The Northern Miner May 16 2022 Issue 10

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Bristow pleads with African miners to create ‘partnerships for prosperity’ INDABA

| Barrick CEO chides developed countries on Covid response

BY HENRY LAZENBY CAPE TOWN, SOUTH AFRICA

A

renewed focus on creating meaningful partnerships between miners, host communities and governments is essential to unlocking economic prosperity for Africans, Barrick Gold (TSX: ABX; NYSE: GOLD) CEO Mark Bristow told the Investing in Africa Mining Indaba on May 9.

The chief executive of the world’s second-largest gold producer by volume calls the relationships “partnerships for prosperity,” which he believes are critical for building Africa into a resource powerhouse.

Bristow pointed to the arrival of Covid-19 as one of the biggest tests of partnership the world has ever faced.

“Historians of the future will marvel at how governments initially bungled their response to the pandemic, both at home and abroad,” he said. “Global problems need global solutions. But instead of the developed countries leading a coordinated response, we saw them give a shameful display of selfishness, initially at least, starving poorer countries of vaccines while they sat on stockpiles of the stuff,” Bristow said.

“If ever there was a need for partnership, this was it, and they failed the test.”

Fast forward a couple of years, and the world is now dealing with renewed concerns regarding Covid mutations and the war in Eastern Europe, which has raised the spectre of nuclear war for the first time since the 1960s Cuban Missile Crisis.

“The ongoing war is inflicting serious damage on the major economies already dealing with double-digit inflation and imminent recession. We do not know just how badly these events will impact developing countries,” Bristow said.

“But without a doubt, there will be dire implications for their economies and direct foreign investment, exacerbating already weak economies. And this also goes for Africa. And particularly, its mining sector, which has already been declining in recent years.”

The executive lamented resource

Barrick Gold CEO Mark Bristow at the African Mining Indaba in Cape Town, South Africa. HENRY LAZENBY/THE NORTHERN MINER

nationalism, adding that overzealous government policies seeking to extract the maximum value from fledgling mines were stopping investment in its tracks.

“Increasing the tax burden on a mine will drive the cost of mining to a point where they are not economically viable. So again, today, I would like to renew my plea for governments and miners to work together in a long-term partnership that will benefit them and their stakeholders equally. Mining paves the way for even greater and more rewarding ventures,” Bristow said.

Economic building blocks Barrick today operates mines in 17 countries across four continents. In 2021, Barrick contributed US$1.4 billion to its African host countries through taxes, royalties and dividends, which resulted in broader economic contributions of US$3.3 billion.

These numbers do not capture the full benefits, like the value created by upskilling generations of workers and enhancing the national labour pool. Barrick has a global policy of employing, training and empowering host coun-

try nationals which has delivered a 94% local workforce and 69% of senior management are represented by African nationals.

According to Bristow, when Barrick merged with the Africacentred Randgold Resources in 2019 — at that stage, the industry’s most profitable gold company — it adopted Randgold’s foundational philosophy of partnership with its host countries as the key to building the world’s most valued mining business.

“And by partnership, I mean sharing the value of our mines and creating faith and trade fairly with our hosts. It means being a good citizen and a good neighbour,” he said.

Over the years, Barrick has invested billions of dollars in countries across the world.

Bristow believes that mining is one of the three primary building blocks vital for growing any economy, the others being agriculture and tourism.

“Most African countries, and certainly all of those represented here today, boast potential for all three. However, unlike the other two, mining is a capital-intensive industry, which requires large upfront capital investment and demands a long-term commitment from all partners,” he said.

Mining can stimulate economies with broad-based growth throughout the long, uncertain exploration process to mine development and finally to mine closure and remediation. Through mining’s economic contributions to governments, it can fund business and skills development, education, health care, culture, and sports. Investment in infrastructure is also usually a top priority for miners.

“The discovery process is long and uncertain and needs ongoing investment. Developing mines and remote infrastructure for regions can be difficult and expensive.

That’s why mines only provide positive returns after a production period,” Bristow said.

“The growing tendency amongst both governments and investors to extract almost immediate benefits is, in fact, destructive of our mining industry’s ability to deliver our full potential,” he said.

See MARK BRISTOW / 12

EXCLUSIVE INTERVIEW

Deconstructing Ross Beaty EVENTS

T

| Mining Legends Speaker Series kicks off in Vancouver

BY ALISHA HIYATE AND AMANDA STUTT

he Mining Legends Speaker Series kicked off with an inaugural in-person event in Vancouver featuring mining entrepreneur and Canadian Mining Hall of Fame inductee Ross Beaty and rising talent Maggie Layman, vice-president of Osisko Development (TSXV: ODV).

Organized by The Northern Miner, the Canadian Mining Hall of Fame and Young Mining Professionals, the series pairs CMHF inductees with accomplished young talent to bridge the knowledge gap in the mining industry and give the audience a chance to ask questions and discuss the future of mining.

In the first of two parts covering the event, we’ll focus on what Beaty, one of Canada’s most successful mining entrepreneurs and current chairman of Equinox Gold (TSX: EQX; NYSE-AM: EQX), had to say. What follows are excerpts from his remarks at the sold-out event, which attracted 100 delegates.

Tickets to the next Speaker Series event in Toronto with mining legend Pierre Lassonde and Orix Geoscience president, CEO and cofounder Ashley Kirwan on June 8 are now available at www.northernminer.com.

Do what you love Ross Beaty has enjoyed a remarkable career spanning more than 40 years as a mine and company builder. In addition to joining the Canadian Mining Hall of Fame in 2018, Beaty is a recipient of the Canadian Institute of Mining’s Past President Memorial Medal, and was appointed to the Order of Canada in 2017.

A mine and company builder who is also committed to sustainable development, Beaty has been a leader not only for the mining and metals industry, but also the renewable energy industry.

Several themes came through in Beaty’s remarks, with his career success stemming from a unique combination of traits: passion and perseverance, tolerance for risk, and an independent streak that has allowed him to weather — and profit from — the ups and

TANCO MINE REOPENS UNDER CHINA’S SINOMINE / 8

COURTESY OF ROSS BEATY

downs of a cyclical industry.

Anthony Vaccaro, President of the Northern Miner Group, began the conversation by asking Beaty to consider this thought experiment: “You’re at the pearly gates.

The higher powers have decided on that. You’ve been described as a geologist, an environmentalist, a lawyer, an entrepreneur and a philanthropist. So you’re at the See ROSS BEATY / 10 PM40069240

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ESG standards’ Indigenous blind spot could threaten critical metals push ESG

| Failure to capture community concerns ‘real issue for risk mitigation’

BY KELSEY ROLFE SPECIAL TO THE NORTHERN MINER

T

he Global Reporting Initiative (GRI) is an ESG standard used by the vast majority of the world’s largest public companies to disclose their environmental, social and governance risks. But it only directly highlights Indigenous rights as material to a public company’s sustainability reporting when a community has sued or registered a complaint against the company.

It’s something a coalition of 86 First Nations in Canada believes is emblematic of a problem with ESG standards across the board.

ESG reporting standards were developed by and for finance and investment professionals without any input from Indigenous peoples and are failing to capture their rights and interests in companies’ ESG assessments, according to the First Nations Major Projects Coalition (FNMPC), a collection of First Nations that want to have greater say over major development projects and their environmental impacts.

Last year the coalition released a report that found the four leading ESG standards — the GRI, Sustainability Accounting Standards Board (SASB), Task Force on ClimateRelated Financial Disclosures and Climate Disclosure Standards Board — fail to adequately reflect Indigenous perspectives.

That absence means reporting standards are missing an important risk factor that could delay or even sink mining or energy projects, lead to protracted litigation and reputational risk, and eat into investors’ returns, said Mark Podlasly, the FNMPC’s director for economic policy and initiatives, in an interview with The Northern Miner. Companies may not be properly capturing opposition to their projects, or title rights that could complicate exploration and development work, he explained.

“The fact that they don’t do this becomes a real issue for risk mitigation,” said Podlasly. “What it comes down to is, have you addressed the risks of this project?”

Podlasly noted Indigenous concerns can fall under social factors like community or local engagement, or environmental factors such as land conservation, but said specific Indigenous concerns that could impact public companies around aboriginal title, or First Nations’ legal relationship to the Crown in Canada, are still not being taken into consideration.

False sense of security The current state of play has led to

Above: In Williams Lake, B.C., on July 22, 2013, protesters march to the opening of the federal review public hearing for Taseko Mines’ proposed New Prosperity copper-gold mine. THE NORTHERN MINER Left: Opponents of Taseko Mines’ New Prosperity copper-gold project protest at a public hearing in Williams Lake. THE NORTHERN MINER

companies that engage less with Indigenous peoples because their strong ESG rating gives them a false sense of security, he said.

“Companies cannot go into communities with an ESG approval or standard and say, ‘we’ve taken care of your interests, you don’t have to worry about it.’ That was happening, and is still happening,” he said.

“What we’ve called for now is for Indigenous people to be included in those standards and ESG metrics going forward.”

The FNMPC and other Indigenous nations and organizations in Canada and the U.S., including First Peoples Worldwide (FPW), First Nation Financial Management Board, Canadian Council for Aboriginal Business and others, have started investigating how to make that happen.

It’s a question that’s taken on new urgency as governments and corporations gear up to transition to a net-zero world by 2050.

The demand for copper, lithium, cobalt, nickel, rare earth elements and other critical minerals is already ramping up to support the growth of renewable power, electric vehicles and other low-carbon technology. And investors have money to spend: a group of banks, insurers and asset managers pledged US$130 trillion at the COP26 United Nations climate

MUCH-NEEDED FUTURE CRITICAL MINERAL OPERATIONS COULD BE REJECTED IF THEY FAIL TO ADDRESS INDIGENOUS COMMUNITIES’ NEEDS. change conference in November toward projects that combat climate change.

But much-needed future critical mineral operations could be rejected if they fail to address Indigenous communities’ needs, Podlasly said.

First Peoples Worldwide at the University of Colorado Boulder, an Indigenous-led organization focused on integrating Indigenous rights into business operations, developed the Indigenous Rights Risk Report. The report addressed Indigenous rights as social risks to oil, gas and mining companies, and is meant to serve as a tool to help private sector companies to measure social risks that often go underestimated. FPW has also created a free, prior and informed consent due diligence questionnaire for investors.

In New Zealand, the country is developing its own ESG reporting framework with extensive input from the Indigenous Maori, to ensure the country’s unique values are preserved and respected.

The FNMPC is planning to survey its membership about what would be important to them in a framework similar to New Zealand’s. Podlasly noted it’s a complex undertaking, given each First Nation will have different needs and perspectives based on their geography and unique realities, though he expects a key pillar will be economic inclusion. He said he sees the result potentially being a “filter,” a “sidecar” or possibly something akin to a rating.

But he admitted the FNMPC doesn’t know yet how it would be executed, and will have to work through that process.

Indigenizing ESG standards was the topic of a panel discussion at the FNMPC’s Vancouver conference on the role Indigenous peoples can play in the transition to net zero in late April.

Shelley Gilberg, the Canadian leader for ESG markets and consulting at PwC, said the expected consolidation of ESG standards into the newly created International Sustainability Standards Board’s (ISSB) global baseline sustainability disclosure standard provides an opportunity to include Indigenous perspectives, rights and traditional knowledge into “a smaller set of standards, rather than doing it twenty times.”

The ISSB, which has an office in Montreal, released a set of draft rules in late March for public comment. Investors and companies globally have long complained that the numerous sustainability frameworks complicate reporting on ESG metrics.

‘Made-in-Canada solution’ Geordie Hungerford, chief executive officer of the First Nations Financial Management Board, said he agrees there should be an international baseline, but noted each country’s Indigenous peoples have different realities. In Canada, First

Nations have a “very special relationship with the Crown” and expectations of provincial and federal governments related to legislation to enact the UN Declaration of the Rights of Indigenous Peoples, and thus require a “made-inCanada solution.”

Standards bodies themselves are paying attention to the conversation. Hungerford is part of Canada’s independent review committee on standard setting, which is looking to create a Canadian sustainability standards board that could liaise with the ISSB. Its consultation paper, released in December, has a section specifically highlighting the rights of Indigenous peoples.

Podlasly said the FNMPC has been in talks with SASB, which has been trying to improve its ability to address Indigenous rights in its current standards.

In an email to The Northern Miner, Harold Pauwels, director of standards at the GRI, said the standards body encourages all organizations to consider Indigenous peoples’ rights as a part of their sustainability reporting materiality assessment.

Pauwels said the GRI recently launched two sector standards for the coal and oil and gas industries, which both explicitly include land and resource rights and Indigenous peoples’ rights as likely material topics. “These Standards have additional recommended reporting, such as whether the company has been involved in the process of seeking free, prior and informed consent, as aligned with the UN Declaration on the Rights of Indigenous Peoples,” he said.

Last year, the GRI made a major revision to its universal standards to introduce a greater focus on human rights due diligence, and as a next stage plans to update all human rights-specific topic standards, including the specific “topic standard” related to Indigenous rights that requires disclosure of any complaints or lawsuits, called GRI 411.

“We look forward to engagement with groups that represent Indigenous peoples’ interests, such as the FNMPC, as part of this process,” Pauwels said. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16 — 29, 2022

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JOINT VENTURE ARTICLE

Hudbay Minerals’ long and successful history in Manitoba continues with its Lalor mine near Snow Lake

BY NORTHERN MINER STAFF

The city of Flin Flon in Manitoba has a rich and storied history of mining that began when gold was discovered around Amisk Lake at the start of the 20th century — the first major discovery of gold west of Ontario since the Klondike gold rush of the 1890s.

The focus then shifted to base metals when, according to local legend, in 1915, a prospector named Tom Creighton discovered a massive copper-zinc orebody in the area. He registered the strike under the name Flin Flon after Josiah Flintabbatey Flonatin, a character from a science fiction novel published a decade earlier.

The name stuck, and as prospectors from all over Canada descended on the area, the settlement of Flin Flon emerged as a major mining centre.

In 1925, the wealthy Whitney family of New York optioned the Flin Flon claim. Two years later, together with Newmont Mining Corp. of New York and the Mining Corp. of Canada, the family founded Hudson Bay Mining & Smelting. In 2004, the company was renamed Hudbay Minerals (TSX: HBM; NYSE: HBM).

The newly-founded company then built the Flin Flon mine, mill, smelter, and a hydroelectric dam to power the mining operations. One of the largest industrial complexes at the time, it opened up northern Manitoba.

The Flin Flon mine went into full production in 1930. Around a decade later, Hudbay was Canada’s secondlargest zinc producer, the third-largest producer of copper, and seventh in gold.

For over 90 years, Hudbay and Flin Flon “grew and flourished together,” says Richard Trudeau, the company’s director of human resources, Indigenous, and external affairs.

“Hudbay contributed to the city by providing jobs, opportunities, and community development, and the city provided a home and a tight-knit, supportive community for generations of Hudbay employees.”

Since the first production at Flin Flon, the Flin Flon Greenstone belt has been a prolific source of ore for the company, which has developed and operated 29 mines, most within 80 km of Flin Flon.

However, the last remaining mine in the Flin Flon area, Hudbay’s 777 mine is scheduled for closure later this year.

“We are proud to have called Flin

Above: Aerial view of Hudbay’s Lalor mine in Manitoba. HUDBAY MINERALS Left: Miners working the dayshift for the Hudson Bay Mining & Smelting Co. in 1938. HUDBAY MINERALS

Flon home for nearly a century … and so the decision to bring operations to an end was tough for us but was based on an economic reality,” says Trudeau.

“The 777 mine has seen 18 stellar years of production and has been our flagship operation in Manitoba during that time,” says Rob Carter, Hudbay’s vice president of the company’s Manitoba business unit.

“The mine hosted a very large and rich orebody. Because of this, we took a different approach and constructed a state-of-the-art mine to reflect continual improvements learned from the previous mines we had developed over the years.”

For example, he says the mine employed an auxiliary cage dedicated to transporting workers to and from the underground the mine, used a filter press system for removing slimes before pumping water to the surface, and included a maintenance shop for rebuilding equipment underground, eliminating the need to dismantle equipment for transportation to the surface.

“It was also our first mine to deliver paste underground from the mill for backfill and our first to use computerdriven hoists,” he noted.

Carter says Hudbay “left no stone unturned” to find new deposits around the site but was unsuccessful.

So, in late 2018, the company made the difficult decision to start planning for the closure of mining operations in Flin Flon.

He says mining at Flin Flon will cease once the mineral reserves at 777 are depleted, with the last tonne of ore scheduled to be hoisted in mid-June, and the mine being safely decommissioned by September 2022, resulting in the permanent closure of the mine and Zinc plant. The mill and tailings facility will then be placed on care and maintenance.

While the closing of 777 will

Hudbay Mine Rescue Station. HUDBAY MINERALS

substantially reduce Hudbay’s footprint in Flin Flon, the company will continue to look for opportunities in the area and support the community in times of need, says Trudeau. “We are committed to northern Manitoba and look forward to growing, improving, and delivering value in the region for many years to come.”

Hudbay has already invested $80 million to improve the safety of its Flin Flon Tailings Impoundment System (FFTIS), which will bring it in line with “the highest industry standards,” says Carter, “with the final phase of the project scheduled for completion this year.”

The FFTIS, he notes, has been operating for more than 90 years and holds more than 100 million tonnes of tailings.

He says that results from ongoing metallurgical testing of the tailings will be critical to the reprocessing project’s viability. In addition, the company has completed a winter drill program on the tailings facility,

with plans for a summer drill program already underway.

“Should the results from these activities prove favourable, then the project could create further economic benefits for the Flin Flon community,” Carter says.

Hudbay is also focused on expanding its Lalor underground gold-zinc-copper-silver mine near Snow Lake, approximately 215 km east of Flin Flon. The mine started commercial production in 2014.

In 2021, the Manitoba operations produced 143,477 oz. of gold and dore, 93,529 tonnes of zinc, 21,657 tonnes of copper, and 1.1 million oz. of silver.

The company has pegged the 2022 production guidance at 150,000-185,000 oz. of gold and ore, 50,000-70,000 tonnes of zinc, 12,000-16,000 tonnes of copper, and 0.8-1.1 million oz. of silver.

Further exploration at Lalor also identified higher-grade zones of gold and copper-gold mineralization

at depth. The discovery inspired the company to purchase the 1,500-tonne-per-day New Britannia gold mine and mill, approximately 16 km east of Lalor, in 2015.

Following extensive furnishment, production from the mill recommenced last August.

“The opening of New Britannia was an important and long-awaited milestone for Hudbay,” says Carter.

“It marked the beginning of the transition of our Lalor mine to a primary gold operation and created the opportunity for mining of other gold deposits in the Snow Lake area.”

The upgraded facilities at New Britannia “will substantially improve the copper and gold recovery rates,” he says. “We anticipate annual gold production from our Snow Lake operations to average 180,000 ounces of gold over the next six years at industry-low cash costs.”

He noted that this increased gold capacity complements Hudbay’s “industry-leading portfolio of copper projects that will help us deliver the materials needed to transition to a greener, more sustainable economy.”

In line with its history of working closely with the community of Flin Flon, Hudbay is also making substantial investments in Snow Lake.

“We continue to focus on building relationships with local communities and Indigenous groups to provide access to opportunities at our operations,” says Trudeau. He noted that 15% of Hudbay’s workforce comes from surrounding First Nations communities, who “provide valuable support and skills, and a unique perspective and understanding of the land.”

Hudbay’s investments in the area “will improve the Snow Lake airport and create more sustainable housing solutions in the Snow Lake community, including two new lakefront subdivisions on Wekusko Lake and Snow Lake that will add 70 lakefront lots,” he says.

The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by HUDBAY MINERALS and produced in cooperation with The Northern Miner.

Visit www.hudbayminerals.com for more information.

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EDITORIAL

GLOBAL MINING NEWS • SINCE 1915

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Brumadinho won’t break Vale, but the piper still hasn’t been fully paid

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PRESIDENT THE NORTHERN MINER GROUP: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: Alisha Hiyate, BA (Poli Sci, Hist) ahiyate@northernminer.com MULTIMEDIA SPECIALIST: Henry Lazenby hlazenby@northernminer.com STAFF WRITER: Naimul Karim nkarim@northernminer.com REPORTER AND PRODUCTION EDITOR: Daniel Sekulich dsekulich@northernminer.com PHOTO EDITOR AND PODCAST HOST: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Robert Hertzman (416) 898-6654 rhertzman@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@northernminer.com CIRCULATION/CUSTOMER SERVICE: (416) 510-6789 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESS: Toronto Head Office 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$130.00 one year; 5% G.S.T. to CDN orders.

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ale, one of the world’s biggest producers of iron ore and nickel, has been in the news a lot lately.

The Brazilian miner has been making strikes towards “green” credentials on the nickel side — making deals to supply low-carbon nickel to SweBY ALISHA HIYATE den’s Northvolt and to EV market leader Tesla. On the iron ore side, it’s building a “green” pig iron plant in Brazil that will be the first to use its Tecnored technology, which reduces the carbon produced in the steelmaking process by replacing metallurgical coal with biomass. These are all positive actions for long-term profitability and sustainability. However, one piece of recent news — a U.S. Securities and Exchange Commission (SEC) lawsuit against Vale related to the Brumadinho tailings dam failure three years ago — is a reminder that the total consequences for the catastrophe are still being tallied.

In the claim filed on Apr. 28, the SEC alleges that Vale violated U.S. securities law by making false and misleading claims about the safety of its dams prior to the Jan. 25, 2019 collapse of the Fundao dam at its Córrego do Feijão iron ore mine in Brumadinho, Brazil. The accident killed 270 people and in the words of the SEC, “caused immeasurable environmental and social harm.” The SEC also notes that Vale lost $4 billion from its market cap in the days after the dam failure.

In its claim, the SEC alleges that the company knew Brumadinho was at risk for failure and “deceived investors” about the safety and stability of its dams, all while “taking full advantage” of the U.S. capital markets.

In detail, the SEC complaint claims Vale “improperly obtained stability declarations for the dam by knowingly using unreliable laboratory data;” concealed material information from its dam safety auditors; disregarded accepted best practices and minimum safety standards; removed auditors who stood in the way of obtaining dam stability declarations; and made “false and misleading” statements to investors.

“Vale knowingly or recklessly suppressed the findings of its own retained experts. The Vale executives and employees who were responsible for monitoring the stability of Vale’s dams deceptively manipulated the processes that they supposedly safeguarded,” says the claim.

The statement further claims the company “knowingly or recklessly obtained eight fraudulent and deceptive stability declarations in connection with corrupted audits of the Brumadinho dam” between February 2016 and October 2018.

The 76-page document also notes that a previous failure of the Fundao tailings dam at Vale’s 50%-owned Samarco mining complex in Minas Gerais state, made dam safety a major concern for investors. That failure, on Nov. 5, 2015, caused 19 deaths, widespread environmental damage and displaced hundreds of people.

The SEC is demanding a jury trial for the Brumadinho case, which has been filed in U.S. District Court for the Eastern District of New York. The case has been assigned to Hon. Raymond Dearie, who will also hear a related shareholder class action suit against Vale.

For its part, the company has denied the allegations and said it would defend itself against them.

Vale has already spent $5.8 billion in the last three years on “reparation” for Brumadinho, including payments to 12,700 individuals, said CEO Eduardo Bartolomeo on the company’s first-quarter conference call. Last February, the company reached a US$7-billion agreement with Minas Gerais state for damages, although it could still be responsible for further environmental cleanup costs.

In addition, 19 people connected with the company face criminal charges in Brazil related to the environmental damage and fatalities.

Notably, when the SEC charges against Vale were announced, the stock price didn’t plunge. Instead, after briefly trending downward, the shares rose about 1.3% in São Paulo (partially buoyed by the company’s unveiling of its largest stock buyback program yet). Despite any reputational damage the company has suffered from Brumadinho — or from Samarco — Vale still runs a profitable business selling important commodities, including low-carbon Class 1 nickel from its operations in Canada.

Analyst John Tumazos of John Tumazos Very Independent Research noted that the SEC case is not likely to cause much financial damage to Vale, which has lately been generating EBITDA (earnings before interest, tax, depreciation and amortization) of US$2 to US$3 billion per month.

“The legal bill for Vale’s U.S. outside attorneys or the SEC fine may be seven or eight figures, but is not likely to be ‘material’ in relation to Vale’s size,” Tumazos told The Northern Miner in an email.

“Any time a company has a ‘catastrophe’ there is room to second guess, criticize, ask ‘why didn’t you see it coming,’ and why didn’t they better understand the remediation in the weeks after the catastrophe. Future companies that have big disasters will likely be targeted by shareholder suits, SEC charges or OSC or BCSC charges. It is part of the territory.”

The most interesting part of the SEC case for other miners may be that the claim was brought by the SEC Enforcement Task Force on Climate and ESG — a new team established in March 2021 within the Division of Enforcement. Its mandate is to “proactively identify ESG-related misconduct consistent with increased investor reliance on climate and ESGrelated disclosure and investment.”

As part of its ESG push, the SEC is using sophisticated data analysis to mine and assess issuers’ information to identify potential violations, including material gaps or misstatements in issuers’ disclosure of climate risks.

While future lawsuits may not be as sensational at the SEC’s case against Vale, it’s worth noting that ESG disclosures — which are increasingly required by regulators — are coming under increasing scrutiny, opening up potential new avenues for lawsuits. TNM

DEPARTMENTS Professional Directory. ................................................................ 17 Market News. . . ......................................................................... 18 Metal, Mining and Money............................................................ 19 Stock Tables. . . . . ................................................................... 20-23

A VIEW FROM ENGLAND COLUMN

| Events avalanche

BY DR CHRIS HINDE Special to The Northern Miner

R

ejoice, in-person events are suddenly back, with Mines and Money, Indaba, PDAC and, of course, the Venice Biennale crowding our calendars.

I expect most of you have already made plans to attend the glittering jewel that sits atop the contemporary art calendar every two years. La Biennale di Venezia was founded in 1893 by the Venetian City Council to celebrate the silver anniversary of King Umberto I and Margherita of Savoy. The event has become perhaps the world’s most prestigious cultural institution, with over 500,000 people expected to visit this year’s exhibitions.

After a one-year delay, because of Covid-19, the 59th Venice Biennale opened on Apr. 23, and you have until Nov. 27 to catch what is the Olympics of the art world.

This year’s artistic director is Cecilia Alemani, and her central exhibition is badged ‘The Milk of Dreams’ after a book by the surrealist artist Mary Leonora Carrington (1917-2011). Alemani’s exhibition follows three themes: body representation and metamorphosis, human relationships with technology, and the relationship between the body and Earth.

Outside of the central, international exhibition, individual countries have their own pavilions, and a total of 80 nations are participating this year. Each country has selected an artist to represent their pavilion, ostensibly with an eye to the Biennale’s theme.

Canada is represented by Vancouver-based Stan Douglas, whose artwork is entitled ‘2011 ≠ 1848’.

In a recent review for Frieze (London’s contemporary art magazine), Terence Trouillot noted that the exhibition draws a line between the global social and political unrest of 2011 (which included the Arab Spring and Occupy Wall Street) and the working-class upheaval that took place in 1848 across continental Europe.

Before they get a chance to visit Venice, mining executives face a crowded calendar. Mines and Money returned on May 4-5 with its ‘Connect’ event in London, which was followed in the calendar with Cape Town’s Investing in African Mining Indaba on May 9-12. Five weeks later, PDAC returns to Toronto in its delayed slot of June 13-15.

Indaba has been a significant platform for Africa’s mining industry for over 27 years, bringing together unique voices and perspectives (to quote Nevashnee Naicker, the head of corporate communications at Anglo American). However, having temporarily moved from its usual early February slot, Indaba has less appeal this year for the British mining sector (skiing apart, February is a considerably less attractive month to be in Europe than May).

Nevertheless, the organizers

are correct when, in promoting the event, they said “Ensure you are not just a spectator, be part of the evolution of African mining.” In-person events are back, and if you have designs on mineral assets in Africa, Indaba was the place to be.

Confirmed speakers this year included South Africa’s President, Cyril Ramaphosa, and the Presidents of Botswana, Zambia and Zimbabwe, plus the Prime Minister of the Democratic Republic of Congo. Other speakers included the perennial attendees Robert Friedland of Ivanhoe Mines and Mark Bristow of Barrick Gold, plus the CEOs of Anglo American (Duncan Wanblad), Gold Fields (Chris Griffith), Rio Tinto Minerals (Sinead Kaufman), Vedanta Resources (Sunil Duggal), Ma’aden (Robert Wilt), and B2Gold (Clive Johnson).

Indaba’s conference theme this year was ‘Investing in the Energy Transition, ESG and the Economies.’ The need to be part of an evolution in African mining is clear. The continent comprises almost 1.4 billion people in 54 countries spread over a land area of 30.3 million sq. km. This represents over 20% of the world’s land area and almost 18% of the global population.

Unfortunately, the Cold War that followed the Second World War made political progress difficult in Africa, and when tension eased, 30 years ago, only three African countries could be described as democracies. Around half of the African nations are now democratic, and a further 20 countries hold worthwhile, although imperfect, elections. Only two countries (Eritrea and Swaziland) lack a multi-party constitution, although two other constitutions (Libya and Somalia) are in a fledgling state.

Despite some ongoing political difficulties, the progress in Africa is clear. The continent boasts a burgeoning middle class as economies grow and, although slow, headway is being made into a broader understanding of the needs of international businesses.

However, although fewer African officials are corrupt, many of the continent’s new middle class still lack business expertise. This weakness can be remedied by choosing partners wisely. Fortunately, helped by the glare of social media, only a small minority of foreign investors are likely to exploit local stakeholders.

Despite the improvement in Africa’s political and economic landscape, the performance will inevitably be hyped at events such as Indaba. We are 22 years into what supporters have long lauded as an ‘African century,’ but investors need to remain vigilant. With a nod to the Venice Biennale, caveat investire perhaps. TNM — Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm he set up in 2018 specializing in mining industry trends. He previously worked for S&P Global Market Intelligence’s Metals and Mining division

COMPANY INDEX AngloGold Ashanti...................................... 13,15 Antofagasta........................................................10 Arizona Sonoran Copper................................. 9 Artemis Gold........................................................7 Asante Gold.......................................................13 Ascot Resources.................................................7 Atlantic Lithium............................................. 13,14 Barrick Gold................................................ 1,12,15 Eldorado Gold.................................................... 6 Electra Battery Materials.................................. 9 Endeavour Mining............................................12 Equinox Gold...................................................1,10 Fortuna Silver Mines........................................14 Glencore.............................................................. 9 Gold Fields.......................................................... 6 Harmony Gold...................................................16 Iamgold................................................................ 6 Ivanhoe Mines...................................................14 Kinross Gold......................................................13

Li-Cycle Holdings.............................................. 9 Lion Copper and Gold...................................... 9 Livent Corp.......................................................... 8 NextSource Materials......................................14 Orezone Gold............................................... 14,15 Osino Resources..............................................15 Osisko Development......................................... 1 Piedmont Lithium...........................................8,13 PolyMet Mining.................................................10 Resolute Mining................................................13 Rio Tinto...........................................................9,14 Sandstorm Gold..................................................7 Sayona Mining.................................................... 8 Sibanye-Stillwater......................................... 11,16 Snow Lake Lithium............................................ 8 Tanzanian Gold.................................................15 Tembo Gold.......................................................15 Vale....................................................................... 5 Western Potash...................................................7

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16 — 29, 2022

5

SEC sues Vale for ‘false and misleading’ claims ahead of dam tragedy in 2019 LEGAL

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| Vale denies allegations, vows to defend itself

BY NAIMUL KARIM

he U.S. Securities and Exchange Commission (SEC) has charged Vale (NYSE: VALE) with making “false and misleading claims” about the safety of its dams ahead of the January 2019 collapse of its Brumadinho dam in Brazil, which killed 270 people, in a complaint filed in the U.S. District Court in New York, the SEC said.

According to the SEC’s complaint, the mining giant “manipulated multiple dam safety audits; obtained numerous fraudulent stability certificates; and regularly misled local governments, communities and investors” about the safety of the dam, since 2016.

Furthermore, the complaint alleges that Vale knew “for years” that the dam, which was built to contain potentially toxic byproducts from mining operations, did not meet the internationally recognized standards for dam safety.

But Vale’s public sustainability reports and other public filings assured investors that the company adhered to the strictest inter-

Tailings from the Corrego do Feijao iron ore mine shortly after a tailings dam collapsed in January 2019. IBAMA/WIKIMEDIA COMMONS (CC 2.0)

national practices, the SEC said.

One of the world’s largest iron ore producers, Vale, denied the SEC’s allegations, including the ones that claimed that its disclosures violated the U.S. law and said that it would “vigorously defend” this case.

“The company reiterates the commitment it made right after the rupture of the dam, and which has guided it since then, to the remediation and compensation of the damages caused by the event,” Vale said in a press release.

The SEC’s filing notes that the

dam’s collapse caused “immeasurable environmental and social harm,” and led to a loss of more than US$4 billion in Vale’s market capitalization.

“Many investors rely on ESG disclosures like those contained in Vale’s annual Sustainabil-

ity Reports and other public filings to make informed investment decisions,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “By allegedly manipulating those disclosures, Vale… undermined investors’ ability to evaluate the risks posed by Vale’s securities.”

According to Melissa Hodgma, the Associate Director of SEC’s Division of Enforcement, Vale misled investors and raised more than $1 billion while its securities actively traded on the NYSE. “Today’s filing shows that we will aggressively protect our markets from wrongdoers, no matter where they are in the world.”

The SEC’s complaint charges Vale with violating antifraud and reporting provisions of the federal securities laws and seeks injunctive relief, disgorgement plus prejudgment interest, and civil penalties.

At press time, Vale’s shares were trading at US$15.82 per share within a 52-week trading range of US$11.16 to US$23.17. The company has 4.7 billion common shares outstanding for a market cap of US$79.8 billion. TNM

Plunging metals prices to rebound in H2: report METALS MARKETS

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| Fitch analysts see Chinese demand picking up

BY HENRY LAZENBY

nduring Covid-19-linked lockdowns in the world’s largest metal consuming nation, China, are crimping demand from end-use industries and souring sentiment towards the complex, resulting in lower metals prices, a new report by Fitch Solution Country Risk & Industry Research notes.

Nevertheless, market analysts at Fitch maintain their 2022 metal price forecasts as prices generally remain above levels seen before the Russia-Ukraine conflict.

Fitch analysts also expect Chinese demand to eventually pick up in the second half, which will bring more stability to metals prices. Additionally, Fitch sees lockdowns in China as also acting to restrict supply. China is the world’s largest producer of metals, which will eventually drive prices to a balance in the coming months.

Fitch’s macro team expects further contractionary readings in both Chinese manufacturing and non-manufacturing purchasing managers’ indexes in the remainder of the second quarter. “Further lockdowns, either district-wide or full, have been imposed in more than two dozen cities around the country, with the capital Beijing having undergone three rounds of mass testing since late April. We continue to see downside risks to our 4.5% growth forecast for 2022, depending on further developments around lockdowns,” said Fitch analysts.

The analysts expect continuing loose fiscal and monetary policy in China through 2022 to help stimulate economic activity and growth, which should underpin demand for metals, particularly from the construction sector.

Fitch expects the Russian invasion of Ukraine to keep gold in the range of US$1,900 to US$1,800 per oz. in 2022 and 2023. The firm notes the deepening war situation has sparked an uptick in demand for the safe-haven asset as investors adopt a riskoff sentiment. While gold prices are hovering near their all-time high of US$2,075 per

oz. and will be mainly dictated by the war in the coming months, Fitch expects U.S. dollar strength and recovering bond yields to cap gold’s rally.

“While we expect significant price volatility going forward, especially as the conflict in Ukraine evolves, we expect gold prices to remain elevated in the coming years compared to pre-Covid levels,” Fitch said.

Inflation rises Meanwhile, Moody’s Investors Service expects persistently high metals prices should help cushion the credit effects of cost inflation and generally lower production amongst senior miners in its coverage universe.

In a May 3 sector commentary, Moody’s said weaker mining production and volume constraints would exacerbate tight markets and further elevate prices of many metals.

Several large rated global diversified mining companies posted first-quarter production results showing weaker production and rising costs following a buoyant 2021.

The high metals prices going into 2022 have provided a cushion to many mining companies that will help soften current market disruptions. Higher prices are likely to persist throughout this year, limiting the adverse effects of cost inflation on miners’ credit quality.

According to Moody’s, Covid-19-related labour constraints and cost inflation are the main drivers behind lower production and cost increases. At the same time, higher rates of Covid-19 infection among workers have created labour challenges in crucial mining countries such as Australia, Peru and South Africa.

Compounding matters are weather-related disruptions impacting diversified miners operating in Brazil, South Africa and Australia.

Russia’s invasion of Ukraine in February has triggered turmoil in commodity markets, with Moody’s raising its near-term price assumptions for several metals and mining commodities to reflect constrained commodity supply. TNM

https://soundcloud.com/northern-miner http://www.northernminer.com/tag/podcast/

Luc Rioux C’est avec un profond regret qu’Entreprises minières Globex inc. annonce le décès de Luc Rioux, géologue senior de Globex. Luc a fait partie intégrante de l’équipe de Globex pendant plus de 9 ans, fournissant des conseils et participant activement aux activités d’exploration de Globex et à sa société sœur Mines indépendantes Chibougamau inc. Sa contribution à la récente découverte de cuivre/or C-3 dans le camp minier de Chibougamau et son implication sur les divers projets pour Globex et Chibougamau a permis aux deux entreprises de faire des progrès significatifs. Il manquera assurément à toute l’équipe de Globex et de Chibougamau.

It is with deep sorrow that Globex Mining Enterprises Inc. announces the passing of Mr. Luc Rioux, Senior Globex Geologist. Luc was an integral part of the Globex Team for over 9 years, providing guidance and hands on exploration to Globex and its sister company Chibougamau Independent Mines Inc. His input into the recent C-3 copper/gold discovery in the Chibougamau mining camp and his involvement on various projects for Globex and Chibougamau has allowed both companies to make significant progress. He will be surely missed by the entire Globex and Chibougamau teams.

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MAY 16 — 29, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Eldorado Gold to resume Skouries construction in H2 | New investment deal alleviates environmental, community concerns

GREECE

BY CECILIA JAMASMIE

C Construction at the Côté gold project in Ontario. IAMGOLD

Pandemic, inflation contribute to 90% cost rise at Iamgold’s Côté project CAPEX

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| Maryse Bélanger appointed interim president and CEO

BY CECILIA JAMASMIE

amgold (TSX: IMG; NYSE: IAG) has revealed a costs blowout at its massive Côté gold project in Ontario, with preliminary estimates from an ongoing risk analysis indicating that development of the asset would require between $1.2 billion and $1.3 billion to complete.

That compares to the company’s previous assessment of between $710 million and $760 million needed and represents an eye-popping 90% cost increase after adjusting the figure for the $78.5 million spent in the first three months of the year.

The Toronto-based miner also said its chair Maryse Bélanger has been appointed interim president and chief executive to try to tackle the situation. She has taken over from CFO and executive VP of strategy and corporate development, Daniella Dimitrov, who acted as the top boss after Gordon Stothart walked away in January this year. She will focus now on finding ways to address the project’s funding gap.

Iamgold noted it had suspended its 2022 and 2023 costs guidance for the project, adding it would provide a detailed updated costs and schedule estimate before the end of the second quarter.

“This isn’t entirely a surprise,” BMO analyst Jackie Przybylowsk wrote. “We were highly skeptical of the previous budget, but the magnitude of the increase is above our previous estimates, and this is ahead of the release of a detailed project review later in Q2/22,” she noted.

The timing of commercial production at Côté, considered a tierone, generational asset, has also been delayed by four to five months from the previous guidance of the second half of 2023.

“The project is being developed with the background of Covid19, inflation and global events and their impact including on the global supply chain, labour availability, productivity and rates, costs of materials, commodities and consumables,” the company noted.

Since the beginning of the year, Iamgold has been conducting a portfolio of assets review as part of

a strategy that prioritizes return on investment and cash flow generation. The main goal of the exercise has been to ensure the delivery of Côté, which is being built by a 70:30 joint venture between Iamgold and Sumitomo Metal Mining. (The JV owns 92% of the project, with a third party holding the remainder.)

Iamgold, which broke ground on the project in September 2020, estimated costs at the time in the US$875- to US$925-million range.

Côté is expected to produce an average of 489,000 oz. of gold a year in its first five years and an annual average of 367,000 oz. over 18 years of its planned mine life. It would be the company’s fourth mine.

In terms of results, Iamgold reported first-quarter earnings of US$23.8 million and US$356.6 million in revenue, better than the consensus forecast of US$310 million.

Analysts believe the main reason for the outperformance was the timing of sales of gold inventory at its Essakane mine, in northeastern Burkina Faso.

The stock was last trading at $3.62, giving the company a market capitalization of $1.7 billion. TNM

anada’s Eldorado Gold (TSX: ELD; NYSE: EGO) is aiming to resume construction at its Skouries gold-copper mine in northern Greece in the second half of the year, as it continues to work on a financing package.

Progress at the project, halted since 2017, was in the past hindered by both government delays in issuing permits and community opposition over the possible environmental impacts of gold mining in a densely forested area.

Greece and Eldorado, the country’s biggest foreign investor, inked a new investment contract in early 2021 that has allowed the company to move forward with Skouries.

The agreement provided enhanced fiscal revenues, environmental benefits, and support for communities in the form of job creation and local projects.

It also paved the way for the reception of the miner’s longawaited permit for the use of drystack tailings disposal at Skouries.

Eldorado has since focused on resuming construction at the mine, which has reserves of 3.6 million oz. of gold and 1.6 billion lb. of copper in 147.1 million tonnes averaging 0.77 gram gold per tonne and 0.5% copper.

The company also completed a new feasibility study for the project, which calls for an open pit and underground mining operation with average production of 140,000 oz. of gold and 67 million lb. of copper a year over a 20-year mine life.

Capital costs are pegged at US$845 million, 23% higher than the US$689.2 million previously announced in a 2018 prefeasibility study, due mainly to increased input prices and scope changes related to water management.

Challenging first quarter Delivering first-quarter results after markets closed on Thursday, Eldorado president and chief exec-

Reviewing plans at Eldorado Gold’s Skouries project. ELDORADO GOLD

utive George Burns said the company was evaluating all available financing options for Skouries.

The options include joint venture equity partners, project and debt financing through EU and Greek lenders, as well as the EU Recovery and Resilience Fund and metal streams, Burns said.

As flagged earlier in April, Eldorado’s production in the first three months of the year was hit by a combination of Covid19 absenteeism, weather-related headwinds and power outages at its operations.

The company produced 93,209 oz. of gold at an all-in sustaining cost (AISC) of US$1,347 per oz., compared to 111,742 oz. at US$986 per oz. the previous quarter.

“We expect further development at the company’s Greek assets to be a key catalyst for the stock and see significant upside potential for the company’s five-year production outlook,” BMO precious metals analyst, Brian Quast, wrote in a note to investors.

Despite the challenges faced in the first quarter, the Vancouverbased miner kept its 2022 production guidance of 460,000 to 490 000 oz. of gold unchanged. TNM

Gold Fields flags rising cost pressures at Salares Norte in Chile INFLATION

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BY HENRY LAZENBY

old Fields (NYSE: GFI; JSE: GFI) says higher –than expected inflation levels have started eating into the contingency built into the US$860-million capital budget for its 100%owned Salares Norte development project in Chile.

CEO Chris Griffith said in Gold Fields’s March-quarter production report on May 5 that the cost overrun could rise as high as 7% compared with the company’s February inflation estimates.

“Given the elevated level of inflation, the contingency that was built into the capex forecast has started to be eroded,” said Griffith.

| Concerns also rising for operations in Peru, Ghana

“Should inflation continue at current levels, we expect the overall project capex to be 5 to 7% higher than expected,” he said.

Gold Fields has earmarked US$860 million for the project, but Griffith warned that should the company’s inflation concerns materialize, the capex could swell to US$903 to US$920 million.

Total project progress at the end of March was 70%, compared with 63% at the end of the fourth quarter of 2021. Once completed, Salares Norte is expected to produce, on average, 450,000 oz. gold equivalent per year over the first seven years. The project is said to remain on track to produce first gold at the end of the first quarter in 2023.

Gold Fields also flagged inflationary concerns in other regions, including Peru, where inflation in April was forecast to be 10.5% compared to a previous forecast of 6.8%. For Ghana, inflation is now forecast at 12.2% compared to 10.9% in February.

“As we finally seemed to have overcome the worst of Covid-19 around the world, the invasion of Ukraine by Russia has had a material impact,” Griffith said. “Despite the devastation caused by any form of war, the world is being plagued with heightened inflation, driven by high oil and gas prices and, more broadly, higher commodity prices.”

“While we expected the min-

ing sector to be challenged by high inflation at the start of the year, the impact has been worse than initially expected,” Griffith said.

