The Northern Miner May 13 2019 Issue 10

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CANADIAN GOLD

Precious prospects across the country / 9–14

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Orsu Metals tallies first resource at Russian gold project EXPLORATION

| Drilling to resume in June

BY TRISH SAYWELL tsaywell@northernminer.com

F

Drillers at SolGold’s Cascabel copper-gold property in northern Ecuador. SOLGOLD

SolGold’s Alpala: getting bigger, with higher grade COPPER-GOLD

BY VIRGINIA HEFFERNAN Special to The Northern Miner

A

nother year, another doubling of resources: since launching a drill campaign on the Cascabel project in northern Ecuador in 2013, SolGold (TSX: SOLG; LON: SOLG) has steadily converted hints of copper-gold mineralization at surface into 2.1 billion indicated tonnes grading 0.41% copper and 0.29 gram gold per tonne, or 0.60% copper equiva-

| Feasibility study expected by end of 2020

“THE REAL DRIVER [FOR SHARE PRICE APPRECIATION] WILL BE ONGOING RESOURCE GROWTH AND REGIONAL EXPLORATION THAT CONFIRMS CASCABEL AS A MULTI-DECADE MINING CAMP.”

ive years ago a private group of Russia n businessmen, known as Sibzoloto Partners, acquired the Sergeevskoe gold project in southeastern Siberia, 550 km from Chita, an administrative city near Russia’s border with China and Mongolia.

Sergeevskoe caught their interest largely because the eastern boundary of the project lies just 300 metres west of Klyuchevskoe, a past-producing gold mine. Klyuchevskoe produced 1.5 million oz. gold over its mine life, first under the Irish and the British at the turn See ORSU / 6 PM40069240

TYRON BREYTENBACH ANALYST, CORMARK

lent (at a 0.2% copper-equivalent cut-off), plus 900 million inferred tonnes grading 0.27% copper and 0.13 gram gold, or 0.35% copper equivalent, at the same cut-off.

Drillers handle core at the Cascabel project. SOLGOLD

In other words, the explorer has outlined an eye-popping resource of 10.9 million tonnes copper and 23.2 million oz. gold, and nearly half of that is in the relatively

high-grade core (over 0.9% copper equivalent) of the flagship Alpala deposit.

These latest numbers were released in January and are based on 133,600 metres of drilling.

The feverish drilling pace continues. The company has 10 rigs operating on-site, nine focused on expanding Alpala, and one engaged in geotechnical drilling for decline development. Two more portable rigs are scheduled to join the Cascabel fleet imminently to expedite geotechnical and hydrogeological testing and ongoing monitoring programs.

Adding to the excitement are new higher-grade intercepts outside the resource envelope that could enhance the current highgrade core of 400 million indicated tonnes grading 0.90% copper and 0.93 gram gold per tonne (1.49% See SOLGOLD / 2

SKEENA: PLANS HIGH-GRADE GOLD PIT AT ESKAY CREEK IN BC / 3

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2019-05-07 8:00 PM

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MAY 13–26, 2019, 2019 / THE NORTHERN MINER

SolGold’s Cascabel copper-gold project in northern Ecuador. SOLGOLD

Workers examine core boxes at Cascabel. SOLGOLD

SolGold’s Alpala: getting bigger, with higher grade SOLGOLD From 1

copper equivalent) at a 0.9% copperequivalent cut-off grade. At Alpala Northwest, for instance, recent drilling returned 318 metres grading 0.67% copper equivalent in hole 86, including 100 metres grading 1.34% copper equivalent.

“There’s an emerging north–south trend in the orebody,” says SolGold’s country manager Jason Ward in an interview. “It opens up huge upside potential and is open to the north, so we are following that.”

According to SolGold, Alpala has produced some of the best drill-hole intercepts in porphyry copper-gold exploration history, including one intersection of more than 1,000 metres grading 0.74% copper and 0.54 gram gold per tonne. Drilling to date exceeds 190,000 metres.

In recognition of his role spearheading this emerging exploration success story, The Northern Miner named SolGold president and CEO Nicholas Mather — a geologist with years of experience in large exploration projects — Mining Person of the Year for 2018.

SolGold is awaiting a preliminary economic assessment (PEA) for Alpala that will better define the terms of development and mining.

The PEA will be followed by a prefeasibility study, with a bankable feasibility study expected by the end of 2020 — in time for construction

to begin in 2021.

“The real driver [for share price appreciation] will be ongoing resource growth and regional exploration that confirms Cascabel as a multi-decade mining camp that could form the backbone for a new diversified South American miner,” said Cormark analyst Tyron Breytenbach in a November 2018 research report.

Meanwhile, ownership structures are in flux. Australia’s largest gold producer, Newcrest Mining (ASX: NCM; US-OTC: NCMGY), increased its stake in SolGold to 15.3% from 13.8% late last year, while BHP Group (NYSE: BBL; LON: BHP) bought a 6.1% stake in the explorer in September 2018 and boosted it to 11.2% a month later.

Craig Jones, general manager of the Wafi-Golpu copper-gold porphyry project in Papua New Guinea, represents Newcrest on SolGold’s board of directors, while BHP has the right — as yet unexercised — to appoint its own director.

With ambitions to control 100% of the project, SolGold is revising a hostile bid for Cornerstone Capital Resources (TSXV: CGP; US-OTC: CTNXF), 15% owner of Cascabel, after Cornerstone rejected an earlier bid that would have given its investors 0.55 of a SolGold share for each share held for a 20% premium.

“Cornerstone is going to face some serious obstacles and risks when it

Workers at SolGold’s Cascabel copper-gold property in Ecuador. SOLGOLD

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comes to contributing [to financing the project] after feasibility,” Ward argues. “The takeover enables Cornerstone shareholders to share in the upside of SolGold’s 100% owned projects, which have the potential to yield more discoveries.”

Ecuador covers the least explored section of the Andean copper belt that stretches from Chile to Panama, and hosts some of the world’s biggest copper-porphyry deposits, including Escondida in Chile, and Cobre Panama in Panama.

With a $15-million annual regional exploration budget that Ward says will double once drilling begins, SolGold has identified 11 top copper-gold porphyry targets on 3,200 sq. km of concessions along the Ecuadorian share of the belt.

A team of 42 Ecuadorian geologists uses Alpala’s geological setting as a blueprint for regional targeting, mapping similar alteration and structure within SolGold’s 72 concessions, and applying trace element geochemistry to narrow the target areas and estimate the depth of any underlying porphyries.

“There will soon be increased news f low about what we have discovered through our mapping and sampling programs,” Ward says. “But we’re not drilling at the moment, because we are awaiting permits.”

In 2017, the Ecuadorian government said it intended to attract $4

Drill core from Cascabel. SOLGOLD

billion in mining investments by 2021, and wants mining to significantly contribute to the country’s gross domestic product.

But there has been backlash against mineral exploration in the country. Last year, Ecuadorian courts ruled that the government had awarded mining concessions in the country without proper consultation with local communities.

And in April, Ecuador’s comptroller identified “irregularities” that may threaten plans by Chilean state-owned Codelco and Ecuador’s equivalent, Enami, to develop the 982-million-tonne Llurimagua copper project, 60 km south of Cascabel.

Political risk continues to be an obstacle to investment. Ecuador ranks at No. 114 out of 180 countries in Transparency International’s 2018 Corruption Perceptions Index, and No. 123 out of 190 countries in the World Bank’s Doing Business Index for 2019, similar to last year’s scores.

Undeterred, Lundin Gold (TSX: LUG) is pushing ahead with its Fruta del Norte underground gold mine in southeastern Ecuador, and expects to produce by year-end. Lundin recently drew down US$159 million for development and construction activities from a US$350-million secured debt facility arranged last year with a syndicate of lenders.

In other positive news for miners in the country, BHP has signed a letter of intent for a joint-venture agreement with Luminex Resources (TSXV: LR; US-OTC: LUMIF) on the junior’s Tarqui copper project in Ecuador.

Ward says that SolGold has a number of options to finance development at Alpala, because “there are more funds in the world than Tier 1 copper projects.”

Cormark’s Breytenbach says Newcrest or BHP are the best candidates to develop a mine at Alpala, starting with the high-grade mineralization.

Newcrest already uses block caving — the mining method SolGold has proposed for Alpala — at its Cadia Valley gold mine in Australia, and plans to use the same method at Wafi-Golpu in Papua New Guinea. “[We] assume mining of the highgrade core at the front of the mine plan,” Breytenbach said. “This is the key component of the project, as its cash f low more than supports the large upfront capital, and it effectively makes the broader (lower-grade) resource economic.

The high-grade core alone ranks well against other block-cave projects globally.” TNM

2019-05-07 8:00 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 13–26, 2019

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Skeena envisions high-grade open pit at Eskay Creek BC GOLD

| BC ‘much more hospitable for mining companies,’ management says

BY TRISH SAYWELL

E

tsaywell@northernminer.com

skay Creek in British Columbia’s Golden Triangle was at one time the world’s highestgrade gold mine before Barrick Gold (TSX: ABX; NYSE: GOLD) finally shut it down in 2008 due to low gold prices. The underground mine produced 3.3 million oz. gold and 160 million oz. silver at average grades of 45 grams gold per tonne and 2,224 grams silver over its 14year mine life.

Now Skeena Resources (TSXV: SKE; US-OTC: SKREF) wants to put Eskay Creek back into production as an open pit, with grades of 4.5 grams gold per tonne, which would make it one of the highest-grade open-pit operations in the world.

Grades at most open-pit mines typically run 0.5 to 1 gram gold per tonne.

“Eskay Creek is one of the best open-pit deposits held by a junior company in the world,” Walter Coles Jr., the company’s president and CEO, tells The Northern Miner, noting that it could potentially be fast-tracked into production as early as 2025. Skeena is on track to complete a preliminary economic assessment (PEA) before the end of the third quarter of this year.

Since optioning the project from Barrick in December 2017, Skeena has completed a resource estimate based on 7,583 historic surface and underground diamond drill holes, and another 46 surface holes of its own drilled last year.

The most recent resource estimate, updated in February, consists of a pit-constrained 12.7 million indicated tonnes grading 4.5 grams gold per tonne and 117 grams silver per tonne (6 equivalent grams gold per tonne) for 1.82 million contained oz. gold and 47.79 million oz. silver (2.46 million equivalent oz. gold).

Inferred resources weigh in at 13.6 million tonnes grading 2.2 grams gold and 42 grams silver (2.8 equivalent grams gold) for 984,000 oz. gold and 18.46 million oz. silver (1.23 million equivalent oz. gold).

“With a 4.5-gram-per-tonne pit, the internal rate of return on this is amazing,” says Paul Geddes, Skeena’s vice-president of exploration and resource development.

Geddes notes that the bottom of the resource averages a 186-metre depth (230 metres at its deepest point), and Skeena has also found a small underground portion of 300,000 oz. gold that goes down to 400 metres, making it all “very shallow.”

The underground resource stands at 819,000 indicated tonnes grading 6.4 grams gold and 139 grams silver (8.2 equivalent grams gold) for 169,000 oz. gold and 3.66 million oz. silver (218,000 equivalent oz. gold). Underground inferred runs to 295,000 tonnes grading 7.1 grams gold and 82 grams silver (8.2 equivalent grams gold) for 68,000 oz. gold and 778,000 oz. silver (78,000 equivalent oz. gold).

“Eskay is an epithermal, volcanogenic-massive-sulphide deposit, and the exhalative horizon, the contact mudstone, is typically what had the bonanza gold grades, and that’s what was selectively mined,” Geddes says.

“But the 5- to 10-gram material in the feeder zone underneath the mudstone was never touched. We have numerous examples where they intersected 10 grams over 3 metres and leave it wide open at depth, so our exploration potential

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A drill at Skeena Resources’ past-producing Eskay Creek gold project in British Columbia. SKEENA RESOURCES

“WITH A 4.5-GRAMPER-TONNE PIT, THE INTERNAL RATE OF RETURN ON THIS IS AMAZING.” PAUL GEDDES VICE-PRESIDENT OF EXPLORATION AND RESOURCE DEVELOPMENT, SKEENA RESOURCES

dominantly exists along strike, and there are other areas of contact along the mudstone and the other feeder zones that sit underneath the contact mudstone.”

In addition to the high-grade resource and exploration prospects, the project also benefits from improvements in the gold price and to regional infrastructure since the mine last operated as a remote operation run on diesel fuel. B.C. Hydro built the 287-kilovolt Northwest Transmission Line that runs from Terrace to Bob Quinn Lake and north to Imperial Metals’ (TSX: III) Red Chris mine, and the paving of the Stewart-Cassiar highway north from Smithers.

The company also points to a friendlier permitting regime. Coles Jr. notes that in the last three and a half years, British Columbia has permitted more mines in Canada than any other province, and “has become much more hospitable for mining companies” than it was when the mine entered production in 1994.

“Whereas the ability to permit an open pit in the 1990s was viewed as questionable,” he says, “the evidence speaks for itself now. There have been a significant amount of mines permitted over the last five years.

“Historical operators were in a different political environment and came at this project in a way that was reflective of the situation they were in,” he continues. “What is different today is we have a very supportive government and very supportive permitting regime in the Golden Triangle, and that allows us to look at this project differently than previous operators.”

The mining executive points to Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM development project and Ascot Resources’ (TSXV: AOT; US-OTC: AOTVF) Red Mountain project, both of which have received their permits, while Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack mine was permitted in less than three years, he says.

Indeed, the Golden Triangle has become one of the most impor-

tant metal regions in Canada. The Brucejack mine is 25 km southeast of Eskay Creek, and Imperial Metal’s Red Chris mine is 126 km northeast.

Seabridge Gold’s KSM project is 19 km southeast, and Galore Creek, a joint venture between Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) and Newmont Goldcorp (TSX: NGT; NYSE: NEM), is 83 km northwest.

Under Skeena’s option agreement on Eskay Creek, Barrick has a 1% net smelter return royalty on the property, and has a back-in right to acquire a 51% interest by paying Skeena up to three times its cumulative expenses on the project, and reimbursing the $10-million purchase price.

Geddes notes that there were always two myths surrounding Eskay Creek: the first, that there is little gold left, which Skeena has proven wrong, and, the second, that it has difficult metallurgy, given its arsenic and mercury content.

“Everyone would tell us it is metallurgically impossible, and I would question that because the data had been buried since 2008,” he says.

Demonstrated metallurgy from the Eskay Creek mine involved a 350-tonne-per-day flotation plant with 80% and 92% average gold and silver recoveries. Gravity separation of gold accounted for 10–30% of preliminary separation. Sulphide concentrates were moved by truck to either the Port of Stewart for smelting in Japan, or to Kitwanga, for loading onto rail cars headed to a smelter in Quebec.

Now Skeena is investigating the amenability of the Eskay Creek blended mineralization to leaching and other optimization possibilities, and results are expected before the end of June.

Skeena also plans to drill Eskay Creek — as well as its Snip development project, 30 km west — in June.

The junior optioned Snip from Barrick in March 2016, and acquired 100% of the project in July 2017. The property contains the historic Snip mine, which produced 1 million oz. gold between 1991 and 1999 at an average gold grade of 27.5 grams gold.

“Snip was a fabulous mine back in the day,” Geddes says, noting that the mine’s previous owners only went after the highest-grade mineralization due to low gold prices at the time, leaving a lot of gold behind.

“Anything less than 20 grams per tonne wasn’t worth mining to them, so they high-graded it and extracted the guts out of it, and left us the ‘lower-grade material’ of

around 10 grams per tonne,” he says.

“What we want to do is expansion drilling, some regional step-outs, test them, and see if we can come up with another Snip mine on our land package.”

“The footprint of the mine itself was small. The Twin zone hosted the majority of it, and it only has a strike length of 400 vertical metres, so if we drilled 100-metre centres, we could probably latch onto something pretty quickly.”

The deposit remains partly open along strike and in some production areas.

Skeena has reviewed and modelled over 280,000 metres of historic drill data and drilled a total of 27,000 metres. Highlights include 13.80 grams gold over 18 metres in drill hole 18-110, starting from 141 metres downhole; 36.65 grams gold over 2 metres, from 105 metres downhole, in 18-80; and 31.80 grams gold over 2 metres, within a broader 5-metre intercept grading 11.74 grams gold, from 70 metres downhole in 18-64.

Elsewhere in the Golden Triangle, Skeena is advancing its GJ coppergold property, 30 km west of the Red Chris mine. The property has

two deposits located 14 km apart: the porphyry copper-gold Donnelly deposit, and the porphyry goldcopper Spectrum Central Zone.

A PEA of GJ, completed in April 2017, envisions a 25-year mine life with an initial $216 million capital expense. The study estimates an after-tax net present value at an 8% discount rate of $314.09 million, and an internal rate of return (IRR) of 20.6% at US$2.75 per lb. copper, US$1,250 per oz. gold and US$17.75 per oz. silver. Skeena is looking for a partner to develop GJ to the pre-feasibility stage.

The GJ Donnelly deposit contains 215.2 million indicated tonnes grading 0.31 gram gold, 1.9 grams silver and 0.26% copper for 2.14 million contained oz. gold, 13.03 million oz. silver and 1.24 billion lb. copper.

The inferred resource measures 28.3 million tonnes averaging 0.31 gram gold, 1.8 grams silver and 0.14% copper for 280,000 oz. gold, 1.64 million oz. silver and 85 million lb. copper.

The Spectrum Central Zone stands at 31.2 million tonnes in the indicated category grading 0.94 gram gold, 2.6 grams silver and 0.10% copper for 940,000 oz. gold, 2.64 million oz. silver and 68 million lb. copper, and 29.8 million tonnes in the inferred category, measuring 0.47 gram gold, 1.4 grams silver, 0.12% copper for 450,000 oz. gold, 1.34 million oz. and 76.4 million lb. copper.

“It’s very close to the Red Chris mine — where Newcrest recently came in as majority owner — and it’s a large land package with [430 sq. km] in an area that is attracting more and more attention,” Coles Jr. says. “We’re pretty excited about its copper-gold potential. It has just been overshadowed by our focus on Eskay Creek and Snip, but there will be a time and a place for this project — especially if copper prices gain a little bit more momentum.”

Skeena shares are trading at 47¢ in a 52-week range of 25¢ to 70¢.

The company has a $48-million market capitalization. TNM

George Flumerfelt, P.Eng., CEO of Redpath Mining Inc., is pleased to announce the appointment of Mr. Paul Healy, P.Eng., to the position of Executive Vice President for Redpath Canada Limited, replacing Bruce Dunlop, who is retiring after 24 years of service with Redpath.

Paul Healy, P.Eng., graduated

with a B.Sc. in mining engineering (Queen’s University - 1984) and worked in engineering and operational management positions of increasing responsibility with Hudson Bay Mining and Smelting and Royal Oak Mines. He then spent eight years as President and General Manager of Atlas Copco Canada before joining Redpath as General Manager of Canadian Operations in 2008. In his new role, Paul will be accountable for all aspects of Redpath’s Americas business unit, which includes operations in Indonesia, Mongolia, North America, and South America. He will report to the CEO.

Redpath Mining Inc., is a global mine

contracting company with operations covering six continents. Headquartered in North Bay, Ontario, Redpath has grown to be one of the largest mine development companies in the world. Focused on innovative and technically challenging projects, Redpath are known for delivering timely and budget conscious expertise in shaft sinking, tunneling, production mining, underground construction, raiseboring and technical services.

Mining Contractors and Engineers

redpathmining.com

2019-05-07 8:00 PM

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GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L US Senator Murkowski introduces American Mineral Security Act

O P- E D

BATTERY MINERALS

| US imports at least 50% of 48 minerals, including 100% of 18 of them

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nited States Senator Lisa Murkowski (R-Alaska) and three Senate colleagues on the Senate Committee on Energy and Natural Resources took a bipartisan legislative step in early May to remedy the U.S. economy’s apparent overreliance on foreign sources of “critical minerals,” such as the battery minerals

BY JOHN CUMMING jcumming@northernminer.com lithium, rare earth elements, graphite, cobalt and nickel that are crucial to emerging 21st century industries that include electric vehicles and large battery usage in grid storage.

On May 3, committee chairman Murkowski, ranking committee member Joe Manchin (D-West Virginia), Martha McSally (R-Arizona), and Dan Sullivan (R-Alaska) introduced the American Mineral Security Act that seeks to amend parts of the Cold War-era National Materials and Minerals Policy, Research and Development Act of 1980 and repeal the National Critical Materials Act of 1984.

In the last two Congresses, Murkowski introduced similar standalone legislation and included a section on critical minerals in a broad, bipartisan energy bill, but given the tenor of the times with mounting U.S. trade tensions with China and multiple other countries around the globe — including outright sanctions against Russia — this legislation has a much greater chance of being enacted than her previous efforts.

Murkowski announced her latest move at a Washington, D.C., conference organized by London-based consultancy Benchmark Mineral Intelligence, who deserve kudos for keeping excitement going in a battery minerals sector that has been beaten down by falling commodity prices and depressed stock-market valuations for battery minerals juniors.

“Our nation’s mineral security is a significant, urgent, and often ignored challenge. Our reliance on China and other nations for critical minerals costs us jobs, weakens our economic competitiveness, and leaves us at a geopolitical disadvantage,” Murkowski said in a press statement. “I greatly appreciate the administration’s actions to address this issue, but Congress needs to complement them with legislation.

Our bill takes steps that are long overdue to reverse our damaging foreign dependence and position ourselves to compete in growth industries like electric vehicles and energy storage.”

She noted that, according to the U.S. Geological Survey, the U.S. imported at least 50% of 48 minerals, including 100% of 18 of them, in 2018. That includes 100% the U.S. supply of rare earth elements, graphite and indium.

Manchin said he is “grateful to continue working with Chairman Murkowski to find ways to reduce our reliance on foreign countries for critical minerals in a responsible way. Our legislation requires common sense steps to begin restoring American independence regarding critical minerals and strengthen our national security, diversify our economy and create job opportunities in our communities.”

The act as proposed would require, among other measures: the compilation and maintenance of a list of critical minerals; nationwide resource assessments for every critical mineral; the reformation of permitting processes for the Department of the Interior and Department of Agriculture Forest Service to reduce delays in the federal permitting of critical-minerals projects; the reauthorization of the National Geological and Geophysical Data Preservation Program; the authorization of research and development for processing, recycling and replacing critical minerals; and a requirement that the Secretary of Labor, the National Academy of Sciences, and the National Science Foundation study the nation’s minerals workforce.

Keep in mind that the bill the four senators have introduced is primarily an industrial policy document, as the U.S. military would not be governed by the act if enacted.

The U.S. Defense Department continues to operate its National Defense Stockpile program through its well-established Defense Logistics Agency (DLA), whose Strategic Minerals branch’s mission is to “decrease and preclude dependence upon foreign sources or single points of failure for strategic materials in times of national emergency.”

Founded in 1939, DLA Strategic Materials stores 42 commodities with a current market value of over US$1.1 billion at six locations in the U.S., with commodities ranging from zinc, cobalt and chromium to platinum, palladium and iridium. Sales from its stockpiles in recent months have been in ferrochrome, chromium metal and tungsten, with total sales of US$6.6 billion since 1993, when the post-Cold War slimming down of critical-material stockpiles began. TNM

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

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

COMPANY INDEX Adventus Zinc . . . . . . . . . 15 Agnico Eagle Mines. . . . . . 9 Altius Minerals. . . . . . . . . 15 Ascot Resources. . . . . . . 3,9 Barrick Gold. . . . . . . . . . . . 3 BHP Group. . . . . . . . . . . . . 2 Codelco. . . . . . . . . . . . . . . . 2 Enami. . . . . . . . . . . . . . . . . . 2 Gold Fields. . . . . . . . . . . . . 6 Great Bear Resources . . . 11 Great Panther Mining. . . . 8

Imperial Metals . . . . . 3,9,14 INV Metals. . . . . . . . . . . . 15 Jayden Resources. . . . . . . . 9 Luminex Resources. . . . . . 2 MAS Gold. . . . . . . . . . . . . 13 Mountain Boy Minerals. . 9 Newcrest Mining. . . . . . . . 2 Newmont Goldcorp . . . . . 3 Newrange Gold . . . . . . . . . 8 North American Palladium. . . . . . . . . . . . . 5

Orsu Metals. . . . . . . . . . . . . 6 Pretium Resources. . . . . . . 3 Salazar Resources. . . . . . . 15 Seabridge Gold. . . . . . . . . . 3 Skeena Resources. . . . . . . . 3 SolGold. . . . . . . . . . . . . . . . 1 Teck Resources. . . . . . . . . . 3 Wheaton Precious Metals. . . . . . . . . . . . . . . . 15

Canadian and Australian federal governments lay out plans for mining COMMENTARY

| Subsidiary jurisdictions go their own ways, leading to dilution of national effort

BY JON BAIRD Special to The Northern Miner

I

n August 2017, Canada’s federal, provincial and territorial ministers responsible for mining called for a Canadian Minerals and Metals Plan (CMMP) to support industry competitiveness, solidify Canada’s position as a global mining leader, and lay the foundation for lasting success at home and abroad.

The CMMP was unveiled at the annual convention of the Prospectors & Developers Association of Canada in March 2019.

Ca nada was beaten to t he punch by Australia, which introduced its National Resources Statement in February of this year.

Other than the fact that the Australian document includes oil and gas as well as mining, the two reports could have been written by the same committee.

At just over 50 pages, they are similar in length with Canada offering extensive text and infographics, and Australia strong on colourful pictures of the mining industry.

Indeed, the mining industries of Canada and Australia share many similarities. They are important drivers of the economy, provide jobs and tax revenues, produce similar commodities, employ advanced technologies and are substantial exporters of raw materials, as well as equipment, services and technology used in mining.

They are also located in federations where provinces or states control resource extraction.

Federal governments in both countries try to set mineral policies, but the subsidiary jurisdictions go their own ways, leading to a dilution of national effort.

For example, a disclaimer in the Canadian plan warns: “As part of this plan, individual jurisdictions will undertake efforts that best suit their priorities, unique situations and needs.”

So much for a national plan for the future of an industry as economically important and as full of promise for the future.

Given the similarities of mining in the two countries, it is not surprising that both plans embrace the same values: economic

development and competitiveness; advancing the participation of Indigenous Peoples; the environment; science, technology and innovation; communities; and desire for global leadership.

Both countries’ reports claim a “ leadership position in the global resources sector.” Both describe the many strengths of their industry at present and state that global competitiveness is such that they cannot stand still.

Judged on an international scale, Canada and Australia are indeed leaders in almost any measure of the mining industry.

Their challenge is to stay that way and use their advantages to prosper even more.

In a call for collaboration, the Australian document states: “A fragmented approach to our strongest sector could undermine its future competitiveness and see competitors with more cohesive approaches erode our natural competitive advantages.”

Australia’s Natural Resources Statement advances general ideas for co-operation in most areas affecting the mining industry, while Canada’s CMMP offers many fairly concrete outcomes, with suggested timelines.

A few of the Canadian proposals, which, if implemented, would advance the industry and benefit all Canadians, include: By 2020: A pan-Canadian Mining Value from Waste research program is established to lower the footprint of mine wastes and improve environmental performance.

By 2020: A joint governmentindustry strategy to support the success of Canadian mining supply and services is in place.

By 2021: Explore opportunities for increased Indigenous procurement and business activity.

By 2022: A new, pan-Canadian, collaborative public geoscience strategy for mineral exploration.

By 2022: Incentives to support a supercluster-type model for tackling large innovation challenges.

By 2030: Canada’s mining workforce is more diverse, and includes at least 30% women.

Both Canada and Australia are racing to attract investment, develop new resources and markets, and share the benefits of mining success with their citizens. Let’s see who wins the race.

— Based in Goodwood, Ont., Jon Baird is principal of SEMP Consulting, which specializes in strategic export market planning.

For more information, contact jon.baird@sempconsulting.ca.

2019-05-07 8:00 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 13–26, 2019

5

NAP CEO James Gallagher on global palladium markets INTERVIEW

| Palladium loading in auto catalysts rises as environmental rules tighten worldwide

BY JOHN CUMMING jcumming@northernminer.com

The following is an edited transcript of a portion of a podcast interview with James Gallagher, president and CEO of North American Palladium (TSX: PDL; US-OTC: PALDF). Gallagher discusses the supply and demand fundamentals of the palladium market, and why palladium won’t likely suffer much substitution by platinum in the critical global autocatalyst market.

Gallagher joined North American Palladium in 2013 as chief operating officer to spearhead an operational turnaround of the firm’s Lac des Îles palladium mine in northwestern Ontario, and became president and CEO in August 2015. Before that he worked more than three decades with Falconbridge and eight years with Hatch as global director of mining.

For the full interview, listen for free to The Northern Miner Podcast — Episode 136: Palladium’s stellar rise ft. NAP CEO Jim Gallagher at www.northernminer.com.

The Northern Miner: Can you describe what’s happened with palladium prices the last couple of years?

James Gallagher: Certainly palladium has been the metal over the last two years. It has outperformed any of the other major commodities, so it finally has gotten some attention.

A couple of months back it met and then has exceeded the price of gold, so that has really gotten on a lot of people’s radar.

It’s really driven now by market fundamentals. It’s always a debate whether palladium is a precious

metal or an industrial metal ... it’s really more of an industrial metal, and it’s a supply/demand deficit that has existed for several years now, and is projected to continue in deficit from a supply side for the next few years.

That’s really being driven by several factors: its primary use as the key element inside the catalytic converter in every gasoline engine produced nowadays on the planet; strict new emission standards; and the introduction of a much tougher testing standard.

There has been a step change in the demand for palladium, not because of total auto production — which in fact has been a bit flat for the last several months — but because of the changing emission standards.

And critical to that is a new testing regime that is much tougher to pass.

TNM: Can you explain the difference between platinum and palladium in auto catalysts, and why is one metal preferable to the other, with respect to the technology and the price of the metal?

JG: Two years back, the prices for the two metals would have been reversed. Platinum floated around the US$1,600-an-ounce mark for a number of years, and palladium languished in the US$700 to US$800 an ounce range, sometimes even lower.

And that has really reversed. It’s a fundamental difference. Platinum has a much broader market. Last year ... close to 85% of palladium went into catalytic converters. In its heyday, 40% of platinum was going into diesel-engine catalytic converters.

So there are different chemistries,

“EVEN IF PALLADIUM HITS US$2,000 AN OUNCE, WHICH SOME ANALYSTS HAVE FORECASTED, THAT IS NOT MATERIAL ENOUGH TO FORCE THE AUTO MANUFACTURERS TO MAKE A SWITCH.” JAMES GALLAGHER PRESIDENT AND CEO, NORTH AMERICAN PALLADIUM

different reactions to heat. Platinum performs better even though it was double the price of palladium, and platinum is still preferred in diesel engines, and palladium in gasoline.

One of the features that’s different between the two elements is that people will often say, “We’re just going to transfer and substitute platinum back in.” That’s because in the 1980s, when they started, they actually started with platinum in catalytic converters.

But the modern catalytic converter is extremely efficient at removing some of the noxious gases.

It’s a catalytic reaction. It requires high heat and it adds in oxygen, and that tends to turn carbon monoxide, which is poisonous, to carbon dioxide. It converts some of the carbohydrates, breaks it down and you actually end up with water.

I always say that if you sit behind a vehicle at a stoplight and see water dripping out of the tailpipe — which you will often see — that’s palladium at work.

One of the things they’ve done is gotten the heat in a catalytic converter much higher. They moved it much closer to the exhaust in the vehicle and the high heat helps with that reaction, and helps with the efficiency.

And palladium responds much better in a high heat environment than platinum does. Platinum tends to break down — it clumps, becomes less effective, and it tends to wash out and erode over time — where palladium responds better in that environment.

So it’s one of the reasons that platinum is not an easy substitute into the current catalytic converter, and we’re not likely going to see a huge amount of substitution occur there. Different chemistries and different performances makes each one suitable for different environments.

Of course in the diesel market, diesels have very much fallen out of favour, especially in Europe where it used to be well over 50%. The last numbers I saw, it was down into the 30% range for the small engine market. And that’s really

“IF YOU SIT BEHIND A VEHICLE AT A STOPLIGHT AND SEE WATER DRIPPING OUT OF THE TAILPIPE, WHICH YOU WILL OFTEN SEE, THAT’S PALLADIUM AT WORK.” JAMES GALLAGHER PRESIDENT AND CEO, NORTH AMERICAN PALLADIUM

Water drops from an automobile’s exhaust pipe. ISTOCK/SIMONKR

due to the Volkswagen scandal and the awareness throughout Europe that although diesels — modern diesels — tend to be cleaner from a CO2 point of view, they’re less clean from the other gasses, and especially particulate matters — soot — the stuff that you visibly see in the air.

Diesels have really gotten a bad name in Europe, and a number of cities are talking about outright bans, and so diesel sales have fallen off dramatically.

TNM: One of the trends in mining investment the last couple of years has been the excitement around electric vehicles and the resulting plays on lithium, cobalt, nickel and other battery minerals. But palladium has a role, too, with the hybrids. Could you explain the role of palladium in hybrid cars, what’s going on with hybrid demand, and how that all plays into the EV story?

JG: Pure battery electric cars like a Tesla do not have platinum or palladium in the mix, but the bulk of the sales that most companies are talking about when they project these very significant electrification

numbers for their fleets — the bulk of those certainly for the foreseeable future are going to be some variation of a hybrid.

And hybridization is positive for palladium, simply because it gets back to this whole heat issue for the catalytic converters. There is a higher loading in a hybrid engine to accommodate for the fact that because of the on/off cycling nature of the engine, it doesn’t run as hot.

In fact, the plug-in hybrid may not even kick in for 20 or 30 km, but as soon as it kicks in, it must meet and pass the emission standard. And so if it hasn’t had a chance to get up to temperature, that becomes a problem, and they’re accommodating for that lower operating temperature on average by higher — up to 15% higher — loadings of palladium inside the catalytic converter attached to the internal combustion engine.

So it’s actually a slight net positive at this point.

TNM: Getting into some of the supply factors with palladium, it has always See INTERVIEW / 16

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MAY 13–26, 2019, 2019 / THE NORTHERN MINER

Orsu Metals tallies first resource at Russian gold project ORSU From 1

of the twentieth century, and later under the Soviets, who took it over in the early 1930s, with mining operations continuing until 2002.

Today the mine is owned is by Sun Gold, a private company run

by India’s Khemka family.

The businessmen — led by Sergei Stefanovich — were busy with other projects, and sat on Sergeevskoe for several years before selling 90% of it in early 2017 to Orsu Metals (TSXV: OSU).

Stefanovich, who was invited to join Orsu as managing director and owns 20% of the company, knew Orsu’s executive chairman, Sergey Kurzin, and was confident he could advance the project.

“We have a management team with a proven track record, both geologically and in terms of making money for our shareholders in previous ventures, and this is particularly true of Kurzin,” Stefanovich says. “He made US$4 billion to US$5 billion in previous home runs.”

One of those home runs was selling a company with a chromite project in Kazakhstan to one of Russia’s largest steelmakers — Mechel — for US$1.8 billion.

Kurzin also advanced other mining assets in the former Soviet Union, including the Julietta and Kupol gold deposits in Russia, and the Varvarinskoye copper-gold deposit in Kazakhstan.

The company’s non-executive chairman, Vladimir Pakhomov,

1-16_MAY13_Main .indd 6

A trench at Orsu Metals’ Sergeevskoe gold project in southeastern Siberia. ORSU METALS

is a managing partner of Olympia Capital, an asset management and merchant bank specializing in investment opportunities, primarily in Russia and the Commonwealth of Independent States.

For his part, Stefanovich has spent 16 years in corporate finance, strategy and business development, principally focused on Russia and across the former Soviet Union, including managing a public equity mining fund and serving as director of strategy and mergers and acquisitions for Norilsk Nickel.

Over the last two years, Orsu has invested US$4 million on Ser-

geevskoe, and last month delivered a pit-constrained resource of 25.09 million inferred tonnes grading 1.47 grams gold per tonne for 1.19 million oz. gold.

“It’s a good number to start, and the plan, of course, would be to see if we can grow it to north of 2.5 million or 3 million oz. over the next two to three years, and uplift the quality, moving it from inferred to measured and indicated,” Stefanovich says in a telephone interview from London.

The pit-constrained resource uses a cut-off grade of 0.5 gram gold per tonne, and the bottom

“WE’VE GOT THE FISH, WE’VE GOT IT ON THE HOOK, IT APPEARS TO BE BIG, AND WE THINK IT’S GOING TO GET BIGGER.” SERGEI STEFANOVICH MANAGING DIRECTOR, ORSU METALS

of the pit shell rests at a depth of 200 metres.

The deposit remains open along strike to the west and downdip, and Stefanovich and his team believe the mineralization at Sergeevskoe is likely an extension of the historic mine at Klyuchevskoe.

“We share the border, and we’re talking about the same gold system,” Stefanovich says. “The Klyuchevskoe deposit is 300 metres to the east of us and goes down 600 metres, so why would ours stop?”

Adding spice to the story, Stefanovich says, is that Sun Gold is in the midst of selling a 70% stake in Klyuchevskoe to China National Gold Group, which plans to restart the mine as a large-tonnage open pit, and could acquire Sergeevskoe at some point to add ounces to its operation.

“It’s just a matter of time before they come and speak with us,” Stefanovich says. “But the Chinese are smart guys, and they are never fast to buy things unless they have to, and they don’t like to pay top dollar unless they have to, so I have to make sure our deposit stands on its own two feet.

“By default, the Chinese are a white knight, but that’s not enough.

We need to develop this project over the next 18 to 24 months, and then we’ll see how things develop.

For now, I’m not betting on the Chinese, but it does present a nice backdrop.”

After completing the resource, Orsu Metals has US$1.5 million left in the bank — enough, he says, to finance a drill program this year of between 3,500 and 4,000 metres.

Ideally, however, Orsu would drill 11,000 to 12,000 metres this year and update the resource in the fourth quarter of 2019, or in the first quarter of 2020.

The board has given Stefanovich the green light to raise up to US$1.5 million for the larger drill program, but he is conscious of Orsu’s share price, and prefers to avoid dilution, if possible.

“We’re not stupid, cash is the blood of the business, so I don’t want to starve the company of capital,” he says. But because management owns so much of the company, “we are very much aligned with the success of this thing, and we don’t want to make dilution easy.”

Management and insiders own 35.43% of the company’s issued and outstanding common shares, Sibzoloto partners (excluding management), 14.2%, and Gold Fields

(NYSE: GFI), 7.3%.

Either way, Stefanovich says, the company’s exploration costs are low by the industry’s standards.

“We delivered the maiden resource for US$4 million, so our exploration cost per ounce is US$3 to US$4 per oz., and that’s about 50% less than our benchmarks,” he says, adding that the company is run “very, very frugally.”

Orsu is waiting for approval to expand its deforestation permit and expects to restart exploration drilling in June.

“The orebody extends to the west, northwest, and there are some occurrences which we didn’t even touch that may well add significantly to the resource,” he says.

“Moreover, grades are creeping up and getting better as we go deeper, so the low-hanging fruit is to go and do deep drilling, and we’ll do that, but we also want to expand the footprint of the deposit.”

The company also plans to do some bulk tests and can do that at a mill 5 km away that is part of the operating Alexandrovskoe gold mine, which was commissioned in September 2013.

“If the ores that belong to us behave nicely, and there’s no reason why they shouldn’t, there could be potential for joint production at their mill,” he says. “It’s good to be sandwiched between two mines — one operating [Alexandrovskoe] and the other soon-to-be-operating [Klyuchevskoe].”

“It would be small-scale,” he says of the potential tonnage Orsu could run through the Alexandrovskoe mill, “but could provide enough cash flow for some purposes, and markets are unpredictable. I won’t want to whittle our shareholders down to nothing, so I must make sure this property can stand on its own two feet.”

To that end, Stefanovich spends 40% of his time away from his home in Moscow, in part to raise the project’s profile, and he is optimistic that Sergeevskoe can make it to the finish line.

“It’s a hard business — it’s not a simple business — and I don’t want to bad-mouth other companies, but many of them are trolling for fish,” he says. “We’ve got the fish, we’ve got it on the hook, it appears to be big, and we think it’s going to get bigger.”

Orsu shares are trading at 27.5¢ in a 52-week range of 17¢ to 34¢.

The company has a $10-million market capitalization. TNM

2019-05-07 8:00 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 13–26, 2019

7

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Presented by

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David Harquail CEO Franco-Nevada Chairman World Gold Council

Steve Letwin President & CEO IAMGOLD

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1-16_MAY13_Main .indd 7

2019-05-07 8:00 PM

8

WWW.NORTHERNMINER.COM

MAY 13–26, 2019, 2019 / THE NORTHERN MINER

Newrange pushes ahead at Pamlico in Nevada GOLD

| Bulk-sampling program on the way at underexplored property

BY RICHARD QUARISA

T

rquarisa@northernminer.com

he U.S. Bureau of La nd Ma nagement has approved Newrange Gold’s (TSXV: NRG; US-OTC: NRGOF) proposal to transfer the company permits for the Merritt decline, part of its 16.7 sq. km Pamlico gold project in Nevada, as well as to collect a 1,000-ton (907-tonne) bulk sample at the project.

The project’s previous operators, the Merritt family, developed the Merritt decline in 2013 for between US$2 million and US$3 million.

The family permitted the decline to collect this proposed bulk sample.

They stopped developing it 20 metres short of the target zone, when the patriarch of the family had a stroke and passed away.

“The permits remained valid, so what we’ve done is transfer everything from the Merritt family name into Newrange’s name,” says Newrange CEO Bob Archer in an interview with The Northern Miner.

“That allows us to put together a comprehensive program to continue with that underground development and take that bulk sample.

“Our president and co-founder Robert Carrington — his father was a friend of the Merritt family.”

The company will use the bulk sample to generate a “break of mine” sample that would reflect conditions in a production scenario, including rock fragmentation, power requirements and the most desirable mining methods. It aims to continue underground development and take its bulk sample later this year, and later do larger-scale metallurgical testing at the project.

According to Archer, the area was known as one of the highest-grade, gold-producing districts in Nevada in the 1880s. The Pamlico property has been privately owned since 1896, passing from one family to another, and outside of some brief activity by junior explorers that optioned it in the late 1990s, it hasn’t received

THE PERFECT

GIFT

Workers at Newrange Gold’s Pamlico gold project in Nevada. NEWRANGE GOLD.

much modern exploration.

“Some of the mineralization is extremely high grade and can be quite coarse,” Archer says, “and that’s of course what the old-timers were chasing. But back in those days they didn’t know about the very fine, micron-scale gold that we have nowadays that’s amenable to heap leaching and that sort of thing, and we’ve been able to demonstrate that there’s a lot of that there.”

Archer says that the high-grade material at the project can be very discontinuous. By re-evaluating past assays and geological information at the property, Newrange realized that its high-grade zones are likely pockets within a halo of lower-grade material.

“With the very positive metallurgy that we have, we began taking a look at that lower-grade material, and

“SOME OF THE MINERALIZATION IS EXTREMELY HIGH GRADE AND CAN BE QUITE COARSE … AND THAT’S OF COURSE WHAT THE OLD-TIMERS WERE CHASING. BUT BACK IN THOSE DAYS THEY DIDN’T KNOW ABOUT THE VERY FINE, MICRON-SCALE GOLD … THAT’S AMENABLE TO HEAP LEACHING.” BOB ARCHER CEO, NEWRANGE GOLD

then averaging it in with the high grade, we started to realize that this all hangs together well enough that we could have a very large deposit — albeit lower grade — with open-pit potential,” Archer says. “It was looking more like an underground-type operation initially, and this sort of changed our focus on the project.

“It’s a new approach to an old mining district.”

Newrange optioned the property from the Merritt family in 2016.

It can acquire a 100% interest in Pamlico by paying the seller US$7 million. It can expedite the option and fully acquire the property by paying the seller US$4 million in four years.

The property features over 300 old mine workings and 8 km of underground tunnels. Those 300

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workings cover a 1 by 1.5 km area that is oxidized to 300 metres below surface.

“The area remains open in all directions,” Archer says, “so there’s lots of work to be done to fully test it.”

Less than 0.5% of the property has been drill tested so far. Of the 47 holes drilled to date at Pamlico, 39 were in the Merritt area, and the other eight were at Pamlico Ridge.

Highlights from previous drilling

by Newrange in 2017 include 13.67 grams gold over 21 metres from 30 metres downhole and 16.87 grams gold over 5 metres from 48 metres downhole. Saw cut samples taken

by Newrange at the decline graded as high as 2.92 grams gold over 76 metres.

The company aims to drill the project again this quarter. It will start with 5,000 metres to delineate a maiden resource. The company hopes to table a resource estimate at Pamlico by late 2019. It will also continue with an underground mapping, sampling and surveying program.

“That’s a fairly extensive program, with 8,000 metres or so,” Archer says, “and we’re finding new stuff all the time because there are no old maps or plans for all these workings.

“Just when you think you’ve got it covered, you find a little tunnel off to the right, and next thing you know you’re coming out on the other side of the mountain half an hour later.”

The project is located 19 km southeast of Hawthorne, Nev., within 13 km of Highway 95. An all-weather gravel road extends the rest of the way to the property.

Newrange shares are trading at 16¢ in a 52-week range of 7¢ to 28¢.

The company has an $18-million market capitalization. Archer cofounded Great Panther Silver, which is now Great Panther Mining.

“We’ve got a very strong team, and we think that we can really advance this project and make something significant out of it,” Archer says. TNM

2019-05-07 8:00 PM

SPECIAL FOCUS

CANADIAN GOLD Drill core from Troubadour Resources’ Privateer gold project in British Columbia. TROUBADOUR RESOURCES

Ascot gains critical mass in BC’s Golden Triangle EXPLORATION

| Junior has ‘impressive portfolio’ of gold deposits, analyst says

BY TRISH SAYWELL tsaywell@northernminer.com

S The headframe at Agnico Eagle Mines’ LaRonde gold mine in the Abitibi region of northwestern Quebec. AGNICO EAGLE MINES

Agnico Eagle sees promise in Quebec GOLD

| Miner drives growth at LaRonde, Canadian Malartic and Goldex

BY PETER DIEKMEYER Special to The Northern Miner

H

igh-profile investments

by Agnico Eagle Mines (TSX: A EM; N YSE: AEM) in two new Nunavut gold operations will drastically alter the company’s production profile with the onset of commercial production later this year. However, perhaps lost in the excitement is that its core operations in Quebec — LaRonde, Canadian Malartic and Goldex — are also expected to expand. Help on the regulatory front from Quebec Premier François Legault, whose Coalition Avenir Québec government took office last October, could speed up the process.

Currently, “start-ups take longer and are more complicated because we have to get approvals at the federal and provincial levels,” said Christian Provencher, Agnico Eagle’s vice-president for Canada, in an interview.

The Coalition Avenir Quebec government, whose electoral base is concentrated in the province’s regions, has committed to reviewing the situation.

According to Claude Potvin, a spokesperson for Quebec’s Ministry of Natural Resources and Energy, mining is a government priority. “Quebec was recently named [by the Fraser Institute] as the world’s fourth best mining jurisdiction,” Potvin said in a phone interview. “We want to make it number one.”

Potvin would not commit to a specific date, but said that new measures could be announced later this year.

Quebec’s largest gold producer According to Provencher, the province’s Minister of Natural Resources and Energy Jonatan Julien provided a signal of the government’s commitment to reform during a recent tour of Agnico Eagle’s facilities in Quebec.

“He was impressed with our prog ress,” Provencher sa id, noting that Julien’s knowledge

1-16_MAY13_Main .indd 9

“QUEBEC WAS RECENTLY NAMED AS THE WORLD’S FOURTH BEST MINING JURISDICTION. WE WANT TO MAKE IT NUMBER ONE.” CLAUDE POTVIN SPOKESPERSON, QUEBEC’S MINISTRY OF NATURAL RESOURCES AND ENERGY

of mining gives the industry a sympathetic ear in the provincial capital.

Agnico Eagle’s presence in Quebec is concentrated at the L a Ronde, C a nad ia n Ma la rtic and Goldex mines, which, according to Provencher, at a combined attributable output of more than 800,000 oz. gold per year, have made the company Quebec’s largest gold producer.

The three sites are relatively close by in the Abitibi region, which in turn helps Agnico generate a range of synergies.

Agnico Eagle’s management places a high value on human capital, despite — with the exception of a few specialized trades — labour remaining relatively available in the province. For example, when the company closed its Lapa site in the Abitibi, officials took great pains to relocate its 250 employees, many of whom were able to remain in Quebec.

LaRonde opportunity Provencher cites the possibility of extending the life of Agnico Eagle’s f lagship LaRonde mine as the company’s biggest opportunity in Quebec. LaRonde — which yielded its five-millionth ounce in 2016, and cranked out another 350,000 oz. last year — is a “gold mine” in every sense.

Tr ue , gold pro duc t ion at

ince becoming president and CEO of Ascot Resources (TSXV: AOT; US-OTC: AOTVF) in October 2017, Derek White has consolidated gold properties in British Columbia’s Golden Triangle with the acquisitions of IDM Mining and its Red Mountain gold-silver project, and the purchase of the Silver Coin gold-silver property from Jayden Resources (TSXV: JDN) and Mountain Boy Minerals (TSXV: MTB).

Red Mountain, 18 km east–northeast of the town of Stewart, B.C., is 50 km by road from Ascot’s flagship Premier gold-silver project, while the Silver Coin deposit is 4 km from Premier’s mill.

The Red Mountain and Premier projects are 23 km apart, near British Columbia’s border with Alaska, and 45 km from Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack gold mine, and 188 km from Imperial Metals’ (TSX: III) Red Chris copper-gold mine.

“During the past 16 months, management and I have been focused on driving towards the company’s long-term sustainable value,” White said on a recent conference call.

“When we joined the company, Ascot’s fully diluted share position was approximately 169 million shares, and we had no high-grade resources. Today, after two transactions, we have 2.8 million oz. gold, of which 50% is in the measured and indicated category. This represents a 350% increase in ounces per share that shareholders have today.”

Ascot’s four deposits — Premier/ Northern Lights, Big Missouri, Martha Ellen and Silver Coin — along See ASCOT / 10

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2019-05-07 8:00 PM

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CANADIAN GOLD

MAY 13–26, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Ascot gains critical mass in BC’s Golden Triangle ASCOT From 9

with its latest addition, Red Mountain, lie within separate mineralized trends, with individual resource estimates. But pro forma, the mineralized material adds up to 5.55 million measured and indicated tonnes averaging 7.68 grams gold per tonne for 1.37 million oz. gold, with another 6.35 million inferred tonnes grading 7.12 grams gold for 1.45 million oz. gold.

