The Northern Miner March 4 2019 Issue 5 by The Northern Miner Group

PDAC MEGA ISSUE: PACKED WITH THE BEST INDUSTRY NEWS AND INSIGHTS Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

THE NORTHERN MINER’S

MINING PERSON OF THE YEAR

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE

VTEM™ | ZTEM™ | Gravity | Magnetics

SolGold’s Nicholas Mather / 4

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MARCH 4–17, 2019 / VOL. 105 ISSUE 5 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Bristow seeks to build the world’s most valuable gold company GOLD |

New Barrick CEO sums up post-merger progress transaction, we were very clear about that — the aim was never to be bigger,” Bristow continued. “It was to combine world-class assets with world-class people in a business capable of sustainable, profitable growth, and industry leadership.” The priority in the initial days and weeks of the business combination was to “have teams and structures fit for purpose,” Bristow explained, and Barrick now has put in place fully functioning, regional executive teams, with North America under Catherine Raw, Latin America under Mark Hill, and Africa under Willem Jacobs. Supporting the executive teams “is a new corporate team with a mix of skills and experience,” Bristow said, and “when you put it all together on a side-by-side analysis, there is

BY TRISH SAYWELL tsaywell@northernminer.com

n a one hour and forty-five minute conference call on Feb. 13, barely seven weeks after the merger of Barrick Gold (TSX: ABX; NYSE: GOLD) and Randgold Resources became effective on Jan. 1, newly installed president and CEO Mark Bristow said he was excited “by the prospect of putting the Barrick brand back where it belongs, and that is at the head of the gold mining industry,” and that the new team had already made “a really strong start towards our goal of becoming the world’s most valued gold company.” “For both John [Thornton] and I, when we were motivating this

BY TRISH SAYWELL tsaywell@northernminer.com

PRESIDENT AND CEO, BARRICK GOLD

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“THE AIM WAS NEVER TO BE BIGGER. IT WAS TO COMBINE WORLDCLASS ASSETS WITH WORLDCLASS PEOPLE.”

not another resource company on this planet that has the depth and breadth of skills that Barrick can boast today.” The corporate office and the satellites have been restructured “to move people and functions, such as the

Barrick launches hostile bid for Newmont

innovation and digital departments, out of the backrooms and into the operations where they belong,” the South African mining executive told analysts and investors on the conference call. “So, you know, those short little hysterical cries about us closing down stuff is unfounded. We really put people back to where they’re supposed to be to ensure that we do lead properly in the mining industry.” Structurally, the new Barrick has also put in mineral resource management teams at each of the mines, and is revising systems “to give management the kind of real-time data access we had at Randgold.” Mining plans are being moved from a cash flow optimization base to a model focused on optimizing the orebody, Bristow declared, and “using input costs to drive the margin and design, rather than high-grading revenue to drive the cash flow. “This strategically-repositioned Barrick that is beginning to take shape is in line with my vision, and what an agile and effective modern mining company should be, and I can assure you it has been hard work and a little bit of stress, but we’re at that point

merger of Newmont Mining (NYSE: NEM) and Barrick Gold (TSX: ABX; NYSE: GOLD) would create over US$7 billion in real synergies, with more than half of them stemming from Nevada, where the two companies have complementary assets, Barrick president and CEO Mark Bristow declared late February, as part of the “industrial logic” behind Barrick’s launch of a hostile takeover bid. “There have been many unsuccessful attempts over the years to forge such a merger and the reason for not doing it escapes me, because this opportunity has strategic and financial rationale, and is obvious and compelling,” See NEWMONT / 2

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Geoscience and Exploration of the Argyle, Bunder, Diavik, and Murowa Diamond Deposits Editors: Andy T. Davy, Chris B. Smith, Herwart Helmstaedt, and A. Lynton Jaques

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2019-02-26 11:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

JOINT VENTURE ARTICLE

Cobalt 27 adds to Battery Metals Portfolio with Highlands Acquisition

A view from June 2018 of the Basamuk processing plant, which is part of the US$2.1 billion Ramu nickel-cobalt mine in Papua New Guinea. Credit: Highlands Pacific Limited Months after acquiring the world’s first pure cobalt stream for US$300 million on Vale’s Voisey’s Bay nickelcopper-cobalt mine in Labrador, Cobalt 27 Capital Corp. (TSXV: KBLT; US-OTC: CBLLF) is adding substantially to its portfolio of battery metal assets. In January 2019, the company struck a de al to acquire Australian explorer, developer and miner Highlands Pacific Limited. Highlands’ key asset is its 8.56% interest in the Ramu nickel-cobalt min e n e ar Madang, on Papua New Guinea’s north coast. Once Cobalt 27 closes the Highlands acquisition, it is expected that the company will repay Highlands’ outstanding Ramu construction and development loans, which will increase Cobalt 27’s JV interest in the Ramu mine to 11.3%. Prior to the acquisition, Cobalt 27 had proposed to acquire a cobalt-nickel stream on Highlands’ por tion of Ramu. The company was set to pay $145 million for over 55% of Highlands’ attributable cobalt production from the Ramu min and 27.5% of Highlands’ at t r ibu t able nic ke l produc t ion. However, in light of the current commodity price environment for cobalt and nickel, on January 1, 2019, the two companies agreed to mutually terminate the stream and announced Cobalt 27’s friendly acquisition of Highlands Pacific. “We believe the acceleration of gl o b a l d e m a n d fo r e l e c t r i c vehicles, driven by strong improvements to battery technology and increased engagement from traditional automotive manufacturers, will drive positive supply and demand fundamentals over the next 10-15 years, and pro-

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vide significant value appreciation through Cobalt 27’s acquisition of cobalt and nickel-focused assets,” says Cobalt 27 Chairman and CEO Anthony Milewski. “It’s an impor tant acquisition because it increases our exposure to nickel, whereas before, Cobalt 27’s a s s e t b a s e w a s f o c u s e d entirely on cobalt.” The acquisition of Highlands Pacific enables Cobalt 27 to acquire significantly more attributable cobalt and nickel production at a lower transaction cost compared to the proposed stream transaction. The acquisition of Highlands will allow Cobalt 27 to gain a direct interest in the Ramu nickel-cobalt mine and materially increase its at tributable exposure to the mine’s nic ke l pro duc t ion f rom 1,000 tonnes to 2,900 tonnes, and cobalt production from 450,000 lb to over 600,000 lb per year, relative to the previously announced R a m u c o b a l t n i c ke l s t re a m. I t does so at nearly half the cost of the previously announced Ramu cobalt nickel stream, provides inc re ase d balance sheet flexibilit y, and enhances value for C o b a l t 27 s h a re h o l d e r s . Af te r Cobalt 27 repays Highland’s JV construction and development loans, the company’s attributable annual production is expected to increase to over 800,000 lb. cobalt and 3,800 tonnes nickel. Cobalt 27 will acquire all the is sue d and outst anding Highlands shares it does not already own for an all-cash of fer price of A$0.105 p e r sh are, or $96 million. Including the shares that Cobalt 27 already owns, the deal values Highlands at A$115 million. Cobalt 27 expects to fund

“IT’S AN IMPORTANT ACQUISITION BECAUSE IT INCREASES OUR EXPOSURE TO NICKEL, WHEREAS BEFORE, COBALT 27’S ASSET BASE WAS FOCUSED ENTIRELY ON COBALT.” ANTHONY MILEWSKI CHAIRMAN AND CEO, COBALT 27 CAPITAL CORP.

the deal with cash on hand and available credit. The Metallurgical Corporation of China Ltd., Ramu’s controlling owner, is considering a US$1.5 billion expansion at Ramu, and Cobalt 27 will have the opportunity to participate in the expansion and increase its attributable production. Shortly after the Highland acquisition was announced, Cobalt 27 bolstered its por t folio once again by acquiring a royalty on the producing Mount Marion lithium mine in Australia. “It really gives that exposure to investors for the adoption of electric vehicles and battery storage,” Milewski says. “ T h e fo c u s o f t h e c o m p a ny remains cobalt and nickel, that’s really where we think you get the most torque on the adoption of the electric vehicle, but in the case of Mount Marion it was interesting because it’s a producing mine, and so you’re not taking ramp-up risk or exploration risk.” Cobalt 27’s new royalty will bring it 1.5% of gross revenues and A$2 per tonne of ore mined under the Reed Industrial Minerals sub-lease agreement Westgold Resources Limited holds on Mount Marion. Cobalt 27 acquired the royalt y

for $240,400 plus 200 tonnes of physical cobalt metal. M o u n t M a r i o n e n t e re d p ro duction in 2017 with the world’s second largest high-grade lithium concentrate-spodumene reserves. Cobalt 27 believes the royalt y could supply it with considerable cash flow over a 17 year term. “What you’ve seen over the past few months with Cobalt 27 is the continuation of our strategy and strengthening of our asset base,” Milewski says. “One thing you’re seeing with us is a very robust royalty portfolio. We’ve been very successful at going out and acquiring royalties on nickel-cobalt projects globally.” In Fe br uar y 2019, t he c ompany closed two more royalties on projects in Australia: a 1.5% gross revenue royalty (GRR) on the Flemington nickel-cobalt project and a 1.7% GRR on the Nyngan sc andium proj ect from Jer vois Mining Limited for US$1.5 million and roughly 422,000 shares. The projects are currently held under option by Australian Mines Limited. According to a 2017 resource estimate, Flemington contains 2.7 million measured and indicated tonnes grading 0.101% cobalt and 403 par ts per million scandium for 2,744 tonnes cobalt and 1,090

tonnes scandium, constrained to only 1% of the project area. According to Australian Mines, the deposit is connected to Clean Te Q H o l d i n g s L td.’s a dj o i n i n g Syerston nickel-cobalt-scandium project, which hosts 101 million measured and indicated tonnes grading 0.65% nickel and 0.1% cobalt for 660,000 tonnes nickel and 106,000 tonnes cobalt. The assets represents another opportunity for Cobalt 27 to build cash flow in a safe and miningfriendly jurisdiction. “ To d ay a b o u t 60% of gl o bal c ob al t pro duc t ion i s ou t of the Democratic Republic of the Congo,” Milewski says. “There are issues there around ethical sourcing and child labour that need to be resolved. “We’ve told our shareholders time and time again that we’re ver y committed to not invest in the Congo.” Shares of Cobalt 27 are currently trading at $4.01 within a 52-week range of $3.27 to $14. The company has a $342 million market capitalization and a US$200 million revolving credit facility that remains undrawn. It holds the world’s largest private stockpile of physic al cobalt at over 2,900 tonnes, has a 32.6% cobalt stream on the Voisey’s Bay mine and manages 11 royalties. It says being cash-flow positive in 2019 is a top priority. — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Cobalt 27 Capital Corp., and compiled in cooperation with The Nor thern Miner. Visit www.cobalt27.com for more information.

2019-02-26 11:19 PM

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MARCH 4–17, 2019 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

E D I T O R IA L SolGold’s Nick Mather our Mining Person of the Year for 2018

O P- E D

HONOURS

| Junior firmly in the driver’s seat as Alpala copper-gold deposit grows to 3B tonnes GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITER: Richard Quarisa, BA, MA (JOUR & COMM) rquarisa@northernminer.com COPY EDITOR: Isa Cunanan, HBSC (PROFESSIONAL WRITING, HEALTH SCI COMM)

icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com 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: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 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 Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 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. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

THE NORTHERN MINER is published biweekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

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icholas Mather, president and CEO of Australian junior SolGold, is The Northern Miner’s Mining Person of the Year for 2018 in recognition of his role as the driving force behind the wildly successful grassroots team that has drilled off the world-class Alpala gold-copper deposit at its Cascabel project in Imbabura province BY JOHN CUMMING jcumming@northernminer.com in northern Ecuador, with potentially many more discoveries to come in the region. The past year was a pivotal one for Torontoand London-listed SolGold. In November 2018, it tabled an updated resource for Alpala that tallied a staggering 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 another 900 million inferred tonnes grading 0.27% copper and 0.13 gram gold, or 0.35% copper equivalent, at the same cut-off. These numbers are based on 133,600 metres of drilling. That translates to a contained metal content of 8.4 million tonnes copper and 19.4 million oz. gold in the indicated category, and another 2.5 million tonnes copper and 3.8 million oz. gold in inferred. SolGold notes that Alpala has returned “some of the greatest drill hole intercepts in porphyry copper-gold exploration history,” as seen in hole 12 (CSD-16-12) returning 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. Originally formed in 2006 and involved in a high-grade gold discovery in the Solomon Islands, SolGold took its present name in 2012 and signed a fateful agreement with TSX Venture Exchange-listed Cornerstone Capital for the Alpala copper-gold project in northern Ecuador. SolGold has since boosted its stake to 85%, and this year launched a hostile offer to buy Cornerstone and consolidate ownership of the project. Along the way, SolGold has attracted some big names as shareholders, including Australian mining giants BHP Group and Newcrest Mining, and yet has retained firm control over the asset — at least for now. Mather is described as a geoscientist and resource entrepreneur with a more than 30-year record of exploration and resource investment in a career that has taken him to projects in Southeast Asia, Central America, Africa and Australasia, and private and listed equity markets in Australia, the U.K., Canada, Hong Kong and the United States. He has been involved in all stages of development and financing of a full suite of commodities, including mineral sands, coal, gas, gold, oil, iron ore and base metals, and other commodity projects. He is said to have been instrumental in capital raisings of over A$500 million and the return of A$5.7 billion to shareholders via takeover. As if his SolGold duties aren’t enough, Mather is also executive chairman of oil and gas firm Armour Energy; executive chairman of base metals junior IronRidge Resources; a non-executive director of AusTin Mining; non-executive chairman of Dark Horse Resources; and CEO of DGR Global. Earlier this decade, he was a non-executive chairman of Orbis Gold; executive chairman of Waratah Coal; the generator and vendor for coal company Northern Energy; and non-executive director of Bow Energy. For a glimpse at Mather’s jaunty personality, the Education portion of his LinkedIn profile notes a Bachelor of Science (Honours Geology) earned from University of Queensland, but as for any further accomplishments in academia, he adds: “Nothing of any great contribution. Rowed and played rugby. Brewed beer. Cooked and bush walked and restored an old car.” Mather has certainly more than made up for any lost time from his school days, and the greatest contribution of his career and enduring legacy may well prove to be his colossal copper-gold discoveries in Ecuador. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 59

Professional Directory. . . . . . . . . . . . . . . 57 Stock Tables. . . . . . . . . . . . . . . . . . . . . 58-63

COMPANY INDEX Alamos Gold. . . . . . . . . . . 30 Alphamin Resources. . . . 42 Anglo American. . . . . . . 21 ArcelorMittal . . . . . . . . . . 40 Avalon Rare Metals. . . . . 45 Azimut Exploration. . . . . 33 Barrick Gold. . . . . . . 1,28,49 BHP Group. . . . . . . . . . . . 21 Black Iron. . . . . . . . . . . . . 39 Casa Minerals. . . . . . . . . . 11 Codelco. . . . . . . . . . . . . . . 21 Columbus Gold. . . . . . . . 50 Continental Gold. . . . . . . 27 Cornerstone Capital Resources. . . . . . . . . . . . 21 Denham Capital. . . . . . . . 42 Desert Lion Energy. . . . . 45 Doubleview Capital. . . . . 33 DSI Underground. . . . . . . 5 Eastmain Resources. . . . . 33 ENAMI EP. . . . . . . . . . . . 21 Finning International. . . . 5 FireFox Gold. . . . . . . . . . . 50 Fireweed Zinc. . . . . . . . . . 45 First Cobalt. . . . . . . . . . . . 45

First Quantum Minerals.21 Fortescue Metals . . . . . . . 21 Galway Metals . . . . . . . . . 33 Glencore . . . . . . . . . . . 39,56 Goldcorp. . . . . . . . . . 2,30,33 GoldSpot Discoveries. . . . 5 Gran Colombia Gold . . . 50 Hancock Prospecting . . . 21 Hard Line . . . . . . . . . . . . . . 5 Harte Gold . . . . . . . . . . . . 16 Hoschild Mining. . . . . . . . 5 Hunan Gold. . . . . . . . . . . . 7 Iamgold. . . . . . . . . . . . . . . 52 Industrial Development. . . . . . . . . 44 INV Metals. . . . . . . . . . . . . 7 Junefield Mineral Resources. . . . . . . . . . . . . 7 Kerr Mines . . . . . . . . . . . . 31 Kinross Gold. . . . . . . . . 7,12 Kirkland Lake Gold. . . . . 38 Luminex Resources. . . . . 21 Lundin Gold. . . . . . . . . 7,21 McEwen Mining . . . . . 5,28 Metallis Resources. . . . . . 33

Nemaska Lithium . . . . . . 39 Nevada Exploration. . . . . 33 New Pacific Metals . . . . . 49 Newcrest Mining. . . . . . . 21 Newmont Mining . . . . 1,30 Nexus Gold. . . . . . . . . . . . 52 Nighthawk Gold. . . . . . . 12 OceanaGold. . . . . . . . . . . 53 Orvana Minerals. . . . . . . 56 Osisko Gold Royalties. . . 12 Pan American Silver. . . . 56 Pangea Exploration. . . . . 42 Power Ore. . . . . . . . . . . . . 45 Probe Metals. . . . . . . . . . . 36 Puma Exploration. . . . . . 48 Pure Gold Mining. . . . . . 34 SGS Canada . . . . . . . . . . . . 5 Silver Range Resources. . 36 Silvercorp Metals. . . . . . . 56 SolGold. . . . . . . . . . . . . . . 21 Sprott Mining. . . . . . . . . . . 5 Sumitomo. . . . . . . . . . . . . 55 Vision Lithium. . . . . . . . . 45 Yamana Gold . . . . . . . . 5,53

Lassonde praises Meikle, takes final bow as CMHF MC ODDS ‘N’ SODS

| Goldstrike discoverer plays fateful role in Franco-Nevada’s prosperity

BY JOHN CUMMING jcumming@northernminer.com

During the Canadian Mining Hall of Fame’s induction ceremony held in Toronto in January, master of ceremonies and Franco-Nevada chairman Pierre Lassonde shared a story of a fateful encounter he once had with Brian Meikle, the late Barrick Gold geologist. Meikle was one of the five inductees of the evening, in part for his role in discovering Barrick’s company-making Goldstrike gold deposit in Nevada, where Franco-Nevada acquired one of its first royalties. Below is a transcript of Lassonde’s remarks, as well as his final goodbye as he relinquished his MC duties after 18 years. Lassonde was inducted into the CMHF in 2013.

said earlier I was going to share a story about Brian Meikle. I wouldn’t be standing here tonight if it wasn’t for Brian. And I’ll tell you why. After the Goldstrike discovery, Franco-Nevada stock had gone from 65¢ to $17. And my partner Seymour Schulich and I, we had decided, well, why don’t we sell Franco-Nevada and do it all over again? And we even created a new company called Euro-Nevada. We were one day from signing the document for hiring the banker for the sale of this thing, when I was invited to go up to the opening of the Barrick Holt-McDermott mine. I showed up there, and, you know, I had my gold helmet and I smelled of the nouveau riche, strutting around like I had made it. I mean, I was still young, and you know what. And I bumped into Brian, and said, “Brian, you know, we’re just going to sell Franco-Nevada and do it all over again.” He looked at me, and he then looked at me right in the eyes and said, “You don’t know what you’re talking about, do you?” I was thinking internally, “What, are you kidding me? I’m going to put millions in my jeans, and I don’t know what I’m talking about?”

He said, “No. This is not the discovery of a lifetime. This is the discovery of three lifetimes.” Then he just turned around and left me right there. For the rest of the day, I could not take that out of my mind. That evening, I could not sleep. The next morning, I showed up at the office and I told Seymour the story, and said, “You know what Seymour? He’s 100% right. We will never have the chance to build a company with an asset like this ever again in our lifetime.” That day we fired the banker and made the decision to build Franco-Nevada. Thank you, Brian, for your golden words of wisdom. Closing remarks The formal part of the evening is over, but before you run anywhere, I do have to tell you something a little bit personal. Tonight is my last appearance here as your master of ceremonies, as I have decided to join the “time’s up” movement. If you can’t beat ’em, join them. It’s been a privilege and an honour to be your master of ceremonies for the past 18 years, as we’ve inducted over 100 men and women — legends — to the Canadian Mining Hall of Fame. I want to thank you all for year after year coming here, showing up, and showing your support for this great event. I always knew I could count on you to be forgiving, supportive, and above all, just plain fun. In the true tradition of the oneyear-old time’s up movement, I will leave you in the hands of a much younger, brighter and genderneutral master of ceremonies in the person of Anthony Vaccaro, publisher of The Northern Miner Group. [Editor’s note: Franco Nevada’s original US$2-million investment in the Goldstrike royalty has so far gone on to generate more than $1 billion in cash flow, and FrancoNevada today has an $18-billion market capitalization.]

2019-02-26 11:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

SUPPLIERS SNAPSHOT

Five firms supporting industry with critical solutions The mineral development industry continues to rely on and support a varied network of suppliers. From early-stage exploration to decommissioning, suppliers are there every step of the way, providing the goods and services that keep the industry humming.

machines. Its equipment is not brand or machine specific, which provides operating transparency and no programming restrictions. SGS CANADA Last year saw SGS Canada expand its mining service offerings across Canada.

DSI UNDERGROUND Luxembourg-based DSI Underground has bought Fero Group, an Australian galvanizing services and mesh-making firm.

The Canadian arm of the Switzerland-based inspection, verification, testing and certification firm opened a mini flotation pilot plant at its Lakefield, Ont. site. The facility promises to help miners save money by running much smaller flotation tests at 10 to 15 kilograms per hour, and requiring samples as small as 250 kilograms, compared to the two tonnes required for largescale pilot plants, the company says.

DSI’s Australian operations manufacture and supply strata reinforcement and ground support products for the underground mining, infrastructure and construction sectors. Following the acquisition, the Fero Strata Systems business division will be consolidated under the DSI Underground brand. DSI Underground says it offers customers the largest product range of dynamic anchor systems, injection resins, pumpable injection chemicals and forepoling systems to mining and tunnelling customers. DSI Underground has more than 1,400 employees worldwide, with operations in Europe, Africa, Asia and the Americas. In 2011, the company was bought by Jerseyheadquartered private equity firm Triton. FINNING INTERNATIONAL The world’s largest Caterpillar dealer, Finning International (TSX: FTT) has completed its $260-million purchase of mobile refuelling firm 4Refuel. In 2018, 4Refuel made $110 million and earnings before interest, tax, depreciation and amortization of $33.5 million, with more than 95% of its profits coming from Canadian operations. The company specializes in refuelling equipment directly on-site, usually during off hours and when equipment is idle, which boosts customers’ productivity by keeping equipment available. It employs 600 people and serves more than 3,400 customers.

Part of 4Refuel’s fleet of mobile refuelling trucks, which is now owned by Finning International. 4REFUEL companies as clients and partners, including: Yamana Gold (TSX: YRI; NYSE: AUY), Hoschild Mining, McEwen Mining (TSX: MUX; NYSE: MUX) and Sprott Mining.

specialist, has engaged with Murray Engineering to provide support for Hard Line products in Australasia, Africa and the Middle East.

GoldSpot’s team of 23 experts from earth and data sciences plan to help mineral companies translate data points into the best exploration targets.

With 130 employees, Dowling, Ontario-headquartered Hard Line has established itself in the Americas, and seeks expansion.

The service model starts with inputting underlying data and using algorithms to cleanse, transform and interpret that data. The data is then used to train machines to predict mineral targets. GoldSpot is also relying on artificial intelligence to find new clients through its resource quantamental (RQ) opportunity generator. The company plans to use service agreements to generate revenue and finance research and development and business growth. It will also use RQ to pinpoint opportunities to help partners technically and financially, in exchange for royalties and equity.

In a bid to extend its global reach, Hard Line, a Canadian heavy machine control and automation

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Toronto-based GoldSpot Discoveries (TSXV: SPOT) plans to use machine learning “as an extension of geological brainpower” and extract value from both exploration and investment data.

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Finning foresees great synergies with its new acquisition to both offer Finning equipment to 4Refuel’s customers — half of which are in western Canada — and grow the mobile refuelling business through Finning’s customer network.

A new industry player promising to harness the power of artificial intelligence in the mineral space has started trading on the TSX Venture Exchange.

Murray is part of the large Byrnecut mining services group

and is well established in its home country of Australia, where Hard Line had lacked presence and support. Murray recently established a base in Mongolia and has provided services in Africa and Europe.

SGS has also opened two new sample preparation facilities, aimed at servicing regional demand. The new labs are in Val-d’Or, Que. and Whitehorse, Yukon. Both of the new facilities offer drying, grinding, crushing, pulverizing and soilscreening capabilities. The labs will accept the following sample types: core sample, RC chips, rock sample, trench samples and soil samples.

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2019-02-26 11:19 PM

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MARCH 4–17, 2019 / THE NORTHERN MINER

Memories of Rudy in Indonesia ODDS ‘N’ SODS

| Mysterious figure turns up in Ertsberg exploration camp in New Guinea

BY WILLIAM A. FUCHS

Special to The Northern Miner

he year was 1975, and I was involved with initial exploration of the Ertsberg East skarn system (GBT, IOZ and DOZ copper deposits) for Freeport Exploration on the island of New Guinea. This was a helicopter-supported drill project, 2 km away from the yetto-be-discovered Grasberg coppergold deposit. I had a crew of about 20 locals, mostly building camps, drill sites and trails at elevations of around 4,000 metres. These construction efforts were on top of our geological duties. After I had been on the project for a year, and had finally mastered enough Indonesian to get by quite well, my boss Frank Nelson came to me one day and said: “We are getting a new man. I don’t know anything about him, but we have to find something for him to do.” So, Rudy showed up — a young, upper-class, English-speaking Indonesian, about 20 years old, as I recall. Frank and I sized him up as completely useless to the project, nothing but a burden. Worse than that, when we put him to work with the locals, I worried about his well-being, since they absolutely hated all Indonesians (not considering themselves to be

Indonesians, even though technically they were), and these were guys who often brought their bows and arrows to work. Rudy was not much with a pick and shovel — or a machete — and the rejection of Rudy was nearly instantaneous. He wasn’t going to last a month. However, Rudy was not your average young Indonesian. Eventually, I began to see potential in him, and I asked him what his story was. Rudy said his father was a fairly high-level Indonesian Army commander who had fought a civil war in Borneo that had lasted 10 years. Rudy had a good, moderately upperclass upbringing in Jakarta. At this time there was a political clash with people of Japanese descent in the city. One day a friend invited Rudy, who was not of Japanese-descent, to a secret political meeting. Out of pure curiosity Rudy went. The police raided the meeting and Rudy was arrested and sent to prison. Eventually, Rudy’s father secured his release on the conditions that Rudy be exiled to western New Guinea — “Irian Jaya,” it was called at that time — and that he be employed as a labourer, so we got Rudy. With time, we found that Rudy had talents. He was bright and en-

Loading core onto a helicopter at the Ertsberg East skarn system in Irian Jaya in 1975. PHOTO BY WILLIAM A. FUCHS

thusiastic. He did not mind the cold, almost perpetual rain and fog at our elevation, and he could put in a full day’s work. Rudy’s real genius was social,

The SEG Canada Foundation thanks its corporate sponsors. Supporting students and their research in Economic Geology. Patron Sponsors

however. At first the locals didn’t know what to make of him. He would joke and play with them like a kid. They tried to terrorize him with giant earthworms they would find during digging and would throw them on him, but somehow the fact that Rudy was afraid of earthworms sort of endeared him to them, as did all of his other perceived flaws and quirks. In the end, Frank and I had the same opinion of Rudy that I think the locals had: you just couldn’t fit Rudy into any category, but above all else, he was just too damn likeable. Rudy was not only accepted by all, but by the time I left in 1976, we had made him our de facto crew foreman — the only Indonesian

RUDY WAS NOT MUCH WITH A PICK AND SHOVEL — OR A MACHETE — AND THE REJECTION OF RUDY WAS NEARLY INSTANTANEOUS. our locals would take orders from. Rudy got some of that from his dad, no doubt. — William A. Fuchs is a retired geologist living in Reno, Nevada.

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Irian Jaya locals. PHOTOS BY WILLIAM A. FUCHS

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2019-02-26 11:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

Ecuador mineral development hits a few snags SOUTH AMERICA BY TOM AZZOPARDI

Special to The Northern Miner SANTIAGO, CHILE

rom barely featuring on the global mining map at the start of this century, Ecuador has moved rapidly to become one of the most dynamic jurisdictions in South America, with two mines due to enter production later this year. The sector’s flagship venture is Lundin Gold’s (TSX: LUG; USOTC: FTMNF) US$692-million Fruta del Norte high-grade gold mine development, whose history mirrors the development of the sector as a whole. After Kinross Gold (TSX: K; NYSE: KGC) dropped the project in the face of impossible tax demands from the government, Lundin snapped it up for US$240 million (or less than a quarter what Kinross had paid eight years earlier). But as oil prices fell and Ecuadorian President Rafael Correa spotted a potential source of foreign investors, the new owners soon reached a deal on much more favourable terms. With declines reaching the orebody in January, the underground project is now on track to pour its first gold by year-end. FDN could produce 325,000 oz. gold annually at an all-in sustaining cost of US$583 per oz. gold. Meanwhile, EcuaGold Mining, a joint venture between China’s June-

| President Moreno’s ‘softer touch’ policies replace Correa’s hard edge

ECUADOR HAS MOVED RAPIDLY TO BECOME ONE OF THE MOST DYNAMIC JURISDICTIONS IN SOUTH AMERICA.

Ecuador’s President Lenín Moreno.

The process plant under construction, as seen on Jan. 31, 2019, at Lundin Gold’s Fruta del Norte gold project in Ecuador. LUNDIN GOLD

field Mineral Resources and Hunan Gold, is developing the $78-million Rio Blanco gold-silver mine. More projects are in development, including the Loma Larga gold deposit, where INV Metals (TSX: INV: US-OTC: ILNLF) recently finished a positive feasibility study, and Chinese-owned Ecuacorriente’s $1.4-billion Mirador copper project.

Speaking in February, Ecuador’s Vice-Minister for Mining Fernando Benalcazar predicted that investment in mining will top $3.8 billion in Ecuador between 2018 and 2021, by which time it will account for 4% of the country’s gross domestic product and help reduce the South American country’s dependence on oil exports. However, Ecuador’s

move into mining’s big time is not going smoothly. Last June, a provincial court in southern Ecuador suspended all activity at EcuaGold’s Rio Blanco project after indigenous communities claimed that they had not been properly consulted on the project — a requirement under Ecuador’s international treaty commitments.

Then a municipality in the north of the country sued the government, although so far unsuccessfully, for handing out mining licences in protected forests. Most worryingly for miners, industry opponents have added local referendums for mining on ballot See ECUADOR / 21

JOINT VENTURE ARTICLE

Talmora Hunts for Big Diamonds in NWT In January 2018 Talmora Diamond Inc. (CSE: TAI) President and CEO Raymond Davies went to a diamond conference at Padua University in Italy, which is a must-attend event for global diamond seekers. During a presentation based on a recent academic paper on the origins of the world’s largest diamonds — 500 carats or larger, such as the Cullinan and Millennium Star — Davies learned that the minute inclusions in these massive gems could have only come from deep inside the Earth’s mantle, perhaps as deep as 600 km below surface. Davies says most diamonds form at around 150-200 km below surface and rise to the surface via kimberlite pipes but the tiny inclusions in these massive stones contain minerals that, according to the academic paper, suggest far deeper origins. “We have manganese-ilmenite on our Horton property in the Northwest Territories that have compositions that match those found as inclusions in diamonds that formed at similar depths,” Davies says. “We have found it on the surrounding properties, and we can actually relate it to a source on our property. The alteration product of this particular mineral also forms a train originating on our property and then out to a neighbouring property where several macro diamonds have been found in field samples.” Known more broadly as the Lena West district, sampling by various companies in the region has turned up 18 diamonds and numerous kimberlite indicator minerals (KIMs) but their source has yet to be found. In 2008, Diamondex Resources Ltd. determined that most of the

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The Horton River Canyon in the Northwest Territories that channelled ice on flank of Melville Hills. Credit: Talmora Diamond Inc. KIMs on its proper ty originated from the base of the Cretaceous basin and the source probably lies to the east, where Horton River is located. “Diamondex stopped working when they determined that the KIMs and the diamonds were not coming from their property,” Davies explains. “It’s their work that has made us dig our heels in. They proved that all the indicator minerals that they had been following had been coming from where we are.” This and the theory that massive diamonds could exist in the Northwest Territories has renewed Davies’ passion for diamond exploration, yet Talmora lacked the capital to begin drilling. To that end, Davies sought a partner. In July 2018, Talmora Diamond signed an option agreement with Olivut Resources (TSXV: OLV; US-OTC: OLVRF). Olivut paid Talmora $200,000 in cash up front and must spend another $1.2 million on exploration

to earn a 50% stake in Talmora’s Seahorse project claims, north of Great Bear Lake. Talmora retains all its other claims in the Horton River area. “We want Olivut to test those targets and we’re fairly confident that we’re going to hit kimberlites. And that should put our stock price up a little and allow us to raise funds at a more reasonable stock price,” Davies says. Both companies are most interested in the recently identified Seahorse property, for which claims were secured in early February 2019. The plan for Seahorse is to test a number of ma gnetic targets, including a significant anomaly below Seahorse Lake. The new permits cover an extension of one of the important Seahorse targets, Davies says. Davies says Seahorse Lake and an adjoining target have a broad train of anomalous pathfinder elements and KIMs down-ice. Perhaps

more importantly, the KIMs train includes manganese-ilmenites. Olivut started a helicopter magnetic survey late last year but severe winter conditions put an early end to those efforts. The junior has had success elsewhere. So far it has found 29 kimberlites on its HOAM project, south of Great Bear Lake. However, previous survey work by Talmora yielded 40 high-resolution targets that have kimberlite-bearing characteristics. Some of the targets will be drilled by Olivut in the coming months. Davies says that millions of years ago Talmora’s Horton River property was subjected to tropical weathering, and unlike most of Canada, the weathering was not removed by glaciation. He notes that this type of weathering usually destroys pyrope garnets and chrome diopsides — the standard KIMs used in Canadian diamond exploration. As a result Talmora has had to depend on the oxides, ilmenite and

chromite (oxide KIMs are resistant to weathering), in the search for diamondiferous kimberlites. Talmora has identified manganese-ilmenites in the Hor ton River area and many of these have diamond inclusion compositions similar to those found in diamonds in the Juina region of Brazil. The Juina manganese-ilmenites formed deep in the mantle. Davies says, at first, he never intended to become the CEO of a junior diamond explorer. In 2003, he was working as a consulting geologist for another diamond junior when he secured, at the behest of his employer, a prospective diamond property in the Northwest Territories. But when it came time to settle up the money owed, the partner did not make its payments, so the property forfeited to Davies. As luck would have it, Davies had a shell company that he had acquired on behalf of some South African investors, who had since backed out on a plan to use it. He put the two together and now runs the whole lot. “The money that’s been put into the company has essentially been put in by geologists and geophysicists — people we know and who know us,” Davies says. At presstime, Talmora was trading at $0.03 with about 68 million shares outstanding. — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Talmora Diamond Inc., and compiled in cooperation with The Northern Miner. Visit www.talmoradiamond.com for more information.

2019-02-26 11:19 PM

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MARCH 4–17, 2019 / THE NORTHERN MINER

JOINT VENTURE ARTICLE

A panoramic view of the Scott Lake project in Quebec. Credit: Yorbeau Resources Inc.

Yorbeau Refocuses on Consolidation and Positive Partnerships in Quebec In December 2018, Yorbeau Resources Inc. (TSX: YRB; US-OTC: YRBAF) optioned its Rouyn gold property in Quebec to IAMGOLD Corporation (TSX: IMG; NYSE: IAG) and a month later, the two companies began drilling the property. The Rouyn property is located roughly 4 km south of RouynNor an d a an d c ove r s a 12 k m stretch of the gold-rich CadillacLarder Lake Break. The companies now have two drill rigs turning at the property and intend to drill at least 15,000 metres to delineate a resource, first at the Lac Gamble zone and then at the Astoria deposit. Per the agreement, IAMGOLD paid Yorbeau an initial $1 million. To earn an option to buy a 100% interest, IAMGOLD must make additional cash payments totaling $3 million to Yorbeau and spend $9 million on exploration at Rouyn over four years. It must diamond drill at least 20,000 metres within the first two years. If IAMGOLD then decide s to exercise its option to buy 100%, it must pay C$15 per ounce of gold in the resource estimate, capped at C$30 million.

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Drill core from the Scott Lake project grading 0.1% copper, 34.9% zinc, 14 grams silver per tonne over 6.8 metres. Credit: Yorbeau Resources Inc. “We are a small junior exploration company that had a lot of proper ties,” Yorbeau CEO Amit Gupta explains. “We can’t practically explore all these properties. It’s just not physically or economically possible for a junior exploration company in today’s economic climate in Canada. “So what we’ve done is we’ve refocused by doing some consolidation and pursuing partnership deals in a more aggressive manner, and honestly in a progressive manner that’s accretive to shareholders.” He offers the company’s recent IAMGOLD deal as an example. “Basically the deal came about

because of iterative processes with other companies,” Gupta explains. Previously, the company had two other option agreements for Rouyn that were bought out; one with Gold Fields and one with Kinross Gold. Gold Fields changed its global approach to exploration while Kinross discovered another project, and the companies’ goals no longer aligned. In that regard, Yorbeau sees IAMGOLD as a better partner for the project. “It’s the right fit for us because they’ve got a mill close by,” Gupta explains. “They’re aggressively drilling, but they need to look for a property that will help feed that

Drill core from a 13.4 metre interval from Scott Lake which grades 3.7% copper, 4.5% zinc, 0.6 gram gold per tonne, 132 grams silver per tonne. Credit: Yorbeau Resources Inc. mill, so it’s a nice partnership.” When IAMGOLD first sent its geologist to analy ze Yorbeau’s data, the two parties had “no real difference” in their understanding of the property. From there, inking the deal was a smooth process. “Everybody’s moving toward the same idea,” Gupta says. “This is the number of ounces, this is what we think, let’s go for this part first and continue on.” The company is helping IAM-

GOLD manage exploration and drilling at Rouyn. Although IAMGOLD has taken over the project as operator, it is using Yorbeau’s staff and has partnered with Yorbeau’s exploration team, led by company president and veteran gold explorer Gerald Riverin. “Gerald and his team are still very much involved with IAMGOLD’s team, and it’s a very collaborative process,” Gupta says. “They were very intelligent in understanding that we had legacy knowledge, and said, ‘Listen while we’re developing this deal we’re going to leverage your legacy knowledge to the best that we can.’ “We’re not miners. What we are is we’re good at exploration.” Yorbeau has created a strategic advisory board to advise the company’s directors and management team. The strategic advisory board’s first member is Mackenzie Watson, who previously served as Lynx Exploration’s CEO and then as Freewest Resources Canada’s CEO from 1985 until Cliffs Natural Resources acquired it in 2010. He is a two-time recipient of Canada’s Prospector of the Year award, and Canadian Mining Hall of Fame inductee. “When it comes to doing, especially VMS exploration, I think our team is probably second to none in the world,” Gupta says. “And frankly we’re going to spend our energy on effective exploration and then take those results and go to people who can actually partner into feasibility and all those more expensive steps towards creating a mine that will be in production.” The company is now shif ting its focus to its Scott Lake West volcanogenic massive sulphide property in the Chibougamau belt, on the other side of the Gwillim Lake fault from its Scott Lake East proper ty. Formerly called Scot t Lake, Yorbeau has already extensively explored Scott Lake East. The company is drilling Scott West now, trying to find a way to better exploit the underlying Chibougamau belt

2019-02-26 11:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

JOINT VENTURE ARTICLE

Yorbeau Resources Inc.’s Scott deposit is in Quebec’s Chibougamau belt. Credit: Yorbeau Resources Inc.

“WHEN IT COMES TO DOING ... VMS EXPLORATION, I THINK OUR TEAM IS PROBABLY SECOND TO NONE IN THE WORLD.” AMIT GUPTA CEO, YORBEAU RESOURCES

structure. The company’s vision is to create a mine with enough production that the Chibougamau belt will warrant a mill. Yorbeau believes the structure from Scot t East continues onto Scott West, but says the Gwillim fault may have shifted it. The company plans to drill 5,000 metres at Scott West, first in shallow holes to investigate the displacement of the Gwillim fault, but then in deeper holes and wedge cuts to explore the Scott horizon down plunge from the known resource. It theorizes that Scott West may host a sourc e to some of the mineralization found at Scott Lake. According to a 2017 Scott Lake resource estimate, the project contains 3.5 million indicated tonnes grading 0.95% copper, 4.17% zinc, 0.2 gram gold per tonne and 37 grams silver per tonne as well as 14.2 million inferred tonnes at 0.78% copper, 3.19% zinc, 0.2 gram gold and 22 grams silver. A preliminary economic assessment the company completed at Scott Lake the same year assigned the project a $146 million pre-tax net present value at an 8% discount rate and a 16.5% pre-tax internal rate of return. The project would generate more than $519 million in net cash flow. The company is also looking to the eastern extreme of the Chibougamau belt to explore its 16.7 sq. km KB zinc-copper property, 35 km east of the town of Chibougamau. It’s currently doing geophysical work at KB, and intends to drill the property later in the year. “Chibougamau is a mining town,” Gupta says. “To focus on the structure is a great thing for us because it’s something good for the town. We have the Cree that have their village nearby, and we can focus on jobs in a collaborative way, rather

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than just try to do something on a typical NSR or payment basis. “It’s a really nice story for the region, both from a mining perspective and from a regional perspective.” The company has other projects on its radar, in par ticular its Beschefer property, although says it will likely shift focus there in 2020. The property is located in nor thwestern Quebec, about 10 km southeast of BHP Billiton’s decommissioned Selbaie zinccopper mine. It sits just east of SOQUEM’s B-26 copper-zinc-gold deposit. “After SOQUEM has finished doing their work in the Beschefer area, then we’ll know where we stand

with that property,” Gupta says. Shares of Yorbeau are trading at 3¢ with a 52-week range of 1¢ to 5¢. The company has a $10 million market capitalization. “Myself and my family, we have about 11% of the company,” Gupta says, “so we’re quite passionate about making sure that Yorbeau as a junior exploration company is successful for shareholders, ourselves and our employees.” — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Yorbeau Resources Inc., and compiled in cooperation with The Northern Miner. Visit www. yorbeauresources.com for more information.

Looking northwest at a worker on the Scott Lake property. Credit: Yorbeau Resources Inc

2019-02-26 11:19 PM

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MARCH 4–17, 2019 / THE NORTHERN MINER

Barrick launches hostile takeover NEWMONT From 2

An aerial view of Barrick Gold’s Goldrush gold project in Nevada. BARRICK GOLD

Bristow seeks to build BRISTOW From 1

now where we are — certainly I can speak for myself — starting to have a lot more fun, and I have got no doubt that you’ll see the benefits of a really motivated and energized management team going forward.” One aspect of the work is mineral resource management and moving towards planning based on life-ofmine and geological models, with a drive towards reconciliation on a weekly basis, and eventually, as Randgold did in Africa, on a daily basis. “With the drive for cash flow, the geological side of the legacy Barrick was not where I wanted it to be,” he says. On the cost-cutting front, Barrick has trimmed more than $150 million from the corporate cost base, largely driven by a lower head count and other costs outside the operations. The numerous support offices in Chile, Peru, Argentina and the Dominican Republic, for instance, have been downsized to reflect the leaner operating model, Bristow said. The company is still working on a detailed five-year plan, he added, and will present this to the market in due course, once it has a clearer view on asset optimization, which will require a full replanning process for the group. Reviewing the Barrick legacy assets, Bristow began with Nevada, which is now being operated as a single complex with dedicated managers in place for each mine — Goldstrike, Cortez and Turquoise Ridge — as well as at the GoldrushFourmile project. “If you look at the Barrick reserves

in Nevada, the average grade is about 3.5 grams per tonne, which is significantly higher than anyone else, but, more importantly, the resources are 5.4 or 5.5 grams per tonne. So when you look at it, the resources are very profitable ... so as we convert that, the reserve base is going to grow both in ounces and in quality, and that’s the whole game in gold mining — start with world-class assets, you deliver a world-class business.” Cortez is transitioning from largely an open pit to predominantly underground and from processing mainly oxide ore to a mixture of oxide and more refractory material. Lower throughput of oxides will lower gold production for the year as the Cortez pit comes to an end in the second quarter, and the dumps will be processed out to the end of the year. While Cortez is driving cost increases in 2019, all of Barrick’s other assets in the Nevada complex are delivering increases in production and a drop in costs, Bristow noted, although “not enough to mask the change forecast for the Cortez open pit.” That will change, he says, as Barrick “develops the Crossroads pit with a steady increase in grade that eventually peaks out in 2025. Within the Cortez district, the Goldrush and nearby Fourmile discovery have become one project. “They are still two different parts of the project at this stage ... but every indication is that it’s going to be a continuous orebody,” he says. “We’ve got a gap between the two, Goldrush and Fourmile, of about 500 metres left, but we’ve drilled See BRISTOW / 26

We represent

gives us the world’s largest gold reserve and resource base, and the highest reserves per share in the gold sector.” As for synergies, he pointed out, the deal would generate US$100 million in annual pre-tax synergies through general and administrative (G&A) savings, and a streamlined supply chain, as well as achieve another US$165 million in annual improvements at Goldcorp’s operations. “Taken together — US$265 million — these efforts hold the potential to deliver more than US$2.5 billion in total value creation.” Goldberg also highlighted Newmont’s successes in transforming its business over the last six years. These include generating US$2.8 billion by monetizing non-core assets, fine-tuning its operations and “realizing more than US$2 billion in cost and efficiency improvements.” The company has continued to invest in exploration across the cycle, he said, while only advancing projects that meet its minimum hurdle rate of 15% at a US$1,200 per oz. gold price. In addition, since 2013, Newmont has cut net debt 83% to less than US$900 million, and in 2018 returned US$400 million to shareholders. The Newmont-Goldcorp transaction was to have closed next quarter after a special shareholder meeting in April and the receipt of regulatory approvals, Goldberg said. A merger between Barrick and Newmont would close in the third quarter, Bristow said, assuming Newmont ends the stock-for-stock transaction it agreed to with Goldcorp in January valued at $10 billion. If it did so, Newmont would have to pay a break-fee of US$650 million — 3.5% of its equity value. Bristow pointed out that the US$7 billion in (pre-tax) net present value synergies shared with all shareholders at its multiple means that Barrick is, “in fact, offering Newmont more than US$41 a share in value — so the synergies are clearly the premium.” (Shares of Newmont closed at US$34.68 per share on Friday, Feb. 23 — the last trading day before the takeover bid was announced on Feb. 25.) In addition, Barrick-Newmont would have a portfolio of eight tier-one assets and would “create another one or two,” Bristow said. The merger would offer sharehold-

ers “significant re-rating potential due to its superior asset base,” the “highest levels of free cash flow,” and a “management team with a long record of delivery.” Synergies would also come from running the corporation “as a modern mining business should be run — by flattening the corporate structures, focusing our exploration efforts on the most prospective target areas and integrating our supply chains.” But Nevada “is the crux of our proposal,” Bristow said, because that’s where most synergies would come from. “Barrick has the bulk of the highgrade reserves and Newmont owns key processing plants,” he said. Rationalizing these would “reduce operating costs, increase free cash flow and reduce cut-off grades, which would increase reserves and resources, extending not only the lives of the mines, but also their profitability.” While the two companies have similar levels of reserves and resources in Nevada, he said, the grade of Barrick reserves is nearly three times higher than Newmont’s, and the grade of Barrick’s resources is even higher. “Newmont’s reserve grade is only around 1.6 grams a tonne and their resources are even less than that, and so the pro forma company would not only deliver increased production at a higher grade, but also make more efficient use of all of the processing facilities in Nevada.” “Newmont has not spent any capital of substance in Nevada for a very long time,” he continued, “whereas Barrick is fully committed to unlocking the value that its geologists have delivered in Nevada,” and “now we have a real management team that understands the opportunity.” He added that “the combination will enable us to consider the whole of Nevada as effectively one orebody, which will result in better mine planning and ensure that the state’s enormous geological potential can be realized for all stakeholders. Incidentally, I’ve shared all of this with Newmont already, but to no avail.” Areas Barrick would optimize in the gold-mining state would include moving ore to the process plants or the plants that provide the best recoveries for each ore type. There would also be savings in procure-

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AGM_Northern MinerPDAC.8x5_2.19.final.indd 1

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ment and logistics. Other means of cost-savings would involve G&A; eliminating regional businesses and duplicated supply chains, and also shared mining fleets; the balance between owner-miner and contract-miners; the replacement and rotation and optimization of the fleets, as some of the pits come to an end and new ones are started; and maintenance and planning. “The synergies between Goldstrike and Carlin are very real,” he said. “There’s ore transported right across Nevada, when the Goldstrike roaster is sitting a few miles away from the Carlin complex. And of course, you know, the Turquoise Ridge-Twin Creek joint-venture, where Newmont has 25% of Turquoise Ridge but is basically throttling the Turquoise Ridge value because of its high tolltreating contract, which it forced, actually, last year, in the revised TMA, and that has effectively added two grams to the cut-off grade of Turquoise Ridge. “And I’ve had these conversations, by the way, with Newmont, and it makes no sense to me because we’re leaving high-grade ore underground, because we have to try and deliver a profitable business to our joint-venture partners — being Barrick and Newmont — and so putting those two assets together makes eminent sense and unlocks a larger net present value that benefits both shareholders.” During a question-and-answer session, Bristow noted that what is “intriguing about this proposal is that it’s actually quite simple — it’s not a complex proposal.” He also argued that “in fact, Newmont’s “real growth is in Africa,” where it already owns two gold mines in Ghana (Akyem and Ahafo). “One thing that no one can argue about is we’ve got the real experience in Africa — we know how to operate in Africa and we can assimilate that part of the portfolio in a heartbeat.” Bristow added that he and his team had a history of looking at opportunities in Ghana, “and so right out of the blocks, this delivers real value for both sets of shareholders, and this is not a win or lose opportunity.” Referring to Randgold’s track record on corporate social responsibility, he also said it would help a Barrick-Newmont combination in regions such as Peru. “Our ability to manage social licence is a critical component and is required to deal with a very large liability embedded in Newmont, in the form of Newmont’s Peruvian operations,” he said. “As you know, there’s a long history there around social licence, and apart from tangible deliverables, which are important to us, there are many other opportunities to create value in this bigger portfolio.” When asked why Barrick didn’t offer Newmont shareholders a premium, Bristow said: “I’ve never seen a premium as high as this ever offered in the industry — if you take the US$7 billion in synergies we’re offering, that’s a premium in itself.” Bristow also reiterated that conversations with Newmont “going into the finals of the Barrick-Randgold deal” went nowhere. “Barrick had a number of conversations with Newmont on various options — whether it was a full combination, or a unification of Nevada, or anything in between,” Bristow said. “The position of Newmont at the time was that they wanted to have management control and 50%, and very clearly, as you know, Newmont has a lot lower asset quality in Nevada than Barrick’s portfolio, and so it didn’t make sense.” The last time the two companies discussed a merger in public was in early 2014. TNM

2019-02-01 5:26 PM

2019-02-26 11:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

Casa poised to progress Keaper and Pitman polymetallic projects BRITISH COLUMBIA BY RICHARD QUARISA

rquarisa@northernminer.com

asa Minerals (TSXV: CASA) has optioned its Keaper polymetallic project — 15 km northeast of Terrace, B.C., less than 5 km from the company’s flagship Pitman polymetallic project — to a private company that has the right to earn a 60% interest in the property over four years. To earn its interest, the optionee would spend $4 million on exploration, pay Casa $550,000 and issue Casa 2.5 million shares in yearly stages. Casa would retain a 1.5% net smelter return royalty that the optionee could buy back for $500,000. Casa president and CEO Farshad Shirvani says the deal allows Casa to drill Keaper without further diluting the company. Keaper has never been drilled before. The B.C. government granted Casa a drill permit for Keaper in late 2018, and the company plans to drill the property soon, after flying a geophysical survey in the coming months. It looks to spend half a million dollars on exploration at Keaper this year, drilling 10 holes between 200 metres and 300 metres below surface. It says the property’s optionee will fund exploration. “I’m talking to drillers right now so we could possibly drill it in April or May,” Shirvani says in an interview with The Northern Miner. “It’s contingent on the airborne survey, and then we can finalize the targets.” Provincial survey geologists found the Keaper prospect in 2008. Casa picked up claims on part of the project that same year. It recently added two more claims, raising its Keaper land holding to 32 square kilometres. “It started with one sample that graded 1,200 grams silver, plus copper and zinc,” Shirvani says. “We systematically followed that vein, but as we moved away from it, we saw we not only have a vein system, but a potential porphyry system. Right now we have an area that is very prospective for porphyry deposits.” During its 2018 field program at Keaper, Casa extended the property’s Nelson prospect and discovered its Lucky Crew prospect with rock sampling. Both areas sit in a 3.2 km northwest- to southeast-striking zone. Rock-chip samples from the program graded as high as: 1,152 grams silver per tonne, 13.9% zinc and 1.19% copper; and 2,232 grams silver, 10.94% zinc and 1.12% copper. Logging on the property has opened it up to road access.

| Junior explorer will drill Keaper for the first time this year “THE FIRST PLAN OF ACTION IS TO PUT 10 HOLES INTO DRAGON TALE AND 10 HOLES INTO GOLDEN DRAGON.” FARSHAD SHIRVANI PRESIDENT AND CEO, CASA MINERALS

Shirvani says the company can drive right up to all of its drill targets, and the area is less mountainous than other parts of Terrace. Casa also took more rock samples on its Pitman property in 2018. Since 2008, the company has collected more than 1,000 geochemical samples and 269 rock samples at Pitman. “We discovered two areas at Pitman in 2018,” Shirvani says. “One is a polymetallic Eskay Creek-type of geology called Dragon Tale. And then on Golden Dragon we’ve got high-grade gold veins parallel to each other.” In August 2018, the company found the project’s Golden Dragon veining network while sampling near the historic Paddy Mac and Gold Dome gold prospects. A rockchip sample from a two-foot-wide vein graded 574.42 grams gold, 109 grams silver, 0.1% copper, 1.56% lead and 0.23% zinc. Another sample from a three-foot-wide vein graded 286.6 grams gold, 127 grams silver, 0.2% copper and 2.95% lead. Later work on the property identified a second zone at Pitman, 1 km south of Golden Dragon. Samples from the company’s new Dragon Tale zone graded as high as 231 grams silver and 6.15% zinc. The company sampled the mineralization in outcrops in a 1.4 km by 700-metre zone. Casa is awaiting results from an airborne geophysical survey it f lew over Pitman in 2018. Once those are in hand, it intends to start drilling the property. “The first plan of action is to put 10 holes into Dragon Tale and 10 holes into Golden Dragon,” Shirvani says. “At Dragon Tale we can drive right to the spot where we want to drill. For Golden Dragon, we have to use a helicopter. “Once we get the results I’m hoping we can continue with it at the end of the year.” Shares of Casa Minerals are trading at 16¢ with a 52-week range of 12¢ to 24¢. The company has a $4-million market capitalization. It has $750,000 in cash and a $100,000 drill credit. TNM

Outcropping mineralization at Casa Minerals’ Pitman polymetallic project in British Columbia. CASA MINERALS.

