The Northern Miner May 25 2020 Issue 11

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SSR Mining and Alacer Gold to merge in all-share deal M&A

| Combination creates ‘leading intermediate gold producer’

BY TRISH SAYWELL

E The Doris camp at TMAC Resources’ Hope Bay gold project in Nunavut. TMAC RESOURCES

Shandong Gold to buy TMAC Resources for US$149M M&A

| State-owned Chinese miner adds Hope Bay to its portfolio

BY TRISH SAYWELL

I

tsaywell@northernminer.com

n the latest Chinese acquisition of a Canadian gold miner, Shandong Gold is buying TMAC Resources (TSX: TMAC) and its Hope Bay gold project in Nunavut for US$149 million.

The news follows Zijin Mining’s acquisition of Continental Gold in March for C$1.3 billion and a bid from Silvercorp Metals (TSX: SVM; NYSE-AM: SVM) for Guyana

Goldfields (TSX: GUY) in April for C$105 million.

Under the latest M&A deal, Shandong Gold will pay US$149 million in cash to acquire all of TMAC’s shares for $1.75 per share, and acquire another 12 million shares in a private placement at the same price for a further US$15 million.

The offer marks a 52% premium to TMAC’s 20-day volume-weighted average price as of May 6 and the Canadian company’s key shareholders — Resource Capital Funds and

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Newmont (TSX: NEM; NYSE: NEM) support the transaction. RCF and Newmont own a combined 58.6% stake in the company.

Jason Neal, TMAC’s president and CEO, was unavailable for an interview to discuss the deal. But in a press release said the transaction with Shandong was the “culmination of the strategic review process” the company announced earlier this year, and noted that the Chinese gold miner “has the financial strength, technical capability and long-term vision to maximize the value of the Hope Bay camp.”

Shandong Chairman Chen Yuming, described Hope Bay as a “highly prospective high-grade gold camp which requires substantial investment to optimize production and extend mine life and maximize the value of the camp to the benefit of all stakeholders.”

Hope Bay is an 80 km by 20 km Archean greenstone belt that has been explored by BHP, Miramar, Newmont and TMAC over more than 30 years. During that time, more than $1.5 billion has been spent See SHANDONG GOLD / 2

tsaywell@northernminer.com

xecutives at SSR Mining (TSX: SSRM; NASDAQ: SSRM) and Alacer Gold (TSX: ARR; ASX: AQG) started talking about a possible merger of the two companies in November 2019, and completed all of the site visits required and much of the due diligence to make a decision on a transaction before COVID-19-related travel restrictions put an end to international travel.

The business combination the two companies announced on May 11 will create an intermediate gold producer, whose mines in the U.S. (Marigold), Canada (Seabee) and Turkey (Copler) will produce 780,000 gold-equivalent oz. per year over the next three years at all-in sustaining costs (AISCs) of US$900 per oz., generating about US$450 million of free cash flow annually — well above the peer group’s annual average of US$275 million, the companies said.

“At a time when investors are looking for exposure to rising gold prices, we’re very excited to be creating a larger and more globally relevant company for our current and future shareholders,” Paul Benson, president and CEO of SSR Mining, said on a conference call.

“Based on analyst consensus estimates, the combined portfolio is forecast to generate an average of US$450 million of free cash flow annually over the next three years, well ahead of the intermediate peerset average and in line with severalmillion ounce producing seniors,” he added. “This cash flow, combined with the approximately US$700 million of cash and marketable securities we have on a pro forma basis, provides us with exceptional financial strength, which will allow us to continue growing and delivering on our share track record of industryleading shareholder returns.”

The new company will have a US$4 billion market cap and retain the SSR Mining name. Under the transaction, which is supported by the boards of both companies, Alacer shareholders will receive 0.3246 SSR Mining shares for each Alacer share they hold, valuing Alacer’s shares at $8.19 apiece. Once completed, SRR Mining and Alacer shareholders will collectively own 57% and 43%

PREMIER AND CENTERRA CLASH OVER HARDROCK / 3

of the new company, respectively.

Rod Antal, Alacer’s president and CEO, will lead the merged company.

“Having worked closely with Rod and his team throughout this process, including mutual site visits earlier this year, I’m confident that we’re bringing together two of the best management teams in the business,” Benson told analysts and investors on the conference call. “Each team has a track record of creating shareholder value through exploration, construction and operation of high-quality mining assets globally.”

SSR Mining has three operations: the Marigold mine in Nevada; the Seabee gold operation in Saskatchewan, and the Puna operations in Argentina, which consist of the Chinchillas mine and the Pirquitas property. It also has feasibility stage projects and a portfolio of exploration properties in North and South America. Alacer’s cornerstone asset is its Copler gold mine in Turkey, 1,100 km southeast of Istanbul and 550 km See SSR / 2 PM40069240

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SSR From 1

The video conference signing ceremony between Shandong Gold (left) and TMAC Resources. SHANDONG GOLD SHANDONG GOLD From 1

on exploration, infrastructure and mine and process plant development, TMAC says.

TMAC started producing gold at Hope Bay in early 2017 from Doris, its first mine at Hope Bay. The Doris plant was expanded from 1,000 tonnes per day to 2,000 tonnes per day in mid-2018. TMAC believes there is potential to grow deposits at Hope Bay at depth and through exploration at more than 90 other targets it has identified on the property.

The company released a new study on Hope Bay at the end of March. The prefeasibility study assessed building a new 4,000-tonne per day plant to replace the current 2,000-tonne per day facility by 2024 at total capital costs of $683 million, including $184 million for a new conventional processing plant. The net present value (NPV) estimate for the project, at a 5% discount rate, came in at $486 million.

TMAC also said it was evaluating an alternate concept of building an expanded plant, but on the footprint of the existing processing facility, and Neal stated in a press release at the time that “ultimately, it is more likely that the feasibility study and eventual expansion at Hope Bay will be pursued either with a new partner or a new owner of Hope Bay than by

TMAC as a standalone single-asset company.”

The latest prefeasibility study included a 15-year mine life and total recovered gold of 3.1 million oz. for a production rate of just over 200,000 oz. per year with all-in sustaining costs (AISCs) estimated at US$986 per ounce.

Total reserves are now at 16.9 million tonnes at 6.5 grams gold per tonne for a total of 3.5 million oz., largely unchanged from the previous year’s estimate and contained within measured and indicated resources of 5.2 million ounces.

The reserve statement is based on four underground mines at Hope Bay — the Doris, Madrid North, Madrid South and Boston sites — with decline access from surface.

The Doris deposit is currently in production.

Last year, Hope Bay produced 139,510 oz. gold.

Shandong Gold is one of China’s biggest gold producers, and its other assets include a 50% stake in Barrick Gold’s (TSX: ABX; NYSE: GOLD) Veladero mine in Argentina.

At press time in Toronto, TMAC’s shares were trading at $1.69 within a 52-week range of 44¢ and $6.95.

The company has about 115 million common shares outstanding for a $200-million market capitalization. TNM

“WE’RE VERY EXCITED TO BE CREATING A LARGER AND MORE GLOBALLY RELEVANT COMPANY FOR OUR CURRENT AND FUTURE SHAREHOLDERS.” PAUL BENSON PRESIDENT AND CEO, SSR MINING

east of Ankara. The Copler mine produced 391,213 oz. gold in 2019.

Alacer also holds the Cakmaktepe project, 5 km from the mine, as well as a number of regional exploration projects.

Benson noted that the new company will have “wide-ranging operational skill sets, including expertise in open pit, underground, pressure oxidation, heap leach and flotation operations,” and that the transaction “allows shareholders to participate in a larger, more diversified and more liquid free-cash flow-focused gold producer,” with a portfolio of greenfield and brownfield projects.

Alacer’s Antal pointed to the “complimentary nature of the assets” and “the close cultural alignment” of the two companies, as well as the combined team’s “ability to tackle most types of deposits in the world.”

“This transaction is, frankly, transformational for both sets of shareholders,” Antal said on the

conference call. “It creates a leading intermediate gold producer with high-quality, long-life operating mines across four mining-friendly jurisdictions. Alacer shareholders gain instant diversification and exposure to a stable and attractive portfolio of operations in the Americas, and SSR shareholders benefit from exposure to a tier-one, longlife, low-cost mine, with a material organic growth potential.”

Antal noted that Alacer has been in Turkey “in some shape or fashion for the best part of 20 years,” and has operated there for a decade. “We know the landscape really well and know how to operate,” he said, adding that the company has a very large land package with its joint-venture partner, not only surrounding the mine but also across the country,

with a lot of other exploration projects going on.

When asked during the question and answer portion of the conference call whether SSR Mining was comfortable with operating in Turkey, Benson responded with an emphatic yes, noting that not only is it a member of the G20, but the country also has incredibly good infrastructure.

“I’ve been doing this for over 30 years and worked in all parts of the globe, really, and you understand that it’s very hard to understand a country until you go and look at it,” he said. “It is an emerging economy, but they have some amazing infrastructure that would put a lot of North America to shame.”

Special shareholder meetings of both companies are expected to be held in July 2020.TNM

Workers at SSR Mining’s Seabee gold mine in Saskatchewan. SSR MINING

Adriatic Metals acquires Serbia-focused Tethyan Resource M&A

BY STEVE DAWSON

Special to The Northern Miner

A

driatic Metals (LSE: ADT1; ASX: ADT), which until now has focused its efforts in Bosnia-Herzegovina, is diversifying into neighbouring Serbia, with the acquisition of Tethyan Resource (TSXV: TETH) in an all-share deal worth US$10 million.

Tethyan has two brownfield projects in southwestern Serbia: the Kizevak zinc-lead-silver project, which consists of two past-producing open-pit mines, and the Rudnica copper-gold porphyry.

The Tethyan acquisition will distinguish Adriatic as the leading polymetallic explorer and developer in the Balkans, the company says, and complements its flagship Vares project in neighbouring BosniaHerzegovina.

“The Balkans are a treasure trove of historical exploration and mining projects, conducted under a socialist era, but forgotten following the separation of Yugoslavia,” Paul Cronin, Adriatic’s co-founder and CEO, told The Northern Miner.

“As we continue to broaden our networks, and demonstrate our credentials as a trustworthy and reliable custodian, we will continue to see projects like these presented to us, and where appropriate, will attempt to incorporate them into the Adriatic Metals portfolio, leveraging our reputation and knowledge to maximize their value.”

Adriatic was one of the first mining companies to test the waters in Bosnia Herzegovina, and acquired its f lagship Vares project out of

| Company would be a leading polymetallic developer in the Balkans

bankruptcy proceedings in 2017 for US$760,000.

The brownfield project consists of Rupice and Veovaca, two pastproducing polymetallic deposits, and several satellite targets, 50 km from Sarajevo.

“As the first company to enter the country, we had the chance to review an extensive inventory of properties and we got what we think is the best opportunity,” Cronin said in an interview.

“It was an opportune time,” he added. “Licenses for concessions were much cheaper than they are now, currently running in the order of US$500,000 per square kilometre.

This poses a significant barrier when considering where to invest.”

Adriatic also benefited from getting access to historical data accumulated by the former operating company. “There were literally piles of data, not only from the Vares area from the 1960s right up until the 1990s, but from all over, as someone decided that the filing cabinets in the admin building were more important than the files of data,” Cronin said.

Exploration and development on the Vares project began in the 1940s and peaked in the 1980s, when a quasi-state-run company, Energoinvest, completed exploration, subsequent drilling and limited underground development on the Veovaca deposit.

Much of Adriatic’s work so far has focused on the Rupice deposit, which historically produced about 15,000 tonnes of high-grade zinc and lead material from exploration adits. Exploration at Rupice began in 1952 and continued intermittently

until 1990.

The Rupice deposit begins at surface, extends to a known depth of 300 metres and remains open. The Veovaca deposit, on the other hand, begins at surface and extends to a known depth of 200 metres. Veovaca was a more extensively worked open pit, operating between 1983 and 1987, and produced zinc, lead and barite concentrates that were sold to European smelters.

Adriatic completed a scoping study on Vares in November 2019 that assessed the viability of running an underground mine at Rupice followed by an open pit operation at Veovaca, with all material mined at a central processing plant that would produce three concentrates: lead-copper, zinc, and barite.

Based on the study, Rupice would be accessed by twin parallel declines of about 410 metres in length from the north end of the deposit and utilize long hole stoping to recover on average 715,000 tonnes per year over a ten-year mine life. Veovaca would then be mined at an annual average rate of 679,000 tonnes a year for seven years.

Initial capex was estimated to run to about US$178.4 million, and the combined operation would generate a post-tax net present value, at an 8% discount rate, of US$917 million, an internal rate of return of 107% and a payback period of eight months.

Now the company is working on a feasibility study that it hopes to complete in the fourth quarter of the year and is applying for development approval and investment permits. Barring any delays, the project could be in production as

early as the second quarter of 2022, which would make it Bosnia’s first modern mine, Cronin said.

In the meantime, the drills continue to turn. Four drill rigs are operating at Vares, two of which are drilling mineralized extensions at Rupice and the other two are testing a recently defined gravity target at Jurasevic-Brestic, 900 metres to the southeast of Rupice.

While the work program seems more than enough to keep the junior occupied, Cronin thinks this could be just the beginning. “We are hopeful that once we are up and running, this database will help us define other deposits in the Balkans, not only in BiH but in Serbia and elsewhere in the Balkans.”

Rupice has a JORC-compliant indicated resource of 7.5 million tonnes grading 5.7% zinc, 3.7% lead, 34% barite, 2 grams gold per tonne, 207 grams silver per tonne and 0.6% copper, and inferred resources of 1.9 million tonnes grading 5.1% zinc, 3.3% lead, 31% barite, 0.9 gram gold, 86 grams silver and 0.3% copper.

In early May, Adriatic released drill results from Rupice. Highlights included drill hole BR-02-20, which intersected massive sulphide mineralization in the southeastern extension of the Rupice deposit and is the deepest mineralized intersection drilled to date.

The drill hole returned 9 metres averaging 2.4 grams gold, 398 grams silver, 1.79% zinc, 3.16% lead, 0.35% copper and 45% barite starting from a depth of 369 metres, and extended the known mineralization 20 metres down-dip.

BR-02-20 was drilled 170 metres

down-dip of an early drill hole, BR49-19, which hit 11 metres averaging 4.37 grams gold, 406 grams silver, 16.1% zinc, 9.8% lead, 1% copper and 50% barite from a depth of 245 metres, and remains the highest grade intercept from Rupice to date.

In addition, the hole was drilled between the Rupice deposit and the nearby Jurasevac-Brestic prospect.

Jurasevac-Brestic is characterized by a 600-metre-long IP chargeability anomaly, and high-grade grab and soil samples returned values of up to 3.47 grams gold, 339 grams silver,19.4% zinc, 12.25% lead and 6.49% copper.

Infill drill holes BR-06-20, BR-0720 and BR-09-20 also hit multiple intercepts confirming high-grade mineralization exists in the central portion of the Rupice deposit.

“The latest drill results show that the mineralization at Rupice continues down-dip to the south of the deposit, and remains open to the south, north, east, and at depth,” Cronin said. “The results from the infill drill holes have confirmed that there is a good understanding of the geological and structural complexities of the deposit, with a good grade correlation to the existing neighbouring drill holes. This increased understanding will be utilized for future drill hole planning.”

Adriatic has drilled more than 30 holes at Veovaca to confirm the historic resource and to incorporate precious metals. Adriatic updated the resource for Veovaca in June 2019, outlining indicated resources of 5.3 million tonnes grading 1.6% zinc, 1.0% lead, 16% barite, 0.1 gram gold and 50 grams silver. Inferred

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Premier and Centerra lock horns over Hardrock project in Ontario DISPUTE

BY KELSEY ROLFE

I

Special to The Northern Miner

| Joint venture partners clash over value of gold deposit

“CENTERRA’S DECISION NOT TO ACCEPT OUR OFFER CONFIRMS THAT CENTERRA RECOGNIZES THE SUBSTANTIAL VALUE OF THE HARDROCK PROJECT.”

s the Hardrock gold project, 275 km northeast of Thunder Bay in northern Ontario, a shovel-ready gem or a promising project in need of further technical work?

Joint-venture partners Premier Gold Mines (TSX: PG; US-OTC: PIRGF) and Centerra Gold (TSX: CG) have painted two very different pictures of the development-stage project in a legal dispute that began late last year.

In a statement of claim filed against Premier’s subsidiary in Ontario’s Superior Court in late December and viewed by The Northern Miner, Centerra accuses the company of inflating Hardrock’s resource estimate to improve its own profile.

Centerra is seeking to have the project put on care and maintenance, and asking for a declaration that an October 2019 mineral resource update not be considered a feasibility study and that the joint venture’s board of directors not be required to green-light Hardrock’s development based on it.

“To maximize its own apparent value, [Premier] has taken steps to increase the perceived value of its interest in the Hardrock deposit in northern Ontario, which accounts for a substantial portion of the value attributed to Premier Gold Mines,” Centerra said in its claim. “Premier Gold Mines has pushed to inflate the resource estimates for the Hardrock deposit in order to spur development and make the deposit — and, by extension, itself — appear more attractive.”

Premier hit back in mid-February with a statement of defence and counter-claim that called Centerra’s objections to the technical work unfounded, and alleged Centerra was trying to prevent Hardrock from being green-lit unless it could control the project development, in contravention of the companies’ partnership agreement.

“Contrary to the [partnership agreement] … Centerra has no intention of allowing the project to be developed unless Centerra controls the timing of development and is responsible for construction of the project,” Premier said.

Both Premier and Centerra declined The Northern Miner’s requests for comment.

At the heart of the dispute, which is being waged through the companies’ subsidiaries, is the October mineral resource update for the open-pit gold project. The update reported total measured and indicated resources of 147.5 million tonnes at 1.5 grams gold per tonne gold, or an estimated 7.1 million oz. contained gold— an

11% increase over the project’s 2016 estimate.

The update, conducted by G Mining Services, also reported a 21% increase in grade, 26% increase in ounces and 4% increase in tonnes versus the measured and indicated open-pit resources in the 2016 estimate.

The update was three years in the making. Under the partnership agreement, Greenstone Gold Mines — the joint venture managing Hardrock — can only approve the project if its feasibility study demonstrates a post-tax internal rate of return of 15% or higher on an after-tax and pre-financing cost basis. When the project’s 2016 feasibility study showed a post-tax IRR of 14.4%, the GGM directors opted to approve additional work to advance the project to the point where they could make a development decision.

According to Premier’s statement of counterclaim, the 2019 update — delivered to the GGM board in September — demonstrated Hardrock would have a 17.6% post-tax IRR. Centerra disagreed with the report’s findings. In its statement of claim, the company accused G Mining of not acting independently and took issue with the firm’s technical work on Hardrock, saying that the choice and application of specific grade shells, and the use of a hard boundary on those shells, aren’t supported by the data and “significantly influence the overall grade of the deposit.”

It also disagreed with the “aggressive” level of capping applied, and said G Mining’s cost estimates were too low, at odds with similar projects in Canada and the prevailing market conditions and were a reflection of “material design deficiencies.”

“The work underlying the 2019 Hardrock project update cannot constitute a feasibility study because, given the problems with the methodology applied and the estimates

resources add 2.1 million tonnes averaging 1.1% zinc, 0.5% lead, 6% barite, 0.1 gram gold and 17 grams silver.

Mineralization remains open in all directions and an expansion program is underway. Adriatic has completed an IP survey and the interpretation is being tested.

While much of Adriatic’s efforts will be spent advancing Vares towards a PFS before the end of the third quarter, it also has big plans for the projects it is picking up through its acquisition of Tethyan Resource.

It plans to advance Tethyan’s Kizevak and Sastavci polymetallic mines in southwestern Serbia’s Raska

district towards a JORC compliant resource by the end of this year.

In 2018 and 2019, Tethyan drilled 14 holes about 1 km southeast of the property’s historic Kizevak open pit, and intersected high-grade lead, zinc and silver mineralization, including 12 metres of 22.03% zinc, 10.49% lead, 167 grams silver and 0.18 gram gold starting from 130 metres in hole KSEDD002, and 23 metres of 7.02% zinc, 3.16% lead, 35 grams silver and 0.26 gram gold from 212 metres in hole KSEDD001.

Tethyan’s Sastavci deposit, 3.5 km northwest of Kizevak, was also mined historically as an open pit.

Tethyan collected 65 rock chip sam-

EWAN DOWNIE PRESIDENT AND CEO, PREMIER GOLD MINES

A historic headframe at Premier Gold Mines’ Hardrock gold project in Ontario.

PREMIER GOLD MINES

being used, it cannot reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with or finance the development of the Hardrock project,” Centerra said in its claim.

“Any attempt by the partnership to try to obtain financing with these issues unresolved is likely to have lasting, negative consequences on the partnership’s ability to raise funds for the project in the future and may make any such financing impossible.”

G Mining, which is not named as a defendant in Centerra’s lawsuit, declined a request for comment from The Northern Miner.

When put to a vote on Dec. 20, 2019, GGM’s four-member board was split down the middle. In Premier’s counterclaim, it argued the positive IRR necessitated that directors vote in favour of project development, and that Centerra and its two directors were in breach of the agreement.

Centerra disagreed, asserting its directors had the right to a negative vote.

In late March 2020, Premier made a US$205-million offer to acquire Centerra’s stake in Hardrock, saying that it was making the bid in co-operation with another undisclosed company that wanted to take Hardrock through to production.

Centerra rejected the offer in early April.

“Centerra’s decision not to accept our offer confirms that Centerra recognizes the substantial value of the Hardrock project and is inconsistent with its refusal to make a positive feasibility decision in connection with the project,” Ewan Downie, Premier’s president and CEO, said

ples from the old pit, with values of more than 30% zinc, 7.1% lead, 94.3 grams silver and 0.47 gram gold.

In addition, to the north of the Sastavci open pit, Tethyan has defined an 800-metre long by 400-metre wide soil anomaly exhibiting greater than 100 parts per billion (ppb) gold.

Under the terms of its acquisition of Tethyan announced on May 12, each Tethyan shareholder will receive 0.166 Adriatic shares for each Tethyan share they own, giving them about 6.9% of the enlarged Adriatic.

The deal represents an implied price for Tethyan of 18.4¢ per share –a 29% premium to Tethyan’s closing share price of 15¢ on May 8. TNM

in a press release on April 8.

Premier’s offer was necessary to demonstrate Hardrock’s value and its own to the market, Joe Mazumdar, co-editor and analyst at Exploration Insights, an industry newsletter, said in an interview. (Mazumdar owns stock in Premier but not in Centerra.)

Premier, which is trading at $1.69 on the Toronto Stock Exchange as of May 11 — down from a recent high of $2.26 at the end of October, when it reported strong third-quarter results — isn’t properly valued, Mazumdar said, and Hardrock makes up a large part of its valuation.

In a research note on Jan. 24, the Bank of Montreal’s Andrew Mikitchook downgraded Premier’s target price to $3.75 per share from $4.75 to match production and cost guidance at its Mercedes mine in Mexico. But the mining analyst said in his note to clients that the change in target price was also meant to reflect an expected delay at Hardrock. Mikitchook wrote that he targeted 2023 for production, a change from his earlier estimate of 2022, to allow time for the legal challenge to be resolved.

Mazumdar argues that the offer “is

forcing Centerra to say: ‘What do we do with this project?’ Otherwise, for Premier, the market’s impression is the project isn’t economic, there’s a problem with it, that’s why Centerra doesn’t want to build it.”

Some analysts are valuing Centerra’s stake in Hardrock at less than C$100 million, Mazumdar added.

“So for [Centerra], if they don’t think the project’s worth anything, take the US$205 million, say goodbye, and then fund your own stuff and you’ve got a big delta there in valuation that you’re realizing. But I don’t think Centerra thinks like that — I think Centerra thinks the project’s worth more. Otherwise, they would have taken [the money] and walked away.”

In addition, Mazumdar said Hardrock, even at its 2016 resource estimate, makes economic sense given the climbing price of gold, which in October was around US$1,500 per oz., and is currently around US$1,700 per oz. due to coronavirusrelated market uncertainty and the unprecedented global fiscal stimulus measures taken to combat the economic impact of the pandemic “Right now, and especially with local Canadian gold prices and the weaker Canadian dollar, the project looks even better than it did before,” Mazumdar said. “Even if they approve the old feasibility study, the project looks much better.”

Mazumdar speculated Centerra’s lawsuit was a tactic meant to avoid spending capital on Hardrock this year, when it already has funds allocated to its Kumtor mine in Kyrgyzstan.

“It’s not a situation where Centerra doesn’t want to build the project.

They do, and they say that in their presentations,” he said. “It just seems to me that right now because of their other capital commitments and other projects that they don’t want to build it right now.”

“Under the agreement ... if they approved the new feasibility study, there is a timeline that starts in terms of construction, financing, and the project starts building potentially by the summer if everything went correctly at the end of 2019.” TNM

NOTICE TO CREDITORS of Dominion Diamond Mines ULC, Dominion Diamond Delaware Company, LLC, Dominion Diamond Canada ULC, Washington Diamond Investments, LLC, Dominion Diamond Holdings, LLC and Dominion Finco Inc. (collectively, the “Applicants” or “Dominion”) RE: NOTICE OF CCAA FILING NOTICE IS HEREBY GIVEN that on April 22, 2020, Dominion Diamond Mines ULC, Dominion Delaware Company, LLC, Dominion Diamond Canada ULC, Washington Diamond Investments, LLC, Dominion Diamond Holdings, LLC and Dominion Finco Inc. (collectively, the “Applicants” or “Dominion”) sought and obtained an order (the “Initial Order”) from the Court of Queen’s Bench of Alberta under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”) under court file number 2001-05630.

Pursuant to the Initial Order, FTI Consulting Canada Inc. has been appointed as monitor (the “Monitor”).

PLEASE TAKE NOTICE that a copy of the Initial Order and other public information concerning these CCAA proceedings can be found on the Monitor’s website at http://cfcanada.fticonsulting.com/Dominion, or may be obtained by contacting the Monitor at: TM

C O N S U LT I N G FTI Consulting Canada Inc. Monitor of Dominion 1610 – 520 5th Ave. S.W. Calgary, Alberta T2P 3R7

Rob Kleebaum Dominion.Diamond@fticonsulting.com

ATTENTION: TF:

1-833-277-3986

E:

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EIA forecasts more electricity from renewables than coal in 2020 | Agency says coal will plunge by 25% compared with 11% growth in renewables

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I

n April, Longview Power filed for bankruptcy.

The company’s main asset is its 700 megawatt (MW) coal-fired power plant in West Virginia, which produces enough electricity to continuously power more than 500,000 homes.

The company said the decision was taken “as a result of substantially lessened demand for elecBY TRISH SAYWELL tricity due to long term power-pricing pressure tsaywell@northernminer.com caused by cheap natural gas, an unseasonably warm winter, and the COVID-19 pandemic and resulting economic impact, which collectively have depressed power prices.”

But the coal company also said its main focus in the coming years will be developing and financing a 1,200 MW gas-fired facility and a 70 MW solar project.

Longview Power is just one of many companies abandoning coal. Earlier this month, Great River Energy, a wholesale electric power cooperative in Minnesota that provides electricity to 28 member-owned distribution cooperatives, said it plans to replace coal with cheaper renewables.

Its plan includes retiring its 1,151 MW Coal Creek Station in North Dakota in the second half of 2022; modifying its 99 MW coal and natural gas-based Spiritwood Station power plant to natural gas only; and adding 1,100 MW of wind energy purchases by the end of 2023.

Great River is also launching a battery storage project that involves installing a 1 MW battery demonstration system. The grid-connected storage system would be capable of delivering rated power continuously for 150 hours, longer than the four-hour usage period common among lithium ion batteries, it said. The project is slated for completion in 2023.

Last week, the U.S. Department of the Interior gave the green light to the construction and operation of the US$1 billion, 690 MW Gemini solar project, about 48 km northeast of Las Vegas in Nevada. The project will couple battery storage with utility-scale power and once completed will be one of the largest of its kind in the world. It will also help cut carbon emissions by 1.5 million tons per year.

Slowly but surely, competition from wind and solar is taking its toll on coal. In a new report on the short-term energy outlook in the U.S., the Energy Information Administration (EIA) forecast that for the first time ever, the country is going to produce more electricity this year from renewable power than coal.

“It is a milestone that seemed all but unthinkable a decade ago, when coal was so dominant that it provided nearly half the nation’s electricity,” Brad Plumer, a climate reporter with The New York Times wrote last week. “And it comes despite the Trump administration’s three-year push to try to revive the ailing industry by weakening pollution rules on coalburning power plants. Those efforts, however, failed to halt the powerful economic forces that have led electric utilities to retire hundreds of aging coal plants since 2010 and run their remaining plants less frequently.”

Hastening coal’s decline are the declining costs to build wind and solar capacity. Plumer calculated that the cost of constructing a large wind farm has fallen by more than 40% and solar by more than 80% since 2010.

In its report published on May 12, the EIA forecasts coal generation will plunge by 25% in 2020, compared with 11% growth in renewables, adding that “renewable energy is typically dispatched whenever it is available because of its low operating cost.” As for natural gas, the government agency says, it will remain relatively flat this year, “reflecting favorable fuel costs and the addition of new generating capacity.”

While it cautioned that its forecasts “are subject to a high degree of uncertainty,” the EIA said that it expects the electric power sector will add 20.4 gigawatts of new wind capacity and 12.7 gigawatts of utility-scale solar capacity this year.

Overall, it anticipates average coal consumption will fall by 23% to 453 million short tons this year, “primarily driven by a 24% decline in electric power sector consumption and persistently low natural gas prices.”

Next year, coal consumption should increase by 10% to 498 million short tons, due to higher prices expected for natural gas and an overall economic recovery that should drive electricity generation.

Overall, total electric power generation in the U.S. will decline by 5% this year, with the majority of the decline in electricity supply “reflected in lower fossil fuel generation, especially at coal-fired power plants.”

“Although some stay-at-home orders are beginning to be relaxed, the effects of social distancing guidelines are likely to continue affecting U.S. electricity consumption during the next few months,” the EIA said in its report.

It expects retail sales of electricity in the commercial sector and retail sales of electricity in the industrial sector will each fall by 6.5% in 2020, while electricity sales in the residential sector will drop by 1.3%.

The result will be that U.S. energy-related carbon dioxide (C02) emissions are poised to fall by 11% (572 million tonnes) this year, compared to a 2.8% drop in 2019. Next year energy-related CO2 emissions will rise by 5% “as the economy recovers and stay-at-home orders are lifted.” TNM

DEPARTMENTS Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory . . . . . . . . . . . . . . 17 Stock Tables . . . . . . . . . . . . . . . . . . . . 18-23

Mining in Mexico restarts COVID-19

| Country had declared mining a non-essential activity

BY CECILIA JAMASMIE

M

MINING.com

ining in Mexico, the world’s largest silver producing country, is set to resume this week, as authorities implement a gradual nationwide return to a “new normal,” which will see more than 200 coronavirus-free towns re-open on May 18.

The rest of the country, which has been on a nationwide lockdown for more than seven weeks, will resume activities on June 1, the government announced late on May 13.

Mexico had declared mining a non-essential activity, ordering the temporary suspension of all operations. It recently yielded to industry pressure and is now considering mining a vital activity.

Miners and explorers will likely apply different approaches to the resumption of activities.

Newmont (TSX: NGT; NYSE: NEM), the world’s no. 1 gold producer, is gradually bringing its Peñasquito mine back online.

The ramp-up is expected to take roughly two weeks to reach stable production levels, it said.

Alamos Gold (TSX: AGI; NYSE: AGI) said on May 14 that it would begin ramping up operations at its Mulatos mine on May 18. The company, which has already restarted its Island Gold mine in Canada, said both assets were expected to return to normal operating levels in June. Alamos will provide an updated 2020 production forecast in the coming weeks.

Torex Gold (TSX: TXG) is targeting the end of May to resume full

production at its El Limón Guajes mining complex. The processing plant will continue to treat lowgrade stockpile material for the remainder of May. By that time, the crews will have ramped up mining operations, and the plant will begin processing regular mine grade material.

Santacruz Silver Mining (TSXV: SCZ) has also outlined plans to restart mining and milling operations at its Zimapan mine, in Mexico’s eastern Hidalgo state.

Other miners present in the country, including First Majestic Silver (TSX: FR; NYSE: AG), Pan American Silver (TSX: PAAS; NYSE: PAAS), Argonaut Gold (TSX: AR), Sierra Metals (TSX: SMT; NYSE-AM: SMTS), and Excellon Resources (TSX: EXN) are expected to unveil plans over the next few days.

Mexico is responsible for nearly 23% of the world’s silver production, churning out more than 200 million ounces last year, up from 196.6 million ounces in 2018.

It also has major copper and zinc mines, operated by Grupo Mexico and Southern Copper, and produces a significant amount of gold, making the mining sector responsible for about 4% of the nation’s gross domestic product.

The country’s phased reopening strategy follows a report by the nation’s social security institute, which showed that 555,247 jobs were lost in April alone. The drop is the largest monthly decline in Mexico’s history. TNM – This article first appeared in our sister publication, MINING.com. .

COMPANY INDEX

Adriatic Metals . . . . . . . . . . . . . . . . . . . . . 2 Agnico Eagle Mines. . . . . . . . . . . . . . . . 14 Alacer Mining . . . . . . . . . . . . . . . . . . . . . 1 Alamos Gold. . . . . . . . . . . . . . . . . . . . . . . 4 Altamira Gold . . . . . . . . . . . . . . . . . . . . 12 Anglo American. . . . . . . . . . . . . . . . . . . . 5 Argonaut Gold . . . . . . . . . . . . . . . . . . . . . 4 Aurania Resources . . . . . . . . . . . . . . . . . 12 Barrick Gold . . . . . . . . . . . . . . . . . . . . 2,15 BHP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Centerra Gold. . . . . . . . . . . . . . . . . . . . . . 3 Dynacor Gold Mines. . . . . . . . . . . . . . . 12 Excellon Resources . . . . . . . . . . . . . . . . . 4 First Majestic Silver . . . . . . . . . . . . . . . . . 4 First Vanadium. . . . . . . . . . . . . . . . . . . . 16 G2 Goldfields . . . . . . . . . . . . . . . . . . . . . 13 Glencore . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Global Battery Metals . . . . . . . . . . . . . . 13 Gold X Mining . . . . . . . . . . . . . . . . . . . . . 9 Gran Colombia Gold . . . . . . . . . . . . . . . 9 Guyana Goldfields . . . . . . . . . . . . . . . . . . 9

Hochschild Mining . . . . . . . . . . . . . . . . 14 Inca One Gold . . . . . . . . . . . . . . . . . . . . 13 Lara Exploration . . . . . . . . . . . . . . . . . . 13 Moneta Porcupine . . . . . . . . . . . . . . . . . 15 Newmont. . . . . . . . . . . . . . . . . . . . . . . . . . 4 NexGen Energy . . . . . . . . . . . . . . . . . . . 16 Pan American Silver . . . . . . . . . . . . . . . . 4 Premier Gold Mines . . . . . . . . . . . . . . . . 3 Rio Tinto . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Santa Cruz Silver . . . . . . . . . . . . . . . . . . . 4 Shandong Gold . . . . . . . . . . . . . . . . . . . . 1 Sierra Metals . . . . . . . . . . . . . . . . . . . . . . 14 Sierra Metals . . . . . . . . . . . . . . . . . . . . . . . 4 Silvercorp . . . . . . . . . . . . . . . . . . . . . . . . . 9 SSR Mining . . . . . . . . . . . . . . . . . . . . . . . . 1 Tethyan Resource. . . . . . . . . . . . . . . . . . . 2 Teck Resources . . . . . . . . . . . . . . . . . . 6,7,8 TMAC Resources. . . . . . . . . . . . . . . . . . . 1 Torex Gold . . . . . . . . . . . . . . . . . . . . . . . . 4 Yamana Gold . . . . . . . . . . . . . . . . . . . . . 14

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 25–JUNE 7, 2020

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Top investors face-off over Rio Tinto’s emissions cuts ESG

BY CECILIA JAMASMIE

R

MINING.com

io Tinto’s (NYSE: RIO; LSE: RIO) top investors faced off at the company’s annual meeting on May 7, with only some of them in favour of pushing the miner to extend the range of its targets to reduce greenhouse gas emissions.

The world’s second-largest mining company recently committed to spend US$1 billion over the next five years to reduce its carbon footprint and have “net zero” emissions by 2050.

Rio Tinto also said at the time that its total Scope 1 and Scope 2 emissions (indirect emissions from the generation of purchased energy consumed by a company, such as electricity) would be 15% lower by 2030 than 2018 levels.

The announcement triggered heated criticism from some investors and environment advocates, with a group led by a Friends of the Earth’s subsidiary tabling a shareholder motion to improve what it calls “weak” climate goals.

Three days ahead of Rio Tinto’s annual meeting, proxy investor Institutional Shareholder Services (ISS) recommended that shareholders support the resolution, which asks the miner to also tackle Scope 3 emissions — those generated by customers through the use of its products.

Shareholders “have a long-term interest in assessing whether Rio Tinto is adequately assessing and acting on its climate risk and opportunities,” including through “targets to work

| Scope 3 emissions becomes contentious issue for shareholders

with its customers to achieve reductions in its scope 3 emissions,” ISS said in an April 30 note to clients.

Glass Lewis, instead, wanted shareholders to reject the plan at the meeting, Bloomberg reported.

While Rio Tinto should continue to reduce its own emissions, it’s probably not “feasible for the company to set goals based on how its customers determine to utilize its products,” the adviser said in a note to clients last month.

Market Force, a subsidiary of activist investor Friends of the Earth, has said that Rio’s current plans are “simply a reflection of businessas-usual,” energy cost savings and efficiency measures.

“Rio Tinto is essentially telling its shareholders it is aware of a massive financial liability sitting on its books, but isn’t planning to manage that risk down,” executive director Julien Vincent said in March.

He noted that Rio’s absolute emissions would have to decline 30% in the next decade to hit the “well below” 2°C global pre-industrial levels outlined in the 2015 Paris Agreement on climate change.

UBS analyst Glyn Lawcock said the group could almost instantly achieve the 2030 target if it sold or closed its coal-fired alumina refineries and aluminum smelters in Australia.

“We couldn’t help but notice that the closure of Pacific Aluminium alone would reduce emissions by (about) 25%,”’ he said in a note. “Maybe this is the elegant solution to Rio’s desire to reduce carbon dioxide as well as lifting margins within the aluminium

Practicing social distancing at Rio Tinto’s Pilbara operation in Cape Lambert, Western Australia. RIO TINTO

“SETTING RIO TINTO’S US$1 BILLION IN CONTEXT, THIS REPRESENTS JUST 16% OF THE DIVIDEND IT DISTRIBUTED IN 2019.”

JULIAN KETTLE VICE CHAIRMAN OF METALS AND MINING, WOOD MACKENZIE

business unit.”

For Julian Kettle, Wood Mackenzie’s vice chairman of metals and mining, Rio’s plans to decarbonize its globe-spanning operations are a “small but significant” step in the right direction. “Setting Rio Tinto’s US$1 billion in context, this represents just 16% of the dividend it

Anglo American to spin off South African coal mines ESG

| Mounting pressure from investors has pushed miners to sell coal assets

BY CECILIA JAMASMIE

A

MINING.com

nglo American (LSE: AAL) is speeding up its exit from thermal coal and plans to spin off its South African coal unit within the next three years.

Mounting pressure from investors, regulators and environmental organizations has pushed miners to either sell coal assets or to limit

their exposure to the fossil fuel in recent years.

The diversified miner, which has consistently been offloading coal operations since 2014, said the possible demerger of the South African coal operations was its preferred option.

Anglo American did not rule out other options, such as a trade sale.

Chief executive officer Mark Cutifani said in February that the company was working towards exiting coal, but

distributed in 2019, or just under 5% of its reported EBITDA of US$21.2 billion for the same year,” Kettle said.

The miner’s bulk of earnings come from iron ore, its main commodity and a key ingredient for steelmaking.

The highly polluting industry process involves adding coking coal to make carbon steel and is responsible for up

shareholder questions.

The move, which would leave the company with thermal coal assets only in Colombia, could help it reach an ambitious target to reduce greenhouse gas emissions and improve energy efficiency by 30% by 2030.

Eventually exiting coal in the South American country, however, may prove more difficult for Anglo American. Its Cerrejón operation there is a partnership with Glencore (LSE: GLEN) and BHP (NYSE: BHP; LSE: BHP).

While Anglo is moving away from the most polluting kind of coal, metallurgical or coking coal appears to be one of its key commodities moving forward.

The miner recently increased its medium-term guidance for the steelmaking ingredient to an estimated 26-28 million tonnes by 2022.

Some of the world’s biggest banks have moved to end coal financing for the sake of the planet.

The world’s largest trust, Norway’s

to 9% of global greenhouse emissions.

Ultimately, Rio Tinto shareholders at the annual general meeting in Australia voted against forcing the mining company to extend the range of its targets for its customers, with about 63% voting against the resolution and 37% in favour.

Rio Tinto is not the only company criticized for its current plans to cut emissions. A report released on May 4 by a U.K.-based investor initiative showed that eight of the world’s top ten largest mining companies are not doing enough to help meet international climate goals. TNM — A version of this article first appeared in our sister publication, MINING.com.

US$1 trillion sovereign wealth fund, said last year it would no longer invest in companies that mine more than 20 million tonnes of coal a year or generate more than 10 gigawatts (GW) of power from coal.

BlackRock has also announced plans to limit exposure to the fuel, though it’s keeping holdings in some of the top producers, including Anglo American.

The company’s announcement comes a day after an explosion halted production at one of its coal mines in Australia’s northeastern state of Queensland on May 6.

The incident, the second one affecting the company’s coal operations in the area this year, injured five people.

A miner died and four were injured at an adjoining complex in February last year. The underground accident halted operations for four days. TNM — This article first appeared in our sister publication, MINING.com.

Preparing a CM machine for the incoming shift at the Thusanang underground production section of the Greenside Colliery coal mine.

ANGLO AMERICAN

didn’t provide further details.

“We believe that the long-term prospects of our thermal coal operations in South Africa may be best served under different ownership,” Anglo said in a written response to

MINING SOLUTIONS utt.mapei.com

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WWW.NORTHERNMINER.COM

MAY 25–JUNE 7, 2020 / THE NORTHERN MINER

Teck CEO Don Lindsay focuses on copper at BofA conference SPEECH

| Long-time CEO discusses company outlook and growth strategy “WE CAN’T CONTROL THE GLOBAL ECONOMY, OR PANDEMICS, OR COMMODITY PRICES, BUT WE CAN EXECUTE ON THE RIGHT STRATEGY TO ENSURE THAT WE ARE WELLPOSITIONED TO GENERATE SHAREHOLDER VALUE IN THE NEAR TERM AND THE LONG-TERM.”

