0.10 unch 0.00 0.18 0.09 0.16 0.13 0.14 - 0.02 0.26 0.11 0.03 0.02 0.03 - 0.00 0.20 0.00 22.81 20.92 22.30 + 1.27 36.01 20.81 17.05 15.91 16.87 + 0.96 27.20 15.77 0.04 0.03 0.04 + 0.01 0.32 0.02 0.76 0.67 0.73 + 0.06 0.76 0.43 0.23 0.20 0.20 - 0.02 0.46 0.18 0.00 0.00 0.00 unch 0.00 0.01 0.00 1.15 1.00 1.00 - 0.10 2.55 0.81 0.88 0.75 0.76 - 0.06 1.90 0.62 0.16 0.15 0.16 + 0.01 0.18 0.10 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.11 0.10 0.10 - 0.01 0.20 0.08 0.07 0.00 0.07 unch 0.00 0.11 0.02 0.17 0.15 0.17 + 0.01 0.22 0.08 0.13 0.11 0.11 - 0.01 0.16 0.06 0.12 0.09 0.11 + 0.01 0.40 0.06 0.10 0.07 0.08 + 0.01 0.30 0.04 4.31 3.74 4.27 + 0.40 4.30 1.41 3.27 2.82 3.23 + 0.32 3.27 1.04 0.45 0.31 0.36 - 0.04 0.82 0.08 0.34 0.31 0.32 - 0.01 0.83 0.26 0.00 0.00 0.00 - 0.00 0.11 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.05 0.07 + 0.03 0.18 0.05 0.10 0.07 0.10 + 0.03 0.23 0.06 1.09 0.92 1.04 + 0.09 1.09 0.24 0.07 0.06 0.06 unch 0.00 0.14 0.04 0.05 0.03 0.05 + 0.00 0.11 0.02 0.10 0.07 0.10 + 0.03 0.23 0.03 0.08 0.08 0.08 unch 0.00 0.20 0.05 2.14 1.80 2.05 + 0.13 2.14 0.45 1.64 1.40 1.56 + 0.12 1.64 0.35 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.06 0.00 0.06 + 0.00 0.14 0.01 0.00 0.00 0.09 unch 0.00 0.20 0.03 6.03 5.12 5.26 - 0.17 6.03 2.75 8.00 6.79 6.96 - 0.27 8.00 3.60 0.21 0.19 0.21 + 0.02 0.65 0.19 0.16 0.14 0.16 + 0.02 0.49 0.14 0.15 0.12 0.13 - 0.02 0.20 0.05 0.10 0.10 0.10 + 0.00 0.16 0.01 0.15 0.13 0.13 - 0.03 0.24 0.03 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.08 0.07 0.08 - 0.00 0.20 0.06 0.07 0.07 0.07 unch 0.00 0.15 0.03 0.60 0.55 0.60 + 0.05 0.60 0.11 0.06 0.05 0.05 - 0.01 0.24 0.04 0.05 0.00 0.05 unch 0.00 0.12 0.03 0.04 0.03 0.03 - 0.00 0.07 0.01 0.06 0.04 0.04 - 0.01 0.09 0.02 0.53 0.46 0.53 + 0.04 0.50 0.09 0.69 0.61 0.68 + 0.05 0.67 0.12 0.43 0.00 0.43 + 0.10 2.12 0.05 0.35 0.00 0.34 - 0.03 0.52 0.17 0.00 0.00 0.27 unch 0.00 0.40 0.15 0.85 0.81 0.83 + 0.02 1.82 0.78 0.02 0.00 0.02 + 0.01 0.13 0.01 0.02 0.01 0.01 - 0.01 0.10 0.01 0.00 0.00 0.33 unch 0.00 2.07 0.10 0.00 0.00 0.50 unch 0.00 2.80 0.13 0.60 0.52 0.57 + 0.04 0.60 0.38 0.79 0.69 0.77 + 0.08 0.79 0.50 0.80 0.65 0.76 + 0.10 1.02 0.54 12.69 10.18 12.60 + 1.08 11.75 5.02 5.73 5.25 5.68 + 0.16 6.34 4.35 7.59 7.03 7.52 + 0.19 8.08 5.76 0.01 0.00 0.01 + 0.00 0.08 0.00 0.01 0.00 0.01 unch 0.00 0.12 0.01 0.00 0.00 0.00 unch 0.00 0.16 0.00 1.52 1.42 1.45 - 0.07 2.29 1.09 1.53 1.41 1.47 - 0.05 2.33 1.07

M M.P.V. Explor C 112 0.15 0.11 0.15 + 0.03 0.18 0.06 Macarthur Min V 265 0.18 0.16 0.16 - 0.01 0.66 0.16 Macarthur Min* O 4 0.15 0.15 0.15 unch 0.00 1.24 0.13 MacDonald Mns* O 491 0.06 0.05 0.06 + 0.01 0.16 0.02 MacDonald Mns V 1367 0.08 0.06 0.07 + 0.01 0.21 0.03 MAG Silver T 1096 15.16 13.38 15.09 + 1.63 18.60 11.94 Magellan Gold* O 25 0.90 0.55 0.75 unch 0.00 3.50 0.55 Magna Gold V 174 0.37 0.33 0.36 + 0.03 0.55 0.19 Magna Gold* O 86 0.29 0.25 0.28 + 0.01 0.38 0.20 Majestic Gold V 511 0.05 0.04 0.05 + 0.01 0.08 0.04 Majestic Gold* O 3 0.03 0.03 0.03 unch 0.00 0.06 0.03 Makena Res* O 27 0.56 0.53 0.56 + 0.02 2.18 0.40 Mako Mining V 2188 0.42 0.34 0.41 + 0.06 0.42 0.09 0.07 Mako Mining* O 703 0.31 0.25 0.31 + 0.04 0.30 Mammoth Res V 145 0.04 0.04 0.04 unch 0.00 0.05 0.02 Mammoth Res * O 20 0.02 0.02 0.02 unch 0.00 0.02 0.01 Mandalay Res* O 11 0.82 0.72 0.77 - 0.04 1.12 0.05 Mandalay Res T 442 1.15 0.93 1.00 + 0.02 1.57 0.65 Manganese X V 301 0.12 0.09 0.12 + 0.03 0.18 0.06 Manganese X* O 0 0.06 0.06 0.06 unch 0.00 0.13 0.04 O 13 0.05 0.05 0.05 unch 0.00 0.05 0.01 Mangazeya Mng* Mangazeya Mng V 897 0.10 0.08 0.08 unch 0.00 0.10 0.03 Manitou Gold V 954 0.08 0.06 0.07 + 0.01 0.08 0.02 Manitou Gold * O 29 0.06 0.04 0.05 - 0.00 0.06 0.02 Maple Gold V 1809 0.09 0.08 0.09 + 0.02 0.12 0.07 Maple Gold* O 1205 0.07 0.06 0.07 + 0.01 0.09 0.05 Marathon Gold* O 493 1.23 1.10 1.21 + 0.09 1.34 0.58 Marathon Gold T 2017 1.62 1.47 1.59 + 0.11 1.76 0.78 Margaret Lake V 272 0.03 0.03 0.03 + 0.01 0.11 0.02 Margaux Res V 484 0.06 0.05 0.06 + 0.01 0.12 0.04 O 1 0.04 0.03 0.03 - 0.00 0.08 0.03 Margaux Res* Marifil Mines* O 251 0.04 0.04 0.04 - 0.01 0.14 0.04 Marifil Mines V 164 0.06 0.05 0.05 unch 0.00 0.18 0.05 unch 0.00 0.20 0.15 Mariner Res C 200 0.20 0.20 0.20 Maritime Res V 2065 0.08 0.06 0.07 + 0.01 0.12 0.06 MartinMarietta* N 3230 263.80 250.84 251.42 - 12.06 281.82 186.95 Mas Gold V 226 0.10 0.09 0.09 unch 0.00 0.16 0.04 2 2.50 2.35 2.35 - 0.15 50.00 1.21 Mascota Res* O Mason Graphite* O 281 0.21 0.16 0.18 - 0.00 0.35 0.14 Mason Graphite V 680 0.26 0.22 0.25 unch 0.00 0.47 0.19 Matachewan Con V 55 0.12 0.12 0.12 unch 0.00 0.17 0.11 Matica Ent C 981 0.04 0.03 0.04 + 0.01 0.12 0.03 Matmown* O 99 0.02 0.01 0.02 + 0.00 0.03 0.00 T 690 6.84 6.30 6.53 + 0.08 7.30 4.32 Maverix Metals Maverix Metals* X 465 5.05 4.76 4.95 + 0.03 5.72 1.65 Mawson Res* O 235 0.23 0.21 0.23 + 0.01 0.23 0.09 Mawson Res T 664 0.31 0.29 0.31 + 0.02 0.30 0.13 unch 0.00 3.00 0.07 MAX Res V 335 0.12 0.10 0.11 MaxTech Vent* O 161 0.08 0.06 0.07 - 0.00 0.10 0.02 MaxTech Vent C 194 0.10 0.00 0.10 + 0.01 0.13 0.03 Maxwell Res* O 0 0.00 0.00 0.06 unch 0.00 4.54 0.05 Maya Gold &Sil* O 3 1.34 1.25 1.27 + 0.02 1.83 1.15 Maya Gold &Sil T 191 1.80 1.61 1.77 + 0.07 2.63 1.55 unch 0.00 0.13 0.04 Mazarin V 138 0.10 0.10 0.10 MBMI Res* O 0 0.00 0.00 0.04 unch 0.00 0.10 0.01 MBMI Res V 2 0.12 0.00 0.12 unch 0.00 0.23 0.04 McChip Res V 15 0.55 0.55 0.55 unch 0.00 0.89 0.50 1.35 McEwen Mng T 1808 1.75 1.50 1.75 + 0.25 2.84 McEwen Mng* N 19091 1.32 1.13 1.30 + 0.16 2.14 1.02 McLaren Res C 760 0.05 0.03 0.05 + 0.02 0.05 0.01 MDN Inc* O 461 0.35 0.29 0.35 + 0.05 0.40 0.11 Mechel* N 589 3.27 3.12 3.17 + 0.03 3.43 1.53 Medallion Res V 282 0.11 0.09 0.09 - 0.02 0.28 0.07 Medallion Res* O 341 0.09 0.07 0.07 - 0.02 0.21 0.05 Medgold Res V 362 0.07 0.06 0.06 unch 0.00 0.17 0.05 Medgold Res* O 91 0.06 0.05 0.05 - 0.01 0.10 0.03 Medinah Mnrls* O 2855 0.00 0.00 0.00 unch 0.00 0.00 0.00 Mega Copper V 155 0.10 0.10 0.10 unch 0.00 0.16 0.08 Mega Uranium* O 239 0.08 0.06 0.07 - 0.01 0.09 0.05 Mega Uranium T 883 0.10 0.09 0.09 - 0.01 0.12 0.08 Megastar Dev V 344 0.16 0.13 0.13 - 0.02 0.19 0.05 Megastar Dev* O 153 0.12 0.11 0.12 + 0.01 0.12 0.06 MegumaGold C 1159 0.19 0.14 0.18 + 0.04 0.21 0.06 MegumaGold* O 10 0.12 0.10 0.12 + 0.02 0.15 0.03 0.02 Melkior Res V 1901 0.02 0.02 0.02 + 0.01 0.09 Meridian Mg V 12 0.08 0.00 0.06 - 0.02 0.22 0.04 Meryllion Res* O 3 0.00 0.00 0.00 unch 0.00 0.01 0.00 Meryllion Res C 107 0.01 0.01 0.01 unch 0.00 0.02 0.01 MetalCorp V 151 0.02 0.02 0.02 unch 0.00 0.04 0.01 Metalex Vent * O 3 0.01 0.01 0.01 unch 0.00 0.03 0.01 Metalex Vent V 221 0.03 0.02 0.03 + 0.01 0.08 0.02 Metalla Rylty V 283 8.20 7.81 7.95 + 0.03 8.69 3.68 Metallic Mnrls V 346 0.27 0.24 0.25 - 0.02 0.31 0.11 Metallic Mnrls* O 420 0.21 0.18 0.19 - 0.01 0.24 0.08 Metallica Min* O 43 0.01 0.01 0.01 - 0.00 0.01 0.01 Metallis Res V 204 0.31 0.27 0.30 - 0.01 0.99 0.27 Metalo Manuf C 6 0.30 0.13 0.13 - 0.18 0.40 0.10 Metalore Res V 3 2.40 2.05 2.05 - 0.35 2.60 0.89

2020-02-23 1:20 PM

WWW.NORTHERNMINER.COM

MARCH 2–15, 2020 / 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

Metalore Res* O 1 Metals Creek* O 8 Metals Creek V 319 Metals X* O 780 Metron Capital V 82 Mexivada Mng* O 42 Mexus Gold* O 15126 MGX Minerals* O 676 MGX Minerals C 800 Mich Resources C 83 Midas Gold T 766 Midas Gold* O 1621 Midasco Cap V 1 Midland Expl V 247 Midnight Sun* O 98 Midnight Sun V 221 Millennial Lit* O 57 Millennial Lit V 153 Millrock Res* O 872 Millrock Res V 1250 Milner Con Slv V 38 Minaurum Gold V 616 Minaurum Gold* O 432 Minco Silver* O 29 Minco Silver T 121 Minera Alamos * O 1581 Minera Alamos V 5320 Minera IRL C 462 Minera IRL* O 114 Mineral Mtn V 1712 Mineral Mtn* O 448 Mineral Res* O 3 MineralRite* O 2928 Mineworx Tech V 972 Mineworx Tech* O 402 Minfocus Expl V 25 Minfocus Expl* O 33 Mining Global* O 6003 Minnova Corp V 19 Minsud Res V 100 Minsud Res* O 8 Miramont Res C 275 Miramont Res* O 100 Mirasol Res V 456 Mistango River C 705 Mkango Res V 2 ML Gold* O 16 ML Gold Corp V 499 Monarca Mnrls V 313 Monarch Gold T 2234 Monarch Gold* O 930 Moneta Porcpn* O 627 Moneta Porcpn T 1535 Mongoose Mg C 40 Monitor Vent V 45 Monitor Vent* O 1 Monterey Min C 2016 Montero Mg&Ex V 185 Montero Mg&Ex * O 5 Monument Mng V 941 Morien Res* O 33 Morien Res V 202 Mosaic* N 43423 Mount Gibson * O 24 Mountain Boy V 49 Mountain Boy* O 1 Mountain Prov* O 89 Mountain Prov* D 1288 Mountain Prov T 3931 Mundoro Cap* O 210 Mundoro Cap V 405 Murchison Min V 268 Murchison Min* O 100 MX Gold* O 246