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2019-02-26 11:19 PM

WWW.NORTHERNMINER.COM

MARCH 4–17, 2019 / THE NORTHERN MINER

Nighthawk finds more high-grade gold showings in NWT EXPLORATION BY TRISH SAYWELL

tsaywell@northernminer.com

egional exploration last year on its Indin Lake gold property, 200 km north of Yellowknife in the Northwest Territories, turned up high-grade gold in grab samples from three areas, including 174.50 grams gold per tonne at Fishhook, the southernmost project on its 899 sq. km land package, Nighthawk Gold (TSX: NHK; USOTC: MIMZF) reports. Fishhook consists of several historical gold showings spanning an area of 6 by 1.5 km, 40 km southwest of the company’s main Colomac project. Grab samples from the 2018 exploration program at Fishhook returned 15.30 grams gold per tonne, 9.88 grams gold, 7.94 grams gold and 5.83 grams gold. The showings at Fishhook are hosted by complex, folded, amphibolitic oxide-silicate iron formation within a sequence of metasedimentary rocks — an environment Nighthawk says is similar to its Damoti Lake gold deposit, 28 km south of Colomac. Last June, Nighthawk updated the resource for its flagship Colomac project to 50.3 million inferred tonnes grading 1.62 grams gold per tonne for 2.6 million contained oz. gold. The resource includes three gold deposits: Colomac, Grizzly Bear and Goldcrest. The Colomac main deposit was mined intermittently from 1990

| Junior says Indin Lake property takes up 95% of the Indin Lake greenstone belt

to 1997, with reported production of 527,908 oz. gold and an average head grade of 1.66 grams per tonne. Exploration last year also found areas of high-grade mineralization within the Nice Lake Sill, where grab samples returned 41.90 grams gold, 38.90 grams gold and 19.05 grams gold. The Nice Lake sill was discovered in 2016, while Nighthawk was prospecting a large, linear anomaly — 1.5 km east of Colomac — that showed similar magnetic intensity and anomaly shape to both the Colomac and Goldcrest sills. The Nice Lake sill has been traced over 4 km in outcrop, along a trend subparallel to the Colomac sill. Outcrop mapping between Colomac, Nice Lake and areas east of Nice Lake also found smaller sills within a 2 km wide corridor, and the company says that the sills show the same intensity of deformation and alteration associated with gold in the Colomac main sill. The company also found highgrade gold mineralization at Andy Lake, 20 km south of Colomac, where a grab sample from last year’s program returned 42.10 grams gold. Other samples included 8.79 grams gold and 3.46 grams gold. Nighthawk says Andy Lake could host an intrusion-related gold system dominated by mineralized quartz veins. At Laurie Lake, 8.5 km northwest of Colomac, surface samples taken from a 1.3 by 1.7 km area returned

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values ranging from 1.05 grams gold to 22.50 grams gold. The 2018 prospecting program at Laurie Lake was a follow-up of Nighthawk’s work there in 2014, when it sampled gold-bearing sulphide mineralization within the Laurie Lake iron formation. Forty-four samples were analyzed, and 38 containing gold at or above detection limits — with the best sampled from an oxidized, foliated, banded-iron formation assaying 4.17 grams gold. Sampling of a historic trench at Treasure Island, meanwhile, which sits 11 km north of Colomac and 4 km from Laurie Lake, returned up to 45.60 grams gold. Treasure Island is the northernmost project on the Indin Lake property and lies within the eastern end of the 7 km long Treasure Island-Laurie Lake mineralized corridor, which has several surface gold showings. The company first drilled Treasure Island in 2011 to test the main zone along the southern edge of the island, and all of the holes reported gold mineralization. The company drilled 16 holes last year in a 4,035-metre program, and all of them intersected mineralization, with visible gold in 14. Highlights included 46 metres grading 3.31 grams gold from 118 metres downhole, including 22 metres of 6.23 grams gold, and 19 metres grading 7.37 grams gold from 165 metres below surface, including 8 metres of 16.14 grams gold. So far, drilling at Treasure Island has confirmed the gold system is upwards of 200 metres wide, 700 metres long, and open in all directions. The company says Treasure Island could become a high-grade feeder to future mining scenarios at Colomac. Nighthawk also drilled the first holes on its Swamp project, 6 km northwest of Colomac. The best results showed 6.83 grams gold over 1 metre from 112 metres below surface and 3.33 grams gold over 3 metres from 117 metres downhole, including 6.06 grams over 1 metre. Nighthawk says it needs more work

A drill at Nighthawk Gold’s Colomac gold project in the Northwest Territories. NIGHTHAWK GOLD

“THESE RECENT RESULTS FORTIFY MY INITIAL PERCEPTION WHEN I FIRST LOOKED AT THE CAMP. I SAW AN UNTAPPED ARCHEAN LANDSCAPE, VASTLY UNDEREXPLORED, WITH VARIED DEPOSIT TYPES ALL HOSTING GRADE. IT TRULY WAS AKIN TO LOOKING AT THE TIMMINS CAMP, 100 YEARS AGO.” MICHAEL BYRON PRESIDENT AND CEO, NIGHTHAWK GOLD

to fully evaluate Swamp’s 1.6 by 1 km mineralized footprint. “These recent results fortify my initial perception when I first looked at the camp,” Michael Byron, the company’s president and CEO, tells The Northern Miner. “I saw an untapped Archean landscape, vastly underexplored, with varied deposit types all hosting grade. It truly was akin to looking at the Timmins camp, 100 years ago.” Other exciting regional targets on the property include Leta Arm,

Targeted Mineral Exploration Incentive (TMEI) The Government of Saskatchewan is now receiving applications for a new incentive to help encourage mineral exploration in targeted areas of the province. The TMEI is designed to cover a portion of expenditures associated with ground-based exploration activities. It offers a rebate of 25 per cent of eligible direct drilling costs, up to an annual maximum of $50,000 per company on a pro-rated basis. The incentive focuses on base metals, precious metals and diamonds— commodities that have significant unrealized potential in the province. Learn more about this incentive and how to apply.

saskatchewan.ca/mineral-exploration-incentive

saskatchewan.ca/invest |

1-56_Main_Mar4_Main2.indd 12

15 km southwest of Colomac, and Damoti Lake. Leta Arm straddles the Leta Arm fault zone, a north- to south-trending regional deformation zone up to 10 km long and 500 metres wide, which hosts two historical gold mines — North Inca and Diversified — and two gold showings, No. 3 and Lexindrin. The Diversified mine is 1.3 km north of the North Inca mine and the No. 3 showing occurs between the two (450 metres south of the Diversified shaft and 800 metres south of North Inca’s East zone.) Lexindrin is 1.2 km north of the Diversified shaft. Damoti Lake is a deposit in iron formation. Previous owners, Anaconda Gold, completed a resource estimate in 2005 outlining 40,600 measured and indicated tonnes grading 26.17 grams gold in addition to 17,800 inferred tonnes grading 16.38 grams gold at an 8 gram cut-off grade. Nighthawk estimates its Indin Lake property takes up 95% of the Indin Lake greenstone belt—roughly three times the size of the core Timmins camp, by its estimates. “While Colomac remains our focus, and is the most advanced project, the regional play, and the potential of our district-scale land package, is what heightens our excitement,” Byron says. According to a corporate presentation, Northfield Capital Corp. owns a 15% stake in the company, Kinross Gold (TSX: K; NYSE: KGC) owns 9%; Osisko Gold Royalties (TSX: OR; NYSE: OR), 9%; and institutional investors, 19%. Nighthawk is trading at 41¢ within a 52-week range of 29.5¢ and 72¢ per share. The junior explorer has 194 million common shares outstanding for a $78.4-million market capitalization. TNM

2019-02-26 11:19 PM

GLOBAL MINING NEWS

1-56_Main_Mar4_Main2.indd 13

THE NORTHERN MINER / MARCH 4â&#x20AC;&#x201C;17, 2019

2019-02-26 11:19 PM

WWW.NORTHERNMINER.COM

MARCH 4–17, 2019 / THE NORTHERN MINER

Partnerships with First Nations key to Canada’s mining resurgence COMMENTARY

| Mining industry ‘on verge of a social innovation to rival digital revolution’

BY DAVID DE LAUNAY Special to The Northern Miner

f you are reading this on a cell phone or a computer, you have fuelled the demand for the dozens of minerals that go into those devices. Copper, nickel, zinc, cobalt, gold, silver — just to name a few — are the backbone of the ever-growing digital economy. The greater the cloud, the more expansive the search for and production of the Earth’s bounty of minerals. It’s the same in the technological progress of all fields. Minerals are essential. Copper, lithium and graphite are the foundation of the batteries that power electric vehicles. And if you are one of the thousands reading this at the 2019 Prospectors & Developers Association of Canada convention, you know there is a world of possibility. It is fitting that the largest annual mineral exploration and mining event on the planet is in Canada — an ongoing global leader in the mining sector, with a production value of $44 billion in 2017, supplying 60 different varieties of mineral commodities to over 100 countries. Ontario’s mineral production boasted a $9.9-billion value in 2017, and 90% of mining’s gross domestic product stays within Ontario limits. And unbeknown to many of those who call Toronto home, the bedrock of the well-known financial district of Bay Street is mining. Half of the world’s mining and exploration companies are listed on the Toronto Stock Exchange. Thirty percent of

Signing an impact benefits agreement for Nemaska Lithium’s Whabouchi lithium project in Quebec in 2014, from left: Grand Chief Matthew Coon Come, Grand Council of Crees; Chief Matthew Wapachee, Cree Nation of Nemaska; and Guy Bourassa, Nemaska Lithium president and CEO. PHOTO BY TRISH SAYWELL

mining capital is raised in Toronto. When the Canadian mining sector is strong, the whole of Canada benefits. And that is especially true in Ontario. We need to operate more effectively and efficiently. Industry leaders are applying digital communications, laptops and smartphones to the gathering of real-time data through sensors to take advantage of big data applications. To give a simple example, let’s implement ventilation-on-demand to reduce energy use, blowing fresh air only to where people are actually working underground, again employing state-of-the-art sensors and communications technology. We need to dig deeper and explore further than ever before to unearth the mineral wealth that is the backbone of the new economy. And if we are to reach remote

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AS THE FORMER ONTARIO DEPUTY MINISTER OF NORTHERN DEVELOPMENT AND MINES, I’VE SPENT A LOT OF TIME IN OUR PROVINCE’S NORTH. THE LITANY OF SUB-STANDARD LIVING CONDITIONS IS MADE REAL EVERY TIME I’VE TRAVELLED. locations, we need to address infrastructure requirements and partner with those who live on the land, and have been there for centuries. As the former Ontario deputy minister of Northern Development and Mines, I’ve spent a lot of time in our province’s North. I’ve been in the communities. I’ve spoken with the people. The litany of substandard living conditions is made real every time I’ve travelled. Proper housing is scarce and crowded. Wood-fired stoves keep generations of the same families just warm enough from the extreme cold in the winter months. Federally funded educational facilities lag far behind the standard for kids in the rest of the province. There are no hospitals, few services. And most wrenching, there is often no hope. Mining can provide that hope. It brings an economic foundation for a future of growth and participation by Indigenous people. It is often the only modern economic activity in remote regions. It is already the sector that employs more Indigenous people in Canada than any other. Mining companies have been leaders in developing impact benefit or cooperative agreements that

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commit to jobs, training, and growing local entrepreneurs and companies through procurement of services. I have visited mine sites with Indigenous women driving a huge haul truck while others from her community are cooking the camp meals or providing security on the site. Sometimes companies with deep pockets provide broader community benefits — a health station, a sports complex, a community centre. Now we are on the verge of a social innovation to rival that of the digital revolution. More and more, Indigenous communities are joining with those who have the finances and the technical expertise to jointly develop resources. Since the historic protection of treaty and Aboriginal rights in Canada’s 1982 Constitution, a framework of consulting and accommodating Indigenous communities has evolved. Much can be — and has been — said about the requirements and processes that have evolved. As one who has been deeply involved in resource development, it is very difficult to objectively determine what meets the test of

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1-56_Main_Mar4_Main2.indd 14

the required consultation and accommodation. And further, what does one do if the community does not agree, and mounts a public campaign? The answer is a conscious agreement between communities and proponents — an agreement that takes the form of a partnership that is strengthened by an equity partnership, and, in particular, a controlling ownership by Indigenous communities. In Ontario, Indigenous companies have built transmission lines. Five Nations Energy built the line from Moosonee north along the James Bay coast through Fort Albany and Kashechewan to Attawapiskat. Finally, people could run the toaster and the fridge without blowing a fuse in the old diesel-powered system. And De Beers could expand the line from Attawapiskat to power its Victor mine operation. In northwestern Ontario, Wataynikaneyap Power — a partnership between First Nation communities, Fortis and RES Canada — has built a line from Red Lake to Pikangikum First Nation, the first of many remote communities that will be connected to the grid. The power sector and other infrastructure often involve longterm contracts that help create a more certain return with less risk. Mining has a higher-risk profile and production of mines can be relatively short-term. But the opportunity exists to explore new equity arrangements. At times the mining sector has been criticized for being slow to innovate technologically. But it is on the verge of dramatically innovating socially through its partnerships with Indigenous people. — David de Launay is a former Ontario deputy minister of Northern Development and Mines, and current chair of the Advisory Board at Enterprise Canada, one of Canada’s leading strategic communications, public affairs and public relations firms. Visit www.enterprisecanada. com for more information.

2019-02-28 3:46 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4â&#x20AC;&#x201C;17, 2019

PDAC AWARDS CARDINAL RESOURCES WITH THE THAYER LINDSLEY AWARD, FOR ITS GLOBALLY SIGNIFICANT DISCOVERY

The Thayer Lindsley Award is presented to Cardinal Resources for the 2014 discovery of the Namdini gold deposit in northeastern Ghana. This award recognizes an individual or a Team of Explorationists credited with a recent significant mineral discovery.

ASX: CDV / TSX: CDV.

1-56_Main_Mar4_Main2.indd 15

2019-02-26 11:20 PM

WWW.NORTHERNMINER.COM

MARCH 4â&#x20AC;&#x201C;17, 2019 / THE NORTHERN MINER

Harte Gold completes sweet resource update for Sugar ONTARIO GOLD â&#x20AC;&#x201A;

| New ounces will inform feasibility study expected in March

ing 5.88 grams gold. The expanded indicated resources will form the basis of a feasibility study that should be completed by the end of March, and will, for the first time, define reserves. â&#x20AC;&#x153;Generally speaking, we accomplished a lot during 2018,â&#x20AC;? says Stephen Roman, the companyâ&#x20AC;&#x2122;s president and CEO. â&#x20AC;&#x153;We also did quite a bit of deeper drilling, which takes longer, but it did prove up the fact that the orebody continues at depth.â&#x20AC;? Roman says that some of the zones seem to be converging at depth. â&#x20AC;&#x153;The 90,000-metre program drilled below a depth of 700 metres and weâ&#x20AC;&#x2122;ve got a hole all the way down to 1,300 metres, and itâ&#x20AC;&#x2122;s proving up the whole thesis that this is being fed by a larger system at depth, similar to Richmont, which started hitting a lot of good stuff at depth, and Wesdome, similarly, which is a bit of a pattern. Hemlo didnâ&#x20AC;&#x2122;t hit their main zone until they were below 600 metres, and so weâ&#x20AC;&#x2122;re defining a similar pattern here.â&#x20AC;? The other thing that excites Ro-

BY TRISH SAYWELL tsaywell@northernminer.com

arte Goldâ&#x20AC;&#x2122;s (TSX: HRT; US-OTC: HRTFF) Sugar Zone gold mine in northern Ontario reached commercial production on Jan. 1, and permitting is underway to increase throughput to 800 tonnes per day. In the meantime, the company has just folded into a revised resource estimate, 90,000 metres of infill and step-out drilling it completed last year across the Sugar, Middle and Wolf Zones. The drill program extended mineralization along strike and another 400 metres down dip at the Sugar and Middle zones, and increased the indicated resource 55%. The company also expanded inferred resources to 1,300 metres below surface. The updated resource includes the Wolf zone for the first time. Now Sugar contains 1.11 million oz. gold in 4.24 million indicated tonnes at a grade of 8.12 grams gold per tonne and 558,000 oz. gold in 2.95Â million inferred tonnes grad-

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Harte Goldâ&#x20AC;&#x2122;s Sugar Zone gold mine in northern Ontario. â&#x20AC;&#x201A; HARTE GOLD

man is the regional exploration potential across the land package. The company undertook a lot of fieldwork last year, including prospecting and geophysical and geochemical surveying, he says, identifying three targets where he hopes his team will find more orebodies. The Hambleton Lake Zone is 8 km north of the portal to the Sugar Zone mine, while K7 is 5â&#x20AC;&#x201C;6 km to the south of the portal. Twenty km north of the mine is the Flat Lake Zone. A lot of the targets are in swampy areas, so Roman wants to drill as many holes as he can this winter before break-up. Roman envisions drilling 5,000 metres across the three targets, but the program can be expanded, depending on results.

â&#x20AC;&#x153;THE 90,000-METRE PROGRAM DRILLED BELOW A DEPTH OF 700 METRES, AND WEâ&#x20AC;&#x2122;VE GOT A HOLE ALL THE WAY DOWN TO 1,300 METRES, AND ITâ&#x20AC;&#x2122;S PROVING UP THE WHOLE THESIS THAT THIS IS BEING FED BY A LARGER SYSTEM AT DEPTH.â&#x20AC;? STEPHEN ROMAN PRESIDENT AND CEO, HARTE GOLD

After initial drilling at K7, Roman says there are â&#x20AC;&#x153;good indications of something happening with anomalous gold values.â&#x20AC;? At Hambleton Lake, meanwhile, the companyâ&#x20AC;&#x2122;s geochem work produced gold-insoil samples of up to 826 parts per billion (ppb). By contrast, Roman says, similar geochem analysis at the Sugar Zone yielded values

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CLARENCE STREAM - An Emerging Gold District in New Brunswick 3 Drilling to expand the high-grade gold resource and the many gold anomalies on the 65km long, 60,000+ hectare land position. 3 Galwayâ&#x20AC;&#x2122;s Dec 2017 gold discovery, the GMZ, which is not yet in resource, now has a 500m strike length and three known structures. 3 Galwayâ&#x20AC;&#x2122;s 2nd gold discovery, the 5th deposit identified to dateâ&#x20AC;&#x201D;all of which remain wide openâ&#x20AC;&#x201D;returned 38.1 g/t Au over 6.5m. Clarence Stream Resource Estimate Open Pit Class

Underground

Tonnes (000)

Au (g/t)

Au (000 oz)

Measured

236

1.81

13.7

Indicated

5,675

1.86

338.4

M&I

5,910

1.85

352.2

Inferred

2,723

1.87

153.1

Total Resource

Tonnes (000)

Au (g/t)

Au (000 oz)

Tonnes (000)

Au (g/t)

Au (000 oz)

236

1.82

267

4.39

37.8

5,941

1.97

376

6,178

1.96

390

862

4.48

124.1

3,409

2.53

277

ESTRADES - Former Producing High-Grade VMS Mine in Quebec 3 Drilling the former producing mine and targeting other VMS and gold deposits along 3 trends on the 30km long, 20,000+ hectare property. 3 Galway reported 15% and 80% increases in respective high-grade Indicated and Inferred Resources, and remains wide open. 3 Galwayâ&#x20AC;&#x2122;s early 2019 drill program is focused on making new discoveries along the Newiska trend, ~2km south of the Estrades horizon. Estrades Resources Estimate Category

Tonnes

Au Eq

Zn Eq (%)

(g/t)

(%)

(000 oz)

(000 lb)

(000 oz)

(000 lb)

Indicated Inferred

1,497 2,199

11.28 7.36

20.75 13.54

3.55 1.93

122.9 72.9

7.20 4.72

1.06 1.01

0.60 0.29

543 520

584,717 656,194

171 136

5,912 5,152

237,623 228,824

34,983 48,964

19,802 14,059

(000)

(g/t)

(%)

AuEq

Zn Eq

For Resource Notes please see Galway Metals Press Releases dated September 26, 2017 and September 20, 2018 at

WWW.GALWAYMETALSINC.COM â&#x20AC;&#x201C; TSX-V:GWM

1-56_Main_Mar4_Main2.indd 16

of 25 ppb in soil samples. In the Flat Lake area, the company has found significant electromagnetic anomalies, as well as up to 1% zinc in surface sampling. â&#x20AC;&#x153;There are a lot of targets that are going to generate new orebodies for Harte Gold, similar to the way we found the Middle zone and the Wolf zone,â&#x20AC;? he says. â&#x20AC;&#x153;These are all discoveries made by us on the property just doing exploration, and we think this will continue.â&#x20AC;? Near-mine exploration will focus on the expansion of inferred resources along strike and the convergence of all three zones â&#x20AC;&#x201D; Sugar, Middle and Wolf â&#x20AC;&#x201D; at depth. Drilling so far this year between the Middle and Wolf zones has returned intercepts including 12.4 grams gold over 2 metres from 1,099 metres downhole; 13.39 grams gold over 4 metres from 950 metres; and 12.98 grams gold over 4 metres from 884 metres deep. Sugar is the provinceâ&#x20AC;&#x2122;s first highgrade gold mine built in over a decade, and, based on estimates, could run for 12 years and recover 904,000 oz. gold. At press time Harte Gold was trading at 34.5Â˘ per share within a 52-week range of 29Â˘ and 55Â˘. The company has 600 million shares outstanding for a $207-million market capitalization. Macqu a r ie Re sea rch ha s a 12-month target price of 80Â˘ per share and an â&#x20AC;&#x153;outperformâ&#x20AC;? rating. â&#x20AC;&#x153;Harte Gold has successfully expanded the footprint of the indicated resource to depth at the Sugar Zone (now to ~1,100 metres vertical depth) and laterally and to depth at the Middle Zone using reasonable estimation parameters (US$1,250 per oz. gold, C$86 per tonne mining cost, C$28 per tonne processing),â&#x20AC;? the bankâ&#x20AC;&#x2122;s analysts said in a research note. â&#x20AC;&#x153;We are encouraged by the lateral and vertical grade continuity of Sugar Zone North and the Middle Zone, which saw down-dip indicated resource expansions of 400 metres and 500 metres, respectively.â&#x20AC;? TNM

2019-02-26 11:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4â&#x20AC;&#x201C;17, 2019

THE AUGUSTA GROUP TRACK-RECORD IN EXPLORATION AND DEVELOPMENT

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2019-02-26 11:20 PM

WWW.NORTHERNMINER.COM

MARCH 4–17, 2019 / THE NORTHERN MINER

A Sandvik loader in glass labyrinth. SANDVIK

Mining in the digital age COMMENTARY

BY ANDREW SWART Special to The Northern Miner

arly traditional miners would have never believed that the industry tools of choice would one day shift from shovels and pickaxes to automation and artificial intelligence. Mining companies are now faced with navigating how to operate — and seize the opportunities — in a market driven by constant disruption in the fourth Industrial Revolution. With a new era, comes new challenges. Companies that embrace and adapt to these challenges will emerge stronger and better positioned for long-term success.

| Deloitte report highlights top 10 industry trends for 2019

Analytics and AI A couple of years ago, Deloitte’s annual Tracking the trends report indicated the mining industry was beginning to realize the potential of digitization and the benefits of gathering data. In 2019, we have now entered a period where companies have collected large pools of valuable data and are using it to sharpen planning and decision-making across the mining value chain to improve safety, increase productivity, reduce costs and enhance the employee experience. For those companies at a more advanced stage of this technological shift, harnessing the power and potential of artificial intelligence (AI) and machine learning has become a priority. This is the beginning of a prominent industry trend, and one many companies will work to achieve in the years to come. We see a range of uses surfacing for AI, such as predictive safety, process

optimization, optimized blasting and worker-machine coordination, to name just a few. AI in this context means machines performing tasks that require human intelligence. We are entering an era where intelligent machines work with humans, rather than replacing them. To date, most organizations are working at a stage where machine intelligence requires human assistance and interpretation (i.e. robotic process automation). However, leaders in this space are moving toward the next stage, where machine learning helps augment human decisions and drive cognitive insights. And while fully autonomous automation is still a few years away, this will be a reality for many greenfield operations in the future. Digitizing supply chains One area poised to better harness the power of digitization is the mining supply chain. Unlike industries such as manufacturing and automotive,

which have embraced this technological shift, the mining sector still lags behind. Although many companies have started to digitize discrete pieces of equipment — such as trucks or trains — they have not extended these efforts across the entire supply chain, from pit to port. Our research indicates most mining executives agree that the supply chain is a priority for digital transformation investments, yet supply chain improvements remain incremental, rather than improving the system as a whole. The opportunity lies in applying a manufacturing mindset to the supply chain, leading to lower levels of inventory, and more transparent supply and demand management. We predict those who begin to see digitization as an essential component of every step in the supply chain will see the greatest improvements to their mining operations. Managing new risks With the mining industry changing

WE ARE ENTERING AN ERA WHERE INTELLIGENT MACHINES WORK WITH HUMANS, RATHER THAN REPLACING THEM. faster than ever, there is big growth potential, but it comes at a cost, as there are risks associated with more disruption and volatility. Today’s mining industry has a plethora of risks, characterized by mounting tariffs and sanctions, potential trade wars, cyber threats, uncertain tax and royalty regimes, heightened scrutiny from the investment community, environmental disasters and infrastructure breakdowns. If not properly addressed, these can result in mine shutdowns, public protests and corporate reputational damage. It’s crucial for companies to continue to adapt their risk management systems to decrease threats the same way they adapt operational systems to increase efficiency. Analytics and AI gives organizations much more ability to monitor and assess these risks in a holistic way. This approach should help mining companies address risk at an

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2019-02-26 11:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

A remote machine operator working at Goldcorp’s Red Lake gold mine in Ontario. GOLDCORP

enterprise-wide level, rather than assessing isolated risks at the functional or mine site level, and allows companies to develop appropriate controls to proactively mitigate and manage the expanding array of risks they face. Social outcomes While digitization, analytics, and AI are all important trends for improving many business and operational functions of mining companies, miners must also focus

1-56_Main_Mar4_Main2.indd 19

on differentiating their strategies to generate long-term value, not only to attract investors, but also to remain successful in the communities in which they operate. We see a trend in the industry, where companies need to relentlessly focus on revenue and costs, but at the same time drive what we are terming “value beyond compliance.” For companies to de-risk their projects, it is key to create sustainable value within the communities

in which they operate. However, governments also need to create stable regulatory environments such that mining companies can remain profitable through the cycle, enabling them to invest into the community, and create that shared benefit. To deliver on the social breadth of these programs, mining companies cannot work in isolation. Instead, they should look for opportunities to collaborate with other companies working in the region.

Enabling these shifts will require diversity of thought, and to that end we see a critical need for mining companies to drive diversity across the organization from the board level down. Creating diverse and inclusive workforces has shown to actively increase productivity within the operations, and promote innovation. Other trends in Deloitte’s report include: new approaches to strategic planning, exploring the water-energy nexus, reimagining

mining talent, decoding capital projects, operationalizing diversity and inclusion programs, and looking at how electric vehicles and battery minerals provoke the desire for provenance. — Based in Toronto, Andrew Swart is Deloitte’s Canadian and Global Consulting Leader of the Mining & Metals. Visit www2.deloitte. com/ca for more information and to download for free the full 2019 Tracking the trends report.

2019-02-26 11:20 PM

WWW.NORTHERNMINER.COM

MARCH 4–17, 2019 / THE NORTHERN MINER

Does leadership style affect safety performance? COMMENTARY

BY BRENT PEDERSON Special to The Northern Miner

hat role (if any) does leadership play in safety performance? Turns out, a significant role, but first let’s define what we mean by safety performance and leadership as it relates to this topic. Organizations serious about safety show their commitment in a variety of ways. Most use a variation of the Occupational Safety and Health Administration’s (OSHA) six-factor framework, consisting of: management and leadership; worker participation; hazard identification and assessment; hazard prevention and control; education and training; and evaluation, and continuous improvement. As this framework is operationalized you will see a large number of practical aspects, including: a safety vision; safety listed as a core value; a safety manual; occupational health

| Study shows need for leaders to adopt multiple leadership styles

and safety committees; morning huddles and tailgate meetings; a safety moment to kick off every meeting; field-level risk assessments; safety rules, policies and procedures; training; audits and investigations; contractor involvement; rewards and consequences; metrics and KPIs; leadership presence; and ongoing discussions about how to build a safety culture to keep safety frontof-mind to avoid complacency, and raise the bar on safety performance. Leadership Turning our attention to leadership, we first must ask: What makes for good leadership? Casting a vision? Creating task clarity? Building strong relationships? Getting team input? Pushing a fast pace? Growing people? Perhaps a bigger question is: Should a leader focus on only one style? The reality is that great leaders do all of the above in the right time, place and dose. Joint research by Harvard University and my firm Korn Ferry identified six leadership styles and the impact of leadership style on climate and results (“Leadership that gets results,” 2000). This research showed that the style of a leader accounts for 70% of

Dr Roger David Morton

t is with great sadness that we announce the sudden and unexpected passing of Dr Roger David Morton of Edmonton, Alberta. Roger passed away suddenly in the early morning of Saturday the 9th of February, 2019. Roger is survived by his loving wife Jorunn, son Jan Philip (Laarni), grandson Kristian and new grand daughter Aspen Fre. Roger was born in Nottingham England on October 20, 1935 to Philip and Mary Morton. After a difficult and traumatic early life affected by WWII in Nottingham, he committed to excel in academics. With hard work and dedication he succeeded in achieving his PhD in Economic Geology at the tender age of 24. He graduated from Geology at the University of Nottingham with 1st Class Honours in 1956 and continued onto the completion of his Ph.D. in 1959. Roger continued his passion for learning and teaching right until his death at the young age of 83. From 1959 to 1961 Roger was a Research Fellow in the University of Oslo where he met his future wife Jorunn Morton. After a short return to the University of Nottingham as a Lecturer in Geology, Roger packed up his young family for a move to Edmonton, Alberta, Canada where he spent from 1967 to 1995 as a Professor of Economic Geology and Mineralogy at the University of Alberta. Throughout this long tenure as a Professor at U of A he inspired and advised a multitude of students into successful careers in Geology, many of whom are leading experts in the industry today. He was also a dedicated researcher having published 74 papers on mineralogy, mineral exploration and uranium deposits. Roger was also the recipient of numerous awards for his tremendous efforts in educating people around the world. After retiring from U of A, Roger, embarked on many a life adventure focused on his various personal interests from Geology to Gemmology to languages and travel. He was continuously learning, taking classes, teaching and travelling the world. In his later years Roger was diagnosed with Parkinson’s Disease but would not let that get him down. He travelled and celebrated life with rude jokes and vigour. Up until his death, Roger acted in advisory positions and held various posts in companies throughout the world, keeping himself very busy right until the end. He will be sadly missed by so many people in so many places. In keeping with Rogers dislike of funerals a drop-in celebration of his life will be held in Edmonton. In order for any friends or former students who wish to attend, the family has decided to delay the event for any people who wish to attend but need to make travel arrangements. The event will be held at the University of Alberta Faculty Club on Saturday March 9th between 6pm and 10pm. A time limited open mic will be available to those who wish to share stories of Rogers life. In lieu of flowers and a funeral, the family would ask that donations be made in Roger Morton’s name to either the Parkinson Association of Alberta or to the APEGA Education Foundation Scholarship fund.

1-56_Main_Mar4_Main2.indd 20

Safety

Leadership Styles Leadership Styles Leadership Styles MOST Correlated to MILDLY Correlated to LEAST Correlated to strong performance strong performance strong performance

Physical Safety

Directive Participative Affiliative

Visionary Coaching

Pacesetting

Psychological Safety

Participative Affiliative Visionary

Directive Coaching

Pacesetting

the variance in the climate between work areas, and the climate accounts for 30% of the variance in results. Clearly, the leader sets the tone. A summary of the six leadership styles is shown below: 1. Directive: “Do what I tell you to do.” 2. Visionary: “Let me tell you where we’re going.” 3. A ffiliative: Leadership through relationship. 4. Participative: “Let’s decide together.” 5. Pace-setting: “Do what I do.” 6. Coaching: Long-term development of others. Our research shows that to build a culture of high performance, leaders should strive to master the full toolbox of all six leadership styles. World-class leaders have command over four or more styles (19% of leaders, globally). Sadly, this same research shows that most leaders have command over only one style, meaning the vast majority of leaders need to learn the power of the full toolbox. A onetrick pony doesn’t cut it as a leader. Connection between safety and leadership This 2018 analysis combined data from two sources: a 2017 safety survey ranking organizations on each of physical safety and psychological safety; and the 2017 completion of our Six Leadership Styles tool, which included data from the top-three levels of management. In total, the data set included 26 organizations and 217 leaders, rated

by a total of 1,302 workers. We then analyzed the data for relationships between leadership style(s) and safety performance. We saw three key findings emerge in the study: 1. Organizations with the best performance on safety (either psychological or physical) were consistently the same ones whereby leaders had command over more leadership styles (averaging 4.1 leadership styles). 2. Organizations with lower safety performances consistently had command over a smaller number of the six leadership styles (averaging 2.2 leadership styles). 3. Different leadership styles had varying correlations to safety performance. The impact of each of

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the six leadership styles are shown in the table. The three conclusions are: 1. Effective leadership is essential for effective safety performance. 2. L eaders need to develop all six leadership styles. While certain leadership styles correlate more to safety performance, ALL of the styles have their time and place, reinforcing the importance of developing yourself in all six styles. 3. Leaders need to be careful with pacesetting. While it has some specific benefits, much has been written about the detrimental impact of this style. High standards, working 24/7/365, fast-moving, high volume, and close-control, can be been seen as impatient, perfectionist, production trumping safety, and that nothing is ever good enough. This research confirms other Korn Ferry research correlating the six leadership styles to various organizational metrics, including: engagement, retention, employee performance, revenue growth, cost control, and now, safety performance. What mix of leadership styles do you have on your team? Is it helping or hindering? As a first step, leaders can discover their current mix of leadership styles by completing a feedback tool that provides a foundation for development planning and growth as a leader. — Brent Pederson is a senior client partner with Korn Ferry, a global management consulting firm. He does extensive work in leadership development, coaching, assessments, succession, performance management, and is a regular conference presenter. He can be reached at (306) 359-0181, by email at brent.pederson@kornferry. com, and on LinkedIn. With more than 100 offices worldwide, Korn Ferry helps clients synchronize strategy and talent to drive superior performance. Visit www. kornferry.com to learn more, including Korn Ferry’s fee-for-service feedback tool on leadership styles and debrief coaching sessions.

2019-02-26 11:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

Ecuador mineral development hits a few snags ECUADOR From 7

papers in upcoming regional elections. The projects affected include INV’s Loma Larga project. The wave of opposition culminated last November, when Ecuador’s influential indigenous movement organized a week-long march to the capital Quito calling for a ban on mining in the Amazonian rainforest. This reflects change in Ecuador’s political climate since President Correa left office in 2017, after a decade in power. During the commodity boom, the maverick, U.S.-trained economist channelled Ecuador’s oil windfall into infrastructure and social projects. But he also clamped down on opposition to his regime — intimidating critics, and suing media outlets. His former vice-president and now successor Lenin Moreno has taken a different tack, allowing space for dialogue to preserve the country’s rocky democracy. Given Big Oil’s patchy environmental record in Ecuador, some communities are anxious about the impact of a new capital-intensive, largely foreign-owned extractive industry. But a decade ago, when indigenous communities raised concerns, President Correa sent in troops firing live rounds. The Moreno administration has been more hands-off. What this means for Ecuador’s future as a major mining jurisdiction is yet to be seen. According to Gonzalo Gonzalez of Quito-based law firm Gonzalez, Penaherrera & Asociados, mining has slipped down the list of priorities, as the government focuses on boosting a sluggish economy and restoring public finances, strained by the decline in oil revenues. Last year Moreno dismissed Correa’s long-time Mining Minister Javier Cordero, seen as a strong advocate by the industry, and then, as part of an austerity drive to seek funding from the International Monetary Fund, demoted mining from a full ministry to a department within the Oil Ministry. “They are more worried about current spending than future revenues,” the lawyer said. Moreno’s lighter touch has meant that other branches of the state have attacked a favoured sector. In January, Ecuador’s General Comptroller denounced serious breaches in the 982-million-tonne Llurimagua copper project, a joint venture between state mining company ENAMI EP and Chilean counterpart Codelco, which could trigger the annulment of the concession. Without a firmer hand from the centre, Ecuador could risk seeing promised investment in its mining sector bogged down in legal wrangles, Gonzalez warned. But others are more sanguine. Despite the loss of the ministry, the government has shown other forms of support. Last year, it scrapped a controversial windfall tax, which would have taken up 70% of profits when metal prices soared, and eased regulations allowing companies to carry out prospective drilling without applying for a full environmental license. “There may no longer be a standalone Mines Ministry, but the government remains committed to the industry, with a strong viceminister for mines who has quickly earned the respect of the sector, and is well-positioned within the administration,” says John Youle, vice-president for corporate affairs at Lumina Gold. Meanwhile, some of the mining industry’s legal difficulties will likely represent delays rather than

1-56_Main_Mar4_Main2.indd 21

INV Metals Ecuador general manager Jorge Barreno (middle left) and Ecuador’s vice minister for mining Fernando Benalcazar (middle right) at the Loma Larga project in February 2019. INV METALS

outright cancellations. A recently appointed Constitutional Court should clarify whether the proposed local referendums on mining are legally binding. The government and industry claim that they are unconstitutional, as the national government has sole

responsibility for development of the country’s mineral resources. Even if they lose that battle, there could be workarounds. The question on INV Metals’ Loma Larga project refers to only part of the site, meaning that at worst, an unfavourable outcome would imply the relocation

of the processing plant, the company said recently. Their optimism appears widely shared, as mining companies continue to advance projects in the country. The interest in Ecuador among international mining companies is seen in the gathering battle to control Australian exploration firm SolGold (TSX: SOLG; LON: SOLG). The company, led by CEO Nick Mather, has estimated a resource of almost 11 million tonnes copper and 23 million oz. gold at its Alpala project in the north of the country. Both BHP Group (LON: BHP) and Newcrest Mining (ASX: NCM) have acquired stakes in the company, raising the possibility of a bidding war for the firm. Ahead of that skirmish, SolGold has launched a takeover bid for Cornerstone Capital Resources (TSXV: CGP; US-OTC: CTNXF), which owns 15% of Alpala. The industry’s recent challenges have not affected Newcrest’s appetite for the country. Already a major shareholder in Lundin Gold, the Australian firm signed option agreements in February for two exploration properties in southeast

Ecuador with Cornerstone. Other majors active in the country include Australian iron ore miners Hancock Prospecting and Fortescue Metals. Meanwhile, Anglo American (LON: AAL) and First Quantum Minerals (TSX: FM; US-OTC: FQVLF) have both entered option agreements to acquire projects controlled by Luminex Resources (TSXV: LR: USOTC: LUMIF), a spinout from Ross Beaty’s Lumina Gold (TSXV: LUM: US-OTC: LMGDF). Lumina is at the forefront of a second wave of mining companies looking for resources in the country. At its Cangrejos project, located in a former mining district near the coast, the company recently announced the discovery of a satellite deposit, Gran Bestia, which it plans to incorporate into a resource estimate scheduled for later this year. “It may take some time for these issues to get totally resolved, but, in the meantime, the industry is continuing to invest,” Youle said. — Based in Santiago, Chile, Tom Azzopardi is freelance journalist specializing in the resource industries.

2019-02-26 11:20 PM

WWW.NORTHERNMINER.COM

MARCH 4–17, 2019 / THE NORTHERN MINER

NWT Minister Schumann on new minerals act, road building INTERVIEW BY THE NORTHERN MINER

VANCOUVER

lthough the Northwest Territories is deep in the grip of winter, there have been several major mining-related developments in the last two months in the areas of new mining legislation and infrastructure. The Northern Miner sat down with the Northwest Territories Minister of Infrastructure and Industry, Tourism and Investment, Wally Schumann, at the Association of Mineral Exploration’s (AME) annual Roundup convention in Vancouver in January to hear his thoughts on his government’s tabling of a new minerals act, and the latest infrastructure initiatives in the territory. The Northern Miner: What brings you to the AME Roundup this year? Wally Schumann: We attend the Roundup and the Prospectors & Developers Association of Canada convention in Toronto, and these sorts of things to try to get in front of investors and tell the Northwest Territories’ story. I have been a minister for the last three years now. One of the things that was quite clear early on in getting this portfolio is that a number of people out there in the investment community didn’t realize that devolution was taking place in the Northwest Territories in the last legislative assembly. Those responsibilities for lands and resources have been devolved to the government of the Northwest Territories from the federal government. And in February 2019, as the Minister, I will be tabling the bill for the new Mineral Resources Act for the government of the Northwest Territories. So, within the next few months, we’re going to have our own made-in-the-North Mineral Resources Act.

TNM: What was it like putting together this legislation? WS: First of all, we went out and consulted with all the residents in

| Big changes afoot as ‘devolution’ of federal powers to territorial gov’t takes hold the Northwest Territories. We do our legislation a little bit differently, probably, than the rest of Canada. We involve everybody from indigenous governments, particularly the ones that signed on to devolution with us. We have an intergovernmental council where we have a number of discussions on all things related to lands and resources. We do a huge amount of public consultation, probably more than anyone else in Canada. There are ample opportunities to write in, to participate in public forums, to meet directly with the Minister, and to meet with the Premier to have your say around some of these things. We’ll tabling this for a first and second reading. The committee will be taking that bill out on the road for more public consultation for 120 days, and in the May–June session we will tweak it. It may be minor tweaks here and there based on feedback we’re going to get, and probably by the end of June we will have our new madein-the-North piece of legislation. TNM: How does that change the relationship between the federal government and the Northwest Territories, especially in regards to natural resources? WS: When devolution took place, that gave all that responsibility over to us. We are not governed by the federal government — it gives us provincial-like powers around legislation, and around land and resources in the Northwest Territories. We’re no different than a province like British Columbia. Prior to that, we had to operate under federal jurisdiction. TNM: Devolution in the Northwest Territories has been a multi-year process. What remains to be done? WS: What’s still in place under the federal government is the regulatory body, the Mackenzie Valley Land and Resource Board. That is still a federal piece of legislation. But there’s a commitment under

CJStafford_AD_PRESS:Layout 1 19-02-21 11:55 AM Page 1

PROSPECTING FOR TALENT

“MINING HAS BEEN IN THE BLOOD OF PEOPLE IN THE NORTHWEST TERRITORIES. IT’S WHAT HAS BROUGHT GOOD-PAYING JOBS TO A GOOD PORTION OF OUR RESIDENTS, AND IT WILL CONTINUE IN THE LONG-TERM.” WALLY SCHUMANN MINISTER OF INFRASTRUCTURE AND INDUSTRY, TOURISM AND INVESTMENT, NORTHWEST TERRITORIES

the signed devolution agreement between the federal and territorial governments to turn that over to us, and those discussions are ongoing. At some point, we are going to take that piece of legislation over. I’m almost positive, whoever’s in power at that time, will be tweaking that piece of legislation, as well. TNM: In terms of competitiveness, how do you see the Northwest Territories compared with other jurisdictions in Canada? WS: We’re the premier jurisdiction in Canada, particularly in the North, to invest in. That’s why we’re down here in solidarity to promote the Northwest Territories. What does it take to do business in the Northwest Territories with our indigenous partners and us? Along with the federal government, as they’re a participant in some of this stuff as well. A lot of people zero in on the investment dollars going to Canada’s three territories, but they’re three jurisdictions experiencing different cycles, with three types of governments and indigenous groups. The Yukon’s been primarily all gold, and with the Coffee project there’s some uncertainty these days about Newmont taking over the operator Goldcorp. Nunavut has their challenges, but they also have their advantages. They have one land claimant group — a lot of people don’t understand that — whereas we have seven different groups in the Northwest Territories, with settled and unsettled lands. There has been an upsurge into the Northwest Territories, particularly around the staking, with some of the new geotechnical work that we’ve been able to produce. In Vancouver during Roundup, first of all, we’re here to clarify the

devolution process and how the regulatory system works in Northwest Territories. That’s why we have our indigenous partners here, to clearly lay out who they need to speak to, depending on which jurisdiction you want to be able to explore in. Because we have a large territory of 1.3 million sq. km, you can go from the barren lands to the boreal forest, depending on where you want to be. Some of it’s close to hydroelectric power, and some of it’s not close to hydro. There are lots of different things. And our regulatory process is laid out through the land claimant groups. We need to deal with what land is public lands, what land is their land, what land is available to actually explore. So we need to educate everybody, and the indigenous partners are here to learn, as well, about some of the challenges that industry has on what they need to improve to be able to attract investment. TNM: Where do things stand with the Northwest Territories’ tax regime for mineral explorers and miners? WS: We welcome the federal government’s new commitment on the fiveyear extension for the flow-through share program. We’re governed through the federal system. There has been a lot of discussion in the Northwest Territories’ legislative assembly around royalties. Under our new legislation coming forward, we told the assembly that we are not at the point where we want to look at the royalty regime until the next assembly. We wanted to focus clearly on what the Mineral Resources Act legislation was going to be, and how we want to move that forward and work on our piece of legislation in that manner.

We have a number of big pieces that are coming here, because devolution just didn’t give us the mining regulations, it gave us the Petroleum Resources Act, it gave us the Forestry Act, it gave us the Waters Act, the Lands Act. There’s a lot of stuff coming all at once here. Some of it has been pulled off the table, and held off until the 19th assembly. We’re working very diligently with all residents of Northwest Territories to create a certainty with the new Northwest Territories-made Act that’s beneficial to move our territory forward. TNM: Can you tell us about some of the latest infrastructure initiatives, especially road building? WS: I am also the Infrastructure Minister in charge of all the new dollars coming in for highway construction. We did open up the InuvikTuktoyaktuk Highway — that was a $300-million investment. The one thing that the ITH has done for residents in Tuk right now — though it doesn’t pertain to mining — is it has increased tourism ten-fold. That’s a community that never had access before, except by a winter road or airplane. When we opened that road this year, we had a record number of people that took the ferry to get up there. They had over 5,000 people who drove up there and camped in Tuk in the summer alone, which is a significant amount of people for a little town of 800 people. Now they’re predicting that will probably double, even triple this year. We just did a tour and I had the opportunity to talk to a lot of business people. The one story that stuck with me is the one grocery store said

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that their sales went up 300% with the opening of the highway. As for the proposed Whati road, that will have more impact on mineral development — though we don’t build roads specifically to one project. That’s going be [around a] 100 km road from Yellowknife Highway into Whati. We were just doing the financial close on the proponent that was the successful bidder on that P3 project, and we anticipate that construction’s going to start within this calendar year. And within, I would say, 24 months you’re going to see that road completed, and there will be access to the community. That will bring changes no different than Tuk, but that also is going to help open up that whole region of the Northwest Territories for further mineral development. There’s a number of people up there, there’s the Fortune Minerals site, there’s Nighthawk Gold at the old Colomac site that they’re pushing very hard on. And there’s a number of other projects up towards Great Bear Lake. The other one that will change things significantly in the Northwest Territories is that we got $102 million from the federal government for the Mackenzie Valley Highway. We’re proceeding with the Bear River Bridge, which is the biggest bottleneck on that system right now. There will be a significant amount of money invested there, and we will look at doing a section from Wrigley North, a small test section, to help in training and creating some employment opportunities in the community of Wrigley and the Dehcho Region. And we will proceed with our full environmental assessment with the Mackenzie Valley Highway. On top of all that, we’ve just did our second-round application with

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THE NORTHERN MINER / MARCH 4–17, 2019

The camp at De Beers and Mountain Province Diamonds’ Gahcho Kué diamond mine, 300 km northeast of Yellowknife, Northwest Territories. MOUNTAIN PROVINCE DIAMONDS

federal Minister Marc Garneau for the National Trades and Corridor Fund for the Slave Geological Province Highway. There was $250 million left in the Northern carveout for that, and we’ve made two submissions. It’s been capped at $50 million per submission on the remaining money, and we did two of them for the Slave Geological Province, which we are heartily pushing for. There are a lot of green minerals in the Northwest Territories to help drive the green economy — battery minerals and all those technology metals — so we believe that investment, along with the Slave Geological Province, is not just going to help the Northwest Territory, it’s going help drive the Canadian economy.

These are significant investments, and the federal government seems to be listening to our story these days. They are getting the message that this is going to be a good story all the way around, with indigenous participation to help sign off on the Paris Accord and the Pan-Canadian Framework on Climate Change, and drive the economy. TNM: What’s the status of the ice road to the diamond mines, and the push to build a permanent road? WS: Within the next few weeks the 300 km ice road to the diamond mines gets built, and it costs $20 million to build it every year, and it melts.

This last year was a record-breaker of 9,500 loads, and this year they told me it’s still going to be around 8,500 to 9,000 loads — that’s how many trucks go there during the winter. Our goal is to build a road up there and a power system. TNM: One item you repeatedly emphasize as minister is the pro-mining attitude of the people in the Northwest Territories. Is that sentiment going to continue? WS: Mining has been around in the Northwest Territories since the 1930s, when they discovered gold in Yellowknife. That’s what has driven our economy for the most part from Giant, to Con, to a number of other

small ones. Ptarmigan, we had a number of small gold mines in that whole region. Pine Point zinc was a big part of our economy, and uranium on Great Bear Lake. Mining has been in the blood of people in the Northwest Territories. It’s what has brought good-paying jobs to a good portion of our residents, and it will continue in the long-term. We just need to have our federal partners line up with us, and our indigenous governments, which are totally on-side, for the most part, on driving our economy and help drive the Canadian economy. So that’s what we need to continue to work on, and that’s why we’re at Roundup. TNM

2019-02-26 11:20 PM

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MARCH 4–17, 2019 / THE NORTHERN MINER

US mining law: four traps for the unwary Canadian miner COMMENTARY

| Acquiring unpatented mining claims on federal public lands a unique process

BY R. CRAIG JOHNSON AND KEVIN W. JOHNSON Special to The Northern Miner

cquiring unpatented mining claims on federal “public lands” in the U.S. is considerably different than acquiring tenures under the mining law in Canada, or elsewhere in the world where a “registration” system is used to validate claim ownership. The U.S. law is based on the General Mining Law of 1872. Under that law, the right to locate is “selfinitiated” (meaning no act of the federal government is necessary to stake a mining claim). Once properly located, the locator has a valid interest in such land, provided the land was open to location; the location is properly made; a discovery of a valuable mineral deposit is made; and the claim is properly maintained through annual filings and/or payments, and the exercise of pedis possessio rights. The owner of a valid mining claim generally has the exclusive right to use and possess the claim within the claim boundaries for mining purposes and to develop and sell the mining products from the same, free of any royalty to the federal government. A mining claim can be sold, mortgaged, inherited and otherwise treated like other real property interests, subject to the paramount title of the United States. Unlike a registration system, the act of

Ewan Downie — president and CEO of Thunder Bay, Ontario-based Premier Gold Mines — beside trucks at Premier’s 40%-owned South Arturo gold mine in Elko County, Nevada, where majority partner Barrick Gold is operator. PREMIER GOLD MINES

registering a claim in the U.S. may not afford protection against a rival claimant. A locator in the U.S. must be a “citizen.” That term includes natural persons who are citizens, as well as corporations and limited liability entities that are organized under the laws of any state of the United

States. It is customary for a Canadian mining company to incorporate a company or limited liability entity under the laws of a state — such as Nevada, Delaware or Utah — to acquire and hold mining claims. Apart from that requirement, there are other unique concepts that may surprise the Canadian miner. Discovery First is the concept of a “discovery.” To have a valid claim, there must be a valid discovery of a valuable mineral. A discovery occurs when the locator finds a mineral in sufficient quantity and quality so that “a person of ordinary prudence would be justified in the further expendi-

ture of his labour and means, with a reasonable prospect of success, in developing a valuable mine.” This standard is the “prudent man test,” and incorporates two requirements. First, the locator must find the valuable mineral. This requires a physical exposure on each claim. If the mineral is not already exposed on the surface, it must be exposed by drilling or excavation. Second, the exposed deposit must be of such value that it is reasonably probable that it can be mined, removed and disposed of at a profit in terms of “present marketability,” which means that the claimant must establish the likelihood of developing a successful

Gordon McCaslin

I Adding value. Delivering results. Integrated engineering and environmental solutions to help you achieve more.

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t is with great sadness that we announce Gordon’s peaceful passing on January 10th, 2019 after his courageous battle with cancer. He began in the financial industry in 1956 at JP Cannon, and then spent 45 years employed by Alfred Bunting and Co. becoming Chairman of UBS Canada. After retiring he continued working for his clients at Mackie Research Capital for about seven years. Gord had a passion for the mining business, a passion that led him to many corners of the earth. He loved the hunt for minerals! He joined the PDAC in 1992, and was a member of the Old Timers Club. Beloved husband of the late Barbara; he was the father of Paul (Suzanne) and David (Michele); grandfather of Stacey, Jason, Krista, Laura and Christopher; great-grandfather of Ryane, Gavin, Max, Ayla, Lowen, Peyton, Evan, and Conner. Loving companion of Sheila Patterson. He will be greatly missed by his many friends and family.

mine, based on historic and current markets, price and cost factors. The discovery concept poses unique challenges for a widely disseminated orebody, such as a large copper porphyry, which may not have a discovery that would support a mine on any single claim. As against the government, the discovery standard is stringent. Property rights do not attach until there is a valid discovery and the government may negate the claim without compensation. Many mining claims do not meet the discovery test and can fail against a challenge by the U.S., or a U.S. withdrawal of the land encompassed by the claim from location. To be valid, each lode claim must have a discovery that cannot be in another lode claim. Placer claims must not only have a discovery, but each 10 acres of the claim must be “mineral in character.” The mineral in character requirement requires evidence of mineralization but is a much lesser standard than the discovery standard. Only one discovery is required per association placer claim, whether the claim is 20 or 160 acres. However, as with other placer claims, each 10 acres of the claim must be mineral in character. Pedis possessio A second concept is the doctrine of pedis possessio. In a large claimstaking exercise, rarely are there sufficient valid discoveries for each claim. As noted above, while no rights are obtained against the federal government until a true discovery is made on a claim, as against rival claim locators, the claim owner has limited protection under the doctrine of pedis possessio — so long as the claim owner is diligently working to make a discovery. What that means is that there need to be efforts underway to make a discovery, and if so, a rival claimant who seeks to overstake a previously staked claim may not have a

2019-02-26 11:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

valid claim. But if the original claim owner simply pays the claim rental fees to the Bureau of Land Management (BLM) and only passively holds the claim without actively conducting work on it, or if the claim holder does not diligently oversee the claim against rival claimants, then the claim holder may lose the claim to the rival claimant. In short, based on the pedis possessio doctrine, a claim holder can’t simply stake and file a claim and expect to maintain rights in the claim, even if it is registered in the BLM records. In the case of rival claimants where the original clam holder has not diligently exercised its pedis possessio rights, a court may simply decide that the first claimant to make a valid discovery will win. Extralateral rights A third concept is the doctrine of extralateral rights. This doctrine may allow a miner to exploit the valuable mineral through the sidelines (but not the end lines) of a lode claim, even through another lode claim owned by someone else, or even on lands that have been withdrawn from location after the claim location, so long as the vein “apexes” within the claim holder’s lode claim. This can be an astonishing surprise to find out that the holder of a lode claim can mine through the lode claim of a completely separate claim holder under the extralateral rights doctrine, if the necessary tests are present! Split estates Finally, a fourth concept is the doctrine of split estates. Beginning with the Stock Raising Homestead Act of 1916, the federal government began granting deeds (called “patents”) to the surface while retaining title to the minerals underlying the surface. Often, the mineral interests underlying the surface of these homestead grants remains open to location. Also, because the mineral estate is the “dominant estate,” the surface owner is unable to stop the mineral exploration and exploitation, so long as the correct BLM procedures are met by the mineral owner, which requires it to show due regard for the interests of the surface estate owner and occupy only those parts of the surface that are reasonably necessary to develop the mineral estate. This amendment requires notification to the surface owner before its land is entered, but the surface landowner still has no right to prevent entry or stop mining from taking place on the property. Also, the mineral owner must file a notice of intent to locate a mining claim on such lands with the appropriate BLM office, and a copy of the notice must be served on each surface owner by registered or certified mail, return receipt requested. The surface owner must wait 30 days before entering the lands to

Rick Van Nieuwenhuyse, president and CEO of Vancouver-based Trilogy Metals, at the company’s Arctic polymetallic project in Alaska’s Ambler district. TRILOGY METALS

THERE ARE OTHER UNIQUE CONCEPTS IN U.S. LAW THAT MAY SURPRISE THE CANADIAN MINER. locate any mining claim. Once a notice is filed, no one except the mineral owner may conduct mineral activities on the land subject to the notice. While the surface owner is allowed to request that its lands be entered at a convenient time, the surface owner may not prevent entry. The mineral owner has a further 60 days to explore and stake mining claims. Recently, several U.S. states have enacted surface-owner protection acts to provide reasonable protections to the rights of surface owners. Current law and BLM regulations require that the operator engage the surface owner in negotiations to obtain a surfaceuse agreement. This can take the form of an agreement for access, an agreement for compensation, and other provisions. There are, of course, other critical legal issues in acquiring and maintaining unpatented mining claims on federal public lands, as well as the requirements that apply to the development of such claims, including environmental permitting, financial assurances, and the like. For an in-depth review of these and related topics, including the

various environmental and permitting requirements, water law issues and financing issues under the U.S. Mining Law, please refer to the Mining Law Handbook available free of charge through Parsons Behle & Latimer, c/o Jason Castor, jcastor@parsonsbehle.com, tel: 801 536 6816.

— Based in Salt Lake City, R. Craig Johnson and Kevin W. Johnson are attorneys and shareholders at the law firm Parsons Behle & Latimer. Craig Johnson is a member in the firm’s Corporate and Environmental, Energy & Natural Resources departments and concentrates his practice on mergers and acquisitions, mineral exploration, mine development (including EPCM) in the mining industry and related transactions. Kevin W. Johnson is a member in the firm’s Corporate Transactions & Securities, and Environmental,

Energy & Natural Resources departments. Founded in 1882, Parsons Behle & Latimer is one of the largest Utahbased law firms and has grown to more than 140 attorneys, with offices in Boise, Idaho Falls, Lehi, Reno and Salt Lake City. In addition to the firm’s expertise in providing services to the natural resources industry, it has forged relationships with multibillion-dollar companies, start-ups and individuals, and offers expertise in a range of areas. Visit www.parsonsbehle. com for more information.

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Gold & Quartz Eagle’s Nest Mine, Placer Co., California, U.S.A. 4.5 X 3.5 X 2 cm.

2019-02-26 11:20 PM

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MARCH 4–17, 2019 / THE NORTHERN MINER

Bristow seeks to build BRISTOW From 10

some holes just recently — we haven’t got results back for them yet — but certainly the indication is that the mineralization continues.” Development of the twin exploration declines at Goldrush focuses on getting into the orebody and doing detailed reserve drilling that will be adapted later for operational use. The feasibility study for Goldrush is going to be “a very real focus of the new team,” as it reshapes and re-evaluates that project. “It’s a super exciting discovery. It’s a primary discovery, first of all, and secondly, it’s already well north of 10 million oz., and we just announced an endowment in the Fourmile section, a small resource based on the drilling we’ve done ... but at a very impressive grade of 18.58 grams gold per tonne, and it’s within a very significantly mineralized footprint, and certainly underlies the Goldrush-Fourmile’s status as a genuinely world-class — at this stage — feasibility project, with the very real potential to become Barrick’s next tier-one mine ... that’s something that, as a geologist, you go and look at the mineralization and the sort of level of intersection grade is just spectacular.” Meanwhile, production ramp up continues at Turquoise Ridge, with a focus on using road-header technology to bring down costs ahead of the shaft commissioning in 2022. In the Dominican Republic, a lot of upside remains at its 60%-owned Pueblo Viejo mine, and Barrick is set on delivering its full value and expanding its current reserves, Bristow said. The company has recently finished a scoping study and pilot plant that support the expansion “of what is really one of the world’s largest gold mines” and “a really significant tier-one asset in our portfolio.” Based on this work, the company is progressing to a feasibility study. The expansion project is designed to extend the life-of-mine well into the 2030s, Bristow noted, helping

the company maintain production of 800,000 oz. a year after 2022, “where things originally were going to drop off.” In addition, Barrick is working on converting the generators from heavy fuel to gas, which will lower costs. He noted that Randgold can bring expertise to the project in terms of “proven process flow sheets, as far as ultra-fine grind and the sort of more tank-driven oxidation processes, rather than the current envisaged heap leach.” In Argentina, “the picture is more challenging,” with the government’s currency devaluation and consequential changes in the fiscal regime impacting on the fair value of its Veladero mine in San Juan province, resulting in a US$314-million aftertax impairment charge. “To restore Veladero, we have to really reinvent the way we’ve been operating it,” Bristow said of the high-altitude, joint-venture mine with China’s Shandong Gold. “Mark [Hill] and his team have already gone a long way to decide what we need to do ... cost discipline and increased efficiencies are what the operation needs, in addition to a heavy dose of geological input.” As a first step, Bristow said, “I’ve sent in some geological firepower as well as a mineral resource management review team to get a firm grip on the situation and find the best way forward. There are some significant potential resources that currently fall outside the current pit that need evaluating, and that is the focus of the combined Barrick/ Shandong review team.” At the moment, it’s all about rightsizing. “That was a big operation and was focused on gold production, and what we’re moving to is a focus on profitability, and so 500,000 oz. or thereabouts is probably, for the next couple of years, the right target,” he said. But, again, we need a lot more geological input to be able to really understand our mining reconciliation and what we’re putting on the leach pads.”