BY TRISH SAYWELL

tsaywell@northernminer.com

D

on Lindsay joined Teck Resources (TSX: TECK.A/ TECK.B; NYSE: TCK) as president in January 2005 and became CEO in April 2005. The long-time mining executive spoke at the Bank of America Securities conference on global metals, mining and steel on May 12. His remarks touched on the impact of trade wars and COVID-19 on commodity prices and margins, Teck’s portfolio of assets, including its goal to increase its copper portfolio and reduce its coal business, as well as cost-cutting measures and the company’s growth strategy going forward. Lindsay concluded his speech noting that Teck had weathered share price declines in the past and would do so again. He also noted that compared to the last down cycle, the company is in a stronger financial position with a reduced debt profile, strong liquidity and secured funding for its massive QB2 (Quebrada Blanca Phase 2) copper project in Chile.

Don Lindsay: “When I spoke at this conference this time last year, we had just come off a year of record revenues, record EBITDA, and record profit attributable to shareholders and we had just announced first-quarter EBITDA of $1.4 billion. Our steelmaking coal operations had achieved an all-time quarterly production record in the ■

DON LINDSAY PRESIDENT AND CEO, TECK RESOURCES

Don Lindsay.

fourth quarter and set an annual record for total material moved.

Antamina achieved record annual combined copper and zinc concentrate production; we sanctioned our QB2 copper project; and we de-risked substantially. We entered into a partnership agreement that dramatically reduced our funding requirements for the project, and we secured a US$2.5 billion project financing that won an award, and it relieved us of any further funding requirement until mid-2021. And we’ve made very good progress on construction of QB2.

We regained our investment-grade

credit rating, having significantly strengthened our balance sheet by reducing net debt by US$4 billion over the four years prior. And we returned more value to shareholders totalling $1.4 billion in the form of buybacks and dividends from 2018.

We also launched Race21, our innovation-driven business transformation program that is targeting $1 billion in ongoing annualized EBIDTA gains at a very low capital cost. Finally, with the rising focus on ESG performance, Teck was and remains strongly positioned. We launched our updated sustainability strategy with ambitious targets, and we were named the top mining company globally on the Dow Jones Sustainability Index. We are also proudly an ICMM member company, and will be fully aligned with the enhanced ESG performance

Pressure builds on Teck Resources to oust boss ESG

| Some investors say it’s time to divest energy and coal businesses

BY CECILIA JAMASMIE

T

MINING.com

eck Resources (TSX: TECK.A/ TECK.B; NYSE: TCK), Canada’s largest diversified miner, is facing pressure from investors who want the company to divest its energy and coal business and replace long-standing chief executive officer, Don Lindsay.

Connecticut-based Impala Asset Management emerged last week as the second investor in a month to criticize Lindsay’s guidance. In excerpts of a letter to the miner’s board, published by Bloomberg, the firm blamed Teck’s CEO for what it calls “destruction of shareholder value.”

Impala also claimed that Lindsay receives one of the biggest paychecks in the industry — $9.2 million (US$6.6 million), including $1.64 million in salary last year.

Impala’s claims add to Tribeca Investment Partners’ recent concerns.

The Australian hedge fund shareholder said in April that investors should push Teck to become a pure base metals miner.

The move, it said, would improve Teck’s environmental credentials and could lead to a six-fold share gain over the next year.

Tribeca also said the Vancouverbased miner should oust Lindsay and scrap its dual-class shares to boost returns.

Earlier this month, Teck seemed to have taken its first step in this direction by leaving the Canadian Association of Petroleum Producers.

The industry organization’s members represent about 80% of the country’s oil and gas production.

Teck spokesman Chris Stannell said at the time that the decision was made as part of a cost-cutting drive, noting the membership annual cost is close to about $135,000.

Oilsands and coal In February, Teck officially withdrew its application to build the $20.6-billion (US$15.7 billion) Frontier oilsands mine, just days before the Canadian government was slated to make a decision on the 260,000-barrel-per-day project in northern Alberta.

The company remains a big player in the oilsands sector, however, as it owns 21.3% of the Fort Hills oilsands mine, operated by partner Suncor Energy (TSX:SU; NYSE: SU).

The miner has also set a target to reduce carbon emissions by 33% by 2030. The announcement builds on

a previous commitment to be carbon neutral across all operations and activities by 2050.

Teck’s sustainability strategy also includes goals to procure 50% of its electricity demands in Chile from clean energy by 2020 and 100% by 2030 and accelerate the adoption of zero-emissions alternatives for transportation by displacing the equivalent of 1,000 internal combustion engine vehicles by 2025.

Last week, however, news emerged of the the U.S. government growing reportedly concerned about pollution from coal mines in British Columbia, where Teck’s steelmaking coal operations are located.

According to The Canadian Press, the Environmental Protection Agency (EPA) is demanding the B.C. government explain why the company’s coal mines are being allowed to exceed guidelines for a toxic heavy metal.

Teck had previously said, in response to similar claims, that it had earmarked more than $1 billion to clean up its effluent by 2024, adding that selenium levels should start to drop by the end of this year. TNM — This article, with files from Bloomberg, first appeared in our sister publication, MINING.com.

expectations recently launched by ICMM. I think this look back provides meaningful context for assessing Teck’s future earnings potential, based on the innate strength of our company, and the quality of our assets, and not where the world sits today, with the global economy on its knees, and our key commodity prices at their lowest in years. The world is facing a time of unprecedented challenge, and COVID-19 is like nothing any of us have seen in our lifetime. We have implemented stringent measures across Teck sites, to keep our people safe and working, and to keep essential production moving. Where that wasn’t possible, such as the QB2 project, we temporarily suspended construction and are working to ensure that we can quickly resume once public health authorities say it is safe to do so.

Now those are things that we can control. What we can’t control is the impact on global commodity prices from global trade disputes, the oil price war, and the collapse in economic activity caused by the global pandemic. We can’t control these factors, but we certainly can quantify the impact. As most of you are likely aware, since Jan. 1 of last year, we have seen steel-making coal prices fall by 53%, zinc prices have fallen by 20%, copper has fallen by 12%, and Western Canada Select oil prices have fallen by 41%. So these price drops on their own are definitely significant, but when you do the math, you’ll see that the impact they’ve had on our margins is even more dramatic. In that same time frame, at spot prices, our coal margins have actually declined 93%, zinc margins are down 50%, copper margins are down 28% and energy has gone from positive per barrel contribution of about C$7, to a negative per barrel contribution of about $25, at current spot prices. And I think, as we all know, commodity prices and their effect on margins, are the single-biggest driver of share price.

The commodities that we produce have been hit particularly hard: coal, zinc, Western Canada Select and copper. But they’ve been really hit

hard when compared to companies that produce the less affected commodities such as iron ore or gold.

For example, iron ore is a significant outlier, having actually increased in price 22% since the start of last year, and gold is up 30%. I did some math and determined what the iron ore price would be if it had experienced the same as the metallurgical coal price, and had gone down 53% from where it was last year, and the iron ore price would not be $88 a tonne, it would be $33.90. And the gold price would not be $1,700 per oz., it would be in the $600s. I wonder what the gold [producer’s] share prices and the iron ore producers’ share prices would look like then.

We are simply not an iron ore producer, nor are we a gold producer, nor are we a copper-gold producer, so comparisons to those companies that produce those commodities simply don’t make sense. In the face of lower prices for our commodities, we have moved aggressively to reduce our operating costs to maintain margins of profitability where we can. What is important to keep in mind, is that these recent challenges, and the resulting price declines, do not in any way change the underlying strength of the assets of our business.

As of April 20, we had $5.8 billion of liquidity, including $525 million in cash, and we maintain a US$4 billion revolving credit facility, of which $3.75 billion is available. Importantly this facility is committed all the way out to Q4 of 2024, and it does not have any earnings or cash-flow based financial covenants. It does not include a credit rating trigger, and it does not include a general material adverse effect borrowing condition.

The only financial covenant is a net debt to capitalization ratio that cannot exceed 60%, and, as of March 31, that ratio for Teck was only 20%.

We have built a company that can weather this kind of downturn with long-life, low-cost assets that can generate strong returns through multiple commodity cycles.

In copper, we have a stable platform of production with Antamina, Highland Valley Copper and Car-

“OUR FOCUS FOR STEELMAKING COAL IS NOT TO INCREASE VOLUMES, BUT RATHER INCREASE OUR MARGINS, AND OUR OVERALL COMPETITIVENESS.” DON LINDSAY PRESIDENT AND CEO, TECK RESOURCES

Teck’s Greenhills metallurgical coal mine in southeastern British Columbia.

TECK RESOURCES

GLOBAL MINING NEWS

Teck’s Trail operations, located in the community of Trail in British Columbia. COMPANY HANDOUT

men de Andacollo, and growth opportunities as far as the eye can see, starting with the QB2 project under construction now. Our copper growth strategy will see us rebalance our portfolio, and, as one of the lowest carbon producers of copper, we are well-positioned for the ongoing electrification and decarbonization of the economy.

In our steelmaking coal business, we are in the top half of the margin curve. Our mines have consistently delivered higher operating margins than many other major steel-making coal exporters. And we have more than 30 years of reserves and over 100 years of resources of high-quality steelmaking coal. Further, we are also amongst the lowest carbon intensity producers for steel-making coal in the world, positioning us well, as we are with copper, for the transition to a low carbon economy.

We also have a world-class zinc business. With our f lagship Red Dog mine, one of the largest and highest-grade zinc producers in the world. It’s located firmly near the bottom of the industry cost curve, year after year.

We regularly evaluate the asset balance within our portfolio. Some people call this a strategic review.

We believe its management’s and the board’s obligation or responsibility to continually look at our asset balance. And one of the assets that we’ve been clear about is our interest in the Fort Hills oilsands mine.

Looking back, with the benefit of 20-20 hindsight, the fact is, we very likely would have made a different decision back in 2006 when we first entered the business.

But the world has changed quite significantly from then, in the last fourteen years, and at that time, though, we had quite a number of reasons why we thought it was appealing. At that time, peak oil was the theory, and oil was trading consistently above $100. Four of the ten largest market-value companies in Canada were oilsands companies.

See SPEECH / 8 Bottom left: Aerial view of Teck Resources’ Quebrada Blanca mine. BECHTEL Below right: From the ore preparation plant surge bin, three conveyers feed bitumen to the rotary breaker building, in 2016. SUNCOR

THE NORTHERN MINER / MAY 25–JUNE 7, 2020

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MAY 25–JUNE 7, 2020 / THE NORTHERN MINER

SPEECH From 7

And it was also a mining business.

We weren’t getting into the drill for and explore for oil business. It was large open-pit mining, shovel truck operations, and we had a lot of expertise in that. It had a very long reserve life of about 50 years, which meant that you’d be able to catch several economic cycles, probably five or six cycles during that time. It was also in a very stable geopolitical jurisdiction, and in the mining business, that’s becoming more and more rare.

And then for most of the last ten years, the oil industry tended to trade at a higher multiple of EBITDA, between eight and nine and possibly ten times, whereas the base metal companies tended to trade between five and six times, so in balancing our portfolio, we hoped that overall we would get a slightly higher multiple of EBITDA. Also note that it was also a pretty good hedge on the diesel consumption that we had structurally built into our company, And the Fort Hills project itself was amongst the lowest carbon intensity oil production in the oilsands, and is lower than half the oil that is refined in all of the United States today. The project featured proven technology and a very experienced operator with Suncor, and, in fact, it had technology upside ... which helped lower the carbon intensity per barrel of oil.

And then once the project was built, we were very impressed with the performance. Eighty percent of projects of this scope never actually hit design capacity. This one, within three weeks of the third train starting up, hit design capacity for a day or two, and by the end of the year, it operated in December 2018 at 104% of capacity that month, with an adjusted operating cost of C$23 per barrel. So it was a tremendous engineering and operating success.

Unfortunately, then Alberta moved in with the shut-in program, and it has not been able to run at capacity since then.

But we have been very clear that if we can’t see the value of Fort Hills reflected in our share price, we will not hesitate to pursue other options for realizing value, including divestment at the appropriate time. And we have been saying this for over a year now. I should say that these are physical assets; it’s a lot easier said than done. It’s a lot easier probably to dispose of a share position in a company than it is to sell a physical asset.

So overall our operating margins have fallen dramatically over the last 12 months due to commodity price declines and the impact of that is

“WE ARE SIMPLY NOT AN IRON ORE PRODUCER, NOR ARE WE A GOLD PRODUCER, NOR ARE WE A COPPER-GOLD PRODUCER, SO COMPARISONS TO THOSE COMPANIES THAT PRODUCE THOSE COMMODITIES SIMPLY DON’T MAKE SENSE.” DON LINDSAY PRESIDENT AND CEO, TECK RESOURCES

Teck Resources’ Highland Valley copper-molybdenum mine, 50 km southwest of Kamloops, British Columbia. TECK RESOURCES. (CANADA)

clear. But the underlying strength and longevity of the world-class assets in our portfolio has not changed, and it represents significant upside potential once we emerge from this period. So that’s where we’ve been and where we are, the real question for investors of course is where do we go from here? Our approach is actually quite straightforward. Teck is implementing a copper growth strategy, financed by the strong cash flows from steel-making coal and zinc. We are focused on rebalancing our portfolio to ultimately make our copper portfolio larger than our coal business, beginning with the building of QB2, which will double our copper production on a consolidated basis, and we expect that growth to coincide with rising global demand for copper.

The technology and infrastructure needed for a low carbon economy will require significant amounts of copper, from electric vehicles to clean power generation and transmission.

We are also seeing an increasing awareness of the role that copper’s antimicrobial properties can play in fighting transmission of infections like COVID-19. In fact, a news story from last week about the reopening of a Toyota factory in Canada noted that they are now

using copper to coat handrails as part of their preventative measures to fight COVID-19, so we could see new demand growth for copper for health-related applications such as creating infection resistant surfaces, and, in fact, Teck has sponsored the installation of copper … in intensive care units in several hospitals in Canada.

Our focus for steelmaking coal is not to increase volumes, but rather increase our margins, and our overall competitiveness. That business generates billions in free cash flow, providing capital for returns to shareholders and to fund our copper growth, and, as a result, and in contrast to many of our peers, Teck does not just aspire to growing its copper business at some point in the future, we are in execution right now, with a world class mine that is planned to be in production in 2022.

And as I’ve said, we can’t control the global economy, or pandemics, or commodity prices, but we can execute on the right strategy to ensure that we are well-positioned to generate shareholder value in the near term and the long-term. We are focused on four key value-creating capital priorities in support of our strategy.

First we are executing on QB2, a

Solar panels at the SunMine solar energy facility in Kimberley, British Columbia. TECK RESOURCES.

long-life, low-cost operation with an enormous ore body providing major expansion potential, which could put it among the five largest copper producers in the world in the second half of the 2020s. Second is investing in our Neptune terminal to optimize margins and optimize performance in our steelmaking coal business by securing a long term, much lower cost, reliable supply chain, and we’re on track to complete the upgrades at Neptune in the first quarter of 2021.

And in a similar vein, we’ve just completed the expansion of our Elkview plant. We’re very pleased to do that during COVID-19, and this replaces high-cost tonnes from Cardinal River with lower cost, higher-margin production. And at US$150 per tonne coal prices, that switch will add C$160 million in annualized EBITDA. Third, we are driving towards a billion dollars in ongoing annualized EBITDA improvements for low, one-time capital costs through the Race21 business transformation initiative. And of that total, $500 million was originally targeted by the end of 2020 and another $500 million in 2021. Though COVID-19 may affect our timing, our teams are still focused on achieving those

targeted EBITDA improvements.

And fourth, we are advancing our cost reduction program, to reduce costs across our business by a total of $1 billon dollars of previously planned spending to the end of 2020, of which we’ve achieved about $450 million to date since starting the program in the fourth quarter of 2019. And we are also continuing to review our cost reduction measures with an eye to identifying further savings.

What is most important to remember is that we are in an investment cycle. We are deploying the capital necessary to maximize the value of our steel-making coal business and to execute on our copper growth strategy, and we know that investors tend to be cautious during these phases, and they take a wait and see attitude. In fact, we’ve seen something very similar before, during the financing and construction of another high-altitude copper mine, and that was Antamina, which also coincided with a significant downturn in the market.

Teck’s share price was in the penalty box throughout that development period. But our then CEO and now chairman emeritus, Dr. Keevil — he had the vision and the tenacity to see it through, and, once completed, and once the market cycle turned, as it always does, Antamina was a crown jewel operation that has generated exceptional returns for close to two decades and still has many years to run.

The same will be true again, once Teck’s current investment cycle is completed, we will be transitioning to a period of significant free cash f low underpinning strong cash returns to shareholders. We are moving towards significantly reduced capex, lower costs, reduced execution risk, a better portfolio mix and increased cash flow, and we expect to see that reflected in our share price.

We are executing on these priorities to create value and position Teck for decades to come, including and especially in an environment of increasing focus on ESG factors, where our strong performance and leadership will earn a premium.

We have a very capable, highly engaged, battle-tested management team that is working hard to keep our people and communities safe, while continuing to execute on our strategic priorities. By contrast with the last down cycle, which ended in 2016, we are in a much stronger position with a reduced debt profile, strong liquidity and secured QB funding, and, most importantly, we are advancing a copper-gold strategy that is funded and being implemented, and we are confident that that strategy will drive significant value over the long term as the world recovers from COVID-19.” TNM

A truck at Teck Resources’ Fording River coal mine in southeastern British Columbia. TECK RESOURCES.

MINING & EXPLORATION IN

SOUTH AMERICA SPECIAL FOCUS

Guyana Goldfields rejects Gran Colombia merger offer, supports Silvercorp bid M&A

| The Aurora mine produced 124,200 oz. gold in 2019

BY STEVE STAKIW

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Vancouver Correspondent

uyana Goldfields (TSX: GUY; US-OTC: GUYFF) has rebuffed an unsolicited proposal from Gran Colombia Gold (TSX: GCM; US-OTC: TPRFF) for an all share, three-way merger that includes Gold X Mining (TSX-V: GLDX; US-OTC: SSPFX), instead reaffirming its support of an earlier takeover offer by Silvercorp Metals (TSX: SVM; NYSE-AM: SVM) of 60¢ in cash or 0.1195 of a Silvercorp common share for each of its shares, subject to a maximum cash consideration of $33.2 million (for an implied overall valuation of about $105 million).

Acknowledging that based on current trading prices Gran Colombia’s proposal represents a premium to the agreed price under its planned Silvercorp transaction, Guyana Goldfields cites what it views as superior terms in Silvercorp’s offer, specifically a cash component to shareholders and access to a stronger treasury to buffer potential funding risks associated with underground development at its Aurora mine in Guyana.

Gran Colombia’s vision to create a larger, South America-focused gold producer with operations in Colombia and Guyana sees it offering of 0.142 of a share for each Guyana Goldfields share, which works out to a 90¢ per share valuation (for an implied overall valuation of about $155 million) as of the announcement.

Gran Colombia’s offer includes a US$15 million loan provision to Guyana Goldfields for ongoing operations at its Aurora underground project, matching a term also in Silvercorp’s offer.

Gran Colombia also says it has purchased 8.7 million shares of Guyana Goldfields, representing approximately 5% of the basic shares outstanding, in lead up to its proposed merger announcement.

Concurrently, Gran Colombia signed a definitive business combination agreement to acquire the remaining 81% of Gold X Mining it does not already own through an offer of 0.5 of a Gran Colombia share for each Gold X share, implying a value of $3.17 per share (an implied valuation of about $100 million for the shares it doesn’t own) as of the proposed deal announcement.

Gran Colombia’s proposed combination is conditional on both acquisitions completing, and if successful, its shareholders will own 60% of the combined company, with Guyana Goldfields and Gold X shareholders owning about 25% and 15%, respectively.

“We’ve got strong support from the Gold X side. We know we have support from Gran Colombia shareholders, and through our discussions over the last couple days we believe we’ve got support building from the Guyana Goldfields shareholders that this is a superior offer, one where they come into a company where

The processing plant at Guyana Goldfields’ Aurora gold mine in Guyana. GUYANA GOLDFIELDS

they’ll have 25% of Gran Colombia with four quality assets, and a profile that will take them to 500,000 oz. per year of production as the Gold X-Guyana Goldfields strategy plays out,” Mike Davies, Gran Colombia’s chief financial officer, said in an interview.

The main synergy flagged in Gran Colombia’s proposed deal comes by leveraging planned mining capacity at Gold X Mining’s Toroparu gold development project in western Guyana with the nearby processing infrastructure at Guyana Goldfields’

Aurora mine and mill complex.

“We have been following and evaluating Guyana Goldfields and its Aurora project for some time,” Davies said. “As Gold X secured its land package at the end of 2019, and as we go through the next evaluation of Toroparu prefeasibility studies we’ve been working on with them, one of the most logical things was the synergy of the two projects sitting next door to each other, with a 50 km road joining them up.”

In Gold X Mining’s Toroparu preliminary economic assessment

(PEA) tabled last year, initial capital requirements of US$360 million are estimated for site infrastructure and equipment at the planned 11,500-tonne per day open-pit operation.

The PEA modelled average annual production of 187,500 oz. gold over a 24-year mine life and 147,600 oz. gold per year over the first 10 years of production. The project hosts 252.6 million tonnes of measured and indicated resources grading 0.91 gram gold for 7.35 million contained ounces. Additional inferred resources

of 128.9 million tonnes at 0.76 gram gold per tonne host a further 3.15 million contained oz. gold.

Toroparu is in the final stages of permitting, with a final review and license approval with the Guyana Geology and Mines Commission.

In its merger evaluation model, Gran Colombia’s CFO said he envisions a significantly reduced capital scenario, with Toroparu production starting roughly six months after the transaction is completed. Capital See M&A / 10

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GoldMining publishes maiden resource for Yarumalito in Colombia | Yarumalito is one of three deposits the company holds in the Mid-Cauca gold belt

COLOMBIA

BY MAGDA GARDNER

Equinox Gold’s Aurizona project in Brazil. EQUINOX GOLD.

Equinox Gold tables PEA for underground development at Aurizona | Plan would deliver an additional 740,500 oz. gold over 11 years

BRAZIL

BY MAGDA GARDNER

E

Canadian Mining Journal

quinox Gold (TSX: EQX; NYSE-AM: EQX) has released the results of a preliminary economic assessment (PEA) on an underground development within its Aurizona mine site in northeastern Brazil.

The early-stage study suggests a feed contribution of 2,800 tonnes per day from the Piaba underground to the existing 8,000-tonne per day plant at the site. This incremental operation would deliver an additional 740,500 oz. gold over 11 years at all-in sustaining costs (AISCs) of US$925 per oz. at an initial capital cost of US$69.7 million. The resulting after-tax net present value for this development, at a 5% discount rate, comes in at US$122 million, with a 25% internal rate of return.

“This PEA demonstrates the substantial opportunity for both mine life extension and increased annual gold production at Aurizona through development of an underground mine,” Christian Milau, the company’s CEO, said in a news release.

“With the potential for expansions to the current open pit, additions of other near-surface resources, and further opportunities for Piaba underground resource expansion at depth and along strike, Aurizona is expected to be a long-life cornerstone asset for Equinox Gold.”

Based on the PEA, the underground deposit would be extracted through bulk mining with first mill feed expected 2.3 years after the start of sub-surface development. Steadystate production of 2,800 tonnes per day would be achieved at the end of the fourth year following the start of construction. The deposit would be accessible from a main ramp developed off of the existing pit.

Of the 7.3 million tonnes of indicated resources at 1.96 grams gold per tonne and 16.5 million inferred tonnes grading 1.98 grams gold at Aurizona, the PEA envisions development of 2.8 million tonnes of the indicated material grading 2.73 grams gold and 6.2 million tonnes of the inferred subset at 2.89

“AURIZONA IS EXPECTED TO BE A LONG-LIFE CORNERSTONE ASSET FOR EQUINOX GOLD.” CHRISTIAN MILAU CEO, EQUINOX GOLD

grams gold.

The company plans to advance further studies on an underground development of Piaba, with a prefeasibility expected next year. Additional drilling is planned to upgrade existing resources. The Piaba deposit has been traced over 4 km along the Aurizona shear zone and drilled down to a depth of roughly 600 metres. It remains open at depth and along strike.

The Aurizona open-pit mine achieved commercial production in July 2019. The company’s most

M&A From 9

spending of US$60 million would get the mine ready and upgrade the road to Aurora for processing.

“We will have the benefit of a combination strategy there, that we can source material from Toroparu while we go back in and look at the opportunity to properly exploit the material in the Aurora underground mine,” explained Davies.

Guyana Goldfields’ Aurora mine has experienced operational challenges over the past couple years, as it has fallen short of achieving its targeted open pit mining rates and saw contained gold in proven and probable reserves at Aurora slashed 43% just over a year ago.

While it has been in the process of transitioning from open pit to underground operations, the company announced in March that its Aurora underground development program

recent production guidance for the asset this year was 115,000 oz. to 125,000 oz. gold at AISCs of US$1,100 to US$1,150 per ounce. These numbers do not include the potential impacts of COVID-19.

News of the PEA sent Equinox Gold’s shares up 26¢, or 2.1%, to $12.71, on a trading volume of 1.5 million shares. In the last year, the company has traded within a range of $5.10 and $13.53 per share.

Kerry Smith, a mining analyst at Haywood Securities, has a buy rating on the stock and a target price of $15 per share.

“The PEA outlines a decent underground project; however, a considerable amount of drilling is required to improve the confidence of the underground resource and development is still several years away,” he wrote in a research note on May 7. “In our opinion, this mine will continue to grow in mine life, both from the open pit and underground.” TNM — This article first appeared in our sister publication, Canadian Mining Journal.

was temporarily suspended due to COVID-19 related travel restrictions in and out of Guyana, which also resulted in delays in the next phase of mine development. Guyana Goldfields said they expect ore feed sources at Aurora to be depleted this quarter and anticipated at least a quarter of care and maintenance with no further open-pit production this year.

The Aurora mine produced 124,200 oz. gold in 2019 at an all-in sustaining cost (AISC) of US$1,490 per ounce.

Gran Colombia produces gold from two operations in Colombia, its wholly owned Segovia underground mine, and through its 74% ownership in Caldas Gold (TSX-V: CGC), which operates the Marmato mine.

Last year, Segovia produced 214,241 oz. gold and Marmato 25,750 ounces.

In a May 11 research note on Guyana Goldfields, Laurentian Bank min-

G

Canadian Mining Journal

oldMining (TSX: GOLD; US-OTC: GLDLF) has released a pitconstrained maiden resource estimate for the Yarumalito project, 75 km southwest of Medellin, Colombia, with total inferred resources of 66.3 million tonnes grading 0.7 gram gold-equivalent per tonne for a total of 1.5 million gold-equivalent ounces.

Notably, this statement includes 9.1 million tonnes at 0.66 gram gold-equivalent per tonne of oxide material, which contains 192,000 gold-equivalent ounces.

“We are excited to announce this maiden resource for Yarum- “THESE alito – another strategic acquisition our team identified and ACQUISITIONS executed as part of our long-term HAVE UNIQUELY plans of focused acquisitions in the POSITIONED US Americas,” Garnet Dawson, the company’s CEO, said in a news WITH ONE OF THE release. “These acquisitions have LARGEST GLOBAL uniquely positioned us with one of the largest global resource-stage RESOURCE-STAGE gold portfolios among mid- and GOLD PORTFOLIOS junior-tier mining companies.”

Yarumalito is one of three de- AMONG MIDposits that GoldMining holds AND JUNIORwithin central Colombia’s Mid- TIER MINING Cauca gold belt. The project is 40 km south of the company’s La COMPANIES.” Mina project, which hosts indicat- GARNET DAWSON ed resources of 28.2 million tonnes CEO, GOLDMINING grading 1.12 gram gold-equivalent per tonne for a total of 1 million gold-equivalent oz., plus inferred resources of 12.4 million tonnes at 1.1 gram gold-equivalent per tonne.

The company’s Titiribi project, also within this prospective belt, features indicated resources of 234.2 million tonnes at 0.65 gram gold-equivalent per tonne for a total of 4.9 gold-equivalent oz. and an additional 207.9 million inferred tonnes at 0.51 gram gold-equivalent per tonne .

Past drilling at Yarumalito has focused on delineating a bulk tonnage target and returned additional intersections from high-grade epithermal veins. The company intends to focus its future work both on expanding the gold-copper porphyry as well as on delineating these high-grade structures.

The Balastreras-Escuela mineralized area at Yarumalito has been traced over an area of 1,700 metres by 400 metres to date and down to a depth of 600 metres. There are six additional targets for follow-up identified at the site.

In the last year, GoldMining has traded within a range of 75¢ and $2.05 per share and at press time was trading at $1.68. The company has about 146 million common shares outstanding for a market cap of about $245 million. TNM — This article first appeared in our sister publication, Canadian Mining Journal.

“WE HAVE BEEN FOLLOWING AND EVALUATING GUYANA GOLDFIELDS AND ITS AURORA PROJECT FOR SOME TIME.” MIKE DAVIES CHIEF FINANCIAL OFFICER, GRAN COLOMBIA

ing analyst Barry Allan was positive on Gran Colombia’s proposed deal, saying it provides “a more interesting option to Guyana Goldfields shareholders,” with a higher implied valuation than the Silvercorp offer.

Shares of Guyana Goldfields rallied following Gran Colombia’s announcement, touching a several-

month high of 88¢ on the Toronto Stock Exchange. At press time, its shares closed even higher at $0.92, giving it a market capitalization of $161 million based on its 174.5 million common shares outstanding.

On the day of the announcement, Gold X Mining saw its shares move to a seven-month high of $2.95 in Toronto. At press time, the shares closed at $2.80, giving the company a $106 million market capitalization based on 38 million common shares.

Gran Colombia shared dropped on its proposed merger announcement, closing off 13% at $5.52 per share on May 11. At press time, its shares closed at $6.11 giving it a $373 million market capitalization based on its 61 million common shares.

At press time, shares of Silvercorp closed at $5.77 in Toronto trading to give the silver producer a $1 billion market capitalization based on its 173.8 million shares outstanding. TNM

SOUTH AMERICA

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 25–JUNE 7, 2020

11

Employees examining drill core at Solgold’s Cascabel copper-gold project, 180 km north of Quito, Ecuador. SOLGOLD.

SolGold scores US$150M funding deal from Franco-Nevada ECUADOR

| Streamer will receive a perpetual 1% NSR royalty interest “THE ROYALTY FINANCING OF UP TO $150 MILLION SHOULD BE ADEQUATE TO GET SOLGOLD THROUGH ITS FEASIBILITY STUDY, PERMITTING AND INTO PROJECT CONSTRUCTION FINANCING.”

BY CECILIA JAMASMIE

E

MINING.com

cuador-focused SolGold (TSX: SOLG; LSE: SOLG) has secured up to US$150 million from streaming company Franco-Nevada (TSX: FNV; NYSE: FNV), which it will use to develop its Alpala coppergold deposit.

The Australian exploration company said the net smelter return (NSR) agreement is for an initial US$100 million. Franco-Nevada, which provides companies with upfront cash in exchange for future production, will receive a perpetual 1% NSR royalty interest in return.

The total amount could increase

by US$50 million, which would also increase the NSR for Franco Nevada to 1.5%, SolGold said.

Franco-Nevada has also provided a $15 million secured bridge loan agreement of immediately available funds.

SolGold said it would spend the coming months developing a feasibility study on Alpala, the largest deposit found at its Cascabel coppergold asset, located 180 km north of Ecuador’s capital, Quito.

The company, which says its Ecuadorian project is one of the largest copper-gold porphyry systems ever discovered, expects to start production in 2025.

“The royalty financing of up to

ADVANTAGE

MATTHEW O’KEEFE MINING ANALYST, CANTOR FITZGERALD

A drill crew at Solgold’s Cascabel copper-gold project. SOLGOLD.

$150 million should be adequate to get SolGold through its feasibility study, permitting and into project construction financing,” Matthew O’Keefe, a mining analyst at Cantor Fitzgerald, said in a research note. “The bridge-loan addresses

SOLG’s short-term capital needs until Franco’s due diligence is complete and the royalty deal closes (~4 months).”

“The 2019 PEA on Alpala sees a large, long-life operation producing 456 million lb. copper and 438,000

oz. gold annually with an NPV (8%) of $4.3 billion and an IRR of 25.9%,” O’Keefe added. “A PFS is expected in H2/2020 and a DFS in H1/2021.

Additional development financing is expected by mid-2020. Ongoing exploration work should continue to yield new discoveries.”

In the past two years, Ecuador has attracted a flurry of interest from big miners looking to increase their exposure to copper. The highly conductive metal is in demand for use in renewable energy and electric vehicles, but big new deposits are rare.

Diversified majors particularly favour large-scale, long-life projects, such as the one SolGold promises.

BHP (NYSE: BHP; LSE: BHP), for one, upped its stake in the company last year to 15.31% from 14.7%, becoming the exploration company’s top shareholder.

Australia’s largest gold producer, Newcrest Mining (ASX: NCM), is the second-largest investor in SolGold,

with a 15.23% interest.

Ecuador has been trying to move from an explorer hotspot to a mining exporter. Its oil-led economy has been hit hard over the past few months.

The nation is reeling from both the spread of COVID-19 and the collapse of global oil prices.

Prior to recent developments, the South American country expected to attract US$3.7 billion in mining investments between 2019 and 2020, up significantly from the US$270 million it received in 2018.

At press time in Toronto, SolGold’s shares were trading at 49¢ within a 52-week trading range of 19¢ and 70¢.

The company has about 1.9 billion common shares outstanding for a market cap of about $942 million.

Cantor Fitzgerald’s O’Keefe has a target price of $1.00 per share. TNM — This article first appeared in our sister publication, MINING.com.

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SOUTH AMERICA SNAPSHOT Eight companies active in the region

BY MAGDA GARDNER The Northern Miner

South America’s prospective geology, established mining jurisdictions and well-developed infrastructure encourage companies to explore, develop and operate projects in the region. Below, we provide an overview of eight companies with precious and base metal assets on the continent.

■ ALTAMIRA GOLD Altamira Gold (TSXV: ALTA) holds over 3,000 sq. km of ground within 11 projects in the Alta Floresta–Juruena gold-copper belt in central Brazil.

The company’s core asset is its Cajueiro project, which has indicated resources of 5.7 million tonnes grading 1.02 grams gold per tonne for a total of 185,000 oz. gold (854,000 of these tonnes at 0.92 gram gold are within weathered oxide material). Additional inferred resources consist of 12.7 million tonnes grading 1.26 grams gold per tonne containing 515,000 gold ounces. This resource category hosts a further 1.7 million tonnes of oxides at 1.12 grams gold.

The resource inventory consists of nine deposits covering 3 sq. km of the 391-sq.-km project. Cajueiro features further soil anomalies that have not yet been drill tested. The company has also identified additional targets at its other properties.

At the end of April, the company entered into a gold forward purchase agreement for gross proceeds of up to US$6 million with Metalstream, a private Malaysian gold streaming company. The proceeds are intended for development of Cajueiro and would be in exchange for 10,000 oz. gold over a five-year period. Construction is expected to start this year ahead of a plant startup anticipated next year.

In October, Altamira announced the receipt of the first environmental permit for trial mining at Cajueiro, valid for three years and encompassing the southern portion of the resource. By January, it received the first trial mining license for Cajueiro. The company is working towards obtaining trial mining licenses for three additional claims, which cover existing resources.

In addition, the company’s Apiacas land package features seven undrilled targets, whereas the Santa Helena project is a potential porphyry copper site.

Altamira Gold has a $7.4-million market capitalization.

Workers in the field at Aurania Resources’ Lost Cities-Cutucu gold property in Ecuador. AURANIA RESOURCES.

AURANIA RESOURCES Aurania Resources (TSXV: ARU) is an exploration company focused on its 2,080-sq.-km Lost Cities– Cutucu project in southeastern ■

Ecuador, where historical records suggest two gold-mining centres existed from the 16th and 17th centuries — Sevilla del Oro and Logrono de los Caballeros. In November 2019, field teams found remnants of what the company believes is an old road in the central part of the project that once linked the two centres.

The Cutucu concession covers 95 km along the central part of the Cordillera de Cutucu and is on trend with the established Condor gold-copper belt, host to four operating mines and six additional deposits. Aurania’s approach to exploration includes both conventional analysis of geophysical, geochemical and historical data, as well as a Bayesian inference approach, led by Metron — a scientific consulting company focused on solving problems through advanced mathematics — to identify primary

targets of focus.

The company is also using LiDAR surveys (a way of estimating distances through laser reflection measurement that allows imaging of jungle terrain without disturbing vegetation) to detect historical roads and mine workings and to refine exploration targets.

There are currently five types of mineral exploration targets at Cutucu: historic gold mines, epithermal gold, sedimentary-hosted copper-silver, porphyry copper and silver-zinc-lead. Work to date has identified 20 epithermal goldsilver prospects, traced sedimenthosted copper targets over a 23 km strike length, found multiple porphyry copper geophysical targets and identified outcrops of highgrade silver over a 15 km trend, in addition to the two historic mine targets.

Aurania has explored just under

60% of its Ecuador concessions so far. In January, the company applied for mineral concessions in northern Peru that it believes may sit on the same geological trend as its Lost Cities–Cutucu project.

On May 8, Aurania announced that, based on LiDAR imagery, it has identified a potential road in the central part of the Cutucu project, which will require additional verification in the field. Earlier that month, the company’s use of LiDAR also traced a system of vein features in areas with soil silver enrichment at the Tiria South epithermal gold-silver target. Followup work on the ground is required to confirm these structures.

In March, the company closed a $6.5-million private placement, with proceeds intended for ongoing exploration efforts within the Cutucu project. Aurania plans to continue with stream sediment

SOUTH AMERICA

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 25–JUNE 7, 2020

13

ect include 8 metres of 1.13 grams gold, 3 metres of 1.84 grams gold as well as 61 metres of 0.83 gram gold.

G2 Goldfields has a $66.5-million market capitalization.

Stones from a road found in the Lost Cities–Cutucu Project in southeastern Ecuador. AURANIA RESOURCES

Core showing quartz veining taken from Lara’s Planalto property. LARA EXPLORATION

whereas Anta is a silver-gold-copper project in the southern part of the country, 72 km west of Nazca, in the centre of a regional epithermal gold-silver belt.

Dynacor is also looking at an expansion project in Senegal. It has completed due diligence on a potential processing plant construction with ASM cooperation in the south-eastern part of the country.

Dynacor Gold Mines has a $64-million market capitalization.

Touring Inca One’s Corizona gold project. INCA ONE RESOURCES

sampling and scout drilling of gold targets as well as with fieldwork to establish continuity of copper-silver mineralization, in addition to ongoing efforts to trace the ancient workings.

Aurania Resources has a $135.1million market capitalization.

■ DYNACOR GOLD MINES Dynacor Gold Mines (TSX: DNG) is a dividend-paying company, which processes ore purchased from small-scale and artisanal miners (ASMs) in Peru, where it has been operating for over 20 years. Last year, it produced 80,677 oz. gold and generated a cash gross operating margin of US$208 per gold-equivalent oz. sold.

The company’s business cycle includes the purchase of highgrade ore from ASMs, followed by weighing, assaying and screening at its Veta Dorada 300 tonne per

day plant in Peru. Payments to the ASMs are made within 72 hours following receipt of the ore, with a further five to eight days required to process the ore down to a gold dore bar level with 99.5% purity.

Dynacor then receives payment for the gold at spot prices from PX Precinox, its Swiss strategic partner.

The Veta Dorada site in southern Peru features a carbon-inpulp circuit with on-site crushing and milling. A new design of the 300-tonne-per-day operation was opened in 2016 — the site has been set up for potential expansions to 450 tonnes per day and 600 tonnes per day through adding processing lines and ball mills.

Also in Peru, the company holds the Tumipampa and Anta exploration assets. Tumipampa is 60 km south of Abancay and sits within a gold-silver vein epithermal corridor with identified drill targets,

■ G2 GOLDFIELDS G2 Goldfields (TSXV: GTWO) is an explorer with assets in Guyana and Ontario.

The company’s Aremu-Oko properties in north-central Guyana cover a total of 71.5 square kilometres. Several areas of mineralization have been identified across this holding – the key two are the Aremu mine zone and the Oko deformation zone (ODZ).

The company’s focus is on the 34-sq.-km Oko concession, where there are historical shafts and multiple open-pit workings along a 2 km deformation zone. In April, the company reported drill results from the ODZ, which returned 3 metres of 49 grams gold per tonne as well as 3 metres of 11.5 grams gold. These are from one hole, the deepest to date drilled at Oko, which confirmed continuity of previously drilled areas of highgrade mineralization. Additional step-out intercepts reported in May include 4 metres of 10.8 grams gold, 2 metres of 3 grams gold and 2 metres of 10.5 grams gold.

Drilling at Oko to date has traced gold mineralization over a 750metre strike, while drilling at the Aremu mine zone, which features a past-producing mine, is planned to start in the third quarter.

G2 also holds the Peters Mine concession within Guyana’s Puruni district, which is the site of the past-

producing high-grade Peters mine.

The company also has the option to earn a 100% interest in the operational (but undrilled) Jubilee open pit.

In Ontario, G2 holds the 505-sq.-km Sandy Lake project, which covers 60 km of a prospective banded iron formation within the Sandy Lake greenstone belt.

This site is 230 km north of Red Lake. The company holds a 100% interest in 445 sq. km of Sandy Lake claims and has the right to earn a 70% interest in a further 60 sq. km of claims. Drill results reported in January from the proj-

■ INCA ONE GOLD Inca One Gold (TSXV: IO) holds two gold milling facilities in Peru, which service the country’s smallscale, government-permitted miners: the Chala One and Kori One facilities. The company is now in its sixth year of commercial production and has a combined operating facility of 450 tonnes per day.

Under Peruvian law, artisanal miners are required to send their ores to licensed processing sites.

The company’s business model includes deliveries of ore from miners to either the Chala or Kori plants, followed by testing prior to purchase to determine grades and potential recovery levels. Any purchases are made at a discount to spot prices, the material is then stockpiled. The processing stage follows, with carbon harvesting and precious metals concentrate desorption and smelting into a gold dore, which is then sold and exported to Switzerland.

The Chala plant is in the town of Chala in the Arequipa region and is permitted to 100 tonnes per day, with an operating capacity of up to 150 tonnes per day. This facility features in-house labs, as well as desorption and smelting and sits within a high-grade, small-scale mining district.

Kori One, also in the Arequipa region, was purchased from Equinox Gold (TSX: EQX) in 2018 and is permitted up to 350 tonnes per day, but has been operating at an average of 135 tonnes per day since January 2018. Like Chala, this facility is fully integrated for a complete processing cycle through to smelting and, according to the company, has the capacity to produce 50,000 oz. to 75,000 oz. gold per year.

The Chala and Kori plants are situated 47 km apart.

Last year, Chala One processed a total of 22,941 tonnes, producing 12,304 oz. gold, while Kori One processed 29,243 tonnes and generated 12,546 oz. for a total of 24,850 oz. on a company-wide basis.

Inca One Gold has a $12.4-million market capitalization.