“High commodity prices have driven inflation in energy costs; logistics and consumables.”

The company’s inflationary concerns were borne out in its consolidated first-quarter all-in sustaining cost (AISC) figure at US$1,150 per oz., which was about 9% higher than the previous quarter.

Gold Fields reported a 7% yearon-year higher output during the first three months of 2022 at 580,000 oz. gold, but the figure was 9% lower than the prior quarter.

Gold Fields said a higher – than expected copper byproduc-

tion credit had partially offset the cost inflation. “Consequently, we leave our cost guidance for the year unchanged,” Griffith said.

Gold Fields has forecast AISCs of between US$1,140 to US$1,180 per oz.

For 2022, attributable goldequivalent production is expected to be around 2.3 million oz., in line with 2021 output.

Gold Fields has attributable gold-equivalent mineral reserves of 52.1 million oz. gold and 116 million oz.

The company’s New Yorkquoted equity traded at US$11.71 at press time, giving it a market capitalization of US$10.5 billion. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16 — 29, 2022

Sandstorm Gold snaps up Nomad, BaseCore assets for US$1.1B M&A

| Purchase focuses on gold, silver and copper

An employee inside the processing facilities at the Antamina mine in Peru. ANTAMINA.

BY CECILIA JAMASMIE

C

anada’s Sandstorm Gold (TSX: SAND; NYSE: SAND) is growing in scale and size with the acquisitions of one royalty company and an extensive package from another for a combined total of US$1.1 billion.

The company said on Monday it had agreed to buy Nomad Royalty in an all-share transaction valued at US$590 million and agreed to acquire nine royalties and one stream from BaseCore Metals for US$525 million in cash and stock.

Nomad owns a portfolio of 20 royalty and stream assets, seven of which are tied to producing mines, including Antamina copper and zinc mine in Peru, Caserones copper-molybdenum in Chile and Highland Valley, which is Canada’s largest open pit copper mine.

Last year, Nomad’s portfolio contributed US$27 million in revenue and about 16,000 gold-equivalent ounces.

BaseCore­­­Metals, a 50-50 joint venture between Glencore (LSE: GLEN) and the Ontario Teach-

ers’ Pension Plan Board, holds a portfolio that includes 10 royalty and stream assets, of which three are on currently producing assets.

The transactions, president and chief executive Nolan Watson said, mark the next step in Sandstorm Gold’s strategic growth plan, which seeks solidifying its position amongst its peers as the highest-growth streaming and most liquid mid-tier royalty and streaming company.

“We believe that precious metals and copper are poised to materially outperform the market in the coming years, and we are excited to provide investors with exposure to long-life, high quality, and low-cost assets focused on gold, silver and copper,” Watson noted.

Sandstorm Gold said the transactions will boost 2022 production by 22%, reaching between 80,000 and 85,000 gold-equivalent oz., up from 65,000 to 70,000 gold-equivalent oz. previously guided. The Vancouver-based company said that ultimately, the acquisitions announced will increase its production by 55% to 155,000 oz. in 2025. TNM

7

Appian to pony up $85M loan for Western Potash’s Milestone project FINANCING

| First production expected in Q2 2023

BY NAIMUL KARIM

W

estern Potash, a subsidiary of Western Resources (TSX: WRX), will receive an $85-million loan from Appian Capital Advisory to complete the construction and development of the first phase of its Milestone potash project in Saskatchewan.

The deal includes a six-year term loan facility at an interest rate of 12.5% per year, a grant of a 1.5% royalty based on the project’s gross revenue, and the issuance of about 20.7 million warrants to Appian that will represent up to 9.9% of Western’s shares.

Western Resources also said that a previously announced equity investment of $80 million from Vantage Chance, an investment firm based in the British Virgin Islands, in one of Western’s subsidiaries will be completed next month, as it wasn’t flagged for further review under the Investment Canada Act. “Appian has only done 17 projects since its inception 10 years ago… this speaks to the delicate considerations in the decision making of their investments, as well as the profitability that Appian sees in Western Potash,” Bill Xue, the company’s CEO told The Northern Miner on April 29.

Located about 30 km southeast of Regina, the Milestone project is expected to begin production in the second quarter next year and is expected to achieve a production of 146,000 tonnes per year.

According to an updated security filing on Dec. 29, the project is expected to have a 40-year mine life. The second phase of the project has the potential to produce 1.4 million tonnes per year.

“This funding, together with the $80 million equity investment from Vantage will enable Western Potash to also start looking into preliminary works of our Phase 2 project, which is a similar sized plant adjacent to our existing one,” said Xue. He added that Phase 2 would share the same infrastructure and utilities from Phase 1, and “further reduce the already industry-competitive capex and opex costs.”

According to Western, the project is expected to be the first pot-

Workers at Western Potash’s Milestone project in southern Saskatchewan, about 30 km southeast of Regina. WESTERN POTASH

ash mine in the world that will leave no salt tailings on the surface as the company aims to use a technology that’s new to Saskatchewan — selective horizontal solution mining.

The project team envisions the simultaneous operation of three pilot production caverns. The horizontally drilled wells inject a sodium chloride (NaCl) saturated brine that has a higher temperature than the in-situ rock formations. Potassium Chloride (KCl) is then selectively dissolved within the potash formation, leaving a lattice of NaCl behind.

Potassium chloride-rich brines are then brought to surface through each production well.

Potassium chloride recovery is achieved through delivery of the KCl-rich brine to a surface crystallization pond, producing 146,000 tonnes of standard grade muriate of potash (MOP) per year.

Appian CEO Michael Scherb said that the transaction was a strong fit with Appian’s investment mandate. Appian Capital Advisory is the investment advisor to Appian Natural Resources Fund I and Appian Natural Resources Fund II, two private equity funds that invest solely in mining.

According to Xue, the potash industry has always had an extremely high barrier to entry due to its oligopolistic nature.

“This financing will give Western Potash the opportunity to break that perceived barrier to entry and enable more potential investors the ability to come into the potash industry,” he said.

At press time in Toronto, Western Resources was trading at 37¢ per share within a 52-week trading range of 15¢ and 47.5¢. The company has 187.17 million common shares outstanding for a market cap of $69.2 million. TNM

Artemis Gold inks $312M construction contract for Blackwater plant in BC DEVELOPMENT

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BY NAIMUL KARIM

rtemis Gold (TSXV: ARTG) has moved closer to the start of construction at its Blackwater gold project in British Columbia with the award of a $312-million, engineering, procurement, construction and commissioning (EPC) contract to Sedgman Canada.

The contract, which is for the processing plant and associated infrastructure, is expected to be executed by June 30.

Construction of the plant, which is subject to permits, is expected to begin in the fall, while the first gold

| Mine expected to produce an average of 339,000 oz gold per year

pour is slated for the first half of 2024.

“The award of the EPC job for the process plant at Blackwater is another significant milestone for Artemis, reflecting a competitive process involving multiple bidders,” the company’s CEO Steven Dean said in a press release on May 3. “We will work to finalize the design and engineering of the Blackwater project in advance of a start of major development activities.”

Located in central British Columbia, about 446 km northeast of Vancouver, the Blackwater project is expected to produce an average of 339,000 oz. gold per year

at an all-in sustaining cash cost of $850 per oz. during the life of mine period of 22 years, according to the project’s feasibility study. It envisages an open pit mine.

At a 5% discount rate and using a gold price of US$1,600 per oz., the project would generate a post-tax net present value of $2.2 billion and an internal rate of return of 32%.

While the parties finalize the definitive EPC contract, in order to maintain the project schedule, an interim services agreement has been signed. The agreement will focus on procurement and pricing of longlead equipment, purchasing raw materials for fabricators and other

pre-construction activities.

Owned by Australia-based CIMIC Group, Sedgman has worked on four other projects in Canada, including Kirkland Lake Gold’s Macassa water treatment plant in Ontario and Ascot Resources’ (TSX: AOT) Premier gold project in B.C. According to Sedgman, the interim services agreement will generate about A$16 million in revenue for the company over a twomonth period.

Haywood Securities mining analyst Pierre Vaillancourt believes expects inflationary pressures to increase the project’s capital cost

from the feasibility study estimate of $645 million.

“ARTG has executed well on its milestones toward construction,” Vaillancourt wrote in a research note to clients. “Although we expect capex will rise, as with most other construction projects, we are also confident in the operating/ construction team’s ability to optimize the project and manage costs to maintain the project’s attractive economics.”

At press time in Toronto, Artemis Gold was trading at $6.55 per share within a 52-week trading range of $4.86 and $7.93. The company has a market cap of 998.3 million. TNM

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MAY 16 — 29, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Historic Tanco mine in Manitoba producing lithium again – this time under China’s Sinomine LITHIUM

| Aims to supply North American EV market in the future

BY NAIMUL KARIM

M

ore than a decade after lithium production was last shut down at the Tanco mine in Manitoba, production of lithium spodumene concentrate began in December under China’s Sinomine, making it a rare manufacturer of the raw material in Canada.

Sinomine, listed on the Shenzhen Stock Exchange in China, shipped about 2,000 tonnes of spodumene concentrates from Tanco last year to its sister company Jiangxi Donpeng New Materials to feed its battery grade lithium hydroxide and lithium carbonate production lines, according to a Sinomine press release.

While the company currently supplies all of its lithium raw materials to its sister company in China, it aims to supply spodumene to the North American market in the future and is working to expand its resource and develop a lithium hydroxide and carbonate plant locally, the mine’s facility general manager Joey Champagne told The Northern Miner in an interview.

“The previous lithium operation on site was shut down in 2009 [due to market demand] and it was primarily focused on the ceramics industry and very high-quality products,” said Champagne, who is also Sinomine’s North American operations director.

“With the recent shift in the market and the need for battery-grade concentrates, we decided to restart our lithium operations and refurbished the existing plants to a state that’s within our operational limitations.”

The Tantalum Mining Corp. of Canada, known as the Tanco mine, is located about 160 km northeast of Winnipeg and has been in production for over 50 years. Over the years, the mine has produced tantalum, lithium and cesium.

About 1.8 million tonnes of spodumene has been mined at the site since 1984, before production was suspended in 2009, according to a notice of alteration filed in the Manitoba public registry in 2013.

The remaining reserves include an indicated spodumene resource of 1.3 million tonnes grading 2.7% lithium oxide and an inferred resource of 657,694 tonnes grading 2.6% lithium oxide. It also has

Sinomine’s Tanco lithium mine in Manitoba. JOEY CHAMPAGNE

proven reserves of 427,674 tonnes at an average feed grade of 2.4% lithium oxide.

Sinomine acquired the operation, which currently consists of an underground room-and-pillar mine, a spodumene concentrator mill and a cesium chemical processing facility and employs about 100 workers, from Cabot Corp. in 2019 and has ever since worked towards refurbishing the mine to restart lithium production.

“From that day forward, we started evaluating the different opportunities that exist with our mine site because they (Sinomine) were previously ingrained in this market,” said Champagne. “They do bring a lot of technical expertise and have a lot of background in processing the minerals that we have on site.”

Work on refurbishing equipment in the mill and replacing obsolete components that were last used in 2009, began in October. Once the mine reaches its capacity, it aims to produce 30,000 tonnes of 5.5% lithium spodumene concentrate annually, according to Sinomine, which expects to reach that goal by the end of the year.

Explaining the extraction process, Champagne said ore from the underground mine is crushed, runs through multiple beneficiation circuits and a flotation upgrading process before being dried and packaged. “We upgrade the varying grade of ore to a battery-grade concentrate, which can range anywhere from 5.5% to 6%,” he said.

Local lithium hydroxide plant The company’s longer-term goal includes expanding its resources and conducting a study to build a lithium hydroxide and carbonate plant locally, which would reduce shipping costs and help supply the North American market.

“Typically, the hydroxide-carbonate still needs further processing by different customers and we are already ingrained into that in China. Taking it to bigger North American customers should be a fairly easy transition,” said Champagne.

John Morris, a co-director at the Mining Association of Manitoba, said he was excited to see Tanco become a successful spodumene-producing operation.

“The significant element here

is the beginning of lithium mining in Canada and Manitoba,” he said. “There are several projects in the works for lithium exploration and mining in Manitoba and we are looking to become a national leader in the development of critical minerals.”

Lithium production in Canada A representative of the Manitoba government, where the mine is based, confirmed that the mine had restarted its lithium production. “We can confirm Tanco has a good working relationship with the province and we are aware of the production of lithium and other commodities,” Craig MacDonald, industrial development consultant at the Economic Development Board Secretariat, told The Northern Miner.

Canada, which has an estimated 2.9 million tonnes of lithium resources, has had limited production of lithium from 2014 to 2019 and none in 2020, according to Natural Resources Canada.

A number of companies, however, are involved in lithium projects that range from early exploration to an advanced stage.

The North American Lithium mine in Quebec reached commercial production in early 2018 and shipped spodumene concentrate to refineries in China for processing into lithium carbonate before suspending operations in 2019 as prices of lithium products fell sharply. The mine was acquired by Sayona Quebec in 2021, a joint venture between Australia-based Sayona Mining (US-OTC; ASX: SYA: SYAXF) and Piedmont Lithium (NASDAQ: PLL; ASX: PLL) Nemaska Lithium produced its first spodumene concentrate at the Whabouchi mine in Quebec in early 2017, but suspended production in 2019, and the mine was put on care and maintenance. It now has plans to restart production in 2025 under Livent Corp. (NYSE: LTHM), which is buying Pallinghurst’s 50% interest in the project, and Investissement Québec, which owns 50%.

Champagne though is confident of Tanco’s ability to weather future storms and contribute to the transition away from fossil fuels. As he puts it, “this change to electrification is happening and we are at the forefront of that.” TNM

Snow Lake drills 1.49% LiO2 over 34.5 metres in Manitoba EXPLORATION

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BY JACKSON CHEN

now Lake Lithium (NASDAQ: LITM) has released the first results of winter drilling at the northeast extension of its Thompson Brothers (TBL) spodumene pegmatite deposit located in northwest Manitoba. These results represent only the first three of the 40 total holes that Snow Lake has submitted for analysis.

The best intercept came from TBL-027, with an intersection of 1.49% LiO2 (lithium oxide) over 34.5 metres starting from 233 metres depth. In addition, hole TBL-025 returned an intercept of

1.52% Li2O over 18 metres, starting from 21 metres.

The other holes completed to date demonstrate the “pinch and swell” character of the crystallization on the northeast extension of the TBL deposit, the company says.

“The first three holes, while only representing a fraction of our sample submissions to date, are incredibly significant in that they validate the identification of our outside targets that will be amenable to an open pit starter strategy,” Snow Lake CEO Philip Gross said in a release. “This will facilitate the development of a commercial mining operation with a substantially

| Spring drilling program continues

Drill core from Snow Lake Lithium’s Thompson Brothers lithium project in Manitoba.

SNOW LAKE LITHIUM

improved capex while we continue to extend our lithium resource.”

In the meantime, the company’s spring drilling program is ongoing.

The Thompson Brothers deposit

contains multiple spodumene pegmatite dykes that typically appear in clusters. It has been drill tested over a 1-km strike length and to a vertical depth of 500 metres, with

additional drilling required to define the deposit along strike to the northeast. The total land package is 220 sq. km.

The project hosts a resource (compliant with U.S. SEC standards) of 11.1 million indicated and inferred tonnes grading 1% Li2O. The company aims to develop a sustainable lithium mine that can deliver a traceable, carbon-neutral and zero-harm product to the electric vehicle market.

In February, Snow Lake began the first phase of work on a prefeasibility study for the Thompson Brothers project. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16 — 29, 2022

9

Glencore to invest US$200M in battery recycling firm Li-Cycle RECYCLING

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BY NAIMUL KARIM

lencore (LSE: GLEN) has inked a deal with Toronto-based Li-Cycle Holdings (NYSE: LICY) to supply the company with all types of manufacturing scrap and end-of-life lithium-ion batteries.

The company will also invest US$200 million in Li-Cycle once the agreement is executed, which would enable it to nominate its head of recycling, Kunal Sinha, on to Li-Cycle’s board. The deal is expected to be closed in the third quarter.

“This is a key step in establishing a strong long-term foundation for the vertical integration of the battery materials supply chain,” said Sinha in a press release on May 5. “Together, we will be expanding the spectrum of battery material supply solutions to a broader global customer base, particularly in Europe and North America.”

Li-Cycle’s CEO Ajay Kochhar said that the agreements would

| Investment to boost Li-Cycle’s Hub and Spoke model

“further secure and diversify” the company’s lithium-ion battery supply and feedstock sources and help improve its position in North America and Europe.

The demand for lithium-ion batteries, used in electric vehicles (EV), has been on the rise, as the world looks to meet its goal of transitioning away from fossil fuels by 2050. However, the recycling of lithium-ion batteries is not expected to take off before 2030 due to obstacles such as the lack of recyclable feedstock and the long life of EVs, according to Wood Mackenzie.

Hub and spoke model Li-Cycle follows a hub-and-spoke recycling strategy. In its “spoke” facilities, spent batteries and scraps are processed to produce a powder-like substance called black mass that contains metals like nickel, cobalt and lithium. In its centralized “hubs,” the black mass is processed to produce critical battery materials like lithium car-

Construction underway on Li-Cycle’s Spoke facility in Rochester, NY, in the fall of 2020. LI-CYCLE HOLDINGS

bonate, nickel sulphate and cobalt sulphate.

Currently, the Canadian company has two operational spokes in Kingston, Ont., and Rochester, N.Y. It expects to add spokes in Arizona and Alabama later this year.

It is also in the process of constructing a hub in Rochester.

Europe’s Green Deal requires massive amounts of battery metals – study CRITICAL MINERALS

| Local recyling could help meet demand

BY VALENTINA RUIZ LEOTAUD

A

recent study by KU Leuven University in Belgium shows that meeting the European Union’s Green Deal goal of climate neutrality by 2050 will require 35 times more lithium and seven to 26 times more rare earth metals than Europe currently uses.

The energy transition will also require 30% more aluminum than what is used today on the continent, as well as 35% more copper, 45% more silicon, 100% more nickel and 330% more cobalt, says the paper, “Metals for Clean Energy: Pathways to solving Europe’s raw materials challenge,” published in April. All of these metals are considered essential for producing electric vehicles and batteries, renewable wind, solar and hydrogen energy technologies, as well as the grid infrastructure needed to achieve climate neutrality.

In real numbers, the percentages translate to about 4.5 million tonnes of aluminum, 1.5 million tonnes of copper, 800,000 tonnes of lithium, 400,000 tonnes of nickel, 300,000 tonnes of zinc, 200,000 tonnes of silicon and 60,000 tonnes of cobalt. Then there are 3,000 tonnes of the rare earths metals neodymium, dysprosium and praseodymium, which represents an increase between 700% 2,600% from current levels.

The report also provides some good news. By 2050, 40% to 75% of Europe’s clean energy metal needs could be met through local recycling if the continent invests heavily now to fix bottlenecks.

“But Europe faces critical shortfalls in the next 15 years without more mined and refined metals supplying the start of its clean energy system,” the study

An electric vehicle being charged.

MIHAJLO MARICIC/ISTOCK

points out. “Progressive steps will be needed to develop a long-term circular economy, which avoids a repeat of Europe’s current fossil fuel dependency.”

Supply problems by 2030 The paper explains that Europe could face problems around 2030 from global supply shortages for at least five metals, namely, lithium, cobalt, nickel, rare earths, and copper. EU primary metals demand will peak around 2040; thereafter, increased recycling will help the bloc towards greater self-sufficiency, assuming major investments are made in recycling infrastructure and legislative bottlenecks are addressed.

The report sees coal-powered Chinese and Indonesian metal production dominating global refining capacity growth for battery metals and rare earths. It also notes that Europe relies on Russia for its current supply of aluminum, nickel and copper.

Within this context, the authors of the paper recommend that Europe start building solid bridges

with proven responsible suppliers managing their environmental and social risks. It also questions why the bloc has not yet followed other global powers like China in investing in external mines to drive ESG standards directly.

“A paradigm shift is needed if Europe wants to develop new local supply sources with high environmental and social protections,” the document states. “Today we don’t see the community buy-in or the business conditions for the continent to build its own strong supply chains. The window is narrowing; projects really need to be taken forward in the next two years to be ready by 2030.”

The study says there is theoretical potential for new domestic mines to cover between 5% and 55% of Europe’s 2030 needs, with lithium and rare earths having the largest project pipelines connected to imports from South America, Africa and North America that could provide 25% to 80% of projected demand. However, most announced projects have an uncertain future despite Europe’s comparatively high environmental standards, as they struggle with local community opposition and permit challenges, or rely on untested processes.

“Europe would also need to open new refineries to transform mined ores and secondary raw materials into metals or chemicals,” the paper suggests.

The issue these days is that the current energy crisis makes new refining investment challenging, as skyrocketing power prices have already temporarily closd nearly half the continent’s existing refining capacity for aluminum and zinc, while production has increased in other parts of the world. TNM

According to a feasibility study completed in December, the Rochester hub will have the nameplate input capacity to process 35,000 tonnes of black mass annually, which is equivalent to about 90,000 tonnes of lithium-ion battery feed every year. The hub will process enough battery material for about 225,000 electric vehicles

per year, the company said.

“The $200 million investment

by Glencore… will provide us with total cash greater than our anticipated capital needs for the completion of the Rochester Hub and the five Spokes currently in development,” said Debbie Simpson, Li-Cycle’s chief financial officer.

Earlier this month Glencore agreed to purchase nickel and cobalt products for a year from a battery recycling plant that’s poised to go online in 2023 — Electra Battery Materials’ (TSXV: ELBM; US-OTC: ELBMF) Battery Materials Park project situated in Cobalt, Ont. The company says it has been working to establish regional platforms across the world to localize battery raw material supply chains within key regions in a scalable and sustainable manner.

At press time in Toronto, shares of Li-Cycle were trading at $7.20.

The company has 169.1 million common shares outstanding for a market cap of $1.2 billion. TNM

Arizona Sonoran to deploy Rio Tinto’s Nuton tech; raise $35M COPPER

A

| Rio to invest for 7.2% stake

BY NAIMUL KARIM

rizona Sonoran Copper (TSX: ASCU; US-OTC: ASCUF) has entered into a partnership with Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) focused on the latter’s Nuton venture, and a non-brokered private placement for total gross proceeds of up to $35 million.

Nuton technologies offer a portfolio of proprietary copper leach related technologies and capability developed by Rio Tinto to deliver increased copper recovery from mined ore and access new sources of copper such as low-grade sulphide resources and reprocessing of stockpiles and mineralized waste.

The technologies can also help with more efficient water usage and lower carbon emissions, and have the ability to reclaim mine sites by reprocessing waste.

Rio Tinto struck a similar deal with Lion Copper and Gold (TSXV: LEO; US-OTC: LCGMF) in March to deploy its Nuton technologies at site.

As part of the $35-million financing, Rio will subscribe for 6.4 million of Arizona’s common shares and Tembo Capital Elim Co-Investment LP will subscribe for about 3.9 million common shares. Once the deal is completed, Rio Tinto will hold 7.2% of Arizona, while Tembo’s share will be reduced to 34.6% from 37.6%.

“We are thrilled to introduce Rio Tinto as a key shareholder… we are also thankful for our continued support from current shareholders, including Tembo,” the company’s CEO George Ogilvie said in a press release on Apr. 28.

“This private placement provides the company with signifi-

A rock sample from Arizona Sonoran Copper’s Cactus project.

ARIZONA SONORAN COPPER

cantly more capital… by way of intensive exploration at Parks/ Salyer (P/S) and metallurgical testing of the primary chalcopyrite material at Cactus, which is not currently in the preliminary economic assessment mine plan,” he added.

Located on private land in western Pinal County, Ariz., Cactus is Arizona Sonoran’s flagship project. According to a 2020 preliminary economic assessment, the project could produce 56 million lb. of copper annually over 18 years. The company, however, is working on increasing its production levels. The P/S project is located 2 km southwest of the Cactus project and is currently being explored.

The company expects construction could start as early as 2023 with production beginning in 2024 and believes that the project, including Cactus and Parks/ Salyer can reach a production profile of between 80 to 100 million lb. of copper cathode a year.

At press time in Toronto, Arizona Sonoran Copper was trading at $2.05 per share, with a market capitalization of $145.1 million. TNM

10

MAY 16 — 29, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

EPA deals fresh blow to PolyMet mine PERMITTING

T

BY CECILIA JAMASMIE

he U.S. Environmental Protection Agency (EPA) has dealt a fresh blow to PolyMet Mining’s (TSX: POM) plans to build an open pit copper-nickel mine in Minnesota, by recommending that the U.S. Army Corps of Engineers not re-issue a key water-related permit.

The agency said this week that the US$1-billion NorthMet project, the first large-scale project to be permitted within the Duluth Complex in northeastern Minnesota, risked increasing levels of mercury and other pollutants in the St. Louis River downstream from the proposed mine.

| Water-related permit suspended after challenge from Indigenous group

The Fond du Lac Band of Lake Superior Chippewa sued the EPA in 2019 because the agency never notified the band about whether the project “may affect” its waters.

This action, which triggered several reviews and a public hearing in early May, represents the first time a sovereign American Indian tribe has used its authority under the Clean Water Act as a “downstream state” to challenge a federal permit to protect its lands and waters.

Last year, the Army Corps suspended a section of PolyMet’s permit allowing it to discharge dredged and fill material over 3.6 sq. km of wetlands and kicked off a permit review.

“As the NorthMet project is cur-

rently designed, there are no conditions that EPA can provide to the Corps that would ensure that the discharges from the CWA Section 404 permitted activities would comply with the Fond du Lac Band’s water quality requirements for its waters,” the agency said in a first-of-its-kind public hearing to determine the permit’s fate.

The Army Corps will use the information it gathers in the hearing to decide whether to reinstate the wetlands permit, one of three critical PolyMet permits that have been suspended.

Recommendation, not ruling The company has said that both the reservation and the state are located

well over 100 river miles (160 km) downstream from the project and that the EPA’s decision does not say that NorthMet will affect downstream water quality, only that effects are possible.

The EPA’s 47-page evaluation partly backs the company’s position, as it says the project and/or the permit, could be modified to meet current regulations.

Bruce Richardson, a spokesperson for PolyMet, told local media that the EPA’s comments were only a recommendation, adding that the company will present evidence that it believes the federal agency did not consider.

NorthMet hosts 290 million tonnes of proven and probable

ROSS BEATY From 1

pearly gates, Saint Peter’s there.

He’s asked you what your one vocation in life was and you only get to pick one. What is it?”

“I’m a very proud geologist. It’s a great vocation. And I wouldn’t change it if I had to repeat it at all,” Beaty replied.

After completing a master’s degree in London, then spending two years hitchhiking through Asia, South America and Southern Africa, he recounted that he returned to Vancouver in September 1976, where he decided to study law.

“I’d been away three out of the previous four years, and I did not want to go to the bush, I wanted to hang out in town and have a little more of a social life,” he said.

He went to law school “as a hobby” and during that time he ended up reconnecting with the woman that later became his wife.

“So it worked out,” he said. “But [law] just didn’t suit me. So that’s why I never ever practiced, it was just a hobby.”

Beaty started a geological consulting firm while in law school, building up to 32 employees that did work all over the world. He also started his first public company — Equinox Resources — raising $145,000 in a bear market for gold.

“I went to my mother and my brother and my uncle, and they all kicked in. Well, believe me when your mother starts investing in your company, and every time you go to see your mother for dinner… you have to sort of focus!” he said.

When he realized that the company — if successful at finding a deposit — would be more lucrative, he decided to sell the consulting company to himself. “In a geology company, you’re selling time like a lawyer or an accountant, and you don’t have that extra little financial motivation or reward if you’re successful,” he said. “So as soon as I realized that, I did my first deal. I bought myself — Equinox bought my Beaty Geological contract company.”

The fact that he really enjoys the mining business meant that later in his career, after he sold Equinox Resources to Hecla Mining (NYSE: HL) in 1994 for $100 million, rather than taking a well-deserved break, he started Pan American Silver that same year.

“I just didn’t have an interest in golfing or retiring. And I really liked the business. It just was fun. And it was fulfilling to create an endeavour out of nothing, that would provide literally tens of thousands of people with jobs, communities with services and with added value to their lives, I really get a huge amount of pleasure from that,” he

Equinox Gold chairman Ross Beaty (left) with Anthony Vaccaro, president of The Northern Miner Group, at the Mining Legends Speakers Series in Vancouver. THE NORTHERN MINER

said. “And investors with capital gains, you know how many hundreds of people have come to me and say they’ve been able to buy houses and cars and education for their kids from the profits they’ve made from some of these companies that we’ve been able to sell or build into big companies.”

Beaty added: “That’s the stuff that really drives me — it’s just so fulfilling to be able to be part of a bigger community. Something that the mining industry is good at is creating wealth from the ground.

In benefit of society.”

A gold mine that produces 200,000 ounces of gold a year, year after year, will create $400 million of value, most of which stays in the local community, he said. “That is just a humongous engine of development and of wealth creation for communities and people’s lives.”

The risk-averse need not apply Vaccaro noted that a certain fearlessness was evident in Beaty’s extensive travels around the world.

“Is there an element of a general adrenaline junkie, like you’ve had a lot of near-death experiences?” he asked Beaty. “And is that part of success?”

“Well, I think to be a good entrepreneur, you have to pursue risk, I think you have to embrace risk, not run away from it. And always think the glass is half full,” Beaty said.

“Risk: I don’t even know what the word means. And I’m very lucky to be alive… I could go on for hours, the crazy, stupid, dumb things I’ve done — climbing mountains, going to the middle of nowhere in Central Africa… I think it’s chasing that risk.”

Beaty has chased risk throughout his career. He was the first to drill a “great” gold deposit in Liberia in the mid-1980s, but he also

contracted cerebral malaria, and witnessed the beginnings of the country’s descent into civil war.

Beaty then spent eight years in Bolivia; three and a half years in Haiti; and then three and a half years in Russia.

“They were all terribly difficult places to work. But you know, out of that difficulty comes strengths, I guess and they were all calamities by the way,” he said. “[In] Haiti there was another revolution, just as we secured our licence after years of trying. There was a military coup, Canada declared the War Measures Act on Haiti, we were unable to work there anymore. That was the end of that project.”

In Russia, Beaty spent four years developing a “huge” silver mine in Siberia in the 1990s. Then Putin was appointed president.

“Soon as that happened, a bunch of thugs from St. Petersburg came over and attacked our project a third of the way through construction, and eventually took the whole thing. And that was the end of that adventure,” he says.

Beaty didn’t realize just how dangerous the situation was at the time.

“The guys that attacked us… we fought them for like a year in Russia. I spoke to the manager of Barrick [in] Russia and he said, ‘you went against those guys. They killed everybody that went against them, you’re lucky to be alive, you know.’ I had no idea, it just didn’t dawn on me that I might be shot.

It just was something that wasn’t in my brain. I kept going back to Russia and fighting them and fighting them. I eventually realized enough was enough.”

After enough failures, there was also success.

“We had all these calamities

and misadventures. But we were so busy and so active in so many places, we got lucky a few times,” Beaty said. “And that’s what you need, you need that luck. And you make your luck, if you keep going.”

In 2008, Beaty took a risk by venturing into the renewable energy sector by starting Alterra, a geothermal power company.

“I wanted to build another resource company, trying something in the environmental world.

I thought, ‘geothermal power, that’s the way to go’. Then when I blew through $100 million drilling dry holes, I sort of thought maybe this isn’t such a good business after all,” he said.

“It was a triumph of idealism over practicality or reality,” Beaty admitted.

When he realized he had made a “calamitous” mistake, he segued the business into wind and solar and hydro, ultimately building Alterra into a fairly sizable company that was bought by Energex (Beaty is a director) and is now a $1-billion plus concern.

“These days, scale really counts — it counts in mining, it counts in renewable energy. The bigger you are, the lower your cost of capital, the more investor pools you can access and the less risky you are as a business. It’s just a good strategy.”

The perks of being an independent thinker Despite being a successful mine builder, Beaty is also a well-known environmentalist, something that is not always easily reconciled, noted Vaccaro.

“There’s no question there’s some ambiguity in that. It is true that mining is an extractive industry, you dig up the Earth, and you create a wholesale conversion into something else,” Beaty said. How-

reserves grading 0.288% copper and 0.083% nickel and marketable reserves of palladium, cobalt, platinum and gold.

It is not the only project to face headwinds as it tries moving forward in Minnesota. Chilean miner Antofagasta (LSE: ANTO) had to deal with several concerns from locals about the risks its proposed Twin Metals underground copper-nickel mine and processing facility would carry.

In January, the company lost its battle. The U.S. Department of the Interior cancelled two mineral leases for Antofagasta’s proposed mine in Minnesota, effectively killing the project and handing a major win to environmentalists. TNM

ever, he added: “Most mines are pretty well reclaimed these days.

A lot of places the average person wouldn’t even know there was a mine there.

“When it’s been properly reclaimed, it’s a short-term use of land as opposed to a more or less permanent use, like a city or a shopping mall or a road or a railway, or even an agricultural plot. Agriculture converts half the Earth’s surface, and largely permanent and wholly destructive.

There’s a lot of hypocrisy and people who say, well, if you’re a miner, you can’t possibly be an environmentalist. But the point is, we need minerals, it’s part of daily life and a normal industrial society. The trick is, how do you mine them as well as you possibly can?”

He added: “These are the things you can do, and if you do them well, you have minimal impact, relatively speaking. But you’ve actually got to do it. And that’s the hard part. That’s what every single company has to really work on and every single person, is minimizing your carbon footprint, trying to protect biodiversity and all these good things, which are achievable if we all work at it.”

Being an independent thinker has also helped Beaty ride the cycles of the mining industry successful — for example in building Lumina Copper with properties others deemed worthless at the time.

“You’ve got to think out of the box, you’ve got to think as a contrarian, you cannot follow the pack, you have to think for yourself,” Beaty said. “In 2001, 2002 when I started the Lumina Copper game, it was a horrible time in the industry — all-time lows in real in real terms. And everybody was crying, ‘this is the end of copper, the end of mining.’ Nobody was making money. Well, that’s the best time to buy, you cannot find a better time to buy than when everyone else wants to sell.

“I ran around and bought all kinds of copper deposits that had no value, dirt, cheap, big known deposits in the ground, that had no fatal flaws, metallurgy, social licence, that kind of stuff. And presto, a year and a half later, in 2003, the copper price started to chug up,” he said.

“It was a great time to be creating this company that held all these properties as options on higher prices. We started working and drilling them and derisking them and sold every single one of them to big companies.” TNM For information on The Northern Miner’s next Speaker Series event, visit https://events.northernminer.com/ speaker-series.

SPECIAL FOCUS

MINING IN

AFRICA SRK unpacks opportunities and challenges facing Africa’s mining sector | Advancements in green hydrogen, renewable energy could fuel mining growth Q&A

S

Let’s start with SRK’s view on how Africa is positioned to help the global energy transition. Would SRK say enough is being done at the national government and regional trade block levels on the African continent to step up and produce the critical minerals the world so desperately needs?

THE NORTHERN MINER:

While contributing relatively little to the carbon emissions that have hastened climate change, African countries are significantly contributing to supplying the minerals for a global energy transition. This is mainly through the production of copper and cobalt in central Africa and platinum group metals in southern Africa. The Democratic Republic of Congo (DRC), for instance, is a leading producer of cobalt and tantalum.

That said, only a minority of African countries have extensive mining sectors, and many of these do not include battery minerals as such. Where these minerals exist in economic quantities, governments have generally provided the necessary frameworks for the private sector to explore and develop them. Increasingly, laws and policies are also evolving to ensure that investments in mining projects have the best possible impacts on host countries and local communities.

ANDREW VAN ZYL:

SRK Consulting director and principal consultant Andrew van Zyl. JEREMY GLYN FOR SRK

ONLY A MINORITY OF AFRICAN COUNTRIES HAVE EXTENSIVE MINING SECTORS, AND MANY OF THESE DO NOT INCLUDE BATTERY MINERALS. mines have been established successfully.

Mining is a sector that confronts a formidable range of technical, environment, social and other risks; the political and legal context is also important and is generally navigable if the ore resource warrants the investment. Of course, political instability such as recently experienced in certain west African countries does raise risk considerably; key factors like the reliability of centralized power sources can also affect project viability. It requires careful investigation and independent advice, ideally from experienced local professionals who understand the specific constraints and opportunities.

TNM: A lot is being said about Chi-

What are the key challenges investors in African mining projects face in general (resource nationalism, rule of law, etc.), and how would SRK suggest investors navigate what some would term risky investments into Africa?

AVZ: Investment risk varies consid-

AVZ:

erably between African countries, but investors continue developing and operating mining operations successfully across the continent.

They do this by understanding the risk profile of their projects and building the constraints into their feasibility models. There are real risks to establishing a mine in some African countries, but it is worth remembering how many developed countries there are where no

| CEO’s 2021 pay of US$19 million called ‘a direct insult’ to workers

LABOUR

PENGFEI XIAO: China implemented

na’s dominance in the battery metals sector globally. How does the energy transition translate into an opportunity for African nations to produce these metals and minerals for the rest of the world? As a second part, how does China’s neo-colonialism in Africa impact Africa’s opportunity to make a meaningful contribution to global critical metals demand?

TNM:

Unions set to intensify Sibanye-Stillwater strike on exec ‘wage wallop’

what we see in Africa is the aggregate outcome of the case-specific decisions made by mining companies and investors, rather than being representative of national policy — either of the host or source country.

BY HENRY LAZENBY GAUTENG, SOUTH AFRICA

RK Consulting has built deep experience working in the African mining sector and has developed a firm grasp of both the potential opportunities and the critical challenges limiting the industry’s contribution to local economies.

The Northern Miner’s senior reporter, Henry Lazenby, caught up with SRK Consulting director and principal consultant Andrew van Zyl and Pengfei Xiao, managing director of SRK Consulting in China, to learn more.

KENNETH CANNING/ISTOCK

SRK cannot comment on whether China’s approach can be considered neo-colonial or whether this is relevant. It appears as if China considers a range of minerals to be strategically important and Chinese companies have thus had a higher risk tolerance and this has perhaps lowered the hurdle rate for investment. However, there are few countries where the rest of the world has been precluded from investing. As such,

a ‘Going Global’ strategy in early 2000s and has continued this strategy since then. Many private companies and SOEs (state-owned enterprises) from China choose Africa because these companies have a well-considered balance between opportunities and risks.

An important copper-cobalt player in central Africa, for example, was acquired by a Chinese company at what was considered at the time to be a very high price. As with other regions, Africa is open to both local and international participants, and has recently seen an improving investment environment in many countries.

Where in Africa is the most progress being made to develop fully integrated battery metals supply chains? Are there economic/ industrial hubs being created to address the midstream and downstream (and fully integrated) needs of the battery/electric vehicle industries (outside of China)?

AVZ: While certain African countries supply battery-related minerals, there is as yet not much of a local market to support an integrated supply chain that could include batteries themselves or the vehicles that use them. Where there are some exciting developments is in hydrogen technology, with work underway in South Africa to test mining trucks powered by hydrogen fuel cells. Research into ‘green TNM:

See SRK / 16

Sibanye-Stillwater’s Kloof gold mine, in South Africa, has been subject to strike action since February. SIBANYE-STILLWATER

S

BY HENRY LAZENBY

outh Africa’s Association of Mineworkers and Construction Union (AMCU) has resolved to push ahead with intensifying strike action at precious metals miner Sibanye-Stillwater’s (NYSE: SBSW; JSE: SSW) local gold mines.

Amcu general secretary Jeff Mphahlele says that decision came after the union and rival National Union of Mineworkers (NUM) met with Sibanye-Stillwater on May 2 for another round of wage negotiations, characterizing the company’s attitude as “arrogant” and “coming to the negotiation table empty-handed.”

In an interview with The Northern Miner, Mphahlele said: “We are meeting again on Thursday [May 5] to look for a resolution.

But on the other hand, the trade unions are intensifying the strike.

We are calling for another secondary strike from all other mines, including the platinum workers.”

Both AMCU and Sibanye-Stillwater confirmed strike action had been ongoing at the company’s South African gold mines, including Beatrix in the Free State, and Driefontein and Kloof in Gauteng

province’s fabled Witwatersrand Gold Basin. The three mines in 2021 contributed 855,000 oz. gold to the company’s production profile. The mines employed about 30,000 people in 2021.

While rounds of wage negotiations are a regular feature of doing business in South Africa, the two mining unions and Sibanye-Stillwater have been locking horns for months now.

AMCU and NUM members downed tools in February in a protected strike to “demand a better life and livelihood while working in the belly of the earth,” according to an Apr. 5 press release.

According to the trade unions, Sibanye-Stillwater had, over the past years, earned the title of “worst employer amongst workers, holding the record of the most mineworkers killed in 2021 and the highest levels of inequality in the mining industry.”

According to Mphahlele, the core of the labour dispute with Sibanye hinges on a difference of R300 per month (US$12.62), which led to the strike.

Sibanye’s initial offer for an increase of R300 per worker See STRIKE / 16

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MAY 16 — 29, 2022 / THE NORTHERN MINER

SPECIAL FOCUS MINING IN AFRICA

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Endeavour hastens Ity optimization project on ‘excess cash generation’ GOLD

| Miner also working on feasibility studies for projects in Côte d’Ivoire and Mali years at an AISC of US$838 per oz.

Endeavour is also working on a feasibility study for the Kalana project in Mali. It expects the study to be finalized in the second half of the year. Kalana has the potential to produce 150,000 oz. gold per year at an AISC of US$901 per oz. over an 11-year mine life.

BY HENRY LAZENBY

E

ndeavour Mining (TSX: EDV; LSE: EDV) has pulled the trigger on building a recyanidation circuit at its cornerstone Ity operation in Côte d’Ivoire earlier than expected as it seeks to optimize the operation.

The US$41-million investment has been moved forward given that the operation is producing excess cash flow in the high gold price environment. With strong operational performance and a cautious approach to staggering growth projects, the company said the time was right to implement the project aimed at optimizing costs by reducing leaching and detox reagent consumption, improving discharge water quality, and increasing production through higher recovery rates.

The recyanidation process reduces cyanide consumption by capturing free cyanide from the plant tailings and recycling it back into the leach circuit while increasing recovery rates, according to the company’s May 5 press release.

Endeavour said the capital outlay for the project “screened well” within Endeavour’s capital allocation framework based on both its financial returns and positive ESG (environment, social and governance) impact. It is expected to add

Endeavour’s Ity gold mine in Côte d’Ivoire. ENDEAVOUR MINING

87,000 oz. of additional gold production to the mine’s profile and bring US$63 million in cost savings over Ity’s current reserve life.

The addition of the recyanidation circuit has increased Ity’s 2022 non-sustaining capital expenditure (capex) guidance to US$60 million from US$29 million. The group’s total non-sustaining capex would amount to US$204 million in 2022, of which US$41.9 million has been spent in the first quarter.

On a company-wide basis, the total 2022 growth capex is expected to total US$121 million, mainly related to the Sabodala-Massawa expansion project in Senegal, which

Endeavour launched last month.

The project entails adding a 1.2-million-tonne-per-year BIOX plant designed to process the highgrade refractory ore from the Massawa deposits. The expansion adds incremental production of 1.4 million oz. at an all-in sustaining cost (AISC) of US$576 per oz. over the life of the expansion project, lifting Sabodala-Massawa to top-tier status, the company said.

Endeavour has started on earlystage works on the project, including access road and drainage construction. The engineering, procurement, construction and management contract will be awarded

in the second quarter, and the construction of the plant and associated infrastructure is expected to ramp up significantly through 2022, with about US$115 million of the total US$290 million project budget to be spent this year.

A feasibility study for the Lafigué project on the Fetekro property in Côte d’Ivoire, is slated for completion by mid-year. The company published a positive prefeasibility study in February 2021. Given its strong exploration potential, Endeavour believes that Fetekro has the potential to become a cornerstone asset with a target of producing 209,000 oz. gold per year over 10

Q1 production results In its March-quarter production results report, Endeavour highlighted a 14% year-on-year production increase to 357,000 oz. at a relatively flat AISC of US$848 per oz. The company has guided for full-year output of 1.3 to 1.4 million oz. gold at an AISC of US$880 to US$930 per oz.

The company recorded a 23% year-on-year rise in operating cash flows to US$299 million, which on a per-share basis amounts to US$1.21.

Headline earnings came to US$122 million, or US49¢ per share, compared with US$101 million, or 48¢ per share a year earlier.

Endeavour reported its net cash position improved by US$90 million during the quarter to US$167 million, despite US$101 million paid in dividends to shareholders.

Endeavour shares tradedat $31.12 apiece at press time, giving it a market capitalization of $7.7 billion. The stock has gained about 23% over the past 12 months. TNM

De Beers returns to Angola in search of diamonds EXPLORATION

BY CECILIA JAMASMIE

D

e Beers, the world’s largest diamond miner by market capitalization, has inked two mineral investment deals with the Angolan government granting the company exploration rights for 35 years in the country’s northeast.

