The Northern Miner May 15 2017 Issue

RIVERSIDE & CENTERRA: PARTNERS SEARCH FOR GOLD AT GLOR IN SONORA / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

SPECIAL FOCUS

SOUTH AMERICA

Exciting ventures in Argentina, Chile, Ecuador, French Guiana & Peru / 9–15

VTEM™ | ZTEM™ | Gravity | Magnetics 905 841 5004 | geotech.ca

MAY 15–28, 2017 / VOL. 103 ISSUE 10 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

First Cobalt picks up assets in Canada, DRC EXPLORATION

| CEO says cobalt demand picture is ‘really compelling’

BY TRISH SAYWELL tsaywell@northernminer.com

S

ince joining First Cobalt (TSXV: FCC) in March, president and CEO Trent Mell has wasted little time getting down to work — unveiling two large property transactions, raising $6 million in financing and putting management in place.

The first deal — an option to acquire 100% of the largest past producer of cobalt in the Silver Centre mining camp in northern Ontario — gives the junior a dominant land position in a mining district that hasn’t seen meaningful exploration in modern times. The company now controls 210 sq. km in Silver Centre, a town 25 km south of the town of Cobalt.

The second deal — to become a 70% joint-venture partner on seven cobalt properties on the Central African Copper Belt in the Democratic Republic of the Congo’s Katanga province — gives it 190 sq. km of prospective ground in a country that produces 64% of the world’s cobalt.

Mell, who left his post as president and CEO of PearTree Securities to join First Cobalt, says that while he loved building PearTree’s mining group, which last year raised $300 million in equity investments, becoming the largest provider of See FIRST COBALT / 8

Leave no

A machine operator heads into the portal at Pasinex Resources’ Pinargozu zinc mine in Turkey. PASINEX RESOURCES

Pasinex shines at Pinargozu mine in Turkey ZINC

| Junior producer expects to sell 40 million lb. in 2017

BY SALMA TARIKH starikh@northernminer.com

P

asinex Resources — the 50%-owner of the high-grade Pinargozu zinc mine in southern Turkey — has seen its shares climb more than 300% over the past year. Driving the share-price appreciation have been improvements at the Pinargozu mine and the soaring zinc price following supply shortages.

In a telephone interview from Turkey, Pasinex’s founder and CEO

Steve Williams says the company has just started reaping the production benefits at Pinargozu.

“The big thing with us was that the last few years were terrible and tough times. And we took the decision to build the mine. This year is where we are really going to benefit … And we expect to show the market that we will have a very good year of zinc production.”

Five years ago, Williams — who previously worked as the managing director at SGS Canada — took Pasinex public with a vision of becoming a base metals miner.

“We weren’t trying to be in just

exploration. Although exploration is important, our objective was always to build a project that we could take into production.”

Pasinex began evaluating potential partnerships. “Right from the get-go knowing that we wanted to do mining, we went looking for a partner. It was a conscious decision to try to find the right strategic partner.”

The company’s Turkish network from Canada helped it get in touch with Akmetal AS, a large Turkish miner. In 2012, Pasinex and Ak-

PM40069240

See PASINEX / 2

unturned.

Reduce uncertainty. Contact us for expertise in all aspects of mining.

Contact our Mining Group at mining@weirfoulds.com Visit weirfoulds.com or follow us on:

WeirFoulds_NorthernMiner-1.indd 1

12/18/2015 2:58:15 PM

ROBERT FRIEDLAND: MINING MOGUL TACKLES HOLLYWOOD / 5

1-16, 23_MAY15_Main.indd 1

2017-05-09 5:54 PM

2

WWW.NORTHERNMINER.COM

MAY 15–28, 2017 / THE NORTHERN MINER

Pasinex Resources geologist Faruk Ünlü (left) and CEO Steve Williams examine samples in the core shack at the Pinargozu zinc mine in Turkey. PASINEX RESOURCES

Pasinex shines at Pinargozu mine in Turkey PASINEX From 1

metal created their fifty-fifty joint venture Horzum AS to explore the Horzum zinc trend in the province of Adana, where Akmetal operated the past-producing Horzum zinc mine.

In 2013, the partners bought the Pinargozu property, sitting 6 km from the Horzum mine, from a private Turkish party for US$250,000.

The property contained an old smallscale zinc mine with seven adits used by artisanal miners.

In early 2014, Pasinex completed ground-penetrating radar surveys over Pinargozu to help find drill targets. Drilling started in May that year, where along with surface drilling, the joint venture refurbished two of the old adits for underground drilling. After the adits Pasinex began small-scale mining and produced zinc directshipping ore (DSO) at a rate of 25 tonnes per day.

The first 570-tonne bulk sample returned a 34% zinc assay, showing the material could be sold with no extra processing costs. Pasinex then led efforts to ramp up the mine and carry out drilling with proceeds from the DSO sales.

“We haven’t had to go out and market our product. There truly is a supply-side shortage of zinc. So once people became aware that we had product to sell, they have been knocking on our doors. We had at least 30 groups approach us wanting to buy our product, so it has been

“THERE TRULY IS A SUPPLY-SIDE SHORTAGE OF ZINC. SO ONCE PEOPLE BECAME AWARE THAT WE HAD PRODUCT TO SELL, THEY HAVE BEEN KNOCKING ON OUR DOORS.” STEVE WILLIAMS FOUNDER AND CEO, PASINEX RESOURCES

very good.”

Through its joint venture, Pasinex sells the high-grade zinc material to commodity traders at spot prices.

Most of the product ends up in Europe and the Middle East, Williams says.

In August 2016, Pasinex opened a third adit in the mountainside of Pinargozu to access mineralization at the 670-metre level and accommodate larger mining equipment. As a result, mine production doubled from an average of 60 tonnes per day to 120 tonnes per day. Grade also increased as the company started extracting high-grade sulphide material. In its latest corporate presentation, Pasinex states production grades for zinc exceeds 30% in oxides and 48% in sulphides.

Pinargozu is now in its third production year. It forecasts producing 160 tonnes per day of direct-shipping mineralization.

This year’s mine sales (on a 100% basis) should total 40 million lb. zinc. This is more than double the 17.6 million lb. averaging 32.5%

zinc produced and sold in 2016, at total costs of $304 per tonne mined.

The joint venture’s net profit for 2016 was $3.6 million. As a result, Pasinex realized a $1.8-million equity gain in 2016, and its first-time net income of $829,906 (1¢ per share),

after operating expenses.

Williams expects Pasinex will continue to shine in 2017, as it records its first year of production from the third adit.

On the drilling front, Pasinex has completed up to 12,000 metres each year since production started in 2014 to build an internal resource and mine plan. This year it will also retain independent geological consultants CSA Global to publish a maiden resource estimate at Pinargozu, which it couldn’t do earlier due to a lack of funds.

Drilling to date at the mine totals 35,000 metres, Williams says, noting the consultants would decide the cut-off date for the resource

estimate, expected out in August.

It’s likely the firm will follow up on the resource estimate, with an economic statement to help the market understand Pinargozu’s potential.

From the top of the mineralization to where it is mining, Pasinex is 200 metres into Pinargozu. Williams says the system can “run a lot deeper in the sulphides,” noting similar systems run 2 to 3 km deep.

On May 1, Pasinex shares slipped 6% to close at 25¢, up 317% from a year ago. The spot price for zinc recently closed at US$1.186 per lb., up 39.5% from the earlier year. Zinc reached a 52-week high of US$1.35 per lb. in early 2017. TNM

Global Leader

Your Technical Services Partner in Geochemistry and Metallurgy For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221 RIGHT SOLUTIONS RIGHT PARTNER

1-16, 23_MAY15_Main.indd 2

A machine operator at Pasinex Resources’ Pinargozu zinc mine. PASINEX RESOURCES

2017-05-09 5:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 15–28, 2017

3

Riverside, Centerra see promise at Glor in Sonora GOLD

| Partners target depth extension of broad, low-grade gold at surface near El Chanate

BY LESLEY STOKES

P

lstokes@northernminer.com VANCOUVER

rospect generator Riverside Resources (TSXV: RRI) has launched into a 2,000-metre drill campaign with partner Centerra Gold (TSX: CG; US-OTC: CAGDF) at their Glor gold project, 8 km west of Alamos Gold’s (TSX: AGI; NYSE: AGI) El Chanate gold mine in Sonora, Mexico.

The partners aim to test the shallow depth extensions of the project’s Pitaya target, a zone of stockwork and disseminated oxide gold mineralization that extends at least 500 metres north–south and 160 metres east–west at surface.

The first hole will be drilled between two trenches that returned 105 metres of 0.49 gram gold per tonne and 84 metres of 0.53 gram gold, whereas the other four holes would test the eastern extensions of the zone.

Riverside’s president and CEO John-Mark Staude tells The Northern Miner in an interview that Pitaya is one of five, largely undrilled targets across the 49 sq. km property.

“The claims have been known about for decades, and people have looked at the small historical workings and prospects, but no one has ever trenched before,” Staude says. “With the trenching we’ve found extensive mineralization zones, and widened the small high-grade mine occurrences, so we’re looking forward to seeing what’s at depth.”

“WE SEE GLOR AS BEING A GREAT FIT FOR THE MINE NEXT DOOR.” JOHN-MARK STAUDE PRESIDENT AND CEO, RIVERSIDE RESOURCES

He adds the geology is similar to what’s seen at Alamos’ El Chanate mine. Most of the mineralization appears structurally controlled in an orogenic gold-style setting, and occurs at a contact between an ironrich andesite and an underlying package of deformed sediments.

Staude says the grades across Pitaya are consistent, and the target appears shallow and f lat, which would make it more amendable to a heap-leach, open-pit operation similar to El Chanate.

Alamos expects El Chanate will produce between 50,000 and 60,000 oz. gold at all-in sustaining costs of US$1,200 per oz. gold this year. The deposit has open-pittable proven and probable reserves of 10.8 million tonnes of 0.56 gram gold for 193,000 oz. gold, and another 100,000 oz. gold in its leach pad.

“We see the opportunity of potentially developing a resource next to a hungry mine,” Staude says, suggesting Alamos may only have a few more years of production left at El Chanate. “We see Glor as being a great fit for the mine next door.”

R iverside has completed 18 trenches totalling 3.4 km long, with most of them over Pitaya. Recent results, delivered on April 17, highlighted 18 metres of 0.45 gram gold and 9 metres of 0.64 gram gold in channels north and south of current drilling and previous trench results.

Centerra joined Riverside at the

1-16, 23_MAY15_Main.indd 3

Riverside Resources’ president and CEO John-Mark Staude in a trench at the Glor gold project in Sonora, Mexico. RIVERSIDE RESOURCES

project last year, agreeing to spend US$3.5 million over the next four years to earn 70% of the project.

Under the agreement, Riverside will operate the project for the next two years.

“Centerra saw us as a competent group that has a skilled team,” Staude says. “We’ve been in Mexico for a decade. We find good geology, we operate safely and we’re cost efficient.”

Riverside shares have traded within a 52-week range of 27¢ to 60¢, and closed at 48¢ at press time.

The company has 43.8 million shares outstanding for a $20.5-million market capitalization. TNM

A drill rig at Riverside Resources’ Glor gold property in Sonora, Mexico. RIVERSIDE RESOURCES

2 0 1 7

M ay 3 1 st st June 1

TIMMINS O N TA R I O

400 + EXHIBITS ANOTHER

- INVESTMENT FORUM - GALA DINNER

PRODUCTION

- ABORIGINAL FORUM - JACKLEG COMPETITIONS - PROSPECTORS COURSE

canadianminingexpo.com

- MINERS BARBECUE - EDUCATION & JOB FAIR

2017-05-09 5:54 PM

4

WWW.NORTHERNMINER.COM

MAY 15–28, 2017 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

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

7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304.

U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304.

U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

THE NORTHERN MINER is published biweekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organi­zations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

1-16, 23_MAY15_Main.indd 4

E D I T O R IA L

O P- E D

Christy Clark targets US thermal coal in defense of BC lumber BC ELECTION

| Premier wants ban on US coal shipments leaving BC ports

F

orget about blood diamonds, uranium and coltan, the most politically charged mined commodity these days in North America is coal, which has emerged as a political football in the B.C. election set for May 9, drawing in U.S. and Alberta coal producers and the federal government in Ottawa.

BY JOHN CUMMING jcumming@northernminer.com In an April 26 open letter to Canadian Prime Minister Justin Trudeau and in her latest stump speeches, B.C. Premier and provincial Liberal Party Leader Christy Clark is proposing that the Canadian government impose a ban on U.S. thermal coal passing through B.C. ports.

About 6.6 million tonnes of thermal coal was exported through B.C. ports in 2016, with 94% coming from the U.S., mostly on its way to China. More specifically, 6.2 million tonnes of U.S. thermal coal was exported through the Port of Vancouver in 2016, and this figure had been set to rise as thermal coal demand rises in Asia and U.S. port capacity for thermal coal remains constrained.

This ban, says Clark, would be in retaliation for the Trump Administration’s Department of Commerce recently slapping a 20% duty on Canadian softwood lumber exports to the U.S., which will hit the B.C. lumber industry particularly hard.

Forestry employs 60,000 people in more than 140 communities in B.C., and the U.S. is B.C.’s biggest customer of softwood lumber, buying $4.6 billon last year.

Furthermore, Clark said that if the Canadian government refuses to act, her government will impose a carbon price on these coal shipments transiting through B.C. of $70 per tonne if re-elected on May 9.

“The levy would make thermal coal shipped through British Columbia utterly uncompetitive in the global market,” Clark said while campaigning in Merritt, B.C., according to Canadian Press. “Now is the right time to do it, the right time to send a strong message to the Trump administration and U.S. lumber barons that we will not back down in the face of their aggressive attacks on workers here in British Columbia.”

She added that U.S. thermal coal is among the dirtiest and most carbon-intense methods to generate power and heat.

In her letter to Trudeau, Christy noted that over the past five years, “every proposed coal export facility on the West Coast of the U.S. has been rejected or withdrawn, typically as a result of ecological or environmental concerns,” and that the state governments in Oregon, Washington and California have all made “significant commitments to eliminate the use of coal as a source of electricity for their citizens.”

The most notable recent development was California Governor Jerry Brown’s signing of Bill 1279 that banned the provision of any state transportation funding for new coal export terminals.

Clark also suggested that any extra capacity at B.C. ports opened up by the U.S. thermal coal ban could be used for metallurgical coal exports. British Columbia is a large producer of metallurgical coal for export, with Vancouver-based Teck Resources being the dominant met coal producer.

At press time the polls in B.C. are very tight and the election is too close to call. Clark’s pro-business Liberals are neck and neck with the left-leaning New Democratic Party (NDP) led by John Horgan, who says Clark’s coal threats “ring hollow” and that she had until now been quiet on the softwood lumber issue, even though the special trade deal between Canada and the U.S. regarding softwood lumber had expired two years ago.

Alberta, which exports thermal coal through B.C., has been swept up in the ban proposal. Alberta’s NDP Premier Rachel Notley has said Clark’s proposed ban would be “bad news for Albertans” and that Clark doesn’t have the authority to impose a provincial $70 per tonne carbon tax.

Several economists taking the wider view believe ports in Seattle and Portland could handle all of B.C.’s share of U.S. thermal coal for export and that it would be counterproductive for Canadians to make it harder for U.S. customers to use B.C. ports, after such large investments in their development by government and industry over the past couple of decades. TNM

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

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

COMPANY INDEX Alamos Gold. . . . . . . . . . . . . 1 Albemarle. . . . . . . . . . . . . . 13 Argentina Lithium & Energy. . . . . . . . . . . . . . . . 14 Aurania Resources. . . . . . . 11 Barrick Gold. . . . . . . . . . . . 7,8 Battle Mountain Gold. . . . 16 Blue Sky Uranium. . . . . . . 14 Camino Minerals. . . . . . . . . 9 Canadian Silver Hunter . . . 8 Centerra Gold. . . . . . . . . . . . 1 Columbus Gold. . . . . . . . . . 9 Cornerstone Capital Resources. . . . . . . . . . . . . 11 Dynasty Metals & Mining. 11 Falco Resources. . . . . . . . . . 8 First Cobalt. . . . . . . . . . . . . . 1

First Quantum Minerals. . . 8 FMC. . . . . . . . . . . . . . . . . . . 13 Franco-Nevada. . . . . . . . . . 23 Gold Standard Ventures. . 16 Golden Arrow Resources. 14 INV Metals. . . . . . . . . . . . . 11 Ivanhoe Mines. . . . . . . . . . . 8 Klondex Mines. . . . . . . . . . 23 Lidya Madencilik. . . . . . . . . 7 Lithium Americas. . . . . . . 15 Lumina Gold . . . . . . . . . . . 11 Lundin Gold. . . . . . . . . . . . 11 Mariana Resources . . . . . . . 7 Nemaska Lithium . . . . . . . 15 Newmont Mining . . . . . . . 23 Nordgold. . . . . . . . . . . . . . . . 9 Pasinex Resources. . . . . . . . 1

Pretium Resources. . . . . . . . 9 Riverside Resources. . . . . . . 1 Salazar Resources. . . . . . . . 11 Sandstorm Gold. . . . . . . . . . 7 Shandong Gold Group. . . . 7 Sherritt International. . . . . . 8 Silver Standard Resources. . . . . . . . . . . . 9,14 Sociedad Quimica y Minera de Chile. . . . . . 13 SolGold. . . . . . . . . . . . . . . . 11 Teck Resources. . . . . . . . . . . 7 Tesla Motors. . . . . . . . . . . . 13 Toachi Mining . . . . . . . . . . 11 Trek Mining. . . . . . . . . . . . 11

Gold produced at McEwen Mining’s El Gallo gold-silver mine in Mexico. MCEWEN MINING

Gold demand down 18% in Q1 FACTS ‘N’ FIGURES

| Bar and coin demand bucks trend to start 2017

The following release from the World Gold Council details global gold demand in the first quarter of 2017. The full Gold Demand Trends report is available for free at www.gold.org.

Global gold demand in the first quarter of 2017 was 1,034 tonnes (33.2 million oz.) in an 18% decline compared to the record first quarter of 2016, according to the World Gold Council’s latest Gold Demand Trends report.

Inflows into exchange-traded funds (ETFs) totalled 109 tonnes, (3.5 million oz.) which, although solid, were a fraction of last year’s near-record inflows.

Slower central bank demand also contributed to the weakness.

Bar and coin investment, however, was healthy, at 290 tonnes — an increase of 9% year-on-year — while demand firmed slightly in both the jewellery and technology sectors.

Highlights Inf lows into gold-backed ETFs of 109 tonnes were largely concentrated in Europe. Although inflows were just one-third of the extraordinary levels seen in firstquarter 2016, demand was firm.

European-listed products were the most popular, due to continued political fragility in the region.

Chinese investors were crucial to investment in gold bars and coins, which grew 9% to 290 tonnes year-on-year. Chinese buyers were attracted by the momentum behind the price rise ahead of the seasonally important Chinese New Year.

First-quarter jewellery demand was 481 tonnes, marginally up on first-quarter 2016. Gains in India fuelled the slight year-on-year increase. But demand remains relatively weak in a historical context,

GAINS IN INDIA FUELLED GOLD’S SLIGHT YEAR-ONYEAR INCREASE, BUT DEMAND REMAINS RELATIVELY WEAK IN A HISTORICAL CONTEXT. 18% below the five-year quarterly average.

Indian consumers enjoyed a period of relative stability in the domestic market, lifting demand 15% year-on-year to 124 tonnes.

Continued remonetization by the Reserve Bank of India buoyed consumer sentiment, which encouraged demand ahead of the auspicious wedding season, albeit from a low base.

Central bank demand continued to slow, with 76 tonnes added to reserves. This was down 27% on first-quarter 2016. China’s purchasing program was on pause during the quarter as its foreign exchange reserves remained under pressure.

Total supply reached 1,032 tonnes this quarter in a 12% drop, compared with the first quarter of 2016.

This mostly came from a 21% fall in recycling to 283 tonnes and continued net de-hedging of 15 more tonnes by producers. The drop in recycling demonstrates a return to more normal levels, after sharp price movements drove exceptional levels in first-quarter 2016.

Mine production of 764 tonnes was little changed from first-quarter 2016 (768 tonnes), and in line with the expectation that production would stay steady before tailing off. TNM

GOLD IN Q1 2017 VS. Q1 2016 n Overall demand was 1,034 tonnes, down 18% n Total consumer demand increased 4% to 771 tonnes n Total investment demand fell 34% to 399 tonnes n Global jewellery demand rose 1% to 481 tonnes n Central bank demand of 76 tonnes, a 27% drop n Technology sector demand increased 3% to 78 tonnes n Total supply fell 12% to 1,032 tonnes n Recycling decreased 21% to 283 tonnes

2017-05-09 5:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 15–28, 2017

5

Robert Friedland goes to Hollywood FILM PRODUCTION

| Friedland’s Ivanhoe Pictures, Sidney Kimmel Entertainment merge to form SK Global

BY TRISH SAYWELL tsaywell@northernminer.com

O

ne t h i ng t hat i r r itates Robert Friedland is the lack of recognition and appreciation the mining industry receives from the wider public.

“Take a look at everything around you,” he says in an interview with The Northern Miner, “we either mined it or we grew it — there are no exceptions.”

And, as urbanization has driven more and more people away from supply chains in the countryside, the problem has become even more acute.

“Most people who live in urban environments think a ham sandwich comes from a refrigerator — they don’t really visualize all those pigs being slaughtered in a river of blood outside Chicago,” he says.

“Most people don’t realize that when they walk into a dark room and turn on the light, somewhere a generator has to kick in and give them that power, because there’s virtually no storage of electricity in the grid.

“We think miners have to do a much better job of explaining how fundamental we are to improving this world,” he says. “That’s why we have gotten into Hollywood — that’s why we are in the movie business.”

These days Friedland is working with his connections in Hollywood to make movies that will, in an entertaining way, reposition mining and improve its image — unlike how producer and director James Cameron portrayed the industry in his blockbuster 2009 sci-fi film Avatar.

“Subconsciously the bad guys in the movie are the miners,” Friedland says. “James Cameron made the miners the bad guys in one of the biggest movies ever produced out of Hollywood.”

The premise of the film, he says, is that miners, thousands of years from now, in another part of the universe, are hunting for a scarce and valuable commodity called unobtainium. The only place they can find it is in a pristine environment where they have to chop down giant trees and displace native people to get it out of the ground.

First, Friedland argues, if it was a thousand years in the future and we needed a rare metal, we would be able to mine it on a dead asteroid and wouldn’t need to disturb anyone or anything. Second, with technological advancements, even if we were on a beautiful planet and we needed unobtainium, he says, we could mine it underground and never disturb those magnificent trees or aboriginal people.

“Mining in general has been viewed askance by Hollywood for a long time,” Friedland says. “Hollywood has given mining a very bad reputation.”

In what he describes will be “the revenge of the miners,” Friedland is producing a 60-part series for television called Red Rush that he describes as being “somewhat related to copper mining on Mars in the twenty-ninth century.”

The script, he says, has been written by Charles Randolph, who cowrote the screenplay for The Big Short.

The 2015 film was based on Michael Lewis’ best-selling book about the subprime mortgage crisis, and won an Academy Award for best adapted screenplay.

“Mining will be viewed differ-

1-16, 23_MAY15_Main.indd 5

Robert Friedland hopes to shake up the way Hollywood portrays the mining industry. PHOTO BY ALE MORAES

“JAMES CAMERON MADE THE MINERS THE BAD GUYS IN ONE OF THE BIGGEST MOVIES EVER PRODUCED OUT OF HOLLYWOOD.” ROBERT FRIEDLAND COFOUNDER, IVANHOE PICTURES

ently in a future context, and in this case, we are in control of the script,” Friedland says. “It’s important to be able to do that.”

Friedland is also working on developing a sequel to Before the Flood — a 2016 documentary he saw at the Toronto Film Festival about climate change that was cocreated by Hollywood actor Leonardo DiCaprio and director Fisher Stevens. In the film, DiCaprio travels around the world examining what are claimed to be the deleterious effects of anthropogenic global warming.

“We are interested in doing a sequel to that movie that presents the solution to the problem,” Friedland says. “It’s not to scare people about globa l warming — we want to talk about what you can do for your children and grandchildren and talk about the revolution in the transportation industry, power generation and electrical storage, and what metals you need.”

Friedland says his people are already working on script develop-

ment and while he would love to get DiCaprio involved (“Leonardo is a very intelligent man [and] a superb actor”), “Tom Hanks is equally popular, or say, Meryl Streep.

“We’re in Hollywood and we have access to people who would like to help the world and put it all in context,” he says.

A sequel, he continues, would “in a very good Hollywood way” explain everything and “recast the position of mining, not in an ‘in-your-face way,’ but in an intelligent and entertaining way explain what Canadian miners are doing.

Mining copper or copper-gold are part of the solution, not part of the problem.”

Friedland cofounded Ivanhoe Pictures in 2013 with executive and producer John Penotti. The motion picture and television company has focused on international local-language content for film and television.

In March, Ivanhoe Pictures merged with Sidney Kimmel Entertainment to form SK Global, where Sidney Kimmel and Friedland will serve as cochairmen.

SK Global will control the combined libraries of both companies, consisting of more than 75 feature films, including the recent Academy Award nominated film, Hell or High Water, starring Jeff Bridges and Chris Pine.

While SK Global becomes the parent entity, Sidney Kimmel Entertainment and Ivanhoe Pictures will continue to release film and TV projects under their respective labels.

Kimmel, the founder of international fashion giant Jones Apparel Group, created Sidney Kimmel Entertainment as an independent film finance and production company in the United States.

Its body of work includes films such as 9 ½ Weeks, Blame it on Rio, Breach, Moneyball, The Lincoln Lawyer and the Kite Runner, among many others.

Kimmel and Friedland were first introduced by Penotti in 2015, and began collaborating on a slate of local-language productions.

Ivanhoe Pictures has financed

and produced films throughout Asia, focusing on China, South Korea and India. It also produces content through coproductions with Jason Blum’s Blumhouse Productions in India and South Korea, and with Fox International Pictures.

Iva nhoe’s Korea n-la ng uage thriller, The Wailing, a collaboration with Fox International Pictures, was the most awarded film last year in South Korea and has grossed US$50 million in the nation, becoming Fox’s second-

highest grossing film in South Korea after Avatar.

Ivanhoe Pictures, in conjunction with Warner Bros, is now coproducing Crazy Rich Asians with Color Force, an American studio founded in 2007 by producer Nina Jacobson, who has produced films based on novels such as The Hunger Games and Diary of a Wimpy Kid. Crazy Rich Asians is based on Kevin Kwan’s bestselling book about the exploits of a wealthy Chinese family in Singapore. TNM

CANADIAN MINING HALL OF FAME Call for nominations for January 2018 induction

Nominations for induction into the Hall of Fame may be made by individuals, firms or organizations but must be submitted through one of the Hall of Fame’s Member or Associate Member Organizations, listed below.

CRITERIA FOR SELECTION Candidates must be individuals who have demonstrated outstanding lifetime achievements to the benefit of the Canadian and/or world mineral industry in one of the following categories: • Exploration • Supporting Contribution • Building the Corporation

• Mining in Society • Technical Contribution

Whether the benefit is to the Canadian and/or world minerals industry, there must have been a flow−back of significant benefit to Canada.

June 1, 2017 – is the recommended deadline for contacting a member organization about submitting a nomination.

June 30, 2017 – deadline for nominating material to be delivered to the member organization for review.

January 11, 2018 – 30th Annual Induction Ceremony Further information and a nomination form is available at: www.mininghalloffame.ca

MEMBER ORGANIZATIONS: • Canadian Institute of Mining, Metallurgy and Petroleum • Mining Association of Canada • Prospectors and Developers Association of Canada • The Northern Miner

ASSOCIATE MEMBER ORGANIZATIONS: • Association for Mineral Exploration British Columbia • Mining Association of British Columbia • Ontario Mining Association • Quebec Mining Association • Saskatchewan Mining Association

2017-05-09 5:54 PM

6

WWW.NORTHERNMINER.COM

MAY 15–28, 2017 / THE NORTHERN MINER

Early Earth too hot for plate tectonics, study says GEOLOGY

BY LESLEY STOKES

F

lstokes@northernminer.com VANCOUVER

or the past four decades, the theory of plate tectonics has been a fixture in every geologist’s understanding of how the earth’s crust glides across the planet and subducts beneath the continents.

But what if the early Earth, circa 3.5 billion years ago, was just too hot for plate tectonics to work?

A recent study published in the journal Nature has added weight to growing evidence that the earth’s first continents didn’t form by subduction — the process of ocean crust diving underneath continents, melting and creating a chain of volcanoes. Rather, they formed from the partial melting of abnormally thick ocean crusts that developed under the extreme temperature conditions of ancient Earth.

All this may be relevant to mineral

| Melting of oceanic plateaus may have generated Earth’s first continents

“THE HIGH GEOTHERMAL GRADIENTS ON EARLY EARTH MAY HAVE TRIGGERED PARTIAL MELTING AT CERTAIN DEPTHS WITHIN THESE OCEANIC PLATEAUS, GENERATING GRANITIC MAGMAS.” NICHOLAS GARDINER RESEARCH FELLOW, CET-CURTAIN UNIVERSITY, WESTERN AUSTRALIA

exploration, considering many companies are exploring in rocks older than 3.2 billion years, looking for orogenic gold and magmatic nickelcopper deposits. Being reminded that the magmatic and tectonic regimes were possibly different back then may help them fine-tune their exploration models.

Nicholas Gardiner, a research fellow at Western Australia’s CETCurtin University, and one of the authors of the paper “Earth’s first stable continents did not form by

subduction,” spoke with The Northern Miner via Skype from his office in Perth, Western Australia, to share details of the group’s findings.

“Plate tectonics is an expression of the Earth trying to lose heat, the heat being generated by radioactive decay within the earth’s lower mantle,” Gardiner says. “Over 3.5 billion years ago, the gradient of temperatures at the surface of the Earth to the top of mantle was probably 200 degrees hotter than today.

So if you had a hotter Earth, you can

A 3.5-billion-year-old stromatolite sample, extracted from the oldest known definite fossil occurrence on earth in Western Australia’s Pilbara craton. PHOTO BY JAMES ST. JOHN

expect a lot of melting.”

As the Earth began to cool after its initial accretion 4.6 billion years ago, he continues, increased volcanism may have covered parts of the planet with 50 to 70 km thick slabs of ocean crust.

Gardiner and a team of scientists collected samples from basalts at the

100 Years

OBAL MINING NEWS OF GL

Try the World’s Leading Mining Publication

FREE FOR 4 WEEKS It’s going to make a BIG difference.

COMPLETE

UP-TO-DATE

TRUSTWORTHY

The Northern Miner takes a 360 degree look at the industry and delivers prioritized, reliable news and analysis to our readers. No angle is left uncovered.

The industry doesn’t take a break and neither does The Northern Miner. New articles are published every day and delivered to our readers’ inboxes with a daily email newsletter.

Reporting with integrity since 1915, The Northern Miner writers travel to mining projects world-wide and deliver authoritative, first-hand insight.

Register your 4-week free trial at: northernminer.com/subscribe/freetrial.aspx For more information about The Northern Miner, or for help on registering to your free one month trial, please contact Customer Service at: info@northernminer.com or call 1-888-502-3456

1-16, 23_MAY15_Main.indd 6

base of one of these “stagnant, basaltic plateaus” in Western Australia’s Pilbara craton — one of the oldest vestiges of Earth’s initial crust — and subjected them to a variety of pressure and temperatures.

They discovered that elemental signatures in the melts generated from the test were the same as signatures found in granitic batholiths also seen in the Pilbara. Together, the package of rocks is known to geologists as “greenstone belts.”

“The high geothermal gradients on early Earth may have triggered partial melting at certain depths within these oceanic plateaus, generating granitic magmas,” he says.

“In the Pilbara, you see a distinct pattern of greenstone belts surrounding ovoid-shaped granites.

So initially you had an eruption of greenstones as basalts, and a doming episode where the granites rise and the greenstones sink because of differing densities — a process some call ‘sagduction.’”

By 3 billion years ago, temperatures on Earth may have cooled enough to sustain modern-day style plate tectonics, and the volcanic terranes began to accrete together forming the nucleus onto which more modern crust could attach.

These younger greenstone belts are more prolific within Western Australia’s Yilgarn craton, south of the Pilbara, and are known to host considerable reserves of gold.

“In the Yilgarn you don’t have granitic domes like what we see in the Pilbara, you have continental volcanic terranes that were accreted together, so the pattern of the greenstones is different,” Gardiner says. “The gold was introduced 2.7 billion years ago, during a period of mountain building that’s more consistent with modern-day theory of plate tectonics.”

Archean-aged crust similar to the Pilbara and Yilgarn cratons are also found in parts of South Africa, Greenland and over much of Canada.

In Canada, the most prolific greenstone belt is the 150 million oz. gold Abitibi belt that spans the Quebec and Ontario border. Like the Yilgarn, gold in the Abitibi was emplaced 2.7 billion years ago in a setting more in tune with modernday plate tectonics.

“It’s a controversial topic, we’re just adding to one side of the debate.

There are people working in Greenland that are convinced modern (style) subduction occurred 3.7 billion years ago, but there’s no reason why on one side of the planet you could have plateaus like we’re proposing, and the other side have active subduction. It’s not like everything changed one Tuesday morning at 9 a.m.,” he says. “Different parts of the planet are pointing to different lines of evidence, so it does get confusing … but it’s healthy to keep the debate going.” TNM

2017-05-09 5:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 15–28, 2017

7

Sandstorm bids for Mariana

GOLD IN TURKEY

| Sandstorm looks to convert Mariana’s 30% Hot Maden interest into gold stream

BY SALMA TARIKH

S

starikh@northernminer.com

treaming and royalty firm Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND) is buying Mariana Resources (TSX: MRY; LON: MARL) at an 84% premium to get its hands on the high-grade Hot Maden gold-copper project in northeastern Turkey.

Mariana owns 30% of the development-stage joint venture project, 1,050 km east of Istanbul. Its Turkish partner Lidya Madencilik holds the other 70%.

A January 2017 preliminary economic assessment outlines that Hot Maden could produce 2.6 million oz. gold and 142,000 tonnes copper over a nine-year mine life.

Developing a mine — envisioned as a straightforward, low-cost underground operation — would cost US$261 million, including US$169 million in upfront capital. Estimated all-in sustaining costs are below US$400 per equivalent oz. gold.

Seeing the potential at Hot Maden — where 15,000 metres of resource drilling outlined a high-grade indicated resource of 3.4 million equivalent oz. gold (7.1 million tonnes at 15 equivalent grams gold per tonne) — Sandstorm proposed a cash-and-share bid for Mariana on April 26 to create a leading mid-tier streaming company.

It is offering 28.75 pence in cash and 0.2573 of a share for each Mariana share it doesn’t already own.

This implies a value of 110 pence per Mariana share, an 84% premium over the junior’s April 25 closing price, and an 88% premium over its 20-day, volume-weighted average price.

Sandstorm currently owns 7% of Mariana and already has a 2% net smelter return royalty on Hot Maden that it picked up from Teck Resources (TSX: TECK.B; NYSE: TECK) last January.

The project has “stood out as a unique asset, with a robust cash profile,” Sandstorm’s president and CEO Nolan Watson said on a joint conference call. Sandstorm intends to convert the 30% interest in Hot Maden into a gold stream, after further de-risking the project.

Analysts tour Mariana Resources’ Hot Maden gold project in Turkey in June 2016.

Hot Maden could become an “anchor asset” with the “potential to more than double Sandstorm’s attributable gold-equivalent production once the mine is in full operation” in 2022, Watson explains.

Lidya, owned by Turkish conglomerate Calik Holding, will remain the project’s operator.

Sandstorm has a portfolio of 155 streams and royalties, including 20 producing and 23 development-stage assets, and predicts its gold-equivalent output will jump to 135,700 oz. in 2022 from 61,600 oz. in 2019. This year it forecasts production of 45,000 to 55,000

MARIANA RESOURCES

equivalent oz. gold.