1.80 1.80 1.80 unch 0.00 1.80 0.71 0.04 0.03 0.03 - 0.00 0.04 0.02 0.05 0.04 0.04 unch 0.00 0.06 0.03 0.06 0.06 0.06 unch 0.00 0.22 0.05 0.40 0.35 0.35 - 0.05 0.42 0.06 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.03 0.00 0.09 0.06 0.08 + 0.01 0.30 0.03 0.12 0.09 0.11 + 0.02 0.41 0.04 0.26 0.23 0.24 + 0.01 0.50 0.08 0.58 0.53 0.58 + 0.04 0.96 0.51 0.44 0.39 0.44 + 0.03 0.73 0.39 0.00 0.00 0.08 unch 0.00 0.15 0.08 0.77 0.66 0.73 - 0.01 1.46 0.66 0.09 0.08 0.09 + 0.01 0.11 0.07 0.12 0.12 0.12 + 0.01 0.15 0.10 1.07 0.97 0.97 - 0.10 1.50 0.69 1.46 1.24 1.30 - 0.10 1.92 0.98 0.12 0.10 0.12 + 0.02 0.16 0.05 0.17 0.13 0.17 + 0.03 0.21 0.07 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.54 0.47 0.53 + 0.05 0.55 0.32 0.41 0.36 0.39 + 0.02 0.43 0.23 0.50 0.00 0.49 + 0.01 0.73 0.30 0.69 0.62 0.63 unch 0.00 0.99 0.37 0.25 0.20 0.24 + 0.03 0.27 0.07 0.33 0.27 0.32 + 0.04 0.33 0.10 0.18 0.17 0.18 unch 0.00 0.21 0.06 0.13 0.12 0.12 - 0.00 0.15 0.10 0.50 0.43 0.47 + 0.04 0.53 0.10 0.38 0.32 0.36 + 0.03 0.43 0.07 11.75 11.75 11.75 unch 0.00 12.00 8.77 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.13 0.11 0.13 + 0.03 0.24 0.07 0.10 0.08 0.10 + 0.02 0.18 0.06 0.05 0.00 0.05 + 0.01 0.09 0.04 0.04 0.04 0.04 - 0.00 0.07 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.24 0.06 0.08 0.04 0.08 + 0.04 0.15 0.01 0.04 0.04 0.04 unch 0.00 0.06 0.04 0.11 0.10 0.10 - 0.02 0.63 0.07 0.09 0.07 0.08 + 0.00 0.48 0.05 0.52 0.49 0.50 + 0.01 1.20 0.46 0.10 0.06 0.08 + 0.02 0.10 0.01 0.00 0.00 0.13 unch 0.00 0.19 0.09 0.14 0.13 0.13 - 0.01 0.54 0.01 0.16 0.14 0.15 + 0.01 0.77 0.09 0.04 0.03 0.03 unch 0.00 0.08 0.03 0.21 0.18 0.18 unch 0.00 0.33 0.18 0.16 0.14 0.14 - 0.00 0.24 0.13 0.09 0.08 0.09 - 0.00 0.11 0.06 0.12 0.11 0.11 unch 0.00 0.14 0.09 0.14 0.11 0.14 unch 0.00 0.15 0.11 0.18 0.17 0.17 - 0.01 0.25 0.14 0.13 0.00 0.13 unch 0.00 0.22 0.10 0.07 0.05 0.06 unch 0.00 0.13 0.04 0.04 0.03 0.04 unch 0.00 0.20 0.02 0.03 0.03 0.03 unch 0.00 0.17 0.02 0.05 0.04 0.05 unch 0.00 0.07 0.04 0.43 0.39 0.40 - 0.03 0.50 0.25 0.58 0.52 0.52 - 0.04 0.65 0.33 19.39 17.89 19.19 + 0.44 33.91 17.36 0.52 0.50 0.50 - 0.02 0.65 0.50 0.25 0.21 0.24 unch 0.00 0.28 0.16 0.19 0.19 0.19 unch 0.00 0.21 0.11 0.86 0.80 0.82 - 0.01 0.86 0.76 0.89 0.75 0.75 unch 0.00 1.24 0.65 1.14 1.03 1.10 + 0.01 1.65 0.91 0.12 0.11 0.11 - 0.01 0.19 0.00 0.17 0.15 0.16 - 0.01 0.25 0.10 0.16 0.13 0.16 + 0.02 0.18 0.04 0.11 0.11 0.11 unch 0.00 0.11 0.09 0.00 0.00 0.00 + 0.00 0.01 0.00

NA Frac Sand* O 479 NACCO Ind* N 40 Namibia Crit V 700 Namibia Crit* O 592 Napier Vent V 59 Natural Res Pt* N 155 Nautilus Mnrls* O 771 Neo Lithium V 1036 Neometals* O 25 Network Expl* O 99 Network Expl V 115 Nevada Copper T 1006 Nevada Energy* O 0 Nevada Energy V 7 Nevada Expl * O 894 Nevada Expl V 374 Nevada Sunrise* O 187 Nevada Sunrise V 98 Nevada Zinc V 441 Nevado Res V 44 New Age Metals* O 842 New Age Metals V 4142 New Carolin Gd* O 437 New Carolin Gd V 580 New Destiny Mg V 29 New Dimen Res V 451 New Dimen Res* O 200 New Energy Met V 15 New Energy Met* O 16 New Gold* X 19032 New Gold T 6283 New Guinea Gld* O 245 New Jersey Mng* O 263 New Milln Iron* O 198 New Milln Iron T 890 New Oroperu V 43 New Pac Metals* O 931 New Pac Metals V 851 New Stratus V 2 New Tech Min* O 213 New Tech Min C 130 Newlox Gold C 111 Newmac Res V 1 Newmont Corp T 1615 Newmont Corp* N 43674 Newport Expl V 213 Newport Gold* O 2239 NewRange Gold* O 313 NewRange Gold V 524 Nexa Resources T 3 Nexa Resources* N 173 Nexco Res C 30 Nexgen Energy* X 2355 Nexgen Energy T 1490 NextSource Mat T 1127 Nexus Gold V 4188 Nexus Gold* O 188 NGEx Minerals* O 1 NGEx Minerals V 258 Nickel Creek T 1762 Nickel Creek* O 1534 Nickel North V 60 Nicola Mg Inc V 422 Nicola Mg Inc* O 256 Nighthawk Gold* O 100 Nighthawk Gold T 722 Niobay Metals V 327 Niocan Inc V 27 Niocorp Dev T 214 Niocorp Dev* O 277 Nippon Dragon V 320 Nippon Dragon* O 189 Noble Metal V 854 Noble Metal * O 3 Noble Mineral V 909 Noble Mineral* O 30 Noka Res* O 648 Noram Vent* O 4 Noram Vent V 636 Noranda Alum* O 7 Noront Res* O 18 Noront Res V 266 Norra Metals V 200 Norsemont Cap C 321 Nortec Mnls V 135 North Am Nickl V 130 North Am Nickl* O 26 North Arrow Mn* O 46

0.01 0.01 0.01 - 0.00 0.03 0.00 48.88 47.22 48.35 - 0.13 66.40 36.05 0.18 0.14 0.18 + 0.04 0.31 0.08 0.15 0.10 0.13 + 0.03 0.24 0.06 0.10 0.10 0.10 - 0.01 0.30 0.09 17.89 16.56 17.19 + 0.32 44.71 16.21 0.01 0.01 0.01 - 0.00 0.04 0.00 0.92 0.71 0.73 - 0.16 1.13 0.39 0.10 0.10 0.10 unch 0.00 0.21 0.08 0.20 0.18 0.18 + 0.00 0.45 0.13 0.27 0.22 0.23 - 0.05 0.54 0.18 0.32 0.30 0.31 - 0.01 0.49 0.19 0.08 0.00 0.08 unch 0.00 0.12 0.06 0.13 0.11 0.13 + 0.02 0.16 0.10 0.29 0.19 0.25 + 0.04 0.30 0.11 0.38 0.26 0.36 + 0.08 0.39 0.15 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.05 0.04 0.05 - 0.01 0.10 0.04 0.06 0.05 0.06 + 0.01 0.12 0.03 0.12 0.00 0.11 - 0.04 0.20 0.11 0.09 0.06 0.06 + 0.00 0.11 0.02 0.12 0.08 0.08 - 0.01 0.15 0.03 0.04 0.03 0.04 - 0.00 0.15 0.03 0.06 0.05 0.06 + 0.01 0.20 0.05 0.04 0.04 0.04 + 0.01 0.17 0.04 0.04 0.03 0.03 - 0.01 0.06 0.02 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.04 0.00 0.04 + 0.01 0.48 0.02 0.07 0.03 0.03 - 0.03 0.26 0.03 0.87 0.75 0.85 + 0.09 1.56 0.61 1.14 1.00 1.14 + 0.14 2.03 0.82 0.00 0.00 0.00 - 0.00 0.02 0.00 0.15 0.14 0.14 - 0.01 0.20 0.11 0.05 0.04 0.04 - 0.00 0.08 0.03 0.08 0.05 0.08 + 0.03 0.10 0.05 0.79 0.79 0.79 unch 0.00 0.85 0.22 4.73 3.80 4.55 + 0.25 5.60 1.24 6.26 5.05 6.00 + 0.31 6.98 1.66 0.00 0.00 0.14 unch 0.00 0.25 0.13 0.03 0.03 0.03 + 0.00 0.03 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.04 0.00 0.04 unch 0.00 0.10 0.03 0.00 0.00 0.07 unch 0.00 0.08 0.04 65.55 58.00 65.37 + 7.04 64.80 40.01 49.59 43.80 49.44 + 5.37 49.59 29.77 0.45 0.41 0.44 + 0.02 0.45 0.25 0.01 0.00 0.00 - 0.00 0.04 0.00 0.11 0.08 0.11 + 0.01 0.17 0.07 0.14 0.13 0.14 + 0.01 0.22 0.11 12.02 11.20 11.92 + 0.19 17.05 9.40 9.18 8.46 9.14 + 0.23 12.80 7.00 0.04 0.04 0.04 unch 0.00 0.08 0.03 1.19 1.05 1.11 - 0.04 1.84 1.00 1.56 1.40 1.47 - 0.04 2.45 1.34 0.06 0.05 0.06 + 0.01 0.13 0.03 0.07 0.05 0.06 unch 0.00 0.14 0.05 0.05 0.04 0.05 + 0.00 0.11 0.03 0.27 0.00 0.27 - 0.00 0.32 0.20 0.39 0.35 0.35 - 0.01 0.66 0.27 0.11 0.08 0.11 + 0.03 0.15 0.03 0.09 0.05 0.08 + 0.01 0.10 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.11 0.00 0.10 unch 0.00 0.14 0.08 0.08 0.00 0.07 - 0.01 0.11 0.06 1.97 1.57 1.94 + 0.26 2.00 0.23 2.60 2.09 2.58 + 0.40 3.65 1.55 0.47 0.38 0.46 + 0.01 0.53 0.15 0.14 0.00 0.13 - 0.07 0.24 0.11 0.80 0.77 0.77 - 0.02 0.94 0.50 0.62 0.58 0.59 - 0.01 0.72 0.36 0.05 0.04 0.05 unch 0.00 0.05 0.02 0.03 0.03 0.03 + 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.07 0.09 + 0.02 0.18 0.06 0.06 0.00 0.05 - 0.01 0.13 0.04 0.09 0.07 0.08 - 0.00 0.22 0.07 0.13 0.00 0.10 - 0.02 0.14 0.04 0.17 0.11 0.12 - 0.05 0.21 0.05 0.01 0.00 0.00 + 0.00 0.02 0.00 0.13 0.12 0.12 - 0.01 0.23 0.11 0.17 0.16 0.16 + 0.01 0.32 0.14 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.33 0.27 0.33 + 0.03 0.43 0.27 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.17 0.15 0.16 + 0.01 0.35 0.10 0.12 0.00 0.11 - 0.02 0.29 0.02 0.05 0.03 0.05 + 0.02 0.09 0.03

N-O

60-63_MARCH2_StockTables.indd 62

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

North Arrow Mn V 21 North Bay Res * O 109940 Northcliff Res T 99 C 183 Northern Light Northern Uran V 115 Northisle C&G V 102 Northisle C&G * O 5 C 738 Northstar Gold Northway Res V 125 Norvista Cap V 304 NorZinc T 314 NorZinc* O 251 Nouveau Monde V 1578 O 317 Nouveau Monde* NovaGold Res T 2059 X 9522 NovaGold Res* Novo Res* O 1153 Novo Res V 1021 NRG Metals* O 330 NRG Metals* O 74 NRG Metals V 63 Nrthn Graphite* O 516 V 404 Nrthn Graphite Nrthn Mnrls &E* O 3 Nrthn Shield V 1194 Nrthn Superior* O 14 V 255 Nrthn Superior Nrthn Vertex* O 280 Nrthn Vertex V 439 NSGold V 14 NSS Res Inc C 434 Nthn Dynasty* X 22386 Nthn Dynasty T 5598 Nthrn Sphere* O 1 Nubian Res V 103 Nuinsco Res C 1388 Nuinsco Res* O 397 NuLegacy Gold V 512 O 645 NuLegacy Gold* Nutrien* N 12173 Nutrien T 7551 NV Gold V 638 NV Gold* O 91 O.T. Mining* O 17 O3 Mining* O 68 O3 Mining V 139 OceanaGold T 6566 OceanaGold* O 4 Oceanic Iron O V 160 Oceanus Res* O 0 Oceanus Res V 54 Odyssey Res V 325 Olivut Res V 5 Olivut Res* O 23 V 106 Omineca Mining Omineca Mining* O 26 One World Lith C 460 One World Lith* O 525 Opawica Expl* O 0 Opawica Expl V 3 V 15 Optimum Vent Opus One Res V 540 Orbite Tech* O 5 Orca Gold V 1154 Orca Gold* O 15 Orefinders Res V 1184 V 327 Orestone Mng Orex Mnrls* O 96 Orex Mnrls V 264 Orezone Gold* O 203 Orezone Gold V 3516 Orford Mining V 830 OrganiMax* O 2 OrganiMax V 118 Origin Gold V 163 Original Sixtn* O 0 Orla Mng Ltd T 890 Orla Mng Ltd* O 23 Oroco Res V 888 Oroco Res* O 381 Orocobre T 629 Oronova Energy V 105 Orosur Mng T 2514 Orsu Metals V 42 Orsu Metals* O 0 Orvana Mnrls* O 166 Orvana Mnrls T 855 Osino Res V 1969 Osisko Gold* N 6332 Osisko Gold T 3544 O 9 Osisko Metals* Osisko Metals V 305 Osisko Mng Inc T 4238 Osprey Gold V 2100 Otis Gold V 608 Otis Gold* O 289 Otso Gold* O 38 Otso Gold V 788 Outcrop Gold* O 1336 Outcrop Gold V 2385 OZ Minerals* O 1