Each concession area will be held by a separate new joint venture between De Beers Group and

| Move follows government reforms to attract investment

Endiama, Angola’s state-owned diamond company, the parties said.

De Beers, a unit of Anglo American (LSE: AAL), will hold a “substantial” majority of the new joint ventures, it said, without specifying a percentage. Endiama will be able to increase its equity share over time.

The contracts come after years of negotiations that led the company to apply for exploration licences in

December, following substantive reforms in the country’s diamond sector.

“Angola has worked hard in recent years to create a stable and attractive investment environment, and we are pleased to be returning to active exploration in the country,” De Beers chief executive Bruce Cleaver said in the

TSX: ORE OTCQX: ORZCF

BOMBORÉ

Building Burkina Faso’s Next Gold Mine

www.orezone.com

Growth plan Angola’s diamond industry, which

began a century ago under Portuguese colonial rule, is successfully emerging from a long period of difficulty after a civil war that ended in 2002.

The country has plans to boost diamond mining and open a large new operation in the east, with the goal of producing 5.7 million carats in 2023, or more than half of its total output in 2020.

Angola — the world’s seventh-largest diamond producer according to Kimberley Process statistics — generated 9.3 million carats in 2021, up from the 8 million carats in 2020.

For this year, it plans to ramp up production to 10.3 million carats, a revised forecast from an initial target of 13.8 million carats.

In Africa, De Beers also owns diamonds mines in Botswana and Namibia. TNM

as successive governments over the past two decades raised the economic sharing from 55/45 in favour of the government to 70/30, also in favour of the government,” Bristow said.

“Partnerships need mutual trust, transparency, and long-term commitments to work. Corruption destroys a country’s ability to build trust and attract long-term investment. I must say that in some jurisdictions, new governments are now looking at rowing back to a fairer dispensation.”

According to Bristow, in Africa, every job created in the mining industry creates six to 10 other jobs — one of the highest ratios in the

world. “As one would expect, the positive impact of mining is much greater in developing economies than in developed ones. However, it’s not something we all accept and promote in our rush to grab some more,” he said.

He believes Africa has two enormous assets: its unparalleled mineral endowment and the relative youth of its population, who hunger for education and opportunity.

“To fully utilize these assets requires a renewed and real commitment to partnership between governments and mining companies and other business and service providers to create a truly sustainable public-private partnership.” TNM

The Catoca diamond mine in Angola is the world’s fourth biggest. ENDIAMA

MARK BRISTOW From 1

“Successful large-scale mines like Barrick’s need constant reinvestment to remain profitable, which is often at odds with governments’ urge to take all they can get as soon as possible.”

Mutual trust Bristow said the scenario was most recently seen playing out in Zambia, more than once, and in the Democratic Republic of Congo.

According to the executive, there had been no significant new investment since the introduction of a repressive mining code in 2018.

“And we witnessed it in Mali

­statement.

This is not the first time De Beers has ventured into Angola. Between 2005 and 2012 it carried out exploration activities, which ended without finding an economically viable project.

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16 — 29, 2022

SPECIAL FOCUS MINING IN AFRICA

13

MINING IN AFRICA SNAPSHOT: EIGHT COMPANIES TO WATCH

BY CARL A. WILLIAMS

Africa is home to bountiful reserves of metals such as gold, copper, and lithium. The continent also offers mineral exploration and development companies with large areas of underexplored terrain as well as several miningfriendly jurisdictions looking to harness mining revenues for development purposes.

Here are eight miners active within Africa.

ASANTE GOLD Asante Gold (TSXV: ASE; US-OTC: ASGOF) is a gold exploration and development company with a portfolio of assets in Ghana, including four exploration-stage projects and two in development.

The Vancouver-headquartered junior’s focus is on advancing its Bibiani and Kubi near-term production projects located on the prolific Bibiani and Ashanti gold belts.

In April, Asante also entered into an agreement with Kinross Gold (TSX: K; NYSE: KGC) to acquire a 90% interest in the Chirano gold mine, immediately south of Bibiani, in a cash and shares deal worth US$225 million. The deal is expected to close around the end of May. Asante plans to bring back into production the past-producing Bibiani gold mine in the third quarter of this year. The company aims to produce approximately 190,000 oz. of gold in the first 12 months of operation, ramping up to 240,000 oz. annually for at least six years.

An updated feasibility study for the project in 2018 by previous owner Resolute Mining (LSE: RSG; ASX: RSG) showed that Bibiani has the potential to generate approximately 100,000 oz. of gold annually over 10 years at a life-ofmine, all-in sustaining cost (AISC) of US$764 per ounce.

Bibiani is fully permitted with mining and processing infrastructure on site, including a 3-milliontonne-per-year mill and processing plant plus existing underground mining infrastructure.

Mineral resources at the project currently stand at 20.1 million measured and indicated tonnes grading 2.71 grams gold per tonne for 1.8 million contained oz. gold and 8.4 million inferred tonnes at 2.78 grams gold for 750,000 gold ounces.

The company is now preparing a mine development plan based on an open pit model that is slated for release later this year.

The Kubi gold mine adjoins the 66 million-ounce Obuasi gold mine, owned by South Africa’s AngloGold Ashanti (NYSE: AU; ASX: AGG; JSE: ANG). Asante says it aims to develop Kubi as a 45,000-100,000 oz. per year producer and is currently reviewing two options to achieve this.

The first option involves a conventional decline access for underground mining at 650 tonnes per day and up to 45,000 oz. per year production. The estimated time-

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Asante Gold’s Bibiani gold project in Ghana. ASANTE GOLD

line would be 12 to 18 months to complete an exploration decline, resource to reserve drilling, underground development, and stope planning.

The second approach would employ green mining techniques that use direct mining from the surface. Asante says this option has the potential for lower capital costs and faster cash flow by using in-line gravity gold recovery.

Asante has a market cap of $20.4 million.

ATLANTIC LITHIUM Australian miner Atlantic Lithium (AIM: AAL; US-OTC: ALLIF) holds lithium assets in Ghana and Cote d’Ivoire in West Africa.

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The company is focused on advancing its flagship Ewoyaa lithium project in Ghana, about 110 km east of the port city of Sekondi-Takoradi, within its Cape Coast lithium portfolio.

The project is set to be West Africa’s first lithium producing mine and is fully funded to production under an agreement with Piedmont Lithium (NASDAQ: PLL; ASX: PLL) for US$102 million, says Atlantic.

In March, the company reported a 42% increase in resources at Ewoyaa over the past 12 months.

The new Joint Ore Reserves Committee-compliant estimate stands at 30.1 million indicated and inferred tonnes grading 1.26% lith-

ium oxide.

Atlantic said that the total resource grade remains unchanged, and includes a 294% increase to 20.5 million tonnes grading 1.29% lithium oxide in the indicated category and 9.1 million tonnes at 1.19% lithium oxide in the inferred category.

In December, a scoping study for the project outlined a 2-milliontonne-per-year operation producing an average of 300,000 tonnes of 6% spodumene concentrate annually over an 11.4-year mine life.

The early-stage study pegged preproduction capital costs at US$70 million, which would be paid back in less than a year. The after-tax net present value, using a

discount rate of 8%, was estimated at US$789 million, and the internal rate of return at 194%.

The project’s economics, based on 21.3 million tonnes grading 1.31% lithium oxide, confirms Ewoyaa as an “industry-leading asset and transformational for Atlantic Lithium,” said Vincent Mascolo, the company’s former CEO, who passed away in March.

Ewoyaa remains open at depth and along strike with additional untested pegmatites within the immediate deposit area, providing confidence for future resource upgrades, says Atlantic.

The company is engaged in See SNAPSHOT / 14

ADVANCING THE DASA URANIUM PROJECT The Dasa Project is: • the largest, highest-grade uranium deposit under development in Africa • fully-permitted and strongly supported by local government and communities • benefitting from existing infrastructure and a local experienced workforce • economically viable with AISC cost of US$21.93/lb as per the 2021 Feasibility Study • supported by cash flow from the Company’s zinc recovery business • recently completed the box cut to access the planned underground mine • on track for U3O8 production for the end of 2024

Dasa Uranium Project: First Blast, January, 2022

TSX:GLO, OTCQX:GLATF, Frankfurt:G12

14

MAY 16 — 29, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

The Bulyanhulu gold mine in Tanzania. ACACIA MINING

SNAPSHOT From 13

ongoing resource expansion and exploration drilling with one drill rig currently operating on the site.

Atlantic Lithium has a market capitalization of £297.6 million ($478.8 million).

FORTUNA SILVER MINES Canadian precious metals company Fortuna Silver Mines (TSX: FVI; NYSE: FSM) holds a portfolio of mines and projects in the Americas and West Africa.

The company’s West African assets include the Yaramoko gold mine in Burkina Faso and the Seguela gold project in Cote d’Ivoire. Fortuna holds a 90% interest in both properties, acquired in a US$884-million takeover of Roxgold last year.

In April, the company reported that Yaramoko produced 28,235 oz. of gold in the first quarter of 2022 with an average head grade of 7.5 grams gold per tonne. It said that production from the mine is on target to meet the upper end of its 2022 production guidance range of 95,000-115,000 oz., primarily due to mill feed grade being 9% higher than planned for the period.

The 180-sq.-km property hosts two underground gold mines — 55 Zone and Bagassi South.

This year, Fortuna plans to undertake US$2.7 million worth of exploration at Yaramoko, which includes 34,000 metres of exploration drilling, testing several surface geochemistry anomalies generated in 2021, expanding the 109 Zone, and testing strike and depth projections of the 55 Zone.

In March, the company announced the first mineral resource estimate for the Sunbird discovery on Seguela. The deposit contains an inferred resource of 3.4 million tonnes at 3.16 grams gold per tonne for 350,000 oz. of gold.

Ongoing drilling at the deposit is targeting extensions down dip

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and along strike from the inferred resource and infilling within the inferred resource area, with the aim upgrading the resource and better defining the extent of the mineralization, which currently remains open at depth and along strike.

A 2021 feasibility study for Seguela outlined an open pit mine producing 120,000 oz. of gold per over an 8.6-year mine life for a total life-of-mine production of 1 million gold ounces. All-in sustaining costs (AISCs) are expected to average US$832 per oz. of gold over the life of the mine (life of mine operating costs of US$47.83 per tonne processed).

Initial capital costs were pegged at US$173.5 million. The resulting after-tax net present value was estimated at US$380 million (attributable to Fortuna’s stake in the Seguela), based on US$1,600 per oz. gold and a 5% discount rate.

The after-tax rate of internal rate of return was pegged at 49%, and the payback period at 1.7 years.

Fortuna Silver has a market capitalization of $1.3 billion.

IVANHOE MINES Canadian miner Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) is focused on advancing its three joint venture projects in southern Africa: the Kamoa-Kakula copper mining complex in the Democratic Republic of Congo (DRC), in which it holds a 39.6% interest; the Plantreef palladium-rhodium-platinumnickel-copper-gold discovery (64% ownership) in South Africa; and the historic Kipushi zinc-copper-germanium-silver mine (68% ownership) in the DRC. In April, the company reported that Kamoa-Kakula had hit a new production record in the first quarter of this year, producing 55,602 tonnes of copper in the period, and a monthly record of 19,605 tonnes of copper in March.

The record production comes off the back of the first commercial

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Atlantic Lithium’s Ewoyaa lithium project in Ghana. ATLANTIC LITHIUM

production from the 3.8-milliontonne-a-year Phase 2 concentrator plant at Kamoa-Kakula, which the company said pushed daily output to a new high on Apr. 8, with 25,126 tonnes of ore milled and 1,202 tonnes of copper produced.

Ivanhoe said that early commissioning of the Phase 2 concentrator plant will enable Kamoa Copper to reach the upper end of its 2022 copper production guidance of 290,000-340,000 tonnes of copper in concentrate.

According to Robert Friedland, Ivanhoe’s co-chairperson, the commissioning of Phase 2 plant is an important step in establishing Kamoa-Kakula “as one of the two largest copper mining complexes on our planet.”

The company is also advancing its Phase 3 expansion at the project, with first copper production expected by the end of 2024.

Ivanhoe said that it is committed to producing the “greenest copper” in the industry from Kamoa-Kakula, and is working to become the first net-zero carbon emitter among the world’s tier one copper producers.

In March, the company released a feasibility study that outlined the initial two phases of development of the Plantreef mine to a steady state of production rate of 5.2 million tonnes of ore per year.

That same month, it released a technical report for Kipushi that includes a feasibility study for the planned resumption of commercial production at the past-producing mine.

Ivanhoe Mines has a market capitalization of $12.5 billion.

NEXTSOURCE MATERIALS Toronto-headquartered NextSource Materials (TSX: NEXT; US-OTC: NSRCF) is developing its 100%-owned Molo graphite project in southern Madagascar.

Molo is located 160 km southeast of Madagascar’s adminis-

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trative capital (and port city) of Toliara, and 220 km from the Port of Ehoala at Fort Dauphin, a modern deep-water port developed by the World Bank and Rio Tinto (NYSE: RIO; LSE: RIO: ASX: RIO).

In March, NextSource released a preliminary economic assessment (PEA) for an enhanced Phase 2 expansion of the project. The study considered a standalone processing plant with a production capacity of 150,000 tonnes of flake graphite concentrate per year over a 26-year mine life.

The company says the Phase 2 processing plant would be built adjacent to the Phase 1 processing plant, which is currently under construction, and would be capable of processing 240,000 tonnes of ore per year to produce on average 17,000 tonnes of the company’s patented high-quality SuperFlake graphite concentrate.

Capital costs were estimated to be US$155.8 million, including US$32 million budgeted for contingencies. The resulting after-tax net present value was estimated at US$612.6 million, based on an average price US$1,231 per tonne of SuperFlake graphite concentrate and using an 8% discount rate, with an after-tax internal rate of return of 32%. The capital would be paid back in 3.7 years.

The PEA was based on measured and indicated resources of 100.4 million tonnes grading 6.27% carbon (graphite) for 6.3 million tonnes contained graphite, and inferred resources of 40.9 million tonnes at 5.78% carbon for 2.4 million tonnes of graphite.

In January, NextSource announced successful factory acceptance testing of the Phase 1 plant.

It said the modular plant’s design and end-to-end functions had been verified and would be disassembled and transported to the mine site for installation.

According to the company, Phase 1 of the mine is fully funded

Martin Nkulu, conveyor belt attendant, monitoring high-grade copper ore being delivered to surface via the Kakula North decline conveyor at Ivanhoe Mines’ project in the DRC. IVANHOE MINES

and, when operational, will be one of the few graphite mines operating outside of China.

NextSource Materials has a market capitalization of $308.2 million.

OREZONE GOLD Canadian miner Orezone Gold (TSX: ORE; US-OTC: ORZCF) holds a 90% interest in Bombore, one of the largest undeveloped gold deposits in Burkina Faso, approximately 85 km east of the capital Ouagadougou.

The 150-sq.-km property hosts a large oxide resource underlain by a larger sulphide resource that is open for expansion. The project is being developed in two stages, with first gold pour expected in the third quarter of 2022.

In April, Orezone released initial assays from its first grade-control reverse-circulation (RC) drill program on the A1 deposit at Bombore, targeting early mining areas from near-surface oxide mineralization within the A1 starter pit.

The drilling was aimed at increasing the confidence in both the geological interpretation of mineralization as well as the gold grade estimation in the upper 24 metres of the deposit. According to the company, the ongoing program is designed to cover the first 12 to 15 months of the scheduled process plant feed.

Highlights from the drilling included drill hole MAGAGCA1-0096, which intersected 20 metres grading 4.49 grams gold per tonne from 27 metres downhole, and MAGA-GCA1-0183, which returned 11 metres of 7.48 grams gold from 6 metres.

Orezone says the drill results provided further confidence in the widths and tenors of the mineralization at A1 prior to the start of mining and processing. Drilling continues and an RC drill rig is now operating at the A2 open pit area.

An updated feasibility study on Bombore in 2019 envisioned an open pit mine with a mine life of 13 years producing an average of 117,760 oz. of gold per year for a total of 1.6 million ounces.

All-in sustaining costs (AISCs) are expected to average US$730 per oz. over the mine’s life.

Initial capital costs were estimated at US$153 million, with US$66.2 million budgeted for sustaining capital over the mine life.

The study estimated the after-tax net present value at US$361 million, using a 5% discount rate and a gold price of US$1,300 per oz., and the after-tax internal rate of return at 43.8%. Initial capex would be paid back in about 2.5 years.

The updated study was based on 229.4 million measured and indicated tonnes grading 0.69 gram gold per tonne for 5.1 million contained oz. gold, and 53.3 million inferred tonnes grading 0.65 gram gold for 1.1 million gold ounces.

Orezone has a market capitalization of $462.3 million.

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See SNAPSHOT / 15

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16 — 29, 2022

A model of processing facilities at NextSource Materials’ Molo graphite mine in Madagascar. NEXTSOURCE MATERIALS

A secondary crusher at Fortuna Silver’s Yaramoko gold mine in Burkina Faso.

Osino Resources employees in the field in Namibia. OSINO RESOURCES

FORTUNA SILVER MINES

SNAPSHOT From 14

OSINO RESOURCES Osino Resources (TSXV: OSI; US-OTC: OSIIF) is a Canadian gold exploration and development company focused on advancing its Twin Hills gold discovery in central Namibia, approximately 150 km north west of the capital, Windhoek.

In April, Osino released an updated mineral resource estimate for Twin Hills.

The project’s resources now stand at 65 million indicated tonnes grading 1 gram gold per tonne for 2.1 million contained oz. gold — a more than four-fold increase from the previous estimate of 14 million tonnes grading 0.98 gram gold for 440,000 oz. gold. Inferred resources add 20.7 million tonnes grading 0.93 gram gold for 620,000 gold ounces.

The company said that the increase in resources was due to resource expansion in the Twin Hills Central, Bulge, and Cloud areas, and delineation of additional resources from newly discovered areas.

The updated resource was estimated from 801 (167,597 metres) diamond core and reverse circulation holes drilled since the discovery was made in August 2019, and incorporates 153,356 metres of drilling sampled from 153,318 assays.

The drilling included stepout drilling at Cloud. Highlights included drillhole OKD322, which intersected 49 metres of 1.5 grams gold per tonne from 286 metres downhole, including 43 metres of

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1.66 grams gold.

Infill drilling at Bulge and Twin Hills Central included hole OKD336, which cut 51 metres of 1.05 grams gold from 333 metres, including 35 metres of 1.27 grams gold; and hole OKD351, which hit 149 metres of 0.9 gram gold from 161 metres, including 35 metres of 1.15 grams gold and 23 metres of 1.02 grams gold.

A preliminary economic assess-

ment for Twin Hills in 2021 envisaged an open pit mine with a life of 15 years producing an average of 99,000 oz. gold per year.

Preproduction capital costs were pegged at US$176 million. The early-stage study estimated the project would generate, at a 5% discount rate and a gold price of US$1,700 per oz., an after-tax net present value of US$377 million and an after-tax internal rate of return of

38%. Capital costs would be paid back in 2.3 years.

Osino is currently working to complete a prefeasibility study on the project.

Osino Resources has a market capitalization of $142.8 million.

TEMBO GOLD Tembo Gold (TSXV: TEM) is an exploration company looking to discover and develop gold projects

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15

in east Africa.

The company is focused on advancing its 100%-owned Tembo gold project in Tanzania, about 90 km southwest of Mwanza, a port city on the shore of Lake Victoria.

The 32-sq.-km property lies within the Lake Victoria goldfield, Africa’s third-largest gold-producing region, which also hosts Barrick Gold’s (TSX: ABX; NYSE: GOLD) Bulyanhulu gold mine, east of and immediately adjacent to Tembo, the Geita gold mine, owned by AngloGold Ashanti (NYSE: AU), about 45 km to the northwest, and Tanzanian Gold’s (TSX: TNX; NYSE: TRX) Buckreef gold project, about 45 km to the west.

Mineralization at Tembo primarily occurs in three mined zones — Ngula 1; Nyakagwe East, about 2.5 km southeast of Ngula 1, and Nyakagwe Village, roughly 2.5 km to the southwest.

In April, Tembo announced plans for an initial 13-hole (2,280 metres) drilling campaign on Ngula 1, Mgusu, Nyakagwe East, and Nyakagwe Village. The drilling is part of its planned 7,000metre 2022 drill program, which, it says, will form the basis for a targeted resource drilling program to follow. The company plans to release an initial resource estimate in the second half of the year.

That same month, the company announced the sale of non-core prospecting licences to Barrick and Bulyanhulu Gold Mine Ltd., a subsidiary of Barrick. The licences cover areas on which Tembo has not previously focused its exploration activities.

Under the terms of the purchase, Bulyanhulu will pay an upfront cash payment of US$6 million to Tembo, plus certain other contingent payments that will be calculated based on the inferred, indicated, and measured gold resources identified in the areas of land which are covered by the licences, up to an aggregate amount of US$45 million.

Bulyanhulu is also required to invest a minimum of US$9 million in the area covered by the licences over the course of the four years following the closing of the sale.

Concurrent to the execution of the purchase agreement, Bulyanhulu has agreed to subscribe for, on a non-brokered private placement basis, 55 million common shares of Tembo at a price of 27¢ per common share, resulting in a pro forma ownership of 5.5% of Tembo.

Tembo Gold has a market capitalization of $28.6 million. TNM

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MAY 16 — 29, 2022 / THE NORTHERN MINER

SPECIAL FOCUS MINING IN AFRICA

From SRK / 11

hydrogen’ could lead to lower carbon emissions in mining and perhaps even smelting, replacing fossil fuels as a reductant and a source of energy.

To understand the limitations on developing integrated battery metals supply chains, it is important to understand the scale of Africa’s production — for instance, of a battery mineral like lithium. There is only one African country — Zimbabwe — producing lithium, and in 2020 this made up just 1.4% of global production.

African mining companies have developed considerable expertise in transport, logistics and in the development of local supply chains to support mining and processing. A reduction in the cost of power and increased supply along with a larger local market could see the establishment of local battery manufacturing and related industries but it is more likely that the predominance of PGMs and prevalence of solar and wind resources would lead to progress in green hydrogen production and related supply chains and products.

In SRK’s view, how is the advent of environmental, social and governance (ESG) investment principles impacting mining investment for critical battery metals in Africa?

TNM:

It is important to remember that mines in Africa, like everywhere else, respond to the demands of the market. Demand for commodities — mainly by developed countries — sets the price and the conditions which mining companies must meet. Increasing priority has been placed on ESG factors, in terms of which mines in Africa generally align with global best practice — from reducing carbon

AVZ:

While most countries in Africa are not significant mineral producers, the continent is home to important deposits. SRK CONSULTING

footprint and preserving biodiversity, to stakeholder engagement and promotion of women in mining. African mining has also been a leader in the development of mining codes and best practices, including in areas like stakeholder engagement, local procurement and formal interaction with artisanal mining.

It is also worth noting that ESG principles are applied across all commodities in mining. While mining certain minerals may require more focus on specific ESG requirements, battery minerals would still fall under the overarching ESG principles relevant to the sector as a whole.

Mining countries in Africa are actively engaged with commodity consuming countries on questions of responsible sourcing, paving the way for Europe’s energy transition. This process will ensure that the value chain through which end customers procure their commodities is ESG-aligned. In fact, SRK Consulting is directly involved as

a partner in the RE-SOURCING project — funded by the European Union’s Horizon 2020 research and innovation program. The project aims to produce a global stakeholder platform, including Africa and Asia, to align international practices and facilitate communication for responsible sourcing.

In SRK’s view, is Africa truly positioned to fill the emerging critical minerals supply gap as demand ramps up globally?

TNM:

While most countries in Africa are not significant mineral producers, the continent is certainly home to important deposits — some of which have been mined for centuries. In terms of the minerals of the future, countries like the DRC and Zambia will remain important producers of copper and cobalt, with lithium production from Zimbabwe and perhaps DRC, Namibia and Ghana in future.

Governments will be more or less successful in promoting their

AVZ:

From STRIKE / 11

per month (just over US$20 per month) had, over time, increased to R800 (US$50.47).

AMCU and the NUM demand a R1,000 (US$68) per month increase for category 4 to 8 workers.

Mphahlele said this was comparable to a recently negotiated wage increase for workers at Sibanye-Stillwater’s gold rival, Harmony Gold (NYSE: HMY; JSE: HAR). For miners, artisans and officials, the unions want 6%, while Sibanye offers 5%.

Sibanye-Stillwater on May 3 received a credit rating upgrade from Moody’s Investors Service on the back of its strong financial performance over the past two years.

The group’s corporate family rating was upgraded from Ba3 to Ba2, with a positive outlook.

In a release, Moody’s praised the company’s capital allocation discipline. “The company has used its strong cash flows to balance between various strategic objectives, including strengthening its balance sheet and enhancing liquidity, investing in existing assets and executing on its strategy to expand into battery metals, as well as rewarding shareholders through dividends and share buybacks.”

Sibanye CEO Neal Froneman welcomed the decision, saying the market was starting to recognize its transition “from a single commodity mining company in 2013, to a growing multinational mining and metals group, with a diverse portfolio of mining and processing operations, projects and investments across five continents.”

Salt in the wounds Adding insult to injury, from the mine workers’ perspective, is

Sibanye-Stillwater CEO Neal Froneman.

mineral resources to investors, but eventually it comes down to where individual companies find the most economic resources, and whether they can bring them to production.

Those countries which demonstrate prospectivity will attract more attention, and those which have historically built up a mining-related skills base will find it easier to develop those operations.

A related contribution in terms of energy transition is also worth considering: some African countries are making progress in applying renewable energy, including decentralized generation — which is an important departure from the traditional model built around a centralized power grid. This may lead to increased growth as energy becomes more widely available once mining companies establish a critical mass and local supply network for renewables in particular.

Does the energy transition truly offer the mining industry an opportunity to economically uplift the average African person? How can mining companies go about their business in a different, better way than in the often murky and unaccountable past?

TNM:

Mining certainly plays an important role in the economies of a number of African countries, but it is worth remembering that the majority of nations boast little or no mining activity. Where mining occurs, those companies are increasingly applying policies and practices that uplift local economies and communities — through their employment, procurement, royalties and taxes. Regions like the central African copper belt will benefit from growing demand, especially as commitment to ESG principles and shared value policies evolve and are implemented.

As the energy transition pro-

AVZ:

by platinum workers until wages were lifted to R16,000-R17,000 per month (just over US$1,000), according to AMCU. “We want the same for the gold workers. We will follow that same route to fight for a living wage for our workers,” said Mphahlele.

HENRY LAZENBY

Sibanye-Stillwater CEO Neal Froneman received R300 million (US$19 million) in 2021 compensation. the recent news Sibanye-Stillwater CEO Neal Froneman received a R300 million (US$19 million) “wallop” in 2021 compensation, according to Mphahlele.

In a joint statement issued on Apr. 28, the unions bemoaned the executive’s 2021 take-home pay.

“This is happening in the middle of a wage increase strike by thousands of workers. This clearly demonstrates how companies like Sibanye-Stillwater could be cruel and insensitive towards their employees. All that is a direct insult to the poor mineworkers and their families,” Mphahlele said.

“How can one person get R300 million while his staff get next to nothing? This is capitalist barbarism and cruelty at its best. Mine-

workers are further being pushed into poverty because of people of Froneman’s calibre,” the statement reads.

“The so-called captains of the industry continued to award themselves huge salaries and bonuses at the expense of blood and sweat of mineworkers who are earning slavery wages.”

The unions are calling on the offices of President Cyril Ramaphosa and the Department of Mineral Resources and Energy (as the industry regulator) to intervene and urgently resolve the Sibanye-Stillwater labour dispute.

Mphahlele said the two unions are considering a secondary, sympathetic strike at all the company’s mines, including the platinum sector, to force change. At press time in early May, they had not yet given the required seven-day notice to do so.

Labour had succeeded in using strike action to increase wages in the past.

In 2013, Sibanye-Stillwater’s forebears Lonmin and Anglo American (LSE: AAL) faced a five-month strike

Value creation James Wellsted, Sibanye-Stillwater’s EVP for investor relations and corporate affairs, argued that while the company had been “bending over backwards” to accommodate the unions’ “ever-increasing demands,” the unions had not come to the table with any flexibility.

“We’ve made a lot of progress since June last year, and by December, we were offering R450.

Our offer currently stands at R850,” he told The Northern Miner in an interview.

“We find it difficult to understand why the unions are so rigid in their response. We have kept mines operating during the pandemic and turned struggling operations around, thereby continuing to supply work during a very difficult time around the globe. It’s difficult to grasp why they [the unions] are so hostile to us,” he said.

Wellsted believes the company’s offer is fair and explained it was all the company could afford.

“Essentially, that offer is about R1.75 billion (US$110.97 million) in additional costs. The union demands add a further billion to that amount, and that effectively is about R40,000 a kilogram of gold which would essentially erode the R46,443 per kilogram all-in sustaining cost margin the company achieved in 2021. It threatens the sustainability of these operations and potentially negatively impacts all stakeholders, including employ-

WWW.NORTHERNMINER.COM

gresses, however, developments in renewable technology are likely to have significant impact on the lives of average citizens. In many cases, mines themselves are catalysts in this progress. Hybrid power plants established by mines to reduce their reliance on fossil fuels, for instance, have opened the door for the more rapid entry of solar power technology into their host country.

On the strength of a few pioneering renewable energy installations, more affordable distribution channels are established and skills are developed to support a renewable energy sector. Local businesses will increasingly be able to source equipment like solar panels and batteries to be more productive.

What else is important when considering investing in Africa for developing new critical/battery metals supply chains in Africa?

TNM:

As a whole, the mining industry in African countries has achieved a great deal in terms of stimulating local economies through mine procurement. While this contribution is not specific to mines that produce battery metals, there are generally a range of inputs required from a network of local suppliers. This is promoted by global best practice which includes local procurement targets, supplier development and social development efforts.

The ESG focus adopted by the global mining sector — combined with enabling legal frameworks in many mining countries in Africa — is seeing more proactive attention paid to developing local supply chains. Future opportunities in the application of electric mining vehicles or hydrogen-powered trucks could also further develop the value chain in mining countries, extending into skills development and perhaps even manufacturing. TNM

AVZ:

ees,” he said.

Meanwhile, Sibanye has welcomed the unity displayed by the unions after years of often violent inter-union strife. “Barring some instances of intimidation and lawlessness, the general discipline shown by members and peace prevailing is a pleasing change from the inter-union rivalry, violence and intimidation that characterized the 2018-2019 strike. We hope this level of maturity will be maintained,” the company said in an Apr. 13 statement.

As to the union demands, Wellsted said they were unaffordable and unsustainable, and he questioned the rationale of the unions’ leadership “coercing” their memberships to down tools.

“The union leaders continue to draw salaries while the workers go without pay,” he said.

“We’ve in the past offered labour profit-sharing schemes including equity grants – all were rejected.”

He pointed out that a portion of executive compensation was variable and linked to key performance indicators. “We have transformed Sibanye from a relatively insignificant, ailing South African gold miner to a global precious metals competitor via the transformative platinum-group metals expansion into the Stillwater District in Montana.” The move was a crucial driver in lifting the company’s New York-quoted equity by more than 650% over the past four years.

“Had labour subscribed to profit-sharing, they would have been able to participate in that value more fully [that] the current leadership had helped create,” said Wellsted.

Sibanye-Stillwater shares last traded at US$14.13 in New York, giving it a market capitalization of US$10.3 billion. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16 — 29, 2022

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MARKET NEWS TORONTO STOCK EXCHANGE / MAY 2-6, 2022 Over the May 2-6 trading period, the S&P/ TSX Composite Index inched 58.94 points or 0.28% lower, to 20,633.28. The S&P/TSX Global Mining Index lost 2.83 points or 2.52% to 112.16 and the S&P/TSX Global Base Metals Index fell 8.22 points or 4.37% to 188.01. The S&P/TSX Global Gold Index fell by 0.91 points or 0.28% to 323.52 and spot gold ended the week US$12.65 per oz. higher, or 0.67%, at US$1882.35 per ounce.

Shares of Barrick Gold rose by 23¢ to $28.88 during the trading week. The company’s CEO Mark Bristow, said that a change in the government of Pakistan would not impact the development of Barrick’s US$7-billion Reko Diq copper-gold project in Balochistan province. After reaching a deal in March to restart the stalled project with Prime Minister Imran Khan’s government, Khan was ousted from office through a parliamentary vote in early April. He was replaced by Shehbaz Sharif, leader of the former opposition party. “Of course, there are going to be challenges and bumps along the road,” Bristow said. “Despite starting in sort of a conflict situation, the state of Pakistan — and we have been through many governments in this process — has always upheld our agreements and I think that bodes well for a longterm partnership.” Barrick believes that Reko Diq is one of the world’s largest undeveloped

open pit copper-gold porphyry deposits, but some analysts believe that Pakistan’s lack of experience in mining and its political instability make this a risky deal. Bristow, however, said that he was “very comfortable” with the project. He added that this was the “perfect opportunity for the mining industry to demonstrate what it can bring to an economy” of a region (Balochistan) that has been “neglected” and struggles to get access to potable water.

Shares of Amerigo Resources gained 6.9% to $1.70 as the company reported a higher net income on a year-on-year basis in its first quarter. Its net income in the first quarter of 2022 was $15.5 million compared to $10.9 million in 2021. The increase was due to TSX MOST ACTIVE ISSUES VOLUME

Suncor Energy Barrick Gold Denison Mines IAMGOLD Yamana Gold Kinross Gold Argonaut Gold B2Gold Corp Cameco Corp Lundin Mng

SU ABX DML IMG YRI K AR BTO CCO LUN

(OOOs)

HIGH

45731 23108 20873 16456 15454 13942 12496 12341 12033 11115

48.49 29.90 1.76 3.74 7.21 6.66 2.22 5.80 35.20 11.79

WEEK LOW

CLOSE CHANGE

45.37 47.70 27.76 28.88 1.48 1.54 2.52 2.71 6.69 7.00 6.24 6.33 2.00 2.01 5.24 5.56 29.58 30.71 10.66 11.01

+ + + -

1.52 0.23 0.12 0.92 0.09 0.16 0.14 0.11 2.46 0.72

higher copper production and higher metal prices, the company said. Amerigo produced 16.5 million lb. of copper during the quarter, 6% higher than the same period last year due to higher tonnage, grade and recoveries from fresh tailings. Its molybdenum production though fell by half to 200,000 lb. from 400,000 lb. due to lower metal content in fresh tailings.

Shares of Equinox Gold fell $1.66 or TSX GREATEST PERCENTAGE CHANGE VOLUME (OOOs)

Pine Cliff En RTG Mining Goldgroup Mng Ascendant Res Aris Gold Mawson Res Amerigo Res Orea Mining Xtra-Gold Res Imperial Metal IAMGOLD Laramide Res Equinox Gold UEX Corp Century Global Forsys Metals Mega Uranium EurOmax Res NorZinc Solitario Ex&R

PNE RTG GGA ASND ARIS MAW ARG OREA XTG III IMG LAM EQX UEX CNT FSY MGA EOX NZC SLR

TSX GREATEST VALUE CHANGE

WEEK

HIGH

7217 66 1682 1529 260 919 1135 847 246 154 16456 2464 6009 8574 3 998 3705 49 1094 21

18.1% to $7.50 as its production in the first quarter failed to meet analysts’ expectations. The company produced 117,452 oz. gold, which was about 16% lower than forecast. It was also lower than its first quarter production in 2021 of 129,233 oz. gold.

Despite the weak quarter, the company said that it expects 60% of production and 85% of cash flow to come in the second half of the year. TNM

VOLUME

LOW CLOSE CHANGE

1.88 0.10 0.04 0.23 1.90 0.14 1.72 0.09 1.00 3.92 3.74 0.67 9.29 0.33 0.23 0.70 0.33 0.08 0.04 1.00

1.50 0.00 0.03 0.20 1.67 0.00 1.54 0.07 0.84 3.62 2.52 0.51 7.47 0.28 0.00 0.56 0.28 0.00 0.03 0.00

1.84 + 19.5 0.10 + 18.8 0.04 + 16.7 0.23 + 12.5 1.90 + 10.5 0.13 + 8.3 1.70 + 6.9 0.08 + 6.7 0.97 + 6.6 3.92 + 5.9 2.71 - 25.3 0.51 - 19.0 7.50 - 18.1 0.28 - 17.6 0.23 - 16.7 0.56 - 15.2 0.28 - 15.2 0.06 - 14.3 0.03 - 14.3 0.85 - 14.1

(OOOs)

Nutrien Suncor Energy Endeavour Mng Wesdome Gold Teck Res Turquoise HIl Teck Res Victoria Gold Newmont Corp Dundee Prec Mt First Quantum Cameco Corp Labrador IOR Ero Copper Equinox Gold Aura Minerals Filo Mg Corp First Majestic IAMGOLD Sandstorm Gold

NTR SU EDV WDO TECK.B TRQ TECK.A VGCX NGT DPM FM CCO LIF ERO EQX ORA FIL FR IMG SSL

HIGH

7970 45731 2731 2336 8960 2143 14 1198 873 3024 9047 12033 1029 1888 6009 210 1628 3505 16456 4554

WEEK LOW CLOSE CHANGE

133.68 47.70 32.68 13.88 51.43 35.76 56.09 14.52 93.89 7.81 33.02 30.71 32.40 16.37 7.50 9.25 18.68 12.20 2.71 8.65

+ + + + + + + + + + -

7.44 1.52 1.24 0.77 0.75 0.71 0.59 0.52 0.43 0.37 3.81 2.46 2.36 2.10 1.66 1.52 1.40 1.07 0.92 0.91

TSX VENTURE EXCHANGE / MAY 2-6, 2022 The S&P/TSX Venture Composite Index retreated by 44.46 points or 5.5% over the May 2-6 trading session to end at 769.97.

Vancouver-based Chesapeake Gold rose 17¢ to close the week at $3.02, or 6% higher.

The junior released infill drilling results from its Metates gold-silver project in Mexico’s Durango state that returned 22% average higher grades within intrusive-hosted mineralization than previously modelled. Chesapeake released assays from the final 13 holes drilled as part of an 18-hole 2021-22 infill campaign totalling 7,485 metres. Highlights included Hole CKG22-094, which cut 357 metres of 1.43 grams gold-equivalent per tonne (or 1 gram gold and 31.6 grams silver) from 57 metres depth.

“The assay intervals for these holes, which intersected the intrusive and intrusive breccia-hosted mineralization, were on average about 23% higher in [gold-equivalent] grade than corresponding block estimates in the current resource block model.” said president and CEO Alan Pangbourne in a release.

The current resource includes 1.3 billion measured and indicated tonnes at 0.47 gram gold and 12.9 grams silver for 19.8 million oz. of gold and 542 million oz. of silver. About 20% of the resource is in intrusive-hosted mineralization with sediment-hosted miner-

alization accounting for 80%.

The company is working to incorporate the results into an updated resource estimate, mine plan, and upcoming prefeasibility study. A mid-2021 preliminary economic assessment pegged Metates’ capex at US$359 million for an open pit operation producing 110,000 oz. of gold and 2.5 million oz. of silver during the first 15 years.

Uranium explorer Baselode Energy saw its shares rise 13¢ to 98¢ on volume of more than 3 million shares. The company reported elevated radioactivity in a near-surface interval in drilling at the Ackio uranium discovery at its Hook project, in northern Saskatchewan’s Athabasca Basin. The company reported scintillometer readings of 914 TSX-V MOST ACTIVE ISSUES VOLUME (OOOs) HIGH

Blue River Res Kombat Copper Leeta Gold Blackrock Silv GoviEx Uranium Emerita Res NuLegacy Gold Alphamin Res Foran Mining Pure Gold Mg

BXR TM HIVE BRC GXU EMO NUG AFM FOM PGM

17367 13963 10673 4969 4830 4431 4347 4330 4277 4235

0.03 0.31 2.03 1.03 0.39 1.98 0.06 1.40 2.35 0.21

LOW

0.02 0.21 1.76 0.74 0.31 1.57 0.05 1.22 2.07 0.18

WEEK CLOSE CHANGE

0.02 0.22 1.80 0.75 0.35 1.85 0.06 1.28 2.20 0.19

+ + +

0.01 0.09 0.09 0.38 0.02 0.17 0.01 0.11 0.07 0.01

counts per second over 6.3 metres at 35.9 metres depth in hole AK22-038. Assays are pending. The company’s 20,000-metre drill program at the project is ongoing.

Blackrock Silver shares declined 38¢, or 33.6%, to close at 75¢. The company released an initial stope-optimized resource for its Tonopah West project, in Nevada’s Walker Lane. The inferred resource is 3 milTSX-V GREATEST PERCENTAGE CHANGE VOLUME (OOOs)

Getty Copper Axmin Inc Monitor Vent Adex Mining Visionary Gold Pac Bay Mnrls Brunswick Expl Vantex Res Blue River Res Atacama Cop Highbank Res Gitennes Expl Kalo Gold Logan Res Kermode Res Power Group Blackrock Silv Buffalo Coal Califfi Cap O2Gold

GTC AXM MVI.H ADE VIZ PBM BRW VAX BXR ACOP HBK GIT KALO INTR KLM PGP BRC BUF BNZ OTGO

TSX-V GREATEST VALUE CHANGE

WEEK

HIGH

398 475 51 158 393 39 2375 12 17367 107 1428 1393 2701 1079 1617 713 4969 135 26 1349

lion tonnes grading 208 grams silver and 2.5 grams gold per tonne (446 grams silver-equivalent) for 19.9 million oz. silver and 238,000 oz. gold. The resource was based on parameters that included a combination of long-hole and cut-and-fill mining, a gold price of US$1,750 per oz. and a silver price of US$20 per oz., and 1.5-metre-wide stopes of between 4 metres and 100 metres length. TNM

VOLUME

LOW CLOSE CHANGE

0.06 0.05 0.19 0.02 0.08 0.13 0.26 0.26 0.03 0.29 0.01 0.05 0.15 0.25 0.04 0.03 1.03 0.02 0.13 0.04

0.00 0.00 0.00 0.00 0.00 0.10 0.19 0.00 0.02 0.21 0.01 0.03 0.09 0.14 0.03 0.00 0.74 0.00 0.00 0.02

0.06 + 83.3 0.05 + 66.7 0.19 + 52.0 0.02 + 50.0 0.08 + 45.5 0.12 + 41.2 0.25 + 35.1 0.26 + 34.2 0.02 + 33.3 0.29 + 29.5 0.01 - 50.0 0.03 - 44.4 0.09 - 43.3 0.18 - 40.0 0.03 - 37.5 0.03 - 37.5 0.75 - 33.6 0.02 - 33.3 0.12 - 33.3 0.02 - 33.3

(OOOs)

Rupert Res Chesapeake Gld Colonial Coal Aurania Res Asbestos Corp Baselode Egy Sierra Madre G Vizsla Silver Blue Star Gold Osino Res NGEx Minerals Tanqueray Expl First Cobalt Blackrock Silv Eloro Res North Peak Res Callinex Mines Nickel 28 Cons Uranium Rock Tech Lith

RUP CKG CAD ARU AB.H FIND SM VZLA BAU OSI NGEX IPA ELBM BRC ELO NPR CNX NKL CUR RCK

HIGH

237 41 625 197 3 3068 624 1216 209 390 1327 48 356 4969 496 584 70 767 575 164

WEEK LOW CLOSE CHANGE

5.37 3.02 1.81 0.77 0.98 0.98 0.67 2.16 0.70 1.18 2.74 6.65 5.07 0.75 4.15 1.64 2.31 1.35 1.96 4.66

+ + + + + + + + + + -

0.35 0.17 0.17 0.17 0.14 0.13 0.11 0.10 0.09 0.07 0.87 0.65 0.49 0.38 0.37 0.36 0.33 0.33 0.30 0.29

U.S. MARKETS / MAY 2-6, 2022 The Dow Jones Industrial Average fell 162.13 points or 0.49% to 32,899.37 and the S&P 500 fell 32.04 points or 0.77% over the week to 4,123.34.

Shares of Cameco fell 1.97% to US$23.84 as the company failed to attract additional long-term uranium contracts during the first quarter of this year, beyond the 40 million lb. announced in mid-February. The company said that it had a “significant pipeline of contract discussions underway,” and would prefer to exercise “strategic patience” in its contracting activity as the uranium market undergoes a transition due to increasing demands. The company plans to operate its two tier-one mines, Cigar Lake and the McArthur River, at a combined rate of about 29 million lb. per year or 33% below installed capacity as it closely observes uranium’s market pricing. “Even though we have seen considerable pricing pressure resulting from the geopolitical uncertainty… we will not front-run demand with supply,” the company said in a release. Cameco’s adjusted quarterly profit of 4¢ per share was slightly higher than analysts’ forecasts and was based on a strong performance from its uranium and fuel services divisions.