Besides Hot Maden, Mariana holds three exploration packages in Turkey, Argentina and Côte d’Ivoire. Its most advanced exploration asset is Las Calandrias in Argentina. Las Calandrias has an indicated resource of 381,000 oz. gold and 6.6 million oz. silver (11.8 million tonnes at 1 gram gold and 17.4 grams silver).

Sandstorm intends to spin out Mariana’s exploration properties into a separate company, while retaining royalty interests over the properties and equity in the new company.

On the call, Mariana CEO Glen Parsons reiterated that the acquisition provides Mariana shareholders a significant premium and the ability to participate in Sandstorm’s diversified asset base, while eliminating the financing risk associated with developing Hot Maden.

Once the transaction closes, Mariana shareholders will hold 19% of the enlarged Sandstorm, which has a strong balance sheet and a US$110-million revolving credit facility. A shareholder vote should occur in June.

On the day of the acquisition, Mariana shares soared 66% to $1.71,

before settling two days later at $1.63.

Meanwhile, Sandstorm shares declined 9% to $4.94 and continued to weaken to close April 28 at $4.73.

The stock fell 13% over the ensuing two days.

“Understandably, shares are down … as investors grapple how a streaming/royalty company can acquire an exploration company with development and operating risk,” BMO analyst Andrew Kaip states.

That said, Kaip notes the transaction is 25% accretive on a net asset value per share basis, assuming Sandstorm converts its interest in Hot Maden into a gold stream before production starts.

“The challenge for Sandstorm will be to convince investors given the time frame to realize this goal, with a number of future milestones yet to be realized,” Kaip cautions.

Reached by email, Watson said he was prohibited from commenting further until the deal closes because of the U.K. takeover rules. TNM

Barrick sinks on Q1 earnings miss GOLD

| Miner lowers 2017 production guidance 5%, struggles with third leak at Veladero

BY SALMA TARIKH

B

starikh@northernminer.com

arrick Gold (TSX: ABX; NYSE: ABX) shares fell nearly 11% after it missed analysts’ expectations for first-quarter earnings and trimmed its 2017 production guidance, largely due to selling half of its Veladero gold mine in Argentina.

For the first quarter, adjusted earnings were US$162 million, or US14¢ per share, compared to last year’s US$127 million, or US11¢ per share.

While the higher year-over-year earnings ref lect improved gold and copper prices, analysts had estimated adjusted earnings of US20¢ per share.

BMO analyst Andrew Kaip notes the miss came from lower-thanexpected gold production from Barrick’s portfolio. Barrick’s 10 continuing operations churned out 1.31 million ounces. On a conference call, Barrick’s chief operating officer Richard Williams said quarterly output was 2.2% below the company’s internal guidance.

Production was “negatively im-

1-16, 23_MAY15_Main.indd 7

BARRICK EXPECTS ANNUAL GOLD PRODUCTION OF 5.3 TO 5.6 MILLION OZ., DOWN 5% FROM ITS PREVIOUS ESTIMATE OF 5.6 TO 5.9 MILLION OUNCES. pacted by the timing of autoclave maintenance at the Pueblo Viejo mine, as well as El Nino weatherrelated events at Lagunas Norte,” Haywood Securities analyst Kerry Smith remarks.

All-in sustaining costs for the quarter were US$772 per oz. higher than the US$706 per oz. recorded the year before. Barrick says 90% of the increase, or US$58 per oz., came from “higher sustaining capital expenses,” including stripping costs at Barrick Nevada and higher costs at the lately problematic Ve-

ladero mine.

Compared to the first quarter of 2016, Barrick generated slightly higher operating cash flow of US$495 million. But free cash flow fell by US$20 million to US$161 million, largely due to increased spending. Both metrics missed BMO’s estimates of US$759 million in operating cash flow and US$425 million in free cash flow.

Barrick expects annual gold production of 5.3 to 5.6 million oz., down 5% from its previous estimate of 5.6 to 5.9 million ounce. The miner attributes the revision to its proposed 50% sale of the Veladero mine to China’s Shandong Gold Group. The transaction, announced in April, should close by the end of June.

Also affecting annual guidance are the operating restrictions at Veladero after its third leak in the past 18 months. Barrick’s president Kelvin Dushnisky called the occurrence “completely unacceptable” at the company’s annual shareholders meeting.

On March 28, a pipe carrying gold-bearing solution to the mine’s heap-leach facility leaked,

Dushnisky notes. “The solution was contained on-site. There was no impact on the people or the environment.”

Two days later, the government of San Juan province temporarily restricted cyanide use at Veladero until Barrick completed remedial work and proposed a plan to prevent future incidents.

The revised annual guidance assumes leaching will resume at Veladero in June, after the provincial government’s approval and without operating restrictions.

On a 100% basis, Veladero could churn out 630,000 to 730,000 oz. this year, down 15% from the midpoint of its original target of 770,000 to 830,000 ounces.

Barrick, which expects to halve its Veladero ownership starting July 1, estimates its 2017 share of output from Veladero should range between 430,000 and 480,000 ounces.

All-in sustaining costs for Veladero this year have jumped from US$840 to US$990 per oz. to reflect the remedial work.

Barrick plunged 11% to $22.98 per share, its steepest daily decline in recent history. TNM

STRONGER. SAFER. MINING AND TUNNELING VEHICLES TO FIT YOUR NEEDS.

v

Call us today.

PHONE: 1.705.476.4500

FAX: 1.705.476.8811

WEBSITE: millertechnology.com

EMAIL: mtsales@millertechnology.com

ADDRESS: 175 Eloy Road, North Bay, Ontario, Canada P1B 9T9 © 2016 Miller Technology Inc. All Rights Reserved.

2017-05-09 5:54 PM

8

WWW.NORTHERNMINER.COM

MAY 15–28, 2017 / THE NORTHERN MINER

First Cobalt president and CEO Trent Mell scouting properties in the Democratic Republic of the Congo ahead of the recently announced deal with Madini Minerals. FIRST COBALT

First Cobalt picks up assets in Canada, DRC FIRST COBALT From 1

flow-through capital in Canada, hands-on mining was never far from his thoughts.

Before PearTree, Mell was president and CEO of Falco Resources (TSXV: FPC) and executive vicepresident at AuRico Gold. He has also held positions at Barrick Gold (TSX: ABX; NYSE: ABX) and Sherritt International (TSX: S).

The reason he chose First Cobalt, however, was because of the “really compelling” demand picture for the metal, which is used in batteries for electric vehicles. Lithium ion batteries were responsible for 20% of all cobalt demand in 2006, he says, and today half of global cobalt production goes towards producing lithium ion and other batteries.

“The macroenvironment for cobalt is strong,” he says, estimating that 81% of all electric-vehicle batteries consist of cobalt as a primary metal.

“In 2012, [cobalt] wasn’t favoured for batteries, it didn’t have the ability to discharge enough energy without overcharging the battery, but we’ve overcome some of those challenges and now it’s the go-to metal for batteries,” he says.

In addition, battery costs have dropped 80% in the last six years, making electric vehicles more accessible. “The Chevy Bolt, once credits are factored in, is US$30,000, so you’re at the point where you don’t have to be rich to afford one,” he says.

China is also driving demand for the metal, with the government mandating that manufacturers produce more electric vehicles.

First Cobalt has already kicked off a fully funded $1-million exploration program at its Keeley-Frontier project, and put key management in place.

Mell has recruited Peter Campbell as vice-president of business development, and Frank Santaguida as vice-president of exploration. Campbell is a former exploration manager for Falconbridge and also served as chairman of Jennings Capital.

Santaguida, formerly a principle geologist for First Quantum Minerals (TSX: FM; LON: FQM), has spent years in the Central African Copperbelt, including a four-year stint living in Zambia.

1-16, 23_MAY15_Main.indd 8

This year’s exploration program at Keeley-Frontier will involve 7,000 metres of surface drilling, 5,000 metres of which will focus on the past-producing Keeley-Frontier mine, and the remaining 2,000 metres on regional exploration.

The work will include the digital compilation of 50 years of historic mine data to generate a 3-D geological model, along with detailed and property-scale structural mapping of mineralized veins and host rock.

It will also feature systematic surface sampling at known prospects and occurrences throughout the property for assay analyses and a detailed magnetic survey of the 35 sq. km property.

What really excites Mell and his colleagues is that no work has been done at Keeley-Frontier for more than 50 years. The CEO also notes that there were once 70 mines producing silver and a bit of cobalt, but Keeley-Frontier was the top-five cobalt producer and the top-10 silver producer.

The mine also had the best ratio of cobalt to silver of any of the 25 larger mines in the area, he says, with 1 lb. cobalt for every 5.8 oz. silver, at a time when the focus was on silver rather than cobalt.

The property lies in the Southern Province of the Canadian Shield, where Huronian Supergroup sedimentary rocks lay unconformably over Archean basement rocks. Both the Huronian sediments and Archean rocks have been intruded by Porterozoic-aged Nipissing diabase occurring as both sills and dikes.

Most of the mineralization is related to and occurs within 250 metres of the intrusion contact between the Nipissing diabase and surrounding rocks. Silver-cobalt mineralization occurs in steeply dipping carbonate veins controlled by complex fault networks. Most silver-cobalt was extracted from veins above the diabase sill, but limited exploration below the sill located high-grade silver as well as cobalt veins.

“We want to be the first company in the camp to understand what modern mining might look like here,” Mell says. “We want to see the structure and what we can learn.

We’ll do ground geophysics — do all of our homework for the first two

or three months — and drill 5,000 metres on Keeley itself to understand what was there — what was mined and not mined. Then we’ll go north and follow some of the veins.”

The Keeley-Frontier mine produced over 3.3 million lb. cobalt at a recovered grade of 0.5% and 19.1million oz. silver at a recovered grade of 58 oz. per tonne (1,644 grams per tonne) between 1908 and 1965. Most of the production took place between 1922 and 1931.

In the 1920s and 1930s, the camp, which consisted of two production hubs (one in Cobalt and one in Silver Centre), was the biggest silver camp in the world.

properties when he was working as First Quantum’s principal geologist, and is familiar with the area.

Five of the properties cluster 40 km northeast of the provincial capital of Lubumbashi, and are 30 km from the Kinsevere copper mine; 65 km from the Tenke-Fungurume mine, one of the world’s largest known copper and cobalt resources; and 65 km from Ivanhoe Mines’ (TSX: IVN; US-OTC: IVPAF) Kipushi zinc-copper project.

First Cobalt has signed an exclusive letter of intent with an associate of Madini Minerals to form a strategic alliance and earn a controlling 70% interest over the seven proper-

“RARELY IF EVER HAS A MINING COMPANY GONE EXPLORING FOR COBALT AS A PRIMARY METAL, AND NOW YOU’VE GOT A DOZEN OR MORE JUNIORS LOOKING FOR THE METAL. I’VE NEVER SEEN THAT IN MY LIFE.” TRENT MELL PRESIDENT AND CEO, FIRST COBALT

Says Mell: “They were twin silverproducing towns but after the silver boom, Silver Centre was abandoned while Cobalt lived on. Silver Centre then became a ghost town and is now a forest. There’s still a sign in Cobalt that points the way to Silver Centre, but I haven’t seen it myself.”

The main draw to optioning land in Silver Centre rather than Cobalt was that the company could get a larger land package. “We’ve got 21 sq. km, so there’s a real ability to get in there and have room to explore a larger area,” he says. “It’s pretty competitive. There probably was more action around Cobalt, Ont., than Silver Centre, so with these properties there were no third parties to deal with, and we got in fairly quickly.”

While Keeley-Frontier — which First Cobalt is optioning from Canadian Silver Hunter (TSXV: CSH) — is the company’s flagship asset, Mell is also excited about the seven properties that the company is securing in the DRC. Santaguida, First Cobalt’s vice-president of exploration, operated just south of these

ties. Madini will take an 8.5% stake in First Cobalt.

Madini, a South Africa-based group of geologists, mine and metallurgical engineers, and capital markets professionals, specializes in turning around operations in subSaharan Africa. Mell met the group after looking at assets in the DRC. “They typically don’t do exploration, but in this case they did, because they saw the same opportunity we did and they have a good network into the Congo,” Mell says. “One of their principals, Serge Ngandu, has a great reputation and good contacts, so for us it was a great marriage and an opportunity to hit the ground running. He has a network in the DRC, which will be invaluable as we set ourselves up in the country.”

Ngandu — a Congolese metallurgical engineer with 34 years of mining experience in Africa — was educated in Europe and has operated across Africa, designing, commissioning and operating mineral processing plants, and managing mining projects. He will join First Cobalt’s board of directors.

All of the seven properties are exploration plays. All have surface mineralization and one has a starter pit. Another is next to land that also has a pit, which is held by the DRC’s state-owned mining company, Gécamines.

Mell concedes that the DRC isn’t the easiest location to work in and companies have to be “mindful of corruption and geopolitical issues,” but says he feels safe where the properties are located in the province of Katanga, which sits at the southern end of the Congo.

“North Americans in particular have a hard time with Africa as a continent — generally we’re more comfortable in South America,” he says. “But when you go to the Congo there are 80 million people and it’s two-thirds the size of Europe, so it’s hard to paint the country with one brush. You’ve also got big companies there like Glencore and Ivanhoe.

“To say it’s a no-go zone flies in the face of its geology and the number of large companies that are there … We are hundreds of miles away from a lot of the armed conflict we read about in the West.”

First Cobalt is the only junior mining company exploring for cobalt there, making it “unique in the cobalt space,” he adds.

The junior will likely spend between $1 million and $2 million over the next year in the DRC. The company has $5 million in its treasury and a low burn rate, with just three full-time employees, he says, adding that he doesn’t take a salary, opting instead to take shares in the company as his compensation.

Mell says demand for cobalt is only going to rise as the electrification of transportation grows.

“Rarely if ever has a mining company gone exploring for cobalt as a primary metal, and now you’ve got a dozen or more juniors looking for the metal,” he says. “I’ve never seen that in my life.”

Cobalt isn’t an easy metal to find, he adds. But it’s fun exploring for a commodity that the younger generation is interested in, as part of the solution against environmental degradation.

Says Mell: “It’s green, it’s new economy stuff. It’s a bit of a tangent, but it’s nice to see millennials take an interest in our sector.” TNM

2017-05-09 5:54 PM

SOUTH AMERICA

SPECIAL FOCUS

Eloro Resources’ La Victoria gold-silver property on the western slopes of the Peruvian Andes. ELORO RESOUCES

Columbus Gold, Nordgold complete feasibility study FRENCH GUIANA

Camino sees IOCG potential at Los Chapitos

| Partners plan to optimize Montagne d’Or study before year-end

PERU

| Experienced teams to continue drilling in spring

BY TRISH SAYWELL tsaywell@northernminer.com

BY MATTHEW KEEVIL

A

bankable feasibility study on the Montagne d’Or deposit in French Guiana envisions an open-pit mining operation that would produce 2.57 million oz. gold over 12 years.

Nordgold (LON: NORD), which has completed its earn-in option, owns 55% of the project, and Columbus Gold (TSX: CGT; US-OTC: CBGDF) owns the other 45%.

The remote deposit in northwestern French Guiana, 180 km west of the capital of Cayenne, would produce 214,000 oz. gold a year at life-of-mine total cash costs of US$666 per oz. gold and life-of-mine sustaining costs of US$779 per ounce.

The study outlined net initial capital costs (including pre-stripping and contingency, less surplus tax credit refunds) of US$361 million and an after-tax payback period of 1.4 years.

Life-of-mine all-in sustaining costs are an estimated US$231 million.

An open-pit mine at Montagne d’Or would yield an after-tax net present value (NPV) at a 5% discount rate of US$370 million and an 18.7% post-tax internal rate of return (IRR), based on a US$1,250 per oz. gold price.

The study was completed under an accelerated time frame of three years.

Montagne d’Or has proven and probable reserves of 54.1 million tonnes grading 1.58 grams gold per tonne for 2.75 million contained oz. gold (a subset of the deposit’s measured and indicated resources of 85.1 million tonnes grading 1.41 grams gold per tonne for 3.85 million contained oz. gold). The estimates were based on a cut-off grade of 0.4 gram gold per tonne and a gold price of US$1,300 per ounce.

The resource estimate followed 349 diamond core and reverse-circulation drill holes completed in two main campaigns. A previous property owner drilled 56 holes between 1996 and 1998, and Columbus Gold drilled another 293 holes between 2011 and 2016.

Now that the underlying economics of the project are understood, Columbus Gold says, more exploration will be done. Drilling is already underway on strike to the east and west, with one hole completed at depth beneath the pit.

In February, Columbus started an exploration program that consists of 36 core holes for a total of 5,520 metres.

The program is designed as a first-pass investigation of exploration targets on strike of the project’s defined reserves.

The drill program will focus on four targets: the west strike extent of the deposit up to 1.25 km west of the current resource; the Gustave geochemical anomaly 500 metres east of the Montagne d’Or deposit, where a historic drill hole returned a 3.5-metre intercept of 31.94 grams gold; potential mesothermal quartz-gold vein systems within 1,000 metres north of the de-

mkeevil@northernminer.com VANCOUVER

C

amino Minerals (TSXV: COR; US-OTC: CAMZF) is off to a strong start at its newly acquired, 67 sq. km Los Chapitos copper property in southern Peru.

Camino is the newest vehicle from a technical team — including Kenneth McNaughton, Ken Konkin and Joseph Ovsenek — involved in junior-mining success stories such as Canplats Resources, Silver Standard Resources (TSX: SSO; NASDAQ: SSRI) and, most recently, Pretium Resources (TSX: PVG; NYSE: PVG).

“We all had a lot of experience in Peru during the Silver Standard years, so we’re comfortable there, and we were privately looking for in-country opportunities,” Camino president and CEO McNaughton says in an interview. “We’d been self-funding these regional, genSee CAMINO / 10

A drill crew at work at the Columbus Gold’s Montagne d’Or gold project in French Guiana. COLUMBUS GOLD

PROVIDING THE SAFEST SOLUTIONS For 37 years we have been the foremost provider of mining services and solutions to the North American mining industry.

• Shaft Sinking • Raise Boring and Raise Excavating • Mine Construction and Infrastructure • Mine Development and Rehabilitation • Engineering Design • Contract Mining

Canada 1-800-892-8293 or USA 1-800-748-2375

www.dmcmining.com Photo courtesy of BHP Billiton incorporating Rio Tinto’s “Mine of the Future”™ technology

See COLUMBUS / 12

1-16, 23_MAY15_Main.indd 9

2017-05-09 5:54 PM

10

SOUTH AMERICA

MAY 15–28, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Camino CEO on possible IOCG discovery at Los Chapitos CAMINO From 9

erative programs, and copper was certainly a priority.

McNaughton recalls how his team had been reviewing another project when a consultant pointed them towards Los Chapitos.

“We completed the property review and had an agreement essentially hammered out on our first trip down there,” he says.

The project lies among rolling hills with elevations ranging from 500 metres to 1,250 metres above sea level. It is crisscrossed by gravel roads and trails that connect to the Pan-American Highway and the cities of Chala and Tanaka.

Los Chapitos is situated along the regional Treinta Libras structural lineament, which hosts the Mina Justa iron oxide copper-gold (IOCG) deposit 100 km northwest.

Mina Justa contains a measured and indicated resource of 374 million tonnes grading 0.7% copper.

“We started permitting literally the day after we nailed down our final agreement for the property,” McNaughton says. “We identified our targets last July, and all of the subsequent work substantiated those initial ideas. The project is in that IOCG belt of rocks, and we’re patterning our exploration after Mina Justa. It’s uptrend from us, and has multiple phases of alteration that are pre-mineral. We’re see a lot of similarities at Los Chapitos.”

Camino acquired the project from a private Peruvian vendor for US$500,000 in staged cash payments, 500,000 shares and a 1.5% net smelter return royalty payable up to US$10 million.

Los Chapitos is said to host two separate mineralized trends.

On the western side of the property, small-scale mining targeted

Workers at a drill site on Camino Minerals’ Los Chapitos copper property in southern Peru. CAMINO MINERALS

copper-oxide mineralization from the Atajo zone in the 1950s.

Camino completed two chipsample lines through the area, which returned a length-weighted average of 2.1% copper and 9.4 grams silver across 38 metres; and 1.6% copper and 3.5 grams silver over 64 metres.

Meanwhile, the Adriana and Katty zones outcrop 6 km east of Atajo along a prospective, 2.5 km trend.

“In terms of the potential system at Los Chapitos, we know we have big breaks and 6 to 7 mineralized kilometres on our northern trend,” McNaughton says.

“The Vicky and Adriana areas stand out for their size potential,

whereas the other targets appear to be smaller, shear-hosted, highgrade prospects that are related to magnetics at depth. The question for us is clearly related to stratigraphy.

We seem to have the characteristics in terms of genesis.”

Camino completed prospecting, mapping and two rounds of geophysical surveying. It then began a reverse-circulation drill program to follow up on mineralization at Adriana, where chip sampling returned a length-weighted grade of 1.4% copper and 28.7 grams silver across 58 metres.

The company released its first drill results on April 18, which were headlined by 106 metres grading 1.3% copper from 188 metres deep

in hole 2, and 44 metres of 0.9% copper from 28 metres deep in hole 5.

The drilling targeted the downdip extension of Adriana’s surface mineralization, as well as magnetic and induced-polarization geophysical anomalies at depth.

Camino reports both holes intersected “predominantly copper oxides.”

Diamond drill rigs are being sent to the site, with a follow-up drilling set for May. “We’re seeing good oxide on surface and we seem to have multiple horizons, so there’s likely stratigraphic and structural control.

Those are the things we need to follow up on and figure out,” McNaughton adds.

“Our team has proven that when we unlock the geology on a deposit, things start to move quite fast. If things go well, we’d love to be in a position to put a resource estimate together by early next year.”

Shares of Camino skyrocketed after the mid-April assay results, and have gained 237%, or 83¢, since April 18, en route to a $1.18 close at press time. The company has 36.5 million shares outstanding for a $43-million market capitalization.

Camino now plans to double a previously announced private placement to $5 million via the issuance of 5.3 million units priced at 95¢ each. The units are composed of a share and a warrant, with a strike price of $1.35 for 24 months. TNM

MORE THAN 40 YEARS OF DRILLING EXPERIENCE IMPROVING SAFETY AND INCREASING PRODUCTIVITY! TUMI is looking at the future of Raise Boring with automated Raise Boring and Boxhole machines.

Phone: +51 (01) 717 8034 Cell Phone: 968 289 294 Email: sales.ventas@tumirb.com

1-16, 23_MAY15_Main.indd 10

2017-05-09 5:55 PM

SOUTH AMERICA

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 15–28, 2017

11

ECUADOR SNAPSHOT: 10 ACTIVE COMPANIES Exploration and drilling underway after financial hardship

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

The Ecuadorian government restructured its mining and tax policies in 2014 in a bid to bring back foreign investment that had fled the country in previous years. The move has spurred a resurgence of mineral exploration and development in the country. Here is a look at 10 such projects.

AURANIA RESOURCES Aurania Resources (TSXV: ARU) has narrowed down its search for two historical gold mining centres that operated in the sixteenth and seventeenth centuries — Sevilla del Oro and Logrono de los Caballeros — to a 2,080 sq. km land package in southeastern Ecuador. The junior explorer, helmed by Keith Barron — whose Aurelian Resources discovered the 4.8 million oz. Fruta del Norte gold deposit in Ecuador — acquired the claims in March as part of its Lost Cities–Cutucu project. On April 20, Aurania closed a $6.4-million oversubscribed brokered and non-brokered offering, which saw 5.2-million subscription receipts issued at $2 per receipt. Some of the money will fund an upcoming exploration program consisting of airborne geophysical surveying, regional stream silt sampling and reconnaissance geological work.

CORNERSTONE CAPITAL RESOURCES Cornerstone Capital Resources (TSXV: CGP), an Ottawa, Ont.-based prospect generator that owns 15% in SolGold’s Cascabel copper-gold project in northeastern Ecuador, has joined forces with Ecuadorian state mining company ENAMI to explore 620 sq. km of land concessions east and southwest of Cascabel. The partners chose the properties based on public and proprietary data that reveal geochemical and geophysical anomalies similar to those seen at Cascabel and typical of porphyry and epithermal mineralized systems.

DYNASTY METALS & MINING After months of financial hardship that prompted a corporate overhaul last September, Dynasty Metals & Mining (TSX: DMM; US-OTC: DMMIF) appears to be making progress at its flagship Zaruma gold mine in southern Ecuador.

The company is looking at smallscale mining at Zaruma, targeting a production rate of only 100 tonnes per day in the first quarter this year.

Dynasty is also open-pit mining 3- to 10-metre-wide veins at its

Dynasty Metals & Mining’s Zaruma gold mine in southern Ecuador. DYNASTY METALS & MINING Goldfields project in southwestern Ecuador. The veins are expected to deliver grades between 3 and 4 grams gold.

LUNDIN GOLD Lundin Gold’s (TSX: LUG; US-OTC: FTMNF) 4.8 million oz. gold Fruta del Norte gold project in southeastern Ecuador is advancing towards development. In February, Lundin awarded a mine development contract to a consortium of companies, and construction of mine portals is is underway. The company signed an exploitation agreement with the Ecuadorian government last December, with Lundin paying the government US$25 million, with another two disbursements of US$20 million on the first and second anniversaries of signing. The government will also receive a royalty equal to 5% of net smelter revenues from production.

satellite deposits on the property. A prefeasibility study completed last year envisages a 3,000-tonne-perday operation that could deliver a 26.3% after-tax initial rate of return and a US$490-million pre-tax net present value, assuming a 5% discount rate.

deep. Ground magnetic surveys have been completed, and crews are being mobilized to complete detailed Orion-Spartan 3-D induced polarization geophysical surveys across much of the property.

LUMINA GOLD

Toronto-based Toachi Mining (TSXV: TIM) has intercepted 6.3 metres of 7.12 grams gold, 24 grams silver, 8.8% copper, 1.6% zinc and 0.4% lead in drilling at its goldrich La Plata volcanogenic massive sulphide project in north-central Ecuador. The program is designed to validate the historical drilling database of La Plata, and infill and expand known resources leading to a maiden resource estimate later this year. Previous operators estimated that La Plata contained a historical resource of 914,000 inferred tonnes of 8.01 grams gold, 88.3 grams silver, 5% copper, 6.7% zinc and 0.8% lead. The property

Ross Beaty-linked Lumina Gold (TSXV: LUM) has started a 12,000-metre drill program at its Cangrejos gold-copper project in southern Ecuador, with the aim of upgrading the deposit’s inferred resource of 191.8 million tonnes of 0.81 gram gold into indicated. The company is also generating targets on 13 new concessions totalling 407 square kilometres, located along trend of its existing Condor gold project, near Lundin Gold’s Fruta del Norte project, and SolGold’s Cascabel project.

INV METALS

SALAZAR RESOURCES

A feasibility study is underway at INV Metals’ (TSX: INV; US-OTC: ILNLF) Loma Larga gold project in southern Ecuador, now that the company closed a $27.6-million bought-deal financing in March.

The company intends to use the proceeds to initiate long-lead items to support the study, as well as launch a drill program aimed at increasing the size of the deposit, and explore for more

A 10,000-metre drilling program designed to expand Salazar Resources’ (TSXV: SRL) El Domo polymetallic deposit in central-west Ecuador has returned an intercept of 14.4 metres of 2.65 grams gold, 10.6 grams silver per tonne, 1.3% copper and 6.6% zinc. The hole was collared 240 metres east of El Domo, which is a volcanogenic massive sulphide deposit with 6.1 million indicated tonnes of 2.3% copper, 3.1% zinc, 0.3% lead, 3 grams gold and 55.8 grams silver.

SOLGOLD

Drillers at Lumina Gold’s Cangrejos gold-copper project in Ecuador. LUMINA GOLD

1-16, 23_MAY15_Main.indd 11

Drilling at SolGold’s (LON-AIM: SOLG; US-OTC: SLGGF) Cascabel property in northeastern Ecuador continues to grow the footprint of the world-class Alpala copper-gold deposit and neighbouring targets, Alpala Northwest, Hematite Hill and Alpala Southeast. At Hematite Hill, the company recently intercepted 844 metres of 0.7% copper and 0.43 gram gold per tonne in a hole located 150 metres from Alpala Central. Drilling at Alpala Central has lifted the high-grade core of the deposit 200 metres closer to surface, with drill results of 730 metres of 0.5% copper and 0.23 gram gold from 446 metres

TOACHI MINING

contains more than 14 VMS exploration targets across 9 km.

Toachi can earn between 60% and 75% interest of the project from a private Ecuadorian company.

TREK MINING In January, Vancouver-based gold miner Trek Mining (TSXV: TREK) was granted three more claims at its Warintza copper-molybdenum porphyry project in southeastern Ecuador. The claims, which cover 126 sq. km, are prospective for similar mineralization styles, and cover enough ground for future mine development. The company plans to conduct social licence and permitting this year to establish an exploration program that includes the areas covered by the new claims. Trek is already producing gold at its Koricancha mill in Peru and expects a first gold pour from its Aurizona gold mine in Brazil by the end of 2018. TNM

Cascadero Copper is an integrated mineral exploration and development business with large land holdings in Argentina TARON Likely the largest known Cesium deposit on earth Open pit run-of-mine economic recovery Potential global cesium supply/demand disruption Currently subject of a 29 HQ core hole drill program

SARITA ESTE Adjoins First Quantum’s Taca Taca deposit Data showing historic geochemistry of known assays 45 new samples confirm past results Exciting ground floor opportunity

For further information contact: Bill McWilliam, Chairman Cascadero Copper Corporation bill@cascadero.com O 604-999-0391 www.cascadero.com

2017-05-09 5:55 PM

12

SOUTH AMERICA

MAY 15–28, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Camp Citron at Columbus Gold’s Montagne d’Or gold property in French Guiana. COLUMBUS GOLD

Columbus Gold, Nordgold complete feasibility study COLUMBUS From 9

posit; and under the deposit to test the downdip extent of the principal mineralized zones.

In addition, Columbus Gold and Nordgold are considering a near-term program to infill drill the higher-grade portion of nearly 1 million resource-pit-constrained inferred ounces. The US$1.5 million drill program could start as early as the second quarter of the year, pending drill permits.

SRK has identified inferred resources within the resource pit of 960,000 oz. gold (20.2 million tonnes grading 1.48 grams gold) using a cut-off grade of 0.4 gram gold and a US$1,300 per oz. gold price.

“There are 960,000 inferred ounces that were never converted to a higher category because there was no time to infill drill,” Columbus Gold CEO Robert Giustra says. “We had a really tight time frame with a March 13 deadline to complete the feasibility study, and there was just no time to carry out the additional drilling of the inferred, which would have added more reserves. Adding those reserves with little to no effect on capex is going to result in a higher NPV and a higher IRR.” Giustra notes that the inferred ounces sit right inside the resource pit. “It’s low-hanging fruit, and some of it is high grade,” he says. “Some parts of it average 1.8 grams per tonne, and a US$1.5-million drill

Targeting Production at the Chinchillas Silver Deposit • Recognized as one of the top 50 Stocks by the TSX-V for 2016 • Joint venture with Silver Standard to mine the world class Chinchillas project – March 31, 2017 • Chinchillas fast track to production second half of 2018

• Well-Funded and Upon close JV Golden Arrow will be revenue producing immediately • Advancing GRG’s other properties and looking for JV opportunities

Golden Arrow has been recognized as a 2017 TSX Venture 50 company

goldenarrowresources.com TSX-V:GRG FSE:GAC OTC: GARWF

1-16, 23_MAY15_Main.indd 12

program will convert 200,000 to 400,000 of those inferred ounces into reserves with little or no effect on capex, so it’s gravy.”

The partners say that certain capital costs in the feasibility study can be optimized. This could include getting better quotes from suppliers, pit optimization and lowering the cut-off grade used for reserves, if gold prices increase.

“There are savings and cost-cutting to be done, so the combination of it all, including more infill drilling, is going to lead to a better amended feasibility study late in the year,” Giustra says. “We hope to see an IRR of over 20% and a higher NPV — well into the US$400s.”

Columbus Gold is also evaluating interest in the project.

“It’s a compelling project and there are groups out there — commercial banks, streaming companies and private equity — that have expressed an interest in funding the construction of the mine,” he says.

The CEO notes that Emmanuel Macron, who was elected as France’s next president in elections on May 7, visited Montagne d’Or in 2015, when he was France’s Minister of Economy, and “expressed his strong support for the project.”

“It’s a strong endorsement of the economic development of French Guiana and the development of the gold industry in French Guiana,” Giustra says.

French Guiana, he explains, is a region of France, and Macron’s election “is clearly a good development for the prospects of a future mine at Montagne d’Or.” In the feasibility study, the ultimate open-pit design has been separated into eight mine design phases for sequenced extraction for the mining production schedule, and has a stripping ratio (waste to ore tonnage) of 4.5 to 1.

The study’s mine production schedule is based on feeding the processing facility at a rate of 4.5 million tonnes per year (12,330 tonnes per day). However, ore will be mined in excess of that rate,

“IT’S A COMPELLING PROJECT AND THERE ARE GROUPS OUT THERE — COMMERCIAL BANKS, STREAMING COMPANIES AND PRIVATE EQUITY — WHO HAVE EXPRESSED AN INTEREST IN FUNDING THE CONSTRUCTION OF THE MINE.” ROBERT GIUSTRA CEO, COLUMBUS GOLD

Emmanuel Macron (left), then French Minister of Economy and now presidentelect of France, and Robert Giustra, Columbus Gold CEO, at the Montagne d’Or project in 2015. COLUMBUS GOLD

so the marginal low-grade can be stockpiled and processed at the end of the mine life.

The mine plan consists of two years of limited pre-stripping (before processing ore), 10 years of open-pit mining, and two years of low-grade ore stockpile rehandling to feed the mill.

Montagne d’Or is 120 km by road from Saint-Laurent-du-Maroni, the nearest settlement. A 106 km, 90-kilovolt overhead power line is planned to connect the site to the existing power grid.

The project lies within the Guiana Gold Belt, which stretches from western Venezuela eastward through Guyana, Suriname and French Guiana, and into Brazil. Mineral deposits are typical of other greenstone terrains such as Canada, Australia and West Africa.

About 95% of French Guiana is covered by equatorial forest, and the country is home to one of the world’s largest biological reserves (644 sq. km), where mining is prohibited.

The boundary of the biological reserve comes to within 550 to 1,050 metres of Montagne d’Or’s southern boundary.

The project is situated in Zone 2 under the country’s mining legislation, which is open to prospecting as well as underground and openpit mining.

The project is made up of eight mining concessions covering 190 square kilometres. Gold mineralization is hosted within a 400-metrethick sequence of intercalated felsic, mafic volcanic and subordinate volcaniclastic rocks that strike eastwest and dip steeply south.

The near-surface gold resources are contained within four closely spaced stratiform, subparallel, eastto west-striking and south-dipping sulphide mineralized horizons.

The deposit sits in the 150- to 250-metre-high Montagne d’Or in primary and secondary tropical forest. The game plan is to remove the cap of the mountain and continue to depth with an open pit.

Columbus Gold acquired the project in November 2010 and struck an option deal with Nordgold in late 2013. TNM

2017-05-09 5:55 PM

SOUTH AMERICA

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 15–28, 2017

13

Lithium producers ramp up LITHIUM TRIANGLE

| Average 2016 share prices of the big three are up 53.5%

BY SALMA TARIKH

L

starikh@northernminer.com

ithium is heating up, with the price globally on the rise following higher demand.

The U.S. Geological Sur vey (USGS) estimates lithium production last year increased 12% due to a spike in demand for lithium-ion batteries. That demand will likely stay strong as carmakers increase their production of electric vehicles.

Tesla Motors intends to roll out 500,000 electric vehicles by the end of 2018. But the company has a tendency of overpromising.

Regardless, lithium producers are ramping up capacity to meet future demand, while other companies race to the finish line. This has caused an uptick in activity in South America’s lithium triangle, which hosts more than half of the world’s lithium reserves.

According to the USGS, output in Argentina alone jumped 60% in 2016, owing to a new brine operation and a leading Argentine producer bulking up its output.

A producer in Chile also bumped its output 20%.

ACCORDING TO THE USGS, OUTPUT IN ARGENTINA ALONE JUMPED 60% IN 2016.