Northern Miner 1-4_PP_Dec03.pdf 1 03/12/2018 2:42:07 PM

There is also a requirement for a new leach pad, which the company is designing and permitting. Meanwhile, Barrick says there’s potential for more resources at the southern end of the pit. “We’ve got to drill it — the drill spacing is just too far apart to be able to put that into your mine plan.” Bristow also pointed out that Barrick has “embraced Shandong as a partner and really started to get them involved,” and together the two companies are working on lowering the cost structure by improving management oversight, rightsizing general and administrative expenses, and focusing on supply chain and other operational efficiencies. As well, Barrick is working on a project to bring cheap power in from Chile. “In the Pascua Lama project, Barrick spent money to bring power to the border of Chile and Argentina, and so we’re looking at extending that infrastructure, cause it’s right there, and Veladero relies on very expensive thermal power today.” The company is also collaborating with Shandong on other opportunities that the team has identified along the El Indio belt, Bristow said. In Peru, meanwhile, after suspending plans to sell all of its assets in the South American country, Barrick is developing a new plan for its wholly owned Lagunas Norte open-pit, heap-leach mine on the western flank of the Andes. “Peru has a new government as you know, or you should know, which is more mining-friendly than its predecessor, and it remains a key destination for Barrick in its endeavour to revitalize its greenfields exploration into South America.” The intention is to update the geological and orebody models, assess the satellite oxide potential and extend the known high-grade sulphide mineralization. More generally, Bristow noted, Barrick will put more energy into South America. “While Barrick was managing down its debt there was a necessary but somewhat singleminded focus on cash flows ... and one of the consequences was the relative neglect of exploration in

Thank you for attending

Latin America, where we have now revitalized our exploration programs and are actively pursuing brownfields and greenfields opportunities.” One example is Alturas, a greenfield discovery on Chile’s El Indio belt. Barrick finished a scoping-level study for a conventional open-pit, heap-leach project in 2017 that fell just short of the company’s hurdle rate. Now Barrick is conducting more drilling with the goal of increasing grades, adding and better defining shallow, near-surface mineralization, and increasing potential mine resource tonnage. The project has an inferred resource of 6.8 million oz. gold. The company is also interested in the prospective and underexplored Guiana Shield in South America, and recently boosted its strategic investment in Reunion Gold (TSXV: RGD), which has gold projects in French Guiana and Guyana. In Papua New Guinea, Barrick is engaging with its partners and is “fully aligned with the path forward on the approval of the new special mining lease (SML) extension due in August 2019. (Bristow made his first visit to the country after the conference call and met with government officials and members of the Landowners Association, with whom he reaffirmed Barrick’s commitment to negotiate an extension of the SML agreement.) “As with a number of the Barrick assets, Porgera has been a little neglected and starved of capital for many years due to the uncertainty around the SML extension,” Bristow said. The focus at Porgera in 2019 will be to assess its full potential and decide on a plan, “because there’s one thing that is absolutely clear — this asset keeps producing positive cash flows despite the challenges it has to face, and we all know that part of the world is home to many world-class deposits.” As for Acacia Mining and its assets in Tanzania, Bristow said that the “current impasse” is “clearly a loselose situation for Acacia shareholders and other stakeholders, which also include Barrick and the Tanzanian government,” and said the company continues to engage in mediating a solution. After the call, Barrick announced on Feb. 20 that in “its capacity as a facilitator,” Barrick and the Tanzanian government had reached a proposal setting forth the commercial terms to resolve outstanding disputes involving Acacia. These include agreement that the economic benefits from Acacia’s operations be shared on a fifty-fifty basis and that the government’s share would be in the form of royalties, taxes and a 16% free-carry interest in the Tanzanian operations, in addition to a $300-million payment to the government to resolve outstanding tax claims, which will be paid over time. During a question-and-answer session on the conference call, when asked about potential asset sales and

acquisitions, Bristow said that in terms of sales, Barrick will decide “in the fullness of time.” He added that “some of the assets we’ve got a bit of work to do to make sure that we maximize the sale value, and we’re busy with that. Others are more saleable in the short term. And, again, we’re not sitting on our hands.” As for potential acquisitions, he pointed out that in his experience, “many new business opportunities have been destroyed by our due diligence. “We’re not going to be seduced into making those irrational acquisitions that our industry is so very good at,” he said. “But at the same time, if you stumble and you’ve got quality, you’ll find us at your front door.” He also pointed out that his preference was to find something, not buy something. “For me, finding another 15 million oz., plus 10 gram near-surface gold deposit myself is much more exciting than buying one,” he continued. “So, I’ve got no doubt we’ve got a lot of work to do with the asset base. It’s a quality asset base. We are not interested in boosting production. What we want is profitability.” Another exciting thing, he said, is that Barrick has “a very large earnings before interest, tax, depreciation and amortization (EBITDA), and we now understand how it’s been whittled away to a net cash flow, which even then still supports our dividend strategy. But, again, we’re going to be focused on converting that EBITDA into more net positive cash flow. And that’s the really exciting part of this business. And we’re going to be very focused on doing that.” As for acquiring more assets in Canada, Bristow admitted Barrick was “under-invested” in the country in terms of its allocation of capital. “You buy assets because of two things: poorly run or well run,” he continued. “There are not a lot of well-run assets in Canada, either. So what we have got is a fully dedicated team looking at both opportunities, and also looking to build an exploration — sort of early-stage project identifier.” When asked whether Barrick might consider buying an asset like Pretium, Bristow didn’t mince words. “Everyone knows what the problem in Pretium is. It’s been fasttracked and it’s sitting in a position where it’s like a roast duck, no dinner. One month it’s good and one month it’s bad. “And how do you try and get your head around what the real value of an asset like that is? … it would be unwise for us to do anything in a rushed or poorly considered way, whether it’s Pretium, or any other asset. “It’s going to take me a little while to become Canadian,” he acknowledged. “I’m working hard at it, to be able to understand the Canadian opportunities.” TNM

CMY

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Looking forward to seeing you next year. Mark your calendars for Roundup 2020. January 20 – 23, 2020

2019-02-26 11:20 PM

SPECIAL FOCUS

GOLD & PRECIOUS METALS Liberty Gold’s Goldstrike property in Utah. LIBERTY GOLD

McEwen closes in on production at Gold Bar NEVADA

| Commercial production expected in March, mine life exceeds seven years

BY TRISH SAYWELL tsaywell@northernminer.com

COLOMBIA

| Will drill over 73,000 metres in 2019 BY RICHARD QUARISA

cEwen Mining (TSX : MUX; NYSE: MUX) will soon be pouring first gold at its new Gold Bar mine in central Nevada, just 14 months after breaking ground in November 2017. Commercial production is forecast to follow before the end of the first quarter, which is a dramatic schedule, says Chris Stewart, the company’s president. “I’d say that’s pretty darned good,” he says. “Typically, you’re into quite a longer time frame than that, especially when you’re looking at underground mines. Gold Bar is an open-pit mine, but the timeline we’ve put together See MCEWEN / 28

Continental Gold expands resource at Buritica

rquarisa@northernminer.com

ontinental Gold (TSX: CNL; US-OTC: CGOOF) has tabled an increased resource estimate for its Buritica gold development project in northwestern Colombia that also reinterprets the way the company sees its deposits and incorporates new zones, called “broad mineralized zones” (BMZs). The company tabled its prior resource in 2015, and based it more on surface drilling, as opposed to underground drilling. After completing the project’s feasibility study

McEwen Mining’s Gold bar gold project in central Nevada. MCEWEN MINING

See CONTINENTAL / 30

TATOGGA PROJECT Advancing significant new gold and copper discoveries in British Columbia’s prolific Golden Triangle

GTT : TSXV www.gtgoldcorp.ca | info@gtgoldcorp.ca

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2019-02-26 11:20 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

The gold processing plant at McEwen Mining’s Gold Bar project site in Nevada. MCEWEN MINING

McEwen closes in on production at Gold Bar

MCEWEN From 27

is pretty impressive, and we’re looking at bringing it in on budget — at around US$81 million. We’re tracking at US$81.4 million right now.” A lot of the preparation work, including engineering, was done early as the company awaited permitting, which enabled it to “hit the ground running” when the permits arrived in November 2017, Stewart explains. “There weren’t any concerns about getting the permit, just the timing around it,” he says. “It was a fairly quick turnaround because it’s in a known mining area. It’s not like it’s a new concept for the people there, or the regulators.” Exploration last year also extended Gold Bar’s estimated mine life to 7.4 years. This year the company plans to spend US$5.05 million on exploration drill targeting near surface and deep Carlin-type mineralization on the property

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“WE’RE ON THE BATTLE MOUNTAIN CORTEZ TREND — COMPANY-MAKERS, AS FAR AS GOLD MINES GO.” CHRIS STEWART PRESIDENT, MCEWEN MINING

this year. McEwen Mining says the addition to the mine plan of the Gold Bar South resource should extend the mine life by one year. “The 7.4 years don’t include Gold Bar South, which we’re actively working on right now, with some more drilling,” Stewart says. “We will most likely have our existing resource upgraded for Gold Bar South by the end of this year.” McEwen Mining acquired Gold Bar South, 5 km from the Gold Bar

Gold ore under the leach pad at Gold Bar. MCEWEN MINING

project, in January 2016. This year exploration will target near-surface extensions, including Gold Bar South, as well as looking at depth to see what can be found there, Stewart says. “There’s significant potential to find more gold at depth,” he says.

“We’re on the Battle Mountain Cortez trend — company-makers, as far as gold mines go.” Gold Bar is 40 km south of Barrick Gold’s (TSX: ABX; NYSE: GOLD) Nevada operations and 40 km north of Waterton Global’s Ruby Hill mine.

“We’re on the same structure as Barrick’s Goldstrike and Cortez mines,” he says. “Goldstrike has 50 million oz. just to the north of us, on the same trend we’re on ... and Cortez has 10 million oz., and we really haven’t done a lot of work looking at depth yet, so that’s something we’ll be doing this year.” Stewart estimates Gold Bar will produce 55,000 oz. gold this year at an all-in sustaining cost of US$975 per oz. gold. The mine is expected to produce an average of 62,000 oz. gold a year over its mine life at cash costs of US$770 per oz., and all-in sustaining costs of US$843 per oz. gold. A feasibility study in February 2018 estimated capex of US$81 million, and a three-year payback based on US$1,250 per oz. gold. The study forecast a 23% post-tax internal rate of return and US$54million after-tax net present value at a 5% discount rate. McEwen Mining already has three operating mines: Black Fox in Ontario’s Timmins district, the El Gallo gold-silver mine in Mexico, and its 49%-owned San Jose gold-copper mine in southern Argentina. Development projects include the Gallo Silver project near the El Gallo mine, and the large, low-grade Los Azules copper asset in Argentina’s San Juan province. McEwen Mining’s shares have traded within a 52-week range of $2.16 to $3.28 per share. At press time, shares were trading at $2.39. The company has 345 million common shares outstanding for an $825-million market capitalization. TNM

2019-02-26 11:20 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

JOINT VENTURE ARTICLE

Barrian to IPO with Gold Projects in Nevada and New Mexico

A view of the Uncle Sam silver deposit on the Bolo property in Nevada. Credit: Barrian Mining Corp. Barrian Mining Corp. is all set to complete its initial public offering. The company is wrapping up an earn-in agreement with Allegiant Gold (TSXV: AUAU; US-OTC: AUXXF) to acquire up to a 75% interest in the latter’s Bolo gold project near Tonopah, Nevada. Bolo will be Barrian’s flagship asset moving forward. The 13.5 sq. km land package is 90 km north east of Tonopah and near Kinross Gold’s Round Mountain gold mine, which has produced more than 10 million oz. gold. Bolo’s previous owners spent US$3.3 million exploring the property. Surface samples at Bolo have graded as high as 8.6 grams gold per tonne along the project’s 2.7 km Mine fault and 4.7 grams gold along its 2.2 km East fault. Past owners drilled more than 12,200 metres across 67 reverse circulation holes at Bolo. Highlights include 133 metres grading 1.28 grams gold from surface including 30.5 metres at 3.24 grams gold, 90 metres at 1 gram gold from surface and 58 metres at 41.13 grams silver from surface, including 7.6 metres

at 220 grams silver. “We think this asset has a lot of potential,” Barrian CEO Max Sali says. “We’re very excited about the property, and we were able to get a good deal done.” To earn a 50.01% interest in the property, Barrian must make staged exploration expenditures totaling US$2.65 million from 2019 to 2022, broken down into US$500,000 in 2019, US$750,000 in 2020, US$1.25 million in 2021 and US$1.5 million in 2022. If the company wants to earn a 75% interest in Bolo, it must spend US$2 million in both 2023 and 2024. The company can accelerate its spending at any time for a faster earn-in. The company plans to complete a $500,000 work program at Bolo in the first half of 2019, including 1,700 metres of drilling to expand current targets and add new ones. “All the drill holes from the previous company were drilled without any modern geophysics,” Sali says. “Modern geophysics need to be shot first to get a better understanding of the targets.” After completing ground IP and

magnetic geophysical sur veys, Barrian will fly drones for imagery analysis and take grid soil and rock geochemical samples across the project’s anomalous areas. It will use that data to complete geological modelling and finalize diamond drill targets for the second half of 2019. The company wants to define the ex tent of mineralization at, and possibly connect, three of the project’s zones — Uncle Sam, North Fault and South Fault. “Hopefully we can show some continuity between all three of them and take the modelling and start to put something together for a National Instrument 43-101 compliant resource estimate,” Sali says. The company will base its 2020 campaign on this year’s results. It intends to drill 2,900 metres in this second phase of work and that will build towards the tabling of a maiden resource estimate by 2021. “My professional geologist Kris Raffle of Apex Geoscience did all of Gold Standard Ventures work in Nevada so he has a very, very good geological understanding of Nevada,” Sali says. “I’m leveraging

him to come in and do a work program for us and pick out the drill targets.” Barrian’s other gold project, the Sleeper, is located in New Mexico. The Sleeper has a historical non 43-101 compliant resource totaling 767,000 tonnes grading 320 grams silver and 5.1 grams gold. Formerly called Mogollon, the Sleeper property covers 72 km of strike length, although past exploration and development have focused on only 4.8 km of the property. “The district that this asset is in has had historically production of about 327,000 ounces and gold and 15,700,000 million ounces of silver between 1905 and 1942 and this was originally going to be our flagship. The reason we renamed it the Sleeper is because it’s kind of like one of those Volkswagen Golfs you see on the drag track with about 1,000 horsepower in it,” Sali explains. “It looks pretty plain on the outside and then it beats everything on the track.” “No one’s really touched this proper ty since the 1980s,” Sali says. “There was a little bit of work

by Columbus — which is now Allegiant — in 2010, but not enough to really validate this asset.” Barrian must issue $1 million worth in stock to Allegiant over three years to earn a 100% interest in the project. “We think that we can do some data compiling and go in there and drill some new targets,” Sali says. “It’s a very cool asset because this is something other people have put aside for a long time, but it seems like under the hood there’s something there.” Barrian has a pre-IPO valuation of $5.36 million, and an enterprise value of $4.84 million. It has half a million dollars in cash, and management and insiders own 23% of the company. It will be listed on the TSX Venture Exchange under the ticker symbol ‘BARI.’ — The preceding Joint-Venture Article is PROMOTED CONTENT s p o n s o re d by B a r r i a n M i n i n g Corp., and compiled in cooperation with The Nor thern Miner. Visit www.barrianmining.com for more information.

A view of the Bolo gold project near Tonopah, Nevada, which is the flagship asset of Barrian Mining Corp., and where work has begun. Barrian’s IPO is to be completed in early 2019. Credit: Barrian Mining Corp.

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2019-02-26 11:20 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

Continental Gold expands resource at Buritica CONTINENTAL From 27

in 2016, the company began mine construction, focusing on underground development. “With that, our understanding of the geological system has evolved immensely,” Continental Gold CEO Ari Sussman says in an interview with The Northern Miner. “Being able to be underground — see it, touch it, feel it and reinterpret it. “So instead of focusing on individual veins, we’re focusing on zones. This is going to be much more efficient for mining. “It should make for a much easier time for our mine-planning team.” As Sussman explains, when Continental started drilling more tightly spaced holes, it picked up these bulkier zones, or BMZs. As a result, the company has been able to aggregate zones at Buritica, incorporating material lying in between high-grade veins that it had previously deemed waste into its resource estimate. “One thing about the system is that it has remarkable continuity both along strike and vertically,” Sussman says. He says the company has chased BMZ1 vertically, with drilling to more than 400 metres. It expects that, as it finds more BMZs, they will all have a similar verticality. It hasn’t traced BMZ2 very far yet — to less than 100 metres — but says the zone remains open at depth. Continental has three BMZs, so far, but Sussman says it may have found a fourth close to BMZ1. The company has only drilled one hole into the zone, and says it’s waiting on additional assays to confirm whether or not it’s a BMZ. Along with its ongoing underground development and more drilling, the company re-logged 40% of its historical core. It then simplified its geological interpretation of the project’s gold-bearing bodies from 89 veins into 27 vein packages and three BMZs. Its work led to a 19% increase in Buritica’s overall measured and indicated resource and a 30% increase in the project’s overall inferred resource. The project now has 15.45 million measured and indicated tonnes grading 10.54 grams gold per tonne and 41.8 grams silver per tonne for 5.23 million oz. gold and 20.8 million oz. silver. It also contains 20.36 million inferred tonnes at 8.87 grams gold

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Continental Gold COO Donald Gray (centre) leads a tour at the Buritica gold project under construction near Antioquia, Colombia. PHOTO BY DAVID PERRI

“THE ASSET DOESN’T HAVE ANY STREAM, ROYALTY, OR GOLD LOAN AGAINST IT, SO THOSE OPTIONS ARE ON THE TABLE AND BEING EVALUATED. IN ADDITION, WE’RE LOOKING AT TAKING MORE DEBT.” ARI SUSSMAN CEO, CONTINENTAL GOLD

and 39.3 grams silver for 5.81 million oz. gold and 25.8 million oz. silver. That’s not including the BMZs, which total 580,000 measured and indicated grading 4.64 grams gold and 12.3 grams silver for 90,000 oz. gold and 200,000 oz. silver, as well as 1.51 million inferred tonnes at 4.41 grams gold and 9.4 grams silver for 210,000 oz. gold and 500,000 oz. silver. In 2019, the company will drill 73,500 metres at Buritica, including 55,000 metres of definition drilling, some of which will go into BMZ

areas to prepare for stope mining. The company will use the remaining 18,500 metres to infill BMZ areas. The company recently drilled its best BMZ interval to date at BMZ1, cutting 88.91 grams gold over 20 metres from 324 metres downhole including 3,194.51 grams gold over 1 metre. Other recent infill intercepts from BMZ1 cut 16.55 grams gold over 41 metres from 168 metres downhole, 15.36 grams gold over 16 metres from 251 metres downhole and 48.03 grams gold and 6 metres from 149

Continental Gold special advisor David Reading (left) and CEO Ari Sussman aboard a helicopter between Medellin and the Buritica gold project. PHOTO BY DAVID PERRI

metres downhole. The company is halfway through building its mine. It expects to have all its underground development done by the end of 2019, and most of its surface work, as well. It aims to pour first gold in 2020’s first half and ramp-up to commercial production over the following six months.

In 2018’s second quarter, Continental updated the project’s anticipated capital expense to between US$475 million and US$515 million. It does not have enough cash to finish construction. “Obviously we will be talking to our strategic shareholder, Newmont,” Sussman says. “The asset doesn’t have any stream, royalty, or gold loan against it, so those options are on the table and being evaluated. In addition, we’re looking at taking more debt. “As it stands today we have US$275 million in debt, so there’s lots of flexibility to tack on a little extra to cross us over the line, without being dilutive to shareholders.” Newmont Mining (NYSE: NEM) has a 19.9% stake in Continental. Sussman says the company spoke to Newmont after it announced it would acquire Goldcorp (TSX: G; NYSE: GG). “Immediately when they announced the Goldcorp transaction as a company we were concerned,” Sussman says. “But we called them and they committed that they are supportive of Continental Gold and the continued development of our project. They’re not going anywhere.” Shares of Continental Gold are trading at $2.35 with a 52-week range of $1.76 to $4.01. The company has a $443-million market capitalization. “This resource update we put out just shows how substantial of a deposit this is,” Sussman says, “and the amazing thing to us is we have no idea where the ends of this are in terms of growth. It’s going to get much bigger. There’s no question that we’re confident of that.” TNM

2019-02-26 11:21 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

The pit at Kerr Mines’ past producing Copperstone gold project in Arizona. KERR MINES

Kerr Mines targets 2020 production at Copperstone ARIZONA

BY TRISH SAYWELL

tsaywell@northernminer.com

err Mines (TSX: KER; USOTC: KERMF) expects to mine and stockpile mineralized material from its Copperstone gold project in Arizona in the fourth quarter of this year, with produc-

| 15,000-metre drill program planned at past producer

tion starting in the first quarter of 2020, CEO Claudio Ciavarella says. The fully permitted project is the underground extension of the same orebody that Cyprus Amax mined as an open pit between 1987 and 1993 — producing 500,000 oz. gold. Kerr Mines picked up the project in 2014 through an all-share

merger with American Bonanza Gold, which had developed two declines in the bottom of the pit and 4 km of underground access, and mined 163,000 tonnes ore between January 2012 and July 2013. Given the project’s infrastructure and historic underground mining — in addition to an explora-

tion drift Kerr Mines developed in mid-2017 — the project can be put into production fairly easily, Ciavarella says. A prefeasibility study estimated initial capital costs of US$22.7 million to build a mine capable of producing at a rate of 38,000 oz. gold annually for 4.5 years.

The orebody has a horizontal strike length of over 1,500 metres and extends 110 metres beneath the historic open pit, which bottomed at 150 metres. Within this area, measured and indicated resources stand at 1,240 See KERR / 32

JOINT VENTURE ARTICLE

Marathon Grows Resources at Valentine Lake Marathon Gold’s (TSX: MOZ) Valentine Lake project is the largest gold resource in Atlantic Canada with four near-surface deposits called Marathon, Leprechaun, Victory and Sprite. The majority of the resources are found in the Marathon and Leprechaun deposits, which also have resources below the current open-pit shell. Gold mineralization has been traced down over 350 metres ver tically at Leprechaun and 1 km at Marathon. Last year the junior grew the Valentine Lake camp’s pit-constrained indicated resources by 46% to 2.69 million ounces of gold contained within 45.15 million tonnes grading 1.85 grams gold per tonne and boosted inferred resources by 51% to 1.53 million ounces of gold in 26.86 million tonnes grading 1.77 grams gold per tonne. “We’ve rapidly increased the resource over the last year and we see lots of potential to continue to do that,” says Marathon Gold President and CEO Phillip Walford, adding that the average discover y cost of j ust $10 per oz. is “probably one of the best in the business.” The four deposits identified so far occur over a 20-km system of gold-bearing veins, and much of the 240 sq. km property has yet to be explored. A preliminary economic assessment (PE A) completed in 2018 estimates that the project would support an open-pit mine life of 12 years producing a total of 2.73 million ounces of gold, or 225,100

1-56_Main_Mar4_Main2.indd 31

ounces of gold annually, at all-in sustaining costs of US$666 per ounce. The PEA did not incorporate any of the underground resources at Marathon. Pre-production capex of US$355 million could be paid off in 2.5 years, given that the Marathon deposit’s near-surface higher grade resources will allow for higher gold production in the early years. Both open pits at Marathon and Leprechaun would generate significant tonnage of mill feed above 4 grams gold in the first two years of operations to help keep the gold production a higher levels. The PEA estimates an after-tax net present value at a 5% discount rate of US$493 million and a post-tax internal rate of return of 30%. The mine plan envisions two gold recovery operations: a milling-flotation-carbon-in-leach plant and a heap-leach plant, with the option of adding high-pressure grinding rolls ahead of the heap leach and a coarser grind in the mill that could reduce operating costs. Results of metallurgical test work on material from Marathon and Leprechaun to optimize mill and heap leach recoveries will be ready in the second quarter of the year, with a prefeasibility study expected before year-end. Meanwhile, the company is preparing the project description which it must submit to regulators at the provincial and federal level. The majority of the work in 2019 however will be drilling of one

The camp at Marathon Gold’s Valentine Lake project. Credit: Marathon Gold kind or the other—from resource and conversion drilling to infill, geotechnical, metallurgical, and condemnation drilling. The 2019 program will focus on infill drilling at the Marathon and Leprechaun deposits to reduce inferred resources in the pit shells. Exploration drilling at the Sprite “Gap Area” will take place after the infill drilling is completed. In early February, Marathon released results from the first drill holes of its 2019 exploration drill campaign that Walford says support the company’s geological model.

The holes intersected wide zones of quartz-tourmaline-pyrite-gold veining with abundant visible gold in the open-pit core of the main mineralized corridor in the Marathon deposit. The holes confirm the lateral continuity of the higher-grade gold mineralization between adjacent drill holes at shallow depths. Hole MA-18-348 returned 3.92 grams gold over 23 metres from 14 metres downhole, including 8.98 grams gold over 4 metres, and hole MA-18-349 cut several good zones, with 2.10 grams gold

over 29 metres from 201 metres downhole, including 5.43 grams gold over 4 metres. Says Walford: “It’s important that we can demonstrate to everyone that the higher-grade zones have continuity both along strike and across the zone and it looks like it’s doing just that.” — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Marathon Gold Corporation, and compiled in cooperation with The Northern Miner. Visit www.marathongold.com for more information.

2019-02-26 11:21 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

Processing facilities at Kerr Mines’ Copperstone gold project in Arizona. KERR MINES

Kerr Mines targets 2020 production at Copperstone KERR From 31

million tonnes grading 7.63 grams gold per tonne for 276,000 contained oz. gold. Another 734,100 tonnes at 6.81 grams gold for 145,700 contained oz. gold lie in the inferred category. Ciavarella wants to concentrate efforts this year on a 15,000-metre underground drill program to expand the resources and ideally extend the mine life by another three or four years. The resource expansion drilling will take place from existing underground access and will affect an area of 500 metres of strike length

and 200 metres of elevation — or one-third of the current resource strike length. An updated resource and reserve estimate should be finished before year-end. In addition to the drill program, Kerr Mines will validate the 95% recoveries it achieved during its engineering study in late 2017 and early 2018. “The metallurgical work that was previously done was based on a flotation circuit and got 85% recoveries, while we determined with minor modifications we could increase recoveries to 95% — a major increase,” Ciavarella says.

“CAPEX IS ROUGHLY $25 MILLION, SO WE CAN MOVE INTO PRODUCTION WITH A FOUR-AND-A-HALF-YEAR MINE LIFE, BUT OBVIOUSLY WE WANT A LARGER MINE LIFE AHEAD OF US, AND WE BELIEVE THERE’S UPSIDE.” CLAUDIO CIAVARELLA CEO, KERR MINES

The company recently received an air permit from the State of Arizona that gives it permission to build the whole ore leach and SART goldprocessing systems. The air permit allows the company to modify processing from flotation to whole ore leach. “It’s tank leach-

ing, where you’re leaching the gold out of the rock primarily through the use of consumables and reagents,” he explains. “The leaching process that we want to use is actually what was used by the original miner — Cypress Minerals — back in the 1980s and early 1990s.”

Kerr is evaluating whether it should incorporate a sulphidizationacidification-recycle-thickening (SART) circuit to the planned gold processing plant. The SART circuits can trim operating costs by lowering the consumption of reagents, and can add revenue from the recovery of copper from gold ore. Once the SART assessments are complete, the company can move into detailed engineering focused on the leach-plant design and construction, Ciavarella says. Then it’s on to financing, which he says shouldn’t be problematic, because initial capital costs are so low. “Capex is roughly $25 million, so we can move into production with a four-and-a-half-year mine life, but obviously we want a larger mine life ahead of us, and we believe there’s upside.” The company expects to continue exploration drilling from underground once the mine is in production, and has cash flow. Copperstone is located in La Paz County within the Walker Lane mineral belt, where it intersects gold provinces in southern California and western Arizona. Over the last year, Kerr Mines shares have traded within a range of 11¢ to 25¢ apiece. The junior has 277 million shares for a $39-million market capitalization. TNM GRASS ROOTS OPPORTUNITY » Never Been Drilled » 17 cells – 1020 acres in Red Lake Mining District » Prime frontage on the Golden highway » All-weather road access E:durninfr@gmail.com P: 807-852-4728

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2019-02-26 11:21 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

GOLD & PRECIOUS METALS SNAPSHOT

Drills turn across the Americas in search of precious metals Gold and silver remain the preferred targets for North American mineral explorers, with thousands of campaigns ongoing across the globe. Here is a look at eight such companies.

MTLFF) is exploring in northwestern B.C.’s Golden Triangle region, where it has its wholly owned Kirkham property — prospective for gold as well as copper, silver and nickel. The Kirkham property is 65 km north of Stewart, B.C., and the property’s northern border is contiguous to Garibaldi Resources’ E&L Nickel Mountain project, whereas the northeast corner of Kirkham is within 12 km of the Eskay Creek mine, and the eastern border is within 15 km of Seabridge Gold’s KSM deposits and Pretium Resources’ Brucejack mine.

ALAMOS GOLD Alamos Gold (TSX: AGI; NYSE: AGI) is a Toronto-headquartered intermediate gold producer with four operating mines in North America: the Young-Davidson and Island Gold underground mines in northern Ontario; and the Mulatos and El Chanate open-pit, heapleach mines in Mexico’s Sonora state. The company also has exploration and development projects spread across Mexico, Turkey, Canada and the United States. The company has set aside a global exploration budget for 2019 of $33 million, of which US$19 million will be spent at Island Gold for defining near-mine resources. It has also budgeted US$6 million at Mulatos and Lynn Lake, its feasibility-stage, open-pit gold project in Manitoba. As of Dec. 31, 2018, the company reported global proven and probable reserves of 9.7 million oz. gold (199 million tonnes grading 1.51 grams gold per tonne) and global measured and indicated resources of 7.2 million oz. gold (202 million tonnes grading 1.11 grams gold). The company met its production guidance in 2018 for the fourth straight year, producing 505,000 oz. gold at all-in sustaining costs of US$989 per oz. gold. It ended the year debt-free and with a strong balance sheet, including cash and equivalents of US$206 million and US$400 million in an undrawn credit facility. In February the company said it would double its dividend in 2019 of US1¢ per common share and will distribute quarterly rather than semi-annually. Last year the company distributed US$7.8 million in dividends. Alamos was formed in February 2003 through the amalgamation of Alamos Minerals and National Gold, and since its inception has been led by president and CEO John McClusky, who was named Ontario’s 2012 Ernst & Young Entrepreneur of the Year. DOUBLEVIEW CAPITAL Vancouver-based Doubleview Capital (TSXV: DBV; US-OTC: DBLVF) is focused on North America, with a special interest in British Columbia. Its three key projects are Hat, Red Spring and Mt. Milligan North. Its flagship asset is the Hat property, a copper-gold porphyry project in northwestern B.C., 95 km southwest of Dease Lake. The company says it found the deposit in early 2014 from a greenfield prospect in its first drill season. In June 2018, the junior signed an option agreement with Hudbay Minerals, under which Hudbay can earn up to a 65% interest in the property. Doubleview subsequently announced that Hudbay initiated the first inducedpolarization geophysical survey program on the 63 sq. km property in July 2018. Red Spring is a copper-silver-zincgold project, 120 km north of Smithers. Doubleview president and CEO Farshad Shirvani describes Red

1-56_Main_Mar4_Main2.indd 33

The Kirkham property was assembled over the years by worldrenowned copper-gold expert Rodney Kirkham, and vended into Metallis. Metallis says the property features several geological environments — magmatic sulphide, porphyry and shear vein — and has the “potential for a world-class mineral discovery.”

Eastmain Resources’ Eau Claire gold project exploration camp in Quebec’s James Bay region. EASTMAIN RESOURCES Spring as a “stratabound, ‘redbed’type of copper deposit similar to those in several very large European and Asian copper mining districts.” The property was discovered and drilled in the 1970s. In February, the company announced it had done an 88 km airborne geophysical survey of the property. Doubleview’s 18 sq. km Mt. Milligan North property, 165 km northwest of Prince George, is near the Mt. Milligan copper-gold mine. EASTMAIN RESOURCES Toronto-based Eastmain Resources (TSX: ER; US-OTC: EANRF) is exploring for high-grade gold in Quebec’s James Bay region. Its “triangle of success” has three main assets: the Clearwater project, host of the high-grade Eau Claire resource, amenable to open-pit and underground mining; the Eastmain Mine project, a past-producer with updated resources and growth potential; and the Éléonore South Joint Venture with Goldcorp (TSX: G; NYSE: GG) and Azimut Exploration (TSXV: AZM) on a large land package next to Goldcorp’s Éléonore mine — the region’s largest gold mine.

As of February 2018, measured and indicated resources at Eau Claire total 4.3 million tonnes at 6.18 grams gold for 193,000 contained oz. gold, plus 2.4 million inferred tonnes at 6.53 grams gold for 500,00 contained oz. gold. The Eastmain Mine project hosts 899,000 indicated tonnes at 8.19 grams gold per tonne for 237,000 contained oz. gold, plus 579,000 inferred tonnes at 7.48 grams gold. The resource also has minor copper and silver. At the joint-venture property, Eastmain is exploration manager of the earlier-stage asset. GALWAY METALS Toronto-based Galway Metals (TSXV: GWM; US-OTC: GAYMF) continues to work at its flagship Clarence Stream gold project in New Brunswick, as well as its past-producing, high-grade Estrades polymetallic project in northwestern Quebec, 95 km north of the town of La Sarre. Galway argues that it has a “new vision for two previously misunderstood projects” that present it with a “golden

opportunity.” Galway expects to update its resource estimate for Clarence Stream before the end of 2019. The current resource includes only the South and North Zones, and since it was released in September 2017, the company has carried out more drilling, totalling 3,000 metres. The North and South Zones host 390,000 contained oz. gold within 6.2 million measured and indicated tonnes grading 1.96 grams gold per tonne, and another 277,000 oz. gold contained within 3.4 million inferred tonnes grading 2.53 grams gold per tonne. Estrades is a volcanogenic massive sulphide deposit, with a resource that was revised upwards to 1.5 million indicated tonnes grading 3.55 grams gold per tonne, 122.9 grams silver per tonne, 7.20% zinc, 1.06% copper and 0.60% lead. Another 2.2 million tonnes stand in the inferred category at 1.93 grams gold, 72.9 grams silver, 4.72 % zinc, 1.01% copper and 0.29% lead. METALLIS RESOURCES Vancouver-based Metallis Resources (TSXV: MTS; US-OTC:

Newly Discovered Zone in the Golden Triangle

In November, Metallis reported that the first-ever drill program at the Cole and Nina targets totalled 1,645 metres of diamond drilling, and resulted in two porphyry system discoveries. The assays at the Cole target included a high-grade gold zone discovery containing 11.18 grams gold per tonne over 7.7 metres. NEVADA EXPLORATION Nevada Exploration (TSXV: NGE; US-OTC: NVDEF) describes itself as exploring for large, new Carlintype gold deposits in Nevada’s underexplored covered valley basins by incorporating the latest in undercover exploration technology. The Vancouver-based company is led by an experienced management team that has been involved in many discoveries in Nevada — including Lone Tree and Rabbit Creek — and is advancing a portfolio of new, district-scale gold projects along Nevada’s Cortez trend. In February, Nevada Exploration

See SNAPSHOT / 36

• Flagship Forrest Kerr Project located in BC’s Golden Triangle. • Justin Project located adjacent to Golden Predator’s Project, Yukon.

Aben Resources Ltd. (TSX-V: ABN) is a publicly traded Canadian GOLD exploration company with significant projects in BRITISH COLUMBIA, SASKATCHEWAN and the YUKON.

Ph: (604) 639-3851 | Em: info@abenresources.com TSX-V: ABN | OTCQB: ABNAF Web: www.abenresources.com

2019-02-26 11:21 PM

GOLD & PRECIOUS METALS

MARCH 4–17, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Pure Gold aims to pour first gold at Madsen in Q2 2020 RED LAKE CAMP

| Major permits in place for advanced project

BY TRISH SAYWELL tsaywell@northernminer.com

ith its recently completed feasibility study behind it, Pure Gold Mining (TSXV: PGM) expects to make a production decision on its Madsen gold project in northwestern Ontario’s Red Lake camp in the coming weeks, and could begin construction in April, with first gold poured as early as May 2020. The project has significant mining, milling and tailings infrastructure already in place, as well as all major permits, so pre-production capital costs should not exceed $94.7 million, including a 9% contingency, the study found. The sum is 87% higher than what was envisioned in the preliminary economic assessment completed in 2017, but the higher cost is due to expanding throughput from 600 tonnes per day to 800 tonnes per day, and moving to owner-operated mining from contract mining. “The feasibility study allows us to fully assess the development rates, the number of working faces, and effectively allows us to optimize the production rate, and we think 800 tonnes per day is appropriate,” Darin Labrenz, the company’s president and CEO, says. “There’s room for expansion beyond that, but that would come after the mine is fully developed.” As for switching from contract mining to owner-operated mining, Labrenz says, “it gives you more control and allows you to get better operating efficiencies, and ultimately lowers your operating costs over the life-of-mine.” Total life-of-mine capex — including closure costs for the underground mine — are expected to come in at $327 million. The study forecasts a 12.2-year mine life with a pre-production period of 13 months, and total gold production of 970,000 oz. for an average 80,000 oz. a year. Operating cash costs and all-in sustaining costs for the 800-tonneper-day operation over the mine life

Pure Gold Mining geologist Karl McNamara logging core in the core shack at the Madsen gold project in northwestern Ontario. PURE GOLD MINING

are estimated at US$607 per oz. and US$787 per oz., respectively. Madsen’s after-tax net present value at a 5% discount rate is $247 million and the after-tax internal rate of return, 36%, which should result in initial capex recovered in just under three and a half years. The mine plan in the feasibility study envisions a combination of methods from conventional cut and

fill (59%), mechanized cut and fill (16%) and longhole mining (25%). The feasibility study is based on Madsen’s indicated resource of 1.86 million contained oz. gold within 6.43 million tonnes grading 9 grams gold, and did not include mineralization from any of the project’s satellite deposits — Wedge, Fork and Russet South. The satellite deposits outcrop within 1 to 3 km of the Madsen mill, and will be the subject of an upcoming preliminary economic assessment that will incorporate ounces from these deposits as a

“WE’RE IN CANADA — IT’S HIGH-GRADE, SHORT TIMELINE TO PRODUCTION.” DARIN LABRENZ PRESIDENT AND CEO, PURE GOLD MINING

mine-life extension. Wedge, the most recent discovery, sits on the south end of the same structures that control Madsen. “The satellite deposits are discoveries we’ve made over the last several years,” Labrenz says. “Within them they have 206,000 oz. indicated resources and 226,000 oz. inferred

resources and each of these zones is genetically and spatially linked into a common gold system, so they’re all related to the mineralization we see at Madsen, and it’s the recognition of these relationships that allowed us to make these discoveries — the most recent of which was Wedge.” On Feb. 5, the company updated

Well-funded gold explorer unlocking value in Val-d’Or

TSX.V: PRB

www.probemetals.com

VISIT US AT BOOTH #2847 IN THE INVESTORS EXCHANGE – PDAC 2019.

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2019-02-26 11:21 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

A truck hauls ore from test mining to the surface at the Madsen gold project. PURE GOLD MINING

its resource estimate for Madsen and the three satellite deposits to 2.06 million oz. contained within 7.19 million indicated tonnes, at an average grade of 8.9 grams gold per tonne. Inferred resources were estimated at 467,000 oz. gold contained within 1.88 million tonnes of 7.7 grams gold per tonne. As for exploration upside at Madsen itself, Labrenz says, there are several opportunities for expansion. The deposit extends from surface down to a depth of 1,200 to 1,400 metres, and a 2017 drill hole returned 34.6 grams gold over 4.3 metres from 1,350 metres below surface — below any historic mining. A drill hole in 2011 intersected 14.3 grams gold over 2 metres from 2.1 km below surface. “Madsen has a very pronounced north-plunge, and remains open to depth,” Labrenz says, “we’ve got two pierce points that span 800 metres that demonstrate that potential.” Labrenz points out that the Red Lake mine is being mined at a depth of 2.5 km below surface. And while it’s costly to drill from surface, by year three of its operation at Madsen the company will be deep enough to set up in the hanging wall and drill some of the potential. Pure Gold also plans to convert significant high-grade resources in the 8 Zoneintoahigherresourcecategory,and that zone is open up and down-plunge. Madsen is one of the highestgrade, undeveloped gold deposits in the world. “These types of deposits are scarce,” Labrenz says. “We’ve got a

feasibility study that shows strong economics and a long-life mine, and we think there’s real opportunity here for growth through our satellite resources and demonstrated exploration potential. We’re in Canada — it’s high-grade, short timeline to production.” Assuming construction begins in April, the company would start project dewatering soon after the production decision. Construction would start in June, and mine development, in July. The mine’s permits will need to be amended and updated, but Labrenz expects to finalize them in the fourth quarter of this year. “It’s a simplified process, and these are amendments, rather than new permits,” he says. “I’m confident those permits will be amended. The fact that we have existing permits and an existing footprint, and we really aren’t stepping outside of that, suggests we’ll have a fairly straightforward permitting process.” Labrenz points out that Red Lake was borne out of mining, and Madsen was the first major mining operation there in 1936. As a result, “there is strong support in the local community and a large pool of skilled labour in the camp.” Pure Gold’s 47 sq. km patented land position hosts two past-producing mines, including the Madsen mine. The two mines produced 2.6 million oz. gold over a 36-year operating history. The project has power, paved highway access, a 1,275-metre-deep shaft and headframe, 27 levels of

“THE FEASIBILITY STUDY REALLY LAYS OUT PHASE ONE, BUT WE SEE THIS AS A STEPPING STONE TO A LONGER-LIFE MINE WITH ATTRACTIVE ECONOMICS, AND ROOM FOR GROWTH AND SCALABILITY.” DARIN LABRENZ

underground workings, a portal and ramp, and a mill and tailings facility. An existing environmental compliance approval allows for the operation of a 1,089-tonne-per-day mill and processing plant.

“The feasibility study really lays out phase one, but we see this as a stepping stone to a longer-life mine with attractive economics, and room for growth and scalability.” Over the last year the company’s

shares have traded within a range of 50¢ and 81¢, and at press time were trading at 70¢. Pure Gold has 256 million shares outstanding for a $167-million market capitalization. TNM

YUKONERS, IT’S TIME TO COME HOME. Victoria Gold is building the Eagle Gold Mine in the Yukon, just north of Mayo. We’ll be mining +30,000 t/d, producing ~200,000 oz Au/year. If you are a tradesperson, equipment operator, process/crusher operator, or have experience working at a producing mine, we may have a job for you. Check us out at www.vitgoldcorp.com and send your resume to: greatpeoplework@vitgoldcorp.com.

TSX.V VIT | VITGOLDCORP.COM

PRESIDENT AND CEO, PURE GOLD MINING

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2019-02-26 11:21 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

Alamos Gold’s Island gold mine in northern Ontario. ALAMOS GOLD

GOLD & PRECIOUS METALS SNAPSHOT SNAPSHOT From 33 reported another round of drill results from its South Grass Valley project, where it says its early, wide-spaced drill holes continue to intersect characteristic Carlintype gold deposit geological controls, together with anomalous Carlin-type pathfinder element concentrations over a target area at least 3 km along strike. CEO Wade Hodges says that “as we keep taking these large step-outs, we’re seeing that this system is still open, really in all directions and at depth. The last three holes all bottomed in increasing silicification, which we now know

in hole 6 and hole 7 is associated with consistent runs of increasing gold concentrations … we have the pieces to look closely at the different bedrock units, interpret the project geology and focus on identifying the controls to vector towards potentially high-grade mineralization. We are now busy using these latest assay results to update our exploration model and lay out a clear plan for the next phase of drilling.” In January, Nevada Exploration closed a $658,000 private placement, with proceeds to be used for more core drilling at South Grass Valley and for general working capital.

PROBE METALS Toronto-based junior Probe Metals ( TSXV: PRB; US-OTC: PROBF) is led by president and CEO David Palmer and chairman Jamie Sokalsky — a former president and CEO of Barrick Gold, with Probe Metals having been formed as a spinoff after Probe Mines Ltd. was bought by Goldcorp in 2015. Goldcorp still owns a 13.7% stake in the Toronto-based junior. Probe is exploring for gold in Quebec’s Abitibi region, with its flagship being the Val-d’Or East gold project outside the city of Val-d’Or. Combining open-pit and underground material, total indicated resources at Val-d’Or East stand at 9 million indicated tonnes grading 2.35 grams gold per tonne for 682,400 oz. gold, plus 9.3 million inferred tonnes at 2.41 grams gold for another 722,100 oz. gold. In February Probe reported high-

grade gold results from recent drilling at the Val-d’Or East Courvan property. Probe president and CEO David Palmer says that “in a very short space of time, the Courvan property has been elevated into a priority area for generating potential new gold resources. The area is characterized by thick, high-grade gold zones that are interpreted to be part of the same system responsible for the mineralization that comprises the current National Instrument 43-101 gold resource, 1.5 km east. The Courvan area, as well as the ground in between, has become a priority focus for the [year-end] drill program, as we look to extend these mineralized zones and expand our resource base.” SILVER RANGE RESOURCES Led by seasoned president and CEO Mike Power, Silver Range Resources ( TSXV: SNG; US-OTC: SLRRF) bills itself as a highgrade, precious metals project

generator. The Vancouver-based junior has 42 properties mostly across Nevada and northern Canada, including 16 projects, and it says it is “ready to deal.” Silver Range’s as-yet-unoptioned Tree River property in Nunavut covers 393 sq. km, located 155 km southeast of Kugluktuk (Coppermine). The host rock is a regionally extensive, 15 to 20 metres thick, Archean quartz-pebble conglomerate, analogous to the rich Pilbara or Witswaterand deposits formed in the 2.9- to 2.7-billion-year-ago “great gold deposition event” time window. Silver Range has optioned its South Kitikmeot gold project in Nunavut to Amaroq Gold. The seven properties cover 728 sq. km that encompass all open iron-formation-hosted gold occurrences in the favourable host metasediments in the area, which includes the Lupin mine and Back River project. TNM

Gold, Copper and Nickel Exploration in the Heart of the Golden Triangle TSX.V : MTS | OTCQB : MTLFF

www.metallisresources.com | 604.688.5077

1-56_Main_Mar4_Main2.indd 36

2019-02-26 11:21 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

Silver poised for stronger year after humdrum 2018: Silver Institute FACTS ‘N’ FIGURES

| Silver mine production forecast to decline 2% in 2019

The following is a release by the Silver Institute, a Washington, D.C.-based non-profit association that draws its international membership from across the breadth of the silver industry, including silver miners, refiners, bullion suppliers, manufacturers of silver products and wholesalers of silver investment products. For more information, visit www.silverinstitute.org.

ast year, the silver market faced a challenging environment, which was reflected in a muted price performance. Preliminary estimates point towards a minor 0.3% increase in total supply, whereas demand contracted 3%. A slowing Chinese economy — coupled with rising U.S. interest rates, an equity market bull run and global trade tensions — affected the price performance across many markets, including gold and silver. This year, we expect the sentiment to be more supportive for the silver market. The start of 2019 has already been good for silver investors. The U.S. Mint for example, sold 12% more American Eagles in January compared to January 2018. In addition, the expected slowdown in the U.S. Federal Reserve’s rate-hiking cycle should also benefit silver, which in comparison to gold, has a very attractive price point, based on the high gold-to-silver ratio at around 82. Against this backdrop, the Silver Institute provides the following insights on 2019 silver market trends. Silver demand Silver demand from industrial fabrication — responsible for 60% of total demand — is forecast to rise modestly in 2019. We expect most sectors to record reasonable growth based on silver’s use in a wide variety of applications. Silver demand from brazing alloys and solders, as well as electrical and electric applications, is expected to rise again this year. This is on the back of continued demand from the automotive sector, which uses an increasing amount of applications, such as safety features, window defogging and infotainment systems, and for electric and hybrid vehicles. We also forecast growth in silver’s use in a variety of sectors, such as water purification, chemical applications, LED lighting, flexible electronics and screens, as well as anti-microbial applications in textiles. Photovoltaic demand has expanded considerably in recent years, due to various countries stepping up the pace to diversify their energy-generating portfolio away from conventional fossil fuels, and towards a higher share of renewable sources. Even with legislative changes in China, coupled with global overstocking and continued attempts at thrifting, photovoltaic demand will still support silver use, as many governments will provide incentives to install more solar power. Indeed, global solar capacity additions are likely to be above 100 GW per year from 2018 to 2022. Even though growth of solar capacity additions in China slowed modestly last year, the slack could be offset in the coming years by other countries, such as India, Australia and in various parts of Europe. India is expected to continue as one of the largest silver consumers in 2019. Silver imports reached nearly 225 million oz. last year, which was over 35% higher, com-

1-56_Main_Mar4_Main2.indd 37

A solar power plant at B2Gold’s Otjikoto gold mine in Namibia. Photovoltaic technology is a growing source of silver demand, according to The Silver Institute. B2GOLD

PHOTOVOLTAIC DEMAND HAS EXPANDED CONSIDERABLY IN RECENT YEARS, DUE TO VARIOUS COUNTRIES STEPPING UP THE PACE TO DIVERSIFY THEIR ENERGY-GENERATING PORTFOLIO AWAY FROM CONVENTIONAL FOSSIL FUELS, AND TOWARDS A HIGHER SHARE OF RENEWABLE SOURCES. pared to 2017. Silver imports fell in India after implementing the demonetization plan at the end of 2016 and introducing the goods and services tax in mid-2017, which lowered the amount of cash in circulation that was previously used for silver imports. Jewellery demand is expected to record a solid year of growth in 2019, with Thailand set to be one of the driving forces behind the rise. In the U.S., silver jewellery will remain a popular alternative to lower-carat gold items, driven by many issues, but especially female self-purchases. Globally, silver

jewellery is expected to continue to expand, due to its diversity of design, fine quality and excellent retail margins. Exchange-traded products (ETPs) are forecast to expand 8 million oz. this year. Silver-backed ETPs are “stickier” than other precious metal products, as most are held by retail investors, rather than institutional investors. Silver physical investment demand could increase 5% in 2019. Bullion coin demand had been strong in the U.S. throughout January, and we expect sentiment in Europe — which rose 6% in 2018 —

and India to support global growth as the year continues. Bullion coin demand in the U.S. fell last year, but non-bullion silver coins rose for the second straight year by 42% (see chart). Silver supply Silver mine production is forecast to decline 2% this year. While we expect a small rise from silver recovered in gold mining, all other primary and by-product production is expected to fall, except for supply from lead-zinc operations, which are forecast to rise this year. Silver scrap supply is forecast

to pick up modestly in 2019, after four consecutive years of stable scrap flows. That will be mainly a function of scrap generated from industrial processes, but also from jewellery items, which tend to be price elastic. The silver market balance (total supply less total demand) in 2019 is projected to be the third consecutive year, within the boundaries of margin, where all the silver produced is absorbed by the various downstream sectors. Silver price We expect the silver price to strengthen this year to post an average price of US$16.75 per oz. — a 7% increase over the 2018 average price based on the LBMA Silver Price. The volatility in the equity markets is motivating investors to look for alternative options, such as precious metals, which will boost silver investment. TNM

2019-02-26 11:21 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

A headframe at Kirkland Lake Gold’s Macassa gold mine in northeastern Ontario. KIRKLAND LAKE GOLD

Kirkland Lake Gold boosts production forecast 2019–2021 GOLD BY TRISH SAYWELL

tsaywell@northernminer.com

jump in the reserve grade and tonnage at Fosterville in Australia — already one of the highest grade and most profitable gold mines in the world — will help increase Kirkland Lake Gold’s (TSX: KL; NYSE: KL) total gold production this year to between 920,000 and 1 million oz., up from its previous guidance of 740,000 to 800,000 oz. in December. The company revised its consolidated production guidance for 2019 after finishing reserve and resource estimates as of Dec. 31, 2018. Fosterville’s reserve increased 1.02 million oz., or 60%, to 2.72 million oz. from 1.7 million oz. gold. The average reserve grade jumped 34% to 31 grams gold per tonne from 23.1 grams gold per tonne, and the number of tonnes rose 19% to 2.72 million, from 2.29 million. Kirkland Lake Gold expects Fosterville will produce between 550,000 and 610,000 oz. gold this

| Provides cost guidance, exploration outlook for Australia, Ontario

year, up from its previous guidance of between 390,000 and 430,000 oz. gold. The latest guidance for Fosterville was also driven by changes to the mine plan that will allow Kirkland Lake Gold to access the mine’s highgrade Swan Zone stopes earlier than expected. (The company doubled the Swan reserve from 1.16 million oz. gold to 2.34 million oz. gold through exploration and definition drilling programs throughout 2018.) Contributing to the increase in consolidated guidance for the year is the company’s decision to resume operations at its Holloway mine in Matheson, Ont., which it says could produce 20,000 oz. gold this year. Meanwhile, reserves at its Macassa mine in northeastern Ontario increased 11%, after the depletion of 244,000 oz. gold. The mine’s reserves grew to 2.25 million oz. at an average grade of 21.9 grams gold, compared with 2.03 million oz. at an average grade of 21 grams gold as of Dec. 31, 2017. Improvements in consolidated OntariO’s newest

HigH-grade gold Producer OntariO’s newest

tsX: HrT / Frankfurt: H4o / OtC: HrTFF

HigH-grade gold Producer

www.hartegold.com www.hartegold.com

1-56_Main_Mar4_Main2.indd 38

Significant resource growth scale H4o potential tsX: HrT District / Frankfurt: / OtC: HrTFF Significant resource growth District scale potential

“THIS IS PERFECT GROWTH, IT’S MORE UNITS, AT LOWER COST. WE ARE PRICE TAKERS IN THIS INDUSTRY, BUT WE’RE PRODUCING MORE GOLD AT LOWER COSTS AND THE PRICE OF GOLD IS GOING UP TOO, AND WE THINK WE’RE IN A REALLY STRONG GOLD ENVIRONMENT.” TONY MAKUCH PRESIDENT AND CEO, KIRKLAND LAKE GOLD

unit costs have also been forecast for 2019. The company expects operating cash costs this year of US$300US$320 per oz., down from its guidance in December of US$360 to US$380, with all-in sustaining costs per oz. sold of US$520 to US$560, compared to previous guidance of US$630-US$680 per oz. (At Fosterville, operating costs per oz. sold are expected to improve to US$170 to US$190 per oz. from US$200 to US$220 per oz. previously.) Looking ahead, Kirkland Lake Gold forecast consolidated gold production in 2020 of between 930,000 oz. and 1.01 million oz., and a range of 995,000 and 1.06 million oz. in 2021. After news of the guidance revisions, analysts at Macquarie Research raised their target price on the company from $50 per share to $60 per share, and noted that Kirkland Lake Gold is still growing, and remains one of its top picks. “The consistent, positive reconciliation, the very high-grade drill results, and the multiple upward revisions to guidance give us confidence that understanding of the mine is evolving, and there is still more to come at Fosterville,” the bank says in a research note to clients. At spot gold and exchange rates, Macquarie forecasts Kirkland Lake Gold’s free cash flow from 2019 to 2021 will come in at US$1.4 billion, peaking at over US$700 million in

2023, which it says is “one of the best free cash flow generation profiles in the sector, with ample room for substantial dividend increases, other cash return, or mergers and acquisitions.” In addition to revising its guidance, the company reported full-year 2018 results, with record production of 724,000 oz. gold, up 21% year-on-year. Cash costs improved 25% year-onyear to US$362 an oz., while all-in sustaining costs improved 16% to US$685 per oz. gold. Revenues jumped 23% yearon-year from US$747.5 million to US$915.9 million, and net earnings grew 107% to US$273.9 million from US$132.4 million. Earnings before interest, taxes, depreciation and amortization jumped 49% to US$531.6 million, up from US$356.9 million the previous year. On a conference call, president and CEO Tony Makuch noted that the company’s cash costs in 2018 were “probably industry leading,” adding that “definitely very few companies can match that.” “This is perfect growth. It’s more units, at lower cost,” Makuch said. “We are price takers in this industry, but we’re producing more gold at lower costs, and the price of gold is going up, too, and we think we’re in a really strong gold environment. So there will be lots of excitement and lots of value creation in Kirkland

Lake in 2019.” He also highlighted the company’s “industry-leading earnings and cash low” — US$1 a share in earnings, and US$250 million free cash flow. “What I really want to point out in terms of 2018,” he told analysts and investors on the call, is that “operating cash flow was up almost 75%, over US$0.5 billion in the year. Free cash flow was up 40% yearover-year. And that resulted in a quarter-billion of cash flow in 2018.” Makuch points out that the strong financial results came at the same time as the company ramped up its growth capital expenses in developing the new No. 4 shaft at Macassa and increased investments at Fosterville, and in exploration in Canada and Australia. The mining executive also said the company made strategic investments during the year, bought back its own stock and increased its dividend. On the exploration front in Australia, the company noted that its current mine leases at Fosterville, which are 17 sq. km, represent less than 1% of its total land package around the mine. “We don’t believe Swan is a oneoff occurrence, and we are very excited to be testing this target,” John Landmark, the company’s vice-president of human resources and exploration, Australia, said on the conference call, adding that there are four active underground drills. “Exploration in Australia in 2018 has been very successful,” he said. “Going forward, we currently have an outstanding portfolio of advanced targets to aggressively chase, with over US$100 million being spent on exploration this year, and some 300 km of drilling planned.” At press time, Kirkland Lake Gold was trading at $45.79 per share within a 52-week trading range of $19.01 to $48.16. The company has 275 million shares outstanding for a $9.6-billion market capitalization. TNM

2019-02-26 11:21 PM

BASE METALS & BATTERY MINERALS

SPECIAL FOCUS

Crown Mining’s Moonlight-Superior copper project in northeast California. CROWN MINING

Black Iron, Glencore discuss offtake UKRAINE

| MOU signals confidence in low-cost Shymanivske project BY TRISH SAYWELL

tsaywell@northernminer.com

lack Iron (TSX: BKI; USOTC: BKIRF) and Glencore (LON: GLEN) are in talks to finance construction of the junior’s Shymanivske iron ore project in Ukraine, and have signed a nonbinding memorandum of understanding (MOU) to begin formal negotiations on the financingofftake package. “They have had their eye on this project for a while, and a number of things are quickly coming together such that Glencore believes it is the right time to move on it,” says Black Iron president and CEO Matt Simpson. “This is huge news.” The companies envision an investment from Glencore that will help fund construction in exchange for offtake of production of 4 million tonnes a year under Black Iron’s phase-one production plan. The terms and amount need more negotiations. A preliminary economic assessment (PEA) released in November 2017 envisioned building in two phases, starting at 4 million tonnes of dry concentrate per year, and ramping up to 8 million tonnes per year. Construction of phase two would start in the third year of production — funded by internal cash flow — and it would operate by year five. The debt would be paid down in the first years of production, and the third year would generate enough free cash flow to start building phase two. Including a 17% contingency, the PEA estimated capital investment would be US$436 million for phase one and another US$312 million for phase two, for a minimum 20-year mine life from the open pit, which is open for resource expansion, particularly to the north. Glencore’s involvement strengthens Black Iron’s ability to raise more funds and draws on the commodity giant’s See BLACK IRON / 40

“GLENCORE HAS SPENT QUITE A LOT OF MONEY AND TIME ON DUE DILIGENCE, SITE VISITS, MEETING GOVERNMENT OFFICIALS — AND ARE VERY SERIOUS TO MOVE FORWARD.” MATT SIMPSON PRESIDENT AND CEO, BLACK IRON

1-56_Main_Mar4_Main2.indd 39

The concentrator building and the electricity hookup at Nemaska Lithium’s Whabouchi lithium project in Quebec. NEMASKA LITHIUM

Cost-overruns sink shares of Nemaska Lithium QUEBEC

| Mine and chemical plant require hundreds of millions of dollars more

BY TRISH SAYWELL tsaywell@northernminer.com

ight months after the start of construction of its Whabouchi lithium project in Quebec, Nemaska Lithium (TSX: NMX; US-OTC: NMKEF) says it will cost another $375 million to complete the spodumene hard rock mine and electrochemical plant — a 34% increase over estimates in a feasibility study in January 2018. The announcement on Feb. 13 sent the company’s shares plunging 36%, or 19.5¢, to 35.5¢ apiece, on 39.6 million shares traded. The stock then sunk to 32¢ on Feb. 14, with 9.4 million shares traded. The news comes less than a year after Nemaska Lithium unveiled a $1.1-billion financing package on May 30, 2018. The additional $375 million will help finish construction and meet the drawdown conditions provided in the streaming agreement with Orion Mine Finance and the senior secured bonds closed on April 12 and May 30, 2018, respectively, the company says. The funding is largely related to installation and indirect costs, the company says, which were

“I WOULD JUST LIKE TO REMIND EVERYBODY ... THAT THIS 43-101 IS SIGNED BY ABOUT 12 QPs FROM TWO INTERNATIONAL FIRMS.”