■ LARA EXPLORATION Lara Exploration (TSXV: LRA) is a company focused on generating

See SNAPSHOT / 14

A PROFITABLE AND GROWING POLYMETALLIC PRODUCER

YAURICOCHA MINE

CUSI MINE

FOLLOW US AT

www.sierrametals.com

BOLIVAR MINE

14

MAY 25–JUNE 7, 2020 / THE NORTHERN MINER

SOUTH AMERICA

WWW.NORTHERNMINER.COM

SOUTH AMERICA SNAPSHOT SNAPSHOT From 13

precious, base and industrial metal prospects in South America. Lara holds pre-production projects in Chile, Brazil and Peru.

On the joint venture front, it holds interests in three properties in Brazil and Peru.

Lara has a 30% stake in the Planalto project in northern Brazil (70% Capstone Mining [TSX: CS]), which features iron oxide copper-gold (IOCG) mineralization. It has the option to purchase a 100% stake for total cash payments of US$500,000 and has paid US$200,000 to date.

The company also has a 49% interest in the 85-sq.-km Liberdade copper project in northern Brazil’s prolific Carajas district. Chilean state-owned Codelco earned a 51% stake in the property and has elected to increase its interest by another 24% through funding additional exploration. Lara believes that there may be a large IOCG system at this site, based on exploration results received from Codelco in 2013.

Also in Brazil, Lara is earning a 100% interest for US$580,000 in the Damolandia nickel-copper-cobalt project. The 18-sq.-km property presents potential for disseminated and stringer-style sulphide mineralization.

In Peru, Lara also holds a 45% interest (55% Redzone Resources, now Global Battery Metals [TSXV: GBML]) in the Lara copper project, 400 km south of Lima.

This 18-sq.-km property features three mineral concessions, with mineralization of a quartz-diorite porphyry traced over an area of 2,000 metres by 500 metres to 800 metres.

In the royalty space, Lara has interests in three projects in Brazil, three in Peru and one in Chile.

One of these is the Celesta copper-gold mine being developed in northern Brazil, within the Curionopolis holding where the company has a 5% interest and a 2% net smelter return royalty (NSR).

Lara’s joint-venture partner, privately held Tessarema Resources, can earn a 100% interest in the project by putting the mine into commercial production and paying Lara US$750,000 and the company a 2% NSR. Peruvian royalties include the 83-sq.-km Corina gold project in southern Peru, nearby Hochschild Mining’s (LSE: HOC) Pallancata and Immaculada mines and Selene mill. Lara optioned the project to Hochschild for US$4.2 million and a 2% NSR royalty.

In the Peruvian base metals space, Lara holds the Puituco and Buenos Aires zinc projects. Puituco, at 4 sq. km, is adjacent to BHP’s (NYSE: BHP; LSE: BHP) claims, whereas the 16 sq. km Buenos Aires project lies 25 km north-

Dynacor Gold Mines’ Tumipampa gold-copper project, 500 km southeast of Lima. DYNACOR GOLD MINES.

east of Puituco.

Lara Exploration has a $27-million market capitalization.

■ SIERRA METALS Sierra Metals (TSX: SMT; NYSE: SMTS) operates the Yauricocha, Bolivar and Cusi mines in Mexico and Peru, producing silver, copper, lead, zinc and gold.

The company’s largest production contributor is the 82%-owned Yauricocha underground mine in Peru’s Yauyos province. The mine produced 188 million lb. zincequivalent last year at all-in sustaining costs (AISCs) of US79¢ per lb. sold and has been operating since 1948. This year, the Yauricocha mill is expected to increase its capacity to 3,600 tonnes per day, up from 3,150 tonnes per day currently.

Ongoing exploration at the operation has traced zones of mineralization that is higher grade and wider than suggested by the resource model. Sierra has also identified additional prospective areas at depth and extending laterally out from the current mine workings, which are contained within a 180-sq.-km land package.

The company’s wholly owned underground Bolivar mine in Mexico’s Chihuahua state generated 27.2 million lb. copper-equivalent last year at AISCs of US$2.86

per lb. sold. The 5,000-tonneper-day operation sits within a 152-sq.-km land holding, with Sierra exploring and developing additional targets at the property. Beyond Bolivar, the company holds an additional 748 sq. km of ground in the country.

Also in Mexico, the company’s wholly owned Cusi mine in Chihuahua state churned out 1 million oz. silver-equivalent last year at AISCs of US$30.89 per oz. sold.

The underground operation, feeding a 1,200-tonne-per-day mill, sits within a 117 sq. km landholding. Sierra’s grounds cover a 12 km-long stretch of the prospective Cusi fault, a 64 km regional structure. The company’s focus at the property is on infill and definition drilling.

In early April, the company announced that, due to the global COVID-19 pandemic, it was suspending its production guidance for the year. Production at the Bolivar and Cusi mines in Mexico was suspended in April in line with a government order to suspend non-essential activities, including mining — this stoppage is expected to continue through to the end of May. At Yauricocha in Peru, a similar suspension was expected through to May 10.

In the first three months of the year, the company produced 84.5

million zinc-equivalent lb. with Yauricocha contributing 54.6 million zinc-equivalent pounds.

Sierra Metals has a $179.9-million market capitalization.

■ YAMANA GOLD Yamana Gold (TSX: YRI; NYSE: AUY) is a gold and silver producer with operations in Canada and South America. This year it expects to generate 890,000 oz. gold-equivalent on a company-wide basis.

(This is a revised guidance number, which incorporates impacts from COVID-19). Updated cost forecasts are pending.

Its largest gold contributor is the Canadian Malartic open-pit mine in Quebec, which is expected to churn out 275,000 oz. gold this year for Yamana. The company has a 50% stake in the asset with Agnico Eagle Mines (TSX, NYSE: AEM), which also has a 50% ownership. The two companies operate the mine through a partnership.

In Chile, Yamana owns the El Penon gold-silver underground mine, which is expected to contribute 162,000 oz. gold and 4 million oz. silver in 2020. Earlier this year, the company was able to increase its gold and silver reserves for the asset, net of mining depletion, and also boost its gold measured and indicated resources by 66%.

The company’s Jacobina com-

plex of underground mines in Brazil is forecast to generate a further 168,000 oz. gold this year. In the first quarter, this asset achieved run rates of 6,500 tonnes per day. In May, Yamana published an update on a further expansion, which would ramp the mine up to 8,500 tonnes per day for annual gold production of 230,000 ounces. Based on an extended mine plan scenario with resource conversion, the asset would have a 14-year mine life with AISCs of US$727 per oz. at a total capital cost of US$57 million. Additional studies and exploration efforts are underway, with a feasibility study expected by the middle of next year.

In Argentina, Yamana’s Cerro Moro complex is forecast to produce 96,000 gold oz. this year and 6.3 million oz. silver. The Minera Florida underground mine in Chile is anticipated to generate 85,000 oz. gold in 2020.

In addition to its producing mineral assets, Yamana holds the Agua Rica copper-gold-silvermolybdenum deposit in Argentina with a feasibility study expected by year-end. The company is evaluating strategic options and partnerships to maximize the value from the asset.

Yamana Gold has a $7-billion market capitalization. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 25–JUNE 7, 2020

15

Barrick reports strong Q1; withdraws guidance for Porgera EARNINGS

BY TRISH SAYWELL

B

tsaywell@northernminer.com

arrick Gold (TSX: ABX; NYSE: GOLD) has withdrawn its 2020 guidance for its 47.5%-owned Porgera mine after placing it in temporary care and maintenance on April 27. Work was halted after Papua New Guinea said it would not renew the mine’s 20-year special mining lease (SML). The revised group guidance without Porgera is between 4.6 million and 5 million oz. gold, about 200,000 oz. less than its previous guidance of between 4.8 million and 5.2 million ounces.

“The government’s recent response to our engagement towards the extension of the SML came as a surprise,” Mark Bristow, Barrick’s CEO, said on a conference call reporting first-quarter results on May 6. “Last week, we filed a lawsuit in the PNG court, seeking to quash the government’s decision. We received a preliminary order that directed the government to cooperate with our efforts to secure and protect the mine, and also directed the government to engage in negotiations with us to attempt to resolve the matter.”

“The order was very clear for us to engage in a committed way to working to find a solution,” Bristow added during the question and answer portion of the call. “I’m very committed to finding solutions and spent my entire career working towards ensuring we have constructive partnerships with our stakeholders.”

Barrick reported a strong start to the year, with first-quarter gold production and costs consistent with its full-year guidance. The company

| Company achieves 1.25 million oz. gold production goal in first quarter

produced 1.25 million oz. gold at total cash costs of US$692 per oz. and all-in sustaining costs (AISCs) of US$954 per oz., and 115 million lb. copper at C1 cash costs of US$1.55 per lb. and AISCs of US$2.04 per pound. Net earnings came in at US$400 million, or US22¢ per share, generating free cash flow of US$438 million. The company also trimmed its debt by 17% to US$1.85 billion, with no significant maturities until 2033, and maintained its dividend of US7¢ per share.

Meanwhile, the company continues to spend about $170 million per year on exploration, Bristow said.

“Brownfield exploration around our existing assets last year replaced all the reserves depleted by mining, and, I might add, at a higher grade and we’re looking for a similar performance this year.”

Bristow also noted that the company’s exploration and generative teams “are looking further afield for our next tier one and tier two discoveries” and have also “been extending our horizons to Saudi Arabia, Japan, as well as the Pacific Rim.” Exploration at its 50%-owned Jabal Sayid copper mine in Saudi Arabia “has been very promising and we have intersected very high grade mineralization from step-out drilling that point to mine life extensions.”

The copper operation, 350 km northeast of Jeddah, is a joint-venture with Ma’aden and started commercial production in July 2016.

In South America, the El Indio trend, which runs along the Andes and includes the Veladero mine and its Pascua Lama project, “is rich in potential for major gold and copper

“I’M VERY COMMITTED TO FINDING SOLUTIONS AND SPENT MY ENTIRE CAREER WORKING TOWARDS ENSURING WE HAVE CONSTRUCTIVE PARTNERSHIPS WITH OUR STAKEHOLDERS.” MARK BRISTOW, PRESIDENT AND CEO, BARRICK GOLD

Above: President and CEO Mark Bristow (centre) visits with employees at the Golden Sunlight mine in Montana, USA. BARRICK GOLD.

discoveries,” he added, and now that Barrick has a full exploration team for that region, it has “embarked on an extensive compilation of legacy data to generate new ideas. At Veladero itself, indications are that satellite deposits could extend its life beyond the current tenures.”

Barrick’s share price has appreciated 45% so far this year, Bristow added, “and if we measured from the time of the Randgold merger announcement, it is substantially

more, outpacing both the industry and the gold price.”

At press time in Toronto, Barrick was trading at $39.56 per share within a 52-week range of $15.73 and $40.14.

Kerry Smith, a mining analyst covering Barrick at Haywood Securities, raised his target price on the stock from $40 to $42 per share following the conference call and recommended accumulating shares in the company at current levels.

“Barrick declared a strong quarter,

has started 2020 on a strong footing footing, and excluding Porgera, 2020 guidance has been maintained,” he wrote in a research note on May 7.

“Following closure of the Nevada joint-venture on July 1, the new management team has moved quickly,” Smith said. “With the debt situation now stabilized, the company can now focus on organic growth and is shifting its focus on optimal exploitation of the orebodies and growth through the drill bit.” TNM

Moneta Porcupine expands gold mineralization at Golden Highway ONTARIO

| Company plans to update resource by year-end

BY CARL A. WILLIAMS

Drill core sample from the South West deposit showing visible gold mineralisation. MONETA PORCUPINE MINES.

cwilliams@northernminer.com

M

oneta Porcupine Mines (TSX: ME; US-OTC: MPUCF) has released results from a winter drill program at its wholly owned Golden Highway project, 110 km east of Timmins, Ontario.

The project has six known deposits: South West, West Block, Windjammer North, 55, Windjammer South and Discovery. The property is within trucking distance of six existing mills that have excess capacity for toll milling, but the junior could also build its own mill on the 200-sq.-km. property.

“The focus of our exploration this year was on the deposits and targets adjacent to South West, which is our main deposit and currently the subject of a preliminary economic assessment,” Gary O’Connor, the company’s CEO and chief geologist, said a telephone interview.

“We laid out plans to drill out the extensions of the 55 and Windjammer South deposits, with secondary drilling to test the new target at Westaway. However, it became clear to us that Westaway had significant potential, and so went from being a new discovery into a resource drill-

“IT BECAME CLEAR TO US THAT WESTAWAY HAD SIGNIFICANT POTENTIAL, AND SO WENT FROM BEING A NEW DISCOVERY INTO A RESOURCE DRILLOUT PROGRAM IMMEDIATELY.” GARY O’CONNOR, CEO AND CHIEF GEOLOGIST, MONETA PORCUPINE MINES

out program immediately.”

The 2,317-metre drill program includes five holes testing possible extensions of gold veins at Westaway, which was discovered in January. The

drill program confirmed mineralization at Westaway over a strike length of 350 metres and widths averaging over 3 metres and to depths of 600 metres.

The work program confirmed a total of 13 mineralized veins at Westaway, which is around 1.2 km west of the current South West gold resource and approximately 800 metres from the 55 deposit, O’Connor said.

Highlights of the program included drill hole 20-143, which intersected 2 metres grading 9.73 grams gold per tonne from 205 metres downhole, including 1 metre grading 18.9 grams gold from vein 13 at Westaway, which extended the vein by about 100 metres to the south, 150 metres to the west and 200 metres

to depth from a previous drill hole located 1 km to the west of the South West deposit.

The same hole also intersected 4 metres grading 4.49 grams gold, including 1 metre grading 7.45 grams gold from vein 9, and 3 metres grading 3.72 grams gold per tonne, including 1 metre grading 5.83 grams gold per tonne from vein 8, and extended both veins by 100 metres to depth and 150 metres to the west.

“We are still logging and cutting core from deeper portions of the hole and will release the results from assays once they become available,” O’Connor said. “They will also be used to update the geological model for what is our flagship property.”

Other highlights from the drill program at Westaway included

drill hole 20-38, which intersected 8 metres grading 1.59 grams gold starting from 229 metres downhole in Vein 12, with a higher grade core of 1 metre grading 5.18 grams gold.

Drill hole 20-139 intersected 3 metres grading 3.42 grams gold, including 1 metre grading 4.11 grams gold from 326 metres downhole from vein 10, extending it 100 metres to the south.

“We have drill programs planned to extend the Discovery and Windjammer North deposits, possibly for later this year, or we may go back to exploration drilling on other targets that we have identified,” said O’Connor.

In the meantime, the junior is hoping to update its resource before the end of the year.

Currently, the project has an indicated resource of 3.82 million tonnes grading 4.53 grams gold for 556,500 contained oz. gold and inferred resources of 8.48 million tonnes grading 4.31 grams gold for 1.17 million ounces.

At press time in Toronto, Moneta Porcupine was trading at 17¢ per share within a 52-week trading range of 6¢ and 16¢.

The company has 312 million common shares outstanding for a $53-million market capitalization. TNM

16

WWW.NORTHERNMINER.COM

MAY 25–JUNE 7, 2020 / THE NORTHERN MINER

NexGen Energy lines up US$30M from Queen’s Road Capital FINANCING

BY CARL A. WILLIAMS cwilliams@northernminer.com

N

exGen Energy (TSX: NXE; NYSE: NXE) has signed a US$30 million financing agreement with Queen’s Road Capital Investment (TSXV: QRC) and plans to use the funds to advance work at its flagship Arrow deposit, part of the company’s Rook 1 project in Saskatchewan.

“Warren Gilman, chairman and chief executive officer of Queen’s Road Capital, is a long-time shareholder and supporter of NexGen and also joined our board in 2017,” Leigh Curyer, NexGen’s CEO said in an interview. “Warren came to us and wanted to invest in uranium, but only wanted to invest in world-class projects and world-class management teams. We met both those criteria.”

A leading financier to the global resource sector, Queen’s Road Capital Investment makes investments in privately held and publicly traded resource companies and acquires and holds securities for both long-term capital appreciation and short-term gains, says the company.

The financing consists of a US$15 million private placement (11.6 million common shares at C$1.80 per share) and US$15 million in unsecured convertible debentures. The debentures carry a 7.5% coupon over a five-year term and can be converted into about 8.9 million

| High-profile uranium explorer cashes up as spot price rises

“WE CONTINUE TO BE VERY BULLISH ON NEXGEN, AS WE BELIEVE IT CONTROLS ONE OF THE BEST UNDEVELOPED RESOURCES GLOBALLY, IN ANY COMMODITY.” COLIN HEALEY ANALYST, HAYWOOD SECURITIES

The processing facility at Rook 1. NEXGEN ENERGY.

common shares at C$2.34 per share.

“This agreement is identical to our previous financing agreement for US$110 million with CEF Holdings back in 2017,” Curyer said. “When you consider the pricing of both agreements at a 5% premium to the 20-day VWAP, I think it speaks very highly to overall financing for NexGen and also Queen’s Road Capital.”

News of the financing on May 11 sent the company’s shares up 3.6% to $2.04, which Curyer said is “a solid indication of the market’s appreciation of this financing agreement.”

NexGen Energy is now extremely well-funded with about $75 million in the treasury on the closure of the agreement, he added, “so, we are very

well placed to complete the feasibility study for our Arrow deposit by the end of this year, subject to the business returning to normal after the coronavirus outbreak.”

The mining executive also pointed to the investor rights agreement in the transaction, which he said will provide for voting alignment, standstill and transfer restriction covenants for as long as Queen’s Road Capital holds at least 5% of NexGen’s shares on a partially diluted basis, or until there is a change of control.

“The rights agreement means that the investor and debenture holders will support management and the board in resolutions forwarded to the

shareholders,” said Curyer, “which is very important for any hostile M&A attention we might receive.”

NexGen’s wholly-owned Arrow deposit has an indicated mineral resource of 2.89 million tonnes grading 4.03% U3O8 for 256.6 million lb. contained U3O8 , including a highgrade core of 0.46 million tonnes grading 17.85% U3O8 for 181 million lb. U3O8. Inferred resources add 4.84 million tonnes grading 0.86% U3O8 for 91.7 million lb. U3O8 .

Colin Healey, a mining analyst at Haywood Securities said in a research note that NexGen is his top pick in the uranium sector “due to the disruptive potential of the Arrow

First Vanadium outlines low-cost project in Nevada VANADIUM

| U.S. Department of the Interior considers vanadium to be a critical commodity “THE PEA DEMONSTRATES CARLIN’S IMPORTANCE AS A CRITICAL RESOURCE FOR A VITAL STRATEGIC METAL THAT IS ESSENTIAL TO PROTECTING U.S. NATIONAL INTERESTS.”

BY CARL A. WILLIAMS

F

cwilliams@northernminer.com

irst Vanadium (TSXV: FVAN; US-OTC: FVANF) has completed a preliminary economic assessment (PEA) for its Carlin vanadium project in Elko County, 10 km south of the town of Carlin in north-central Nevada.

“Getting to the PEA level for Carlin was a significant milestone for us and is a key part of the process for unlocking the value of the project,” Paul Cowley, the company’s president and CEO, said in an interview.

The early-stage study estimates an open-pit mine life of 11 years producing a total of 180 million lb. vanadium oxide (V2O5). The study also envisions processing an additional five years of stockpile feed that would generate an annual average of 11 million lb. V2O5 after the mine reaches the end of its operating life.

Sulphuric acid and electricity from the processing plant would then be sold for a four-year period.

“The deposit is located in a significant mining hub, so as we approach the end of the life of the vanadium mine, the processing plant could continue to provide acid as well as electricity to mines operating in the district, so we won’t need to find buyers for it.”

The PEA estimates average operating costs for the large-scale open-pit project of US$4.81 per lb. V2O5 for the first 10 years and US$5.17 per lb. V2O5 over the life of the mine.

PAUL COWLEY PRESIDENT AND CEO, FIRST VANADIUM

First Vanadium president and CEO, Paul Cowley, during a drilling verification at the Carlin vanadium deposit. FIRST VANADIUM

“The most significant component of the PEA is the low operating costs, which fall into the lower quartile for vanadium production and therefore provides us with a significant advantage over other vanadium produc-

ers, whose costs are generally much higher,” Cowley said.

The PEA forecast pre-production capital requirements for the project of US$535 million, and calculated an after-tax net present value of US$29

million at a discount rate of 6%, an internal rate of return of 7% and a payback period of 7.7 years. The study used a V2O5 price of US$10.65 per pound.

The project has indicated resources of 24.64 million tonnes grading 0.615% V2O5 for 303 million lb. contained V2O5 , and inferred resources of 7.19 million tonnes grading 0.520% V2O5 for 75 million lb. V2O5 . The estimate uses a cut-off grade of 0.3% V2O5 .

Cowley noted that Carlin could become a source of much-needed vanadium for the United States. The bulk of the vanadium in the U.S. is sourced from China. As a conse-

deposit.”

“We continue to be very bullish on NexGen, as we believe it controls one of the best undeveloped resources globally, in any commodity,” he stated in his note to clients.

Brian MacArthur of Raymond James increased his target price on NexGen following news of the financing from $4.00 per share to $4.25.

At press time in Toronto, NexGen Energy was trading at $2.10 per share within a 52-week trading range of 76¢ and $2.31.

The company has 355 million common shares outstanding for a $757-million market capitalization. TNM

quence, the U.S. Department of the Interior has deemed vanadium as one of the commodities considered critical to the country’s economic and national security.

“The PEA demonstrates Carlin’s importance as a critical resource for a vital strategic metal that is essential to protecting U.S. national interests,” he said, “particularly as it is only one of two primary vanadium deposits located in North America.”

Vanadium is used in a range of applications, including in vanadiumsteel alloys for use in armour plates, car gears and crankshafts. Titaniumaluminium-vanadium alloys are also used in jet engines and aircraft, and vanadium is also an ingredient in lithium-ion batteries used in electric vehicles.

The company also believes that the Carlin deposit may host significant gold mineralization.

“We’ve been so focussed on the PEA that the gold opportunity has been sitting idle,” said Cowley, “but now we want to bring forward that opportunity by tapping into the plumbing system of the Carlin Gold Trend, where the deposit is located.”

The company has employed the renowned Carlin Gold Trend specialist and former Newmont (TSX: NGT; NYSE: NEM) exploration manager, Dave Mathewson, who has interpreted a high-grade gold deposit at depth that sits below the vanadium mineralization.

To evaluate the mostly underexplored gold targets within the project, the company plans to conduct drilling at gold targets this summer, Cowley said.

At press time in Toronto, First Vanadium was trading at 20¢ per share within a 52-week trading range of 12¢ and 51¢.

The company has 42 million common shares outstanding for an $8.7-million market capitalization. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 25–JUNE 7, 2020

17

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MAY 25–JUNE 7, 2020 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MAY 11-MAY 15 After starting the May 11-15 trading week with some gains, the S&P/TSX Composite Index closed down 2.24% to 14,638.90. Spot gold continued to rise, ending the week at US$1,742.20 per oz., a gain of US$39.30 per oz., or 2.26%, and the S&P/TSX Global Gold Index advanced 4.86% to 370.32. The S&P/ TSX Global Base Metals Index fell 3.57% to 75.88, while the S&P/TSX Global Mining Index increased 2.84% to finish the week at 88.01.

Shares of Victoria Gold climbed $4.79 to close at $13.06. This followed the release of an operations update on Victoria’s wholly-owned Dublin Gulch property located in the central Yukon, where the company operates its Eagle gold mine. The update stated that April had seen gold production at the mine increase substantially and higher gold output is expected to continue over the coming months as more ore is placed under leach. The company says that the Eagle mine produced 6,768 oz. gold in April, with a grade of 0.86 gram gold per tonne. This added considerably to the first quarter production total of 10,544 oz. and the year-to-date total of 17,312 ounces.

Gold explorer Loncor Resources surged 26¢ to close at 69¢ per share, as the company released an update on its activities within the Ngayu Greenstone Belt in the Democratic Republic of the Congo. Loncor has a dominant

footprint there through its joint venture with Barrick Gold (Congo) SARL, and announced that Barrick rigs were to commence drilling on several priority targets in this quarter. Drilling had been intended to start in March, but some delays were encountered at the border due to additional permitting requirements resulting from the COVID-19 pandemic.

Shares of Guyana Goldfields rose 24¢ to 94¢ as the firm announced that its board of directors had unanimously determined to reject an unsolicited proposal from Gran Colombia Gold to acquire all the issued and outstanding common shares of the company for consideration consisting entirely of Gran Colombia shares. The board of directors said that the proposal was not in the best interests of Guyana Goldfields or its shareholders, TSX MOST ACTIVE ISSUES

Freegold Vent B2Gold Corp Suncor Energy Kinross Gold Yamana Gold Barrick Gold Guyana Gldflds RNC Minerals Alacer Gold First Quantum

FVL BTO SU K YRI ABX GUY RNX ASR FM

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

52704 0.50 42105 7.82 31735 24.45 31218 10.54 25135 7.52 20549 39.65 19049 0.96 18215 0.55 14038 9.73 13672 8.90

0.30 0.50 + 0.16 7.01 7.62 - 0.02 21.09 22.86 - 0.97 9.51 10.49 + 0.70 7.00 7.48 + 0.17 36.04 39.56 + 1.43 0.78 0.94 + 0.24 0.49 0.53 - 0.01 7.51 9.69 + 1.50 7.34 7.57 - 1.32

and reaffirmed its unanimous support for an arrangement previously announced that has Silvercorp Metals acquiring all of the issued and outstanding shares of Guyana Goldfields. In particular, the company says that the Silvercorp deal will see a continued commitment to developing their flagship Aurora gold mine in Guyana.

First Quantum Minerals closed down $1.32 at $7.57 per share, as the company continued

to deal with reduced production expectations from its mining operations, which include sites in Panama, Zambia and South Africa.

The firm’s Cobre Panama copper and gold mine was temporarily closed last month by the Panamanian Ministry of Health after some workers at the site contracted COVID-19.

Maintenance and temporary care of the site is expected to cost First Quantum between US$4-6 million per week. TNM

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Loncor Res Victoria Gold Freegold Vent Silver Bull Re Corvus Gold Yorbeau Res Guyana Gldflds St Augustine Avino Silver Condor Gold Western Potash SouthGobi Res Potash Ridge Trevali Mng Karnalyte Res First Quantum Lucara Diam Josemaria Res Forsys Metals Solitario Ex&R

LN VGCX FVL SVB KOR YRB GUY SAU ASM COG WRX SGQ SOP TV KRN FM LUC JOSE FSY SLR

144 0.69 3427 13.60 52704 0.50 870 0.11 1873 3.25 5851 0.07 19049 0.96 466 0.02 596 0.73 43 1.10 383 0.28 19 0.14 4110 0.04 11304 0.09 16 0.17 13672 8.90 1226 0.51 149 0.72 378 0.21 115 0.39

TSX GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.45 8.26 0.30 0.07 2.08 0.04 0.78 0.01 0.52 0.70 0.19 0.11 0.03 0.06 0.00 7.34 0.43 0.59 0.00 0.34

0.69 13.06 0.50 0.10 3.17 0.06 0.94 0.02 0.73 0.90 0.19 0.11 0.03 0.07 0.14 7.57 0.45 0.60 0.15 0.34

+ + + + + + + + + + -

58.6 57.9 45.6 42.9 40.9 37.5 34.3 33.3 32.7 28.6 29.6 26.7 25.0 18.8 17.6 14.8 14.4 14.3 14.3 12.8

VOLUME (000s)

Franco-Nevada Aura Minerals Newmont Corp Agnico Eagle Endeavour Mng SSR Mining Victoria Gold Wheaton Prec M Pan Am Silver Seabridge Gld Nutrien Kirkland Lake First Quantum Teck Res Cameco Corp Suncor Energy Ero Copper Labrador IOR Equinox Gold HudBay Min

FNV ORA NGT AEM EDV SSRM VGCX WPM PAAS SEA NTR KL FM TECK.A CCO SU ERO LIF EQX HBM

2878 4 830 3976 2686 4561 3427 5163 4024 593 5600 7870 13672 15 5879 31735 1084 902 5531 7925

WEEK CLOSE

CHANGE

212.30 71.00 95.44 97.27 32.72 30.08 13.06 64.33 34.54 22.10 44.70 57.79 7.57 15.00 13.87 22.86 15.17 19.45 11.90 3.13

+ 12.90 + 10.95 + 5.79 + 5.49 + 5.19 + 4.85 + 4.79 + 3.95 + 3.42 + 1.86 - 4.70 - 1.99 - 1.32 - 1.10 - 1.10 - 0.97 - 0.83 - 0.50 - 0.46 - 0.37

TSX VENTURE EXCHANGE / MAY 11-MAY 15 The S&P/TSX Venture Composite Index rose 3.32% to 508.99 and gold continued to make gains, rising US$39.30 per oz., or 2.26%, to close at US$1,742.20 per ounce.

Abitibi Royalties saw its share price jump $1.01 to $22.00 with news of an updated resource estimate for their New Alger royalty. The company has a 1% net smelter return (NSR) royalty at the property, which is owned by Renforth Resources. The New Alger property is one of the company’s near-mine, early-stage NSRs, located in Cadillac, Québec, and contiguous to Agnico Eagle’s LaRonde mine. According to Abitibi, the resource estimate for New Alger totals 62,600 oz. gold in 1.04 million tonnes at an average grade of 1.88 grams gold per tonne in the indicated category, and 188,000 oz. gold in 3.23 million tonnes at an average grade of 1.81 grams gold in the inferred category.

Shares of Rupert Resources almost doubled in price, gaining 76¢ to $1.62. This came as the company reported the results of its ongoing exploration program in northern Finland, which is targeting a multi-million ounce gold field.

The firm has been drilling at its wholly-owned Pahtavaara project in the Central Lapland Greenstone Belt, and has drilled a significant gold-hosting structural zone there. Rupert

Resources says one hole intersected 137 metres grading 1.8 grams gold from 11 metres, the base of till surface, while a second hole drilled 100 metres away intersected 54 metres grading 1.5 grams gold from 25 metres.

Pure Gold Mining’s shares jumped 17¢ to $1.04, as news about its Madsen mine was released. Located in northwestern Ontario, the mine near Red Lake has seen surface construction and underground development continuing in the midst of the corona pandemic, and Pure Gold expects to produce its first pour by year-end. The operation is located on the site of two former gold mines that produced 2.5 million oz. gold between 1938 and 1976, and the firm believes the high-grade mine is TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Leeta Gold TVI Pacific Pure Gold Mg Aurelius Min Power Metals Nortec Mnls Purepoint Uran AbraPlata Res Pacton Gold Nexus Gold

HIVE 17261 TVI 13705 PGM 12707 AUL 9148 PWM 7398 NVT 6973 PTU 5746 ABRA 5683 PAC 5622 NXS 5574

0.45 0.02 1.09 0.09 0.54 0.03 0.05 0.10 0.08 0.07

WEEK LOW CLOSE CHANGE

0.37 0.01 0.88 0.05 0.43 0.02 0.04 0.08 0.07 0.06

0.39 0.02 + 1.04 + 0.07 + 0.49 + 0.02unch 0.04 0.09unch 0.08unch 0.06 +

0.06 0.01 0.17 0.02 0.08 0.00 0.01 0.00 0.00 0.01

capable of producing 125,000 oz. payable gold annually over a 12-year period.

After Melkior Resources’ share price soared from 40¢ to 94¢, the gold and base metals exploration company requested on May 14 that trading of its shares be halted pending company

news. This request followed an announcement on May 12 that Melkior was optioning a series of claims adjacent to its Carscallen project near Timmins, Ontario. The Carscallen project shares over 9 km of border with Pan American Silver. TNM

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Para Resources Alliance Mng DV Resources Pantheon Vent Melkior Res Lupaka Gold Paleo Resource Cameo Cobalt Galantas Gold District Cop Freeport Res CROPS Jourdan Res Surge Explor ExGen Res Inc MX Gold Bearclaw Cap Worldwide Res Standard Uran Greatbanks Re

SOMA ALM DLV.H MVY MKR LPK PRE CRU GAL DCOP FRI COPS JOR SUR EXG MXL.H BRL.H WR.H STND GHL

55 2840 109 2707 1801 2541 43 5451 163 494 1096 71 710 180 2276 3569 130 45 46 7

0.22 0.02 0.15 0.09 0.96 0.03 0.01 0.02 0.45 0.01 0.08 0.02 0.01 0.01 0.01 0.01 0.02 0.04 0.21 0.14

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.18 0.01 0.06 0.04 0.43 0.01 0.00 0.01 0.28 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.16 0.09

0.20 0.02 0.15 0.09 0.94 0.02 0.01 0.02 0.45 0.01 0.07 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.16 0.09

+ 900.0 + 300.0 + 150.0 + 142.9 + 135.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 60.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 42.9 - 40.7 - 39.3

VOLUME (000s)

Abitibi Royal Rupert Res Metalore Res Great Bear Res Melkior Res Bear Creek Mng Pac Booker Min Galantas Gold GT Gold Para Resources Aurania Res Caldas Gold Universal Vent Cantex Mn Dev Standard Uran Vanstar Mng Rs Viva Gold Freeport Res Callinex Mines EMX Royalty

RZZ RUP MET GBR MKR BCM BKM GAL GTT SOMA ARU CGC MCLD CD STND VSR VAU FRI CNX EMX

WEEK CLOSE

28 22.00 1596 1.62 5 2.20 1447 11.60 1801 0.94 714 2.44 11 1.89 163 0.45 2666 1.57 55 0.20 76 2.95 77 1.85 134 4.10 139 0.71 46 0.16 676 1.01 264 0.24 1096 0.07 22 0.50 130 2.50

CHANGE

+ + + + + + + + + + -

1.01 0.76 0.70 0.55 0.54 0.44 0.30 0.23 0.20 0.18 0.39 0.20 0.19 0.13 0.11 0.11 0.11 0.11 0.10 0.10

U.S. MARKETS / MAY 11-MAY 15 As decisions about reopening businesses continued to vary from state to state in the U.S., the Dow Jones Industrial Average fell 2.73% to 23,685.42, while the S&P 500 dropped 2.31% to 2,863.70. Meanwhile, gold maintained its lustre amid the COVID-19 pandemic as it continued to rise, ending the week at US$1,742.20 per oz., a gain of US$39.30 per oz., or 2.26%.

Franco-Nevada continued to gain market value, as its shares climbed US$7.28 to close at US$150.66. This comes after Franco-Nevada announced it had entered into an agreement with Australian mining firm SolGold, which is developing its flagship Alpala copper-gold project in northern Ecuador. Under the agreement between the companies, Franco-Nevada acquired a 1% net smelter return royalty with reference to all minerals produced at the Ecuadorean project in return for US$100 million.

As silver prices have increased, Hecla Mining saw its shares rise 33¢ to US$2.99. This comes after the precious metal mining firm’s share value was reduced as a result of their mining operations being affected by the coronavirus pandemic. The company posted revenues of US$136.93 million for the quarter ended March 31, down from year-ago revenues of US$152.62 million. Hecla’s operations include silver mines in Alaska, Idaho and Mexico, as

well as gold mines in Quebec and Nevada.

The company’s stated 2020 reserves are 212 million oz. silver and 2.7 million oz. gold.

Coeur Mining saw its shares surge by US93¢ to close the week at US$5.10, as it prepared to restart active mining, processing and exploration activities at its Palmarejo gold-silver complex in the state of Chihuahua, Mexico. This comes as the federal government in Mexico updated its guidance for the mining sector, which is now considered an essential business activity. Coeur has five wholly-owned operations that include the Palmarejo complex, as well as the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in U.S. MOST ACTIVE ISSUES VOLUME (000s) HIGH

Vale* VALE 133787 8.52 Freeport McMoR* FCX107048 0.73 Yamana Gold* AUY 99204 5.33 Kinross Gold* KGC 99050 7.47 Barrick Gold* GOLD 81633 28.10 Cleveland-Clif* CLF 76399 4.85 United States S* X 56847 8.45 Chevron Corp* CVX 48723 94.60 Hecla Mining* HL 44147 3.01 Alcoa* AA 41257 7.96

WEEK LOW CLOSE CHANGE

7.86 9.17

8.27 - 0.25 7.818.48 -

4.96 5.29 + 0.05 6.75 7.44 + 0.42 25.56 28.04 + 0.65 3.80 4.10 - 0.72 6.88 7.17 - 1.37 86.02 89.16 - 6.31 2.47 2.99 + 0.33 6.38 6.66 - 1.41

South Dakota and the Silvertip silver-zinc-lead mine in British Columbia.

Newmont continued to shine, with its shares rising by US$3.35 to US$67.90. This comes as the firm prepares to ramp up production at its Peñasquito mine in Mexico, after the federal government decided mining would be allowed to resume. Newmont said it would take about

two weeks to restart operations at Peñasquito and reach stable production values. The site, an open-pit mine and related processing facilities, is located 780 km northwest of Mexico City and produces gold, silver, lead and zinc.

Peñasquito is 100%-owned by Newmont with attributable annual gold production of 129,000 ounces. TNM

U.S. GREATEST PERCENTAGE CHANGE Coeur Mng* Fortuna Silvr* Endeavr Silver* Hecla Mining* Osisko Gold* Seabridge Gld* Harmony Gold* DRDGOLD* Sandstorm Gold* First Majestic* Peabody Enrgy* Alcoa* CONSOL Energy* United States S* CONSOL Coal Rs* Mosaic* Cleveland-Clif* Arch Coal* HudBay Min* Nutrien*

CDE FSM EXK HL OR SA HMY DRD SAND AG BTU AA CEIX X CCR MOS CLF ARCH HBM NTR

VOLUME (000s) HIGH

39537 19280 18064 44147 4740 3254 31455 2551 13440 38137 16224 41257 2916 56847 336 24237 76399 2014 8239 8152

U.S. GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

5.21 3.81 3.99 3.08 1.68 1.35 3.01 2.47 10.45 9.01 15.80 13.66 3.89 3.45 10.36 9.07 8.64 7.64 8.86 7.20 4.15 2.71 7.96 6.38 7.53 5.81 8.45 6.88 4.95 3.95 11.56 9.58 4.85 3.80 32.48 26.82 2.50 1.86 34.93 29.70

5.10 3.96 1.63 2.99 10.34 15.65 3.85 10.34 8.55 8.84 2.94 6.66 5.97 7.17 4.10 10.08 4.10 29.04 2.23 31.69

+ + + + + + + + + + -

22.3 20.7 13.2 12.4 8.0 7.9 7.8 7.7 7.0 6.8 20.5 17.5 16.9 16.0 16.0 15.4 14.9 10.9 10.8 10.8

VOLUME (000s)

Franco-Nevada* FNV Newmont Corp* NEM Agnico Eagle* AEM Wheaton Prec M* WPM AngloGold Ash* AU Seabridge Gld* SA Coeur Mng* CDE Osisko Gold* OR DRDGOLD* DRD Fortuna Silvr* FSM MartinMarietta* MLM Chevron Corp* CVX Black Hills* BKH Nutrien* NTR Arch Coal* ARCH NACCO Ind* NC Kirkland Lake* KL Mosaic* MOS Southern Copp* SCCO Alcoa* AA

5039 34062 7995 14004 18201 3254 39537 4740 2551 19280 3396 48723 3103 8152 2014 95 11074 24237 3929 41257

WEEK CLOSE

150.66 67.90 68.93 45.64 27.75 15.65 5.10 10.34 10.34 3.96 168.07 89.16 55.91 31.69 29.04 26.83 40.97 10.08 32.81 6.66

CHANGE

+ + + + + + + + + + -

7.28 3.35 3.04 2.26 1.58 1.15 0.93 0.77 0.74 0.68 8.52 6.31 4.83 3.82 3.54 2.17 2.06 1.83 1.64 1.41

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MAY 25–JUNE 7, 2020

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK

LME WAREHOUSE LEVELS

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 16 2020 (change from April 09, 2020 in brackets): Aluminium Alloy 8560 (+260) Aluminium 1261475 (+21775) Copper 260825 (+550) Lead 72500 (+825) Nickel 230064 (+1002) Tin 6675 (-570) Zinc 99150 (+1175)

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 16 2020 (change from April 09, 2020 in brackets): Aluminium Alloy 8560 (+260) Aluminium 1261475 (+21775) Copper 260825 (+550) Lead 72500 (+825) Nickel 230064 (+1002) Tin 6675 (-570) Zinc 99150 (+1175)

PRODUCER AND DEALER PRICES Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$54.65 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.50 Cobalt: US$13.38/lb.

Copper: US$2.34/lb.

Copper: CME Group Futures June 2020: US$2.40/lb.; July 2020: US$2.40/lb Iridium: NY Dealer Mid-mkt US$1,575.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$93.30 Lead: US$0.72/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$7,250.00 tr. oz.

Ruthenium: Mid-mkt US$270.00/tr. oz.

Silver: Handy & Harman Base: US$16.61 per oz.; Handy & Harman Fabricated: US$20.77 per oz.

Tin: US$6.92/lb.

Uranium: U3O8, Trade Tech spot price: US$33.80 per lb. U308 Zinc: US$0.88/lb.

Prices current May 18 2020

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS Short positions outstanding as of Apr 30, 2020 (with changes from Apr 15, 2020) Largest short positions Conic Metals NKL 3939923 -33887 4/15/2020 New Pac Metals NUAG 2610972 746153 4/15/2020 Falcon Gold FG 2097179 2031239 4/15/2020 Power Metals PWM 2072846 2003764 4/15/2020 Bluestone Res BSR 1962978 1908274 4/15/2020 Tri Origin Exp TOE 1070670 1065670 4/15/2020 Ucore Rare Mtl UCU 1065002 906684 4/15/2020 Anfield Energy AEC 1041346 958744 4/15/2020 Robex Res RBX 765738 563381 4/15/2020 Leeta Gold HIVE 756500 213559 4/15/2020 GoviEx Uranium GXU 708810 425151 4/15/2020 MAX Res MXR 639904 625559 4/15/2020 Metalla Rylty MTA 564583 5376 4/15/2020 Rusoro Mng RML 486507 409217 4/15/2020 Teslin Rvr Res SIM 478894 373179 4/15/2020 Largest increase in short position Falcon Gold FG 2097179 2031239 4/15/2020 Power Metals PWM 2072846 2003764 4/15/2020 Bluestone Res BSR 1962978 1908274 4/15/2020 Tri Origin Exp TOE 1070670 1065670 4/15/2020 Anfield Energy AEC 1041346 958744 4/15/2020 Largest decrease in short position Tembo Gold TEM 267 -6003733 4/15/2020 Surge Explor SUR 250000 -868643 4/15/2020 BTU Metals BTU 244095 -633036 4/15/2020 Palladium One PDM 66271 -555362 4/15/2020 Guyana Goldstr GYA 500 -514262 4/15/2020

DAILY METAL PRICES

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

Gold AM 1693.15 1717.85 Gold PM 1692.55 1729.50 Silver 15.16 15.5 Platinum 780.00 790.00 Palladium 2154.00 2139.00

1712.25 1718.65 15.57 778.00 2152.00

Apr 14 1150.50/1190 1455.50/1491.50 6067.50/5085.50 1692.50/1707 11350/11409 14929/14770 1932/1940

1715.85 1741.90 15.51 761.00 2189.00

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

May 15 1.4110 0.7088

May 14 1.4048 0.7118

Exchange rates (Quote Media, May 15, 2020) C$ to AUS C$ to EURO 1.105 0.6550 C$ to UK Pound C$ to China Yuan 0.5857 5.0317 US to AUS US to EURO 1.5589 0.9242 US to UK Pound US to China Yuan 0.8262 7.1022

May 13 1.4099 0.7093

May 12 1.4067 0.7109

C$ to YEN 75.8791 C$ to India Rupee 53.7240 US to YEN 107.0895 US to India Rupee 75.8770

May 11 1.4014 0.7136

C$ to Mex Peso 16.9632 C$ to Swiss Franc 0.6890 US to Mex Peso 23.9558 US to Swiss Franc 0.9718

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

C$ to SA Rand 13.1778 C$ to S. Korea Won 874.0136 US to SA Rand 18.5824 US to S. Korea Won 1233.1900

GLOBAL MINING NEWS · SINCE 1915

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share.