The USGS adds that despite available capacity, spot lithium prices last year rose 40% to 60% worldw ide, exclud ing China, where prices jumped 300%, partly due to a temporary shortage of imported spodumene from Australia.

Major lithium producers Albemarle (NYSE: ALB), Sociedad Quimica y Minera de Chile (NYSE: SQM) and FMC (NYSE: FMC) registered share price gains of 53.5% in 2016. They are up another 21% year-to-date as of May 4, 2017.

Albemarle North Carolina-headquartered specialty chemicals company Albemarle joined the coveted lithium triangle after taking over Rockwood Holdings in early 2015. It now has lithium operations in Chile, the U.S. and Australia.

In January 2017, Albemarle revised its lithium production rights with the Chilean Economic Development Agency (Corfo) to both extend the agreement and the company’s lithium production at its facility in Chile’s Salar de Atacama.

With this agreement, Albemarle can produce over 80,000 tonnes a year of battery-grade lithium salts over the next 27 years at its expanding La Negra battery-grade manufacturing facilities.

Two months later, Albemarle reported plans to double lithium concentrate production at its 49%held Greenbushes spodumene mine in Australia to more than 160,000 tonnes a year. Commissioning of the expansion should start in the second quarter of 2019.

1-16, 23_MAY15_Main.indd 13

In May, the company reported that its first-quarter net sales in 2017 jumped 10% to US$722 million from a year ago. Of this total, Albemarle’s lithium and advanced materials segment contributed net sales of US$284.4 million, up 31.5% from the earlier year.

T he stock closed May 4 at US$108.71, up 24% year-to-date.

See LITHIUM / 15

Tesla’s Gigafatory near Sparks, Nevada, where the company began producing lithium-ion batteries in January. TESLA

For Explosives, think BME

With over 30

years of experience,

BME supplies explosives and related technical services to

over 23

countries.

• Full range of bulk and packaged explosives • Initiating Systems • Electronic blasting systems • Surface & underground explosives delivery equipment • Mobile emulsion plants • Blasting Science services We pride ourselves in providing

world class technical services to ensure every blast brings value to our customers.

Tel: +27 11 709 8765 info@bme.co.za www.bme.co.za

2017-05-09 5:55 PM

14

SOUTH AMERICA

MAY 15–28, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Golden Arrow teams up with Silver Standard in Argentina JOINT VENTURE

BY SALMA TARIKH

G

starikh@northernminer.com

olden Arrow Resources (TSXV: GRG; US-OTC: GARWF) has jumped from an explorer to a silver producer in Argentina in a fairytale-esque way.

It will receive a 25% stake in Silver Standard Resources’ (TSX: SSO; NASDAQ: SSRI) producing Pirquitas mine, take home a US$15-million cheque and fast track production of its flagship Chinchillas project in a joint-venture deal, expected to close shortly.

“It’s a Cinderella story,” Joseph Grosso, Golden Arrow’s chairman, president and CEO, says in an interview. “And we are just entering the ballroom.”

The unique Golden Arrow-Silver Standard agreement — signed in late 2015 and confirmed this March — will spin out two assets into a separate private company: the Chinchillas silver-lead-zinc project and the Pirquitas silverzinc mine in Jujuy province. The 75-25 joint venture will have majority owner Silver Standard as the operator.

Grosso describes the scenario as a “win-win” for both parties. The mill at Pirquitas was running out of ore, while the Chinchillas project needed funds to move into development.

Since 2009, Silver Standard had been processing ore at Pirquitas through its 4,000-tonne per-day mill and processing facility. By 2015, it had announced that it was closing the mill and infrastructure once the ore at Pirquitas was depleted in the coming year and a half.

Seizing the opportunity, Grosso quickly arranged a meeting with Silver Standard’s then president John Smith. The two began ne-

| Partners will codevelop Chinchillas this year

gotiating a deal that would see Chinchillas extend Pirquitas’ mine life and generate cash flow for Golden Arrow, even before it was developed.

“It’s so great that it’s almost unbelievable to be true,” Grosso says of the deal.

While Silver Standard expected Pirquitas would run out of ore in 2017, it now anticipates the joint venture will continue processing the remaining stockpiles over the next 12 months.

Over this time, the joint venture will develop the Chinchillas project, where current measured and indicated resources, inclusive of reserves, total 140 million equivalent oz. silver (29.3 million tonnes of 149 equivalent grams silver per tonne).

According to Golden Arrow’s time line, it expects the final exploitation permit for Chinchillas by the end of June 2017. Construction should kick off in the third quarter, followed by first production in the second half of 2018.

A March 2017 prefeasibility study pegs initial costs of building an open-pit mine at Chinchillas at US$81 million, using the existing Pirquitas infrastructure. Estimated sustaining costs are US$44 million.

The combination significantly lowers the project’s capital costs and production time line. Without Pirquitas’ infrastructure, valued at over US$350 million, Grosso estimates it would have taken seven years for Golden Arrow to raise the funds and build the same infrastructure required for Chinchillas.

The prefeasibility study envisions Chinchillas can produce 8.4 million equivalent oz. silver a year over an eight-year mine life. Estimated all-in

Golden Arrow Resources’ flagship Chinchillas silver-lead-zinc project in Argentina’s Jujuy province. GOLDEN ARROW RESOURCES

sustaining costs are US$9.75 per oz. silver, net of by-products.

The mine life is based on resources delineated on only 40 hectares of the 2,000-hectare project, Grosso says, adding there’s room for resource expansion and mine life extension.

On the financing side, Golden Arrow does not anticipate any difficulties in funding its 25% share of Chinchillas’ costs, as it has a large payment coming in from Silver Standard. It projects Chinchillas’ capital expenses at US$10 million in its first year.

Once the joint-venture agreement closes, Golden Arrow will pick up a US$15-million cheque from Silver Standard, representing its 25% interest in Pirquitas’ net profits since Oct. 1, 2015 — the day after the partners reported the original joint exploration and evaluation deal.

Grosso says that Chinchillas has “already earned Golden Arrow an income.” By the time the project reaches production, it will have generated two and half years of income.

“The deal is fantastic for Golden Arrow and it should be just as fantastic for Silver Standard,” he says, adding that Pirquitas can expand its mine life and preserve the value

The San Miguel pit at Silver Standard Resources’ Pirquitas silver-zinc mine, in Argentina’s Jujuy province. SILVER STANDARD RESOURCES

of Pirquitas’ infrastructure, as well as Silver Standard’s skilled operations team.

As part of the deal, Golden Arrow will receive 25% of the profits from the remaining stockpiles at Pirquitas, which have estimated values of US$45 million to US$60 million, as well as 25% of Chinchillas’ annual production.

Grosso notes that processing the stockpiles should wind down just as Chinchillas starts up.

High Grade Zinc Discovery in Central Peru • Tinka owns 100% of the 150 square

kilometre Ayawilca zinc project • Ayawilca is one of the only recent

grassroots zinc discoveries • 2017 drill program designed to grow the

existing zinc mineral resource estimate • Tinka has a strong team with substantial

technical experience and success in Peru

.com

TSXV: TK OTC: TKRFF Rob Bruggeman, Investor Relations rbruggeman@tinkaresources.com • +1 416 884 3556 www.tinkaresources.com

1-16, 23_MAY15_Main.indd 14

Silver Standard confirmed it wanted to go ahead with the joint venture on March 31, 2017, coinciding with the positive prefeasibility study and concluding an 18-month preliminary period since signing the original deal.

During the preliminary period, Silver Standard invested US$16 million at Chinchillas, largely to fund the prefeasibility study, as well as related drilling, engineering studies and metallurgical test work. The investment also included a $2-million option payment to Golden Arrow.

“I call Chinchillas a lottery ticket that won. But now we have several expensive [partial] lottery tickets that we have developed in the last 24 years,” Grosso says.

Golden Arrow is now looking to turn those projects into winning tickets. The most exciting exploration asset it has in its portfolio is the 100% owned Antofalla silver-goldbase metal project in Catamarca province.

This year, Golden Arrow has budgeted US$2 million of work at Antofalla, including 3,000 metres of drilling. It aims to drill the 87 sq. km project, which has “geologic similarities” to Chinchillas, in the second half of 2017.

The company has US$6 million in its treasury. It expects this to grow to US$21million by the end of May. On May 5, Golden Arrow shares closed at 60¢, up from its 52-week low of 49.5¢ recorded last May. The stock hit a 52-week high of $1.48 last August.

Golden Arrow is part of Grosso Group, a private management company founded in 1993 to explore for minerals in South America.

Blue Sky Uranium (TSXV: BSK) and Argentina Lithium & Energy (TSXV: LIT) are also in the Grosso Group. TNM

2017-05-09 5:55 PM

SOUTH AMERICA

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 15–28, 2017

15

Lithium producers ramp up LITHIUM From 13

Last year, Albemarle shares appreciated 56.2%.

SQM Santiago-based SQM produces lithium and derivatives at its Salar del Carmen facilities, near Antofagasta, Chile.

It recorded revenues of US$515 million from its lithium segment in 2016, up 131% from 2015. The segment accounted for 55% of the company’s gross profit for the year.

Last March, SQM signed a jointventure agreement with Lithium Americas (TSX: LAC) to develop the Cauchari-Olaroz lithium project in Argentina, marking its first venture outside of Chile. The project has a total annual capacity of 50,000 tonnes of battery-grade lithium carbonate. The first stage, estimated to cost US$425 million, should produce 25,000 tonnes a year.

IN 2017, SQM INTENDS TO INVEST US$100 MILLION IN CAUCHARI-OLAROZ. CONSTRUCTION IS SET TO BEGIN THIS YEAR, WITH PRODUCTION STARTING IN 2019.

Lithium Americas’ Cauchari-Olaroz lithium project in Argentina, where SQM is a joint-venture partner. LITHIUM AMERICAS

In 2017, SQM intends to invest US$10 0 mil lion in CauchariOlaroz. Construction is set to begin this year, with production starting in 2019.

It also plans to increase its lithium hydroxide capacity this year from 6,000 tonnes to 13,500 tonnes a year, by increasing efficiencies and building a 7,000-tonne-plant.

Despite problems with Corfo over leases related to its brine operations in the Salar de Atacama, SQM shares increased nearly 58% over 2016 to US$28.54. It recently closed at US$33.30, up almost 16%.

FMC FMC produces from Argentina’s Salar del Hombre Muerto. Its lithium segment reported first-quarter 2017 revenue of US$66 million, up 9% from the same period last year. Segment earnings rose 45% to US$22 million in the period.

FMC has increased its full-year lithium guidance by US$10 million at the midpoint versus its previous forecast. It expects full-year segment revenue of US$325 million to US$365 million, and full-year segment earnings of US$100 million to US$120 million.

This revised earnings forecast represents more than a 55% increase over 2016’s US$70 million. This increase is driven by the company’s hydroxide expansion and higher prices for its hydroxide products.

FMC estimates its annual hydroxide production capacity will increase from 10,000 tonnes to 18,000 tonnes by mid-year. It expects to expand to 30,000 tonnes a year in the next couple of years, depending on demand.

Last October, FMC signed a deal with Nemaska Lithium (TSX: NMX), which was amended in March 2017. Under the revised terms, the Quebec-focused junior will provide FMC 8,000 tonnes of lithium carbonate a year, starting in April 2019 instead of mid-2018.

FMC also agreed to pay a lump sum of US$10 million to Nemaska by April 7, 2017.

For 2016, FMC shares rose nearly 47%. Year-to-date its shares are up 24% to US$70.73. TNM

1-16, 23_MAY15_Main.indd 15

solgold.com.au

@solgold_plc

info@solgold.com.au

LSE/AIM : SOLG

2017-05-09 5:55 PM

16

WWW.NORTHERNMINER.COM

MAY 15–28, 2017 / THE NORTHERN MINER

Gold Standard Ventures to acquire Battle Mountain Gold NEVADA GOLD

| Deal offers significant premium, Battle Mountain’s Chet Idziszek says

BY TRISH SAYWELL

G

tsaywell@northernminer.com

o l d S t a n d a r d Ve n tures (TSXV: GSV; NYSEMKT: GSV) acquired an initial 19.9% stake in Battle Mountain Gold (TSXV: BMG) in April 2016, and two months later, raised its ownership in the company to 27.6%.

Battle Mountain Gold owns the Lewis gold project, which is next to Newmont Mining’s (NYSE: NEM) Phoenix gold mine in Nevada.

Phoenix has been in production since late 2006, and has 7.5 million oz. gold.

Gold Standard Ventures now plans to buy the Battle Mountain shares it does not already own in a cash-and-share deal valuing Battle Mountain’s shares at 59¢ apiece — a 47% premium to its closing share price on April 11, a 62% premium to its five-day, volume-weighted average price (VWAP), and a 97% premium to its 20-day VWAP. Under the terms of the bid, Gold Standard will offer 0.1891 of its shares and 8¢ cash for every Battle Mountain share for a $36-million deal value.

“The premium that the deal offers to shareholders is quite significant,” Battle Mountain Gold’s president and CEO Chet Idziszek says. “The 97% premium is above the 45% mean for similar transactions in the past 12 months, so we’re pretty happy with that.”

Idziszek, whose many career accomplishments include playing a central role in the discovery and development of Canada’s Eskay Creek gold deposit, says he’s also happy with Gold Standard Venture’s track record in Nevada and its management team.

“They are in elephant country, recently doubled their land size and people working for them have strong technical backgrounds — they’re alumni from Newmont,” he says.

“They are building a strong company

Vehicles and equipment on the surface of the Dark Star gold deposit at Gold Standard Ventures’ Railroad-Pinion property in north-central Nevada. GOLD STANDARD VENTURES

… They know what they’re doing and they’ll be successful.”

Gold Standard has focused on district-scale discoveries on its Railroad-Pinion gold project on Nevada’s Carlin Trend. The company has consolidated the southern end of the trend, assembling a 208 sq. km land position that contains four gold deposits, two of which are their own discoveries.

The company’s senior geologists, Mac Jackson and Steven Koehler, have a successful track record. At Newmont, Koehler managed and contributed to exploration programs on the northern Carlin Trend that led to the multimillion-ounce Leeville discovery, in addition to

CAREER OPPORTUNITIES

CAREERS ADVERTISING RATES $12.65 per agate line.

Minimum size 2 columns x 1” $354.20.

Closing date is 10 days prior to publication date.

All Canadian orders subject to applicable taxes.

For further Careers advertising information contact: Joe Crofts 416-510-6816, jcrofts@northernminer.com, Toll free North America: 1-888-502-3456, (ext. 43729) Fax: 416-447-7658

Resumes Wanted Looking for a career in the mining and exploration industries?

Post your resume for FREE on the website that specializes in recruitment for mining companies and suppliers... you’ll be glad you did.

Visit www.northernminerjobs.com today

1-16, 23_MAY15_Main.indd 16

discoveries at Four Corners, Hardie Footwall Extension and Fence/Pete Bajo, and while at Placer Dome, contributed to the multimillion-ounce Cortez Hills discovery. Jackson contributed to the discovery of the Leeville and Turf deposits on the Carlin Trend and the Fiber Line deposit at Twin Creeks.

Idziszek notes that the two companies have been working together over the last year and have similar exploration styles.

“Their exploration technique is very similar to ours — going after structure that crosses the right stratigraphy — so there is a lot of geology and geophysics applied,” he says. “It has led to two discoveries by them, so they are very capable guys.”

The deal gives Battle Mountain’s shareholders access to Lewis through a company with deep pockets and strong shareholders that can further exploration, Idziszek says.

Gold Standard has $50 million in cash and no debt. Major shareholders include Goldcorp (TSX: GG; NYSE: GG), which has a 10.3% stake, and OceanaGold (TSX: OGC), which owns 16.6%.

“If we didn’t do this deal … we would have had to go to market to raise considerable dollars to continue exploration,” Idziszek says.

“This deal gives shareholders a large premium and an opportunity to participate in future discoveries on our Lewis project, which we feel is going to happen … On the Newmont side, the mineralization continues onto our property … there’s a high probability of success.”

“We’ve been working together over the last year and exploration is expensive, and this is one way of getting the job done.”

Jonathan Awde, Gold Standard’s president and CEO, told The Northern Miner the deal fits management’s investment profile.

“For us to invest or acquire other assets it has to fulfill three criteria: It has to be Carlin, sediment-hosted; it has to be strategic; and it has to be district scale; and we strongly believe this asset possesses all three,” he says. “There’s a lot of exploration upside … It was hard for us to ignore getting exposure to another prolific trend like Cortez.”

Awde says his team will start with

a program of mapping, sampling and geophysics, with drill targets identified in July or August.

Historical work on the Lewis project focused on the area that sits within a few metres of the Newmont property boundary, but Awde says that won’t be their focus.

“There are a few targets that really stand out that warrant drilling,” he says, citing a big skarn target on the southwestern side of the project that his team quite likes. “It’s going to be a combination of drilling along the Meagher fault, which is close to the property boundary, and then there are stepouts from there. But it’s a big project, and other targets are more than 1 km from the property boundary with Newmont. The key is not to focus on the property boundary area but to focus on the project. We are going to drill other targets throughout this entire land package.”

Battle Mountain’s shares rose 37%, or 15.5¢, to 57¢ on the news.

The junior’s shares have traded in a 52-week range of 29¢ to 95¢.

Shares of Gold Standard closed at $2.74, down 6¢. Over the last year

“THEY ARE BUILDING A STRONG COMPANY … THEY KNOW WHAT THEY’RE DOING, AND THEY’LL BE SUCCESSFUL.” CHET IDZISZEK CEO, BATTLE MOUNTAIN GOLD

the company’s shares have traded in a range of $1.43 to $4.10.

Michael Gray of Macquarie has a price target on Gold Standard Ventures of $4.10 per share and an “outperform” rating on the stock.

“The Gold Standard Ventures’ ex-Newmont team, with more than 25 million oz. discoveries to their credit, has a competitive advantage in Nevada in evaluating permissive Carlin-type geology within the productive trends,” the analyst said in a research note. TNM

A drill rig on the Pinion deposit at Gold Standard Ventures’ gold property in Nevada. GOLD STANDARD VENTURES

2017-05-09 5:55 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 15–28, 2017

17

PROFESSIONAL DIRECTORY srk consulting

ASSAYERS

GENETIC MODELLING

Consulting services from exploration through to mine closure

www.srk.com

INSTRUMENTATION Rent / Purchase 3D IP & EM Gear Canadian Manufacturer of

GEOPHYSICS

Geophysical Instruments since 1976

Tel.: +1 418-877-4249

www.gdd.ca

Crone Geophysics

Highest Precision Magnetometers in the World Providing Robust Providing RobustHigh HighPrecision PrecisionPotassium, Potassium,Overhauser Overhauser and andProton ProtonMagnetometers Magnetometers with with New add-on oror stand New add-on standalone aloneVLF VLFfor forresistivity resistivitydepth depthsections sections

Worldwide 3D Pulse-EM TDEM, 3D E-SCAN IP/Resistivity Surveys www.cronegeophysics.com

(905) 814-0100

3D Pulse-EM (Time-Domain EM) Borehole and Surface Surveys Coil, Fluxgate or SQUID Sensors High Power, Low noise Step Response

3D E-SCAN (IP/DC Res) Mapping Recon3D , Target3D , HiRes3D Any Topography, any Scale Immediate QC, daily Results Deep, Efficient, Safe R

R

R

- 3D / 32 channels IP Receivers - 4800V / 10,000W IP Transmitters - MPP - SCIP - Chain+Level - Beep Mat

Leading the World of Magnetics

UAV - Airborne - Ground Solutions

Call for a Quote today since 1980 www.gemsystems.ca • info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.635.1829

R

CONSTRUCTION MANAGEMENT

Your Exploration Advantage.

Project and Construction Management

Rentals and Sales Sales and Rentals: of instruments for:

New, Rebuilds Fast Track Greenfield VTEM™ | ZTEM™ | Gravity | Magnetics | Radiometrics | Data Processing | Interpretation

LNA provides construction management services to assure industrial facility owners realize cost efficiency and quality of their projects within the project schedule, budgets and safety objectives.

905 841 5004 | geotech.ca

TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity

L. NARDELLA ASSOCIATES LTD.

2292 blvd. Industriel, Suite 207, Laval (Quebec) H7 S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel MISSISSAUGA: (905) 381-0415

Tel: Fax: e-mail: Website:

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

450-679-2400 info@gprmtl.com www.geophysicsgpr.com

www.nardellagroup.com

GOLDAK AIRBORNE SURVEYS

CONSULTING

TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada)

TRI-MAXIAL MAGNETIC GRADIOMETER 1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process

A.C.A. HOWE INTERNATIONAL LIMITED MINING & GEOLOGICAL CONSULTANTS

2 Hangar Road Saskatoon, SK S7L 5X4

Toronto, Canada Tel: 1-416-368-7041 London, UK Tel: 011-44-1442-873398 Email: howe@acahowe.ca www.acahowe.ca

tel 306 249 4474 - www.goldak.ca

Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic

LEGAL

We

litigate

CONTRACTUAL & MINING DISPUTES CONSTRUCTION DISPUTES PRODUCT LIABILITY DISPUTES INQUESTS: OCCUPATIONAL/SAFETY DEFENCE

Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca

Affleck Greene McMurtry LLP 365 Bay Street, Suite 200, Toronto Canada M5H 2V1 T 416.360.2800

SURVEYORS & CORE SYSTEMS JEAN-LUC CORRIVEAU, Q.L.S., CLS

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS 1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.

Se

Also, Magnetic probe surveys

valuation and evaluation of mineral properties; mineral resource and mineral reserve estimates; independent engineer services; project and feasibility studies; expert witness and litigation support

www.micon-international.com

Toronto Vancouver Norwich Cornwall Canada: mail@micon-international.com United Kingdom: office@micon-international.co.uk

International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

www.mphconsulting.com +1.416.365.0930

Toronto Denver London Vancouver Quebec City Geological and Mining Consultants www.rpacan.com +1 (416) 947-0907

17_MAY15_ProDirectory.indd 17

Providing geophysical services for over 20 years

PETROS EIKON

rvi

ce

s

Val-d’Or (Quebec) Tel: (819)825-3702 www.corriveaujl.com E-mail: bureau@corriveaujl.com

Worldwide experience in sedimentary and hardrock

Processing through final Interpretation PETROSEIKON.COM

services@petroseikon.com

1.519.943.0001

To reserve space for your advertisement in the Professional Directory please contact:

Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com Fax: 416-447-7658

2017-05-08 4:51 PM

18

WWW.NORTHERNMINER.COM

MAY 15–28, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MAY 1–5 Despite declining prices for gold and oil, Canada’s benchmark index has finished in positive territory. The S&P/TSX Composite Index rose 0.2% to 15,582.04. The S&P/TSX Global Mining Index, however, lost 3.3% to finish at 63.71, and the S&P/TSX Global Gold Index declined 2.8% to 201.82. The spot gold price in New York retreated 3% to US$1,227.90 per ounce. Crude oil delivery for June fell 6.3% to US$46.22 per barrel, its lowest level in nearly six months.

Dominion Diamond was the secondbiggest value gainer, climbing 55¢ to close at $17.14 per share, after Tahoe Resources’ 69¢ per share gain.

On May 1, Dominion updated shareholders on its strategic alternative review process, including a potential sale of the company.

Dominion noted interested parties, including Washington Corp. — which previously made an unsolicited US$1.1-billion bid for Dominion — have signed confidentiality agreements in exchange for access to the company’s data room.

“Given that Dominion suggests that multiple parties are involved, Washington must have dropped its demands for exclusivity, although one imagines that Dominion may have had to soften its demand for a 12-month standstill agreement,” BMO analyst Ed Sterck notes.

Talks between the parties previously fell

apart due to the standstill agreement.

Dominion has also started its search for a new CEO. But it hasn’t established a timetable for either activity, and doesn’t plan on commenting further until its board approves a transaction or appointment.

Dominion’s annual meeting of shareholders will be June 13, 2017. Sterck has an “outperform” rating and a $20 price target on the stock.

Kinross Gold was the most traded stock, jumping 42¢ to $5.17, as 39.6 million shares changed hands. On May 3, Kinross reported this year’s first-quarter adjusted profit of US$23.4 million, or US2¢ per share. This was similar to the same period a year ago, but higher than the nil per share that analysts had expected.

Kinross produced 671,956 equivalent oz.

TSX MOST ACTIVE ISSUES

Kinross Gold B2Gold Yamana Gold Timmins Gold Eldorado Gold Semafo Barrick Gold Suncor Energy OceanaGold First Quantum

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

K 39656 5.35 4.59 5.17 + 0.42 BTO 28263 3.42 2.96 3.08 - 0.35 YRI 23790 3.78 3.30 3.38 - 0.29 TMM 19121 0.61 0.52 0.60 + 0.07 ELD 17794 5.00 4.54 4.66 - 0.33 SMF 16831 3.13 2.68 2.84 - 0.30 ABX 16514 22.91 21.77 22.06 - 0.76 SU 16157 43.56 41.10 42.61 - 0.17 OGC 13661 4.75 4.20 4.28 - 0.17 FM 13344 13.26 11.43 11.83 - 1.18

gold at all-in sustaining costs of US$953 per equivalent oz. gold, which is relatively in line with the figures from the year before. Quarterly revenue grew less than 2% to US$796.1 million.

The producer is on track to reach its annual gold-equivalent guidance of 2.5 million to 2.7 million oz. at all-in sustaining costs of US$650 to US$720 per ounce.

Kinross notes phase-one expansion at its Tasiast gold project in Mauritania should

reach full production in the second quarter of 2018, with the phase-two feasibility study set for completion in the third quarter of 2017.

“Appealing value and consistent delivery of solid operating results appear to offset the risks of project delivery and geopolitical exposure,” CIBC analyst David Haughton writes. He has upgraded Kinross to “outperformer” from “neutral,” while maintaining a $4.75 target price. TNM

TSX GREATEST PERCENTAGE CHANGE

St Augustine Stonegate Agri Verde Potash Erdene Res Dev Black Iron Wellgreen Plat Namibia Rare E Timmins Gold Heron Res Kinross Gold Laramide Res Forsys Metals Formation Mtls Columbus Gold IC Potash Royal Nickel Harte Gold Corvus Gold Largo Res NewCastle Gold

SAU ST NPK ERD BKI WG NRE TMM HER K LAM FSY ECS CGT ICP RNX HRT KOR LGO NCA

9202 62 274 1889 2790 622 362 19121 941 39656 1100 128 1650 569 172 6753 3302 107 356 2053

0.05 0.02 0.82 1.40 0.12 0.26 0.09 0.61 0.14 5.35 0.50 0.14 1.10 0.85 0.10 0.23 0.70 0.85 0.61 0.96

0.02 0.00 0.63 1.06 0.10 0.22 0.08 0.52 0.09 4.59 0.37 0.11 0.85 0.72 0.08 0.18 0.56 0.72 0.50 0.79

0.04 0.02 0.82 1.35 0.11 0.26 0.09 0.60 0.10 5.17 0.37 0.11 0.91 0.72 0.08 0.19 0.60 0.72 0.50 0.80

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Tahoe Res Dominion Diam Kinross Gold Orocobre Centerra Gold Verde Potash Erdene Res Dev Cameco Corp Arizona Mng Labrador Iron Teck Res Agrium Teck Res Franco-Nevada TMAC Resources Torex Gold Silver Std Res Agnico Eagle Pretium Res MAG Silver

+ 100.0 + 50.0 + 39.0 + 17.4 + 15.8 + 15.6 + 13.3 + 13.2 + 11.1 + 8.8 - 27.5 - 18.5 - 17.3 - 16.3 - 15.8 - 15.6 - 15.5 - 15.3 - 15.3 - 14.9

VOLUME WEEK (000s) CLOSE CHANGE

THO DDC K ORL CG NPK ERD CCO AZ LIF TECK.A AGU TECK.B FNV TMR TXG SSO AEM PVG MAG

9185 11.75 892 17.14 39656 5.17 769 3.36 6565 7.30 274 0.82 1889 1.35 7195 13.27 2891 2.02 1224 17.82 19 25.75 1441 124.96 11885 25.30 2389 90.64 104 13.82 2368 21.40 1691 12.55 3982 63.75 2641 12.11 1356 15.47

+ 0.69 + 0.55 + 0.42 + 0.26 + 0.25 + 0.23 + 0.20 + 0.18 + 0.13 + 0.09 - 3.25 - 3.16 - 3.02 - 2.20 - 1.75 - 1.72 - 1.53 - 1.50 - 1.42 - 1.23

TSX VENTURE EXCHANGE / MAY 1–5 The S&P/TSX Venture Composite Index shed 25.05 points to a 781.72-point close, as spot gold prices plunged US$39.80 to US$1,227.90 per oz., and Comex copper prices fell 8¢ to $2.53 per pound.

Shares of Rio2, formerly Prospector Resources, gained 15¢ to $1.65. On April 11, the company entered into a mining assignment and option agreement with Peruvian polymetallic miner Milpo S.A.A. to acquire seven gold-exploration prospects totalling 190 sq. km in Peru. As per the agreement, Rio2 is required to spend US$5 million over 36 months and grant Milpo a 2% net smelter royalty.

Newrange Gold gained 12¢ to 44¢ per share on news of closing a $1.5-million, non-brokered private placement, which saw 5.2 million shares traded at 30¢ per unit.

Each unit consists of one common share and one warrant that’s exercisable within two years at 45¢ per share. The company intends to use the proceeds for an upcoming drill program — along with surveying, mapping and geochemical sampling — at its flagship Pamlico gold project in Nevada.

Kennady Diamonds fell 44¢ to $3.15 per share over the trading period. On April 28, the company announced the terms of a nonbrokered, $10-million private placement.

The placement would issue both common and flow-through shares, at a price of $3.25 and $4.38 per share. The company plans to use the proceeds to fund exploration and evaluation programs at its flagship Kennady North diamond project, and the rest of its 671.6 sq. km property in the Northwest Territories.

Shares of Amex Exploration rose 10¢ to 37¢ after the company entered an agreement with a private vendor to acquire the Gowan copper-zinc property, 16 km east of Glencore’s Kidd Creek copper-zinc mine in Ontario. The property, which hasn’t been explored since the 1970s, covers a package of volcanic rocks prospective for volcanogenic massive sulphide deposits similar to Kidd Creek. Amex can earn 100% of TSX-V MOST ACTIVE ISSUES

Spruce Ridge R SHL Rye Patch Gold RPM Alexandria Min AZX First Mg Fin FF GoviEx Uranium GXU Mariana Res MARL Cornerstone Ca CGP Honey Badger E TUF Anfield Nickel ANF Scientific Met STM

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

8747 8729 7316 6673 5417 4907 4760 4686 4517 4119

0.03 0.28 0.08 0.63 0.23 1.64 0.44 0.03 0.84 1.14

0.02 0.24 0.07 0.57 0.18 1.56 0.39 0.02 0.47 0.81

0.02 - 0.01 0.24 - 0.02 0.08 + 0.01 0.59 - 0.03 0.19 - 0.02 1.60 - 0.03 0.43 + 0.04 0.02 unch 0.00 0.50 - 0.32 0.91 - 0.09

the property by issuing the private vendor 400,000 shares and making cash payments totalling $20,000.

Toronto-based Canuc Resources rose 8¢ to 52¢ per share. On April 13, the company announced results of a prospecting and sampling program at its San Javier silvergold project in Mexico. The company found a 200-metre-wide mineralized corridor

that extends for 3 km across the property area. One of the mineralized zones identified — the Colorado zone — returned an 11.2-metre composite sample of 284 grams silver per tonne, while the Carranza zone cut 11 metres of 238 grams silver. Canuc is also active in the development of a natural gas field in central-west Texas, where it has seven producing gas wells. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Curlew Lke Res Inform Res Red Tiger Mng Cdn Silvr Hunt Morgan Res Amer Vanadium Micrex Dev Tasca Res Kermode Res Barker Mnrls Baroyeca Go&Si Green Valley M Caracara Silvr Peat Res Randsburg Intl Anfield Nickel Golden Harp Cons Westview Virginia Enrgy Atom Energy

CWQ.H IRR RMN AGH.H MOR.H AVC MIX TAC KLM BML LNC.S GVY CSV.H PET RGZ.H ANF GHR.H CWS.H VUI AGY.H

3492 1 195 481 1064 158 195 457 123 819 95 10 900 2234 467 4517 9 118 125 24

0.10 0.00 0.03 0.09 0.07 0.03 0.03 0.14 0.02 0.02 0.02 0.04 0.01 0.02 0.01 0.84 0.09 0.42 0.10 0.30

0.03 0.00 0.02 0.00 0.02 0.02 0.02 0.09 0.01 0.01 0.02 0.04 0.00 0.01 0.01 0.47 0.09 0.00 0.07 0.24

0.08 0.14 0.03 0.08 0.03 0.03 0.03 0.13 0.02 0.02 0.02 0.04 0.01 0.01 0.01 0.50 0.09 0.36 0.07 0.30

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 275.0 + 100.0 + 100.0 + 77.8 + 66.7 + 66.7 + 66.7 + 62.5 + 50.0 + 50.0 - 80.0 - 77.8 - 66.7 - 50.0 - 50.0 - 38.9 - 35.7 - 35.5 - 35.0 - 34.4

VOLUME WEEK (000s) CLOSE CHANGE

Till Capital Prospector Res NewRange Gold Cameo Res Armor Mnrls Almadex Min Amex Expl Lithium X Egy Arctic Star Canuc Res Metalore Res Abitibi Royalt Kennady Diam Anfield Nickel Corsa Coal Everest Vent Select Sands Cons Westview Trek Mining Chesapeake Gld

TIL RIO NRG CRU A AMZ AMX LIX ADD CDA MET RZZ KDI ANF CSO HOIL SNS CWS.H TREK CKG

3 60 752 197 13 228 443 3272 2568 89 0 19 142 4517 265 4 3149 118 1130 84

5.00 1.65 0.44 1.15 0.55 1.23 0.37 1.96 0.28 0.52 2.60 8.90 3.15 0.50 1.61 0.80 1.30 0.36 1.19 3.75

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

0.27 0.15 0.12 0.11 0.10 0.10 0.10 0.09 0.09 0.08 0.90 0.67 0.44 0.32 0.23 0.23 0.23 0.20 0.19 0.19

U.S. MARKETS / MAY 1–5 The Dow Jones Industrial Average rose 0.3% to 21,006.94 and the S&P 500 climbed 0.6% to 2,399.29. The Philadelphia Gold & Silver Index fell 3.4% to 80.28, as gold prices weakened.

Shares of Arch Coal jumped US69¢ to US$70.93 on the back of solid first-quarter results. Net income in the first quarter reached US$51.7 million, or US$2.03 per diluted share, compared with net income of US$33.4 million, or US$1.31 per diluted share, in the fourth quarter of 2016. (In the first quarter of 2016, the company posted a net loss of US$206.7 million, for a US$9.71 net loss per diluted share.)

Revenues totalled $600.9 million for the first quarter, compared with US$428.1 million in the same period last year. The board has approved a quarterly cash dividend of US35¢ per share starting in the second quarter and has given the green light to a share repurchase program, authorizing the company to purchase up to US$300 million of its outstanding common stock. The program has no time limit and the company expects to fund future share repurchases with cash-on-hand and cash generated from operations.