0.05 0.00 0.05 unch 0.00 0.11 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.06 0.06 - 0.01 0.11 0.05 0.05 0.04 0.05 - 0.01 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.05 0.00 0.05 unch 0.00 0.11 0.01 0.04 0.03 0.04 - 0.00 0.07 0.03 0.32 0.29 0.32 + 0.02 0.35 0.19 0.09 0.09 0.09 unch 0.00 0.14 0.07 0.09 0.06 0.09 + 0.02 0.13 0.06 0.08 0.07 0.07 - 0.01 0.13 0.07 0.06 0.05 0.06 - 0.00 0.10 0.05 0.27 0.24 0.26 + 0.02 0.27 0.17 0.21 0.18 0.20 + 0.01 0.21 0.14 12.75 11.91 12.47 + 0.55 12.72 4.87 9.62 8.98 9.41 + 0.39 9.62 3.69 2.42 2.00 2.06 - 0.30 3.07 1.38 3.19 2.65 2.73 - 0.41 3.96 1.87 0.05 0.04 0.05 unch 0.00 0.30 0.18 0.26 + 0.01 0.36 0.03 0.38 0.00 0.38 + 0.05 1.98 0.25 0.18 0.13 0.16 + 0.02 0.20 0.04 0.24 0.17 0.24 + 0.04 0.28 0.06 0.04 0.00 0.04 unch 0.00 0.12 0.03 0.09 0.07 0.08 unch 0.00 0.12 0.05 0.16 0.14 0.16 + 0.02 0.20 0.05 0.22 0.20 0.20 - 0.01 0.29 0.07 0.19 0.16 0.18 + 0.01 0.27 0.12 0.24 0.21 0.22 - 0.02 0.35 0.16 0.15 0.15 0.15 unch 0.00 0.15 0.06 0.06 0.05 0.06 - 0.01 0.18 0.03 0.71 0.55 0.65 + 0.07 1.02 0.38 0.93 0.74 0.84 + 0.09 1.40 0.50 0.01 0.01 0.01 - 0.01 0.20 0.00 0.12 0.09 0.09 - 0.03 0.22 0.07 0.01 0.01 0.01 + 0.01 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.06 0.04 0.06 + 0.02 0.14 0.03 0.05 0.03 0.04 + 0.00 0.10 0.02 43.39 40.95 42.56 + 1.28 56.00 40.95 57.51 54.34 56.24 + 1.58 73.64 54.34 0.13 0.12 0.13 + 0.01 0.29 0.11 0.10 0.00 0.10 + 0.01 0.22 0.08 0.05 0.05 0.05 + 0.00 0.11 0.04 1.92 1.78 1.89 + 0.00 2.29 1.71 2.52 2.37 2.49 + 0.03 4.00 2.19 2.63 2.35 2.55 + 0.05 4.59 2.12 1.93 1.87 1.87 unch 0.00 3.38 1.68 0.14 0.10 0.14 + 0.03 0.17 0.04 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.08 0.07 0.08 + 0.01 0.13 0.04 0.05 0.00 0.05 + 0.03 0.05 0.02 0.05 0.05 0.05 unch 0.00 0.16 0.04 0.06 0.03 0.04 - 0.00 0.12 0.02 0.14 0.12 0.12 - 0.02 0.14 0.03 0.11 0.00 0.09 - 0.01 0.11 0.02 0.09 0.07 0.08 - 0.01 0.28 0.05 0.07 0.05 0.06 - 0.00 0.22 0.05 0.00 0.00 0.04 unch 0.00 0.05 0.04 0.07 0.00 0.07 - 0.04 0.10 0.06 0.21 0.21 0.21 unch 0.00 0.21 0.15 0.05 0.05 0.05 unch 0.00 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.17 0.00 0.35 0.32 0.33 - 0.02 0.50 0.30 0.26 0.25 0.25 - 0.01 0.38 0.22 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.11 0.09 0.10 unch 0.00 0.25 0.06 0.08 0.06 0.07 + 0.00 0.11 0.03 0.11 0.08 0.09 - 0.01 0.14 0.05 0.38 0.32 0.37 + 0.04 0.67 0.30 0.50 0.43 0.49 + 0.06 0.88 0.39 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.07 0.04 0.07 + 0.03 0.14 0.02 0.06 0.06 0.06 unch 0.00 0.21 0.05 0.15 0.14 0.14 unch 0.00 0.15 0.05 0.10 0.10 0.10 - 0.05 0.19 0.00 2.60 2.30 2.55 + 0.22 2.58 0.85 1.96 1.73 1.96 + 0.23 1.89 0.73 0.38 0.32 0.36 unch 0.00 0.74 0.23 0.29 0.23 0.26 - 0.03 0.56 0.13 3.35 2.88 2.97 - 0.04 3.63 2.01 0.07 0.06 0.07 unch 0.00 0.10 0.04 0.06 0.04 0.05 - 0.02 0.13 0.04 0.23 0.00 0.21 + 0.01 0.40 0.20 0.00 0.00 0.18 unch 0.00 0.30 0.13 0.16 0.14 0.15 + 0.00 0.30 0.09 0.22 0.19 0.22 + 0.01 0.41 0.12 0.98 0.70 0.76 - 0.14 1.07 0.28 10.78 9.97 10.43 + 0.12 13.43 8.34 14.27 13.21 13.79 + 0.15 17.47 11.00 0.37 0.35 0.37 + 0.02 0.54 0.29 0.50 0.46 0.48 + 0.01 0.72 0.38 4.18 3.55 4.00 + 0.39 4.19 2.58 0.07 0.06 0.07 + 0.01 0.12 0.04 0.13 0.12 0.13 + 0.01 0.15 0.07 0.10 0.08 0.10 + 0.01 0.11 0.05 0.06 0.06 0.06 - 0.00 0.07 0.02 0.08 0.06 0.08 + 0.01 0.09 0.02 0.19 0.08 0.19 + 0.11 0.32 0.06 0.24 0.12 0.20 + 0.08 0.42 0.08 6.83 0.00 6.53 - 0.33 7.99 6.10

Pac Arc Res V 50 Pac Bay Mnrls V 2 0 Pac Bay Mnrls* O Pac Booker Min V 20 Pac Booker Min* O 9 Pac Imperial V 37 Pac Ridge Expl V 335 Pac Ridge Expl* O 176 Pacific Empire V 301 Pacific Rim C 8585 Pacific Rim* O 551 Pacific Silk* O 0 Pacific Silk V 31 Pacton Gold V 1919 Paladin Energy* O 2208 Palamina Corp V 57 Palamina Corp* O 72 Palayan Res* O 21 Paleo Resource V 19 Paleo Resource* O 200 V 2912 Palladium One Palladium One* O 203 Pan Am Silver* D 20585 Pan Am Silver T 4419 Pan Global Res V 419 Pancontinental* O 388 Pancontinental V 1224 Panex Res* O 150 Pangolin Dia V 318 Panoro Mnrls V 810 Pantheon Vent V 270 Para Resources V 1789 Parallel Mng V 67 Paramount Gold* X 207 Paringa Res* O 12 Parlane Res V 378 Pasinex Res C 169 Pasofino Gold* O 80 Pasofino Gold V 54 Patriot Gold* O 21 Peabody Enrgy* N 9367 Pelangio Expl* O 29 Pelangio Expl V 32 Peloton Mnrls C 49 Peloton Mnrls* O 60 PepinNini Lith* O 120 Perseus Mng T 1381 Pershimex Res V 1502 Pershing Res* O 1196 Peruvian Metal* O 50 Peruvian Metal V 1255 O 1 Petra Diamonds* Philex Mng* O 32 Phoenix Global* O 20 Pike Mountain C 150 Pine Cliff En T 327 Pine Cliff En* O 6 Pinecrest Res V 137 Pinecrest Res * O 29 12 Pistol Bay Mng* O Pistol Bay Mng V 116

0.17 0.17 0.17 unch 0.00 0.30 0.17 0.11 0.00 0.11 unch 0.00 0.15 0.06 0.00 0.00 0.04 unch 0.00 0.05 0.03 2.06 1.80 1.80 - 0.11 4.10 1.23 1.50 1.46 1.46 - 0.04 3.10 1.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.05 0.04 0.04 unch 0.00 0.06 0.03 0.04 0.03 0.04 + 0.00 0.05 0.03 0.06 0.05 0.06 - 0.01 0.10 0.02 0.33 0.22 0.28 + 0.02 0.34 0.11 0.25 0.16 0.21 + 0.02 0.26 0.08 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.02 0.00 0.01 - 0.01 0.04 0.01 0.11 0.10 0.10 unch 0.00 0.30 0.10 0.07 0.06 0.07 + 0.00 0.15 0.05 0.25 0.00 0.24 - 0.01 0.38 0.17 0.19 0.17 0.19 + 0.01 0.28 0.14 1.50 0.25 0.50 - 0.50 1.50 0.25 0.03 0.02 0.03 + 0.01 0.08 0.01 0.02 0.01 0.02 + 0.01 0.06 0.00 0.19 0.15 0.18 + 0.03 0.24 0.05 0.15 0.11 0.14 + 0.03 0.20 0.04 25.57 22.25 25.22 + 2.80 25.57 10.26 33.87 29.51 33.35 + 3.66 33.87 13.83 0.12 0.11 0.12 + 0.01 0.16 0.06 0.04 0.03 0.04 + 0.01 0.04 0.01 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.04 0.03 0.04 + 0.01 0.10 0.03 0.12 0.09 0.12 + 0.02 0.23 0.07 0.05 0.04 0.04 unch 0.00 0.09 0.04 0.09 0.05 0.05 - 0.04 0.22 0.05 0.14 0.14 0.14 unch 0.00 0.53 0.10 1.00 0.87 0.98 + 0.06 1.04 0.64 0.03 0.03 0.03 unch 0.00 0.35 0.02 0.06 0.05 0.05 - 0.01 0.20 0.03 0.03 0.03 0.03 unch 0.00 0.12 0.02 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.07 0.05 0.05 - 0.01 0.21 0.05 0.05 0.04 0.05 unch 0.00 0.15 0.03 7.85 6.79 6.94 - 0.51 32.25 6.45 0.10 0.10 0.10 + 0.01 0.26 0.09 0.14 0.13 0.13 - 0.01 0.35 0.12 0.09 0.08 0.09 unch 0.00 0.13 0.07 0.06 0.05 0.06 + 0.01 0.11 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 1.15 0.99 1.12 + 0.07 1.12 0.39 0.05 0.04 0.05 + 0.01 0.06 0.03 0.01 0.01 0.01 - 0.00 0.06 0.00 0.04 0.03 0.04 + 0.01 0.04 0.01 0.05 0.05 0.05 - 0.01 0.05 0.03 0.10 0.10 0.10 unch 0.00 0.35 0.09 0.10 0.10 0.10 unch 0.00 0.10 0.00 0.13 0.13 0.13 unch 0.00 0.21 0.13 0.10 0.10 0.10 unch 0.00 0.15 0.07 0.13 0.12 0.13 + 0.01 0.27 0.10 0.10 0.08 0.08 unch 0.00 0.20 0.07 0.22 0.17 0.22 + 0.05 0.25 0.16 0.17 0.13 0.17 + 0.04 0.17 0.12 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Pivit Explor C 199 PJSC Polyus Gd* O 2 PJX Res V 59 Plata Latina V 346 Plate Res V 194 Plateau Energy V 236 Plateau Energy* O 52 Platinex Inc C 171 Platinum Gp Mt* X 2594 Platinum Gp Mt T 563 Plato Gold V 1270 Playfair Mng V 164 Playfair Mng* O 9 PolyMet Mng* X 2261 PolyMet Mng T 89 Portage Res* O 60 Portofino Res V 1015 O 243 Potash Ridge* Potash Ridge T 694 O 0 Power Group* Power Group V 54 Power Metals* O 7401 Power Metals V 7546 PowerOre V 146 PPX Mining* O 22 PPX Mining V 79 Precipitate Gl* O 340 Precipitate Gl V 688 Premier Gold M T 3992 Premium Expl* O 0 Pretium Res* N 15204 Pretium Res T 3940 Primary Energy C 1648 Prime Meridian V 158 Prime Mining* O 336 Prime Mining V 3038 Probe Metals* O 143 Probe Metals V 301 Prog Planet V 20 Promithian Gl * O 1 Prophecy Coal* O 652 Prophecy Coal T 2203 Prophecy Pot C 2 Prosper Gold V 760 Prospero Silvr V 478 Prospero Silvr* O 8 Provenance Gld C 0 Providence V 80 Providence Gld* O 50 PUF Vent Inc * O 3495 Puma Expl* O 20 Puma Expl V 297 Pure Alumina* O 3 Pure Energy* O 591 Pure Energy V 470 Pure Gold Mg* O 2041 Pure Gold Mg V 2415 Purepoint Uran V 677 Q-Gold Res V 4 QC Precious V 408 QC Precious * O 66 QMC Quantum Ml V 242 QMC Quantum Ml* O 111 QMX Gold* O 97 QMX Gold V 1719 Quadro Res V 1415 Quantum Cobalt C 269 Quartz Mtn Res V 0 Quartz Mtn Res* O 0 Quaterra Res V 10 Quaterra Res* O 136 Quest Rare Mnl* O 167 Quinto Res V 189