American Cumo Mining Corp. (MLY.RT) - 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Equinox Gold Corp (EQX.WT) - One war-

Platinum Group Metals Ltd. (PTM.WT.U) One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT) Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 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

rant to purchase one common share at $3.00 per share.

Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Maple Gold Mines Ltd. (MGM.WT) - One

warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share.

Sandfire Resources America Inc. (SFR.RT) Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

IndexaName S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

May 15 14638.90 509.01 886.85 370.48 286.01

May 14 14509.66 498.26 881.22 356.65 286.01

May 13 14503.21 493.41 882.04 345.40 277.02

May 12 14881.16 500.71 904.10 342.62 275.37

May 11 15103.22 495.20 916.89 343.02 276.27

High 15527.30 1050.26 896.74 218.90 420.72

Low 12400.15 883.52 709.99 149.29 130.95

NEW 52-WEEK HIGHS AND LOWS MONTH XX–XX, 2016 Damara Gold* DRDGOLD* Dundee Prec Mt DV Resources Eagle Plains Electra Stone* Endeavour Mng Endeavour Mng* Eros Res Corp Eros Res Corp* Evergold Evergold* Explorex Res Fieldex Expl Fiore Gold Fiore Gold* Fortune Bay Fortune Bay* Franco-Nevada Franco-Nevada* Freegold Vent Frontline Gold Galantas Gold Galantas Gold* Galiano Gold Galway Gold Galway Gold * Genius Metals Gold Fields* Gold Lion Res Gold X Mining Goldblock Cap Golden Harp* Golden Opp Res Golden Pursuit Goldrich Mng* Goldseek Res

195 New Highs 1911 Gold 1911 Gold* Abitibi Royal* Adamera Min Adamera Min* Agnico Eagle Agnico Eagle* Aiml Res Alacer Gold Alio Gold Allegiant Gold Allegiant Gold* Alliance Mng Alpha Lithium Altan Rio Min American Pac AngloGold Ash* Armor Min Artemis Gold Artemis Gold* Athena Silver* Aurcana Corp Aurelius Min Bell Copper Bell Copper* Caledonia Mng Caledonia Mng* Calibre Mng Canada Nickel Centamin Centerra Gold Condor Gold Coral Gold Coral Gold * Corvus Gold Corvus Gold*

Goliath Res* GR Silver GR Silver* Great Bear Res GT Gold GT Gold * Hornby Bay Mnl Idaho Champion Inca One Gold Inca One Gold* Inform Res Intl Samuel Ex Intl Tower Hil Intl Tower Hil* Jaguar Mng Jaguar Mng* Kinross Gold Kinross Gold* Kodiak Copper* Kore Mining Kore Mining * Lions Bay Mg Lions Bay Mg * Lovitt Res* Makara Mining Mandalay Res Mandalay Res* McLaren Res Melkior Res Melkior Res* Monarch Gold Moneta Porcpn Moneta Porcpn* New Oroperu Newmont Corp Newmont Corp* Nickel North

Noble Mineral* Norsemont Cap Norsemont Cap* Northstar Gold* Nrthn Lion Oceanus Res Oceanus Res* Omineca Mining Omineca Mining* Orefinders Res Origen Res Original Sixtn* Orla Mng Ltd Orla Mng Ltd* Otso Gold Otso Gold* Pan Global Res Pancontinental* Pantheon Vent Para Resources Pike Mountain Pinecrest Res Pinecrest Res * PJSC Polyus Gd* Power Metals Power Metals* Prime Mining Pure Gold Mg Pure Gold Mg* QMX Gold QMX Gold* Quadro Res Red Eagle Mng* Richmond Mnls RosCan Gold RosCan Gold* Royal Gold*

Rubicon Mnrls Rubicon Mnrls* Rupert Res Rupert Res* San Marco Res San Marco Res* Sanatana Res Sanatana Res* Sandstorm Gold Seabridge Gld Silver Mtn Mns Southern Emp Spearmint Res* SSR Mining SSR Mining* Starr Peak Exp* Summa Silver Superior Mng Superior Mng* Taiga Gold Taiga Gold* Tanqueray Expl Tectonic Metal* Tembo Gold* Teranga Gold Teranga Gold* Tocvan Venture Troilus Gold Troilus Gold* Trueclaim Expl* TVI Pacific TVI Pacific* Vanadian Enrgy Vangold Res Vangold Res* Victoria Gold Victoria Gold*

Wesdome Gold Wesdome Gold* Wheaton Prec M Wheaton Prec M* Xander Res Yamana Gold Yamana Gold* Yorbeau Res Yorbeau Res* Zadar Ventures Zadar Ventures* 20 New Lows Alphamin Res Altan Rio Min Boreal Metals * Cantex Mn Dev Cleghorn Mnls Clydesdale Res CONSOL Coal Rs* Jazz Res Mason Graphite Mexus Gold* Mineworx Tech* Murchison Min* Nevada Copper Renforth Res* Sanatana Res* Sierra Madre* Standard Uran Teslin Rvr Res Trevali Mng Winshear Gold

CANADIAN GOLD MUTUAL FUNDS FundName AGF Gb R A Fd MF BMO Prec Mtls Fd A BMO ZGD BMO ZJG CIBC Prec Metal Fd A Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A iShares XGD Mac Prec Met Cl A NBI PrecMetFd Invt NPT Go&PrMinFd A NPT SilverEquCl A RBC GblPreMetFd A Sentry Pre Met Fd A TD Prec Mtl Fd Inv

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

the Issuer at $2.21 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

TSX VENTURE WARRANTS

Short positions outstanding as of Apr 30, 2020 (with changes from Apr 15, 2020) Largest short positions New Gold NGD 16533687 -2200523 4/15/2020 Barrick Gold ABX 14311454 -5901562 4/15/2020 Suncor Energy SU 13931156 -602329 4/15/2020 Ivanhoe Mines IVN 13834627 -440902 4/15/2020 Nexgen Energy NXE 12717141 765323 4/15/2020 Kinross Gold K 12191157 -4574643 4/15/2020 Premier Gold M PG 12061764 -526129 4/15/2020 Teck Res TECK.B 11239176 1790358 4/15/2020 HudBay Min HBM 11125921 793648 4/15/2020 Fortuna Silvr FVI 11062034 901373 4/15/2020 Yamana Gold YRI 10681035 1727155 4/15/2020 First Quantum FM 10549047 -4221449 4/15/2020 B2Gold Corp BTO 9135732 1545615 4/15/2020 Wheaton Prec M WPM 8684732 277175 4/15/2020 Sandstorm Gold SSL 8118334 -13985130 4/15/2020 Largest increase in short position Silvercorp Met SVM 5399193 3805411 4/15/2020 Guyana Gldflds GUY 3846032 2777246 4/15/2020 OceanaGold OGC 7835400 1885021 4/15/2020 Teck Res TECK.B 11239176 1790358 4/15/2020 Yamana Gold YRI 10681035 1727155 4/15/2020 Largest decrease in short position Sandstorm Gold SSL 8118334 -13985130 4/15/2020 Barrick Gold ABX 14311454 -5901562 4/15/2020 Kinross Gold K 12191157 -4574643 4/15/2020 First Quantum FM 10549047 -4221449 4/15/2020 Alamos Gold AGI 1454520 -3650103 4/15/2020

Daily Metal Prices Date Apr 17 Apr 16 Apr 15 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1165/1190 1140/1180 1140/1180 Aluminum 1482.50/1520 1476/1514 1456/1495.50 Copper 5175.50/4193.50 5098.50/5121.50 5119/5150 Lead 1651.50/1672 1675/1693 1685/1707.50 Nickel 11887/11967 11657/11726 11723/11803 Tin 15203/15167 15175/15105 15425/15353 Zinc 1933.50/1945.50 1923.50/1936 1906/1920.50

TSX WARRANTS

May 15 ($) 30.07 80.92 78.10 17.49 11.26 34.45 36.80 15.05 23.10 72.32 22.27 51.89 7.44 59.92 47.72 59.14

May 08 ($) 17.79 28.52 75.46 73.03 16.63 10.68 32.95 35.27 14.17 21.98 73.94 20.92 47.79 6.77 56.82 44.31 56.03

Change ($) -0.28 1.55 5.46 5.08 0.85 0.58 1.50 1.52 0.88 1.12 4.73 1.35 4.09 0.67 3.11 3.41 3.11

Change (%) -1.57 5.42 7.23 6.95 5.12 5.39 4.54 4.32 6.20 5.10 6.40 6.45 8.56 9.93 5.47 7.71 5.55

YTDChange (%) -9.70 15.91 11.67 8.83 22.97 9.41 25.52 10.78 15.11 25.26 14.98 15.76 12.44 -5.53 15.80 3.96 21.64

MER (%) 2.79 2.41 0.61 0.60 2.43 2.73 0.94 0.83 2.68 0.61 2.52 2.46 3.19 2.98 2.13 2.32 2.26

TotalAssets (M$) 72.41 57.44 187.70 92.40 62.07 463.15 5.42 37.76 1191.16 72.93 33.96 423.06 213.07 150.52

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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

LEGEND A C L N O Q T V X *

– – – – – – – – – –

Australian Securities Exchange Canadian Stock Exchange London Stock Exchange New York Stock Exchange U.S. over-the-counter NASDAQ or U.S. OTC Toronto Stock Exchange TSX Venture Exchange NYSE American Denotes price in U.S.$

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

20

WWW.NORTHERNMINER.COM

MAY 25–JUNE 7, 2020 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 11–15, 2020 (100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 12 Exploration 1911 Gold* 1911 Gold 66 Resources Abacus Mining Abacus Mining* Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources Abitibi Royal* Abitibi Royal AbraPlata Res* AbraPlata Res Academy Metals Adamera Min* Adamera Min Adex Mining Advance Gold Adventus Adventus* AEX Gold Affinity Metal* African Gold African Gold* African Min* Aftermath Silv* Agnico Eagle Agnico Eagle* AgriMinco* Aguila Amer Gd* Aguila Amer Gd Aiml Res Aiml Res* AJN Resources Alacer Gold Alamos Gold Alamos Gold* Alaska Pac Egy* Alcoa* Aldebaran Res Alderon Iron* Alderon Iron Aldever Res* Aldever Res Alexandra Cap* Alexco Res* Alexco Res Algold Res Algold Res* Alianza Min Alianza Min* Alien Metals* Alio Gold* Alio Gold Allegiant Gold* Allegiant Gold Alliance Mng Alliance Res* Almaden Min* Almaden Min Almadex Min* Almadex Min Almonty Ind Almonty Ind * Aloro Mining* Aloro Mining Alpha Lithium Alpha Lithium* Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc Altamira Gold Altamira Gold* Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls * Altius Mnrls Alto Ventures* Alto Ventures Altum Resource Altura Mining* Alturas Min Altus Strat Alumina Ltd* ALX Resources ALX Resources* AM Resources Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* Amer Intl Vent* American Creek* American Creek American CuMo* American Lith American Lith* American Mang* American Mang American Pac AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Amex Expl* Amex Expl Amilot Capital Amseco Expl Anaconda Mng Anaconda Mng* Andes Gold* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angus Ventures Antioquia Gold* Antioquia Gold Antler Gold Antofagasta* Apex Res * Apex Res Appia Energy Appia Energy* Applied Min* Aquila Res* Aquila Res Arbor Metals Arch Coal* Archon Mineral Arctic Star Arcturus Vent* Arcturus Vent Arcus Dev Grp* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Ares Strategic Argentina Lith Argentina Lith* Argentum Silvr Argentum Silvr* Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arianne Phosph Arianne Phosph* Arizona Silver* Arizona Silver Armor Min Armor Min* Artemis Gold Artemis Gold*

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

30 450 1014 100 206 234 1108 238 88 480 20 28 1167 5683 3 400 2572 120 184 634 11 91 5 2242 324 235 1715 3976 7995 36 0 2 87 0 63 14038 7314 18486 1602 41257 62 25 22 0 0 1548 6533 2458 51 0 804 12 200 1443 1173 284 116 2840 4057 1890 201 64 217 149 2 70 316 1005 1649 68 526 192 92 140 448 158 95 48 23 31 170 370 5 541 110 55 126 29 68 587 103 6 594 76 1578 479 202 125 1637 23 2765 3532 420 577 4121 3 6105 5038 890 381 39 363 140 158 2083 507 31 169 752 39 39 13 80 5 1207 2 0 18201 28 209 355 568 1 374 220 806 222 362 383 121 137 2014 2 111 5 65 4 94 135 774 43 291 236 185 32 94 15 1458 34 849 5824 189 53 74 343 13 0 158 130

0.15 0.42 0.60 0.06 0.08 0.05 0.08 0.05 0.06 0.09 15.80 22.25 0.07 0.10 0.12 0.04 0.06 0.01 0.08 0.88 0.60 0.68 0.13 0.33 0.24 0.01 0.21 97.32 69.01 0.00 0.00 0.14 0.23 0.17 0.40 9.73 12.08 8.58 0.00 7.96 0.21 0.06 0.08 0.00 0.00 0.36 2.12 2.99 0.13 0.00 0.07 0.05 0.00 0.89 1.24 0.21 0.28 0.02 3.49 0.44 0.62 0.15 0.22 0.54 0.37 0.04 0.05 0.64 0.47 0.10 0.13 0.06 0.04 0.01 0.09 0.06 0.01 0.08 0.09 0.06 6.75 9.50 0.02 0.04 0.10 0.02 0.01 0.60 4.00 0.04 0.03 0.04 0.04 0.03 0.22 0.15 0.01 0.05 0.08 0.04 0.42 0.30 0.12 0.17 0.29 0.01 2.45 3.46 0.23 0.17 1.15 1.62 0.03 0.05 0.28 0.20 0.01 0.08 0.12 0.02 0.03 0.04 0.07 17.19 9.00 2.81 0.00 27.77 0.55 0.02 0.03 0.15 10.10 0.04 0.08 0.18 0.14 0.01 0.12 0.17 0.55 32.48 0.20 0.04 0.08 0.14 0.01 0.02 0.06 0.03 0.03 0.03 0.14 0.06 0.04 0.25 0.15 0.17 0.12 1.36 1.93 0.18 0.13 0.13 0.19 0.53 0.00 2.00 1.44

0.15 0.34 0.49 0.06 0.07 0.04 0.06 0.04 0.05 0.08 14.54 20.01 0.06 0.08 0.00 0.02 0.04 0.01 0.07 0.80 0.57 0.00 0.13 0.25 0.18 0.00 0.17 89.25 63.56 0.00 0.00 0.14 0.20 0.17 0.30 7.51 10.69 7.59 0.00 6.38 0.20 0.06 0.08 0.00 0.00 0.27 1.61 2.26 0.12 0.00 0.06 0.04 0.00 0.75 1.08 0.17 0.24 0.01 2.81 0.38 0.54 0.13 0.19 0.50 0.00 0.01 0.04 0.40 0.29 0.09 0.12 0.05 0.00 0.00 0.08 0.05 0.01 0.00 0.07 0.06 5.95 8.63 0.02 0.03 0.10 0.02 0.01 0.55 3.49 0.04 0.02 0.00 0.03 0.02 0.18 0.13 0.01 0.04 0.07 0.03 0.26 0.18 0.10 0.14 0.14 0.01 2.05 2.89 0.20 0.13 1.00 1.42 0.03 0.03 0.22 0.16 0.00 0.06 0.09 0.02 0.00 0.04 0.06 0.00 8.00 0.00 0.00 24.46 0.00 0.02 0.03 0.09 0.00 0.04 0.00 0.15 0.12 0.01 0.11 0.16 0.50 26.82 0.20 0.00 0.07 0.10 0.01 0.02 0.05 0.03 0.02 0.03 0.11 0.05 0.00 0.19 0.15 0.12 0.09 1.19 1.67 0.17 0.11 0.11 0.16 0.42 0.00 1.23 0.87

0.15 unch 0.39 0.54 0.06 unch 0.07 unch 0.05 + 0.08 + 0.05 unch 0.06 + 0.08 15.32 + 22.00 + 0.07 0.09 unch 0.12 unch 0.03 + 0.06 + 0.01 unch 0.07 unch 0.88 + 0.58 + 0.60 0.13 + 0.31 0.22 0.01 0.21 + 97.27 + 68.93 + 0.00 unch 0.16 unch 0.14 unch 0.21 + 0.17 unch 0.34 9.69 + 11.95 + 8.49 + 0.00 unch 6.66 0.21 + 0.06 unch 0.08 unch 0.11 unch 0.13 unch 0.33 + 2.11 + 2.93 + 0.13 + 0.07 unch 0.06 0.05 + 0.00 0.87 + 1.21 + 0.19 + 0.27 + 0.02 + 2.84 0.44 0.62 + 0.14 0.21 + 0.51 0.36 0.04 + 0.04 unch 0.49 + 0.35 + 0.09 0.13 unch 0.05 0.04 + 0.01 unch 0.08 0.06 0.01 unch 0.05 0.09 unch 0.06 unch 6.72 + 9.41 + 0.02 unch 0.04 unch 0.10 unch 0.02 unch 0.01 unch 0.60 + 3.68 0.04 unch 0.03 0.03 0.04 unch 0.03 + 0.22 + 0.14 + 0.01 + 0.05 + 0.07 unch 0.03 0.42 + 0.29 + 0.12 + 0.15 + 0.28 + 0.01 + 2.40 + 3.37 + 0.22 0.15 1.15 + 1.60 + 0.03 unch 0.04 0.28 + 0.19 + 0.01 unch 0.08 + 0.11 + 0.02 + 0.03 unch 0.04 0.07 unch 16.69 8.76 2.77 26.78 unch 27.75 + 0.55 + 0.02 + 0.03 unch 0.15 + 9.55 0.04 unch 0.05 0.18 + 0.13 + 0.01 0.12 0.17 0.50 + 29.04 0.20 unch 0.03 unch 0.07 0.12 unch 0.01 unch 0.02 unch 0.05 unch 0.03 unch 0.02 + 0.03 unch 0.11 unch 0.05 0.04 + 0.25 + 0.15 unch 0.14 + 0.11 + 1.33 + 1.87 + 0.17 0.13 0.13 + 0.18 + 0.53 + 0.19 unch 1.47 1.05 -

0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.25 1.01 0.00 0.00 0.00 0.01 0.02 0.00 0.00 0.08 0.01 0.08 0.00 0.02 0.01 0.00 0.02 5.49 3.04 0.00 0.00 0.00 0.04 0.00 0.04 1.50 0.41 0.22 0.00 1.41 0.01 0.00 0.00 0.00 0.00 0.00 0.34 0.48 0.02 0.00 0.01 0.01 0.00 0.05 0.04 0.02 0.01 0.02 0.52 0.00 0.05 0.00 0.01 0.02 0.02 0.02 0.00 0.06 0.04 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.42 0.68 0.00 0.00 0.00 0.00 0.00 0.05 0.32 0.00 0.01 0.01 0.00 0.01 0.03 0.00 0.00 0.00 0.00 0.01 0.16 0.10 0.01 0.01 0.12 0.00 0.02 0.09 0.01 0.01 0.10 0.15 0.00 0.02 0.05 0.03 0.00 0.01 0.02 0.00 0.00 0.00 0.00 1.51 0.59 0.04 0.00 1.58 0.02 0.00 0.00 0.05 0.65 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.02 3.54 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.06 0.00 0.02 0.03 0.05 0.06 0.01 0.00 0.02 0.02 0.05 0.00 0.07 0.11

0.25 0.42 0.60 0.37 0.15 0.11 0.10 0.09 0.20 0.27 15.80 22.50 0.10 0.13 1.00 0.04 0.06 0.02 0.29 1.16 0.90 0.69 0.20 0.59 0.44 0.01 0.42 94.72 69.01 0.00 0.16 0.24 0.35 0.17 1.34 8.77 12.19 8.77 0.00 25.00 0.51 0.23 0.33 0.11 0.22 0.60 2.81 3.73 0.29 0.11 0.10 0.07 0.01 0.94 1.23 0.21 0.28 0.02 19.00 0.82 1.10 0.45 0.45 1.05 0.77 0.16 0.10 0.64 0.49 0.20 0.27 0.09 0.06 0.07 0.12 0.08 0.07 0.09 0.13 0.09 10.00 13.21 0.04 0.04 0.10 0.10 0.02 0.68 6.89 0.07 0.05 0.15 0.08 0.06 0.27 0.20 0.02 0.09 0.11 0.10 0.42 0.31 0.24 0.31 0.57 0.03 3.92 5.19 0.81 0.62 1.44 1.90 0.06 0.08 0.33 0.26 0.02 0.16 0.22 0.02 0.04 0.11 0.15 29.51 14.81 4.20 26.81 27.77 0.55 0.03 0.04 0.18 12.73 0.31 0.43 0.38 0.28 0.04 0.18 0.22 0.60 97.80 0.60 0.35 0.69 0.97 0.02 0.04 0.09 0.07 0.06 0.08 0.15 0.10 0.07 0.48 0.37 0.19 0.15 2.15 2.87 0.65 0.49 0.19 0.25 0.53 0.20 2.00 1.44

0.15 0.15 0.22 0.05 0.04 0.03 0.04 0.03 0.03 0.05 7.68 10.62 0.03 0.04 0.11 0.01 0.02 0.01 0.03 0.52 0.36 0.29 0.06 0.10 0.07 0.00 0.05 43.25 31.00 0.00 0.12 0.12 0.10 0.01 0.07 3.50 4.43 3.34 0.00 5.16 0.16 0.04 0.06 0.01 0.05 0.06 0.72 1.00 0.03 0.04 0.03 0.03 0.00 0.28 0.43 0.04 0.07 0.01 2.70 0.21 0.31 0.05 0.12 0.28 0.24 0.01 0.03 0.06 0.19 0.09 0.12 0.03 0.02 0.01 0.04 0.02 0.01 0.03 0.02 0.05 4.33 6.29 0.01 0.02 0.06 0.01 0.01 0.30 3.09 0.02 0.01 0.03 0.02 0.02 0.10 0.08 0.00 0.02 0.03 0.00 0.09 0.06 0.07 0.10 0.06 0.01 1.00 1.39 0.12 0.08 0.55 0.72 0.01 0.02 0.10 0.07 0.00 0.03 0.04 0.00 0.01 0.04 0.05 12.56 5.91 1.87 11.07 11.29 0.14 0.01 0.02 0.02 7.30 0.03 0.04 0.10 0.07 0.00 0.05 0.07 0.03 21.80 0.10 0.03 0.00 0.05 0.01 0.01 0.04 0.02 0.01 0.02 0.07 0.04 0.03 0.14 0.11 0.06 0.06 0.53 0.76 0.15 0.11 0.08 0.10 0.31 0.19 0.95 0.60

(100s) Stock

Exc Volume

Week Low

0.04 0.04 0.11 0.12 0.08 0.08 0.74 0.84 + 0.52 0.59 + 0.03 0.04 + 0.30 0.30 + 0.05 0.05 unch 0.00 0.25 + 0.00 0.17 unch 0.07 0.08 0.05 0.06 0.13 0.14 + 0.18 0.19 + 0.00 0.01 1.90 1.90 unch 0.10 0.10 0.13 0.13 0.04 0.05 + 0.18 0.20 0.26 0.27 0.00 0.00 unch 0.02 0.02 + 0.03 0.03 0.02 0.02 0.00 50.00 + 62.00 71.00 + 0.00 0.04 0.02 0.03 + 0.04 0.04 + 1.86 2.05 2.51 2.95 0.39 0.53 + 0.28 0.38 + 0.03 0.03 0.01 0.02 + 0.05 0.07 + 0.04 0.05 unch 0.78 0.97 1.11 1.40 0.00 0.03 unch 0.02 0.03 + 0.00 0.25 + 1.50 1.67 + 1.07 1.19 + 0.01 0.01 0.00 0.08 + 0.11 0.13 + 0.04 0.04 0.05 0.06 unch 0.04 0.04 + 0.03 0.03 unch 0.00 0.00 unch 0.07 0.08 0.37 0.52 + 0.52 0.73 + 0.02 0.02 unch 0.00 0.02 unch 0.08 0.12 + 0.15 0.16 0.13 0.13 0.10 0.11 0.00 0.08 + 0.10 0.12 0.15 0.18 1.52 1.62 1.07 1.16 0.03 0.03 0.04 0.04 0.15 0.16 + 0.00 0.12 + 0.00 0.00 0.10 0.11 unch 0.07 0.07 -

Asante Gold Ascendant Res Ascendant Res* Ascot Res Ascot Res * Ashanti Sanko AsiaBaseMetals Asiamet Res* Asian Mineral Asian Mineral* Aston Bay Aston Bay* ATAC Res* ATAC Res Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Silver* Atico Mining* Atico Mining Atlanta Gold* Atlantic Indus Aton Resources Aton Resources* Aura Minerals* Aura Minerals Aura Resources Aura Resources* Auramex Res Aurania Res* Aurania Res Aurcana Corp Aurcana Corp* AurCrest Gold AurCrest Gold* Aurelius Min Aurex Energy Aurion Res * Aurion Res Aurora Royal Aurwest Res AURYN Mining* Auryn Resource Auryn Resource* Aust Mines* Austral Gold* Austral Gold Auxico Res Avalon Advance Avalon Advance* Avarone Metals* Avenira Ltd* Avidian Gold Avino Silver* Avino Silver Avrupa Min Avrupa Min* Awale Res Axmin Inc Axmin Inc* Azarga Metals Azarga Metals* Azarga Uranium* Azarga Uranium Azimut Explor Azimut Explor* Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azteca Gold* Azucar Min Azucar Min*

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

350 298 1 1617 238 485 50 0 87 0 1519 278 391 974 14094 1 21 56 123 52 236 0 156 673 206 3 4 393 35 326 49 76 2600 1391 438 0 9148 39 533 752 40 362 4 1018 2726 291 6 213 31 1250 1192 10 48 2106 4697 596 662 226 1014 174 71 38 1 643 914 383 88 193 4815 492 44 64 253 152

0.06 0.13 0.09 0.85 0.61 0.05 0.30 0.05 0.25 0.00 0.08 0.06 0.15 0.21 0.01 1.90 0.10 0.14 0.15 0.22 0.31 0.00 0.02 0.04 0.02 51.81 73.00 0.05 0.04 0.04 2.43 3.37 0.53 0.38 0.04 0.02 0.09 0.05 1.05 1.44 0.03 0.03 0.25 1.75 1.25 0.01 0.08 0.14 0.05 0.06 0.05 0.03 0.00 0.11 0.53 0.73 0.02 0.02 0.12 0.19 0.13 0.11 0.08 0.15 0.20 1.72 1.23 0.04 0.05 0.16 0.12 0.00 0.13 0.09

B2Gold Corp B2Gold Corp* Balmoral Res* Balmoral Res Balto Res Bam Bam Res* Bam Bam Res Bankers Cobalt* Bankers Cobalt Bannerman Res* Banyan Gold Banyan Gold* Bard Ventures* Bard Ventures Barksdale Res* Barksdale Res Baroyeca Gold Barrick Gold Barrick Gold* Barsele Min* Barsele Min Batero Gold* Batero Gold Bayhorse Silvr* Bayhorse Silvr BC Moly BCM Res BE Res Bear Creek Mng Bear Creek Mng* Bearclaw Cap Bearing Lith Bearing Lith* Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benton Res Benton Res* Benz Mining Benz Mining* Berkwood Res * Berkwood Res Bessor Min Bird River Res Bitterroot Res* Bitterroot Res Black Hills* Black Iron Black Iron* Black Mammoth* Black Mammoth Black Sea Black Sea * Black Tusk Res* Black Tusk Res Blackrock Gold* Blackrock Gold Blind Creek BLOX Inc* Blue Lagoon Blue Lagoon* Blue Moon Zinc Blue Moon Zinc* Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold* Blue Star Gold Blue Thunder BlueBird Batt BlueBird Batt* Bluestone Res Bluestone Res* Bold Ventures* Bold Ventures Bonanza Gold* BonTerra Res Boreal Metals Boreal Metals * Borneo Res Inv* Boundary Gold* Boundary Gold Bravada Gold* Bravada Gold Braveheart Res* Braveheart Res Bravo Multinat*

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

42105 43357 761 4413 1 27 1954 605 402 965 3014 143 0 76 54 55 60 20549 81633 8 32 256 322 276 2747 92 57 38 714 397 130 22 22 160 196 5 301 2847 5637 33 997 158 492 1266 152 560 6 227 253 25 2059 105 940 3103 4359 190 0 9 33 1 3047 6137 512 1234 128 28676 151 6 3516 406 3397 445 764 2693 0 697 330 1476 4 1367 76 50 36 2589 426 260 2 15662 12 33 101 487 1 887 5

7.82 5.59 0.51 0.71 0.00 0.07 0.11 0.01 0.01 0.03 0.07 0.05 0.00 0.07 0.22 0.30 0.04 39.65 28.10 0.28 0.40 0.05 0.07 0.07 0.09 0.05 0.05 0.10 2.52 1.79 0.02 0.10 0.08 0.11 0.14 0.08 0.06 1.02 0.75 0.17 0.26 0.25 0.37 0.12 0.09 0.19 0.12 0.02 0.03 0.04 0.02 0.03 0.04 60.04 0.09 0.06 0.00 0.04 0.05 0.03 0.04 0.07 0.16 0.23 0.05 0.01 1.30 0.92 0.02 0.02 0.01 0.01 0.13 0.19 0.00 0.05 0.09 0.16 0.10 2.00 1.42 0.03 0.05 0.00 1.40 0.05 0.04 0.00 0.02 0.02 0.08 0.09 0.05 0.07 0.13

Last

12-month

High

Change

Stock

0.02 0.01 0.01 0.09 0.05 0.02 0.01 0.00 0.05 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.01 0.02 0.03 0.00 0.01 0.01 0.00 4.98 10.95 0.01 0.01 0.01 0.37 0.39 0.12 0.07 0.01 0.00 0.02 0.00 0.07 0.04 0.00 0.01 0.05 0.12 0.07 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.11 0.18 0.00 0.00 0.02 0.01 0.01 0.01 0.00 0.02 0.02 0.09 0.06 0.01 0.01 0.03 0.00 0.00 0.00 0.01

0.07 0.45 0.32 0.98 0.76 0.05 0.64 0.05 0.89 0.32 0.11 0.08 0.24 0.32 0.03 3.97 0.60 0.79 0.15 0.33 0.43 0.04 0.02 0.05 0.04 65.07 91.80 0.09 0.06 0.08 3.40 4.50 0.53 1.25 0.05 0.04 0.09 0.30 1.77 2.35 0.09 0.12 0.74 2.45 1.84 0.03 0.10 0.15 0.18 0.17 0.13 0.11 0.01 0.21 0.81 1.07 0.05 0.04 0.26 0.57 0.40 0.20 0.10 0.22 0.28 1.77 1.33 0.05 0.06 0.18 0.12 0.00 0.43 0.34

0.02 0.09 0.07 0.37 0.26 0.01 0.22 0.02 0.10 0.15 0.04 0.03 0.08 0.11 0.00 1.79 0.06 0.08 0.01 0.11 0.16 0.00 0.01 0.02 0.01 11.78 16.21 0.02 0.02 0.02 1.03 1.51 0.15 0.06 0.02 0.01 0.02 0.04 0.29 0.42 0.02 0.01 0.03 1.00 0.71 0.00 0.02 0.06 0.02 0.03 0.02 0.03 0.00 0.05 0.26 0.27 0.01 0.01 0.04 0.15 0.11 0.05 0.03 0.05 0.07 0.31 0.23 0.01 0.02 0.04 0.03 0.00 0.08 0.05

Brazil Min* Brigadier Gold BrightRock* Britannia Mng* Brixton Metals Brixton Metals* Brookmount Exp* Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal Buffalo Coal * Bullfrog Gold Bullfrog Gold* Bullion Gold* Bunker Hill BWR Explor

O 181862 V 202 O 421 O 2182 V 2641 O 1056 O 5178 O 175 O 71 V 3831 N 8143 V 8 O 13 C 273 O 197 O 3 C 44 V 115

0.02 0.07 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.01 1.43 0.65 0.03 0.02 0.02 0.01 0.01 0.02 0.01 0.00 0.00 0.44 0.28 0.01 0.01 0.02 0.01 0.04 0.00 0.00 0.01 0.01 0.01 0.03 0.02 0.05 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 4.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.02 0.02 0.00 0.18 0.14 0.01 0.00 0.00 0.00 0.02 0.03 0.00 0.00 0.00 0.04 0.02 0.04 0.03 0.00 0.01 0.00 0.03 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.03

8.02 5.75 0.51 0.71 0.19 0.08 0.13 0.03 0.04 0.04 0.09 0.07 0.10 0.17 0.57 0.75 0.10 40.13 28.50 0.55 0.73 0.08 0.10 0.14 0.20 0.07 0.11 0.25 2.97 2.35 0.03 0.38 0.29 0.20 0.14 0.08 0.16 1.05 0.79 0.25 0.27 0.37 0.48 0.15 0.11 0.20 0.14 0.05 0.06 0.07 0.02 0.04 0.05 87.12 0.16 0.12 0.04 0.07 0.10 0.08 0.15 0.18 0.27 0.36 0.06 0.30 2.11 1.45 0.04 0.03 0.02 0.02 0.17 0.23 0.06 0.08 0.20 0.25 0.19 2.12 1.59 0.04 0.13 0.01 3.02 0.08 0.05 0.00 0.15 0.18 0.15 0.20 0.14 0.21 0.62

3.12 2.16 0.07 0.10 0.03 0.03 0.03 0.00 0.01 0.01 0.03 0.02 0.05 0.05 0.14 0.21 0.03 15.72 11.65 0.07 0.11 0.03 0.05 0.03 0.05 0.04 0.02 0.09 0.75 0.50 0.01 0.06 0.06 0.06 0.01 0.02 0.02 0.21 0.16 0.09 0.12 0.12 0.17 0.04 0.02 0.05 0.05 0.01 0.01 0.03 0.01 0.01 0.02 48.07 0.05 0.03 0.04 0.02 0.02 0.01 0.02 0.03 0.05 0.06 0.02 0.00 0.26 0.62 0.01 0.00 0.01 0.00 0.03 0.05 0.06 0.03 0.06 0.04 0.03 0.85 0.65 0.00 0.03 0.00 0.63 0.03 0.03 0.00 0.00 0.01 0.03 0.05 0.03 0.05 0.08

Cabral Gold Cabral Gold* Cache Explor* Cache Explor Cadillac Vent* Cadillac Vent Caelan Capital* Caldas Gold* Caldas Gold Caledonia Mng Caledonia Mng* Calibre Mng Calibre Mng* California Gld California Gld* Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Cameo Cobalt* Cameo Cobalt Camino Min* Camino Min Camrova Res* Canada Carbon Canada Carbon* Canada Coal* Canada Coal Canada Nickel Canada One* Canada One Canada Rare Canada Rare* Canada Silver Canada Silver* Canadian Metal Canadian Ore Canadian Ore* Canadian Prem Canadian Prem* CanAlaska Uran CanAlaska Uran* Canamex Gold* Canarc Res Canarc Res* Canasil Res Candelaria Mg* Candelaria Mg Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng CaNickel Mng* Canoe Mng Vent Canstar Res Canstar Res* Canterra Mnls* Canterra Mnls Cantex Mn Dev* Cantex Mn Dev Canuc Res Canuc Res* Capstone Mng Cardero Res Cardero Res* Cardinal Res* Cardinal Res Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res Cartier Res* Carube Copper Carube Copper* Casa Minerals Casa Minerals * Cascadero Copp Cassius Vents Castle Peak Mg CAT Strategic Cdn Palladium* Cdn Palladium CellCube Enrgy* Centamin Centaurus Diam* Centerra Gold Central Iron Central Tim Ex Central Tim Ex* Century Cobalt* Century Global Century Global* Cerro de Pasc Cerro de Pasc * Cerro Grande* Cerro Grande Ceylon Graph Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chesapeake Gld Chesapeake Gld* Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int CIM Intl Grp Clarmin Explor Clean Comm* Cleghorn Mnls Cleveland-Clif* Cliffmont Res Clifton Mng* Clydesdale Res CMC Metals* CMC Metals CNRP Mng Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Colombia Crest Colombia Crest* Colonial Coal Colorado Res Colorado Res* Colt Res* Columbus Gold Columbus Gold* Commander Res Commander Res* Commerce Res Commerce Res* Compass Gold* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold*

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

B 7.01 7.62 4.97 5.42 0.46 0.49 0.66 0.69 unch 0.00 0.03 unch 0.05 0.07 + 0.08 0.11 + 0.00 0.00 0.01 0.01 unch 0.03 0.03 0.06 0.07 + 0.04 0.05 + 0.00 0.06 unch 0.06 0.06 0.00 0.22 + 0.00 0.28 + 0.04 0.04 + 36.04 39.56 + 25.56 28.04 + 0.00 0.28 0.00 0.40 0.00 0.05 + 0.06 0.06 + 0.04 0.06 + 0.07 0.08 + 0.04 0.05 + 0.05 0.05 unch 0.09 0.09 unch 1.88 2.44 + 1.28 1.70 + 0.01 0.01 0.00 0.09 0.00 0.06 0.09 0.09 0.00 0.12 + 0.05 0.07 + 0.05 0.05 unch 0.91 0.98 + 0.64 0.70 0.16 0.16 0.23 0.25 + 0.23 0.25 + 0.32 0.37 + 0.10 0.12 + 0.07 0.09 + 0.15 0.15 unch 0.12 0.12 + 0.01 0.01 0.02 0.03 unch 0.04 0.04 + 0.01 0.01 0.02 0.03 + 0.03 0.04 unch 53.73 55.91 0.08 0.08 unch 0.06 0.06 0.00 0.04 unch 0.04 0.04 unch 0.00 0.04 unch 0.00 0.03 + 0.04 0.04 0.05 0.06 + 0.14 0.15 + 0.20 0.22 + 0.03 0.05 + 0.00 0.00 1.01 1.12 0.82 0.82 0.01 0.01 0.01 0.01 0.01 0.01 unch 0.01 0.01 unch 0.09 0.12 0.12 0.16 0.00 0.06 unch 0.05 0.05 unch 0.08 0.09 unch 0.12 0.12 0.00 0.09 1.80 1.96 + 1.27 1.40 + 0.03 0.03 unch 0.00 0.05 + 0.00 0.00 unch 1.26 1.36 0.00 0.04 unch 0.00 0.03 0.00 0.00 + 0.00 0.02 + 0.00 0.02 unch 0.00 0.07 0.08 0.09 0.04 0.04 0.06 0.07 unch 0.12 0.13 +

(100s)

High Low

Exc Volume

Week High

Low

Last

0.00 0.07 0.03 0.00 0.22 0.15 0.01 0.05 0.20 0.28 8.57 0.01 0.00 0.16 0.13 0.01 0.80 0.03

0.00 0.05 0.02 0.00 0.15 0.11 0.00 0.03 0.16 0.22 7.84 0.01 0.00 0.14 0.10 0.01 0.75 0.03

0.00 0.05 0.02 0.00 0.19 0.14 0.00 0.05 0.17 0.26 8.35 0.01 0.00 0.15 0.11 0.01 0.80 0.03

12-month Change

Condor Gold Condor Res Condor Res* Confedertn Ml* Confedertn Mls Conic Metals Conic Metals* Conquest Res * Conquest Res Cons Woodjam CONSOL Coal Rs* CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold Contact Mnrls* Copper Fox Mtl Copper Fox Mtl* Copper Lake Rs Copper Mtn Mng Copper Mtn Mng* Copper North M* Copper North M Copper One * Copper One Copper Reef Mg Copperbank Res* Copperbank Res Coral Gold * Coral Gold Cordoba Mnls Cordoba Mnls* Core Gold Core Gold* Core Lithium* Cornerstone Ca Cornerstone Ca* Coro Mining Corsa Coal Corsa Coal * Corsurex Res Corvus Gold* Corvus Gold CR Capital Crazy Horse Res* Crest Resource Crestview Expl Cresval Cap Critical Elem* Critical Elem CROPS Crown Mining Cruz Cobalt Cruz Cobalt* Crystal Lake* Crystal Lake Crystal Peak Crystal Peak* CTGX Mining* Currie Rose Rs Currie Rose Rs* CWN M’g Acq Cypress Dev* Cypress Dev

T V O O V V O O V V N N N O V O V O V O V T O O V O C C O C O V V O V O O V O T V O C O T V O C C V O V V V C O O V V O O V O V O V

43 234 59 21 52 424 4 84 585 339 336 2916 19451 19 110 392 849 70 639 32 1455 856 74 0 35 272 2102 62 1403 410 227 410 524 93 292 148 14 98 17 829 351 228 56 921 1873 125 0 222 282 188 2 825 71 730 685 327 226 1622 204 89 0 103 60 45 276 305

1.10 0.09 0.06 0.39 0.52 0.18 0.13 0.03 0.04 0.05 4.95 7.53 10.63 0.13 0.17 0.12 0.16 0.05 0.08 0.06 0.02 0.50 0.36 0.01 0.02 0.22 0.30 0.22 0.03 0.04 0.51 0.69 0.10 0.07 0.17 0.12 0.14 3.00 2.10 0.06 0.22 0.17 0.08 2.25 3.25 0.07 0.00 0.07 0.70 0.02 0.17 0.25 0.02 0.04 0.04 0.03 0.07 0.11 0.05 0.04 0.00 0.03 0.02 0.05 0.14 0.19

Dajin Lithium* Dajin Res Dakota Ter Res* Damara Gold Damara Gold* Danakali* Debut Dmds Decade Res Decade Res* Deep-South Res* Deep-South Res DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denison Mines Denison Mines* Desert Gold* Desert Gold Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Disc* Diamond Fields* Diamond Fields Dios Expl Discovery Harb* Discovery Harb Discovery Met* Discovery Met Discovery Min* Discovery-Corp District Cop* District Cop District Metal* District Metal Ditem Explor* Diversified Rs* Dixie Gold DNI Metals* Dolat Ventures* Dolly Vard Sil* Dolly Vard Sil Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res DV Resources* DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold* E3 Metals E3 Metals* Eagle Graphite Eagle Graphite* Eagle Plains East Africa East Africa * East Asia Mnls* East Asia Mnls EastCoal Inc Eastern Platin* Eastern Platin Eastern Zinc Eastfield Res Eastfield Res* Eastmain Res Eastmain Res* Eclipse Gold* Eclipse Gold Eco Oro Mnls Eco Oro Mnls* Edgewater Expl* Edgewater Expl Edison Cobalt* El Capitan Prc* El Nino Vent* El Nino Vent Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Electra Stone* Eloro Res* Eloro Res Ely Gold Royal Ely Gold Royal* Elysee Dev * Elysee Dev Emerita Res Emgold Mining Emgold Mining* Empress Res EMX Royalty