18_MAY15_MarketNews.indd 18

Tahoe Resources posted record results in the first quarter, driving its shares up US54¢ to US$8.60. Cash flow from operating activities before changes in working capital reached a record US$132.9 million, or US43¢ per share, in a 78% and 79% increase over the fourth quarter of 2016. Adjusted earnings for the first quarter hit US$75.1 million, or US24¢ per share, up from adjusted earnings of US$18.4 million, or US6¢ per share, in the fourth quarter of 2016. Revenues jumped to US$251 million — a 33% increase from the fourth quarter of 2016. Strong results at Escobal helped push total silver producU.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 166443 8.90 7.84 8.17 - 0.41 Frport McMoR* FCX 122894 12.89 11.42 11.80 - 0.95 United States S* X 100806 22.51 20.77 21.49 - 0.83 Kinross Gold* KGC 86474 3.92 3.35 3.77 + 0.28 Yamana Gold* AUY 70952 2.77 2.40 2.48 - 0.22 Barrick Gold* ABX 69749 16.78 15.86 16.15 - 0.57 Gold Fields* GFI 47515 3.32 3.06 3.13 - 0.12 Vale* VALE.P 46731 8.53 7.57 7.84 - 0.37 Mosaic* MOS 46188 27.15 23.21 23.45 - 3.48 IAMGOLD* IAG 38108 4.10 3.55 3.76 - 0.38

tion to 5.7 million oz., up 17% from the previous quarter. Total cash costs and all-in sustaining costs (AISCs) were US$5.72 and US$8.11 per oz. silver produced, net of byproduct credits — better than the US$6.48 and US$9.76 per oz. recorded in the fourth

quarter of 2016. Gold production reached 119,100 oz., at total cash costs of US$574 per oz. gold produced and AISCs of US$860 per oz. gold produced. The company paid US$18.7 million in dividends to shareholders in the first quarter. TNM

U.S. GREATEST PERCENTAGE CHANGE

Intrepid Pots* Kinross Gold* MartinMarietta* Tahoe Res* Cloud Peak En* Natural Res Pt* Primero Mng* CONSOL Energy* Buenaventura* Dominion Diam* NACCO Ind* Mosaic* McEwen Mng* Alamos Gold* Pretium Res* Teck Res* Richmont Mines* IAMGOLD* Yamana Gold* First Majestic*

IPI KGC MLM TAHO CLD NRP PPP CNX BVN DDC NC MOS MUX AGI PVG TECK RIC IAG AUY AG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

8276 2.13 1.58 2.11 + 16.6 86474 3.92 3.35 3.77 + 8.0 4874 244.32 219.91 237.55 + 7.9 22245 9.24 7.67 8.60 + 6.7 8018 3.68 3.33 3.55 + 5.3 154 34.35 31.75 33.60 + 5.2 7149 0.53 0.44 0.48 + 4.8 19081 16.45 14.79 15.74 + 3.7 9921 12.51 11.45 12.42 + 3.4 3176 12.79 12.24 12.55 + 3.2 80 86.50 70.30 71.20 - 15.9 46188 27.15 23.21 23.45 - 12.9 23466 3.03 2.55 2.68 - 11.8 20612 7.11 6.01 6.39 - 10.8 13339 10.03 8.56 8.85 - 10.7 28774 20.93 18.09 18.54 - 10.6 3312 7.70 6.60 6.80 - 10.5 38108 4.10 3.55 3.76 - 9.2 70952 2.77 2.40 2.48 - 8.1 20914 8.20 7.06 7.48 - 8.0

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Natural Res Pt* NRP Black Hills* BKH Arch Coal* ARCH CONSOL Energy* CNX Tahoe Res* TAHO Buenaventura* BVN Dominion Diam* DDC Intrepid Pots* IPI Kinross Gold* KGC NACCO Ind* NC Mosaic* MOS Agrium* AGU Teck Res* TECK Alcoa* AA Franco-Nevada* FNV Southern Copp* SCCO Peabody Enrgy* BTU Agnico Eagle* AEM Newmont Mng* NEM

VOLUME WEEK (000s) CLOSE CHANGE

4874 237.55 154 33.60 1884 69.25 3457 70.93 19081 15.74 22245 8.60 9921 12.42 3176 12.55 8276 2.11 86474 3.77 80 71.20 46188 23.45 2639 91.50 28774 18.54 28181 31.82 3438 66.37 5595 33.69 9591 23.96 8251 46.67 28665 32.73

+ 17.36 + 1.65 + 1.23 + 0.69 + 0.56 + 0.54 + 0.41 + 0.39 + 0.30 + 0.28 - 13.45 - 3.48 - 2.43 - 2.20 - 1.91 - 1.75 - 1.68 - 1.45 - 1.16 - 1.08

2017-05-09 5:31 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MAY 15–28, 2017

19

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, May 9, 2017 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.)

Change 1225.15 -30.65 $16.22 -0.73 $915.00 -31.00 $815.00 -1.00

Price (US$/tonne) Change $9215.00 +75.00 $5511.00 +26.00 $2177.50 +7.50 $2629.00 +40.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, May 8, 2017 (change from May 2, 2017 in brackets): Aluminium Alloy 15080 (0) 1592300 (-41025) Aluminium Copper 351550 (+97875) 177225 (+7800) Lead Nickel 380712 (+1530) 2375 (-490) Tin 338700 (-9525) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.45 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.75 Cobalt: US$24.95/lb.

Copper: US$2.51/lb.

Copper: CME Group Futures June 2017: US$2.49/lb.; July 2017: US$2.49/lb Ferro-Chrome: US$2.29/kg Ferro Titanium: US$3.58/kg FerroTungsten: US$25.55/kg Ferrovanadium: US$21.14/kg Iridium: NY Dealer Mid-mkt US$945.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$59.50/tonne Iron Ore Fines: US$67.56/tonne Iron Ore Pellets: US$95.30/tonne Lead: US$0.99/lb.

Magnesium: US$2.23/kg Manganese: US$1.97/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$98.00/tonne Potash: US$214.00/tonne Rhodium: Mid-mkt US$980.00 tr. oz.

Ruthenium: Mid-mkt US$65.00/tr. oz.

Silver: Handy & Harman Base: US$16.24 per oz.; Handy & Harman Fabricated: US$20.30 per oz.

Tantalite Ore : US$123.13/kg Tin: US$9.04/lb.

Uranium: U3O8, Trade Tech spot price: US$22.50; The UX Consulting Company spot price: US$22.50/lb.

Zinc: US$1.17/lb.

Prices current May 9, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Apr 17, 2017 (with changes from Apr 03, 2017) Largest short positions K 48568613 5314907 4/3/2017 Kinross Gold New Gold NGD 31225559 -121854 4/3/2017 B2Gold BTO 25156128 846489 4/3/2017 Trevali Mng TV 23429072 3868472 4/3/2017 POT 14884416 -3068939 4/3/2017 Potash Corp SK Eldorado Gold ELD 14099115 746907 4/3/2017 Sandstorm Gold SSL 13666710 52763 4/3/2017 Suncor Energy SU 13381887 -1022952 4/3/2017 DGC 12073506 207490 4/3/2017 Detour Gold Ivanhoe Mines IVN 11576135 377425 4/3/2017 G 11221395 2812584 4/3/2017 Goldcorp Asanko Gold AKG 9574428 567325 4/3/2017 Barrick Gold ABX 7578305 -689076 4/3/2017 OceanaGold OGC 7399654 773654 4/3/2017 YRI 7324951 -710322 4/3/2017 Yamana Gold Largest increase in short position Kinross Gold K 48568613 5314907 4/3/2017 Trevali Mng TV 23429072 3868472 4/3/2017 G 11221395 2812584 4/3/2017 Goldcorp Silver Bull Re SVB 1443200 1443200 4/3/2017 CNL 1848056 930633 4/3/2017 Contintl Gold Largest decrease in short position Argex Titanium RGX 2981000 -21258600 4/3/2017 Potash Corp SK POT 14884416 -3068939 4/3/2017 ASR 6833089 -1098237 4/3/2017 Alacer Gold Suncor Energy SU 13381887 -1022952 4/3/2017 Lydian Intl LYD 34271 -1000229 4/3/2017

Short positions outstanding as of Apr 17, 2017 (with changes from Apr 03, 2017) Largest short positions NLC 1248800 313400 4/3/2017 Neo Lithium First Mg Fin FF 931011 32011 4/3/2017 GoldMining GOLD 817000 69300 4/3/2017 LLG 741000 699800 4/3/2017 Mason Graphite PRB 633900 -8800 4/3/2017 Probe Metals Gold Std Vents GSV 538800 532500 4/3/2017 AZX 453200 46500 4/3/2017 Alexandria Min Wolfden Res WLF 425000 425000 4/3/2017 Tanqueray Expl IPA 198200 115100 4/3/2017 Gensource Pot GSP 180600 39300 4/3/2017 LIX 171605 -832195 4/3/2017 Lithium X Egy Morumbi Res ASND 142500 142400 4/3/2017 Victoria Gold VIT 122008 32603 4/3/2017 Almadex Min AMZ 118900 111100 4/3/2017 Strategic Metl SMD 103000 54200 4/3/2017 Largest increase in short position Mason Graphite LLG 741000 699800 4/3/2017 Gold Std Vents GSV 538800 532500 4/3/2017 Wolfden Res WLF 425000 425000 4/3/2017 Neo Lithium NLC 1248800 313400 4/3/2017 ASND 142500 142400 4/3/2017 Morumbi Res Largest decrease in short position Lithium X Egy LIX 171605 -832195 4/3/2017 Integra Gold ICG 45800 -117377 4/3/2017 1200 -69187 4/3/2017 GoldQuest Mng GQC Beaufield Res BFD 53000 -56100 4/3/2017 CKG 0 -55900 4/3/2017 Chesapeake Gld

DAILY METAL PRICES Daily Metal Prices Date May 8 May 5 May 4 May 3 May 2 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1665/1675 1670/1680 1665/1680 1680/1690 1695/1700 Aluminum 1878.50/1883 1906/1912 1909/1916 1915/1922 1907/1917 Copper 5465.50/5490 5530/5555 5542/5569.50 5636/5660 5746/5775 Lead 2159/2157 2189.50/2187 2175/2170 2223/2210 2249/2228 Nickel 9065/9080 8930/8970 9000/9050 9275/9320 9480/9500 Tin 19845/19775 19925/19825 19975/19925 19825/19850 20075/19950 2578.50/2570 2576/2570 2569/2565 2598/2601 2639/2641 Zinc

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

Gold AM 1229.70 1239.40 1235.85 1253.95 1255.80 Gold PM 1229.80 1228.05 1228.45 1250.30 1255.45 Silver 16.38 16.27 16.50 16.85 16.95 Platinum 912.00 909.00 897.00 911.00 924.00 Palladium 819.00 809.00 796.00 801.00 819.00

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

May 05 May 04 May 03 May 02 May 01 1.3751 1.3751 1.3732 1.3707 1.3675 0.7272 0.7272 0.7283 0.7295 0.7313

Exchange rates (Quote Media, May 05, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6622 81.8375 13.8494 9.9234 0.981359 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5628 5.0149 46.6962 0.7171 826.3977 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3494 0.9106 112.5300 19.0635 13.6490 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7739 6.8958 64.2100 0.9860 1135.9100

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17

RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index May 05 May 04 May 03 May 02 May 01 High Low S&P/TSX Composite 15582.04 15396.70 15543.14 15619.65 15575.63 15527.30 12400.15 S&P/TSXV Composite 781.72 774.07 793.44 796.20 801.06 1050.26 883.52 S&P/TSX 60 920.60 909.21 916.77 920.63 917.55 896.74 709.99 S&P/TSX Global Gold 201.82 198.29 202.94 203.74 201.97 218.90 149.29 DJ Precious Metals 164.42 164.42 167.90 168.35 167.14 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS MAY 1–5, 2017 71 New Highs Abacus Mng &Ex Adamera Mnls Adamera Mnls* Am Sierra Gold* Amex Expl Antioquia Gold Antioquia Gold* Arctic Star Arctic Star* Asbestos Corp Aura Silver Rs Benz Mining Besra Gold* Black Hills* Brookmount Exp* Cache Expl* Cameo Res Canamex Res Canamex Res* CANEX Metals * Cartier Res Castle Res Cerro Mng

Copperbank Res Curlew Lke Res Currie Rose Rs* Desert Star DNI Metals* Dynasty Met&Mn East Asia Mnls Equitorial Ex* Erdene Res Dev Erdene Res Dev* Five Star Diam Fura Gems Gran Colombia* Guyana Goldstr I-Minerals I-Minerals* Inter-Rock Mnl Jasper Mng Jaxon Mnls Jaxon Mnls* Kingsmen Res* Leo Res Makena Res* Manson Creek* MartinMarietta*

Maxwell Res* Miramont Res Monarca Mnrls Morgan Res Napier Vent NewRange Gold NewRange Gold* Palisades Vent* Pitchblack Res Pitchblack Res* Prize Mng Prize Mng* Renforth Res Rift Valley Romulus Res Steele Oceanic* Strata Mnls Strikepoint Gd Strikepoint Gd* Transatlan Mng Victory Vent* Western Res* Zonte Mtls

72 New Lows Altamira Gold

Americas Silvr* Andover Mng* Anfield Nickel Asanko Gold Asanko Gold* Aurania Res* Banro* Belo Sun Mng Blackrock Gold* CanAlaska Uran* Canarc Res* Cda Carbon Cdn Zinc Cdn Zinc* Comstock Mng* Corsa Coal * DRDGOLD* Eastern Platin* Elcora Res* Essex Minerals First Mg Fin First Mg Fin * Fortuna Silvr Fortuna Silvr* Global Energy

Golden Reign Gran Colombia* Highway 50 Gld* Hunt Mng* IDM Mining* Intl Lithium K92 Mng Inc K92 Mng Inc* Kenadyr Mining* Lara Expl Lithium Energi Mandalay Res MBMI Res* ML Gold* Mountain Prov Mountain Prov* Nevada Egy Mtl* Nevsun Res Nevsun Res* New Carolin Gd* Noram Vent* Nrthn Graphite Orex Mnrls Perseus Mng Pershing Gold*

Pinecrest Res * Platinum Gp Mt Platinum Gp Mt* Primero Mng Primero Mng* Red Eagle Mng Roxgold Royal Nickel San Marco Res* Sandstorm Gold* Santacruz Silv Semafo Sienna Res Troy Res* Turquoise HIl* Vantage Gdflds* White Gold* Winston Gld Mg Winston Gld Mg* Wolverine Mnls* Yamana Gold*

CANADIAN GOLD MUTUAL FUNDS Fund May 05 ($) Apr 28 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 22.33 23.40 -1.07 -4.57 5.61 2.80 162.35 BMO Prec Mtls Fd A 18.21 18.99 -0.78 -4.12 7.64 2.40 69.95 9.61 10.08 -0.47 -4.63 8.51 0.63 27.45 BMO ZGD BMO ZJG 7.79 8.31 -0.52 -6.30 9.21 0.60 85.75 10.85 11.18 -0.33 -2.94 4.12 2.58 54.68 CIBC Prec Metal Fd A Dyn Prec Metls Fd A 6.74 -0.30 -4.57 12.08 2.75 384.10 Horizons HEP 25.83 -0.96 -3.56 6.41 0.81 IGMacGloPrecMetCl A 8.76 9.22 -0.46 -4.98 9.34 2.75 50.32 iShares XGD 12.99 -0.25 -1.95 7.02 0.55 785.52 Mac Prec Met Cl A 51.85 -2.02 -4.02 9.47 2.51 119.24 12.77 13.33 -0.56 -4.20 10.07 2.46 36.61 NBI Prc Met Fd Inv RBC GblPreMetFd A 33.18 35.30 -2.12 -6.01 15.36 2.12 424.55 Redw UITGoDe&ProCl A 10.00 0.00 Sentry Pre Met Fd A 36.21 38.23 -2.02 -5.29 2.57 2.44 203.21 36.54 -1.90 -5.20 6.59 3.12 234.85 Sprott Gold&PrMinFdA 34.64 Sprott SilverEquCl A 6.29 6.52 -0.24 -3.67 4.18 3.09 144.57 34.80 36.21 -1.41 -3.89 4.25 2.26 136.74 TD PreciousMetalsInv

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

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

19_MAY15_MMMM.indd 19

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

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

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

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

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

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

2017-05-09 4:44 PM

20

WWW.NORTHERNMINER.COM

MAY 15–28, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 1–5, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng &Ex* O 52 0.42 0.36 0.37 - 0.05 0.46 0.06 0.06 0.05 0.06 - 0.28 0.47 0.14 Abacus Mng &Ex* O 1210 Abacus Mng &Ex V 360 0.63 0.40 0.51 + 0.06 0.63 0.24 Abcourt Mines V 614 0.10 0.08 0.09 - 0.01 0.13 0.07 Abcourt Mines* O 132 0.07 0.06 0.06 - 0.00 0.10 0.05 V 618 0.17 0.11 0.16 + 0.03 0.18 0.02 ABE Resources Aben Res V 819 0.13 0.11 0.11 - 0.02 0.34 0.07 Aben Res* O 16 0.09 0.09 0.09 - 0.00 0.26 0.05 Aberdeen Intl* O 34 0.09 0.00 0.09 - 0.00 0.15 0.09 Aberdeen Intl T 250 0.14 0.13 0.13 + 0.01 0.19 0.13 Abitibi Royalt V 19 9.33 0.00 8.90 - 0.67 10.75 3.92 0.13 + 0.01 0.38 0.04 Active Growth V 3715 0.14 0.12 Adamera Mnls* O 708 0.18 0.14 0.16 - 0.00 0.18 0.02 Advantage Lith* O 199 0.39 0.35 0.38 - 0.01 1.01 0.34 Advantage Lith V 736 0.54 0.49 0.52 - 0.02 1.34 0.23 0.02 + 0.00 0.05 0.00 Affinity Gold* O 87 0.05 0.01 African Gold V 797 0.09 0.00 0.08 - 0.01 0.12 0.04 0.06 + 0.01 0.14 0.03 African Queen V 257 0.06 0.05 Agnico Eagle T 3982 65.55 61.76 63.75 - 1.50 78.35 46.91 46.67 - 1.16 60.10 35.05 Agnico Eagle* N 8251 48.06 44.94 Agrium T 1441 129.71 123.89 124.96 - 3.16 146.99 107.28 N 2639 94.52 90.25 91.50 - 2.43 111.88 83.15 Agrium* 212 0.03 0.03 0.03 - 0.01 0.14 0.03 Aguila Amer Gd V Aim Explor* O 2299 0.01 0.00 0.01 - 0.00 0.40 0.00 Alabama Graph V 2056 0.15 0.13 0.14 - 0.01 0.22 0.11 O 662 0.11 0.09 0.10 - 0.01 0.17 0.08 Alabama Graph* Alacer Gold T 6751 2.15 1.95 1.99 - 0.17 3.79 1.75 T 4938 9.70 8.26 8.73 - 1.04 13.65 7.68 Alamos Gold Alamos Gold* N 20612 7.11 6.01 6.39 - 0.77 10.41 5.85 0.02 0.00 0.01 - 0.00 0.19 0.00 Alaska Pac Egy* O 2477 Alba Minerals* O 6 0.06 0.05 0.06 + 0.01 0.17 0.05 0.29 - 0.01 0.37 0.16 Alberta Star* O 19 0.30 0.28 Alchemist Mng 562 0.06 0.05 0.06 + 0.01 0.12 0.04 Alcoa* N 28181 34.33 30.42 31.82 - 1.91 39.78 20.00 Alderon Iron* O 8 0.22 0.22 0.22 + 0.00 0.60 0.08 0.07 + 0.01 0.48 0.06 Aldever Res V 531 0.08 0.00 Aldever Res* O 813 0.06 0.00 0.05 + 0.01 0.11 0.04 0.18 - 0.04 0.34 0.15 Aldridge Min V 463 0.22 0.17 Alexandria Min V 7316 0.08 0.07 0.08 + 0.01 0.12 0.04 O 745 0.06 0.05 0.06 + 0.00 0.10 0.03 Alexandria Min* Alexco Res* X 1386 1.42 1.25 1.40 - 0.03 2.54 1.02 1.91 + 0.01 3.31 1.31 Alexco Res T 206 1.95 1.71 Algold Res V 907 0.26 0.23 0.24 - 0.03 0.44 0.19 Alianza Min* O 3 0.10 0.09 0.10 + 0.01 0.17 0.05 Alix Res* O 4 0.04 0.03 0.04 + 0.00 0.12 0.03 V 2275 0.06 0.05 0.05 - 0.01 0.18 0.05 Alix Res Alliance Res* D 2948 23.45 21.85 22.85 + 1.60 26.65 13.95 1.84 - 0.16 2.44 1.01 Almaden Mnls T 176 2.02 1.84 Almaden Mnls* X 1561 1.49 1.34 1.38 - 0.09 1.88 0.75 1.23 + 0.10 2.00 0.34 Almadex Min V 228 1.23 1.10 Almadex Min* O 209 0.90 0.79 0.90 + 0.07 1.51 0.25 0.39 + 0.01 0.40 0.20 Alphamin Res V 263 0.39 0.37 Alset Energy* O 22 0.11 0.09 0.09 - 0.01 0.65 0.04 Alset Energy V 378 0.16 0.14 0.14 - 0.01 0.84 0.05 Alta Vista Vnt* O 53 0.09 0.07 0.08 + 0.02 0.10 0.03 4931 0.13 0.10 0.12 + 0.01 0.14 0.03 Alta Vista Vnt Altair Res Inc V 196 0.39 0.31 0.31 - 0.05 0.70 0.16 0.27 - 0.03 0.30 0.23 Altamira Gold V 104 0.30 0.23 Altamira Gold* O 104 0.23 0.16 0.20 - 0.03 0.31 0.16 28 0.02 0.02 0.02 - 0.01 0.05 0.01 Altan Nev Mnls V Alternative ER* O 28 0.18 0.00 0.15 - 0.04 0.46 0.15 0.25 + 0.01 0.28 0.08 Altiplano Mnls V 165 0.26 0.21 Altitude Res V 90 0.06 0.06 0.06 + 0.01 0.21 0.02 Altius Mnrls T 268 12.30 11.08 11.14 - 0.93 14.06 9.01 Alto Vent V 445 0.13 0.10 0.12 + 0.01 0.14 0.04 47 0.12 0.11 0.11 + 0.00 0.30 0.09 Altura Mng Ltd* O Alturas Mnrls V 213 0.03 0.02 0.03 + 0.01 0.08 0.01 5.02 - 0.46 6.24 3.62 Alumina Inc* O 107 5.45 4.95 ALX Uranium V 543 0.10 0.09 0.09 + 0.01 0.16 0.06 0.06 - 0.01 0.12 0.05 ALX Uranium* O 42 0.07 0.06 Am Creek Res V 819 0.06 0.05 0.05 - 0.01 0.12 0.05 90 0.29 0.26 0.28 + 0.00 0.35 0.05 Am CuMo Mng* O Am Manganese* O 267 0.17 0.14 0.15 + 0.00 0.27 0.01 Am Manganese V 666 0.22 0.18 0.18 - 0.03 0.38 0.02 Am Sierra Gold* O 433 0.04 0.00 0.01 + 0.01 0.03 0.01 0.16 - 0.01 0.40 0.10 Amador Gold V 7 0.17 0.00 Amarc Res V 670 0.16 0.15 0.16 - 0.01 0.18 0.06 0.11 - 0.01 0.13 0.04 Amarc Res* O 331 0.12 0.11 Amarillo Gold V 357 0.39 0.34 0.36 - 0.03 0.68 0.22 0.27 + 0.01 1.06 0.05 Amazing OG* O 9 0.29 0.22 Amer Intl Vent* O 22 0.03 0.02 0.02 - 0.01 0.10 0.01 O 187 0.03 0.01 0.03 + 0.01 0.07 0.00 Amer Vanadium* Amer Vanadium V 158 0.03 0.02 0.03 + 0.01 0.04 0.01 American Lith V 825 0.14 0.12 0.13 - 0.01 1.62 0.12 American Lith* O 110 0.10 0.09 0.10 - 0.01 1.24 0.07 0.10 - 0.03 0.19 0.03 American Pot 212 0.12 0.10 Americas Silvr* X 169 3.05 2.59 2.64 - 0.35 3.65 2.39 3.57 - 0.43 5.76 2.70 Americas Silvr T 443 4.19 3.56 Amex Expl V 443 0.38 0.26 0.37 + 0.10 0.35 0.11 O 127 0.05 0.05 0.05 - 0.00 0.09 0.04 Anaconda Mng* Anfield Nickel V 4517 0.84 0.47 0.50 - 0.32 1.94 0.47 0.06 + 0.00 0.22 0.04 Anfield Res* O 49 0.06 0.06 Anfield Res V 917 0.08 0.07 0.08 + 0.01 0.31 0.06 Angel Gold* O 122 0.08 0.06 0.07 - 0.00 0.11 0.04 0.09 - 0.01 0.15 0.06 Angel Gold V 333 0.10 0.08 Angkor Gold V 84 0.35 0.32 0.35 + 0.03 0.50 0.28 Anglo American* O 2142 7.15 6.35 6.64 - 0.51 8.87 3.99 Anglo American* O 1 14.06 0.00 13.26 - 0.68 17.61 8.00 Anglo-Bomarc V 26 0.12 0.09 0.12 + 0.01 0.19 0.05 Anglo-Can Mng V 63 0.18 0.14 0.18 + 0.03 0.30 0.05 AngloGold Ash* N 22793 11.76 10.80 11.19 - 0.24 22.91 9.28 Antioquia Gold* O 132 0.14 0.11 0.11 - 0.02 0.14 0.05 Antioquia Gold V 141 0.20 0.16 0.16 - 0.02 0.20 0.06 Antler Gold V 6 0.60 0.00 0.60 + 0.01 1.00 0.51 Antofagasta* O 2 10.29 0.00 9.88 - 0.80 11.00 5.76 V 85 0.18 0.17 0.18 - 0.01 0.44 0.14 Apogee Opport Appia Energy 91 0.26 0.19 0.19 - 0.03 0.47 0.13 Apple Cap Inc V 1926 0.29 0.21 0.23 + 0.02 0.54 0.14 Applied Mrnls* O 1145 0.05 0.04 0.04 - 0.01 0.19 0.04 Aquila Res T 356 0.27 0.24 0.27 + 0.01 0.32 0.18 Aquila Res* O 151 0.20 0.18 0.19 + 0.00 0.25 0.14 Arch Coal* N 3457 76.67 69.89 70.93 + 0.69 86.47 59.05 Arctic Star* O 9 0.20 0.19 0.19 - 0.01 0.20 0.04 Arctic Star V 2568 0.29 0.20 0.28 + 0.09 0.29 0.06 Arcturus Vent V 32 0.18 0.16 0.18 + 0.02 0.25 0.05 Arcus Dev Grp V 345 0.15 0.13 0.13 - 0.02 0.20 0.03 Arena Mnls* O 487 0.15 0.13 0.14 - 0.00 0.25 0.11 Argentina Lith* O 2 0.15 0.14 0.14 - 0.00 0.63 0.14 Argentum Silvr* O 20 0.25 0.25 0.25 - 0.03 0.29 0.04 Argentum Silvr V 120 0.34 0.30 0.30 - 0.07 0.59 0.05 Argex Titanium T 1953 0.09 0.08 0.09 + 0.01 0.11 0.03 Argex Titanium* O 90 0.07 0.06 0.07 + 0.01 0.09 0.03 Argo Gold 84 0.25 0.15 0.20 - 0.01 0.26 0.06 Argonaut Gold T 5776 2.22 1.93 2.01 - 0.19 4.45 1.48 Argonaut Gold* O 88 1.64 1.40 1.48 - 0.15 3.38 1.12 Argus Metals V 29 0.12 0.09 0.11 + 0.02 0.15 0.05 Arian Silver* O 361 0.02 0.01 0.01 + 0.00 0.06 0.00 Arianne Phosph* O 73 0.69 0.65 0.68 + 0.02 0.92 0.52 Arizona Mng* O 368 1.60 1.41 1.48 + 0.10 2.64 0.87 Arizona Mng T 2891 2.20 1.93 2.02 + 0.13 3.49 1.12 Arizona Silver V 671 0.48 0.41 0.44 - 0.02 0.54 0.03 Arizona Silver* O 65 0.34 0.30 0.31 - 0.03 0.38 0.15 Armor Mnrls V 13 0.55 0.45 0.55 + 0.10 0.85 0.16 Asanko Gold T 7948 3.31 2.80 3.06 - 0.25 6.09 2.80 Asanko Gold* X 10743 2.43 2.04 2.24 - 0.21 4.68 2.04 Asante Gold 325 0.16 0.12 0.14 - 0.01 0.27 0.07 Asante Gold* O 31 0.11 0.10 0.10 - 0.02 0.19 0.09 Asbestos Corp V 21 0.30 0.21 0.21 - 0.09 0.30 0.14 Ashanti Sanko V 259 0.05 0.05 0.05 - 0.01 0.10 0.03 Ashburton Vent V 173 0.24 0.18 0.18 - 0.05 0.65 0.09 AsiaBaseMetals V 69 0.36 0.31 0.31 - 0.11 0.45 0.12 Asian Minl Res V 121 0.04 0.03 0.03 - 0.01 0.04 0.02 Astorius Res V 323 0.15 0.13 0.13 - 0.03 0.41 0.01 ATAC Res V 651 0.59 0.50 0.50 - 0.07 0.95 0.32 Atacama Pac Gd* O 178 0.33 0.30 0.30 - 0.03 0.79 0.21 Atacama Pac Gd V 343 0.48 0.41 0.41 - 0.05 1.02 0.25 Atacama Res* O 56 0.26 0.22 0.23 - 0.01 0.52 0.05 Athabasca Mnls V 64 0.25 0.00 0.21 - 0.02 0.32 0.14 Athabasca Mnls* O 19 0.17 0.15 0.15 - 0.02 0.24 0.11 Atico Mng V 203 0.83 0.72 0.73 - 0.10 0.99 0.35 Atico Mng* O 143 0.60 0.52 0.55 - 0.05 0.75 0.28 Atlanta Gold V 85 0.06 0.06 0.06 - 0.01 0.11 0.06 Atlanta Gold* O 21 0.05 0.05 0.05 + 0.00 0.08 0.04 Atlantic Gold V 3881 1.51 1.30 1.39 - 0.07 1.51 0.55 Atlantic Ind V 52 0.04 0.03 0.03 - 0.01 0.05 0.01 Atlatsa Res T 6 0.06 0.00 0.06 - 0.01 0.13 0.05 Atlatsa Res* O 4 0.04 0.00 0.04 - 0.01 0.10 0.04 Atom Energy V 24 0.30 0.24 0.30 - 0.16 0.65 0.16 Atom Energy * O 2 0.26 0.22 0.22 - 0.04 0.34 0.12 Aura Mnls T 3 1.50 1.42 1.42 - 0.08 2.80 1.40 Auramex Res V 20 0.04 0.00 0.04 - 0.01 0.05 0.02 Aurania Res* O 8 1.64 1.54 1.54 - 0.10 1.84 1.54 Aurcana Corp* O 24 0.25 0.22 0.22 - 0.03 0.63 0.19

20-22_MAY15_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aurcana Corp V 160 AurCrest Gold V 40 AuRico Metals T 660 97 AuRico Metals * O Aurion Res V 214 Aurvista Gold* O 626 Aurvista Gold V 2150 Auryn Res T 515 Auryn Res* O 388 Austin Res V 2349 Austral Gold* O 258 Austral Gold V 168 Avalon Adv Mat T 1125 300 Avalon Adv Mat* O Avesoro Res T 229 Avino Silver* X 1209 Avino Silver V 95 Avnel Gold T 517 Avnel Gold * O 75 Avrupa Mnls* O 119 Avrupa Mnls V 991 Azarga Mtls* O 2 Azarga Uranium T 128 Azarga Uranium* O 31 Azimut Expl V 1016 Azincourt Uran* O 54 Azincourt Uran V 479

0.33 0.30 0.31 - 0.04 0.80 0.24 0.03 0.00 0.03 - 0.01 0.04 0.02 1.13 1.01 1.08 - 0.03 1.26 0.82 0.83 0.74 0.79 - 0.01 0.96 0.62 1.82 1.65 1.75 - 0.04 2.07 0.12 0.22 0.18 0.20 - 0.02 0.34 0.09 0.30 0.24 0.27 - 0.03 0.46 0.11 3.27 2.65 3.13 - 0.10 4.17 1.62 2.40 1.92 2.31 - 0.07 3.18 1.27 0.04 0.03 0.03 - 0.01 0.05 0.01 0.11 0.00 0.11 - 0.01 0.19 0.08 0.17 0.14 0.15 - 0.01 0.22 0.12 0.15 0.14 0.14 - 0.01 0.28 0.14 0.11 0.10 0.10 - 0.01 0.21 0.00 0.04 0.04 0.04 - 0.01 0.13 0.02 1.55 1.39 1.45 - 0.07 3.14 1.12 2.15 1.85 1.97 - 0.10 4.05 1.52 0.28 0.25 0.27 - 0.02 0.39 0.18 0.20 0.19 0.19 - 0.01 0.30 0.13 0.09 0.06 0.09 + 0.02 0.19 0.06 0.12 0.09 0.12 + 0.02 0.25 0.09 0.14 0.00 0.13 - 0.01 1.21 0.07 0.33 0.29 0.32 + 0.02 0.57 0.18 0.23 0.22 0.23 + 0.01 0.44 0.14 0.40 0.27 0.33 + 0.06 0.68 0.24 0.09 0.07 0.07 - 0.03 0.22 0.03 0.12 0.09 0.09 - 0.04 0.28 0.04

B2Gold* X 34003 B2Gold T 28263 Bacanora Mnls V 154 Balmoral Res T 573 Balmoral Res* O 361 Bannerman Res* O 114 Banro* X 5444 Banyan Gold V 1130 Bard Vent V 21 Barisan Gold V 433 Barisan Gold* O 180 Barker Mnrls V 819 Barkerville Go* O 378 Barkerville Go V 2144 Baroyeca Go&Si V 95 Barrick Gold* N 69749 Barrick Gold T 16514 Barsele Min V 153 Batero Gold V 139 Battle Mtn Gld V 205 Battle Mtn Gld* O 4 Bayhorse Silvr* O 85 Bayhorse Silvr V 803 Bayswater Uran V 132 BCM Res V 74 BE Res V 75 Bear Creek Mng V 240 Bearing Res* O 40 Bearing Res V 268 Beaufield Res V 3015 Beaufield Res* O 223 Bell Copper V 270 Bell Copper* O 43 Bellhaven Cp&G V 96 Bellhaven Cp&G* O 25 Belo Sun Mng T 2313 Belvedere Res* O 54 Benton Res V 738 Berkeley Egy* O 49 Besra Gold* O 1305 Big Wind Cap 49 Bitterroot Res* O 63 Bitterroot Res V 315 Black Bull Res V 59 Black Dragon* O 75 Black Dragon V 56 Black Hills* N 1884 Black Iron T 2790 Black Mam Mtls V 59 Black Sea Cop V 462 Blackheath Res V 64 Blackrock Gold V 360 Blind Crk Res V 15 BLOX Inc* O 185 Blue Rvr Res V 2172 Blue Sky Uran* O 1 Blue Sky Uran V 110 Bold Vent V 333 Bonanza Gldfds* O 2267 BonTerra Res V 2327 BonTerra Res* O 164 Borneo Res Inv* O 43652 Bowmore Expl V 262 Bravada Gold* O 118 Bravada Gold V 114 Braveheart Res V 238 Bravo Multinat* O 4 Bravura Vent * O 31 Bravura Vent 381 Brazil Mnrls* O 770 Brigadier Gold V 4 O 1011 BrightRock Gld* Britannia Mng* O 10 Brixton Mtls* O 100 Brixton Mtls V 333 Broadway Gold* O 618 Broadway Gold V 2200 Brookmount Exp* O 26 Bryn Res* O 9 V 50 Buccaneer Gold Buenaventura* N 9921 Buffalo Coal V 20 Bullfrog Gold* O 378