0.22 0.18 0.20 + 0.01 0.64 0.06 64.50 61.00 64.50 + 3.50 64.50 37.19 0.14 0.13 0.14 + 0.01 0.31 0.10 0.03 0.03 0.03 - 0.01 0.06 0.02 0.08 0.00 0.07 - 0.01 0.16 0.03 0.29 0.26 0.29 + 0.02 0.78 0.17 0.21 0.19 0.21 + 0.02 0.65 0.08 0.03 0.00 0.03 - 0.01 0.06 0.01 2.80 2.01 2.75 + 0.71 2.98 1.04 3.69 2.68 3.60 + 0.86 3.86 1.36 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.04 0.04 - 0.01 0.07 0.03 0.03 0.02 0.02 unch 0.00 0.05 0.02 0.31 0.28 0.30 + 0.02 0.91 0.23 0.41 0.38 0.40 + 0.02 1.22 0.30 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.05 0.06 + 0.01 0.13 0.02 0.04 0.03 0.03 - 0.00 0.08 0.01 0.05 0.04 0.04 - 0.01 0.11 0.02 0.05 0.05 0.05 unch 0.00 0.13 0.05 0.08 0.07 0.08 - 0.01 0.18 0.06 0.24 0.15 0.19 - 0.02 0.24 0.03 0.31 0.19 0.26 - 0.03 0.31 0.04 0.07 0.06 0.07 + 0.01 0.14 0.05 0.03 0.00 0.03 unch 0.00 0.06 0.03 0.05 0.05 0.05 - 0.01 0.08 0.05 0.17 0.13 0.14 + 0.00 0.22 0.05 0.22 0.18 0.19 + 0.01 0.28 0.08 1.60 1.47 1.57 + 0.09 2.55 1.41 0.00 0.00 0.00 unch 0.00 0.01 0.00 7.88 7.25 7.81 + 0.40 13.83 7.04 10.41 9.61 10.34 + 0.51 18.30 9.49 0.54 0.49 0.49 - 0.04 0.82 0.08 0.07 0.06 0.07 + 0.01 0.16 0.04 0.46 0.38 0.38 - 0.01 0.46 0.30 0.60 0.50 0.55 + 0.01 0.60 0.27 0.95 0.87 0.87 - 0.03 1.16 0.69 1.26 1.13 1.14 - 0.04 1.53 0.90 0.05 0.04 0.04 - 0.01 0.18 0.04 4.38 0.00 4.38 unch 0.00 6.30 0.02 0.23 0.18 0.21 + 0.03 0.43 0.11 0.31 0.24 0.28 + 0.02 0.55 0.15 0.00 0.00 0.09 unch 0.00 0.19 0.01 0.05 0.04 0.05 - 0.01 0.12 0.04 0.02 0.01 0.02 unch 0.00 0.11 0.01 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.00 0.00 0.14 unch 0.00 0.23 0.08 0.11 0.10 0.11 unch 0.00 0.20 0.08 0.09 0.09 0.09 unch 0.00 0.16 0.06 0.08 0.06 0.07 + 0.00 0.64 0.05 0.05 0.05 0.05 unch 0.00 0.30 0.05 0.10 0.08 0.08 - 0.01 0.40 0.08 0.01 0.01 0.01 + 0.00 0.04 0.01 0.04 0.03 0.03 - 0.00 0.08 0.02 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.62 0.57 0.62 + 0.04 0.68 0.36 0.82 0.75 0.82 + 0.05 0.88 0.49 0.06 0.05 0.05 - 0.01 0.10 0.05 0.28 0.00 0.28 + 0.03 0.30 0.14 0.32 0.27 0.30 + 0.02 0.40 0.21 0.23 0.00 0.23 + 0.00 0.31 0.16 0.11 0.10 0.10 - 0.01 0.34 0.07 0.09 0.07 0.08 - 0.00 0.26 0.05 0.09 0.08 0.09 - 0.00 0.10 0.03 0.12 0.11 0.12 + 0.01 0.13 0.04 0.11 0.09 0.11 + 0.03 0.11 0.02 0.06 0.03 0.06 + 0.03 0.10 0.01 0.00 0.00 0.17 unch 0.00 0.35 0.15 0.00 0.00 0.13 unch 0.00 0.24 0.13 0.06 0.06 0.06 unch 0.00 0.13 0.06 0.06 0.05 0.05 + 0.01 0.10 0.04 0.01 0.00 0.01 + 0.00 0.06 0.00 0.03 0.03 0.03 - 0.01 0.09 0.03

R Rackla Metals* O 1 0.08 0.00 0.08 unch 0.00 0.12 0.00 Rackla Metals V 2 0.00 0.00 0.13 unch 0.00 0.20 0.09 Radisson Mng V 830 0.19 0.17 0.19 + 0.01 0.24 0.10 Radius Gold V 326 0.25 0.22 0.24 unch 0.00 0.47 0.10 Rae-Wallace Mg* O 22 0.03 0.02 0.03 unch 0.00 0.05 0.00 Rain City C 238 0.14 0.10 0.14 + 0.04 0.15 0.04 Raindrop Vent C 288 0.14 0.10 0.13 + 0.03 0.14 0.10 Rainforest Res* O 103 3.40 1.40 1.74 - 0.77 7.60 1.18 Rainy Mtn Royl V 180 0.09 0.08 0.08 - 0.01 0.40 0.07 Rainy Mtn Royl* O 2 0.08 0.08 0.08 unch 0.00 0.17 0.05 Rambler Metals* O 21 0.02 0.02 0.02 unch 0.00 0.04 0.00 Rare Element* O 482 0.83 0.72 0.77 - 0.01 0.96 0.06 Rathdowney Res V 200 0.07 0.06 0.07 + 0.01 0.12 0.03 Ravencrest Res C 2886 0.04 0.04 0.04 unch 0.00 0.75 0.03 Red Eagle Mng* O 195 0.00 0.00 0.00 unch 0.00 0.00 0.00 Red Moon Res V 42 0.10 0.00 0.09 - 0.01 0.24 0.01 Red Oak Mining V 259 0.10 0.08 0.08 - 0.03 0.28 0.04 Red Pine Expl V 1960 0.04 0.00 0.03 - 0.01 0.08 0.03 Redstar Gold V 3088 0.04 0.03 0.04 + 0.01 0.04 0.02 O 933 0.03 0.02 0.03 + 0.01 0.04 0.01 Redstar Gold* Regis Res NL* O 64 3.13 2.87 3.05 + 0.08 4.61 2.75 Regulus Res V 310 1.17 1.05 1.07 - 0.02 2.00 1.02 Remington Res V 10 0.12 0.12 0.12 unch 0.00 0.20 0.12 Renaissance Gd* O 305 0.27 0.23 0.27 + 0.04 0.33 0.12 Renaissance Gd V 178 0.36 0.31 0.36 + 0.05 0.43 0.17 Renforth Res C 727 0.04 0.04 0.04 unch 0.00 0.06 0.04 Resolve Vent V 44 0.13 0.12 0.12 - 0.01 0.16 0.06 Reunion Gold V 290 0.16 0.11 0.16 + 0.03 0.34 0.10 O 99 0.11 0.08 0.11 + 0.02 0.25 0.07 Reunion Gold* Revelo Res V 2 0.00 0.00 0.01 unch 0.00 0.03 0.01 Revival Gold * O 287 0.66 0.57 0.65 + 0.07 0.75 0.32 Revival Gold V 364 0.86 0.76 0.85 + 0.08 1.01 0.43 Rhyolite Res V 386 0.07 0.06 0.06 - 0.01 0.26 0.06 Richmond Mnls V 396 0.05 0.04 0.04 - 0.01 0.06 0.02 V 2580 0.22 0.20 0.21 - 0.01 0.27 0.15 Ridgestone M’g Riley Resource V 8 0.14 0.14 0.14 unch 0.00 0.21 0.11 Rimrock Gold* O 33437 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rio Silver V 244 0.04 0.04 0.04 + 0.01 0.06 0.03 Rio Silver* O 92 0.04 0.03 0.03 - 0.00 0.05 0.02 Rio Tinto* O 3 54.77 0.00 54.77 + 0.67 62.00 48.15 Rio Tinto* N 6848 54.94 53.98 54.62 + 0.12 64.02 47.88 Rio Tinto* O 0 69.36 0.00 69.36 unch 0.00 74.50 53.92 Rio2 Limited* O 618 0.32 0.28 0.29 + 0.01 0.52 0.23 Rio2 Limited V 912 0.42 0.37 0.38 + 0.01 0.70 0.30 Rise Gold Corp C 103 0.74 0.62 0.72 + 0.02 1.15 0.40 Rise Gold Corp* O 86 0.60 0.50 0.54 - 0.01 1.00 0.40 Riverside Res* O 1692 0.15 0.11 0.14 + 0.04 0.17 0.09 Riverside Res V 2241 0.19 0.14 0.19 + 0.05 0.22 0.13 RJK Explor* O 19 0.21 0.18 0.18 - 0.01 0.24 0.05 RJK Explor V 175 0.26 0.24 0.25 + 0.02 0.32 0.07 RNC Minerals* O 2039 0.36 0.32 0.34 + 0.01 0.55 0.25 0.33 RNC Minerals T 3957 0.47 0.43 0.46 + 0.03 0.73 Robex Res V 1446 0.22 0.18 0.22 + 0.04 0.22 0.06 Rochester Res V 6 0.08 0.05 0.08 + 0.03 0.08 0.03 O 225 0.05 0.05 0.05 unch 0.00 0.05 0.02 Rochester Res* Rock Tech Lith* O 30 0.58 0.57 0.57 - 0.01 0.68 0.37 Rock Tech Lith V 39 0.79 0.68 0.69 - 0.07 0.98 0.45 Rockcliff Met C 728 0.06 0.05 0.06 unch 0.00 0.19 0.05 Rockcliff Met* O 77 0.05 0.04 0.04 - 0.01 0.14 0.02 Rockex Mng C 16 0.02 0.00 0.02 unch 0.00 0.05 0.01 Rockhaven Res V 386 0.13 0.11 0.13 + 0.01 0.19 0.10 V 606 0.18 0.15 0.15 - 0.02 0.39 0.13 Rockridge Res Rockshield Cap* O 10 0.04 0.00 0.04 unch 0.00 0.09 0.02 Rockwell Diam* O 1 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rodinia Lithm V 5 0.03 0.00 0.03 unch 0.00 0.06 0.03 Rogue Res* O 2 0.06 0.06 0.06 unch 0.00 0.10 0.04 Rogue Res V 126 0.08 0.07 0.08 unch 0.00 0.13 0.05 Rokmaster Res V 50 0.08 0.08 0.08 unch 0.00 0.13 0.03 Romios Gold Rs* O 176 0.03 0.03 0.03 - 0.00 0.05 0.01 Romios Gold Rs V 390 0.04 0.03 0.04 + 0.01 0.07 0.02 RosCan Gold* O 97 0.13 0.12 0.12 unch 0.00 0.23 0.05 RosCan Gold V 1157 0.17 0.15 0.17 + 0.01 0.33 0.10 Rover Metals* O 1 0.09 0.00 0.09 - 0.03 2.01 0.02 Roxgold T 6029 1.02 0.92 0.98 + 0.04 1.42 0.79 Roxgold* O 147 0.77 0.70 0.76 + 0.06 1.07 0.60 Royal Gold V 52 0.53 0.00 0.45 - 0.08 0.60 0.12 Royal Gold* O 28 0.39 0.00 0.39 + 0.02 0.39 0.02 Royal Gold* D 3195 110.30 101.39 109.09 + 6.17 138.78 80.65 Royal Mines &M* O 174 0.00 0.00 0.00 unch 0.00 0.01 0.00 Royal Rd Mnrls V 62 0.23 0.21 0.21 - 0.02 0.35 0.08 RT Minerals* O 4 0.02 0.02 0.02 unch 0.00 0.04 0.02 RT Minerals V 24 0.03 0.00 0.03 - 0.01 0.08 0.03 RTG Mining T 25 0.08 0.08 0.08 unch 0.00 0.14 0.07 RTG Mining * O 1 0.06 0.06 0.06 unch 0.00 0.11 0.05 Rubicon Mnrls T 119 1.12 0.96 1.06 + 0.09 1.33 0.61 Rubicon Mnrls* O 41 0.84 0.72 0.80 + 0.06 1.00 0.46 Rugby Mng V 197 0.15 0.10 0.14 + 0.02 0.26 0.07 Running Fox Rs* O 150 0.01 0.01 0.01 unch 0.00 0.01 0.01 Running Fox Rs V 15 0.01 0.01 0.01 unch 0.00 0.03 0.01 Rupert Res V 224 0.95 0.85 0.95 + 0.10 1.00 0.65 Rusoro Mng* O 7 0.05 0.04 0.05 - 0.01 0.12 0.03 Rusoro Mng V 495 0.07 0.06 0.06 + 0.01 0.16 0.04