“Ascot has amassed an impressive portfolio of proximate, high-grade deposits ready to be developed,” David Stewart of GMP Securities wrote in a research note in March.

“With the most recent resource estimates, Ascot has a combined ~3 million equivalent oz. gold grading 7.7 grams gold per tonne, making it the top seventh percentile worldwide in terms of grade for gold development projects, and the second highest-grade development project in Canada [greater than 1 million ounces].”

Adding White to the management team, as well as his former colleagues John Kiernan (now Ascot’s chief operating officer) and Carol Li (Ascot’s chief financial officer), “was the catalyst that evolved the company from exploration to development,” Stewart continues.

Before joining Ascot, White served from 2012 to 2015 as president and CEO of KGHM International, where he oversaw six mining operations and four large development projects in Canada, the U.S. and Chile. He also held executive roles at Quadra FNX Mining from 2004 until 2012. Kiernan was manager of project evaluation for Quadra FNX/KGHM, while Li served eight years as corporate controller at Quadra Mining/Quadra FNX Mining, and five years at KGHM as vice-president of finance.

Ascot’s Premier and Big Missouri gold-silver deposits are past-producers. The Premier underground mine opened in 1918, and was the largest gold mine in North America until its closure in 1952, producing 2 million oz. gold and 45 million oz. silver. The Big Missouri mine, 6 km north of the Premier mine, opened in 1938 by Consolidated Mining and Smelting Co., later known as Cominco. The mine operated until 1941, when wartime economic pressure shut the mine down.

Premier’s 3,000-tonne-per-day mill was built in 1989, and operated

The historic mill at Ascot Resources’ Premier gold project in British Columbia. ASCOT RESOURCES

“I APPRECIATE THERE ARE A LOT OF LONG-SUFFERING SHAREHOLDERS …

WE’VE MADE SIGNIFICANT PROGRESS OVER THE LAST 16 MONTHS, AND WE EXPECT TO MAKE SIGNIFICANT PROGRESS OVER THE NEXT NINE MONTHS.” DEREK WHITE PRESIDENT AND CEO, ASCOT RESOURCES

until 1996. Other infrastructure includes a tailings storage facility, water-treatment plant, 25kV power line from Stewart, a haul road and underground workings. A 31MW power plant also supplies power to the Brucejack mine.

In December, Ascot updated the resource for Premier, incorporating results from 2018 drilling and folding in mineralization for the first time from the Silver Coin deposit. The resource is based on

•

ConstruCtion AnD Mining serviCes

1-16_MAY13_Main .indd 10

the formerly separate Premier/ Northern Lights, Big Missouri, Dilworth, Martha Ellen and Silver Coin deposits, for a total of 2.78 million indicated tonnes grading 7.46 grams gold, 26.2 grams silver for 667,000 oz. gold and 2.34 million oz. silver. Inferred resources add 6.03 million tonnes grading 7.18 grams gold and 24 grams silver for 1.39 million oz. gold and 4.65 million oz. silver.

The deposits at Premier are de-

scribed as intermediate-sulphidation epithermal gold-silver, while the mineralization at Red Mountain is concentrated in hydrothermal breccias within siltstone-mudstone and Hillside porphyry rocks.

Red Mountain comes with underground development from previous owners extending more than 2 km and a drill database consisting of 659 holes. It has also received provincial and federal government Environmental Assessment certifications.

Red Mountain contains measured and indicated resources of 2.77 million tonnes grading 7.9 grams gold per tonne and 23 grams silver for 705,000 oz. gold and 2.03 million oz. silver. Inferred resources add 316,000 tonnes averaging 6 grams gold and 8 grams silver for 61,000 oz. gold and 77,000 oz. silver.

Rob McLeod, the former president and CEO of IDM Mining, and now a consultant to Ascot,

told analysts and investors on the conference call that it’s “a heck of a time to get into the stock.”

“We have internal models and know that they would be very appealing to investors, but to me, it’s the exploration upside that is still not fully appreciated by the market for these two projects.

“Most of the exploration that has been done has been in and around the historic mines. To go out and test new areas — especially with our understanding of the regional metallogeny — can reveal some of the bonanza grades the Golden Triangle is famous for.”

Looking ahead, White says Ascot plans to complete a feasibility study on Red Mountain in mid-2019. The study will also give investors a sense of what Red Mountain and Premier look like together, even though Red Mountain has identified reserves, while Premier has only resources.

A second feasibility study released before year-end would have reserves for Premier.

“That is what will be needed to get an uptick in value, and to attract the kind of funds necessary to put this mine back into production,” White says. “What that requires is we have to do the drilling at Silver Coin and Big Missouri so that it’s converted into reserves.”

In terms of putting the mine back into production, Ascot has mining and reclamation permits, but these need to be amended back into active status, and management intends to apply for an amendment to the Mines Act later this year.

“The company is in a far better position than it has ever been in,” White says. “It will take us to the end of the year to get the feasibility in place. We’d connect with capital in the first quarter of 2020, and, from there, we’re ready to go. Brucejack cost $800 million to build, and we’re talking about something one-tenth of that cost.

“I appreciate there are a lot of long-suffering shareholders,” he says. “We’ve made significant progress over the last 16 months, and we expect to make significant progress over the next nine months.”

Ascot’s shares are trading at 75¢ in a 52-week range of 72¢ to $1.65.

The company has a $157-million market capitalization. TNM

2019-05-07 8:00 PM

CANADIAN GOLD

GLOBAL MINING NEWS

A drill rig at Great Bear Resources’ Dixie gold property in Ontario’s Red Lake district.

THE NORTHERN MINER / MAY 13–26, 2019

11

GREAT BEAR RESOURCES

Great Bear expands drill program at Dixie in Red Lake ONTARIO

BY RICHARD QUARISA

I

rquarisa@northernminer.com

n April 2019, Great Bear Resources (TSX V: GBR; USOTC: GTBDF) doubled the 30,000-metre drill program at its Dixie gold project in Ontario’s Red Lake district.

At the time the company had drilled 12,000 of the first 30,000 metres. It expects to finish the original program by July 2019, and spend the rest of the year drilling the other 30,000 metres.

Great Bear has two drill rigs on-site, but will add a third rig during the extended program.

| Results from famed gold camp impress market, attract Rob McEwen investment The two current rigs will continue expanding the project’s Hinge and Dixie Limb zones along strike and at depth, while the third rig will drill regional targets, as well as the Hinge and Dixie Limb.

Mineralization at the project starts almost at surface, covered by a few metres of gravel, and has been chased by the company down to 360 metres. It centers on a fold in the stratigraphy. On one side of the fold, at a geological contact, is the Dixie Limb zone. The Hinge zone, however, isn’t at the geological contact. It’s a vein swarm that runs parallel to the regional D2 fold axis.

“IF YOU LOOK AT OUR GEOPHYSICS, YOU CAN SEE THERE ARE POTENTIALLY SEVERAL OF THESE FOLD AXES THAT CROSSED THE PROJECT. THEY ALL HAVE TO BE DRILL TESTED.” CHRIS TAYLOR PRESIDENT AND CEO, GREAT BEAR RESOURCES

“I don’t know how many of these things we’re ultimately going to have,” Great Bear president and CEO Chris Taylor says in an interview with The Northern Miner.

“Maybe it’s just those two. But if you look at our geophysics, you can

see there are potentially several of these fold axes that crossed the project. They all have to be drill tested to see what the scope of the gold system is in the big-picture sense.”

The expanded drill program will

cost Great Bear $5.6 million. The company has $12 million in the treasury and $7.8 million of in-themoney warrants that will expire in 2019 and 2020. Taylor says the company expanded the program because results look promising.

In January 2019, the company reported a 10-metre wide vein zone grading 953.64 grams gold per tonne over 1 metre from 184 metres downhole at its lower contact, including 1,602.73 grams gold over 1 metre from 184 metres downhole in the project’s Hinge zone. The company drilled the hole to test See GREAT BEAR / 14

V

ictoria Gold Corp is well on its way to pouring its first bar of gold this September at the Eagle Gold Mine at Dublin Gulch, in Central Yukon.

Located in the heart of the Yukon, about 85 kilometers north north-east of Mayo, the Eagle Gold Mine is expected to produce an average of approximately 200,000 ounces of gold per annum over a 10-year mine life at a all-in sustaining cost of <US$750/ounce.

In addition, the mine benefits from good existing infrastructure, including year-round road access, grid hydro power, and an airport at Mayo.

Since April 2018, Victoria Gold has been focused on the construction of the mine which is now +90% complete.

The earthworks, concrete, lining in the heap leach facility and the power system are all complete. Structural steel is substantially complete and the mechanical and electrical systems are +80% complete.

The power line connection to the Yukon Energy grid is complete and will be energized in early May, commissioning of the Primary Crusher, Secondary/Tertiary Crusher and the Gold Recovery Plant has begun, pre-production mining is well underway, and the team is on track to place the first ore on the heap leach pad in July with the first gold pour in September.

The combined proven and probable Reserve totals 2.7 million ounces of gold. When in production the mine will process approximately 30,000 tonnes per day making it the largest gold mine in Yukon history.

With a crew of roughly 440 men and women working on site, Victoria Gold is proud to have recently achieved a major safety milestone and is now 1,250,000 labour hours without a lost time incident.

“We have assembled a great team of people on site with over 25 contractors fully engaged to bring the Eagle Gold Mine into production” says John McConnell, President and CEO. “We are very pleased with the progress and we have the operations team in place to deliver Canada’s next gold mine.”

Victoria Gold initiated a “Yukoners, It’s Time to Come Home” recruitment campaign at the beginning of this year to attract Yukoners with mining experience working in the south to return to meaningful employment near their home, family, friends and culture. The campaign has proven very successful – of the approximately 440 people on site, about 35% are from the Yukon, with many from the local First Nation of Na-cho Nyak Dun, and surrounding communities. Also, approximately 30% of the total workforce are women. Operational ramp up is well underway and nearly 50% of all employees are Yukoners.

The Company releases a new high energy video every two weeks showing the progress of construction at site.

All the videos are available to view at their website: vitgoldcorp.com.

Victoria Gold trades on the TSX Venture stock exchange under the symbol VIT.

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2019-05-09 10:58 AM

12

MAY 13–26, 2019 / THE NORTHERN MINER

Agnico Eagle Mines’ Goldex gold mine in the Abitibi region of northwestern Quebec.

CANADIAN GOLD

WWW.NORTHERNMINER.COM

AGNICO EAGLE MINES

Agnico Eagle sees promise in Quebec

AGNICO From 9

LaRonde stumbled slightly during the first quarter of 2019 to 77,433 oz. — compared to 89,785 oz. during the same quarter last year — due to the lower grades inherent in the current mining sequence. (In addition, Agnico’s newly producing LaRonde Zone 5, located adjacent to and west of the main LaRonde operation, yielded 12,988 oz. gold in the first quarter.)

However, grades at LaRonde could increase during the second half of 2019 to reach 5.22 gra ms gold per tonne for t he e nt i r e y e a r. C a s h c o s t s p e r ou n c e of go l d pr o du c e d for their part increased to US$488 from US$427 during t he corresponding quarter last year.

L onger ter m, t he f ut u re is brighter. Last year’s upgrading of 800,000 oz. gold from the re-

source categor y into reser ves brought tota ls at LaRonde — which, at more t ha n 3 k m in depth, is the deepest mine in the Americas — to 3.8 million oz. gold in reserves (LaRonde and LaRonde Zone 5 combined). Copper, zinc and silver by-products, which comprise 10% of mine revenues, provide icing on the cake.

Those totals could increase, said Provencher, as drilling, which could hit 3.5 km in depth, continues in the coming three to four years.

Canadian Malartic extension The big news at the Canadian Malartic mining complex, which Agnico Eagle and Yamana Gold (TSX: YRI; NYSE: AUY) operate in a fifty-fifty joint venture, was the March 2019 acquisition of the adjacent 2 sq. km Rand Malartic property. Exploration work at the

site begins mid-year to determine whether the geological profile of the existing Ma lartic asset can be extended. Permitting to develop an underground ramp was approved late last year, and Agnico Eagle is in discussions to get local First Nations groups on board — which could include a “financial component.”

“It’s a very interesting piece of land,” said Provencher of Rand Malartic. “The site is less than 10 km away from current operations. So we could share milling and surface infrastructure.”

Production and cash costs at the Canadian Malartic mine, which the company bills as Canada’s largest gold mine, rose slightly during the first quarter of this year to an attributable 83,670 oz. gold and US$572 per ounce.

Goldex depth potential Agnico Eagle’s Goldex facility

Material on a conveyor in Agnico Eagle Mines’ Goldex gold mine in Quebec. AGNICO EAGLE MINES

generated strong production and cost numbers in the first quarter. Furthermore, according to Provencher, the mine has “interesting” potential at depth, which could increase from 1.2 km to the 1.5 km range in coming years.

The nearby Akasaba West gold

NEW HIGH-GRADE GOLD DISCOVERY IN RED LAKE, ONTARIO n

n

n

n

100% owned Dixie project in Red Lake, Ontario Large high-grade gold system from surface beside highway 60,000 metre drill program currently underway Red Lake geological team has over 100 years of collective experience in local mining and exploration

TSX.V: GBR OTCQB: GTBDF

1-16_MAY13_Main .indd 12

www.greatbearresources.ca

property, which company officials say could feed Goldex’s extra milling capacit y, prov ides an example of how regulatory reform could spark development in Quebec’s mining sector, Provencher said, as the project has been in the permitting phase since 2014.

Gold demand, positive outlook The benefits of Agnico Eagle’s strong capital expense program (which is forecast to hit $660 million this year) are set to bear fruit, as production ramps up at the Meliadine and Amaruk sites in Nunavut.

Agnico aims for a record 1.75 million oz. gold output during 2019 at total cash costs and all-in sustaining costs in the US$620 to US$670 and US$875 to US$925 ranges.

Agnico Eagle officials eschew broader industry pessimism about gold prices, par t ly due to t he company’s output being sold in U.S. dollars, and costs incurred at its Canadian operations mostly paid for in local currency.

Agnico CEO Sean Boyd recently pointed out that strong central bank gold buying during 2018 — which was at its largest in over 50 years — and 61% year-over-year purchase increases in January and February of 2019 put more upside pressure on gold prices.

— Based in Montreal, Peter Diekmeyer is a freelance writer and tran slator specializing in the resource indu stries. For more information, visit w w w.peterdiekmeyer.com.

2019-05-07 8:00 PM

CANADIAN GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 13–26, 2019

13

A drill rig targets the Point prospect from the frozen surface of East Ramsland Lake in February 2019 on MAS Gold’s Preview Lake gold property, 60 km northeast of La Ronge, Saskatchewan. MAS GOLD

MAS Gold revisits historic Saskatchewan projects EXPLORATION

BY RICHARD QUARISA rquarisa@northernminer.com

M

AS Gold (TSXV: MAS) has completed a 3,500-metre drill program in Saskatchewan, targeting the Point gold prospect on its Preview Lake property and the North Lake gold prospect on its North Lake property.

Point sits 60 km northeast of La Ronge, Sask., and North Lake is 5 km northeast of Point.

“It has been in a bit of a slowdown for a number of years, because our joint-venture partner went through receivership,” MAS president and CEO Ron Netolitzky says in an interview with The Northern Miner.

MAS signed a fifty-fifty jointventure with Golden Band Resources in June 2012 on half of its La Ronge greenstone belt properties. The joint venture includes the North Lake, Preview Lake and Greywacke projects, as well as the Elizabeth Lake volcanogenic massive sulphide project.

The terms of the joint venture are still intact, but Netolitzky says MAS is renegotiating the deal. The company is refocusing on exploration, including another look at the La Ronge belt.

“It’s a user-friendly area,” Netolitzky says. “We can operate most of our properties without the use of airplanes or helicopters. We can drive up to virtually every one of our projects — between that and

| Ron Netolitzky-led junior picks up where Cameco left off in 1980s

ATV trails, we can get virtually everywhere.”

The company drilled 13 holes totalling 1,950 metres at the Point prospect and 10 holes totalling 1,540 metres at the North Lake prospect.

MAS designed the program to confirm historic drill results, infill and step out from known zones, and obtain core for metallurgical testing. At Point, it wants to confirm environmental and structural controls, and at North Lake it wants to collect core for metallurgical tests.

In February 2019, the company twinned two historical holes at Point.

Between 1984 and 1989, Saskatchewan’s Mining and Development drilled 35 holes at the Point prospect.

During that time, it discovered the Contact Lake gold deposit south of Point and put that into production. In 1988, the company changed its name to Canadian Mining and Energy Corporation, or Cameco.

When the gold price dropped, it shut down work at Contact Lake.

“They never went back to Point Lake, which was one of their premier targets, historically,” Netolitzky says.

MAS drill holes confirm that Cameco’s target at Point Lake is there. Highlights include 5.32 grams gold over 3 metres from 32 metres downhole, 14.38 grams gold over 7 metres from 20 metres downhole, and 9.27 grams gold over 3 metres from 24 metres downhole.

The company is waiting for assays

from 20 more holes.

Preview Lake resides within a national park, while North Lake, sitting on the other side of a highway, does not. The Saskatchewan government allows mining inside the park, but Netolitzky says it’s a little more restrictive than being outside the park.

“We feel there’s a significant potential at North Lake for a larger, low-grade open pit there, which would work very well with some small, high-grade deposits in the park that could be mined from an underground perspective,” Netolitzky says.

Small operators mined gold at North Lake as early as the 1920s, and the project was drilled as recently as the 1970s.

Unlike with Point, where historical core no longer exists, MAS has access to North Lake core, which it says is intact and in good shape. It intends to run the first metallurgical tests at North Lake later this year.

“One of the issues we find in these particular delta rocks is that the gold is pretty unobstrusive,” Netolitzky says. “It doesn’t look very exciting.

Most of those rocks I wouldn’t have assayed in my early days.

“We know at our other project, Greywacke — which is very similar — that recoveries on a gravity circuit are quite phenomenal, so we want to confirm if that’s the case for these other deposits,” Netolitzky says.

The company tabled a resource estimate at its Greywacke North gold deposit on its Greywacke property in 2016, outlining 255,500 indicated tonnes grading 9.92 grams gold for 81,500 oz. gold, as well as 59,000 inferred tonnes at 7.42 grams gold for 14,100 oz. gold.

“From a small, shallow, underground operation, it could make you some money,” Netolitzky says.

“Not a huge amount, but in this day and age, it’s a good start. And if we can double or triple it, it’s something to go along with everything else.”

MAS wants to drill some of the project’s satellite deposits this year, including the nearby Greywacke South and Lyons targets. It wants to drill 1,000 metres at Greywacke South and 500 metres at Lyons in 2019, as well as resample a 2012 test mine pit.

The company recently closed the

first tranche of a $700,000 private placement. The company issued more than 1.7 million shares at 12¢ apiece for nearly $270,000.

MAS Gold shares are trading at 9¢ in a 52-week range of 4¢ to 16¢. The company has a $4-million market capitalization. Its focus this year is North Lake, with a secondary focus on Greywacke. It’s also looking at potential acquisitions.

“The problem with historical production on the La Ronge belt is that there have been successful mines, but nobody has worked on putting a package together, so they have operated under very short mine lives, like three or four years,” Netolitzky says.

“We’re focused on two areas that we think are too far apart to use the same mill, but we have an area in the south end of the belt that could support operations, and one on the north end.” TNM

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2019-05-07 8:00 PM

14

CANADIAN GOLD

MAY 13–26, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Great Bear expands drill program at Dixie in Red Lake GREAT BEAR From 11

its 3-D model, which accurately predicted veining would occur within 15 metres of the intercept.

Other highlights from the Hinge zone include 68.76 grams gold over 7 metres from 125 metres downhole and 30.15 grams gold over 7 metres from 137 metres downhole. Highlights from Dixie Limb include 4.31 grams gold over 22 metres from 173 metres downhole and 16.84 grams gold over 10 metres from 162 metres downhole.

The company has defined over 1 km of strike length across both Hinge and Dixie Limb.

Great Bear found Hinge in August 2018, sending its stock skyrocketing from 50¢ per share to nearly $2 per share.

Subsequently, Rob McEwen and McEwen Mining (TSX: MUX; NYSE: MUX) invested $6 million in Great Bear for 18.8% of the company on a partly diluted basis. McEwen himself invested $4.8 million.

“It was very exciting,” Taylor says. “We had Rob McEwen and his geological team — they were on the phone with me an hour after the news went public.

“To be frank, Rob was the guy we wanted as our big shareholder, because Rob is ‘Red La ke’ in many people’s minds. He was the ideal guy.”

Exploration on the property dates back to the 1980s, when Teck found Dixie Limb using an electromagnetic survey. Teck drilled it, as would several junior explorers over the coming years, including Fronteer Gold.

Newmont Mining eventually took over Fronteer and optioned the property out. Grandview Gold earned a 67% interest in Dixie before going bankrupt. Prospector Perry English then bought it out of bankruptcy and vended it to Great Bear.

“We were very interested because I had seen the project back in the Grandview Gold days, around 2010,” Taylor says, “and made a mental note that it looked like a big gold system, but maybe there were some issues with the data.

“My partner, Bob Singh, was drilling in Red Lake at the time, and he had seen core from the project, and it really stuck in his mind that people didn’t seem to

Field geologist Carly Smythe at Great Bear Resources’ Dixie gold project in Red Lake, Ontario. GREAT BEAR RESOURCES

understand it.”

To make the down payment on the project, Taylor loaned the com-

Premier Stewart BRITISH COLUMBIA

Vancouver

Continuing British Columbia’s Golden Legacy TSX.V: AOT OTCQX: AOTVF

1-16_MAY13_Main .indd 14

Ascot Resources Ltd.

1550 - 505 Burrard Street Vancouver, BC, V7X 1M5 T. 778-725-1060 F. 778-725-1070 info@ascotgold.com www.ascotgold.com

pany money he took off his home equity line of credit.

When Great Bear first looked at the property, it had data from 150 historical holes, most of which had gold in them. However, Taylor says f laws in the data made the mineralization look artificially spotty — like it had the “imperfect continuity typical of the Red Lake district.”

“My background was with Imperial Metals (TSX: III),” says Taylor, who also has a master’s degree in structural geology. “I was involved with putting three mines into production with them. You get a feel after awhile for looking at data and looking at projects that look like they have a good shot.

“When I reviewed the drill logs historically, some of the work was good, but some of it was absolutely terrible — geological interpretations that didn’t make any sense.

There were also some discrepancies.

“There was one drill hole, I recall, that was [13 metres] of 7.5 grams, roughly. It was a pretty good hole.

And there was a hole that they did to try to twin ... only 3 metres away — and it didn’t have any gold in it at all, and the geology was completely different. In the end, that’s not physically possible. You can’t physically take the geology and completely change it within 3 metres unless you’ve crossed some major fault, and because the other holes around it showed that the geology should have been

“AFTER WE ANNOUNCED THAT [HINGE ZONE] DISCOVERY THERE WAS JUST THIS MASSIVE STAKING RUSH AROUND US.” CHRIS TAYLOR PRESIDENT AND CEO, GREAT BEAR RESOURCES

continuous, it showed that there was a problem with the data.”

The company began resurveying holes using gyroscopic downhole survey tools, and GPS to plot the collars.

“We had drill holes that looked like they were all lined up along the zone, some of them would hit, and some of them would miss,” Taylor recalls. “The ones that missed were 25 metres, 75 metres, 100 metres away. The actual locations were way off from where they should have been, and the drill directions were often incorrect, as well.

“By cleaning up the data set, we ended up with excellent-looking continuity in the data. And then we went and drilled that to test it, and proved it.”

The company’s first drill program at Dixie consisted of 1,000 metres across eight holes for $175,000.

Great Bear designed the program to “make the project sink or swim.”

“We very deliberately targeted drill holes that were into the ‘dead gaps’ in Dixie Limb,” Taylor says.

“If the previous interpretation of discontinuous core was correct

they would have been zeros. Well — they all hit. All eight holes hit gold. The fifth was into a gap and it hit 10 metres of 16 grams per tonne gold. It should have been dead.”

Great Bear recently expanded its Red Lake land position through staking and low-cost, royalty-free acquisitions. The company intends to map and prospect its newly acquired properties in mid-2019.

The company added the 153 sq. km Dedee property, the 32 sq. km Sobel property and the 31 sq. km Pakwash property. It will pay $195,000 in staged payments and issue 70,000 shares to acquire the properties.

“Before we made the discovery of the Hinge zone the entire staked area in Red Lake was around 105,000 hectares [1,050 sq. km],” Taylor says. “After we announced that discovery there was just this massive staking rush around us, and the total staked area is now up to 250,000 hectares.”

Great Bear shares are trading at $2.94 in a 52-week range of 42¢ to $4.08. The company has a $111-million market capitalization. TNM

2019-05-07 8:00 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 13–26, 2019

15

The Curipamba polymetallic project in Ecuador, where Adventus Zinc is earning a 75% interest from Salazar Resources. ADVENTUS ZINC

Ecuador’s Nobis Group invests in Adventus Zinc

COPPER-GOLD

BY TRISH SAYWELL tsaywell@northernminer.com

O

ne of Ecuador’s largest private conglomerates — with investments in everything from deepwater ports to real estate and agriculture — has chosen Adventus Zinc (TSXV: ADZN; US-OTC: ADVZF) and its Curipamba polymetallic project as its first investment in the country’s mining sector.

“They are a highly respected business group who have a keen eye for value and growth across many sectors,” says Christian Kargl-Simard, president and CEO of Adventus, in an interview. “We’re talking about a company that employs thousands of Ecuadorians with a vested interest in the continuing economic development of Ecuador.”

The Nobis Group, known in Ecuador as Consorcio Nobis, is taking a 9.9% stake in Adventus — subscribing for $7.38 million of the company’s latest private placement that’s raising a total of $12.1 million at 87.6¢ per share.

Nobis is a one-third owner in a US$1.2-billion, deepwater port under construction with one of the world’s largest port operators, DP World, at Posorja, 70 km from the major port city of Guayaquil at the delta of the Guayas River.

Nobis is also one of the country’s largest agricultural conglomerates and its largest ethanol producer from sugarcane products. It owns and operates energy plants, and its private and commercial real estate empire includes malls, hotels, resorts and apartment buildings.

“This is their first mining investment — they’ve been looking for three years to find the right partner — and they are going to work closely with us to build a Canadian-Ecuadorian mining company,” KarglSimard says. “And of course, they bring a lot of intangible benefits to us in addition to cash, and that would be highlighted by their reputation in the country ... introductions to additional investors and stakeholders in Ecuador, as well as potential for new projects and joint ventures on mining projects.”

1-16_MAY13_Main .indd 15

| Curipamba ‘one of the highest-grade copper projects in the world’

Nobis’ executive director, Roberto Dunn, will be nominated to the Adventus board of directors.

The private group joins Adventus’ existing strategic shareholders, Altius Minerals (TSX: ALS), Greenstone Resources LP, Resource Capital Funds and Wheaton Precious Metals (TSX: WPM; NYSE: WPM).

News of the investment follows the May 2 preliminary economic assessment (PEA) and updated resource estimate for Curipamba’s El Domo volcanogenic-massivesulphide deposit in the provinces of Bolivar and Los Rios, 20 km from the Pan-American highway and a two-and-a-half-hour drive from the port city of Guayaquil.

The PEA outlines an open-pit mine life of 16 years with an underground component in years 10 to 15. Average annual production would be 19,000 tonnes copperequivalent.

Most of the current resource lies within 40 to 80 metres of surface. About 45% of the value of the project is copper, 40% is gold and 15% is zinc.

The study estimates US$185 million in initial capital costs and US$105-million, life-of-mine sustaining capital costs. Payback could take two years, based on metal prices of US$3.15 per lb. copper, US$1,350 per oz. gold, US$1.15 per lb. zinc, US$18 per oz. silver and US$1 per lb. lead.

The project’s after-tax net present value at an 8% discount rate comes to US$288 million, the post-tax internal rate of return to 40%, and total post-tax cash flow over the first six years could reach US$449 million.

“Some people have thought this project was small, but we have about 10 million tonnes of resource that is of exceptional grade,” Kargl-Simard says, noting that the life-of-mine copper-equivalent grade over 15 years is a projected 4.9%. “This makes it one of the highest-grade, undeveloped copper projects in the world, and the PEA highlights the impact of high grade on the free-cash flow.”

He also notes that the 1,750-tonne-

“THE PEA IS PRETTY GOOD. OF COURSE, THESE STUDIES ARE RARELY A CATALYST FOR THE SHARE PRICE, BUT IT’S A GOOD BASE FOR US GOING FORWARD.” CHRISTIAN KARGL-SIMARD PRESIDENT AND CEO, ADVENTUS MINING

per-day project’s C1 cash costs of US96¢ per lb. copper equivalent are at the bottom quartile of cash costs, adding that given the deposit’s big precious metals component, a stream could be a large part of funding for construction.

“The PEA sets an appropriate technical and economic baseline for our stakeholders,” Kargl-Simard says. “Of course, these studies are rarely a catalyst for the share price, but it’s a strong base for us going forward.”

The company incorporates all recent infill drilling in 2018 into the PEA, and El Domo currently hosts measured and indicated resources of 8.9 million tonnes grading 2% copper, 0.28% lead, 2.93% zinc, 2.56 grams gold per tonne and 51 grams silver per tonne. Inferred resources stand at 1.3 million tonnes averaging 1.52% copper, 0.20% lead, 2.25% zinc, 1.83 grams gold and 42 grams silver. Of the 8.9 million measured and indicated tonnes, 7.1 million are in the pit-constrained resource.

Adventus will complete a feasibility study and environmental impact assessment in the second half of next year. If its environmental assessment gets approved in the fourth quarter of 2021, construction would take a year, meaning commercial production could begin in the first quarter of 2023.

“That’s as fast as we can push it, and partly driven by the Ecuadorian and Latin American experience of our growing project execution team” Kargl-Simard says. “We are closely watching the progress of both the Fruta del Norte and Mirador projects in Ecuador, which are expected to begin production this year. The modern projects, their respective construction teams and the many service providers provide future

opportunities for Adventus to apply the many lessons learned in-country.”

Adventus is earning a 75% stake in the project from Salazar Resources (TSXV: SRL). Under the option agreement signed in September 2017, Adventus will spend US$25 million on exploration and development over five years. It has spent US$12 million.

The El Domo deposit is hosted in a juvenile volcanic-magmatic arc of the Paleocene-Eocene Macuchi Terrane. Sulphide mineralization is principally located at the contact between a felsic volcanic dome and overlying volcaniclastic strata, and is generally flat-lying. It has been traced for 800 metres north to south, and between 350 and 500 metres east to west.

As far as mining jurisdictions are concerned, Kargl-Simard describes the federal government in Ecuador as “staunchly supportive of a new, modern sector that will contribute to the country’s economic development for decades.

“They’ve done a great job of marketing the country to international mining companies and investors, with a current refocus on strengthening the constitutional court.”

Indeed, not all companies have had an easy time developing projects there, and success and failure, like in many places, can hinge on where the project is located. INV Metals’ (TSX: INV) Loma Larga underground project, for instance, has found opposition from nearby communities, and in March, the company said it is evaluating whether it needs to relocate processing and tailings facilities planned for the site.

Loma Larga is in Azuay province, 30 km southwest of the city of Cuenca. The centre of the historic

city is listed as a Unesco World Heritage site and is popular with tourists.

“In Ecuador, the national government controls the mineral resources, and it’s their decision on permitting a project — that is the law — but practically speaking, there have been non-governmental organizations, anti-development groups, etc., who have been trying to use regional courts to ... find loopholes in the system,” he says.

“Every community has the right to consultations, but the challenge is how consultations are completed and balanced with laws and national government directives,” he adds.

“The national government needs to work closely with regional governments and project communities to streamline the laws and processes around consultation.”

As far as social licence at Curipamba is concerned, Adventus “has not cut any corners,” he says.

“We have the benefit and continuity of working with our Ecuadorian partner Salazar Resources, who have been contributing members of our communities for over a decade. We continue to spend significant time and resources on social and community efforts to appropriately manage the expectations and changes that a modern mining operation will bring.”

To that end, the investment in the company from Nobis Group should also help win support. In support of their various businesses, the family owned conglomerate runs the Nobis Foundation, which provides assistance to poorer populations in rural areas, and also works on issues — such as women’s rights — and assists women in getting into the workforce.

“Nobis believes mining is set to become a major driver of economic development in Ecuador, and believes the time to invest in the sector is now.”

Over the last year, Adventus’ shares have traded within a range of 66¢ and $1.16 per share. and last traded at 90¢ apiece. The company has 71 million shares outstanding for a $64-million market capitalization. TNM

2019-05-07 8:00 PM

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MAY 13–26, 2019, 2019 / THE NORTHERN MINER

NAP CEO Gallagher on global palladium markets INTERVIEW From 5

been a very stable market over the past decades. Russia is the huge producer, as well as South Africa, and then Canada, the U.S. and Zimbabwe come in. Could you characterize the mine supply worldwide right now?

JG: It’s basically referenced as a flat supply. The total market for palladium last year was 10.2 million ounces. About 40% of that comes out of Russia, and that’s Norilsk, the big nickel-copper miner, and it’s a by-product.

Over 90% of the world’s palladium supply is as a by-product of other mining: 40% from Russia, 38% roughly from the platinum mines in South Africa, and the Sudbury nickel-copper mines — both Vale and Glencore — probably 7% of global supply.

So it really isn’t driven by the palladium price because Norilsk, for instance, isn’t going to significantly change their production profile just because of a by-product. There is a caveat that they do have a project ... to bring into production, which will likely have some impact five years down the road.

There are really only two primary palladium mines in the world, and that’s Stillwater in Montana — which is now owned by Sibanye, which is a South African gold miner — and ourselves.

It makes North American Palladium quite a unique asset, as we’re the only pure play in palladium. If you really want to leverage off the price of palladium with a mining company, we’re really it on a global basis, at this point.

TNM: Palladium is really a textbook example of inelastic supply.

JG: Absolutely. And obviously there’s some risk in South Africa: there are social problems, labour-cost problems, power-supply problems.

There is some risk around the South African environment and also because of the very low price, relatively speaking, for platinum — it has dropped from US$1,600 an ounce to the US$800 range over the last couple of years. Any of the platinum mines are hurting, and have struggled and have not capitalized, and not spent the capital to sustain long-term production.

There’s definitely some risk on the South African side to supply.

TNM: Has Russian palladium production been caught up in the sanctions regimes at all, or is that not a factor?

JG: No, that’s outside of that. The Russians always find a way to get product to market.

TNM: Looking at the palladium price [as we speak at press time] it’s at US$1,356 per ounce, gold is at US$1,276 per ounce, and platinum is at US$884, all with palladium peaking at an all-time record high of US$1,604 per ounce in March. Is there a point where the palladium price gets too high, and you get a

The headframe at North American Palladium’s Lac des Îles palladium mine in Ontario. NORTH AMERICAN PALLADIUM

little anxious? Or do you watch the spread with platinum more? What do you make of the recent highs in palladium prices?

JG: I’m less concerned about the spread, although a lot of the publications pick it up, and that’s the whole substitution issue. But again, as we explained, the substitution’s not unlikely to occur.

The other thing is, the platinum market is actually much smaller — by 20% — than the palladium market. You can’t really have a lot of substitution into a market that doesn’t have much excess supply itself. The price is driven by these fundamentals.

We deal with companies like Johnson Matthey, which probably produces a third of the world’s catalytic converters. None of the auto companies make their own catalytic converters. It’s a couple of big players.

And really, even if palladium hits US$2,000 an ounce, which some analysts have forecasted, that might be US$100 a vehicle, and that is not material enough to force the manufacturers to make a switch.

The auto companies do not want headlines around auto emissions — not anymore. They don’t want to take the risk of changing the formulation.

If they did substitute, they would have to totally redesign where the catalytic converter is located, move it away from the heat source, etc.

And there’s just zero interest in that.

The other driver is that it takes multiple years, not only to design, but then to go through the global testing regimen to pass the various

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jurisdictions.

Again, the auto companies have no appetite to do that. They’re spending their research dollars obviously on the whole electrification push, and the technology push.

For 100 bucks, they’re not going to sweat over the cost of a catalytic converter. They want it to work. The headlines are very, very negative around emission standards if they don’t pass. And to that point, it’s almost three weeks ago in the U.S. where they’ve announced a millionvehicle recall for Fiat Chrysler to replace catalytic converters, and so there’s a negative headline.

The U.S. is unofficially doing what the Europeans have officially done, and is introducing real driving emission tests. It’s OK to pass in the laboratory, and that’s still part of the testing regime and on the treadmill, so to speak. But now you’ve got to go out in the real world. The Europeans have an official 16 km loop, a highspeed passing, stop-and-go traffic, cold starts, that sort of thing. It’s a much more difficult test to pass an emission standard.

The Americans haven’t officially adopted that. But inside of this message about Chrysler Fiat, they obviously tested them in the real-world environment, and said they don’t come close enough to meeting the lab tests, and you’ve got to fix this.

That’s what I mean about not only having the emission standards increased — there’s Euro 6 and China 6a and 6b and 6c coming down, and so this trend is continuing.

But with the introduction of this real driving emissions test, it has offered a pass, and that’s forcing up to 30% higher loadings of palladium for the auto companies to pass.

TNM: A typical auto catalyst might have a tenth of an ounce of palladium, is that right?

JG: Yes, it’s three grams or so. It has been typical and that number is now moving up.

And with vehicle-buying trends, despite the green push, the reality is certainly still in North America that big trucks and SUVs are absolutely dominant in the market. Then, of course, these bigger engines require bigger palladium loadings. Recent announcements by GM and Ford

show that essentially they’re getting out of the small car market and are shutting down some of those auto plants. All of that’s in the background.

Multiple factors are driving the demand for palladium, and have resulted in the recent price spikes.

TNM: So you look at a $70,000 SUV in a parking lot, and the palladium in that vehicle accounts for maybe $100 or $200.

JG: Yes, exactly. It’s really immaterial, given the risk of not passing and having a full recall, or actually being forced to take a product line off the road. It’s something the auto companies don’t want to mess with.

TNM: What’s going on with palladium stockpiles? That’s one area where we do have movement. Where do you look for these stockpile numbers?

JG: There are the so-called visible stockpiles — exchange-traded funds (ETFs) — which were certainly a big part of driving the price and the volatility, quite frankly, that did exist over the last couple of years in palladium.

But those visible stockpiles have been drawn down to near-record lows over the last decade. And that’s really the supply/demand fundamental. The auto companies have been buying out some of these stockpiles, and so the visible stockpiles are at lows, and the prices continue to rise.

There has been a disconnect between the relationship in investor interest loading up ETFs with palladium, and the price would respond to that. Now the ETFs are at very low levels, and the price has gone on to record levels. So it’s a fundamental supply/demand issue.

With the other stockpiles, which tend to be the government ones or what the Russians hold, the visibility we have is through companies like Johnson Matthey and Metals Focus, and they really track the total supply/demand picture. When they see more palladium coming onto the market than they can account for, they usually account that to the Russians.

So there’s not a lot of visibility to what they do from government

stockpiles. There was a belief they did sell off some over the last several years, but that has probably remained fairly stagnant recently, and the only one that we do have colour on is Norilsk, which does talk about having pulled in, I think, about 600,000 oz. into a stockpile last year, and it looks like they’re trying to help manage the market.

When you get a market as tight as it currently is for palladium, there is a danger of some real crazy price spikes, and we’ve seen a bit of volatility recently. And the real danger is destroying the market, because GM or Toyota cannot physically put their hands on palladium and build cars, you know, this week or this month, and that would be a crisis, and that would force a substitution.

What Norilsk is trying to do — which is wise, and they’re big enough to do it — is help moderate that in the market. If they see the market getting a little too tight for the good of the overall market, they would feed some back into the market.

It’s a good thing for them to do, to be honest.

TNM: For palladium producers generally, how important is the spot price, and how much is forward sold?

JG: Our company sells concentrate that all goes to Glencore — they have two smelters here in Canada, in Sudbury, and then Horne in Quebec.

And we settle on the spot price, so it is important for us.

But on a bigger picture, you know, what has really traded on the open markets is actually pretty thin — not a lot of it. Obviously, the big producers have deals in the background from the primary suppliers.

Now, unfortunately for us, because we sell a concentrate, we’re very disconnected from the end product. So we personally, as a company, do not have direct deals, but the refineries that produce the end product — Glencore, as a metal trader — they would have longterm contracts with the Johnson Mattheys of the world, and BASF. That’s another big producer.

There are long-term relationships there. What’s on the market is not always representative of what’s going on in the back rooms, with the bigger deals. TNM

2019-05-07 8:00 PM

GLOBAL MINING NEWS

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MAY 13–26, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / APRIL 29–MAY 3 The S&P/TSX Composite Index fell 0.72% to 16,494.43. Spot gold finished the trading week at US$1,278.50 per oz., down US$7.40 per oz., or 0.60%. The S&P/TSX Global Gold Index lost 4.37% to 178.42, the S&P/TSX Global Mining Index dropped 2.78% to 72.88, and the S&P/TSX Global Base Metals Index ended 2.70% lower at 115.92.

Anglo Pacific Group posted the largest jump in value, adding 80¢ per share to finish at $4. The royalty and streaming company focused on base metals, and bulk materials reported total portfolio contributions in the first quarter of £17.5 million (US$22.8), a 7% increase from the £16.4 million recorded in the fourth quarter of 2018, and a 116% increase from the £8.1 million in the first quarter of 2018. The group’s two largest revenue contributors were Kestrel, an underground coal mine in Australia, and Labrador Iron Ore Royalty Corporation (LIORC). LIORC has a 7% gross revenue royalty on the Iron Ore Co. of Canada, which is among the top-five global producers of seaborne iron ore pellets.

Shares of TMAC Resources climbed 73¢ to $4.63. The company, which began producing gold from its Doris mine at Hope Bay in Nunavut in early 2017, reported first-quarter revenue of $67.9 million and low all-in sustaining costs and cash costs of US$992 per oz. and US$658 per ounce. TMAC also re-

corded net profit of $7.2 million, or 6¢ per share in the three months ended March 31, the company’s first-ever positive earnings.

TMAC also amended its credit agreement with Sprott. The amendment eliminates all principal payments for 2019 and for the first quarter of 2020, totalling US$26 million, and reduces and reschedules quarterly principal payments for 2020 to US$2.5 million per quarter, starting on April 1, 2020, with the remaining balance due on Dec. 31, 2020.

TMAC also has the option to extend the term by six months to June 30, 2021.

Centerra Gold’s shares rose 42¢ to $7.23. The company reported first-quarter net earnings of US$50.4 million, or US17¢ per common share, on revenues of US$334 million. By contrast, Centerra’s net earnings in the same quarter of TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Sherritt Intl S Barrick Gold ABX Suncor Energy SU First Quantum FM Kinross Gold K Nemaska Lith NMX B2Gold Corp BTO Lundin Mng LUN Yamana Gold YRI Stornoway Diam SWY

53391 0.29 0.19 0.23 - 0.04 20354 17.48 16.62 16.91 - 0.59 16765 44.79 42.60 43.47 - 0.89 16302 14.96 12.54 13.30 - 1.74 14967 4.41 4.04 4.13 - 0.30 11563 0.36 0.27 0.33 + 0.06 9760 3.69 3.48 3.53 - 0.13 9663 7.55 6.85 6.95 - 0.61 9254 3.04 2.73 2.79 - 0.25 7858 0.07 0.06 0.06 unch 0.00

2018 were US$9 million, or US3¢ per share, on revenues of US$235.4 million. All-in sustaining costs per ounce sold came in at US$669.

Centerra also repaid US$21 million on its credit facilities. Construction at its Oksut project in Turkey is 49% complete, and is on track to pour first gold in the first quarter of 2020.

Orocobre advanced 23¢ to $3.40 per share.

The lithium-focused company shared Reuters articles forecasting shortages of electric ve-

hicle battery minerals and surging net profits at China’s BYD Company. The carmaker posted a 632% increase in net profits during the first quarter of 2019, and the news agency noted that electric car sales in China reached 1.3 million in 2018. Another report said that “Tesla expects global shortages of nickel, copper and other electric-vehicle battery minerals down the road due to underinvestment in the mining sector.” TNM

TSX GREATEST PERCENTAGE CHANGE

Kerr Mines Anglo Pac Grp Guyana Gldflds Nemaska Lith Goldgroup Mng TMAC Resources Forsys Metals Avalon Advance RTG Mining GoGold Res INV Metals Argonaut Gold Eldorado Gold Tanzania Rlty Serabi Gold Yorbeau Res Monarch Gold Sherritt Intl Eastern Platin Osisko Gold

KER APY GUY NMX GGA TMR FSY AVL RTG GGD INV AR ELD TNX SBI YRB MQR S ELR OR

2701 1 7848 11563 359 867 85 1511 152 439 382 1595 6602 211 56 3600 530 53391 128 2398

0.18 0.13 0.16 4.00 3.20 4.00 1.16 0.90 1.16 0.36 0.27 0.33 0.06 0.00 0.06 4.68 3.85 4.63 0.23 0.00 0.23 0.06 0.05 0.05 0.10 0.00 0.10 0.37 0.34 0.37 0.44 0.35 0.35 1.88 1.46 1.48 5.76 4.55 4.57 1.19 0.88 0.91 0.75 0.51 0.52 0.03 0.03 0.03 0.25 0.21 0.21 0.29 0.19 0.23 0.22 0.20 0.20 15.42 13.24 13.37

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

APY Anglo Pac Grp TMAC Resources TMR Pretium Res PVG Endeavour Mng EDV Centerra Gold CG Aura Minerals ORA Orocobre ORL Guyana Gldflds GUY Ivanhoe Mines IVN Nexgen Energy NXE Osisko Gold OR Kirkland Lake KL Newmont Gdcorp NGT Nexa Resources NEXA Wheaton Prec M WPM First Quantum FM Agnico Eagle AEM Pan Am Silver PAAS Eldorado Gold ELD SSR Mining SSRM

28.0 25.0 23.4 22.2 22.2 18.7 15.0 11.1 11.1 8.8 23.3 22.5 21.2 20.9 20.0 16.7 16.3 13.5 13.0 12.7

VOLUME WEEK (000s) CLOSE CHANGE

1 4.00 + 0.80 867 4.63 + 0.73 4742 10.82 + 0.59 1559 19.93 + 0.49 2693 7.23 + 0.42 2 20.02 + 0.35 294 3.40 + 0.23 7848 1.16 + 0.22 5997 3.55 + 0.13 2096 2.19 + 0.11 2398 13.37 - 1.95 3793 41.62 - 1.85 630 40.38 - 1.84 5 14.43 - 1.78 5825 28.04 - 1.76 16302 13.30 - 1.74 4130 55.19 - 1.72 1610 16.10 - 1.32 6602 4.57 - 1.23 1029 14.95 - 1.14

TSX VENTURE EXCHANGE / APRIL 29–MAY 3 The S&P/TSX Venture Composite Index fell 0.70% to 606.42.

Shares of Radius Gold were the most traded, posting a jump of 22¢ to 37¢ per share. The junior explorer reported results from the second round of its diamond drill program at the Amalia gold-silver project in Mexico’s Chihuahua state. Highlights included drill hole 19-10, which intersected 44 metres grading 12.38 grams gold per tonne and 309.3 grams silver per tonne starting from 210 metres downhole, including 11 metres of 39.9 grams gold and 323 grams silver. Drill hole 18-9 returned 26 metres of 7.08 grams gold and 517 grams silver, starting from 144 metres downhole, including a 5-metre section grading 14.71 grams gold and 1,378 grams silver. Drilling continues at Amalia, with holes in progress stepping out 100 metres along strike and 50 metres above and below the known mineralization. Pan American Silver has an option to earn an initial 65% stake in the project by making cash payments totalling US$1.5 million, and spending US$2 million on exploration over four years. Pan American can then earn another 10% stake by advancing the property to a preliminary feasibility study.

Osisko Metals finished 12¢ higher at 68¢ per share, lifted by assay results from the

North Zone of its Pine Point Mining Camp (PPMC) on the south shore of Great Slave Lake in the Northwest Territories. Highlights from the latest results include hole 65-19-25, which cut 18.25% zinc and 1.31% lead over 32 metres from 21 metres downhole, and 65-19-62, which intersected 9.62% zinc and 1.15% lead over 14 metres, starting from 23 metres. PPMC hosts inferred resources of 38.4 million tonnes grading 4.58% zinc and 1.85% lead, make it the largest near-surface, pit-constrained zinc deposit in Canada.

Shares of Cobalt 27 Capital were down 50¢ to $4.17. The company announced that shareholders of Highlands Pacific had voted in favour of Cobalt 27’s acquisition of the company. Highlands’ key assets are its 8.56% joint-venture interest in the Ramu mine and TSX-V MOST ACTIVE ISSUES

Radius Gold Arctic Star Alexandria Min Rusoro Mng MAX Res Belmont Res Pure Nickel 92 Resources Cameo Cobalt Leeta Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

RDU 19714 ADD 11160 AZX 10718 RML 8383 MXR 7947 BEA 7837 NIC 7235 NTY 6069 CRU 5333 HIVE 4994

0.47 0.10 0.04 0.13 0.23 0.04 0.03 0.08 0.14 0.53

0.14 0.07 0.03 0.09 0.14 0.02 0.01 0.05 0.12 0.45

0.37 + 0.08 + 0.04 + 0.11 + 0.17 - 0.03 - 0.02 + 0.06 - 0.12 unch 0.52 +

0.22 0.01 0.01 0.02 0.01 0.02 0.01 0.02 0.00 0.01

20% interest in the Frieda River copper-gold project, both in Papua New Guinea. Ramu produced a record 35,355 tonnes nickel and 3,275 tonnes cobalt in 2018.

Disappointing results from scout drilling at Aurania Resources’ Crunchy Hill target on its Lost Cities-Cutucu project in Ecuador put pressure on the stock, which ended the week down 46¢ per share at $3.54. “Drill-

ing confirmed indications of an epithermal gold-silver system, and epithermal-related alteration and sulphides are present in core.