250 O 501 V 115 O 21 V 2 O 199 O 29 C 306 V 150 O 6 O 831 V 20 C 445 O 2286 V 997 V 358 O 62 V 3218 T 4914 X 0 O 952 V 253 V 542 O 105 V 0 O 470 O 55 O 36 V 476 V 91 O 1001 V 856 O 2086 V O 172066 10 V 19 O 494 V 0 O 909 V 57 O 50 O 426 V 0 O 13 O 541 O 1224 V 34 V 2390 V 46 O 2551 N 6296 T 165 O 165 V 18 O 109 V 279 T 62 O 46 O 36 V 105 O 514 V 80 O 62 V 0 O 1086 V 131 V 0 O 544 O 598 V 0 V 55 O 56 T 58 C 253 V 1 O 1988 T 138 O 24 O 323 V 17 C 186 O 13 O 62 V 4 O 378 O 1 O 550 V 64 V 80 O N 14533 5645 T 3 O 37 O 126 V 1944 V 1729 O 41 O 68 V 402 V 405 V 42 O 187 V 130 V

0.02 0.03 0.20 0.03 0.02 0.26 0.15 0.03 0.02 0.02 0.05 0.02 0.17 0.23 0.21 0.15 0.28 0.62 0.45 0.00 0.15 0.34 0.01 0.13 0.00 0.00 0.13 0.18 0.11 0.07 0.10 0.48 0.67 0.00 0.08 0.00 0.01 0.10 0.17 0.00 0.00 0.20 0.00 0.06 0.26 0.36 0.80 0.11 0.07 10.36 7.48 0.04 0.06 0.11 0.15 1.75 1.23 0.54 0.05 0.03 0.31 0.19 0.03 0.00 0.15 0.13 0.00 0.04 0.05 0.00 0.16 0.23 0.19 0.04 0.03 0.11 0.08 0.59 0.82 0.07 0.05 0.03 0.09 0.03 0.01 0.03 0.03 0.04 0.03 9.37 13.21 0.00 0.24 0.39 1.02 0.73 0.22 0.32 0.07 0.07 0.05 0.03 2.60

+ unch + + + + unch unch unch unch unch

0.00 0.00 0.00 0.00 0.03 0.02 0.00 0.01 0.03 0.01 0.08 0.00 0.00 0.01 0.01 0.00 0.00 0.00

0.01 0.18 0.04 0.01 0.43 0.33 0.01 0.08 1.00 0.49 17.85 0.01 0.00 0.23 0.24 0.09 0.80 0.06

0.00 0.05 0.00 0.00 0.08 0.05 0.00 0.03 0.07 0.07 5.12 0.01 0.00 0.08 0.05 0.01 0.05 0.02

0.15 0.11 0.01 0.01 0.02 0.02 0.00 1.45 2.15 19.12 13.90 1.44 1.02 0.16 0.14 0.43 0.60 10.88 15.24 0.01 0.02 0.10 0.14 0.04 0.20 0.14 0.00 0.03 1.41 0.02 0.03 0.07 0.05 0.54 0.39 0.11 0.15 0.10 0.19 0.17 0.18 0.13 0.00 0.06 0.04 0.08 0.12 0.19 0.07 0.03 0.04 0.13 0.23 0.09 0.00 0.19 0.03 0.00 0.00 0.02 0.60 0.84 0.07 0.04 0.54 0.04 0.02 0.31 0.47 0.06 0.02 0.20 0.03 0.03 0.18 0.13 0.07 0.05 0.06 0.04 0.02 0.07 0.01 0.03 0.07 0.10 0.02 3.02 0.05 13.71 0.02 0.34 0.18 0.02 0.08 0.06 0.33 0.25 0.00 0.01 0.07 0.19 0.14 0.85 0.10 0.15 1.45 2.11 0.08 3.30 2.37 94.60 0.11 0.07 0.07 0.06 0.70 0.00 0.12 0.13 0.08 4.85 0.09 0.15 0.02 0.02 0.06 0.16 0.03 0.05 5.21 0.03 0.05 0.13 0.09 0.31 0.06 0.04 0.00 0.15 0.10 0.08 0.06 0.22 0.15 0.19 0.29 0.53 0.03 0.02 0.48

0.14 0.09 0.01 0.01 0.01 0.00 0.00 1.30 1.85 17.74 12.57 1.22 0.86 0.14 0.10 0.00 0.50 9.74 13.72 0.01 0.01 0.08 0.12 0.00 0.18 0.14 0.00 0.03 1.10 0.00 0.00 0.06 0.03 0.45 0.31 0.09 0.10 0.07 0.15 0.12 0.15 0.11 0.00 0.05 0.03 0.07 0.00 0.00 0.00 0.03 0.03 0.13 0.16 0.06 0.00 0.18 0.03 0.00 0.00 0.01 0.60 0.00 0.00 0.04 0.48 0.00 0.01 0.00 0.39 0.05 0.02 0.00 0.02 0.00 0.17 0.11 0.00 0.04 0.00 0.04 0.01 0.04 0.01 0.03 0.06 0.08 0.01 2.81 0.00 12.18 0.02 0.30 0.18 0.01 0.00 0.05 0.30 0.21 0.00 0.01 0.00 0.16 0.11 0.00 0.09 0.13 0.00 1.68 0.00 2.97 2.12 86.02 0.11 0.07 0.05 0.04 0.62 0.00 0.08 0.10 0.00 3.80 0.09 0.07 0.00 0.02 0.00 0.13 0.03 0.04 3.81 0.03 0.04 0.00 0.09 0.25 0.05 0.04 0.00 0.13 0.09 0.08 0.05 0.18 0.13 0.00 0.23 0.45 0.02 0.01 0.48

0.14 0.11 + 0.01 unch 0.01 unch 0.02 + 0.02 + 0.01 unch 1.43 + 1.85 18.65 13.20 1.44 + 1.00 + 0.15 + 0.10 + 0.35 0.50 9.84 13.87 0.01 + 0.02 + 0.10 0.14 + 0.01 + 0.18 0.14 unch 0.03 unch 0.03 unch 1.25 + 0.02 + 0.03 unch 0.06 0.05 0.53 + 0.37 + 0.09 0.14 + 0.10 + 0.18 0.12 unch 0.15 0.11 0.03 unch 0.06 + 0.04 0.07 0.07 unch 0.18 0.07 unch 0.03 0.03 0.13 + 0.20 + 0.09 + 0.04 unch 0.18 0.03 + 0.00 unch 0.00 unch 0.02 + 0.60 0.71 0.07 unch 0.04 + 0.50 0.03 0.02 + 0.29 + 0.42 + 0.05 0.02 unch 0.08 0.03 unch 0.03 unch 0.18 + 0.13 + 0.06 0.04 0.06 + 0.04 unch 0.01 0.07 + 0.01 unch 0.03 unch 0.07 + 0.09 + 0.02 3.01 + 0.05 unch 13.60 + 0.02 unch 0.31 0.18 unch 0.02 0.08 0.06 + 0.30 0.22 0.00 + 0.01 0.07 0.19 + 0.14 + 0.79 0.09 unch 0.15 + 1.45 + 2.03 + 0.08 unch 3.12 2.15 89.16 0.11 + 0.07 unch 0.06 unch 0.04 0.65 0.15 unch 0.12 0.10 0.08 4.10 0.09 unch 0.14 + 0.02 unch 0.02 unch 0.06 + 0.16 + 0.03 + 0.04 5.10 + 0.03 unch 0.04 0.13 + 0.09 + 0.27 + 0.06 + 0.04 + 0.00 unch 0.14 unch 0.10 0.08 0.05 0.21 0.13 0.18 0.27 0.50 0.02 unch 0.02 0.48 -

0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.13 0.20 0.35 0.62 0.08 0.03 0.02 0.01 0.06 0.10 0.90 1.10 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.16 0.00 0.00 0.01 0.00 0.10 0.05 0.01 0.04 0.03 0.01 0.00 0.02 0.02 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.04 0.03 0.00 0.03 0.01 0.00 0.00 0.01 0.00 0.13 0.00 0.00 0.04 0.01 0.00 0.04 0.02 0.01 0.00 0.06 0.00 0.00 0.01 0.01 0.02 0.01 0.01 0.00 0.01 0.03 0.00 0.00 0.01 0.01 0.00 0.10 0.00 0.73 0.00 0.04 0.00 0.00 0.01 0.01 0.03 0.03 0.00 0.01 0.01 0.02 0.02 0.06 0.00 0.02 0.25 0.28 0.00 0.08 0.11 6.31 0.01 0.00 0.00 0.01 0.03 0.00 0.01 0.03 0.02 0.72 0.00 0.01 0.00 0.00 0.02 0.01 0.00 0.01 0.93 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.03 0.02 0.04 0.01 0.01 0.00 0.01 0.16

0.19 0.14 0.05 0.06 0.03 0.04 0.71 1.61 2.30 19.12 13.90 1.42 1.52 0.76 0.59 0.99 1.35 11.26 15.77 0.10 0.11 0.14 0.19 0.06 0.39 0.28

0.07 0.05 0.00 0.01 0.00 0.01 0.06 0.11 1.30 7.05 5.22 0.46 0.00 0.11 0.08 0.03 0.32 5.30 7.69 0.00 0.01 0.03 0.05 0.00 0.05 0.03

0.06 1.41 0.03 0.05 0.11 0.08 0.73 0.57 0.70 0.30 0.18 1.40 0.83 0.29 0.23 0.07 0.08 0.06 0.09 0.18 0.31 0.07 0.03 0.04 0.22 0.28 0.11 0.09 0.26 0.05 0.03 0.02 0.03 5.23 6.99 0.09 0.05 0.92 0.06 0.04 0.38 0.50 0.06 0.03 0.24 0.07 0.09 0.22 0.17 0.08 0.06 0.18 0.12 0.03 0.09 0.02 0.04 0.28 0.23 0.11 3.00 0.29 13.17 0.03 0.42 0.18 0.12 0.25 0.17 0.54 0.41 0.01 0.01 0.20 0.43 0.33 0.86 0.16 0.20 2.36 3.15 0.18 4.65 3.50 127.00 0.25 0.19 0.08 0.06 1.76 0.19 0.17 0.17 0.10 11.61 0.13 0.23 0.03 0.06 0.08 0.56 0.08 0.09 8.29 0.06 0.08 0.31 0.23 0.50 0.13 0.10 0.00 0.20 0.15 0.11 0.08 0.90 0.68 0.50 0.65 1.12 0.04 0.03 0.64

0.01 0.38 0.01 0.02 0.03 0.02 0.25 0.18 0.01 0.06 0.04 0.10 0.12 0.09 0.06 0.00 0.03 0.02 0.05 0.03 0.05 0.02 0.01 0.01 0.04 0.03 0.04 0.04 0.10 0.02 0.00 0.00 0.01 0.33 0.46 0.03 0.02 0.33 0.02 0.01 0.15 0.20 0.04 0.01 0.00 0.01 0.03 0.07 0.05 0.01 0.03 0.02 0.03 0.01 0.04 0.01 0.03 0.02 0.06 0.01 1.44 0.04 5.52 0.01 0.05 0.03 0.00 0.05 0.05 0.26 0.18 0.00 0.01 0.06 0.08 0.05 0.08 0.07 0.09 0.77 0.96 0.07 1.40 1.01 51.60 0.05 0.07 0.03 0.01 0.45 0.02 0.05 0.01 0.03 2.63 0.05 0.07 0.01 0.02 0.03 0.06 0.02 0.03 1.98 0.03 0.04 0.05 0.05 0.21 0.03 0.02 0.00 0.09 0.06 0.05 0.04 0.11 0.07 0.10 0.14 0.15 0.02 0.01 0.22

Exc Volume

Week

Stock

C 272 72 50 68 4 31 0 21 77 67 248 4603 908 64 62 13 22 17746 5879 262 5451 7 211 7 71 10 0 5 671 9 579 270 294 2758 363 865 653 45 120 2 528 194 0 434 112 202 42 18 121 139 391 38 819 92 0 384 176 21 0 938 5 139 136 10 774 106 92 240 4353 356 133 19 1511 140 1079 370 775 6 30 2 828 56 50 210 223 425 202 284 44 3826 20 72 3 54 104 60 433 36 4 235 255 478 383 129 1027 7 13 2365 53 113 107 48723 86 2 292 184 872 2 381 79 72 76399 2 180 4 4 1791 259 25 75 39537 110 573 7 3 250 929 113 0 888 390 205 115 102 57 24 318 1816 459 165 16

(100s)

High Low

High

Low

Last

12-month Change

High Low

+ 0.90 0.07 0.06 0.35 + 0.52 0.18 unch 0.12 0.02 + 0.04 + 0.05 4.10 5.97 9.74 0.12 0.16 unch 0.11 0.15 unch 0.05 + 0.08 0.05 unch 0.02 0.46 0.33 0.01 + 0.02 0.15 0.21 0.22 unch + 0.03 0.04 unch + 0.47 + 0.67 + 0.10 + 0.07 + 0.16 + 0.10 0.10 + 3.00 + 2.08 0.05 0.21 0.15 unch + 0.07 + 2.24 + 3.17 0.07 unch 0.10 unch + 0.07 0.69 0.02 unch 0.16 0.23 0.01 0.03 unch + 0.04 + 0.03 0.07 0.10 + 0.05 + 0.04 0.00 unch 0.03 unch 0.02 unch 0.05 + 0.14 0.19 unch

0.20 0.02 0.00 0.04 0.09 0.00 0.01 0.01 0.01 0.01 0.78 1.21 0.96 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.05 0.03 0.00 0.01 0.05 0.06 0.00 0.00 0.00 0.06 0.10 0.03 0.01 0.04 0.02 0.04 0.15 0.18 0.01 0.03 0.00 0.01 0.63 0.92 0.00 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.02 0.00 0.00 0.00 0.01 0.00 0.00

1.10 0.10 0.06 0.39 0.72 0.48 0.35 0.03 0.04 0.05 17.08 29.96 14.19 0.57 0.72 1.00 0.30 0.24 0.11 0.08 0.02 0.95 0.73 0.04 0.05 0.69 1.00 0.52 0.05 0.06 0.48 0.69 0.14 0.10 0.34 0.26 0.21 6.60 3.61 0.11 0.84 0.66 0.15 2.15 3.05 0.07 0.38 0.15 2.60 0.08 0.48 0.63 0.04 0.08 0.06 0.05 0.32 0.42 0.18 0.13 0.12 0.08 0.03 0.21 0.19 0.25

0.30 0.04 0.02 0.11 0.21 0.12 0.09 0.00 0.01 0.02 3.95 3.35 4.26 0.09 0.12 0.00 0.08 0.05 0.01 0.03 0.01 0.28 0.19 0.01 0.01 0.01 0.05 0.13 0.02 0.03 0.18 0.26 0.04 0.03 0.08 0.06 0.02 1.36 0.10 0.04 0.12 0.08 0.02 0.72 0.99 0.02 0.00 0.04 0.40 0.02 0.16 0.17 0.01 0.02 0.03 0.01 0.04 0.05 0.01 0.01 0.00 0.02 0.01 0.03 0.08 0.11

0.01 0.02 0.02 0.02 0.13 0.20 + 0.03 0.03 + 0.00 0.01 0.24 0.24 + 0.14 0.15 + 0.02 0.03 0.02 0.02 0.02 0.02 + 0.04 0.05 0.00 0.02 unch + 0.12 0.13 0.17 0.17 + 0.18 0.21 + 0.12 0.14 + 0.23 0.26 0.54 0.58 0.38 0.41 0.00 0.08 unch + 0.10 0.15 + 0.29 0.34 + 0.01 0.01 0.10 0.11 0.00 0.08 unch 0.00 0.00 + 0.00 0.12 + 0.00 0.12 0.10 0.10 + 0.05 0.06 0.07 0.08 + 0.34 0.47 + 0.49 0.66 + 0.00 0.00 0.08 0.08 unch 0.00 0.00 + 0.01 0.01 0.00 0.10 unch 0.13 0.15 unch + 0.00 0.00 0.00 0.00 + 0.15 0.20 0.00 0.02 unch + 0.00 0.06 + 0.19 0.26 + 0.28 0.35 + 0.73 0.75 + 0.07 0.10 + 0.05 0.07 + 9.07 10.34 + 6.15 7.31 0.04 0.04 unch 0.06 0.06 + 0.05 0.06 + 0.06 0.15 + 1.62 1.74 + 1.15 1.22 + 0.35 0.54 0.00 0.05 unch 0.03 0.03 unch + 0.23 0.29 0.18 0.19 unch 0.03 0.03 unch 0.00 0.02 unch + 0.11 0.15 + 0.10 0.13 0.00 0.07 unch 0.02 0.03 unch + 0.04 0.05 0.00 0.09 unch + 0.16 0.16 0.22 0.22 unch + 0.05 0.19 0.04 0.04 unch 0.03 0.03 0.11 0.11 0.07 0.08 + 0.53 0.59 0.73 0.79 unch 0.00 0.07 unch 0.03 0.03 0.02 0.02 unch + 0.00 0.06 0.03 0.03 unch + 0.01 0.01 0.03 0.03 unch 0.03 0.03 unch + 0.03 0.04 + 0.02 0.03 + 8.46 9.33 + 11.92 13.18 0.00 0.00 unch 0.23 0.23 + 0.32 0.37 + 0.86 1.00 + 0.62 0.70 + 0.21 0.22 + 0.31 0.32 + 0.05 0.06 0.05 0.06 unch 0.00 0.04 + 0.03 0.03 2.20 2.50

0.00 0.01 0.00 0.01 0.01 0.02 0.05 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.02 0.00 0.02 0.02 0.02 0.00 0.05 0.01 0.00 0.02 0.00 0.00 0.08 0.01 0.01 0.00 0.01 0.10 0.14 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.04 0.06 0.01 0.03 0.02 0.74 0.85 0.00 0.01 0.00 0.09 0.07 0.01 0.03 0.00 0.00 0.02 0.00 0.00 0.00 0.03 0.03 0.00 0.00 0.02 0.00 0.00 0.00 0.05 0.00 0.00 0.01 0.00 0.02 0.00 0.00 0.02 0.00 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.09 0.31 0.00 0.01 0.04 0.10 0.06 0.00 0.01 0.02 0.00 0.01 0.01 0.10

0.05 0.06 0.26 0.06 0.02 0.53 0.25 0.05 0.04 0.07 0.15 0.08 0.24 0.23 0.37 0.32 0.62 0.72 0.55 0.31 0.26 0.36 0.07 0.20 0.15 0.00 0.16 0.25 0.17 0.14 0.18 0.56 0.74 0.00 0.15 0.02 0.05 0.12 0.30 0.00 0.01 0.24 0.09 0.58 0.35 0.47 1.65 0.14 0.09 10.36 7.21 0.06 0.08 0.11 0.15 2.00 1.60 1.00 0.10 0.08 0.60 0.41 0.08 0.06 0.15 0.26 0.19 0.09 0.13 0.09 0.44 0.72 0.20 0.06 0.05 0.22 0.16 0.67 0.95 0.16 0.10 0.09 0.15 0.05 0.04 0.04 0.05 0.10 0.07 11.29 14.99 0.00 0.35 0.46 1.02 0.78 0.30 0.41 0.17 0.19 0.11 0.06 2.77

0.01 0.02 0.03 0.02 0.00 0.16 0.07 0.01 0.00 0.02 0.03 0.01 0.03 0.06 0.06 0.03 0.20 0.24 0.19 0.05 0.05 0.14 0.01 0.08 0.05 0.00 0.00 0.09 0.03 0.02 0.03 0.13 0.20 0.00 0.05 0.00 0.01 0.08 0.08 0.00 0.00 0.07 0.00 0.04 0.12 0.17 0.45 0.04 0.04 1.64 3.20 0.03 0.04 0.03 0.04 0.99 0.70 0.24 0.04 0.03 0.19 0.11 0.02 0.01 0.07 0.08 0.07 0.02 0.02 0.06 0.12 0.18 0.02 0.03 0.02 0.06 0.04 0.31 0.40 0.03 0.02 0.02 0.04 0.03 0.01 0.01 0.02 0.02 0.01 3.05 4.10 0.00 0.14 0.17 0.15 0.11 0.19 0.28 0.02 0.03 0.03 0.01 1.45

0.70 0.07 0.06 0.35 0.40 0.18 0.00 0.02 0.03 0.04 3.95 5.81 9.20 0.12 0.15 0.09 0.14 0.05 0.07 0.05 0.02 0.44 0.31 0.00 0.00 0.15 0.21 0.20 0.00 0.04 0.41 0.56 0.07 0.05 0.13 0.09 0.10 2.80 1.87 0.05 0.21 0.15 0.00 1.48 2.08 0.06 0.00 0.06 0.60 0.02 0.00 0.21 0.01 0.03 0.03 0.02 0.06 0.09 0.03 0.02 0.00 0.03 0.02 0.05 0.12 0.18

D-F

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

EMX Royalty* Encanto Potash* Encanto Potash EnCore Energy Endeavour Mng Endeavour Mng* Endeavr Silver* Endeavr Silver Endurance Gold* Endurance Gold Energy Fuels* Energy Fuels Engineer Gold Engold Mines Ensurge* Entree Res Entree Res* Equinox Gold* Equinox Gold Equitorial Ex Equitorial Ex* Equity Metals* Equity Metals Erdene Res Dev* Erdene Res Dev Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng* Eskay Mng Essex Minerals Ethos Gold* Ethos Gold Etruscus Res Euro Manganese Euro Sun Mg* Euro Sun Mg EurOmax Res* EurOmax Res European Elect* European Elect European Metal* Eurotin Evergold Evergold* Evolving Gold Evolving Gold* Evrim Res Excellon Res Excellon Res* Excelsior Mng* Excelsior Mng ExGen Res Inc Explorex Res* Explorex Res Fabled Copper Falco Res Falco Res * Falcon Gold Fancamp Expl Far Res Far Res* Fidelity Min Fieldex Expl Filo Mg Corp Filo Mg Corp * Finlay Minrls Fiore Gold* Fiore Gold Fiorentina Min Fire River Gol* FireFox Gold Firestone Vent Fireweed Zinc Fireweed Zinc* Firma Holdings* First Cobalt * First Cobalt First Energy* First Energy First Majestic First Majestic* First Mexican First Mg Fin First Mg Fin * First Point* First Quantum First Vanadium First Vanadium* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Five Star Diam* Fjordland Exp* Fjordland Exp Focus Graphite* Focus Graphite Focus Minerals* Foran Mng Forsys Metals Fort St J Nick Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Mnrls Fortune Mnrls* Forum Energy Forum Energy* Fosterville Four Nines Fox River Res FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Freegold Vent Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl* Fura Gems Fura Gems* Fuse Cobalt* Fuse Cobalt

X 1138 O 75 V 148 V 988 T 2686 O 76 N 18064 T 3866 O 490 V 260 X 7756 T 2297 V 142 V 123 O 439 T 157 O 233 X 9159 T 5531 V 50 O 150 O 28 V 155 O 275 T 746 O 50 V 303 T 1084 O 17 O 40 V 221 V 221 O 42 V 78 V 277 O 185 V 391 C 57 V 59 O 949 T 5449 O 58 T 61 O 75 V 229 O 0 V 90 V 2522 O 55 C 19 O 1 V 220 T 2056 O 942 O 262 T 385 V 2276 O 0 C 15 V 95 V 682 O 116 V 996 V 2076 C 2505 O 144 V 261 V 1753 V 115 O 39 V 67 O 680 V 2001 C 0 O 1 V 869 V 124 V 239 O 8 O 4168 O 1820 V 3063 O 25 C 169 T 6156 N 38137 V 236 T 3691 O 2523 O 77 T 13672 V 290 O 423 V 449 O 461 O 1902 T 3612 V 7 O 0 O 84 V 185 O 594 V 589 O 87 V 53 T 378 V 141 O 102 T 6175 N 19280 V 138 O 22 T 600 O 577 V 1096 O 542 V 1148 C 65 C 65 V 97 N 5039 T 2878 O 754 T 52704 N 107048 V 1096 V 899 O 36 V 728 V 4062 O 0 V 32 O 1 O 141 V 271

G2 Goldfields* G2 Goldfields Gabriel Res Gabriel Res* Gaia Metals* Gaia Metals Gainey Capital Galane Gold Galane Gold * Galantas Gold* Galantas Gold Galiano Gold Galiano Gold* Galleon Gold Galleon Gold* Galore Res Galway Gold * Galway Gold Galway Mtls* Galway Mtls Gambier Gold Garibaldi Res * Garibaldi Res Gatling Explor Gatling Explor* General Moly* General Moly Generation Min* Generation Min Generic Gold Genesis Mtls* Genesis Mtls Genius Metals Gensource Pot Gentor Res Geomega Res Geomega Res* Gespeg Res Getchell Gold * Getchell Gold Getty Copper

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

THE NORTHERN MINER / MAY 25–JUNE 7, 2020

Week High

Low

1.86 0.03 0.04 0.20 32.77 23.08 1.68 2.37 0.05 0.07 1.77 2.47 0.07 0.05 0.04 0.38 0.27 8.99 12.49 0.01 0.01 0.04 0.06 0.17 0.23 0.04 0.07 16.36 11.51 0.09 0.13 0.13 0.16 0.20 0.35 0.10 0.15 0.23 0.10 0.37 0.51 0.02 0.03 0.01 0.02 0.03 0.02 0.88 0.63 0.03 0.01 0.33 0.59 0.42 0.53 0.74 0.01 0.00 6.50 0.05 0.30 0.22 0.07 0.07 0.04 0.03 0.03 0.15 1.68 1.17 0.04 0.65 0.92 0.00 0.05 0.11 0.05 0.39 0.26 0.00 0.13 0.16 0.10 0.14 12.49 8.86 0.23 0.23 0.17 0.11 8.90 0.22 0.16 0.07 0.05 0.27 0.38 0.02 0.00 0.03 0.07 0.02 0.03 0.14 0.17 0.21 0.11 8.06 5.62 3.99 0.85 0.61 0.06 0.04 0.10 0.07 1.58 0.11 0.06 0.15 152.36 214.82 0.02 0.50 9.17 0.08 0.10 9.16 0.18 0.02 0.06 0.12 0.08 0.07 0.10

1.54 0.02 0.03 0.18 26.59 19.10 1.35 1.89 0.04 0.06 1.38 1.96 0.06 0.04 0.04 0.34 0.23 8.17 11.53 0.01 0.00 0.03 0.00 0.14 0.20 0.04 0.05 14.54 10.42 0.09 0.12 0.12 0.13 0.00 0.30 0.07 0.11 0.20 0.00 0.24 0.38 0.01 0.02 0.01 0.02 0.00 0.02 0.66 0.49 0.00 0.01 0.31 0.45 0.31 0.45 0.64 0.01 0.00 5.00 0.05 0.28 0.19 0.06 0.04 0.03 0.02 0.03 0.10 1.43 1.05 0.03 0.56 0.79 0.00 0.01 0.08 0.04 0.36 0.00 0.00 0.09 0.14 0.00 0.09 10.16 7.20 0.18 0.21 0.15 0.09 7.34 0.19 0.13 0.06 0.04 0.20 0.30 0.02 0.00 0.03 0.05 0.01 0.02 0.14 0.13 0.00 0.11 7.50 4.33 3.08 0.70 0.50 0.05 0.04 0.08 0.06 1.31 0.10 0.06 0.13 137.86 193.10 0.00 0.30 7.81 0.04 0.08 8.24 0.17 0.00 0.06 0.00 0.00 0.06 0.09

Last

Stock

1.78 0.03 unch 0.03 0.19 32.72 + 23.08 + 1.63 + 2.32 + 0.05 + 0.06 + 1.61 2.27 0.06 0.05 + 0.04 0.34 unch 0.24 + 8.46 11.90 0.01 unch 0.00 unch 0.04 + 0.06 + 0.16 + 0.23 unch 0.04 + 0.06 + 15.17 10.67 0.09 + 0.13 + 0.13 + 0.14 0.19 0.35 + 0.10 + 0.15 + 0.23 + 0.08 0.28 0.39 0.01 0.03 unch 0.01 0.02 unch 0.03 unch 0.02 unch 0.74 + 0.52 + 0.02 unch 0.01 0.33 + 0.54 + 0.39 + 0.47 0.66 0.01 0.00 unch 6.50 + 0.05 unch 0.30 + 0.20 0.06 0.06 + 0.03 unch 0.02 + 0.03 0.15 + 1.51 + 1.09 0.04 + 0.63 + 0.90 + 0.10 unch 0.01 0.11 + 0.05 + 0.39 + 0.26 unch 0.00 unch 0.10 0.15 0.09 + 0.14 + 12.42 + 8.84 + 0.18 0.23 + 0.16 0.11 + 7.57 0.21 + 0.15 + 0.06 unch 0.05 0.24 0.34 0.02 0.02 unch 0.03 unch 0.06 unch 0.02 unch 0.03 unch 0.14 unch 0.13 0.15 0.11 unch 8.05 + 5.61 + 3.96 + 0.85 + 0.60 + 0.06 + 0.04 0.09 unch 0.07 1.58 + 0.10 unch 0.06 unch 0.14 unch 150.66 + 212.30 + 0.01 + 0.50 + 8.48 0.07 0.09 + 9.10 + 0.18 0.02 + 0.06 unch 0.11 0.08 + 0.06 0.10 +

0.03 0.00 0.01 0.01 5.19 3.36 0.19 0.32 0.01 0.01 0.14 0.17 0.02 0.01 0.01 0.00 0.00 0.39 0.46 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.83 0.78 0.00 0.01 0.01 0.02 0.01 0.05 0.03 0.04 0.03 0.02 0.02 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.04 0.12 0.00 0.00 0.01 0.06 0.05 0.03 0.04 0.01 0.00 0.75 0.00 0.01 0.02 0.01 0.01 0.00 0.01 0.01 0.03 0.06 0.01 0.01 0.05 0.11 0.00 0.04 0.04 0.02 0.03 0.00 0.00 0.02 0.01 0.03 0.06 0.90 0.56 0.02 0.01 0.00 0.01 1.32 0.01 0.01 0.00 0.00 0.03 0.03 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.03 0.00 0.34 1.05 0.68 0.14 0.08 0.01 0.00 0.00 0.00 0.08 0.00 0.00 0.00 7.28 12.90 0.00 0.16 0.73 0.11 0.01 0.38 0.01 0.01 0.00 0.02 0.01 0.00 0.01

2.12 0.11 0.15 0.22 30.63 21.86 3.20 4.26 0.05 0.07 3.32 4.38 0.14 0.10 0.06 0.48 0.35 10.30 13.52 0.06 0.03 0.08 0.11 0.24 0.32 0.05 0.10 25.69 19.20 0.09 0.13 0.13 0.27 0.38 0.40 0.24 0.32 0.49 0.23 0.48 0.59 0.06 0.10 0.05 0.06 1.00 0.04 0.88 0.63 0.07 0.05 0.40 1.51 1.15 0.94 1.23 0.02 0.20 7.39 0.08 0.36 0.28 0.08 0.11 0.09 0.07 0.25 0.15 3.25 2.31 0.07 0.64 0.92 0.20 0.26 0.23 0.07 0.70 0.54 0.02 0.15 0.20 0.16 0.19 16.50 12.69 0.24 0.34 0.27 0.16 14.10 0.48 0.35 0.12 0.09 0.41 0.53 0.06 0.04 0.07 0.09 0.03 0.04 0.19 0.33 0.23 0.18 8.89 6.12 4.59 0.85 0.61 0.11 0.08 0.11 0.08 1.71 0.16 0.12 0.23 152.36 207.87 0.10 0.43 13.64 0.73 0.10 11.43 0.37 0.02 0.06 0.25 0.18 0.09 0.20

1.10 0.01 0.01 0.08 15.68 11.02 0.99 1.30 0.02 0.03 0.78 1.10 0.03 0.02 0.01 0.22 0.05 4.63 5.10 0.01 0.00 0.03 0.04 0.09 0.13 0.02 0.03 8.40 5.92 0.03 0.05 0.05 0.04 0.07 0.10 0.05 0.08 0.12 0.08 0.02 0.14 0.01 0.02 0.00 0.01 0.00 0.01 0.17 0.15 0.01 0.00 0.19 0.31 0.19 0.30 0.42 0.01 0.00 3.89 0.02 0.17 0.11 0.02 0.03 0.02 0.01 0.02 0.04 1.00 0.77 0.02 0.18 0.26 0.10 0.00 0.04 0.03 0.31 0.21 0.00 0.05 0.08 0.02 0.04 5.30 4.17 0.04 0.12 0.09 0.08 4.71 0.13 0.08 0.03 0.02 0.07 0.10 0.01 0.02 0.02 0.03 0.01 0.01 0.13 0.08 0.06 0.08 4.61 2.05 1.47 0.22 0.14 0.04 0.03 0.05 0.03 0.91 0.10 0.04 0.10 72.98 98.29 0.00 0.04 4.82 0.08 0.04 5.53 0.14 0.01 0.00 0.05 0.05 0.01 0.03

0.07 0.11 0.02 0.00 0.00 0.01 0.01 0.02 0.01 0.08 0.23 0.13 0.07 0.01 0.00 0.00 0.00 0.03 0.00 0.01 0.00 0.05 0.09 0.06 0.02 0.00 0.00 0.02 0.03 0.01 0.06 0.06 0.08 0.01 0.00 0.01 0.00 0.01 0.01 0.02 0.01

0.59 0.84 0.71 0.54 0.47 0.60 0.12 0.13 0.10 0.69 9.50 1.76 1.28 0.10 0.08 0.05 0.11 0.15 0.34 0.46 0.15 1.70 2.25 0.71 0.54 0.45 0.59 0.62 0.75 0.18 0.33 0.49 0.24 0.16 0.07 0.23 0.17 0.13 0.20 0.27 0.04

0.13 0.14 0.38 0.26 0.03 0.03 0.02 0.04 0.03 0.02 0.10 0.68 0.50 0.03 0.02 0.01 0.00 0.07 0.20 0.27 0.02 0.26 0.37 0.24 0.17 0.14 0.22 0.15 0.19 0.02 0.10 0.15 0.14 0.07 0.03 0.09 0.06 0.03 0.05 0.06 0.02

GFG Resources GFG Resources* GGL Res* GGL Res GGX Gold GGX Gold* Giga Metals Giga Metals* Gitennes Expl Gitennes Expl * Giyani Gold Giyani Gold* Gldn Predator Gldn Predator* Glen Eagle Res Glen Eagle Res* Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery Global Battery* Global Energy* Global Energy Global Gold* Global Li-Ion* Global Li-Ion Global Vanad* GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals GMV Minerals* GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Gold Fields* Gold Fields* Gold Finder Ex* Gold Finder Ex Gold Lion Res Gold Reserve Gold Reserve* Gold Resource* Gold Rush Cari* Gold Rush Cari Gold Std Vents Gold Std Vents* Gold X Mining Goldblock Cap Goldcliff Res* Goldcliff Res Golden Arrow* Golden Arrow Golden Band* Golden Birch Golden Cariboo Golden Dawn Ml Golden Dawn Ml* Golden Goliath Golden Goliath* Golden Harp* Golden Harp Golden Hope Golden Hope* Golden Lake Golden Mnls* Golden Mnls Golden Opp Res Golden Pursuit* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Star* Golden Star Golden Sun* Golden Tag Golden Valley* Golden Valley Goldex Res* Goldex Res Goldgroup Mng Goldgroup Mng* GoldMining* GoldMining GoldON Res GoldON Res* GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldsource Min Goldsource Min* Goldstar Mnls Goldstrike Res* Goldstrike Res Goliath Res Goliath Res* Gossan Res GoviEx Uranium* GoviEx Uranium Gowest Gold* Gowest Gold GPM Metals* GPM Metals GR Silver* GR Silver Gran Colombia* Gran Colombia Granada Gold Granada Gold* Grande Portage Grande Portage* Granite Creek Graphite Egy* Graphite One Graphite One* Gratomic Gratomic* Great Atlantic Great Bear Res Great Bear Res* Great Bear Res* Great Lakes Gr* Great Panther* Great Panther Great Thunder Great Thunder* Greatbanks Re Green River Green Swan Cap Green Valley M Greencastle Rs Greenland M&En* Greenshield Ex Grenville Gold Grenville Gold* Grid Metals* Grid Metals Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GrowMax Res* GSP Resource GT Gold GT Gold * Guerrero Vents* Gungnir Res* Gungnir Res Gunpoint Expl Guyana Gldflds Guyana Goldstr Guyana Goldstr* Handa Mining Handeni Gold* Hanna Capital* Hanna Capital Hannan Metals Hannan Metals* Happy Ck Mnrls Harfang Explor Harmony Gold* Harte Gold Harte Gold* Harvest Gold* Harvest Gold Hawkeye Gld&Di* Hawkeye Gld&Di Heatherdale Rs Hecla Mining* Hemcare Health* Highbank Res

G-H 60 1399 330 72 1 189 243 1271 346 51 163 744 3347 1878 523 417 66 67 74 592 57 222 873 881 148 820 8 183 794 200 103 4552 130 712 10 348 5 388 672 906 86

0.46 0.75 0.49 0.35 0.04 0.07 0.03 0.11 0.08 0.32 0.45 1.79 1.28 0.07 0.06 0.03 0.11 0.15 0.30 0.41 0.04 0.68 0.97 0.31 0.21 0.20 0.28 0.26 0.37 0.15 0.27 0.37 0.24 0.11 0.03 0.15 0.10 0.06 0.19 0.27 0.03

0.39 0.52 0.43 0.31 0.04 0.07 0.00 0.09 0.06 0.20 0.28 1.54 1.10 0.06 0.04 0.02 0.09 0.13 0.23 0.37 0.00 0.52 0.72 0.25 0.18 0.17 0.28 0.21 0.30 0.13 0.17 0.24 0.15 0.09 0.03 0.13 0.10 0.05 0.16 0.23 0.02

0.39 0.75 0.48 0.34 0.04 0.07 0.03 0.11 0.08 0.29 0.45 1.79 1.27 0.06 0.05 0.03 0.09 0.15 0.28 0.39 0.04 0.55 0.75 0.31 0.20 0.19 0.28 0.25 0.34 0.14 0.27 0.34 0.24 0.10 0.03 0.14 0.10 0.05 0.19 0.26 0.03

(100s)

12-month High Low

Change

+ + unch + + + + + + + + unch + + + unch + + + unch + + + + + + unch + + + +

Exc Volume V O O V V O V O V O V O V O V O O O O T V O O V O O C O O O T V O O O C V T O N O V C V O X O V T X V C O V O V O C V V O V O O V V O C X T C O V V V V X T O V O V O V T O O T V O V C O O C V O V O V V O V O V O V O V O V O T V O V O V O V O V O V V O O O X T V O V C V V V O V C O O V O V V V O V O V V O O O V V T V O V O O V V O V V N T O O V O V V N O V

1935 722 0 2 604 11 454 173 228 8 139 55 541 334 682 5 83 1452 152 700 472 16 26 297 1 67 71 3 0 15 118 303 269 1400 16 59 24 1401 6 31246 15 2798 818 8 179 6064 0 580 1688 4301 1598 8 86 923 256 606 646 239 98 80 38 370 29 1 127 154 1 1001 9069 227 387 7 561 1249 213 120 5462 254 0 770 824 730 1 151 432 165 2065 3428 209 37 1198 49 140 1596 55 2292 743 500 0 123 419 41 97 1852 1577 52 374 42 225 882 2481 435 3974 1115 319 526 187 210 1 169 197 2416 73 14 1447 150 589 288 26890 4953 662 71 7 350 159 1 5 820 25 1 1 164 207 769 80 24 287 657 1114 0 67 2666 93 11 157 806 0 19049 4054 23 100 1 53 1059 83 186 216 117 31455 4106 443 49 75 300 908 178 44147 17 325

Week Last

12-month

High

Low

Change

0.24 0.17 0.00 0.00 0.11 0.05 0.18 0.13 0.01 0.01 0.10 0.08 0.27 0.20 0.10 0.07 1.88 3.66 0.47 0.63 0.10 0.07 0.02 0.02 1.35 0.05 0.07 0.14 0.12 0.26 0.36 0.20 0.14 0.00 0.05 0.09 0.20 0.83 7.50 8.58 0.05 0.06 0.46 2.29 1.60 4.19 0.00 0.02 1.03 0.76 2.95 0.13 0.07 0.10 0.12 0.17 0.01 0.20 0.05 0.10 0.07 0.07 0.05 0.05 0.15 0.16 0.09 0.19 0.27 0.39 0.19 0.22 0.38 0.04 1.05 0.06 2.74 3.86 0.00 0.10 0.39 0.55 0.06 0.10 0.03 0.02 1.29 1.71 0.66 0.47 0.16 0.03 0.02 0.04 0.35 0.15 0.11 0.02 0.00 0.25 0.22 0.13 0.03 0.12 0.17 0.17 0.25 0.03 0.05 0.29 0.40 4.45 6.28 0.15 0.11 0.28 0.21 0.06 0.03 0.35 0.25 0.10 0.07 0.50 13.19 9.05 8.55 0.00 0.55 0.77 0.59 0.42 0.14 0.06 0.03 0.00 0.04 0.08 0.15 0.00 0.06 0.13 0.18 0.04 0.06 0.15 0.05 0.15 0.22 0.00 0.17 1.67 1.20 0.31 0.06 0.08 0.00 0.96 0.04 0.03 0.03 0.03 0.04 0.07 0.20 0.15 0.09 0.25 3.89 0.14 0.10 0.05 0.08 0.01 0.02 0.10 3.01 1.70 0.02