2.51 2.15 2.25 - 0.29 3.65 1.75 3.42 2.96 3.08 - 0.35 4.74 2.28 1.59 1.49 1.49 - 0.07 1.95 1.01 0.75 0.67 0.69 - 0.03 1.28 0.60 0.55 0.48 0.51 - 0.01 0.99 0.46 0.04 0.03 0.04 - 0.00 0.08 0.01 0.12 0.11 0.12 - 0.00 0.48 0.11 0.13 0.00 0.12 - 0.01 0.15 0.05 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02 0.03 0.02 0.03 - 0.11 0.18 0.03 0.02 0.01 0.02 + 0.01 0.03 0.01 0.80 0.69 0.72 - 0.08 0.89 0.29 1.09 0.94 0.97 - 0.09 1.18 0.41 0.02 0.02 0.02 - 0.08 0.18 0.03 16.78 15.86 16.15 - 0.57 23.47 13.81 22.91 21.77 22.06 - 0.76 30.45 18.52 0.99 0.85 0.85 - 0.05 1.62 0.37 0.10 0.09 0.09 - 0.01 0.23 0.08 0.52 0.45 0.47 - 0.04 0.95 0.29 0.38 0.00 0.38 - 0.00 0.73 0.22 0.13 0.11 0.12 - 0.01 0.22 0.08 0.18 0.15 0.16 - 0.02 0.29 0.11 0.05 0.00 0.04 - 0.01 0.09 0.02 0.16 0.14 0.14 - 0.01 0.31 0.07 0.08 0.06 0.07 - 0.01 0.50 0.06 2.30 2.10 2.16 - 0.14 3.77 1.72 0.69 0.61 0.62 - 0.06 1.41 0.30 0.95 0.81 0.84 - 0.05 1.83 0.13 0.28 0.21 0.24 - 0.03 0.34 0.06 0.19 0.16 0.17 - 0.03 0.25 0.04 0.09 0.05 0.09 - 0.01 0.12 0.02 0.06 0.05 0.05 - 0.01 0.07 0.01 0.46 0.44 0.44 - 0.06 0.78 0.18 0.34 0.32 0.33 - 0.01 0.61 0.14 0.65 0.55 0.58 - 0.07 1.14 0.55 0.06 0.06 0.06 - 0.00 0.06 0.01 0.11 0.09 0.09 - 0.02 0.15 0.05 0.55 0.52 0.52 + 0.02 0.92 0.44 0.01 0.00 0.01 + 0.01 0.01 0.00 0.16 0.12 0.16 + 0.05 0.20 0.05 0.19 0.15 0.16 - 0.03 0.22 0.02 0.24 0.00 0.22 - 0.06 0.29 0.03 0.09 0.07 0.07 - 0.02 0.15 0.08 0.03 0.02 0.03 + 0.01 0.07 0.01 0.04 0.00 0.04 - 0.01 0.10 0.02 69.37 65.84 69.25 + 1.23 69.22 54.76 0.12 0.10 0.11 + 0.02 0.17 0.03 0.19 0.18 0.18 - 0.01 0.25 0.06 0.24 0.00 0.23 + 0.01 0.54 0.20 0.06 0.06 0.06 - 0.01 0.15 0.06 0.08 0.00 0.07 - 0.02 0.18 0.06 0.27 0.23 0.26 + 0.03 0.34 0.05 0.25 0.17 0.21 - 0.04 0.35 0.01 0.04 0.03 0.04 + 0.01 0.08 0.03 0.21 0.00 0.21 + 0.00 0.47 0.17 0.29 0.25 0.27 - 0.02 0.74 0.06 0.05 0.04 0.04 - 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.43 0.38 0.43 + 0.04 0.47 0.21 0.31 0.28 0.31 + 0.02 0.37 0.15 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.11 0.14 - 0.01 0.16 0.07 0.19 0.15 0.18 + 0.01 0.31 0.10 0.27 0.21 0.23 - 0.02 0.40 0.13 0.07 0.05 0.07 + 0.01 0.08 0.03 1.15 0.00 1.05 + 0.03 15.45 0.51 0.04 0.04 0.04 - 0.39 4.85 0.36 0.20 0.03 0.20 - 0.40 5.90 0.20 0.03 0.02 0.02 - 0.01 0.50 0.00 0.17 0.00 0.17 + 0.02 0.30 0.13 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 + 0.00 0.02 0.00 0.29 0.25 0.25 - 0.04 0.92 0.15 0.40 0.32 0.35 - 0.04 1.20 0.18 0.70 0.43 0.49 - 0.11 1.29 0.22 0.95 0.57 0.67 - 0.14 1.70 0.07 0.02 0.02 0.02 + 0.01 0.02 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.06 0.06 - 0.01 0.08 0.02 12.51 11.45 12.42 + 0.41 16.45 8.90 0.02 0.00 0.02 + 0.01 0.03 0.01 0.08 0.07 0.07 - 0.00 0.19 0.03

Cache Expl V 573 Cairo Res V 10 Caledonia Mng T 113 Q 55 Caledonia Mng* Calibre Mng V 2025 California Gld V 41 California Go* O 20 Callinex Mines* O 487 Callinex Mines V 1973 Cameco Corp* N 15182 Cameco Corp T 7195 Cameo Res V 197 Camino Mnls V 1737 Camino Mnls* O 186 Camrova Res V 130 Camrova Res* O 7 Canada Coal V 603 Canadian Zeol* O 31 CanAlaska Uran* O 123 CanAlaska Uran V 160 Canamex Res* O 304 Canamex Res V 461 Canarc Res T 1609 Canarc Res* Q 1029 Canasil Res V 737 Candelaria Mg V 49 Candente Coppr T 298 Candente Gold V 677 Canex Energy V 24 CANEX Metals V 591 CANEX Metals * O 1 CaNickel Mng* O 5 CaNickel Mng V 68 Canoe Mng Vent V 4 Canuc Res V 89 Canuc Res* O 24 Canyon Copper V 551 Canyon Gold* O 34382 Capstone Mng T 6516 Caracara Silvr V 900 Cardero Res V 42 Cardero Res* O 67 Cariboo Rose V 201 Carlin Gold V 74 Cartier Res V 1105 Carube Copper V 944 Castle Res 4 Castle Silver V 1338 Cava Res V 171 Cava Res* O 358

0.24 0.23 0.24 + 0.01 0.24 0.05 0.30 0.26 0.30 + 0.04 0.60 0.18 1.85 1.78 1.78 - 0.04 2.42 1.17 1.35 1.29 1.33 - 0.02 1.84 0.87 0.22 0.19 0.20 - 0.02 0.30 0.10 0.42 0.38 0.42 + 0.02 0.76 0.37 0.30 0.30 0.30 + 0.00 0.56 0.28 0.28 0.23 0.26 + 0.01 0.54 0.21 0.38 0.32 0.35 + 0.02 0.69 0.28 9.93 9.37 9.72 + 0.13 13.36 7.41 13.62 12.88 13.27 + 0.18 17.65 9.88 1.31 1.00 1.15 + 0.11 1.75 0.31 1.32 1.05 1.20 + 0.07 2.23 0.14 0.94 0.78 0.78 - 0.06 1.62 0.00 0.15 0.12 0.13 - 0.02 0.40 0.10 0.12 0.08 0.09 - 0.02 0.21 0.07 0.04 0.03 0.03 - 0.01 0.10 0.02 0.44 0.38 0.43 + 0.02 1.46 0.06 0.34 0.27 0.29 - 0.05 1.20 0.28 0.45 0.38 0.38 - 0.07 1.55 0.36 0.13 0.09 0.10 - 0.02 0.13 0.07 0.17 0.13 0.14 - 0.02 0.30 0.10 0.11 0.10 0.10 - 0.01 0.14 0.06 0.08 0.00 0.07 - 0.01 0.11 0.04 0.18 0.15 0.17 + 0.01 0.73 0.14 0.95 0.90 0.93 - 0.01 1.19 0.18 0.10 0.08 0.09 - 0.01 0.18 0.07 0.04 0.04 0.04 - 0.01 0.09 0.03 0.42 0.00 0.42 + 0.01 0.75 0.15 0.09 0.07 0.07 - 0.03 0.14 0.07 0.05 0.03 0.03 - 0.02 0.10 0.03 0.21 0.17 0.18 - 0.03 0.23 0.03 0.27 0.00 0.24 + 0.01 0.33 0.05 0.07 0.00 0.07 + 0.01 0.10 0.03 0.52 0.45 0.52 + 0.08 0.55 0.12 0.37 0.32 0.37 + 0.06 0.37 0.10 0.05 0.04 0.04 + 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.46 0.00 1.11 0.92 0.93 - 0.13 1.81 0.60 0.01 0.00 0.01 - 0.01 0.03 0.01 0.12 0.00 0.11 - 0.01 0.25 0.11 0.09 0.00 0.08 - 0.01 0.19 0.08 0.14 0.13 0.13 - 0.01 0.26 0.05 0.06 0.05 0.05 - 0.01 0.10 0.02 0.32 0.26 0.29 + 0.02 0.32 0.11 0.13 0.00 0.12 - 0.02 0.20 0.06 0.42 0.00 0.19 + 0.02 0.42 0.01 0.29 0.24 0.28 + 0.03 0.30 0.02 0.30 0.24 0.24 - 0.05 0.78 0.06 0.19 0.18 0.18 - 0.01 0.37 0.14

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Caza Gold* O 33 0.02 0.01 0.01 - 0.01 0.06 0.01 Cda Carbon* O 115 0.17 0.15 0.15 - 0.02 0.26 0.15 Cda Carbon V 1427 0.23 0.20 0.20 - 0.03 0.32 0.20 29 0.04 0.04 0.04 + 0.00 0.05 0.01 Cda Rare Earth* O Cda Strtgc Met V 1044 0.15 0.11 0.15 + 0.03 0.26 0.07 Cda Strtgc Met * O 200 0.09 0.08 0.09 + 0.01 0.19 0.07 Cda Zinc Mtls V 303 0.32 0.29 0.31 + 0.03 0.48 0.14 0.01 + 0.00 0.01 0.00 Cdn Arrow* O 6 0.01 0.01 Cdn Intl Mnrls V 770 0.03 0.02 0.02 - 0.01 0.13 0.02 0.06 - 0.01 0.39 0.05 Cdn Metals 250 0.08 0.06 Cdn Orebodies V 236 0.50 0.39 0.43 - 0.05 0.53 0.19 Cdn Silvr Hunt V 481 0.09 0.00 0.08 + 0.04 0.09 0.02 Cdn Zinc T 1037 0.18 0.16 0.17 - 0.02 0.41 0.17 0.12 - 0.01 0.32 0.12 Cdn Zinc* Q 178 0.14 0.12 Centamin T 179 3.15 2.70 2.82 - 0.31 3.23 1.72 O 233 0.09 0.05 0.05 - 0.02 0.29 0.01 Centaurus Diam* Centenera Mng V 89 0.21 0.16 0.20 + 0.02 0.50 0.12 Centenera Mng* O 50 0.15 0.13 0.13 - 0.00 0.37 0.10 Centerra Gold T 6565 7.34 6.80 7.30 + 0.25 8.13 5.56 Centurion Mnls V 280 0.07 0.06 0.07 + 0.01 0.10 0.05 Cerro Grande 1292 0.02 0.01 0.01 - 0.01 0.08 0.01 Cerro Mng V 33 0.04 0.00 0.02 - 0.01 0.04 0.01 Ceylon Graph V 1346 0.31 0.24 0.28 - 0.01 0.45 0.17 Chalice Gold M* O 19 0.11 0.11 0.11 - 0.01 0.18 0.09 Chalice Gold M T 106 0.18 0.16 0.16 - 0.02 0.21 0.14 Champion Iron* O 53 0.75 0.71 0.74 + 0.02 1.12 0.14 Champion Iron T 1507 1.05 0.98 1.00 - 0.02 1.47 0.17 Chesapeake Gld V 84 4.08 3.75 3.75 - 0.19 6.50 3.00 Chesapeake Gld* O 40 2.93 2.75 2.75 - 0.14 5.03 2.28 Chevron Corp* N 28796 107.26 104.14 105.79 - 0.91 119.00 97.53 Chiboug Ind Mn V 216 0.08 0.08 0.08 - 0.01 0.26 0.04 Chilean Metals* O 355 0.11 0.10 0.10 - 0.01 0.24 0.07 China Gold Int T 3762 2.12 1.92 2.05 + 0.02 3.67 1.84 China Mnls Mng V 104 0.02 0.01 0.02 + 0.01 0.03 0.01 Cibolan Gold* O 66 0.01 0.01 0.01 - 0.00 0.13 0.01 CKR Carbon V 340 0.12 0.11 0.11 - 0.01 0.19 0.06 Claim Post Res V 930 0.05 0.04 0.05 + 0.01 0.06 0.02 Clean Comm* O 2 0.04 0.04 0.04 - 0.01 0.13 0.03 Clear Mtn Res V 1706 0.85 0.70 0.80 - 0.02 2.03 0.10 Clifton Mng* O 87 0.12 0.10 0.12 + 0.01 0.16 0.09 Cloud Peak En* N 8018 3.68 3.33 3.55 + 0.18 8.04 1.64 CMC Metals V 389 0.12 0.11 0.12 + 0.01 0.20 0.08 CMX Gold & Sil* O 250 0.07 0.07 0.07 - 0.01 0.08 0.07 CMX Gold & Sil 7 0.10 0.09 0.09 - 0.01 0.10 0.05 CNRP Mng 0 0.00 0.00 1.50 + 1.35 12.50 0.50 Cobalt Pwr Grp V 795 0.12 0.10 0.10 - 0.01 0.18 0.04 CobalTech M’g* O 63 0.14 0.12 0.13 + 0.03 0.32 0.01 CobalTech M’g V 873 0.19 0.16 0.16 - 0.03 0.45 0.02 Coeur Mng* N 20583 9.15 8.07 8.67 - 0.39 16.41 6.98 Colonial Coal V 645 0.16 0.14 0.14 - 0.01 0.24 0.07 Colorado Res* O 58 0.20 0.18 0.18 - 0.01 0.54 0.13 Colorado Res V 423 0.28 0.24 0.24 - 0.04 0.71 0.18 Columbus Gold* O 825 0.62 0.52 0.52 - 0.12 0.83 0.31 Columbus Gold T 569 0.85 0.72 0.72 - 0.14 1.09 0.42 Commerce Res* O 57 0.06 0.05 0.06 + 0.01 0.09 0.04 Commerce Res V 300 0.08 0.07 0.07 - 0.01 0.11 0.05 Comstock Mng* X 1823 0.19 0.17 0.18 + 0.00 0.49 0.17 Comstock Mtls V 366 0.16 0.14 0.14 + 0.01 0.43 0.12 Comstock Mtls * O 191 0.10 0.10 0.10 + 0.01 0.33 0.09 Condor Res V 1014 0.13 0.10 0.11 - 0.02 0.19 0.06 Confedertn Ml* O 14 0.40 0.39 0.39 - 0.04 0.80 0.31 Confedertn Mls V 78 0.58 0.54 0.54 - 0.03 8.00 0.46 Cons Westview V 118 0.42 0.00 0.36 - 0.20 0.56 0.27 CONSOL Energy* N 19081 16.45 14.79 15.74 + 0.56 22.34 12.62 Contintl Gold* O 268 2.27 1.90 2.01 - 0.24 4.39 1.75 Contintl Gold T 3770 3.10 2.62 2.74 - 0.34 5.75 2.30 Contintl Prec T 6 0.29 0.00 0.29 + 0.01 0.44 0.25 Copper Ck Gold V 270 0.05 0.04 0.05 + 0.01 0.11 0.04 Copper Fox Mtl* O 17 0.10 0.08 0.09 + 0.01 0.14 0.08 Copper Mtn Mng* O 117 0.68 0.56 0.59 - 0.13 1.02 0.32 Copper Mtn Mng T 1935 0.97 0.77 0.82 - 0.08 1.32 0.40 Copper North M V 387 0.09 0.08 0.08 - 0.01 0.25 0.08 Copper North M* O 2 0.06 0.00 0.06 - 0.00 0.16 0.00 Copper One V 553 0.05 0.04 0.05 + 0.01 0.30 0.03 Copper Reef Mg 417 0.03 0.02 0.02 - 0.01 0.05 0.02 Copperbank Res* O 96 0.07 0.05 0.05 - 0.00 0.08 0.02 Copperbank Res 1058 0.13 0.08 0.09 + 0.02 0.13 0.03 Coral Gold V 727 0.35 0.30 0.30 - 0.04 0.39 0.15 Cordoba Mnls* O 307 0.85 0.69 0.75 - 0.09 1.21 0.44 Cordoba Mnls V 1090 1.17 0.93 1.03 - 0.13 1.59 0.57 Cornerstone Ca* O 659 0.32 0.28 0.31 + 0.02 0.34 0.03 Cornerstone Ca V 4760 0.44 0.39 0.43 + 0.04 0.46 0.04 Coro Mining T 688 0.14 0.13 0.14 + 0.01 0.20 0.09 Coronet Mtls V 61 0.18 0.00 0.18 - 0.01 0.71 0.07 Corsa Coal V 265 1.83 1.58 1.61 - 0.23 3.82 0.80 Corsa Coal * O 63 1.33 0.00 1.17 - 0.13 2.93 1.16 Corvus Gold T 107 0.85 0.72 0.72 - 0.13 1.38 0.50 Corvus Gold* O 115 0.62 0.53 0.54 - 0.09 1.05 0.37 Cougar Mnls V 795 0.45 0.42 0.43 - 0.01 0.82 0.28 Crazy Horse Res V 23 0.03 0.00 0.02 - 0.01 0.04 0.02 Cresval Cap V 220 0.04 0.04 0.04 + 0.01 0.05 0.04 Critical Elem V 824 0.74 0.68 0.70 - 0.05 0.95 0.31 Critical Elem* O 73 0.53 0.00 0.52 - 0.03 0.70 0.24 Crown Mining V 50 0.14 0.11 0.12 - 0.02 0.20 0.07 Cruz Cobalt* O 206 0.14 0.12 0.13 - 0.01 0.23 0.07 Cruz Cobalt V 638 0.19 0.18 0.18 - 0.01 0.31 0.04 Crystal Lake* O 21 0.22 0.20 0.20 - 0.02 0.30 0.18 Crystal Lake V 128 0.32 0.25 0.25 - 0.02 0.43 0.22 0.47 - 0.01 0.56 0.18 Crystal Peak V 43 0.48 0.42 Crystal Peak* O 112 0.31 0.31 0.31 - 0.03 0.42 0.14 Curlew Lke Res V 3492 0.10 0.03 0.08 + 0.06 0.10 0.01 Cyclone Uran* O 320 0.01 0.01 0.01 + 0.00 0.01 0.00 Cypress Dev* O 18 0.09 0.08 0.09 + 0.00 0.15 0.07 Cypress Dev V 406 0.13 0.11 0.13 + 0.01 0.20 0.10

D-F Dajin Res V 445 Dajin Res* O 238 Dakota Ter Res* O 20 Daleco Res* O 60 Dalradian Res* O 439 Dalradian Res T 1611 Damara Gold V 172 Danakali* O 22 Darnley Bay V 1907 Debut Dmds 345 Decade Res V 560 Decade Res* O 861 V 155 Deep-South Res Defiance Silvr V 418 Defiance Silvr* O 156 14 Del Toro Silvr* O Denison Mines T 2298 Denison Mines* X 1952 Desert Star V 66 Desert Star* O 0 Detour Gold T 5115 Diamante Min* O 37 Diamcor Mng V 25 Diamond Disc* O 7827 Diamond Fields V 49 Dios Expl V 292 DNI Metals 6284 DNI Metals* O 255 Dolat Ventures* O 113732 Dolly Vard Sil* O 51 Dolly Vard Sil V 179 Dominion Diam T 892 Dominion Diam* N 3176 Dorex Mnrls V 2702 Double Crn Res* O 1421 Doubleview Cap V 668 DRDGOLD* N 2078 Dundee Prec Mt T 2140 Duran Vent V 371 Durango Res V 412 Durango Res* O 57 DV Resources V 311 Dynacor Gld Mn T 137 DynaResource* O 7 Dynasty Met&Mn* O 50 Dynasty Met&Mn V 188 Eagle Plains V 597 East Africa V 725 East Asia Mnls* O 2 East Asia Mnls V 128 Eastern Platin* O 8 Eastern Platin T 411 Eastfield Res V 79 Eastmain Res* O 475 Eastmain Res T 3209 Eco Oro Mnls T 114 eCobalt Solns* O 668 Edgewater Expl V 178 El Capitan Prc* O 1473

0.12 0.10 0.10 - 0.01 0.28 0.09 0.08 0.07 0.08 + 0.00 0.21 0.06 0.08 0.00 0.06 - 0.02 0.20 0.02 0.01 0.01 0.01 + 0.00 0.05 0.01 0.91 0.80 0.86 - 0.05 1.27 0.73 1.26 1.10 1.17 - 0.06 1.68 0.95 0.07 0.06 0.07 - 0.01 0.11 0.04 0.52 0.50 0.50 + 0.01 0.65 0.20 0.30 0.25 0.29 - 0.01 0.57 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.07 0.00 0.06 - 0.01 0.13 0.04 0.05 0.05 0.05 - 0.00 0.10 0.03 0.21 0.19 0.20 - 0.01 0.39 0.15 0.33 0.29 0.30 + 0.01 0.63 0.19 0.23 0.21 0.22 - 0.00 0.49 0.15 0.06 0.05 0.06 + 0.01 0.06 0.00 0.72 0.66 0.67 - 0.03 1.10 0.49 0.53 0.48 0.49 - 0.03 0.84 0.37 0.25 0.00 0.25 - 0.01 0.44 0.18 0.00 0.00 0.08 - 0.08 0.25 0.16 17.35 16.21 16.70 - 0.55 35.93 14.35 0.13 0.08 0.08 - 0.03 0.51 0.08 0.92 0.87 0.87 - 0.04 1.50 0.86 0.00 0.00 0.00 + 0.00 0.00 0.00 0.17 0.00 0.15 - 0.01 0.24 0.05 0.09 0.07 0.09 - 0.01 0.17 0.06 0.08 0.06 0.06 - 0.01 0.09 0.02 0.09 0.04 0.05 + 0.00 0.09 0.01 0.06 0.03 0.04 - 0.02 0.08 0.00 0.47 0.43 0.45 - 0.00 0.81 0.15 0.63 0.56 0.60 - 0.01 1.11 0.23 17.55 16.72 17.14 + 0.55 17.82 10.47 12.79 12.24 12.55 + 0.39 13.31 7.92 0.02 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.06 0.05 0.05 - 0.01 0.19 0.05 4.17 3.60 3.87 - 0.01 9.10 3.60 2.74 2.18 2.34 - 0.39 4.14 1.87 0.09 0.08 0.08 - 0.01 0.20 0.07 0.08 0.07 0.08 + 0.01 0.36 0.05 0.06 0.06 0.06 - 0.00 0.22 0.05 0.42 0.39 0.40 - 0.01 0.45 0.02 2.11 1.95 1.96 - 0.07 3.71 1.86 1.35 1.08 1.35 + 0.19 1.99 0.00 0.28 0.24 0.24 - 0.02 0.31 0.09 0.39 0.31 0.34 - 0.02 0.45 0.12 0.17 0.14 0.15 - 0.02 0.24 0.09 0.28 0.23 0.25 - 0.02 0.36 0.11 0.15 0.15 0.15 + 0.00 0.18 0.11 0.27 0.21 0.26 + 0.04 0.26 0.05 0.23 0.19 0.19 - 0.04 0.89 0.19 0.31 0.23 0.27 - 0.04 1.19 0.23 0.05 0.04 0.05 + 0.01 0.08 0.03 0.36 0.21 0.30 - 0.06 0.73 0.21 0.49 0.40 0.41 - 0.07 0.97 0.38 0.51 0.40 0.46 + 0.02 0.87 0.13 0.81 0.61 0.68 - 0.14 1.14 0.34 0.22 0.21 0.21 - 0.02 0.28 0.08 0.06 0.05 0.05 + 0.00 2.35 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

359 V El Nino Vent Elcora Res V 306 Elcora Res* O 16 34176 N Eldorado Gold* Eldorado Gold T 17794 Electra Stone V 1727 457 Ely Gold & Mnl V 319 Ely Gold & Mnl* O Elysee Dev V 76 Emerita Res V 380 Emgold Mng V 101 Emgold Mng* O 26 Empire Rock V 29 O 122 Encanto Potash* O 58 Endeavour Mng* Endeavour Mng T 2063 16491 N Endeavr Silver* Endeavr Silver T 2390 Energy Fuels T 607 Energy Fuels* X 1908 Enforcer Gold V 679 Engold Mines* O 315 Engold Mines V 1695 Ensurge* O 317 Entree Gold* X 228 Entree Gold T 212 Equitorial Ex* O 400 Equitorial Ex V 1789 12 V Era Res Inc Erdene Res Dev T 1889 264 Erdene Res Dev* O Erin Ventures V 1055 2 Eros Res Corp* O 77 Eros Res Corp V 77 Eros Res Corp V Eskay Mng V 231 V 103 Essex Minerals Ethos Gold V 160 X 311 Eurasian Mnls* Eurasian Mnls V 27 Eureka Res V 412 15 Euro Sun Mg* O 124 T Euro Sun Mg O 39 EurOmax Res* EurOmax Res T 12 Everest Vent V 4 Everton Res V 1031 Everton Res* O 16 Evolving Gold 94 O 13 Evolving Gold* Evrim Res V 308 Excellon Res* O 301 Excellon Res T 277 O 173 Excelsior Mng* Excelsior Mng T 647 Exeter Res* X 1272 Exeter Res T 649 O 43 Expedition Mng* Explor Res* O 38 Explor Res V 528 Explorex Res* O 58 Explorex Res 100 Fairmont Res V 1913 Falco Res V 1735 Falcon Gold V 93 Far Res 1672 Fieldex Expl V 30 53 Filo Mg Corp V Finlay Minrls V 74 Finore Mng 572 Finore Mng* O 74 Fiore Explor* O 147 Fiore Explor V 3591 2 Fire River Gol* O Firesteel Res V 811 Firestone Vent V 338 O 218 Firma Holdings* First Bauxite V 27 First Cobalt V 2632 684 First Cobalt * O 745551 O First Colombia* First Energy* O 6 First Energy V 24 First Liberty* O 2643 First Majestic* N 20914 First Majestic T 5034 V 6673 First Mg Fin First Mg Fin * O 2931 First Quantum T 13344 593 V Fission 3.0 Fission Uran T 3377 Fission Uran* O 1695 471 Five Star Diam V Flinders Res* O 533 Flinders Res V 387 O 1166 Focus Graphite* V 1790 Focus Graphite Foran Mng V 141 T 1650 Formation Mtls Forsys Metals T 128 40 Fort St J Nick V O 6 Fortescue Mtls* Fortuna Silvr* N 9565 T 2383 Fortuna Silvr Fortune Bay* O 4 Fortune Bay V 31 O 1169 Fortune Mnrls* Four River V 1047 4 Fox River Res* O 122 Fox River Res N 3438 Franco-Nevada* Franco-Nevada T 2389 Franklin Mng* O 5 Freegold Vent T 260 122894 N Freeport McMoR* Fresnillo plc* O 10

0.04 0.03 0.04 + 0.01 0.05 0.02 0.25 0.28 - 0.02 0.50 0.30 0.25 0.19 0.20 - 0.01 0.37 0.21 0.19 2.54 3.42 - 0.24 5.16 3.68 3.30 3.46 4.66 - 0.33 6.71 5.00 4.54 0.02 0.03 - 0.01 0.11 0.03 0.02 0.14 0.12 0.13 + 0.01 0.27 0.09 0.10 0.09 0.10 + 0.00 0.20 0.07 0.21 0.39 - 0.06 0.49 0.44 0.39 0.04 0.12 - 0.01 0.22 0.14 0.11 0.02 0.01 0.05 0.03 + 0.03 0.03 0.01 0.02 + 0.01 0.04 0.02 0.01 0.07 0.25 + 0.06 0.30 0.25 0.00 0.04 0.05 - 0.01 0.13 0.06 0.05 12.60 15.60 - 0.95 21.89 16.34 14.41 16.17 21.33 - 1.19 28.81 22.26 19.91 2.76 2.88 - 0.20 5.95 3.25 2.83 3.75 3.92 - 0.26 7.75 4.45 3.89 1.74 2.17 - 0.21 3.65 2.49 2.10 1.29 1.60 - 0.15 2.87 1.83 1.53 0.18 0.20 + 0.02 0.28 0.20 0.18 0.02 0.39 - 0.03 0.50 0.40 0.00 0.03 0.54 - 0.02 0.68 0.57 0.45 0.02 0.10 + 0.01 0.10 0.10 0.07 0.22 0.45 - 0.01 0.72 0.48 0.43 0.29 0.62 - 0.02 0.94 0.66 0.60 0.03 0.08 - 0.00 0.09 0.09 0.07 0.03 0.10 - 0.02 0.12 0.12 0.09 0.25 0.25 0.25 - 0.01 0.50 0.11 1.40 1.06 1.35 + 0.20 1.37 0.28 1.00 0.79 0.99 + 0.15 0.99 0.22 0.04 0.04 - 0.01 0.06 0.05 0.04 0.13 0.13 0.13 + 0.00 0.17 0.10 0.18 0.00 0.18 - 0.01 0.23 0.15 0.18 0.00 0.18 - 0.01 0.23 0.15 0.12 0.35 - 0.01 0.42 0.37 0.31 0.15 0.15 - 0.04 0.33 0.19 0.15 0.18 0.19 - 0.01 0.41 0.20 0.18 0.62 0.84 + 0.01 1.40 0.88 0.79 0.86 1.15 + 0.04 1.84 1.20 1.09 0.07 0.09 + 0.01 0.17 0.10 0.08 0.55 0.54 0.54 - 0.01 1.06 0.47 0.78 0.69 0.70 - 0.07 1.45 0.62 0.31 0.34 - 0.04 0.59 0.35 0.34 0.40 0.47 - 0.05 0.81 0.50 0.00 0.40 0.80 - 0.23 1.52 1.03 0.80 0.04 0.08 - 0.01 0.20 0.10 0.08 0.03 0.06 - 0.01 0.14 0.06 0.06 0.13 0.18 + 0.02 0.50 0.23 0.14 0.10 0.14 + 0.03 0.38 0.14 0.10 0.16 0.26 - 0.04 0.43 0.30 0.25 0.76 1.03 - 0.04 1.85 1.13 0.98 1.00 1.39 - 0.11 2.40 1.53 1.35 0.25 0.55 - 0.04 0.72 0.60 0.52 0.32 0.74 - 0.07 0.94 0.81 0.66 0.66 1.63 - 0.03 1.89 1.66 1.56 0.89 2.22 - 0.05 2.52 2.26 2.07 0.01 0.05 - 0.00 0.17 0.07 0.02 0.04 0.05 - 0.00 0.18 0.05 0.04 0.06 0.06 - 0.01 0.23 0.06 0.06 0.10 0.12 + 0.00 0.15 0.12 0.12 0.10 0.16 + 0.01 0.19 0.19 0.15 0.05 0.04 - 0.02 0.23 0.06 0.04 0.50 1.31 - 0.04 1.65 1.33 1.10 0.04 0.05 - 0.01 0.20 0.06 0.05 0.05 0.09 - 0.01 0.15 0.10 0.09 0.10 0.13 - 0.03 0.65 0.14 0.13 2.06 1.91 2.05 - 0.01 3.00 0.64 0.03 0.07 + 0.02 0.09 0.07 0.06 0.01 0.11 - 0.01 0.50 0.12 0.10 0.02 0.08 - 0.00 0.41 0.09 0.07 0.23 0.25 - 0.01 0.55 0.25 0.23 0.31 0.36 + 0.01 0.76 0.36 0.32 0.01 0.00 0.01 + 0.01 0.77 0.00 0.01 0.06 - 0.03 0.12 0.08 0.06 0.02 0.04 - 0.01 0.08 0.04 0.03 0.03 0.09 + 0.02 0.12 0.10 0.07 0.03 0.04 - 0.01 0.07 0.05 0.00 0.22 0.56 - 0.12 0.92 0.74 0.56 0.55 0.41 0.42 - 0.07 0.67 0.43 0.00 0.00 - 0.00 0.00 0.00 0.00 0.03 0.03 - 0.01 0.12 0.04 0.03 0.05 0.05 - 0.01 0.15 0.06 0.05 0.00 0.00 - 0.00 0.00 0.00 0.00 8.20 7.06 7.48 - 0.65 19.15 6.62 8.89 10.22 - 0.88 24.96 11.18 9.70 0.63 0.57 0.59 - 0.03 1.31 0.57 0.46 0.42 0.44 - 0.01 1.02 0.42 11.83 - 1.18 17.55 7.77 13.26 11.43 0.09 0.08 0.08 - 0.01 0.13 0.05 0.49 0.61 - 0.01 0.92 0.67 0.61 0.36 0.45 - 0.01 0.70 0.49 0.45 0.55 0.43 0.43 - 0.06 0.55 0.27 0.22 0.43 - 0.03 0.71 0.48 0.40 0.25 0.57 - 0.06 0.93 0.65 0.55 0.04 0.06 - 0.00 0.15 0.07 0.05 0.06 0.08 - 0.01 0.20 0.09 0.08 0.14 0.27 - 0.01 0.47 0.27 0.25 0.31 0.91 - 0.19 1.48 1.10 0.85 0.05 0.11 - 0.03 0.28 0.14 0.11 0.18 0.15 0.15 - 0.02 0.35 0.05 2.08 3.65 - 0.39 5.50 4.04 3.65 4.13 4.25 - 0.36 9.75 4.57 4.13 6.23 5.69 5.82 - 0.45 12.73 5.69 0.30 0.38 - 0.02 0.64 0.41 0.38 0.29 0.53 - 0.03 0.90 0.55 0.00 0.07 0.14 - 0.02 0.26 0.16 0.13 0.40 0.61 - 0.12 1.28 0.75 0.60 0.08 0.05 0.05 - 0.03 0.10 0.03 0.11 0.10 0.10 - 0.01 0.15 0.04 53.31 66.37 - 1.75 81.16 67.87 64.90 92.86 89.10 90.64 - 2.20 105.69 71.44 0.00 0.00 - 0.00 0.01 0.00 0.00 0.08 0.13 - 0.02 0.28 0.16 0.13 11.80 - 0.95 17.06 9.24 12.89 11.42 13.18 18.77 - 0.40 26.65 19.25 17.78

Gabriel Res T 224 Gainey Capital V 147 Galantas Gold V 132 Galore Res V 85 Galway Mtls* O 269 Galway Mtls V 379 Garibaldi Res V 339 50 Garibaldi Res * O GB Minerals V 63 144 V Gem Intl Res General Moly T 15 General Moly* X 613 Genesis Mtls* O 164 Genius Props 428 V 505 Gensource Pot Geologix Expl V 788 O 30 Geologix Expl* O 2014 Geomega Res* Geomega Res V 2125 195 Gespeg Cop Res V O 72 GFG Resources* GGL Res V 64 GGX Gold V 1674 Giyani Gold V 106 Giyani Gold* O 9 Gldn Predator V 771 O 125 Gldn Predator* 549 Glen Eagle Res V Glencore Plc* O 774 Global Energy V 607 Global Gold* O 290 Globex Mng* O 15 Globex Mng T 596 O 63 GMV Minerals* GMV Minerals V 293 V 52 GobiMin GoGold Res T 222 Gold & Silver* O 22508 47515 Gold Fields* N 4 Gold Finder Ex V 420 Gold Mng USA* O 54 Gold Reach Res V Gold Reserve* O 65 Gold Reserve V 41 X 6163 Gold Resource* Gold Std Vents V 1047