S Sabina Gd&Slvr T 1289 1.86 1.69 1.84 + 0.14 2.28 0.99

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 1208 Sabina Gd&Slvr* Sable Res* O 61 Sable Res V 251 Sailfish Rylty V 176 Salazar Res* O 41 Salazar Res V 170 3 Salt Lake Pot* O Sama Res V 187 Sama Res* O 64 San Gold Corp* O 695 22 San Marco Res* O San Marco Res V 215 Sanatana Res V 2729 O 71 Sanatana Res* Sandfire Res V 86 O 76 Res* Sandfire O 119 Sandspring Res* T 3258 Sandstorm Gold 10708 X Sandstorm Gold* Santa Fe Gold* O 486 V 3889 Santacruz Silv Sarama Res V 2067 Sarissa Res* O 575 Satori Res V 165 Satori Res* O 177 Saturn Mnrls V 307 Saville Res V 632 O 78 Scandium Intl* Scandium Intl T 107 Scorpio Gold V 589 98 Scorpio Gold * O Scotch Creek C 100 Scottie Res* O 322 Scottie Res V 1959 ScoZinc Mg V 41 ScoZinc Mg* O 0 N 1929 Seabridge Gld* Seabridge Gld T 320 Seafield Res* O 4 Search Mnls V 47 Searchlight* O 0 O 113 SearchlightMin* V 450 SearchlightRes Sego Res V 434 Select Sands V 68 T 6880 Semafo Serabi Gold T 45 Serengeti Res V 208 Sherritt Intl T 2350 O 5 Shine Minerals* V 46 Shine Minerals Sibanye-Stillw* N 31165 O 3 Sibanye-Stillw* O 3359 Sidney Resrces* Sienna Res* O 141 Sienna Res V 3938 Sierra Madre V 5 Sierra Metals T 113 X 71 Sierra Metals* V 104 Sigma Lithium O 3 Signature Res* V 71 Signature Res Silver Bear Rs T 375 71 Silver Bear Rs* O Silver Bull Re* O 1582 Silver Bull Re T 595 Silver Grail V 454 6 Silver Mtn Mns* O Silver Mtn Mns V 296 O 21 Silver Predatr* Silver Predatr V 13 Silver Range* O 3 Silver Range V 20 Silver Scott* O 333 O 7 Silver Spruce* Silver Spruce V 754 Silver Viper V 434 Silver Viper* O 20 T 3686 Silvercorp Met X 8997 Silvercorp Met* SilverCrest* X 5184 SilverCrest T 4056 O 150 Silverore Mns* O 25 Silverstar Res* Sirios Res* O 4 Sirios Res V 815 Sitka Gold C 346 Sitka Gold* O 117 Sixty North C 299 Sixty North* O 336 Skeena Res V 1058 Skeena Res* O 1021 SKRR Explor V 287 Sky Gold V 211 Sky Gold* O 33 O 320 Skyharbour Res* V 859 Skyharbour Res Slam Explor* O 101 Slam Explor V 83 Sokoman Min V 1745 O 510 Sokoman Min* SolGold plc T 434 SolGold plc* O 36 X 907 Solitario Ex&R* T 180 Solitario Ex&R Solstice Gold V 193 12 Sonora Gld & S V O 155 Sonoro Metals* V 50 Sonoro Metals South32* O 55 O 9 Southern Arc* Southern Arc V 42 N 2689 Southern Copp* O 259 Southern Silvr* V 657 Southern Silvr T 1 SouthGobi Res O 202 Southstone Min* V 115 Southstone Min Spanish Mtn Gd V 1099 Spanish Mtn Gd* O 649 Sparton Res V 97 Sparton Res* O 50 O 268 Spearmint Res* C 2308 Spearmint Res C 263 Spey Resources Sphinx Res V 169 93 Sprott Res Hld T 6 Spruce Ridge R V SRG Mining V 273 SSR Mining* D 9333 SSR Mining T 2053 St Augustine T 325 C 349 St-Georges Eco V 388 Stakeholdr Gld O 538 Standard Graph* Standard Lith V 284 O 11 Standard Metal* Stans Energy V 432 O 358 Stans Energy* Star Diamond T 2064 O 191 Star Diamond* Star Gold* O 90 Starcore Intl T 543 Starr Peak Exp V 884 O 0 Steele Oceanic* Stelmine Can V 105 Steppe Gold T 121 O 3593 Stornoway Diam* Stratabd Mnr V 165 V 153 Strategic Metl O 82 Strategic Metl* O 0 Strategic Res* Strategic Res V 91 Stria Lithium V 1300 V 666 Strikepoint Gd O 392 Strikepoint Gd* V 336 Strongbow Expl O 980 Strongbow Expl* Stroud Res V 92 Stuhini Explor V 101 Sulliden Mng T 156 Sun Metals V 3609 N 19875 Suncor Energy* Suncor Energy T 33549 O 16 Superior Gold* Superior Gold V 364 Superior Mng V 322 O 0 Supreme Metal* C 705 Supreme Metals 1 Surge Copper * O V 714 Surge Copper 227 Surge Explor* O

0.73 1.41 1.25 1.40 + 0.11 1.72 0.06 0.08 0.07 0.08 + 0.00 0.12 0.08 0.10 0.09 0.10 + 0.01 0.18 0.66 1.00 0.87 0.96 + 0.07 1.81 0.11 0.18 0.18 0.18 - 0.01 0.23 0.13 unch 0.00 0.27 0.24 0.23 0.24 0.42 0.42 0.42 unch 0.00 0.59 0.37 0.16 0.21 0.19 0.19 - 0.01 0.44 0.12 0.16 0.14 0.14 - 0.02 0.33 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.14 0.14 + 0.00 0.20 0.06 0.20 0.18 0.20 + 0.02 0.25 0.09 0.01 unch 0.00 0.06 0.02 0.02 0.02 0.01 0.02 0.01 0.02 + 0.01 0.04 0.06 0.26 0.24 0.24 - 0.01 0.40 0.05 0.20 0.17 0.17 - 0.01 0.31 0.85 1.68 1.28 1.68 + 0.34 2.72 6.70 10.04 + 0.55 9.89 10.07 9.16 4.96 7.30 6.92 7.19 + 0.06 7.67 0.08 0.07 0.08 - 0.00 0.11 0.04 0.05 0.15 0.12 0.14 + 0.02 0.20 0.05 0.06 0.05 0.06 + 0.01 0.12 0.00 0.00 0.00 0.00 - 0.00 0.00 0.01 0.05 0.05 0.05 + 0.01 0.10 0.03 0.03 0.03 0.03 + 0.00 0.07 0.09 unch 0.00 0.18 0.15 0.14 0.15 0.02 unch 0.00 0.06 0.04 0.04 0.04 0.05 0.07 0.06 0.06 + 0.00 0.15 0.08 0.00 0.08 + 0.01 0.20 0.07 0.06 0.13 0.09 0.11 + 0.03 0.16 0.10 0.06 0.09 + 0.02 0.11 0.03 0.06 unch 0.00 0.13 0.10 0.10 0.10 0.10 0.18 0.15 0.17 + 0.02 0.23 0.11 0.23 0.19 0.23 + 0.02 0.30 0.34 0.61 0.55 0.55 - 0.05 0.90 0.26 unch 0.00 0.59 0.00 0.00 0.54 10.95 13.84 13.08 13.72 + 0.57 16.55 14.74 18.31 17.37 18.17 + 0.75 21.98 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.03 0.05 0.04 0.05 + 0.01 0.06 0.00 unch 0.00 0.10 0.00 0.00 0.02 0.01 0.03 0.01 0.02 + 0.00 0.07 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.03 unch 0.00 0.07 0.06 0.06 0.06 0.01 0.03 0.03 0.03 - 0.01 0.14 2.36 3.35 3.05 3.21 + 0.08 5.75 0.45 1.65 0.00 1.65 + 0.18 1.60 0.15 0.23 0.20 0.21 - 0.02 0.40 0.17 0.18 0.17 0.17 - 0.01 0.53 0.02 unch 0.00 0.04 0.04 0.04 0.04 0.01 0.08 0.04 0.08 + 0.04 0.08 13.27 11.17 12.26 + 0.94 13.27 3.16 0.82 3.00 0.00 3.00 + 0.45 3.00 0.00 0.03 0.02 0.03 + 0.01 0.04 0.02 0.07 0.06 0.06 - 0.00 0.08 0.03 0.10 0.08 0.08 - 0.01 0.10 0.02 unch 0.00 0.14 0.03 0.03 0.03 1.33 2.34 1.98 2.30 + 0.29 2.50 1.01 0.25 1.90 1.75 + 1.76 1.50 1.59 2.00 1.80 1.98 + 0.16 2.04 0.03 0.05 0.04 0.05 - 0.00 0.07 0.04 0.06 0.05 0.05 - 0.01 0.09 0.16 0.12 0.14 - 0.01 0.25 0.10 0.11 0.09 0.11 + 0.02 0.18 0.07 0.06 0.05 0.05 + 0.00 0.12 0.05 0.08 0.07 0.07 unch 0.00 0.16 0.07 0.02 0.08 0.08 0.08 - 0.01 0.12 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.02 0.01 0.02 + 0.01 0.02 0.01 0.04 0.06 0.06 0.06 - 0.00 0.12 0.06 0.11 0.08 0.11 + 0.03 0.17 0.05 0.06 0.06 0.06 - 0.00 0.11 0.07 unch 0.00 0.15 0.10 0.00 0.09 0.01 0.04 0.01 0.03 - 0.00 0.07 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.07 0.16 0.34 0.27 0.33 + 0.06 0.38 0.13 2.21 0.21 0.29 + 0.08 2.21 2.71 5.61 5.20 5.52 + 0.27 7.69 2.00 4.25 3.92 4.17 + 0.20 5.93 2.96 8.22 6.36 8.07 + 1.45 8.22 10.84 8.46 10.61 + 1.84 10.13 3.99 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.02 0.03 0.02 0.03 + 0.01 0.14 0.11 0.11 0.11 0.11 + 0.00 0.20 0.14 0.15 0.14 0.15 + 0.01 0.27 0.08 0.23 0.20 0.20 - 0.03 0.26 0.10 0.18 0.16 0.17 - 0.00 0.18 0.03 unch 0.00 0.09 0.05 0.04 0.04 0.02 0.04 0.03 0.03 - 0.00 0.05 0.27 1.12 1.06 1.12 + 0.03 1.20 0.20 0.85 0.80 0.85 + 0.04 0.92 0.27 0.40 0.32 0.34 - 0.07 0.40 0.05 0.11 0.10 0.10 - 0.02 0.70 0.04 unch 0.00 0.71 0.08 0.08 0.08 0.11 0.13 0.12 0.12 - 0.00 0.33 0.15 0.17 0.16 0.17 + 0.01 0.44 0.01 0.01 0.00 0.01 + 0.00 0.02 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.04 0.11 0.10 0.10 - 0.01 0.20 0.04 0.09 0.07 0.08 - 0.01 0.15 0.28 0.40 0.34 0.40 + 0.05 0.76 0.21 0.30 0.00 0.30 + 0.06 0.56 0.26 0.36 0.31 0.33 - 0.03 0.54 0.34 0.49 0.39 0.41 - 0.08 0.59 0.05 unch 0.00 0.27 0.08 0.00 0.08 0.04 0.00 0.04 unch 0.00 0.07 0.03 0.09 0.11 0.09 0.10 + 0.01 0.15 0.11 0.13 0.12 0.13 + 0.01 0.20 1.59 unch 0.00 2.79 1.70 0.00 1.70 0.23 0.30 0.29 0.29 - 0.01 0.47 0.30 0.39 0.33 0.38 - 0.01 0.62 29.39 39.73 37.44 37.85 - 1.41 44.82 0.10 0.17 0.14 0.16 + 0.02 0.23 0.14 0.22 0.18 0.21 + 0.03 0.31 0.07 unch 0.00 0.18 0.10 0.00 0.10 0.03 unch 0.00 0.17 0.04 0.03 0.03 0.04 0.08 0.00 0.05 - 0.03 0.20 0.11 0.08 0.11 + 0.02 0.14 0.05 0.10 0.06 0.08 + 0.02 0.11 0.04 0.02 unch 0.00 0.06 0.03 0.03 0.03 0.01 unch 0.00 0.05 0.02 0.02 0.02 0.01 0.03 0.02 0.03 - 0.00 0.08 0.01 0.04 0.03 0.03 - 0.01 0.04 0.03 unch 0.00 0.09 0.04 0.03 0.03 0.01 unch 0.00 0.06 0.02 0.02 0.02 0.70 0.66 0.70 + 0.03 1.77 0.66 0.06 0.06 0.06 - 0.01 0.13 0.04 0.47 0.57 0.50 0.51 - 0.03 1.15 10.59 19.34 17.84 18.77 + 0.64 19.42 14.23 25.57 23.63 24.83 + 0.79 25.33 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.06 unch 0.00 0.25 0.07 0.07 0.07 0.02 0.04 0.03 0.04 + 0.01 0.08 0.10 0.12 0.10 0.11 - 0.00 0.65 0.53 0.93 0.84 0.90 - 0.02 1.14 0.03 0.00 0.08 nch u 0.05 0.05 0.05 0.01 unch 0.00 0.11 0.02 0.00 0.01 0.00 0.01 0.00 0.00 - 0.00 0.08 0.18 0.46 0.31 0.41 - 0.01 0.53 0.14 0.34 0.25 0.31 - 0.02 0.41 0.02 unch 0.00 0.09 0.04 0.04 0.04 0.05 0.14 0.10 0.13 + 0.01 0.14 0.51 0.35 0.50 + 0.12 0.51 0.09 0.40 unch 0.00 1.00 0.00 0.00 0.40 0.07 0.07 0.07 0.07 - 0.01 0.17 0.59 0.93 0.88 0.93 + 0.02 1.14 0.00 unch 0.00 0.15 0.00 0.00 0.00 0.02 0.09 0.08 0.09 + 0.01 0.15 0.28 0.45 0.42 0.45 + 0.01 0.57 0.21 0.34 0.32 0.33 + 0.00 0.43 0.16 unch 0.00 0.46 0.00 0.00 0.21 0.23 0.39 0.37 0.39 + 0.02 0.70 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.03 0.04 0.03 0.04 + 0.01 0.17 0.02 0.03 0.02 0.03 + 0.00 0.12 0.03 0.05 0.04 0.05 + 0.01 0.15 0.02 unch 0.00 0.10 0.03 0.03 0.03 0.05 0.24 0.20 0.20 - 0.04 0.37 0.19 0.31 0.31 0.31 + 0.01 0.35 0.03 unch 0.00 0.10 0.05 0.05 0.05 0.09 0.12 0.10 0.12 + 0.01 0.65 27.28 30.84 29.53 30.39 + 0.61 34.87 36.32 40.81 39.11 40.18 + 0.73 46.50 0.28 0.60 0.57 0.57 - 0.03 0.84 0.38 0.82 0.72 0.82 + 0.10 1.14 0.05 0.25 0.19 0.20 + 0.01 0.25 0.01 unch 0.00 0.02 0.00 0.00 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.03 0.07 0.05 0.06 - 0.01 0.08 0.01 0.01 0.01 0.01 - 0.00 0.08