ALWAYS PROSPECTING EXPLORING CLAYTON VALLEY & SURROUNDING AREAS FOR A DECADE

WWW.GEOXPLOR.COM SPECIALTY MINERALS & EXCEPTIONAL PROJECTS LITHIUM, COBALT,

GUY BOURASSA

VANADIUM, GRAPHITE,

PRESIDENT AND CEO, NEMASKA LITHIUM

FRAC SANDS, HPQ (HIGH PURITY QUARTZ), CORRUNDUM, RARE EARTHS, FLUORSPAR

determined as a result of a detailed review and deeper knowledge of all project components, including engineering work, revised site geotechnical data and new equipment and installation costs. “We now have a better view of the remaining scope of the project budget and current market conditions,” president and CEO Guy Bourassa told the 150 people tuned into a conference call. “The revised project numbers benefit from over eight months of construction, much higher level of detailed engineering, firm bids and contracts

A FULL SERVICE CONTRACT

LEADERS IN PROJECT GENERATION

GEOPHYSICAL, GEOLOGICAL & DEVELOPMENT COMPANY

ACQUISITION & DEVELOPMENT

See NEMASKA / 46

2019-02-26 11:21 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

BASE METALS & BATTERY MINERALS

WWW.NORTHERNMINER.COM

Examining rail infrastructure built alongside Black Iron’s Shymanivske iron ore deposit near Kryvyi Rih, Ukraine. PHOTO BY JOHN CUMMING

Black Iron, Glencore discuss offtake BLACK IRON From 39

extensive international network, experience and market knowledge. The natural resources powerhouse has agreed to work with Black Iron to leverage its relationships to source the balance of funds needed for construction and be an anchor investor. Under the MOU, Black Iron can also allocate offtake to other equity investors if the investment terms are equal or superior to those proposed by Glencore. Separately, Black Iron continues its debt financing discussions with international financial institutions and banks in Europe. “It’s important for people to know that even though the MOU is non-binding at this point, Glencore has spent quite a lot of money and time on due diligence, site visits, meeting government officials, and are very serious to move forward,” Simpson says. “They want to help Black Iron raise the balance of money that’s required to construct

1-56_Main_Mar4_Main2.indd 40

the project so they can market the high quality product that will be produced. “They have very strong brand recognition globally, so they’ll help open doors with other equity investors and banks that might be hard for us to do on our own,” he adds. “Glencore can even call the banks and say: ‘We want you to meet them, we’re investing in their project, we really like it, and you should invest too,’ and because they are such an important client for a lot of the banks, the banks listen to them.” Similarly, an equity financing and offtake agreement with Glencore also helps raise equity financing, as it gives potential investors confidence that Glencore is behind the project. The intention is to transition to a binding MOU during 2019, while Black Iron works in parallel on speaking with engineering procurement construction companies, streaming and royalty companies, and other groups that

might be interested in investing in Shymanivske. The company has already started discussions with certain debt providers. One of the many things Glencore likes about the project in Ukraine’s Kryvyi Rih area, Simpson says, is that it’s a very simple mine to build, given the excellent infrastructure that exists there already. There is no requirement to build rail, a port or bring in power. The area is also replete with abundant skilled labour. If all goes according to plan, Shymanivske should be ready for construction by early 2020, followed by a two-year build period. It will need to finish an environmental impact assessment to obtain its construction permit. The project was shovel-ready in early 2014, but had to be put on ice when Russia annexed Ukraine’s Crimean Peninsula on the Black Sea, and Russian-backed separatist forces launched a civil war to bring the country’s two eastern-

“GLENCORE CAN EVEN CALL THE BANKS AND SAY: ‘WE WANT YOU TO MEET THEM, WE’RE INVESTING IN THEIR PROJECT, WE REALLY LIKE IT, AND YOU SHOULD INVEST TOO,’ AND BECAUSE THEY ARE SUCH AN IMPORTANT CLIENT FOR A LOT OF THE BANKS, THE BANKS LISTEN TO THEM.” MATT SIMPSON PRESIDENT AND CEO, BLACK IRON

most provinces — in the Donbass region, 400 km east of Black Iron’s project — into the neighbouring Russian Federation. Today, “you would never know there’s a war going on from where we are. Life is very normal and safe,” Simpson says, adding that “the front line of the civil war hasn’t moved in five years, and there’s no reason to think it will now.” He also points to an announcement by ArcelorMittal (NYSE: MT) in November 2018 that it is investing US$1.1 billion into its PJSC mine, less than 1 km from Black Iron’s project. “If Arcelor Mittal — being a global giant with operations in several countries, including Canada — is choosing to put that much money into the Ukraine, it must be because, number one, they’re comfortable politically with the war, and number two ... they’re making a tonne of money because of how economic it is to mine iron ore in the country.” Simpson notes that it costs 25– 30% less to produce a tonne of iron ore in Ukraine (US$31 per tonne) than it does in Canada (US$45 per tonne) for a similar-quality product. Black Iron plans to produce a 68% iron content pellet feed concentrate with low levels of trace elements that can be used to produce high-quality iron ore blast furnace pellets, or premium direct-reduction-grade pellets. It can also be used as a sweetener in the feed for sinter production, which is processed to steel in blast furnaces. “The reason why the product is so interesting is because of the high iron content, but also because it has very low phosphorus and alumina,” Simpson says, which are contaminants that can affect the quality of steel produced and make it brittle. “High-quality steel needs to be flexible and ductile — like a skyscraper that can move a little bit because of the wind, or if you’re in an earthquake-prone zone, you need the building to move slightly and not crack. Similarly, if you hit a pothole you don’t want the rim of your tire to crack, and the way

to make the steel more flexible is to make sure your phosphorus and alumina are low.” Black Iron’s product is in high demand, Simpson says, and the recent tailings dam disaster at Vale (NYSE: VALE) — along with the company’s decision to shut down many of its operations, which will remove an estimated 10% of the world’s iron pellet feed from the world market — only increases the need for low-impurity iron. “A lot of people are aware that Vale has shut down 11 of its operations, taking about 70 million tonnes of capacity offline,” he says. “Some of that can be replaced by Vale themselves, or more easily by Rio Tinto, or potentially BHP — if they can increase production. But part of that 70 million tonnes is 10% of the pellet production, and that can’t be replaced by Rio Tinto or BHP very easily because they’d need to build a pellet plant, and potentially an iron ore concentrator. To do that, you have to design your plant, permit your plant, construct your pant — and that’s easily three years plus.” The Shymanivske project has a National Instrument 43-101 compliant resource of 646 million measured and indicated tonnes consisting of 355 million measured tonnes grading 31.6% total iron and 18.8% magnetic iron, and 290 million indicated tonnes grading 31.1% total iron and 17.9% magnetic iron, using a 10% magnetic iron cut-off grade. The Shymanivske project also has 188 million inferred tonnes grading 30.1% total iron and 18.4% magnetic iron. The deposit, discovered in the 1920s, has an estimated 20-year mine life. Under the current mine plan, the final pit would be 1.2 km long, 750 metres wide and 300 metres deep. The mine will have a conventional flowsheet with a gyratory crusher, a secondary crusher and high-pressure grinding rollers. At press time, Black Iron was trading at 10¢ per share within a 52-week range of 0.05¢ and 12¢ per share. The company has 160 million shares outstanding for a $16-million market capitalization. TNM

2019-02-26 11:21 PM

BASE METALS & BATTERY MINERALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

JOINT VENTURE ARTICLE

Osisko Metals Reviving Pine Point Zinc in NWT Having outlined 38.4 million inferred tonnes running 4.58% zinc and 1.85% lead in a pit-constrained resource, one might think Osisko Metals Inc. (TSXV:OM) President and CEO Jeff Hussey is satisfied with his company’s progress toward reviving the 100%-owned past-producing Pine Point zinc mine, east of Hay River, in the Northwest Territories. You might think that. But then you wouldn’t know Jeff Hussey. He knows there is much more work to be done, despite the 3.9 billion lbs. zinc and 1.6 billion lbs. lead outlined over the previous year. “We believe there is enormous potential at Pine Point. We plan on continuing to drill to increase both the size of the resource and its quality so we can move toward economic studies as quickly as possible,” says Hussey. In the East Mill zone, Hussey says the mineralization is less than 50 metres below surface. Within the central 20 km of the 60 km strike length — where the lion’s share of the resource occurs and where Cominco Ltd. (now part of Teck Resources) mined for over 25 years — the mineralization is no more than 125 metres below surface. All of it is amenable to open pit mining, which is rare as 90% of zinc production worldwide is mined underground. But in the East Mill zone, not far from where the concentrator once run by Cominco stood, Hussey suggests that the favourable stratigraphy remains very sparsely drilled 100 metres below surface, to say nothing of the unearthed potential along the 60-km Pine Point trend. “There is potential at depth,” Hussey says. “And enormous potential along strike.” Over 25 years at Pine Point, Cominco mined 58 million tonnes at grades of 10% combined zinc and lead in large, high-grade deposits down to an average depth of about 75 metres. Cominco shuttered Pine Point in 1988 owing to low metal prices and a shif t in corporate strategy towards the Red Dog mine. The stratigraphy at Pine Point consists of three massive flat-lying, parallel barrier reef complexes, yet the sphalerite-galena mineralization hosted in limestone has no electro-magnetic or magnetic signature. So, they are essentially blind deposits. As part of its 2019 work campaign, Osisko Metals plans to conduct a high-resolution airborne gravity-gradiometr y sur vey that relies on the densit y contrasts between the host rock and the denser sulphide mineralization.

“We think that we could potentially see new deposits quite clearly, including larger high-grade deposits — if they’re buried up to a hundred metres and maybe a bit more if they are bigger below surface. And, believe me, we will drill those targets once they are outlined,” Hussey says. “That’s potential and it exists along tens of kilometres of strike length on our mineral leases.” Cominco drilled about 18,000 holes at Pine Point. Hussey says his team will map all those holes in combination with high resolution LIDAR — to enhance topographic data used for structural geological interpretations — and a digital recompilation of the previous work in the camp. This, in combination with the gravity survey and other project data from Cominco, should allow Osisko Metals geologists to see circular, collapsed breccia structures commonly associated with larger, higher grade mineralization and traces of other mineralized structures that were not properly investigated. “We are putting together all the best thinkers that we can get on this,” Hussey says. So far Osisko Metals has drilled

A view of the town of Pine Point in the Northwest Territories. Credit: Osisko Metals Inc.

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Former mine workings at Osisko Metals Inc.’s Pine Point zinc property in Canada’s Northwest Territories. Credit: Osisko Metals Inc. about 60,000 metres at Pine Point last year, with more than 40,000 metres of that drilled after the cutoff date for the resources estimate. Hussey says the company will continue its ongoing drilling program and initiate its brownfield exploration work this year. But will Osisko Metals sell or develop Pine Point through to production? “That’s the beauty of working with the Osisko team. The Osisko team built the Canadian Malartic gold mine in Quebec. One of our directors Luc Lessard has built eleven mines and is working on his twelfth. I’ve worked in mines most of my career. All options are open. If there is good value for shareholders (in selling), we are more than willing to bring it to our shareholders but we have the capacity and ability to take this to production,” Hussey explains. Osisko Mining Inc. (TSX: OSK) and Osisko Gold Royalties Ltd. (TSX: OR) together own about 20% of Osisko Metals. All of this is happening against a backdrop of a tight zinc market. Zinc is trading at US$2,700 per tonne, up more than 30% over the last five years. Hussey notes that there is an electric grid substation on-site. Paved roads provide access to Pine Point at several key spots and 25-metre-wide gravel haul roads that link the different deposits. The most likely production scenario would see a zinc-lead premium concentrate (grading roughly

58% zinc and 75% lead) shipped 60 km west via tractor-trailers to the railroad head at Hay River and ultimately to ports in B.C. for shipment overseas. Hussey suggests, too, that the concentrate could be shipped at similar costs to smelters in Europe. Local First Nations and Metis communities have helped Osisko Metals with its exploration programs to date. “We are looking forward to continuing to build relationships and working with these communities,” Hussey says. Osisko Metals owns the project outright but there is a 3.0% net smelter return royalty on any production. Osisko Metals has the right to buy half that royalty back for US$3.0 million. “When we launched this company, there were a lot of projects coming across our desks, so we needed some filters. In base metals the filters were: infrastructure, metallurgy and upside. And in Pine Point we found all three,” Hussey says. Osisko Metals also believes it has found all three at its East Bathurst Mining Camp (EBMC) Project in New Brunswick, which encompasses the Key Anacon and Gilmour South deposits in the legendary Bathurst mining camp. The company has drilled about 40,000 metres in the camp over the last year and recently published its maiden resource estimate at EBMC. It measures 1.96 million indicated tonnes running 5.77% zinc, 2.38% lead, 0.22% copper

and 68.9 grams silver for 249.1 million lbs. zinc, 102.6 million lbs. lead, 9.3 million lbs. copper and 4.3 million oz. silver. Another 3.85 million inferred tonnes grading 5.34% zinc, 1.49% lead, 0.32% copper and 47.7 grams silver amount to 453 million lbs. zinc, 126.4 million lbs. lead, 27 million lbs. copper and 5.9 million oz. silver. The jewel in the EBMC crown is the Key Anacon deposit where recently released drill hole KAT-18-11 in the Titan zone hit 10 metres of massive sulphides grading 6.69% zinc, 2.46% lead, 0.54% copper and 58.79 grams silver per tonne. The intersection occurred less than 150 metres from surface yet the lead-zinc massive sulphide mineralization extends down to 1,100 metres below surface. Hussey says there is an adjacent copper-rich zone at Titan that will also be tested further. “We think it’s a feeder zone for the volcanogenic massive sulphides. We were getting 3% copper over six metres in a couple holes that are 400 metres apart,” Hussey explains. “We look forward to drilling it off.” At press time Osisko Metals was trading at $0.53 with 136.25 million shares outstanding. — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Osisko Metals Inc., and compiled in cooperation with The Northern Miner. Visit www.osiskometals.com for more information.

2019-02-26 11:21 PM

BASE METALS & BATTERY MINERALS

MARCH 4–17, 2019 / THE NORTHERN MINER

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Alphamin Resources’ Bisie tin mine under construction in the Democratic Republic of the Congo, as seen in January 2019: the view towards access road (left) and gravity mills and separation building. ALPHAMIN RESOURCES

Alphamin nears production at Bisie in DRC TIN

BY RICHARD QUARISA

rquarisa@northernminer.com

lphamin Resources (TSXV: AFM; US-OTC: AFMJF) is nearing production at its Bisie tin project in North Kivu, a province in the eastern region of the Democratic Republic of the Congo (DRC). Alphamin began constructing Bisie in 2017, developing a decline into the project’s Mpama North orebody. It hit ore in 2018’s third quarter, and by early 2019 had commissioned its crushers. It expects to commission the rest of its plant by the end of March 2019. “It’s going to be tight,” Alphamin CEO Boris Kamstra says during an interview with The Northern Miner. “We’ll do our first sale in April, and hopefully hit our straps in terms of run-of-mine production rate in July.”

| Aims to drill Mpama South later this year

Since July 2012, the company has drilled more than 35,000 metres across 171 holes at Mpama North and more than 3,000 metres across 16 holes at Mpama South. Its focus so far has been on Mpama North, where, as of May 2018, it has delineated 4.6 million measured and indicated tonnes grading 4.52% tin for 208,100 tonnes tin, as well as 540,000 inferred tonnes grading 5.25% tin for 22,800 tonnes tin. Based on measured and indicated resources, the project contains 3.5 million proven and probable tonnes grading 4.34% tin for 153,000 tonnes tin. According to an updated feasibility study the company filed in 2017, the project has a US$402-million, after-tax net present value at an 8% discount rate, and a 49% after-tax internal rate of return. According to the study, the project could produce 152,300 tonnes tin

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www.fireweedzinc.com

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TSX-V: FWZ

The portal entrance at the Bisie tin mine. ALPHAMIN RESOURCES

over the mine’s 12-year life for an initial US$126.1 million. It would achieve payback in 17 months. The property is surrounded by dense forest, deeply weathered soils and experiences high rainfall. Kamstra first hiked to the property in July 2013. “When you walk in that forest your site line is four metres. You can’t see, and very often your GPS gets cut off,” Kamstra recalls. He was an investment executive for Pangea Exploration at the time, which historically developed projects on its own balance sheet. Denham Capital approached Pangea in late 2011, looking for exposure to resource projects in Africa. Pangea’s geologist knew the team at Alphamin that was already drilling at Bisie with small, portable drills it had flown to the site. Alphamin acquired the Bisie licence in 2006. It sent geologists to the site that year, but armed groups profiting off the project shot at them. The company was forced to declare force majeure. “Because it was so remote, people couldn’t get there, they couldn’t see what was happening,” Kamstra says. “All they knew was that tin was pouring out of the forest. “Around 2008, the first guys were brave enough to go out there and see, See ALPHAMIN / 44

“BECAUSE IT WAS SO REMOTE, PEOPLE COULDN’T GET THERE, THEY COULDN’T SEE WHAT WAS HAPPENING ... ALL THEY KNEW WAS THAT TIN WAS POURING OUT OF THE FOREST.” BORIS KAMSTRA CEO, ALPHAMIN RESOURCES

Alphamin Resources’ team underground at Bisie. ALPHAMIN RESOURCES

2019-02-26 11:22 PM

BASE METALS & BATTERY MINERALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

“Our goal is to deliver a world class graphite resource” NOW DRILLING

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· · · · · · · · ·

2,867.29 Ha Property 2 Zones out of 10 drilled Road to the Property Built 192 km Highway to Port of Montreal 53 km to Imerys Graphite Mine – 25MT, including 5.2MT open pit at 7.42% Cgf Near Surface Mineralization Open Pit, Large Scale Target 10% Cg Zone Discovered

“

* Length along the core. The company does not have enough information to estimate the true width of the mineralized zone intersected in the drill holes.

Electric vehicle (EV) batteries need 10-15 times more graphite than lithium. By 2040, half the cars on the road will be EVs. Increasing graphite demand will improve the economics of the project and the value of our company. — Paul Gill, CEO Lomiko Metals Inc.

info@lomiko.comn

1-56_Main_Mar4_Main2.indd 43

www.lomiko.com

2019-02-26 11:22 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

BASE METALS & BATTERY MINERALS

Alphamin Resources’ CEO Boris Kamstra with members of the road repair team at Bisie.

WWW.NORTHERNMINER.COM

ALPHAMIN RESOURCES

Alphamin nears production at Bisie in DRC

ALPHAMIN From 42

and they were just greeted by a scene of desperation. It was just 16,000 people ... waterborne-disease rife, malaria rife ... indentured labour — a lot of them children. You want to keep the tunnels small because you don’t want to be mining waste, and when space is small you want small people.” But Kamstra says that in 2010 the dynamics changed. The DoddFrank Act made conflict tin basically worthless, and Joseph Kabila, former president of the DRC, denounced mining in the eastern part of the country, while the illegal miners at Bisie had already largely exhausted the most accessible parts of the deposit. By 2011, Alphamin was able to go back in and drill a few holes, which formed the basis for Pangea’s investment, backed by Denham. “They looked at it and said, ‘OK, we see an opportunity. We see it’s a risk, we get that, but we see an opportunity to potentially do well financially and do good at the same time so, go for it.’ And we did.” The company eventually funded a 40,000-metre drill program at Bisie in 2014. It would first have to build a road, however. “You’ve got two spectrums of the development profile,” Kamstra says. “You’ve got the Robert Friedland

The airstrip at the Bisie tin property. ALPHAMIN RESOURCES

version, where you just cover the place in drill rigs and really get an absolute precise view of what’s there and how you’re going to mine it ... you need probably a billion dollars to do that, particularly where we were, because — how do you get your drill rigs in? You’ve got to build a road.

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And if you’re building a road well, then maybe let’s just build a mine. “We figured, ‘How much capital do we sincerely believe we can get applied to this project?’ and the number was $200 million. So we took that and we reverse engineered it, pretty much. Given that that’s the quantum of capital, how do we unlock it?” The next problem the company faced was how to build its road. To build the road it would need heavy, earth-moving machinery, but to get the heavy earth-moving machinery it would need a road. It ended up hiring local workers, who built the road by hand: 600 men working for a year and a half to build a 40 km track. “Over time the road has improved,” Kamstra says, “Our initial problem was getting stuck too often, our current problem is speeding.” When it started drilling, Kamstra says, the company didn’t have the luxury of time. The kind of capital it could attract was private equity capi-

tal, and so it drilled for its resource at the same time that it worked toward its definitive feasibility study. Although it initially wanted to build Bisie into an open-pit mine, given its rainfall and terrain, it couldn’t find a way to responsibly store tailings, and so had to develop it as an underground operation, instead. After getting Mpama North into production, Kamstra wants to continue exploring Mpama South in the back half of 2019, with the view that Alphamin could start mining it in 2021 or 2022. Alphamin has drilled 16 holes into Mpama South so far. Highlights there include 2.46% tin over 33 metres from 192 metres downhole, and 197 grams silver over 19 metres from 61 metres downhole. “We are in what we call a tin province,” Kamstra says. “All along the ridge there are signatures identical to where we are mining, and where we are mining is a pinhead, compared to some of the things further down the ridge.

“We need to unlock the entire region. I believe that this will produce tin for 60 to 100 years.” Shares of Alphamin are trading at 24¢, in a 52-week range of 22¢ to 32¢. The company has a $125-million market capitalization. The company has an 80.75% interest in the 1,270 sq. km project, consisting of five exploration permits and one mining permit. The government of the DRC owns 5% of the project, and Industrial Development owns the other 14.25%. “We will generate a significant amount of cash that we will use to retire our loan as soon as possible, if we can’t refinance it,” Kamstra says. “We’re talking to people to refinance it, but you sort of need some runs on the board before a serious banker will look at you. “Sprott had sufficient vision to say, ‘we like the orebody, we think you guys might be able to do it,’ so they back us with an $80-million facility, and supported us with some equity in some of the raises.” TNM

2019-02-26 11:22 PM

BASE METALS & BATTERY MINERALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

BASE METALS & BATTERY MINERALS SNAPSHOT Seven juniors exploring for base metals and battery minerals Exploration for base metals has taken on a new urgency in the last couple of years, as the electric vehicle revolution proceeds apace, with its need for substantially more copper for wiring, as well as the battery minerals cobalt, lithium, nickel and graphite. Below are seven companies looking for base metals and battery minerals in North America and abroad. AVALON RARE METALS Don Bubar-led Avalon Rare Metals (TSX: AVL; US-OTC: AVLNF) is simultaneously developing its Separation Rapids hard-rock lithium deposit, 70 km north of Kenora in northwestern Ontario, and its Nechalacho rare earth element project near Great Slave Lake in the Northwest Territories. The resource at Separation Rapids as of May 2018 stands at 8.4 million measured and indicated tonnes grading 1.41% Li 2O, with another 1.8 million tonnes at 1.35% Li 2O in the inferred category. A preliminary economic assessment in August 2018 envisions a plant throughput rate of 475,000 tonnes per year, compared to the 950,000-tonne yearly rate used in a 2016 study. This would result in a 20-year operating life, with annual production of 71,500 tonnes of petalite concentrate; 11,800 tonnes of lepidolite concentrate (both for 18.5 years); and, beginning in year six, 100,000 tonnes of feldspar (through to year 20). The upfront capital expense requirement is $77.7 million, with another $13.7 million planned for a feldspar circuit in years five to six (or once payback of the initial capital is complete). Average annual revenue is an estimated $90 million versus average annual costs of $60 million, resulting in a pre-tax net present value (NPV), at an 8% discount rate, of C$156 million, and a 27.1% pretax internal rate of return (IRR). The post-tax NPV is calculated at C$102 million and the IRR at 22.7%. At Nechalacho, Avalon has attracted private Australian company Cheetah Resources to partner in developing the rare earth resources. Avalon and Cheetah signed a binding agreement whereby Cheetah will acquire ownership of the near-surface resources in the T-zone and Tardiff zones for a total cash consideration of C$5 million, while Avalon will retain ownership of the resources in the Basal zone that was the subject of its 2013 feasibility study. Avalon will continue to manage work programs on the property and keep its 3% net smelter return-type royalty. Avalon is also eyeing small-scale re-development of the pastproducing East Kemptville tin mine in Nova Scotia’s Yarmouth County. DESERT LION ENERGY Toronto-based, Tim Johnston-led Desert Lion Energy (TSXV: DLI; US-OTC: DSLEF) is developing the first large-scale lithium mine in Namibia, located near Karibib in the Erongo region, within 301 sq. km of prospective land hosting lithium-bearing pegmatitic mineralization. Desert Lion says the brownfield lithium asset was found and developed in the 1930s, and the

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The surface of Avalon Rare Metals Separation Rapids lithium deposit, 70 km north of Kenora, Ontario. AVALON RARE METALS property has a history of smallscale mining operations, including the historic Rubicon and Helikon lithium mines. The company notes the project site is accessible year-round by road with access to power, water, rail, port, airport and communication infrastructure. Desert Lion is in the first phase of its production plan: producing and exporting lithium concentrate from stockpiled material. In May 2018, the company said it would cost $7 million to build a flotation plant processing between 350,000 tonnes and 400,000 tonnes of feed per year. The company looks to prove up a resource in an initial range of 10 million to 15 million tonnes grading 1.5% Li 2O. This January, Desert Lion acquires an “Exclusive Prospecting License 5718,” and said it has fulfilled its commitments for the phase-two Mining License (ML204). FIREWEED ZINC Fireweed Zinc (TSXV: FWZ; USOTC: FWEDF) is an explorer and developer focused on advancing its Macmillan Pass zinc project in the Yukon Territory. The project is among the world’s most significant zinc resources, the company says, and is host to the Tom, Jason, Boundary zone and End zone zinclead-silver deposits. In February the company raised $5 million in a non-brokered private placement, including a lead order by strategic investor Teck Resources. Teck’s participation brings its interest in the junior from 4.7% to 9.9%. Fireweed’s largest shareholder, RCF Opportunities Funds, also participated in the offering, acquiring 750,000 shares to keep its 13% stake. The money will be used on exploration and resource expansion at Macmillan

Pass. A May 2018 preliminary economic assessment outlined an 18-year mine life, with 32.7 million tonnes of mineralized material mined at an average processing rate of 4,900 tonnes per day. The study estimated average yearly contained metal production of 85,000 tonnes zinc, 48,000 tonnes lead and 2 million oz. silver. Pre-production capex was pegged at $404 million, with a four-year payback. Fireweed completed a resource estimate in January 2018 for the Tom and Jason deposits. Together they contain an indicated resource of 11.2 million tonnes grading 6.59% zinc, 2.48% lead and 21.33 grams silver per tonne for a zincequivalent grade of 9.61%. Inferred resources stand at 39.47 million tonnes grading 5.84% zinc, 3.14% lead and 38.15 grams silver per tonne, for a 10% zinc-equivalent grade. The company’s executive chairman, John Robins, is a geologist and entrepreneur, and before Fireweed was the founder, chairman and director of Kaminak Gold, which discovered the Coffee gold deposits in the Yukon, and was sold to Goldcorp for $520 million.

and the only permitted cobalt refinery in North America that makes battery materials.

in January following a 12-year tenure, making him the longest consecutively serving governor in the United States.

In Idaho First Cobalt has its newly acquired Iron Creek cobalt project, where in September it updated the inferred resources of 26.9 million tonnes grading 0.11% cobalt equivalent. This compares to the prior historic resource of only 1.2 million tonnes grading 0.59% cobalt. Former Idaho governor C.L. “Butch” Otter has joined First Cobalt’s board of directors after a long and prominent political career, including both federal and state positions. Otter retired as governor

Toronto-based Power Ore (TSXV: PORE) was spun out in 2018 as an energy metals junior by Stephen Stewart’s Orefinders Resources, and in a transformative move in December 2018, agreed to buy a full interest in the Opemiska copper mine complex from privately held ExplorateursInnovateurs de Québec.

See SNAPSHOT / 48

Drill results to build on! Mineralization starts at or near surface. Hole TOP-04 ended in 1,480 ppm Li at a depth of 297 ft. Follow our resourceful solution story at Enertopia.com As we work to provide a low-cost lithium development project Just east of Nevada’s lithium hotspot and home of Albermarle’s Silver Peak mine

FIRST COBALT

Drill hole

Led by president and CEO Trent Mell, Toronto-based First Cobalt (TSXV: FCC; US-OTC: FTSST) says it’s the largest cobalt exploration company in the world, and aims to create the world’s “largest pure-play cobalt exploration and development company.”

TOP-01

275

1,039

TOP-02

262

1,231

TOP-03

335

1,002

TOP-04*

265

1,208

Though it was only formed in early 2017, First Cobalt has already accumulated over 100 sq. km of prospective ground in Ontario’s iconic Cobalt camp, with the company’s Greater Cobalt project comprising land that includes over 50 past-producing mines, a mill,

POWER ORE

Mineralized Intercept ft PPM Li

CSE: TOP/OTCQB: ENRT

enertopia.com

2019-02-26 11:22 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

BASE METALS & BATTERY MINERALS

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Cost-overruns sink shares of Nemaska Lithium NEMASKA From 39

recently awarded. Having said that, the project construction is on time, in spite of its inherent complexity, and I confirm that we have the right team in place to deliver construction of the project.” The mine in Whabouchi could produce 213,000 tonnes of spodumene concentrate containing 6.25% lithium oxide (Li 2O) per year on average, over a 33-year mine life. The electrochemical plant at Shawnigan, which uses a membrane electrolysis process, will then convert the spodumene concentrate into 23,000 tonnes of lithium hydroxide and 11,000 tonnes of lithium carbonate a year. The lithium salts are destined for the lithium-ion battery market for the electric vehicle market. Bourassa noted that over the past few years the company had “developed a strong shareholder base, as well as major partnerships and partners,” and that management “are already working to identify a variety of funding solutions” that “include non-dilutive options, as well as trade and strategic investments.” He also said that as the company moves ahead with its construction schedule, it continues to deliver a high-quality lithium hydroxide product from its phase-one plant, including lithium hydroxide monohydrate “that is not really getting a lot of international attention.” “The fact is that we have installed and commissioned and started pro-

ducing lithium hydroxide monohydrate this quarter so that we can enlarge the base of end-users that have requested, and to whom we’re sending, qualification samples.” When asked during the questionand-answer session to elaborate on the factors behind the rise in costs and what had caught the company off guard, Bourassa said it was largely related to installation and indirect costs. These included higher manpower costs in the city of Shawinigan (170 km east of Montreal, where it is building its processing plant), changes to the type and grade of steel that will be required in some of the pipes, and larger tanks in the facility, after results of more metallurgical testwork, and civil works — including earth-removal costs — that were higher than expected. Bourassa ranked manpower costs as the main factor, as the company discovered unexpectedly that it had to plan for having to provide housing to 50% of its workforce in Shawinigan. “Shawinigan is in the middle of the industrial region of Quebec ... and we assumed and took for granted and budgeted that there would be no cost for room and board, since everybody was going to come from the region,” he said. But by the time the company was ready to hire workers, many had been drawn to work elsewhere on other projects, he said. “So now we have to plan for about 50% of the manpower to be added to the cost

“WE HAVE MULTIPLE OPTIONS ON THE TABLE — WE NEED TO WEIGH THEM AND DECIDE WHICH ONE WE CAN CLOSE IN A TIMELY MANNER THAT WILL NOT AFFECT THE SCHEDULE.” GUY BOURASSA PRESIDENT AND CEO, NEMASKA LITHIUM

of coming and staying in the region during the construction period.” The second issue was the data it had related to the location and installation of the concentrator. “We had enough geotechnical data available,” he said, but “as a coincidence — and it is a bad coincidence, but is the reality — all of the soil sampling gave us the tops, but not the downs of the rock, and therefore we had a lot more blasting to do and a lot, lot more quantities of earth to remove. So that has a direct impact also on the execution.” Finally, the company discovered through the operation of its pilot plant that “there was an issue with some of the solutions created by the ore that would have an impact on the tanks if we kept the same quality of steel that was designed and budgeted initially.” He added that it was a credit to the engineers working on the project that they discovered the problem and “we were able to catch it before building it … it’s certainly much better than finding that out after

all of the tanks are ordered and installed, and you need to replace them. It could not have been seen before and without the benefit of the phase-one plant.” When pressed by an aggravated shareholder about how the company could have been so far off on its estimates, Bourassa said that like any National Instrument 43-101-compliant budget, companies make assumptions on costs and base their budgets on quotes received from equipment suppliers and external engineers, among others, who make their estimates based on their databases and other projects they have been involved with, and the assumptions are based on the knowledge at the time. “There is no detailed engineering — or very little detailed engineering — when you finish a 43-101 on a project, usually,” he said. “And the assumptions that we used were correct at the time.” How could the company have known, he added, that there would not be enough pipe fitters and other

types of skilled workers “because some other contracts came in inbetween, and at the time where we need to install, these people are simply not available.” He also said the detailed geological soil analysis at the mine “was done according to standards, and nobody can question that. “I would just like to remind everybody on the line that this 43-101 is signed by about 12 QPs from two international firms,” he added. “What they used as the basis, at the time, for establishing their budget, we had no reason to question. Now reality is facing us and we have to live with it. “You’ve got 12 QPs that signed under a 43-101,” he continued. “Of course, we also had people in-house [who] were working on the budget and it seems that everybody, including maybe five other firms around the world that were involved in the last round of financing that did a very thorough due diligence review for months on the budget, line by line, questioning, visiting, talking with independent engineers. So it’s not only one person that did overlook. You’re talking about, I would say, at least 10, 15, international firms that overlooked our budget, and would have all been incompetent in not seeing these things. There were absolutely no obvious things to be seen in the 43-101 budget. The assumptions were checked, discussed, challenged at the time by us with the QPs, but also with the QPs from

Nemaska Lithium’s 610-tonne-per-year trial hydrometallurgical plant in Shawinigan, Quebec, where it processed a 1,050-tonne bulk sample of above 6% spodumene concentrate. NEMASKA LITHIUM

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2019-02-26 11:22 PM

GLOBAL MINING NEWS

BASE METALS & BATTERY MINERALS

The site of Nemaska Lithium’s hydrometallurgical facility in Shawinigan, Quebec.

NEMASKA LITHIUM

THE NORTHERN MINER / MARCH 4–17, 2019

“THE REVISED PROJECT NUMBERS BENEFIT FROM OVER EIGHT MONTHS OF CONSTRUCTION, A MUCH HIGHER LEVEL OF DETAILED ENGINEERING, FIRM BIDS, AND CONTRACTS RECENTLY AWARDED.” GUY BOURASSA PRESIDENT AND CEO, NEMASKA LITHIUM

the investors, the bondholders, the streamers, et cetera … and on top of this, we also had due diligence by very reputable firms, while we were discussing other financing options with other types of investors.” In terms of the breakdown of where more funds will be needed, Bourassa estimated that one-third of the $375 million will be spent on building the mine, and two-thirds on the processing plant. “To complete the mine you’ll need about $250 million,” Bourassa said, adding, “but don’t quote me on these numbers. We’ll be giving more detailed information at the end of February.” Bourassa said that his objective was not to deviate from the construction schedule, which targets mine completion in October. To finance the gap in funds required, the mining executive said the company was working on alternatives. “We are obviously discussing with the main shareholders of the company, the main suppliers of capital that are involved, be it with the stream, be it with the bonds, be it with the large shareholders, and other strategic investors that we’ve been continuing to have ongoing discussions with over the past year, year and a half,” he says. “So we have multiple options on the

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Nemaska Lithium’s Whabouchi lithium deposit in northern Quebec. NEMASKA LITHIUM

table — we need to weigh them and decide which one we can close in a timely manner that will not affect the schedule.” At the end of December 2018, the company had spent $138.4 million on the mine and another $67.3 million on the electrochemical plant, covering mainly engineering, site and civil works. As of Feb. 8, Nemaska Lithium had $335 million on hand in unrestricted cash and equivalents. The company says it is also evaluating the opportunity to increase the lithium hydroxide versus carbonate sales ratio to better meet the growing demand of hydroxide globally. At press time, Nemaska Lithium was trading at 30¢ per share within a 52-week trading range of 27¢ (Feb. 13, 2019) to $1.74 (Feb. 21, 2018). The junior has 271 mi l lion common shares outstanding for an $846-million market capitalization. TNM

Processing material at Nemaska Lithium’s plant in Shawinigan, Quebec. NEMASKA LITHIUM

2019-02-26 11:22 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

BASE METALS & BATTERY MINERALS

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BASE METALS & BATTERY MINERALS SNAPSHOT SNAPSHOT From 45 Power Ore describes the Opemiska copper mine complex as consisting of two pastproducing underground mines in Springer and Perry, and near the town of Chapais, Quebec. Falconbridge operated the Opemiska copper mine complex from 1953 to 1991, when it produced a total of 23 million tonnes at 2.4% copper and 0.3 gram gold per tonne. Since then, Power Ore has been poring over data at the project, which the junior thinks can be fast-tracked, given its jurisdiction, infrastructure, location and a host of other advantages — possibly as a lower-grade mine, in contrast to its past as a high-grade underground mine. PUMA EXPLORATION Rimouski, Quebec-based Puma Exploration (TSXV: PUMA) is a mineral explorer focused on properties in New Brunswick, Canada. Its major assets consist of options to acquire a 100% beneficial interest in the Murray Brook property, the Turgeon zinccopper project, and the NicholasDenys project, all located in the Bathurst Mining Camp. The Murray Brook deposit is 10 km west of Trevali Mining’s Caribou mine and 10 km east of Trevali’s Restigouche deposit. Murray Brook has a measured and indicated resource dating from December 2016 of 5.28 million tonnes at 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 grams silver per tonne and 0.65 gram gold per tonne, for 610 million lb. contained zinc, 209 million lb. lead and 11.7 million oz. silver. The core of the resource occurs in the West Zone (zinc-lead), which is 200 metres wide, extending from surface to 300 metres vertical. The true thickness of the massive sulphide body varies from 75

THE PERFECT

GIFT

Fireweed Zinc CEO Brandon Macdonald (background) and consulting geologist Scott Dorion from SGDS Hive on a talus slope at the Macmillan Pass zinc-lead-silver property in southeastern Yukon. PHOTO BY ROBERT CAMERON metres to 100 metres. The East Zone (copper-gold) is 100 metres wide, also extending from surface to 300 vertical metres, and is mainly mineralized with gold and copper. Puma recently reported exploration drill results from Murray Brook, which it says “successfully confirmed the potential to discover

additional resources at depth and on the west and south sides on the current known deposit.” Highlights included drill hole 2018-10 — drilled on the western side of the deposit — which returned 31 metres grading 0.14 gram gold per tonne, 2 grams silver per tonne, 0.02% copper, 0.06% lead and 0.12% zinc from

327 metres downhole. Another hole intersected 322 metres of 0.82 gram gold, 48 grams silver, 0.33% copper, 1.08% lead and 2.09% zinc starting from 15 metres downhole in 2018-12. Puma also owns an equity interest in BWR Resources, which explores in Manitoba.

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, cofounder and chairman of Franco-Nevada, an introduction by John Cumming, 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.

$34.99

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To order by phone, call toll-free: 1-888-502-3456 ext. 43702 For more information and to order online visit: www.northernminer.com/jk

VISION LITHIUM Junior Vision Lithium (TSXV: VLI; US-OTC: ABEPF) is focused on exploring and developing battery mineral assets, including lithium and copper. Nemaska Lithium is the junior’s largest shareholder. Vision’s flagship project is the Sirmac lithium property, which it acquired from Nemaska Lithium. The project sits 200 km south of Nemaska’s Whahbouchi lithium mine, and is 180 km northwest of Chibougamau. Vision Lithium started a drill program on the property in April 2018, with 25 shallow holes totalling 1,500 metres targeting the project’s main No. 5 dike outcrop zone. Between 2011 and 2012, Nemaska spent $2 million on exploration work on the No. 5 dike, including 72 shallow drill holes, as well as trenching and sampling. Last July Vision discovered a mineralized dike more than 5 km from the main No. 5 dike, which it has called the East Zone. The company says there are “at least 12 poorly exposed pegmatite dikes on the property, some of which are known to be lithium-bearing, and most of which have yet to be tested by drilling.” The company has finished a 293 line kilometre airborne MAG survey at the property. It released results from its exploration programs in November 2018, with diamond drill highlights from the East Zone of 1.36% Li20 over 6 metres from 102 metres downhole in 18-5, and 1.51% Li2O over 1.4 metres from 0.5 metre in 18-1. The company also owns the Dome Lemieux copper property in Quebec. Dome Lemieux covers 120 sq. km in the Gaspésie region, about 32 km southeast of the town of Sainte-Anne-des-Monts. TNM

2019-02-26 11:22 PM

GLOBAL EXPLORATION SPECIAL FOCUS

Orca Gold’s Block 14 gold project in Sudan. PHOTO BY RICHARD QUARISA

Bolivia’s door creaks open to foreign mining investment SOUTH AMERICA

| New Pacific Metals’ Silver Sand, Chinese lithium JV among latest deals

The Americas, West Africa and Australasia remain popular While gold miners have been making substantial profits in recent quarters thanks to rising gold prices and better operational and financial discipline, they continue to seek new ounces via the drill bit to fill their production pipeline. Below is look at eight majors and juniors exploring for gold worldwide.

BY TOM AZZOPARDI Special to The Northern Miner SANTIAGO, CHILE

first-of-its kind deal between Bolivia’s state mining company Comibol and Vancouver-based explorer New Pacific Metals (TSXV: NUAG; US-OTC: NUPMF) promises to usher in a new period of foreign investment into Bolivia’s mining industry. Under the deal signed in January, New Pacific Metals will have a 45-year contract at its Silver Sand silver project to explore and produce minerals over a 57 sq. km area in Bolivia’s mineral-rich Potosi department. In exchange, the company has committed to spend at least US$6 million on exploration during the first five years and See BOLIVIA / 54

GLOBAL EXPLORATION SNAPSHOT

BARRICK GOLD The world’s largest gold miner Barrick Gold (TSX: ABX; NYSE: GOLD) is also heavily invested in gold exploration, with the company noting that since 1990, it has found 129 million oz. gold at an overall discovery cost of US$29 per oz., or roughly half the average finding cost across the industry. With its merger with Randgold

See SNAPSHOT / 50

Drillers at New Pacific Metals’ Silver Sand silver property in Bolivia. NEW PACIFIC METALS

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2019-02-26 11:22 PM

GLOBAL EXPLORATION

MARCH 4–17, 2019 / THE NORTHERN MINER

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A drill pad at Columbus Gold’s Montagne d’Or gold property in French Guiana. COLUMBUS GOLD

GLOBAL EXPLORATION SNAPSHOT internal rate of return of 20% at US$1,000 per oz. gold.”

SNAPSHOT From 49 Resources now completed, Barrick says its investment criteria for greenfield gold projects include a “critical mass of 3 million mineable oz. gold capable of delivering an

Today, its most prominent greenfield exploration projects are: The 83.3%-owned Massawa gold project in Senegal, where

We’re your common ground. .com Mine site

a feasibility study is underway towards a final development decision; the 50%-owned, 39 million oz. gold Donlin Gold project in Alaska, which the company says “represents one of the world’s largest undeveloped gold deposits at an advanced stage of permitting in a stable jurisdiction, underscoring its unique potential”; the Norte Abierto fifty-fifty joint venture in Chile’s Atacama region, where work is advancing an optimized project design, including an updated geological model for the Cerro Casale, Caspiche and Luciano deposits; the Pascua-Lama project at the Chile-Argentina border; and the Alturas project in Chile’s El Indio belt, where the company has completed a scopinglevel study for a conventional openpit, heap-leach operation. COLUMBUS GOLD Vancouver-based Columbus Gold (TSX: CGT; US-OTC: CGTFF) is exploring and developing gold assets in French Guiana in South America, which politically is a department of France.

Client

Columbus’ flagship asset is its major interest in the Montagne d’Or gold deposit, which hosts proven and probable reserves of 54.11 million tonnes grading 1.58 grams gold per tonne, or a contained 2.75 million oz. gold.

Financier

A 2017 feasibility study envisioned an open-pit mining operation with average annual gold production of 237,000 oz. gold over the first decade of mine life at an average head grade of 1.73 grams gold, and an all-in sustaining cost of US$749 per oz. gold. Columbus notes there is “considerable expansion potential on strike and at depth,” and that permitting is underway.

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In January, Columbus closed a private placement that raised gross proceeds of $2 million, with the funds earmarked for general working capital purposes. Existing shareholder Nordgold of Russia participated in the financing and now holds an undiluted 9.96% interest in Columbus (11.18%, fully diluted). FIREFOX GOLD Vancouver-based junior FireFox Gold (TSXV: FFOX) is focused on exploring for gold in Finland, and has a CEO and technical team based in the country. FireFox notes that “Finland is one of the top mining jurisdictions in the world, as indicated by its numberone ranking in the 2017 Fraser Institute Annual Survey of Mining Companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold.” In January at its wholly owned Mustajarvi gold project in the Central Lapland greenstone belt, FireFox reported that initial drill results for its 1,095-metre, firstphase drilling program include hole 18MJ10, with a 2-metre-thick massive pyrite zone from 126 metres downhole that assayed 45.1 grams gold per tonne. FireFox has also entered into option agreements with Magnus Minerals, a private, Finnish prospect generator, through which it has options to acquire 100% interests in several projects that encompass 1,040 square kilometres. To complete the combined options, FireFox must spend $4 million exploring the properties and make cash payments to Magnus totalling up to $450,000 over the course of the two separate three-year option periods.

FireFox also controls over 260 sq. km of exploration reservations and exploration permits held directly by its Finnish subsidiary. GRAN COLOMBIA GOLD Toronto-based, mid-tier gold miner Gran Colombia Gold (TSX: GCM; US-OTC: TPRFF) has as its primary focus Colombia, where it is the largest underground gold and silver producer with several mines in operation at its Segovia and Marmato Operations. The company produced 218,000 oz. gold in 2018, up 25% over 2017. It also strengthened its balance sheet in 2018, and brought it down to $83.4 million as of Jan. 31, 2019, with a cash position of $33 million as of Dec. 31, 2018, up from $3 million at the end of 2017. Gran Colombia says it is “continuing to focus on exploration, expansion and modernization activities at its high-grade Segovia operations,” and that there is “blue sky potential with Marmato, Zancudo and Sandspring in the pipeline.” Gran Colombia executive cochairman Serafino Iacono says in a release that his firm “got off to a good start in 2019, with almost 18,000 oz. gold production in January, in line with our expectations. Our drilling programs at Segovia continue to yield encouraging results, with the identification of two new zones at Providencia and the down-plunge extension of the main ore shoots at Sandra K, both of which have the potential for additional resource growth. Our 2019 drilling campaign at Segovia will focus more on step-out drilling at Providencia and Sandra K, deep-zone drilling to extend El Silencio another

See SNAPSHOT / 52

2019-02-26 11:22 PM

GLOBAL EXPLORATION

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

JOINT VENTURE ARTICLE

Copper is the New Iron Ore, and Ecuador is the New Pilbara Emerging copper-gold developer SolGold (TSX: SOLG; LON: SOLG) is steadily progressing toward its ultimate goal: to develop a province of discoveries across the underexplored Ecuadorean section of the Andean Copper Belt. SolGold is continuing to drill its Alpala copper-gold project in northern Ecuador, where in late 2018 it doubled its resource and substantially upgraded inferred resources to the indicated category. According to a November 2018 resource update, Alpala contains 2.05 billion indicated tonnes grading 0.41% copper and 0.29 gram gold per tonne, or 0.6% copper equivalent, for 8.5 million tonnes copper and 19.4 million oz. gold, or 12.2 million tonnes copper equivalent. The project also contains 900 million inferred tonnes at 0.27% copper and 0.13 gram gold, or 0.35% copper equivalent, for 2.5 million tonnes copper and 3.8 million oz. gold, or 3.2 million tonnes copper equivalent. SolGold now classifies 70% of Alpala’s overall resource in the indicated category, up from 40% in 2017. The company is currently turning 12 drill rigs at Alpala focussed on resource expansion, plus metallurgical and hydrogeological studies. At the same time, SolGold is committed to exploration programmes across a suite of concessions along the length of Ecuador. To date, SolGold’s exploration teams have identified 11 priority targets through its 100% owned subsidiaries — Carnegie Ridge, Valle

Project Manager Alfredo Cruz mentoring junior geologists. Credit: SolGold Rico, Cruz Del Sol and Green Rock — and several of them are ready for drilling in 2019. The company’s subsidiaries aim to implement the exploration blueprint SolGold developed at Alpala to quickly and efficiently identify additional porphyry copper-gold deposits in Ecuador. Recent exploration at its Porvenir target shows what the company calls a kilometre-wide “broad zone of nor th east trending porphyry mineralisation.” Rock-saw sampling on outcrops in the area revealed

Drillers extracting core on the drill pad. Credit: SolGold

CSR team carrying out soil inspections on site. Credit: SolGold

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intersections of 62.4 metres grading 0.71% copper and 0.71 gram gold as well as 29.5 metres at 1.01% copper and 0.89 grams gold. Once it has its drill permits approved, the company will focus on exploring Porvenir, as well as its Blanca, La Hueca and Rio Amarillo regional targets. The company says the scale of its project and prospective ground demonstrate why it has the opportunity to become an Ecuadorean focussed mining major, without resorting to dilutive

and erosive joint ventures. “We’ve had 12 drill rigs in operation over the past year and 86 geologists on the ground – half of those at Alpala,” SolGold CEO Nick Mather says. “I don’t think many majors can match that exploration effort.” He notes that the company has made discoveries at Alpala for just US$1.47 per oz. gold equivalent, or 34 cents per lb. copper equivalent. “All day, every day, the best way to add value for shareholders is to explore, and we’re experts at that by any measure,” Mather says. SolGold is active in the most under-explored section of Ecuador. It has strong support from the country’s government, which is intent on responsibly developing its mining industry. As Mather says, the upside for both Ecuador and SolGold shareholders is immense. As a result, the company remains focussed on continuing to earn, and maintain, Ecuador’s endorsement. “At every level, community involvement is important,” Mather says. “Locally, for training, employment, commercial patronage and social security assistance; regionally, for infrastructure, permitting and planning; and federally, to deal with industrial development permitting and fiscal planning. Our approach is to integrate SolGold’s aims with Ecuador’s.” Mather goes on to compare Ecuador with Australia’s famed Pilbara iron ore district, pointing out that miners will need to address increasing copper demand with entirely new, well-endowed deposits. “SolGold’s new provincial Ecuador por tfolio is the solution,” he says. “Since first stepping into Ecuador in 2012, we’ve seen Alpala as just the start of a long pipeline that will help transform Ecuador’s economy. “The electrification of the world has seen a shif t in demanded resources, with copper replacing iron ore at the top of the food chain. Ecuador is the new Pilbara.” The company plans to table a preliminar y economic as se s sment at Alpala this year, and then transition directly into the project’s prefeasibility stage. From there it aims to keep moving quickly. “We are putting together a financing package, and aim to bring final feasibility, financing and permitting all by the end of 2020,”

Mather says. SolGold holds an unconditional registered and beneficial interest in Cascabel and Alpala through its 85% interest in Exploraciones Nova Mining SA and Cornerstone Capital owns the 15% balance. SolGold has announced its intention to bid 0.55 SolGold shares for each Cornerstone share. The premium offered at the time of SolGold’s announcement was 20% and Mather notes that the Cornerstone market has not closed the gap. “SolG old of fer s C orner stone shareholders the opportunity for participation in the huge exploration upside through the rest of Ecuador,” Mather says. “Based on our discovery costs to date at Alpala and the extraordinary results we are seeing in the mapping and sampling phases on these projects, we’ve got every confidence we’ll find additional deposits out there. You don’t get that currently if you stay as a Cornerstone shareholder.” He says the bid also of fered C o r n e r s to n e s h a re h o l d e r s t h e oppor tunit y to avoid a dif ficult financing contribution when Alpala reached feasibility, targeted for end 2020. Subject to final numbers it is likely to be a substantial obligation for a project of this nature and if Cornerstone don’t contribute at 10% or more, it dilutes to a 0.5% NSR which SolGold can buy for just US$3.5 million. “ We’re of fe r in g C or n e r s ton e shareholders a unique opportunity,” Mather says. Shares of SolGold are currently trading in Toronto at 63¢ with a 52 week range of 32¢ to 71¢. The company has a $1.1 billion market capitalization, US$80 million in the bank, and strong support from shareholders like Australian majors BHP Group and Newcrest Mining. The company intends to leverage its first-mover advantage to continue growing its Ecuadorian assets. Says Mather: “Our holistic approach to community and the licence to operate rather than piecemeal oppor tunism has defined SolGold as a unique investment opportunity.” — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by SolGold, and compiled in cooperation with The Northern Miner. Visit www.solgold.com.au for more information.

2019-02-26 11:22 PM

GLOBAL EXPLORATION

MARCH 4–17, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

The core shack at Iamgold’s Rosebel gold mine in Suriname. PHOTO BY JOHN CUMMING

GLOBAL EXPLORATION SNAPSHOT SNAPSHOT From 50 200 metres below its currently delineated mineral resource, and brownfield drilling on the Cogote vein system, as we increasingly shift our attention towards the blue-sky potential within our Segovia mining title to add production and mine life.”

NYSE: IAG) is another international gold major that is heavily invested in exploration and development activities.

IAMGOLD

During 2018, Iamgold’s attributable gold production was 882,000 equivalent oz. gold, including record gold production of 405,000 oz. at Essakane in Burkina Faso, at all-in sustaining costs of US$1,057 per oz. sold.

Toronto-based Iamgold (TSX: IMG;

As for its gold-exploration criteria,

Iamgold says it will “focus only on projects with a target threshold potential of at least 1 million oz. of mineral resources, capable of reaching 100,000 oz. in annual production.” At year-end 2018, Iamgold’s attributable proven and probable gold reserves were 17.9 million oz. — up 23% from the end of 2017 — while attributable measured and indicated resources (including reserves) were 27.9 million oz. gold.

Attributable inferred resources were 8.7 million oz., up 13%, and down 1% from the end of 2017.

Calibre Mining.

Iamgold’s most prominent grassroots exploration projects include: the 1.6 million oz. Boto gold project in Senegal; the Pitangui gold project in Brazil’s Iron Quadrilateral; the Siribaya gold project in Mali; and several joint ventures, such as Monster Lake in Quebec with Toma Gold, and Eastern Borosi in Nicaragua with

Vancouver-based Nexus Gold (TSXV: NXS; US-OTC: NXXGF) is developing several gold projects in Burkina Faso, including the 178 sq. km Niangouela gold concession on the Boromo greenstone belt; the 39 sq. km Bouboulou gold concession (previously explored by Riverstone Resources and Roxgold); and the 250 sq. km Rakounga gold concession, which is contiguous to Bouboulou.

A new discovery for Shareholders, Communities and Bolivia New Pacific is a Canadian exploration and development company which owns the Silver Sand Project in the Potosí Department of Bolivia. Its largest shareholders are Silvercorp Metals Inc., and Pan American Silver Corp.

In Canada, Nexus has newly acquired the New Pilot gold-copper project in B.C.’s Bridge River Mining Camp and McKenzie gold project in Ontario’s Red Lake camp. Nexus says it is “concentrating its efforts on establishing a National Instrument 43-101 compliant resource at one or more of its four current Burkina Faso projects, which total over 560 sq. km of land located on active gold belts and proven mineralized trends.” Comments Nexus: “Burkina Faso is a mining friendly jurisdiction that has a relatively recent history in modern mining. It is one of the reasons we chose to work here. Another significant reason is that it’s a place where a smaller company like Nexus can find and work highly prospective ground that hasn’t already been picked over and ‘drilled out’ by others.

Reported for 2018 a 55,000-metre drill program; near-surface silver mineralization intercepted in 190 out of total 195 holes; 99.91 metres grading 244 g/t Ag.

INVESTOR RELATIONS: (604) 633-1368 info@newpacificmetals.com | www.newpacificmetals.com

1-56_Main_Mar4_Main2.indd 52

NEXUS GOLD

“Another perhaps equally important reason we work in West Africa is that we have the requisite experience there. Our management and geological teams bring significant experience and successful track records in Burkina

2019-02-26 11:43 PM

GLOBAL EXPLORATION

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

GLOBAL EXPLORATION SNAPSHOT Faso and neighbouring countries in all aspects of exploration, including discovery, project development, mine operations, and much more.” OCEANAGOLD OceanaGold (TSX: OGC; US-OTC: OCANF) has major gold mines on three continents: the Didipio goldcopper mine on Luzon Island in the Philippines; the Macraes Goldfield mine on New Zealand’s South Island; the Waihi gold mine on New Zealand’s North Island of New Zealand; and the Haile gold mine in South Carolina. It says it also has a “significant pipeline of organic growth, and exploration opportunities in the Australasia and the Americas.” On the exploration front, OceanaGold announced the tabling in February of a high-grade mineral resource at its greenfield WKP prospect, located 10 km north of its Waihi mine. Indicated resources at WKP stand at 0.41 million tonnes grading 18.0 grams gold per tonne and 22.7 grams silver per tonnes for a contained 234,000 oz. gold and 296,000 oz. silver on the East Graben vein. Inferred resources tally 1.05 million tonnes grading 11.9 grams gold and 16.8 grams silver for 401,000 oz. gold and 568,000 oz. silver on the East Graben and T-Stream veins. OceanaGold president and CEO Mick Wilkes says he is “very pleased to announce this major milestone for the company at our

A drill rig at Stratabound Minerals’ Golden Culvert gold project in the Yukon. STRATABOUND MINERALS newest high-grade discovery at WKP. This quality resource further demonstrates the strong organic growth potential of our business and the prudent investments we’re making in exploration to create value for shareholders. This significant discovery at WKP is also a tremendous outcome for New Zealand, as it has the potential to create additional employment opportunities and generate significant socio-economic benefits for the country and communities.”

YAMANA GOLD

In 2019, Yamana expects to mine 940,000 oz. gold, 10 million oz. silver and 120 million lb. copper, or 1.06 million oz. gold equivalent.

its exploration programs continue to deliver on the discovery of mineral resources and reserves. It notes that in 2018, its exploration program at the Yamana mines (excluding those assets sold in 2018) replaced gold reserves, while increasing resources in the measured, indicated and inferred categories. The company also boosted its copper resources.

Yamana says exploration is the “lifeblood of mining through the discovery of new ounces,” and that

In 2018, Yamana says its exploration program is “focused on finding higher-quality ounces, improving

Yamana Gold (TSX: YRI; NYSE: AUY) is another Toronto-based international gold miner that puts an emphasis on exploration.

mine grade, infill drilling to replace production by upgrading existing mineral resources, and exploring the Yamana property portfolio for new exploration targets.” Yamana was exploring in 2018 at the Chapada gold-copper project in Brazil; the El Penon gold-silver project in Chile; the co-owned Canadian Malartic gold mine in Quebec; the Cerro Moro gold project in Argentina; the Jacobina gold mine in Brazil and the Minera Florida gold project in Chile. TNM

JOINT VENTURE ARTICLE

Frontier Lithium building Lithium District on Ontario’s Electric Avenue Frontier Lithium Inc. (TSXV: FL; USOTC: HLKMF) is the largest landholder in northwestern Ontario’s emerging Electric Avenue lithium district. Frontier tabled a prefeasibility study (PFS) in March 2018 for its PAK lithium deposit, located on the Electric Avenue, and is continuing to show the district’s potential with its latest discovery, the Spark pegmatite. “The vision is that the PAK project will lay the foundation to build up the lithium ecosystem in Ontario to participate in high tech glass and the electrification of transportation markets,” says Frontier Lithium President and CEO Trevor Walker. Frontier Lithium discovered the Spark pegmatite last September, sit ting 2.3 km nor thwest of the PAK deposit. The company would cut eight channels at Spark over the next month ranging from 11 metres to 79 metres long. In total, it sampled 236 metres at an average grade of 1.91% lithium oxide. “We have a district with worldclass grades and low impurities, such as low iron,” Walker says. “What we see with this new showing is the potential to increase tonnage very efficiently.” For example, channels 33 to 35 represent one 64-metre cut grading 2.05% lithium oxide including 34 metres at 2.18% lithium oxide. “By sur face area it appears at least two times larger than the PAK deposit,” Walker says. “We believe that with the potential of adding Spark to the PAK project, the ingredients are there to place the province on the map as a

1-56_Main_Mar4_Main2.indd 53

premium lithium j urisdiction in North America.” The company commenced a maiden diamond drill campaign at Spark in early February 2019. The company will drill approximately 1,250 metres across four holes to determine the orientation and thickness of the pegmatite below sur face. The company also identified another lithium showing about 30 km away up the Electric Avenue and plans to follow up on that showing during a regional exploration program this summer. The Pak deposit currently contains 5.77 million proven and probable tonnes grading 2.0% lithium oxide across a potential open pit and underground operation. The resource remains open at depth as well as along strike to the northwest and southeast. According to the 2018 PFS on PA K a l o n e , t h e p roj e c t wo u l d generate $700 million in af tertax cash flow across a 16 year mine life — 11.5 years of open pit mining followed by 4.5 years of underground mining. It has a $301 million after-tax internal rate of return at an 8% discount rate and a 38.3% after-tax internal rate of return. A mine at PAK would produce 1.14 million tonnes of technical grade concentrate at 7.2% lithium oxide and 115,500 tonnes of chemical grade concentrate at 6.6% lithium oxide for $147 million in pre-production capital and $37 million in sustaining capital. The bulk of the output is technical

Frontier Lithium Inc.’s VP Exploration Garth Drever (left) and President & CEO Trevor R. Walker examine core from the PAK lithium deposit in northwestern Ontario, representing 155 metres of world-class, technical grade, low-iron spodumene. Credit: Frontier Lithium Inc. grade concentrate that could be used directly by manufacturers for products such as ceramic-glass stovetops and high end displays including latest generation Gorilla

and iPhone glass. “We take a phased approach to development for the project,” Walker says. “Because it’s low impurity, you can make a con-

centrate that has significant value at a low capital requirement for premium glass makers first. “It’s a no-brainer that down the road we could further refine premium concentrates to produce highquality lithium salts for batteries on the low end of the cost curve, but mines build chemical plants — not the other way around — so let’s crawl before we walk, and walk before we run.” Shares of Frontier Lithium are currently trading at 37¢ within a 52-week range of 30¢ to 85¢. The company has a $56 million market capitalization and more than $1 million in cash. “Frontier Lithium is a really tightly held company run out of Sudbury — Canada’s premier mining camp to supply the nickel, cobalt and copper required for Ontario’s participation in the green energy economy,” Walker says. “The premium lithium assets to complete the circuit are right here in Ontario as well where Canadian’s maintain a controlling position. “It’s on the Electric Avenue in northern Ontario and it’s a great catalyst for sustainable northern development here in our province.” — The preceding Joint-Venture Article is PROMOTED CONTENT s ponsore d by Frontie r Lithium Inc. and compiled in cooperation with The Nor the r n Mine r. Vis it www.frontierlithium.com for more information, and visit the company at Booth #3236 in the Investors Exchange at PDAC 2019.

2019-02-26 11:23 PM

MARCH 4–17, 2019 / THE NORTHERN MINER

GLOBAL EXPLORATION

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Cerro Rico rises above the city of Potosi in Bolivia. ISTOCK/DANI3315

Bolivia’s door creaks open to foreign mining investment BOLIVIA From 49

pay a 4% royalty on all minerals produced in the area. The deal is the first to be signed between Comibol and a private company under Bolivia’s new mining legislation. “It is a benchmark achievement that shows Bolivia is open to foreign investment,” said New Pacific’s president Gordon Neal, when the deal was announced. The first signs from Silver Sand are promising, with 94 out of 98

YLB HAS SIGNED A PRELIMINARY AGREEMENT WITH A CHINESE CONSORTIUM TO FORM A JOINT VENTURE THAT WILL INVEST US$2.3 BILLION TO MINE LITHIUM FROM THE COIPASA AND PASTOS GRANDES SALARES. holes in a recent drilling campaign intercepting near-surface silver mineralization, including 77 metres grading 383 grams silver per tonne.