0.19 0.36 - 0.01 0.74 0.39 0.36 0.10 0.11 - 0.01 0.37 0.12 0.11 0.08 0.10 + 0.03 0.18 0.11 0.08 0.01 0.06 - 0.01 0.07 0.06 0.05 0.10 0.20 - 0.01 0.51 0.21 0.19 0.12 0.26 - 0.04 0.65 0.30 0.26 0.07 0.16 + 0.02 0.21 0.16 0.14 0.12 0.10 0.12 + 0.01 0.16 0.05 0.05 0.06 - 0.01 0.10 0.06 0.05 0.06 0.05 0.06 + 0.01 0.15 0.05 0.30 0.45 - 0.04 0.95 0.49 0.00 0.21 0.33 - 0.04 0.72 0.37 0.32 0.01 0.10 + 0.01 0.22 0.10 0.10 0.10 0.18 - 0.01 0.38 0.19 0.17 0.06 0.18 + 0.01 0.25 0.19 0.17 0.05 0.06 - 0.01 0.15 0.07 0.06 0.04 0.04 - 0.00 0.11 0.05 0.04 0.05 0.06 - 0.01 0.16 0.07 0.06 0.06 0.09 - 0.02 0.23 0.11 0.09 0.03 0.03 0.03 - 0.01 0.06 0.02 0.50 0.55 + 0.00 1.00 0.56 0.55 0.02 0.04 + 0.01 0.05 0.04 0.03 0.07 0.16 + 0.02 0.39 0.16 0.13 0.06 0.33 - 0.02 0.70 0.35 0.30 0.04 0.24 - 0.05 0.50 0.29 0.24 0.23 1.18 - 0.15 2.05 1.36 1.12 0.18 0.87 - 0.13 1.59 0.99 0.82 0.21 0.18 0.19 - 0.02 0.24 0.09 3.49 7.47 - 0.33 8.62 7.90 7.06 0.14 0.16 - 0.01 0.67 0.18 0.14 0.01 0.02 - 0.00 0.06 0.02 0.02 0.21 0.38 - 0.01 0.48 0.40 0.38 0.28 0.53 - 0.01 0.63 0.55 0.53 0.12 0.23 - 0.02 0.55 0.26 0.23 0.12 0.31 - 0.01 0.70 0.35 0.30 0.39 0.54 - 0.03 0.58 0.58 0.00 0.41 0.64 - 0.03 1.58 0.68 0.62 0.00 0.00 0.00 - 0.00 0.02 0.00 2.60 3.13 - 0.12 6.60 3.32 3.06 0.14 0.00 0.14 + 0.03 0.28 0.08 0.01 0.00 0.00 + 0.00 0.04 0.00 0.13 0.00 0.13 - 0.01 0.25 0.09 0.00 2.61 - 0.08 5.54 2.66 2.42 3.28 3.55 - 0.12 7.34 3.75 3.30 2.82 3.40 + 0.10 8.22 3.53 3.08 2.32 2.09 2.14 - 0.17 4.10 1.60

G-H

2017-05-09 4:46 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 15–28, 2017

21

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

Week

12-month

Exc Volume High Low Last Change High Low

Gold Std Vents* X 4170 Goldbelt Emp V 104 Goldcliff Res V 27 Goldcorp T 11480 Goldcorp* N 37206 Golden Arrow V 782 Golden Arrow* O 695 V 53 Golden Cariboo Golden Dawn Ml V 420 Golden Eagle* O 136 Golden Global* O 558 O 13 Golden Goliath* Golden Harp V 9 Golden Hope V 61 Golden Hope* O 3 Golden Mnls T 98 Golden Mnls* X 714 273 Golden Peak Mn V O 464 Golden Queen* Golden Queen T 188 Golden Reign V 479 Golden Secret V 67 Golden Star T 1512 Golden Star* X 10779 Golden Tag V 227 Golden Valley V 91 Goldex Res V 49 Goldgroup Mng T 160 O 112 Goldgroup Mng* GoldMining V 1174 GoldON Res V 77 GoldQuest Mng V 2014 Goldrea Res 186 Goldrich Mng* O 80 O 87 Goldsource Min* Goldstar Mnls V 104 V 866 Goldstrike Res Gonzaga Res V 276 V 5417 GoviEx Uranium GoviEx Uranium* O 731 Gowest Gold* O 513 GPM Metals V 899 GPM Metals* O 208 Gran Colombia* O 26 T 542 Gran Colombia Granada Gold* O 118 Granada Gold V 1301 Grande Portage V 82 Graphite One* O 572 Gray Rock Res V 159 538 Great Lakes Gr* O Great Panther T 1183 X 7296 Great Panther* Great Quest Fe V 10 3 Great Quest Fe* O Great Thunder V 277 O 322 Great Western* Green Swan Cap V 358 10 Green Valley M V Greencastle Rs V 419 O 581 Greenland M&En* Grizzly Discvr V 62 Grizzly Gold* O 185 GrowMax Res V 530 O 432 GrowMax Res* GT Gold * O 89 843 GTA Res & Mng V Gungnir Res* O 351 Gungnir Res V 1293 Gunpoint Expl V 40 Guyana Gldflds T 5458 Guyana Goldstr V 130 Handa Copper V 198 Hannan Metals V 21 34 Happy Ck Mnrls V Hard Creek Ni V 268 N 26310 Harmony Gold* Harte Gold* O 142 Harte Gold T 3302 Hawkeye Gld&Di V 113 V 114 Heatherdale Rs Hecla Mining* N 34957 Hellix Vent* O 27 Hemcare Health* O 13 Heron Res T 941 Highbank Res V 562 V 594 Highland Copp Highland Copp* O 205 40 Highway 50 Gld* O Highway 50 Gld V 170 HiHo Silver 112 Hinterland Mtl V 185 O 6 Hochschild Mg* Homeland Egy V 5 T 1111 Horizonte Mnls Hornby Bay Mnl V 101 Houston Lake V 127 HudBay Mnls T 12298 HudBay Mnls* N 4309 Hudson Res V 194 Hunt Mng* O 35 Hunt Mng V 109

1.70 1.53 1.57 - 0.13 3.20 1.25 0.04 0.04 0.04 - 0.01 0.07 0.04 0.18 0.17 0.17 + 0.01 0.47 0.15 19.04 18.08 18.61 - 0.41 26.56 15.95 13.94 13.17 13.61 - 0.35 20.38 11.91 0.69 0.56 0.60 - 0.04 1.48 0.46 0.52 0.40 0.44 - 0.04 1.30 0.36 0.09 0.00 0.07 - 0.02 0.15 0.05 0.31 0.28 0.30 - 0.01 0.44 0.09 0.07 0.06 0.07 + 0.02 0.11 0.01 0.01 0.00 0.01 - 0.01 0.36 0.00 0.05 0.04 0.04 - 0.01 0.10 0.02 0.09 0.09 0.09 - 0.05 0.28 0.07 0.17 0.16 0.16 - 0.01 0.39 0.14 0.12 0.12 0.12 - 0.01 0.25 0.11 0.70 0.61 0.63 - 0.09 1.51 0.42 0.54 0.45 0.47 - 0.07 1.16 0.31 0.45 0.38 0.38 - 0.04 0.90 0.12 0.63 0.54 0.59 - 0.01 1.47 0.52 0.81 0.75 0.80 - 0.01 1.90 0.70 0.27 0.00 0.26 - 0.01 0.36 0.15 0.31 0.28 0.29 - 0.03 0.69 0.28 1.00 0.91 0.92 - 0.06 1.46 0.62 0.75 0.67 0.68 - 0.04 1.13 0.47 0.05 0.05 0.05 - 0.01 0.18 0.04 0.33 0.32 0.32 - 0.02 0.50 0.16 0.93 0.74 0.76 - 0.09 1.04 0.34 0.11 0.10 0.10 - 0.01 0.39 0.07 0.08 0.07 0.07 - 0.01 0.30 0.06 1.81 1.57 1.69 - 0.11 3.35 1.34 0.19 0.00 0.19 + 0.02 0.30 0.12 0.45 0.37 0.38 - 0.07 0.68 0.20 0.06 0.05 0.06 + 0.02 0.14 0.03 0.04 0.03 0.04 + 0.00 0.08 0.02 0.10 0.09 0.09 - 0.01 0.45 0.08 0.04 0.03 0.03 - 0.01 0.09 0.03 0.38 0.35 0.37 + 0.01 0.43 0.12 0.33 0.29 0.29 - 0.03 0.36 0.02 0.23 0.18 0.19 - 0.02 0.44 0.09 0.17 0.13 0.13 - 0.02 0.34 0.04 0.13 0.11 0.12 - 0.01 0.22 0.05 0.13 0.10 0.10 - 0.01 0.57 0.08 0.09 0.00 0.09 + 0.01 0.43 0.06 1.14 1.05 1.05 - 0.07 1.14 1.06 1.60 1.42 1.44 - 0.13 2.40 1.20 0.05 0.04 0.05 - 0.00 0.11 0.04 0.07 0.07 0.07 - 0.01 0.16 0.06 0.21 0.14 0.17 + 0.02 0.22 0.07 0.05 0.05 0.05 - 0.00 0.14 0.04 0.34 0.33 0.33 + 0.01 0.40 0.04 0.06 0.05 0.05 + 0.00 0.08 0.04 1.73 1.59 1.62 - 0.09 2.95 1.51 1.27 1.15 1.19 - 0.07 2.28 1.14 0.19 0.18 0.19 + 0.02 0.35 0.14 0.13 0.13 0.13 - 0.00 0.24 0.09 0.09 0.08 0.09 - 0.01 0.24 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.09 0.10 + 0.01 0.14 0.02 0.04 0.04 0.04 - 0.14 0.27 0.05 0.13 0.11 0.13 + 0.02 0.18 0.08 0.07 0.06 0.06 - 0.01 0.16 0.00 0.05 0.04 0.05 - 0.01 0.07 0.04 0.04 0.03 0.04 + 0.00 0.22 0.01 0.13 0.12 0.12 - 0.01 0.27 0.11 0.08 0.08 0.08 - 0.00 0.21 0.08 0.30 0.28 0.28 - 0.01 0.36 0.25 0.07 0.06 0.06 - 0.01 0.24 0.05 0.07 0.04 0.07 + 0.01 0.08 0.01 0.10 0.05 0.09 + 0.02 0.12 0.03 0.30 0.30 0.30 + 0.05 0.32 0.25 6.69 5.65 5.82 - 0.95 10.35 4.56 0.35 0.30 0.30 - 0.03 0.35 0.03 0.09 0.07 0.08 + 0.01 0.10 0.04 0.50 0.00 0.45 - 0.05 0.51 0.05 0.21 0.19 0.19 - 0.02 0.29 0.12 0.05 0.00 0.04 - 0.01 0.12 0.02 2.26 2.07 2.16 - 0.02 4.87 1.86 0.51 0.44 0.44 - 0.07 0.66 0.15 0.70 0.56 0.60 - 0.11 0.87 0.19 0.08 0.06 0.08 + 0.02 0.33 0.06 0.06 0.05 0.06 + 0.01 0.12 0.03 5.46 5.05 5.30 - 0.15 7.64 3.83 0.03 0.02 0.03 + 0.01 0.08 0.00 0.06 0.06 0.06 + 0.00 0.12 0.01 0.14 0.09 0.10 + 0.01 0.17 0.08 0.04 0.04 0.04 - 0.01 0.10 0.04 0.14 0.12 0.12 - 0.02 0.18 0.07 0.11 0.10 0.11 + 0.01 0.14 0.07 0.43 0.00 0.41 - 0.02 0.48 0.10 0.64 0.50 0.50 - 0.09 0.66 0.08 0.10 0.07 0.07 - 0.02 0.18 0.07 0.05 0.00 0.05 + 0.01 0.12 0.02 3.31 3.14 3.15 - 0.16 4.16 1.65 0.20 0.00 0.20 - 0.02 1.13 0.16 0.05 0.04 0.04 - 0.01 0.06 0.03 0.06 0.00 0.06 + 0.01 0.08 0.03 0.40 0.38 0.40 + 0.02 0.46 0.24 8.40 6.89 7.59 - 0.56 11.95 4.74 6.13 5.00 5.55 - 0.40 9.15 3.57 0.61 0.59 0.59 + 0.01 0.80 0.29 0.16 0.00 0.15 - 0.01 0.31 0.10 0.20 0.16 0.16 - 0.04 0.40 0.06

I-Minerals V 651 I-Minerals* O 592 IAMGOLD* N 38108 IAMGOLD T 13087 Iberian Mnrls V 725 IC Potash* O 20 IC Potash T 172 Iconic Mnls * O 31 Iconic Mnls V 109 Idaho North* O 106 IDM Mining* O 164 IDM Mining V 1827 iMetal Res V 11 IMPACT Silver V 212 Impala Platnm* O 144 Imperial Metal* O 4 Imperial Metal T 85 Inca One Gold V 465 Inca One Gold* O 137 Independence G V 319 Independence G* O 31 Inform Res V 1 Infrastructure* O 160 Inspiration Mg 9 Inspiration Mg* O 198 Intact Gold V 1023 Integra Gold* O 876 Integra Gold V 1893 Inter-Rock Mnl V 246 Intl Bethl Mng V 74 Intl Cobalt 105 Intl Corona V 265 Intl Lithium* O 249 Intl Lithium V 607 Intl Samuel Ex V 221 Intl Tower Hil* X 857 Intl Tower Hil T 64 Intrepid Pots* N 8276 INV Metals T 288 INV Metals* O 35 Inventus Mg * O 67 Inventus Mg V 316 InZinc Mining* O 361 Irving Res* O 93 Irving Res 147 IsoEnergy Ltd V 7 Itafos V 4 Itoco Mg Corp* O 2205 Ivanhoe Mines* O 825 Ivanhoe Mines T 10322 Jaguar Mng* O 42 Jaguar Mng T 397 Japan Gold V 107 Japan Gold* O 65 Jasper Mng V 21 Jaxon Mnls V 2502 Jayden Res* O 1 Jayden Res V 142 Jourdan Res V 584 K92 Mng Inc V 1578

0.60 0.48 0.53 + 0.06 0.60 0.22 0.44 0.35 0.39 + 0.04 0.44 0.17 4.10 3.55 3.76 - 0.38 5.87 3.14 5.59 4.89 5.14 - 0.50 7.65 4.05 0.08 0.07 0.07 - 0.01 0.16 0.05 0.07 0.06 0.06 - 0.02 0.11 0.04 0.10 0.08 0.08 - 0.02 0.15 0.06 0.06 0.05 0.06 + 0.01 0.33 0.05 0.07 0.07 0.07 + 0.01 0.45 0.07 0.04 0.03 0.04 + 0.01 0.12 0.03 0.11 0.10 0.11 - 0.01 0.21 0.08 0.16 0.14 0.14 - 0.01 0.26 0.12 0.05 0.00 0.05 - 0.02 0.08 0.04 0.66 0.60 0.64 - 0.01 1.28 0.53 3.25 3.04 3.10 - 0.13 5.23 2.92 4.42 4.35 4.35 - 0.07 6.21 2.78 6.05 5.74 5.84 - 0.23 8.50 3.46 0.15 0.13 0.13 - 0.02 0.50 0.12 0.10 0.09 0.09 - 0.01 0.35 0.08 0.22 0.17 0.19 - 0.03 0.50 0.12 0.17 0.13 0.13 - 0.01 0.37 0.10 0.00 0.00 0.14 + 0.07 0.20 0.03 0.01 0.00 0.00 + 0.00 0.01 0.00 0.03 0.00 0.02 - 0.01 0.10 0.02 0.02 0.01 0.01 - 0.00 0.07 0.01 0.04 0.03 0.03 - 0.01 0.18 0.03 0.59 0.52 0.56 - 0.02 0.76 0.38 0.80 0.71 0.76 - 0.03 0.96 0.52 0.20 0.15 0.20 + 0.03 0.20 0.03 0.04 0.03 0.04 + 0.01 0.08 0.02 0.18 0.16 0.16 - 0.01 0.30 0.00 0.10 0.07 0.08 + 0.01 0.17 0.04 0.10 0.08 0.09 - 0.01 0.24 0.08 0.14 0.11 0.12 - 0.02 0.31 0.11 0.10 0.00 0.09 + 0.03 0.15 0.05 0.52 0.46 0.48 - 0.02 1.40 0.40 0.70 0.64 0.64 - 0.05 1.82 0.53 2.13 1.58 2.11 + 0.30 3.04 0.85 0.98 0.90 0.90 - 0.03 1.13 0.43 0.70 0.66 0.66 - 0.04 0.85 0.32 0.13 0.12 0.13 - 0.03 0.28 0.11 0.19 0.16 0.18 - 0.01 0.35 0.13 0.09 0.09 0.09 - 0.03 0.27 0.06 0.51 0.48 0.51 + 0.08 0.99 0.10 0.70 0.66 0.70 + 0.01 1.18 0.13 1.00 0.00 1.00 - 0.01 1.70 0.63 2.00 0.00 1.90 - 0.18 3.45 0.90 0.02 0.02 0.02 - 0.00 0.30 0.00 3.56 3.04 3.14 - 0.38 4.10 0.00 4.88 4.17 4.28 - 0.51 5.47 0.92 0.41 0.36 0.37 - 0.03 0.65 0.23 0.56 0.49 0.51 - 0.05 0.85 0.30 0.34 0.30 0.30 - 0.03 0.88 0.28 0.25 0.00 0.23 - 0.01 0.67 0.21 0.10 0.00 0.07 - 0.02 0.10 0.03 0.16 0.10 0.14 + 0.03 0.15 0.04 0.07 0.07 0.07 - 0.01 0.17 0.04 0.10 0.09 0.10 - 0.01 0.23 0.06 0.18 0.14 0.17 - 0.02 0.19 0.06 0.81 0.75 0.78 - 0.07 2.24 0.75

I-J-K

20-22_MAY15_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

K92 Mng Inc* O 173 Kairos Cap V 57 Kaizen Discvry* O 100 Kaizen Discvry V 356 Kapuskasing Gd V 186 Karnalyte Res T 48 KAT Expl* O 5821 Katanga Mng T 3283 Kenadyr Mining* O 49 Kenadyr Mining V 338 Kennady Diam V 142 Kermode Res V 123 Kerr Mines* O 60 Kerr Mines T 536 Kesselrun Res V 293 Khalkos Expl V 373 Khan Res 6638 Kilo Goldmines V 1566 Kincora Copper* O 22 Kincora Copper V 18 Kings Bay Gold V 1885 Kingsmen Res* O 1 Kinross Gold* N 86474 Kinross Gold T 39656 Kintavar Exp V 180 Kirkland Lake* O 578 Kirkland Lake T 7113 Kivalliq Enrgy V 1206 Klondex Mines T 4963 Klondike Gold V 453 Klondike Silv* O 106 Kombat Copper V 50 Komet Resource V 148 Kootenay Silvr V 544 Kootenay Silvr* O 117 Kootenay Zinc 701 Kootenay Zinc* O 238

0.60 0.55 0.58 - 0.03 1.72 0.55 0.70 0.62 0.65 + 0.03 0.95 0.02 0.15 0.15 0.15 + 0.00 0.21 0.08 0.21 0.18 0.18 - 0.02 0.31 0.11 0.05 0.04 0.05 + 0.01 0.10 0.02 0.79 0.75 0.78 + 0.02 2.40 0.64 0.00 0.00 0.00 + 0.00 0.00 0.00 0.41 0.35 0.37 - 0.03 0.65 0.12 0.50 0.38 0.40 - 0.15 0.62 0.38 0.66 0.46 0.54 - 0.12 1.00 0.10 3.52 3.12 3.15 - 0.44 5.00 3.12 0.02 0.01 0.02 + 0.01 0.04 0.01 0.14 0.12 0.12 - 0.00 0.17 0.04 0.20 0.17 0.18 - 0.01 0.24 0.06 0.11 0.09 0.09 - 0.01 0.43 0.08 0.16 0.14 0.14 - 0.02 0.22 0.11 0.09 0.06 0.07 + 0.01 0.88 0.02 0.07 0.06 0.06 - 0.01 0.25 0.06 0.32 0.30 0.32 + 0.02 0.43 0.17 0.43 0.00 0.40 + 0.01 0.65 0.20 0.11 0.08 0.09 - 0.02 0.21 0.05 0.13 0.10 0.13 + 0.04 0.13 0.06 3.92 3.35 3.77 + 0.28 5.81 2.88 5.35 4.59 5.17 + 0.42 7.56 3.87 0.20 0.16 0.20 - 0.01 0.35 0.13 6.97 6.30 6.62 - 0.34 8.46 4.84 9.40 8.67 9.04 - 0.41 11.15 6.33 0.10 0.09 0.10 + 0.01 0.19 0.07 4.87 4.31 4.43 - 0.45 7.95 4.07 0.25 0.22 0.23 - 0.03 0.45 0.14 0.07 0.06 0.06 - 0.00 0.12 0.03 0.33 0.00 0.28 - 0.05 0.85 0.29 0.41 0.38 0.39 - 0.01 0.58 0.31 0.30 0.27 0.29 - 0.01 0.60 0.27 0.22 0.20 0.20 - 0.01 0.46 0.20 0.23 0.18 0.20 - 0.02 0.70 0.06 0.32 0.13 0.15 - 0.01 0.59 0.12

Labdr Iron Mns* O 95 Labrador Iron T 1224 Lamelee Iron V 156 Lara Expl V 143 Laramide Res T 1100 Largo Res* O 44 Largo Res T 356 Lateral Gold V 273 Latin Am Mnls* O 13 Latin Am Mnls V 657 Laurion Mnl Ex V 69 LeadFX Inc* O 58 Leagold Mg V 601 Leagold Mg* O 109 Legend Gold V 227 Leo Res 516 Levon Res Ltd T 363 Levon Res Ltd * O 155 Li3 Energy* O 88 Liberty One Li V 555 Liberty One Li* O 603 LiCo Energy* O 665 LiCo Energy V 1428 Lincoln Mng V 172 Lion One Mtls V 35 Lion One Mtls* O 42 Lithium Amer* O 2939 Lithium Amer T 3690 Lithium Corp* O 729 Lithium Energi V 711 Lithium Energy V 1058 Lithium Expl* O 62531 Lithium X Egy* O 2928 Lithium X Egy V 3272 LKA Gold* O 29 Lode-Star Mg* O 21 Lomiko Mtls* O 12 Lomiko Mtls V 34 Loncor Res T 110 Lone Star Gold* O 95 Lonmin plc* O 41 Lonmin plc* O 10 Lorraine Coppr V 86 Los Andes Copp V 677 Lucara Diam T 2031 Lumina Gold* O 11 Lumina Gold V 246 Lund Enterpr V 23 Lundin Gold T 80 Lundin Mng T 9343 Lupaka Gold V 307 Lydian Intl* O 185 Lydian Intl T 437 Lynas Corp* O 523

0.04 0.01 0.02 + 0.01 0.07 0.00 18.14 17.08 17.82 + 0.09 20.67 11.22 0.21 0.17 0.21 + 0.04 0.50 0.10 1.00 0.00 0.81 - 0.17 1.58 0.41 0.50 0.37 0.37 - 0.14 0.74 0.18 0.43 0.37 0.37 - 0.03 0.56 0.28 0.61 0.50 0.50 - 0.09 0.72 0.37 1.27 1.14 1.23 - 0.03 1.27 0.57 0.12 0.12 0.12 + 0.00 0.36 0.07 0.20 0.14 0.14 - 0.03 0.48 0.10 0.04 0.04 0.04 - 0.01 0.08 0.01 0.49 0.44 0.44 - 0.05 0.78 0.18 2.93 2.66 2.75 - 0.03 4.90 0.10 2.15 1.96 2.02 - 0.02 2.37 1.96 0.03 0.02 0.02 - 0.01 0.07 0.02 1.20 0.18 0.66 - 0.14 2.50 0.03 0.46 0.41 0.41 - 0.02 0.71 0.23 0.34 0.29 0.30 - 0.01 0.54 0.17 0.03 0.02 0.03 + 0.00 0.06 0.01 0.60 0.52 0.60 + 0.06 0.70 0.01 0.44 0.38 0.44 + 0.04 0.51 0.38 0.11 0.10 0.10 + 0.00 0.20 0.06 0.16 0.14 0.15 + 0.01 0.24 0.07 0.06 0.05 0.05 - 0.01 0.17 0.05 0.71 0.66 0.70 - 0.02 1.17 0.53 0.52 0.48 0.52 - 0.02 0.91 0.41 0.75 0.69 0.74 + 0.03 0.96 0.38 1.03 0.93 1.03 + 0.06 1.26 0.52 0.07 0.06 0.06 - 0.00 0.12 0.05 0.20 0.14 0.19 - 0.01 0.55 0.14 0.05 0.04 0.05 - 0.01 0.11 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 1.54 1.36 1.44 + 0.07 1.94 1.03 2.10 1.88 1.96 + 0.09 2.50 1.32 0.57 0.42 0.54 - 0.03 0.68 0.24 0.07 0.00 0.07 + 0.00 0.09 0.03 0.21 0.16 0.21 + 0.03 0.38 0.11 0.26 0.24 0.25 - 0.01 0.50 0.19 0.17 0.15 0.15 - 0.01 0.25 0.09 0.00 0.00 0.00 - 0.00 0.01 0.00 1.35 0.00 1.35 - 0.24 3.12 1.59 1.41 1.30 1.34 - 0.11 3.42 1.02 0.08 0.00 0.07 - 0.01 0.12 0.04 0.30 0.23 0.23 - 0.03 0.30 0.09 3.31 3.11 3.18 + 0.03 4.39 2.62 0.63 0.60 0.60 - 0.03 0.89 0.44 0.85 0.79 0.83 - 0.02 1.20 0.47 0.14 0.14 0.14 - 0.03 0.19 0.07 6.11 5.79 5.82 - 0.08 6.62 4.94 7.48 6.62 6.82 - 0.46 8.94 3.86 0.17 0.14 0.14 - 0.04 0.29 0.11 0.25 0.24 0.24 - 0.01 0.41 0.20 0.36 0.32 0.33 - 0.02 0.52 0.26 0.08 0.07 0.07 - 0.01 0.12 0.03

L

M Macarthur Mnl V 1762 0.10 0.08 0.09 - 0.02 0.18 0.05 Macarthur Mnl* O 106 0.06 0.06 0.06 - 0.01 0.14 0.03 O 28 0.15 0.13 0.14 - 0.02 0.20 0.04 MacDonald Mns* MacDonald Mns V 1258 0.21 0.17 0.18 - 0.04 0.28 0.05 MacMillan Mnls V 16 1.50 0.00 1.37 + 0.02 1.84 0.70 Mag Copper 95 0.09 0.07 0.07 - 0.04 0.19 0.03 MAG Silver T 1356 16.58 15.22 15.47 - 1.23 23.32 12.75 Majestic Gold V 683 0.08 0.07 0.08 + 0.01 0.12 0.05 Makena Res* O 1 0.12 0.00 0.12 - 0.02 0.15 0.11 Makena Res V 173 0.19 0.17 0.19 + 0.02 0.21 0.15 Malbex Res V 45 0.36 0.32 0.35 + 0.02 0.46 0.27 Mandalay Res T 3070 0.58 0.51 0.54 - 0.03 1.35 0.51 Manganese X V 679 0.17 0.16 0.16 - 0.01 0.26 0.07 Manganese X* O 45 0.12 0.12 0.12 + 0.00 0.19 0.09 V 25 0.04 0.00 0.04 + 0.01 0.06 0.02 Mangazeya Mng Manitou Gold V 166 0.09 0.08 0.08 - 0.01 0.20 0.04 Manson Creek V 54 0.06 0.00 0.05 - 0.02 0.06 0.02 Marathon Gold T 1682 1.25 1.03 1.15 - 0.09 1.36 0.24 Margaux Res V 148 0.37 0.29 0.30 - 0.02 0.50 0.15 Mariana Res V 4907 1.64 1.56 1.60 - 0.03 1.73 0.85 Maritime Res V 330 0.14 0.12 0.13 - 0.01 0.31 0.12 0.52 + 0.01 0.57 0.24 Marlin Gold* O 282 0.53 0.48 Marlin Gold V 353 0.74 0.63 0.74 + 0.04 0.75 0.31 MartinMarietta* N 4874 244.32 219.91 237.55 + 17.36 244.32 167.06 O 82 1.06 0.93 1.00 - 0.05 1.21 0.45 Mason Graphite* Mason Graphite V 1152 1.44 1.26 1.37 - 0.07 1.60 0.58 Matachewan Con V 2 0.33 0.00 0.33 + 0.05 0.44 0.25 0.07 - 0.01 0.11 0.04 Matamec Expl V 581 0.07 0.06 Matamec Expl* O 5 0.05 0.05 0.05 - 0.00 0.07 0.03 Matica Ent* O 18 0.04 0.03 0.03 - 0.01 0.05 0.00 Matica Ent 3439 0.05 0.04 0.04 - 0.01 0.07 0.01 Mawson Res T 144 0.42 0.37 0.37 - 0.03 0.57 0.21 Mawson Res* O 20 0.31 0.26 0.27 - 0.03 0.44 0.16 MAX Res V 30 0.10 0.10 0.10 - 0.01 0.11 0.06 MaxTech Vent 156 0.50 0.43 0.50 + 0.09 0.63 0.20 Maxwell Res* O 50 0.04 0.02 0.02 - 0.00 0.04 0.00 Maya Gold &Sil V 454 0.14 0.13 0.13 - 0.01 0.27 0.10 McEwen Mng* N 23466 3.03 2.55 2.68 - 0.36 4.92 2.09 McEwen Mng T 2822 4.13 3.52 3.66 - 0.47 6.44 2.61 McLaren Res 598 0.10 0.09 0.09 - 0.01 0.14 0.01 MDN Inc* O 15 0.54 0.54 0.54 - 0.01 0.92 0.11 Meadow Bay Gd* O 290 0.04 0.03 0.03 - 0.00 0.10 0.03 Mechel* N 1047 6.10 5.49 5.61 - 0.40 6.83 1.46 Medallion Res V 114 0.04 0.03 0.04 + 0.01 0.07 0.02 Medallion Res* O 60 0.03 0.03 0.03 + 0.01 0.05 0.01 Medgold Res V 147 0.22 0.19 0.19 - 0.02 0.25 0.11 Mega Uranium T 1973 0.18 0.15 0.16 - 0.01 0.32 0.11 Mega Uranium* O 727 0.13 0.11 0.12 - 0.00 0.25 0.08 Meridian Mg V 44 0.40 0.00 0.39 - 0.01 1.54 0.14 Meryllion Res 74 0.02 0.02 0.02 - 0.01 0.05 0.02 Meryllion Res* O 2 0.01 0.00 0.01 + 0.01 0.03 0.00 Mesa Expl V 14 0.09 0.00 0.09 + 0.02 0.17 0.02 Mesa Expl* O 14 0.07 0.07 0.07 - 0.00 0.14 0.02 Metalex Vent V 211 0.07 0.00 0.07 + 0.01 0.10 0.04 Metalla Rylty* O 45 0.36 0.34 0.34 - 0.02 0.68 0.07 Metalla Rylty 137 0.49 0.44 0.49 + 0.01 0.88 0.11 Metallic Mnrls* O 15 0.27 0.24 0.27 + 0.00 0.44 0.04 Metallis Res V 104 0.18 0.16 0.17 - 0.01 0.28 0.09 Metalore Res V 0 3.52 0.00 2.60 - 0.90 5.16 1.50 Metals Creek V 947 0.09 0.08 0.08 - 0.01 0.20 0.06 Metals Creek* O 48 0.06 0.05 0.06 - 0.01 0.14 0.04 0.58 + 0.06 1.43 0.41 Metals X* O 28 0.58 0.53 Metanor Res V 864 1.04 0.86 0.91 - 0.01 1.29 0.45 Metanor Res* O 72 0.76 0.63 0.67 - 0.01 0.94 0.61 Mexican Gold* O 49 0.20 0.18 0.20 + 0.02 0.27 0.11 Mexus Gold* O 2672 0.10 0.08 0.09 - 0.01 0.24 0.03 MGX Minerals* O 981 0.75 0.54 0.70 + 0.03 2.12 0.11 MGX Minerals 3393 1.04 0.73 0.95 + 0.05 2.75 0.14 Micrex Dev V 195 0.03 0.02 0.03 + 0.01 0.03 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Midas Gold T 892 Midas Gold* O 1140 Midland Expl V 73 Midnight Sun V 371 Midway Gold* O 364 Millennial Lit* O 19 Millennial Lit V 388 Millrock Res* O 358 Millrock Res V 385 Minaurum Gold V 911 Minco Silver* O 59 Minco Silver T 117 V 375 Minera Alamos Minera IRL 105 Mineral Hill V 10 Mineral Mtn* O 29 Mineral Mtn V 234 Minnova Corp V 515 Minsud Res V 28 Miramont Res 4 Mirasol Res V 125 Mistango River 127 MK2 Ventures V 6 426 ML Gold Corp V Monarca Mnrls V 429 O 662 Monarca Mnrls* Monarques Res* O 239 V 444 Monarques Res Moneta Porcpn* O 178 T 1096 Moneta Porcpn Montan Mg* O 41 Montan Mg V 797 Montego Res 42 V 192 Montero Mg&Ex Morgan Res V 1064 Morien Res* O 34 Morumbi Res* O 42 Morumbi Res V 273 Mosaic* N 46188 O 5 Mountain Boy* Mountain Prov T 1048 D 307 Mountain Prov* Mundoro Cap* O 99 Mundoro Cap V 418 Murchison Min 330 MX Gold* O 834 MX Gold V 3575

0.78 0.69 0.76 - 0.02 1.22 0.59 0.58 0.50 0.55 - 0.02 0.95 0.02 1.07 0.98 1.03 - 0.07 1.25 0.65 0.39 0.35 0.36 - 0.02 0.50 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 1.05 0.99 1.02 - 0.03 1.43 0.92 1.42 1.32 1.39 - 0.04 2.45 0.09 0.30 0.26 0.26 - 0.01 0.54 0.23 0.44 0.36 0.36 - 0.02 0.70 0.28 0.29 0.25 0.27 - 0.03 0.37 0.07 0.76 0.67 0.67 - 0.06 1.54 0.64 1.01 0.90 0.93 - 0.07 2.05 0.86 0.21 0.18 0.18 - 0.03 0.29 0.10 0.14 0.12 0.14 + 0.02 0.22 0.12 0.30 0.00 0.27 - 0.03 0.40 0.11 0.18 0.16 0.17 - 0.02 0.38 0.16 0.25 0.22 0.23 - 0.01 0.49 0.21 0.75 0.72 0.72 - 0.05 0.90 0.50 0.10 0.09 0.10 + 0.02 0.10 0.03 0.25 0.20 0.25 + 0.05 0.20 0.20 1.67 1.51 1.56 - 0.05 3.50 1.18 0.04 0.00 0.02 - 0.02 0.05 0.01 0.18 0.00 0.18 + 0.01 0.30 0.11 0.20 0.19 0.20 - 0.02 0.29 0.04 0.12 0.03 0.12 - 0.06 0.50 0.08 0.03 0.02 0.02 - 0.14 0.50 0.06 0.26 0.25 0.25 - 0.01 0.48 0.18 0.35 0.33 0.34 - 0.02 0.66 0.15 0.13 0.12 0.12 - 0.01 0.28 0.12 0.18 0.17 0.17 - 0.01 0.36 0.15 0.04 0.04 0.04 - 0.00 0.07 0.02 0.07 0.06 0.06 + 0.01 0.10 0.03 0.39 0.32 0.32 - 0.03 1.60 0.10 0.03 0.02 0.03 + 0.01 0.08 0.02 0.07 0.02 0.03 + 0.01 0.07 0.01 0.41 0.38 0.40 + 0.03 0.55 0.20 0.54 0.51 0.54 + 0.02 1.26 0.48 0.73 0.67 0.73 + 0.07 1.70 0.08 27.15 23.21 23.45 - 3.48 34.36 22.77 0.04 0.04 0.04 - 0.00 0.06 0.03 4.07 3.64 3.69 - 0.25 7.18 3.73 3.00 2.65 2.70 - 0.15 5.52 2.70 0.19 0.16 0.17 + 0.00 0.20 0.08 0.27 0.22 0.27 + 0.04 0.29 0.10 0.22 0.00 0.22 + 0.07 0.35 0.15 0.13 0.10 0.11 - 0.02 0.31 0.08 0.18 0.15 0.15 - 0.04 0.39 0.12