2020-02-23 1:20 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MARCH 2–15, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Surge Explor V 1180 0.02 0.01 0.01 unch 0.00 0.10 0.01 Sutter Gold* O 331 0.00 0.00 0.00 unch 0.00 0.01 0.00 Syrah Res* O 77 0.39 0.30 0.36 + 0.01 1.06 0.24

T Taiga Gold C 187 Taiga Gold* O 11 Tajiri Res V 716 Taku Gold* O 2 Taku Gold C 152 Talisker Res* O 260 Talisker Res C 5476 Talmora Diamd C 2 Talon Metals T 870 Tamerlane Vent* O 76 Tamino Mnrls* O 1641 Tanqueray Expl V 456 Tantalex Res C 491 Tanzanian Gold T 111 Tanzanian Gold* X 1921 Taranis Res* O 10 Taranis Res V 201 Tarku Res V 45 Tartisan Nick* O 50 Tartisan Nick C 232 Taseko Mines* X 3322 Taseko Mines T 1304 Teck Res T 13528 Teck Res T 43 Teck Res* N 33486 Tectonic Metal V 177 Telson Res * O 806 Telson Res V 455 Tembo Gold V 791 Tembo Gold* O 27 Teranga Gold T 3012 Teranga Gold* O 348 Teras Res V 865 Teras Res* O 196 Terrax Mnrls V 761 Terrax Mnrls* O 114 Terreno Res V 31 Teslin Rvr Res V 3869 Tesoro Mnrls V 91 Tethyan Res V 36 Teuton Res V 166 Teuton Res* O 143 Texas Mineral* O 540 Themac Res* O 22 Themac Res V 37 Thor Expl V 106 Thunder Mtn Gd* O 41 Thunderstruck V 682 Thunderstruck* O 76 Tiger Intl V 16 Till Capital V 1 Timberline Res V 298 Timberline Res* O 310 Tinka Res V 820 Tinka Res* O 750 Tintina Mines V 70 Tisdale Res V 15 Titan Mining T 264 Titan Mining* O 26 Titanium Corp V 13 TMAC Resource* O 327 TMAC Resources T 1221 TNR Gold V 249 Tocvan Venture C 433 Tombstone Expl* O 3 Tonogold Res* O 82 Torex Gold* O 264 Torex Gold T 2804 Torq Resources* O 26 Torq Resources V 169

0.15 0.13 0.15 + 0.01 0.15 0.06 0.10 0.10 0.10 + 0.01 0.11 0.04 0.07 0.05 0.06 + 0.01 0.08 0.03 0.04 0.04 0.04 - 0.00 0.08 0.03 0.06 0.00 0.05 - 0.01 0.10 0.03 0.42 0.29 0.42 + 0.13 0.42 0.00 0.57 0.39 0.55 + 0.14 0.57 0.08 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.13 0.12 0.13 + 0.01 0.25 0.08 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.74 0.56 0.65 + 0.08 0.85 0.45 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.93 0.66 0.83 + 0.17 1.56 0.66 0.65 0.50 0.63 + 0.12 1.20 0.50 0.05 0.05 0.05 unch 0.00 0.07 0.04 0.07 0.06 0.06 - 0.01 0.09 0.05 0.12 0.10 0.10 - 0.03 0.29 0.07 0.10 0.10 0.10 unch 0.00 0.10 0.02 0.12 0.10 0.11 - 0.02 0.12 0.03 0.46 0.40 0.41 - 0.04 0.79 0.38 0.62 0.51 0.54 - 0.04 1.05 0.50 18.70 14.33 14.45 - 3.38 34.31 16.84 20.77 17.90 18.03 - 1.87 34.00 17.99 14.10 10.85 10.92 - 2.54 25.75 10.85 0.25 0.22 0.23 unch 0.00 0.31 0.21 0.09 0.08 0.09 + 0.00 0.31 0.08 0.12 0.09 0.09 - 0.02 0.41 0.09 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.01 0.01 0.01 + 0.00 0.03 0.01 8.85 7.60 8.45 + 0.79 8.85 2.97 6.83 5.78 6.39 + 0.59 6.68 2.23 0.06 0.05 0.05 - 0.01 0.12 0.02 0.05 0.04 0.04 - 0.01 0.07 0.03 0.32 0.23 0.31 + 0.07 0.44 0.23 0.22 0.17 0.22 + 0.05 0.34 0.17 0.04 0.04 0.04 + 0.01 0.05 0.01 0.35 0.27 0.34 + 0.07 0.60 0.26 0.05 0.00 0.05 unch 0.00 0.07 0.04 0.16 0.16 0.16 unch 0.00 0.85 0.11 0.52 0.47 0.51 + 0.03 0.65 0.13 0.40 0.36 0.40 + 0.03 0.49 0.10 0.90 0.79 0.84 - 0.01 1.58 0.12 0.04 0.04 0.04 - 0.01 0.07 0.02 0.06 0.04 0.06 + 0.02 0.08 0.03 0.16 0.15 0.16 + 0.01 0.18 0.12 0.12 0.00 0.08 + 0.00 0.14 0.03 0.08 0.06 0.08 unch 0.00 0.11 0.03 0.06 0.05 0.06 + 0.00 0.08 0.02 0.11 0.07 0.07 - 0.04 0.15 0.04 2.00 0.00 1.98 - 0.02 2.54 1.00 0.10 0.10 0.10 unch 0.00 0.14 0.08 0.08 0.07 0.08 - 0.00 0.11 0.03 0.20 0.17 0.18 - 0.01 0.40 0.11 0.15 0.13 0.13 - 0.01 0.28 0.09 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.10 0.00 0.10 unch 0.00 0.24 0.06 0.28 0.20 0.23 - 0.05 0.95 0.24 0.21 0.17 0.20 - 0.01 0.58 0.17 0.69 0.62 0.62 - 0.04 1.20 0.47 1.82 1.69 1.72 - 0.08 5.27 1.70 2.42 2.23 2.24 - 0.14 6.95 2.24 0.04 0.03 0.03 unch 0.00 0.05 0.02 0.24 0.20 0.20 unch 0.00 0.24 0.07 2.55 0.00 2.55 + 0.32 3.80 0.50 0.53 0.48 0.52 + 0.02 0.55 0.12 16.55 13.73 16.29 + 2.20 16.86 8.49 21.96 18.19 21.52 + 2.87 21.91 11.41 0.40 0.40 0.40 + 0.00 0.42 0.24 0.59 0.52 0.59 + 0.06 0.59 0.33

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tower Res* O 7 Tower Res V 1489 Transatlantic V 383 Transition Met V 416 Transition Met* O 81 Treasury Metal T 2111 Treasury Metal* O 272 Trecora Res* N 112 Tres-Or Res* O 1 Tres-Or Res V 24 Trevali Mng* O 481 Trevali Mng T 8270 Tri Origin Exp V 2546 Trident Gold V 32 Trifecta Gold* O 8 Trifecta Gold V 50 Trilogy Mtls T 83 Trilogy Mtls* X 1047 TriMetals Mng* O 54 Trinity Res* O 6 Trinity Valley V 105 Trio Resources* O 4137 TriStar Gold V 1049 TriStar Gold* O 468 Triumph Gold V 683 Triumph Gold* O 286 Troilus Gold T 1157 Troilus Gold* O 54 Troubadour Res V 1194 Troy Res* O 12 True North Gem* O 0 True North Gem V 1 Tsodilo Res V 57 Tudor Gold V 486 Tudor Gold * O 106 Turmalina Met* O 155 Turmalina Met V 1938 Turquoise HIl* N 13293 Turquoise HIl T 3255 TVI Pacific V 701 TVI Pacific* O 128 Tyhee Gold* O 250 Typhoon Expl V 275

0.04 0.04 0.04 + 0.00 0.05 0.02 0.06 0.04 0.05 unch 0.00 0.07 0.02 0.04 0.03 0.04 unch 0.00 0.16 0.02 0.23 0.00 0.22 + 0.04 0.24 0.09 0.16 0.00 0.16 + 0.02 0.18 0.08 0.26 0.24 0.25 - 0.02 0.42 0.21 0.20 0.18 0.18 - 0.01 0.32 0.15 6.58 6.37 6.48 - 0.01 10.54 6.37 0.06 0.00 0.06 unch 0.00 0.15 0.01 0.09 0.08 0.08 - 0.01 0.30 0.08 0.15 0.13 0.13 - 0.01 0.36 0.11 0.19 0.17 0.17 - 0.01 0.49 0.15 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.19 0.16 0.16 - 0.04 0.20 0.14 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.03 2.97 2.47 2.47 - 0.22 4.10 2.00 2.19 1.83 1.88 - 0.16 3.13 1.50 0.10 0.09 0.10 + 0.01 0.13 0.03 0.10 0.00 0.10 + 0.01 0.50 0.01 0.08 0.07 0.08 + 0.01 0.15 0.05 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.37 0.32 0.35 + 0.03 0.37 0.10 0.28 0.24 0.26 + 0.02 0.28 0.07 0.25 0.23 0.25 + 0.01 0.58 0.21 0.19 0.17 0.19 + 0.02 0.44 0.16 0.85 0.75 0.82 + 0.06 1.16 0.52 0.64 0.57 0.64 + 0.07 0.81 0.40 0.06 0.04 0.06 + 0.01 0.20 0.03 0.06 0.06 0.06 unch 0.00 0.09 0.06 0.00 0.00 0.09 unch 0.00 0.14 0.04 0.00 0.00 0.07 unch 0.00 0.28 0.05 0.09 0.07 0.09 + 0.01 0.27 0.05 0.68 0.60 0.64 + 0.03 1.07 0.26 0.52 0.45 0.48 + 0.02 0.81 0.20 0.60 0.51 0.51 - 0.09 0.65 0.51 0.81 0.66 0.68 - 0.12 0.86 0.53 0.65 0.45 0.59 - 0.03 2.17 0.40 0.86 0.67 0.77 - 0.04 2.84 0.53 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.04 0.05 unch 0.00 0.07 0.02

U.S. Gold* D 450 U.S. Lithium* O 1679 U3O8 Corp* O 43 U3O8 Corp T 558 Ubique Mineral C 76 UC Res* O 250 Ucore Rare Mtl V 420 Ucore Rare Mtl* O 886 UEX Corp T 598 Ultra Resource* O 221 Ultra Resource V 353 Umbral Enrgy* O 131 Unigold* O 23 Unigold V 209 United Battery* O 60 United Battery C 229 United Res Hdg* O 296 United States A* X 137 United States S* N 61406 Universal Cop* O 1 Universal Cop V 465 Universal Vent V 110 Ur-Energy* X 1091 Ur-Energy T 228 Uragold Bay Rs V 1232 Uranium Energy* X 5886 Uranium Hunter* O 33 Uranium Res* D 2263 Uranium Roylty V 245 Uranium Roylty* O 76

0.80 0.72 0.77 + 0.00 1.53 0.65 1.59 1.10 1.45 + 0.17 1.74 0.11 0.05 0.04 0.04 - 0.00 0.16 0.03 0.06 0.05 0.06 unch 0.00 0.19 0.04 0.05 0.04 0.05 + 0.01 0.20 0.03 0.31 0.22 0.24 - 0.08 0.82 0.12 0.21 0.19 0.19 - 0.01 0.34 0.09 0.16 0.14 0.15 - 0.00 0.25 0.07 0.13 0.12 0.12 unch 0.00 0.20 0.11 0.06 0.05 0.06 + 0.01 0.09 0.05 0.09 0.06 0.06 unch 0.00 0.11 0.06 0.19 0.17 0.18 + 0.00 0.54 0.15 0.15 0.15 0.15 + 0.00 0.21 0.07 0.20 0.18 0.19 - 0.01 0.27 0.09 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.22 0.00 0.22 + 0.20 0.22 0.01 0.04 0.03 0.04 + 0.01 0.09 0.02 0.44 0.38 0.39 - 0.02 0.80 0.34 9.47 8.65 9.43 + 0.64 24.47 8.65 0.01 0.00 0.01 unch 0.00 0.09 0.01 0.08 0.02 0.08 + 0.02 0.42 0.05 6.45 6.20 6.25 - 0.12 6.50 2.80 0.55 0.50 0.51 - 0.03 0.99 0.46 0.72 0.67 0.67 - 0.04 1.30 0.61 0.09 0.00 0.09 + 0.01 0.12 0.07 0.94 0.83 0.84 - 0.06 1.58 0.75 0.81 0.75 0.81 + 0.06 3.50 0.51 2.66 2.02 2.04 - 0.53 9.85 1.96 1.20 1.15 1.15 - 0.02 1.28 1.10 0.91 0.87 0.88 - 0.02 0.95 0.87

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Uravan Mnrls V 199 Uravan Mnrls* O 30 UrbanGold Min V 386 Usha Res V 53 Val-d’Or Mg V 10 Val-d’Or Mg* O 18 Vale* N 116011 Valley High Mg* O 329 ValOre Metals* O 35 ValOre Metals V 700 Valterra Res* O 1 Valterra Res V 95 Vanadian Enrgy* O 190 Vanadian Enrgy V 140 Vanadium One* O 10 Vanadium One V 600 Vanadiumcorp* O 127 Vanadiumcorp V 1582 Vanstar Mng Rs* O 676 Vanstar Mng Rs V 884 Vantex Res * O 0 Vantex Res V 4 Velocity Mnrls V 294 Velocity Mnrls* O 4 Vendetta Mng V 2437 Vendetta Mng* O 877 Venerable Vent V 25 Verde Potash T 95 Verde Res* O 16 Veris Gold* O 0 Vertical Expl V 436 Victoria Gold* O 168 Victoria Gold T 255 Victory Metals* O 111 Victory Metals V 242 Victory Nickel* O 3 Victory Nickel C 130 Virginia Enrgy* O 66 Virginia Enrgy V 26 Viscount Mng V 200 Visible Gold M V 226 Visible Gold M* O 7 Vision Lithium V 85 Vision Lithium* O 45 Vista Gold* X 1549 Vista Gold T 89 Viva Gold* O 103 Viva Gold V 147 Vizsla Res V 673 Vizsla Res * O 208 Volcanic Gold V 14 Volt Energy V 46 Voyageur Min* O 22 Voyageur Min V 364 VR Resources* O 196 VR Resources V 185 Vulcan Mnrls V 130 VVC Expl V 350