Coeur Mining shares rose 6.3% to US$3.86 as the company’s quarterly results matched analysts’ expectations. The com-

pany reported adjusted earnings per share of US5¢, in line with consensus estimates of US4¢. Couer ended the quarter with a US$73 million cash, an increase from about US$57 million in the previous quarter. The precious metals miner produced 2.4 million oz. silver, 2% lower than BMO’s forecast of 2.5 million ounces. Gold production of 75,400 oz. was in line with BMO’s forecast of 75,600 ounces.

Higher-than-expected production at its Palmarejo mine in Chihuahua state, Mexico, and its Wharf mine in South Dakota, (28,900 oz. and 17,800 oz. gold, respectively), was offset by lower production at the Rochester mine in Nevada and the Kensington mine in Alaska (6,100 oz. and 22,600 oz. gold, respectively). Lower production at Kensington was driven by a decrease in average grade and Covid-19 which led to a rise in absenteeism.

U.S. MOST ACTIVE ISSUES VOLUME (OOOs) HIGH

Vale* VALE 202837 Yamana Gold* AUY 105596 Freeport McMoR* FCX 99207 Barrick Gold* GOLD 94015 Kinross Gold* KGC 88692 Cleveland-Clif* CLF 78387 IAMGOLD* IAG 73365 United States S* X 67623 Chevron Corp* CVX 49343 Cameco Corp* CCJ 45354

LOW

WEEK CLOSE CHANGE

16.84 15.3515.72 - 1.17 5.66 5.18 5.43 - 0.08 41.41 37.6037.88 - 2.67 23.42 21.5222.42 + 0.11 5.21 4.83 4.92 - 0.16 27.12 23.7924.12 - 1.37 2.91 1.96 2.11 - 0.71 30.99 26.6527.22 - 3.27 170.97 155.15170.69 + 14.02 27.61 22.9623.84 - 1.97

Shares of Nutrien rose 5.6% to US$103.79 as the company delivered strong quarterly results in response to global supply uncertainties. The company said that it was increasing its potash production as global agriculture and crop input markets are being impacted by “unprecedented” supply disruptions stemming from the Russia-Ukraine conflict. “The situation emphasizes the need for long-term solutions that support a sustainable increase in global crop producU.S. GREATEST PERCENTAGE CHANGE VOLUME (OOOs)

CONSOL Energy* Chevron Corp* NACCO Ind* Coeur Mng* Nutrien* Natural Res Pt* Arch Resources* Black Hills* Suncor Energy* Mosaic* IAMGOLD* Trecora Res* Sibanye-Stillw* Gatos Silver* Ero Copper* Intrepid Pots* United States S* Buenaventura* Alcoa* Nexgen Energy*

CEIX CVX NC CDE NTR NRP ARCH BKH SU MOS IAG TREC SBSW GATO ERO IPI X BVN AA NXE

HIGH

5021 49343 155 37109 23109 177 3659 2365 37710 42686 73365 169 24675 4346 493 4751 67623 7774 29152 12086

tion,” Nutrien CEO Ken Seitz said in a press release. He said that the company aims to generate higher earnings and cash flows in 2022, which would help expand its fertilizer production capability and enhance its global distribution network. The company reported record net earnings of about US$1.4 billion in the first quarter compared to about US$133 million in the same quarter last year due to higher realized prices and strong retail performance TNM U.S. GREATEST VALUE CHANGE

WEEK

VOLUME

LOW CLOSE CHANGE

55.26 170.97 49.76 4.06 107.82 50.82 183.53 76.62 37.93 68.74 2.91 9.64 14.29 3.42 14.29 86.00 30.99 9.85 68.17 5.25

43.35 53.96 + 13.5 155.15 170.69 + 8.9 41.39 49.46 + 7.3 3.47 3.86 + 6.3 96.74 103.79 + 5.6 45.96 49.72 + 5.1 156.37 174.26 + 4.7 71.50 75.61 + 3.2 35.17 37.05 + 3.1 59.17 64.05 + 2.6 1.96 2.11 - 25.2 7.84 8.23 - 15.5 11.81 12.11 - 11.9 2.93 2.98 - 11.8 12.24 12.72 - 11.7 65.55 67.83 - 11.4 26.65 27.22 - 10.7 8.36 8.47 - 10.3 60.00 61.04 - 10.0 4.34 4.45 - 9.7

(OOOs)

Chevron Corp* Arch Resources* CONSOL Energy* Nutrien* NACCO Ind* Natural Res Pt* Black Hills* Mosaic* Suncor Energy* Turquoise HIl* Intrepid Pots* MartinMarietta* Alcoa* United States S* Rio Tinto* Freeport McMoR* Cameco Corp* Ero Copper* Sibanye-Stillw* Trecora Res*

CVX ARCH CEIX NTR NC NRP BKH MOS SU TRQ IPI MLM AA X RIO FCX CCJ ERO SBSW TREC

HIGH

49343 3659 5021 23109 155 177 2365 42686 37710 5209 4751 3025 29152 67623 19399 99207 45354 493 24675 169

WEEK LOW CLOSE CHANGE

170.69 174.26 53.96 103.79 49.46 49.72 75.61 64.05 37.05 27.74 67.83 346.00 61.04 27.22 68.07 37.88 23.84 12.72 12.11 8.23

+ 14.02 + 7.88 + 6.41 + 5.54 + 3.38 + 2.42 + 2.37 + 1.63 + 1.11 + 0.50 - 8.75 - 8.22 - 6.76 - 3.27 - 3.05 - 2.67 - 1.97 - 1.69 - 1.63 - 1.51

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16 — 29, 2022

19

METALS, MINING AND MONEY MARKETS LME WAREHOUSE LEVELS

PRODUCER AND DEALER PRICES

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening on May 5 2022 (change from April 28 2022 in brackets): Aluminium Alloy

2160

(0)

Aluminium

573,600

(+1975)

Copper

168,800

(+17,950)

Lead

38,100

(-425)

Nickel

73,608

(+966)

Tin

3,020

(-10)

Zinc

93,175

(-3100)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$119.300 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$15.55 Cobalt: US$36.95/lb.

Copper: US$4.28lb.

Copper: CME Group Futures May 2022: US$4.19/lb.; June 2022: US$4.19/lb.

Iridium: NY Dealer Mid-mkt US$6,100/tr oz.

Iron Ore 62% Fe CFR China-S: US$139 Lead: US$1.01/lb.

Rhodium: Mid-mkt US$20,250/tr. oz.

Ruthenium: Mid-mkt US$750 per oz.

Silver: Handy & Harman Base: US$22.46 per oz.; Handy & Harman Fabricated: US$28.08 per oz.

Tin: US$18.41/lb.

Uranium: U3O8, Trading Economics spot price: US$55.35 per lb.

U308 Zinc: US$1.74 per lb.

Prices current April 9, 2022

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Apr 30, 2022 (with changes from Apr 15, 2022) Largest short positions IVN 19529115 1822428 Ivanhoe Mines Suncor Energy SU 18679762 4354847 Argonaut Gold AR 17856008 302403 ABX 14896538 1131412 Barrick Gold McEwen Mng MUX 13293036 932313 Kinross Gold K 12627104 -617808 Lundin Mng LUN 12227879 2923307 Fortuna Silvr FVI 10725380 61042 IMG 10132270 2914743 IAMGOLD WPM 9398074 -1736070 Wheaton Prec Yamana Gold YRI 8491983 1296976 First Quantum FM 8280863 1562387 Nexgen Energy NXE 8140902 -1208996 NGD 7349005 554220 New Gold Teck Res TECK.B 7136368 587175 Largest increase in short position Suncor Energy SU 18679762 4354847 Lundin Mng LUN 12227879 2923307 IMG 10132270 2914743 IAMGOLD IVN 19529115 1822428 Ivanhoe Mines First Quantum FM 8280863 1562387 Largest decrease in short position Fission Uran FCU 7039884 -3990436 BTO 2707307 -2554641 B2Gold Corp Denison Mines DML 6588470 -2308334 Wheaton Prec WPM 9398074 -1736070 Nexgen Energy NXE 8140902 -1208996

Short positions outstanding as of Apr 30, 2022 (with changes from Apr 15, 2022) Largest short positions Pure Gold Mg PGM 4804587 515890 GR Silver GRSL 3652390 -40661 PTU 2649617 45243 Purepoint Uran GoviEx Uranium GXU 1997551 -264046 Blackrock Silv BRC 1906462 868129 Leeta Gold HIVE 1861262 -689838 Canada Silver CCW 1806539 1479 FMS 1665625 1476510 Focus Graphite Oroco Res OCO 1525081 -505880 Eloro Res ELO 1477836 293111 Emerita Res EMO 1381603 -618825 Artemis Gold ARTG 1286445 157600 GIGA 1253474 145654 Giga Metals Cassiar Gold GLDC 1209832 -53699 Tier One Silv TSLV 1207290 197921 Largest increase in short position Focus Graphite FMS 1665625 1476510 BRC 1906462 868129 Blackrock Silv Eagle Plains EPL 794169 781565 Alphamin Res AFM 679213 594158 Arctic Star ADD 605906 584863 Largest decrease in short position CSO 516458 -1280641 Corsa Coal Angold Res AAU 205119 -1274767 Colombia Crest ATX 112205 -923084 Rusoro Mng RML 7004 -836824 Frontier Lith FL 904438 -702481

4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022

MAY 2

MAY 3

MAY 4

MAY 5

4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022 4/15/2022

MAY 6

BASE METALS (London Metal Exchange — Midday official cash/3-month prices, US$ per tonne) Al Alloy 2175/2175 2175/2175 2175/2175 2175/2175 Aluminum 3038/3043 2911/2945 2928.5/2961.5 2916.5/2945 Copper 9820/9821 9510/9520 9473/9480.5 9540/9539 Lead 2278.5/2273 2267/2260 2273/2270 2303/2307 Nickel 32420/32500 30900/30975 30375/30425 30190/30275 Tin 40795/40350 41200/40850 40600/40375 40750/40425 Zinc 4211/4163 4044/3991 3954/3927 3992.5/3960 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1915.45 1857.90 1868.70 Gold PM 1911.30 1869.70 1863.65 Silver 23.45 22.63 22.60 Platinum 932 962 972 Palladium 2230 2312 222.70

2175/2175 2832/2868 94275/9424 2230/2239 29925/30020 40575/40225 3828/3806

1895.20 1892.30 22.92 992 2230

1884.30 1882.35 22.49 966 2108

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

May 06 1.2878 0.7765

May 05 1.2828 0.7795

May 04 1.2738 0.7851

May 03 1.2834 0.7792

to purchase one common share of the Issuer at $0.50 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) - One Warrant to purchase one common share of the Issuer at $1.71 until expiry.

Novo Resources Corp. (NOVO.WT.A) - One Warrant to purchase one common share of the Issuer at $3.00 until expiry.

Novo Resources Corp. (NVO.WT.A) - One Warrant to purchase one common share of the

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

Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share.

Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share.

American Cumo Mining Corp. (MLY.RT) - 2 rights and $0.07 are required to purchase one share American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share.

Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

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

Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share.

Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share.

Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 per share.

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

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

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

Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share.

Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share.

Cascadero Copper Corporation (CCD.RT) One right and $0.015 are required to purchase one Share.

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

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

Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share.

Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share.

Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share.

Elevation Gold Mining Corporation (ELVT.WT) - One warrant to purchase one common share at $4.80 per share.

Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share.

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

Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit.

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

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share.

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

Freeman Gold Corp (FMAN.WT.U) - One warrant to purchase one common share at US$0.65 per share.

Giga Metals Corporation (GIGA.WT) - One warrant to purchase one common share at $0.60 per share.

Giga Metals Corporation (GIGA.WT.A) - One warrant to purchase one common share at $0.45 per share.

Giyani Metals Corp. (EMM.WT) - One warrant to purchase one common share at $0.60 per share.

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

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

Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share.

LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share.

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

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

Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share.

Manganese X Energy Corp. (MN.WT) - One warrant to purchase one common share at $0.15 per share.

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

Issuer at $3.00 until expiry.

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

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

Sherritt International Corporation (S.WT) Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry.

Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

TSX VENTURE WARRANTS

DAILY METAL PRICES Date

TSX WARRANTS Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry. eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry.

Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Karora Resources Inc. (KRR.WT) - One Warrant

May 02 1.2873 0.7768

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

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

Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share.

Mineworx Technologies Ltd. (MWX.RT) - One right to purchase one common share at $0.015 per share.

Northern Vertex Mining Corp. (NEE.WT) - One warrant to purchase one common share at $0.80 per share.

Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share.

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

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

Osisko Development Corp. (ODV.WT) - One warrant to purchase one common share at $10.00 per share.

Sandfire Resources America Inc. (SFR.RT) - Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share.

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

Silver Mountain Resources Inc. (AGMR.WT) One warrant to purchase one common share at $0.70 per share.

Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share.

Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share.

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

Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

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

Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share.

Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share.

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

NORTH AMERICAN STOCKEXCHANGE INDICES 52 weeks

Exchange rates (Quote Media, May 06, 2022) C$ to AUS C$ to EURO 1.0942 0.7345 C$ to UK Pound C$ to China Yuan 0.6278 5.1676 US to AUS US to EURO 1.4131 0.9480 US to UK Pound US to China Yuan 0.8104 6.6665

C$ to YEN 101.3675 C$ to India Rupee 59.6364 US to YEN 130.5680 US to India Rupee 76.9550

C$ to Mex Peso 15.6387 C$ to Swiss Franc 0.7658 US to Mex Peso 20.1844 US to Swiss Franc 0.9889

C$ to SA Rand 12.3834 C$ to S. Korea Won 986.6861 US to SA Rand 16.0688 US to S. Korea Won 1271.1400

CANADIAN GOLD MUTUAL FUNDS Fund Name BMO Prec Mtls Fd A BMO ZGD BMO ZJG CANL Prec Mtl Fd A CI Pre Met Fd A CIBC Prec Metal Fd A Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A iShares XGD NBI PrecMetFd Invt NP Silver Equ A NPT Go&PrMinFd A RBC GblPreMetFd A TD Prec Mtl Fd Inv

May 06 ($) 26.12 74.30 70.47 19.62 57.31 15.66 13.19 27.20 29.19 16.42 20.44 19.55 7.77 53.31 58.13 51.80

Apr 29 ($) 26.37 76.54 72.42 20.11 58.50 15.84 13.37 27.65 29.35 16.82 20.66 19.63 8.24 55.35 58.73 52.44

Change ($) -0.25 -2.24 -1.95 -0.49 -1.19 -0.18 -0.18 -0.46 -0.16 -0.40 -0.22 -0.08 -0.47 -2.04 -0.60 -0.64

Change (%) -0.96 -2.93 -2.70 -2.46 -2.03 -1.12 -1.36 -1.65 -0.54 -2.40 -1.08 -0.41 -5.68 -3.69 -1.02 -1.22

YTDChange (%) 15.57 17.05 17.89 16.60 8.85 15.38 7.08 9.20 14.19 15.79 19.95 11.84 4.76 8.09 14.65 17.38

MER (%) 2.40 0.60 0.61 2.58 2.31 2.25 2.67 0.68 0.81 2.63 0.61 2.46 3.24 3.19 2.09 2.26

TotalAssets (M$) 58.65 59.02 89.06 21.63 369.60 61.21 660.37 4.37 23.76 30.19 410.48 145.21

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

May 06 20633.28 769.97 1250.59 325.83 286.02

May 05 20696.17 783.69 1253.28 326.93 286.02

May 04 21184.95 807.38 1281.56 335.36 286.02

May 03 20905.28 794.65 1266.84 330.02 286.02

May 02 20692.22 791.68 1254.38 326.74 286.02

High 22213.07 1025.77 1344.63 379.45 338.35

Low 19063.95 766.67 1140.83 257.81 229.83

NEW 52-WEEK HIGHS AND LOWS MAY 2-6, 2022 21 New Highs Alliance Res* Arch Resources* Asbestos Corp CANEX Metals Champion Bear CONSOL Energy* Frontier Lith Horizonte Mnls* Interra Copper Interra Copper* Natural Res Pt* New Stratus Paringa Res* Pine Cliff En Pine Cliff En* Suncor Energy Suncor Energy* Verde Potash Western Alaska Whitehaven Coa* Xanadu Mines*

117 New Lows Canada Nickel* Adventus Aftermath Silv* Alexandra Cap* Alexco Res Alexco Res* Angold Res Ascot Res Ascot Res * Aurcana Silver Aurcana Silver* Avino Silver Avino Silver* Benchmark Met Benchmark Met* Black Iron Black Iron* Bonanza Gold* Canada Nickel Canada Rare* Chakana Copper* Clarity Gold CNRP Mng

Coeur Mng* Comstock Mng* Copper Mtn Mng Copper Mtn Mng* District Metal DRDGOLD* Eskay Mng Eskay Mng* Excellon Res* Excelsior Mng First Mg Fin First Mg Fin * Forsys Metals Fosterville Galiano Gold* Getchell Gold Getchell Gold * Gold Line Res Gold Mountain* Gold Royalty* Gold Std Vents Gold Std Vents* GoldHaven Res* Gratomic

Gratomic* Heliostar Met Heliostar Met* IAMGOLD IAMGOLD* IMPACT Silver Integra Res Integra Res* Kinross Gold Kinross Gold* Klondike Silv* Kombat Copper Kore Mining * Kuya Silver Kuya Silver* Labrador Gold Labrador Gold* Labrador IOR Labrador IOR* Leeta Gold Liberty Gold* Loncor Res Magna Gold* Mantaro Prec

Maple Gold Maple Gold* Marathon Gold Mawson Res McEwen Mng McEwen Mng* Metals Creek* Monarca Mnrls* Monarch Mining Newcore Gold Newlox Gold Newport Expl Nfld Discovery* Niocorp Dev* NovaGold Res NovaGold Res* Oceanus Res Orea Mining* Oroco Res Oroco Res* Prime Mining Red Pine Expl Renforth Res Reyna Silver

Reyna Silver* Rojo Res* Sabina Gd&Slvr* Signature Res* Silver Viper* Silvercorp Met Silvercorp Met* Spearmint Res* Standard Graph* Standard Uran Standard Uran* Starr Peak* Sun Summit Surge Copper Talisker Res Tanzanian Gold* Temas Res Tudor Gold * United Battery Uranium Res* Vanadiumcorp Winston Gold*

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

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LEGEND

STAFF INVESTMENT POLICY

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

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

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

1 (metric) tonne = 1.1023 (short) tons 1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

20

MAY 16 — 29, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

MARKET NEWS

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 2-6, 2022 (100s) Stock

Exc Volume

Week High

Low

12-month

Last Change

High Low

A 1111 Explor 1844 Resources 1911 Gold* 1911 Gold 55 North 79 Resources 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources AbraSilver Res AbraSilver Res* Academy Metals ACME Lithium Adamera Min Adamera Min* Adex Mining Advance Gold Advance United Adventus Adventus* Adyton Res* Adyton Res AEX Gold Affinity Metal* African Energy* African Gold* African Gold African Metals African Rainbo* Aftermath Silv* Agnico Eagle* Agnico Eagle Aguila Amer Gd Aguila Amer Gd* Aiml Res* AJN Resources Akwaaba Mining Alamos Gold Alamos Gold* Alcoa* Aldebaran Res Aldebaran Res* Alerio Gold Alexandra Cap* Alexco Res Alexco Res* Alianza Min Alianza Min* All American* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Allied Copper Allied Copper* Alma Gold Almaden Min Almaden Min* Almadex Min* Almadex Min Almonty Ind * Almonty Ind Aloro Mining* Aloro Mining Alpha Copper Alpha Lithium Alpha Lithium* Alphamin Res * Alphamin Res Altai Resource Altair Res Inc* Altair Res Inc Altaley Mining* Altaley Mining Altamira Gold* Altamira Gold Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls Altius Mnrls * Alto Ventures Alto Ventures* Altura Mining* Alturas Min Altus Strat* Altus Strat Alumina Ltd* ALX Resources* ALX Resources AM Resources Amani Gold* Amarc Res Amarc Res* Amer Intl Vent* American Creek* American Creek American CuMo American CuMo* American Eagle American Lith* American Lith American Mang* American Mang American Pac American Rare* AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Ameriwest Lith* Ameriwest Lith Amex Expl Amex Expl* AmmPower* AmmPower Amseco Expl AMV Capital Anaconda Mng* Anaconda Mng Anacortes Mg Andean Prec Andean Prec* Anfield Energy* Anfield Energy Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angold Res* Angold Res Angus Gold* Angus Gold Antioquia Gold* Antioquia Gold Antler Gold Antler Hill Antofagasta* Apex Res * Apex Res Apogee Min Apollo Silver Apollo Silver* Appia Rare* Appia Rare Applied Min* Arbor Metals Arch Resources* Archer Explor Archon Mineral

C 97 0.07 V 332 0.09 O 113 0.24 V 593 0.31 C 59 0.04 C 154 0.05 C 523 0.09 O 168 0.03 V 1247 0.04 O 34 0.05 V 198 0.07 V 194 0.09 O 181 0.07 O 152 0.04 V 305 0.05 V 2312 0.45 O 3529 0.36 V 3 0.31 C 237 1.23 V 282 0.06 O 486 0.05 V 158 0.02 V 1985 0.04 C 6 0.27 V 1269 0.66 O 178 0.51 O 17 0.03 V 352 0.04 V 4 0.75 O 5 0.05 O 150 0.07 O 21 0.08 V 543 0.11 V 41 0.06 O 1 16.50 O 716 0.24 N 11831 60.25 T 4893 76.88 V 5 0.32 O 25 0.19 O 118 0.15 C 244 0.43 V 186 0.02 T 2456 10.27 N 16376 8.07 N 29152 68.17 V 76 0.82 O 167 0.65 C 68 0.15 O 963 0.12 T 1068 1.51 X 3436 1.19 V 521 0.08 O 84 0.06 O 79258 0.00 V 426 0.47 O 252 0.36 V 70 0.30 D 3993 19.61 V 189 0.17 O 143 0.13 C 115 0.06 T 62 0.40 X 1676 0.32 O 135 0.23 V 25 0.29 O 38 0.66 T 163 0.85 O 43 0.04 V 18 0.06 C 391 0.85 V 2309 1.13 O 116 0.75 O 1273 1.09 V 4330 1.40 V 2 0.08 O 21 0.06 V 201 0.06 O 686 0.28 V 456 0.36 O 339 0.18 V 1274 0.24 V 19 0.08 V 0 0.00 V 216 0.30 O 137 0.23 T 672 21.44 O 235 16.65 V 314 0.36 O 280 0.27 O 2156 0.03 V 102 0.02 O 20 0.88 V 20 0.87 O 46 5.36 O 254 0.06 V 1041 0.06 V 9 0.06 O 191892 0.00 V 365 0.11 O 424 0.09 O 201 0.01 O 388 0.14 V 279 0.18 V 54 0.05 O 48 0.04 V 2042 0.06 O 1510 2.79 V 1499 3.44 O 620 0.53 V 359 0.64 C 594 0.77 O 287 0.31 O 11 0.04 X 1982 0.91 T 891 1.14 T 1135 1.72 O 566 1.33 O 1870 0.80 C 332 1.02 V 130 2.87 O 69 2.24 O 478 0.27 C 860 0.33 V 290 0.05 V 0 0.00 O 261 0.50 T 186 0.61 V 180 1.26 V 959 1.41 O 135 1.09 O 671 0.09 V 1668 0.11 V 0 0.00 O 11 0.09 V 331 0.13 O 6 45.12 O 1404 23.00 T 30 3.07 O 0 0.00 N 12641 21.48 O 62 0.08 V 1758 0.11 O 16 0.97 V 52 1.21 O 200 0.03 V 421 0.04 V 8 0.14 V 0 0.00 O 13 19.70 O 342 0.07 V 223 0.08 V 0 0.00 V 795 0.48 O 46 0.36 O 338 0.44 C 297 0.58 O 6816 0.01 V 34 2.51 N 3659 183.53 C 95 0.29 V 0 0.00

0.06 0.06 0.07 0.07 0.21 0.21 0.26 0.28 0.04 0.04 0.05 0.05 + 0.08 0.08 0.02 0.02 0.00 0.03 0.05 0.05 0.00 0.06 0.08 0.08 0.06 0.06 0.00 0.04 + 0.00 0.05 + 0.37 0.38 0.29 0.30 0.00 0.30 1.12 1.17 0.05 0.06 + 0.03 0.05 + 0.00 0.02 + 0.03 0.03 0.00 0.22 + 0.53 0.61 + 0.42 0.48 + 0.03 0.03 unch 0.03 0.04 0.00 0.75 + 0.05 0.05 unch 0.07 0.07 unch 0.00 0.08 0.10 0.11 unch 0.00 0.06 unch 16.45 16.50 + 0.20 0.22 55.40 57.38 71.48 73.91 0.00 0.26 + 0.00 0.19 + 0.08 0.14 + 0.32 0.43 + 0.00 0.02 unch 9.51 9.87 7.37 7.68 60.00 61.04 0.64 0.65 0.44 0.50 0.00 0.13 0.09 0.11 1.31 1.33 1.02 1.04 0.07 0.07 0.05 0.05 0.00 0.00 + 0.41 0.42 0.31 0.32 0.00 0.28 unch 16.86 19.15 + 0.15 0.15 unch 0.09 0.12 0.00 0.06 unch 0.36 0.40 + 0.28 0.29 0.21 0.21 0.00 0.27 0.63 0.64 0.82 0.83 0.02 0.02 0.00 0.05 0.64 0.64 0.91 1.00 + 0.62 0.63 0.95 0.99 1.22 1.28 0.00 0.08 unch 0.05 0.05 0.06 0.06 0.25 0.26 + 0.33 0.33 + 0.14 0.18 + 0.18 0.24 + 0.00 0.08 + 0.00 0.10 unch 0.25 0.25 0.19 0.19 20.09 20.74 15.07 16.12 0.30 0.30 0.23 0.23 0.02 0.03 0.00 0.02 unch 0.00 0.51 0.00 0.85 5.00 5.05 + 0.04 0.04 0.05 0.05 0.00 0.06 unch 0.00 0.00 0.10 0.10 0.08 0.08 0.01 0.01 0.13 0.14 0.17 0.18 0.00 0.05 0.03 0.04 0.04 0.05 2.34 2.45 3.03 3.16 0.45 0.46 0.58 0.60 unch 0.61 0.63 0.26 0.28 0.00 0.04 + 0.79 0.80 1.00 1.03 1.54 1.70 + 1.19 1.33 + 0.65 0.68 0.82 0.88 2.74 2.77 2.10 2.12 0.20 0.21 0.26 0.28 0.00 0.05 0.00 0.12 unch 0.44 0.46 0.55 0.58 1.11 1.12 1.05 1.37 0.93 0.98 0.07 0.08 0.10 0.10 0.00 0.17 unch 0.09 0.09 0.10 0.13 unch 0.00 44.42 21.36 21.67 2.75 2.90 0.00 22.15 unch 19.00 19.22 0.00 0.08 0.10 0.10 0.90 0.90 1.12 1.15 0.02 0.02 0.00 0.03 0.00 0.12 0.00 0.18 unch 0.00 18.00 0.06 0.06 0.00 0.08 unch 0.00 0.11 unch 0.43 0.48 + 0.32 0.36 + 0.38 0.39 0.48 0.51 0.01 0.01 2.42 2.42 unch 156.37174.26 + 0.26 0.29 + 0.00 0.19 unch

0.02 0.02 0.03 0.04 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.08 0.05 0.13 0.07 0.01 0.00 0.01 0.01 0.01 0.03 0.02 0.00 0.01 0.03 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.85 0.87 0.01 0.01 0.04 0.09 0.00 0.11 0.08 6.76 0.15 0.15 0.02 0.01 0.02 0.05 0.01 0.00 0.00 0.01 0.02 0.00 1.24 0.00 0.01 0.00 0.01 0.00 0.01 0.03 0.03 0.02 0.02 0.01 0.16 0.04 0.12 0.09 0.11 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.70 0.71 0.07 0.05 0.01 0.00 0.22 0.01 0.08 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.09 0.14 0.01 0.00 0.08 0.02 0.01 0.11 0.11 0.11 0.09 0.10 0.13 0.10 0.10 0.04 0.06 0.01 0.00 0.01 0.01 0.14 0.02 0.11 0.01 0.01 0.00 0.00 0.00 0.18 0.63 0.11 0.00 1.20 0.00 0.01 0.03 0.06 0.00 0.01 0.02 0.00 0.96 0.01 0.00 0.00 0.02 0.00 0.03 0.04 0.00 0.00 7.88 0.01 0.00

0.15 0.11 0.59 0.72 0.15 0.15 0.16 0.11 0.11 0.18 0.19 0.17 0.15 0.07 0.08 0.82 0.68 3.00 1.44 0.12 0.10 0.02 0.08 2.09 1.28 1.06 0.07 0.23 0.82 0.15 0.21 0.24 0.19 0.15 21.45 0.60 74.50 89.95 0.36 1.00 0.79 0.45 0.04 11.61 9.38 98.09 1.13 0.88 0.49 0.55 4.01 3.34 0.13 0.11 0.01 0.58 0.46 1.15 19.61 0.62 0.26 0.23 0.69 0.58 0.27 0.33 1.07 1.27 0.13 0.08 1.09 1.69 0.90 1.17 1.46 0.17 0.13 0.19 0.79 0.80 0.42 0.47 0.35 0.20 0.43 0.36 25.71 20.36 0.43 0.37 0.11 0.04 1.11 1.48 6.99 0.12 0.15 0.10 0.00 0.20 0.16 0.02 0.23 0.28 0.08 0.06 0.40 5.00 6.25 1.17 1.48 1.40 0.42 0.29 2.49 3.01 2.01 1.66 1.37 1.74 3.36 2.68 1.90 2.15 0.12 0.15 0.85 1.05 2.50 2.30 1.83 0.18 0.23 0.40 0.13 0.17 55.61 27.80 3.45 27.20 26.96 0.33 0.47 1.25 1.33 0.05 0.06 0.25 0.18 27.80 0.13 0.09 0.14 1.15 1.00 1.00 1.22 0.03 2.85 183.53 1.25 0.33

0.05 0.05 0.21 0.26 0.04 0.04 0.08 0.02 0.03 0.04 0.06 0.08 0.05 0.03 0.04 0.32 0.25 0.30 0.40 0.05 0.03 0.01 0.03 0.15 0.53 0.42 0.03 0.03 0.44 0.04 0.01 0.01 0.10 0.05 12.98 0.20 45.42 58.02 0.15 0.12 0.08 0.20 0.01 8.30 6.51 31.00 0.47 0.38 0.13 0.09 1.32 1.02 0.06 0.05 0.00 0.24 0.19 0.25 5.60 0.15 0.09 0.04 0.34 0.27 0.15 0.21 0.62 0.78 0.01 0.04 0.18 0.45 0.25 0.49 0.59 0.06 0.03 0.04 0.24 0.31 0.13 0.15 0.07 0.09 0.23 0.18 14.92 11.56 0.14 0.12 0.00 0.02 0.50 0.80 4.44 0.04 0.05 0.04 0.00 0.10 0.08 0.00 0.12 0.16 0.04 0.02 0.04 1.20 1.50 0.37 0.47 0.13 0.02 0.03 0.68 0.85 1.10 0.86 0.53 0.54 2.07 1.65 0.20 0.25 0.04 0.12 0.39 0.50 1.07 0.92 0.77 0.06 0.08 0.15 0.04 0.05 33.18 16.75 1.99 15.31 14.57 0.07 0.10 0.56 0.69 0.02 0.03 0.09 0.18 16.50 0.01 0.04 0.09 0.40 0.32 0.33 0.42 0.01 1.70 48.71 0.08 0.18

(100s) Stock

Exc Volume

Week High

Low

0.00 0.02 0.00 0.10 0.00 0.02 0.00 0.00 0.06 0.37 0.48 0.29 0.37 0.11 0.00 0.09 0.07 1.56 2.00 0.59 0.45 1.67 0.04 0.06 5.47 4.23 0.25 0.32 0.00 4.98 6.36 0.00 1.57 0.00 0.15 0.20 0.80 0.61 0.00 0.03 0.04 0.08 0.00 0.21 0.01 5.55 0.25 0.32 0.07 0.07 0.28 0.36 1.06 1.35 0.20 0.00 1.80 1.39 9.02 0.00 0.45 0.60 0.17 0.13 0.00 0.00 0.33 0.68 0.88 0.00 0.09 0.10 0.81 0.08 0.13 0.00 0.04 0.00 0.54 0.69 0.12 0.16 0.02 0.01 0.03 0.00 0.67 0.87 0.00 0.06 0.00 0.02 0.00 5.80 0.03 0.00 1.00 1.30 0.05 0.12 0.24 0.19 0.13 0.09

12-month

Last Change

0.17 unch 0.03 + 0.05 0.10 0.08 0.02 unch 0.03 unch 0.09 + 0.06 + 0.39 0.50 0.30 0.39 0.11 unch 0.16 unch 0.09 0.07 unch 1.56 2.01 0.65 + 0.50 + 1.90 + 0.05 0.06 unch 5.75 4.46 0.28 0.35 0.50 5.20 6.89 1.40 1.71 0.98 + 0.15 + 0.23 + 0.83 0.64 0.17 0.03 0.04 unch 0.08 0.11 unch 0.29 + 0.01 5.79 0.29 + 0.35 + 0.08 + 0.07 0.29 0.39 1.13 1.42 0.20 unch 0.26 + 1.90 1.48 9.25 7.21 0.61 + 0.77 + 0.18 0.14 0.20 0.27 0.34 0.69 0.90 + 0.05 + 0.09 unch 0.11 unch 0.96 + 0.08 0.14 0.06 0.06 + 0.06 unch 0.55 0.71 0.13 0.17 unch 0.02 unch 0.01 unch 0.04 + 0.05 unch 0.70 0.90 unch 0.08 unch 0.06 0.20 0.02 0.05 + 6.00 0.03 0.04 1.02 + 1.31 + 0.06 unch 0.12 0.28 0.21 0.15 + 0.11 +

High Low

Arcland Res ArcPacific Res* ArcPacific Res Arctic Star Arctic Star* Arcus Dev Grp* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Argentina Lith* Argentina Lith Argentum Silvr* Argentum Silvr Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arianne Phosph Arianne Phosph* Aris Gold Arizona Gold* Arizona Gold Arizona Metals Arizona Metals* Arizona Silver* Arizona Silver Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Asbestos Corp Ascendant Res* Ascendant Res Ascot Res Ascot Res * AsiaBaseMetals Aston Bay* Aston Bay ATAC Res* ATAC Res Atacama Cop Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Gold* Athena Atico Mining* Atico Mining Atlas Salt* Atlas Salt Aton Resources* Aton Resources Augusta Gold Augusta Gold* Aura Minerals Aura Minerals* Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold Aurelius Min* Aurelius Min Aurion Res * Aurion Res Aurora Royal Aurwest Res* Aurwest Res AURYN Mining* Aust Goldfield* Aust Mines* Austin Res Austral Gold* Austral Gold Auxico Res* Auxico Res Avalon Advance* Avalon Advance Avarone Metals* Avenira Ltd* Avidian Gold* Avidian Gold Avino Silver* Avino Silver Avrupa Min Avrupa Min* Awale Res Axmin Inc* Axmin Inc Aya Gold* Azarga Metals* Azarga Metals Azimut Explor* Azimut Explor Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azucar Min Azucar Min*

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

0 791 317 1877 1 25 21 20 25 1107 1398 704 709 50 0 484 10 232 12496 796 733 260 669 1284 1524 484 203 322 103 26 461 2 573 3 128 1529 1668 1079 1 93 471 335 265 107 2026 65 22 197 84 23 180 144 22 514 1 32 338 329 210 20 109 197 1499 1595 428 26 59 39 233 3 300 232 12 14 11 1 161 152 178 303 805 2091 13 2 103 296 1964 169 20 12 107 383 475 43 17 33 33 67 2420 2068 660 122 102 264

0.00 0.03 0.06 0.11 0.08 0.02 0.03 0.09 0.06 0.44 0.55 0.37 0.44 0.11 0.00 0.10 0.07 1.81 2.22 0.67 0.53 1.90 0.05 0.07 6.06 4.75 0.33 0.44 0.50 5.85 7.52 1.40 1.85 0.98 0.16 0.23 0.87 0.69 0.17 0.04 0.05 0.09 0.11 0.29 0.01 6.10 0.29 0.38 0.09 0.13 0.31 0.39 1.15 1.50 0.20 0.28 2.08 1.69 10.72 8.23 0.62 0.79 0.20 0.16 0.22 0.27 0.37 0.81 1.02 0.05 0.09 0.11 1.00 0.14 0.16 0.06 0.06 0.06 0.63 0.85 0.14 0.18 0.02 0.01 0.09 0.05 0.74 0.95 0.09 0.07 0.21 0.03 0.05 6.66 0.03 0.04 1.06 1.37 0.06 0.14 0.30 0.22 0.15 0.11

0.00 0.38 0.06 0.00 0.52 0.02 0.02 0.25 0.04 0.01 0.29 0.05 0.02 0.24 0.04 0.00 0.02 0.02 0.00 0.04 0.03 0.02 0.12 0.06 0.01 0.10 0.05 0.05 0.60 0.08 0.05 0.68 0.10 0.04 0.77 0.10 0.04 0.96 0.13 0.00 0.21 0.11 0.00 0.28 0.14 0.01 0.26 0.08 0.00 0.19 0.06 0.11 3.23 1.55 0.14 4.09 1.98 0.05 0.82 0.29 0.03 0.65 0.23 0.18 2.55 1.21 0.00 0.12 0.04 0.00 0.15 0.05 0.28 6.98 2.69 0.26 5.60 2.15 0.06 0.48 0.13 0.09 0.60 0.17 0.09 0.87 0.50 0.19 6.23 3.40 0.21 7.93 4.86 0.14 1.80 0.21 0.17 2.29 0.13 0.14 0.84 0.50 0.01 0.55 0.12 0.03 0.34 0.17 0.06 1.41 0.80 0.05 1.33 0.62 0.01 0.24 0.13 0.00 0.06 0.03 0.00 0.09 0.04 0.01 0.16 0.07 0.00 0.20 0.09 0.07 0.65 0.21 0.00 0.04 0.01 0.31 8.48 4.71 0.01 0.54 0.12 0.01 0.70 0.15 0.01 0.21 0.06 0.02 0.30 0.05 0.03 0.65 0.27 0.01 0.78 0.35 0.07 1.87 0.48 0.03 1.98 0.58 0.00 0.24 0.12 0.01 0.31 0.16 0.14 2.26 0.89 0.10 1.90 0.71 1.52 17.50 9.01 0.80 14.31 7.13 0.15 2.82 0.42 0.17 3.43 0.52 0.02 1.10 0.18 0.01 0.91 0.13 0.01 0.39 0.12 0.02 0.51 0.17 0.04 0.65 0.21 0.01 1.09 0.49 0.02 1.36 0.65 0.01 0.07 0.03 0.00 0.14 0.08 0.00 0.22 0.08 0.13 1.05 0.45 0.06 0.24 0.01 0.01 0.27 0.12 0.01 0.09 0.06 0.01 0.15 0.04 0.00 0.18 0.06 0.07 1.68 0.10 0.11 1.85 0.50 0.00 0.19 0.07 0.00 0.24 0.09 0.00 0.04 0.02 0.00 0.01 0.00 0.01 0.40 0.03 0.00 0.20 0.05 0.02 1.44 0.67 0.00 1.73 0.87 0.00 0.11 0.07 0.01 0.15 0.05 0.01 0.88 0.17 0.00 0.06 0.02 0.02 0.08 0.03 0.26 9.44 5.40 0.00 0.12 0.03 0.01 0.17 0.03 0.01 1.98 0.73 0.01 2.49 0.90 0.00 0.25 0.09 0.02 0.29 0.10 0.02 0.41 0.22 0.02 0.32 0.16 0.01 0.19 0.07 0.01 0.15 0.06

B2Gold Corp B2Gold Corp* Baden Res Bald Eagle Balto Res Bam Bam Res Bam Bam Res* Bannerman Egy* Banyan Gold Banyan Gold* Barksdale Res* Barksdale Res Baroyeca Gold Baroyeca Gold* Barrick Gold Barrick Gold* Barsele Min* Barsele Min Baru Gold Baru Gold* Baselode Egy* Baselode Egy Basin Uranium Batero Gold Batero Gold* Bathurst Met Bathurst Metal* Battery Min Bayhorse Silvr* Bayhorse Silvr BC Moly BCM Res BCM Res* BE Res Bear Creek Mng Bear Creek Mng* Bearclaw Cap Bearing Lith Bearing Lith* Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benjamin Hill Benjamin Hill* Benton Res* Benton Res Benz Mining* Benz Mining Bessor Min Bird River Res

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

12341 71443 25 2041 55 1932 1062 4725 663 168 103 224 276 30 23108 94015 14 43 1195 177 1065 3068 260 17 9 120 19 344 985 986 2 318 24 0 404 216 0 395 65 614 532 96 146 1185 2679 567 1065 300 708 2484 37 73 144 17 53 25 296

5.80 5.24 5.56 + 0.11 6.47 4.21 4.55 4.05 4.31 + 0.06 5.37 3.30 0.23 0.23 0.23 unch 0.00 0.23 0.12 0.11 0.08 0.10 + 0.02 0.12 0.04 0.09 0.00 0.08 - 0.01 0.22 0.04 0.05 0.04 0.04 - 0.01 0.35 0.04 0.04 0.03 0.03 - 0.00 0.29 0.03 0.20 0.15 0.16 - 0.01 0.33 0.09 0.48 0.43 0.45 + 0.02 0.51 0.20 0.37 0.34 0.35 + 0.01 0.41 0.16 0.37 0.00 0.35 - 0.04 0.57 0.22 0.49 0.43 0.46 - 0.05 0.70 0.26 0.41 0.37 0.39 - 0.02 0.50 0.16 0.31 0.30 0.30 - 0.02 0.49 0.12 29.90 27.76 28.88 + 0.23 33.50 22.30 23.42 21.52 22.42 + 0.11 26.07 17.27 0.29 0.29 0.29 unch 0.00 0.66 0.28 0.43 0.00 0.39 - 0.04 0.82 0.35 0.08 0.07 0.07 - 0.01 0.15 0.06 0.06 0.05 0.05 - 0.01 0.12 0.05 0.85 0.60 0.76 + 0.09 1.23 0.32 1.07 0.79 0.98 + 0.13 1.54 0.40 0.39 0.34 0.36 - 0.02 1.08 0.34 0.08 0.00 0.08 + 0.01 0.15 0.06 0.06 0.06 0.06 unch 0.00 0.12 0.04 0.10 0.00 0.08 unch 0.00 0.16 0.07 0.10 0.06 0.06 - 0.00 0.53 0.06 0.37 0.00 0.33 - 0.02 0.85 0.33 0.06 0.05 0.05 - 0.00 0.23 0.05 0.07 0.07 0.07 unch 0.00 0.25 0.07 0.23 0.00 0.19 - 0.05 0.40 0.07 0.27 0.23 0.24 - 0.02 0.35 0.10 0.20 0.17 0.20 + 0.01 0.25 0.07 0.00 0.00 0.20 unch 0.00 0.20 0.20 1.27 1.11 1.11 - 0.08 2.04 0.92 0.98 0.86 0.87 - 0.01 1.68 0.74 0.00 0.00 0.20 unch 0.00 0.37 0.20 0.30 0.25 0.26 - 0.02 0.44 0.14 0.22 0.00 0.20 - 0.02 0.35 0.11 0.10 0.00 0.09 - 0.02 0.35 0.08 0.40 0.34 0.40 + 0.02 0.73 0.11 0.31 0.27 0.30 + 0.02 0.58 0.09 0.08 0.00 0.08 - 0.01 0.11 0.05 0.45 0.37 0.38 - 0.06 0.88 0.29 0.35 0.28 0.29 - 0.06 0.73 0.22 0.17 0.12 0.14 + 0.01 0.37 0.10 0.20 0.15 0.18 + 0.02 0.46 0.15 0.74 0.64 0.64 - 0.11 1.36 0.66 0.94 0.81 0.82 - 0.14 1.64 0.83 0.48 0.42 0.43 - 0.04 0.67 0.31 0.36 0.33 0.33 - 0.03 0.50 0.25 0.14 0.11 0.12 - 0.03 0.37 0.07 0.17 0.00 0.15 - 0.02 0.25 0.14 0.53 0.00 0.53 - 0.07 0.79 0.41 0.75 0.00 0.63 - 0.14 0.97 0.52 0.04 0.00 0.04 - 0.01 0.09 0.04 0.15 0.12 0.12 - 0.04 0.24 0.11