NACCO Ind* N 80 362 Namibia Rare E T Napier Vent V 55 154 Natural Res Pt* N Nautilus Mnrls* O 409 Nautilus Mnrls T 771 Nebu Res V 33 Nemaska Lith T 10584 Nemaska Lith* O 414 Neo Lithium V 1038 Nevada Clean M V 266 146 Nevada Clean M* O Nevada Copper T 44 585 Nevada Egy Mtl* O Nevada Egy Mtl V 741 Nevada Expl * O 45 Nevada Expl V 77 O 256 Nevada Sunrise* Nevada Zinc V 688 Nevsun Res* X 5303 Nevsun Res T 5190 634 New Carolin Gd V New Carolin Gd* O 1071 O 27340 New Colombia* New Gold* O 66 New Gold* X 39087 New Gold T 9642 25 New Guinea Gld* O New Jersey Mng* O 340 446 New Milln Iron* O New Milln Iron T 632 New Oroperu V 5 New World Res V 73 O 155 NewCastle Gold* NewCastle Gold T 2053 Newlox Gold 150 Newmont Mng* N 28665 Newport Expl V 208 Newport Gold* O 20 O 77 NewRange Gold* NewRange Gold V 752 O 219 Nexgen Energy* Nexgen Energy T 5271 3607 Next Gen Mtls Next Gen Mtls* O 813 NextSource Mat T 1399 Nexus Gold* O 346 Nexus Gold V 1947 NGEx Res T 18 NGEx Res* O 5 Nickel North V 102 Nicola Mg Inc* O 106 Nicola Mg Inc V 818 Nighthawk Gold V 800 Nikos Expl V 129 Niobay Metals V 128 Niocan Inc V 62 Niocorp Dev T 358 Niocorp Dev* O 388 Nippon Dragon V 825 Nippon Dragon* O 239 Nitinat Mnls V 3 Noble Mnl Expl* O 22 Noble Mnl Expl V 1087 Noka Res* O 550 Noka Res V 518 Nomad Ventures V 12 Noram Vent* O 260 Noram Vent V 226 Noranda Alum* O 85 Noront Res V 1306 Nortec Mnls V 568 Nortec Mnls* O 80 North Am Nickl* O 7 North Am Pall T 1 North Am Pall* O 1 North Arrow Mn V 238 Northcliff Res T 73 Norvista Cap V 731 Nouveau Monde* O 19 Nouveau Monde V 722 NovaGold Res T 1871 NovaGold Res* X 13785 Novo Res* O 54 Novo Res V 148 NRG Metals* O 5 NRG Metals V 1611 Nrthn Graphite V 66 Nrthn Graphite* O 68 Nrthn Lion V 212 Nrthn Mnrls &E* O 50 Nrthn Shield V 1391 Nrthn Superior V 2694 Nrthn Vertex* O 15 Nrthn Vertex V 233 Nthn Dynasty T 6778 Nthrn Sphere* O 63 Nthrn Sphere 319 NuLegacy Gold V 457 NuLegacy Gold* O 509 NV Gold* O 46 NV Gold V 231 O.T. Mining* O 6 OceanaGold T 13661 OceanaGold* O 57 Oceanic Iron O V 5 Oceanus Res V 729 Oceanus Res* O 15 Odyssey Res V 433 OK2 Minerals V 1032 Olivut Res V 129 Olivut Res* O 41 Omineca Mg &Ml V 19 One World Min 44 Orbite Tech* O 33

86.50 70.30 71.20 - 13.45 99.55 49.80 0.09 0.08 0.09 + 0.01 0.14 0.04 0.41 0.37 0.37 - 0.03 0.41 0.24 34.35 31.75 33.60 + 1.65 45.60 10.43 0.19 0.18 0.18 - 0.01 0.21 0.08 0.26 0.25 0.25 - 0.01 0.28 0.10 0.05 0.05 0.05 - 0.01 0.05 0.01 1.20 0.95 1.15 - 0.03 1.97 0.89 0.88 0.70 0.85 - 0.02 1.50 0.68 1.19 1.05 1.15 - 0.03 2.09 0.91 0.06 0.05 0.06 + 0.01 0.08 0.02 0.04 0.03 0.04 + 0.02 0.05 0.01 0.63 0.58 0.58 - 0.08 0.88 0.53 0.04 0.02 0.03 - 0.01 0.16 0.03 0.05 0.04 0.04 - 0.01 0.20 0.04 0.30 0.28 0.28 - 0.02 0.56 0.22 0.43 0.39 0.39 - 0.01 0.72 0.29 0.24 0.21 0.21 - 0.02 0.37 0.14 0.38 0.29 0.37 + 0.02 0.80 0.29 2.34 2.06 2.20 - 0.07 3.61 2.06 3.20 2.83 2.99 - 0.04 4.63 2.83 0.05 0.05 0.05 - 0.01 0.15 0.05 0.04 0.03 0.03 - 0.00 0.12 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 0.01 0.00 0.00 - 0.00 0.17 0.00 2.88 2.57 2.75 - 0.09 6.04 2.39 3.94 3.52 3.77 - 0.10 7.87 3.11 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.11 0.12 + 0.00 0.15 0.08 0.11 0.08 0.08 - 0.02 0.27 0.05 0.14 0.12 0.13 - 0.01 0.36 0.06 0.38 0.00 0.38 - 0.05 0.72 0.31 0.15 0.12 0.13 - 0.02 0.16 0.06 0.69 0.59 0.59 - 0.11 0.96 0.39 0.96 0.79 0.80 - 0.14 1.30 0.48 0.05 0.04 0.05 - 0.01 0.06 0.02 33.86 32.12 32.73 - 1.08 46.07 30.19 0.29 0.26 0.27 - 0.02 0.38 0.19 0.04 0.00 0.04 - 0.01 0.06 0.01 0.35 0.24 0.32 + 0.08 0.35 0.04 0.49 0.33 0.44 + 0.12 0.49 0.05 2.22 2.06 2.21 + 0.03 3.40 1.05 3.02 2.85 3.00 + 0.05 4.45 1.42 0.26 0.22 0.23 - 0.03 0.42 0.09 0.19 0.17 0.17 - 0.01 0.42 0.07 0.10 0.08 0.08 - 0.01 0.11 0.07 0.18 0.13 0.15 - 0.04 0.27 0.05 0.25 0.19 0.20 - 0.05 0.37 0.04 1.05 0.94 1.00 - 0.03 1.50 0.83 0.78 0.69 0.69 - 0.09 1.14 0.64 0.04 0.03 0.03 - 0.01 0.06 0.01 0.13 0.11 0.13 - 0.00 0.39 0.06 0.17 0.15 0.16 - 0.01 0.54 0.08 0.97 0.81 0.90 - 0.06 1.03 0.13 0.17 0.14 0.17 + 0.02 0.21 0.05 0.74 0.59 0.60 - 0.15 1.25 0.18 0.15 0.11 0.15 + 0.01 0.15 0.05 0.76 0.71 0.73 - 0.01 1.07 0.66 0.56 0.52 0.55 - 0.00 0.81 0.50 0.08 0.07 0.08 + 0.01 0.11 0.05 0.06 0.05 0.05 - 0.00 0.09 0.04 0.07 0.00 0.07 - 0.01 0.09 0.04 0.04 0.03 0.03 - 0.01 0.07 0.03 0.06 0.04 0.05 - 0.02 0.15 0.03 0.09 0.08 0.08 - 0.00 0.14 0.02 0.12 0.10 0.12 + 0.02 0.20 0.04 0.22 0.17 0.17 - 0.01 0.40 0.10 0.03 0.03 0.03 - 0.00 0.06 0.03 0.05 0.04 0.04 - 0.01 0.13 0.03 0.02 0.00 0.02 - 0.00 0.10 0.01 0.26 0.22 0.23 - 0.01 0.51 0.22 0.14 0.10 0.10 - 0.01 0.18 0.02 0.08 0.08 0.08 - 0.01 0.10 0.01 0.05 0.05 0.05 - 0.00 0.11 0.05 5.50 0.00 5.42 - 0.13 6.49 4.40 4.02 0.00 4.02 - 0.05 5.06 3.33 0.28 0.21 0.24 + 0.01 0.40 0.12 0.18 0.16 0.16 - 0.02 0.23 0.09 0.14 0.13 0.14 + 0.01 0.30 0.12 0.23 0.19 0.19 - 0.04 0.27 0.15 0.29 0.26 0.27 - 0.02 0.38 0.20 5.66 5.37 5.43 - 0.23 9.56 5.09 4.14 3.91 3.96 - 0.22 7.29 3.79 0.58 0.51 0.56 + 0.02 1.41 0.51 0.79 0.70 0.76 + 0.01 1.95 0.66 0.07 0.00 0.07 - 0.01 0.15 0.06 0.13 0.10 0.12 + 0.02 0.22 0.07 0.31 0.00 0.29 - 0.02 0.53 0.18 0.22 0.21 0.21 - 0.01 0.41 0.14 0.52 0.00 0.49 - 0.03 0.74 0.11 0.02 0.02 0.02 - 0.00 0.05 0.02 0.07 0.06 0.06 - 0.01 0.30 0.04 0.08 0.06 0.07 + 0.01 0.08 0.02 0.40 0.38 0.38 - 0.02 0.50 0.26 0.54 0.49 0.52 - 0.03 0.70 0.30 2.38 1.90 2.19 + 0.02 4.54 0.37 0.28 0.26 0.26 - 0.01 0.37 0.20 0.36 0.28 0.36 - 0.01 0.85 0.17 0.29 0.25 0.27 - 0.01 0.54 0.21 0.21 0.18 0.20 - 0.01 0.41 0.00 0.14 0.13 0.14 + 0.01 0.37 0.08 0.21 0.17 0.21 + 0.02 0.48 0.05 0.05 0.03 0.03 - 0.01 0.29 0.02 4.75 4.20 4.28 - 0.17 5.56 3.24 3.45 3.05 3.14 - 0.04 4.26 2.36 0.18 0.17 0.18 + 0.01 0.35 0.10 0.21 0.18 0.21 + 0.02 0.31 0.14 0.14 0.14 0.14 - 0.02 0.23 0.11 0.06 0.05 0.05 - 0.01 0.06 0.02 0.12 0.10 0.11 + 0.01 0.22 0.09 0.17 0.14 0.15 - 0.01 0.42 0.12 0.13 0.10 0.13 + 0.00 0.30 0.09 0.05 0.04 0.04 - 0.01 0.11 0.04 0.44 0.40 0.43 + 0.04 0.75 0.35 0.05 0.01 0.01 - 0.04 0.37 0.01

N-O

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orca Gold V 439 Orca Gold* O 258 Orestone Mng V 153 Orex Expl V 505 Orex Mnrls V 485 Orex Mnrls* O 273 Orezone Gold V 614 O 78 Orezone Gold* Original Sixtn* O 7 Orla Mng Ltd V 360 Oro East Mg* O 25 Oroco Res V 191 Orocobre T 769 Oroplata Res* O 156 Orosur Mng T 101 Orsu Metals* O 62 Orvana Mnrls T 172 Orvana Mnrls* O 97 Osisko Gold* N 4305 Osisko Gold T 2099 Otis Gold* O 79 Otis Gold V 364 OZ Minerals* O 3

0.42 0.37 0.37 - 0.03 0.55 0.27 0.31 0.27 0.27 - 0.02 0.44 0.20 0.02 0.02 0.02 - 0.01 0.04 0.01 0.06 0.06 0.06 - 0.01 0.08 0.02 0.17 0.16 0.17 + 0.01 1.38 0.17 0.13 0.12 0.12 - 0.00 1.02 0.05 0.62 0.55 0.59 - 0.01 1.28 0.42 0.44 0.40 0.43 - 0.02 0.99 0.31 0.10 0.05 0.10 + 0.05 0.12 0.04 1.30 1.17 1.20 - 0.10 1.75 0.13 0.01 0.01 0.01 - 0.00 0.03 0.00 0.04 0.04 0.04 + 0.01 0.06 0.02 3.49 3.13 3.36 + 0.26 5.04 2.73 0.32 0.22 0.24 - 0.03 2.04 0.13 0.27 0.24 0.24 - 0.04 0.38 0.19 0.01 0.00 0.01 + 0.00 0.04 0.01 0.23 0.21 0.22 - 0.02 0.39 0.16 0.17 0.16 0.17 - 0.00 0.29 0.12 10.69 10.02 10.26 - 0.41 14.74 8.88 14.66 13.78 14.02 - 0.52 18.64 11.90 0.29 0.24 0.25 - 0.02 0.32 0.10 0.39 0.35 0.36 - 0.01 0.42 0.13 5.46 4.75 4.75 - 0.71 7.39 3.87

Pac Bay Mnrls V 11 Pac Booker Min* O 5 Pac Gold* O 10062 Pac North West V 617 Pac North West* O 11 Pac Potash V 13 Pac Ridge Expl V 112 Palamina Corp* O 47 Palamina Corp V 42 Palisades Vent* O 44 Pan Am Silver* D 9513 Pan Am Silver T 1308 Pan Global Res V 70 Pancontinental V 145 Pancontinental* O 9 Panex Res* O 37 Pantheon Vent V 677 Para Resources V 1121 Parallel Mng V 170 Paramount Gold* X 113 Parlane Res V 207 Pasinex Res 438 Passprt Potash* O 93 Patriot Gold* O 207 Peabody Enrgy* N 9591 Peat Res V 2234 Pedro Res V 520 Pelangio Expl V 100 Pele Mtn Res* O 26 Peloton Mnrls* O 12 Peloton Mnrls 319 Perseus Mng T 453 Pershing Gold* D 357 Pershing Gold T 2 Philex Mng* O 15 Philippine Mtl V 436 Pilot Gold T 744 Pilot Gold* O 238 Pine Cliff En T 3632 Pine Cliff En* O 10 Pinecrest Res V 591 Pistol Bay Mng V 1335 Pitchblack Res V 261 Pitchblack Res* O 4 PJSC Polyus Gd* O 3 Plata Latina V 106 Plate Res V 100 Plateau Uran* O 90 Plateau Uran V 933 Platinex Inc 368 Platinum Gp Mt* X 3838 Platinum Gp Mt T 648 Playfair Mng V 241 Playfair Mng* O 64 PNG Gold V 419 Polaris Mater T 92 PolyMet Mng* X 615 PolyMet Mng T 15 Portage Res* O 2418 Potash Corp SK T 8062 Potash Corp SK* N 35281 Potash Ridge T 1422 Potash Ridge* O 94 Power Metals V 2250 PPX Mining* O 16 Premier Gold M T 3598 Pretium Res* N 13339 Pretium Res T 2641 Primero Mng T 2147 Primero Mng* N 7149 Prize Mng V 201 Probe Metals* O 65 Probe Metals V 278 Prophecy Coal T 14 Prophecy Coal* O 2 Prospector Res V 60 Prosper Gold V 158 PUF Vent Inc 1155 PUF Vent Inc * O 2 Pure Energy* O 614 Pure Gold Mg V 1039 Pure Gold Mg* O 450 Pure Nickel* O 1800 Purepoint Uran V 607 QMC Quantum Ml V 220 QMX Gold* O 2 QMX Gold V 126 Quartz Mtn Res V 23 Quaterra Res V 157 Quaterra Res* O 223 Quest Rare Mnl* O 157

0.05 0.04 0.04 - 0.01 0.07 0.03 0.63 0.55 0.55 - 0.05 1.16 0.55 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.08 0.09 - 0.01 0.23 0.06 0.07 0.07 0.07 - 0.00 0.10 0.06 0.04 0.04 0.04 - 0.01 0.07 0.03 0.07 0.06 0.06 - 0.01 0.12 0.04 0.15 0.13 0.13 - 0.02 0.19 0.08 0.23 0.19 0.20 - 0.03 0.25 0.10 0.06 0.06 0.06 + 0.00 0.06 0.04 16.82 15.64 16.24 - 0.53 21.59 13.40 23.00 21.53 22.18 - 0.71 27.99 17.26 0.09 0.08 0.09 + 0.01 0.17 0.01 0.07 0.06 0.07 + 0.01 0.16 0.01 0.04 0.04 0.04 - 0.00 0.10 0.02 0.01 0.00 0.01 + 0.00 0.01 0.00 0.17 0.13 0.16 + 0.01 0.38 0.10 0.25 0.19 0.19 - 0.05 0.36 0.17 0.11 0.10 0.10 + 0.01 0.18 0.05 1.67 1.52 1.57 - 0.07 2.93 1.37 0.13 0.12 0.13 + 0.01 0.33 0.10 0.26 0.21 0.21 - 0.06 0.34 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.08 0.08 - 0.01 0.23 0.07 26.83 23.63 23.96 - 1.45 32.50 22.61 0.02 0.01 0.01 - 0.01 0.07 0.01 0.15 0.07 0.10 - 0.04 0.27 0.03 0.05 0.05 0.05 - 0.01 0.08 0.04 0.02 0.00 0.02 + 0.00 0.03 0.01 0.05 0.00 0.05 + 0.00 0.12 0.04 0.07 0.06 0.07 + 0.01 0.15 0.06 0.32 0.29 0.30 - 0.01 0.67 0.29 2.80 2.60 2.64 - 0.16 5.02 2.64 3.80 3.61 3.68 - 0.18 5.52 3.61 0.16 0.16 0.16 + 0.03 0.21 0.10 0.05 0.00 0.05 - 0.01 0.18 0.03 0.50 0.45 0.46 - 0.04 0.95 0.38 0.37 0.32 0.33 - 0.03 0.72 0.28 0.78 0.72 0.75 + 0.01 1.22 0.64 0.56 0.53 0.53 - 0.01 0.89 0.51 0.48 0.43 0.45 - 0.03 0.50 0.15 0.08 0.06 0.07 - 0.01 0.14 0.04 0.40 0.35 0.36 - 0.02 0.40 0.06 0.31 0.28 0.31 + 0.08 0.31 0.05 38.50 0.00 38.50 + 0.30 39.92 32.95 0.04 0.04 0.04 - 0.01 0.12 0.03 0.05 0.05 0.05 + 0.01 0.14 0.04 0.42 0.33 0.33 - 0.08 0.54 0.12 0.57 0.45 0.45 - 0.10 0.71 0.17 0.13 0.10 0.13 + 0.01 0.23 0.10 1.20 1.03 1.12 - 0.07 3.98 1.03 1.65 1.42 1.51 - 0.13 4.95 1.42 0.08 0.07 0.08 + 0.01 0.18 0.04 0.06 0.05 0.06 + 0.01 0.12 0.03 0.62 0.00 0.57 + 0.02 0.81 0.03 1.05 1.03 1.04 - 0.03 1.55 0.95 0.74 0.70 0.72 + 0.01 1.14 0.69 1.00 0.96 0.96 - 0.01 1.48 0.93 0.00 0.00 0.00 + 0.00 0.01 0.00 23.23 22.26 22.49 - 0.53 26.62 19.93 17.00 16.21 16.46 - 0.42 20.27 15.21 0.23 0.21 0.22 - 0.01 0.50 0.20 0.16 0.15 0.15 - 0.01 0.38 0.15 0.33 0.30 0.31 - 0.01 0.55 0.07 0.05 0.04 0.04 - 0.01 0.13 0.02 2.78 2.50 2.62 - 0.14 5.05 1.87 10.03 8.56 8.85 - 1.06 12.53 6.82 13.80 11.76 12.11 - 1.42 16.48 9.05 0.72 0.60 0.67 + 0.03 3.42 0.60 0.53 0.44 0.48 + 0.02 2.63 0.44 0.67 0.58 0.67 + 0.04 0.65 0.01 1.12 1.04 1.09 - 0.04 1.66 0.58 1.53 1.43 1.45 - 0.09 2.18 0.77 3.53 3.30 3.50 - 0.20 7.19 1.33 2.58 0.00 2.51 - 0.20 5.17 1.05 1.80 1.30 1.65 + 0.15 1.90 0.01 0.20 0.16 0.17 - 0.01 0.44 0.13 0.40 0.36 0.40 + 0.01 0.47 0.04 0.29 0.28 0.28 - 0.01 0.35 0.05 0.39 0.36 0.38 - 0.01 0.74 0.35 0.58 0.48 0.51 - 0.06 0.77 0.40 0.42 0.35 0.37 - 0.04 0.60 0.29 0.01 0.01 0.01 - 0.00 0.03 0.00 0.09 0.08 0.09 + 0.01 0.19 0.07 0.13 0.09 0.12 - 0.01 0.19 0.02 0.16 0.15 0.15 - 0.02 0.22 0.03 0.23 0.22 0.22 - 0.01 0.30 0.04 0.07 0.00 0.06 - 0.02 0.12 0.02 0.13 0.12 0.12 - 0.01 0.15 0.06 0.10 0.08 0.09 - 0.01 0.13 0.03 0.09 0.08 0.08 - 0.01 0.23 0.07

Rackla Mtls* O 1 Radisson Mng V 159 O 3 Rainforest Res* Rainy Mtn Royl* O 513 Rambler Ml &Mg V 69 Randgold Res* D 4549 Randsburg Intl V 467 Rare Earth Mnl* O 1 Rare Element* O 364 Ravencrest Res 4 RB Energy* O 14 Red Eagle Expl V 358 Red Eagle Mng* O 207 Red Eagle Mng T 1012 Red Hut V 259 Red Moon Res V 4 Red Pine Expl V 2847 Red Tiger Mng V 195 Redstar Gold* O 115 Redstar Gold V 931 Redzone Res V 24 Regulus Res V 224 Reliant Gold V 33 Remington Res V 50 Renaissance Gd* O 141 Renaissance Gd V 92 Renforth Res 658 Resource Cap V 1610 Resource Cap* O 22 Reunion Gold V 735 Revelo Res V 456 Rheingold Expl 346 Rhyolite Res V 77 Richmond Mnls V 48 Richmont Mines* N 3312 Richmont Mines T 2008 Rift Valley 1 Rimrock Gold* O 61131 Rio Novo Gold T 948 Rio Tinto* N 15092 Rio Tinto* O 2 Rise Gold Corp 392 Riverside Res* O 90 Riverside Res V 400 RJK Explor V 53 Robex Res V 216

0.10 0.00 0.10 - 0.00 0.17 0.04 0.16 0.15 0.15 - 0.01 0.20 0.12 3.50 0.00 3.49 - 0.01 8.25 0.30 0.09 0.00 0.08 - 0.00 0.14 0.03 0.18 0.00 0.16 - 0.01 0.22 0.05 89.56 83.75 88.95 + 0.96 126.55 67.54 0.01 0.01 0.01 - 0.01 0.03 0.01 3.84 3.55 3.55 - 0.29 15.28 2.75 0.25 0.20 0.21 - 0.04 0.53 0.00 0.05 0.00 0.05 - 0.01 0.09 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.16 0.14 0.15 + 0.01 0.30 0.08 0.51 0.43 0.45 - 0.07 0.79 0.33 0.70 0.59 0.61 - 0.09 1.05 0.59 0.11 0.10 0.11 - 0.01 0.28 0.07 0.03 0.00 0.03 - 0.01 0.09 0.02 0.11 0.10 0.10 - 0.01 0.24 0.08 0.03 0.02 0.03 + 0.02 0.10 0.02 0.09 0.08 0.09 + 0.00 0.15 0.03 0.12 0.11 0.12 + 0.01 0.17 0.05 0.20 0.15 0.15 - 0.05 0.32 0.10 1.77 1.70 1.76 + 0.01 1.87 0.45 0.03 0.02 0.02 - 0.01 0.05 0.02 0.11 0.10 0.10 - 0.01 0.18 0.05 0.27 0.23 0.24 - 0.02 0.52 0.18 0.37 0.32 0.33 - 0.02 0.66 0.23 0.07 0.06 0.07 + 0.01 0.07 0.02 0.17 0.14 0.15 - 0.02 0.35 0.05 0.13 0.12 0.12 - 0.01 0.26 0.04 0.12 0.10 0.10 - 0.01 0.17 0.01 0.05 0.04 0.04 - 0.01 0.12 0.04 0.34 0.25 0.25 - 0.09 0.37 0.01 0.27 0.20 0.21 - 0.03 0.30 0.11 0.05 0.04 0.05 + 0.01 0.08 0.03 7.70 6.60 6.80 - 0.80 11.66 5.45 10.53 9.08 9.25 - 1.07 15.01 7.36 0.11 0.00 0.11 + 0.01 0.13 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.10 0.12 - 0.01 0.30 0.09 40.15 37.67 38.90 - 0.92 47.11 26.95 39.20 0.00 38.07 - 1.61 46.20 26.85 0.32 0.28 0.29 - 0.05 0.40 0.11 0.35 0.30 0.31 - 0.05 0.46 0.21 0.47 0.40 0.42 - 0.06 0.60 0.27 0.17 0.13 0.14 - 0.01 0.25 0.08 0.09 0.00 0.08 - 0.01 0.15 0.07

P-Q

R

2017-05-09 4:46 PM

22

WWW.NORTHERNMINER.COM

MAY 15–28, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Rock Tech Lith V 88 Rockcliff Cop V 305 Rockex Mng 7 Rockhaven Res V 292 Rockshield Cap 209 Rogue Res* O 9 Rogue Res V 57 Rojo Res V 87 Rokmaster Res V 295 Romios Gold Rs V 1361 Romios Gold Rs* O 76 Romulus Res V 98 RosCan Mrnls V 61 Rosita Mg Corp V 385 Roughrider Exp V 148 Roxgold T 1299 Roxgold* O 79 Royal Gold* D 2840 Royal Nickel T 6753 Royal Nickel* O 2116 Royal Rd Mnrls V 433 Royal Std Mnrl* O 208 RT Minerals* O 48 RT Minerals V 391 RTG Mining T 25 Rubicon Mnrls* O 10 Rubicon Mnrls T 185 Rugby Mng V 252 Rupert Res V 418 Rusoro Mng* O 2573 Rusoro Mng V 1069 Rye Patch Gold* O 750 Rye Patch Gold V 8729

0.93 0.87 0.89 - 0.05 1.45 0.21 0.09 0.08 0.08 - 0.01 0.16 0.04 0.02 0.00 0.02 + 0.01 0.42 0.02 0.17 0.16 0.16 - 0.01 0.29 0.14 0.12 0.09 0.09 - 0.01 0.16 0.04 0.36 0.35 0.35 - 0.01 0.56 0.25 0.49 0.45 0.49 + 0.01 0.90 0.32 0.10 0.07 0.08 - 0.03 0.15 0.06 0.06 0.05 0.05 - 0.01 0.08 0.02 0.05 0.05 0.05 + 0.01 0.10 0.04 0.04 0.03 0.04 - 0.00 0.08 0.03 0.20 0.17 0.20 + 0.05 0.20 0.08 0.09 0.07 0.08 - 0.02 0.12 0.01 0.04 0.03 0.03 - 0.01 0.14 0.03 0.10 0.08 0.09 - 0.01 0.15 0.05 1.28 1.14 1.16 - 0.09 1.76 1.06 0.90 0.83 0.85 - 0.04 1.35 0.81 70.79 67.10 69.91 - 0.77 87.74 51.76 0.23 0.18 0.19 - 0.04 0.53 0.19 0.16 0.13 0.13 - 0.03 0.41 0.14 0.09 0.08 0.08 - 0.01 0.18 0.07 0.01 0.01 0.01 - 0.00 0.01 0.00 0.07 0.07 0.07 + 0.00 0.14 0.05 0.11 0.10 0.10 - 0.01 0.30 0.06 0.16 0.16 0.16 - 0.01 0.70 0.16 1.26 1.14 1.15 - 0.15 11.35 1.14 1.80 1.55 1.55 - 0.26 2.39 1.30 0.36 0.33 0.33 - 0.03 0.58 0.15 1.31 1.19 1.19 - 0.09 1.47 0.46 0.13 0.09 0.09 - 0.02 0.31 0.07 0.15 0.13 0.13 - 0.02 0.41 0.10 0.20 0.17 0.18 - 0.01 0.37 0.16 0.28 0.24 0.24 - 0.02 0.47 0.22

Sabina Gd&Slvr T 1433 Sabina Gd&Slvr* O 806 Sage Gold* O 100 Saint Jean* O 267 Saint Jean V 2525 Salt Lake Pot* O 18 Sama Graphite V 403 Sama Res V 585 Samex Mng* O 111 San Marco Res* O 20 Sandspring Res V 875 Sandspring Res* O 201 Sandstorm Gold* X 13866 T 3340 Sandstorm Gold Santa Fe Gold* O 442 Santacruz Silv V 1094 Sarama Res V 488 Sarissa Res* O 716 Satori Res V 109 Saturn Mnrls V 227 Savant Expl V 708 Savary Gold* O 92 Saville Res V 19 Scandium Intl* O 419 Scandium Intl T 3684 Scientific Met* O 1778 Scientific Met V 4119 ScoZinc Mg V 32 Seabridge Gld T 691 Seabridge Gld* N 4379 Search Mnls V 80 Searchlight* O 155 Secova Mtls V 964 Secova Mtls* O 347 Sego Res V 340 Select Sands V 3149 Semafo T 16831 Senator Mnrls V 339 V 51 Sennen Potash Serabi Gold T 43 Sherritt Intl T 7932 Shore Gold T 2646 Shoshoni Gold V 323 Sibanye Gold* N 14151 Sienna Res V 364 Sierra Metals* O 80 Sierra Metals T 165 Signature Res V 318 360 Silver Bear Rs T Silver Bull Re T 706 Silver Dragon* O 2421 Silver Falcon* O 2667 Silver Predatr V 26 Silver Predatr* O 3 Silver Pursuit V 18 Silver Range V 205 Silver Scott* O 4

1.73 1.55 1.60 - 0.12 1.79 0.84 1.27 1.12 1.17 - 0.09 1.41 0.61 0.15 0.13 0.13 - 0.01 0.16 0.04 0.05 0.04 0.05 + 0.00 0.26 0.02 0.07 0.06 0.07 + 0.01 0.35 0.03 0.38 0.34 0.34 - 0.04 0.50 0.24 0.46 0.39 0.42 - 0.02 0.58 0.04 0.21 0.19 0.19 - 0.03 0.25 0.07 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.00 0.12 - 0.01 0.22 0.05 0.49 0.41 0.41 - 0.09 0.94 0.31 0.36 0.29 0.29 - 0.06 0.72 0.23 3.49 3.18 3.33 - 0.15 6.75 3.18 4.79 4.37 4.56 - 0.17 8.73 4.29 0.12 0.10 0.12 + 0.01 0.23 0.00 0.26 0.21 0.22 - 0.03 0.59 0.21 0.23 0.19 0.20 - 0.02 0.55 0.12 0.00 0.00 0.00 - 0.00 0.01 0.00 0.28 0.00 0.24 - 0.02 0.30 0.07 0.08 0.08 0.08 + 0.01 0.13 0.07 0.07 0.06 0.07 + 0.01 0.10 0.01 0.06 0.06 0.06 + 0.00 0.12 0.05 0.02 0.02 0.02 - 0.01 0.05 0.01 0.33 0.27 0.30 + 0.01 0.35 0.10 0.46 0.36 0.42 + 0.03 0.48 0.14 0.84 0.60 0.68 - 0.06 0.88 0.27 1.14 0.81 0.91 - 0.09 1.18 0.16 1.15 0.00 1.05 - 0.09 1.26 0.58 14.82 13.53 14.01 - 0.07 20.71 9.99 10.80 9.83 10.25 - 0.05 15.88 7.35 0.10 0.09 0.10 + 0.01 0.10 0.06 0.05 0.04 0.04 - 0.00 0.13 0.01 0.07 0.06 0.07 - 0.01 0.11 0.04 0.05 0.04 0.04 - 0.01 0.09 0.03 0.05 0.04 0.05 + 0.01 0.08 0.02 1.50 1.11 1.30 - 0.23 2.04 0.20 3.13 2.68 2.84 - 0.30 7.46 2.68 0.98 0.90 0.93 - 0.02 1.10 0.20 0.10 0.00 0.09 - 0.01 0.17 0.08 0.09 0.08 0.08 - 0.01 0.12 0.07 1.11 0.80 0.80 - 0.10 1.67 0.69 0.21 0.19 0.20 + 0.01 0.22 0.17 0.05 0.00 0.04 - 0.01 0.25 0.04 8.11 7.42 7.59 - 0.42 20.97 6.16 0.11 0.09 0.09 - 0.01 0.27 0.10 2.47 2.30 2.30 - 0.02 2.75 0.97 3.68 3.07 3.13 - 0.13 3.75 1.20 0.15 0.11 0.15 + 0.04 0.19 0.02 0.38 0.34 0.35 - 0.03 0.53 0.15 0.13 0.10 0.12 + 0.01 0.28 0.10 0.03 0.03 0.03 + 0.00 0.04 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.04 0.05 + 0.01 0.12 0.02 0.04 0.03 0.04 + 0.01 0.08 0.02 0.19 0.15 0.15 - 0.04 0.23 0.06 0.27 0.00 0.25 - 0.02 0.29 0.08 0.03 0.02 0.02 - 0.02 0.04 0.00

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Silver Shield 197 Silver Spruce* O 4 Silver Spruce V 826 Silver Std Res T 1691 Silver Std Res* D 11515 Silver Wheaton T 5331 N 18442 Silver Wheaton* Silvercorp Met T 4659 Silvercorp Met* O 627 Sirios Res* O 51 Sirios Res V 592 O 337 Skyharbour Res* Skyharbour Res V 332 Slam Explor V 201 Sokoman Iron V 111 Sokoman Iron* O 134 Solitario Ex&R T 35 Solitario Ex&R* X 264 Southern Arc* O 10 Southern Arc V 27 Southern Copp* N 5595 Southern Lith V 4082 Southern Silvr V 186 Southern Silvr* O 76 SouthGobi Res T 5 Spanish Mtn Gd* O 68 Sparton Res* O 69 Spearmint Res V 283 Sprott Res Hld T 2421 Spruce Ridge R V 8747 St Augustine T 9202 Stakeholdr Gld V 214 Standard Graph V 929 Stans Energy V 1351 Stans Energy* O 238 Starcore Intl T 49 Steele Oceanic* O 5 Stellar Africa V 470 Stelmine Can V 52 Sterling Grp* O 390 Stillwater Mg* N 15039 Stina Res* O 230 Stina Res 1638 Stonegate Agri T 62 Stonegate Agri* O 210 Stornoway Diam T 1292 Stornoway Diam* O 6 Strata Mnls V 74 Strategic Metl V 159 Strikepoint Gd* O 12 Strikepoint Gd V 271 Sultan Mnrls V 96 Suncor Energy T 16157 Suncor Energy* N 17328 Sunvest Mnrls V 1842 Sunvest Mnrls* O 132 Supreme Metals 877 Sutter Gold V 83 Sutter Gold* O 28 Syrah Res* O 17

0.08 0.05 0.07 + 0.01 0.17 0.03 0.05 0.05 0.05 - 0.00 0.10 0.04 0.08 0.07 0.07 - 0.01 0.14 0.05 14.05 12.02 12.55 - 1.53 20.48 10.32 10.29 8.75 9.19 - 1.13 15.84 7.70 27.33 25.77 26.62 - 0.62 40.80 22.63 20.03 18.75 19.48 - 0.49 31.35 16.94 4.25 3.86 3.99 - 0.31 5.90 2.03 3.10 2.81 2.93 - 0.20 4.50 1.55 0.30 0.27 0.27 - 0.03 1.13 0.21 0.39 0.35 0.39 + 0.02 1.42 0.25 0.35 0.29 0.33 - 0.01 0.54 0.18 0.48 0.41 0.43 - 0.03 0.70 0.16 0.05 0.04 0.04 - 0.01 0.15 0.03 0.06 0.05 0.05 - 0.01 0.13 0.01 0.04 0.04 0.04 - 0.00 0.08 0.03 1.07 0.92 0.95 - 0.07 1.29 0.58 0.78 0.66 0.69 - 0.08 0.95 0.43 0.47 0.45 0.45 - 0.00 0.75 0.26 0.65 0.62 0.62 - 0.03 1.09 0.34 35.75 32.88 33.69 - 1.68 39.50 24.90 0.38 0.30 0.34 + 0.03 0.49 0.05 0.42 0.38 0.40 + 0.01 0.66 0.13 0.30 0.28 0.30 + 0.02 0.52 0.10 0.33 0.32 0.32 - 0.01 0.65 0.22 0.12 0.11 0.12 - 0.01 0.17 0.06 0.05 0.04 0.05 + 0.01 0.07 0.02 0.03 0.03 0.03 - 0.01 0.06 0.02 0.19 0.17 0.17 - 0.02 0.23 0.13 0.03 0.02 0.02 - 0.01 0.05 0.02 0.05 0.02 0.04 + 0.02 0.14 0.02 0.42 0.34 0.39 + 0.03 0.89 0.19 0.16 0.15 0.16 + 0.01 0.20 0.05 0.04 0.03 0.03 - 0.01 0.09 0.02 0.03 0.02 0.03 + 0.01 0.06 0.01 0.51 0.47 0.47 - 0.05 0.91 0.42 1.37 0.00 1.01 - 0.36 15.20 1.01 0.06 0.05 0.05 - 0.01 0.08 0.02 0.30 0.27 0.30 + 0.01 0.38 0.05 0.09 0.07 0.07 + 0.01 0.18 0.02 18.00 17.98 18.00 + 0.02 18.00 9.02 0.10 0.09 0.09 - 0.00 0.14 0.05 0.15 0.12 0.13 - 0.02 0.18 0.07 0.02 0.00 0.02 + 0.01 0.03 0.01 0.02 0.01 0.01 + 0.00 0.03 0.01 0.83 0.81 0.83 + 0.01 1.33 0.80 0.61 0.58 0.60 + 0.01 0.96 0.58 0.32 0.27 0.32 + 0.04 0.32 0.08 0.63 0.57 0.62 + 0.01 0.86 0.37 0.47 0.44 0.46 - 0.00 0.47 0.14 0.67 0.56 0.56 - 0.06 0.67 0.17 0.11 0.09 0.09 - 0.02 0.18 0.05 43.56 41.10 42.61 - 0.17 44.90 32.69 31.74 29.89 31.20 - 0.16 33.79 25.31 0.15 0.12 0.12 - 0.03 0.28 0.07 0.10 0.09 0.10 + 0.01 0.18 0.05 0.05 0.04 0.04 - 0.01 0.15 0.02 0.05 0.00 0.05 - 0.01 0.14 0.04 0.04 0.03 0.04 + 0.01 0.12 0.03 1.83 1.75 1.83 + 0.15 4.90 1.68