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The hope now is that similar deals will follow, says Pablo Ordoñez, of law firm Ferrere, who helped New Pacific in its negotiations with Comibol. Since the deal was announced, interest among international mining companies in Bolivia has picked up, he said. The deal is evidence of a policy shift in the Bolivian government, which until recently was better known for nationalizing natural resources than courting foreign investors. First elected in 2005, Bolivian President Evo Morales is often lumped together with other 21st century leftist leaders in the region, such as Argentina’s Cristina Fernandez, Brazil’s Lula da Silva and Venezuela’s Hugo Chavez. But while those regimes ended in huge corruption cases, financial chaos and economic disaster, Morales has presided over a decade of unprecedented political stability and growth, thanks to canny management of the economy and booming gas exports to neighbouring Argentina and Brazil. After nationalizing the oil and gas industry in 2006, Morales’ leftwing administration funneled the foreign revenues to infrastructure projects and welfare spending, which has driven growth ever since. This year the economy could grow 4.5%, making it one of the strongest in the region. However, Morales’ sweet patch may be running out. The decline

Miners at work in 2017 on Cerro Rico mountain in Potosi, Bolivia. ISTOCK/RCHPHOTO

in oil prices since 2011 and the rise in domestic gas production in Argentina and Brazil threaten to choke off his key source of funding.

The value of Bolivia’s gas exports fell from US$5.5 billion in 2014 to US$2.6 billion in 2017, hammering government finances.

2019-02-26 11:23 PM

GLOBAL EXPLORATION

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 4–17, 2019

Bolivia’s president Evo Morales is hoisted up after announcing a government investment in the Huanuni Mining Company in 2014. BOLIVIA MINISTRY OF COMMUNICATION

Faced with that economic reality, the government is keen to find alternative sources of funding, with mining seen as the best bet. The country’s geological potential is huge, with deposits of gold, silver, iron ore, zinc, tin, lead and lithium. It was silver from the mines of Potosi, still a by-word in Span-

1-56_Main_Mar4_Main2.indd 55

ish for incalculable wealth, which supercharged Europe’s economy in the early modern era. Cerro Rico, which towers over the city, is still being mined today using almost medieval techniques. “The potential is amongst the best in the region. Everything you could imagine, and more,” says

Andres Moreno, a mining lawyer in La Paz. Even the tailings left by centuries of mining are richer than most deposits in neighbouring Chile, Peru and Argentina. But decades of political instability mean that little of the country has been subject to modern mineral exploration. The country’s

only large-scale mine is the San Cristobal mine, the world’s fourthlargest producer of zinc, operated by Japan’s Sumitomo. Leading the search for foreign investors is Mines and Metallurgy Minister Cesar Navarro, in the post since 2014, during which time he has attended the last three annual

conventions of the Prospectors & Developers Association of Canada in Toronto. However, convincing mining companies to return to Bolivia will be difficult, given the administration’s past record. Soon after taking See BOLIVIA / 56

2019-02-26 11:23 PM

GLOBAL EXPLORATION

MARCH 4–17, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

New Pacific Metals’ Silver Sand silver project in Bolivia. NEW PACIFIC METALS

Bolivia’s door creaks open BOLIVIA From 55

From top: workers, surface facilities and a mill at Sumitomo’s San Cristobal zinc mine in Bolivia. SUMITOMO

THE PERFECT

GIFT

office, Morales sent troops to seize the Vinto tin smelter, then owned by Glencore (LON: GLEN), and in 2012, nationalized the Colquiri tin mine. He has also rebuffed offers from multinationals to develop the Salar de Uyuni´s huge lithium potential, instead developing a state company YLB to head the task. The new mining law, approved in 2014, replaced existing mineral claims with production contracts, reducing legal certainty. In addition, the sector has a history of violent protests and strikes, often led by the powerful mining cooperatives, key allies of the Morales regime. In 2016, cooperative miners, protesting over legal changes, kidnapped, tortured and

murdered the country’s Deputy Interior Minister Rodolfo Illanes. Little wonder that in the Fraser Institute’s latest survey of mining executives, Bolivia was ranked 102nd out of 112 jurisdictions, just behind Venezuela. “The problem is that the mining industry is taking time getting over the stories of the past and the president’s rhetoric,” says Juan Gavidia, CEO of Toronto-based Orvana Minerals (TSX: ORV; USOTC: ORVMF), which operates the small Don Mario gold mine in eastern Bolivia. Ordonez agrees, noting that Morales has only nationalized assets that were previously state-owned ones. But the image persists. Adding to the uncertainty is next October’s general elections, in which the president is expected

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to seek a fourth term — despite a 2016 referendum in favour of presidential term limits. The country’s financial difficulties and the general public’s weariness with his regime mean that this could be the hardest electoral challenge yet faced by the former coca farmer. Some recent polls give former president Carlos Meza a clear lead over the incumbent. So far none of the candidates have clearly set out their policy for the mining sector, but given the country’s economic challenges, the trend towards greater foreign investment will likely continue, Moreno says. But uncertainty surrounding the result could mean that most investors will hold back from signing new deals this year. A likely beneficiary of this delay could be China. The Chinese government has become a key supporter of the Morales government, becoming a major lender and investor in the country’s infrastructure push. In the last five years, Chinese companies have picked up roadbuilding contracts worth US$2.7 billion. This alliance is now expanding into the natural resources sector. While China National Petroleum and Sinopec are among the companies exploring for natural gas in Bolivia’s lowlands, Sinosteel last year began work on a steel mill that will process iron ore from the 40-billion-tonne El Mutun deposit, near the border with Brazil. In January state lithium company YLB signed a preliminary agreement with a Chinese consortium to form a joint venture that will invest US$2.3 billion to extract and process lithium and other minerals from the Coipasa and Pastos Grandes salares. China also has an indirect connection to the new Silver Sand deal: Vancouver-based Silvercorp Metals (TSX: SVM; NYSE-AM: SVM) — the largest primary silver producer in China — is the largest shareholder in New Pacific Metals, with 28% of the stock, compared to 16.4% held by Ross Beaty’s Pan American Silver (TSX: PAAS; NASDAQ: PAAS). Silvercorp chairman and CEO Rui Feng is also CEO and a director of New Pacific Metals. — Based in Santiago, Chile, Tom Azzopardi is freelance journalist specializing in the resource industries.

2019-02-26 11:23 PM

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M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 18–22 The S&P/TSX Composite Index rose 1.10% to finish the trading week at 16,013. The S&P/ TSX Global Mining Index increased 3.40% to 75.49, while the S&P/TSX Global Base Metals Index jumped 6.40% to 118.89. Spot gold closed higher at US$1,337.80 per oz., up US$16.40 per oz., or 1.24% week-on-week, and the S&P/TSX Global Gold Index gained 3.35% to 196.64. Fitch Ratings upgraded Teck Resources’ issuer default rating and unsecured debt and facility ratings to BBB — with a stable outlook. The move follows the upgrade of Teck’s credit rating to Baa3 with a stable outlook by Moody’s Investors Service in January. With investment-grade ratings from the two agencies, Teck is no longer required to keep letters of credit to satisfy the financial security requirements under the long-term power purchase agreements for the Quebrada Blanca phase two project, which allows the company to terminate US$672 million of letters of credit supporting the agreements, the company says. Instead, Teck will provide guarantees in place of the letters of credit. Teck’s B shares gained $2.55 to $31.21, and its A shares advanced $2.13 to $31.08. Shares of Torex Gold jumped $2.09 per share to finish at $16.34. The company reported record gold production in 2018 of 353,470 oz., at the top end of guidance. Net income after

current and deferred income tax expenses came in at US$23.2 million, or 27¢ per share, on a basic and diluted basis for the year. Total cash costs were US$646 per oz. gold sold, while all-in sustaining costs totalled US$964 per oz. gold sold. Cash flow from operations reached US$226.8 million for the year, and the company ended 2018 with US$149 million in cash, including restricted cash of US$26.8 million. The company lowered its debt facility during the year to US$333.5 million by making principal repayments of US$56.3 million. Osisko Gold Royalties advanced $1.53 to $15.04 per share on strong 2018 revenues and cash flow. The company reported a record 80,553 attributable gold-equivalent ounces in 2018 — a 37% increase over 2017 — and forecast between 85,000 and 95,000 GEOs TSX MOST ACTIVE ISSUES

Turquoise HIl Nemaska Lith Tahoe Res Barrick Gold Goldcorp Kinross Gold Yamana Gold Suncor Energy B2Gold Corp Lundin Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TRQ NMX THO ABX G K YRI SU BTO LUN

86856 2.84 2.18 2.79 + 0.54 40459 0.37 0.29 0.35 + 0.03 33532 5.17 4.82 4.89 - 0.02 29513 18.48 16.87 17.13 + 0.01 26830 15.45 14.25 14.60 + 0.27 25627 5.04 4.30 4.77 + 0.18 23747 3.74 3.21 3.54 + 0.08 22822 45.53 43.78 44.92 + 0.04 21045 4.40 3.93 4.36 + 0.38 20526 7.10 6.15 7.09 + 0.58

in 2019. The company generated cash flows from operating activities last year of $82.2 million — a year-on-year jump of 69%. It recorded adjusted annual earnings of $31.4 million, or 20¢ per basic share, up from $22.7 million, or 18¢ per share in 2017. During 2018, the company bought back 2.71 million of its common shares for $32.9 million. At the end of December, it held $174.3 million in cash and equivalents, and $397.1 million in equity

investments. The company declared quarterly dividends of 20¢ per common share for the year totalling $31.2 million, bringing the total to $86.3 million since inception in 2014. In a statement, Sean Roosen, the company’s chairman and CEO, said that in less than five years, Osisko Gold Royalties has “invested over $2.5 billion in royalty, streaming and offtake assets, as well as in our mining equity portfolio of emerging producers.” TNM

TSX GREATEST PERCENTAGE CHANGE

Starcore Intl St Augustine EurOmax Res Turquoise HIl Chalice Gold M North Am Pall Black Iron Sherritt Intl Lithium Amer Taseko Mines eCobalt Solns Golden Queen Euro Sun Mg Titan Mining Serabi Gold U3O8 Corp Prophecy Coal Globex Mng Goldgroup Mng Nautilus Mnrls

SAM SAU EOX TRQ CXN PDL BKI S LAC TKO ECS GQM ESM TI SBI UWE PCY GMX GGA NUS

585 313 73 86856 63 516 6062 7984 930 1995 5270 600 1238 395 2 236 2590 238 426 629

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Novo Res Amex Expl New Pac Metals Kingsmen Res Sun Metals Amador Gold SRG Graphite Filo Mg Corp Sierra Madre D Leeta Gold Abitibi Royal Chesapeake Gld Canadian Prem Golden Secret Bluestone Res Wolfeye Res Great Bear Res Cobalt 27 Cap Gold Reserve Glacier Lake

0.16 0.09 0.13 + 44.4 0.02 0.02 0.02 + 33.3 0.08 0.06 0.08 + 33.3 2.84 2.18 2.79 + 24.0 0.15 0.12 0.15 + 20.8 19.50 15.36 18.40 + 18.8 0.12 0.08 0.10 + 18.8 0.53 0.43 0.51 + 18.6 5.13 4.03 4.90 + 18.4 0.84 0.70 0.84 + 18.3 0.47 0.25 0.30 - 36.6 0.04 0.03 0.03 - 25.0 0.31 0.23 0.23 - 20.7 0.98 0.68 0.79 - 18.6 0.60 0.00 0.60 - 14.3 0.21 0.17 0.18 - 12.5 0.21 0.15 0.18 - 12.5 0.34 0.30 0.30 - 9.1 0.06 0.05 0.05 - 9.1 0.06 0.05 0.05 - 9.1

VOLUME WEEK (000s) CLOSE CHANGE

NVO AMX NUAG KNG SUNM MENE SRG FIL SMG.H HIVE RZZ CKG CPS TBRD BSR LXG GBR KBLT GRZ GLI

821 2.70 2517 1.30 481 2.23 92 0.58 3682 0.58 2344 0.75 254 1.00 264 2.20 60 0.15 8696 0.54 11 12.26 84 2.10 131 1.30 116 1.92 342 1.28 421 0.65 999 3.71 1187 3.71 45 3.21 2907 0.01

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

0.43 0.37 0.28 0.18 0.17 0.16 0.16 0.15 0.14 0.13 0.64 0.25 0.16 0.13 0.12 0.11 0.10 0.10 0.09 0.09

TSX VENTURE EXCHANGE / FEBRUARY 18–22 The S&P/TSX Venture Composite Index rose 1.19% to finish the trading week at 623.27. New Pacific Metals released the second batch of assay results this year from its Silver Sand project in Bolivia. Highlights included 226 metres averaging 116 grams silver per tonne from 60 metres in drill hole 505003, including 100 metres of 244 grams silver from 186 metres. Drill hole 5203 returned 6 metres grading 290 grams silver starting from 21 metres below surface, and 193 metres grading 123 grams gold from 101 metres; and drill hole 505004 intersected 95 metres grading 162 grams silver from 74 metres, including 17 metres of 703 grams gold. The project is 4,050 metres above sea level and 25 km northeast of the Cerro Rico silver and base metal mineral system near Potosi. The company’s shares jumped 28¢ to $2.23. A strategic investment by Eric Sprott sent shares of Amex Exploration up 37¢ to $1.30. Sprott acquired 4 million units in a private placement for a total $3-million investment. The precious metals investor, through 2176423 Ontario, now owns 7.40% of the issued and outstanding common shares of the company, on a non-diluted basis. It is Sprott’s first investment in the company. Amex Exploration has an option

agreement to acquire a 100% stake in the Gowan property near the Kidd Creek mine. Its 100%-owned Perron gold project is 110 km north of Rouyn-Noranda, Quebec. It owns 100% of the Eastmain River gold properties in James Bay, Que., and 100% of t he Cameron project in Lebel-surQuévillon, Quebec. Bluestone Resources a nnou nced a bought-deal private placement at $1.25 per unit for up to $10 million. Each unit will consist of one common share of the company and one-half of one common share-purchase warrant. Each warrant will entitle the holder to acquire one common share of the company for 24 months after closing at a price of $1.65. The funds will be used to advance Cerro Blanco, a gold project TSX-V MOST ACTIVE ISSUES

Walker River Savary Gold MAX Res Salazar Res West African Leeta Gold Albert Mining Victoria Gold IDM Mining Vendetta Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WRR 28796 SCA 22960 MXR 15132 SRL 9512 WAF 9157 HIVE 8696 AIIM 8450 VIT 8361 IDM 7602 VTT 7477

0.27 0.11 0.49 0.17 0.26 0.55 0.11 0.55 0.06 0.14

0.16 0.09 0.34 0.14 0.22 0.41 0.05 0.50 0.06 0.11

0.21 + 0.11 + 0.36 - 0.15 + 0.26 + 0.54 + 0.10 + 0.50 unch 0.06 unch 0.12 -

0.03 0.01 0.06 0.02 0.03 0.13 0.05 0.00 0.00 0.01

in Guatemala, and for general corporate purposes. Bluestone Resources’ shares fell 12¢ to $1.28. Parallel Mining reported assays from its recent drill program designed to test one of the areas of Mane II, its 163 sq. km optioned concession in the Kaya-Goran greenstone belt in central Burkina Faso, 20 km south of Nordgold’s Bissa gold mine. Drill hole

18-007 returned 2 metres of 8.63 grams gold per tonne from 28 metres downhole; drill hole 18-006 intersected 2.97 grams gold over 4 metres from 91 metres, including 7.98 grams gold over 1 metres; and drill hole 18-002 cut 2 grams over 3 metres from 41 metres, including 4.59 grams gold over 1 metre. Parrallel Mining’s shares fell 44.4% to 3¢. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Sierra Madre D Knick Expl TVI Pacific Westkam Gold Barker Min Le Mare Gold Albert Mining Lions Bay Cap NSGold Highbank Res Glacier Lake Parallel Mng African Gold Jazz Res Running Fox Rs Stroud Res Aldever Res Western Atlas Astorius Res American Creek

SMG.H KNX TVI WKG BML LMGC AIIM LBI NSX HBK GLI PAL AGG JZR RUN SDR ALD WA ASQ AMK

60 379 821 281 637 140 8450 363 95 894 2907 1517 6545 172 285 470 75 40 805 582

0.02 0.01 0.02 0.01 0.01 0.14 0.11 0.10 0.12 0.03 0.01 0.05 0.03 0.05 0.02 0.02 0.07 0.10 0.05 0.04

0.00 0.01 0.01 0.01 0.01 0.07 0.05 0.05 0.07 0.02 0.01 0.03 0.02 0.03 0.01 0.01 0.05 0.07 0.03 0.03

0.15 0.01 0.01 0.01 0.01 0.14 0.10 0.09 0.12 0.03 0.01 0.03 0.02 0.03 0.01 0.01 0.05 0.07 0.04 0.03

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 900.0 + 100.0 + 100.0 + 100.0 + 100.0 + 92.9 + 90.0 + 80.0 + 71.4 + 66.7 - 90.0 - 44.4 - 40.0 - 37.5 - 33.3 - 33.3 - 30.8 - 30.0 - 30.0 - 28.6

VOLUME WEEK (000s) CLOSE CHANGE

NVO AMX NUAG KNG SUNM MENE SRG FIL SMG.H HIVE RZZ CKG CPS TBRD BSR LXG GBR KBLT GRZ GLI

821 2.70 2517 1.30 481 2.23 92 0.58 3682 0.58 2344 0.75 254 1.00 264 2.20 60 0.15 8696 0.54 11 12.26 84 2.10 131 1.30 116 1.92 342 1.28 421 0.65 999 3.71 1187 3.71 45 3.21 2907 0.01

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

0.43 0.37 0.28 0.18 0.17 0.16 0.16 0.15 0.14 0.13 0.64 0.25 0.16 0.13 0.12 0.11 0.10 0.10 0.09 0.09

U.S. MARKETS / FEBRUARY 18–22 The Dow Jones Industrial Average rose 0.57% to 26,031.81, while the S&P 500 Index increased 0.62% to 2,792.67. Spot gold finished the week at US$1,337.80 per oz., up US$16.40 per oz., or 1.24%. Newmont Mining reported net income from continuing operations of US$280 million, or US53¢ per diluted share, and earnings before interest, taxes, depreciation and amortization of US$2.6 billion in 2018. Consolidated cash flow from continuing operations totalled US$1.8 billion, and free cash flow, US$805 million. Attributable gold production for the year reached 5.1 million oz., in line with the company’s guidance, at costs applicable to sales of US$708 per oz., and all-in sustaining costs (AISCs) of US$909 per oz. gold. Newmont ended the year with US$3.4 billion in cash and net debt of US$0.9 billion. For 2019, the company expects attributable production of 5.2 million oz. at costs applicable to sales of US$710 per oz., and AISCs of US$935 per ounce. “This performance gave us the means to complex expansions in the U.S. and Africa, advance projects and exploration on four continents, and pursue an agreement to create the world’s leading gold business, as

58_MAR4_MarketNews.indd 58

measured by assets, people, prospects and value,” Newmont’s CEO, Gary Goldberg, said in a news release. The company reported gold reserves at year-end of 65.4 million attributable ounces. Newmont’s shares rose US$3.24 to US$36.48 apiece. Rio Tinto released details on all of its tailings facilities. The company reported it has 100 tailings facilities across 32 sites, and of the 100, 21 are upstream construction facilities. It has another 36 tailings facilities that are closed or under rehabilitation. Rio Tinto said all of the facilities it manages are subject to three levels of governance and assurance, and U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Goldcorp* GG 146836 11.72 10.73 11.13 + 0.31 Vale* VALE 136050 12.51 11.96 12.50 + 0.17 Freeport McMoR* FCX 134367 13.86 12.23 13.22 + 0.94 Yamana Gold* AUY 107267 2.85 2.42 2.68 + 0.04 Barrick Gold * GOLD 105733 14.04 12.70 13.04 + 0.09 Kinross Gold* KGC 98580 3.83 3.23 3.63 + 0.14 Newmont Mng* NEM 74034 37.63 32.96 36.48 + 3.24 Gold Fields* GFI 47756 4.45 3.70 4.16 + 0.25 Cleveland-Clif* CLF 47293 11.75 11.03 11.58 + 0.29 United States S* X 47268 24.74 22.73 24.10 + 1.18

noted that, whether inactive or active, they have an external engineer of record or design engineer. “I would like to acknowledge the recent tragedy at Minas Gerais in Brazil, and our thoughts are with all those impacted by this truly awful event,” Jean-Sébastien Jacques,

Rio’s CEO, stated, referring to the tailings dam disaster last month at Vale’s iron ore mine in the state. “Rio Tinto is again reviewing its global standard, and, in particular, assessing how we can further strengthen the existing external audit of facilities.” TNM

U.S. GREATEST PERCENTAGE CHANGE

Turquoise HIl* Lithium Amer* HudBay Min* DRDGOLD* Osisko Gold* Southern Copp* Pretium Res* Nexa Resources* Newmont Mng* Teck Res* Cloud Peak En* Fortuna Silvr* Hecla Mining* IAMGOLD* Peabody Enrgy* Cameco Corp* MartinMarietta* Chevron Corp* Franco-Nevada* Mosaic*

TRQ LAC HBM DRD OR SCCO PVG NEXA NEM TECK CLD FSM HL IAG BTU CCJ MLM CVX FNV MOS

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

45061 2.17 1.66 2.12 + 24.7 1676 3.90 3.04 3.77 + 20.6 6353 6.92 5.78 6.88 + 15.1 375 2.42 2.11 2.40 + 13.7 3825 11.52 9.98 11.44 + 12.0 9860 36.98 32.13 36.19 + 11.4 17154 8.26 6.80 8.06 + 11.2 762 10.70 8.92 10.41 + 10.3 74034 37.63 32.96 36.48 + 9.7 21097 23.79 21.62 23.75 + 9.7 22548 0.64 0.51 0.54 - 9.2 7976 4.19 3.67 3.83 - 4.5 39769 3.07 2.56 2.59 - 3.7 29863 3.87 3.37 3.60 - 0.6 3611 31.52 29.73 31.01 - 0.5 8872 12.33 11.82 12.25 - 0.5 3937 193.78 187.80 190.00 - 0.0 26084 120.72 118.39 119.39 + 0.0 3334 77.84 74.93 76.73 + 0.4 20304 33.89 31.25 32.30 + 0.6

U.S. GREATEST VALUE CHANGE

Southern Copp* Newmont Mng* Arch Coal* Teck Res* Alcoa* Rio Tinto* Black Hills* Kirkland Lake* AngloGold Ash* Osisko Gold* Fortuna Silvr* Peabody Enrgy* Hecla Mining* Cameco Corp* MartinMarietta* Cloud Peak En* IAMGOLD* Chevron Corp* Yamana Gold* Coeur Mng*

VOLUME WEEK (000s) CLOSE CHANGE

SCCO NEM ARCH TECK AA RIO BKH KL AU OR FSM BTU HL CCJ MLM CLD IAG CVX AUY CDE

9860 36.19 74034 36.48 1492 90.86 21097 23.75 20136 30.17 11906 58.83 2449 71.19 11002 34.90 22552 14.85 3825 11.44 7976 3.83 3611 31.01 39769 2.59 8872 12.25 3937 190.00 22548 0.54 29863 3.60 26084 119.39 107267 2.68 22960 5.23

+ 3.69 + 3.24 + 2.49 + 2.10 + 1.90 + 1.68 + 1.55 + 1.31 + 1.27 + 1.23 - 0.18 - 0.16 - 0.10 - 0.06 - 0.06 - 0.05 - 0.02 + 0.04 + 0.04 + 0.06

2019-02-26 10:43 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MARCH 4–17, 2019

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 Tuesday, February 26, 2019 Precious Metals Price (US$/oz.) Change Gold $1329.15 +5.20 Silver $15.96 +0.19 Platinum $850.00 +44.00 Palladium $1524.00 +66.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $12935.00 -15.00 $6467.50 +13.00 $2092.00 +5.00 $2742.50 +21.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 22, 2019 (change from February 15, 2019 in brackets): Aluminium Alloy 8600 (-80) Aluminium 1239800 (-26800) Copper 133825 (-9350) Lead 76825 (+9525) Nickel 199974 (-588) Tin 1440 (-85) Zinc 81100 (-12350)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$73.20 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.15 Cobalt: US$14.97/lb. Copper: US$2.95/lb. Copper: CME Group Futures March 2019: US$2.95/lb.; April: 2019: US$2.95/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz. Iron Ore 62% Fe CFR China-S: N.A. Lead: US$0.94/lb. Molybdenum Oxide: US$11.79/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$2,705.00 tr. oz. Ruthenium: Mid-mkt US$266.00/tr. oz. Silver: Handy & Harman Base: US$14.54 per oz.; Handy & Harman Fabricated: US$18.17 per oz. Spodumene min 7-7.5% Li20, CIF China, US$900-1000 per tonne. Tantalite Ore : US$186.50/kg Tin: US$9.89/lb. Uranium: U3O8, Trade Tech spot price: US$28.60 per lb U308 Zinc: US$1.24/lb. Prices current Feb. 26, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Feb 22 Feb 21 Feb 20 Feb 19 Feb 18 High Low S&P/TSX Composite 16013.01 16000.86 16031.24 15937.44 15838.24 15527.30 12400.15 S&P/TSXV Composite 623.27 621.61 622.33 622.05 615.93 1050.26 883.52 S&P/TSX 60 954.93 955.18 957.06 950.34 944.88 896.74 709.99 S&P/TSX Global Gold 196.64 197.25 198.59 197.33 190.27 218.90 149.29 DJ Precious Metals 166.43 166.43 168.08 166.55 160.42 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 31, 2019 (with changes from Jan 15, 2019) Largest short positions Sandstorm Gold SSL 16232259 -147534 1/15/2019 Barrick Gold ABX 14878929 2121219 1/15/2019 Kinross Gold K 13914096 -198941 1/15/2019 Suncor Energy SU 13156916 993326 1/15/2019 Ivanhoe Mines IVN 12805865 395815 1/15/2019 Turquoise HIl TRQ 10585447 -649656 1/15/2019 First Quantum FM 10307593 1655383 1/15/2019 New Gold NGD 9149905 -445519 1/15/2019 Goldcorp G 8848384 -2638552 1/15/2019 Nemaska Lith NMX 8104838 -764104 1/15/2019 OceanaGold OGC 7774149 -51002 1/15/2019 First Majestic FR 7631297 587303 1/15/2019 Yamana Gold YRI 7621635 948014 1/15/2019 Copper Mtn Mng CMMC 7291023 -476015 1/15/2019 McEwen Mng MUX 7044136 926156 1/15/2019 Largest increase in short position ABX 14878929 2121219 1/15/2019 Barrick Gold First Quantum FM 10307593 1655383 1/15/2019 Lucara Diam LUC 4722953 1503996 1/15/2019 Perseus Mng PRU 1607398 1361789 1/15/2019 Lundin Mng LUN 5871196 1069861 1/15/2019 Largest decrease in short position RNX 2660066 -2684667 1/15/2019 Royal Nickel Goldcorp G 8848384 -2638552 1/15/2019 Osisko Mng Inc OSK 6091200 -1305199 1/15/2019 Guyana Gldflds GUY 3500364 -976235 1/15/2019 Nemaska Lith NMX 8104838 -764104 1/15/2019

Short positions outstanding as of Jan 31, 2019 (with changes from Jan 15, 2019) Largest short positions Scorpio Gold SGN 4491368 4295868 1/15/2019 First Cobalt FCC 1808080 -97174 1/15/2019 Leeta Gold HIVE 1378845 128322 1/15/2019 Atlantic Gold AGB 1313218 289019 1/15/2019 Intl Samuel Ex ISS 1189572 1120051 1/15/2019 Gratomic GRAT 1012419 318678 1/15/2019 Fission 3.0 FUU 889372 771696 1/15/2019 Equinox Gold EQX 867621 99385 1/15/2019 BonTerra Res BTR 835143 32477 1/15/2019 Cobalt 27 Cap KBLT 834698 147207 1/15/2019 Vendetta Mng VTT 776331 644868 1/15/2019 Purepoint Uran PTU 752560 726302 1/15/2019 Amarillo Gold AGC 729798 -2431 1/15/2019 Novo Res NVO 634910 471493 1/15/2019 Cartier Res ECR 563084 504889 1/15/2019 Largest increase in short position Scorpio Gold SGN 4491368 4295868 1/15/2019 Intl Samuel Ex ISS 1189572 1120051 1/15/2019 Fission 3.0 FUU 889372 771696 1/15/2019 Purepoint Uran PTU 752560 726302 1/15/2019 Vendetta Mng VTT 776331 644868 1/15/2019 Largest decrease in short position ValOre Metals VO 10374 -3346107 1/15/2019 ML Gold Corp MLG 168650 -650741 1/15/2019 Alturas Min ALT 222 -647112 1/15/2019 Gldn Predator GPY 92761 -540097 1/15/2019 Lithoquest Dia LDI 450 -358750 1/15/2019

DAILY METAL PRICES Daily Metal Prices Date Feb 25 Feb 22 Feb 21 Feb 20 Feb 19 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1470/1490 1470/1490 1465/1490 1465/1485 1455/1475 Aluminum 1885.50/1911 1890/1911 1857.50/1875 1829/1855 1833/1861.50 Copper 6545/6495 6488.50/6457.50 6390/6372 6351/6335 6246/6235 Lead 2071.50/2082 2058/2068 2044/2048 2024/2033 2008/2021 Nickel 12935/13045 12925/13015 12710/12795 12695/12775 12420/12485 Tin 21805/21675 21645/21350 21400/21275 21300/21200 21100/21050 Zinc 2740/2729 2717/2698 2697.50/2674 2711/2681.50 2666/2643 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1329.15 1322.25 1335.05 1345.75 1329.55 Gold PM 1331.05 1329.05 1331.25 1343.75 1334.15 Silver 15.96 15.87 15.91 16.04 15.78 Platinum 853.00 830.00 826.00 822.00 811.00 Palladium 1528.00 1482.00 1481.00 1491.00 1470.00

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

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK

Feb 22 Feb 21 Feb 20 Feb 19 Feb 18 1.3227 1.3227 1.3172 1.3211 1.3235 0.7561 0.7561 0.7592 0.7570 0.7555

Exchange rates (Quote Media, February 22, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0637 0.6667 83.7105 14.5838 10.6015 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5798 5.0800 53.8295 0.7568 850.4556 US to EURO US to YEN US to Mex Peso US to SA Rand US to AUS 1.4068 0.8818 110.7190 19.2887 14.0220 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7668 6.7201 71.1950 1.0009 1125.1600

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 Golden Queen Mining Co (GQM.WT) Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 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 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 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

Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Prairie Provident Resources Inc Wt (PPR. WT) - Wt buys sh @ $0.87 to Mar 16/19 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 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. Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 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. Cornerstone Capital Resources (CGP. WT.S) - Wt buys sh @ $0.35 to Apr 07/19 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 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Rainy Mountain Royalty Corp. (RMO. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 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 Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19 Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 18–22, 2019 111 New Highs

Abitibi Royal Alacer Gold Albert Mining Amex Expl Amex Expl* Anglo American* AngloGold Ash* Asante Gold Athabasca Min Athabasca Min* Atlantic Gold Atlantic Gold* Aura Minerals Aurcana Corp* Axmin Inc* Barrick Gold* B2Gold Corp B2Gold Corp* Black Hills* Buenaventura* Bullfrog Gold* Canadian Ore Canadian Ore* Cerro de Pasc *

Champion Iron Champion Iron* CIM Intl Grp Dundee Prec Mt Eldorado Gold Eldorado Gold* Ely Gold Royal Ely Gold Royal* EnCore Energy Ero Copper Ero Copper* Fortescue Met* Fox River Res Franco-Nevada Gabriel Res* Gainey Capital GNCC Capital* Gold Fields* Golden Star Golden Star* Golden Valley Golden Valley* GoldON Res Goldsource Min Goldsource Min*

Gran Colombia Gran Colombia* Grenville Gold* iMetal Res iMetal Res* Irving Res Irving Res* Kingsmen Res Kirkland Lake Kirkland Lake* Labrador Iron Lions Bay Mg * Lorraine Coppr Lorraine Coppr* Magellan Gold* Mas Gold MAX Res Mega Copper Metalla Rylty Metalla Rylty* New Milln Iron* New Pac Metals New Pac Metals* Noble Mineral North Am Pall

North Am Pall* Nuinsco Res* Osisko Gold Osisko Gold* Osisko Mng Inc Primary Energy QC Precious * Rio Tinto* Sandstorm Gold Sandstorm Gold* Savary Gold Savary Gold* Scorpio Gold Seabridge Gld SilverCrest SSR Mining SSR Mining* Sun Metals Tethyan Res Torex Gold Torex Gold* Trinity Valley* True North Gem True North Gem* UC Res*

Unity Metals UrbanGold Min Vanstar Mng Rs Velocity Mnrls Velocity Mnrls* Victoria Gold Vista Gold Vista Gold* Walker River Walker River* Wesdome Gold Wesdome Gold*

32 New Lows

Aldebaran Res ALQ Gold Altan Rio Min* Altura Mining* Avalon Advance* Azincourt Ener Canadian Metal* CellCube Enrgy CellCube Enrgy* Colorado Res Critical Elem Eastmain Res

eCobalt Solns eCobalt Solns* Engold Mines* Greenland M&En* Highway 50 Gld* Inter-Rock Mnl* Intl Battery Intl Battery* InZinc Mining* Lithium Expl* Mason Graphite Mason Graphite* Mega Uranium Mexus Gold* PolyMet Mng* Sierra Madre D Syrah Res* Tearlach Res Wealth Mnrls* Xanadu Mines*

CANADIAN GOLD MUTUAL FUNDS Fund Feb 22 ($) AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 19.19 BMO ZGD 47.11 BMO ZJG 48.68 CIBC Prec Metal Fd A 9.98 Dyn Prec Metls Fd A Galileo GOGO 10.97 Harvest HGGG Horizons HEP IG Mac GbPMetCl A 8.77 iShares XGD Mac Prec Met Cl A 47.03 NBI PrecMetFd Invt 12.66 NPT Gold&PrMinFdA NPT SilverEquCl A RBC GblPreMetFd A 33.97 Sentry Pre Met Fd A TD Prec Mtl Fd Inv 32.86

Feb 15 ($) 19.40 18.65 45.15 46.55 9.64 7.20 10.58 20.95 24.38 8.81 11.92 45.98 12.21 33.71 4.99 32.89 35.21 31.83

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.64 3.34 5.28 2.80 95.70 0.53 2.86 5.76 2.40 60.91 1.96 4.34 433.20 0.61 2.13 4.58 5.28 0.60 0.34 3.53 3.29 2.45 42.06 0.10 1.41 7.47 2.71 343.59 0.38 3.63 7.58 0.60 0.91 4.41 0.93 3.82 5.74 0.83 0.20 2.28 7.19 2.75 31.92 0.52 4.42 2.68 0.61 1.05 2.29 7.30 2.52 58.55 0.45 3.69 6.08 2.46 27.40 0.97 2.93 4.05 3.04 0.17 3.49 7.37 2.95 1.08 3.28 5.63 2.13 307.73 1.25 3.62 5.51 2.46 242.79 1.03 3.24 4.06 2.27 104.38

MONETIZE YOUR ROYALTY OR NSR TODAY. SELL FOR CASH.

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_MARCH4_MMMM.indd 59

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

info@cartesianroyalty.com | +1-212-461-6342 www.cartesianroyalty.com

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2019-02-26 6:01 PM

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MARCH 4â&#x20AC;&#x201C;17, 2019 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 18â&#x20AC;&#x201C;22, 2019 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 21C Metals 228 37 Capital* O 5 37 Capital 5 66 Resources 40 92 Resources V 377 V 180 Abacus Mining Abacus Mining* O 239 V 313 Abcourt Mines Abcourt Mines* O 141 O 399 Aben Resources* Aben Resources V 1464 Aberdeen Intl* O 10 Aberdeen Intl T 24 Abitibi Royal* O 4 Abitibi Royal V 11 AbraPlata Res* O 566 V 485 AbraPlata Res Acacia Mining* O 0 Adamera Min V 1088 Adamera Min* O 347 Adex Mining V 289 Advance Gold V 269 V 357 Advantage Lith Advantage Lith* O 206 Adventus V 42 Adventus* O 22 V 186 Aethon Mineral AEX Gold V 13 African Gold* O 1 African Gold V 6545 African Min* O 298 Aftermath Silv V 1062 O 286 Aftermath Silv* Agnico Eagle T 4217 Agnico Eagle* N 8072 AgriMinco* O 7 V 2784 Aguia Resource Aguila Amer Gd V 2 AJN Resources 5 Alacer Gold T 4450 Alamos Gold T 7615 Alamos Gold* N 14334 1 Alaska Pac Egy* O O 2 Alba Minerals* Albert Mining V 8450 O 24 Albert Mining* Alcoa* N 20136 V 111 Aldebaran Res Alderon Iron* O 45 Alderon Iron T 794 Aldever Res* O 0 Aldever Res V 75 Alexandria Min V 194 O 515 Alexandria Min* Alexco Res T 1156 Alexco Res* X 3155 Algold Res V 600 Algold Res* O 5 Alianza Min V 5 Alianza Min* O 20 Alien Metals* O 121 Alio Gold T 1013 Alio Gold* X 1824 Allegiant Gold V 223 Allegiant Gold* O 196 Alliance Mng V 195 Alliance Res* D 1247 Almaden Min T 286 Almaden Min* X 926 Almadex Min* O 121 Almadex Min V 162 10 Almonty Ind * O Almonty Ind T 171 Aloro Mining* O 37 Aloro Mining V 401 Alphamin Res * O 160 Alphamin Res V 358 ALQ Gold 519 O 8 Altai Resource* Altai Resource V 849 27 Altair Res Inc* O Altair Res Inc V 389 Altamira Gold V 587 Altamira Gold* O 426 Altan Nevada V 938 Altan Rio Min V 4 4 Altan Rio Min* O Altiplano Met V 183 Altius Mnrls * O 131 Altius Mnrls T 266 Alto Ventures V 173 Altura Mining* O 310 Alturas Min V 410 Altus Strat V 415 Alumina Ltd* O 57 ALX Uranium* O 22 ALX Uranium V 99 AM Resources V 592 Amador Gold V 2344 Amarc Res V 629 Amarc Res* O 42 Amarillo Gold V 115 O 214 Amarillo Gold* Amazing Energy* O 282 Amer Intl Vent* O 216 American Creek* O 131 V 582 American Creek American CuMo* O 330 O 764 American Lith* American Lith V 478 O 248 American Mang* American Mang V 658 American Pac 2741 American Pac* O 115 O 17 AmericanSierra* Americas Silvr* X 807 T 440 Americas Silvr Amerigo Res T 841 Amerigo Res* O 461 Amex Expl* O 48 Amex Expl V 2517 Amilot Capital V 45 Amseco Expl V 168 Anaconda Mng T 603 O 41 Anaconda Mng* Anconia Res V 462 Andes Gold* O 51 Anfield Energy* O 112 V 151 Anfield Energy Angel Gold* O 112 Angel Gold V 489 Angkor Gold V 175 Angkor Gold* O 49 Anglo American* O 3 O 1909 Anglo American* Anglo Pac Grp T 2 1 AngloGold Ash* O AngloGold Ash* N 22552 V 28 Angus Ventures Antioquia Gold* O 101 V 92 Antioquia Gold Antler Gold V 249 2 Antofagasta* O Apex Res V 47 Appia Energy 190 Appia Energy* O 186 Applied Min* O 615 Aquila Res T 150 Aquila Res* O 106 Arch Coal* N 1492 Arctic Star* O 52 Arctic Star V 1441 Arcturus Vent V 0 Arcus Dev Grp* O 1 294 Arcus Dev Grp V Arena Min V 1288 Arena Min* O 91 Argentina Lith* O 13 Argentina Lith V 144 Argentum Silvr V 49 T 3200 Argex Titanium Argex Titanium* O 796 Argo Gold* O 44 Argo Gold 322 O 309 Argonaut Gold* Argonaut Gold T 3558

60-63_MAR4_StockTables.indd 60

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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Arianne Phosph V 262 Arianne Phosph* O 196 Arizona Silver* O 206 Arizona Silver V 965 Armor Min V 6 Armor Min* O 1 Asanko Gold* X 1372 Asanko Gold T 1127 Asante Gold 167 Asbestos Corp V 1 Ascendant Res* O 164 T 207 Ascendant Res Ascot Res * O 20 Ascot Res V 295 Ashanti Gold V 127 Ashanti Sanko V 58 AsiaBaseMetals V 10 Asian Mineral V 49 Aston Bay V 923 Aston Bay* O 92 Astorius Res V 805 Astur Gold V 41 ATAC Res V 777 ATAC Res* O 246 Atacama Res* O 30297 Atalaya Mining T 1 O 74 Athabasca Min* Athabasca Min V 1248 Athena Silver* O 275 Atico Mining* O 202 Atico Mining V 381 Atlanta Gold V 1 Atlanta Gold* O 50 Atlantic Gold V 2190 Atlantic Gold* O 728 Atlantic Indus V 5 Atlatsa Res* O 100 Atlatsa Res T 212 0 Atom Energy * O Aton Resources* O 20 Aton Resources V 260 Aura Minerals* O 1 Aura Minerals T 5 Aura Resources V 137 Auramex Res V 205 Aurania Res* O 53 Aurania Res V 76 Aurcana Corp V 126 Aurcana Corp* O 17 AurCrest Gold V 1068 Aurelius Min V 1172 Aurion Res V 142 Aurion Res * O 26 Aurora Royal V 2400 O 2 AURYN Mining* Auryn Resource T 783 Auryn Resource* X 798 Aust Mines* O 131 Austin Res V 192 Austral Gold* O 19 Austral Gold V 58 Auxico Res 342 T 1191 Avalon Advance Avalon Advance* O 255 Avarone Metals 600 Avesoro Res T 4 Avesoro Res* O 0 Avidian Gold V 99 Avino Silver* X 2222 Avino Silver T 358 Avrupa Min V 362 Avrupa Min* O 199 Awale Res V 36 Axmin Inc V 627 Axmin Inc* O 40 V 38 Azarga Metals Azarga Metals* O 80 Azarga Uranium* O 90 Azarga Uranium T 278 Azimut Explor V 160 Azimut Explor* O 5 O 35 Azincourt Ener* Azincourt Ener V 416 V 224 Aztec Minerals Aztec Minerals* O 38 Azteca Gold* O 66 Azucar Min V 240

0.44 0.39 0.44 + 0.04 0.63 0.39 0.33 0.29 0.33 + 0.04 0.48 0.29 0.12 0.09 0.12 + 0.03 0.16 0.04 0.16 0.12 0.16 + 0.04 0.20 0.06 0.44 0.43 0.43 - 0.01 0.73 0.30 0.30 0.30 0.30 unch 0.00 0.31 0.25 0.77 0.72 0.74 - 0.00 1.38 0.56 1.01 0.95 0.98 unch 0.00 1.79 0.80 0.08 0.05 0.08 + 0.03 0.07 0.03 0.00 0.00 0.40 unch 0.00 0.90 0.33 0.44 0.37 0.42 + 0.05 0.93 0.28 0.58 0.49 0.56 + 0.08 1.20 0.35 0.76 0.72 0.75 + 0.02 1.23 0.59 1.03 0.94 0.99 + 0.02 1.65 0.76 0.05 0.04 0.04 unch 0.00 0.25 0.04 0.03 0.03 0.03 - 0.01 0.10 0.02 0.24 0.21 0.24 unch 0.00 0.40 0.15 0.25 0.00 0.25 - 0.01 4.00 0.21 0.06 0.05 0.06 - 0.01 0.29 0.05 0.05 0.04 0.05 + 0.00 0.20 0.03 0.05 0.03 0.04 - 0.02 0.12 0.03 0.19 0.19 0.19 unch 0.00 0.31 0.17 0.30 0.26 0.28 unch 0.00 0.63 0.21 0.23 0.19 0.20 - 0.00 0.51 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 4.10 3.70 4.10 + 0.40 5.10 2.88 0.29 0.22 0.29 + 0.05 0.29 0.09 0.38 0.31 0.37 + 0.06 0.38 0.12 0.02 0.02 0.02 unch 0.00 0.30 0.02 0.30 0.24 0.30 + 0.05 0.56 0.17 0.39 0.33 0.39 + 0.06 0.74 0.23 0.04 0.00 0.04 unch 0.00 0.07 0.04 0.02 0.02 0.02 unch 0.00 0.05 0.02 2.19 1.98 2.19 + 0.12 2.19 1.40 1.71 1.49 1.67 + 0.10 1.71 1.07 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.07 0.00 0.06 - 0.00 0.07 0.02 0.09 0.00 0.09 unch 0.00 0.09 0.03 0.00 0.00 0.03 unch 0.00 0.34 0.00 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.05 0.05 0.05 unch 0.00 0.11 0.02 15.93 14.61 15.93 + 1.32 16.50 1.00 21.23 18.46 21.23 + 1.82 28.50 14.60 0.04 0.04 0.04 unch 0.00 0.18 0.03 0.06 0.05 0.06 + 0.01 0.09 0.03 2.13 2.01 2.10 + 0.00 2.70 1.03 2.83 2.70 2.80 + 0.05 3.55 1.93 0.68 0.60 0.64 + 0.02 1.38 0.35 0.55 0.46 0.50 + 0.03 0.55 0.00 0.03 0.02 0.03 unch 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.07 0.02 1.30 1.24 1.27 unch 0.00 2.15 0.67 1.00 0.93 0.96 + 0.03 1.63 0.52 0.09 0.09 0.09 unch 0.00 0.24 0.07 0.71 0.36 0.36 - 0.35 1.95 0.16 1.44 1.30 1.41 + 0.07 1.94 1.14 1.10 0.98 1.08 + 0.08 1.56 0.85 0.04 0.03 0.04 + 0.01 0.33 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.04 0.00 0.04 unch 0.00 0.11 0.00 0.08 0.07 0.07 - 0.01 0.13 0.05 0.21 0.17 0.21 + 0.03 0.43 0.12 0.06 0.05 0.05 unch 0.00 0.15 0.05 0.05 0.03 0.04 - 0.00 0.12 0.03 0.05 0.05 0.05 - 0.01 0.14 0.04 2.66 2.54 2.66 + 0.06 5.99 2.30 0.00 0.00 1.78 unch 0.00 3.65 1.78 0.19 0.18 0.19 + 0.01 0.70 0.16 0.75 0.60 0.72 + 0.10 1.55 0.50 0.96 0.79 0.95 + 0.12 1.95 0.65 0.06 0.05 0.05 unch 0.00 0.13 0.04 0.05 0.03 0.04 + 0.01 0.10 0.03 0.09 0.08 0.08 - 0.01 0.34 0.06 0.49 0.30 0.45 + 0.02 0.49 0.03 0.43 0.24 0.37 - 0.00 0.37 0.02 0.12 0.00 0.11 - 0.01 0.16 0.09 0.08 0.07 0.08 + 0.01 0.11 0.05 0.18 0.16 0.18 - 0.00 0.24 0.15 0.24 0.23 0.23 - 0.01 0.34 0.20 0.29 0.24 0.29 + 0.04 0.48 0.22 0.19 0.00 0.19 - 0.00 0.32 0.17 0.04 0.03 0.03 - 0.01 0.15 0.03 0.06 0.05 0.05 unch 0.00 0.18 0.05 0.17 0.15 0.17 + 0.02 0.38 0.14 0.13 0.11 0.13 + 0.02 0.30 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.39 0.35 0.37 + 0.02 1.66 0.29

B2Gold Corp* X 32795 B2Gold Corp T 21045 Balmoral Res T 300 O 156 Balmoral Res* Balto Res V 20 Bankers Cobalt V 682 Bankers Cobalt* O 366 Bannerman Res* O 283 Banyan Gold V 651 Banyan Gold* O 29 Bard Ventures V 41 Barker Min V 637 Barkerville V 3815 Barkerville* O 926 Barksdale Cap V 336 O 59 Barksdale Cap* Barolo Venture V 1 Baroyeca Gold V 132 Barrick Gold T 29513 Barrick Gold * N 105733 Barsele Min* O 12 Barsele Min V 407 Batero Gold* O 182 Batero Gold V 34 Bayhorse Silvr* O 47 Bayhorse Silvr V 327 BC Moly V 16 BCM Res V 113 BE Res V 43 BE Res* O 1 Bear Creek Mng V 306 Bear Creek Mng* O 257 Bearclaw Cap V 10 Bearing Lith V 248 Bearing Lith* O 187 Bell Copper* O 71 Bell Copper V 400 Belmont Res V 240 Belo Sun Mng T 1370 Belo Sun Mng* O 601 BeMetals V 400 Benchmark Met V 382 Benchmark Met* O 210 Benton Res V 95 Benton Res* O 34 Benz Mining V 233 Benz Mining* O 2 Berkwood Res V 655 Berkwood Res * O 780 Bird River Res 1174 Bitterroot Res* O 49 Bitterroot Res V 28 Black Dragon V 765 Black Dragon* O 402 Black Hills* N 2449 Black Iron T 6062 Black Iron* O 666 Black Isle Res* O 1 Black Mammoth V 6 Black Sea V 1180 Black Sea * O 19 Black Tusk Res* O 1 Black Tusk Res 467 Blackheath Res V 800 Blackrock Gold V 615 Blackrock Gold* O 250 Blind Creek V 215 BLOX Inc* O 14 Blue Moon Zinc V 343 Blue Moon Zinc* O 98 Blue River Res V 908 Blue River Res* O 30 Blue Sky Uran* O 468 Blue Sky Uran V 1092 Blue Star Gold V 325 BlueBird Batt V 1546 BlueBird Batt* O 3 Bluenose Gold V 837 Bluestone Res* O 118

3.35 2.95 3.32 + 0.31 3.23 2.10 4.40 3.93 4.36 + 0.38 4.25 2.77 0.16 0.15 0.16 - 0.01 0.48 0.12 0.13 0.11 0.12 - 0.01 0.37 0.08 0.11 0.11 0.11 unch 0.00 0.27 0.05 0.03 0.02 0.03 + 0.01 0.43 0.02 0.02 0.02 0.02 - 0.00 0.39 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.05 0.05 0.05 + 0.01 0.10 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.32 0.00 0.27 - 0.05 1.63 0.18 0.01 0.01 0.01 + 0.01 0.02 0.01 0.47 0.40 0.45 + 0.03 0.70 0.30 0.36 0.29 0.34 + 0.02 0.57 0.23 0.60 0.55 0.56 - 0.01 0.90 0.44 0.44 0.43 0.43 - 0.00 0.61 0.38 0.25 0.25 0.25 unch 0.00 0.30 0.09 0.02 0.00 0.02 - 0.01 0.04 0.01 18.48 16.87 17.13 + 0.01 18.99 12.54 14.04 12.70 13.04 + 0.09 88.70 11.52 0.50 0.34 0.47 + 0.13 0.68 0.28 0.75 0.46 0.54 + 0.08 1.03 0.36 0.05 0.04 0.05 + 0.01 0.07 0.03 0.06 0.06 0.06 + 0.01 0.09 0.06 0.09 0.06 0.09 + 0.01 0.19 0.06 0.12 0.10 0.11 + 0.01 0.26 0.09 0.03 0.00 0.03 unch 0.00 0.16 0.03 0.12 0.10 0.11 - 0.01 0.26 0.09 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.01 1.79 1.61 1.65 - 0.03 2.60 0.89 1.35 1.21 1.28 + 0.00 2.07 0.71 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.26 0.23 0.25 + 0.01 0.79 0.21 0.20 0.17 0.20 + 0.02 0.80 0.02 0.11 0.08 0.08 - 0.00 0.12 0.03 0.15 0.11 0.11 unch 0.00 0.15 0.05 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.34 0.32 0.32 - 0.02 0.42 0.17 0.26 0.24 0.24 - 0.01 0.33 0.12 0.27 0.27 0.27 unch 0.00 0.30 0.15 0.23 0.20 0.23 + 0.02 0.39 0.16 0.17 0.15 0.16 - 0.01 0.30 0.06 0.06 0.05 0.06 + 0.01 0.09 0.04 0.05 0.04 0.05 + 0.00 0.06 0.03 0.06 0.00 0.05 unch 0.00 0.15 0.05 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.09 0.07 0.08 - 0.01 0.23 0.06 0.07 0.05 0.06 - 0.01 0.18 0.05 0.03 0.03 0.03 unch 0.00 0.29 0.03 0.02 0.02 0.02 + 0.00 0.09 0.01 0.03 0.00 0.03 unch 0.00 0.12 0.02 0.12 0.09 0.10 - 0.02 0.39 0.08 0.08 0.08 0.08 unch 0.00 0.14 0.05 71.23 69.43 71.19 + 1.55 70.70 50.49 0.12 0.08 0.10 + 0.02 0.12 0.05 0.09 0.06 0.07 + 0.00 0.09 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.06 0.00 0.06 - 0.01 0.14 0.05 0.03 0.00 0.08 - 0.02 0.39 0.06 0.03 0.00 0.03 + 0.01 0.10 0.01 0.11 0.11 0.11 unch 0.00 1.06 0.11 0.16 0.13 0.14 - 0.01 0.29 0.13 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.05 0.04 0.05 + 0.01 0.16 0.04 0.03 0.03 0.03 unch 0.00 0.12 0.02 0.06 0.04 0.05 - 0.01 0.35 0.03 0.19 0.14 0.14 unch 0.00 0.30 0.13 0.05 0.04 0.04 - 0.01 0.14 0.04 0.04 0.03 0.03 + 0.00 0.11 0.02 0.03 0.02 0.02 unch 0.00 0.05 0.02 0.01 0.01 0.01 - 0.00 0.04 0.01 0.12 0.10 0.11 - 0.00 0.20 0.09 0.15 0.14 0.14 unch 0.00 0.26 0.13 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.29 0.25 0.27 + 0.01 0.56 0.17 0.19 0.18 0.18 - 0.00 0.41 0.14 0.17 0.15 0.16 + 0.01 0.33 0.09 1.11 0.94 0.98 - 0.07 1.21 0.81

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bluestone Res V 342 Bold Ventures V 45 Bonanza Gold* O 219 BonTerra Res V 744 Boreal Metals V 384 Borneo Res Inv* O 4525 Bravada Gold V 205 Bravada Gold* O 118 Braveheart Res V 92 Bravo Multinat* O 39 Brazil Min* O 15269 O 3 Brigadier Gold* Brigadier Gold V 171 BrightRock* O 143 Britannia Mng* O 89 Brixton Metals V 501 Brixton Metals* O 239 Broadway Gold* O 116 V 563 Broadway Gold Brookmount Exp* O 2162 Brunswick Res V 125 Bryn Res* O 650 BTU Metals V 1000 Buenaventura* N 8496 Buffalo Coal V 56 Bullfrog Gold* O 552 Bullman Min V 5 Bunker Hill 142 BWR Explor V 137

1.45 1.24 1.28 - 0.12 1.60 1.05 0.02 0.00 0.02 - 0.01 0.04 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 2.05 1.91 1.96 - 0.04 5.80 1.91 0.10 0.08 0.10 + 0.01 0.35 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.07 0.08 + 0.01 0.12 0.05 0.06 0.06 0.06 - 0.00 0.09 0.04 0.09 0.06 0.09 unch 0.00 0.12 0.06 0.50 0.00 0.49 - 0.04 0.95 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.14 0.14 0.14 unch 0.00 0.15 0.10 0.18 0.15 0.18 + 0.03 0.26 0.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.22 0.19 0.20 + 0.01 0.35 0.13 0.17 0.15 0.15 + 0.01 0.27 0.10 0.07 0.00 0.05 - 0.02 0.21 0.02 0.08 0.07 0.07 - 0.01 0.26 0.06 0.01 0.01 0.01 - 0.00 0.03 0.00 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.10 0.07 0.10 + 0.02 0.10 0.00 0.13 0.10 0.10 unch 0.00 0.14 0.04 17.31 16.10 16.90 + 0.31 17.31 11.67 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.18 0.07 0.09 + 0.01 0.18 0.04 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.10 0.00 0.08 - 0.01 2.30 0.03 0.05 0.05 0.05 unch 0.00 0.09 0.03

Cabral Gold V 110 Cabral Gold* O 100 Cache Explor* O 1 Cache Explor V 1856 Cadence Min* O 0 Cadillac Vent V 50 X 133 Caledonia Mng* Caledonia Mng T 11 Calibre Mng V 102 Calibre Mng* O 6 California Gld V 273 O 69 California Gld* Callinex Mines* O 559 Callinex Mines V 628 Cameco Corp* N 8872 Cameco Corp T 4359 O 37 Cameo Cobalt* Cameo Cobalt V 2082 Camino Min* O 100 Camino Min V 278 Camrova Res* O 35 V 93 Canada Carbon Canada Carbon* O 47 Canada Coal V 99 Canada Cobalt * O 311 Canada Cobalt V 1973 Canada One V 11 Canada Rare V 103 Canada Rare* O 9 Canadian Engy V 30 Canadian Metal 555 O 25 Canadian Metal* Canadian Ore V 925 Canadian Ore* O 125 Canadian Prem V 131 CanAlaska Uran* O 243 V 111 CanAlaska Uran Canamex Gold 85 Canamex Gold* O 65 Canarc Res T 522 Canarc Res* O 47 Canasil Res V 325 Candelaria Mg* O 4 Candelaria Mg V 13 Candente Coppr T 295 Candente Gold* O 25 V 32 Candente Gold CANEX Metals * O 0 CANEX Metals V 151 CaNickel Mng V 1 CaNickel Mng* O 1 Canoe Mng Vent V 492 Canoe Mng Vent* O 1 Canstar Res* O 50 Canstar Res V 83 Canterra Mnls V 4 243 Cantex Mn Dev V Cantex Mn Dev* O 0 Canuc Res V 515 Canuc Res* O 24 T 4004 Capstone Mng Cardero Res V 190 Cardero Res* O 0 Cardinal Res* O 2 Cardinal Res T 237 Carlin Gold V 64 Carrara Explor 3958 Cartier Iron 163 Cartier Res V 620 V 135 Carube Copper Casa Minerals V 49 V 168 Cascadero Copp Cassius Vents V 3 668 Castle Peak Mg V CAT Strategic 210 Cautivo Mining 30 CellCube Enrgy* O 1082 CellCube Enrgy 5884 Centamin T 102 Centaurus Diam* O 220 Centenera Mng* O 160 Centenera Mng V 140 Centerra Gold T 2481 Central Iron V 20 Central Tim Ex V 364 V 1650 Centurion Mnls Century Cobalt* O 118 T 25 Century Global Cerro de Pasc * O 28 935 Cerro de Pasc Cerro Grande 64 O 1 Cerro Grande* Cerro Mng V 25 Ceylon Graph V 38 Chakana Copper V 268 Chakana Copper* O 74 Chalice Gold M* O 57 Chalice Gold M T 63 Champion Bear V 23 Champion Bear* O 6 Champion Iron T 5607 O 122 Champion Iron* Chantrell Vent V 785 V 57 Chatham Rock Chesapeake Gld* O 41 Chesapeake Gld V 84 Chevron Corp* N 26084 Chiboug Ind Mn V 256 Chiboug Ind Mn* O 246 Chilean Metals V 269 Chilean Metals* O 23 China Gold Int T 333 Cicada Vents V 25 CIM Intl Grp 3 Cipher Res V 67 Clarmin Explor V 60 Clean Comm V 575 Clean Comm* O 39 Cleghorn Mnls V 39 Cleveland-Clif* N 47293 Cliffmont Res V 1 Clifton Mng* O 263 Cloud Peak En* N 22548 CMC Metals V 61 CMX Gold & Sil 60 CNRP Mng 629 CNRP Mng* O 719 Cobalt 27 Cap V 1187 Cobalt Block V 26 Cobalt Block* O 24 Cobalt Pwr Grp* O 56 Coeur Mng* N 22960 Colibri Res* O 154 Colibri Res V 1001 Colombia Crest V 5 Colombia Crest* O 0 Colonial Coal V 375