0.02 0.02 0.02 unch 0.00 0.05 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.14 0.13 0.14 - 0.01 0.18 0.10 0.19 0.15 0.16 - 0.03 0.19 0.11 0.07 0.00 0.07 - 0.01 0.15 0.03 0.09 0.05 0.05 - 0.03 0.12 0.04 12.15 11.27 11.42 - 0.45 14.19 10.20 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.26 0.22 0.26 + 0.05 0.31 0.11 0.37 0.28 0.34 + 0.04 0.41 0.16 0.07 0.07 0.07 unch 0.00 0.28 0.06 0.10 0.08 0.09 - 0.01 0.35 0.08 0.02 0.01 0.02 - 0.00 0.05 0.00 0.03 0.00 0.03 + 0.01 0.06 0.01 0.05 0.05 0.05 + 0.01 0.12 0.03 0.08 0.06 0.08 + 0.01 0.21 0.05 0.05 0.03 0.04 + 0.02 0.10 0.02 0.06 0.04 0.06 + 0.02 0.10 0.04 0.57 0.39 0.54 + 0.14 0.57 0.12 0.75 0.51 0.68 + 0.14 0.75 0.14 0.00 0.00 0.10 unch 0.00 0.22 0.08 0.16 0.00 0.16 unch 0.00 0.40 0.10 0.45 0.43 0.44 unch 0.00 0.58 0.24 0.31 0.31 0.31 unch 0.00 0.44 0.18 0.06 0.05 0.05 unch 0.00 0.13 0.04 0.04 0.03 0.04 - 0.00 0.10 0.03 0.09 0.09 0.09 unch 0.00 0.10 0.05 0.46 0.38 0.39 - 0.03 0.82 0.38 0.01 0.01 0.01 + 0.00 0.10 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.09 0.02 6.42 5.53 6.41 + 0.07 7.56 4.24 8.54 8.12 8.42 - 0.05 9.90 5.55 0.34 0.25 0.28 - 0.01 0.57 0.25 0.40 0.36 0.37 - 0.01 0.77 0.36 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.03 0.00 0.02 - 0.01 0.05 0.02 0.08 0.06 0.06 - 0.02 0.25 0.03 0.10 0.00 0.08 - 0.02 0.37 0.04 0.33 0.30 0.32 unch 0.00 0.35 0.15 0.08 0.07 0.08 unch 0.00 0.14 0.04 0.07 0.07 0.07 unch 0.00 0.06 0.03 0.06 0.00 0.05 unch 0.00 0.18 0.03 0.05 0.04 0.04 - 0.01 0.13 0.02 0.85 0.65 0.83 + 0.13 1.05 0.52 1.10 0.85 1.10 + 0.20 1.39 0.68 0.17 0.17 0.17 + 0.00 0.28 0.15 0.28 0.21 0.23 - 0.03 0.43 0.19 0.73 0.66 0.69 + 0.02 0.96 0.13 0.56 0.50 0.53 + 0.03 0.73 0.29 0.22 0.22 0.22 unch 0.00 0.44 0.13 0.05 0.05 0.05 - 0.01 0.10 0.02 0.08 0.07 0.07 - 0.00 0.10 0.04 0.10 0.08 0.09 - 0.01 0.12 0.05 0.34 0.25 0.26 - 0.00 0.35 0.09 0.38 0.34 0.34 - 0.01 0.50 0.12 0.05 0.04 0.05 - 0.01 0.21 0.02 0.05 0.05 0.05 + 0.01 0.06 0.02

Walker Lane* O 110 Walker River* O 554 Walker River V 3148 Wallbridge Mng T 4137 Warrior Gold* O 42 Warrior Gold V 864 Waseco Res V 60 Wealth Mnrls V 331 Wealth Mnrls* O 436 Wescan Gldflds V 0 Wesdome Gold* O 624 Wesdome Gold T 2838 West High Yld V 145 West Kirkland V 1015

0.14 0.05 0.12 - 0.02 0.40 0.02 0.10 0.07 0.10 + 0.01 0.19 0.05 0.13 0.10 0.11 + 0.01 0.23 0.07 0.92 0.87 0.90 + 0.02 0.98 0.27 0.04 0.03 0.03 - 0.00 0.09 0.03 0.06 0.00 0.06 unch 0.00 0.13 0.05 0.03 0.00 0.03 - 0.01 0.05 0.02 0.31 0.28 0.29 unch 0.00 0.65 0.16 0.24 0.21 0.22 + 0.00 0.50 0.12 0.00 0.00 0.04 unch 0.00 0.11 0.03 8.16 6.94 8.13 + 1.09 8.16 2.95 10.79 9.25 10.74 + 1.45 10.47 3.96 0.15 0.13 0.14 + 0.01 0.47 0.10 0.07 0.05 0.07 + 0.01 0.09 0.03

W-Z

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

West Kirkland * O 95 West Red Lake* O 124 West Red Lake C 1431 Western Areas* O 146 Western Atlas V 656 Western Copper T 265 Western Copper* X 713 Western Mag V 1523 Western Mag* O 679 Western Pac Rs* O 1 Western Potash T 273 Western Res* O 3 Western Troy C* O 57 Western U&V C 95 Western U&V* O 133 Westgold Res* O 43 Westhaven Vent* O 234 Westhaven Vent V 680 Westkam Gold* O 3 Westkam Gold V 85 Westminster Rs V 127 Westmoreland* O 53 WestMountain* O 0 Wheaton Prec M* N 18033 Wheaton Prec M T 7614 White Gold* O 155 White Gold V 602 White Metal R* O 350 White Metal Rs V 602 White Mtn Engy* O 69 Whitehaven Coa* O 0 Wildsky Res* O 0 Wildsky Res V 0 Winshear Gold V 35 Winshear Gold* O 5 Winston Gold C 322 Winston Gold* O 389 Wolfden Res* O 100 Wolfden Res V 461 Wolfeye Res V 2524 Worldwide Res* O 29 Worldwide Res V 29 X-Terra Res V 2197 X-Terra Res* O 4 Xanadu Mines T 2 Xiana Mng V 3 Xiana Mng* O 1 Ximen Mining* O 10 Ximen Mining V 762 Xtierra Inc V 59 Xtra-Gold Res* O 12 Xtra-Gold Res T 395 Yamana Gold T 24128 Yamana Gold* N 158834 Yanzhou Coal* O 1 Yorbeau Res T 357 Yukoterre Res C 100 Zadar Ventures* O 274 Zadar Ventures V 161 Zanaga Iron* O 258 Zanzibar Gold C 595 Zara Res* O 472 ZEN Graphene* O 221 ZEN Graphene V 883 Zena Mining V 27 Zenith Explor C 16 Zephyr Mnls V 139 Zephyr Mnls* O 37 Zimtu Capital V 112 Zinc One Res V 1076 Zinc One Res * O 51 ZincX Res V 404 ZincX Res* O 150 Zonte Metals V 745 Zonte Metals* O 57

0.05 0.04 0.05 + 0.01 0.07 0.02 0.05 0.04 0.05 + 0.00 0.10 0.02 0.07 0.05 0.06 - 0.01 0.12 0.04 1.71 0.00 1.71 + 0.10 2.32 1.43 0.10 0.08 0.10 + 0.02 0.11 0.05 0.99 0.77 0.88 + 0.07 1.15 0.62 0.68 0.58 0.67 + 0.07 0.89 0.45 0.16 0.10 0.15 + 0.03 0.35 0.05 0.13 0.07 0.11 + 0.03 0.43 0.03 0.22 0.00 0.22 + 0.05 0.42 0.16 0.26 0.23 0.24 - 0.01 0.55 0.11 0.19 0.18 0.19 + 0.00 0.41 0.08 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.84 0.74 0.76 unch 0.00 1.55 0.65 0.64 0.57 0.58 unch 0.00 1.15 0.49 1.40 1.40 1.40 unch 0.00 1.67 0.74 0.57 0.48 0.53 + 0.03 0.93 0.39 0.73 0.63 0.69 + 0.03 1.25 0.51 0.08 0.00 0.07 + 0.00 0.44 0.02 0.11 0.00 0.10 + 0.01 0.35 0.10 0.09 0.08 0.08 - 0.01 0.28 0.05 0.01 0.00 0.01 + 0.00 0.05 0.01 0.00 0.00 1.75 unch 0.00 3.00 1.00 33.17 28.98 32.91 + 2.92 33.17 19.73 43.89 38.45 43.52 + 3.77 43.19 26.50 0.71 0.64 0.69 + 0.03 1.13 0.54 0.92 0.85 0.91 + 0.03 1.49 0.73 0.03 0.03 0.03 unch 0.00 0.05 0.00 0.05 0.04 0.04 unch 0.00 0.07 0.03 0.02 0.01 0.02 + 0.01 0.07 0.00 1.68 0.00 1.68 unch 0.00 3.02 1.66 0.00 0.00 0.06 unch 0.00 0.11 0.04 0.00 0.00 0.06 unch 0.00 0.14 0.01 0.13 0.11 0.13 unch 0.00 0.20 0.05 0.09 0.09 0.09 unch 0.00 0.10 0.02 0.09 0.07 0.08 + 0.01 0.17 0.03 0.06 0.05 0.06 + 0.01 0.13 0.02 0.11 0.08 0.11 + 0.00 0.16 0.06 0.15 0.12 0.14 + 0.01 0.21 0.08 1.00 0.83 0.94 + 0.06 1.00 0.45 0.05 0.05 0.05 + 0.00 0.05 0.02 0.07 0.06 0.07 + 0.01 0.07 0.02 0.11 0.09 0.11 + 0.01 0.17 0.07 0.08 0.00 0.08 unch 0.00 0.10 0.07 0.04 0.04 0.04 unch 0.00 0.14 0.02 0.22 0.22 0.22 unch 0.00 0.61 0.21 0.16 0.16 0.16 - 0.00 0.44 0.16 0.36 0.00 0.35 + 0.03 0.62 0.24 0.49 0.34 0.47 + 0.11 0.84 0.30 0.06 0.04 0.04 - 0.02 0.08 0.03 0.42 0.39 0.42 + 0.02 0.50 0.20 0.58 0.54 0.56 + 0.01 0.64 0.28 6.23 5.33 6.15 + 0.72 6.07 2.41 4.71 4.00 4.66 + 0.56 4.71 1.78 0.80 0.80 0.80 unch 0.00 1.08 0.78 0.05 0.04 0.04 unch 0.00 0.05 0.02 0.09 0.09 0.09 unch 0.00 0.16 0.09 0.15 0.11 0.15 + 0.02 0.15 0.07 0.20 0.17 0.18 unch 0.00 0.20 0.08 0.00 0.00 0.13 unch 0.00 0.13 0.10 0.11 0.10 0.10 unch 0.00 0.32 0.09 0.02 0.01 0.02 + 0.00 0.63 0.01 0.46 0.38 0.39 - 0.02 0.46 0.21 0.61 0.49 0.52 - 0.02 0.61 0.28 0.08 0.06 0.06 - 0.03 0.10 0.04 0.05 0.05 0.05 unch 0.00 0.20 0.05 0.27 0.24 0.25 - 0.02 0.34 0.15 0.21 0.18 0.19 - 0.01 0.54 0.12 0.16 0.00 0.13 + 0.03 0.30 0.09 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.01 0.00 0.00 - 0.01 0.07 0.00 0.10 0.10 0.10 unch 0.00 0.25 0.09 0.09 0.08 0.08 - 0.01 0.18 0.07 0.35 0.29 0.35 + 0.01 0.39 0.20 0.26 0.23 0.26 + 0.00 0.30 0.16

BID-ASK — FEBRUARY 17–21, 2020 STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration 66 Resources African Metals Aftermath Silv Aguila Amer Gd Allante Res Altan Rio Min Alturas Min American CuMo American Uran Amilot Capital Amseco Expl AMV Capital Anconia Res Angel Gold Anglo-Bomarc Antler Hill Arcturus Vent Ares Strategic Asbestos Corp Atlanta Gold Atlantic Indus Aurelius Min Austin Res Balto Res Banro Corp* Barker Min Barrian Mining BE Res Bearclaw Cap BHK Mining Bird River Res Black Mammoth Bluenose Gold Bond Resources Boss Power Brigadier Gold Broadway Gold Brunswick Res Bullion Gold Bunker Hill Cairo Res Camrova Res Canada Coal Canada One Canadian Silv Carlin Gold Cassius Vents Castle Peak Mg CAT Strategic Cautivo Mining Centurion Mnls Century Metals Cerro de Pasc Chinapintza Mg CIM Intl Grp Cleghorn Mnls Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Comet Inds Contintl Prec CWN M’g Acq Cyntar Venture Cyprium Mng DV Resources EastCoal Inc Edison Cobalt Electra Stone Empire Metals Equitorial Ex EurOmax Res Everton Res Excalibur Res Explorex Res Fabled Copper Fengro Industr Finore Mng Fiorentina Min Fire River Gol Five Star Diam Four Nines Freedom Egy Freeport Res Full Metal Mnl Fusion Gold Galleon Gold