B

(100s) Stock

Exc Volume

Bitterroot Res* Bitterroot Res Black Hills* Black Iron* Black Iron Black Mammoth* Black Mammoth Black Mountain Black Mountain* Black Tusk Res Black Tusk Res* Blackrock Silv Blackrock Silv* Blackwolf Cop Blackwolf Cop* Blind Creek Blue Lagoon* Blue Lagoon Blue Moon Blue Moon* Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold Blue Thunder BlueBird Batt* BlueBird Batt Bluejay Mining* Bluestone Res Bluestone Res* BMEX Gold Bold Ventures* Bold Ventures Bolt Metals* Bolt Metals Bonanza Gold* Bond Resources BonTerra Res Boreal Metals Boreal Metals* Borneo Res Inv* Boundary Gold* Boundary Gold Brascan Gold Bravada Gold Bravada Gold* Braveheart Res Braveheart Res* Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Brixton Metals* Brixton Metals Brookmount Exp* Brunswick Expl Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal * Buffalo Coal Bullet Explor Bullion Gold* Bunker Hill Burrell Res BWR Explor

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

477 1445 2365 327 2400 5 229 23 53 525 167 4969 6494 129 6 476 694 574 648 148 17367 433 393 1019 209 2782 7 50 455 114 49 184 57 1324 65 17 2027 1618 185 89 94 32744 3 10 422 92 236 757 553 40 13027 64 499 558 699 2946 253 2375 286 216 389 7774 1 135 0 35 352 25 155

Week High

Low

12-month

Last Change

High Low

0.08 0.05 0.05 - 0.02 0.16 0.04 0.10 0.06 0.07 - 0.02 0.19 0.06 76.62 71.50 75.61 + 2.37 80.95 61.95 0.08 0.08 0.08 - 0.01 0.62 0.08 0.11 0.10 0.10 - 0.02 0.76 0.10 0.16 0.16 0.16 unch 0.00 0.18 0.06 0.18 0.00 0.18 unch 0.00 0.22 0.08 0.36 0.00 0.33 + 0.01 0.60 0.28 0.28 0.26 0.26 - 0.01 0.51 0.20 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.01 1.03 0.74 0.75 - 0.38 1.30 0.73 0.86 0.58 0.59 - 0.29 1.08 0.57 0.54 0.46 0.50 unch 0.00 1.51 0.46 0.40 0.00 0.38 - 0.04 1.75 0.00 0.06 0.00 0.05 - 0.01 0.13 0.05 0.45 0.38 0.39 - 0.04 0.61 0.26 0.56 0.49 0.54 - 0.03 0.74 0.33 0.03 0.00 0.02 - 0.01 0.09 0.03 0.02 0.02 0.02 - 0.01 0.07 0.02 0.03 0.02 0.02 + 0.01 0.03 0.01 0.02 0.01 0.02 + 0.01 0.02 0.00 0.18 0.15 0.16 - 0.03 0.29 0.12 0.25 0.20 0.20 - 0.05 0.37 0.16 0.70 0.61 0.70 + 0.09 0.90 0.31 0.04 0.03 0.03 - 0.01 0.06 0.03 0.04 0.04 0.04 unch 0.00 0.13 0.03 0.05 0.00 0.05 unch 0.00 0.15 0.05 0.11 0.08 0.10 + 0.00 0.24 0.08 2.09 1.90 1.91 - 0.10 2.30 1.28 1.58 1.48 1.50 - 0.01 1.79 1.01 0.08 0.07 0.07 - 0.02 0.26 0.07 0.10 0.10 0.10 unch 0.00 0.10 0.05 0.15 0.00 0.12 - 0.01 0.17 0.07 0.11 0.08 0.10 + 0.02 0.36 0.08 0.14 0.00 0.11 - 0.01 0.44 0.10 0.00 0.00 0.00 - 0.00 0.04 0.00 0.04 0.00 0.03 unch 0.00 0.13 0.03 1.16 0.00 1.12 - 0.02 1.54 0.94 0.08 0.00 0.08 - 0.01 0.33 0.08 0.07 0.00 0.05 - 0.01 0.23 0.05 0.00 0.00 0.00 - 0.00 0.02 0.00 0.03 0.02 0.03 + 0.01 0.07 0.02 0.03 0.00 0.03 - 0.01 0.08 0.03 0.13 0.10 0.10 - 0.04 0.69 0.10 0.05 0.04 0.05 - 0.01 0.12 0.04 0.04 0.03 0.03 - 0.00 0.10 0.03 0.08 0.07 0.08 - 0.01 0.14 0.07 0.07 0.06 0.06 - 0.01 0.12 0.05 0.05 0.04 0.04 - 0.01 0.19 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.03 0.02 0.02 - 0.00 0.13 0.01 0.03 0.03 0.03 - 0.01 0.14 0.02 0.12 0.10 0.11 - 0.01 0.15 0.02 0.12 0.10 0.12 + 0.01 0.20 0.10 0.15 0.13 0.15 + 0.01 0.24 0.13 0.09 0.07 0.08 - 0.01 0.84 0.06 0.26 0.19 0.25 + 0.07 0.29 0.11 0.02 0.02 0.02 - 0.00 0.06 0.01 0.06 0.04 0.06 - 0.00 0.19 0.04 0.07 0.06 0.07 unch 0.00 0.17 0.06 9.85 8.36 8.47 - 0.97 12.44 6.11 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.00 0.02 - 0.01 0.06 0.01 0.00 0.00 0.06 unch 0.00 0.16 0.06 0.07 0.07 0.07 unch 0.00 0.20 0.00 0.28 0.25 0.26 - 0.02 0.42 0.17 0.21 0.21 0.21 unch 0.00 0.53 0.20 0.05 0.00 0.05 + 0.01 0.08 0.03

C C2C Gold* O 31 C3 Metals V 390 Cabral Gold V 310 Cabral Gold* O 159 O 228 Cadence Min* Caledonia Mng* X 142 T 5707 Calibre Mng Calibre Mng* O 627 Califfi Cap V 26 Callinex Mines* O 45 V 70 Callinex Mines Cameco Corp* N 45354 Cameco Corp T 12033 Camino Min V 1440 Camino Min* O 4 Camrova Res* O 0 Canada Carbon V 173 Canada Carbon* O 145 Canada Nickel V 1134 Canada Nickel* O 397 Canada One V 0 Canada Rare V 1160 Canada Rare* O 1130 Canada Silver V 474 Canada Silver* O 453 3 Canadian Metal* O Canadian Metal C 11 25 Canadian Prem* O Canadian Prem V 85 Canadian Silv V 110 Canagold Res* O 74 Canagold Res T 154 CanAlaska Uran V 1275 CanAlaska Uran* O 381 Canamera Energ C 40 Canasil Res V 124 Candelaria Mg* O 3 Candelaria Mg V 59 Candente Coppr T 529 Candente Gold* O 57 Candente Gold V 160 CANEX Metals * O 273 CANEX Metals V 1577 CaNickel Mng* O 0 CaNickel Mng V 0 Canoe Mng Vent V 14 Canstar Res V 209 Canstar Res* O 168 O 82 Canterra Min* Canterra Min V 31 13 Cantex Mn Dev* O Cantex Mn Dev V 111 Canuc Res* O 6 Canuc Res V 656 Capella Min* O 102 Capella Min V 45 Capitan Mining V 266 Capitan Mining* O 263 Capstone Mng T 5916 Cariboo Rose V 3 Carlin Gold V 0 Carlyle Comm* O 78 Carrara Explor C 906 Cartier Iron C 723 Cartier Res* O 38 Cartier Res V 157 Casa Minerals V 65 Casa Minerals * O 72 Cascada Silver C 422 Cascadero Copp V 243 Cassiar Gold V 602 Cassius Vents V 0 CAT Strategic C 1044 CAT Strategic* O 44 CAVU Mining* O 49 CAVU Mining C 154 Cdn Goldcamps C 1 Cdn Manganese 731 CDN Maverick* O 56 Cdn Palladium C 591 Cdn Palladium* O 869 Centamin T 161 Centerra Gold T 3335 Central Afric V 127 Central Asia* O 20 Central Iron V 124 Centurion Mnls V 0 Century Cobalt* O 695 Century Global* O 5 Century Global T 3 Cerrado Gold V 94 Cerro de Pasc * O 52

0.16 0.11 0.43 0.36 0.21 14.05 1.47 1.16 0.13 2.07 2.60 27.61 35.20 0.07 0.05 0.01 0.07 0.06 2.24 1.72 0.00 0.05 0.05 0.21 0.17 0.08 0.11 0.45 0.39 0.04 0.30 0.38 0.56 0.42 0.45 0.09 0.12 0.14 0.18 0.09 0.09 0.15 0.20 0.12 0.00 0.11 0.23 0.17 0.16 0.21 0.23 0.31 0.07 0.11 0.06 0.08 0.65 0.51 6.02 0.05 0.00 0.03 0.03 0.10 0.12 0.14 0.14 0.16 0.05 0.02 1.09 0.00 0.03 0.02 0.49 0.58 0.00 0.32 0.19 0.10 0.08 1.50 11.72 0.08 3.65 0.06 0.00 0.05 0.22 0.23 1.77 0.18

0.14 0.00 0.39 0.30 0.00 13.01 1.29 1.00 0.00 1.75 2.31 22.96 29.58 0.00 0.05 0.00 0.06 0.02 1.95 1.52 0.00 0.04 0.03 0.19 0.14 0.08 0.11 0.45 0.34 0.00 0.28 0.36 0.42 0.32 0.00 0.09 0.12 0.00 0.16 0.05 0.00 0.13 0.17 0.12 0.00 0.00 0.20 0.15 0.15 0.00 0.00 0.27 0.07 0.00 0.06 0.00 0.49 0.38 5.10 0.00 0.00 0.02 0.03 0.08 0.09 0.13 0.00 0.11 0.04 0.00 0.98 0.00 0.03 0.02 0.34 0.41 0.00 0.25 0.15 0.08 0.06 1.42 10.89 0.00 3.65 0.00 0.00 0.04 0.22 0.00 1.64 0.17

0.15 0.10 0.39 0.31 0.21 unch 13.28 1.31 1.03 0.12 1.80 2.31 23.84 30.71 0.06 0.05 0.01 + 0.06 unch 0.04 2.00 1.55 0.12 unch 0.05 unch 0.04 0.19 0.15 0.08 0.11 0.45 unch 0.36 + 0.04 0.28 0.37 0.47 + 0.35 + 0.45 + 0.09 0.12 unch 0.14 0.16 0.05 0.08 0.13 + 0.18 + 0.12 unch 0.12 unch 0.10 0.21 0.16 0.15 0.19 0.23 0.27 0.07 0.10 0.06 unch 0.08 unch 0.49 0.38 5.24 0.05 + 0.03 unch 0.02 + 0.03 0.09 0.11 unch 0.13 unch 0.13 0.11 0.05 unch 0.02 0.99 0.08 unch 0.03 0.02 0.34 0.41 0.37 unch 0.28 unch 0.15 0.08 0.07 1.45 11.00 0.08 3.65 unch 0.06 + 0.07 unch 0.05 unch 0.22 unch 0.23 1.73 + 0.17 -

0.01 0.01 0.01 0.00 0.00 0.73 0.11 0.06 0.06 0.23 0.33 1.97 2.46 0.01 0.01 0.00 0.00 0.02 0.20 0.17 0.00 0.00 0.00 0.02 0.01 0.04 0.01 0.00 0.01 0.01 0.02 0.02 0.04 0.01 0.05 0.01 0.00 0.01 0.02 0.04 0.02 0.01 0.03 0.00 0.00 0.01 0.02 0.01 0.02 0.03 0.00 0.04 0.00 0.01 0.00 0.00 0.09 0.07 0.61 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.02 0.02 0.00 0.01 0.13 0.00 0.01 0.00 0.15 0.17 0.00 0.00 0.04 0.02 0.01 0.02 0.89 0.01 0.00 0.01 0.00 0.00 0.00 0.05 0.03 0.00

0.48 0.25 0.66 0.63 0.47 18.23 2.36 1.95 0.18 3.90 4.80 32.49 41.05 0.23 0.21 0.12 0.18 0.18 4.20 3.50 0.12 0.10 0.08 0.47 0.39 0.30 0.39 0.53 0.63 0.11 0.55 0.70 0.84 0.67 0.50 0.18 0.50 0.64 0.26 0.12 0.20 0.20 0.20 0.19 0.23 0.20 0.61 0.51 0.37 0.44 0.70 0.88 0.22 0.27 0.10 0.12 0.74 0.65 7.79 0.08 0.06 0.15 0.03 0.15 0.27 0.32 0.35 0.27 0.13 0.04 1.48 0.17 0.06 0.06 1.18 0.70 1.80 0.50 0.25 0.19 0.15 2.10 13.52 0.28 3.65 0.08 0.07 0.07 0.34 0.42 1.96 0.33

0.13 0.08 0.34 0.26 0.11 10.51 1.11 0.79 0.11 1.75 2.19 15.34 19.68 0.06 0.05 0.00 0.06 0.00 2.03 1.60 0.05 0.04 0.03 0.16 0.11 0.00 0.10 0.24 0.24 0.04 0.28 0.34 0.39 0.30 0.32 0.09 0.12 0.14 0.11 0.04 0.05 0.07 0.09 0.09 0.11 0.08 0.20 0.16 0.15 0.19 0.20 0.24 0.07 0.09 0.01 0.07 0.18 0.13 4.33 0.04 0.03 0.02 0.02 0.07 0.01 0.13 0.11 0.10 0.03 0.02 0.35 0.08 0.03 0.00 0.17 0.38 0.37 0.10 0.15 0.05 0.04 1.38 8.21 0.07 3.05 0.04 0.07 0.01 0.18 0.14 1.23 0.16

(100s) Stock

Exc Volume

Week High

Low

12-month

Last Change

High Low

Cerro de Pasc Cerro Grande* Cerro Grande Cerro Mng* Ceylon Graph* Ceylon Graph Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld* Chesapeake Gld Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Churchill Res Cipher Mining* Clarity Gold* Clarity Gold Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Min Cleveland-Clif* Cliffmont Res Clifton Mng* Clydesdale Res CMC Metals* CMC Metals CMX Gold & Sil CNRP Mng Coast Copper Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Collective Mg* Colombia Crest* Colombia Crest Colonial Coal Comet Inds Commander Res* Commander Res Commerce Res Commerce Res* Compass Gold* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res Condor Res* Conquest Res Conquest Res * Cons Uranium* Cons Uranium Cons Woodjam CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold CopAur Min CopAur Min* Copper Fox Mtl* Copper Fox Mtl Copper Lake Rs Copper Mtn Mng Copper Mtn Mng* Copper One * Copperbank Res Cordoba Mnls* Cordoba Mnls Core Assets Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Cortus Metals CoTec Holdings Crest Resource Crest Resource* Crestview Expl Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Battery* Cruz Battery Currie Rose Rs CWN M’g Acq Cyntar Venture Cypress Dev* Cypress Dev

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

179 0.25 0.22 0.23 - 0.01 0.42 0.21 1 0.00 0.00 0.00 unch 0.00 0.03 0.00 9 0.01 0.00 0.01 unch 0.00 0.03 0.01 10 0.21 0.00 0.21 - 0.01 0.29 0.21 350 0.14 0.11 0.12 - 0.02 0.22 0.09 883 0.18 0.15 0.16 - 0.02 0.27 0.12 290 0.15 0.13 0.14 - 0.01 0.47 0.13 226 0.11 0.10 0.10 - 0.01 0.38 0.10 13 5.19 4.85 4.91 + 0.31 7.69 4.16 15 0.17 0.16 0.16 - 0.01 0.18 0.05 165 0.25 0.17 0.24 + 0.02 0.25 0.08 66 5.23 4.98 5.15 - 0.05 6.02 2.94 2327 6.86 6.40 6.65 + 0.21 7.59 3.71 317 0.30 0.19 0.20 - 0.08 0.46 0.09 8 0.26 0.16 0.16 - 0.10 0.26 0.08 21 2.36 2.14 2.24 + 0.09 4.00 1.98 41 3.07 2.80 3.02 + 0.17 4.79 2.54 49343 170.97 155.15170.69 + 14.02 174.76 92.86 24 0.17 0.00 0.16 - 0.04 0.46 0.15 7 0.13 0.13 0.13 unch 0.00 0.36 0.12 717 0.19 0.16 0.16 - 0.02 0.30 0.12 114 0.15 0.12 0.13 - 0.00 0.23 0.09 67 4.84 4.22 4.29 - 0.51 5.45 3.02 152 0.30 0.00 0.30 + 0.01 0.45 0.16 1594 3.32 2.75 2.93 - 0.10 15.39 2.33 23 0.14 0.10 0.11 - 0.02 1.02 0.11 255 0.17 0.13 0.14 - 0.03 1.21 0.13 23 0.21 0.18 0.18 - 0.02 0.65 0.10 807 0.26 0.22 0.22 - 0.04 0.38 0.17 13 0.13 0.10 0.10 - 0.02 0.39 0.00 0 0.00 0.00 0.09 unch 0.00 0.17 0.08 78387 27.12 23.79 24.12 - 1.37 34.04 15.81 0 0.00 0.00 0.10 unch 0.00 0.23 0.09 85 0.17 0.16 0.17 + 0.01 0.28 0.13 0 0.00 0.00 0.10 unch 0.00 0.10 0.05 405 0.19 0.15 0.15 - 0.02 0.21 0.03 656 0.24 0.20 0.20 - 0.03 0.25 0.08 76 0.09 0.00 0.09 + 0.01 0.12 0.05 203 0.15 0.12 0.13 - 0.03 0.42 0.13 229 0.11 0.00 0.10 - 0.02 0.17 0.09 72 0.02 0.01 0.02 + 0.00 0.07 0.01 45 0.03 0.02 0.02 unch 0.00 0.08 0.02 37109 4.06 3.47 3.86 + 0.23 11.14 3.47 50 0.07 0.07 0.07 unch 0.00 0.16 0.01 118 0.08 0.00 0.08 - 0.01 0.17 0.07 15 2.87 0.00 2.87 unch 0.00 3.50 1.89 7 0.60 0.00 0.60 - 0.01 0.75 0.08 490 0.77 0.57 0.60 - 0.15 0.97 0.10 625 1.81 1.43 1.81 + 0.17 3.73 0.50 0 0.00 0.00 2.98 unch 0.00 4.00 2.85 50 0.11 0.11 0.11 unch 0.00 0.21 0.08 17 0.15 0.00 0.15 + 0.01 0.25 0.11 99 0.25 0.24 0.24 - 0.01 0.32 0.19 58 0.20 0.18 0.20 - 0.00 0.25 0.15 6 0.12 0.12 0.12 unch 0.00 0.19 0.11 60 0.14 0.00 0.13 unch 0.00 0.25 0.11 3073 1.18 0.90 0.90 - 0.29 4.77 1.00 11 0.09 0.00 0.09 + 0.01 0.11 0.08 27 0.07 0.06 0.07 + 0.01 0.09 0.03 11 0.40 0.39 0.40 + 0.01 0.79 0.35 109 0.60 0.50 0.56 unch 0.00 1.00 0.48 168 0.17 0.15 0.17 unch 0.00 0.25 0.11 191 0.14 0.12 0.14 + 0.02 0.20 0.01 416 0.05 0.04 0.04 - 0.01 0.20 0.04 266 0.04 0.03 0.03 - 0.01 0.16 0.03 233 1.81 1.52 1.52 - 0.25 2.67 1.26 575 2.31 1.95 1.96 - 0.30 3.29 1.55 186 0.13 0.00 0.13 - 0.02 0.24 0.08 5021 55.26 43.35 53.96 + 6.41 52.67 11.35 14804 21.70 19.34 20.29 - 0.26 23.33 10.41 644 0.30 0.24 0.24 - 0.04 0.60 0.17 366 0.38 0.32 0.32 - 0.06 0.77 0.22 92 0.04 0.00 0.04 + 0.00 0.10 0.03 665 0.05 0.00 0.04 - 0.01 0.11 0.04 216 1.13 0.95 0.97 - 0.16 1.70 0.73 111 0.90 0.71 0.73 - 0.15 1.34 0.60 74 0.20 0.17 0.18 - 0.01 0.53 0.15 571 0.25 0.21 0.23 - 0.02 0.65 0.20 1341 0.10 0.07 0.08 - 0.02 0.21 0.04 6985 2.96 2.53 2.58 - 0.29 5.07 2.64 685 2.30 1.97 2.01 - 0.24 4.20 2.06 1667 0.05 0.03 0.04 + 0.00 0.20 0.03 143 0.89 0.81 0.82 - 0.08 1.00 0.35 19 0.35 0.31 0.31 - 0.03 0.96 0.01 29 0.43 0.41 0.41 - 0.03 1.18 0.42 339 0.78 0.69 0.75 + 0.02 0.88 0.07 12 4.40 0.00 4.21 - 0.19 5.28 3.46 17 3.44 3.20 3.27 - 0.18 4.10 0.65 1187 0.62 0.53 0.54 - 0.04 0.87 0.27 998 0.79 0.70 0.70 - 0.05 1.10 0.33 153 0.07 0.00 0.07 - 0.01 0.18 0.07 21 0.68 0.00 0.64 - 0.06 0.80 0.15 2068 0.07 0.05 0.05 - 0.03 0.29 0.05 41 0.04 0.04 0.04 - 0.01 0.25 0.04 25 0.18 0.16 0.16 - 0.02 0.62 0.15 176 1.17 1.02 1.04 - 0.12 1.65 0.87 904 1.51 1.33 1.35 - 0.14 1.98 1.13 68 0.08 0.07 0.08 unch 0.00 0.31 0.06 773 0.08 0.06 0.08 - 0.01 0.21 0.06 287 0.06 0.05 0.05 - 0.01 0.33 0.05 135 0.05 0.04 0.04 - 0.00 0.29 0.04 885 0.19 0.17 0.18 - 0.02 0.27 0.06 601 0.25 0.22 0.23 - 0.02 0.34 0.08 3 0.05 0.00 0.05 - 0.01 0.15 0.03 0 0.00 0.00 0.08 unch 0.00 0.10 0.07 39 0.40 0.37 0.39 - 0.01 0.99 0.32 865 1.37 1.14 1.18 - 0.06 2.13 0.68 976 1.67 1.47 1.50 - 0.10 2.61 0.83

Dajin Lithium* Dajin Res Damara Gold* Damara Gold Danakali* Decade Res Decade Res* Deep-South Res* Deep-South Res DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denarius Metal Denison Mines Denison Mines* Desert Gold* Desert Gold Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Fields Dios Expl Discovery Harb* Discovery Harb Discovery Silv Discovery Silv* Discovery-Corp District Cop* District Cop District Metal* District Metal District Mines Dixie Gold DLP Resouces Dolly Vard Sil Dolly Vard Sil* Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold*

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

14 37 352 773 188 629 151 78 378 652 330 542 1803 1726 22 133 20873 43795 1 790 371 5 170 505 0 57 87 293 2496 919 0 1 120 185 447 0 365 81 371 448 149 140 111 949 3024 414 275 58 89 22 32 8 74

D-F 0.56 0.89 0.05 0.06 0.22 0.04 0.03 0.05 0.06 0.05 0.22 0.28 0.52 0.39 0.03 0.43 1.76 1.39 0.07 0.11 3.33 0.03 0.27 0.21 0.00 0.06 0.04 0.03 1.64 1.29 0.00 0.17 0.26 0.16 0.20 0.00 0.16 0.25 0.69 0.55 0.74 0.31 0.24 8.20 8.02 0.06 0.07 0.08 3.21 2.51 2.00 0.16 0.14

0.56 0.00 0.04 0.05 0.18 0.04 0.03 0.04 0.00 0.05 0.18 0.24 0.38 0.29 0.00 0.38 1.48 1.14 0.07 0.09 2.85 0.00 0.00 0.18 0.00 0.00 0.02 0.00 1.38 1.07 0.00 0.17 0.19 0.13 0.17 0.00 0.00 0.00 0.63 0.48 0.63 0.28 0.21 7.30 7.10 0.05 0.00 0.00 2.98 2.01 0.00 0.00 0.12

0.56 0.72 0.04 0.06 unch 0.20 + 0.04 0.03 0.04 0.06 0.05 unch 0.19 0.25 0.40 0.31 0.02 0.39 1.54 1.20 0.07 unch 0.09 3.20 0.03 0.25 + 0.19 + 0.19 unch 0.06 unch 0.02 unch 0.03 1.40 1.08 0.08 unch 0.17 0.19 0.13 0.17 0.11 unch 0.13 0.25 + 0.63 0.49 0.69 0.28 0.22 7.41 7.81 + 0.05 0.07 0.08 unch 3.08 2.02 1.53 0.16 0.12 -

0.05 2.45 0.00 0.11 1.31 0.50 0.00 0.10 0.00 0.00 0.13 0.05 0.01 0.42 0.18 0.01 0.06 0.04 0.00 0.05 0.01 0.01 0.23 0.03 0.01 0.28 0.04 0.00 0.11 0.03 0.03 0.37 0.16 0.03 0.45 0.21 0.11 1.07 0.37 0.09 0.91 0.28 0.01 0.09 0.02 0.01 0.73 0.38 0.12 2.64 1.17 0.11 2.14 0.92 0.00 0.17 0.07 0.01 0.20 0.09 0.10 4.95 1.65 0.00 0.06 0.03 0.02 0.52 0.10 0.02 0.43 0.08 0.00 0.36 0.16 0.00 0.13 0.05 0.00 0.10 0.02 0.01 0.11 0.03 0.12 2.70 1.19 0.09 2.23 0.90 0.00 0.12 0.07 0.00 0.34 0.09 0.08 0.45 0.11 0.02 0.55 0.14 0.03 0.59 0.17 0.00 0.40 0.11 0.02 0.35 0.13 0.05 0.34 0.17 0.07 0.88 0.42 0.05 0.70 0.33 0.01 1.23 0.61 0.02 1.18 0.20 0.02 1.22 0.16 0.59 13.18 7.51 0.37 9.65 6.99 0.01 0.08 0.03 0.01 0.09 0.04 0.00 0.16 0.07 0.04 3.50 2.35 0.51 2.80 1.90 0.46 2.45 0.60 0.02 0.27 0.14 0.02 0.20 0.11

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

E2Gold Inc E2Gold Inc* E3 Metals* E3 Metals E79 Resources E79 Resources* Eagle Graphite Eagle Graphite* Eagle Plains Earl Res East Africa Eastern Platin Eastern Platin* Eastfield Res Eastfield Res* Eco Oro Min Eco Oro Min* Edgemont Gold Edgewater Expl Edison Battery* Edison Battery EEE Explor El Nino Vent El Nino Vent* Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Element 29* Element79 Elevation Gold* Elevation Gold Eloro Res Eloro Res* Elysee Dev Elysee Dev * Emerita Res Emerita Res* Emgold Mining* Emgold Mining Eminent Gold Eminent Gold* EMP Metals* EMP Metals Emperor Metals EMX Royalty EMX Royalty* Encanto Potash EnCore Energy Endeavour Mng Endeavr Silver* Endeavr Silver Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engineer Gold* Engold Mines Engold Mines* Entree Res* Entree Res Equinox Gold* Equinox Gold Equity Metals* Equity Metals Erdene Res Dev* Erdene Res Dev Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng Eskay Mng* Essex Minerals Essex Minerals* Ethos Gold Etruscus Res Euro Manganese Euro Manganese* Euro Sun Mg Euro Sun Mg* EurOmax Res EurOmax Res* European Elect European Elect* European Metal* Evergold Evergold* EVI Global Grp Evrim Res Excellon Res Excellon Res* Excelsior Mng* Excelsior Mng ExGen Res Inc ExGen Res Inc* Exploits Disc* Fabled Silver Fabled Silver* Fairchild Gold Fairmont Res* Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Fathom Nickel Fathom Nickel* FenixOro Gold* FenixOro Gold Fidelity Min Filo Mg Corp Filo Mg Corp * Finlay Minrls FireFox Gold* FireFox Gold Firestone Vent Fireweed Zinc* Fireweed Zinc First Cobalt First Energy First Energy* First Idaho First Majestic* First Majestic First Mg Fin * First Mg Fin First Point* First Quantum First Tellur First Tellur* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Five Star Diam* Fjordland Exp Fjordland Exp* Flow Metals Focus Graphite* Focus Graphite Fokus Mining Foran Mining* Foran Mining Foremost Lith* Foremost Lith Forsys Metals Fort St James Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay* Fortune Bay Fortune Min* Fortune Min Forty Pillars Forum Energy* Forum Energy Fosterville Founders Metal Four Nines Fox River Res FPX Nickel Franco-Nevada* Franco-Nevada

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

THE NORTHERN MINER / MAY 16 — 29, 2022

Week High

Low

12-month

Last Change

577 0.08 0.06 0.07 100 0.06 0.05 0.05 96 2.05 1.84 1.89 579 2.62 2.35 2.44 + 202 0.49 0.43 0.45 10 0.38 0.00 0.35 11 0.17 0.00 0.17 + 15 0.12 0.12 0.12 682 0.19 0.00 0.17 0 0.00 0.00 0.45 unch 226 0.25 0.00 0.25 + 195 0.28 0.00 0.27 119 0.22 0.19 0.21 21 0.07 0.00 0.07 unch 7 0.07 0.05 0.06 + 128 0.12 0.10 0.10 1 0.09 0.09 0.09 unch 416 0.08 0.00 0.07 0 0.00 0.00 0.20 unch 148 0.11 0.08 0.10 158 0.13 0.00 0.12 27 0.12 0.12 0.12 unch 218 0.03 0.00 0.03 unch 5 0.02 0.02 0.02 + 534 0.05 0.05 0.05 + 156 0.04 0.03 0.03 + 9549 9.74 8.98 9.02 2051 12.49 11.60 11.62 74 0.37 0.34 0.34 323 0.95 0.85 0.85 303 0.26 0.24 0.25 856 0.34 0.30 0.32 496 4.57 3.98 4.15 284 3.56 3.08 3.15 19 0.75 0.00 0.74 + 10 0.64 0.56 0.56 4431 1.98 1.57 1.85 958 1.52 1.22 1.45 25 0.15 0.12 0.13 201 0.18 0.00 0.15 73 0.57 0.50 0.50 12 0.42 0.39 0.39 119 0.65 0.27 0.27 260 0.59 0.35 0.36 79 0.10 0.09 0.10 + 48 2.65 2.49 2.50 551 2.07 1.92 1.94 929 0.07 0.05 0.06 unch 3577 1.58 1.25 1.41 unch 2731 33.67 30.62 32.68 + 16058 4.03 3.56 3.58 2165 5.14 4.60 4.61 26 0.29 0.28 0.29 + 170 0.37 0.34 0.34 663 0.26 0.24 0.26 unch 91 0.20 0.18 0.20 4122 10.12 8.50 8.88 17447 7.95 6.59 6.91 247 0.04 0.00 0.03 unch 3 0.02 0.02 0.02 unch 8 0.24 0.00 0.24 + 1 0.19 0.00 0.19 199 0.78 0.70 0.72 321 1.01 0.90 0.94 16556 7.25 5.79 5.80 6009 9.29 7.47 7.50 488 0.10 0.08 0.08 693 0.13 0.10 0.10 52 0.35 0.32 0.33 + 413 0.47 0.41 0.43 + 242 0.04 0.03 0.03 + 163 0.06 0.00 0.06 unch 1888 18.25 15.74 16.37 493 14.29 12.24 12.72 5 0.06 0.06 0.06 unch 105 0.10 0.00 0.10 unch 105 0.10 0.00 0.10 unch 727 2.07 1.89 1.98 232 1.61 1.46 1.53 230 0.04 0.00 0.04 20 0.03 0.03 0.03 unch 417 0.60 0.49 0.60 unch 59 0.16 0.13 0.14 173 0.38 0.00 0.31 20 0.29 0.00 0.28 389 0.20 0.17 0.18 577 0.16 0.14 0.14 49 0.08 0.00 0.06 56 0.06 0.06 0.06 0 0.00 0.00 0.07 unch 0 0.05 0.00 0.05 unch 11 0.04 0.03 0.03 529 0.11 0.09 0.09 89 0.10 0.08 0.09 213 0.05 0.00 0.05 + 596 0.47 0.00 0.44 249 0.91 0.76 0.79 310 0.72 0.59 0.59 337 0.23 0.19 0.20 536 0.29 0.25 0.26 69 0.10 0.09 0.10 unch 10 0.08 0.08 0.08 unch 389 0.30 0.22 0.23 379 0.09 0.08 0.08 313 0.07 0.06 0.06 + 75 0.11 0.00 0.10 18 0.10 0.02 0.03 302 0.30 0.29 0.30 unch 3 0.23 0.00 0.23 934 0.11 0.10 0.10 1513 0.09 0.07 0.08 381 0.14 0.00 0.13 + 410 0.27 0.22 0.23 8 0.20 0.18 0.18 1317 0.19 0.15 0.18 + 916 0.24 0.18 0.24 + 255 0.11 0.00 0.10 unch 1628 20.69 17.79 18.68 108 16.00 13.83 14.55 315 0.16 0.10 0.14 + 166 0.14 0.12 0.13 131 0.17 0.16 0.16 3 0.11 0.00 0.11 unch 21 0.51 0.00 0.45 166 0.67 0.59 0.59 356 5.72 5.03 5.07 313 0.21 0.19 0.20 196 0.17 0.14 0.16 0 0.00 0.00 0.09 unch 30040 10.77 9.42 9.48 3505 13.73 12.17 12.20 2279 0.20 0.18 0.18 2301 0.26 0.24 0.24 492 0.49 0.42 0.45 9047 37.14 31.87 33.02 1599 0.26 0.19 0.20 1625 0.20 0.14 0.16 2143 0.14 0.12 0.12 937 0.12 0.09 0.09 1824 0.71 0.59 0.62 9525 0.92 0.76 0.80 763 0.06 0.00 0.05 25 0.04 0.04 0.04 unch 108 0.10 0.00 0.09 44 0.09 0.09 0.09 unch 6 0.04 0.00 0.04 unch 553 0.06 0.05 0.05 1694 0.07 0.06 0.06 75 0.08 0.08 0.08 unch 54 1.79 1.62 1.63 4277 2.35 2.07 2.20 185 0.21 0.16 0.18 2458 0.26 0.23 0.24 998 0.70 0.56 0.56 2 0.14 0.00 0.14 117 15.13 0.00 14.80 3422 4.72 4.21 4.22 27590 3.71 3.26 3.27 58 0.46 0.42 0.42 227 0.61 0.53 0.56 505 0.10 0.08 0.09 1011 0.13 0.11 0.11 170 0.13 0.00 0.12 1251 0.15 0.12 0.13 1149 0.19 0.16 0.17 580 0.57 0.49 0.50 0 0.00 0.00 0.45 unch 23 0.69 0.64 0.69 unch 306 0.60 0.52 0.56 667 0.60 0.53 0.58 3364 159.28 146.94150.54 1796 203.40 189.56193.98 -

0.01 0.01 0.01 0.03 0.05 0.06 0.01 0.03 0.01 0.00 0.04 0.01 0.01 0.00 0.01 0.01 0.00 0.02 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.70 0.86 0.04 0.08 0.02 0.02 0.37 0.38 0.01 0.07 0.17 0.15 0.02 0.03 0.06 0.04 0.18 0.24 0.03 0.10 0.09 0.00 0.00 1.24 0.21 0.29 0.03 0.02 0.00 0.00 0.80 0.60 0.00 0.00 0.02 0.00 0.06 0.06 1.33 1.66 0.02 0.03 0.00 0.01 0.00 0.00 2.10 1.69 0.00 0.00 0.00 0.07 0.05 0.01 0.00 0.00 0.02 0.10 0.01 0.02 0.02 0.01 0.01 0.00 0.00 0.01 0.02 0.00 0.01 0.01 0.12 0.08 0.00 0.01 0.00 0.00 0.05 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.02 0.01 0.06 0.01 0.00 0.02 0.00 1.40 1.13 0.01 0.01 0.01 0.00 0.06 0.06 0.49 0.01 0.01 0.00 0.82 1.07 0.01 0.02 0.00 3.81 0.01 0.01 0.02 0.02 0.05 0.07 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.20 0.07 0.02 0.03 0.10 0.02 0.33 0.27 0.21 0.05 0.04 0.01 0.02 0.01 0.01 0.01 0.05 0.00 0.00 0.04 0.01 0.62 0.30

High Low

0.30 0.06 0.24 0.05 2.82 1.24 3.49 1.53 1.65 0.26 1.34 0.21 0.22 0.10 0.16 0.00 0.19 0.14 0.45 0.45 0.45 0.14 0.41 0.25 0.34 0.19 0.10 0.06 0.09 0.04 0.20 0.05 0.16 0.04 0.30 0.06 0.23 0.15 1.00 0.01 0.23 0.05 0.25 0.12 0.05 0.03 0.05 0.02 0.15 0.04 0.12 0.03 12.49 7.46 15.73 9.52 0.59 0.28 1.65 0.67 2.11 0.24 2.46 0.30 5.44 3.06 4.63 2.40 0.88 0.58 0.74 0.49 4.14 0.46 3.35 0.38 0.16 0.12 0.75 0.15 1.05 0.42 1.00 0.39 1.00 0.09 0.71 0.22 0.29 0.08 4.45 2.35 3.67 1.85 0.21 0.04 2.27 0.95 35.94 25.50 7.76 3.35 9.32 4.28 0.37 0.15 0.45 0.19 0.32 0.17 0.25 0.14 14.33 5.55 11.39 4.32 0.07 0.03 0.51 0.02 0.55 0.20 0.52 0.15 0.95 0.57 1.19 0.71 9.55 5.47 11.49 6.99 0.24 0.07 0.30 0.09 0.41 0.26 0.50 0.33 0.14 0.03 0.18 0.05 29.76 15.01 22.30 11.76 0.10 0.06 0.14 0.08 0.14 0.08 3.55 1.89 2.93 1.46 0.22 0.04 0.14 0.03 1.80 0.48 0.38 0.10 0.72 0.34 0.68 0.28 0.44 0.17 0.39 0.14 0.12 0.06 0.08 0.04 0.23 0.06 0.19 0.04 0.13 0.03 0.43 0.10 0.44 0.02 0.12 0.04 0.58 0.33 3.85 0.76 3.20 0.61 0.77 0.19 0.88 0.25 0.14 0.08 0.11 0.07 1.35 0.16 0.20 0.07 0.17 0.05 0.20 0.10 0.20 0.00 0.47 0.22 0.39 0.11 0.13 0.06 0.15 0.04 0.16 0.09 0.88 0.15 0.44 0.13 0.32 0.14 0.40 0.15 0.13 0.05 24.81 3.49 19.61 2.88 0.20 0.06 0.35 0.12 0.40 0.16 0.30 0.11 0.75 0.39 0.91 0.50 7.65 4.59 0.39 0.14 0.32 0.12 0.10 0.09 18.93 9.29 22.73 11.87 0.42 0.19 0.50 0.24 0.75 0.05 45.38 20.67 0.71 0.05 1.00 0.02 0.30 0.08 0.24 0.06 1.00 0.35 1.25 0.45 0.07 0.03 0.05 0.03 0.14 0.07 0.11 0.05 0.07 0.03 0.12 0.04 0.15 0.06 0.22 0.07 2.42 1.14 3.09 1.37 0.42 0.07 0.44 0.10 1.30 0.58 0.50 0.12 19.55 10.25 8.67 3.77 7.22 2.91 0.86 0.00 1.05 0.52 0.14 0.07 0.17 0.10 0.76 0.12 0.47 0.11 0.56 0.15 1.67 0.49 0.55 0.26 0.79 0.44 0.82 0.25 0.96 0.42 169.32 124.95 216.32 158.27

(100s) Stock

Exc Volume

Week High

Low

Last Change

12-month High Low

Franklin Mng* Fredonia Mg Freegold Vent Freeman Gold* Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl Full Metal Mnl* Fury Gold Fury Gold* Fuse Cobalt* Fuse Cobalt

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

2213 43 868 714 99207 277 1078 32 2432 81 192 5 312 628 92 281

0.03 0.02 0.02 unch 0.00 0.04 0.01 0.21 0.00 0.18 - 0.03 0.37 0.13 0.44 0.40 0.42 - 0.01 0.79 0.32 0.42 0.38 0.40 + 0.02 0.47 0.23 41.41 37.60 37.88 - 2.67 51.99 30.02 0.08 0.00 0.08 unch 0.00 0.25 0.07 0.03 0.00 0.03 + 0.01 0.06 0.02 10.02 9.30 9.54 - 0.16 13.38 8.35 3.89 3.39 3.44 - 0.10 3.89 0.69 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.10 0.00 0.09 - 0.03 0.65 0.09 0.08 0.08 0.08 unch 0.00 0.57 0.08 0.85 0.80 0.84 - 0.01 1.78 0.74 0.66 0.62 0.65 - 0.01 1.47 0.57 0.06 0.05 0.05 - 0.00 0.10 0.04 0.07 0.06 0.06 - 0.01 0.13 0.06

G2 Goldfields* G2 Goldfields Gabriel Res* Gabriel Res Galane Gold Galane Gold * Galantas Gold* Galantas Gold Galiano Gold Galiano Gold* Galleon Gold Galore Res Galway Gold Galway Mtls* Galway Mtls Gambier Gold Gambier Gold* Garibaldi Res * Garibaldi Res Gatling Explor Gatling Explor* Gatos Silver Gatos Silver* GCM Mining GCM Mining* General Gold Generation Min Generation Min* Generic Gold Genesis Mtls* Genesis Mtls Gensource Pot Gentor Res Geomega Res Geomega Res* Getchell Gold Getchell Gold * Getty Copper GFG Resources* GFG Resources GFM Res GGL Res GGL Res* GGX Gold Giga Metals* Giga Metals Gitennes Expl Giyani Gold* Giyani Gold GK Resources Glacier Lake Gladiator Met Glen Eagle Res Glen Eagle Res* Glencore Plc * Glencore Plc* Global Atomic Global Atomic* Global Battery* Global Battery Global Energy* Global Energy Global Li-Ion Global Li-Ion* GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals* GMV Minerals GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Golcap Res Gold Basin Res* Gold Bull Res* Gold Bull Res Gold Fields* Gold Fields* Gold Finder Ex Gold Finder Ex* Gold Hunter Rs Gold Line Res Gold Lion Res* Gold Lion Res Gold Mountain* Gold Mountain Gold Port Gold Reserve Gold Reserve* Gold Resource* Gold Royalty* Gold State Res* Gold State Res Gold Std Vents Gold Std Vents* Gold’n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldcliff Res* Goldcliff Res Golden Arrow* Golden Arrow Golden Dawn Ml Golden Goliath* Golden Goliath Golden Harp Golden Hope Golden Hope* Golden Indepen Golden Indepe* Golden Lake Golden Mnls Golden Mnls* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Spike Golden Star* Golden Tag Golden Tag* Goldex Res* Goldex Res Goldflare Expl Goldgroup Mng Goldgroup Mng* GoldHaven Res* Goldhills Hldg GoldMining GoldON Res GoldON Res* Goldplay Min GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldshore Res* Goldshore Res Goldsource Min* Goldsource Min Goldstar Mnls* Goldstar Mnls Goliath Res Goliath Res* Gossan Res GoviEx Uranium* GoviEx Uranium Gowest Gold* Gowest Gold

O 43 V 280 O 40 V 324 V 406 O 642 O 128 V 79 T 274 X 1673 V 84 V 100 V 26 O 62 V 413 V 74 O 54 O 25 V 410 V 67 O 52 T 418 N 4346 T 1007 O 422 C 65 T 684 O 275 C 305 O 597 V 1089 V 937 V 0 V 3933 O 142 C 297 O 199 V 398 O 313 V 270 V 0 V 129 O 2 V 0 O 311 V 177 V 1393 O 157 V 486 V 0 V 90 V 120 V 415 O 89 O 237 O 2092 T 2848 O 685 O 1516 V 1290 O 22 V 34 C 272 O 110 O 4 O 87 T 190 O 82 V 86 O 398227 O 25 C 468 V 0 T 2409 C 100 O 0 O 210 V 624 O 1 N 20765 V 3667 O 553 C 139 V 1284 O 82 C 289 O 250 T 821 C 308 V 1007 O 1946 X 4614 X 2067 O 0 V 149 T 613 X 4014 C 402 V 2357 O 43 V 0 O 14 V 105 O 154 V 273 V 58 O 34 V 200 V 2 V 204 O 52 C 59 O 23 C 224 T 46 X 2245 V 97 V 167 V 948 V 14 C 13 O 1 V 598 O 146 O 0 V 107 V 51 T 1682 O 174 O 304 V 3 T 1317 V 48 O 10 V 119 V 645 C 343 O 38 O 381 C 91 O 443 V 390 O 25 V 91 O 3 V 580 V 394 O 164 V 118 O 1288 V 4830 O 589 V 406