0.26 0.23 0.23 unch 0.00 0.44 0.18 0.21 0.20 0.20 - 0.01 0.32 0.14 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.04 0.03 0.03 - 0.01 0.06 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.03 0.03 0.03 unch 0.00 0.04 0.01 5.69 5.39 5.62 + 0.18 9.94 5.01 7.44 7.11 7.41 + 0.20 12.50 6.87 0.57 0.50 0.51 - 0.02 1.00 0.30 0.47 0.00 0.42 - 0.04 0.55 0.03 0.35 0.24 0.34 + 0.08 0.36 0.19 0.26 0.19 0.26 + 0.06 0.28 0.13 0.08 0.06 0.08 + 0.01 0.26 0.05 0.10 0.09 0.10 + 0.01 0.32 0.08 12.33 11.82 12.25 - 0.06 13.04 8.73 16.36 15.58 16.13 - 0.19 17.12 11.22 0.08 0.07 0.07 + 0.01 0.99 0.03 0.10 0.09 0.09 - 0.01 0.45 0.05 0.10 0.10 0.10 unch 0.00 0.32 0.07 0.14 0.13 0.14 unch 0.00 0.42 0.09 0.04 0.01 0.01 - 0.03 0.09 0.00 0.13 0.12 0.13 + 0.01 0.18 0.05 0.10 0.08 0.10 + 0.02 0.13 0.00 0.04 0.04 0.04 - 0.01 0.12 0.03 0.44 0.34 0.37 - 0.03 0.79 0.01 0.60 0.45 0.49 - 0.06 0.90 0.19 0.05 0.00 0.05 + 0.01 0.16 0.04 0.06 0.05 0.06 + 0.01 0.10 0.04 0.04 0.04 0.04 + 0.01 0.08 0.02 0.12 0.12 0.12 unch 0.00 0.25 0.09 0.07 0.06 0.06 - 0.01 0.20 0.05 0.04 0.04 0.04 unch 0.00 0.06 0.05 0.40 0.28 0.38 + 0.06 0.40 0.14 0.31 0.21 0.27 + 0.07 0.31 0.15 1.46 1.30 1.30 - 0.16 3.98 1.06 0.25 0.24 0.24 - 0.01 0.35 0.19 0.35 0.32 0.32 - 0.02 0.45 0.25 0.08 0.06 0.07 - 0.01 0.17 0.05 0.06 0.05 0.05 - 0.00 0.15 0.03 0.07 0.06 0.07 + 0.01 0.08 0.03 0.05 0.04 0.05 - 0.00 0.06 0.02 0.08 0.07 0.07 unch 0.00 0.16 0.06 0.30 0.30 0.30 unch 0.00 0.71 0.06 0.38 0.00 0.38 + 0.01 0.90 0.23 0.05 0.05 0.05 unch 0.00 0.11 0.05 0.01 0.00 0.01 + 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.00 0.00 0.02 unch 0.00 0.06 0.02 0.06 0.05 0.05 unch 0.00 0.08 0.03 0.00 0.00 0.11 unch 0.00 0.17 0.06 0.08 0.08 0.08 unch 0.00 0.13 0.03 0.03 0.03 0.03 + 0.01 0.17 0.02 0.02 0.02 0.02 unch 0.00 0.12 0.02 0.09 0.09 0.09 unch 0.00 0.19 0.05 0.11 0.00 0.10 - 0.01 0.30 0.08 0.02 0.00 0.02 unch 0.00 0.05 0.02 0.95 0.75 0.80 unch 0.00 1.10 0.15 0.00 0.00 0.64 unch 0.00 0.77 0.01 0.06 0.05 0.05 - 0.01 0.27 0.04 0.04 0.04 0.04 unch 0.00 0.21 0.04 0.70 0.55 0.67 + 0.10 1.45 0.48 0.07 0.05 0.06 - 0.01 0.18 0.06 0.00 0.00 0.04 unch 0.00 0.15 0.04 0.31 0.29 0.29 - 0.02 0.44 0.29 0.40 0.36 0.38 - 0.01 0.63 0.35 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.05 0.04 0.05 - 0.01 0.17 0.03 0.10 0.08 0.10 + 0.02 0.20 0.07 0.16 0.13 0.14 - 0.01 0.22 0.11 0.06 0.00 0.05 - 0.01 0.10 0.04 0.16 0.16 0.16 unch 0.00 0.24 0.12 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.02 0.00 0.02 unch 0.00 0.03 0.01 0.07 0.07 0.07 + 0.01 0.15 0.05 0.10 0.09 0.09 unch 0.00 0.40 0.08 0.09 0.07 0.07 - 0.00 0.60 0.07 0.11 0.09 0.09 - 0.02 0.76 0.09 2.34 2.05 2.27 + 0.21 2.96 1.40 0.75 0.25 0.44 - 0.25 1.00 0.04 0.03 0.02 0.03 + 0.01 0.16 0.01 0.04 0.04 0.04 unch 0.00 0.20 0.03 7.20 6.66 6.89 + 0.08 8.21 4.76 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.08 0.07 0.08 + 0.01 0.20 0.06 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.15 0.12 0.15 + 0.01 0.20 0.01 0.18 0.17 0.18 + 0.01 0.27 0.11 0.26 0.19 0.26 + 0.07 0.26 0.16 0.37 0.25 0.34 + 0.09 0.37 0.22 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.13 0.13 0.13 unch 0.00 0.21 0.13 0.17 0.12 0.15 - 0.01 0.23 0.14 0.42 0.38 0.41 - 0.01 1.05 0.25 0.31 0.28 0.31 + 0.02 0.79 0.19 0.11 0.09 0.11 + 0.03 0.15 0.08 0.15 0.12 0.15 + 0.03 0.19 0.10 0.18 0.17 0.18 unch 0.00 0.25 0.10 0.15 0.15 0.15 unch 0.00 0.17 0.10 1.67 1.31 1.62 + 0.19 1.55 0.89 1.23 1.07 1.23 + 0.12 1.16 0.70 0.06 0.05 0.06 unch 0.00 0.12 0.04 0.16 0.00 0.14 - 0.03 0.32 0.14 1.78 1.52 1.64 - 0.13 2.72 1.10 2.40 2.01 2.10 - 0.25 3.45 1.51 120.72 118.39 119.39 + 0.04 131.08 100.22 0.06 0.05 0.05 unch 0.00 0.07 0.04 0.05 0.04 0.04 - 0.01 0.05 0.04 0.05 0.04 0.04 - 0.01 0.28 0.03 0.03 0.03 0.03 + 0.00 0.12 0.01 1.84 1.67 1.81 + 0.07 3.19 1.46 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.63 0.63 0.63 unch 0.00 0.32 0.19 0.10 0.08 0.10 + 0.02 0.14 0.05 0.14 0.14 0.14 unch 0.00 0.30 0.10 0.04 0.03 0.03 unch 0.00 0.12 0.03 0.03 0.02 0.02 - 0.00 0.08 0.01 0.08 0.06 0.08 + 0.02 0.14 0.06 11.75 11.03 11.58 + 0.29 13.10 6.40 0.00 0.00 0.13 unch 0.00 0.90 0.11 0.08 0.04 0.07 - 0.00 0.10 0.05 0.64 0.51 0.54 - 0.05 4.10 0.26 0.07 0.00 0.05 - 0.01 0.14 0.04 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.34 0.30 0.30 - 0.04 2.02 0.30 0.27 0.22 0.23 - 0.02 1.58 0.21 4.06 3.65 3.71 - 0.10 14.00 3.27 0.14 0.12 0.13 - 0.01 0.40 0.09 0.11 0.09 0.11 + 0.00 0.32 0.06 0.15 0.12 0.13 - 0.01 0.20 0.01 5.74 5.03 5.23 + 0.06 8.89 3.80 0.05 0.03 0.05 + 0.02 0.06 0.01 0.08 0.04 0.05 + 0.01 0.10 0.03 0.18 0.00 0.18 unch 0.00 1.20 0.11 0.00 0.00 0.03 unch 0.00 0.10 0.01 0.44 0.40 0.41 - 0.03 0.58 0.14

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Colorado Res V 1379 O 219 Colorado Res* T 200 Columbus Gold O 221 Columbus Gold* V 4 Commander Res V 959 Commerce Res O 217 Commerce Res* V 13 Compass Gold X 3458 Comstock Mng* V 384 Comstock Mtls 64 Comstock Mtls * O Condor Gold T 70 Condor Res V 88 Condor Res* O 40 O 7 Confedertn Ml* V 24 Confedertn Mls V 1015 Conquest Res V 95 Cons Woodjam CONSOL Coal Rs* N 206 N 994 CONSOL Energy* CONSOL Energy* N 16304 O 41 Constantine Mt* V 39 Constantine Mt O 61 Contact Gold* Contact Gold V 806 Contintl Gold* O 182 Contintl Gold T 1623 26 Copper Fox Mtl* O 546 Copper Fox Mtl V 745 Copper Lake Rs V Copper Mtn Mng T 2934 Copper Mtn Mng* O 313 0 Copper North M* O 313 Copper North M V Copper One V 169 80 Copper Reef Mg Copperbank Res 469 O 359 Copperbank Res* 63 Coral Gold * O Coral Gold V 816 Cordoba Mnls V 773 O 270 Cordoba Mnls* Core Gold V 495 Core Gold* O 101 Core Lithium* O 1 V 2695 Cornerstone Ca O 957 Cornerstone Ca* Coro Mining T 1749 Corsa Coal V 227 Corsa Coal * O 22 Corvus Gold* O 103 Corvus Gold T 290 CR Capital V 80 2 Crazy Horse Res* O Crest Resource 36 Critical Elem* O 158 Critical Elem V 929 V 426 CROPS Crown Mining V 307 Cruz Cobalt V 568 Cruz Cobalt* O 425 Crystal Lake V 435 Crystal Lake* O 30 Crystal Peak* O 90 Crystal Peak V 26 O 0 CTGX Mining* 5 Currie Rose Rs V 1 Currie Rose Rs* O Cypress Dev* O 72 Cypress Dev V 476

0.05 0.06 0.05 0.05 - 0.01 0.19 0.03 0.05 0.03 0.03 - 0.01 0.15 0.18 0.27 0.23 0.24 - 0.01 0.44 0.14 0.20 0.17 0.18 - 0.00 0.34 0.07 0.09 0.00 0.09 - 0.01 0.25 0.05 unch 0.00 0.09 0.07 0.07 0.07 0.04 0.06 0.04 0.06 + 0.02 0.07 0.11 0.16 0.14 0.16 - 0.01 0.74 0.12 0.16 0.15 0.16 + 0.00 0.40 0.03 0.05 0.04 0.04 - 0.01 0.08 0.04 0.03 0.03 + 0.00 0.06 0.01 0.44 unch 0.00 1.06 0.50 0.50 0.50 0.05 0.07 0.06 0.06 - 0.01 0.12 0.04 0.06 0.04 0.04 - 0.01 0.09 0.15 0.16 0.15 0.15 - 0.01 0.35 0.20 0.27 0.21 0.25 - 0.02 0.49 0.01 unch 0.00 0.07 0.02 0.02 0.02 0.03 unch 0.00 0.08 0.08 0.00 0.07 18.85 17.89 18.56 + 0.52 21.13 13.40 26.62 38.11 35.65 37.24 + 1.19 48.12 10.65 9.95 10.46 + 0.24 18.37 9.58 0.12 0.41 0.35 0.41 + 0.05 0.65 0.39 0.53 0.48 0.53 + 0.06 0.83 0.20 0.27 0.00 0.23 - 0.03 0.38 0.27 0.36 0.31 0.31 - 0.01 0.50 1.33 1.88 1.73 1.79 + 0.03 3.04 1.76 2.48 2.29 2.37 + 0.04 3.98 0.10 0.08 0.08 + 0.01 0.10 0.06 0.12 0.11 0.11 - 0.01 0.13 0.08 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.86 0.75 0.86 + 0.10 1.45 0.65 0.66 0.57 0.66 + 0.09 1.29 0.48 0.00 0.00 0.02 unch 0.00 0.05 0.02 0.04 0.03 0.03 unch 0.00 0.06 0.03 0.10 0.16 0.15 0.15 - 0.01 0.18 0.03 0.02 0.03 unch 0.00 0.03 0.02 0.04 unch 0.00 0.11 0.08 0.07 0.07 0.03 0.06 0.05 0.05 + 0.00 0.08 0.29 0.26 0.26 - 0.02 0.34 0.16 0.32 unch 0.00 0.44 0.38 0.35 0.35 0.10 0.13 0.11 0.12 - 0.01 0.30 0.07 0.10 0.08 0.09 + 0.00 0.24 0.19 0.31 0.28 0.31 + 0.02 0.35 0.14 0.23 0.21 0.23 + 0.01 0.34 0.10 unch 0.00 0.99 0.35 0.35 0.35 0.14 unch 0.00 0.39 0.33 0.32 0.32 0.03 0.25 0.24 0.24 - 0.00 0.28 0.05 0.08 0.06 0.07 + 0.01 0.15 0.61 0.86 0.70 0.81 + 0.09 2.05 0.37 0.64 0.52 0.64 + 0.12 1.57 1.10 1.63 1.51 1.59 + 0.05 2.72 1.41 2.15 2.01 2.06 + 0.01 3.39 0.02 unch 0.00 0.15 0.05 0.05 0.05 0.10 0.10 0.10 unch 0.00 0.15 0.08 0.10 0.12 0.11 0.12 + 0.01 0.15 0.44 0.55 0.00 0.55 + 0.07 1.08 0.60 0.72 0.60 0.72 + 0.04 1.36 0.03 0.03 0.03 0.03 - 0.01 0.12 0.07 0.14 0.09 0.13 + 0.02 0.28 0.05 unch 0.00 0.39 0.06 0.05 0.05 0.03 0.04 0.04 0.04 - 0.00 0.31 0.26 0.33 0.26 0.29 - 0.04 1.12 0.19 0.24 0.20 0.20 - 0.04 0.83 0.12 0.15 0.13 0.14 - 0.01 0.34 0.16 0.19 0.00 0.19 - 0.01 0.45 0.10 unch 0.00 0.25 0.00 0.00 0.10 0.06 0.06 0.06 unch 0.00 0.20 0.05 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.13 0.15 0.13 0.14 - 0.01 0.34 0.16 0.21 0.18 0.21 + 0.01 0.43

Dajin Res V 72 Dajin Res* O 94 3 Dakota Ter Res* O Daleco Res* O 198 0 O Gold* Damara Danakali* O 59 Debut Dmds 60 Decade Res V 212 Decade Res* O 1359 V 307 Deep-South Res DeepRock Min 126 V 120 Defense Metals O 100 Defense Metals* O 614 Defiance Silvr* Defiance Silvr V 1028 Delrand Res V 90 Delrey Metals 154 T 1405 Denison Mines X 1922 Denison Mines* Desert Gold* O 0 Desert Gold V 99 Desert Lion* O 25 Desert Lion V 306 239 Desert Mtn Egy V Detour Gold T 4123 O 14 Diamante Min* O 5 Diamcor Mng* Diamcor Mng V 123 O 100 Diamond Disc* V 50 Diamond Fields O 31 Diamond Fields* Dios Expl V 33 V 266 Discovery Met O 3 Discovery Met* 42262 O Discovery Mnls* V 134 Discovery-Corp V 1343 District Cop District Cop* O 100 Ditem Explor* O 48 O 20 Diversified Rs* DNI Metals 230 DNI Metals* O 302 O 99 Dolat Ventures* Dolly Vard Sil* O 162 233 Dolly Vard Sil V O 121 Doubleview Cap* V 436 Doubleview Cap DRDGOLD* N 375 24 Duncan Park H V Dundee Prec Mt T 2508 O 4 Dunnedin Vent* Durango Res V 250 Durango Res* O 245 DV Resources V 170 284 Dynacor Gld Mn T 62 Dynacor Gld Mn* O O 0 Dynamic Gold* O 6 DynaResource* Dynasty Gold V 19 O 0 Dynasty Gold* E3 Metals V 105 E3 Metals* O 3 V 62 Eagle Graphite Eagle Plains V 594 54 V East Africa 10 East Africa * O 647 East Asia Mnls V East Asia Mnls* O 163 EastCoal Inc V 0 O 20 Eastern Platin* Eastern Platin T 59 Eastern Zinc 53 Eastfield Res V 544 O 663 Eastmain Res* Eastmain Res T 1998 32 Eco Oro Mnls 3 Eco Oro Mnls* O eCobalt Solns T 5270 O 3171 eCobalt Solns* V 31 Edgewater Expl O 80 Edison Cobalt* Edison Cobalt V 322 El Capitan Prc* O 2204 El Nino Vent* O 150 60 El Nino Vent V 452 Elcora Adv Mat V Elcora Res* O 570 11855 N Eldorado Gold* T 7735 Eldorado Gold Eloro Res* O 16 Eloro Res V 146 446 Ely Gold Royal V Ely Gold Royal* O 564 Elysee Dev V 20 10 Elysee Dev * O Emerita Res V 157

0.04 unch 0.00 0.17 0.06 0.06 0.06 0.03 0.05 0.04 0.05 + 0.00 0.13 0.08 0.07 0.08 + 0.01 0.19 0.03 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.03 unch 0.00 0.04 0.00 0.00 0.03 0.44 0.55 0.50 0.55 + 0.01 0.69 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.03 0.04 0.03 0.03 - 0.01 0.10 0.02 unch 0.00 0.07 0.02 0.02 0.02 0.06 0.11 0.07 0.08 - 0.02 0.45 0.05 0.05 0.00 0.05 - 0.02 0.10 0.12 0.20 0.17 0.18 - 0.01 0.25 0.14 unch 0.00 0.15 0.15 0.14 0.15 0.12 0.20 0.14 0.18 + 0.02 0.35 0.17 0.25 0.20 0.25 + 0.04 0.44 0.25 0.38 0.34 0.35 - 0.03 1.28 0.19 0.23 0.21 0.22 - 0.01 0.50 0.55 0.73 0.68 0.70 - 0.01 0.89 0.43 0.55 0.51 0.54 - 0.01 0.69 0.12 unch 0.00 0.14 0.00 0.00 0.13 0.14 0.20 0.16 0.18 - 0.01 0.28 0.05 unch 0.00 1.07 0.11 0.11 0.11 0.04 0.16 0.14 0.16 + 0.01 2.35 0.26 0.20 0.21 - 0.03 0.27 0.10 14.59 13.48 13.81 - 0.03 15.40 9.11 0.02 0.07 0.05 0.06 - 0.01 0.24 0.11 0.18 0.18 0.18 + 0.01 0.41 0.22 unch 0.00 0.50 0.25 0.22 0.24 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.07 0.11 0.00 0.10 - 0.01 0.15 0.04 0.09 0.06 0.08 - 0.01 0.09 0.05 0.08 0.07 0.07 - 0.01 0.19 0.17 0.21 0.18 0.18 - 0.02 0.42 0.14 unch 0.00 0.32 0.14 0.14 0.14 0.00 0.00 0.00 0.00 + 0.00 0.00 0.01 0.02 0.01 0.02 + 0.01 0.03 0.03 0.04 0.03 0.03 - 0.00 0.21 0.02 unch 0.00 0.16 0.02 0.02 0.02 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.05 0.02 0.02 0.02 0.04 unch 0.00 0.11 0.06 0.05 0.05 0.03 0.05 0.04 0.04 - 0.00 0.08 0.10 0.45 0.28 0.45 + 0.17 3.90 0.38 0.33 0.34 - 0.01 0.64 0.22 0.50 0.45 0.45 + 0.01 0.81 0.29 0.07 0.11 0.11 0.11 + 0.01 0.12 0.07 0.15 0.13 0.15 + 0.01 0.16 1.76 2.42 2.11 2.40 + 0.29 3.13 0.27 0.25 0.25 - 0.01 0.60 0.20 4.67 4.26 4.61 + 0.23 4.52 2.56 0.05 unch 0.00 0.26 0.05 0.05 0.05 0.04 0.08 0.07 0.08 + 0.01 0.10 0.04 0.07 0.06 0.06 - 0.01 0.07 0.07 unch 0.00 0.50 0.07 0.07 0.07 1.83 1.67 1.79 + 0.09 2.03 1.41 1.39 1.25 1.34 + 0.08 1.61 1.02 0.75 unch 0.00 3.00 0.00 0.00 1.99 0.75 1.05 0.95 1.05 + 0.05 1.25 0.10 unch 0.00 0.27 0.13 0.11 0.13 0.07 unch 0.00 0.22 0.00 0.00 0.07 0.23 0.29 0.27 0.29 + 0.02 0.58 0.22 unch 0.00 0.35 0.22 0.22 0.22 0.07 0.09 0.07 0.07 - 0.02 0.32 0.08 0.12 0.10 0.11 + 0.01 0.29 0.20 0.18 0.19 - 0.01 0.29 0.14 0.13 0.13 0.13 + 0.00 0.21 0.10 0.05 0.04 0.04 - 0.01 0.10 0.03 0.04 0.03 0.03 - 0.01 0.08 0.02 0.10 unch 0.00 0.30 0.00 0.00 0.10 0.12 0.20 0.18 0.19 + 0.01 0.37 0.17 0.27 0.24 0.26 + 0.02 0.50 0.09 unch 0.00 0.56 0.09 0.09 0.09 0.03 0.06 0.04 0.05 + 0.01 0.06 0.10 0.12 0.10 0.11 - 0.00 0.23 0.14 0.16 0.14 0.15 - 0.01 0.29 0.19 0.18 0.19 - 0.01 0.39 0.15 0.14 0.14 0.14 unch 0.00 0.77 0.00 0.33 0.47 0.25 0.30 - 0.17 1.74 0.25 0.35 0.19 0.22 - 0.13 1.38 0.10 unch 0.00 0.18 0.10 0.00 0.10 0.03 0.04 0.03 0.03 - 0.00 0.19 0.05 unch 0.00 0.26 0.05 0.05 0.05 0.02 0.01 0.02 - 0.00 0.05 0.00 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.04 0.03 0.03 unch 0.00 0.06 0.03 0.09 0.08 0.08 unch 0.00 0.40 0.06 0.05 0.07 0.05 0.06 - 0.01 0.32 2.52 4.63 4.00 4.39 + 0.21 6.05 3.36 6.11 5.31 5.79 + 0.25 7.75 0.26 unch 0.00 0.70 0.26 0.26 0.26 0.32 0.36 0.32 0.33 + 0.02 0.96 0.18 0.16 0.17 + 0.02 0.18 0.09 0.14 0.11 0.13 - 0.00 0.14 0.07 0.31 0.40 0.00 0.38 - 0.02 0.42 0.30 0.00 0.29 - 0.02 0.33 0.23 0.02 0.03 0.02 0.02 - 0.01 0.13

D-F

2019-02-25 3:15 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MARCH 4â&#x20AC;&#x201C;17, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Emgold Mng* O 32 0.12 0.10 0.12 + 0.02 0.15 0.03 Emgold Mng V 852 0.19 0.12 0.19 + 0.06 0.22 0.05 Empire Metals* O 0 0.13 0.13 0.13 unch 0.00 0.15 0.13 Empire Metals V 250 0.17 0.17 0.17 unch 0.00 0.24 0.11 EMX Royalty* X 442 1.30 1.21 1.27 + 0.01 1.47 0.84 EMX Royalty V 98 1.70 1.65 1.68 - 0.01 1.80 1.01 Encanto Potash* O 34 0.12 0.11 0.12 - 0.00 0.22 0.02 Encanto Potash V 119 0.17 0.16 0.16 - 0.01 0.50 0.14 EnCore Energy V 1647 0.17 0.14 0.17 + 0.03 0.17 0.05 T 1053 22.48 21.04 22.00 + 0.44 25.06 16.34 Endeavour Mng Endeavour Mng* O 15 16.99 15.98 16.84 + 0.62 19.37 12.38 N 6201 2.62 2.23 2.50 + 0.19 3.35 1.76 Endeavr Silver* Endeavr Silver T 1378 3.44 2.96 3.32 + 0.28 4.40 2.27 V 10 0.04 0.04 0.04 unch 0.00 0.09 0.03 Endurance Gold Energy Fuels* X 3626 3.10 2.91 3.02 unch 0.00 4.09 1.49 Energy Fuels T 976 4.11 3.85 3.95 - 0.05 5.38 1.92 Enforcer Gold V 437 0.07 0.00 0.07 + 0.02 0.27 0.04 Enforcer Gold* O 4 0.04 0.03 0.04 + 0.01 0.07 0.02 Engineer Gold V 44 0.11 0.09 0.11 + 0.02 0.12 0.05 Engold Mines V 140 0.11 0.10 0.10 - 0.02 0.28 0.09 Engold Mines* O 41 0.08 0.08 0.08 - 0.00 0.21 0.08 Ensurge* O 5 0.04 0.04 0.04 unch 0.00 0.09 0.02 Entree Res* X 345 0.45 0.41 0.41 - 0.02 0.48 0.33 Entree Res T 429 0.59 0.54 0.55 - 0.03 0.61 0.42 ePower Metals* O 1 0.14 0.00 0.14 - 0.02 0.23 0.12 V 111 0.20 0.18 0.19 - 0.01 0.44 0.14 ePower Metals 0.85 Equinox Gold V 3569 1.15 1.07 1.12 + 0.02 1.23 Equitorial Ex V 471 0.03 0.03 0.03 unch 0.00 0.11 0.02 Equitorial Ex* O 250 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.18 0.16 0.16 - 0.00 0.40 0.14 Erdene Res Dev* O 189 Erdene Res Dev T 197 0.24 0.22 0.22 + 0.01 0.53 0.18 unch 0.00 0.33 0.09 Erin Ventures V 134 0.16 0.14 0.14 Erin Ventures* O 1 0.10 0.10 0.10 unch 0.00 0.23 0.08 Ero Copper T 2426 15.98 13.55 15.79 + 1.59 15.46 7.23 Ero Copper* O 11 11.96 10.32 11.95 + 1.22 11.60 5.77 Eros Res Corp* O 1 0.05 0.05 0.05 unch 0.00 0.11 0.05 Eros Res Corp V 227 0.08 0.07 0.08 + 0.01 0.15 0.07 227 0.08 0.07 0.08 + 0.01 0.15 0.07 Eros Res Corp V Eskay Mng V 176 0.08 0.00 0.07 - 0.01 0.38 0.07 Essex Minerals V 168 0.06 0.05 0.05 - 0.01 0.20 0.03 Ethos Gold* O 62 0.19 0.16 0.18 + 0.03 0.25 0.09 0.12 Ethos Gold V 131 0.26 0.21 0.26 + 0.05 0.34 Etruscus Res 47 0.35 0.26 0.29 - 0.03 0.45 0.25 Euro Manganese V 254 0.29 0.25 0.25 - 0.04 0.44 0.15 Euro Sun Mg* O 68 0.24 0.18 0.22 - 0.01 1.40 0.18 0.31 0.23 0.23 - 0.06 1.82 0.23 Euro Sun Mg T 1238 EurOmax Res* O 5 0.06 0.06 0.06 unch 0.00 0.23 0.01 EurOmax Res T 73 0.08 0.06 0.08 + 0.02 0.26 0.02 European Elect* O 604 0.13 0.08 0.08 - 0.03 0.61 0.08 V 866 0.17 0.11 0.12 - 0.03 0.65 0.11 European Elect European Metal* O 1600 0.00 0.00 0.00 + 0.00 0.01 0.00 0.02 Everton Res* O 121 0.02 0.02 0.02 + 0.00 0.05 Everton Res V 509 0.03 0.02 0.03 - 0.01 0.06 0.02 Evolving Gold* O 1 0.05 0.05 0.05 + 0.00 0.13 0.05 0.27 Evrim Res V 723 0.33 0.30 0.31 - 0.02 1.70 Excellon Res* O 205 0.87 0.71 0.78 + 0.03 1.41 0.44 Excellon Res T 586 1.13 0.94 1.03 + 0.08 1.79 0.59 Excelsior Mng* O 255 0.64 0.60 0.63 + 0.02 1.21 0.53 Excelsior Mng T 874 0.85 0.79 0.81 unch 0.00 1.50 0.71 ExGen Res Inc V 328 0.02 0.00 0.02 unch 0.00 0.03 0.01 Explor Res* O 44 0.02 0.01 0.01 unch 0.00 0.05 0.01 0.02 Explor Res V 1581 0.03 0.02 0.03 + 0.01 0.06 unch 0.00 0.31 0.18 Explorex Res* O 68 0.24 0.24 0.24 Explorex Res 305 0.40 0.34 0.34 - 0.06 0.45 0.21 Fabled Copper V 50 0.07 0.07 0.07 unch 0.00 0.09 0.04 Falco Res V 1325 0.36 0.32 0.34 + 0.01 0.95 0.28 0.28 0.25 0.26 + 0.01 0.72 0.18 Falco Res * O 340 Falcon Gold V 840 0.04 0.04 0.04 + 0.01 0.06 0.03 Fancamp Expl V 2261 0.10 0.06 0.10 + 0.04 0.13 0.04 Far Res* O 168 0.12 0.10 0.10 - 0.00 0.88 0.04 0.06 Far Res 3848 0.16 0.13 0.13 - 0.02 0.54 Fengro Industr* O 5 0.03 0.03 0.03 unch 0.00 0.15 0.02 Fengro Industr V 134 0.04 0.03 0.03 - 0.01 0.26 0.03 Fidelity Min V 393 0.07 0.00 0.05 - 0.02 0.10 0.03 0.01 Fidelity Min* O 2 0.06 0.04 0.04 - 0.02 0.06 Filo Mg Corp * O 0 0.00 0.00 1.65 unch 0.00 1.65 1.65 Filo Mg Corp V 264 2.24 2.05 2.20 + 0.15 2.64 2.00 Finlay Minrls V 137 0.05 0.04 0.05 - 0.01 0.06 0.02 0.16 Fiore Gold* O 275 0.28 0.23 0.27 + 0.03 0.58 Fiore Gold V 664 0.37 0.32 0.36 + 0.03 0.75 0.21 Fire River Gol* O 1 0.04 0.00 0.04 + 0.04 2.41 0.00 0.02 Firebird Res V 19 0.03 0.03 0.03 + 0.01 0.05 0.21 FireFox Gold V 123 0.30 0.25 0.30 + 0.02 0.39 Firestone Vent V 10 0.07 0.06 0.07 unch 0.00 0.18 0.04 Fireweed Zinc V 320 0.91 0.85 0.90 + 0.05 2.14 0.74 Fireweed Zinc* O 15 0.69 0.64 0.69 + 0.05 1.67 0.54 O 92 0.02 0.01 0.02 + 0.00 0.10 0.01 Firma Holdings* First Cobalt * O 783 0.15 0.13 0.13 - 0.01 0.98 0.11 First Cobalt V 2029 0.19 0.17 0.18 - 0.01 1.24 0.15 First Colombia* O 5000 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.15 First Division 279 0.36 0.32 0.36 + 0.03 0.40 0.10 First Energy V 24 0.21 0.00 0.17 - 0.03 0.43 First Energy* O 1 0.15 0.00 0.15 - 0.00 0.32 0.10 First Majestic* N 22642 6.82 6.01 6.58 + 0.39 8.48 4.59 8.98 7.99 8.64 + 0.46 11.09 6.12 First Majestic T 4270 First Mexican V 275 0.02 0.02 0.02 unch 0.00 0.07 0.01 First Mg Fin * O 2442 0.30 0.25 0.29 + 0.03 0.44 0.16 First Mg Fin T 2342 0.40 0.34 0.38 + 0.04 0.55 0.21 0.06 First Point* O 48 0.12 0.12 0.12 + 0.00 0.13 First Quantum T 17330 15.42 13.43 15.40 + 1.39 23.05 9.45 First Vanadium V 582 0.58 0.49 0.56 unch 0.00 1.96 0.28 O 313 0.47 0.36 0.42 - 0.01 1.60 0.23 First Vanadium* V 1890 0.13 0.11 0.11 unch 0.00 0.30 0.08 Fission 3.0 Fission 3.0* O 153 0.10 0.08 0.09 + 0.00 0.22 0.02 Fission Uran* O 1180 0.39 0.37 0.38 - 0.01 0.65 0.35 0.49 Fission Uran T 1641 0.51 0.49 0.50 - 0.01 0.80 Five Star Diam V 178 0.08 0.06 0.08 unch 0.00 0.22 0.05 Fjordland Exp V 200 0.09 0.08 0.08 - 0.01 0.33 0.08 5 0.12 0.12 0.12 unch 0.00 0.30 0.10 Flowery Gold* O Focus Graphite* O 1362 0.02 0.02 0.02 - 0.00 0.06 0.01 Focus Graphite V 513 0.03 0.03 0.03 - 0.01 0.07 0.02 Foran Mng V 96 0.33 0.32 0.32 - 0.01 0.59 0.23 Forsys Metals T 251 0.21 0.19 0.21 + 0.02 0.32 0.09 Fort St J Nick V 210 0.26 0.00 0.26 unch 0.00 0.59 0.12 Fort St James* O 2 0.16 0.12 0.16 + 0.04 0.23 0.12 Fortescue Met* O 76 4.73 4.40 4.43 + 0.03 4.73 2.53 Fortuna Silvr T 2681 5.55 4.85 5.01 - 0.30 7.78 4.22 Fortuna Silvr* N 7976 4.19 3.67 3.83 - 0.18 6.08 3.16 Fortune Bay V 80 0.23 0.00 0.23 + 0.03 0.45 0.19 Fortune Bay* O 109 0.17 0.00 0.17 + 0.03 0.32 0.10 Fortune Mnrls* O 142 0.10 0.08 0.08 - 0.00 0.25 0.05 0.07 Fortune Mnrls T 1120 0.12 0.12 0.12 - 0.01 0.32 Forum Energy V 225 0.04 0.04 0.04 unch 0.00 0.09 0.04 Forum Energy* O 24 0.04 0.03 0.03 - 0.00 0.05 0.02 Four Nines 3 0.26 0.26 0.26 unch 0.00 0.80 0.10 Fox River Res 23 0.10 0.06 0.10 + 0.04 0.09 0.05 13 0.04 0.04 0.04 unch 0.00 0.05 0.04 Fox River Res* O FPX Nickel V 201 0.17 0.16 0.17 unch 0.00 0.18 0.08 N 3334 77.84 74.93 76.73 + 0.31 77.92 58.26 Franco-Nevada* Franco-Nevada T 2431 103.23 99.40 100.86 - 0.26 103.23 76.53 unch 0.00 0.00 0.00 Franklin Mng* O 0 0.00 0.00 0.00 Freedom Egy V 0 0.00 0.00 0.02 unch 0.00 0.09 0.02 Freegold Vent T 456 0.07 0.06 0.06 + 0.01 0.13 0.06 Freeport McMoR* N 134367 13.86 12.23 13.22 + 0.94 19.74 9.60 Freeport Res V 1241 0.10 0.00 0.10 unch 0.00 0.10 0.05 Fremont Gold V 281 0.16 0.14 0.14 - 0.01 0.22 0.09 Fremont Gold* O 74 0.15 0.11 0.11 - 0.03 0.18 0.07 Fresnillo plc* O 18 13.76 12.63 12.75 - 0.15 18.87 9.35 Frontier Lith V 41 0.36 0.33 0.35 + 0.02 0.85 0.30 Frontline Gold V 806 0.02 0.01 0.01 unch 0.00 0.02 0.01 Full Metal Mnl* O 0 0.00 0.00 0.00 unch 0.00 0.10 0.00 Fura Gems V 483 0.44 0.39 0.40 - 0.03 0.70 0.28 0.20 Fura Gems* O 6 0.33 0.30 0.30 - 0.01 0.56

G-H Gabriel Res V 275 Gabriel Res* O 81 Gainey Capital V 680 Galane Gold V 280 Galane Gold * O 25 V 350 Galantas Gold Galantas Gold* O 44 Galore Res V 240 Galway Gold * O 9 Galway Gold V 37 Galway Mtls* O 337 Galway Mtls V 1021 GAR Limited 2843 Garibaldi Res V 1602 Garibaldi Res * O 278 Gatling Explor* O 48 Gatling Explor V 465 General Moly T 3 General Moly* X 539 Generation Min 150 Generic Gold 250 Genesis Mtls V 696 Genesis Mtls* O 440 Genius Metals 82 Gensource Pot V 839 Gentor Res V 60 Geomega Res V 339 Gespeg Cop Res V 176 Getchell Gold 50 Getty Copper V 20

60-63_MAR4_StockTables.indd 61

0.42 0.38 0.42 + 0.01 0.45 0.29 0.33 0.28 0.29 + 0.01 0.33 0.20 0.13 0.11 0.12 - 0.01 0.13 0.04 0.06 0.05 0.06 + 0.01 0.07 0.04 0.04 0.04 0.04 - 0.00 0.06 0.03 0.10 0.00 0.09 unch 0.00 0.15 0.07 0.07 0.07 0.07 unch 0.00 0.10 0.06 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.09 0.09 0.09 - 0.00 0.12 0.07 0.14 0.12 0.12 - 0.01 0.32 0.10 0.29 0.24 0.24 - 0.04 0.30 0.10 0.38 0.32 0.32 - 0.05 0.44 0.13 0.12 0.10 0.11 + 0.01 0.65 0.07 1.40 1.07 1.15 + 0.03 3.60 0.86 1.04 0.80 0.91 + 0.06 2.82 0.65 0.26 0.23 0.25 + 0.01 0.31 0.21 0.34 0.30 0.32 - 0.01 0.58 0.13 0.30 0.30 0.30 unch 0.00 0.63 0.22 0.24 0.22 0.23 + 0.00 0.46 0.16 0.14 0.00 0.14 + 0.04 0.20 0.08 0.05 0.05 0.05 unch 0.00 0.32 0.03 0.10 0.08 0.08 - 0.01 0.12 0.05 0.07 0.06 0.06 - 0.00 0.09 0.04 0.23 0.17 0.23 + 0.05 0.25 0.12 0.11 0.10 0.11 + 0.01 0.16 0.08 0.05 0.05 0.05 unch 0.00 0.12 0.05 0.09 0.08 0.08 unch 0.00 0.20 0.07 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.20 0.20 0.20 unch 0.00 3.60 0.13 0.03 0.03 0.03 unch 0.00 0.07 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

GFG Resources V 327 O 117 GFG Resources* GGL Res V 0 GGX Gold V 502 GGX Gold* O 122 Giga Metals V 180 Giga Metals* O 215 Gitennes Expl V 452 Giyani Gold V 854 Giyani Gold* O 413 Glacier Lake* O 50 Glacier Lake V 2907 O 379 Gldn Predator* Gldn Predator V 1296 123 Glen Eagle Res V Glencore Plc* O 2716 Global Atomic V 419 Global Atomic* O 81 O 24 Global Energy* Global Energy V 490 Global Gold* O 0 Global Li-Ion 3543 Global Li-Ion* O 18 Global Vanad* O 2 Global Vanad V 168 GlobalMin Vent* O 1 Globex Mng T 238 Globex Mng* O 12 GMV Minerals V 183 GMV Minerals* O 79 O 2936982 GNCC Capital* Go Cobalt 291 GobiMin V 12 Godâ&#x20AC;&#x2122;s Lake Res 0 GoGold Res T 820 Gold Dynamics* O 529 47756 Gold Fields* N Gold Finder Ex* O 4 428 Gold Finder Ex V Gold Lakes* O 36 Gold Reserve V 45 Gold Reserve* O 36 X 2944 Gold Resource* Gold Rush Cari V 756 497 Gold Std Vents T Gold Std Vents* X 1422 V 60 Goldbank Mng Goldcliff Res* O 81 Goldcliff Res V 28 Goldcorp T 26830 146836 Goldcorp* N Golden Arrow V 515 O 294 Golden Arrow* Golden Cariboo V 0 Golden Dawn Ml V 1221 Golden Dawn Ml* O 38 O 51 Golden Goliath* Golden Goliath V 154 Golden Harp* O 3 Golden Harp V 3 Golden Hope V 197 Golden Hope* O 37 Golden Mnls T 90 Golden Mnls* X 1124 V 441 Golden Pursuit Golden Queen T 600 O 781 Golden Queen* Golden Ridge V 1023 V 116 Golden Secret Golden Share V 106 Golden Star* X 2568 Golden Star T 252 Golden Star* O 2 Golden Tag V 268 O 104 Golden Valley* Golden Valley V 238 Goldex Res* O 50 Goldex Res V 95 T 426 Goldgroup Mng Goldgroup Mng* O 461 GoldMining* O 1184 GoldMining T 1116 GoldON Res V 402 Goldplay Expl* O 98 Goldplay Expl V 315 GoldQuest Mng V 637 Goldrea Res 80 Goldrea Res* O 16 O 127 Goldrich Mng* Goldsource Min* O 395 V 3832 Goldsource Min Goldstar Mnls* O 18 Goldstar Mnls V 260 Goldstream Mnl V 66 V 377 Goldstrike Res GoldTrain Res 2 Goliath Res V 732 Goliath Res* O 146 Gossan Res V 73 GoviEx Uranium* O 910 V 1192 GoviEx Uranium Gowest Gold* O 168 Gowest Gold V 2297 GPM Metals V 792 O 265 Gran Colombia* Gran Colombia T 1148 Granada Gold V 869 Granada Gold* O 39 V 176 Grande Portage Grande Portage* O 221 Granite Creek V 22 Graphite Egy* O 201 Graphite Egy 103 Graphite One V 548 O 484 Graphite One* Gratomic V 4046 Gratomic* O 115 Gray Rock Res V 67 Great Atlantic V 518 Great Bear Res V 999 Great Bear Res* O 240 Great Lakes Gr* O 243 959 Great Lakes Gr V Great Panther* X 5746 Great Panther T 1094 Great Thunder V 75 V 85 Greatbanks Re Greatbanks Res* O 0 Green River 384 Green Swan Cap V 48 573 Green Valley M V Greencastle Rs V 54 O 943 Greenland M&En* Grenville Gold 8 O 0 Grenville Gold* Grid Metals V 164 Grid Metals* O 93 Grizzly Discvr* O 49 Grizzly Discvr V 218 Grosvenor Res V 0 Group Eleven V 199 Group Ten Mtls* O 152 715 Group Ten Mtls V GrowMax Res* O 300 136 GrowMax Res V GSP Resource V 85 GT Gold V 607 GT Gold * O 84 972 GTA Res & Mng V Guerrero Vents V 32 Gungnir Res V 172 Gungnir Res* O 69 V 50 Gunpoint Expl Guyana Gldflds T 3189 V 343 Guyana Goldstr Guyana Goldstr* O 39 Handa Mining V 40 Hannan Metals V 127 O 33 Hannan Metals* Happy Ck Mnrls V 77 O 200 Harfang Explor* Harfang Explor V 156 N 27956 Harmony Gold* Harte Gold T 5434 Harte Gold* O 349 Harvest Gold* O 951 Harvest Gold V 6573 Havilah Mining V 288 O 28 Havilah Mining* Hawkeye Gld&Di V 27 V 119 Heatherdale Rs Hecla Mining* N 39769 Helio Res V 6 Helio Res* O 3 O 35 Hemcare Health* Heron Res* O 1

0.25 0.19 0.20 - 0.01 0.44 0.17 0.16 0.14 0.15 - 0.01 0.33 0.14 0.00 0.00 0.08 unch 0.00 0.18 0.07 0.11 0.10 0.11 + 0.01 0.15 0.05 0.09 0.08 0.09 + 0.01 0.11 0.04 0.28 0.25 0.25 - 0.03 0.51 0.15 0.22 0.19 0.19 + 0.00 0.39 0.12 0.03 0.03 0.03 - 0.01 0.10 0.03 0.20 0.15 0.16 - 0.04 0.40 0.07 0.16 0.12 0.12 - 0.04 0.31 0.06 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.01 0.01 0.01 - 0.09 1.00 0.10 0.21 0.18 0.20 - 0.00 0.57 0.15 0.28 0.24 0.26 unch 0.00 0.72 0.20 0.13 0.12 0.13 unch 0.00 0.19 0.11 8.10 7.67 8.00 + 0.21 11.26 6.72 0.35 0.32 0.34 + 0.01 0.45 0.20 0.26 0.25 0.26 - 0.00 0.31 0.16 0.04 0.03 0.03 - 0.01 0.17 0.03 0.05 0.04 0.04 unch 0.00 0.21 0.04 0.00 0.00 1.30 unch 0.00 2.75 1.30 0.21 0.17 0.20 + 0.01 0.52 0.06 0.16 0.14 0.15 + 0.01 0.40 0.04 0.14 0.14 0.14 unch 0.00 0.17 0.12 0.24 0.19 0.24 + 0.04 0.28 0.16 0.85 0.80 0.80 - 0.05 140.00 0.55 0.34 0.30 0.30 - 0.03 0.49 0.25 0.25 0.23 0.23 - 0.01 0.38 0.19 0.18 0.15 0.17 - 0.01 0.32 0.07 0.14 0.13 0.14 - 0.00 0.23 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.19 0.17 0.19 + 0.01 0.38 0.07 0.27 0.00 0.27 + 0.02 0.40 0.20 0.00 0.00 1.73 unch 0.00 1.73 0.22 0.28 0.25 0.27 + 0.02 0.53 0.19 0.00 0.00 0.00 unch 0.00 0.01 0.00 4.45 3.70 4.16 + 0.25 4.45 2.20 0.09 0.07 0.09 + 0.02 0.94 0.04 0.10 0.09 0.10 + 0.01 1.19 0.06 0.03 0.00 0.03 + 0.02 0.10 0.00 3.40 3.10 3.21 - 0.09 3.87 2.50 2.65 2.41 2.50 unch 0.00 3.02 1.84 5.09 4.50 4.90 + 0.37 7.33 3.61 0.08 0.07 0.07 - 0.01 0.27 0.05 1.70 1.58 1.62 - 0.06 2.40 1.46 1.30 1.20 1.23 - 0.04 1.86 1.08 0.15 0.15 0.15 + 0.02 0.21 0.07 0.04 0.04 0.04 - 0.01 0.14 0.03 0.07 0.05 0.05 - 0.01 0.18 0.05 15.45 14.25 14.60 + 0.27 18.78 11.00 11.72 10.73 11.13 + 0.31 14.66 8.42 0.36 0.31 0.34 + 0.01 0.64 0.22 0.28 0.23 0.25 + 0.02 0.49 0.17 0.00 0.00 0.05 unch 0.00 0.11 0.03 0.07 0.06 0.06 - 0.01 0.51 0.02 0.06 0.05 0.05 - 0.01 0.31 0.02 0.03 0.02 0.02 + 0.00 0.04 0.00 0.04 0.03 0.04 + 0.01 0.06 0.02 0.08 0.08 0.08 unch 0.00 0.09 0.08 0.10 0.10 0.10 unch 0.00 0.20 0.06 0.06 0.05 0.05 unch 0.00 0.11 0.05 0.05 0.03 0.04 - 0.02 0.09 0.03 0.47 0.36 0.46 + 0.06 0.60 0.26 0.35 0.30 0.35 + 0.05 0.47 0.19 0.09 0.08 0.09 + 0.01 0.21 0.06 0.04 0.03 0.03 - 0.01 0.24 0.03 0.03 0.02 0.03 - 0.00 0.18 0.02 0.14 0.11 0.13 + 0.02 0.54 0.08 2.10 1.91 1.92 - 0.13 3.80 1.40 0.10 0.09 0.09 - 0.02 0.27 0.09 4.18 3.67 3.93 - 0.04 4.18 2.43 5.54 4.83 5.17 - 0.09 5.54 3.24 1.05 1.05 1.05 unch 0.00 1.11 1.05 0.06 0.00 0.05 unch 0.00 0.08 0.03 0.30 0.26 0.28 + 0.01 0.30 0.16 0.39 0.35 0.37 - 0.01 0.39 0.22 0.10 0.10 0.10 unch 0.00 1.96 0.08 0.13 0.11 0.12 - 0.01 2.56 0.08 0.06 0.05 0.05 - 0.01 0.09 0.04 0.04 0.03 0.04 - 0.00 0.07 0.03 0.85 0.74 0.80 + 0.04 1.02 0.52 1.11 0.99 1.03 + 0.02 1.29 0.71 0.23 0.16 0.20 + 0.04 0.20 0.12 0.19 0.17 0.18 - 0.01 0.22 0.12 0.25 0.22 0.23 - 0.01 0.32 0.14 0.16 0.12 0.14 + 0.02 0.30 0.09 0.07 0.06 0.06 unch 0.00 0.29 0.04 0.05 0.04 0.04 - 0.01 0.22 0.03 0.03 0.02 0.02 + 0.01 0.04 0.02 0.12 0.08 0.11 + 0.01 0.12 0.02 0.16 0.12 0.14 + 0.01 0.16 0.04 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.04 0.03 0.03 - 0.01 0.12 0.03 0.08 0.06 0.06 unch 0.00 0.18 0.04 0.06 0.05 0.06 + 0.01 0.25 0.05 0.18 0.00 0.18 unch 0.00 0.40 0.11 0.07 0.06 0.07 + 0.01 0.33 0.06 0.05 0.05 0.05 + 0.00 0.21 0.05 0.09 0.07 0.08 unch 0.00 0.12 0.05 0.11 0.11 0.11 + 0.00 0.20 0.10 0.15 0.14 0.15 unch 0.00 0.26 0.13 0.03 0.02 0.02 - 0.01 0.11 0.02 0.04 0.03 0.04 unch 0.00 0.14 0.03 0.04 0.04 0.04 unch 0.00 0.08 0.03 3.44 2.99 3.31 + 0.30 3.44 1.57 4.67 3.98 4.37 + 0.29 4.67 2.02 0.20 0.15 0.16 - 0.04 0.40 0.12 0.15 0.12 0.13 - 0.01 0.30 0.10 0.10 0.00 0.09 unch 0.00 0.34 0.08 0.07 0.06 0.07 + 0.00 0.25 0.06 0.19 0.17 0.19 + 0.01 0.23 0.09 0.05 0.04 0.05 - 0.00 1.56 0.01 0.07 0.00 0.07 + 0.02 1.76 0.02 0.04 0.03 0.04 - 0.00 0.12 0.03 0.03 0.03 0.03 - 0.00 0.08 0.02 0.09 0.07 0.08 unch 0.00 0.26 0.07 0.06 0.05 0.05 unch 0.00 0.20 0.05 0.07 0.07 0.07 unch 0.00 0.23 0.05 0.05 0.05 0.05 unch 0.00 0.15 0.04 3.98 3.56 3.71 - 0.10 4.08 0.42 3.02 2.71 2.83 - 0.12 3.09 0.34 0.03 0.02 0.03 + 0.00 0.08 0.01 0.04 0.03 0.03 unch 0.00 0.06 0.02 0.97 0.74 0.91 + 0.11 1.32 0.54 1.29 0.98 1.24 + 0.19 1.68 0.70 0.02 0.02 0.02 + 0.01 0.04 0.01 0.11 0.11 0.11 unch 0.00 0.40 0.04 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.07 0.05 0.07 unch 0.00 0.07 0.03 0.04 0.03 0.03 unch 0.00 0.07 0.02 0.06 0.05 0.05 - 0.01 0.50 0.05 0.09 0.00 0.09 unch 0.00 0.13 0.05 0.05 0.04 0.04 - 0.00 0.08 0.04 0.28 0.21 0.21 unch 0.00 0.70 0.12 0.12 0.12 0.12 unch 0.00 0.12 0.06 0.11 0.10 0.10 - 0.02 0.30 0.05 0.09 0.07 0.09 + 0.02 0.23 0.04 0.05 0.03 0.03 - 0.01 0.11 0.03 0.06 0.05 0.05 unch 0.00 0.15 0.05 0.00 0.00 0.11 unch 0.00 0.20 0.11 0.15 0.14 0.14 unch 0.00 0.26 0.10 0.17 0.15 0.17 + 0.01 0.23 0.09 0.23 0.20 0.22 + 0.02 0.28 0.12 0.06 0.05 0.06 unch 0.00 0.12 0.05 0.09 0.08 0.09 + 0.01 0.16 0.07 0.21 0.16 0.18 + 0.02 0.26 0.16 0.70 0.66 0.67 - 0.03 2.15 0.41 0.53 0.48 0.50 + 0.00 1.62 0.31 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.07 0.07 0.07 + 0.01 0.20 0.06 0.09 0.08 0.09 unch 0.00 0.39 0.07 0.07 0.06 0.06 - 0.00 0.29 0.05 0.50 0.00 0.50 + 0.05 0.55 0.16 1.67 1.56 1.59 - 0.02 5.42 1.24 0.21 0.18 0.20 + 0.01 0.39 0.17 0.15 0.13 0.14 + 0.00 0.28 0.13 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.16 0.10 0.12 - 0.04 0.30 0.05 0.11 0.08 0.08 - 0.03 0.24 0.04 0.15 0.14 0.15 - 0.01 0.23 0.13 0.16 0.16 0.16 unch 0.00 0.16 0.16 0.21 0.20 0.20 unch 0.00 0.30 0.18 2.21 1.88 2.09 + 0.10 2.53 1.43 0.38 0.33 0.36 + 0.01 0.55 0.29 0.29 0.24 0.28 + 0.01 0.38 0.22 0.04 0.02 0.02 unch 0.00 0.08 0.02 0.04 0.03 0.03 + 0.01 0.10 0.03 0.37 0.32 0.34 + 0.03 0.69 0.25 0.26 0.00 0.26 + 0.03 0.35 0.18 0.04 0.03 0.04 + 0.01 0.11 0.03 0.03 0.02 0.03 unch 0.00 0.06 0.02 3.07 2.56 2.59 - 0.10 4.15 2.17 0.10 0.00 0.08 - 0.01 0.17 0.06 0.08 0.08 0.08 unch 0.00 0.10 0.04 0.83 0.65 0.83 + 0.18 1.38 0.05 0.36 0.36 0.36 unch 0.00 0.53 0.35

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

HFX Holding V 21 Highbank Res V 894 Highland Copp V 314 Highland Copp* O 34 Highway 50 Gld V 356 Highway 50 Gld* O 270 HiHo Silver 198 Hinterland Mtl V 1505 Hochschild Mg* O 91 O 175 Homeland Egy* Honey Badger E* O 17 251 Honey Badger E V Horizonte Mnls T 611 7 Hornby Bay Mnl* O Hornby Bay Mnl V 134 HudBay Min* N 6353 HudBay Min T 10762 Hudson Res* O 41 Hudson Res V 114 Hunt Mng* O 40 Hunt Mng V 8 Hut 8 Mining V 167 Hut 8 Mining* O 60 Hybrid Mineral V 42 Hycroft Mg* O 1

0.05 0.05 0.05 unch 0.00 0.10 0.05 0.03 0.02 0.03 + 0.01 0.05 0.01 0.08 0.07 0.08 unch 0.00 0.16 0.06 0.06 0.06 0.06 + 0.00 0.13 0.04 0.20 0.16 0.16 - 0.04 0.48 0.15 0.14 0.11 0.11 unch 0.00 0.37 0.16 0.05 0.04 0.04 - 0.01 0.14 0.02 0.02 0.02 0.02 - 0.01 0.04 0.02 2.70 2.58 2.58 - 0.02 2.98 1.96 2.92 2.51 2.75 + 0.08 3.21 0.18 0.03 0.03 0.03 + 0.00 0.16 0.02 0.04 0.03 0.04 + 0.01 0.20 0.03 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.03 6.92 5.78 6.88 + 0.90 8.85 3.44 9.08 7.66 9.05 + 1.12 11.24 4.51 0.35 0.33 0.34 + 0.01 0.46 0.27 0.48 0.41 0.44 - 0.03 0.59 0.35 0.13 0.09 0.12 + 0.03 0.38 0.09 0.14 0.13 0.14 + 0.01 0.50 0.10 1.54 1.16 1.25 - 0.03 5.00 1.06 1.13 0.89 0.95 + 0.06 3.74 0.85 0.07 0.07 0.07 unch 0.00 0.55 0.06 0.02 0.02 0.02 unch 0.00 0.13 0.01

I-Minerals V 169 I-Minerals* O 40 29863 IAMGOLD* N IAMGOLD T 10554 Iconic Mnls * O 39 Iconic Mnls V 133 IDM Mining* O 530 IDM Mining V 7602 iMetal Res V 5702 iMetal Res* O 98 V 1155 IMPACT Silver Imperial Metal T 202 Imperial Metal* O 34 Imperial Mg Gr V 355 45 Inca One Gold* O Inca One Gold V 903 Inception Mng * O 32 Independence G* O 12 Independence G V 147 Indiana Res* O 1 Indico Res V 64 Infinite Lith V 402 Infinite Lith* O 123 Infrastructure* O 20 Inomin Mines V 50 O 0 Inspiration Mg* Intact Gold V 53 Integra Res* O 101 Integra Res V 191 Inter-Rock Mnl V 8 O 8 Inter-Rock Mnl* Interconnect V 1 Intercontinent* O 672 Intercontinent V 2 Intgr Egy Sol* O 891 Intl Battery* O 470 Intl Battery 402 Intl Bethl Mng V 75 Intl Cobalt* O 4939 Intl Cobalt 1116 Intl Lithium* O 108 Intl Lithium V 374 Intl Montoro V 647 Intl Prospect * O 12 Intl Prospect V 56 458 Intl Samuel Ex V Intl Star* O 23525 Intl Tower Hil* X 857 Intl Tower Hil T 25 Intl Zeolite V 627 Intl Zeolite* O 28 Intrepid Pots* N 4028 INV Metals* O 393 INV Metals T 449 Inventus Mg * O 84 Inventus Mg V 135 InZinc Mining V 534 InZinc Mining* O 531 Ireland* O 424 Irving Res 125 Irving Res* O 99 IsoEnergy Ltd V 153 Itafos* O 24 Itafos V 227 Itoco Inc* O 0 O 1013 Ivanhoe Mines* Ivanhoe Mines T 6459 Jade Leader* O 3 Jade Leader V 123 Jaeger Res V 7 Jaguar Mng T 992 Jaguar Mng* O 182 Japan Gold V 483 Japan Gold* O 63 Jasper Mining V 158 O 44 Jaxon Mining* Jaxon Mining V 87 Jayden Res* O 13 Jayden Res V 1028 Jazz Res V 172 Jiulian Res V 466 Jourdan Res V 504 Jubilee Metals* O 4 Juggernaut Exp V 1141 Juggernaut Exp* O 40 Jupiter Gold* O 0 K2 Gold V 325 K92 Mining* O 520 K92 Mining V 1549 Kaizen Discov V 219 Kaizen Discvry* O 2 Kapuskasing Gd V 129 Karmin Expl V 26 Karnalyte Res T 18 Karoo Expl V 410 KAT Expl* O 159285 Katanga Mng T 1018 V 285 Kenadyr Mining Kenadyr Mining* O 237 Kermode Res V 270 Kerr Mines* O 302 Kerr Mines T 1124 Kesselrun Res* O 1 Kesselrun Res V 114 Kestrel Gold V 583 Kilo Goldmines V 134 Kilo Goldmines* O 35 Kincora Copper* O 0 Kincora Copper V 173 Kings Bay Res* O 3 Kings Bay Res V 1357 Kingsmen Res V 92 Kingsmen Res* O 96 25627 Kinross Gold T Kinross Gold* N 98580 Kintavar Exp V 859 Kirkland Lake* N 11002 Kirkland Lake T 5880 Klondike Gold* O 219 Klondike Gold V 1268 Klondike Silv* O 59 Klondike Silv V 1413 Knick Expl V 379 Kombat Copper V 553 Kombat Copper* O 10 Komet Resource V 116 Kootenay Silvr* O 122 Kootenay Silvr V 1062 Kootenay Zinc 11 O 10 Kootenay Zinc* KOPR Point 255 Kore Mining V 473 Kore Mining * O 3 Kutcho Copper * O 69 KWG Res* O 193 KWG Res 2626