However, no significant vein systems have been intersected yet,” the company said in a May 2 press release. Seven bore holes have been completed at Crunchy Hill for a total of 2,600 metres, and an eighth is underway. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Radius Gold TVI Pacific Anconia Res Pure Nickel Northern Uran Austin Res Providence Philippine Mtl Pac Iron Ore Meridian Mg Duncan Park H Alturas Min Belmont Res Candelaria Mg Inform Res Ximen Mining Frontline Gold Revelo Res Goldstream Mnl Tango Mining

RDU TVI ARA NIC UNO AUT PHD PHI POC MNO DPH ALT BEA CAND IRR XIM FGC RVL GSX.H TGV

19714 884 12 7235 296 34 2265 406 13 125 49 30 7837 324 244 662 219 830 164 2152

0.47 0.01 0.01 0.03 0.01 0.02 0.20 0.09 0.10 0.10 0.20 0.01 0.04 0.30 0.06 0.67 0.02 0.02 0.06 0.02

0.14 0.00 0.01 0.01 0.01 0.01 0.10 0.05 0.06 0.06 0.08 0.00 0.02 0.23 0.03 0.43 0.01 0.01 0.04 0.01

0.37 0.01 0.01 0.02 0.01 0.02 0.20 0.09 0.10 0.09 0.08 0.01 0.03 0.23 0.03 0.43 0.01 0.01 0.04 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 138.7 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 95.0 + 70.0 + 58.3 + 54.5 - 60.0 - 50.0 - 44.4 - 40.3 - 40.0 - 38.6 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Pac Booker Min Radius Gold Hut 8 Mining Golden Secret Osisko Metals Regulus Res AEX Gold Bear Creek Mng Atlantic Gold Providence Cobalt 27 Cap Aurania Res Cantex Mn Dev Canadian Prem Ximen Mining SilverCrest Maverix Metals Western Pac Rs Candelaria Mg Great Bear Res

BKM RDU HUT TBRD OM REG AEX BCM AGB PHD KBLT ARU CD CPS XIM SIL MMX WRP CAND GBR

62 19714 437 283 1127 128 186 118 4280 2265 665 111 215 449 662 795 72 3 324 768

3.75 0.37 1.56 1.40 0.68 1.64 0.37 1.40 2.19 0.20 4.17 3.54 2.95 0.94 0.43 4.25 2.50 0.42 0.23 2.53

+ 1.00 + 0.22 + 0.14 + 0.13 + 0.12 + 0.12 + 0.12 + 0.10 + 0.10 + 0.10 - 0.50 - 0.46 - 0.39 - 0.33 - 0.27 - 0.25 - 0.20 - 0.17 - 0.16 - 0.14

U.S. MARKETS / APRIL 29–MAY 3 The Dow Jones Industrial Average fell 0.15% to 26,504.95 and the S&P 500 Index rose 0.20% to 2,945.64. Spot gold lost US$7.40 per oz., or 0.60%, to finish at US$1,278.50 per oz.

Shares of Pretium Resources climbed US46¢ to US$8.07 on first-quarter results.

Revenues in the three months ended March 31 reached US$103.1 million on 81,434 oz. gold sold for net earnings of US$4.2 million (US22¢ per share), and adjusted earnings of US$16.5 million (US9¢ per share). The Brucejack mine produced 79,180 oz. gold in the quarter at all-in sustaining costs (AISCs) of US$868 per oz. gold sold (down from AISCs of US$1,009 per oz. in the first quarter of 2018), generating US$39.9 million in cash from operating activities. The company paid down US$20 million of debt ahead of schedule and ended the quarter with cash and equivalents of US$50.9 million. Pretium said it expects to achieve its planned production ramp-up from 2,700 tonnes per day to 3,800 tonnes per day over the course of the year, and reach its production guidance of 390,000 to 420,000 oz. gold in 2019. AISCs for the year could range from US$775 per oz. gold sold to US$875 per oz. gold sold.

18_MAY13_MarketNews.indd 18

The company also reported that grade and tonnes would be higher in the second half of the year. The gold grade in the first quarter was 8.7 grams per tonne, and could average 10.4 grams per tonne over the course of 2019.

Separately, the company announced that executive chairman and founding shareholder, Robert Quartermain, will retire at the end of the year. Quartermain took Brucejack from an exploration project to a gold producer in just over nine years.

Cleveland-Cliffs advanced US21¢ to US$10.30 per share. The company announced an offering of US$750-million, senior-unsecured U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMoR* FCX 111943 12.59 11.42 11.95 - 0.55 United States S* X 95078 16.99 14.16 16.88 + 1.21 Vale* VALE 76395 12.88 12.26 12.79 - 0.03 Barrick Gold * GOLD 69717 12.98 12.35 12.59 - 0.41 Cleveland-Clif* CLF 62468 10.30 9.55 10.30 + 0.21 Chevron Corp* CVX 57790 121.92 116.28 117.27 + 0.17 Yamana Gold* AUY 53507 2.25 2.02 2.07 - 0.19 Kinross Gold* KGC 50020 3.27 3.00 3.07 - 0.22 Newmont Gdcorp* NEM 46182 31.45 29.94 30.22 - 1.24 CONSOL Energy* CNX 38311 10.57 8.44 8.76 - 1.73

guaranteed notes due 2027, and intends to use the net proceeds to redeem all of its outstanding 4.875% senior notes due 2021, to fund the US$600-million tender offer for its 5.75% senior guaranteed notes due 2025, and for general corporate purposes. It reported a first-quarter

loss of US$22 million, or US8¢ per diluted share, compared to a loss of US$84 million, or US29¢ per share in the prior year’s first quarter. The company also repurchased 11.5 million common shares at a cost of US$124 million in the three months ended March 31. TNM

U.S. GREATEST PERCENTAGE CHANGE

NACCO Ind* NC United States S* X Pretium Res* PVG Trecora Res* TREC MartinMarietta* MLM Black Hills* BKH Mechel* MTL CONSOL Coal Rs* CCR Cleveland-Clif* CLF Turquoise HIl* TRQ Eldorado Gold* EGO CONSOL Energy* CNX Harmony Gold* HMY Osisko Gold* OR Nexa Resources* NEXA Sibanye-Stillw* SBGL Alamos Gold* AGI Coeur Mng* CDE Yamana Gold* AUY First Majestic* AG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

170 49.81 40.21 49.50 + 22.0 95078 16.99 14.16 16.88 + 7.7 12871 8.25 7.04 8.07 + 6.0 234 9.44 9.10 9.40 + 3.5 4420 227.31 213.35 221.44 + 3.3 2468 75.16 71.31 74.49 + 3.2 227 2.10 1.98 2.08 + 3.0 270 18.15 17.43 18.01 + 2.3 62468 10.30 9.55 10.30 + 2.1 19046 1.54 1.41 1.52 + 2.0 11062 4.26 3.39 3.42 - 20.6 38311 10.57 8.44 8.76 - 16.5 19149 1.84 1.60 1.60 - 14.0 3464 11.45 9.86 9.95 - 12.7 786 12.22 10.45 10.72 - 10.9 15356 4.05 3.45 3.62 - 10.6 10907 4.75 4.17 4.34 - 9.2 15208 3.71 3.18 3.39 - 9.1 53507 2.25 2.02 2.07 - 8.4 13735 6.26 5.65 5.83 - 7.8

U.S. GREATEST VALUE CHANGE

NACCO Ind* NC MartinMarietta* MLM Black Hills* BKH United States S* X Pretium Res* PVG CONSOL Coal Rs* CCR Trecora Res* TREC Cleveland-Clif* CLF Nutrien* NTR Chevron Corp* CVX Arch Coal* ARCH CONSOL Energy* CNX Osisko Gold* OR Peabody Enrgy* BTU Nexa Resources* NEXA Kirkland Lake* KL Wheaton Prec M* WPM Newmont Gdcorp* NEM Agnico Eagle* AEM Southern Copp* SCCO

VOLUME WEEK (000s) CLOSE CHANGE

170 49.50 4420 221.44 2468 74.49 95078 16.88 12871 8.07 270 18.01 234 9.40 62468 10.30 7387 53.99 57790 117.27 1168 97.73 38311 8.76 3464 9.95 5204 29.01 786 10.72 5597 31.01 15303 20.86 46182 30.22 6371 41.07 4842 37.75

+ 8.92 + 7.16 + 2.33 + 1.21 + 0.46 + 0.41 + 0.32 + 0.21 + 0.20 + 0.17 - 2.01 - 1.73 - 1.45 - 1.35 - 1.31 - 1.29 - 1.25 - 1.24 - 1.20 - 1.18

2019-05-07 7:06 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MAY 13–26, 2019

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 Tuesday, May 7, 2019 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Price (US$/oz.)

Change $1270.05 -11.45 $14.66 -0.35 $853.00 -36.00 $1357.00 -55.00 Price (US$/tonne) Change $12030.00 -140.00 $6157.00 -56.00 $1868.50 -44.50 $2696.50 -79.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, May 2, 2019 (change from April 25, 2019 in brackets): Aluminium Alloy 8540 (-100) Aluminium 1227650 (+199850) Copper 231950 (+37150) Lead 74425 (-525) Nickel 173058 (-1470) Tin 890 (-40) Zinc 88750 (+12325)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$73.20 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.15 Cobalt: US$15.76/lb.

Copper: US$2.84/lb.

Copper: CME Group Futures June 2019: US$2.79/lb.; July: 2019: US$2.79/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz.

Iron Ore 62% Fe CFR China-S: N.A. Lead: US$0.85/lb.

Molybdenum Oxide: US$12.46/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$2,930.00 tr. oz.

Ruthenium: Mid-mkt US$263.00/tr. oz.

Silver: Handy & Harman Base: US$14.54 per oz.; Handy & Harman Fabricated: US$18.17 per oz.

Tantalite Ore : US$186.50/kg Tin: US$8.79/lb.

Uranium: U3O8, Trade Tech spot price: US$25.20 per lb U308 Zinc: US$1.30/lb.

Prices current May 7, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index May 03 May 02 May 01 Apr 30 Apr 29 High Low S&P/TSX Composite 16494.43 16410.88 16502.75 16580.73 16600.37 15527.30 12400.15 S&P/TSXV Composite 606.42 601.28 609.91 611.32 612.07 1050.26 883.52 S&P/TSX 60 991.58 986.02 990.49 994.53 995.73 896.74 709.99 S&P/TSX Global Gold 178.42 177.69 179.82 182.68 181.88 218.90 149.29 DJ Precious Metals 146.98 146.98 149.31 152.30 151.30 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Apr 15, 2019 (with changes from Mar 29, 2019) Largest short positions Sandstorm Gold SSL 17681658 20034 3/29/2019 Nemaska Lith NMX 15179411 857499 3/29/2019 Ivanhoe Mines IVN 12898124 -81869 3/29/2019 Turquoise HIl TRQ 10551791 257415 3/29/2019 Kinross Gold K 8574878 1289199 3/29/2019 New Gold NGD 8557779 -804952 3/29/2019 Copper Mtn Mng CMMC 8254233 -123003 3/29/2019 Suncor Energy SU 7957742 -1818962 3/29/2019 Barrick Gold ABX 7146320 -1242974 3/29/2019 Nexgen Energy NXE 7117519 118374 3/29/2019 McEwen Mng MUX 7022389 -91946 3/29/2019 Yamana Gold YRI 6909723 -911028 3/29/2019 First Majestic FR 6756648 728546 3/29/2019 First Quantum FM 5899023 -445527 3/29/2019 OceanaGold OGC 5846557 -19898 3/29/2019 Largest increase in short position Lydian Intl LYD 2458293 2361699 3/29/2019 Kinross Gold K 8574878 1289199 3/29/2019 Nemaska Lith NMX 15179411 857499 3/29/2019 Alexco Res AXR 1224011 845398 3/29/2019 Western Potash WRX 1182203 800592 3/29/2019 Largest decrease in short position 1391583 -3092288 3/29/2019 Stornoway Diam SWY Suncor Energy SU 7957742 -1818962 3/29/2019 Wheaton Prec M WPM 2084876 -1785637 3/29/2019 Barrick Gold ABX 7146320 -1242974 3/29/2019 Guyana Gldflds GUY 2618636 -1067920 3/29/2019

Short positions outstanding as of Apr 15, 2019 (with changes from Mar 29, 2019) Largest short positions RosCan Gold ROS 3750221 3656796 3/29/2019 First Cobalt FCC 2520479 52332 3/29/2019 Leeta Gold HIVE 2145535 1701725 3/29/2019 Revelo Res RVL 2050957 2050787 3/29/2019 Atlantic Gold AGB 1259256 175425 3/29/2019 Gratomic GRAT 984888 841588 3/29/2019 Goldsource Min GXS 884788 819319 3/29/2019 Cobalt 27 Cap KBLT 882862 -2361 3/29/2019 Monument Mng MMY 852000 841000 3/29/2019 Novo Res NVO 846750 193079 3/29/2019 Amarillo Gold AGC 779500 49901 3/29/2019 Rockridge Res ROCK 588066 150684 3/29/2019 Minaurum Gold MGG 509668 431576 3/29/2019 Macarthur Mnl MMS 498349 -98751 3/29/2019 Equinox Gold EQX 481592 241046 3/29/2019 Largest increase in short position RosCan Gold ROS 3750221 3656796 3/29/2019 Revelo Res RVL 2050957 2050787 3/29/2019 Leeta Gold HIVE 2145535 1701725 3/29/2019 Gratomic GRAT 984888 841588 3/29/2019 Monument Mng MMY 852000 841000 3/29/2019 Largest decrease in short position Victoria Gold VIT 28587 -4228090 3/29/2019 Ascot Res AOT 89271 -1109811 3/29/2019 Aston Bay BAY 65309 -1007370 3/29/2019 iMetal Res IMR 26944 -776922 3/29/2019 Compass Gold CVB 63846 -585217 3/29/2019

DAILY METAL PRICES Daily Metal Prices Date May 6 May 3 May 2 May 1 Apr 30 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy N/A 1335/1360 1325/1350 1300/1340 1340/1370 Aluminum N/A 1783/1810.50 1799.50/1816.50 1775/1788 1808/1817 Copper N/A 6178/6180 6213/6214 6396/6383 6441/6430 Lead N/A 1878/1893 1858.50/1869 1885/1902 1940/1959.50 Nickel N/A 12165/12200 12120/12160 12125/12205 12355/12440 Tin N/A 19350/19200 19525/19425 19765/19600 19800/19700 Zinc N/A 2865/2760 2831/2742 2905/2806 2934/2806 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM N/A 1270.05 1271.45 1281.80 1285.15 Gold PM N/A 1278.55 1270.95 1283.80 1282.30 N/A 14.66 14.68 14.88 14.99 Silver Platinum N/A 855.00 857.00 882.00 889.00 Palladium N/A 1359.00 1358.00 1363.00 1366.00

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Golden Queen Mining Co (GQM.WT) Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21

Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

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

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

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

Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

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

Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

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

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

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

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

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21

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

Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

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

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

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

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

NEW 52-WEEK HIGHS AND LOWS APRIL 29–MAY 3, 2019 51 New Highs African Gold Atom Energy * Aurania Res* Auryn Resource Black Hills* Bravada Gold Braveheart Res California Gld* Crest Resource Ely Gold Royal* Ero Copper Ero Copper* G2 Goldfields* Gabriel Res* Generation Min* God’s Lake Res Goldcliff Res GoldON Res GoldON Res*

Goldsource Min Goldsource Min* Ivanhoe Mines Laurion Mnl Ex* Legion Metals Lithion Energy* NA Frac Sand* NACCO Ind* Omineca Mining Omineca Mining* Osisko Metals Osisko Metals* Pac Booker Min Pac Booker Min* Palladium One Philippine Mtl Providence Pure Nickel* Q-Gold Res* Radius Gold Rotation Mnls

Royal Rd Mnrls Salazar Res Salazar Res* Silver Viper Silver Viper* Starr Peak Exp Talisker Res Transition Met Transition Met* Trinity Valley You Han Data*

72 New Lows

Abacus Mining* Allegiant Gold* Altura Mining* Avrupa Min* Bayhorse Silvr Brixton Metals Bullfrog Gold* Cabral Gold* Casa Minerals

Casa Minerals * Cautivo Mining* Cleghorn Mnls* Cloud Peak En* Coeur Mng* Columbus Gold* CONSOL Energy* Corvus Gold Decade Res* Diamcor Mng* Eastmain Res* Engold Mines* Entree Res* Falco Res Forsys Metals Fortuna Silvr Fortuna Silvr* GAR Limited Garibaldi Res * Gldn Predator Gldn Predator*

Glen Eagle Res Gold Resource* Gold Rush Cari* Goldplay Expl* Gratomic Group Eleven Harte Gold Hecla Mining* IMPACT Silver Intl Montoro* Intl Samuel Ex* Leading Edge Leading Edge* Maple Gold Mason Graphite Mason Graphite* Metals Creek* Mirasol Res Mosaic* Newmont Gdcorp Nexgen Energy

Nexgen Energy* Orca Gold Orezone Gold* Pan Am Silver Pan Am Silver* Peabody Enrgy* Pine Cliff En RosCan Gold* Sabina Gd&Slvr* Sandspring Res Sherritt Intl Sixty North* Stornoway Diam Supreme Metal* Teranga Gold Turquoise HIl Turquoise HIl* United States S* Voyageur Min* VR Resources Zinc One Res

CANADIAN GOLD MUTUAL FUNDS Fund May 03 ($) Apr 26 ($) 17.78 18.12 AGF Glob Re A Fd MF BMO Prec Mtls Fd A 16.74 17.41 41.23 43.84 BMO ZGD BMO ZJG 42.79 44.92 CIBC Prec Metal Fd A 9.09 9.49 Dyn Prec Metls Fd A 6.40 6.61 9.91 10.39 Galileo GOGO Harvest HGGG 18.85 19.71 23.88 Horizons HEP IG Mac GbPMetCl A 7.77 8.11 iShares XGD 11.15 11.66 Mac Prec Met Cl A 41.63 43.47 11.48 11.89 NBI PrecMetFd Invt NPT Gold&PrMinFdA 30.50 31.57 NPT SilverEquCl A 4.42 4.64 RBC GblPreMetFd A 30.04 31.37 Sentry Pre Met Fd A 32.06 32.06 TD Prec Mtl Fd Inv 29.75 31.10

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.34 -1.89 2.89 2.80 90.13 -0.67 -3.83 2.85 2.40 57.25 -2.62 -5.97 7.74 0.61 91.73 -2.13 -4.74 6.26 0.60 74.13 -0.39 -4.15 5.61 2.45 41.77 -0.21 -3.18 4.12 2.71 334.21 -0.49 -4.70 10.47 0.60 -0.86 -4.39 5.21 -0.71 -3.05 7.52 0.83 -0.34 -4.19 4.92 2.75 30.06 -0.51 -4.38 4.81 0.55 719.57 -1.84 -4.23 5.04 2.52 54.92 -0.41 -3.45 7.21 2.46 26.89 -1.08 -3.41 2.60 3.04 -0.22 -4.77 7.46 2.95 -1.33 -4.22 4.97 2.13 299.93 0.00 -0.01 3.18 2.46 229.06 -1.35 -4.34 5.62 2.27 103.59

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

May 03 May 02 May 01 Apr 30 Apr 29 1.3469 1.3469 1.3438 1.3395 1.3454 0.7424 0.7424 0.7441 0.7465 0.7433

Exchange rates (Quote Media, May 03, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0606 0.6644 82.8095 14.2002 10.7875 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5697 5.0008 51.5330 0.7568 866.3116 US to EURO US to YEN US to Mex Peso US to SA Rand US to AUS 1.4285 0.8949 111.5335 19.1271 14.5291 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7673 6.7349 69.4344 1.0193 1167.1100

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

LEGEND A – Australian Securities Exchange C – Canadian Stock Exchange L – London Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE American * – Denotes price in U.S.$

19_MAY13_MMMM.indd 19

STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.

CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton

= 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

GLOBAL MINING NEWS · SINCE 1915

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MAY 13â&#x20AC;&#x201C;26, 2019 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: APRIL 29â&#x20AC;&#x201C;MAY 3, 2019 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 21C Metals 502 0.23 0.20 0.21 + 0.01 0.42 0.16 21C Metals* O 8 0.15 0.05 0.05 - 0.10 0.30 0.05 37 Capital 40 0.11 0.00 0.11 unch 0.00 0.30 0.09 66 Resources 399 0.10 0.06 0.10 + 0.04 0.27 0.06 92 Resources V 6069 0.08 0.05 0.06 - 0.02 0.09 0.03 O 510 0.06 0.04 0.04 - 0.01 0.07 0.01 92 Resources* Abacus Mining* O 46 0.05 0.04 0.04 + 0.00 0.29 0.04 Abacus Mining V 278 0.07 0.05 0.06 unch 0.00 0.38 0.05 Abcourt Mines V 1928 0.07 0.05 0.05 - 0.01 0.08 0.04 Abcourt Mines* O 29 0.05 0.04 0.04 - 0.01 0.06 0.03 O 295 0.18 0.16 0.17 + 0.00 0.38 0.08 Aben Resources* Aben Resources V 1274 0.24 0.21 0.22 + 0.01 0.49 0.11 Aberdeen Intl* O 10 0.04 0.03 0.03 - 0.01 0.13 0.03 Aberdeen Intl T 304 0.06 0.05 0.05 - 0.01 0.17 0.05 Abitibi Royal* O 3 9.49 9.31 9.31 - 0.16 10.14 5.89 Abitibi Royal V 1 12.78 12.47 12.70 - 0.06 13.50 7.98 O 33 0.05 0.04 0.04 - 0.01 0.16 0.03 AbraPlata Res* AbraPlata Res V 412 0.06 0.05 0.05 - 0.01 0.20 0.04 Adamera Min V 328 0.04 0.03 0.03 + 0.01 0.12 0.02 O 111 0.02 0.02 0.02 + 0.00 0.08 0.01 Adamera Min* unch 0.00 0.02 0.01 Adex Mining V 1977 0.02 0.01 0.01 V 123 0.06 0.05 0.06 + 0.01 0.60 0.05 Advance Gold Advantage Lith* O 257 0.38 0.34 0.36 - 0.01 0.92 0.29 Advantage Lith V 268 0.51 0.46 0.49 - 0.02 1.17 0.41 0.48 Adventus* O 35 0.69 0.64 0.67 + 0.03 0.90 Adventus V 266 0.92 0.87 0.91 + 0.03 1.16 0.66 V 119 0.12 0.11 0.11 - 0.01 0.85 0.11 Aethon Mineral AEX Gold V 186 0.40 0.25 0.37 + 0.12 0.53 0.24 unch 0.00 0.07 0.05 Affinity Metal* O 0 0.00 0.00 0.06 unch 0.00 0.12 0.12 African Gold* O 0 0.12 0.00 0.12 African Gold V 432 0.20 0.00 0.19 + 0.03 0.30 0.08 unch 0.00 0.01 0.00 African Min* O 10 0.00 0.00 0.00 O 12 0.08 0.00 0.08 + 0.02 0.14 0.05 Aftermath Silv* Aftermath Silv V 86 0.10 0.00 0.10 + 0.01 0.20 0.05 42.35 Agnico Eagle T 4130 56.75 54.11 55.19 - 1.72 62.80 Agnico Eagle* N 6371 42.09 40.19 41.07 - 1.20 47.83 32.18 V 131 0.14 0.13 0.14 + 0.01 0.25 0.08 Aguia Resource Aguila Amer Gd V 16 0.21 0.21 0.21 unch 0.00 0.28 0.17 AJN Resources 178 0.06 0.06 0.06 unch 0.00 0.20 0.05 1.97 Alacer Gold T 4692 3.77 3.44 3.66 + 0.07 4.13 3.88 Alamos Gold T 3931 6.39 5.63 5.84 - 0.57 7.97 10907 4.75 4.17 4.34 - 0.44 6.13 2.90 Alamos Gold* N Alaska Pac Egy* O 300 0.00 0.00 0.00 unch 0.00 0.00 0.00 Alba Minerals* O 4 0.07 0.05 0.07 + 0.01 0.10 0.04 0.02 Albert Mining V 1761 0.11 0.09 0.10 - 0.02 0.25 Albert Mining* O 26 0.09 0.06 0.06 - 0.03 0.19 0.01 N 15544 27.10 25.72 26.68 - 0.23 55.38 25.01 Alcoa* Aldebaran Res V 30 0.50 0.46 0.46 - 0.04 0.90 0.41 Alderon Iron* O 36 0.25 0.24 0.25 + 0.01 0.35 0.15 0.22 Alderon Iron T 185 0.35 0.33 0.34 - 0.01 0.50 Aldever Res V 15 0.12 0.00 0.09 - 0.01 0.23 0.04 O 5 0.44 0.44 0.44 unch 0.00 0.48 0.42 Alexandra Cap* Alexandria Min* O 817 0.03 0.01 0.03 + 0.01 0.07 0.01 V 10718 0.04 0.03 0.04 + 0.01 0.08 0.02 Alexandria Min Alexco Res T 239 1.45 1.34 1.42 - 0.02 1.98 0.92 Alexco Res* X 1939 1.08 0.99 1.05 - 0.01 1.59 0.68 unch 0.00 0.59 0.13 Algold Res* O 240 0.13 0.13 0.13 unch 0.00 1.25 0.15 Algold Res V 32 0.17 0.00 0.17 Alianza Min V 49 0.06 0.00 0.05 unch 0.00 0.12 0.05 0.03 Alianza Min* O 6 0.04 0.00 0.03 - 0.01 0.09 Alien Metals* O 1378 0.01 0.00 0.00 + 0.00 0.01 0.00 0.63 Alio Gold* X 351 0.70 0.67 0.67 - 0.03 2.03 Alio Gold T 93 0.93 0.90 0.90 - 0.04 2.59 0.81 Allante Res V 60 0.16 0.16 0.16 unch 0.00 0.20 0.10 Allegiant Gold V 209 0.15 0.00 0.14 - 0.02 0.54 0.14 O 263 0.12 0.09 0.10 - 0.01 0.42 0.09 Allegiant Gold* unch 0.00 0.04 0.01 Alliance Mng V 1010 0.01 0.01 0.01 Alliance Res* D 3575 19.90 18.95 19.42 + 0.03 20.99 16.50 Almaden Min T 92 0.74 0.66 0.69 - 0.06 1.19 0.63 0.48 Almaden Min* X 954 0.55 0.49 0.51 - 0.05 0.90 Almadex Min* O 209 0.22 0.20 0.21 - 0.01 0.45 0.14 0.25 Almadex Min V 133 0.30 0.28 0.28 - 0.01 0.51 Almonty Ind T 362 1.08 0.97 1.03 + 0.05 1.10 0.35 14 0.78 0.75 0.76 - 0.03 0.81 0.29 Almonty Ind * O Aloro Mining* O 1 0.07 0.07 0.07 unch 0.00 0.16 0.06 Aloro Mining V 102 0.09 0.00 0.08 - 0.01 0.23 0.07 0.19 0.18 0.19 - 0.00 0.23 0.16 Alphamin Res * O 192 Alphamin Res V 1350 0.27 0.23 0.27 + 0.01 0.32 0.20 V 1696 0.09 0.08 0.09 unch 0.00 0.33 0.07 Altai Resource O 101 0.07 0.07 0.07 + 0.00 0.23 0.05 Altai Resource* Altair Res Inc V 32 0.06 0.05 0.05 - 0.01 0.26 0.04 0.05 Altamira Gold V 1065 0.10 0.09 0.10 + 0.01 0.25 O 202 0.07 0.07 0.07 + 0.00 0.20 0.04 Altamira Gold* Altan Nevada V 126 0.06 0.06 0.06 unch 0.00 0.09 0.02 0.09 Altiplano Met V 41 0.15 0.12 0.13 - 0.02 0.40 Altius Mnrls T 134 13.22 12.50 12.55 - 0.68 14.75 10.04 78 9.84 9.29 9.33 - 0.52 11.45 7.31 Altius Mnrls * O Alto Ventures V 117 0.02 0.00 0.02 - 0.01 0.05 0.02 Alto Ventures* O 16 0.01 0.01 0.01 unch 0.00 0.03 0.01 O 338 0.10 0.07 0.10 + 0.01 0.29 0.07 Altura Mining* 0.01 Alturas Min V 30 0.01 0.00 0.01 - 0.01 0.03 0.04 Altus Strat V 959 0.09 0.07 0.08 + 0.02 0.15 Alumina Ltd* O 63 6.47 6.13 6.35 - 0.14 8.77 6.09 ALX Uranium V 734 0.08 0.05 0.06 - 0.01 0.09 0.05 ALX Uranium* O 26 0.06 0.04 0.04 + 0.01 0.07 0.04 AM Resources V 70 0.13 0.10 0.10 - 0.01 0.31 0.11 Amador Gold V 335 0.66 0.59 0.60 - 0.05 1.10 0.46 Amani Gold* O 400 0.00 0.00 0.00 unch 0.00 0.01 0.00 Amarc Res V 129 0.06 0.05 0.06 - 0.01 0.13 0.04 Amarc Res* O 37 0.05 0.03 0.04 - 0.01 0.10 0.03 Amarillo Gold V 316 0.25 0.22 0.23 - 0.03 0.32 0.19 O 158 0.18 0.16 0.17 - 0.01 0.25 0.15 Amarillo Gold* Amazing Energy* O 213 0.24 0.15 0.21 - 0.03 0.60 0.00 Amer Intl Vent* O 350 0.01 0.01 0.01 unch 0.00 0.03 0.00 American Batt* O 0 0.00 0.00 0.30 unch 0.00 0.35 0.26 O 3 0.03 0.03 0.03 unch 0.00 0.04 0.02 American Creek* American Creek V 58 0.03 0.03 0.03 unch 0.00 0.05 0.03 American CuMo* O 30 0.06 0.00 0.06 + 0.01 0.10 0.02 American Lith V 404 0.30 0.25 0.25 - 0.05 0.74 0.22 O 934 0.22 0.18 0.19 - 0.03 0.57 0.18 American Lith* American Mang* O 248 0.12 0.10 0.11 + 0.01 0.18 0.10 American Mang V 584 0.15 0.14 0.15 - 0.01 0.24 0.13 American Pac 1961 0.18 0.15 0.17 - 0.01 0.40 0.04 American Pac* O 235 0.13 0.11 0.13 - 0.02 0.31 0.03 AmericanSierra* O 0 0.00 0.00 0.02 unch 0.00 0.03 0.01 Americas Silvr* X 669 1.81 1.69 1.80 + 0.08 3.91 1.24 Americas Silvr T 540 2.43 2.25 2.43 + 0.10 4.95 1.66 Amerigo Res T 817 0.86 0.80 0.83 - 0.03 1.21 0.67 Amerigo Res* O 313 0.64 0.59 0.62 - 0.02 0.92 0.51 Amex Expl* O 22 0.48 0.00 0.46 + 0.01 1.12 0.04 Amex Expl V 474 0.68 0.59 0.60 - 0.02 1.52 0.06 Amilot Capital V 61 0.05 0.05 0.05 - 0.02 0.15 0.03 Amseco Expl V 13 0.05 0.05 0.05 unch 0.00 0.29 0.01 Anaconda Mng T 862 0.35 0.34 0.35 unch 0.00 0.40 0.18 Anaconda Mng* O 145 0.26 0.25 0.25 - 0.00 0.40 0.14 Anconia Res V 12 0.01 0.01 0.01 + 0.01 0.04 0.01 0.00 Andes Gold* O 99 0.01 0.01 0.01 + 0.00 0.01 Andover Mng* O 11 0.00 0.00 0.00 unch 0.00 0.00 0.00 Anfield Energy* O 86 0.17 0.15 0.16 - 0.01 0.45 0.12 Anfield Energy V 540 0.25 0.20 0.22 - 0.02 0.59 0.18 0.01 Angel Gold* O 25 0.01 0.01 0.01 + 0.00 0.05 Angel Gold V 119 0.02 0.02 0.02 unch 0.00 0.07 0.02 Angkor Gold V 133 0.14 0.13 0.14 - 0.01 0.20 0.11 Angkor Gold* O 115 0.10 0.10 0.10 - 0.00 0.32 0.09 Anglo American* O 5 26.08 0.00 26.08 + 0.02 29.00 19.09 Anglo American* O 446 13.19 12.58 13.18 + 0.06 14.74 9.37 Anglo Pac Grp T 1 4.00 3.20 4.00 + 0.80 4.75 1.99 AngloGold Ash* O 1 12.42 11.79 11.79 - 0.63 15.04 7.38 AngloGold Ash* N 13174 12.30 11.34 11.50 - 0.88 15.86 7.08 Angus Ventures V 65 0.29 0.29 0.29 unch 0.00 0.50 0.15 Antioquia Gold* O 89 0.02 0.02 0.02 - 0.00 0.04 0.01 Antioquia Gold V 1202 0.03 0.02 0.03 unch 0.00 0.10 0.02 Antler Gold V 89 0.09 0.07 0.09 + 0.01 0.20 0.05 Antofagasta* O 13 11.97 0.00 11.72 - 0.19 15.70 9.27 Apex Res V 100 0.08 0.07 0.07 unch 0.00 0.11 0.04 Appia Energy 233 0.32 0.30 0.31 - 0.02 0.41 0.13 Appia Energy* O 43 0.24 0.20 0.23 - 0.01 0.31 0.10 Applied Min* O 71 0.04 0.04 0.04 unch 0.00 0.20 0.03 Aquila Res T 50 0.20 0.18 0.19 - 0.01 0.39 0.13 Aquila Res* O 212 0.15 0.13 0.13 - 0.01 0.30 0.10 Arch Coal* N 1168 100.65 94.38 97.73 - 2.01 101.92 75.09 Arctic Star* O 34 0.06 0.05 0.06 + 0.01 0.13 0.03 Arctic Star V 11160 0.10 0.07 0.08 + 0.01 0.18 0.04 Arcturus Vent V 205 0.08 0.08 0.08 unch 0.00 0.16 0.07 Arcus Dev Grp V 15 0.04 0.04 0.04 - 0.01 0.07 0.03 Arena Min V 796 0.07 0.07 0.07 + 0.01 0.11 0.05 Arena Min* O 6 0.05 0.04 0.04 - 0.00 0.08 0.03 Argentina Lith* O 38 0.05 0.05 0.05 - 0.00 0.27 0.03 Argentina Lith V 103 0.08 0.07 0.07 unch 0.00 0.88 0.07 Argentum Silvr V 70 0.20 0.20 0.20 unch 0.00 0.33 0.10 Argentum Silvr* O 8 0.15 0.15 0.15 unch 0.00 0.20 0.11 Argex Titanium T 599 0.03 0.03 0.03 unch 0.00 0.06 0.03 Argex Titanium* O 658 0.03 0.02 0.03 + 0.00 0.05 0.01 Argo Gold 313 0.09 0.00 0.08 - 0.02 0.33 0.07

20-23_MAY13_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argo Gold* O 99 O 97 Argonaut Gold* Argonaut Gold T 1595 V 134 Arianne Phosph Arianne Phosph* O 40 O 80 Arizona Silver* Arizona Silver V 285 Armor Min V 3 Asanko Gold T 180 Asanko Gold* X 849 Asante Gold 5 3 Asbestos Corp V Ascendant Res* O 31 T 298 Ascendant Res Ascot Res * O 50 Ascot Res V 481 Ashanti Gold V 164 V 20 Ashanti Sanko AsiaBaseMetals V 64 Asian Mineral V 184 Aston Bay V 740 Aston Bay* O 360 Astorius Res V 652 Astur Gold V 3 ATAC Res V 164 ATAC Res* O 233 O 21518 Atacama Res* T 2 Atalaya Mining Athabasca Min V 589 Athabasca Min* O 81 O 1 Athena Silver* Atico Mining* O 159 Atico Mining V 174 Atlanta Gold V 14 Atlanta Gold* O 0 Atlantic Gold V 4280 Atlantic Gold* O 289 Atlantic Indus V 10 Atlatsa Res* O 120 Atlatsa Res T 46 Atom Energy * O 29 O 17 Aton Resources* Aton Resources V 502 0 Aura Minerals* O Aura Minerals T 2 V 172 Aura Resources Aura Resources* O 40 Auramex Res V 701 Aurania Res* O 84 Aurania Res V 111 Aurcana Corp V 41 O 17 Aurcana Corp* AurCrest Gold V 29 O 3 AurCrest Gold* Aurelius Min V 2691 Aurex Energy V 109 Aurion Res * O 48 Aurion Res V 334 Aurora Royal V 156 O 0 AURYN Mining* Auryn Resource T 634 X 764 Auryn Resource* Aust Mines* O 94 Austin Res V 34 Austral Gold* O 6 Austral Gold V 2 Auxico Res 390 T 1511 Avalon Advance Avalon Advance* O 99 O 13 Avarone Metals* Avarone Metals 730 Avesoro Res T 14 Avesoro Res* O 0 Avidian Gold V 53 Avino Silver* X 758 Avino Silver T 97 Avrupa Min V 276 Avrupa Min* O 151 Awale Res V 0 Axmin Inc* O 34 Axmin Inc V 249 Azarga Metals V 12 O 0 Azarga Metals* Azarga Uranium* O 141 T 715 Azarga Uranium Azimut Explor V 134 O 79 Azimut Explor* Azincourt Ener* O 92 V 1491 Azincourt Ener Aztec Minerals V 168 O 18 Aztec Minerals* Azteca Gold* O 716 Azucar Min V 225

0.07 0.07 0.07 unch 0.00 0.24 0.07 1.40 1.11 1.11 - 0.31 2.07 0.85 1.88 1.46 1.48 - 0.43 2.65 1.18 0.42 0.39 0.40 - 0.02 0.61 0.35 0.31 0.30 0.30 - 0.01 0.47 0.27 0.11 0.10 0.11 - 0.01 0.15 0.04 0.17 0.14 0.15 - 0.01 0.19 0.06 0.40 0.40 0.40 unch 0.00 0.73 0.30 0.87 0.80 0.82 - 0.04 1.79 0.80 0.64 0.59 0.60 - 0.03 1.38 0.56 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.55 0.40 0.55 unch 0.00 0.80 0.33 0.35 0.34 0.34 unch 0.00 0.90 0.28 0.51 0.45 0.48 - 0.02 1.16 0.35 0.57 0.00 0.52 - 0.03 1.23 0.54 0.76 0.69 0.69 - 0.04 1.65 0.71 0.05 0.04 0.05 - 0.01 0.18 0.04 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.22 0.18 0.22 + 0.03 0.40 0.12 0.19 0.18 0.19 + 0.01 3.00 0.17 0.05 0.05 0.05 unch 0.00 0.25 0.05 0.04 0.03 0.04 + 0.00 0.19 0.03 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.14 0.14 0.14 unch 0.00 0.31 0.10 0.23 0.21 0.22 unch 0.00 0.60 0.20 0.17 0.16 0.17 + 0.00 0.45 0.15 0.00 0.00 0.00 + 0.00 0.00 0.00 3.75 3.75 3.75 + 0.05 5.10 2.88 0.62 0.48 0.51 - 0.11 0.71 0.13 0.46 0.35 0.37 - 0.09 0.53 0.11 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.26 0.19 0.24 + 0.01 0.50 0.17 0.35 0.27 0.31 + 0.02 0.63 0.23 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.00 0.00 0.02 unch 0.00 0.04 0.02 2.28 2.08 2.19 + 0.10 2.38 1.40 1.70 1.53 1.64 + 0.10 1.76 1.07 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.06 0.05 0.06 + 0.01 0.07 0.02 0.09 0.08 0.08 - 0.01 0.09 0.03 0.35 0.09 0.35 + 0.26 0.35 0.00 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.03 0.03 0.03 - 0.01 0.11 0.02 14.63 0.00 14.63 unch 0.00 16.50 1.00 20.02 0.00 20.02 + 0.35 25.00 14.60 0.07 0.06 0.07 + 0.01 0.18 0.03 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.05 0.04 0.04 - 0.01 0.08 0.03 3.05 2.41 2.55 - 0.43 3.05 1.03 4.00 3.17 3.54 - 0.46 4.10 1.93 0.50 0.00 0.47 - 0.04 1.33 0.35 0.40 0.00 0.34 - 0.06 0.60 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.26 0.20 0.20 - 0.04 1.30 0.23 1.00 0.60 0.72 - 0.03 1.63 0.52 1.00 0.94 0.96 - 0.04 2.15 0.67 0.10 0.08 0.09 - 0.01 0.11 0.06 0.00 0.00 0.51 unch 0.00 1.80 0.10 2.34 2.05 2.15 - 0.12 2.34 1.14 1.73 1.53 1.62 - 0.07 1.75 0.85 0.02 0.02 0.02 - 0.00 0.33 0.02 0.02 0.01 0.02 + 0.01 0.02 0.01 0.06 0.04 0.06 + 0.02 0.40 0.00 0.07 0.00 0.07 unch 0.00 0.11 0.05 0.18 0.15 0.16 unch 0.00 0.28 0.12 0.06 0.05 0.05 + 0.01 0.12 0.05 0.04 0.03 0.03 - 0.00 0.10 0.03 0.03 0.03 0.03 + 0.00 0.05 0.02 0.07 0.05 0.06 unch 0.00 0.09 0.04 2.10 0.00 2.01 unch 0.00 5.99 1.94 0.00 0.00 1.55 unch 0.00 3.65 1.55 0.15 0.13 0.13 - 0.02 0.68 0.13 0.55 0.50 0.52 - 0.02 1.48 0.50 0.73 0.66 0.70 - 0.03 1.85 0.65 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.03 0.02 0.02 - 0.00 0.10 0.02 0.00 0.00 0.11 unch 0.00 0.20 0.06 0.36 0.30 0.32 - 0.07 0.50 0.07 0.50 0.39 0.42 - 0.08 0.66 0.08 0.10 0.00 0.10 + 0.01 0.16 0.08 0.00 0.00 0.07 unch 0.00 0.11 0.05 0.17 0.16 0.16 - 0.00 0.24 0.15 0.24 0.21 0.22 - 0.01 0.34 0.20 0.46 0.44 0.44 unch 0.00 0.52 0.22 0.33 0.31 0.31 - 0.03 0.38 0.17 0.04 0.03 0.03 - 0.01 0.09 0.03 0.06 0.05 0.05 - 0.01 0.12 0.05 0.14 0.13 0.14 + 0.02 0.29 0.12 0.13 0.12 0.12 unch 0.00 0.18 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.36 0.33 0.34 - 0.01 1.61 0.28

B2Gold Corp* X 18442 B2Gold Corp T 9760 Balmoral Res T 518 Balmoral Res* O 127 Balto Res V 200 Bankers Cobalt V 1228 O 5 Bankers Cobalt* Bannerman Res* O 1733 Banyan Gold V 888 Banyan Gold* O 17 Bard Ventures V 11 Bard Ventures* O 0 Barkerville V 1705 Barkerville* O 310 V 465 Barksdale Cap O 43 Barksdale Cap* Barolo Venture V 99 Baroyeca Gold V 22 O 75 Baroyeca Gold* Barrian Mining V 1408 Barrick Gold * N 69717 Barrick Gold T 20354 Barsele Min* O 13 Barsele Min V 12 Batero Gold* O 3 Batero Gold V 37 O 139 Bayhorse Silvr* Bayhorse Silvr V 350 BC Moly V 3 BCM Res V 58 V 32 BE Res Bear Creek Mng V 118 79 Bear Creek Mng* O Bearclaw Cap V 20 Bearing Lith V 135 Bearing Lith* O 23 Beauce Gold V 95 Bell Copper V 134 Bell Copper* O 152 Belmont Res V 7837 553 Belo Sun Mng T Belo Sun Mng* O 359 BeMetals V 297 O 113 Benchmark Met* Benchmark Met V 705 Benton Res V 341 Benz Mining* O 25 Benz Mining V 17 Berkwood Res * O 54 V 658 Berkwood Res Bessor Min V 53 Bessor Min* O 0 Bird River Res 921 O 360 Bitterroot Res* Bitterroot Res V 669 Black Hills* N 2468 Black Iron* O 212 Black Iron T 1684 Black Mammoth V 119 Black Sea V 47 Black Sea * O 1 54 Black Tusk Res Blackheath Res V 221 O 5 Blackrock Gold* Blackrock Gold V 577 Blind Creek V 248 BLOX Inc* O 85 10 Blue Moon Zinc* O Blue Moon Zinc V 262 834 Blue River Res V Blue River Res* O 257

2.75 2.58 2.61 - 0.12 3.35 2.10 3.69 3.48 3.53 - 0.13 4.40 2.77 0.11 0.10 0.11 + 0.01 0.25 0.10 0.08 0.07 0.08 + 0.00 0.19 0.07 0.07 0.07 0.07 unch 0.00 0.15 0.05 0.03 0.03 0.03 - 0.01 0.18 0.02 0.02 0.02 0.02 unch 0.00 0.14 0.01 0.04 0.03 0.03 - 0.00 0.06 0.03 0.05 0.04 0.05 unch 0.00 0.09 0.04 0.04 0.03 0.04 + 0.01 0.06 0.02 0.17 0.00 0.17 unch 0.00 1.63 0.15 0.10 0.10 0.10 unch 0.00 0.21 0.03 0.37 0.34 0.35 - 0.01 0.65 0.30 0.28 0.25 0.25 - 0.01 0.51 0.23 0.51 0.50 0.51 - 0.01 0.86 0.43 0.38 0.00 0.38 - 0.02 0.61 0.31 0.30 0.25 0.30 unch 0.00 0.30 0.09 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.20 0.14 0.15 - 0.02 0.20 0.14 12.98 12.35 12.59 - 0.41 88.70 11.52 17.48 16.62 16.91 - 0.59 19.49 12.54 0.33 0.33 0.33 unch 0.00 0.63 0.28 0.44 0.42 0.44 - 0.01 0.90 0.36 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.06 0.06 0.06 unch 0.00 0.08 0.06 0.07 0.05 0.06 - 0.01 0.17 0.05 0.09 0.07 0.09 unch 0.00 0.21 0.07 0.04 0.00 0.04 unch 0.00 0.09 0.03 0.11 0.10 0.11 + 0.01 0.26 0.08 0.05 0.04 0.04 + 0.01 0.07 0.02 1.50 1.30 1.40 + 0.10 2.17 0.89 1.15 0.95 1.04 + 0.07 2.03 0.71 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.22 0.20 0.21 - 0.02 0.41 0.20 0.17 0.14 0.15 - 0.02 0.80 0.02 0.15 0.13 0.13 - 0.01 0.29 0.07 0.11 0.08 0.09 unch 0.00 0.15 0.05 0.08 0.06 0.08 + 0.02 0.12 0.03 0.04 0.02 0.03 - 0.02 0.10 0.02 0.26 0.24 0.24 - 0.01 0.42 0.17 0.19 0.17 0.18 - 0.00 0.33 0.12 0.26 0.25 0.25 - 0.02 0.30 0.17 0.19 0.15 0.18 - 0.02 0.30 0.11 0.26 0.21 0.23 - 0.05 0.39 0.16 0.05 0.05 0.05 - 0.01 0.07 0.04 0.05 0.05 0.05 - 0.01 0.10 0.04 0.07 0.07 0.07 + 0.01 0.15 0.05 0.05 0.04 0.04 - 0.01 0.12 0.04 0.06 0.05 0.06 unch 0.00 0.15 0.05 0.08 0.07 0.07 - 0.02 0.20 0.05 0.00 0.00 0.01 unch 0.00 0.01 0.00 0.02 0.02 0.02 - 0.01 0.10 0.02 0.03 0.02 0.03 + 0.00 0.09 0.01 0.04 0.04 0.04 + 0.01 0.12 0.02 75.16 71.31 74.49 + 2.33 74.77 55.07 0.06 0.05 0.06 + 0.00 0.09 0.03 0.08 0.07 0.08 unch 0.00 0.12 0.05 0.08 0.06 0.06 - 0.02 0.12 0.05 0.08 0.07 0.07 unch 0.00 0.33 0.06 0.05 0.00 0.05 - 0.01 0.08 0.01 0.15 0.14 0.15 - 0.01 0.29 0.12 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.03 0.02 0.02 unch 0.00 0.11 0.02 0.05 0.03 0.04 + 0.01 0.13 0.03 0.05 0.05 0.05 unch 0.00 0.22 0.03 0.16 0.15 0.15 - 0.01 0.30 0.06 0.03 0.03 0.03 + 0.00 0.08 0.02 0.03 0.03 0.03 - 0.01 0.11 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.02 0.01 0.02 + 0.00 0.04 0.01

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue Sky Uran* O 197 332 Blue Sky Uran V Blue Star Gold* O 20 Blue Star Gold V 1063 BlueBird Batt V 544 O 25 BlueBird Batt* Bluenose Gold V 335 O 42 Bluestone Res* Bluestone Res V 135 Bold Ventures V 1023 Bonanza Gold* O 1605 BonTerra Res V 305 Boreal Metals V 444 Borneo Res Inv* O 4767 Bravada Gold V 369 O 539 Bravada Gold* Braveheart Res V 311 O 50 Braveheart Res* Bravo Multinat* O 152 16315 Brazil Min* O Brigadier Gold V 738 BrightRock* O 127 Britannia Mng* O 11 Brixton Metals V 590 O 171 Brixton Metals* Broadway Gold V 266 O 160 Broadway Gold* O 782 Brookmount Exp* Bryn Res* O 49 BTU Metals V 385 Buenaventura* N 6456 Bullfrog Gold* O 683 Bunker Hill 63 BWR Explor V 335

0.17 0.13 0.14 + 0.00 0.18 0.09 0.22 0.18 0.19 + 0.01 0.23 0.13 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.04 0.03 0.03 unch 0.00 0.05 0.02 0.27 0.22 0.27 + 0.02 0.56 0.17 0.18 0.18 0.18 unch 0.00 0.41 0.14 0.17 0.12 0.17 + 0.02 0.33 0.09 0.83 0.74 0.77 - 0.06 1.16 0.75 1.13 1.00 1.05 - 0.09 1.60 1.00 0.03 0.02 0.02 unch 0.00 0.04 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 1.76 1.63 1.66 - 0.03 5.60 1.46 0.08 0.07 0.07 unch 0.00 0.22 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.09 0.09 - 0.02 0.11 0.05 0.08 0.07 0.07 - 0.01 0.09 0.04 0.14 0.09 0.12 + 0.02 0.12 0.06 0.08 0.08 0.08 unch 0.00 0.08 0.05 0.54 0.45 0.50 + 0.04 0.95 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.19 0.16 0.16 - 0.02 0.25 0.05 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.12 0.12 - 0.01 0.24 0.12 0.10 0.09 0.10 - 0.00 0.19 0.09 0.11 0.00 0.11 + 0.03 0.20 0.06 0.09 0.04 0.07 + 0.01 0.16 0.02 0.01 0.01 0.01 - 0.00 0.03 0.00 0.08 0.05 0.06 - 0.01 0.10 0.01 0.11 0.09 0.11 + 0.02 0.14 0.04 16.57 15.25 15.48 - 0.55 17.78 11.67 0.17 0.00 0.16 - 0.00 0.18 0.04 0.04 0.00 0.04 unch 0.00 1.68 0.03 0.05 0.04 0.04 - 0.01 0.07 0.03