0.20 0.22 0.14 0.16 0.00 0.02 unch 0.00 0.07 unch 0.06 0.10 + 0.05 0.05 unch 0.16 0.17 0.11 0.12 0.01 0.01 unch 0.01 0.01 unch 0.08 0.09 0.05 0.05 0.25 0.26 + 0.17 0.19 0.08 0.09 unch 0.07 0.07 unch 1.58 1.70 3.13 3.39 0.39 0.40 0.55 0.56 0.08 0.09 + 0.06 0.07 + 0.01 0.01 + 0.02 0.02 unch 0.90 1.35 + 0.04 0.04 0.00 0.05 0.14 0.14 unch 0.12 0.12 unch 0.24 0.26 + 0.33 0.35 + 0.16 0.16 0.11 0.13 + 0.00 0.00 unch 0.00 0.05 0.04 0.07 + 0.20 0.20 unch 0.71 0.81 + 7.50 7.50 unch 7.79 8.47 + 0.03 0.05 0.06 0.06 0.37 0.45 + 2.15 2.17 1.54 1.55 3.62 4.19 + 0.00 0.00 unch 0.01 0.02 + 0.91 1.00 0.65 0.71 2.51 2.86 + 0.13 0.13 unch 0.00 0.07 + 0.08 0.09 + 0.09 0.11 + 0.14 0.17 + 0.00 0.01 + 0.17 0.17 0.03 0.05 + 0.00 0.08 0.07 0.07 0.07 0.07 0.04 0.05 0.05 0.05 unch 0.00 0.15 unch 0.14 0.15 0.09 0.09 unch 0.16 0.19 + 0.21 0.27 + 0.30 0.39 + 0.15 0.19 + 0.22 0.22 unch 0.31 0.35 + 0.03 0.03 + 0.90 0.92 0.00 0.06 unch 2.42 2.72 + 3.42 3.84 + 0.00 0.00 unch 0.07 0.10 + 0.36 0.37 0.51 0.53 + 0.06 0.06 unch 0.08 0.09 + 0.02 0.03 + 0.01 0.01 1.03 1.17 1.46 1.65 0.58 0.64 + 0.42 0.42 0.14 0.15 0.03 0.03 unch 0.02 0.02 unch 0.02 0.02 + 0.30 0.35 + 0.13 0.14 0.09 0.10 0.02 0.02 unch 0.00 0.14 unch 0.20 0.23 unch 0.14 0.19 + 0.10 0.13 + 0.03 0.03 + 0.10 0.10 0.14 0.15 0.11 0.14 + 0.15 0.21 + 0.03 0.03 unch 0.04 0.05 unch 0.22 0.28 + 0.33 0.39 + 3.85 4.35 5.39 6.20 0.13 0.14 + 0.09 0.09 0.23 0.25 0.16 0.19 0.05 0.06 unch 0.03 0.03 unch 0.23 0.31 + 0.16 0.22 + 0.06 0.09 + 0.07 0.07 0.00 0.50 + 11.18 11.60 + 7.99 8.26 7.30 8.34 unch 0.00 0.00 + 0.40 0.44 0.57 0.62 0.49 0.56 0.35 0.39 0.09 0.09 0.06 0.06 unch 0.03 0.03 + 0.00 0.22 unch 0.04 0.04 0.07 0.08 + 0.15 0.15 unch 0.00 0.08 unch 0.06 0.06 unch 0.11 0.11 0.16 0.16 0.03 0.03 + 0.05 0.05 0.14 0.15 unch 0.05 0.05 + 0.13 0.15 + 0.19 0.22 + 0.00 0.02 unch 0.14 0.14 1.35 1.57 + 0.97 1.12 + 0.26 0.26 0.04 0.06 + 0.06 0.08 + 0.00 0.48 unch 0.78 0.94 + 0.02 0.03 + 0.02 0.03 + 0.03 0.03 unch 0.00 0.03 unch 0.01 0.04 + 0.04 0.05 0.17 0.17 0.12 0.12 0.07 0.09 + 0.22 0.25 + 3.45 3.85 + 0.11 0.14 + 0.08 0.10 + 0.04 0.04 + 0.06 0.07 + 0.01 0.01 unch 0.01 0.02 + 0.08 0.09 + 2.47 2.99 + 1.50 1.70 + 0.01 0.02 +

0.02 0.01 0.00 0.00 0.03 0.00 0.01 0.02 0.00 0.00 0.01 0.03 0.01 0.00 0.00 0.00 0.11 0.27 0.05 0.06 0.02 0.01 0.01 0.00 0.45 0.02 0.02 0.00 0.00 0.01 0.02 0.01 0.01 0.00 0.00 0.04 0.00 0.05 0.00 0.36 0.00 0.01 0.10 0.05 0.01 0.14 0.00 0.01 0.02 0.04 0.11 0.00 0.02 0.01 0.00 0.03 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.02 0.05 0.08 0.04 0.00 0.05 0.00 0.04 0.00 0.24 0.36 0.00 0.03 0.02 0.02 0.00 0.01 0.01 0.00 0.04 0.04 0.05 0.01 0.01 0.00 0.00 0.01 0.05 0.01 0.01 0.00 0.00 0.00 0.05 0.03 0.01 0.01 0.01 0.02 0.07 0.00 0.00 0.03 0.05 0.18 0.14 0.02 0.00 0.01 0.01 0.00 0.00 0.08 0.05 0.01 0.01 0.06 0.55 0.48 0.00 0.00 0.03 0.03 0.05 0.03 0.06 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.03 0.02 0.00 0.01 0.00 0.02 0.00 0.01 0.00 0.03 0.20 0.12 0.05 0.02 0.02 0.00 0.24 0.01 0.01 0.00 0.00 0.03 0.03 0.02 0.02 0.02 0.05 0.28 0.03 0.01 0.00 0.01 0.00 0.01 0.01 0.33 0.01 0.01

(100s)

High Low

Stock

0.44 0.32 0.10 0.17 0.33 0.29 0.53 0.40 0.06 0.04 0.35 0.26 0.50 0.38 0.14 0.10 3.59 7.09 0.65 0.90 0.16 0.10 0.07 0.10 1.60 0.15 0.20 0.15 0.65 0.31 0.41 0.25 0.17 0.00 0.14 0.13 0.36 0.85 7.50 8.58 0.07 0.11 0.46 3.48 2.57 6.24 0.06 0.14 1.62 1.21 3.56 0.13 0.14 0.18 0.24 0.31 0.01 0.28 0.06 0.38 0.28 0.10 0.08 0.05 0.18 0.28 0.18 0.20 0.37 0.49 0.19 0.22 0.38 0.20 1.68 0.16 4.97 6.48 0.01 0.10 0.47 0.62 0.10 0.14 0.08 0.05 1.60 2.05 1.15 0.82 0.23 0.11 0.07 0.04 0.35 0.18 0.14 0.05 0.23 0.90 2.18 0.13 0.08 0.15 0.20 0.31 0.44 0.07 0.10 0.26 0.40 5.62 7.47 0.23 0.17 0.28 0.21 0.09 1.09 0.40 0.31 0.25 0.25 0.80 13.19 9.05 8.55 0.04 0.98 1.28 0.63 0.43 0.16 0.08 0.04 0.22 0.08 0.12 0.22 0.25 0.13 0.18 0.24 0.05 0.06 0.17 0.09 0.28 0.38 0.15 0.44 1.67 1.20 0.34 0.11 0.13 0.74 1.46 0.18 0.16 0.05 0.04 0.04 0.09 0.28 0.22 0.16 0.32 4.54 0.35 0.26 0.25 0.30 0.05 0.07 0.24 3.51 1.92 0.03

HighGold* HighGold Highland Copp* Highland Copp Highway 50 Gld* Highway 50 Gld Hochschild Mg* Honey Badger E Honey Badger E* Horizonte Mnls Hornby Bay Mnl* Hornby Bay Mnl HudBay Min HudBay Min* Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hybrid Mineral

O V O V O V O V O T O V T N V O O V V

I-Minerals I-Minerals* IAMGOLD* IAMGOLD Icon Explor* Iconic Mnls * Iconic Mnls Idaho Champion Idaho Champion* IEMR Res IMC Intl Mng* IMC Intl Mng iMetal Res* iMetal Res IMPACT Silver Impala Platnm* Imperial Metal Imperial Metal* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indiana Res* Indigo Expl Infinite Ore* Infinite Ore Inform Res Inomin Mines Intact Gold Integra Res* Integra Res Inter-Rock Mnl Intercontinent Intercontinent* Intl Battery* Intl Battery Intl Bethl Mng Intl Cobalt* Intl Cobalt Intl Lithium* Intl Lithium Intl Millm Mng Intl Montoro* Intl Montoro Intl Prospect * Intl Prospect Intl Samuel Ex Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite Intl Zeolite* Intrepid Pots* INV Metals* INV Metals Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Irving Res* Irving Res IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Jade Leader Jaeger Res * Jaeger Res Jaguar Mng Jaguar Mng* Japan Gold Japan Gold* Jasper Mining Jasper Mining* Jaxon Mining* Jaxon Mining Jayden Res Jayden Res* Jazz Res JDF Explor Inc Jervois Mining Jervois Mining* Jiulian Res JNC Resources Josemaria Res* Josemaria Res Joshua Gold* Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp Juggernaut Exp* Jupiter Gold* K2 Gold K92 Mining* K92 Mining Kaizen Discov Kaizen Discvry* Kanadario Gold Karam Min Karnalyte Res Karoo Expl KAT Expl* Katanga Mng Kenadyr Mining Kenadyr Mining* Kermode Res Kerr Mines* Kerr Mines Kesselrun Res* Kesselrun Res Kestrel Gold Kilo Goldmines Kilo Goldmines* Kincora Copper* Kincora Copper King Global* King Global Kingman Min Kings Bay Res Kingsmen Res Kingsmen Res* Kinross Gold Kinross Gold* Kintavar Exp Kirkland Lake* Kirkland Lake Klondike Gold* Klondike Gold Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Komet Resource Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kootenay Zinc* Kore Mining * Kore Mining Kutcho Copper * KWG Res

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl

0.07 0.05 0.02 0.03 0.05 0.04 0.13 0.09 0.01 0.00 0.04 0.04 0.15 0.11 0.07 0.05 1.29 2.51 0.18 0.23 0.02 0.03 0.00 0.01 0.55 0.03 0.03 0.07 0.10 0.19 0.26 0.08 0.05 0.00 0.01 0.02 0.20 0.34 3.83 3.57 0.02 0.02 0.17 1.82 1.05 2.02 0.00 0.01 0.46 0.27 0.75 0.12 0.05 0.07 0.06 0.09 0.00 0.06 0.02 0.04 0.03 0.02 0.02 0.03 0.04 0.06 0.05 0.07 0.13 0.20 0.10 0.04 0.04 0.02 0.66 0.03 1.85 2.56 0.00 0.03 0.23 0.31 0.05 0.07 0.02 0.01 0.56 0.75 0.20 0.14 0.09 0.02 0.01 0.01 0.07 0.06 0.03 0.01 0.00 0.12 0.12 0.00 0.02 0.05 0.08 0.01 0.08 0.02 0.03 0.07 0.10 2.10 2.88 0.09 0.06 0.10 0.07 0.03 0.00 0.12 0.09 0.03 0.00 0.30 2.69 7.46 1.63 0.00 0.23 0.32 0.08 0.09 0.06 0.04 0.01 0.05 0.03 0.04 0.00 0.06 0.05 0.05 0.08 0.01 0.02 0.08 0.02 0.08 0.12 0.00 0.08 0.66 0.50 0.26 0.02 0.03 0.40 0.25 0.02 0.01 0.02 0.02 0.01 0.02 0.05 0.04 0.06 0.15 1.57 0.08 0.05 0.04 0.06 0.01 0.01 0.06 1.21 0.52 0.01

Exc Volume

Week

12-month

High

Low

Last

391 789 329 1280 39 43 127 539 563 269 9 2457 7925 8239 71 34 12 65 58

1.18 1.64 0.02 0.03 0.06 0.09 2.00 0.02 0.01 0.06 0.05 0.11 3.47 2.50 0.10 0.07 0.04 0.05 0.03

0.95 1.40 0.01 0.03 0.06 0.09 1.75 0.01 0.01 0.05 0.05 0.08 2.85 1.86 0.09 0.07 0.04 0.00 0.03

1.16 1.62 0.02 0.03 0.06 0.09 1.99 0.01 0.01 0.05 0.05 0.11 3.13 2.23 0.09 0.07 0.04 0.05 0.03

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

216 44 35450 12492 33 14 150 3094 157 239 635 1062 2 1423 2095 0 127 17 440 327 520 274 98 250 5 293 3 192 236 48 45 429 992 239 14 2 45 13 2255 0 964 33 140 1204 370 675 10 92 263 1300 2897 325 144 25 3304 27 932 19 96 938 43 180 169 1048 1 5 23 766 3520 78 0 85 7213 2117 603 153 25 0 42 33 1 0 10 96 327 387 35 20 21 149 160 710 2 52 211 8 2 238 1417 3283 393 2 50 51 16 3 13733 1303 1026 9 100 296 580 61 200 194 1037 80 0 93 23 324 469 2195 20 2 31218 99050 110 11074 7870 70 432 11 171 2 5 184 525 281 2497 115 11 512 2422 129 317

0.04 0.04 3.90 5.50 0.05 0.04 0.05 0.35 0.28 0.01 0.49 0.68 0.02 0.03 0.49 0.00 1.85 1.28 0.04 0.33 0.46 0.04 0.05 0.04 0.04 0.15 0.06 0.09 0.54 0.03 0.06 0.94 1.33 0.27 0.17 0.10 0.09 0.12 0.04 0.00 0.02 0.04 0.05 0.02 0.03 0.04 0.07 0.10 0.20 0.00 0.78 1.14 0.03 0.02 1.08 0.24 0.34 0.11 0.15 0.03 0.01 2.05 2.87 0.67 0.21 0.30 0.08 2.05 2.83 0.08 0.00 0.02 0.39 0.28 0.32 0.22 0.04 0.08 0.05 0.06 0.00 0.00 0.20 0.08 0.18 0.14 0.02 0.18 0.47 0.72 0.17 0.01 0.50 0.05 0.22 0.16 0.93 0.22 2.79 3.93 0.06 0.03 0.23 0.16 0.17 0.18 0.00 0.16 0.04 0.03 0.01 0.11 0.15 0.03 0.05 0.03 0.01 0.00 0.00 0.08 0.03 0.03 0.22 0.02 0.13 0.09 10.54 7.47 0.08 43.31 60.67 0.20 0.28 0.03 0.04 0.23 0.07 0.09 0.08 0.18 0.25 0.05 0.05 0.49 0.68 0.08 0.01

O V O O T O V

2 424 193 10 902 434 206

0.11 0.20 0.02 14.42 20.70 0.03 0.74

Change

High Low

+ + unch unch unch + + unch + + unch unch unch

0.08 0.08 0.00 0.00 0.00 0.00 0.06 0.01 0.00 0.00 0.00 0.03 0.37 0.27 0.01 0.00 0.00 0.00 0.00

1.45 1.89 0.05 0.07 0.16 0.21 2.79 0.05 0.03 0.09 0.06 0.11 7.55 5.74 0.45 0.38 0.10 0.14 0.08

0.42 0.57 0.01 0.02 0.04 0.06 0.99 0.01 0.01 0.03 0.01 0.02 1.66 1.23 0.07 0.04 0.00 0.04 0.01

0.03 0.04 + 0.02 0.03 3.47 3.88 + 4.90 5.46 + 0.03 0.04 0.03 0.04 0.05 0.05 unch 0.22 0.33 + 0.17 0.23 + 0.01 0.01 unch 0.42 0.45 0.60 0.64 0.02 0.02 + 0.02 0.02 0.39 0.48 + 0.00 4.60 unch 1.65 1.85 + 1.17 1.27 0.04 0.04 unch 0.26 0.31 + 0.35 0.43 + 0.00 0.03 0.05 0.05 unch 0.04 0.04 unch 0.02 0.02 0.10 0.10 0.05 0.05 + 0.08 0.08 0.47 0.49 + 0.03 0.03 unch 0.04 0.06 + 0.85 0.90 + 1.20 1.26 unch 0.23 0.23 0.15 0.17 + 0.08 0.08 0.06 0.08 + 0.10 0.12 + 0.01 0.02 + 0.00 0.01 unch 0.01 0.01 0.03 0.04 0.05 0.05 unch 0.02 0.02 + 0.03 0.03 + 0.04 0.04 unch 0.07 0.07 unch 0.09 0.10 + 0.13 0.18 + 0.00 0.00 unch 0.61 0.72 + 0.87 1.00 + 0.03 0.03 unch 0.02 0.02 + 0.89 0.95 0.20 0.23 0.26 0.34 + 0.09 0.10 0.13 0.14 unch 0.02 0.03 + 0.01 0.01 unch 1.87 1.97 2.65 2.85 + 0.56 0.60 + 0.00 0.21 + 0.00 0.30 + 0.00 0.05 1.84 1.94 2.61 2.70 0.00 0.08 + 0.00 0.00 unch 0.02 0.02 unch 0.29 0.38 + 0.20 0.27 + 0.28 0.30 + 0.20 0.21 + 0.04 0.04 unch 0.08 0.08 unch 0.04 0.05 + 0.05 0.06 + 0.00 0.02 unch 0.00 0.00 unch 0.00 0.14 0.07 0.07 0.16 0.17 0.10 0.12 0.02 0.02 unch 0.18 0.18 unch 0.43 0.43 0.59 0.60 0.10 0.14 0.01 0.01 0.50 0.50 unch 0.04 0.05 unch 0.19 0.21 + 0.14 0.16 + 0.25 0.88 0.19 0.19 2.35 2.77 + 3.39 3.92 + 0.04 0.05 0.03 0.03 0.17 0.17 0.13 0.16 + 0.00 0.14 0.00 0.18 0.00 0.00 unch 0.16 0.16 + 0.04 0.04 + 0.02 0.02 0.01 0.01 unch 0.09 0.10 + 0.14 0.15 0.03 0.03 unch 0.04 0.05 + 0.02 0.03 unch 0.01 0.01 unch 0.00 0.00 unch 0.00 0.04 unch 0.08 0.08 unch 0.02 0.02 + 0.02 0.03 + 0.18 0.18 0.01 0.01 0.00 0.13 + 0.08 0.09 + 9.51 10.49 + 6.75 7.44 + 0.07 0.07 38.45 40.97 54.26 57.79 0.17 0.17 0.25 0.26 + 0.02 0.03 + 0.03 0.04 + 0.21 0.23 + 0.07 0.07 unch 0.08 0.08 + 0.08 0.08 unch 0.14 0.18 + 0.20 0.25 + 0.04 0.04 0.00 0.03 0.37 0.48 + 0.52 0.67 + 0.06 0.07 0.01 0.01 unch

0.01 0.01 0.16 0.31 0.01 0.00 0.00 0.11 0.09 0.00 0.02 0.03 0.01 0.01 0.07 0.00 0.04 0.02 0.00 0.03 0.07 0.00 0.00 0.00 0.03 0.05 0.00 0.02 0.02 0.00 0.02 0.00 0.00 0.04 0.02 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.02 0.01 0.00 0.02 0.05 0.00 0.00 0.11 0.01 0.02 0.01 0.00 0.01 0.00 0.09 0.05 0.04 0.01 0.03 0.02 0.07 0.09 0.03 0.00 0.00 0.07 0.05 0.03 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.07 0.01 0.01 0.01 0.00 0.00 0.02 0.10 0.01 0.01 0.00 0.00 0.02 0.05 0.05 0.02 0.08 0.17 0.01 0.00 0.06 0.03 0.03 0.03 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.04 0.01 0.01 0.01 0.70 0.42 0.01 2.06 1.99 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.02 0.04 0.01 0.01 0.07 0.10 0.00 0.00

0.19 0.14 4.17 5.55 0.11 0.09 0.12 0.35 0.39 0.02 0.73 1.00 0.09 0.12 0.68 10.60 2.93 2.17 0.08 0.33 0.46 0.36 0.09 0.06 0.04 0.15 0.08 0.11 0.54 0.05 0.06 1.07 1.42 0.35 0.33 0.25 0.13 0.18 0.10 0.02 0.02 0.05 0.07 0.02 0.05 0.07 0.10 0.18 0.30 0.00 0.78 1.02 0.14 0.11 3.87 0.36 0.48 0.15 0.21 0.05 0.03 3.48 4.60 0.79 1.23 1.63 0.90 3.46 4.54 0.35 0.01 0.04 0.39 0.28 0.45 0.34 0.25 0.08 0.06 0.09 0.04 0.02 0.44 0.71 0.25 0.21 0.08 0.25 0.91 1.22 0.40 0.06 0.95 0.07 1.25 1.02 2.00 0.37 3.50 4.47 0.08 0.06 0.25 0.17 0.26 0.90 0.00 0.55 0.11 0.07 0.02 0.21 0.27 0.03 0.07 0.04 0.02 0.01 0.11 0.16 0.04 0.10 0.30 0.03 0.55 0.34 10.41 7.47 0.20 51.08 67.87 0.35 0.45 0.04 0.05 0.49 0.15 0.22 0.18 0.27 0.35 0.18 0.12 0.45 0.68 0.21 0.02

0.02 0.01 1.44 2.00 0.01 0.02 0.04 0.04 0.04 0.01 0.20 0.15 0.01 0.02 0.22 4.60 0.99 0.70 0.03 0.01 0.16 0.03 0.03 0.00 0.01 0.06 0.01 0.03 0.03 0.03 0.03 0.40 0.61 0.16 0.09 0.07 0.05 0.07 0.01 0.00 0.01 0.02 0.03 0.01 0.01 0.01 0.05 0.07 0.05 0.00 0.33 0.43 0.02 0.02 0.60 0.13 0.17 0.05 0.07 0.01 0.01 1.02 1.45 0.23 0.14 0.21 0.03 1.35 1.80 0.04 0.00 0.01 0.07 0.05 0.19 0.12 0.01 0.03 0.02 0.03 0.01 0.00 0.14 0.01 0.11 0.05 0.01 0.18 0.21 0.31 0.06 0.01 0.38 0.03 0.10 0.06 0.20 0.11 1.02 1.42 0.03 0.02 0.15 0.03 0.09 0.04 0.00 0.05 0.02 0.02 0.01 0.06 0.10 0.02 0.03 0.01 0.01 0.00 0.02 0.01 0.00 0.01 0.06 0.01 0.07 0.01 4.00 2.72 0.05 18.03 25.67 0.10 0.14 0.01 0.02 0.12 0.05 0.05 0.05 0.08 0.11 0.02 0.01 0.09 0.15 0.03 0.01

0.00 0.00 0.00 0.37 0.50 0.00 0.01

0.18 0.26 0.20 27.20 36.01 0.32 0.76

0.09 0.10 0.00 9.71 13.25 0.02 0.43

I-J-K

L 0.11 0.11 unch 0.19 0.20 unch 0.01 0.02 0.00 14.08 + 18.53 19.45 0.02 0.02 0.66 0.70 -

(100s) Stock

Exc Volume

Week

12-month

High

Low

0.25 0.28 0.00 0.00 0.95 0.96 0.66 0.68 0.09 0.09 unch 0.01 0.01 unch 0.04 0.04 unch 0.07 0.07 + 0.14 0.14 0.10 0.10 unch 0.08 0.09 0.05 0.06 + 0.37 0.39 0.27 0.30 unch 0.00 0.00 unch 0.00 0.00 unch 0.07 0.08 + 0.10 0.11 + 0.82 0.93 0.06 0.07 + 0.03 0.05 + 0.00 0.07 unch 0.00 0.12 + 0.09 0.10 + 1.22 1.40 + 0.87 0.99 + 0.02 0.02 unch 0.18 0.27 + 0.25 0.37 + 2.98 3.40 + 4.23 4.80 + 0.00 0.09 0.13 0.14 0.07 0.09 + 0.05 0.05 0.08 0.09 unch 0.04 0.04 0.04 0.04 unch 0.04 0.08 0.07 0.07 + 0.46 0.46 0.02 0.15 0.01 0.01 0.01 0.01 0.02 0.02 unch 0.31 0.46 + 0.45 0.69 + 0.41 0.70 + 0.22 0.25 + 0.14 0.14 unch 0.12 0.15 0.10 0.14 unch 0.43 0.45 0.00 0.02 + 0.02 0.02 + 0.27 0.27 0.00 0.29 unch 0.45 0.50 + 0.64 0.69 + 0.64 0.71 + 10.68 11.94 4.05 4.33 5.68 6.10 0.01 0.01 + 0.01 0.02 + 0.01 0.02 + 1.10 1.15 unch 1.10 1.16 -

Laramide Res Laredo Res* Largo Res Largo Res* Lasalle Explor Latin American Latin Metals* Latin Metals Laurion Mnl Ex Laurion Mnl Ex* Leading Edge Leading Edge* Leeta Gold Legion Metals Leo Res* Lepanto Con Mg* Libero Copper* Libero Copper Liberty Gold* Liberty One Li Liberty One Li* Lightspeed Dis* Lightspeed Dis Lincoln Mng Lion One Mtls Lion One Mtls* Lions Bay Cap Lions Bay Mg * Lions Bay Mg Lithium Amer* Lithium Amer Lithium Chile* Lithium Chile Lithium Corp* Lithium Energi* Lithium Energi Lithoquest Dia Lithoquest Dia* LKA Gold* Lode-Star Mg* Lodge Res Logan Res Logan Res* Lomiko Mtls* Lomiko Mtls Loncor Res* Loncor Res Lone Star Gold* Los Andes Los Andes* Lovitt Res Lovitt Res* Lucara Diam Lucky Min Lucky Min* Luckystrike Luckystrike * Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lydian Intl* Lynas Corp* Lynas Corp*

T O T O V V O V V O V O V C O O O V O V O O V V V O V O C N T O V O O V V O O O C V O O V O T O V O V O T V O V O O V V T O T O V O O O

1418 1913 1496 941 328 974 2 113 130 2 130 122 17261 2455 2 31 1146 2779 1889 559 169 0 1 29 1112 521 275 83 1718 1716 854 63 216 544 27 17 65 15 12 79 96 2093 17 38 2192 45 144 87 105 1 48 10 1226 448 50 239 0 771 986 735 1263 1844 11162 62 2541 357 500 343

0.32 0.00 1.08 0.78 0.10 0.02 0.04 0.07 0.15 0.10 0.10 0.07 0.45 0.33 0.00 0.00 0.08 0.11 0.98 0.07 0.05 0.00 0.12 0.10 1.43 1.03 0.02 0.27 0.39 3.59 5.03 0.11 0.15 0.10 0.05 0.09 0.04 0.04 0.08 0.10 0.51 0.15 0.01 0.02 0.03 0.46 0.69 0.77 0.25 0.14 0.20 0.14 0.51 0.02 0.02 0.30 0.00 0.53 0.74 0.72 12.11 4.50 6.31 0.01 0.03 0.03 1.24 1.22

M.P.V. Explor Macarthur Min Macarthur Min* MacDonald Mns* MacDonald Mns MAG Silver Magellan Gold* Magna Gold Magna Gold* Magnum Goldco Majestic Gold* Majestic Gold Makara Mining Makena Res* Mako Mining* Mako Mining Mammoth Res * Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Mangazeya Mng* Manitou Gold * Manitou Gold Maple Gold Maple Gold* Marathon Gold* Marathon Gold Margaret Lake Margaux Res Margaux Res* Marifil Mines* Marifil Mines Maritime Res MartinMarietta* Mas Gold Mascota Res* Mason Graphite* Mason Graphite Matachewan Con Matica Ent Matmown* Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent MaxTech Vent* Maxwell Res* Maya Gold &Sil* Maya Gold &Sil Mazarin McChip Res McEwen Mng McEwen Mng* McLaren Res MDN Inc* Mechel* Medallion Res Medallion Res* Medgold Res Medgold Res* Medinah Mnrls* Mega Uranium Mega Uranium* Megastar Dev Megastar Dev* MegumaGold MegumaGold* Melkior Res* Melkior Res Merger Mines* Meridian Mg Meryllion Res* Meryllion Res MetalCorp Metalex Vent Metalla Rylty Metallic Mnrls Metallic Mnrls* Metallica Min* Metallis Res Metalo Manuf Metalore Res Metalore Res* Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* Mexivada Mng* Mexus Gold* MGX Minerals* MGX Minerals Mich Resources Midas Gold Midas Gold* Midland Expl Midnight Star Midnight Sun* Midnight Sun Millennial Lit* Millennial Lit Millrock Res* Millrock Res

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

88 813 364 325 4965 2273 15 221 142 69 36 805 325 44 1141 907 1 78 388 52 5 236 78 82 150 1004 2121 814 576 4233 305 312 141 203 100 3419 3396 200 1 333 675 55 887 87 586 952 352 3043 1655 881 406 0 32 179 74 5 1878 16350 355 4 362 217 152 12 0 4450 3819 151 95 15 70 23 67 1801 0 10 1 3 8 126 434 670 259 18 75 314 5 0 116 1644 183 256 143 197 37338 224 354 49 1749 2184 144 367 199 456 8 19 871 350

0.14 0.20 0.14 0.07 0.09 18.08 0.88 0.60 0.42 0.04 0.03 0.05 0.66 0.29 0.31 0.44 0.02 0.04 1.75 1.24 0.07 0.11 0.06 0.03 0.03 0.06 0.11 0.08 1.25 1.76 0.03 0.07 0.05 0.04 0.05 0.09 174.29 0.08 2.00 0.13 0.18 0.16 0.03 0.03 6.62 4.75 0.28 0.38 0.10 0.10 0.08 0.00 1.33 1.96 0.10 0.39 1.38 1.00 0.06 0.17 1.70 0.12 0.08 0.07 0.00 0.00 0.12 0.08 0.09 0.06 0.15 0.09 0.54 0.96 0.00 0.10 0.00 0.01 0.02 0.02 7.38 0.28 0.20 0.01 0.25 0.08 2.20 0.00 0.05 0.06 0.06 0.31 0.06 0.00 0.00 0.05 0.07 0.21 0.63 0.45 0.80 0.14 0.11 0.15 0.72 1.07 0.12 0.18

Last

21

Change

High Low

0.03 0.00 0.08 0.05 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.06 0.00 0.00 0.00 0.01 0.02 0.03 0.01 0.00 0.00 0.04 0.01 0.14 0.08 0.00 0.10 0.11 0.02 0.15 0.01 0.01 0.01 0.02 0.00 0.01 0.00 0.00 0.01 0.08 0.01 0.11 0.01 0.00 0.11 0.26 0.19 0.02 0.00 0.05 0.00 0.08 0.01 0.01 0.05 0.00 0.02 0.02 0.05 0.07 0.22 0.24 0.00 0.01 0.00 0.00 0.01

0.40 0.01 2.01 1.56 0.18 0.02 0.11 0.15 0.22 0.16 0.40 0.30 0.67 0.70 0.04 0.00 0.18 0.23 1.09 0.13 0.10 0.09 0.12 0.20 2.14 1.64 0.06 0.27 0.39 6.03 8.00 0.35 0.50 0.20 0.16 0.24 0.10 0.08 0.20 0.28 0.60 2.40 1.16 0.05 0.06 0.64 0.88 1.00 0.52 0.40 0.20 0.00 1.63 0.08 0.06 2.20 1.62 0.60 0.80 1.02 13.49 6.34 8.08 0.05 0.07 0.16 2.29 2.33

0.10 0.00 0.56 0.40 0.08 0.01 0.04 0.05 0.09 0.07 0.01 0.03 0.08 0.14 0.00 0.00 0.02 0.03 0.24 0.04 0.02 0.07 0.08 0.05 0.62 0.46 0.02 0.01 0.03 1.92 2.90 0.07 0.10 0.05 0.01 0.03 0.03 0.03 0.04 0.03 0.11 0.15 0.12 0.01 0.02 0.11 0.15 0.10 0.20 0.14 0.12 0.00 0.40 0.01 0.01 0.13 0.10 0.29 0.46 0.41 5.02 2.82 4.08 0.00 0.01 0.00 0.58 0.55

0.00 0.02 0.00 0.01 0.03 0.71 0.05 0.03 0.02 0.01 0.01 0.01 0.13 0.02 0.00 0.00 0.00 0.01 0.06 0.08 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.04 0.09 0.00 0.01 0.00 0.00 0.00 0.01 8.52 0.01 0.59 0.00 0.01 0.00 0.00 0.00 0.08 0.02 0.03 0.04 0.01 0.01 0.00 0.00 0.01 0.03 0.03 0.00 0.05 0.05 0.02 0.01 0.10 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.02 0.01 0.24 0.54 0.00 0.00 0.00 0.00 0.01 0.00 0.08 0.03 0.02 0.00 0.01 0.00 0.70 0.00 0.00 0.00 0.01 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.03 0.02 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01

0.18 0.44 0.34 0.16 0.21 18.60 2.50 0.62 0.75 0.14 0.05 0.07 0.66 0.93 0.33 0.45 0.03 0.04 1.75 1.24 0.10 0.18 0.13 0.09 0.06 0.08 0.14 0.11 1.34 1.76 0.06 0.12 0.08 0.13 0.17 0.12 281.82 0.10 50.00 0.30 0.40 0.18 0.10 0.05 7.30 5.72 0.31 0.43 1.08 0.13 0.09 4.54 1.71 2.35 0.13 0.73 2.84 2.14 0.06 0.40 3.43 0.28 0.21 0.15 0.09 0.00 0.12 0.09 0.19 0.12 0.21 0.15 0.54 0.96 10.00 0.22 0.01 0.02 0.04 0.08 8.69 0.31 0.24 0.01 0.99 0.40 2.60 1.80 0.06 0.08 0.18 0.42 0.14 0.00 0.03 0.21 0.27 0.50 0.91 0.68 1.05 0.35 0.15 0.22 1.30 1.76 0.19 0.26

0.06 0.07 0.04 0.02 0.03 5.33 0.20 0.19 0.02 0.03 0.03 0.04 0.50 0.24 0.07 0.09 0.01 0.02 0.46 0.05 0.04 0.06 0.03 0.01 0.02 0.02 0.04 0.03 0.52 0.71 0.02 0.04 0.03 0.02 0.03 0.05 135.08 0.03 1.21 0.08 0.12 0.10 0.02 0.00 3.10 1.96 0.09 0.13 0.06 0.03 0.02 0.05 0.65 0.82 0.04 0.39 0.76 0.53 0.01 0.11 1.28 0.05 0.03 0.03 0.02 0.00 0.05 0.03 0.05 0.05 0.06 0.03 0.01 0.06 10.00 0.04 0.00 0.01 0.01 0.02 3.68 0.10 0.07 0.01 0.11 0.07 0.89 0.71 0.02 0.03 0.03 0.06 0.01 0.00 0.00 0.02 0.04 0.08 0.24 0.16 0.46 0.10 0.04 0.03 0.38 0.61 0.06 0.07

M 0.14 0.14 unch 0.15 0.17 + 0.11 0.11 + 0.05 0.06 0.08 0.08 15.11 17.56 + 0.00 0.80 0.51 0.52 0.34 0.38 0.04 0.04 0.00 0.03 0.04 0.04 0.56 0.66 + 0.26 0.28 0.29 0.31 0.41 0.43 unch 0.02 0.02 unch 0.03 0.04 + 1.42 1.64 1.00 1.13 0.07 0.07 unch 0.10 0.10 unch 0.05 0.05 0.03 0.03 + 0.03 0.03 unch 0.05 0.06 unch 0.09 0.10 unch 0.06 0.07 1.09 1.25 + 1.55 1.76 + 0.03 0.03 unch 0.06 0.07 + 0.04 0.05 + 0.02 0.03 0.05 0.05 unch 0.07 0.09 + 151.94 168.07 0.07 0.08 + 1.51 1.51 0.10 0.12 0.00 0.17 0.14 0.14 unch 0.02 0.03 unch 0.02 0.02 6.01 6.46 + 4.27 4.61 + 0.21 0.25 0.30 0.35 0.07 0.07 0.06 0.09 0.04 0.06 0.00 0.06 unch 1.26 1.31 1.71 1.88 + 0.07 0.10 + 0.39 0.39 unch 1.22 1.33 0.86 0.93 0.05 0.06 + 0.16 0.16 + 1.56 1.60 0.09 0.10 0.06 0.07 + 0.06 0.07 + 0.00 0.05 unch 0.00 0.00 0.10 0.11 0.07 0.07 0.08 0.09 unch 0.05 0.06 + 0.12 0.15 + 0.08 0.08 0.36 0.54 + 0.43 0.94 + 0.00 10.00 unch 0.09 0.09 unch 0.00 0.00 unch 0.00 0.01 unch 0.00 0.02 + 0.00 0.02 unch 6.45 7.29 + 0.21 0.25 + 0.14 0.18 + 0.01 0.01 unch 0.22 0.24 0.00 0.08 unch 1.55 2.20 + 0.00 0.81 unch 0.03 0.04 0.05 0.06 unch 0.05 0.06 + 0.29 0.29 0.05 0.05 0.00 0.00 unch 0.00 0.00 + 0.04 0.05 0.06 0.06 0.16 0.21 + 0.52 0.63 + 0.37 0.45 + 0.74 0.76 unch 0.11 0.12 0.10 0.11 + 0.00 0.14 + 0.61 0.70 + 0.91 0.98 0.11 0.12 0.16 0.16 -

22

WWW.NORTHERNMINER.COM

MAY 25–JUNE 7, 2020 / THE NORTHERN MINER

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

Exc Volume

Week High

Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Mtn Mineral Mtn* MineralRite* Mineworx Tech Mineworx Tech* Minfocus Expl Minfocus Expl* Mining Global* Minnova Corp Miramont Res* Miramont Res Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Monarca Mnrls* Monarca Mnrls Monarch Gold Monarch Gold* Moneta Porcpn* Moneta Porcpn Monitor Vent* Monitor Vent Monterey Min Montero Mg&Ex Montero Mg&Ex * Monument Mng Monument Mng* Morien Res* Morien Res Mosaic* Mount Gibson * Mountain Boy Mountain Prov Mountain Prov* Mundoro Cap Mundoro Cap* Murchison Min* Murchison Min MX Gold* MX Gold

V O O T O V O C V O O V O V O O V O C V C V O V O V T O O T O V C V O V O O V N O V T O V O O V O V

1084 846 73 216 1683 1923 40 306 870 637 4850 516 1032 407 1 712 219 20 209 283 2074 62 61 167 261 214 13576 1217 798 2150 0 55 505 415 4 479 246 38 273 24237 0 250 5080 42 156 157 2 367 30 3569

0.50 0.36 0.48 0.66 0.31 0.43 0.11 0.15 0.35 0.25 0.00 0.09 0.06 0.03 0.01 0.00 0.13 0.08 0.11 0.43 0.35 0.07 0.12 0.17 0.03 0.04 0.31 0.22 0.13 0.18 0.00 0.16 0.06 0.04 0.03 0.05 0.03 0.12 0.18 11.56 0.00 0.16 0.41 0.28 0.14 0.08 0.04 0.08 0.01 0.01

NA Frac Sand* NACCO Ind* Namibia Crit Namibia Crit* Napier Vent Napier Vent* Natural Res Pt* Nautilus Mnrls* Navy Res Neo Lithium Neometals* Network Expl* Network Expl Nevada Canyon* Nevada Copper Nevada Energy* Nevada Energy Nevada Expl * Nevada Expl Nevada Sunrise* Nevada Sunrise Nevada Zinc Nevado Res New Age Metals* New Age Metals New Carolin Gd* New Carolin Gd New Destiny Mg New Destiny Mg* New Dimen Res New Energy Met New Energy Met* New Gold New Gold* New Guinea Gld* New Jersey Mng* New Milln Iron* New Milln Iron New Oroperu New Pac Metals* New Pac Metals New Stratus New Tech Min* New Tech Min Newlox Gold Newmont Corp* Newmont Corp Newport Expl Newport Gold* NewRange Gold* NewRange Gold Nexa Resources Nexa Resources* Nexco Res Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold NGEx Minerals* NGEx Minerals Nickel Creek Nickel Creek* Nickel North Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* NKWE Platinum* Noble Metal Noble Mineral* Noble Mineral Noka Res* Noram Vent Noram Vent* Noranda Alum* Noront Res* Noront Res Norra Metals Norseman Cap Norsemont Cap Norsemont Cap* Nortec Mnls North Am Nickl North Am Nickl* North Arrow Mn* North Arrow Mn North Bay Res * Northcliff Res Northern Light Northern Uran Northisle C&G Northisle C&G * Northstar Gold Northstar Gold* Northway Res Norvista Cap NorZinc NorZinc* Nouveau Monde Nouveau Monde* NovaGold Res NovaGold Res* Novo Res* Novo Res NRG Metals* NRG Metals Nrthn Graphite Nrthn Graphite* Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior*

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

63 95 409 630 69 45 141 486 55 692 44 118 369 26 2513 1 10 308 732 76 96 613 0 842 2034 487 960 58 43 785 201 22 6888 18692 157 640 1 231 271 749 799 25 1 9 1370 34062 830 158 89 392 1328 3 256 50 8255 3566 3282 402 5574 3 193 1292 825 4218 681 56 36 537 58 3 315 278 136 35 0 158 165 2633 1015 86 0 8 13 799 581 103 179 35 6973 104 61 31 76 7840 36 55 156 42 1 203 6 91 658 346 276 423 46 3076 14518 845 1176 52 45 38 353 21 23 3646 7

0.01 29.47 0.19 0.14 0.07 0.05 12.81 0.01 0.22 0.49 0.12 0.24 0.34 0.10 0.15 0.04 0.06 0.12 0.17 0.03 0.03 0.07 0.00 0.06 0.09 0.05 0.07 0.03 0.03 0.04 0.06 0.10 1.48 1.04 0.01 0.17 0.04 0.05 1.40 4.94 6.88 0.05 0.01 0.02 0.07 68.47 96.45 0.34 0.00 0.11 0.14 6.14 4.40 0.03 2.18 1.56 0.05 0.05 0.07 0.23 0.39 0.06 0.04 0.04 0.10 0.07 1.14 1.60 0.25 0.17 0.72 0.54 0.04 0.03 0.00 0.01 0.07 0.09 0.06 0.11 0.00 0.01 0.10 0.14 0.04 0.06 0.58 0.40 0.03 0.09 0.06 0.03 0.04 0.00 0.05 0.04 0.01 0.08 0.03 0.52 0.37 0.09 0.15 0.07 0.05 0.22 0.15 16.83 11.94 2.20 3.01 0.26 0.35 0.19 0.13 0.34 0.04 0.11 0.26

Low

Last

12-month Change

0.40 0.50 + 0.27 0.35 + 0.38 0.45 + 0.57 0.65 + 0.29 0.30 0.41 0.42 0.09 0.11 0.13 0.15 unch 0.31 0.35 + 0.21 0.25 + 0.00 0.00 unch 0.08 0.08 0.05 0.06 0.00 0.03 unch 0.01 0.01 unch 0.00 0.00 unch 0.10 0.13 + 0.06 0.07 + 0.10 0.11 unch 0.38 0.42 + 0.25 0.34 + 0.06 0.07 0.00 0.12 + 0.15 0.16 + 0.02 0.03 0.03 0.03 0.22 0.27 0.16 0.20 0.10 0.13 + 0.15 0.17 + 0.00 0.09 unch 0.00 0.16 + 0.05 0.05 0.03 0.04 + 0.03 0.03 unch 0.05 0.05 unch 0.03 0.03 0.12 0.12 + 0.00 0.18 unch 9.58 10.08 0.00 0.40 unch 0.16 0.16 unch 0.31 0.34 0.24 0.24 0.11 0.13 + 0.07 0.08 + 0.04 0.04 0.00 0.07 unch 0.01 0.01 + 0.01 0.01 -

Stock

0.10 0.06 0.04 0.07 0.00 0.01 0.00 0.00 0.02 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.02 0.04 0.01 0.00 0.01 0.00 0.01 0.01 0.00 0.02 0.03 0.00 0.03 0.01 0.01 0.00 0.00 0.00 0.00 0.00 1.83 0.00 0.00 0.05 0.04 0.01 0.00 0.01 0.00 0.00 0.01