0.56 0.53 0.56 - 0.02 0.65 0.28 0.75 0.68 0.73 - 0.03 0.83 0.36 0.16 0.15 0.15 - 0.00 0.29 0.12 0.23 0.19 0.19 unch 0.00 0.34 0.17 0.16 0.13 0.15 + 0.02 0.27 0.10 0.12 0.11 0.11 + 0.01 0.25 0.08 0.56 0.41 0.44 - 0.08 0.78 0.26 0.68 0.54 0.55 - 0.12 0.94 0.34 0.66 0.55 0.59 + 0.01 1.66 0.55 0.50 0.43 0.45 + 0.00 1.39 0.43 0.49 0.45 0.46 - 0.01 1.35 0.45 0.03 0.00 0.03 - 0.01 0.03 0.02 0.13 0.00 0.13 - 0.01 0.23 0.10 0.39 0.36 0.36 - 0.03 0.89 0.35 0.50 0.46 0.46 - 0.04 1.10 0.45 0.05 0.00 0.04 - 0.01 0.27 0.04 0.04 0.02 0.02 - 0.01 0.26 0.01 0.47 0.35 0.38 - 0.02 0.53 0.05 0.50 0.45 0.47 - 0.03 0.65 0.21 0.33 0.31 0.31 - 0.02 0.47 0.20 0.25 0.24 0.25 - 0.00 0.39 0.15 4.35 3.79 3.84 - 0.47 24.93 3.45 3.42 2.93 2.98 - 0.40 20.26 2.68 5.30 4.99 5.03 - 0.22 6.13 4.50 4.13 3.87 3.92 - 0.15 4.96 3.37 0.27 0.00 0.24 - 0.03 0.63 0.16 0.96 0.87 0.90 unch 0.00 1.23 0.57 0.75 0.68 0.69 - 0.01 1.02 0.45 0.33 0.27 0.28 unch 0.00 0.80 0.21 0.11 0.10 0.10 - 0.01 0.18 0.06 0.14 0.12 0.13 - 0.01 0.21 0.08 0.36 0.30 0.34 + 0.03 0.48 0.20 0.00 0.00 0.14 unch 0.00 0.14 0.07 0.32 0.24 0.30 + 0.05 0.50 0.23 0.24 0.18 0.24 + 0.04 0.41 0.18 0.42 0.39 0.41 - 0.02 0.81 0.39 0.33 0.30 0.32 - 0.01 0.63 0.30 0.06 0.00 0.06 + 0.03 0.09 0.03 0.13 0.12 0.13 - 0.00 0.18 0.10 0.17 0.00 0.17 unch 0.00 0.22 0.12 0.00 0.00 0.09 unch 0.00 0.15 0.08 0.14 0.00 0.12 - 0.02 0.22 0.10 0.01 0.01 0.01 unch 0.00 0.17 0.01 0.00 0.00 0.12 unch 0.00 0.21 0.10 0.28 0.25 0.26 - 0.01 0.49 0.20 0.37 0.32 0.34 - 0.02 0.60 0.26 0.05 0.03 0.03 - 0.02 0.11 0.03 0.32 0.30 0.30 - 0.02 0.56 0.18 0.41 0.38 0.39 - 0.02 0.61 0.28 0.00 0.00 0.23 unch 0.00 0.30 0.14 0.18 0.00 0.18 + 0.03 0.40 0.11 0.21 0.00 0.20 - 0.09 0.44 0.18 0.08 0.06 0.07 unch 0.00 0.18 0.05 0.05 0.05 0.05 - 0.03 0.13 0.04 6.25 5.87 6.00 - 0.20 7.00 3.98 12.48 11.77 12.02 - 0.24 14.00 7.91 4.05 3.30 3.46 - 0.16 5.10 2.30 3.17 2.57 2.67 - 0.16 4.07 1.81 0.14 0.11 0.11 - 0.04 0.38 0.10 0.20 0.15 0.15 - 0.05 0.45 0.13 0.17 0.15 0.15 - 0.01 0.28 0.12 0.21 0.00 0.19 - 0.02 0.35 0.16 0.08 0.07 0.07 - 0.01 0.14 0.06 0.07 0.05 0.05 + 0.00 0.12 0.01 0.08 0.07 0.07 - 0.01 0.70 0.01 1.13 1.01 1.02 - 0.12 1.34 0.71 1.44 1.31 1.33 - 0.12 1.69 0.90 0.12 0.00 0.11 - 0.04 0.36 0.10 0.15 0.00 0.14 - 0.04 0.45 0.13 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.19 0.15 0.15 - 0.05 0.60 0.09 0.22 0.14 0.18 - 0.08 0.85 0.14 0.00 0.00 0.25 unch 0.00 0.37 0.19 2.69 2.40 2.46 - 0.07 3.79 2.27 0.09 0.00 0.07 - 0.03 0.42 0.07 0.00 0.00 0.18 unch 0.00 0.39 0.02 0.12 0.10 0.11 - 0.02 0.53 0.10 0.16 0.13 0.13 - 0.03 0.61 0.13 13.26 12.60 12.60 - 0.93 16.97 8.22 13.74 12.32 12.43 - 1.00 17.20 7.75 0.05 0.03 0.04 - 0.01 0.16 0.03 0.04 0.02 0.02 - 0.02 0.14 0.03 0.30 0.00 0.22 - 0.08 0.60 0.26 0.10 0.08 0.08 - 0.02 0.42 0.08 0.06 0.03 0.05 + 0.00 0.20 0.03 0.05 0.04 0.05 unch 0.00 0.24 0.04 0.78 0.67 0.70 - 0.02 2.65 0.67 1.00 0.86 0.92 + 0.01 3.12 0.86 0.10 0.09 0.09 - 0.01 0.17 0.09 0.92 0.00 0.92 + 0.02 2.22 0.82 0.71 0.00 0.71 + 0.06 1.79 0.61 2.02 1.75 1.83 unch 0.00 2.99 1.50 3.84 3.45 3.45 - 0.15 7.08 3.45 0.00 0.00 0.05 unch 0.00 0.17 0.03 0.04 0.00 0.04 + 0.01 0.20 0.04 0.53 0.47 0.47 - 0.06 0.79 0.48 0.41 0.36 0.37 - 0.04 0.65 0.37 0.05 0.04 0.04 - 0.01 0.15 0.04 0.05 0.04 0.04 - 0.01 0.10 0.04 0.04 0.04 0.04 - 0.01 0.10 0.04 0.00 0.00 0.10 unch 0.00 0.19 0.07 0.12 0.11 0.12 + 0.00 0.14 0.05 0.16 0.00 0.16 + 0.03 0.18 0.07 0.14 0.11 0.13 - 0.00 0.16 0.11 0.17 0.00 0.17 - 0.01 0.21 0.15 0.14 0.10 0.10 - 0.03 0.31 0.10 0.03 0.03 0.03 - 0.00 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.20 0.00 0.15 - 0.05 0.22 0.14 0.13 0.10 0.12 + 0.01 0.44 0.08 0.10 0.09 0.09 + 0.00 0.35 0.08 0.07 0.00 0.07 unch 0.00 0.33 0.06 0.05 0.05 0.05 - 0.00 0.27 0.05 0.14 0.12 0.12 - 0.03 0.49 0.12 0.60 0.00 0.55 unch 0.00 1.00 0.41 0.47 0.39 0.42 + 0.01 0.83 0.31 0.15 0.00 0.14 + 0.01 0.20 0.10 0.15 0.00 0.15 - 0.01 0.41 0.12 3.65 3.30 3.30 - 0.23 5.30 2.70 0.11 0.00 0.10 unch 0.00 0.18 0.10 0.23 0.21 0.21 - 0.04 0.49 0.23 1.01 0.00 1.01 unch 0.00 2.99 0.70 0.30 0.25 0.26 - 0.01 0.49 0.20 0.23 0.19 0.20 - 0.00 0.42 0.16 0.05 0.00 0.05 + 0.01 0.56 0.00 0.08 0.06 0.07 + 0.01 0.10 0.06 0.06 0.00 0.06 - 0.01 0.20 0.04 0.04 0.03 0.04 + 0.01 0.08 0.03 0.03 0.02 0.02 - 0.00 0.06 0.02 0.10 0.00 0.10 - 0.00 0.50 0.08 0.22 0.00 0.22 unch 0.00 0.33 0.19 1.73 1.52 1.54 - 0.15 2.59 1.27 0.16 0.00 0.14 unch 0.00 0.36 0.14 0.10 0.09 0.09 - 0.04 0.64 0.00 0.10 0.00 0.10 + 0.01 0.20 0.10 0.22 0.16 0.16 - 0.05 0.36 0.11 0.05 0.00 0.04 + 0.01 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.05 0.05 0.05 + 0.00 0.10 0.03 0.10 0.09 0.10 unch 0.00 0.22 0.09 0.48 0.35 0.35 - 0.06 1.75 0.26 0.53 0.45 0.45 - 0.08 0.98 0.39 0.59 0.53 0.54 - 0.03 1.12 0.55 0.75 0.00 0.68 - 0.05 1.41 0.72 0.04 0.04 0.04 unch 0.00 0.20 0.04 0.06 0.04 0.05 - 0.01 0.21 0.04 1.44 1.28 1.39 - 0.06 1.62 0.62 1.10 1.00 1.06 - 0.05 1.31 0.49 0.15 0.00 0.15 unch 0.00 0.35 0.13 0.29 0.24 0.27 - 0.00 0.47 0.15 0.39 0.31 0.35 - 0.02 0.59 0.19 0.14 0.10 0.10 - 0.04 0.24 0.01 0.18 0.00 0.14 - 0.04 0.34 0.11

G-H

(100s) Stock

Week

Exc Volume

High

Low

GPM Metals V 23 GR Silver* O 585 GR Silver V 757 Granada Gold* O 60 Granada Gold V 893 Grande Portage* O 100 Grande Portage V 145 Granite Creek V 790 Granite Creek* O 263 Graphano Egy V 55 Graphite One* O 378 Graphite One V 331 Gratomic* O 166 Gratomic V 1040 Graycliff Exp C 87 Great Atlantic V 90 Great Panther* X 8914 Great Panther T 691 Great Quest Fe V 1735 Green Battery V 3681 Green River* O 265 Green River C 243 Green Swan Cap V 153 Green Valley M V 0 Greencastle Rs V 128 Greenhawk Res C 6 Greenland M&En* O 118 Greenland Res 289 Greenshield Ex V 0 Grid Metals* O 366 Grid Metals V 1074 Grizzly Discvr* O 960 Grizzly Discvr V 715 Grosvenor Res V 0 Group Eleven V 171 Group Ten Mtls* O 1226 Group Ten Mtls V 430 GSP Resource V 150 Guanajuato Sil V 1756 Guanajuato Sil* O 1608 Guardian Exp V 3 Gungnir Res* O 181 Gungnir Res V 1178 Gunpoint Expl* O 9 Gunpoint Expl V 55 Guyana Goldstr V 0 Hanna Capital V 103 Hanna Capital* O 0 Hannan Metals V 251 Hannan Metals* O 208 Hanstone Gold V 11 Happy Ck Mnrls V 106 Harfang Explor V 162 Harmony Gold* N 34075 Harvest Gold V 331 Harvest Gold* O 98 Hawkeye Gld&Di* O 35 Hawkeye Gld&Di V 217 Hawkmoon Res C 133 Headwater Gold C 184 Headwater Gold* O 169 Hecla Mining* N 41819 Heliostar Met* O 321 Heliostar Met V 290 Hemcare Health* O 973 Hemlo Expl* O 19 Hemlo Expl V 30 HFX Holding V 0 Highbank Res V 1428 Highbury Proj V 0 HighGold V 311 HighGold* O 179 Highland Copp V 292 Highland Copp* O 838 Highway 50 Gld V 87 Highwood Asset V 0 Hochschild Mg* O 91 Homerun Res V 0 Honey Badger V 354 Honey Badger* O 178 Horizonte Mnls T 673 Horizonte Mnls* O 14 HudBay Min T 6392 HudBay Min* N 7805 Hudson Res V 93 Hudson Res* O 21 Hunt Mng* O 380 Hunt Mng V 1049 Hylands Intl V 5 i-80 Gold T 2932 i-80 Gold* O 350

0.12 0.19 0.25 0.05 0.06 0.32 0.41 0.15 0.12 0.42 1.36 1.65 0.48 0.60 0.27 0.20 0.22 0.28 0.06 0.16 0.07 0.10 0.05 0.00 0.10 0.17 0.06 0.86 0.00 0.18 0.23 0.08 0.10 0.00 0.15 0.29 0.36 0.14 0.53 0.42 0.06 0.11 0.14 0.43 0.60 0.00 0.04 0.00 0.26 0.20 0.15 0.06 0.38 4.26 0.11 0.08 0.02 0.02 0.05 0.21 0.17 5.45 0.28 0.35 0.50 0.15 0.19 0.00 0.01 0.00 0.90 0.73 0.15 0.11 0.19 0.00 1.50 0.00 0.08 0.06 0.13 0.16 8.34 6.52 0.07 0.05 0.03 0.04 0.02 3.65 2.96

0.00 0.16 0.21 0.04 0.05 0.29 0.38 0.14 0.10 0.00 1.11 1.43 0.38 0.49 0.25 0.00 0.20 0.25 0.00 0.10 0.07 0.08 0.00 0.00 0.00 0.16 0.04 0.77 0.00 0.15 0.19 0.07 0.09 0.00 0.12 0.22 0.30 0.00 0.39 0.31 0.00 0.10 0.12 0.00 0.00 0.00 0.00 0.00 0.24 0.18 0.00 0.00 0.30 3.88 0.10 0.07 0.01 0.02 0.04 0.16 0.14 4.91 0.23 0.30 0.11 0.14 0.00 0.00 0.01 0.00 0.81 0.63 0.00 0.10 0.00 0.00 1.24 0.00 0.07 0.05 0.12 0.14 7.54 5.83 0.00 0.04 0.03 0.00 0.00 3.13 2.44

12-month

Last Change

0.12 + 0.17 0.21 0.04 0.05 0.31 + 0.40 + 0.14 0.10 0.36 1.14 1.48 0.40 0.53 0.25 0.18 0.20 0.26 + 0.04 0.14 + 0.07 unch 0.09 + 0.05 unch 0.23 unch 0.10 + 0.16 + 0.05 0.78 1.95 unch 0.15 0.19 0.07 0.10 0.14 unch 0.12 0.26 + 0.33 + 0.12 0.43 0.33 0.06 unch 0.10 0.12 0.43 + 0.55 0.13 unch 0.03 0.03 unch 0.24 0.18 0.15 0.05 unch 0.31 3.93 0.10 0.08 0.01 0.02 unch 0.05 + 0.21 + 0.16 + 4.96 0.24 0.31 0.25 unch 0.14 0.18 unch 0.04 unch 0.01 0.35 unch 0.82 0.64 0.14 + 0.10 + 0.19 10.75 unch 1.34 0.20 unch 0.07 0.05 0.12 0.14 7.72 5.99 0.06 unch 0.05 + 0.03 unch 0.04 + 0.02 3.35 2.61 -

High Low

0.03 0.15 0.07 0.00 0.68 0.15 0.01 0.82 0.19 0.00 0.15 0.04 0.01 0.18 0.05 0.01 0.65 0.28 0.02 0.78 0.36 0.02 0.29 0.14 0.01 0.24 0.10 0.06 1.20 0.27 0.12 2.00 0.70 0.13 2.54 0.89 0.06 1.40 0.41 0.05 1.74 0.52 0.03 0.94 0.20 0.04 0.84 0.19 0.01 0.90 0.16 0.01 1.07 0.24 0.02 0.17 0.03 0.02 0.29 0.09 0.00 0.08 0.02 0.01 0.10 0.03 0.00 0.08 0.05 0.00 1.10 0.18 0.01 0.17 0.09 0.01 0.35 0.06 0.00 0.11 0.04 0.07 1.02 0.30 0.00 1.98 0.17 0.01 0.23 0.07 0.02 0.27 0.09 0.01 0.09 0.02 0.01 0.11 0.03 0.00 0.17 0.14 0.03 0.18 0.09 0.01 0.42 0.22 0.01 0.48 0.27 0.04 0.50 0.12 0.10 0.74 0.36 0.07 0.65 0.29 0.00 0.14 0.05 0.01 0.25 0.03 0.01 0.32 0.05 0.03 0.59 0.40 0.06 0.75 0.55 0.00 0.15 0.10 0.01 0.09 0.03 0.00 0.07 0.02 0.02 0.45 0.22 0.01 0.38 0.16 0.01 0.47 0.14 0.00 0.09 0.03 0.07 1.03 0.32 0.16 5.76 3.00 0.01 0.24 0.10 0.00 0.19 0.00 0.01 0.04 0.01 0.00 0.05 0.01 0.01 0.15 0.04 0.04 0.65 0.14 0.01 0.27 0.11 0.25 9.44 4.50 0.04 1.47 0.24 0.05 1.81 0.31 0.00 2.32 0.11 0.02 0.38 0.13 0.00 0.46 0.16 0.00 0.11 0.03 0.01 0.02 0.01 0.00 0.35 0.20 0.07 2.08 0.81 0.06 1.65 0.63 0.01 0.17 0.08 0.00 0.13 0.06 0.03 0.47 0.18 0.00 19.00 9.25 0.08 2.95 1.27 0.00 0.21 0.04 0.01 0.14 0.06 0.01 0.16 0.04 0.02 0.18 0.10 0.01 0.16 0.05 0.51 11.62 6.70 0.41 9.60 5.22 0.00 0.18 0.06 0.00 0.15 0.04 0.00 0.23 0.02 0.01 0.12 0.03 0.01 0.04 0.02 0.02 4.03 2.33 0.04 3.28 1.88

I-J-K I-Minerals I-Minerals* IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls Iconic Mnls * Idaho Champion Idaho Champion* IEMR Res iMetal Res iMetal Res* IMPACT Silver Impala Platnm* Imperial Metal* Imperial Metal Imperial Mg Gr* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indiana Res* Indigo Expl Infield Min Infinite Ore Infinite Ore* Inflection Res Inomin Mines Intact Gold Integra Res Integra Res* Inter-Rock Mnl Interconnect Intercontinent* Intercontinent Interra Copper Interra Copper* Intl Battery Intl Bethl Mng Intl Iconic* Intl Iconic Intl Lithium* Intl Lithium Intl Prospect Intl Prospect * Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite* Intl Zeolite Intrepid Pots* Inventus Mg * Inventus Mg InZinc Mining Ion Energy Ion Energy* Irving Res Irving Res* IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader Jaeger Res Jaguar Mng* Jaguar Mng Japan Gold Japan Gold* Jasper Mining Jaxon Mining Jayden Res Jazz Res Jervois Mining

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

145 10 16456 73365 125 694 305 371 826 184 175 11 902 1 21 154 265 982 42 67 736 176 58 19 0 0 538 23 147 944 0 169 282 1 0 3 1 47 12 599 0 16 33 916 1023 213 17 65617 395 27 152 241 4751 450 583 6 166 13 359 296 670 137 570 44 1125 7560 571 48 0 161 376 277 156 0 221 223 3 417

0.02 0.00 0.02 - 0.01 0.04 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 3.74 2.52 2.71 - 0.92 4.74 2.52 2.91 1.96 2.11 - 0.71 3.85 1.96 0.03 0.03 0.03 unch 0.00 0.08 0.00 0.16 0.11 0.12 - 0.02 0.28 0.11 0.12 0.09 0.09 - 0.01 0.23 0.09 0.06 0.05 0.06 unch 0.00 0.17 0.04 0.05 0.04 0.05 - 0.00 0.16 0.04 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.31 0.30 0.30 - 0.01 0.68 0.14 0.27 0.23 0.23 - 0.02 0.57 0.10 0.44 0.36 0.37 - 0.05 0.82 0.38 12.50 0.00 12.50 + 0.22 20.00 10.38 2.95 2.83 2.90 - 0.01 4.92 2.27 3.92 3.62 3.92 + 0.22 5.95 2.95 0.10 0.09 0.09 - 0.01 0.19 0.08 0.13 0.11 0.11 - 0.02 0.23 0.11 0.26 0.18 0.22 + 0.01 0.42 0.16 0.30 0.26 0.28 + 0.01 0.45 0.26 0.00 0.00 0.00 - 0.00 0.02 0.00 0.08 0.00 0.08 unch 0.00 0.16 0.05 0.08 0.06 0.08 + 0.01 0.14 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.00 0.00 0.05 unch 0.00 0.10 0.05 0.00 0.00 0.04 unch 0.00 0.42 0.04 0.10 0.09 0.09 - 0.01 0.28 0.06 0.08 0.00 0.07 - 0.01 0.21 0.04 0.16 0.14 0.16 + 0.02 0.43 0.08 0.20 0.14 0.15 - 0.05 0.72 0.08 0.00 0.00 0.05 unch 0.00 0.08 0.03 1.41 1.33 1.37 - 0.01 4.19 1.33 1.11 1.03 1.06 - 0.04 3.48 1.03 0.50 0.00 0.50 + 0.02 0.65 0.40 0.00 0.00 0.08 unch 0.00 0.10 0.08 0.07 0.00 0.07 + 0.00 0.20 0.06 0.09 0.00 0.09 unch 0.00 0.24 0.09 0.80 0.68 0.75 + 0.12 2.70 0.32 0.62 0.00 0.53 + 0.08 2.09 0.05 3.85 3.25 3.30 - 0.65 7.52 0.38 0.00 0.00 0.04 unch 0.00 0.12 0.03 0.03 0.03 0.03 + 0.00 0.13 0.03 0.04 0.00 0.04 unch 0.00 0.16 0.04 0.10 0.09 0.10 + 0.02 0.12 0.03 0.13 0.11 0.13 + 0.03 0.15 0.05 0.11 0.00 0.09 - 0.03 0.25 0.11 0.08 0.08 0.08 - 0.00 0.40 0.04 0.01 0.01 0.01 - 0.00 0.02 0.00 0.93 0.78 0.82 - 0.10 1.23 0.62 1.15 1.01 1.04 - 0.13 1.56 0.79 0.14 0.11 0.14 + 0.02 0.24 0.10 0.19 0.00 0.18 + 0.03 0.33 0.13 86.00 65.55 67.83 - 8.75 121.72 22.82 0.13 0.10 0.11 + 0.01 0.16 0.10 0.17 0.13 0.14 - 0.02 0.22 0.12 0.06 0.00 0.06 unch 0.00 0.09 0.03 0.40 0.31 0.40 + 0.07 0.59 0.31 0.33 0.25 0.25 - 0.02 0.58 0.24 1.76 1.32 1.62 - 0.13 2.07 0.92 1.35 1.04 1.25 - 0.10 1.72 0.72 4.50 3.60 3.86 - 0.20 6.61 1.95 2.60 2.28 2.39 - 0.01 3.13 0.88 3.36 2.90 3.07 - 0.07 3.94 0.70 0.14 0.12 0.12 - 0.02 0.35 0.02 8.42 7.37 7.56 - 0.45 10.32 6.09 10.44 9.47 9.74 - 0.56 13.15 7.69 1.75 1.47 1.75 + 0.09 1.90 0.30 0.06 0.00 0.06 + 0.01 0.11 0.05 0.00 0.00 0.03 unch 0.00 0.05 0.02 3.05 2.86 2.86 - 0.16 5.94 2.79 3.98 3.68 3.71 - 0.16 7.17 3.67 0.30 0.26 0.28 + 0.04 0.41 0.25 0.23 0.19 0.22 + 0.02 0.32 0.19 0.00 0.00 0.09 unch 0.00 0.17 0.04 0.03 0.00 0.03 unch 0.00 0.09 0.03 0.29 0.23 0.23 - 0.06 1.05 0.17 0.77 0.00 0.77 - 0.03 0.99 0.33 0.82 0.76 0.78 - 0.02 0.95 0.40

(100s) Stock

Exc Volume

Week High

Low

0.59 1.66 0.02 0.04 0.00 0.18 0.11 0.13 0.00 0.00 0.10 8.63 6.58 0.13 0.00 0.09 0.76 0.29 0.61 0.00 4.89 0.00 0.00 0.00 0.72 0.03 0.00 0.05 0.00 0.00 0.08 0.00 0.03 0.04 0.13 0.16 0.03 0.00 0.00 0.00 6.24 4.83 0.00 0.77 0.59 0.12 0.15 0.00 0.06 1.00 0.10 0.21 0.11 0.16 0.00 0.26 0.20 0.32 0.75 0.58 0.06 0.05

Jervois Mining* Josemaria Res Joshua Gold* Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kalo Gold Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Metals* Kenadyr Metals Kenorland Min Kermode Res Kesselrun Res Kesselrun Res* Kestrel Gold KGL Resources Kincora Copper* Kincora Copper King Global* King Global Kingfisher Met* Kingfisher Met Kingman Min* Kingman Min Kings Bay Res Kingsmen Res Kinross Gold Kinross Gold* Kintavar Exp Kiplin Metals Kiplin Metals* Klondike Gold* Klondike Gold Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kore Mining Kore Mining * Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

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

1321 460 180 859 1 45 16 366 1 93 541 4231 386 404 6 2701 247 753 215 5 324 87488 0 6 37 1617 52 50 213 1 143 84 224 494 142 282 1 62 261 251 13942 88692 403 54 10 142 388 267 791 227 162 13963 717 540 111 115 65 80 306 229 10169 101

0.65 1.74 0.03 0.05 0.84 0.22 0.13 0.17 1.10 0.19 0.12 10.10 8.23 0.20 0.33 0.15 0.80 0.39 0.74 0.29 5.54 0.01 0.00 0.10 0.76 0.04 0.08 0.05 0.09 0.15 0.08 0.10 0.04 0.05 0.16 0.22 0.03 0.03 0.06 0.10 6.66 5.21 0.10 0.82 0.64 0.13 0.17 0.05 0.07 1.22 0.30 0.31 0.13 0.17 0.03 0.28 0.24 0.40 1.00 0.76 0.08 0.06

La Imperial Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl Laramide Res Laredo Res* Largo Res Largo Res* Lasalle Explor Latin Metals* Latin Metals Laurion Mnl Ex Laurion Mnl Ex* Leading Edge Leading Edge* Leeta Gold Legion Metals Leo Res* Leocor Gold Leocor Gold* Leopard Lake Leviathan Gold Leviathan Gold* Li-Metal Libero Copper* Libero Copper Liberty Gold* Liberty One Li Lido Minerals Lightspeed Dis Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi* Lithium Energi Lithium South* Lithoquest Res* Lithoquest Res Lode-Star Mg* Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes* Los Andes Lovitt Res Lovitt Res* Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lynas Corp* Lynas Corp*

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

106 813 1489 151 21 1029 5560 37 2464 499 429 428 47 27 265 213 20 187 211 10673 388 0 166 54 93 252 0 46 345 1071 803 0 74 1 11 254 336 5326 21805 914 447 870 87 161 409 72 1233 1 1079 530 235 11 324 13355 11 45 1 11 777 98 1813 23 31 57 268 406 1217 361 11115 188 530 241 528

0.04 0.52 0.68 0.12 27.15 35.49 1.38 0.75 0.67 0.01 11.09 8.60 0.08 0.12 0.15 1.00 0.76 0.46 0.36 2.03 0.14 0.00 0.41 0.32 0.13 0.09 0.00 1.00 0.52 0.66 0.57 0.00 0.20 0.00 0.08 1.19 0.90 37.14 29.11 0.91 0.70 0.34 0.30 0.30 0.56 0.13 0.16 0.04 0.25 0.08 0.06 0.38 0.49 0.08 11.40 14.69 0.15 0.12 0.65 0.06 0.09 0.20 0.27 0.46 0.58 0.39 11.13 9.50 11.79 0.04 0.05 6.64 6.72

Macarthur Min* Macarthur Min MacDonald Mns* MacDonald Mns Madeira Mrnls Madoro Metals MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Mining Magna Terra* Magna Terra Magnum Goldco Majestic Gold* Majestic Gold Major Precious* Makara Mining* Makara Mining Makena Res* Mako Mining* Mako Mining Mammoth Res * Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Manitou Gold Manitou Gold *

O 163 V 598 O 84 V 872 V 0 V 96 T 1062 O 32 V 697 O 497 V 228 O 3 V 153 V 542 O 26 V 58 O 6 O 157 C 213 O 159 O 757 V 714 O 111 V 41 T 164 O 48 O 222 V 520 V 104 V 745 O 232

12-month

Last Change

0.61 1.71 + 0.02 + 0.04 0.84 + 0.22 + 0.11 0.15 0.95 0.16 0.10 9.17 + 7.12 + 0.15 0.33 0.09 0.77 0.35 0.63 + 0.29 4.93 0.01 0.08 unch 0.10 unch 0.76 + 0.03 0.08 + 0.05 0.09 unch 0.15 + 0.08 unch 0.09 0.03 + 0.04 0.13 0.17 0.03 unch 0.03 unch 0.05 0.09 6.33 4.92 0.09 0.82 + 0.60 + 0.12 + 0.16 0.05 0.06 1.05 0.18 0.22 0.12 0.16 0.03 0.27 0.21 0.34 0.76 0.60 0.07 + 0.05 +

21

High Low

0.02 0.77 0.25 0.11 2.00 0.70 0.00 0.07 0.01 0.01 0.10 0.03 0.06 0.87 0.59 0.00 0.32 0.18 0.03 0.32 0.09 0.02 0.40 0.12 0.05 1.50 0.31 0.02 0.40 0.16 0.01 0.66 0.10 0.02 10.52 5.75 0.01 8.33 4.42 0.05 0.40 0.13 0.02 0.85 0.25 0.07 0.59 0.09 0.03 1.25 0.70 0.03 0.75 0.10 0.03 1.35 0.12 0.02 0.94 0.26 0.20 6.25 2.35 0.00 0.02 0.00 0.00 0.32 0.06 0.00 0.30 0.10 0.03 1.50 0.65 0.02 0.06 0.02 0.01 0.26 0.07 0.01 0.21 0.05 0.00 0.20 0.06 0.01 0.26 0.10 0.00 0.56 0.08 0.01 0.35 0.09 0.00 0.09 0.03 0.01 0.12 0.04 0.02 2.38 0.14 0.03 0.65 0.18 0.00 0.10 0.03 0.00 0.11 0.03 0.01 0.17 0.05 0.03 0.19 0.08 0.16 10.06 6.24 0.16 8.34 4.83 0.02 0.24 0.09 0.05 1.10 0.10 0.01 2.40 0.09 0.00 0.22 0.11 0.01 0.27 0.14 0.01 0.12 0.00 0.01 0.10 0.05 0.18 1.94 0.80 0.06 0.48 0.10 0.09 0.61 0.21 0.01 0.30 0.10 0.01 0.33 0.16 0.01 0.23 0.03 0.02 1.10 0.27 0.01 0.91 0.20 0.05 0.93 0.36 0.06 2.37 0.75 0.04 1.96 0.59 0.01 0.10 0.02 0.01 0.08 0.00

L 0.04 0.43 0.55 0.05 24.66 31.64 1.10 0.70 0.51 0.01 10.11 7.87 0.08 0.08 0.00 0.93 0.75 0.39 0.30 1.76 0.12 0.00 0.37 0.28 0.00 0.00 0.00 0.90 0.45 0.58 0.48 0.00 0.20 0.00 0.00 1.03 0.80 30.80 23.90 0.79 0.60 0.31 0.18 0.24 0.48 0.09 0.00 0.04 0.14 0.07 0.05 0.34 0.44 0.01 11.11 14.08 0.00 0.12 0.60 0.06 0.07 0.00 0.24 0.42 0.54 0.37 9.82 8.28 10.66 0.03 0.00 6.17 6.18

0.04 unch 0.50 0.67 unch 0.10 + 25.06 32.40 1.12 0.72 unch 0.51 0.01 + 10.59 8.23 0.08 unch 0.09 0.11 1.00 unch 0.76 + 0.40 0.30 1.80 0.13 unch 0.01 unch 0.37 0.29 + 0.10 0.08 0.06 unch 0.95 0.47 0.61 0.50 0.40 unch 0.20 unch 0.08 unch 0.08 unch 1.04 0.81 31.60 24.55 0.83 unch 0.64 + 0.32 0.22 0.28 + 0.49 0.12 + 0.16 + 0.04 + 0.18 0.07 unch 0.05 0.34 0.44 0.06 + 11.40 + 14.50 0.15 0.12 unch 0.62 unch 0.06 + 0.08 + 0.20 0.25 0.43 0.54 0.38 10.19 8.52 11.01 0.04 + 0.04 unch 6.33 6.29 -

0.00 0.01 0.00 0.00 1.94 2.36 0.27 0.00 0.12 0.00 0.15 0.14 0.00 0.03 0.04 0.00 0.00 0.05 0.04 0.09 0.00 0.00 0.01 0.01 0.02 0.01 0.00 0.05 0.02 0.02 0.04 0.00 0.00 0.00 0.00 0.16 0.11 0.78 0.61 0.00 0.00 0.01 0.00 0.01 0.06 0.01 0.01 0.00 0.12 0.00 0.00 0.01 0.05 0.04 0.39 0.10 0.05 0.00 0.00 0.00 0.02 0.20 0.01 0.02 0.03 0.01 0.16 0.58 0.72 0.00 0.00 0.07 0.03

0.10 1.50 1.85 0.33 42.40 51.00 1.97 0.85 1.12 0.02 22.38 18.25 0.20 0.16 0.18 1.14 0.92 0.72 0.57 6.57 0.34 0.36 1.00 1.47 0.16 0.49 0.65 3.75 0.83 1.05 1.50 0.61 0.41 0.12 0.25 1.42 1.17 53.09 41.56 1.21 0.95 1.09 0.41 0.38 0.86 0.14 0.18 0.14 0.30 0.17 0.15 0.83 1.01 4.20 14.00 17.73 0.24 0.19 0.85 0.54 0.15 0.80 0.80 0.69 0.83 0.94 12.93 12.97 15.45 0.07 0.08 8.63 8.73

0.03 0.43 0.55 0.02 26.40 33.33 0.16 0.48 0.37 0.00 9.39 7.39 0.08 0.09 0.10 0.41 0.34 0.19 0.15 1.85 0.12 0.00 0.31 0.22 0.07 0.08 0.06 0.76 0.27 0.34 0.50 0.33 0.15 0.05 0.07 0.97 0.77 14.46 11.84 0.26 0.21 0.18 0.01 0.08 0.29 0.06 0.07 0.03 0.14 0.06 0.04 0.35 0.45 0.01 5.55 6.63 0.09 0.08 0.50 0.04 0.05 0.18 0.22 0.39 0.50 0.35 8.82 6.66 8.56 0.00 0.03 3.92 4.00

M 0.28 0.25 0.27 - 0.03 0.50 0.22 0.37 0.29 0.34 - 0.02 0.60 0.28 0.02 0.02 0.02 - 0.00 0.06 0.02 0.03 0.03 0.03 + 0.01 0.07 0.03 0.00 0.00 0.03 unch 0.00 0.03 0.03 0.08 0.00 0.06 - 0.01 0.15 0.05 20.19 18.16 18.93 - 0.01 29.28 16.74 0.24 0.10 0.11 - 0.07 1.40 0.18 0.58 0.48 0.48 - 0.09 1.13 0.48 0.46 0.37 0.40 - 0.04 1.12 0.37 0.50 0.44 0.44 - 0.06 0.65 0.30 0.07 0.07 0.07 unch 0.00 0.16 0.07 0.10 0.08 0.10 unch 0.00 0.20 0.08 0.06 0.00 0.06 unch 0.00 0.18 0.04 0.05 0.05 0.05 + 0.01 0.07 0.04 0.06 0.00 0.06 - 0.01 0.08 0.05 0.08 0.07 0.07 - 0.01 2.00 0.01 0.05 0.03 0.04 + 0.00 0.36 0.03 0.06 0.05 0.05 unch 0.00 0.40 0.05 0.22 0.17 0.17 - 0.02 1.16 0.18 0.27 0.25 0.26 - 0.01 0.39 0.22 0.34 0.32 0.33 - 0.02 0.44 0.29 0.04 0.01 0.01 - 0.02 0.39 0.01 0.05 0.00 0.05 + 0.01 0.21 0.03 3.64 3.31 3.49 - 0.09 3.86 1.82 2.79 2.61 2.63 - 0.14 3.03 1.43 0.32 0.29 0.31 + 0.01 0.47 0.18 0.42 0.38 0.40 unch 0.00 0.58 0.22 0.04 0.00 0.04 unch 0.00 0.10 0.04 0.04 0.00 0.04 - 0.01 0.11 0.04 0.03 0.03 0.03 - 0.00 0.10 0.03

22

MAY 16 — 29, 2022 / THE NORTHERN MINER

(100s) Stock

Exc Volume

Manning Vent* Manning Vent Mansa Explor Mantaro Prec Mantaro Prec* Maple Gold* Maple Gold Marathon Gold* Marathon Gold Margaret Lake Marimaca Cop* Marimaca Cop Maritime Res Martina Mnls MartinMarietta* Marvel Discov Marvel Discov* Mas Gold Mascota Res* Masivo Silver* Masivo Silver Mason Graphite* Mason Graphite Matachewan Con Matica Ent Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent MaxTech Vent* Maxwell Res* Mayfair Gold* Mayfair Gold Mazarin McChip Res McEwen Mng McEwen Mng* McLaren Res MDN Inc* Medallion Res Medallion Res* Medaro Mining Medaro Mining* Medgold Res* Medgold Res Medinah Mnrls* Mega Copper Mega Uranium Mega Uranium* MegaWatt Lith MegaWatt Lith* MegumaGold* MegumaGold Melkior Res* Melkior Res Meridian Mg Meridian Mg * Metal Energy MetalCorp Metalex Vent * Metalex Vent Metallic Mnrls Metallic Mnrls* Metallica Met* Metallica Met Metallica Min* Metallis Res Metallum Res Metalo Manuf Metalore Res Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* Midasco Cap Midland Expl Midnight Star Midnight Sun* Midnight Sun Millbank Mg MillenMin Vent Millennial Pr Millennial Pr* Millennium Sil Millrock Res* Millrock Res Milner Con Slv Minaurum Gold* Minaurum Gold Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Hill Mineral Mtn Mineral Mtn* Mineral Res* Mineworx Tech* Mineworx Tech Minfocus Expl Minnova Corp Minsud Res Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Monarca Mnrls* Monarca Mnrls Monarch Min* Monarch Mining Moneta Porcpn Moneta Porcpn* Mongoose Mg Monitor Vent Montage Gold Montage Gold* Montego Res Montego Res* Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Monumental Min Morien Res* Morien Res Mosaic* Mosaic Min Mount Gibson * Mountain Boy* Mountain Boy Mountain Prov Mountain Prov* MPV Explor Mundoro Cap Mundoro Cap* Murchison Min* Murchison Min Musk Metals Musk Metals* Muzhu Mining

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

Week High

Low

Last Change

12-month High Low

15 0.06 0.06 0.06 unch 0.00 0.11 0.06 564 0.07 0.07 0.07 + 0.01 0.34 0.07 393 0.14 0.10 0.11 - 0.04 0.28 0.11 234 0.16 0.00 0.15 - 0.01 0.57 0.13 260 0.12 0.11 0.12 - 0.01 0.50 0.09 1727 0.21 0.18 0.18 - 0.03 0.42 0.18 790 0.27 0.24 0.24 - 0.04 0.49 0.24 256 1.90 1.68 1.72 - 0.06 3.00 1.68 981 2.44 2.15 2.22 - 0.06 3.73 2.15 96 0.18 0.00 0.17 - 0.02 1.25 0.16 7 3.19 2.90 2.90 - 0.29 4.38 2.70 94 3.99 3.69 3.69 - 0.35 5.45 3.24 2680 0.09 0.08 0.08 unch 0.00 0.24 0.08 0 0.00 0.00 0.07 unch 0.00 0.07 0.07 3025 379.15 339.59346.00 - 8.22 446.46 329.69 528 0.16 0.14 0.15 - 0.01 0.22 0.07 742 0.15 0.11 0.11 - 0.01 0.20 0.05 154 0.10 0.00 0.10 unch 0.00 0.13 0.09 9 1.93 1.67 1.90 unch 0.00 3.45 1.10 50 0.07 0.07 0.07 unch 0.00 0.11 0.04 357 0.09 0.00 0.09 + 0.01 0.14 0.06 134 0.41 0.37 0.38 - 0.01 0.65 0.32 98 0.53 0.48 0.50 - 0.02 0.78 0.40 0 0.00 0.00 0.24 unch 0.00 0.26 0.17 15 0.40 0.00 0.32 unch 0.00 1.50 0.20 212 6.08 5.57 5.67 - 0.12 7.70 5.04 1158 4.78 4.31 4.41 - 0.10 6.40 3.91 178 0.11 0.09 0.10 + 0.00 0.26 0.09 919 0.14 0.00 0.13 + 0.01 0.33 0.11 1380 0.62 0.50 0.56 - 0.01 0.90 0.14 34 0.05 0.05 0.05 - 0.01 0.40 0.04 150 0.04 0.03 0.04 - 0.00 0.30 0.03 0 0.00 0.00 0.07 unch 0.00 0.50 0.01 10 0.98 0.00 0.98 + 0.01 2.06 0.40 139 1.29 1.23 1.25 - 0.05 1.83 0.49 5 0.19 0.00 0.19 unch 0.00 0.20 0.08 0 0.00 0.00 0.76 unch 0.00 1.45 0.62 1189 0.87 0.80 0.80 - 0.07 2.07 0.80 12814 0.68 0.62 0.64 - 0.03 1.71 0.62 105 0.06 0.00 0.06 unch 0.00 0.10 0.04 4 0.15 0.00 0.15 - 0.00 0.78 0.13 360 0.12 0.11 0.12 + 0.01 0.42 0.08 420 0.09 0.07 0.08 - 0.00 0.35 0.06 461 0.70 0.64 0.64 - 0.03 1.43 0.50 432 0.56 0.48 0.50 - 0.02 1.81 0.32 35 0.02 0.01 0.02 + 0.00 0.05 0.01 73 0.02 0.00 0.02 unch 0.00 0.06 0.02 7920 0.00 0.00 0.00 + 0.00 0.01 0.00 0 0.00 0.00 0.16 unch 0.00 0.16 0.14 3705 0.33 0.28 0.28 - 0.05 0.42 0.18 765 0.28 0.22 0.22 - 0.03 0.34 0.14 548 0.12 0.09 0.11 - 0.01 0.41 0.08 179 0.09 0.07 0.08 + 0.00 0.34 0.07 12 0.03 0.02 0.03 - 0.00 0.07 0.02 350 0.05 0.03 0.04 unch 0.00 0.09 0.03 93 0.27 0.24 0.26 + 0.02 0.49 0.18 76 0.35 0.28 0.29 - 0.03 0.59 0.23 775 0.98 0.85 0.90 - 0.06 1.34 0.39 56 0.75 0.68 0.69 - 0.08 1.08 0.30 1766 0.14 0.10 0.11 - 0.03 0.25 0.10 2 0.04 0.00 0.04 unch 0.00 0.06 0.03 1 0.04 0.04 0.04 unch 0.00 0.07 0.02 227 0.05 0.00 0.04 - 0.01 0.08 0.02 372 0.46 0.36 0.43 + 0.07 0.66 0.32 306 0.35 0.28 0.34 + 0.06 0.55 0.25 96 0.04 0.04 0.04 + 0.00 0.27 0.04 73 0.06 0.00 0.05 - 0.01 0.34 0.05 30 0.02 0.02 0.02 unch 0.00 0.03 0.02 136 0.25 0.21 0.23 - 0.03 0.57 0.19 627 0.06 0.00 0.06 + 0.01 0.12 0.06 0 0.00 0.00 0.16 unch 0.00 0.69 0.11 0 0.00 0.00 2.51 unch 0.00 3.33 2.15 351 0.10 0.06 0.09 - 0.01 0.20 0.06 272 0.12 0.10 0.11 - 0.02 0.23 0.10 372 0.50 0.44 0.44 - 0.08 0.60 0.15 141 0.28 0.21 0.21 - 0.04 0.39 0.19 112 0.02 0.00 0.02 - 0.00 0.13 0.02 0 0.00 0.00 0.10 unch 0.00 0.12 0.10 112 0.52 0.47 0.48 - 0.02 0.87 0.46 165 0.35 0.31 0.33 - 0.01 0.54 0.25 123 0.16 0.14 0.14 - 0.03 0.40 0.00 259 0.21 0.00 0.19 - 0.03 0.42 0.18 0 0.00 0.00 0.55 unch 0.00 0.60 0.40 0 0.00 0.00 0.05 unch 0.00 0.05 0.05 1078 0.54 0.50 0.53 - 0.01 0.74 0.30 387 0.45 0.39 0.40 - 0.01 0.94 0.27 103 0.01 0.00 0.01 unch 0.00 0.03 0.01 104 0.06 0.04 0.05 + 0.00 0.08 0.04 54 0.07 0.00 0.07 + 0.01 0.10 0.05 0 0.00 0.00 0.11 unch 0.00 0.11 0.07 516 0.23 0.19 0.20 - 0.04 0.41 0.17 542 0.29 0.25 0.26 - 0.04 0.50 0.23 3 0.21 0.00 0.21 - 0.01 0.52 0.21 38 0.29 0.00 0.27 - 0.02 0.58 0.27 1352 0.52 0.46 0.46 - 0.03 0.63 0.37 1773 0.66 0.59 0.60 - 0.04 0.73 0.49 80 0.07 0.07 0.07 - 0.01 0.09 0.01 8 0.10 0.09 0.10 unch 0.00 0.11 0.07 59 0.25 0.00 0.21 - 0.03 0.30 0.20 141 0.09 0.00 0.09 + 0.01 0.24 0.08 129 0.07 0.05 0.07 - 0.00 0.20 0.05 1 38.56 0.00 38.56 - 2.86 48.27 27.13 375 0.07 0.06 0.07 + 0.00 0.08 0.05 361 0.08 0.00 0.08 + 0.01 0.11 0.07 214 0.12 0.00 0.09 - 0.03 0.43 0.10 236 0.08 0.00 0.07 - 0.01 0.32 0.08 7 0.30 0.00 0.30 - 0.01 0.37 0.04 366 0.83 0.78 0.78 - 0.02 0.86 0.31 802 0.08 0.06 0.08 + 0.02 0.23 0.06 74 0.35 0.00 0.30 - 0.02 0.70 0.31 41 0.06 0.06 0.06 + 0.00 0.12 0.06 183 0.10 0.08 0.08 - 0.02 0.15 0.08 110 0.02 0.02 0.02 - 0.00 0.13 0.02 531 0.03 0.02 0.03 - 0.01 0.16 0.02 49 0.47 0.41 0.41 - 0.05 0.88 0.43 80 0.58 0.54 0.54 - 0.02 1.02 0.55 165 2.59 2.36 2.37 - 0.24 2.97 1.55 29 1.97 1.82 1.84 - 0.22 2.36 1.25 162 0.20 0.18 0.20 unch 0.00 0.50 0.17 51 0.19 0.00 0.19 + 0.07 0.32 0.10 462 0.80 0.72 0.74 - 0.07 1.02 0.58 295 0.63 0.57 0.57 - 0.04 0.85 0.45 500 0.02 0.02 0.02 + 0.01 0.05 0.01 255 0.01 0.01 0.01 unch 0.00 0.02 0.01 71 0.45 0.30 0.35 - 0.11 1.60 0.21 70 0.08 0.06 0.08 + 0.02 0.86 0.01 478 0.11 0.10 0.11 + 0.02 0.30 0.06 578 0.11 0.09 0.10 - 0.01 0.21 0.09 40 0.08 0.08 0.08 - 0.01 0.16 0.01 211 0.50 0.43 0.44 - 0.01 0.79 0.27 118 0.29 0.24 0.28 + 0.04 0.51 0.11 101 0.36 0.32 0.36 + 0.05 0.64 0.16 42686 68.74 59.17 64.05 + 1.63 79.28 28.26 449 0.11 0.00 0.10 - 0.01 0.19 0.06 2 0.50 0.50 0.50 unch 0.00 0.65 0.32 34 0.13 0.10 0.11 - 0.02 0.19 0.11 185 0.16 0.15 0.15 - 0.02 0.24 0.14 968 0.82 0.71 0.78 + 0.03 0.99 0.40 989 0.64 0.56 0.61 + 0.03 0.79 0.32 169 0.09 0.00 0.08 - 0.01 0.71 0.07 296 0.20 0.00 0.19 - 0.01 0.25 0.16 23 0.15 0.14 0.14 - 0.02 0.21 0.13 405 0.09 0.07 0.07 - 0.02 0.15 0.05 365 0.11 0.10 0.10 - 0.02 0.17 0.06 121 0.06 0.00 0.06 unch 0.00 0.13 0.05 34 0.09 0.05 0.05 + 0.00 0.11 0.00 345 0.14 0.10 0.12 + 0.01 0.21 0.10