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

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0.02 ... 0.15 0.25 0.07 0.12 0.09 0.37 0.06 0.09 0.06 0.24 0.25 0.25 0.33 0.14 0.30 0.17 0.24 0.20 ... 0.16 0.19 0.01 0.02 0.01 0.01 ... 0.01 0.01 0.02 0.06 0.07 0.06 0.08 0.24 0.06 0.06 0.03 0.04 0.04 0.08 0.04 0.08 0.04 0.08 0.07 0.20 0.08 0.08 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.04 0.08 0.08 0.15 0.04 0.04 0.06 0.09 0.56 0.56 0.50 0.97 0.11 0.15 0.10 0.40 ... 0.40 0.55 0.03 0.04 0.03 0.04 0.01 0.02 0.01 0.02 0.13 0.14 0.14 0.15 0.06 0.09 0.06 0.13 0.12 0.12 0.14 0.19 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.01 0.15 0.15 0.13 0.27 0.19 0.25 0.24 0.30 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.05 0.04 0.06 0.04 0.09 0.16 ... 0.14 0.20 0.20 ... 0.15 0.20 0.17 0.20 0.17 ... 0.12 0.15 0.21 0.06 0.06 0.08 0.14 ... 0.03 0.03 0.06 0.15 0.10 0.47 0.55 0.74 0.70 1.00 ... ... 0.30 0.34 0.01 0.01 0.07 0.01 0.03 0.03 0.07 0.02 0.05 0.05 0.06 0.01 0.06 0.06 0.01 0.02 0.01 0.03 0.06 0.10 0.07 0.09 0.01 0.02 0.01 0.02 0.04 0.05 0.04 0.07 ... ... 0.13 0.20 0.07 0.07 0.07 0.27 0.07 0.07 0.07 0.11 ... ... 0.29 0.34 0.01 0.02 0.01 0.03 0.02 0.10 0.02 0.63 0.05 0.07 0.05 0.11 1.45 3.20 1.43 7.17 0.01 0.15 0.02 0.03 ... 0.06 0.05 0.08 3.10 3.95 3.05 3.60 0.26 0.26 0.30 0.35 0.01 0.04 0.07 0.08 0.13 0.17 0.11 0.11 0.03 0.03 0.03 0.06 0.07 0.07 0.12 0.06 0.14 0.09 0.10 0.06 0.06 0.06 0.09 0.01 0.02 0.01 0.13 0.28 0.13 0.20 0.01 0.02 0.02 0.06 0.02 0.03 0.02 0.17 0.05 0.05 0.03 0.04 0.09 0.10 0.10 0.11 ... ... 0.18 0.38 0.03 0.06 0.03 0.08 0.01 0.01 0.01 0.03 0.12 0.12 0.11 0.10 0.15 0.10 0.20 0.03 0.07 0.09 0.03 0.04 0.04 0.08 0.10 0.18 0.10 0.26 0.02 0.02 0.01 0.03 0.05 0.07 0.06 0.15 0.01 0.01 0.10 0.10 ... 0.17 0.30 0.06 0.07 0.06 0.09

LOW

STOCK

0.15 0.05

Galore Res V GAR Limited C Gem Intl Res V V Gentor Res Gespeg Res V Getty Copper V GFM Res V GK Resources V V Global Cop Grp Global Vanad V Goldbank Mng V Goldbelt Emp V Golden Harp V Golden Pursuit V Goldstream Mnl V Graphite Egy C Great Lakes Gr V V Great Quest Fe Green Arrow V Green Swan Cap V Green Valley M V Greenshield Ex V Grenville Gold C Grosvenor Res V GrowMax Res V Handa Mining V HFX Holding V Highbury Proj V Highvista Gold V IM Exploration C Indico Res V Infinite Lith V Inform Res V Inspiration Mg C Interconnect V Intl Battery C Intl Millm Mng V Intl Samuel Ex V InZinc Mining V Iron South Mng V Jubilee Gold V Kal Minerals C Kapuskasing Gd V Kesselrun Res V Kings Bay Res V Knick Expl V Latin American V Latin Metals V Le Mare Gold V Leo Res C Lightspeed Dis V Lincoln Mng V V Lions Bay Cap Lovitt Res V Luckystrike V Madeira Mrnls V MAG Silver* X Magna Terra V Magnitude Mng V Mammoth Res V Manado Gold V Mariner Res C Martina Mnls V Meadow Bay Gd C Mega Copper V Meridius Res V V Micrex Dev Midasco Cap V Midnight Star C MillenMin Vent V Milner Con Slv V Minecorp Egy V Mineral Hill V Mkango Res V Montana Gold C Montero Mg&Ex V Mountain Lake C MX Gold V Navy Res V Nebu Res V New Jersey Mng C New Klondike V New World Res V Newmac Res V Nortec Mnls V Northern Uran V Northway Res V

0.05 0.15 0.15 0.01 0.01 0.06 0.03 0.02 0.08 0.01 0.02 0.04 0.05 0.30 0.03 0.01 0.03 0.05 0.06 0.10 0.01 0.10 0.15 0.01 0.01 0.02 0.11 0.11 0.13 0.07 0.09 0.05 0.30 0.01 0.02 0.01 0.06 0.01 0.04 0.09 0.04 0.06 0.12 0.01 0.02 0.03 0.98 0.02 0.03 2.75 0.30 0.03 0.07 0.04 0.05 0.04 0.13 0.01 0.02 0.02 0.01 0.15 0.02 0.01 0.10 0.03 0.10 0.01 0.04 0.12 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.01 0.02 0.02 0.05 ... ... 0.15 4.13 0.06 0.12 0.06 0.13 0.05 0.10 0.06 0.07 0.06 0.08 0.08 0.18 0.02 0.03 0.03 0.04 0.05 0.09 0.05 0.05 1.00 1.00 0.26 0.30 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.11 0.14 0.14 0.19 0.01 0.01 0.02 0.13 0.15 0.15 0.18 0.06 0.08 0.06 0.11 0.01 0.07 0.05 0.09 0.03 0.03 0.47 1.35 0.05 0.05 0.04 0.04 0.08 0.08 0.10 0.02 0.03 0.02 0.04 0.01 0.03 0.02 0.05 0.05 0.10 0.09 0.50 0.15 0.20 0.15 0.22 0.08 0.10 0.08 0.35 0.13 0.18 0.13 0.15 0.03 0.04 0.09 0.13 0.02 0.04 0.04 0.04 0.01 ... 0.01 0.06 0.24 ... 0.24 0.30 ... ... 0.17 0.04 0.08 0.04 0.15 ... 0.01 0.01 0.01 0.26 0.29 0.28 0.32 0.06 0.16 0.05 0.06 0.04 0.04 0.03 0.06 0.35 0.06 0.07 ... ... 0.31 ... 0.01 0.03 0.11 0.15 0.11 0.30 0.02 0.03 0.03 0.07 0.24 0.27 0.24 0.28 0.43 0.98 0.53 0.95 0.08 0.25 0.08 0.25 0.09 0.09 0.10 0.14 0.04 0.05 0.04 0.07 0.03 0.09 0.04 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.04 0.03 0.16 0.05 0.05 0.09 0.18 ... ... 1.09 0.08 0.18 0.10 0.32 0.08 0.10 0.08 0.20 0.03 0.04 0.03 0.10 0.08 0.13 0.10 0.44 0.50 0.50 2.80 ... ... 0.03 0.04 12.52 13.30 12.52 14.40 0.01 0.02 0.02 0.05 0.14 0.20 0.13 0.20 0.03 0.04 0.04 0.05 0.01 0.21 0.05 0.17 0.25 0.20 0.20 0.02 0.19 0.05 0.12 0.05 0.05 0.04 0.06 0.06 0.16 0.10 0.16 0.09 ... 0.15 0.22 0.02 0.02 0.01 0.09 0.14 0.08 0.15 0.15 0.15 0.15 0.34 0.01 0.50 0.05 0.02 0.05 0.05 0.08 ... ... 0.12 0.20 0.12 0.30 0.15 0.13 0.14 0.13 0.19 0.09 0.10 0.10 0.10 0.03 0.04 0.04 0.20 ... ... 0.05 0.11 0.11 0.11 0.12 0.18 0.12 0.16 0.04 0.04 0.04 0.10 ... 0.15 0.20 0.01 0.01 0.01 0.30 0.30 0.21 0.24 0.05 0.07 0.07 0.08 0.02 0.02 0.02 0.05 ... 0.01 0.01 0.01 0.08 0.10 0.09 0.14

0.01 0.13 0.05 0.05 0.03 0.02 0.05 0.15 0.04 0.16 0.11 0.04 0.02 0.04 0.04 0.03 0.02 0.02 0.05 0.00 0.06 0.08 0.08 0.02 0.01 0.17 0.04 0.01 0.12 0.03 0.04 0.05 0.02 0.04 0.48 0.08 0.03 0.03 0.04 0.01 0.01 0.02 0.03 0.08 0.05 0.03 0.13 0.02 6.12 0.01 0.04 0.02 0.15 0.04 0.03 0.08 0.09 0.08 0.11 0.02 0.07 0.09 0.02 0.02 0.10 0.15 0.21 0.04 0.01 0.01 0.07

STOCK

Nrthn Lion NSGold NxGold Ltd Optimum Vent Opus One Res Ord Mountain Pac Arc Res Pac Cascade Pan Andean Min Paringa Res* Patriot Gold Pedro Res Philippine Mtl Phoenix Gold Pike Mountain Prism Res ProAm Expl Project One Provenance Gld Quantum Cobalt Quartz Mtn Res Rare Element* Razore Rock Res Regency Gold Reliant Gold Remington Res Revelo Res Riley Resource Rizal Res Rockland Mnls Rockwealth Res Rojo Res Rokmaster Res Ross River Roughrider Exp Rover Metals RTG Mining Rubicon Mnrls* Sage Gold Saint Jean Samco Gold Scotch Creek Secova Mtls Sennen Potash Sierra Madre Silver Phoenix Skarb Explor Slave Lake Zn Southstone Min Stellar Africa Stria Lithium Surge Explor Tearlach Res Thunder Mtn Gd TomaGold Transatlantic Tri-River Vent Trifecta Gold TriMetals Mng Troy Enrgy True Grit Res True North Gem Tymbal Res Typhoon Expl Upper Canyon Vale* ValOre Metals Vangold Res Vatic Vent Venerable Vent Victory Res Walcott Res Wescan Gldflds Western Pac Rs Western Troy C Whitemud Res Wildsky Res Winshear Gold Winston Res Xanadu Mines Xander Res Xiana Mng Yukoterre Res Zara Res Zenith Explor Zinco Mng Zincore Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.17 0.49 0.12 0.46 0.07 0.20 0.15 0.15 0.03 0.03 0.03 0.11 0.20 ... 0.21 0.21 0.04 0.05 0.05 0.08 0.08 0.14 0.08 0.12 0.16 0.23 0.17 0.30 0.01 0.02 0.01 0.08 0.08 0.09 0.10 ... ... 1.44 8.75 0.05 0.09 0.05 0.06 ... 0.24 0.10 0.23 0.02 0.08 0.08 0.14 ... 0.05 0.05 0.07 0.08 0.13 0.10 0.15 0.03 0.03 0.02 0.05 0.07 0.17 0.07 0.12 0.15 0.27 0.16 0.30 0.13 0.14 0.14 0.23 ... ... 1.10 3.15 0.17 0.30 0.17 0.35 0.11 0.16 0.15 0.89 0.06 ... 0.07 0.10 0.15 0.15 0.13 0.14 ... 0.02 0.02 0.12 0.18 0.12 0.20 0.01 0.01 0.01 0.03 0.11 0.24 0.14 0.21 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.46 0.78 0.46 0.50 ... 0.29 0.19 0.22 0.08 0.10 0.08 0.13 ... 0.24 0.26 0.10 0.10 0.06 0.09 0.04 0.05 0.07 0.08 0.08 0.08 0.08 0.14 ... ... 0.03 1.35 0.01 0.01 0.02 0.02 0.02 0.04 0.04 0.03 ... 0.05 0.08 0.07 0.20 0.10 0.13 0.05 0.06 0.05 0.06 0.20 0.40 0.45 0.03 0.12 0.03 0.14 0.10 0.19 0.12 0.20 0.04 ... 0.08 0.10 0.05 0.08 0.09 0.10 0.01 0.01 0.01 0.04 0.04 0.04 0.03 0.04 0.01 0.01 0.01 0.03 0.39 0.44 0.39 0.23 0.15 0.20 0.15 0.28 0.07 0.17 0.17 0.17 0.05 0.05 0.05 0.03 0.04 0.04 0.16 ... ... 0.04 0.04 0.04 0.04 0.07 0.11 0.12 0.12 0.12 0.02 0.04 0.03 0.05 0.01 ... 0.02 0.02 0.07 0.12 0.07 0.28 0.04 0.06 0.05 0.06 0.04 0.05 0.05 0.07 ... 2.00 0.25 ... ... 10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.07 0.07 0.10 0.07 0.09 0.09 0.10 0.01 0.01 0.02 0.12 0.12 0.20 0.20 0.20 0.05 0.08 0.04 0.11 0.30 0.46 0.23 0.58 0.02 0.06 0.02 0.04 0.01 0.02 0.02 0.03 0.06 0.09 0.06 0.14 0.12 0.14 0.14 0.15 0.01 0.01 0.01 0.05 0.03 0.04 0.04 0.14 0.10 ... 0.09 0.21 0.29 0.22 0.61 0.08 0.20 0.09 0.16 ... ... 0.07 0.22 0.05 ... 0.05 0.20 0.05 0.07 0.05 0.03 0.03 0.05

0.10 0.06 0.03 0.15 0.01 0.08 0.17 0.03 1.40 0.04 0.09 0.04 0.04 0.07 0.02 0.05 0.16 0.08 0.20 0.15 0.06 0.07 0.10 0.12 0.01 0.11 0.01 0.01 0.13 0.15 0.03 0.06 0.05 0.07 0.03 0.02 0.04 0.06 0.02 0.02 0.12 0.08 0.04 0.01 0.02 0.01 0.03 0.07 0.17 0.02 0.03 0.03 0.02 0.01 0.05 0.03 0.02 6.57 0.07 0.05 0.01 0.10 0.03 0.20 0.02 0.01 0.01 0.05 0.01 0.02 0.21 0.09 0.07 0.05

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