0.55 0.43 0.73 0.99 0.33 0.44 0.15 0.21 0.53 0.43 0.00 0.24 0.18 0.06 0.04 0.00 0.14 0.17 0.21 0.75 0.35 0.19 0.54 0.77 0.06 0.08 0.31 0.22 0.13 0.16 0.16 0.24 0.12 0.20 0.17 0.07 0.05 0.50 0.65 25.71 0.57 0.28 1.62 0.86 0.21 0.14 0.11 0.18 0.01 0.02

0.22 0.16 0.14 0.20 0.07 0.10 0.07 0.05 0.10 0.07 0.00 0.07 0.05 0.02 0.01 0.00 0.05 0.03 0.05 0.29 0.02 0.05 0.06 0.08 0.01 0.02 0.11 0.07 0.04 0.06 0.08 0.12 0.02 0.01 0.02 0.04 0.02 0.06 0.08 6.50 0.40 0.14 0.29 0.17 0.09 0.00 0.04 0.04 0.00 0.01

0.00 2.17 0.01 0.02 0.02 0.01 0.03 0.00 0.00 0.03 0.00 0.00 0.00 0.07 0.01 0.02 0.01 0.00 0.00 0.00 0.01 0.03 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.02 0.04 0.00 0.01 0.00 0.00 0.01 0.01 0.09 0.13 0.00 0.00 0.00 0.02 3.35 5.79 0.03 0.00 0.00 0.01 0.03 0.10 0.00 0.14 0.10 0.00 0.00 0.01 0.01 0.02 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.05 0.01 0.02 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.03 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.02 0.00 0.02 0.01 0.00 0.00 0.00 0.55 0.23 0.01 0.06 0.01 0.01 0.02 0.01 0.03 0.00 0.02 0.00

0.03 66.40 0.31 0.24 0.30 0.28 41.83 0.04 0.23 0.92 0.20 0.45 0.54 0.25 0.41 0.11 0.16 0.30 0.39 0.06 0.08 0.12 0.17 0.11 0.15 0.11 0.15 0.17 0.03 0.06 0.32 0.26 2.03 1.56 0.13 0.20 0.07 0.10 1.40 5.60 6.98 0.25 0.03 0.05 0.10 68.47 94.60 0.45 0.04 0.15 0.20 14.33 10.98 0.07 2.31 1.78 0.10 0.09 0.12 0.32 0.66 0.15 0.10 0.04 0.14 0.11 2.01 3.65 0.53 0.28 0.94 0.72 0.05 0.04

0.00 22.26 0.08 0.06 0.04 0.05 8.50 0.00 0.10 0.38 0.08 0.06 0.08 0.03 0.13 0.02 0.04 0.08 0.12 0.01 0.01 0.03 0.07 0.02 0.03 0.02 0.03 0.02 0.03 0.02 0.02 0.00 0.55 0.39 0.00 0.11 0.03 0.04 0.25 1.24 1.66 0.05 0.01 0.01 0.03 30.32 40.56 0.25 0.00 0.05 0.07 3.94 2.57 0.03 0.76 0.50 0.02 0.01 0.03 0.16 0.24 0.02 0.02 0.01 0.04 0.04 0.26 0.97 0.15 0.10 0.50 0.36 0.01 0.01

Nrthn Superior Nrthn Vertex* Nrthn Vertex NSGold NSS Res Inc Nthn Dynasty Nthn Dynasty* Nubian Res Nuinsco Res Nuinsco Res* NuLegacy Gold NuLegacy Gold* Nutrien* Nutrien NV Gold NV Gold* NxGold Ltd* NxGold Ltd O.T. Mining* O3 Mining* O3 Mining OceanaGold* OceanaGold Oceanic Iron O Oceanus Res* Oceanus Res Olivut Res* Olivut Res Omineca Mining* Omineca Mining One World Lith* One World Lith Opawica Expl* Opawica Expl Optimum Vent Opus One Res Orbite Tech* Orca Gold Orca Gold* Ord Mountain Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold* Orezone Gold Orford Mining OrganiMax* OrganiMax Origen Res Origin Gold Original Sixtn* Orla Mng Ltd Orla Mng Ltd* Oroco Res Oroco Res* Orocobre Oronova Energy* Orosur Mng Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls* Osino Res Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Osprey Gold Otso Gold Otso Gold* Outcrop Gold Outcrop Gold* OZ Minerals*

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

0.01 0.10 0.14 0.20 0.21 0.14 0.02 0.20 0.28 0.06 0.13 0.58 0.40 0.05 0.35 0.29 0.06 0.09 0.00 0.08 0.07 0.01 0.08 0.06 0.55 0.37 0.14 0.16 0.12 0.09 0.27 0.21 18.00 12.85 3.07 3.96 0.36 1.89 0.28 0.20 0.34 0.10 0.12 0.30

0.01 0.02 0.03 0.03 0.05 0.04 0.00 0.08 0.12 0.02 0.04 0.25 0.20 0.01 0.06 0.02 0.02 0.03 0.00 0.04 0.02 0.01 0.01 0.01 0.19 0.22 0.05 0.04 0.02 0.01 0.13 0.09 5.00 3.69 1.00 1.41 0.04 0.24 0.06 0.04 0.10 0.02 0.05 0.05

Pac Bay Mnrls* Pac Bay Mnrls Pac Booker Min* Pac Booker Min Pac Imperial Pac Ridge Expl Pac Ridge Expl* Pac Wildcat* Pacific Empire Pacific Rim Pacific Rim* Pacific Silk* Pacific Silk Pacton Gold Paladin Energy* Palamina Corp Palamina Corp* Paleo Resource Paleo Resource* Palladium One Palladium One* Pan Am Silver* Pan Am Silver Pan Global Res Pancontinental Pancontinental* Panex Res* Pangolin Dia Panoro Mnrls Panoro Mnrls* PanTerra Gold* Pantheon Vent Para Resources Parallel Mng Paramount Gold* Paringa Res* Parlane Res Pasinex Res Pasofino Gold Patriot Gold* Peabody Enrgy* Pelangio Expl* Pelangio Expl Peloton Mnrls Peloton Mnrls* PepinNini Lith* Perseus Mng Pershimex Res Pershing Res* Peruvian Metal* Peruvian Metal Petra Diamonds* Philex Mng* Philippine Mtl Phoenix Global* Pike Mountain Pine Cliff En Pine Cliff En* Pinecrest Res Pinecrest Res * Pistol Bay Mng Pistol Bay Mng* Pivit Explor PJSC Polyus Gd* PJX Res Plata Latina Plate Res Plateau Energy Plateau Energy* Platinex Inc* Platinex Inc Platinum Gp Mt Platinum Gp Mt* Plato Gold Playfair Mng Playfair Mng* PolyMet Mng* PolyMet Mng Portage Res* Portofino Res Potash Ridge* Potash Ridge Power Group Power Group* Power Metals* Power Metals PowerOre PPX Mining Precipitate Gl Precipitate Gl* Premier Gold M Premium Expl* Pretium Res* Pretium Res

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

N-O 0.00 24.36 0.15 0.10 0.06 0.05 11.51 0.00 0.22 0.43 0.12 0.19 0.23 0.03 0.13 0.04 0.00 0.10 0.15 0.02 0.03 0.04 0.00 0.05 0.07 0.04 0.06 0.03 0.03 0.03 0.00 0.04 1.31 0.93 0.00 0.16 0.00 0.04 1.21 4.41 6.35 0.05 0.01 0.00 0.05 61.83 86.79 0.00 0.00 0.09 0.12 5.45 3.88 0.03 1.71 1.22 0.04 0.04 0.06 0.00 0.34 0.04 0.03 0.01 0.09 0.07 1.01 1.42 0.23 0.00 0.69 0.48 0.04 0.02 0.00 0.01 0.05 0.07 0.05 0.09 0.00 0.00 0.00 0.12 0.03 0.05 0.50 0.39 0.02 0.00 0.05 0.03 0.03 0.00 0.05 0.03 0.01 0.06 0.03 0.47 0.36 0.07 0.11 0.06 0.04 0.19 0.14 15.09 10.70 1.83 2.59 0.22 0.32 0.15 0.11 0.21 0.02 0.08 0.00

0.01 26.83 0.19 + 0.14 + 0.07 + 0.05 12.60 0.01 + 0.22 unch 0.45 0.12 unch 0.24 + 0.34 unch 0.03 0.14 0.04 0.06 0.12 + 0.17 unch 0.03 0.03 0.07 + 0.07 unch 0.06 + 0.08 + 0.05 + 0.07 + 0.03 unch 0.03 unch 0.04 + 0.04 0.04 + 1.46 + 1.02 unch 0.00 0.17 + 0.04 unch 0.05 1.32 + 4.74 + 6.61 + 0.05 unch 0.01 unch 0.02 unch 0.07 + 67.90 + 95.44 + 0.31 0.00 + 0.09 + 0.13 5.98 + 4.21 0.03 unch 1.83 1.31 0.05 unch 0.04 0.06 + 0.23 + 0.34 0.05 + 0.04 + 0.02 + 0.09 0.07 1.14 unch 1.59 unch 0.25 + 0.17 + 0.69 0.49 0.04 0.02 0.07 unch 0.01 unch + 0.06 0.07 + 0.05 0.09 0.07 unch 0.00 0.10 0.13 0.03 unch 0.06 + 0.53 unch 0.40 unch 0.02 unch 0.08 0.06 0.03 0.03 unch 0.00 unch 0.05 + 0.03 0.01 + 0.07 + 0.03 unch 0.51 + 0.37 + 0.07 unch 0.12 0.07 + 0.05 + 0.20 unch 0.14 16.49 + 11.70 + 2.08 + 2.93 + 0.24 0.35 + 0.16 0.12 0.21 0.03 + 0.10 + 0.26 -

(100s)

High Low

Exc Volume

(100s) Stock

Week

12-month

High

Low

Last

Change

High Low

71 207 398 17 127 5972 23245 63 3328 184 1928 1558 8152 5600 395 86 20 2092 45 33 262 9 10283 346 196 1078 131 213 165 913 242 164 1 103 378 298 150 413 90 50 2053 937 36 178 380 1550 167 101 101 124 149 27 3461 39 134 75 151 0 366 218 3 845 92 1095 4740 3001 69 273 4287 559 1795 88 790 318 2

0.36 0.20 0.27 0.14 0.08 1.25 0.89 0.10 0.01 0.01 0.10 0.07 34.93 48.94 0.18 0.13 0.02 0.04 0.06 1.49 2.10 1.83 2.81 0.11 0.10 0.12 0.03 0.03 0.15 0.20 0.05 0.07 0.03 0.08 0.26 0.05 0.00 0.33 0.24 0.07 0.18 0.11 0.08 0.11 0.51 0.72 0.05 0.05 0.04 0.27 0.07 0.25 3.84 2.70 0.32 0.23 1.88 0.00 0.05 0.19 0.09 0.20 0.14 0.96 10.45 14.74 0.31 0.44 4.04 0.05 0.10 0.07 0.17 0.12 5.59

0.34 0.15 0.21 0.12 0.08 1.01 0.72 0.07 0.01 0.00 0.08 0.05 29.70 41.98 0.16 0.11 0.02 0.03 0.04 1.32 1.90 1.70 2.43 0.09 0.07 0.00 0.02 0.03 0.10 0.16 0.04 0.06 0.03 0.06 0.20 0.03 0.00 0.30 0.00 0.07 0.12 0.07 0.06 0.09 0.42 0.59 0.05 0.03 0.04 0.19 0.06 0.12 3.36 2.41 0.30 0.21 1.63 0.00 0.04 0.13 0.09 0.15 0.11 0.80 9.01 12.71 0.28 0.40 3.60 0.05 0.08 0.06 0.14 0.10 5.46

0.36 0.19 0.27 0.14 0.08 1.25 0.88 0.10 0.01 0.01 0.10 0.07 31.69 44.70 0.17 0.12 0.02 0.03 0.06 1.40 1.97 1.83 2.75 0.10 0.08 0.11 0.03 0.03 0.15 0.20 0.05 0.07 0.03 0.06 0.23 0.04 0.00 0.33 0.24 0.07 0.15 0.10 0.07 0.10 0.49 0.69 0.05 0.03 0.04 0.24 0.07 0.25 3.77 2.69 0.31 0.23 1.76 0.05 0.04 0.19 0.09 0.17 0.12 0.91 10.34 14.54 0.29 0.44 3.89 0.05 0.09 0.06 0.16 0.11 5.59

+ + + + unch + + + unch + + + + unch + + + + + + + + + unch + + + unch + unch + unch + + + + + unch unch + + + unch + + unch + + + + + + +

0.01 0.02 0.04 0.04 0.00 0.10 0.05 0.01 0.00 0.00 0.02 0.02 3.82 4.70 0.01 0.00 0.00 0.01 0.01 0.01 0.02 0.11 0.22 0.01 0.01 0.01 0.01 0.00 0.05 0.06 0.00 0.01 0.00 0.01 0.03 0.02 0.00 0.01 0.00 0.00 0.01 0.03 0.01 0.01 0.05 0.08 0.01 0.02 0.00 0.02 0.00 0.05 0.26 0.16 0.01 0.00 0.10 0.00 0.01 0.03 0.00 0.02 0.01 0.07 0.77 1.22 0.01 0.03 0.06 0.01 0.01 0.00 0.01 0.01 0.13

0.42 0.27 0.35 0.20 0.18 1.32 0.95 0.22 0.02 0.01 0.10 0.08 55.34 73.00 0.29 0.22 0.05 0.07 0.09 2.29 4.00 3.13 4.17 0.17 0.07 0.12 0.12 0.14 0.15 0.20 0.22 0.28 0.05 0.10 0.26 0.06 0.17 0.42 0.32 0.12 0.18 0.17 0.11 0.14 0.67 0.88 0.15 0.14 0.21 0.27 0.15 0.25 3.73 2.56 0.60 0.56 3.52 0.06 0.13 0.40 0.30 0.41 0.30 1.07 13.43 17.47 0.54 0.70 4.19 0.12 0.10 0.07 0.39 0.30 7.99

0.07 0.11 0.15 0.06 0.03 0.50 0.35 0.07 0.01 0.00 0.03 0.02 23.85 34.80 0.07 0.05 0.02 0.01 0.02 0.64 1.06 0.81 1.16 0.04 0.03 0.04 0.02 0.03 0.03 0.05 0.02 0.03 0.03 0.05 0.15 0.01 0.00 0.20 0.15 0.06 0.04 0.03 0.03 0.04 0.14 0.22 0.02 0.03 0.04 0.19 0.05 0.00 0.96 0.73 0.20 0.05 1.60 0.05 0.03 0.10 0.09 0.11 0.09 0.31 4.65 6.35 0.17 0.24 1.67 0.02 0.02 0.02 0.08 0.06 3.48

5 5 1 11 75 228 20 1202 241 835 59 11 7 5622 4503 74 68 43 285 1297 35 18615 4024 1293 431 22 1068 294 508 16 0 2707 55 45 573 39 567 183 530 162 16224 1 138 52 37 150 272 484 546 31 13 10 1 266 3 520 2384 101 325 25 3814 190 273 6 63 0 3 593 407 4 2790 116 886 1216 743 0 1235 27 67 587 100 4110 50 420 7188 7398 591 92 1231 758 3601 4 8800 3277

0.04 0.06 1.22 1.89 0.02 0.05 0.02 0.00 0.05 0.16 0.11 0.01 0.03 0.08 0.09 0.18 0.13 0.01 0.00 0.10 0.07 24.55 34.57 0.23 0.07 0.05 0.00 0.03 0.10 0.08 0.00 0.09 0.22 0.20 1.24 0.01 0.07 0.02 0.16 0.05 4.15 0.10 0.18 0.08 0.06 0.00 1.02 0.05 0.01 0.03 0.05 0.05 0.08 0.06 0.22 0.18 0.16 0.13 0.27 0.19 0.03 0.01 0.27 94.50 0.10 0.00 0.02 0.34 0.24 0.01 0.04 2.03 1.45 0.04 0.05 0.00 0.29 0.37 0.00 0.06 0.03 0.04 0.04 0.03 0.40 0.54 0.07 0.05 0.17 0.13 1.87 0.00 9.00 12.70

0.04 0.06 1.22 1.89 0.02 0.05 0.02 0.00 0.05 0.14 0.11 0.01 0.03 0.08 0.07 0.14 0.11 0.01 0.00 0.09 0.06 24.50 34.54 0.20 0.06 0.05 0.00 0.03 0.09 0.06 0.00 0.09 0.20 0.15 1.14 0.01 0.06 0.02 0.15 0.05 2.94 0.10 0.17 0.08 0.06 0.00 1.02 0.05 0.01 0.03 0.04 0.05 0.08 0.06 0.22 0.18 0.14 0.10 0.25 0.19 0.02 0.01 0.27 92.00 0.08 0.03 0.02 0.28 0.20 0.01 0.03 2.00 1.43 0.04 0.05 0.02 0.27 0.37 0.00 0.06 0.03 0.03 0.04 0.03 0.35 0.49 0.07 0.04 0.16 0.12 1.87 0.00 8.99 12.69

unch unch + + unch + unch + + unch + + + + unch + + + unch + unch + + + unch + + + + + unch + + + unch unch unch + + + + unch + + unch unch + + + unch + + unch + + + + unch + + + unch unch + unch + +

0.00 0.00 0.11 0.30 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.00 0.00 0.01 2.14 3.42 0.04 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.05 0.18 0.01 0.08 0.01 0.01 0.01 0.00 0.01 0.76 0.00 0.02 0.01 0.01 0.00 0.08 0.01 0.00 0.01 0.01 0.03 0.00 0.00 0.00 0.08 0.02 0.03 0.03 0.07 0.01 0.00 0.05 11.00 0.01 0.00 0.00 0.01 0.02 0.01 0.01 0.02 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.00 0.05 0.08 0.02 0.01 0.00 0.00 0.18 0.00 0.45 0.80

0.08 0.15 2.90 3.90 0.03 0.06 0.05 0.01 0.09 0.33 0.36 0.03 0.04 0.26 0.12 0.32 0.25 0.07 0.05 0.24 0.20 26.20 34.79 0.23 0.07 0.04 0.01 0.10 0.17 0.13 0.02 0.09 1.90 0.53 1.38 0.19 0.20 0.08 0.18 0.07 27.86 0.16 0.24 0.13 0.11 0.00 1.18 0.06 0.06 0.04 0.05 0.28 0.10 0.11 0.28 0.18 0.25 0.15 0.27 0.18 0.06 0.05 0.64 94.50 0.21 0.06 0.16 0.74 0.65 0.04 0.06 3.86 2.98 0.05 0.07 0.05 0.54 0.70 0.00 0.08 0.06 0.08 0.12 0.09 0.40 0.54 0.14 0.08 0.28 0.22 2.55 0.01 13.83 18.30

0.03 0.05 0.84 1.12 0.01 0.03 0.02 0.00 0.02 0.11 0.08 0.00 0.01 0.04 0.03 0.09 0.06 0.01 0.00 0.05 0.03 10.26 13.83 0.06 0.02 0.01 0.00 0.02 0.07 0.04 0.00 0.01 0.10 0.10 0.47 0.00 0.02 0.01 0.04 0.02 2.51 0.08 0.11 0.04 0.03 0.00 0.40 0.02 0.00 0.01 0.03 0.01 0.00 0.02 0.06 0.02 0.05 0.04 0.14 0.09 0.01 0.00 0.06 40.00 0.01 0.01 0.02 0.16 0.08 0.01 0.01 1.25 0.86 0.01 0.02 0.01 0.15 0.25 0.00 0.02 0.01 0.02 0.03 0.03 0.03 0.04 0.03 0.04 0.05 0.04 0.85 0.00 4.05 6.25

P-Q 0.04 0.06 0.00 1.64 0.02 0.04 0.02 0.00 0.05 0.14 0.10 0.01 0.02 0.07 0.07 0.13 0.09 0.00 0.00 0.08 0.06 21.05 29.66 0.18 0.06 0.04 0.00 0.00 0.09 0.06 0.00 0.04 0.18 0.15 1.07 0.00 0.05 0.02 0.13 0.03 2.71 0.10 0.15 0.07 0.00 0.00 0.91 0.03 0.01 0.03 0.00 0.05 0.08 0.05 0.22 0.11 0.12 0.10 0.20 0.12 0.01 0.01 0.23 0.00 0.00 0.00 0.02 0.28 0.20 0.01 0.00 1.85 1.32 0.03 0.04 0.00 0.25 0.36 0.00 0.05 0.02 0.03 0.03 0.03 0.30 0.43 0.06 0.04 0.15 0.10 1.64 0.00 8.08 11.38

Exc Volume

Week

12-month

High

Low

Last

0.32 0.04 0.47 0.66 0.03 0.07 0.80 1.11 0.00 0.00 0.15 0.00 0.00 0.04 0.00 0.00 0.12 0.08 0.05 0.03 0.04 0.06 0.00 0.02 0.04 0.63 0.88 0.04 0.00 0.18 0.27 0.20 0.09 0.06 0.10 0.14 0.15 0.00 0.00 0.00 0.00 0.03 0.01 0.03

0.38 0.08 0.51 0.75 0.03 0.09 0.89 1.25 0.04 0.03 0.17 3.15 0.09 0.04 0.03 0.02 0.12 0.09 0.05 0.04 0.05 0.06 0.01 0.03 0.05 0.75 1.04 0.04 0.09 0.18 0.32 0.22 0.09 0.07 0.10 0.15 0.19 0.03 0.21 0.13 0.06 0.05 0.02 0.03

+ unch + unch + + + unch unch + + unch + unch unch + + unch + + unch unch + + + + unch unch unch unch + -

0.02 0.01 0.00 0.04 0.00 0.02 0.03 0.06 0.00 0.00 0.02 0.40 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.12 0.17 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.04 0.01 0.00 0.00 0.00 0.00 0.01 0.01

0.82 0.16 0.56 0.76 0.05 0.12 1.16 1.53 0.18 0.04 0.30 6.30 0.19 0.12 0.11 0.08 0.20 0.18 0.12 0.42 0.20 0.35 0.03 0.08 0.10 0.78 1.09 0.08 0.21 0.28 0.40 0.30 0.23 0.20 0.11 0.16 0.20 0.06 0.31 0.23 0.09 0.07 0.06 0.09

0.08 0.04 0.14 0.25 0.01 0.05 0.37 0.54 0.02 0.01 0.12 0.02 0.01 0.03 0.01 0.01 0.08 0.06 0.02 0.02 0.03 0.04 0.01 0.02 0.03 0.27 0.38 0.03 0.09 0.14 0.14 0.10 0.06 0.03 0.03 0.04 0.02 0.01 0.15 0.13 0.02 0.02 0.00 0.02

0.00 0.00 0.17 0.18 0.00 0.06 0.11 1.47 0.07 0.00 0.01 0.72 0.09 0.01 0.04 0.01 0.06 0.00 0.03 0.03 0.02 0.00 0.56 0.20 0.29 0.02 0.03 0.09 0.09 0.07 0.09 0.51 0.72 0.15 0.06 0.18 0.14 0.00 0.03 0.04 44.57 0.00 0.00 0.34 0.48 0.66 0.46 0.17 0.12 0.12 0.16 0.49 0.34 0.28 0.00 0.00 0.38 0.54 0.08 0.06 0.02 0.10 0.12 0.03 0.05 0.06 0.16 0.18 0.04 0.03 0.36 0.26 0.15 0.00 0.03 1.22 0.87 0.00 0.30 125.35 0.00 0.20 0.03 0.00 0.02 0.01 0.05 0.88 1.22 0.08 0.01 0.00 0.60 0.87 0.00 0.06

0.13 0.08 0.20 0.22 0.09 0.06 0.12 2.37 0.12 0.08 0.01 0.79 0.09 0.01 0.04 0.01 0.06 0.11 0.04 0.04 0.02 3.20 0.56 0.22 0.33 0.02 0.04 0.09 0.10 0.07 0.09 0.54 0.75 0.15 0.07 0.22 0.14 0.00 0.03 0.04 47.59 44.60 55.33 0.38 0.53 0.85 0.61 0.20 0.14 0.12 0.18 0.53 0.37 0.31 0.04 0.03 0.39 0.60 0.08 0.06 0.02 0.11 0.13 0.03 0.06 0.07 0.16 0.22 0.04 0.03 0.43 0.27 0.15 0.03 0.04 1.30 0.94 0.59 0.41 134.00 0.00 0.20 0.07 0.05 0.02 0.01 0.05 1.10 1.55 0.09 0.01 0.02 1.14 1.62 0.05 0.06

+ + + + + + + + + unch + unch unch unch + + unch + + + + + + unch + + + unch + + + + + unch + + + + + + unch unch unch unch + + unch + unch unch unch unch unch + + + + + + + + + unch + + unch unch + + + unch unch + + unch -

0.02 0.00 0.02 0.01 0.07 0.01 0.01 0.27 0.05 0.04 0.00 0.05 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.05 0.04 0.02 0.04 0.01 0.01 0.00 0.01 0.01 0.02 0.03 0.03 0.00 0.01 0.04 0.01 0.00 0.00 0.01 0.64 0.70 0.00 0.03 0.05 0.17 0.10 0.02 0.01 0.02 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.10 0.01 0.01 0.00 0.01 0.02 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.06 0.01 0.02 0.00 0.01 0.01 0.02 0.07 0.11 2.43 0.00 0.00 0.04 0.01 0.00 0.00 0.00 0.16 0.25 0.01 0.00 0.00 0.54 0.76 0.00 0.01

0.20 0.12 0.24 0.35 0.90 0.15 0.16 7.60 0.25 0.09 0.03 0.96 0.11 0.65 0.10 0.03 0.24 0.28 0.07 0.04 0.04 4.61 1.78 0.33 0.43 0.04 0.06 0.16 0.34 0.25 0.30 0.75 1.01 0.21 0.07 0.30 0.19 0.00 0.05 0.06 64.02 62.00 74.50 0.52 0.70 0.95 0.83 0.25 0.18 0.24 0.32 0.73 0.55 0.36 0.08 0.06 0.64 0.85 0.12 0.08 0.05 0.19 0.26 0.06 0.10 0.13 0.18 0.25 0.07 0.05 0.43 0.28 0.17 0.40 0.05 1.42 1.07 0.60 0.41 138.78 0.01 0.35 1.00 0.07 0.04 0.07 0.11 1.22 1.56 0.23 0.02 0.02 1.22 1.75 0.07 0.09

0.08 0.00 0.09 0.11 0.00 0.04 0.07 0.22 0.04 0.04 0.00 0.10 0.05 0.01 0.04 0.00 0.03 0.04 0.02 0.02 0.01 1.80 0.47 0.10 0.14 0.02 0.03 0.05 0.07 0.04 0.05 0.24 0.33 0.04 0.02 0.15 0.14 0.00 0.02 0.01 35.35 34.85 41.50 0.11 0.14 0.30 0.31 0.10 0.06 0.06 0.08 0.20 0.14 0.06 0.03 0.02 0.35 0.37 0.04 0.03 0.01 0.06 0.07 0.02 0.03 0.02 0.03 0.03 0.02 0.01 0.10 0.05 0.06 0.00 0.03 0.56 0.05 0.12 0.02 59.78 0.00 0.13 0.01 0.02 0.01 0.01 0.04 0.37 0.54 0.05 0.01 0.01 0.43 0.53 0.03 0.04

1.45 1.60 + 2.03 2.24 + 0.05 0.06 0.06 0.08 unch 0.00 0.00 unch 0.89 0.90 0.13 0.16 + 0.19 0.23 + 0.27 0.28 + 0.17 0.17 0.13 0.13 + 0.00 0.00 0.16 0.21 + 0.23 0.29 0.08 0.11 + 0.00 0.08 + 0.28 0.29 + 0.19 0.20 1.80 2.03 + 10.70 12.07 + 7.64 8.55 + 0.06 0.08 0.11 0.13 + 0.06 0.07 unch 0.00 0.00 + 0.05 0.05 unch 0.08 0.12 unch 0.03 0.03 unch 0.07 0.08 + 0.04 0.06 + 0.09 0.09 unch 0.06 0.06 + 0.08 0.08 unch

0.09 0.16 0.01 0.00 0.00 0.07 0.02 0.03 0.04 0.01 0.01 0.00 0.00 0.01 0.01 0.07 0.01 0.02 0.05 0.95 0.56 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00

1.72 2.28 0.11 0.15 0.00 1.81 0.23 0.27 0.59 0.33 0.25 0.00 0.21 0.32 0.55 0.41 0.40 0.31 2.72 12.15 8.69 0.10 0.20 0.12 0.00 0.08 0.17 0.06 0.20 0.15 0.13 0.10 0.12

0.51 0.71 0.03 0.04 0.00 0.45 0.08 0.12 0.18 0.12 0.08 0.00 0.06 0.09 0.08 0.03 0.09 0.07 0.58 4.64 3.32 0.03 0.05 0.03 0.00 0.01 0.07 0.02 0.06 0.03 0.05 0.03 0.06

Primary Energy C Prime Meridian V Prime Mining* O Prime Mining V Prism Res V ProAm Expl V Probe Metals* O Probe Metals V Prog Planet V Prog Planet* O Project One C Promithian Gl * O Prophecy Pot C Prosper Gold V Prospero Silvr V Prospero Silvr* O Provenance Gld C Providence V Providence Gld* O PUF Vent Inc * O Puma Expl* O Puma Expl V Pure Alumina* O Pure Energy* O Pure Energy V Pure Gold Mg* O Pure Gold Mg V Purepoint Uran V Q-Gold Res* O Q-Gold Res V QC Precious V QC Precious * O QMC Quantum Ml V QMC Quantum Ml* O QMX Gold* O QMX Gold V Quadro Res V Quantum Cobalt C Quartz Mtn Res V Quartz Mtn Res* O Quaterra Res V Quaterra Res* O Quest Rare Mnl* O Quinto Res V

7796 236 94 1064 2 2685 293 714 112 0 210 4 0 302 262 52 67 267 374 5903 2 167 5 493 307 4386 12707 5746 0 12 740 177 283 116 181 1994 2872 55 0 0 232 326 736 233

0.39 0.08 0.52 0.76 0.03 0.10 0.89 1.25 0.04 0.00 0.17 3.15 0.00 0.05 0.03 0.02 0.13 0.09 0.07 0.05 0.05 0.07 0.01 0.04 0.05 0.78 1.09 0.05 0.00 0.18 0.34 0.23 0.09 0.07 0.11 0.16 0.20 0.05 0.00 0.00 0.07 0.05 0.02 0.04

Rackla Metals Rackla Metals* Radisson Mng Radius Gold Rae-Wallace Mg* Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Ravencrest Res Razore Rock Res Red Eagle Mng* Red Moon Res Red Oak Mining Red Pine Expl Redstar Gold Redstar Gold* Regis Res NL* Regulus Res Renaissance Gd* Renaissance Gd Renforth Res* Renforth Res Resolve Vent Reunion Gold Reunion Gold* Revelo Res Revival Gold * Revival Gold Rhyolite Res Richmond Mnls Ridgestone M’g Ridgestone M’g* Rimrock Gold* Rio Silver* Rio Silver Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited* Rio2 Limited Rise Gold Corp Rise Gold Corp* Riverside Res Riverside Res* RJK Explor* RJK Explor RNC Minerals RNC Minerals* Robex Res Rochester Res Rochester Res* Rock Tech Lith* Rock Tech Lith Rockcliff Met Rockcliff Met* Rockex Mng Rockhaven Res Rockridge Res Rodinia Lithm Rogue Res* Rogue Res Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RosCan Gold RosCan Gold* Roughrider Exp Rover Metals* Rover Metals Roxgold Roxgold* Royal Gold Royal Gold* Royal Gold* Royal Mines &M* Royal Rd Mnrls Royal Std Mnrl* RT Minerals RT Minerals* RTG Mining * RTG Mining Rubicon Mnrls* Rubicon Mnrls Rugby Mng Running Fox Rs* Running Fox Rs Rupert Res* Rupert Res Rusoro Mng* Rusoro Mng

V O V V O C C O V O O O V C C O V V V V O O V O V O C V V O V O V V V V O O O V N O O O V C O V O O V T O V V O O V C O C V V V O V O V V O V O V O V T O V O D O V O V O O T O T V O V O V O V

49 1 1242 264 108 285 1847 26 299 0 25 763 100 1410 63 1119 6 18 4736 718 192 8 613 741 285 46 1231 81 323 92 558 235 749 10 69 357 10 16320 11 182 13214 1 1 1102 1849 46 74 591 231 19 231 18215 2983 1762 0 0 75 19 796 37 40 582 877 1205 100 90 0 307 834 865 3718 197 358 906 1434 7230 157 43 12 3626 1012 256 11 117 101 11 28 277 2228 52 1 12 58 1596 2 88

0.13 0.08 0.20 0.23 0.09 0.07 0.15 2.70 0.13 0.08 0.02 0.82 0.09 0.01 0.04 0.03 0.06 0.11 0.04 0.04 0.03 3.20 0.64 0.25 0.35 0.03 0.04 0.09 0.11 0.08 0.11 0.55 0.78 0.15 0.07 0.22 0.14 0.00 0.03 0.04 48.30 45.53 0.00 0.41 0.56 0.87 0.62 0.20 0.14 0.14 0.19 0.55 0.40 0.32 0.00 0.00 0.40 0.60 0.10 0.07 0.02 0.11 0.14 0.03 0.06 0.07 0.16 0.23 0.04 0.03 0.43 0.28 0.16 0.03 0.04 1.35 0.94 0.59 0.41 137.39 0.00 0.22 0.07 0.05 0.03 0.01 0.06 1.22 1.56 0.09 0.01 0.02 1.22 1.75 0.05 0.07

Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res* Sable Res Sage Gold* Sailfish Rylty Salazar Res* Salazar Res Salt Lake Pot* Sama Res Sama Res* San Gold Corp* San Marco Res* San Marco Res Sanatana Res Sanatana Res* Sandfire Res Sandfire Res* Sandspring Res* Sandstorm Gold Sandstorm Gold* Santa Fe Gold* Santacruz Silv Sarama Res Sarissa Res* Satori Res Saturn Mnrls Saville Res Scandium Intl Scandium Intl* Scorpio Gold Scorpio Gold * Scotch Creek

O T O V O V O V O V O O O V V O V O O T N O V V O V V V T O V O C

2532 3636 171 881 25 41 126 86 53 359 13 82 258 1742 53 1 80 353 262 3676 13440 591 892 1261 372 251 283 403 727 24 265 141 15

1.65 2.27 0.06 0.09 0.00 0.97 0.16 0.23 0.28 0.20 0.13 0.00 0.21 0.32 0.11 0.08 0.30 0.22 2.07 12.19 8.64 0.08 0.13 0.08 0.00 0.05 0.12 0.03 0.08 0.06 0.10 0.07 0.08

Change

High Low

R

S

(100s) Stock

Exc Volume

Week

12-month

High

Low

Last

0.21 0.14 0.43 0.24 19.16 13.66 0.04 0.02 0.00 0.01 0.03 0.04 0.04 0.01 3.78 0.12 1.44 0.17 0.12 0.02 0.00 6.99 0.04 0.03 0.05 0.03 0.02 0.94 0.65 1.60 0.03 0.05 0.09 0.13 0.05 0.07 0.12 0.17 0.00 0.02 0.02 0.33 0.22 0.00 0.06 0.09 0.06 0.08 0.02 0.04 0.37 0.00 5.27 3.74 6.85 9.66 0.01 0.12 0.09 0.10 0.00 0.03 0.76 1.06 0.26 0.08 0.05 0.15 0.10 0.00 0.02 0.04 0.06 0.10 0.29 0.42 0.34 0.24 0.00 0.03 0.10 0.13 0.00 0.33 0.00 31.38 0.65 0.14 0.10 0.11 0.04 0.09 0.06 0.02 0.01 0.02 0.03 0.03 0.00 0.21 0.05 0.37 16.06 22.51 0.01 0.05 0.04 0.03 0.02 0.06 0.75 0.04 0.16 0.00 0.01 0.17 0.25 0.00 0.06 0.08 0.38 0.50 0.00 0.02 0.05 1.37 0.00 0.06 0.00 0.26 0.37 0.21 0.00 0.02 0.04 0.03 0.09 0.00 0.23 0.24 0.05 0.30 0.08 21.09 14.92 0.49 0.68 0.22 0.22 0.01 0.01 0.00 0.07 0.00 0.01 0.00 0.17

+ 0.22 + 0.16 0.45 0.24 unch + 22.10 + 15.65 0.04 unch 0.02 0.03 unch 0.01 0.03 unch 0.04 unch 0.05 0.01 + 4.64 + 0.15 + 1.53 0.18 + 0.14 0.02 0.03 unch + 7.87 0.05 0.03 + 0.06 0.03 unch 0.02 unch 1.00 0.71 1.82 0.04 0.05 unch + 0.09 0.13 unch + 0.07 + 0.10 0.13 + 0.20 + 0.09 0.02 unch + 0.03 + 0.38 + 0.27 0.08 0.06 unch + 0.10 0.06 + 0.11 + 0.03 + 0.04 + 0.40 + 0.28 + 6.38 + 4.53 + 8.07 + 11.34 + 0.04 0.13 0.09 unch + 0.12 + 0.07 0.03 + 0.81 + 1.14 + 0.26 0.09 unch + 0.06 0.16 0.11 0.00 unch 0.02 unch 0.04 unch + 0.07 + 0.11 + 0.35 + 0.56 0.34 0.25 0.05 + 0.04 0.10 0.15 unch 1.24 + 0.33 0.42 32.81 0.65 unch + 0.19 + 0.13 0.11 + 0.05 + 0.10 + 0.07 0.02 0.01 unch 0.03 + 0.04 0.03 unch 0.01 unch 0.25 0.06 0.37 + 21.31 + 30.08 + 0.02 + 0.06 0.04 unch + 0.04 0.02 + 0.07 + 0.84 + 0.05 0.16 + 0.01 0.01 unch + 0.18 0.25 unch + 0.07 + 0.07 + 0.10 0.38 unch + 0.54 0.22 unch + 0.03 0.05 unch 1.60 + 0.00 + 0.08 0.00 unch 0.29 0.41 unch + 0.29 0.14 unch 0.02 0.04 unch + 0.03 + 0.10 0.07 unch + 0.25 + 0.25 0.05 + 0.49 0.08 22.86 16.15 0.51 0.73 + 0.35 0.22 unch 0.01 unch 0.01 unch 0.04 unch + 0.07 + 0.01 0.01 + 0.00 + 0.19

0.02 0.01 0.05 0.00 1.86 1.15 0.00 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.73 0.04 0.09 0.02 0.02 0.01 0.00 0.09 0.00 0.00 0.01 0.00 0.00 0.09 0.06 0.07 0.00 0.00 0.02 0.00 0.02 0.03 0.01 0.01 0.01 0.00 0.01 0.04 0.01 0.01 0.00 0.01 0.00 0.03 0.00 0.01 0.02 0.04 0.60 0.36 0.42 0.59 0.02 0.01 0.00 0.01 0.00 0.01 0.01 0.02 0.01 0.00 0.01 0.03 0.02 0.00 0.00 0.00 0.01 0.01 0.06 0.06 0.05 0.01 0.01 0.01 0.00 0.00 0.01 0.07 0.06 1.64 0.00 0.04 0.02 0.04 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.02 0.01 0.03 3.19 4.85 0.01 0.01 0.00 0.01 0.00 0.00 0.09 0.01 0.11 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.00 0.01 0.00 0.07 0.00 0.01 0.00 0.01 0.00 0.08 0.00 0.01 0.00 0.00 0.01 0.00 0.02 0.01 0.01 0.24 0.02 0.97 0.95 0.04 0.07 0.13 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.01

0.30 0.23 0.90 0.59 21.98 16.55 0.06 0.04 0.10 0.06 0.05 0.04 0.07 0.10 5.75 0.15 1.74 0.36 0.37 0.05 0.08 11.85 0.06 0.08 0.10 0.08 0.04 2.50 1.90 2.08 0.07 0.09 0.18 0.25 0.12 0.16 0.43 0.55 0.12 0.02 0.04 0.50 0.37 0.17 0.12 0.14 0.11 0.30 0.05 0.07 0.43 2.21 7.69 5.93 8.30 11.55 0.14 0.25 0.17 0.26 0.18 0.09 0.92 1.20 0.40 0.70 0.71 0.36 0.28 0.02 0.03 0.10 0.09 0.13 0.50 0.70 0.49 0.38 0.27 0.06 0.15 0.19 2.28 0.37 0.49 44.82 0.70 0.31 0.23 0.20 0.20 0.14 0.11 0.05 0.03 0.04 0.04 0.08 0.04 1.59 0.09 1.10 21.46 27.05 0.03 0.15 0.10 0.08 0.04 0.43 1.08 0.08 0.27 0.08 0.11 0.41 0.53 0.09 0.25 0.14 0.38 0.59 1.00 0.04 0.17 1.72 0.05 0.13 0.01 0.43 0.57 0.70 0.46 0.03 0.16 0.12 0.15 0.09 0.37 0.35 0.10 0.49 0.63 45.12 34.56 0.84 1.14 0.35 0.08 0.02 0.02 0.05 0.14 0.08 0.10 0.01 0.94

0.11 0.07 0.28 0.19 7.37 5.25 0.03 0.02 0.00 0.01 0.02 0.02 0.03 0.01 1.57 0.10 0.45 0.15 0.07 0.01 0.01 3.50 0.00 0.02 0.03 0.02 0.04 0.89 0.45 1.40 0.02 0.02 0.05 0.05 0.02 0.03 0.06 0.10 0.03 0.00 0.01 0.13 0.09 0.04 0.05 0.07 0.05 0.01 0.01 0.02 0.18 0.00 2.12 1.50 3.15 4.25 0.01 0.08 0.07 0.05 0.03 0.03 0.26 0.35 0.16 0.05 0.04 0.08 0.06 0.00 0.01 0.04 0.04 0.04 0.13 0.19 0.22 0.13 0.02 0.03 0.06 0.07 0.89 0.17 0.24 23.43 0.40 0.06 0.05 0.06 0.04 0.05 0.03 0.02 0.01 0.01 0.01 0.02 0.01 0.22 0.03 0.22 9.00 12.12 0.01 0.03 0.02 0.02 0.01 0.05 0.39 0.02 0.16 0.00 0.01 0.14 0.18 0.02 0.00 0.05 0.25 0.25 0.20 0.02 0.04 0.59 0.00 0.02 0.00 0.18 0.25 0.18 0.14 0.01 0.02 0.01 0.03 0.01 0.05 0.12 0.03 0.09 0.06 14.02 9.61 0.26 0.33 0.05 0.08 0.01 0.01 0.03 0.02 0.00 0.01 0.00 0.09

+ + + unch + + unch + + + unch + + + unch -

0.04 0.03 0.01 0.00 0.00 0.06 0.07 0.00 0.01 0.00 0.15 0.00 0.26 0.19 0.02 0.00 0.01 0.00 0.02

0.18 0.12 0.08 0.08 0.10 0.47 0.65 0.05 0.25 0.01 1.02 0.05 1.56 1.20 0.20 0.08 0.10 0.23 0.10

0.06 0.04 0.03 0.01 0.03 0.08 0.11 0.01 0.08 0.00 0.45 0.01 0.55 0.36 0.04 0.03 0.04 0.04 0.02