N-O NACCO Ind* Namibia Crit Namibia Crit* Natural Res Pt* Navis Res Corp* NEO Battery NEO Battery* Neometals* Network Expl Network Expl* Nevada Canyon* Nevada Copper* Nevada Copper Nevada Expl Nevada Expl * Nevada King* Nevada King Nevada Lithium Nevada Lithiu* Nevada Silver Nevada Sunrise Nevada Sunrise*

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

155 207 81 177 11 2148 131 93 36 111 4 542 942 211 464 636 1046 564 106 574 4186 1796

WWW.NORTHERNMINER.COM

49.76 41.39 49.46 + 3.38 51.20 22.94 0.25 0.00 0.23 + 0.01 0.43 0.20 0.20 0.17 0.17 + 0.01 0.40 0.15 50.82 45.96 49.72 + 2.42 50.82 17.23 0.48 0.00 0.31 - 0.03 2.46 0.30 0.46 0.36 0.36 - 0.06 1.31 0.18 0.35 0.28 0.28 - 0.04 1.21 0.15 1.07 0.98 0.98 - 0.17 1.50 0.35 0.23 0.00 0.23 + 0.01 0.96 0.19 0.19 0.16 0.18 + 0.01 0.83 0.15 0.70 0.65 0.70 + 0.05 1.07 0.32 0.48 0.42 0.42 - 0.02 0.99 0.39 0.58 0.54 0.54 - 0.04 3.15 0.49 0.07 0.06 0.07 - 0.01 0.22 0.06 0.06 0.05 0.05 - 0.01 0.17 0.04 0.40 0.33 0.38 + 0.01 1.50 0.23 0.50 0.44 0.49 - 0.01 0.84 0.27 0.19 0.17 0.18 unch 0.00 0.78 0.16 0.21 0.11 0.14 - 0.00 0.75 0.11 0.34 0.29 0.32 + 0.03 0.60 0.22 0.21 0.15 0.16 - 0.04 0.23 0.05 0.16 0.11 0.12 - 0.03 0.17 0.04

(100s) Stock

Exc Volume

Nevada Zinc Nevado Res NevGold* NevGold New Age Metals New Age Metals* New Destiny Mg New Energy Met* New Energy Met New Found Gold New Gold* New Gold New Pac Metals New Pac Metals* New Placer New Placer* New Stratus New Target Mng New Tech Min* New Tech Min New World Res* Newcore Gold Newcore Gold* Newcrest Mg Newcrest Mg* Newlox Gold Newmac Res Newmont Corp* Newmont Corp Neworigin Gold* Neworigin Gold Newport Expl NewRange Gold* NewRange Gold Nexa Resources* Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold Nfld Discovery Nfld Discovery* NGEx Minerals NGEx Minerals* Nickel 28 Nickel 28* Nickel Creek* Nickel Creek Nickel North Nickel Rock Nickel Rock* Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Nobel Res Nobel Res* Noble Metal Noble Mineral Noble Mineral* Noka Res* Noram Vent Noram Vent* Norra Metals Norrland Gold Norse Gold Norseman Silv Norsemont Cap* Norsemont Cap Nortec Mnls* Nortec Mnls North Am Nickl North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res* North Peak Res North Valley Northcliff Res Northern Light Northern Light* Northern Uran Northisle C&G * Northisle C&G Northstar Gold Northstar Gold* Northwest Cop* Northwest Cop Norvista Cap NorZinc NorZinc* Nouveau Monde Nouveau Monde* NovaGold Res NovaGold Res* Novo Res Nrthn Graphite Nrthn Graphite* Nrthn Lion Nrthn Lion* Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* NSJ Gold NSS Res Inc Nthn Dynasty Nthn Dynasty* Nubian Res* Nubian Res Nuinsco Res Nuinsco Res* NuLegacy Gold* NuLegacy Gold Nutrien* Nutrien NV Gold* NV Gold O2Gold O3 Mining OceanaGold* OceanaGold Oceanic Iron O Oceanus Res* Oceanus Res Odyssey Res Olivut Res Olivut Res* Omai Gold Omai Gold* Omineca Mining* Omineca Mining One World Lith* One World Lith Opawica Expl* Opawica Expl Ophir Gold Ophir Gold* Optimum Vent* Optimum Vent Optimus Gold Opus One Gold Orca Gold* Orca Gold Ord Mountain Orea Mining Orea Mining* Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold* Orezone Gold Orford Mining Origen Res* Origen Res Orla Mining Oroco Res Oroco Res* Orsu Metals* Orsu Metals Orvana Mnrls* Orvana Mnrls Osino Res* Osino Res Osisko Dev*

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

Week High

Low

Last Change

12-month High Low

432 0.13 0.10 0.10 - 0.02 0.18 1 0.11 0.00 0.11 unch 0.00 0.19 452 0.60 0.53 0.53 + 0.02 0.65 420 0.79 0.00 0.69 + 0.04 0.85 668 0.10 0.09 0.10 - 0.01 0.17 612 0.08 0.07 0.07 - 0.00 0.15 209 0.05 0.00 0.05 unch 0.00 0.08 8 0.06 0.06 0.06 + 0.01 0.10 156 0.08 0.00 0.08 - 0.02 0.12 1001 9.33 7.96 8.32 - 0.04 13.50 25625 1.49 1.33 1.35 - 0.11 2.23 7721 1.90 1.73 1.76 - 0.11 2.68 477 4.46 3.86 4.12 + 0.03 7.64 926 3.52 2.97 3.18 - 0.04 5.84 3140 0.11 0.09 0.10 - 0.01 0.18 1174 0.09 0.07 0.08 - 0.00 0.16 1043 0.93 0.70 0.77 + 0.05 0.93 5 0.16 0.00 0.16 unch 0.00 0.28 98 0.04 0.04 0.04 + 0.00 0.07 537 0.07 0.00 0.06 unch 0.00 0.08 73 2.08 1.76 1.85 - 0.21 4.10 158 0.48 0.43 0.43 - 0.06 0.74 201 0.38 0.33 0.34 - 0.04 0.61 187 24.56 23.10 24.15 - 0.13 28.00 231 19.25 18.19 18.75 - 0.11 22.57 774 0.20 0.17 0.19 - 0.02 0.61 0 0.00 0.00 0.29 unch 0.00 0.31 27280 74.37 70.35 72.87 + 0.02 86.37 873 94.94 90.76 93.89 + 0.43 108.98 10 0.08 0.08 0.08 unch 0.00 0.23 41 0.11 0.00 0.11 + 0.01 0.23 126 0.46 0.00 0.46 unch 0.00 0.52 218 0.05 0.04 0.04 + 0.00 0.17 1444 0.08 0.05 0.06 + 0.01 0.22 477 9.85 8.50 8.60 - 0.76 12.86 9829 6.69 5.60 5.73 - 0.60 8.30 12086 5.25 4.34 4.45 - 0.48 6.56 549 3.23 2.75 2.81 - 0.39 4.90 180 0.02 0.01 0.01 - 0.00 0.06 657 0.02 0.02 0.02 unch 0.00 0.08 362 0.23 0.00 0.22 - 0.02 0.63 107 0.18 0.14 0.17 - 0.02 0.52 1327 3.75 2.67 2.74 - 0.87 4.22 80 2.64 0.00 2.64 unch 0.00 5.00 767 1.72 1.35 1.35 - 0.33 1.79 161 1.30 1.04 1.04 - 0.27 2.00 333 0.07 0.06 0.07 + 0.00 0.13 600 0.09 0.07 0.08 unch 0.00 0.16 37 0.05 0.00 0.05 unch 0.00 0.07 233 0.11 0.10 0.10 - 0.01 0.23 545 0.09 0.07 0.08 - 0.01 0.18 371 0.10 0.00 0.09 unch 0.00 0.17 25 0.07 0.07 0.07 - 0.00 0.15 65 0.49 0.44 0.44 - 0.04 1.12 340 0.63 0.56 0.59 - 0.04 1.35 119 0.21 0.00 0.19 + 0.01 0.93 166 0.08 0.00 0.08 - 0.01 0.17 491 0.99 0.90 0.90 - 0.10 1.84 926 0.80 0.70 0.71 - 0.07 1.48 692 0.02 0.00 0.02 - 0.01 0.08 1400 0.02 0.02 0.02 unch 0.00 0.04 604 0.14 0.11 0.12 - 0.01 1.03 18 0.12 0.09 0.09 - 0.01 0.87 227 0.01 0.00 0.01 unch 0.00 0.02 1872 0.11 0.07 0.09 - 0.02 0.12 781 0.08 0.06 0.07 - 0.01 0.14 7 0.29 0.26 0.26 - 0.04 0.74 227 0.77 0.64 0.70 - 0.07 1.05 91 0.62 0.52 0.54 - 0.06 0.88 541 0.06 0.05 0.05 - 0.01 0.11 0 0.00 0.00 0.15 unch 0.00 0.39 0 0.00 0.00 0.05 unch 0.00 0.13 158 0.23 0.20 0.20 - 0.03 0.48 23 0.59 0.56 0.57 - 0.01 0.86 113 0.77 0.71 0.73 - 0.01 1.11 211 0.01 0.01 0.01 + 0.00 0.05 3128 0.01 0.00 0.01 unch 0.00 0.06 0 0.00 0.00 0.58 unch 0.00 0.65 220 0.10 0.08 0.08 - 0.00 0.12 41 0.12 0.00 0.12 - 0.01 0.15 46909 0.00 0.00 0.00 - 0.00 0.00 115 1.50 1.12 1.30 - 0.20 4.60 584 2.00 1.48 1.64 - 0.36 5.85 0 0.00 0.00 0.09 unch 0.00 0.10 80 0.05 0.00 0.04 unch 0.00 0.06 5746 0.02 0.00 0.01 - 0.01 0.07 740 0.01 0.01 0.01 - 0.01 0.09 128 0.03 0.00 0.03 unch 0.00 0.09 81 0.34 0.26 0.27 - 0.03 0.46 361 0.38 0.34 0.36 - 0.02 0.55 171 0.18 0.16 0.16 unch 0.00 0.45 469 0.15 0.13 0.13 unch 0.00 0.36 26 0.48 0.45 0.46 - 0.01 0.84 310 0.61 0.58 0.59 - 0.01 1.10 282 0.05 0.00 0.05 unch 0.00 0.15 1094 0.04 0.03 0.03 - 0.01 0.09 46 0.03 0.02 0.02 + 0.00 0.07 202 8.26 7.58 7.64 - 0.16 19.18 385 6.50 5.89 6.02 - 0.08 16.29 856 8.22 7.43 7.43 - 0.58 12.58 8004 6.44 5.75 5.77 - 0.45 10.45 1428 0.95 0.84 0.92 + 0.03 2.68 193 0.83 0.75 0.76 - 0.05 0.94 282 0.64 0.58 0.60 - 0.02 0.77 0 0.00 0.00 0.30 unch 0.00 0.49 0 0.00 0.00 0.50 unch 0.00 0.50 23 0.10 0.08 0.08 - 0.02 0.35 324 0.03 0.00 0.03 + 0.01 0.10 175 0.74 0.65 0.71 - 0.01 1.38 82 0.56 0.50 0.56 - 0.01 1.14 0 0.00 0.00 0.10 unch 0.00 0.25 315 0.06 0.04 0.05 + 0.01 0.23 468 0.46 0.42 0.42 - 0.02 0.78 9353 0.36 0.32 0.32 - 0.03 0.62 4 0.11 0.00 0.11 unch 0.00 0.37 82 0.12 0.00 0.12 + 0.01 0.45 577 0.02 0.02 0.02 unch 0.00 0.03 192 0.02 0.01 0.02 + 0.00 0.02 2132 0.04 0.03 0.04 + 0.01 0.16 4347 0.06 0.05 0.06 + 0.01 0.20 23109 107.82 96.74103.79 + 5.54 117.25 7970 138.13 124.85133.68 + 7.44 147.93 163 0.10 0.08 0.09 - 0.00 0.34 45 0.12 0.00 0.11 - 0.01 0.40 1349 0.04 0.02 0.02 - 0.01 0.35 261 2.29 2.04 2.05 - 0.22 2.79 0 2.49 0.00 2.49 unch 0.00 2.70 6921 3.38 3.06 3.16 - 0.04 3.41 4 0.13 0.00 0.13 unch 0.00 0.32 947 0.38 0.33 0.36 - 0.02 0.67 1683 0.50 0.42 0.46 - 0.03 0.79 0 0.00 0.00 0.03 unch 0.00 0.06 204 0.05 0.04 0.05 - 0.01 0.08 0 0.00 0.00 0.04 unch 0.00 0.08 271 0.11 0.00 0.11 + 0.01 0.21 46 0.13 0.08 0.08 - 0.00 0.27 53 0.12 0.11 0.11 - 0.02 0.26 60 0.16 0.00 0.15 - 0.02 0.32 75 0.05 0.04 0.04 - 0.00 0.11 487 0.06 0.05 0.05 - 0.01 0.13 10 0.23 0.20 0.20 - 0.01 0.54 311 0.30 0.25 0.30 + 0.02 0.65 572 0.09 0.07 0.08 + 0.02 0.25 722 0.07 0.05 0.06 + 0.01 0.22 40 0.36 0.35 0.35 - 0.02 0.62 33 0.53 0.00 0.48 - 0.08 0.80 0 0.00 0.00 0.17 unch 0.00 0.35 60 0.05 0.00 0.05 + 0.01 0.06 46 0.77 0.74 0.74 - 0.02 0.80 1383 0.99 0.94 0.96 - 0.02 1.00 0 0.00 0.00 0.20 unch 0.00 0.20 847 0.09 0.07 0.08 + 0.01 0.31 1069 0.07 0.05 0.06 - 0.00 0.26 941 0.05 0.00 0.05 unch 0.00 0.10 212 0.04 0.00 0.04 - 0.01 0.10 86 0.06 0.00 0.06 + 0.00 0.15 145 0.08 0.00 0.07 unch 0.00 0.17 235 1.19 1.05 1.09 - 0.01 1.43 911 1.50 1.36 1.39 - 0.03 1.81 483 0.12 0.00 0.11 unch 0.00 0.27 25 0.17 0.17 0.17 - 0.00 0.33 21 0.27 0.00 0.22 - 0.02 0.43 1416 5.88 5.19 5.61 + 0.16 6.59 626 1.60 1.39 1.47 - 0.16 3.66 737 1.25 1.08 1.13 - 0.13 3.02 90 0.12 0.12 0.12 unch 0.00 0.24 11 0.15 0.00 0.14 - 0.01 0.30 4 0.26 0.24 0.26 + 0.02 0.42 122 0.33 0.30 0.33 + 0.02 0.54 107 0.93 0.79 0.91 + 0.04 1.40 390 1.20 1.02 1.18 + 0.07 1.61 35 3.26 3.14 3.26 - 6.49 19.35

0.05 0.10 0.27 0.34 0.09 0.06 0.04 0.04 0.07 6.61 1.01 1.29 3.08 2.38 0.08 0.05 0.25 0.13 0.04 0.04 1.59 0.44 0.33 19.11 14.81 0.17 0.24 52.60 66.25 0.01 0.08 0.34 0.04 0.05 6.50 4.44 3.47 1.77 0.01 0.02 0.20 0.15 0.53 0.43 0.73 0.59 0.05 0.07 0.03 0.07 0.06 0.07 0.06 0.46 0.58 0.16 0.07 0.90 0.70 0.02 0.00 0.11 0.09 0.01 0.07 0.06 0.26 0.47 0.38 0.04 0.12 0.05 0.17 0.36 0.45 0.01 0.01 0.22 0.05 0.07 0.00 0.25 0.36 0.06 0.03 0.02 0.01 0.01 0.00 0.16 0.15 0.12 0.40 0.50 0.05 0.03 0.02 6.36 5.07 7.51 5.84 0.81 0.33 0.28 0.29 0.30 0.07 0.02 0.54 0.43 0.06 0.04 0.37 0.29 0.09 0.11 0.01 0.01 0.02 0.03 57.08 70.93 0.09 0.11 0.02 1.89 1.48 1.79 0.10 0.33 0.43 0.03 0.04 0.03 0.09 0.00 0.09 0.12 0.03 0.03 0.20 0.25 0.06 0.05 0.28 0.37 0.11 0.03 0.32 0.40 0.20 0.07 0.05 0.04 0.03 0.05 0.06 0.77 0.98 0.10 0.15 0.17 3.71 1.39 1.08 0.02 0.14 0.21 0.26 0.77 1.01 9.18

(100s) Stock

Exc Volume

Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Outback Gold* Outcrop S&G Outcrop S&G* OZ Minerals*

N T O V T O V O O

4394 2227 446 1403 3258 266 410 250 2

P2 Gold* P2 Gold Pac Arc Res Pac Bay Mnrls Pac Booker Min Pac Booker Min* Pac Imperial Pac Ridge Expl Pac Ridge Expl* Pacific Empire* Pacific Empire Pacific Silk Pacton Gold Paladin Energy* Palamina Corp Palamina Corp* Palayan Res* Paleo Resource Palladium One* Palladium One Pampa Metals Pampa Metals* Pan Am Silver* Pan Am Silver Pan Global Res* Pan Global Res Pancontinental* Pancontinental Pangolin Dia Panoro Mnrls Panoro Mnrls* Pantera Silver PanTerra Gold* Pantheon Vent Para Resources Paramount Gold* Paringa Res* Parlane Res Pasinex Res Pasofino Gold* Pasofino Gold Patriot Gold Patriot Gold* Peabody Enrgy* Pegasus Res Pegasus Res* Pelangio Expl Peloton Mnrls Peloton Mnrls* PepinNini Lith* Perpetua Res Perpetua Res* Perseus Mng Pershimex Res Pershing Res* Peruvian Metal* Peruvian Metal Petra Diamonds* Petrolympic Petrolympic* Phenom Res* Phenom Res Phoenix Global* Phoenix Metals Pine Cliff En* Pine Cliff En Pivit Explor PJX Res Plata Latina Platinex Inc* Platinex Inc Platinum Gp Mt Platinum Gp Mt* Plato Gold Playfair Mng Playfair Mng* PNG Copper PolyMet Mng* PolyMet Mng Portofino Res Portofino Res* Power Group Power Metals Power Metals* PPX Mining* PPX Mining Precipitate Gl* Precipitate Gl Prime Meridian Prime Mining* Prime Mining Prism Res Prismo Metals ProAm Expl Probe Metals* Probe Metals Prog Planet Prog Planet* Prospect Ridge Prosper Gold Provenance Gld Providence Providence Gld* Pucara Gold Pucara Gold* PUF Vent Inc * Puma Expl* Puma Expl Pure Energy* Pure Energy Pure Gold Mg* Pure Gold Mg Purepoint Uran Q-Gold Res QC Copper QC Copper* QC Precious * QC Precious QcX Gold QcX Gold* QMC Quantum Ml* QMC Quantum Ml QNB Metals Quadro Res* Quadro Res Quantum Batt Quantum Batt* Quartz Mtn Res* Quartz Mtn Res Quebec Nickel Quebec Silica Questex Gold* Questex Gold

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

171 178 0 39 32 71 105 334 270 14 117 0 202 4136 45 61 646 257 526 1123 210 149 9078 1941 75 955 236 96 202 52 150 82 0 280 156 663 280 472 250 9 46 109 120 41078 817 107 153 163 20 12 41 621 560 18 1389 13 364 4 26 93 617 390 19 19 404 7217 198 104 4 10 819 405 3788 1208 65 9 668 823 12 665 303 713 730 793 40 566 281 307 0 35 716 317 42 0 105 117 365 82 220 22 242 170 510 63 38 465 103 1135 127 77 2324 4235 2103 59 990 668 8 70 21 0 64 203 2 84 2034 233 2 0 3 314 228 28 40

Rackla Metals Rackla Metals* Radisson Mng Radius Gold Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rare Element* Rathdowney Res Ready Set Gold* Ready Set Gold Recharge Res* Red Pine Expl Regulus Res Remington Res Renforth Res* Renforth Res Resolve Vent Reunion Gold Reunion Gold* Revival Gold Revival Gold * Rex Res

V 414 O 2 V 1117 V 198 C 1418 C 19 O 11 V 0 O 721 V 132 O 8 C 367 O 1499 V 112 V 236 V 36 O 36 C 326 V 677 V 763 O 35 V 129 O 236 V 20

Week High

Low

12-month

Last Change

12.85 11.80 12.18 16.41 15.26 15.71 0.44 0.38 0.42 0.56 0.49 0.54 4.20 3.83 3.94 0.14 0.09 0.11 0.19 0.17 0.18 0.16 0.13 0.14 17.52 17.52 17.52 unch

High Low

0.12 15.12 10.64 0.10 18.59 13.60 0.02 0.55 0.27 0.02 0.69 0.35 0.11 5.02 2.33 0.02 1.22 0.13 0.01 0.46 0.14 0.01 0.40 0.11 0.00 21.04 15.58

P-Q 0.54 0.42 0.42 - 0.12 1.60 0.28 0.65 0.00 0.57 - 0.13 0.83 0.34 0.00 0.00 0.21 unch 0.00 0.26 0.14 0.13 0.10 0.12 + 0.04 0.18 0.08 1.01 0.00 0.95 - 0.04 4.99 0.53 0.80 0.76 0.80 + 0.03 3.90 0.43 0.05 0.00 0.04 - 0.01 0.06 0.02 0.44 0.35 0.41 + 0.01 0.58 0.10 0.34 0.27 0.32 + 0.01 0.47 0.08 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.00 0.00 0.03 unch 0.00 0.05 0.02 0.37 0.33 0.34 - 0.03 0.88 0.34 0.59 0.50 0.51 - 0.08 0.80 0.27 0.16 0.00 0.15 unch 0.00 0.37 0.13 0.12 0.11 0.12 + 0.00 0.36 0.10 0.08 0.07 0.08 unch 0.00 0.32 0.03 0.02 0.00 0.02 - 0.01 0.04 0.01 0.15 0.14 0.14 - 0.01 0.31 0.13 0.21 0.18 0.19 - 0.02 0.37 0.17 0.28 0.24 0.27 - 0.02 0.60 0.24 0.21 0.09 0.20 - 0.02 1.07 0.09 26.16 23.64 24.34 - 0.43 36.14 20.74 33.38 30.53 31.34 - 0.51 43.74 26.52 0.47 0.02 0.46 - 0.02 0.70 0.02 0.62 0.56 0.57 - 0.07 0.87 0.48 0.06 0.06 0.06 - 0.01 0.15 0.05 0.08 0.00 0.07 - 0.01 0.18 0.07 0.02 0.00 0.02 unch 0.00 0.03 0.01 0.17 0.00 0.17 unch 0.00 0.21 0.11 0.12 0.12 0.12 - 0.01 0.18 0.08 0.18 0.14 0.15 - 0.02 0.34 0.12 0.00 0.00 0.06 unch 0.00 0.07 0.05 0.08 0.07 0.08 + 0.01 0.39 0.07 0.31 0.27 0.27 - 0.04 0.44 0.27 0.63 0.55 0.60 + 0.01 1.10 0.53 0.04 0.03 0.03 unch 0.00 0.03 0.02 0.08 0.06 0.07 - 0.01 0.47 0.06 0.06 0.04 0.06 + 0.01 0.06 0.02 0.84 0.00 0.84 + 0.05 1.39 0.46 1.08 0.00 1.07 - 0.01 1.68 0.61 0.07 0.05 0.07 unch 0.00 0.17 0.05 0.06 0.04 0.05 unch 0.00 0.15 0.04 23.50 20.63 22.43 - 0.21 33.29 4.35 0.08 0.06 0.07 - 0.02 0.11 0.04 0.06 0.06 0.06 - 0.01 0.10 0.02 0.11 0.00 0.09 - 0.01 0.17 0.09 0.06 0.05 0.05 - 0.01 0.12 0.05 0.06 0.00 0.06 + 0.01 0.09 0.04 0.60 0.50 0.50 - 0.08 0.73 0.19 4.60 4.30 4.43 - 0.09 11.45 4.17 3.64 3.32 3.43 - 0.10 9.42 3.25 1.83 1.63 1.75 unch 0.00 1.88 1.11 0.03 0.00 0.03 - 0.01 0.07 0.03 0.05 0.04 0.04 - 0.01 0.09 0.01 0.12 0.08 0.08 - 0.03 0.18 0.02 0.14 0.10 0.10 - 0.03 0.22 0.10 1.56 1.39 1.39 - 0.10 1.80 0.01 0.06 0.00 0.05 - 0.01 0.10 0.04 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.41 0.35 0.35 - 0.05 0.70 0.25 0.52 0.45 0.45 - 0.07 0.85 0.35 0.70 0.53 0.64 - 0.15 1.29 0.45 0.17 0.00 0.16 - 0.01 0.55 0.13 1.47 1.17 1.43 + 0.24 1.47 0.23 1.88 1.50 1.84 + 0.30 1.88 0.28 0.17 0.14 0.14 - 0.03 0.35 0.13 0.18 0.00 0.16 - 0.03 0.24 0.15 0.04 0.00 0.03 unch 0.00 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.06 0.05 0.06 unch 0.00 0.08 0.04 2.23 1.94 2.01 - 0.12 6.48 1.83 1.75 1.50 1.57 - 0.07 5.33 1.44 0.04 0.03 0.03 - 0.01 0.05 0.02 0.10 0.00 0.10 + 0.02 0.30 0.08 0.08 0.02 0.07 + 0.05 0.29 0.00 0.07 0.00 0.06 + 0.01 0.17 0.05 3.24 2.87 2.90 - 0.25 4.79 2.41 4.04 3.69 3.77 - 0.31 6.15 3.05 0.09 0.08 0.09 - 0.01 0.17 0.08 0.07 0.07 0.07 - 0.00 0.14 0.06 0.03 0.00 0.03 - 0.02 0.16 0.03 0.29 0.22 0.24 - 0.06 0.34 0.17 0.24 0.17 0.18 - 0.05 0.27 0.13 0.03 0.03 0.03 unch 0.00 0.50 0.00 0.04 0.00 0.03 - 0.01 0.05 0.03 0.08 0.07 0.07 - 0.01 0.15 0.06 0.10 0.00 0.09 unch 0.00 0.18 0.07 0.00 0.00 0.12 unch 0.00 0.14 0.06 2.37 2.04 2.21 - 0.17 4.15 2.04 3.15 2.58 2.89 - 0.14 5.24 2.58 0.11 0.00 0.09 - 0.02 0.22 0.07 0.20 0.00 0.15 - 0.02 0.42 0.17 0.00 0.00 0.06 unch 0.00 0.10 0.06 1.65 1.53 1.58 - 0.02 1.85 1.25 2.17 1.93 2.04 - 0.01 2.33 1.52 0.36 0.30 0.30 - 0.04 0.60 0.29 0.27 0.23 0.23 - 0.03 0.48 0.25 0.44 0.35 0.37 - 0.07 2.75 0.20 0.55 0.00 0.55 + 0.07 2.28 0.42 0.14 0.12 0.13 - 0.01 0.18 0.10 0.07 0.06 0.07 unch 0.00 0.10 0.06 0.05 0.05 0.05 unch 0.00 0.16 0.00 0.12 0.00 0.12 - 0.01 0.36 0.11 0.09 0.09 0.09 unch 0.00 0.28 0.05 0.09 0.05 0.05 - 0.03 4.88 0.05 0.29 0.24 0.26 - 0.02 0.50 0.17 0.37 0.30 0.33 - 0.03 0.64 0.21 1.05 0.87 0.92 - 0.08 2.11 0.59 1.33 1.13 1.13 - 0.13 2.60 0.83 0.16 0.14 0.15 + 0.01 1.50 0.11 0.21 0.18 0.19 + 0.01 1.81 0.14 0.09 0.08 0.09 unch 0.00 0.20 0.08 0.08 0.00 0.08 - 0.01 0.26 0.07 0.28 0.24 0.24 - 0.04 0.47 0.15 0.21 0.18 0.18 - 0.03 0.37 0.11 0.12 0.11 0.11 + 0.01 0.27 0.10 0.16 0.00 0.15 + 0.01 0.33 0.14 0.05 0.00 0.05 unch 0.00 0.26 0.04 0.00 0.00 0.03 unch 0.00 0.21 0.03 0.20 0.18 0.18 - 0.02 0.35 0.14 0.27 0.18 0.25 - 0.01 0.40 0.18 0.00 0.00 0.09 unch 0.00 0.25 0.05 0.03 0.02 0.03 + 0.00 0.13 0.02 0.04 0.00 0.03 unch 0.00 0.16 0.03 0.48 0.44 0.46 - 0.01 5.85 0.41 0.36 0.00 0.33 + 0.03 5.85 0.30 0.00 0.00 0.25 unch 0.00 0.29 0.00 0.27 0.00 0.27 + 0.01 0.39 0.16 0.18 0.14 0.15 - 0.02 0.41 0.10 0.09 0.00 0.07 - 0.02 0.23 0.05 0.83 0.79 0.79 - 0.05 0.98 0.43 1.07 1.03 1.03 - 0.04 1.24 0.54

R 0.15 0.11 0.22 0.29 0.04 0.55 1.90 0.00 1.01 0.03 0.08 0.10 0.03 0.44 1.09 0.17 0.05 0.06 0.06 0.30 0.22 0.63 0.50 0.13

0.00 0.03 0.18 0.25 0.03 0.00 1.46 0.00 0.90 0.00 0.08 0.06 0.03 0.00 0.91 0.00 0.04 0.05 0.00 0.26 0.20 0.60 0.46 0.00

0.15 0.03 0.18 0.26 0.03 unch 0.48 + 1.81 + 0.12 unch 0.92 0.03 0.08 unch 0.10 + 0.03 0.44 + 1.01 0.16 0.05 0.05 0.05 0.27 unch 0.21 + 0.61 0.48 0.12 -

0.04 0.09 0.01 0.02 0.00 0.03 0.05 0.00 0.08 0.01 0.00 0.01 0.01 0.01 0.09 0.02 0.01 0.01 0.02 0.00 0.01 0.03 0.03 0.01

0.41 0.12 0.31 0.40 0.12 1.00 3.80 0.26 2.75 0.06 0.15 0.28 0.53 0.82 1.50 0.25 0.10 0.11 0.13 0.36 0.29 0.83 0.67 0.39

0.12 0.01 0.17 0.20 0.03 0.43 1.46 0.10 0.73 0.02 0.04 0.06 0.00 0.37 0.70 0.16 0.04 0.06 0.04 0.06 0.04 0.50 0.40 0.12

(100s) Stock

Exc Volume

Week High

Low

12-month

Last Change

High Low

Reyna Silver* Reyna Silver Rhyolite Res Richmond Mnls Richmond Mnls* Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold Riley Gold* Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited* Rio2 Limited Rise Gold Corp Rise Gold Corp* Riverside Res Riverside Res* RJK Explor* RJK Explor Robex Res Rochester Res Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockland Res Rockridge Res Rockwealth Res Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RooGold* RooGold RosCan Gold* RosCan Gold Ross River Rover Metals* Rover Metals Royal Fox Gold Royal Fox Gold* Royal Gold* Royal Rd Mnrls RT Minerals RTG Mining Rugby Mng Running Fox Rs Rupert Res* Rupert Res Rusoro Mng* Rusoro Mng

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

1041 0.43 0.33 0.33 - 0.08 0.84 0.36 822 0.55 0.42 0.43 - 0.10 1.01 0.46 80 0.50 0.00 0.50 - 0.03 1.70 0.44 0 0.00 0.00 0.05 unch 0.00 0.07 0.03 0 0.03 0.03 0.03 unch 0.00 0.04 0.02 69 0.34 0.00 0.33 - 0.01 0.77 0.30 125 0.02 0.02 0.02 - 0.00 0.16 0.02 590 0.03 0.00 0.03 - 0.01 0.19 0.02 53 0.25 0.00 0.25 + 0.03 0.74 0.21 64 0.18 0.17 0.18 unch 0.00 0.61 0.17 107 0.05 0.00 0.05 - 0.01 0.09 0.04 200 0.04 0.04 0.04 unch 0.00 0.11 0.01 19399 72.01 67.02 68.07 - 3.05 95.97 59.58 6 70.59 0.00 67.00 - 3.10 94.42 57.41 3 81.47 0.00 75.49 - 1.09 106.55 63.01 528 0.51 0.46 0.49 - 0.03 0.75 0.40 406 0.66 0.59 0.63 - 0.04 0.87 0.53 24 0.77 0.00 0.71 - 0.01 0.99 0.36 52 0.62 0.00 0.55 - 0.03 0.80 0.28 152 0.17 0.16 0.16 - 0.01 0.21 0.13 304 0.13 0.12 0.12 - 0.00 0.19 0.10 31 0.29 0.08 0.08 - 0.01 0.40 0.01 173 0.12 0.00 0.10 - 0.01 0.25 0.10 187 0.40 0.00 0.39 + 0.03 0.45 0.26 0 0.00 0.00 0.06 unch 0.00 0.12 0.04 14 3.89 3.63 3.64 - 0.22 7.53 3.09 164 5.12 4.65 4.66 - 0.29 9.38 3.83 5 0.05 0.04 0.04 unch 0.00 0.07 0.04 525 0.06 0.06 0.06 - 0.01 0.08 0.05 39 0.04 0.04 0.04 - 0.01 0.05 0.03 108 0.09 0.04 0.08 + 0.00 0.13 0.00 301 0.11 0.09 0.09 - 0.01 0.15 0.10 203 0.13 0.12 0.12 - 0.01 0.28 0.11 527 0.10 0.10 0.10 - 0.01 0.19 0.09 22 0.26 0.00 0.24 - 0.02 0.45 0.10 3 0.08 0.00 0.08 - 0.01 0.16 0.07 350 0.37 0.32 0.32 - 0.02 1.01 0.32 62 0.18 0.00 0.18 - 0.00 0.46 0.16 734 0.24 0.20 0.23 unch 0.00 0.58 0.20 262 0.05 0.00 0.05 unch 0.00 0.07 0.04 340 0.05 0.04 0.04 - 0.00 0.05 0.02 314 0.09 0.08 0.08 - 0.01 0.41 0.08 908 0.12 0.10 0.11 - 0.01 0.43 0.10 420 0.27 0.23 0.26 - 0.01 0.51 0.11 872 0.35 0.32 0.33 - 0.02 0.56 0.23 0 0.00 0.00 0.26 unch 0.00 0.26 0.26 6 0.03 0.00 0.03 + 0.00 0.12 0.03 740 0.05 0.04 0.04 unch 0.00 0.12 0.04 1975 0.07 0.05 0.05 - 0.01 0.12 0.04 622 0.04 0.00 0.04 - 0.01 0.07 0.03 2590 137.33 127.54130.14 - 0.34 147.70 92.01 16 0.26 0.00 0.26 unch 0.00 0.40 0.24 0 0.00 0.00 0.03 unch 0.00 0.13 0.03 66 0.10 0.00 0.10 + 0.02 0.17 0.08 69 0.16 0.00 0.14 unch 0.00 0.24 0.09 16 0.03 0.00 0.03 unch 0.00 0.06 0.02 8 4.15 3.61 4.15 + 0.21 5.37 3.30 237 5.40 4.65 5.37 + 0.35 6.77 4.19 21 0.04 0.04 0.04 + 0.00 0.07 0.03 253 0.06 0.00 0.06 + 0.01 0.08 0.04

S2 Minerals Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res* Sable Res Sailfish Rylty Salazar Res Salazar Res* Sama Res Sama Res* Samco Gold San Lorenzo Sanatana Res* Sanatana Res Sandfire Res* Sandfire Res Sandstorm Gold* Sandstorm Gold Santacruz Silv Sarama Res Sassy Res* Sassy Res Satori Res Satori Res* Saturn Mnrls Savannah Min Saville Res Scandium Intl* Scandium Intl Scorpio Gold Scorpio Gold * Scotch Creek Scotch Creek* Scottie Res* Scottie Res ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold Seahawk Gold* Search Mnls Search Mnls* Searchlight* SearchlightRes Secova Metals* Secova Metals Sego Res Select Sands Sennen Potash Serabi Gold Sherritt Intl Shine Minerals Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res* Sienna Res Sierra Grande Sierra Madre G* Sierra Madre G Sierra Metals Sierra Metals* Sigma Lithium* Sigma Lithium Signature Res Signature Res* Silver Bear Rs Silver Bear Rs* Silver Bull Re Silver Bull Re* Silver Dollar Silver Dollar* Silver Eleph Silver Grail Silver Hammer* Silver Hammer Silver One* Silver One Silver Predatr Silver Predatr* Silver Range Silver Range* Silver Sands Silver Sands* Silver Spruce Silver Spruce* Silver Valley Silver Viper* Silver Viper Silver Wolf Silver Wolf* Silver X Silver X* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverstock Silverton Met Silverton Met* Sirios Res Sirios Res* Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res SKRR Explor Sky Gold

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

14 1048 3386 544 1117 25 31 25 307 22 0 23 50 264 259 20 16618 4554 2748 227 5 205 187 31 431 0 134 226 398 431 114 895 981 87 246 7 389 1339 46 88 105 26 68 565 125 2523 198 53 0 10 4525 1 9 24675 3068 469 710 27 52 624 704 2764 2414 336 923 981 0 1510 19 96 138 59 127 2 1113 688 953 235 0 1 75 26 516 119 530 292 182 366 251 81 2 1441 216 1613 7045 4450 1682 0 131 84 338 5 294 14 336 175 905 549 346

S 0.19 1.05 1.33 0.24 0.30 1.40 0.27 0.21 0.22 0.18 0.00 0.10 0.12 0.17 0.14 0.18 7.44 9.40 0.43 0.24 0.29 0.38 0.15 0.12 2.95 0.00 0.04 0.10 0.10 0.06 0.05 0.54 0.46 0.16 0.20 0.54 23.62 18.39 0.39 0.25 0.19 0.15 0.08 0.10 0.06 0.07 0.11 0.13 0.00 0.70 0.74 0.12 3.55 14.29 0.17 0.07 0.09 0.40 0.53 0.68 1.37 1.04 18.10 23.15 0.06 0.05 0.00 0.05 0.27 0.22 0.79 0.57 0.97 0.13 0.46 0.58 0.33 0.41 0.00 0.07 0.14 0.11 0.12 0.09 0.03 0.03 0.18 0.26 0.32 0.19 0.14 0.30 0.23 4.03 3.17 8.20 10.47 0.00 0.16 0.15 0.09 0.06 0.10 0.07 0.05 0.04 11.81 0.08 0.07

0.00 0.94 1.23 0.20 0.26 0.00 0.00 0.19 0.00 0.16 0.00 0.00 0.12 0.00 0.11 0.00 6.60 8.50 0.33 0.20 0.26 0.34 0.13 0.11 2.71 0.00 0.00 0.06 0.09 0.05 0.03 0.43 0.31 0.15 0.19 0.00 21.93 16.97 0.26 0.20 0.17 0.00 0.06 0.00 0.00 0.05 0.09 0.00 0.00 0.00 0.64 0.00 0.00 11.81 0.14 0.06 0.08 0.00 0.44 0.56 1.11 0.87 15.11 19.54 0.05 0.04 0.00 0.04 0.25 0.19 0.65 0.51 0.79 0.00 0.36 0.47 0.29 0.37 0.00 0.07 0.00 0.08 0.10 0.08 0.03 0.02 0.16 0.21 0.27 0.16 0.10 0.25 0.20 3.72 2.88 7.19 9.29 0.00 0.14 0.10 0.00 0.06 0.09 0.07 0.05 0.04 10.90 0.07 0.06

0.19 unch 0.98 1.26 0.20 0.27 1.39 0.27 + 0.19 0.20 0.16 0.05 unch 0.10 unch 0.12 unch 0.15 unch 0.12 0.18 unch 6.72 8.65 0.35 0.21 0.27 0.34 0.14 0.11 2.82 0.26 unch 0.04 + 0.08 + 0.10 unch 0.05 0.03 0.47 0.36 0.15 0.19 0.54 21.99 17.07 0.33 + 0.25 + 0.17 unch 0.13 0.07 0.09 unch 0.06 + 0.07 + 0.11 + 0.11 0.45 unch 0.70 unch 0.71 0.12 unch 3.30 12.11 0.15 0.06 0.08 0.20 0.52 + 0.67 + 1.15 0.89 15.93 + 20.38 0.05 0.04 0.05 unch 0.04 unch 0.25 0.19 0.66 0.51 0.83 0.13 unch 0.38 0.49 0.29 0.38 0.12 unch 0.07 unch 0.13 unch 0.10 + 0.10 0.08 0.03 unch 0.02 0.17 + 0.22 0.28 0.16 0.10 0.28 0.21 3.76 2.92 7.53 9.71 + 0.20 unch 0.15 0.10 0.08 0.06 unch 0.10 0.07 0.05 0.04 10.96 0.07 0.06 -

0.00 0.04 0.06 0.04 0.04 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.02 0.00 0.69 0.91 0.08 0.03 0.04 0.04 0.01 0.00 0.08 0.00 0.01 0.00 0.00 0.02 0.03 0.01 0.01 0.01 0.02 0.01 0.72 0.59 0.06 0.04 0.00 0.01 0.00 0.00 0.02 0.01 0.01 0.02 0.00 0.00 0.01 0.00 0.10 1.63 0.01 0.00 0.01 0.20 0.08 0.11 0.14 0.12 0.13 0.06 0.01 0.01 0.00 0.00 0.02 0.02 0.05 0.03 0.05 0.00 0.08 0.09 0.03 0.03 0.00 0.00 0.00 0.00 0.02 0.01 0.00 0.00 0.01 0.02 0.03 0.03 0.04 0.02 0.01 0.12 0.10 0.01 0.02 0.00 0.01 0.03 0.01 0.00 0.01 0.00 0.01 0.00 0.90 0.01 0.01