Cabral Gold V 311 Cabral Gold* O 178 O 16 Cache Explor* Cache Explor V 1165 Cadillac Vent V 225 Cairo Res V 0 6 Caledonia Mng T Caledonia Mng* X 35 Calibre Mng V 61 Calibre Mng* O 22 California Gld 606 California Gld* O 124 O 293 Callinex Mines* Callinex Mines V 420 Cameco Corp* N 13898 Cameco Corp T 5791 Cameo Cobalt* O 2906 Cameo Cobalt V 5333 Camino Min* O 19 Camino Min V 165 O 0 Camrova Res* Canada Carbon V 1979 O 21 Canada Carbon* Canada Coal V 348 V 723 Canada Cobalt Canada Cobalt * O 157 Canada One* O 0 Canada One V 182 Canada Rare V 264 Canada Rare* O 71 O 0 Canadian Engy* Canadian Engy V 104 Canadian Metal 889 Canadian Metal* O 10 O 33 Canadian Ore* Canadian Ore V 75 V 449 Canadian Prem Canadian Prem* O 1 V 155 CanAlaska Uran CanAlaska Uran* O 64 O 34 Canamex Gold* Canamex Gold 53 Canarc Res* O 20 Canarc Res T 305 Canasil Res V 759 O 1 Candelaria Mg* Candelaria Mg V 324 T 326 Candente Coppr Candente Gold V 1725 3 CANEX Metals * O CANEX Metals V 46 CaNickel Mng V 22 CaNickel Mng* O 1 125 Canoe Mng Vent V Canstar Res V 250 Canstar Res* O 141 Canterra Mnls V 3 215 Cantex Mn Dev V Cantex Mn Dev* O 45 Canuc Res V 123 Canuc Res* O 20 T 4371 Capstone Mng Cardero Res V 555 Cardero Res* O 255 Cardinal Res* O 2 Cardinal Res T 384 Cariboo Rose V 371 Carlin Gold V 113 Carrara Explor 4972 Cartier Iron 221 Cartier Res V 458 V 122 Carube Copper Casa Minerals V 2371 69 Casa Minerals * O Cascadero Copp V 176 Cassius Vents V 1 CAT Strategic 22 Cautivo Mining* O 0 Cautivo Mining 0 CellCube Enrgy* O 1076 CellCube Enrgy 3861 Centamin T 61 O 200 Centaurus Diam* Centenera Mng V 3537 Centerra Gold T 2693 Central Iron V 685 Central Tim Ex V 1025 Centurion Mnls V 1039 O 29 Century Cobalt* Century Global T 62 Cerro Grande 24 Cerro Mng* O 0 Ceylon Graph V 126 Chakana Copper V 724 O 153 Chakana Copper* Chalice Gold M* O 110 412 Chalice Gold M T Champion Bear V 210 O 1 Champion Bear* Champion Iron T 2328 O 29 Champion Iron* Chatham Rock* O 0 V 62 Chatham Rock Chesapeake Gld* O 39 V 32 Chesapeake Gld Chevron Corp* N 57790 Chiboug Ind Mn V 3155 Chiboug Ind Mn* O 385 V 90 Chilean Metals Chilean Metals* O 11 118 China Gold Int T Chinapintza Mg V 5 5 CIM Intl Grp Cipher Res V 318 V 51 Clarmin Explor Clean Comm* O 840 Clean Comm V 345 Cleghorn Mnls V 56 O 6 Cleghorn Mnls* Cleveland-Clif* N 62468 Clifton Mng* O 89 Cloud Peak En* O 10800 CMC Metals* O 0 CMC Metals V 15 56 CMX Gold & Sil* O CMX Gold & Sil 17 CNRP Mng 182 CNRP Mng* O 298 665 Cobalt 27 Cap V Cobalt Block V 274

0.23 0.10 0.16 - 0.03 0.36 0.10 0.14 0.13 0.13 - 0.01 0.29 0.13 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.30 unch 0.00 0.42 0.24 7.88 7.50 7.74 + 0.07 12.26 6.63 5.88 5.67 5.85 - 0.04 9.51 5.01 0.51 0.46 0.50 - 0.02 0.80 0.30 0.38 0.34 0.34 - 0.03 0.55 0.03 0.79 0.64 0.69 - 0.02 0.79 0.37 0.59 0.47 0.53 - 0.01 0.59 0.13 0.06 0.04 0.05 - 0.00 0.23 0.04 0.07 0.06 0.07 + 0.01 0.31 0.06 11.28 10.35 10.89 - 0.36 13.04 9.39 15.18 13.89 14.62 - 0.53 17.12 12.31 0.16 0.09 0.10 + 0.01 0.85 0.03 0.14 0.12 0.12 unch 0.00 0.43 0.05 0.11 0.08 0.11 + 0.01 0.23 0.07 0.14 0.11 0.11 - 0.01 0.30 0.09 0.00 0.00 0.02 unch 0.00 0.08 0.00 0.15 0.10 0.12 - 0.02 0.18 0.07 0.11 0.08 0.08 - 0.02 0.13 0.00 0.03 0.02 0.03 unch 0.00 0.11 0.02 0.39 0.33 0.36 + 0.02 0.90 0.19 0.29 0.24 0.25 - 0.01 0.79 0.01 0.00 0.00 0.03 unch 0.00 0.10 0.03 0.04 0.03 0.03 unch 0.00 0.12 0.03 0.06 0.05 0.06 unch 0.00 0.10 0.04 0.04 0.04 0.04 - 0.00 0.08 0.02 0.00 0.00 0.09 unch 0.00 0.15 0.09 0.07 0.07 0.07 unch 0.00 0.20 0.07 0.06 0.05 0.06 + 0.01 0.20 0.04 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.24 0.21 0.21 - 0.03 0.34 0.15 0.31 0.29 0.29 - 0.02 0.45 0.14 1.25 0.80 0.94 - 0.33 3.98 0.80 0.74 0.74 0.74 unch 0.00 1.15 0.08 0.29 0.27 0.27 - 0.02 0.45 0.25 0.21 0.20 0.20 - 0.01 0.35 0.19 0.03 0.02 0.03 + 0.00 0.13 0.02 0.05 0.04 0.04 - 0.01 0.17 0.03 0.04 0.04 0.04 + 0.00 0.06 0.02 0.07 0.06 0.06 - 0.01 0.08 0.03 0.07 0.05 0.06 - 0.01 0.13 0.05 0.21 0.21 0.21 - 0.05 0.52 0.21 0.30 0.23 0.23 - 0.16 0.85 0.23 0.05 0.00 0.05 unch 0.00 0.10 0.05 0.02 0.02 0.02 - 0.01 0.05 0.02 0.02 0.00 0.02 - 0.00 0.04 0.02 0.05 0.00 0.04 - 0.01 0.07 0.03 0.07 0.00 0.06 unch 0.00 0.16 0.06 0.04 0.04 0.04 - 0.00 0.09 0.03 0.03 0.03 0.03 + 0.01 0.04 0.02 0.05 0.04 0.05 + 0.01 0.30 0.04 0.04 0.03 0.03 - 0.01 0.19 0.03 0.02 0.00 0.02 unch 0.00 0.04 0.02 3.45 2.73 2.95 - 0.39 4.17 0.15 2.56 2.04 2.04 - 0.46 3.00 0.01 0.05 0.00 0.04 - 0.01 0.19 0.04 0.03 0.03 0.03 unch 0.00 0.15 0.02 0.70 0.59 0.62 - 0.07 1.28 0.48 0.06 0.00 0.04 - 0.02 0.16 0.04 0.04 0.00 0.03 - 0.00 0.12 0.02 0.26 0.00 0.26 unch 0.00 0.41 0.26 0.37 0.35 0.36 + 0.01 0.50 0.32 0.05 0.05 0.05 - 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.04 0.02 0.07 0.06 0.07 unch 0.00 0.17 0.03 0.09 0.00 0.08 - 0.01 0.13 0.07 0.12 0.11 0.11 - 0.01 0.19 0.11 0.05 0.00 0.05 unch 0.00 0.10 0.04 0.13 0.10 0.11 + 0.01 0.24 0.10 0.10 0.08 0.09 - 0.01 0.12 0.08 0.03 0.03 0.03 - 0.01 0.09 0.03 0.00 0.00 0.06 unch 0.00 0.08 0.03 0.05 0.04 0.04 unch 0.00 0.15 0.04 0.00 0.00 0.07 unch 0.00 0.20 0.07 0.00 0.00 0.10 unch 0.00 0.39 0.08 0.09 0.08 0.08 - 0.01 0.58 0.06 0.13 0.11 0.12 + 0.01 0.71 0.09 1.64 1.55 1.64 + 0.07 2.86 1.39 0.17 0.14 0.15 + 0.01 1.00 0.05 0.03 0.03 0.03 unch 0.00 0.18 0.02 7.42 6.66 7.23 + 0.42 8.07 4.76 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.08 0.06 0.07 + 0.01 0.20 0.06 0.02 0.01 0.02 unch 0.00 0.05 0.01 0.10 0.08 0.10 unch 0.00 0.20 0.01 0.18 0.00 0.16 - 0.01 0.22 0.11 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.12 unch 0.00 0.13 0.12 0.15 0.13 0.15 + 0.01 0.21 0.12 0.41 0.37 0.41 + 0.04 0.82 0.25 0.30 0.27 0.30 + 0.04 0.64 0.19 0.09 0.09 0.09 unch 0.00 0.13 0.08 0.13 0.12 0.12 - 0.01 0.16 0.10 0.16 0.15 0.16 + 0.01 0.25 0.10 0.12 0.12 0.12 unch 0.00 0.17 0.10 2.20 2.09 2.16 + 0.04 2.35 0.89 1.62 1.57 1.59 + 0.01 1.74 0.70 0.00 0.00 0.11 unch 0.00 0.21 0.10 0.15 0.13 0.14 + 0.01 0.29 0.13 1.38 0.00 1.25 - 0.11 1.98 1.10 1.80 1.65 1.72 - 0.08 2.65 1.51 121.92 116.28 117.27 + 0.17 131.08 100.22 0.19 0.14 0.18 - 0.01 0.27 0.04 0.13 0.11 0.11 - 0.01 0.19 0.03 0.03 0.03 0.03 unch 0.00 0.18 0.03 0.02 0.02 0.02 unch 0.00 0.12 0.01 1.77 1.70 1.72 - 0.05 2.81 1.46 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.19 0.19 0.19 unch 0.00 0.63 0.19 0.04 0.03 0.04 + 0.01 0.14 0.03 0.11 0.10 0.11 unch 0.00 0.20 0.10 0.03 0.03 0.03 + 0.00 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.07 0.06 0.06 unch 0.00 0.14 0.06 0.04 0.04 0.04 unch 0.00 0.11 0.04 10.30 9.55 10.30 + 0.21 13.10 7.22 0.15 0.09 0.13 - 0.00 0.19 0.04 0.07 0.05 0.06 - 0.00 4.10 0.05 0.00 0.00 0.06 unch 0.00 0.06 0.01 0.08 0.08 0.08 unch 0.00 0.11 0.04 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.08 0.00 0.08 + 0.03 0.12 0.04 0.35 0.32 0.33 - 0.02 2.02 0.27 0.27 0.23 0.25 - 0.01 1.58 0.20 4.60 3.98 4.17 - 0.50 12.70 3.27 0.10 0.00 0.10 - 0.01 0.34 0.07

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cobalt Block* O 30 15208 Coeur Mng* N Colibri Res V 227 V 0 Colombia Crest O 0 Colombia Crest* Colonial Coal V 208 Colorado Res V 288 O 50 Colorado Res* Colt Res* O 4 T 508 Columbus Gold O 218 Columbus Gold* O 10 Commander Res* V 322 Commander Res O 129 Commerce Res* V 390 Commerce Res O 9 Compass Gold* V 1131 Compass Gold X 3267 Comstock Mng* V 725 Comstock Mtls Condor Gold* O 10 Condor Gold T 23 Condor Res V 103 Condor Res* O 130 O 11 Confedertn Ml* V 33 Confedertn Mls Conquest Res * O 205 V 114 Conquest Res V 216 Cons Woodjam CONSOL Coal Rs* N 270 CONSOL Energy* N 38311 N 1303 CONSOL Energy* O 43 Constantine Mt* V 146 Constantine Mt O 25 Contact Gold* Contact Gold V 136 O 28 Contact Mnrls* O 74 Contintl Gold* Contintl Gold T 733 74 Copper Fox Mtl* O 734 Copper Fox Mtl V 25 Copper Lake Rs V Copper Mtn Mng T 2214 Copper Mtn Mng* O 115 79 Copper North M* O 96 Copper North M V Copper Reef Mg 1760 Copperbank Res 2673 O 802 Copperbank Res* Coral Gold * O 110 Coral Gold V 156 V 157 Cordoba Mnls O 70 Cordoba Mnls* Core Gold V 1234 Core Gold* O 579 Core Lithium* O 21 V 1454 Cornerstone Ca O 195 Cornerstone Ca* Coro Mining T 906 15 Corsa Coal * O Corsa Coal V 51 Corvus Gold* O 72 Corvus Gold T 409 CR Capital V 27 0 Crazy Horse Res* O Crest Resource 150 Cresval Cap V 300 Critical Elem* O 159 Critical Elem V 747 V 127 CROPS O 9 Crown Mining* Crown Mining V 38 Cruz Cobalt V 81 Cruz Cobalt* O 56 Crystal Lake V 732 Crystal Lake* O 571 Crystal Peak* O 448 Crystal Peak V 22 O 0 CTGX Mining* 66 Currie Rose Rs V Cypress Dev V 740 Cypress Dev* O 84

0.05 unch 0.00 0.27 0.08 0.06 0.08 3.18 3.71 3.18 3.39 - 0.34 8.58 0.03 0.06 0.05 0.05 - 0.01 0.09 0.11 unch 0.00 0.41 0.00 0.00 0.30 0.03 unch 0.00 0.21 0.00 0.00 0.16 0.21 0.55 0.49 0.54 + 0.03 0.65 0.05 0.06 0.05 0.06 - 0.01 0.19 0.03 unch 0.00 0.14 0.04 0.04 0.04 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.16 0.19 0.16 0.18 + 0.01 0.33 0.11 0.13 0.11 0.13 + 0.01 0.25 0.02 0.07 0.06 0.06 - 0.01 0.16 0.07 0.10 0.09 0.09 - 0.01 0.22 0.04 0.04 0.04 0.04 + 0.01 0.06 0.05 unch 0.00 0.08 0.06 0.05 0.06 0.20 unch 0.00 0.40 0.32 0.32 0.32 0.11 0.43 0.34 0.36 - 0.04 0.74 0.12 0.26 0.23 0.24 + 0.02 0.38 0.03 0.03 0.03 0.03 - 0.01 0.08 0.25 0.28 0.00 0.28 - 0.09 0.55 0.33 unch 0.00 0.86 0.34 0.34 0.34 0.04 0.05 0.00 0.05 - 0.01 0.12 0.04 0.04 0.04 0.04 + 0.01 0.08 0.09 0.12 0.09 0.10 - 0.01 0.28 0.12 0.16 0.13 0.15 - 0.02 0.40 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.01 unch 0.00 0.04 0.02 0.02 0.02 0.03 0.06 0.05 0.05 - 0.01 0.09 18.15 17.43 18.01 + 0.41 21.13 14.58 10.57 8.44 8.76 - 1.73 18.37 8.44 29.34 34.31 31.54 32.92 - 1.16 48.12 0.12 0.34 0.33 0.34 + 0.01 0.65 0.39 0.48 0.44 0.48 + 0.04 0.83 0.15 0.15 0.15 0.15 - 0.03 0.38 0.19 0.21 0.18 0.18 - 0.04 0.50 0.02 0.15 0.10 0.10 - 0.05 0.45 1.33 2.12 1.96 1.97 - 0.14 3.02 1.76 0.18 3.98 2.68 - 2.84 2.63 0.07 0.06 0.07 - 0.00 0.10 0.06 0.10 0.09 0.10 + 0.01 0.13 0.08 0.02 0.02 0.02 unch 0.00 0.05 0.01 1.11 0.95 0.97 - 0.08 1.45 0.65 0.79 0.70 0.73 - 0.06 1.12 0.48 0.03 0.03 0.03 + 0.00 0.05 0.02 0.06 0.00 0.05 unch 0.00 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.04 0.05 0.04 0.04 - 0.01 0.10 0.03 0.04 0.03 0.03 - 0.01 0.08 0.29 0.28 0.29 + 0.01 0.34 0.16 0.32 0.40 0.37 0.40 + 0.02 0.44 0.09 0.11 0.10 0.11 - 0.01 0.29 0.06 0.08 0.08 0.08 + 0.01 0.23 0.19 0.29 0.27 0.27 - 0.01 0.35 0.14 0.23 0.20 0.20 - 0.02 0.28 0.20 unch 0.00 0.79 0.21 0.20 0.21 0.14 0.38 0.34 0.34 - 0.01 0.40 0.03 0.27 0.25 0.26 + 0.00 0.29 0.05 unch 0.00 0.12 0.11 0.10 0.11 0.64 0.62 0.62 - 0.02 1.22 0.37 0.61 unch 0.00 1.64 0.84 0.00 0.84 1.17 1.32 1.17 1.25 - 0.08 2.72 1.58 1.77 1.58 1.65 - 0.12 3.39 0.02 0.07 0.06 0.07 + 0.01 0.10 0.00 0.00 0.10 unch 0.00 0.13 0.08 0.10 0.16 0.12 0.16 + 0.03 0.16 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.33 0.37 0.33 0.34 - 0.04 0.91 0.44 0.50 0.45 0.49 - 0.02 1.19 0.02 unch 0.00 0.09 0.03 0.02 0.03 0.05 unch 0.00 0.10 0.05 0.00 0.05 0.07 0.08 0.07 0.08 - 0.01 0.17 0.05 0.05 0.05 0.05 - 0.01 0.22 0.03 0.04 0.03 0.03 - 0.00 0.17 0.24 0.34 0.29 0.32 + 0.01 0.77 0.18 0.25 0.22 0.22 + 0.01 0.58 0.12 0.13 0.13 0.13 - 0.01 0.34 0.16 0.19 0.17 0.18 - 0.01 0.44 0.10 unch 0.00 0.10 0.00 0.00 0.10 0.06 0.00 0.06 unch 0.00 0.12 0.05 0.17 0.26 0.22 0.26 + 0.03 0.42 0.12 0.18 0.17 0.18 + 0.01 0.32

Dajin Res* O 153 Dajin Res V 494 Dakota Ter Res* O 841 Daleco Res* O 240 Danakali* O 109 Debut Dmds 2998 Decade Res V 546 Decade Res* O 0 V 2 Deep-South Res DeepRock Min 305 O 45 Defense Metals* V 125 Defense Metals Defiance Silvr V 464 O 296 Defiance Silvr* Delrand Res V 106 5 Delrey Metals * O Delrey Metals 510 T 1208 Denison Mines X 2025 Denison Mines* Desert Gold V 109 Desert Lion* O 10 Desert Lion V 269 124 Desert Mtn Egy V Detour Gold T 3199 O 6 Diamante Min* Diamcor Mng V 1169 O 45 Diamcor Mng* O 2469 Diamond Disc* V 93 Diamond Fields O 21 Diamond Fields* Dios Expl V 324 V 124 Discovery Harb O 73 Discovery Met* V 179 Discovery Met 63798 O Discovery Mnls* V 149 Discovery-Corp District Cop* O 75 District Cop V 3017 Ditem Explor* O 0 O 51 Diversified Rs* DNI Metals 531 DNI Metals* O 233 O 29 Dolat Ventures* 26 Dolly Vard Sil* O 82 Dolly Vard Sil V O 70 Doubleview Cap* 708 V Cap Doubleview DRDGOLD* N 318 49 Duncan Park H V Dundee Prec Mt T 1287 O 2 Dunnedin Vent* Durango Res V 64 Durango Res* O 20 V 254 DV Resources 92 Dynacor Gld Mn T 34 Dynacor Gld Mn* O O 2 Dynamic Gold* O 1 DynaResource* Dynasty Gold V 16 O 1 Dynasty Gold* O 0 E-Energy Vent* E3 Metals V 5 V 71 Eagle Graphite O 13 Eagle Graphite* Eagle Plains V 295 118 V East Africa 29 East Africa * O East Asia Mnls* O 115 525 East Asia Mnls V EastCoal Inc V 16 O 34 Eastern Platin* Eastern Platin T 128 Eastern Zinc 9 Eastfield Res V 872 O 374 Eastmain Res* Eastmain Res T 1081 41 Eco Oro Mnls O 466 eCobalt Solns* eCobalt Solns T 762 O 10 Edison Cobalt* Edison Cobalt V 328 El Capitan Prc* O 3039 1 El Nino Vent* O

0.03 0.04 0.03 0.03 + 0.00 0.10 0.04 unch 0.00 0.13 0.06 0.05 0.05 0.05 0.00 0.05 - 0.03 0.19 0.02 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.44 0.58 0.55 0.56 - 0.00 0.69 0.01 unch 0.00 0.02 0.02 0.01 0.01 0.03 0.04 0.03 0.04 + 0.01 0.10 0.02 unch 0.00 0.07 0.00 0.00 0.03 0.06 unch 0.00 0.30 0.10 0.00 0.10 0.04 0.10 0.06 0.06 - 0.04 0.10 0.10 0.12 0.12 0.12 - 0.00 0.25 0.12 0.16 0.15 0.15 - 0.01 0.25 0.17 unch 0.00 0.38 0.20 0.18 0.20 0.12 0.15 0.13 0.15 - 0.00 0.29 0.25 0.60 0.58 0.59 + 0.01 0.83 0.16 0.15 0.16 + 0.01 0.16 0.15 0.16 0.21 0.19 0.20 + 0.01 0.50 0.58 0.73 0.69 0.69 - 0.01 0.89 0.44 0.55 0.51 0.53 + 0.01 0.69 0.14 unch 0.00 0.26 0.22 0.21 0.21 0.05 unch 0.00 1.07 0.10 0.10 0.10 0.04 0.15 0.13 0.14 - 0.01 1.40 0.19 0.17 0.17 + 0.01 0.27 0.13 12.50 11.58 11.87 - 0.56 14.59 9.38 0.01 0.04 0.02 0.04 + 0.00 0.24 0.09 0.19 0.12 0.18 + 0.05 0.50 0.07 0.14 0.00 0.14 + 0.04 0.41 0.00 0.00 0.00 0.00 + 0.00 0.00 0.07 unch 0.00 0.16 0.16 0.11 0.14 0.04 0.11 0.00 0.11 + 0.03 0.12 0.05 0.06 0.05 0.05 - 0.01 0.14 0.01 0.06 0.00 0.05 - 0.01 0.08 0.14 0.18 0.16 0.16 - 0.02 0.32 0.17 0.00 0.42 nch u 0.22 0.24 0.20 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 0.02 0.02 0.02 + 0.00 0.16 0.02 unch 0.00 0.21 0.04 0.03 0.03 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 + 0.00 0.05 0.04 0.06 0.05 0.05 - 0.01 0.11 0.03 0.05 0.04 0.04 - 0.00 0.08 0.10 0.92 0.55 0.76 - 0.17 2.14 0.27 0.25 0.27 + 0.02 0.49 0.22 0.37 0.33 0.34 - 0.01 0.62 0.29 0.07 0.11 0.10 0.10 - 0.01 0.13 0.07 unch 0.00 0.18 0.15 0.13 0.14 1.71 1.96 1.81 1.90 - 0.06 2.95 0.20 0.08 0.08 - 0.12 0.60 0.08 4.22 3.92 4.06 - 0.13 4.89 2.56 0.05 unch 0.00 0.23 0.06 0.06 0.06 0.04 0.07 0.07 0.07 - 0.01 0.10 0.04 unch 0.00 0.07 0.05 0.05 0.05 0.06 0.06 0.06 0.06 - 0.01 0.34 1.72 1.65 1.70 unch 0.00 1.93 1.41 1.27 1.23 1.24 - 0.03 1.50 1.02 1.00 unch 0.00 5.00 3.50 2.50 3.50 0.75 1.22 0.75 1.10 + 0.10 1.25 0.09 0.11 0.09 0.10 - 0.01 0.24 0.07 unch 0.00 0.18 0.07 0.07 0.07 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.23 unch 0.00 0.58 0.45 0.41 0.43 0.07 0.08 0.00 0.07 - 0.01 0.24 0.05 0.05 0.05 0.05 + 0.00 0.18 0.08 unch 0.00 0.17 0.09 0.08 0.09 0.20 0.18 0.18 + 0.01 0.29 0.14 0.14 0.13 0.13 - 0.01 0.18 0.10 0.05 0.04 0.05 unch 0.00 0.08 0.02 0.06 0.06 0.06 - 0.01 0.10 0.03 0.05 unch 0.00 0.30 0.10 0.05 0.05 0.12 0.17 0.15 0.15 - 0.04 0.27 0.17 0.22 0.20 0.20 - 0.03 0.36 0.09 unch 0.00 0.56 0.10 0.10 0.10 0.03 0.05 0.04 0.05 - 0.01 0.07 0.08 0.09 0.08 0.08 - 0.01 0.23 0.11 0.12 0.11 0.11 - 0.01 0.28 0.10 0.10 0.10 unch 0.00 0.27 0.10 0.19 0.25 0.21 0.24 + 0.02 1.13 0.25 0.34 0.30 0.33 + 0.03 1.43 0.03 0.04 0.04 0.04 + 0.00 0.19 0.04 0.05 0.04 0.04 - 0.01 0.25 0.02 0.01 0.01 - 0.00 0.03 0.00 0.02 0.02 0.02 unch 0.00 0.05 0.02

D-F

2019-05-06 6:48 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MAY 13â&#x20AC;&#x201C;26, 2019

Week

12-month

Exc Volume High Low Last Change High Low

El Nino Vent V 33 232 Elcora Adv Mat V Elcora Res* O 97 Eldorado Gold* N 11062 T 6602 Eldorado Gold Eloro Res* O 54 Eloro Res V 63 263 Ely Gold Royal V Ely Gold Royal* O 223 5 Elysee Dev * O Elysee Dev V 25 Emerita Res V 175 Emgold Mining* O 5 Emgold Mining V 735 V 5 Empire Metals EMX Royalty* X 178 EMX Royalty V 16 O 1 Encanto Potash* Encanto Potash V 182 V 602 EnCore Energy Endeavour Mng T 1559 O 121 Endeavour Mng* Endeavr Silver* N 3181 T 660 Endeavr Silver Endurance Gold V 49 Energy Fuels* X 3674 Energy Fuels T 732 Enforcer Gold V 78 Engineer Gold V 87 Engold Mines V 222 Engold Mines* O 89 Entree Res* X 360 Entree Res T 427 O 8 ePower Metals* ePower Metals V 25 Equinox Gold V 2446 Equitorial Ex V 427 523 Erdene Res Dev T Erdene Res Dev* O 158 Erin Ventures* O 7 Erin Ventures V 121 Ero Copper T 996 11 Ero Copper* O Eros Res Corp* O 32 24 Eros Res Corp V Eros Res Corp V 24 Eskay Mng V 311 Essex Minerals V 10 Ethos Gold* O 98 Ethos Gold V 129 Etruscus Res 728 Euro Manganese V 734 Euro Sun Mg* O 328 Euro Sun Mg T 1102 O 155 EurOmax Res* EurOmax Res T 649 O 320 European Elect* European Elect V 679 O 234 European Metal* Eurotin V 113 Everton Res* O 20 Everton Res V 62 445 EVI Global Grp Evolving Gold* O 2 Evrim Res V 284 Excellon Res* O 171 Excellon Res T 174 Excelsior Mng* O 132 T 238 Excelsior Mng ExGen Res Inc V 142 ExGen Res Inc* O 350 Explor Res* O 39 Explor Res V 4933 Explorex Res 168 O 47 Explorex Res* Fairmont Res* O 840 Falco Res V 1065 Falco Res * O 122 Falcon Gold V 413 V 223 Fancamp Expl Far Res 1661 Far Res* O 36 Fengro Industr V 27 Fidelity Min V 1148 Filo Mg Corp V 126 0 Filo Mg Corp * O Finlay Minrls V 105 Fiore Gold* O 309 Fiore Gold V 480 5 Fire River Gol* O Firebird Res V 4 FireFox Gold V 101 Firestone Diam* O 12 V 337 Firestone Vent Fireweed Zinc V 81 O 3 Fireweed Zinc* Firma Holdings* O 400 First Cobalt * O 858 First Cobalt V 2111 O 19100 First Colombia* First Energy 68 First Energy* O 30 First Idaho V 38 N 13735 First Majestic* First Majestic T 2942 First Mexican V 1459 First Mg Fin * O 1292 First Mg Fin T 1909 First Quantum T 16302 V 531 First Vanadium First Vanadium* O 283 V 1102 Fission 3.0 Fission 3.0* O 152 Fission Uran* O 521 Fission Uran T 1200 O 11 Fjordland Exp* Fjordland Exp V 22 3 Flowery Gold* O Focus Graphite* O 754 V 595 Focus Graphite Foran Mng V 47 Forsys Metals T 85 Fort St J Nick V 19 0 Fort St James* O Fortescue Met* O 17 Fortuna Silvr T 1165 Fortuna Silvr* N 4460 Fortune Bay V 2 Fortune Bay* O 1 O 230 Fortune Mnrls* Fortune Mnrls T 540 Forum Energy V 3827 Forum Energy* O 43 5 Fox River Res* O Fox River Res 93 FPX Nickel V 454 Franco-Nevada* N 3401 Franco-Nevada T 2400 Franklin Mng* O 0 Freedom Egy V 1100 Freegold Vent T 461 N 111943 Freeport McMoR* Freeport Res V 55 Fremont Gold V 245 Fremont Gold* O 3 23 Fresnillo plc* O Frontier Lith V 99 V 219 Frontline Gold Full Metal Mnl* O 3 Fura Gems V 139 Fura Gems* O 71 Fusion Gold V 25

0.03 0.03 0.03 + 0.01 0.06 0.03 0.10 0.08 0.08 - 0.01 0.31 0.06 0.07 0.06 0.06 unch 0.00 0.25 0.05 4.26 3.39 3.42 - 0.89 6.05 2.52 5.76 4.55 4.57 - 1.23 7.75 3.36 0.16 0.13 0.13 - 0.03 0.55 0.13 0.22 0.17 0.17 - 0.04 0.80 0.17 0.20 0.17 0.20 - 0.01 0.20 0.09 0.15 0.13 0.14 + 0.00 0.15 0.07 0.30 0.28 0.30 + 0.01 0.33 0.23 0.39 0.00 0.38 - 0.01 0.42 0.31 0.02 0.02 0.02 unch 0.00 0.12 0.02 0.14 0.12 0.14 + 0.00 0.15 0.03 0.20 0.17 0.19 - 0.01 0.22 0.05 0.17 0.17 0.17 unch 0.00 0.23 0.11 1.16 1.12 1.14 + 0.01 1.47 0.84 1.54 1.52 1.53 + 0.01 1.80 1.01 0.07 0.07 0.07 - 0.01 0.22 0.02 0.11 0.10 0.11 unch 0.00 0.35 0.10 0.16 0.14 0.14 - 0.01 0.21 0.05 20.10 17.24 19.93 + 0.49 24.65 16.34 14.86 13.34 14.86 + 0.39 18.87 12.38 2.24 2.07 2.13 - 0.12 3.35 1.76 3.00 2.79 2.87 - 0.15 4.40 2.27 0.04 0.00 0.04 - 0.01 0.09 0.03 3.12 2.82 2.99 - 0.09 4.09 1.82 4.17 3.80 4.01 - 0.14 5.38 2.36 0.05 0.04 0.04 unch 0.00 0.23 0.04 0.13 0.09 0.12 - 0.02 0.13 0.05 0.11 0.00 0.11 + 0.01 0.28 0.09 0.08 0.06 0.06 - 0.02 0.20 0.06 0.35 0.31 0.33 - 0.01 0.48 0.31 0.47 0.41 0.45 - 0.01 0.61 0.41 0.11 0.04 0.04 - 0.07 0.23 0.04 0.15 0.15 0.15 unch 0.00 0.31 0.14 1.10 0.98 1.05 - 0.04 1.37 0.85 0.04 0.04 0.04 - 0.01 0.10 0.02 0.20 0.18 0.19 - 0.01 0.53 0.18 0.15 0.13 0.14 - 0.00 0.40 0.14 0.06 0.06 0.06 unch 0.00 0.22 0.06 0.09 0.08 0.08 - 0.02 0.30 0.08 18.66 16.49 17.79 - 0.14 18.66 7.23 13.71 0.00 13.13 - 0.27 13.71 5.77 0.07 0.06 0.06 - 0.01 0.09 0.05 0.10 0.00 0.09 - 0.01 0.12 0.07 0.10 0.00 0.09 - 0.01 0.12 0.07 0.15 0.09 0.10 - 0.01 0.38 0.07 0.05 0.05 0.05 unch 0.00 0.14 0.03 0.11 0.10 0.11 - 0.01 0.25 0.09 0.15 0.14 0.14 - 0.01 0.34 0.12 0.49 0.41 0.45 - 0.03 0.50 0.24 0.23 0.20 0.20 unch 0.00 0.44 0.15 0.50 0.42 0.44 - 0.03 1.07 0.17 0.65 0.56 0.61 - 0.04 1.45 0.23 0.09 0.05 0.05 - 0.06 0.16 0.01 0.12 0.07 0.08 + 0.01 0.21 0.02 0.05 0.04 0.04 - 0.01 0.61 0.04 0.07 0.05 0.06 - 0.01 0.65 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.01 0.01 0.01 unch 0.00 0.13 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.02 1.37 1.22 1.26 - 0.09 1.64 0.16 0.00 0.00 0.00 - 0.05 0.12 0.00 0.31 0.29 0.30 unch 0.00 1.63 0.27 0.58 0.53 0.56 + 0.02 1.25 0.44 0.78 0.70 0.76 + 0.03 1.62 0.59 0.71 0.65 0.71 + 0.04 1.21 0.53 0.96 0.87 0.95 + 0.05 1.50 0.71 0.02 0.01 0.02 + 0.01 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.02 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.03 unch 0.00 0.04 0.02 0.28 0.23 0.28 + 0.04 0.45 0.21 0.20 0.18 0.18 - 0.02 0.28 0.18 0.00 0.00 0.00 unch 0.00 0.10 0.00 0.26 0.21 0.22 - 0.04 0.68 0.21 0.18 0.10 0.16 - 0.03 0.53 0.10 0.03 0.03 0.03 - 0.01 0.06 0.03 0.09 0.00 0.08 unch 0.00 0.11 0.04 0.10 0.09 0.09 - 0.01 0.39 0.06 0.07 0.06 0.06 - 0.01 0.88 0.04 0.03 0.03 0.03 + 0.01 0.20 0.03 0.06 0.04 0.06 + 0.01 0.10 0.03 2.83 2.79 2.80 - 0.05 2.99 2.00 0.00 0.00 2.02 unch 0.00 2.04 1.55 0.04 0.03 0.03 - 0.01 0.05 0.02 0.21 0.18 0.19 - 0.01 0.49 0.16 0.27 0.26 0.26 - 0.01 0.63 0.21 0.02 0.00 0.02 - 0.02 2.41 0.00 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.18 0.14 0.15 - 0.03 0.39 0.14 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.06 0.06 0.06 unch 0.00 0.11 0.04 0.72 0.67 0.67 - 0.04 2.14 0.68 0.54 0.50 0.50 - 0.02 1.67 0.52 0.02 0.01 0.02 + 0.00 0.07 0.01 0.13 0.11 0.12 - 0.00 0.63 0.11 0.17 0.15 0.16 - 0.01 0.82 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.15 0.15 - 0.01 0.20 0.15 0.12 0.12 0.12 unch 0.00 0.32 0.08 0.03 0.03 0.03 unch 0.00 0.03 0.03 6.26 5.65 5.83 - 0.49 8.48 4.59 8.44 7.61 7.83 - 0.66 11.09 6.12 0.02 0.01 0.01 - 0.01 0.06 0.01 0.23 0.18 0.20 - 0.02 0.44 0.16 0.29 0.26 0.28 - 0.01 0.55 0.21 14.96 12.54 13.30 - 1.74 23.05 9.45 0.57 0.46 0.49 - 0.07 1.96 0.40 0.43 0.35 0.37 - 0.04 1.60 0.31 0.10 0.10 0.10 - 0.01 0.30 0.08 0.08 0.07 0.07 - 0.01 0.22 0.06 0.41 0.38 0.40 + 0.02 0.60 0.35 0.55 0.50 0.55 + 0.04 0.78 0.47 0.05 0.04 0.05 + 0.01 0.24 0.04 0.07 0.06 0.07 + 0.01 0.33 0.06 0.15 0.15 0.15 unch 0.00 0.30 0.10 0.03 0.02 0.03 - 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.35 0.30 0.30 - 0.03 0.51 0.23 0.23 0.00 0.23 + 0.03 0.32 0.10 0.23 0.17 0.17 - 0.02 0.50 0.12 0.12 0.12 0.12 unch 0.00 0.23 0.09 5.12 5.06 5.06 - 0.02 5.88 2.53 4.25 3.92 4.05 - 0.20 7.78 3.92 3.17 2.91 3.01 - 0.16 5.94 2.91 0.00 0.00 0.26 unch 0.00 0.41 0.19 0.17 0.00 0.17 - 0.00 0.31 0.10 0.09 0.07 0.08 - 0.00 0.20 0.05 0.11 0.10 0.11 - 0.01 0.26 0.07 0.05 0.03 0.04 + 0.01 0.09 0.03 0.03 0.02 0.03 - 0.00 0.05 0.02 0.06 0.04 0.06 + 0.01 0.06 0.04 0.07 0.06 0.07 + 0.01 0.10 0.06 0.13 0.12 0.12 - 0.01 0.18 0.08 72.37 69.58 70.68 - 0.29 78.82 58.26 96.92 93.68 94.93 - 0.60 105.04 76.53 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.06 0.06 0.06 unch 0.00 0.13 0.05 12.59 11.42 11.95 - 0.55 18.38 9.60 0.09 0.09 0.09 unch 0.00 0.11 0.06 0.10 0.08 0.09 - 0.02 0.19 0.08 0.08 0.07 0.07 - 0.01 0.18 0.07 10.00 9.40 9.60 - 0.23 18.20 9.35 0.35 0.34 0.35 unch 0.00 0.51 0.30 0.02 0.01 0.01 - 0.01 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.27 0.24 0.27 - 0.01 0.52 0.24 0.20 0.00 0.18 - 0.02 0.42 0.18 0.30 0.20 0.30 unch 0.00 0.30 0.11

G2 Goldfields V 298 G2 Goldfields* O 55 Gabriel Res V 72 Gabriel Res* O 153 V 479 Gainey Capital Galane Gold * O 29 Galane Gold V 311 V 430 Galantas Gold Galantas Gold* O 123 Galore Res V 425 Galway Gold * O 60 Galway Gold V 40 Galway Mtls* O 17 Galway Mtls V 164 GAR Limited 3354 Garibaldi Res V 300 Garibaldi Res * O 50 V 154 Gatling Explor

0.30 0.25 0.28 - 0.01 0.35 0.10 0.22 0.20 0.20 - 0.01 0.22 0.04 0.45 0.41 0.45 unch 0.00 0.45 0.29 0.33 0.30 0.31 + 0.00 0.33 0.20 0.15 0.13 0.14 - 0.01 0.16 0.04 0.04 0.04 0.04 - 0.00 0.06 0.03 0.05 0.05 0.05 + 0.01 0.07 0.04 0.08 0.07 0.07 - 0.01 0.15 0.07 0.06 0.06 0.06 unch 0.00 0.10 0.06 0.03 0.01 0.03 + 0.01 0.05 0.01 0.08 0.00 0.08 - 0.00 0.12 0.07 0.12 0.11 0.12 + 0.01 0.26 0.10 0.22 0.20 0.21 - 0.00 0.30 0.10 0.31 0.28 0.29 - 0.01 0.44 0.13 0.06 0.04 0.06 + 0.01 0.22 0.04 0.77 0.70 0.76 unch 0.00 3.60 0.70 0.56 0.51 0.56 unch 0.00 2.82 0.51 0.36 0.34 0.35 + 0.01 0.58 0.13

G-H

20-23_MAY13_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gatling Explor* O 28 General Moly T 3 General Moly* X 825 O 72 Generation Min* Generation Min 658 Genesis Mtls* O 88 Genesis Mtls V 192 Genius Metals 39 Gensource Pot V 673 Gentor Res V 91 Geomega Res V 459 O 108 Geomega Res* Gespeg Cop Res V 1407 21 Getchell Gold * O Getchell Gold 55 Getty Copper V 100 GFG Resources V 164 O 125 GFG Resources* GFM Res V 4 GGL Res V 50 GGX Gold V 178 GGX Gold* O 54 Giga Metals* O 407 Giga Metals V 734 Gitennes Expl V 142 Giyani Gold V 997 Giyani Gold* O 363 V 239 GK Resources Glacier Lake V 250 O 139 Gldn Predator* Gldn Predator V 679 415 Glen Eagle Res V Glencore Plc* O 732 V 534 Global Atomic Global Atomic* O 23 V 362 Global Battery Global Battery* O 58 O 204 Global Energy* Global Energy V 1305 Global Gold* O 1 Global Li-Ion 338 Global Li-Ion* O 89 Global Vanad V 269 1 GlobalMin Vent* O Globex Mng* O 21 Globex Mng T 131 GMV Minerals V 66 O 36 GMV Minerals* GNCC Capital* O 83280 Go Cobalt* O 0 Go Cobalt 219 0 Godâ&#x20AC;&#x2122;s Lake Res GoGold Res T 439 O 100 Gold Dynamics* Gold Fields* O 1 23139 Gold Fields* N Gold Finder Ex* O 13 Gold Finder Ex V 2174 Gold Lakes* O 22 Gold Reserve V 24 Gold Reserve* O 54 X 2618 Gold Resource* Gold Rush Cari V 446 10 Gold Rush Cari* O Gold Std Vents T 243 Gold Std Vents* X 696 Goldbank Mng V 19 O 9 Goldbank Mng* Goldcliff Res* O 76 Goldcliff Res V 166 Goldcorp T 171643 Golden Arrow V 236 Golden Arrow* O 212 O 10 Golden Band* Golden Cariboo V 197 551 Golden Dawn Ml V Golden Dawn Ml* O 152 O 29 Golden Goliath* Golden Goliath V 155 Golden Harp* O 0 Golden Harp V 60 Golden Hope V 444 Golden Hope* O 104 Golden Mnls* X 444 Golden Mnls T 17 V 47 Golden Pursuit Golden Queen T 303 O 1173 Golden Queen* Golden Ridge V 1580 V 283 Golden Secret Golden Share V 58 Golden Star* X 1037 Golden Star T 132 Golden Tag V 284 Golden Valley* O 52 Golden Valley V 179 Goldex Res* O 8 Goldex Res V 65 Goldgroup Mng T 359 O 49 Goldgroup Mng* GoldMining* O 361 GoldMining T 294 GoldON Res V 190 GoldON Res* O 5 Goldplay Expl* O 64 Goldplay Expl V 204 GoldQuest Mng V 941 Goldrea Res 124 Goldrea Res* O 158 O 45 Goldrich Mng* Goldsource Min* O 304 V 4839 Goldsource Min Goldstar Mnls V 260 V 164 Goldstream Mnl Goldstrike Res V 345 GoldTrain Res 50 Goliath Res V 714 Goliath Res* O 800 Gossan Res V 241 O 328 GoviEx Uranium* GoviEx Uranium V 1410 Gowest Gold* O 257 Gowest Gold V 738 GPM Metals* O 30 GPM Metals V 180 O 129 Gran Colombia* Gran Colombia T 1563 Granada Gold V 116 Granada Gold* O 114 V 189 Grande Portage Grande Portage* O 20 Granite Creek V 50 Graphite Egy* O 79 Graphite Egy 112 Graphite One* O 103 Graphite One V 42 Gratomic* O 5 Gratomic V 3521 Gray Rock Res V 407 Great Atlantic V 500 Great Bear Res V 768 Great Bear Res* O 321 Great Lakes Gr* O 183 Great Panther T 219 Great Panther* X 2988 V 31 Great Thunder Greatbanks Re V 62 O 0 Greatbanks Res* Green Arrow V 615 Green River 24 Green Swan Cap V 230 3 Green Valley M V Greencastle Rs V 79 O 338 Greenland M&En* Greenshield Ex V 0 Grenville Gold 28 Grid Metals V 1102 Grid Metals* O 154 Grizzly Discvr* O 556 Grizzly Discvr V 318 Grosvenor Res V 0 Group Eleven V 1438 Group Ten Mtls* O 230 240 Group Ten Mtls V GrowMax Res* O 132 GrowMax Res V 2502 GSP Resource V 383 GT Gold V 543 GT Gold * O 239 Gungnir Res* O 139 Gungnir Res V 541 V 48 Gunpoint Expl Guyana Gldflds T 7848