Scottie Res Scottie Res* ScoZinc Mg ScoZinc Mg* Seabridge Gld Seabridge Gld* Search Mnls Search Mnls* Searchlight* SearchlightMin* SearchlightRes Secova Mtls* Sego Res Select Sands Semafo Sentinel Res Serabi Gold Serengeti Res Sherritt Intl Shine Minerals* Shine Minerals Sibanye-Stillw* Sidney Resrces* Sienna Res* Sienna Res Sierra Madre Sierra Madre* Sierra Metals Sierra Metals* Sigma Lithium Signature Res* Signature Res Silver Bear Rs* Silver Bear Rs Silver Bull Re* Silver Bull Re Silver Eleph* Silver Eleph Silver Grail Silver Mtn Mns* Silver Mtn Mns Silver One Silver One* Silver Predatr Silver Predatr* Silver Range Silver Range* Silver Scott* Silver Spruce* Silver Spruce Silver Viper Silver Viper* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverstar Res* Sirios Res Sirios Res* Sitka Gold Sitka Gold* Sixty North Skeena Res* Skeena Res SKRR Explor Sky Gold Sky Gold* Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Sokoman Min* Sokoman Min SolGold plc* SolGold plc Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Metals* Sonoro Metals South32* Southern Arc* Southern Arc Southern Copp* Southern Emp Southern Silvr Southern Silvr* SouthGobi Res Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res* Spearmint Res* Spearmint Res Spey Resources Sphinx Res Sprott Res Hld Spruce Ridge R SRG Mining SSR Mining* SSR Mining St Augustine St-Georges Eco St-Georges Eco* Stakeholdr Gld Stakeholdr Gld* Standard Graph* Standard Lith Standard Metal* Standard Uran Stans Energy* Stans Energy Star Diamond* Star Diamond Star Gold* Starcore Intl* Starcore Intl Starr Peak Exp* Starr Peak Exp Steele Oceanic* Stellar Africa Stelmine Can Steppe Gold Stornoway Diam* Stratabd Mnr Strateco Res* Strategic Metl* Strategic Metl Strategic Res Strategic Res* Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor Sulliden Mng Summa Silver Sun Metals Suncor Energy Suncor Energy* Superior Gold* Superior Gold Superior Mng Superior Mng* Supreme Metal* Supreme Metals Surge Copper * Surge Copper Surge Explor* Surge Explor Sutter Gold* Syrah Res*

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

999 95 32 11 593 3254 501 88 0 405 664 1 88 104 8261 115 7 508 1819 2 117 13778 1928 122 1102 5 0 341 178 9 68 571 25 125 1655 870 600 2408 133 12 1326 1456 1628 56 8 155 178 30 146 474 161 12 6023 13495 6512 4007 28 352 52 1399 153 118 391 895 166 909 149 1363 1465 50 20 59 62 3232 1826 523 115 590 401 103 40 207 100 10 23 3929 28 1167 320 19 7 1764 413 145 25 1697 7238 70 1007 316 500 48 19465 4561 466 687 114 350 3 816 253 300 46 187 413 34 699 4 448 500 55 144 0 1123 216 435 6150 134 1000 218 461 95 0 325 1879 953 295 6 124 200 386 90 3133 31735 26912 336 365 1402 5 5 1406 33 171 145 180 173 250

0.22 0.16 0.50 0.25 22.29 15.80 0.04 0.03 0.00 0.03 0.03 0.04 0.05 0.02 4.64 0.15 1.67 0.19 0.15 0.03 0.03 8.02 0.05 0.03 0.06 0.03 0.02 1.15 0.84 1.89 0.04 0.05 0.09 0.14 0.08 0.11 0.15 0.20 0.09 0.02 0.04 0.39 0.27 0.10 0.06 0.10 0.06 0.12 0.03 0.04 0.42 0.29 6.41 4.55 8.13 11.47 0.04 0.14 0.09 0.13 0.07 0.04 0.83 1.16 0.30 0.10 0.06 0.19 0.14 0.01 0.02 0.04 0.08 0.11 0.36 0.59 0.39 0.30 0.05 0.04 0.10 0.15 1.24 0.33 0.45 34.60 0.70 0.19 0.14 0.14 0.05 0.10 0.07 0.03 0.01 0.04 0.04 0.03 0.02 0.30 0.07 0.40 21.46 30.26 0.02 0.06 0.04 0.04 0.02 0.07 0.88 0.07 0.21 0.01 0.01 0.19 0.26 0.07 0.08 0.10 0.38 0.54 0.00 0.03 0.05 1.66 0.00 0.08 0.00 0.30 0.42 0.29 0.00 0.02 0.05 0.03 0.11 0.07 0.26 0.25 0.06 0.49 0.09 24.45 17.44 0.58 0.80 0.35 0.22 0.01 0.01 0.04 0.08 0.01 0.01 0.00 0.21

Taiga Gold Taiga Gold* Tajiri Res Taku Gold* Taku Gold Talisker Res* Talisker Res Talmora Diamd Talon Metals Tamino Mnrls* Tanqueray Expl Tantalex Res Tanzanian Gold Tanzanian Gold* Tarachi Gold Taranis Res* Taranis Res Tarku Res Tartisan Nick*

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

849 156 394 144 106 444 1814 25 873 1912 1156 4865 544 8546 95 155 203 20 147

0.18 0.13 0.07 0.05 0.07 0.29 0.40 0.01 0.11 0.00 1.02 0.02 1.30 0.90 0.20 0.06 0.08 0.06 0.04

Change

High Low

T 0.13 0.10 0.06 0.04 0.00 0.21 0.29 0.01 0.09 0.00 0.79 0.01 0.93 0.65 0.18 0.00 0.06 0.06 0.03

0.18 0.12 0.07 0.04 0.06 0.28 0.39 0.01 0.11 0.00 0.95 0.01 1.17 0.84 0.18 0.06 0.07 0.06 0.04

GLOBAL MINING NEWS

(100s) Stock

Week

Exc Volume

Tartisan Nick Taseko Mines Taseko Mines* Teck Res Teck Res Teck Res* Tectonic Metal Tectonic Metal* Telson Res Telson Res * Tembo Gold* Tembo Gold Teranga Gold* Teranga Gold Teras Res Teras Res* Terrax Mnrls Terrax Mnrls* Terreno Res Teslin Rvr Res Tesoro Mnrls Tesoro Mnrls* Tethyan Res Teuton Res Teuton Res* Texas Mineral* Themac Res Themac Res* Thor Expl Thunder Mtn Gd* Thunderstruck Thunderstruck* Tiger Intl Till Capital Timberline Res Timberline Res* Tinka Res Tinka Res* Tintina Mines Tisdale Res Titan Mining Titan Mining* Titanium Corp TMAC Resource* TMAC Resources TNR Gold Tocvan Venture Tombstone Expl* Tonogold Res* Torex Gold* Torex Gold Torq Resources Torq Resources* Tower Res* Tower Res Transatlantic* Transatlantic Transition Met Transition Met* Treasury Metal Treasury Metal* Trecora Res* Tres-Or Res* Tres-Or Res Trevali Mng* Trevali Mng Tri Origin Exp Trifecta Gold Trifecta Gold* Trilogy Mtls Trilogy Mtls*

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

2330 493 1601 11759 15 26605 85 12 230 162 54 3578 276 4053 114 170 2242 59 60 2928 198 12 5055 119 97 1850 32 33 77 18 332 14 25 9 81 88 319 244 9 2 63 15 46 1506 5701 2481 871 11 128 352 2127 231 14 47 3945 1 890 250 5 1854 181 248 4 242 2444 11304 1069 281 28 86 939

23

THE NORTHERN MINER / MAY 25–JUNE 7, 2020

High

Low

Last

0.07 0.50 0.36 12.70 15.72 9.07 0.22 0.16 0.13 0.07 0.03 0.05 8.31 11.73 0.05 0.04 0.41 0.28 0.02 0.14 0.04 0.03 0.19 0.58 0.40 1.16 0.08 0.06 0.18 0.11 0.08 0.05 0.17 2.35 0.07 0.06 0.14 0.10 0.04 0.00 0.20 0.14 0.30 1.23 1.73 0.04 0.32 2.00 0.43 14.10 19.42 0.52 0.37 0.04 0.07 0.03 0.06 0.19 0.13 0.29 0.21 6.06 0.07 0.11 0.06 0.09 0.03 0.03 0.03 2.99 1.91

0.05 0.44 0.31 11.01 14.02 7.79 0.00 0.15 0.08 0.05 0.03 0.03 7.07 9.91 0.05 0.04 0.32 0.23 0.02 0.10 0.04 0.03 0.16 0.51 0.38 0.86 0.07 0.05 0.16 0.07 0.07 0.05 0.17 2.09 0.00 0.04 0.12 0.08 0.04 0.00 0.16 0.11 0.27 1.17 1.62 0.03 0.26 1.37 0.35 11.85 17.36 0.00 0.34 0.04 0.05 0.00 0.05 0.16 0.13 0.25 0.18 5.01 0.07 0.09 0.04 0.06 0.02 0.03 0.02 2.43 1.73

0.06 0.47 0.34 12.41 15.00 8.80 0.22 0.15 0.13 0.07 0.03 0.04 8.18 11.52 0.05 0.04 0.40 0.28 0.02 0.11 0.04 0.03 0.17 0.58 0.39 1.04 0.08 0.06 0.18 0.10 0.08 0.05 0.17 2.35 0.07 0.04 0.13 0.09 0.04 0.07 0.20 0.11 0.27 1.17 1.65 0.03 0.32 1.56 0.35 13.70 19.27 0.51 0.35 0.04 0.07 0.03 0.06 0.17 0.13 0.28 0.19 5.52 0.07 0.10 0.05 0.07 0.03 0.03 0.03 2.70 1.91

(100s)

12-month Change + + + + unch + + unch unch + + unch unch unch + + + + unch unch unch + + unch unch unch + unch + + + + + + unch + + + unch unch unch + + +

0.02 0.02 0.01 0.33 1.10 0.34 0.04 0.00 0.05 0.01 0.00 0.00 0.48 0.82 0.00 0.00 0.03 0.01 0.00 0.03 0.00 0.00 0.02 0.04 0.01 0.14 0.00 0.00 0.00 0.03 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.03 0.03 0.03 0.04 0.04 0.01 0.06 0.34 0.03 0.08 0.30 0.01 0.02 0.00 0.03 0.00 0.01 0.02 0.02 0.01 0.03 0.00 0.00 0.01 0.01 0.02 0.00 0.01 0.01 0.25 0.15

High Low

Stock

0.12 0.80 0.62 30.81 31.00 23.30 0.31 0.16 0.40 0.30 0.03 0.06 7.85 11.18 0.08 0.05 0.44 0.34 0.04 0.51 0.07 0.03 0.67 0.65 0.49 1.58 0.08 0.07 0.19 0.14 0.08 0.06 0.20 2.54 0.14 0.11 0.33 0.25 0.08 0.19 0.58 0.35 0.82 5.27 6.95 0.04 0.32 3.80 0.55 17.13 22.45 0.59 0.42 0.05 0.07 0.06 0.08 0.24 0.18 0.42 0.32 10.54 0.15 0.30 0.26 0.34 0.04 0.05 0.04 4.10 3.13

TriMetals Mng* Trinity Res* Trinity Valley Trio Resources* TriStar Gold TriStar Gold* Triumph Gold Triumph Gold* Troilus Gold Troilus Gold* Troubadour Res Troy Res* True North Gem* True North Gem Trueclaim Expl* Tsodilo Res Tudor Gold * Tudor Gold Turmalina Met Turmalina Met* Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Typhoon Expl

O O V O V O V O T O V O O V O V O V V O N T V O V

U.S. Gold* U3O8 Corp U3O8 Corp* Ubique Mineral UC Res* Ucore Rare Mtl Ucore Rare Mtl* UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop Universal Vent Ur-Energy Ur-Energy* Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty Uranium Roylty* Uravan Mnrls UrbanGold Min USCorp* Usha Res Val-d’Or Mg Val-d’Or Mg* Vale* Valley High Mg* ValOre Metals* ValOre Metals Valterra Res* Valterra Res Vanadian Enrgy* Vanadian Enrgy Vanadium One*

0.03 0.28 0.20 8.15 9.00 5.60 0.10 0.11 0.04 0.04 0.01 0.01 2.29 3.13 0.02 0.02 0.16 0.11 0.01 0.10 0.03 0.03 0.06 0.16 0.12 0.12 0.03 0.02 0.12 0.03 0.03 0.02 0.04 1.00 0.06 0.02 0.07 0.05 0.02 0.04 0.14 0.11 0.27 0.31 0.44 0.02 0.07 0.50 0.15 6.19 8.79 0.27 0.21 0.01 0.02 0.01 0.02 0.11 0.08 0.15 0.11 4.23 0.01 0.06 0.04 0.07 0.01 0.02 0.01 1.50 1.03

Week

Exc Volume

High

Low

117 1 455 102 378 382 380 76 842 263 374 25 0 4 7 13 69 728 1186 222 12394 2139 13705 69 495

0.06 0.01 0.08 0.00 0.33 0.23 0.22 0.16 1.18 0.85 0.04 0.06 0.00 0.08 0.28 0.08 0.47 0.67 0.70 0.51 0.54 0.77 0.02 0.01 0.08

0.05 0.00 0.07 0.00 0.30 0.20 0.19 0.13 0.96 0.70 0.03 0.05 0.00 0.00 0.00 0.00 0.43 0.61 0.60 0.00 0.44 0.63 0.01 0.01 0.06

D 146 V 57 O 7 C 1 O 232 V 1375 O 1753 T 2928 O 2 V 53 O 356 O 319 V 1579 O 2 C 49 O 28 X 131 N 56847 V 27 V 134 T 346 X 2248 V 368 X 12213 O 0 D 517 V 582 O 409 V 130 V 875 O 501 V 3130 V 191 O 3 N 133787 O 538 O 56 V 67 O 250 V 5 O 59 V 1157 O 1

5.20 0.11 0.07 0.00 0.20 0.18 0.13 0.18 0.02 0.04 0.11 0.16 0.24 0.11 0.15 0.03 0.36 8.45 0.06 4.60 0.80 0.57 0.09 1.26 0.00 1.65 1.26 0.90 0.02 0.16 0.00 0.14 0.12 0.10 8.52 0.00 0.20 0.28 0.04 0.04 0.04 0.06 0.04

Last

12-month Change

High Low

0.05 0.01 0.07 0.00 + 0.30 0.22 0.20 0.14 1.12 unch 0.81 + 0.04 + 0.05 0.02 unch 0.08 + 0.26 0.08 0.47 + 0.64 + 0.65 0.45 0.54 + 0.77 + 0.02 + 0.01 unch 0.08 +

0.00 0.05 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.03 0.03 0.05 0.05 0.03 0.06 0.01 0.00 0.01

0.13 0.50 0.15 0.00 0.37 0.28 0.58 0.44 1.18 0.85 0.12 0.09 0.10 0.13 0.28 0.18 0.81 1.07 0.86 0.65 1.33 1.87 0.02 0.01 0.08

0.03 0.01 0.04 0.00 0.13 0.12 0.07 0.06 0.42 0.30 0.02 0.03 0.02 0.04 0.27 0.05 0.23 0.28 0.27 0.20 0.30 0.43 0.01 0.00 0.02

5.11 0.09 0.03 0.04 0.19 0.17 0.12 0.16 0.02 0.04 0.10 0.14 0.19 0.10 0.15 0.03 0.35 7.17 0.06 4.10 0.71 0.53 0.08 1.04 1.23 1.54 1.16 0.83 0.02 0.16 0.00 0.14 0.11 0.08 8.27 0.00 0.19 0.26 0.04 0.04 0.03 0.05 0.04

0.01 0.02 0.01 0.00 0.05 0.01 0.00 0.02 0.00 0.00 0.00 0.02 0.04 0.01 0.01 0.00 0.00 1.37 0.00 0.19 0.07 0.04 0.00 0.19 0.00 0.16 0.07 0.06 0.01 0.04 0.00 0.03 0.02 0.00 0.25 0.00 0.01 0.01 0.00 0.00 0.00 0.02 0.01

15.30 0.17 0.90 0.10 0.70 0.34 0.25 0.20 0.08 0.10 0.46 0.21 0.27 0.24 0.30 0.09 0.80 15.90 0.36 6.50 1.30 0.99 0.10 1.48 3.50 9.25 1.28 0.95 0.04 0.18 0.00 0.19 0.15 0.12 14.19 0.01 0.31 0.41 0.28 0.35 0.04 0.06 0.10

2.61 0.04 0.01 0.03 0.09 0.09 0.06 0.07 0.01 0.02 0.07 0.07 0.10 0.03 0.01 0.02 0.25 4.54 0.03 3.45 0.39 0.27 0.05 0.35 0.55 0.25 0.80 0.56 0.01 0.05 0.00 0.10 0.03 0.04 6.49 0.00 0.09 0.14 0.03 0.03 0.00 0.01 0.03

U-V 4.60 0.00 0.00 0.00 0.14 0.15 0.10 0.14 0.00 0.04 0.09 0.00 0.19 0.10 0.15 0.03 0.34 6.88 0.00 4.10 0.66 0.49 0.08 0.92 0.00 1.31 1.13 0.79 0.02 0.13 0.00 0.11 0.09 0.08 7.86 0.00 0.18 0.26 0.04 0.04 0.03 0.03 0.04

+ unch + + unch + + unch unch unch unch + + unch + + + unch unch + + -

(100s) Stock

Week

Exc Volume

High

Vanadium One Vanadiumcorp* Vanadiumcorp Vangold Res Vangold Res* Vanstar Mng Rs* Vanstar Mng Rs Vantex Res * Vantex Res Velocity Mnrls Velocity Mnrls* Vendetta Mng* Vendetta Mng Venerable Vent Venture Mnrls* Verde Potash Veris Gold* Vertical Expl* Vertical Expl Victoria Gold* Victoria Gold Victory Metals* Victory Metals Victory Nickel* Victory Nickel Virginia Enrgy* Virginia Enrgy Viscount Mng Visible Gold M Visible Gold M* Vision Lithium Vision Lithium* Vista Gold* Vista Gold Viva Gold* Viva Gold Vizsla Res Vizsla Res * Volcanic Gold Volcanic Gold* Volt Energy Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls VVC Expl

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

376 143 462 1111 66 278 676 1 1 337 251 44 783 3 60 58 149 4 152 2888 3427 73 254 100 280 77 133 385 212 2 390 28 1885 325 345 264 3795 1457 9 1 47 106 712 110 121 370 422

0.07 0.03 0.05 0.10 0.07 0.87 1.19 0.12 0.00 0.42 0.26 0.03 0.04 0.06 0.01 0.43 0.01 0.02 0.02 9.74 13.60 0.20 0.26 0.01 0.02 0.06 0.09 0.35 0.09 0.06 0.04 0.03 0.81 1.14 0.25 0.35 0.64 0.45 0.21 0.13 0.05 0.06 0.08 0.17 0.23 0.08 0.03

Walcott Res Walker Lane* Walker River* Walker River Wallbridge Mng* Wallbridge Mng Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls Wealth Mnrls* Wescan Gldflds Wesdome Gold* Wesdome Gold West High Yld West Kirkland West Kirkland * West Red Lake West Red Lake* Western Areas* Western Atlas

C O O V O T O V V V O V O T V V O C O O V

1 4 190 667 1817 7487 2 226 198 254 466 5 781 4109 59 1363 272 3333 79 58 25

0.00 0.08 0.05 0.08 0.74 1.03 0.05 0.07 0.05 0.14 0.10 0.04 8.99 12.68 0.12 0.11 0.08 0.08 0.05 1.35 0.09

Low

Last

12-month Change

0.06 0.06 unch 0.00 0.03 0.04 0.04 unch 0.08 0.10 + 0.00 0.07 + 0.70 0.73 1.01 1.01 0.11 0.12 0.00 0.18 unch 0.36 0.40 unch 0.26 0.26 unch 0.02 0.02 + 0.04 0.04 unch 0.06 0.06 unch 0.01 0.01 0.00 0.42 0.00 0.00 + 0.02 0.02 unch 0.00 0.02 unch 5.90 9.36 + 8.26 13.06 + 0.16 0.17 0.23 0.25 0.01 0.01 unch 0.02 0.02 unch 0.04 0.05 0.00 0.07 0.32 0.33 0.08 0.09 unch 0.06 0.06 unch 0.02 0.03 unch 0.02 0.02 + 0.72 0.81 + 1.05 1.14 + 0.17 0.17 0.24 0.24 0.43 0.54 + 0.30 0.39 + 0.21 0.21 0.13 0.13 unch 0.00 0.04 0.00 0.06 + 0.07 0.07 + 0.13 0.15 + 0.22 0.23 + 0.05 0.06 + 0.00 0.03 -

Stock

0.00 0.01 0.00 0.02 0.01 0.11 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 3.44 4.79 0.01 0.03 0.00 0.00 0.01 0.03 0.02 0.00 0.00 0.00 0.00 0.01 0.04 0.08 0.11 0.07 0.06 0.03 0.00 0.01 0.01 0.01 0.01 0.03 0.03 0.01

0.13 0.06 0.08 0.10 0.07 0.88 1.21 0.18 0.31 0.58 0.44 0.09 0.12 0.09 0.02 0.82 0.10 0.04 0.08 9.74 12.53 0.54 0.70 0.04 0.05 0.25 0.37 0.35 0.14 0.07 0.08 0.06 1.05 1.39 0.26 0.35 0.96 0.73 0.31 0.36 0.09 0.10 0.12 0.35 0.50 0.21 0.06

0.04 0.02 0.03 0.03 0.03 0.14 0.19 0.08 0.10 0.20 0.15 0.01 0.03 0.03 0.00 0.21 0.00 0.02 0.02 2.88 4.02 0.11 0.17 0.01 0.01 0.03 0.04 0.15 0.04 0.02 0.01 0.01 0.36 0.51 0.09 0.14 0.14 0.16 0.05 0.03 0.02 0.04 0.05 0.09 0.12 0.02 0.02

0.00 0.01 0.00 0.01 0.00 0.01 0.02 0.01 0.01 0.03 0.01 0.02 0.72 1.13 0.01 0.01 0.00 0.03 0.01 0.00 0.01

0.20 0.30 0.15 0.21 0.75 1.04 0.09 0.13 0.05 0.65 0.50 0.08 8.99 12.14 0.35 0.12 0.08 0.11 0.10 2.32 0.11

0.09 0.02 0.05 0.06 0.20 0.27 0.03 0.03 0.02 0.10 0.07 0.03 3.19 4.27 0.07 0.03 0.02 0.04 0.02 1.15 0.04

Western Copper Western Copper* Western Mag Western Mag* Western Potash Western Res* Western U&V Western U&V* Westgold Res* Westhaven Vent* Westhaven Vent Westkam Gold* Westkam Gold Westminster Rs Westminster Rs* WestMountain* Wheaton Prec M* Wheaton Prec M White Energy* White Gold* White Gold White Metal Rs White Mtn Engy* Whitehaven Coa* Wildsky Res* Wildsky Res Winshear Gold Winshear Gold* Winston Gold Winston Gold* Wolfden Res* Wolfden Res Wolfeye Res Worldwide Res* Worldwide Res X-Terra Res X-Terra Res* Xanadu Mines Xander Res Xemplar Egy* Xiana Mng Xiana Mng* Ximen Mining* Ximen Mining Xtierra Inc Xtra-Gold Res* Xtra-Gold Res Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res* Yorbeau Res Yukoterre Res Zadar Ventures* Zadar Ventures Zanaga Iron* Zanzibar Gold Zara Res* ZEN Graphene* ZEN Graphene Zena Mining Zephyr Mnls Zephyr Mnls* Zimtu Capital Zinc One Res Zinc One Res * ZincX Res ZincX Res* Zonte Metals Zonte Metals*

W-Z 0.00 0.09 unch 0.05 0.07 0.05 0.05 unch 0.08 0.08 0.65 0.71 + 0.92 0.98 0.00 0.05 + 0.00 0.07 + 0.03 0.05 + 0.12 0.14 + 0.08 0.10 + 0.00 0.04 7.85 8.96 + 11.08 12.64 + 0.09 0.09 0.10 0.10 0.07 0.08 + 0.05 0.08 + 0.04 0.05 + 0.00 1.35 unch 0.08 0.09 +

(100s)

High Low

Exc Volume T X V O T O C O O O V O V V O O N T O O V V O O O V V O C O O V V O V V O T V O V O O V V O T T N O O T C O V O C O O V V V O V V O V O V O

398 778 133 112 383 32 40 81 0 139 382 6 31 50 50 0 14004 5163 117 498 1361 400 170 12 1 2 805 7 1027 989 117 638 545 24 45 1073 91 143 1031 1 93 1 31 156 190 11 159 25135 99204 76 10 5851 825 99 156 50 117 910 68 682 15 525 178 412 1892 209 285 20 113 41

Week

12-month

High

Low

Last

Change

1.04 0.74 0.15 0.11 0.28 0.19 0.82 0.62 1.45 0.54 0.77 0.06 0.10 0.06 0.05 0.00 45.70 64.46 0.06 0.60 0.83 0.05 0.03 1.15 0.04 0.09 0.06 0.04 0.11 0.08 0.07 0.10 0.83 0.02 0.04 0.10 0.07 0.03 0.14 0.00 0.08 0.07 0.26 0.37 0.07 0.45 0.60 7.52 5.33 0.00 0.02 0.07 0.10 0.20 0.27 0.12 0.06 0.01 0.28 0.40 0.05 0.34 0.25 0.09 0.02 0.01 0.10 0.07 0.20 0.14

0.93 0.98 0.67 0.72 0.15 0.15 + 0.10 0.11 + 0.19 0.19 0.17 0.19 unch 0.72 0.75 0.51 0.51 1.45 1.45 unch 0.50 0.54 + 0.70 0.77 + 0.05 0.05 0.00 0.10 + 0.06 0.06 unch 0.05 0.05 unch 0.00 2.90 unch 41.73 45.64 + 58.43 64.33 + 0.00 0.06 + 0.45 0.58 + 0.64 0.83 + 0.04 0.04 0.02 0.03 + 1.10 1.15 + 0.00 0.04 + 0.00 0.09 unch 0.00 0.06 unch 0.04 0.04 + 0.08 0.09 0.05 0.06 0.06 0.06 + 0.09 0.10 + 0.74 0.79 0.02 0.02 + 0.02 0.02 0.08 0.09 unch 0.05 0.06 + 0.02 0.03 unch 0.08 0.14 + 0.00 0.00 unch 0.06 0.08 + 0.07 0.07 unch 0.22 0.26 + 0.29 0.35 + 0.05 0.07 unch 0.39 0.45 + 0.54 0.59 7.00 7.48 + 4.96 5.29 + 0.00 0.76 unch 0.02 0.02 unch 0.04 0.06 + 0.10 0.10 unch 0.17 0.19 + 0.25 0.27 + 0.12 0.12 unch 0.06 0.06 unch 0.00 0.01 + 0.23 0.28 + 0.33 0.40 + 0.05 0.05 unch 0.29 0.34 + 0.20 0.24 + 0.08 0.08 0.01 0.01 unch 0.00 0.01 0.09 0.09 0.07 0.07 unch 0.19 0.19 unch 0.13 0.13 -

0.02 0.02 0.01 0.00 0.08 0.00 0.05 0.07 0.00 0.02 0.05 0.01 0.01 0.00 0.00 0.00 2.26 3.95 0.01 0.08 0.15 0.01 0.00 0.05 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.02 0.00 0.01 0.00 0.07 0.00 0.01 0.00 0.03 0.06 0.00 0.04 0.01 0.17 0.05 0.00 0.00 0.02 0.00 0.01 0.02 0.00 0.00 0.00 0.03 0.02 0.00 0.06 0.04 0.01 0.00 0.00 0.01 0.00 0.00 0.01

High Low 1.15 0.89 0.35 0.25 0.55 0.41 1.49 1.15 1.67 0.93 1.25 0.44 0.35 0.28 0.14 3.00 45.70 62.66 0.10 1.05 1.38 0.07 0.07 2.58 0.10 0.12 0.20 0.10 0.17 0.13 0.13 0.17 1.00 0.05 0.07 0.15 0.10 0.10 0.14 0.00 0.60 0.29 0.60 0.79 0.15 0.50 0.66 7.45 5.33 1.08 0.02 0.07 0.16 0.20 0.27 0.13 0.23 0.41 0.46 0.61 0.10 0.34 0.54 0.28 0.06 0.04 0.19 0.14 0.37 0.28

0.44 0.31 0.08 0.06 0.11 0.08 0.25 0.15 1.00 0.25 0.35 0.02 0.08 0.04 0.05 1.00 18.66 26.50 0.03 0.29 0.41 0.02 0.00 0.91 0.04 0.01 0.05 0.02 0.01 0.00 0.05 0.07 0.43 0.02 0.02 0.03 0.03 0.01 0.04 0.00 0.06 0.08 0.20 0.26 0.03 0.20 0.28 2.41 1.78 0.64 0.02 0.02 0.08 0.07 0.08 0.10 0.03 0.00 0.17 0.26 0.04 0.15 0.12 0.08 0.01 0.00 0.06 0.04 0.17 0.12

BID-ASK — MAY 11–15, 2020 12-MONTH STOCK

12 Exploration African Metals Aftermath Silv Aguila Amer Gd Alderon Iron Allante Res Altan Nevada American CuMo American Uran Amilot Capital AMV Capital Anconia Res Anglo-Bomarc Antler Hill Archon Mineral Asbestos Corp Atalaya Mining Atlanta Gold Aurelius Min Austin Res Avarone Metals Balto Res Banro Corp* Barker Min Barolo Venture Barrian Mining BE Res BHK Mining Blackheath Res Blue Thunder Bond Resources Boss Power Brigadier Gold Brunswick Res Bullion Gold Bunker Hill Cairo Res Camrova Res Canada Coal Canadian Silv Carlin Gold Castle Peak Mg Central Iron Centurion Mnls Century Metals Cerro de Pasc Cerro Mng Chinapintza Mg CIM Intl Grp Cliffmont Res Cliffs Nat Res* CMX Gold & Sil Comet Inds Cyntar Venture Cyprium Mng Discovery-Corp District Mines Duro Metals Eagle Graphite EastCoal Inc Edison Cobalt El Nino Vent Electra Stone Equitorial Ex Eurotin Everton Res EVI Global Grp Excalibur Res Fabled Copper Finore Mng Fiorentina Min Fire River Gol Fort St J Nick Four Nines Fox River Res Freedom Egy

12-MONTH

EXC

BID

ASK

LAST

HIGH

LOW

STOCK

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

...

0.06 0.24 0.15 0.01 0.10 0.01 0.06 0.02 0.02 0.07 0.01 0.08 0.10 0.21 0.25 1.80 0.03 0.13 0.05 ...

0.06 0.11 0.01 0.18 0.14 0.10 0.02 0.07 0.08 ...

0.17 0.06 0.01 0.06 0.57 0.28 0.01 0.02 ...

0.02 0.01 0.02 0.07 0.06 ...

0.11 0.01 0.01 0.07 1.45 ...

3.20 0.14 0.03 0.08 0.04 0.06 0.03 0.06 0.02 0.02 0.01 0.01 0.02 0.10 0.10 0.09 0.04 0.12 0.08 0.03 0.11 0.10 0.06 0.02

...

0.09 0.25 0.22 0.01 ...

0.01 0.07 0.15 0.03 0.20 0.01 0.08 1.00 0.30 0.88 2.20 0.04 0.14 0.09 ...

0.15 0.11 0.01 0.23 0.14 0.15 0.02 0.13 0.10 ...

0.20 0.09 0.02 0.15 0.79 0.35 0.01 0.03 0.05 0.02 0.02 0.02 0.07 0.11 ...

0.30 0.02 0.15 0.09 3.20 0.06 3.80 ...

0.03 0.10 ... ...

0.03 0.19 0.05 0.03 0.02 0.02 0.02 0.10 0.10 0.10 0.08 0.12 0.15 0.07 0.17 0.20 0.08 0.02

0.15 0.06 0.25 0.14 0.08 0.16 0.01 0.06 0.01 0.03 0.08 0.01 0.15 0.06 0.20 0.35 1.90 0.03 0.14 0.04 0.04 0.03 0.11 0.01 0.18 0.13 0.09 0.02 0.07 0.09 0.15 0.17 0.05 0.03 0.10 0.80 0.20 0.07 0.03 0.06 0.02 0.01 0.02 0.07 0.07 0.29 0.08 0.01 0.15 0.09 1.43 0.05 3.15 0.11 0.03 0.08 0.12 0.13 0.03 0.09 0.06 0.03 0.01 0.01 0.02 0.03 0.10 0.10 0.05 0.11 0.10 0.09 0.11 0.10 0.06 0.01

0.25

0.15

Full Metal Mnl Fusion Gold GAR Limited General Moly GFM Res GK Resources Glacier Lake Global Cop Grp Global Vanad GobiMin Goldbank Mng Goldbelt Emp Goldstar Mnls Granite Creek Graphite Egy Gray Rock Res Great Lakes Gr Great Quest Fe Green Arrow Grenville Gold GrowMax Res Guerrero Vents Handa Mining HFX Holding Highbury Proj Highvista Gold Hybrid Mineral IM Exploration Indico Res Inspiration Mg Interconnect Intl Battery Iron South Mng Jaeger Res Jasper Mining Jayden Res Jiulian Res Kapuskasing Gd Kermode Res Knick Expl Kodiak Copper Komet Resource La Imperial Latin Metals Le Mare Gold Leo Res Madeira Mrnls MAG Silver* Magna Terra Magnitude Mng Margaret Lake Mariner Res Martina Mnls Matachewan Con McChip Res Mega Copper Megastar Dev Meridius Res Micrex Dev Midasco Cap MillenMin Vent Milner Con Slv Minecorp Egy Mineral Hill Minsud Res Mongoose Mg Montana Gold Mountain Boy Navy Res Nebu Res New Klondike New World Res Newmac Res Odyssey Res Ord Mountain Pac Arc Res

0.33 0.24 0.33

0.05 0.12 0.06

0.07

0.01

0.06 0.06 0.08 0.02

0.01 0.01 0.08 0.01

0.09 0.60 0.50 3.97 0.04 0.15 0.13 0.15 0.19 2.10

0.04 0.10 0.30 1.79 0.03 0.03 0.04 0.03 0.03 0.10

0.27 0.27 0.25

0.18 0.10 0.09

0.20 0.20 0.18

0.05 0.06 0.11

0.18

0.05

0.47 0.80 0.20

0.09 0.05 0.20

0.06

0.01

0.03 0.02 0.03 0.14 0.11 0.34 0.36 0.03 0.19 0.13 7.17 0.05 3.60 0.11

0.01 0.01 0.01 0.04 0.06 0.12 0.07 0.01 0.02 0.05 0.98 0.03 2.75 0.07

0.15 0.24 0.14 0.08 0.09 0.06 0.05

0.05 0.05 0.11 0.02 0.06 0.04 0.02

0.06 0.04 0.03 1.36 0.11 0.08

0.01 0.01 0.02 0.05 0.01 0.02

0.20

0.10

0.18 0.16 0.12 0.02

0.08 0.10 0.04 0.01

EXC

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

BID

0.01 0.01 ...

0.23 0.07 1.02 0.10 0.07 0.17 0.21 0.08 0.01 0.02 0.05 0.03 0.05 0.05 ...

0.02 0.08 0.02 0.48 0.03 0.01 0.18 ...

0.03 0.04 ... ...

0.03 ...

0.24 0.02 0.04 0.01 0.02 0.06 0.01 0.01 0.05 0.09 0.01 0.03 0.01 ... ...

12.52 0.01 0.01 0.02 0.13 0.05 0.14 0.40 0.06 0.07 0.11 0.02 0.07 0.01 0.02 ...

0.16 0.07 ...

0.09 0.16 0.19 0.03 0.01 0.30 0.03 0.03 0.08 0.12

ASK

LAST

0.01 ... ...

0.29 0.10 ...

0.13 0.08 0.24 0.28 0.14 0.02 0.02 0.06 0.03 0.10 0.05 0.01 0.03 0.09 0.02 0.48 0.04 ... ... ...

0.03 0.06 0.01 0.03 0.12 ...

0.27 0.02 0.10 0.02 0.04 0.07 0.02 0.01 0.06 0.12 0.12 0.04 0.01 ... ...

13.30 0.02 ...

0.03 0.23 0.15 0.15 0.54 0.13 0.09 ...

0.02 0.11 0.50 0.04 ...

0.24 0.10 0.13 0.10 0.17 0.35 0.03 0.01 0.30 0.05 0.04 0.10 0.25

0.10 0.17 0.15 0.28 0.07 0.26 0.11 0.08 0.24 0.20 0.09 0.02 0.02 0.06 0.47 0.05 0.04 0.10 0.02 0.08 0.09 0.38 0.03 0.01 0.22 0.17 0.03 0.04 0.01 0.03 0.06 0.31 0.24 0.02 0.04 0.02 0.02 0.10 0.01 0.01 0.05 0.08 0.01 0.03 0.09 1.09 0.03 12.52 0.02 0.13 0.03 0.16 0.05 0.14 0.39 0.06 0.09 0.11 0.01 0.08 0.05 0.02 0.12 0.15 0.07 0.14 0.10 0.16 0.22 0.04 0.01 0.21 0.07 0.03 0.07 0.16

HIGH

LOW

0.18 4.13 0.59 0.08 0.30 0.25 0.11 0.28 0.36 0.19

0.17 0.13 0.22 0.05 0.18 0.05 0.04 0.16 0.20 0.09

0.05 0.09 0.96 0.15

0.01 0.03 0.42 0.04

0.04 0.25 0.11 0.48 0.05 0.05 0.30

0.02 0.06 0.08 0.09 0.02 0.01 0.17

0.08 0.15 0.01

0.01 0.04 0.01

0.06

0.06

0.28 0.04 0.25 0.04 0.08 0.14 0.02

0.04 0.01 0.01 0.01 0.01 0.03 0.01

0.13 0.18 0.12 0.16 0.09

0.04 0.05 0.01 0.02 0.03

14.40 0.03 0.16 0.06 0.20 0.12 0.18 0.73 0.16 0.19 0.17

6.12 0.01 0.04 0.02 0.15 0.05 0.10 0.39 0.06 0.05 0.11

0.15

0.08

0.07 0.20

0.02 0.07

0.15 0.15 0.10 0.28 0.23

0.01 0.11 0.02 0.14 0.10

0.08 0.05 0.12 0.30

0.04 0.02 0.06 0.16

12-MONTH STOCK

Pac Bay Mnrls Pac Cascade Pan Andean Min Patriot Gold Pedro Res Phoenix Gold Plata Latina Prism Res Quantum Cobalt Quartz Mtn Res Rare Element* Razore Rock Res Regency Gold Reliant Gold Remington Res Rhyolite Res Riley Resource Rizal Res Rochester Res Rockland Mnls Rockwealth Res Rojo Res Ross River Rubicon Mnrls* Sage Gold Saint Jean Samco Gold Secova Mtls Sennen Potash Sierra Madre Silver Phoenix Skarb Explor Slam Explor Southstone Min Spey Resources Stans Energy Stevens Gold Straightup Res Surge Explor Talmora Diamd Tearlach Res Themac Res Thunder Mtn Gd Tiger Intl TomaGold Tri-River Vent Trident Gold TriMetals Mng Troy Enrgy True Grit Res Tymbal Res Upper Canyon Vale* ValOre Metals Valterra Res Vatic Vent Venerable Vent Victory Res Walcott Res Western Pac Rs Western Troy C Westminster Rs Whitemud Res Winshear Gold Winston Res Yukoterre Res Zara Res Zena Mining Zenith Explor Zinco Mng Zincore Mtls

EXC

BID

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

0.06 0.01 0.01 0.03 ...

0.05 0.02 0.02 ...

0.25 0.11 0.04 0.15 ...

0.06 0.07 0.12 0.01 0.04 0.07 0.46 0.50 ... ...

0.01 0.01 0.01 0.05 ...

0.05 0.10 0.02 0.02 0.01 0.02 0.01 0.27 0.11 0.39 0.01 0.12 0.05 0.01 0.18 0.05 ...

0.13 0.11 0.01 0.01 0.03 ... ...

0.06 0.04 ...

0.05 0.01 0.10 0.30 0.02 0.05 0.01 0.12 0.01 0.06 ...

0.05 0.02 0.05 ...

ASK

0.09 0.02 0.01 0.08 0.24 0.05 0.03 0.03 ...

0.40 0.16 0.09 0.15 ...

0.09 0.15 0.25 0.02 0.06 0.08 0.50 1.28 0.26 ...

0.01 0.01 0.01 0.06 1.10 0.08 0.15 0.08 0.02 0.01 0.04 0.01 0.29 0.15 0.44 0.03 0.20 0.08 ...

0.22 0.05 ...

0.18 0.12 0.04 ...

0.06 ... ...

0.07 0.06 0.10 0.10 0.01 0.20 0.30 0.19 0.06 0.02 0.14 0.04 0.10 ...

0.08 0.68 0.07 0.40

LAST

0.06 0.01 0.09 0.05 0.10 0.05 0.03 0.03 1.10 0.21 0.15 0.04 0.13 0.02 0.07 0.15 0.11 0.02 0.04 0.08 0.46 0.19 0.26 0.03 0.02 0.04 0.05 0.05 0.45 0.03 0.10 0.08 0.02 0.01 0.03 0.01 0.27 0.10 0.39 0.01 0.12 0.08 0.07 0.17 0.05 0.04 0.12 0.12 0.03 0.02 0.03 0.25 10.24 0.07 0.04 0.10 0.06 0.02 0.09 0.23 0.02 0.06 0.02 0.14 0.01 0.10 0.07 0.05 0.02 0.05 0.05

HIGH

LOW

0.15

0.05

0.10 0.06 0.22

0.03 0.04 0.09

0.06 0.05 3.15 0.31 0.89 0.10 0.14

0.01 0.01 0.20 0.15 0.06 0.04 0.10

0.17 0.21 0.20 0.02 0.08 0.11 0.50

0.07 0.04 0.11 0.01 0.03 0.01 0.14

1.35

0.03

0.04 0.06 0.06

0.02 0.05 0.02

0.08 0.20 0.10 0.03 0.04 0.08 0.11 0.27 0.10 0.23 0.05 0.20 0.08 0.17 0.20

0.02 0.10 0.08 0.01 0.01 0.02 0.01 0.25 0.10 0.03 0.01 0.07 0.03 0.07 0.04

0.20 0.12 0.05 0.02 0.06

0.12 0.03 0.02 0.01 0.02

11.10 0.13 0.35

6.57 0.07 0.03

0.09 0.12 0.20 0.40 0.04 0.28 0.03 0.15 0.04 0.16 0.22 0.10 0.20

0.03 0.01 0.09 0.20 0.02 0.04 0.01 0.05 0.01 0.08 0.07 0.04 0.02

FULLY REMOTE CONTROLLED AND COMPATIBLE WITH ANY STANDARD SKID STEER ATTACHMENT

900 LBS LIFT CAPACITY LOW PROFILE 30” HIGH

HARD-LINE.COM