0.10 0.09 0.09 - 0.01 0.35 0.09 0.07 0.06 0.06 - 0.01 0.28 0.07 3.87 3.37 3.60 - 0.02 6.33 2.75 5.10 4.45 4.74 - 0.04 8.20 3.64 0.10 0.09 0.09 - 0.01 0.14 0.06 0.14 0.12 0.12 - 0.01 0.19 0.08 0.05 0.04 0.04 + 0.00 0.08 0.03 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.19 0.15 0.16 - 0.02 0.19 0.07 0.14 0.12 0.13 + 0.01 0.14 0.05 0.40 0.31 0.36 + 0.02 0.56 0.20 2.11 1.88 1.91 - 0.08 2.50 0.93 1.54 1.42 1.42 - 0.05 1.88 0.72 0.10 0.09 0.09 - 0.01 0.16 0.05 0.04 0.04 0.04 + 0.00 0.06 0.02 0.05 0.05 0.05 + 0.01 0.08 0.04 0.19 0.00 0.16 + 0.02 0.33 0.00 0.06 0.06 0.06 + 0.00 0.10 0.03 0.09 0.07 0.08 - 0.01 0.14 0.04 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.07 0.09 + 0.02 0.25 0.07 0.06 0.00 0.06 + 0.01 0.19 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.03 0.03 0.03 unch 0.00 0.16 0.03 0.00 0.00 0.00 unch 0.00 0.10 0.00 0.07 0.07 0.07 unch 0.00 1.18 0.06 0.68 0.61 0.63 - 0.02 1.83 0.44 0.89 0.82 0.83 - 0.03 1.29 0.61 0.28 0.28 0.28 unch 0.00 0.59 0.20 0.20 0.20 0.20 unch 0.00 0.35 0.20 0.00 0.00 0.08 unch 0.00 0.11 0.04 0.19 0.14 0.14 - 0.01 0.47 0.12 0.19 0.00 0.19 - 0.01 0.65 0.12 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.13 0.10 0.11 - 0.01 0.69 0.10 0.16 0.13 0.15 unch 0.00 0.89 0.13 0.05 0.05 0.05 unch 0.00 0.10 0.03 0.03 0.02 0.03 unch 0.00 0.22 0.02 0.04 0.03 0.03 - 0.01 0.29 0.03 0.05 0.04 0.05 - 0.00 0.13 0.02 0.07 0.06 0.06 - 0.01 0.16 0.03 0.06 0.05 0.06 unch 0.00 0.08 0.04 0.12 0.12 0.12 unch 0.00 0.25 0.10 0.19 0.17 0.19 + 0.02 0.38 0.12 0.03 0.02 0.03 unch 0.00 0.15 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.64 0.58 0.62 + 0.03 0.78 0.35 0.84 0.76 0.79 + 0.01 0.99 0.48 0.16 0.12 0.12 - 0.03 0.47 0.05 0.10 0.10 0.10 unch 0.00 0.36 0.01 4.20 3.68 3.97 + 0.16 5.31 2.51 0.57 0.51 0.53 + 0.00 0.59 0.26 0.74 0.68 0.69 unch 0.00 0.83 0.35 0.11 0.10 0.11 + 0.01 0.18 0.08 0.16 0.14 0.15 - 0.01 0.25 0.11 0.05 0.04 0.05 + 0.01 0.18 0.04 0.04 0.02 0.04 + 0.01 0.14 0.02 0.14 0.05 0.13 + 0.06 0.19 0.03 1.98 1.82 1.91 unch 0.00 1.98 0.91 1.50 1.30 1.46 + 0.01 1.50 0.70 0.53 0.48 0.48 - 0.05 0.57 0.28 0.59 0.00 0.54 - 0.05 2.25 0.54 0.73 0.71 0.71 - 0.02 2.90 0.71 0.00 0.00 0.07 unch 0.00 0.31 0.02 2.66 2.33 2.62 + 0.28 2.77 1.50 3.51 3.09 3.47 + 0.37 3.59 2.00 0.14 0.14 0.14 unch 0.00 0.38 0.13 0.23 0.22 0.22 - 0.02 0.50 0.19 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.22 0.20 0.21 + 0.01 0.41 0.18 0.16 0.15 0.16 + 0.00 0.31 0.13 0.29 0.23 0.24 - 0.03 0.32 0.07 0.21 0.18 0.18 - 0.01 0.24 0.06 0.09 0.08 0.08 unch 0.00 0.29 0.08 0.07 0.06 0.06 + 0.00 0.17 0.04 0.09 0.08 0.08 unch 0.00 0.21 0.05 0.01 0.01 0.01 unch 0.00 0.12 0.01 0.02 0.01 0.01 unch 0.00 0.20 0.01 0.05 0.03 0.03 - 0.02 0.08 0.03 0.13 0.12 0.12 + 0.01 0.18 0.02 0.04 0.03 0.03 - 0.01 0.13 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.08 0.07 0.08 + 0.01 0.59 0.07 0.06 0.05 0.06 + 0.01 1.10 0.05 0.00 0.00 1.50 unch 0.00 2.25 1.50 0.27 0.23 0.27 + 0.04 0.33 0.16 0.93 0.85 0.90 - 0.01 0.94 0.34 1.23 1.10 1.18 - 0.02 1.24 0.44 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.71 0.65 0.65 - 0.06 1.10 0.60 0.24 0.00 0.22 - 0.02 0.61 0.17 0.09 0.07 0.09 + 0.02 0.80 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.64 0.54 0.61 - 0.01 2.32 0.36 0.09 0.08 0.09 + 0.01 0.21 0.06 0.07 0.06 0.07 + 0.01 0.16 0.04 0.02 0.02 0.02 - 0.01 0.03 0.01 0.13 0.11 0.12 - 0.01 0.19 0.07 0.17 0.15 0.15 - 0.01 0.25 0.11 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.05 0.04 0.04 unch 0.00 0.14 0.03 0.03 0.02 0.02 unch 0.00 0.06 0.01 0.02 0.00 0.02 unch 0.00 0.07 0.01 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.00 0.00 0.08 unch 0.00 0.23 0.08 0.13 0.12 0.12 unch 0.00 0.29 0.09 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.05 0.03 0.04 + 0.01 0.11 0.03 0.58 0.34 0.58 + 0.18 0.50 0.15 0.32 0.00 0.32 + 0.09 0.33 0.11 5.04 4.30 4.77 + 0.18 5.34 3.15 3.83 3.23 3.63 + 0.14 4.12 2.38 0.27 0.22 0.27 + 0.06 0.65 0.11 36.49 32.95 34.90 + 1.31 36.49 14.56 48.16 43.49 45.79 + 1.30 48.16 19.01 0.18 0.14 0.17 + 0.03 0.34 0.10 0.23 0.19 0.23 + 0.04 0.44 0.17 0.04 0.04 0.04 + 0.01 0.07 0.03 0.05 0.05 0.05 + 0.01 0.09 0.04 0.01 0.01 0.01 + 0.01 0.03 0.01 0.09 0.07 0.08 unch 0.00 0.32 0.05 0.05 0.05 0.05 unch 0.00 0.18 0.05 0.13 0.12 0.13 + 0.01 0.48 0.11 0.11 0.09 0.10 + 0.01 0.15 0.08 0.14 0.13 0.13 unch 0.00 0.19 0.11 0.12 0.00 0.09 unch 0.00 0.42 0.05 0.10 0.07 0.10 + 0.01 0.22 0.03 0.29 0.21 0.25 - 0.04 4.10 0.01 0.18 0.14 0.16 - 0.02 3.00 0.08 0.14 0.14 0.14 unch 0.00 0.14 0.09 0.27 0.22 0.25 + 0.01 0.76 0.14 0.01 0.01 0.01 - 0.00 0.02 0.00 0.02 0.01 0.01 unch 0.00 0.02 0.01

Labdr Iron Mns* O 236 Labrador Gold V 336 Labrador Gold* O 3 Labrador Iron T 1466 Lara Expl V 123 Laramide Res T 743 Laredo Res* O 783 Largo Res* O 1456 Largo Res T 3032

0.02 0.00 0.02 + 0.01 0.11 0.00 0.22 0.20 0.21 - 0.02 0.35 0.14 0.17 0.17 0.17 unch 0.00 0.21 0.11 33.81 31.53 32.49 + 0.77 33.81 20.44 0.47 0.44 0.45 - 0.01 0.79 0.41 0.40 0.38 0.39 unch 0.00 0.52 0.24 0.00 0.00 0.00 + 0.00 0.05 0.00 1.94 1.78 1.85 - 0.03 3.56 0.84 2.58 2.35 2.44 - 0.05 4.65 1.08

I-J-K

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lateral Gold V 35 Latin Am Mnls* O 87 Latin Am Mnls V 1255 Laurion Mnl Ex V 275 Laurion Mnl Ex* O 20 Le Mare Gold* O 35 Le Mare Gold V 140 Leading Edge* O 196 Leading Edge V 225 Leagold Mg T 883 Leagold Mg* O 725 Leeta Gold V 8696 Leo Res* O 8 Lepanto Con Mg* O 840 Levon Res Ltd T 183 Levon Res Ltd * O 144 Libero Copper V 265 Liberty Gold* O 896 Liberty One Li V 165 Liberty One Li* O 280 LiCo Energy* O 67 LiCo Energy V 79 Lincoln Mng V 328 Lion One Mtls V 115 Lion One Mtls* O 62 363 Lions Bay Cap V 7 Lions Bay Mg * O Lions Bay Mg 14 Lions Gate Mtl* O 50 Lithium Amer T 930 Lithium Amer* N 1676 Lithium Chile V 156 Lithium Chile* O 49 Lithium Corp* O 395 Lithium Energi* O 3 Lithium Energi V 101 Lithium Expl* O 455 V 16 Lithoquest Dia Lithoquest Dia* O 4 LKA Gold* O 7 Lode-Star Mg* O 50 Lomiko Mtls* O 602 Lomiko Mtls V 6787 Loncor Res* O 6 Loncor Res T 18 Lone Star Gold* O 7664 Lonmin plc* O 12 Lonmin plc* O 0 Lorraine Coppr* O 472 V 2735 Lorraine Coppr Los Andes Copp V 74 Lovitt Res* O 446 LSC Lithium* O 12 Lucara Diam T 4068 Lucky Mnls V 980 Lucky Mnls * O 18 Luckystrike V 88 Luckystrike * O 5 Lumina Gold* O 43 Lumina Gold V 217 Luminex Res V 129 Lundin Gold T 803 Lundin Mng* O 221 Lundin Mng T 20526 Lupaka Gold V 228 Lydian Intl* O 51 Lydian Intl T 447 Lynas Corp* O 184 Lynas Corp* O 64

0.38 0.35 0.35 unch 0.00 0.89 0.25 0.01 0.01 0.01 + 0.00 0.09 0.01 0.02 0.02 0.02 unch 0.00 0.12 0.01 0.09 0.08 0.09 unch 0.00 0.11 0.05 0.07 0.06 0.06 - 0.01 0.08 0.03 0.08 0.05 0.08 + 0.03 0.30 0.00 0.14 0.07 0.14 + 0.07 0.23 0.06 0.14 0.12 0.13 - 0.00 0.64 0.11 0.18 0.16 0.18 + 0.01 0.82 0.15 2.20 2.09 2.15 + 0.05 3.17 1.28 1.68 1.57 1.64 + 0.03 2.63 0.95 0.55 0.41 0.54 + 0.13 2.05 0.24 0.12 0.08 0.08 - 0.04 0.60 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.16 0.14 0.15 + 0.01 0.33 0.12 0.13 0.10 0.11 - 0.00 0.26 0.09 0.10 0.09 0.09 - 0.01 0.15 0.07 0.32 0.28 0.28 - 0.02 0.36 0.21 0.15 0.00 0.13 + 0.01 0.67 0.07 0.11 0.09 0.10 + 0.00 0.52 0.04 0.10 0.07 0.09 + 0.01 0.18 0.01 0.12 0.00 0.12 unch 0.00 1.40 0.07 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.49 0.44 0.46 - 0.02 0.76 0.35 0.37 0.34 0.35 - 0.01 0.62 0.24 0.10 0.05 0.09 + 0.04 0.12 0.04 0.14 0.00 0.14 + 0.14 0.14 0.00 0.18 0.00 0.18 unch 0.00 0.20 0.11 0.04 0.04 0.04 unch 0.00 0.16 0.04 5.13 4.03 4.90 + 0.76 9.29 3.74 3.90 3.04 3.77 + 0.65 7.33 2.75 0.50 0.46 0.47 - 0.03 1.10 0.46 0.38 0.35 0.35 - 0.01 0.97 0.34 0.15 0.11 0.13 + 0.01 0.45 0.10 0.13 0.00 0.13 - 0.04 0.44 0.11 0.20 0.00 0.20 + 0.03 0.57 0.15 0.01 0.00 0.01 + 0.00 0.05 0.00 0.10 0.09 0.09 unch 0.00 0.88 0.08 0.08 0.07 0.08 unch 0.00 0.51 0.06 0.16 0.00 0.16 + 0.05 0.43 0.05 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.06 0.03 0.06 + 0.03 0.15 0.02 0.08 0.04 0.08 + 0.03 0.11 0.04 0.05 0.04 0.04 unch 0.00 0.09 0.04 0.07 0.07 0.07 unch 0.00 0.14 0.06 0.02 0.00 0.02 + 0.01 0.03 0.00 0.98 0.87 0.95 + 0.08 1.00 0.45 0.00 0.00 0.53 unch 0.00 0.90 0.53 0.22 0.15 0.20 + 0.05 0.17 0.01 0.29 0.20 0.29 + 0.08 0.24 0.07 0.23 0.20 0.20 unch 0.00 0.35 0.15 0.00 0.00 0.00 unch 0.00 0.08 0.00 0.49 0.49 0.49 + 0.00 1.04 0.24 1.87 1.62 1.64 - 0.05 2.68 1.38 0.12 0.11 0.11 unch 0.00 0.21 0.09 0.09 0.00 0.09 - 0.00 0.16 0.06 0.19 0.14 0.18 + 0.03 0.55 0.13 0.12 0.12 0.12 unch 0.00 0.35 0.11 0.50 0.45 0.47 + 0.02 1.03 0.35 0.65 0.00 0.62 + 0.02 0.85 0.46 0.66 0.00 0.61 + 0.02 1.05 0.51 5.90 5.36 5.40 - 0.42 5.90 4.33 5.40 4.63 5.38 + 0.48 7.09 3.60 7.10 6.15 7.09 + 0.58 9.09 4.70 0.08 0.07 0.08 unch 0.00 0.29 0.07 0.13 0.12 0.12 - 0.01 0.41 0.05 0.17 0.16 0.16 - 0.01 0.50 0.07 1.34 1.19 1.23 - 0.08 2.20 1.05 1.31 1.20 1.21 - 0.09 2.20 1.05

M M2 Cobalt* O 14 0.75 0.14 0.14 + 0.00 0.75 0.12 V 5366 0.05 0.04 0.05 + 0.01 0.07 0.02 Macarthur Mnl Macarthur Mnl* O 2522 0.04 0.00 0.04 + 0.01 0.05 0.01 MacDonald Mns* O 4 0.02 0.00 0.02 - 0.00 0.07 0.02 MacDonald Mns V 1075 0.04 0.03 0.04 + 0.01 0.09 0.03 MAG Silver T 909 12.94 11.90 12.91 + 0.92 15.59 8.10 Magellan Gold* O 29 3.80 2.50 2.55 - 0.37 3.80 0.60 Magna Terra V 5 0.05 0.05 0.05 unch 0.00 0.06 0.03 unch 0.00 0.04 0.02 Magna Terra* O 0 0.00 0.00 0.04 O 24 0.05 0.00 0.05 unch 0.00 0.08 0.03 Majestic Gold* Majestic Gold V 170 0.07 0.07 0.07 - 0.01 0.11 0.05 Makena Res* O 100 0.04 0.04 0.04 unch 0.00 0.09 0.03 Makena Res 438 0.05 0.00 0.05 unch 0.00 0.15 0.04 unch 0.00 0.29 0.12 Mako Mining V 646 0.15 0.12 0.15 Mako Mining* O 258 0.12 0.10 0.11 - 0.01 0.23 0.01 Mammoth Res V 426 0.04 0.04 0.04 unch 0.00 0.09 0.03 Mandalay Res* O 610 0.09 0.08 0.08 - 0.01 0.20 0.03 T 3039 0.12 0.10 0.11 - 0.01 0.26 0.05 Mandalay Res Manganese X V 241 0.12 0.08 0.11 - 0.01 0.28 0.08 Manganese X* O 3 0.08 0.00 0.08 - 0.01 0.21 0.07 Mangazeya Mng* O 16 0.02 0.02 0.02 - 0.00 0.03 0.01 V 486 0.04 0.03 0.04 + 0.01 0.05 0.02 Mangazeya Mng Manitou Gold V 1095 0.06 0.05 0.05 + 0.01 0.16 0.03 0.05 0.04 0.05 unch 0.00 0.09 0.03 Manitou Gold * O 290 Maple Gold V 551 0.12 0.10 0.11 unch 0.00 0.30 0.09 0.06 Maple Gold* O 388 0.09 0.08 0.09 - 0.00 0.23 Marathon Gold* O 295 0.79 0.72 0.77 + 0.05 0.95 0.49 Marathon Gold T 1302 1.04 0.96 1.02 + 0.04 1.20 0.65 Margaret Lake* O 6 0.03 0.03 0.03 unch 0.00 0.12 0.02 V 776 0.08 0.06 0.07 + 0.01 0.16 0.02 Margaret Lake Margaux Res V 161 0.07 0.06 0.06 unch 0.00 0.30 0.03 Marifil Mines V 62 0.09 0.06 0.07 - 0.02 0.22 0.06 Marifil Mines* O 22 0.06 0.04 0.04 - 0.00 0.15 0.01 Maritime Res V 2397 0.11 0.09 0.10 - 0.01 0.14 0.07 MartinMarietta* N 3937 193.78 187.80 190.00 - 0.06 232.89 150.75 0.04 Mas Gold V 64 0.14 0.00 0.10 - 0.02 0.12 Mason Graphite* O 246 0.36 0.28 0.30 - 0.05 1.60 0.30 Mason Graphite V 1787 0.47 0.38 0.41 - 0.06 2.06 0.38 Matachewan Con V 18 0.20 0.00 0.20 + 0.02 0.29 0.15 Matica Ent 3227 0.13 0.12 0.12 - 0.01 0.44 0.07 0.04 Matica Ent* O 52 0.10 0.09 0.09 + 0.00 0.33 Matmown* O 10 0.01 0.01 0.01 unch 0.00 0.08 0.01 Maverix Metals* O 43 1.76 1.67 1.73 + 0.02 2.10 1.03 Maverix Metals V 104 2.32 2.20 2.26 + 0.01 2.85 1.33 0.13 Mawson Res* O 79 0.21 0.18 0.19 + 0.01 0.48 Mawson Res T 226 0.27 0.23 0.27 - 0.01 0.63 0.19 MAX Res V 15132 0.49 0.34 0.36 - 0.06 0.49 0.12 MaxTech Vent 76 0.13 0.11 0.12 + 0.01 0.60 0.10 O 249 0.10 0.08 0.08 + 0.00 0.48 0.07 MaxTech Vent* Maxwell Res* O 66 0.01 0.00 0.01 + 0.00 0.01 0.00 Maya Gold &Sil* O 10 1.84 0.00 1.81 + 0.20 2.33 1.20 Maya Gold &Sil T 188 2.46 2.04 2.39 + 0.22 3.02 1.58 Mazarin V 26 0.10 0.08 0.09 - 0.02 0.18 0.05 MBMI Res V 10 0.02 0.02 0.02 unch 0.00 0.08 0.02 McChip Res V 4 0.93 0.00 0.93 unch 0.00 0.93 0.52 McEwen Mng T 1877 2.69 2.36 2.64 + 0.14 3.28 2.16 McEwen Mng* N 14633 2.04 1.78 2.01 + 0.13 2.52 1.62 McLaren Res * O 6 0.02 0.02 0.02 unch 0.00 0.03 0.02 McLaren Res 469 0.03 0.02 0.03 + 0.01 0.10 0.02 MDN Inc* O 0 0.19 0.19 0.19 unch 0.00 0.26 0.13 150 0.04 0.04 0.04 + 0.01 0.26 0.03 Meadow Bay Gd Meadow Bay Gd* O 6 0.03 0.02 0.02 unch 0.00 0.20 0.02 Mechel* N 171 2.39 2.27 2.38 + 0.10 5.25 1.95 Medallion Res* O 231 0.09 0.08 0.08 - 0.01 0.14 0.06 Medallion Res V 493 0.12 0.10 0.11 unch 0.00 0.18 0.08 Medgold Res V 48 0.15 0.12 0.12 - 0.03 0.51 0.12 Medgold Res* O 30 0.12 0.11 0.11 unch 0.00 0.38 0.09 Medinah Mnrls* O 2691 0.00 0.00 0.00 + 0.00 0.01 0.00 Mega Copper V 37 0.18 0.16 0.16 - 0.02 0.18 0.16 Mega Uranium* O 417 0.09 0.07 0.07 - 0.01 0.14 0.07 Mega Uranium T 2024 0.11 0.10 0.11 unch 0.00 0.18 0.10 Megastar Dev V 230 0.08 0.06 0.08 + 0.01 0.11 0.04 MegumaGold* O 3 0.10 0.09 0.09 - 0.01 0.21 0.09 MegumaGold 28 0.15 0.12 0.14 + 0.01 0.30 0.12 Melior Res V 20 0.56 0.53 0.56 + 0.03 1.45 0.50 Melkior Res V 860 0.10 0.08 0.08 - 0.02 0.13 0.04 Merger Mines* O 0 0.00 0.00 25.00 unch 0.00 Meridian Mg V 39 0.10 0.08 0.08 - 0.02 0.55 0.05 Meridius Res V 15 0.22 0.22 0.22 unch 0.00 0.22 0.18 Meryllion Res 170 0.02 0.00 0.02 - 0.01 0.08 0.02 Meryllion Res* O 5 0.01 0.01 0.01 unch 0.00 0.03 0.01 MetalCorp V 21 0.02 0.00 0.02 unch 0.00 0.03 0.01 Metalex Vent V 103 0.03 0.03 0.03 - 0.01 0.06 0.02 Metalla Rylty V 1639 1.19 1.04 1.14 + 0.08 1.19 0.62 Metalla Rylty* O 917 0.90 0.78 0.85 + 0.05 0.90 0.48 Metallic Mnrls V 451 0.22 0.16 0.19 + 0.02 0.41 0.15 Metallic Mnrls* O 285 0.17 0.12 0.15 + 0.02 0.32 0.11 0.39 Metallis Res V 138 0.66 0.55 0.62 + 0.07 1.53 Metalo Manuf 3 0.27 0.27 0.27 unch 0.00 0.50 0.15 Metalore Res* O 7 1.35 1.23 1.23 unch 0.00 2.19 1.23 Metalore Res V 3 1.82 1.68 1.82 unch 0.00 2.85 1.40 Metals Creek* O 25 0.04 0.03 0.03 - 0.01 0.08 0.02 Metals Creek V 95 0.05 0.04 0.04 - 0.01 0.11 0.04 Metals X* O 1665 0.27 0.27 0.27 + 0.00 0.72 0.26 Metron Capital V 21 0.06 0.06 0.06 unch 0.00 0.08 0.05 Mexican Gold* O 47 0.14 0.13 0.13 - 0.01 0.34 0.10 Mexivada Mng* O 133 0.00 0.00 0.00 unch 0.00 0.00 0.00 Mexus Gold* O 10341 0.01 0.00 0.01 - 0.00 0.05 0.00 MGX Minerals* O 381 0.31 0.28 0.29 + 0.00 1.30 0.22 MGX Minerals 594 0.41 0.38 0.40 + 0.01 1.65 0.30 Midas Gold T 726 0.99 0.86 0.92 + 0.03 1.21 0.60 Midas Gold* O 1129 0.75 0.65 0.70 + 0.03 0.95 0.46 Midland Expl V 178 1.15 1.02 1.15 + 0.12 1.41 0.66 Midnight Star 260 0.29 0.21 0.26 - 0.03 0.40 0.11

2019-02-25 3:15 PM

WWW.NORTHERNMINER.COM

MARCH 4–17, 2019 / 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

Midnight Sun V 205 Millennial Lit* O 49 Millennial Lit V 110 Millrock Res V 473 Millrock Res* O 343 O 440 Minaurum Gold* Minaurum Gold V 583 Minco Silver* O 36 Minco Silver T 37 0 Minecorp Egy * O Minera Alamos * O 287 V 2010 Minera Alamos Minera IRL 87 Mineral Mtn* O 27 Mineral Mtn V 262 Mineral Res* O 1 MineralRite* O 3000 V 610 Mineworx Tech Mineworx Tech* O 109 O 0 Minfocus Expl* Minfocus Expl V 106 O 5000 Mining Global* Minnova Corp V 28 O 350 Miramont Res* Miramont Res 963 Miranda Gold V 198 Mirasol Res V 220 Mistango River 22 MK2 Ventures V 3 0 MK2 Ventures * O Mkango Res V 69 ML Gold* O 1 ML Gold Corp V 202 O 9 Monarca Mnrls* Monarca Mnrls V 432 T 471 Monarch Gold Monarch Gold* O 170 O 1446 Moneta Porcpn* Moneta Porcpn T 1702 Monitor Vent* O 13 Monitor Vent V 12 O 0 Monster Uran* Monster Uran V 225 Montego Res 17 Monterey Min 59 V 8 Montero Mg&Ex Monument Mng V 217 Morien Res* O 5 Morien Res V 74 N 20304 Mosaic* Mountain Boy V 19 O 8 Mountain Boy* Mountain Prov T 291 D 290 Mountain Prov* Mundoro Cap* O 93 Mundoro Cap V 41 MX Gold* O 103

0.14 0.12 0.14 + 0.02 0.48 0.10 1.35 1.25 1.29 - 0.04 3.04 0.67 1.81 1.65 1.70 - 0.05 3.84 1.04 0.11 0.09 0.09 + 0.01 0.40 0.08 0.07 0.06 0.06 + 0.00 0.31 0.05 0.36 0.33 0.36 + 0.02 0.52 0.30 0.48 0.43 0.45 - 0.02 0.67 0.42 0.46 0.41 0.44 - 0.00 0.60 0.24 0.62 0.56 0.60 unch 0.00 0.79 0.35 0.00 0.00 0.01 unch 0.00 0.07 0.01 0.09 0.08 0.08 - 0.01 0.13 0.06 0.12 0.11 0.11 unch 0.00 0.16 0.09 0.06 0.06 0.06 + 0.01 0.12 0.05 0.09 0.08 0.08 - 0.00 0.60 0.05 0.12 0.11 0.11 unch 0.00 0.74 0.07 12.00 12.00 12.00 unch 0.00 15.00 9.85 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.13 0.00 0.12 + 0.01 0.30 0.11 0.10 0.08 0.09 - 0.00 0.24 0.08 0.00 0.00 0.03 unch 0.00 0.04 0.03 0.04 0.04 0.04 - 0.01 0.21 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.31 0.27 0.27 - 0.04 0.93 0.27 0.33 0.28 0.32 + 0.02 0.35 0.12 0.44 0.38 0.42 + 0.03 0.47 0.13 0.37 0.28 0.30 - 0.01 0.55 0.10 1.20 1.10 1.15 + 0.04 2.25 0.97 0.04 0.00 0.04 - 0.02 0.05 0.01 0.18 0.00 0.18 - 0.04 0.39 0.15 0.00 0.00 0.16 unch 0.00 0.16 0.12 0.19 0.15 0.15 - 0.04 0.19 0.10 0.01 0.01 0.01 unch 0.00 0.21 0.01 0.03 0.02 0.02 - 0.01 0.26 0.02 0.03 0.03 0.03 + 0.00 0.06 0.01 0.05 0.03 0.04 + 0.01 0.08 0.02 0.23 0.21 0.22 + 0.01 0.39 0.15 0.19 0.15 0.17 - 0.00 0.31 0.11 0.09 0.08 0.08 - 0.01 0.13 0.06 0.12 0.10 0.12 + 0.01 0.18 0.07 0.22 0.00 0.17 - 0.00 0.80 0.12 0.23 0.00 0.23 - 0.03 0.98 0.16 0.00 0.00 0.11 unch 0.00 0.11 0.04 0.15 0.11 0.11 unch 0.00 0.40 0.11 0.08 0.00 0.08 unch 0.00 0.45 0.04 0.11 0.10 0.10 - 0.01 0.16 0.08 0.07 0.00 0.07 unch 0.00 0.30 0.07 0.07 0.06 0.06 unch 0.00 0.09 0.05 0.39 0.00 0.38 - 0.03 0.51 0.30 0.50 0.00 0.48 - 0.02 0.65 0.42 33.89 31.25 32.30 + 0.19 37.37 22.90 0.22 0.20 0.20 - 0.02 0.43 0.15 0.14 0.14 0.14 unch 0.00 0.18 0.03 1.45 1.34 1.34 - 0.03 3.72 1.32 1.08 1.01 1.06 + 0.02 2.92 1.00 0.16 0.15 0.16 + 0.01 0.17 0.06 0.21 0.20 0.20 - 0.01 0.25 0.09 0.01 0.00 0.01 + 0.00 0.09 0.00

NA Frac Sand* O 90 NACCO Ind* N 45 Namibia Crit V 129 Namibia Crit* O 77 Napier Vent* O 4 Napier Vent V 57 76 Natural Res Pt* N Nautilus Mnrls T 629 O 569 Nautilus Mnrls* Navis Res Corp* O 1 Navy Res V 3 40459 Nemaska Lith T Nemaska Lith* O 3414 Neo Lithium V 991 Neometals* O 19 Network Expl* O 21 Network Expl V 801 Nevada Clean M V 453 Nevada Clean M* O 370 T 463 Nevada Copper Nevada Energy* O 6 Nevada Energy V 30 Nevada Expl V 435 Nevada Expl * O 116 V 63 Nevada Sunrise O 58 Nevada Sunrise* Nevada Zinc V 239 Nevado Res V 1 Nevsun Res* X 160 Nevsun Res T 274 29 New Age Metals* O New Age Metals V 1692 New Carolin Gd* O 158 744 New Carolin Gd V New Destiny Mg V 308 New Dimen Res V 135 5 New Dimen Res* O New Egy Min* O 0 358 New Energy Met V 28618 New Gold* X New Gold T 11300 New Guinea Gld* O 683 New Jersey Mng* O 195 New Klondike* O 0 New Milln Iron* O 317 New Milln Iron T 1567 New Nadina V 83 New Nadina* O 7 New Oroperu V 40 New Pac Metals V 481 57 New Pac Metals* O 36 New Point Expl* O New Tech Lith* O 5 New Tech Lith 282 150 New World Res V Newlox Gold 65 Newmont Mng* N 74034 Newport Expl V 281 3 Newport Gold* O O 132 NewRange Gold* NewRange Gold V 623 Nexa Resources T 9 762 Nexa Resources* N Nexco Res 90 X 1294 Nexgen Energy* T 3761 Nexgen Energy NextSource Mat T 8664 Nexus Gold V 6583 Nexus Gold* O 1199 NGEx Res* O 7 NGEx Res T 139 Nickel Creek T 337 Nickel Creek* O 217 255 Nickel North V Nickel One Res* O 50 229 Nickel One Res V Nicola Mg Inc* O 3 629 Nicola Mg Inc V Nighthawk Gold T 964 O 103 Nighthawk Gold* Niobay Metals V 211 Niocan Inc V 13 Niocorp Dev T 296 Niocorp Dev* O 442 Nippon Dragon V 472 Nippon Dragon* O 24 Nitinat Mnls* O 1 Nitinat Mnls V 15 Noble Metal V 304 O 65 Noble Mineral* Noble Mineral V 3361 Noka Res* O 441 Noram Vent* O 5 Noram Vent V 1018 O 9 Noranda Alum* Nordic Gold* O 13 Nordic Gold V 1878 Noront Res V 866 Norra Metals V 373 Norsemont Cap 45 Nortec Mnls V 170 North Am Nickl V 191 North Am Nickl* O 115 516 North Am Pall T North Am Pall* O 195 115 North Arrow Mn V North Bay Res * O 19825 Northcliff Res T 27 Northern Light 463

0.00 0.00 0.00 unch 0.00 0.02 0.00 38.20 35.50 37.63 + 1.18 44.10 28.77 0.15 0.13 0.14 - 0.02 0.46 0.07 0.11 0.10 0.10 - 0.01 2.77 0.07 0.19 0.19 0.19 unch 0.00 0.40 0.18 0.23 0.20 0.20 - 0.02 0.51 0.20 41.95 40.36 41.11 + 0.26 41.95 27.98 0.06 0.05 0.05 - 0.01 0.39 0.05 0.05 0.04 0.04 - 0.00 0.31 0.03 0.24 0.00 0.24 unch 0.00 0.30 0.24 0.15 0.15 0.15 unch 0.00 0.27 0.15 0.37 0.29 0.35 + 0.03 1.69 0.27 0.27 0.22 0.27 + 0.03 1.33 0.21 0.60 0.55 0.56 - 0.02 1.91 0.55 0.15 0.13 0.14 - 0.01 0.39 0.10 0.25 0.19 0.25 + 0.04 0.35 0.19 0.34 0.29 0.34 + 0.02 0.44 0.23 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.04 0.03 0.03 - 0.00 0.04 0.02 0.46 0.43 0.44 - 0.01 0.75 0.33 0.12 0.09 0.12 + 0.03 0.21 0.07 0.15 0.13 0.15 + 0.03 0.29 0.10 0.38 0.27 0.38 + 0.09 0.50 0.12 0.27 0.21 0.25 + 0.03 0.39 0.09 0.09 0.08 0.08 - 0.01 0.19 0.06 0.07 0.06 0.06 - 0.01 0.15 0.04 0.14 0.10 0.10 - 0.01 0.22 0.09 0.13 0.00 0.13 - 0.02 0.90 0.09 4.57 4.50 4.57 + 0.06 4.58 2.10 6.00 5.98 5.99 + 0.01 6.01 2.70 0.07 0.05 0.07 + 0.02 0.11 0.03 0.09 0.07 0.09 + 0.02 0.13 0.05 0.17 0.15 0.15 - 0.01 0.40 0.09 0.22 0.19 0.19 - 0.01 0.56 0.13 0.18 0.17 0.18 + 0.01 0.35 0.10 0.06 0.06 0.06 - 0.01 0.30 0.05 0.04 0.04 0.04 unch 0.00 0.22 0.04 0.00 0.00 0.04 unch 0.00 0.05 0.00 0.07 0.06 0.06 - 0.01 0.90 0.05 0.92 0.84 0.89 + 0.04 2.69 0.70 1.21 1.11 1.16 + 0.04 3.44 0.90 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.17 0.18 unch 0.00 0.25 0.13 0.00 0.00 0.00 unch 0.00 0.08 0.07 0.08 + 0.00 0.08 0.03 0.11 0.09 0.10 - 0.01 0.11 0.04 0.10 0.08 0.09 + 0.01 0.28 0.05 0.08 0.07 0.07 + 0.00 0.19 0.03 0.32 0.00 0.31 unch 0.00 0.45 0.25 2.25 1.92 2.23 + 0.28 2.15 1.18 1.71 1.48 1.67 + 0.19 1.61 0.86 0.18 0.14 0.18 + 0.02 0.50 0.14 0.02 0.00 0.02 + 0.00 0.06 0.02 0.03 0.00 0.03 - 0.01 0.09 0.03 0.22 0.21 0.22 + 0.01 0.30 0.13 0.05 0.04 0.05 + 0.01 0.06 0.03 37.63 32.96 36.48 + 3.24 41.98 29.06 0.28 0.25 0.25 - 0.03 0.38 0.22 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.16 0.12 0.16 + 0.02 0.29 0.04 0.22 0.17 0.20 + 0.04 0.32 0.07 14.07 11.94 13.68 + 1.06 26.70 11.00 10.70 8.92 10.41 + 0.97 21.10 8.22 0.07 0.06 0.07 + 0.01 0.35 0.06 1.80 1.72 1.74 - 0.02 2.53 1.57 2.37 2.28 2.30 - 0.01 3.31 2.12 0.16 0.13 0.13 - 0.01 0.16 0.05 0.18 0.13 0.13 - 0.01 0.55 0.08 0.18 0.09 0.11 - 0.01 0.29 0.02 0.76 0.75 0.75 - 0.00 1.03 0.73 1.01 0.99 1.00 unch 0.00 1.33 0.91 0.09 0.08 0.09 + 0.01 0.35 0.06 0.07 0.05 0.06 - 0.00 0.27 0.04 0.03 0.02 0.03 + 0.01 0.07 0.02 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.08 0.00 0.08 + 0.01 0.16 0.06 0.11 0.09 0.10 + 0.01 0.21 0.09 0.43 0.37 0.40 + 0.03 0.72 0.30 0.33 0.27 0.31 + 0.04 0.56 0.22 0.32 0.23 0.29 + 0.06 0.37 0.16 0.22 0.18 0.22 + 0.04 0.36 0.06 0.65 0.59 0.63 - 0.01 0.76 0.52 0.49 0.45 0.49 + 0.02 0.60 0.39 0.02 0.02 0.02 + 0.01 0.06 0.01 0.01 0.01 0.01 + 0.00 0.05 0.00 0.04 0.04 0.04 unch 0.00 0.36 0.04 0.06 0.00 0.06 unch 0.00 0.51 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.12 0.08 0.11 + 0.03 0.13 0.04 0.17 0.12 0.17 + 0.04 0.16 0.06 0.21 0.17 0.20 + 0.02 0.71 0.17 0.19 0.14 0.14 - 0.05 0.31 0.09 0.18 0.15 0.18 + 0.02 0.50 0.12 0.01 0.00 0.01 + 0.00 0.06 0.01 0.03 0.03 0.03 + 0.00 0.12 0.03 0.06 0.03 0.05 + 0.01 0.17 0.03 0.29 0.26 0.28 + 0.02 0.42 0.21 0.08 0.06 0.06 unch 0.00 0.15 0.05 0.30 0.29 0.29 - 0.01 0.46 0.25 0.05 0.04 0.04 unch 0.00 0.13 0.03 0.03 0.00 0.03 unch 0.00 0.09 0.03 0.02 0.02 0.02 + 0.00 0.07 0.02 19.50 15.36 18.40 + 2.91 19.50 8.62 14.82 11.56 14.00 + 2.25 14.82 6.62 0.14 0.10 0.10 + 0.01 0.26 0.08 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.08 0.08 unch 0.00 0.13 0.05 0.05 0.03 0.05 + 0.02 0.15 0.03

N-O

60-63_MAR4_StockTables.indd 62

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Northern Uran V 154 Northisle C&G V 221 Norvista Cap V 2024 NorZinc T 527 NorZinc* O 34 Nouveau Monde V 812 Nouveau Monde* O 266 NovaGold Res T 1445 NovaGold Res* X 8016 Novo Res* O 552 Novo Res V 821 NovX21* O 955 NRG Metals V 1634 NRG Metals* O 858 Nrthn Graphite V 59 Nrthn Graphite* O 192 Nrthn Lion V 77 Nrthn Mnrls &E* O 188 Nrthn Shield V 2314 Nrthn Superior* O 31 Nrthn Superior V 134 Nrthn Vertex* O 61 Nrthn Vertex V 657 NSGold V 95 NSS Res Inc 802 Nthn Dynasty* X 13799 Nthn Dynasty T 2993 Nthrn Sphere* O 88 Nthrn Sphere 85 Nubian Res V 66 Nuinsco Res 2541 Nuinsco Res* O 1324 NuLegacy Gold V 845 NuLegacy Gold* O 1481 Nutrien* N 7162 Nutrien T 6830 NV Gold V 139 NV Gold* O 54 NX Uranium* O 129 NxGold Ltd* O 398 NxGold Ltd V 1073 O.T. Mining* O 34 OceanaGold* O 8 OceanaGold T 9412 Oceanic Iron O V 298 Oceanus Res* O 320 Oceanus Res V 26 Odyssey Res V 500 Olivut Res V 30 Olivut Res* O 41 V 18 Omineca Mining Omineca Mining* O 14 One World Lith 264 One World Lith* O 15 O 0 Opawica Expl* Opawica Expl V 6 Opus One Res V 24 Orbite Tech* O 25 Orca Gold V 219 Orca Gold* O 80 Orefinders Res V 351 V 13 Orestone Mng Orex Mnrls* O 24 Orex Mnrls V 165 Orezone Gold V 488 Orezone Gold* O 163 Orford Mining V 175 Organic Potash 245 OrganiMax V 81 OrganiMax* O 98 Origin Gold V 271 Orla Mng Ltd* O 135 Orla Mng Ltd T 1199 Oro East Mg* O 2 Oroco Res V 385 Oroco Res* O 112 Orocobre T 129 Oronova Energy* O 100 Oronova Energy V 111 Oroplata Res* O 996 Orosur Mng T 75 Orsu Metals V 13 Orsu Metals* O 0 Orvana Mnrls T 635 Orvana Mnrls* O 57 Osino Res V 278 Osisko Gold* N 3825 Osisko Gold T 3202 Osisko Metals* O 65 Osisko Metals V 859 Osisko Mng Inc T 3297 Osprey Gold V 785 Otis Gold V 499 Otis Gold* O 48 Outcrop Gold* O 94 OZ Minerals* O 2

0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.07 0.10 + 0.01 0.21 0.07 0.13 0.07 0.10 + 0.03 0.15 0.06 0.09 0.08 0.09 + 0.01 0.17 0.08 0.07 0.06 0.07 - 0.00 0.13 0.05 0.27 0.25 0.25 unch 0.00 0.37 0.21 0.20 0.19 0.19 + 0.00 0.30 0.17 5.19 4.84 5.17 + 0.17 6.47 4.49 3.95 3.64 3.93 + 0.14 5.05 3.41 2.08 1.70 2.06 + 0.35 5.00 1.42 2.74 2.27 2.70 + 0.43 6.42 1.89 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.08 0.08 - 0.03 0.39 0.06 0.08 0.06 0.06 - 0.01 0.30 0.04 0.20 0.18 0.20 - 0.01 0.50 0.14 0.16 0.12 0.15 + 0.01 0.39 0.09 0.25 0.00 0.25 unch 0.00 0.55 0.15 0.06 0.06 0.06 unch 0.00 0.10 0.02 0.07 0.04 0.06 + 0.02 0.09 0.02 0.22 0.18 0.18 - 0.05 0.22 0.02 0.28 0.18 0.25 - 0.01 0.50 0.15 0.19 0.17 0.17 - 0.01 0.44 0.17 0.25 0.23 0.24 - 0.01 0.57 0.22 0.12 0.07 0.12 + 0.05 0.13 0.07 0.12 0.10 0.11 + 0.01 0.45 0.08 1.07 0.87 0.96 + 0.01 1.13 0.43 1.40 1.15 1.26 + 0.01 1.47 0.55 0.02 0.01 0.01 unch 0.00 0.11 0.01 0.03 0.02 0.03 + 0.01 0.15 0.02 0.10 0.09 0.09 - 0.01 0.31 0.08 0.08 0.01 0.02 - 0.01 0.08 0.01 0.04 0.00 0.01 + 0.01 0.04 0.00 0.13 0.11 0.12 unch 0.00 0.22 0.08 0.10 0.08 0.09 + 0.00 0.17 0.08 54.94 52.51 54.19 + 0.75 58.99 43.96 72.43 69.61 71.31 + 0.55 76.17 56.55 0.18 0.15 0.17 + 0.01 1.22 0.07 0.13 0.12 0.13 + 0.01 0.92 0.05 0.34 0.12 0.30 - 0.02 1.00 0.01 0.08 0.05 0.08 + 0.03 0.25 0.05 0.11 0.09 0.10 + 0.02 0.32 0.06 0.05 0.05 0.05 unch 0.00 0.24 0.04 3.34 3.11 3.26 + 0.15 3.74 2.41 4.57 4.15 4.43 + 0.18 5.01 3.13 0.11 0.07 0.11 + 0.04 0.15 0.04 0.08 0.07 0.07 - 0.00 0.20 0.04 0.12 0.11 0.12 + 0.01 0.27 0.05 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.12 0.10 0.10 - 0.02 0.14 0.07 0.11 0.08 0.09 - 0.02 0.12 0.05 0.04 0.00 0.03 - 0.01 0.05 0.02 0.02 0.01 0.02 unch 0.00 0.03 0.01 0.20 0.18 0.19 unch 0.00 0.22 0.12 0.14 0.14 0.14 - 0.00 0.15 0.10 0.00 0.00 0.02 unch 0.00 0.08 0.02 0.09 0.00 0.09 - 0.02 0.30 0.05 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.03 0.00 0.00 - 0.03 0.05 0.00 0.54 0.48 0.48 - 0.03 0.66 0.38 0.40 0.36 0.36 - 0.02 0.52 0.28 0.06 0.05 0.06 + 0.01 0.15 0.04 0.10 0.00 0.10 + 0.01 0.17 0.06 0.07 0.06 0.06 - 0.00 0.13 0.05 0.10 0.09 0.09 + 0.01 0.17 0.07 0.60 0.50 0.53 - 0.01 0.92 0.42 0.45 0.38 0.41 + 0.02 0.74 0.31 0.09 0.09 0.09 unch 0.00 0.34 0.09 0.03 0.02 0.02 - 0.01 0.08 0.02 0.05 0.00 0.05 + 0.01 0.26 0.05 0.03 0.00 0.03 + 0.00 0.20 0.03 0.11 0.09 0.10 - 0.01 0.15 0.07 1.01 0.89 0.97 + 0.08 1.18 0.00 1.37 1.18 1.31 + 0.13 1.55 0.94 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.32 0.30 0.30 unch 0.00 0.39 0.10 0.25 0.23 0.23 - 0.01 0.26 0.08 3.19 2.83 3.18 + 0.15 6.87 2.74 0.05 0.05 0.05 unch 0.00 0.10 0.05 0.09 0.08 0.09 + 0.01 0.16 0.06 0.23 0.20 0.22 - 0.00 0.42 0.06 0.10 0.09 0.09 unch 0.00 0.20 0.02 0.28 0.00 0.28 unch 0.00 0.34 0.14 0.00 0.00 0.18 unch 0.00 0.26 0.12 0.23 0.17 0.20 + 0.03 0.24 0.12 0.18 0.12 0.16 + 0.02 0.19 0.09 0.37 0.33 0.36 + 0.03 0.64 0.20 11.52 9.98 11.44 + 1.23 11.18 7.00 15.13 13.26 15.04 + 1.53 14.74 9.27 0.42 0.39 0.40 - 0.01 0.58 0.37 0.57 0.50 0.52 - 0.02 0.77 0.46 3.62 3.11 3.59 + 0.24 3.62 1.60 0.07 0.05 0.06 + 0.02 0.11 0.04 0.11 0.09 0.09 - 0.01 0.32 0.09 0.09 0.07 0.07 - 0.01 0.25 0.06 0.29 0.21 0.25 - 0.04 0.33 0.01 7.64 0.00 7.64 + 0.82 8.02 5.90

Pac Arc Res V 19 Pac Bay Mnrls V 71 Pac Bay Mnrls* O 2 Pac Booker Min V 55 39 Pac Booker Min* O Pac Imperial V 123 118 Pac Ridge Expl V Pac Ridge Expl* O 16 V 500 Pacific Empire Pacific Rim 202 Pacific Rim* O 82 Pacific Silk* O 0 Pacific Silk V 202 Pacton Gold V 839 Paladin Energy* O 87 Palamina Corp V 129 Palamina Corp* O 115 Pan Am Silver* D 22392 Pan Am Silver T 6650 Pan Andean Min V 181 1 Pan Andean Min* O Pan Global Res V 94 O 5 Pancontinental* Pancontinental V 316 Panex Res* O 162 Pangolin Dia V 437 Panoro Mnrls V 212 Pantheon Vent V 132 V 148 Para Resources Parallel Mng V 1517 Parallel Mng * O 179 Paramount Gold* X 111 Paringa Res* O 364 Paringa Res* D 1 Parlane Res V 117 Pasinex Res 143 Patriot Gold* O 149 Peabody Enrgy* N 3611 Pedro Res V 303 Pelangio Expl* O 6 Pelangio Expl V 135 Peloton Mnrls 130 Peloton Mnrls* O 106 Perseus Mng T 264 Pershing Gold T 74 Pershing Gold* D 771 Pershing Res* O 278 Peruvian Metal* O 4 Peruvian Metal V 2227 Petra Diamonds* O 42 Philippine Mtl V 255 Philippine Mtl* O 256 Pine Cliff En T 417 Pine Cliff En* O 30 Pinecrest Res V 333 Pistol Bay Mng* O 13 Pistol Bay Mng V 246 Pivit Explor 103 1 PJSC Polyus Gd* O PJX Res V 233 Plata Latina V 482 Plate Res V 75 Plateau Energy V 292 Plateau Energy* O 27 Platinex Inc 269 Platinum Gp Mt* X 497 Platinum Gp Mt T 117 Plato Gold V 506 Playfair Mng V 11 Playfair Mng* O 8

0.26 0.20 0.20 - 0.06 0.45 0.20 0.14 0.08 0.10 unch 0.00 0.25 0.06 0.05 0.05 0.05 unch 0.00 0.05 0.01 1.43 1.25 1.38 + 0.08 1.50 0.65 1.10 0.90 1.08 + 0.13 1.21 0.50 0.03 0.03 0.03 + 0.01 0.07 0.02 0.05 0.00 0.05 - 0.01 0.07 0.04 0.03 0.03 0.03 - 0.01 0.05 0.02 0.07 0.07 0.07 unch 0.00 0.20 0.06 0.18 0.15 0.16 - 0.02 0.77 0.10 0.13 0.11 0.12 - 0.01 0.59 0.07 0.00 0.00 0.01 unch 0.00 0.04 0.01 0.03 0.00 0.03 + 0.01 0.06 0.02 0.27 0.24 0.26 + 0.02 1.02 0.23 0.14 0.13 0.13 - 0.00 0.50 0.02 0.34 0.28 0.34 + 0.03 0.47 0.25 0.26 0.20 0.26 + 0.02 0.37 0.20 15.24 13.95 14.29 - 0.18 18.75 12.12 20.16 18.36 18.78 - 0.34 24.22 16.05 0.05 0.04 0.05 + 0.01 0.13 0.03 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.10 0.09 0.09 - 0.01 0.28 0.08 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.04 0.04 0.04 - 0.01 0.09 0.04 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.05 0.04 0.04 unch 0.00 0.08 0.04 0.21 0.20 0.20 - 0.01 0.39 0.13 0.08 0.07 0.08 unch 0.00 0.12 0.07 0.19 0.17 0.17 - 0.01 0.24 0.12 0.05 0.03 0.03 - 0.02 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.03 1.00 0.92 0.96 + 0.04 1.64 0.81 0.11 0.09 0.10 - 0.00 0.40 0.09 5.10 0.00 4.86 + 0.08 10.38 4.70 0.07 0.05 0.05 - 0.02 0.30 0.03 0.10 0.07 0.10 + 0.04 0.22 0.06 0.08 0.06 0.08 + 0.01 0.15 0.04 31.52 29.73 31.01 - 0.16 47.84 29.08 0.22 0.18 0.18 - 0.02 0.29 0.17 0.23 0.22 0.22 - 0.01 0.29 0.02 0.34 0.30 0.34 + 0.04 0.55 0.12 0.10 0.07 0.10 unch 0.00 0.15 0.03 0.08 0.05 0.05 - 0.03 0.12 0.05 0.42 0.37 0.41 + 0.04 0.50 0.25 1.75 1.54 1.75 + 0.15 2.80 1.06 1.35 1.15 1.35 + 0.15 2.24 0.80 0.02 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.05 0.04 0.05 + 0.02 0.10 0.03 0.38 0.34 0.35 - 0.03 1.06 0.34 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.03 0.03 0.03 unch 0.00 0.11 0.00 0.27 0.25 0.25 - 0.02 0.45 0.22 0.21 0.20 0.21 unch 0.00 0.32 0.17 0.27 0.25 0.25 unch 0.00 0.28 0.18 0.04 0.00 0.04 + 0.02 0.05 0.02 0.05 0.05 0.05 + 0.01 0.13 0.03 0.10 0.08 0.10 + 0.02 0.19 0.07 44.00 0.00 40.50 - 3.50 48.00 29.00 0.32 0.29 0.30 + 0.01 0.36 0.12 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.05 0.05 0.05 unch 0.00 0.10 0.03 0.73 0.65 0.68 - 0.03 1.69 0.55 0.55 0.49 0.51 - 0.04 1.27 0.42 0.06 0.05 0.05 - 0.01 0.21 0.03 1.64 1.36 1.64 + 0.27 3.82 0.83 2.12 1.80 2.11 + 0.30 4.95 1.15 0.02 0.01 0.02 unch 0.00 0.06 0.01 0.03 0.00 0.03 unch 0.00 0.09 0.02 0.02 0.02 0.02 + 0.00 0.06 0.01

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

PolyMet Mng* X 1175 PolyMet Mng T 13 Portage Res* O 31012 Portofino Res V 32 Potash Ridge* O 199 Potash Ridge T 1129 Power Group V 107 Power Metals* O 308 Power Metals V 777 PowerOre V 715 PPX Mining V 500 O 127 Precipitate Gl* Precipitate Gl V 431 Premier Gold M T 2564 Premium Expl* O 3 Pretium Res* N 17154 Pretium Res T 4681 Primary Energy 115 Prism Res V 14 Prize Mng* O 153 ProAm Expl V 56 Probe Metals* O 71 Probe Metals V 79 Prog Planet V 668 Promithian Gl * O 0 T 2590 Prophecy Coal O 967 Prophecy Coal* Prosper Gold V 83 Prospero Silvr V 234 O 50 Prospero Silvr* Provenance Gld 40 Providence V 42 PUF Vent Inc * O 1611 Puma Expl V 438 Puma Expl* O 4 Pure Alumina* O 0 Pure Energy* O 218 247 Pure Energy V Pure Gold Mg* O 894 Pure Gold Mg V 2094 Pure Nickel* O 22 Pure Nickel V 80 Purepoint Uran V 1456 Q-Gold Res V 20 QC Precious V 881 QC Precious * O 125 QMC Quantum Ml V 201 QMC Quantum Ml* O 311 QMX Gold* O 47 QMX Gold V 2093 Quadro Res V 200 Quantum Cobalt 197 Quartz Mtn Res V 0 Quartz Mtn Res* O 0 Quaterra Res V 153 Quaterra Res* O 287 Quest Rare Mnl* O 203 Quinto Res V 293

0.73 0.71 0.71 - 0.01 1.27 0.71 0.96 0.94 0.94 - 0.02 1.60 0.93 0.00 0.00 0.00 - 0.00 0.02 0.00 0.09 0.07 0.08 + 0.01 0.42 0.06 0.04 0.03 0.03 - 0.00 0.09 0.02 0.05 0.04 0.05 + 0.01 0.11 0.03 0.19 0.16 0.16 - 0.01 2.50 0.10 0.14 0.13 0.13 - 0.01 0.55 0.10 0.19 0.17 0.17 - 0.01 0.70 0.15 0.10 0.08 0.08 unch 0.00 0.45 0.05 0.08 0.08 0.08 unch 0.00 0.11 0.06 0.10 0.08 0.09 + 0.01 0.12 0.03 0.13 0.11 0.12 + 0.01 0.15 0.04 2.04 1.86 2.01 + 0.11 3.43 1.39 0.00 0.00 0.00 unch 0.00 0.02 0.00 8.26 6.80 8.06 + 0.81 9.84 6.17 10.88 9.03 10.59 + 1.01 12.87 7.93 0.20 0.01 0.20 + 0.05 1.50 0.10 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.06 0.02 0.03 + 0.00 0.26 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.02 0.93 0.85 0.89 - 0.01 1.12 0.68 1.24 1.12 1.16 - 0.03 1.49 0.91 0.04 0.04 0.04 - 0.01 0.10 0.04 0.00 0.00 0.06 unch 0.00 0.10 0.01 0.21 0.15 0.18 - 0.03 0.74 0.11 0.18 0.11 0.14 - 0.02 2.75 0.09 0.11 0.09 0.10 + 0.01 0.18 0.06 0.08 0.07 0.08 + 0.01 0.15 0.05 0.06 0.05 0.05 - 0.00 0.11 0.04 0.18 0.16 0.17 - 0.01 0.39 0.10 0.13 0.10 0.12 - 0.01 0.19 0.09 0.23 0.22 0.23 + 0.00 0.25 0.06 0.04 0.04 0.04 - 0.01 0.11 0.03 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.00 0.00 0.03 unch 0.00 0.10 0.02 0.08 0.07 0.08 + 0.00 0.31 0.03 0.11 0.09 0.10 - 0.01 0.39 0.05 0.55 0.50 0.52 + 0.01 0.62 0.38 0.72 0.66 0.68 + 0.01 0.81 0.50 0.01 0.00 0.01 + 0.00 0.03 0.00 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.10 0.09 0.09 unch 0.00 0.11 0.06 0.20 0.00 0.20 unch 0.00 0.24 0.10 0.40 0.31 0.40 + 0.08 0.60 0.25 0.31 0.23 0.29 + 0.06 0.33 0.19 0.32 0.26 0.31 + 0.02 0.86 0.16 0.25 0.19 0.24 + 0.03 0.68 0.12 0.06 0.04 0.04 - 0.01 0.18 0.03 0.07 0.06 0.06 - 0.01 0.24 0.05 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.06 0.00 0.05 - 0.01 0.44 0.04 0.00 0.00 0.29 unch 0.00 0.80 0.27 0.00 0.00 0.31 unch 0.00 0.70 0.31 0.11 0.09 0.11 + 0.02 0.11 0.05 0.08 0.07 0.08 - 0.00 0.09 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.05 0.06 unch 0.00 0.14 0.02

Rackla Mtls V 0 Rackla Mtls* O 0 V 163 Radisson Mng Radius Gold V 442 Rainforest Res* O 1 Rainy Mtn Royl* O 0 658 Rainy Mtn Royl V O 37 Rambler Metals* Rare Element* O 305 Rathdowney Res V 132 Ravencrest Res 832 55 Red Eagle Mng* O Red Moon Res V 46 Red Pine Expl V 992 Redstar Gold* O 211 Redstar Gold V 1018 Redzone Res V 179 Redzone Res* O 21 Regulus Res V 229 V 19 Remington Res Renaissance Gd* O 70 Renaissance Gd V 220 Renforth Res 273 Resolve Vent V 164 Resource Cap* O 8 Reunion Gold V 950 Revelo Res V 3390 Revival Gold * O 145 Revival Gold V 171 Rhyolite Res V 73 Richmond Mnls V 180 O 100 Richmond Mnls* Ridgestone M’g V 500 Ridgestone M’g* O 10 Rift Valley 819 O 88830 Rimrock Gold* Rio Tinto* N 11906 Rio Tinto* O 3 Rio Tinto* O 2 Rio2 Limited* O 52 Rio2 Limited V 604 Rise Gold Corp 915 Rise Gold Corp* O 354 O 106 Riverside Res* Riverside Res V 408 Rizal Res V 76 RJK Explor V 859 RJK Explor* O 42 Robex Res V 259 Rochester Res V 0 Rochester Res* O 1 9 Rock Tech Lith* O Rock Tech Lith V 26 Rockcliff Met V 577 Rockcliff Met* O 1 Rockex Mng 164 Rockhaven Res V 150 Rockridge Res V 126 O 85 Rockshield Cap* Rockshield Cap 404 Rockwealth Res V 162 Rockwell Diam* O 2 Rodinia Lithm V 40 Rogue Res* O 20 Rogue Res V 19 Rojo Res V 3 Rokmaster Res V 37 Romios Gold Rs V 389 Romios Gold Rs* O 114 RosCan Gold V 621 Rosita Mg Corp* O 32 356 Rosita Mg Corp V Ross River* O 0 Rotation Mnls V 229 Roughrider Exp V 172 Rover Metals V 670 T 2330 Roxgold Roxgold* O 53 Royal Gold* D 2853 Royal Mines &M* O 125 Royal Nickel* O 1352 Royal Nickel T 12321 Royal Rd Mnrls V 2443 Royal Std Mnrl* O 2 RT Minerals V 155 RT Minerals* O 5 RTG Mining T 95 Rubicon Mnrls* O 63 Rubicon Mnrls T 121 Rugby Mng V 50 Running Fox Rs* O 20 Running Fox Rs V 285 Rupert Res V 45 Rusoro Mng* O 243 Rusoro Mng V 4100