0.27 0.00 0.27 - 0.01 0.34 0.21 0.28 0.00 0.27 - 0.02 0.63 0.22 0.22 0.20 0.20 - 0.01 0.46 0.16 0.22 0.17 0.22 + 0.04 0.22 0.03 0.32 0.24 0.30 + 0.04 0.32 0.08 0.06 0.06 0.06 + 0.01 0.08 0.04 0.08 0.07 0.08 + 0.01 0.12 0.05 0.19 0.18 0.18 - 0.01 0.25 0.12 0.10 0.09 0.09 - 0.01 0.16 0.08 0.06 0.05 0.05 - 0.01 0.12 0.05 0.16 0.14 0.16 + 0.01 0.20 0.07 0.12 0.10 0.12 - 0.00 0.12 0.05 0.03 0.03 0.03 - 0.01 0.05 0.02 0.14 0.14 0.14 - 0.01 0.17 0.13 0.18 0.15 0.18 + 0.03 3.60 0.13 0.04 0.00 0.04 + 0.01 0.07 0.02 0.27 0.24 0.24 - 0.02 0.35 0.17 0.21 0.00 0.20 + 0.00 0.25 0.14 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.08 0.00 0.07 unch 0.00 0.14 0.07 0.10 0.10 0.10 - 0.01 0.14 0.05 0.07 0.07 0.07 - 0.00 0.11 0.04 0.16 0.13 0.15 + 0.00 0.29 0.12 0.23 0.17 0.19 unch 0.00 0.37 0.15 0.04 0.00 0.04 unch 0.00 0.10 0.02 0.13 0.09 0.13 + 0.03 0.40 0.07 0.10 0.08 0.10 + 0.02 0.31 0.06 0.15 0.15 0.15 unch 0.00 0.17 0.15 0.10 0.08 0.08 - 0.01 0.65 0.08 0.16 0.14 0.15 - 0.02 0.44 0.14 0.21 0.19 0.19 - 0.02 0.58 0.19 0.12 0.10 0.10 - 0.03 0.18 0.10 8.08 7.62 7.83 - 0.17 10.75 6.72 0.43 0.41 0.42 - 0.01 0.46 0.25 0.32 0.31 0.31 - 0.01 0.35 0.21 0.22 0.16 0.20 + 0.04 0.31 0.07 0.14 0.12 0.14 + 0.02 0.24 0.06 0.06 0.05 0.05 - 0.01 0.11 0.03 0.09 0.07 0.07 - 0.01 0.15 0.04 1.30 1.30 1.30 - 0.20 2.75 1.30 0.18 0.17 0.17 unch 0.00 0.38 0.06 0.14 0.12 0.13 + 0.01 0.30 0.04 0.16 0.15 0.15 - 0.02 0.23 0.10 0.52 0.52 0.52 unch 0.00 140.00 0.52 0.30 0.29 0.30 + 0.01 0.34 0.19 0.41 0.37 0.38 - 0.02 0.46 0.25 0.13 0.13 0.13 - 0.02 0.32 0.07 0.09 0.00 0.09 + 0.00 0.23 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.17 0.17 0.17 unch 0.00 0.26 0.03 0.15 0.13 0.14 - 0.01 0.38 0.07 4.45 0.00 4.45 + 0.95 4.45 0.22 0.37 0.34 0.37 + 0.03 0.53 0.19 0.00 0.00 0.00 - 0.00 0.01 0.00 3.55 3.55 3.55 unch 0.00 4.10 2.40 3.96 3.64 3.71 - 0.28 4.45 2.20 0.07 0.05 0.06 + 0.01 0.36 0.04 0.08 0.06 0.06 - 0.02 0.52 0.06 0.03 0.00 0.03 + 0.02 0.10 0.00 3.55 3.24 3.36 + 0.03 3.87 2.50 2.65 2.35 2.60 + 0.15 3.02 1.84 3.81 3.56 3.59 - 0.24 7.33 3.56 0.11 0.10 0.10 - 0.01 0.24 0.05 0.07 0.07 0.07 unch 0.00 0.15 0.07 1.42 1.31 1.34 - 0.08 2.40 1.17 1.06 0.96 1.01 - 0.04 1.86 0.86 0.17 0.15 0.15 - 0.02 0.18 0.07 0.11 0.11 0.11 unch 0.00 0.11 0.10 0.09 0.07 0.08 + 0.01 0.10 0.03 0.15 0.11 0.13 + 0.02 0.13 0.05 15.02 14.34 14.43 unch 0.00 18.78 11.00 0.30 0.25 0.26 - 0.04 0.55 0.22 0.22 0.19 0.19 - 0.03 0.42 0.17 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.05 0.05 - 0.01 0.08 0.03 0.06 0.05 0.06 unch 0.00 0.33 0.02 0.04 0.03 0.03 - 0.01 0.25 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.00 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.00 0.00 0.08 unch 0.00 0.08 0.08 0.14 0.00 0.14 + 0.02 0.20 0.06 0.09 0.06 0.07 + 0.02 0.11 0.05 0.06 0.04 0.06 + 0.01 0.08 0.03 0.29 0.25 0.26 - 0.02 0.45 0.19 0.38 0.34 0.35 - 0.02 0.57 0.26 0.08 0.00 0.07 - 0.01 0.20 0.02 0.03 0.00 0.03 unch 0.00 0.24 0.02 0.02 0.01 0.02 - 0.00 0.18 0.02 0.15 0.13 0.14 unch 0.00 0.54 0.08 1.40 1.10 1.40 + 0.13 3.10 1.10 0.09 0.09 0.09 unch 0.00 0.24 0.07 4.27 3.83 4.08 - 0.19 4.67 2.43 5.76 5.16 5.48 - 0.27 6.22 3.24 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.27 0.24 0.25 - 0.01 0.30 0.16 0.35 0.33 0.34 - 0.02 0.39 0.22 0.09 0.08 0.09 + 0.00 1.16 0.07 0.11 0.10 0.11 - 0.01 1.49 0.08 0.06 0.00 0.06 + 0.01 0.09 0.04 0.03 0.03 0.03 + 0.00 0.07 0.02 0.67 0.60 0.63 - 0.01 0.97 0.52 0.90 0.80 0.85 - 0.03 1.17 0.71 0.37 0.28 0.33 + 0.05 0.37 0.12 0.24 0.20 0.24 + 0.04 0.24 0.09 0.14 0.12 0.12 - 0.02 0.22 0.12 0.18 0.15 0.16 - 0.01 0.32 0.14 0.11 0.09 0.10 unch 0.00 0.24 0.08 0.08 0.07 0.08 unch 0.00 0.15 0.04 0.06 0.05 0.05 - 0.01 0.14 0.03 0.01 0.01 0.01 - 0.00 0.04 0.01 0.16 0.11 0.15 + 0.03 0.16 0.02 0.23 0.16 0.20 + 0.04 0.23 0.04 0.03 0.03 0.03 unch 0.00 0.12 0.03 0.06 0.04 0.04 - 0.02 0.18 0.04 0.04 0.04 0.04 unch 0.00 0.25 0.04 0.11 0.11 0.11 unch 0.00 0.40 0.11 0.08 0.07 0.07 + 0.01 0.33 0.06 0.06 0.05 0.06 unch 0.00 0.21 0.04 0.07 0.06 0.06 - 0.01 0.10 0.05 0.14 0.13 0.14 - 0.00 0.20 0.09 0.20 0.18 0.18 unch 0.00 0.26 0.12 0.03 0.02 0.03 + 0.00 0.07 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.04 0.04 0.04 + 0.00 0.04 0.02 0.05 0.04 0.05 unch 0.00 0.06 0.03 2.60 2.33 2.36 - 0.27 3.44 1.57 3.60 3.12 3.15 - 0.37 4.67 2.03 0.12 0.00 0.11 - 0.01 0.25 0.10 0.09 0.08 0.08 - 0.00 0.19 0.08 0.11 0.09 0.09 - 0.01 0.34 0.08 0.07 0.06 0.07 + 0.00 0.25 0.06 0.20 0.00 0.17 - 0.01 0.23 0.09 0.30 0.00 0.23 - 0.07 2.89 0.10 0.37 0.00 0.37 + 0.33 0.37 0.02 0.25 0.22 0.25 - 0.02 1.00 0.00 0.33 0.28 0.31 - 0.04 0.75 0.24 0.06 0.06 0.06 unch 0.00 0.13 0.04 0.07 0.05 0.05 - 0.01 0.17 0.05 0.08 0.07 0.07 - 0.02 0.20 0.05 0.05 0.04 0.04 - 0.01 0.15 0.04 2.93 2.30 2.53 - 0.14 4.08 0.42 2.18 1.71 1.90 - 0.10 3.09 0.34 0.05 0.03 0.03 - 0.01 0.10 0.01 1.21 1.07 1.18 - 0.02 1.68 0.70 0.90 0.81 0.89 - 0.01 1.32 0.54 0.03 0.02 0.02 - 0.01 0.03 0.01 0.11 0.10 0.10 - 0.01 0.35 0.04 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.03 0.02 0.03 unch 0.00 0.04 0.02 0.07 0.06 0.07 + 0.03 0.07 0.04 0.04 0.03 0.03 - 0.01 0.07 0.02 0.20 0.14 0.14 - 0.07 2.10 0.14 0.07 0.06 0.07 unch 0.00 0.11 0.05 0.05 0.05 0.05 - 0.00 0.07 0.04 0.00 0.00 0.05 unch 0.00 0.15 0.05 0.23 0.23 0.23 unch 0.00 0.70 0.12 0.12 0.10 0.12 + 0.01 0.21 0.05 0.10 0.07 0.09 + 0.02 0.16 0.04 0.04 0.03 0.04 - 0.00 0.11 0.03 0.05 0.04 0.05 unch 0.00 0.15 0.04 0.00 0.00 0.09 unch 0.00 0.20 0.09 0.08 0.06 0.07 - 0.01 0.20 0.06 0.11 0.01 0.10 - 0.01 0.19 0.01 0.15 0.12 0.14 - 0.01 0.24 0.12 0.08 0.06 0.07 - 0.00 0.12 0.05 0.12 0.09 0.12 + 0.03 0.16 0.07 0.20 0.16 0.20 + 0.03 0.26 0.16 0.91 0.85 0.87 - 0.01 2.15 0.41 0.67 0.64 0.64 + 0.00 1.62 0.31 0.05 0.00 0.05 - 0.00 0.29 0.04 0.08 0.06 0.06 - 0.02 0.39 0.06 0.41 0.00 0.38 - 0.01 0.55 0.30 1.16 0.90 1.16 + 0.22 5.42 0.88

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Guyana Goldstr V 268 Guyana Goldstr* O 349 Handa Mining V 11 Handeni Gold* O 9 V 170 Hannan Metals O 95 Hannan Metals* Happy Ck Mnrls V 93 V 60 Harfang Explor Harmony Gold* N 19149 Harte Gold T 3892 Harte Gold* O 3926 Harvest Gold* O 264 Harvest Gold V 1754 Havilah Mining* O 12 V 174 Havilah Mining O 15 Hawkeye Gld&Di* Hawkeye Gld&Di V 150 V 366 Heatherdale Rs Hecla Mining* N 28649 Helio Res V 86 Hemcare Health* O 44 Heron Res* O 0 HFX Holding V 10 Highbank Res V 209 Highland Copp V 221 O 101 Highland Copp* Highway 50 Gld V 28 Highway 50 Gld* O 11 HiHo Silver 646 Hinterland Mtl V 5 Hochschild Mg* O 17 O 883 Homeland Egy* Honey Badger E* O 24 387 Honey Badger E V Horizonte Mnls T 120 25 Hornby Bay Mnl* O Hornby Bay Mnl V 53 HudBay Min T 4585 HudBay Min* N 4564 Hudson Res V 41 Hudson Res* O 12 Hunt Mng* O 60 Hunt Mng V 108 Hut 8 Mining* O 116 437 Hut 8 Mining V Hybrid Mineral V 48

0.19 0.16 0.18 + 0.01 0.39 0.16 0.14 0.00 0.13 + 0.01 0.28 0.12 0.04 0.03 0.04 + 0.01 0.08 0.03 0.02 0.00 0.02 - 0.00 0.06 0.02 0.13 0.08 0.08 - 0.01 0.23 0.05 0.08 0.06 0.07 + 0.00 0.19 0.04 0.14 0.13 0.13 - 0.02 0.20 0.11 0.23 0.20 0.23 + 0.03 0.30 0.18 1.84 1.60 1.60 - 0.26 2.21 1.43 0.27 0.21 0.25 - 0.03 0.55 0.21 0.21 0.15 0.18 - 0.02 0.38 0.15 0.02 0.01 0.02 + 0.00 0.08 0.01 0.02 0.01 0.02 unch 0.00 0.10 0.01 0.20 0.00 0.18 - 0.05 0.35 0.17 0.28 0.24 0.27 - 0.02 0.69 0.24 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.03 0.00 0.03 unch 0.00 0.05 0.02 2.18 1.95 2.05 - 0.12 4.15 1.95 0.07 0.07 0.07 - 0.01 0.13 0.06 1.41 1.25 1.40 - 0.01 1.52 0.05 0.41 0.41 0.41 unch 0.00 0.49 0.35 0.06 0.06 0.06 unch 0.00 0.07 0.05 0.03 0.00 0.03 unch 0.00 0.05 0.01 0.07 0.06 0.06 - 0.01 0.14 0.05 0.05 0.04 0.05 - 0.00 0.12 0.04 0.19 0.17 0.17 - 0.02 0.48 0.14 0.17 0.11 0.11 - 0.06 0.37 0.10 0.04 0.03 0.03 unch 0.00 0.11 0.02 0.19 0.00 0.19 - 0.01 0.35 0.10 2.39 2.39 2.39 unch 0.00 2.98 1.96 2.25 1.84 1.94 + 0.01 3.21 0.18 0.02 0.02 0.02 unch 0.00 0.14 0.02 0.03 0.03 0.03 unch 0.00 0.20 0.03 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.02 0.01 0.02 - 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 9.12 8.52 8.86 - 0.29 10.42 4.51 6.77 6.33 6.60 - 0.21 7.83 3.44 0.40 0.38 0.40 + 0.01 0.53 0.32 0.29 0.28 0.28 + 0.00 0.39 0.25 0.10 0.07 0.10 + 0.00 0.34 0.07 0.12 0.10 0.10 + 0.01 0.36 0.09 1.18 1.03 1.12 + 0.07 3.27 0.60 1.62 1.36 1.56 + 0.14 4.25 0.76 0.07 0.06 0.06 unch 0.00 0.44 0.06

I-Minerals* O 69 I-Minerals V 25 IAMGOLD T 6144 18301 IAMGOLD* N Icon Explor* O 60 Iconic Mnls V 264 61 Iconic Mnls * O iMetal Res* O 60 iMetal Res V 927 IMPACT Silver V 51 O 3 Imperial Metal* Imperial Metal T 161 760 Imperial Mg Gr V 34 Inca One Gold* O Inca One Gold V 37 Inception Mng * O 3 O 10 Independence G* V 100 Independence G Indico Res V 75 Indigo Expl V 196 Infinite Lith* O 11 Infinite Lith V 40 Inform Res V 244 Inomin Mines V 205 Inspiration Mg* O 0 Intact Gold* O 1 Intact Gold V 60 Integra Res* O 187 Integra Res V 224 O 3 Inter-Rock Mnl* Inter-Rock Mnl V 21 Intercontinent V 7 Intercontinent* O 1 Intgr Egy Sol* O 2505 Intl Battery* O 241 Intl Battery 134 Intl Bethl Mng V 99 Intl Cobalt* O 154 Intl Cobalt 408 Intl Lithium* O 28 Intl Lithium V 154 Intl Montoro* O 103 Intl Montoro V 1153 Intl Prospect * O 0 Intl Prospect V 37 Intl Samuel Ex* O 7 194 Intl Samuel Ex V Intl Star* O 1975 Intl Tower Hil* X 231 Intl Tower Hil T 41 Intl Zeolite V 113 Intl Zeolite* O 25 Intrepid Pots* N 1818 INV Metals* O 43 INV Metals T 382 Inventus Mg V 72 16 Inventus Mg * O InZinc Mining* O 10 InZinc Mining V 84 Ireland* O 247 Irving Res* O 164 Irving Res 231 IsoEnergy Ltd V 266 Itafos* O 1201 V 261 Itafos Itoco Inc* O 3 O 591 Ivanhoe Mines* Ivanhoe Mines T 5997 Jade Leader* O 32 Jade Leader V 44 Jaeger Res V 8 Jaguar Mng T 407 Jaguar Mng* O 268 Japan Gold V 613 Japan Gold* O 283 Jasper Mining V 44 O 22 Jaxon Mining* Jaxon Mining V 38 Jayden Res V 160 Jazz Res V 1019 Jiulian Res V 257 Jourdan Res V 1162 Juggernaut Exp V 1122 O 313 Juggernaut Exp* Jupiter Gold* O 1 K2 Gold V 132 K92 Mining* O 1008 K92 Mining V 2072 Kaizen Discov V 105 Kal Minerals 0 Kapuskasing Gd V 147 Karam Min 202 Karmin Expl V 15 Karnalyte Res T 120 Karoo Expl V 18 57682 KAT Expl* O Katanga Mng T 604 V 1053 Kenadyr Mining Kenadyr Mining* O 1 Kermode Res V 270 Kerr Mines* O 398 Kerr Mines T 2701 Kesselrun Res V 145 O 269 Kesselrun Res* Kestrel Gold V 1472 V 165 Kilo Goldmines Kincora Copper* O 20 V 217 Kincora Copper Kingsmen Res V 27 O 4 Kingsmen Res* Kinross Gold T 14967 50020 Kinross Gold* N Kintavar Exp V 102 Kirkland Lake* N 5597 Kirkland Lake T 3793 O 42 Klondike Gold* Klondike Gold V 107 Klondike Silv* O 1 Klondike Silv V 388 Knick Expl V 442 Kombat Copper V 69 V 77 Komet Resource Kootenay Silvr* O 89 V 372 Kootenay Silvr

0.06 0.05 0.05 - 0.02 0.18 0.05 0.09 0.07 0.09 unch 0.00 0.27 0.07 4.20 3.88 3.96 - 0.26 8.20 3.64 3.12 2.88 2.93 - 0.21 6.33 2.75 0.09 0.00 0.08 + 0.00 0.21 0.08 0.13 0.12 0.12 - 0.01 0.19 0.08 0.10 0.09 0.09 - 0.01 0.14 0.06 0.06 0.06 0.06 unch 0.00 0.14 0.05 0.08 0.06 0.06 - 0.01 0.19 0.06 0.30 0.00 0.28 - 0.02 0.48 0.20 2.12 1.81 1.81 - 0.22 2.60 0.72 2.75 2.38 2.46 - 0.25 3.50 0.93 0.08 0.07 0.07 - 0.01 0.12 0.05 0.04 0.03 0.03 - 0.01 0.06 0.02 0.05 0.05 0.05 - 0.01 0.07 0.04 0.36 0.00 0.32 - 0.02 0.55 0.00 0.04 0.04 0.04 - 0.00 0.08 0.03 0.07 0.00 0.07 + 0.01 0.11 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.05 0.04 0.05 + 0.00 0.14 0.04 0.08 0.07 0.07 - 0.01 0.18 0.06 0.06 0.03 0.03 - 0.02 0.19 0.05 0.03 0.02 0.02 - 0.01 0.12 0.02 0.03 0.03 0.03 unch 0.00 0.06 0.00 0.07 0.07 0.07 unch 0.00 0.65 0.05 0.08 0.00 0.07 - 0.01 1.18 0.06 0.51 0.46 0.48 + 0.02 0.76 0.44 0.68 0.61 0.65 + 0.03 0.95 0.61 0.20 0.20 0.20 unch 0.00 0.29 0.18 0.23 0.22 0.23 - 0.02 0.47 0.20 0.13 0.12 0.12 - 0.04 0.65 0.12 0.11 0.11 0.11 unch 0.00 0.47 0.10 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.08 0.10 - 0.01 0.36 0.08 0.13 0.12 0.12 - 0.01 0.46 0.12 0.04 0.04 0.04 - 0.01 0.09 0.03 0.03 0.01 0.02 - 0.00 0.18 0.01 0.03 0.02 0.03 - 0.01 0.23 0.02 0.04 0.04 0.04 - 0.00 0.09 0.02 0.06 0.05 0.06 unch 0.00 0.12 0.03 0.04 0.00 0.04 + 0.01 0.06 0.02 0.07 0.04 0.05 + 0.01 0.09 0.04 0.00 0.00 0.11 unch 0.00 0.25 0.10 0.15 0.13 0.14 - 0.01 0.38 0.12 0.00 0.00 0.03 unch 0.00 0.10 0.02 0.03 0.02 0.03 unch 0.00 0.13 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.50 0.46 0.48 - 0.01 0.75 0.35 0.64 0.62 0.64 - 0.03 0.94 0.48 0.11 0.00 0.10 - 0.01 0.38 0.05 0.09 0.09 0.09 unch 0.00 0.28 0.01 3.79 3.51 3.64 - 0.11 5.31 2.51 0.31 0.27 0.29 - 0.03 0.59 0.26 0.44 0.35 0.35 - 0.11 0.83 0.35 0.13 0.10 0.10 - 0.03 0.25 0.11 0.10 0.00 0.10 unch 0.00 0.18 0.07 0.04 0.04 0.04 unch 0.00 0.10 0.02 0.05 0.05 0.05 - 0.01 0.14 0.04 0.17 0.13 0.15 + 0.01 0.20 0.03 1.69 1.58 1.63 + 0.08 1.82 0.70 2.26 2.12 2.20 + 0.08 2.39 0.91 0.50 0.45 0.46 - 0.04 0.66 0.28 0.60 0.54 0.54 + 0.01 2.08 0.47 0.74 0.00 0.72 - 0.01 2.68 0.63 0.27 0.15 0.15 - 0.08 0.29 0.02 2.70 2.33 2.63 + 0.07 2.77 1.50 3.62 3.14 3.55 + 0.13 3.59 2.00 0.20 0.00 0.20 unch 0.00 0.34 0.13 0.22 0.00 0.20 - 0.02 0.44 0.13 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.12 0.11 0.11 - 0.01 0.40 0.11 0.09 0.08 0.09 - 0.00 0.31 0.08 0.26 0.22 0.24 + 0.02 0.38 0.07 0.19 0.16 0.19 + 0.02 0.28 0.06 0.09 0.08 0.08 unch 0.00 0.29 0.08 0.05 0.00 0.05 unch 0.00 0.11 0.04 0.05 0.05 0.05 unch 0.00 0.15 0.05 0.01 0.01 0.01 unch 0.00 0.20 0.01 0.06 0.05 0.06 unch 0.00 0.08 0.03 0.08 0.08 0.08 + 0.01 0.18 0.02 0.03 0.02 0.03 unch 0.00 0.09 0.02 0.09 0.08 0.09 unch 0.00 0.59 0.07 0.07 0.05 0.06 + 0.01 1.10 0.05 1.00 1.00 1.00 unch 0.00 2.25 1.50 0.25 0.21 0.21 - 0.01 0.33 0.16 1.11 0.95 1.04 - 0.08 1.35 0.50 1.51 1.27 1.38 - 0.13 1.75 0.66 0.06 0.05 0.06 - 0.01 0.11 0.05 0.00 0.00 0.25 unch 0.00 0.25 0.12 0.07 0.06 0.06 - 0.02 0.21 0.06 0.15 0.00 0.15 unch 0.00 0.15 0.15 0.80 0.75 0.80 + 0.08 1.05 0.60 0.19 0.16 0.18 + 0.01 0.61 0.16 0.08 0.07 0.08 - 0.01 0.76 0.06 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.47 0.43 0.43 - 0.03 1.55 0.36 0.08 0.06 0.07 unch 0.00 0.21 0.06 0.06 0.05 0.06 + 0.01 0.16 0.04 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.14 0.09 0.12 + 0.04 0.19 0.07 0.18 0.13 0.16 + 0.04 0.25 0.11 0.05 0.04 0.04 - 0.01 0.14 0.03 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.07 0.07 0.07 unch 0.00 0.23 0.07 0.09 0.08 0.09 unch 0.00 0.29 0.08 0.55 0.50 0.55 + 0.05 0.70 0.15 0.52 0.31 0.40 - 0.12 0.52 0.12 4.41 4.04 4.13 - 0.30 5.34 3.15 3.27 3.00 3.07 - 0.22 4.12 2.38 0.18 0.15 0.16 - 0.01 0.46 0.11 32.64 30.71 31.01 - 1.29 36.74 17.26 43.81 41.36 41.62 - 1.85 48.48 22.42 0.17 0.00 0.15 - 0.02 0.34 0.10 0.22 0.21 0.22 unch 0.00 0.44 0.17 0.02 0.02 0.02 - 0.01 0.06 0.02 0.05 0.04 0.04 - 0.01 0.08 0.04 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.13 0.12 0.12 + 0.01 0.25 0.05 0.14 0.12 0.14 unch 0.00 0.38 0.11 0.10 0.08 0.10 + 0.01 0.14 0.08 0.13 0.12 0.12 - 0.01 0.17 0.11

I-J-K

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Kootenay Zinc 197 O 8 Kootenay Zinc* KOPR Point 26 Kore Mining V 154 Kore Mining * O 28 Kutcho Copper * O 124 KWG Res* O 659 KWG Res 775

0.10 0.00 0.10 - 0.01 0.29 0.05 0.09 0.07 0.08 - 0.00 0.17 0.03 0.15 0.11 0.11 - 0.03 4.10 0.01 0.22 0.19 0.22 + 0.01 0.35 0.08 0.17 0.14 0.14 - 0.04 0.21 0.09 0.18 0.15 0.15 - 0.04 0.49 0.14 0.01 0.00 0.00 - 0.01 0.02 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01

Labdr Iron Mns* O 1 Labrador Gold V 188 Labrador Gold* O 14 Labrador Iron T 733 Lara Expl V 40 Laramide Res T 269 Laredo Res* O 1864 Largo Res T 1956 Largo Res* O 791 Lateral Gold V 49 64 Latin Am Mnls V Laurion Mnl Ex V 257 Laurion Mnl Ex* O 205 2 Le Mare Gold* O Le Mare Gold V 14 Leading Edge* O 815 Leading Edge V 446 Leagold Mg* O 534 Leagold Mg T 791 Leeta Gold V 4994 Legion Metals 11951 Leo Res* O 1 Lepanto Con Mg* O 228 Levon Res Ltd T 164 54 Levon Res Ltd * O Libero Copper* O 116 Libero Copper V 69 Liberty Gold* O 319 203 Liberty One Li V Liberty One Li* O 199 LiCo Energy* O 29 LiCo Energy V 110 Lincoln Mng V 31 Lion One Mtls V 90 Lion One Mtls* O 171 Lions Bay Cap V 157 Lions Bay Mg 4 Lions Bay Mg * O 1 Lithion Energy* O 46 Lithium Amer* N 1132 Lithium Amer T 1408 Lithium Chile V 127 Lithium Chile* O 19 Lithium Corp* O 259 Lithium Energi V 46 Lithium Expl* O 889 V 15 Lithoquest Dia Lithoquest Dia* O 12 LKA Gold* O 1 Lode-Star Mg* O 44 Logan Res* O 0 Lomiko Mtls* O 118 Lomiko Mtls V 564 Loncor Res* O 890 Loncor Res T 506 4 Lone Star Gold* O Lonmin plc* O 0 Lonmin plc* O 39 Los Andes Copp V 358 Lucara Diam T 404 Lucky Mnls V 2688 Lucky Mnls * O 86 Luckystrike * O 10 Luckystrike V 53 Lumina Gold* O 63 Lumina Gold V 184 Luminex Res V 81 Lundin Gold T 194 Lundin Mng* O 119 Lundin Mng T 9663 Lupaka Gold V 129 Lydian Intl* O 95 Lydian Intl T 947 Lynas Corp* O 46 Lynas Corp* O 16

0.00 0.00 0.00 + 0.00 0.11 0.00 0.22 0.20 0.20 - 0.01 0.33 0.14 0.14 0.14 0.14 unch 0.00 0.21 0.12 31.49 28.97 29.42 - 0.90 33.81 20.59 0.59 0.53 0.53 - 0.06 0.74 0.41 0.41 0.37 0.38 unch 0.00 0.52 0.24 0.01 0.00 0.01 - 0.00 0.05 0.00 1.78 1.64 1.71 - 0.06 4.65 1.44 1.33 1.23 1.28 - 0.02 3.56 1.09 0.17 0.13 0.15 - 0.03 0.89 0.13 0.02 0.01 0.01 - 0.01 0.08 0.01 0.11 0.00 0.11 + 0.02 0.11 0.06 0.08 0.07 0.08 + 0.00 0.08 0.05 0.05 0.04 0.05 - 0.01 0.30 0.00 0.07 0.00 0.07 unch 0.00 0.18 0.06 0.11 0.08 0.09 - 0.02 0.63 0.08 0.14 0.11 0.13 - 0.02 0.81 0.11 1.20 1.06 1.10 - 0.07 2.63 0.95 1.60 1.41 1.46 - 0.12 3.17 1.28 0.53 0.45 0.52 + 0.01 1.59 0.24 0.83 0.54 0.77 + 0.23 0.83 0.18 0.05 0.04 0.04 - 0.01 0.60 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.11 0.12 unch 0.00 0.26 0.11 0.10 0.00 0.08 + 0.00 0.21 0.08 0.09 0.09 0.09 unch 0.00 0.19 0.04 0.11 0.10 0.10 unch 0.00 0.15 0.07 0.28 0.26 0.27 - 0.01 0.35 0.21 0.14 0.11 0.12 + 0.01 0.42 0.06 0.09 0.07 0.08 - 0.00 0.33 0.04 0.08 0.00 0.07 - 0.00 0.18 0.01 0.10 0.00 0.10 unch 0.00 0.80 0.07 0.02 0.00 0.02 unch 0.00 0.03 0.01 0.74 0.68 0.69 - 0.04 0.79 0.35 0.55 0.50 0.51 - 0.03 0.59 0.24 0.06 0.05 0.06 - 0.01 0.12 0.04 0.10 0.00 0.10 + 0.05 0.20 0.03 0.03 0.00 0.03 + 0.02 0.14 0.00 0.19 0.14 0.16 + 0.01 0.16 0.02 3.92 3.60 3.91 - 0.01 6.87 2.75 5.26 4.82 5.24 unch 0.00 8.85 3.74 0.57 0.50 0.53 + 0.01 1.10 0.46 0.43 0.37 0.40 + 0.03 0.97 0.34 0.11 0.10 0.10 - 0.00 0.36 0.10 0.24 0.21 0.21 - 0.01 0.38 0.15 0.01 0.00 0.00 - 0.00 0.03 0.00 0.11 0.10 0.10 + 0.01 0.55 0.08 0.08 0.07 0.08 unch 0.00 0.39 0.06 0.18 0.18 0.18 + 0.02 0.43 0.05 0.06 0.06 0.06 unch 0.00 0.15 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.03 0.04 - 0.01 0.07 0.02 0.06 0.05 0.05 - 0.01 0.09 0.04 0.06 0.06 0.06 + 0.00 0.09 0.04 0.08 0.08 0.08 + 0.01 0.14 0.06 1.15 0.80 1.14 - 0.06 2.12 0.05 0.00 0.00 0.82 unch 0.00 0.93 0.53 1.01 0.90 0.90 - 0.01 1.15 0.45 0.35 0.29 0.30 + 0.03 0.35 0.15 1.69 1.57 1.60 - 0.07 2.39 1.38 0.09 0.08 0.08 - 0.01 0.21 0.08 0.07 0.00 0.07 - 0.00 0.16 0.06 0.12 0.11 0.11 + 0.00 0.35 0.10 0.18 0.00 0.15 - 0.02 0.55 0.13 0.45 0.42 0.43 - 0.02 1.03 0.35 0.60 0.57 0.57 - 0.03 0.83 0.46 0.73 0.68 0.69 - 0.03 1.05 0.51 5.29 5.13 5.26 + 0.07 5.90 4.33 5.80 5.10 5.16 - 0.46 6.93 3.60 7.55 6.85 6.95 - 0.61 8.96 4.70 0.07 0.00 0.07 - 0.01 0.24 0.07 0.14 0.11 0.13 + 0.02 0.30 0.05 0.18 0.16 0.17 + 0.01 0.39 0.07 1.41 1.33 1.37 - 0.03 2.20 1.05 1.43 1.34 1.34 - 0.03 2.20 1.05

L

M M.P.V. Explor 415 0.17 0.13 0.14 + 0.04 0.21 0.06 M2 Cobalt* O 70 0.14 0.14 0.14 unch 0.00 0.75 0.12 Macarthur Mnl V 1607 0.10 0.08 0.09 unch 0.00 0.17 0.02 O 256 0.07 0.06 0.06 + 0.00 0.31 0.01 Macarthur Mnl* MacDonald Mns* O 19 0.03 0.03 0.03 + 0.01 0.07 0.02 MacDonald Mns V 622 0.05 0.04 0.05 + 0.01 0.08 0.03 MAG Silver T 774 13.65 12.44 12.79 - 0.90 15.59 8.10 O 3 2.10 0.00 2.10 unch 0.00 3.80 0.78 Magellan Gold* Magna Terra V 1110 0.03 0.03 0.03 - 0.01 0.06 0.03 Magna Terra* O 25 0.03 0.03 0.03 unch 0.00 0.04 0.02 V 25 0.15 0.14 0.15 + 0.02 0.30 0.14 Magnitude Mng Majestic Gold V 168 0.06 0.06 0.06 unch 0.00 0.11 0.05 Majestic Gold* O 50 0.05 0.05 0.05 unch 0.00 0.08 0.04 Makena Res* O 170 0.08 0.04 0.04 - 0.02 0.09 0.03 Mako Mining* O 46 0.08 0.08 0.08 - 0.01 0.23 0.01 Mako Mining V 31 0.11 0.10 0.10 unch 0.00 0.29 0.10 V 1723 0.05 0.03 0.04 + 0.01 0.09 0.03 Mammoth Res Mandalay Res T 629 0.11 0.10 0.10 unch 0.00 0.24 0.05 Mandalay Res* O 24 0.08 0.07 0.08 - 0.00 0.19 0.03 Manganese X* O 137 0.11 0.09 0.09 unch 0.00 0.16 0.07 Manganese X V 275 0.15 0.13 0.13 - 0.01 0.20 0.08 Mangazeya Mng V 296 0.05 0.04 0.04 unch 0.00 0.05 0.02 Mangazeya Mng* O 80 0.03 0.03 0.03 unch 0.00 0.04 0.01 Manitou Gold V 380 0.06 0.05 0.05 unch 0.00 0.11 0.03 Maple Gold V 492 0.09 0.08 0.08 unch 0.00 0.27 0.08 0.06 Maple Gold* O 511 0.07 0.06 0.07 + 0.00 0.22 Marathon Gold* O 68 0.63 0.58 0.61 - 0.03 0.95 0.49 Marathon Gold T 389 0.85 0.79 0.82 - 0.03 1.20 0.65 Margaret Lake* O 3 0.06 0.06 0.06 unch 0.00 0.12 0.02 Margaret Lake V 165 0.06 0.05 0.05 unch 0.00 0.16 0.02 Margaux Res V 326 0.08 0.06 0.08 + 0.01 0.25 0.03 Margaux Res* O 20 0.04 0.04 0.04 unch 0.00 0.17 0.01 Marifil Mines* O 82 0.09 0.07 0.09 + 0.01 0.15 0.01 Marifil Mines V 43 0.12 0.10 0.12 + 0.02 0.22 0.05 Maritime Res V 439 0.10 0.09 0.10 + 0.01 0.14 0.07 Martina Mnls V 200 0.04 0.04 0.04 unch 0.00 0.06 0.04 MartinMarietta* N 4420 227.31 213.35 221.44 + 7.16 232.89 150.75 Mas Gold V 46 0.10 0.08 0.08 - 0.02 0.16 0.04 Mason Graphite* O 1585 0.27 0.18 0.18 - 0.09 1.49 0.20 Mason Graphite V 1918 0.36 0.25 0.26 - 0.12 1.90 0.27 Matachewan Con V 27 0.17 0.13 0.13 + 0.01 0.28 0.12 Matica Ent 2316 0.10 0.09 0.09 - 0.01 0.32 0.07 V 72 2.66 2.48 2.50 - 0.20 2.86 1.33 Maverix Metals Maverix Metals* O 19 1.97 1.84 1.86 - 0.11 2.18 1.03 Mawson Res T 134 0.21 0.18 0.19 + 0.01 0.39 0.18 Mawson Res* O 10 0.14 0.13 0.13 - 0.01 0.30 0.13 0.12 MAX Res V 7947 0.23 0.14 0.17 - 0.01 0.50 MaxTech Vent 52 0.08 0.06 0.08 + 0.02 0.40 0.04 O 75 0.06 0.04 0.04 - 0.00 0.32 0.03 MaxTech Vent* Maxwell Res* O 11 0.01 0.01 0.01 unch 0.00 0.02 0.00 14 1.61 1.61 1.61 - 0.04 2.28 1.20 Maya Gold &Sil* O Maya Gold &Sil T 70 2.33 2.04 2.18 unch 0.00 3.00 1.58 V 45 0.10 0.10 0.10 unch 0.00 0.18 0.05 Mazarin MBMI Res* O 1 0.01 0.01 0.01 unch 0.00 1.00 0.01 McChip Res V 19 0.74 0.66 0.66 - 0.08 0.93 0.52 McEwen Mng T 1238 2.00 1.83 1.89 - 0.14 3.28 1.75 McEwen Mng* N 11474 1.49 1.36 1.40 - 0.09 2.52 1.30 McLaren Res 352 0.03 0.03 0.03 unch 0.00 0.10 0.02 MDN Inc* O 2 0.14 0.14 0.14 unch 0.00 0.23 0.13 Meadow Bay Gd 166 0.04 0.03 0.03 - 0.02 0.20 0.03 Meadow Bay Gd* O 6 0.03 0.02 0.02 - 0.00 0.14 0.02 Mechel* N 227 2.10 1.98 2.08 + 0.06 3.79 1.95 Medallion Res V 490 0.10 0.09 0.10 unch 0.00 0.17 0.08 Medallion Res* O 18 0.07 0.07 0.07 + 0.00 0.13 0.06 Medgold Res V 94 0.11 0.09 0.10 - 0.01 0.51 0.09 Medinah Mnrls* O 147 0.00 0.00 0.00 - 0.00 0.01 0.00 Mega Uranium T 935 0.11 0.10 0.10 unch 0.00 0.18 0.10 Mega Uranium* O 31 0.07 0.07 0.07 unch 0.00 0.14 0.07 Megastar Dev V 879 0.07 0.06 0.07 - 0.01 0.11 0.04 MegumaGold 60 0.12 0.10 0.10 - 0.02 0.30 0.10 Melior Res V 39 0.35 0.21 0.28 - 0.07 1.25 0.21 Melkior Res V 2220 0.05 0.04 0.04 - 0.01 0.13 0.04 Merger Mines* O 0 0.00 0.00 25.00 unch 0.00 Meridian Mg V 125 0.10 0.06 0.09 + 0.03 0.45 0.05 Meridius Res V 81 0.19 0.09 0.19 unch 0.00 0.22 0.09 Meryllion Res 1032 0.02 0.02 0.02 unch 0.00 0.04 0.01 Mesa Expl* O 0 0.00 0.00 0.04 unch 0.00 0.06 0.04 MetalCorp V 1036 0.01 0.01 0.01 unch 0.00 0.03 0.01 Metalex Vent V 111 0.05 0.05 0.05 + 0.01 0.06 0.02 Metalla Rylty* O 369 0.88 0.79 0.84 - 0.00 1.08 0.48 Metalla Rylty V 406 1.18 1.07 1.12 - 0.02 1.43 0.63 Metallic Mnrls* O 63 0.12 0.09 0.10 - 0.02 0.28 0.09 Metallic Mnrls V 137 0.16 0.12 0.13 - 0.03 0.36 0.12 Metallis Res V 63 0.52 0.48 0.49 - 0.03 1.53 0.39

2019-05-06 6:48 PM

22

WWW.NORTHERNMINER.COM

MAY 13–26, 2019 / THE NORTHERN MINER

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

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12-month

Exc Volume High Low Last Change High Low

Metalo Manuf 12 O 3 Metalore Res* Metalore Res V 11 Metals Creek* O 26 Metals Creek V 472 Metals X* O 202 Metron Capital V 5 O 31 Mexican Gold* Mexivada Mng* O 4 Mexus Gold* O 3617 MGX Minerals* O 376 MGX Minerals 772 Midas Gold T 365 Midas Gold* O 848 Midland Expl V 120 Midnight Star 583 Midnight Sun V 120 Millennial Lit* O 42 Millennial Lit V 225 Millrock Res* O 460 Millrock Res V 1392 Minaurum Gold V 301 O 159 Minaurum Gold* Minco Silver* O 25 Minco Silver T 70 Minera Alamos * O 631 V 1812 Minera Alamos Minera IRL 10 Mineral Mtn* O 194 Mineral Mtn V 175 Mineral Res* O 0 MineralRite* O 6609 V 615 Mineworx Tech Mineworx Tech* O 112 V 49 Minfocus Expl Minfocus Expl* O 100 O 10000 Mining Global* Minnova Corp V 28 Minsud Res V 1 Miramont Res* O 235 Miramont Res 409 Mirasol Res V 174 Mistango River 281 MK2 Ventures V 0 Mkango Res V 121 ML Gold* O 2 126 ML Gold Corp V Monarca Mnrls* O 66 V 70 Monarca Mnrls Monarch Gold T 530 O 180 Monarch Gold* Moneta Porcpn T 755 O 64 Moneta Porcpn* Monitor Vent V 1 Monitor Vent* O 4 Montego Res 1 Monterey Min 420 Montero Mg&Ex V 71 V 138 Monument Mng Morien Res* O 16 Morien Res V 160 Mosaic* N 19345 Mountain Boy V 60 Mountain Boy* O 51 D 168 Mountain Prov* Mountain Prov T 548 O 200 Mundoro Cap* Mundoro Cap V 467 V 71 Murchison Min MX Gold* O 53

0.31 0.00 0.31 + 0.06 0.49 0.10 0.71 0.71 0.71 unch 0.00 2.19 0.71 1.10 0.97 0.97 unch 0.00 2.85 0.97 0.03 0.02 0.03 unch 0.00 0.08 0.02 0.04 0.03 0.04 unch 0.00 0.11 0.03 0.20 0.17 0.20 + 0.03 0.72 0.15 0.06 0.06 0.06 unch 0.00 0.07 0.05 0.08 0.07 0.07 - 0.01 0.31 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.01 0.01 0.01 + 0.00 0.03 0.00 0.23 0.18 0.20 - 0.02 1.08 0.16 0.30 0.25 0.27 - 0.03 1.39 0.22 0.77 0.67 0.68 - 0.02 1.21 0.60 0.57 0.50 0.52 - 0.02 0.95 0.46 1.29 1.19 1.21 - 0.06 1.46 0.66 0.25 0.18 0.19 - 0.06 0.40 0.11 0.12 0.11 0.11 - 0.01 0.31 0.10 1.25 1.19 1.19 - 0.01 2.37 0.67 1.73 1.54 1.63 + 0.01 3.05 1.04 0.06 0.05 0.06 + 0.01 0.31 0.05 0.09 0.07 0.09 + 0.01 0.40 0.07 0.38 0.35 0.38 + 0.03 0.67 0.35 0.29 0.26 0.29 + 0.03 0.51 0.26 0.38 0.33 0.34 - 0.03 0.60 0.24 0.50 0.44 0.45 - 0.06 0.77 0.35 0.08 0.07 0.08 + 0.00 0.12 0.06 0.11 0.10 0.11 unch 0.00 0.15 0.09 0.06 0.06 0.06 - 0.01 0.12 0.05 0.11 0.09 0.11 + 0.02 0.40 0.05 0.14 0.12 0.14 + 0.01 0.48 0.07 12.00 12.00 12.00 unch 0.00 15.00 9.85 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.10 0.10 - 0.01 0.23 0.09 0.08 0.07 0.08 - 0.00 0.20 0.07 0.05 0.04 0.04 - 0.01 0.14 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.13 0.13 - 0.02 0.93 0.12 0.06 0.06 0.06 unch 0.00 0.09 0.05 0.17 0.14 0.14 - 0.03 0.48 0.09 0.22 0.19 0.19 - 0.03 0.63 0.12 0.64 0.55 0.60 - 0.02 2.04 0.55 0.03 0.01 0.02 unch 0.00 0.05 0.01 0.00 0.00 0.16 unch 0.00 0.39 0.15 0.15 0.12 0.15 + 0.03 0.19 0.10 0.10 0.00 0.10 - 0.00 0.11 0.01 0.15 0.13 0.15 + 0.01 1.35 0.12 0.04 0.03 0.03 unch 0.00 0.05 0.01 0.05 0.04 0.05 unch 0.00 0.06 0.02 0.25 0.21 0.21 - 0.04 0.33 0.15 0.19 0.15 0.15 - 0.02 0.25 0.11 0.11 0.10 0.10 - 0.01 0.16 0.07 0.08 0.07 0.08 unch 0.00 0.12 0.06 0.00 0.00 0.21 unch 0.00 0.98 0.16 0.13 0.00 0.13 - 0.01 0.80 0.12 0.00 0.00 0.05 unch 0.00 0.31 0.03 0.07 0.06 0.06 - 0.01 0.16 0.05 0.10 0.08 0.08 unch 0.00 0.26 0.07 0.05 0.05 0.05 + 0.01 0.08 0.05 0.36 0.34 0.34 - 0.01 0.48 0.30 0.50 0.47 0.47 - 0.01 0.61 0.42 26.30 24.87 25.62 - 0.56 37.37 24.87 0.21 0.00 0.21 + 0.03 0.43 0.15 0.15 0.13 0.15 + 0.02 0.18 0.04 1.07 1.03 1.04 unch 0.00 2.92 0.81 1.43 1.37 1.40 unch 0.00 3.72 1.09 0.10 0.08 0.10 + 0.01 0.19 0.08 0.13 0.11 0.13 + 0.01 0.25 0.10 0.08 0.00 0.08 + 0.01 0.19 0.06 0.01 0.00 0.01 + 0.00 0.04 0.00

NA Frac Sand* O 6379 NACCO Ind* N 170 Namibia Crit V 64 Namibia Crit* O 18 Napier Vent V 91 Natural Res Pt* N 87 O 82 Nautilus Mnrls* Nemaska Lith T 11563 O 1040 Nemaska Lith* Neo Lithium V 475 Neometals* O 21 Network Expl* O 255 Network Expl V 290 Nevada Clean M V 2784 Nevada Clean M* O 2258 Nevada Copper T 333 O 15 Nevada Energy* Nevada Energy V 35 Nevada Expl * O 407 Nevada Expl V 361 O 237 Nevada Sunrise* Nevada Sunrise V 139 Nevada Zinc V 445 Nevado Res V 8 New Age Metals* O 15 New Age Metals V 658 New Carolin Gd* O 51 New Carolin Gd V 196 New Destiny Mg V 80 New Dimen Res V 553 New Dimen Res* O 4 New Energy Met V 10 New Gold* X 7390 New Gold T 4937 New Guinea Gld* O 1400 New Jersey Mng 25 New Jersey Mng* O 301 New Milln Iron* O 92 New Milln Iron T 318 New Nadina V 148 New Nadina* O 8 New Oroperu V 91 New Pac Metals V 130 New Pac Metals* O 25 New Tech Min* O 32 New Tech Min 139 Newlox Gold 200 Newmont Gdcorp T 630 Newmont Gdcorp* N 46182 Newport Expl V 339 NewRange Gold* O 204 NewRange Gold V 719 Nexa Resources T 5 Nexa Resources* N 786 Nexgen Energy T 2096 Nexgen Energy* X 1574 NextSource Mat T 730 Nexus Gold* O 13 Nexus Gold V 239 NGEx Res* O 1 NGEx Res T 165 Nickel Creek T 203 Nickel Creek* O 916 Nickel North V 140 Nicola Mg Inc V 638 Nicola Mg Inc* O 405 Nighthawk Gold* O 53 Nighthawk Gold T 707 Niobay Metals V 36 Niocan Inc V 4 Niocorp Dev T 488 Niocorp Dev* O 512 Nippon Dragon V 191 Nippon Dragon* O 13 Nitinat Mnls* O 80 Nitinat Mnls V 644 Noble Metal V 215 Noble Metal * O 1 Noble Mineral V 872 O 99 Noble Mineral* Noka Res* O 238 Noram Vent V 103 Noram Vent* O 71 Noranda Alum* O 7 Nordic Gold* O 30 Nordic Gold V 930 Noront Res V 305 Norra Metals V 174 Norsemont Cap 96 Nortec Mnls V 100 North Am Nickl V 451 North Am Nickl* O 11 North Am Pall* O 125 North Am Pall T 1232

0.03 0.01 0.03 + 0.02 0.01 0.00 49.81 40.21 49.50 + 8.92 48.25 28.77 0.11 0.10 0.11 - 0.01 0.46 0.08 0.09 0.07 0.08 - 0.00 0.36 0.06 0.23 0.20 0.20 - 0.03 0.46 0.17 42.25 41.47 42.25 + 0.17 42.50 28.40 0.03 0.01 0.02 unch 0.00 0.18 0.00 0.36 0.27 0.33 + 0.06 1.35 0.25 0.27 0.20 0.24 + 0.03 1.07 0.19 0.83 0.69 0.81 + 0.08 1.80 0.55 0.19 0.19 0.19 unch 0.00 0.39 0.10 0.30 0.27 0.29 - 0.01 0.41 0.19 0.40 0.37 0.39 - 0.01 0.50 0.23 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.04 0.03 0.04 - 0.00 0.05 0.02 0.42 0.39 0.42 + 0.02 0.72 0.33 0.08 0.08 0.08 - 0.00 0.20 0.07 0.13 0.11 0.13 + 0.01 0.26 0.10 0.22 0.20 0.21 unch 0.00 0.39 0.09 0.29 0.27 0.28 - 0.01 0.50 0.12 0.06 0.05 0.05 + 0.00 0.14 0.04 0.08 0.07 0.08 - 0.01 0.18 0.06 0.07 0.05 0.07 unch 0.00 0.22 0.05 0.16 0.16 0.16 unch 0.00 0.80 0.09 0.06 0.04 0.05 - 0.01 0.08 0.03 0.07 0.06 0.07 unch 0.00 0.10 0.05 0.11 0.09 0.09 + 0.01 0.37 0.09 0.13 0.12 0.12 unch 0.00 0.48 0.12 0.15 0.00 0.15 + 0.03 0.25 0.10 0.05 0.04 0.04 - 0.01 0.30 0.04 0.03 0.02 0.02 - 0.01 0.22 0.02 0.16 0.16 0.16 - 0.01 6.32 0.14 0.90 0.80 0.82 - 0.08 2.53 0.70 1.21 1.07 1.07 - 0.12 3.22 0.90 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.15 0.15 0.15 unch 0.00 0.26 0.15 0.16 0.14 0.14 - 0.02 0.25 0.13 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.07 0.06 0.07 unch 0.00 0.11 0.04 0.08 0.07 0.08 unch 0.00 0.22 0.05 0.05 0.00 0.05 - 0.04 0.17 0.03 0.32 0.00 0.23 - 0.06 0.40 0.22 2.50 2.20 2.25 - 0.10 2.51 1.18 1.85 1.65 1.67 - 0.16 1.89 0.86 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.00 0.03 unch 0.00 0.08 0.02 0.04 0.04 0.04 - 0.01 0.06 0.03 42.29 40.32 40.38 - 1.84 44.55 40.32 31.45 29.94 30.22 - 1.24 40.84 29.06 0.35 0.30 0.35 + 0.03 0.38 0.22 0.11 0.08 0.09 - 0.01 0.21 0.04 0.14 0.11 0.12 - 0.03 0.26 0.07 16.20 14.16 14.43 - 1.78 22.68 11.00 12.22 10.45 10.72 - 1.31 17.80 8.22 2.19 2.02 2.19 + 0.11 3.31 2.02 1.64 1.50 1.64 + 0.08 2.53 1.50 0.10 0.09 0.10 - 0.01 0.16 0.05 0.08 0.08 0.08 + 0.00 0.29 0.04 0.11 0.10 0.10 - 0.01 0.37 0.08 0.78 0.78 0.78 unch 0.00 0.87 0.73 1.04 1.00 1.01 + 0.01 1.20 0.91 0.06 0.05 0.05 unch 0.00 0.28 0.05 0.04 0.03 0.04 - 0.01 0.21 0.03 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.09 0.08 0.09 + 0.01 0.17 0.08 0.07 0.07 0.07 unch 0.00 0.13 0.06 0.27 0.24 0.27 + 0.02 0.49 0.22 0.38 0.33 0.37 + 0.02 0.63 0.30 0.22 0.18 0.19 - 0.01 0.37 0.16 0.20 0.00 0.20 + 0.02 0.36 0.06 0.58 0.53 0.55 - 0.01 0.74 0.52 0.44 0.39 0.42 + 0.01 0.58 0.39 0.03 0.02 0.02 unch 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.00 0.07 0.00 0.07 + 0.02 0.11 0.04 0.10 0.08 0.09 - 0.02 0.19 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.10 0.09 0.09 - 0.01 0.18 0.06 0.07 0.00 0.07 - 0.01 0.13 0.04 0.13 0.12 0.13 - 0.00 0.71 0.12 0.13 0.12 0.13 unch 0.00 0.32 0.12 0.09 0.09 0.09 unch 0.00 0.23 0.09 0.01 0.00 0.01 unch 0.00 0.06 0.01 0.04 0.03 0.04 + 0.01 0.12 0.02 0.05 0.04 0.04 unch 0.00 0.17 0.03 0.24 0.23 0.23 - 0.01 0.39 0.21 0.05 0.04 0.05 + 0.01 0.15 0.04 0.40 0.31 0.40 + 0.09 0.46 0.25 0.03 0.02 0.03 unch 0.00 0.09 0.02 0.02 0.02 0.02 - 0.01 0.09 0.02 0.02 0.02 0.02 - 0.00 0.06 0.01 9.70 8.85 9.27 - 0.25 19.91 6.62 12.99 11.88 12.49 - 0.28 26.30 8.62