Tahoe Res* N 22245 Tahoe Res T 9185 Tajiri Res V 65 Taku Gold 357 Talon Metals T 46 Tamino Mnrls* O 2319 Tanager Energy V 211 Tanqueray Expl V 1163 Tanzania Rlty* X 614 Taranis Res* O 25 Taranis Res V 109 Tarku Res V 384 Tartisan Res 405 Tasca Res V 457 Taseko Mines* X 2731 Taseko Mines T 2289 Teck Res T 11885 Teck Res* N 28774 Teck Res T 19 Telferscot Res 425 Telson Res * O 11 Telson Res V 85 Tembo Gold* O 149 Tembo Gold V 590 Teranga Gold T 9186 Terraco Gold V 596 Terrax Mnrls* O 180 Terrax Mnrls V 777 Terreno Res V 320

9.24 7.67 8.60 + 0.54 17.01 7.12 12.63 10.50 11.75 + 0.69 22.13 9.58 0.11 0.11 0.11 - 0.01 0.21 0.03 0.15 0.13 0.13 + 0.01 0.22 0.06 0.10 0.09 0.10 + 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.16 0.17 - 0.01 0.20 0.05 1.30 1.10 1.11 - 0.04 1.56 0.03 0.52 0.45 0.50 - 0.01 1.49 0.39 0.08 0.07 0.07 - 0.01 0.12 0.07 0.10 0.08 0.08 - 0.02 0.15 0.06 0.06 0.06 0.06 - 0.01 0.10 0.03 0.16 0.10 0.15 - 0.01 0.18 0.03 0.14 0.09 0.13 + 0.05 0.21 0.02 1.18 1.02 1.09 - 0.05 1.63 0.41 1.61 1.41 1.49 - 0.04 2.12 0.55 28.61 24.83 25.30 - 3.02 35.67 11.80 20.93 18.09 18.54 - 2.20 26.60 9.06 29.05 25.50 25.75 - 3.25 36.49 13.60 0.02 0.02 0.02 + 0.01 0.05 0.01 0.29 0.27 0.27 - 0.02 0.43 0.11 0.40 0.33 0.40 + 0.02 0.55 0.15 0.03 0.02 0.03 + 0.00 0.06 0.02 0.03 0.00 0.03 - 0.01 0.07 0.03 0.71 0.63 0.65 - 0.01 1.40 0.63 0.14 0.12 0.14 + 0.02 0.19 0.11 0.45 0.39 0.40 - 0.05 0.80 0.25 0.61 0.53 0.53 - 0.08 1.05 0.32 0.06 0.05 0.05 - 0.01 0.08 0.03

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Teslin Rvr Res V 475 Tesoro Mnrls V 247 Teuton Res V 153 Texas Mineral* O 111 Thor Expl V 24 Thunder Mtn Gd* O 195 Thunderstruck V 74 Tiger Intl V 7 Till Capital V 3 Till Capital* D 7 Timberline Res V 171 O 274 Timberline Res* Timmins Gold T 19121 Timmins Gold* X 7698 Tinka Res* O 1145 Tinka Res V 3799 Tintina Mines V 128 Tintina Res V 233 Tintina Res* O 257 Tirex Res* O 110 Tirex Res V 1023 Titanium Corp V 212 TMAC Resource* O 21 TMAC Resources T 104 TomaGold V 887 Tombstone Expl* O 1641 Torex Gold* O 51 Torex Gold T 2368 Toron, Inc* O 3168 Torq Resources V 362 Tower Res V 231 Tower Res* O 31 Transatlan Mng* O 165 Transatlan Mng V 862 Transition Mtl V 122 Treasury Metal T 1025 Trecora Res* N 184 Trek Mining V 1130 Trek Mining* O 254 Tres-Or Res V 88 Trevali Mng* O 243 Trevali Mng T 8148 Trilogy Mtls T 111 Trilogy Mtls* X 613 TriMetals Mng* O 42 TriMetals Mng* O 103 Trinity Res* O 0 Trinity Valley V 561 Trio Resources* O 577 TriStar Gold* O 38 TriStar Gold V 681 Triumph Gold* O 239 Triumph Gold V 636 Troy Res* O 38 Troymet Expl V 139 Tsodilo Res V 22 Tudor Gold V 38 Tungsten Corp* O 15017 Turquoise HIl* N 20385 Turquoise HIl T 6231 TVI Pacific* O 36

0.50 0.44 0.48 - 0.03 0.63 0.21 0.08 0.00 0.08 + 0.01 0.12 0.05 0.20 0.18 0.19 - 0.01 0.46 0.10 0.21 0.17 0.21 - 0.01 0.39 0.09 0.19 0.16 0.16 - 0.03 0.20 0.04 0.12 0.08 0.12 - 0.01 0.16 0.02 0.10 0.08 0.10 + 0.02 0.20 0.02 0.08 0.08 0.08 + 0.01 0.13 0.08 5.35 4.70 5.00 + 0.27 6.00 3.88 4.03 0.00 3.91 - 0.03 5.00 2.98 0.59 0.50 0.54 - 0.03 0.73 0.20 0.42 0.36 0.39 - 0.04 0.53 0.02 0.61 0.52 0.60 + 0.07 0.80 0.30 0.44 0.39 0.44 + 0.05 0.63 0.23 0.57 0.36 0.45 - 0.04 0.59 0.13 0.78 0.49 0.63 - 0.04 0.78 0.17 0.05 0.05 0.05 - 0.01 0.09 0.03 0.14 0.10 0.12 + 0.01 0.15 0.06 0.09 0.07 0.09 + 0.00 0.12 0.04 0.05 0.04 0.04 - 0.01 0.11 0.04 0.06 0.05 0.05 - 0.01 0.14 0.05 1.09 0.95 1.02 + 0.02 1.25 0.35 11.14 9.89 10.03 - 1.30 15.16 9.26 15.36 13.56 13.82 - 1.75 20.18 11.78 0.09 0.08 0.09 + 0.02 0.17 0.06 0.01 0.00 0.01 - 0.00 0.02 0.00 16.82 14.90 15.72 - 1.26 27.34 12.73 23.09 20.44 21.40 - 1.72 35.17 17.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.84 0.73 0.75 + 0.02 1.00 0.23 0.17 0.15 0.16 - 0.02 0.21 0.03 0.13 0.12 0.12 - 0.02 0.13 0.05 0.00 0.00 0.03 - 0.26 0.29 0.21 0.20 0.02 0.17 - 0.08 0.90 0.20 0.20 0.18 0.20 + 0.01 0.25 0.12 0.70 0.62 0.64 - 0.04 0.90 0.46 11.43 11.00 11.25 + 0.20 14.80 9.75 1.38 1.09 1.19 - 0.19 2.55 0.97 1.03 0.79 0.88 - 0.13 1.64 0.79 0.05 0.04 0.04 - 0.01 0.06 0.03 0.90 0.78 0.85 - 0.04 1.16 0.31 1.23 1.06 1.13 - 0.07 1.57 0.41 1.01 0.86 0.86 - 0.08 1.07 0.57 0.75 0.61 0.63 - 0.08 0.85 0.41 0.19 0.18 0.19 + 0.02 0.28 0.13 0.14 0.12 0.13 - 0.00 0.32 0.11 0.03 0.00 0.03 - 0.00 0.33 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.22 0.21 0.21 + 0.00 0.41 0.15 0.31 0.29 0.30 + 0.02 0.53 0.22 0.34 0.28 0.31 - 0.03 0.38 0.12 0.47 0.38 0.42 - 0.05 0.50 0.14 0.09 0.07 0.07 - 0.03 0.56 0.07 0.02 0.01 0.01 - 0.01 0.05 0.01 0.94 0.91 0.94 + 0.02 1.05 0.50 0.69 0.00 0.62 + 0.01 2.50 0.37 0.00 0.00 0.00 + 0.00 0.00 0.00 2.79 2.56 2.63 - 0.10 3.80 2.56 3.83 3.50 3.57 - 0.15 5.03 3.33 0.02 0.01 0.01 - 0.00 0.06 0.00

U.S. Lithium* O 1770 U3O8 Corp* O 306 254 Ucore Rare Mtl* O Ucore Rare Mtl V 862 UEX Corp T 2038 Ultra Lithium V 40 Ultra Lithium* O 14 Umbral Enrgy 3348 Unigold V 1870 Unigold* O 652 United Res Hdg* O 240 United Silver* O 14 202 United States A* X United States S* N 100806 Unity Energy V 23 Ur-Energy* X 2142 Ur-Energy T 342 Uracan Res V 336 Uracan Res* O 7 Uragold Bay Rs V 2147 Uranium Energy* X 6742 Uranium Res* D 2897 US Energy* D 172 US Precious M* O 4516 US Rare Earths* O 15 USCorp* O 133 Vale* N 166443 N 46731 Vale*

0.05 0.03 0.04 + 0.01 0.15 0.01 0.03 0.02 0.02 - 0.00 0.04 0.01 0.22 0.20 0.20 - 0.00 0.35 0.19 0.31 0.27 0.27 - 0.01 0.45 0.27 0.26 0.20 0.21 - 0.03 0.43 0.15 0.17 0.15 0.15 - 0.03 0.30 0.15 0.12 0.12 0.12 - 0.00 0.22 0.12 0.07 0.06 0.06 - 0.01 0.11 0.02 0.27 0.23 0.26 + 0.01 0.69 0.15 0.20 0.17 0.19 + 0.01 0.51 0.12 0.02 0.01 0.01 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.44 0.36 0.37 - 0.07 0.60 0.20 22.51 20.77 21.49 - 0.83 41.83 12.77 0.16 0.00 0.16 - 0.01 1.14 0.15 0.60 0.50 0.50 - 0.05 0.91 0.41 0.82 0.68 0.69 - 0.09 1.19 0.55 0.05 0.05 0.05 - 0.01 0.10 0.04 0.03 0.03 0.03 + 0.00 0.08 0.02 0.16 0.14 0.15 - 0.01 0.31 0.11 1.29 1.10 1.12 - 0.12 1.92 0.69 1.69 1.41 1.50 - 0.19 4.00 0.97 1.05 0.87 0.97 + 0.10 2.84 0.75 0.01 0.01 0.01 - 0.00 0.02 0.00 0.21 0.00 0.21 + 0.00 0.80 0.02 0.01 0.00 0.00 - 0.00 0.03 0.00 8.90 7.84 8.17 - 0.41 11.70 3.85 8.53 7.57 7.84 - 0.37 11.10 2.99

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Valencia Vent V 156 Valley High Mg* O 4048 Valterra Res* O 25 Vanadiumcorp V 861 O 398 Vanadiumcorp* Vangold Res V 267 366 Vanstar Mng Rs V Vantex Res V 11 Vatic Vent V 93 N 3961 Vedanta* Velocity Mnrls V 401 Vendetta Mng V 1944 O 276 Vendetta Mng* Verde Potash T 274 Veris Gold* O 21 Victoria Gold V 2380 Victory Nickel* O 56 Victory Vent* O 3 Victory Vent V 1197 O 9 Virginia Enrgy* Virginia Enrgy V 125 Viscount Mng V 197 105 Visible Gold M V Vista Gold* X 1367 Vista Gold T 40 Voltaic Min V 1491 Voyageur Min V 97 VR Resources V 878

0.07 0.13 - 0.01 0.18 0.14 0.00 0.01 0.00 0.01 + 0.00 0.02 0.00 0.00 0.03 + 0.00 0.07 0.03 0.03 0.04 0.08 + 0.01 0.08 0.08 0.07 0.02 0.06 + 0.01 0.06 0.06 0.05 0.03 0.20 - 0.02 0.22 0.22 0.18 0.09 0.07 0.09 + 0.01 0.15 0.05 0.10 0.17 - 0.01 0.40 0.18 0.17 0.06 0.07 - 0.01 0.15 0.07 0.00 14.22 - 0.98 17.34 5.47 15.78 13.78 0.09 0.27 - 0.03 0.30 0.27 0.00 0.06 0.24 + 0.01 0.29 0.27 0.21 0.08 0.18 + 0.01 0.22 0.19 0.15 0.20 0.82 + 0.23 0.94 0.82 0.63 0.00 0.00 - 0.01 0.02 0.00 0.00 0.33 0.67 - 0.06 0.80 0.72 0.65 0.00 0.05 + 0.00 0.14 0.05 0.00 0.04 0.05 + 0.00 0.05 0.05 0.05 0.02 0.05 - 0.01 0.19 0.06 0.04 0.02 0.07 - 0.01 0.54 0.07 0.07 0.04 0.07 - 0.04 0.38 0.10 0.07 0.26 0.28 - 0.06 0.91 0.34 0.28 0.18 0.17 0.17 - 0.02 0.55 0.17 0.65 0.96 - 0.07 2.09 1.03 0.93 0.81 1.30 - 0.08 2.73 1.42 1.27 0.05 0.10 - 0.02 0.51 0.12 0.08 0.07 0.09 + 0.01 0.13 0.09 0.07 0.14 0.27 + 0.01 0.51 0.28 0.25

Walker River V 1208 O 407 Walter Energy* 172 War Eagle Mg V Waseco Res V 433 Wealth Mnrls* O 482 Wealth Mnrls V 971 O 383 Wellgreen Plat* Wellgreen Plat T 622 T 1957 Wesdome Gold 157 V West Af Res 115 West High Yld V West Kirkland V 857 155 West Kirkland * O 368 West Red Lake 86 West Red Lake* O X 706 Western Copper* T 421 Western Copper 37571 O Western Graphi* 207 Western Pac Rs* O Western Res* O 15 Western Uran* O 75 Western Uran 135 V 38 Westhaven Vent O 6 Westhaven Vent* V 1082 Westkam Gold V 148 Westminster Rs Westmoreland* D 1261 O 152 WestMountain* Westridge Res V 1236 White Gold V 105 White Gold* O 39 480 White Metal Rs V 205 White Mtn Engy* O O 25 Whitehaven Coa* O 3 Wincash Apolo* 457 Winston Gld Mg* O Winston Res 117 Wolfden Res V 919 Wolfeye Res V 189 O 1 Wolverine Mnls* WPC Res V 871 X-Terra Res V 300 Xander Res V 351 Ximen Mng* O 54 394 XLI Tech Inc* O Xtra-Gold Res T 148 O 71 Xtra-Gold Res* Yamana Gold T 23790 70952 Yamana Gold* N V 62 Yellowhead Mng Yorbeau Res T 1767 Zazu Metals* O 87 Zena Mng V 66 O 22 Zenyatta Vent* Zenyatta Vent V 198 Zephyr Mnls* O 33 Zephyr Mnls V 97 Zimtu Capital V 106 Zinc One Res V 1814 5 Zinc One Res * O Zonte Mtls V 316

0.05 0.14 - 0.02 0.18 0.17 0.14 0.03 0.06 - 0.01 0.28 0.07 0.06 0.05 0.04 0.05 + 0.01 0.07 0.01 0.03 0.04 - 0.01 0.12 0.05 0.04 0.33 1.18 - 0.07 1.37 1.32 1.12 0.43 1.58 - 0.12 1.79 1.79 1.55 0.16 0.20 + 0.03 0.46 0.20 0.16 0.22 0.26 + 0.04 0.62 0.26 0.22 1.47 3.23 - 0.16 4.40 3.39 2.95 0.26 0.23 0.23 - 0.02 0.40 0.15 0.39 0.34 0.36 - 0.03 0.43 0.09 0.08 0.09 + 0.01 0.17 0.09 0.08 0.07 0.06 0.06 - 0.00 0.13 0.05 0.16 0.40 0.02 - 0.19 0.17 0.17 0.15 0.13 0.13 - 0.03 0.31 0.12 0.54 1.05 - 0.07 1.80 1.19 0.98 0.69 1.38 - 0.12 2.24 1.63 1.35 0.00 0.00 - 0.00 0.00 0.00 0.00 0.01 0.01 0.01 - 0.00 0.04 0.00 0.39 0.47 + 0.05 0.47 0.47 0.44 0.96 1.25 + 0.07 2.67 1.35 1.11 1.22 1.80 + 0.10 2.80 1.82 1.50 0.07 0.09 + 0.01 0.16 0.09 0.08 0.05 0.06 - 0.00 0.12 0.06 0.06 0.02 0.02 - 0.01 0.09 0.02 0.02 0.15 0.18 - 0.03 1.55 0.18 0.15 11.43 9.34 9.84 - 0.82 19.92 6.15 0.02 0.02 - 0.01 0.15 0.02 0.02 0.01 0.27 + 0.05 0.39 0.27 0.22 0.06 1.90 - 0.18 2.22 2.02 1.80 0.05 1.35 - 0.13 1.65 1.48 0.00 0.06 0.05 0.05 + 0.01 0.13 0.04 0.01 0.00 0.00 - 0.00 0.13 0.00 0.51 2.15 + 0.05 2.50 2.15 2.10 0.03 0.10 - 0.00 0.22 0.11 0.10 0.05 0.03 0.04 - 0.00 0.49 0.03 0.02 0.70 - 0.01 0.82 0.75 0.68 0.08 0.15 + 0.01 0.19 0.16 0.13 0.23 0.81 - 0.03 0.99 0.90 0.80 0.05 0.06 + 0.00 0.10 0.06 0.00 0.05 0.06 - 0.01 0.13 0.07 0.06 0.12 0.25 + 0.01 0.40 0.28 0.25 0.26 0.38 + 0.04 0.49 0.38 0.31 0.04 0.05 - 0.00 0.13 0.05 0.04 0.03 0.02 0.02 - 0.00 0.10 0.00 0.17 0.20 - 0.04 0.56 0.23 0.17 0.12 0.12 - 0.05 0.43 0.16 0.12 3.29 3.38 - 0.29 7.87 3.78 3.30 2.40 2.48 - 0.22 5.99 2.77 2.40 0.04 0.07 - 0.02 0.10 0.09 0.07 0.08 0.08 - 0.01 0.14 0.09 0.08 0.11 0.25 - 0.01 0.33 0.25 0.25 0.06 0.09 - 0.01 0.14 0.09 0.00 0.49 0.66 - 0.01 1.17 0.67 0.64 0.63 0.90 - 0.04 1.55 0.93 0.85 0.16 0.24 - 0.03 0.30 0.26 0.24 0.19 0.35 - 0.01 0.42 0.36 0.33 0.15 0.32 + 0.01 0.40 0.35 0.32 0.67 0.61 0.65 + 0.01 0.90 0.04 0.47 0.45 0.45 - 0.01 0.81 0.01 0.05 0.47 + 0.03 0.49 0.49 0.45

W-Z

BID-ASK — MAY 1–5, 2017

STOCK

Acme Res Corp African Metals Aftermath Slvr Aida Minerals Alba Minerals Alberta Star Alderon Iron* Alexandra Cap Alliance Mng Amanta Res Anglo Pac Grp Arch Coal* Archon Mineral Ardonblue Vent Arian Res Arrowstar Res Astar Mnls Astur Gold Atlatsa Res* Aurelius Min Balto Res Baroyeca Go&Si Bearclaw Cap Benz Mining Bethpage Cap Bluenose Gold Bluestone Res Boss Power Bullion Gld Res Bullman Mnls CANEX Metals Carrara Explor Carrie Arran Cartier Iron Cascade Res Cassidy Gold Cassius Vents Catalina Gold Chieftain Mtls Chinapintza Mg Cicada Vents Cliffs Nat Res* Clydesdale Res Cobalt 27 Cap Colibri Res Comet Inds Compliance Egy Corazon Gold Cricket Res CWN M’g Acq Cyprium Mng Dawson Gold Delrand Res E-Energy Vent Enfield Expl European Metal EVI Global Grp Excalibur Res Fire River Gol Firebird Res First Idaho Freeport Res GAR Limited Gentor Res

12-MONTH

EXC BID ASK LAST HIGH

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

20-22_MAY15_StockTables.indd 22

0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.09 0.14 0.10 0.14 0.15 0.16 0.16 0.28 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.06 ...

0.06 0.06 0.06 0.06 0.04 0.05 0.01 0.02 0.01 1.75 2.50 1.70 2.02 ... ...

0.58 1.45 1.68 1.45 1.85 0.08 0.10 0.08 0.12 0.01 0.02 0.01 0.02 0.04 0.05 0.05 0.17 0.23 ...

0.23 0.40 0.06 0.08 0.08 0.10 ... ...

0.06 0.45 0.13 0.14 0.14 0.15 0.01 0.03 0.01 0.03 ... ...

0.10 0.18 0.04 0.05 0.04 0.06 0.03 0.03 0.03 0.08 0.07 0.15 0.07 0.16 0.05 0.05 0.04 0.04 0.10 0.15 0.10 0.23 0.17 0.20 0.17 0.09 0.12 0.09 0.14 0.07 0.13 0.12 0.12 0.01 0.02 0.01 0.13 0.17 0.22 0.22 0.29 0.05 ...

0.05 0.07 0.08 0.10 0.10 0.16 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.04 0.06 0.05 0.06 0.05 0.07 0.08 0.08 ... ...

0.05 0.23 0.01 0.15 0.01 0.01 0.01 0.01 0.01 0.01 1.45 3.20 1.43 7.17 0.06 0.08 0.06 0.06 0.61 0.66 0.66 0.66 0.17 0.17 0.17 0.23 2.80 3.05 2.80 3.00 0.03 0.03 0.03 0.25 0.52 0.55 0.55 0.55 0.01 0.12 0.01 0.01 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.75 1.00 0.75 0.90 0.01 0.01 0.01 0.02 ... ...

0.01 ... 0.01 0.01 0.05 0.09 0.05 0.12 0.09 0.10 0.10 0.11 0.03 0.07 0.09 0.75 0.03 0.03 0.03 0.04 0.08 ...

0.08 0.14 0.05 0.05 0.05 0.09 0.07 0.12 0.08 0.13 0.02 0.02 0.02 0.03

LOW

0.03 0.01 0.10 0.04 0.16 0.12 0.02 0.01 0.75 1.26 0.08 0.01 0.04 0.10 0.01 0.06 0.03 0.01 0.03 0.03 0.01 0.04 0.01 0.08 0.08 0.04 0.05 0.12 0.05 0.03 0.02 0.01 0.02 0.08 0.03 0.01 0.01 0.98 0.01 0.45 0.11 1.32 0.03 0.19 0.01 0.11 0.03 0.09 0.30 0.01 0.01 0.01 0.03 0.03 0.05 0.01 0.01 0.01

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Geodex Mnrls GFK Res GFM Res Global Cobalt Global Cop Grp God’s Lake Res Goldbank Mng GoldTrain Res Graniz Mondal Gravis Energy Great Bear Res Greatbanks Res Green Arrow Green Valley M Greywacke Expl Grosvenor Res Hadley Mng Highvista Gold IEMR Res Inform Res Inomin Mines Interconnect Iron South Mng JDF Explor Inc Jiulian Res Jubilee Gold Kenna Res Kingsmen Res Kitrinor Mtls La Imperial Lions Bay Cap Lovitt Res Madeira Mrnls MAG Silver* Mainstream Mnl Manado Gold Martina Mnls Masuparia Gold Match Capital Mega Copper Metalo Manuf Midasco Cap MillenMin Vent Millstream Min Milner Con Slv Moag Copper Montana Gold Morro Bay Mountain Lake Navy Res Network Expl New Destiny Mg New Klondike Newstrike Res Norsemont Cap North Am Ptash North Am Tung Northn Empire NQ Explor NSGold NSS Res Inc Nubian Res Orbite Tech Oriental Non F

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

0.08 0.11 0.08 0.11 0.10 0.12 0.10 0.18 0.02 0.09 0.02 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.03 ...

0.03 0.08 0.08 0.09 0.08 0.16 0.06 0.49 0.06 0.25 0.02 0.04 0.04 0.05 ... 0.03 0.01 0.01 0.25 0.27 0.27 0.36 0.03 0.05 0.03 0.04 0.05 0.04 0.05 0.04 0.05 0.04 0.27 0.02 0.06 0.04 0.06 0.21 0.38 0.21 0.35 0.95 0.98 0.95 1.08 ... 0.16 0.17 0.02 0.03 0.02 0.06 0.14 0.25 0.14 0.20 0.07 0.09 0.07 0.10 0.07 0.12 0.07 0.14 0.24 0.27 0.24 0.28 0.01 ...

0.01 0.01 0.04 0.05 0.04 0.05 0.43 0.69 0.50 0.75 0.13 0.16 0.15 0.27 0.14 0.18 0.14 0.20 0.16 0.21 0.16 0.30 0.06 0.09 0.06 0.11 0.04 0.10 0.04 0.04 0.06 0.12 0.06 0.17 0.03 0.10 0.03 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.08 0.08 0.08 0.15 0.02 0.05 0.02 0.06 0.05 0.05 0.05 0.09 0.01 0.04 0.04 0.04 0.15 0.27 0.15 0.30 0.55 0.80 0.90 1.50 0.07 0.10 0.07 0.15 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.04 0.04 0.07 ... ...

0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.03 ... 0.01 0.01 0.13 9.65 0.09 0.30 0.17 0.23 0.17 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.15 0.18 0.15 0.19 0.36 0.42 0.36 0.45 0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.17 0.18 0.18 0.27 0.01 0.02 0.02 0.04 0.12 0.15 0.12 0.20 0.05 0.30 0.06 0.07 0.23 0.32 0.25 0.34 0.23 0.24 0.24 0.49 0.70 0.90 0.90 1.20

0.05 0.08 0.02 0.01 0.04 0.02 0.06 0.05 0.01 0.01 0.13 0.03 0.05 0.01 0.18 0.06 0.01 0.03 0.05 0.06 0.04 0.01 0.02 0.33 0.14 0.08 0.05 0.01 0.01 0.02 0.01 6.12 0.08 0.02 0.03 0.01 0.02 0.26 0.05 0.01 0.04 0.02 0.02 0.01 0.09 0.08 0.04 0.25 0.03 0.01 0.11 0.01 0.05 0.05 0.01 0.22 0.27

STOCK

Orofino Mnrls Oronova Energy Oxford Res Pac Arc Res Pac Cascade Pac Link Mng Pac Topaz Paladin Energy Palisades Vent Phoenix Gold Phoenix Metals Prime Meridian ProAm Expl Q-Gold Res Quinto Real Rare Element* Rathdowney Res Razore Rock Res Red Rock Enrgy Remo Res Resolve Vent Riley Resource River Wild Exp Rockland Mnls Rockwell Diam Rotation Mnls Rubicon Mnrls* Savannah Gold Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Mtn Mns Silver Phoenix SinoCoking Cl* Sniper Res Spada Gold Squire Mg Ltd Starr Peak Exp Stratabd Mnr Talmora Diamd Tearlach Res Teryl Res Corp Themac Res Thunder Mtn Gd Tolima Gold Tri-River Vent Trigen Res Troy Enrgy UC Res United Coal Universal Vent Vanadium One Vela Minerals Venerable Vent Victory Res Wabi Expl WCB Res Whistler Gold Worldwide Res Zara Res Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.15 0.18 0.15 0.25 0.36 0.40 0.40 0.46 0.02 0.03 0.03 0.12 0.18 0.15 0.50 0.01 0.02 0.01 0.02 0.02 0.03 0.02 0.02 0.16 0.18 0.18 0.28 0.11 0.11 0.11 0.24 0.06 0.07 0.07 0.07 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.15 0.04 0.05 0.05 0.06 0.04 0.05 0.05 0.14 0.13 0.15 0.13 0.20 0.11 0.16 0.15 0.89 0.24 0.26 0.26 0.33 0.01 0.09 0.09 0.11 0.01 0.02 0.01 0.27 0.15 0.30 0.16 0.30 0.05 0.06 0.05 0.28 0.20 ...

0.20 0.20 0.02 ...

0.03 0.03 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.13 0.20 0.21 0.20 0.40 ... ...

0.03 1.35 0.32 0.39 0.32 0.75 0.11 ...

0.15 0.20 0.36 0.57 0.36 0.54 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.03 0.04 0.03 0.06 0.03 0.20 0.20 0.25 ... ...

4.64 7.69 0.01 0.01 0.01 0.07 0.22 0.33 0.22 0.60 0.06 0.09 0.06 0.19 0.08 0.09 0.08 0.17 0.03 0.03 0.03 0.08 0.01 0.05 0.01 0.05 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.03 0.04 0.04 0.10 0.12 0.17 0.16 0.23 0.01 0.02 0.01 0.03 0.04 0.12 0.04 0.07 0.07 0.15 0.08 0.11 0.03 0.08 0.03 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.13 0.15 0.13 0.35 0.05 0.09 0.05 0.06 0.18 0.25 0.18 0.18 0.02 0.03 0.02 0.06 0.07 0.20 0.07 0.10 0.04 0.05 0.04 0.09 0.03 0.07 0.04 0.06 0.02 0.03 0.02 0.06 0.07 0.15 0.15 0.43 0.05 0.07 0.05 0.08

0.06 0.04 0.05 0.01 0.01 0.14 0.07 0.05 0.11 0.08 0.01 0.04 0.04 0.06 0.14 0.01 0.07 0.09 0.02 0.10 0.01 0.01 0.04 0.12 0.03 0.10 0.05 0.26 0.07 0.01 0.02 0.03 1.66 0.01 0.13 0.06 0.07 0.02 0.01 0.02 0.01 0.03 0.10 0.01 0.03 0.06 0.01 0.01 0.05 0.03 0.10 0.02 0.04 0.03 0.01 0.01 0.01 0.01

2017-05-09 4:46 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 15–28, 2017

23

Klondex Mines’ past-producing True North gold mine in Manitoba. KLONDEX MINES

Klondex adds high-grade ounces at Manitoba’s True North GOLD

| Project ‘continues to evolve into an important asset,’ management says “A MINERAL RESOURCE ESTIMATE WAS JUST THE BEGINNING ...

[THE DEPOSIT] CONTINUES TO EVOLVE.”

BY TRISH SAYWELL tsaywell@northernminer.com

D

uring his presentation in February at the BMO Global Metals & Mining conference in Hollywood, Fla., Paul Huet promised that Klondex Mines (TSX: KDX) would deliver an updated resource estimate for its True North gold mine in Manitoba in the first quarter of the year.

The president and CEO has delivered on this promise — only two days shy of a self-imposed deadline and six months after the company prepared its first resource estimate.

And the numbers were positive.

Klondex increased the mine’s measured and indicated resource by 32% and improved its grade 2%, while inferred resources have grown 45%, with a 10% increase in grade.

Klondex acquired the underground mine, 250 km northeast of Winnipeg, in January 2016. When it released its initial resource in September 2016, it also announced it is planning to put the mine into production, making True North the company’s third operating asset.

Formerly known as the Rice Lake mine, True North has several narrow-vein gold deposits and a fully permitted gold mill that can process up to 2,500 tons per day.

The mine, discovered in 1911, has intermittently produced 1.5 million oz. gold since 1931.

The updated resource release

Published by:

PAUL HUET PRESIDENT & CEO, KLONDEX MINES

from March 29 is based on 1.5 million metres of drilling and 7,877 drill holes, and includes data from 131 holes (118,000 metres)

by Klondex to May 2016. The new resource also includes 29,124 channel samples from mineralization.

True North has measured and indicated resources of 1.8 million tons (1.6 million tonnes) grading 7.40 grams gold per tonne for 388,000 contained oz. gold and inferred resources of 3.7 million tons (3.34 million tonnes) grading 6.24 grams gold per tonne for 668,000 contained oz. gold. The cut-off was 3.09 grams gold per tonne.

Huet could not be reached for comment at press time but said in a press release that the management team’s “mineral resource estimate was just the beginning,” and that the deposit “continues to evolve into an important asset.”

In a research note, Brian Quast of BMO Capital Markets notes that growing a resource at True North is “still on the horizon.”

“Klondex still has exploration potential at True North, notwithstanding the exploration results that were recently incorporated into the resource estimate,” he writes. “Exploration for 2017 will focus on adding ounces at depth, with incrementally higher grades.”

Klondex released last year’s financial and production results in April.

The company produced 10,199 equivalent oz. gold at True North (production started in the third quarter from reprocessing tailings, and increased in the fourth quarter along with stockpiled ore).

At its Nevada mining operations — Fire Creek and Midas — Klondex produced 151,007 equivalent oz. gold, bringing annual production

last year to 161,289 equivalent oz. gold, in a 26.3% year-on-year increase.

Fire Creek, 101 km west of Elko in Lander Country, is a narrowvein mine and has a mill 177 km north, while Midas, also a narrowvein mine, is 85 km northeast of Winnemucca in Elko County. Since 1998, Midas produced 2.2 million oz. gold and 26.9 million oz. silver under previous owners FrancoNevada (TSX: FNV), Normandy and Newmont Mining (NYSE: NEM).

Klondex’s three producing mines last year sold 159,111 equivalent oz. gold (138,516 oz. gold and 1.47 million oz. silver), up 19.4% over 2015.

Klondex posted a net loss of US$1.7 million (1¢ per share) on record revenues of US$198.2 million.

Cash costs came in at US$637 per equivalent oz. gold sold and within the company’s range of US$600 to US$650 per equivalent oz. gold.

The company ended the year with a US$47.6-million cash balance and working capital of US$33.2 million.

In addition to acquiring True North, Klondex picked up the Hollister mine in Nevada in August 2016. The low-sulphidation, epithermal gold-silver deposit is located 29 km southeast of the Midas mine and 130 km northeast of Winnemucca.

Klondex expects to produce between 210,000 and 225,000 equivalent oz. gold in 2017, in a 36% year-

on-year increase. The increase stems from bulk sampling at Hollister in Nevada and higher production from True North, as the mine’s ramp-up continues. Production this year at Fire Creek and Midas are expected to be in line with the amount the two mines produced last year.

Klondex estimates production costs this year will range between US$680 and US$710 per equivalent oz. gold sold.

This year management expects to spend between US$57 million and US$62 million, with most going towards underground expansion (primary access development and advancement of a second portal) at Fire Creek. Of the total, US$7 million to US$9 million will be spent on Hollister, as the company starts a bulk-sampling program and underground definition drilling at the mine’s Gloria zone.

Another US$3 million to US$5 million is earmarked for exploration. Fire Creek is open in all directions and at depth, while at True North, the company is extending mineralization in the 710 and 711 zones, and has made a discovery called the SAM zone. At Hollister, the Hatter Graben zone is also a target area.

BMO has a $7-per-share target price on the stock. At press time, Klondex shares were trading at $5.45 within a 52-week range of $3.40 per share (April 2016) and $7.95 per share (November 2016). TNM

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

Now Available in Spanish

1-16, 23_MAY15_Main.indd 23

Order Your Copy Today!

Call 1-888-502-3456 or email info@northernminer.com

2017-05-09 5:28 PM

24_MAY15_BackCover.indd 24

2017-05-08 5:11 PM