0.00 0.00 0.08 unch 0.00 0.15 0.06 0.06 0.00 0.06 unch 0.00 0.11 0.05 0.11 0.10 0.11 unch 0.00 0.19 0.09 0.12 0.10 0.11 - 0.01 0.19 0.09 4.25 0.00 4.25 - 0.75 9.45 3.50 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.02 0.03 + 0.01 0.07 0.02 0.02 0.00 0.01 - 0.01 0.07 0.01 0.08 0.06 0.08 + 0.01 0.23 0.03 0.13 0.11 0.12 unch 0.00 0.18 0.04 0.67 0.59 0.67 + 0.05 1.55 0.38 0.00 0.00 0.00 unch 0.00 0.23 0.00 0.09 0.04 0.09 unch 0.00 0.16 0.05 0.07 0.06 0.06 unch 0.00 0.10 0.04 0.02 0.02 0.02 - 0.00 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.13 0.12 0.12 - 0.01 0.54 0.07 0.10 0.10 0.10 - 0.00 0.42 0.06 1.82 1.63 1.70 + 0.01 2.30 1.25 0.20 0.20 0.20 unch 0.00 0.40 0.20 0.16 0.14 0.15 + 0.01 0.23 0.11 0.21 0.19 0.21 + 0.02 0.27 0.15 0.05 0.04 0.05 unch 0.00 0.06 0.02 0.09 0.08 0.08 unch 0.00 0.20 0.07 0.00 0.00 0.00 unch 0.00 0.08 0.00 0.19 0.17 0.18 - 0.01 0.23 0.11 0.03 0.02 0.02 unch 0.00 0.06 0.01 0.61 0.53 0.59 + 0.01 0.73 0.42 0.82 0.00 0.76 - 0.01 0.99 0.54 0.20 0.15 0.15 - 0.05 0.29 0.15 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.03 0.03 0.03 unch 0.00 0.03 0.02 0.18 0.18 0.18 unch 0.00 0.32 0.18 0.14 0.14 0.14 unch 0.00 0.21 0.14 0.09 0.08 0.08 - 0.01 0.13 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 58.99 56.79 58.83 + 1.68 60.72 44.62 57.20 0.00 57.20 + 2.15 60.00 43.47 69.98 0.00 69.98 + 6.39 69.98 50.48 0.35 0.32 0.33 + 0.00 0.81 0.25 0.46 0.41 0.43 + 0.01 1.15 0.37 0.11 0.09 0.09 - 0.02 0.15 0.05 0.10 0.07 0.08 - 0.01 0.12 0.04 0.13 0.11 0.13 + 0.00 0.42 0.10 0.17 0.16 0.16 unch 0.00 0.33 0.13 0.03 0.00 0.03 unch 0.00 0.05 0.01 0.09 0.06 0.09 + 0.03 0.23 0.04 0.06 0.06 0.06 - 0.00 0.13 0.00 0.09 0.07 0.08 + 0.01 0.12 0.07 0.00 0.00 0.04 unch 0.00 0.08 0.03 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.67 0.64 0.65 + 0.01 1.31 0.64 0.96 0.85 0.95 + 0.03 1.72 0.76 0.14 0.12 0.12 - 0.01 0.18 0.07 0.11 0.11 0.11 unch 0.00 0.13 0.06 0.04 0.00 0.04 + 0.01 0.10 0.01 0.18 0.16 0.18 - 0.01 0.19 0.09 0.33 0.30 0.31 + 0.01 0.34 0.20 0.09 0.07 0.07 + 0.00 0.38 0.06 0.12 0.10 0.10 - 0.01 0.48 0.09 0.16 0.16 0.16 unch 0.00 0.24 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.00 0.06 - 0.01 0.35 0.05 0.08 0.08 0.08 unch 0.00 0.24 0.06 0.10 0.10 0.10 - 0.01 0.31 0.07 0.14 0.14 0.14 unch 0.00 0.30 0.10 0.05 0.05 0.05 - 0.01 0.18 0.05 0.05 0.04 0.04 - 0.01 0.09 0.04 0.04 0.03 0.03 unch 0.00 0.07 0.02 0.16 0.15 0.16 + 0.01 0.20 0.05 0.02 0.02 0.02 + 0.00 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.00 0.00 0.07 unch 0.00 0.14 0.00 0.19 0.11 0.12 - 0.02 0.39 0.07 0.08 0.07 0.07 - 0.01 0.25 0.07 0.07 0.05 0.06 + 0.01 0.11 0.03 0.94 0.85 0.92 + 0.05 1.35 0.72 0.71 0.65 0.69 + 0.03 1.02 0.55 91.06 86.02 89.98 + 2.79 98.53 70.16 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.57 0.49 0.54 - 0.02 0.90 0.05 0.76 0.63 0.72 - 0.02 1.18 0.07 0.09 0.07 0.08 - 0.01 0.16 0.06 1.47 0.00 1.47 unch 0.00 3.14 0.01 0.08 0.06 0.06 - 0.02 0.50 0.05 0.07 0.05 0.05 unch 0.00 0.13 0.00 0.13 0.13 0.13 unch 0.00 0.20 0.09 0.99 0.95 0.98 + 0.01 1.26 0.74 1.33 1.26 1.30 - 0.01 1.73 1.00 0.18 0.18 0.18 unch 0.00 0.43 0.14 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 0.98 0.89 0.90 unch 0.00 1.46 0.75 0.06 0.05 0.06 + 0.01 0.32 0.04 0.08 0.06 0.07 + 0.01 0.42 0.06

Sabina Gd&Slvr T 1055 Sabina Gd&Slvr* O 526 Sable Res* O 33 Sable Res V 1102 Sage Gold* O 2 Sailfish Rylty V 56 Saint Jean* O 250 Saint Jean V 774 Salazar Res* O 48 Salazar Res V 9512 Salt Lake Pot* O 1 Sama Res V 294 Sama Res* O 160 Samco Gold V 336 Samex Mng* O 120 San Gold Corp* O 128 San Marco Res* O 95

1.49 1.38 1.43 + 0.04 1.90 1.11 1.14 1.04 1.09 + 0.04 1.48 0.85 0.12 0.10 0.11 + 0.01 0.28 0.10 0.18 0.13 0.15 + 0.01 0.37 0.13 0.00 0.00 0.00 unch 0.00 0.09 0.00 1.05 1.00 1.05 + 0.02 2.10 0.70 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.04 0.03 0.04 + 0.01 0.16 0.02 0.11 0.00 0.11 + 0.02 0.12 0.07 0.17 0.14 0.15 + 0.02 0.17 0.10 0.37 0.33 0.37 + 0.04 0.47 0.31 0.29 0.25 0.28 + 0.01 0.47 0.22 0.20 0.20 0.20 unch 0.00 0.37 0.17 0.04 0.00 0.04 + 0.02 0.06 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.07 0.07 0.07 - 0.01 0.23 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

614 San Marco Res V V 2731 Sanatana Diam Sandfire Res V 57 Sandfire Res* O 201 V 487 Sandspring Res O 375 Sandspring Res* T 3973 Sandstorm Gold 10993 X Sandstorm Gold* 22 Sandy Lake Gld* O Sandy Lake Gld V 1565 Santa Fe Gold* O 566 V 1663 Santacruz Silv Sarama Res V 1222 Sarissa Res* O 1068 Satori Res V 292 Satori Res* O 1 Saturn Mnrls V 318 22960 Savary Gold V Savary Gold* O 429 Saville Res V 614 O 44 Scandium Intl* 351 Scandium Intl T Scorpio Gold V 1607 ScoZinc Mg V 5 ScoZinc Mg* O 418 Seabridge Gld T 349 Seabridge Gld* N 1818 Search Mnls V 197 Searchlight* O 30 O 278 SearchlightMin* V 63 SearchlightRes Secova Mtls V 722 Secova Mtls* O 0 Sego Res V 337 Select Sands V 345 T 5668 Semafo Serabi Gold T 2 Serabi Gold* O 0 Serengeti Res V 1027 Shamrock Ent 500 O 3 Shear Diamonds* Sherritt Intl T 7984 V 5 Shoshoni Gold 24535 N Sibanye-Stillw* O 985 Sidney Resrces* Sienna Res V 726 Sienna Res* O 17 60 Sierra Madre D V Sierra Metals T 112 Sierra Metals* X 172 V 5 Sigma Lithium O 32 Signature Res* Signature Res V 134 63 Silver Bear Rs* O 539 Silver Bear Rs T Silver Bull Re* O 1347 Silver Bull Re T 1358 Silver Grail V 551 80 Silver Mtn Mns V Silver Phoenix 120 O 60 Silver Predatr* Silver Predatr V 34 Silver Range* O 1 Silver Range V 108 Silver Scott* O 85 O 201 Silver Spruce* Silver Spruce V 1789 Silver Viper V 384 T 1757 Silvercorp Met X 3385 Silvercorp Met* SilverCrest* X 606 SilverCrest V 638 O 80 Silverstar Res* Sirios Res V 487 Sirios Res* O 30 Sitka Gold 38 Sixty North* O 104 Sixty North 1459 Skeena Res* O 162 Skeena Res V 533 O 147 Skyharbour Res* V 374 Skyharbour Res Slam Explor V 96 100 Slave Lake Zn V 194 Sojourn Explor O 55 Sojourn Explor* Sokoman Min V 2588 O 115 Sokoman Min* SolGold plc T 31 SolGold plc* O 30 X 297 Solitario Ex&R* T 115 Solitario Ex&R Solstice Gold V 512 100 Sonora Gld & S V Sonoro Mtls* O 9 Sonoro Mtls V 294 South32* O 23 Southern Arc* O 18 Southern Arc V 55 N 9860 Southern Copp* O 40 Southern Silvr* Southern Silvr V 256 982 Spanish Mtn Gd V Spanish Mtn Gd* O 261 Sparton Res V 454 Sparton Res* O 577 O 44 Spearmint Res* Spearmint Res 1725 Spey Resources 826 Sphinx Res V 710 225 Sprott Res Hld T Spruce Ridge R V 2247 SRG Graphite V 254 SSR Mining* D 6374 SSR Mining T 1822 St Augustine T 313 St-Georges Eco 1066 O 16 St-Georges Eco* V 78 Stakeholdr Gld O 33 Stakeholdr Gld* O 1230 Standard Graph* Standard Lith V 548 O 1401 Standard Metal* Stans Energy V 291 O 119 Stans Energy* Star Diamond T 972 O 292 Star Diamond* Star Gold* O 21 Starcore Intl T 585 Stellar Africa V 255 Stelmine Can V 58 Steppe Gold T 145 Sterling Grp* O 192 T 702 Stornoway Diam Stratabd Mnr V 985 Strateco Res* O 55 O 60 Strategic Metl* Strategic Metl V 100 Strategic Res V 10 Stria Lithium V 295 V 152 Strikepoint Gd O 18 Strikepoint Gd* V 297 Strongbow Expl O 50 Strongbow Expl* Stroud Res V 470 Sulliden Mng T 506 Sun Metals V 3682 Suncor Energy T 22822 N 20522 Suncor Energy* V 1371 Sunvest Mnrls O 22 Sunvest Mnrls* O 9 Superior Gold* Superior Gold V 1018 Supreme Metals 787 10 Surge Copper * O Surge Copper V 39 Surge Explor* O 594 Surge Explor V 399 Sutter Gold* O 40 Sutter Gold V 42 Syrah Res* O 218

0.09 0.08 0.08 unch 0.00 0.30 0.08 0.02 0.06 0.04 0.06 + 0.01 0.06 0.06 0.10 0.08 0.10 + 0.01 0.11 0.05 0.08 0.07 0.07 - 0.00 0.10 0.17 0.30 0.28 0.29 - 0.01 0.35 0.13 0.23 0.20 0.23 + 0.01 0.28 4.60 7.76 7.05 7.64 + 0.37 7.65 3.48 5.89 5.31 5.80 + 0.31 5.82 0.09 0.08 0.09 unch 0.00 0.10 0.03 0.14 0.10 0.11 - 0.01 0.14 0.04 0.11 0.08 0.11 + 0.01 0.15 0.04 0.05 unch 0.00 0.17 0.07 0.06 0.06 0.05 0.10 0.08 0.09 + 0.01 0.14 0.00 0.00 0.00 0.00 + 0.00 0.00 0.04 0.10 0.07 0.09 - 0.01 0.13 0.03 unch 0.00 0.08 0.05 0.05 0.05 0.12 unch 0.00 0.30 0.18 0.17 0.18 0.04 0.11 0.09 0.11 + 0.01 0.11 0.02 0.08 0.07 0.07 + 0.01 0.08 0.04 unch 0.00 0.11 0.05 0.04 0.04 0.11 0.14 0.13 0.14 + 0.00 0.24 0.18 0.17 0.18 unch 0.00 0.32 0.13 0.01 0.05 0.04 0.04 + 0.01 0.05 0.41 0.58 0.00 0.58 + 0.06 1.50 0.30 unch 0.00 1.18 0.45 0.35 0.45 12.89 20.10 17.74 19.57 + 1.47 19.84 10.20 15.24 13.35 14.88 + 1.19 15.30 0.03 unch 0.00 0.09 0.05 0.04 0.05 0.01 unch 0.00 0.16 0.03 0.03 0.03 0.01 0.01 0.01 0.01 + 0.00 0.05 0.02 unch 0.00 0.23 0.04 0.03 0.03 0.02 unch 0.00 0.25 0.04 0.04 0.04 0.01 unch 0.00 0.10 0.00 0.00 0.02 0.03 0.05 0.04 0.04 - 0.01 0.07 0.07 unch 0.00 0.51 0.08 0.07 0.08 2.24 3.62 3.08 3.55 + 0.36 4.14 0.49 0.60 0.00 0.60 - 0.10 1.60 0.03 unch 0.00 0.82 0.00 0.00 0.65 0.12 0.40 0.34 0.36 - 0.04 0.60 0.02 unch 0.00 0.08 0.03 0.03 0.03 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.37 0.53 0.43 0.51 + 0.08 1.35 0.03 unch 0.00 0.08 0.03 0.03 0.03 2.02 4.50 3.97 4.28 + 0.21 4.50 0.00 0.00 0.00 0.00 - 0.00 0.01 0.04 unch 0.00 0.29 0.05 0.05 0.05 0.03 0.04 0.03 0.04 - 0.00 0.23 0.02 0.00 0.15 + 0.14 0.15 0.15 2.11 2.36 2.24 2.26 - 0.02 3.85 1.53 1.78 1.69 1.72 - 0.01 3.00 1.20 2.05 1.99 1.99 - 0.06 2.40 0.04 0.07 0.06 0.06 - 0.00 0.11 0.05 0.09 0.07 0.08 - 0.02 0.14 0.14 0.11 0.11 - 0.02 0.23 0.10 0.16 0.14 0.15 + 0.01 0.29 0.11 0.12 0.11 0.12 + 0.00 0.20 0.09 0.16 0.15 0.16 unch 0.00 0.27 0.11 0.03 unch 0.00 0.10 0.05 0.04 0.05 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.02 unch 0.00 0.15 0.10 0.10 0.10 0.05 unch 0.00 0.11 0.05 0.05 0.05 0.07 0.08 0.07 0.08 + 0.01 0.14 0.06 0.09 0.00 0.09 + 0.00 0.14 0.08 0.15 0.00 0.15 + 0.02 0.18 0.01 0.03 0.02 0.02 - 0.00 0.10 0.01 0.03 0.02 0.02 - 0.01 0.04 0.02 0.03 0.03 0.03 - 0.01 0.06 0.07 0.24 0.14 0.23 + 0.09 0.25 2.43 3.63 2.96 3.55 + 0.40 4.02 1.83 2.76 2.23 2.71 + 0.32 3.12 1.58 3.85 3.60 3.71 + 0.01 3.87 2.03 5.00 4.77 4.90 + 0.09 5.00 0.01 unch 0.00 0.22 0.04 0.04 0.04 0.12 0.24 0.22 0.22 - 0.03 0.29 0.09 unch 0.00 0.23 0.20 0.20 0.20 0.04 unch 0.00 0.30 0.10 0.10 0.10 0.04 0.05 0.04 0.05 + 0.00 0.16 0.04 0.07 0.04 0.07 + 0.02 0.24 0.19 0.22 0.20 0.21 + 0.01 0.59 0.27 0.29 0.27 0.28 + 0.01 0.75 0.26 0.29 0.27 0.27 - 0.00 0.44 0.35 0.39 0.35 0.36 - 0.03 0.57 0.02 0.03 0.02 0.02 - 0.01 0.06 0.11 0.10 0.10 - 0.02 0.13 0.06 0.07 0.10 0.09 0.10 + 0.01 0.28 0.06 0.08 0.06 0.08 + 0.02 0.21 0.03 unch 0.00 0.58 0.13 0.12 0.13 0.00 0.10 0.09 0.09 - 0.01 0.45 0.32 0.63 0.61 0.63 + 0.01 0.71 0.27 0.49 0.46 0.49 + 0.03 0.58 0.19 0.33 0.28 0.31 + 0.02 0.53 0.26 0.40 0.37 0.40 + 0.03 0.68 0.11 0.15 0.12 0.15 + 0.02 0.38 0.07 0.07 0.07 - 0.01 0.14 0.05 0.07 0.14 0.13 0.14 - 0.00 0.16 0.07 0.18 0.17 0.18 + 0.01 0.20 2.16 2.86 2.65 2.74 + 0.09 3.10 0.20 0.41 0.34 0.37 + 0.01 0.46 0.27 0.54 0.00 0.54 + 0.06 0.60 29.01 36.98 32.13 36.19 + 3.69 58.09 0.08 0.17 0.14 0.15 + 0.01 0.24 0.11 0.23 0.18 0.20 + 0.01 0.30 0.09 0.07 0.09 + 0.01 0.13 0.05 0.06 0.05 0.06 + 0.00 0.11 0.03 0.04 unch 0.00 0.12 0.06 0.05 0.05 0.03 0.04 0.03 0.04 - 0.00 0.09 0.00 0.03 0.02 0.02 - 0.01 0.08 0.02 0.04 0.03 0.03 + 0.01 0.10 0.07 0.10 0.08 0.09 - 0.01 0.16 0.03 unch 0.00 0.08 0.06 0.05 0.06 1.49 1.30 1.44 + 0.11 2.90 0.98 0.07 0.06 0.06 unch 0.00 0.08 0.02 0.64 1.00 0.83 1.00 + 0.16 1.96 15.17 13.73 14.39 + 0.33 14.26 7.64 20.00 18.12 18.87 + 0.26 18.82 9.70 0.02 0.02 0.02 0.02 + 0.01 0.03 0.04 0.14 0.11 0.14 + 0.03 0.50 0.03 0.10 0.09 0.10 + 0.01 0.38 0.05 unch 0.00 0.32 0.05 0.00 0.05 0.03 0.04 0.03 0.03 - 0.00 0.26 0.29 0.38 0.34 0.36 + 0.01 1.13 0.80 1.15 1.03 1.10 - 0.04 2.47 0.02 0.09 0.05 0.08 + 0.03 0.23 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.00 0.04 0.17 0.24 0.21 0.23 + 0.02 0.38 0.12 0.18 0.16 0.18 + 0.03 0.29 0.02 0.06 0.03 0.04 + 0.01 0.30 0.09 0.16 0.09 0.13 + 0.04 0.25 0.01 unch 0.00 0.06 0.03 0.02 0.02 0.09 0.15 0.13 0.15 + 0.01 0.26 0.60 0.77 0.60 0.75 - 0.02 2.01 0.01 0.02 0.01 0.01 + 0.00 0.10 0.17 0.21 0.20 0.20 - 0.01 0.62 0.02 0.03 0.02 0.03 + 0.01 0.08 0.00 0.00 0.00 0.00 + 0.00 0.01 0.22 0.29 0.25 0.26 - 0.00 0.38 0.31 0.37 0.34 0.36 + 0.01 0.48 0.16 unch 0.00 0.30 0.23 0.23 0.23 0.02 0.04 0.03 0.03 - 0.01 0.06 0.11 0.13 0.11 0.12 - 0.01 0.29 0.08 0.10 0.09 0.09 - 0.01 0.23 0.10 0.11 0.10 0.11 + 0.01 0.28 0.07 unch 0.00 0.22 0.08 0.08 0.08 0.01 0.02 0.01 0.01 - 0.01 0.02 0.08 0.09 0.08 0.09 + 0.01 0.46 0.12 0.62 0.40 0.58 + 0.17 0.49 35.53 45.53 43.78 44.92 + 0.04 55.47 25.81 34.53 33.01 34.19 + 0.30 42.55 0.03 0.05 0.03 0.04 + 0.01 0.11 0.02 0.03 0.02 0.03 + 0.01 0.09 0.50 0.57 0.53 0.57 + 0.05 1.28 0.66 0.75 0.68 0.72 + 0.02 1.62 0.02 unch 0.00 0.08 0.03 0.03 0.03 0.06 0.06 0.06 unch 0.00 0.15 0.06 0.04 unch 0.00 0.26 0.06 0.06 0.06 0.02 0.04 0.03 0.04 + 0.01 0.36 0.04 unch 0.00 0.28 0.05 0.05 0.05 0.01 0.01 0.01 0.01 + 0.00 0.02 0.01 0.02 0.00 0.02 + 0.01 0.03 0.90 1.04 0.90 1.04 + 0.04 3.00

171839 Tahoe Res* N 33532 Tahoe Res T Taiga Gold 102 Taiga Gold* O 57 Tajiri Res V 5 Taku Gold* O 5 Taku Gold 34 Talmora Diamd 15 Talon Metals T 552 O 199 Tamerlane Vent* O 3263 Tamino Mnrls*

2.18 3.92 3.59 3.64 - 0.09 5.63 2.88 5.17 4.82 4.89 - 0.02 7.27 0.07 0.12 0.10 0.11 - 0.02 0.21 0.05 0.08 0.07 0.08 + 0.00 0.16 0.05 unch 0.00 0.18 0.08 0.08 0.08 0.02 0.04 0.03 0.03 + 0.00 0.12 0.04 unch 0.00 0.15 0.05 0.00 0.05 0.01 unch 0.00 0.06 0.03 0.03 0.03 0.05 unch 0.00 0.12 0.09 0.08 0.08 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00

2019-02-25 3:15 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MARCH 4–17, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Tanager Energy V 201 Tango Mining V 632 Tanqueray Expl V 664 Tantalex Res 262 Tanzania Rlty T 288 Tanzania Rlty* X 2429 Taranis Res* O 100 Taranis Res V 100 Tarku Res V 1021 Tartisan Nick* O 25 Tartisan Nick 897 Tasca Res V 6719 Tasca Res* O 6 Taseko Mines* X 3832 Taseko Mines T 1995 Tearlach Res V 2 Teck Res T 9300 T 21 Teck Res Teck Res* N 21097 Telson Res * O 16 Telson Res V 137 Tembo Gold V 80 Tembo Gold* O 60 Teranga Gold T 847 Teranga Gold* O 177 Teras Res V 454 Teras Res* O 120 Terraco Gold V 167 Terrax Mnrls* O 151 Terrax Mnrls V 599 Terreno Res V 350 647 Teslin Rvr Res V Tesoro Mnrls V 50 Tesoro Mnrls* O 0 Tethyan Res V 1066 Teuton Res V 162 Teuton Res* O 18 Texas Mineral* O 54 Themac Res V 152 Thor Expl V 16 Thunder Mtn Gd* O 107 V 504 Thunderstruck Thunderstruck* O 50 Tiger Intl V 3 Till Capital V 0 Timberline Res V 185 O 376 Timberline Res* Tinka Res V 1313 Tinka Res* O 265 Tisdale Res V 10 Titan Mining T 395 Titan Mining* O 44 Titanium Corp V 54 TMAC Resource* O 7 TMAC Resources T 229 TNR Gold V 190 1 Toachi Mg Inc* O Toachi Mg Inc V 866 Tombstone Expl* O 1604 Tonogold Res* O 65 Torex Gold* O 119 Torex Gold T 1823 Torq Resources* O 42 Torq Resources V 87 Tower Res V 331 Transatlantic V 15 Transition Met V 397 Transition Met* O 39 Treasury Metal T 667 Treasury Metal* O 273 Trecora Res* N 214 Tres-Or Res V 280 Trevali Mng* O 559

0.06 0.05 0.06 unch 0.00 0.14 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.83 0.61 0.76 + 0.11 1.32 0.44 0.06 0.05 0.05 unch 0.00 0.18 0.03 0.84 0.74 0.82 + 0.05 0.89 0.34 0.66 0.56 0.61 + 0.04 0.68 0.25 0.07 0.07 0.07 unch 0.00 0.10 0.03 0.09 0.09 0.09 unch 0.00 0.12 0.05 0.04 0.03 0.04 + 0.01 0.06 0.02 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.07 0.05 0.06 unch 0.00 0.16 0.02 0.05 0.03 0.04 + 0.01 0.13 0.03 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.65 0.54 0.64 + 0.08 1.69 0.44 0.84 0.70 0.84 + 0.13 2.12 0.60 0.00 0.00 0.05 unch 0.00 0.05 0.03 31.25 28.66 31.21 + 2.55 39.08 23.90 31.21 28.74 31.08 + 2.13 39.00 23.89 23.79 21.62 23.75 + 2.10 30.11 18.17 0.31 0.31 0.31 unch 0.00 0.74 0.25 0.41 0.40 0.41 + 0.01 1.00 0.35 0.03 0.03 0.03 - 0.01 0.04 0.01 0.02 0.02 0.02 - 0.00 0.03 0.01 4.66 4.19 4.39 - 0.10 5.63 3.18 3.50 3.19 3.36 + 0.01 4.33 2.40 0.06 0.05 0.05 - 0.01 0.10 0.04 0.05 0.04 0.04 - 0.00 0.08 0.03 0.07 0.06 0.07 + 0.01 0.10 0.06 0.34 0.29 0.29 - 0.04 0.39 0.25 0.46 0.37 0.40 - 0.06 0.50 0.33 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.49 0.47 0.48 unch 0.00 0.57 0.33 0.05 0.05 0.05 unch 0.00 0.11 0.05 0.00 0.00 0.04 unch 0.00 0.05 0.04 0.50 0.36 0.49 + 0.12 0.47 0.14 0.14 0.14 0.14 unch 0.00 0.24 0.10 0.10 0.10 0.10 + 0.00 0.18 0.07 0.24 0.22 0.24 + 0.00 0.35 0.10 0.06 0.05 0.05 - 0.01 0.10 0.03 0.16 0.00 0.16 unch 0.00 0.22 0.13 0.09 0.09 0.09 unch 0.00 0.22 0.04 0.08 0.07 0.08 + 0.01 0.12 0.04 0.05 0.05 0.05 unch 0.00 0.15 0.03 0.10 0.10 0.10 unch 0.00 0.17 0.04 2.15 0.00 2.15 + 0.02 5.01 1.74 0.12 0.09 0.12 + 0.03 0.27 0.07 0.11 0.07 0.08 + 0.00 0.23 0.00 0.35 0.30 0.31 - 0.03 0.61 0.29 0.25 0.23 0.23 - 0.02 0.48 0.21 0.24 0.00 0.18 - 0.07 0.88 0.16 0.98 0.68 0.79 - 0.18 1.50 0.78 0.71 0.67 0.71 + 0.04 1.05 0.67 0.60 0.55 0.60 + 0.05 1.09 0.48 4.77 4.53 4.59 + 0.06 7.17 3.07 6.32 5.81 5.87 - 0.30 9.73 3.95 0.04 0.03 0.03 - 0.01 0.06 0.03 0.07 0.07 0.07 - 0.00 0.15 0.06 0.12 0.09 0.12 + 0.04 0.20 0.07 0.01 0.00 0.01 + 0.00 0.01 0.00 0.20 0.14 0.18 + 0.03 0.25 0.00 12.64 10.65 12.47 + 1.81 12.05 5.73 16.62 14.09 16.34 + 2.09 16.13 7.29 0.32 0.30 0.30 - 0.01 0.56 0.25 0.45 0.40 0.40 - 0.02 0.70 0.32 0.05 0.04 0.04 - 0.01 0.17 0.02 0.04 0.00 0.04 unch 0.00 0.06 0.03 0.12 0.10 0.10 + 0.01 0.20 0.06 0.09 0.07 0.09 + 0.02 0.14 0.07 0.37 0.29 0.33 + 0.05 0.58 0.21 0.28 0.20 0.24 + 0.03 0.45 0.16 9.57 9.19 9.50 + 0.27 15.60 6.69 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.31 0.26 0.28 - 0.00 1.21 0.24

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Trevali Mng T 11222 936 Tri Origin Exp V Trifecta Gold V 12 Trifecta Gold* O 7 Trigen Res* O 446 Trilogy Mtls T 44 Trilogy Mtls* X 315 O 61 TriMetals Mng* TriMetals Mng* O 112 TriMetals Mng T 504 Trinity Res* O 0 Trinity Valley V 50 Trinity Valley* O 1 O 380 Trio Resources* TriStar Gold* O 143 TriStar Gold V 113 Triumph Gold V 147 O 80 Triumph Gold* Troilus Gold T 3503 Troilus Gold* O 3 Troubadour Res V 53 Troymet Expl V 639 True Grit Res V 530 5 True North Gem V True North Gem* O 1 Trueclaim Expl V 934 Tsodilo Res V 63 Tudor Gold V 168 Tudor Gold * O 0 86856 Turquoise HIl T Turquoise HIl* N 45061 TVI Pacific* O 348 TVI Pacific V 821 Tyhee Gold* O 4 Typhoon Expl V 114

0.40 0.35 0.37 + 0.01 1.56 0.32 0.03 0.02 0.02 unch 0.00 0.04 0.01 0.07 0.00 0.06 - 0.01 0.13 0.05 0.05 0.04 0.04 - 0.01 0.10 0.03 0.33 0.28 0.30 - 0.02 1.01 0.19 2.83 2.69 2.79 - 0.01 3.00 1.32 2.15 2.05 2.11 - 0.01 2.34 1.05 0.07 0.00 0.07 + 0.03 0.23 0.04 0.05 0.04 0.05 + 0.00 0.18 0.02 0.07 0.06 0.07 + 0.01 0.23 0.03 0.00 0.00 0.02 unch 0.00 0.20 0.01 0.05 0.05 0.05 unch 0.00 0.13 0.04 0.03 0.00 0.03 - 0.06 0.03 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.13 0.10 0.13 + 0.02 0.20 0.07 0.17 0.14 0.16 + 0.02 0.27 0.09 0.45 0.40 0.41 unch 0.00 0.80 0.29 0.33 0.30 0.32 + 0.00 0.60 0.22 0.83 0.66 0.82 + 0.09 2.07 0.40 0.55 0.00 0.51 - 0.04 1.48 0.45 0.10 0.09 0.10 + 0.01 0.25 0.08 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 - 0.01 0.07 0.02 0.13 0.10 0.13 + 0.01 1.50 0.10 0.10 0.00 0.10 + 0.10 0.05 0.00 0.09 0.08 0.09 + 0.01 0.28 0.07 0.26 0.23 0.26 + 0.03 0.65 0.19 0.29 0.27 0.29 + 0.01 0.48 0.20 0.21 0.21 0.21 unch 0.00 0.34 0.15 2.84 2.18 2.79 + 0.54 4.37 1.94 2.17 1.66 2.12 + 0.42 3.34 1.43 0.01 0.01 0.01 + 0.00 0.02 0.00 0.02 0.01 0.01 + 0.01 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.09 0.03

U.S. Gold* D 749 U.S. Lithium* O 37 U3O8 Corp* O 42 U3O8 Corp T 236 Ubique Mineral 125 UC Res* O 29 Ucore Rare Mtl V 1129 Ucore Rare Mtl* O 927 UEX Corp T 2847 Ultra Lithium* O 3 Ultra Lithium V 42 O 570 Umbral Enrgy* Unigold* O 33 V 68 Unigold United Battery 652 O 1105 United Battery* United Res Hdg* O 4 158 United States A* X United States S* N 47268 Unity Metals V 1706 Universal Vent V 559 Ur-Energy* X 1595 Ur-Energy T 391 712 Uragold Bay Rs V Uranium Energy* X 5518 O 2 Uranium Hunter* Uranium Res* D 6409 Uravan Mnrls V 191 UrbanGold Min V 364 USCorp* O 100 Val-d’Or Mg* O 3 Val-d’Or Mg V 2 Vale* N 136050 Valley High Mg* O 2820 ValOre Metals* O 23

1.05 0.90 0.98 + 0.05 2.05 0.74 0.25 0.15 0.23 + 0.00 1.44 0.09 0.16 0.12 0.13 - 0.03 0.35 0.13 0.21 0.17 0.18 - 0.03 0.50 0.18 0.19 0.18 0.19 unch 0.00 0.25 0.06 1.27 0.65 0.70 + 0.05 1.27 0.00 0.17 0.11 0.12 - 0.04 0.25 0.11 0.12 0.09 0.09 - 0.03 0.20 0.08 0.16 0.15 0.15 unch 0.00 0.35 0.14 0.07 0.07 0.07 unch 0.00 0.22 0.05 0.12 0.00 0.10 unch 0.00 0.31 0.08 0.30 0.24 0.30 + 0.04 0.44 0.11 0.11 0.00 0.11 - 0.00 0.20 0.09 0.15 0.13 0.13 - 0.03 0.27 0.13 0.08 0.06 0.06 - 0.02 1.68 0.07 0.06 0.05 0.05 - 0.01 1.58 0.05 0.05 0.05 0.05 unch 0.00 0.07 0.01 0.60 0.52 0.56 - 0.03 1.05 0.23 24.74 22.73 24.10 + 1.18 47.64 17.09 1.28 0.94 1.07 + 0.09 1.16 0.10 0.34 0.30 0.33 - 0.01 0.63 0.29 0.77 0.73 0.74 + 0.00 0.93 0.54 1.02 0.96 0.98 + 0.01 1.19 0.74 0.08 0.07 0.07 - 0.01 0.12 0.06 1.45 1.32 1.33 - 0.07 1.89 1.12 1.95 1.49 1.55 - 0.40 1.99 0.26 0.20 0.13 0.14 - 0.03 0.86 0.13 0.03 0.02 0.03 + 0.01 0.06 0.02 0.16 0.12 0.16 + 0.04 0.15 0.10 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.06 0.06 0.06 unch 0.00 0.09 0.06 0.09 0.00 0.09 - 0.02 0.14 0.09 12.51 11.96 12.50 + 0.17 16.13 10.89 0.01 0.01 0.01 + 0.00 0.02 0.00 0.21 0.19 0.20 + 0.01 0.48 0.00

U-V

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

ValOre Metals V 86 Valterra Res* O 126 Valterra Res V 183 O 14 Vanadian Enrgy* V 194 Vanadian Enrgy V 335 Vanadium One O 317 Vanadiumcorp* V 495 Vanadiumcorp 2 Vanstar Mng Rs* O Vanstar Mng Rs V 1008 1 Vantex Res * O Vantex Res V 24 Vatic Vent V 825 Vatic Vent* O 45 Vela Minerals V 1 O 96 Velocity Mnrls* Velocity Mnrls V 1865 O 236 Vendetta Mng* Vendetta Mng V 7477 V 190 Venerable Vent Verde Potash T 67 Verde Res* O 107 Veris Gold* O 86 Vertical Expl V 92 Victoria Gold V 8361 V 79 Victory Metals Victory Nickel 122 O 83 Victory Nickel* Victory Res V 0 Victory Res 12 Victory Res* O 4 Virginia Enrgy V 194 O 39 Virginia Enrgy* Viscount Mng V 231 6 Visible Gold M V 0 Visible Gold M* O Vision Lithium V 483 O 96 Vision Lithium* Vista Gold* X 2527 Vista Gold T 199 Viva Gold V 87 Viva Gold* O 83 Vizsla Res V 12 Volcanic Gold V 59 Volt Energy* O 3 Volt Energy V 30 Voltaic Min V 35 O 130 Voyageur Min* Voyageur Min V 137 O 20 VR Resources* VR Resources V 211 Vulcan Mnrls V 325 VVC Expl V 215

0.11 0.28 0.26 0.27 + 0.01 0.90 0.01 0.02 0.02 0.02 - 0.00 0.04 0.02 unch 0.00 0.04 0.03 0.00 0.03 0.01 0.06 0.05 0.06 + 0.01 0.13 0.06 0.07 0.06 0.06 - 0.01 0.18 0.04 0.13 0.12 0.13 + 0.01 0.29 0.01 0.07 0.06 0.07 - 0.00 0.15 0.06 0.10 0.08 0.08 - 0.01 0.14 0.11 0.11 0.11 unch 0.00 0.13 0.07 0.18 0.13 0.15 + 0.02 0.18 0.07 0.22 0.22 0.22 unch 0.00 0.24 0.05 0.14 0.35 0.00 0.35 + 0.06 0.40 0.06 0.10 0.08 0.10 + 0.02 0.32 0.01 0.07 0.06 0.07 + 0.01 0.64 0.15 unch 0.00 0.30 0.15 0.15 0.15 0.09 0.23 0.18 0.20 + 0.02 0.23 0.13 0.30 0.25 0.27 + 0.02 0.30 0.08 0.11 0.09 0.10 - 0.01 0.20 0.11 0.14 0.11 0.12 - 0.01 0.26 0.08 unch 0.00 0.13 0.10 0.08 0.10 0.53 0.70 0.65 0.66 - 0.01 1.25 0.00 unch 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.05 unch 0.00 0.21 0.09 0.07 0.07 0.30 0.00 0.55 unch 0.55 0.50 0.50 0.38 0.65 0.00 0.60 - 0.05 0.75 0.01 0.03 0.00 0.03 - 0.01 0.07 0.01 unch 0.00 0.05 0.03 0.03 0.03 0.08 unch 0.00 0.49 0.00 0.00 0.12 0.02 unch 0.00 0.10 0.10 0.00 0.02 0.09 unch 0.00 0.23 0.09 0.09 0.09 0.09 0.19 0.15 0.19 + 0.01 0.36 0.07 0.14 0.00 0.13 - 0.00 0.28 0.15 unch 0.00 0.36 0.24 0.23 0.24 0.09 0.09 0.09 unch 0.00 0.14 0.04 0.00 0.00 0.03 unch 0.00 0.09 0.03 0.08 unch 0.00 0.60 0.09 0.00 0.09 0.06 0.07 0.06 0.06 - 0.01 0.45 0.37 0.92 0.70 0.85 + 0.13 0.92 0.56 1.24 0.87 1.11 + 0.15 1.24 0.21 0.36 0.32 0.32 - 0.01 0.50 0.21 0.27 0.23 0.23 - 0.04 0.40 0.13 unch 0.00 0.20 0.15 0.15 0.15 0.02 0.05 0.05 0.05 - 0.01 0.24 0.04 unch 0.00 0.26 0.04 0.04 0.04 0.03 0.06 0.05 0.06 + 0.01 0.44 0.13 0.18 0.16 0.18 + 0.02 0.37 0.04 0.09 0.08 0.09 + 0.01 0.10 0.05 0.11 0.10 0.10 + 0.01 0.12 0.11 0.14 0.12 0.13 - 0.01 0.35 0.14 0.19 0.16 0.17 - 0.01 0.43 0.04 unch 0.00 0.07 0.04 0.04 0.04 0.02 unch 0.00 0.05 0.04 0.03 0.03

Walker Lane* O 10 Walker River* O 1678 28796 Walker River V T 9763 Wallbridge Mng Warrior Gold* O 1 Warrior Gold V 234 Waseco Res V 973 Wealth Mnrls V 630 Wealth Mnrls* O 695 O 0 Wescan Gldflds* V 7 Wescan Gldflds O 575 Wesdome Gold* T 6246 Wesdome Gold West African V 9157 150 West High Yld V West Kirkland V 511 10 West Kirkland * O

0.05 0.35 0.27 0.30 - 0.01 0.40 0.03 0.19 0.12 0.16 + 0.02 0.19 0.05 0.27 0.16 0.21 + 0.03 0.27 0.06 0.31 0.24 0.27 + 0.03 0.35 0.03 unch 0.00 0.16 0.04 0.04 0.04 0.04 0.08 0.07 0.08 + 0.01 0.21 0.02 unch 0.00 0.06 0.03 0.03 0.03 0.35 0.41 0.35 0.38 - 0.03 2.00 0.27 0.31 0.26 0.29 - 0.02 1.55 0.02 unch 0.00 0.10 0.03 0.03 0.03 0.01 unch 0.00 0.09 0.05 0.05 0.05 1.31 4.15 3.66 4.08 + 0.29 4.15 1.71 5.43 4.78 5.30 + 0.26 5.43 0.14 0.26 0.22 0.26 + 0.03 0.43 0.47 0.38 0.47 + 0.09 0.60 0.20 0.04 unch 0.00 0.09 0.07 0.07 0.07 0.06 0.06 0.06 - 0.00 0.07 0.03

W-Z

Stock

Week

12-month

Exc Volume High Low Last Change High Low

West Red Lake 388 West Red Lake* O 324 Western Atlas V 40 T 226 Western Copper Western Copper* X 1042 Western Pac Rs V 2 Western Pac Rs* O 67 T 32 Western Potash Western Res* O 3 Western Troy C V 1 Western U&V 217 Western U&V* O 321 Westhaven Vent* O 79 Westhaven Vent V 722 Westkam Gold* O 370 Westkam Gold V 281 Westminster Rs V 28 Westmoreland* O 441 O 0 WestMountain* Wheaton Prec M* N 11587 Wheaton Prec M T 5152 O 4 White Energy* White Gold* O 104 White Gold V 1546 White Metal R* O 102 White Metal Rs V 492 White Mtn Engy* O 24 Whitehaven Coa* O 5 Whitemud Res V 40 Wildsky Res* O 30 Winston Gold 40 Winston Gold* O 656 Winston Res 60 Wolfden Res* O 20 Wolfden Res V 181 Wolfeye Res V 421 Worldwide Res* O 24 V 27 Worldwide Res X-Terra Res V 157 Xanadu Mines T 60 Xanadu Mines* O 407 Xiana Mng V 3 Xiana Mng* O 3 Ximen Mining* O 1 Ximen Mining V 969 Xtierra Inc V 166 Xtra-Gold Res* O 19 Xtra-Gold Res T 13 Yamana Gold T 23747 Yamana Gold* N 107267 Yanzhou Coal* O 0 V 0 Yellowhead Mng Yorbeau Res T 3560 Yorbeau Res* O 100 0 You Han Data* O Zadar Ventures* O 10 V 320 Zadar Ventures Zanzibar Gold 481 ZEN Graphene V 193 ZEN Graphene* O 52 Zena Mining V 30 Zephyr Mnls V 51 Zephyr Mnls* O 20 Zimtu Capital V 103 Zinc One Res V 529 Zinc One Res * O 124 ZincX Res V 154 ZincX Res* O 24 Zonte Metals V 104

0.10 0.08 0.08 - 0.02 0.12 0.05 0.07 0.06 0.06 - 0.01 0.09 0.03 0.10 0.07 0.07 - 0.03 0.30 0.05 0.97 0.85 0.91 - 0.02 1.30 0.52 0.73 0.64 0.70 + 0.04 1.01 0.35 0.58 0.00 0.58 + 0.09 1.20 0.32 0.42 0.00 0.42 - 0.00 0.62 0.01 0.27 0.00 0.25 unch 0.00 0.45 0.21 0.19 0.19 0.19 unch 0.00 0.35 0.15 0.00 0.00 0.10 unch 0.00 0.20 0.03 1.55 1.45 1.48 - 0.06 3.32 0.48 1.18 1.11 1.13 - 0.03 2.70 0.96 0.75 0.64 0.73 + 0.02 1.03 0.10 1.00 0.85 0.97 + 0.04 1.43 0.11 0.00 0.00 0.00 - 0.00 0.04 0.00 0.01 0.01 0.01 + 0.01 0.05 0.01 0.06 0.05 0.06 + 0.01 0.25 0.03 0.04 0.01 0.03 - 0.00 0.62 0.01 3.00 0.00 3.00 - 0.30 3.30 3.00 22.59 21.17 22.39 + 1.08 22.87 15.08 29.68 28.12 29.47 + 1.23 29.93 19.87 0.26 0.26 0.26 unch 0.00 0.31 0.11 1.09 0.98 1.09 + 0.06 1.44 0.46 1.45 1.29 1.39 - 0.01 2.00 0.54 0.03 0.03 0.03 + 0.00 0.19 0.02 0.04 0.00 0.04 unch 0.00 0.25 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 3.27 3.27 3.27 unch 0.00 4.37 3.15 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.06 0.06 0.06 unch 0.00 0.77 0.05 0.05 0.05 0.05 unch 0.00 0.09 0.03 0.04 0.03 0.04 + 0.00 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.24 0.02 0.16 0.15 0.16 + 0.01 0.42 0.13 0.22 0.20 0.21 + 0.01 0.58 0.18 0.80 0.64 0.65 - 0.11 1.50 0.50 0.03 0.03 0.03 unch 0.00 0.03 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.14 0.11 0.14 + 0.03 0.21 0.09 0.12 0.10 0.11 + 0.01 0.17 0.10 0.03 0.00 0.03 unch 0.00 0.21 0.03 0.59 0.59 0.59 unch 0.00 0.70 0.38 0.36 0.36 0.36 unch 0.00 0.55 0.30 0.43 0.00 0.43 - 0.00 10.27 0.10 0.62 0.45 0.62 + 0.03 0.86 0.14 0.05 0.04 0.04 - 0.01 0.08 0.03 0.34 0.23 0.29 - 0.04 0.45 0.11 0.44 0.42 0.43 unch 0.00 0.47 0.20 3.74 3.21 3.54 + 0.08 4.20 2.66 2.85 2.42 2.68 + 0.04 3.23 2.00 0.00 0.00 1.08 unch 0.00 1.40 1.08 0.00 0.00 0.86 unch 0.00 0.98 0.10 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.00 0.00 1.55 unch 0.00 2.80 0.75 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.02 0.01 0.02 unch 0.00 0.08 0.01 0.22 0.16 0.16 - 0.06 0.22 0.10 0.53 0.46 0.47 - 0.02 0.72 0.34 0.41 0.36 0.37 - 0.00 0.56 0.27 0.06 0.06 0.06 unch 0.00 0.12 0.05 0.20 0.19 0.19 - 0.01 0.29 0.15 0.15 0.00 0.14 - 0.01 0.22 0.11 0.30 0.26 0.28 + 0.02 0.40 0.20 0.09 0.08 0.09 unch 0.00 0.46 0.07 0.07 0.06 0.06 + 0.00 0.38 0.04 0.22 0.20 0.22 + 0.03 0.75 0.18 0.15 0.14 0.15 + 0.01 0.56 0.14 0.34 0.30 0.33 unch 0.00 0.41 0.17

BID-ASK — FEBRUARY 18–22, 2019 STOCK

12-MONTH

EXC BID ASK LAST HIGH

66 Resources African Metals Aguila Amer Gd Alba Minerals Alchemist Mng Alexandra Cap Alianza Min Allante Res Altitude Res American CuMo Anglo-Bomarc Angus Ventures Antler Hill Archon Mineral Arrowstar Res Asbestos Corp AsiaBaseMetals Atlantic Indus Aurelius Min Aurex Energy Aurora Royal Balto Res Banro Corp* BE Res Bearclaw Cap BeMetals Bethpage Cap BHK Mining Black Bull Res Boss Power Brunswick Res Bullion Gold Bullman Min Cadillac Vent Cairo Res Camrova Res Canadian Engy Canadian Silv Canex Energy Caracara Silvr Cariboo Rose Cautivo Mining Central Iron Cerro de Pasc Cerro Mng Chantrell Vent Chinapintza Mg Cicada Vents Clarmin Explor Cliffmont Res Cliffs Nat Res* Clydesdale Res Comet Inds Condor Gold Contintl Prec Copper Reef Mg Cresval Cap CWN M’g Acq Cyntar Venture Cyprium Mng Damara Gold Dawson Gold Discovery Harb DV Resources EastCoal Inc Eastern Zinc El Nino Vent Electra Stone Empire Metals Endurance Gold European Metal Eurotin EVI Global Grp Evolving Gold Excalibur Res Fabled Copper Fieldex Expl Finore Mng Fire River Gol Firestone Vent First Idaho Four Nines Freedom Egy Full Metal Mnl

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

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0.10 0.17 0.12 0.27 0.06 0.09 0.06 0.20 0.27 0.20 0.28 0.15 0.16 0.16 0.28 0.05 0.05 0.06 0.15 ... ... 0.50 0.93 0.07 0.08 0.08 0.15 0.12 0.18 0.11 0.20 0.04 0.05 0.05 0.09 0.06 0.07 0.06 0.13 0.08 0.08 0.15 0.16 0.22 0.30 0.30 0.50 0.02 ... 0.10 0.20 0.60 0.79 0.60 1.31 0.01 0.24 0.12 0.12 0.35 0.88 0.40 0.90 0.23 0.24 0.24 0.40 0.01 0.02 0.01 0.05 0.13 0.14 0.14 0.15 0.05 0.05 0.65 1.30 0.08 0.10 0.09 0.24 0.08 0.11 0.11 0.27 0.11 0.11 0.11 2.10 0.04 0.07 0.04 0.07 0.03 0.04 0.03 0.06 0.26 0.28 0.27 0.30 0.01 ... 0.07 0.10 0.02 0.02 0.02 0.10 0.18 0.10 0.17 0.20 0.17 0.03 0.04 0.03 0.05 0.06 0.15 0.10 0.47 0.05 0.10 0.04 0.09 0.02 0.03 0.03 0.04 0.33 0.40 0.27 0.42 0.06 0.06 0.07 0.11 0.10 0.13 0.12 0.25 0.06 0.06 0.06 0.08 0.05 0.20 0.17 0.32 ... 0.22 0.11 0.20 0.03 0.04 0.03 0.05 0.09 0.15 0.09 0.40 0.03 0.03 0.03 0.05 ... ... 0.29 0.34 0.14 0.19 0.13 0.21 0.09 0.09 0.06 0.12 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.02 0.14 0.18 0.14 0.30 0.14 0.22 0.13 0.90 1.45 3.20 1.43 7.17 0.03 0.06 0.04 0.12 3.00 3.40 3.00 3.60 0.45 0.53 0.50 1.06 0.35 0.37 0.36 0.46 0.02 0.03 0.03 0.03 0.02 0.05 0.05 0.05 0.08 0.05 0.20 0.09 0.16 0.09 0.15 0.03 0.03 0.03 0.04 0.05 0.05 0.07 0.01 0.82 0.30 0.04 0.05 0.04 0.08 0.08 0.10 0.07 0.50 0.10 0.15 0.10 0.30 0.09 0.14 0.09 0.56 0.03 0.04 0.03 0.06 0.01 0.02 0.01 0.02 0.17 0.21 0.17 0.24 0.04 0.05 0.04 0.09 ... 0.01 0.01 0.02 0.09 0.10 0.13 0.60 0.63 0.63 0.70 0.08 0.38 0.08 0.17 0.09 0.10 0.10 0.11 0.07 0.14 0.07 0.09 0.14 0.14 0.19 0.12 0.12 0.11 0.03 0.07 0.09 0.06 0.07 0.07 0.18 0.05 0.25 0.04 0.06 0.26 0.34 0.26 0.80 0.02 0.03 0.02 0.09 0.01 ... 0.10 0.13

LOW

0.06 0.17 0.04 0.04 0.25 0.06 0.06 0.05 0.05 0.06 0.30 0.07 0.60 0.05 0.33 0.15 0.01 0.03 0.39 0.07 0.05 0.10 0.02 0.03 0.15 0.07

0.02 0.09 0.04 0.01 0.24 0.06 0.09 0.04 0.11 0.08 0.02 0.08 0.02 0.12 0.13 0.04 0.01 0.01 0.10 0.11 0.98 0.02 2.60 0.44 0.30 0.02 0.03 0.08 0.04 0.04 0.07 0.10 0.09 0.03 0.01 0.11 0.03 0.01 0.16 0.07 0.01 0.04

0.04 0.02 0.10 0.02 0.10

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Fusion Gold Gem Intl Res General Moly Generic Gold Gentor Res Getchell Gold GFM Res GGL Res Global Cop Grp God’s Lake Res Goldbelt Emp Golden Harp Goldstream Mnl Gray Rock Res Great Quest Fe Green Arrow Greenshield Ex Grenville Gold Handa Mining Highbury Proj Highvista Gold Icon Explor IEMR Res Indigo Expl Infinite Lith Inform Res Inspiration Mg Intact Gold Interconnect Intl Battery Intl Bethl Mng Intl Corona Intl Millm Mng Iron South Mng Jaeger Res Jasper Mining JDF Explor Inc Jubilee Gold Kal Minerals Kenna Res La Imperial Lateral Gold Legion Metals Leo Res Lithion Energy Lithium Energy Logan Res Loncor Res Lovitt Res Lund Enterpr M.P.V. Explor Madeira Mrnls MAG Silver* Magna Gold Magnitude Mng Manado Gold Martina Mnls MBMI Res Meridius Res Mesa Expl Metalore Res Metron Capital Mezzotin Mnrls Micrex Dev Midasco Cap MillenMin Vent Millstream Min Milner Con Slv Minecorp Egy Mineral Hill Minsud Res Monster Uran Montana Gold Mountain Lake Murchison Min MX Gold Nebu Res New Jersey Mng New Klondike New Stratus Newmac Res Nortec Mnls Northern Uran Odyssey Res

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

0.14 0.35 0.12 0.30 0.01 0.02 0.02 0.29 0.33 0.30 0.63 0.04 0.05 0.05 0.32 0.05 0.06 0.05 0.12 0.20 0.24 0.20 3.60 0.05 0.10 0.04 0.15 0.08 0.10 0.08 0.18 0.07 0.08 0.08 0.11 2.10 3.90 1.73 1.73 0.02 0.02 0.02 0.03 0.06 0.14 0.10 0.20 0.05 0.07 0.06 0.18 0.07 0.08 0.07 0.23 0.10 0.10 0.10 0.18 0.03 0.04 0.04 0.06 0.10 0.20 0.12 0.15 0.21 0.30 0.21 0.70 0.03 0.05 0.04 0.08 0.21 0.48 0.22 0.30 ... ... 0.17 0.10 0.10 0.41 0.02 0.02 0.02 0.04 0.01 0.02 0.02 0.04 0.26 0.29 0.28 0.32 0.06 0.07 0.07 0.20 0.03 0.03 0.03 0.13 0.07 0.08 0.07 1.18 0.03 0.10 0.08 0.11 ... ... 0.31 0.05 0.06 0.05 0.10 0.04 0.04 0.04 0.07 0.02 0.03 0.03 0.04 0.24 0.27 0.24 0.28 0.02 0.03 0.03 0.05 0.08 0.10 0.08 0.29 0.01 ... 0.05 0.15 0.41 0.70 0.64 0.67 0.13 ... 0.12 0.20 0.13 0.16 0.15 0.04 0.05 0.07 0.08 0.35 0.39 0.35 0.89 0.12 0.58 0.17 0.17 ... ... 1.09 ... ... 0.10 0.11 0.13 0.10 1.20 0.03 0.03 0.06 0.07 0.08 0.07 0.14 0.08 0.13 0.10 0.25 0.01 0.01 0.13 0.25 0.11 0.12 0.12 0.30 0.04 0.15 0.04 0.04 12.52 13.30 12.52 14.40 ... ... 0.40 0.45 ... ... 0.15 0.30 0.04 0.05 0.05 0.11 0.04 0.10 0.04 0.06 0.02 0.04 0.02 0.08 0.21 ... 0.22 0.22 0.02 0.08 0.06 0.08 1.70 1.85 1.82 2.85 0.06 0.07 0.06 0.08 0.01 0.01 0.01 0.04 0.02 0.02 0.01 0.02 0.10 0.20 0.10 0.15 0.01 0.50 0.05 0.04 0.06 0.04 0.04 0.10 0.05 0.11 ... ... 0.12 0.20 0.11 0.15 0.15 0.27 0.06 0.10 0.08 0.21 0.13 0.32 0.11 0.40 0.09 0.10 0.10 0.10 ... ... 0.05 0.09 0.09 0.15 0.09 0.25 0.11 0.11 0.11 0.04 0.04 0.04 0.17 0.33 0.17 0.26 0.01 0.01 0.01 0.25 0.37 0.40 0.40 0.05 0.12 0.09 0.10 0.04 0.05 0.04 0.13 0.01 0.01 0.01 0.02 0.03 0.08 0.03 0.06

0.11 0.22 0.03 0.05 0.13 0.04 0.07 0.04 0.22 0.02 0.06 0.04 0.05 0.06 0.02 0.11 0.12 0.03 0.21 0.02 0.01 0.12 0.06 0.02 0.06 0.04 0.03 0.03 0.02 0.04 0.02 0.08 0.01 0.40 0.12 0.07 0.25 0.05 0.09 0.06 0.04 0.11 0.06 0.02 6.12 0.20 0.14 0.04 0.04 0.02 0.18 0.03 1.40 0.05 0.01 0.01 0.07 0.03 0.07 0.09 0.05 0.11 0.02 0.03 0.06 0.15 0.10 0.06 0.03 0.01 0.02

STOCK

Opus One Res Oriental Non F Pac Bay Mnrls Pac Cascade Pac Iron Ore Pacific Empire Patriot Gold Pele Mtn Res Philippine Mtl Phoenix Gold Pinecrest Res Plate Res PPX Mining Prime Meridian Prism Res Prize Mng ProAm Expl Pure Nickel Quadro Res Quantum Cobalt Rare Element* Razore Rock Res Red Oak Mg Red Tiger Mng Regency Gold Reliant Gold Remington Res Resource Cap Ridgestone M’g Riley Resource Rio Silver River Wild Exp Rockland Mnls Rockwealth Res Rojo Res Ross River RTG Mining Rubicon Mnrls* Rugby Mng Sage Gold Scotch Creek Sennen Potash Shamrock Ent Shine Minerals Shoshoni Gold SouthGobi Res Starr Peak Exp Stellar Africa Strategic Res Superior Mng Surge Explor Talmora Diamd Tanzania Mnls Taranis Res Terreno Res Tesoro Mnrls Thunder Mtn Gd Tiger Intl Tintina Mines TomaGold Tri-River Vent Trident Gold Trinity Valley Troy Enrgy Ubique Mineral Upper Canyon Vale* ValOre Metals Vanadium One Vangold Res Venerable Vent Visible Gold M Vizsla Res Westcot Vent Western Troy C Whistler Gold Whitemud Res Wildsky Res Xander Res Xiana Mng Zara Res Zenith Explor Zinco Mng Zincore Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.03 0.04 0.03 0.10 ... ... 1.00 1.05 0.09 0.11 0.10 0.25 0.01 0.02 0.01 0.07 0.11 0.08 0.15 0.07 0.08 0.07 0.20 0.06 ... 0.10 0.10 0.02 0.03 0.04 0.06 0.04 0.05 0.04 0.09 ... 0.01 0.01 0.25 0.27 0.25 0.28 0.04 0.05 0.05 0.10 0.08 0.09 0.08 0.11 0.01 0.50 0.14 0.03 0.04 0.03 0.10 0.04 0.04 0.04 0.33 0.03 0.04 0.04 0.04 0.01 0.02 0.01 0.04 0.04 0.04 0.04 0.09 ... ... 1.10 3.15 0.11 0.16 0.15 0.89 0.08 0.30 0.07 0.27 0.05 0.33 0.33 0.34 0.02 0.03 0.03 0.14 0.20 0.20 0.28 ... 0.02 0.02 0.04 0.16 0.24 0.20 0.40 ... ... 0.01 0.09 0.18 0.22 0.18 0.32 0.16 0.29 0.15 0.41 0.04 0.05 0.04 0.06 0.56 0.75 0.55 0.70 0.07 0.08 0.08 0.11 0.14 0.19 0.16 0.24 0.15 0.23 0.14 0.30 ... 0.26 0.26 0.50 0.13 0.15 0.13 0.20 ... ... 0.03 1.35 0.18 0.29 0.18 0.43 0.01 0.01 0.02 0.12 0.13 0.20 0.12 0.13 0.45 1.00 0.45 0.50 0.02 0.03 0.03 0.08 0.09 ... 0.14 0.16 0.03 0.04 0.03 0.08 0.09 0.15 0.14 0.18 0.09 0.14 0.10 0.18 0.02 0.03 0.02 0.06 0.23 0.29 0.23 0.30 0.20 0.30 0.10 0.10 0.39 0.44 0.39 0.23 0.02 0.04 0.03 0.06 0.07 0.07 0.16 0.90 0.07 0.09 0.09 0.12 0.04 0.05 0.04 0.06 0.05 0.06 0.05 0.11 ... ... 0.17 0.30 0.07 0.10 0.10 0.17 0.04 0.08 0.05 0.10 0.05 0.05 0.05 0.09 ... ... 0.04 0.14 0.25 0.14 0.20 0.05 0.06 0.05 0.13 0.03 0.05 0.04 0.09 0.14 0.19 0.19 0.25 ... 0.25 0.25 0.40 ... ... 10.24 11.10 0.06 0.07 0.07 0.13 0.13 0.15 0.13 0.03 0.03 0.02 0.21 0.08 0.15 0.10 0.13 0.07 0.09 0.09 0.14 0.13 0.15 0.15 0.20 ... ... 0.35 0.45 0.08 0.10 0.10 0.20 0.06 0.10 0.06 0.08 0.01 0.02 0.01 0.05 0.08 0.11 0.08 1.01 0.10 0.10 0.09 0.20 0.47 0.59 0.59 0.70 0.05 ... 0.07 0.24 0.05 ... 0.04 0.04 0.05 0.07 0.05 0.04 0.07 0.05 0.14

0.02 1.00 0.06 0.03 0.06 0.10 0.03 0.04 0.18 0.03 0.06 0.03 0.04 0.02 0.01 0.03 0.20 0.06 0.06 0.08 0.14 0.02 0.20 0.01 0.18 0.10 0.04 0.02 0.01 0.11 0.10 0.10 0.09 0.03 0.14 0.01 0.12 0.36 0.02 0.08 0.03 0.10 0.09 0.01 0.16 0.04 0.03 0.01 0.12 0.05 0.02 0.05 0.14 0.04 0.02 0.04 0.14 0.04 0.01 0.06 0.15 6.57 0.07 0.02 0.08 0.04 0.13 0.23 0.03 0.06 0.01 0.08 0.03 0.38 0.07 0.04 0.03

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