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12-month

Exc Volume High Low Last Change High Low

North Arrow Mn* O 10 50 North Arrow Mn V North Bay Res * O 24015 Northcliff Res T 93 Northern Light 565 Northern Uran V 296 Northisle C&G V 277 Norvista Cap V 313 NorZinc T 257 NorZinc* O 88 Nouveau Monde V 875 O 6 Nouveau Monde* NovaGold Res T 805 NovaGold Res* X 8392 Novo Res* O 464 Novo Res V 638 NRG Metals* O 708 NRG Metals V 800 V 165 Nrthn Graphite Nrthn Graphite* O 157 Nrthn Lion V 8 Nrthn Mnrls &E* O 22 Nrthn Shield V 1209 Nrthn Superior* O 6 V 51 Nrthn Superior Nrthn Vertex* O 162 Nrthn Vertex V 505 NSS Res Inc 178 X 5410 Nthn Dynasty* Nthn Dynasty T 468 O 1045 Nthrn Sphere* Nthrn Sphere 801 Nubian Res V 83 Nuinsco Res 4354 Nuinsco Res* O 14 NuLegacy Gold V 321 O 270 NuLegacy Gold* Nutrien* N 7387 T 4888 Nutrien NV Gold V 125 NV Gold* O 214 NX Uranium* O 103 NxGold Ltd V 159 O.T. Mining* O 5 OceanaGold T 6433 OceanaGold* O 12 41 Oceanic Iron O V Oceanus Res* O 48 Oceanus Res V 213 Odyssey Res V 68 Olivut Res V 8 Olivut Res* O 15 V 200 Omineca Mining Omineca Mining* O 3 239 One World Lith One World Lith* O 44 Opawica Expl V 10 Opus One Res V 268 Orbite Tech* O 136 Orca Gold V 151 Orca Gold* O 50 Orefinders Res V 1367 V 546 Orestone Mng Orex Mnrls* O 14 Orex Mnrls V 721 Orezone Gold* O 98 Orezone Gold V 431 Orford Mining V 69 OrganiMax* O 5 OrganiMax V 43 Origin Gold V 3 Original Sixtn* O 1 482 Orla Mng Ltd T Orla Mng Ltd* O 30 0 Oro East Mg* O Oroco Res V 239 Oroco Res* O 111 Orocobre T 294 V 25 Oronova Energy Oroplata Res* O 1499 Orosur Mng T 517 Orsu Metals V 54 Orsu Metals* O 1 Orvana Mnrls* O 31 Orvana Mnrls T 123 Osino Res V 104 Osisko Gold* N 3464 Osisko Gold T 2398 O 34 Osisko Metals* Osisko Metals V 1127 746 Osisko Mng Inc T Osprey Gold V 452 Otis Gold V 345 Otis Gold* O 113 Outcrop Gold V 313 Outcrop Gold* O 279 OZ Minerals* O 0

0.06 0.06 0.06 unch 0.00 0.16 0.05 0.07 0.06 0.07 - 0.01 0.23 0.06 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.07 0.08 unch 0.00 0.12 0.05 0.04 0.03 0.04 unch 0.00 0.15 0.02 0.01 0.01 0.01 + 0.01 0.02 0.01 0.07 0.05 0.06 - 0.01 0.17 0.05 0.12 0.10 0.10 - 0.02 0.15 0.06 0.12 0.11 0.11 - 0.01 0.17 0.08 0.09 0.08 0.08 - 0.01 0.13 0.05 0.26 0.23 0.24 + 0.01 0.37 0.21 0.18 0.00 0.18 - 0.00 0.28 0.17 5.52 5.19 5.25 - 0.31 6.47 4.49 4.11 3.85 3.91 - 0.22 5.05 3.41 1.66 1.51 1.56 - 0.11 5.00 1.42 2.22 2.00 2.10 - 0.11 6.42 1.89 0.15 0.09 0.14 + 0.04 0.29 0.03 0.20 0.13 0.19 + 0.06 1.52 0.12 0.17 0.15 0.15 - 0.02 0.45 0.14 0.13 0.11 0.11 - 0.02 0.34 0.09 0.24 0.23 0.23 unch 0.00 0.46 0.15 0.07 0.05 0.05 - 0.01 0.12 0.02 0.09 0.07 0.09 + 0.02 0.10 0.02 0.13 0.00 0.13 - 0.04 0.22 0.02 0.22 0.00 0.21 - 0.02 0.40 0.15 0.16 0.13 0.13 - 0.02 0.38 0.13 0.20 0.18 0.18 - 0.02 0.48 0.17 0.10 0.07 0.07 - 0.03 0.45 0.07 0.54 0.48 0.49 - 0.05 1.12 0.43 0.77 0.65 0.65 - 0.06 1.47 0.55 0.01 0.01 0.01 - 0.00 0.09 0.01 0.02 0.01 0.02 - 0.01 0.13 0.01 0.10 0.09 0.09 - 0.01 0.28 0.08 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.11 0.10 0.11 unch 0.00 0.22 0.08 0.08 0.07 0.08 + 0.01 0.17 0.07 54.48 52.43 53.99 + 0.20 58.99 43.96 73.25 70.64 72.57 + 0.10 76.17 58.77 0.16 0.14 0.16 + 0.01 0.58 0.07 0.11 0.10 0.11 - 0.00 0.45 0.05 0.45 0.20 0.39 + 0.18 1.00 0.01 0.07 0.06 0.06 - 0.01 0.29 0.06 0.08 0.05 0.05 - 0.03 0.24 0.04 3.93 3.60 3.64 - 0.30 5.01 3.13 2.82 2.73 2.74 - 0.14 3.74 2.41 0.08 0.08 0.08 - 0.02 0.15 0.04 0.08 0.08 0.08 unch 0.00 0.18 0.04 0.12 0.11 0.11 unch 0.00 0.23 0.05 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.13 0.00 0.11 - 0.03 0.16 0.07 0.10 0.10 0.10 unch 0.00 0.12 0.05 0.09 0.08 0.09 + 0.01 0.09 0.02 0.07 0.07 0.07 + 0.02 0.06 0.01 0.20 0.18 0.19 + 0.02 0.22 0.12 0.15 0.14 0.15 + 0.01 0.16 0.10 0.08 0.08 0.08 unch 0.00 0.15 0.05 0.05 0.03 0.04 - 0.01 0.10 0.02 0.11 0.05 0.05 - 0.06 0.17 0.00 0.39 0.35 0.36 - 0.02 0.65 0.35 0.29 0.29 0.29 unch 0.00 0.52 0.28 0.05 0.03 0.04 unch 0.00 0.12 0.03 0.18 0.15 0.16 - 0.01 0.25 0.06 0.05 0.04 0.04 - 0.01 0.13 0.04 0.08 0.06 0.07 - 0.01 0.17 0.06 0.34 0.30 0.33 - 0.01 0.66 0.30 0.46 0.40 0.44 - 0.02 0.86 0.40 0.09 0.07 0.08 - 0.01 0.33 0.07 0.02 0.02 0.02 - 0.00 0.19 0.02 0.04 0.04 0.04 unch 0.00 0.25 0.04 0.10 0.10 0.10 unch 0.00 0.15 0.07 0.00 0.00 0.00 unch 0.00 0.20 0.00 1.05 0.98 1.03 + 0.01 1.55 0.85 0.77 0.77 0.77 unch 0.00 1.14 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.35 0.32 0.33 unch 0.00 0.39 0.17 0.27 0.24 0.25 + 0.01 0.30 0.13 3.47 3.08 3.40 + 0.23 5.95 2.74 0.07 0.07 0.07 unch 0.00 0.16 0.06 0.27 0.23 0.26 + 0.01 0.42 0.10 0.06 0.05 0.06 unch 0.00 0.20 0.02 0.30 0.28 0.28 + 0.01 0.34 0.17 0.19 0.00 0.19 unch 0.00 0.26 0.13 0.13 0.12 0.12 - 0.01 0.18 0.09 0.18 0.17 0.17 - 0.01 0.23 0.12 0.43 0.37 0.40 unch 0.00 0.64 0.20 11.45 9.86 9.95 - 1.45 12.08 7.00 15.42 13.24 13.37 - 1.95 16.08 9.27 0.46 0.42 0.44 + 0.02 0.51 0.36 0.69 0.54 0.68 + 0.12 0.67 0.46 2.95 2.69 2.75 - 0.17 3.75 1.60 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.09 0.09 0.09 unch 0.00 0.30 0.07 0.07 0.06 0.07 + 0.01 0.23 0.05 0.39 0.31 0.32 - 0.06 0.50 0.10 0.28 0.23 0.24 - 0.02 0.33 0.01 0.00 0.00 7.51 unch 0.00 8.02 5.90

Pac Arc Res V 50 Pac Bay Mnrls V 89 Pac Booker Min* O 9 Pac Booker Min V 62 Pac Imperial V 2002 Pac Iron Ore V 13 Pac Ridge Expl V 104 Pac Ridge Expl* O 13 Pac Wildcat* O 10 Pacific Empire V 164 Pacific Rim 327 Pacific Rim* O 104 Pacific Silk V 75 Pacton Gold V 493 Paladin Energy* O 480 Palamina Corp V 102 Palamina Corp* O 32 Paleo Resource V 54 Paleo Resource* O 164 Palladium One V 309 Pan Am Silver T 1610 Pan Am Silver* D 10101 Pan Global Res V 282 Pancontinental* O 27 Pancontinental V 468 Panex Res* O 222 Pangolin Dia V 217 Panoro Mnrls V 342 PanTerra Gold* O 0 Pantheon Vent V 103 Para Resources V 148 Parallel Mng V 435 Paramount Gold* X 104 Paringa Res* O 64 Paringa Res* D 0 Parlane Res V 51 Pasinex Res 85 Patriot Gold* O 108 Peabody Enrgy* N 5204 Pedro Res V 201 Pelangio Expl* O 6 Pelangio Expl V 109 Peloton Mnrls 244 Peloton Mnrls* O 43 PepinNini Lith* O 5 Perseus Mng T 109 Pershing Res* O 145 Peruvian Metal* O 154 Peruvian Metal V 230 Petra Diamonds* O 30 Philex Mng* O 14 Philippine Mtl V 406 Pine Cliff En* O 15 Pine Cliff En T 43 Pinecrest Res V 26 Pistol Bay Mng* O 20 Pistol Bay Mng V 1350 Pivit Explor 312 PJSC Polyus Gd* O 0 PJX Res V 52 Plata Latina V 4 Plate Res V 13 Plateau Energy V 260 Plateau Energy* O 46 Platinex Inc 364 Platinum Gp Mt* X 474 Platinum Gp Mt T 38

0.22 0.21 0.21 - 0.01 0.45 0.20 0.07 0.07 0.07 unch 0.00 0.20 0.06 2.40 2.11 2.40 + 0.54 2.30 0.50 3.75 2.75 3.75 + 1.00 3.25 0.65 0.03 0.02 0.03 + 0.01 0.05 0.02 0.10 0.06 0.10 + 0.04 0.13 0.03 0.05 0.04 0.05 + 0.01 0.07 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.39 0.00 0.09 0.08 0.09 + 0.01 0.17 0.06 0.26 0.22 0.24 - 0.02 0.49 0.10 0.20 0.16 0.17 - 0.03 0.38 0.07 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.18 0.16 0.16 - 0.01 1.02 0.16 0.11 0.09 0.09 - 0.02 0.35 0.03 0.25 0.21 0.24 - 0.01 0.43 0.21 0.19 0.16 0.19 + 0.01 0.33 0.16 0.06 0.00 0.06 + 0.01 0.10 0.03 0.05 0.04 0.04 + 0.01 0.08 0.02 0.13 0.06 0.13 + 0.01 0.15 0.03 17.35 15.90 16.10 - 1.32 24.22 15.90 12.87 11.80 11.98 - 1.00 18.75 11.80 0.09 0.08 0.08 - 0.02 0.28 0.07 0.02 0.01 0.02 + 0.00 0.07 0.01 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.01 0.00 0.01 + 0.01 0.01 0.00 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.20 0.19 0.20 unch 0.00 0.36 0.13 0.00 0.00 0.01 unch 0.00 0.02 0.00 0.06 0.05 0.06 unch 0.00 0.12 0.05 0.20 0.19 0.19 - 0.01 0.24 0.12 0.03 0.02 0.02 - 0.01 0.08 0.02 0.86 0.80 0.81 - 0.04 1.55 0.80 0.14 0.11 0.11 + 0.01 0.35 0.08 5.72 0.00 5.72 + 0.30 10.38 4.70 0.05 0.00 0.05 + 0.01 0.28 0.03 0.07 0.00 0.07 + 0.01 0.19 0.06 0.08 0.06 0.08 + 0.01 0.15 0.04 30.54 26.61 29.01 - 1.35 47.84 26.61 0.16 0.16 0.16 - 0.01 0.29 0.16 0.18 0.00 0.18 + 0.01 0.29 0.02 0.26 0.23 0.23 - 0.02 0.38 0.12 0.10 0.09 0.10 + 0.01 0.14 0.03 0.08 0.06 0.08 - 0.00 0.11 0.05 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.44 0.40 0.41 - 0.03 0.50 0.25 0.01 0.01 0.01 - 0.00 0.05 0.00 0.04 0.02 0.03 + 0.00 0.07 0.02 0.05 0.04 0.04 unch 0.00 0.10 0.03 0.30 0.00 0.30 + 0.04 1.06 0.23 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.09 0.05 0.09 + 0.04 0.09 0.04 0.17 0.17 0.17 unch 0.00 0.32 0.17 0.24 0.00 0.23 - 0.02 0.45 0.22 0.20 0.18 0.20 + 0.02 0.28 0.18 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.06 0.05 0.05 - 0.01 0.09 0.03 0.09 0.07 0.09 + 0.03 0.19 0.06 47.29 0.00 47.29 + 5.15 48.00 30.06 0.18 0.18 0.18 - 0.01 0.36 0.15 0.04 0.00 0.04 unch 0.00 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.59 0.53 0.56 + 0.02 1.69 0.52 0.43 0.40 0.42 + 0.01 1.27 0.39 0.05 0.04 0.05 + 0.01 0.12 0.03 1.55 1.34 1.37 - 0.17 2.17 0.83 2.09 1.82 1.83 - 0.24 2.91 1.15

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Plato Gold V 58 Playfair Mng V 338 PolyMet Mng* X 2163 PolyMet Mng T 34 Portage Res* O 641 Portofino Res V 202 O 135 Potash Ridge* Potash Ridge T 2562 Power Group V 232 Power Group* O 3 O 503 Power Metals* Power Metals V 642 PowerOre V 209 PPX Mining* O 72 PPX Mining V 322 Precipitate Gl* O 13 Precipitate Gl V 291 Premier Gold M T 3055 Pretium Res* N 12871 Pretium Res T 4742 Primary Energy 72 Prism Res V 160 Prize Mng* O 193 Prize Mng V 2786 ProAm Expl V 139 Probe Metals* O 377 Probe Metals V 252 Prog Planet V 363 Prog Planet* O 14 Promithian Gl * O 23 O 361 Prophecy Coal* Prophecy Coal T 854 Prosper Gold V 70 Prospero Silvr V 39 O 30 Prospero Silvr* Provenance Gld 9 Providence V 2265 Providence Gld* O 103 PUF Vent Inc * O 3209 Puma Expl V 220 Puma Expl* O 148 Pure Alumina* O 61 Pure Energy* O 886 Pure Energy V 1030 Pure Gold Mg* O 251 Pure Gold Mg V 553 Pure Nickel* O 577 Pure Nickel V 7235 Purepoint Uran V 667 Q-Gold Res* O 1 Q-Gold Res V 6 QC Precious V 177 QC Precious * O 26 QMC Quantum Ml V 475 QMC Quantum Ml* O 434 QMX Gold* O 77 QMX Gold V 413 Quadro Res V 150 Quantum Cobalt 627 Quartz Mtn Res V 121 0 Quartz Mtn Res* O Quaterra Res V 537 Quaterra Res* O 300 Quest Rare Mnl* O 40 Quinto Res V 836

0.02 0.01 0.02 unch 0.00 0.06 0.01 0.05 0.04 0.05 unch 0.00 0.09 0.02 0.56 0.51 0.51 - 0.06 1.25 0.47 0.75 0.68 0.68 - 0.06 1.60 0.64 0.00 0.00 0.00 - 0.00 0.02 0.00 0.07 0.06 0.06 unch 0.00 0.42 0.06 0.08 0.05 0.06 - 0.02 0.08 0.02 0.10 0.08 0.10 - 0.01 0.11 0.03 0.13 0.11 0.12 - 0.01 1.85 0.10 0.10 0.08 0.08 - 0.02 0.18 0.01 0.10 0.08 0.09 + 0.00 0.46 0.08 0.13 0.11 0.12 unch 0.00 0.58 0.11 0.09 0.08 0.09 + 0.01 0.45 0.05 0.05 0.05 0.05 + 0.00 0.08 0.03 0.07 0.07 0.07 unch 0.00 0.11 0.05 0.09 0.07 0.07 - 0.01 0.12 0.03 0.10 0.09 0.09 - 0.01 0.15 0.04 1.70 1.55 1.60 + 0.07 3.07 1.39 8.25 7.04 8.07 + 0.46 9.84 6.53 11.06 9.49 10.82 + 0.59 12.87 8.58 0.12 0.09 0.10 unch 0.00 1.50 0.08 0.04 0.03 0.04 + 0.01 0.08 0.03 0.02 0.02 0.02 - 0.00 0.15 0.02 0.03 0.02 0.03 - 0.01 0.27 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.79 0.71 0.78 + 0.07 1.12 0.68 1.05 0.94 0.99 + 0.04 1.49 0.91 0.05 0.04 0.05 - 0.01 0.10 0.03 0.03 0.03 0.03 + 0.00 0.07 0.02 0.05 0.00 0.05 unch 0.00 0.10 0.01 0.21 0.15 0.17 - 0.01 2.49 0.09 0.24 0.21 0.23 - 0.01 0.74 0.11 0.08 0.00 0.07 - 0.01 0.18 0.06 0.08 0.06 0.07 - 0.01 0.15 0.05 0.07 0.07 0.07 unch 0.00 0.11 0.04 0.16 0.00 0.15 - 0.02 0.39 0.10 0.20 0.10 0.20 + 0.10 0.18 0.08 0.14 0.08 0.14 + 0.06 0.14 0.08 0.40 0.36 0.37 - 0.01 0.64 0.06 0.03 0.03 0.03 - 0.01 0.07 0.03 0.03 0.02 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.02 - 0.00 0.06 0.02 0.07 0.05 0.07 + 0.02 0.23 0.03 0.10 0.07 0.10 + 0.03 0.29 0.05 0.42 0.39 0.41 - 0.01 0.62 0.38 0.56 0.53 0.53 - 0.01 0.81 0.50 0.02 0.00 0.01 + 0.01 0.02 0.00 0.03 0.01 0.02 + 0.01 0.03 0.01 0.09 0.08 0.09 + 0.01 0.11 0.06 0.20 0.20 0.20 unch 0.00 0.20 0.07 0.24 0.00 0.24 + 0.01 0.30 0.10 0.26 0.22 0.22 - 0.05 0.48 0.23 0.19 0.17 0.17 - 0.02 0.33 0.17 0.24 0.21 0.21 - 0.02 0.65 0.16 0.19 0.16 0.16 - 0.02 0.51 0.12 0.04 0.03 0.04 + 0.00 0.15 0.03 0.05 0.05 0.05 unch 0.00 0.18 0.05 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.10 0.05 0.07 + 0.01 0.28 0.04 0.35 0.30 0.35 + 0.05 0.80 0.27 0.00 0.00 0.23 unch 0.00 0.70 0.22 0.09 0.07 0.07 - 0.02 0.13 0.05 0.07 0.05 0.05 - 0.02 0.10 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.05 0.04 0.05 - 0.01 0.10 0.02

Rackla Mtls* O 1 Rackla Mtls V 16 Radisson Mng V 97 Radius Gold V 19714 Rain City 2 Rainforest Res* O 1 Rainy Mtn Royl* O 39 Rainy Mtn Royl V 10 Rambler Metals* O 0 O 276 Rare Element* Rathdowney Res V 170 Ravencrest Res 862 Razore Rock Res 2 Red Eagle Mng* O 61 Red Moon Res V 7 Red Pine Expl V 205 Redstar Gold V 633 O 168 Redstar Gold* Regulus Res V 128 Remington Res V 10 Renaissance Gd* O 49 Renaissance Gd V 187 Renforth Res 1389 Resolve Vent V 42 Resource Cap* O 160 Reunion Gold V 680 Revelo Res V 830 Revival Gold * O 307 Revival Gold V 539 Rhyolite Res V 457 Richmond Mnls V 31 Ridgestone M’g V 8 Rift Valley 293 Riley Resource V 7 Rimrock Gold* O 42620 Rio Silver V 140 Rio Tinto* N 13041 O 1 Rio Tinto* Rio Tinto* O 0 Rio2 Limited* O 57 Rio2 Limited V 95 Rise Gold Corp 1415 Rise Gold Corp* O 311 Riverside Res V 448 Riverside Res* O 494 Rizal Res V 354 RJK Explor V 399 RJK Explor* O 19 Robex Res V 596 Rochester Res V 34 Rochester Res* O 1 8 Rock Tech Lith* O Rock Tech Lith V 181 Rockcliff Met* O 0 Rockex Mng 80 Rockhaven Res V 134 Rockridge Res V 1062 Rockshield Cap* O 34 Rockshield Cap 410 Rockwealth Res V 0 O 3 Rockwell Diam* Rodinia Lithm V 30 Rogue Res* O 15 Rogue Res V 5 Rojo Res V 4 Rokmaster Res* O 1 Rokmaster Res V 53 Romios Gold Rs V 465 Romios Gold Rs* O 307 RosCan Gold* O 76 RosCan Gold V 1756 Rosita Mg Corp* O 1 Rosita Mg Corp V 94 Rotation Mnls V 381 Roughrider Exp V 76 Rover Metals* O 60 Roxgold T 3569 Roxgold* O 101 Royal Gold* D 2418 Royal Mines &M* O 666 Royal Nickel* O 866 Royal Nickel T 5946 Royal Rd Mnrls V 1706 Royal Std Mnrl* O 2 RT Minerals V 213 RT Minerals* O 3 RTG Mining T 152 Rubicon Mnrls* O 87 Rubicon Mnrls T 58 Rugby Mng V 555 Running Fox Rs* O 103 Running Fox Rs V 95 Rupert Res V 138 Rusoro Mng* O 28 Rusoro Mng V 8383

0.08 0.07 0.08 + 0.01 0.11 0.05 0.11 0.00 0.11 + 0.01 0.15 0.06 0.12 0.11 0.11 - 0.01 0.16 0.09 0.47 0.14 0.37 + 0.22 0.41 0.09 0.09 0.09 0.09 unch 0.00 0.09 0.09 5.50 0.00 5.50 + 0.05 9.20 3.50 0.01 0.01 0.01 - 0.00 0.03 0.01 0.02 0.00 0.02 + 0.01 0.04 0.02 0.01 0.00 0.01 unch 0.00 0.05 0.01 0.12 0.08 0.10 - 0.01 0.27 0.03 0.11 0.03 0.10 - 0.01 0.15 0.03 0.71 0.62 0.69 - 0.02 1.21 0.38 0.00 0.00 0.09 unch 0.00 0.27 0.06 0.00 0.00 0.00 unch 0.00 0.20 0.00 0.07 0.07 0.07 unch 0.00 0.12 0.01 0.05 0.04 0.05 unch 0.00 0.08 0.04 0.03 0.03 0.03 + 0.01 0.04 0.02 0.02 0.02 0.02 - 0.00 0.04 0.01 1.69 1.42 1.64 + 0.12 2.30 1.25 0.19 0.18 0.19 + 0.01 0.31 0.17 0.17 0.14 0.14 - 0.01 0.19 0.11 0.21 0.19 0.19 unch 0.00 0.24 0.15 0.05 0.04 0.04 - 0.01 0.06 0.02 0.09 0.08 0.08 - 0.02 0.15 0.07 0.00 0.00 0.00 unch 0.00 0.06 0.00 0.19 0.19 0.19 - 0.01 0.23 0.12 0.02 0.01 0.01 - 0.01 0.03 0.01 0.43 0.36 0.37 - 0.07 0.73 0.37 0.60 0.48 0.50 - 0.09 0.99 0.49 0.24 0.24 0.24 - 0.01 0.26 0.15 0.03 0.00 0.03 + 0.01 0.06 0.02 0.20 0.20 0.20 unch 0.00 0.32 0.18 0.08 0.07 0.08 unch 0.00 0.10 0.05 0.21 0.21 0.21 unch 0.00 0.41 0.10 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.06 0.03 59.38 57.18 58.92 - 0.38 63.27 44.62 58.60 0.00 58.50 - 0.70 61.61 43.47 68.19 0.00 64.34 - 4.36 69.98 50.48 0.30 0.28 0.29 + 0.02 0.81 0.24 0.39 0.36 0.38 + 0.02 1.15 0.31 0.09 0.07 0.08 unch 0.00 0.15 0.05 0.09 0.06 0.06 + 0.00 0.11 0.04 0.16 0.14 0.16 + 0.01 0.33 0.13 0.12 0.10 0.12 + 0.01 0.42 0.10 0.02 0.01 0.01 - 0.01 0.05 0.01 0.10 0.08 0.08 - 0.02 0.23 0.04 0.07 0.06 0.06 - 0.03 0.13 0.00 0.08 0.07 0.07 - 0.01 0.12 0.07 0.04 0.00 0.04 + 0.01 0.08 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.58 0.00 0.56 unch 0.00 1.19 0.54 0.80 0.71 0.80 + 0.05 1.59 0.71 0.00 0.00 0.11 unch 0.00 0.14 0.06 0.05 0.03 0.03 - 0.02 0.10 0.01 0.12 0.10 0.11 - 0.02 0.19 0.09 0.32 0.27 0.32 + 0.04 0.35 0.20 0.07 0.06 0.07 - 0.01 0.24 0.05 0.09 0.09 0.09 - 0.01 0.30 0.08 0.00 0.00 0.13 unch 0.00 0.22 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 - 0.01 0.25 0.05 0.06 0.00 0.06 unch 0.00 0.23 0.04 0.08 0.00 0.08 + 0.01 0.29 0.06 0.19 0.19 0.19 unch 0.00 0.30 0.10 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.04 0.04 0.04 - 0.01 0.15 0.04 0.06 0.04 0.05 - 0.01 0.09 0.04 0.04 0.04 0.04 - 0.01 0.07 0.02 0.10 0.09 0.10 unch 0.00 0.23 0.09 0.16 0.12 0.15 + 0.02 0.33 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.04 0.00 0.04 unch 0.00 0.08 0.03 0.25 0.17 0.25 + 0.04 0.23 0.07 0.09 0.07 0.08 + 0.01 0.25 0.07 0.27 0.06 0.06 - 0.22 2.01 0.04 0.90 0.84 0.89 + 0.01 1.35 0.72 0.68 0.63 0.64 - 0.02 1.02 0.55 88.52 81.06 81.32 - 7.30 98.53 70.16 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.34 0.30 0.31 - 0.02 0.90 0.05 0.45 0.40 0.42 - 0.03 1.18 0.07 0.20 0.16 0.19 + 0.03 0.20 0.06 0.30 0.00 0.30 unch 0.00 3.14 0.01 0.06 0.06 0.06 unch 0.00 0.25 0.05 0.04 0.04 0.04 + 0.01 0.13 0.00 0.10 0.00 0.10 + 0.01 0.16 0.09 0.72 0.63 0.64 - 0.04 1.26 0.63 0.95 0.87 0.88 - 0.04 1.73 0.87 0.17 0.15 0.15 - 0.07 0.42 0.14 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.00 0.02 - 0.01 0.03 0.01 0.90 0.00 0.82 - 0.05 1.12 0.75 0.10 0.06 0.07 + 0.01 0.32 0.04 0.13 0.09 0.11 + 0.02 0.42 0.06

Sabina Gd&Slvr T 597 Sabina Gd&Slvr* O 321 Sable Res* O 50 Sable Res V 642 Sage Gold* O 210 Sailfish Rylty V 5 Saint Jean* O 41

1.07 1.00 1.03 - 0.02 1.78 0.99 0.80 0.73 0.77 - 0.01 1.39 0.73 0.09 0.09 0.09 - 0.00 0.28 0.09 0.15 0.12 0.13 + 0.01 0.37 0.12 0.00 0.00 0.00 unch 0.00 0.07 0.00 1.20 1.09 1.09 - 0.11 2.00 0.70 0.02 0.02 0.02 + 0.01 0.04 0.01

R

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Saint Jean V 1159 Salazar Res* O 60 Salazar Res V 266 Sama Res V 247 Sama Res* O 133 Samco Gold V 32 Samex Mng* O 1741 62 San Gold Corp* O San Marco Res* O 363 381 San Marco Res V V 734 Sanatana Diam Sandfire Res V 292 Sandfire Res* O 457 O 186 Sandspring Res* V 729 Sandspring Res T 1505 Sandstorm Gold X 5294 Sandstorm Gold* Santa Fe Gold* O 556 V 422 Santacruz Silv Sarama Res V 255 Sarissa Res* O 1562 Satori Res V 333 Saturn Mnrls V 589 Savary Gold V 211 Saville Res V 476 547 Scandium Intl T O 223 Scandium Intl* Scorpio Gold V 276 51 Scorpio Gold * O Scotch Creek 5 ScoZinc Mg V 1 ScoZinc Mg* O 0 Seabridge Gld* N 1988 Seabridge Gld T 386 Search Mnls V 426 Searchlight* O 25 O 425 SearchlightMin* V 250 SearchlightRes Secova Mtls V 1282 Secova Mtls* O 17 Sego Res V 364 Select Sands V 463 T 2451 Semafo Serabi Gold T 56 Serabi Gold* O 0 Serengeti Res V 320 Shamrock Ent 102 53391 Sherritt Intl T V 20 Shoshoni Gold 15356 N Sibanye-Stillw* O 2 Sibanye-Stillw* O 362 Sidney Resrces* Sienna Res* O 47 Sienna Res V 286 57 Sierra Madre D V Sierra Metals T 23 Sierra Metals* X 123 V 9 Sigma Lithium Signature Res V 160 O 107 Signature Res* 16 Silver Bear Rs* O 141 Silver Bear Rs T Silver Bull Re* O 895 727 Silver Bull Re T Silver Grail V 31 Silver Hill* O 0 330 Silver Mtn Mns V Silver Phoenix 17 Silver Predatr V 28 Silver Range* O 3 Silver Range V 62 Silver Scott* O 14 O 48 Silver Spruce* Silver Spruce V 414 O 0 Silver Stream* Silver Viper* O 1042 Silver Viper V 539 T 1048 Silvercorp Met X 1199 Silvercorp Met* SilverCrest* X 284 SilverCrest V 795 O 25 Silverore Mns* O 1 Silverstar Res* Sirios Res* O 156 Sirios Res V 139 Sitka Gold 8 Sixty North* O 262 Sixty North 1662 Skeena Res* O 275 Skeena Res V 658 Sky Gold* O 6 Sky Gold V 480 O 186 Skyharbour Res* V 242 Skyharbour Res Slam Explor V 452 81 Slave Lake Zn V 325 Sojourn Explor O 123 Sojourn Explor* Sokoman Min V 3399 O 283 Sokoman Min* SolGold plc T 141 SolGold plc* O 29 X 155 Solitario Ex&R* T 14 Solitario Ex&R Solstice Gold V 306 431 Sonora Gld & S V Sonoro Mtls* O 286 Sonoro Mtls V 620 South32* O 2 Southern Arc* O 23 Southern Arc V 15 N 4842 Southern Copp* O 36 Southern Silvr* Southern Silvr V 181 24 Spanish Mtn Gd* O 291 Spanish Mtn Gd V Sparton Res V 439 Sparton Res* O 22 O 1055 Spearmint Res* Spearmint Res 1052 Spey Resources 599 Sphinx Res V 978 153 Sprott Res Hld T 699 Spruce Ridge R V SRG Graphite V 19 SSR Mining* D 4446 SSR Mining T 1029 St Augustine T 836 St-Georges Eco 457 O 137 St-Georges Eco* V 133 Stakeholdr Gld O 11 Stakeholdr Gld* O 1595 Standard Graph* Standard Lith V 219 O 458 Standard Metal* Stans Energy V 86 O 165 Stans Energy* O 45 Star Diamond* Star Diamond T 504 Star Gold* O 39 Starcore Intl T 69 4 Starr Peak Exp* O Starr Peak Exp V 1620 O 0 Steele Oceanic* Stellar Africa* O 5 Stellar Africa V 374 Stelmine Can V 156 Steppe Gold T 106 Sterling Grp* O 235 T 7858 Stornoway Diam O 675 Stornoway Diam* Stratabd Mnr V 203 Strategic Metl V 33 O 180 Strategic Metl* Stria Lithium V 61 V 803 Strikepoint Gd O 168 Strikepoint Gd* V 131 Strongbow Expl O 50 Strongbow Expl* Stroud Res V 836 Sulliden Mng T 115 Sun Metals V 1541 Suncor Energy T 16765 N 15450 Suncor Energy* O 5 Superior Gold* Superior Gold V 367 O 0 Supreme Metal* Supreme Metals 206 10 Surge Copper * O Surge Copper V 51 Surge Explor* O 83 Surge Explor V 630 Sutter Gold* O 62

0.02 0.03 0.02 0.03 - 0.01 0.12 0.07 0.15 0.12 0.12 - 0.01 0.15 0.10 0.19 0.15 0.16 - 0.02 0.19 0.22 0.33 0.31 0.33 + 0.01 0.44 0.17 0.25 0.23 0.23 - 0.00 0.33 0.02 0.05 0.05 0.05 - 0.00 0.08 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.03 0.03 0.03 + 0.01 0.16 0.03 0.04 0.04 0.04 + 0.01 0.23 0.04 0.02 0.05 0.05 0.05 + 0.01 0.06 0.06 unch 0.00 0.11 0.09 0.08 0.09 0.05 0.07 0.06 0.07 - 0.00 0.10 0.12 0.14 0.12 0.12 - 0.02 0.28 0.16 0.18 0.16 0.16 - 0.03 0.35 4.60 7.23 6.88 6.93 - 0.29 7.84 3.48 5.39 5.10 5.15 - 0.24 5.89 0.11 0.07 0.10 + 0.02 0.14 0.04 0.05 0.06 0.05 0.05 - 0.01 0.15 0.05 0.08 0.08 0.08 - 0.01 0.12 0.00 0.00 0.00 0.00 - 0.00 0.00 0.04 0.09 0.00 0.07 - 0.02 0.10 0.11 0.16 0.15 0.16 + 0.01 0.30 0.04 unch 0.00 0.13 0.12 0.12 0.12 0.04 0.06 0.05 0.05 - 0.01 0.09 0.17 0.14 0.15 + 0.01 0.32 0.11 0.09 0.12 0.10 0.11 + 0.01 0.24 0.01 0.12 0.06 0.10 - 0.02 0.16 0.09 0.06 0.06 - 0.04 0.11 0.01 0.10 unch 0.00 0.13 0.10 0.10 0.10 0.39 unch 0.00 1.24 0.00 0.00 0.48 0.30 unch 0.00 0.74 0.00 0.00 0.37 10.25 12.14 10.95 11.71 + 0.02 15.30 13.19 16.25 14.74 15.74 - 0.02 20.10 0.03 unch 0.00 0.08 0.05 0.04 0.05 0.01 unch 0.00 0.15 0.02 0.02 0.02 0.01 0.06 0.04 0.05 + 0.00 0.07 0.02 unch 0.00 0.15 0.03 0.03 0.03 0.02 0.04 0.00 0.03 - 0.01 0.20 0.01 0.02 0.02 0.02 - 0.01 0.10 0.03 0.05 0.03 0.04 + 0.01 0.07 0.07 unch 0.00 0.51 0.09 0.08 0.09 2.24 3.65 3.42 3.52 - 0.11 4.04 0.49 0.75 0.51 0.52 - 0.13 1.40 0.65 unch 0.00 0.82 0.00 0.00 0.65 0.12 0.21 0.17 0.21 - 0.01 0.60 0.02 0.03 0.03 0.03 - 0.01 0.07 0.19 0.29 0.19 0.23 - 0.04 1.32 0.03 unch 0.00 0.08 0.03 0.00 0.03 2.02 4.05 3.45 3.62 - 0.43 4.94 0.53 1.00 0.99 0.99 - 0.06 1.27 0.00 unch 0.00 0.01 0.01 0.00 0.00 0.03 0.03 0.03 0.03 - 0.00 0.14 0.04 0.05 0.05 0.05 - 0.01 0.18 0.06 0.06 0.06 unch 0.00 0.15 0.06 1.90 unch 0.00 3.85 2.00 1.90 1.90 1.35 1.49 1.35 1.42 + 0.05 2.90 1.20 unch 0.00 2.40 1.70 1.62 1.70 0.05 0.08 0.06 0.08 + 0.01 0.14 0.05 0.06 0.05 0.05 - 0.00 0.11 0.10 0.09 0.09 - 0.01 0.20 0.09 0.11 0.10 0.11 unch 0.00 0.26 0.10 0.10 0.08 0.08 - 0.00 0.16 0.08 0.12 0.11 0.12 unch 0.00 0.21 0.09 0.03 unch 0.00 0.10 0.04 0.04 0.04 0.08 unch 0.00 0.25 0.00 0.00 0.12 0.02 0.01 0.02 + 0.01 0.03 0.01 0.03 unch 0.00 0.22 0.15 0.15 0.15 0.07 0.08 0.07 0.07 - 0.01 0.12 0.06 0.07 0.06 0.06 - 0.01 0.13 0.08 0.11 0.09 0.11 - 0.01 0.18 0.01 0.02 0.02 0.02 - 0.00 0.10 0.01 0.04 0.03 0.03 + 0.01 0.05 0.02 0.05 0.04 0.04 + 0.01 0.06 0.05 unch 0.00 7.25 0.00 0.00 7.10 0.07 0.21 0.17 0.21 + 0.04 0.21 0.07 unch 0.00 0.28 0.28 0.25 0.26 2.43 3.09 2.90 2.94 - 0.11 4.02 1.83 2.30 2.15 2.19 - 0.10 3.12 1.66 3.60 3.10 3.18 - 0.17 3.89 2.20 4.74 4.19 4.25 - 0.25 5.02 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.01 0.04 0.00 0.04 - 0.00 0.18 0.09 0.13 0.12 0.13 + 0.01 0.20 0.12 0.21 0.18 0.20 - 0.01 0.28 0.04 unch 0.00 0.28 0.12 0.12 0.12 0.03 0.03 0.03 0.03 + 0.00 0.16 0.03 0.04 0.03 0.03 - 0.03 0.24 0.19 0.37 0.33 0.35 + 0.01 0.52 0.27 0.51 0.44 0.46 + 0.01 0.70 0.02 0.03 0.02 0.03 + 0.00 0.09 0.03 0.05 0.04 0.04 - 0.01 0.10 0.25 0.27 0.26 0.27 + 0.01 0.44 0.33 0.37 0.34 0.37 + 0.02 0.57 0.02 0.02 0.02 0.02 - 0.01 0.05 0.07 0.07 0.07 unch 0.00 0.13 0.06 0.07 unch 0.00 0.20 0.09 0.07 0.08 0.06 unch 0.00 0.12 0.06 0.06 0.06 0.03 0.11 0.08 0.08 - 0.03 0.58 0.00 0.08 0.06 0.06 - 0.02 0.45 0.32 0.66 0.64 0.64 - 0.01 0.76 0.27 0.50 0.48 0.49 - 0.03 0.58 0.19 0.42 0.38 0.39 - 0.02 0.54 0.26 0.54 0.50 0.52 - 0.02 0.60 0.11 0.19 0.16 0.17 - 0.03 0.38 0.06 0.05 0.05 unch 0.00 0.12 0.05 0.07 0.13 0.12 0.12 - 0.00 0.16 0.07 0.18 0.15 0.16 - 0.01 0.20 2.16 2.41 2.35 2.35 - 0.06 3.10 0.20 0.32 0.30 0.30 - 0.02 0.47 0.27 0.46 0.00 0.46 + 0.03 0.62 29.01 39.43 35.70 37.75 - 1.18 53.25 0.08 0.14 0.13 0.13 - 0.02 0.22 0.11 0.19 0.17 0.18 - 0.01 0.28 0.06 0.05 0.06 + 0.00 0.10 0.03 0.07 0.06 0.07 unch 0.00 0.10 0.05 0.04 0.06 0.05 0.05 - 0.02 0.12 0.03 0.03 0.03 0.03 - 0.00 0.09 0.00 0.03 0.02 0.03 + 0.01 0.08 0.02 unch 0.00 0.06 0.03 0.02 0.03 0.04 0.08 0.04 0.08 + 0.04 0.16 0.03 0.04 0.00 0.03 - 0.01 0.07 1.69 1.49 1.61 - 0.06 2.60 0.98 0.05 0.04 0.04 - 0.01 0.13 0.02 0.64 0.86 0.81 0.84 - 0.02 1.51 11.98 11.11 11.12 - 0.85 15.17 8.11 10.71 16.11 14.92 14.95 - 1.14 20.00 0.02 unch 0.00 0.03 0.03 0.00 0.03 0.04 unch 0.00 0.35 0.16 0.14 0.15 0.03 0.12 0.11 0.12 + 0.00 0.25 0.03 0.05 0.00 0.04 - 0.01 0.25 0.02 0.02 0.02 0.02 - 0.00 0.19 0.29 0.49 0.39 0.40 - 0.06 1.13 0.79 0.88 0.82 0.85 - 0.01 1.82 0.02 0.08 0.04 0.04 - 0.04 0.23 0.02 unch 0.00 0.06 0.05 0.04 0.04 0.01 0.04 0.02 0.03 - 0.00 0.05 0.12 0.20 0.18 0.18 - 0.02 0.29 0.17 0.27 0.24 0.24 - 0.02 0.38 0.02 0.03 0.03 0.03 - 0.01 0.30 0.07 0.08 0.07 0.07 - 0.01 0.20 0.20 0.20 0.20 unch 0.00 0.20 0.20 0.32 0.25 0.28 + 0.04 0.32 0.09 0.55 unch 0.00 0.96 0.00 0.00 0.55 0.01 0.02 0.02 0.02 - 0.00 0.04 0.01 unch 0.00 0.06 0.03 0.02 0.03 0.09 unch 0.00 0.26 0.17 0.15 0.15 0.60 0.75 0.70 0.72 - 0.03 2.01 0.01 unch 0.00 0.10 0.01 0.01 0.01 0.06 unch 0.00 0.58 0.07 0.06 0.06 0.04 0.06 0.04 0.04 + 0.00 0.44 0.01 unch 0.00 0.07 0.02 0.02 0.02 0.29 0.30 0.29 0.30 - 0.03 0.48 0.21 0.23 0.21 0.22 - 0.02 0.37 0.02 0.02 0.00 0.02 - 0.01 0.05 0.11 0.15 0.13 0.13 - 0.01 0.29 0.08 0.11 0.09 0.09 - 0.01 0.23 0.10 0.12 0.11 0.11 - 0.02 0.28 0.07 unch 0.00 0.22 0.09 0.09 0.09 0.01 unch 0.00 0.02 0.02 0.01 0.02 0.08 unch 0.00 0.37 0.08 0.08 0.08 0.12 0.58 0.50 0.53 + 0.02 0.65 35.53 44.79 42.60 43.47 - 0.89 55.47 25.81 33.31 31.63 32.39 - 0.58 42.55 0.33 0.45 0.45 0.45 + 0.01 1.17 0.44 0.62 0.58 0.58 - 0.02 1.50 0.02 unch 0.00 0.03 0.00 0.00 0.02 0.02 unch 0.00 0.05 0.02 0.00 0.02 0.03 0.00 0.03 - 0.01 0.11 0.03 0.04 0.06 0.00 0.05 - 0.01 0.14 0.02 0.03 0.02 0.02 - 0.00 0.20 0.03 0.04 0.04 0.04 - 0.01 0.28 0.01 0.01 0.01 0.01 - 0.00 0.02

2019-05-06 6:48 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MAY 13–26, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Sutter Gold V 3038 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.71 Syrah Res* O 138 0.82 0.77 0.82 - 0.03 2.65

T Taiga Gold 73 Taiga Gold* O 20 Tajiri Res V 267 Taku Gold* O 125 Taku Gold 32 Talisker Res 272 Talisker Res* O 685 Talmora Diamd 59 Talon Metals T 275 O 42160 Tamino Mnrls* Tango Mining V 2152 Tanqueray Expl V 563 Tantalex Res 840 Tanzania Rlty T 211 Tanzania Rlty* X 1331 Taranis Res V 219 Taranis Res* O 46 Tarku Res V 205 Tartisan Nick* O 2105 Tartisan Nick 1026 X 2146 Taseko Mines* Taseko Mines T 924 Tearlach Res V 95 T 7166 Teck Res Teck Res T 7 Teck Res* N 16987 Telson Res * O 107 Telson Res V 120 Tembo Gold V 43 Tembo Gold* O 75 Teranga Gold T 1137 O 143 Teranga Gold* Teras Res V 139 Teras Res* O 72 Terraco Gold V 66 Terrax Mnrls* O 52 Terrax Mnrls V 75 Terreno Res V 22 Teslin Rvr Res V 3470 Tesoro Mnrls V 0 Tethyan Res V 92 Teuton Res V 27 Teuton Res* O 36 Texas Mineral* O 51 Themac Res V 1 Thor Expl V 499 3 Thunder Mtn Gd* O Thunderstruck V 505 Thunderstruck* O 275 Till Capital V 1 Timberline Res V 15 O 121 Timberline Res* Tinka Res V 203 Tinka Res* O 78 Tisdale Res V 1 Tisdale Res* O 1 Titan Mining T 48 Titan Mining* O 24 Titanium Corp V 18 TMAC Resource* O 16 T 867 TMAC Resources TNR Gold V 1052 Toachi Mg Inc* O 40 770 Toachi Mg Inc V Tocvan Venture 37 Tombstone Expl* O 175 O 90 Tonogold Res* Torex Gold* O 17 Torex Gold T 995 V 180 Torq Resources

0.09 0.07 0.09 + 0.01 0.20 0.07 0.05 0.05 0.05 - 0.00 0.16 0.05 0.05 0.04 0.04 - 0.01 0.18 0.04 0.06 0.06 0.06 - 0.00 0.12 0.02 0.08 0.00 0.08 + 0.01 0.15 0.04 0.16 0.12 0.15 unch 0.00 0.16 0.08 0.08 0.05 0.08 unch 0.00 0.08 0.00 0.05 0.04 0.04 - 0.01 0.06 0.01 0.14 0.00 0.12 unch 0.00 0.14 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.01 0.01 - 0.01 0.04 0.01 0.85 0.76 0.76 - 0.04 1.32 0.58 0.03 0.02 0.02 - 0.01 0.16 0.02 1.19 0.88 0.91 - 0.24 1.32 0.34 0.90 0.62 0.67 - 0.18 0.94 0.25 0.07 0.06 0.06 - 0.01 0.12 0.05 0.06 0.05 0.06 - 0.00 0.10 0.03 0.04 0.03 0.04 + 0.01 0.05 0.02 0.04 0.02 0.02 - 0.02 0.09 0.02 0.05 0.04 0.05 + 0.01 0.13 0.02 0.73 0.65 0.66 - 0.03 1.40 0.44 0.97 0.88 0.90 - 0.03 1.80 0.60 0.20 0.20 0.20 unch 0.00 0.28 0.03 31.86 29.60 30.86 - 0.96 39.08 23.90 31.81 29.85 30.75 - 1.00 39.00 23.89 23.71 22.00 22.99 - 0.67 30.11 18.17 0.27 0.23 0.24 - 0.03 0.67 0.25 0.35 0.32 0.33 - 0.02 0.91 0.34 0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.01 0.02 unch 0.00 0.03 0.01 3.46 2.97 3.13 - 0.36 5.63 2.97 2.55 2.23 2.30 - 0.29 4.33 2.23 0.06 0.05 0.06 - 0.01 0.12 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.09 0.09 0.09 unch 0.00 0.11 0.06 0.27 0.26 0.26 - 0.01 0.36 0.25 0.37 0.36 0.36 - 0.02 0.50 0.33 0.04 0.03 0.04 + 0.01 0.05 0.02 0.50 0.42 0.43 - 0.07 0.60 0.33 0.00 0.00 0.05 unch 0.00 0.07 0.05 0.65 0.00 0.65 - 0.04 0.85 0.14 0.18 0.16 0.18 unch 0.00 0.24 0.10 0.14 0.12 0.12 - 0.02 0.18 0.07 0.23 0.20 0.22 + 0.01 0.35 0.10 0.06 0.00 0.06 - 0.02 0.09 0.03 0.17 0.16 0.16 unch 0.00 0.22 0.13 0.08 0.08 0.08 unch 0.00 0.21 0.04 0.06 0.05 0.06 unch 0.00 0.11 0.04 0.05 0.04 0.05 - 0.01 0.15 0.03 2.20 0.00 2.20 + 0.02 5.01 1.45 0.10 0.09 0.10 - 0.01 0.19 0.07 0.07 0.07 0.07 + 0.00 0.14 0.00 0.34 0.32 0.33 + 0.02 0.58 0.29 0.25 0.23 0.25 + 0.00 0.45 0.21 0.15 0.00 0.15 - 0.03 0.80 0.14 0.11 0.11 0.11 - 0.00 0.15 0.05 0.52 0.50 0.50 unch 0.00 1.50 0.44 0.32 0.32 0.32 unch 0.00 1.05 0.32 0.68 0.65 0.66 - 0.03 1.20 0.47 3.31 2.93 3.31 + 0.36 5.66 2.71 4.68 3.85 4.63 + 0.73 7.62 3.57 0.04 0.03 0.04 unch 0.00 0.06 0.03 0.05 0.05 0.05 unch 0.00 0.15 0.05 0.08 0.06 0.06 unch 0.00 0.20 0.06 0.12 0.10 0.12 + 0.02 0.12 0.10 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.21 0.14 0.21 - 0.01 0.25 0.00 10.07 9.21 9.29 - 0.60 13.52 5.74 13.38 12.34 12.49 - 0.80 18.21 7.52 0.42 0.40 0.40 - 0.02 0.64 0.32

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Torq Resources* O 24 Tower Res* O 150 Tower Res V 571 Transatlantic V 528 Transition Met V 4810 O 99 Transition Met* Treasury Metal T 200 O 60 Treasury Metal* Trecora Res* N 234 Tres-Or Res V 128 Trevali Mng* O 230 Trevali Mng T 5698 Tri Origin Exp V 115 Trident Gold V 1 Trifecta Gold* O 8 Trifecta Gold V 118 Trigen Res* O 501 Trilogy Mtls T 118 Trilogy Mtls* X 827 TriMetals Mng* O 133 TriMetals Mng* O 46 TriMetals Mng T 105 Trinity Res* O 8 Trinity Valley V 60 O 1014 Trio Resources* TriStar Gold* O 35 TriStar Gold V 119 Triumph Gold V 68 Triumph Gold* O 64 Troilus Gold T 704 Troilus Gold* O 6 Troubadour Res V 716 Troy Enrgy V 87 Troy Res* O 0 True Grit Res V 3 True North Gem* O 1 True North Gem V 18 Tsodilo Res V 27 Tudor Gold V 90 Tudor Gold * O 41 Tundra Gold* O 0 Turquoise HIl T 4437 Turquoise HIl* N 19046 TVI Pacific* O 213 TVI Pacific V 884 Typhoon Expl V 22