0.30 1.60 1.93 0.35 0.40 1.65 0.42 0.32 0.28 0.22 0.05 0.30 0.15 0.20 0.21 0.24 9.31 11.61 0.58 0.28 0.82 0.92 0.18 0.14 4.49 0.35 0.06 0.21 0.26 0.17 0.14 0.98 2.88 0.23 0.27 0.80 28.00 22.22 1.05 1.24 0.33 0.27 0.11 0.14 0.22 0.22 0.16 0.14 0.45 1.40 0.85 0.16 5.15 20.64 0.28 0.12 0.15 1.13 0.79 0.95 4.74 3.90 19.48 24.51 0.20 0.20 0.15 0.15 1.55 1.25 1.36 1.11 4.05 0.25 0.86 1.08 0.67 0.79 0.23 0.23 0.25 0.29 0.26 0.22 0.11 0.09 0.33 0.70 0.80 0.60 0.51 0.52 0.41 8.07 6.72 10.40 12.99 0.29 0.87 0.64 0.11 0.10 0.23 0.22 0.09 0.07 17.11 0.24 0.25

0.13 0.94 1.21 0.12 0.16 1.09 0.24 0.19 0.12 0.09 0.05 0.08 0.06 0.07 0.11 0.14 5.31 6.86 0.22 0.15 0.26 0.34 0.10 0.08 2.20 0.21 0.03 0.01 0.09 0.05 0.04 0.40 0.18 0.12 0.16 0.45 18.85 14.85 0.20 0.16 0.12 0.01 0.03 0.06 0.00 0.05 0.04 0.04 0.45 0.70 0.36 0.09 0.00 11.15 0.07 0.05 0.07 0.20 0.31 0.39 1.10 0.85 4.11 5.00 0.05 0.04 0.04 0.00 0.25 0.18 0.56 0.38 0.80 0.11 0.26 0.25 0.28 0.36 0.07 0.07 0.09 0.02 0.10 0.07 0.03 0.02 0.11 0.22 0.28 0.12 0.08 0.23 0.00 3.72 2.88 6.60 8.30 0.17 0.14 0.10 0.06 0.04 0.09 0.06 0.04 0.03 10.93 0.07 0.06

GLOBAL MINING NEWS

(100s) Stock

Week

Exc Volume

Sky Gold* Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Slave Lake Zn* Snowline Gold Snowy Owl Sokoman Min Sokoman Min* Solaris Res SolGold plc* SolGold plc SolidusGold Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Gold* Sonoro Gold SOPerior Fert South Atlantic* South Atlantic South Star Bat South Star Bat* South32* Southern Copp* Southern Emp* Southern Emp Southern Silvr Southern Silvr* SouthGobi Res Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res* SPC Nickel SPC Nickel* Spearmint Res Spearmint Res* Sphinx Res Spruce Ridge R SRG Mining SSR Mining* SSR Mining St Augustine St-Georges Eco St-Georges Eco* St. James Gold St. James Gold* Stakeholdr Gld Stallion Gold Standard Graph* Standard Metal* Standard Uran* Standard Uran Stans Energy Star Diamond* Star Diamond Star Gold* Starcore Intl Starr Peak Starr Peak* Stellar Africa Stellar Africa* Stelmine Can Stelmine Can* Steppe Gold Steppe Gold* Sterling Metal Sterling Metal* Stevens Gold* Stevens Gold Stinger Res* Stinger Res Stone Gold Straightup Res Straightup Re* Stratabd Mnr* Stratabd Mnr Strategic Metl* Strategic Metl Strategic Res Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor* Stuhini Explor Stuve Gold Sulliden Mng* Sulliden Mng Summa Silver* Summa Silver Sun Peak Metal Sun Summit Sun Summit* Suncor Energy Suncor Energy* Superior Gold* Superior Gold Superior Mng Superior Mng* Surge Battery* Surge Battery

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

THE NORTHERN MINER / MAY 16 — 29, 2022

409 2839 835 0 566 21 8 477 64 350 257 2137 140 115 0 21 532 101 0 74 959 2181 150 106 1019 693 218 6242 8 484 465 588 16 33 181 153 554 29 863 487 1061 996 0 393 128 14787 2499 206 1680 1253 153 61 2 15 18025 4 442 968 310 75 404 12 49 144 153 169 9 656 591 72 8 92 104 32 31 57 95 674 131 112 45 859 52 174 48 392 95 255 147 444 23 30 36 20 0 199 979 908 1 229 63 45731 37710 402 445 1024 0 176 296

High

Low

0.05 0.54 0.43 0.00 0.04 0.16 0.14 1.09 0.05 0.34 0.27 13.25 0.39 0.46 0.00 1.00 0.79 0.16 0.00 0.13 0.18 0.06 0.04 0.07 0.17 0.13 3.40 65.19 0.08 0.13 0.33 0.26 0.17 0.04 0.20 0.16 0.09 0.07 0.11 0.10 0.11 0.09 0.00 0.08 0.82 23.66 30.20 0.09 0.28 0.21 0.66 0.50 0.80 0.31 0.00 11.05 0.12 0.16 0.01 0.25 0.33 0.03 0.23 1.28 1.02 0.06 0.05 0.24 0.19 1.45 1.13 0.30 0.24 0.09 0.11 0.08 0.11 0.26 0.13 0.18 0.06 0.08 0.27 0.33 0.23 0.03 0.10 0.08 0.37 0.31 0.45 0.55 0.72 0.17 0.09 0.10 1.05 1.31 0.21 0.33 0.26 48.49 37.93 0.75 0.95 0.32 0.00 0.08 0.10

0.04 0.43 0.33 0.00 0.00 0.00 0.13 0.93 0.00 0.32 0.24 11.25 0.34 0.45 0.00 0.00 0.66 0.13 0.00 0.10 0.13 0.04 0.04 0.00 0.15 0.11 3.21 59.89 0.08 0.00 0.29 0.22 0.00 0.00 0.19 0.15 0.08 0.06 0.09 0.07 0.10 0.07 0.00 0.00 0.00 20.52 26.50 0.00 0.24 0.18 0.48 0.38 0.00 0.00 0.00 0.00 0.10 0.13 0.00 0.23 0.30 0.02 0.21 1.15 0.86 0.00 0.04 0.20 0.15 1.31 0.00 0.26 0.20 0.07 0.00 0.07 0.10 0.22 0.00 0.09 0.05 0.00 0.25 0.32 0.00 0.00 0.08 0.06 0.33 0.27 0.00 0.55 0.63 0.00 0.09 0.10 0.82 1.05 0.00 0.28 0.21 45.37 35.17 0.68 0.88 0.00 0.00 0.06 0.08

12-month

Last Change

0.04 0.44 0.34 0.02 unch 0.04 0.16 + 0.13 1.05 0.05 0.32 0.24 11.97 0.34 0.45 0.11 unch 0.85 0.66 0.16 + 0.09 unch 0.13 + 0.18 + 0.05 unch 0.04 unch 0.06 + 0.15 0.12 3.21 61.41 0.08 0.12 + 0.32 0.24 0.16 0.03 0.19 0.15 0.08 unch 0.06 0.09 0.07 0.10 unch 0.08 + 0.01 unch 0.07 0.81 21.64 27.89 0.08 0.27 + 0.20 + 0.49 0.39 0.70 0.29 + 0.00 10.00 0.11 + 0.15 unch 0.01 unch 0.23 0.31 unch 0.03 + 0.22 + 1.18 0.91 0.06 0.04 0.20 0.16 1.34 1.11 + 0.28 + 0.21 0.08 0.10 0.07 0.10 0.24 0.12 0.09 0.06 0.07 0.25 0.32 0.19 0.03 unch 0.08 0.06 0.34 0.30 + 0.45 + 0.55 unch 0.65 0.16 0.09 unch 0.10 0.87 1.12 0.21 0.31 0.22 47.70 + 37.05 + 0.71 0.91 0.32 + 0.25 unch 0.07 0.09 unch

0.01 0.06 0.06 0.00 0.01 0.02 0.01 0.05 0.01 0.02 0.02 0.88 0.03 0.02 0.00 0.14 0.07 0.01 0.00 0.01 0.03 0.00 0.00 0.01 0.02 0.02 0.19 0.86 0.03 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.00 0.00 0.00 0.01 0.04 0.37 0.37 0.01 0.02 0.01 0.16 0.14 0.05 0.02 0.00 1.05 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.12 0.12 0.01 0.00 0.04 0.03 0.09 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.06 0.05 0.00 0.01 0.01 0.02 0.05 0.00 0.01 0.01 0.05 0.01 0.05 0.00 0.06 0.01 0.00 0.01 0.10 0.11 0.03 0.01 0.03 1.52 1.11 0.02 0.02 0.02 0.00 0.01 0.00

(100s)

High Low

Stock

0.21 0.87 0.70 0.12 0.16 0.42 0.38 1.34 0.16 0.78 0.64 17.17 0.52 0.67 0.12 1.20 0.98 0.25 0.09 0.32 0.39 0.11 0.11 0.10 0.38 0.30 4.09 83.29 0.49 0.25 0.63 0.53 1.36 0.07 0.36 0.30 0.18 0.15 0.31 0.15 0.21 0.22 0.03 0.16 0.95 24.58 31.00 0.19 0.58 0.46 5.58 4.45 1.12 0.60 0.50 18.00 0.39 0.51 0.06 0.37 0.49 0.07 0.31 4.05 3.56 0.08 1.00 0.35 0.31 2.31 1.92 0.78 1.00 0.44 0.30 0.24 0.30 0.29 0.32 0.26 0.25 0.20 0.40 0.48 0.45 0.07 0.28 0.23 0.58 0.44 0.90 0.69 0.99 0.30 0.21 0.28 1.41 1.71 0.42 1.35 1.09 48.49 37.93 0.94 1.20 0.75 0.62 0.35 0.38

Surge Copper Surge Copper* Sylla Gold Syrah Res*

V O V O

Tajiri Res Talisker Res Talisker Res* Talmora Diamd Talon Metals Tanqueray Expl Tantalex Res Tanzanian Gold Tanzanian Gold* Tarachi Gold* Tarachi Gold Taranis Res* Taranis Res Tarku Res Tarku Res* Tartisan Nick Tartisan Nick* Taseko Mines* Taseko Mines TDG Gold Teck Res* Teck Res Teck Res Tectonic Metal* Tectonic Metal Temas Res* Temas Res Tembo Gold Tembo Gold* Tempus Res Teras Res* Teras Res Terrax Mnrls Terrax Mnrls* Terreno Res Tesoro Mnrls Teuton Res* Teuton Res Texas Mineral* Themac Res* Themac Res Thesis Gold Theta Gold* Thor Explor Thor Explor* Three Valley* Three Valley Thunder Mtn Gd* Thunder Mtn Gd Thunderstruck Thunderstruck* Tier One Silv Timberline Res Timberline Res* Tinka Res Tinka Res* Tintina Mines Tisdale Res Titan Mining Titan Mining* Titanium Corp TNR Gold Tocvan Venture Tocvan Venture* TomaGold Tombill Mines Tombill Mines* Tombstone Expl* Tonogold Res* Torex Gold* Torex Gold Torq Resources Torq Resources* Tower Res* Tower Res Traction Uran* Traction Uran Trailbreaker* Trailbreaker Trans Canada Trans Canada* Transatlantic Transatlantic* Transforma Res Transition Met* Transition Met Treasury Metal Treasury Metal* Trecora Res* Tres-Or Res* Tres-Or Res Trevali Mining Tri-River Vent Trident Gold Trifecta Gold* Trifecta Gold Trillium Gold Trillium Gold* Trilogy Mtls Trilogy Mtls* TriMetals Mng* Trinity Res*

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

0.04 0.31 0.24 0.00 0.03 0.06 0.05 0.24 0.05 0.27 0.22 10.13 0.29 0.39 0.07 0.53 0.41 0.09 0.09 0.10 0.13 0.02 0.01 0.04 0.10 0.08 2.03 54.92 0.08 0.10 0.25 0.19 0.12 0.03 0.17 0.13 0.07 0.01 0.07 0.00 0.09 0.07 0.01 0.08 0.37 14.19 18.08 0.07 0.22 0.17 0.48 0.38 0.50 0.25 0.00 0.08 0.10 0.13 0.01 0.13 0.17 0.02 0.19 1.18 0.92 0.04 0.01 0.08 0.12 1.08 0.83 0.21 0.16 0.08 0.09 0.01 0.09 0.06 0.10 0.07 0.02 0.07 0.21 0.28 0.21 0.02 0.08 0.06 0.18 0.13 0.24 0.39 0.50 0.16 0.08 0.08 0.62 0.80 0.20 0.30 0.23 21.90 17.10 0.35 0.45 0.25 0.21 0.05 0.08

Exc Volume

Week High

Low

568 267 244 259

0.28 0.22 0.23 1.39

0.26 0.20 0.18 1.25

337 806 82 32 3575 48 849 124 3123 113 618 282 0 23 20 271 223 16477 2768 24 30828 14 8960 847 3095 99 282 63 30 134 5 419 1015 233 0 52 84 105 172 25 0 978 169 863 8 191 816 71 0 6 84 699 412 349 194 62 14 7 143 18 104 239 142 3 92 1525 1680 1 756 109 894 544 162 172 1861 43 630 10 38 1 8 663 1097 77 250 157 222 60 169 42 80 1578 0 0 227 65 584 67 38 547 22 8

0.07 0.25 0.21 0.03 0.71 7.30 0.10 0.41 0.32 0.11 0.15 0.07 0.00 0.07 0.06 0.44 0.34 2.00 2.53 0.50 42.79 59.87 54.60 0.05 0.07 0.09 0.12 0.29 0.22 0.08 0.02 0.03 0.26 0.20 0.00 0.04 1.50 1.94 2.10 0.08 0.00 2.27 0.10 0.30 0.21 0.04 0.05 0.13 0.00 0.07 0.06 0.65 0.30 0.23 0.18 0.14 0.06 0.37 0.71 0.52 1.49 0.05 0.82 0.64 0.06 0.06 0.05 1.10 0.13 11.49 14.75 0.86 0.68 0.26 0.33 0.27 0.39 0.22 0.28 0.06 0.05 0.02 0.02 0.07 0.12 0.15 0.60 0.46 9.64 0.05 0.07 1.02 0.00 0.00 0.06 0.07 0.40 0.31 1.35 1.05 0.17 0.20

12-month

Last Change

0.27 0.21 0.18 1.29

High Low

-

0.01 0.01 0.06 0.09

0.54 0.46 0.30 2.48

0.26 0.20 0.17 0.71

0.06 0.25 + 0.19 + 0.02 0.67 6.65 0.09 + 0.39 + 0.31 + 0.11 + 0.14 + 0.07 unch 0.09 unch 0.07 0.06 unch 0.42 0.33 1.72 2.19 0.48 unch 39.94 + 56.09 + 51.43 + 0.05 + 0.06 unch 0.08 0.10 0.26 0.22 + 0.08 unch 0.02 unch 0.03 unch 0.24 + 0.18 + 0.03 unch 0.04 1.45 1.82 1.98 0.08 unch 0.08 unch 1.95 0.10 + 0.26 0.21 0.04 0.05 0.10 0.10 unch 0.07 0.06 unch 0.62 + 0.26 0.20 0.16 0.13 0.06 0.37 unch 0.68 unch 0.52 unch 1.36 0.05 0.81 + 0.64 + 0.06 + 0.05 0.04 1.04 + 0.11 10.57 13.68 0.72 0.54 0.22 + 0.27 + 0.27 0.35 0.19 unch 0.25 0.06 + 0.05 unch 0.02 0.01 0.07 0.12 + 0.15 + 0.54 0.41 8.23 0.05 unch 0.07 0.88 0.04 unch 0.10 unch 0.05 0.07 unch 0.35 0.25 1.25 0.96 0.16 0.19 -

0.01 0.01 0.01 0.01 0.03 0.65 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.03 0.02 0.21 0.30 0.00 0.48 0.59 0.75 0.00 0.00 0.01 0.01 0.05 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.08 0.11 0.09 0.00 0.00 0.19 0.01 0.03 0.05 0.00 0.01 0.02 0.00 0.02 0.00 0.04 0.01 0.01 0.03 0.01 0.01 0.00 0.00 0.00 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.01 0.61 0.70 0.02 0.04 0.01 0.01 0.03 0.03 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.02 0.08 0.06 1.51 0.00 0.01 0.14 0.00 0.00 0.00 0.00 0.05 0.07 0.12 0.11 0.01 0.01

0.12 0.38 0.31 0.04 0.89 20.20 0.19 0.75 0.60 0.35 0.41 0.11 0.14 0.16 4.84 0.56 0.50 2.67 3.22 0.75 44.93 62.75 56.67 0.15 0.18 0.97 1.09 0.36 0.24 0.28 0.06 0.06 0.30 0.25 0.06 0.06 2.49 2.99 2.70 0.22 0.12 3.08 0.25 0.45 1.00 0.82 0.97 0.19 0.19 0.13 0.09 1.90 0.39 0.35 0.28 0.24 0.08 0.70 0.79 0.74 2.00 0.08 1.67 1.18 0.08 0.29 0.35 2.80 0.22 15.52 18.72 1.08 0.86 0.27 0.33 1.00 1.08 0.38 0.49 0.26 0.21 0.05 0.04 0.25 0.20 0.22 0.98 0.93 9.74 0.11 0.16 2.75 0.04 0.12 0.24 0.13 1.40 1.20 3.70 3.06 0.21 0.75

0.05 0.23 0.17 0.02 0.44 4.52 0.05 0.37 0.28 0.10 0.13 0.07 0.08 0.05 0.01 0.30 0.20 1.49 1.92 0.38 19.32 28.70 24.84 0.04 0.05 0.05 0.08 0.12 0.09 0.07 0.02 0.02 0.16 0.13 0.02 0.03 1.13 1.74 1.30 0.04 0.06 1.10 0.06 0.20 0.17 0.02 0.03 0.06 0.10 0.06 0.04 0.53 0.15 0.11 0.14 0.11 0.03 0.02 0.28 0.07 0.20 0.04 0.67 0.60 0.05 0.05 0.04 0.51 0.09 8.99 11.79 0.55 0.43 0.03 0.04 0.24 0.20 0.14 0.17 0.06 0.05 0.02 0.02 0.06 0.07 0.13 0.53 0.41 7.46 0.05 0.07 0.85 0.04 0.09 0.00 0.06 0.33 0.27 1.13 0.87 0.08 0.00

T 0.00 0.23 0.17 0.00 0.63 6.45 0.09 0.37 0.28 0.10 0.13 0.07 0.00 0.00 0.06 0.40 0.31 1.69 2.18 0.00 38.19 53.50 49.27 0.04 0.05 0.08 0.00 0.26 0.22 0.00 0.02 0.00 0.23 0.17 0.00 0.00 1.13 1.77 1.91 0.08 0.00 1.94 0.06 0.25 0.21 0.03 0.05 0.09 0.00 0.00 0.06 0.55 0.24 0.19 0.16 0.13 0.00 0.00 0.67 0.52 1.36 0.00 0.79 0.64 0.00 0.00 0.04 0.95 0.11 10.52 13.60 0.70 0.54 0.00 0.25 0.00 0.31 0.19 0.00 0.00 0.05 0.00 0.01 0.00 0.11 0.00 0.52 0.40 7.84 0.05 0.00 0.83 0.00 0.00 0.04 0.00 0.32 0.25 1.25 0.96 0.15 0.00

(100s) Stock

Week

Exc Volume

Trinity Valley* Triple Flag TriStar Gold* TriStar Gold Triumph Gold* Triumph Gold Troilus Gold* Troilus Gold Troubadour Res TRU Precious TRU Precious* True North Gem Tsodilo Res Tudor Gold * Tudor Gold Turmalina Met Turmalina Met* Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tymbal Res

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

U.S. Gold* U3O8 Corp Ubique Mineral UC Res* Ucore Rare Mtl Ucore Rare Mtl* UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop* Universal Cop Universal Vent Ur-Energy Ur-Energy* Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty Uranium Roylty* Uravan Mnrls* Uravan Mnrls USCorp* Usha Res* Usha Res Val-d’Or Mg* Val-d’Or Mg Vale* ValOre Metals* ValOre Metals Valorem Res Valterra Res* Valterra Res Vanadian Enrgy* Vanadian Enrgy Vanadiumcorp Vanstar Mng Rs Vanstar Mng Rs* Vantex Res Vatic Vent Velocity Mnrls Velocity Mnrls* Vendetta Mng* Vendetta Mng Venerable Vent Venture Mnrls* Verde Potash Verde Res* Vertical Expl Victoria Gold* Victoria Gold Victory Nickel Victory Nickel* Victory Res Victory Res* Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M Visible Gold M* Vision Lithium Vision Lithium* Visionary Gold Vista Gold Vista Gold* Viva Gold* Viva Gold Vizsla Copper Vizsla Silver Volatus Cap Volcanic Gold* Volcanic Gold Volt Carbon* Volt Carbon Voyager Metals Voyager Metals*

D 108 V 67 C 41 O 1859 V 60 O 103 T 8574 O 59 V 144 O 275 O 287 V 435 O 283 C 315 O 17 X 1601 N 67623 O 1 V 435 V 51 T 931 X 10661 V 1086 X 66691 O 3857 X 4891 V 783 D 2733 O 2 V 14 O 460 O 40 V 667 O 60 V 2 N 202837 O 351 V 587 C 296 O 23 V 20 O 180 V 52 V 69 V 331 O 84 V 12 V 394 V 216 O 68 O 87 V 1264 V 0 O 26 T 1866 O 211 V 290 O 125 T 1198 C 49 O 46 C 436 O 115 V 66 O 58 V 1189 V 366 O 212 V 1094 O 771 V 393 T 68 X 1112 O 62 V 48 V 367 V 1216 C 0 O 24 V 232 O 687 V 89 V 20 O 300

High

20 83 62 61 57 309 82 373 55 222 16 0 24 83 331 140 247 5209 2143 1563 1402 3

Low

12-month

Last Change

High Low

0.10 0.09 0.09 unch 0.00 0.10 0.09 18.99 18.15 18.71 + 0.25 20.83 10.50 0.14 0.12 0.13 + 0.01 0.25 0.11 0.18 0.00 0.17 + 0.01 0.31 0.14 0.07 0.00 0.07 - 0.00 0.19 0.07 0.10 0.08 0.08 - 0.02 0.23 0.08 0.60 0.53 0.57 + 0.00 1.22 0.52 0.80 0.69 0.72 - 0.01 1.31 0.66 0.14 0.00 0.14 - 0.01 0.74 0.12 0.13 0.00 0.12 - 0.01 0.52 0.11 0.10 0.00 0.09 + 0.01 0.41 0.02 0.00 0.00 0.10 unch 0.00 0.13 0.08 0.62 0.00 0.51 - 0.02 1.46 0.50 1.93 1.05 1.38 - 0.01 2.64 1.05 1.85 1.70 1.74 - 0.03 3.16 1.60 0.46 0.38 0.38 - 0.09 1.13 0.34 0.36 0.30 0.30 - 0.06 0.98 0.27 28.38 26.76 27.74 + 0.50 30.89 9.75 36.44 34.53 35.76 + 0.71 38.91 12.15 0.04 0.03 0.04 - 0.01 0.06 0.03 0.03 0.03 0.03 - 0.01 0.06 0.02 0.01 0.00 0.01 unch 0.00 0.03 0.01

U-V 5.95 0.22 0.10 4.00 0.91 0.73 0.33 0.24 0.29 0.05 0.08 0.10 0.32 0.39 0.04 0.44 30.99 0.06 0.08 3.65 1.84 1.46 0.54 4.91 0.02 1.39 4.52 3.53 0.03 0.15 0.01 0.26 0.34 0.10 0.14 16.84 0.36 0.46 0.03 0.02 0.03 0.04 0.06 0.15 0.36 0.28 0.26 0.25 0.29 0.22 0.05 0.07 0.00 0.04 11.54 0.07 0.07 11.83 15.07 0.02 0.02 0.06 0.05 0.58 0.44 0.34 0.17 0.12 0.13 0.10 0.08 1.12 0.91 0.08 0.10 0.17 2.32 0.00 0.22 0.30 0.12 0.11 0.18 0.15

5.00 0.00 0.00 3.18 0.79 0.61 0.28 0.21 0.26 0.04 0.00 0.00 0.27 0.35 0.04 0.37 26.65 0.00 0.07 0.00 1.57 1.22 0.43 3.99 0.01 1.19 3.94 3.06 0.00 0.00 0.01 0.24 0.30 0.10 0.00 15.35 0.28 0.38 0.03 0.02 0.00 0.03 0.00 0.00 0.00 0.26 0.00 0.00 0.00 0.21 0.05 0.06 0.00 0.04 9.30 0.07 0.00 10.34 13.41 0.02 0.01 0.00 0.04 0.49 0.38 0.29 0.00 0.01 0.12 0.09 0.00 1.02 0.79 0.07 0.00 0.14 2.03 0.00 0.21 0.26 0.08 0.10 0.00 0.13

5.12 0.22 + 0.10 3.40 + 0.79 0.61 0.28 0.23 0.29 unch 0.04 0.07 0.09 0.27 0.36 0.04 unch 0.38 27.22 0.06 0.07 3.20 1.62 1.29 0.44 4.13 0.02 1.20 4.29 + 3.32 0.02 0.15 unch 0.01 unch 0.25 0.30 0.10 unch 0.14 + 15.72 0.32 0.41 0.03 unch 0.02 + 0.03 unch 0.04 + 0.04 0.12 0.35 unch 0.26 0.26 + 0.25 + 0.28 unch 0.22 + 0.05 + 0.06 0.12 unch 0.04 9.71 0.07 0.06 11.25 + 14.52 + 0.02 unch 0.01 0.05 0.04 + 0.52 0.42 + 0.33 0.14 0.01 0.13 unch 0.09 0.08 + 1.02 0.79 0.08 0.10 0.14 2.16 + 0.05 unch 0.21 0.27 0.08 0.11 unch 0.18 0.15 unch

0.53 0.01 0.01 0.12 0.11 0.09 0.06 0.00 0.00 0.01 0.01 0.01 0.02 0.03 0.00 0.02 3.27 0.03 0.01 0.26 0.14 0.09 0.02 0.12 0.00 0.09 0.04 0.05 0.09 0.00 0.00 0.02 0.05 0.00 0.01 1.17 0.04 0.06 0.00 0.00 0.00 0.01 0.01 0.03 0.00 0.01 0.07 0.02 0.00 0.00 0.00 0.01 0.00 0.01 0.62 0.00 0.01 0.30 0.52 0.00 0.00 0.00 0.01 0.07 0.01 0.01 0.01 0.11 0.00 0.00 0.03 0.09 0.08 0.00 0.02 0.03 0.10 0.00 0.01 0.03 0.02 0.00 0.01 0.00

13.20 0.70 0.10 23.90 1.40 1.21 0.60 0.34 0.45 0.12 0.23 0.28 0.90 1.07 0.25 1.15 39.25 0.15 0.15 8.25 2.72 2.15 1.05 6.60 0.07 5.70 7.31 5.95 0.55 0.65 0.07 0.34 0.40 0.29 0.21 23.18 0.50 0.63 0.44 0.05 0.06 0.10 0.13 0.65 1.14 0.95 0.30 0.31 0.50 0.41 0.07 0.08 0.13 0.12 11.54 0.27 0.20 18.50 22.54 0.07 0.06 0.14 0.11 0.98 0.79 0.55 0.21 0.25 0.34 0.27 0.24 1.72 1.40 0.22 0.26 0.70 3.45 0.17 0.55 0.67 0.19 0.24 0.36 0.32

5.00 0.11 0.03 3.15 0.71 0.55 0.28 0.11 0.13 0.03 0.07 0.09 0.06 0.36 0.01 0.37 17.98 0.01 0.06 3.15 1.28 1.01 0.28 1.89 0.01 1.23 2.75 2.25 0.01 0.15 0.01 0.15 0.18 0.03 0.11 11.16 0.16 0.22 0.02 0.02 0.02 0.03 0.04 0.11 0.34 0.26 0.16 0.15 0.28 0.21 0.01 0.04 0.12 0.03 0.88 0.03 0.05 9.90 12.99 0.01 0.00 0.05 0.03 0.18 0.14 0.29 0.07 0.00 0.10 0.07 0.05 0.77 0.59 0.06 0.08 0.14 1.88 0.05 0.03 0.26 0.08 0.10 0.11 0.00

(100s) Stock

Exc Volume

Voyageur Min Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls* Vulcan Mnrls VVC Expl VVC Expl*

V O C O V O V V O

116 7 32 72 188 51 566 552 527

Walker River Walker River* Wallbridge Mng* Wallbridge Mng Waraba Gold Warrior Gold Warrior Gold* Waseco Res Wealth Mnrls Wealth Mnrls* Wedgemount Res Wescan Gldflds* Wescan Gldflds Wesdome Gold* Wesdome Gold West High Yld West Mining* West Mining West Oak Gold West Red Lake* West Red Lake West Vault Western Alaska Western Areas* Western Atlas* Western Atlas Western Copper Western Copper* Western Gold Western Mag* Western Mag Western Potash Western Res* Western Troy C* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold* Westhaven Gold Westkam Gold* Westkam Gold Westminster Rs Westward Gold Wheaton Prec Wheaton Prec* White Energy* White Gold* White Gold White Metal Rs White Mtn Engy* Whitehaven Coa* Whitehorse GC Wildsky Res* Wildsky Res Winshear Gold Winshear Gold* Winston Gold Winston Gold* Winston Res Wolfden Res* Wolfden Res Wolfeye Res World Copper Worldwide Res X-Terra Res X-Terra Res* Xanadu Mines Xanadu Mines* Xander Res* Xander Res Ximen Mining Ximen Mining* Xplore Res Xtierra Inc Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res* Yorbeau Res York Harbour York Harbour* Zacatecas Silv Zacatecas Silv* ZEB Nickel Zena Mining Zephyr Mnls Zephyr Mnls* Zimtu Capital Zincore Mtls ZincX Res ZincX Res* Zonte Metals* Zonte Metals

V 1381 O 73 O 1669 T 4656 C 3 V 234 O 50 V 0 V 278 O 269 C 88 O 8 V 0 O 505 T 2336 V 466 O 17 C 441 C 500 O 90 C 864 V 49 V 144 O 4 O 0 V 61 T 953 X 845 V 0 O 1094 V 672 T 57 O 6 O 0 V 1 C 330 O 285 O 1 O 131 V 621 O 48 V 116 V 284 C 1273 T 5236 N 11148 O 171 O 137 V 129 V 729 O 538 O 120 V 151 O 0 V 0 V 100 O 1 C 1038 O 1845 C 106 O 62 V 276 V 132 V 334 V 0 V 240 O 50 T 1163 O 198 O 183 V 186 V 103 O 139 V 584 V 16 T 246 O 40 T 15454 N 105596 O 1 O 26 T 641 V 417 O 425 V 158 O 141 V 3 V 5 V 43 O 25 V 28 V 0 V 535 O 40 O 18 V 54

Week High

Low

0.11 0.08 0.38 0.26 0.33 0.18 0.24 0.15 0.12

0.00 0.08 0.37 0.23 0.30 0.00 0.21 0.14 0.10

23

12-month

Last Change

0.11 + 0.08 unch 0.37 0.24 + 0.30 0.18 0.23 + 0.14 0.11 -

0.01 0.00 0.01 0.00 0.02 0.01 0.01 0.01 0.00

High Low

0.20 0.25 0.50 0.55 0.68 0.80 0.42 0.30 0.50

0.08 0.03 0.30 0.20 0.25 0.10 0.16 0.09 0.07

W-Z 0.08 0.07 0.08 unch 0.00 0.14 0.04 0.10 0.05 0.06 - 0.00 0.14 0.01 0.28 0.23 0.24 + 0.00 0.58 0.23 0.36 0.30 0.31 - 0.01 0.67 0.29 0.13 0.13 0.13 unch 0.00 0.21 0.01 0.07 0.06 0.06 - 0.01 0.09 0.05 0.05 0.05 0.05 - 0.00 0.09 0.01 0.00 0.00 0.03 unch 0.00 0.06 0.03 0.29 0.26 0.28 + 0.02 0.70 0.24 0.22 0.20 0.22 + 0.02 0.56 0.19 0.16 0.15 0.15 unch 0.00 0.79 0.15 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.00 0.00 0.12 unch 0.00 0.12 0.06 11.33 9.56 10.79 + 0.56 13.23 7.25 14.45 12.56 13.88 + 0.77 16.77 8.90 0.54 0.49 0.52 - 0.01 1.22 0.16 0.07 0.06 0.06 - 0.01 0.32 0.05 0.09 0.08 0.08 unch 0.00 0.33 0.08 0.11 0.10 0.10 unch 0.00 0.19 0.10 0.04 0.00 0.04 unch 0.00 0.07 0.04 0.06 0.05 0.05 - 0.01 0.09 0.05 1.20 0.00 1.10 - 0.02 1.46 0.90 2.08 1.61 1.79 - 0.21 2.08 0.70 2.81 0.00 2.77 + 0.05 2.96 1.59 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.07 0.00 0.07 unch 0.00 0.13 0.05 2.52 2.29 2.30 - 0.15 3.35 1.63 1.99 1.77 1.79 - 0.12 2.83 1.26 0.00 0.00 0.22 unch 0.00 0.42 0.14 0.31 0.23 0.24 - 0.01 0.76 0.08 0.37 0.30 0.30 unch 0.00 0.96 0.11 0.41 0.37 0.37 - 0.04 0.48 0.15 0.23 0.23 0.23 unch 0.00 1.88 0.07 0.00 0.00 0.15 unch 0.00 0.15 0.15 0.15 0.00 0.15 + 0.02 0.23 0.12 1.84 1.50 1.50 - 0.24 4.18 1.15 1.40 1.19 1.20 - 0.18 3.28 0.90 1.06 0.00 1.06 - 0.13 1.75 1.08 0.51 0.44 0.45 - 0.02 0.66 0.27 0.66 0.56 0.61 - 0.01 0.80 0.33 0.10 0.00 0.10 - 0.01 0.18 0.08 0.15 0.00 0.12 - 0.04 0.22 0.10 0.16 0.00 0.14 unch 0.00 0.39 0.13 0.16 0.11 0.15 + 0.03 0.33 0.10 59.22 55.66 56.89 - 0.69 65.45 45.76 46.42 43.14 44.15 - 0.71 51.91 36.39 0.01 0.01 0.01 + 0.00 0.12 0.01 0.50 0.40 0.40 - 0.06 0.66 0.37 0.59 0.52 0.52 - 0.05 0.85 0.45 0.08 0.00 0.07 unch 0.00 0.12 0.06 0.03 0.02 0.03 + 0.00 0.05 0.01 3.71 3.35 3.54 + 0.04 3.71 0.90 0.59 0.00 0.56 + 0.03 1.62 0.43 0.00 0.00 0.18 unch 0.00 0.29 0.01 0.00 0.00 0.20 unch 0.00 0.36 0.11 0.07 0.00 0.07 unch 0.00 0.13 0.05 0.05 0.05 0.05 unch 0.00 0.11 0.05 0.04 0.03 0.03 - 0.01 0.11 0.03 0.03 0.02 0.03 - 0.01 0.09 0.02 0.13 0.11 0.11 - 0.01 0.61 0.10 0.20 0.19 0.20 unch 0.00 0.40 0.00 0.26 0.00 0.26 + 0.01 0.36 0.15 0.24 0.20 0.22 - 0.01 0.80 0.18 0.55 0.45 0.45 - 0.07 1.05 0.33 0.00 0.00 0.04 unch 0.00 0.07 0.04 0.04 0.00 0.04 unch 0.00 0.11 0.03 0.03 0.02 0.02 unch 0.00 0.10 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.05 0.02 0.05 + 0.03 0.05 0.00 0.06 0.06 0.06 + 0.02 0.18 0.04 0.08 0.07 0.08 - 0.01 0.23 0.06 0.18 0.00 0.18 + 0.01 0.33 0.15 0.14 0.12 0.14 + 0.01 0.27 0.12 0.07 0.06 0.07 + 0.02 0.14 0.04 0.04 0.00 0.03 - 0.01 0.10 0.03 1.00 0.84 0.97 + 0.06 1.38 0.84 0.83 0.65 0.76 + 0.04 1.15 0.65 7.21 6.69 7.00 - 0.09 8.05 4.78 5.66 5.18 5.43 - 0.08 6.40 3.65 0.00 0.00 3.21 unch 0.00 3.35 1.13 0.05 0.05 0.05 unch 0.00 0.06 0.01 0.06 0.05 0.06 unch 0.00 0.07 0.04 1.35 1.17 1.19 - 0.13 1.49 0.25 1.13 0.91 0.93 - 0.08 1.25 0.03 0.90 0.81 0.85 - 0.07 1.33 0.52 0.70 0.64 0.65 - 0.08 2.02 0.45 0.33 0.00 0.31 - 0.01 0.75 0.16 0.13 0.00 0.13 + 0.02 0.25 0.08 0.16 0.00 0.15 unch 0.00 0.18 0.12 0.12 0.12 0.12 - 0.00 0.17 0.10 0.24 0.00 0.22 - 0.01 0.30 0.20 0.00 0.00 0.05 unch 0.00 0.05 0.05 0.16 0.14 0.14 - 0.01 0.21 0.10 0.12 0.00 0.11 - 0.00 0.17 0.08 0.13 0.13 0.13 unch 0.00 0.21 0.03 0.19 0.00 0.19 unch 0.00 0.27 0.17

BID-ASK — MAY 2-6, 2022 12-MONTH STOCK

Aftermath Silv Alacer Gold Amilot Capital Aquila Res Arctic Fox Ven Arcturus Vent Ashanti Sanko Atlanta Gold AUQ Gold Aurelius Min Aurex Energy Aust Goldfield Avarone Metals Aya Gold Baden Res Banro Corp* Boss Power Brunswick Res Bullion Gold Burrell Res C2C Gold Cache Explor Cadillac Vent Cerro de Pasc Cirrus Gold Cliffs Nat Res* Corvus Gold* Crystal Peak EEE Explor Electra Stone Equitorial Ex Everton Res Evolution Glob Evolving Gold Excalibur Res Exploits Disc Explorex Res Finore Mng

EXC

BID

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

0.24 9.41 ... ...

0.13 0.02 0.03 0.03 0.33 0.13 0.04 ... ...

1.94 0.20 0.11 0.17 ...

0.06 0.20 ...

0.16 0.05 ...

0.20 1.45 ...

0.01 0.13 0.01 0.08 0.10 0.50 0.30 0.09 ... ...

0.12

ASK

0.25 9.52 ... ...

0.25 0.03 0.03 0.04 0.40 0.14 0.06 ... ...

2.19 0.25 0.11 0.20 0.05 0.15 1.00 ...

0.17 0.06 ...

0.35 3.20 ...

0.02 0.20 0.02 0.08 0.10 4.00 0.59 0.10 ...

6.50 0.12

LAST

12-MONTH

HIGH

LOW

STOCK

0.25 0.33 9.47 10.82 0.04 0.08 0.09 0.14 0.13 0.20 0.03 0.03 0.03 0.04 0.03 0.04 0.40 0.14 0.15 0.05 0.47 0.47 0.04 0.15 2.01 2.50 0.23 0.23 0.11 2.10 0.17 0.03 0.10 0.28 0.21 0.53 0.11 0.15 0.16 0.05 0.09 0.29 0.34 0.30 0.30 1.43 7.17 3.21 3.30 0.01 0.10 0.12 0.25 0.01 0.08 0.11 0.03 2.00 0.35 0.80 0.10 0.11 0.59 0.62 2.85 9.95 0.11

0.05 3.50 0.04 0.06 0.12 0.02 0.02 0.03

Four Nines GAR Limited General Moly* Genius Metals Gespeg Res Gldn Predator Global Cop Grp Goldbelt Emp Goldblock Cap Golden Cariboo GoldHaven Res Goldshore Res Green Arrow Handa Mining Highvista Gold Indico Res Inspiration Mg Intl Battery Intl Cobalt Iron South Mng K9 Gold Karora Res Kirkland Lake* Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lithium South MAG Silver* Mechel* Meryllion Res MGX Minerals Mich Resources Minecorp Egy Montana Gold Navis Res Corp New Klondike

0.03 0.42 0.03 0.82 0.12 0.10

0.01 0.20 0.03 0.05 0.12 0.12 0.98 2.05 0.01 0.12 0.08

0.28 0.01 0.13 2.85

EXC

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

BID

0.65 ... ... ...

0.06 0.15 0.07 0.02 ...

0.10 ... ...

0.02 0.04 ... ... ... ...

0.20 0.24 0.17 0.47 ...

0.05 0.04 0.03 ... ...

0.31 12.52 ... ...

0.05 0.37 ...

0.09 ...

0.01

ASK

0.70 ... ... ...

0.06 0.17 0.08 0.02 ...

0.12 ...

375.00 0.03 0.05 ...

0.01 ... ...

0.25 0.27 0.24 0.48 ...

0.06 0.05 0.04 ... ...

0.34 13.30 ... ...

0.05 0.50 ...

0.10 ...

0.01

LAST

HIGH

0.69 0.79 0.15 4.13 0.11 100.00 0.22 0.28 0.06 0.16 0.36 0.08 0.11 0.02 0.02 0.32 0.32 0.10 0.15 0.42 0.45 0.11 1.20 0.02 0.04 0.04 0.05 0.17 0.01 0.03 0.31 0.26 0.35 0.24 0.28 0.24 0.28 0.48 0.73 38.92 46.98 0.05 0.13 0.04 0.10 0.03 0.16 1.09 0.24 0.27 0.31 0.66 12.52 14.40 2.25 5.19 0.08 0.17 0.05 0.16 0.37 0.48 0.12 0.20 0.10 0.10 0.30 0.01

12-MONTH

LOW

STOCK

0.44 0.13 0.10 0.17

Nexco Res North Valley NSJ Gold O2Gold Orocobre Otso Gold Patriot Batt Phenom Res Primary Energy Prospero Silvr Quaterra Res Quinto Res Rare Element* Razore Rock Res Reliant Gold Rockland Mnls Silver Phoenix Southern Arc Southstone Min Standard Lith Supernova Met Tiger Intl Trench Metals TriMetals Mng Trinity Valley Vale* ValOre Metals Volatus Cap Waraba Gold Wedgemount Res West Oak Gold Whitemud Res Winshear Gold Xiana Mng Zara Res Zinc One Res Zinco Mng

0.12 0.04 0.02 0.26 0.02 0.06 0.48 0.02 0.04

0.20 0.04 0.16 0.20 31.72 0.04 0.03 0.02 0.13 0.24 6.12 1.88 0.05 0.04 0.24 0.07 0.02

EXC

BID

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

...

0.07 0.12 0.23 ...

0.04 0.09 0.68 ...

0.55 0.15 0.05 0.11 0.11 ...

0.07 0.30 0.32 0.01 6.65 0.05 ...

0.55 0.11 ... ...

0.06 0.04 0.12 0.15 0.11 0.01 0.12 0.07 ... ...

0.05

ASK

...

0.08 0.18 0.27 ...

0.04 0.10 0.71 ...

1.18 0.17 0.07 0.16 ...

0.10 0.08 0.38 0.90 0.01 6.95 0.06 0.17 0.55 0.12 ... ...

0.07 0.05 0.16 0.25 0.15 0.02 0.14 0.08 ... ...

0.07

LAST

HIGH

0.30 0.32 0.09 0.10 0.10 0.25 0.23 0.37 8.28 9.30 0.04 0.10 0.10 0.18 0.69 0.76 0.17 0.82 0.56 1.35 0.16 0.30 0.08 0.15 0.89 0.11 0.16 0.02 0.08 0.11 0.31 0.70 0.89 0.93 0.01 0.04 6.95 6.95 0.06 0.07 0.15 0.20 0.55 0.22 0.12 0.12 0.04 0.14 10.24 11.10 0.07 0.13 0.05 0.17 0.13 0.21 0.15 0.79 0.10 0.19 0.02 0.03 0.14 0.15 0.08 0.10 0.07 0.22 0.67 1.89 0.05

LOW

0.26 0.06 0.06 0.06 3.89 0.03 0.08 0.24 0.16 0.51 0.06 0.06 0.11 0.01 0.23 0.24 0.01 1.02 0.05 0.07 0.04 0.03 0.04 6.57 0.07 0.05 0.01 0.15 0.10 0.01 0.05 0.07 0.07 0.40

24

MAY 16 — 29, 2022 / THE NORTHERN MINER

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