0.31 0.30 0.30 + 0.01 0.50 0.25 0.03 0.03 0.03 unch 0.00 0.12 0.01 0.05 0.04 0.05 + 0.01 0.17 0.02 0.03 0.02 0.02 - 0.01 0.16 0.02 0.23 0.13 0.13 + 0.04 0.23 0.06 0.13 0.11 0.11 + 0.03 0.13 0.07 0.29 0.27 0.27 - 0.02 0.53 0.21 0.21 0.19 0.20 - 0.02 0.39 0.16 9.44 9.10 9.40 + 0.32 15.60 6.69 0.03 0.02 0.02 - 0.01 0.05 0.02 0.26 0.24 0.26 - 0.00 0.95 0.24 0.36 0.33 0.35 - 0.01 1.22 0.32 0.03 0.03 0.03 - 0.01 0.04 0.01 0.15 0.15 0.15 unch 0.00 0.18 0.14 0.03 0.03 0.03 - 0.00 0.09 0.03 0.05 0.05 0.05 unch 0.00 0.13 0.05 0.37 0.32 0.34 - 0.02 1.01 0.19 3.38 3.09 3.33 - 0.03 3.78 1.43 2.53 2.29 2.50 + 0.02 2.82 1.16 0.03 0.03 0.03 - 0.00 0.12 0.02 0.07 0.07 0.07 unch 0.00 0.23 0.04 0.05 0.04 0.04 unch 0.00 0.15 0.03 0.10 0.00 0.10 + 0.09 0.20 0.01 0.11 0.10 0.11 + 0.01 0.11 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.10 0.11 unch 0.00 0.18 0.07 0.15 0.14 0.15 + 0.01 0.25 0.09 0.36 0.33 0.34 - 0.04 0.80 0.30 0.29 0.25 0.26 - 0.02 0.60 0.22 0.73 0.57 0.67 - 0.03 1.68 0.40 0.44 0.00 0.44 - 0.16 1.08 0.44 0.12 0.10 0.11 - 0.01 0.25 0.08 0.04 0.03 0.03 unch 0.00 0.07 0.01 0.00 0.00 0.06 unch 0.00 0.13 0.06 0.00 0.00 0.02 unch 0.00 0.07 0.02 0.14 0.14 0.14 unch 0.00 0.14 0.00 0.15 0.00 0.14 - 0.05 1.00 0.10 0.20 0.18 0.18 - 0.02 0.61 0.18 0.34 0.26 0.26 - 0.07 0.46 0.20 0.28 0.20 0.21 - 0.07 0.34 0.15 12.00 11.95 11.95 - 0.05 500.00 11.95 2.05 1.91 2.04 + 0.03 4.18 1.91 1.54 1.41 1.52 + 0.03 3.23 1.41 0.00 0.00 0.00 - 0.00 0.02 0.00 0.01 0.00 0.01 + 0.01 0.02 0.01 0.04 0.00 0.04 + 0.01 0.07 0.03

U.S. Gold* D 758 U.S. Lithium* O 26 U3O8 Corp* O 35 U3O8 Corp T 24 Ubique Mineral 3 UC Res* O 83 Ucore Rare Mtl V 197 Ucore Rare Mtl* O 289 UEX Corp T 2386 Ultra Lithium* O 13 Ultra Lithium V 7 Umbral Enrgy* O 531 Unigold* O 36 Unigold V 27 United Battery* O 400 United Battery 116 United Res Hdg* O 40 United States A* X 232 United States S* N 95078 Unity Metals V 609 Universal Cop V 500 Universal Vent V 1285 Ur-Energy* X 1979 Ur-Energy T 429 Uragold Bay Rs V 1296 Uranium Energy* X 4718

1.20 1.06 1.13 + 0.05 1.69 0.74 0.31 0.00 0.26 - 0.00 0.96 0.09 0.11 0.11 0.11 + 0.00 0.35 0.10 0.15 0.00 0.15 - 0.01 0.50 0.13 0.16 0.00 0.16 unch 0.00 0.25 0.06 0.32 0.23 0.26 - 0.01 1.27 0.00 0.12 0.11 0.12 + 0.01 0.25 0.09 0.09 0.07 0.09 + 0.00 0.20 0.07 0.19 0.17 0.18 + 0.01 0.29 0.14 0.06 0.05 0.05 unch 0.00 0.21 0.05 0.08 0.00 0.08 + 0.01 0.28 0.08 0.47 0.40 0.47 + 0.05 0.54 0.11 0.08 0.07 0.08 + 0.01 0.20 0.07 0.10 0.09 0.10 + 0.01 0.27 0.09 0.04 0.04 0.04 unch 0.00 1.58 0.03 0.06 0.00 0.06 unch 0.00 1.68 0.05 0.05 0.03 0.04 + 0.00 0.07 0.01 0.57 0.50 0.53 - 0.03 1.05 0.23 16.99 14.16 16.88 + 1.21 39.23 14.16 0.75 0.67 0.70 unch 0.00 1.40 0.10 0.12 0.10 0.11 + 0.01 0.26 0.06 0.41 0.36 0.38 - 0.03 0.63 0.28 0.90 0.82 0.89 + 0.04 0.99 0.54 1.20 1.10 1.19 + 0.04 1.30 0.74 0.10 0.09 0.10 unch 0.00 0.12 0.06 1.48 1.37 1.46 + 0.08 1.89 1.12

U-V

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

O 0 Uranium Hunter* Uranium Res* D 190 Uravan Mnrls V 182 V 483 UrbanGold Min USCorp* O 100 Val-d’Or Mg* O 0 Val-d’Or Mg V 13 N 76395 Vale* Valley High Mg* O 3249 O 6 ValOre Metals* ValOre Metals V 120 Valterra Res* O 158 Valterra Res V 90 O 116 Vanadian Enrgy* V 364 Vanadian Enrgy V 633 Vanadium One O 250 Vanadiumcorp* V 866 Vanadiumcorp 5 Vanstar Mng Rs* O 866 Vanstar Mng Rs V 2 Vantex Res * O Vantex Res V 1 Vela Minerals V 33 O 45 Velocity Mnrls* Velocity Mnrls V 447 Vendetta Mng V 1593 O 112 Vendetta Mng* O 90 Venture Mnrls* Verde Potash T 44 Verde Res* O 7 Veris Gold* O 4 Vertical Expl V 286 Victoria Gold V 1288 O 72 Victory Metals* V 165 Victory Metals Victory Nickel 37 Victory Res 0 O 32 Virginia Enrgy* Virginia Enrgy V 25 Viscount Mng V 11 104 Visible Gold M V 1 Visible Gold M* O Vision Lithium V 114 O 2 Vision Lithium* Vista Gold* X 348 Vista Gold T 23 Viva Gold* O 10 Viva Gold V 54 Vizsla Res V 29 Volcanic Gold V 1 O 0 Volcanic Gold* Volt Energy V 22 Volt Energy* O 3 Voltaic Min V 1 Voyageur Min V 208 O 599 Voyageur Min* O 60 VR Resources* V 356 VR Resources Vulcan Mnrls V 25 VVC Expl V 774

0.26 unch 0.00 1.99 0.00 0.00 1.40 7.79 6.46 7.25 + 0.05 29.95 5.36 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.10 0.12 0.10 0.11 - 0.02 0.16 0.00 0.00 0.00 0.00 + 0.00 0.02 0.06 unch 0.00 0.09 0.00 0.00 0.07 0.08 0.08 0.00 0.08 - 0.01 0.14 10.89 12.88 12.26 12.79 - 0.03 16.13 0.01 0.00 0.01 + 0.00 0.01 0.00 0.00 0.17 0.16 0.17 - 0.02 0.48 0.11 0.23 0.21 0.22 - 0.01 0.90 0.01 0.02 0.01 0.02 - 0.00 0.03 0.02 unch 0.00 0.04 0.03 0.02 0.02 0.01 0.04 0.03 0.04 - 0.00 0.13 0.04 0.06 0.04 0.05 + 0.01 0.18 0.06 0.13 0.11 0.11 - 0.02 0.29 0.01 0.06 0.05 0.05 - 0.00 0.15 0.06 0.08 0.07 0.07 - 0.01 0.14 0.19 0.19 0.19 unch 0.00 0.19 0.07 0.27 0.22 0.27 + 0.02 0.36 0.07 0.19 0.19 0.19 unch 0.00 0.24 0.06 0.14 unch 0.00 0.40 0.00 0.00 0.25 0.15 0.23 0.18 0.18 - 0.04 0.27 0.09 0.20 0.20 0.20 - 0.01 0.24 0.13 0.28 0.26 0.26 - 0.02 0.37 0.10 unch 0.00 0.26 0.12 0.11 0.12 0.07 unch 0.00 0.20 0.09 0.08 0.09 0.01 unch 0.00 0.02 0.02 0.02 0.02 0.53 0.76 0.70 0.75 + 0.03 1.25 0.00 unch 0.00 0.10 0.05 0.05 0.05 0.00 0.00 0.00 0.00 + 0.00 0.01 0.05 0.07 0.07 0.07 - 0.01 0.15 0.30 0.46 0.44 0.44 - 0.02 0.55 0.45 0.53 0.47 0.52 + 0.04 0.57 0.38 0.75 0.63 0.70 + 0.06 0.77 0.01 0.03 0.00 0.03 + 0.01 0.07 0.02 unch 0.00 0.20 0.00 0.00 0.18 0.08 0.16 0.14 0.14 - 0.02 0.28 0.12 0.21 0.18 0.20 - 0.01 0.36 0.15 0.19 0.19 0.19 + 0.01 0.35 0.11 0.09 0.09 - 0.02 0.11 0.04 0.06 0.06 0.06 unch 0.00 0.07 0.03 0.08 0.10 0.00 0.09 - 0.02 0.46 0.06 0.07 0.06 0.07 + 0.00 0.37 0.37 0.64 0.57 0.58 - 0.05 0.92 0.56 0.84 0.77 0.81 - 0.05 1.24 0.21 0.25 0.24 0.25 + 0.01 0.40 0.24 0.36 0.33 0.33 - 0.04 0.48 0.13 0.20 0.14 0.20 + 0.07 0.20 0.14 unch 0.00 1.26 0.00 0.00 0.36 0.14 unch 0.00 0.48 0.00 0.00 0.03 0.03 0.08 0.07 0.07 - 0.01 0.33 0.04 unch 0.00 0.26 0.05 0.05 0.05 0.13 unch 0.00 0.37 0.00 0.00 0.28 0.05 0.10 0.07 0.07 - 0.03 0.12 0.04 unch 0.00 0.10 0.08 0.00 0.08 0.10 0.11 0.10 0.10 - 0.01 0.35 0.13 unch 0.00 0.43 0.14 0.13 0.14 0.03 unch 0.00 0.07 0.04 0.04 0.04 0.02 unch 0.00 0.05 0.04 0.03 0.03

Walker Lane* O 7 Walker River* O 166 Walker River V 2408 T 3203 Wallbridge Mng Warrior Gold* O 162 Warrior Gold V 383 Waseco Res V 31 Wealth Mnrls V 151 Wealth Mnrls* O 206 O 1 Wescan Gldflds* V 62 Wescan Gldflds O 269 Wesdome Gold*

0.05 0.35 0.20 0.33 - 0.02 0.40 0.08 0.11 0.09 0.10 - 0.01 0.19 0.05 0.14 0.12 0.12 - 0.03 0.27 0.06 0.42 0.38 0.40 - 0.01 0.47 0.03 unch 0.00 0.11 0.07 0.06 0.06 0.04 0.10 0.09 0.09 - 0.02 0.18 0.02 0.05 0.04 0.05 - 0.01 0.05 0.34 unch 0.00 1.36 0.43 0.38 0.41 0.26 0.32 0.28 0.30 - 0.02 1.10 0.02 unch 0.00 0.04 0.03 0.03 0.03 0.01 0.04 0.00 0.04 - 0.01 0.11 1.42 3.22 2.95 3.04 - 0.18 4.25

W-Z

Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

Wesdome Gold T 1881 West High Yld V 166 West Kirkland V 295 West Kirkland * O 50 14 West Red Lake* O West Red Lake 355 Western Areas* O 4 Western Atlas V 30 Western Copper T 137 X 362 Western Copper* Western Pac Rs V 3 0 Western Pac Rs* O T 324 Western Potash Western Res* O 1 Western U&V 118 O 105 Western U&V* O 2 Westgold Res* Westhaven Vent* O 65 Westhaven Vent V 342 O 71 Westkam Gold* Westkam Gold V 96 Westminster Rs V 103 O 84 Westmoreland* Wheaton Prec M T 5825 Wheaton Prec M* N 15303 White Gold V 827 White Gold* O 172 72 White Metal R* O White Metal Rs V 363 White Mtn Engy* O 111 Whitehaven Coa* O 5 V 15 Whitemud Res Wildsky Res* O 10 Wildsky Res V 17 Winston Gold* O 69 Winston Gold 44 Winston Res 385 Wolfden Res* O 3 Wolfden Res V 269 Wolfeye Res V 733 Worldwide Res V 37 X-Terra Res V 120 X-Terra Res* O 3 T 6 Xanadu Mines Xiana Mng V 4 Xiana Mng* O 0 5 Ximen Mining* O Ximen Mining V 662 Xtierra Inc V 144 O 45 Xtra-Gold Res* Xtra-Gold Res T 181 Yamana Gold T 9254 Yamana Gold* N 53507 O 112 Yanzhou Coal* Yorbeau Res T 3600 7 You Han Data* O Zadar Ventures V 0 Zanzibar Gold 832 Zara Res* O 901 O 13 ZEN Graphene* ZEN Graphene V 194 Zephyr Mnls* O 50 Zephyr Mnls V 268 Zimtu Capital V 172 Zinc One Res V 548 Zinc One Res * O 316 Zincore Mtls* O 0 ZincX Res* O 8 ZincX Res V 300 Zonte Metals* O 59 Zonte Metals V 242

4.35 3.96 4.09 - 0.26 5.46 1.84 0.34 0.29 0.32 + 0.04 0.60 0.20 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.07 0.07 0.07 - 0.00 0.09 0.03 0.10 0.09 0.09 - 0.01 0.12 0.05 1.58 1.55 1.55 unch 0.00 2.75 1.27 0.06 0.06 0.06 unch 0.00 0.20 0.05 0.74 0.66 0.70 - 0.06 1.30 0.52 0.56 0.50 0.52 - 0.03 1.01 0.35 0.42 0.42 0.42 - 0.17 1.08 0.32 0.00 0.00 0.35 unch 0.00 0.62 0.01 0.13 0.12 0.12 + 0.01 0.42 0.11 0.08 0.08 0.08 + 0.01 0.32 0.08 1.31 1.13 1.19 + 0.01 3.32 0.49 0.96 0.83 0.88 + 0.01 2.70 0.70 0.94 0.94 0.94 unch 0.00 1.25 0.60 0.52 0.44 0.44 - 0.06 1.03 0.10 0.73 0.53 0.61 - 0.05 1.43 0.13 0.00 0.00 0.00 - 0.00 0.03 0.00 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.04 0.04 0.04 unch 0.00 0.15 0.03 0.02 0.01 0.02 - 0.00 0.33 0.01 29.78 27.85 28.04 - 1.76 33.85 19.87 22.10 20.67 20.86 - 1.25 25.24 15.08 1.13 0.96 1.02 - 0.07 2.00 0.54 0.84 0.72 0.77 - 0.04 1.44 0.46 0.03 0.02 0.02 - 0.01 0.19 0.02 0.05 0.04 0.04 unch 0.00 0.25 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.00 3.02 3.02 3.02 unch 0.00 4.37 2.71 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.11 0.11 0.11 + 0.06 0.77 0.05 0.08 0.07 0.08 - 0.03 1.01 0.06 0.03 0.02 0.03 + 0.01 0.09 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.24 0.02 0.14 0.13 0.14 + 0.00 0.33 0.12 0.19 0.18 0.18 unch 0.00 0.43 0.17 0.70 0.55 0.64 + 0.09 1.32 0.50 0.03 0.00 0.03 unch 0.00 0.07 0.02 0.10 0.09 0.10 + 0.01 0.18 0.09 0.08 0.08 0.08 unch 0.00 0.12 0.07 0.11 0.11 0.11 - 0.01 0.17 0.10 0.48 0.00 0.48 unch 0.00 0.70 0.38 0.00 0.00 0.44 unch 0.00 0.54 0.30 0.49 0.36 0.38 - 0.12 10.27 0.10 0.67 0.43 0.43 - 0.27 0.86 0.14 0.06 0.05 0.06 + 0.01 0.08 0.03 0.28 0.25 0.25 - 0.02 0.45 0.11 0.37 0.35 0.35 - 0.01 0.47 0.23 3.04 2.73 2.79 - 0.25 4.20 2.66 2.25 2.02 2.07 - 0.19 3.23 2.00 0.00 0.00 1.08 unch 0.00 1.40 1.08 0.03 0.03 0.03 - 0.01 0.05 0.02 4.06 0.00 3.33 + 2.32 2.80 0.75 0.00 0.00 0.12 unch 0.00 0.65 0.08 0.27 0.21 0.27 + 0.03 0.32 0.10 0.60 0.49 0.51 - 0.06 0.63 0.04 0.29 0.26 0.27 - 0.01 0.48 0.26 0.40 0.36 0.36 - 0.03 0.64 0.34 0.21 0.19 0.21 + 0.03 0.22 0.11 0.28 0.25 0.28 + 0.03 0.29 0.15 0.29 0.25 0.26 - 0.03 0.40 0.20 0.07 0.06 0.07 unch 0.00 0.27 0.06 0.06 0.04 0.05 - 0.00 0.20 0.04 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.16 0.14 0.14 - 0.01 0.56 0.14 0.21 0.20 0.20 - 0.01 0.75 0.18 0.24 0.20 0.23 - 0.01 0.30 0.12 0.34 0.27 0.32 + 0.01 0.41 0.17

BID-ASK — APRIL 29–MAY 3, 2019

STOCK

12-MONTH

EXC BID ASK LAST HIGH

African Metals Alba Minerals Alchemist Mng Alexandra Cap ALQ Gold Altan Rio Min American CuMo American Uran Amseco Expl Anglo-Bomarc Angus Ventures Antler Hill Archon Mineral Arcturus Vent Argentum Silvr Armor Min Arrowstar Res Asante Gold Astur Gold Atlantic Indus Aurelius Min Awale Res Banro Corp* Barker Min Bearclaw Cap Bethpage Cap BHK Mining Black Bull Res Boss Power Brunswick Res Buffalo Coal Bullion Gold Bullman Min Cadillac Vent Cairo Res Camrova Res Canada Coal Canadian Silv Canex Energy Caracara Silvr Cassius Vents Castle Peak Mg Cerro de Pasc Cerro de Pasc Cerro Mng Chantrell Vent Chinapintza Mg Cicada Vents CIM Intl Grp Cliffmont Res Cliffs Nat Res* Clydesdale Res Comet Inds Condor Gold Contintl Prec Copper Lake Rs Copper One CWN M’g Acq Cyntar Venture Cyprium Mng Damara Gold Eastern Zinc Edgewater Expl Electra Stone Empire Metals ePower Metals Essex Minerals European Metal Evolving Gold Excalibur Res Fabled Copper Fieldex Expl Finore Mng Fire River Gol

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

20-23_MAY13_StockTables.indd 23

0.06 0.09 0.06 0.15 0.16 0.16 0.28 0.08 0.08 0.06 0.12 ... ...

0.50 0.93 2.00 2.00 1.72 4.04 ...

0.01 0.01 0.02 0.06 0.07 0.06 0.13 0.06 0.25 0.06 0.08 0.05 0.09 0.05 0.29 0.08 0.08 0.15 0.16 0.19 0.29 0.29 0.50 0.15 0.15 0.10 0.20 0.60 0.79 0.60 1.09 0.09 0.15 0.08 0.16 0.18 0.20 0.20 0.33 0.45 0.50 0.40 0.73 0.01 0.24 0.12 0.12 0.04 0.06 0.06 0.08 0.14 0.19 0.14 0.31 0.01 0.02 0.01 0.05 0.13 0.14 0.14 0.15 0.08 0.11 0.11 0.20 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.02 0.03 0.04 0.03 0.05 0.01 ...

0.07 0.07 0.02 0.02 0.02 0.10 0.18 0.10 0.17 0.20 0.17 0.03 0.03 0.03 0.05 0.01 0.01 0.01 0.02 0.06 0.15 0.10 0.47 0.10 0.12 0.11 0.13 0.02 0.02 0.02 0.04 0.34 0.39 0.30 0.42 0.03 0.03 0.07 0.11 0.02 0.03 0.03 0.11 0.01 0.06 0.06 0.07 ... ...

0.17 0.27 0.22 0.22 0.11 0.18 0.06 0.15 0.06 0.08 0.02 0.02 0.02 0.03 ... ...

0.29 0.34 0.31 0.31 0.32 0.37 0.13 0.18 0.14 0.21 0.07 0.10 0.06 0.12 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.19 0.30 0.19 0.63 0.13 0.20 0.13 0.90 1.45 3.20 1.43 7.17 0.03 0.15 0.04 0.08 1.80 3.15 3.25 3.60 0.34 0.38 0.34 0.86 0.35 0.35 0.36 0.46 0.02 0.02 0.02 0.05 0.13 0.15 0.15 0.18 0.04 0.08 0.05 0.18 0.08 0.17 0.10 0.15 0.03 0.03 0.03 0.04 0.05 0.05 0.07 0.08 0.13 0.10 0.56 0.10 0.15 0.10 0.18 0.01 0.02 0.01 0.02 0.17 0.20 0.17 0.23 0.19 0.19 0.15 0.31 0.05 0.07 0.05 0.14 ... 0.01 0.01 0.08 0.08 0.08 0.15 0.09 0.10 0.10 0.11 0.06 0.33 0.08 0.09 0.16 0.16 0.19 0.12 0.12 0.11 0.03 0.07 0.09

LOW

0.04 0.04 0.25 1.26 0.01 0.05 0.06 0.01 0.06 0.15 0.07 0.60 0.07 0.10 0.30 0.08 0.03 0.10 0.01 0.03 0.06 0.10 0.01 0.03 0.07

0.02 0.01 0.09 0.04 0.01 0.24 0.06 0.02 0.04 0.11 0.08 0.03 0.01 0.12 0.22 0.13 0.04 0.01 0.01 0.19 0.11 0.98 0.02 2.60 0.33 0.30 0.01 0.10 0.03 0.08 0.04 0.09 0.10 0.01 0.11 0.14 0.03 0.07 0.01 0.04

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Firebird Res V First Idaho V Five Star Diam V Four Nines C Full Metal Mnl V Fusion Gold V Gem Intl Res V Generic Gold C Global Cop Grp V GobiMin V Goldbelt Emp V Golden Share V GoldTrain Res C Great Lakes Gr V Great Quest Fe V Green Arrow V Greenshield Ex V Grenville Gold C Guerrero Vents V Hawkeye Gld&Di V Highbury Proj V Highvista Gold V Hybrid Mineral V IEMR Res V Infinite Lith V Inspiration Mg C Interconnect V Intl Battery C Intl Corona V Intl Millm Mng V Iron South Mng V Jasper Mining V Jazz Res V JDF Explor Inc C Jubilee Gold V Kal Minerals C Kenna Res V Kilo Goldmines V Kings Bay Res V La Imperial C Leo Res C Lithion Energy V Lithium Energy V Logan Res V Lovitt Res V Lund Enterpr V Madeira Mrnls V MAG Silver* X Magna Gold V Manado Gold V MBMI Res V Mega Copper V Meridius Res V Mesa Expl V Metalore Res V Metron Capital V Micrex Dev V Midasco Cap V MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Mineral Hill V MK2 Ventures V Monitor Vent V Monster Uran V Montana Gold C Montego Res C Mountain Lake C MX Gold V Navy Res V Nebu Res V New Jersey Mng C New Klondike V

0.02 0.03 0.02 0.05 0.05 0.25 0.03 0.03 0.06 0.06 0.07 0.17 0.20 0.30 0.20 0.60 0.01 ...

0.10 0.14 0.25 0.30 0.30 0.01 0.02 0.02 ... 0.08 0.06 0.30 0.07 0.08 0.08 0.11 0.23 0.27 0.24 0.40 0.01 0.01 0.02 0.09 0.09 0.09 0.24 0.11 0.12 0.11 0.40 0.05 0.05 0.04 0.06 0.10 0.10 0.10 0.14 0.02 0.04 0.03 0.04 0.09 0.14 0.05 0.15 0.23 0.29 0.23 0.70 0.03 0.12 0.08 0.15 0.03 0.04 0.04 0.11 0.25 0.69 0.22 0.30 ... ...

0.17 0.06 0.08 0.06 0.44 0.02 0.02 0.02 0.04 0.26 0.29 0.28 0.32 0.03 0.03 0.03 0.07 0.07 0.10 0.07 0.11 ... ...

0.31 0.03 0.04 0.04 0.05 0.02 0.03 0.03 0.03 0.24 0.27 0.24 0.28 0.08 0.09 0.08 0.29 0.05 0.06 0.06 0.08 0.05 ...

0.05 0.15 0.30 0.70 0.64 0.67 0.11 0.25 0.25 0.25 0.13 0.16 0.15 0.01 0.02 0.02 0.04 0.04 0.04 0.04 0.08 0.04 0.08 0.04 0.08 ... ...

1.09 ... ...

0.10 0.13 0.13 0.10 0.51 0.02 0.02 0.06 0.08 0.13 0.10 0.25 0.01 0.19 0.13 0.25 0.02 0.15 0.03 0.04 12.52 13.30 12.52 14.40 ... ...

0.40 0.45 0.03 0.05 0.05 0.06 0.02 0.03 0.02 0.07 0.17 0.22 0.16 0.18 0.15 0.19 0.19 0.22 0.02 0.02 0.06 0.08 0.95 1.44 0.97 2.85 0.05 0.10 0.06 0.07 0.02 0.02 0.01 0.16 0.16 0.09 0.15 0.01 0.50 0.05 0.04 0.06 0.04 0.05 0.10 0.06 0.11 ... ...

0.12 0.20 0.01 0.30 0.15 0.27 0.16 0.30 0.16 0.39 0.19 0.21 0.21 0.98 0.15 0.32 0.15 0.33 0.09 0.10 0.10 0.10 0.04 0.04 0.05 0.31 ... ...

0.05 0.05 0.11 0.11 0.11 0.15 0.21 0.16 0.24 0.03 0.03 0.04 ...

0.22 0.15 0.26 0.01 0.01 0.01

0.02 0.03 0.05 0.10 0.11 0.03 0.04 0.20 0.07 0.11 0.02 0.06 0.02 0.05 0.12 0.06 0.03 0.21 0.06 0.01 0.12 0.02 0.04 0.03 0.02 0.04 0.08 0.03 0.01 0.40 0.12 0.01 0.03 0.04 0.09 0.04 0.11 0.02 6.12 0.20 0.04 0.02 0.16 0.09 0.05 0.97 0.05 0.08 0.03 0.07 0.09 0.15 0.16 0.11 0.02 0.03 0.03 0.15 0.15

STOCK

New Stratus New World Res Newmac Res Nexco Res Nrthn Lion NSGold Odyssey Res Opawica Expl Oriental Non F Oronova Energy Pac Cascade Pacific Silk Pan Andean Min Patriot Gold Pele Mtn Res Phoenix Gold Plate Res Prime Meridian Quadro Res Quantum Cobalt Rare Element* Razore Rock Res Red Oak Mg Regency Gold Reliant Gold Resource Cap Rockland Mnls Rojo Res Ross River Rover Metals Rubicon Mnrls* Sage Gold Scotch Creek Sennen Potash Shine Minerals Sierra Madre D Silver Phoenix Sitka Gold SouthGobi Res Strategic Res Superior Mng Surge Explor Tanzania Mnls Tearlach Res Tesoro Mnrls Thunder Mtn Gd Tiger Intl Tintina Mines TomaGold Tri-River Vent Trident Gold Troy Enrgy Trueclaim Expl Upper Canyon Vale* ValOre Metals Vanadium One Vangold Res Vatic Vent Venerable Vent Voltaic Min Vulcan Mnrls Westcot Vent Western Atlas Western Troy C Whitemud Res Xander Res Zara Res Zena Mining Zenith Explor Zinco Mng Zincore Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.26 0.40 0.40 0.40 0.22 0.22 0.21 0.30 0.05 0.12 0.09 0.10 0.07 ...

0.07 0.28 0.23 0.35 0.23 0.46 0.09 0.13 0.11 0.15 0.03 0.04 0.03 0.06 0.07 0.08 0.08 0.15 0.25 ...

0.80 1.05 0.06 0.07 0.07 0.16 0.01 0.02 0.01 0.02 0.03 0.02 0.05 0.07 0.09 0.09 0.13 0.06 ...

0.10 0.10 0.03 0.03 0.04 0.05 0.03 0.06 0.05 0.07 0.04 0.05 0.04 0.08 0.01 0.50 0.14 0.03 0.04 0.03 0.08 ... ...

1.10 3.15 0.11 0.16 0.15 0.89 0.09 0.35 0.09 0.27 0.05 1.29 0.33 0.34 0.13 0.25 0.20 0.28 ... 0.01 0.02 0.02 ... ...

0.01 0.08 0.07 0.08 0.08 0.11 ... 0.39 0.19 0.30 ...

0.14 0.26 0.50 0.06 0.06 0.07 0.11 ... ...

0.03 1.35 0.01 0.01 0.02 0.09 0.10 0.14 0.10 0.13 0.23 1.00 0.45 0.50 0.09 ...

0.14 0.16 0.06 0.22 0.06 0.15 0.16 0.20 0.15 0.22 0.10 0.11 0.12 0.28 0.08 ...

0.14 0.17 0.30 0.98 0.23 0.39 0.06 0.28 0.10 0.10 0.39 0.44 0.39 0.23 0.07 0.32 0.16 0.26 0.20 0.24 0.20 0.28 0.05 0.05 0.05 0.07 0.01 ...

0.17 0.20 0.07 0.28 0.09 0.17 0.04 0.08 0.05 0.10 0.05 0.05 0.05 0.08 ... ...

0.04 0.15 0.25 0.15 0.18 0.03 0.07 0.03 0.07 0.09 0.09 0.10 0.28 ... 0.01 0.25 0.40 ... ...

10.24 11.10 0.06 0.07 0.07 0.13 0.13 0.15 0.13 0.05 0.05 0.04 0.17 0.10 0.10 0.10 0.32 0.10 0.20 0.10 0.13 0.21 0.27 0.28 0.37 0.04 0.04 0.04 0.07 ... ...

0.35 0.35 0.06 0.07 0.06 0.20 0.08 0.08 0.10 0.13 0.01 0.02 0.01 0.03 0.10 0.10 0.09 0.17 ... ...

0.07 0.22 0.05 0.07 0.06 0.09 0.06 0.24 0.10 0.10 0.05 0.07 0.05 0.03 0.40 0.05 0.10

0.25 0.13 0.06 0.06 0.15 0.07 0.02 0.05 0.80 0.06 0.02 0.03 0.10 0.03 0.04 0.03 0.03 0.20 0.06 0.06 0.12 0.14 0.02 0.01 0.01 0.10 0.10 0.03 0.03 0.01 0.10 0.45 0.08 0.06 0.03 0.04 0.10 0.16 0.05 0.03 0.12 0.03 0.05 0.14 0.04 0.02 0.04 0.14 0.01 0.07 0.17 6.57 0.07 0.03 0.06 0.08 0.13 0.03 0.23 0.05 0.03 0.01 0.03 0.07 0.05 0.04 0.03

2019-05-06 6:48 PM

24_MAY13_BackCover.indd 24

2019-05-07 5:38 PM

FOCUS ON Canada 2019 SUPPLEMENT TO THE 2019 CANADIAN MINING SYMPOSIUM IN LONDON, UK

NAP turnaround part mining When the east method, part miracle PALLADIUM

| Lac des Îles now ranks as one of Canada’s lowest-cost underground mines

BY BRIAN SYLVESTER

S

Special to The Northern Miner

ince majority shareholder Brookfield Asset Management (TSX: BAM.A; NYSE: BAM) tapped Jim Gallagher to become president and CEO of North American Palladium (TSX: PDL; US-OTC: PALDF) in August 2015, the street-savvy mining engineer has shepherded the company away from the precipice of bankruptcy, laid to rest NAP’s debt, and put the palladium producer solidly in the black, with enough free cash flow in the recent quarter to raise its dividend to 10¢ per share, from 3¢.

A few more miracles like these, and the suits on Bay Street might take to calling him Saint James.

Other numbers from NAP’s 2019 first quarter at its flagship Lac des Îles mine, near Thunder See PALLADIUM / 12

pushed back BC & YUKON

| Western Canada’s tectonic history sees metals driven into crust

BY NORTHERN MINER STAFF

I

n 1971, two geologists from the Geological Survey of Canada, Jim Monger and Charlie Rouse, proposed an idea that helped radically shape how we view the geological history of Western Canada today.

Rather than use the more widely accepted theories of facies changes or extensive seaways to explain the presence of certain fossils in the rocks of central British Columbia, they proposed that the rocks, and the fossils in question, must have

Ore falls off a conveyor at North American Palladium’s Lac des Îles palladium mine in northwest Ontario. NORTH AMERICAN PALLADIUM

See BC & YUKON / 6

Helping you unearth new opportunities.

With more than a century of commitment to metals & mining clients, and more than 100 professionals dedicated to the sector globally, the World’s Best Metals & Mining Investment Bank* digs deep to help you achieve your goals. bmocm.com BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal Ireland p.l.c, and Bank of Montreal (China) Co. Ltd and the institutional broker dealer businesses of BMO Capital Markets Corp. (Member FINRA and SIPC) in the U.S., BMO Nesbitt Burns Inc. (Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia and BMO Capital Markets Limited (authorised and regulated by the Financial Conduct Authority) in Europe and Australia. “Nesbitt Burns” is a registered trademark of BMO Nesbitt Burns Inc., used under license. “BMO Capital Markets” is a trademark of Bank of Montreal, used under license. “BMO (M-Bar roundel symbol)” is a registered trademark of Bank of Montreal, used under license. ® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere. ™ Trademark of Bank of Montreal in the United States and Canada. *Global Finance magazine, 2019

Focus on Canada 2019.indd 1

2019-05-07 7:10 PM

Shaping the mine of the future

How can we make decisions today that will ensure a successful tomorrow?

At PwC, we’re focused on helping mining companies navigate the digital challenges the industry is facing and how their businesses can evolve.

We believe there are opportunities for every mining company in today’s market. We’ll help you explore and evaluate these options—from machine learning to digital operations and supply chain, all focused on optimizing asset value.

pwc.com/ca/mining © 2019 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. 576193 0519

Focus on Canada 2019.indd 2

2019-05-07 7:10 PM

FOCUS ON CANADA 2019

GLOBAL MINING NEWS

FOCUS ON

Canada

THE NORTHERN MINER / MAY 13–26, 2019

MINERAL PRODUCTION

2019

DATA DASHBOARD

GOLD

COAL

POTASH

IRON ORE

COPPER

NICKEL

DIAMONDS

PGMs

ZINC

URANIUM

COBALT

SILVER

MOLYBDENUM

$9,590M

$6,408M

$5,494M

$4,802M

$4,495M

$2,971M

$2,736M

$1,207M

$1,009M

$628M

$332M

$228M

$141M

TOTAL

$40B ACTIVE MINES COAL 20

POTASH 11

CAPITAL Ottawa POPULATION 37,058,856

4.13 persons per km

IRON ORE 6

2

TOTAL

GRAPHITE 2 LITHIUM 1 MAGNESITE 1 NIOBIUM 1 PGMs 1 URANIUM 1

121

BASE METALS 30

Source: Statistics Canada 2018

CANADA’S GLOBAL PRODUCTION RANKING BY VOLUME 1st 2nd 2nd 3rd 3rd 3rd 4th 4th 5th 5th 8th 9th 10th 12th

Source:

PRECIOUS METALS $1,423M

OTHER $103M DIAMONDS $107M

TOTAL

$2.26B

URANIUM $165M

BASE METALS $363M

GOLD 41

Potash Niobium Uranium Aluminum Nickel PGMs Cobalt Graphite Diamonds Gold Iron ore Zinc Copper Coal

IRON ORE $25M COAL $70M

DIAMONDS 6

AREA 8,965,121 km2

Source: Natural Resources Canada 2018 (preliminary estimates)

EXPLORATION & DEPOSIT APPRAISAL EXPENDITURES

FACTS

POPULATION DENSITY

3

Source: Natural Resources Canada 2018 (preliminary estimates)

2019

EXPLORATION & DEVELOPMENT PROJECTS

OTHER/ POLYMETALLIC 2,395 (Including aluminum, antimony, chromium, coal, cobalt, copper, diamonds, gold, graphite, iron ore, lead, lithium, molybdenum, nickel, niobium, potash, PGMs, phosphate, REEs, silver, tantalum, tin, tungsten, uranium, vanadium, zinc)

GOLD 1,269

TOTAL

3,664

FINANCING: Mining companies raised $6.5B in 2018 OPPORTUNITY: 1,189 mining

Source: Natural Resources Canada

companies listed

CANADA’S RESERVES GOLD

61.5 million oz.

SILVER

117 million oz.

COPPER 9.1 million tonnes NICKEL 2.6 million tonnes ZINC

VALUE: Combined mining companies valued at $271B

Source: Mining Association of Canada.

All figures from 2017, except coal, diamonds and uranium (2015) Source:

CAPITAL MARKETS TSX & TSXV

Canada supplies metal and mineral products to more than 100 countries.

2.2 million tonnes

LIQUIDITY: 43.3B mining shares traded in 2017

Metal contained in proven and probable mineable ore in operating mines and deposits committed to production.

GROWTH: 55 new listings

Source: Natural Resources Canada 2016

2019

Source: TMX 2018

Canada Data.indd 1

2019-05-01 2:34 PM

TORONTO STOCK EXCHANGE AND TSX VENTURE EXCHANGE

Global #1 Leaders in Mining

in Mining Capital Raised Globally

#1

in Listed Mining Companies Globally

tsx.com

As at December 2018. Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. ©2019 TSX Inc. All rights reserved. The information in this ad is for informational purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this ad and are not responsible for any errors or omissions in or your use of, or reliance on, the information. TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, TSX Venture Exchange, and TSXV are trademarks of TSX Inc.

Focus on Canada 2019.indd 3

2019-05-07 7:10 PM

4

MAY 13–26, 2019 / THE NORTHERN MINER

FOCUS ON CANADA 2019

WWW.NORTHERNMINER.COM

CANADIAN MINING SYMPOSIUM SNAPSHOT Presenters pursue riches on varied fronts The Canadian mining industry and European investment community come together once again on May 22, 2019 for The Northern Miner’s third annual Canadian Mining Symposium at Canada House in London, United Kingdom. The following Canadalisted companies are developing mineral projects in Canada and abroad, and will be featured sponsors and presenters at the event.

ALAMOS GOLD Toronto-based miner Alamos Gold (TSX: AGI; NYSE: AGI) is on track to produce 500,000 oz. gold in 2019 from its four mines in North America, at all-in sustaining costs of $920 to $960 per oz. gold.

Alamos’ Canadian assets — YoungDavidson and Island Gold — will account for 65% of its gold production this year, and hold 63% of the company’s 9.3 million oz. gold in reserves.

Young-Davidson is a bulk-tonnage, underground gold mine in northern Ontario with a 13-year reserve life.

Alamos is carrying out a lower-mine expansion — expected in the first half of 2020 — that should cut operating costs and boost free cash flow.

At the high-grade underground Island Gold mine, also in Ontario, the company just achieved a 1,100-tonne-per-day mining and milling rate. For 2019, Alamos expects Island Gold will yield 135,000 to 145,000 oz. gold, which would represent an annual increase

of more than 30%. Alamos also has four drill rigs active at the property, which will focus on resource expansion.

CARDINAL RESOURCES Cardinal Resources (TSX: CDV) is developing its Bolgatanga gold asset in Ghana, which is near the border with Burkina Faso in Ghana’s northeast.

Bolgatanga hosts the Namdini gold project, with a feasibility study expected ahead of schedule, in the second quarter of 2019.

Gold resources at Namdini contain 7 million oz. gold in 193 million tonnes grading 1.1 grams gold per tonne, with 93% of the resource in the indicated category. Cardinal has also outlined 129.6 million tonnes of “probable ore in reserves” grading 1.14 grams gold per tonne, for 4.76 million oz. gold in the reserve category.

Namdini’s prefeasibility study considered a 14-year open-pit operation costing $414 million to build, which would produce an average of 294,000 oz. gold per year and mine 9.5 million tonnes per year.

The company says it has received strong interest from potential project financiers.

EASTMAIN RESOURCES Junior gold explorer Eastmain

Resources (TSX: ER) is focused on its 1,090 sq. km land package in Quebec’s James Bay region.

The company’s flagship asset is the Clearwater project, which hosts the Eau Claire gold deposit and its 4.29 million measured and indicated tonnes grading 6.18 grams gold per tonne for 853,000 contained oz. gold. Eau Claire also has 2.38 million inferred tonnes grading 6.53 grams gold per tonne for another 500,000 contained oz. gold.

A 2018 preliminary economic assessment of Eau Claire envisioned a 12-year open-pit and underground mining plan. The mine would produce an average 86,100 oz. gold per year over the first 10 years of production, with all-in sustaining cash costs of $766 per oz. gold. Construction costs were pegged at $175 million and life-of-mine sustaining capital was an estimated $108 million.

This year Eastmain has completed a heli-borne electromagnetic survey at Clearwater as well as a 20-hole winter drilling campaign at the Percival target, 14 km east of Eau Claire.

JAPAN GOLD With a portfolio of 17 projects in Japan, totalling more than 710 sq. km and 40 historic gold mines, explorer Japan Gold (TSXV: JG) recently added a fourth drill rig to its 2019 exploration program.

In May, drilling is scheduled to begin on the northern island of Hokkaido at the Ikutahara project, where the company will probe the Kitano-o prospect with 3,000 metres of drilling. The drills will target veins within 3 km of underground workings at the historic mine, which produced almost 100,000 oz. gold from ore grading 5.9 grams gold per tonne.

In June the company expects drills to turn on the southern island of Kyushu at the company’s Ohra-Takamine project, where the company wants to complete a 2,100-metre, first-phase drill program to test 3.5 km of strike that hosts the historic Ohra, Takamine and Urushi gold mines.

The holes will test for extensions and vein shoots adjacent to and along strike of existing shallow mine workings.

MONARCH GOLD Monarch Gold (TSX: MQR) is working towards developing its advanced Wasamac gold project in Quebec’s portion of the famed Abitibi gold camp.

Monarch owns a suite of assets in the region, including the Camflo gold mill, which processes ore from nearby operations, and can handle 1,600 tonnes per day.

The company is also drilling its permitted Croinor gold property, which hosts a permitted, pastproducing mine, and its McKenzie Break gold property, which sits 20 km from its 750-tonne-per-day Beacon gold mill.

MURCHISON MINERALS Zinc, copper, lead and silver are the targets for Murchison Minerals (TSV: MUR) at its wholly owned Brabant-McKenzie volcanogenicmassive-sulphide (VMS) project in Saskatchewan, 175 km northeast of La Ronge.

The company has outlined more than 21 million tonnes of proven and probable reserves at Wasamac grading 2.56 grams gold per tonne, for 1.77 million contained oz. gold.

The project hosts a metamorphosed, sedimentaryhosted VMS deposit containing 2.1 million indicated tonnes grading 7.08% zinc, 0.69% copper, 0.49% lead and 39.6 grams silver per tonne. The inferred category holds another 7.6 million tonnes of 4.45% zinc, 0.57% copper, 0.19 lead and 18.4 grams silver.

In late 2018, a positive feasibility study outlined an 11-year mine life, delivering 142,000 oz. gold per year

In January 2019, Murchison completed an electromagnetic survey VTEM Max and magnetic

Vancouver-based Trilogy Metals Corp Inc. is an emerging copper developer that is advancing its Upper Kobuk Mineral Projects which are in northwest Alaska approximately 275 kilometres southeast of Teck’s Red Dog zinc mine.

Our two flagship assets are our Arctic Copper-Zinc-Lead-Gold-Silver project which hosts Reserves of approximately 4.4 billion pounds (2 million tonnes) of copper equivalent. In early 2018 we completed a pre-feasibility study on Arctic which outlined a 12-year 10,000 tpd operation producing an annual average of 160 million pounds (72,600 tonnes) of copper, 200 million pounds (91,000 tonnes) of zinc plus lead and precious metals. Average life-of-mine cash costs (net of by-product credits) are estimated to be US$0.15 per pound ($330/tonne) of copper. At a copper price of US$3.00/lb ($6,614/tonne) The project has a post-tax NPV of US$1.4 billion and an IRR of 33%. The company is moving forward with a feasibility study on Arctic. We also expect to commence permitting in late 2019. We estimate that 60% of our revenues will come from copper production.

Our other flagship asset is our Bornite project, which is located 27 kilometres away from Arctic.

The Bornite project contains approximately 5.5 billion pounds (2.5 million tonnes) of copper and

Focus on Canada 2019.indd 4

at all-in-sustaining costs of $826 per oz. gold. Monarch would need $426 million to build the operation, which would include a mill and tailing facility.

77 million pounds of cobalt. In 2018 we completed a US$10.8 million summer drilling program at Bornite which we believe could considerably expand the resources at the project.

In 2017 we entered into an option to form a joint venture agreement with South32 Ltd. (“South32”) in which South 32 can earn a 50% interest in our projects. South32 is an Australian-based base-metal mining company with operations in southern Africa and Australia.

The Company is currently preparing for a US$18.2 million exploration program at the UKMP. This will include infill and expansion drilling at Bornite, pre-permitting and feasibility work at the Arctic project and a regional exploration program within the Ambler volcanogenic massive sulphide belt.

We expect that 2019 will be a milestone year for the company given that the United States Bureau of Land Management and the United States Army Corp. of Engineers should complete the permitting of the Ambler Mining District Industrial Access Project which is a 320 kilometer private road that will link up the Ambler Mining District with the Dalton Highway and the Port of Alaska in Anchorage.

Currently, we have a treasury of approximately US$30 million and a market capitalization of US$330 million and we are listed on the NYSE and TSX.

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airborne survey, which covers half of the 324 sq. km property. The survey has found 15 priority drill targets, with just 25% of the survey data reviewed in detail as of late April. Anomaly selection is based on the deposit’s signature and VMS characteristics.

In late May, the company will begin its mid-year field program BrabantMcKenzie, which will consist of target-specific and regional prospecting and mapping.

NORTHERN SHIELD RESOURCES Northern Shield Resources (TSXV: NRN) is focused on the Shot Rock gold project in Nova Scotia, where it says it has found two largescale, low-sulphidation epithermal gold systems since optioning the property from a local prospector in December 2017.

The discoveries were made via surface sampling, which turned up textures and mineralogy consistent with the systems that point to mineral potential at depth.

The company continues to collect promising samples at Shot Rock Highway Zone, and carried out an airborne magnetic survey that revealed features coinciding with where most mineralized quartz vein samples have been found.

Northern Shield is spending $2 million over four years to earn an 80% stake in the asset, and plans to drill Shot Rock later this year.

The company is also advancing the Grand Pabos gold project in Quebec, two iron-oxide-coppergold ore projects in Nova Scotia (Five Islands, Parrsboro), and three nickel-copper-PGM assets in Quebec’s Labrador Trough region (Huckleberry, Sequoi, Idefix).

OREFINDERS Gold-focused junior Orefinders Resources (TSXV: ORX) is advancing a hub-and-spoke model to maximize synergies with its suite of gold assets in Ontario’s Kirkland Lake gold camp.

The company’s McGarry, Omega (31% owned) and Mirado projects have National Instrument 43-101 compliant resources of more than 800,000 oz. gold between them.

The company is exploring the potential for building a central mill at McGarry, which has infrastructure from past production, including a tailings facility.

Orefinders’ mid-2019 field program will include mapping, trenching and generating drill targets on its properties.

The junior is also developing the Knight gold property, which is a consolidation of five properties in Ontario’s Shining Tree area, southwest of Kirkland Lake. Knight has significant infrastructure from historic activities, including more than 1,300 km of drifts.

Knight’s previous owner extracted promising gold intercepts, including 66 metres of 18.2 grams gold per tonne and 83 metres of 13.3 grams gold from the Minto mine area on the property.

REVIVAL GOLD Revival Gold (TSXV: RVG) is set to develop the past-producing Beartrack gold project in Lemhi County, Idaho. Beartrack produced 600,000 oz. gold from 1994 to 2000, before closing because of weak gold prices.

A drill at Monarch Gold’s McKenzie Break gold project in Quebec. MONARCH GOLD Beartrack that tallied 33.4 million indicated tonnes at 1.13 grams gold per tonne for 1.2 million contained oz. gold, and an inferred resource of 16.9 million tonnes of 1.41 grams gold for 765,000 contained oz. gold.

In April, the company raised US$5 million via a brokered private placement, which will pay for its ongoing exploration at Beartrack and the nearby Arnett property over the next 15 months.

The company is focused on growing near-surface oxide gold resources, so it can leverage heap-leach infrastructure at Beartrack.

This year Revival will carry out metallurgical test work at Beartrack, and carry out 1,000 metres of stepout drilling. At Arnett the company is permitting 53 drill pad locations and aims to drill 4,000 metres of resource expansion and definition holes.

SOUTHERN SILVER EXPLORATION Southern Silver Exploration (TSXV: SSV) is a precious metal exploration and development company with a focus in northcentral Mexico and the southern

United States.

STAR DIAMOND

SUN METALS

The company’s flagship asset is the Cerro las Minitas silver-lead-zinc exploration project in the heart of Mexico’s Faja de Plata, which hosts world-class mineral deposits such as Penasquito, San Martin, Naica, Los Gatos and Pitarrilla.

Star Diamond is developing its wholly owned Star-Orion South diamond project in central Saskatchewan, 60 km east of the city of Prince Albert.

Sun Metals ( TSXV: SUNM) is a Vancouver-based junior concentrating on the Stardust polymetallic project in central British Columbia.

Star’s updated preliminary economic assessment on the project from 2018 estimates that 66 million carats of diamonds could be recovered over a 38-year project life. After taxes, the net present value at a 7% discount rate is $2 billion, and the internal rate of return is 19%.

The project, formerly known as Lustdust, has seen exploration since the 1940s, and a 2017 resource estimate outlined a 985,000-tonne indicated resource grading 1.34% copper, 0.62% zinc, 1.59 grams gold per tonne and 36.8 grams silver per tonne.

In 2017, Star signed a deal with Rio Tinto Exploration Canada, giving it the right to earn a 60% stake in its Fort à la Corne concessions, which host the Star-Orion South project.

Another inferred resource contains 1,985,000 tonnes averaging 1.24% copper, 0.14% zinc, 1.72 grams gold per tonne gold and 30.5 grams silver per tonne.

The most recent Cerro las Minitas resource estimate tallied 10.1 million indicated tonnes of 102 grams silver per tonne, 0.1 gram gold per tonne, 0.15% copper, 1.4% lead and 3.6% zinc. Inferred resources totalled 8.7 million tonnes of 74 grams silver per tonne, 0.04 gram gold per tonne, 0.15% copper, 0.7% lead and 4.5% zinc.

Southern Silver’s property portfolio also includes the Oro porphyry copper-gold project in New Mexico, United States.

The Oro property consists of patented land, state leases and Bureau of Land Management mineral claims that cover a highly prospective quartzsericite-pyrite alteration zone, interpreted to overlie an unexposed porphyry centre and a distal sediment-hosted, oxidegold target.

In April, the company announced that Star and RTEC completed an HQ core drilling and sonic program, consisting of 3 core drill holes at Star and 23 holes at Orion South.

The campaign intersected almost 4,000 metres of kimberlite from 7,000 metres of core drilling, which helped document the internal stratigraphy of the kimberlites ahead of an upcoming bulk sample.

This year, Sun Metals focused on drill hole 421, which was collared in 2018, returning 29 metres of 3.35% copper, 4.29 grams gold per tonne, 65.7 grams silver per tonne and 0.06% zinc.

In April, Sun Metals announced it acquired Lorraine Copper, giving it full ownership of Stardust. TNM

BC Regional Mining Alliance The BC Regional Mining Alliance (BCRMA) is a northwest regional partnership among the Province of British Columbia (BC), the Association for Mineral Exploration, Indigenous nations and industry representatives to advance exploration and development by attracting global investment in the “Golden Triangle” in Northwest BC. BC is a world-class mining jurisdiction, rich in mining history and home to sixteen operating mines and a thriving mineral exploration sector. The BCRMA is a collaborative effort that welcomes the opportunity to share our success stories from grassroots exploration, through permitting and into operations—from the perspective of all partners across our sector—to put the Golden Triangle on the map for global investment in mining. https://amebc.ca/bc-regional-mining-alliance/ BCRMA@gov.bc.ca

Our Members Nisga’a Lisims Government

In October 2018, Revival tabled a compliant gold resource for

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FOCUS ON CANADA 2019

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When the east pushed back BC & YUKON From 1

migrated across the Pacific Ocean to their present location. Their revolutionary idea would come to explain a geological story that was set in motion 180 million years ago, when the opening of the Atlantic Ocean drove the ancestral North American continent westwards.

The movement ignited subduction beneath the western margin of the continent, and thrusted offshore volcanic island chains and intervening basins of sedimentary and oceanic rocks onto the landmass.

Drill pads at Garibaldi Resources’ Nickel Mountain polymetallic project in British Columbia. GARIBALDI RESOURCES

Pretium Resources’ Brucejack gold mine in northwest British Columbia’s Golden Triangle region. PRETIUM RESOURCES

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Exotic rocks The first truly exotic rocks to have docked onto western North America were contained within a package of terranes: the Quesnellia volcanic arc in the east, another volcanic arc called Stikinia in the west, and oceanic crust belonging to the Cache Creek terrane in between.

Today, the terranes fall within a mountainous belt known as the Intermontane, but how they arrived at their present position is still an enigma among geologists.

Some say that Cache Creek docked onto the Quesnellia and Stikinia arc — which at the time formed a linear belt — 230 million years ago, outboard of ancestral North America. As Cache Creek pushed into the volcanic chain, the northern tip of the Quesnellia–Stikinia arc bent backwards onto itself in a counter-clockwise motion, and the oceanic crust was trapped in the middle.

This “isoclinal bend” theory could explain why the two arcs — which are almost geologically

CANADIAN CORDILLERA TERRANES Foreland and Omineca belts (ancestral North America)

1 Platform rocks (incl. Cassiar terrane) 2 Basinal rocks (incl. Kootenay terrane) 3 Yukon-Tanana terrane 4 Slide Mountain terrane

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Intermontane belt 5 Quesnellia terrane 6 Stikinia terrane 7 Cache Creek terrane 11 Okanagan terrane 12 Bridge River/Cadwallader/ Methow terranes 13 Chilliwak/Harrison terranes Coast belt 8 Coast Plutonic Suite Insular belt 9 Wrangellia terrane 10 Alexander terrane

1 2

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identical — are separated by a piece of oceanic crust that originated in eastern Asia, as suggested by the types of fossils caught within its vestiges. Geologists concluded that the crust must have migrated via plate tectonics.

Most of the porphyry copper-gold and related epithermal systems found in B.C. and the Yukon formed between 220 and 175 million years ago — before the landmass reached North America — in a setting similar to the present-day Indonesian and Philippine volcanic arcs.

The most notable examples are found in the northwest parts of the Stikinia terrane, a region known to

4 1 11

many as B.C.’s “Golden Triangle.”

The Golden Triangle encompasses a number of world-class, gold-rich porphyry deposits, such as Teck Resources’ (TSX: TECK.B; NYSE: TECK) Shaft Creek, Imperial Metals’ (TSX: III) Red Chris copper-gold mine, and Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM camp — the latter containing a whopping 38.8 million oz. gold and 10.2 million lb. copper, at grades of 0.51 gram gold per tonne and 0.2% copper, in proven and probable reserves.

Hydrothermal f luids off-gassing from underlying porphyries spurred the growth of Pretium

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GLOBAL MINING NEWS

Resources’ (TSX: PVG; NYSE: PVG) Valley of the Kings epithermal gold deposit — where proven and probable reserves stand at 6.4 million oz. gold in 16 million tonnes grading 12.6 grams gold — and Skeena Resources’ (TSXV: SKE) Snip project, which produced 1 million oz. in the 1990s.

Stikinia’s volcanic pile is also prospective for volcanogenic massive sulphide (VMS) deposits, as seen at Barrick Gold’s (TSX: ABX; NYSE: GOLD) Eskay Creek mine, which produced 3.3 million oz. gold and 180 million oz. silver at grades of 49 grams gold and 2,406 grams silver over its mine life.

Teck’s open-pit Highland Valley copper mine near Kamloops, B.C., is a star example of porphyry deposits in the Quesnellia terrane, having yielded more than 1.1 billion tonnes of ore in its lifetime.

See BC & YUKON / 8

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SELECT DEPOSITS, DISTRICTS & GEOLOGY IN BRITISH COLUMBIA 1 Schaft Creek 2 Red Chris 3 Snip 4 Eskay Creek 5 KSM

6 Valley of the Kings 7 Huckleberry 8 Barkerville 9 Mount Polley 10 Prosperity 11 Myra Falls 12 Highland Valley 13 Ajax 14 Sullivan

7

BRITISH COLUMBIA FOCUS ON

Canada

FACTS

2019

CAPITAL Victoria

DATA DASHBOARD

POPULATION DENSITY

5.4 persons per km2

POPULATION 4,991,687 AREA 922,509 km2

Source: Statistics Canada 2018

MINERAL PRODUCTION COAL

COPPER

$6,310M

$2,463M

GOLD

MOLYBDENUM

SILVER

$1,055M

$141M

$47M

TOTAL

1

$10B

2

Source: Natural Resources Canada 2018, BC Ministry of Energy, Mines and Petroleum Resources 2018 (preliminary estimates)

3

4

GRAPHITE 1

GOLD 2 ACTIVE MINES (PRIMARY PRODUCT)

5 6

MAGNESITE 1 SILVER-ZINC-LEAD 1 COPPER 5

TOTAL

17

EXPLORATION & DEVELOPMENT PROJECTS

Source:

8 9 10

11 12

GOLD 188 COAL 39 COPPER 39

TOTAL

812

MOLYBDENUM 23 REEs 9

2019

POLYMETALLIC/OTHER 514 (Including aluminum, chromium, cobalt, copper, diamonds, gold, graphite, iron ore, lead, lithium, magnesium, molybdenum, nickel, niobium, PGMs, REEs, silver, tantalum, tungsten, uranium, zinc) Source:

2019

13

14 km

ZINC 1

COAL 6

7

50

EXPLORATION & DEPOSIT APPRAISAL EXPANDITURES

The birth of the Omineca After the Stikinia-Cache and CreekQuesnellia landmass docked onto North America, it buckled, deformed and metamorphosed intervening basins of sediments that were deposited along the margins of ancestral North America up to 2 billion years ago.

In the eastern reaches of B.C. and the Yukon, the rocks were only mildly affected, and organic-rich peat bogs metamorphosed into coal.

Two main coal fields in B.C. — the East Kootenay and Peace River — were exhumed by the deformation, and have resources similar in quality to many Permian-age coals exported from Australia.

Rocks closest to the deformation front, however, were complexly deformed and highly metamorphosed. Today, the mountain chain is referred to as the Omineca, and

THE NORTHERN MINER / MAY 13–26, 2019

OTHER $57.1M

PRECIOUS METALS $233.2M

IRON ORE $0.3M TOTAL

$369.6M

BASE METALS $79M

Source: Natural Resources Canada 2018 (preliminary estimate)

GEOLOGICAL SURVEY OF CANADA/THE NORTHERN MINER

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FOCUS ON CANADA 2019

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When the east pushed back YUKON FOCUS ON

Canada 2019

1 Klondike 2 White Gold 3 Coffee 4 Casino 5 Howards Pass

DATA DASHBOARD

CAPITAL Whitehorse

POPULATION DENSITY

0.085 persons per km2

AREA 474,713 km2

Source: Statistics Canada 2018

MINERAL PRODUCTION GOLD

COPPER

SILVER

$78M

$2M

$131M

TOTAL

km

50

$211M

1

Source: Natural Resources Canada 2018 (preliminary estimates)

2 3 4

5 GEO LOG ICA L

SUR VEY OF CAN ADA /TH EN ORT HER N

GOLD 99 TOTAL

222

Source:

2019

gold since 1896.

The bedrock source of the Klondike has never been found, with the exception of White Gold’s (TSXV: WGO) White Gold deposit, which hosts 9.8 million inferred tonnes of 2.67 grams gold for 840,000 oz. gold.

Another wave of orogenic-style gold mineralization that was introduced roughly the same time as the Klondike is the Barkerville gold camp near the town of Wells in south-central British Columbia.

The camp saw over 3.1 million oz. placer gold and 1.3 million oz. lode gold from historical production.

Mineralization in the Barkerville camp occurs as replacement pods and veins along the high-strain deformation corridors that bound the Kootenay terrane with the Slide Mountain terrane in the east. The Kootenay terrane is similar, if not identical, to the Yukon–Tanana terrane.

Deformation in the Stikinia About 100 million to 115 million

OTHER $0.3M PRECIOUS METALS $160.6M

Source: Natural Resources Canada 2018 (preliminary estimate)

Source: Fraser Institute Annual Survey of Mining Companies 2018

years ago, two offshore volcanic terranes belonging to the Insular belt — called the Wrangellia and Alexander — smashed into Stikinia, compressing the metal-rich arc more than 160 km, or nearly half of its width. Many of Stikinia’s deposits were highly deformed, and most structural clues that explorers use to home in on mineralization were either overprinted or reactivated, making them more challenging to find.

Wrangellia and Alexander’s vol-

Commercially-minded, practical advice and deal-making, with a relentless focus on achieving business objectives, managing risk and delivering value for our clients

VANCOUVER | CALGARY | TORONTO | MONTRÉAL | QUÉBEC CITY | NEW YORK | LONDON

mccarthy.ca/mining

TOTAL

$369.6M

INVESTMENT ATTRACTIVENESS 9th best global jurisdiction for mineral investment

Global Metals & Mining

McCarthy Tétrault LLP |

POLYMETALLIC/OTHER 123 (Including coal, cobalt, copper, gold, iron ore, lead, nickel, molybdenum, nickel, niobium, PGMs, REEs, silver, tantalum, tin, tungsten, uranium, zinc)

BASE METALS $25.2M MIN ER

hitting a structural or chemical trap.

This orogenic gold mineralization style is most prolific in the Yukon’s Klondike goldfields, a placer gold camp in the Yukon–Tanana terrane that produced over 20 million oz.

Pit development at Victoria Gold’s Eagle gold project, which is set to pour gold in September 2019 in the Yukon. VICTORIA GOLD

Focus on Canada 2019.indd 8

FACTS POPULATION 40,476

EXPLORATION & DEVELOPMENT PROJECTS

represents the deeper roots of a mountain chain created between 180 million and 60 million years ago. The Omineca is divided into four main terranes — Yukon-Tanana, Cassiar, Slide Mountain and Kootenay.

The mountain-building event exhumed a number of pre-existing sedimentary exhalative (sedex) lead-zinc-silver deposits, which formed when metal-rich f luids — derived from basinal brines — either exhaled onto the seafloor via hydrothermal vents, or migrated through permeable sediments.

Teck’s historic Sullivan leadzinc-silver mine, near the town of Kimberley in south-central B.C., is a textbook example of a sedex deposit in the Omineca belt. Hosted within a package of sediments belonging to the Kootenay terrane, the 1.4 billion-year-old Sullivan deposit yielded 17 million tonnes zinc and lead, and 285 million oz. silver — more than $20-billion worth of metal — over its centurylong mine life.

Similar deposits are also found in the Yukon, such as Selwyn Chihong Mining’s Howard’s Pass zinclead project at the border with the Northwest Territories.

As the Omineca terrane reached new heights, deeply buried rocks metamorphosed, and fluids laden with gold travelled upwards along terrane-bounding structures, until

SELECT DEPOSITS, DISTRICTS & GEOLOGY IN THE YUKON

EXPLORATION & DEPOSIT APPRAISAL EXPANDITURES

BC & YUKON From 7

canic crust is known for its worldclass VMS polymetallic deposits, such as Nyrstar’s Myra Falls mine near Campbell River, Vancouver Island, and the 300-million-tonne, copper-cobalt-gold Windy Craggy deposit in B.C.’s extreme northwest.

As the terranes pushed into the continent, gold-rich fluids were driven into parts of the Yukon, most notably at Newmont Goldcorp’s (TSX: NGT; NYSE: NEM) Coffee project, where resources total more than 4 million oz. gold.

Subduction beneath the continent picked up speed, and the crust was injected with enormous volumes of granitic magma and active volcanism for 50 million years.

During this period, pulses in magmatism farther inland created a range of porphyry copper-gold deposits, such as Imperial’s Huckleberry and Taseko Mines’ (TSX: TKO; NYSE-AM: TGB) Prosperity deposits in B.C., and Western Copper and Gold’s (TSX: WRN; NYSE-AM: WRN) Casino project in the Yukon.

This deformation event was also responsible for the many porphyry and related deposits across western U.S., Mexico and beyond.

As time passed, the tops of the mountain chain that existed between Stikinia and Wrangellia eroded away, including any potential porphyry-style deposits, and the granitic core — known as the Coast belt — was exposed.

The western margin today In the last 50 million years, the structural regime off the coast of modern-day B.C. has transitioned more towards sidewaysslipping faults than subduction, with earthquakes and erosion taking precedent over volcanism and mountain building. TNM

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Geomega Resources’ mini pilot plant in Boucherville, Quebec, which separates and extracts rare earth oxides from permanent magnet waste. GEOMEGA RESOURCES

A disassembled permanent magnet motor. ISTOCK/BOSCA78

Geomega fine-tunes rare earths recycling technology TECHNOLOGY METALS

BY TRISH SAYWELL

G

tsaywell@northernminer.com

eomega Resources (TSXV: GMA) plans to put Canada on the map as a producer of rare earth elements (REE) — not by building a mine, although it hopes to do that one day too — but by initially recycling them from the permanent magnet industry with a technology developed by its privately controlled subsidiary, Innord.

Geomega claims Innord’s in-situ recovery (ISR) technology, which has been developed over the last five years, can separate and extract rare earth oxides from the waste left over from the manufacturing of permanent magnets as well as from permanent magnets in motors used in wind turbines and electric vehicles that have reached the end of their lives. It can then sell the rare earth oxides it extracts to end users.

“Rare earth magnets are the future of the rare earth industry, and developing the recycling of permanent magnets and permanent magnet residues is just as important as developing new mines,” says Kiril Mugerman, president and CEO of Geomega and Innord.

“Electric vehicles need magnetbased motors. Permanent magnets need rare earth oxides. To make rare earth oxides you need raw materials.

While we own a world-class REE deposit in Montveil, current market conditions make it difficult to develop new rare earth mines, and Innord’s ISR technology can process various feeds, which gives us a major advantage to be able to start producing rare earth oxides from such an important industrial source.”

The Montreal-based company says it has processed 2 kilograms of magnet waste feed during each batch of the process at its mini-lab in Montreal, and plans to raise $2 million over the coming months to build a plant that can process recycled feed on a larger scale, and generate over $10 million a year in sales for a profit margin of $2.4 million, or 24%. With those numbers, Geomega says, it can pay off the cost of building the plant in just 12 months.

“We are targeting to process 500 tonnes of magnet waste a year, and 500 tonnes of waste represents 1.5 tonnes of waste processed per day,” Mugerman says in a telephone interview from Montreal. “So annually you’re looking at approximately 175 tonnes of rare earth elements.”

The plan is to increase 500 tonnes of magnet waste a year to 2,000 tonnes a year, or 6 tonnes of waste per day.

Once the company raises the $2 million it needs to build the plant, it will take nine months to finish construction, meaning that Canada

Focus on Canada 2019.indd 9

| Mining is not the only answer, junior says

“DEVELOPING THE RECYCLING OF PERMANENT MAGNETS AND PERMANENT MAGNET RESIDUES IS JUST AS IMPORTANT AS DEVELOPING NEW MINES.” KIRIL MUGERMAN PRESIDENT AND CEO, GEOMEGA RESOURCES

could become a rare earths oxide producer as early as a year from now, Mugerman estimates.

The mining executive says average direct-operating costs for thirdparty-sourced magnet feed grading 30% total rare earth oxide (TREO) is US$3 per kilogram of TREO. Geomega looks to build the plant somewhere on the south shore of Montreal.

While Innord has been fine-tuning its proprietary REE separation technology, Geomega has been lining up sources of feed to recycle.

Last October, Geomega signed an agreement with a magnet manufacturer in Texas to acquire up to 1,000 kilogram per month of feed material and process saleable +99% neodymium and dysprosium oxides.

Under the non-binding letter of intent, that amount can be raised to 2,000 kilograms per month if both

parties agree.

In November, Geomega signed an agreement with the University of Liège in Belgium to test its ISR technology using rare earth element concentrates produced by the university from magnets in hybrid and electric vehicles.

Geomega notes that neodymium magnets are an important component of motors in electric vehicles and wind turbines, and that more magnets will become available as these products are discarded and recycled in the future. Steel and copper recycling is well established, but recycling permanent magnets out of these new and more efficient motors is limited, Mugerman says.

China has a ban on importing permanent magnet scraps, and as a result, Innord’s ISR technology offers

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A 4-billion-year-old story etched in stone GEOLOGY

BY NORTHERN MINER STAFF

C

anada’s geological heritage goes back over 4 billion years to when the Earth was a young, hot planet covered by ocean.

During this time, intense volcanism formed the Earth’s crust, giving way to a barren and lifeless landscape blasted by radiation from the sun.

About 3 billion years ago, in the Archean eon, the emergence of plate tectonics moved thin and small rafts of rocks at a rate much faster than they do today. Over time, the volcanic islands butted together into large blocks of continental crust, with most of the action (in what is today’s Canada) starting around the Red Lake area, a prolific gold-mining camp in northwest Ontario.

The birth of Canada As the terranes collided, balls of magma were injected into the volcanic pile and cooled into enormous granitic batholiths. Meanwhile, at the major spreading centres and back-arc rift zones, metal-rich f luids were exhaled from black smokers, peppering the seafloor with volcanogenic massive sulphide (VMS) deposits. Magmatic nickel-copper-platinum group metal (PGM) deposits were also prolific during the Archean, as temperatures on Earth were still hot enough to drive deep-seated, high-magnesium ultramafic melts — otherwise known as “komatiites” — into higher levels of the crust without cooling rapidly, as they might today.

As the accreted landmass towered to new heights, intense pressures and temperatures partly melted deep-buried crust, releasing goldrich f luids. The f luids travelled upwards along terrane-bounding structures in two major pulses — one at 2.9 billion years ago, and the other, 2.7 billion years ago — giving way to a variety of orogenic-style gold deposits. The deposits are preferentially clustered within segments of volcanic terrane that saw low-grade greenschist metamorphism, or what geologists call “greenstone belts.”

By the start of the Proterozoic eon, 2.5 billion years ago, the volcanic islands (that would one day form the core of Canada) had

| Canada’s diverse tectonic history has generated many world-class ore deposits become four main cratons: the Superior, Slave, Rae and Hearne.

Over time, erosion flattened their crustal peaks, and exposed a number of world-class ore districts. The most prolific districts seen today consist of the 150 million oz. gold Abitibi greenstone belt that spans the Quebec and Ontario border, the VMS-rich Flin Flon belt across Manitoba and Saskatchewan, and northern Ontario’s Ring of Fire district, which hosts a number of magmatic nickel-copper and chromium deposits.

Banded-iron formations Sediments that were eroded off the cratons were swept into surrounding deep-ocean basins and along vast seaways. Here, metal-rich brines would circulate within the sediments for millions of years, occasionally spewing out onto the seafloor as sedimentary exhalative (sedex) lead-zinc deposits.

Around 2.3 billion years ago, the oceans teemed with oxygenproducing bacteria, and the ironrich sediments deposited on the seafloor and mixed with oxygenated waters to create vast iron deposits.

These banded-iron formations (BIF) are prolific across the Labrador Trough, a world-class iron mining camp in Quebec and Labrador that today accounts for over 80 million tonnes of iron ore resources. (However, remnants of much older BIF deposits also occur within Canada’s greenstone belts, with the Mary River iron mine on northern Baffin Island a prime example. The deposit formed in oxygen-deficient “anoxic” conditions, having precipitated out from hydrothermal vents within volcanic centres. BIF formation is a wildly debated topic amongst geologists, as it has massive implications to the origin of Earth’s oxygen-rich atmosphere.)

Supercontinent Columbia Superior, Slave, Rae and Hearne were stitched together along vast mountain ranges during the assembly of supercontinent Columbia about 2 billion years ago. The deformation was so intense that it either obliterated pre-existing deposits entrained within the rocks, or thrusted them closer to surface.

As a result of this event, met-

CANADA’S MAIN GEOLOGICAL DOMAINS 1 Canadian Cordillera 2 Western Canada Sedimentary Basin 3 Wopmay Orogen 4 Proterozoic Sedimentary Cover 5 Paleo-Mesozoic Sedimentary Cover 6 Slave Craton 7 Taltson-Thelon/Inglefield Orogens

8 Thelon Basin 9 Rae Craton (Churchill Province) 10 Hearne Craton (Churchill Province) 11 Trans-Hudson Orogen 12 Innuitian Orogen 13 Superior Craton 14 Snowbird Tectonic Zone (fault, dashed line postulated) 15 Arctic Continental Margin 16 Grenville Province 17 Appalachian Orogen 18 St. Lawrence Platform 19 Nain Province 20 Athabasca Basin 21 Superior Boundary Zone 22 Southern Province

GEOLOGICAL SURVEY OF CANADA/THE NORTHERN MINER

al-rich f luids from deep-seated metamorphism were injected into major deformation zones, such as the 2,800 km long Snowbird tectonic zone dividing the Rae and Hearne cratons. Archean-age BIF acted as a sponge to the gold-rich fluids, forming the 9.5 million oz. gold Meliadine and the 6.3 million oz. gold Meadowbank deposits in Nunavut’s part of the Rae craton.

Meanwhile, deformation along the northwestern perimeter of the Superior craton gave way to the nickel- and copper-rich dikes and sills that define the world-class Thompson nickel belt in Manitoba.

The rock belt extends northeast to the Ungava Trough (formerly the Cape Smith belt) in northernmost Quebec, which hosts the Raglan

“

nickel-copper camp. Around the same time, a 10 km wide meteorite smashed into Superior’s eastern margin, shattering and melting the rocks beneath. The impact injected prolific nickel-copper-PGM-rich dikes and sills into a cone-shaped bowl that is now called the “Sudbury Igneous Complex” in Ontario.

During a lull in deformation, 1.5 billion years ago, the Snowbird once again became a passageway for fluids, but this time they were uranium rich. The structures, and where they pierce overlying basins of sediments, served as favourable traps for basement- and unconformity-hosted uranium deposits, such as those seen within Saskatchewan’s Athabasca basin, and Nunavut and Northwest Ter-

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Focus on Canada 2019.indd 10

ritories’ Thelon.

New eastern geological provinces By 1.3 billion years ago, the Earth’s continents were on a collision course to form the supercontinent Rodinia.

The shuff ling of plates forced deep-seated, nickel-copper-cobalt rich melts through a suture zone between the Rae craton and an Archean-age geological province called the Nain, creating today’s world-class Voisey’s Bay deposit in Labrador. The melts devoured sulphur-rich country rocks during its ascent and pooled in quiescent magma chambers, allowing time for the sulphur to scavenge the metals. As the melt cooled, the chamber floor was blanketed with sulphides.

Deformation peaked 1.1 billion years ago, as the continents collided, and transformed the eastern side of ancestral North America.

This deformation produced a Himalayan-scale mountain range — called the Grenville orogeny — that extends across the North American continent from Labrador to Mexico, as well as to Scotland.

The Grenville range eroded down to its metamorphosed core, and was partly covered with sandstones and limestones by encroaching seas. Rodinia was eventually disassembled, only to reassemble again, 350 million years ago, to form the supercontinent Pangaea.

Pangaea transforms the east coast During the assembly of Pangaea, the African continent collided with the eastern coast of ancestral North America and thrusted up a belt of rocks — rich with pre-existing VMS deposits — known as the Appalachians.

World-class copper-lead-zinc deposits that were exposed by this tectonic event are clustered in the Bathurst camp in New Brunswick and the Buchans camp in Newfoundland.

As the Appalachian orogen en-

2019-05-07 7:11 PM

FOCUS ON CANADA 2019

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 13–26, 2019

11

Pit activity at Agnico Eagle Mines and Yamana Gold’s Canadian Malartic gold mine in Quebec. YAMANA GOLD

sued, gold-rich f luids funnelled into the many structural corridors across the eastern provinces, while lower-temperature fluids laden with lead-zinc squeezed out of shales and into brecciated carbonate rocks to form Mississippi Valley Type (MVT) lead-zinc deposits.

MVT deposits from this deformation event can be seen within the Gays River district in Nova Scotia, whereas a similar event much farther north, called the Innuitian orogen, drove fluids into the Polaris and Pine Point deposits of Nunavut and Northwest Territories.

Canada’s West Coast When the North Atlantic Ocean rifted open 180 million years ago, the African continent broke away — albeit leaving behind continental fragments on the east coast of Newfoundland — and North America was pushed westwards. The shift in movement ignited subduction beneath the western margin of the continent, and a number of offshore volcanic island chains and sedimentary rocks in the west were docked and thrusted onto the edge of the landmass.

The first volcanic terranes that arrived, 150 million years ago, were teeming with porphyry coppergold and epithermal gold deposits, such as those seen today within the Valley of the Kings and Red Chris deposits in northwest B.C., and the Highland Valley Copper deposit in south-central British Columbia.

These deposits formed between 220 and 175 million years ago in a setting similar to the presentday Philippine and Indonesian island arcs.

As the metal-rich island chain pushed into the continent, basins of intervening sediments — up to 1.6 billion years old — were thrusted onto the landmass. The event exhumed a number of world-class sedex deposits that had formed along the edges of the ancient cratons, with examples including the Howard’s Pass and Sullivan leadzinc deposits, located in the Yukon and southern British Columbia.

This tectonic event also sliced up the crust and injected it with gold, most notably at the 20 million oz. Klondike placer goldfields in the Yukon, and central B.C.’s Barkerville camp, which saw 3.1 million oz. historical placer gold production.

The next volcanic terrane that arrived on Canada’s western margin, 100 million years ago, created a massive wave of deformation that drove gold-rich fluids into parts of

Focus on Canada 2019.indd 11

the Yukon, most notably at the 4.9 million oz. gold Coffee deposit.

Subduction beneath the towering landmass eventually picked up speed, and Western Canada was injected with enormous volumes of granitic magma for 50 million years, generating a number of porphyry copper-gold deposits, such as Casino in the Yukon and Huckleberry in British Columbia.

Around 55 million years ago, diamond-bearing magmas punched up rapidly through the Archean-age crust in the Northwest Territories’ Lac de Gras region. Geologists say that Archean crust favours diamonds because the cratons have bulged to enormous depths over its geological history, which provided high enough pressure and temperature to compress carbon into a precious stone.

An older diamond-bearing kimberlite event occurred between 180 and 155 million years ago — as recorded in northern Ontario’s Victor mine — and another at 640 million years ago at Quebec’s Renard mine. Less commercially significant kimberlites up to 1.1 billion years in age have also been uncovered in other parts of Canada.

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The future of Canada Over time, the seas that once covered much of Western Canada began to evaporate, having been partly cut off from the ocean by the Canadian Cordillera. The sediments eroded off the leeward side of the mountains were buried up to 5 km deep, and any carbon matter was in time converted into oil by the elevated pressures and temperatures. Even to this day, oil is being generated at the toe of the mountains — across much of Alberta and the Northwest Territories — and migrates for hundreds of kilometres, until caught by impermeable traps or quartz-rich sands.

In the last 50 million years, the structural regime off the western coast of modern-day B.C. and the Yukon has transitioned more towards sideway faults than subduction, with tremors and earthquakes taking prec­edent over volcanism and mountain build­ing. On the east coast, the Atlantic Ocean continues to rift open, pushing North America westwards. Geologists predict that in the next 250 million years, plate tectonics will drive Earth’s conti­nents together again, into a supercontinent called Pangaea Ultima. TNM 1

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FOCUS ON CANADA 2019

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North American Palladium’s Lac des Îles palladium mine in Ontario. NORTH AMERICAN PALLADIUM

NAP turnaround part mining method, part miracle PALLADIUM From 1

Bay, Ont., are almost as virtuous.

Revenue increased to $128.3 million, versus $86.6 million in the same period last year — the highest quarterly revenue in the company’s history.

Net income reached $29.5 million, or 50¢ per share — more than a sixfold increase from the 8¢ per share in the corresponding quarter in 2018. Cash flow from operations was almost $76 million, while free cash flow was just shy of $47 million.

What’s more, NAP cleansed its balance sheet of $37 million in remaining debt, a holdover from what Gallagher calls the “dark days.” The only other debt (about $11 million) is tied to equipment leases.

The linchpin of the remarkable turnaround was the shift to sublevel caving introduced by Gallagher and his team in 2016. That action lowered costs and boosted palladium production.

“We fundamentally changed the underground mining method to sublevel caving. We introduced some fill from surface to bulk up the cave, and that probably saved

the operation,” Gallagher said in a recent interview with The Northern Miner. “It has now become very reliable. We’re currently one of the largest and lowest-cost underground mines in Canada.”

NAP mined 607,918 tonnes from underground in the first quarter of 2019, for a year-over-year increase of 38,450 tonnes. Underground costs per tonne decreased slightly to $38 in the recent quarter, versus $39 per tonne for the same period in 2018.

Despite those positive numbers, total tonnes milled slipped nearly 200,000 tonnes from 1,050,384 in the first quarter of 2018, to 851,364 tonnes in the recent quarter.

Correspondingly, total production costs for the first quarter, before cost adjustments, were $63 per tonne milled, compared with $47 per tonne milled in the year-ago period.

Gallagher attributes the increases mostly to higher maintenance costs at Lac des Îles, owing to two conveyor belt snafus and expensive rebuilds of the primary and secondary crushers.

All-in sustaining costs (AISCs) also popped to US$919 per oz. palladium, compared with US$709 per

oz. in the first quarter of 2018. The increase was mostly the result of fewer ounces mined, higher sustaining capital because of mine expansion, and increased royalties, due to higher palladium metal prices.

Indeed, NAP’s palladium revenue per ounce averaged US$1,507 per oz., compared with US$1,001 per oz. in the first quarter of 2018. This mostly owes to dramatically higher amounts of palladium used in catalytic converters to burn hotter and catalyze pollutants to meet rising emissions thresholds in major auto markets, such as Europe and China.

Gallagher has set the goal of 12,000 tonnes per day by 2021.

Throughput averaged 8,984 tonnes per day in this year’s first quarter, while mill recovery inched higher to 82.4%, versus 79.9% in first-quarter 2018.

NAP’s 2019 production guidance is pegged at 220,000 to 235,000 oz. palladium at AISCs of US$785 to US$815 per ounce.

But as healthy as NAP’s first quarter numbers are, perhaps the most promising news comes from the Sunday Lake project, a greenfields exploration play 60 km south of

“LAC DES ÎLES HAS NOW BECOME VERY RELIABLE. WE’RE CURRENTLY ONE OF THE LARGEST AND LOWEST-COST UNDERGROUND MINES IN CANADA.” JIM GALLAGHER PRESIDENT AND CEO, NORTH AMERICAN PALLADIUM

the mill.

The company spent $6.6 million on exploration in the first quarter, including drilling underground and surface targets at Lac des Îles, and more than 20,000 metres at the Sunday Lake intrusion and “Big Red” target.

Drill hole 19-26 at Sunday Lake returned a 41-metre intersection running 3.22 grams platinum per tonne, 2.08 grams palladium per tonne, 0.21 gram gold per tonne, 0.57% copper and 0.19% nickel, including a 16-metre high-grade section running 5.42 grams platinum, 3.35 grams palladium, 0.34 gram gold, 0.88% copper and 0.24% nickel.

By comparison, the head grade mined at Lac des Îles is 2.6 grams palladium per tonne.

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Another highlight is hole 19-29 at Sunday Lake: a 275-metre step-out west of hole 19-26 that cut 32 metres grading 1.89 grams platinum, 1.23 grams palladium, 0.23 gram gold, 0.33% copper and 0.18% nickel.

Meanwhile, hole 19-25, one of three follow-up holes to mineralization discovered last year in the central part of the intrusion, intersected 15 metres running 1.33 grams platinum, 0.90 gram palladium, 0.10 gram gold, 0.29% copper and 0.10% nickel.

The results are painting a picture of the extent of mineralization at the base of the Sunday Lake intrusion.

“We optioned [Sunday Lake] from Impala Platinum (US-OTC: IMPUY). They had been exploring in Canada for platinum group metals for more than a decade, but backed away three years ago, due to their own financial challenges. And we’ve had some interesting hits [at Sunday Lake]. We’ve done some modern geophysics, and there’s more to be told on that story. So stay tuned,” Gallagher said.

NAP’s option agreement with Impala and Transition Metals (TSXV: XTM), signed in June 2017, gives NAP the right to earn Impala’s 75% interest in the Sunday Lake project, with Transition keeping a 25% carried interest through to a feasibility study.

NAP must pay $610,000 to Impala and Transition to earn its initial 51% interest in Sunday Lake. Any decision to move to the second stage of the option agreement must be made by Aug. 20, 2019.

The company already has several promising underground exploration targets at Lac des Îles, in addition to 3 million oz. in reserves, or what essentially has been mined to date.

Gallagher says that number could increase.

“We used to think we were just dealing with the big Roby zone … but what we have discovered is there’s a number of satellite zones — smaller, cylindrical, vertical. So we have lots of options underground that are actually very close to the See PALLADIUM / 13

Focus on Canada 2019.indd 12

2019-05-07 7:11 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 13–26, 2019

13

Geomega fine-tunes rare earths recycling technology

Geomega Resources president and CEO Kiril Mugerman speaking at the 2018 Progressive Mine Forum in Toronto. GEORGE MATTHEW PHOTOGRAPHY

a clean and alternative solution for the growing supply of permanent magnet scraps.

“Right now there is no magnet recycling capacity outside of China.

Since 2012, they haven’t been importing magnet waste, so that became a window of opportunity to demonstrate our technology through magnet recycling and generating cash,” he says. “These are difficult processes to develop if you want to call them green and be economic, so it took us five years of research and development work to allow us to say it’s a great business model.”

Earlier this year, Geomega signed a letter of intent with Rocklink GmbH, a rare earth, cobalt and minor metals recycling company based in Germany to acquire up to 100 tonnes per year of feed material, such as production residues and end-of-life scraps, which can increase to up to 200 tonnes.

Innord’s ISR technology is a proprietary extraction and separation process based on aqueous chemistry. The process doesn’t generate any greenhouse gas or wet tailings, Mugerman says, and can recycle its reagents at recovery rates of 90%.

“ONCE YOU HAVE PROCESSING CAPACITY BUILT, IT’S MUCH EASIER TO LOOK AT DEVELOPING A MINE.” KIRIL MUGERMAN PRESIDENT AND CEO GEOMEGA RESOURCES

“We don’t do any roasting, it’s a green, innovative chemistry,” he says. “The only waste we produce is an iron product, and we can sell that to the iron industry.”

In China, by contrast, the magnet waste is dispatched to the very same processing facilities that produce rare earth oxides, he continues.

Once Geomega’s ISR technology is de-risked through magnetic feeds and cash flow, the company plans to expand towards other industrial feeds and mines. Those sources could include its own Montviel rare earth carbonatite deposit in Quebec, 100 km north of Lebel-sur-Quévillon, and a 57 km drive from Highway 113.

The 99.1 sq. km property hosts a resource of 82.4 million indicated tonnes grading 766 parts per million praseodymium oxide (Pr2O3), 2,452 parts per million neodymium

oxide (Nd 2O3), and 1,715 parts per million niobium pentoxide (Nb2O5) for 1.51% total rare earth oxides (TREO). Inferred resources add 184.2 million tonnes of 746 ppm Pr2O3 , 2,433 ppm Nd 2O3 and 1,315 ppm Nb2O5 for 1.43% TREO. “Building a mine is just too risky.

But once you have processing capacity built, it’s much easier to look at developing a mine,” Mugerman says. “We said, if a mine is to go into production, we’ll need technology developed first. We’ll build a small producing and operating plant, which is much more reliable than a pilot plant.”

Montviel carries a 2% net royalty to Osisko Mining (TSX: OSK).

Geomega trades at 15¢ per share in a 52-week range of 6.5¢ to 19.5¢.

It has 91 million shares outstanding for a $13.6-million market cap. TNM

Underground at North American Palladium’s Lac des Îles palladium mine. NORTH AMERICAN PALLADIUM PALLADIUM From 12

mine workings in the shaft,” Gallagher explained.

He added: “We’re very confident we’re going to keep on mining. We have not found the depth extension of the orebody yet, and [that is] really due to a lack of good drilling platforms. And then we have nearsurface opportunities, which are potentially open-pittable, within 2 km of the mine site.”

As NAP looks at ways to grow, Brookfield seeks to sell some, if not all, of its 92% equity stake.

NAP recent ly announced a $75-million, bought-deal financing that will bring Brookfield’s equity position down to 81%.

The catch is that Brookfield can’t move large share blocks into the market without it looking like it’s bailing on the asset, and cratering the share price.

Brookfield provided a $130 million loan to NAP in 2013. But two years later, NAP was in even greater distress. That’s when the loan was converted to the 92% equity stake, and Gallagher ascended to the top job. “[Brookfield’s] fund that we’re owned in goes and looks for distressed assets, across every segment of the market. And if they believe that there’s value in the asset, they’ll buy in and sponsor a turnaround.

Once the turnaround is achieved, then they want to redeploy that capital and move on. So that’s really what’s in play,” Gallagher said.

“Over the next couple of years, in a responsible manner, Brookfield wants to sell down and move this

Focus on Canada 2019.indd 13

into the market.”

At this point, investors will learn if Gallagher stays or moves on to bring another distressed asset back from the dead.

NAP shares trade in a 52-week range of $12.61 to $8.62, with a $732-million market capitalization.

At press time NAP shares were trading at $12.50.

— Based in Toronto, Brian Sylvester is a freelance writer specializing in the resource industries.

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2019-05-07 7:12 PM

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FOCUS ON CANADA 2019

MAY 13–26, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

A drill rig at Osisko Metals’ historic Pine Point lead-zinc project in the Northwest Territories. OSISKO METALS

Quebec pension fund boosts position in Osisko Metals BASE METALS

| Junior agressively develops projects in two famed Canadian camps

on the OTCQX market in April — is advancing its flagship Pine Point project on the south shore of Great Slave Lake in the Northwest Territories, and its projects in the Bathurst mining camp of northern New Brunswick.

Recent results from 34 holes drilled at Pine Point intersected near-surface, high-grade zinc and lead values.

The holes were drilled in the project’s East Mill zone, with highlights from 18-226, which intersected 6.3% zinc and 6.6% lead over 9 metres for a 13% lead-zinc equivalent grade, from 30 metres

BY NORTHERN MINER STAFF

T

he Caisse de dépôt et placement du Québec (CDPQ) has acquired another 1 million shares in Osisko Metals (TSXV: OM; US-OTC: OMZNF), which is developing two zinc mining camps in Canada.

The Quebec pension fund has been a strategic partner and shareholder in the junior since 2014, and bought the additional shares from Osisko Metals’ executive chairman, Robert Wares, who now owns 9.5% of the company.

Osisko Metals — which listed

downhole. Drill hole 18-221 returned 7.4% zinc and 4.6% lead over 6 metres for a 12% lead-zinc equivalent grade.

All intersections in results from the East Mill zone were above a vertical depth of 45 metres and occur within flat-lying, tabular-style deposits, the company reports.

The East Mill zone contains 5.5 million tonnes of 3.8% zinc and 1.3% lead.

Pine Point has an inferred resource of 38.4 million tonnes grading 4.58% zinc and 1.85% lead, for a 6.58% zinc-equivalent grade.

The company intends to update

Drill core displaying colloform lead-zinc mineralization from Pine Point. OSISKO METALS

part of its inferred resource to the indicated category before year-end.

Osisko Metals acquired the proj-

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ect in February 2018, but the area was first discovered by prospectors heading to the Klondike gold rush in 1898.

Cominco put a mine into production in 1964, based on 21.5 million tonnes grading 7.2% zinc and 4% lead.

The mine hosted 50 pits and two underground deposits lying along a 60 km trend, and eventually closed in 1987, after producing 64 million tonnes grading 7% zinc and 3.1% lead.

This year, Osisko plans to lower the drill spacing within the reported inferred resource to 30 metres, from the current drill-hole spacing of between 40 and 60 metres.

The company also plans to explore for mineralization below and along strike of the known mineralized horizons at the property, which is accessible year-round by an all-weather road from Hay River.

In New Brunswick, its Anacon project has a historic resource of 1.87 million tonnes grading 9.6% zinc and lead.

The company also owns 420 sq. km covering 12 grassroots zinc targets in Quebec.

News of CDPQ’s investment sent Osisko Metals’ shares up 5.5%, or 3¢, to 58¢ apiece. The company’s shares are trading in a 52-week range of 46¢ to 70¢. The junior has a $79-million market capitalization. TNM

2019-05-07 7:12 PM

FOCUS ON CANADA 2019

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 13–26, 2019

15

Radisson shifts focus at O’Brien in Quebec GOLD

BY TRISH SAYWELL tsaywell@northernminer.com

The O’Brien mine, halfway between the towns of Rouyn-Noranda and Val-d’Or, along the Larder-LakeCadillac fault, was considered the highest-grade gold producer in Quebec between 1926 and 1957, when the underground operation churned out 1.2 million tonnes grading 15.25 grams gold per tonne for 587,121 oz. gold.

Today, the historic mine is part of Radisson Mining Resources’ (TSXV: RDS; US-OTC: RMRDF) O’Brien project, where the junior exploration company has carved out a resource estimate that begins 600 metres east and along strike of the mine’s Shaft No. 2.

Completed in March 2018, and using a cut-off grade of 3.5 grams gold, Radisson’s O’Brien deposit contains 1.13 million indicated tonnes averaging 6.45 grams gold for 233,491 contained oz. gold, and another 1.16 million inferred tonnes grading 5.22 grams gold for 194,084 oz. gold.

The O’Brien deposit is open at depth below 550 metres, a significant indicator, the company says, given that the old O’Brien mine reached a depth of 1,100 metres and remains untested below that level.

In October 2018, Radisson hired Richard Nieminen to head up exploration. The geologist, who has worked in Canada, the U.S., and several countries in Africa, was twice a member of geological teams that received the AEMQ Prospector of the Year award for finding two deposits in Quebec — West Ansil in 2005, and Bracemac-McLeod in 2007.

“He was new to the project, and his approach was that the O’Brien mine had been looked at as a small jewellery box, and he thought there could be something bigger here, and wanted to find the key,” says Hubert Parent-Bouchard, Radisson’s head of corporate development.

“While digging deeper into the resource model, he couldn’t find the source of the gold, or at least structures controlling the higher-grade mineralization,” Parent-Bouchard continues. “He suggested to get a structural geologist to look into the model, and we could then perhaps understand how the gold got there, and improve targeting for the next rounds of drilling.”

Radisson engaged Kenneth Williamson as an independent consultant to look at the existing model in December 2018. Williamson holds a masters degree in structural geology and started his career in 2004 at Goldcorp’s Red Lake mine under Rob McEwen’s tenure. Since then he has specialized in structural geology interpretation, 3-D litho-structural modelling and mineral resource estimation. Williamson has helped create multiple 3-D geological models, including the unified Red Lake Gold Mines geological model, as well as the regional-scale Matagami mining camp 3-D lithostructural model, among others.

By February 2019, Williamson had come up with an interpretation of the project based on current and historic drill holes, and noted that most of the historic production came from the gold-bearing veins that cross-cut each other, or what is described as a conjugated vein system. He also observed three orientations of the veins: east–west like the Larder-Lake Cadillac fault, and subparallel to the penetrative

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| New model could be ‘game-changer,’ company says “WHERE THESE VEINS CROSS EACH OTHER — OR THE SYSTEMS CROSS EACH OTHER — IS WHERE YOU GET THE HIGHEST GRADE AND THE WIDEST THICKNESSES.” HUBERT PARENT-BOUCHARD HEAD OF CORPORATE DEVELOPMENT, RADISSON MINING RESOURCES

foliation; east–northeast, associated with sinistral cross faults; and east–southeast, hosted by dextral cross faults.

“What he saw was a conjugated system of veins, which is intimately associated to the structures interpreted from the 3-D lithomodelling work, and where these veins cross each other — or the systems cross each other — is where you get the highest grade and the widest thicknesses,” Parent-Bouchard says, pointing as evidence to drill hole 18-84 in the project’s 36E zone, reported in November 2018.

The drill hole intersected 37.5 grams gold over 13 metres starting at 420 metres downhole, and is located in an area where two vein systems cross each other.

“Williamson’s findings were a breakthrough because, based on this, we could hope to identify multiple ore shoots at the crossings of different vein systems,” ParentBouchard says.

The structural geologist then examined the O’Brien mine and realized that 90% of production came from three main veins out of a total of 14, and that the three veins show a geometry supporting the new interpretation of the deposit. From the 3-D modelling work, he also identified steep, eastward-plunging ore shoots in the F zone, 36E, Kewagama and Vintage zones.

Miners at the Radisson mine in the 1950s. RADISSON MINING

“That was very exciting, and we could find from reports that, in some areas, the head grades of those ore shoots were well above 900 grams gold per tonne,” Parent-Bouchard continues.

The next phase is to search for deeper mineralization below the mineralization found in the resource estimate, which extends to 550 metres deep.

The company plans to complete a resource update in the coming weeks. The update will incorporate results of 16,201 metres of new drilling since the previous estimate of March 2018, and will include, for the first time, mineralization from the F zone, which is contiguous to the 36E zone, and sits west of the current resource. (The company has drilled 12,000 metres in the F zone.)

“It’s going to be a game-changer for the company,” Parent-Bouchard says of the new structural interpretation. “The resource estimate, based on the previous model, has a head grade of around 6 grams per tonne, but by focusing and constraining the conjugated systems, there are strong

reasons to hope for higher grades and lower tonnage, so it would make the project more economical.”

Radisson has planned a $2.2-million, 20,000-metre drill program for 2019, and Parent-Bouchard estimates the all-in drilling will cost $110 per metre. The drill program will focus on deeper drilling for resource expansion (12,000 metres) and exploration drilling (8,000 metres) west of the O’Brien mine, an area, he says, that hasn’t been looked at in any detail since the 1990s.

“By using our new model to expand the resource at depth and for exploration west and north of the deposit, our hope is that we can replicate the discovery of the O’Brien mine,” he says. “If we can replicate O’Brien two or three times, the project has the potential for more than 1.5 million oz. gold between surface, and 1,000 metres depth.”

Due to their closeness, all of the zones at the project could be accessed using the same mining infrastructure, the company says.

The 36E and Kewagama zones are within a 1.5 km corridor directly

south of the Larder Lake Cadillac Break.

In 2017, the company identified a zone 100 to 150 metres north of the O’Brien mine it called the Vintage zone. The zone is parallel to and between 30 to 85 metres north of the Larder Lake Cadillac Break, and gold mineralization has been found over a strike length of 825 metres.

The company has released assay results from a number of the zones this year. Assays from the F Zone include 6.13 grams gold over 5 metres at a vertical depth of 420 metres in drill hole 18-86W1, and 8.83 grams gold over 2 metres at a vertical depth of 220 metres in drill hole 18-87W1. Results from the 36E zone include 22.96 grams gold over 2 metres from 439 metres downhole in 18-85.

Radisson has $700,000 in the bank, and plans to raise $2 million to $3 million to finance its 2019 drill program.

Radisson is trading at 11.5¢ per share in a 52-week range of 8.5¢ to 15.5¢. The company has a $15.8-million market capitalization. TNM

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Base of Operations: Hokkaido, Japan

Phone: +1 778.725.1491 info@japangold.com

Administrative Office: Tokyo, Japan

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